be.passive #04 FR

-8, -8, $28 ÀDVK IRFXV JOREDO YLHZ SHUVSHFWLYH IDFH j IDFH TX HQ GLWHV YRXV TX HQ GLVHQW LOV OH PLVVLRQQDLUH SDUROH G LPDJH DUFKLWHFWXUH SDUWDJpH GRVVLHU SKSS YDGHPHFXP UpQRYDWLRQ ORJHPHQW GpWDLO WDQWH 0RQLTXH (OLVDEHWK V GLDU\ oD ERXJH HQ DQJOH GURLW

EH SDVVLYH WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH

UHKDE

EXUHDX GH GpS{W $QWZHUSHQ ; 3

EH SDVVLYH

JR IRU SDVVLYH"

WLPH WR FDOO

! SPS ! SKS ZZZ PDLVRQSDVVLYH EH ZZZ SDVVLHIKXLVSODWIRUP EH

EH SDVVLYH

SKRWR 6N\GLYH &HQWHU 6SD :LOO\ %SRH\NHQV

pGLWRULDO

%HUQDUG 'HSUH] UpGDFWHXU HQ FKHI

7KH\ WULHG WR PDNH PH JR WR UHKDE , VDLG 1R 1R 1R /D FKDQWHXVH $P\ :LQHKRXVH HVW WUqV VFHSWLTXH VXU O¶XWLOLWp GH VD FXUH GH GpVLQWR[¶ 6RQ SUREOqPH F¶HVW O¶DOFRRO HW OHV GURJXHV GXUHV 3RXU QRXV j OLUH OH UDSSRUW 0F.LQVH\ F¶HVW SOXW{W OH SpWUROH HW GLYHUVHV IRUPHV G¶DGGLFWLRQ j O¶pQHUJLH &HOOH FL HVW SDUWRXW HOOH VXLQWH GH QRV pGLILFHV VH YDSRULVH HQ &2 GDQV QRV GpSODFHPHQWV PRWRULVpV HW VXUWRXW HOOH HVW SUpVHQWH ELHQ TX¶LQYLVLEOH GDQV WRXV OHV REMHWV GH QRWUH TXRWLGLHQ 2Q VDLW TX¶$P\ D GX PDO j GpFURFKHU HW YRXV " DXUD pWp O¶DQQpH GHV VFHSWLTXHV LOV RQW pWp SDUWRXW GDQV WRXV OHV PpGLDV SRXU GRXWHU GH WRXW GDQV WRXWHV OHV ODQJXHV 4X¶LOV VRLHQW VLQFqUHV VRXV SHUIXVLRQ ILQDQFLqUH GHV LQGXVWULHOV RX SDU VLPSOH IDWXLWp FHV HVSULWV DOOqJUHV VRQW j OD VFLHQFH FH TXH OHV MXQNERQGV VRQW j OD ILQDQFH ,OV IRUPHQW O¶DYDQW JDUGH G¶XQH QRXYHOOH GLVFLSOLQH FHOOH G¶XQH SDWDSK\VLTXH GX FOLPDW R UHJDUGHU SDU VD IHQrWUH EULFROHU VXU O¶,QWHUQHW RX FRQYHUVHU DYHF VD FRQFLHUJH VXIILVHQW j GLVFUpGLWHU OH WUDYDLO VFLHQWLILTXH 3LHUUH 'DF GLVDLW ,O HVW VDQV GRXWH HQFRUH WURS W{W SRXU VDYRLU V¶LO Q¶HVW SDV GpMj WURS WDUG (Q MRXDQW OD PRQWUH OHV VFHSWLTXHV GH WRXV SRLOV DSSOLTXHQW j OD OHWWUH FHW DSKRULVPH OD GpULVLRQ HQ PRLQV 0DLV VL FHV LGLRWV VRQW XWLOHV SRXU HPEURXLOOHU O¶RSLQLRQ SXEOLTXH OHXUV GRQQHXUV G¶RUGUH VRQW SULV HQ IODJUDQW GpOLW GH YDQGDOLVPH HQYLURQQHPHQWDO FRPPH OD %ULWLVK 3HWUROHXP TXL GDQV OH JROIH GX 0H[LTXH QRXV SURXYH DXMRXUG¶KXL TX¶HOOH Q¶D QL OHV FRQQDLVVDQFHV TX¶HOOH SUpWHQGDLW DYRLU QL OHV FRPSpWHQFHV TX¶HOOH SUpWHQGDLW PDvWULVHU /H VFHSWLFLVPH FKDQJHUDLW LO GH FDPS " ,O HVW YUDL TXH QRXV FRQQDLVVRQV GpMj HQ %HOJLTXH OHV SDWDSK\VLFLHQV GX EkWLPHQW TXL YLYHQW GDQV XQ PRQGH HQFKDQWp R OD SLHUUH HVW UpSXWpH LVROHU DXVVL ELHQ TXH OD ODLQH« ,O \ D OHV 3(% VFHSWLTXHV TXL YRXGUDLHQW ELHQ PDLV TXL SHXYHQW SRLQW SDUFH TXH OH PDUFKp EOD EOD EOD 2X HQFRUH OH OREE\ GH O¶LQGXVWULH QXFOpDLUH SRXU TXL OD ILVVLRQ GH O¶XUDQLXP QH SRVH DXFXQ SUREOqPH GH GpFKHWV RX GH VpFXULWp PDLV V¶DQJRLVVH GH QH SDV VDYRLU VL OHV IHQrWUHV GHV PDLVRQV SDVVLYHV SHXYHQW rWUH RXYHUWHV RX IHUPpHV 'RXWRQV HQVHPEOH GHV VFHSWLTXHV FRPPH LO \ D GH IDX[ FUR\DQWV LO \ D GH IDX[ VFHSWLTXHV GRQW OH EXW Q¶HVW SDV G¶DSSURIRQGLU XQH TXHVWLRQ PDLV G¶pYLWHU TX¶HOOH VRLW SRVpH HQ GHV WHUPHV SURSUHV /H SUREOqPH G¶DXMRXUG¶KXL Q¶HVW SOXV HQ VRL OH GpUqJOHPHQW FOLPDWLTXH PDLV FRPPHQW 3LHUUH 'DF YLYUH DYHF HW PDOJUp OXL HW FRPPHQW DVVXUHU GDQV FHV FLUFRQVWDQFHV XQH YLH GLJQH SRXU WRXV DYHF PRLQV GH UHVVRXUFHV (Q UpDOLWp OHV FOLPDWR VFHSWLTXHV Q¶HQWUHWLHQQHQW DXFXQ GpEDW VFLHQWLILTXH YpULWDEOH LOV QH YLVHQW TX¶j UHWDUGHU FHWWH SULVH GH FRQVFLHQFH SROLWLTXH FRQVRPPHU PRLQV SDUWDJHU SOXV $P\ HVW OLEUH GH VH GpFpUpEUHU GDQV XQH IRUPH GH GHVWLQ QLHW]VFKpHQ PDLV HQ WHUPHV GH SROLWLTXHV SXEOLTXHV TXH GHV PLOOLRQV G¶pGLILFHV ERLYHQW HW IXPHQW FRPPH HOOH HVW GH SOXV HQ SOXV LQGpFHQW HW SUREOpPDWLTXH 6¶LO IDXW DXMRXUG¶KXL UHPpGLHU j OHXU GpSHQGDQFH pQHUJpWLTXH SDU XQH UpQRYDWLRQ TXL QH SRXUUD ILQDQFLqUHPHQW rWUH UpSpWpH WRXV OHV GL[ DQV DXWDQW TXH OHV DUFKLWHFWHV SXLVVHQW \ FRQWULEXHU XWLOHPHQW Ŷ

,O HVW VDQV GRXWH HQFRUH WURS W{W

SRXU VDYRLU V¶LO Q¶HVW SDV GpMj WURS WDUG

9HUV XQH HI¿FDFLWp pQHUJpWLTXH GH QLYHDX PRQGLDO HQ %HOJLTXH 0F.LQVH\ &RPSDQ\ ! ZZZ PFNLQVH\ FRP 9RLU O¶DUWLFOH GH 7KLEDXW 'H 1RUUH S ,QVSLUpH GH OD IDPHXVH VFLHQFH GHV VROXWLRQV LPDJLQDLUHV G¶$OIUHG -DUU\ %UDQFKHU O¶DYHQLU VXU O¶DOWHUQDWLI /D /LEUH %HOJLTXH MDQYLHU

pGLWR

EH SDVVLYH

VRPPDLUH

VXU OH YLI

IRFXV

JREDO YLHZ

(PLOLH 0HHVVHQ

0RQVLHXU 0DUFKp

OD SRVLWLRQ GX PLVVLRQQDLUH QHZV H[SUHVV

DUFKLWHFWXUH SDUWDJpH

GRVVLHU

3RVW SDVVLYXP

8Q SHX GH IXPpH VDQV IHX

(VSDFH FDSLWDO HW FURLVVDQFH EXUHDX j 0DUFKH HQ )DPHQQH

-H SDVVLYH WX UpQRYHV

GpWDLO

PHGLD

WDQWH 0RQLTXH

(OLVDEHWK¶V GLDU\

,VROHU SDU O LQWpULHXU RX SDU O H[WpULHXU"

%RRNV ZHE

'LV QRXV WRXW

/D VWDWLRQ SRODLUH DX MRXU OH MRXU

EH SDVVLYH

VRPPDLUH

SDUROH G¶LPDJH j 3DWULFN :DXWHUV

TX HQ GLWHV YRXV

TX HQ GLVHQW LOV

(QHUJLH HW KpULWDJH

'HX[ SURPRWHXUV SDVVLIV

([SpULPHQWHU OH SDVVLI WpPRLJQDJH

/REE\ FOLPDWR VFHSWLTXH

SHUVSHFWLYH

IDFH j IDFH

SKSS

UpQRYDWLRQ

ORJHPHQW

3URMHWV

$UFKLWHFW V WULFNV &HUWL¿HU DYHF OD 3(%"

0XQGR 1

8QH PDLVRQ j V6FKDHUEHHN

6HUYLFH SRQWV WKHUPLTXHV

oD ERXJH HQ

DQJOH GURLW

QRV pWXGLDQWV

DJHQGD

(FRVVH

/D ¿Q GH O pWDW GH JUkFH

5HQGUH XQ LPPHXEOH + / 0 SDVVLI XQH ¿FWLRQ" VRPPDLUH

EH SDVVLYH

SKRWR

)LOLS 'XMDUGLQ

EH SDVVLYH

VXU OH YLI

VXU OH YLI

PLGL VXqGH

6DQV PrPH DWWHQGUH O DSSOLFDWLRQ GHV DFFRUGV JRXYHUQHPHQWDX[ %UX[HOORLV LPSRVDQW OH VWDQGDUG SDVVLI SRXU WRXWH FRQVWUXFWLRQ QHXYH SULYpH j SDUWLU GH HW SRXU OHV FRQVWUXFWLRQV SXEOLTXHV OD 6'5% D SUpFpGp OH FKDQJHPHQW pQHUJpWLTXH GDQV OD FRQVWUXFWLRQ HW UpDOLVH FH SURMHW GH DSSDUWHPHQWV SDVVLIV GDQV OH TXDUWLHU GX 0LGL /H SURMHW D pWp FRQoX SDU OHV DUFKLWHFWHV G 8UEDQ 3ODWIRUP OH SURPRWHXU %3, OD 6'5% HW O HQWUHSULVH $PDUW Ŷ

! ZZZ VGUE LULVQHW EH ! ZZZ XUEDQSODWIRUP FRP ! ZZZ ESL EH ! ZZZ DPDUW EH

VXU OH YLI

EH SDVVLYH

WH[WH

$GULDDQ %DFFDHUW %HUQDUG 'HSUH] 6HEDVWLDQ 0RUHQR 9DFFD -XOLH :LOOHP

EH SDVVLYH

ÀDVK

ร DVK

+DPERXUJ PRQWUH O H[HPSOH /H SDYLOORQ GH OD YLOOH G +DPERXUJ GH O H[SR GH 6KDQJKDL HVW OH SUHPLHU EkWLPHQW SDVVLI HQ &KLQH ,FL OH WKqPH EHWWHU FLW\ EHWWHU OLIH SUHQG WRXW VRQ VHQV ! ZZZ KDPEXUJ GH $UFKLWHFWH ZZZ VSHQJOHU ZLHVFKROHN GH DYHF ' 5 DUFKLWHNWHQ

-XVWLFH /H SUHPLHU SDODLV GH MXVWLFH SDVVLI VHUD FRQVWUXLW j .RUQHXEXUJ $XWULFKH $UFKLWHFWH ZZZ GPDUFKLWHNWHQ DW HW ZZZ GLQD DW

$UFKLYHV SDVVLYHV /HV DUFKLYHV GH OD YLOOH GH 'UHVGH VRQW DX FKDXG Pรฐ FRQVWUXLW HQ ! ZZZ SEU GH $UFKLWHFWH 6FKZHJHU DVVRFLDWHG DUFKLWHFWV

+DXV GHV :LUWVFKDIW / DGPLQLVWUDWLRQ SXEOLTXH GH 6DQNW 3|OWHQ $XWULFKH D GpFLGp MRXH OD FDUWH G XQH DUFKLWHFWXUH PDQLIHVWH HW FRQVpTXHQWH %kWLPHQWV SDVVLIV OLYUpV HQ

4XDL $$ $SUqV DYRLU FRQVWUXLW XQ EkWLPHQW GH EXUHDX[ HW pYpQHPHQWV WUqV EDVVH pQHUJLH HQ OH SURSULpWDLUH UpFLGLYH VXU OH WRLW (Q SURSRVDQW XQH FRQFLHUJHULH SDVVLYH

! ZZZ DD EH $UFKLWHFWH ZZZ D P EH

$YHQLU 8Q GHV EkWLPHQWV H[HPSODLUHV GH OD 5pJLRQ %UX[HOORLVH UHWHQX j O DSSHO G RIIUH 8Q LPPHXEOH GH ORJHPHQWV HW SRWDJHUV XUEDLQV UXH GH O $YHQLU j 0ROHQEHHN 6DLQW -HDQ $UFKLWHFWH &LSRODW DUFKLWHFWXUH

6\QHUJLH j :LHUGH 8Q FHQWUH G DIIDLUH SDVVLI j :LHUGH 8QH LQLWLDWLYH TXL PpULWH G rWUH VRXWHQXH /LYUDLVRQ SUpYXH OH HU MDQYLHU ! ZZZ V\QHUJLHHWFURLVVDQFH EH $UFKLWHFWH ZZZ V\QHUJ\ LQWHUQDWLRQDO FRP

/ DGPLQLVWUDWLRQ GH .RUQHXEXUJ (QFRUH XQ EkWLPHQW DGPLQLVWUDWLI TXL VH GpPDUTXH SDU VD FUpDWLYLWp / $XWULFKH FRQWLQXH VRQ DPELWLHX[ SURJUDPPH SDVVLI ! ZZZ SDVVLYHKRXVHGDWDEDVH HX

ร DVK

EH SDVVLYH

:ROIJDQJ )HLVW 3DVVLYHKRXVH /¶HQUHJLVWUHPHQW GHV H[SRVDQWV SRXU OD IRLUH 3DVVLYH+RXVH HVW RXYHUW 'X DX VHSWHPEUH 3+3Y]Z HW 303DVEO RUJDQLVHQW SRXU OD QHXYLqPH IRLV 3DVVLYH+RXVH OD IRLUH FRQVDFUpH j OD FRQVWUXFWLRQ HW j OD UpQRYDWLRQ pFRQRPHV HQ pQHUJLH HW SDVVLYHV DYHF SOXV GH DUFKLWHFWHV HQWUHSUHQHXUV HQWUHSULVHV GH FRQVWUXFWLRQ LQVWDOODWHXUV IRXUQLVVHXUV SURGXFWHXUV EXUHDX[ G¶pWXGH HW RUJDQLVDWLRQV SXEOLTXHV GX VHFWHXU $YHF YLVLWHXUV LQWpUHVVpV HQ FHW pYpQHPHQW DYDLW pWp XQ JUDQG VXFFqV 1RXYHDXWp FHWWH DQQpH OD MRXUQpH SURIHVVLRQQHOOH RUJDQLVpH OH YHQGUHGL /HV HQWUHSULVHV LQWpUHVVpHV SHXYHQW V¶HQUHJLVWUHU YLD ZZZ SDVVLYHKRXVH EH

0DUTXH GH FRQWU{OH /HV )ODPDQGV HW OHV 1pHUODQGDLV LOV YHXOHQW VRXYHQW GLUH OD PrPH FKRVH PDLV OH GLVHQW SRXUWDQW DXWUHPHQW /HV H[HPSOHV DERQGHQW XQ IULHWNRW DX 6XG GHYLHQW XQ SDWDWNUDDP DX 1RUG j O¶LQYHUVH XQH © SDWDW ª UHGHYLHQW XQH DDUGDSSHO 'HSXLV SHX QRXV SRXYRQV DMRXWHU XQ QRXYHDX PRW j FHWWH OLVWH HQ )ODQGUH QRXV SDUOHURQV G¶XQ FHUWL¿FDW DX[ 3D\V %DV G¶XQH PDUTXH GH FRQWU{OH NHXUPHUN /D )RQGDWLRQ 3DVVLHI%RXZHQ HQWDPH OD FHUWL¿FDWLRQ GH PDLVRQ SDVVLYHV QpHUODQGDLVHV ! ZZZ SDVVLHIERXZHQ QO

EH SDVVLYH

ÀDVK

OH SLRQQLHU GX SDVVLI SUpVHQW DX V\PSRVLXP 3DVVLYH+RXVH OH VHSWHPEUH /H SURI 'U :ROIJDQJ )HLVW j O¶RULJLQH GX VWDQGDUG SDVVLI HW IRQGDWHXU GX FpOqEUH 3DVVLY+DXV ,QVWLWXW RXYUH OH V\PSRVLXP 3DVVLYH+RXVH OH VHSWHPEUH ! ZZZ SDVVLYHKRXVH EH

9RXV GLWHV"

/H PLQLVWqUH GH O¶(QYLURQQHPHQW GX /DQG DOOHPDQG GH %DGH :XUWHPEHUJ D IDLW VDYRLU GDQV XQ FRPPXQLTXp GH SUHVVH RI¿FLHO TXH VL GHV EkWLPHQWV DQFLHQV VRQW UpQRYpV DYHF GHV FRPSRVDQWV GH PDLVRQ SDVVLYH OD GHPDQGH G¶pQHUJLH SULPDLUH HVW UpGXLWH G¶XQ IDFWHXU 3OXV PrPH © HQ TXHOTXHV DQQpHV OD UpQRYDWLRQ GH EkWLPHQWV DQFLHQV VHORQ OHV H[LJHQFHV OpJDOHV PLQLPDOHV QH VHUD SOXV MXVWL¿pH pFRQRPLTXHPHQW ª (W F¶HVW TXHOTX¶XQ G¶DXWUH TXL YRXV OH GLW ! ZZZ ]XNXQIWDOWEDX GH

/ DWHOLHU GH PRQWDJH GHV XQLWpV SUpIDEULTXpHV SDVVLYHV GX SURMHW /RL YRLU SDJH HW EH SDVVLYH SDJH $UFKLWHFWH 6\QHUJ\ ,QWHUQDWLRQDO

Faites la différence, optez pour une structure bois préfabriquée, légère et bien isolée En fonction de l’épaisseur d’isolant, nous avons la structure porteuse qu’il vous faut, de 240mm à 400mm.

Les poutres FJI® et Kerto® sont à la base de notre système de préfabrication passif.

La FJI® présente, de par son concept, deux avantages importants: des ponts thermiques fortements réduits et un faible poids.

La poutre est mécaniquement stable et qualitativement identique à chaque production en raison de ses composants, membrures en Kerto® et l’âme en OSB. Pour la finition extérieure de la construction, toutes les options sont possibles: panneaux de façade, bardage bois, ardoises, crépi ou brique de façade.

Pour plus d’information sur nos produits et solutions concernant le bâtiment passif, visitez notre site web, www.jonckheere.wood.be ou envoyez vos projets et questions à b.verbeke@jonckheere.wood.be ou par téléphone +32 2 454 03 46

La poutre FJI® en plancher, murs et toiture.

Optimal solutions for all wood structures

EH SDVVLYH

IRFXV

(PLOLH 0HHVVHQ O¶LQ¿UPLqUH GHV UXHV WH[WH

SKRWRV

&DUROLQH &KDSHDX[

,Q¿UPLHUV 'H 5XH DVEO

'HSXLV TXDWUH DQV ePLOLH 0HHVVHQ SDUFRXUW OHV UXHV GH OD FDSLWDOH SRXU DSSRUWHU GHV VRLQV LQ¿UPLHUV DX[ SHUVRQQHV VDQV DEUL 'X KDXW GH VHV WUHQWH DQV HOOH D OD GRXFHXU GHV DQJHV OH FRXUDJH GHV WLWDQV HW OD JpQpURVLWp YLVFpUDOH GHV *UDQGV 6DJHV GH FH PRQGH

EH SDVVLYH

IRFXV

$X QXPpUR GH OD UXH G¶$UWRLV HQ SOHLQ F°XU GH %UX[HOOHV VLqJH ,Q¿UPLHUV GH 5XH XQH DVVRFLDWLRQ GH TXDWUH LQ¿UPLqUHV HW XQ PpGHFLQ 7RXV VRQW GHV EDURXGHXUV &KDTXH PDWLQ LOV UHPSOLVVHQW OHXUV VDFV GH GpVLQIHFWDQW GH SDQVHPHQWV HW GH SRPPDGHV HQ WRXV JHQUHV DYDQW GH SDUWLU VLOORQQHU OHV UXHV pYROXDQW DX JUp GHV UHQFRQWUHV 3DU pTXLSHV GH GHX[ WRXMRXUV j SLHG LOV DSSURFKHQW OHV VDQV DEUL JDJQHQW OHXU FRQ¿DQFH GLVFXWHQW XQ SHX SXLV OHXU DSSRUWHQW VRLQV HW UpFRQIRUW VL QpFHVVDLUH (Q FUpDQW DYHF 6DUD -DQVVHQV O¶DVEO ,Q¿UPLHUV GH 5XH LO \ D TXDWUH DQV O¶REMHFWLI G¶ePLOLH 0HHVVHQ pWDLW GRXEOH G¶XQ F{Wp VRXODJHU OHV SHUVRQQHV YLYDQW HQ JUDQGH SUpFDULWp HQ OHXU SURGLJXDQW OHV SUHPLHUV VRLQV FRQWUH OHV HQJHOXUHV OD GpVK\GUDWDWLRQ OHV GRXOHXUV DX[ SLHGV OH PDQTXH G¶K\JLqQH« '¶XQ DXWUH UpGXLUH OHV EDUULqUHV TXL H[LVWHQW HQWUH FHX[ TXL YLYHQW GDQV OD UXH HW OHV DXWUHV 8QH GLVWDQFH VRXYHQW QRXUULH SDU OHV D SULRUL OD PpFRQQDLVVDQFH GH OD YLH HQ UXH OH VHQWLPHQW GH KRQWH RX OD SHXU G¶DERUGHU FHUWDLQV VXMHWV 'H QRPEUHXVHV SHUVRQQHV YLYDQW HQ UXH V¶LQTXLqWHQW G¶DERUG GH OHXU VpFXULWp RX GH FH TX¶HOOHV YRQW ERLUH HW PDQJHU /D VDQWp QH SDVVH TX¶HQ GHUQLHU OLHX ,O SHXW PrPH DUULYHU TX¶HOOHV DLHQW SHUGX WRXW FRQWDFW DYHF OHXU FRUSV H[SOLTXH ePLOLH 3DUIRLV ORUVTX¶RQ DPqQH OHV VDQV DEUL GDQV XQ GLVSHQVDLUH HW TX¶RQ OHV DLGH j VH ODYHU LOV VRQW pPXV '¶XQ FRXS LOV VH UHQGHQW FRPSWH GH OD JUDYLWp GH OHXU pWDW /¶pTXLSH EDURXGHXVH D GRQF GpFLGp GH SURSRVHU j F{Wp GX WUDYDLO HQ UXH GHV IRUPDWLRQV DX[ pWXGLDQWV LQ¿UPLHUV DX SHUVRQQHO VRLJQDQW PDLV DXVVL DX[ WUDYDLOOHXUV VRFLDX[ HW DX[ DJHQWV GH VpFXULWp 1RXV QRXV DGUHVVRQV j GHV SURIHVVLRQQHOV GH OD VDQWp TXL FRQQDLVVHQW OHV VRLQV PDLV SDV OH SXEOLF j GHV DVVLVWDQWV VRFLDX[ SRXU TXL F¶HVW O¶LQYHUVH j GHV DJHQWV GDQV OHV JDUHV OHV PpWURV RX j GHV JDUGLHQV GH SDUF TXL QH VDYHQW SDV WRXMRXUV FRPPHQW VH FRPSRUWHU DYHF OHV SHUVRQQHV VDQV DEUL 8QH PHLOOHXUH FRPSUpKHQVLRQ SHUPHW G¶DPpOLRUHU OHV UHODWLRQV $YHF FH WUDYDLO GH IRQG F¶HVW WRXWH XQH YLVLRQ TX¶ePLOLH 0HHVVHQ HVVDLH GH FKDQJHU 6D SKLORVRSKLH HOOH HQ D IDLW OD GHYLVH GH O¶DVVRFLDWLRQ 7RXWH SHUVRQQH SHXW GHYHQLU FRQVFLHQWH GH O¶LPSRUWDQFH GH SUHQGUH VRLQ GH VD VDQWp HW GH VRQ K\JLqQH EpQp¿FLHU G¶XQ DFFqV DLVp DX[ VRLQV HW HQ IDLUH XVDJH 6XU VD ODQFpH O¶pTXLSH D FUpp XQ SODQ GHV IRQWDLQHV G¶HDX SRWDEOH GHV WRLOHWWHV HW GHV GRXFKHV SXEOLTXHV j %UX[HOOHV $I¿FKp GDQV OHV PpWURV OHV EDUV HW GLVWULEXp HQ UXH LO GHYUDLW HQFRXUDJHU OD FRQVRPPDWLRQ G¶HDX DYHF O¶pWp TXL DUULYH 2Q O¶D YX GXUDQW OD FDQLFXOH GH GH QRPEUHXVHV SHUVRQQHV RXEOLDLHQW GH V¶K\GUDWHU

(W OH SUL[ GHV ERXWHLOOHV G¶HDX GpSDVVH FHOXL GHV ELqUHV 2Q SHXW GRQQHU FH SODQ SOXW{W TXH GH IDLUH GHV GLVFRXUV PRUDOLVDWHXUV ,PDJLQH] ORUVTX¶RQ YLW HQ UXH OD GLI¿FXOWp SDUIRLV G¶DOOHU DX[ WRLOHWWHV RX GH VH PRQWUHU FRPPH oD GHYDQW WRXW OH PRQGH ePLOLH 0HHVVHQ DYDLW OH UrYH SHWLWH ¿OOH G¶DOOHU HQ $IULTXH PDUFKHU GDQV OHV UXHV SDUOHU DYHF OHV JHQV HW IDLUH HQ VRUWH TX¶LOV DLOOHQW PLHX[ $SUqV VHV pWXGHV G¶LQ¿UPLqUH HOOH D HQFKDvQp OHV H[SpULHQFHV FRPPH DX %XUNLQD )DVR DYDQW GH UHYHQLU HQ %HOJLTXH FRQVFLHQWH TXH GDQV QRWUH SD\V DXVVL LO \ D GHV EOHVVXUHV j SDQVHU /HV EHVRLQV pWDLHQW UpHOV HW QRWUH DSSURFKH PpGLFDOH pWDLW XQ SOXV 1RXV Q¶DYRQV MDPDLV FKHUFKp j QRXV VXEVWLWXHU DX WUDYDLO GHV DVVRFLDWLRQV H[LVWDQWHV 1RWUH EXW HVW G¶RULHQWHU OHV SHUVRQQHV VDQV DEUL HQ IRQFWLRQ GH OHXUV EHVRLQV XQ K{SLWDO XQH GRXFKH FKDXGH« 8Q WUDYDLO G¶LQWHUPpGLDLUH HQ UpVHDX TXL SHUPHW G¶DSSURFKHU OH SDWLHQW GH PDQLqUH FRPSOqWH VDQV OH IRUFHU QL OH MXJHU LQVLVWH ePLOLH $SUqV TXDWUH DQV EHDXFRXS GH VDQV DEUL FRPPHQFHQW j OD FRQQDvWUH (W O¶pTXLSH V¶HVW pWRIIpH SURIHVVLRQQDOLVpH 'DQV OHV KDOOV GH JDUH VXU OHV WURWWRLUV VRXV OHV SRUFKHV RQ VH FRQ¿H 8Q PRQVLHXU YLYDLW HQ UXH GHSXLV GL[ DQV UDFRQWH ePLOLH ,O QRXV D SDUOp GH VRQ ¿OV $YHF VRQ DXWRULVDWLRQ RQ O¶D O¶DLGp j UHSUHQGUH FRQWDFW DYHF OXL HW RQ O¶D DFFRPSDJQp 'X MRXU DX OHQGHPDLQ FH PRQVLHXU V¶HVW UHWURXYp DYHF XQH UHVSRQVDELOLWp GH SqUH XQH QRXYHOOH HQYLH HW XQ QRXYHDX SURMHW 'HSXLV OD VHPDLQH GHUQLqUH LO D WURXYp XQ DSSDUWHPHQW PDLV LO D DXVVL UHWURXYp GH O¶HVWLPH SRXU OXL PrPH &HWWH FRQ¿DQFH HVW PRWLYDQWH SDV VHXOHPHQW SRXU OHV VDQV DEUL 8Q SDQQHDX GHV ERQQHV QRXYHOOHV WU{QH GDQV OHV ORFDX[ SULYpV GH O¶pTXLSH &¶HVW SRXU FRQWLQXHU j VH PRWLYHU VRXULW ePLOLH DYDQW GH SRXUVXLYUH ,O \ D DXVVL FHWWH GDPH SRORQDLVH TXL D UHWURXYp OHV VLHQV DYDQW GH PRXULU« /HV KLVWRLUHV VRQW QRPEUHXVHV (W EHOOHV FRPPH GDQV XQ ¿OP 9RLOj FH TXH oD GRQQH GH F{WR\HU j OD IRLV XQ DQJH XQ WLWDQ HW XQ *UDQG 6DJH Ŷ

PDUFKHU GDQV OHV UXHV SDUOHU DYHF OHV JHQV HW IDLUH HQ VRUWH TX¶LOV DLOOHQW PLHX[

! ZZZ LQ¿UPLHUVGHUXH EH

IRFXV

EH SDVVLYH

GHVVLQ ,QWL 2UR]FR

PDUUH GH GHYRLU IDLUH GHV SURXHVVHV HQ VROR"

FDOO QRZ

! SPS ! SKS ZZZ PDLVRQSDVVLYH EH ZZZ SDVVLHIKXLVSODWIRUP EH

SKRWR 6N\GLYH &HQWHU 6SD :LOO\ %SRH\NHQV

EH SDVVLYH

KXPRXU

Jpjk% [Ë`jfc% jfg_`jk% Z_% gXik\e% gi% i\c% Z_Xc\li% fl gclj% A la recherche d’une maison chaleureuse, économe en énergie, respectueuse de l’environnement et de votre portefeuille ? Alors ne cherchez plus !

Je me présente : Maison Multi-Confort d’Isover, solution d’isolation adaptée à tout type de maisons passives et convenant parfaitement pour tous styles et tous budgets.

www.isover.be EH SDVVLYH A brand of Saint-Gobain

JOREDO YLHZ

ELHQ OH ERQVRLU 0RQVLHXU 0DUFKp WH[WH

*LOOHV 7RXVVDLQW

'DQV XQ PRQGH TXL VHPEOH UpJL SDU OD VHXOH ORL GX PDUFKp TXHOOH FUpGLELOLWp SHXW RQ HQFRUH DFFRUGHU DX[ VORJDQV GX GpYHORSSHPHQW GXUDEOH GRQW RQ QRXV DEUHXYH MXVTX j OD QDXVpH "

0DLV TXL HVW GRQF FH 0RQVLHXU 0DUFKp GRQW OHV RUDFOHV GH O pFRQRPLH QRXV SDUOHQW GH O DXEH DX FUpSXVFXOH " 8Q SULQFH" 8Q HPSHUHXU SOXW{W j HQ MXJHU SDU O LQTXLpWXGH TXH VRQ pWDW VXVFLWH &DU 0RQVLHXU 0DUFKp YD PDO (W TXDQG LO YD PDO OH PRQGH V DUUrWH GH WRXUQHU /H 6ROHLO EULOOH PRLQV IRUW /HV RLVHDX[ FKDQWHQW PRLQV MXVWH 0rPH OH SpWUROH TXL V pFRXOH j JURV ERXLOORQV GDQV OHV WUpIRQGV GX *ROIH GX 0H[LTXH UHOqYH VRXGDLQ GX GpULVRLUH 5DVVHPEOpV j VRQ FKHYHW FRGH[ HFRQRPLFXV j OD PDLQ OHV H[SHUWV H[SHUWLVHQW GRQF WDQGLV TXH OHV

EH SDVVLYH

JOREDO YLHZ

PLQLVWUHV GLVVHUWHQW 7HQWDQW GH QRXV H[SOLTXHU SRXUTXRL FH TXL QH GHYDLW MDPDLV DUULYHU V HVW TXDQG PrPH SURGXLW 8QH GRVH G DODUPLVPH SDU FL XQ EULQ G RSWLPLVPH SDU Oj 3RXU OHV XQV O DIIDLUH Q HVW SDV VL JUDYH ,O QH V DJLUDLW TXH G XQ FRXS GH PRX VpYqUH FHUWHV PDLV SDVVDJHU SURYRTXp SDU XQH FULVH GH IRL GHV LQYHVWLVVHXUV 3RXU OHV DXWUHV OH PDO HVW SOXV SURIRQG GpFOHQFKp SDU GH YLODLQHV EDFWpULHV DX FXULHX[ QRP OHV VSpFXODWHXUV 8Q ERQ ODYHPHQW HW XQH VWULFWH K\JLqQH GH YLH V LPSRVHQW VL O RQ YHXW DVVXUHU O DYHQLU /HV SOXV SHVVLPLVWHV HQ¿Q pYRTXHQW XQH PDODGLH

© /H GpYHORSSHPHQW GXUDEOH Q HVW QL XQH XWRSLH QL PrPH XQH FRQWHVWDWLRQ PDLV OD FRQGLWLRQ GH VXUYLH GH O pFRQRPLH GH PDUFKp ª / 6FKZHLW]HU H[ 3'* 5HQOW

LQFXUDEOH SURYRTXpH SDU XQH WXPHXU DYLGH $ WHUPH FHOOH FL ULVTXH IRUW G HPSRUWHU OH SDWLHQW HQWUDvQDQW GDQV VRQ VLOODJH WRXV VHV REOLJpV 3DQLTXH j ERUG $ORUV RQ WHVWH GHV SRWLRQV LQFHUWDLQHV 3RWLRQV TXH 0RQVLHXU 0DUFKp Q DSSUpFLH JXqUH FDU QRXV GLVHQW OHV RUDFOHV FHOXL FL GpWHVWH O LQFHUWLWXGH / REMHFWLI GX WUDLWHPHQW HVW WRXMRXUV OH PrPH IDLUH UHPRQWHU FH IDPHX[ WDX[ GH FURLVVDQFH YLWDO j OD VDQWp GX PDODGH 3RXU \ DUULYHU H[SHUWV HW PLQLVWUHV RQW FRQYRTXp PDQX PLOLWDUL 0RQVLHXU 'XUDEOH XQ DV GHV FDXVHV GpVHVSpUpHV 0RQVLHXU 'XUDEOH GRLW FRQYDLQFUH 0RQVLHXU 7RXW OH 0RQGH FRQVRPPDWHXU GH VRQ pWDW G DJLU (Q V HQGHWWDQW DX EHVRLQ 3RXU OD ERQQH FDXVH V HQWHQG FDU SDU GHOj 0RQVLHXU 0DUFKp F HVW DXVVL QRXV UDSSHOOH W RQ HQ SDVVDQW OD SODQqWH TX LO V DJLW GH VDXYHU 8Q pPLQHQW VSpFLDOLVWH OH 'U /RXLV 6FKZHLW]HU DQFLHQ PpGHFLQ GX WUDYDLO GHV XVLQHV 5HQDXOW GH 9LOYRUGH O DYDLW SUpGLW HQ VRQ WHPSV /H GpYHORSSHPHQW GXUDEOH Q HVW QL XQH XWRSLH QL PrPH XQH FRQWHVWDWLRQ PDLV OD FRQGLWLRQ GH VXUYLH GH O pFRQRPLH GH PDUFKp ,O IDXW GRQF FRQVRPPHU GXUDEOHPHQW VL O RQ YHXW TXH QRV VRFLpWpV FRQWLQXHQW j SURVSpUHU 3RXU QRXV HQ FRQYDLQFUH OHV JUDQGV FRPPXQLFDWHXUV RQW VRUWL O DUWLOOHULH ORXUGH ' XQ FRXS GH EDJXHWWH PDJLTXH O XQLYHUV TXL QRXV HQWRXUH V HVW WHLQWp G XQ YHUW ÀDVK\ j OD OLPLWH GX PDXYDLV JR€W 'DQV FHWWH QRXYHOOH qUH OHV YRLWXUHV GHYLHQQHQW YHUWHV OHV FDUEXUDQWV GHYLHQQHQW ELRV HW OHV FHQWUDOHV QXFOpDLUHV Q pPHWWHQW SOXV GH &2 /D YLH HQ URVH TXRL / pFRORJLH HVW DXMRXUG KXL DIIDLUH G LQJpQLHXUV GH ¿QDQFLHUV GH SROLWLTXHV HW GH WHFKQRFUDWHV pFODLUpV j O pOHFWULFLWp YHUWH /H FLWR\HQ Q D SRXU VD SDUW TX j UHVSHFWHU VFUXSXOHXVHPHQW O RUGRQQDQFH TX RQ OXL SUHVFULW V LO YHXW SRXUVXLYUH XQ GpYHORSSHPHQW KDUPRQLHX[ HQ WRXWH ERQQH FRQVFLHQFH *UkFH j VHV FDSWHXUV SKRWRYROWDwTXHV K\SHUSHUIRUPDQWV SOXV EHVRLQ GH VH SUpRFFXSHU G pWHLQGUH OHV OXPLqUHV /D FRPSHQVDWLRQ FDUERQH HIIDFHUD OHV TXHOTXHV OLWUHV GH FDUEXUDQW H[FHVVLIV HQJORXWLV SDU VD /DQG 5RYHU GHUQLHU FUL DYDQW TXH O DXWR pOHFWULTXH VREUH VLOHQFLHXVH HW LQRGRUH QRXV DSSRUWH OH VDOXW 2Q YD WRXW FKDQJHU GRQF VDQV TXH ULHQ QH FKDQJH YUDLPHQW GDQV QRV YLHV /H UHPqGH HVW VDQV GRXOHXU LO VXI¿UDLW MXVWH G \ FURLUH VXI¿VDPPHQW IRUW SRXU TX LO GHYLHQQH UpDOLWp (W F HVW ELHQ Oj OH SUREOqPH &H QRXYHO LGpDO SURPLV DX[ IRXOHV VHQWLPHQWDOHV SDUDvW DXMRXUG KXL HQJOXp GDQV VHV FRQWUDGLFWLRQV *DYp j OD SXUpH GH FURLVVDQFH LQ¿QLH OH GpYHORSSHPHQW GXUDEOH UHVVHPEOH GH SOXV HQ SOXV j XQH VRXSH LQGLJHVWH XQH LOOXVLRQ FROOHFWLYH TXL DOLPHQWH XQ GDQJHUHX[ LPPRELOLVPH eJDUp ,PSDVVH GX &RXUW

7HUPH LO H[KDOH XQ VXOIXUHX[ SDUIXP GH SURSDJDQGH 0DOJUp OHV SUrFKHV OD VLWXDWLRQ HQYLURQQHPHQWDOH HW VRFLDOH QH IDLW TXH VH GpJUDGHU 'H TXHO GpYHORSSHPHQW SDUOH W RQ DX IDLW " &HOXL G XQ OLEpUDOLVPH pFRQRPLTXH GpEULGp GRQW OHV IUXLWV SUR¿WHQW SULQFLSDOHPHQW j XQH PLQRULWp " &HOXL G XQ SURJUqV WHFKQLTXH TXL QH V LQWHUURJH SOXV VXU VD UpHOOH ¿QDOLWp " ,O Q H[LVWH SDV GH UHFHWWH WRXWH IDLWH SRXU FRQYHUWLU QRV VRFLpWpV j OD SKLORVRSKLH GX VRXWHQDEOH PDLV LO VHPEOH GH SOXV HQ SOXV pYLGHQW TXH OHV VHXOV YUDLV FKDQJHPHQWV UpVXOWHURQW HVVHQWLHOOHPHQW GH OD FDSDFLWp GH FHV LQGLYLGXV TXH O RQ QRPPH OHV JHQV j VH FKDQJHU HX[ PrPHV j UHPHWWUH HQ FDXVH OHXU V\VWqPH GH YDOHXUV /H SUREOqPH Q HVW SDV GH PDvWULVHU OD QDWXUH SDV SOXV TXH GH OD GpL¿HU PDLV ELHQ GH QRXV PDvWULVHU QRXV PrPHV /D G\QDPLTXH GH OD YUDLH UpYROXWLRQ YHUWH QH SRXUUD rWUH HQFOHQFKpH TXH SDU OHV SHWLWHV DFWLRQV LQGLYLGXHOOHV TXH QRXV VHURQV FROOHFWLYHPHQW VROLGDLUHPHQW SUrWV j HQWUHSUHQGUH /D TXHVWLRQ HVW GH VDYRLU VL QRV YLHV Q RQW GH VHQV TXH UHPSOLHV G REMHWV GHUQLHU FUL GH YR\DJHV HW GH QRXUULWXUH ORZ FRVW GH VH GHPDQGHU TXHOOH HVW O RULJLQH GX YLGH TXH FHV GHUQLHUV VRQW DSSHOpV j FRPEOHU /D VDWLpWp GpVLJQH O H[SpULHQFH G HQ DYRLU DVVH] DYRLU DVVH] PDQJp DVVH] G DUJHQW DYRLU XQ PpWLHU VXI¿VDPPHQW VDWLVIDLVDQW HWF (OOH V RSSRVH DX VHQWLPHQW GH YRXORLU WRXMRXUV SOXV TXL VHPEOH SDUWLFLSHU j OD SV\FKRORJLH GH EDVH GDQV OH PRQGH LQGXVWULDOLVp / LQFDSDFLWp j UHVVHQWLU XQ VHQWLPHQW GH VDWLpWp HVW XQH SDWKRORJLH H[LVWHQWLHOOH JUDYH SRWHQWLHOOHPHQW PRUWHOOH SRXU O LQGLYLGX FRPPH SRXU O HVSqFH 'pYHORSSHU VD FDSDFLWp j UHVVHQWLU OD VDWLpWp HVW XQ H[HUFLFH GH VDJHVVH VRXWHQDEOH GH WRXWH SUHPLqUH LPSRUWDQFH UpVXPH OH SKLORVRSKH 0LFKHO 3XHFK ,O IDXW UpDSSUHQGUH j GLUH $VVH] 8QH FKRVH VHPEOH FHUWDLQH OH GpYHORSSHPHQW GXUDEOH‹ O\RSKLOLVp WHO TX RQ QRXV OH YHQG DXMRXUG KXL GDQV VRQ EHO HPEDOODJH FKLF HW SDV FKHU QH SRXUUD SDV pWHUQHOOHPHQW GXUHU Ŷ

$ OLUH 'pYHORSSHPHQW GXUDEOH XQ DYHQLU j IDLUH VRL PrPH GH 0LFKHO 3XHFK (GLWLRQV 0pOpWq /H 3RPPLHU 3URVSpULWp VDQV FURLVVDQFH GH 7LP -DFNVRQ (GLWLRQV 'H %RHFN (WRSLD /D SROLWLTXH GH O R[\PRUH GH %HUWUDQG 0pKHXVW (GLWLRQV /D 'pFRXYHUWH /HV GHX[ kPHV GH O pFRORJLH GH 5RPDLQ )HOOL (GLWLRQV / +DUPDWWDQ (QRXJK %UHDNLQJ )UHH IURP WKH :RUOG RI 0RUH GH -RKQ 1DLVK +RGGHU 6WDXJKWRQ JOREDO YLHZ

EH SDVVLYH

SHUVSHFWLYH

pQHUJLH HW KpULWDJH WH[WH

0DXUL]LR &RKHQ

$GDSWp GH 9HUW %UX[HOOHV DUFKLWHFWXUHV j VXLYUH

*RUGRQ 0DWWD &ODUN 6SOLWWLQJ

(Q %HOJLTXH OH FKDQJHPHQW GH PHQWDOLWp HQ FRXUV GHSXLV TXHOTXHV DQQpHV DXWRXU GHV SUpRFFXSDWLRQV pFRORJLTXHV FRPPHQFH j SUHQGUH XQH SODFH LPSRUWDQWH 1RXYHDX[ EkWLPHQWV SDVVLIV RX j EDVVH pQHUJLH YRLWXUHV TXL FRQVRPPHQW PRLQV HW PLHX[ pOHFWURPpQDJHUV PRLQV pQHUJLYRUHV DPSRXOHV pFRORJLTXHV PRLQV GH VDFV HQ SODVWLF HWF 3OXVLHXUV FRPSRUWHPHQWV UHVSRQVDEOHV WUDQVIRUPHQW QRV DFWLRQV TXRWLGLHQQHV

EH SDVVLYH

SHUVSHFWLYH

3URGXFWLRQV HW JDVSLOODJHV $ FRWp GH FHWWH SULVH GH FRQVFLHQFH FROOHFWLYH QRXV FRQVWDWRQV FHSHQGDQW SOXVLHXUV QLYHDX[ GH UpVLVWDQFH O¶DUURJDQFH FURLVVDQWH G¶XQH SDUW DLVpH GH OD SRSXODWLRQ TXL FRQWLQXH j LJQRUHU OD PDMRULWp GHV FRQFLWR\HQV HW FRQVLGqUH VRQ LQWpUrW SHUVRQQHO FRPPH LQFRQWRXUQDEOH XQH DGPLQLVWUDWLRQ j SOXVLHXUV YLWHVVHV TXL QH UpXVVLW SDV HQFRUH j PHWWUH HQ SODFH XQH JHVWLRQ UDLVRQQDEOH GH

VHV SURSUHV GRFXPHQWV FKDTXH SHUPLV GH EkWLU FRQVRPPH HQFRUH GHV NLORV GH SDSLHU XQ GLVFRXUV SROLWLTXH TXL FRQWLQXH j YRLU GDQV OD FURLVVDQFH FRQWLQXH OH VDOXW GH O¶KXPDQLWp VDQV FRQVLGpUHU TXH OH PRQGH UpHO SRVVqGH GHV OLPLWHV HWF /D OLVWH HVW QDWXUHOOHPHQW ORQJXH HW FRPSOH[H 3DUIRLV OHV SUREOqPHV VRQW VWUXFWXUHOV PDLV VRXYHQW LOV VRQW OH UHÀHW G¶XQH GLI¿FXOWp j DFFHSWHU GH YLYUH GLIIpUHPPHQW SRXU YLYUH PLHX[ 3RXU VH IRFDOLVHU VXU OD OHQWH WUDQVIRUPDWLRQ G¶DJJORPpUDWLRQV FRPPH %UX[HOOHV RQ GRLW SUHQGUH HQ FRQVLGpUDWLRQ OD TXHVWLRQ GH OD FRQVHUYDWLRQ HW GH OD UpQRYDWLRQ GX EkWL $ UHJDUGHU O¶pWDW DFWXHO GH OD YLOOH RQ SHXW FRQVWDWHU TX¶XQ WUqV JUDQG QRPEUH GH EkWLPHQWV DXUDLHQW ELHQ EHVRLQ G¶rWUH UDIUDvFKLV 'DQV FH FDGUH QRXV GHYRQV TXHVWLRQQHU OHV SULRULWpV j ¿[HU SRXU Gp¿QLU XQH SROLWLTXH XUEDLQH TXL SXLVVH JDUDQWLU OD TXDOLWp GHV OLHX[ G¶KDELWDWLRQ GH WUDYDLO G¶pTXLSHPHQW HW GH ORLVLUV WRXW HQ FRQVLGpUDQW TX¶XQH QRXYHOOH GRQQH V¶LPSRVH j QRXV QRXV FRQVRPPRQV WURS G¶pQHUJLH QRXV GLVSHUVRQV XQH WURS JUDQGH SDUW GH FH TXL HVW SURGXLW HQ DOLPHQWDQW GHV FKDvQHV GH SROOXWLRQV GH SOXV HQ SOXV LPSRUWDQWHV SRXU GHV UHQGHPHQWV GH PRLQV HQ PRLQV LQWpUHVVDQWV 1RXV Q¶DYRQV SDV EHVRLQ GH SURGXLUH SOXV G¶pQHUJLH PDLV SOXW{W GH FRQVRPPHU FHOOH j QRWUH GLVSRVLWLRQ GH PDQLqUH SOXV HI¿FDFH ± HW GRQF UHQWDEOH

$PQpVLHV HW PpPRLUHV 6L OHV DQQpHV FLQTXDQWH HW VRL[DQWH RQW YX O¶pPHUJHQFH G¶XQH PRGHUQLWp SRSXODLUH FHQVpH EpQp¿FLHU j WRXV HOOHV RQW DXVVL LQFLWp j O¶DEDQGRQ GX SDVVp FRPPH V¶LO IDOODLW QLHU O¶KLVWRLUH SRXU H[LVWHU 'HSXLV SOXVLHXUV DQQpHV XQH SROLWLTXH GH FRQVHUYDWLRQ GX SDWULPRLQH EkWL D YX OH MRXU HW HVW GHYHQXH XQH SULRULWp SROLWLTXH DX SRLQW G¶DYRLU XQ SRVWH DIIHFWp j FHWWH WkFKH GDQV OHV JRXYHUQHPHQWV 'HV UqJOHPHQWV GHV ORLV GHV LQYHQWDLUHV GHV FODVVHPHQWV GHV FDPSDJQHV G¶LQIRUPDWLRQ GHV MRXUQpHV GX SDWULPRLQH GHV SXEOLFDWLRQV RQW YX UDSLGHPHQW OH MRXU SRXU FRQIRUWHU FHWWH DSSURFKH GH FRQVHUYDWLRQ GH O¶KpULWDJH HW GH OD PpPRLUH PLV HQ SpULO SDU XQH SUHVVLRQ LPPRELOLqUH FURLVVDQWH

8VDJHV HW SUDWLTXHV FLYLTXHV 6L RQ VH OLPLWH DX GRPDLQH GX EkWL RQ SRXUUDLW HQFRXUDJHU GDYDQWDJH G¶RSpUDWLRQV TXL SHUPHWWHQW XQH DPpOLRUDWLRQ LPSRUWDQWH GX FRQIRUW GHV XVDJHUV WRXW HQ JDUGDQW YLYDQW O¶KpULWDJH GX SDVVp ,O V¶DJLW GH GpSDVVHU XQ FDGUH LGpRORJLTXH TXL pWDLW FHUWHV QpFHVVDLUH SRXU OpJLWLPHU OD FRQVHUYDWLRQ GH O¶H[LVWDQW PDLV TXL QH SHXW VH ERUQHU j LPSRVHU GHV SUDWLTXHV VRXYHQW SDUDGR[DOHV 5pQRYHU Q¶LPSOLTXH SDV FRQVHUYHU FDU OD FRQVHUYDWLRQ VLJQL¿H OH PDLQWLHQ GH OD PDWLqUH G¶RULJLQH HW GHV VHV pOpPHQWV FRQVWLWXWLIV /D UpQRYDWLRQ LPSOLTXH OH UHPSODFHPHQW YRLUH OD WUDQVIRUPDWLRQ GX EkWL j O¶DYDQWDJH GH PDWpULDX[ HW pOpPHQWV QRXYHDX[ $ %UX[HOOHV FRPPH DLOOHXUV EHDXFRXS GH FRQVWUXFWLRQV Q¶RQW SDV GH YDOHXU DUFKLWHFWXUDOH LQWULQVqTXH PDLV HOOHV SUpVHQWHQW QpDQPRLQV XQH IRUPH GH FRKpUHQFH LQWHUQH /D YRORQWp GH FRQVHUYHU FHWWH LGHQWLWp DUFKLWHFWXUDOH IDLWH GH SOXVLHXUV VW\OHV HW SDUIRLV GH ORJLTXHV FRQWUDGLFWRLUHV PDLV ULFKHV GHYUDLW VHUYLU GH OHYLHU 5HPSODFHU GHV FKkVVLV G¶pSRTXH QH SRXYDQW SDV DFFXHLOOLU GHV GRXEOHV YLWUDJHV SDU GHV QRXYHDX[ FKkVVLV GH IRUPH HW PDWpULDX[ LGHQWLTXHV QH SHXW SOXV FRQVWLWXHU XQH GLI¿FXOWp LQVXUPRQWDEOH LVROHU OHV SDURLV OHV SODQFKHUV HW OHV WRLWXUHV GRLW SRXYRLU GHYHQLU XQ DFWH DXVVL EDQDO TXH UHSHLQGUH OHV PXUV GHV FKDPEUHV /H FKDQJHPHQW GHV FRPSRUWHPHQWV GHV KDELWDQWV HW GHV XVDJHUV QH SHXW VH IDLUH VL O¶LQVWLWXWLRQ SXEOLTXH Q¶LQYHVWLW SDV PDVVLYHPHQW SRXU HQFRXUDJHU FHV FRPSRUWHPHQWV HW VL HOOH QH PHW SDV OHV PR\HQV QpFHVVDLUHV pFRQRPLTXHPHQW HW WHFKQLTXHPHQW j GLVSRVLWLRQ GH FHX[ TXL YHXOHQW DJLU ,O PDQTXH HQFRUH XQ VHQWLPHQW G¶DSSDUWHQDQFH FROOHFWLYH TXL SRXVVH OHV KDELWDQWV j QH SDV VDOLU j QH SDV LJQRUHU VRQ YRLVLQ j QH SDV JDVSLOOHU O¶pQHUJLH j FRQVLGpUHU O¶HVSDFH SXEOLF FRPPH XQ OLHX GH SDUWDJH /H SDWULPRLQH VHUW j OD FRQVWUXFWLRQ GH O¶LGHQWLWp PDLV LO VHUW DXVVL j OD WUDQVIRUPDWLRQ GH OD YLOOH TXL GRLW SUHQGUH FRQVFLHQFH GH FHV QRXYHDX[ HQMHX[ FLYLTXHV &RPSUHQGUH FH U{OH GX SDWULPRLQH SHXW DLGHU j DPpOLRUHU QRWUH FDGUH EkWL SDU GHV WUDQVIRUPDWLRQV QpFHVVDLUHV SRXU TXH QRWUH FRQVRPPDWLRQ G¶pQHUJLH UHGHYLHQQH UDLVRQQDEOH HW TXH O¶KpULWDJH GX SDVVp QH VRLW SDV XQH FRQWUDLQWH PDLV XQH RSSRUWXQLWp Ŷ

LVROHU OHV SDURLV GRLW GHYHQLU XQ DFWH DXVVL EDQDO TXH UHSHLQGUH OHV PXUV

SHUVSHFWLYH

EH SDVVLYH

WH[WH

(GLWK &RXQH

EH SDVVLYH YRXV rWHV XQ GHV SUHPLHUV PDvWUHV G¶RXYUDJH SXEOLFV j %UX[HOOHV j YRXV LQWpUHVVHU DX SDVVLI '¶R YRXV YLHQW FHW LQWpUrW SRXU OD FRQVWUXFWLRQ j KDXWH SHUIRUPDQFH HQYLURQQHPHQWDOH " ( . ,O UHPRQWH DX[ DQQpHV QRQDQWH (Q M¶DL SULV OD GLUHFWLRQ GH O¶2&&+ HW GqV QRXV DYRQV HQYLVDJp O¶RFWURL GH FUpGLWV YHUWV &HV FUpGLWV GHYDLHQW SHUPHWWUH DX[ HPSUXQWHXUV G¶REWHQLU XQH EDVH GH FUpGLW SOXV ODUJH ± MXVTXH j GH OD YDOHXU GX ELHQ j GHV WDULIV SOXV DYDQWDJHX[ V¶LOV V¶HQJDJHDLHQW GDQV GHV SURMHWV pFRQRPLVHXUV G¶pQHUJLH HW pFRORJLTXHPHQW UHVSRQVDEOHV 1RXV pWLRQV FRQYDLQFXV TX¶LO pWDLW pFRQRPLTXHPHQW MXVWL¿p GH FRQVWUXLUH GXUDEOHPHQW FDU FHOD DXJPHQWDLW OD YDOHXU GX ELHQ HW UpGXLVDLW VHV FR€WV G¶XWLOLVDWLRQ FH TXL DPpOLRUDLW QRWUH ULVTXH HW QRXV SHUPHWWDLW GH ¿QDQFHU OHV WUDYDX[ 1RWUH SURMHW Q¶D SDV YX OH MRXU PDOKHXUHXVHPHQW FDU QRXV Q¶DYRQV SDV WURXYp GH SUHVWDWDLUH FDSDEOH GH FHUWL¿HU OHV ELHQV 3RXU DXWDQW PD FRQYLFWLRQ Q¶D IDLW TXH VH UHQIRUFHU $XMRXUG¶KXL GDQV EHDXFRXS GH JUDQGHV YLOOHV OD YDOHXU G¶XQ LPPHXEOH GH EXUHDX j KDXWH SHUIRUPDQFH pQHUJpWLTXH RX HQYLURQQHPHQWDOH LQWqJUH XQH SOXV YDOXH VXSpULHXUH j OD VWULFWH pFRQRPLH G¶pQHUJLH (OOH LQFRUSRUH pJDOHPHQW GHV pOpPHQWV pWKLTXHV FDU FHUWDLQV RFFXSDQWV UHIXVHQW GH ORXHU XQ ELHQ TXL QH UpSRQG SDV j FHV FDUDFWpULVWLTXHV HQYLURQQHPHQWDOHV /D GLIIpUHQFLDWLRQ HVW HQFRUH DVVH] IDLEOH j %UX[HOOHV SDUFH TXH O¶8QLRQ HXURSpHQQH SULQFLSDO SURSULpWDLUH HW ORFDWDLUH Q¶DWWDFKH SDV RX SHX GH YDOHXU j OD TXDOLWp GHV EkWLPHQWV TX¶HOOH RFFXSH &HOD GHYUDLW FKDQJHU GDQV OHV SURFKDLQHV DQQpHV

$XMRXUG¶KXL GDQV EHDXFRXS GH JUDQGHV YLOOHV OD YDOHXU G¶XQ LPPHXEOH GH EXUHDX j KDXWH SHUIRUPDQFH pQHUJpWLTXH LQWqJUH XQH SOXV YDOXH VXSpULHXUH j OD VWULFWH pFRQRPLH G¶pQHUJLH EH SDVVLYH QRXV VRPPHV DX UXH GH OD /RL GDQV XQ EkWLPHQW W\SLTXH GHV DQQpHV VRL[DQWH HQ UpQRYDWLRQ 3RXYH] YRXV GpFULUH OD JHQqVH GX SURMHW HW O¶DPSOHXU GHV WUDYDX[ " ( . ,O \ D TXDWUH DQV QRXV DYRQV UpDOLVp XQ DXGLW pQHUJpWLTXH GX EkWLPHQW TXL pWDLW DVVH] SRVLWLI /H EkWLPHQW HVW ELHQ FRQVWUXLW VRQ LQHUWLH WKHUPLTXH HVW H[FHOOHQWH 1RXV DYRQV pJDOHPHQW UpDOLVp XQH pWXGH GH PDUFKp SXLV QRXV DYRQV IDLW XQH VRXPLVVLRQ OLPLWpH SRXU FKRLVLU QRWUH EXUHDX G¶DUFKLWHFWHV HQ VRXPHWWDQW QRV FULWqUHV HVVHQWLHOV UpQRYDWLRQ µOD SOXV OpJqUH¶ SRVVLEOH ERQQHV SHUIRUPDQFHV pQHUJpWLTXHV PL[LWp VRFLDOH SDU YRORQWp HW SRXU UpGXLUH OHV ULVTXHV G¶RFFXSDWLRQ

H[FHOOHQWH YHQWLODWLRQ PDLV VDQV FRQGLWLRQQHPHQW G¶DLU HW EXGJHW UDLVRQQDEOH 6\QHUJ\ ,QWHUQDWLRQDO D ELHQ FRPSULV QRV GHPDQGHV HW D pODERUp FH SURMHW /D UpQRYDWLRQ GX EkWLPHQW HQ IDoDGH F{Wp UXH GH OD /RL HVW WUqV OpJqUH F{Wp LORW HOOH FRPSUHQG XQ UHQIRUFHPHQW GH O¶LVRODWLRQ OD SRVH GH WULSOH YLWUDJH HW XQ QRXYHDX V\VWqPH GH YHQWLODWLRQ (Q¿Q O¶LPPHXEOH HVW SDUWLHOOHPHQW WUDQVIRUPp HQ ORJHPHQWV HW OHV QRXYHDX[ DSSDUWHPHQWV VHURQW SRVpV SDU GHVVXV PRGXODLUHV HW SDVVLIV 7RXV OHV WUDYDX[ VHURQW WHUPLQpV GpEXW HW OHV RFFXSDQWV Q¶DXURQW SDV HX j TXLWWHU OHV OLHX[

IDFH j IDFH eULF 'H .HXOHQHHU GLULJHDQW GH &UHGLEH LQJpQLHXU FRPPHUFLDO HVW pJDOHPHQW SURIHVVHXU j OD 6ROYD\ %UXVVHOV 6FKRRO RI (FRQRPLFV

EH SDVVLYH TXHOOHV OHoRQV WLUH] YRXV GH FHWWH H[SpULHQFH " ( . (OOH HVW H[WUrPHPHQW HQULFKLVVDQWH PDOJUp OD GLI¿FXOWp GH UHVWHU GDQV OH EkWLPHQW SHQGDQW OHV WUDYDX[ 1RXV QH UHQFRQWURQV TXH GHV FRUSV GH PpWLHU DPRXUHX[ GX WUDYDLO ELHQ IDLW 'H PRQ SRLQW GH YXH QRXV DYRQV UpXVVL XQ WULSOH SDUL PDLQWHQLU HW DPpOLRUHU XQ EHO LPPHXEOH UXH GH OD /RL UpQRYHU GH IDoRQ UHQWDEOH HW FRQIRUWDEOH VDQV GHYRLU LQWURGXLUH O¶DLU FOLPDWLVp HW HQ¿Q SURXYHU TX¶LO VH MXVWL¿H GH FRQVWUXLUH GX ORJHPHQW UXH GH OD /RL

EH SDVVLYH

IDFH j IDFH

EH SDVVLYH DYHF OH SURMHW *OREH YRXV rWHV OH SUHPLHU SURPRWHXU SULYp j UpDOLVHU XQ SURMHW ]pUR pQHUJLH 4X¶HVW FH TXL YRXV D SRXVVpH j ODQFHU FH SURMHW " ( - -¶DL SDVVp OHV YLQJW SUHPLqUHV DQQpHV GH PD FDUULqUH GDQV OH PRQGH GH OD ¿QDQFH EDQTXHV HW KROGLQJ ¿QDQFLqUH -¶\ DL UHQFRQWUp GHV JHQV H[WUrPHPHQW LQWHOOLJHQWV PDLV MH QH SDUWDJHDLV SOXV OHXUV YDOHXUV QRWDPPHQW HQ PDWLqUH G¶DUJHQW WURS IDFLOHPHQW JDJQp 6H SRVDLW SRXU PRL OD TXHVWLRQ GH VDYRLU FH TXH M¶DSSRUWDLV j OD VRFLpWp -¶DL TXLWWp FHW XQLYHUV HQ GDQV XQH VLWXDWLRQ ¿QDQFLqUH FRQIRUWDEOH HW MH VXLV SDUWLH TXHOTXHV PRLV GDQV GHV UpJLRQV GLI¿FLOHV G¶$PpULTXH ODWLQH -¶\ DL FRPSULV FH TX¶pWDLW OD SDXYUHWp HW M¶DL YX OHV GpJkWV HQJHQGUpV SDU OH FKDQJHPHQW FOLPDWLTXH VXU FHV SRSXODWLRQV TXL Q¶RQW WLUp DXFXQ SUR¿W GH OD VXU XWLOLVDWLRQ GHV UHVVRXUFHV 'H UHWRXU HQ %HOJLTXH MH YRXODLV WUDYDLOOHU GDQV O¶pFRORJLH -¶DYDLV WRXMRXUV pWp SDVVLRQQpH SDU O¶LPPRELOLHU HW M¶DL HX O¶RFFDVLRQ G¶DFKHWHU FH WHUUDLQ TXL GRQQH VXU OD &KDXVVpH G¶$OVHPEHUJ HW OD UXH %HUQDHUWV &¶HVW DLQVL TXH WRXW D GpPDUUp«

1RWUH pTXLSH HVW IDQWDVWLTXH $ VD WrWH LO \ D IHPPHV PDLV F¶HVW XQ KDVDUG EH SDVVLYH 3DUORQV SOXV SUpFLVpPHQW GH FH SURMHW (Q TXL FRQVLVWH W LO HW R HQ rWHV YRXV GDQV OHV WUDYDX[ HW OD YHQWH "

IDFH j IDFH

(VWKHU -DNREHU SURPRWHXU SULYp *UHHQ ,PPR

SLORWH DFWXHOOHPHQW OH SURMHW *OREH FRPSUHQDQW GHV ORJHPHQWV HW GHV ORFDX[ G¶DFWLYLWpV j 8FFOH

( - /H SURMHW FRPSUHQG OD FRQVWUXFWLRQ GH DSSDUWHPHQWV HW XQH j GHX[ VXUIDFHV SURIHVVLRQQHOOHV WRXV ]pUR pQHUJLH /HV EkWLPHQWV VRQW SDVVLIV HW O¶DSSRUW VXSSOpPHQWDLUH G¶pQHUJLH SURYLHQW GH SDQQHDX[ SKRWRYROWDwTXHV HW G¶XQH XQLWp GH FRJpQpUDWLRQ DX FRO]D 1RXV DYRQV HVVD\p GH GpSDVVHU OHV DVSHFWV SXUHPHQW pQHUJpWLTXHV HQ QRXV LQWpUHVVDQW j WRXV OHV DVSHFWV GX EkWLPHQW QRWDPPHQW DX FKRL[ GHV PDWpULDX[ &KDTXH PDWpULDX D pWp DQDO\Vp HQ IRQFWLRQ GH VRQ pQHUJLH JULVH GH VRQ LQÀXHQFH VXU O¶HQYLURQQHPHQW RX GH VRQ FRQIRUW SRXU O¶KDELWDQW PDLV pJDOHPHQW GH VD PLVH HQ °XYUH HW GH VRQ FR W /H JURV °XYUH IHUPp VHUD WHUPLQp ¿Q MXLQ HW OD OLYUDLVRQ HVW SUpYXH HQ PDUV 1RWUH pTXLSH HVW IDQWDVWLTXH $ VD WrWH LO \ D IHPPHV PDLV F¶HVW XQ KDVDUG 0DGHOLQH GH 0RXVWLHU HVW QRWUH LQWHUORFXWULFH SULQFLSDOH j O¶DJHQFH G¶DUFKLWHFWXUH )+: HW OH FKDQWLHU HVW VXLYL SDU 1DWKDOLH .DKDQ 1RWUH HQWUHSUHQHXU O¶HQWUHSULVH IDPLOLDOH 'KHUWH HVW K\SHU SURIHVVLRQQHO pJDOHPHQW +HXUHXVHPHQW &DU OHV WUDYDX[ RQW GpPDUUp HQ DYULO SRXU V¶DUUrWHU TXHOTXH WHPSV HQ VHSWHPEUH VXLWH j O¶HIIRQGUHPHQW G¶XQ PXU G¶XQ EkWLPHQW YRLVLQ ,OV RQW UHSULV HQ PDUV HW GHYUDLHQW V¶DFKHYHU HQ PDUV 4XDQW j OD YHQWH HOOH QH IDLW TXH GpPDUUHU /HV SUL[ VRQW GH O¶RUGUH GH ¼ Pð KRUV 79$ HW GURLWV VRLW j GH SOXV TXH OD PR\HQQH GX TXDUWLHU 3RXU XQH WHOOH TXDOLWp GH EkWLPHQW FHOD QH PH SDUDvW YUDLPHQW SDV H[DJpUp

EH SDVVLYH TXHO ELODQ WLUH] YRXV GH YRWUH FKDQJHPHQW GH YLH SOXW{W UDGLFDO HW GH FH SURMHW " /H µ]pUR pQHUJLH¶ D pWp Gp¿QL SDU OH 6HUYLFH 3XEOLF )pGpUDO GHV )LQDQFHV FRPPH UpSRQGDQW j FRQGLWLRQV OH ORJHPHQW GRLW rWUH SDVVLI HW OD GHPDQGH UpVLGXHOOH G¶pQHUJLH SRXU OH FKDXIIDJH HW OH UHIURLGLVVHPHQW GRLW rWUH WRWDOHPHQW FRPSHQVpH SDU GH O¶pQHUJLH UHQRXYHODEOH SURGXLWH VXU SODFH ! NRED PLQ¿Q IJRY EH FRPPDQGH SGI IROGB +DELWDW3DVVLYHB SGI

( - $YDQW WRXW M¶DL EHDXFRXS DSSULV ,O \ DYDLW GLIIpUHQWV DVSHFWV GX PpWLHU GH SURPRWHXU TXH MH QH PDvWULVDLV SDV OHV QpJRFLDWLRQV FRPPHUFLDOHV OHV DVSHFWV MXULGLTXHV OHV DVVXUDQFHV OH VXLYL G¶XQ FKDQWLHU« $VVXUpPHQW MH IHUDL FHUWDLQHV FKRVHV GLIIpUHPPHQW OD SURFKDLQH IRLV -H PH VHQV DXVVL GLIIpUHQWH GHV DXWUHV SURPRWHXUV LPPRELOLHUV SDUFH TXH PHV PRWLYDWLRQV VRQW GLIIpUHQWHV 6RXYHQW GDQV FH VHFWHXU OD PDUJH EpQp¿FLDLUH SULPH VXU WRXW OH UHVWH 3RXU PRL HOOH LPSRUWH SDUFH TXH M¶DL WRXW LQYHVWL GDQV FH SURMHW HW TXH MH YHX[ HQ PRQWHU GH QRXYHDX[ PDLV FH Q¶HVW SDV OH VHXO pOpPHQW 3RXU OH UHVWH M¶DL UHQFRQWUp GHV JHQV IRUPLGDEOHV HW MH VXLV FRQVXOWpH GH SOXV HQ SOXV VRXYHQW SRXU OH PRQWDJH G¶DXWUHV SURMHWV &¶HVW XQH EHOOH UHFRQQDLVVDQFH -¶HVSqUH UpXVVLU HW PRWLYHU G¶DXWUHV SHUVRQQHV j VXLYUH FHWWH YRLH Ŷ

IDFH j IDFH

EH SDVVLYH

TX¶HQ GLWHV YRXV " WH[WH

/LOL -XOLHQ

EH SDVVLYH

SKRWR

&KULVWRSKH 8UEDLQ

TX HQ GLWHV YRXV"

3HWHU 9HUKH\GHQ HW ,OVH 9DQ GHU 9ORHGW 6W -RE LQ W *RRU 0DLVRQ LQGLYLGXHOOH SDVVLYH 9RXV DYH] IDLW OH FKRL[ GH FRQVWUXLUH HW G¶KDELWHU XQH PDLVRQ SDVVLYH« 3RXU QRWUH WURLVLqPH FRQVWUXFWLRQ QRXV DYRQV FKRLVL GH FRQVWUXLUH HQ SDVVLI &¶pWDLW HQ HW QRXV QRXV VRPPHV DGUHVVpV j XQH HQWUHSULVH GH FRQVWUXFWLRQ DOOHPDQGH TXL DYDLW GpMj FRQVWUXLW HQ %HOJLTXH /D FRQVWUXFWLRQ HVW XQH RVVDWXUH HQ ERLV DYHF XQ SDUHPHQW HQ EULTXH FH TXL HQJHQGUH XQH pSDLVVHXU GH PXUV GH FLQTXDQWH FHQWLPqWUHV /H ERLV HW OH V\VWqPH GH UHQRXYHOOHPHQW G¶DLU DPqQHQW XQH K\JURPpWULH HW XQH WHPSpUDWXUH VWDEOHV GDQV O¶HQVHPEOH GH OD PDLVRQ /¶DWPRVSKqUH \ HVW EHDXFRXS SOXV DJUpDEOH TXH GDQV OHV DXWUHV PDLVRQV FRQVWUXLWHV DXSDUDYDQW $YHF QRV WURLV HQIDQWV QRWUH FRQVRPPDWLRQ pQHUJpWLTXH HVW pYDOXpH j N: K DQ (Q PR\HQQH N: K DQ VRQW DVVXUpV SDU OHV SDQQHDX[ VRODLUHV (Q pWp LOV DOLPHQWHQW OD PDFKLQHULH GH OD SLVFLQH SLVFLQH TXL HVW HOOH DXVVL LVROpH SRXU pYLWHU OHV GpSHUGLWLRQV GH FKDOHXU YHUV OH VRO $ FH MRXU QRWUH PDLVRQ Pð

HVW OD SOXV JUDQGH PDLVRQ SDVVLYH GH %HOJLTXH 8QH JUDQGH PDLVRQ LQGXLW GHV FR€WV IL[HV LPSRUWDQWV TXH OH SDVVLI SHUPHW GH UpGXLUH SDU OD GLPLQXWLRQ GHV FR€WV pQHUJpWLTXHV OHV VXEVLGHV HW OHV GpGXFWLRQV ILVFDOHV &H W\SH GH FRQVWUXFWLRQ YD VDQV QXO GRXWH GHYHQLU OH VWDQGDUG GDQV OHV GL[ DQQpHV j YHQLU Ŷ

TX HQ GLWHV YRXV"

EH SDVVLYH

UHWRXU VXU OHV FOLPDWR VFHSWLTXHV

3RVLWLYH LPSDFW

1HXWUDO LPSDFW 3RVLWLYH LPSDFW 1HJDWLYH LPSDFW 1HXWUDO LPSDFW

1HJDWLYH LPSDFW

&Z

E>

&Z

E>

&Z

E>

&Z

E>

LPSDFW PpGLDVFRUH 9LVLELOLWp GX *,(& GDQV OD SUHVVH EHOJH HQWUH OH HU MDQYLHU HW OH PDUV

$X[L3UHVV ‹

WH[WH

7KLEDXW 'H 1RUUH

)5 1/ )5 1/

*OREDO :DUPLQJ 3HWLWLRQ 3URMHFW XQ 3RVLWLYH LPSDFW 1HXWUDO LPSDFW 1HJDWLYH LPSDFW UpFKDXIIHPHQW

G¶RULJLQH /HV

3RVLWLYH LPSDFW 1HXWUDO LPSDFW 1HJDWLYH LPSDFW KXPDLQH HVW FOLPDWRORJXHV

GpQXp GH YDOLGLWp V¶HPSDUHQW GHV

VFLHQWL¿TXH PRGqOHV GH VHORQ OHV SUpYLVLRQ GHV VLJQDWDLUHV PpWpRURORJXHV

7KH +RFNH\ VWLFN JUDSK 0LFKDsO ( 0DQQ

$Q LQFRQYHQLHQW WUXWK $O *RUH

$X[L3UHVV ‹

+RUPLV XQH HUUHXU VXU OD GLVSDULWLRQ GHV JODFLHUV GDQV O¶+LPDOD\D TXH UHFRQQDvW OH *,(& GDQV VRQ qPH UDSSRUW VXU OH UpFKDXIIHPHQW FOLPDWLTXH -HDQ 3DVFDO 9DQ <SHUVHOH GpFODUDLW TXH WRXWHV OHV DXWUHV DFFXVDWLRQV pWDLHQW SXUH IDQWDLVLH &HSHQGDQW OH YLFH SUpVLGHQW GX *,(& FRQYLHQW TXH OD JXpULOOD EDW VRQ SOHLQ HQWUH OHV FRQYDLQFXV GH O¶XUJHQFH j OLPLWHU OHV pPLVVLRQV GH JD] j HIIHW GH VHUUH HW OHV FOLPDWR VFHSWLTXHV TXL MRXHQW OH MHX GH O¶LQGXVWULH /HV HQMHX[ VRQW HQ HIIHW WHOOHPHQW pQRUPHV TXH WRXW DFFRUG YLVDQW j OLPLWHU OHV pPLVVLRQV GH JD] j HIIHW GH VHUUH HVW GH QDWXUH j SURYRTXHU GHV SHUWHV GH UHVVRXUFHV SKpQRPpQDOHV SRXU O¶LQGXVWULH (W HOOH Q¶HVW SDV SUrWH j O¶DFFHSWHU $ OLUH FH TX¶RQW GLW OHV XQV HW OHV DXWUHV FHV GHUQLHUV PRLV GDQV OHV PpGLDV O¶RSLQLRQ SXEOLTXH D VDQV DXFXQ GRXWH pWp pEUDQOpH /H *,(& D SXEOLp GHV HUUHXUV HW FRPPLV GHV IDXWHV GH FRPPXQLFDWLRQ 6D FUpGLELOLWp D VRXIIHUW HW GpVRUPDLV O¶pQHUJLH TX¶LO GHYUD GpSOR\HU SRXU FRPEDWWUH OHV FOLPDWR VFHSWLTXHV ULVTXH GH OXL FRÂ&#x20AC;WHU FKHU /¶DQDO\VH GH OD SUHVVH EHOJH GXUDQW OH HU WULPHVWUH Q¶HVW SDV SRXU UDVVXUHU FHX[ TXL VRXWLHQQHQW OH *,(& HW OD WKpRULH GX UpFKDXIIHPHQW FOLPDWLTXH GÂ&#x20AC; j O¶DFWLYLWp KXPDLQH (Q HIIHW OHV DWWDTXHV FRQWUH OH *,(& VH VRQW PXOWLSOLpHV GHSXLV OH VRPPHW GH &RSHQKDJXH (Q PrPH WHPSV OD FRXYHUWXUH PpGLDWLTXH GHV FOLPDWR VFHSWLTXHV D JDJQp GX WHUUDLQ DOLPHQWDQW DLQVL OH GpEDW SXEOLF SOXV TX¶LO QH O¶DYDLW IDLW DXSDUDYDQW (QWUH OH HU MDQYLHU HW OH PDUV DUWLFOHV VXU OH *,(& RQW pWp SXEOLpV GDQV OD SUHVVH IUDQFRSKRQH HW GDQV OD SUHVVH QpHUODQGRSKRQH &HV DUWLFOHV GH IRQG SRXU OHXU PDMRULWp RQW JpQpUp XQ LQGLFH G¶LPSDFW FRQVLGpUDEOH GH SRLQWV 0HGLDVFRUH 'H QRPEUHXVHV FULWLTXHV FRQWUH OH *,(& RQW pWp UHOD\pHV

EH SDVVLYH

TX HQ GLVHQW LOV"

GDQV OHV PpGLDV HOOHV WRXFKHQW j GHV HUUHXUV IDFWXHOOHV HW j GHV VRXSoRQV GH PDQLSXODWLRQ GHV FRQFOXVLRQV GH VRQ UDSSRUW /H ELODQ PpGLDWLTXH GX *,(& D GRQF pWp ODUJHPHQW HQ VD GpIDYHXU DYHF XQ LPSDFW QpJDWLI GH SRXU XQH YLVLELOLWp IDYRUDEOH GH VHXOHPHQW 6L O¶RQ GpWDLOOH FHW LPSDFW RQ REVHUYH TXH OD YLVLELOLWp GX *,(& GDQV OD SUHVVH IUDQFRSKRQH HVW SOXV GpIDYRUDEOH HQFRUH DYHF SOXV GH G¶LPSDFW QpJDWLI FRQWUH GDQV OD SUHVVH QpHUODQGRSKRQH /D SOXV IRUWH H[SRVLWLRQ PpGLDWLTXH GX *,(& V¶pWDOH GH ¿Q MDQYLHU j ¿Q IpYULHU MXVWH DSUqV TX¶LO HXW UHFRQQX VRQ HUUHXU VXU OD YLWHVVH GH IRQWH GHV JODFLHUV GH O¶+LPDOD\D (Q VH OLPLWDQW DX[ DUWLFOHV SXEOLpV DX SUHPLHU WULPHVWUH RQ REVHUYH XQ ELHQ PDLJUH VRXWLHQ DX *,(& OH IpYULHU 3DXO 0DJQHWWH ODQFH XQ DYHUWLVVHPHQW DX[ VFHSWLTXHV GX FOLPDW GDQV XQH FDUWH EODQFKH SXEOLpH GDQV /H 6RLU &HSHQGDQW VXU OD PrPH SDJH HQ IDFH GH VRQ DUWLFOH XQH DXWUH FDUWH EODQFKH HVW DFFRUGpH j 'ULHX *RGHIUHGL IRQGDWHXU GH O¶LQVWLWXW +D\HN MXULVWH HW GRFWHXU HQ SKLORVRSKLH TXL GpQRQFH OH *,(& HW OH FRQVLGqUH FRPPH XQ FDQXODU /HV GHX[ DUWLFOHV VH QHXWUDOLVHQW VDXI TXH TXHOTXHV MRXUV SOXV WDUG RQ UHWURXYH 'ULHX *RGHIUHGL DYHF XQH WULEXQH GDQV /D /LEUH %HOJLTXH IpYULHU SXLV XQH DXWUH GDQV /¶(FKR PDUV /H VRFLRORJXH DOOHPDQG :HO]HU SUHQG pJDOHPHQW OD GpIHQVH GX *,(& HW pEDXFKH GHV SLVWHV SRXU pYLWHU OD JXHUUH GX FOLPDW 3RXU OH *,(& -HDQ 3DVFDO 9DQ <SHUVHOH HW 3KLOLSSH +X\EUHFKWV GpSORLHQW DXVVL XQH pQHUJLH FRQVLGpUDEOH SRXU FRQWUHU OHV DWWDTXHV /HV FOLPDWR VFHSWLTXHV VHPEOHQW SOXV DFWLIV PrPH VL OHXU DUJXPHQWDWLRQ HVW SDUIRLV JURVVLqUH 'ULHX *RGHIUHGL HW &ODXGH (HUGHNHQV SDUYLHQQHQW j VXVFLWHU O¶LQWpUrW GH OD SUHVVH IUDQFRSKRQH &ODXGH $OOqJUH GpQRQFH XQ FRPPHUFH OXFUDWLI SRXU OXL OHV VFLHQWL¿TXHV GX *,(& VRQW DODUPLVWHV HW FKHUFKHQW DYDQW WRXW j SHUFHYRLU GHV VXEYHQWLRQV SRXU SRXUVXLYUH OHXUV UHFKHUFKHV /H 9LI /¶([SUHVV IpYULHU 0DLV OHV PpGLDV GpQRQFHQW DXVVL GHV VFHSWLTXHV ¿QDQFpV SDU O¶LQGXVWULH %MRUQ /RPERUJ VWDWLVWLFLHQ 9LQFHQW &RXUWLOORW JpRSK\VLFLHQ HW VFHSWLTXH ¿QDQFp SDU 7RWDO HW 6FKOXPEHUJHU )UHG

9LVLELOLWp GX *,(& GDQV OD SUHVVH EHOJH HQWUH OH HU MDQYLHU HW OH PDUV

3RVLWLYH 1HXWUDO

,QGLFH G¶LPSDFW 0HGLDVFRUH

1HJDWLYH

ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN ZHHN

,QGLFH G¶LPSDFW 0HGLDVFRUH

$X[L3UHVV Â&#x2039;

7KH *UHDW *OREDO :DUQLQJ 6ZLQGOH 0DUWLQ 'XUNLQ

QRYHPEUH &OLPDWHJDWH

GHF

6LQJHU SK\VLFLHQ VRXWHQX SDU ([[RQ HW 6KHOO HW TXL IXW DXSDUDYDQW HPSOR\p SDU O LQGXVWULH GX WDEDF HQ QLDQW VD QRFLYLWp HW 0LFKDsO &ULFKWRQ O¶DXWHXU GH -XUDVVLF 3DUN « $ OD OHFWXUH GHV DUWLFOHV OHV DGYHUVDLUHV GX *,(& PDUTXHQW LQGpQLDEOHPHQW GHV SRLQWV HQ H[SORLWDQW VHV HUUHXUV /H &OLPDWHJDWH GpYRLOp MXVWH DYDQW OH VRPPHW GH &RSHQKDJXH HVW SUREDEOHPHQW OH GpFOHQFKHXU GH OD FDPSDJQH DQWL *,(& /H VFDQGDOH pFODWH DYHF OD UpYpODWLRQ G¶H[WUDLWV GH SOXV GH PLOOH FRXUULHUV pOHFWURQLTXHV pFKDQJpV HQWUH OHV VFLHQWL¿TXHV DPpULFDLQV HW OHXUV KRPRORJXHV GH OD &OLPDWH 5HVHDUFK 8QLW DX F°XU GHV WUDYDX[ GX *,(& HQ *UDQGH %UHWDJQH 2Q \ GpFRXYUH TX¶LOV DXUDLHQW WX OHV FRQFOXVLRQV GH FHUWDLQHV GH OHXUV pWXGHV ORUVTX¶HOOHV pWDLHQW FRQWUDLUHV j O¶K\SRWKqVH GX UpFKDXIIHPHQW RX TX¶LOV DXUDLHQW WULFKp HQ PDQLSXODQW FHUWDLQHV GH OHXUV VWDWLVWLTXHV 3RXU 9LQFHQW GH &RRUE\WHU 'LUHFWHXU JpQpUDO GX &ULRF OD FULVH pFRQRPLTXH V¶HVW pJDOHPHQW LQYLWpH GDQV OH GpEDW 6L SRXU OXL OHV PpGLDV VRQW ELHQ FRQYHUWLV j O¶pFRORJLH LO DMRXWH TXH OHV pFRORJLVWHV RQW WRXMRXUV OD FKDUJH GH OD SUHXYH 2U DYDQW OD FULVH pFRQRPLTXH XQH SDUW GHV UHVVRXUFHV HW GHV pQHUJLHV SRXYDLW rWUH FRQVDFUpH j OD OXWWH FRQWUH OH UpFKDXIIHPHQW FOLPDWLTXH 0DOKHXUHXVHPHQW DXMRXUG¶KXL O¶XUJHQFH FOLPDWLTXH VHPEOH GHYRLU FpGHU j O¶XUJHQFH pFRQRPLTXH 3RXU GH &RRUE\WHU VL OH UpFKDXIIHPHQW FOLPDWLTXH HVW GHYHQX XQH SULRULWp SODQpWDLUH OD FULVH pFRQRPLTXH HQ D TXHOTXH SHX IUHLQp OHV DUGHXUV ,FL DXVVL OHV SOXV VFHSWLTXHV WHQWHQW G¶RULHQWHU OH GpEDW YHUV GHV SULRULWpV pFRQRPLTXHV &HSHQGDQW FHWWH VRXGDLQH DFFpOpUDWLRQ GHV DWWDTXHV PpGLDWLTXHV FRQWUH OH *,(& QH PDQTXH SDV HOOH DXVVL GH VXVFLWHU O¶LQWHUURJDWLRQ ,O H[LVWH HQ HIIHW GHV VRXSoRQV VXU O¶RULJLQH GHV UpYpODWLRQV VXU OH FOLPDWHJDWH HW VD FRQFRPLWDQFH VRXGDLQH DX VRPPHW GH &RSHQKDJXH 'DYLG .LQJ FRQVHLOOHU VFLHQWL¿TXH HQ FKHI 'H 7RQ\ %ODLU HQWUH HW SDUOH G¶XQ SLUDWDJH LQIRUPDWLTXH GÂ&#x20AC; j XQH DJHQFH GH UHQVHLJQHPHQW '¶DXWUHV SDUOHQW GH GpODWLRQ DX VHLQ PrPH GHV VFLHQWL¿TXHV /D YLUXOHQFH GH O¶DWWDTXH HVW GRQF PHVXUDEOH

/H *,(& UHFRQQDvW OHV HUUHXUV SRLQWpHV GDQV VRQ UDSSRUW

6RPPHW PRQGLDO GX GpYHORSSHPHQW GXUDEOH j 1HZ 'HOKL

<YR 'H %RHU WrWH SHQVDQWH GH &RSHQKDJXH TXLWWH O¶218

/¶218 PHW HQ SODFH XQH LQVWDQFH GH VXSHUYLVLRQ GHV WUDYDX[ GX *,(&

MDQY

IHY

IHY

PDUV

SXLVTX¶HQ O¶HVSDFH GH TXHOTXHV PRLV OHV FOLPDWR VFHSWLTXHV RQW UpXVVL j VHPHU OH GRXWH GDQV O¶HVSULW GH O¶RSLQLRQ HW GHV PpGLDV (Q TXHOTXHV PRLV OH *,(& DXUD SHUGX GH VD FUpGLELOLWp HW VH UHWURXYH DXMRXUG¶KXL FRUQDTXp GH SOXV SUqV SDU O¶218 4XDQW DX[ PpGLDV LOV UHVWHQW PDOKHXUHXVHPHQW SHX RXWLOOpV SRXU LQYHVWLJXHU VXU OH FKDQJHPHQW FOLPDWLTXH WDQW OHV OREELHV VRQW SXLVVDQWV HW SHX DFFHVVLEOHV %ULJLWWH $OIWHU GX )RQGV (XURSpHQ SRXU OH MRXUQDOLVPH G¶,QYHVWLJDWLRQ j %UX[HOOHV D H[SOLTXp ORUV GH OD qPH FRQIpUHQFH PRQGLDOH VXU OH MRXUQDOLVPH G¶LQYHVWLJDWLRQ j *HQqYH TXH OH QRPEUH GH OREE\LVWHV DYDLW H[SORVp SHQGDQW OHV PRLV TXL RQW SUpFpGp OD FRQIpUHQFH GH &RSHQKDJXH 'XUDQW OH VRPPHW HOOH D GpQRPEUp JURXSHV GH OREE\LVWHV G¶DIIDLUHV FRQWUH VHXOHPHQW JURXSHV GH 9HUWV HW D FRQVWDWp TXH OHV FRQWHQXV GHV WH[WHV GH OD FRQIpUHQFH DYDLHQW pWp DGRXFLV HW DYDLHQW SHUGX OHXU HVVHQFH SRXU DWWHLQGUH OH FRQVHQVXV SOXW{W TXH G¶DERXWLU j XQ LQVWUXPHQW LQWHUQDWLRQDO GH GURLW GH O¶HQYLURQQHPHQW 'H PDQLqUH UpDOLVWH O¶pFKHF GH OD FRQIpUHQFH GH &RSHQKDJXH D UpYpOp OD SXLVVDQFH GHV OREELHV LQGXVWULHOV TXL SDU OD YRL[ GHV FOLPDWR VFHSWLTXHV RQW JDJQp XQH EDWDLOOH LPSRUWDQWH IDFH DX[ VFLHQWL¿TXHV GX *,(& Ŷ

O¶pFKHF GH OD FRQIpUHQFH D UpYpOp OD SXLVVDQFH GHV OREELHV LQGXVWULHOV

0HGLDVFRUH HVW XQ RXWLO G¶DQDO\VH G¶LPSDFW VFLHQWL¿TXH EDVp VXU XQ PRGqOH PDWKpPDWLTXH WHQDQW FRPSWH GHV GLIIpUHQWV SDUDPqWUHV G¶DQDO\VH G¶XQ DUWLFOH GH SUHVVH RX G¶XQH VpTXHQFH UDGLR 79 ,O SHUPHW GH PHVXUHU OD YLVLELOLWp PpGLDWLTXH G¶HQ VXLYUH O¶pYROXWLRQ HW OH FDV pFKpDQW HQ IRQFWLRQ GHV UpVXOWDWV GH UpRULHQWHU OD VWUDWpJLH GH FRPPXQLFDWLRQ $YDOLVp SDU SOXVLHXUV XQLYHUVLWpV HQ %HOJLTXH LO D GpPRQWUp VHV DWRXWV j GH QRPEUHXVHV UHSULVHV GHSXLV HW FH DXVVL ELHQ DX SODQ QDWLRQDO TX¶LQWHUQDWLRQDO 7KLEDXW 'H 1RUUH HVW 'LUHFWHXU GH OD FRPPXQLFDWLRQ HW GX GpSDUWHPHQW $QDO\VHV GHV PpGLDV FKH] $X[L3UHVV /LFHQFLp HQ -RXUQDOLVPH HW FRPPXQLFDWLRQ LO D GpYHORSSp O¶RXWLO 0HGLDVFRUH DX GpEXW GHV DQQpHV µ HW HVW VSpFLDOLVWH GX FRQWHQX GHV PpGLDV GHSXLV DQV ,O DQLPH XQ EORJ ZZZ QHZVXS EH HW HVW DFWLI VXU 7ZLWWHU j O¶DGUHVVH KWWS WZLWWHU FRP 7KLEDXW'1

TX HQ GLVHQW LOV"

EH SDVVLYH

3HQQV\OYDQLH VHSWHPEUH O¶KLVWRLUH UHQYRLH DX[ LPDJHV SLHXVHV GH O¶DUFKLWHFWXUH ,QGLIIpUHQW j VRQ FRVWXPH GH ÀDQHOOH OH FKDSHDX OpJqUHPHQW HQ DUULqUH OH *UDQG $UFKLWHFWH IDLW TXHOTXHV SDV GpFLGpV HW V¶HPSDUH IXULHX[ G¶XQH PDVVH TX¶LO OqYH SXLV DEDW VXU OHV pWDQoRQV GHYDQW XQ SDUWHUUH G¶RXYULHUV Gp¿QLWLYHPHQW Pp¿DQWV PDLV FLUFRQVSHFWV /D FKXWH G¶HDX WRXWH SURFKH IDLW XQ ERXFDQ G¶HQIHU (Q DR W XQ PRLV SOXV W{W FRQWUH O¶DYLV GH O¶DUFKLWHFWH O¶HQWUHSULVH DYDLW VXLYL j GHPL XQ UDSSRUW G¶H[SHUWLVH H[WHUQH HW VHFUqWHPHQW UHQIRUFp OH IHUUDLOODJH PDLV OHV FRIIUDJHV V¶pWDLHQW GpIRUPpV GqV OD PLVH HQ °XYUH GX EpWRQ /H FOLHQW 0 .DXIPDQQ HVW UHWHQX DX PDJDVLQ j 3LWWVEXUJK /HV pWDLV FDOpV VXU OD URFKH ¿QLVVHQW SDU FpGHU VRXV OHV FRXSV HW OLEqUHQW OHV WHUUDVVHV HQ FLPHQW DUPp FRQoXHV HQ XQ LPPHQVH SRUWH j IDX[ WHQGX YHUV OHV FDVFDGHV« %UXWHV GH GpFRIIUDJHV ODQFpHV SDU GHVVXV OD ULYH HOOHV QH V¶pFURXOHQW SDV j OD VWXSpIDFWLRQ GH O¶HQWUHSULVH (Q ¿Q GH FKDQWLHU 0 .DXIPDQQ IHUD FRQVWUXLUH XQ PXU GH SLHUUH SRXU VRXWHQLU OD SRXWUH SULQFLSDOH GRQW LO FUDLJQDLW TX¶HOOH VRLW VRXV GLPHQVLRQQpH :ULJKW HQ UHWLUHUD GLVFUqWHPHQW OHV OLWV VXSpULHXUV SRXU PRQWUHU j VRQ FOLHQW XQ DQ SOXV WDUG j OD UpFHSWLRQ GX FKDQWLHU TXH OHV WHUUDVVHV RQW ELHQ WHQX SOXVLHXUV PRLV VDQV VXSSRUW« $ DQV )UDQN /OR\G :ULJKW DYDLW GpMj UpDOLVp GHV SRXWUHV HQ SRUWH j IDX[ GqV HW DOODLW FRQWLQXHU j OH IDLUH PDLV HQ UpDOLWp HW PDOJUp OHXUV FHUWLWXGHV OXL HW VRQ LQJpQLHXU V¶pWDLHQW EHO HW ELHQ WURPSpV 'HV ¿VVXUHV VH GpYHORSSqUHQW G¶DLOOHXUV GqV OH PRLV G¶RFWREUH HW FHV SUREOqPHV VWUXFWXUHOV DXUDLHQW G GpERXFKHU VXU XQH FDWDVWURSKH VL GHV PHVXUHV FXUDWLYHV Q¶DYDLHQW pWp PLVHV HQ °XYUH« HQ 3UHPLqUH JpQpUDWLRQ SDVVLYH 2XEOLpV DXMRXUG¶KXL OHV GRXWHV VXU OD SRVVLELOLWp GH UpDOLVHU GH ORQJXHV SRXWUHV HQ SRUWH j IDX[ OHV FRQWURYHUVHV HQWUH SURIHVVLRQQHOV GH OD SURIHVVLRQ VXU OH ERQ IDFWHXU GH VpFXULWp

EH SDVVLYH

OD SRVLWLRQ GX PLVVLRQQDLUH

HWF ,O VHUDLW GpSODFp GH VH PRTXHU GH :ULJKW HW GH VHV SRUWH j IDX[ GpIRUPpV RX GH VHV WRLWXUHV SODWHV MDPDLV pWDQFKHV

FRPPH WRXV OHV DUFKLWHFWHV HW OHV LQJpQLHXUV LO GHYDLW IDLUH DYHF OHV WHFKQRORJLHV HW OHV VDYRLUV GLVSRQLEOHV VXU OH PDUFKp &HOD V¶DSSHOOH IUD\HU XQ FKHPLQ HW« HVVX\HU OHV SOkWUHV &H TXL HVW UHPDUTXDEOH F¶HVW TX¶LO VRLW SDUYHQX j OLYUHU XQH °XYUH DXVVL LQQRYDQWH GDQV FHV FRQGLWLRQV &H TXL HVW UHPDUTXDEOH DXVVL F¶HVW TX¶LO ¿QLUDLW DX WULEXQDO DXMRXUG¶KXL /D SUHPLqUH JpQpUDWLRQ GH SURMHWV SDVVLIV HOOH DXVVL HVVXLH GHV SOkWUHV FDU OH Gp¿ GX SDVVLI HVW HW UHVWH XQ Gp¿ FRQVLGpUDEOH YRXV GpFRXYUH] OH SDVVLI LO YRXV VpGXLW HW YRXV VXEMXJXH SXLV LO YRXV UpVLVWH YRXV HVVD\H] GH OH GRPHVWLTXHU GH OH VRXPHWWUH GH FRQWRXUQHU OHV REVWDFOHV TXL VH PXOWLSOLHQW VXU YRWUH FKHPLQ 9RXV YRXV VHQWH] VRXYHQW VHXO FRQWUH OHV VFHSWLTXHV HW OHV F\QLTXHV 9RXV DYH] j SUHQGUH GHV ULVTXHV FDU O¶LQIRUPDWLRQ IDLW GpIDXW YRWUH LQJpQLHXU FRQVHLO HQ GXUDELOLWp Q¶HQ VDLW JXqUH SOXV TXH YRXV YRWUH HQWUHSUHQHXU YRXV UHJDUGH G¶XQ °LO JRJXHQDUG HW YRWUH FOLHQW V¶LQTXLqWH FDU VDQV OD SULPH VRQ EXGJHW V¶pFURXOH« 9RXV YRXV VHQWH] SUHVVp SDU XQH REOLJDWLRQ GH UpVXOWDW LO IDXW TXH OH WHVW G¶LQ¿OWURPpWULH VRLW ERQ VLQRQ« 9RXV YRXV UHQGH] FRPSWH TXH YRXV QH WURXYH] SDV FHUWDLQV PDWpULDX[ VXU OH PDUFKp RX DORUV SHUVRQQH QH YRXV OHV FHUWL¿H HW O¶HQWUHSULVH QH YHXW ULHQ JDUDQWLU 9RXV rWHV SDUIDLWHPHQW FRQVFLHQW GH FH TXH YRXV QH VDYH] SDV HW DXVVL GH FH TXH YRV LQWHUORFXWHXUV LJQRUHQW FRPSOqWHPHQW 3DUIRLV YRXV VHQWH] SDVVHU OH YHQW GX ERXOHW OH YHUWLJH YRXV SUHQG DX ERUG GX YLGH HW GH O¶LQFRPSpWHQFH TXL YRXV FHUQHQW 3RXU TXL Q¶D SDV O¶pJR GH :ULJKW F¶HVW SDUIRLV OH GRXWH OD ERXIIpH G¶DQJRLVVH DX GpWRXU GH OD FRQYHUVDWLRQ OD IDWLJXH GH WURS G¶KHXUHV SDVVpHV VXU OH FKDQWLHU RX VFRWFKp GHYDQW OH SKSS EUHI OD FULVH /D SUHPLqUH JpQpUDWLRQ Q¶HVW SDV XQH JpQpUDWLRQ VSRQWDQpH G¶DUFKLWHFWHV SDVVLIV GH EXUHDX[ G¶pWXGHV SDVVLIV G¶HQWUHSUHQHXUV SDVVLIV G¶KDELWDQWV SDVVLIV HWF FRPPH :ULJKW O¶D IDLW HQ VRQ WHPSV FHWWH SUHPLqUH JpQpUDWLRQ V¶HVW EULFROp

XQ VDYRLU HW XQH SUDWLTXH HQ PDUJH GHV VHQWLHUV EDOLVpV SDU OD SURIHVVLRQ j SDUWLU GH UHQFRQWUHV HW GHV LQIRUPDWLRQV GLVSRQLEOHV DXMRXUG¶KXL $SUqV O¶H[SORLW GX SUHPLHU FKDQWLHU HOOH D j PHVXUHU FRPPHQW O¶HVVDL WRXMRXUV WKpRULTXH HW LGpDO HVW WUDQVIRUPp GDQV OH UpHO OH GpWDLO UpDOLVp OD FRQVRPPDWLRQ HIIHFWLYH OH FRQIRUW DX MRXU OH MRXU OD TXDOLWp GH O¶DLU OH FR W OD IRQFWLRQQDOLWp HWF 4XDQG OHV KpURV VRQW IDWLJXpV 0rPH DSUqV TXDQG OH WHVW HVW ERQ TXH OD SULPH HVW YHUVpH TXH YRWUH FOLHQW FKDQWH YRV ORXDQJHV HWF YRXV UHVWH] LQTXLHW HW V¶LO IDLVDLW YUDLPHQW WURS FKDXG FHW pWp " (W V¶LOV QH FKDQJHDLHQW SDV OHV ¿OWUHV FRQIRUPpPHQW DX PRGH G¶HPSORL " (W V¶LOV WURXDLHQW O¶pWDQFKpLWp " 9RWUH EpEp SDVVLI HVW PDJQL¿TXH PDLV YRXV Q¶DYH] SDV ¿QL G¶DYRLU SHXU FDU VL MDPDLV« 3RXU FHUWDLQV DUFKLWHFWHV DSUqV OD OLYUDLVRQ GH OHXU SUHPLHU FKDQWLHU SDVVLI F¶HVW SDUIRLV XQ JUDQG PRPHQW GH VROLWXGH FRPPH XQH GpSUHVVLRQ DSUqV O¶DFFRXFKHPHQW XQ 333 3RVW 3DUWXP 3DVVLI " %RQMRXU WULVWHVVH (W SRXUWDQW YRXV rWHV XQ KpURV PDLV XQ KpURV IDWLJXp 9RXV DYH] FRPSOqWHPHQW UHQRXYHOp FH TXH O¶pFROH YRXV DYDLW DSSULV RX SDV YRXV DYH] PLV HQ °XYUH GHV WHFKQRORJLHV H[WUDRUGLQDLUHV HW FRQWULEXp j FKDQJHU OH PRQGH XQ SHX YRV FOLHQWV VRQW VDWLVIDLWV HW VH GLVHQW SUrWV j UHFRPPHQFHU 0DLV DSUqV WRXV YRV HIIRUWV LOV VRQW DXVVL GHYHQXV K\SHUVHQVLEOHV DX PRLQGUH GpSODFHPHQW G¶DLU LOV V¶pPHXYHQW DX PRLQGUH EUXLW SHUoDQW OHXUV WULSOHV YLWUDJHV LOV HQUHJLVWUHQW OD PRLQGUH ÀXFWXDWLRQ GH WHPSpUDWXUH« 3RXUWDQW YRXV VDYH] ELHQ YRXV TX¶DSUqV WRXWH UpFHSWLRQ LO UHVWH HQFRUH GHV UpJODJHV j IDLUH 9RXV VDYH] DXVVL TX¶LO \ D FKRVHV TXH YRXV QH UHIHULH] SDV OD SURFKDLQH IRLV $XMRXUG¶KXL O¶LQYHVWLVVHPHQW LQWHOOHFWXHO HW DIIHFWLI GHV DUFKLWHFWHV LQJpQLHXUV PDvWUHV G¶RXYUDJH HWF HVW WHO VDQV SDUOHU GX WHPSV GH O¶DUJHQW HWF TX¶LO HVW SDUIRLV GLI¿FLOH G¶DFFHSWHU TX¶XQH IRLV OH SURMHW UpDOLVp LO UHVWH GHV FKRVHV j UpJOHU j DPpOLRUHU RX j FKDQJHU HW TXH OD PDWLqUH UHVWH VWXSLGH OHV FDOFXOV DSSUR[LPDWLIV

HW OHV XVDJHV WRXMRXUV LQDWWHQGXV -H SDVVH j O¶pTXLSH %HDXFRXS GH FKRVHV HQFRUH GHYURQW rWUH DSSULVHV GH SUHPLqUH PDLQ VXU FKDQWLHU HW j O¶XVDJH DYDQW G¶rWUH HQVXLWH SRUWpHV j OD FRQQDLVVDQFH GH WRXV &¶HVW SRXUTXRL MH YHX[ UDSSHOHU TXH OHV SODWHIRUPHV 303DVEO HW 3+3Y]Z VRQW Oj SRXU FUpHU GX UpVHDX HW GX VXSSRUW TXDQG O¶DUFKLWHFWH O¶LQJpQLHXU O¶HQWUHSUHQHXU RX OH PDvWUH G¶RXYUDJH VH UHWURXYHQW VHXOV GDQV OH GRXWH RX OH GpVDUURL &HOD QH VLJQL¿H SDV TX¶HOOHV RQW GHV UpSRQVHV LPPpGLDWHV HW VLPSOHV j GHV TXHVWLRQV QRXYHOOHV HW VRXYHQW FRPSOH[HV HOOHV QH GLVSRVHQW SDV QRQ SOXV G¶XQH FHOOXOH GH VRXWLHQ SV\FKRORJLTXH RX G¶DLGH DX[ YLFWLPHV GX VWUHVV PDLV OHXU U{OH HVW GH YRXV DLGHU j UpGXLUH OH QRPEUH GHV LQFRQQXHV GDQV O¶pTXDWLRQ GH YRWUH SURMHW 1H IDLWHV SDV O¶DXWUXFKH FRPPH )UDQN /OR\G :ULJKW EH SDVVLYH D FKRLVL G¶rWUH RSHQ VRXUFH HW GH IDLUH GH FHV SDJHV XQ OLHX GH UpÀH[LRQ GDQV WRXV OHV VHQV GX WHUPH

DXWRXU GHV TXHVWLRQV UpHOOHV TXL VRQW SRVpHV DXMRXUG¶KXL SDU OH GpYHORSSHPHQW GX VWDQGDUG D¿Q GH FRQWULEXHU j VRQ DPpOLRUDWLRQ FRQWLQXH 0DLV EH SDVVLYH HVW DXVVL XQ VLJQH HW SRXU O¶H[SOLTXHU MH UHSUHQGUDL LFL O¶LPDJH GRQQpH GDQV QRWUH GHUQLHU QXPpUR SDU O¶DUFKLWHFWH )LOLS +DQMRXO TXL pYRTXDLW O¶pFROH SDVVLYH GH .DOPWKRXW LO IDXW YRLU O¶pTXLSH GH FRQFHSWLRQ FRPPH GHV SDUDFKXWLVWHV TXL IRQW GHV ¿JXUHV GDQV OH FLHO LOV GpFROOHQW HQVHPEOH VDXWHQW HQVHPEOH UpDOLVHQW OHXUV ¿JXUHV HQVHPEOH HW HVSqUHQW DXVVL DWWHUULU HQVHPEOH 3RXU pYLWHU OD WULVWHVVH GH O¶DUFKLWHFWH SRVW SDVVLYXP Q¶KpVLWH] SDV j IDLUH DSSHO j O¶pTXLSH Ŷ YUDLVHPEODEOHPHQW %RE 0RVKHU DUFKLWHFWH VWDJLDLUH j 7DOLHVLQ FKH] )UDQN /OR\G :ULJKW TXL pWDLW GpMj WUqV kJp KWWS LQIR DLD RUJ DLDUFKLWHFW WKLVZHHN GB IDOOLQJZDWHU FIP &RPPHQW XQH pFROH SDVVLYH HVW QpH j .DOPWKRXW EH SDVVLYH S

OD SRVLWLRQ GX PLVVLRQQDLUH

SRVW SDVVLYXP DUFKLWHFWXV WULVWH " WH[WH

%HUQDUG 'HSUH]

SKRWR

6N\GLYH &HQWHU 6SD :LOO\ %SRH\NHQV

/D SUHPLqUH JpQpUDWLRQ GH SURMHWV SDVVLIV HVVXLH GHV SOkWUHV FDU OH Gp¿ GX SDVVLI HVW HW UHVWH FRQVLGpUDEOH OD SRVLWLRQ GX PLVVLRQQDLUH

EH SDVVLYH

SDUROH G¶LPDJH j 3DWULFN :RXWHUV (W DX GHOj LO \ D OD PHU Ŷ

EH SDVVLYH

SDUROH G LPDJH

=RQH GH WXUEXOHQFHV 킷

SDUROH G LPDJH

EH SDVVLYH

(Q UpSRQVH DX[ DUWLFOHV SDUXV GDQV OHV PpGLDV FHV GHUQLHUV MRXUV FRQFHUQDQW OH ULVTXH SUpVXPp GH JUDYH LQFHQGLH GDQV OHV PDLVRQV SDVVLYHV OD 3ODWH IRUPH 0DLVRQ 3DVVLYH 303 WLHQW j FRQWULEXHU DX GpEDW HW IDLW OH SRLQW DYHF 0 +HUYp %UHXOHW GH OD 'LUHFWLRQ GHV ULVTXHV DFFLGHQWHOV GH O ,66H3 HW SURPRWHXU GH O pWXGH FRPPDQGLWpH SDU OH 63) ,QWpULHXU 'H TXRL V DJLW LO " &RQVWDWDQW O pWDQFKpLWp j O DLU TXDVL SDUIDLWH TXL IDLW OD UpSXWDWLRQ GH FHV PDLVRQV OHV SRPSLHUV VH GHPDQGHQW V LO Q H[LVWHUDLW SDV XQ ULVTXH TX XQ IHX FRXYDQW SDU GpIDXW G R[\JqQH j O LQWpULHXU GX EkWLPHQW QH SXLVVH GpFOHQFKHU XQH H[SORVLRQ ORUV G XQ DSSRUW EUXWDO G R[\JqQH SDU H[HPSOH DX PRPHQW R GHV SRPSLHUV HQ LQWHUYHQWLRQ HQWUHUDLHQW HQ EULVDQW XQH YLWUH RX OD SRUWH G HQWUpH &H SKpQRPqQH FRQQX GHV VHUYLFHV GH SRPSLHUV SRUWH OH QRP GH EDFNGUDIW 9RLOj SOXV G XQ DQ TXH OD 303 V LQWpUHVVH j OD TXHVWLRQ IDLVDQW VXLWH j O LQTXLpWXGH IRUPXOpH SDU XQ SRPSLHU IRUPDWHXU VSpFLDOLVp GDQV FH SKpQRPqQH 0 3/ /DPEDOODLV

3RXU DSSRUWHU GHV UpSRQVHV j FHV TXHVWLRQV OpJLWLPHV OD 303 D SDUWLFLSp j XQ WUDYDLO UpDOLVp SDU GHV pWXGLDQWV GH O XQLYHUVLWp GH 0RQV HW SOXV UpFHPPHQW HQ WDQW TX H[SHUW GX VWDQGDUG SDVVLI j XQH pWXGH FRPPDQGLWpH SDU OH 63) ,QWpULHXU j O DVVRFLDWLRQ ,66H3 80RQV GRQW O H[SpULHQFH HVW UHFRQQXH GHSXLV SOXV GH DQV GDQV OH GRPDLQH GH O LQFHQGLH GHV EkWLPHQWV HW FRXYUH XQ ODUJH FKDPS G DFWLRQ WHVWV HQ ODERUDWRLUH H[SHUWLVHV SUpYHQWLRQ HQVHLJQHPHQW VLPXODWLRQV pWXGHV SRVW VLQLVWUH« /D 303 D LQWHUURJp 0 +HUYp %UHXOHW GH OD 'LUHFWLRQ GHV ULVTXHV DFFLGHQWHOV GH O ,66H3 HW SURPRWHXU GH OD UHFKHUFKH SUpFLWpH GRQW OHV FRQFOXVLRQV GHYUDLHQW rWUH OLYUpHV SRXU OD ¿Q GH O DQQpH $ FH VWDGH O¶pWXGH FRQMRLQWH ,66H3 ± 8PRQV LQGLTXH TXH OD QDWXUH GX GDQJHU HIIHWV GH O¶LQFHQGLH SHXW rWUH GLIIpUHQWH PDLV TXH OD KDXWHXU GH FH GDQJHU Q¶HVW SDV QpFHVVDLUHPHQW VLJQL¿FDWLYHPHQW GLIIpUHQWH SRXU OHV RFFXSDQWV G¶XQH PDLVRQ SDVVLYH 6L OD FUDLQWH GX EDFNGUDIW HVW ELHQ FRPSUpKHQVLEOH LO FRQYLHQW GH UDSSHOHU TXH FH SKpQRPqQH H[LVWH GHSXLV ORQJWHPSV YRLU SDU H[HPSOH O¶LQFHQGLH GX PDUV DX :DWW 6W j 1HZ <RUN TXL HVW ELHQ GRFXPHQWp RX SOXV SURFKH GH QRXV FHOXL IpYULHU j 5RFKHIRUW TXL D PDOKHXUHXVHPHQW FR Wp OD YLH j XQ KRPPH GX IHX /H ULVTXH HVW ELHQ FRQQX GH OD SURIHVVLRQ GHV SRPSLHUV TXL EpQp¿FLHQW G¶DLOOHXUV GH IRUPDWLRQV VSpFL¿TXHV SRXU IDLUH IDFH j FH GDQJHU /H EDFNGUDIW Q¶HVW SDV W\SLTXH GHV PDLVRQV SDVVLYHV HW SHXW VXUYHQLU GDQV XQ LPPHXEOH WUDGLWLRQQHO O¶DFFXPXODWLRQ GH JD] LPEU OpV SRXYDQW VH IDLUH SDU H[HPSOH GDQV GHV IDX[ SODIRQGV 2Q SHXW pJDOHPHQW VH UHPpPRUHU O¶DFFLGHQW VXUYHQX GDQV XQ VXSHUPDUFKp j :DWHUORR HQ OHV IXPpHV V¶pYDFXDQW SDU OH WRLW Q¶RQW SDV HPSrFKp OD VXUYHQDQFH G¶XQ EDFNGUDIW OD SURGXFWLRQ GH JD] LPEU OpV pWDQW SOXV LPSRUWDQWH TXH OD FDSDFLWp G¶H[WUDFWLRQ GHV IXPpHV / pWXGH GLULJpH SDU 0 %UHXOHW

LQWLWXOpH © 3DVVLYH +RXVH DQG )LUH ,QIHUQR " ª SDUW GH O¶K\SRWKqVH TXH ORUVTXH RQ QH PHW SDV HQ pYLGHQFH XQ QLYHDX GH ULVTXH SOXV LPSRUWDQW DYHF OHV PDLVRQV SDVVLYHV DORUV RQ SHXW pJDOHPHQW pFDUWHU FH ULVTXH DYHF OHV PDLVRQV EDVVH pQHUJLH HW DXWUHV QRXYHOOHV FRQVWUXFWLRQV UHODWLYHPHQW ELHQ LVROpHV HW pWDQFKHV 6HORQ 0 %UHXOHW LO IDXW VH UDSSHOHU TXH OH SRLQW GH GpSDUW GX IR\HU G LQFHQGLH HVW G DERUG OLp DX FRQWHQX PRELOLHU REMHWV HWF G XQH KDELWDWLRQ FH TXL Q D ULHQ j YRLU DYHF VRQ pYHQWXHO FDUDFWqUH SDVVLI HW HVW EHDXFRXS SOXV LPSRUWDQW TXH O pSDLVVHXU G LVRODQW GLVSRVp GDQV VHV PXUV 3RXU OHV SUHPLqUHV PLQXWHV GH O¶LQFHQGLH OHV SUHPLqUHV FRPSDUDLVRQV HIIHFWXpHV QH PHWWHQW SDV HQ pYLGHQFH GH GLIIpUHQFH VLJQL¿FDWLYH HQWUH PDLVRQV SDVVLYHV HW WUDGLWLRQQHOOHV HQ WHUPHV G¶HIIHWV FULWLTXHV 1RWRQV FHSHQGDQW TXH O¶pWXGH HVW ORLQ G¶rWUH ¿QDOLVpH HW TX¶DXFXQH FRQFOXVLRQ Gp¿QLWLYH QH SHXW rWUH DYDQFpH 8Q DXWUH SRLQW LPSRUWDQW HVW TXH OHV SKpQRPqQHV GH EDFNGUDIW HW GH ÀDVKRYHU H[WHQVLRQ GX IR\HU GH O¶LQFHQGLH SOXV RX PRLQV VLPXOWDQpPHQW j O¶HQVHPEOH GHV PDWLqUHV FRPEXVWLEOHV SUpVHQWHV GDQV OH ORFDO QH VRQW YLVLEOHPHQW SDV XQLTXHPHQW OLpV j O¶pWDQFKpLWp j O¶DLU GX EkWLPHQW HW RQ FRQVWDWH TXH FHV SKpQRPqQHV VH SURGXLVHQW DXVVL GDQV GHV EkWLPHQWV QRQ LVROpV (Q¿Q SRXU 0 %UHXOHW OD TXHVWLRQ GH O¶LQWpJULWp GX V\VWqPH G¶pWDQFKpLWp j O¶DLU ORUVTXH O¶LQFHQGLH VH GpYHORSSH SHXW rWUH SRVpH 3RXU UpVXPHU VL RQ FRPSUHQG O LQTXLpWXGH GHV FRUSV GH SRPSLHUV IDFH j GH QRXYHOOHV SHUIRUPDQFHV FRQVWUXFWLYHV LO VHPEOH TX RQ IDVVH DFWXHOOHPHQW EHDXFRXS GH IXPpH PDLV TX RQ PDQTXH HQ UpDOLWp GH IDLWV DODUPDQWV &HUWHV OHV KDELWXGHV GHV pTXLSHV G LQWHUYHQWLRQ GHYURQW VDQV GRXWH pYROXHU SRXU SOXV GH VpFXULWp G R O pWXGH HQ FRXUV HW FKDFXQ UHVWH FRQVFLHQW GX ULVTXH TXH FHOD FRPSRUWH ,O QH IDXW GRQF SDV PLQLPLVHU O LPSRUWDQFH GH OD VpFXULWp GHV RFFXSDQWV HW GHV SRPSLHUV 0DLV j FH MRXU DXFXQ LQFHQGLH Q D SX rWUH VLJQDOp GDQV XQH PDLVRQ SDVVLYH PrPH GDQV GHV SD\V FRPPH O $OOHPDJQH RX O $XWULFKH &HFL SHXW VLJQL¿HU SOXVLHXUV FKRVHV VRLW O LQIRUPDWLRQ Q D SDV pWp UHOD\pH VRLW LO Q \ D UpHOOHPHQW SDV HQFRUH HX G LQFHQGLH GDQV XQH PDLVRQ SDVVLYH FH TXL HVW SHX SUREDEOH DX YX GHV VWDWLVWLTXHV GH O ,66H3

VRLW OHV SRPSLHUV QH VH VRQW WRXW VLPSOHPHQW SDV UHQGX FRPSWH TX LOV LQWHUYHQDLHQW VXU XQH PDLVRQ SDVVLYH« )LQDOHPHQW OD SUpYHQWLRQ UHVWH OH SOXV LPSRUWDQW 6HXOH XQH PDLVRQ VXU GL[ HVW DXMRXUG KXL pTXLSpH G XQ V\VWqPH GH GpWHFWLRQ FRQIRUPH j OD UpJOHPHQWDWLRQ« &H VHUDLW SRXUWDQW VDQV DXFXQ GRXWH OD PRLQV FR WHXVH GHV LQWHUYHQWLRQV Ŷ

303 QHZV H[SUHVV

XQ SHX GH IXPpH VDQV IHX

©1RXV QH YR\RQV j F{Wp GX FDUDFWqUH SUREOpPDWLTXH JpQpUDO GH WRXV OHV EkWLPHQWV YHQWLOpV PpFDQLTXHPHQW DXFXQ GDQJHU G LQFHQGLH SDUWLFXOLHU j GHV PDLVRQV SDVVLYHV ª 5DOI %HUPLFK 6HUYLFH SRXU OD SURWHFWLRQ GH O HQYLURQQHPHQW LQVSHFWLRQ GX WUDYDLO HW pQHUJLH GH +HLGHOEHUJ

4XL D SHXU GX SDVVLI" 3DV OHV SRPSLHUV GH +HLGHOEHUJ

%HQRLW 48(95,1 &RRUGLQDWHXU 303

EH SDVVLYH

&DVHUQH SDVVLYH +HLGHOEHUJ $OOHPDJQH DUFKLWHFWH 3HWHU .XOND $UFKLWHNWXU QHZV H[SUHVV

WH[WH

/LOL -XOLHQ HW 0DUMRULH 9HUHFNW

SKRWRV

-HDQ 3LHUUH 5XHOOH 6\QHUJ\ ,QWHUQDWLRQDO ,QYHVWVXG

DUFKLWHFWXUH SDUWDJpH DUFKLWHFWXUH SDUWDJpH QHZV H[SUHVV

EH SDVVLYH

(VSDFH FDSLWDO HW FURLVVDQFH ZZZ SDVVLIHQPDUFKH EH

0DUFKH HQ )DPHQQH ]RQLQJ GX :H[ %HOJLTXH 0DvWUH GH O RXYUDJH ,QYHVWVXG ZZZ LQYHVWVXG EH

$UFKLWHFWH 6\QHUJ\ ,QWHUQDWLRQDO

7HFKQLTXHV VSpFLDOHV 0. HQJLQHHULQJ

ZZZ V\QHUJ\ LQWHUQDWLRQDO FRP

ZZZ PNHQJLQHHULQJ HX

6WDELOLWp 0&ð

(QWUHSUHQHXU 7KRPDV 3LURQ

ZZZ PF FDUUH EH

ZZZ WKRPDV SLURQ HX

,QYHVWLU GDQV O¶HQYLURQQHPHQW 'HSXLV DQV OH ¿O FRQGXFWHXU GX EXUHDX G¶DUFKLWHFWXUH 6\QHUJ\ ,QWHUQDWLRQDO HVW O¶pFRORJLH 5DLVRQ SRXU ODTXHOOH OH GLUHFWHXU G¶,QYHVWVXG j 0DUFKH HQ )DPHQQH D IDLW DSSHO j OXL DX PRPHQW GH VRQ GpPpQDJHPHQW HQ SRXU FRQQDvWUH OD GLVSRQLELOLWp GH EkWLPHQWV pFRORJLTXHV HQ :DOORQLH )DFH j O¶DEVHQFH G¶RIIUH OD GpFLVLRQ G¶XQH QRXYHOOH FRQVWUXFWLRQ D pWp UDSLGHPHQW SULVH DYHF XQH GHPDQGH FODLUH ³XQ SURMHW LQWHOOLJHQW SDU UDSSRUW j O¶HQYLURQQHPHQW´ 5HWRXU VXU O¶KLVWRLUH G¶XQH SUHPLqUH UpDOLVDWLRQ TXL VHUD ELHQW{W VXLYLH G¶XQH GHX[LqPH SKDVH ³1RXV QH VDYLRQV SDV TX¶XQ HQWUHSUHQHXU DOODLW QRXV SRXVVHU j IDLUH XQ SDV GH SOXV YHUV OH SDVVLI´ H[SOLTXH OH PDvWUH GH O¶RXYUDJH %HQRLW &RSSpH GDQV OH OLYUH TX¶LO SXEOLH VXU O¶(VSDFH &DSLWDO HW &URLVVDQFH j 0DUFKH HQ )DPHQQH &¶HVW HIIHFWLYHPHQW OH FRQVWUXFWHXU /RXLV 0DULH 3LURQ TXL O¶D SRXVVp j FRQFHYRLU HW j UpDOLVHU XQ HQVHPEOH GH EXUHDX[ SDVVLIV SOXW{W TXH EDVVH pQHUJLH ³/D UpDOLVDWLRQ G¶XQ EkWLPHQW SDVVLI pWDLW XQH JUDQGH SUHPLqUH HQ :DOORQLH &KDFXQ \ D PLV VRQ VDYRLU IDLUH HW VD YRORQWp G¶H[SORUHU GH QRXYHOOHV SLVWHV´ GLW LO $ -HDQ )UDQoRLV 'DYLG VRQ FKHI GH FKDQWLHU G¶DMRXWHU ³2Q D UpDOLVp DYHF QRV LQJpQLHXUV PDLV DXVVL DYHF OHV DUFKLWHFWHV HW OHV FRQVXOWDQWV HQ WHFKQLTXHV VSpFLDOHV XQ JURV WUDYDLO GH UHFKHUFKH HW GH GpYHORSSHPHQW HQ PDWLqUH GH SDVVLYLWp ´ /¶(VSDFH D pWp pULJp HQ SRXU GHYHQLU OH SUHPLHU EXUHDX SDVVLI GH OD 5pJLRQ ZDOORQQH ,O D GHSXLV UHoX OD FHUWL¿FDWLRQ 9DOLGHR OD SUHPLqUH SRXU OH WHUWLDLUH HQ :DOORQLH /H WUDYDLO GHV FRQFHSWHXUV QH V¶HVW SDV OLPLWp j REWHQLU FHV ODEHOOLVDWLRQV PDLV LO VH SRXUVXLW DFWXHOOHPHQW SDU XQH REVHUYDWLRQ DWWHQWLYH GH O¶XVDJH SRXU DPpOLRUHU HQFRUH OD GHX[LqPH SKDVH GX SURMHW

1

6RXV VRO ORFDX[ WHFKQLTXHV SDUNLQJ RXYHUW

EH SDVVLYH

6RXV VRO PL HQWHUUp ,PSODQWDWLRQ /H SUHPLHU EkWLPHQW 3KDVHV XOWpULHXUHV YRLH G DFFqV DUFKLWHFWXUH SDUWDJpH

5H] GH FKDXVVpH HQWUpH DWULXP EXUHDX[ VDQLWDLUHV (WDJH YLGH VXU UH] DFFXHLO EXUHDX[ VDQLWDLUHV

/HV WRLWXUHV HQ IRUPH GH YDJXH DOOqJHQW O HQVHPEOH HW SHUPHWWHQW HQ PrPH WHPSV GH PDUTXHU OD FRPSRVLWLRQ GX EkWLPHQW HQ WURLV WUDYpHV ORQJLWXGLQDOHV 8QH GHV WURLV WRLWXUHV GHYLHQW DXYHQW G DFFXHLO / pFODLUDJH QDWXUHO GH O DWULXP HVW LPSODQWp DX FHQWUH GH O pGL¿FH

5H] GH FKDXVVpH

(WDJH

DUFKLWHFWXUH SDUWDJpH

EH SDVVLYH

SRVH FKkVVLV HW pWDQFKpLWp j O DLU

8QH DSSURFKH JOREDOH 6pEDVWLHQ &UX\W DUFKLWHFWH HW DVVRFLp DX VHLQ GH 6\QHUJ\ ,QWHUQDWLRQDO UHFRQQDvW TXH OHV FULWqUHV GX EkWLPHQW SDVVLI PDOJUp OHXU ULJLGLWp REMHFWLYH RQW OH PpULWH G¶H[LVWHU 6HORQ OXL OHV DYDQWDJHV GX ODEHO SDVVLI VRQW UpHOV ³LO SURYRTXH XQ pOHFWURFKRF TXL IDLW ERXJHU OHV JHQV HW SDUDOOqOHPHQW LO SHUPHW GH GLVSRVHU G¶REMHFWLIV HW GH SDUDPqWUHV SUpFLV HW FKLIIUpV TXL FUpHQW XQ FDGUH HW XQH WHQGDQFH TXL WLUHQW OD WHFKQRORJLH YHUV OH KDXW´ 7RXWHIRLV LO V¶HPSUHVVH G¶DMRXWHU ³MH QH FURLV SDV DX ODEHO LO Q¶D SOXV GH SHUWLQHQFH pFRQRPLTXH /¶DSSOLFDWLRQ GX VWDQGDUG SDVVLI UHVWH FKqUH SRXU OH WHUWLDLUH OH GRXEOH YLWUDJH PRLQV G¶LVRODWLRQ HW XQ SHWLW FKDXIIDJH VHUDLHQW SHXW rWUH pFRQRPLTXHPHQW HW pFRORJLTXHPHQW SOXV LQWpUHVVDQWV ´ ,O LQVLVWH DXVVL VXU O¶LQIRUPDWLRQ j GRQQHU DX[ XWLOLVDWHXUV FDU ³YLYUH GDQV GX SDVVLI HVW GLIIpUHQW LO QH IDXW SDV GLUH TXH F¶HVW OD PrPH FKRVH´ /H SURMHW V¶HVW GRQF GpYHORSSp j FKDTXH pWDSH GDQV XQH UpÀH[LRQ HQFRUH SOXV JOREDOH 'DQV OH FKRL[ GHV PDWpULDX[ SDU H[HPSOH GRQW OHV FDUDFWpULVWLTXHV G¶pQHUJLH JULVH HW GH UHF\FODELOLWp RQW ODUJHPHQW pWp SULVHV HQ FRPSWH /H ERLV HW OH EpWRQ VRQW FKRLVLV SRXU pODERUHU OD VWUXFWXUH /D OpJqUHWp GX ERLV RFWURLH XQH pFRQRPLH VXSSOpPHQWDLUH GH EpWRQ HQ IRQGDWLRQ HW UpGXLW OHV pPLVVLRQV GH &2 /D VWUXFWXUH HQ ERLV OLPLWH pJDOHPHQW OH WHPSV GH FKDQWLHU ± QHXI PRLV HQ O¶RFFXUUHQFH /H ODPHOOp FROOp XWLOLVp HVW SURGXLW ORFDOHPHQW HW DYHF XQH FROOH VDQV IRUPDOGpK\GH /H ERLV HVW WUqV SUpVHQW YLVXHOOHPHQW PDLV Q¶HVW XWLOLVp TXH ORUVTX¶LO HVW j O¶DEUL GH OD SOXLH HW GX VROHLO D¿Q G¶pYLWHU WRXW WUDLWHPHQW $ O¶H[WpULHXU OD SURWHFWLRQ HVW DVVXUpH SDU O¶DOXPLQLXP RX OH FUpSL /H EpWRQ HVW XWLOLVp SRXU VD JUDQGH LQHUWLH HW OH IDLW TX¶LO VRLW IDFLOHPHQW HW WRWDOHPHQW UHF\FODEOH 3DU DLOOHXUV HQ KRPPDJH j OD UpJLRQ HW HQ UpSRQVH j O¶LPSRVLWLRQ FRPPXQDOH RQ UHWURXYH GH OD SLHUUH ORFDOH j O¶HQWUpH 3RXU O¶DUFKLWHFWH OD TXDOLWp DUFKLWHFWXUDOH MRXH pJDOHPHQW XQ U{OH GDQV OD GXUDELOLWp G¶XQ SURMHW ³2Q DXUD WHQGDQFH j OH UpQRYHU PRLQV YLWH HW PRLQV IRQGDPHQWDOHPHQW GRQF j PRLQV JDVSLOOHU GH PDWLqUH´ &¶HVW FH W\SH GH UpÀH[LRQ TXL D FRQGXLW j O¶REWHQWLRQ GH OD FHUWL¿FDWLRQ 9DOLGHR

EH SDVVLYH

DUFKLWHFWXUH SDUWDJpH

6pEDVWLHQ &UX\W DUFKLWHFWH DGPLQLVWUDWHXU GH 6\QHUJ\ ,QWHUQDWLRQDO /¶DYDQWDJH GH SHQVHU SDVVLI HVW GH GLVSRVHU G¶REMHFWLIV HW GH SDUDPqWUHV SUpFLV HW FKLIIUpV TXL FUpHQW XQ FDGUH HW XQH WHQGDQFH TXL WLUHQW OD WHFKQRORJLH YHUV OH KDXW

VRXIÀDJH FHOOXORVH

LQWpULHXU

H[WpULHXU

GpWDLO IDoDGH HQ SODQ

DUFKLWHFWXUH SDUWDJpH

SODIRQQDJH EORF EpWRQ FP IUHLQH YDSHXU (36 [ FP HQGXLW FRORQQH EpWRQ DUPp UHWRXU EDLH HQ 0') FKkVVLV DOX ERLV ,QWHUQRUP FRORQQH GH SRUWLTXH ODPHOp FROOp [ SDQQHDX 26% FP ,VRÀRF FP HQWUH &/6 SDQQHDX[ ¿EUH GH ERLV 3DYDWH[ FP (36 FP HQGXLW 3DQQHDX J\SURF VXU PHWDO VWXG ODLQH GH URFKH FP SDQQHDX 26% FP ,VRÀRF FP HQWUH &/6 SDQQHDX[ ¿EUH GH ERLV 3DYDWH[ FP YLGH YHQWLOp ODWWDJH KDELOODJH W{OH G DFLHU RQGXOpH

EH SDVVLYH

6pEDVWLHQ 0DUpFKDO 0&ð 2Q D PLV DX SRLQW XQ SURWRW\SH VWUXFWXUHO TXL IRQFWLRQQH HQ V\PELRVH DYHF OHV DXWUHV WHFKQLTXHV GX EkWLPHQW HW oD F¶HVW UpHOOHPHQW VDWLVIDLVDQW

8QH VWUXFWXUH LQKDELWXHOOH HW UpSOLFDEOH /¶(VSDFH &DSLWDO HW &URLVVDQFH VH FRPSRVH HQ IDLW GH FLQT ORWV FRPSUHQDQW FKDFXQ XQ EkWLPHQW /¶HQVHPEOH HVW j O¶RULJLQH FRQoX FRPPH XQ FDPSXV GH EkWLPHQWV LGHQWLTXHV /H SUHPLHU UpDOLVp OH ORW D GRQF pWp UpÀpFKL FRPPH XQ SURWRW\SH UpSOLFDEOH 'H Oj GpFRXOH OH FKRL[ GH UpDOLVHU XQH VWUXFWXUH SUpIDEULTXpH VRXV OD IRUPH GH SRUWLTXHV HQ ERLV TXL HQWUDvQH FHSHQGDQW XQ PDQTXH G¶LQHUWLH WKHUPLTXH SRXU OH EkWLPHQW ³2Q DYDLW EHVRLQ GH PDVVH SRXU GRQQHU GH O¶LQHUWLH DX EkWLPHQW HW OD VHXOH VXUIDFH OLEUH pWDLW OH SODIRQG´ FRQWLQXH 6pEDVWLHQ 0DUpFKDO LQJpQLHXU HQ VWDELOLWp GX EXUHDX 0&ð /D VROXWLRQ WUqV LQKDELWXHOOH D FRQVLVWp j SRVHU VXU OD VWUXFWXUH GH SRUWLTXHV HQ ERLV GHV GDOOHV HQ EpWRQ GH FHQWLPqWUHV G¶pSDLVVHXU (OOHV SURFXUHQW XQH LQHUWLH VXI¿VDQWH WRXW HQ VH GpIRUPDQW GH PDQLqUH FRPSDWLEOH DYHF OH ERLV ³1RXV DYRQV SX XWLOLVHU OH PDWpULDX DGpTXDW HQ MXVWH TXDQWLWp SUpFLVpPHQW Oj R LO HVW QpFHVVDLUH /D VWUXFWXUH LQWqJUH KDUPRQLHXVHPHQW OHV H[LJHQFHV GH OD VWDELOLWp GHV WHFKQLTXHV HW GH O¶DUFKLWHFWXUH´ FRQFOXW 6pEDVWLHQ 0DUpFKDO

SRXWUHV SUpFRQWUDLQWHV DYDQW PLVH HQ FKDUJH

FRXSH WHFKQLTXH

DSUqV PLVH HQ FKDUJH

EH SDVVLYH

DUFKLWHFWXUH SDUWDJpH

UpJLPH KLYHU

3LRWU .RZDOVNL 0. (QJLQHHULQJ ³&H SURMHW QRXV D SHUPLV GH PHWWUH HQ °XYUH GHV WHFKQLTXHV UpVROXPHQW QRYDWULFHV HQ PDWLqUH GH WUDLWHPHQW WKHUPLTXH GX EkWLPHQW WRXW HQ DVVXUDQW XQ PD[LPXP GH FRQIRUW SRXU GHV FRQVRPPDWLRQV pQHUJpWLTXHV PLQLPDOHV ´

UpJLPH PL VDLVRQ

/D SDUWLFXODULWp GX WHUWLDLUH /H SURJUDPPH LQGXLVDQW XQH RFFXSDWLRQ KXPDLQH GHQVH GH O¶HVSDFH OHV JDLQV LQWHUQHV G¶pQHUJLH VRQW VXI¿VDQWV SRXU pYLWHU OH FKDXIIDJH /D FKDOHXU HVW FRQVHUYpH SDU XQH pWDQFKpLWp HW XQH LVRODWLRQ FRQWLQXHV UpDOLVpHV j O¶DLGH GH FDLVVRQV IHUPpV SDU GH O¶26% SHX SHUPpDEOH j OD YDSHXU F{Wp LQWpULHXU HW GH SDQQHDX[ GH ¿EUHV GH ERLV SOXV SHUPpDEOHV F{Wp H[WpULHXU ,OV VRQW UHPSOLV GH FHOOXORVH HW DWWHLJQHQW XQH pSDLVVHXU WRWDOH GH FP /HV MRLQWV HQWUH OHV SDQQHDX[ VRQW pWDQFKpL¿pV j O¶DLGH GH EDQGHV DXWRFROODQWHV /HV IHQrWUHV EpQp¿FLHQW GH WULSOH YLWUDJH /H EkWLPHQW HVW pTXLSp G¶XQH YHQWLODWLRQ GRXEOH ÀX[ HW G¶XQH SHWLWH FKDXGLqUH GH N: SRXU UpJLPH pWp FKDXIIHU O¶HDX HQ FRPSOpPHQW GHV SDQQHDX[ VRODLUHV HW UpFKDXIIHU O¶DLU HQ FDV GH EHVRLQ /H FULWqUH FHQWUDO HQ WHUWLDLUH SDVVLI HVW G¶pYLWHU OD VXUFKDXIIH 3RXU FH IDLUH GHV VWRUHV HW XQ RXYUDQW SDU IHQrWUH VXU O¶HQVHPEOH GX EkWLPHQW VRQW JpUpV DXWRPDWLTXHPHQW SDU FDSWHXUV /¶LPPHXEOH HVW FRQoX SRXU IRQFWLRQQHU HQ µQLJKW FRROLQJ¶ HW UDIUDvFKLU SDVVLYHPHQW OH EkWLPHQW GXUDQW OD QXLW 8Q SDWLR FUHXVp DX F°XU GX EkWLPHQW RIIUH GHX[ IHQrWUHV SHUPHWWDQW XQ WLUDJH QDWXUHO HW GHX[ DXWUHV SRXU OD YHQWLODWLRQ

IRUFpH (Q¿Q XQH GRXEOH WRLWXUH OD SUHPLqUH HVW LVROpH OD VHFRQGH UpDOLVpH HQ ERLV HW HQ DFLHU HVW VXSHUSRVpH j OD SUHPLqUH SRXU SUpVHUYHU OD FRQVWUXFWLRQ GX UD\RQQHPHQW QpJDWLI QRFWXUQH D¿Q G¶pYLWHU OHV SHUWHV GH FKDOHXU WRXW HQ SURWpJHDQW GX UD\RQQHPHQW HQ MRXUQpH /HV OXPLQDLUHV VRQW JpUpV HQ IRQFWLRQ GH OD SUpVHQFH HW GH OD OXPLQRVLWp /¶HDX GH SOXLH HVW UpFXSpUpH SRXU FHUWDLQV VDQLWDLUHV 8Q UpJODJH GH O¶DUULYpH G¶DLU SHUPHW GH YDULHU OD WHPSpUDWXUH GH TXHOTXHV GHJUpV SDU EXUHDX &RXSH WHFKQLTXH

3ULQFLSH pQHUJpWLTXH

VWRUH PRWRULVp FKkVVLV PRWRULVp IDX[ SODIRQG SDUWLHO OXPLQDLUH DYHF UpJODJH DXWRPDWLTXH GH OXPLQRVLWp FKHPLQ GHFkEOH pOHFWULTXH GDWD EDWWHULH pOHFWULTXH SRVW FKDXIIH GpWHFWHXU SUpVHQFH GpWHFWHXU LQFHQGLH ERXFKH GH SXOVLRQ VRQGH GH WHPSpUDWXUH WUDQVIHUW G DLU YLD SRUWHV WKHUPRVWDW ERLWH GH VRO GDWD pOHFWULFLWp

LQHUWLH GX EkWLPHQW SDQQHDX[ VRODLUHV FKHPLQpH UHMHW DLU YLFLp HQYHORSSH SDVVLYH LVRODWLRQ pWDQFKpLWp j O DLU YDORULVDWLRQ DSSRUWV VRODLUHV HW OXPLqUH QDWXUHOOH VWRUHV DLU QHXI FKDXGLqUH JURXSH GH SXOVLRQ HW H[WUDFWLRQ H[WUDFWHXU PpFDQLTXH G DVVLVWDQFH

UpJLPH pWp QLJKW FRROLQJ

DUFKLWHFWXUH SDUWDJpH

EH SDVVLYH

'¶XQ EkWLPHQW j O¶DXWUH 'HSXLV VHSWHPEUH GDWH j ODTXHOOH VRQW HQWUpV OHV XWLOLVDWHXUV OHV DUFKLWHFWHV RQW FRPPHQFp XQH REVHUYDWLRQ VXU O¶XWLOLVDWLRQ GX EkWLPHQW HW VRQ FRPSRUWHPHQW /H ELODQ HVW JOREDOHPHQW SRVLWLI SXLVTXH O¶HQVHPEOH GHV FDOFXOV HIIHFWXpV DX PRPHQW GX SURMHW VH FRQ¿UPH ³/HV XWLOLVDWHXUV VH VRQW KDELWXpV SOXV RX PRLQV IDFLOHPHQW j YLYUH DXWUHPHQW´ H[SOLTXH $QQH 'HVVDHU UHVSRQVDEOH GH SURMHW FKH] 6\QHUJ\ ,QWHUQDWLRQDO 8Q GHV XWLOLVDWHXUV )UDQN &RSV OH FRQ¿UPH ³-H QH PDvWULVH SDV YUDLPHQW OHV FRGHV TXL UpJLVVHQW FH JHQUH GH OLHX MH QH VDLV SDV VL MH MRXH ELHQ OH MHX VL MH VXLV ELHQ GDQV OD ORJLTXH ,O IDXW V¶DGDSWHU XQ PLQLPXP j XQH WHFKQRORJLH DXVVL SRXVVpH PDLV O¶H[HUFLFH YDXW OD SHLQH ´ 'HX[ EpPROV DSSDUDLVVHQW FHSHQGDQW ³/H SUHPLHU FRQFHUQH O¶DPELWLRQ GH GpSDUW GH UpDOLVHU XQ SURMHW µ]pUR FOLPDWLVDWLRQ¶ HW OH GHX[LqPH WRXFKH DX PDQTXH GH PRGXODULWp GHV ORFDX[´ H[SOLTXH 3LRWU .RZDOVNL LQJpQLHXU GX EXUHDX 0. (QJLQHHULQJ /¶DEVHQFH GH PRQLWRULQJ RQ OLQH WRXW V\VWqPH GH UHIURLGLVVHPHQW GH O¶DLU SXOVp HW FHUWDLQHV XWLOLVDWLRQV ! ZZZ SDVVLIHQPDUFKH EH H[WUrPHV QRQ SUpYXHV DX GpSDUW GX EkWLPHQW HVW XWLOLVp HQ HW FHUWDLQV RSHQ VSDFHV RQW pWp FORLVRQQpV HPSrFKHQW OH QLJKW FRROLQJ QDWXUHO GH IRQFWLRQQHU FRUUHFWHPHQW 7LUDQW SDUWL GH FHV REVHUYDWLRQV SRXU OD FRQFHSWLRQ G¶XQ QRXYHDX SURMHW OHV DUFKLWHFWHV RQW GpFLGp TXH OH GpELW GH YHQWLODWLRQ QDWXUHOOH GX GHX[LqPH EkWLPHQW VHUDLW DXJPHQWp SDU O¶DMRXW GDQV WRXV OHV HVSDFHV DXVVL ELHQ OHV EXUHDX[ TXH OHV VDOOHV GH UpXQLRQ G¶XQ DSSRLQW SRVVLEOH HQ YHQWLODWLRQ PpFDQLTXH ³3RXU OH ORW QRXV DYRQV pJDOHPHQW OLPLWp O¶pQHUJLH JULVH GHV PDWpULDX[ HW OD GpEDXFKH GH PR\HQV /H ORW pWDQW XQ SUHPLHU HVVDL OH PDvWUH GH O¶RXYUDJH QRXV DYDLW GHPDQGp XQH JUDQGH Ã&#x20AC;H[LELOLWp SDU UDSSRUW j O¶XWLOLVDWHXU WHOOH TXH OD SRVVLELOLWp G¶RXYULU WRXWHV OHV IHQrWUHV GH FKDXIIHU SRQFWXHOOHPHQW HWF 2U O¶XWLOLVDWLRQ QRXV D PRQWUp TXH OD UpJXODULVDWLRQ V¶RSqUH ELHQ HW TXH OD PDMRULWp GHV EDWWHULHV GH FKDXIIH VRQW LQXWLOHV´ FRQFOXW $QQH 'HVVDHU /H ORW FRPSWH GHX[ IRLV SOXV GH VXUIDFHV GH EXUHDX[ HW XWLOLVH OH PrPH V\VWqPH GH FRQVWUXFWLRQ SRXU FRPPH QRXV FRQ¿H HQFRUH $QQH 'HVVDHU FUpHU XQH LGHQWLWp SDV WDQW GHSXLV O¶H[WpULHXU PDLV GHSXLV O¶LQWpULHXU GHV EkWLPHQWV Ŷ 6XSHU¿FLH SODQFKHU Pð %HVRLQ QHW G¶pQHUJLH GH FKDXIIDJH SKSS

N:K Pð DQ (WDQFKpLWp j O¶DLU Q K &RPSDFLWp 8 GHV SDURLV HW IHQrWUHV 0XUV j : Pð .

6ROV : Pð .

7RLWXUH : Pð .

8I : Pð.

8J : Pð.

6\VWqPHV 9HQWLODWLRQ GEO Ã&#x20AC;X[ UGQW 6WUXFWXUH 0L[WH EpWRQ HW IDoDGH SDQQHDX[ VDQGZLFK HQ ERLV 0RQWDQW WUDYDX[ ! ¼ Pð +79$ KRUV KRQRUDLUHV &DOHQGULHU &RQVXOWDWLRQ $RXW 3HUPLV )pYULHU &KDQWLHU -XLOOHW j 6HSWHPEUH $UFKLWHFWHV 6\QHUJ\ ,QWHUQDWLRQDO 6pEDVWLHQ &UX\W $QQH 'HVVDHU 0DWKLHX 'HODWWH (QWUHSULVH 7KRPDV 3LURQ /DPHOOp FROOp )UX\WLHU :RRGODP 2VVDWXUH ERLV HW FKkVVLV %DWLVDP ± ,QWHUQRUP +9$& $OWKHDV

EH SDVVLYH

DUFKLWHFWXUH SDUWDJpH

SURMHWV SpGDJRJLTXHV SRXU SDUWDJHU OH VDYRLU

AZ [Zj# AV eVhh^dc#

Bdgh£ ,+)'

Jc bdY aZ YZ YZh^\c Zi jcZ XVgZhhZ edjg aZh nZjm# Jc XVgVXi gZ Zi jcZ a \VcXZ fj^ hdja^\cZci kdigZ hinaZ# 9Éjc WZVj [Zj bVcZ jcZ YdjXZ X]VaZjg# 9Z aÉ^ci^b^i ! YZ aÉ bdi^dc# AZh ed aZh Zi [Zjm djkZgih YZh ZmeZgih Yj [Zj / jcZ Zme g^ZcXZ eVgi^Xja^ gZbZci X]VaZjgZjhZ# AV^hhZo"kdjh ZcÓVbbZg eVg aV eVhh^dc VkZX aVfjZaaZ ^ah hdci [dg\ h#

=VcY a '+I 8=6CI>:G 9: L6I:GADD " &)&% L6I:GADD > 8=:B>C::H A>:<:D>H " )%%% GD8DJGI 8=:B>C::H A>:<:D>H " )+*& 76II>8: > 9:8=6BEH " ).*% L6>B:H > 8=:B>C:: 9DHH>C " *&%% L:E>DC 9:7GN :IH# " *&)% IDC<G>CC: > :IH# <>AADI " *(&% =6CG:I":<=:O:: > 9JK>K>:G " **-% GD8=:;DGI A6 B6>HDC :I A: ;:J " *+*& HDBO:: > A6OO6G> <:GK6H> " +,%% 6GADC > ;6G>C:AA: " +,(% I>CI><CN 6G;:J " ,&&% =DJ9:C<"<D:<C>:H > A:8DBI: K6A:GN " ,(.% FJ6G:<CDC 9: @6B:>C76J:G " A"&%&* AJM:B7DJG< > @D8= BDCI6<:76J " A".-(- JCI:G:>H:C768=

nous, c’est tout trouvé ! ez ch z… ule vo us vo e qu ce vez Rê

GV^h EdaZd

lll#ZmeZgiYj[Zj#WZ

EH SDVVLYH

LQIR SURGXLW

(Q %HOJLTXH RQ D XQH EULTXH GDQV OH YHQWUH & HVW SRXUTXRL XQH PpWKRGH GH FRQVWUXFWLRQ EHOJH j O DLGH GH EULTXHV D pWp PLVH DX SRLQW SRXU OHV PDLVRQV SDVVLYHV OD PDLVRQ PDVVLYH SDVVLYH XQ FRQFHSW XQLTXH

OD PDLVRQ PDVVLYH SDVVLYH XQH UpYROXWLRQ

/D PDLVRQ PDVVLYH SDVVLYH PDULH WRXV OHV DYDQWDJHV pFRORJLTXHV HW pFRQRPLTXHV GH OD PDLVRQ SDVVLYH HW OD GXUDELOLWp GH OD PDLVRQ WUDGLWLRQQHOOH HQ EULTXH HW SDQQHDX[ LVRODQWV ULJLGHV HQ SRO\XUpWKDQH 3RXU OD PDLVRQ PDVVLYH SDVVLYH RQ SDUW WRXMRXUV G XQH VWUXFWXUH j PXUV FUHX[ FODVVLTXH OH FKRL[ GHV PDWpULDX[ GH FRQVWUXFWLRQ MRXDQW LFL XQ U{OH H[WUrPHPHQW LPSRUWDQW $LQVL WDQW SRXU OHV PXUV LQWpULHXUV TX H[WpULHXUV VRQW WRXMRXUV XWLOLVpV GHV PDWpULDX[ PDVVLIV

PDLVRQ j %RWWHODUH /LHX %RWWHODUH $UFKLWHFWH .ULVWRI &DXFKLH (QWUHSULVH JpQpUDOH %RXZWHDP 9DQGHPHXOHEURHNH ,]HJHP

3RXU FKRLVLU OH W\SH G LVRODQWV LO YRXV IDXGUD WHQLU FRPSWH GH QRPEUHX[ SRLQWV G DWWHQWLRQ O pSDLVVHXU GH O LVRODQW FRQVWLWXDQW XQ IDFWHXU WUqV LPSRUWDQW 1DWXUHOOHPHQW O LVRODQW GRLW FRQVHUYHU OD FKDOHXU j O LQWpULHXU GH PDQLqUH RSWLPDOH PDLV SDV DX GpWULPHQW GH YRWUH HVSDFH LQWpULHXU /D VROXWLRQ LGpDOH" /HV SDQQHDX[ LVRODQWV GH 5HFWLFHO ,QVXODWLRQ )DEULTXpV HQ 385 HW 3,5 KDXWHV SHUIRUPDQFHV LOV VRQW XOWUD ¿QV HW FH LQGpSHQGDPPHQW GHV PDWpULDX[ XWLOLVpV SRXU pULJHU OD PDLVRQ SDVVLYH 7RXV OHV SDQQHDX[ G LVRODWLRQ GH 5HFWLFHO RQW DXVVL OH ODEHO GH TXDOLWp .H\PDUN

ZZZ UHFWLFHOLQVXODWLRQ EH ZZZ PDVVLYHSDVVLYH EH

PDLVRQ j +HUHQW /LHX +HUHQW $UFKLWHFWH ,U .DUHO %HXFNHODHUV (QWUHSULVH GH JURV RHXYUH HW WUDYDX[ GH FRXYHUWXUH 6SOHQGLG

K{WHO SDVVLI (FR ORJLHV /LHX +HXVGHQ =ROGHU $UFKLWHFWHV $UWHVL EYED (ULF 9DQGHSXW +DVVHOW 0DvWULVH G RXYUDJH $QGUp 9DQGHERVFK (QWUHSULVH JpQpUDOH (3$ EYED $ONHQ

PDLVRQ j %UDLYHV /LHX %UDLYHV $UFKLWHFWH /DXUHQW &ROOLQ

EH SDVVLYH

LQIR SURGXLW

/HV DYDQWDJHV GH OD FRQVWUXFWLRQ PDVVLYH SDVVLYH Â&#x2021; (FRQRPLHV G pQHUJLH LPSRUWDQWHV Â&#x2021; )DFWXUHV pQHUJpWLTXHV EHDXFRXS PRLQV pOHYpHV Â&#x2021; &RQIRUW LQWpULHXU pOHYp Â&#x2021; 'XUDELOLWp GH OD PDLVRQ WUDGLWLRQQHOOH HQ EULTXH EpWRQ FHOOXODLUH FDOFDLUH EpWRQ HWF Â&#x2021; /HV HQWUHSUHQHXUV WUDYDLOOHQW SOXV YLWH FDU LOV VRQW GDYDQWDJH IDPLOLDULVpV DYHF OD PDoRQQHULH WUDGLWLRQQHOOH HW OD SRVH GH SDQQHDX[ LVRODQWV ULJLGHV Â&#x2021; $OWHUQDWLYH pFRORJLTXH j O DLGH GH PDWLqUHV SUHPLqUHV SURGXFWLRQV HW WUDQVIRUPDWLRQV ORFDOHV Â&#x2021; ,QÃ&#x20AC;XHQFH SRVLWLYH VXU OH FRPSRUWHPHQW G\QDPLTXH GH O KDELWDWLRQ Â&#x2021; ([FHOOHQWHV SHUIRUPDQFHV DFRXVWLTXHV

GRVVLHU

MH SDVVLYH WX UpQRYHV WH[WH

%HUQDUG 'HSUH] 303DVEO /D &DPEUH $UFKLWHFWXUH 8/%

/D GpILQLWLRQ GH FH TX¶RQ HQWHQG SDU OH UpQRYDEOH OH UHVWDXUDEOH RX OH UpKDELOLWDEOH D WRXMRXUV YDULp DX FRXUV GHV VLqFOHV 4X¶LO V¶DJLVVH G¶XQH UpKDELOLWDWLRQ G¶XQH UpQRYDWLRQ RX G¶XQ DVVDLQLVVHPHQW pQHUJpWLTXH O¶RSpUDWLRQ SHXW rWUH ORXUGH RX OpJqUH VXSHUILFLHOOH HW FRVPpWLTXH RX LQYDVLYH YRLUH FDUUpPHQW GHVWUXFWLYH HW UHFRQVWUXFWLYH /D PpWDSKRUH FKLUXUJLFDOH HVW LPPpGLDWH PDLV DORUV TXH OD FKLUXUJLH UpSDUH OHV FRUSV PDODGHV RX DFFLGHQWpV OD UpKDELOLWDWLRQ V¶LQWpUHVVH G¶DERUG j HIIDFHU OH VLPSOH HIIHW GX WHPSV 5pQRYHU HVW QpFHVVDLUH SDUFH TXH O¶XVDJH GHV OLHX[ HQ GpSLW GH O¶KLVWRLUH G¶DPRXU TXL OLH O¶KDELWDQW j VHV PXUV SDU XQH PXOWLWXGH GH JHVWHV HW G¶DWWHQWLRQV LQVLQXH O¶XVXUH GHV FKRVHV ,O IDXW UHIDLUH OH EkWL HQWUH HQ UHYDOLGDWLRQ 0DLV OD UpQRYDWLRQ WRXFKH DXVVL FH TXH OHV $QFLHQV QRPPDLHQW µFRPPRGLWp¶ F¶HVW j GLUH O¶pYROXWLRQ GH OD GHPDQGH VRFLDOH /HV SURMHWV OHV SOXV IRQFWLRQQHOV GHYLHQQHQW REVROqWHV LO GRLYHQW rWUH UpDGDSWpV DX[ FKDQJHPHQWV GHV PRGHV GH YLH DX[ DWWHQWHV HQ PDWLqUH GH FRQIRUW HW GH VDQWp j OD WDLOOH GHV IDPLOOHV UHFRPSRVpHV j OHXUV EHVRLQV GH PRELOLWp DX[ pTXLSHPHQWV QRXYHDX[ GX PRQGH GX WUDYDLO HWF 'DQV FHW DMXVWHPHQW SHUSpWXHO OHV pGLILFHV RQW DXVVL SDUIRLV j IDLUH IDFH j GHV GpILV QRXYHDX[ OD ILQ GX SpWUROH ERQ PDUFKp HW OH GpUqJOHPHQW FOLPDWLTXH j WUDYHUV OHV HQJDJHPHQWV SULV SDU OHV 1DWLRQV SRXU UpGXLUH OHXUV pPLVVLRQV GH &2 ILJXUHQW FHUWDLQHPHQW SDUPL OHV SOXV pYLGHQWV /H FRQFHSW G¶DVVDLQLVVHPHQW 6DQLHUXQJ pQHUJpWLTXH D DLQVL YX OH MRXU GqV OHV DQQpHV VHSWDQWH LO V¶DJLW G¶XQH RSpUDWLRQ pFRQRPLTXH

(Q UpQRYDWLRQ OH VWDQGDUG SDVVLI GRLW rWUH UpLQWHUSUpWp HW VRUWLU GHV VHQWLHUV TX¶LO D OXL PrPH VRXYHQW EDOLVpV

UpGXLUH OHV IDFWXUHV HQ FRQVHUYDQW OH EkWL HQYLURQQHPHQWDOH UpGXLUH OHV pPLVVLRQV HW DPpOLRUHU OD VDQWp HW VRFLDOH UpGXLUH OD GpSHQGDQFH pQHUJpWLTXH HW UpSRQGUH DX[ EHVRLQV 'X SRLQW GH YXH DUFKLWHFWXUDO O¶DVVDLQLVVHPHQW YD GX VLPSOH HPEDOODJH LVRODQW LQGLIIpUHQW YRLUH WUDvWUH j O¶DUFKLWHFWXUH H[LVWDQWH j OD UpLQWHUSUpWDWLRQ SURIRQGH GX SODQ GH OD FRXSH HW GHV PDWpULDX[ &H W\SH GH SURMHW Q¶HVW SDV IDFLOH EHDXFRXS G¶H[HPSOHV PRQWUHQW TXH OH UHVVRUW SXUHPHQW pQHUJpWLTXH Q¶HVW HQ HIIHW SDV XQ LQSXW VXIILVDQW SRXU SURGXLUH SHU VH GH OD TXDOLWp DUFKLWHFWXUDOH 3DU FRQWUH O¶H[SpULHQFH UpFHQWH GHV $SSHOV j EkWLPHQWV H[HPSODLUHV EUX[HOORLV UpYqOH TXH F¶HVW O¶DVVDLQLVVHPHQW pQHUJpWLTXH VHXO pOpPHQW SRUWHXU G¶pFRQRPLHV GDQV OH SURMHW TXL SHUPHW GH UHGRQQHU YLH HW TXDOLWp j GHV pSDYHV HW G¶RXYULU j G¶DXWUHV DVSHFWV GH O¶pFR UpQRYDWLRQ &¶HVW SRXUTXRL GDQV OH FRQWH[WH GH OD UpKDELOLWDWLRQ OH VWDQGDUG SDVVLI GRLW rWUH UpLQWHUSUpWp HW VRUWLU GHV VHQWLHUV TX¶LO D OXL PrPH VRXYHQW EDOLVpV OHV REMHFWLIV GX SDVVLI VRQW LFL PRLQV GHV FLEOHV j DWWHLQGUH %(QHW FK N:K Pð DQ HWF TXH GHV FKHPLQV j H[SORUHU GHV SUREOpPDWLTXHV j GpSOLHU GHV WHUULWRLUHV j JDJQHU SDU XQH H[SpULPHQWDWLRQ FRQWU{OpH HW VXLYLH &¶HVW GDQV FHWWH H[SORUDWLRQ TXH UpVLGH DXVVL DXMRXUG¶KXL XQH ERQQH SDUWLH GX SODLVLU GH IDLUH GH O¶DUFKLWHFWXUH XQ SODLVLU VRXYHQW WURS FRQWUDLQW HQ UpQRYDWLRQ 0DLV FHWWH H[SORUDWLRQ UHVWH DXVVL XQ WUDYDLO GH ODERUDWRLUH DYHF VHV GDQJHUV LO IDXW VH JDUGHU GH WRXWH VROXWLRQ DSSOLTXpH SDU VLPSOH LPLWDWLRQ RX UpIOH[H HQ PpFRQQDLVVDQFH GHV FRQGLWLRQV SDUWLFXOLqUHV GX SURMHW &KDTXH FDV HVW XQ FDV VLQJXOLHU QRWDPPHQW SDU VHV LPSOLFDWLRQV VWUXFWXUHOOHV 1RXV IHURQV pFKR GDQV FH GRVVLHU j OD UHFKHUFKH /(+5 UpFHPPHQW FO{WXUpH DLQVL TX¶j TXHOTXHV H[SpULHQFHV UpFHQWHV HQ PDWLqUH GH UpQRYDWLRQ pQHUJpWLTXH GH SRLQWH '¶$UFKLWHFWXUHV 5pKDELOLWDWLRQ GHV +/0 LQYHQWHU SOXW{W TXH UpQRYHU DYULO SS

GRVVLHU

EH SDVVLYH

N:K PðDQ

/RIW SDUWLFXOLHU j 2XGHQDDUGH Pð $UFK 'LUN %DHUW DUFKLWHFWH

2ULHQWDWLRQ GHV IHQrWUHV &RQVWUXFWLRQ µERvWH GDQV XQH ERvWH¶ QRXYHOOH FRQVWUXFWLRQ LVROpH HQ RVVDWXUH HQ ERLV j O¶LQWpULHXU 1RXYHDX SODQFKHU PDVVLI HQ EpWRQ LVROp ,VRODWLRQ SRXVVpH GH OD WRLWXUH &KkVVLV H[WpULHXUV HQ ERLV DYHF FRXSXUH WKHUPLTXH HW WULSOH YLWUDJH LVRODQW eWDQFKpLWp j O¶DLU È&#x2DC; YRO K 3UpYHQWLRQ pOLPLQDWLRQ GHV SRQWV WKHUPLTXHV 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3XLWV FDQDGLHQ &KDXIIH HDX VRODLUH VWDGH XOWpULHXU

&DSWHXUV VRODLUHV SKRWRYROWDwTXHV VWDGH XOWpULHXU

GHV SURMHWV GH UpQRYDWLRQ WUqV

EDVVH pQHUJLH

WH[WH

3HWHU 'HOODHUW -RKDQ &Up

/D 3+3Y]Z SDUWLFLSH DX VLWH ZZZ OHKU EH TXL SUpVHQWH GHV UpQRYDWLRQV EDVVH pQHUJLH HW SDVVLYH GDQV OH VHFWHXU UpVLGHQWLHO &HV SURMHWV H[HPSODLUHV RQW pWp GRFXPHQWpV GDQV OH FDGUH GH O¶pWXGH /(+5 /RZ (QHUJ\ +RXVLQJ 5HWUR¿W

UpDOLVpH SRXU OH FRPSWH GH OD 3ROLWLTXH VFLHQWL¿TXH IpGpUDOH SDU OD 3+3Y]Z OH &67& HW O 8&/ $UFKLWHFWXUH &OLPDW

&HV UpQRYDWLRQV DPpOLRUHQW OH FRQIRUW GHV RFFXSDQWV HW UpGXLVHQW G XQ IDFWHXU OHXU FRQVRPPDWLRQ G pQHUJLH (Q (XURSH OHV EkWLPHQWV FRQVRPPHQW GH OD FRQVRPPDWLRQ WRWDOH G pQHUJLH /H VHFWHXU UpVLGHQWLHO HVW UHVSRQVDEOH GH OD PDMHXUH SDUWLH GH FHWWH FRQVRPPDWLRQ /D UpQRYDWLRQ G KDELWDWLRQV H[LVWDQWHV SUpVHQWH SDU FRQVpTXHQW XQ pQRUPH SRWHQWLHO G pFRQRPLHV G pQHUJLH /H SURMHW /(+5 UpDOLVp GDQV OH FDGUH GX 3URJUDPPH SRXU OD SURPRWLRQ GX WUDQVIHUW GHV FRQQDLVVDQFHV GDQV GHV GRPDLQHV VWUDWpJLTXHPHQW LPSRUWDQWV YLVH j GpYHORSSHU GHV RXWLOV GH FRPPXQLFDWLRQ DXWRXU GH SURMHWV H[HPSODLUHV HQ UpQRYDWLRQ 1RXV YRXORQV FRQWULEXHU j FH TXH FHV FRQQDLVVDQFHV DWWHLJQHQW GLIIpUHQWV JURXSHV FLEOHV /HV REMHFWLIV GX SURMHW /(+5 VRQW PXOWLSOHV

EH SDVVLYH

LGHQWL¿HU GHV UpQRYDWLRQV WUqV UpXVVLHV YLD XQ UpVHDX G H[SHUWV QDWLRQDX[ HW LQWHUQDWLRQDX[ FROOHFWHU V\VWpPDWLTXHPHQW GHV LQIRUPDWLRQV HQ UHODWLRQ DYHF OD FRQFHSWLRQ OD FRQVWUXFWLRQ HW OHV SHUIRUPDQFHV GH FHV SURMHWV GH UpQRYDWLRQ FRPPXQLTXHU GHV LQIRUPDWLRQV IDFWXHOOHV DX[ SURSULpWDLUHV G KDELWDWLRQV GRFXPHQWHU OHV UpVXOWDWV LQQRYDQWV HW OHV FRPPXQLTXHU DX[ FRQFHSWHXUV

3RXU DQDO\VHU FHV UpQRYDWLRQV UpXVVLHV OHV DVSHFWV VXLYDQWV RQW pWp pWXGLpV V\VWpPDWLTXHPHQW 6WUDWpJLH SRXU O pQHUJLH

FRQVHUYDWLRQ XWLOLVDWLRQ G pQHUJLH UHQRXYHODEOH HW VWRFNDJH HI¿FDFH (VWLPDWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH FKDXIIDJH GHV ORFDX[ HDX FKDXGH VDQLWDLUH HW pOHFWULFLWp SRXU OHV LQVWDOODWLRQV WHFKQLTXHV &RQIRUW FRQIRUW WKHUPLTXH KLYHUQDO HW HVWLYDO TXDOLWp GH O DLU HW XVDJH GH OD OXPLqUH QDWXUHOOH ,QWpJUDWLRQ VROXWLRQV DVVRFLDQW GHV PHVXUHV pFRQRPLVDQW O pQHUJLH j G DXWUHV HQFRXUDJHDQW OD UpQRYDWLRQ 9RXV SRXYH] FRQVXOWHU ZZZ OHKU EH SRXU SUHQGUH FRQQDLVVDQFH GHV UpVXOWDWV GH O¶pWXGH 'L[ SURMHWV GH UpQRYDWLRQ RQW DWWHLQW OH QLYHDX SDVVLI 2XWUH XQH GHVFULSWLRQ GX SURMHW /(+5 YRXV \ WURXYHUH] XQH ¿FKH GHVFULSWLYH GH FKDTXH SURMHW GH GpPRQVWUDWLRQ VXLYL SDU OH SURJUDPPH $ FKDTXH SURMHW GH UpQRYDWLRQ FRUUHVSRQG XQH GHVFULSWLRQ GpWDLOOpH TXL SRXUUD YRXV LQVSLUHU SRXU YRWUH SURSUH UpQRYDWLRQ pQHUJpWLTXH 6L YRXV VRXKDLWH] REWHQLU GHV

GRVVLHU

LQIRUPDWLRQV SOXV DSSURIRQGLHV YRXV WURXYHUH] GLIIpUHQWV GRFXPHQWV VFLHQWL¿TXHV GDQV OD UXEULTXH 5DSSRUWV GRQW XQH pWXGH H[pFXWpH SDU OH &67& VXU O LPSDFW pFRQRPLTXH HW pFRORJLTXH GH UpQRYDWLRQV SDVVLYHV 'DQV OD UXEULTXH 7pOpFKDUJHPHQWV YRXV WURXYHUH]

<RX FDQ¶W GHDO ZLWK FOLPDWH FKDQJH ZLWKRXW GHDOLQJ ZLWK H[LVWLQJ EXLOGLQJV 5LFKDUG 0RH 3UHVLGHQW RI 7KH 1DWLRQDO 7UXVW

pJDOHPHQW GHV GRFXPHQWDLUHV YLGpRV VXU GHV UpQRYDWLRQV j WUqV EDVVH pQHUJLH HW GHV UpQRYDWLRQV SDVVLYHV j O pWUDQJHU DLQVL TXH GHV SUpVHQWDWLRQV GRQQpHV j O RFFDVLRQ GX )LQDO :RUNVKRS GX SURMHW ,($ 6+& 7DVN $GYDQFHG +RXVLQJ 5HQRYDWLRQ ZLWK 6RODU DQG &RQVHUYDWLRQ

RUJDQLVp j $QYHUV SDU OD 3+3 Y]Z

6LqJH GH %DJHFL j 1DQLQQH

Pð $UFK $ 0 3RVH QRXYHOOH HQYHORSSH LVROpH VXU IDoDGH H[LVWDQWH SDU O H[WpULHXU eWDQFKpLWp j O¶DLU Q YRO K j FRQ¿UPHU

3RQWV WKHUPLTXHV (QYHORSSH QRXYHOOH FRQWLQXH H[FHSWp HQ SLHG GH IDoDGH R O LVRODQW GHVFHQG FRP VRXV QLYHDX GHV WHUUHV 3RVH QRXYHDX[ FKkVVLV WULSOH YLWUDJH 90& DYHF pFKDQJHXU GH FKDOHXU +5 5HIURLGLVVHPHQW SDVVLI DGLDEDWLTXH HW JpRWKHUPLH *HVWLRQ WHFKQLTXH FHQWUDOLVpH DYHF PRWRULVDWLRQ GHV IHQrWUHV HW GHV SURWHFWLRQV VRODLUHV &LWHUQH GH OLWUHV N:K PðDQ

ODUJHPHQW VXU OH PDUFKp $X QLYHDX LQWHUQDWLRQDO EHDXFRXS GH FKRVHV VH SDVVHQW pJDOHPHQW HQ µUpQRYDWLRQ GH SRLQWH¶ /H FRPLWp LQWHUQDWLRQDO 6RODU +HDWLQJ &RROLQJ $GYDQFHG 6RODU +RXVLQJ 5HQRYDWLRQ ZLWK 6RODU DQG &RQVHUYDWLRQ GH O ,QWHUQDWLRQDO (QHUJ\ $JHQF\ ,($ TXL D GpMj SUpVHQWp GHV UpVXOWDWV LQWHUPpGLDLUHV HQ RFWREUH j $QYHUV FRQFOXUD VHV WUDYDX[ ¿Q MXLQ HQ SXEOLDQW VRQ UDSSRUW ¿QDO /¶pWXGH GH O¶$JHQFH LQWHUQDWLRQDOH GH O¶(QHUJLH ,($ 6+& 7DVN

3OXV GH H[SHUWV HQ pQHUJLH GH SD\V VLWXpV SULQFLSDOHPHQW HQ ]RQHV FOLPDWLTXHV LQGXLVDQW GHV EHVRLQV GH FKDXIIDJH RQW WUDYDLOOp SHQGDQW TXDWUH DQV DX GpYHORSSHPHQW G XQH EDVH VROLGH SRXU OD UpQRYDWLRQ G KDELWDWLRQV VHORQ GHV VWDQGDUGV GH SHUIRUPDQFH pQHUJpWLTXH pOHYpV /HV SD\V SDUWLFLSDQWV RQW UpDOLVp XQH DQDO\VH GX VWRFN GH EkWLPHQWV H[LVWDQWV SRXU Gp¿QLU GHV W\SRORJLHV FDUDFWpULVWLTXHV D\DQW XQ JUDQG SRWHQWLHO GH UHSURGXFWLELOLWp 'HV GL]DLQHV GH SURMHWV GH UpQRYDWLRQ UHSUpVHQWDWLIV RQW HQVXLWH pWp VpOHFWLRQQpV VXU OD EDVH G H[LJHQFHV GH FRQIRUW HW GH GXUDELOLWp pOHYpHV OHV FKDQWLHUV RQW pWp VXLYLV LQGLYLGXHOOHPHQW HW GRFXPHQWpV GH PDQLqUH GpWDLOOpH &HV LQIRUPDWLRQV RQW pWp FRQYHUWLHV HQ FRQFHSWV WHFKQLTXHPHQW HW pFRQRPLTXHPHQW FRKpUHQWV HQ VH FRQFHQWUDQW VXU GHV VROXWLRQV LQQRYDQWHV DYHF XQ JUDQG SRWHQWLHO GH UpGXFWLRQ GH FRQVRPPDWLRQ HQ pQHUJLH SULPDLUH 'HV VWUDWpJLHV RQW pJDOHPHQW pWp GpYHORSSpHV TXL GRLYHQW SURPRXYRLU OD SpQpWUDWLRQ GX PDUFKp GH VHPEODEOHV UpQRYDWLRQV 3RXU OD SUHPLqUH IRLV GDQV OH FDGUH GHV

UHFKHUFKH HXURSpHQQH GHV OHoRQV j WLUHU SRXU OD UpQRYDWLRQ WH[WH

(UZLQ 0OHFQLN 3+3Y]Z 27% 78 'HOIW

/H VWDQGDUG SDVVLI SHXW rWUH SHUoX FRPPH WURS H[LJHDQW PDLV LO SHXW rWUH DWWHLQW GH PDQLqUH VLPSOH SRXU GH QRPEUHXVHV W\SRORJLHV GHV DQQpHV VRL[DQWH HW VHSWDQWH TXL GHYURQW rWUH UpQRYpHV PDVVLYHPHQW G LFL SHX 4XL YHXW UpGXLUH OHV pPLVVLRQV GH &2 GRLW VH FRQIURQWHU j OD FRQVRPPDWLRQ G pQHUJLH GHV EkWLPHQWV H[LVWDQWV /D UpGXFWLRQ GH OD FRQVRPPDWLRQ G pQHUJLH GDQV OH VHFWHXU GH OD FRQVWUXFWLRQ HVW XQH GHV YRLHV OHV SOXV LPSRUWDQWHV HW OHV SOXV LQWpUHVVDQWHV SRXU DWWpQXHU OH FKDQJHPHQW FOLPDWLTXH $ FHW HIIHW GHV VWLPXOL VRQW pODERUpV SRXU OH PDUFKp GH OD UpQRYDWLRQ GHV KDELWDWLRQV (Q %HOJLTXH SOXVLHXUV H[HPSOHV GHV PHLOOHXUHV SUDWLTXHV HQ UpQRYDWLRQ UpVLGHQWLHOOH RQW pWp GRFXPHQWpV GDQV OH FDGUH GX SURMHW GH UHFKHUFKH IpGpUDO /RZ (QHUJ\ +RXVLQJ 5HWUR¿W /(+5 (Q )ODQGUH OH SURJUDPPH UpQRYDWLRQ pQHUJpWLTXH D SRXU DPELWLRQ G LVROHU WRXWHV OHV KDELWDWLRQV ÀDPDQGHV /D 5pJLRQ GH %UX[HOOHV &DSLWDOH VRXWLHQW SOXV GH YLQJW SURMHWV H[HPSODLUHV GH UpQRYDWLRQ GXUDEOH j KDXWH HI¿FDFLWp pQHUJpWLTXH SUDWLTXH TX¶HOOH GpVLUH pWHQGUH OH SOXV

%XUHDX[ GX &3$6 j )RUHVW YRLU 33

Pð N:K PðDQ $UFK $ 0 ,VRODWLRQ FRQWLQXH GHV IDoDGHV DYDQW SDU O¶LQWpULHXU ,VRODWLRQ GHV IDoDGHV DUULqUH SDU O¶H[WpULHXU eWDQFKpLWp j O¶DLU Q YRO K j FRQ¿UPHU

3RQWV WKHUPLTXHV GpFRXSH GH OD GDOOH GH EpWRQ DX GURLW GHV PXUV H[WpULHXUV 'pGRXEOHPHQW GHV FKkVVLV SUpVHUYDWLRQ GX FDUDFWqUH SDWULPRQLDO

90& DYHF pFKDQJHXU GH FKDOHXU 5HIURLGLVVHPHQW SDVVLI SDU QLJKW FRROLQJ *HVWLRQ WHFKQLTXH FHQWUDOLVpH DYHF PRWRULVDWLRQ GHV IHQrWUHV HW GHV SURWHFWLRQV VRODLUHV 7RLWXUHV YHUWHV LQWHQVLYHV HW H[WHQVLYHV &LWHUQH GH OLWUHV

SUREOqPHV G pQHUJLH GH O ,($ RQ V¶HVW pJDOHPHQW LQWpUHVVp j OD UpGDFWLRQ G XQH QRWLFH SOXV JOREDOH SRXU OD UpDOLVDWLRQ GH UpQRYDWLRQV GXUDEOHV 5HWRXUV G¶H[SpULHQFHV /HV H[SpULHQFHV GH SURMHWV GH GpPRQVWUDWLRQ GDQV SD\V LQGLTXHQW TXH GHV pFRQRPLHV G pQHUJLH FRQVLGpUDEOHV VRQW SRVVLEOHV SDUIRLV MXVTX j &HV UpVXOWDWV IUXFWXHX[ VRQW GXV j OD FRPELQDLVRQ GH VWUDWpJLHV GLYHUVHV PHVXUHV H[WUrPHV SRXU UpGXLUH OHV G p S H U G L W L R Q V GH FKDOHXU

L Q V W D O O D W L R Q GH V\VWqPHV j KDXW U H Q G H P H Q W SRXU OD YHQWLODWLRQ HW OD SURGXFWLRQ GH FKDOHXU

D G M R Q F W L R Q GH FDSWHXUV V R O D L U H V WKHUPLTXHV RX V\VWqPHV 39

P L Q L P L V D W L R Q GH O¶HPSUHLQWH pFRORJLTXH

U H F R QF H SW L R Q GH O KDELWDWLRQ SRXU DPpOLRUHU OD TXDOLWp GH YLH FH TXL HVW DXVVL OD PRWLYDWLRQ GH OD UpQRYDWLRQ

6XU

SURMHWV RQW DWWHLQW OH VWDQGDUG SDVVLI

GRVVLHU

EH SDVVLYH

0DLVRQ SDUWLFXOLqUH j (XSHQ YRLU EH SDVVLYH

Pð N:K PðDQ $UFK )+: DUFKLWHFWH 3ODQ G DPpQDJHPHQW DGDSWp 1RXYHOOH DQQH[H HW FRQVWUXFWLRQ GH WRLWXUH HQ RVVDWXUH GH ERLV ,VRODWLRQ LQWpULHXUH FRQWLQXH GH OD IDoDGH eWDQFKpLWp j O¶DLU Q YRO K 5pVROXWLRQ GHV SRQWV WKHUPLTXHV 1RXYHDX[ FKkVVLV j WULSOH YLWUDJH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3URWHFWLRQ VRODLUH H[WpULHXUH YpJpWDWLRQ QDWXUHOOH HW FDSWHXUV VRODLUHV FRPPH EULVH VROHLO &DSWHXUV VRODLUHV WKHUPLTXHV Pð 3RrOH j SHOOHWV

1RPEUHV GH SURMHWV ŶŽŵďƌĞ ĚĞ ƉƌŽũĞƚƐ ŝƐŽůĂƚŝŽŶ ƉĂƌ ƉĂŶŶĞĂƵdž ǀŝĚĞƐ

9DOHXU 8 DYDQW DSUqV

ϰ

ŝƐŽůĂƚŝŽŶ ŝŶƚĠƌŝĞƵƌĞ

ϳ

ŝƐŽůĂƚŝŽŶ ĞdžƚĠƌŝĞƵƌĞ

ϱϯ

ĂũŽƵƚͬĠůĂƌŐŝƐƐĞŵĞŶƚ ĚĞ ĨĞŶġƚƌĞ

ĂĚũŽŶĐƚŝŽŶ ĚΖĞƐƉĂĐĞƐ ĞŶƐŽůĞŝůůĠƐ

hͲsĂůƵĞ ;tͬŵϮ<Ϳ

ϮϬ

ϰ

ǀŝƚƌĂŐĞ ĚĞ ďĂůĐŽŶ

ϵ

ŶŽƵǀĞůůĞ ƐƚƌƵĐƚƵƌĞ ĚĞ ďĂůĐŽŶ

ϯϮ

ĂĚũŽŶĐƚŝŽŶ ĚΖĂŶŶĞdžĞƐ

ϭϱ

ĂĚũŽŶĐƚŝŽŶ ĚĞ ƚŽŝƚƵƌĞ

ϭϱ

DŽĚŝĨŝĐĂƚŝŽŶ ĚƵ ƉůĂŶ

WRLWXUH

ϰϮ Ϭ

ϭϬ

ϮϬ

ϯϬ

ϰϬ

ϱϬ

/D ¿JXUH LOOXVWUH XQ DSHUoX GHV PRGL¿FDWLRQV DUFKLWHFWXUDOHV GDQV OHV SURMHWV GH GpPRQVWUDWLRQ 8Q pOpPHQW IUDSSDQW LFL HVW OH WUqV IUpTXHQW WUDYDLO GH UHFRQFHSWLRQ HQ SODQ TXL LQGLTXH XQH UpQRYDWLRQ HQ SURIRQGHXU HW OD IDYHXU ODUJHPHQW DFFRUGpH j O LVRODWLRQ GH OD IDoDGH H[WpULHXUH 0DOJUp OH IDLW TXH OHV IHQrWUHV VRLHQW VRXYHQW DJUDQGLHV YRLU ¿JXUH

OHV SHUIRUPDQFHV pQHUJpWLTXHV VRQW PHLOOHXUHV FDU OHXU QLYHDX G¶LVRODWLRQ HVW VXSpULHXU j O¶DQFLHQ FI ¿JXUH

'DQV GH QRPEUHX[ FDV OHV EDOFRQV VRQW GpPROLV HW UHFRQVWUXLWV RX ELHQ LQWpJUpV GDQV O HQYHORSSH H[WpULHXUH 6XU

EH SDVVLYH

IHQrWUHV

)LJXUH &RPSDUDLVRQ GHV YDOHXUV 8 DYDQW HW DSUqV UpQRYDWLRQ HQ PR\HQQH VXU SURMHWV 6RXUFH 5 +DVWLQJV $(8 /WG ,($ 6+& 7DVN

OHV SURMHWV RQW DWWHLQW OH VWDQGDUG SDVVLI 3RXU FHUWDLQHV W\SRORJLHV GH FRQVWUXFWLRQ OH VWDQGDUG SDVVLI SHXW rWUH SHUoX FRPPH WURS H[LJHDQW SDU H[HPSOH SRXU GHV PRQXPHQWV SURWpJpV GH WUqV SHWLWHV KDELWDWLRQV RX GHV ORJHPHQWV SRVVpGDQW GHV IDoDGHV RUQHPHQWpHV HW GHV LQWpULHXUV GpFRUpV GH PRXOXUHV 7RXWHIRLV FH VWDQGDUG SHXW rWUH DWWHLQW GH PDQLqUH UHODWLYHPHQW VLPSOH SRXU GH QRPEUHXVHV W\SRORJLHV GH FRQVWUXFWLRQ GHV DQQpHV VRL[DQWH HW VHSWDQWH KDELWDWLRQV TXL GHYURQW rWUH UpQRYpHV PDVVLYHPHQW G LFL SHX (Q¿Q O pWXGH VXU OD UpQRYDWLRQ GXUDEOH D DXVVL PRQWUp TXH OD µYDOHXU¶

GRVVLHU

FDYHV

ůĞŵĞŶƚƐ

ϲϬ

)LJXUH 0RGL¿FDWLRQV DUFKLWHFWXUDOHV GDQV UpQRYDWLRQV HQ YXH G¶XQH KDXWH HI¿FDFLWp pQHUJpWLTXH 6RXUFH 5 +DVWLQJV $(8 /WG ,($ 6+& 7DVN

PXUV

KXPDLQH SHXW rWUH XQ UHVVRUW LPSRUWDQW SRXU GHV UpQRYDWLRQV SRXVVpHV 2Q SHXW DXVVL PRWLYHU OHV FOLHQWV SDU XQH TXDOLWp DUFKLWHFWXUDOH OLpH SDU H[HPSOH j XQH PHLOOHXUH SpQpWUDWLRQ GH OD OXPLqUH QDWXUHOOH XQ FDGUH GH YLH SOXV V U HW SOXV DGDSWDEOH XQ PHLOOHXU FRQIRUW GHV SHUIRUPDQFHV HQYLURQQHPHQWDOHV VXSpULHXUHV HW XQH SOXV JUDQGH TXDOLWp GH YLH 3DVVHU GX ODERUDWRLUH DX JUDQG PDUFKp /D UpQRYDWLRQ j KDXWH HI¿FDFLWp pQHUJpWLTXH Q¶HQYDKLUD WRXWHIRLV SDV OH PDUFKp VDQV XQH YDVWH UpÀH[LRQ / pWXGH GH PDUNHWLQJ GH OD 7DVN GH O¶,($ D YRXOX

UpSRQGUH j OD TXHVWLRQ FUXFLDOH VXLYDQWH FRPPHQW SDVVHU UDSLGHPHQW G¶XQ QRPEUH OLPLWp GH SURMHWV GH GpPRQVWUDWLRQ j XQH H[WHQVLRQ j JUDQGH pFKHOOH VXU OH PDUFKp " 6HV FRQFOXVLRQV LQGLTXHQW TX LO HVW QpFHVVDLUH GH GpWHUPLQHU DXMRXUG KXL OHV DFWLRQV TXL GRLYHQW rWUH HQWUHSULVHV SRXU SURORQJHU FHV SURMHWV GH GpPRQVWUDWLRQ &H Q HVW TX DYHF XQH SROLWLTXH FRKpUHQWH TX LO HVW SRVVLEOH G DWWHLQGUH OHV REMHFWLIV VRXKDLWpV j ORQJ WHUPH 3RXU TXH OH PDUFKp GH OD UpQRYDWLRQ GH SRLQWH VH GpYHORSSH WDQW HQ TXDQWLWp TX¶HQ TXDOLWp LO HVW QpFHVVDLUH TXH GHV DFWHXUV SXEOLFV HW SULYpV FROODERUHQW HW HQWUHSUHQQHQW OHV DFWLRQV QpFHVVDLUHV DX PRPHQW RSSRUWXQ /D SXEOLFDWLRQ )URP 'HPRQVWUDWLRQ WR 9ROXPH 0DUNHW GpFULW WURLV SKDVHV G LQQRYDWLRQ LQWURGXFWLRQ FURLVVDQFH HW JpQpUDOLVDWLRQ VHORQ TXDWUH DQJOHV G LQFLGHQFH DWWUDFWLYLWp SRXYRLU FRQFXUUHQWLHO DFFHVVLELOLWp ¿QDQFLqUH HW GLVSRQLELOLWp 'LIIpUHQWV FKDSLWUHV H[SOLTXHQW OHV DYDQWDJHV OHV GLI¿FXOWpV HW OHV IDFWHXUV GH VXFFqV FULWLTXHV LQWHUYHQDQW DX FRXUV GH FHV GLIIpUHQWHV SKDVHV 'DQV OD SKDVH G LQWURGXFWLRQ DFWXHOOH OHV SRXYRLUV SXEOLFV QDWLRQDX[ OHV LQVWLWXWV GH UHFKHUFKH HW OHV HQWUHSULVHV LQQRYDQWHV SRUWHQW XQH JUDQGH UHVSRQVDELOLWp /HV SRXYRLUV SXEOLFV SHXYHQW FUpHU GHV IRUXPV SRXU IDYRULVHU O pFKDQJH GH FRQQDLVVDQFHV HQWUH DFWHXUV GLIIXVHU OHV FRQQDLVVDQFHV JpQpUDOHV HQ PDWLqUH GH UpQRYDWLRQ GH SRLQWH HW VXEYHQWLRQQHU GHV SURMHWV GH GpPRQVWUDWLRQ 8QH SROLWLTXH QDWLRQDOH FRKpUHQWH HVW QpFHVVDLUH SRXU LQVWLOOHU GH OD FRQ¿DQFH SDUPL OHV DFWHXUV GH OD UpQRYDWLRQ /HV FHQWUHV GH UHFKHUFKH SHXYHQW FRRSpUHU DX QLYHDX LQWHUQDWLRQDO SRXU pODUJLU OHV FRQQDLVVDQFHV HQ

,PPHXEOH GH EXUHDX[ j %UX[HOOHV *LOWV ,QYHVWPHQWV Pð N:K PðDQ $UFK $ 0 HW 0RUHQR $UFKLWHFWXUH 3RVH QRXYHOOH HQYHORSSH LVROpH SDU H[WpULHXU HQ IDoDGH j UXH DUULqUH HW SDU LQWpULHXU SUX OHV PLWR\HQV eWDQFKpLWp j O¶DLU Q YRO K j FRQ¿UPHU

3RQWV WKHUPLTXHV (QYHORSSH QRXYHOOH FRQWLQXH 3RVH QRXYHDX[ FKkVVLV WULSOH YLWUDJH 90& DYHF pFKDQJHXU GH FKDOHXU +5 5HIURLGLVVHPHQW QLJKW FRROLQJ HW DGLDEDWLTXH *HVWLRQ WHFKQLTXH FHQWUDOLVpH DYHF PRWRULVDWLRQ GHV IHQrWUHV HW GHV SURWHFWLRQV VRODLUHV

/RJHPHQWV VRFLDX[ j :H]HPEHHN 2SSHP 6+0 9RONVKXLVYHVWLQJ

Pð N:K PðDQ $UFK 4XLU\QHQ -DFREV $UFKLWHFWHQ &KDQJHPHQW GX SODQ G¶DPpQDJHPHQW HW FLUFXODWLRQ ,VRODWLRQ GH O¶HQYHORSSH SDU O¶H[WpULHXU 6ROXWLRQ GHV SRQWV WKHUPLTXHV $WWHQWLRQ SRXU O¶pWDQFKpLWp GX EkWLPHQW -DUGLQV G¶KLYHU 'RXEOH YLWUDJH DPpOLRUp 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &DSWHXUV VRODLUHV WKHUPLTXHV WXEHV VRXV YLGH

&HOOXOHV SKRWRYROWDwTXHV 6\VWqPH GH JHVWLRQ FHQWUDOLVpH ,QVWDOODWLRQV pFRQRPHV HQ HDX

PDWLqUH GH UpQRYDWLRQ HW GH SURMHWV GH GpPRQVWUDWLRQ HW FROODERUHU DYHF OHV DFWHXUV GX PDUFKp HW OHV SRXYRLUV SXEOLFV V DJLVVDQW /HXUV UpVXOWDWV GRLYHQW rWUH ¿DEOHV HW FRPPXQLTXpV GH PDQLqUH FRPSUpKHQVLEOH VHORQ OHV GLIIpUHQWV SXEOLFV /HV HQWUHSULVHV LQQRYDQWHV GHYURQW DQDO\VHU VFLHQWL¿TXHPHQW OHV QRXYHOOHV WHFKQRORJLHV TX¶HOOHV PHWWHQW HQ °XYUH HQ UpQRYDWLRQ 'HV DFFRUGV GH FRRSpUDWLRQ SHXYHQW rWUH SDVVpV DYHF G DXWUHV DFWHXUV GX PDUFKp GH PDQLqUH j pODUJLU OHV FRQQDLVVDQFHV GLVSRQLEOHV HW OD EDVH ¿QDQFLqUH 3RXU PLHX[ FRPPHUFLDOLVHU FHV LQQRYDWLRQV LOV GRLYHQW SRXYRLU PLHX[ FRPPXQLTXHU DYHF OH SURSULpWDLUH RX O RFFXSDQW DXWRXU GHV SOXV YDOXHV WHFKQLTXHV ¿QDQFLqUHV HWF (Q SKDVH GH FURLVVDQFH OHV SRXYRLUV SXEOLFV QDWLRQDX[ HW ORFDX[ OHV HQWUHSULVHV HW OHV LQVWLWXWV GH UHFKHUFKH HW G HQVHLJQHPHQW GRLYHQW WURXYHU GHV VROXWLRQV SRXU SDOOLHU OH Gp¿FLW GH FRQQDLVVDQFHV LQVWDXUHU XQ FRQWU{OH GH OD TXDOLWp HW IDYRULVHU OD FRRSpUDWLRQ HQWUH DFWHXUV LPSRUWDQWV 3RXU SDVVHU GH OD SKDVH GH FURLVVDQFH j FHOOH GH OD JpQpUDOLVDWLRQ LO IDXGUD FRPSWHU VXU OHV SRXYRLUV SXEOLFV j O¶pFKHORQ QDWLRQDO HW ORFDO OHV JUDQGHV HQWUHSULVHV HW OHV JURVVHV VRFLpWpV GH FRQVWUXFWLRQ GH ORJHPHQWV 7RXV FHV DFWHXUV GRLYHQW VH SRVLWLRQQHU HQ IDYHXU G¶XQH UpQRYDWLRQ j KDXWH HI¿FDFLWp pQHUJpWLTXH HW OD PHWWUH FRQFUqWHPHQW HQ °XYUH GDQV OHXU SROLWLTXH GH UpQRYDWLRQ (Q JpQpUDO OH PDUFKp GH OD UpQRYDWLRQ GH SRLQWH VH SRUWH ELHQ PDLV j XQ U\WKPH EHDXFRXS SOXV OHQW TXH FH TXL VHUDLW QpFHVVDLUH 3RXU DWWHLQGUH QRV REMHFWLIV HQ PDWLqUH GH UpGXFWLRQ GHV pPLVVLRQV GH &2 LO IDXW QRQ VHXOHPHQW SOXV GH

EkWLPHQWV UpQRYpV PDLV DXVVL GHV UpQRYDWLRQV SOXV SURIRQGHV ,3&& 6XPPDU\ IRU SROLF\ PDNHUV ± ,3&& :* )RXUWK $VVHVVPHQW 5HSRUW 3DULV >RQOLQH@ ZZZ LSFF FK 3RXU OD %HOJLTXH YRLU DXVVL OH UDSSRUW 0F.LQVH\ pWDEOL SDU OD )pGpUDWLRQ GHV (QWUHSULVHV %HOJHV )(% ZZZ YER IHE EH 3RXU OD %HOJLTXH YRXV SRXYH] UHWURXYHU O DQDO\VH GHV EkWLPHQWV GDQV OH UDSSRUW 3RWHQWLDO RI /RZ (QHUJ\ +RXVLQJ 5HWUR¿W GLVSRQLEOH VXU ZZZ OHKU EH $7 %( &$ &+ '( '. , 1/ 12 HW 6( 9RLU OH UDSSRUW Gp¿QLWLI GH 5REHUW +DVWLQJV /HVVRQV IURP H[HPSODU\ UHQRYDWLRQ SURMHFWV GLVSRQLEOH VXU ZZZ LHD VKF RUJ WDVN LQGH[ KWPO )URP 'HPRQVWUDWLRQ WR 9ROXPH 0DUNHW ,($

6RXUFHV 6LWH :HE KWWS ZZZ LHD VKF RUJ WDVN 6LWH :HE KWWS ZZZ OHKU EH +DVWLQJV 5 /HVVRQV IURP H[HPSODU\ KRXVLQJ UHQRYDWLRQV ,($ 6+& 7DVN ¿QDO GUDIW ,($ ([&R UHSRUW +LOGHUVRQ : HW DO 3RWHQWLDO RI ORZ HQHUJ\ KRXVLQJ UHWUR¿W /(+5 5HSRUW %HOJLDQ 6FLHQFH 3ROLF\ ZZZ OHKU EH 0OHFQLN ( HW DO /RZ HQHUJ\ KRXVLQJ UHWUR¿W /(+5 )LQDO 5HSRUW %HOJLDQ 6FLHQFH 3ROLF\ 3URJUDPPH WR VWLPXODWH NQRZOHGJH WUDQVIHU LQ DUHDV RI VWUDWHJLF LPSRUWDQFH ± 7$3 %UXVVHOV S 0OHFQLN ( 3UHQGHUJDVW ( 9DQ GHPRQVWUDWLHSURMHFW QDDU YROXPHPDUNW ,($ 6+& 7DVN ZRUNLQJ GRFXPHQW 5RGVMR $ +DDYLN 7 0OHFQLN ( 3UHQGHUJDVW (

)URP GHPRQVWUDWLRQ WR YROXPH PDUNHW ,($ 6+& 7DVN ¿QDO GUDIW ,($ ([&R UHSRUW 7UDFKWH 6 'H +HUGH $ HW DO $GYDQFHG +RXVLQJ 5HQRYDWLRQ ZLWK 6RODU DQG &RQVHUYDWLRQ 6XEWDVN ' (QYLURQPHQWDO ,PSDFW $VVHVVPHQW ¿QDO GUDIW ,($ ([&R UHSRUW 6XEVWDQWLDO (QHUJ\ 6DYLQJ LQ ([LVWLQJ +RXVLQJ 1RZ SUHVHQWDWLRQV DQG GLVFXVVLRQ ,($ )LQDO :RUNVKRS 2FWREHU $QWZHUS %HOJLXP

GRVVLHU

EH SDVVLYH

N:K PรฐDQ

)HUPH HW PDLVRQ SDUWLFXOLqUH j %RXVYDO Pรฐ N:K PรฐDQ $UFK 6\QHUJ\ ,QWHUQDWLRQDO DUFKLWHFWH 5pQRYDWLRQ GH OD WRLWXUH ,VRODWLRQ GH OยถHQYHORSSH SDU OยถLQWpULHXU eWDQFKpLWp j OยถDLU Q YRO K j FRQยฟUPHU

$JUDQGLVVHPHQW HW FUpDWLRQ GH QRXYHOOHV EDLHV FKkVVLV GRXEOH YLWUDJH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3RrOH j ERLV 6HUUH HQ WRLWXUH &DSWHXUV VRODLUHV WKHUPLTXHV &DSWHXUV VRODLUHV SKRWRYROWDwTXHV 0DWpULDX[ pFRORJLTXHV 5pFXSpUDWLRQ GHV HDX[ GH SOXLH

%XUHDX[ SDVVLIV j $QGHUOHFKW YRLU EH SDVVLYH

Pรฐ N:K PรฐDQ $UFK /' 2IยฟFH /DKRQ 3DUWQHUV

,VRODWLRQ GHV IDoDGHV SDU OยถH[WpULHXU 7ULSOHV YLWUDJHV LVRODQWV 8 : Pรฐ .

3URWHFWLRQV VRODLUHV 5HYrWHPHQW GH WRLWXUH Upร pFKLVVDQW 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 6RQGH &2 HW JHVWLRQ FHQWUDOLVpH 6WDWLRQ PpWpR HQ WRLWXUH 1LJKW FRROLQJ HW PRWRULVDWLRQ GHV IHQrWUHV %DWWHULHV GH FKDXG VXU SRPSH j FKDOHXU DLU HDX

TXHOTXHV SURMHWV GH UpQRYDWLRQ

3RXU OHV SURMHWV /(+5 GHV ยฟFKHV WHFKQLTXHV VRQW GLVSRQLEOHV VXU ZZZ OHKU EH

3RXU OHV SURMHWV EkWLPHQWV H[HPSODLUHV GHV ยฟFKHV VRQW DFFHVVLEOHV YLD KWWS DSS EUX[HOOHVHQYLURQQHPHQW EH EDWH[BVHDUFK "ODQJW\SH

EH SDVVLYH

GRVVLHU

0DLVRQ RXYULqUH j %RXVYDO Pรฐ $UFK *DsWDQ 4XLQHW DUFKLWHFWH

,VRODWLRQ GHV WRLWXUHV VRO HW SDURLV FRQWUH WHUUH ,VRODWLRQ GHV IDoDGHV SDU OยถH[WpULHXU 5HPSODFHPHQW GHV FKkVVLV SDU GX WULSOH YLWUDJH 3ODFHPHQW GH QRXYHOOHV IHQrWUHV GH WRLWXUH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3RPSH j FKDOHXU DLU HDX YHQWLOR FRQYHFWHXUV &DSWHXUV VRODLUHV WKHUPLTXHV 0DWpULDX[ pFRORJLTXHV 5pFXSpUDWLRQ GHV HDX[ GH SOXLH 7RLOHWWHV VqFKHV 7UDLWHPHQW GHV HDX[ XVpHV SDU ODJXQDJH 7RLWXUH YHUWH

N:K PรฐDQ

0DLVRQ SDUWLFXOLqUH j 'H 3LQWH Pรฐ $UFK $OH[LV 9HUVHOH

'pPROLWLRQ GX SDUHPHQW HW GH OD VWUXFWXUH GH WRLW GX EkWLPHQW SULQFLSDO H[LVWDQW 'pPROLWLRQ GH OยถDQQH[H H[LVWDQWH &KDQJHPHQW GH VWUXFWXUH HW GH FLUFXODWLRQ &RPSDFLWp DPpOLRUpH ,VRODWLRQ GH OยถHQYHORSSH DX VWDQGDUG SDVVLI 5pVROXWLRQ pOLPLQDWLRQ GHV SRQWV WKHUPLTXHV 1RXYHOOH DQQH[H HQ RVVDWXUH GH ERLV eWDQFKpLWp j OยถDLU Q YRO K 3ODFHPHQW GH FKkVVLV SDVVLIV j WULSOH YLWUDJH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3URWHFWLRQV VRODLUHV H[WpULHXUHV YpJpWDWLRQ QDWXUHOOH HW VWRUHV &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ +RWWH j UHFLUFXODWLRQ

0DLVRQ SDUWLFXOLqUH j 6FKDHUEHHN Pรฐ $UFK N:K PรฐDQ ,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ SRQFWXHOOH GH OD IDoDGH j UXH SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU ,VRODWLRQ GX SODIRQG GH OD FDYH 5HPSODFHPHQW GHV FKkVVLV SDU GX GRXEOH HW GX WULSOH YLWUDJH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &KDXGLqUH JD] j FRQGHQVDWLRQ UDGLDWHXUV &DSWHXUV VRODLUHV WKHUPLTXHV 0DWpULDX[ pFRORJLTXHV 5pFXSpUDWLRQ GHV HDX[ GH SOXLH 7RLWXUH YHUWH

0DLVRQ SDUWLFXOLqUH j (WWHUEHHN Pรฐ $UFK &ROOLJQRQ 'DUGHQQH $UFKLWHFWHV N:K PรฐDQ ,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ GH OD IDoDGH DYDQW SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 7RLWXUH YHUGXULVpH 5pFXSpUDWLRQ GH PDWpULDX[ GH FRQVWUXFWLRQ DQFLHQV 5pFXSpUDWLRQ GH OยถHDX GH SOXLH

N:K PรฐDQ

0DLVRQ SDUWLFXOLqUH j $QGHUOHFKW Pรฐ $UFK /DE H &ROOLJQRQ 'DUGHQQH

,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ GH OD IDoDGH DYDQW SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 5pFXSpUDWLRQ GH OยถHDX GH SOXLH 5pFXSpUDWLRQ GH PDWpULDX[ GH FRQVWUXFWLRQ DQFLHQV 7RLWXUH YHUWH H[WHQVLYH &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ

5pQRYDWLRQ HW H[WHQVLRQ GยถXQ GXSOH[ j $QGHUOHFKW Pรฐ N:K PรฐDQ $UFK 1 6WUDJLHU $UFKLWHFWH ,VRODWLRQ GHV WRLWXUHV HW GX VRO ,VRODWLRQ GHV IDoDGHV SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &DSWHXUV VRODLUHV WKHUPLTXHV 7RLWXUH YHUWH H[WHQVLYH 0DWpULDX[ QDWXUHOV

N:K PรฐDQ

0DLVRQ SDUWLFXOLqUH j 6DLQW *LOOHV Pรฐ $UFK * 9LOHW

,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ GH OD IDoDGH DYDQW SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU 'RXEOH HW WULSOH YLWUDJH eWDQFKpLWp j OยถDLU Q YRO K 9HQWLODWLRQ GRXEOH ร X[ DYHF pFKDQJHXU GH FKDOHXU UHQGHPHQW 3XLWV FDQDGLHQ &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ 7RLWXUH YHUWH LQWHQVLYH 5pFXSpUDWLRQ GH OยถHDX GH SOXLH

N:K PรฐDQ

0DLVRQ SDUWLFXOLqUH j (YHUH Pรฐ $UFK )+: $UFKLWHFWHV

,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU 8PR\ : Pรฐ . eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU 3XLWV FDQDGLHQ &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ &DSWHXUV VRODLUHV SKRWRYROWDwTXHV Pรฐ 7RLWXUH YHUWH H[WHQVLYH 0DWpULDX[ QDWXUHOV

5pQRYDWLRQ SDVVLYH GยถXQH PDLVRQ SDUWLFXOLqUH j 6FKDHUEHHN HQ FKDQWLHU Pรฐ N:K PรฐDQ $UFK 2 $OH[DQGUH $UFKLWHFWH 5pQRYDWLRQ SURJUHVVLYH ! ! ! N:K Pรฐ DQ ,VRODWLRQ GHV WRLWXUHV HW GX VRO ,VRODWLRQ GHV IDoDGHV DYDQW SDU OยถLQWpULHXU 5pVHFWLRQ GHV SRQWV WKHUPLTXHV HQ IDoDGH DYDQW eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ 7RLWXUH YHUWH H[WHQVLYH 5pFXSpUDWLRQ GH OยถHDX GH SOXLH 0DWpULDX[ QDWXUHOV

5pQRYDWLRQ GยถXQH PDLVRQ SDUWLFXOLqUH j :DWHUPDHO %RLVIRUW Pรฐ N:K PรฐDQ $UFK 5 7LOPDQ $UFKLWHFWH ,VRODWLRQ GHV WRLWXUHV HW GX VRO ,VRODWLRQ GHV IDoDGHV DYDQW SDU OยถLQWpULHXU DX UH] ,VRODWLRQ GHV DXWUHV IDoDGHV SDU OยถH[WpULHXU 7ULSOH YLWUDJH LVRODQW eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ 5pFXSpUDWLRQ GH OยถHDX GH SOXLH

5pQRYDWLRQ GH EXUHDX[ j %UX[HOOHV Pรฐ YRLU EH SDVVLYH

N:K PรฐDQ $UFK 6\QHUJ\ ,QWHUQDWLRQDO $UFKLWHFWH ,VRODWLRQ GHV WRLWXUHV FP (36 HW GX VRO ,VRODWLRQ GHV IDoDGHV DYDQW SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU eWDQFKpLWp j OยถDLU Q YRO K 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ &DSWHXUV VRODLUHV SKRWRYROWDwTXHV Pรฐ 5pFXSpUDWLRQ GH OยถHDX GH SOXLH 7RLWXUH YHUWH H[WHQVLYH 0DWpULDX[ QDWXUHOV

5pQRYDWLRQ GH ORJHPHQWV VRFLDX[ j -HWWH HQ SURMHW YRLU SS

Pรฐ N:K PรฐDQ $UFK 3 6pJXL ,VRODWLRQ FRPSOqWH SDU OยถH[WpULHXU 5pGXFWLRQ GHV SRQWV WKHUPLTXHV 'RXEOH YLWUDJH LVRODQW 9HQWLODWLRQ PpFDQLTXH DYHF UpJXODWLRQ SDU VRQGH V\VWqPHV j H[WUDFWLRQ UpJXOpH & HW GRXEOH ร X[ DYHF pFKDQJHXU GH FKDOHXU '

&DSWHXUV VRODLUHV WKHUPLTXHV Pรฐ 5pFXSpUDWLRQ GH OยถHDX GH SOXLH

5pQRYDWLRQ GยถXQH PDLVRQ SDUWLFXOLqUH j (WWHUEHHN Pรฐ N:K PรฐDQ $UFK 'UDSV $UFKLWHFWH ,VRODWLRQ GHV WRLWXUHV ,VRODWLRQ SRQFWXHOOH GH OD IDoDGH j UXH SDU OยถLQWpULHXU ,VRODWLRQ GH OD IDoDGH DUULqUH SDU OยถH[WpULHXU ,VRODWLRQ GX SODIRQG GH OD FDYH 5HPSODFHPHQW GHV FKkVVLV SDU GX GRXEOH HW GX WULSOH YLWUDJH 90& DYHF UpFXSpUDWLRQ GH FKDOHXU &KDXGLqUH JD] j FRQGHQVDWLRQ UDGLDWHXUV &DSWHXUV VRODLUHV WKHUPLTXHV 0DWpULDX[ pFRORJLTXHV 5pFXSpUDWLRQ GHV HDX[ GH SOXLH 7RLWXUH YHUWH

GRVVLHU

EH SDVVLYH

,QWHUYLHZ GH %HQRLW 0HHUVVHPDQ LQJpQLHXU HQ VWDELOLWp -=( 3DUWQHUV

UpQRYDWLRQV H[HPSODLUHV RX H[SpULPHQWDOHV " WH[WH

-XOLH :LOOHP HW %HUQDUG 'HSUH]

6XU TXHOV SURMHWV QRYDWHXUV WUDYDLOOH] YRXV " 1RXV WUDYDLOORQV VXU OH FKDQWLHU GH UpQRYDWLRQ GX &3$6 GH )RUHVW Pð DUFK $ 0 F¶HVW XQ EkWLPHQW GHV DQQpHV WUHQWH GRQW OD IDoDGH HQ PDoRQQHULH TXRLTXH QRQ FODVVpH HVW WUqV W\SpH HW RQ D YRXOX OD FRQVHUYHU FRPPH WpPRLQ G¶XQ SDVVp G¶DUFKLWHFWXUH $YHF WRXWHV OHV FRQVpTXHQFHV TX¶LPSOLTXH YRXORLU HQ PrPH WHPSV OH UHQGUH pQHUJpWLTXHPHQW SHUIRUPDQW DX QLYHDX WUqV EDVVH pQHUJLH LO IDXW GRQF FRQVHUYHU XQH IDoDGH HW DXVVL O¶LVROHU OD UHQGUH pWDQFKH j O¶DLU HWF 1RXV DYRQV G LQWHUYHQLU WUqV ORXUGHPHQW VXU OD VWUXFWXUH SRXU GLVVRFLHU OHV SODQFKHUV HQ EpWRQ GH OD IDoDGH D¿Q GH UpDOLVHU XQH FRXOLVVH LVRODQWH /H UHVWH GHV LQWHUYHQWLRQV QRWDPPHQW HQ IDoDGH DUULqUH HVW SOXV WUDGLWLRQQHO HW IDLW DSSHO j XQH LVRODWLRQ SDU O¶H[WpULHXU PDLV LO IDXW TXDQG PrPH JpUHU WRXWHV OHV GLI¿FXOWpV GH FRQWLQXLWp GH O¶LVRODQW HQWUH LQWpULHXU HW H[WpULHXU 3DU DLOOHXUV QRXV DOORQV ELHQW{W FRPPHQFHU OH FKDQWLHU GH UpQRYDWLRQ G¶XQH PDLVRQ EUX[HOORLVH FODVVLTXH P HQWUH PLWR\HQV SODQFKHUV HQ ERLV SRUWDQW GH IDoDGH j UHIHQG HWF $ QRXYHDX LO Q¶HVW SDV SHUPLV G¶LVROHU SDU O¶H[WpULHXU HQ IDoDGH DYDQW HW RQ UHWURXYH OD SUREOpPDWLTXH G¶DYRLU j GLVVRFLHU OD IDoDGH GHV SODQFKHUV FH TXL DPqQH j GHV GLVSRVLWLIV SDUWLFXOLHUV GRQW FHUWDLQV QH VRQW SDV VDQV ULVTXHV &HV SUHPLqUHV UpDOLVDWLRQV VRQW HOOHV H[HPSODLUHV " 6L RQ UHYLHQW DX VHQV GH O¶$SSHO j EkWLPHQW H[HPSODLUHV EUX[HOORLV FHV UpQRYDWLRQV GHYUDLHQW DYRLU YDOHXU G¶H[HPSOH QRWDPPHQW SDUFH TX¶HOOHV VHUDLHQW DLVpPHQW UHSURGXFWLEOHV 0D SRVLWLRQ HVW DVVH] GXUH VXU FH SRLQW VL RQ SDUYLHQW j PDLWULVHU WRXV OHV HQMHX[ HQ FRQVWUXFWLRQ QHXYH HW TX¶RQ SHXW DLQVL GpYHORSSHU XQH IRUPH G¶H[HPSODULWp HW GH UHSURGXFWLELOLWp MH VXLV FHUWDLQ TX¶RQ Q¶HQ HVW SDV HQFRUH Oj HQ UpQRYDWLRQ HW MH QH VXLV SDV V U TX¶RQ SXLVVH MDPDLV \ DUULYHU $XMRXUG¶KXL RQ HVW GDQV O¶H[SpULPHQWDWLRQ DXWDQW HQ WHUPHV GH VWUXFWXUH TXH SRXU OD SHUIRUPDQFH pQHUJpWLTXH LO IDXW REVHUYHU PDLQWHQDQW FRPPHQW FHV EkWLPHQWV VH FRPSRUWHQW 3RXU OH UHVWH OD UpQRYDWLRQ UHVWH GLI¿FLOH SDUFH TXH F¶HVW FKDTXH IRLV XQH DYHQWXUH

EH SDVVLYH

GRVVLHU

HQ VRL FKDTXH FDV HVW XQLTXH -H QH VXLV SDV FHUWDLQ TX¶RQ SXLVVH MDPDLV GpYHORSSHU XQ FDWDORJXH GH VROXWLRQV H[HPSODLUHV j DSSOLTXHU WHOOHV TXHOOHV /H ULVTXH HVW TXH j YRLU WRXWHV OHV SXEOLFDWLRQV DFWXHOOHV VXU OD SHUIRUPDQFH pQHUJpWLTXH OH PDvWUH G¶RXYUDJH VH ODQFH VDQV UpÀH[LRQ« /D SUpVHQFH G¶XQ LQJpQLHXU HQ VWDELOLWp SRXU OHV TXHVWLRQV VWUXFWXUHOOHV Q¶HVW HOOH SDV XQ JDUGH IRX " &¶HVW WRXW j IDLW YUDL KHXUHXVHPHQW VLQRQ RQ LUDLW YHUV GH JURVVHV FDWDVWURSKHV /H SUREOqPH F¶HVW TXH TXDQG GDQV XQ FDV SDUWLFXOLHU O¶LQJpQLHXU FRQFOXW TX¶XQH VROXWLRQ Q¶HVW SDV SRVVLEOH RQ OXL UpSRQG SDUIRLV TXH oD V¶HVW IDLW DLOOHXUV« ,O \ D XQ YUDL WUDYDLO G¶H[SOLFDWLRQ j IDLUH &HV TXHVWLRQV GH IDoDGHV VRQW HOOHV XQH SUREOpPDWLTXH QRXYHOOH HQ UpQRYDWLRQ " 1RXV DYRQV JpUp G¶DXWUHV GRVVLHUV GH FRQVHUYDWLRQ GH IDoDGHV PDLV OHV REMHFWLIV GH SHUIRUPDQFH pQHUJpWLTXH HQ pWDLHQW DEVHQWV $ SDUWLU GX PRPHQW R WRXW SHXW rWUH UHVROLGDULVp HQVHPEOH OHV FKRVHV VRQW EHDXFRXS SOXV VLPSOHV HW VHXOH OD SKDVH WUDQVLWRLUH SHQGDQW ODTXHOOH OD IDoDGH GRLW WHQLU VHXOH HVW GpOLFDWH 'DQV FHV FDV RQ PDLWULVH FRPSOqWHPHQW OD GHVFHQWH GH FKDUJHV /D VLWXDWLRQ HVW HOOH GLIIpUHQWH HQ UpQRYDWLRQ pQHUJpWLTXH " &¶HVW WUqV GLIIpUHQW GDQV OHV UpQRYDWLRQV WUqV EDVVH pQHUJLH (Q HIIHW HQ LQWHUYHQDQW VXU OHV SODQFKHUV LO HVW SOXV GLI¿FLOH GH UDPHQHU OHV FKDUJHV DX[ HQGURLWV R HOOHV pWDLHQW DSSOLTXpHV LQLWLDOHPHQW SRXU pYLWHU G¶pYHQWXHOV SUREOqPHV GH WDVVHPHQW RX GH ¿VVXUDWLRQ 2Q GRLW GRQF G¶DERUG GpGRXEOHU OD VWUXFWXUH SXLV WURXYHU FRPPHQW UHGLULJHU OHV FKDUJHV DX PLHX[ YHUV OHV IRQGDWLRQV H[LVWDQWHV /RUVTXH OHV SODQFKHUV VRQW HQ ERLV FRPPH GDQV OH FDV GHV PDLVRQV EUX[HOORLVHV OH SUREOqPH HVW TXH TXDQG OD IDoDGH HVW GpFRQQHFWpH GHV SODQFKHUV HOOH GRLW WHQLU WRXWH VHXOH (OOH GRLW SRXYRLU UpVLVWHU VHXOH DX[ IRUFHV GX YHQW HQ SUHVVLRQ RX HQ GpSUHVVLRQ HWF HOOH ULVTXH DORUV YUDLPHQW GH VH GpVROLGDULVHU ,O IDXW GRQF OD UHWHQLU 6DXI SRXU GHV EkWLPHQWV WUqV ORQJV RX WUqV KDXWV RQ QH ULVTXH SDV OD UXLQH PDLV SOXW{W GHV ¿VVXUHV GHV GLVMRQFWLRQV 3RXU OHV SODQFKHUV HQ EpWRQ LO H[LVWH GHV VROXWLRQV FRPPH GHV DQFUDJHV PpWDOOLTXHV DYHF VFHOOHPHQWV FKLPLTXHV TXL VRQW ¿DEOHV 'DQV OHV

SODQFKHUV HQ ERLV F¶HVW XQ DXWUH SUREOqPH LO IDXW WUDYHUVHU OD IDoDGH HW WUDYDLOOHU DYHF GHV SODTXHV G¶DQFUDJH RX O¶pTXLYDOHQW GHV DQFUHV PpWDOOLTXHV TX¶RQ WURXYH GDQV O¶DUFKLWHFWXUH WUDGLWLRQQHOOH FH TXL D XQ LPSDFW VXU O¶H[SUHVVLRQ GX EkWLPHQW &¶HVW OD SUXGHQFH TXL LQVSLUH WRXMRXUV OH FKRL[ GHV VROXWLRQV WHFKQLTXHV 9R\H] YRXV GHV ULVTXHV QRXYHDX[ GDQV YRWUH SUDWLTXH " 2XL FHV ULVTXHV H[LVWHQW HW LPSOLTXHQW XQ DFFURLVVHPHQW GH OD UHVSRQVDELOLWp GH O¶LQJpQLHXU SDUFH TXH FHV VROXWLRQV VRQW DW\SLTXHV 3RXU PRL OH SOXV JUDQG ULVTXH HVW OLp SRXU XQ PDWpULDX j XQH PLVH HQ °XYUH FRQWUDLUH j VRQ SULQFLSH GH IRQFWLRQQHPHQW VWUXFWXUHO 3DU H[HPSOH RQ VDLW TX¶XQH PDoRQQHULH WLHQW G¶DXWDQW PLHX[ TX¶HOOH HVW UHIHQGXH VWDELOLVpH SDU GHV DQJOHV WHQXH HQ WrWH HWF 2U GDQV OHV EkWLPHQWV j EDVVH pQHUJLH RQ UHQFRQWUH GH SOXV HQ SOXV GH SDQV GH PXUV VROLWDLUHV GLVVRFLpV GHV UHIHQGV RX GHV PLWR\HQV &HOD Q¶HVW SDV VDLQ HW oD SRVH DX[ DUFKLWHFWHV GHV SUREOqPHV GLI¿FLOHV j VXUPRQWHU HQ WHUPHV GH SRQWV WKHUPLTXHV dD pFODLUH HQFRUH OD TXHVWLRQ GH O¶H[HPSODULWp OD PLVH HQ SODFH GH SULPHV GpGLpHV j OD UpQRYDWLRQ WUqV EDVVH pQHUJLH ULVTXH GH FUpHU GHV UpÀH[HV PDOKHXUHX[ R SRXU UpGXLUH XQ SRQW WKHUPLTXH HW REWHQLU XQH SULPH RQ SUHQGUDLW GHV GpFLVLRQV LUUpÀpFKLHV GX SRLQW GH YXH VWUXFWXUHO« 4XHOOHV UpIpUHQFHV XWLOLVH] YRXV SRXU YRV FKRL[ WHFKQLTXHV " ,O Q¶HQ H[LVWH SDV YUDLPHQW FDU F¶HVW XQ WUDYDLO DVVH] QHXI HQ %HOJLTXH &¶HVW O¶H[SpULHQFH TXL QRXV JXLGH O¶pWXGH GHV FKDQWLHUV HQ FRXUV O¶pFKDQJH HQ LQWHUQH DX EXUHDX R FHUWDLQV VRQW SURDFWLIV G¶DXWUHV VFHSWLTXHV &HWWH FRQIURQWDWLRQ GHV SRLQWV GH YXH QRXV SHUPHW G¶DYDQFHU HW G¶DQWLFLSHU G¶pYHQWXHOOHV GLI¿FXOWpV 'H Oj pPHUJH XQH DFFXPXODWLRQ G¶H[SpULHQFH TXL QRXV SHUPHW GH IDLUH FRQ¿DQFH j FHUWDLQHV VROXWLRQV 3RXU OH UHVWH RQ HVW GDQV OH UHJLVWUH GH O¶H[SpULPHQWDO HW LO IDXW TXH FKDFXQ HQ VRLW ELHQ FRQVFLHQW ([LVWH W LO XQH SODWHIRUPH GHV LQJpQLHXUV R pFKDQJHU OHV H[SpULHQFHV " ,O HVW SOXV UDUH TX¶RQ pFKDQJH GH O¶LQIRUPDWLRQ HQWUH EXUHDX[ G¶pWXGHV GDQV OH FDGUH VWULFWHPHQW SURIHVVLRQQHO ,O Q¶H[LVWH SDV GH FRPPXQDXWp GHV LQJpQLHXUV FRQVHLOV HQ EkWLPHQW TXL UHQGUDLW XQ WHO pFKDQJH SRVVLEOH ,O IDXW DXVVL VRXOLJQHU O¶LPSRUWDQFH GX WUDYDLO GX EXUHDX GH FRQWU{OH ,O VHUDLW LQWpUHVVDQW GH FROODWLRQQHU OHV GLIIpUHQWHV VROXWLRQV YDOLGpHV SDU HX[ SRXU OHV GLIIXVHU

GHV SHUVSHFWLYHV G¶DYHQLU WH[WH

%HUQDUG 'HSUH]

&H Q¶HVW SDV XQ VFRRS G¶pFULUH TXH OHV EkWLPHQWV EHOJHV VRQW PDMRULWDLUHPHQW YLHX[ G¶HQWUH HX[ RQW SOXV GH DQV 2Q HVWLPH TXH VHXOV j G¶HQWUH HX[ VRQW GpPROLV FKDTXH DQQpH OHXU GXUpH GH YLH PR\HQQH H[FqGH GRQF OHV DQV FH TXL FRXYUH SOXVLHXUV FDPSDJQHV GH UpQRYDWLRQ &RPPH LOV QH SUpVHQWHQW SDV RX SHX GH PDWpULDX[ LVRODQWV OHXUV SHUWHV pQHUJpWLTXHV UpHOOHV VRQW FRQVLGpUDEOHV &HX[ TXL RQW GpMj UpDOLVp GHV DXGLWV pQHUJpWLTXHV VDYHQW TXH OD FRQVRPPDWLRQ UpHOOH G¶XQ EkWLPHQW HVW VRXYHQW WUqV LQIpULHXUH j OD FRQVRPPDWLRQ WKpRULTXH FDOFXOpH 3(% SKSS HWF

F¶HVW TXH OH FRQIRUW UpHO HVW VRXYHQW OXL DXVVL LQIpULHXU j FH TXH VXSSRVHQW OHV K\SRWKqVHV GH FDOFXO & SDUWRXW HWF

(Q G¶DXWUHV WHUPHV SRXU OHV VWDQGDUGV G ¶ D X M R X U G ¶ K X L OD PDMRULWp GHV EkWLPHQWV DQFLHQV VRQW LQFRQIRUWDEOHV« PDLV RQ V¶\ KDELWXH &HUWDLQV FHSHQGDQW SRVHQW DXVVL GH JUDYHV SUREOqPHV GH VDQWp 3RXU REMHFWLYHU O¶LQWpUrW G¶XQH UpQRYDWLRQ pQHUJpWLTXH JOREDOH FRQVLGpURQV OHV FKLIIUHV JOREDX[ (Q %HOJLTXH GHV FRQVRPPDWLRQV G¶pQHUJLH SULPDLUH VRQW OLpV DX[ EkWLPHQWV VRLW PLOOLRQV GH EHS EDULO pTXLYDOHQW SpWUROH GRQW ULHQ TXH SRXU OH UpVLGHQWLHO $X SUL[ DFWXHO GH OH EDULO F¶HVW O¶pTXLYDOHQW GH PLOOLDUGV G¶HXURV TXL VRQW DLQVL FRQVRPPpV FKDTXH DQQpH /H UHFRXUV DX JD] HW j O¶pOHFWULFLWp QXFOpDLUH j FRQWULEXHQW j UpGXLUH GH pQHUJLH FRQVRPPpH j OD SDUW GHV EkWLPHQWV GDQV OHV pPLVVLRQV GH &2 R O¶LPSDFW GX EkWL GHYLHQW pTXLYDOHQW j FHOXL GX WUDQVSRUW GH O¶LQGXVWULH HW GX VHFWHXU GH O¶pQHUJLH $ QRXYHDX OHV YLHX[ EkWLPHQWV FRQWULEXHQW UHVSHFWLYHPHQW SOXV DX[ pPLVVLRQV SXLVTXH OHV ORJHPHQWV EHOJHV GDWDQW G¶DYDQW VRQW UHVSRQVDEOHV GH GHV pPLVVLRQV GH *(6 JD] j HIIHW GH VHUUH GX VHFWHXU /H UDSSRUW 0F.LQVH\ UHOqYH TXH OD VLWXDWLRQ HQ %HOJLTXH HVW SDUWLFXOLqUHPHQW QDYUDQWH FH TXH UHFRQQDLVVHQW QRV SRXYRLUV SXEOLFV $X QLYHDX GHV EkWLPHQWV

UpVLGHQWLHOV O¶HI¿FDFLWp pQHUJpWLTXH GX SD\V HVW DFWXHOOHPHQW O¶XQH GHV SOXV IDLEOHV G¶(XURSH /D FRQVRPPDWLRQ pQHUJpWLTXH WRWDOH G¶XQH KDELWDWLRQ VH FRPSRVH SULQFLSDOHPHQW GH OD FRQVRPPDWLRQ SRXU OH FKDXIIDJH GX V\VWqPH GH YHQWLODWLRQ UHIURLGLVVHPHQW GH OD FRQVRPPDWLRQ G¶HDX FKDXGH HW G¶pOHFWULFLWp $YHF XQH F R Q V R P P D W L R Q PR\HQQH GH NLORZDWWV KHXUH N:K SDU PqWUH FDUUp SDU DQ HOOH GpSDVVH GH SOXV GH OD PR\HQQH GH O¶8QLRQ H X U R S p H Q Q H /HV REMHFWLIV G ¶ D P p O L R U D W L R Q p Q H U J p W L T X H DI¿FKpV SDU OD %HOJLTXH VRQW pJDOHPHQW GH j LQIpULHXUV j FHX[ G¶DXWUHV SD\V GH O¶8QLRQ $ SDUWLU G¶XQ VFpQDULR WHQDQW FRPSWH GHV WHQGDQFHV DFWXHOOHV j O ¶ D P p O L R U D W L R Q pQHUJpWLTXH PDLV VDQV LQFOXUH OHV HIIHWV GLUHFWHPHQW DWWHQGXV GH O¶LQWURGXFWLRQ GH OD 3(% QL OHV SROLWLTXHV UpJLRQDOHV VSpFL¿TXHV OH UDSSRUW 0F.LQVH\ LGHQWL¿H XQ SRWHQWLHO GH UpGXFWLRQ HQ GH GHV FRQVRPPDWLRQV pQHUJpWLTXHV JOREDOHV EkWLPHQWV LQGXVWULH WUDQVSRUW GRQW OD VRQW OLpV DX VHFWHXU GX EkWLPHQW 5pGXLUH GH PRLWLp OD GHPDQGH JOREDOH GHV EkWLPHQWV /D FRQVRPPDWLRQ GHV EkWLPHQWV SRXUUDLW rWUH JOREDOHPHQW UpGXLWH GH SULQFLSDOHPHQW SDU GHV PHVXUHV ¿QDQFLqUHPHQW UHQWDEOHV OLpHV j O¶DPpOLRUDWLRQ GH O¶HQYHORSSH GHV EkWLPHQWV HW GHV LQVWDOODWLRQV WHFKQLTXHV (Q FRQVWUXFWLRQ QHXYH LO V¶DJLW G¶HQFRXUDJHU OH VWDQGDUG SDVVLI OHV K\SRWKqVHV UHWHQXHV SHUPHWWUDLHQW GH UpGXLUH OHV EHVRLQV QHWV GH FKDXIIDJH UHIURLGLVVHPHQW YHQWLODWLRQ HW HDX FKDXGH VDQLWDLUH GH j N:K Pð DQ HQ UpQRYDWLRQ XQ SUHPLHU HQVHPEOH GH PHVXUHV WRXFKDQW j O¶LVRODWLRQ HW O¶pWDQFKpLWp GX EkWL SHUPHWWUDLW GH SDVVHU GH OD PR\HQQH HXURSpHQQH DFWXHOOH N:K Pð DQ j N:K Pð DQ YRLUH MXVTX¶j N:K VL G¶DXWUHV PHVXUHV VRQW

/D PRLWLp GX SRWHQWLHO G¶pFRQRPLH UpVLGH GDQV OD UpQRYDWLRQ GH EkWLPHQWV H[LVWDQWV /HV QRXYHOOHV FRQVWUXFWLRQV pFRQRPHV HQ pQHUJLH SHXYHQW FRQWULEXHU j KDXWHXU GH

PLVHV HQ °XYUH WULSOH YLWUDJH VXULVRODWLRQ HWF 'HV pFRQRPLHV DGGLWLRQQHOOHV VHUDLHQW HQFRUH OLpHV j O¶DPpOLRUDWLRQ GHV LQVWDOODWLRQV WHFKQLTXHV /D FRQWULEXWLRQ GHV PHVXUHV µLPPDWpULHOOHV¶ SRUWDQW VXU OHV FRPSRUWHPHQWV GHV RFFXSDQWV UpGXFWLRQ GH O¶XVDJH GH OD FOLPDWLVDWLRQ GH O¶pFODLUDJH HWF HVW HVWLPpH j VHXOHPHQW GHV pFRQRPLHV SRVVLEOHV (Q H[WUDSRODQW j SDUWLU GH GRQQpHV DOOHPDQGHV HW HXURSpHQQHV 0F.LQVH\ HVWLPH HQ RXWUH TX¶HQ LQYHVWLVVDQW PLOOLDUGV G¶HXUR VXU DQV HQ %HOJLTXH DYHF XQ WHPSV GH UHWRXU PR\HQ GH DQV HW HQ UDSSRUW j XQH FRQVRPPDWLRQ G¶pQHUJLH VXU OD PrPH SpULRGH HVWLPpH j PLOOLDUGV G¶HXURV FHV PHVXUHV SRXUUDLHQW HQ RXWUH FUpHU HPSORLV 2Q YRLW TXH OH FKDQWLHU HVW LPPHQVH '¶DXWDQW TXH OD WUDQVSRVLWLRQ G¶XQ SODQ pQHUJpWLTXH j OD UpDOLWp EkWLH DX[ FRQGLWLRQV FRQFUqWHV GH PLVH HQ °XYUH DX[ FRQQDLVVDQFHV UpHOOHV TXH QRXV DYRQV GHV pGL¿FHV j UpQRYHU HWF HVW WRXW VDXI VLPSOH O¶pQHUJLH HVW XQH FKRVH O¶DUFKLWHFWXUH XQH DXWUH PDLV LO IDXW pJDOHPHQW FRPSWHU DYHF OHV TXHVWLRQV VWUXFWXUHOOHV OpJDOHV HWF 5pQRYDWLRQV H[HPSODLUHV 4XDQG M¶DL UpQRYp PD PDLVRQ PLWR\HQQH . ! %(QHW FK !

LO \ D SUHVTXH TXLQ]H DQV M¶DL DGRSWp XQH VpULH GH PHVXUHV GH ERQ VHQV HQ LVRODQW µDX PLHX[¶ HQ FKDQJHDQW OHV FKkVVLV HW OHV YLWUDJHV HWF 6DQV DSSURFKH V\VWpPDWLTXH MH QH FRQQDLVVDLV SDV HQFRUH OH VWDQGDUG SDVVLI

M¶DL DPpOLRUp VD SHUIRUPDQFH pQHUJpWLTXH . %(QHW FK VHORQ SKSS ,O HVW FODLU TXH G¶pQRUPHV JLVHPHQWV G¶pFRQRPLH VRQW DFFHVVLEOHV VL XQH DSSURFKH SOXV ULJRXUHXVH HVW PLVH HQ °XYUH &¶HVW SRXUTXRL LO QH SHXW \ DYRLU GH UpKDELOLWDWLRQ pQHUJpWLTXH VDQV XQH DSSURFKH LQWpJUpH GRQW OH SUHPLHU SDV HVW OD UpDOLVDWLRQ G¶XQ YpULWDEOH DXGLW /D UpFHQWH LQWURGXFWLRQ GHV FHUWL¿FDWV GH SHUIRUPDQFH pQHUJpWLTXH OH U MXLQ GHUQLHU GHYUDLW pJDOHPHQW IRXUQLU VRQ ORW G¶LQIRUPDWLRQV DX[ FDQGLGDWV UpQRYDWHXUV« 3RXU OH 63) eFRQRPLH OD PRLWLp GX SRWHQWLHO >G¶pFRQRPLH@ UpVLGH GDQV OD UpQRYDWLRQ GH EkWLPHQW H[LVWDQWV /HV QRXYHOOHV FRQVWUXFWLRQV pFRQRPHV HQ pQHUJLH SHXYHQW FRQWULEXHU j KDXWHXU GH /H PDUFKp V¶HQ UHQG ELHQ FRPSWH PrPH VL OHV DSSURFKHV VRQW SHXW rWUH HQFRUH WURS IUDJPHQWDLUHV 2Q UHOqYH OD SpQpWUDWLRQ GH FHUWDLQV FRPSRVDQWV RX PDWpULDX[ QRXYHDX[ TXL VHPEOHQW DYRLU WURXYp OHXUV SXEOLFV OD SUpVHQFH VXU OH PDUFKp GHV FKDXGLqUHV j FRQGHQVDWLRQ JD] HVW SDVVpH GH HQ j HQ O¶pSDLVVHXU GH O¶LVRODWLRQ SUHVFULWH GRVVLHU

EH SDVVLYH

DXJPHQWH GH SDU DQ DORUV TXH OH GRXEOH YLWUDJH j KDXW UHQGHPHQW EDVVH pPLVVLYLWp QยถpWDLW SUHVFULW TXยถj FRQFXUUHQFH GH HQ LO OยถpWDLW j HQ OH WULSOH YLWUDJH QH UHSUpVHQWH DXMRXUGยถKXL TXยถXQ SURGXLW GH QLFKH PDLV LO HVW DSSHOp j VH GpYHORSSHU FRPPH HQ $XWULFKH R LO UHSUpVHQWH DXMRXUGยถKXL OยถRIIUH GH EDVH /D UpJLRQ EUX[HOORLVH VยถHVW GRQQp OยถDPELWLRQ GH PRELOLVHU FH JLVHPHQW G ยถp F R Q R P L H V 'DQV OH VHFWHXU UpVLGHQWLHO j F{Wp GHV SULPHV WUDGLWLRQQHOOHV ยต p Q H U J L H ยถ OD 5pJLRQ H Q F R X U D J H GHSXLV

WRXWH UpQRYDWLRQ ยต L Q W p J U p H ยถ SUpVHQWDQW XQ EHVRLQ QHW GH FKDXIIDJH LQIpULHXU j N:K Pรฐ DQ /D 303DVEO D SX LQVWUXLUH FHV WURLV GHUQLqUHV DQQpHV OHV GRVVLHUV GH ORJHPHQWV HQ UpQRYDWLRQ GRQW HQ ยตEDVVH pQHUJLHยถ HQ ยตWUqV EDVVH pQHUJLHยถ HW HQ UpQRYDWLRQ SDVVLYH SRXU ORJHPHQWV SDVVLIV QHXIV VRLW XQ WLHUV GHV GRVVLHUV

(QWUH HW OD 5pJLRQ D pJDOHPHQW RUJDQLVp WURLV $SSHOV j EkWLPHQWV H[HPSODLUHV HQ pFR FRQVWUXFWLRQ TXL OXL RQW SHUPLV GH VWLPXOHU OH VHFWHXU HQ IDYHXU GH UpDOLVDWLRQ j KDXWH SHUIRUPDQFH pQHUJpWLTXH &HOOH FL HQ pWDLW ELHQ Vย U XQ pOpPHQW IRQGDPHQWDO 3DUPL OHV SURMHWV ODXUpDWV HQ DQV Pรฐ FยถHVW UpQRYDWLRQV FRPSRUWDQW SDUIRLV DXVVL XQH H[WHQVLRQ TXL VRQW UpFRPSHQVpHV Pรฐ 3ODFpH DX GpSDUW j N:K Pรฐ DQ OD PR\HQQH j %UX[HOOHV YDXW SOXV HQ )ODQGUH HW HQ :DOORQLH OD EDUUH GX EHVRLQ QHW GยถpQHUJLH GH FKDXIIDJH VยถHVW GpSODFpH j FDU OHV SUHPLHUV UpVXOWDWV RQW PRQWUp TXH OHV SURMHWV GH UpQRYDWLRQ SUpVHQWDLHQW HQ PR\HQQH XQ %(QHW FK N:K Pรฐ DQ

3DUPL FHV SURMHWV GRQW OD GHVFULSWLRQ HVW HQ OLJQH VXU Oยถ,QWHUQHW RQ WURXYH GHV ORJHPHQWV LQGLYLGXHOV RX FROOHFWLIV PDLV DXVVL GHV UpQRYDWLRQ WHUWLDLUHV HW GHV pTXLSHPHQWV SXEOLFV &HUWDLQHV GpPDUFKHV VRQW PLQLPDOLVWHV OยถLQYHVWLVVHPHQW HVW FDOLEUp SRXU DWWHLQGUH OD EDVVH pQHUJLH

GยถDXWUHV PD[LPDOLVWHV SOXVLHXUV SURMHWV YLVHQW OH ]pUR pQHUJLH HQ FRQVWUXFWLRQ QHXYH

HW FHUWDLQHV VRQW GยถDERUG SUDJPDWLTXHV FRPPH OD UpQRYDWLRQ GH OD PDLVRQ +XEHUW\ ODXUpDW TXL SKDVH OHV WUDYDX[ GH UpQRYDWLRQ SRXU DOOHU SURJUHVVLYHPHQW GX QLYHDX EDVVH pQHUJLH FH TXL RXYUH OH GURLW DX[ SUHPLqUHV SULPHV UpJLRQDOHV DX WUqV EDVVH pQHUJLH HW ยฟQDOHPHQW DX SDVVLI &H SKDVDJH HVW FRPSULV FRPPH XQH RSpUDWLRQ XQLTXH pWDOpH GDQV OH WHPSV HW FRUUHVSRQG j XQH YLVLRQ WRWDOHPHQW LQWpJUpH GqV OH GpSDUW HOOH HVW EHDXFRXS SOXV pFRQRPLTXH HW UHQWDEOH TXH OD VRPPH GH SOXVLHXUV RSpUDWLRQV QRQ LQWpJUpHV R OHV DPpQDJHPHQWV GHV UpQRYDWLRQV SUpFpGHQWHV GRLYHQW VRXYHQW rWUH GpIDLWV FH TXL UHQG OHV FRย WV LQVXSSRUWDEOHV &ยถHVW SDU PDQTXH GH YLVLRQ LQWpJUpH TXH EHDXFRXS GH EkWLPHQWV GpULYHQW LUUpPpGLDEOHPHQW YHUV OD GpFRWH 3ULPHV HW UpGXFWLRQV ยฟVFDOHV /HV UpJLRQV SURSRVHQW WRXWH XQH VpULH GH SULPHV j OD UpQRYDWLRQ JpQpUDOHPHQW ยตj OD SUHVWDWLRQยถ FยถHVW j GLUH DX Pรฐ SRXU OยถLVRODWLRQ GH GLYHUV W\SHV GH SDURLV OH UHPSODFHPHQW GยถLQVWDOODWLRQV HWF &ยถHVW HQ UpJLRQ EUX[HOORLVH TXH WURLV SULPHV LQWpJUpHV VRQW DXMRXUGยถKXL SURSRVpHV OHV $SSHOV j EkWLPHQWV H[HPSODLUHV D\DQW PRQWUp TXH OHV FRย WV UpHOV HQWUH OHV QLYHDX[ GH SHUIRUPDQFH SDVVLI EDVVH pQHUJLH WUqV EDVVH pQHUJLH QH VRQW SDV LGHQWLTXHV 5DSSHORQV HQFRUH TXH GHV UpGXFWLRQV ยฟVFDOHV VRQW pJDOHPHQW SUpYXHV SRXU XQH

&ยถHVW SDU PDQTXH GH YLVLRQ LQWpJUpH TXH EHDXFRXS GH EkWLPHQWV GpULYHQW LUUpPpGLDEOHPHQW YHUV OD GpFRWH

'HV SULPHV GLIIpUHQFLpHV j %UX[HOOHV OHV UpQRYDWLRQV SDVVLYHV %(QHW FK ย N:K Pรฐ DQ ยผ Pรฐ GH VXUIDFH SODQFKHU MXVTXH Pรฐ HW ยผ Pรฐ DX GHOj

OHV UpQRYDWLRQV WUqV EDVVH pQHUJLH %(QHW FK ย N:K Pรฐ DQ ยผ Pรฐ GH VXUIDFH SODQFKHU MXVTXH Pรฐ HW ยผ Pรฐ DX GHOj

OHV UpQRYDWLRQV EDVVH pQHUJLH %(QHW FK ย N:K Pรฐ DQ ยผ Pรฐ GH VXUIDFH SODQFKHU MXVTXH Pรฐ HW ยผ Pรฐ DX GHOj

EH SDVVLYH

GRVVLHU

SpULRGH GH DQV SRXU OHV EkWLPHQWV EDVVH pQHUJLH DWWHQWLRQ FH QLYHDX D pWp GpยฟQL SDU OH IpGpUDO FRPPH %(QHW FK HW IU ย N:K Pรฐ DQ SDVVLIV RX ]pUR pQHUJLH YRLU DXVVL OD QRWH S

5pQRYHU SRXU WRXW OH PRQGH 3RXU DXWDQW OHV YROHWV WHFKQLTXH HW DUFKLWHFWRQLTXH VH FO{WXUHQW H[DFWHPHQW Oj R FRPPHQFH OH FRPEDW VRFLDO HW SROLWLTXH FDU FHV UpQRYDWLRQV QpFHVVDLUHV LQGXLVHQW GHV FRย WV TXL VHURQW QRWDPPHQW UpSHUFXWpV HQ WHUPHV GH OR\HUV 8QH JUDQGH SDUWLH GH OD SRSXODWLRQ j %UX[HOOHV GH OD SRSXODWLRQ UpSRQG DX SURยฟO GHV ORFDWDLUHV VRFLDX[ ULVTXH GH YRLU VยถHQYROHU OHV pFRQRPLHV GH FKDUJHV TXยถHOOH DWWHQG OpJLWLPHPHQW GDQV OD KDXVVH GHV OR\HUV 'DQV FHW HVSULW LQWURGXLUH FRPPH OยถRQW IDLW OHV SDUWHQDLUHV EUX[HOORLV GDQV OHXU DFFRUG GH JRXYHUQHPHQW HQ OH FRQFHSW GH FRย W GยถRFFXSDWLRQ OR\HU FKDUJHV QยถHVW SDV XQ OX[H FยถHVW XQ LPSpUDWLI OH PDUFKp GH OD ORFDWLRQ GRLW SRXYRLU FRPSDUHU GHX[ ORJHPHQWV VXU OD EDVH GH OHXU FRย W JOREDO GH PDQLqUH TXยถXQH KDXVVH GH OR\HU SRXU XQ EkWLPHQW ELHQ UpQRYp pQHUJpWLTXHPHQW VRLW FODLUHPHQW LGHQWLยฟpH FRPPH ODUJHPHQW FRPSHQVpH SDU XQH EDLVVH GHV FKDUJHV FRUUHVSRQGDQWH 6L OH JLVHPHQW GยถpFRQRPLHV GยถpQHUJLH HVW DXMRXUGยถKXL ELHQ LGHQWLยฟp VL OHV ORJLTXHV pFRQRPLTXH HW HQYLURQQHPHQWDOH DSSDUDLVVHQW GH SOXV HQ SOXV FODLUHPHQW HQFRUH IDXW LO UpXVVLU j PRELOLVHU OHV DFWHXUV HQ IDYHXU GยถXQH UpQRYDWLRQ LQWHOOLJHQWH &ยถHVW OH U{OH GH OD UHFKHUFKH SDU H[HPSOH j WUDYHUV OH SURMHW HXURSpHQ /(+5 GHV SRXYRLUV SXEOLFV SDU H[HPSOH j WUDYHUV OHV $SSHOV j EkWLPHQWV H[HPSODLUHV FHV WURLV GHUQLqUHV DQQpHV HQ UpJLRQ EUX[HOORLVH

HW GHV DVVRFLDWLRQV FRPPH OD 3+3Y]Z HW OD 303DVEO j WUDYHUV OD JXLGDQFH HW VHV QRXYHDX[ VHUYLFHV FRPPH FHOXL GHV SRQWV WKHUPLTXHV YRLU S

&DU OD FRQFOXVLRQ GX UDSSRUW 0F.LQVH\ HVW TXยถLO IDXW LQYHVWLU j GpIDXW GยถDYRLU OH FRXUDJH GH YUDLPHQW FKDQJHU GH YLH GHV pFRQRPLHV HVFRPSWpHV QH VHURQW REWHQXHV TXH SDU XQH UpQRYDWLRQ pQHUJpWLTXH SURIRQGH GHV pGLยฟFHV ลถ

&KLIIUHV WLUpV GH 0F.LQVH\ &RPSDQ\ 9HUV XQH HIยฟFDFLWp pQHUJpWLTXH GH QLYHDX PRQGLDO HQ %HOJLTXH H[HFXWLYH VXPPDU\ S UDSSRUW LQWpJUDO S ZZZ PFNLQVH\ FRP 63) eFRQRPLH /H VHFWHXU GH OD FRQVWUXFWLRQ FRQVWLWXH W LO WRXMRXUV XQ PRWHXU GH FURLVVDQFH SRXU OยถpFRQRPLH EHOJH " GpFHPEUH S KWWS VWDWEHO IJRY EH 0F.LQVH\ &RPSDQ\ UDSSRUW LQWpJUDO S 63) eFRQRPLH S ,ELGHP S 9HUW %UX[HOOHV $UFKLWHFWXUHV j VXLYUH % 'HSUH] HW DO 5DFLQH 3URMHWV HW XWLOLVH] OH PRWHXU GH UHFKHUFKH HQ OLJQH j KWWS DSS EUX[HOOHVHQYLURQQHPHQW EH EDWH[BVHDUFK "ODQJW\SH )ODQGUH ZZZ HQHUJLHVSDUHQ EH VXEVLGLHV VXEVLGLHPRGXOH :DOORQLH KWWS HQHUJLH ZDOORQLH EH IU UHQRYHU KWPO",'& HW SRXU OD UpJLRQ EUX[HOORLVH ZZZ EUX[HOOHVHQYLURQQHPHQW EH ! 3URIHVVLRQQHOV ! 3ULPHV VXEVLGHV HW ยฟVFDOLWp ! 3ULPHV eQHUJLH 'HV SULPHV FRPSOpPHQWDLUHV VHURQW pJDOHPHQW GLVSRQLEOHV SRXU HQFRXUDJHU OยถHPSORL GยถpFR PDWpULDX[ HW GDQV OH FDV GHV SURMHWV SDVVLIV SRXU OH SKRWRYROWDwTXH KWWS NRED PLQยฟQ IJRY EH FRPPDQGH SGI IROGB +DELWDW3DVVLYHB SGI

GRVVLHU

EH SDVVLYH

SKSS

SLHUUH SDSLHU FLVHDX[ WH[WH

0DUQ\ GL 3LHWUDQWRQLR %HQRLW 4XHYULQ

VWXSLG WULFN

(VW LO SUpIpUDEOH G·LVROHU VD SDURL DYHF FP GH SRO\VW\UqQH H[SDQVp RX O·pTXLYDOHQW HQ SRO\VW\UqQH H[WUXGp " $¿Q GH UpSRQGUH GH PDQLqUH VFLHQWL¿TXH QRXV DYRQV SRVp OD TXHVWLRQ j XQ SK\VLFLHQ GH UHQRPPpH 0 &RRSHU GRQW YRLFL OD UpSRQVH 4XDQG XQ FRPSURPLV QH SHXW rWUH Gp¿QL IDXWH G¶XQH pYDOXDWLRQ WURS SUpFLVH HPSrFKDQW GH GpJDJHU XQH

EH SDVVLYH

SKSS

pYLGHQFH VFLHQWL¿TXH LO QH V¶DJLW SDV GH V¶DPXVHU DYHF SLHUUH SDSLHU FLVHDX[ PDLV ELHQ G¶LQWpJUHU GHX[ YDULDEOHV FRPSOpPHQWDLUHV VXVFHSWLEOHV GH UHQGUH j O¶DOpDWRLUH WRXV VHV GURLWV« -¶DL QRPPp URFN SDSHU VFLVVRUV OL]DUG 6SRFN 6FLVVRUV FXW SDSHU SDSHU FRYHUV URFN URFN FUXVKHV OL]DUG OL]DUG SRLVRQV 6SRFN 6SRFN VPDVKHV VFLVVRUV VFLVVRUV GHFDSLWDWHV OL]DUG OL]DUG HDWV SDSHU SDSHU GLVSURYHV 6SRFN 6SRFN YDSRUL]HV URFN DQG DV LW¶V DOZD\V EHHQ URFN FUXVKHV VFLVVRUV« 7KH %LJ %DQJ 7KHRU\

VFLHQWL¿F WULFN

4XHOOH HVW OD GLIIpUHQFH HQWUH XQ SDUH YDSHXU HW XQ IUHLQH YDSHXU " /HV GLIIpUHQFHV GH SUHVVLRQ GH YDSHXU HQWUH LQWpULHXU HW H[WpULHXU WHQGHQW j V¶pJDOLVHU QDWXUHOOHPHQW FH TXL LQGXLW GHV ÀX[ GH YDSHXU GDQV OHV SDURLV /H SDUH YDSHXU HVW XQ pOpPHQW GH FRQVWUXFWLRQ TXL HPSrFKH FH WUDQVIHUW GH YDSHXU G¶HDX DX VHLQ G¶XQH SDURL DORUV TXH OH IUHLQH YDSHXU OD ODLVVHUD SDVVHU SDUWLHOOHPHQW 7RXV OHV PDWpULDX[ VRQW FDUDFWpULVpV SDU XQ FRHI¿FLHQW ȝ PX SURSUH Gp¿QL FRPPH FODVVH

IDFWHXU GH GLIIXVLRQ GH YDSHXU 2Q SHXW FDOFXOHU OD UpVLVWDQFH j OD GLIIXVLRQ GH OD YDSHXU G¶HDX G¶XQ pOpPHQW GH FRQVWUXFWLRQ HQ PXOWLSOLDQW ȝ SDU O¶pSDLVVHXU GH O¶pOpPHQW FRQVLGpUp ȝG RX 6G $LQVL SRXU XQH IHXLOOH GH SRO\pWK\OqQH RQ REWLHQGUD XQH YDOHXU 6G VXSpULHXUH j P 1RWRQV pJDOHPHQW TXH FHUWDLQV IUHLQH YDSHXU SUpVHQWHQW XQ 6G YDULDEOH RQ SDUOH G¶XQ PDWpULDX K\JURYDULDEOH &HWWH YDULDELOLWp HVW XQH FDUDFWpULVWLTXH LPSRUWDQWH SRXU O¶pWXGH G¶XQH SDURL (Q HIIHW VL OD SDURL HVW pTXLSpH G¶XQ PDWpULDX K\JURYDULDEOH LO ODLVVHUD SDVVHU OD YDSHXU

G¶HDX GH O¶LQWpULHXU YHUV O¶H[WpULHXU HQ KLYHU HW GH O¶H[WpULHXU YHUV O¶LQWpULHXU HQ pWp /D GLUHFWLRQ GX ÀX[ GH GLIIXVLRQ GH YDSHXU G¶HDX HVW IRQFWLRQ GX JUDGLHQW GH WHPSpUDWXUH HW GX WDX[ G¶KXPLGLWp GH O¶DLU j O¶LQWpULHXU HW j O¶H[WpULHXU GX EkWLPHQW $LQVL TXDQG O¶HQYLURQQHPHQW LQWpULHXU GX EkWLPHQW HVW SOXV KXPLGH OH IUHLQH YDSHXU GLW LQWHOOLJHQW ODLVVHUD SDVVHU SOXV IDFLOHPHQW OD YDSHXU G¶HDX DX FRQWUDLUH VL O¶HQYLURQQHPHQW HVW SOXV VHF LO VHUD G¶DXWDQW SOXV pWDQFKH 2Q UHWURXYH FODVVHV ELHQ SUpFLVHV GH SDUH IUHLQ YDSHXU YRLU WDEOHDX

5pVLVWDQFH j OD GLIIXVLRQ GH YDSHXU

([HPSOHV GH PDWpULDX[ XWLOLVDEOHV FRPPH SDUH YDSHXU

(

P ȝG P

3DSLHU ELWXPp )LOP HQ 3( PP 3DSLHU GH WDSLVVHULH SODVWL¿p

(

P G P

&DUWRQ SOkWUH UHFRXYHUW G XQH IHXLOOH G DOXPLQLXP )LOP GH 3( PP HW ODPLQp G DOXPLQLXP

(

P G P

%LWXPH DUPp 3 RX 3 RX 9 RX 9

%LWXPH SRO\PqUH $33 RX 6%6

(

P G

%LWXPHV DUPpV DYHF ¿OP PpWDOOLTXH DOX

6\VWqPH ELWXPLQHX[ PXOWLFRXFKH

DUFKLWHFW WULFN

'X SDVVLI SDV YUDLPHQW SDVVLI GX VXSHU EDVVH pQHUJLH« 1RQ VHXOHPHQW LO H[LVWH

SOXVLHXUV QLYHDX[ GH SHUIRUPDQFH GHV EkWLPHQWV QRQ VHXOHPHQW OHV UpJLRQV QH V¶DFFRUGHQW SDV HQWUH HOOHV VXU FHUWDLQV G¶HQWUH HX[ PDLV HQ SOXV OHV PRGHV GH FDOFXO VRQW HX[ DXVVL GLIIpUHQWV 1RXV QH SDUORQV SDV LFL GHV GLYHUJHQFHV HQWUH OHV UpVXOWDWV GH OD 3(% HW GX 3+33 RXL RQ VDLW« FH VHUDLW ELHQ VL« PDLV YRLOj F¶HVW FRPPH oD 1RQ QRXV SDUORQV ELHQ G¶XQ PrPH EkWLPHQW TXL VHUDLW HQFRGp GDQV OH 3+33 PDLV TXL GRQQHUDLW GHV UpVXOWDWV GLIIpUHQWV ([SOLFDWLRQ YRXV UpQRYH] YRWUH EkWLPHQW j %UX[HOOHV DYHF SRXU REMHFWLI

HQFRGLQJ WULFN

-H VRXKDLWH HQFRGHU GHX[ W\SHV GH SODQFKHU /·XQ HVW HQ FRQWDFW DYHF OH VRO HW O·DXWUH SDV FRPPHQW GRLV MH SURFpGHU "

6XLYUH OHV pWDSHV VXLYDQWHV FRPPHQFH] HQ GXSOLTXDQW OD IHXLOOH 6RO GX ORJLFLHO 3+33 FRPSOpWH] OHV IHXLOOHV VRO HQ \ LQVpUDQW WRXWHV OHV FDUDFWpULVWLTXHV WHFKQLTXHV HW JpRPpWULTXHV GHV SDURLV

OD EDVVH pQHUJLH &HUWDLQHV YDOHXUV VRQW ¿[pHV SDU OH ORJLFLHO FRPPH OHV DSSRUWV LQWHUQHV : Pð OD WHPSpUDWXUH LQWpULHXUH & HWF (W YRXV UpDOLVH] VRXGDLQ TX¶DYHF OHV pSDLVVHXUV G¶LVRODQW SUpFRQLVpHV HW O¶H[FHOOHQW V\VWqPH GH YHQWLODWLRQ GRXEOH ÀX[ SUpYX YRXV DWWHLJQH] N:K Pð DQ HQ EHVRLQ G¶pQHUJLH GH FKDXIIDJH 0DJQL¿TXH LO QH YRXV UHVWH TX¶j DQQRQFHU j YRV FOLHQWV TXH ¿QDOHPHQW OH SDVVLI HVW DWWHLQW HW TXH YRXV rWHV 6XSHU $UFKLWHFWRU 0DLV LO \ D XQ KLF OHV SDUDPqWUHV SUpFLWpV SRXU OD EDVVH pQHUJLH QH VRQW SDV OHV PrPHV TXH SRXU OH SDVVLI DSSRUWV LQWHUQHV : Pð WHPSpUDWXUH LQWpULHXUH &« 7RXV FHV SDUDPqWUHV VRQW SOXV FRQWUDLJQDQWV HW PRGL¿HURQW

YRWUH EHVRLQ HQ pQHUJLH GH FKDXIIDJH j OD KDXVVH 9RXV DWWHLQGUH] N:K Pð DQ KpODV« (W RXL F¶HVW GXU PDLV FH VRQW OHV UqJOHV (OOHV RQW pWp ¿[pHV SRXU FRPSDUHU GHV EkWLPHQWV HQWUH HX[ 6L YRXV YLYH] GDQV GX SDVVLI LO D pWp VXSSRVp TXH YRXV DXUH] GHV DSSDUHLOV GRPHVWLTXHV SHUIRUPDQWV G¶R OHV IDLEOHV DSSRUWV LQWHUQHV HW TXH YRXV Q¶DXUH] SDV GH V\VWqPH GH FKDXIIDJH FRQYHQWLRQQHO G¶R O¶LPSRVVLELOLWp GH SUDWLTXHU XQH UpGXFWLRQ QRFWXUQH GH OD WHPSpUDWXUH HW GH GHVFHQGUH OD PR\HQQH HQ GHVVRXV GH &

,O QH YRXV UHVWH SOXV TX¶j DPpOLRUHU XQ SHX O¶HQYHORSSH « 6L YRXV HQ rWHV Oj F¶HVW GpMj DWWHLQW 3UHVTXH

DOOH] j OD IHXLOOH VXUIDFH HW DMRXWH] \ XQ JURXSH GH VXUIDFH FRORQQH & TXH O¶RQ QRPPH SDU H[HPSOH 'DOOH GH VRO &KRLVLVVH] HQVXLWH XQH ]RQH GH WHPSpUDWXUH % FRORQQH '

HQFRGH] OHV VXUIDFHV GH GpSHUGLWLRQ SRXU FKDFXQH GHV SDURLV GDQV OD SDUWLH VDLVLH GHV VXUIDFHV GH OD IHXLOOH VXUIDFH (QVXLWH DOOH] VXU OD IHXLOOH EHVRLQ GH FKDXIIDJH /j YRXV UHWURXYH] OHV GLIIpUHQWHV SDURLV GX EkWLPHQW HW QRWDPPHQW 'DOOH GH VRO HW 'DOOH GH VRO &HSHQGDQW OH FRHI¿FLHQW FRUUHFWLI DL

FRORQQH .

GH OD SDURL 'DOOH GH VRO Q¶HVW SDV FHOXL FDOFXOp GDQV OD IHXLOOH 6RO ,O IDXW GRQF {WHU OD SURWHFWLRQ GH OD IHXLOOH %HVRLQ GH FKDXIIDJH HW UpLQVFULUH PDQXHOOHPHQW OD YDOHXU GX FRHI¿FLHQW FRUUHFWLI ,O HVW GRQF DXWRULVp GDQV FH FDV SUpFLV GH UHWLUHU OD SURWHFWLRQ GH OD IHXLOOH ,O IDXGUD OH VLJQDOHU FODLUHPHQW j OD 303DVEO RX j OD 3+3Y]Z ORUV GX GpS{W GH OD GHPDQGH GH FHUWL¿FDWLRQ GX SURMHW Ŷ

SKSS

EH SDVVLYH

(YROXWLRQ GX SRXUFHQWDJH G LVRODWLRQ GH OD SDURL G j OD SUpVHQFH (YROXWLRQ GX SRXUFHQWDJH G LVRODWLRQ GH OD SDURL G j OD SUpVHQFH GH OD EULTXH HQ IRQFWLRQ GX FRHIILFLHQW GH GpSHUGLWLRQ 8 GH OD EULTXH HQ IRQFWLRQ GX FRHI¿FLHQW GH GpSHUGLWLRQ 8

G LVRODWLRQ GH OD SDURL G j OD EULTXH

G LVRODWLRQ GH OD SDURL G j OD EULTXH

(YROXWLRQ GX SRXUFHQWDJH G LVRODWLRQ GH OD SDURL G j OD SUpVHQFH GH OD EULTXH HQ IRQFWLRQ GX FRHIILFLHQW GH GpSHUGLWLRQ 8

XQH EULTXH LQFRQQXH

GDQV OH YHQWUH SKSS

&RHIILFLHQW GH GpSHUGLWLRQ 8 >: Pð .@ &RHI¿FLHQW GH GpSHUGLWLRQ 8 >: Pð .@

WH[WH

%ULTXH ODPEGD PLQLPXP

%ULTXH ODPEGD LQWHUPpGLDLUH

%ULTXH ODPEGD PD[LPXP

&RHIILFLHQW GH GpSHUGLWLRQ 8 >: Pð .@

&RHI¿FLHQW GH GpSHUGLWLRQ 8 >: Pð .@

EH SDVVLYH

SKSS

SDURL j SDUWLU GX PRPHQW R FHOOH FL HVW ELHQ LVROpH " 'DQV TXHOOH PHVXUH IDXW LO UHFKHUFKHU O¶H[DFWLWXGH G¶XQH YDOHXU VL VRQ LPSDFW V¶DYqUH DQHFGRWLTXH" 1RXV UpSRQGURQV j FHV TXHVWLRQV HQ QRXV DSSX\DQW VXU O¶DQDO\VH GH SDURLV LVROpHV FRPSRVpHV GH EULTXHV SOHLQHV HQ WHUUH FXLWH pSDLVVHXU FP HW GRQW OD FRQGXFWLELOLWp YDULHUD GH VD YDOHXU PLQLPDOH j VD YDOHXU PD[LPDOH VHORQ OD QRUPH SUpFLWpH /D YDOHXU ODPEGD D pWp FRQVLGpUpH SRXU XQ PDWpULDX VHF VXU OHV GHX[ WLHUV GH OD SDURL HW KXPLGH VXU OH WLHUV H[WpULHXU SXLVTXH FHWWH SDUWLH HVW VRXPLVH j OD SOXLH /H JUDSKLTXH PRQWUH OD SDUW TXH SUHQG OD PDoRQQHULH GDQV O¶LVRODWLRQ WRWDOH GH OD SDURL HQ IRQFWLRQ GH VD YDOHXU JOREDOH 8 LVRODWLRQ FRPSULVH OD PDoRQQHULH FRQVHUYH VRQ pSDLVVHXU GH FP 2Q UHPDUTXH OD SODJH LPSRUWDQWH FRXYHUWH SDU OHV FRXUEHV YHUWH ODPEGD PD[LPXP HW EOHXH ODPEGD PLQLPXP

SULQFLSDOHPHQW GDQV OD ]RQH GHV SDURLV QRQ LVROpHV VXU OH JUDSKLTXH

(Q HIIHW OD YDOHXU 8 VDQV LVRODWLRQ SHXW SUDWLTXHPHQW WULSOHU VXLYDQW OH W\SH GH EULTXH

,QFRQQX SDU GpIDXW YRLOj GHX[ WHUPHV TXL SDUVqPHQW IUpTXHPPHQW OHV UDSSRUWV G¶DXGLWV HW DXWUHV WUDYDX[ OLpV j &RHIILFLHQW GH GpSHUGLWLRQ 8 >: Pð .@ OD UpQRYDWLRQ pQHUJpWLTXH G¶XQ EkWLPHQW 3RXU GpWHUPLQHU FH WRXMRXUV WURS ORQJ WHPSV GH UHWRXU GH WRXWH RSpUDWLRQ LO IDXW GLVVpTXHU OH EkWLPHQW HQ H[WUDLUH FKDTXH W\SH GH SDURL GH IHQrWUH« HW UHFRQVWLWXHU O¶HQVHPEOH GDQV XQ RXWLO LQIRUPDWLTXH FRPPH OH 3+33 OD 3(% $SUqV DYRLU FDOFXOp OD VXUIDFH GH OD IDoDGH RX ¿[p O¶pSDLVVHXU GX PXU RQ EXWH DORUV VXU OH ODPEGD GH OD PDoRQQHULH DXFXQH LGpH &¶HVW Oj TX¶LQWHUYLHQQHQW FHV IDPHXVHV YDOHXUV SDU GpIDXW VRUWLHV GH QRUPHV 1RUPH $QQH[H $ PDoRQQHULH ODPEGD SDU GpIDXW 6L QRXV SUHQRQV O¶H[HPSOH G¶XQ PXU SOHLQ HQ EULTXHV GH WHUUH FXLWH SOXVLHXUV YDOHXUV VRQW SURSRVpHV HQ IRQFWLRQ GH OHXU GHQVLWp 6L FHOOH FL Q¶HVW SDV FRQQXH LO VHUD DORUV GHPDQGp GH FRQVLGpUHU OH FDV OH SOXV GpIDYRUDEOH SRXU OH FDOFXO GX FRHI¿FLHQW GH GpSHUGLWLRQ 8 F¶HVW j GLUH OD FRQGXFWLELOLWp ODPEGD Ȝ OD SOXV pOHYpH 0DLV FHV SODJHV GH YDULDWLRQ GH OD FRQGXFWLELOLWp HQWUDvQHQW HOOHV XQH YDULDWLRQ LPSRUWDQWH GX FRHI¿FLHQW 8 GH OD

(YROXWLRQ GX SRXUFHQWDJH G LVRODWLRQ GH OD SDURL G j OD (YROXWLRQ GX SRXUFHQWDJH G LVRODWLRQ GH OD SDURL G j OD SUpVHQFH GH SUpVHQFH GH OD EULTXH HQ IRQFWLRQ GX FRHIILFLHQW GH GpSHUGLWLRQ OD EULTXH HQ IRQFWLRQ GX FRHI¿FLHQW GH GpSHUGLWLRQ 8 =RRP

8 =RRP

G LVRODWLRQ GH OD SDURL G j OD EULTXH

0DUQ\ GL 3LHWUDQWRQLR %HQRLW 4XHYULQ

G LVRODWLRQ GH OD SDURL G j OD EULTXH

G LVRODWLRQ GH OD SDURL G j OD EULTXH

/H JUDSKLTXH SURSRVH XQ ]RRP VXU OD ]RQH GHV SDURLV FRUUHFWHPHQW LVROpHV 8 j : Pð .

4XHO TXH VRLW VRQ ODPEGD OD SDUW LVRODQWH GH OD EULTXH HQ UHJDUG GH O¶HQVHPEOH GH OD SDURL GHYLHQW ELHQ V U HW KHXUHXVHPHQW SOXV IDLEOH 2Q SDUOH FHSHQGDQW WRXMRXUV G¶XQH IRXUFKHWWH GH j SRXU XQ 8 GH : Pð . RX GH j SRXU XQ 8 GH : Pð . (VW FH EHDXFRXS " 'RLW RQ SHQVHU j SUpOHYHU XQH EULTXH GH FKDTXH SURMHW HW PHWWUH j FRQWULEXWLRQ OH &67& SRXU HQ GpWHUPLQHU OHV FDUDFWpULVWLTXHV " /H JUDSKLTXH GRQQH O¶pSDLVVHXU G¶LVRODQW Ȝ : P. QpFHVVDLUH SRXU DWWHLQGUH XQ FRHI¿FLHQW 8 GRQQp HQ IRQFWLRQ GX ODPEGD GH OD EULTXH /D GLIIpUHQFH GH SRWHQWLHO LVRODQW GH OD PDoRQQHULH HVW WUDGXLWH SDU XQH pSDLVVHXU FRQVWDQWH G¶LVRODQW $LQVL GDQV QRWUH H[HPSOH RQ SHXW UHOHYHU XQ GHOWD GH FP G¶LVRODQW TXHO TXH VRLW OH QLYHDX 8 j DWWHLQGUH 3RXU DWWHLQGUH XQ 8 SRXU XQH PDoRQQHULH UHVSHFWLYHPHQW ORXUGH RX OpJqUH RX FP G¶LVRODQW V¶DYpUHURQW QpFHVVDLUHV 9RLOj XQ SHX PLHX[ ¿[pV OHV RUGUHV GH JUDQGHXU /LEUH j FKDFXQ GH UHFKHUFKHU

(YROXWLRQ GH O pSDLVVHXU G LVRODQW HQ IRQFWLRQ GX FRHIILFLHQW

(YROXWLRQ GH O pSDLVVHXU G LVRODQW HQ IRQFWLRQ GX FRHI¿FLHQW GH GH GpSHUGLWLRQ 8 GH OD SDURL GpSHUGLWLRQ 8 GH OD SDURL

3RQW WKHUPLTXH HQ IRQFWLRQ GH O pSDLVVHXU G LVRODWLRQ

FP 0: FP 0: FP 0:

(SDLVVHXU G LVRODQW >P@ (SDLVVHXU G LVRODQW >P@

9DOHXU 36, GX SRQW WKHUPLTXH >: P.@

9DOHXU 36, GX SRQW WKHUPLTXH >: P.@

/DPEGD PDoRQQHULH >: P.@

&RHI¿FLHQW GH GpSHUGLWLRQ 8 >: Pð .@ &RHIILFLHQW GH GpSHUGLWLRQ 8 >: Pð .@

/DPEGD PDoRQQHULH >: P.@ FP 0:

FP 0:

6XUIDFH pTXLYDOHQWH GX SRQW WKHUPLTXH

/DPEGD PDoRQQHULH >: P.@

XQH YDOHXU SOXV SUpFLVH SRXU XQH SDURL H[LVWDQWH SDU GLIIpUHQWV WHVWV ,O IDXW FHSHQGDQW VDYRLU TX¶HQ %HOJLTXH HW VHORQ SOXVLHXUV VRXUFHV GH IDEULFDQWV OD PDVVH YROXPLTXH PR\HQQH GHV PDoRQQHULHV GX SDUF H[LVWDQW VH VLWXHUDLW DX[ DOHQWRXUV GH NJ P VRLW XQ ODPEGD VHF GH : P. VHORQ OD QRUPH SRXU : P. SRXU OD SOXV PDXYDLVH YDOHXU NJ P

,O UHVWH FHSHQGDQW XQ SRLQW QRQ QpJOLJHDEOH OHV SRQWV WKHUPLTXHV ,O YD VDQV GLUH TX¶LO HVW WUqV UDUH GH YRLU XQH UpQRYDWLRQ VDQV SRQWV WKHUPLTXHV /HXU LPSDFW HVW LO PLQLPH " 6XSSRVRQV XQH LVRODWLRQ SDU O¶LQWpULHXU VFKpPD HQ SODQ DYHF XQ PXU SRUWHXU UHFRXSDQW FHW LVRODQW SRQW WKHUPLTXH FODVVLTXH TXL SHXW rWUH UpGXLW HQ DOORQJHDQW OH SDUFRXUV GHV FDORULHV JUkFH j XQ UHWRXU G¶LVRODQW VXU OH PXU LQWpULHXU SDU H[HPSOH 4XHO HVW O¶LPSDFW GX ODPEGD GH OD EULTXH VXU FH SRQW WKHUPLTXH " 3DV GH VXUSULVH D SULRUL SOXV OD PDoRQQHULH HVW LVRODQWH SOXV OD GpSHUGLWLRQ OLQpDLUH SDU FH Q°XG FRQVWUXFWLI VHUD IDLEOH &HV SRQWV WKHUPLTXHV pYROXHQW FHSHQGDQW HQ IRQFWLRQ GH O¶pSDLVVHXU

FP 0: FP 0: FP 0:

6FKpPD HQ SODQ

6XUIDFH GH SDURL pTXLYDOHQWV >Pð@

6XUIDFH GH SDURL pTXLYDOHQWV >Pð@

6XUIDFH GH SDURL pTXLYDOHQWV >Pð@

FP 0:

/DPEGD PDoRQQHULH >: P.@ /DPEGD PDoRQQHULH >: P.@

G¶LVRODQW Ȝ : P. GH PDQLqUH XQ SHX VXUSUHQDQWH (Q HIIHW VL SRXU XQH YDOHXU ODPEGD IDLEOH GH PDoRQQHULH RQ VHPEOH WURXYHU XQ SRQW WKHUPLTXH PD[LPXP DXWRXU GH FP G¶pSDLVVHXU G¶LVRODQW LO Q¶HQ YD SDV GH PrPH SRXU XQH PDoRQQHULH ORXUGH R OH 36, DXJPHQWH DORUV TXH O¶pSDLVVHXU G¶LVRODQW GLPLQXH 2Q SHXW YRLU GDQV OH JUDSKLTXH TXH SRXU XQH PrPH pSDLVVHXU G¶LVRODQW FP SDU H[HPSOH OD YDOHXU GX SRQW WKHUPLTXH YDULH GH : P. j : P. /D YDOHXU 36, GX SRQW WKHUPLTXH HVW WUqV DEVWUDLWH HOOH WUDGXLW XQ SKpQRPqQH WKHUPLTXH GDQV OD SK\VLTXH ' RX ' G¶XQ EkWLPHQW PDLV FHV YDOHXUV UHVWHQW GLI¿FLOHV j FRPSDUHU HQWUH HOOHV FDU HOOHV VRQW OLpHV j GHV TXHVWLRQV GH JpRPpWULH HW GH ORQJXHXUV FRQVLGpUpHV GDQV OHV GpWDLOV /H JUDSKLTXH SURSRVH XQH FRUUHVSRQGDQFH HQWUH XQ PqWUH OLQpDLUH GH SRQW WKHUPLTXH HW VRQ pTXLYDOHQW HQ PqWUH FDUUp GH VXUIDFH FRQVLGpUpH 3DU H[HPSOH SRXU XQ EULTXH GH ODPEGD : P. HW XQH SDURL LVROpH DYHF FP G¶LVRODQW OH SRQW WKHUPLTXH pTXLYDXW j Pð GH FHWWH SDURL

'DQV OH FDV GH OD SDURL WUqV LVROpH FP O¶LPSDFW GX ODPEGD GH OD PDoRQQHULH HVW pQRUPH PqWUH GH SRQW WKHUPLTXH SHXW FRUUHVSRQGUH j XQH VXUIDFH DOODQW GH Pð j Pð (W SRXU FHX[ TXL V¶\ VRQW GpMj IURWWpV GHV PqWUHV OLQpDLUHV GH SRQWV WKHUPLTXHV FH Q¶HVW SDV FH TXL PDQTXH HQ UpQRYDWLRQ 2Q UHPDUTXHUD O¶LPSDFW PRLQV LPSRUWDQW GX ODPEGD GH OD PDoRQQHULH VXU XQH SDURL DYHF FP G¶LVRODQW (Q FRQFOXVLRQ O¶LPSDFW GH OD YDOHXU ODPEGD GH OD EULTXH Q¶HVW SDV LQVLJQL¿DQW DX SRLQW GH SRXYRLU QpJOLJHU SDU SULQFLSH G¶HQ UHFKHUFKHU XQH HVWLPDWLRQ SUpFLVH 6L SRXU OD YDOHXU 8 G¶XQH SDURL SDVVLYH OD SDUWLH H[LVWDQWH QH SqVHUD SDV WUqV ORXUG GDQV OD EDODQFH WKHUPLTXH LO Q¶HQ YD SOXV GH PrPH SRXU G¶pYHQWXHOV SRQWV WKHUPLTXHV TXL IRUFHUDLHQW OD PDoRQQHULH j MRXHU XQ U{OH G¶LVRODQW UHODWLI 4XHVWLRQ GH SKLORVRSKLH TXH YHXW RQ YUDLPHQW JDJQHU HQ pSDUJQDQW FHQWLPqWUHV G¶LVRODQW " 1¶HVW LO SDV SOXV VLPSOH G¶LVROHU DX PLHX[ HW DX PD[LPXP GH QRV SRVVLELOLWpV " Ŷ /¶H[SOLFDWLRQ VFLHQWL¿TXH GH FH SKpQRPqQH VHUD DSSRUWpH GDQV XQ SURFKDLQ QXPpUR

SKSS

EH SDVVLYH

(Q OH JRXYHUQHPHQW IpGpUDO D FUpp XQH VpULH G¶DYDQWDJHV ¿VFDX[ GHVWLQpV DX[ SDUWLFXOLHUV 4XLFRQTXH FRQVWUXLW XQH PDLVRQ FHUWL¿pH SDVVLYH EpQp¿FLH SHQGDQW ORQJXHV DQQpHV G¶XQH UpGXFWLRQ DQQXHOOH G¶LPS{WV GH HXURV VRXPLV j LQGH[DWLRQ &RQIRUPpPHQW DX VWDQGDUG LQWHUQDWLRQDO HVW SDVVLI XQ ORJHPHQW GRQW OH EHVRLQ QHW G¶pQHUJLH GH FKDXIIDJH HW GH UHIURLGLVVHPHQW %(QHW FK HW %(QHW IU HVW LQIpULHXU j N:K Pð DQ HW GRQW OH WDX[ GH UHQRXYHOOHPHQW G¶DLU j 3D Q HVW LQIpULHXU j YROXPH SDU KHXUH /H JRXYHUQHPHQW IpGpUDO D UpFHPPHQW GpFLGp G pWHQGUH FHWWH PHVXUH DX[ KDELWDWLRQV EDVVH pQHUJLH HW ]pUR pQHUJLH /D EDVVH pQHUJLH HVW pJDOHPHQW Gp¿QLH HQ WHUPHV GH %( N:K Pð DQ FH TXL SODFH O¶HIIRUW Oj R LO HVW QpFHVVDLUH VXU O¶HQYHORSSH FRQVWUXLWH /D Gp¿QLWLRQ IpGpUDOH GX ]pUR pQHUJLH HVW FHOOH G¶XQH KDELWDWLRQ SDVVLYH GRQW OH EHVRLQ QHW G¶pQHUJLH GH FKDXIIDJH HW GH UHIURLGLVVHPHQW HVW FRPSHQVp SDU GH O¶pQHUJLH UHQRXYHODEOH SURGXLWH VXU SODFH 2Q LJQRUH HQFRUH DXMRXUG¶KXL FH TXH UHFRXYUH H[DFWHPHQW FHWWH GHUQLqUH FRQGLWLRQ PDLV OH VLJQDO GRQQp DX[ PDvWUHV G¶RXYUDJHV HW DX[ PDvWUHV G¶°XYUH HVW FODLU F¶HVW j OD TXDOLWp GH O¶HQYHORSSH GH QLYHDX SDVVLI TX¶LO IDXW GRQQHU OD SULRULWp SRXU V¶RFFXSHU HQVXLWH GH O¶pQHUJLH SURGXLWH /H IpGpUDO FRQVHUYH GRQF OHV FULWqUHV IRQGDPHQWDX[ GX SDVVLI 0DLV O¶H[WHQVLRQ GH OD SURFpGXUH j GHX[ QRXYHOOHV FDWpJRULHV LPSOLTXH pJDOHPHQW O¶H[WHQVLRQ GHV IRUPDOLWpV GH FHUWL¿FDWLRQ 'RUpQDYDQW OD FHUWL¿FDWLRQ QH VHUD SOXV O¶DSDQDJH GHV VHXOHV 3+3Y]Z HW 303DVEO PDLV SRXUUD DXVVL rWUH UpDOLVpH SDU O¶DGPLQLVWUDWLRQ

&HOOH FL QH VRXKDLWH SURYLVRLUHPHQW FHUWL¿HU TXH GHV KDELWDWLRQV EDVVH pQHUJLH PDLV FRPPH OH FHUWL¿FDW 3(% PHQWLRQQHUD SURFKDLQHPHQW OH EHVRLQ QHW G¶pQHUJLH OH ORJLFLHO 3(% D pWp PRGL¿p SDU OD UpJLRQ ÀDPDQGH j FHW HIIHW LO HVW WKpRULTXHPHQW SRVVLEOH GH GHPDQGHU OD UpGXFWLRQ G¶LPS{WV SRXU XQH KDELWDWLRQ SDVVLYH RX ]pUR pQHUJLH HQ XWLOLVDQW FH FHUWL¿FDW &HWWH PRGL¿FDWLRQ HVW SRUWHXVH GH QRXYHOOHV RSSRUWXQLWpV FRPPH GH QRXYHDX[ ULVTXHV 7RXW G DERUG LO \ D XQH GLIIpUHQFH HQWUH OH FDUDFWqUH UpJOHPHQWDLUH HW REOLJDWRLUH GH OD PpWKRGH 3(% HW G¶DXWUH SDUW OH U{OH SLRQQLHU MRXp SDU GHV RUJDQLVDWLRQV WHOOHV TXH OHV 3+3Y]Z HW 303DVEO SDU O¶XWLOLVDWLRQ GX 3+33 HW OHXU DFWLYLWp GH FHUWL¿FDWLRQ 6L OH SUHPLHU V¶DGUHVVH j OD JUDQGH PDVVH GHV EkWLPHQWV QHXIV HW H[LVWDQWV O DFFHQW HVW PLV SDU OH VHFRQG VXU GHV EkWLPHQWV DOOLDQW XQ KDXW QLYHDX GH FRQIRUW j XQH KDXWH HI¿FDFLWp pQHUJpWLTXH &HWWH FLEOH HVW G¶DLOOHXUV PRXYDQWH VL OH SDVVLI QRXV SDUDvW DXMRXUG¶KXL QRYDWHXU F¶HVW SRXU WHQGUH GHPDLQ YHUV OH SUHVTXH

]pUR pQHUJLH YRLUH YHUV OHV KDELWDWLRQV j pQHUJLH SRVLWLYH HQVXLWH /H ORJLFLHO GH FDOFXO 3+33 TXL D pWp FRQoX SRXU GHV EkWLPHQWV WUqV SHX FRQVRPPDWHXUV HVW pJDOHPHQW VROLGHPHQW YDOLGp SDU XQ WUqV ORQJ XVDJH HW GH QRPEUHX[ SURMHWV FRXURQQpV GH VXFFqV 8QH FHUWL¿FDWLRQ EDVpH VXU FHWWH PpWKRGH SUpVHQWH GHV DYDQWDJHV pYLGHQWV HW V¶DYqUH WUqV FRPSOqWH (Q RXWUH OH 3+33 UHVWH XQ RXWLO G¶DLGH j OD FRQFHSWLRQ VLPSOH HW O LPSDFW GX FKDQJHPHQW HQWUH OHV PpWKRGHV GH FDOFXO GH OD 3(% HW GX 3+33 /D 3+3Y]Z V¶HVW SHQFKpH VXU OHV pTXDWLRQV XWLOLVpHV GDQV

WH[WH

FHUWL¿HU GHV KDELWDWLRQV SDVVLYHV DYHF OD 3(% "

&KULVWRSKH 0DUUHFDX

EH SDVVLYH

3+33

OD 3(% ÀDPDQGH HW D GpFHOp TXHOTXHV GLIIpUHQFHV GH FDOFXO GRQW QRXV GRQQRQV FL GHVVRXV OHV pOpPHQWV OHV SOXV SHUWLQHQWV /D 3(% EDVH VRQ FDOFXO VXU XQH WHPSpUDWXUH GH FRQVLJQH LQWpULHXUH GH & DX OLHX GH & GDQV OH 3+33 ,O HVW GRQF ORJLTXH TXH OH %(QHW FDOFXOp GDQV OD 3(% VRLW LQIpULHXU j FHOXL WURXYp GDQV OH 3+33 PDLV FHOD QH FRUUHVSRQG SDV j OD UpDOLWp GHV EkWLPHQWV WUqV pFRQRPHV HQ pQHUJLH R XQH FRQVLJQH GH WHPSpUDWXUH GH QXLW SOXV IDLEOH Q¶D SDV GH VHQV HW R OD WHPSpUDWXUH PR\HQQH HVW GRQF EHDXFRXS SOXV pOHYpH /HV K\SRWKqVHV G¶DSSRUWV LQWHUQHV FRQVLGpUpV GDQV OHV ORJHPHQWV VRQW SOXV pOHYpHV GDQV OD 3(% : Pð

TXH GDQV OH 3+33 : Pð FH TXL j QRXYHDX D SRXU UpVXOWDW XQ %(QHW SOXV IDLEOH GDQV OD 3(% /H FDOFXO GX WDX[ G XWLOLVDWLRQ GHV DSSRUWV LQWHUQHV HVW pJDOHPHQW GLIIpUHQW 3RXU OD 3(% OHV DSSRUWV GH FKDOHXU HQ KLYHU QH VRQW SDV HQWLqUHPHQW YDORULVpV (Q pWp FHWWH GLIIpUHQFH HVW WUqV GpVDYDQWDJHXVH SRXU OHV EkWLPHQWV pFRQRPHV HQ pQHUJLH /H FDOFXO GX 3+33 REpLW j OD QRUPH LQWHUQDWLRQDOH 1%1 (1 ,62 FH TXH QH IDLW SDV OD 3(% /H SUREOqPH GX FDOFXO GH FH WDX[ G XWLOLVDWLRQ UpDSSDUDvW GDQV OH ELODQ pQHUJpWLTXH G¶XQ WULSOH YLWUDJH RULHQWp DX VXG FHWWH FRQ¿JXUDWLRQ JDUDQWLW QRUPDOHPHQW XQ ELODQ GH FKDOHXU QHW SRVLWLI PDLV LO IDXW FRQVWDWHU TXH GDQV OD 3(% OD SHUIRUPDQFH pQHUJpWLTXH GHV EkWLPHQWV HVW G¶DXWDQW PRLQV ERQQH TX¶LOV VRQW pTXLSpV GH YLWUDJHV j KDXW UHQGHPHQW DX VXG (QFRUH XQH IRLV OHV EkWLPHQWV j WUqV IDLEOH FRQVRPPDWLRQ VH WURXYHQW DLQVL VDQFWLRQQpV

/D 3(% SRVWXOH HQFRUH TXH O¶pWDQFKpLWp j O¶DLU HVW FRQVWDQWH DX FRXUV GH O¶DQQpH LO HVW GRQF LPSRVVLEOH GH FRQVLGpUHU TX¶RQ SHXW RXYULU OD IHQrWUH HQ PL VDLVRQ RX HQ pWp FH TXL SpQDOLVH OHV EkWLPHQWV j KDXWH HI¿FDFLWp pQHUJpWLTXH HQ DI¿FKDQW WUqV IDFLOHPHQW GHV LQGLFDWLRQV GH VXUFKDXIIH &H SRVWXODW UHQYRLH j OD UXPHXU VHORQ ODTXHOOH LO QH VHUDLW SDV SRVVLEOH G¶RXYULU OHV IHQrWUHV GDQV OHV PDLVRQV SDVVLYHV HW UHQIRUFH XQH FRQWUHYpULWp TXL D OD YLH GXUH (Q¿Q QRXV GHYRQV FRQVWDWHU TX XQ FHUWDLQ QRPEUH GH WHFKQLTXHV LQQRYDQWHV HW pFRQRPLTXHV FRPPH OHV SXLWV FDQDGLHQV OHV pFKDQJHXUV GH FKDOHXU JpRWKHUPLTXHV OHV pFKDQJHXUV GH FKDOHXU GH GRXFKH HWF QH VRQW SDV DFFHSWpHV SDU OH FDOFXO GH OD 3(% 2Q FRPSUHQG OHV DYDQWDJHV pYLGHQWV TX¶LO \ DXUDLW j XWLOLVHU OD 3(% SRXU OD FHUWL¿FDWLRQ GHV KDELWDWLRQV EDVVH pQHUJLH SDVVLYHV HW ]pUR pQHUJLH ,O V¶DJLW SRXU QRXV G¶XQ REMHFWLI SODXVLEOH SRXU OH IXWXU &HSHQGDQW LO QH IDXGUDLW SDV SRXU DXWDQW MHWHU OH 3+33 DYHF O HDX GX EDLQ HW VXUWRXW O RXWLO GH FDOFXO GRLW rWUH DX SOXV SUqV GH OD UpDOLWp FDU XQH PDLVRQ µFDOFXOpH¶ SDVVLYH GRLW XQH IRLV FRQVWUXLWH HW F¶HVW oD OH SULQFLSDO YUDLPHQW IRQFWLRQQHU FRPPH XQH PDLVRQ SDVVLYH 2U DXMRXUG KXL OH ULVTXH HVW ELHQ UpHO TXH FHUWDLQV ORJHPHQWV FHUWL¿pV SDU OD 3(% SRXU REWHQLU OD UpGXFWLRQ G¶LPS{WV UpVHUYpH DX[ KDELWDWLRQV SDVVLYHV RX EDVVH RX ]pUR pQHUJLH QH SUpVHQWHURQW HQ UpDOLWp SDV OHV SUHVWDWLRQV pQHUJpWLTXHV FRUUHVSRQGDQWHV -¶HQWHQGV GpMj OHV GpoXV PDXJUpHU VXU OHXUV PDLVRQV SDV VL SDVVLYHV TXH oD« Ŷ

UH¿LWUHF VHG VQRLWDWLEDK VHYLVVDS FHYD DO " %(3

3+33

EH SDVVLYH

avant

The insulated ceramic solution

après

projets

une isolation performante avec une esthĂŠtique illimitĂŠe by

www.e-brick.be )DLWHV UHVSLUHU YRWUH PDLVRQ

DGY ( EULFN [ LQGG

ILOWUHV G¡DLU ) *

YHQWLODWLRQ GRXEOH IOX[ pFKDQJHXU GH FKDOHXU

SRPSH j FKDOHXU ERLOHU /

YDQ DGYLHV RYHU YHUNRRS HQ SODDWVLQJ WRW GLHQVW QD YHUNRRS OHYHULQJ HQ SODDWVLQJ YDQ EXLWHQVFKULMQZHUN YRRU XZ UHQRYDWLHSURMHFW ODJH HQHUJLHZRQLQJ RI SDVVLHIKXLV

5pFXSpUDWLRQ GH FKDOHXU UpJXODWLRQ GH WHPSpUDWXUH

HDX FKDXGH VDQLWDLUH

ÂŤ &20%, (&

ZZZ DUWLNOLPD EH Âł

=ZDDUYHOG $ Âł +DPPH 29/

eJDOHPHQW GLVWULEXWHXU RIILFLHO GH

EH SDVVLYH

PHHU LQIR RS RI YLD LQIR#LQWHUSURMHFW EH

WH[WH

%HUQDUG 'HSUH]

SKRWRV

ZZZ JOREDOYLHZ EH $$$ $UFKLWHFWXUHV %HUQDUG 'HSUH] 6RSKLH %URQFKDUW

EH SDVVLYH SUpVHQWH

XQH UpQRYDWLRQ

XQH UpQRYDWLRQ

EH SDVVLYH

5pQRYDWLRQ G¶XQ LPPHXEOH GH EXUHDX[ j 1DPXU 0DvWUH GH O RXYUDJH (WKLFDO 3URSHUW\ ZZZ HWKLFDOSURSHUW\ HX

&RRUGLQDWLRQ (FR/RJ VSUO )UpGpULF $QFLRQ

ZZZ HFRORJ EH

$UFKLWHFWH $$$ $UFKLWHFWXUHV ZZZ DDDDUFKLWHFWXUHV EH

(WXGHV WHFKQLTXHV (XUHFD ZZZ HXUHFD QHW EH

3URMHFW PDQDJHU 0DQHUFR (QWUHSUHQHXU %DJHFL ZZZ EDJHFL EH

/H PHLOOHXU GHV 0XQGRV 6L YRXV DYH] pWp VFRXW YRXV VDYH] TX¶DLGHU XQH YLHLOOH GDPH j WUDYHUVHU OD UXH HVW XQH ERQQH DFWLRQ )UpGpULF $QFLRQ D GÂ&#x20AC; rWUH VFRXW FDU LO UHFKHUFKH GH YLHX[ LPPHXEOHV OHV WUDQVIRUPH HW OHV DLGH j SDVVHU OH FDS GX ;;,H VLqFOH &¶HVW DXVVL XQH ERQQH DFWLRQ 3UHQH] VD SUHPLqUH H[SpULHQFH j %UX[HOOHV OHV EXUHDX[ 0XQGR% &¶HVW DXMRXUG¶KXL OH UHSqUH GH GDQJHUHX[ 7DOLEDQV .KPHUV 9HUWV HW DXWUHV $\DWROODKV GH O¶pFRORJLH« (Q¿Q F¶HVW FH TX¶HQ GLUDLW OD SUHVVH LQWHUQDWLRQDOH %UHI F¶HVW OD 0DLVRQ GX 'pYHORSSHPHQW 'XUDEOH TXL UpXQLW SOXVLHXUV DVVRFLDWLRQV LQGpSHQGDQWHV HW PHW j OHXU GLVSRVLWLRQ XQ HQYLURQQHPHQW GH WUDYDLO GH SRVWHV HW XQ FHQWUH GH GRFXPHQWDWLRQ GDQV XQ EkWLPHQW pFR UpQRYp ODXUpDW GH O¶$SSHO j EkWLPHQWV H[HPSODLUHV SDU O¶$WHOLHU G¶$UFKLWHFWXUH $ $ $ GDQV XQ TXDUWLHU FHQWUDO j ,[HOOHV $X GpSDUW TXHOTXHV DVVRFLDWLRQV EUX[HOORLVHV FKHUFKHQW j rWUH SOXV HI¿FDFHV HQ pWDQW PRLQV GLVSHUVpHV 'HX[ EkWLPHQWV PLWR\HQV Pð VXU j pWDJHV VRQW ¿QDOHPHQW LGHQWL¿pV UXH G¶eGLPERXUJ HW DFTXLV HQ OD UpQRYDWLRQ OHV UpXQLW GX SRLQW GX YXH IRQFWLRQQHO XQH HQWUpH HW XQ DFFXHLO XQH FDIpWpULD GHV VDOOHV GH UpXQLRQ HW XQH LQIUDVWUXFWXUH PLV HQ FRPPXQ HW HVWKpWLTXH IHQrWUHV HQ ERLV ORFDO WRXFKHV GH FRXOHXU HQGXLW HWF &RPPDQGLWpHV SDU (WKLFDO 3URSHUW\ SURSULpWDLUH HW PDvWUH G¶RXYUDJH GDQV O¶RSpUDWLRQ TXHOTXHV LQWHUYHQWLRQV SHUPHWWHQW DX EkWLPHQW GH UpGXLUH VRQ EHVRLQ QHW GH FKDXIIDJH GH j N:K Pð DQ SRXU XQH pWDQFKpLWp j O¶DLU Q YRO K HW XQ FRÂ&#x20AC;W JOREDO GH UpQRYDWLRQ GH ¼ Pð GRQW VSpFL¿TXHPHQW FRQVDFUpV DX[ DVSHFWV GXUDEOHV )RUW GH FHWWH H[SpULHQFH )UpGpULF HW VRQ pTXLSH RXYUHQW XQ GHX[LqPH FKDQWLHU SRXU UpSRQGUH j OD GHPDQGH G¶XQH YLQJWDLQH G¶DVVRFLDWLRQV QDPXURLVHV HOOHV DXVVL DFWLYHV GDQV OH PrPH VHFWHXU ,OV MHWWHQW OHXU GpYROX VXU XQ LPPHXEOH GH Pð VLWXp j SUR[LPLWp

EH SDVVLYH

XQH UpQRYDWLRQ

6XSHU¿FLH SODQFKHU Pð EUXWV H[WHQVLRQ FRPSULVH %HVRLQ QHW G¶pQHUJLH GH FKDXIIDJH VHORQ O HQFRGDJH SKSS N:K Pð DQ (WDQFKpLWp j O¶DLU Q YRO K 8 GHV SDURLV HW IHQrWUHV PXUV HW : Pð .

WRLWXUH : Pð .

YLWUDJH 8J : Pð .

FKkVVLV 8I : Pð .

6\VWqPHV 90& GRXEOH Ã&#x20AC;X[ eFKDQJHXU j FRQWUH FRXUDQW (FODLUDJH SXLVVDQFH PR\HQQH : Pð GpFRXSDJH HQ ]RQHV LQGpSHQGDQWHV HW GLPPHUV SKRWRVHQVLEOHV &RÂ&#x20AC;W GH OD UpQRYDWLRQ ¼ KWYD HW KRQRUDLUHV LQFOXV ZZZ PXQGR E RUJ ZZZ ODOLEUH EH DFWX EUX[HOOHV DUWLFOH XQH PDLVRQ GX GHYHORSSHPHQW GXUDEOH KWPO ZZZ EUX[HOOHVHQYLURQQHPHQW EH !

3URIHVVLRQQHOV ! )RUPDWLRQV HW VpPLQDLUHV !

6pPLQDLUHV (FRFRQVWUXFWLRQ DFWHV 9RLU pJDOHPHQW VD GHVFULSWLRQ GDQV % 'HSUH] HW DO 9HUW %UX[HOOHV $UFKLWHFWXUHV j VXLYUH S 5DFLQH ZZZ HWKLFDOSURSHUW\ HX HQ XSORDGV GRFXPHQWV 0XQGR 1DPXU UHQRYDWLRQ SGI 9LD OH UpVHDX 5HVVRXUFHV DVEO ZZZ UHV VRXUFHV EH

GH OD JDUH GH 1DPXU 'DWDQW GHV DQQpHV VHSWDQWH LO V¶DJLW G¶XQH EkWLPHQW PDVVLI WUqV FRQYHQWLRQQHO RULHQWp VXG RXHVW DX[ IRUPHV W\SLTXHV G¶XQ XUEDQLVPH FZDWXSpHQ HW TXL UHTXLHUW XQH SURIRQGH UpQRYDWLRQ SRXU DFFXHLOOLU SRVWHV GH WUDYDLO GRQW TXHOTXHV XQV SRXU OD 303DVEO 0XQGR1 HVW ODQFp 8QH WURLVLqPH RSpUDWLRQ HVW DFWXHOOHPHQW j O¶pWXGH j *DQG 3UHPLHU SRLQW OD ORFDOLVDWLRQ j SUR[LPLWp GHV WUDQVSRUWV SXEOLFV QDPXURLV HVW H[FHOOHQWH (QVXLWH OH SULQFLSH GH OD PXWXDOLVDWLRQ GHV LQIUDVWUXFWXUHV HVW ELHQ V U UHSULV )RQFWLRQQHOOHPHQW FKDTXH SODWHDX GH Pð VHUD GpFRXSp SDU GHV FORLVRQV GLVSRVpHV j OD GHPDQGH GHV ORFDWDLUHV /¶RUJDQLVDWLRQ GX FKDQWLHU D SHUPLV j GHX[ HQWUHSULVHV G¶pFRQRPLH VRFLDOH GH UpFXSpUHU GHV PDWpULDX[ HW GHV pTXLSHPHQWV DX[TXHOV HOOHV RQW SX pYLWHU OD PLVH HQ GpFKDUJH &¶HVW DLQVL TX¶XQH VHFRQGH YLH D pWp GRQQpH DX[ SRUWHV HVFDOLHUV GH VHFRXUV VWRUHV HWF /H FRQFHSW pQHUJpWLTXH DYDLW SULV DX GpSDUW GHV RSWLRQV VLPLODLUHV j O¶RSpUDWLRQ EUX[HOORLVH DYHF XQ REMHFWLI GH EDVVH pQHUJLH 8QH pWXGH DWWHQWLYH GX EkWLPHQW UpDOLVpH DYHF OD 303DVEO D SHUPLV GH Gp¿QLU XQ REMHFWLI SOXV DPELWLHX[ XQH UpQRYDWLRQ SDVVLYH DYHF XQ EHVRLQ QHW GH FKDXIIDJH LQIpULHXU j N:K Pð DQ XQH pWDQFKpLWp j O¶DLU DPpOLRUpH Q YRO K HW XQH PDvWULVH GX ULVTXH GH VXUFKDXIIH

7HFKQLTXHPHQW OH EkWLPHQW D pWp FRPSOqWHPHQW LVROp SDU O¶H[WpULHXU OHV DQFLHQV SLJQRQV HW PXUV DUULqUH HQ EULTXH RQW pWp UHFRXYHUWV G¶XQH LVRODWLRQ HQ SRO\VW\UqQH JUDSKLWpH HQGXLWH pS FP HW OHV DOOqJHV HQ EpWRQ SUpID RQW pWp UHPSODFpHV SDU GHV FDLVVRQV HQ ERLV UHPSOLV GH FHOOXORVH FP 'H QRXYHDX[ FKkVVLV HQ ERLV LQGLJqQH pTXLSpV GH GRXEOH YLWUDJH VRODLUH RQW UHPSODFp OHV DQFLHQQHV PHQXLVHULHV PpWDOOLTXHV 8Q pWDJH VXSSOpPHQWDLUH HQ RVVDWXUH ERLV UHFWL¿H O¶DQFLHQ SUR¿O HQ IDLVDQW GLVSDUDvWUH OD JUDQGH WRLWXUH j GRXEOH SDQ HW SHUPHW G¶LVROHU GH PDQLqUH RSWLPDOH /HV SRPSLHUV Q¶DXWRULVDQW SDV XQ EDUGDJH HQ ERLV QDWXUHO

F¶HVW XQH W{OH HQ DFLHU QHUYXUp TXL SURWqJH OD IDoDGH j UXH 8Q JURXSH GH SXOVLRQ H[WUDFWLRQ SRVp HQ WRLWXUH DVVXUH OD YHQWLODWLRQ K\JLpQLTXH SRXU OH IRQFWLRQQHPHQW GHV EXUHDX[ HW HVW FRXSOp j XQ UpFXSpUDWHXU GH FKDOHXU j FRQWUH FRXUDQW 'HX[ XQLWpV LQGpSHQGDQWHV pTXLSHQW OHV VDOOHV GH UpXQLRQ FH TXL SHUPHW OD PHLOOHXUH DGpTXDWLRQ DX[ EHVRLQV UpHOV G¶DLU IUDLV HW OH PHLOOHXU UHQGHPHQW JOREDO SRXU OD SOXV JUDQGH ÀH[LELOLWp /¶DSSRLQW GH FKDOHXU VHUD DSSRUWp SDU XQH FKDXGLqUH YLD GHV UDGLDWHXUV 3RXU UpGXLUH OH ULVTXH GH VXUFKDXIIH HQ pWp WRXV OHV OXPLQDLUHV VRQW GH W\SH pFRQRPLTXH 7/ SXLVVDQFH PR\HQQH LQVWDOOpH : Pð OX[ HW XQH JHVWLRQ LQWHOOLJHQWH GH OD OXPLqUH HVW PLVH HQ SODFH OD IDoDGH RXHVW HVW pTXLSpH GH SURWHFWLRQV VRODLUHV ¿[HV HQ ODPHOOHV GH ERLV /¶LQHUWLH SHUPHW GH PHWWUH HQ °XYUH GX QLJKW FRROLQJ DYHF OH VRXWLHQ pYHQWXHO GX JURXSH GH YHQWLODWLRQ TXL HVW VXUGLPHQVLRQQp 8QH JUDQGH LQVWDOODWLRQ SKRWRYROWDwTXH SHUPHWWUD GH FRPSHQVHU XQH SDUWLH GHV FRQVRPPDWLRQV pOHFWULTXHV $ F{Wp GHV TXHVWLRQV pQHUJpWLTXHV HW RXWUH OD ORFDOLVDWLRQ O¶DSSURFKH pFRORJLTXH WRXFKH DXVVL DX FKRL[ GH PDWpULDX[ QRQ SROOXDQWV HW ODEHOOLVpV SRXU OHV SHLQWXUHV PHQXLVHULHV LVRODQWV HWF HW OD JHVWLRQ pFRQRPH GH O¶HDX j GpIDXW G¶XQH FLWHUQH

/¶pGL¿FH WUDQVIRUPp SDU (WKLFDO 3URSHUW\ Q¶DYDLW ULHQ j O¶RULJLQH G¶XQ SUL[ G¶pOpJDQFH DUFKLWHFWXUDOH 'HV YLHLOOHV GDPHV SDV VH[\ FRPPH FHOOHV Oj LO \ HQ D SOHLQ OHV UXHV 0DLV FRPPH GDQV WRXWHV OHV ERQQHV IDPLOOHV FH Q¶HVW SDV SDUFH TXH JUDQG¶PqUH D OHV JHQRX[ FDJQHX[ TX¶RQ Q¶HQ YHXW SDV VXU OD SKRWR '¶DXWDQW TXH OH EkWLPHQW RIIUH XQH VWUXFWXUH HQ EpWRQ VLPSOH HW ÀH[LEOH TX¶LO VHUDLW VWXSLGH GH GpPROLU /D UpQRYDWLRQ pQHUJpWLTXH GDQV FH FDV SHUPHW QRQ VHXOHPHQW GH UHFRQ¿JXUHU GHV EXUHDX[ SRXU XQ IRQFWLRQQHPHQW RSWLPDO PDLV SDUFH TX¶HOOH WRXFKH DXVVL SUpFLVpPHQW j WRXV OHV pOpPHQWV GH O¶HQYHORSSH HOOH RIIUH j FHWWH YLHLOOH GDPH XQH IDPHXVH HW YLVLEOH FXUH GH MRXYHQFH«Ŷ XQH UpQRYDWLRQ

EH SDVVLYH

Donner plus à vos héritiers tout en soutenant les plus démunis, c’est possible avec le Duo-legs et la Croix-Rouge !

EXEMPLE : Vous disposez de 200.000 EUR à léguer à votre nièce : 1 SANS LA CROIX-ROUGE :

Montant Droits de succession Montant légué à votre nièce

200.000 EUR - 100.000 EUR 100.000 EUR

2 AVEC LA FORMULE DUO-LEGS DE LA CROIX-ROUGE :

Montant Droits de succession Don à la Croix-Rouge

200.000 EUR - 60.000 EUR 15.000 EUR

Montant légué à votre nièce

125.000 EUR

D’autres formules de legs existent ! Il y en a forcément une qui vous conviendra.

N’hésitez pas à nous appeler, nous nous ferons un plaisir de vous conseiller.

Nous sommes à votre disposition pour répondre à toutes vos questions > Au 02 371 32 15 > Par mail : florence.doyen@redcross-fr.be > Ou visitez notre site internet : www.croix-rouge.be

WWW.CROIX-ROUGE.BE

EH SDVVLYH

0$57(16 /8& 635/ 0(18,6(5,( *(1(5$/(

1DUÁSDLDMSR CD E@¾@CD @UDB $EEDS +NSTR 0T@MC K@ OQNOQDSÀ UHDMS CD K@ OKTHD

/D VHXOH HQWUHSULVH GH PHQXLVHULH SDVVLYH HQ %HOJLTXH TXL FRQoRLW HW SURGXLW VHV SURSUHV FKkVVLV HW SRUWHV UpSRQGDQW DX[ FULWqUHV SDVVLIV FDOFXOpV SDU O 8QLYHUVLWp GH *DQG D¿Q GH VXLYUH OHV QRUPHV DOOHPDQGHV 1RXV SURGXLVRQV GHV FKkVVLV VXU PHVXUH HQ ERLV HW ERLV DOXPLQLXP /D SRVH GHV IHQrWUHV HW GHV SRUWHV HVW UpDOLVpH SDU GHV SURIHVVLRQQHOV H[SpULPHQWpV FH TXL SHUPHW G¶pYLWHU OHV PDOHQWHQGXV 3RXU OD SRVH GH YLWUDJH QRXV IDLVRQV DSSHO j XQH ¿UPH SURIHVVLRQQHOOH TXL HVW pTXLSpH SRXU SODFHU FRUUHFWHPHQW DXVVL ELHQ GHV SHWLWV TXH GHV JUDQGV IRUPDWV GH YHUUH MXVTX DX[ GLPHQVLRQV GH PP [ PP 9RXV SRXYH] pJDOHPHQW YRXV DGUHVVHU j QRXV SRXU OHV VWRUHV ¿QLWLRQV LQWpULHXUHV HW H[WpULHXUHV VHXLOV DOX YROHWV HWF 7RXWHV QRV SUR¿OpV VRQW WKHUPRODTXpV GDQV QRV SURSUHV DWHOLHUV &H TXL SUpVHQWH G¶pQRUPHV DYDQWDJHV HQ WHUPHV GH TXDOLWp HW GH GpODL 7RXWHV OHV FRXOHXUV 5$/ HW 1&6 VRQW GLVSRQLEOHV DLQVL TXH OHV WUDQVSDUHQWHV RX FRPELQDLVRQV VXLYDQW SRVVLELOLWpV /H FOLHQW GLVSRVH DXVVL G XQH YDVWH JDPPH GH PRGqOHV GH SRLJQpHV GH IHQrWUHV HW GH SRUWHV 1RXV SURSRVRQV pJDOHPHQW DX[ SUHVFULSWHXUV HW DX[ FOLHQWV XQ VXSSRUW WHFKQLTXH SRXU OHV GpWDLOV GHVFULSWLIV HW SRVVLELOLWpV FRQVWUXFWLYHV GHV SURMHWV

0DUWHQV /XF EYED 7HUGRQNSOHLQ 7HUGRQN *DQG

6 *KHHAI

OOA 1½H

#=T

EJBK >A OPKAQ ?KI SSS OPK >A

1RM*MRSQ?L ) +. CR 1RM*MRSQ?L !MJMP QMLR @?Q¿Q QSP J? RCAFLMJMEGC SLGOSC

BS *MRSQ #DDCAR

A NAR¾PAIAJPO @A B=»=@A KJP QJA OQNB=?A ATPN¾IAIAJP LANI½=>HA L=N H= IE?NK

OPNQ?PQNA ?KIIA ?AHHA @A H= ×AQN @A HKPQO )i=@D½NAJ?A @AO O=HEOOQNAO AOP ATPN¾IA

IAJP N½@QEPA HKNOMQiEH LHAQP HiA=Q AP HAO O=HEOOQNAO LANHAJP OQN H= B=»=@A )A N½OQHP=P )AO O=HEOOQNAO L=NPAJP =RA? H= LHQEA AJ H=EOO=JP H= B=»=@A PKQFKQNO LNKLNA AP O½?DA

/DHMSTQDR CD E@¾@CDR SQ@CHSHNMMDKKDR

"NLLDMS KDR E@¾@CDR QDRSDMS ADKKDR DS R¿BGDR @UDB KD +NSTR $EEDBS

7

)

7

ZZZ VFKULMQZHUNHULMPDUWHQVOXF EH PDUWOXF#VN\QHW EH Sto

Bâtir en responsable.

EH SDVVLYH

WH[WH

-XOLH :LOOHP

SKRWRV

( :DWHOHW $ 5RFFD

EH SDVVLYH SUpVHQWH

EH SDVVLYH

XQH UpQRYDWLRQ

Â&#x2039; $ 5RFFD

XQ ORJHPHQW

&RQVWUXFWLRQ GH GHX[ GXSOH[ SDVVLIV 0DvWUH GH O RXYUDJH , &DPDFKR HW $ %LRQGR $UFKLWHFWH ,QHV &DPDFKR ZZZ LQHVFDPDFKR FRP

3LRQQLqUH GpWHUPLQpH ,QqV &DPDFKR D GpSOR\p XQH pQHUJLH LPSUHVVLRQQDQWH SRXU PHQHU j ELHQ OD UpDOLVDWLRQ GHV GHX[ SUHPLHUV ORJHPHQWV SDVVLIV GH OD UpJLRQ EUX[HOORLVH (W FHFL PDOJUp XQ SDUFRXUV VHPp G¶HPEXFKHV HW GH VXUSULVHV 'qV OHV SUpPLFHV GX SURMHW XQ SUHPLHU Gp¿ HVW ODQFp O¶DFTXLVLWLRQ GX WHUUDLQ HVW VRXPLVH j O¶REWHQWLRQ GHV SHUPLV GH EkWLU HW GH ORWLU OH WRXW HQ PRLV &HWWH FRQWUDLQWH Q¶DUUrWH SDV O¶DUFKLWHFWH OD FRQFHSWLRQ VXUIH VXU OHV UqJOHV XUEDQLVWLTXHV HW FRPPXQDOHV SRXU RIIULU GHV ORJHPHQWV j OD IRLV FRPSDFWV HW JpQpUHX[ WRXW HQ FRQWRXUQDQW OHV HQWUDYHV DGPLQLVWUDWLYHV 8QH SURXHVVH SRXU FHWWH GHQW FUHXVH pWURLWH HW FRXUWH SUpVHQWDQW XQ DQJOH DX FRQWDFW GH OD UXH /HV SDUWLFXODULWpV GX WHUUDLQ VRQW KDELOHPHQW XWLOLVpHV SRXU FUpHU XQ EkWLPHQW GH YROXPpWULH VREUH HW HI¿FDFH XQ SODLVLU G¶KDELWHU HQ FRQGHQVp /D IDoDGH VXLW O¶DOLJQHPHQW j UXH WRXWHIRLV OHV YROXPHV HQ FUHX[ GHV ORJJLDV DSSRUWHQW XQH FRUUHFWLRQ j OD JpRPpWULH SRXU UHWURXYHU OD SHUSHQGLFXODLUH j O¶RULHQWDWLRQ SULQFLSDOH GH OD SDUFHOOH &HV SHWLWV HVSDFHV H[WpULHXUV LVVXV GH OD UHQFRQWUH GHV WUDPHV XUEDLQH HW SDUFHOODLUH V¶RXYUHQW DX VXG /H EkWLPHQW HVW IRUPp GH GHX[ GXSOH[ FRQIRUPpPHQW j O¶DIIHFWDWLRQ UpVLGHQWLHOOH SUpIpUHQWLHOOH GH OD ]RQH &KDTXH GXSOH[ SUR¿WH G¶XQH SHWLWH WHUUDVVH HW G¶XQ HVSDFH j FLHO RXYHUW SRXU FHOXL GX UH] XQ SDWLR HVW DPpQDJp j O¶DUULqUH GX EkWLPHQW SRXU FHOXL GH O¶pWDJH XQ SHWLW VRODULXP GLVFUHW V¶RXYUH VXU XQH GHV GHX[ FKDPEUHV 3RXU MXVWL¿HU GHV WRLWXUHV SODWHV DX[ \HX[ GH OD FRPPXQH OHV SDQQHDX[ VRODLUHV FRQVWLWXHQW XQ DUJXPHQW GH SRLGV (Q¿Q OH UHVSHFW GHV DOLJQHPHQWV GH FRUQLFKH HW OHV UHWUDLWV LPSRVpV SDU OH FRGH FLYLO VRQW SURSLFHV j XQ MHX YROXPpWULTXH PDvWULVp HQ IDoDGH DUULqUH

/HV SHUPLV VRQW DFFRUGpV OH WHUUDLQ HVW DFTXLV $ FH VWDGH XQ Gp¿ QRXYHDX VH SUpVHQWH OH EXGJHW GH FRQVWUXFWLRQ HVW WUqV OLPLWp 8Q GHV HQMHX[ SULQFLSDX[ GX SURMHW FRQVLVWH SRXU O¶DUFKLWHFWH j GpPRQWUHU TX¶LO HVW SRVVLEOH GH UpDOLVHU j SUL[ UDLVRQQDEOH GHV ORJHPHQWV G¶XQH TXDOLWp DXWDQW DUFKLWHFWXUDOH TXH GXUDEOH $ OD IRLV PDvWUH G¶RXYUDJH HW PDvWUH G¶°XYUH GX SURMHW ,QqV &DPDFKR GpFLGH GH VH FRQVDFUHU j SOHLQ WHPSV j OD UpDOLVDWLRQ GH VRQ ORJHPHQW RFFDVLRQ VRPPH WRXWH SOXW{W UDUH GDQV OD YLH G¶XQ DUFKLWHFWH 'DQV XQ VRXFL G¶pFRQRPLH O¶DVFHQVHXU HVW SURVFULW 6¶LQVSLUDQW OLEUHPHQW GHV SODQV GH OD PDLVRQ *XLHWWH GH /H &RUEXVLHU j $QYHUV XQ HVFDOLHU GURLW UHOLH OH UH] GH FKDXVVpH GLUHFWHPHQW DX VHFRQG QLYHDX FHOXL GX GXSOH[ VXSpULHXU '¶DSUqV OHV RFFXSDQWHV FHW HVFDOLHU PDJLVWUDO VXVFLWH VXLYDQW OHV FDUDFWqUHV XQH DGPLUDWLRQ H[WDWLTXH RX XQ UHIRXOHPHQW FUDLQWLI 2XWUH TXH FH GLVSRVLWLI OLEqUH XQ PD[LPXP G¶HVSDFH O¶HVFDOLHU SULQFLSDO DMRXWH j VRQ IRQFWLRQQHPHQW FRPPH OLHX GH FLUFXODWLRQ GHV DLUV GH JDOHULH G¶H[SRVLWLRQ REVHUYpH j OD YHUWLFDOH /HV GHX[ DSSDUWHPHQWV VRQW WUDYHUVDQWV QRUG VXG HW OHV SLqFHV GH MRXU RUJDQLVpHV DXWRXU G¶XQH FXLVLQH HQ LORW SHUPHWWHQW XQH DSSURSULDWLRQ ÀH[LEOH GHV OLHX[ WUqV pWUDQJHUV DX[ VRPEUHV WURLV SLqFHV HQ HQ¿ODGH 7URLVLqPH Gp¿ HW QRQ GHV PRLQGUHV DVVRFLHU OH VRXFL GH TXDOLWp DUFKLWHFWXUDOH j XQH YRORQWp pWKLTXH LQWUDQVLJHDQWH 9X OD FRPSDFLWp HW OHV SHUIRUPDQFHV LQLWLDOHV GX SURMHW LO Q¶\ DYDLW TX¶XQ SDV j IUDQFKLU SRXU OH UHQGUH SDVVLI 8Q SHWLW SDV SRXU OD WKpRULH XQ JUDQG SDV SRXU OD SUDWLTXH (Q FRQVWUXLUH DX VWDQGDUG SDVVLI XQ ORJHPHQW

EH SDVVLYH

6XSHU¿FLH SODQFKHU Pð %HVRLQ QHW G¶pQHUJLH GH FKDXIIDJH N:K Pð DQ N:K Pð DQ

LPSOLTXH XQ SDUFRXUV GX FRPEDWWDQW GDQV XQ GRPDLQH HQFRUH ODUJHPHQW LQFRQQX HQ %HOJLTXH /¶DUFKLWHFWH PHW OD PDLQ DX SOkWUH HW SURSRVH XQ SDFWH j XQH HQWUHSULVH j OD IRLV PpWLFXOHXVH HW DYHQWXULqUH &HOOH FL DFFHSWH GH VH ODQFHU GDQV XQ FKDQWLHU SDVVLI HQ UHVSHFWDQW GHV FRQWUDLQWHV EXGJpWDLUHV VWULFWHV PDLV HQ FRQWUHSDUWLH HOOH EpQp¿FLHUD GH FHWWH H[SpULHQFH HW GH O¶DFFqV FRPSOHW DX[ UHFKHUFKHV HW LQIRUPDWLRQV IRXUQLHV SDU ,QqV 'DQV FHV FRQGLWLRQV SDUWLFXOLqUHV FRPPHQFH O¶DYHQWXUH GX FKDQWLHU /HV SURGXLWV HW WHFKQLTXHV GRLYHQW VRXYHQW rWUH LPSRUWpV G¶$OOHPDJQH RX G¶$XWULFKH SRXU FKDTXH GpWDLO LO IDXW FRQVXOWHU GHV GL]DLQHV GH UHSUpVHQWDQWV FKRLVLU VH ODQFHU GpPRQWHU UHIDLUH FKHUFKHU H[SpULPHQWHU« /H FKDQWLHU GHYLHQW XQ ODERUDWRLUH JUDQGHXU QDWXUH UHTXpUDQW OD SUpVHQFH TXDVL FRQVWDQWH GH O¶DUFKLWHFWH PDvWUH G¶°XYUH 8QH pSUHXYH PDOJUp WRXW KDUDVVDQWH /H V\VWqPH FRQVWUXFWLI HVW PL[WH OH PXU PLWR\HQ HVW HQ PDoRQQHULH OHV IDoDGHV HW SODQFKHUV VRQW HQ VWUXFWXUH ERLV &KDTXH GpWDLO HVW pWXGLp SRXU pYLWHU WRXW SRQW WKHUPLTXH /¶LVRODWLRQ HVW SULQFLSDOHPHQW UpDOLVpH HQ FHOOXORVH LQVXIÀpH pJDOHPHQW GDQV OHV SODQFKHUV R HOOH MRXH XQ U{OH DFRXVWLTXH /¶HQGXLW H[WpULHXU HVW SRVp VXU GHV SDQQHDX[ GH ¿EUHV GH ERLV /HV TXDOLWpV pFRORJLTXHV GHV PDWpULDX[ JXLGHQW OHV FKRL[ OHV

EH SDVVLYH

XQ ORJHPHQW

SDQQHDX[ )HUPDFHO VRQW SDU H[HPSOH SUpIpUpV DX[ SDQQHDX[ GH SOkWUH FODVVLTXHV PDOJUp OHXU VXUFR W &HULVH VXU FH EHDX JkWHDX GHV SDQQHDX[ VRODLUHV SKRWRYROWDwTXHV KRUL]RQWDX[ VRQW GLVSRVpV HQ WRLWXUH $X QLYHDX GHV WHFKQLTXHV O¶XQLWp FRPSDFWH GH JHVWLRQ GX FKDXIIDJH GH OD YHQWLODWLRQ HW GH O¶HDX FKDXGH HVW GLUHFWHPHQW LPSRUWpH G¶$OOHPDJQH $HURVPDUW GH 'UH[HO /D SULVH G¶DLU HVW SUpFKDXIIpH RX SUpUHIURLGLH JUkFH j XQ pFKDQJHXU JpRWKHUPLTXH IRUp MXVTX¶j P GH SURIRQGHXU /HV SUHPLHUV UHOHYpV PRQWUHQW TXH OD FRQVRPPDWLRQ pOHFWULTXH GX GXSOH[ GH O¶pWDJH HVW SUHVTX¶HQWLqUHPHQW FRPSHQVpH SDU OD SURGXFWLRQ VRODLUH $XMRXUG¶KXL OD SpULRGH GX FKDQWLHU HW GH VHV JDOqUHV TXRWLGLHQQHV HVW HQWUpH GDQV OH SXUJDWRLUH GHV VRXYHQLUV ,QqV &DPDFKR D UpDOLVp XQ YpULWDEOH WRXU GH IRUFH TXL OXL D G¶DLOOHXUV YDOX SOXVLHXUV UpFRPSHQVHV HW SUR¿WH GH VRQ ORJHPHQW GHSXLV QRYHPEUH /HV FKDQJHPHQWV VXUYHQXV GDQV OH VHFWHXU GH OD FRQVWUXFWLRQ FHV GHUQLqUHV DQQpHV VRQW LPSUHVVLRQQDQWV $X WHPSV GHV SLRQQLHUV VXFFpGHUD HVSpURQV OH XQ WHPSV R FRQVWUXLUH SDVVLI VHUD GHYHQX SDUIDLWHPHQW QRUPDO (W VXUWRXW +DELWHU GDQV XQ ORJHPHQW R LO Q¶\ D SDV GH ]RQH IURLGH F¶HVW OH YpULWDEOH OX[H 7LFR /HFKDW JUDQG FRQQDLVVHXU GHV OLHX[ VHPEOH ELHQ GH FHW DYLV Ŷ

$ 5RFFD

6\VWqPHV pFKDQJHXU VRO HDX XQLWp FRPSDFWH YHQWLODWLRQ HDX FKDXGH VDQLWDLUH FKDXIIDJH

SDQQHDX[ SKRWRYROWDwTXHV

( :DWHOHW

( :DWHOHW

$ 5RFFD

(WDQFKpLWp j O¶DLU Q YRO K

EH SDVVLYH

SURSUHV PHPEUHV &¶HVW SRXUTXRL OHV GpWDLOV UHoXV VHURQW WUDLWpV SDU XQH SHWLWH pTXLSH FRQVWLWXpH GH EXUHDX[ G¶pWXGHV PHPEUHV GH OD 3ODWH IRUPH TXL FDOFXOHURQW OHV SRQWV WKHUPLTXHV j O¶DLGH GX ORJLFLHO 7KHUP /¶LQWpUrW HW O¶RULJLQDOLWp GX VHUYLFH TXH SURSRVH OD 303 UpVLGHQW GDQV OH IDLW TXH WRXV OHV GpWDLOV FRQVWUXFWLIV HW WRXV OHV UpVXOWDWV GHV FDOFXOV VHURQW SURJUHVVLYHPHQW LQWpJUpV GDQV XQH EDVH GH GRQQpH HQ OLJQH DFFHVVLEOH JUDWXLWHPHQW j WRXV *UkFH j XQ SHWLW PRWHXU GH UHFKHUFKH LQWXLWLI FKDFXQ WURXYHUD GLUHFWHPHQW G¶DXWUHV GpWDLOV VLPLODLUHV DX VLHQ 6DQV FRQVWLWXHU XQ YpULWDEOH FDWDORJXH V\VWpPDWLTXH FHWWH JDOHULH YRXV SHUPHWWUD G¶DOLPHQWHU YRWUH UpÀH[LRQ HQ DPRQW GqV OD FRQFHSWLRQ GX GpWDLO 9RLU FRPPHQW G¶DXWUHV RQW UpVROXV OHXU SUREOqPH SHXW GRQQHU GHV LGpHV HW YRXV DLGHU j Gp¿QLU YRWUH SURSUH VROXWLRQ &HULVH VXU OH JkWHDX VL YRXV IRXUQLVVH] SDU OD VXLWH GHV SKRWRV HW GHV FRPPHQWDLUHV GH O¶DUFKLWHFWH HW RX GH O¶HQWUHSUHQHXU SDU UDSSRUW j OD PLVH HQ °XYUH GX GpWDLO HQ TXHVWLRQ YRXV VHUH] UHPERXUVp G¶XQH SDUWLH GHV IUDLV HQFRXUXV ORUV GH OD GHPDQGH GH FDOFXO $LQVL LOOXVWUpH OD EDVH GH GRQQpHV Q¶HQ VHUD TXH SOXV DWWUDFWLYH HW XWLOH 5HQGH] YRXV VDQV WDUGHU VXU ZZZ SRQWV WKHUPLTXHV EH (Q EUHI OH VHUYLFH SRQWV WKHUPLTXHV HVW DFFHVVLEOH j WRXV PHPEUHV RX QRQ VXU ZZZ SRQWV WKHUPLTXHV EH

SD\DQW FRQGLWLRQV VXU OH VLWH ZHE

HQ IUDQoDLV GDQV XQ SUHPLHU WHPSV Ŷ 1RUPH 1%1 HQ DWWHQGDQW VD UpYLVLRQ VXLWH j O¶DSSOLFDWLRQ GH OD GLUHFWLYH 3(%

3DU H[HPSOH OH FDWDORJXH VXLVVH ELHQ FRQQX KWWS ZZZ YG FK ¿OHDGPLQ XVHUBXSORDG WKHPHV HQYLURQQHPHQW HQHUJLH ILFKLHUVBSGI FDOFXOBSRQWB WKHUPLTXHV SGI 6L YRXV VRXKDLWH] YRXV DXVVL IDLUH SDUWLH GH FHWWH pTXLSH XQH IRLV TXH FH VHUYLFH DXUD SULV GH O¶DPSOHXU HQYR\H] XQ SHWLW PRW j LQIR#PDLVRQSDVVLYH EH

SPS VHUYLFH SRQWV WKHUPLTXHV OHV SODWHIRUPHV SURSRVHQW

WH[WH

$GHOLQH *XHUULDW

EH SDVVLYH

OHV SODWHIRUPHV SURSRVHQW

F FRS\ULJKW 7KHUP

/HV SRQWV WKHUPLTXHV FHV IDPHX[ SRLQWV IDLEOHV GH O¶HQYHORSSH G¶XQ EkWLPHQW VRQW ELHQ VRXYHQW OD ErWH QRLUH GH O¶DUFKLWHFWH ,OV RQW SRXUWDQW XQH LPSRUWDQFH FDSLWDOH GDQV OD FRQFHSWLRQ G¶XQ EkWLPHQW SDVVLI HW OHXU SULVH HQ FRPSWH VHUD ELHQW{W REOLJDWRLUH pJDOHPHQW SRXU XQ EkWLPHQW FODVVLTXH GDQV OH FDGUH GH OD 3HUIRUPDQFH (QHUJpWLTXH GHV %kWLPHQWV 3(%

2Q FRQoRLW OH EkWLPHQW HQ D\DQW ELHQ HQ WrWH TXH OHXU SUpVHQFH Q¶HVW SDV VRXKDLWDEOH RQ V¶DUUDFKH OHV FKHYHX[ SRXU OHV UHQGUH LQH[LVWDQWV RQ WURXYH GHV VXEWHUIXJHV SRXU OHV VXSSULPHU PDLV GDQV FHUWDLQV FDV ULHQ j IDLUH LOV VRQW LQpYLWDEOHV« 2Q UHGHVVLQH DORUV GLIIpUHPPHQW TXLQ]H IRLV OH PrPH GpWDLO GDQV OH EXW GH PLQLPLVHU OH SOXV SRVVLEOH O¶LPSDFW GX SRQW WKHUPLTXH« VDQV RXEOLHU OHV DXWUHV LPSpUDWLIV TXH VRQW OD VWDELOLWp O¶pWDQFKpLWp j O¶HDX O¶DFRXVWLTXH HWF 4XDQG HQ¿Q RQ WURXYH XQH VROXWLRQ DFFHSWDEOH j WRXV SRLQWV GH YXH LO V¶DJLW G¶pYDOXHU FH SRQW WKHUPLTXH SRXU SRXYRLU O¶LQWpJUHU GDQV OH FDOFXO 3+33 2Q SHXW ELHQ HQWHQGX VH EDVHU VXU OHV YDOHXUV SDU GpIDXW GH OD QRUPH PDLV FHV YDOHXUV FRPPH WRXWHV YDOHXUV SDU GpIDXW VRQW ORLQ G¶rWUH IDYRUDEOHV« 3RXU VH UDSSURFKHU XQ SHX GH OD UpDOLWp RQ SHXW SUHQGUH HQ FRPSWH GHV YDOHXUV LVVXHV GH FDWDORJXHV GH SRQWV WKHUPLTXHV 0DLV OHV FDWDORJXHV DXVVL RQW OHXUV OLPLWHV /H Q°XG TXL QRXV RFFXSH Q¶\ ¿JXUHUD SDV IRUFpPHQW HW TXDQG ELHQ PrPH LO \ VHUDLW SUpVHQW OD YDOHXU SURSRVpH UHVWHUDLW SOXV SpQDOLVDQWH TXH OD YDOHXU SUpFLVH 3RXU FROOHU DX PLHX[ j OD UpDOLWp ULHQ GH WHO GRQF TX¶XQ FDOFXO SUpFLV GH OD YDOHXU GX SRQW WKHUPLTXH GX UDFFRUG SUREOpPDWLTXH &¶HVW Oj TX¶LQWHUYLHQW OH VHUYLFH LQpGLW SURSRVp SDU OD 303DVEO 9RXV rWHV PHPEUH " 9RXV SRXYH] HQYR\HU OH GHVVLQ GH YRWUH UDFFRUG DX IRUPDW LQIRUPDWLTXH DLQVL TX¶XQH OpJHQGH GpWDLOOpH GHV FRPSRVLWLRQV GH SDURLV HW GHV GLIIpUHQWV PDWpULDX[ XWLOLVpV 4XHOTXHV MRXUV SOXV WDUG YRXV UHFHYH] OD YDOHXU GH YRWUH SRQW WKHUPLTXH j HQFRGHU GDQV OH 3+33 (Q GpYHORSSDQW FH VHUYLFH OD 303DVEO QH YLVH ELHQ HQWHQGX SDV j VH VXEVWLWXHU j XQ EXUHDX G¶pWXGH HW HQFRUH PRLQV j IDLUH FRQFXUUHQFH j VHV

L’isolation des murs creux ultra mince, inspirée par la nature. ultra mince

rainuré et languetté pour un emboîtement parfait

résistant à l’humidité

le côté rugueux protège de la corrosion

solide et indéformable

durable

côté brillant réfléchissant

La nature e es estt une une e sou source rce d d’ d’inspiration inspir ins i ation inépuisable pour nos innovateurs produits.

C’est ainsi urs rs de pr p pro ro odui d ts C’ C e ai es est a n qu’ils ont conçu Eurowall, nsi une isolation des murs creux parfaitement isolante, durable et très mince.

Vous souhaitez en savoir plus sur Eurowall ou sur les autres produits de Recticel Insulation ? Surfez sur www.eurowall.be

Dé D Déc écouv é uvrez uvrez rrez no nottre re n no ouv uve v au us siiite web sit eb: b: u b: un ne ré épo po p nse ns ns se e su sur mesure me mes ure re e à tou tto ou o utes tte es e sv vo o os s ques ques es e stio tions ns s ns sur ll’’isolat sur is iso so ola lat lat atio ion ion on!

www. ww w re w. ect c ic icel elin el in insu nsu ula lati tion ti o .b on .be e

Pourquoi conseiller Eurowall ? ƾ l’isolation des murs creux ultra mince mince e grâce gr g âce à son on n excellent excel ex cellen ce cel le len en nt pouvoir isolant ƾ avec 0,023W/mK, Eurowall a une excellente valeur lambda pour l’isolation des murs creux ƾ facile à intégrer dans les projets et à poser : la largeur standard du mur peut être conservée avec un niveau d’isolation accru ƾ Recticel Insulation est le seul fabricant de panneaux durs d’isolation à détenir la certification Keymark ƾ agréé ATG ƾ la nouvelle finition rainurée et languettée sur les quatre côtés élimine les ponts thermiques et empêche les pertes d’énergie et les émissions élevées de CO2 ƾ revêtement asymétrique pour une meilleure isolation et une protection contre le ciment ƾ panneaux indéformables, résistants à l’humidité et aux dimensions stables

OHV SODWHIRUPHV SURSRVHQW

EH SDVVLYH

GpWDLO

LVROHU SDU O¶LQWpULHXU RX SDU O¶H[WpULHXU" WH[WH

2OLYLHU +HQ]

7HPSpUDWXUHV /D PLVH HQ °XYUH G¶XQH LVRODWLRQ WKHUPLTXH VXU XQH SDURL H[LVWDQWH PRGL¿H VHV WHPSpUDWXUHV LQWHUQHV HW GH VXUIDFH 'DQV OH FDV SUpVHQW QRXV DQDO\VRQV OD PrPH SDURL GDQV WURLV VLWXDWLRQV G¶LVRODWLRQ WKHUPLTXH GLIIpUHQWHV VDQV LVRODWLRQ LVROpH SDU O¶H[WpULHXU HW SDU O¶LQWpULHXU /¶LVRODQW SODFp D XQH pSDLVVHXU GH FP HW XQH FRQGXFWLYLWp WKHUPLTXH GH : P. /H FRHI¿FLHQW GH WUDQVPLVVLRQ WKHUPLTXH 8 YDXW :

4XDQG RQ D OH FKRL[ OD TXHVWLRQ QH VH SRVH PrPH SDV 0DLV HQ UpQRYDWLRQ LO HVW SDUIRLV GLI¿FLOH YRLUH LPSRVVLEOH G¶LVROHU SDU O¶H[WpULHXU O¶LPPHXEOH HVW FODVVp OHV IDoDGHV VRQW UHPDUTXDEOHV OH SpULPqWUH GX EkWLPHQW FRUUHVSRQG j OD OLPLWH GH OD SURSULpWp« DXWDQW GH UDLVRQV TXL FRQGXLVHQW j SRVHU O¶LVRODWLRQ SDU O¶LQWpULHXU /D IDLVDELOLWp WHFKQLTXH GH FH FKRL[ QH GRLW SOXV rWUH SURXYpH 0DLV HVW FH ELHQ OH FDV HQ SDVVLI R O¶pSDLVVHXU G¶LVRODWLRQ HVW PD[LPDOH OHV SRQWV WKHUPLTXHV FDOFXOpV HW O¶pWDQFKpLWp j O¶DLU WHVWpH " 7RXWH OD SUREOpPDWLTXH GH O¶LVRODWLRQ LQWpULHXUH HVW UpYpOpH SDU O¶DQDO\VH GHV ÀX[ K\JURWKHUPLTXHV GDQV OD SDURL

Pð . FH TXL HVW XQH YDOHXU UpDOLVWH GDQV OH FDGUH GX SDVVLI 3RXU OH FDOFXO OHV FRQGLWLRQV GH WHPSpUDWXUHV H[WpULHXUHV HW LQWpULHXUHV VRQW UHVSHFWLYHPHQW GH & HW & 2Q FRQVWDWH TXH OHV WHPSpUDWXUHV GH VXUIDFH HQWUH OD SDURL QRQ LVROpH FDV $ HW OHV SDURLV LVROpHV FDV % HW & VRQW GLIIpUHQWHV 'X F{Wp LQWpULHXU O¶LVRODWLRQ IDLW IRQGDPHQWDOHPHQW DXJPHQWHU OD WHPSpUDWXUH VXSHU¿FLHOOH HW IRUFpPHQW OH FRQIRUW WKHUPLTXH GDQV O¶KDELWDWLRQ 'X

([WpULHXU &

,QWpULHXU &

& & &

F{Wp H[WpULHXU OD WHPSpUDWXUH GLPLQXH GDYDQWDJH 2Q FRQVWDWH pJDOHPHQW SRXU OHV FDV % HW & TXH OHV WHPSpUDWXUHV VXSHU¿FLHOOHV VRQW LGHQWLTXHV LQGpSHQGDPPHQW GH O¶HPSODFHPHQW GH O¶LVRODWLRQ 'RQF DYHF XQ UHJDUG UpGXFWHXU VXU OH FRHI¿FLHQW GH WUDQVPLVVLRQ WKHUPLTXH RQ SRXUUDLW HQ FRQFOXUH TXH O¶LVRODWLRQ LQWpULHXUH QH SRVH DXFXQ SUREOqPH SRXU DWWHLQGUH OD SHUIRUPDQFH GX SDVVLI

$

0XU

H[LVWDQW

VDQV

LVRODWLRQ

/H PXU QRQ LVROp D XQH YDOHXU 8 GH : Pð. /HV WHPSpUDWXUHV GH VXSHU¿FLH H[WpULHXUH HW LQWpULHXUH VRQW UHVSHFWLYHPHQW GH HW & WHPSpUDWXUH GH VXSHU¿FLH LQWpULHXUH WUqV IDLEOH FH TXL UpGXLW OH FRQIRUW WKHUPLTXH HW DXJPHQWH OH ULVTXH GH FRQGHQVDWLRQ

% 0XU H[LVWDQW LVRODWLRQ H[WpULHXUH

& & & &

/D YDOHXU 8 GH OD SDURL LVROpH SDU O¶H[WpULHXUH HVW GH : Pð. /HV WHPSpUDWXUHV GH VXSHU¿FLH H[WpULHXUH HW LQWpULHXUH VRQW UHVSHFWLYHPHQW GH HW & 2Q FRQVWDWH TXH OD WHPSpUDWXUH H[WpULHXUH GX PXU H[LVWDQW DXJPHQWH j & FH TXL PHW OH PXU j O¶DEUL GH WRXWH FRQGHQVDWLRQ

& 0XU H[LVWDQW LVRODWLRQ LQWpULHXUH

& & & &

EH SDVVLYH

GpWDLO

/D YDOHXU 8 GH OD SDURL LVROpH SDU O¶LQWpULHXUH HVW pJDOHPHQW GH : Pð. /HV WHPSpUDWXUHV GH VXSHU¿FLHV VRQW VLPLODLUHV DX FDV E 0DLV OD GLIIpUHQFH IRQGDPHQWDOH VH VLWXH DX QLYHDX GH OD WHPSpUDWXUH GX PXU H[LVWDQW PDLQWHQDQW ODUJHPHQW LQIpULHXUH j &

7 H[WpULHXUH &

G

7 LQWpULHXUH &

0DLV FH TXL FKDQJH IRQGDPHQWDOHPHQW HQWUH OHV FDV % HW & VRQW OHV WHPSpUDWXUHV GDQV OD SDURL H[LVWDQWH 'DQV OH FDV % OHV WHPSpUDWXUHV VRQW FRPSULVHV HQWUH HW & 'DQV OH FDV & HOOHV VH VLWXHQW HQWUH HW & &RPPH OH PRQWUH OH JUDSKLTXH FL FRQWUH OHV WHPSpUDWXUHV LQWpULHXUHV GH OD SDURL H[LVWDQWH GLPLQXHQW j PHVXUH TX¶DXJPHQWH OD UpVLVWDQFH WKHUPLTXH

,O GHYLHQW LPSpUDWLI GH VH SRVHU OD TXHVWLRQ VXLYDQWH VL GDQV OH FH FDV % OD SDURL H[LVWDQWH HVW j O¶DEUL GHV SUREOqPHV GH FRQGHQVDWLRQ TX¶HQ HVW LO GDQV OD VLWXDWLRQ & " +XPLGLWp /¶KXPLGLWp GDQV XQH SDURL SHXW SURYHQLU GH O¶DFWH GH FRQVWUXLUH KXPLGLWp LQLWLDOH GH OD SOXLH EDWWDQWH SDU UHPRQWpH FDSLOODLUH HW SDU WUDQVSRUW GH YDSHXU G¶HDX /D FRQFHQWUDWLRQ G¶KXPLGLWp GDQV XQH SDURL YDULH HQ IRQFWLRQ GHV FRQGLWLRQV FOLPDWLTXHV DX[TXHOOHV HOOH HVW VRXPLVH &HV VRXUFHV G¶KXPLGLWp SHXYHQW rWUHV PDLWULVpHV ,O IDXW GRQQHU OH WHPSV HW OD SRVVLELOLWp j O¶KXPLGLWp LQLWLDOH j V¶pYDFXHU VRXYHQW FRQWUDLUH j O¶H[LJHQFH GH UDSLGLWp VXU FKDQWLHU 'HV SDUHPHQWV H[WpULHXUV SHXYHQW SURWpJHU XQH SDURL GH OD SOXLH EDWWDQWH /D UpGXFWLRQ GH OD UHPRQWpH G¶HDX SDU FDSLOODULWp GHYLHQW GpMj SOXV FRPSOLTXpH PDLV Oj DXVVL GHV VROXWLRQV WHFKQLTXHV H[LVWHQW HW VRQW HI¿FDFHV 3DU FRQWUH OH WUDQVSRUW GH YDSHXU G¶HDX j WUDYHUV XQH SDURL QH SHXW rWUH HPSrFKp 7RXW FRPPH OD FKDOHXU HVW GpSODFpH SDU OH SURFHVVXV G¶pTXLOLEUDJH GHV WHPSpUDWXUHV GH SDUW HW G¶DXWUH GH OD SDURL OD YDSHXU

7HPSpUDWXUHV > & @ YDOHXUV 8 > : Pð. @

7HPSpUDWXUH LQWpULHXUH GH OD SDURL H[LVWDQWH

&RHI¿FLHQW GH WUDQVPLVVLRQ WKHUPLTXH 9DOHXU 8

(SDLVVHXU G LVRODWLRQ WKHUPLTXHZ >FP@

7HPSpUDWXUH LQWpULHXUH GH OD SDURL H[LVWDQWH

(YROXWLRQ GH OD WHPSpUDWXUH LQWpULHXUH G¶XQH SDURL H[LVWDQWH HQ IRQFWLRQ GH O¶pSDLVVHXU GH O¶LVRODWLRQ LQWpULHXUH

G HDX VH GLIIXVH G¶XQ PLOLHX j IRUWH FRQFHQWUDWLRQ HQ YDSHXU G HDX YHUV XQ PLOLHX j SOXV IDLEOH FRQFHQWUDWLRQ &¶HVW LFL TXH OH SDVVLI DYHF VHV pSDLVVHXUV G¶LVRODWLRQ LPSRUWDQWHV FRPSOLTXH OHV FKRVHV ,O \ D FRQGHQVDWLRQ LQWHUQH TXDQG OD SUHVVLRQ UpHOOH HQ XQ SRLQW GpSDVVH OD SUHVVLRQ GH VDWXUDWLRQ 2U FHWWH VDWXUDWLRQ HVW G¶DXWDQW SOXV YLWH DWWHLQWH TXH OHV WHPSpUDWXUHV VRQW EDVVHV 'qV ORUV O¶DXJPHQWDWLRQ GH O¶pSDLVVHXU G¶LVRODWLRQ LQWpULHXUH WHOOH TX¶DQDO\VpH SOXV KDXW UpGXLW OHV WHPSpUDWXUHV GDQV OH PXU PDLV DXJPHQWH OH ULVTXH GH FRQGHQVDWLRQ VXU HW GDQV OD SDURL 3RXU SRXYRLU PDLQWHQDQW pYDOXHU FHV ULVTXHV GH FRQGHQVDWLRQ GDQV OH FDV G¶XQH LVRODWLRQ LQWpULHXUH XQH YpUL¿FDWLRQ GH OD FRPSRVLWLRQ GHV GLIIpUHQWHV FRXFKHV FRQVWLWXDQW OD SDURL V¶LPSRVH PR\HQQDQW XQ FDOFXO GH OD GLIIXVLRQ GH OD YDSHXU G¶HDX 6LPXODWLRQV /D PpWKRGH OD SOXV FRXUDPPHQW XWLOLVpH HVW FHOOH GLWH GH */$6(5 0DLV «FHWWH PpWKRGH QH SUHQG SDV HQ FRPSWH OH WUDQVSRUW G HDX FDSLOODLUH GDQV OH FRPSRVDQW QL VD FDSDFLWp GH VRUSWLRQ TXL

SHUPHWWHQW SRXUWDQW GH UpGXLUH OH ULVTXH GH GpVRUGUHV HQ FDV GH FRQGHQVDWLRQ 'H SOXV SXLVTXH OD PpWKRGH VH OLPLWH j O DQDO\VH GHV WUDQVIHUWV HQ UpJLPH SHUPDQHQW HW DYHF GHV FRQGLWLRQV DX[ OLPLWHV ORXUGHPHQW VLPSOL¿pHV HOOH Q LQWqJUH QL OHV pYpQHPHQWV SRQFWXHOV HW j FRXUW WHUPH QL OD SOXLH RX OH UD\RQQHPHQW VRODLUH (OOH IRXUQLW XQH pYDOXDWLRQ JOREDOH GH O DGpTXDWLRQ K\JURWKHUPLTXH G XQ FRPSRVDQW HW SDV XQH VLPXODWLRQ UpHOOH GH O pYROXWLRQ GH OD WHPSpUDWXUH HW GH OD WHQHXU HQ HDX GDQV XQ FRPSRVDQW H[SRVp j XQ FOLPDW FRUUHVSRQGDQW j FHOXL DXTXHO LO VHUD UpHOOHPHQW H[SRVp 3RXU UpSRQGUH DX[ GLIIpUHQWV PDQTXHPHQWV pQXPpUpV FL GHVVXV GHV SURJUDPPHV GH VLPXODWLRQ WHOV TXH :8), SDU H[HPSOH SUpVHQWHQW XQH PpWKRGH GH FDOFXO EHDXFRXS SOXV SUpFLVH HW FRPSOH[H &H W\SH GH ORJLFLHO SHUPHW G¶pYDOXHU OH WHPSV GH VpFKDJH G¶XQH SDURL OH ULVTXH GH FRQGHQVDWLRQ LQWHUVWLWLHOOH O¶LQÀXHQFH GH OD SOXLH EDWWDQWH GH O¶HQVROHLOOHPHQW« %UHI O¶RXWLO LGpDO SRXU YpUL¿HU OH ERQ IRQFWLRQQHPHQW G¶XQH SDURL H[LVWDQWH LVROpH SDU O¶LQWpULHXUH

GpWDLO

EH SDVVLYH

'pWDLO JvWDJH GH SODQFKHU SDURL LVROpH SDU O¶LQWpULHXU

ͲϳΣ

ͲϳΣ

$ FRQGLWLRQ GH FRQQDvWUH OD PDVVH YROXPLTXH GH FHWWH SDURL H[LVWDQWH PDLV DXVVL VD SRURVLWp VD FKDOHXU PDVVLTXH VD FRQGXFWLYLWp WKHUPLTXH VqFKH VRQ FRHI¿FLHQW GH UpVLVWDQFH j OD GLIIXVLRQ GH OD YDSHXU G¶HDX VqFKH OD IRQFWLRQ GH UpWHQWLRQ G¶HDX OH FRHI¿FLHQW GH WUDQVSRUW GH O¶HDX OLTXLGH SDU DEVRUSWLRQ RX UHGLVWULEXWLRQ OD GpSHQGDQFH j O KXPLGLWp GH OD FRQGXFWLYLWp WKHUPLTXH RX FHOOH GX FRHI¿FLHQW GH UpVLVWDQFH j OD GLIIXVLRQ GH OD YDSHXU HWF $XWDQW GH GRQQpHV TXL HQ WHPSV QRUPDO VRQW SUHVTXH LPSRVVLEOHV j UpFROWHU 'RQF SRXU VH PHWWUH GX FRWp GH OD VpFXULWp OH FDOFXO WLHQGUD FRPSWH GHV FDV GpIDYRUDEOHV GH FHWWH SDURL H[LVWDQWH -XVTX¶j SUpVHQW OD SUREOpPDWLTXH QH FRQFHUQDLW TXH OD Gp¿QLWLRQ GH OD FRPSRVLWLRQ GHV GLIIpUHQWHV FRXFKHV G¶XQH SDURL LVROpH SDU O¶LQWpULHXU HW QRQ SHUWXUEpH 0DLV OHV FKRVHV FRPPHQFHQW VpULHXVHPHQW j VH FRPSOLTXHU VL FHWWH SDURL HVW SHUWXUEpH SDU GHV UDFFRUGV HW Q°XGV FRQVWUXFWLIV &H TXL VHUD IRUFpPHQW OH FDV /D VLPXODWLRQ HVW HOOH WRXMRXUV YDODEOH LFL "

EH SDVVLYH

GpWDLO

'pWDLO JvWDJH GH SODQFKHU SDURL LVROpH SDU O¶LQWpULHXU /HV Q°XGV FRQVWUXFWLIV HW UDFFRUGV PRGL¿HQW HW LQÀXHQFHQW OD FRPSRVLWLRQ GH OD SDURL &RPPH SDU H[HPSOH OD MRQFWLRQ HQWUH XQ SODQFKHU LQWHUPpGLDLUH HQ ERLV HW XQH SDURL LVROpH SDU O¶LQWpULHXU $ O¶HQGURLW GX UDFFRUG OH JvWDJH SHUFH OD PHPEUDQH GH IUHLQH RX SDUH YDSHXU HW O¶LVRODWLRQ WKHUPLTXH HW UHSRVH VXU OD PDoRQQHULH H[LVWDQWH /D JvWH HQ ERLV SUpVHQWH GHV GRQQpHV K\JURWKHUPLTXHV GLIIpUHQWHV GH FHOOHV GHV PHPEUDQHV TXL O¶HQWRXUHQW (Q SDVVLI V¶LPSRVH O¶REMHFWLI G¶XQH OLDLVRQ SDUIDLWH HQWUH OHV PHPEUDQHV G¶pWDQFKpLWp HW OD VWUXFWXUH HQ ERLV G¶XQH SDUW SRXU DWWHLQGUH XQH pWDQFKpLWp j O¶DLU VXI¿VDQWH YDOHXU Q HW G¶DXWUH SDUW SRXU pYLWHU OHV SUREOqPHV G¶KXPLGLWp /D GLI¿FXOWp HW OH QpFHVVDLUH VRLQ GH PLVH HQ °XYUH VRQW LOOXVWUpV FL GHVVXV /H ERLV PDWpULDX QDWXUHO HW SDU Gp¿QLWLRQ QRQ SDUIDLW SUpVHQWH VRXYHQW GHV GpIDXWV GH ¿VVXUDWLRQV HQ SUpVHQFH GH YLHX[ SODQFKHUV 3DU FHV ¿VVXUHV O¶DLU HW SDU FRQVpTXHQW O¶KXPLGLWp SHXYHQW V¶LQ¿OWUHU WUqV IDFLOHPHQW GDQV

OD SDURL HW GRQF DXJPHQWHU OH ULVTXH GH FRQGHQVDWLRQ GDQV FHOOH FL /H ERLV PLV HQ °XYUH GDQV XQ PLOLHX ORFDOHPHQW WURS KXPLGH DX QLYHDX GH VRQ DSSXL ULVTXH GH VH GpJUDGHU HW GH PHWWUH HQ SpULO OD VWDELOLWp GX SODQFKHU 8QH VROXWLRQ UDGLFDOH SRVVLEOH VHUDLW OD GLVVRFLDWLRQ GX JvWDJH GH OD SDURL 6ROXWLRQ TXL pYLWHUD OD SUREOpPDWLTXH GLVFXWpH FL GHVVXV PDLV DOLPHQWH OH GpEDW VXU OHV TXHVWLRQV GH VWDELOLWp HW pYHQWXHOOHPHQW URXYUH FHOXL GX IDoDGLVPH« 1RXV FRQFOXURQV DYHF QRV DPLV GX 3DVVLY+DXV ,QVWLWXW HQ GLVDQW TX¶HQ DQDO\VDQW OHV SUREOqPHV OLpV j O¶LVRODWLRQ SDU O¶LQWpULHXU RQ VH PHW j IRUWHPHQW DSSUpFLHU O¶LVRODWLRQ SDU O¶H[WpULHXU Ŷ

:8), 3URJUDPPH 3& FDOFXODQW OH WUDQVIHUW FRXSOp GH FKDOHXU HW GH PDVVH GDQV OHV FRPSRVDQWV G XQ EkWLPHQW )UDXQKRIHU ,QVWLWXW I U %DXSK\VLN ,%3 +RO]NLUFKHQ

3URWRNROOEDQG 1U

$UEHLWVNUHLV NRVWHQJ QVWLJH 3DVVLYKlXVHU 3KDVH ,,, )DNWRU DXFK EHL VHQVLEOHQ $OWEDXWHQ 3DVVLYKDXVNRPSRQHQWHQ

,QQHQGlPPXQJ 3DVVLYKDXV ,QVWLWXW 'DUPVWDGW

7+(502%/2&. *

38% WKHUPDG

*

THERMOBLOCK MARMOX® Définitivement fini les ponts thermiques !

3LZ WVU[Z [OLYTPX\LZ ZVU[ UtMHZ[LZ n [V\[L JVUZ[Y\J[PVU <UL t[\KL KtMHPSSHU[L WHY L_LTWSL K\ Kt[HPS LU[YL SH KHSSL KL ZVS L[ SL T\Y WVY[L\Y WL\[ v[YL n S»VYPNPUL K»PTWVY[HU[LZ KtWLYKP[PVUZ JHSVYPÄ X\LZ ,U WS\Z JLSH H\NTLU[L JVUZPKtYHISLTLU[ SL YPZX\L KL JVUKLUZH[PVU Z\WLY Ä JPLSSL L[ KL TVPZPZZ\YL 3LZ THERMOBLOCK MARMOX® YtZPZ[HU[Z n SH JVTWYLZZPVU L[ PUZLUZPISLZ n S»O\TPKP[t ZVU[ SH ZVS\[PVU n JL WYVISuTL *L[ tStTLU[ KL JVUZ[Y\J[PVU IYL]L[t L[ WHY[PJ\SPuYLTLU[ MHJPSL n TL[[YL LU µ\]YL ZL JVUZ[P[\L K»\UL oTL LU WVS`Z[`YuUL L_[Y\Kt ?7: KHUZ SLX\LS KLZ J`SPUKYLZ PZVSHU[Z KL TT LU It[VU WVS`TuYL LWV_` StNLY VU[ t[t WSHJtZ n KPZ[HUJLZ YtN\SPuYLZ WV\Y HZZ\YLY SH YtZPZ[HUJL n SH JVTWYLZZPVU +L WHY[ L[ K»H\[YL JLZ tStTLU[Z ZVU[ YLJV\]LY[Z K»\U TVY[PLY KL JPTLU[ WVS`TuYL YLUMVYJt K»\U [YLPSSPZ LU Ä IYLZ KL ]LYYL ;V\Z JLZ tStTLU[Z ;/,946)36*2 4(946? QV\PZZLU[ KL X\LSX\LZ caractéristiques uniques ! ,_JLSSLU[L PZVSH[PVU [OLYTPX\L /H\[L YtZPZ[HUJL TtJHUPX\L /H\[L YtZPZ[HUJL n [V\[L O\TPKP[t 1VUJ[PVU WHYMHP[LTLU[ t[HUJOL LU[YL SLZ tStTLU[Z

Plus d’informations : www.albintra.be

nv Albintra sa )PZ[^LN ) )96,*/,4 ;LS -H_ L THPS! HSIPU[YH'HSIPU[YH IL

^^^ HSIPU[YH IL

EH SDVVLYH

PHGLD

ERRNV ZHE WH[WH

6HEDVWLDQ 0RUHQR YDFFD -XOLH :LOOHP

(QHUJ\ 0DQXDO S %LUNKlXVHU $UFKLWHFWXUH HGLWLRQ 2FWREHU

$QJODLV ,6%1 ,6%1

'HQVH HW FRPSOHW FH PDQXHO SURSRVH XQ DSHUoX LQWpUHVVDQW GH O¶HI¿FDFLWp pQHUJpWLTXH GDQV OD FRQVWUXFWLRQ /H F\FOH GH YLH FRPSOHW GX EkWLPHQW HVW SULV HQ FRPSWH GDQV XQH YLVLRQ LQWpJUDQW pFRQRPLH HW GXUDELOLWp

'HWDLO *UHHQ 'HWDLO VSHFLDO HGLWLRQ

S ,QVWLWXW IXHU LQWHUQDWLRQDOH $UFKLWHNWXU 'RNXPHQWDWLRQ $QJODLV ,661

/H WUqV FpOqEUH PDJD]LQH 'HWDLO D GpFLGp GH SXEOLHU GHX[ IRLV SDU DQ GHV QXPpURV VSpFLDX[ G¶XQ YHUW pFODWDQW &HOXL GH PDL V¶RXYUH G¶HPEOpH VXU XQ DUWLFOH FRQVDFUp DX SDVVLI SOXVLHXUV TXHVWLRQV GH IRQGV HW SURMHWV VRQW pJDOHPHQW GpYHORSSp 2Q DLPH

&RQVWUXLUH $WODV GHV PDWpULDX[ 0DQIUHG +HJJHU 9RONHU $XFK 6FKZHON 0DWWKLDV )XFKV 7KRUVWHQ 5RVHQNUDQ] FROOHFWLI S 3385 MDQYLHU

3 8 32/<7(& 520 )UDQoDLV ,6%1 ,6%1

9pULWDEOH ERXVVROH SHUPHWWDQW GH WURXYHU VRQ FKHPLQ GDQV OD MXQJOH GHV WHFKQLTXHV HW LQQRYDWLRQV FH OLYUH SUpVHQWH OHV PDWpULDX[ HW OHXUV FDUDFWpULVWLTXHV GH PDQLqUH V\QWKpWLTXH HW FODLUH 8QH DQDO\VH SHUWLQHQWH GX F\FOH GH YLH HW GH OD GXUDELOLWp GHV PDWpULDX[ YLHQW FRPSOpWHU OHV TXDOLWpV FH PXVWKDYH GH WRXWH ELEOLRWKqTXH

EH SDVVLYH

ERRNV ZHE

[ossature bois ]

e] [ M ai so n TĂŠ m oi n Pa ss iv s A vis ite r sur ren de z-vou

[bâtir intelligemment, vivre confortablement] Votre partenaire priviligiÊ pour la construction de votre maison passive Certificat maison passive octroyÊ le 15 octobre 2009.

Valeur ÊnergÊtique pour le chauffage = 13 kWh/(m²a) t RÊsultat test Blower door = 0.21h-1

SA Sibomat ¡ Oude Waalstraat 248 ¡ B-9870 Zulte ¡ t +32 9 388 71 95 ¡ i www.sibomat.be ¡ e info@sibomat.be

B$'9B%(3$66,9(B)5B [ LQGG

Hermine 66

ÂŽ

Le châssis passif performant

conçu pour vos nouveaux enjeux ÊnergÊtiques

www.hermine66.be

EH SDVVLYH

WH[WH

(GLWK &RXQH

0D FKHUH QLHFH 2XYUH JUDQG WHV RUHLOOHV SDUFH TXH OD WX YDV HWUH pSDWpH -H QH UHYLHQV WRXMRXUV SDV PRL PHPH GH FH TXH M´DL RVp IDLUH © 7X WH VRXYLHQV GH 7DQWH ,UHQH TXL KDELWH D GL[ PLQXWHV GH FKH] PRL " /D SDXYUH Q´D SDV HX OD YLH IDFLOH HW HQ DOODQW OXL GLUH ERQMRXU DX[ SUHPLHUV EHDX[ MRXUV M´DL UHPDUTXp TX´LO IDLVDLW JODFLDO FKH] HOOH (OOH P´D GLW TXH VD FKDXGLHUH pWDLW HQ SDQQH PDLV D PRL RQ QH OD IDLW SDV $ORUV M´DL SHQVp D WHV PDLVRQV SDVVLYHV FH VHUDLW JpQLDO SRXU HOOH GH QH SOXV DYRLU GH FKDXIIDJH D SD\HU© 4X´LO IDVVH IURLG RX FKDXG TXH OH SpWUROH VRLW FKHU RX SDV HOOH VHUDLW WRXMRXUV D O´DEUL GHV VRXFLV 0DLV VRQ DSSDUWHPHQW F´HVW XQH YUDLH SDVVRLUH HW VRQ SURSULR QH IHUD MDPDLV GH WUDYDX[ WX SHQVHV (W F´HVW OD TXH M´DL HX XQH LGpH JpQLDOH WX QH P´HQ YRXGUDV SDV GH OH GLUH PRL PHPH MH VXLV DOOpH DYHF 7DQWH ,UHQH D OD SHUPDQHQFH GX ERXUJPHVWUH 0RL DORUV TXH WX VDLV FH TXH MH SHQVH GH OD SROLWLTXH HW GHV SROLWLFLHQV -´DYDLV SULV WHV OHWWUHV PHV FDOFXOV G´pFRQRPLH GH FKDXIIDJH HW WRXW SOHLQ GH GRFXPHQWDWLRQ TXH M´DYDLV WURXYpH VXU ,QWHUQHW -H OXL H[SOLTXH OD VLWXDWLRQ HW OD LO P´D VLGpUpH )LJXUH WRL TX´LOV VRQW HQ WUDLQ GH FRQVWUXLUH GHV ORJHPHQWV VRFLDX[ SDVVLIV GDQV OD FRPPXQH ,OV RQW FRPSULV TXH F´pWDLW OHV JHQV TXL Q´RQW SDV OHV PR\HQV TXL HQ DYDLHQW OH SOXV EHVRLQ %RQ SRXU 7DQWH ,UHQH F´HVW SDV HQFRUH JDJQp SDUFH TX´LO \ D OHV OLVWHV G´DWWHQWH PDLV LO D SURPLV GH QRXV WHQLU DX FRXUDQW 3RXU XQH IRLV M´pWDLV LPSUHVVLRQQpH 7X pWDLV DX FRXUDQW WRL GH FHV LQLWLDWLYHV " 'RQQH PRL GH WHV QRXYHOOHV 7D 7DQWH 0RQLTXH

&KHUH 7DQWH 0RQLTXH -H VXLV WUHV ILHUH GH WRL (W SRXU UpSRQGUH D WD TXHVWLRQ RXL MH VXLV DX FRXUDQW GH FHV LQLWLDWLYHV /HV SHUVRQQHV GDQV OD VLWXDWLRQ GH 7DQWH ,UHQH VRQW DSSHOpHV GHV ³SUpFDULVpV pQHUJpWLTXHV´ SDUFH TXH OHXUV UHYHQXV QH OHXU SHUPHWWHQW SDV WRXMRXUV GH VH FKDXIIHU FRUUHFWHPHQW (W OHV &3$6 UHFRLYHQW GH SOXV HQ SOXV GH GHPDQGHV G´DLGH D FHW pJDUG &´HVW VDQV GRXWH SRXU FHOD TXH OHV VRFLpWpV GH ORJHPHQWV VRFLDX[ VRQW SDUPL OHV SUHPLHUHV D VH ODQFHU GDQV O´H[SpULHQFH GX SDVVLI &RPPH FRQVWUXLUH SDVVLI FRXWH XQ SHX SOXV FKHU OH OR\HU GHPDQGp D OD EDVH VHUDLW XQ SHX SOXV pOHYp 0DLV OHV FKDUJHV VRQW EHDXFRXS SOXV EDVVHV HW DXVVL EHDXFRXS SOXV VWDEOHV /H SURMHW GX JRXYHUQHPHQW EUX[HOORLV HQYLVDJH PHPH GH QH SOXV SDUOHU TXH GH FRXW G´RFFXSDWLRQ OH OR\HU SOXV OHV FKDUJHV TXL SRXUUDLW GDQV OHV ORJHPHQWV SDVVLIV HWUH LQIpULHXU D FHOXL TX´LO HVW DXMRXUG´KXL (W OH FRQIRUW GX SDVVLI VHUDLW OD FHULVH VXU OH JDWHDX &H TXL Q´HVW SDV GH WURS TXDQG RQ O´DJH GH WDQWH ,UHQH -H W´HPEUDVVH 7D QLHFH

EH SDVVLYH

OH FRXUULHU GH WDQWH PRQLTXH

Avec Pierret System, accédez aux plus hautes marches de l’isolation.

9 NXKG

9 NXKL

9 EXNE

Jour après jour, notre département R&D cherche à optimiser la performance énergétique des châssis Pierret System.

C’est la raison pour laquelle la valeur Uw de nos châssis passifs et basse énergie reste inégalée.

Nos partenariats avec de nombreux entrepreneurs nous ont permis de développer en interne un bureau d’études très compétent en matière de liaisons des menuiseries au gros œuvre. C’est pourquoi, Pierret System est le partenaire idéal des professionnels du secteur de la construction Passive et Basse Energie.

Pierret System offre le plus grand choix de portes et fenêtres en Pvc, Aluminium, Bois et Bois-Aluminium, mais aussi une production par du personnel hautement qualifié, une garantie jusqu’à 15 ans et une grande variété de couleurs, profils et design.

8% .7 1+5 1+5g .7 9 9 9 T 2 + ' 4 4 ' 6 g 5 ; 5 6 ' / T % 1EH SDVVLYH /

3DU VRQ FRQFHSW QRYDWHXU OD VWDWLRQ SRODLUH 3ULQFHVVH eOLVDEHWK FRQVWLWXH XQ REMHW G pWXGH HQ VRL PDLV VD UDLVRQ G¶rWUH HVW ELHQ VÂ&#x20AC;U G¶RIIULU XQH LQIUDVWUXFWXUH GH UHFKHUFKH DX[ VFLHQWLILTXHV /H VLWH D pWp VRLJQHXVHPHQW VpOHFWLRQQp SRXU UpSRQGUH DX[ H[LJHQFHV WHFKQLTXHV WRXW HQ PpQDJHDQW OH SOXV G¶RSSRUWXQLWpV VFLHQWLILTXHV SRVVLEOHV 8Q GHV REMHFWLIV VWUDWpJLTXHV PDMHXUV pWDLW GH SRXYRLU pWXGLHU OHV SD\VDJHV SUpVHQWV j SUR[LPLWp &¶HVW DLQVL TX¶RQ WURXYH GDQV XQ UD\RQ GH NP j OD IRLV OD F{WH HW VHV JODFHV IORWWDQWHV PDLV DXVVL OH 6¡U 5RQGDQHJHEHUJWH HW OH SODWHDX DQWDUFWLTXH /HV WKpPDWLTXHV SULQFLSDOHV GX SURJUDPPH GH UHFKHUFKH EHOJH FRXYUHQW OH FKDQJHPHQW FOLPDWLTXH HW OD ELRGLYHUVLWp PDLV DXVVL OD JODFLRORJLH OD JpRSK\VLTXH HW O pWXGH GH OD KDXWH DWPRVSKqUH &HV UHFKHUFKHV UHTXLqUHQW GHV H[SpGLWLRQV GH WHUUDLQ HW O¶HQUHJLVWUHPHQW HQ FRQWLQX GHV REVHUYDWLRQV SDU LQVWUXPHQWDWLRQ /D EDVH HVW GRQF

pJDOHPHQW XQ FHQWUH ORJLVWLTXH $X UHWRXU GH FKDTXH H[SpGLWLRQ OHV pFKDQWLOORQV SUpOHYpV VRQW SUpSDUpV SRXU OH WUDQVSRUW GDQV GHV ODERUDWRLUHV pTXLSpV j FHW HIIHW /D WRLWXUH SHUPHW GH UpDOLVHU GHV PHVXUHV G REVHUYDWLRQ GX FOLPDW VDQV TXH FHOOHV FL QH VRLHQW WURXEOpHV SDU XQ TXHOFRQTXH REMHW j SUR[LPLWp /¶LQVWDOODWLRQ FRPSUHQG DFWXHOOHPHQW XQ ODVHU HW XQ UDGDU SRXU pWXGLHU OD VWUXFWXUH GHV QXDJHV DLQVL TXH GHV GLVSRVLWLIV GH UHSpUDJH DXWRPDWLTXH SRXU VXLYUH HW pWXGLHU OH VROHLO 3RXU HPSrFKHU WRXWH SHUWXUEDWLRQ GHV PHVXUHV SDU OHV DFWLYLWpV KXPDLQHV FHUWDLQV LQVWUXPHQWV VRQW GLVSRVpV GDQV GH SHWLWV FDEDQRQV j GLVWDQFH GH OD VWDWLRQ SRODLUH /¶XQ G¶HQWUH HX[ D pWp LQVWDOOp DX VXG GH OD VWDWLRQ SRXU OHV REVHUYDWLRQV DWPRVSKpULTXHV GHV pFKDQWLOORQV G DLU \ VRQW FROOHFWpV HW DQDO\VpV GH PDQLqUH DXWRPDWLTXH $X QRUG XQ DXWUH FDEDQRQ HVW FRQVDFUp DX[ UHOHYpV JpRSK\VLTXHV UpDOLVpV SDU PHVXUHV JUDYLWDWLRQQHOOHV DEVROXHV HW UHODWLYHV 'HV DQWHQQHV *36 PHVXUHQW OHV PDUpHV WHUUHVWUHV HW XQ VLVPRPqWUH HVW LQVWDOOp GDQV XQ SXLWV GH P GH SURIRQGHXU SRXU UHFXHLOOLU GHV LQIRUPDWLRQV VXU OD VWUXFWXUH GH OD FURÂ&#x20AC;WH WHUUHVWUH HW O DFWLYLWp VLVPLTXH GDQV FHWWH UpJLRQ GH O $QWDUFWLTXH &¶HVW DLQVL TXH OH WUHPEOHPHQW GH WHUUH TXL

dD IDLW SODLVLU GH YRLU GHV VFLHQWL¿TXHV HQWKRXVLDVWHV WUDYDLOOHU GDQV FHV FRQGLWLRQV

EH SDVVLYH

(OLVDEHWK¶V GLDU\

DYDLW VHFRXp OH &KLOL OH IpYULHU DYHF XQH PDJQLWXGH GH HVW OH SUHPLHU JUDQG VpLVPH j DYRLU pWp HQUHJLVWUp SDU OD VWDWLRQ 8Q SHX SOXV ORLQ GH OD VWDWLRQ VH WURXYH HQWHUUp VRXV OD VXUIDFH QHLJHXVH XQ LQVWUXPHQW GH PHVXUH WUqV VHQVLEOH GpGLp j O¶pWXGH GX PDJQpWLVPH WHUUHVWUH ,O SRVVqGH VD SURSUH DOLPHQWDWLRQ pOHFWULTXH HW DXFXQH DFWLYLWp KXPDLQH Q HVW DXWRULVpH j SUR[LPLWp (QILQ XQH VWDWLRQ PpWpRURORJLTXH DXWRPDWLVpH D pWp LQVWDOOpH j O¶HVW SRXU UHOHYHU OHV FRQGLWLRQV PpWpRURORJLTXHV ORFDOHV HW FHV GRQQpHV VRQW XWLOLVpHV GDQV OH FDGUH G¶XQ UpVHDX FRQWLQHQWDO *UkFH j OD QRXYHOOH LQIUDVWUXFWXUH GH FRPPXQLFDWLRQ SDU VDWHOOLWH PLVH HQ SODFH O¶DQ GHUQLHU QRXV DYRQV SX VXLYUH HQ OLJQH WRXV FHV LQVWUXPHQWV VFLHQWLILTXHV dD IDLW SODLVLU GH YRLU GHV VFLHQWLILTXHV HQWKRXVLDVWHV WUDYDLOOHU GDQV FHV FRQGLWLRQV HW VXUWRXW SURGXLUH GHV UpVXOWDWV /HXU UHFKHUFKH HVW SDUIRLV LQYLVLEOH FRPPH SDU H[HPSOH HQ PLFURELRORJLH %LHQ TXH OHV PLFUR RUJDQLVPHV VRLHQW GHV IRUPHV GH YLH GRPLQDQWHV QRXV VDYRQV j SHLQH FRPELHQ G¶HVSqFHV LOV UHSUpVHQWHQW QL FRPPHQW LOV V DGDSWHQW j GHV HQYLURQQHPHQWV H[WUrPHV &HWWH VFLHQFH LQYLVLEOH SHXW rWUH DXVVL LPSUHVVLRQQDQWH TXH OHV QRPEUHX[ ODFV HW ULYLqUHV VRXV PDULQV TXL RQW UpFHPPHQW pWp GpFRXYHUWV HW FH WUDYDLO SHXW rWUH DXVVL VSHFWDFXODLUH TXH FHOXL GHV MDSRQDLV HW GX FKHUFKHXU EHOJH TXL DSUqV XQH FDPSDJQH GH PRLV VRQW UHYHQXV DYHF SOXV GH PpWpRULWHV Ŷ

(OLVDEHWK¶V GLDU\ MXLQ WH[WH

-RKDQ %HUWH ,QWHUQDWLRQDO 3RODU )RXQGDWLRQ SKRWRV

$OH[DQGHU 0DQJROG

(OLVDEHWK¶V GLDU\

EH SDVVLYH

$X 5R\DXPH 8QL OH SXEOLF V¶HVW IDPLOLDULVp FHV GHUQLqUHV DQQpHV DYHF OD ³3DVVLYH +RXVH´ SULQFLSDOHPHQW JUkFH j XQH PHLOOHXUH FRXYHUWXUH PpGLDWLTXH HQ UDGLR HW HQ WpOpYLVLRQ FRPPH DYHF O¶pPLVVLRQ ³*UDQG 'HVLJQV´ SURSRVpH VXU &KDQQHO $ORUV TXH PRQWH OD SUHVVLRQ SRXU UpGXLUH QRV pPLVVLRQV GH &2 GHYHQLU SOXV GXUDEOH HW DPpOLRUHU QRV SHUIRUPDQFHV pQHUJpWLTXHV FH VWDQGDUG pQHUJpWLTXH DOOHPDQG H[LJHDQW SRXUUDLW LO QRXV DLGHU j DWWHLQGUH YRLUH GpSDVVHU OHV DPELWLHX[ REMHFWLIV TXH OHV SRXYRLUV SXEOLFV RQW ¿[pV SRXU " /H &HQWUH pFRVVDLV GH OD 0DLVRQ 3DVVLYH 63+&

D pWp IRQGp HQ IpYULHU 6RQ pTXLSH FRPSUHQG DFWXHOOHPHQW TXDWUH SHUVRQQHV OHV IRQGDWHXUV 7KRPDV )URHKOLFK HW 6WHSKHQ +XEHU DLQVL TXH 6WHII %HOO HW ,QJR 7KHREROGW 5HFRQQX FRPPH FHUWL¿FDWHXU GH TXDOLWp SDU O ,QVWLWXW DOOHPDQG GH OD PDLVRQ SDVVLYH 3+, OH 63+& WUDYDLOOH j VHQVLELOLVHU j OD UpGXFWLRQ GHV FRQVRPPDWLRQV G pQHUJLH HW GHV pPLVVLRQV GH &2 JUkFH j O XWLOLVDWLRQ GX VWDQGDUG SDVVLI HW GHV WHFKQRORJLHV UHQRXYHODEOHV $X 63+& QRXV IRXUQLVVRQV GHV FRQVHLOV REMHFWLIV HW GH OD JXLGDQFH HQ YpUL¿DQW OHV SODQV OHV PDWpULDX[

HW OHV LQVWDOODWLRQV SUHVFULWHV O¶LQWpJUDWLRQ DX VLWH DLQVL TXH OHV FDOFXOV pQHUJpWLTXHV OHV WHVWV VXU FKDQWLHU OD FHUWL¿FDWLRQ HW O¶HQWUHWLHQ DSUqV UpFHSWLRQ ,O V¶DJLW G¶XQ VHUYLFH LQWpJUp G¶DLGH j OD FRQFHSWLRQ DUFKLWHFWXUDOH GHSXLV O¶HVTXLVVH MXVTX¶j OD FHUWL¿FDWLRQ 1RXV SURSRVRQV DXVVL GHV IRUPDWLRQV HW G¶DXWUHV VHUYLFHV SRXU DLGHU OHV FRQFHSWHXUV j PHWWUH HQ °XYUH OH VWDQGDUG SDVVLI GDQV OHXUV SURMHWV SDUWRXW DX 5R\DXPH 8QL /H 63+& FRQVWUXLW DFWXHOOHPHQW XQH VDOOH G H[SRVLWLRQ FRQVDFUpH j OD PDLVRQ SDVVLYH D¿Q G¶\ SURSRVHU VHV VHUYLFHV GH JXLGDQFH HW G¶\ SUpVHQWHU GHV FRPSRVDQWV SDVVLIV HW OHXUV VSpFL¿FDWLRQV GH PDQLqUH REMHFWLYH 1RXV pTXLSRQV pJDOHPHQW XQ GH QRV ORFDX[ SRXU SURSRVHU GHV IRUPDWLRQV WHFKQLTXHV HW SURIHVVLRQQHOOHV GH SRLQWH FRQVDFUpHV DX VWDQGDUG SDVVLI HW DX[ TXHVWLRQV GH SHUIRUPDQFH pQHUJpWLTXH /D PLVH HQ °XYUH GX SDVVLI HW OD UpJOHPHQWDWLRQ HQ eFRVVH 'HSXLV VD FUpDWLRQ OH 63+& FRQWULEXH SOHLQHPHQW DX GpYHORSSHPHQW DFWXHO GX VWDQGDUG SDVVLI 1RXV DYRQV pWp FKDUJpV GH OD FHUWL¿FDWLRQ GX SUHPLHU SURMHW GH ORJHPHQWV FRQYHQWLRQQpV SDVVLIV HQ eFRVVH 7\JK 1D &ODGDFK j 'XQRRQ HW GH OD SUHPLqUH PDLVRQ SDVVLYH SULYpH HQ $QJOHWHUUH 0DLVRQ 8QGHUKLOO GDQV OH :DUZLFNVKLUH 1RXV VRPPHV pJDOHPHQW LPSOLTXpV GDQV G DXWUHV SURMHWV DFWXHOOHPHQW HQ FRQVWUXFWLRQ RX HQ DWWHQWH GH FHUWL¿FDWLRQ 1RXV DYRQV pWp FRQVXOWpV SDU GHV HQWUHSULVHV GH FRQVWUXFWLRQ G¶RVVDWXUH HQ ERLV HW GH PHQXLVHULH TXL VRXKDLWHQW UHQGUH OHXUV SURGXLWV ©SDVVLIVª 1RXV FROODERURQV DYHF VXFFqV DYHF GHV VRFLpWpV GH ORJHPHQW HW G DXWUHV RUJDQLVDWLRQV ORFDOHV SRXU PHWWUH DX SRLQW

oD ERXJH HQ (FRVVH

WKH 6FRWWLVK FRQQHFWLRQ WH[WH

6WHII %HOO %VF +RQV

0DLVRQ 8QGHUKLOO :DUZLFNVKLUH

$UFKLWHFWHV +HOHQ 6H\PRXU 6PLWK %(QHW FK N:K PðD 3XLVVDQFH GH FKDXIIDJH : Pð ,Q¿OWURPpWULH Q YRO K %pWRQ ORXUG LVROp SDU O¶H[WpULHXU +RXVH LQ %DOIURQ DUFK 6WXGLR .DS 6,3V $GYDQFHG +RXVLQJ 6\VWHP

EH SDVVLYH

&D ERXJH HQ (FRVVH

FRQWDFW 6FRWWLVK 3DVVLYH +RXVH &HQWUH )DLU\NLUN 5RDG 5RV\WK )LIH .< 44 3KRQH )D[ ZZZ VSKF FR XN

OHXUV SURMHWV SLORWHV GH ORJHPHQWV SDVVLIV DYDQW GH SDVVHU j OD SKDVH GH UpDOLVDWLRQ j JUDQGH pFKHOOH 1RXV DYRQV pJDOHPHQW GRQQp HQ SDUWHQDULDW DYHF O 8QLYHUVLWp GH 6WUDWKFO\GH j *ODVJRZ OHV SUHPLqUHV IRUPDWLRQV GH &RQFHSWHXU 0DLVRQ 3DVVLYH FHUWL¿p &(3+ /DQFp HQ GpFHPEUH FH FRXUV D pWp RUJDQLVp j GHX[ UHSULVHV HW D UpXVVL j DWWLUHU GHV pWXGLDQWV GDQV WRXWH OD UpJLRQ '¶DXWUHV VHVVLRQV VRQW SUpYXHV SURFKDLQHPHQW

4XHOTXHV SURMHWV UpFHQWV -XVTX LFL OH 63+& V¶HVW LPSOLTXp GDQV SOXVLHXUV SURMHWV SDVVLIV FRPPH FHOXL WUqV PpGLDWLVp GH OD PDLVRQ 8QGHUKLOO SRSXODULVpH SDU XQH pPLVVLRQ GLIIXVpH VXU &KDQQHO ,O V¶DJLW GH OD SUHPLqUH PDLVRQ SULYpH SDVVLYH RI¿FLHOOHPHQW FRQVWUXLWH HQ $QJOHWHUUH 3RXU VRQ DUFKLWHFWH +HOHQ 6H\PRXU 6PLWK µOH VWDQGDUG SDVVLI SHUPHW XQH UpGXFWLRQ VWXSp¿DQWH GH VXU OD FRQVRPPDWLRQ G¶XQH PDLVRQ FRQYHQWLRQQHOOH 1RXV SHQVRQV YUDLPHQW TXH F HVW OH PHLOOHXU VWDQGDUG GLVSRQLEOH SRXU DWWHLQGUH OHV UpGXFWLRQV GHV pPLVVLRQV GH FDUERQH GRQW QRXV DYRQV VL GpVHVSpUpPHQW EHVRLQ ¶ ,O V¶DJLW G¶XQ SURMHW VLQJXOLHU HW WUqV LQQRYDQW SXLVTXH FHWWH PDLVRQ SDVVLYH HVW WDSLH VRXV XQH JUDQJH HW XQ SHWLW FRWWDJH SUpFLHXVHPHQW LQVFULWV GDQV OH SD\VDJH GX :DUZLFNVKLUH &RQVWUXLWH HQWLqUHPHQW HQ EpWRQ DUPp SRXU GHV UDLVRQV VWUXFWXUHOOHV FHWWH PDLVRQ RIIUH XQH pFR SHUIRUPDQFH TXL YD ELHQ DX GHOj GX VWDQGDUG SDVVLI JUkFH j GHV PDWpULDX[ HW GHV FRPSRVDQWV pFRORJLTXHV HW pQHUJpWLTXHPHQW HI¿FLHQWV %HWKDQLD D pWp OH SUHPLHU SURMHW GH ORJHPHQWV VRFLDX[ SDVVLIV j rWUH FRQVWUXLWV HW FHUWL¿pV j 'XQRRQ GDQV O RXHVW GH O eFRVVH 6XUSORPEDQW OD EHOOH ULYLqUH &O\GH FH SURMHW DW\SLTXH GH PDLVRQV PLWR\HQQHV ©7\JK 1D &ODGDFK VLJQL¿H PDLVRQ VXU OH ULYDJH HVW HQ YRLH G DFKqYHPHQW HW OHV IXWXUV ORFDWDLUHV VRQW SUrWV j HPPpQDJHU &HV PDLVRQV VHPL GpWDFKpHV RQW HX j VXUPRQWHU SDV PDO G¶REVWDFOHV DYDQW G¶DWWHLQGUH OH VWDQGDUG SDVVLI QRWDPPHQW SDUFH TXH VHXOHV WURLV SHWLWHV IHQrWUHV GH WRLWXUH pWDLHQW RULHQWpHV DX VXG /D 6SRRQHU +RXVH HVW OH WURLVLqPH SURMHW GH PDLVRQ SDVVLYH FHUWL¿p SDU OH &3+6 ,O V¶DJLW G¶XQH PDLVRQ XQLIDPLOLDOH SULYpH FRQVWUXLWH GDQV OD YLOOH G¶,QYHUXULH

/RJHPHQWV %HWKDQLD 'XQRRQ

$UFKLWHFWHV *RND\ 'HYLFL %(QHW FK N:K PðD 3XLVVDQFH GH FKDXIIDJH : Pð ,Q¿OWURPpWULH Q YRO K 0XU SDVVLI HQ RVVDWXUH ERLV

0DLVRQ 6SRRQHU ,QYHUXULH

$UFKLWHFWHV *RND\ 'HYLFL %(QHW FK N:K PðD 3XLVVDQFH GH FKDXIIDJH : Pð ,Q¿OWURPpWULH Q YRO K 0XU SDVVLI HQ RVVDWXUH ERLV

GDQV O¶$EHUGHHQVKLUH &H EkWLPHQW D SX SDU VD IRUPH FRPSDFWH EpQp¿FLHU G XQH RULHQWDWLRQ VXG &HSHQGDQW GHV GpWDLOV WUqV SDUWLFXOLHUV RQW G rWUH pODERUpV SRXU UpGXLUH OHV SRQWV WKHUPLTXHV GHV IHQrWUHV GH FRQFHSWLRQ GpOLFDWH /DXUpDWV G¶XQ FRQFRXUV ODQFp GDQV OH FDGUH GX SUHPLHU 6DORQ GX /RJHPHQW RUJDQLVp HQ eFRVVH HQ DR W OHV DUFKLWHFWHV +/0 GH *ODVJRZ VRQW HQ WUDLQ GH UpDOLVHU WURLV PDLVRQV MXPHOpHV SDVVLYHV HQ FROODERUDWLRQ DYHF OHV LQJpQLHXUV GX %XUR +DSSROG /H 63+& D MRXp XQ U{OH FOp GDQV FH SURMHW HQ DSSRUWDQW j O pTXLSH GH FRQFHSWLRQ OD JXLGDQFH QpFHVVDLUH SRXU OD PLVH DX SRLQW GHV GpWDLOV HW GHV TXHVWLRQV G HI¿FDFLWp pQHUJpWLTXH QRWDPPHQW OH FDOFXO 3+33 3DVVLYH +RXVH 3ODQQLQJ 3DFNDJH HW HQ IRXUQLVVDQW GHV FRPSRVDQWV SDVVLIV HVVHQWLHOV SRXU OD FRQVWUXFWLRQ GHV ORJHPHQWV

/ DYHQLU GH OD 63+& (Q WDQW TXH SODWHIRUPH QRWUH REMHFWLI j ORQJ WHUPH HVW GH FRQWLQXHU j QRXV GpYHORSSHU HQ GLIIXVDQW OH VWDQGDUG SDVVLI SRXU FRQWULEXHU j DWWHLQGUH OHV REMHFWLIV DPELWLHX[ GH UpGXFWLRQ GHV pPLVVLRQV FDUERQH ¿[pV SDU QRWUH SD\V SRXU HW DSUqV 1RXV FRQVLGpURQV TXH OH VWDQGDUG SDVVLI HVW OH PR\HQ OH SOXV HI¿FDFH SRXU FRQFHYRLU XQ EkWLPHQW ]pUR FDUERQH /H 63+& GRLW VHUYLU FH EXW HQ GpYHORSSDQW GHV DFWLYLWpV GH FRQVHLO HW G¶LQIRUPDWLRQ TXL VRLHQW OHV SOXV SURIHVVLRQQHOOHV DFFHVVLEOHV HW DFWXDOLVpHV SRVVLEOHV /¶DSSRUW GH OD 63+& D pWp VRXOLJQp j O¶RFFDVLRQ GH OD SUpSDUDWLRQ GX 3ODQ G¶$FWLRQ SRXU XQH (I¿FDFLWp pQHUJpWLTXH HQ eFRVVH HW GH VRQ DGUHVVH DX 3DUOHPHQW pFRVVDLV VXU OH SRWHQWLHO GX VWDQGDUG SDVVLI 1RXV DYRQV DXVVL UpFHPPHQW pWp ODXUpDWV GX *UHHQ %XVLQHVV )LIH $ZDUG 3UL[ GH O pQHUJLH HW GH OD UpGXFWLRQ FDUERQH &HWWH UHFRQQDLVVDQFH SURXYH TXH O eFRVVH HW OH 5R\DXPH 8QL SUHQQHQW HQ¿Q OD PHVXUH GH FH TXH OH VWDQGDUG SDVVLI SHXW DSSRUWHU j OD OXWWH SRXU O¶pFRQRPLH G¶pQHUJLH HW O DPpOLRUDWLRQ GH OD TXDOLWp GH OD FRQVWUXFWLRQ 1RWUH LQWHQWLRQ HVW GH FRQWLQXHU VXU QRWUH ODQFpH j PRGHUQLVHU OHV SUDWLTXHV FRQVWUXFWLYHV HQ eFRVVH QRWDPPHQW SRXU PLHX[ DGDSWHU DX VWDQGDUG SDVVLI OHV UpJOHPHQWDWLRQV DFWXHOOHV GDQV OH VHFWHXU GH OD FRQVWUXFWLRQ Ŷ

/RJHPHQWV +LJKODQG +RXVLQJ )DLU 3ORW ,QYHUQHVV

$UFKLWHFWHV 5RVV %DUUHWW +/0 $UFKLWHFWV %(QHW FK N:K PðD 3XLVVDQFH GH FKDXIIDJH : Pð ,Q¿OWURPpWULH Q YRO K SUpYX

0XU SDVVLI HQ RVVDWXUH ERLV

(Q WDQW TXH SODWHIRUPH QRWUH REMHFWLI j ORQJ WHUPH HVW GH FRQWLQXHU j QRXV GpYHORSSHU HQ GLIIXVDQW OH VWDQGDUG SDVVLI SRXU FRQWULEXHU j DWWHLQGUH OHV REMHFWLIV DPELWLHX[ GH UpGXFWLRQ GHV pPLVVLRQV FDUERQH ¿[pV SDU QRWUH SD\V SRXU HW DSUqV &D ERXJH HQ (FRVVH

EH SDVVLYH

,O HVW LQGLVSHQVDEOH TXH OHV SURIHVVLRQQHOV VH UHQGHQW FRPSWH TXH FHWWH PDJQL¿TXH DYHQWXUH SHXW rWUH pJDOHPHQW VRXUFH GH OLWLJH HW GH PLVH HQ FDXVH GH UHVSRQVDELOLWp

EH SDVVLYH

DQJOH GURLW

DQJOH GURLW

OD ¿Q GH O¶pWDW GH JUkFH WH[WH

)UpGpULF /RXPD\H

8Q HVSULW GH SLRQQLHU HPSUHLQW G¶LGpDOLVPH HW GH ERQQH YRORQWp D DQLPp OH SOXV VRXYHQW OHV GLIIpUHQWV DFWHXUV GHV SUHPLHUV SURMHWV SDVVLIV /HV PDvWUHV GH O¶RXYUDJH pWDLHQW FRQVFLHQWV GX FDUDFWqUH QRYDWHXU GH FHV FRQVWUXFWLRQV HW SDU FRQVpTXHQW GHV WkWRQQHPHQWV SRXYDQW HQ GpFRXOHU &HV GHUQLHUV RQW GRQF IDLW SUHXYH GH SDWLHQFH HW GH FRPSUpKHQVLRQ IDFH DX[ GLIIpUHQWV SUREOqPHV WHFKQLTXHV VXUJLVVDQW HQ FRXUV GH FKDQWLHU

/HV SUHPLHUV DUFKLWHFWHV V¶pWDQW ODQFpV GDQV FHWWH DYHQWXUH pWDLHQW OH SOXV VRXYHQW GHV LGpDOLVWHV SUpFXUVHXUV VH GpYRXDQW VDQV FRPSWHU SRXU PHQHU OH SURMHW j ERQQH ¿Q /¶DUFKLWHFWH HQ GHKRUV OH SOXV VRXYHQW GH WRXWHV TXHVWLRQV GH UHQWDELOLWp Q¶KpVLWDQW SDV j FRQVDFUHU XQ WHPSV FRQVLGpUDEOH SRXU TXH OH EkWLPHQW DWWHLJQH VHV REMHFWLIV ,O IDXW rWUH FRQVFLHQW TXH VL RQ UDPqQH j XQ WDX[ KRUDLUH OHV KRQRUDLUHV SHUoXV SDU OHV DUFKLWHFWHV SRXU FH W\SH GH SUHPLHU SURMHW RQ QH SRXUUDLW TXH FRQVWDWHU TX¶HQ UpDOLWp FHV GHUQLHUV Q¶RQW WUqV FRQFUqWHPHQW JDJQp TXH TXHOTXHV SHWLWV HXURV GH O¶KHXUH « /HV SUHPLHUV HQWUHSUHQHXUV RQW pJDOHPHQW pWp DQLPpV GH FH PrPH pWDW G¶HVSULW GH SUpFXUVHXUV LGpDOLVWHV &HV GHUQLHUV LQWHUYHQDQW HQ WDQW TXH YpULWDEOHV DUWLVDQV DX VHQV QREOH Q¶KpVLWDQW SDV j UHPHWWUH OHXU WUDYDLO VXU OH PpWLHU HW FH MXVTX¶j REWHQLU VDWLVIDFWLRQ VRLW OH IDPHX[ *UDDO GX SDVVLI OD FHUWL¿FDWLRQ /¶LGpDOLVPH HW OD IRL YRLUH OD SDVVLRQ GDQV OH SDVVLI RQW pWp O¶KXLOH TXL D IDLW WRXUQHU OH PRWHXU GH FHV GLIIpUHQWV SUHPLHUV SURMHWV 7RXWHIRLV O¶HVVRU HW OH VXFFqV GX SDVVLI HQWUDvQHURQW LQpYLWDEOHPHQW OD ¿Q GH FHWWH OXQH GH PLHO HQWUH PDvWUHV GH O¶RXYUDJH DUFKLWHFWHV HW HQWUHSUHQHXUV /D YRORQWp GX SRXYRLU SROLWLTXH G¶LPSRVHU OH SDVVLI j WRXWHV QRXYHOOHV FRQVWUXFWLRQV D SRXU FRQVpTXHQFH TXH GHV PDvWUHV GH O¶RXYUDJH QH GHYURQW UHFRXULU j FH W\SH GH EkWLPHQW TXH SDU FRQWUDLQWH HW GRQF VDQV SDVVLRQ QL WROpUDQFH /HV SURPRWHXUV SRXU SUR¿WHU GH O¶HQJRXHPHQW

GX PRPHQW ULVTXHQW GH QH YRLU GDQV OH SDVVLI TX¶XQ DUJXPHQW VXSSOpPHQWDLUH GH YHQWH ,OV YRXGURQW GRQF SOLHU OD SKLORVRSKLH GX SDVVLI j OHXU ORJLTXH GH UHQWDELOLWp HW GH WLPLQJ VHUUp &HUWDLQV HQWUHSUHQHXUV YRXGURQW SUR¿WHU GH FHWWH QRXYHOOH QLFKH WRXW HQ pWDQW SHUVXDGpV TX¶LOV SRXUURQW FRQWLQXHU j WUDYDLOOHU FRPPH SDU OH SDVVp VDQV V¶DGDSWHU UpHOOHPHQW HW HQ SURIRQGHXU j OD PpWKRGRORJLH LQGLVSHQVDEOH SRXU UpXVVLU XQH PDLVRQ SDVVLYH (Q FRQVLGpUDQW FHV EkWLPHQWV FRPPH Q¶LPSRUWH TXHO DXWUH FHV SURIHVVLRQQHOV IHURQW WRWDOHPHQW O¶LPSDVVH VXU OHXUV VSpFL¿FLWpV HW OHXU IUDJLOLWp DX QLYHDX GH OD PLVH HQ °XYUH j WRXWHV OHV pWDSHV GX JURV °XYUH j OD ¿QLWLRQ /H SUHPLHU FHUFOH G¶DUFKLWHFWHV SDVVLRQQpV V¶pODUJLUD LQpYLWDEOHPHQW j GHV SURIHVVLRQQHOV GHYDQW IDLUH GX SDVVLI VRLW SDU REOLJDWLRQ OpJDOH VRLW SRXU SODLUH DX[ PDvWUHV GH O¶RXYUDJH HW FH VDQV FRQYLFWLRQ« 2U LO VXI¿W VRXYHQW TX¶XQ GHV DFWHXUV GX WULDQJOH DUFKLWHFWH PDvWUH GH O¶RXYUDJH HQWUHSUHQHXU QH VRLW SDV DQLPp GHV PrPHV ERQQH YRORQWp SDVVLRQ HW FRPSpWHQFH SRXU TXH WRXWH OD PDFKLQH VH JULSSH j OD SUHPLqUH GLI¿FXOWp ,O IDXW rWUH FRQVFLHQW TXH GHUULqUH FH JUDLQ GH VDEOH VH SUR¿OH OH SOXV VRXYHQW OH PHLOOHXU DPL HQQHPL GH O¶DUFKLWHFWH HW GH O¶HQWUHSUHQHXU j VDYRLU O¶DYRFDW HW VRQ FRUROODLUH OH SURFqV« 3DU FRQVpTXHQW IDFH DX Gp¿W SDVVLRQQDQW GX SDVVLI LO HVW LQGLVSHQVDEOH TXH OHV SURIHVVLRQQHOV VH UHQGHQW FRPSWH TXH FHWWH PDJQL¿TXH DYHQWXUH SHXW rWUH pJDOHPHQW VRXUFH GH OLWLJH HW GH PLVH HQ FDXVH GH UHVSRQVDELOLWp $ FKDTXH VWDGH GH OD PLVH HQ °XYUH G¶XQ EkWLPHQW SDVVLI OH SURIHVVLRQQHO GH OD FRQVWUXFWLRQ HW SOXV VSpFLDOHPHQW O¶DUFKLWHFWH ULVTXHQW G¶HQJDJHU OHXU UHVSRQVDELOLWp /¶REMHFWLI GH FHWWH UXEULTXH TXL VHUD GRUpQDYDQW UpJXOLqUH Q¶HVW pYLGHPPHQW SDV GH GRXFKHU O¶HQWKRXVLDVPH IDFH DX SDVVLI PDLV DX FRQWUDLUH GH MRXHU XQ U{OH SUpYHQWLI &KDTXH pWDSH VXFFHVVLYH G¶XQ SURMHW SDVVLI VHUD GRQF H[DPLQpH VRXV OD ORUJQHWWH SRXU FHUWDLQV GpVDJUpDEOH PDLV QpDQPRLQV XWLOH GX MXULVWH« Ŷ DQJOH GURLW

EH SDVVLYH

QRV pWXGLDQWV

UHQGUH XQ LPPHXEOH + / 0 SDVVLI XQH ยฟFWLRQ " WH[WH

0D[LPH +DUG\

3UpVHQWp HQ MXLQ j Oยถ(&$0 FH WUDYDLO GH ยฟQ GยถpWXGH D FRQVLVWp j DQDO\VHU OHV PR\HQV HW PpWKRGHV QpFHVVDLUHV SRXU UpGXLUH OD FRQVRPPDWLRQ pQHUJpWLTXH GยถLPPHXEOHV j DSSDUWHPHQWV GHV DQQpHV VL SRVVLEOH MXVTXยถDX VWDQGDUG SDVVLI (Q SDUWLFXOLHU OยถpWXGH HVW EDVpH VXU OยถLPPHXEOH )ORUDLU , VLWXp j -HWWH 1RXV DYRQV WRXV FRQVFLHQFH GH OยถLPSDFW GX VHFWHXU LPPRELOLHU VXU OยถHQYLURQQHPHQW TXL UHSUpVHQWH OH GHX[LqPH pPHWWHXU GH &2 DSUqV FHOXL GH OยถLQGXVWULH HW MXVWH DYDQW FHOXL GHV WUDQVSRUWV &ยถHVW GRQF XQ VHFWHXU VWUDWpJLTXH SRXU UHVSHFWHU OHV DFFRUGV GH .\RWR $X QLYHDX GH OD 5pJLRQ %UX[HOOHV &DSLWDOH OH ORJHPHQW FRQVWLWXH OD SOXV JUDQGH SDUW GX SDUF LPPRELOLHU HW HVW OH SOXV JUDQG FRQVRPPDWHXU GยถpQHUJLHV WRWDOHV SDU UDSSRUW DX[ DXWUHV DIIHFWDWLRQV $ %UX[HOOHV XQ JUDQG QRPEUH GยถLPPHXEOHV j DSSDUWHPHQWV RQW pWp FRQVWUXLWV HQWUH HW DYHF GHV WHFKQLTXHV HW GHV UpJOHPHQWDWLRQV HQ PDWLqUH GH SHUIRUPDQFH pQHUJpWLTXH TXL QยถpWDLHQW ELHQ Vย U SDV

LGHQWLTXHV j FHOOHV HQ YLJXHXU DFWXHOOHPHQW 'qV ORUV WDQW SRXU OH UHVSHFW GH OยถHQYLURQQHPHQW TXยถHQ UDLVRQ GH OยถDXJPHQWDWLRQ FRQVWDQWH GX SUL[ GH OยถpQHUJLH RX SRXU PpQDJHU OH SRUWHIHXLOOH GHV ORFDWDLUHV VRFLDX[ LO HVW LQWpUHVVDQW GH VH SHQFKHU VXU OD UpQRYDWLRQ GH FHV LPPHXEOHV SRXU HQ GLPLQXHU OD FRQVRPPDWLRQ pQHUJpWLTXH HW SHXW rWUH DWWHLQGUH OH VWDQGDUG SDVVLI /HV TXDWUH EkWLPHQWV )ORUDLU VLWXpV $YHQXH *XLOODXPH 'H *UHHI j -HWWH RQW pWp EkWLV HQWUH HW DYHF XQH VWUXFWXUH HQ YRLOHV FRORQQHV HW SRXWUHV GH EpWRQ HW PDoRQQHULH /HV IDoDGHV H[WpULHXUHV SUpVHQWHQW XQ SDUHPHQW HQ EULTXHV RX HQ GDOOHV GH EpWRQ GH VLOH[ ODYp &RQIRUPH DX[ QRUPHV GH FRQVWUXFWLRQ HQ YLJXHXU j OยถpSRTXH OยถHQVHPEOH SUpVHQWH XQH ERQQH TXDOLWp PLV j SDUW OH PDQTXH WRWDO GยถLVRODWLRQ HQ IDoDGH /HV IHQrWUHV VRQW HQ YLWUDJH VLPSOH GDQV XQ FKkVVLV HQ DFLHU &KDTXH LPPHXEOH SUpVHQWH GHX[ FDJHV GยถHVFDOLHU TXL GHVVHUYHQW OHV SDOLHUV GH TXDWUH DSSDUWHPHQWV EDVVH pQHUJLH

WUqV EDVVH pQHUJLH

SDVVLI

FDV LQLWLDO

'RXEOH YLWUDJH

7ULSOH YLWUDJH

GRXEOH YLWUDJH LVRODWLRQ FP

WULSOH YLWUDJH LVRODWLRQ FP

GRXEOH YLWUDJH LVRODWLRQ SDURLV FP WRLWXUH

WULSOH YLWUDJH LVRODWLRQ SDURLV FP WRLWXUH

GRXEOH YLWUDJH LVRODWLRQ SDURLV FP WRLWXUH FP

WULSOH YLWUDJH LVRODWLRQ SDURLV FP WRLWXUH FP

YHQWLODWLRQ W\SH &

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

9HQWLODWLRQ W\SH ' (WDQFKpLWp YRO K

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

9HQWLODWLRQ W\SH ' (WDQFKpLWp YRO K

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

9HQWLODWLRQ W\SH ' (WDQFKpLWp YRO K

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

N:K PรฐDQ

EH SDVVLYH

QRV pWXGLDQWV

8Q PRW GH 9LQFHQW 6FKUXUV UHVSRQVDEOH GH OD UpQRYDWLRQ GX )ORUDLU DX )R\HU -HWWRLV 8Q WUDYDLO WUqV LQWpUHVVDQW TXL FRUUHVSRQG ELHQ j QRWUH GpPDUFKH SXLVTXH QRXV DOORQV LVROHU WRXW OH EkWLPHQW SRVHU GH QRXYHOOHV IHQrWUHV j GRXEOH YLWUDJH LVRODQW LQVWDOOHU XQH YpULWDEOH YHQWLODWLRQ HWF /D UpDOLWp HVW ELHQ V U XQ SHX SOXV FRPSOH[H HQ SUHQDQW HQ FRPSWH GH SOXV HQ SOXV GH SDUDPqWUHV FRPPH OHV SRQWV WKHUPLTXHV OHV VSpFL¿FLWpV FRQVWUXFWLYHV HWF LO UHVWH GLI¿FLOH GH SDVVHU VRXV OD EDUUH GHV N:K Pð DQ HQ PR\HQQH SRXU OH FKDXIIDJH (Q YHQWLODWLRQ SDU H[HPSOH QRXV XWLOLVHURQV YUDLVHPEODEOHPHQW GHV V\VWqPHV & HW ' DYHF UpJXODWLRQ SDU VRQGH oD QRXV SDUDvW DFWXHOOHPHQW OH PHLOOHXU FRPSURPLV HQWUH OD JDUDQWLH GH FRQIRUW OD UpGXFWLRQ GHV EHVRLQV GH FKDXIIDJH HW OHV FR WV '¶DXWUH SDUW LO IDXW FRPSUHQGUH TXH OH FRQIRUW DFWXHO GDQV OH )ORUDLU QH FRUUHVSRQG SDV DX[ K\SRWKqVHV LGpDOHV GX SKSS HQ G¶DXWUHV PRWV LO HVW PRLQV FRQIRUWDEOH PDLV LO FRQVRPPH HQ UpDOLWp DXVVL GHX[ IRLV PRLQV TXH OH FDOFXO WKpRULTXH N:K Pð DQ HQ PR\HQQH &¶HVW pYLGHPPHQW SpQDOLVDQW GX SRLQW GH YXH GHV FDOFXOV GH UHQWDELOLWp DXVVL OH YpULWDEOH HQMHX VHUD GH PDvWULVHU O¶LPSDFW VXU OHV OR\HUV HQ JpUDQW OH UHPERXUVHPHQW GX )R\HU SRXU O¶HPSUXQW QpFHVVDLUH j O¶LQYHVWLVVHPHQW /H FKDQWLHU GHYUDLW FRPPHQFHU GpEXW HW WRXV OHV ORFDWDLUHV UHVWHURQW GDQV OHXU ORJHPHQW SHQGDQW OHV WUDYDX[

eYROXWLRQ GHV SRQWV WKHUPLTXHV OLQWHDX[ VHXLOV DYHF FP GH ODLQH GH URFKH HQ IDoDGH 7+(50

&KkVVLV SODFp DX ERUG LQWpULHXU ȌH : P.

&KkVVLV SODFp DX ERUG GH O¶LVRODQW H[WpULHXU ȌH : P.

1RXV DYRQV UHWHQX GDQV QRWUH pWXGH O¶K\SRWKqVH G¶XQH LVRODWLRQ SDU O¶H[WpULHXU DYHF XQH WHFKQLTXH G¶HQGXLW VXU LVRODQW &RQWUDLUHPHQW j O¶LVRODWLRQ SDU O¶LQWpULHXU HOOH QpFHVVLWH XQ SHUPLV G¶XUEDQLVPH PDLV pYLWH FHUWDLQV LQFRQYpQLHQWV SHUWH G¶LQHUWLH WKHUPLTXH HW SRQWV WKHUPLTXHV 'H SOXV HOOH UHQRXYHOOH O¶HVWKpWLTXH GH O¶LPPHXEOH QH UpGXLW SDV OD VXUIDFH GHV ORJHPHQWV HW OLPLWH OHV WUDYDX[ LQWpULHXUV FH TXL GDQV XQ LPPHXEOH j WLWUH ORFDWLI HVW SUpSRQGpUDQW (Q¿Q OD WHFKQLTXH G¶HQGXLW VXU LVRODQW SUpVHQWH XQH WUqV JUDQGH IDFLOLWp GH PLVH HQ °XYUH XQ ERQ UDSSRUW TXDOLWp SUL[ HW XQ SRLGV UpGXLW (Q FH TXL FRQFHUQH O¶LVRODQW OD ODLQH GH URFKH HVW LGpDOH FDU HOOH RIIUH GH WUqV ERQQHV SURSULpWpV WKHUPLTXHV XQ ERQ pFRELODQ HW VRQ FR W HVW UHODWLYHPHQW IDLEOH 3RXU DWWHLQGUH OH VWDQGDUG SDVVLI QRXV DYRQV G YHLOOHU j DPpOLRUHU O¶pWDQFKpLWp j O¶DLU GHV DSSDUWHPHQWV HW UHFRXULU j XQH YHQWLODWLRQ GH W\SH ' (Q RSWDQW SRXU XQ V\VWqPH GpFHQWUDOLVp PDOJUp XQ LQYHVWLVVHPHQW HW XQ HQFRPEUHPHQW SOXV LPSRUWDQW RQ SHUPHW XQH PHLOOHXUH JHVWLRQ GHV GpELWV HW GX UpFXSpUDWHXU GH FKDOHXU FH TXL HVW XQ IDFWHXU G¶pFRQRPLH HW GH FRQIRUW FOp GDQV GX ORFDWLI 'H SOXV LO UpGXLW OD SURSDJDWLRQ GX EUXLW HQWUH OHV DSSDUWHPHQWV /HV UpVXOWDWV RQW pWp SUpVHQWpV VRXV IRUPH GH VFpQDULRV GH UpQRYDWLRQ ¿JXUH FH TXL SHUPHW GH YLVXDOLVHU SDV j SDV HQ IRQFWLRQ GHV PHVXUHV OHV UpGXFWLRQV HQ WHUPH GH EHVRLQ GH FKDXIIDJH DQQXHO FDOFXOp DYHF OH SURJUDPPH 3+33 $¿Q GH IDFLOLWHU O¶pWXGH GHX[ FHOOXOHV DSSDUWHPHQWV W\SHV RQW pWp pWXGLpHV O¶XQH GLWH GpIDYRUDEOH RULHQWDWLRQ PpGLRFUH HW VXUIDFH GH GpSHUGLWLRQ LPSRUWDQWH O¶DXWUH GLWH IDYRUDEOH ERQQH RULHQWDWLRQ HW VXUIDFH GH GpSHUGLWLRQ UpGXLWH /HV GHX[ FHOOXOHV SURSRVHQW XQH LPDJH GH O¶pYROXWLRQ GX EHVRLQ GH FKDOHXU GH FKDXIIDJH GX EkWLPHQW GDQV VRQ HQWLHU HW GH O¶LQYHVWLVVHPHQW QpFHVVDLUH j OD PLVH HQ °XYUH GH OD UpQRYDWLRQ 3UHQRQV OH FDV GH OD FHOOXOH GpIDYRUDEOH VDQV UpQRYDWLRQ QRXV REWHQRQV XQ QLYHDX . GH HW XQ EHVRLQ GH FKDOHXU GH FKDXIIDJH DQQXHO GH N:K Pð DQ 3RXU O¶pWXGH WURLV SRQWV WKHUPLTXHV PDMHXUV RQW

&KkVVLV SODFp VXU O¶LVRODQW H[WpULHXU ȌH : P.

pWp SULV HQ FRPSWH j VDYRLU OHV EDOFRQV OHV VHXLOV HW OHV OLQWHDX[ &HV SRQWV WKHUPLTXHV SUpVHQWHQW HQ VLWXDWLRQ GHV SDUWV GH GpSHUGLWLRQV /HV SRQWV WKHUPLTXHV GX OLQWHDX HW GX VHXLO RQW pWp pWXGLpV GH IDoRQ j OLPLWHU OHXU LPSDFW OD YDULDWLRQ GX Ȍ D pWp DQDO\VpH HQ IRQFWLRQ GH O¶HPSODFHPHQW GX FKkVVLV ¿JXUH JUkFH DX SURJUDPPH 7+(50 'H SOXV SRXU DPpOLRUHU O¶LVRODWLRQ HW OH ÀX[ GH FKDOHXU j WUDYHUV OH FKkVVLV FHOXL FL D pWp UHKDXVVp SDU XQ EORF GH SXUHQLW Ȝ : P. $X ¿QDO SRXU OD FHOOXOH GpIDYRUDEOH OH ODEHO SDVVLI HVW DWWHLQW DYHF XQ LVRODQW GH FP HQ IDoDGH FP HQ WRLWXUH FP SRXU OHV PXUV GX KDOO GX GRXEOH YLWUDJH XQH YHQWLODWLRQ GH W\SH ' HW XQH pWDQFKpLWp j O¶DLU GH YRO K /¶DQDO\VH pFRQRPLTXH WKpRULTXH IDLW DSSDUDvWUH TXH O¶LQYHVWLVVHPHQW SRXU UHQGUH O¶LPPHXEOH SDVVLI VHUDLW UHPERXUVp DX PLQLPXP DSUqV DQV HW DX PD[LPXP DSUqV DQV FRPSWH WHQX G¶K\SRWKqVHV VXU O¶pYROXWLRQ GX SUL[ GHV pQHUJLHV HW GDQV OH FRQWH[WH GHV SULPHV HW GHV SUL[ GHV PDWpULDX[ HQ 1RXV QRXV EDVRQV VXU XQH PRGpOLVDWLRQ GH OD FRQVRPPDWLRQ DQQXHOOH LQLWLDOH GH FKDXIIDJH GH 0:K UpGXLWH j 0:K VRLW XQH GLPLQXWLRQ GH VXLWH j OD UpQRYDWLRQ &HWWH pWXGH QRXV D SHUPLV GH FRQFOXUH TX¶XQH WHOOH UpQRYDWLRQ SRXUUDLW rWUH FRQFUqWHPHQW HQYLVDJpH ,O HVW YUDL TXH O¶LPPHXEOH pWXGLp SUpVHQWH XQH GXUpH GH YLH OLPLWpH PDLV LO QH IDXW SDV SHUGUH GH YXH TXH OH )ORUDLU , D pWp FKRLVL SRXU VRQ FRWp pQHUJLYRUH HW TX¶LO D SHUPLV GH PRQWUHU FRPPHQW OD UpQRYDWLRQ G¶XQ WHO LPPHXEOH HQ EkWLPHQW SDVVLI VHUDLW UpDOLVDEOH ,O VHUDLW HQ RXWUH WRXW j IDLW SRVVLEOH G¶DSSOLTXHU FH FDV GH UpQRYDWLRQ j GHV LPPHXEOHV SUpVHQWDQW XQ PHLOOHXU FRQIRUW HW XQH SOXV JUDQGH GXUpH GH YLH 7RXWHIRLV O¶DQDO\VH pFRQRPLTXH QH SHXW rWUH GpGXLWH SDU VLPSOH DQDORJLH (Q HIIHW PDOJUp XQ LQYHVWLVVHPHQW PRLQGUH OHV JDLQV DX QLYHDX GH OD IDFWXUH G¶pQHUJLH VHUDLHQW HX[ DXVVL SOXV IDLEOHV &KDTXH FDV HVW XQLTXH HW QpFHVVLWH XQH pWXGH SRXVVpH Ŷ +DUG\ 0D[LPH 5HQGUH XQ LPPHXEOH + / 0 SDVVLI XQH ¿FWLRQ " 7UDYDLO GH ¿Q G¶pWXGH SURPRWHXU 6HEDVWLDQ 0RUHQR 9DFFD 'LSO{Pp LQJpQLHXU LQGXVWULHO HQ FRQVWUXFWLRQ MXLQ (&$0 %UX[HOOHV &RQWDFW PD[LPH KDUG\#KRWPDLO FRP

QRV pWXGLDQWV

EH SDVVLYH

SIUM

O SYMP

0 1 0 2

CROWNE PLAZA BRUSSELS - LE PALACE 3 SEPT. 2010 Org:

www.passivehouse.be

sponsored by

EH SDVVLYH

PHGLD

Heating

Cooling

Ventilation

Energy efficient solutions for a perfect indoor climate.

Une maison qui  respire , avec une ambiance saine et confortable. Avec les systèmes de ventilation à double flux de Zehnder Group Belgium, vous optez pour une ventilation optimale et Êconomique de votre maison.

PIRANACONCEPTS.COM

Mais le regroupement des forces dâ&#x20AC;&#x2122;Acova, J.E. StorkAir et Zehnder offre plus que de lâ&#x20AC;&#x2122;air pur.

Avec sa rĂŠputation très solide en radiateurs dĂŠcoratifs, panneaux rayonnants et systèmes de ventilation Ă double flux, Zehnder Group Belgium est synonyme de solutions dâ&#x20AC;&#x2122;efficacitĂŠ ĂŠnergĂŠtique pour le chauffage, le rafraĂŽchissement et lâ&#x20AC;&#x2122;air frais.

Zehnder Group Belgium nv/sa www.zehnder.be

C<J D<@CC<LI<J :8I8:KyI@JK@HL<J ;8EJ EFJ =<EĂ&#x153;KI<J ;< :C8JJ<

M A I S O N PA S S I V E

FENĂ&#x160;TRE EN BOIS

ENERGYplus

jXk`j]X`k Xlo \o`^\eZ\j [\ ZfejkilZk`fe c\j gclj Â&#x201E;c\mÂ&#x201E;\j DX`jfe gXjj`m\

A LU M I N I U M

FENĂ&#x160;TRE EN BOIS

ENERGYplus

Xkk\`ek [\j mXc\lij [Ă&#x2039;`jfcXk`fe i`^fli\lj\j

Ln

'#/

d\`cc\lij Â&#x201E;hl`g\d\ekj [\ jÂ&#x201E;Zli`kÂ&#x201E; \k [\ Zfe]fik JB9 lk`c`jXk`fe `ek\cc`^\ek\ [\ c`Â&#x2026;^\ gfli le\ `jfcXk`fe gclj Â&#x201E;cÂ&#x201E;mÂ&#x201E;\ [Ă&#x160;le i\mÂ&#x2020;k\d\ek \e Xcld`e`ld gfli le\ gifk\Zk`fe fgk`dXc\ Zfeki\ c\j `ek\dgÂ&#x201E;i`\j

ENERGYplus

C8 =<EĂ&#x153;KI< GI<D@LD ;L M8JK< GIF$ >I8DD< ;<J GFIK<J <K =<EĂ&#x153;KI<J

Des fenĂŞtres et des portes Ă vivre \n`k_\id YmYX# @e[ljki`\n\^ )'0(# 9$*,)' Qfe_fm\e# K\c% "*) ' ((%++'%.''# =Xo "*) ' ((%++'%.'0

EH SDVVLYH

%H SDVVLYH HVW XQ PDJD]LQH WULPHVWULHO GH SPS DVEO HW SKS Y]Z 3URFKDLQH SXEOLFDWLRQ VHSWHPEUH RFWREUH QRYHPEUH ZZZ EHSDVVLYH EH LQIR#EHSDVVLYH EH 0DJD]LQH GLVWULEXp JUDWXLWHPHQW HW WLUp j H[HPSODLUHV &RYHU SKRWR JOREDOYLHZ 0XQGR 1 1DPXU DUFKLWHFWH $$$ DUFKLWHFWXUHV 5pGDFWHXU HQ FKHI %HUQDUG 'HSUH] &RQVHLO GH UpGDFWLRQ (GLWK &RXQH 6HEDVWLDQ 0RUHQR 9DFFD &KULVWRSKH 0DUUHFDX 3HWHU 'HOODHUW 5pGDFWLRQ $GULDDQ %DFFDHUW (GLWK &RXQH %HUQDUG 'HSUH] 0DUQ\ 'L 3LHWUDQWRQLR 2OLYLHU +HQ] :RXWHU +LOGHUVRQ 6HEDVWLDQ 0RUHQR 9DFFD %HQRLW 4XHYULQ 6WHIDQ 9DQ /RRQ $GHOLQH *XHUULDW -XOLH :LOOHP &KULVWRSKH 0DUUHFDX 3HWHU 'HOODHUW -RKDQ &Up *UDSKLVPH HW SUp SUHVVH -XOLH :LOOHP 6HEDVWLDQ 0RUHQR 9DFFD 3KRWRJUDSKHV )LOLS 'XMDUGLQ &KULVWRSKH 8UEDLQ $OH[DQGHU 0DQJROG -XOLH :LOOHP ( :DWHOHW $ 5RFFD 6\QHUJ\ ,QWHUQDWLRQDO -HDQ 3LHUUH 5XHOOH ZZZ JOREDOYLHZ EH $$$ $UFKLWHFWXUHV %HUQDUG 'HSUH] 6RSKLH %URQFKDUW 6N\ GLYH 6SD FHQWHU :LOO\ %RH\NHQV *ULPP 6ZLQQHQ 7UDGXFWLRQV .DWKOHHQ .HPSHQHHUV %GG 7UDQVODWLRQV 3+3

EH SDVVLYH

/HV SURMHWV GX GRVVLHU YLHQQHQW GX SURJUDPPH /(+5 ZZZ OHKU EH HW GX SURJUDPPH %kWLPHQWV H[HPSODLUHV GH OD 5pJLRQ %UX[HOORLVH j

/ DUWLFOH DUFKLWHFWXUH SDUWDJpH OHV H[WUDLWV G¶LQWHUYLHZV XWLOLVpV GDQV FH WH[WH RQW HQ SDUWLH pWp UpDOLVpHV SRXU $ HW 2OLYLHU -DGRXO HW -HDQ 3LHUUH 5XHOOH &DUUpPHQW FDSWLYDQW pG :H\ULFK 2QW FROODERUp j FH QXPpUR *LOOHV 7RXVVDLQW 0DXUL]LR &RKHQ -RKDQ %HUWH 3RODU )RXQGDWLRQ 0DUMRULH 9HUHFNW /LOL -XOLHQ -HDQ )UDQoRLV 'LRUG 0D[LPH +DUG\ 0DvWUH )UpGpULF /RXPD\H 6WHII %HOO %6& (UZLQ 0OHFQLN 3+3Y]Z 27% 78 'HOIW 7KLEDXW 'H 1RUUH $X[LSUHVV 3HWHU 9HUKH\GHQ HW ,OVH 9DQ GHU 9ORHGW (VWKHU -DNREHU *UHHQ,PPR eULF 'H .HXOHQHHU &UHGLEH ePLOLH 0HHVVHQ ,Q¿UPLHUV 'H 5XH DVEO $GqOH 6DQWRFRQR ,6(/3 (ULF 9DQHVVFKH ,6(/3 (GLWHXU UHVSRQVDEOH 6HEDVWLDQ 0RUHQR 9DFFD SPS DVEO UXH GH O¶(SDUJQH 0RQV 5pJLH 3XEOLFLWDLUH &KDXIRXU 'pYHORSSHPHQW VSUO <YHV GH 6FKDHW]HQ \YHV#PDFVWUDW EH $ERQQHPHQWV SPS DVEO RX VXEVFULEH#EHSDVVLYH EH ,PSULPHULH 3RRW 3ULQWHUV ,PSULPp DYHF HQFUHV YpJpWDOHV &RS\ULJKW SPS SKS /HV DUWLFOHV Q HQJDJHQW TXH OD UHVSRQVDELOLWp GH OHXUV DXWHXUV 7RXV GURLWV GH UHSURGXFWLRQ GH WUDGXFWLRQ HW G DGDSWDWLRQ PrPH SDUWLHOOH

UpVHUYpV SRXU WRXV SD\V EH SDVVLYH HVW VRXWHQX SDU OH 63) HQYLURQQHPHQW

LQVWDOODWLRQ

EDEHO WH[WH

$GqOH 6DQWRFRQR ,VHOS -HDQ )UDQoRLV 'LRUG %RLV pSLFpD WUDLWp FP[ FP &KkWHDX GH -HKD\ &ROO 3ULYpH &RS\ULJKW - ) 'LRUG

-HDQ )UDQoRLV 'LRUG XWLOLVH OH ERLV SRXU IDLUH GH VHV VFXOSWXUHV GHV DUFKLWHFWXUHV HQ GLDORJXH DYHF OHXU HQYLURQQHPHQW 5pDOLVpH HQ ODWWHV j SDQQHV FHWWH VFXOSWXUH DVVRFLH OpJqUHWp HW G\QDPLVPH DX WUDYDLO PDWKpPDWLTXH HW WHFKQRORJLTXH TXH O¶DUWLVWH UpLWqUH SRXU QRPEUHXVHV GH VHV FRQVWUXFWLRQV %DEHO HVW XQH FRXSH HOOH RIIUH XQ SRLQW GH YXH SODVWLTXH GH OD WRXU LQDFKHYpH« $YHF OD FROODERUDWLRQ GH O ,VHOS %G GH :DWHUORR %UX[HOOHV

EH SDVVLYH

6(3 2&7 129 Ã&#x20AC;DVK IRFXV KXPRXU JOREDO YLHZ IDFH j IDFH SDUROH G¶LPDJH OH PLVVLRQQDLUH TX¶HQ GLWHV YRXV DUFKLWHFWXUH SDUWDJpH GRVVLHU SRUWUDLW SKSS YDGHPHFXP ORJHPHQW QRQ UpVLGHQWLHO UpQRYDWLRQ LPPRELOLHU (OLVDEHWK V GLDU\ oD ERXJH HQ

EH SDVVLYH

'(& -$1 )(9

Ã&#x20AC;DVK IRFXV KXPRXU JOREDO YLHZ SHUVSHFWLYH FDUWH EODQFKH OH PLVVLRQQDLUH SDUROH G¶LPDJH DUFKLWHFWXUH SDUWDJpH GRVVLHU SKSS YDGHPHFXP ORJHPHQW UpQRYDWLRQ GpWDLO WDQWH 0RQLTXH (OLVDEHWK V GLDU\ oD ERXJH HQ

WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH

/RRNLQJ IRUZDUG (WDW GH OD TXHVWLRQ

EXUHDX GH GpS{W $QWZHUSHQ ; 3

EH SDVVLYH

EH SDVVLYH

EH SDVVLYH WULPHVWULHO GX VWDQGDUG SDVVLI ! ZZZ EHSDVVLYH EH

%UX[HOOHV SDVVLI HQ

EXUHDX GH GpS{W $QWZHUSHQ ;

EH SDVVLYH

EH SDVVLYH

(WDW GH OD TXHVWLRQ %UX[HOOHV SDVVLI HQ (FROHV 1DWXXUFHQWUXP %RXUJR\HQ 7KpDWUH 'H 9LH]H *DVWHQ ,3)&

EH SDVVLYH

EH SDVVLYH

5HKDE

3DVVLI j 0DUFKH

/DEHOV $HURSROLV ,,

(YHQWV

DX

6\PSRVLXP 3DVVLYHKRXVH 6\PSRVLXP RUJDQLVp SDU OD 3+3 HW OH 303 %UX[HOOHV DYHF OD SUpVHQFH HQWUH DXWUH GH :ROIJDQJ )HLVW &URZQH 3OD]D +RWHO %UX[HOOHV ! ZZZ SDVVLYHKRXVH EH

6DORQ 3DVVLYHKRXVH 3DVVLYH+RXVH VDORQ pWDEOLVVHPHQWV GH FRQWDFW HW ERXUVH VXU OD FRQVWUXFWLRQ SDVVLYH PDQLIHVWDWLRQ RUJDQLVpH SDU OD 3+3 HW OH 303 3OXV GH H[SRVDQWV SURJUDPPH GH FRQIpUHQFHV HW JXLGDQFHV JUDWXLWHV /H VHSWHPEUH HVW XQH MRXUQpH XQLTXHPHQW UpVHUYpH DX[ SURIHVVLRQQHOV /H HW VHSWHPEUH VRQW DFFHVVLEOHV WRXW SXEOLF 7RXU 7D[LV j %UX[HOOHV

! ZZZ SDVVLYHKRXVH EH

DX

DX

3$/(1& q FRQIpUHQFH LQWHUQDWLRQDOH VXU OH 3DVVLI HW OH UHIURLGLVVHPHQW EDVVH pQHUJLH 5KRGHV *UqFH ! SDOHQF FRQIHUHQFHV JU

eQHUJLHV OH VDORQ GHV pFRQRPLHV G¶pQHUJLH /H VDORQ GHV pFRQRPLHV G¶pQHUJLH DX :DOORQLH ([SR GH 0DUFKH HQ )DPHQQH /D SUHPLqUH MRXUQpH pWDQW UpVHUYpH DX[ SURIHVVLRQQHOV ! ZZZ HQHUJLHVSOXV EH

7UDLQLQJ ZRUNVKRSV 0RGXOH JpQpUDO HW VHSWHPEUH HW HW RFWREUH /LqJH ± &HIRUWHF

GHPLMRXUQpHV RFWREUH HW QRYHPEUH &KDUOHURL

HW QRYHPEUH /LqJH ± &HIRUWHF

0RGXOH 3+33 8WLOLVDWLRQ GX ORJLFLHO 3+33 VHSWHPEUH &KDUOHURL

VHSWHPEUH /LqJH ± )RUPDWLRQ 30(

RFWREUH %UX[HOOHV

RFWREUH /LEUDPRQW

QRYHPEUH &KDUOHURL

QRYHPEUH /LqJH ± )RUPDWLRQ 30(

GpFHPEUH %UX[HOOHV

0RGXOH 3+33 3HUIHFWLRQQHPHQW DX ORJLFLHO 3+33 RFWREUH /LqJH ± )RUPDWLRQ 30(

RFWREUH &KDUOHURL

RFWREUH %UX[HOOHV

GpFHPEUH &KDUOHURL

0RGXOH 3RQWV 7KHUPLTXHV 7KpRULH GHVVLQ HW FDOFXO GHV SRQWV WKHUPLTXHV RFWREUH %UX[HOOHV

RFWREUH /LqJH ± )RUPDWLRQ 30(

EH SDVVLYH

DJHQGD

QRYHPEUH /LEUDPRQW

GpFHPEUH &KDUOHURL

0RGXOH 3RQWV 7KHUPLTXHV 3HUIHFWLRQQHPHQW HW :RUNVKRS RFWREUH %UX[HOOHV

QRYHPEUH /LqJH ± )RUPDWLRQ 30(

GpFHPEUH /LEUDPRQW

1(: (WDQFKpLWp j O¶DLU HW PRLVLVVXUH QRYHPEUH %UX[HOOHV

GpFHPEUH &KDUOHURL

1(: &RQFHSWLRQ (QHUJLH ± 'HV SURMHWV GH $ j = QRYHPEUH HW GpFHPEUH &KDUOHURL

'pWDLOV GHV IRUPDWLRQV ! ZZZ PDLVRQSDVVLYH EH ! 1RV VHUYLFHV ! )RUPDWLRQV

,QVFULSWLRQV &KDUOHURL &HQWUH 30( )RUPDWLRQ RX VDELQH GHPRLQ\#FHQWUHSPH EH %UX[HOOHV (VSDFH )RUPDWLRQ 30( RX IF#HISPH EH /LqJH )RUPDWLRQ 30( RX IFOLHJH#IRUPDWLRQ SPH EH /LqJH &HIRUWHF RX S PHUJHOVEHUJ#FHIRUWHF EH /LEUDPRQW )RUPDWLRQ 3PH /X[HPERXUJ RX DPDQGLQH OHJUDQG#LIDSPH EH

* FAIT

Face à des situations complexes, personne n’aime travailler seul.

* SOLUTION

Un conseiller professionnel, aussi prêt à vous aider sur place.

Geberit vous offre non seulement une large gamme de produits, mais également des conseils judicieux. De la conception à la réalisation, nous nous engageons à vous aider personnellement et gratuitement. www.geberit.be

EH SDVVLYH INTÉGRÉ * LE SAVOIR-FAIRE

©2010 VELUX GROUP ®VELUX, LE LOGO VELUX, CABRIO, INTEGRA, io-homecontrol ET Pick&Click! SONT DES MARQUES DÉPOSÉES ET UTILISÉES SOUS LICENCE PAR LE GROUPE VELUX.

Ventilation conforme aux normes PEB

NOUVEAU ACCESSOIRE

Accessoire de ventilation renforcée et réglable: débit de ventilation conforme aux normes PEB* réglage continu du débit*

Le Ventil+ (réf. ZZZ 214): remplace le capot extérieur standard peut être placé sur des fenêtres de toit manuelles déjà installées (produites après 2001) doit être commandé séparément de la fenêtre de toit

* Norme PEB de ventilation NBN D 50-001

EH SDVVLYH

Plus d’informations sur

velux.be/professionnels