Issuu on Google+

L;YPTLZ[YL Z[;YPTLZ[LY

 K' K

&217$&76



KYPLTHHUKLSPQRZL

4(.(A05, [YPTLZ[YPLS

(166$$6%/

(QWUDLGHQDWLRQDOHSRXU OHVVHUYLFHVGHVpFXULWpHW DGPLQLVWUDWLIV %XOOHWLQSXEOLpSDU(166$ 0RQLWHXUEHOJHGX

9=:1+9$'

QDWLRQDOHHQIHGHUDOH KXOSYHUOHQLQJYRRU YHLOLJKHLGVHQ DGPLQLVWUDWLHYHGLHQVWHQ %HOJwH%HOJLTXH3%33 0HFKHOHQ%&Y

,1)2

$YHQXH%UXJPDQQODDQ %UX[HOOHV 7HO (166$KWWSZZZHQVVDEH 531KWWSZZZUSQEH


/¶DVEO(166$HVWXQHFDLVVHG¶HQWUDLGHFUppHHQIDYHXU  GH VHV PHPEUHV /HV PHPEUHV GH O¶DVEO VRQW  ‡'HVSHUVRQQHVIDLVDQWSDUWLHGHVVHUYLFHVGHVpFX ULWp WHOVTXHSROLFLHUVJHQGDUPHVSRPSLHUVSURWHFWLRQ FLYLOHVHUYLFHVSULYpVGHVpFXULWpHWF« ‡'HVSHUVRQQHVIDLVDQWSDUWLHGHVVHUYLFHVDGPLQLVWUD WLIVWHOVTXHOHVSRVWLHUVHQVHLJQDQWVSHUVRQQHOVGHV PLQLVWqUHVHWF«

 'H Y]Z 1+9$' LV HHQ KXOSNDV JHVWLFKW WHQ YRRUGHOH YDQ ]LMQ OHGHQ 'H OHGHQ YDQ GH Y]Z ]LMQ  ‡3HUVRQHQGLHGHHOXLWPDNHQYDQYHLOLJKHLGVGLHQVWHQ ]RDOVSROLWLHULMNVZDFKWEUDQGZHHUJHYDQJHQLVSHU VRQHHOHQFLYLHOHEHVFKHUPLQJNRUSVHQ ‡3HUVRQHQYDQDGPLQLVWUDWLHYHGLHQVWHQ]RDOVSRVW EHGLHQGHQRQGHUZLM]HUVPLQLVWHULHsOSHUVRQHHOHQ]

0R\HQQDQWXQHFRWLVDWLRQGH¼DQOHPHPEUHD  GURLWjGLYHUVDYDQWDJHVGRQW ‡SDUXWLRQVGXWULPHVWULHOV©&217$&760DJD]LQHª ‡8QHDVVXUDQFHGpFqVDFFLGHQWHO VRXVFULWHSDUOHV VRLQVGHO¶DVEODXSUqVGH©$;$ªHWFRXYUDQWVLF¶HVW OHFDVXQPLQLPXPGH¼j¼  ‡(QFDVGHGpFqV TXHOOHTX¶HQVRLWODFDXVHHW LQGpSHQGDPPHQWGHODSUpFpGHQWH XQHVRPPHGH ¼HVWYHUVpHDX[D\DQWVGURLW'HSOXVXQFDUQHW G¶pSDUJQH ¼ HVWRXYHUWHQIDYHXUGHFKDTXH HQIDQWPLQHXUGHPHPEUHGpFpGp&HVVRPPHVVRQW SXLVpHVGDQVOHVFDLVVHVGHO¶DVEOFRQVWLWXpHVjFHW HIIHW ‡(QFDVGHQDLVVDQFHXQHSULPHGH¼VRXVIRUPH GHFRPSWHDXQRPGHO¶HQIDQW OLYUHWG¶pSDUJQH  ‡(QFDVGHPDULDJHXQHSULPHGH¼ ‡'¶DXWUHVDYDQWDJHVSHXYHQWrWUHRIIHUWVVHORQOHVFDV HWOHVSRVVLELOLWpVILQDQFLqUHVGHO¶DVEO

 7HJHQ HHQ OLGJHOG YDQ  ¼ SHU MDDU KHHIW KHW OLG UHFKW RS YHUVFKLOOHQGH YRRUGHOHQ ZDDUYDQ  ‡XLWJDYHQYDQKHWWULPHVWULsHO©&217$&760DJD ]LQHª ‡9HU]HNHULQJELMRYHUOLMGHQWHQJHYROJHYDQHHQRQJH OXN]RZHOLQGLHQVWDOVLQSULYpLQ%HOJLsRILQEXLWHQ ODQG RQGHUVFKUHYHQGRRUGHY]ZELM©$;$ª GHNNLQJ ELM]R¶QJHYDOYDQHHQPLQLPXPYDQ¼WRW ¼SHUMDDU ‡,QJHYDOYDQRYHUOLMGHQ ]RQGHUEHODQJZHONHHUGH RRU]DDNYDQLVHQRQDIKDQNHOLMNYDQKHWYRRUDIJDDQGH  HHQVRPYDQ¼JHVWRUWDDQGHUHFKWKHEEHQGH DOVRRNHHQVSDDUERHN ¼ YRRUGHPLQGHUMDULJH NLQGHUHQ+HWJHOGNRPWXLWGHKXOSNDVYDQGHY]ZGLH YRRUGH]HIHLWHQJHVWLFKWLV ‡%LMJHERRUWHHHQSUHPLHYDQ¼LQYRUPYDQHHQ VSDDUERHNRSQDDPYDQKHWNLQG

127(8QHVRUWHG¶DLGHSHXWrWUHDFFRUGpHjODGHPDQGH G¶XQPHPEUHHQIDYHXUGHJURXSHPHQWVRXDVVRFLDWLRQV RXFOXEVjFDUDFWqUHVRFLDO(QIDYHXUGH121PHPEUHVHW GDQVXQEXWVWULFWHPHQWVRFLDOGHVGRQVSHXYHQWrWUHIDLWV SRXUOHFRQMRLQWDLQVLTXHSRXUOHVHQIDQWVPLQHXUVG¶XQH SHUVRQQHGpFpGpHHQVHUYLFH1RXVYHLOORQVSDUWLFXOLqUH PHQWjYHUVHUFHVGRQVGHPDQLqUHGLVFUqWHVDQVSXEOLF LWpG¶DXFXQHVRUWH PrPHOHVGpOpJXpVYHQGHXUVLJQRUHQW FHWWH SUDWLTXH  GH IDoRQ j pYLWHU WRXWH PpGLDWLVDWLRQ

‡%LMKXZHPLMNSUHPLHYDQ¼ ‡$QGHUHYRRUGHOHQNXQQHQEHNRPHQZRUGHQYROJHQV KHWJHYDOHQGHILQDQFLs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

,OUHVVRUWGHFHTXLSUpFqGHTXHOHV¼GHFRWLVDWLRQGH  PDQGpVVRQWSUHVTXHV\PEROLTXHVFDUVLOVVRQWDVVH] ORLQGHFRXYULUOHVIUDLVUpHOV QHVHUDLWFHTXHODSULPH ©$;$ ª SDU H[HPSOH  'H IDoRQ j DOLPHQWHU OD FDLVVH G¶HQWUDLGHOH©&217$&760DJD]LQHªHVWPLVHQYHQWH GDQVOHSXEOLF&HWWHYHQWHDpWpFRQILpHjXQHILUPHFRP PHUFLDOH HQO¶RFFXUUHQFH531635/ TXLHQJqUHHOOH PrPHOHERQGpURXOHPHQW/DILUPHHQJDJHHOOHPrPH OHV YHQGHXUV HW HQ GpILQLW OHXU U{OH OHXU UHVSRQVDELOLWp OHXUVOLPLWHVHWF«FRQIRUPpPHQWDX[VWDWXWVGHO¶DVEO

 'HJHYUDDJGH¼DOVOLGJHOG]LMQ]RWH]HJJHQV\P EROLVFKJHYUDDJGZDQWGLHVRPLVYHUYDQGHNRVWHQWH GHNNHQ ]RDOVGHSUHPLHYDQ©$;$ª 2PGHKXOSNDV WHYRRU]LHQYDQKHWQRGLJHZRUGW©&217$&760DJD ]LQHªELMKHWSXEOLHNYHUNRFKW'HYHUNRRSZHUGDDQHHQ FRPPHUFLsOHILUPDWRHYHUWURXZG 531%9%$ GLH]HOI KHWJRHGHYHUORRSUHJHOW'HILUPDZHUIWGHYHUNRSHUV DDQEHSDDOWKXQUROKXQYHUDQWZRRUGHOLMNKHLGKXQJUHQ ]HQHQ]«RYHUHHQNRPVWLJPHWGHVWDWXWHQYDQGHY]Z

/HMRXUQDO©&217$&760DJD]LQHªHVWpGLWpWRWDOHPHQW  DX[ IUDLV GH OD ILUPH FRPPHUFLDOH (Q SOXV GH O¶pGLWLRQ GX MRXUQDO FHWWH ILUPH F¶HVWjGLUH 531 VSUO DVVXUH  ‡/HVIUDLVG¶HQYRLGHVMRXUQDX[DX[PHPEUHV ‡/HVIUDLVG¶pGLWLRQVOHVFDUWHVHWOHVYLJQHWWHVHWF« ‡/HEXUHDXGXVHFUpWDULDWGH(166$HVWILQDQFpSDU FHWWHILUPHFHFLWRXWHVFKDUJHVFRPSULVHV WpOpSKRQH ID[FKDXIIDJHpOHFWULFLWpOR\HU«

6LQRXVDMRXWRQVjFHFLHQSOXVG¶XQIRUIDLWPHQVXHO YHUVpj(166$WRXVIUDLVFRQIRQGXVODSDUWLFLSDWLRQGH FHWWHVRFLpWpHVWGHO¶RUGUHGH¼O¶DQ

 +HW WLMGVFKULIW © &217$&76 0DJD]LQH ª ZRUGW RS GH NRVWHQ YDQ GH FRPPHUFLsOH ILUPD LQJH JHYHQ $OV RRN KHW YHUVWXUHQ YDQ GH WLMGVFKULI WHQ DDQ GH OHGHQ GH NDDUWHQ GH VWLFNHUV HQ]« :LMYRHJHQKLHUELMGHNRVWHQYDQKHWKXXUJHOGYDQKHWVHF UHWDULDDWHQDOOHNRVWHQ WHOHIRRQYHUZDUPLQJHOHNWULF LWHLW« ,QWRWDDONRPWDOOHVWXVVHQGH¼SHUMDDU




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

(ZZVJPH[PVU:HUZ)\[3\JYH[PM

=LYLUPNPUNAVUKLY>PUZ[VVNTLYR

,5;9(0+,5(;065(3,,;-,+,9(3, 76<93,::,9=0*,:+,:,*<90;,,; (+4050:;9(;0-:

5(;065(3,,5-,+,9(3, /<37=,93,505.=669=,030./,0+:,5 (+4050:;9(;0,=,+0,5:;,5

:PuNLZVJPHS! (]LU\L)Y\NTHUU)Y\_LSSLZ ;tS *VTW[LIHUJHPYL! 

4HH[ZJOHWWLSPQRaL[LS! )Y\NTHUUSHHU)Y\ZZLS ;LS )HURYLRLUPUN! 

,5::(

L[YPTLZ[YLZ[[YPTLZ[YL

1¶HQJDJHHQULHQ O¶$-3%(

,+0;,<99,:765:()3, (&DPSLRQ 0HPEUHGHO¶$-3%( ,QVFULWjOD &KDPEHGHV(GLWHXUV VRXVOHQXPpUR

5/=(+









1HU-L]4HY1HU-LI4Y[

1//#+4'g 0*17& 7pOpSKRQHURXFRQGXLUHLOIDXWFKRLVLU 5HPHUFLHPHQWVDX[PHPEUHVGHVRXWLHQ



3ULRULWpDX[SLpWRQV



!GXGpSOLDQWGHO·LQVWLWXWEHOJHSRXUODVpFXULWpURXWLqUH

FORVGX7DLOOHYHUW %UDLQH/¶$OOHXG

(QYR\DJHVDQVVRXFL

9,:765:()3,+,3(=,5;, 7<)30*0;(09,

$GURLWHRXjJDXFKHGDQVOHOLW"

%9%$635/ 7pO )D[ (166$DVEO (&DPSLRQ3UpVLGHQW+RQRUDLUH HW7UpVRULHUSURYLVRLUHPHQW

9,:765:()3,,?7,+0;065 531VSUO 7pO (QFDVG¶DEXVRXSRXUWRXV UHQVHLJQHPHQWVYRLUUHVSRQVDEOHYHQWH PDJD]LQHjO¶DGUHVVHKWWSZZZUSQEH 1RVDUWLFOHVQ¶HQJDJHQWTXHOHXU DXWHXU/¶pGLWHXUQHSHXWHQDXFXQ FDVrWUHWHQXSRXUUHVSRQVDEOHGHOHXU FRQWHQX



!GXGpSOLDQWGHO·LQVWLWXWEHOJHSRXUODVpFXULWpURXWLqUH



!GHODEURFKXUHGHODSROLFHIpGpUDODpURSRUWXDLUH



!SDU6DVNLD9DQ3X\YHOGH ´,QIRUHYXHµ

'HX[WDJVHXURV



!SDU6WHIDQ'HEURX[ ´,QIRUHYXHµ

)UDXGHVDYHFFDUWHVGHSDLHPHQW



!GXGpSOLDQWGHOD´)HGHUDO&RPSXWHU&ULPH8QLWµ

5HPHUFLHPHQWVDX[PHPEUHVGHVRXWLHQ



)UDXGHVYLDLQWHUQHW



!GXGpSOLDQWGHOD´)HGHUDO&RPSXWHU&ULPH8QLWµ

5HQVHLJQHPHQWV



$GRSWLRQLQWHUQDWLRQDOH



!GXGpSOLDQWGX6HUYLFH3XEOLF)pGpUDO-XVWLFH

3ROLFHLQWpJUpHORFDOHHWIpGpUDOH



!'X´GRVVLHUVSpFLDOSROLFH´GHOD5pJLH*pQpUDOHGH3XEOLFLWp

1HWUDYHUVH]SDVOHVYRLHV !GXGpSOLDQWG·,QIUDEHO






* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

Ï.Ï2*10'417%10&7+4'X+.(#76%*1+5+4 'HSOXVHQSOXVGHSHUVRQQHVXWLOLVHQWXQ*60PrPHHQYRLWXUH6XUODURXWHFHODSHXWrWUHXWLOHSDUH[HPSOH SRXUSUpYHQLUTXHYRXVrWHVHQUHWDUGDSSHOHU XQGpSDQQHXURXVLJQDOHUXQDFFLGHQW $SSHOHUGHODYRLWXUH ORUVTXHYRXVVWDWLRQQH]jXQHQGURLWUpJOHPHQWDLUHQHSRVHDXFXQSUREOqPH'HPrPHODLVVHUXQSDVVDJHUWpOp SKRQHUSHQGDQWTXHYRXVFRQGXLVH]HVWDXWRULVp0DLVLOHQYDWRXWDXWUHPHQWORUVTXHYRXVXWLOLVH]YRWUH*60 HQFRQGXLVDQWPrPHVLYRXVGLVSRVH]G·XQV\VWqPH©PDLQVOLEUHVª

7

pOpSKRQHU HQ FRQGXLVDQW Gp WRXUQH VHQVLEOHPHQW YRWUH DWWHQWLRQ SOXVHQFRUHTXHGH GLVFXWHUDYHFXQSDVVDJHUSDUH[ HPSOH  DORUV TXH OD FRQGXLWH G·XQ YpKLFXOH H[LJH XQH WUqV IRUWH FRQ FHQWUDWLRQ6XU OD URXWH OD PRLQGUH VHFRQGH SHXW HQ HӽHW MRXHU XQ U{OH GpWHUPLQDQW 2U SHQGDQW XQH FRQYHUVDWLRQ WpOpSKRQLTXH LO HVW LPSRVVLEOH GH VH FRQFHQWUHU VXU OHV GHX[ WkFKHV HQ PrPH WHPSV HW O·DWWHQWLRQ HVW DFFRUGpH j YRWUH FRUUHVSRQGDQW 3UqV GH OD PRLWLp GHV FRQGXFWHXUV TXL UHoRLYHQW XQ DSSHO GpFURFKHQW GDQV OHV GHX[ VHFRQGHVFHTXLSURXYHELHQTX·LOV DFFRUGHQW OD SULRULWp j FHWWH WkFKH 6XUODURXWHOHVHӽHWVQpIDVWHVGX *60DXYRODQWVHWUDGXLVHQWSDUOH IDLWTXHOHFRQGXFWHXU ‡ UpGXLW EUXVTXHPHQW VD YLWHVVH ORUVTX·LO UHoRLW RX GRQQH XQ FRXS GHӾO ‡DGRSWHXQFRPSRUWHPHQWKpVLWDQW HW LQDGpTXDW OD YRLWXUH VXLW XQH WUDMHFWRLUH GpYLDQWH HW SHXW PrPH TXLWWHUVDEDQGHGHFLUFXODWLRQ ‡ ©RXEOLHª GH UHJDUGHU  VLJQDX[ URXWLHUVVXU VXUDYHFXQNLW ©PDLQVOLEUHVª  ‡UHIXVHODSULRULWpIRLVVXU XQ SHXPRLQVG·IRLVVXUDYHFXQ V\VWqPH©PDLQVOLEUHVª  ‡DODUJHPHQWWHQGDQFHj©QpJOLJHUª OHVXVDJHUVIDLEOHVRXGXPRLQVj DGRSWHU XQ FRPSRUWHPHQW LQDGp TXDW HQ OHXU SUpVHQFH SDU H[HP SOHDFFpOpUHUDXOLHXGHIUHLQHUSRXU pYLWHUGHVSLpWRQVTXLWUDYHUVHQW 

7pOpSKRQHUHQYRLWXUHࠠ WpOpSKRQHUDXYRODQW

WHQWLRQVRXWHQXHGHYRWUHSDUWUDS SHOH]OHGqVTXHYRXVDYH]WURXYp XQHPSODFHPHQWGHVWDWLRQQHPHQW  'DQV OD SOXSDUW GHV FDV LO HVW V€UHWUpJOHPHQWDLUH SRVVLEOHGHSRVWSRVHUXQHFRQYHU VDWLRQ WpOpSKRQLTXH GH TXHOTXHV ‡ 7pOpSKRQH] XQLTXHPHQW HQ FDV PLQXWHV $LQVL PLHX[ YDXW FKRLVLU G·XUJHQFH HW GH QpFHVVLWp 6R\H] OH ERQ PRPHQW SRXU WpOpSKRQHU EUHIHWFRQFLVVLYRXVSUpYHQH]G·XQ 3UHQH] O·KDELWXGH GH WpOpSKRQHU UHWDUG SDU H[HPSOH 3DU FRQWUH XQLTXHPHQW ORUVTXH YRXV DYH] SRXU GHV FRQYHUVDWLRQV FRPSOL JDUp YRWUH YRLWXUH j XQ HQGURLW TXpHV ORQJXHV RX pPRWLRQQHOOHV UpJOHPHQWDLUH  9RXV SRXYH] DLQVL DWWHQGH] XQ PRPHQW SOXV DSSUR WpOpSKRQHU HQ WRXWH WUDQTXLOOLWp HW SULp IRFDOLVHUYRWUHDWWHQWLRQVXUODFRQ ‡ 1H YRXV HPSRUWH] SDV PrPH YHUVDWLRQ  (QVXLWHPLHX[YDXWXWLOLVHUYRWUH VL YRWUH FRQYHUVDWLRQ HVW DQLPpH PHVVDJHULH YRFDOH SRXU OHV DSSHOV +XUOHU DX WpOpSKRQH RX SLUH SDV HQWUDQWV HQ HQYR\DQW YRV DSSHOV VHU YRWUH FROqUH VXU OHV DXWUHV XV HQWUDQWVYHUVYRWUHPHVVDJHULHYR DJHUV QH VHUW j ULHQ YRXV ULVTXH] FDOHORUVTXHYRXVFRQGXLVH]$XFXQ GHSURYRTXHUXQDFFLGHQW DSSHO QH VHUD SHUGX HW FHOD YRXV SHUPHWWUDGHFRQWLQXHUYRWUHURXWH ‡ &RQFHQWUH]YRXV DYDQW WRXW VXU WRXW HQ UHVWDQW FRQFHQWUp 3URӾWH] ODFLUFXODWLRQ6R\H]VXUYRVJDUGHV G·XQDUUrW jXQHQGURLWUpJOHPHQ Q·H[pFXWH] SDV GH PDQRHXYUHV WDLUH  SRXU pFRXWHU YRV DSSHOV HW FRPSOLTXpHV JDUGH] XQH GLVWDQFH UDSSHOHU WUDQTXLOOHPHQW YRWUH FRU VXӽVDQWH SDU UDSSRUW DX YpKLFXOH TXL YRXV SUpFqGH VXUYHLOOH] YRWUH UHVSRQGDQW YLWHVVH HW UHGRXEOH] GH SUXGHQFH YLVjYLVGHVSLpWRQVHWF\FOLVWHV 6LPDOJUpWRXW  9RXV QH SRXYH] SDV YRXV HP SrFKHUG·XWLOLVHUYRWUH *60HQYRLWXUHYRLFLTXHOTXHVFRQ VHLOV

‡  8WLOLVH] XQ V\VWqPH ©PDLQV OL EUHVª ODORLLQWHUGLWDX FRQGXFWHXUG·XWLOLVHUVRQ*60HQOH WHQDQWHQPDLQYRLUFLDSUqV ,OHQ H[LVWH SOXVLHXUV PRGqOHV GX WUqV VLPSOH j O·XOWUDVRSKLVWLTXp 3RXU REWHQLU GHV LQIRUPDWLRQV VXU OHV 6HORQ OHV UpVXOWDWV G·XQH pWXGH GLӽpUHQWV V\VWqPHV LO YDXW PLHX[ UpDOLVpH SDU OD .8/ OH ULVTXH YRXVUHQGUHGDQVXQPDJDVLQVSp G·DFFLGHQWDXJPHQWHGHDYHF FLDOLVpHQ*60 XQWpOpSKRQHHQPDLQHWG·HQYLURQ DYHFXQV\VWqPHPDLQVOLEUHV ‡ 'LWHV TXH YRXV rWHV DX YRODQW &·HVW SRXUTXRL LO HVW YLYHPHQW UH $LQVL YRWUH FRUUHVSRQGDQW VDLVLUD FRPPDQGp GH QH SDV WpOpSKRQHU WRXWGHVXLWHOHVOLPLWHVGHODFRQ GXWRXWHQFRQGXLVDQW YHUVDWLRQ6LFHOOHFLH[LJHXQHDW




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

'/'4%+'/'065#7:/'/$4'5&'5176+'0 &DWWRRU :DVVHLJHV

3LUVRXO<YHWWH /DURWKH

'HOUH]0D[LPH /DURFKH

*HUHRQ0\ULDPH ;KHQGHOHVVH

9HUVWUDHOHQ $QJOHXU

QROOHQVMHQ)H\ 

6WHQXLW%HQRLW 

0DXSLQ :DVVHLJHV

%RXODQJHULVULJL $QJOHXU

/HRQDUG3LHUUH +HXV\

9DQ2QFNHOHQ0DULH +HXV\

1RHO-HDQ 9HUYLHUV

6FKHXHU-RVHWWH 9HUYLHUV

0DWKQHV&DPLOOH 9HUYLHUV

'RFWHXU0LFKHO3LOHWWH 3HSLQVWHU

)DEUL-DFTXHOLQH 3LQORW

3KDUPDFLH/HPV +HUYH

6WDWLRQ7RWDOVSUO3HWLWJRI &RQGUR]

VD2UEDQHW¿OV $EHH

%DUUHWR*RQGRQ$PHOLRQ 3HSLQVWHU

/HYRO)OHXU 6HQ\

&15)+20(GH6(1< 6HQ\

*RGHIURLG*X\ 7LQORW

%HDXYRL[ *UDFH+ROORJQH

5DZVLQ0DULH *UDFH+ROORJQH

6PROGHUV *UDFH+ROORJQH

'RKRJQH *UDFH+ROORJQH

6DPPDUV$QWRLQH *UDFH+ROORJQH

35$;,6/$: %UX[HOOHV

*6 %UX[HOOHV

$92&$7&257(9,//( %UX[HOOHV

1<1$6%,780(1 =DYHQWHP

VD7+(5$%(/3+$0$5 %UX[HOOHV

EYED0$&9$1VSUO =DYHQWHP

75$16:,'(%(/*,80 =DYHQWHP

'(&267(57KLHUU\ %UX[HOOHV

6(&2VF %UX[HOOHV

VD(&212&206(59,&(6 6DQRHO3DVWHXU06' =DYHQWHP %UX[HOOHV

&'&81,7('1(7:25. %UX[HOOHV

7HFK7HDP*/2%$/QYVD %UX[HOOHV

&$55,(5%(/*,80 %UX[HOOHV

VD63(26%(/*,80QY %UX[HOOHV

VD/HRQLGDVQY %UX[HOOHV

'2',VD0FKLUD]L<RXV]VHI ('$1$ %UX[HOOHV %UX[HOOHV

(0& =DYHQWHP

+$//,%85721(1(5*< 6(59,&(6QY 'URJHQERV

(WV)$%5,7,86VSUO %UX[HOOHV

&(/,$VSUO %UX[HOOHV

1257+*$7($5,162 %UX[HOOHV

&HQWUH7HFK,QGXVWULHERLV %UX[HOOHV

0DGDPH&ODXGH$HUWV %UX[HOOHV

%HUWLQ)UpGpULF %UX[HOOHV

38%/,0$5.(7VSUO %UX[HOOHV

:DNDORQML3DWLQR %UX[HOOHV

7LQHOOG 6W1LFRODV

*RVVHW*HRUJHWWH 6W1LFRODV

3HHVHQGLV-HDQ /LQFHQW

1RHO(OPLUH 6W1LFRODV

/LELRQ*HRUJHWWH 6W1LFRODV

'HWKLHJH%OHPHOH 

0HQULRXOOH&DPLOOH 

+DXWH(FROHGHEUX[HOOHV %UX[HOOHV




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

4+14+6Ï#7:2+Ï6105^ 'HWRXVOHVXVDJHUVGHODURXWHOHVSLpWRQVVRQWOHVSOXVYXOQpUDEOHV2UOHVSUREOqPHVGHVpFXULWpGHVSLpWRQVVH SRVHQWHVVHQWLHOOHPHQWORUVGHODWUDYHUVpHGHODFKDXVVpH$LQVLSUqVG·DFFLGHQWVXULPSOLTXDQWGHVSLpWRQV VHSURGXLWVXUXQSDVVDJH SURWpJpRXQRQ DORUVTX·LOV·DJLWG·XQHLQIUDVWUXFWXUHFHQVpHOHVVpFXULVHU

$

X[ HQGURLWV R OD FLUFXODWLRQ Q·HVW UpJOpH QL SDU XQ DJHQW TXDOLӾp QL SDU GHV IHX[ OHV SLpWRQV QH SHXYHQW V·HQJDJHU VXU OD FKDXVVpH TX·DYHF SUXGHQFH HW HQ WHQDQW FRPSWH GHV YpKLFXOHV TXLV·DSSURFKHQW(QWDQWTXHSLp WRQ YRXV DYH] pYLGHPPHQW GHV GURLWV PDLV DXVVL GHV REOLJD WLRQV /·DEVHQFH G·KDELWDFOH YRXV UHQG SDUWLFXOLqUHPHQW YXOQpUDEOH DGDSWH] YRWUH FRPSRUWHPHQW HQ FRQVpTXHQFH

/HSDVVDJH ERQQHVROXWLRQ 0rPH VL GHV DFFLGHQWV V·\ SURGX LVHQW SDUIRLV O·HQGURLW OH SOXV V€U SRXU WUDYHUVHU UHVWH OH SDVVDJH SRXU SLpWRQV 6·LO HQ H[LVWH XQ j PRLQV GH  PqWUHV HQYLURQ YRXV GHYH]O·HPSUXQWHU6·LOQ·\HQDSDV OH&RGHGHOD5RXWHVWLSXOHSDUDLO OHXUV TXH YRXV GHYH] WUDYHUVHU OD FKDXVVpH SHUSHQGLFXODLUHPHQW j VRQD[HHWTXHYRXVQHSRXYH]SDV YRXV\DWWDUGHUQLYRXVDUUrWHUVDQV QpFHVVLWp,OHQYDGHPrPHVXUOHV WURWWRLUVWUDYHUVDQWVYRXVQHSRX YH] SDV \ HQWUDYHU OD FLUFXODWLRQ VDQVQpFHVVLWp

3DVjO·DYHXJOHWWH $YRLUODSULRULWpQHVLJQLӾHpYLGHP PHQWSDVTXHYRXVSRXYH]WUDYHUV HUjO·DYHXJOHWWH6R\H]SUXGHQWHQ YRXV HQJDJHDQW VXU OH SDVVDJH HW WHQH]FRPSWHGHVYpKLFXOHVTXLDS SURFKHQW &HWWH YRLWXUH YDWHOOH V·DUUrWHU " /H FRQGXFWHXU P·DWLO YX " 1·HVWLO SDV GpSDVVp SDU XQ DXWUH FRQGXFWHXU SHX UHVSHFWXHX[

GX&RGHGHOD5RXWH"1HWUDYHUVH] WRXW XVDJHU GRLW FpGHU OH SDVVDJH SDVVLOHYpKLFXOHTXLDSSURFKHHVW DX[ WUDPV HW j FHWWH ӾQ V·pFDUWHU REOLJp GH IUHLQHU WUqV VqFKHPHQW GHODYRLHIHUUpHGqVTXHSRVVLEOH SRXUV·DUUrWHU

$FFURFKH]VRQUHJDUG /H FRQWDFW YLVXHO SHUPHW G·pYLWHU WRXWSUREOqPH6LYRXVUHJDUGH]OH FRQGXFWHXUGDQVOHV\HX[LOVDXUD TXH YRXV O·DYH] YX HW YRXV VDXUH] TXH YRXV SRXYH] WUDYHUVHU VDQV GDQJHU 1·KpVLWH] SDV j OH UHPHU FLHUHQIDLVDQWXQSHWLWVLJQHGHOD PDLQ RX XQ VLJQH GH OD WrWH ELHQ VRXYHQW OD FRXUWRLVLH HVW FRQWDJ LHXVH

5HVWH]VXUYRVJDUGHV (Q WUDYHUVDQW FRQWLQXH] GH UH JDUGHU j JDXFKH (7 j GURLWH ,O VH SHXW HQ HӽHW TXH GHV YpKLFXOHV V·DUUrWHQW GDQV XQ VHQV PDLV SDV GDQVO·DXWUH1·RXEOLH]SDVTXHFHU WDLQHV UXHV j VHQV XQLTXH SHXYHQW rWUHUHPRQWpHVSDUGHVF\FOLVWHVHW GHVF\FORPRWRULVWHVjFRQWUHVHQV

/HWUDPHVWSULRULWDLUH 6DXI VL YRXV \ rWHV DXWRULVp SDU GHV IHX[ GH VLJQDOLVDWLRQ YRXV QH SRXYH] SDV YRXV HQJDJHU VXU XQ SDVVDJH SRXU SLpWRQV WUDYHUVDQW GHVUDLOVGHWUDPRXXQVLWHSURSUH ORUVTX·XQ WUDP DSSURFKH (Q HӽHW



6R\H]YLVLEOH 3RXUYRWUHVpFXULWpLOHVWHVVHQWLHO TXHYRXVYRXVIDVVLH]OHSOXVSRVVL EOHUHPDUTXHU3DUPDXYDLVWHPSV RX GDQV O·REVFXULWp XQ SLpWRQ KD ELOOp GH YrWHPHQWV VRPEUHV HVW TXDVLPHQWLQYLVLEOHPrPHSRXUXQ DXWRPRELOLVWH DWWHQWLI 'HV YrWH PHQWV FODLUV RX PXQLV GH EDQGHV UpӿpFKLVVDQWHV YRXV UHQGURQW GH JUDQGVVHUYLFHV


* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

081;#)'5#05517%+ $ O·DpURSRUW RX j OD JDUH FRQ VHLOVFRQWUHOHVSLFNSRFNHWV

SRVHQWVSRQWDQpPHQW Ï&#x2018; *DUGH] YRWUH DUJHQWYRWUHFDUWH G·LGHQWLWp YRWUH SDVVHSRUWHW YRV Ï&#x2018; *DUGH] WRXMRXUV j O·±LO YRV WLFNHWVVXUYRXVFDUVDQVFHX[FL EDJDJHV HW QH OHV ODLVVH] MD SDVGHYDFDQFHV PDLV VHXOV SDU H[HPSOH ORUV Ï&#x2018;6R\H]DWWHQWLIORUVTXHYRXVrWHV GX FKHFNLQ GH FRQYHUVDWLRQV LQWHUSHOOpSDUXQLQFRQQX WpOpSKRQLTXHVGH OD FRQVXO WDWLRQ GH WDEOHDX[ KRUDLUH RX &RPPHQWWUDYDLOOHQW G·LQIRUPDWLRQ GX FKDU JHPHQW OHVSLFNSRFNHWV" RX GpFKDUJHPHQW GH YRWUH YRL Ï&#x2018; 8QH SHUVRQQH YRXV GHPDQGH WXUH  Ï&#x2018;1HPHWWH]MDPDLVG·REMHWVGHYD GHV UHQVHLJQHPHQWV O·KHXUH RX OHXUHQYXHVXUOHWUROOH\ FDPpUD GX IHX F·HVW OD UXVH  SHQGDQW TX·XQH GHX[LqPH SHUVRQQH FRP ODSWRS

Ï&#x2018;*DUGH]YRVEDJDJHVjPDLQDYHF PHWOHYRO OHVREMHWVGHYDOHXUWRXMRXUVSUqV Ï&#x2018; /·DXWHXU YRXV GLVWUDLW HQ VDOLV GHYRXVYHLOOH]jFHTX·LOVVRLHQW VDQW O·XQ GH YRV YrWHPHQWV 3HQ ELHQIHUPpVHWSRUWH]YRWUHVDFj GDQWTX·LOYRXVDLGHjOHQHWWR\HU PDLQGXF{WpGHYRWUHSDUWHQDLUH OHFRPSOLFHFRPPHWOHYRO Ï&#x2018;1HODLVVH]SDVODSURWHFWLRQGH Ï&#x2018;/RUVGXFKHFNLQO·DXWHXUIDLWOD YRV EDJDJHV j GHV HQIDQWV RX j Ó¾OH DYHF YRXV HW SURÓ¾WH GH YRWUH GHV SHUVRQQHV TXL YRXV OH SUR GLVWUDFWLRQ SRXU V·DSSURSULHU VRQ

EXWLQ Ï&#x2018;)DLWHVDWWHQWLRQDX[PHQGLDQWV DFFRPSDJQpV G·HQIDQWVFHX[FL IRQWODSOXSDUWGXWHPSVSDUWLHGH UpVHDX[ TXL XWLOLVHQW OHV MHXQHV HQIDQWVSRXUYROHUOHVSDVVDQWV &RPPHQWSUpYHQLUOHVYROVGDQV RXGHODYRLWXUH" Ï&#x2018; )HUPH] YRWUH YRLWXUH DYHF VRLQ DXVVL ELHQ OHV SRUWHVOH FRÓ½UHOH WRLW RXYUDQW  HW FRQWU{OH] XQH VHFRQGH IRLV TXH WRXW HVW ELHQ IHUPpjFOp Ï&#x2018;%ORTXH]WRXMRXUVYRWUHYRODQWHW HQFOHQFKH]YRWUHDODUPH Ï&#x2018; 1H ODLVVH] DXFXQ REMHW GH YD OHXUFRPPHXQ*60XQDXWRUD GLRXQDSSDUHLOSKRWRGDQVYRWUH YpKLFXOH Ï&#x2018; 5DQJH] YRV REMHWV GH YDOHXU GDQVOHFRÓ½UHGHYRWUHYpKLFXOH

9 , 4 , 9 * 0 , 4 , 5 ; :  ( < ?  4 , 4 ) 9 , :  + ,  : 6 < ; 0 , 5

*KHUDVLP/LYLD %UX[HOOHV

+HEHWWH-HDQ&ODXGH $QGHQQH

7DFN-HDQ/XF $QGHQQH

0DV\MRG\ :HPPHO

*\VHPEHUJ:LOO\ 2OH\H

+HUIV/HRQDUG -XSLOOH

%URQGHOHW5DSKDHO -HPHOOH

%DOODQW)DUQLHU %UX[HOOHV

9DQGHQ(\QGH $QGHUOHFKW

5DMRXDL0RKDPHG $QGHUOHFKW

-DPRXOOH3DWULFLD /LHJH

9HLUPDQ1DGLQH :DUHPPH

(PEUHFKWV9pURQLTXH 5RPVHH

7R\X'RPLQLTXH -XSLOOH

:LW0 5RFKHIRUW

(852),6&$/,7(VSUO 9LVp

,17(5/('6 9RWWHP

'¶'HUDLNHQ&DUO 'HOHQ

/RXLV5HQDXG 2OQH

3RXSLHU-DFTXHV 6RXPDJQH

6ZDDE-RVHSK 2OQH

&ODHV-HDQ 6DXPDJQH

5HQDUG1LFRODV 6DXPDJQH

3LHWUDVLN-XOLDQ 2OQH

%RXWQJQH-HDQ3LHUUH 2OQH

0DQLTXHW-HDQ0DULH 6RXPDJQH

'HWDLOOH*HRUJHV 6RXPDJQH

6WRFNDU)ORUHQW 6RXPDJQH

'HYRJH3DXO 2OQH

+DQTXHW$GROSKLQH 2OQH

'HVVDUW(GG\ 2OQH

3HWURYHLO<YDQ %DHOHQ

0RRQHQ5RJHU %DHOHQ

+RXDUW0DULH-HDQQH /LPERXUJ

:LOOLRW-XOHV /LPERXUJ

0REHHV3LHUUH %DHOHQ




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

&41+6'17Ê)#7%*'&#05.'.+6` &HVGHUQLqUHVDQQpHVOHVDXWRULWpVEHOJHVRQWSULVXQFHUWDLQQRPEUHGHPHVXUHVDILQGHPHWWUHXQWHUPHDX SKpQRPqQHFURLVVDQWGHVPDULDJHVGHFRPSODLVDQFH,OHVWDLQVLGpVRUPDLVSRVVLEOHJUkFHjXQHPRGLILFDWLRQ GHODORLGHVDQFWLRQQHUOHVPDULDJHVGHFRPSODLVDQFHHWOHVWHQWDWLYHVHQFHVHQV/DFRPPXQHGH6FKDHUEHHN HVWTXDQWjHOOHDOOpHXQSHXSOXVORLQHQFUpDQWXQHFHOOXOHVSpFLDOLVpHDXVHLQGHVVHUYLFHVGHSROLFH 7H[WH6DVNLD9DQ3X\YHOGH 3KRWRV/DYLQLD:RXWHUV

/

RUVTX·XQFRXSOHVHPDULHVDQV UpHOOHLQWHQWLRQG·HQWDPHUXQH UHODWLRQ GXUDEOH HW HQ YXH GH O·REWHQWLRQ G·XQ SHUPLV GH VpMRXU YRLUH GH OD QDWLRQDOLWp EHOJH SRXU O·XQ GHV SDUWHQDLUHV LO HVW TXHV WLRQ GH PDULDJH GH FRPSODLVDQFH &H SURFpGp FRQVWLWXH XQ PR\HQ G·LPPLJUDWLRQ LOOpJLWLPH HW UHOqYH FDUUpPHQWGDQVGHQRPEUHX[FDV G·XQH IRUPH OXFUDWLYH GH WUDLWH G·rWUHV KXPDLQV IDLVDQW XQ JUDQG QRPEUH GH YLFWLPHV /D %HOJLTXH D DFTXLV SHWLW j SHWLW XQH UpSXWDWLRQ LQWHUQDWLRQDOH HQ OD PDWLqUH 'HV pWUDQJHUVYLHQQHQWPrPHV·LQVWDOOHU H[SUHVVpPHQWVXUOHVROEHOJHSRXU \FRQFOXUHXQPDULDJHGHFRPSODL VDQFH  8QH FLUFXODLUH GX  VHSWHP EUH  VWLSXOH TXH O·2ԀFH GHV

pWUDQJHUV 2( GRLWrWUHFRQVXOWpHQ FDVGHSURMHWGHPDULDJH G·XQHSHUVRQQHpWUDQJqUHVHWURX YDQW GpMj HQ VpMRXU LOOpJDO VXU OH WHUULWRLUH  6HORQOHVLQIRUPDWLRQVWUDQVPLV HV j O·2( SDU OHV FRPPXQHV  PDULDJHVRQWpWpUHIXVpVHQ (QO·2(DHQUHJLVWUpUH IXVGHODSDUWGHVFRPPXQHVHQWUH OHHMDQYLHUHWOHQRYHPEUH

/DSDUWLHYLVLEOHGHO·LFHEHUJ  $ORUV TXH O·LQVWLWXWLRQ GX PDU LDJH HVW VHQVLEOHPHQW HQ SHUWH GH YLWHVVH GDQV QRWUH SD\V   PDULDJHV HQ  SRXU   HQ   6FKDHUEHHN REVHUYH OH SKpQRPqQH LQYHUVH  PDU LDJHVHQSRXUHQ 



'·DSUqV %HUQDUG *XLOODXPH RI ӾFLHU GH O·pWDW FLYLO GH FHWWH FRP PXQH EUX[HOORLVH HQYLURQ   pWUDQJHUV DUULYHQW FKDTXH DQQpH j 6FKDHUEHHN SRXU GHV UDLVRQV GH UHJURXSHPHQW IDPLOLDO&HWWH VLWXD WLRQ HQWUDvQH XQ QRPEUH FURLVVDQW GH PDULDJHV HQWUH GHV SDUWHQDLUHV GRQW O·XQ HVW RULJLQDLUH G·XQ SD\V H[WHUQHjO·8QLRQHXURSpHQQH&HV GHUQLqUHV DQQpHV OH QRPEUH GH GRVVLHUV GH PDULDJHV GH FRPSODL VDQFHj6FKDHUEHHNDWRXWHIRLVGL PLQXpQRWDPPHQWJUkFHjODPLVH HQSODFHG·XQHFHOOXOH¶PDULDJHV EODQFV·HQMXLQ  /DFHOOXOHHVWFRPSRVpHGHTXD WUH SHUVRQQHV SDUPL OHVTXHOOHV O·LQVSHFWHXU :HQG\ &RUHPDQV  ´&RQWUDLUHPHQW DX SDVVp ORUVTXH SDUHLOOHV HQTXrWHV pWDLHQW ODUJH


* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

PHQWSLORWpHVSDUOHVFRPPXQHV QRXV DJLVVRQV GpVRUPDLV VXU RU GUHGXSDUTXHW1RXVWUDYDLOORQVGH PDQLqUHSUpYHQWLYHGDQVODPDMRULWp GHV GRVVLHUV QRWDPPHQW ORUVTXH OHPDULDJHQ·DSDVHQFRUHpWpFpOp EUp/RUVTXHO·RԀFLHUGHO·pWDWFLYLO D GHV GRXWHV IDFH j XQH GHPDQGH GHPDULDJHLOSHXWHQYHUWXG·XQH ORLGDWDQWGHUHSRUWHUVDGp FLVLRQGH GHX[ PRLVPD[LPXP/H GRVVLHUDUULYHHQVXLWHFKH]QRXVYLD OH SDUTXHW 1RXV DYRQV DORUV HQ YLURQ XQ PRLV SRXU GpFRXYULU V·LO V·DJLW HӽHFWLYHPHQW G·XQ PDULDJH GH FRPSODLVDQFH 1RXV YpULӾRQV DXSUqV GH O·2( VL OH FRXSOH D GpMj WHQWp GH VH PDULHU DLOOHXUV SXLV QRXV OH FRQYLRQV j XQH DXGLWLRQ /HV GHX[ SDUWHQDLUHV GRLYHQW rWUH HQWHQGXV VpSDUpPHQW HW HQ PrPH WHPSVDӾQGHQHSDVSRXYRLUFRP PXQLTXHU1RXVVDYRQVHWVHQWRQV PDOJUpWRXWORUVTX·LOVVHVRQWELHQ SUpSDUpV j O·DXGLWLRQ pWDQW GRQQp TXH QRWUH TXHVWLRQQDLUH VWDQGDUG FLUFXOHVXUOHQHW  ,O V·DJLW GRQF G·rWUH FUpDWLI HQ PDWLqUH GH TXHVWLRQV &H VRQW G·DLOOHXUV VRXYHQW GH SHWLWV GpWDLOV TXLSHUPHWWHQWGHGpFRXYULUOHSRW DX[ URVHV 'HV SHUVRQQHV YLYDQW YUDLPHQWVRXVOHPrPHWRLWVDYHQW SDUH[HPSOHVLOHXUSDUWHQDLUHGRUW GX F{Wp GURLW RX JDXFKH GX OLW RX SUHQG VRQ FDIp DYHF RX VDQV ODLW HW VXFUH 'H WHOOHV DXGLWLRQV SHX YHQW IDFLOHPHQW GXUHU TXDWUH KHX UHVPDLVLOHQYDGHO·DYHQLUGHFHV SHUVRQQHV 1RWUH DYLV SHUVRQQHO SHXW HQWUDvQHU O·H[SXOVLRQ G·XQH SHUVRQQH YHUV VRQ SD\V G·RULJLQH 1RXV VRPPHV FRQVWDPPHQW FRQ IURQWpVjODPLVqUHKXPDLQHFHTXL UHQG QRWUH WkFKH EHO HW ELHQ GLԀ FLOH8QHERvWHGH.OHHQH[HVWWRX MRXUVSUrWHVXUQRWUHEXUHDXµ  ´/RUVTXHQRWUHHQTXrWHGpPRQWUH TX·LO V·DJLW G·XQ PDULDJH GH FRP SODLVDQFHµ SRXUVXLW O·LQVSHFWHXU +DHQWMHV ´OH GRVVLHU UHWRXUQH j O·RԀFLHU GH O·pWDW FLYLO DӾQ TXH FH GHUQLHUSUHQQHXQHGpFLVLRQGpӾQL WLYH  DXWRULVHU RX QRQ OH FRXSOH j VHPDULHU/DFRPPXQHDOHGHUQLHU PRWGRQFPrPHORUVTXHOHSDUTXHW GRQQH XQ DYLV QpJDWLI OH PDULDJH HVW WRXMRXUV SRVVLEOH 6L OD FRP PXQHGH6FKDHUEHHNUHIXVHOHPDU LDJHLOQ·HVWSDVUDUHTXHOHVFDQ GLGDWVVHSUpVHQWHQWGDQVXQHDXWUH

FRPPXQH EUX[HOORLVH +HXUHXVH PHQW SRXU QRXV OD SOXSDUW GHV LO OpJDX[ YHXOHQW UHVWHU j %UX[HOOHV pWDQW GRQQp TXH GHV PHPEUHV GH OHXUIDPLOOH\UpVLGHQWGpMj  &HV SHUVRQQHV YRQW UDU HPHQW V·LQVWDOOHUGDQVXQYLOODJHjODFDP SDJQHRSHUVRQQHQHFRQQDvWFHWWH SUREOpPDWLTXH&·HVWODUDLVRQSRXU ODTXHOOH QRWUH FROODERUDWLRQ DYHF O·2ԀFHGHVpWUDQJHUVHVWVLLPSRU WDQWHFDUVHXOFHWRUJDQHSHXWIDLUH OH OLHQ HQWUH OHV GLӽpUHQWHV FRP PXQHV j FRQGLWLRQ ELHQ V€U TXH FHVGHUQLqUHVHQUHJLVWUHQWOHVPDU LDJHVGHFRPSODLVDQFHµ

5HJURXSHPHQWIDPLOLDO  ´1RXV WUDYDLOORQV pJDOHPHQW VXU XQ GHX[LqPH W\SH GH GRVVLHUV j VDYRLU FHX[ WUDLWDQW GH PDULDJHV GpMj FpOpEUpV j O·pWUDQJHUµ SRXU VXLW O·LQVSHFWHXU +DHQWMHV 'DQV SDUHLOVFDVO·XQGHVSDUWHQDLUHVHVW EHOJHRXSRVVqGHXQHFDUWHGHVp MRXUYDODEOHFLQTDQVDXPLQLPXP /·KRPPH HVW SDU H[HPSOH GH UH WRXU HQ %HOJLTXH HW VRXKDLWH TXH VD IHPPH OH UHMRLJQH 1RXV GHY RQV DORUV H[DPLQHU DX SHLJQH ӾQ V·LOV·DJLWG·XQYpULWDEOHPDULDJHRX QRQFHTXLHVWPRLQVpYLGHQWpWDQW GRQQpTXHQRXVQHSRXYRQVLQWHU URJHU TX·XQ VHXO SDUWHQDLUH 1RXV FRQVWDWRQV VRXYHQW TXH ORUVTX·XQ PDULDJHDpWpUHIXVpHQ%HOJLTXHOHV SHUVRQQHV FRQFHUQpHV YRQW WHQWHU FH SURFpGp 'H QRPEUHX[ UpVHDX[ VHFDFKHQWGHUULqUHFHW\SHGHSUD WLTXH ,OV SODFHQW GHV DQQRQFHV GDQV GHV SpULRGLTXHV RX GHV SUR VSHFWXVGLVWULEXpVGDQVOHVDYLRQV %HDXFRXS G·DUJHQW HVW HQ MHX UDL VRQSRXUODTXHOOHFHVUpVHDX[VRQW SDUWLFXOLqUHPHQW ELHQ SUpSDUpV HW FRQQDLVVHQW OHV ORLV HQFRUH PLHX[ TXH QRXV &HV PDULDJHV GH FRP SODLVDQFH Q·RQW TX·XQ VHXO EXW  OH UHJURXSHPHQW IDPLOLDO 3DUIRLV XQ YUDLFDUURXVHOVHFUpHHWXQPDULDJH GH FRPSODLVDQFH HWUH GHX[ SHU VRQQHV IDLW YHQLU HQ %HOJLTXH XQH YLQJWDLQHGHPHPEUHVGHODIDPLOOH (VVD\H] VHXOHPHQW G·REWHQLU OD FRPSRVLWLRQIDPLOLDOHG·XQHIDPLOOH KDELWDQWSDUH[HPSOHGDQVXQYLO ODJH GH PRQWDJQH DX 0DURF  %LHQ VRXYHQW FHV GRFXPHQWV RԀFLHOV Q·H[LVWHQWWRXWVLPSOHPHQWSDV  /RUVTXH GLӽpUHQWV PHPEUHV

G·XQH IDPLOOH DUULYHQW HQ %HOJLTXH DWWLUpVSDUQRWUHV\VWqPHGHVpFX ULWp VRFLDOH ELHQ UpJOHPHQWp QRXV FRPSUHQRQVPLHX[OHF{WpKXPDLQ GHODVLWXDWLRQ0DLVWRXWFHODFR€WH pQRUPpPHQWG·DUJHQWjO·eWDWEHOJH GRQWSURӾWHQWHQJUDQGHSDUWLHOHV UpVHDX[ 7RXW FHOD HVW FRPSDUDEOH DX FULPH RUJDQLVp 3RXUWDQW FHWWH SUREOpPDWLTXH QH VXVFLWH TXH SHX G·LQWpUrWµ

8QFLWR\HQTXLUHPSOLWVRQGHYRLU  ,PDJLQH]  XQH MHXQH ӾOOH EHOJH WRPEH VRXV OH FKDUPH G·XQ LOOp JDO GHYLHQW ӾQDOHPHQW pSHUGX PHQW DPRXUHXVH OXL RӽUH OH JvWH HW OH FRXYHUW HW ӾQLW SDU FRQYROHU HQ MXVWHV QRFHV 4XHOTXHV DQQpHV SOXVWDUGXQSUHPLHUHQIDQWYRLWOH MRXUSXLVOHPDULGLVSDUDvW7RXW VHPEOHLQGLTXHUTXHQRXVVRPPHV HQ SUpVHQFH G·XQ ¶PDULDJH JULV· XQ PDULDJH FRQWUDFWp SDU O·XQ GHV SDUWHQDLUHVDQLPpGHWRXWHVDXWUHV LQWHQWLRQV ´&H VRQW GHV VLWXDWLRQV SRLJQDQWHVµ VRXOLJQH O·LQVSHFWHXU &RUHPDQV´/HPDULMRXHODFRPpGLH HWVDIHPPHQHV·DSHUoRLW GHULHQ /HV IHPPHV VRQW OH SOXV VRXYHQW YLFWLPHV HOOHV VRQW PDQLSXOpHV SHQGDQW GHV DQQpHV SXLV ӾQLV VHQW SDU YHQLU QRXV YRLU SRXU Gp SRVHUSODLQWHFRQWUHOHXUpSRX[6L OH FRXSOH D O·LQWHQWLRQ GH GLYRUFHU O·KRPPH FRQVHUYH WRXV VHV GURLWV  LO JDUGH VRQ SHUPLV GH VpMRXU HW QHGHYUDMDPDLVSOXV\UHQRQFHU8Q PDULDJH JULV SRXUUD HQ RXWUH rWUH jQRXYHDXFRQWUDFWpDYHFXQHDXWUH SDUWHQDLUH  3RXU FRQWUHU FHOD OH PDULDJH GHYUDLW rWUH DQQXOp PDLV LO V·DJLW OjG·XQHSURFpGXUHORQJXHHWFR€ WHXVH TXL HVW UDUHPHQW HQWDPpHµ ´1RXV VRPPHV pJDOHPHQW WHQXV G·H[DPLQHUOHVGRVVLHUVGHGpQRQ FLDWLRQV RX GH SODLQWHVµ DԀUPH O·LQVSHFWHXU +DHQWMHV ´3DU OHWWUH DQRQ\PH0RQVLHXU;VLJQDOH SDU H[HPSOH TXH GHV FKRVHV pWUDQJHVVHSDVVHQWGDQVODPDLVRQ TXLMRX[WHODVLHQQH,ODUULYHpJDOH PHQWTX·XQHSHUVRQQHRSSRVHXQH REMHFWLRQjXQFHUWDLQPDULDJHµ 7H[WH6DVNLD9DQ3X\YHOGH 3KRWRV/DYLQLD:RXWHUV


* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

'7:6#)5XIKINN'7415 &HVGHUQLqUHVDQQpHVOHVDXWRULWpVEHOJHVRQWSULVXQFHUWDLQQRPEUHGHPHVXUHVDILQGHPHWWUHXQWHUPHDX SKpQRPqQHFURLVVDQWGHVPDULDJHVGHFRPSODLVDQFH,OHVWDLQVLGpVRUPDLVSRVVLEOHJUkFHjXQHPRGLILFDWLRQ GHODORLGHVDQFWLRQQHUOHVPDULDJHVGHFRPSODLVDQFHHWOHVWHQWDWLYHVHQFHVHQV/DFRPPXQHGH6FKDHUEHHN HVWTXDQWjHOOHDOOpHXQSHXSOXVORLQHQFUpDQWXQHFHOOXOHVSpFLDOLVpHDXVHLQGHVVHUYLFHVGHSROLFH

,

O HVW PLQXLW HW QRXV VRPPHV DX UHQGH]YRXV DX FRPPLVVDULDW SUqV GH OD *UDQG3ODFH 1RXV \ VRPPHV DWWHQGXV SDU -HDQ0DUF 2OLYLHU HW +HQN GX WHDP JUDԀ WL DLQVL TXH SDU 'DPLHQ HW -RQDWKDQ GHX[ VWDJLDLUHV GH O·pFROH GH SR OLFH YHQXV HQ UHQIRUW SRXU FHWWH H[SpGLWLRQ QRFWXUQH /HXU SHWLW JURXSHIDLWO·HӽHWG·XQVDOPLJRQGLV GHPHQGLDQWVHWG·DGHSWHVEUDQFKpV GXKLSKRSPXQLVGHFDVTXHWWHVHW GHVDFVjGRV´&·HVWODWDFWLTXHGX FDPpOpRQ 1RXV WHQWRQV G·DGRSWHU OHVW\OHGHVWDJXHXUVDӾQGHQHSDV pYHLOOHU OHXU PpӾDQFHµ 6XU OH SODQ YHVWLPHQWDLUH -HDQ0DUF GpWRQQH TXHOTXHSHX´dDQHVHUWjULHQTXH MH PH GpJXLVH $SUqV YLQJW DQV GH VHUYLFH MHQHSDVVHSOXVLQFRJQLWR j%UX[HOOHV\FRPSULVGDQVOHPL OLHXGHVWDJXHXUV/DSUHXYHPRQ QRPWU{QHGpMjVXUXQPXUj%UX[ HOOHV&KDSHOOHµ  2UHLOOHWWHV PLFURSKRQHV HW IUpTXHQFH UDGLR VRQW SDVVpV HQ UHYXH /HV PHQRWWHV OD PDWUDTXH WpOHVFRSLTXH OD ODPSH WRUFKH OHV

MXPHOOHVLQIUDURXJHVHW OH UHVWH GX IRXUEL SROLFLHU GLVSDUDLVVHQW GDQV OHV SRFKHV HW OHV VDFV ,O \ D GH OD WHQVLRQ GDQV O·DLU XQH VRUWH GH QHUYRVLWp VDLQH (Q PRLQV G·XQH PLQXWH -HDQ0DUF +XDUW UpSDUWLW OHV WkFKHV 3HUVRQQH QH SRVH GH TXHVWLRQV 'H WRXWH pYLGHQFH FH Q·HVWSDVXQHSUHPLqUH  &HWWH QXLW O·pTXLSH YLVH GHX[ SRLQWV FULWLTXHV OH FRXORLU FHQWUDO GH OD JDUH FHQWUDOH HW OH 0RQW GHV $UWV ´8Q JUDQG QRPEUH GH SHU VRQQHV SUHQQHQW OH GHUQLHU PpWUR YHUV OH FHQWUHYLOOH SRXU JR€WHU DX[ MRLHV GH OD YLH QRFWXUQH EUX[ HOORLVHµGpFODUH2OLYLHU&DXEHUJKV ´3DUPLFHVSHUVRQQHVLO\DpJDOH PHQW GHV WDJXHXUV /H SDVVDJH GX GHUQLHUPpWUR HWGXSUHPLHUPpWUR OH PDWLQ  FRQVWLWXH GRQF XQ PR PHQWFULWLTXH/DVHPDLQHGHUQLqUH LO \ D HX WURLV QRXYHDX[ WDJV GDQV OHFRXORLU,OHVWSRVVLEOHGHWDJXHU GDQVOHVSRUWLTXHVGXFRXORLUFHQ WUDOHQGHX[FRXSVGHFXLOOqUHjSRW HW VDQV VH IDLUH UHPDUTXHUµ /·XQ GHVVWDJLDLUHV-RQDWKDQ0DUFTGp



SORLHVHVWDOHQWVG·DFWHXULOMRXHOH U{OH G·REVHUYDWHXU GDQV OH FRXORLU F{WpPpWURRLOSHXWYRLUOHVDOOpHV HW YHQXHV +HQN (YHUDHUW V·LQVWDOOH GDQV OD VDOOH G·DWWHQWH GH O·DXWUH F{WpGXFRXORLU  /HV DXWUHV PHPEUHV GH O·pTXLSH VH YPrOHQW DX[ SDVVDQWV GDQV OD JDUH ,O IDXW PDLQWHQDQW SUrWHU DW WHQWLRQ DX[ MHXQHV KRPPHV VXV SHFWVSRUWDQWXQVDFHQEDQGRXOLqUH RXXQVDFjGRV/DWHQVLRQPRQWH G·XQ FUDQ ORUVTX·XQ JURXSH GH MH XQHV IUHH VW\OH V·DSSUrWH j HQWUHU GDQV OH FRXORLU )DXVVH DOHUWH LO V·DJLWGHWRXULVWHVHVSDJQROVFKHU FKDQW XQH DXEHUJH 2OLYLHU GpFLGH GH IDLUH XQ SHWLW WRXU j %UX[HOOHV &KDSHOOH j XQ MHW GH SLHUUH GH OD JDUH FHQWUDOH /HV HQYLURQV GH FH WWH JDUH LVROpH FRQVWLWXHQW XQ S{OH G·DWWUDFWLRQ SRXU OHV DGHSWHV GX VNDWHERDUG HW GX WDJ &·HVW ELHQ VLPSOH OHV WDJV HW OHV IUHVTXHV GH SHWLWHWDLOOH\UHFRXYUHQWODPRLQGUH SDUFHOOHGHPXUVROHWSODIRQG4XL HQHVWjO·RULJLQH"´,OQ·\DSDVGH WDJXHXUVRFFDVLRQQHOVµGpFODUH2O


* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

LYLHUOHUHJDUGVFUXWDQWOHVSDUDJHV ´&H VRQW WRXV GHV DXWHXUV PXOWL SOHV /H WDJXHXU OH SOXV MHXQH TXH QRXVD\RQVDUUrWpDYDLWRQ]HDQVHW OH SOXV kJp DQV /D SOXSDUW GHV DXWHXUVRQWXQHYLQJWDLQHG·DQQpHV 3RXUFHVJDUVWDJXHUHVWXQPRGH GH YLH ,OV QH SHXYHQW SRXU DLQVL GLUH SDV VRUWLU GH FKH] HX[ VDQV EDUERXLOOHUXQPXUGHOHXUFDUWHGH YLVLWHWHO XQ FKLHQ IDLVDQW VD SHWLWH FRPPLVVLRQ SRXU PDUTXHU VRQ WHUULWRLUH &·HVW FRPPH XQH DGGLFWLRQ 2Q SHXW WRXW j IDLW SDUOHU G·XQH VRXVFXO WXUHGDQVODTXHOOHOHWDJFRQVWLWXH XQH IRUPH G·pJRWLVPH XQH DFWLY LWp SURFXUDQW GX IXQ (Q WpPRLJQH pJDOHPHQW OD YDQWDUGLVH GH FHU WDLQV WDJXHXUV VXU OD EORJRVSKqUH  YRXV DYH] YX R M·DL IDLW PRQ WDJ /H PLHQ HVW OH SOXV EHDX OH SOXV JUDQG 8Q WDJ VXU XQ FRP PLVVDULDWSDUH[HPSOHVXVFLWHXQH JUDQGHHVWLPH3DUPLOHVWDJXHXUV XQH WHQGDQFH DFWXHOOH FRQVLVWH j VH UpXQLU HQ FUHZV EDQGHV  'DQV OHV FDV OHV SOXV JUDYHV LO \ D GHV UHVVHPEODQFHV HQWUH FHV FUHZV HW OHVEDQGHVXUEDLQHVµ  %LQJR OD FKDQFH QRXV VRXULW  6XUODSODFHPXQLHGHUDPSHVSRXU VNDWHERDUGV j %UX[HOOHV&KDSHOOH 2OLYLHU D UHPDUTXp XQH EDQGH GH WDJXHXUV pJDOHPHQW FRQQXV SRXU OHXUVDFWLYLWpVGHUHYHQWHG·HFVWDV\ GDQV XQH ERvWH GH QXLW EUX[HO ORLVH $SUqV XQ EUHI FRQWDFW UDGLR -HDQ0DUF +XDUW HW 'DPLHQ +HQ QX\ DFFRXUHQW VXU OHV OLHX[ /H WHDP VH WURXYH IDFH j XQ GLOHPPH  j SDUW -HDQ0DUF LOV QH YHXOHQW SDV GpYRLOHU OHXU YpULWDEOH LGHQ WLWpGHFUDLQWHG·rWUH¶JULOOpV·PDLV LOV VRXKDLWHQW LGHQWLӾ HU FHUWDLQV WDJXHXUV LQFRQQXV -HDQ0DUF GH PDQGH O·DVVLVWDQFH GH SROLFLHUV HQ XQLIRUPH PDLV FHV GHUQLHUV D\DQW SRXU OH PRPHQW G·DXWUHV FKDWV j IRXHWWHUOHWHDPGRLWVHGpEURXLOOHU

VHXO/HIDLWTXHFHUWDLQVPHPEUHV GXFUHZIXPHQWXQMRLQWGHPDQLqUH RVWHQWDWRLUH HVW XQ ERQ SUp WH[WH SRXU SURFpGHU j XQ FRQWU{OH G·LGHQWLWp VRPPDLUH -HDQ0DUF HW 'DPLHQSDVVHQWjO·DFWLRQSHQGDQW TX·2OLYLHU VH WLHQW ELHQ j O·pFDUW $XWHUPHGXFRQWU{OHOHFUHZGLV FUqWHPHQW VXLYL SDU 2OLYLHU OqYH OH FDPS HQ GLUHFWLRQ GH OD ERvWH GH QXLW  /D YLVLWH LQDWWHQGXH DX QLJKW FOXEQRXVpORLJQHGHQRWUHPLVVLRQ LQLWLDOH  DUUrWHU GHV WDJXHXUV HQ ӿDJUDQWGpOLW,OHVWWURLVKHXUHVGX PDWLQ+HQNHW-RQDWKDQVRQWpJDOH PHQW UDPHXWpV RX SOXW{W ¶VRQW GpOLYUpVGHOHXUVRXӽUDQFH·´3DVOH PRLQGUHFKDWjODJDUHFHQWUDOHM·DL IDLOOL P·HQGRUPLUµ GpFODUH -RQDWK DQ/DFKDVVHDX[WDJXHXUVHVWLP SUpYLVLEOH/HFDOPHGHODJDUHIDLW SODFHjODӾqYUHGHODERvWHGHQXLW 8QH KHXUH SOXV WDUG OH WHDP PHW XQ WHUPH j O·REVHUYDWLRQ ´dD QH VHUWjULHQGHSURFpGHUPDLQWHQDQW j O·DUUHVWDWLRQ GDQV OH QLJKWFOXE 0DLVQRXVHQVDYRQVGDYDQWDJHVXU OHFUHZTXLVHF{WRLHTXLGHDOH %UHI GHV LQIRUPDWLRQV SRXYDQW GRQQHUSOXVGHSRLGVjXQGRVVLHU GHWDJHQYXHG·XQHFRQGDPQDWLRQ SOXVVpYqUHµ  'LUHFWLRQ0RQWGHV$UWVXQWHU UDLQ G·DFWLRQ SULVp GHV WDJXHXUV 1RXVSDVVRQVGHYDQWOH0DQQHNHQ 3LV 0DLQWHQDQW TXH OHV YROHWV GHV PDJDVLQVVRQWIHUPpVOHVWDJVVRQW HQFRUHSOXVIUDSSDQWV4XHSHXWRQ IDLUHSRXUOXWWHUFRQWUHOHVWDJVVL FHQ·HVWGHODUpSUHVVLRQ"3HXWrWUH ODVROXWLRQUpVLGHWHOOHGDQVOHV JUDԀWL"´­FHUWDLQVHQGURLWVFHWWH SRVVLELOLWp SRXUUDLW FRQVWLWXHU XQH ¶VROXWLRQ HVWKpWLTXH·µ SHQVH WRXW KDXW2OLYLHU´VDFKDQWTX·LOHVWYUDL PHQWPDOYXGHWDJXHUXQHIUHVTXH &·HVWODSLUHLQMXUHTXHO·RQSXLVVH IDLUH GDQV OH PLOLHX 2Q D GpMj HX OH FDV G·XQ WDJXHXU URXp GH FRXSV SDUFHTX·LODYDLW¶ERPEp·VXUOHWDJ G·XQH DXWUH SHUVRQQH 2Q SRXUUDLW GRQF ¶RXYULU· j GHV HQGURLWV FUL WLTXHV FHUWDLQV PXUV RX FHUWDLQHV IDoDGHVSRXUOHVDUWLVWHVJUDԀWHXUV UHVSHFWpVdDSUpVHQWHUDLWDXPRLQV O·DYDQWDJHG·DYRLUXQHEHOOHIUHVTXH SOXW{W TXH GHV WDJVµ /H TXDL GH %UX[HOOHV&KDSHOOH HVW XQ OLHX R FHOD GHYUDLW rWUH UHQGX SRVVLEOH /HV PXUV YLHQQHQW G·rWUH UHSHLQWV



HW VRQW G·XQH EODQFKHXU YLUJLQDOH PDLV SRXU FRPELHQ GH WHPSV " ,O HVW PDLQWHQDQW SOXV GH TXDWUH KHXUHV GX PDWLQ OD IDWLJXH VH IDLW VHQWLU/HVOLHX[GHVRUWLHFRPPHQ FHQW j IHUPHU OHXUV SRUWHV SRXV VDQW OHV MR\HX[ OXURQV WLWXEDQWV j UHJDJQHU OHXUV SpQDWHV /H WHDP SUHQG SRVLWLRQ DX 0RQW GHV $UWV XQYDVWHFKDQWLHUjO·KHXUHDFWXHOOH /HV DUEUHV HW OHV EXLVVRQV HQ IRQW XQ OLHX LGpDO SRXU MRXHU j FDFKH FDFKH 6RXGDLQ GHX[ RPEUHV GH VFHQGHQW OHV HVFDOLHUV GH OD SODFH 5R\DOH 'H ORLQ HOOHV FRUUHVSRQG HQWDXSURӾO¶GXWDJXHXU·/RUVTXH OHV GHX[ SURWDJRQLVWHV DUULYHQW DX PLOLHX GX PXU GH OD ELEOLRWKqTXH GH O·$OEHUWLQH XQ EUXLW IDPLOLHU VH IDLW HQWHQGUH  WLNNHWLNNHWLNNHWLN ,OV HQOqYHQW OH SHWLW DLPDQW GH OD ERPEHGHSHLQWXUHVHFRXHQWFHWWH GHUQLqUH HW TXDWUH VHFRQGHV SOXV WDUGOHV¶SVHXGRQ\PHVDUWLVWLTXHV· FRORUHW]HURWU{QHQWVXUOHPXU/D ¶SROLFHGHVWDJV·HQDYXDVVH] 6HQWDQWTX·LO\DTXHOTXHFKRVHTXL FORFKH OHV EDUERXLOOHXUV SUHQQHQW OHXUV MDPEHV j OHXU FRX HQ GLUHF WLRQ GH %UX[HOOHV&KDSHOOH 0DLV OH SODQ GH GLVSHUVLRQ GHVFLQT ӿLFV HVWDXVVLLPSDUDEOHTXHODWDFWLTXH GHO·pTXLSHGHUXJE\QpR]pODQGD LVH'HX[ FHQWV PqWUHV SOXV ORLQ O·pWDX VH UHVVHUUH DXWRXU GHV GHX[ WDJXHXUVTXLӾQLVVHQWSDUrWUHPLV QH] j QH] DYHF XQ PXU EDUERXLOOp GH OD FDSLWDOH 1RXV Q·DYLRQV MD PDLV SHQVp TX·XQH WHFKQLTXH G·DUUHVWDWLRQ SRXYDLW V·DSSDUHQWHU j XQH PpWKRGH UDGLFDOH SRXU DS SUHQGUH j XQ FKLHQ j rWUH SURSUH PDLVGDQVOHFRQWH[WHGHVWDJVFHOD GHYLHQWVRXGDLQHPHQWpYLGHQW/HV GHX[W\SHVRQWOHVPDLQVVRXLOOpHV VL[ ERPEHV GH SHLQWXUH HW WUHL]H HPERXWVGHWDLOOHGLӽpUHQWH,OHVW KOHMRXUQHYDSDVWDUGHUjVH OHYHU PDLV OH WHDP JUDԀWL D DUUrWp GHX[WDJXHXUVHQӿDJUDQWGpOLW

7H[WH6WHIDQ'HEURX[ 3KRWRV3HWUD'H:HVHU /DYLQLD:RXWHUV


* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

4#7&'5#8'%%#46'5&'2#+'/'06

$

FWXHOOHPHQW SUHVTXH WRXW OH PRQGH D XQH FDUWH GH GpELW EDQFRQWDFW  HWRX XQH FDUWH GHFUpGLW 9,6$0DVWHUFDUG$PHUL FDQ([SUHVV &HVRQWGHVPR\HQV GH SD\HPHQW WUqV IDFLOHV HW JpQp UDOHPHQWWUqVVpFXULVpVRQSHXW\ DYRLUDFFqVGDQVODSOXSDUWGHVHQ GURLWVpJDOHPHQWjO·pWUDQJHUHWRQ QHGRLWSDVWRXMRXUVDYRLUG·DUJHQW VXUVRL 3ULQFLSDOHPHQW JUkFH j OHXU ID FLOLWpG·HPSORLOHVFDUWHVGHFUpGLW VRQW IUpTXHPPHQW XWLOLVpHV GDQV OHPRQGHUpHOPDLVpJDOHPHQWORUV G·RSpUDWLRQVG·DFKDWGDQVOHPRQGH YLUWXHO VXU,QWHUQHW 

FRGpHV VXU O·,QWHUQHW HW SHXYHQW IDFLOHPHQWrWUHLQWHUFHSWpHVSDUGHV SHUVRQQHVPDOLQWHQWLRQQpHV $XVVLTXDQGYRXVSD\H]DYHFYRWUH FDUWHGDQVXQPDJDVLQRXTXHYRXV UHWLUH]GHO·DUJHQWGDQVXQGLVWULEX WHXUDXWRPDWLTXHLOHVWSRVVLEOHGH FRSLHUOHVGRQQpHVGHYRWUHFDUWHj O·DLGH G·XQ DSSDUHLO DÓ¾Q G·HQ IDLUH DEXVSDUODVXLWH VNLPPLQJ $XVVL ORQJWHPSV TX·RQ QH GLVSRVH SDV GH YRWUH FRGH 3,1 RQ QH SHXW SDV IDLUHJUDQGÎ&#x2021;FKRVH3UHQH]GRQFDV VH]GHSUpFDXWLRQVDÓ¾QG·pYLWHUTXH TXHOTX·XQSXLVVHOLUHYRWUHFRGH3,1 SDUÎ&#x2021;GHVVXVYRWUHpSDXOH ©VKRXOGHU VXUÓ¾QJª 

(Ó½HFWXHU GHV SDLHPHQWV HQ OLJQH Q·HVW SDV WRXMRXUV WUqV VÂ&#x20AC;U  VXU EHDXFRXS GH VLWHV G·HQFKqUHV HQ OLJQHLOVXÔ&#x20AC;WG·HQWUHUVRQQXPpUR GHFDUWHGHFUpGLWQRPHWSUpQRP HW OD GDWH G·H[SLUDWLRQ GH OD FDUWH SRXUSD\HUVRQDFKDW

/HV HVFURFV RQW YLWH FRPSULV GH TXHOOH PDQLqUH LOV SRXYDLHQW H[ SORLWHU OHV SRLQWV IDLEOHV GHV V\V WqPHV GH FDUWHV GH SDLHPHQW  LOV SUHQQHQW GH IDLEOHV ULVTXHV HW OD YLFWLPH QH V·DSHUoRLW VRXYHQW SDV GH O·HVFURTXHULH DYDQW GH UHFHYRLU VHVH[WUDLWVGHEDQTXH

&HSHQGDQW FHUWDLQV VLWHV GH YHQWH Q·pWDLHQW SDV SURWpJpV HW QH OH VRQW WRXMRXUV SDV SDU H[HPSOH SDU O·XWLOLVDWLRQ GX SURWRFROH Vp FXULVp©KWWSVª /HVGRQQpHVDLQVL pFKDQJpHV HQWUH O·DFKHWHXU HW OH YHQGHXU FLUFXOHQW GH PDQLqUH QRQ

/HV pPHWWHXUV GH FDUWHV GH SDLH PHQW IRQW WRXW OHXU SRVVLEOH SRXU rWUHXQSDVHQDYDQWVXUOHVHVFURFV GHSXLVTXHOTXHVWHPSVOHVFDUWHV EHOJHV VRQW H[WUD SURWpJpHV SDU HQWUH DXWUHV O·DMRXW G·XQ QRXYHDX FRGH &99  HW G·XQH SXFH ,O Q·HQ

UHVWH SDV PRLQV XWLOH G·REVHUYHU FHUWDLQHV UqJOHV GH EDVH GDQV O·XWLOLVDWLRQ GHV FDUWHV GH SDLH PHQW

9 , 4 , 9 * 0 , 4 , 5 ; :  ( < ?  4 , 4 ) 9 , :  + ,  : 6 < ; 0 , 5

5HQLHU&KULVWLDQ

/HEODQF$PDUW

'HQLV*HRUJHWWH

6NLUROH*X\

$PD\

1HXIFKkWHDX

2XIIHW

(QJLV

*HUDUG0DUFHOOH

*LDFFRQH*LXVHOOH

/HHQDHQW0DQLU

3DOLJR:LOOLDP

:DQ]H

-HKD\

%RXLOORQ

7URLV3RQWV

*RRVVHQV-HDQ

$UQRXOG/XFLHQQH

'HQLV$JQqV

%UDVVHXU3HFKHX[$OEHUW

7URLV3RQWV

&RUELRQ

&RUELRQ

&RUELRQ

5LFKDUGHDX'DQLHOOH

+DONLP-HDQ/RXLV

%DXYLU-HDQQH

/DPRWWH-HDQ0LFKHO

0DQFKLQ

7HQQHYLOOH

5HPDJQH

6DLQW+XEHUW

9DQVWHHQZHJHQ(GZLJH

1RYRWHO

(ZLQWHU&RUWHYLOOH

/HV3ODLVLUV'H/D7DEOH

+HXUH/H5RPDLQ

=DYHQWHP

%UX[HOOHV

)RUHVW




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

'/'4%+'/'065#7:/'/$4'5&'5176+'0 1HYH0DULH 

(6&+ %UDLYHV

:$1(7 %UDLYHV

'HOEURXFN5D\PRQG &DWLQQH

6WHHQKRXGW %UDLYHV

)UDQFRLV'DY\ /LQFHQW

'ROKHQ 5DFRXU

0RQVLHXU$QGUH 6W1LFRODV

'XPRQW 6W1LFRODV

'¶$UFKDPEHDX 6W1LFRODV

5DFHOOHFODXGH 6HUDLQJ

1RWDLUH3RQVJHQ/RXLV 0]DULH 2XJUHH

3DULGDQV0LFKHO +HUPpH

(/,7,6 9LQHJQLV

'U7ULSSDHUV$ODLQ 9LJHJQLV

/DOOHPDQG5HQH /LHUQHX[

6ND$FKLOOH 9DX[VVXUH

3LFDORW1DGLQH 9DX[VVXUH

%URGXF<YRQQH 6SD

635/$//0$5&+$1' -HPHSSH

0DUURQ%HUQDUG 7HOOLQ

*DUDJH521'($86635/ %XUH

*UXVHOLQ'DQLHO /HJOLVH

:LOO\:LOO\ 9LOOHUV/HXVH

3KLOLSSRW2GLOH 6RKLHU

:DQPLHU3DVFDO /HJOLVH

.XERUQ-RVHSK /HJOLVH

/DPDQG*HRUJHV 0HOLHU

/DXUHQW&KULVWLDQH 0HOLHU

5RVVLJQRQ/LVH /HJOLVH

'RFWHXU6HSXOLQH /HJOLVH

*UHHYHOLQN$QWKRQ /DURFKH

&ROOLQHUD\PRQG /DURFKH

3DKDXWWDKD\ /DURFKH

*LOEHUW3DWULFLD /HJOLVH

'DVQR\0DXULFH /HJOLVH

&RVPH&DPLOOH %H\QH

&DXQDVVH-HDQ %H\QH

9DQ3URPHUQ(OLVDEHWKH %H\QH

/HERLV-DFTXHV %H\QH

7¶6HUWHYHQV1LFRODV %HOODLVH

&UXW]HQ5RJHU %H\QH

/HKDQFHDQGUp %H\QH

'HPH]0DULDQQH /LHJH

1LKRQ0LFKDHO )OHPDOOH

9HUELVWKpOHQH &KHUDWWH9LVp

&RXQDUG*LOEHUW )OHPDOOH

/HPD\/XFLHQ )OHPDOOH

4XDWWPRQH0\OqQH )OHPDOOH

9DQEUDEDQW-RVHSK 2USH\H

6DFFDUR*XVWDYH %H\QH

5RXVVHDXFKULVWLDQ %H\QH

7KRPDV3LHWUR %H\QH

0HGHFLQ*HUDUG0LFKqOH %H\QH

.DIIPDQ0DWKLGH %H\QH

7KLH\$UOHWWH %HDXID\

9HUKRHYHQ0LFKqOH (PERXUJ

'RFWHXUERXUJXLJQRQ (PERXUJ

1LFROD\-XOHV +DPRLU

'RULV<YDQ +DPRLU

+HX]H0DUWLQH +DPRLU

)/(856/226'(/ 4XHXHGX%RLV

2KOHV0DUWKD %H\QH

0LFKHO$QQH0DULH +DPRLU




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

$VVRFLDWLRQ6DQV%XW/XFUDWLI

9HUHQLJLQJ=RQGHU:LQVWRRJPHUN

(166$

1+9$'

(175$,'(1$7,21$/((7)('(5$/( 3285/(66(59,&(6'(6(&85,7((7 $'0,1,675$7,)6

1$7,21$/((1)('(5$/( +8/39(5/(1,1*92259(,/,*+(,'6(1 $'0,1,675$7,(9(',(167(1

6LqJHVRFLDO $YHQXH%UXJPDQQ%UX[HOOHV 7pO &RPSWHEDQFDLUH

0DDWVFKDSSHOLMN]HWHO %UXJPDQQODDQ%UXVVHO 7HO %DQNUHNHQLQJ

$)),/,$7,21 $3RXUTXL"0HPEUHHIIHFWLI ‡'¶XQFRUSVGHSROLFHFRPPXQDOHUXUDOHRXGHODGRXDQH ‡'¶XQVHUYLFHGHFRPEDWFRQWUHO¶LQFHQGLHVRLWGDQVXQFRUSVGHSRPSLHUVFRPPXQDOVRLWGHVVHUYDQWXQHDJJORPpUD WLRQRXXQHIpGpUDWLRQGHFRPPXQHVHWFHWDQWjWLWUHSURIHVVLRQQHOTXHYRORQWDLUHRXG¶LQGXVWULH ‡'¶XQVHUYLFHGHVpFXULWpGHFHQWUHSpQLWHQWLDLUH ‡'HWRXWDXWUHFRUSV VHUYLFHGHVDXYHWDJHVHFRXUVVpFXULWpHWGRXDQH D\DQWpWpDSSURXYpSDUOHFRQVHLO G¶DGPLQLVWUDWLRQ %4XHYRXVRIIUHWRQ" ‡*UDWXLWHPHQWQRWUHUHYXHWULPHVWULHOOH©&217$&76ªGHVVHUYLFHVGHVpFXULWp ‡3ULPHGHPDULDJH¼DSUqVXQDQG¶DIILOLDWLRQ ‡3ULPHGHQDLVVDQFH¼DSUqVXQDQGHVWDJH ‡$VVXUDQFHGpFqV (;&(37(SRXUOHVSHUVRQQHVSHQVLRQQpHVUHIXVpHVSDUODFRPSDJQLHG¶DVVXUDQFH 3DLHPHQW LPPpGLDWG¶XQHSULPHPLQLPXP¼j¼VXLYDQWO¶kJHGXPHPEUHHQFDVGHGpFqVVXLWHjXQDFFLGHQW WDQWSURIHVVLRQQHOTXHSULYpHQ%HOJLTXHRXjO¶pWUDQJHUjFRQGLWLRQG¶rWUHPHPEUHGHSXLVDXPRLQVXQPRLV&HWWHDV VXUDQFHHVWVRXVFULWHFKH]©$;$ª ‡¼GHSULPHRIIHUWSDUO¶DVEOHQFDVGHGpFqVDLGHDX[REVqTXHV ‡$XWUHVDYDQWDJHVVRFLDX[TXLSRXUURQWrWUHDGRSWpVSDUOH&$DSUqVXQVWDJHG¶XQDQ 7RXVFHVDYDQWDJHVQHVRQWYDODEOHVTXHSRXUOHVPHPEUHVHQUqJOHGHFRWLVDWLRQ &&R€W" ‡6HXOHPHQW¼SDUDQjYHUVHUDXFRPSWHQƒO¶DVEO(166$ '&RPPHQW" ‡&RPSOpWHUOHIRUPXODLUHRIILFLHOGHGHPDQGHG¶DIILOLDWLRQ ‡9HUVHUODFRWLVDWLRQSRXUO¶DQQpHHQFRXUV $)),/,$7,( $9RRUZLH"(IIHFWLHYHOHGHQ ‡9DQHHQJHPHHWHOLMNHRISROLWLHNRUSVRIYDQGHGRXDQH ‡9DQHHQEUDQGZHHUGLHQVWRIYDQHHQJHPHHQWHRIEHGHOHQGHHHQDJJORPHUDWLHRIHHQIHGHUDWLHYDQJHPHHQWH HQGLW]RZHODOVDPEWHQDDURIYULMZLOOLJHRILQGHLQGXVWULH ‡9DQHHQYHLOLJKHLGVGLHQVWYDQHHQJHYDQJHQLV ‡9DQHHQFLYLHOHEHVFKHUPLQJVNRUSVYDQJHOLMNZHONNRUSV UHGGLQJVGLHQVWKXOSYHLOLJKHLGHQGRXDQH  JRHGJHNHXUGGRRUGH5DDGYDQEHKHHU %:DWELHGHQZLM8" ‡*UDWLVRQVWULPHVWULHsOWLMGVFKULIW©&217$&76ªYDQGHYHLOLJKHLGVGLHQVWHQ ‡+XZHOLMNVSUHPLH¼QDHHQMDDUDIILOLDWLH ‡*HERRUWHSUHPLH QDHHQMDDUVWDJH VSDDUERHNRSQDDPYDQKHWNLQGEHVFKLNEDDURS]LMQPHHUGHUMDULJKHLG ¼  ‡9HU]HNHULQJELMRYHUOLMGHQ 8,7*(=21'(5'YRRUGHJHSHQVLRQHHUGHQDIJHZH]HQGRRUGHYHU]HNHULQJVPDDWVFKDS SLM 2QPLGGHOOLMNHEHWDOLQJYDQHHQSUHPLHUYDQWHQPLQVWH¼WRW¼YROJHQVGHOHHIWLMGYDQKHWOLGELM RYHUOLMGHQWHQJHYROJHHHQRQJHOXN]RZHOLQGLHQVWDOVLQSULYpLQ%HOJLsRILQKHWEXLWHQODQGYRRU]RYHUPHQOLGLVVLQGV WHQPLQVWHHHQPDDQG'H]HYHU]HNHULQJLVELMGH©$;$ªRQGHUVFKUHYHQ ‡¼SUHPLHDDQJHERGHQGRRUGHY]ZELMRYHUOLMGHQ ‡$QGHUHVRFLDOHYRRUGHOHQGLH]XOOHQJHNR]HQGRRUGH5DDGYDQ%HKHHUQDHHQVWDJHYDQHHQMDDU $/GH]HYRRUGHOHQ]LMQDOOHHQJHGLJYRRUGHOHGHQLQUHJHOPHWKXQOLGJHOG &:DWNRVWKHW" ‡¼SHUMDDUWHVWRUHQRSUHNHQLQJQXPPHUQƒ '+RH" ‡9HUYROOHGLJKHWRIILFLHHOIRUPXOLHUYDQDDQYUDDJWRWDIILOLDWLHHQVWXXUKHWRQVWHUXJ ‡6WRUWKHWOLGJHOGYRRUKHWORSHQGHMDDU




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

$VVRFLDWLRQ6DQV%XW/XFUDWLI

9HUHQLJLQJ=RQGHU:LQVWRRJPHUN

(166$

1+9$'

(175$,'(1$7,21$/((7)('(5$/( 3285/(66(59,&(6'(6(&85,7((7 $'0,1,675$7,)6

1$7,21$/((1)('(5$/( +8/39(5/(1,1*92259(,/,*+(,'6(1 $'0,1,675$7,(9(',(167(1

6LqJHVRFLDO $YHQXH%UXJPDQQ%UX[HOOHV 7pO &RPSWHEDQFDLUH

0DDWVFKDSSHOLMN]HWHO %UXJPDQQODDQ%UXVVHO 7HO %DQNUHNHQLQJ

,1)250$7,21 3$5$,7GDQVOHMRXUQDOGHOD0HXVHHWOH9/$1FKDTXHPRLV

0DGDPH0RQVLHXU &KDTXHPRLV(166$DQQRQFHGDQVOH-2851$/OD0HXVHHWOH9ODQTXHOHVYHQGHXUVGH531VSUOTXLYHQGHQWOHPD JDVLQH&217$&7GH(166$QHVRQWQLSROLFLHUQLSRPSLHU&HFLDILQTX¶LOQ¶\DLWDXFXQPDOHQWHQGX 5HVSRQVDEOHGH/LqJH0RQVLHXU7HVVHQV-RHO 5HVSRQVLEOHGH%UX[HOOHV0RQVLHXU&KULVWLHDQV/pR %XUHDX (QFDVG¶XUJHQFH0RQVLHXU&DPSLRQ3UpVLGHQW+RQRUDLUH (QYRXVUHPHUFLDQW 0'HVDGHOHHUSUpVLGHQWG¶KRQQHXUGHO¶DVEO(166$,QVSHFWHXUSULQFLSDOSHQVLRQQp 0(&DPSLRQ 3UpVLGHQWSDULQWpULP

1RXVVLJQDORQVDXSXEOLFTXHO¶DVEO(166$SDVVHUDFRPPHFKDTXHDQQpHGDQVYRWUH SURYLQFHHQYXHGHODYHQWHGHVRQSpULRGLTXH&217$&7UHSUpVHQWpVRXVIRUPHG¶XQH FDUWH (166$ D GHV PHPEUHV SROLFLHUV SRPSLHUV HW DJHQWV G¶(WDW /RUVTXH FHOD HVW SRVVLEOH(166$DLGHOHVIDPLOOHVGHSROLFLHUVHWGHSRPSLHUVGpFpGpVHQRXYUDQWXQ OLYUHWG¶pSDUJQHDX[HQIDQWVGXGpIXQW1RXVSUpYHQRQVOHFRPPLVVDULDWGHSROLFHGH QRWUH SDVVDJH /H GpOpJXpV QH VRQW QL SROLFLHU QL SRPSLHU 1RXV DLGRQV OHV FRUSV GH VpFXULWpDXQLYHDXQDWLRQDOWHOTXHQRXVO¶DYRQVIDLWj*KLVOHQJKLHQVDQVGLVWLQFWLRQGH UDFHRXGHUHOLJLRQ 3RXU WRXW UHQVHLJQHPHQW GH  j K WpOpSKRQH] DX   /HV GpOpJXpV WUDYDLOOHQWSRXUODVRFLpWp531HWQHVRQWQLSRPSLHUVQLSROLFLHUV'HPDQGH]jFHX[FL OHXUFDUWHGHGpOpJXpV&HOOHFLHVWUHSUpVHQWpHDYHFO¶HPEOqPHGHODSUHVVHOHGUDSHDX QDWLRQDOHWODSKRWRGXGpOpJXp 0HUFL /HSUpVLGHQWKRQRUDLUHGH(166$0&DPSLRQ




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

4#7&'58+#+06'40'6

'

HSXLVO·DSSDULWLRQG·,QWHUQHW OHV HVFURFV RQW WURXYp GH QRXYHOOHV PDQLqUHV GH VRXWLUHU IDFLOHPHQW HW UDSLGHPHQW GH O·DUJHQW j EHDXFRXS GH SHU VRQQHV $XMRXUG·KXL XQH JUDQGH SDUWLH GH OD SRSXODWLRQ FRPPXQL TXHSDUPDLOHWDVRLWjODPDLVRQ VRLWDXWUDYDLOXQDFFqVjLQWHUQHW /D FKDQFH TXH YRXV VR\H] XQ MRXU RXO·DXWUHFRQIURQWpjGHVSHUVRQ QHVTXLHVVD\HQWGHYRXVHVFURTXHU SDUFHWWHYRLHHVWGRQFELHQUpHOOH 6R\H] GRQF WRXMRXUV DWWHQWLI ORU VTXHGHVLQFRQQXVWHQWHQWGHYRXV DSSURFKHUYLD,QWHUQHW  /HV HVFURFV VRQW WUqV FUpDWLIV HW FKHUFKHQW WRXMRXUV GH QRXYHOOHV PDQLqUHVGHVRXWLUHUGHO·DUJHQWDX[ JHQV 3RXUWDQW QRXV UHWURXYRQV WRXMRXUV OHV PrPHV PpWKRGHV  FLÎ&#x2021;GHVVRXV YRXV WURXYHUH] OHV SOXV FRXUDQWHV/HPHLOOHXUFRQVHLOLJ QRUH]FHVPDLOVHWHÓ½DFH]Î&#x2021;OHVVDQV DWWHQGUH1·\SUrWH]VXUWRXWSDVDW WHQWLRQVLQRQYRXVULTXH]GHSHU GUHEHDXFRXSG·DUJHQW  $LQVL YRXV JDJQH] SDU H[HPSOH WRXW j FRXS TXHOTXHV PLOOLRQV GH GROODUVRXG·HXURVHWFHELHQTXH YRXVQ·D\H]MDPDLVSDUWLFLSpjDX FXQHORWHULH3RXUUHFHYRLUO·DUJHQW YRXVGHYUH]G·DERUGSD\HUGHVIUDLV  IUDLV DGPLQLVWUDWLIV IUDLV GH QR WDLUH IUDLV GH EDQTXH HWF 2X VL

ODYHXYHG·XQGpIXQWFKHIG·(WDW$I ULFDLQ YRXV pFULW SHUVRQQHOOHPHQW ² TXHO KRQQHXU  ² SRXU YRXV GH PDQGHU GH O·DLGHU SRXU O·KpULWDJH TX·HOOHDUHoXGHVRQPDULKRUVGX SD\V SDU GHV YRLHV GpWRXUQpHV /D VHXOH FKRVH TXH YRXV GHYH] IDLUH HVWVLPSOHPHQWG·DYDQFHUTXHOTXHV PRQWDQWVHWSOXVWDUGYRXVUHFHYUH] XQSRXUFHQWDJHJDUDQWLGXPRQWDQW WRWDOTXLVHFKLÓ½UHQDWXUHOOHPHQWHQ PLOOLRQV  ,O H[LVWH EHDXFRXS GH YDULDQWHV GHFHWWHIRUPHG·HVFURTXHULHPDLV OHSULQFLSHGHEDVHUHVWHOHPrPH YRXVGHYH]DYDQFHUGHO·DUJHQWjXQ LQFRQQX SRXU UpFROWHU XQH VRPPH G·DUJHQWSURPLVH/HVHVFURFVIRQW VRXYHQW XVDJH GH GRFXPHQWV D\ DQWO·DLUYUDL GHQRWDLUHVEDQTXHV SDVVHSRUWV   TX·LOV HQYRLHQW SDU PDLO&HX[Î&#x2021;FLVRQWGHVIDX[  %HDXFRXSGHFHVPDLOVVRQWDXV VL VRLÎ&#x2021;GLVDQW GH YRWUH EDQTXH TXL YRXV FRQWDFWH SDUFH TX·LO \ D GHV SUREOqPHV DYHF OHXU V\VWqPH GH SDLHPHQWYLD,QWHUQHWRXSDUFHTXH YRV GRQQpHV GRLYHQW rWUH PLVHV j MRXU 3RXU FH IDLUH YRXV GHYH] FOLTXHU VXU XQ K\SHUOLHQ GDQV OH PDLOHWFHOXLÎ&#x2021;FLVHPEOHYRXVDPHQ HUYHUVODSDJHGHODEDQTXHRRQ YRXVGHPDQGHGHGRQQHUYRVORJLQ HW PRW GH SDVVH HW SDUIRLV PrPH G·DXWUHV GRQQpHV SHUVRQQHOOHV

WHOOHV TXH YRWUH DGUHVVH QXPpUR GH WpOpSKRQH HW GDWH GH QDLVVDQFH ©SKLVKLQJ ª  1H OH IDLWHV VXUWRXW SDV/HVHVFURFVHVVD\HQWGHFHWWH PDQLqUHGHYRXVYROHUYRVGRQQpHV SHUVRQQHOOHV DӾQ G·HQ DEXVHU SOXV WDUG SDU H[HPSOH SRXU DFFpGHU j YRWUH FRPSWH HQ EDQTXH RX SRXU RXYULU XQ QRXYHDX FRPSWH j YRWUH QRP RX IDLUH TXHOTXHV DFKDWV j YRWUHQRP 1·RXEOLH]SDVTXHYRWUH EDQTXHQHYRXVFRQWDFWHUD-$0$,6 SDU PDLO SRXU YRXV GHPDQGHU YRV GRQQpHVSHUVRQQHOOHV  )UpTXHPPHQW LO \ D DXVVL OHV HVFURTXHULHV YLD OHV VLWHV GH SHWLWHV DQQRQFHV WHO TXH (ED\ $XWRVFRXW HPHPDLQ HWF 6L YRXVUHVSHFWH] TXHOTXHV UqJOHVGH EDVHHWTXHYRXVIDLWHVSUHXYHG·XQH ERQQHGRVHGHSUXGHQFHIDLUHGHV DFKDWVVXU,QWHUQHWQHGRLWSDVYRXV HӽUD\HU  $FWXHOOHPHQW RQ FRQVWDWH GH SOXV HQ SOXV VRXYHQW TXH OHV HVFURFVMRXHQWDYHFOHVVHQWLPHQWV GDQV OHXU WHQWDWLYH GH VRXWLUHU GH O·DUJHQW9RXVUHFHYH]GHVPHVVDJHV GpFKLUDQWV VXU GHV FDWDVWURSKHV QDWXUHOOHV RX G·HQIDQWV JUDYHPHQW PDODGHV GDQV OHVTXHOV RQ YRXV GHPDQGHGHYHUVHUXQHFRQWULEXWLRQ JpQpUHXVH j XQH RUJDQLVDWLRQ LQFRQQXH

9 , 4 , 9 * 0 , 4 , 5 ; :  ( < ?  4 , 4 ) 9 , :  + ,  : 6 < ; 0 , 5

+RHQ3K %DHOHQ

6FKLOV0LFKHO /LPERXUJ

+RXVPDQ(OLH /LPERXUJ

6PLW]+HQUL /LPERXUJ

/HYHDX*LOEHUW /LPERXUJ

'XPRQWYLFWRU 0DUFKHHQ)DPPHQH

'XERLV-0 5RFKHIRUW

/LEHUW%ODQFKH 5RFKHIRUW

/DIIXW3KLOLSSH $QGHQQH

5HQDUG*HRUJHWWH 

'XIRXUHXJHQQH +DQQXW

$OH[DPEUH0DULH 

&DELQHW0pGLFO'U'HMDL[ 5HPLFRXUW

0RHV0LFKHO 5HPLFRXUW

0&KDSHOOH +DQQXW

09DQGDHO &ULPpH

:(5$& &ULPpH

/HFOHUT( 3RXVVHW

VSUO&DEPHGGHVHO\VHW &KDORQ 5HPLFRXSW

6LELOOH)UDQFLQH $XEDQJH




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

'05'+)0'/'065 3RXUWRXVUHQVHLJQHPHQWVOHIRQGDWHXUOHSUpVLGHQWOHSUpVLGHQWKRQRUDLUHOHWUpVRULHUOHVHFUpWDLUHWRXVWUDYDLOOHQW EpQpYROHPHQWjWLWUHJUDWXLW'HSOXVWRXVOHVPHPEUHVSHXYHQWV¶LOVRQWEHVRLQG¶XQUHQVHLJQHPHQWDSSHOHUJUDWXLWH PHQWO¶DYRFDWTXLV¶RFFXSHGHO¶DVEO(166$,OVXIILWGHWpOpSKRQHUGHODSDUWGH0&DPSLRQHQGRQQDQWYRWUHQXPpURGH PHPEUH  3UpVLGHQWKRQRUDLUHHQUHPSODFHPHQWSURYLVRLUHHWWUpVRULHU0&DPSLRQ 6HFUpWDLUH(G\WD6]F]\WNR $VVXUDQFHVD/DP0/DXUHQW7pO $YRFDW0DvWUH/RXVVH 3RXU(166$ 7pORX )D[ 0&DPSLRQ

9 , 4 , 9 * 0 , 4 , 5 ; :  ( < ?  4 , 4 ) 9 , :  + ,  : 6 < ; 0 , 5

0DVVD\0DUF +DPRLU

$QWRLQH5D\PRQG +DPRLU

%RX\-DFTXHV +DPRLU

+HQF\&KDUOHV 2XIIHW

/HGHQW5HQH 2XIIHW

*URVMHDQ(PLOH 2XIIHW

%DQQHX[0DUFHO 1HXSUp

5RQYHDX[JHRUJHV 1HXSUp

'RFWHXU%HQRLW'LGLHU 1HXSUp

'URPHOHW/DURFN 1HXSUp

)RXUFRQDQGUH &KDXGIRQWDLQH

0HDQ-HDQ/XF 

%RVDNFKULVWLQH &KDXGIRQWDLQH

%DVWLQ.DUO &KDXGIRQWDLQH

0DWK\DQQH &KDXGIRQWDLQH

'XPRQW0DULDQQH %HDXID\

$6&277,QYHVWLVVHPHQW (PERXUJ

'XSRQWHOLVDEHWK (PERXUJ

6FKLIÃ&#x20AC;HUV1LFRODV %HDXID\

:DWKOHW-XOHV (PERXUJ

5RULYHFKULVWLDQH (PERXUJ

%HUWUDQG/XFLHQ 1LQDQH

FKDLQHXVH*XVWDYH %HDXID\

%UDLEDQW*LOEHUW (PERXUJ

.OH\NHQV0DUFHO (PERXUJ

75$16,7&2168/7VFUO %HDXID\

*DXWKLHUFpFLOH %HDXID\

6LPRQLV*HRUJHV %HDXID\

+HUU\JHUV0DUFHO (PERXUJ

9DQGHQ%URHFN&ODXGLQH (PERXUJ

06XUN\Q 1HXSUp

5HPDFOHHPLOH (PERXUJ

&RUEHHO5REHUW (PERXUJ

%DYFHYLH%RULV (PERXUJ

'HYDOHULROD0LFKHO 1HXSUp

&RODVGDQLHOH 1HXSUp




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

$9$17$*(63285/(60(0%5(6$'+(5(176 &27,6$7,21¼

RXDJHQWVG¶(WDW/¶DLGHGHPDQGpHVHUDVRXPLVHDXFRPLWp GHO¶DVEOHWVHUDDSSRUWpHHQIRQFWLRQGHVDYRLUVHQFDLVVH ƒ/¶DQQpGHYRWUHLQVFULSWLRQHVWJUDWXLWH/RUVGHO¶LQVFULSWLRQ GH(166$ FRPPHPHPEUHYRXVQHSD\H]ULHQ9RXVQHSD\H]TX¶DX PRLVGHMDQYLHUGHO¶DQQpHVXLYDQWH ƒ$XFDVROHPHPEUHDXUDLWXQOLWLJHSHUVRQQHORXGDQV OHFDGUHGHVDSURIHVVLRQLODXUDGURLWjXQHSUHPLqUHFRQ ƒ8QHDVVXUDQFHDFFLGHQWDXSUqVGHODFRPSDJQLH$;$ VXOWDWLRQ G¶DYRFDW JUDWXLWH &HFL YDXW DXVVL SRXU OHV PHP YDODEOHXQLTXHPHQWHQFDVGHGpFqVSDUDFFLGHQW EUHVGHVDIDPLOOH ƒ/HVSHQVLRQQp H VGHPRLQVGHDQVSHXYHQWV¶DIILOLHU 'RUpQDYDQW OHV SHUVRQQHV IDLVDQW SDUWLH GH OD IDPLOOH GX HWEpQpILFLHURQWG¶XQHDVVXUDQFHMXVTX¶jFHWkJH PHPEUH SHXYHQW GHYHQLU PHPEUH 6<03$7+,6$17 SRXU ¼SDUDQ ƒ/HPRQWDQWGHO¶DVVXUDQFHHQFDVGHGpFqVHVWGH  /HV FRQGLWLRQV VRQW LGHQWLTXHV j FHOOHV GX PHPEUH DG j¼VXLYDQWO¶kJHORUVGHO¶LQVFULSWLRQ KpUHQWSRXUODIDPLOOHYLYDQWVXUOHPrPHWRLW ƒ8QHSULPHGHQDLVVDQFHSDVVpHGH¼ 'HVUHPLVHVVXUYRVDVVXUDQFHVYLDOHFRXUWLHUGH(166$ SRXU YRWUH YRLWXUH VXU OHV YR\DJHV YLD O¶DJHQFH 1HFNHU ƒ8QHSULPHGHPDULDJHSDVVpHj¼ PDQV YRWUHDVVXUDQFHYLHYRWUH5&« ƒ8QHDLGHSRXUOHVREVqTXHVj¼ 'HVUHPLVHVVXUDFKDWG¶XQHYRLWXUHQHXYH VXUSUrW

ƒ7RXVOHVWULPHVWUHVXQPDJD]LQHG¶LQIRUPDWLRQGRQQDQW GHV DGUHVVHV GH FRPPHUoDQWV HW RFWUR\DQW GHV UHPLVHV 9275($77(17,21693 DX[PHPEUHV /¶DVEO(166$FKHUFKHSDUPLOHVPHPEUHVGHVGpOpJXp H V ƒ7RXWPHPEUHSHXWGHPDQGHUXQHDLGH4XHOOHVRLWSRXU UpJLRQDX[TXLSRXUUDLHQWGLIIXVHUQRVLQIRUPDWLRQVQRXVDI XQFROOqJXHQRQPHPEUHRXSRXUXQHDFWLYLWpVSRUWLYHVR ILOLHUGHVPHPEUHVGLIIXVHUOHPDJD]LQH FLDOHGHVRQHQWRXUDJHTXLIDLWSDUWLHGHVFRUSVGHVpFXULWp

,17(59(17,213285/(61210(0%5(6 8QLTXHPHQWSRXUSROLFLHUVSRPSLHUVHWDJHQWVGHVpFXULWp (QFDVGXGpFqVG¶XQPHPEUHGHVFRUSVGHVpFXULWpO¶DVEO (166$SUHQGFRQWDFWDYHFOHVVXSpULHXUVGHFHOXLFL (166$VHILQDQFHSDUOHVFRWLVDWLRQVGXPHPEUH FRWLVDWLRQ V\PEROLTXHGH¼  $6¶LO\DXQHFDLVVHGHVROLGDULWpTXLDpWpFUppH(166$\ (166$DFRQILpODYHQWHGHVRQPDJD]LQHjODVRFLpWp531 YHUVH¼SRXUODSHUVRQQHGpFpGpH VSUO % 'DQV OH FDV FRQWUDLUH (166$ D RXYHUW GHSXLV MDQYLHU OLYUHWVG¶pSDUJQHGH¼&HX[FLVHURQWDSSURYL $LQVLTXHODYHQWHG¶LQVHUWLRQVSXEOLFLWDLUHVGDQVFHPDJD VLRQQpVMXVTX¶jODPDMRULWpGHVHQIDQWV ]LQHTXLV¶LQWLWXOH&217$&7/DVRFLpWp531VXSSRUWHWRXV OHVIUDLVG¶LPSUHVVLRQGXPDJD]LQHHWGHVYLJQHWWHVDXWRFRO &1RWUHDLGHSHXWrWUHSOXVFRQVpTXHQWHVXLYDQWOHVDYRLUV ODQWHV531PHWXQEXUHDXJUDWXLWHPHQWjODGLVSRVLWLRQGH HQFDLVVHGHO¶DVEOVXUGHPDQGH O¶DVEOHWVXSSRUWHWRXVOHVIUDLVGHVHFUpWDULDWGHPDWpULHO GH EXUHDX GH WpOpSKRQH HQ YHUVDQW XQ IRUIDLW PHQVXHO j 3285,1)250$7,21 (166$ (166$DVEOQ¶DDXFXQSDWULPRLQHWRXWO¶DUJHQWUpFROWpHVW UHGLVWULEXp




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

&126+10+06'40#6+10#.' /·REMHFWLIGHVOpJLVODWLRQVTXLJXLGHURQWWRXWHVYRVGpPDUFKHVHVWG·pWDEOLUGHVJDUDQWLHVDILQTXHO·DGRSWLRQDLW OLHXGDQVO·LQWpUrWVXSpULHXUGHO·HQIDQWGDQVOHUHVSHFWGHVHVGURLWVIRQGDPHQWDX[HWTX·HOOHQ·DLWSRXUDXWUH EXWTXHG·RIIULUXQPLOLHXIDPLOLDOXQFOLPDWGHVpFXULWpGHERQKHXUG·DPRXUHWGHFRPSUpKHQVLRQjO·HQIDQW

/

·DGRSWLRQ LQWHUQDWLRQDOH LP SOLTXH REOLJDWRLUHPHQW OH Gp SODFHPHQWGHO·HQIDQWTXHYRXV DGRSWH]GHVRQeWDWG·RULJLQHYHUV YRWUHeWDWGHUpVLGHQFH/·DGRSWLRQ LQWHUQDWLRQDOH pWDEOLW QpFHVVDLUH PHQWXQOLHQGHӾOLDWLRQHQWUHYRXV HWO·HQIDQWTXHYRXVDGRSWH]YRXV GHYHQH] OH V  SDUHQW V  GH FHW HQ IDQW

4XLSHXWDGRSWHU"  9RXV SRXYH] DGRSWHU XQ HQIDQW DYHF YRWUH pSRX[ YRWUH FRKDELW DQW OpJDO YRWUH FRKDELWDQW GH IDLW DYHF OHTXHO YRXV UpVLGH] HQ FRX SOH GHSXLV SOXV GH WURLV DQV  RX VHXO9RXVGHYH]DYRLUDWWHLQWO·kJH GH YLQJWFLQT DQV HW DYRLU TXLQ]H DQV GH SOXV TXH O·DGRSWp HQ FDV G·DGRSWLRQG·HQIDQWDSSDUHQWpFH WWHOLPLWHHVWUDPHQpHjDQV 

3UHPLqUHpWDSHODSUpSDUDWLRQj O·DGRSWLRQ  9RXV GHYH] G·DERUG SUHQGUH FRQWDFW DYHF O·$XWRULWp FHQWUDOH FRPPXQDXWDLUH FRPSpWHQWH SRXU YRXV LQVFULUH j XQH SUpSDUDWLRQ j O·DGRSWLRQ HW REWHQLU XQ MXJHPHQW GXWULEXQDOGHODMHXQHVVHYRXVGp FODUDQW TXDOLӾp V  HW DSWH V  j DV VXPHUXQHDGRSWLRQLQWHUQDWLRQDOH /H F\FOH GH SUpSDUDWLRQ FRPSUHQG GHV VpDQFHV G·LQIRUPDWLRQ FROOHF WLYHVHWGHVVpDQFHVGHVHQVLELOLVD WLRQFROOHFWLYHVHWLQGLYLGXHOOHV$X WHUPH GH FHWWH SUpSDUDWLRQ YRXV UHFHYUH] OH FHUWLӾFDW GH SUpSDUD WLRQ

'HX[LqPHpWDSHOHMXJHPHQW G·DSWLWXGHjDGRSWHU  $YHFYRWUHFHUWLӾFDWGHSUpSDUD WLRQ YRXV SRXYH] LQWURGXLUH XQH GHPDQGH DXSUqV GX WULEXQDO GH OD MHXQHVVH GH YRWUH DUURQGLVVHPHQW MXGLFLDLUH DӾQ G·REWHQLU XQ MXJH PHQW YRXV GpFODUDQW TXDOLӾp V  HW DSWH V  j DGRSWHU $ӾQ GH VH SUR QRQFHU OH WULEXQDO RUGRQQH XQH HQTXrWH VRFLDOH &HOOHFL HVW UpDO

LVpH SDU OH VHUYLFH GpVLJQp SDU O·$XWRULWp FHQWUDOH FRPPXQDXWDLUH /H MXJHPHQW G·DSWLWXGH TXH YRXV REWLHQGUH] HVW YDODEOH WURLV DQV j SDUWLUGHVRQSURQRQFpHWpYHQWXHO OHPHQWTXDWUHDQVVLFHUWDLQHVFRQ GLWLRQVVRQWUpXQLHV6LOHMXJHPHQW YRXVGpFODUHTXDOLӾp V HWDSWH V j DGRSWHU OH 0LQLVWqUH SXEOLF pWDEOLW XQ UDSSRUW &HOXLFL HVW GHVWLQp j PHWWUHjODGLVSRVLWLRQGHO·DXWRULWp FRPSpWHQWH GX SD\V GDQV OHTXHO YRXVVRXKDLWH]DGRSWHUOHVUHQVHL JQHPHQWVXWLOHV  &H VRQW OHV DXWRULWpV FRP SpWHQWHV GX SD\V G·RULJLQH GH O·HQIDQW TXL SURSRVHQW XQ HQIDQW SRXU XQH IDPLOOH DGRSWLYH VXU OD EDVHGXGRVVLHUGHFHWWHIDPLOOHTXL DpWpHQYR\pSDUO·RUJDQLVPHEHOJH O·DSSDUHQWHPHQW 

4XDWULqPHpWDSHO·pWDEOLVVHPHQW GHO·DGRSWLRQGDQVOHSD\V G·RULJLQH  'DQVODPDMRULWpGHVFDV O·DGRSWLRQHVWSURQRQFpHGDQVOH SD\VG·RULJLQH/HGURLWGHFHSD\V UHODWLIjO·DGRSWLRQLQWHUQDWLRQDOH HVWDSSOLFDEOH/DGpFLVLRQ pWUDQJqUHpWDEOLVVDQWO·DGRSWLRQ HVWVRLWXQMXJHPHQWVRLWXQH GpFLVLRQDGPLQLVWUDWLYH

&LQTXLqPHpWDSHOD UHFRQQDLVVDQFHGHO·DGRSWLRQHW VRQHQUHJLVWUHPHQW

 9RXV GHYH] HQVXLWH IDLUH UHFRQ QDvWUHODGpFLVLRQG·DGRSWLRQLQWHU YHQXH GDQV OH SD\V G·RULJLQH SDU O·$XWRULWpFHQWUDOHIpGpUDOH&HGRLW LQWHUYHQLUDYDQWOHGpSODFHPHQWGH 7URLVLqPH pWDSH  O·LQWHUYHQWLRQ O·HQIDQW /D UHFRQQDLVVDQFH FRQ VLVWH j GRQQHU HÓ½HW j OD GpFLVLRQ G·XQRUJDQLVPHG·DGRSWLRQ pWUDQJqUH HQ %HOJLTXH 6DQV FHWWH  /RUVTXH YRXV DYH] REWHQX YR UHFRQQDLVVDQFHYRXVQHVHUH]SDV WUH MXJHPHQW G·DSWLWXGH FHOXLFL FRQVLGpUpVHQ%HOJLTXHFRPPHOHV HVWHQYR\pDYHFOHUDSSRUWGX0LQ SDUHQWV GH O·HQIDQW TXH YRXV DYH] LVWqUH SXEOLF j O·RUJDQLVPH DJUpp DGRSWp G·DGRSWLRQ GH YRWUH FKRL[ PH G·DGRSWLRQ G·HQFDGUHU YRWUH GH 6L[LqPHpWDSHODFRPPXQH PDQGHQ·HVWSDVDXWRPDWLTXH&H  /D SURFpGXUH G·DGRSWLRQ VHUD OXLFL QH GpFLGHUD GH YRXV pSDXOHU FRPSOqWHPHQW WHUPLQpH ORUVTXH TXH VL YRWUH SURMHW HVW FRPSDWLEOH YRXV DXUH] pWp j OD PDLVRQ FRP DYHF OHV FRQGLWLRQV G·DGRSWLRQ GX PXQDOHGHYRWUHUpVLGHQFHKDELWX SD\VpWUDQJHUFKRLVLDYHFOHTXHOFHW HOOH 9RXV \ IHUH] WUDQVFULUH SDU RUJDQLVPH FROODERUH OHV PHQWLRQV O·RÔ&#x20AC;FLHU GH O·pWDW FLYLO O·DFWH GH GX MXJHPHQW G·DSWLWXGH OH SURÓ¾O QDLVVDQFHGHYRWUHHQIDQWHWODGp GHV HQIDQWV HW GX SD\V &KDTXH FLVLRQ G·DGRSWLRQ TXL D IDLW O·REMHW RUJDQLVPH DJUpp G·DGRSWLRQ WUD G·XQ HQUHJLVWUHPHQW /·RÔ&#x20AC;FLHU YDLOOH DYHF XQ QRPEUH GH SD\V GH O·pWDW FLYLO YHLOOHUD pJDOHPHQW j OLPLWp 'DQV FHUWDLQV FDV OH SUR O·HQUHJLVWUHPHQW GH YRWUH HQIDQW MHW SHXW rWUH GLUHFWHPHQW HQFDGUp GDQVOHUHJLVWUHGHSRSXODWLRQ SDU O·$XWRULWp FHQWUDOH FRPPXQ DXWDLUH FRPSpWHQWH /·RUJDQLVPH G·DGRSWLRQHVWO·LQWHUPpGLDLUHHQWUH YRXV HW OHV DXWRULWpV pWUDQJqUHV /RUVTXH OD SURSRVLWLRQ G·HQIDQW HVW DSSURXYpH SDU O·DXWRULWp FHQ WUDOH FRPPXQDXWDLUH HW SDU YRXV PrPH V O·RUJDQLVPHYRXVSUpSDUH j OD UHQFRQWUH GH O·HQIDQW HW j OD SURFpGXUHGDQVOHSD\VG·RULJLQH




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

1.+%'+06Ï)4Ï'U.1%#.''6(Ï&Ï4#.' 32/,&,(/2&$/(

(

OOH HVW O·XQH GHV GHX[ FRP SRVDQWHVGHODSROLFHLQWpJUpH (OOH FRUUHVSRQG j OD SROLFH GH EDVH FHOOH TXL HVW SDU GpӾQLWLRQ OD SOXV SURFKH GH OD SRSXODWLRQ (Q WRXW OD SROLFH ORFDOH FRPSWH TXHOTXHVPHPEUHVGXSHU VRQQHO&HQLYHDXORFDOHVWDGPLQ LVWUp HQ ]RQHV GH SROLFH   DX WRWDO GLULJpHV SDU DXWDQW GH FKHIV GH FRUSV SRXU O·HQVHPEOH GH OD %HOJLTXH 6XU OH WHUUDL FHV GLI IpUHQWHV ]RQHV SHXYHQW YDULHU WUqV IRUWHPHQW VHORQ TX·HOOHV FRXYUHQW XQH VHXOH FRPPXQH RQ SDUOH GH ]RQHV © PRQRFRPPXQDOHV ª  RX SOXVLHXUV HOOHV VRQW DORUV © SOXUL FRPPXQDOHVª SDUOHXUWDLOOH HQ WUH  HW SHUVRQQHV  OHXU WDX[G·XUEDQLVDWLRQOHXUVXSHUӾFLH 4XHOOHV TXH VRLHQW FHV GLӽpUHQFHV HQWUH]RQHVODSROLFHORFDOHDVVXUH WRXMRXUV OD IRQFWLRQ GH SROLFH GH EDVH F·HVWjGLUH WRXWHV OHV PLV VLRQVGHSROLFHVDGPLQLVWUDWLYHOH PDLQWLHQ GH O·RUGUH SXEOLF OD JHV WLRQGHODFLUFXODWLRQ /·DFFXHLO  /RUVTX·XQHSHUVRQQHVHSUpVHQWH DX FRPPLVVDULDW LO YD GH VRL TXH OH SHUVRQQHO GH OD SROLFH GRLW rWUH SUpVHQW HQ SHUPDQHQFH SRXU O·DFFXHLOOLU HW OD PHWWUH HQ FRQWkW DYHFOHVVHUYLFHVFRPSpWHQWV /·LQWHUYHQWLRQ  4XHO·RQDSSHOOHSDUIRLV©SROLFH VHFRXUV ª KK GHV pTXLSHV SDWURXLOOHQW VXU OH WHUULWRLUH GH OD ]RQHGHSROLFHSUrWHVjUpSRQGUHj WRXWDSSHOXUJHQW /HWUDYDLOGHTXDUWLHU  $SSHOpDXVVL©SROLFHGHSUR[LP LWpª/HVSROLFLHUV©FRXYUHQWªGHV TXDUWLHUVELHQVSpFLӾTXHVHW\VRQW HQFRQWDFWUpJXOLHUDYHFODSRSXOD WLRQ /DFLUFXODWLRQ  2XODPLVHHQ±XYUHGHVDFWLRQV YLVDQWjJDUDQWLUODVpFXULWpGHVXV DJHUVGHODURXWHHWODӿXLGLWpGHOD

FLUFXODWLRQ /HPDLQWLHQGHO·RUGUHSXEOLF  *DUDQWLUHWUpWDEOLUODWUDQTXLOOLWp ODVpFXULWpHWODVDQWpSXEOLTXHSDU H[HPSOHSDUODJHVWLRQGHVpYqQH PHQWV GH DVVH VXU OH WHUULWRLUH GH OD ]RQH GH SROLFH  PDQLIHVWDWLRQ PDUFKpVIRLUHVHWF /·DLGHSROLFLqUHDX[YLFWLPHV  7RXWH YLFWLPH G·XQ IDLW GpOLF WXHX[ GRLW rWUH SULVH HQ FKDUJH HW UHFHYRLU XQH DVVLVWDQFH DGpTXDWH &KDTXH SROLFLHU GRLW rWUH FDSDEOH G·DVVXPHUFHWWHPLVVLRQ

32/,&,()('(5$/(  /·DXWUH FRPSRVDQWH GH OD SROLFH LQWpJUpH HVW OD SROLFH IpGpUDOH DXWRQRPH GH OD SROLFH ORFDOH PDLV WUDYDLOODQWPDLQGDQVODPDLQDYHFVHV GLӽpUHQWHV]RQHV)RUWHGHTXHOTXH  PHPEUHV GX SHUVRQQHO OD SROLFHIpGpUDOHH[HUFHVHVPLVVLRQV VXU O·HQVHPEOH GX WHUULWRLUH EHOJH /D SROLFH IpGpUDOH 3RO)HG GDQV OH MDUJRQ HVW FRPSRVpH GH OD VRUWH  OH FRPPLVVDULDW JpQpUDO &*  GH  GLUHFWLRQV JpQpUDOHV TXL VRQW OD GLUHFWLRQ JpQpUDOH GH OD SROLFH DGPLQLVWUDWLYH '*$  OD GLUHFWLRQ JpQpUDOHGHODSROLFHMXGLFLDLUH '*-  HW OD GLUHFWLRQ JpQpUDOH GH O·DSSXL HWGHODJHVWLRQ '*6 

XQH]RQHGHSROLFHHWTXLH[LJHGX SHUVRQQHOHWGXPDWpULHOVSpFLDOLVp FRPPHGHVKpOLFRSWqUHVGHVFKHY DX[RXGHVPDvWUHVFKLHQV /·DSSXL  /HV PLVVLRQV G·DSSXL UHPSOLHV SDU OD SROLFH IpGpUDOH VRQW DXWDQW DX SURӾW GHV ]RQHV GH SROLFH TXH GH OD SROLFH IpGpUDOH HOOHPrPH (OOH HVW FKDUJpH GH PLVVLRQV QRQ RSpUDWLRQQHOOHV FRPPH OHV DFKDWV OHV ӾQDQFHV O·LQIRUPDWLTXH RX OHV UHVVRXUFHVKXPDLQHV&·HVWGHFH WWH GLUHFWLRQ JpQpUDOH TXH GpSHQG ODGLUHFWLRQGXUHFUXWHPHQWHWGHOD VpOHFWLRQYRWUHSRLQWGHFRQWDFWVL YRXVVRXKDLWH]HPEUDVVHUXQHFDU ULqUH SDVVLRQQDQWH  FHOOH GH SROL FLHU

/DSROLFHMXGLFLDLUH  /HV PLVVLRQV VSpFLDOLVpHV GH OD SROLFH MXGLFLDLUH IpGpUDOH RQW OH SOXVVRXYHQWWUDLWDX[SKpQRPqQHV UHOHYDQW GH OD JUDQGH FULPLQDOLWp RUJDQLVpH TXH FH VRLW FRQWUH OHV SHUVRQQHV FRQWUH OHV ELHQV RX OD FULPLQDOLWp pFRQRPLTXH HW ӾQDQ FLqUH &HV PLVVLRQV VH UpYqOHQW GRQF H[WUrPHPHQW YDULpHV DYHF SRXU FLEOHV DXVVL ELHQ GHV DJUHV VLRQV GHV GLVSDULWLRQV GHV WUDӾFV GHGURJXHOHWHUURULVPHRXODWUDLWH GHV rWUHV KXPDLQV TXH GHV FDP EULRODJHVGHVYROVjPDLQDUPpHRX GHV WUDӾFV G·DUPHV RX HQFRUH GHV /DSROLFHDGPLQLVWUDWLYH  (Q PDWLqUH GH SROLFH VSpFLDO HVFURTXHULHV RX GX EODQFKLPHQW LVpH DGPLQLVWUDWLYH RQ GpFRXYUH /DSROLFHMXGLFLDLUHIpGpUDOHFRPSWH XQ DXWUH SDQHO SDUWLFXOLqUHPHQW DXVVLHQVRQVHLQOHVODERUDWRLUHVGH LPSUHVVLRQQDQW GH PLVLRQV  SR ODSROLFHWHFKQLTXHHWVFLHQWLӾTXH OLFH GHV DXWRURXWHV GHV FKHPLQV GHIHUGHODQDYLJDWLRQ HQPHUHW  3RXUELHQFRPSUHQGUHOHU{OHGH VXUYRLHӿXYLDOH GHVDpURSRUWVGH OD SROLFH IpGpUDOH LO IDXW UDSSHOHU O·LPPLJUDWLRQHWGHVIURQWLqUHVHQ TXH DX FRQWUDLUH GH OD SROLFH OR WUH DXWUHV /HV HVFRUWHV RԀFLHOOHV FDOHHOOHPqQHjELHQGHVPLVVLRQV RXODVXUYHLOODQFHGHVSDODLVUR\DX[ SOXV JOREDOHV $LQVL TXH O·LQGLTXH VRQW DXVVL GH VRQ UHVVRUW FRPPH HQ VXԀVDQFH OD GpQRPLQDWLRQ GH OHV DSSXLV FDQLQV HW DpULHQV VSp VHV GLUHFWLRQV JpQpUDOHV OHV PLV VLRQVH[pFXWpHVSDUODSROLFHIpGp FLDOLVpV UDOH VRQW  VRLW GHV PLVVLRQV VSp  ([HPSOH SDUPL WDQW G·DXWUHV GX FLDOLVpHV GH SROLFH MXGLFLDLUH VRLW W\SH GH PLVVLRQ UHPSOLH SDU FHWWH GHVPLVVLRQVVSpFLDOLVpHVGHSROLFH SROLFH VSpFLDOLVpH  O·HQFDGUHPHQW DGPLQLVWUDWLYH VRLW GHV PLVVLRQV G·XQHPDQLIHVWDWLRQGHJUDQGHDP G·DSSXL SOHXU TXH QH SHXW DVVXUHU VHXOH




* 6 5 ; ( * ; :  4 ( . ( A 0 5 ,

'64#8'45'<2#5.'581+'5^ 4XLHQYLVDJHUDLWGHWUDYHUVHUjSLHGXQHDXWRURXWHRXXQHSLVWHG·DWWHUULVVDJH"3HUVRQQH3RXUWDQWGHQRP EUHX[LPSUXGHQWVQ·KpVLWHQWSDVjIUDQFKLUOHVYRLHVIHUUpHV&HWWHDWWLWXGHLUUDWLRQQHOOHRFFDVLRQQHWRXVOHVDQV GHVFHQWDLQHVG·DFFLGHQWVHWXQHGL]DLQHGHGpFqV/HVYLFWLPHVQHVRQWSRXUWDQWSDVGHVSHUVRQQHVLUUHVSRQVD EOHV*pQpUDOHPHQWSUHVVpHVHOOHVSHQVHQWTXHWUDYHUVHUOHVYRLHVHVWSHXULVTXp0DLVOHGDQJHUHVWELHQOj

4

XL HQYLVDJHUDLW GH WUDYHUVHU jSLHGXQHDXWRURXWHRXXQH SLVWH G·DWWHUULVVDJH " 3HU VRQQH3RXUWDQWGHQRPEUHX[LP SUXGHQWV Q·KpVLWHQW SDV j IUDQFKLU OHV YRLHV IHUUpHV &HWWH DWWLWXGH LUUDWLRQQHOOH RFFDVLRQQH WRXV OHV DQV GHV FHQWDLQHV G·DFFLGHQWV HW XQHGL]DLQHGHGpFqV/HVYLFWLPHV QH VRQW SRXUWDQW SDV GHV SHUVRQ QHV LUUHVSRQVDEOHV *pQpUDOH PHQW SUHVVpHV HOOHV SHQVHQW TXH WUDYHUVHU OHV YRLHV HVW SHX ULVTXp 0DLVOHGDQJHUHVWELHQOj

6WDWLVWLTXHVHWVLWXDWLRQDFWXHOOH  (Q  VXU O·HQVHPEOH GX Up VHDXIHUURYLDLUH,QIUDEHODHQUHJLV WUpDFFLGHQWVD\DQWFDXVpODPRUW GHSHUVRQQHVDFFLGHQWVpWDL HQWGXVjODWUDYHUVpHGHSDVVDJHVj QLYHDX GpFqV OHVDXWUHVjOD WUDYHUVpHGHYRLHVGDQVOHGRPDLQH IHUURYLDLUH  PRUWV  &H VRQW OHV XVDJHUVIDLEOHVTXLFRXUHQWOHVSOXV JUDQGV ULVTXHV ORUV GX IUDQFKLVVH PHQWGHVSDVVDJHVjQLYHDX

 ,QIUDEHOFRQVWDWHDYHFUHJUHWTXH OH QRPEUH G·DFFLGHQWV QH GLPLQXH SDVHQGpSLWGHVHVLQYHVWLVVHPHQWV HQPDWLqUHGHVpFXULWp VXSSUHVVLRQ GHSDVVDJHVjQLYHDXRXPRGHUQL VDWLRQ GH OHXUV pTXLSHPHQWV  &HV DFFLGHQWVVRQWOHSOXVVRXYHQWGXV DXQRQUHVSHFWGXFRGHGHODURXWH HWGHODVLJQDOLVDWLRQHWjXQFRP SRUWHPHQW LPSUXGHQW SUpFLSLWp HW WpPpUDLUH 3RXU ,QIUDEHO OD SURE OpPDWLTXH GHV DFFLGHQWV DX[ SDV VDJHV j QLYHDX HW GDQV OHV YRLHV FRQVWLWXHGRQFXQYUDLSUREOqPHGH VRFLpWp

/HGDQJHUHVWOjQHOHPLQLPLVRQV SDV

3ULRULWpjODVpFXULWp  3DUFH TX·LO VHPEOH TXH WRXW OH PRQGH QH VRLW SDV FRQVFLHQW GHV GDQJHUV TXH SHXW UHSUpVHQWHU OH IUDQFKLVVHPHQW GHV SDVVDJHV j QLYHDXIHUPpVRXGHVYRLHV,QIUDEHO DGpFLGpGHODQFHUXQHJUDQGHFDP SDJQHGHVHQVLELOLVDWLRQ  $FWXHOOHPHQW OH UpVHDX IHUUR YLDLUHEHOJHFRPSWHSDVVDJHV jQLYHDXGRQWSXEOLFVHW SULYpV YRLU WDEOHDX  HQ DQQH[H  /H SODQ G·DFWLRQ G·,QIUDEHO SUpYRLW G·XQHSDUWODVXSSUHVVLRQGHVSDV VDJHVjQLYHDXOjRFHODHVWSRVVL EOH HQPR\HQQHFKDTXHDQQpH  HWG·DXWUHSDUWOHUHQIRUFHPHQWGH OD VpFXULWp JUkFH j OD PRGHUQLVD WLRQ DFFUXH GHV LQIUDVWUXFWXUHV HW OHUHQIRUFHPHQWGHODVLJQDOLVDWLRQ &H SODQ UHSUpVHQWH XQ LQYHVWLVVH PHQWDQQXHOG·HQYLURQTXLQ]HPLO OLRQVG·HXURV

 /HV WUDLQV VRQW GH SOXV HQ SOXV UDSLGHVHWGHPRLQVHQPRLQVEUX\ DQWV%LHQVRXYHQWYRXVQ·HQWHQGUH] SDVDUULYHUXQWUDLQVLWXpjPGH YRXVHWSRXUWDQWLOOXLIDXGUDPRLQV GHVHFRQGHVSRXUYRXVUDWWUDSHU 6R\H] WRXMRXUV FRQVFLHQWV TXH OH WUDLQTXHYRXVYR\H]URXOHSOXVYLWH  /DVpFXULWpGXUpVHDXHWQRWDP HWVHWURXYHSOXVSUqVTXHYRXVQH PHQW OD WUDYHUVpH GHV SDVVDJHV j QLYHDX HW GHV YRLHV GDQV OHV JDUHV OHSHQVH] HWSRLQWVG·DUUrWHVWODSULRULWpDE  '·XQDXWUHF{WpXQWUDLQSHXWHQ VROXH G·,QIUDEHO 0rPH VL OH WUDLQ FDFKHU XQ DXWUH0rPH ORUVTX·XQ HVW j O·KHXUH DFWXHOOH OH PR\HQ GH WUDLQ HVW SDVVp OH GDQJHU HVW WRX WUDQVSRUWWHUUHVWUHOHSOXVVÂ&#x20AC;UGHV MRXUV SUpVHQW  XQ GHX[LqPH WUDLQ DFFLGHQWV VH SURGXLVHQW FDXVpV SHXW VXLYUH OH SUHPLHU RX PrPH VRXYHQW SDU O·LPSUXGHQFH GH FHU WDLQV 7UDXPDWLVDQWV SRXU OHV FLUFXOHUVXUXQHYRLHSDUDOOqOH IDPLOOHV GHV YLFWLPHV PDLV DXVVL  &RQWUDLUHPHQW DX[ YRLWXUHV LO SRXU OHV SDVVDJHUV HW FRQGXFWHXUV HVW LPSRVVLEOH SRXU XQ WUDLQ GH GH WUDLQV OHV DFFLGHQWV OLpV q OD PRGLÓ¾HU VD WUDMHFWRLUH IDFH j XQ WUDYHUVpHGHVYRLHVSRXUUDLHQWrWUH REVWDFOH 'H SOXV XQH IRLV ODQFp IDFLOHPHQW pYLWpV 3RXU OD VpFXULWp j SOHLQH YLWHVVH LO DXUD EHVRLQ GH FKDFXQ G·HQWUH QRXV D XQ U{OH j SOXVLHXUVFHQWDLQHVGHPqWUHVSRXU MRXHU'·DXWUHVLQYHVWLVVHPHQWVRQW V·DUUrWHU6XUODYRLHODFKDQFHGH OLHX GDQV FH FDGUH  DPpQDJHPHQW YRXV HQ VRUWLU XQH IRLV TXH YRXV GHVTXDLV DSHUFHYH]OHGDQJHUHVWGRQFTXDVL QXOOH'HPrPHSRXUXQDXWRPR  ,QIUDEHO LQYHVWLW HQ PR\HQQH  ELOLVWHOHULVTXHTXHO·DFFLGHQWVRLW PLOOLRQV G·HXURV SDU DQ GDQV GHV PRUWHO HVW  IRLV SOXV pOHYp ORUV LQIUDVWUXFWXUHV G·DFFXHLO VÂ&#x20AC;UHV HW G·XQHFROOLVLRQDYHFXQWUDLQSOXW{W PRGHUQHV TX·DYHFXQHYRLWXUH




,1)250$7,21$838%/,&  /DVRFLpWp531VSUODY%UXJPDQQ%UX[HOOHVDXQFRQWUDWDYHFO¶DVEO(166$H[DFWHPHQWWHOTXH SUDWLTXH0pGHFLQVDQV)URQWLqUHVTXLV¶DGUHVVHjODVRFLpWp%8520$&*U'H%ULH\ODDQ±%%UXJJH ,OHVWQRUPDOTXHFHQHVRLHQWSDVOHVPpGHFLQVTXLIDVVHQWGXSRUWHjSRUWHSRXUUpFROWHUGHO¶DUJHQWSHUPHWWDQW G¶HQWUHSUHQGUHOHXUVDFWLRQVKXPDQLWDLUHV,OHQYDGHPrPHSRXUO¶DVEO(166$GRQWOHVPHPEUHVVRQWSROLFLHUV SRPSLHUVHWDJHQWVGHVpFXULWp&HX[FLVHIRQWPHPEUHGHPDQLqUHjREWHQLUGHO¶DVEO(166$XQHDVVXUDQFHYLH FRPSOpPHQWDLUHHWG¶DXWUHVDYDQWDJHVTXLVRQWH[SOLTXpVGDQVODSUHPLqUHSDJH YRLULQIRUPDWLRQ(166$   (166$TXLV¶HVWDGUHVVpHj531YHQGXQSpULRGLTXHRXXQHFDUWHUHSUpVHQWDQWFHOXLFL/HEXWSULQFLSDO GHO¶DVEO(166$HVWGHYHQLUHQDLGHjVHVPHPEUHVHWG¶°XYUHUDXQLYHDX1DWLRQDO&HODYHXWGLUHTXHORUVTX¶XQ SRPSLHUXQSROLFLHUXQDJHQWGHVpFXULWpGpFqGHPDOKHXUHXVHPHQWHQVHUYLFH(166$LUDG¶DERUGVHUHQVHLJQHU SRXUVDYRLUV¶LO\DXQHFDLVVHGHVROLGDULWpTXLDpWpPLVHHQSODFH'DQVFHFDV(166$\YHUVHUDXQGRQWHOTXH FHIXWIDLWORUVGHODFDWDVWURSKHGH*KLVOHQJKLHQ'DQVOHFDVFRQWUDLUHHOOHSUHQGUDFRQWDFWDYHFODIDPLOOHGX SRPSLHURXSROLFLHUGpFpGpHWYHUUDVLO¶RQSHXWDLGHUFHOOHFLILQDQFLqUHPHQW6LFHQ¶HVWSDVOHFDVHOOHRXYULUDXQ OLYUHWG¶pSDUJQHDX[HQIDQWVGHODSHUVRQQHGpFpGpHHWFHFLVDQVGLVWLQFWLRQGHUDFHVGHUHOLJLRQVGHSDUWLTX¶LOVRLW IUDQFRSKRQHRXQpHUODQGRSKRQHHWSRXUOHTXHOQRXVQHIDLVRQVDXFXQHSXEOLFLWp  /HVGpOpJXpVTXLVHSUpVHQWHQWjYRXVQHVRQWQLSROLFLHUQLSRPSLHUHWQ¶RQWDXFXQHDSSDUWHQDQFHDX[ VHUYLFHVGHVpFXULWpDGPLQLVWUDWLIRXDJHQWG¶(WDW,OVQHSHXYHQWGRQFV¶HQSUpYDORLUG¶XQHIDoRQRXG¶XQHDXWUH (JDOHPHQWFHVPrPHVGpOpJXpVQHSHXYHQWHVVD\HUG¶LQIOXHQFHUOHSXEOLFVRXVSUpWH[WHG¶DFWLRQVGLYHUVHV/HV VHUYLFHVGHVpFXULWpGHODUpJLRQQHVRQWSDVLPSOLFLWHPHQWFRQFHUQpVFDUQRXVDJLVVRQVDXQLYHDXQDWLRQDO(1 66$QHIDLWSDVGHFROOHFWHQHYHQGSDVGHFDUWHGHVRXWLHQHWQHUpFROWHSDVGHGRQFRQFHUQDQWOHVDXWRULVDWLRQV YRLUFLMRLQWOHVGLVSRVLWLRQVGHODORL &HFLHVWYHQGXVXLYDQWOHVGLVSRVLWLRQVGHO¶DUWLFOHGHODORLGX SDUXHDXPRQLWHXUEHOJHOH&HVGLVSRVLWLRQVRQWpWpFRQILUPpHVSDUODORLGXHWOHVDUUrWpV G¶H[pFXWLRQGXDXHQYHUWXGHVSULQFLSHVFRQVWLWXWLRQQHOVGHODOLEHUWpGHODSUHVVH$UW GHODFRQVWLWXWLRQODSUpVHQWHYHQWHEpQpILFLHGHO¶H[FHSWLRQSUpYXHjO¶DUWLFOHGHODORLGXVXUOHV SUDWLTXHVGXFRPPHUFHVXUO¶LQIRUPDWLRQHWODSURWHFWLRQGXFRQVRPPDWHXU  ,OHVWQRUPDOTXHOHVYHQGHXUVVRLHQWSD\pVSRXUIDLUHOHXUWUDYDLO&KDFXQDOHVDODLUHTX¶LOPpULWH3HXGH SHUVRQQHLUDLHQWWHOVOHVYHQGHXUVGH531YHQGUHSDUWRXVOHVWHPSVTX¶LOIDVVH±ƒ&RXƒ&TX¶LOQHLJHRXTX¶LO SOHXYH&¶HVWSRXUTXRLQRXVYRXVGHPDQGRQVGHOHVDFFXHLOOLUDYHFJHQWLOOHVVH0(5&,  1RXVGHPDQGRQVH[SUHVVpPHQWDX[SHUVRQQHVTXLRQWOHPRLQGUHGRXWHFRQFHUQDQWXQGHQRVGpOpJXpV GHQRXVWpOpSKRQHUHWGHQHSDVGpUDQJHULQXWLOHPHQWOHVDXWRULWpV$YDQWGHWUDYDLOOHUGDQVXQHFRPPXQHQRXV SUpYHQRQVOHVFRPPLVVDULDWVGHSROLFHjTXLQRXVWUDQVPHWWRQVOHQRPGXRXGHVYHQGHXUV(166$RHXYUDQWDX QLYHDX1DWLRQDOHWQRQORFDO6LYRXVpFULYH]DXSUpVLGHQWGHO¶DVEO0&DPSLRQFHOXLFLVHIHUDXQSODLVLUGHUpSRQ GUHjWRXWHVYRVTXHVWLRQV 3RXUWRXVUHQVHLJQHPHQWVFRPSOpPHQWDLUHVOHVEXUHDX[VRQWRXYHUWVPDUGLHWYHQGUHGLGHKjK 7pOV¶DGUHVVHUj0/pR&KULVWHDQTXLUHPSODFH0&DPSLRQHQFDVG¶DEVHQFH 3RXUWRXVUHQVHLJQHPHQWVVXU531KWWSZZZUSQEH 3RXUWRXVUHQVHLJQHPHQWVVXU(166$KWWSZZZHQVVDEH 0HUFL


 K' K


Contacts 01/10