Sammlung Laurent Bricault Gorny & Mosch • Giessener Münzhandlung März 2017

247

GORNY & MOSCH Giessener Münzhandlung GmbH Maximiliansplatz 20, D-80333 München Tel. +49-(0)89/24 22 64 30, Fax +49-(0)89/2 28 55 13 E-mail: info@gmcoinart.de www.gmcoinart.de

E-auction Sammlung Laurent Bricault Isis und Sarapis in der antiken Münzprägung Beginn: 16 Uhr

10. März 2017

247



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

,QWURGXFWLRQDXFDWDORJXH 'qVODILQGX,,HPLOOpQDLUHDY-&ELHQVRXYHQWSDUO¶LQWHUPpGLDLUHGXFRPPHUFHSKpQLFLHQLPDJHVHWWKqPHVFXOWXUHOV HW UHOLJLHX[ pJ\SWLHQV RX OH SOXV VRXYHQW pJ\SWLVDQWV F¶HVWjGLUH QRQ DXWKHQWLTXHPHQW pJ\SWLHQV VH VRQW GLIIXVpV HQ 0pGLWHUUDQpHRULHQWDOHSXLVYLD&DUWKDJHMXVTXHGDQVOHVSpQLQVXOHVLEpULTXHHWLWDOLHQQH /RUVTXH OHV SUHPLHUV *UHFV V¶LQVWDOOHQW HQ eJ\SWH DX 9,,H V DY -& LOV FRQQDLVVHQW VDQV GRXWH GH ORQJXH GDWH FHV DUWHIDFWVPDLVFHTX¶LOVGpFRXYUHQWVXUSODFHF¶HVWXQSDQWKpRQIRLVRQQDQWPXOWLSOHFRPSOH[HHWHQFRUHSOXVH[XEpUDQW TXH OH OHXU &H SDQWKpRQ FHV SDQWKpRQV GHYUDLWRQ GLUH ULFKHV GH FHQWDLQHV GH GLYLQLWpV LOV YRQW SURJUHVVLYHPHQW FKHUFKHUjOHVDSSULYRLVHUjOHVFRPSUHQGUHjOHVLQWpJUHUjOHXUVSURSUHVUHSqUHVHWUpIpUHQWVFXOWXUHOV/¶XQGHVPR\HQV SRXU\SDUYHQLUHVWFHTXHO¶RQDSSHOOHjODVXLWHGHO¶KLVWRULHQURPDLQ7DFLWHO¶LQWHUSUHWDWLR/¶LQWHUSUHWDWLRJUDHFDYD VHORQGHVPRGDOLWpVSDUWLFXOLqUHVVRXYHQWGpOLFDWHVjDQDO\VHUFDUPRXYDQWHVHWpYROXWLYHVUDSSURFKHUOHVJUDQGVGLHX[GH OD YDOOpH GX 1LO GHV SULQFLSDX[ KDELWDQWV GH O¶2O\PSH $PRQ GH =HXV 1HLWK G¶$WKpQD 2VLULV GH 'LRQ\VRV +RUXV G¶$SROORQ,VLVGH'pPpWHU+pURGRWHOH©3qUHGHO¶+LVWRLUHªTXLYLVLWDO¶eJ\SWHDX9HVLqFOHDY-&V¶HQIDLWO¶pFKR WRXWHQSUpFLVDQWTX¶jO¶pSRTXHGHVRQYR\DJHLOHVWXQHIDPLOOHGLYLQHTXLVHPEOHO¶HPSRUWHUVXUOHVDXWUHVHWTXLSHXW DSSDUDvWUHFRPPHODSOXVYpQpUpHVLQRQODSOXVSUpVHQWHDX[REVHUYDWHXUVH[WpULHXUVODVHXOHjODTXHOOHWRXVOHVeJ\SWLHQV UHQGHQWXQFXOWH&HWWHIDPLOOHGLYLQHSDQpJ\SWLHQQHHVWIRUPpHSDU,VLVVRQpSRX[2VLULVHWOHXUILOV+RUXV 0DLVO¶eJ\SWHYLWOHVGHUQLHUVpFODWVGHVRQLQGpSHQGDQFHHWELHQW{W3HUVHVHW*UHFVYRQWVRXPHWWUHOHSD\V/¶DUULYpHDX SRXYRLU GH 3WROpPpH DQFLHQ FRPSDJQRQ G¶$OH[DQGUH OH *UDQG HW O¶XQ GH VHV SULQFLSDXF OLHXWHQDQWV YD PRGLILHU OD VLWXDWLRQ 'HYHQX URL G¶eJ\SWH HQ  DY -& OH IRQGDWHXU GH OD G\QDVWLH GHV /DJLGHV SXLV VRQ ILOV HW VXFFHVVHXU 3WROpPpH ,, 3KLODGHOSKHYRQWV¶DWWDFKHUjFRQVROLGHUOHXUSRXYRLUSDUWRXWHXQHVpULHG¶LQLWLDWLYHVSROLWLTXHVPLOLWDLUHV FXOWXUHOOHVHWUHOLJLHXVHV3DUPLFHOOHVFLLOHQHVWXQHTXLQRXVLQWpUHVVHSDUWLFXOLqUHPHQWLFL(QHIIHWTXDQG$OH[DQGUH VRXPHW OD YDOOpHGX1LOHWTX¶jVDVXLWHOHV3WROpPpHVV¶LQVWDOOHQWGDQV$OH[DQGULHQRXYHOOHPHQWIRQGpH,VLV2VLULVHW +RUXV VHPEOHQW SOXV TXH MDPDLV rWUH SDUPL OHV SOXV JUDQGV GLHX[ GH FH YDVWH HW P\VWpULHX[ WHUULWRLUH 3RXUWDQW DVVH] UDSLGHPHQWLODSSDUDvWQpFHVVDLUHDXURLHWjVHVFRQVHLOOHUVGHPRGLILHUODVWUXFWXUHPrPHGHFHWWHIDPLOOHSRXUO¶DGDSWHU j OD VLWXDWLRQ QRXYHOOH TXL SODFH OH SRXYRLU SROLWLTXH HQWUH OHV PDLQV GH VRXYHUDLQV JUHFV G¶RULJLQH PDFpGRQLHQQH /D IDPLOOHpJ\SWLHQQHG¶,VLVHVWDORUVUHFRPSRVpHSRXUGRQQHUQDLVVDQFHjFHTXHO¶RQQRPPHODIDPLOOHLVLDTXHDXVHLQGH ODTXHOOH6DUDSLVUHPSODFH2VLULVHW+DUSRFUDWH+RUXV(QDJLVVDQWDLQVLOHVSUHPLHUVVRXYHUDLQVGHODQRXYHOOHG\QDVWLH ODJLGHRQWVDQVGRXWHFKHUFKpjPHWWUHHQSODFHXQQRXYHDXFRXSOHGLYLQPRGqOHHWJDUDQWGHOHXUSRXYRLUHWGRQQHUj $OH[DQGULHXQHGLYLQLWpWXWpODLUHHQODSHUVRQQHGH6DUDSLV&HWWHpYROXWLRQUDGLFDOHQHUHPSRUWDSDVOHVXFFqVHVFRPSWp GDQVOHUR\DXPHG¶eJ\SWHLOIDXGUDDWWHQGUHO¶DUULYpHGHV5RPDLQVHWODSURYLQFLDOLVDWLRQGHODWHUUHGX1LOSRXUTXHOD IDPLOOHLVLDTXHYRLHVRQFXOWHVHUpSDQGUHSDUWRXWHQeJ\SWHPDLVGHPDQLqUHVXUSUHQDQWHHOOHV¶H[SRUWDWUqVYLWHDYHF ERQKHXUGDQVWRXWHOD0pGLWHUUDQpH /¶pYROXWLRQ FXOWXUHOOH HW JpRSROLWLTXH TXL VXLW O¶pSRSpH G¶$OH[DQGUH O¶°FRXPqQH KHOOpQLVWLTXH PRGLILHQW OHV UHODWLRQV HQWUHWHUULWRLUHVHWLQVWDXUHGHQRXYHDX[UpVHDX[UHODWLRQQHOV3URILWDQWGHFHVFRQGLWLRQVQRXYHOOHVHWIDYRUDEOHVDYHFXQ HVSDFH PDULWLPH RXYHUW DX[ PDUFKDQGV HW DX[ VROGDWV DX[ PDULQV HW DX[ SURSKqWHV QRV WURLV GLYLQLWpV ,VLV 6DUDSLV HW +DUSRFUDWHDX[TXHOOHVV¶DMRXWHELHQW{W$QXELVOHGLHXFKDFDOjODIRLVJXLGHHWFRPSDJQRQGHODIDPLOOHYRLHQWOHXUFXOWH VH GLIIXVHU HQVHPEOH RX VpSDUpPHQW KRUV GH OD YDOOpH GX 1LO (W F¶HVW DLQVL TXH FH VLQJXOLHU FHUFOH GLYLQ HQ TXHOTXHV GpFHQQLHVYDV¶LPSODQWHUVXUGHWUqVQRPEUHX[WHUULWRLUHVVRXYHQWELHQpORLJQpVGHO¶eJ\SWHHWG¶$OH[DQGULHHWrWUHUHoX SDUGHPXOWLSOHVFLWpVSRUWXDLUHVG¶DERUGGHO¶KLQWHUODQGHQVXLWH





6RXYHQW DFFXHLOOLV GDQV XQ SUHPLHU WHPSV DX VHLQ GH VSKqUHV GRPHVWLTXHV G¶DVVRFLDWLRQV UpXQLHV DXWRXU GH O¶DXWHO GH 6DUDSLVRXG¶,VLVGDQVGHVOLHX[GHFXOWHVSULYpVOHVFXOWHVV¶RIILFLDOLVHQWSURJUHVVLYHPHQWSRXUGHVUDLVRQVSROLWLTXHV pFRQRPLTXHVHWILQDQFLqUHVDXWDQWTXHUHOLJLHXVHV &¶HVWDLQVLTXHO¶RQYRLWDSSDUDvWUHGDQVOHPRQQD\DJHGHQRPEUHXVHVFLWpVGXEDVVLQpJpHQSURJUHVVLYHPHQWGHVLPDJHV OLpHVjODIDPLOOHLVLDTXHGHVDWWULEXWVFRPPHOHEDVLOHLRQODFRXURQQHTXLVHSUpVHQWHVRXVO¶DVSHFWG¶XQGLVTXHVRODLUH HQWRXUpGHFRUQHVERYLQHVHWVXUPRQWpGHGHX[SOXPHV G¶,VLVHWGHVUHLQHVODJLGHVODFRXURQQHDWHIG¶2VLULVXQHKDXWH WLDUHIDVFLFXOpHHQIRUPHGHFRXURQQHEODQFKHFHOOHGH+DXWHeJ\SWHGRQWOHVRPPHWHVWFRXSpSRXUVRXWHQLUXQSHWLW VROHLOSDUIRLVSRVpHVXUGHVFRUQHVGHEpOLHUHWWRXMRXUVIODQTXpHGHGHX[SOXPHVG¶DXWUXFKH RXHQFRUHOHVLVWUHFHW LQVWUXPHQW GH PXVLTXH TXL U\WKPH FpUpPRQLHV HW SURFHVVLRQV  PDLV DXVVL OHV SRUWUDLWV HQ EXVWH RX HQSLHGG¶,VLVGH 6DUDSLVG¶+DUSRFUDWHGXWDXUHDX$SLVHWPrPHH[FHSWLRQQHOOHPHQWGXFKDFDO$QXELV &HWWHSUpVHQFHUHPDUTXDEOHTXRLTXHPHVXUpHGDQVOHVPRQQD\DJHVFLYLTXHVKHOOpQLVWLTXHVUR\DX[HWUpSXEOLFDLQYRLUH LPSpULDO G¶pSRTXH MXOLRFODXGLHQQH SUHQG XQH DPSOHXU FRQVLGpUDEOH GHX[ VLqFOHV GXUDQW HQWUH OD SULVH GX SRXYRLU SDU 9HVSDVLHQHQDS-&HWODIHUPHWXUHGHVGHUQLHUVDWHOLHUVSURYLQFLDX[jO¶H[FHSWLRQG¶$OH[DQGULH HQDS-&¬ XQPRPHQWRXjXQDXWUHGHO¶$QWLTXLWpSDVPRLQVGHFLWpVYRLUFDUWH RQWIDLWILJXUHUOHVGLYLQLWpVLVLDTXHVVXUOHXU PRQQD\DJH GDQV GHV SURSRUWLRQV YDULDEOHV G¶XQH FRPPXQDXWp j O¶DXWUH GRQQDQW QDLVVDQFH j SOXV GH   pPLVVLRQV GLVWLQFWHV (QFRUHXWLOLVpHVSDUOHVWpWUDUTXHVOHVLPDJHVLVLDTXHVFRQQDLVVHQWXQHXOWLPHSpULRGHGHIDVWHDYHFOHXULQWURGXFWLRQDX UHYHUV G¶DERUG SXLV DX GURLW DSUqV  DS -& GHV PRQQDLHV pPLVHV SDU OH SRXYRLU LPSpULDO j O¶RFFDVLRQ GHV 9RWD SXEOLFD URPDLQV GRQQDQW QDLVVDQFH j XQH VpULH PRQpWDLUH SDUPL OHV SOXV IDPHXVHV FKH] OHV FROOHFWLRQQHXUV GHSXLV OD 5HQDLVVDQFH /DFROOHFWLRQSURSRVpHLFLIXWUpXQLHHQWUHHWVXUDQV6DFRQVWLWXWLRQDFFRPSDJQDSHQGDQWXQHGpFHQQLHOD PLVHDXSRLQWGHOD6\OORJH1XPPRUXP5HOLJLRQLV,VLDFDHHW6DUDSLDFDHILQDOHPHQWSXEOLpHHQj3DULVODSUHPLqUH WHQWDWLYH G¶LQWpJUDWLRQ GHV VRXUFHV QXPLVPDWLTXHV DX YDVWH GRVVLHU GH FH IDVFLQDQW SKpQRPqQH TXH IXW OD GLDVSRUD UHOLJLHXVHLVLDTXHRXFRPPHQWXQWRXWSHWLWJURXSHGHGLYLQLWpVDWWDFKpHVjODWHUUHGX1LOSDUYLQWTXHOTXHVVLqFOHVSOXV WDUGDXVRPPHWGHO¶(PSLUHDVVRFLpDXSRXYRLUHWjODSHUVRQQHPrPHGHO¶(PSHUHXUGH5RPH &¶HVWFHWWHH[WUDRUGLQDLUHDYHQWXUHTXHO¶RQSRXUUDVXLYUHSDUSHWLWHVWRXFKHVLPSUHVVLRQQLVWHVHQIHXLOOHWDQWOHFDWDORJXH LFLSUpVHQWp3DUPLOHVH[HPSODLUHVTXL\VRQWSURSRVpVRQWURXYHUDXQJUDQGQRPEUHGHSLqFHVUDUHVGHQRPEUHX[ LQpGLWV PDLV DXVVL GHV SLqFHV H[FHSWLRQQHOOHV SRXU OHXU LQWpUrW KLVWRULTXH HW VFLHQWLILTXH DX F{Wp G¶DXWUHV VSHFLPHQV FKRLVLVSRXUOHXUpWDWGHFRQVHUYDWLRQRXOHXUTXDOLWpGHIUDSSH /%MXLOOHW %LEOLRJUDSKLHLQGLFDWLYH / %ULFDXOW GLU  6\OORJH 1XPPRUXP 5HOLJLRQLV ,VLDFDH HW 6DUDSLDFDH 0pPRLUHV GH O¶$FDGpPLH GHV ,QVFULSWLRQV HW %HOOHV/HWWUHV;;;9,,,3DULV ,G©615,66XSSOpPHQW,ªLQ/%ULFDXOW 59H\PLHUVpG %LEOLRWKHFD,VLDFD,,,%RUGHDX[S ,G/HVFXOWHVLVLDTXHVGDQVOHPRQGHJUpFRURPDLQ3DULV ,G©7KH*HQV,VLDFDLQ*UDHFR5RPDQ&RLQDJHª7KH1XPLVPDWLF&KURQLFOHS



*5,(&+(1

*5,(&+(1

6,=,/,(1 

.$7$1$$(J -KY&KU'7rWHVDFFROpHV GH6DUDSLVHWG ,VLVjGUO XQHWO DXWUHFRLIIpVG XQFURLVVDQW GHOXQHVXUPRQWpG XQpSLEDVLOHLRQVLPSOLILp" 5$SROORQ QXGHERXWGHIDFHXQHFKODP\GHVXUOHEUDVJDXFKHDSSX\p VXUXQHFRORQQHXQpSLGHEOpGDQVODPDLQGUO RPSKDORVj VHV SLHGV%0& 6LFLO\ S   61* $16  615,6&DWDQD FHWH[HPSODLUH  %UDXQH 7|QXQJVV ± /H W\SH GX GURLW DYHF OHV GHX[ EXVWHV DFFROpV V LQVSLUH GLUHFWHPHQW GHV WpWUDGUDFKPHV HQ DUJHQW IUDSSpV SDU 3WROpPpH,9jO pSRTXHGHODEDWDLOOHGH5DSKLDFDY -&FI/%ULFDXOW,VLVHW6DUDSLVVDXYHXUVGH3WROpPpH ,9 j 5DSKLD  &KURQLTXH G (J\SWH /;;,9   S   6RQ XWLOLVDWLRQ VXU GHV PRQQDLHV GH 6LFLOH UDSSHOOH OHV OLHQV pWURLWV QRWDPPHQW FRPPHUFLDX[ HQWUH O vOHHW$OH[DQGULH/HVPRQQDLHVGH0HQDHQXPHW6\UDFXVH SURSRVpHV FLDSUqV TXLILJXUHQWHOOHVDXVVL6DUDSLVOHGLHX WXWpODLUH GHV /DJLGHV FRLIIp GH OD FRXURQQH DWHI G 2VLULV LOOXVWUHQWHOOHVDXVVLFHWWHVLWXDWLRQ



0(1$,121$(J -KY&KU'%XVWHGUDSp HWODXUpGH6DUDSLVjGUO DWHIVXUODWrWH51LNqVXUXQELJH DOODQWjGUXQ3HQWUHOHVMDPEHVGHVFKHYDX[%0&6LFLO\ S61*(YHOSLGLV61*$1661* 0QFKHQ   615,6 0HQDHQXP    FHW H[HP SODLUH  *UQH3DWLQDVV ±



6<5$.86  'HPRNUDWLH    Y&KU $( J  (QGH$QIDQJ-KY&KU'7rWHGH6DUDSLVFRLIIpGH O DWHIOHVFKHYHX[FHLQWVG XQHWDHQLD5,VLVGHERXWGHIDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU EUDQGLH XQ VFHSWUH GDQV OD J%0& 6LFLO\ S   61* )LW]ZLOOLDP   61* $16   615,6 6\UDFXVDH    FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±

,16(/1%(,6,=,/,(1 

&26685$ 3DQWHOOHULD  $( J   -K Y &KU ' %XVWH YRLOp G ,VLV j GU OHV FKHYHX[ UDQJpV HQ ORQJXHV WUHVVHV FRXURQQpH SDU 1LNq XQ WK\PLDWHULRQ GHYDQW OD GpHVVH &WP UHFWDQJXODLUH DX GURLW  5(* 5 &26695$  V\PEROH GH 7DQLW GDQV XQH FRXURQQH GH ODXULHU61* &RS 61*$1653&,615,6&RVVXUDD FHWH[HPSODLUH /HW\SHGXGURLWUHSUHQGXQHLFRQRJUDSKLH DFFRPSDJQpH G XQH OpJHQGH SXQLTXH DSSDUXH GDQV OH PRQ QD\DJHGH&RVVXUDjODILQGX,,,HRXDXGpEXWGX,,HVDY -& %UDXQH3DWLQDVVV ±



0(/,7$ 0DOWD  $( +HPLOLWURQ J     Y &KU ' 7rWH G ,VLV$VWDUWp j J FRLIIpH G XQH FRXURQQH j WURLVSOXPHVHQWRXUpHGHGHX[XUDHLXQJUDQGpSLGHEOpGH YDQWODGpHVVH52VLULV(VKPRXQjTXDWUHDLOHVjJJHQRX GURLWjWHUUHOHVFRXURQQHVGH+DXWHHW%DVVH(J\SWHVXUOD WrWH XQ VFHSWUH GDQV OD PDLQ GU HW XQ IRXHW GDQV ODJ61* &RS61*(YHOSLGLV615,60HOLWD   FHW H[HPSODLUH &RQWUDLUHPHQW DX[ PRQQDLHV VLFL OLHQQHV OHV pPLVVLRQV GH 0DOWH HW &RVVXUD SULYLOpJLHQW ,VLV SOXW{WTXH6DUDSLVFHTXLLOOXVWUHGDYDQWDJHODVXUYLYDQFHGH WUDGLWLRQV SKpQLFLHQQHV SOXV DQFLHQQHV SHXWrWUH XWLOLVpHV SRXU UpDIILUPHU OD VSpFLILFLWp GH O LGHQWLWp ORFDOH DSUqV TXH FHVvOHVVRQWSDVVpHVVRXVGRPLQDWLRQURPDLQHSOXW{WTX XQH TXHOFRQTXH UHODWLRQ DYHF OH UR\DXPH ODJLGH HW $OH[DQ GULH %UDXQH3DWLQDV ±

7+5$.,(1  

$( J  (QGH   $QIDQJ  -K Y &KU 8Q GHX[LqPH H[HPSODLUH *HW|QWVVY] ±

2'(6626 $( J  (QGH  -KY&KU'7rWHODXUpH GH=HXVjGU5*UDQGGLHXG 2GHVVRV'DU]DODV FDYDOLHUj GU0RQRJUDPPHHQWUHOHVMDPEHVGXFKHYDO$01* 61* %0 %ODFN 6HD  YDU   61* 6WDQFRPE  *UQH3DWLQDVV ± 

*5,(&+(1



$(J (QGH-KY&KU'7rWHODXUpHGH=HXVj GU5*UDQGGLHXG 2GHVVRV'DU]DODV FDYDOLHUjGU0RQR JUDPPH HQWUH OHV MDPEHV GX FKHYDO $01*  'XQNHOEUDXQH3DWLQDVVV ±



3(5,17+26$(J (QGH-KY&KU'7rWHODX UpHGH6DUDSLVFRLIIpGHO DWHIHWEXVWHGUDSpG ,VLVFRLIIpHGX EDVLOHLRQ DFFROpV j GU5 7DXUHDX $SLV GHERXW j J WrWH UHOHYpHjJHQWUHVHVMDPEHVGHVDUPHVHWGHX[DYDQWVGH FKHYDX[ UpXQLV j GU 'DQV OH FKDPS j J PRQR JUDPPH6FK|QHUW 3HULQWKRV  615,6 3HULQWKXV  D FHWH[HPSODLUH  *UQH3DWLQDVV ±



$( J  (QGH  -K Y &KU 0RQRJUDPPH GLIIpUHQW GX SUpFpGHQW615,6 3HULQWKXV  D  FHW H[HP SODLUH  *UQH3DWLQDJXWHVVV ±



$( J  (QGH  -KY&KU0RQRJUDPPHGLIIpUHQWGHV SUHFHGHQWV615,6 3HULQWKXV  'XQNHOJUQH 3DWLQD VV ±



$( J  (QGH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIpGHO DWHIHWEXVWHGUDSpG ,VLVFRLIIpHGXEDVLOHLRQDF FROpVjGU57DXUHDX$SLVGHERXWjJWrWHUHOHYpHjJ HQWUH VHV MDPEHV XQ VHXO FKHYDO j GU615,6 3HULQWKXV  I FHWH[HPSODLUH 7UqVUDUHYRLUHLQpGLW *UQH3DWL QDVVV ±





$( J  (QGH  -K Y &KU 8Q GHX[LqPH H[HPSODLUH 7UqVUDUH *UQH3DWLQDVVV ±

,//<5,(1 

'<55+$&+,21 'UDFKPH J     Y &KU ' 9DFKHGHERXWjGUWrWHEDLVVpHDOODLWDQWVRQYHDXOHWRXWj GUSHUVRQQDJHGHERXWjJXQHFRXURQQHWULSDUWLWHVXUODWrWH EDVLOHLRQRXDWHI ODPDLQGUSRUWpHjODERXFKH +DUSR FUDWH" 52UQHPHQWVIORUDX[GDQVXQFDUUpUHSUpVHQWDWLRQ GHV MDUGLQV G $OFLQRRV %0& 7KHVVDO\ WR $HWROLD S   61* &RS 7KHVVDO\,OO\ULFXP  615,6 '\UUKDFKLXP FHWH[HPSODLUH  VVV ± 'DQV OH WUqV ULFKH PRQQD\DJH KHOOpQLVWLTXH HQ DUJHQW GH '\UUKDFKLRQ GHX[ VpULHV DX QRP GH SOXVLHXUV PDJLVWUDWV  (XQRXV .WqWRV 3pULJpQqV 3KDQLVNRV 3KLO{Q HW 0pQLVNRV FHGHUQLHUpWDQWQRPPpVXUOHVGHX[VpULHVSUpVHQWHQWGHV W\SHV LVLDTXHV $X GURLW GH OD SUHPLqUH VpULH Qƒ   j GURLWH GX W\SH UpFXUUHQW GH OD YDFKH DOODLWDQW VRQ YHDX RQ GLVWLQJXH XQ SHWLW SHUVRQQDJH GHERXW YrWX G XQ FKLWRQ HW SRUWDQW XQH FRXURQQH WULSDUWLWH TXL SRXUUDLW ELHQ rWUH +DUSRFUDWH /D VHFRQGH VpULH Qƒ   ILJXUH DXGHVVXV GH OD YDFKH XQH WrWH IpPLQLQH FRLIIpH G XQ EDVLOHLRQTXLQ HVWDXWUHTX ,VLV



'UDFKPH J     Y &KU ' 9DFKH GHERXW j GU WrWHEDLVVpHDOODLWDQWVRQYHDXOHWRXWVXUXQHOLJQHGHVROj GUGHVpSLVGHEOpVXUXQHJUDSSHGHUDLVLQHQKDXWXQHWrWH IpPLQLQH ,VLV  FRLIIpH GX EDVLOHLRQ j GU 5 2UQHPHQWV IOR UDX[ GDQV XQ FDUUp UHSUpVHQWDWLRQ GHV MDUGLQV G $OFL QRRV 615,6 '\UUKDFKLXP  F  FHW H[HPSODLUH  VVV ±



'UDFKPH J     Y &KU 8Q WURLVLqPH H[HP SODLUH615,6'\UUKDFKLXP VVV ±

*5,(&+(1

 

'UDFKPH J     Y &KU 8Q GHX[LqPH H[HP SODLUH615,6 '\UUKDFKLXP  F  FHW H[HP SODLUH  3UlJHVFKZlFKHVVV ±



'UDFKPH J     Y &KU ' 9DFKH GHERXW j GU WrWHEDLVVpHDOODLWDQWVRQYHDXOHWRXWVXUXQHOLJQHGHVROj GUGHVpSLVGHEOpVXUXQHJUDSSHGHUDLVLQHQKDXWXQHWrWH IpPLQLQH ,VLV  FRLIIpH GX EDVLOHLRQ j GU5 2UQHPHQWV IOR UDX[ GDQV XQ FDUUp UHSUpVHQWDWLRQ GHV MDUGLQV G $OFL QRRV 615,6 '\UUKDFKLXP  G  FHW H[HPSODLUH  VVV ±





60<51$ $( J     -K Y &KU ' 7rWH ODXUpH G $SROORQ j GU 5 /\UH%0& ,RQLD S  7UqV UDUH1RWHU OH QRP WKpRSKRUH GX PDJLVWUDW *UQH 3DWLQD VV ±

.$5,(1 

+$/,.$51$6626$(J Y&KU'7rWH GH 3RVpLGRQ j GU 5 7ULGHQW RUQp XQ EDVLOHLRQ j J GX PDQFKH615,6+DOLFDUQDVVXVE FHWH[HPSODLUH ,Qp GLW 'XQNHOJUQH3DWLQDVV ± 8Q VDQFWXDLUH GpYROX DX FXOWH G ,VLV 6DUDSLV HW GH OD VRXYHUDLQH ODJLGH GLYLQLVpH $UVLQRp ,, IXW pGLILp j +DOLFDUQDVVH F  DY -& &RPPH SRXU ELHQ G DXWUHV FLWpV SRUWXDLUHV GX SRXUWRXU pJpHQ LO Q HVW GRQF SDV VXUSUHQDQWGHYRLUOHEDVLOHLRQDWWULEXWG ,VLVPDLVDXVVLGHV UHLQHV DOH[DQGULQHV rWUH XWLOLVp FRPPH PDUTXH PRQpWDLUH DX[ ,,H,HU VLqFOHV DY -&  ,O VHPEOH TX j +DOLFDUQDVVH FRPPH GDQV OD FLWp SURFKH GH 0\QGRV GH QRPEUHX[ PDJLVWUDWVDLHQWIDLWXVDJHGHFHV\PEROH



$( J     Y &KU ' 7rWH GH 3RVpLGRQ j GU 5 7ULGHQWRUQpXQEDVLOHLRQjJGXPDQFKH,QpGLW"'XQNHO JUQH3DWLQDVVV ±



$( J  ' 7rWH GH 3RVpLGRQ j GU 5 7ULGHQW RUQp XQ EDVLOHLRQjJGXPDQFKH,QpGLW" *UQH3DWLQDVV ±



$( J     Y &KU ' 7rWH GH 3RVpLGRQ j GU 5 7ULGHQWRUQpXQEDVLOHLRQjJGXPDQFKH,QpGLW"'XQNHO EUDXQH3DWLQDV ±

'UDFKPHY&KU'9DFKHGHERXWjGUWrWHEDLV VpHDOODLWDQWVRQYHDXOHWRXWVXUXQHOLJQHGHVROjGUGHV pSLV GH EOp VXU XQH JUDSSH GHUDLVLQHQKDXWXQHWrWHIpPL QLQH ,VLV  FRLIIpH GX EDVLOHLRQ j GU5 2UQHPHQWV IORUDX[ GDQVXQFDUUpUHSUpVHQWDWLRQGHVMDUGLQVG $OFLQRRV 615,6 '\UUKDFKLXP6XSSOI 9VGH]HQWULHUWVVV ±

'UDFKPH J     Y &KU 8Q VHFRQG H[HP SODLUH615,6'\UUKDFKLXP6XSSOI VVV ±

,21,(1 

(3+(626&LVWRSKRUJ Y&KU'&LVWHP\V WLTXHG RV pFKDSSHXQVHUSHQWOHWRXWGDQVXQHFRXURQQHGH OLHUUH 5 'HX[ VHUSHQWV WRUVDGpV OD WrWH HQ KDXW DYHF XQ FDUTXRLVDXPLOLHXXQEDVLOHLRQVXUGHX[pSLVGHEOpFURLVpV HQ KDXW XQ IODPEHDX j GU61* %HUU\   .OHLQHU S  615,6 3HUJDPXP D E  FHW H[HPSODLUH  9V GH]HQWULHUWJHW|QWVV ±



*5,(&+(1



$( J     Y &KU ' 7rWH GH 3RVpLGRQ j GU 5 7ULGHQW RUQp XQ EDVLOHLRQ j J GX PDQFKH,PKRRI%OXPHU .O 0 S  FROO GH O DXWHXU   615,6 +DOLFDUQDVVXV  D  FHW H[HPSODLUH  7UqV UDUH 'XQNHOJUQH 3DWLQD VV ±



$(J -KY&KU8QH[HPSODLUHDXQRPGHPDJLV WUDWQRQLGHQWLILpPDLVGLIIpUHQWGHVSUpFpGHQWV *UQH3D WLQDV ±



$(J -KY&KU8QH[HPSODLUHDXQRPGHPDJLV WUDWQRQLGHQWLILp %UDXQH3DWLQDV ±



0<1'26 'UDFKPH J  (UVWH +lOIWH  -K Y &KU 0DJLVWUDW $SROORQLRV ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQH DPSKRUH FRXFKpH j O H[HUJXH([ /DQ]  >@   ,PKRRI%OXPHU =I1   S 615,60\QGXVD FHWH[HPSODLUH  VV ± /H PRQQD\DJH KHOOpQLVWLTXH GH 0\QGRV HVW LQWpUHVVDQW SDU VDVLQJXODULWp+RUPLVTXHOTXHVUDUHVSHWLWHVGpQRPLQDWLRQV GHEURQ]HVHWTXHOTXHVKpPLGUDFKPHVHQDUJHQWDXSRUWUDLW GH'LRQ\VRVRQQHFRQQDvWTX XQHVHXOHVpULHGHGUDFKPHV WUqVKRPRJqQHTXLSUpVHQWHWRXMRXUVOHPrPHPRWLIDXGURLW  OD WrWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI WRXUQpH YHUV OD GURLWHHWXQDXWUHPRWLIDXUHYHUVOXLDXVVLV\VWpPDWLTXH OH EDVLOHLRQ VXU GHX[ pSLV GH EOp DYHF VRXYHQW PDLV SDV WRXMRXUV XQH PDUTXH PRQpWDLUH j O H[HUJXH /D PLVH HQ VpULHGHVH[HPSODLUHVUHFHQVpVSRXUXQDUWLFOHjSDUDvWUHHW O pWXGH GHV FRLQV XWLOLVpV SRXU OHV IUDSSHU SHUPHWWHQW G DYDQFHU TXHOTXHV UHPDUTXHV 1RXV FRQQDLVVRQV DFWXHOOHPHQWSUqVGHPDJLVWUDWVPRQpWDLUHVGRQWOHVQRPV DSSDUDLVVHQW VXU FHV GUDFKPHV &HV PDJLVWUDWV PRQpWDLUHV FKDTXH DQQpH pWDLHQW SUREDEOHPHQW  j RIILFLHU &HV PRQQDLHVRQWpWpIUDSSpHVVXUXQHSpULRGHDVVH]FRXUWHXQH GRX]DLQH G DQQpHV DX PD[LPXP VDQV GRXWH GXUDQW OD SUHPLqUHPRLWLpGX,,HVLqFOHDY-&2QWURXYHUDSURSRVpH LFL OD SOXV ULFKH FROOHFWLRQSULYpHUpXQLHjFHMRXUDYHF H[HPSODLUHVTXDVLPHQWWRXVGLIIpUHQWV





'UDFKPH J  (UVWH +lOIWH  -K Y &KU0DJLVWUDW'H PRSKRQ ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQp WDLUH XQ IODPEHDX jO H[HUJXH61*&RS&DULD61* .HFNPDQ ,   &+ ,; S  615,6 0\QGXV  D FHWH[HPSODLUH  VV ±



'UDFKPH J  (UVWH +lOIWH  -K Y &KU0DJLVWUDW'H PRSKRQ ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQp WDLUHXQHJUDSSHGHUDLVLQjO H[HUJXH([&+,;S  :DGG&+,;S615,60\QGXVE FHWH[HPSODLUH  'XQNOH7|QXQJIDVWY] ±



'UDFKPHJ (UVWH+lOIWH-KY&KU0DJLVWUDW'LR GRURV'7rWHODXUpHGH6DUDSLVFRLIIpGHO DWHIjGU5%D VLOHLRQVXUGHX[pSLVGHEOpDYHFFRPPHPDUTXHPRQpWDLUH XQH SDOPH j O H[HUJXH61* Y $XORFN   &+ ,; S 615,60\QGXV FHWH[HPSODLUH  'XQNOH 7|QXQJVV ±



'UDFKPHJ (UVWH+lOIWH-KY&KU0DJLVWUDW+HU PRO\NRV ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI jGU5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQp WDLUH XQ IODPEHDX j O H[HUJXH%0& &DULD S   :DGG61*Y$XORFN615,60\QGXV FHWH[HPSODLUH  *HW|QW9VGH]HQWULHUWVV ±



'UDFKPH J  (UVWH +lOIWH  -K Y &KU 0DJLVWUDW 7KHDLQHWRV'7rWHODXUpHGH6DUDSLVFRLIIpGHO DWHIjGU5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQp WDLUH XQ IODPEHDX j O H[HUJXH([ &+ 9,,,  "  :DGG   &ROO :HEHU   61* .D\KDQ  615,6 0\QGXV    FHW H[HPSODLUH  *HW|QW 9V GH]HQWULHUW VVV ±

*5,(&+(1













'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQ IRXGUH DLOp j O H[HUJXH([ &+ ,; S   %0& &DULD S   61* Y $XO   &+ ,;S615,60\QGXV E FHWH[HPSODLUH  VV ±



'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQH URVH j O H[HUJXH,PKRRI%OXPHU=I1S&+,;S  615,6 0\QGXV  H FHWH[HPSODLUH  VV ± 3URYHQLHQ]([+LUVFK>@



'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQH FRUQXFRSLD j O H[HUJXH&+ ,; S615,60\QGXVE FHWH[HPSODLUH  VV ±



'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 EDVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQ FDUTXRLV j O H[HUJXH*|NWUN  615,6 0\QGXV  G  FHW H[HPSODLUH  )HLQJHW|QWVV ±



'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp VDQV PDUTXH PRQpWDLUH j O H[HUJXH&+ ,;  615,60\QGXVH FHWH[HPSODLUH 5DUH VV ±



'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOpVDQVPDUTXHPRQpWDLUHjO H[HUJXH&+,;S HW  615,6 0\QGXV  D  FHW H[HPSODLUH  VV ±

'UDFKPH J  (UVWH +lOIWH  -K Y &KU 0DJLVWUDW 7KHRGRWRV'7rWHODXUpHGH6DUDSLVFRLIIpGHO DWHIjGU5 %DVLOHLRQ RUQp G XQ XUDHXV VXU GHX[ pSLV GH EOp DYHF FRPPHPDUTXHPRQpWDLUHXQHpWRLOHSRLQWpHjKXLWEUDQFKHV jO H[HUJXH([+LUVFK>@ +LUVFK>@   %0& &DULD S   &+ ,; S  615,60\QGXVD FHWH[HPSODLUH  *HW|QWVV ±

'UDFKPH J  (UVWH +lOIWH  -K Y &KU 0DJLVWUDW 7KHRGRWRV 8Q VHFRQG H[HPSODLUH([ &+ ,; S 

615,60\QGXVD FHWH[HPSODLUH  9VGH]HQWULHUW VVV ±

'UDFKPH J  (UVWH +lOIWH  -K Y &KU 0DJLVWUDW 7KHRGRWRV'7rWHODXUpHGH6DUDSLVFRLIIpGHO DWHIjGU5 %DVLOHLRQVXUGHX[pSLVGHEOpDYHFFRPPHPDUTXHPRQp WDLUHXQIRXGUHDLOpjO H[HUJXH&+,;S615,6 0\QGXVE FHWH[HPSODLUH  *HW|QW9VGH]HQWULHUW VVV ±

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQ IRXGUH j O H[HUJXH3HXWrWUH H[ &+ 9,,,   %0& &DULD S 61*.HFNPDQ,&+9,,,&+ ,; S  615,6 0\QGXV  E  FHW H[HP SODLUH  VV ± 3URYHQLHQ]([+LUVFK>@

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOpDYHFFRPPHPDUTXHPRQpWDLUHXQHpWRLOHSRLQWpHjKXLW EUDQFKHV j O H[HUJXH&+ ,;S615,60\QGXV D FHWH[HPSODLUH 5DUH *HW|QWJXWHVVV ±



*5,(&+(1







'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOpVDQVPDUTXHPRQpWDLUHjO H[HUJXH0DJLVWUDWQRQLGHQWL ILDEOHjFHX[FRQQXVSDUDLOOHXUV5DUH VV ± 3URYHQLHQ]([+LUVFK>@



675$721,.$,$+HPLGUDFKPHJ +lOIWH-KY &KU ' 7rWH ODXUpH GH =HXV j GU 5 $LJOH DLOHV pSOR\pHV GHERXW j GU EDVLOHLRQ j GU615,6 6WUDWRQLFHD    FHW H[HPSODLUH ,QpGLW$EVHQWGXFDWDORJXHGUHVVpSDU$0HD GRZV  6WUDWRQLNHLD LQ &DULD WKH +HOOHQLVWLF &LW\ DQG LWV &RLQDJH1&S 7|QXQJVV ± 3URYHQLHQ]([.QNHU>@

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQH URVH j O H[HUJXH*|NWUN   &+ ,; S  615,6 0\QGXVF FHWH[HPSODLUH  VV ± 3URYHQLHQ] ([ +LUVFK  >@   +LUVFK  >@ +LUVFK>@

'UDFKPHJ +lOIWH-KY&KU8QGHX[LqPHH[HP SODLUH VV ±

.$5,6&+(,16(/1











5+2'26'UDFKPHJ &LUFDY&KU'7rWHUD GLpH G +pOLRV GH WURLVTXDUWV j GU 5 URVH GDQV XQ FDUUp FUHX[EDVLOHLRQjJERXWRQjGU%0&&DULDS -HQNLQV $ HW % 615,6 5KRGXV    FHW H[HP SODLUH  VV ±



'UDFKPHJ &LUFDY&KU'7rWHUDGLpHG +p OLRV j GU 5 5RVH HQWUH GHX[ ERXWRQV GDQV XQ FDUUp FUHX[ EDVLOHLRQ j GU%0& &DULD S   -HQNLQV ( 615,65KRGXVE FHWH[HPSODLUH 5DUH VV ±



+HPLGUDFKPH J  &LUFD  Y &KU ' 7rWH UDGLpH G +pOLRV GH WURLVTXDUWV j GU 5 5RVH GDQV XQ FDUUp FUHX[ EDVLOHLRQjJERXWRQjGU61*/RFNHWW-HQNLQV% 615,65KRGXV/HHH[FRQQX 7|QXQJVV ±



+HPLGUDFKPHJ &LUFDY&KU'7rWHUDGLpH G +pOLRV GH WURLVTXDUWV j GU 5 5RVH HQWUH GHX[ ERXWRQV GDQV XQ FDUUp FUHX[ EDVLOHLRQ j GU-HQNLQV ' 615,6 5KRGXV D  5DUH 6FKU|WOLQJVULVV 9V 6WHPSHOIHKOHU VRQVWY] ±

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOpVDQVPDUTXHPRQpWDLUHjO H[HUJXH&+,;S 615,6 0\QGXV  D  FHW H[HPSODLUH  )HLQ JHW|QW VVY] ±

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOp DYHF FRPPH PDUTXH PRQpWDLUH XQ IODPEHDX j O H[HUJXH&+,;S615,60\QGXVD FHW H[HPSODLUH 0rPHVFRLQVTXH&+,;S0rPH FRLQ GH GURLW TXH 61* &RS  61* .HFNPDQ ,  LELG &+,;SLELG &+,;SHWOH QƒLELG  VV ± 3URYHQLHQ]([+LUVFK>@

'UDFKPH J   +lOIWH  -K Y &KU ' 7rWH ODXUpH GH 6DUDSLV FRLIIp GH O DWHI j GU 5 %DVLOHLRQ VXU GHX[ pSLV GH EOpVDQVPDUTXHPRQpWDLUHjO H[HUJXH7UqVUDUH VV ±

*5,(&+(1









+HPLGUDFKPHJ '7rWHUDGLpHG +pOLRVjGU55RVH HQWUHGHX[ERXWRQVGDQVXQFDUUpFUHX[EDVLOHLRQjGU%0& &DULD S   -HQNLQV (  61* .HFNPDQ , 615,65KRGXVG FHWH[HPSODLUH  VVV ±



0<5$0$6<.,726 $( J     Y &KU ' %XVWH GUDSp G $UWpPLV FKDVVHUHVVH j GU XQ DUF HW XQ FDU TXRLV GHUULqUH HOOH5&HUIGHERXWDOODQWjGUXQEDVLOHLRQ GHUULqUH OXL%0& /\FLD« S   &ROO :HEHU   61* &RS /\FLD3DPSK\OLD   61* Y $XORFN   7UR[HOODYHFYDU 61*.HFNPDQ,,615,60\ UDD FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ± 3URYHQLHQ]([+LUVFK>@



3+$6(/,6+HPLGUDFKPHJ Y&KU'7rWH ODXUpHG $SROORQjGU5/\UHGDQVXQFDUUpFUHX[EDVLOHLRQ GDQVOHFKDPSLQIpULHXUJ615,63KDVHOLV FHWH[HP SODLUH ,QpGLW" VV ±



+HPLGUDFKPH J     Y &KU ' 7rWH ODXUpH G $SROORQ j GU5/\UHGDQVXQFDUUpFUHX[IODPEHDXjJ EDVLOHLRQ j GU61* Y $XORFN   7UR[HOO   61* .HFNPDQ ,,  615,6 3KDVHOLV  D  FHW H[HP SODLUH  *HW|QWVV ±

+HPLGUDFKPH J  &LUFD    Y &KU 8Q VHFRQG H[HPSODLUH 6FKU|WOLQJVULVV9VHWZDVGH]HQWULHUWVV ±

$(J &LUFDY&KU'7rWHUDGLpHG +pOLRVj GU55RVHHQWUHXQEDVLOHLRQHWXQFDGXFpHDLOp%0&&D ULD S   61* .HFNPDQ ,   61* %UDXQ VFKZHLJ   $VKWRQ 1&  S E  615,6 5KRGXVD FHWH[HPSODLUH ,OQ H[LVWHSDVGHOLDLVRQV GH FRLQV DYHF OHV H[HPSODLUHV UHFHQVpV SDU 5 $VKWRQ HQ  6FKZDU]JUQH3DWLQDVVV ±

$(J &LUFDY&KU'7rWHUDGLpHG +pOLRVj GU55RVHHQWUHXQIRXGUHHWXQEDVLOHLRQ61*&RS&DULD $VKWRQS615,65KRGXVF FHW H[HPSODLUH  0rPH FRLQ GH GURLW TXH $VKWRQ  S  6FKZDU]JUQH3DWLQDV ±

6<5,(1 

6(/(8.,'(1 $QWLRFKRV ,9 7KHRV (SLSKDQHV   Y&KU$(J '7rWHG ,VLVGLDGpPpHHWFRLIIpH GH OD FRXURQQH KDWKRULTXH j GU 5 $LJOH GHERXW VXU XQ IRXGUHjGU%0&7KH6HOHXFLG.LQJVRI6\ULDS &6(   61* ,VUDHO ,  615,6 $QWLRFKLD E %UDXQH3DWLQDV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU-DKU '7rWHGLDGpPpHG (URVjGU5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH pWRLOH HW PRQR JUDPPH *UQH3DWLQDV ±

/<.,(1 

0<5$+HPLGUDFKPHJ (QGH-KY&KU' 7rWHODXUpHG $SROORQjGU5/\UHGDQVXQFDUUpFUHX[ED VLOHLRQ GDQV OH FKDPS LQIpULHXU J%0& /\FLD« S   61*%HUU\7UR[HOO61*.HFNPDQ,, 615,60\UD FHWH[HPSODLUH  VV ±

*5,(&+(1



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5%DVLOHLRQVXUXQFURLVVDQWGHOXQHVDQVPRQRJUDPPHDS SDUHQW%0& 7KH 6HOHXFLG .LQJV RI 6\ULD S   &6(   61* ,VUDHO ,  YDULD  615,6 $QWLRFKLD D *UQH3DWLQDV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ DYHF XUDHXV GUHVVp VXU XQ FURLVVDQW GH OXQH pWRLOHHW>PRQRJUDPPH@%0&7KH6HOHXFLG.LQJVRI6\ULD S61*,VUDHO,615,6F *UQH 3DWLQDVVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J   Y &KU     ' 7rWH GLDGpPpH G (URV j GU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH pWRLOH HW PRQR JUDPPH%0&7KH6HOHXFLG.LQJVRI6\ULDS61* &RS6\ULD6HOHXFLG.LQJV&6(61* ,VUDHO ,  615,6 $QWLRFKLD E *UQH 3DWLQD VVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH VDQV PDUTXH GH FRQ WU{OH YLVLEOH%DEHORQ   61* ,VUDHO ,  615,6$QWLRFKLDG *UQEUDXQH3DWLQDV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH DYHF PDUTXH GHFRQ WU{OH LQGLVWLQFWH61* 0LODQR  615,6 $QWLRFKLD K *UQH3DWLQD$XIODJHQVVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH SDOPH HW PRQR JUDPPH%DEHORQ   61* &RS 6\ULD  6HOHXFLG .LQJV   61* ,VUDHO ,  615,6 $QWLRFKLD L 6FKZDU]H3DWLQDVVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  -DKUY&KU -DKU '7rWHGLDGpPpHG (URVj GU5%DVLOHLRQVXUXQFURLVVDQWGHOXQHPDUTXHGHFRQWU{OH LQGLVWLQFWH HW PRQRJUDPPH%DEHORQ   61* ,VUDHO ,  615,6 $QWLRFKLD M 6FKZDU]H 3DWLQD VVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXUXQFURLVVDQWGHOXQHSDOPH 'XQNHOJUQH 3DWLQDVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH WrWH LPEHUEH j GU HW PRQRJUDPPH 61* &RS 6\ULD  6HOHXFLG .LQJV ;  &6( ; 6FKZDU]H3DWLQD$XIODJHQV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU -DKU '7rWHGLDGpPpHG (URVjGU 5 %DVLOHLRQ VXU XQ FURLVVDQW GH OXQH SDOPH HW PRQR JUDPPH61* ,VUDHO ,  615,6 $QWLRFKLD F *UQH 3DWLQDVVV ±



*5,(&+(1



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  Y&KU'7rWHGLDGpPpHG (URVjGU5'DWHLQ GpWHUPLQpH EDVLOHLRQ VXU XQ FURLVVDQW GH OXQH V\PEROH HW PRQRJUDPPHLQGpWHUPLQpV *UQH3DWLQDVVV ±



$QWLRFKRV 9,, (XHUJHWHV    Y &KU $( J  8QVHFRQGH[HPSODLUHGHGDWHLQGpWHUPLQpH *UQH3DWLQD SDUWLHOOH$XIODJHQVV ±



$QWLRFKRV 9,   Y&KU$(.OHLQEURQ]HJ  '7rWHUDGLpHG $QWLRFKRV,9jGU5,VLVjODYRLOHGHERXWj JODWrWHFRLIIpHGHODFRXURQQHKDWKRULTXHXQHYRLOHJRQ IOpHSDUOHYHQWGDQVODPDLQGUHWWHQXHDYHFOHSLHGGUXQ JRXYHUQDLO GDQV OD PDLQ J%DEHORQ   5RXYLHU   /LQGJUHQ,,,615,6%\EOXV FHWH[HPSODLUH  8QHpPLVVLRQH[FHSWLRQQHOOH/DSUHPLqUHDWWHVWDWLRQLFR QRJUDSKLTXHG ,VLVjODYRLOH 6FKZDU]H3DWLQDVV ±



$QWLRFKRV 9, RGHU 9,,,    Y &KU $( .OHLQ EURQ]HJ '7rWHG $QWLRFKRV9,,RX9,,,jGU5,VLV j OD YRLOH GHERXW j J OD WrWH FRLIIpH GH OD FRXURQQH KDWKR ULTXHXQHYRLOHJRQIOpHSDUOHYHQWGDQVODPDLQGUHWWHQXH DYHFOHSLHGGUXQJRXYHUQDLOGDQVODPDLQJ615,6%\EOXV  FHWH[HPSODLUH  6FKZDU]H3DWLQDV ±



372/(0$,6 $QWLRFKRV 9,,, XQG .OHRSDWUD    Y &KU $( .OHLQEURQ]H J   Y &KU   -DKU  GHU 6WDGWlUD  ' 7rWH GLDGpPpH HW UDGLpH G $QWLRFKRV 9,,,jGU5%DVLOHLRQVXUXQFURLVVDQWGHOXQHDXGHVVXVGH OD GDWH XQ IRXGUH j O H[HUJXH%0& 7KH 6HOHXFLG .LQJV RI 6\ULDSSO;;,,,1HZHOO/6061*,VUDHO, 615,63WROHPDLVF %UDXQH3DWLQDVV ±

3+g1,=,(1 

%<%/26 $( J   RGHU    -DKU  GHU 6WDGWlUD '7rWHODXUpHGH=HXVjGU5,VLVjODYRLOHGH ERXWjGUODWrWHFRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDU OHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHGJODGDWH/*GH SDUW HW G DXWUH GH OD WrWH OH PRQRJUDPPH GHUULqUH OD GpHVVH,PKRRI%OXPHU0*US5RXYLHU* /H5LGHU +6H\ULJ51S61*5LJKHWWL 615,6%\EOXV FHWH[HPSODLUH  'XQNHOJUQH 3DWLQDV ±

125'$)5,.$ 

$( J   RGHU    -DKU  GHU 6WDGWlUD  8Q VHFRQG H[HPSODLUH615,6 %\EOXV    FHW H[HP SODLUH  %UDXQHIOHFNLJH3DWLQDV ±



$( J   RGHU    -DKU  GHU 6WDGWlUD  ' 7rWH ODXUpH GH =HXV j GU 5 ,VLV j OD YRLOH GHERXW j GU OD WrWH FRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDUOHYHQWGDQV OHV PDLQV HW WHQXH DYHF OH SLHG J OD GDWH / * GH SDUW HW G DXWUH GH OD WrWH OH PRQRJUDPPH GHUULqUH OD GpHVVH &WP FLUFXODLUHDLJOHGHERXWjGUOHVDLOHVpSOR\pHV %UDXQJUQH 3DWLQDV ±



.g1,*5(,&+'(5372/(0b(53WROHPDLRV9(SL SKDQHVY&KU$(J 0]VW.\UHQH'7rWH GLDGpPpH GH 3WROpPpH ,HU j GU O DHJLV DXWRXU GX FRX 5 EXVWHGUDSpGH/\ELHSRUWDQWODWDHQLDjGUGRXEOHFRUQX FRSLDVRXVOHPHQWRQ61*&RS$VRODWL%XWWUH\ &RLQV %UDXQH3DWLQDV ±



.OHRSDWUD9,,7KHDY&KU$(J DY -&0]VW3DSKRV=\SHUQ '7rWHFRUQXHHWGLDGpPpHGH =HXV$PPRQjGU5GHX[DLJOHVDXUHSRVDFFROpVGHERXWj JVXUXQIRXGUHXQEDVLOHLRQHWOHPRQRJUDPPH61*&RS 7KH3WROHPLHV *UQH3DWLQDV ± /HV GHX[ UDSDFHV VRQW OH VLJQH G XQH FRUpJHQFH G DERUG FHOOHGH&OpRSkWUH9,,HWGHVRQIUqUH3WROpPpH;,9HQVXLWH FHOOHGH&OpRSkWUH9,,HWGHVRQILOV&pVDULRQ 

*5,(&+(1



.OHRSDWUD9,,7KHDY&KU$(J DY -&0]VW3DSKRV=\SHUQ '7rWHFRUQXHHWGLDGpPpHGH =HXV$PPRQjGU5GHX[DLJOHVDXUHSRVDFFROpVGHERXWj JVXUXQIRXGUHXQEDVLOHLRQ3DVGHPRQRJUDPPH %UDXQH 3DWLQDV ±

0$85(7$1,(1 

,2/$(J )LQ,,,H,,HVLqFOHDY-&XQLWp ' 7rWH G ,VLV FRLIIpH G XQH GpSRXLOOH GH YDXWRXU j J 0 HW GDQVOHFKDPSjGU5OpJHQSXQLTXHWURLVpSLVG RUJHj J61* &RS  0DQIUHGL 0RQHWH SXQLFKH  615,6,ROE 6FKZDU]EUDXQH3DWLQDVV ± /HEDVLOHLRQXWLOLVpVXUXQQRPEUHFRQVLGpUDEOHGHPRQQDLHV GH EURQ]H HW G DUJHQW DX[ QRPV GH -XED HW GH VD MHXQH pSRXVH &OpRSkWUH 6pOpQp UHQYRLH WUqV FHUWDLQHPHQW j OD SDUXUH GH OD UHLQH HW GHODGpHVVHTXHIXW&OpRSkWUH9,,GH jDY-&DSSDUDLVVDQWHWUpJQDQWHQ1pD,VLV,O VHPEOH ELHQ TXH 6pOpQp j O LQVWDU GH VD PqUH OD *UDQGH &OpRSkWUHV DVVLPLODj,VLVORUVGHVRQUqJQHPDXUpWDQLHQ



$( J  )LQ ,,,H,,H VLqFOHDY-&XQLWp '7rWH G ,VLVFRLIIpHG XQHGpSRXLOOHGHYDXWRXUjJ0HWGDQVOH FKDPS j GU 5 OpJ HQ SXQLTXH WURLV pSLV G RUJH j J61* &RS  0DQIUHGL 0RQHWH SXQLFKH   615,6,ROE 6FKZDU]EUDXQH3DWLQDVV ±



$( J  )LQ ,,,H,,H VLqFOHDY-&XQLWp '7rWH G ,VLV FRLIIpH G XQH GpSRXLOOH GH YDXWRXU j J /HWWUH LQGLV WLQFWH GDQV OH FKDPS j GU 5 OpJ HQ SXQLTXH  WURLV pSLV G RUJH j J61* &RS   $OH[DQGURSRXORV S  RX  615,6 ,RO F 6FKZDU]EUDXQH 3DWLQD VV ±





.g1,*5(,&+ 0$85(7$1,(1 -XED ,,  Y&KU   Q&KU $( J  0]VW &DHVDUDHD 'EXVWHGUDSpHW GLDGpPp GH -XED ,, j GU XQH PDVVXH GHUULqUH OXL 5 ED VLOHLRQ HQWUH GHX[ pSLV GH EOp OH WRXW VRXV XQ FURLV VDQW0D]DUG  HW   $OH[DQGURSRXORV  HW   'HSH\URW=LOLO,615,6&DHVDUHDD FHWH[HP SODLUH  %UDXQH3DWLQDV ± /HEDVLOHLRQXWLOLVpVXUXQQRPEUHFRQVLGpUDEOHGHPRQQDLHV GH EURQ]H HW G DUJHQW DX[ QRPV GH -XED HW GH VD MHXQH pSRXVH &OpRSkWUH 6pOpQp UHQYRLH WUqV FHUWDLQHPHQW j OD SDUXUH GH OD UHLQH HW GHODGpHVVHTXHIXW&OpRSkWUH9,,GH jDY-&DSSDUDLVVDQWHWUpJQDQWHQ1pD,VLV,O VHPEOH ELHQ TXH 6pOpQp j O LQVWDU GH VD PqUH OD *UDQGH &OpRSkWUHV DVVLPLODj,VLVORUVGHVRQUqJQHPDXUpWDQLHQ

5g0,6&+(3529,1=,$/35b*81*(1

5g0,6&+(3529,1=,$/35b*81*(1

02(6,$,1)(5,25 

',21<6232/,6 6HYHUXV $OH[DQGHU    Q &KU $( J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH 6pYqUH $OH[DQGUHjGU56DUDSLVGHERXWjJFRLIIpGXFDODWKRVHW YrWX G XQH ORQJXH UREH  YLGDQW XQH SDWqUH GH OD GU VXU XQ DXWHOHQIODPPHVHWWHQDQWXQHFRUQXFRSLDDXEUDVJ$01* YDU 615,6'LRQ\VRSROLV FHWH[HPSODLUH   ±



6HYHUXV $OH[DQGHU    Q &KU $( J  9D ULDQWH'DQVOHFKDPSjGUΔ$01*615,6'LRQ\VR SROLV FHWH[HPSODLUH  VVV ±



6HYHUXV $OH[DQGHU    Q &KU $( J  9D ULDQWH'DQVOHFKDPSjGUΔ$01*615,6'LRQ\VR SROLV FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KUJ '%XVWHODXUpGUD Sp HW FXLUDVVp GH *RUGLHQ ,,, j GU 5 6DUDSLV GHERXW j J FRLIIpGXFDODWKRVHWYrWXG XQHORQJXHUREHYLGDQWXQHSD WqUHGHODGUVXUXQDXWHOHQIODPPHVHWWHQDQWXQHFRUQXFR SLD DX EUDV J 'DQV OH FKDPS j GU Δ$01*  615,6 'LRQ\VRSROLV  E  FHW H[HPSODLUH  *UQH 3DWLQD VV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 6HUSHQW *O\NRQ GUHVVp VXU XQH EDVH OD WrWH j GU  GDQV OH FKDPS j J Ε$01*  615,6 'LRQ\VRSROLV  E  FHW H[HP SODLUH  6FKZDU]H3DWLQDJXWHVVV ± $XPLOLHXGX,,,HVDS-&XQQRXYHDXW\SHGHGURLWIDLW VRQ DSSDULWLRQ VXU GH WUqV QRPEUHXVHV pPLVVLRQV GH 0pVLH LQIpULHXUHHWGH7KUDFHTXLPHWHQVFqQHOHGLHX6DUDSLV/HV MHXQHV SULQFHV TXH VRQW *RUGLHQ ,,, $XJXVWH HW 3KLOLSSH ,, G DERUG &pVDU SXLV $XJXVWH \ VRQW GpVRUPDLV WUqV VRXYHQW UHSUpVHQWpV HQ EXVWH HQ FRPSDJQLH GH 6DUDSLV &HWWH LQQRYDWLRQ LFRQRJUDSKLTXH VXJJqUH TX HQ FHV WHPSV WURXEOpV OHV SULQFHV DSSDUWLHQQHQW DX PrPH PRQGH HW SRVVqGHQW OHV PrPHV SRXYRLUV TXH OH GLHX 6DUDSLV VH SUpVHQWH DORUV FRPPH XQ YpULWDEOH FRPHV $XJXVWL OH FRPSDJQRQ GX MHXQH HPSHUHXU HW j O LQYHUVH OH SULQFH GHYLHQW DORUV HQ TXHOTXH VRUWH OH SDUWHQDLUH GX GLHX/D SUpVHQFH GH 6DUDSLV GDQV OH PRQQD\DJH GX MHXQH *RUGLHQ HVW SHXWrWUH GXH j O LQIOXHQFH GX SKLORVRSKH 3ORWLQ TXL DFFRPSDJQD O HPSHUHXU GDQV VHV FDPSDJQHV FRQWUH OHV 3DUWKHV DYDQW GH V LQVWDOOHU j 5RPH R LO GHYLQW XQ SURFKH GH*DOOLHQDXQRPGXTXHOGHQRPEUHXVHVPRQQDLHVjW\SHV LVLDTXHVIXUHQWHQFRUHIUDSSpHVXQSHXSDUWRXWHQ2ULHQW



*RUGLDQ ,,,    Q&KU $( J  '%XVWHV DI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLDFRLIIpH GX FDODWKRV GHERXW j J WHQDQW XQH SDWqUH DXGHVVXV G XQ DXWHOGHODGUpWHQGXHHWXQHFRUQXFRSLDDXEUDVJGDQVOH FKDPS j GU Ε$01*615,6'LRQ\VRSROLVD FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KUJ '%XVWHVDIIURQWpV GH*RUGLHQ,,,ODXUpGUDSpHWFXLUDVVpjGUHWGH6DUDSLV FRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLDFRLIIpHGXFDOD WKRVGHERXWjJWHQDQWXQHSDWqUHGHODGUpWHQGXHHWXQH FRUQXFRSLDDXEUDVJGDQVOHFKDPSjGUΕ$01* YDU  615,6 'LRQ\VRSROLV  E  FHW H[HP SODLUH  %UDXQH3DWLQDVV ± 

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ ,,,    Q&KU $( J  8Q VHFRQG H[HPSODLUH 615,6 'LRQ\VRSROLV  E  FHW H[HP SODLUH  6FKZDU]JUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 'pPpWHU GHERXW j J WHQDQW OHV pSLV GDQV OD GU HW V DSSX\DQW GH OD J VXU XQ IODPEHDXRXXQVFHSWUHGDQVOHFKDPSjJΕ$01* 615,6 'LRQ\VRSROLV E E  FHW H[HP SODLUH  'XQNHOJUQH3DWLQD5V'RSSHOVFKODJVV ±







*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+pUDGHERXWWHQDQW XQH SDWqUH GH OD GU OD J V DSSX\DQW VXU XQ ORQJ VFHSWUH  GDQVOHFKDPSjJΕ0XVKPRY615,6'LRQ\VRSROLV  FHWH[HPSODLUH HH[FRQQX 'XQNHOJUQH3DWLQD JXWHVVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 +pUDFOqV GHERXW j J V DSSX\DQW GH OD GU VXU OD PDVVXH WHQDQW WURLV SRPPHV GDQV OD J OD SHDX GH OLRQ SRVpH VXU OH EUDV J  GDQV OH FKDPSjGUΕ$01*615,6'LRQ\VRSROLV FHW H[HPSODLUH  6FKZDU]H3DWLQDJXWHVVV ±



*RUGLDQ ,,,    Q&KU $( J  8Q VHFRQG H[HPSODLUH *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q&KU $( J  '%XVWHV DI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+\JLHGHERXWGUD SpHGHIDFHODWrWHjGUWHQDQWXQHSDWqUHGDQVODJHWXQ VHUSHQW HQURXOp DXWRXU GX EUDV GU  GDQV OH FKDPS j J Ε61*+XQJDU\615,6'LRQ\VRSROLVD FHW H[HPSODLUH  *UQEUDXQJHIOHFNWH3DWLQDJXWHVVV ±



*RUGLDQ,,,Q&KU$(J 9DULDQWH'DQV OHFKDPSjGUΕ$01*615,6'LRQ\VRSROLVE FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVVY] ±



*RUGLDQ ,,,    Q&KU $( J  ' EXVWHV DI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 1pPpVLV GHERXW j JWHQDQWXQHEDODQFHGHODGUHWXQHFRUQXFRSLDDXEUDVJ j VHV SLHGV XQH URXH  GDQV OH FKDPS j GU ($01*  615,6'LRQ\VRSROLV FHWH[HPSODLUH  'XQNHOJUQH 3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ ,,,    Q&KU $( J  8Q VHFRQG H[HPSODLUH615,6 'LRQ\VRSROLV    FHW H[HP SODLUH  6FKZDU]JUQH3DWLQDVVY] ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5(PSHUHXUjFKHYDO j GU  j O H[HUJXH Ε0XVKPRY  615,6 'LRQ\VRSROLV  *UQH3DWLQDVVV ±







*RUGLDQ ,,,    Q&KU $( J  ' %XVWHV DI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5)DoDGHG XQWHPSOH WpWUDVW\OHOHW\PSDQRUQpG XQERXFOLHUOHWHPSOHQ DSDVGH SRGLXP'LYLQLWpGHERXWjO LQWpULHXU¬O H[HUJXHΕ$01*  615,6 'LRQ\VRSROLV    FHW H[HPSODLUH  *UQH 3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5'LRQ\VRVGHERXWj JYrWXG XQFKLWRQFRXUWWHQDQWXQFDQWKDUHGHODGUHWXQ WK\UVHGHODJGHYDQWOXLXQHSDQWKqUHjJGDQVOHFKDPS j GU Ε$01*  615,6 'LRQ\VRSROLV    FHW H[HPSODLUH  'XQNHOJUQH 3DWLQD 5V 3UlJHVFKZlFKH VV ±



,67526,XOLD'RPQDQ&KU$(J ' %XVWHGUDSpGH-XOLD'RPQDjGU56DUDSLVEDUEXFRLIIpGX FDODWKRVjFKHYDOjGUOHFKHYDOOqYHVDMDPEHDQWpULHXUH GUSODQWpGHUULqUHOXLXQFDQGpODEUHVXUFHOXLFLXQDLJOH GHERXWjGU([*DOHULH1XPLVPDWLTXH/DXVDQQH,9>@  ,QpGLW" *UQH3DWLQD5V.UDW]HUVVY] ± ¬,VWURVjSDUWLUGXUqJQHGH&RPPRGHOHVUHSUpVHQWDWLRQV QXPLVPDWLTXHV GX FDYDOLHU WKUDFH VH SDUHQW GXFDODWKRVGH 6DUDSLV VXJJpUDQW XQ UDSSURFKHPHQW HQWUH OHV GHX[ GLYLQLWpV¬SDUWLUGHO pSRTXHVpYpULHQQHOHGLHXSRUWHQRQ VHXOHPHQW OH FDODWKRV GH 6DUDSLV PDLV HVW SDUIRLV ILJXUp UDGLp WDQGLV TX XQ DLJOH DSSDUDvW SRVp VXU XQ FDQGpODEUH GRQQDQW QDLVVDQFH j XQH LPDJH FRPSRVLWH FHOOH G XQ =HXV+pOLRV6DUDSLV TXL DXUDLW DEVRUEp O LPDJH HW OHV SUpURJDWLYHVGXGLHXFDYDOLHUDQFHVWUDO

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J56DUDSLV FRLIIp GX FDODWKRVGHERXWjJODGUOHYpHHWWHQDQWGHODJEDLVVpHXQ ORQJ VFHSWUH WUDQVYHUVDO  GDQV OH FKDPS j J ( UHWUR JUDG$01*  615,6 'LRQ\VRSROLV    FHW H[HP SODLUH  *UQH3DWLQDJXWHVVV ±

*RUGLDQ,,,Q&KU$(J 9DULDQWH'DQV OH FKDPS j J (615,6 'LRQ\VRSROLV    FHW H[HP SODLUH  *UQH3DWLQD5V3UlJHVFKZlFKHJXWHVVV ±



5g0,6&+(3529,1=,$/35b*81*(1



6HYHUXV $OH[DQGHU    Q &KU $( J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH 6pYqUH $OH[DQGUH j GU 5 6DUDSLVEDUEXFRLIIpGXFDODWKRVjFKHYDOjGUOHFKHYDO OqYHVDMDPEHDQWpULHXUHGUVRXVFHOOHFLXQDXWHOSODQWp GHUULqUH OXL XQ FDQGHODEUH  VXU FHOXLFL XQ DLJOH GHERXW j GUVRXVOHYHQWUHGXFKHYDOΕ$01*615,6,VWUXV D FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56DUD SLVEDUEXFRLIIpGXFDODWKRVjFKHYDOjGUOHFKHYDOOqYH VDMDPEHDQWpULHXUHGUVRXVFHOOHFLXQDXWHOSODQWpGHU ULqUHOXLXQFDQGHODEUHVXUFHOXLFLXQDLJOHGHERXWjGU GDQV OD FKDPS J Ε0XVKPRY  615,6 ,VWUXV  D FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVV ±









.$//$7,6 &RPPRGXV    Q &KU $( J  '%XVWHODXUpGH&RPPRGHjGU56DUDSLVFRLIIpGXFDOD WKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXVGHODWrWHGH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH61* +XQJDU\  615,6 &DOODWLV    FHW H[HPSODLUH  /H H H[ FRQ QX 'XQNHOEUDXQH3DWLQDVVV ±



6HSWLPLXV6HYHUXVQ&KU$(J '7rWH ODXUpHGH6HSWLPH6pYqUHjGU5,VLVjODYRLOHGHERXWjGU OD WrWH FRLIIpH GX EDVLOHLRQ XQH YRLOH JRQIOpH SDU OH YHQW GDQV OHV PDLQV HW WHQXH DYHF OH SLHG JGHYDQWODGpHVVH& 3UHGD  0RQHGH LQHGLWH GH OD +LVWULD &DOODWLV VL 7RPLV  6WXGLLVL&HUFHWDULGH1XPLVPDWLFDS 615,6    FHW H[HPSODLUH  6FKZDU]H 3DWLQD IDVW VV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 7UDQTXLOOLQH GLDGpPpH GUDSpH j J5 6DUDSLV EDUEX FRLIIp GX FDODWKRV j FKHYDO j GU  OH FKHYDO OqYH VD MDPEH DQWp ULHXUH GU  VRXV FHOOHFL XQ DXWHO  SODQWp GHUULqUH OXL XQ FDQGpODEUH  VXU FHOXLFL XQ DLJOH GHERXW j GU  GDQV OH FKDPS j GU Ε([ *DOHULH 1XPLVPDWLTXH /DXVDQQH ,9 >@ $01*615,6,VWUXVF FHWH[HP SODLUH  'XQNHOJUQH3DWLQDVVY] ±



6HSWLPLXV6HYHUXVQ&KU$(J '7rWH ODXUpHGH6HSWLPH6pYqUHjGU56DUDSLVWU{QDQWFRLIIpGX FDODWKRV HW UDGLp j J OD GU WHQGXH DXGHVVXV GH OD WrWH GH &HUEqUHODJV DSSX\DQWVXUXQVFHSWUHGDQVOHFKDPSJHQ KDXWΕ$01*615,6&DOODWLVD6DUDSLVDSSDUDvWLFL UDGLpVHORQXQHG\QDPLTXHVRODLUHTXHO RQUHWURXYHj,VWURV HW0DUFLDQRSROLV 'XQNHOEUDXQH3DWLQDJXWHVVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 7UDQTXLOOLQH GLDGpPpH GUDSpH j J5 6DUDSLV EDUEX FRLIIp GX FDODWKRV j FKHYDO j GU  OH FKHYDO OqYH VD MDPEH DQWp ULHXUH GU  VRXV FHOOHFL XQ DXWHO  SODQWp GHUULqUH OXL XQ FDQGpODEUH  VXU FHOXLFL XQ DLJOH GHERXW j GU  GDQV OH FKDPSjGUΕ$01*615,6,VWUXVD FHWH[HP SODLUH  6FKZDU]H3DWLQD3UlJHVFKZlFKHQVV ±



6HSWLPLXV6HYHUXVQ&KU$(J '7rWH ODXUpHGH6HSWLPH6pYqUHjGU5%XVWHGUDSpG ,VLVFRLIIpH GX EDVLOHLRQ j GU  GDQV OH FKDPS LQIpULHXU GU Ε$01* 615,6&DOODWLV 'XQNHOJUQH3DWLQDIDVWVV ±

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J 'EXVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56D UDSLV GHERXW GH IDFH OD WrWH j J FRLIIp GX FDODWKRV OD GU OHYpH WHQDQW XQ ORQJ VFHSWUH WUDQVYHUVDO GH OD J  GDQV OH FKDPS j J Ε615,6 &DOODWLV   FHWH[HPSODLUH 8QL FXP" 'XQNHOEUDXQH3DWLQD5V'RSSHOVFKODJIDVWVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP5,VLVj OD YRLOH GHERXW j J VXU XQH OLJQH GH VRO OD WrWH FRLIIpH GX EDVLOHLRQjGUXQHYRLOHJRQIOpHSDUOHYHQWGDQVOHVPDLQV HWWHQXHDYHFOHSLHGGUXQΕGHUULqUHODGpHVVH61*+XQ JDU\615,6&DOODWLV FHWH[HPSODLUH /HHH[ FRQQX0rPHV FRLQV TXH 61* +XQJDU\  *UQH 3DWLQD VV ±



3KLOLSSXV,Q&KU$(J '%XVWHODXUp GH 3KLOLSSH ,HU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 6DUDSLV GHERXWGHIDFHODWrWHjJFRLIIpGXFDODWKRVODGUOHYpH WHQDQWXQORQJVFHSWUHWUDQVYHUVDOGHODJGDQVOHFKDPSj J Ε$01*  615,6 &DOODWLV    FHW H[HP SODLUH  'XQNHOJUQH3DWLQDIDVWVV ±



3KLOLSSXV,Q&KU$(J '%XVWHODXUp GH 3KLOLSSH ,HU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 6DUDSLV WU{QDQWFRLIIpGXFDODWKRVjJODGUWHQGXHDXGHVVXVGHOD WrWHGH&HUEqUHODJV DSSX\DQWVXUXQVFHSWUHjO H[HUJXH Ε$01*  615,6 &DOODWLV    FHW H[HP SODLUH *UQH3DWLQDJXWHVVV ±



0$5.,$1232/,6 6HSWLPLXV 6HYHUXV    Q &KU $( J     Q &KU 8Q WURLVLqPH H[HP SODLUH *UQH3DWLQDIDVWVV ±



6HSWLPLXV 6HYHUXV    Q &KU $( J  ' %XVWHODXUpGUDSpHWFXLUDVVpGH6HSWLPH6pYqUHjGU56D UDSLVFRLIIpGXFDODWKRVWU{QDQWjJXQJOREHGDQVODPDLQ GUODJV DSSX\DQWVXUXQVFHSWUH615,60DUFLDQRSROLV  FHWH[HPSODLUH ,QpGLW" VVV ± 3ROOLHQXV $XVSH[ PLQRU  OpJDW GH  j  DS -& 0DJLVWUDW WUqV UDUHPHQW DWWHVWp VXU OHV PRQQDLHV / LFRQR JUDSKLH PRQpWDLUH GH 6DUDSLV WHQDQW XQ JOREH HVW WUqV UDUH KRUV G $OH[DQGULH HW GH 5RPH (OOH HVW XQLTXH GDQV OHV UHSUpVHQWDWLRQV TXL OH ILJXUHQW WU{QDQW /H GLHX SUHQG LFL O DVSHFW G XQ FRVPRFUDWRU SXLVVDQFH VRXYHUDLQH HW RPLSRWHQWHTXLUpJLWO XQLYHUV



6HSWLPLXV 6HYHUXV    Q &KU $( J    Q&KU'%XVWHODXUpGUDSpHWFXLUDVVpGH6HSWLPH6p YqUHjGU56DUDSLVFRLIIpGXFDODWKRVWU{QDQWjJODPDLQ GU WHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXUXQVFHSWUH$01*615,60DUFLDQRSROLVD FHWH[HPSODLUH  *UQH3DWLQDVV ±



6HSWLPLXV 6HYHUXV    Q &KU $( J  8Q GHX[LqPH H[HPSODLUH615,6 0DUFLDQRSROLV  D  FHW H[HPSODLUH  *UQH3DWLQDJXWHVVV ± 

5g0,6&+(3529,1=,$/35b*81*(1

UDFDOOD WrWH QXH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 6DUDSLV FRLIIpGXFDODWKRVWU{QDQWjJODPDLQGUWHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH615,6 0DUFLDQRSROLV    FHW H[HPSODLUH  ,Qp GLW" *UQH3DWLQDVV ±









 

6HSWLPLXV6HYHUXVXQG,XOLD'RPQDQ&KU$( J   Q &KU ' %XVWHV DIIURQWpV GH 6HSWLPH 6pYqUHODXUpGUDSpHWFXLUDVVpjGUHWGH-XOLD'RPQDGUD SpHjJ5%XVWHGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjGU  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV D FHWH[HPSODLUH  *UQH3DWLQDIDVWVV ± 

&DUDFDOODQ&KU$(J Q&KU '%XVWHODXUpGUDSpHWFXLUDVVpGH&DUDFDOODjGU56DUD SLV FRLIIp GX FDODWKRV WU{QDQW j J OD PDLQ GU WHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH$01*  615,6 0DUFLDQRSROLV  E  FHW H[HPSODLUH  *UQH3DWLQDVV ±



&DUDFDOODQ&KU$(J Q&KU ' 7rWH ODXUpH GH &DUDFDOOD j GU HW EXVWH GH -XOLD 'RPQD GUDSpHjJDIIURQWpV56DUDSLVGHERXWFRLIIpGXFDODWKRV GUDSpjJODGUOHYpHODJWHQDQWXQVFHSWUH$01* 615,60DUFLDQRSROLVD *UQH3DWLQDVV ±



&DUDFDOOD XQG *HWD    Q &KU $( J  ' %XVWHVDIIURQWpVGH&DUDFDOODODXUpGUDSpHWFXLUDVVpjGU HWGH*HWDODXUpGUDSpHWFXLUDVVpjJ5%XVWHGH6DUDSLV FRLIIp GX FDODWKRV GUDSp j GU$01*  615,6 0DUFLD QRSROLV  D  FHW H[HPSODLUH  6FKZDU]H 3DWLQD VVV ±



&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'%XVWHVDIIURQWpVGH&DUDFDOOD ODXUpGUDSpHWFXLUDVVpjGUHWGH-XOLD'RPQDGUDSpHjJ 5%XVWHGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjGUGDQVOH FKDPSjGUΕ$01*YDUOpJ 615,60DUFLDQRSROLV DE FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVV ±

&DUDFDOODQ&KU$(J Q&KU ' WrWH ODXUpH GH &DUDFDOOD j GU 5 6DUDSLV FRLIIp GX FDODWKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXVGHODWrWH GH &HUEqUH OD J V¶DSSX\DQW VXU XQ VFHSWUH %0& S  615,6 0DUFLDQRSROLV  D  FHW H[HPSODLUH  *UQH 3DWLQDIDVWVV ±

&DUDFDOODQ&KU$(J Q&KU 9DULDQWH$01*61*+XQJDU\615,60DUFLDQR SROLVE FHWH[HPSODLUH  *UQH3DWLQDIDVWVV ±

&DUDFDOODQ&KU$(J Q&KU 'WrWHODXUpHGH&DUDFDOODjGUHWEXVWHGH-XOLD'RPQDj JDIIURQWpV56DUDSLVGHERXWFRLIIpGXFDODWKRVGUDSpj J GDQV XQ WHPSOH WpWUDVW\OH OD GU OHYpH OD J WHQDQW XQ VFHSWUH  GDQV OH W\PSDQXQHGpFRUDWLRQFLUFXODLUHERXFOLHU "   GDQV OH WHPSOH j J ȯ 615,6 0DUFLDQRSROLV  F FHWH[HPSODLUH *UQH3DWLQDVVV ±

&DUDFDOODQ&KU$(J 'EXVWHGH&D

5g0,6&+(3529,1=,$/35b*81*(1



&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'7rWHODXUpHGH&DUDFDOODjGU HW EXVWH GH -XOLD 'RPQD GUDSpH j J DIIURQWpV 5 6DUDSLV GHERXWFRLIIpGXFDODWKRVGUDSpjJODGUOHYpHODJWH QDQWXQVFHSWUHGDQVOHFKDPSjJΕ$01*615,6 0DUFLDQRSROLVD 'XQNHOJUQH3DWLQDVV ±



&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'7rWHODXUpHGH&DUDFDOODjGU HW EXVWH GH -XOLD 'RPQD j J DIIURQWpV 5 6DUDSLV GHERXW FRLIIp GX FDODWKRV GUDSp j J GDQV XQ WHPSOH WpWUDVW\OH OD GUOHYpHODJWHQDQWXQVFHSWUHGDQVOHW\PSDQXQHGpFRUD WLRQ FLUFXODLUH ERXFOLHU "   GDQV OH WHPSOH j J ($01*  615,6 0DUFLDQRSROLV  F  FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±





&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'7rWHODXUpHGH&DUDFDOODjGU HW EXVWH GH -XOLD 'RPQD j J DIIURQWpV 5 6DUDSLV GHERXW FRLIIp GX FDODWKRV GUDSp j J GDQV XQ WHPSOH WpWUDVW\OH OD GUOHYpHODJWHQDQWXQVFHSWUHGDQVOHW\PSDQXQHGpFRUD WLRQ FLUFXODLUH ERXFOLHU "   GDQV OH FKDPS J (& 3UHGD 0RQHGHFRORQLDOHUDUHVLLQHGLWH+LVWULD&DOODWLVVL7RPLV GLQWH]DXUXOGHOD0DQJDOLD6WXGLLVL&HUFHWDULGH1XPLV PDWLFDSQƒ615,60DUFLDQRSROLV G FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVVV ±

&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU8QVHFRQGH[HPSODLUH9DULDQWH OpJHQGHV 615,6 0DUFLDQRSROLV  I  FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±



&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'7rWHODXUpHGH&DUDFDOODjGU HW EXVWH GH -XOLD 'RPQD j J DIIURQWpV 5 6DUDSLV GHERXW FRLIIp GX FDODWKRV GUDSp j J GDQV XQ WHPSOH WpWUDVW\OH OD GUOHYpHODJWHQDQWXQVFHSWUHGDQVOHW\PSDQXQHGpFRUD WLRQ FLUFXODLUH ERXFOLHU "   DXGHVVXV GX WHPSOH Ε615,6 0DUFLDQRSROLV  K  FHW H[HPSODLUH  9DULDQWH WUqV UDUH 6FKZDU]H3DWLQDIDVWVVVV ±



&DUDFDOOD XQG -XOLD 'RPQD    Q &KU $( J Q&KU'7rWHODXUpHGH&DUDFDOODjGU HWEXVWHGH-XOLD'RPQDjJDIIURQWpV5%XVWHGH6DUDSLV FRLIIpGXFDODWKRVGUDSpjJ(UHWURJUDGH GDQVOHFKDPS j GU Ε$01*  615,6 0DUFLDQRSROLV E D  FHW H[HPSODLUH  VV ±



0DFULQXV XQG 'LDGXPHQLDQ    Q&KU $( J '%XVWHVDIIURQWpVGH0DFULQODXUpGUDSpjGUHW GH'LDGXPpQLHQGUDSpjJ56DUDSLVGHERXWFRLIIpGXFD ODWKRVGUDSpjJODGUOHYpHODJWHQDQWXQVFHSWUHGDQV OH FKDPS j J Ε615,6 0DUFLDQRSROLV    FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±



0DFULQXV XQG 'LDGXPHQLDQ    Q&KU $( J '%XVWHVDIIURQWpVGH0DFULQODXUpGUDSpjGUHW GH'LDGXPpQLHQGUDSpjJ56DUDSLVGHERXWFRLIIpGXFD ODWKRVGUDSpjJODGUOHYpHODJWHQDQWXQVFHSWUHGDQV OH FKDPS j J Ε615,6 0DUFLDQRSROLV    FHW H[HP SODLUH  'XQNHOEUDXQH3DWLQDVV ± 

5g0,6&+(3529,1=,$/35b*81*(1



0DFULQXV XQG 'LDGXPHQLDQ    Q&KU $( J  ' 7rWHV DIIURQWpHV GH 0DFULQ ODXUp j GU HW GH 'LDGXPpQLHQ j J 5 6DUDSLV FRLIIp GX FDODWKRVWU{QDQWj J OD PDLQ GU WHQGXH DXGHVVXV GH ODWrWHGH&HUEqUHODJ V DSSX\DQW VXU XQ VFHSWUH  GDQV OH FKDPS j J Ε 615,6 0DUFLDQRSROLV    FHW H[HPSODLUH  7UqV UDUH 'XQNHOJUQH3DWLQDVV ±



'LDGXPHQLDQQ&KU$(.OHLQEURQ]HJ ' %XVWH GUDSp GH 'LDGXPpQLHQ WrWH QXH j J 5 +DUSRFUDWH GHERXWjJQXSRUWDQWODGUjODERXFKHHWWHQDQWXQHFRU QXFRSLD GH OD J615,6 0DUFLDQRSROLV    FHW H[HP SODLUH 5DUH *UQH3DWLQDVV ±



(ODJDEDOXQG,XOLD0DHVDQ&KU$(J  Q&KU'%XVWHVDIIURQWpVG (ODJDEDOHODXUpGUD SpHWFXLUDVVpjGUHWGH-XOLD0DHVDGUDSpHHWGLDGpPpHj J 5 6DUDSLV GHERXW FRLIIp GX FDODWKRV GUDSp j J OD GU OHYpHODJWHQDQWXQVFHSWUHGDQVOHFKDPSjJΕ$01*  615,6 0DUFLDQRSROLV  E  FHW H[HP SODLUH  %UDXQH7|QXQJVV ±





(ODJDEDO XQG ,XOLD 0DHVDQ&KU$(J  Q&KU'%XVWHVDIIURQWpVG (ODJDEDOHODXUpGUD SpHWFXLUDVVpjGUHWGH-XOLD0DHVDGUDSpHHWGLDGpPpHj J5%XVWHGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGDQV OHFKDPSjGUÃΕ615,60DUFLDQRSROLVE FHWH[HP SODLUH  6FKZDU]H3DWLQDIDVWVV ±



6HYHUXV$OH[DQGHUQ&KU$(J '%XVWH ODXUpGUDSpHWFXLUDVVpGH6pYqUH$OH[DQGUHjGU56DUDSLV GHERXWGHIDFHODWrWHjJFRLIIpGXFDODWKRVODGUOHYpHOD J WHQDQW XQVFHSWUH61*(YHOSLGLV615,60DUFLDQR SROLVEH FHWH[HPSODLUH  *UQH3DWLQDVV ±



6HYHUXV$OH[DQGHUQ&KU$(J '7rWH ODXUpHGH6pYqUH$OH[DQGUHjGU56DUDSLVGHERXWGHIDFH OD WrWH j J FRLIIp GX FDODWKRV OD GU OHYpH OD J WHQDQW XQ VFHSWUH615,6 0DUFLDQRSROLV E G  FHW H[HP SODLUH  *UQH3DWLQDJXWHVVV ±



6HYHUXV$OH[DQGHUQ&KU$(J '%XVWH ODXUpGUDSpHWFXLUDVVpGH6pYqUH$OH[DQGUHjGU56DUDSLV GHERXWGHIDFHODWrWHjJFRLIIpGXFDODWKRVODGUOHYpHOD J WHQDQW XQ VFHSWUH615,6 0DUFLDQRSROLV D   FHW H[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 $SROORQ /\NHLRV GHERXWQXGHIDFHWrWHjGUODGUUHSOLpHGHUULqUHODWrWHHW ODJWHQDQWXQDUFjVHVSLHGVjJXQFDUTXRLVVXUOHTXHO HVWSRVpXQYrWHPHQWjGUXQWURQFG DUEUHDXWRXUGXTXHO V HQURXOH XQ VHUSHQW  GDQV OH FKDPS j J Ε$01*  YDU  615,6 0DUFLDQRSROLV  F  FHW H[HP SODLUH  6FKZDU]JUQH3DWLQDVVY] ±

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHODX UpGUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXW GHIDFHODWrWHjJFRLIIpGXFDODWKRVODGUOHYpHODJWH QDQW XQ VFHSWUH$01*  615,6 0DUFLDQRSROLVD FHWH[HPSODLUH  'XQNHOJUQH3DWLQLHUXQJWHLOZHLVHDEJH ULHEHQVV ±



*RUGLDQ ,,,    Q &KU $( J  9D ULDQWH$01*  YDU  615,6 0DUFLDQRSROLV  E FHWH[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH$01*  YDU  615,6 0DUFLDQRSROLV  E FHWH[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 $SROORQ /\NHLRV GHERXWQXGHIDFHWrWHjGUODGUUHSOLpHGHUULqUHODWrWHHW ODJWHQDQWXQDUFjVHVSLHGVjJXQFDUTXRLVVXUOHTXHO HVWSRVpXQYrWHPHQWjGUXQWURQFG DUEUHDXWRXUGXTXHO V HQURXOH XQ VHUSHQW  GDQV OH FKDPS j J Ε$01*  615,60DUFLDQRSROLVE FHWH[HPSODLUH  6FKZDU]H 3DWLQDVV ±



*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 $VFOpSLRV GHERXW GHIDFHWrWHjJXQVHUSHQWHQURXOpDXWRXUG XQEkWRQWHQX GHODGUjJGDQVOHFKDPSjGUΕ$01*615,6 0DUFLDQRSROLVD FHWH[HPSODLUH  *UQH3DWLQDVV



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 $VFOpSLRV GHERXW GHIDFHWrWHjJXQVHUSHQWHQURXOpDXWRXUG XQEkWRQWHQX GH OD GU j J  GDQV OH FKDPS j GU Ε$01*  YDU  615,60DUFLDQRSROLV 'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J 8QWURLVLqPH H[HPSODLUH *UQH3DWLQDVVY] ± 

5g0,6&+(3529,1=,$/35b*81*(1





*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$WKpQDGHERXWjJ ODGUV DSSX\DQWVXUXQERXFOLHUODJVXUXQHODQFHSRLQWpH YHUV OH VRO  GDQV OH FKDPS j J Ε$01*  YDU  615,60DUFLDQRSROLVJ FHWH[HPSODLUH  *UQH3D WLQDVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 'pPpWHU YRLOpH GHERXWjJWHQDQWGHVpSLVGDQVODGUHWV DSSX\DQWGHODJ VXUXQIODPEHDXGDQVOHFKDPSjGUΕ$01*YDU  615,6 0DUFLDQRSROLV  O  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5'pPpWHUGLDGpPpH HW YRLOpH"  DVVLVH VXUXQHFRUEHLOOHjJODGUpWHQGXHWH QDQW XQH WrWH GH SDYRW HW GHX[ pSLV OD J V DSSX\DQWVXUXQ IODPEHDX  GDQV OH FKDPS j J HQ KDXW Ε$01*  615,6 0DUFLDQRSROLV  F  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 'LRQ\VRV QX GH ERXW j J WHQDQW XQ WK\UVH HW XQ FDQWKDUH  GHYDQW OXL XQH SDQWKqUHGDQVOHFKDPSjJΕ$01*615,60DU FLDQRSROLV  D  FHW H[HPSODLUH  6FKZDU]JUQH 3DWLQD VV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+pUDGHERXWjJ WHQDQWXQHSDWqUHGHODGUODJUHSOLpHHQDUULqUHV DSSX\DQW VXUXQORQJVFHSWUHYHUWLFDOGDQVOHFKDPSjGUΕ615,6 0DUFLDQRSROLV FHWH[HPSODLUH 5DUH 'XQNHOJUQH 3DWLQDVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRVGUDSpjJ5&\EqOHDYHFFRX URQQH PXUDOH WHQDQW XQ W\PSDQRQ HW XQH SDWqUH DVVLVH VXU XQWU{QHjJHQWRXUpHGHGHX[OLRQVGDQVOHFKDPSjJHQ KDXW Ε$01*  615,6 0DUFLDQRSROLV    FHW H[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 'pPpWHU YRLOpH GHERXWjJWHQDQWGHVpSLVGDQVODGUHWV DSSX\DQWGHODJ VXU XQ IODPEHDX  GDQV OH FKDPS j J Ε$01*  615,60DUFLDQRSROLVF FHWH[HPSODLUH  VV ±





5g0,6&+(3529,1=,$/35b*81*(1









*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+pUDFOqVQXHWEDU EXGHERXWjGUODWrWHjJODSHDXGHOLRQVXUO pSDXOHJ V DSSX\DQWGHODGUVXUODPDVVXHHWWHQDQWOHVSRPPHVGDQV OD J  GDQV OH FKDPS j J Ε$01*  YDU  615,6 0DUFLDQRSROLVD FHWH[HPSODLUH  'XQNHOJUQH3DWL QDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+\JLHGHERXWjGU XQVHUSHQWHQURXOpDXWRXUGXEUDVGUPDQJHDQWGDQVXQHSD WqUH WHQXH GH OD J  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV  D  FHW H[HPSODLUH  6FKZDU]H 3DWLQD9V'RSSHOVFKODJVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ51pPpVLV$HTXLWDV FRLIIpHGXFDODWKRVGHERXWjJWHQDQWXQHEDODQFHGHODGU HW XQH FRUQXFRSLD GH OD J  j VHV SLHGV XQH URXH  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV   FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDJXWHVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ51pPpVLVGHERXWj J WHQDQW XQH EDODQFH GH OD GU HW XQH DXQH GH OD J  j VHV SLHGVXQHURXHGDQVOHFKDPSjGUΕ$01*615,6 0DUFLDQRSROLV *UQH3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ51pPpVLVFRLIIpHGX FDODWKRVGHERXWjJWHQDQWXQEkWRQFRXUWGHODGUpWHQGXH HW XQH FRUQXFRSLD GH OD J  j VHV SLHGV XQH URXH  GDQV OH FKDPSjGUΕ$01*615,60DUFLDQRSROLVD FHWH[HPSODLUH  *UQH3DWLQDIDVWVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+HUPqVQXGHERXW jGUODFKODP\GHVXUO pSDXOHJWHQDQWXQFDGXFpHKRUL]RQ WDO GDQV OD GU pWHQGXH  GHYDQW OXL XQ DXWHO HQJXLUODQGp  GDQV OH FKDPS j GU DXGHVVXV GH O DXWHO Ε$01*  615,60DUFLDQRSROLV FHWH[HPSODLUH  VV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLDGHERXW jJQRQFRLIIpHGXFDODWKRVWHQDQWXQHSDWqUHHWXQHFRUQX FRSLDGDQVOHFKDPSjGU(UHWURJUDG$01*YDU  615,6 0DUFLDQRSROLV E E  FHW H[HPSODLUH  *UQH 3DWLQD5V'RSSHOVFKODJVV ±

*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 0DUFLDQRSROLV E E  FHW H[HP SODLUH  *UQEUDXQH3DWLQDVV ±



5g0,6&+(3529,1=,$/35b*81*(1













*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ57\FKpFRLIIpHGX FDODWKRVGHERXWGHIDFHWrWHjJWHQDQWXQJRXYHUQDLOGHOD GU HW XQH FRUQXFRSLD GDQV OH EUDV J  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV  F  FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ57\FKpFRLIIpHGX FDODWKRVGHERXWGHIDFHWrWHjJWHQDQWXQJRXYHUQDLOGHOD GU HW XQH FRUQXFRSLD GDQV OHEUDVJGDQVOHFKDPSjGU Ε$01*  615,6 0DUFLDQRSROLV  G  FHW H[HP SODLUH  6FKZDU]H 3DWLQD 9V =HQWULHUORFK LP *HVLFKW GHV .DLVHUVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ57\FKpFRLIIpHGX FDODWKRVGHERXWGHIDFHWrWHjJWHQDQWXQJRXYHUQDLOGHOD GU HW XQH FRUQXFRSLD GDQV OH EUDV J  VDQV PDUTXH GH YD OHXU615,60DUFLDQRSROLVN FHWH[HPSODLUH  *UQH 3DWLQDIDVWY] ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 7\FKp FRLIIpH GX FDODWKRVDVVLVHjJWHQDQWXQJRXYHUQDLOHWXQHFRUQXFRSLD GDQVOHFKDPSjJHQKDXWΕ615,60DUFLDQRSROLVE FHWH[HPSODLUH  6FKZDU]H3DWLQDIDVWY] ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ51LNpGHERXWjJ WHQDQWXQHFRXURQQHGHODGUHWXQHSDOPHGHODJGDQVOH FKDPSjJΕ$01*YDU 615,60DUFLDQRSROLV G FHWH[HPSODLUH  *UQVFKZDU]H3DWLQDVVY] ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ56DUDSLVFRLIIpGX FDODWKRV GHERXW OD GU OHYpH HW WHQDQW XQ VFHSWUH GH OD J  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV D FHWH[HPSODLUH  6FKZDU]H3DWLQDVVY] ±

*RUGLDQ,,,Q&KU$(J 9DULDQWHOp JHQGHGHUHYHUV $01*YDU 615,60DUFLDQRSROLV G FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVV ±

*RUGLDQ,,,Q&KU$(J 9DULDQWHOp JHQGHGHUHYHUV $01*YDU 615,60DUFLDQRSROLV J FHWH[HPSODLUH  *UQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 =HXV QX OD FKOD P\GHVXUO pSDXOHJGHERXWjJODGUWHQDQWXQHSDWqUHOD JV DSSX\DQWVXUXQVFHSWUHjVHVSLHGVXQDLJOHGDQVOH FKDPSjJΕ$01*615,60DUFLDQRSROLVE FHWH[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5=HXVWU{QDQWjJ WHQDQWXQHSDWqUHHWXQVFHSWUHjVHVSLHGVXQDLJOHGDQVOH FKDPSjJΕ$01*YDU 615,60DUFLDQRSROLV H FHWH[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$WKpQDGHERXWjJ WHQDQW VXU OD GU pWHQGXH XQH FKRXHWWH OD J V DSSX\DQW VXU XQH ODQFH  j VHV SLHGV XQ ERXFOLHU  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV  6FKZDU]H 3DWL QDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ57\FKpFRLIIpHGX FDODWKRV GHERXW GH IDFH WrWH j J WHQDQW XQ JRXYHUQDLO HW XQHFRUQXFRSLDGDQVOHFKDPSjJΕ615,60DUFLDQRSR OLV  D  FHW H[HPSODLUH  'XQNHOJUQH 3DWLQD VVIDVW Y] ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 7\FKp FRLIIpH GX FDODWKRVGHERXWGHIDFHWrWHjJWHQDQWXQJRXYHUQDLOGHOD GU HW XQH FRUQXFRSLD GDQV OH EUDV J  GDQV OH FKDPS j J Ε$01*  YDU  615,6 0DUFLDQRSROLV  O  FHW H[HPSODLUH  *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q &KU $( J  ' EXVWHV DIIURQWpVGH*RUGLHQ,,,ODXUpGUDSpHWFXLUDVVpjGUHWGH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5=HXVWU{QDQWjJ WHQDQWXQHSDWqUHHWXQVFHSWUHjVHVSLHGVXQDLJOHGDQVOH FKDPSjJ($01*YDU 615,60DUFLDQRSROLV H  FHW H[HPSODLUH  *UQH 3DWLQD 9V hEHUSUlJXQJV VSXUHQIDVWY] ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q &KU $( J  ' %XVWHV DIIURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVpjGUHWGH7UDQTXLOOLQHGUDSpHHWGLDGpPpHjJ5 6DUDSLVFRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpHHW WHQDQWXQVFHSWUHGHODJGDQVOHFKDPSJΕ$01* 615,6 0DUFLDQRSROLV  E  FHW H[HPSODLUH  6FKZDU]H 3DWLQDVVY] ±



3KLOLSSXV ,XQG2WDFLOLDQ&KU $(J  '%XVWHVDIIURQWpVGH3KLOLSSH,HUODXUpGUDSpHWFXLUDVVpj GUHWG 2WDFLOLHGUDSpHHWGLDGpPpHjJ56DUDSLVGHERXWj J FRLIIp GX FDODWKRV OD GU OHYpH OD J WHQDQW XQ VFHSWUH  GDQV OH FKDPS j J Ε$01*  615,6 0DUFLDQRSROLV  FHWH[HPSODLUH  6FKZDU]H3DWLQDVVY] ± 

5g0,6&+(3529,1=,$/35b*81*(1











3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 $VFOpSLRV GHERXW GUDSpGHIDFHODWrWHjJOHVEUDVOHORQJGXFRUSVOHVHU SHQW HQURXOp DXWRXU GX EkWRQ j J  GDQV OH FKDPS j GU Ε$01*D615,60DUFLDQRSROLVE FHWH[HP SODLUH  6FKZDU]H3DWLQDIDVWY] ±

3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLDGHERXW j J FRLIIpH GX FDODWKRV WHQDQW XQH SDWqUH GH OD GU HW XQH FRUQXFRSLDGDQVODJGDQVOHFKDPSjJΕ$01* 615,6 0DUFLDQRSROLV E 'XQNHOJUQH 3DWLQD 9V 3Ul JHVFKZlFKHY] ±

3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLDGHERXW j J FRLIIpH GX FDODWKRV WHQDQW XQH SDWqUH GH OD GU HW XQH FRUQXFRSLDGDQVODJGDQVOHFKDPSjJΕ$01* 615,6 0DUFLDQRSROLV  D  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDIDVWY] ±

3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ51pPpVLVGHERXWjJ WHQDQWXQEkWRQFRXUWGHODGUpWHQGXHHWXQHEULGHGHODJ EDLVVpHjVHVSLHGVXQHURXHGDQVOHFKDPSjJΕ$01* 615,60DUFLDQRSROLV *UQH3DWLQDVV ±



3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 =HXV WU{QDQW j J WHQDQWXQHSDWqUHGHODGUWHQGXHGHYDQWOXLODJUHSOLpHHQ DUULqUH V DSSX\DQW VXU XQ ORQJ VFHSWUH GU $ VHV SLHGV XQ DLJOHGDQVOHFKDPSjJ Ε615,60DUFLDQRSROLV FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQDVV ±



3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 $SROORQ /\NHLRV GHERXWQXGHIDFHWrWHjGUODGUUHSOLpHGHUULqUHODWrWHHW ODJWHQDQWXQDUFjVHVSLHGVjJXQFDUTXRLVVXUOHTXHO HVWSRVpXQYrWHPHQWjGUXQWURQFG DUEUHDXWRXUGXTXHO V HQURXOHXQVHUSHQWGDQVOHFKDPSjJΕ615,60DUFLD QRSROLV    FHW H[HPSODLUH  7UqV UDUH ,QpGLW" 6FKZDU]H3DWLQDJXWHVVV ±



1,.232/,6 &RPPRGXV    Q&KU $( .OHLQ EURQ]HJ '7rWHODXUpHGH&RPPRGHjGU5%XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j J,QpGLW /H H H[ FRQQX&I53&,9WHPSRUDU\  V ±



&RPPRGXVQ&KU$(.OHLQEURQ]HJ 8Q VHFRQGH[HPSODLUH *UQH3DWLQDVVV ±

5g0,6&+(3529,1=,$/35b*81*(1













6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  8Q WURLVLqPH H[HPSODLUH([ -DFTXLHU  >@  615,61LFRSROLVE FHWH[HPSODLUH  6FKZDU]H 3DWLQDVVY] ±



6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J 8QTXDWULqPHH[HPSODLUH VVV ±



6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 +DUSR FUDWHGHERXWGHIDFHODWrWHjJQXSRUWDQWODPDLQGUjOD ERXFKH HW WHQDQW XQH FRUQXFRSLD GH OD J OH SDQ GX FKLWRQ MHWpVXUOHEUDVJ0XVKPRY615,61LFRSROLV FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±



6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  8Q VHFRQG H[HPSODLUH GH PrPH FRLQ GH UH YHUV615,6 1LFRSROLV    FHW H[HPSODLUH  6FKZDU]H 3DWLQDVV ±



,XOLD'RPQDQ&KU$(.OHLQEURQ]HJ ' %XVWH GUDSp GH -XOLD 'RPQD j GU 5 7DXUHDX $SLV "  GH ERXW j J0RXVKPRY  5DUH 'XQNHOJUQH 3DWLQD VVV ±



&DUDFDOOD DOV &DHVDU    Q&KU $( .OHLQEURQ]H J '%XVWHGH&DUDFDOODWrWHQXHjGUDYHFFXLUDVVH HWSDOXGDPHQWXP5%XVWHGUDSpGH6DUDSLVFRLIIpGXFDOD WKRV j GU615,6 1LFRSROLV D D  FHW H[HP SODLUH  *UQH3DWLQDVV ±

6HSWLPLXV6HYHUXVQ&KU$(J '7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 6DUDSLV FRLIIp GX FDOD WKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXVGHODWrWHGH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH$01*   0XVKPRY  615,6 1LFRSROLV    FHW H[HP SODLUH  *UQH3DWLQD9V.UDW]HUVVV ±

6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 %XVWH GUDSpGH6DUDSLVFRLIIpGXFDODWKRVjGU61*+XQJDU\ 615,61LFRSROLVF FHWH[HPSODLUH  6FKZDU]H3DWL QDVV ±

6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 %XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU$01*  615,6 1LFRSROLV  F  FHW H[HPSODLUH    6FKZDU]H 3DWLQDVVY] ±

6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 %XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU$01*   61* 5LJKHWWL  615,6 1LFRSROLV  E  FHW H[HP SODLUH  *UQH3DWLQDVVY] ±

6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J 8QGHX[LqPHH[HPSODLUH615,61LFRSROLVE FHWH[HPSODLUH  6FKZDU]H3DWLQDVVY] ±



5g0,6&+(3529,1=,$/35b*81*(1













&DUDFDOOD DOV &DHVDU    Q&KU $( .OHLQEURQ]H J Q&KU'7rWHQXHGH&DUDFDOODjGU5 %XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU%0& WKH 7DXULF &KHUVRQHVH« S  VRXV (ODJDEDO   $01* 615,61LFRSROLVE FHWH[HPSODLUH /HFRLQGH UHYHUVGHFHWWHPRQQDLHHVWOHPrPHTXHFHOXLGXEURQ]HQƒ  IUDSSp DX QRP GH 6HSWLPH 6pYqUH *UQH 3DWLQD VVV ±



0DFULQXV    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 1LFRSROLV    FHW H[HP SODLUH  *UQH3DWLQDVVV ±



0DFULQXVQ&KU$(J '7rWHODXUpHGH 0DFULQ j GU 5 6DUDSLV FRLIIp GX FDODWKRV GHERXW j J OD PDLQGUOHYpHHWWHQDQWXQVFHSWUHGHODJ615,61LFRSROLV  YDU  9DULDQWH LQpGLWH "  0rPH FRLQ GH UHYHUV TXH O H[HPSODLUH Qƒ  IUDSSp DX QRP GH 'LDGXPp QLHQ 'XQNHOJUQH3DWLQDVVV ±



0DFULQXV    Q &KU $( .OHLQEURQ]H J  ' %XVWHODXUpHWFXLUDVVpGH0DFULQjGU5+DUSRFUDWHGHERXW GHIDFHODWrWHjJQXSRUWDQWODPDLQGUjODERXFKHHWWH QDQWXQHFRUQXFRSLDGHODJOHSDQGXFKLWRQMHWpVXUOHEUDVJ ,QpGLW" %UDXQH3DWLQDVVY] ±



'LDGXPHQLDQQ&KU$(J '%XVWHGH 'LDGXPpQLHQWrWHQXHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP 56DUDSLVFRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpH HW WHQDQW XQ VFHSWUH GH OD J615,6 1LFRSROLV  E  FHW H[HPSODLUH 0rPH FRLQ GH UHYHUV TXH O H[HPSODLUH Qƒ  IUDSSpDXQRPGH0DFULQ 6FKZDU]H3DWLQD5V6WHPSHOIH KOHUVV ±

&DUDFDOOD DOV &DHVDU    Q&KU $( .OHLQEURQ]H J  ' 7rWH QXH GH &DUDFDOOD j GU 5 %XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU%0& WKH 7DXULF &KHU VRQHVH« S  VRXV (ODJDEDO   $01*  615,6 1LFRSROLV E   FHW H[HPSODLUH  'XQNHOEUDXQH 3DWLQD VVY] ±

&DUDFDOODQ&KU$(J Q&KU '%XVWHODXUpGUDSpHWFXLUDVVpGH&DUDFDOODjGU56DUD SLV FRLIIp GX FDODWKRV WU{QDQW GH IDFH OD GU WHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH$01*  615,6 1LFRSROLV  /H H H[ FRQ QX/$XUHOLXV*DOOXVJRXYHUQHXUGH0pVLHLQIpULHXUHHQWUH HWDS-& 'XQNHOJUQH3DWLQDVVV ±

*HWD    Q&KU $( .OHLQEURQ]H J  ' %XVWH ODXUpGH*HWDjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5%XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU$01*   0XVKPRY  615,6 1LFRSROLV    FHW H[HP SODLUH  *UQH3DWLQDVVV ±

0DFULQXVQ&KU$(J '%XVWHODXUpHW FXLUDVVp GH 0DFULQ j GU5 6DUDSLV FRLIIp GX FDODWKRV GH ERXW j J OD PDLQ GU OHYpH HW WHQDQW XQ VFHSWUH GH OD J$01*0XVKPRY615,61LFRSROLV FHWH[HPSODLUH  5V*UQVSDQDXIODJHQVVV ±

5g0,6&+(3529,1=,$/35b*81*(1



'LDGXPHQLDQ    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 1LFRSROLV  D  FHW H[HP SODLUH 0rPHV FRLQV SRXU OHV PRQQDLHV Qƒ  HW  VV ±



(ODJDEDO    Q&KU $( J  ' %XVWH UDGLp G (ODJDEDOHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP56DUDSLV GHERXWGHIDFHFRLIIpGXFDODWKRVODPDLQGUOHYpHWHQDQW XQ ORQJ VFHSWUH GH OD J$01* 615,61LFRSROLV D FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



(ODJDEDO    Q&KU $( .OHLQEURQ]H J  8Q WURLVLqPH H[HPSODLUH615,6 1LFRSROLV  E  FHW H[HP SODLUH  6FKZDU]H3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56D UDSLV FRLIIp GX FDODWKRV GHERXW j J OD PDLQ GU OHYpH HW WHQDQWXQVFHSWUHGHODJ$01*615,61LFRSROLV F FHWH[HPSODLUH  VV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56DUD SLV FRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpHHWWH QDQW XQ VFHSWUH GH OD J%0& WKH 7DXULF &KHUVRQHVH« S   $01*   61* +XQJDU\  615,6 1LFRSROLVE FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQD VVY] ±



*RUGLDQ,,,Q&KU$(J '%XVWHUDGLp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56D UDSLV FRLIIp GX FDODWKRV GHERXW j J OD PDLQ GU OHYpH HW WHQDQWXQVFHSWUHGHODJ$01*YDU 615,61LFR SROLV  G  FHW H[HPSODLUH  5DUH 9V OHLFKWHU 'RS SHOVFKODJVFKZDU]JUQH3DWLQDVVY] ±

'LDGXPHQLDQQ&KU$(J '%XVWHGH 'LDGXPpQLHQWrWHQXHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP 56DUDSLVFRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpH HWWHQDQWXQVFHSWUHGHODJ61*+XQJDU\615,61L FRSROLV  D  FHW H[HPSODLUH  'XQNHOJUQH 3DWLQD VV ±







(ODJDEDO    Q&KU $( .OHLQEURQ]H J  ' 7rWHODXUpHG (ODJDEDOHjGU5%XVWHGUDSpGH6DUDSLVFRLI IpGXFDODWKRVjGU$01*0XVKPRY615,6 1LFRSROLV  E  FHW H[HPSODLUH  6FKZDU]JUQH 3DWLQD VVY] ±

(ODJDEDO    Q&KU $( .OHLQEURQ]H J  8Q GHX[LqPH H[HPSODLUH615,6 1LFRSROLV  E  FHW H[HP SODLUH  6FKZDU]H3DWLQDVVV ±



5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHUDGLp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56D UDSLV WU{QDQW j JOHFDODWKRVVXUODWrWHODPDLQGUWHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH$01*615,61LFRSROLVD FHWH[HP SODLUH  6FKZDU]H3DWLQDJXWHVVV ±



2'(6626 6HSWLPLXV 6HYHUXV    Q &KU $( J 'EXVWHODXUpGUDSpHWFXLUDVVpGH6HSWLPH6pYqUH jGU5OHJUDQGGLHXG 2GHVVRV'DU]DODV GUDSpQRQFRLIIp GXFDODWKRVGHERXWGHIDFHODWrWHjJODGUWHQDQWXQHSD WqUH OD J XQH FRUQXFRSLD  GHYDQW OXL XQ DXWHO$01*  615,6 2GHVVXV  D  FHW H[HP SODLUH  'XQNHOJUQH3DWLQD6FKU|WOLQJVULVVVV ±







6HSWLPLXV 6HYHUXV    Q &KU $( J  ' %XVWHODXUpGUDSpHWFXLUDVVpGH6HSWLPH6pYqUHjGU5/H JUDQG GLHX G 2GHVVRV 'DU]DODV  GUDSp QRQ FRLIIp GX FDOD WKRVGHERXWGHIDFHODWrWHjJODGUWHQDQWXQHSDWqUHODJ XQHFRUQXFRSLDGHYDQWOXLXQDXWHO$01*615,6 2GHVVXVD FHWH[HPSODLUH  %UDXQH3DWLQDVVV  ± / DEVHQFHGHFDODWKRVFRLIIDQWOHGLHXSHXWODLVVHUVXSSRVHU TXH OH UDSSURFKHPHQW TXL V HVW RSpUp HQWUH 'DU]DODV HW 6DUDSLVDXPRLQVGqVOHUqJQHGH&DUDFDOODQ HVWSHXWrWUH SDV HQFRUH HIIHFWLI ORUV GX UqJQH GH VRQ SqUH 3DU OD VXLWH O LFRQRJUDSKLH GHV GHX[ GLYLQLWpV VHPEOH V rWUH GpILQL WLYHPHQWFRQIRQGXH

&DUDFDOODQ&KU$(J '%XVWHODXUpHW GUDSp GH &DUDFDOOD j GU 5 6DUDSLV FRLIIp GX FDODWKRV GH ERXW GH IDFH OD WrWH j J OD GU WHQDQW XQHSDWqUHODJXQH FRUQXFRSLD  GHYDQW OXL XQ DXWHO$01*  615,6 2GHVVXV  I  FHW H[HPSODLUH  6FKZDU]H 3DWLQD VV ±



*HWDQ&KU$(J '%XVWHODXUpGUDSpHW FXLUDVVpGH*HWDjGU56DUDSLVFRLIIpGXFDODWKRVGHERXW GH IDFH OD GU WHQDQW XQH SDWqUH OD J XQH FRUQXFRSLD  GH YDQW OXL XQ DXWHO$01*  615,6 2GHVVXV  E FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±



(ODJDEDO    Q &KU $( J  ' 7rWH ODXUpH G (ODJDEDOH j GU 5 6DUDSLV FRLIIp GX FDODWKRV GHERXW GH IDFHODWrWHjJODGUWHQDQWXQHSDWqUHODJXQHFRUQXFR SLDGHYDQWOXLXQDXWHO$01*615,62GHVVXV I FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODX UpGUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVFRLIIpGX FDODWKRVGHERXWGHIDFHODWrWHjJODGUWHQDQWXQHSDWqUH OD J XQH FRUQXFRSLD  GHYDQW OXL XQ DXWHO$01*  615,6 2GHVVXV  D  FHW H[HPSODLUH  'XQNHOJUQH 3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD56DUDSLVFRLIIpGXFDODWKRVGHERXWGHIDFHOD WrWHjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUHGHODJGDQV OH FKDPS J Ε$01*  615,6 2GHVVXV  D  FHW H[HPSODLUH  6FKZDU]H3DWLQDVVY] ±

5g0,6&+(3529,1=,$/35b*81*(1







*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 +\JLH GHERXW j GU QRXUULVVDQW XQ VHUSHQW G XQH SKLDOH  GDQV OH FKDPS j J ($01*  615,6 2GHVVXV  E  FHW H[HPSODLUH  'XQNHOJUQH 3DWLQD VV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 +HUPqV QX GHERXW j J WHQDQW XQ FDGXFpH SRLQWpYHUVOHEDVGHODGUEDLVVpHODFKODP\VHQURXOpHDX WRXUGXEUDVJGDQVOHFKDPSjJΕ615,62GHVVXVD FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD5+HUPqVQXGHERXWjJWHQDQWXQHERXUVHGH ODGUHWXQFDGXFpHGHODJGDQVOHFKDPSjGU($01*  615,6 2GHVVXV E   FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD5+RPRQRLDFRLIIpHGXFDODWKRVGHERXWjJ WHQDQWXQHSDWqUHGHODGUHWXQHFRUQXFRSLDGHODJGHYDQW HOOH j J XQ DXWHO  GDQV OH FKDPS j J VRXV OH EUDV ($01*YDUW\SHOpJ 615,62GHVVXVEE FHWH[HPSODLUH  *UQH3DWLQDVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD56DUDSLVFRLIIpGXFDODWKRVGHERXWGHIDFHOD WrWHjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUHGHODJGDQV OHFKDPSJΕ$01*615,62GHVVXVG FHW H[HPSODLUH  9V.UDW]HUVV ±

*RUGLDQ,,,Q&KU$(J 8QGHX[LqPH H[HPSODLUH615,6 2GHVVXV  G  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J 8QWURLVLqPH H[HPSODLUH615,6 2GHVVXV  G  FHW H[HP SODLUH  %UDXQH3DWLQDJXWHVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 / (PSHUHXUHQKDELWPLOLWDLUHHWYrWXGXSD OXGDPHQWXP GHERXW j J WHQDQW GH OD GU XQH SDWqUH OD J V DSSX\DQW VXU XQH ODQFH  j VHV SLHGV XQ DXWHO  GDQV OH FKDPS j GU ($01*615,62GHVVXVD FHW H[HPSODLUH  'XQNHOEUDXQH3DWLQDJXWHVVV ±



5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 'pPpWHU GHERXW j J YRLOpH YrWXH G XQ SH SORVVXUXQFKLWRQORQJODGUpWHQGXHWHQDQWGHVpSLVHWGHV WrWHV GH SDYRW OD J V DSSX\DQW VXU XQ IODPEHDX  GDQV OH FKDPS j GU (615,6 2GHVVXV E F  FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 7\FKp VDQV FDODWKRV  DVVLVH j J OD GU WH QDQWXQJRXYHUQDLOXQHFRUQXFRSLDGDQVOHEUDVJGDQVOH FKDPSjJHQKDXWΕ$01*615,62GHVVXV FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD57\FKpFRLIIpHGXFDODWKRVGHERXWjJODGU WHQDQWXQJRXYHUQDLOXQHFRUQXFRSLDGDQVOHEUDVJGDQVOH FKDPSjJHQKDXW($01*615,62GHVVXVE FHWH[HPSODLUH  6FKZDU]H3DWLQDIDVWY] ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD5$WKpQDGHERXWjGUODGUV DSSX\DQWVXUXQH ODQFH OD J VXU XQ ERXFOLHU  GDQV OH FKDPS HQ EDV j GU Ε$01*  615,6 2GHVVXV  D  FHW H[HP SODLUH  %UDXQH3DWLQDVVY] ±





*RUGLDQ ,,,    Q &KU $( J  ' %XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 /pJHQGH GDQV XQH FRXURQQH GH ODXULHU DX[ H[WUpPLWpV VpSDUpHV SDU XQ JOREXOH $01*  615,6 2GHVVXVF FHWH[HPSODLUH  %UDXQH3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 1pPpVLV GHERXW j J WHQDQW XQ EkWRQ FRXUW GHODGUHWXQHEULGHGHODJEDLVVpHjVHVSLHGVjJXQH URXHGDQVOHFKDPSjJ($01*615,62GHVVXV DD FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 1pPpVLV GHERXW j J WHQDQW XQ EkWRQ FRXUW GHODGUHWXQHEULGHGHODJEDLVVpHjVHVSLHGVjJXQH URXHGDQVOHFKDPSjJΕ$01*615,62GHVVXV DD FHWH[HPSODLUH  %UDXQH3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD5$HTXLWDVGHERXWjJWHQDQWXQHEDODQFHGH ODGUHWXQHDXQHGDQVOHEUDVJjVHVSLHGVXQHURXHGDQV OH FKDPS j GU Ε$01*  YDU  615,6 2GHVVXV  %UDXQJUQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 $LJOH OHV DLOHV pSOR\pHV GHERXW GH IDFH WRXUQDQW VD WrWH j J XQH FRXURQQH GDQV VRQ EHF  GDQV OH FKDPS j GU HQ EDV Ε615,6 2GHVVXV  E  FHW H[HP SODLUH  *UQH3DWLQD9V'RSSHOVFKODJVVV ±



*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,62GHVVXVE FHWH[HPSODLUH  *UQH 3DWLQD9V.RUURVLRQVVSXUHQJXWHVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD5$UqVFDVTXpGUDSpFXLUDVVpHWERWWpGHERXW j J OD GU V DSSX\DQW VXU XQ ERXFOLHU OD J VXU XQH ODQFH  GDQV OH FKDPS j J Ε$01*  615,6 2GHVVXV E E FHWH[HPSODLUH  *UQH3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHVDI IURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJGHUULqUHVRQFROXQH FRUQXFRSLD 5 =HXV GHERXW j J WHQDQW XQH SDWqUH HW V DS SX\DQW VXU XQ VFHSWUH  GDQV OH FKDPS jJ Ε$01* YDU  615,6 2GHVVXV D D  FHW H[HPSODLUH  *UQH 3DWLQDVV ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q &KU $( J  ' %XVWHV DIIURQWpV GH *RUGLHQ ,,, ODXUp HW GUDSpj GU HW GH 7UDQTXLOOLQH GUDSpH HW GLDGpPpH j J 5 6DUDSLV FRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpHHWWHQDQWXQ VFHSWUHGHODJGDQVOHFKDPSJ Ε$01*615,6 2GHVVXV  D  FHW H[HPSODLUH  %UDXQH 3DWLQD 9V 6WHPSHOVFKZlFKHX6FKU|WOLQJVIHKOHUVVJXWHVVV ±



720,6 &RPPRGXV DOV $XJXVWXV    Q &KU $( J '%XVWHODXUpGUDSpHWFXLUDVVpGH&RPPRGHjGU 57rWHGH6DUDSLVFRLIIpGXFDODWKRVjJGDQVOHFKDPSj GU Δ$01*  615,6 7RPLV  E  FHW H[HP SODLUH  6FKZDU]H3DWLQDJXWHVVV ±



&DUDFDOODQ&KU$(J '7rWHODXUpHGH &DUDFDOODjGU56DUDSLVFRLIIpGXFDODWKRVGHERXWGDQVXQ WHPSOHWpWUDVW\OHjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUH GHODJGDQVOHW\PSDQΔ$01*615,67RPLV E FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



(ODJDEDO    Q &KU $( J  ' %XVWH ODXUp GUDSpHWFXLUDVVpG (ODJDEDOHjGU56DUDSLVFRLIIpGXFDOD WKRVGHERXWjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUHGHOD JGDQVOHW\PSDQΔ$01*615,67RPLVE FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ± 

5g0,6&+(3529,1=,$/35b*81*(1



(ODJDEDO    Q &KU $( J  ' %XVWH ODXUp GUDSpHWFXLUDVVpG (ODJDEDOHjGU57rWHGH6DUDSLVFRLIIp GXFDODWKRVjGUGDQVOHFKDPSGUHQEDVΔ615,67RPLV $ FHWH[HPSODLUH ,QpGLW 6FKZDU]H3DWLQDVVV  ±



6HYHUXV $OH[DQGHU    Q &KU $( J  ' %XVWHODXUpHWGUDSpGH6pYqUH$OH[DQGUHjGU5%XVWHGUD Sp GH 6DUDSLV FRLIIp GX FDODWKRV j GU  GDQV OH FKDPS GU Δ615,6 7RPLV  I  FHW H[HPSODLUH  &I $01* YDUOpJ ,QpGLW" .RUURVLRQVVSXUHQVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODX UpGUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVFRLIIpGX FDODWKRVGHERXWGHIDFHODWrWHjJODPDLQGUOHYpHHWWH QDQWXQVFHSWUHGHODJGDQVOHFKDPSJ Δ$01* 615,6 7RPLV  E  FHW H[HPSODLUH  6FKZDU]H 3DWLQD 5V'RSSHOVFKODJVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODX Up GUDSp HW FXLUDVVp GH *RUGLHQ ,,,jGU5%XVWHGUDSpGH 6DUDSLV FRLIIp GX FDODWKRV j GU DXGHVVXV G XQ DLJOH DX[ DLOHVpSOR\pHVGHIDFHODWrWHjGUGDQVOHFKDPSGUΔ([ *DOHULH 1XPLVPDWLTXH /DXVDQQH ,9 >@   $01* 615,67RPLV FHWH[HPSODLUH  *UQH3DWLQD VVY] ± &HW\SHUHPDUTXDEOHPRQWUDQWOHEXVWHGH6DUDSLVDXGHVVXV G XQ DLJOH j O LQVWDU GH =HXV TXL DSSDUDvW GDQV OH PRQQD\DJHDOH[DQGULQHQO DQG +DGULHQQHVHUHQFRQWUH DLOOHXUVTX j7LXPHQ%LWK\QLH





*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH 'XQNHOJUQH3DWLQDVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODX UpGUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVFRLIIpGX FDODWKRVGHERXWGHIDFHODWrWHjJODPDLQGUOHYpHHWWH QDQWXQVFHSWUHGHODJGDQVOHFKDPSJ Δ$01* 615,6 7RPLV  E  FHW H[HPSODLUH  6FKZDU]H 3DWLQD 5V3UlJHVFKZlFKHJXWHVVV ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q &KU $( J '%XVWHVDIIURQWpVGH*RUGLHQ,,,ODXUpHWGUDSpj GU HW GH 7UDQTXLOOLQH GUDSpH HW GLDGpPpH j J 5 6DUDSLV FRLIIpGXFDODWKRVGHERXWjJODPDLQGUOHYpHHWWHQDQWXQ VFHSWUH GH OD J  GDQV OH FKDPS J Δ$01*  615,6 7RPLV  E  FHW H[HPSODLUH  ,QWHUHVVDQWHV 7HFK QLNXP'XQNHOJUQH3DWLQDEHLGVHLWLJhEHUSUlJXQJVVSXUHQ VVV ±



3KLOLSSXV , $UDEV XQG 2WDFLOLD    Q&KU $( J '%XVWHVDIIURQWpVGH3KLOLSSH,HUODXUpGUDSpHW FXLUDVVpjGUHWG 2WDFLOLHGUDSpHHWGLDGpPpHjJ56DUD SLVFRLIIpGXFDODWKRVGHERXWGHIDFHODWrWHjJODPDLQGU OHYpHHWWHQDQWXQVFHSWUHGHODJ$01*615,67R PLV FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$VFOpSLRV GHERXWGHIDFHODWrWHjJYrWXG XQKLPDWLRQODGUWHQDQW XQ FDGXFpH OD J GDQV VRQ YrWHPHQW$01*  615,6 7RPLVDE FHWH[HPSODLUH  6FKZDU]JUQH3DWLQDIDVW Y] ±



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$VFOpSLRV GHERXWGHIDFHODWrWHjJYrWXG XQKLPDWLRQODGUWHQDQW XQ FDGXFpH OD J GDQV VRQ YrWHPHQW$01*  615,6 7RPLVE FHWH[HPSODLUH  'XQNHOJUQH3DWLQDJXWHV VV ±



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ57\FKpGH ERXWjJFRLIIpHGXFDODWKRVYrWXHG XQFKLWRQHWG XQKLPD WLRQWHQDQWXQJRXYHUQDLOGHODGUHWXQHFRUQXFRSLDGDQVOH EUDV J$01*  615,6 7RPLV  D  FHW H[HP SODLUH  6FKZDU]H3DWLQDJXWHVVV ±



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GU HW GH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ56HUSHQW *O\NRQ GUHVVp VXU VHV UHSOLV j J XQH FUrWH VXU OD WrWH$01*  615,6 7RPLV  E  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVVY] ±



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 +R PRQRLDGHERXWGHIDFHODWrWHjJFRLIIpHGXFDODWKRVYrWXH G XQFKLWRQHWG XQKLPDWLRQWHQDQWXQHSDWqUHGHODGUpWHQ GXH HW XQH FRUQXFRSLD GDQV OH EUDV J$01*  615,6 7RPLVE FHWH[HPSODLUH  'XQNHOJUQH3DWLQDJXWHV VV ±



3KLOLSSXV ,, &DHVDU    Q &KU $( J  ' %XVWHVDIIURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpj GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 $UWpPLV DOODQW j GU DUF j OD PDLQ J HW SUHQDQW GH OD GU XQH IOqFKH GDQVVRQFDUTXRLV,QpGLW" *UQH3DWLQDVVV ±



3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpjGUHWGH 6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5'pPpWHUGHERXWj JYrWXHG XQFKLWRQGRXEOHODGUpWHQGXHWHQDQWGHVpSLVOD J V DSSX\DQW VXU XQ IODPEHDX$01*  615,6 7RPLV D FHWH[HPSODLUH  6FKZDU]H3DWLQDJXWHVVV ±



3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpjGUHWGH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 1pPpVLV$HTXLWDV GHERXW j J YrWXH G XQ FKLWRQ HW G XQ KLPDWLRQ WHQDQW XQH EDODQFHGHODGUpWHQGXHHWXQHFRUQXFRSLDGDQVOHEUDVJj VHVSLHGVjJXQHURXH$01*615,67RPLV FHWH[HPSODLUH  *UQH3DWLQDVV ± 

5g0,6&+(3529,1=,$/35b*81*(1





6HSWLPLXV6HYHUXVQ&KU$(J '%XVWH ODXUpGUDSpHWFXLUDVVpGH6HSWLPH6pYqUHjGU56DUDSLV FRLIIpGXFDODWKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXV GHODWrWHGH&HUEqUHODJV DSSX\DQWVXUXQVFHSWUH$01* 615,6$QFKLDORV FHWH[HPSODLUH  %UDXQH3D WLQDVV ±



&DUDFDOOD    Q&KU $( J  ' %XVWH ODXUp GUDSpHWFXLUDVVpGH&DUDFDOODjGU56DUDSLVFRLIIpGXFDOD WKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXVGHODWrWHGH &HUEqUHODJV DSSX\DQWVXUXQVFHSWUH$01*615,6 $QFKLDORV  /H H H[ FRQQX *UQH 3DWLQD .RUUR VLRQVVSXUHQVV ±



0D[LPLQXV7KUD[Q&KU$(J '%XVWH ODXUp GUDSp HW FXLUDVVp GH 0D[LPLQ j GU 5 6DUDSLVFRLIIp GXFDODWKRVGHERXWjJXQHSDWqUHGDQVODPDLQGUHWXQH FRUQXFRSLDGDQVODJ$01*615,6$QFKLDORV FHW H[HPSODLUH  /H H H[ FRQQX 'XQNHOEUDXQH 3DWLQD VV ±



0D[LPLQXV7KUD[Q&KU$(J '%XVWH ODXUp GUDSp HW FXLUDVVp GH 0D[LPLQ j GU 5 6DUDSLVFRLIIp GXFDODWKRVGHERXWjJODPDLQGUEDLVVpHDXGHVVXVGHOD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH ,QpGLW" *UQH3DWLQDVV ±

3KLOLSSXV,,Q&KU$(J '%XVWHVDI IURQWpVGH3KLOLSSH,,WrWHQXHGUDSpHWFXLUDVVpjGUHWGH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 1pPpVLV GHERXW j J FRLIIpH GX FDODWKRV YrWXH G XQ FKLWRQ HW G XQ KLPDWLRQ WHQDQWXQEkWRQGHODGUpWHQGXHHWXQHFRUQXFRSLDGDQVOH EUDVJjVHVSLHGVjJXQHURXH$01*615,67R PLV FHWH[HPSODLUH  6FKZDU]JUQH3DWLQD5DQG DXVEUXFKVV ±

7+5$.,(1 





$1&+,$/26 $QWRQLQXV 3LXV    Q &KU $( J  ' %XVWH ODXUp HW GUDSp G $QWRQLQjGU56DUDSLV FRLIIpGXFDODWKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH 8QLFXP"$EVHQWGX53&,9 *UQH3DWLQDVV ±

3VHXGRDXWRQRPH 3UlJXQJ $( J  $QIDQJ  -K Q &KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH 5 ,VLV GHERXW j J FRLIIpH GX EDVLOHLRQ XQ VLVWUH GDQV OD PDLQGUXQHVLWXOHGDQVODJ$01*615,6$QFKLDORV    FHW H[HPSODLUH  /H H H[ FRQQX %UDXQH 3DWLQD V ± (Q $VLH 0LQHXUH WUqV QRPEUHXVHV VRQW OHV pPLVVLRQV GH SHWLWH GpQRPLQDWLRQ SRUWDQW DX GURLW OH EXVWH GH 6DUDSLV VHXODYHFGHVUHYHUVYDULpVFILQIUDS;;; /HVSUHPLqUHV DSSDUDLVVHQWGqVOHUqJQHG $QWRQLQ(Q7KUDFHRQUHWURXYH FHPrPHSKpQRPqQHSRXUGHVpPLVVLRQVGDWpHVGHODILQGX ,,HRXGXGpEXWGX,,,HVLqFOHDS-&IUDSSpHVj$QFKLDORV FRPPHLFLj$XJXVWD7UDLDQDj+DGULDQRSROLVj3DXWDOLD HWj3pULQWKH&RQWUDLUHPHQWjO $VLH0LQHXUHHQ7KUDFHOHV UHYHUVGHFHVpPLVVLRQVPRQWUHQWWRXMRXUVXQHDXWUHGLYLQLWp GX FHUFOH LVLDTXH TX LO V DJLVVH G ,VLV RX +DUSRFUDWH 'H WHOOHVpPLVVLRQVSURYLQFLDOHVURPDLQHVVDQVSRUWUDLWLPSpULDO PDLV SUpVHQWDQW DX GURLW OH EXVWH GH 6DUDSLV VHPEOHQW LQFRQQXHVHQ0pVLH,QIpULHXUH

5g0,6&+(3529,1=,$/35b*81*(1



0D[LPLQXV 7KUD[    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 0D[LPLQ j GU 5 6DUDSLV FRLIIp GXFDODWKRVGHERXWjJODPDLQGUOHYpHXQVFHSWUHGDQVOD J,QpGLW" *UQH3DWLQDV ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q&KU $( J  ' %XVWHV DIIURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HW GH 7UDQTXLOOLQH GLDGpPpH GUDSpH j J 5 6DUDSLVFRLIIpGXFDODWKRVGHERXWGHIDFHODWrWHjJODGU OHYpHODJWHQDQWXQVFHSWUH$01*615,6$QFKLDORV  FHWH[HPSODLUH  %UDXQH3DWLQDVV ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q&KU $( J 8QVHFRQGH[HPSODLUH615,6$QFKLDORV FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



*RUGLDQ ,,, XQG 7UDQTXLOOLQD    Q&KU $( J  ' %XVWHV DIIURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVpjGUHWGH7UDQTXLOOLQHGLDGpPpHGUDSpHjJ56D UDSLVFRLIIpGXFDODWKRVGHERXWjJWHQDQWXQHSDWqUHGHOD GUWHQGXHGHYDQWOXLHWXQHFRUQXFRSLDGHODJ$01* 615,6 $QFKLDORV    FHW H[HPSODLUH  6FKZDU]H 3DWL QD9V3UlJHVFKZlFKHQVV ±



$8*867$75$,$1$0DUF$XUHOQ&KU$( .OHLQEURQ]H J  ' 7rWH QXH GH 0DUF $XUqOH j GU5 6DUDSLV FRLIIpGXFDODWKRVWU{QDQWjJODPDLQGUWHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH 8QLFXP" $EVHQW GX 53& ,9 *XWHV 3RUWUlW *UQH3DWLQDVV ±



6HSWLPLXV6HYHUXVQ&KU$(J '7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 6DUDSLV FRLIIp GX FDOD WKRVWU{QDQWjJODPDLQGUWHQGXHDXGHVVXVGHODWrWHGH &HUEqUH OD J V DSSX\DQW VXU XQ VFHSWUH6FK|QHUW*HL‰$X JXVWD 7UDLDQD  615,6 $XJXVWD 7UDLDQD    FHW H[HPSODLUH  .RUURGLHUWVVV ±



%,=<( )DXVWLQD ,,    Q &KU $( J  ' %XVWHGUDSpGH)DXVWLQH0LQHXUHjGU5,VLVGHERXWGHIDFH ODWrWHjGUFRLIIpHGXEDVLOHLRQWHQDQWOHVLVWUHGHODJHWOD VLWXOHGHODGU-XUXNRYD%L]\H615,6%L]\H FHW H[HPSODLUH ([FHSWLRQQHOOHUHSUpVHQWDWLRQG ,VLVjGUWH QDQW OH VLVWUH GH OD PDLQ JDXFKH 'XQNHOJUQH 3DWLQD VV ±



'(8/780 'LDGXPHQLDQ    Q&KU $( J  ' %XVWH GUDSp GH 'LDGXPpQLHQ WrWH QXH j GU 5 6DUDSLV GHERXWFRLIIpGXFDODWKRVGUDSpGHIDFHODGUOHYpHHWODJ WHQDQW XQ ORQJ VFHSWUH WUDQVYHUVDO SHUSHQGLFXODLUH DX EUDV GU61* %XOJDULD ,  YDUOpJ 615,6'HXOWXP E  FHW H[HPSODLUH  7UqV UDUH 'XQNHOJUQH 3DWLQD VV ± 

5g0,6&+(3529,1=,$/35b*81*(1



6HYHUXV$OH[DQGHUQ&KU$(J ',03 &0$956(9$/(;$1'$9*EXVWHODXUpHWGUDSpGH 6pYqUH $OH[DQGUH j GU 5 &2/ )/ 3$& '(9/7  IDoDGH G XQWHPSOHDYHFTXDWUHFRORQQHVLRQLTXHVVXUXQSRGLXPj GHX[PDUFKHVDFURWqUHVVXUOHIURQWRQWULDQJXODLUHjO LQWp ULHXU6DUDSLVWU{QDQWGHIDFHFRLIIpGXFDODWKRVODGUEDLV VpHYHUV&HUEqUHHWWHQDQWXQVFHSWUHGHODJ615,6'HXOWXP  FHWH[HPSODLUH ,QpGLW"([FHSWLRQQHOOHUHSUpVHQWD WLRQ GH 6DUDSLV WU{QDQW GDQV VRQ WHPSOH VXU OH WHUULWRLUH GHODFRORQLHGH'HXOWXP 'XQNHOJUQH3DWLQDVV ±



0D[LPLQXV7KUD[Q&KU$(J '>,03 0$;,0,196$9*"@EXVWHODXUpHWGUDSpGH0D[LPLQj GU5&2/)/3$&'(9/76DUDSLVGHERXWjJFRLIIpGX FDODWKRVYrWXG XQFKLWRQjPDQFKHVFRXUWHVHWG XQKLPDWLRQ GRQWOHVSDQVVRQWMHWpVVXUOHEUDVJODGUOHYHHHWODJWH QDQWXQORQJVFHSWUHWUDQVYHUVDO615,6'HXOWXP FHW H[HPSODLUH ,QpGLW" V ±



0D[LPXV&DHVDUQ&KU$(J '&,9/ 9(50$;,096&(6EXVWHGUDSpGH0D[LPHWrWHQXHj GU5&2/)/3$&'(9/76DUDSLVGHERXWFRLIIpGXFD ODWKRV GUDSp GH IDFH OD GU OHYpH HW OD J WHQDQW XQ ORQJ VFHSWUH WUDQVYHUVDO-XUXNRYD 'HXOWXP   61* %XOJDULD ,  615,6 'HXOWXP    FHW H[HPSODLUH  %UDXQH 3DWLQDVV ±



0D[LPXV&DHVDUQ&KU$(J '&,9/ 9(50$;,096&(6EXVWHGUDSpGH0D[LPHWrWHQXHj GU5&2/)/3$&'(9/76DUDSLVWU{QDQWFRLIIpGXFD ODWKRVHWYrWXG XQFKLWRQjPDQFKHVFRXUWHVjJWHQDQWXQ VFHSWUH GH OD J OD GU WHQGXH DXGHVVXV GH OD WrWH GH &HU EqUH-XUXNRYD'HXOWXP61*%XOJDULD,615,6 'HXOWXP FHWH[HPSODLUH  *UQH3DWLQDVV ±





*RUGLDQ ,,,    Q&KU $( J  ' ,03 & *25',$1963,96$9*EXVWHUDGLpGUDSpHWFXLUDVVpGH *RUGLHQ,,,jGU5&2/)/3$&'(9/76DUDSLVGHERXWj JFRLIIpGXFDODWKRVYrWXG XQFKLWRQHWG XQKLPDWLRQGRQW OHVSDQVVRQWMHWpVVXUOHEUDVJODGUOHYpHODJWHQDQWXQ ORQJ VFHSWUH61* %XOJDULD ,  615,6 'HXOWXP DG FHWH[HPSODLUH  6FKZDU]H3DWLQDJXWHVVV ±



*RUGLDQ ,,,    Q&KU $( J  9DULDQWH OpJ  *UQH3DWLQDJXWHVVV ±



*RUGLDQ ,,,    Q&KU $( J  ' *25 ',$1963,96)(/$9*EXVWHUDGLpGH*RUGLHQ,,,FXL UDVVpDUPpG XQHODQFHHWG XQERXFOLHUjJ5&2/)/3$& '(9/76DUDSLVGHERXWGHIDFHODWrWHjJFRLIIpGXFDOD WKRVYrWXG XQFKLWRQHWG XQKLPDWLRQODGUOHYpHODJWH QDQWXQORQJVFHSWUH-XUXNRYD'HXOWXP61*%XOJDULD ,  615,6 'HXOWXP    FHW H[HP SODLUH  *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q&KU $( J  ' ,03 & *25',$1963,96)(/$9*EXVWHUDGLpGH*RUGLHQ,,, FXLUDVVpDUPpG XQHODQFHHWG XQERXFOLHUjGU5&2/)/ 3$& '(9/7  6DUDSLV FRLIIp GX FDODWKRV WU{QDQW j J OD PDLQ GU WHQGXH DXGHVVXV GH OD WrWH GH &HUEqUH OD J V DS SX\DQWVXUXQVFHSWUH-XUXNRYD'HXOWXP615,6'HXO WXP FHWH[HPSODLUH  *UQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1









7UDQTXLOOLQD    Q&KU $( J  ' 6$% 75$149,//,1$ $9*  EXVWH GUDSH HW GLDGpPp GH 7UDQ TXLOOLQHjGU5&2/)/3$&'(9/76DUDSLVGHERXWGH IDFHODWrWHjJFRLIIpGXFDODWKRVYrWXG XQFKLWRQHWG XQ KLPDWLRQODGUOHYpHODJWHQDQWXQORQJVFHSWUH61*%XO JDULD ,  615,6 'HXOWXP E   FHW H[HP SODLUH  *UQH3DWLQDWHLOZHLVHNRUURGLHUWVV ±

3KLOLSSXV$UDEVQ&KU$(J ',030 ,9/3+,/,3396$9*EXVWHUDGLpHWGUDSpGH3KLOLSSH,HU j GU 5 &2/ )/3$&'(9/76DUDSLVGHERXWGHIDFHOD WrWH j J FRLIIp GX FDODWKRV YrWX G XQ FKLWRQ HW G XQ KLPD WLRQODGUOHYpHODJWHQDQWXQORQJVFHSWUH-XUXNRYD'HXO WXP61*%XOJDULD,615,6'HXOWXP E FHWH[HPSODLUH  %UDXQH3DWLQDV ±

3KLOLSSXV$UDEVQ&KU$(J ',030 ,9/3+,/,3396$9*EXVWHODXUpHWGUDSpGH3KLOLSSH,HU j GU 5 &2/ )/3$&'(9/76DUDSLVGHERXWGHIDFHOD WrWH j J FRLIIp GX FDODWKRV YrWX G XQ FKLWRQ HW G XQ KLPD WLRQODGUOHYpHODJWHQDQWXQORQJVFHSWUH-XUXNRYD'HXO WXP61*%XOJDULD,615,6'HXOWXPD FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±

2WDFLOLD 6HYHUD    Q &KU $( J  ' 0$5 &,$ 27$&,/ 6(9+5$ $9*  EXVWH GUDSH HW GLDGpPp G 2WDFLOLHjGU5&2/)/3$&'(9/76DUDSLVGHERXWGH IDFHODWrWHjJFRLIIpGXFDODWKRVYrWXG XQFKLWRQHWG XQ KLPDWLRQODGUOHYpHODJWHQDQWXQORQJVFHSWUH61*%XO JDULD ,  615,6 'HXOWXP    FHW H[HPSODLUH  /H HH[FRQQX *UQH3DWLQDVV ±



+$'5,$1232/,66HSWLPLXV6HYHUXVQ&KU $( J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH 6HSWLPH 6pYqUH j GU 5 6DUDSLV FRLIIp GX FDODWKRV WU{QDQW j J OD PDLQ GU WHQDQW XQH SDWqUH WHQGXH DXGHVVXV G XQ DXWHO HQ IODPPpODJWHQDQWVXUXQVFHSWUH615,6+DGULDQRSROLV$  FHWH[HPSODLUH 8QLFXP" 'XQNHOJUQH3DWLQDVV  ±



&DUDFDOODQ&KU$(J '%XVWHODXUpHW GUDSp GH &DUDFDOOD j GU 5 6DUDSLV GHERXW FRLIIp GX FDOD WKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J EDLVVpH XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV615,6+DGULDQRSROLVD FHWH[HP SODLUH  6FKZDU]JUQH3DWLQDVV ±



&DUDFDOODQ&KU$(J '%XVWHODXUpHW GUDSp GH &DUDFDOOD j GU 5 6DUDSLV GHERXW FRLIIp GX FDOD WKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J EDLVVpH XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV615,6+DGULDQRSROLVE FHWH[HP SODLUH  'XQNHOJUQH3DWLQDVVV ±



*HWDDOV&DHVDUQ&KU$(.OHLQEURQ]HJ  '%XVWHODXUpGUDSpHWFXLUDVVpGH*HWDjGU5%XVWHGUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU([ -DFTXLHU  >@   615,6 +DGULDQRSROLV    FHW H[HPSODLUH  5DUH *UQH3DWLQDVVY] ± 

5g0,6&+(3529,1=,$/35b*81*(1



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXWFRLI Ip GX FDODWKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV  615,6 +DGULDQRSROLV  D  FHW H[HPSODLUH  *UQH3DWLQDJXWHVVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXWFRLI Ip GX FDODWKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGUOHEDVGX PDQWHDX IORWWDQW615,6 +DGULDQRSROLV  Q  FHW H[HP SODLUH 9DULDQWHLQpGLWH" 'XQNHOEUDXQH3DWLQD5V6WHPSHO IHKOHUVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXWFRLI Ip GX FDODWKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV  615,6 +DGULDQRSROLV  H  FHW H[HPSODLUH  6FKZDU]H3DWLQDVVY] ±



0(6$0%5,$*RUGLDQ,,,XQG7UDQTXLOOLQD Q&KU$(J Q&KU'%XVWHVDIIURQWpV GH *RUGLHQ ,,, ODXUp GUDSp HW FXLUDVVp j GU HWGH7UDQTXLO OLQH GLDGpPpH GUDSpH j J 5 6DUDSLV FRLIIp GX FDODWKRV GHERXWjJODGUOHYpHHWWHQDQWXQVFHSWUHGHODJ5X]LFND 0HVHPEULDLQHGLWD615,60HVHPEULD FHWH[HP SODLUH  6FKZDU]H3DWLQDVV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXWFRLI Ip GX FDODWKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV  615,6 +DGULDQRSROLV  F  FHW H[HPSODLUH  *UQH3DWLQDVV ±



3KLOLSSXV , XQG 2WDFLOLD    Q&KU $( J  '%XVWHVDIIURQWpVGH3KLOLSSH,HUODXUpGUDSpHWFXLUDVVpj GU HW G 2WDFLOLH GUDSpH HW GLDGpPpH j J 5 6DUDSLVFRLIIp GXFDODWKRVGHERXWjJODGUOHYpHHWWHQDQWXQVFHSWUHGH OD J5X]LFND 0HVHPEULD LQHGLWD  615,6 0HVHPEULD  E FHWH[HPSODLUH  6FKZDU]JUQH3DWLQDVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$SROORQ YrWX G XQH ORQJXH UREH HW DYHF XQ UXEDQ GDQV OHV FKHYHX[ ERWWpGHERXWjJODGUpWHQGXHWHQDQWXQSOHFWUHODJEDLV VpH V DSSX\DQW VXU XQH JUDQGH O\UH SRVpH VXU XQH KDXWH FR ORQQHVSLUDOpH%0&SYDUOpJ 615,60HVHPEULD H FHWH[HPSODLUH  *UQH3DWLQDVV ±





*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GUDSpHWFXLUDVVpGH*RUGLHQ,,,jGU56DUDSLVGHERXWFRLI Ip GX FDODWKRV GUDSp j J OD GU OHYpH HW WHQDQW GH OD J XQ ORQJVFHSWUHWUDQVYHUVDOSHUSHQGLFXODLUHDXEUDVGU-XUXNRYD +DGULDQRSROLV  615,6 +DGULDQRSROLV  6FKZDU]H 3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$VFOpSLRV GHERXWGHIDFHODWrWHjJjGHPLYrWXOHVEUDVOHORQJGX FRUSV OH VHUSHQW HQURXOp DXWRXU G XQ EkWRQ j J61* 6WDQ FRPE   615,6 0HVHPEULD  D  FHW H[HP SODLUH  *UQH3DWLQDVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  9D ULDQWH OpJHQGHV 615,6 0HVHPEULD  F  FHW H[HP SODLUH  5DUH 6FKZDU]JUQH 3DWLQD 3UlJHVFKZlFKHQ VVY] ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5'pPpWHU YrWXH G XQ FKLWRQ HW G XQ KLPDWLRQ GHERXW j J WHQDQW GHV pSLV GH OD GU EDLVVpH OD J OHYpH V DSSX\DQW VXU XQ KDXW IODPEHDX5X]LFND 0HVHPEULD LQHGLWD  615,6 0HVHP EULDE FHWH[HPSODLUH  *UQEUDXQH3DWLQDVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J 5 $WKpQD GHERXWjGUWHQDQWRIIHQVLYHPHQWXQHODQFHGHODGUUHMHWpH HQDUULqUHODJWHQDQWXQERXFOLHU615,60HVHPEULD FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+\JLHGH ERXWjGUODGUHQDUULqUHWHQDQWODTXHXHG XQVHUSHQWTXL PDQJH GDQV XQH SDWqUH WHQXH GH OD J5X]LFND 0HVHPEULD LQHGLWD  615,6 0HVHPEULD D E  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVVJXWHVVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 1pPpVLV GHERXWGHIDFHODWrWHjJWHQDQWXQHEDODQFHGHODGUHWXQ EkWRQ GH OD J  j J VHV SLHGV j J XQH URXH5X]LFND 0HVHPEULDLQHGLWD615,60HVHPEULD *UQH3DWL QDVVJXWHVVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5'pPpWHU YrWXH G XQ FKLWRQ HW G XQ KLPDWLRQ GHERXW j J WHQDQW GHV pSLVGDQVODGUUHSOLpHYHUVOHKDXWHWV DSSX\DQWGHODJVXU XQKDXWIODPEHDX61*5LJKHWWL615,60HVHPEULD D FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 =HXV OD FKODP\VVXUO pSDXOHJGHERXWjJODGUWHQDQWXQHSDWqUH OD J V DSSX\DQW VXU XQ VFHSWUH  j VHV SLHGV XQ DLJOH0XVKPRY  615,6 0HVHPEULD    FHW H[HP SODLUH  *UQH3DWLQDVV ± 

5g0,6&+(3529,1=,$/35b*81*(1



3KLOLSSXV ,, &DHVDU   Q &KU $( J  8Q VHFRQG H[HPSODLUH %UDXQH 3DWLQD 6FKU|WOLQJVULVVH VV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 6DUDSLV GHERXWjJFRLIIpGXFDODWKRVYrWXG XQFKLWRQHWG XQKLPD WLRQGRQWOHVSDQVVRQWMHWpVVXUOHEUDVJODGUOHYpHODJ EDLVVpHWHQDQWXQVFHSWUHWUDQVYHUVDO9DUEDQRY615,6 0HVHPEULD  D  FHW H[HPSODLUH  %UDXQH 3DWLQD JXWHV VV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  9D ULDQWH OpJ 615,6 0HVHPEULD  G  FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5+RPRQRLD FRLIIpH GX FDODWKRV GHERXW j J WHQDQW XQH SDWqUH GH OD GU pWHQGXHXQHFRUQXFRSLDHWXQSDQGXYrWHPHQWGDQVOHEUDV J61*6WDQFRPEYDUOpJ 615,60HVHPEULDG  FHW H[HPSODLUH  *UQH 3DWLQD 3UlJHVFKZlFKHQ JXWHV VV ±





3KLOLSSXV ,, &DHVDU   Q &KU $( J  9D ULDQWH OpJ 5X]LFND 0HVHPEULD LQHGLWD  615,6 0HVHPEULDJ FHWH[HPSODLUH  'XQNHOEUDXQH3DWLQD VV ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 0HVHPEULD  'XQNHOJUQH 3DWLQDVVY] ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' EXVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GUHWGH6DUDSLVFRLIIpGXFDODWKRVGUDSpjJ5$SROORQ YrWX G¶XQH ORQJXH UREH HW DYHF XQ UXEDQ GDQV OHV FKHYHX[ ERWWp GHERXW j J OD GU pWHQGXH WHQDQW XQ SOHFWUH OD J EDLVVpH V¶DSSX\DQW VXU XQH JUDQGH O\UH SRVpH VXU XQHKDXWH FRORQQH VSLUDOpH %0& S  YDU OpJ  615,6 0HVHPEULD  H  FHW H[HPSODLUH  'XQNHOJUQH 3DWLQD VVY] ±



3KLOLSSXV ,, &DHVDU   Q &KU $( J  ' %XVWHV DIIURQWpV GH 3KLOLSSH ,, WrWH QXH GUDSp HW FXLUDVVp j GU HW GH 6DUDSLV FRLIIp GX FDODWKRV GUDSp j J5 $WKpQD GUDSpHFDVTXpHHWFXLUDVVpHGHERXWjJXQHFKRXHWWHSRVpH VXUODPDLQGUOHYpHHWWHQDQWGHODJGRQWOHFRXGHV DSSXLH VXUXQJUDQGERXFOLHUXQHORQJXHODQFHHQDUULqUH9DUEDQRY 615,60HVHPEULDFRUUO LGHQWLILFDWLRQGXUHYHUVj $UqV 7UqVUDUH 'XQNHOJUQH3DWLQD.UDW]HUVV ±

5g0,6&+(3529,1=,$/35b*81*(1







3$87$/,$ 6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]HJ '7rWHODXUpHGH6HSWLPH6pYqUHjGU 5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5X]LFND3DXWDOLD0XVKPRY615,63DXWD OLD FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±



3VHXGRDXWRQRP$(J =ZHLWH+lOIWH-KQ&KU' %XVWH ODXUp HW GUDSp GH 6DUDSLV FHLQW GH OD WDHQLD HW FRLIIp G XQODUJHFDODWKRVjGU5+DUSRFUDWHGHERXWjJQXFRLIIp GXSVFKHQWSRUWDQWODGUjODERXFKHXQHFRUQXFRSLDHWXQ SDQ GH VD FKODP\V DX EUDV J6FK|QHUW 3HULQWKRV  615,63HULQWKXV FHWH[HPSODLUH  5RWJUQH3DWLQD V ±



&ODXGLXV    Q &KU $( J  ' 7rWH ODXUpH GH &ODXGH j GU 5  ,VLV GHERXW GH IDFH OD WrWH j JWHQDQWOH VLVWUH GH OD GU pWHQGXH DXGHVVXV G XQ DXWHO RUQp GH JXLU ODQGHV HW DOOXPp OD J V DSSX\DQW VXU XQ VFHSWUH6FK|QHUW 3HULQWKRV53&,615,63HULQWKXV FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



&ODXGLXVQ&KU$(J 8QGHX[LqPHH[HP SODLUH 'XQNHOJUQH3DWLQDVVV ±



&ODXGLXVQ&KU$(J 8QWURLVLqPHH[HP SODLUH 6FKZDU]H3DWLQDVV ± /D FLWp TXL DSUqV XQH DVVH] ORQJXH LQWHUUXSWLRQ UHoXW GH &ODXGH OH GURLW GH IUDSSHU PRQQDLH ORUVTX LO FUpD OD SURYLQFH GH 7KUDFH XWLOLVD VDQV SOXV WDUGHU GH QRXYHDX[ W\SHV j FDUDFWqUH LVLDTXH GRQW FHOXLFL TXL PHW HQ YDOHXU ,VLV

&DUDFDOODQ&KU$(J '7rWHODXUpHGH &DUDFDOOD j GU 5 6DUDSLV FRLIIp GX FDODWKRV GHERXW GH IDFHODWrWHjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUHGHOD J5X]LFND3DXWDOLD615,63DXWDOLD *UQH3DWLQD VVV ±

*HWDDOV&DHVDUQ&KU$(.OHLQEURQ]HJ  '%XVWHGH*HWDWrWHQXHGUDSpHWFXLUDVVpjGU5%XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5X]LFND3DXWD OLD  615,6 3DXWDOLD    FHW H[HPSODLUH  %UDXQH 3DWLQDV ±



*HWDDOV&DHVDUQ&KU$(.OHLQEURQ]HJ  '%XVWHGH*HWDWrWHQXHGUDSpHWFXLUDVVpjGU5+DUSR FUDWH GHERXW j J QX FRLIIp GX SVFKHQW SRUWDQW OD GU j OD ERXFKH XQH FRUQXFRSLD HW XQ SDQ GH VD FKODP\V DX EUDV J5X]LFND 3DXWDOLD  615,63DXWDOLD %UDXQH3DWL QDV ±



3(5,17+ 3VHXGRDXWRQRP $( J  =ZHLWH +lOIWH  -K Q &KU ' %XVWH ODXUp HW GUDSp GH 6DUDSLV FHLQW GH OD WDHQLD HW FRLIIp G XQ ODUJH FDODWKRV j GU 5 +DUSRFUDWH GH ERXW j J QX FRLIIp GX SVFKHQW SRUWDQW OD GU j OD ERXFKH XQH FRUQXFRSLD HW XQ SDQ GH VD FKODP\V DX EUDV J615,6  6FKZDU]H3DWLQDY] ±



5g0,6&+(3529,1=,$/35b*81*(1

6pYqUH HW *RUGLHQ j $QFKLDORV DX GpEXW GX ,,,H VLqFOH j 3pULQWKH VRXV )DXVWLQH 0LQHXUH HW $OH[DQGUH 6pYqUH HW j 3KLOLSSRSROLV VRXV &RPPRGH &HWWH GHUQLqUH pPLVVLRQ H[FHSWLRQQHOOHVHPEOHFODLUHPHQWLQGLTXHUTXHOHSRXYRLUGH OD GpHVVH V pWHQGDLWDXVVLDX[IOHXYHVGDQVODPHVXUHRLOV pWDLHQWQDYLJDEOHVHWSHXWrWUHTXHO RQ\FpOpEUDLWODIrWHGH O RXYHUWXUHGHODQDYLJDWLRQOH1DYLJLXP,VLGLV 









)DXVWLQD,,Q&KU$(J '%XVWHGUDSp HW GLDGpPp GH )DXVWLQH 0LQHXUH j GU 5 ,VLV j OD YRLOH GH ERXWjGUODWrWHFRLIIpHGXEDVLOHLRQGHIDFHXQHYRLOHJRQ IOpH SDU OH YHQW GDQV OHV PDLQV HW WHQXH DYHF OH SLHG J XQ VLVWUH GDQV OD PDLQ GU615,6 3HULQWKXV    FHW H[HP SODLUH ,QpGLW V ± /HW\SHG ,VLVQDYLJDQVFRQQXGDQVODUpJLRQSDUTXHOTXHV UDUHV pPLVVLRQV GH &DOODWLV HW %\]DQFH Q HVW DWWHVWp j 3pULQWKHTXHSDUFHWWHPRQQDLHLQpGLWHHWXQHpPLVVLRQSOXV WDUGLYH DX QRP GH 6pYqUH $OH[DQGUH LVVXH SRXU FRPPpPRUHU O HPEDUTXHPHQW GH O HPSHUHXU SDUWL DIIURQWHU OHV3HUVHVHQDS-&6FK|QHUW3HULQWKRV 



6HSWLPLXV 6HYHUXV    Q&KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 %XVWH GUDSpGH6DUDSLVFRLIIpGXFDODWKRVjGU0XVKPRY3KLOLS SRSROLV  615,6 3KLOLSSRSROLV    FHW H[HP SODLUH  V ±



&DUDFDOOD &DHVDU    Q &KU $( .OHLQEURQ]H J '7rWHQXHGH&DUDFDOOD&pVDUjGUDYHFFXLUDVVH HWSDOXGDPHQWXP5%XVWHGUDSpGH6DUDSLVFRLIIpGXFDOD WKRVjGU0XVKPRY3KLOLSSRSROLV615,63KLOLSSRSR OLV    FHW H[HPSODLUH  7UqV UDUH *UQH 3DWLQDJXWHV VV ±



(ODJDEDOQ&KU$(.OHLQEURQ]HJ '7rWH ODXUpHG (ODJDEDOHjGU5+DUSRFUDWHGHERXWGHIDFHODWrWH jJQXSRUWDQWODPDLQGUjODERXFKHHWWHQDQWXQHFRUQX FRSLD GH OD J([ /DQ]  >@   0XVKPRY  615,63KLOLSSRSROLV FHWH[HPSODLUH  'XQNHOJUQH 3DWLQDVVY] ±



(ODJDEDO   Q&KU $( .OHLQEURQ]H J  8Q GHX[LqPH H[HPSODLUH 615,6 3KLOLSSRSROLV    FHW H[HPSODLUH  6FKZDU]H3DWLQDVVV ±



(ODJDEDO   Q&KU $( .OHLQEURQ]H J  8Q WURLVLqPHH[HPSODLUH 6FKZDU]H3DWLQDVV ±

*DOOLHQXV    Q &KU $( *UR‰EURQ]H J  '%XVWH ODXUp GUDSp HW FXLUDVVp GH *DOOLHQ j J WHQDQW XQH ODQFHGHODGUQRQYLVLEOHXQERXFOLHUDXEUDVJ56DUDSLV GHERXW j J FRLIIp GX FDODWKRV OD GU OHYpH HW WHQDQW XQ VFHSWUH GH OD J6FK|QHUW 3HULQWKRV  615,6 3HULQWKXV    FHW H[HPSODLUH  /H H H[ FRQQX *UQH 3DWLQD VV ±

&RPPRGXV    Q &KU $( J  ' %XVWH ODXUp GH&RPPRGHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5%XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH&ROO0F&OHDQ  615,6 3KLOLSSRSROLV D /H H H[ FRQQX0rPHV FRLQVTXH&ROO0F&OHDQ 6FKZDU]H3DWLQDVVV ±

&RPPRGXV    Q &KU $( *UR‰EURQ]H J  Q&KU'7rWHODXUpHGH&RPPRGHjGU5,VLVj ODYRLOHGHERXWjGUVXUXQHOLJQHGHVROODWrWHGHIDFHFRLI IpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDUOHYHQWGDQVOHVPDLQV HWWHQXHDYHFOHSLHGJ([&1*>@ 9DUEDQRY  615,6 3KLOLSSRSROLV  7UqV UDUH *UQH 3DWLQD VV ± 'HV pPLVVLRQV DYHF OH W\SH G ,VLV QDYLJDQV VRQW DWWHVWpHV j %\]DQFHVRXV&DUDFDOODj&DOODWLVVRXV&RPPRGH6HSWLPH

5g0,6&+(3529,1=,$/35b*81*(1



(ODJDEDO   Q&KU $( .OHLQEURQ]H J  8Q TXDWULqPHH[HPSODLUH 6FKZDU]H3DWLQDJXWHVVV ±



(ODJDEDO   Q&KU $( .OHLQEURQ]H J  8Q FLQTXLqPHH[HPSODLUH *UQH3DWLQDVV ±







0DUFXV $XUHOLXV    Q &KU $( .OHLQEURQ]H J 8QGHX[LqPHH[HPSODLUH615,66HUGLFD FHW H[HPSODLUH /HHH[FRQQX 6FKZDU]H3DWLQDIDVWY]  ±



/XFLXV 9HUXV    Q &KU $( .OHLQEURQ]H J  '7rWHQXHGH/XFLXV9HUXVjGU5%XVWHGUDSpGH6DUD SLVFRLIIpGXFDODWKRVjGU5X]LFND6HUGLFD0XVKPRY 615,66HUGLFDE 'XQNHOJUQH3DWLQDVVV ±



6HSWLPLXV 6HYHUXV    Q &KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH j GU 5 %XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU5X]LFND 6HUGLFD 615,66HUGLFD FHWH[HPSODLUH  6FKZDU]H3DWL QDVV ±



6HSWLPLXV 6HYHUXV    Q &KU $( .OHLQEURQ]H J 8QVHFRQGH[HPSODLUH 6FKZDU]H3DWLQDVV ±



,XOLD'RPQDQ&KU$(*UR‰EURQ]HJ ' %XVWHGUDSpHWGLDGpPpGH-XOLD'RPQDjGU56DUDSLVGH ERXWjJFRLIIpGXFDODWKRVpWHQGDQWOHEUDVGUHWWHQDQWXQ VFHSWUHGHODJGHYDQWOXLXQDXWHOHQIODPPpHWHQJXLUODQ Gp5X]LFND 6HUGLFD   0XVKPRY 6HUGLFD  615,6 6HUGLFD FHWH[HPSODLUH /HHH[FRQQX VV ±

(ODJDEDOQ&KU$(.OHLQEURQ]HJ '7rWH ODXUpH G (ODJDEDOH j GU 5 6DUDSLV FRLIIp GX FDODWKRV GH ERXWjJODPDLQGUOHYpHHWWHQDQWXQVFHSWUHGHODJ%0& WKH7DXULF&KHUVRQHVH«S615,63KLOLSSRSROLV  FHWH[HPSODLUH 7UqVUDUH %UDXQH3DWLQDVVV ±

6(5',&$0DUFXV$XUHOLXVQ&KU$(.OHLQ EURQ]HJ '7rWHQXHGH0DUF$XUqOHjGU5%XVWH GUDSp G ,VLV FRLIIpH GX EDVLOHLRQ j GU0XVKPRY  615,6 6HUGLFD    FHW H[HPSODLUH  /H H H[ FRQQX $EVHQWGX53&,9 'XQNHOJUQH3DWLQDVV ±



0DUFXV $XUHOLXV    Q &KU $( .OHLQEURQ]H J '7rWHODXUpHGH0DUF$XUqOHjGU5+DUSRFUDWH QXGHERXWjJOHSVFKHQWVXUODWrWHXQHFKODP\VVXUOHEUDV J XQH FRUQXFRSLD GDQV OD PDLQ J XQ GRLJWGHODPDLQGU SRUWp j OD ERXFKH615,6 6HUGLFD    FHW H[HPSODLUH  ,QpGLW$EVHQWGX53&,9 %UDXQH3DWLQDVVV ±



0DUFXV$XUHOLXVQ&KU$(.OHLQEURQ]HJ 

'WrWHQXHGH0DUF$XUqOHjGU5&(3ǻȍ1EXVWHGUDSpG¶,VLV FRLIIpH GX EDVLOHLRQ j GU 0XVKPRY615,66HUGLFD FHW H[HPSODLUH  /H H H[ FRQQX $EVHQW GX 53& ,9%UDXQH

3DWLQDJXWHVVV

±



5g0,6&+(3529,1=,$/35b*81*(1











&DUDFDOOD    Q &KU $( .OHLQEURQ]H J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH &DUDFDOOD j GU 5 %XVWH GUDSpGH6DUDSLVFRLIIpGXFDODWKRVjGU0XVKPRY6HUGLFD 615,66HUGLFDG FHWH[HPSODLUH  *UQH3DWL QDOHLFKWGH]HQWULHUWVV ±



&DUDFDOOD    Q &KU $( .OHLQEURQ]H J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH &DUDFDOOD j GU 5 +DUSR FUDWHQXGHERXWjJOHSVFKHQWVXUODWrWHXQHFKODP\VVXUOH EUDVJXQHFRUQXFRSLDGDQVODPDLQJXQGRLJWGHODPDLQ GUSRUWpjODERXFKH5X]LFND6HUGLFD0XVKPRY6HU GLFD  615,6 6HUGLFD  E  FHW H[HPSODLUH  /H H H[FRQQX 6FKZDU]H3DWLQDVV ±



75$,$1232/,6 &DUDFDOOD DOV $XJXVWXV    Q&KU$(.OHLQEURQ]HJ '7rWHODXUpHHWEDUEXHGH &DUDFDOODjGU5+DUSRFUDWHGHERXWGHIDFHODWrWHjJQX SRUWDQWODPDLQGUjODERXFKHHWWHQDQWXQHFRUQXFRSLDGDQV OHEUDVJ61*&RS7KUDFH6FK|QHUW*HLVV7UDLDQR SROLV615,67UDLDQRSROLV FHWH[HPSODLUH /HH H[FRQQX 6FKZDU]H3DWLQDVVV ±



&DUDFDOODDOV$XJXVWXVQ&KU$(.OHLQEURQ]H J '7rWHODXUpHHWEDUEXHGH&DUDFDOODjGU5%XVWH GUDSp GH 6DUDSLV FRLIIp GX FDODWKRV j GU6FK|QHUW*HLVV 7UDLDQRSROLV  615,6 7UDLDQRSROLV    FHW H[HP SODLUH 5DUH 'XQNHOJUQH3DWLQDJXWHVVV ±



&DUDFDOODDOV$XJXVWXVQ&KU$(.OHLQEURQ]H J 8QVHFRQGH[HPSODLUH615,67UDLDQRSROLV FHWH[HPSODLUH 5DUH 6FKZDU]H3DWLQDVV ±

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  ' 7rWHODXUpHGH&DUDFDOODjGU56DUDSLVGHERXWGHIDFHOD WrWHjJFRLIIpGXFDODWKRVpWHQGDQWOHEUDVGUHWWHQDQWXQ VFHSWUHGHODJ5X]LFND6HUGLFD615,66HUGLFDH FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ±

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  ' %XVWH ODXUp GUDSp HWFXLUDVVpGH&DUDFDOODjGU56DUDSLV WU{QDQWFRLIIpGXFDODWKRVjJWHQDQWOHVFHSWUHGHODPDLQ JHWOHYDQWODGUDXGHVVXVGH&HUEqUHjVHVSLHGV5X]LFND 6HUGLFD  615,6 6HUGLFD    FHW H[HP SODLUH  7HLOZHLVHHQWSDWLQLHUWVVV ±

&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH &DUDFDOOD jJWHQDQWXQH ODQFHHWXQERXFOLHURUQpGXEXVWHGH6DUDSLV5/ HPSHUHXU jFKHYDODOODQWjGUVDOXDQWGHODGUOHYpH5X]LFND6HUGLFD 615,66HUGLFD FHWH[HPSODLUH /HHH[FRQ QX 6HKU VFK|QHV 3RUWUlW *UQH 3DWLQD .RUUR VLRQVVSXUHQIDVWY]VV ± &HWWH PRQQDLH H[FHSWLRQQHOOH DX GURLW GH ODTXHOOH OH EXVWH GH6DUDSLVRUQHOHERXFOLHULPSpULDOLOOXVWUHODUHODWLRQWUqV pWURLWH XQLVVDQW &DUDFDOOD HW OH GLHX /D GpYRWLRQ GH &DUDFDOOD HQYHUV 6DUDSLV G RULJLQH IDPLOLDOH HW SROLWLTXH IXWFHUWDLQHPHQWDPSOLILpHSDUOHVLQTXLpWXGHVGHO HPSHUHXU SRXU VD VDQWp GDQV O HVSRLU G rWUH JXpUL SDU OH GLHX G $OH[DQGULH GDQV OH WHPSOH GXTXHO LO LUD VpMRXUQHU HQ  3OXVLHXUV GpGLFDFHV IXUHQW GpSRVpHV SRXU OH VDOXW GH O HPSHUHXU HW GH VRQ DUPpH HQWUH  HW  GDQV O HVSDFH GDQXELHQ 'HV GpGLFDFHVTXLpPDQHQWSDUH[HPSOH G XQ PHPEUH GX FRPPDQGHPHQW GX FDPS DX[LOLDLUH GH &UXPHUXP RX GX OpJDW SURSUpWHXU GH 3DQQRQLH ,QIpULHXUH /XFLXV $OIHQXV $YLWLDQXV /HV DUPHV GH O HPSHUHXU IXUHQW FODLUHPHQW SODFpHV VRXV OD SURWHFWLRQ GH -XSLWHU 6DUDSLV GLHX LQYDLQFX HW LQYLQFLEOH TXH FH VRLW VXU WHUUH RX VXU OH 'DQXEH FRPPH OH ODLVVH HQWHQGUH VRQ DVVLPLODWLRQ j 1HSWXQH GDQV SOXVLHXUV LQVFULSWLRQV GH FHWWH pSRTXH /D PRQQDLH GH 6HUGLFD XQLTXH SDU VRQ LFRQRJUDSKLH LOOXVWUH SDUIDLWHPHQWFHWWHUpDOLWp

5g0,6&+(3529,1=,$/35b*81*(1

0$.('21,(1 

$03+,32/,6 $XJXVWXV  Y &KU   Q &KU $( J '7rWHQXHG $XJXVWHjGU5$UWpPLVWDXURSROH FKHYDXFKDQWXQWDXUHDXSRUWDQWOHEDVLOHLRQHQWUHOHVFRUQHV j GU61* /HZLV   615,6    FHW H[HPSODLUH  7UqVUDUH 'XQNHOJUQH3DWLQDV ± $PSKLSROLVFRQQXWOHVFXOWHVLVLDTXHVDXPRLQVGX,,,HVLqFOH DY -& DX ,,H VLqFOH DS -& 6RXV $XJXVWH SXLV VRXV 7LEqUH OD FLWp D pPLV GH WUqV QRPEUHX[ EURQ]HVSRUWDQWDX GURLW OH SRUWUDLW GX SULQFH HW DX UHYHUV $UWpPLV WDXURSROH /HV YDULDQWHV QH VRQW SDV UDUHV / XQH G HOOH WRXW j IDLW H[FHSWLRQQHOOH IUDSSpH VRXV $XJXVWH PRQWUH FODLUHPHQW OH WDXUHDXFRLIIpG XQEDVLOHLRQDORUVTXHULHQKDELWXHOOHPHQW QH ILJXUH HQWUH VHV FRUQHV FI SDU H[HPSOH 53& ,   6HORQ59H\PLHUV/HEDVLOHLRQOHVUHLQHVHW$FWLXPLQ / %ULFDXOW  0 - 9HUVOX\V pG  3RZHU SROLWLFV DQG WKH FXOWV RI ,VLV /HLGHQ  S  FHWWH pPLVVLRQ WUqV VLQJXOLqUHDXUDLWpWpRUGRQQpHSDUOHVDXWRULWpVPXQLFLSDOHV VRXFLHXVHV G HQWUHWHQLU GH ERQQHV UHODWLRQV DYHF OH YDLQTXHXUG $QWRLQHHWGH&OpRSkWUH

.25,17+ 

321726 

$0$6(,$ $QWRQLQXV 3LXV    Q &KU $( *UR‰EURQ]HJ '7rWHODXUpHG $QWRQLQjGU56D UDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVOD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH5HF *pQ S 'DODLVRQ$PDVHLD7\SHQƒ615,6$PDVHLD    FHW H[HPSODLUH  0rPHV FRLQV TXH 'DODLVRQ 7\SH Qƒ 6FKZDU]H3DWLQDVV ±



&DUDFDOOD    Q &KU $( *UR‰EURQ]H J  Q&KU'%XVWHODXUpGUDSpHWFXLUDVVpGH&DUDFDO OD j GU 5 6DUDSLV WU{QDQW GH IDFH OD WrWH j J GDQV XQ WHPSOH WpWUDVW\OH VRXV XQH DUFDGH VHPLFLUFXODLUH FRLIIp GX FDODWKRVHWWHQDQWXQVFHSWUHGHODJjVHVSLHGVjJ&HU EqUH5HF *pQ S D'DODLVRQ$PDVHLD7\SHQƒ 615,6$PDVHLD 6FKZDU]H3DWLQDVVV ±



75$3(=86 3KLOLSSXV ,    Q &KU $( *UR‰EURQ]H J  ' %XVWH UDGLp GH 3KLOLSSH ,HU j GU DYHFFXLUDVVHHWSDOXGDPHQWXP5%XVWHGUDSpGH6DUDSLVj GUXQFDODWKRVVXUODWrWH5HF*pQS):RMDQ 7UDSp]RQWH  51S615,67UDSH]XV    FHW H[HPSODLUH  0rPHV FRLQV TXH :RMDQ  S  5RWEUDXQH3DWLQDVV ±

3ODXWLOODQ&KU$(J '%XVWHGUDSpGH 3ODXWLOOHjGU5,VLVjODYRLOHGHERXWjGUVXUXQHOLJQHGH VROODWrWHFRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDUOHYHQW GDQVOHVPDLQVHWWHQXHDYHFOHSLHGJ([/DQ]>@  ,PKRRI%OXPHU *DUGQHU1&3S&ROO:H EHU615,6&RULQWKXV FHWH[HPSODLUH /HH H[ FRQQX0rPH FRLQ GH UHYHUV TXH &ROO :HEHU  V ±

3(/23211(6 

3+(1(26 &DUDFDOOD    Q &KU J    Q&KU'7rWHODXUpHGH&DUDFDOODjGU56DUDSLVWU{ QDQWFRLIIpGXFDODWKRVjJWHQDQWOHVFHSWUHGHODPDLQJ HWOHYDQWODGUDXGHVVXVGH&HUEqUHjVHVSLHGV([/HX >@  >FROO %&'@  %RXWLQ 3R]]L S   &R[ &XULXP S  HW S  615,6 3KHQHXV FHW H[HPSODLUH  7UqV UDUH HQ FHW pWDW 5RWEUDXQH 3DWLQD VV ±



5g0,6&+(3529,1=,$/35b*81*(1

G $QWRQLQjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5>&,)@6 $1&&,,,,6DUDSLVDOORQJpVXUXQOLWjJXQFDODWKRVVXU ODWrWHXQKLPDWLRQVXUOHVMDPEHVXQDLJOHGDQVODPDLQGU WHQGXH XQ VFHSWUH GDQV OD J5HF *pQ S  615,6 6LQRSHE FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ± /H W\SH GH 6DUDSLV DOORQJp VXU XQH NOLQq HVW WUqV UDUH WDQW GDQV OD QXPLVPDWLTXH TXH GDQV OHV DXWUHV DUWV ILJXUpV 6XU OHV PRQQDLHV LO Q HVW DWWHVWp TXH SRXU GHV pPLVVLRQV  QRPEUHXVHVGH6LQRSHTXLV pWDOHQWGXUqJQHGH9HVSDVLHQ jFHOXLGH*DOOLHQ&HW\SHSHUPHWG LOOXVWUHUHWG DWWHVWHUOD SUpVHQFH GX GLHX j GLIIpUHQWHV FpUpPRQLHV DX[TXHOOHV SDUWLFLSHQW OHV GLHX[ HW OHV KRPPHV HW QRWDPPHQW OHV EDQTXHWVGXWKpR[pQLRQHWGXOHFWLVWHUQH$LQVLHVWVRXOLJQp VRQFDUDFWqUHFKWKRQLHQPDLVDXVVLFHOXLGHGLHXELHQIDLWHXU JDUDQWGHODIHUWLOLWpFI/%ULFDXOW6DUDSLVDXEDQTXHW OHFWLVWHUQHVG $OH[DQGULHHWG eJ\SWH5HYXH1XPLVPDWLTXH S 

3$3+/$*21,(1 

$0$675,60DUFXV$XUHOLXV&DHVDUQ&KU $(J '%XVWHGUDSpGH0DUF$XUqOH&pVDUWrWHQXH jGU57DXUHDX$SLVDOODQWjGUOHGLVTXHVRODLUHHQWUHOHV FRUQHV5HF *pQ S  SO ;;  61* Y $XORFN /LQGJUHQ,,615,6$PDVWULVD FHWH[HP SODLUH  *UQH3DWLQDVV ±



)DXVWLQD,,Q&KU$(J '%XVWHGUDSp GH)DXVWLQH0LQHXUHjGU5%XVWHGUDSpG ,VLVjGUOHED VLOHLRQ VXU OD WrWH XQ VLVWUH GHYDQW OH FRO,PKRRI%OXPHU *U0 S   5HF *pQ S   61* &RS %RVSRUXV%LWK\QLD615,6$PDVWULV FHWH[HP SODLUH  7UqV UDUH 0rPHV FRLQV TXH 5HF *pQ S  SO;;0rPHFRLQGHUHYHUVTXH,PKRRI%OXPHU*U0 SHW61*&RS *UQH3DWLQDVV ± 1RWHU OD WUqV JUDQGH UHVVHPEODQFH HQWUH OH YLVDJH G ,VLV HW FHOXL GH O LPSpUDWULFH TXL SHXW VRXOLJQHU OD YRORQWp GH UDSSURFKHUpJDOHPHQWSDUO LPDJH)DXVWLQHHWODGpHVVH/H PrPH SURFpGp IXW XWLOLVp SDU O XWLOLVDWLRQ G XQ YRFDEXODLUH FRPPXQ DX[ GHX[ $LQVL XQH LQVFULSWLRQ G $OH[DQGULH DWWULEXHj)DXVWLQHOHVpSLWKqWHVGH6{VLVWRORVSURWHFWULFH GH OD IORWWH   HW GH 3KDULD / pSLFOqVH 3KDULD j O RULJLQH V\QRQ\PH G  DOH[DQGULQH  VRXV OD SOXPH GHV SRqWHV DXJXVWpHQVGHYLHQWjO pSRTXHDQWRQLQHOHTXDOLILFDWLIG ,VLV HW GH )DXVWLQH  HQ WDQW TXH SURWHFWULFH GH OD IORWWH IUXPHQWDLUH G $OH[DQGULH FI / %ULFDXOW  8Q SKDUH XQH IORWWH ,VLV )DXVWLQH HW O DQQRQH  &KURQLTXH G eJ\SWH /;;9   S   / H[LVWHQFH GH QRPEUHXVHV pPLVVLRQVPRQpWDLUHVDXQRPGH)DXVWLQHHWjO LPDJHG ,VLV QDYLJDQV QH VXUSUHQG GRQF SDV 2Q HQ FRQQDvW SRXU $PDVWULV5HF*pQS 3pULQWKH1LFpHRXHQFRUH $OH[DQGULH









0DUFXV $XUHOLXV    Q &KU $( J   Q &KU ' ,03 $95(/ >$@1721,12 $9*  EXVWH ODXUp GH 0DUF$XUqOHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5>&@,) 6,123( $11 &>&9,,@  EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5HF *pQ S  615,6 6LQRSH 0rPHFRLQGHGURLWTXH5HF*pQSSOVXSSO 37UqVUDUH 5HVWHJUQHU3DWLQDVV ±



&DUDFDOOD    Q &KU $( J   Q &KU ' ,03 & 0 $95 $1721,196  EXVWH ODXUp GH &DUDFDOOD j GU DYHF FXLUDVVH HW SDOXGDPHQWXP5 & , ) 6,123 $11 &&/,,,  6DUDSLV DOORQJp VXU XQ OLW j J XQ FDODWKRV VXU OD WrWHXQVFHSWUHGDQVODPDLQJXQDLJOHGDQVODGU([&1* H$XFWLRQ  >@   615,6 6LQRSH $   FHW H[HPSODLUH ,QpGLW VVV ±



&DUDFDOOD    Q &KU $( J   Q &KU ' >@$1721,196$9*"5EXVWHODXUpGH&DUDFDOODjGU DYHFFXLUDVVHHWSDOXGDPHQWXP5&,)6$11&&/9,,, EXVWH GUDSp GH 6DUDSLVjGUXQFDODWKRVVXUODWrWH5HYHUV WUpIOp  615,6 6LQRSH $   FHW H[HPSODLUH  ,Qp GLW *UQEUDXQJHIOHFNWH3DWLQDVVV ±

1(2./$8',232/,6&RPPRGXVQ&KU$( J Q&KU'%XVWHODXUpGUDSpHWFXLUDVVpGH &RPPRGHjGU5%XVWHGH6DUDSLVFRLIIpGXFDODWKRVGUD Sp j GU61* *ODVJRZ  615,6 1HRFODXGLRSROLV  /HHH[FRQQX *UQH3DWLQDVVV ±

6,123($QWRQLQXV3LXVQ&KU$(J   Q &KU ' >,@03 $1721,12 $9* 3  EXVWH ODXUp

5g0,6&+(3529,1=,$/35b*81*(1

UDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVOD PDLQ J OD GU WHQGX DXGHVVXV GH &HUEqUH DVVLV j VHV SLHGV([ /LQGJUHQ ,,   %0& 3RQWXV S  SO ;;,;   5HF *pQ S  SO /,   61* &RS %RVSRUXV%LWK\QLD615,6&LXV5DUH0rPHVFRLQV TXH 61* &RS  0rPH FRLQ GH GURLW TXH %0& S  %UDXQH3DWLQDVV ± 

3KLOLSSXV,Q&KU$(J Q&KU' >,@03,9/3+,/,3396$9*EXVWHODXUpGH3KLOLSSH,HUj GUDYHFFXLUDVVHHWSDOXGDPHQWXP5&5,)6$1&&&;, VLF   EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5HF*pQSSO;;9,,,61*Y$XORFN 615,66LQRSH FHWH[HPSODLUH  'XQNHOJUQH 3DWLQDVV ± /DGDWHLQGLTXpHVXUOHVDXWUHVPRQQDLHVFRQQXHVDX[PrPH W\SHV HVW &&&;,9 SOXV HQ DFFRUG DYHF OHV GDWHV GX SULQFLSDW GH 3KLOLSSH ,HU /D SODFH QH PDQTXDQW SDV HW OH W\SH pWDQW ELHQ FRQVHUYp VXU OD SLqFH SUpVHQWpH LFL RQ D PDQLIHVWHPHQW RXEOLp GH JUDYHU OH FKLIIUH 9 VXU OH FRLQ GH UHYHUVD\DQWVHUYLjODIUDSSHU



1,.$,$ $QWRQLQXV 3LXV    Q &KU $( .OHLQ EURQ]HJ '7rWHQXHG $QWRQLQjGU5+DUSRFUDWHQX GHERXWjJOHSVFKHQWVXUODWrWHXQHFKODP\VVXUOHEUDVJ XQHFRUQXFRSLDGDQVODPDLQJXQGRLJWGHODPDLQGUSRUWp j OD ERXFKH5HF *pQ S   61* Y $XORFN  615,6 1LFDHD  D  FHW H[HPSODLUH  0rPH FRLQ GH UH YHUVTXH5HF*pQSSO/;,; %UDXQH3DWLQD VVV ±

%,7+<1,(1 

$3$0(,$ *DOOLHQXV    Q &KU $( *UR‰EURQ]H J  ' ,03 &$(6 3 /,& *$//,(196 $9*  EXVWH UDGLpGH*DOOLHQSRUWDQWOHSDOXGDPHQWXPjGU5&2/,9 &21&$9*$3$0GDQVOHFKDPS'>'@6DUDSLVGH ERXWGHIDFHODWrWHjJFRLIIpGXFDODWKRVpWHQGDQWOHEUDV GU HW WHQDQW XQ VFHSWUH GH OD J  j VHV SLHGV XQ DXWHO DOOX Pp5HF*pQ S  SO ;/ 615,6 $SDPHD D 7UqVUDUH 'XQNHOJUQH3DWLQDIDVWY] ±



0DUF$XUHOQ&KU$(.OHLQEURQ]HJ ' 7rWH QXH GH 0DUF $XUqOHjGU57DXUHDX$SLV" DOODQWj GU([0 0'HXWVFKODQG>@>FROO5LJKHWWL@  5HF *pQ S  615,6 1LFDHD  D  FHW H[HP SODLUH  %UDXQH3DWLQDY] ±



,8/,232/,6 &RPPRGXV    Q &KU $( .OHLQ EURQ]HJ Q&KU'7rWHODXUpHGH&RPPRGH j GU 5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH([)6.QREORFK %0&3RQWXVS5HF *pQSSO/;,,, 61*&RS%RVSRUXV%LWK\QLD    615,6 ,XOLRSROLV    FHW H[HPSODLUH  /H H H[ FRQQX0rPHVFRLQVTXH61*&RS 5HVWHEUDXQHU3D WLQDVVV ±



0DUF $XUHO    Q&KU $( .OHLQEURQ]H J  '7rWHQXHGH0DUF$XUqOHjGU57DXUHDX$SLV" DOODQWj GU61* &RS %RVSRUXV%LWK\QLD  615,6 1LFDHD  E FHWH[HPSODLUH  *UQH3DWLQDVVV ±



)DXVWLQD,,Q&KU$(J '%XVWHGUDSp GH )DXVWLQH 0LQHXUH j GU5,VLVjODYRLOHGHERXWjGUOD WrWH FRLIIpH GX EDVLOHLRQ j J XQH YRLOH JRQIOpH SDU OH YHQW GDQV OHV PDLQV HW WHQXH DYHF OH SLHG J([ 0 0 'HXWVFKODQG  >@   615,6 1LFDHD    FHW H[HPSODLUH ,QpGLW *UQH3DWLQDVV ±



.,26 &DUDFDOOD    Q &KU $( *UR‰EURQ]H J '%XVWHODXUpHWFXLUDVVpGH&DUDFDOODjGU56D



5g0,6&+(3529,1=,$/35b*81*(1



&RPPRGXV DOV $XJXVWXV    Q &KU $( J  ' %XVWH ODXUp GH &RPPRGH j GU DYHF FXLUDVVH HW SDOXGD PHQWXP5%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH61* $XORFN  YDU OpJ  615,6 1LFDHD  7UqV UDUH %UDXQH3DWLQD.RUURVLRQVVSXUHQVV ±



&RPPRGXV DOV $XJXVWXV    Q &KU $( J  ' %XVWH ODXUp GH &RPPRGH j GU DYHF FXLUDVVH HW SDOXGD PHQWXP'HX[FWPFLUFXODLUHV1LNpGHERXWjJ+RZJHJR  EXVWHGUDSpHWODXUpGH&DUDFDOOD" jGU+RZJHJR   5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH615,61LFDHDD FHWH[HPSODLUH ,QpGLWDYHFFHV GHX[FRQWUHPDUTXHV0rPHFRLQGHUHYHUVTXH5HF*pQS 61*&RS%RVSRUXV%LWK\QLDHW61*Y $XORFN 'XQNHOJUQH3DWLQDV ±









6HSWLPLXV 6HYHUXV    Q &KU $( .OHLQEURQ]H J  ' 7rWH ODXUpH GH 6HSWLPH 6pYqUH jGU57DXUHDX $SLV "  DOODQW j GU 5HF *pQ S  SO /;;9, 615,6 1LFDHD    FHW H[HPSODLUH  0rPHV FRLQV TXH 5HF*pQS 'XQNHOJUQH3DWLQDVVV ±

&DUDFDOOD    Q&KU $( J  ' EXVWH ODXUp HW FXLUDVVpGH&DUDFDOODjGU56DUDSLVGHERXWGHIDFHODWrWH FRLIIpHG¶XQFDODWKRVjJODPDLQGUOHYpHDXGHVVXVG¶XQ DXWHO HQIODPPp XQ VFHSWUH GDQV OD J 615,6 1LFDHD  6FKZDU]H3DWLQDVV ±

&DUDFDOODQ&KU$(J '7rWHODXUpHGH &DUDFDOODjGU56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjJODPDLQGUOHYpHDXGHVVXVG XQDXWHOHQIODP PpXQVFHSWUHGDQVODJ5HF*pQS61*&RS %RVSRUXV%LWK\QLD  615,6 1LFDHD  'XQNHOJUQH 3DWLQDVV ±



&DUDFDOODQ&KU$(J '7rWHODXUpHGH &DUDFDOODjJ56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjJODPDLQGUOHYpHDXGHVVXVG XQDXWHOHQIODP Pp XQ VFHSWUH GDQV OD J([ 3HXV  >@   5HF *pQ S  SO /;;9,, 615,6 1LFDHD  F FHW H[HPSODLUH  0rPH FRLQ GH UHYHUV TXH 5HF *pQ S  6FKZDU]H3DWLQDVV ±



&DUDFDOODQ&KU$(J 'WrWHODXUpHGH &DUDFDOODjJ56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG¶XQ FDODWKRV j J OD PDLQ GU OHYpH DXGHVVXV G¶XQ DXWHO HQIODPPp XQ VFHSWUH GDQV OD J 5HF *pQ S  SO /;;9,,([/DQ]>@615,61LFDHDD  FHW H[HPSODLUH  0rPH FRLQ GH UHYHUV TXH 5HF *pQ S  'XQNHOJUQH3DWLQDVV ±



&DUDFDOODQ&KU$(J '%XVWHODXUpHW FXLUDVVpGH&DUDFDOODjGU56DUDSLVGHERXWGHIDFHODWrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH DXGHVVXV G XQ DXWHOHQIODPPpXQVFHSWUHGDQVODJ615,61LFDHDDD FHWH[HPSODLUH  *UQH3DWLQDIDVWY] ±



&DUDFDOOD    Q&KU $( .OHLQEURQ]H J  Q&KU" '7rWHODXUpHGH&DUDFDOODjGU57DX UHDX$SLV" DOODQWjGU([0 0'HXWVFKODQG>@   5HF *pQ S    61* *ODVJRZ    615,61LFDHD FHWH[HPSODLUH  6FK|QHU6WLO'XQ NHOEUDXQH3DWLQDVV ±



&DUDFDOOD    Q&KU $( .OHLQEURQ]H J  8Q VHFRQG H[HPSODLUH615,6 1LFDHD    FHW H[HPSODLUH  0rPHV FRLQV TXH 61* *ODVJRZ  6FKZDU]H 3DWLQD VV ±

5g0,6&+(3529,1=,$/35b*81*(1







*HWDDOV&DHVDUQ&KU$(.OHLQEURQ]HJ  ' 7rWH QXH GH *HWD j GU 5 7DXUHDX $SLV DOODQW j GU OH GLVTXH VRODLUH HQWUH OHV FRUQHV615,6 1LFDHD  D  FHW H[HPSODLUH 7UqVUDUH 'XQNHOJUQH3DWLQDJXWHVVV ±



0D[LPLQXV7KUD[Q&KU$(J '%XVWH ODXUp GH 0D[LPLQ j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJXQH SDWqUH GDQVODPDLQGUXQVFHSWUHGDQVODJ615,61LFDHD $   FHW H[HPSODLUH  ,QpGLW 'XQNHOJUQH 3DWLQD VV ±



9DOHULDQ,Q&KU$(J '%XVWHUDGLpHW GUDSpGH9DOpULHQ,HUjGU56DUDSLVGHERXWGHIDFHODWrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH DXGHVVXV G XQ DXWHOHQIODPPpXQVFHSWUHGDQVODJ([6FKHQN>@  615,61LFDHDDG FHWH[HPSODLUH ,QpGLW0rPH FRLQ GH GURLW TXH 5HF *pQ S  61* Y $XORFN HW:HLVHU1LNDLD 6FKZDU]H3DWLQDVV ±



1,.20(',$&RPPRGXV&DHVDUQ&KU$( J  ' %XVWH GUDSp GH &RPPRGH &pVDU WrWH QXH DYHF FXLUDVVH HW SDOXGDPHQWXP j GU 5 ,VLV j OD YRLOH GHERXW j GUODWrWHFRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDUOHYHQW GDQV OHV PDLQV HW WHQXH DYHF OH SLHG J([ 0 0 'HXWVFKODQG>@>FROO5LJKHWWL@ &ROO0DEERWW 615,61LFRPHGLD FHWH[HPSODLUH /HHH[ FRQQX0rPHV FRLQV TXH 0DEERWW  %UDXQH 3DWLQD V ±



6HSWLPLXV 6HYHUXV    Q &KU $( *UR‰EURQ]H J '%XVWHUDGLpHWGUDSpGH6HSWLPH6pYqUHjGU5 %XVWHVDIIURQWpVGH6DUDSLVFRLIIpGXFDODWKRVjJHWG ,VLV FRLIIpH GX EDVLOHLRQ j GU([ $XFWLRQHV $*  >@   615,6 1LFRPHGLD    FHWH[HPSODLUH  ,QpGLW VV ±

*HWDDOV&DHVDUQ&KU$(.OHLQEURQ]HJ  ' 7rWH QXH GH *HWD j J 5 7DXUHDX $SLV "  DOODQW j GU 615,61LFDHDE FHWH[HPSODLUH ,QpGLW *UQH3D WLQDVV ±

*HWD DOV $XJXVWXV    Q &KU $( *UR‰EURQ]H J '7rWHODXUpHGH*HWDjGU56DUDSLVGHERXWGH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH DXGHVVXV G XQ DXWHO HQIODPPp XQ VFHSWUH GDQV OD J0 0 'HXWVFKODQG     H[ FROO 5LJKHWWL  615,6 1LFDHDDD FHWH[HPSODLUH /HHH[FRQQX %UDXQH 3DWLQD9V'UXFNVWHOOHQVV ±



0DFULQXV    Q&KU $( *UR‰EURQ]H J  ' 7rWHODXUpHGH0DFULQjGU56DUDSLVGHERXWGHIDFHODWrWH FRLIIpH G XQ FDODWKRV j J GHV pSLV GDQV OD PDLQ GU XQ VFHSWUH GDQV OD J,QpGLW 'XQNHOJUQH 3DWLQD 5V 3Ul JHVFKZlFKHQIDVWY] ±



6HYHUXV$OH[DQGHUQ&KU$(J '%XVWH ODXUpGH6pYqUH$OH[DQGUHjGUDYHFFXLUDVVHHWSDOXGDPHQ WXP &WP FLUFXODLUH  WrWH G HPSHUHXU "  j GU +RZJHJR VT  5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGX DXGHVVXV GH &HUEqUH DVVLV j VHV SLHGV7HNLQ  FRUU Q\PSKH YXH DX UHYHUV G DSUqV OH W\SH GH UHYHUV GH :HLVHU 1LNDLD    615,6 1LFDHD    FHW H[HPSODLUH  /H H H[ FRQQX *UQH 3DWLQDVV ±



5g0,6&+(3529,1=,$/35b*81*(1



0DFULQXVQ&KU$(J '%XVWHGUDSpHW ODXUpGH0DFULQjGU56DUDSLVGHERXWGHIDFHODWrWHFRLI IpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J615,6 1LFRPHGLD    FHW H[HPSODLUH  ,Qp GLW %UDXQVFKZDU]H3DWLQDVV ±



6HYHUXV $OH[DQGHU    Q &KU $( .OHLQEURQ]H J '7rWHODXUpHGH6pYqUH$OH[DQGUHjGU56DUDSLV GHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJODPDLQGU OHYpH XQ VFHSWUH GDQV OD J615,6 1LFRPHGLD $  FHW H[HPSODLUH ,QpGLW *UQH3DWLQDVV ±



+HUHQQLD(WUXVFLOODQ&KU$(J '%XVWH GUDSpHWGLDGpPpG +HUHQQLD(WUXVFLOODjGUXQFURLVVDQWGH OXQH GHUULqUH OHV pSDXOHV 5 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpHG XQFDODWKRVjJODPDLQGUOHYpHXQVFHSWUHGDQV OD J([ $XFWLRQHV $*  >@   53& ,;   615,61LFRPHGLD FHWH[HPSODLUH / XQLTXHH[HP SODLUHFRQQX VV ±



3586$0D[LPLQXV7KUD[Q&KU$(J  ' %XVWH ODXUp GH 0D[LPLQ j GU DYHF FXLUDVVH HW SDOXGD PHQWXP56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDOD WKRVjJODPDLQGUOHYpHXQVFHSWUHGDQVODJ([/LQGJUHQ ,, 5HF*pQSSO&,,61*/H\SROG, 615,63UXVDD FHWH[HPSODLUH /HHH[FRQ QX0rPHFRLQGHUHYHUVTXH5HF*pQS *UQH 3DWLQDVV ±

0<6,(1 



*(50( 7LWXV    Q &KU $( .OHLQEURQ]H J  ' 7rWH GH 7LWXV ODXUp j GU &WP  EDVLOHLRQ G ,VLV +RZ JHJR 57rWHGH'RPLWLHQODXUpjJ53&,,HW  615,6 6XSSO , *HUPH E   FHW H[HPSODLUH  /HH H[ FRQQX DYHF FHWWH WUqV UDUH FWP 6FKZDU]H 3DWLQD VV ±



+$'5,$1(,$ ,XOLD 'RPQD    Q &KU $( J '%XVWHGUDSpGH-XOLD'RPQDjGU56DUDSLVWU{ QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQJ OD GU WHQGXH DXGHVVXV GH &HUEqUH,QpGLW *UQH 3DWLQD VV ±

b2/,6 

$,*$,SVHXGRDXWRQRP$(.OHLQEURQ]HJ (QGH $QIDQJ-KQ&KU'%XVWHGUDSpG ,VLVFRLIIpHGXED VLOHLRQ j GU 5 +DUSRFUDWH GHERXW j JQXGHYDQWXQDXWHO HQIODPPpXQHFRUQXFRSLDGDQVODJODGUjODERXFKH61* 0QFKHQ   :LQWHUWKXU  615,6 $HJDH  6FKZDU]H3DWLQDY] ±



3VHXGRDXWRQRP $( .OHLQEURQ]H J  =HLW GHV *DOOLH QXV    Q &KU ' 7rWH G +pUDFOqV j GU OD SHDX GX OLRQGH1pPpHDXWRXUGXFRX5+DUSRFUDWHGHERXWGHIDFH ODWrWHjJQXSRUWDQWODPDLQGUjODERXFKHHWWHQDQWXQH FRUQXFRSLDGHODJOHSDQGHVDFKODP\VMHWpVXUOHEUDVJ 'HYDQW XQ DXWHO HQIODPPp61* &RS $HROLV/HVERV   61* Y $XORFN  615,6 $HJDH 0rPHV FRLQV TXH 61* &RS  HW 61* Y $XORFN  6FKZDU]H 3DWLQD VV ±



7LWXVXQG'RPLWLDQ$(.OHLQEURQ]HJ '7rWHODXUpH GH7LWXVjGUDIIURQWpHDXEXVWHGUDSpGH'RPLWLHQWrWHQXH jJ5,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQjJ XQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJ([*RUQ\ 0RVFK  >@   61* /H\SROG ,  53& ,,  615,6 $HJDH  7UqV UDUH 'XQNHOJUQH 3DWLQD VV ±



,XOLD 0DPDHD   Q &KU $( .OHLQEURQ]H J  ' %XVWH GUDSp HW GLDGpPp GH -XOLH 0DPPpH j GU 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOH GDQV OD J([ *RUQ\  0RVFK  >@   %0& 7URDV« S    .UDIW S D  615,6 $HJDH    FHWH[HPSODLUH  /HHH[ FRQQX0rPHVFRLQVTXH%0&S0rPHFRLQGHGURLW TXH.UDIWSEPRQQDLHGH7HPQRV  *UQH3DWLQD VV ±

5g0,6&+(3529,1=,$/35b*81*(1



.<0( 3VHXGRDXWRQRP $( J  =HLW GHV 9DOHULDQ Q&KU'%XVWHLPEHUEHGX6pQDWGUDSpjGU5 ,VLV j OD YRLOH GHERXW j GU VXU XQ QDYLUH OD WrWH FRLIIpH GX EDVLOHLRQ XQH YRLOH JRQIOpH SDU OH YHQW GDQV OHV PDLQV([ *LHVVHQHU0Q]KDQGOXQJ>@ %0&7URDV« S&ROO0F&OHDQ&ROO:HEHU 61*&RS$HROLV/HVERV.UDIWSSO 61*Y$XORFN61*7ELQJHQ615,6 .\PH FHWH[HPSODLUH 0rPHVFRLQVTXH&ROO:H EHU61*&RS.UDIWSHW61*7ELQ JHQ  0rPH FRLQ GH GURLW TXH &ROO 0F&OHDQ  61* Y $XORFN  HW 61* 7ELQJHQ /H VWUDWqJH $XU (OSLGpSKRURV ,XQLRU HVW DWWHVWp VRXV OH UqJQH GH 9DOp ULHQ ,HU %0& S   'XQNHOJUQH 3DWLQD VV ±



3VHXGRDXWRQRP $( .OHLQEURQ]H J     RGHU $QIDQJGHV-KV Q&KU'%XVWHGUDSpGH6DUDSLVjGU XQ FDODWKRV VXU OD WrWH5 $LJOH GHERXW j GU([ 0 0 'HXWVFKODQG  >@   %0& 7URDV« S   &ROO :HEHU   61* 0QFKHQ 7URDV/HVERV  615,67HPQXVD FHWH[HPSODLUH 5DUH0rPHVFRLQV TXH &ROO :HEHU  HW 61* 0QFKHQ  'XQNHOJUQH3DWLQDJXWHVVV ±

,21,(1



3VHXGRDXWRQRP $( .OHLQEURQ]H J  =HLW GHV *DOOLH QXV    Q &KU ' %XVWH GUDSp HW WRXUHOp GH .\Pq SHUVRQQLILpH j GU 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOHGDQVOD J%0& 7URDV« S   61* &RS $HROLV/HVERV   615,6 .\PH    FHW H[HPSODLUH  %UDXQJUQ JHIOHFNWH3DWLQDVV ±



3VHXGRDXWRQRP $( .OHLQEURQ]H J  =HLW GHV *DOOLH QXV    Q &KU 8Q VHFRQG H[HPSODLUH 6FKZDU]H 3DWLQDVV ±



3VHXGRDXWRQRP $( .OHLQEURQ]H J  =HLW GHV *DOOLH QXV    Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRVVXUODWrWH53URXHjGU%0&7URDVS SO ;;,,,  61* 0QFKHQ 7URDV/HVERV  615,6 .\PH0rPHFRLQGHUHYHUVTXH%0&SHW61* 0QFKHQ 'XQNHOJUQH3DWLQDVVY] ±



3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU' %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5$LJOH GHERXW j GU6HVWLQL 0XV +HG ,, S  615,6 .\PH    FHW H[HPSODLUH  7UqV UDUH 6FKZDU]H 3DWLQD VVY] ±



(3+(626 $( .OHLQEURQ]H J     Y &KU ' $EHLOOH GDQV XQH FRXURQQH GH ODXULHU 5 &HUIGHERXWjGU XQH OHWWUH LQGpWHUPLQpH GHYDQW OXL XQ IODPEHDX DX VHFRQG SODQXQEDVLOHLRQGDQVOHFKDPSVXSpULHXUJ615,6(SKH VXV FHWH[HPSODLUH ,QpGLW&RQWUDLUHPHQWjFHTXHO RQ D FUX SDUIRLV OD PRQQDLH 61* Y $XORFN  pPLVH DX[ PrPHVW\SHVQHSUpVHQWHSDVGHEDVLOHLRQDXUHYHUV3DUDLO OHXUV XQ PDJLVWUDW GX QRP GH 3RVLG{QLRV HVW FLWp SDU 5 0QVWHUEHUJS 9LHQQH LOQHV DJLWSDV QpFHVVDLUHPHQW GX PrPH SHUVRQQDJH 'XQNHOJUQH 3DWLQD VV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP5,VLVj OD YRLOH GHERXW j GU OD WrWH FRLIIpH GX EDVLOHLRQ XQH YRLOH JRQIOpHSDUOHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHGJOH SKDUH G $OH[DQGULH GHUULqUH HOOH615,6 (SKHVXV  D 53& 9,, 6XSSO >@   FHW H[HPSODLUH   )UDQNH1ROOp  HW   61* *ODVJRZ  53& 9,,  0rPHV FRLQV TXH 61* *ODVJRZ  0rPH FRLQ GH UHYHUV TXH )UDQNH1ROOp  5RWEUDXQH3DWLQDVVV ± 'H QRPEUHXVHV pPLVVLRQV G (SKqVH WpPRLJQHQW G XQH KRPRQRLD D\DQW OLp OD FLWp j $OH[DQGULH G (J\SWH DX ,,H HW VXUWRXW DX ,,,H VLqFOH DS -& $X UHYHUV GH SOXVLHXUV PRQQDLHVVRQWDLQVLUHSUpVHQWpV$UWpPLVG (SKqVHHW6DUDSLV G $OH[DQGULH &HWWH LFRQRJUDSKLH IDLW FODLUHPHQW DOOXVLRQ DX[UHODWLRQVpWURLWHVQRWDPPHQWFRPPHUFLDOHVHQWUHWHQXHV HQWUH OHV GHX[ JUDQGHV FLWpV TXH FpOqEUH XQ QRPEUH WUqV LPSRUWDQWGHIUDSSHVGXWHPSVGH0DUF$XUqOHHWVXUWRXWGH *RUGLHQ ,,, / LPDJH GH 6DUDSLV PDLV DXVVL G ,VLV +DUSRFUDWHHWPrPH$SLVHVWDLQVLXWLOLVpHSDUOHVPDJLVWUDWV G XQH FLWp TXL DYDLW DFFXHLOOL GqV OH ,,,H VLqFOH DY -& XQ WHPSOHDGpGLpDX[GLYLQLWpVLVLDTXHV 

5g0,6&+(3529,1=,$/35b*81*(1











*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP5+DU SRFUDWHQXGHERXWjJXQFDODWKRVVXUODWrWHXQHFRUQXFR SLDSRVpHVXUXQHFRORQQHGDQVODPDLQJODGUSRUWpHjOD ERXFKHXQSHWLWSHUVRQQDJHDVVLVGHYDQWOXL615,6(SKHVXV D   53& 9,, 6XSSO >@   FHW H[HP SODLUH  61* Y $XORFN    )UDQNH1ROOp   53& 9,,   0rPHV FRLQV TXH 61* Y $XORFN  *UQH3DWLQDV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH *RUGLHQ ,,, j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 %XVWHVGUDSpVHWDFFROpVGH6DUDSLVXQFDODWKRVVXUODWrWHHW G $UWpPLV(SKHVLDFRLIIpHG XQFDODWKRVjGU0rPHVFRLQV TXH)UDQNH1ROOp *UQH3DWLQDVV ±



*RUGLDQ ,,,    Q &KU $( *UR‰EURQ]H J  '%XVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGD PHQWXP5%XVWHVGUDSpVHWDFFROpVGH6DUDSLVXQFDODWKRV VXUODWrWHHWG $UWpPLV(SKHVLDFRLIIpHG XQFDODWKRVjGU 53& 9,, 6XSSO >@   FHW H[HPSODLUH LOO S 0rPHFRLQGHGURLWTXH)UDQNH1ROOp *UQH3D WLQDJXWHVVV ±



*RUGLDQ ,,,    Q &KU $( *UR‰EURQ]H J  '%XVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGD PHQWXP 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWHXQ VFHSWUHGDQVODPDLQJXQHILJXUHG $UWpPLV(SKHVLDGDQVOD GU &HUEqUH DVVLV j VHV SLHGV53& 9,, 6XSSO >@   FHW H[HPSODLUH 0rPHV FRLQV TXH )UDQNH1ROOp  *UQH3DWLQDVV ±



.2/23+21&DUDFDOODQ&KU$(J ' 7rWHODXUpHGH&DUDFDOODjGU56DUDSLVWU{QDQWjJXQFD ODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXVGH&HUEqUH%0&,RQLDS 0LOQH.ROR SKRQ D SO ;,,   615,6 &RORSKRQ    FHW H[HP SODLUH /HHH[FRQQX 6FKZDU]H3DWLQDVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP57\ FKq G (SKqVH GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j JXQHFRUQXFRSLDGDQVODPDLQJGDQVODGUXQHVWDWXHGH 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQGUOHYpHXQVFHSWUHGDQVODJ615,6(SKHVXVD 53& 9,, 6XSSO >@   FHW H[HPSODLUH   )UDQNH1ROOp 53&9,,  *UQH3D WLQDVV ±

*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP57DX UHDX $SLV DOODQW j GU XQ GLVTXH VRODLUH HQWUH OHV FRUQHV615,6(SKHVXVE 53&9,,6XSSO>@   FHW H[HPSODLUH   )UDQNH1ROOp    53& 9,,  *UQH3DWLQDVV ±

*RUGLDQ ,,,    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 (SKHVXV E   53& 9,, 6XSSO >@ FHWH[HPSODLUH  *UQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1





&DUDFDOODQ&KU$(J 'WrWHODXUpHGH &DUDFDOODjGU56DUDSLVWU{QDQWjJXQFDODWKRVVXUODWrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%0&,RQLDS 0LOQH.RORSKRQDSO ;,,   615,6 &RORSKRQ/HHH[FRQQX'XQNHOJUQH 3DWLQDVV ±



,XOLD'RPQDQ&KU$(.OHLQEURQ]HJ ' %XVWHGUDSpGH-XOLD'RPQDjGU5,VLVGHERXWGHIDFHOD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQVODPDLQGUXQ ORQJ VFHSWUH GDQV OD J 'HYDQW HOOH XQ DXWHO,QpGLW 9V /RFKGXQNHOJUQH3DWLQDVV ±



6HYHUXV $OH[DQGHU    Q &KU $( .OHLQEURQ]H J '%XVWHODXUpGH6pYqUH$OH[DQGUHjGUDYHFFXL UDVVHHWSDOXGDPHQWXP5,VLVGHERXWGHIDFHODWrWHFRLIIpH GXEDVLOHLRQjJXQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQV ODJ%0&,RQLDS$ 6FKXOW] 61*&RS ,RQLD 6FKXOW] 615,60DJQHVLD FHW H[HPSODLUH  5DUH0rPHV FRLQV TXH 6FKXOW]  *UQH 3DWLQDJXWHVVV ±



*RUGLDQ,,,Q&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQ WXP 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HU EqUH615,6 0DJQHVLD  E  53& 9,, 6XSSO >@ 69,,$ LOO S   FHW H[HPSODLUH  8QL FXP 6FKZDU]H3DWLQDV ± 0rPHFRLQGHGURLWTXH6FKXOW]&HFRLQGHGURLWDpWp XWLOLVpDXQRPGHSOXVLHXUVPDJLVWUDWV$PDUDQWRV6FKXOW]   $WKpQRG{URV 6FKXOW]   3KLORXPpQRV 6FKXOW]  +HUPpU{WqV6FKXOW] 'pPpDV6FKXOW] /H W\SH GH 6DUDSLV WU{QDQW HVW pJDOHPHQW FRQQX SRXU XQH PRQQDLHDXQRPGH'pPRNUDWqV6FKXOW] 53&9,,  



*RUGLDQ,,,Q&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQ WXP56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVj JODPDLQGUOHYpHXQVFHSWUHGDQVODJ6FKXOW] 53& 9,, RQOLQH  615,6 0DJQHVLD F /H H H[ FRQQX *UQH3DWLQDV ±

*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP56D UDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVOD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH0LOQH .ROR SKRQ D  61* /H\SROG ,,   53& 9,,   615,6&RORSKRQ 53&9,,6XSSO>@ FHW H[HPSODLUH  0rPHV FRLQV TXH 61* /H\SROG ,,  0rPH FRLQ GH UHYHUV TXH 0LOQH .RORSKRQ D 5DUH V ±



0$*1(6,$$00b$1'(5)DXVWLQD,,Q &KU $( .OHLQEURQ]H J  '%XVWH GUDSp GH )DXVWLQH 0LQHXUH j GU 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX ED VLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOH GDQV OD J6FKXOW]  0rPHV FRLQV TXH 6FKXOW]  /H H H[ FRQQX *UQH3DWLQDVV ±



0DUFXV $XUHOLXV    Q &KU $( *UR‰EURQ]H J     Q &KU ' %XVWH ODXUp HW FXLUDVVp GH 0DUF$XUqOHjGU56DUDSLVWU{QDQWjJXQFDODWKRVVXUOD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH8Q DXWUH H[ GDQV XQH FROO SULYpH FI 53& ,9 >WHPS@ ,QpGLW V ±



5g0,6&+(3529,1=,$/35b*81*(1







60<51$ 3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J =HLWGHV6HSWLPLXV6HYHUXVFLUFDQ&KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 3URXH VXU XQ GDXSKLQ([ 0 0 'HXWVFKODQG  >@  %0&,RQLDS.ORVHS;,HW;, 61* *ODVJRZ  615,6 6P\UQD D E  FHW H[HPSODLUH  %UDXQH3DWLQDVV ± 0rPHVFRLQVTXH.ORVHS;,SO6HUDSLV95 

3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J  =HLW GHV$OH[DQGHU6HYHUXVFLUFDQ&KU'%XVWHGUD Sp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 3URXH%0& ,RQLD S   61* Y $XORFN   .ORVH S ;, HW ;, 615,6 6P\UQD E E  FHW H[HP SODLUH  *UQH3DWLQDVV ± 0rPHVFRLQVTXH.ORVHS;,SO6HUDSLV95 



$17,2&+,$ $' 0$($1'580 3VHXGRDXWRQRP $( .OHLQEURQ]HJ (QGH$QIDQJ-KQ&KU'%XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5,VLVGHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQGUXQHVLWXOHGDQVODJ,QpGLW" 'XQNHOJUQH3DWLQD VVV ±



3VHXGRDXWRQRP $( .OHLQEURQ]H J  8Q VHFRQG H[HPSODLUH,QpGLW" 'XQNHOJUQH3DWLQDVVV ± /HFODVVHPHQWSURSRVpGHFHVGHX[PRQQDLHVj$QWLRFKHGX 0pDQGUHWLHQWjODIUpTXHQFHGHODFRPELQDLVRQGHVW\SHVGH 6DUDSLVHW,VLVGDQVOHQRUGGHOD&DULH



$3+52',6,$6 SVHXGRDXWRQRP $( .OHLQEURQ]H J  =HLWGHV6HSWLPLXV6HYHUXVFLUFDQ&KU'%XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5,VLVGHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOH GDQV OD J XQ FURLVVDQW GHUULqUH OHV pSDXOHV%0& &DULD S  615,6 $SKURGLVLDV E 6FKZDU]H3DWLQDVV ±



+(5$./(,$SVHXGRDXWRQRPH3UlJXQJ$(J    -K Y &KU ' %XVWH LPEHUEH GLDGpPp HW GUDSp GX 'qPRVjJ56DUDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HU EqUH([ /LQGJUHQ ,,,   bJ\SWHQ ]XU 5|PHU]HLW S  615,6 +HUDFOHD    FHW H[HPSODLUH  5DUH 6FKZDU]H3DWLQDVV ±

3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J  ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 3URXH   &093>1$,"1@  61* &RS ,R QLD   .ORVH S ;, 615,6 6P\UQD E F FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVV ± 0rPHV FRLQV TXH .ORVH S ;, SO  6HUDSLV 95 



3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J  =HLW GHV 6HYHUXV $OH[DQGHU FLUFD    Q &KU 8Q VHFRQG H[HPSODLUH615,6 6P\UQD E F  FHW H[HP SODLUH  6FKZDU]H3DWLQDVVV ±



7(26 SVHXGRDXWRQRPH 3UlJXQJ XQWHU GHP 6WUDWHJHQ $XUHOLRV $UWHPLGRURV $( .OHLQEURQ]H J  =HLW GHV 3KLOLSSXV  , XQG GHV 'HFLXV FLUFD    Q &KU ' %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5$V FOpSLRVGHERXWGHIDFHODWrWHjJXQVHUSHQWHQURXOpDXWRXU G XQ EDWRQ GDQV OD PDLQ GU61* &RS ,RQLD  FRUU 615,6 7HRV H   FHW H[HPSODLUH  /H H H[ FRQ QX 'XQNHOJUQH3DWLQDVV ± 0rPHV FRLQV TXH 61* &RS  /H QRP GX VWUDWqJH $XUpOLRV $UWpPLGRURV DSSDUDvW VXU GHV PRQQDLHV j O HIILJLH GH3KLOLSSH,HUHWGH7UDMDQ'qFH



.$5,(1

5g0,6&+(3529,1=,$/35b*81*(1

WKRVVXUODWrWH5,VLVGHERXWGHIDFHODWrWHFRLIIpHGXED VLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOH GDQV OD J%0&/\GLDS61*$XORFN61**ODV JRZ615,67K\DWLUD *UQH3DWLQDVV ±









SVHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J  ' %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOHGDQVODJXQFURLVVDQWGHOXQH GHUULqUHOHVpSDXOHV%0&&DULDS61*&RS &DULD   61* Y $XORFN   :LQWHUWKXU  615,6+HUDFOHD +HOOEUDXQH3DWLQDVVV ±

,$626 0DUF $XUHO    Q &KU $( J  ' EXVWH ODXUp GH 0DUF $XUqOH j GU DYHF FXLUDVVH HW SDOXGD PHQWXP5,VLVjODYRLOHGHERXWjJXQHYRLOHJRQIOpHSDU OHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHGGU615,6,DVXV " $ FHWH[HPSODLUH ,QpGLW 6FKZDU]EUDXQH3DWLQD VVV ± 9JO53&RQOLQHWHPS =XZHLVXQJXQVLFKHU

5+2'26 3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]H J  &LUFD    Q &KU ' %XVWH GUDSp HW UDGLp G +pOLRV jGUXQHpWRLOHVRXVOHPHQWRQ5EXVWHGUDSpGH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& &DULD S 61**ODVJRZ615,65KRGXVD FHWH[HPSODLUH  3DWLQDV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@



%$*(,6SVHXGRDXWRQRP$(.OHLQEURQ]HJ  -KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH5,VLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJ XQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJXQFURLVVDQW GHOXQHGHUULqUHOHVpSDXOHV%0&/\GLDS/LQGJUHQ ,,615,6%DJLV FHWH[HPSODLUH  *UQH3DWL QDVV ± 3URYHQLHQ]([+LUVFK>@



SVHXGRDXWRQRP $( .OHLQEURQ]H J  8Q VHFRQG H[HPSODLUH615,6 %DJLV    FHW H[HPSODLUH   0rPHV FRLQVTXH/LQGJUHQ,, *UQH3DWLQDVV ±



'$/',63VHXGRDXWRQRP$(.OHLQEURQ]HJ  -KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH 5 ;RDQRQ GH .RUq HQWUH XQ pSL GH EOp HW XQ SD YRW%0& /\GLD S  615,6 'DOGLV    FHW H[HP SODLUH /HHH[FRQQX %UDXQH3DWLQDVV ± 3URYHQLHQ]([-DFTXLHU>@



&DUDFDOODQ&KU$(*UR‰EURQ]HJ &LU FD    Q &KU 0DJLVWUDW $UWHPLGRURV /DQRV  %UJHUPHLVWHU ' %XVWH FXLUDVVp HW ODXUpGH&DUDFDOODjGU 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH615,6 'DOGLV FHWH[HPSODLUH ,QpGLW 'XQNHOJUQH3DWLQD JXWHVVV ±

3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]HJ &LUFD    Q &KU ' %XVWH GUDSp HW UDGLp G +pOLRV j GU 5 %XVWH GUDSp HW UDGLp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0&&DULDS61*Y$XORFNHW   61* .HFNPDQ ,   61* *ODVJRZ   615,65KRGXVE FHWH[HPSODLUH  V ±

/<',(1 

$.5$626SVHXGRDXWRQRP$(.OHLQEURQ]HJ &LU FDQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDOD 

5g0,6&+(3529,1=,$/35b*81*(1













3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU8Q GHX[LqPHH[HPSODLUH 6FKZDU]H3DWLQDVV ±



3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU8Q WURLVLqPHH[HPSODLUH *UQH3DWLQDV ±



3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU' %XVWH LPEHUEH G +pUDFOqV jGUXQHPDVVXHGHUULqUHOHFRX 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQVODPDLQGUXQHVLWXOHGDQVODJ%0&/\GLDS 615,66DLWWD FHWH[HPSODLUH  *UQH3DWL QD5V3UlJHVFKZlFKHVV ±



3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU8Q VHFRQG H[HPSODLUH615,6 6DLWWD    FHW H[HP SODLUH  6FKZDU]H3DWLQDVVV ± 3URYHQLHQ]([.QNHU>@



7+<$7(,5$ 3VHXGRDXWRQRP $( J  &LUFD   Q&KUXQWHUGHP0DJLVWUDW0RVFKLRV'%XVWHGUDSp GH6DUDSLVjGUXQFDODWKRVVXUODWrWH56HUSHQWGUHVVpHW HQURXOp VXU OXLPrPH OD WrWH j J%0& /\GLD S  615,6 7K\DWLUD    FHW H[HPSODLUH  /H H H[ FRQ QX 9VSDUWLHOOOHLFKWU|WOLFKV ±

+(502.$3(/,$ 3VHXGRDXWRQRPH 3UlJXQJ $( J &LUFDQ&KU'%XVWHGUDSpHWLPEHUEHGX 6pQDWjGU56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFD ODWKRV j J XQH SDWqUH GDQV OD PDLQ GU XQ VFHSWUH GDQV OD J%0& /\GLD S   61* 0QFKHQ /\GLHQ  615,6+HUPRFDSHOLD FHWH[HPSODLUH 0rPHVFRLQV TXH%0&S  ± 3URYHQLHQ] ([ 0 0 'HXWVFKODQG     6DPPOXQJ5LJKHWWL 

3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]HJ &LUFD    Q &KU 8Q VHFRQG H[HPSODLUH *UQH 3DWLQD VV ±

3+,/$'(/3+,$ SVHXGRDXWRQRP $( .OHLQEURQ]H J &LUFDQ&KU'%XVWHGUDSpGH6DUDSLVj JXQFDODWKRVVXUODWrWH5,VLVGHERXWGHIDFHODWrWHFRLI IpH G XQ FDODWKRV j J XQ VLVWUH GDQV OD PDLQ GU XQHVLWXOH GDQVODJ,PKRRI%OXPHU*U0S615,63KLOD GHOSKLD5DUH 6FKZDU]H3DWLQDV ±

6$,77$3VHXGRDXWRQRP$(J '%XVWHGUDSpGH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 7\FKq GHERXW GH IDFHODWrWHFRLIIpG XQFDODWKRVjJXQHFRUQHG DERQGDQFH GDQV OD PDLQ J XQ JRXYHUQDLO GDQV OD GU%0& /\GLD S   /LQGJUHQ ,,,   61* /H\SROG ,  615,6 6DLWWD    FHW H[HPSODLUH  0rPH FRLQ GH GURLW TXH /LQGJUHQ,,, 6FKZDU]H3DWLQDV ±

5g0,6&+(3529,1=,$/35b*81*(1



3VHXGRDXWRQRP$(J &LUFDQ&KUXQ WHUGHP0DJLVWUDW0RVFKLRV'%XVWHGUDSpGH6DUDSLVjGU XQFDODWKRVVXUODWrWH56pOpQp+pFDWHPDUFKDQWjGUXQ FURLVVDQWGHUULqUHOHVpSDXOHVWHQDQWXQHWRUFKHDOOXPpHGDQV FKDTXHPDLQ,QpGLW 'XQNHOJUQH3DWLQDVV ±



3VHXGRDXWRQRP$(J Q&KUXQWHUGHP 6WUDWHJHQ7LWXV$XUHOLXV%DUEDURV'%XVWHGUDSpGH6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 $WKpQD (QRSORV GHERXW GH IDFH OD WrWH FDVTXpH j J XQH ODQFH HW XQ ERXFOLHU SRVp j WHUUHGDQVODPDLQJXQHSDWqUHGDQVODGU:LQWHUWKXU 615,6 7K\DWLUD    FHW H[HPSODLUH  /H H H[ FRQ QX 6FKZDU]H3DWLQDV ±





75$//(,6 $QWRQLQXV 3LXV    Q &KU $( *UR‰EURQ]HJ 8QWHUGHP0DJLVWUDW3XEOLXV'7rWH ODXUpHG $QWRQLQjGU56DUDSLVWU{QDQWjJXQFDODWKRVVXU ODWrWHXQVFHSWUHGDQVODPDLQJODGUWHQGXHDXGHVVXVGH &HUEqUH61* 0QFKHQ /\GLHQ  YDU OpJ  VDQV FWP  615,6 7UDOOHV E   FHW H[HPSODLUH  ,QpGLW VDQV FWP *UQVFKZDU]H3DWLQDV ±



*RUGLDQ,,,Q&KU$(J '%XVWHODXUp GH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP5,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUH GDQVODPDLQGUXQHVLWXOHGDQVODJ615,67UDOOHV 53&9,,6XSSO>@ FHWH[HPSODLUH  6FKZDU]H 3DWLQDV ±



75,32/,6 3VHXGRDXWRQRP $( .OHLQEURQ]H J   -KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH5,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQjJ XQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJ%0&/\GLD S   61* &RS   61* Y $XORFN  615,6 7ULSROLV    FHW H[HPSODLUH  *UQH 3DWLQD V ± 3URYHQLHQ]([0 0'HXWVFKODQG>@

3VHXGRDXWRQRP$(J &LUFDQ&KUXQWHU GHP 6WUDWHJHQ 7LWXV $XUHOLXV %DUEDURV ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWHFWPFLUFXODLUHEXVWH ODXUp j GU >+RZJHJR   &DUDFDOOD "@ 5 $WKpQD (QRSORV GHERXWGHIDFHODWrWHFDVTXpHjJXQHODQFHHWXQERXFOLHU SRVpjWHUUHGDQVODPDLQJXQHSDWqUHGDQVODGU/HHH[ FRQQX 0DLV LQpGLW DYHF FHWWH FWP 0rPHV FRLQV TXH TXH :LQWHUWKXU 6FKZDU]H3DWLQDV ±

3+5<*,(1 

3VHXGRDXWRQRP $( .OHLQEURQ]H J  &LUFD  Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQjJ XQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJ%0&/\GLD S   61* $XORFN   61* *ODVJRZ  615,67K\DWLUD 6FKZDU]H3DWLQDV ±



$,=$12, 3VHXGRDXWRQRP $( .OHLQEURQ]H J   -KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH 5 $LJOH GHERXW j GU OD WrWH j J%0& 3KU\JLD S   61* &RS 3KU\JLD   61* Y $XORFN  HW   61* 7ELQJHQ  615,6 $H]DQLV    FHW H[HPSODLUH  'XQNHOJUQH3DWLQDV ± 

5g0,6&+(3529,1=,$/35b*81*(1













3VHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU' %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5$LJOH DX[DLOHVpSOR\pHVGHERXWjJODWrWHjGU%0&3KU\JLDS   61* )LW]ZLOOLDP   61* &RS 3KU\JLD  615,6$H]DQLVD FHWH[HPSODLUH  'XQNHOJUQH3D WLQDVVV ±

$025,213VHXGRDXWRQRPH3UlJXQJ$(J -K Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQjJ XQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJ:DGG 61* Y $XORFN  615,6 $PRULXP    FHW H[HP SODLUH 7UqVUDUH 6FKZDU]H3DWLQDVVV ±



$32//2126+,(521 3VHXGRDXWRQRPH 3UlJXQJ $( J -KQ&KU'%XVWHGUDSpHWLPEHUEHGX6p QDWjGU56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDOD WKRVjGUODPDLQGUDXGHVVXVGH&HUEqUHXQVFHSWUHGDQV ODJ%0&3KU\JLDS:LQWHUWKXU615,6$SRO ORQRVLHURQD FHWH[HPSODLUH 5DUH 6DQGLJH3DWLQD V ±



3VHXGRDXWRQRPH3UlJXQJ$(J &LUFDQ &KU XQWHU GHP 0DJLVWUDW )ODYLXV $XUHOLXV ,OXV ' %XVWH GUDSpHWLPEHUEHGX6pQDWjGU56DUDSLVGHERXWGHIDFHOD WrWHFRLIIpHG XQFDODWKRVjGUODPDLQGUDXGHVVXVGH&HU EqUH XQ VFHSWUH GDQV OD J,PKRRI%OXPHU /\GLVFKH 6WlGWPQ]HQ S  SO ,,,   :LQWHUWKXU    61* 5LJKHWWL 615,6$SROORQRVLHURQE FHWH[HP SODLUH 5DUH)ODYLXV$XUpOLXV,OXVDpWpPDJLVWUDWDXPRLQV VRXV &DUDFDOOD %0& 3KU\JLD S   *UQH 3DWLQD VV ± 3URYHQLHQ]([-DFTXLHU>@



+RVWLOLDQQ&KU$(J '%XVWHG +RVWLOLHQWrWH QXHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP56DUDSLVGHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j GU OD PDLQ GU DXGHVVXVGH&HUEqUHXQVFHSWUHGDQVODJ%0&3KU\JLDS   61* 0QFKHQ 3KU\JLHQ  615,6 $SROORQRVLH URQ FHWH[HPSODLUH 5DUH *UQH3DWLQDVVV ±



%5,$3VHXGRDXWRQRPH3UlJXQJ$(J -KQ &KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX EDVLOHLRQ j J XQ VLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJXQFURLVVDQWGHU ULqUHOHVpSDXOHV$XORFN3KU\JLHQV615,6%ULD E7UqVUDUH *UQH3DWLQDV ±

$3$0(,$3VHXGRDXWRQRPH3UlJXQJ$(J -K Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 'LHXIOHXYH 0DUV\DV DOORQJp j GU V DSSX\DQW GX EUDV GU VXU XQH XUQH UHQYHUVpH HW WHQDQW GH OD J XQ JUDQG URVHDX%0&3KU\JLDS615,6$SDPHD/HH H[FRQQX *UQH3DWLQDVVV ±

3VHXGRDXWRQRP =HLW GHV &RPPRGXV $( .OHLQEURQ]H J  ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 'LHXIOHXYH 0DUV\DV DVVLV VXU XQ URFKHU j GU HW MRXDQW GH OD GRXEOHIO€WH%0& 3KU\JLD S  615,6 $SDPHD/HHH[FRQQX 6FKZDU]H3DWLQDVV ± 3URYHQLHQ]([*RUQ\ 0RVFK>@

3VHXGRDXWRQRP =HLW GHV &RPPRGXV $( .OHLQEURQ]H J 8QVHFRQGH[HPSODLUH/HHH[FRQQX *UQH3D WLQDJXWHVVV ±

5g0,6&+(3529,1=,$/35b*81*(1











%58=263VHXGRDXWRQRPH3UlJXQJ$(J $QIDQJ -KY&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXU OD WrWH 5 =HXV WU{QDQW j JXQVFHSWUHGDQVODPDLQJXQ JOREH GDQV OD GU615,6 %UX]XV    FHW H[HPSODLUH  ,QpGLW 6FKZDU]H3DWLQDVVV ±



SVHXGRDXWRQRP $( J     -K Y &KU 8Q GHX [LqPHH[HPSODLUH 'XQNHOJUQH3DWLQDVV ±

'2.,0(,21 3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQ EURQ]HJ -KQ&KU'%XVWHGUDSpGH6DUDSLVj GUXQFDODWKRVVXUODWrWH5,VLVGHERXWjJFRLIIpHGXED VLOHLRQ WHQDQW VLVWUH HW VLWXOH61* &RS 3KU\JLD  615,6'RFLPHXP5DUH 'XQNHOJUQH3DWLQDVV ±



3VHXGRDXWRQRPH 3UlJXQJ $( J     -K Q &KU 8QWURLVLqPHH[HPSODLUH 'XQNHOJUQH3DWLQDVVV ±



3VHXGRDXWRQRPH 3UlJXQJ $( J     -K Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 ,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQjJXQVLVWUH GDQV OD PDLQ GU XQH VLWXOH GDQV OD J%0& 3KU\JLD S 61*&RS3KU\JLD61*Y$XORFN /LQGJUHQ,,,$D615,6+LHUDSROLV FHWH[HPSODLUH  'XQNHOJUQH3DWLQDVVV ±



3VHXGRDXWRQRP $( J     -K Q &KU 9DULDQWH OpJ 'XQNHOJUQH3DWLQDV ±



+<5*$/(,6 $( .OHLQEURQ]H J   Q &KU -DKU  GHU 6WDGWlUD  ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 +HUPqV GHERXW j J WHQDQW XQH ERXUVH GH OD GU HW XQ FDGXFpH GH OD J%0& 3KU\JLD S $XORFN3KU\JLHQV615,6+\UJDOHLV 5DUH 'XQNHOJUQH3DWLQDVV ±

(80(1(,$ SVHXGRDXWRQRPH 3UlJXQJ $( J   +lOIWH-KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDOD WKRVVXUODWrWH5/HIOHXYH*ODXNRVFRXFKpjJWHQDQWGHX[ pSLVXQSDYRWHWXQUDPHDXHWV DSSX\DQWVXUXQHXUQHUHQ YHUVpHG RV pFKDSSHQWVHVHDX[HWWURLVSRLVVRQV61*&RS 3KU\JLD  615,6 (XPHQHLD  /H H H[ FRQ QX *UQH3DWLQDVV ±

+,(5$32/,63VHXGRDXWRQRPH3UlJXQJ$(J  -KQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRV VXU OD WrWH 5 =HXV GHERXW GH IDFH OD WrWH j J XQH SDWqUH GDQV OD PDLQ GU XQ VFHSWUH GDQV OD J61* &RS 3KU\JLD   61* /HZLV  615,6 +LHUDSROLV    FHW H[HPSODLUH  'XQNHOJUQH3DWLQDV ±

3VHXGRDXWRQRPH 3UlJXQJ $( J     -K Y &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH 5 =HXVGHERXWGHIDFHODWrWHjJXQDLJOHGDQVODPDLQGUXQ VFHSWUH GDQV OD J%0& S   61* &RS 3KU\JLD 615,6+LHUDSROLV 6FKZDU]H3DWLQDVV ±



5g0,6&+(3529,1=,$/35b*81*(1

YDQW OH FRX 5 %DVLOHLRQ HQWUH GHV VHUSHQWV DXGHVVXV G XQ DXWHO,PKRRI%OXPHU0*US%0&3KU\JLDS   61* *ODVJRZ  615,6 /DRGLFHD D  FHWH[HPSODLUH  6FKZDU]H3DWLQDV ±













.,%<5$ 3VHXGRDXWRQRPH 3UlJXQJ $( J    Q&KU'7rWHODXUpHHWLPEHUEHGX'qPRVjGU56D UDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVOD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%0& 3KU\JLD S   61* 0QFKHQ 3KU\JLHQ   61* .HFNPDQ ,,:LQWHUWKXU615,6&LE\UD FHWH[HP SODLUH  6FKZDU]H3DWLQDVV ±

.2/266$,SVHXGRDXWRQRP$(J +lOIWH-K Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH5,VLVGHERXWGHIDFHFRLIIpHGXEDVLOHLRQWHQDQWVLVWUH HWVLWXOH61*&RS3KU\JLD%0&3KU\JLDS YRQ $XORFN 3KU\JLHQV   615,6 &RORVVDH  'XQNHOJUQH3DWLQDY] ± 3URYHQLHQ]([5DXFK>@



SVHXGRDXWRQRP $( .OHLQEURQ]H J  ' %XVWH GUDSp GH6DUDSLVjGUXQFDODWKRVVXUODWrWH5$LJOHGHERXWGH IDFH OD WrWH j GU OHV DLOHV pSOR\pHV%0& 3KU\JLD S 61*&RS3KU\JLD61*Y$XO 615,6/DRGLFHD FHWH[HPSODLUH  6FKZDU]H3DWLQD VVY] ±



$QWRQLQXV3LXVQ&KU$(J &LUFD Q&KUXQWHUGHP0DJLVWUDW3$HOLXV'LRQ\VLXV6DEL QLDQXV'7rWHODXUpG $QWRQLQjGU56DUDSLVWU{QDQWjJ XQFDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQJODGUWHQ GXHDXGHVVXVGH&HUEqUH%0&3KU\JLDS61* &RS3KU\JLD615,6/DRGLFHD 6FKZDU]H3DWLQD JXWHVVV ±



67(.725,213VHXGRDXWRQRP$(.OHLQEURQ]HJ  &LUFDQ&KU'%XVWHGUDSpGH6DUDSLVjGUXQ FDODWKRV VXU OD WrWH 5 'HX[ pWRLOHV j VL[ EUDQFKHVGDQVXQ FURLVVDQW GH OXQH SODFp VXU XQ EXFUkQH%0& 3KU\JLD S /LQGJUHQ,,$%615,66WHFWRULXP FHW H[HPSODLUH 5DUH 6FKZDU]H3DWLQDY] ±



7(0(127+<5$, 6DORQLQXV    Q &KU $( *UR‰EURQ]H J  8QWHU GHP $UFKLHUHXV 7LWDQLRV ' %XVWH ODXUp GH 6DORQLQ GUDSp HW FXLUDVVp j GU 5 6DUDSLV GHERXWjJFRLIIpGXFDODWKRVODPDLQGUOHYpHXQVFHSWUH GDQV OD J%0& 3KU\JLD S   61* $XORFN  615,67HPHQRWK\UDH5DUH *XWHVVV ± 3URYHQLHQ]([*RUQ\ 0RVFK>@

/$2',.(,$ 3VHXGRDXWRQRPH 3UlJXQJ $( J   Q&KU -DKUGHU6WDGWlUD '%XVWHGUDSpGH 6DUDSLVjGUXQFDODWKRVVXUODWrWH5=HXVGHERXWGHIDFH OD WrWH j J XQ DLJOH GDQV OD PDLQ GUXQVFHSWUHGDQVODJ %0& 3KU\JLD S  615,6 /DRGLFHD    FHW H[HPSODLUH /HHH[FRQQX 'XQNHOJUQH3DWLQDVV ±

3VHXGRDXWRQRPH 3UlJXQJ $( J   -K Q &KU ' %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5&RU QXFRSLD%0& 3KU\JLD S   61* &RS 3KU\JLD   61* Y $XO   /LQGJUHQ ,, $$  61* 0QFKHQ 3KU\JLHQ  615,6 /DRGLFHD    FHW H[HPSODLUH  6FKZDU]H3DWLQDV ±

3VHXGRDXWRQRPH 3UlJXQJ $( .OHLQEURQ]HJ &LUFD Q&KU'7rWHODXUpHG $SROORQjGUXQHO\UHGH

5g0,6&+(3529,1=,$/35b*81*(1





7+(0,621,21 SVHXGRDXWRQRP $( .OHLQEURQ]H J   -K Q &KU ' %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRVVXUODWrWH5'LRQ\VRVQXGHERXWGHIDFHODWrWHj J XQ FDQWKDUH GDQV OD PDLQ GU XQ WK\UVH GDQV OD J XQH SDQWKqUH j VHV SLHGV:DGG   %0& 3KU\JLD S   61* 0QFKHQ 3KU\JLHQ   /LQGJUHQ ,,  615,6 7KHPLVRQLXP    FHW H[HPSODLUH  6DQGLJH JUQH3DWLQDVV ± 3URYHQLHQ]([*LHVVHQHU0Q]KDQGOXQJ>@



*RUGLDQ,,,Q&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQ WXP &WP FLUFXODLUH  DLJOH DX[ DLOHV pSOR\pHV +RZJHJR  56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQVODJXQDXWHOjVHV SLHGV([/LQGJUHQ,, %ULFDXOWVpULHD61* )UDQFH    61* 5LJKHWWL   61* 3I3V   615,6 $VSHQGXV    FHW H[HPSODLUH  7UqV UDUH %UDXQH3DWLQDV ±



3KLOLSSXV ,    Q &KU $( *UR‰EURQ]H J  '%XVWHODXUpGH3KLOLSSH,HUjGUDYHFFXLUDVVHHWSDOXGD PHQWXP 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWHXQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HU EqUH%ULFDXOW  VpULH  F %0& /\FLD« S D 615,6 $VSHQGXV    FHW H[HPSODLUH  /H H H[ FRQ QX %UDXQH3DWLQDVVV ±



7UDLDQXV 'HFLXV    Q &KU $( J  ' %XVWH ODXUpGUDSpHWFXLUDVVpGH7UDMDQ'qFHjGU56DUDSLVGH ERXW j J FRLIIp GX FDODWKRV OD PDLQ GU OHYpH XQ VFHSWUH GDQVODPDLQJ%ULFDXOWVpULHF53&,;/H HH[FRQQX %UDXQJUQH3DWLQDV ±



7UHERQLDQXV *DOOXV    Q &KU $( *UR‰EURQ]H J '%XVWHODXUpGH7UpERQLHQ*DOOHjGUDYHFFXL UDVVH HW SDOXGDPHQWXP 5 6DUDSLV WU{QDQW j JXQFDODWKRV VXUODWrWHXQVFHSWUHGDQVODPDLQJODGUWHQGXDXGHVVXV GH&HUEqUHDVVLVjVHVSLHGV%ULFDXOWVpULHF61* 3I3V53&,;/HHH[FRQQX *UQH3DWLQD V ±

3VHXGRDXWRQRPH3UlJXQJ$(.OHLQEURQ]HJ -K Q&KU8QGHX[LqPHH[HPSODLUH 6FKZDU]H3DWLQDV ±



SVHXGRDXWRQRP$(.OHLQEURQ]HJ -KQ&KU8Q WURLVLqPH H[HPSODLUH0rPH FRLQ GH /LQGJUHQ ,,  *UQH3DWLQD9V.UDW]HUVVY] ±



7,%(5,232/,6 3VHXGRDXWRQRPH 3UlJXQJ =HLW GHV 7UDLDQ $( .OHLQEURQ]H J   Q&KU'%XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH5&HUYLGpDO ODQW j GU%0& 3KU\JLD S    $XORFN 3KU\JLHQV ,,   53& ,,,   /H H H[ FRQQX *UQH 3DWLQD VV ±

3$03+</,(1 

$63(1'26,XOLD6RDHPLDVQ&KU$(.OHLQ EURQ]H J  ' %XVWH GUDSp GH -XOLD 6RDHPLDV j GU 5 +DUSRFUDWHQXGHERXWjJFRLIIpGXSVFKHQWXQHFRUQXFRSLD GDQVODPDLQJODGUSRUWpHjODERXFKH%ULFDXOWVpULH  G 61* )UDQFH    61* 3I3V  615,6$V SHQGXV FHWH[HPSODLUH 5DUH *UQH3DWLQDV ±



5g0,6&+(3529,1=,$/35b*81*(1

GDPHQWXP XQ ,$ GHYDQW OXL 5 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQVODJ%ULFDXOWVpULHF,PKRRI%OXPHU.O0 S7UqVUDUH 'XQNHOJUQH3DWLQDVV ± 3URYHQLHQ]([&1*H$XFWLRQ>@











9ROXVLDQ    Q &KU $( J  ' %XVWH ODXUp GUDSp HW FXLUDVVp GH 9ROXVLHQ j GU 5 6DUDSLV GHERXW j J FRLIIpGXFDODWKRVODPDLQGUOHYpHDXGHVVXVG XQDXWHOHQ IODPPp WHQDQW OH VFHSWUH GH OD PDLQ J%ULFDXOW  VpULH D,QpGLW$EVHQWGX53&,; 6FKZDU]H3DWLQDV ±



6DORQLQD    Q &KU $( *UR‰EURQ]H J  ' %XVWHGUDSpHWGLDGpPpGH6DORQLQHjGUXQ,GHYDQWHOOH5 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQGUOHYpHXQVFHSWUHGDQVODJ%ULFDXOWVpULH D+HVSHULD$UW%XOOHWLQ 615,6$VSHQGXV  FHWH[HPSODLUH 7UqVUDUH 6FKZDU]H3DWLQDVV ±



$77$/(,$ 0DUFXV $XUHOLXV &DHVDU Q&KU $( .OHLQEURQ]H J  ' 7rWH QXH GH 0DUF $XUqOH j GU 5 %XVWH GUDSp GH 6DUDSLV jJXQFDODWKRVVXUODWrWH61* &RS /\FLD3DPSK\OLD   %D\GXU -1*  S   61* )UDQFH    61* 3I3V   615,6 $WWDOHLD    FHW H[HPSODLUH  'XQNHOJUQH 3DWLQDVV ±



0DUFXV $XUHOLXV &DHVDU    Q &KU $( .OHLQ EURQ]H J  8Q VHFRQG H[HPSODLUH615,6 $WWDOHLD   FHWH[HPSODLUH  *UQH3DWLQDV ±



&RPPRGXVQ&KU$(J '%XVWHODXUpHW GUDSpGH&RPPRGHjGU5%XVWHGUDSpGH6DUDSLVjJXQ FDODWKRVVXUODWrWH%0&/\FLD«S%D\GXU S61*)UDQFH615,6$WWDOHLD  FHWH[HPSODLUH  6FKZDU]H3DWLQDVV ±

9DOHULDQ,Q&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH9DOpULHQ,HUjGUDYHFFXLUDVVHHWSDOXGDPHQ WXP,$GHYDQWOXL56DUDSLVGHERXWGHIDFHODWrWHFRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J%ULFDXOWVpULHI%0&/\FLDS61* 3I3V    61* )UDQFH  Qƒ  615,6 $VSHQGXV E %UDXQH3DWLQD9V.RUURVLRQVVWHOOHQVVV ±

9DOHULDQ,Q&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH9DOpULHQ,HUjGUDYHFFXLUDVVHHWSDOXGDPHQ WXP+GHYDQWOXL56DUDSLVWU{QDQWjJXQFDODWKRVVXUOD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%ULFDXOW  VpULH  F 61* Y $XORFN   61* )UDQFH   615,6 $VSHQGXV    FHW H[HP SODLUH  %UDXQH3DWLQDVVV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@

9DOHULDQ ,, &DHVDU    Q &KU $( *UR‰EURQ]H J '%XVWHGH9DOpULHQ,,jGUDYHFFXLUDVVHHWSDOX

5g0,6&+(3529,1=,$/35b*81*(1

OXQHGHUULqUHOHVpSDXOHVXQ,GHYDQWHOOH56DUDSLVGHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV jJODPDLQGUOHYpH XQVFHSWUHGDQVODJ([/LQGJUHQ,, ,PKRRI%OXPHU .O0 S  615,6 3HUJD  E  FHW H[HP SODLUH  'XQNHOEUDXQH3DWLQDVV ±



0$*<'26 *DOOLHQXV    Q &KU $( J   Q &KU ' %XVWH UDGLp GH *DOOLHQ j GU DYHF FXLUDVVHHWSDOXGDPHQWXPXQ,GHYDQWOXL56DUDSLVGHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV jJODPDLQGUOHYpH XQ VFHSWUH GDQV OD J,QpGLW /H FKLIIUH  LQGLTXH XQH GDWH HQWUH  HW  DS -& FDU GHV PRQQDLHV GH 9DOpULHQ ,,  SRUWHQWODPrPHGRQQpHFKLIIUpH&RPPHLOH[LVWH pJDOHPHQW GHV PRQQDLHV PDUTXpHV GX QRPEUH  RQ GRLW VXSSRVHU TXH  FRUUHVSRQG SOXW{W j  RX  TX j  8QH PRQQDLH DX[ PrPHV W\SHV TXH FHOOH SUpVHQWpH LFL HVW FRQQXH DYHF OD GDWH 0$      FI 61* )UDQFH   *UQH3DWLQDVV ±



9DOHULDQ,,&DHVDUQ&KU$(J  Q &KU '%XVWHUDGLpGH9DOpULHQ,,jGUDYHFFXLUDVVHHW SDOXGDPHQWXP56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjJODPDLQGUOHYpHXQVFHSWUHGDQVODJ61*Y $XORFN61*3I3V615,60DJ\GXV7UqV UDUH %UDXQJUQH3DWLQDVVV ±



3(5*(3KLOLSS,Q&KU$(J '%XVWH ODXUpGH3KLOLSSH,,jGUVXUXQJOREHDYHFFXLUDVVHHWSDOX GDPHQWXP 5 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J,PKRRI%OXPHU.O0S61*Y$XORFN 61* 3I3V   615,6 3HUJD    FHW H[HPSODLUH  5DUH 6FKZDU]H3DWLQDVV ±



6DORQLQD    Q&KU $( *UR‰EURQ]H J  ' %XVWH GUDSp HW GLDGpPp GH 6DORQLQH j GU XQ FURLVVDQW GH

3,6,',(1 

$'$'$ 0DUF $XUHO    Q &KU $( .OHLQEURQ]H J '7rWHODXUpHGH0DUF$XUqOHjGU5%XVWHGUDSp GH6DUDSLVjGUXQFDODWKRVVXUODWrWH+Y$XORFN3LVLGLHQ ,615,6$GDGD *UQH3DWLQDVVV ±



&DUDFDOODQ&KU$(J '%XVWHODXUpGH &DUDFDOOD j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 6DUDSLV WU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH([ *RUQ\  0RVFK  >@   Y $XORFN 3LVLGLHQ ,  615,6 $GDGD    FHW H[HPSODLUH  %UDXQH 0HVVLQJSDWLQD V ±



,6,1'$6DORQLQDQ&KU$(J '%XVWH GUDSpHWGLDGpPpGH6DORQLQHjGU5,VLV" ODFWDQVWU{QDQW j GU GDQV XQ WHPSOH GLVW\OH OH SHWLW +DUSRFUDWH "  VXU OHV JHQRX[61*)UDQFH5DUH 6FKZDU]H3DWLQDV ±



.5(01$*RUGLDQ,,,Q&KU$(J ' ,03&$(60$172*25',$12EXVWHODXUpGH*RUGLHQ ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQWXP5&2/,9/$9* )(&5(01(*,VLF ,VLVGHERXWGHIDFHODWrWHFRLIIpHGX EDVLOHLRQ j J XQ VLVWUH GDQV OD PDLQ GU XQH VLWXOHGDQVOD J+ Y $XORFN 3LVLGLHQ ,,  615,6 &UHPQD  *UQH3DWLQD9V.UDW]HUVV ± 

5g0,6&+(3529,1=,$/35b*81*(1













6HYHUXV$OH[DQGHUQ&KU$(J '%XVWH ODXUpHWGUDSpG $OH[DQGUH6pYqUHjGU56DUDSLVWU{QDQWj JXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQJODGU WHQGXH DXGHVVXV GH &HUEqUH,QpGLW %UDXQH 3DWLQD JXWHV VV ± 3URYHQLHQ]([*RUQ\ 0RVFK>@



0D[LPXV &DHVDU    Q &KU $( .OHLQEURQ]H J '7rWHQXHGH0D[LPHjGU5+DUSRFUDWHQXGH ERXW j J XQ FDODWKRV VXU OD WrWH XQH FRUQXFRSLD GDQV OD PDLQJODGUSRUWpHjODERXFKH615,66DJDODVVXV FHWH[HPSODLUH ,QpGLW VV ± 3URYHQLHQ]([3HXV>@



9DOHULDQXVQ&KU$(*UR‰EURQ]HJ ' %XVWHODXUpGH9DOpULHQ,HUjGUDYHFFXLUDVVHHWSDOXGDPHQ WXP &WP FLUFXODLUH  DLJOH GHERXW GH IDFH OD WrWH j J XQH FRXURQQHGDQVOHEHF+RZJHJR 56DUDSLVGHERXWGH IDFH OD WrWHFRLIIpHG XQFDODWKRVjJODPDLQGUOHYpHXQ VFHSWUH GDQV OD J615,6 6DJDODVVXV  D  FHW H[HP SODLUH  ,QpGLW DYHF FHWWH FRPELQDLVRQ GH FRLQV HW GH PDUTXHPRQpWDLUH %UDXQH3DWLQDVV ±



&ODXGLXV *RWKLFXV    Q &KU $( *UR‰EURQ]H J '%XVWHODXUpGH&ODXGH,,jGUDYHFFXLUDVVHHW SDOXGDPHQWXPXQ,GHYDQWOXL&WPFLUFXODLUHDLJOHGHERXW GH IDFH OD WrWH j J XQH FRXURQQH GDQV OH EHF +RZJHJR   5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HU EqUH([ /LQGJUHQ ,,   3HXV  >@   61* )UDQFH   615,6 6DJDODVVXV    FHW H[HP SODLUH 7UqVUDUH 6FKZDU]H3DWLQDVV ± 3URYHQLHQ]([3HXV>@

*RUGLDQ ,,,    Q &KU $( *UR‰EURQ]H J  ' ,03 &$(6$5, 0 $1721,2 *25',$12 3 ) $9*  EXVWHODXUpGH*RUGLHQ,,,jGUDYHFFXLUDVVHHWSDOXGDPHQ WXP5$9*((,/&,&5(01(16>,90@&2/)$*6D UDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVOD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH+ Y $XORFN 3LVLGLHQ ,,  615,6 &UHPQD    FHW H[HP SODLUH  'XQNHOJUQH3DWLQDVV ±

$XUHOLDQ    Q&KU $( *UR‰EURQ]H J  ' EXVWHODXUpG $XUpOLHQjGUDYHFFXLUDVVHHWSDOXGDPHQWXP 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQVODPDLQJODGUWHQGXDXGHVVXVGH&HUEqUHDVVLVjVHV SLHGV+ Y $XORFN 3LVLGLHQ ,,   61* /H\SROG ,,  615,6 &UHPQD E 5DUH *UQEUDXQH 3DWLQD V ±

32*/$ &DUDFDOOD    Q &KU $( *UR‰EURQ]H J '%XVWHODXUpGH&DUDFDOODjGUDYHFFXLUDVVHHW SDOXGDPHQWXP56DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J+ Y $XORFN 3LVLGLHQ ,  615,6 3RJOD    FHW H[HP SODLUH /HHH[FRQQX %UDXQH3DWLQDVVV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@

6$*$/$6626 'LDGXPHQLDQXV &DHVDU    Q &KU$(.OHLQEURQ]HJ '7rWHQXHGH'LDGXPpQLHQ j GU 5 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HU EqUH([ /LQGJUHQ ,,   %0& /\FLD« S   61* Y $XORFN   61* )UDQFH   615,6 6D JDODVVXV    FHW H[HPSODLUH  5DUH %UDXQH 0HVVLQJ SDWLQDV ±

5g0,6&+(3529,1=,$/35b*81*(1

FXLUDVVH HW SDOXGDPHQWXP 5 EXVWHV DIIURQWpV HW GUDSpV GH 6DUDSLV XQ FDODWKRV VXU OD WrWH j J HW G¶,VLV FRLIIpH GX EDVLOHLRQ j GU /LQGJUHQ ,,   61* /HYDQWH   61* 3I3V   615,6 )ODYLRSROLV ED  0rPHV FRLQV TXH61*/HYDQWH61*3I3VHW61*)UDQFH  %UDXQH3DWLQDV ±

.,/,.,(1 







$,*($, &RPPRGXV    Q &KU $( *UR‰EURQ]H J '%XVWHODXUpGH&RPPRGHjGUDYHFFXLUDVVHHW SDOXGDPHQWXP5%XVWHVDIIURQWpVHWGUDSpVGH6DUDSLVXQ FDODWKRV VXU OD WrWH j J HW G ,VLV FRLIIpH GX EDVLOHLRQ j GU([ 61* /HYDQWH 6XSSO   &1*>@  %0& /\FDRQLD« S   61* /HYDQWH   61* )UDQFH   615,6 $HJDH    FHW H[HPSODLUH  5DUH 'XQNHOEUDXQH3DWLQDVV ±

$1$=$5%26 7UDQTXLOOLQD    Q &KU $( *UR‰EURQ]H J  ' %XVWH GUDSp HW GLDGpPp GH 7UDQ TXLOOLQH j GU XQ FURLVVDQW GH OXQH GHUULqUH OHV pSDXOHV 5 %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH*%GH SDUW HW G DXWUH GX GLHX=LHJOHU ,,   61* 3I3V   615,6$QD]DUEXVDD FHWH[HPSODLUH  *UQH3DWLQD V ± 3URYHQLHQ]([0 0'HXWVFKODQG>@

(3,3+$1(,$7UHERQLDQXV*DOOXVQ&KU$( J  ' %XVWH ODXUp GH 7UpERQLHQ *DOOH j GU DYHF FXL UDVVH HW SDOXGDPHQWXP 5 %XVWH GUDSp GH6DUDSLVjGUXQ FDODWKRV VXU OD WrWH61* /HYDQWH  615,6 (SLSKDQHLD  53&,; FHWH[HPSODLUH /HHH[FRQ QX *UQH3DWLQDVV ±

)/$9,232/,6 &RPPRGXV    Q &KU $( *UR‰EURQ]HJ 'EXVWHODXUpGH&RPPRGHjGUDYHF



&RPPRGXVQ&KU$(*UR‰EURQ]HJ ' EXVWH ODXUp GH &RPPRGH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 EXVWHV DIIURQWpV HW GUDSpV GH 6DUDSLV XQ FDODWKRVVXUODWrWHjJHWG¶,VLVFRLIIpHGXEDVLOHLRQjGU /LQGJUHQ,,61*/HYDQWH61*3I3V 615,6 )ODYLRSROLV ED  0rPHV FRLQV TXH 61* /HYDQWH  61* 3I3V   HW 61* )UDQFH   6FKZDU]H 3DWLQDVV ± 3URYHQLHQ]([*RUQ\ 0RVFK>PDUV@



&RPPRGXVQ&KU$(J '%XVWHODXUp GH &RPPRGH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 %XVWHVDIIURQWpVHWGUDSpVGH6DUDSLVXQFDODWKRVVXUODWrWH j J HW G ,VLV FRLIIpH GX EDVLOHLRQ j GU/LQGJUHQ ,,   61*/HYDQWH61*3I3V615,6)ODYLRSROLV ED  'XQNHOJUQH3DWLQDV ±



&RPPRGXV    Q &KU $( J  8Q GHX[LqPH H[HPSODLUH 'XQNHOJUQH3DWLQDV ±



(ODJDEDO    Q &KU $( *UR‰EURQ]H J  ' %XVWH ODXUp G (ODJDEDOH j GU DYHF FXLUDVVH HW SDOXGDPHQ WXP 5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0&/\FDRQLD«S61*)UDQFH 61*5LJKHWWL61*.HFNPDQ,,615,6)ODYLR SROLV FHWH[HPSODLUH  6FKZDU]JUQH3DWLQDV ± 

5g0,6&+(3529,1=,$/35b*81*(1













,5(1232/,6&DUDFDOODQ&KU$(J  Q&KU -DKUGHU6WDGWlUD '%XVWHODXUpGH &DUDFDOOD j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 %XVWHV DIIURQWpVHWGUDSpVGH6DUDSLVXQFDODWKRVVXUODWrWHjJHW G ,VLV FRLIIpH GX EDVLOHLRQ j GU,PKRRI%OXPHU .O0 S   .DUEDFK  S  615,6 ,UHQRSROLV /HHH[FRQQX *UQEUDXQH3DWLQDV ±



&DUDFDOODQ&KU$(J '%XVWHODXUpGH &DUDFDOOD j GU DYHF FXLUDVVH HW SDOXGDPHQWXP &WP FLUFX ODLUHWrWHODXUpHjGU+RZJHJR 5%XVWHVDIIURQWpVHW GUDSpVGH6DUDSLVXQFDODWKRVVXUODWrWHjJHWG ,VLVFRLI IpHGXEDVLOHLRQjGU61*Y$XORFNYDUVDQVFWP  61*/H\SROG,,615,6,UHQRSROLV/HHH[FRQ QX 6FKZDU]H3DWLQDV ±



6HYHUXV $OH[DQGHU    Q &KU $( J  ' %XVWHODXUpGH6pYqUH$OH[DQGUHjGUDYHFFXLUDVVHHWSDOX GDPHQWXP&WPFLUFXODLUHWrWHODXUpHjGU+RZJHJR  5 %XVWHV DIIURQWpV HW GUDSpV GH 6DUDSLV XQ FDODWKRV VXU OD WrWH j GU HW G ,VLV FRLIIpH GX EDVLOHLRQ j J&I .DUEDFK -1*S615,6,UHQRSROLVD FHW H[HPSODLUH  *UQH3DWLQDVV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@



6HYHUXV$OH[DQGHUQ&KU$(J 'EXVWH ODXUp GH 6pYqUH $OH[DQGUH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP &WP FLUFXODLUH  WrWH ODXUpH j GU +RZJHJR  5EXVWHVDIIURQWpVHWGUDSpVGH6DUDSLVXQFDODWKRVVXU OD WrWH j GU HW G¶,VLV FRLIIpH GX EDVLOHLRQ j J 61* /H\SROG,,:LQWHUWKXU615,6,UHQRSROLVD  FHWH[HPSODLUH  *UQH3DWLQDV ±

0D[LPLQXV 7KUD[ XQG 0D[LPXV &DHVDU    Q &KU $( *UR‰EURQ]H J  ' %XVWHV DIIURQWpV DYHF FXLUDVVH HW SDOXGDPHQWXP GH 0D[LPLQ ODXUp j GU HW GH 0D[LPH UDGLp j J 5 6DUDSLV "  WU{QDQW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J XQH FRUQXFRSLD GDQV OD PDLQ J XQH SKLDOH GDQV OD GU DXGHVVXV G XQ DXWHO HQIODPPp j VHV SLHGV XQ VN\SKRV j GU  HW XQH DPSKRUHjJ 61*Y$X ORFN61*/HYDQWH61*)UDQFH 61*/HYDQWH6XSSO615,6)ODYLRSROLV FHW H[HPSODLUH  6FKZDU]H3DWLQDV ±

9DOHULDQ,Q&KU$(*UR‰EURQ]HJ ' %XVWHUDGLpGH9DOpULHQ,HUjGUDYHFFXLUDVVHHWSDOXGDPHQ WXP 5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0&/\FDRQLD«S61*/HYDQWH61* )UDQFH61*3I3V61*/H\SROG ,,  615,6 )ODYLRSROLV    FHW H[HP SODLUH  VFKZDU]H3DWLQDV ±

9DOHULDQ,Q&KU$(*UR‰EURQ]HJ 8Q GHX[LqPHH[HPSODLUH0rPHVFRLQVTXH61*)UDQFH 0rPHFRLQGHGURLWTXH61*)UDQFH %UDXQH 0HVVLQJSDWLQDVV ±

9DOHULDQ,Q&KU$(*UR‰EURQ]HJ 8Q WURLVLqPHH[HPSODLUH0rPHVFRLQVTXH61*)UDQFH 0rPH FRLQ GH GURLW TXH 61* )UDQFH   *UQEUDXQH3DWLQDV ±

5g0,6&+(3529,1=,$/35b*81*(1







6(/(8.,$$0.$/<.$'1260DUF$XUHO Q&KU $( .OHLQEURQ]H J  ' %XVWH GH 0DUF $XUqOH WrWH QXH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 7DXUHDX $SLV" GHERXWjGUXQFURLVVDQWGHOXQHHWXQHpWRLOHKRUV FKDPS  DXGHVVXV GH OXL&R[ 7DUVXV S   61* Y $XORFN61*/HYDQWH615,66HOHXFLD FHWH[HPSODLUH  *UQH3DWLQDJXWHVVV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@

*HWD&DHVDUQ&KU$(.OHLQEURQ]HJ ' %XVWH FXLUDVVp GH *HWD WrWH QXH j GU 5 7DXUHDX $SLV "

GHERXWjGUXQFURLVVDQWGHOXQHHWXQHpWRLOHDXGHVVXVGH OXL61* /HYDQWH  615,6 6HOHXFLD    FHW H[HP SODLUH /HHH[FRQQX 6FKZDU]H3DWLQDJXWHVVV ± 3URYHQLHQ] ([ &1*  >@    0Q]]HQWUXP 5KHLQODQG>@ 

3(66,186/XFLXV9HUXVQ&KU$(J  '7rWHQXHGH/XFLXV9HUXVjJ56DUDSLVWU{QDQWjJXQ FDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQJODGUWHQGXH DXGHVVXVGH&HUEqUH%0&*DODWLD«S615,63HV VLQXV  F  FHW H[HPSODLUH  /H H H[ FRQ QX .RUURVLRQVVSXUHQV ±

6<5,(1 

$17,2&+,$ $0 25217(6 3VHXGRDXWRQRPH 3UlJXQJ$(J '7rWHODXUpHGH=HXVjGU5=HXV WU{QDQWjJXQVFHSWUHGDQVODPDLQJXQH1LNqOHFRXURQ QDQW GDQV OD GU XQ EDVLOHLRQ GHYDQW OXL XQ IRXGUH j O H[HUJXHOHWRXWGDQVXQHFRXURQQHGHODXULHU%0&*DOD WLD«S53&,615,6$QWLRFKLDD FHWH[HPSODLUH  *UQHVDQGLJH3DWLQDV ±



3VHXGRDXWRQRPH 3UlJXQJ $( J  8Q GHX[LqPH H[HPSODLUH615,6$QWLRFKLD *UQH3DWLQDV ±



3VHXGRDXWRQRPH 3UlJXQJ $( J  8Q WURLVLqPH H[HPSODLUH615,6$QWLRFKLD *UQH3DWLQDV ±



/$2',.(,$$'0$5(3VHXGRDXWRQRPH3UlJXQJ$( J  $QIDQJ  -K Q &KU ' %XVWH FDVTXp G $WKpQD j GUHQWUHXQHODQFHHWXQVHUSHQW5%XVWHGUDSpGH6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& *DODWLD« S  615,6 /DRGLFHD  F  FHW H[HPSODLUH  'XQNHOEUDXQH 3DWLQDVV ±

7UHERQLDQXV *DOOXV    Q &KU $( *UR‰EURQ]H J '%XVWHUDGLpGH7UpERQLHQ*DOOHjGUDYHFFXL UDVVH HW SDOXGDPHQWXP5 %XVWHV DIIURQWpV HW GUDSpV GH 6D UDSLV XQ FDODWKRV VXU OD WrWH j GU HW G ,VLV FRLIIpH GX ED VLOHLRQ j J&R[ 7DUVXV S   53& ,;  YDU  615,6 6HOHXFLDF FHWH[HPSODLUH  /HHH[FRQQX DYHFFHWWHOpJHQGHGHUHYHUV 6FKZDU]H3DWLQDVV ±

*$/$7,(1 



$1&<5$ *HWD    Q &KU $( J  ' %XVWH ODXUpGUDSpHWFXLUDVVpGH*HWDjJWHQDQWXQERXFOLHURUQp GXJRUJRQHLRQ5%XVWHGUDSpGH6DUDSLVjGUXQFDODWKRV VXUODWrWH,QpGLW 'XQNHOJUQH3DWLQDVVV ±



5g0,6&+(3529,1=,$/35b*81*(1



&ODXGLXV    Q &KU $( J  8Q VHFRQG H[HP SODLUH615,6%\EOXVF FHWH[HPSODLUH 0rPHFRLQ GHGURLWTXH53&,SO %UDXQH3DWLQDV ± 3URYHQLHQ]([0 0'HXWVFKODQG>@



&RPPRGXV    Q &KU $( J  ' 7rWH ODXUpH GH&RPPRGHjGU5,VLVjODYRLOHGHERXWjGUXQEDVLOHLRQ VXU OD WrWH XQH YRLOH JRQIOpH SDU OH YHQW GDQV OHV PDLQV HW WHQXH DYHF OH SLHG J%0& 3KRHQLFLD S   61* &RS 3KRHQLFLD  615,6 %\EOXV    FHW H[HP SODLUH  'XQNHOEUDXQH3DWLQDVV ±



&RPPRGXV    Q &KU $( J  8Q VHFRQG H[HPSODLUH615,6 %\EOXV    FHW H[HP SODLUH  %UDXQH3DWLQDIDVWVV ±



0DFULQXVQ&KU$(J '7rWHODXUpHGH 0DFULQjGU5,VLVjODYRLOHGHERXWjGUXQEDVLOHLRQVXUOD WrWH XQH YRLOH JRQIOpH SDU OH YHQW GDQV OHV PDLQV HW WHQXH DYHFOHSLHGJXQVLVWUHGDQVODPDLQGU%0&3KRHQLFLDS   5RXYLHU   61* &RS 3KRHQLFLD   /LQG JUHQ ,,   615,6 %\EOXV    FHW H[HP SODLUH  %UDXQHVDQGLJH3DWLQDVV ±



'LDGXPHQLDQQ&KU$(J '%XVWHFXL UDVVpGH'LDGXPpQLHQWrWHQXHjGU5,VLVjODYRLOHGHERXW j GU XQ EDVLOHLRQ VXU OD WrWH XQH YRLOH JRQIOpH SDU OH YHQW GDQVOHVPDLQVHWWHQXHDYHFOHSLHGJXQVLVWUHGDQVODPDLQ GU%0&3KRHQLFLDS 9LVPDUD1RPLVPDWD S 5RXYLHU 9LVPDUD1RPLVPDWD S  HW    61* &RS 3KRHQLFLD    9LVPDUD 1RPLVPDWD  S    615,6 %\EOXV    FHW H[HPSODLUH  %UDXQH3DWLQDVV ±

3+g1,=,(1 









$.(372/(0$,6 0DUFXV $XUHOLXV   Q&KU $(J '%XVWHODXUpHWGUDSpGH0DUF$XUqOHjGU5 %XVWHGUDSpGH6DUDSLVFRLIIpG XQFDODWKRVjGUXQIODP EHDX GHYDQW OXL61* /HDNH   .DGPDQ  615,6 3WROHPDLV *UQH3DWLQDVVV ±

&DUDFDOODQ&KU$(J ',03&0$ $1721$9EXVWHODXUpHWGUDSpGH&DUDFDOODMHXQHjGU 5&2/372/EXVWHGUDSpGH6DUDSLVFRLIIpG XQFDODWKRV jGUXQIODPEHDXGHYDQWOXL.DGPDQ5RVHQEHUJHU 615,63WROHPDLV *UQHIOHFNLJH3DWLQDVV ±

%<%/26 7LEHULXV    Q &KU $( J  ' 7rWH ODXUpHGH7LEqUHjGU&WPFLUFXODLUHWrWHjGUHWOHWWUHVLQ GpWHUPLQpHV 5 ,VLV GHERXW GH IDFH OD WrWH FRLIIpH GX ED VLOHLRQjGUWHQDQWSDUODPDLQ+DUSRFUDWHFRLIIpGXSVFKHQW GHERXW HQ IDFH G HOOH HW OD UHJDUGDQW53& ,  615,6 %\EOXV V ±

&ODXGLXV    Q &KU $( J  ' WrWH ODXUpH GH &ODXGHjJ5,VLVjODYRLOHGHERXWjJVXUXQHSURXHXQH YRLOHJRQIOpHSDUOHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHG GU OD GDWH GHUULqUH OD GpHVVH%0& 3KRHQLFLD S   53& ,  615,6 %\EOXV  F  FHW H[HP SODLUH  %UDXQH3DWLQDVV ±

5g0,6&+(3529,1=,$/35b*81*(1

3$/b67,1$ 









&$(6$5($0$5,7,0$,16$0$5,$+DGULDQ Q&KU$(J ',0375$+$'5,$12&$(6 $9*  EXVWH ODXUp G +DGULHQ j GU DYHFFXLUDVVHHWSDOXGD PHQWXP5&2/,)/$9*&$(6$5(16EXVWHGUDSpGH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQH S .DGPDQ5RVHQEHUJHU,,61*$16 615,6&DHVDUHD FHWH[HPSODLUH  *UQH3D WLQDVVV ±



+DGULDQ    Q &KU $( J  ' ,03 75$ +$'5,$12&$(6$9*EXVWHODXUpG +DGULHQjGUDYHF FXLUDVVH HW SDOXGDPHQWXP 5 >&2/ , )/@ ) & &$(6$5  EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQH S 615,6 &DHVDUHD  6FKZDU]H 3DWLQD V ±



+DGULDQ    Q &KU $( J  ' ,03 75$ +$'5,$12&$(6$9*EXVWHODXUpG +DGULHQjGUDYHF FXLUDVVHHWSDOXGDPHQWXP5>&2/,)/@$9*&$(>6$5@ EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQHS615,6&DHVDUHD JH ±



+DGULDQQ&KU$(',0375$+$'5,$12 &$(6 $9*  EXVWH ODXUp G +DGULHQ j GU DYHF FXLUDVVH HW SDOXGDPHQWXP5>&2/,)/@$9*&$(>6$5@EXVWHGUD SpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH%0&3DOHVWLQHS 615,6&DHVDUHD *UQH3DWLQDVVV ±



0DUF $XUHO &DHVDU    Q &KU $( J  ' $95(/,2 &$(6 $1721 $9* 3 )  EXVWH GH 0DUF $X UqOH WrWH QXH j GU DYHF FXLUDVVH HW SDOXGDHQWXP 5 &2/ 35,0$)/$9*&$(6$5($EXVWHGUDSpGH6DUDSLVjGU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQH S   .DG PDQ61*&RS615,6&DHVDUHD FHWH[HP SODLUH  6FKZDU]H3DWLQDVV ±

$(/,$ &$3,72/,1$ -HUXVDOHP  $QWRQLQXV3LXV Q &KU $( J  ' >,03 & 7 $(/@ $172  WrWH QXH G $QWRQLQLPEHUEHjGU5&2/$(&$3,7EXVWHGH6D UDSLV FRLIIp GX FDODWKRV GUDSp j GU%0& S   61*$16615,6$HOLD %UDXQHVDQGLJH3DWLQD VVV ±

&RPPRGXV    Q &KU $( J  ' >,03 &$(6@ 0 $>95 &20 $9*@  EXVWH ODXUp GH &RPPRGH j GUDYHFFXLUDVVHHWSDOXGDPHQWXP5&2/$(/.$3VLF

6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJOD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J " 5RVHQEHUJHU   0HVKRUHU $HOLD &DSLWROLQD D 615,6 $HOLD   FHWH[HPSODLUH 7UqVUDUH 5RWEUDXQH3DWLQDV ±

6HSWLPLXV6HYHUXVQ&KU$(J '>,03 &$(6 , 6( 37, 0, 96  6( 9(596@  EXVWH ODXUp GH 6HSWLPH6pYqUHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5&$ .>&3)@EXVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH5RVHQEHUJHU'%DUDJ,1-S HWDF615,6$HOLD *UQVFKZDU]H3DWLQDV ±

$6.$/21,1-8'$($6HYHUXV$OH[DQGHUQ &KU $( J   Q &KU   -DKU  GHU 6WDGWlUD '%XVWHODXUpGH6pYqUH$OH[DQGUHGUDSpjGU5 %XVWH G +DUSRFUDWH FRLIIp GH OD FRXURQQH KHPKHP j J WHQDQW XQ IRXHW GHYDQW OXL XQ VFHSWUH GHUULqUH OXL5RVHQEHUJHU   615,6 $VFDORQ    FHW H[HP SODLUH /HHH[FRQQX%XVWRI,VLVZLWKDWHIFURZQVH ORQ 5RVHQEHUJHU ,O V DJLW HQ IDLW G +DUSRFUDWH FRLIIp GH O KHPKHP ELHQ YLVLEOH VXU O H[HPSODLUH 5RVHQEHUJHU  TXL GRLW rWUH O +RUXV GX 0RQW &DVLRQ  FI / %ULFDXOW 615,6 3DULVS V ±



5g0,6&+(3529,1=,$/35b*81*(1













0DUF $XUHO    Q &KU $( J  ' >,03 &$(>6@ 0 $93 $@1721,196  EXVWH ODXUp GH 0DUF $X UqOHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5&2/35,0)/ $9*&$(6$5($EXVWHGUDSpGH6DUDSLVjGUXQFDODWKRV VXUODWrWH%0&3DOHVWLQHS.DGPDQ61* $16   615,6 &DHVDUHD    FHW H[HP SODLUH  6FKZDU]H3DWLQDVV ±

/XFLXV 9HUXV    Q &KU $( J  ' >,03 &$(6/$959(596$9*$50@EXVWHODXUpGH/XFLXV 9HUXVjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5&2/35,0$ )/$9*96&$(6$5($EXVWHGUDSpGH6DUDSLVjGUXQ FDODWKRVVXUODWrWH%0&3DOHVWLQHS.DGPDQ 5RVHQEHUJHU,,61*$16615,6&DHVDUHD E FHWH[HPSODLUH  6FKZDU]H3DWLQDVVV ±



(/(87+(523,/,6 (ODJDEDO    Q &KU $( J 'EXVWHODXUpjGUDYHFFXLUDVVHHWSDOXGDPHQWXP 5EXVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH%0& 3DOHVWLQHS615,6(OHXWKHURSROLV FHWH[HP SODLUH /HHH[FRQQX V ± 3URYHQLHQ]([0 0'HXWVFKODQG



1($32/,6,16$0$5,$0DUF$XUHODOV&DHVDU Q&KU$(J '7rWHQXHGH0DUF$XUqOHjGU5 %XVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQHSYDU 5RVHQEHUJHUYDU 61* $16YDU 61**ODVJRZYDU 615,6 1HDSROLV  E  FHW H[HPSODLUH  5DUH YDULDQWH *UQH 3DWLQDVV ±



0DUF$XUHODOV&DHVDUQ&KU $(J ' 7rWH QXH GH 0DUF $XUqOH j GU 5 %XVWH GUDSp GH6DUDSLVj GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQH S  YDU 615,61HDSROLV *( ±



)DXVWLQD PLQRU    Q &KU $( J  ' %XVWH GUDSpGH)DXVWLQH0LQHXUHjGU57\FKqGHERXWGHIDFHOD WrWHFRLIIpHGXEDVLOHLRQjJXQJRXYHUQDLOGDQVODPDLQGU XQH FRUQXFRSLD GDQV OD J61* $16   615,6 1HDSROLV  E  FHW H[HPSODLUH  5DUH W\SH DYHF 7\FKq FRLIIpHGXEDVLOHLRQG ,VLV 5V*UQVSDQDXIODJHVV ± 3URYHQLHQ]([6WHUQEHUJ>@

&RPPRGXV    Q &KU $( J  ' >,03 &2002'96$1721,196@EXVWHODXUpGH&RPPRGH"

j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 &2/ 35,0$ ) $9*&$(6$5($EXVWHGUDSpGH6DUDSLVjGUXQFDODWKRV VXU ODWrWH%0&3DOHVWLQHS" .DGPDQ "   61* $16" 615,6&DHVDUHD"  JH ±

(ODJDEDOQ&KU$(J ',03&$>@9 $1721,1$>@EXVWHODXUpG (ODJDEDOHjGUDYHFFXL UDVVH HW SDOXGDPHQWXP 5 &2/ >, )/$9 ) & &$(6$5@  EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& 3DOHVWLQH S   .DGPDQ   5RVHQEHUJHU ,,  615,6 &DHVDUHD D   FHW H[HP SODLUH  6FKZDU]JUQH3DWLQDVVV ± 3URYHQLHQ]([-DFTXLHU>@

(ODJDEDO    Q &KU $( J  ' ,0 &$( $1 721  EXVWH ODXUp G (ODJDEDOH j GU DYHF FXLUDVVH HW SD OXGDPHQWXP5&,)$9*&$(6$5EXVWHGUDSpGH6DUD SLV j GU XQ FDODWKRV VXU OD WrWH.DGPDQ  615,6 &DH VDUHDE *UQH3DWLQDV ±

5g0,6&+(3529,1=,$/35b*81*(1









(ODJDEDO    Q &KU $( J  ' %XVWH ODXUp G (ODJDEDOH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 %XVWH GUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH%0&3KRHQL FLD S   /LQGJUHQ ,,,   5RVHQEHUJHU  615,61HDSROLV V ±



(ODJDEDO    Q &KU $( J  ' EXVWH ODXUp G (ODJDEDOH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 =HXV6DUDSLV$PPRQGHERXWGHIDFHGDQVXQWHPSOHGLVW\OH ODWrWHFRLIIpHG XQFDODWKRVjJXQHSKLDOHGDQVODPDLQGU XQVFHSWUHGDQVODJXQEpOLHUjVHVSLHGV%0&$UDELD« S5RVHQEHUJHU6SLMNHUPDQ.LQGOHU%RVWUD   61* $16   615,6 %RVWUD % 'XQNHOJUQH 3DWLQDVV ±



6HYHUXV$OH[DQGHUQ&KU$(J '>,03 &$(6@ &(9 $/(;>$1' $9*@ EXVWH ODXUp GH 6pYqUH $OH[DQGUH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP5 &2/>21,$ "@ %2675$  EXVWH GUDSp HW FRUQX GH =HXV6DUDSLV$PPRQ "  j GU XQ GLVTXH VRODLUH VXU OD WrWH 5RVHQEHUJHU   6SLMNHUPDQ   61* $16 .LQGOHU%RVWUD615,6%RVWUD(UU"  FHWH[HPSODLUH  'XQNHOJUQH3DWLQDV ±



-XOLD 0DPDHD    Q &KU $( J  ' ,2/,$ VLF  0$>0$($ $9*967$@ EXVWH GUDSp HW GLDGpPp GH -XOLH0DPPpHjGU5&2/21,$%2675$EXVWHGUDSpHW FRUQX GH =HXV6DUDSLV$PPRQ "  j GU XQ GLVTXH VRODLUH VXU OD WrWH5RVHQEHUJHU  YDU   6SLMNHUPDQ  YDU   61*$16YDU .LQGOHU%RVWUD615,6 %RVWUD(UU" FHWH[HPSODLUH  'XQNHOJUQH3DWLQD JHV ±

(ODJDEDOQ&KU$(J 8QVHFRQGH[HP SODLUH V ±

3KLOLSS ,    Q &KU $( J  ' ,03 0 ,9/ 3+,/,3396 $9*  EXVWH ODXUp GH 3KLOLSSH ,HU j GU DYHF FXLUDVVHHWSDOXGDPHQWXP5&2/6(5*1($32/6DUD SLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJODPDLQ GU OHYpH XQ VFHSWUH GDQV OD J5RVHQEHUJHU  615,6 1HDSROLV FHWH[HPSODLUH /HHH[FRQQX 6DQGLJH GXQNHOJUQH3DWLQDVV ±

7,%(5,$6&/$8',232/,6 &RPPRGXV    Q &KU $( J  ' 7rWH ODXUpH GH &RPPRGH j GU 5 %XVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUODWrWH.LQGOHU 7LEHULDV S  615,6 7LEHULDV  /H H H[ FRQ QX *UQH3DWLQDVV ±

$5$%,$ 

%2675$ (ODJDEDO    Q &KU $( J  ' EXVWHODXUpG eODJDEDOHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP 5=HXV6DUDSLV$PPRQGHERXWGHIDFHGDQVXQWHPSOHGLV W\OHODWrWHFRLIIpHG XQFDODWKRVjJXQHSKLDOHGDQVODPDLQ GU XQVFHSWUHGDQVODJXQEpOLHUjVHVSLHGV%0&$UD ELD«S5RVHQEHUJHU6SLMNHUPDQ.LQGOHU %RVWUD   61* $16   615,6 %RVWUD % 'XQNHOJUQH3DWLQDVVV ±

b*<37(1 

$/(;$1'5,$ 9HVSDVLDQ    Q&KU $( 'LRERO J  DQ    DS -& 'WrWHODXUpHGH9HVSD VLHQjGU5/=EXVWHGUDSpG ,VLVjGUOHEDVLOHLRQVXUOD WrWH%0& $OH[DQGULD S   'DWWDUL   0LOQH   61* &RS $OH[DQGULD&\UHQDLFD   *HLVVHQ   61* )UDQFH   53& ,,  +HOOJUQH 3DWLQDV ± 

5g0,6&+(3529,1=,$/35b*81*(1















7UDMDQ    Q &KU $( +HPLRERO J  DQ   DS -&  ' 7rWH ODXUpH GH 7UDMDQ j GU 5 /,"  FRXURQQH DWHI 53& ,,,  /H H H[ FRQQX 5 'XQNHOJUQH3DWLQDIDVWVV ±



7UDMDQ    Q &KU $( +HPLRERO J  DQ   DS -&  ' 7rWH ODXUpH GH 7UDMDQ j GU 5 /,=  FRXURQQHKHPKHP%0&$OH[DQGULDS0LOQH  *HLVVHQ  53& ,,,  'XQNHOJUQH 3DWLQD JXWHVVV ±



+DGULDQQ&KU7HWUDGUDFKPHJ DQ DS-& 'EXVWHODXUpHWGUDSpG +DGULHQjGU5 /*  EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH'DWWDUL  0LOQH*HLVVHQ53&,,,  /HLFKWH7|QXQJIDVWVV ±



+DGULDQQ&KU7HWUDGUDFKPHJ DQ DS-& 'EXVWHODXUpHWGUDSpG +DGULHQjGU5 /+EXVWHGUDSpG ,VLVjGUOHEDVLOHLRQVXUODWrWH'DWWDUL   *HLVVHQ  53& ,,,  'XQNOH 7|QXQJ VV ±



+DGULDQQ&KU7HWUDGUDFKPHJ DQ  DS -&  ' EXVWH ODXUp G +DGULHQ j GU DYHF FXL UDVVH HW SDOXGDPHQWXP 5 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV jJXQVFHSWUHGDQVODPDLQJODGU WHQGXH DXGHVVXV GH &HUEqUH  %0& $OH[DQGULD S 'DWWDUL0LOQH*HLVVHQ 53&,,, 'XQNOH7|QXQJVVV ±

'RPLWLDQQ&KU$('LREROJ DQ  DS-& 'WrWHODXUpHGH'RPLWLHQjGU5/(1$7WDX UHDX$SLVGHERXWjGUXQGLVTXHVRODLUHHQWUHOHVFRUQHVOH FROOLHU PHQDW DXWRXU GX FRX XQ DXWHO GHYDQW OXL%0& $OH[DQGULDS'DWWDUL0LOQH*HLV VHQ   61* )UDQFH   53& ,,  %UDXQH 3DWLQDVVV ±

'RPLWLDQ    Q&KU $( 2ERO J  DQ    DS-& 'WrWHODXUpHGH'RPLWLHQjGU5/"IDXFRQ+R UXV GHERXW j G OH SVFKHQW VXU OD WrWH%0& $OH[DQGULD S   'DWWDUL   *HLVVHQ   61* )UDQFH   53&,, +HOOJUQH3DWLQDVVV ±

7UDMDQQ&KU7HWUDGUDFKPHJ DQ" DS-&" 'WrWHODXUpHGH7UDMDQjGU5>/@,( "   $JDWKRGDLP{Q GUHVVp j GU OH SVFKHQW VXU OD WrWH XQ FDGXFpH DX ERXW GH OD TXHXH %0& $OH[DQGULD S 'DWWDULHW0LOQH *HLVVHQ   61* )UDQFH   53& ,,,  'XQNOH7|QXQJJXWHVV ±

7UDMDQ    Q &KU 7HWUDGUDFKPH J  DQ  DS-& 'WrWHODXUpHGH7UDMDQjGUXQHpWRLOHGHYDQW OXL5/.EXVWHGUDSpGH6DUDSLVjGUXQFDODWKRVVXUOD WrWH%0& $OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ   61* )UDQFH   53& ,,,  /HLFKWH7|QXQJVV ±

7UDMDQ    Q &KU $( +HPLRERO J  DQ  DS-& '7rWHODXUpHGH7UDMDQjGU5/,MED VLOHLRQ'DWWDUL  53& ,,,  'XQNHOJUQH 3DWLQDIDVWVV ±

5g0,6&+(3529,1=,$/35b*81*(1









+DGULDQQ&KU7HWUDGUDFKPHJ DQ  DS -&  ' EXVWH ODXUp G +DGULHQ j GU DYHF FXL UDVVH HW SDOXGDPHQWXP 5 /,+  6DUDSLV WU{QDQW j J XQ FDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQJODGUWHQGXH DXGHVVXV GH &HUEqUH%0& $OH[DQGULD S   'DWWDUL0LOQH*HLVVHQ 53&,,, 9V.RUURVLRQVVWHOOHQVVVVY] ±



+DGULDQQ&KU$(+HPLGUDFKPHJ DQ  DS-& 'EXVWHODXUpG +DGULHQjGUDYHF FXLUDVVHHWSDOXGDPHQWXP5>/,@",VLVjODYRLOHGHERXWj GUODWrWHFRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDUOHYHQW GDQVOHVPDLQVHWWHQXHDYHFOHSLHGJXQVLVWUHGDQVODPDLQ GU%0& $OH[DQGULD S   'DWWDUL   0LOQH D  *HLVVHQ  53& ,,,  'XQNHOJUQH XQGURWEDXQH3DWLQDJXWHVVV ±



+DGULDQ    Q &KU $( 'LRERO J  DQ   DS -&  ' $<7 .$, 73$, $"3,$>12& &"%@ EXVWH ODXUp G +DGULHQ jGUDYHFFXLUDVVHHWSDOXGDPHQWXP 5 />.@  ,VLV ODFWDQV WU{QDQW j GU OH EDVLOHLRQ VXU ODWrWH +DUSRFUDWHFRLIIpGXSVFKHQWVXUOHVJHQRX[0LRQQHWS   'DWWDUL6DJOLR  53& ,,,  /H H H[ FRQQX 6FK|QH EUDXQH 7|QXQJ 5V .RUURVLRQVVWHOOH LP )HOGJXWHVVV ±



+DGULDQ    Q &KU 'LRERO J  DQ   DS -&  ' EXVWH ODXUp G +DGULHQ j GU DYHF FXL UDVVH HW SDOXGDPHQWXP 5 >/@," $JDWKRGDLP{Q GUHVVp j GU OH SVFKHQW VXU OD WrWH XQ FDGXFpH DX ERXW GH OD TXHXH'DWWDUL   0LOQH    *HLVVHQ  53& ,,,  5RWEUDXQH 3DWLQD UHSDULHUWH .RUURVLRQVVWHOOHQVV ±



$QWRQLQXV3LXVQ&KU7HWUDGUDFKPHJ  DQ  DS-& 'WrWHODXUpHG $QWRQLQjGU5 /+  EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH%0& $OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ  /HLFKWH 7|QXQJ IDVWY] ±

+DGULDQQ&KU7HWUDGUDFKPHJ DQ  DS -&  ' WrWH ODXUpH G +DGULHQ j J 5 / (11$.ΔEXVWHGUDSpGH6DUDSLVjGU%0&$OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ 53&,,, )HLQJHW|QWJXWHVVV ±

+DGULDQQ&KU$('UDFKPHJ DQ  DS -&  ' EXVWH ODXUp G +DGULHQ j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 /,= 6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH GHX[ 1LNp OH FRXURQQDQW VXU OHV PRQ WDQWV GX GRVVLHU XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH&HUEqUH,QpGLW$EVHQWGX53&,,, 5RWEDXQH 3DWLQDVVV ±

+DGULDQQ&KU$('UDFKPHJ DQ  DS -&  ' EXVWH ODXUp G +DGULHQ j GU DYHF FXL UDVVHHWSDOXGDPHQWXP5/,=,VLVjODYRLOHGHERXWjGU OD WrWH FRLIIpH GX EDVLOHLRQ XQH YRLOH JRQIOpH SDU OH YHQW GDQVOHVPDLQVHWWHQXHDYHFOHSLHGJXQVLVWUHGDQVODPDLQ GU%0&$OH[DQGULDS'DWWDUL0LOQH   *HLVVHQ  53& ,,,  *UQH 3DWLQD VVV ±



5g0,6&+(3529,1=,$/35b*81*(1













0DUFXV$XUHOLXV&DHVDUQ&KU 7HWUDGUDFKPH J DQ DS-& 'EXVWHGH0DUF$X UqOHjGUDYHFOHSDOXGDPHQWXP5/,=,VLVjODYRLOHGH ERXWjGUODWrWHFRLIIpHGXEDVLOHLRQXQHYRLOHJRQIOpHSDU OHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHGJXQVLVWUHGDQV OD PDLQ GU%0& $OH[DQGULD S   'DWWDUL   0LOQH %UDXQH3DWLQDVV ±



)DXVWLQD PLQRU 7HWUDGUDFKPH J  DQ    DS-& 'EXVWHGUDSpGH)DXVWLQH0LQHXUHjGU5/,= ,VLV j OD YRLOH GHERXW jGUODWrWHFRLIIpHGXEDVLOHLRQXQH YRLOHJRQIOpHSDUOHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHG JXQVLVWUHGDQVODPDLQGU%0&$OH[DQGULDS 'DWWDUL   0LOQH   *HLVVHQ  7|QXQJVV ±



)DXVWLQD PLQRU 7HWUDGUDFKPH J  DQ    DS-& 'EXVWHGUDSpGH)DXVWLQH0LQHXUHjGU5>/,@= ,VLV j OD YRLOH GHERXW jGUODWrWHFRLIIpHGXEDVLOHLRQXQH YRLOHJRQIOpHSDUOHYHQWGDQVOHVPDLQVHWWHQXHDYHFOHSLHG JXQVLVWUHGDQVODPDLQGU%0&$OH[DQGULDS 'DWWDUL   0LOQH   *HLVVHQ  7|QXQJ9V*UQVSDQDXIODJHVV ±



&RPPRGXV    Q &KU 7HWUDGUDFKPH J  DQ  DS-& 'WrWHODXUpHGH&RPPRGHjGU5 /.Θ6DUDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%0& $OH[DQGULDS'DWWDUL0LOQH*HLV VHQ  7|QXQJ 5V DOWHU 6DPPOXQJVDXINOHEHU JXWHV VV ± 3URYHQLHQ] ([ 1XPLVDUW HW 0 'UU *HQqYH   

$QWRQLQXV 3LXV    Q &KU $( 'UDFKPH J  DQ  "   DS -& "  ' EXVWH ODXUp G $QWRQLQ j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 / >ΔΩΔΕ@.$72< 6DUDSLVWU{QDQWjJGDQVXQWHPSOHGLVW\OHXQFDODWKRVVXUOD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH*HLVVHQYDUDQ *HLVVHQYDU DQ    *HLVVHQ  DQ   %UDXQH 3DWLQD JH ±

$QWRQLQXV 3LXV    Q &KU $( 'UDFKPH J  DQ DS-&" 'WrWHODXUpHG $QWRQLQjJ5 /.$ "   EXVWH GUDSp GH 6DUDSLV j GU XQ FDODWKRV VXU OD WrWH*HLVVHQ %UDXQH3DWLQD.UDW]HUVVV ±

$QWRQLQXV 3LXV    Q &KU $( +HPLGUDFKPH J DQ" DS-&" 'WrWHODXUpHG $Q WRQLQjGU5/,=EXVWHGUDSpG +HUPDQXELVjGUXQFD ODWKRV VXU OD WrWH XQH SDOPH GDQV OH FKDPS 'DWWDUL   *HLVVHQ   5DUH %UDXQH 3DWLQD VVV ±

$QWRQLQXV 3LXV    Q &KU $( +HPLGUDFKPH J DQ DS-& 'WrWHODXUpHG $QWR QLQ j GU5/."%XVWHVGUDSpVHWDIIURQWpVG ,VLVFRLIIpH GXEDVLOHLRQjJHW6DUDSLVFRLIIpGXFDODWKRVjGU'DWWDUL 0LOQHD %UDXQH3DWLQDVVV ±

5g0,6&+(3529,1=,$/35b*81*(1



&RPPRGXV    Q &KU 7HWUDGUDFKPH J  DQ  DS-& 'WrWHODXUpHGH&RPPRGHjGU5 /Λ 6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHGXFDODWKRVjJ XQVLPSXOXPGDQVODGUGHUULqUHOXLXQEDVVLQSRVpVXUXQ SLHG HW VRXV XQH IRQWDLQH HQ IRUPH GH WrWH GH OLRQ %0&$OH[DQGULDS'DWWDUL 7|QXQJJXWHV VV ± 3URYHQLHQ]([FROO(PPHWW



(ODJDEDOQ&KU7HWUDGUDFKPHJ DQ  DS -&  ' WrWH ODXUpH G (ODJDEDOH j GU 5 / Δ 6DUDSLVWU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%0& $OH[DQGULD S   'DWWDUL   *HLVVHQ  %UDXQH3DWLQDJXWHVVV ±



6HYHUXV $OH[DQGHU    Q &KU 7HWUDGUDFKPH J DQ DS-& 'EXVWHODXUpGH6pYqUH $OH[DQGUH j GU DYHF FXLUDVVHHWSDOXGDPHQWXP56DUDSLV WU{QDQWjJXQFDODWKRVVXUODWrWHXQVFHSWUHGDQVODPDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH%0& $OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ  %UDXQH3DWLQDJXWHVVV ± 3URYHQLHQ] ([ 1XPLVDUW HW 0 'UU *HQqYH   



6HYHUXV $OH[DQGHU    Q &KU 7HWUDGUDFKPH J DQ DS-& 'EXVWHODXUpGH6pYqUH $OH[DQGUH j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 / ΠΕΜΠΤΟΥ6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFD ODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J%0& $OH[DQGULDS'DWWDUL0LOQH *HLVVHQ 2OLYJUQH3DWLQDVV ±



3KLOLSSXV,Q&KU7HWUDGUDFKPHJ DQ  DS-& 'EXVWHFXLUDVVpHWODXUpGH3KLOLSSH,HUj GU5/$6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDOD WKRV j GU XQ VFHSWUH GDQV OD PDLQ GU%0& $OH[DQGULD S   'DWWDUL   *HLVVHQ  6FKZDU]EUDXQH 3DWLQDJXWHVVV ±



3KLOLSSXV,Q&KU7HWUDGUDFKPHJ DQ  DS-& 'EXVWHFXLUDVVpHWODXUpGH3KLOLSSH ,HUjGU5/%6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjGUXQVFHSWUHGDQVODPDLQGU%0&$OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ  6FKZDU]EUDXQH3DWLQDVV ±



3KLOLSSXV,Q&KU7HWUDGUDFKPHJ DQ    DS -&  ' EXVWH ODXUp GH 3KLOLSSH ,HU j GU DYHF FXLUDVVH HW SDOXGDPHQWXP 5 /( $OH[DQGULH GHERXW GHIDFHODWrWHWRXUHOpHjJXQVFHSWUHGDQVODPDLQJXQ EXVWH GH 6DUDSLV GDQV OD GU%0& $OH[DQGULD DQG WKH 1RPHV S   'DWWDUL   0LOQH D 6FKZDU]EUDXQH3DWLQDVV ±



7UDLDQXV'HFLXVQ&KU7HWUDGUDFKPHJ  DQ    DS -&  ' EXVWH ODXUp GH 7UDMDQ 'qFH DYHFFXLUDVVHSDOXGDPHQWXPHWpJLGHjGU5/$6DUDSLV GHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjGUXQVFHSWUH GDQV OD GU%0& S   *HLVVHQ  53& ,;  6FKZDU]EUDXQH3DWLQDJXWHV3RUWUlWY]VVY] ± 

5g0,6&+(3529,1=,$/35b*81*(1



7UHERQLDQXV *DOOXV    Q &KU 7HWUDGUDFKPH J DQ DS-& 'EXVWHODXUpGH7UpER QLHQ *DOOH j GU SRUWDQW FXLUDVVH HW SDOXGDPHQWXP5/Γ 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J53& ,;  6FKZDU]EUDXQH3DWLQDJXWHV3RUWUlWVVY] ±



6DORQLQDQ&KU7HWUDGUDFKPHJ DQ DS-& 'EXVWHGUDSpGH6DORQLQHjGU5/= $OH[DQGULH GHERXW GH IDFH OD WrWH WRXUHOpH j J XQ VFHSWUH GDQVODPDLQJXQEXVWHGH6DUDSLVGDQVODGU'DWWDUL 0LOQH  6FKZDU]EUDXQH 3DWLQD EHLGVHLWLJ 6DPPOHU PDUNHQVVY] ± 3URYHQLHQ] ([ 1XPLVDUW HW 0 'UU *HQqYH 





'LRNOHWLDQQ&KU$(7HWUDGUDFKPHJ DQ  DS-& 'EXVWHODXUpHWFXLUDVVpGH'LRFOp WLHQjGU5/%$OH[DQGULHGHERXWGHIDFHODWrWHWRXUHOpH jJXQVFHSWUHGDQVODPDLQJXQEXVWHGH6DUDSLVGDQVOD GU%0& $OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ  %UDXQH 3DWLQD VVY] ±



'LRNOHWLDQQ&KU$(7HWUDGUDFKPHJ DQ  DS-& 'EXVWHODXUpHWFXLUDVVpGH'LRFOp WLHQjGU5/%$OH[DQGULHGHERXWGHIDFHODWrWHWRXUHOpH jJXQVFHSWUHGDQVODPDLQJXQEXVWHGH6DUDSLVGDQVOD GU%0& $OH[DQGULD S   'DWWDUL   0LOQH   *HLVVHQ  %UDXQH 3DWLQD JXWHV VV ±



'LRNOHWLDQQ&KU$(7HWUDGUDFKPHJ DQ    DS -&  ' WrWH ODXUpH GH 'LRFOpWLHQ j GU 5 (729&Γ6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDOD WKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J%0& $OH[DQGULDS'DWWDUL0LOQH *HLVVHQ *UQH3DWLQDVV ±





'LRNOHWLDQQ&KU$(7HWUDGUDFKPHJ DQ  DS-& 'EXVWHODXUpHWFXLUDVVpGH'LRFOp WLHQjGU5/($OH[DQGULHGHERXWGHIDFHODWrWHWRXUHOpH jJXQVFHSWUHGDQVODPDLQJXQEXVWHGH6DUDSLVGDQVOD GU%0& $OH[DQGULD S   'DWWDUL   0LOQH *HLVVHQ 7|QXQJVV ±



0D[LPLDQXV +HUFXOLXV    Q &KU $( 7HWUD GUDFKPH J  DQ  DS-& 'EXVWHODXUp GH0D[LPLHQjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5/$ $OH[DQGULH GHERXW GH IDFH OD WrWH WRXUHOpH j J XQ VFHSWUH GDQV OD PDLQ J XQ EXVWH GH 6DUDSLV GDQV OD GU%0& $OH[DQGULD S  'DWWDUL   0LOQH  *HLVVHQ  %UDXQH 3DWLQD JXWHV VV ±



0D[LPLDQXV +HUFXOLXV    Q &KU $( 7HWUD GUDFKPH J  DQ  DS-& 'EXVWHODXUp GH0D[LPLHQjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5/Δ $OH[DQGULH GHERXW GH IDFH OD WrWH WRXUHOpH j J XQ VFHSWUH GDQV OD PDLQ J XQ EXVWH GH 6DUDSLV GDQV OD GU%0& $OH[DQGULDS'DWWDUL0LOQH *HLVVHQ %UDXQH3DWLQDVV ±

5g0(5

5g0(5 3URYHQLHQ]([+-%HUN 6LO RQH[FHSWHOH TXDGUDQV SURSRVp VXSUD 6DUDSLV IDLW VRQ DSSDULWLRQ VHXO GDQVOHVIUDSSHVGHVDWHOLHUVGH5RPHVXUOHVVHVWHUFHVOHV GXSRQGLLHWOHVDVVHVHQOHVDXUHLHWOHVGHQLHUVHQ VHORQXQW\SHTXLFRQQXWXQVXFFqVGXUDEOHOHGLHXUDGLp FRLIIp GX FDODWKRV HVW UHSUpVHQWp GHERXW GH IDFH YRLUH OpJqUHPHQWGHWURLVTXDUWVODWrWHWRXUQpHYHUVODJDXFKHOD PDLQ GURLWH OHYpH HW OH VFHSWUH GDQV OD JDXFKH &H W\SH GH UHYHUV HVW JpQpUDOHPHQW DFFRPSDJQp GH OD OpJHQGH &216(59DWRU $9*YVWL &HOXLFLV LQVFULWGDQVXQHVpULH GH IUDSSHV DX QRP GH -XSLWHU 2SWLPXV 0D[LPXV VSRQVRU VHFXULWDWLV $XJXVWL JDUDQW GH OD VpFXULWp LPSpULDOH  GH 0DUV 9OWRU HW GH &\EqOH FRQVHUYDWUL[ $XJXVWL ,O SDUDvW GLIILFLOH GH UDWWDFKHU FHWWH VpULH FRPPH RQ O DGPHW WUDGLWLRQQHOOHPHQW DX FRPSORW GH 0DWHUQXV GpMRXp SDU &\EqOHHWTXHO RQGDWHDYHFTXDVLFHUWLWXGHGHTXDWUH DQVSOXVW{W6DQVGRXWHIDXWLOGDYDQWDJH\YRLUODWUDFHGHV LQTXLpWXGHVJUDQGLVVDQWHVGHO HPSHUHXU&RPPRGHIDFHDX[ GLYHUV FRPSORWV UpHOV RX VXSSRVpV TXL pPDLOOqUHQW OD ILQ GH VRQSULQFLSDWHWGRQWRQUHWURXYHO LPDJHHQFUHX[GDQVOHV UpSUHVVLRQV HW H[pFXWLRQV TXL VH PXOWLSOLqUHQW HQWUH  HW DS-&

5g0,6&+(5(38%/,. 

5g0,6&+( 5(38%/,. 1$&+  9 &+5 / ,XOLXV %XUVLRY&KU'HQDUJ '%XVWHGUDSpHWODXUpGX *pQLH DLOp j GU XQ EDVLOHLRQ HW XQ WULGHQW GHUULqUH OXL 5 /9,,,HW/,9/,%956,29LFWRLUHVXUXQTXDGULJHDOODQWj GU%0&55   6\GHQKDP -XOLD D  &UDZIRUG S F HW  615,6 5RPD D /HLFKWH 7|QXQJ VVY] ± / XWLOLVDWLRQ VSRUDGLTXH GH PRWLIV LVLDTXHV j O pSRTXH UpSXEOLFDLQHSDUXQHKXLWDLQHGHPRQpWDLUHVGRQWDXFXQD SULRUL QH SHXW rWUH VXVSHFWp G DIILQLWpV DYHF OH FXOWH GH OD GpHVVHRXVHVGpYRWVLQYLWHjQHSDVDWWULEXHUjFHVLPDJHV GH VLJQLILFDWLRQ FRPPXQH HQFRUH PRLQV j OHV SDUHU G XQ PHVVDJH UpYROXWLRQQDLUH FRPPH FH IXW ORQJWHPSV OH FDV ,O QH IDXW VDQV GRXWH SDV OHXU DFFRUGHU SOXV G LPSRUWDQFH TX LOV Q RQW SX HQ DYRLU &HSHQGDQW OH VLPSOH IDLW GH OHV DYRLU XWLOLVpV DX PLOLHX GH GL]DLQHV G DXWUHV PRWLIV PRQWUH TX LOV pWDLHQW GHYHQXV IDPLOLHUV DX[ 5RPDLQV GX ,HU VLqFOH DY -& FRPPH OH EDVLOHLRQ O DYDLW pWp XQ VLqFOH SOXV W{W GDQVOHVFLWpVGXSRXUWRXUpJpHQ



& &DOSXUQLXV 3LVR )UXJL  Y &KU 'HQDU J  ' 7rWHODXUpHG $SROORQjGUXQEDVLOHLRQGHUULqUHOXL59HW &3,62/))59*>,@FDYDOLHUQXJDORSDQWjGUXQIRXHW GDQV OD PDLQ GU%0&55  &UDZIRUG S  615,6 5RPD  /HLFKWH 7|QXQJ 9V .UDW]HU LP )HOG JXWHVVV ±



/5RVFLXV)DEDWXVY&KU'HQDUJ '/526&, WrWHGH-XQRQ6RVSLWDFRLIIpG XQHGpSRXLOOHGHFKqYUHjGU XQ EDVLOHLRQ GHUULqUH HOOH 5 )$%$7, SHUVRQQDJH IpPLQLQ GHERXW j GU QRXUULVVDQW XQ VHUSHQW GUHVVp j J XQ VLVWUH j J%0&556\GHQKDP5RVFLD&UDZIRUGS 615,65RPDF Y] ± 3URYHQLHQ]([)UHHPDQ 6HDU 



&RPPRGXV    Q &KU 'HQDU J   DS -&  ' / $(/ $95(/ &200 $9* 3 )(/ WrWH ODXUpH GH&RPPRGHjGU56(5$3,',&216(59$9*6DUDSLV GHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJODPDLQGU OHYpH XQ VFHSWUH GDQV OD J %0&55 S  615,6 5RPD  E  FHW H[HPSODLUH  /HLFKWH 7|QXQJ JXWHVVV ± 6LO RQH[FHSWHOHTXDGUDQVSURSRVpVXSUD6DUDSLVIDLWVRQ DSSDULWLRQVHXOGDQVOHVIUDSSHVGHVDWHOLHUVGH5RPHVXU OHVVHVWHUFHVOHVGXSRQGLLHWOHVDVVHVHQOHVDXUHLHWOHV GHQLHUVHQVHORQXQW\SHTXLFRQQXWXQVXFFqVGXUDEOH OH GLHX UDGLp FRLIIp GX FDODWKRV HVW UHSUpVHQWp GHERXW GH IDFHYRLUHOpJqUHPHQWGHWURLVTXDUWVODWrWHWRXUQpHYHUVOD JDXFKHODPDLQGURLWHOHYpHHWOHVFHSWUHGDQVODJDXFKH&H W\SH GH UHYHUV HVW JpQpUDOHPHQW DFFRPSDJQp GH OD OpJHQGH &216(59DWRU $9*YVWL &HOXLFLV LQVFULWGDQVXQHVpULH GH IUDSSHV DX QRP GH -XSLWHU 2SWLPXV 0D[LPXV VSRQVRU VHFXULWDWLV $XJXVWL JDUDQW GH OD VpFXULWp LPSpULDOH  GH 0DUV 9OWRU HW GH &\EqOH FRQVHUYDWUL[ $XJXVWL ,O SDUDvW GLIILFLOH GH UDWWDFKHU FHWWH VpULH FRPPH RQ O DGPHW WUDGLWLRQQHOOHPHQW DX FRPSORW GH 0DWHUQXV GpMRXp SDU &\EqOHHWTXHO RQGDWHDYHFTXDVLFHUWLWXGHGHTXDWUH DQVSOXVW{W6DQVGRXWHIDXWLOGDYDQWDJH\YRLUODWUDFHGHV LQTXLpWXGHVJUDQGLVVDQWHVGHO HPSHUHXU&RPPRGHIDFHDX[ GLYHUV FRPSORWV UpHOV RX VXSSRVpV TXL pPDLOOqUHQW OD ILQ GH VRQSULQFLSDWHWGRQWRQUHWURXYHO LPDJHHQFUHX[GDQVOHV UpSUHVVLRQV HW H[pFXWLRQV TXL VH PXOWLSOLqUHQW HQWUH  HW DS-&



&RPPRGXV    Q &KU 'HQDU J   DS -& '/$(/$95(/&200$9*3)(/WrWHODXUpH GH&RPPRGHjGU56(5$3,',&216(59$9*6DUDSLV UDGLp GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 615,6 5RPD  F FHWH[HPSODLUH  /HLFKWH7|QXQJJXWHVVV ±

5g0,6&+(.$,6(5=(,7 

$QRQ\P $( J  PLOLHX GX ,,H V DS -& ' 7rWH GH 6DUDSLVjGUXQFDODWKRVVXUODWrWH56&IRXGUH5,&,, S615,65RPD FHWH[HPSODLUH 'DQVOH5,& 6DUDSLVHVWFRQIRQGXDYHF-XSLWHU/HHH[FRQQXFHOXLFL SDUIDLWHPHQW FHQWUp DYHF FDODWKRV ELHQ YLVLEOH *UQH 3DWLQDY] ±



5g0(5











LPSpULDO &KDTXH DQQpH GH  j  6DUDSLV ILJXUH DX UHYHUV GH IUDSSHV GH O DWHOLHU GH 5RPH VRXV GHX[ UHSUpVHQWDWLRQV /D SUHPLqUH UHSUHQG OH W\SH FRPPRGpHQ  OH GLHX UDGLp FRLIIp GX FDODWKRV HVW UHSUpVHQWp GHERXW j JDXFKHODGURLWHOHYpHRXEDLVVpH HWWHQDQWOHVFHSWUHGHOD JDXFKH (OOH DSSDUDvW GqV  SXLV FKDTXHDQQpHMXVTX HQ DXUHYHUVGHGHQLHUVHQGHGXSRQGLLHQHW G DVVHVHQHWGHVHVWHUFHVGHjG DXUHLHW G DQWRQLQLHQV/DVHFRQGHUDUHPHQWLGHQWLILpHFRPPHWHOOH OHV UpSHUWRLUHV HW OHV FDWDORJXHV LGHQWLILHQW TXDVL V\VWpPDWLTXHPHQW OH GLHX j +DGqV3OXWRQ   PRQWUH 6DUDSLV FRLIIp GX FDODWKRV WU{QDQW j JDXFKH OD GURLWH WHQGXHDXGHVVXVGH&HUEqUHjVHVSLHGVODJDXFKHUHOHYpH HQDUULqUHWHQDQWXQORQJVFHSWUHGURLW/HGLHXILJXUHDLQVL DXUHYHUVG DQWRQLQLHQVG DVVHVGHVHVWHUFHVHWG DXUHL

,XOLD 'RPQD    Q &KU 'HQDU J   DS -& 0]VWIUDSSHj$QWLRFKHGHO 2URQWH" ',9/,$$9 *967$  EXVWH GUDSp GH -XOLD 'RPQD j GU 5 6$(&9/, )(/,&,7$6  ,VLV GHERXW j GU XQ FDODWKRV VXU OD WrWH OH SLHGJVXUXQHSURXHXQHFRXURQQHGDQVODPDLQGUMRXDQW DYHF+DUSRFUDWHDJHQRXLOOpVXUVRQJHQRXJXQJRXYHUQDLO DSSX\p FRQWUH XQ DXWHO GHUULqUH OD GpHVVH 5,& ,9 S 615,65RPDE /HLFKWH7|QXQJVVY] ± (QXQHpPLVVLRQG DXUHLGHGHQLHUVHWGHVHVWHUFHVDX QRP GHO LPSpUDWULFH-XOLD'RPQDILJXUHDXUHYHUV,VLV/D OpJHQGH 6$(&9/, )(/,&,7$6 LQYLWH j FRQVLGpUHU FHWWH IUDSSH FRPPH O LQGLFDWLRQ G XQH QRXYHOOH qUH GH SURVSpULWp JUkFH j OD IDPLOOH VpYpULHQQH GH UHWRXU G (J\SWH 'pMj UDWWDFKpH j OD G\QDVWLH DQWRQLQH SDU OD YRORQWp GH 6HSWLPH 6pYqUH'LYL0DUFLILOLXVGHSXLVHOOHSURPHWVWDELOLWpHW RUGUHjO (PSLUH

&DUDFDOODQ&KU$QWRQLQLDQJ HSXLV WULE DS-& '$1721,1963,96$9**(50 EXVWHGUDSpHWUDGLpGH&DUDFDOODjGU530753;9,,,, &26,,,,336DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFD ODWKRVjJODPDLQGUOHYpHXQVFHSWUHGDQVODJ5,&,9 SG615,65RPDE 7|QXQJJXWHVVV ±

&DUDFDOODQ&KU$QWRQLQLDQJ HSXLV WULE DS-& '$1721,1963,96$9**(50 EXVWHGUDSpHWUDGLpGH&DUDFDOODjGU530753;;&26 ,,,,336DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRV jJGHVpSLVGHEOpGDQVODPDLQGUEDLVVpHXQVFHSWUHGDQV ODJ5,&,9SG615,65RPDE Y] ±

&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* %5,7  WrWH ODXUpHGH&DUDFDOODjGU530753;9&26,,,336D UDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9S 615,65RPDE /HLFKWH7|QXQJVVY] ± /D SULVH GH SRXYRLU SDU &DUDFDOOD VHXO DSUqV OHV GLVSDULWLRQV GH VRQ SqUH HW GH VRQ IUqUH LQDXJXUH OD SUpVHQFH LVLDTXH OD SOXV IpFRQGH GDQV OH PRQQD\DJH



&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* %5,7  WrWH ODXUpHGH&DUDFDOODjGU530753;9&26,,,336D UDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9S 615,65RPDE /HLFKWH7|QXQJ5VSDUWLHOO*UQVSDQ DXIODJHQVVY] ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* %5,7  WrWH ODXUpHGH&DUDFDOODjGU530753;9&26,,,336D UDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9S 615,65RPDE *XWHVVV ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* %5,7  WrWH ODXUpHGH&DUDFDOODjGU530753;9&26,,,336D UDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9S 615,65RPDE VV ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* %5,7  WrWH ODXUpH GH &DUDFDOOD j GU5 3 0 75 3 ;9, &26 ,,,, 3 3  6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpHXQVFHSWUHGDQVODJ5,&,9SD 615,65RPDDD /HLFKWH7|QXQJY] ±

5g0(5



&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96$9*>%@5,>7@WrWH ODXUpHGH&DUDFDOODjGU530753;9,&26,,,,33 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpHXQVFHSWUHGDQVODJ5,&,9SD 615,6 5RPD DD /HLFKWH 7|QXQJ 6FKU|WOLQJVULVV IDVW Y] ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96)(/$9*WrWHODX UpHGH&DUDFDOODjGU530753;9,&26,,,,336DUD SLVGHERXWGHIDFHODWrWHFRLIIpHG XQFDODWKRVjJODPDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9 S E 615,65RPDDE Y] ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96$9**>(@50WrWH ODXUpHGH&DUDFDOODjGU530753;9,,&26,,,,33 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J5,& ,9 S  615,65RPD Y] ±





&DUDFDOODQ&KU'HQDUJ HSXLVWULE   DS -&  ' $1721,196 3,96 $9* *(50 WrWH ODXUpHGH&DUDFDOODjGU530753;9,,,&26,,,,33 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J 5,& ,9 S I615,65RPDF Y] ±

&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96$9**(50WrWH ODXUpHGH&DUDFDOODjGU530753;9,,,,&26,,,,33 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpHXQVFHSWUHGDQVODJ5,&,9SF 615,65RPDF Y] ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96$9**(50WrWH ODXUpHGH&DUDFDOODjGU530753;;&26,,,,336D UDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J GHV pSLVGHEOpGDQVODPDLQGUEDLVVpHXQVFHSWUHGDQVODJ5,& ,9 S F 615,6 5RPD F /HLFKWH 7|QXQJ JXWHVVV ±



&DUDFDOODQ&KU'HQDUJ HSXLVWULE DS-& '$1721,1963,96$9**(50WrWH ODXUpH GH &DUDFDOOD j GU 5 3 0 75 3 ;; &26 ,,,, 3 3  6DUDSLVWU{QDQWjJODWrWHFRLIIpHG XQFDODWKRVGHVpSLVGH EOp GDQV OD PDLQ GU XQ VFHSWUH GDQV OD J5,& ,9 S E615,65RPDF VVY] ±



&DUDFDOOD    Q &KU $( $V J  H SXLV WULE   DS -&  ' $1721,196 >3@,96 >$9* *(50@WrWHODXUpHGH&DUDFDOODjGU530753;9,,,, &26 ,,,, 3 3 6 &  6DUDSLV WU{QDQW j J XQ FDODWKRV VXU OD WrWH XQ VFHSWUH GDQV OD PDLQ J OD GU WHQGXH DXGHVVXV GH &HUEqUH5,& ,9 S  615,6 5RPD F 5 %UDXQH3DWLQDIDVWVV ±



*DOOLHQXV$OOHLQKHUUVFKDIW Q&KU$QWRQLQLDQ J HSXLVWULE DS-& 0]VWIUDSSHj$Q WLRFKHGHO 2URQWH '*$//,(1963)$9*EXVWHUDGLp HWFXLUDVVpGH*DOOLHQjGU530753;,,&26933 6DUDSLV GHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV j J OD PDLQ GU OHYpH XQ VFHSWUH GDQV OD J5,& 9 S  615,6$QWLRFKLDDG2URQWHP VVY] ± (QDS-&O DWHOLHUGH5RPHpPHWXQDXUHXVDXW\SH WUDGLWLRQQHO GH 6DUDSLV GHERXW 5,& 9 S   7URLV DQV SOXV WDUG HQ  FHOXL G $QWLRFKH GRQW OH IRQFWLRQQHPHQWIXWSHUWXUEpSDUODFDSWXUHGH9DOpULHQHWOHV XVXUSDWLRQVGH5pJDOLHQ0DFULHQHW4XLpWXVUHSUHQGSRXU XQH VHXOH pPLVVLRQ VHPEOHWLO OD IUDSSH G DQWRQLQLHQV DX PrPH W\SH 2Q SHXW PHWWUH FHV GHX[ pPLVVLRQV HQ UDSSRUW DYHFOHVpYpQHPHQWVTXLVHFRXHQWDORUVODSDUWLHRULHQWDOHGH



5g0(5

O (PSLUH /HV XVXUSDWHXUV RULHQWDX[ VRQW pOLPLQpV DX SULQWHPSV  SDU OH SDOP\UpQLHQ 2GHQDWK HQ 6\ULH HW $XUpROXV HQ ,OO\ULFXP 'DQV OH PrPH WHPSV OD UpYROWH GX SUpIHWG (J\SWH0XVVLXV(PLOLHQHVWUpSULPpH*DOOLHQHWVHV DUPHVWULRPSKHQWSDUWRXWVDXIHQ*DXOHFRQWUH3RVWXPXV HW OH PRQQD\DJH LPSpULDO VDOXH FHWWH UHSULVH HQ PDLQ GH O (PSLUH DSUqV OHV FDWDVWURSKHV GH  3RXU FHWWH IUDSSH G DXUHL GH  *DOOLHQ GRQW O LQWpUrW SRXU OHV FXOWHV LVLDTXHV HVW ELHQ FRQQX D FHUWDLQHPHQW FKRLVL 6DUDSLV FHUWHV SDUPL G DXWUHV SRXU PDQLIHVWHU OD SURWHFWLRQ GLYLQH GRQW LO MRXLVVDLW 4XDQW j O pPLVVLRQ G DQWRQLQLHQV GH  HOOH GRLW YUDLVHPEODEOHPHQW rWUH PLVH HQ UHODWLRQ DYHF OD FDPSDJQH YLFWRULHXVH PHQpH SDU 2GHQDWK FRQWUH OHV 6DVVDQLGHV$XPrPHPRPHQWO DQGH*DOOLHQ O DWHOLHU G $OH[DQGULH IUDSSH XQ W\SH GH UHYHUV QRXYHDX HW VLQJXOLqUHPHQW pYRFDWHXU TXL SODFH XQH VWDWXH GH 6DUDSLV GHERXWVXUXQHEDVHHQWUH$UqVRX*DOOLHQLGHQWLILpDXGLHX

HW1LNqOD9LFWRLUH*HLVVHQ &ODXGH,,UHSUHQGOH W\SHHQDS-&



&ODXGLXV *RWKLFXV    Q &KU $QWRQLQLDQJ  0]VWIUDSSHj$QWLRFKHGHO 2URQWH ',03&&/$9',96 $9* EXVWH UDGLp HW GUDSp GH &ODXGH ,, j GU 5 6$/96 $9ΓHW(,VLVGHERXWGHIDFHODWrWHFRLIIpHGXEDVLOHLRQj JXQVLVWUHGDQVODPDLQGUXQHVLWXOHGDQVODJ5,&9 S  615,6 $QWLRFKLD DG 2URQWHP F 7|QXQJ .RUURVLRQVVSXUHQVVY] ± 'XUDQW OD GpFHQQLH TXL V DFKqYH DYHF OD PRUW GH &ODXGH SHQGDQW O pWp  VXUYHQXH j 6LUPLXP DX FRXUV G XQH QRXYHOOH FDPSDJQH FRQWUH OHV *RWKV HQ 2FFLGHQW GDQV O DWHOLHU GH &RORJQH OH JpQpUDO 3RVWXPXV IDLW IUDSSHU XQ PRQQD\DJH DXUHL HW DQWRQLQLHQV  TXL PHW j O KRQQHXU +HUFXOH PDLV DXVVL 6DUDSLV /H GLHX HVW TXDOLILp GH FRPHV $XJXVWL FRPSDJQRQ GH O (PSHUHXU  VXU FHV PRQQDLHV TXH O RQ GDWH DFWXHOOHPHQW GH  2Q SHXW GLVWLQJXHU DXGHOj GHV YDULDQWHV GH GpWDLO GHX[ W\SHV  XQ SUHPLHU WUDGLWLRQQHOILJXUDQW6DUDSLVGHERXWODPDLQGURLWHOHYpHHW WHQDQW OH VFHSWUH XQ VHFRQG RULJLQDO VXU OHTXHO 6DUDSLV SRVHOHSLHGGURLWVXUXQHSURXH&HWWHGHUQLqUHLPDJHHVWj UDSSRUWHUDXU{OHGHSURWHFWHXUGXFRPPHUFHIOXYLDOUKpQDQ TXHOHGLHXDG€DVVXPHUj&RORJQHGqVOH,,HVLqFOHFRPPH VHPEOHOHPRQWUHUXQHGpGLFDFH,RYL RSWLPR PD[LPR HW 6HUDSL HW *HQLR ORFL pPDQDQW G XQ EHQHILFLDULXV HQ SRVWH GDQV OD YLOOH HW GDWDQW GH  &,/ ;,,,   /D TXDOLILFDWLRQGHFRPHV$XJXVWLDSSOLTXpHj6DUDSLVFRPPH j+HUFXOHHW1HSWXQHVRXOLJQHTXH3RVWXPXVDJLWHQOLDLVRQ GLUHFWHDYHFOHVGLHX[TXLVRQWjODIRLVVHVFRPSDJQRQVHW VHVSURWHFWHXUVFRQVHUYDWRU 



0D[LPLQXV 'DLD    Q &KU $( J   DS -&  0]VW IUDSSH j $OH[DQGULH  ' ,03&*$/9$/0$;,0,1963)$9*WrWHODXUpHGH 0D[LPLQ 'DLD j GU 5 *(1,2 $9*967, HW $/( 1Γ   *pQLHGHERXWGHIDFHXQHpWRLOHHWXQHSDOPHGHYDQWOXLOD WrWHjJXQHFRUQXFRSLDGDQVODPDLQJGDQVODGUXQHWrWH GH 6DUDSLV FRLIIp G XQ FDODWKRV j GU5,& 9, S E 615,6$OH[DQGULD 6FK|QHGXQNOH3DWLQDVVY] ± (QWUH  HW  OHV DWHOLHUV G $OH[DQGULH SRXU 0D[LPLQ 'DLD  $QWLRFKH SRXU 0D[LPLQ /LFLQLXV HW &RQVWDQWLQ  &\]LTXH SRXU 0D[LPLQ HW /LFLQLXV  +pUDFOpH SRXU 0D[LPLQ  HW 1LFRPpGLH SRXU 0D[LPLQ /LFLQLXV HW &RQVWDQWLQ  IUDSSHQW XQ WUqV JUDQG QRPEUH GH PRQQDLHV SUpVHQWDQWDXUHYHUV6ROLQYLFWXVRXXQ*HQLXVWHQDQWGDQV ODPDLQXQEXVWHGH6DUDSLV/DFUpDWLRQGHFHW\SHVHPEOH GXH j 0D[LPLQ 'DLD &pVDU TXL OH ILW IUDSSHU GqV  GDQVO DWHOLHUG $OH[DQGULHTX LOFRQWU{ODLWDORUV,OHVWUHSULV SDUOHVDXWUHVWpWUDUTXHVGDQVXQFOLPDWGHFRPSpWLWLRQR OHVVRXWLHQVUHOLJLHX[YRQWV DYpUHUGpWHUPLQDQWV



0D[LPLQXV 'DLD    Q &KU $( J   DS -&  0]VW IUDSSH j $OH[DQGULH  '

3RVWXPXV    Q &KU $QWRQLQLDQ J   DS -& 0]VWIUDSSHj&RORJQH ',03&326790963) $9*  EXVWH UDGLp HW GUDSp GH 3RVWXPH j GU 5 6(5$3, &20,7,$9*6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjJODPDLQGUOHYpHXQVFHSWUHGDQVODJ(OPHU %RQQHU -DKUEFKHU  S   5,& 9 S   %HVO\  %ODQG &XQHWLR 7UHDVXUH S  615,6 &RORQLD D 'XQNOH7|QXQJIDVWY] ±



3RVWXPXV    Q &KU $QWRQLQLDQ J   DS -& 0]VWIUDSSHj&RORJQH ',03&326790963) $9*  EXVWH UDGLp HW GUDSp GH 3RVWXPH j GU 5 6(5$3, &20,7,$9*6DUDSLVGHERXWGHIDFHODWrWHFRLIIpHG XQ FDODWKRVjJODPDLQGUOHYpHXQVFHSWUHGDQVODJVXUXQH SURXH j J (OPHU %RQQHU -DKUEFKHU  S   5,&9S*LDUG%6)1S%HVO\  %ODQG &XQHWLR 7UHDVXUH  615,6 &RORQLD E *HW|QWHULQWDNWHU6LOEHUVXGY] ±



&ODXGLXV *RWKLFXV    Q &KU $QWRQLQLDQJ  HSXLVWULE DS-& 0]VWIUDSSHj$QWLRFKHGH O 2URQWH ',03&&/$9',96$9*EXVWHUDGLpHWGUDSp GH&ODXGH,,jGU5&216(5$9*HW*6DUDSLVGHERXW GH IDFH OD WrWH FRLIIpH G XQ FDODWKRV jJODPDLQGUOHYpH XQVFHSWUHGDQVODJ5,&9S615,6$QWLRFKLD DG2URQWHPD 7|QXQJ.RUURVLRQVVSXUHQVVY] ±





5g0(5

,03&*$/9$/0$;,0,1963)$9*WrWHODXUpHGH 0D[LPLQ 'DLD j GU 5 *(1,2 $9*967, HW $/( 1"   *pQLHGHERXWGHIDFHXQHpWRLOHHWXQHSDOPHGHYDQWOXLOD WrWHjJXQHFRUQXFRSLDGDQVODPDLQJGDQVODGUXQHWrWH GH 6DUDSLV FRLIIp G XQ FDODWKRV j GU5,& 9, S E 615,6$OH[DQGULD 6FK|QHGXQNOH3DWLQDVVY] ±









0D[LPLQXV 'DLD    Q &KU $( J   DS -&  0]VW IUDSSH j $OH[DQGULH  ' ,03&*$/9$/0$;,0,1963)$9*WrWHODXUpHGH 0D[LPLQ 'DLD j GU 5 *(1,2 $9*967, HW $/( 1Δ   *pQLHGHERXWGHIDFHXQHpWRLOHHWXQHSDOPHGHYDQWOXLOD WrWHjJXQHFRUQXFRSLDGDQVODPDLQJGDQVODGUXQHWrWH GH 6DUDSLV FRLIIp G XQ FDODWKRV j GU5,& 9, S E 615,6 $OH[DQGULD  6FKZDU]JUQH 3DWLQD .RUURVLRQVVSXUHQVV ±

0D[LPLQXV 'DLD    Q &KU $( J   DS -&  0]VW IUDSSH j $OH[DQGULH  ' ,03&*$/9$/0$;,0,1963)$9*WrWHODXUpHGH 0D[LPLQ 'DLD j GU 5 *(1,2 $9*967, HW $/( 16   *pQLHGHERXWGHIDFHXQHpWRLOHHWXQHSDOPHGHYDQWOXLOD WrWHjJXQHFRUQXFRSLDGDQVODPDLQJGDQVODGUXQHWrWH GH 6DUDSLV FRLIIp G XQ FDODWKRV j GU5,& 9, S E 615,6$OH[DQGULD 6FKZDU]JUQH3DWLQDVV ±

0D[LPLQXV 'DLD    Q &KU $( J   DS -&  0]VW IUDSSH j $OH[DQGULH  ' ,03&*$/9$/0$;,0,1963)$9*WrWHODXUpHGH 0D[LPLQ 'DLD j GU 5 *(1,2 $9*967, HW $/( ;   *pQLHGHERXWGHIDFHFURLVVDQWGHOXQHGHYDQWOXLODWrWHj J XQH FRUQXFRSLD GDQV OD PDLQ J GDQV OD GU XQH WrWH GH 6DUDSLVFRLIIpG XQFDODWKRVjGU %UDXQJUQH3DWLQDJXWHV VV ±

0D[LPLQXV'DLDQ&KU$(J GpE DS-& 0]VWIUDSSHj1LFRPpGLH ',03&*$/9$/ 0$;,0,1963)$9*WrWHODXUpHGH0D[LPLQ'DLDjGU 562/,,19,&72HW601RIILFLQH$ 6RO,QXLFWXVUDGLp GHERXWGHIDFHODWrWHjJODPDLQGUOHYpHGDQVODJXQH WrWHGH6DUDSLVFRLIIpG XQFDODWKRVjJ5,&9,SE 615,61LFRPHGLD %UDXQJUQH3DWLQDJXWHVVV ±



0D[LPLQXV'DLDQ&KU$(J GpE DS -&  ' ,03 & *$/ 9$/ 0$;,0,196 3 ) $9*  WrWH ODXUpH GH 0D[LPLQ 'DLD j GU 5 62/, ,19,&72 HW 601RIILFLQH% 6RO,QXLFWXVUDGLpGHERXWGHIDFHODWrWH j J OD PDLQ GU OHYpHGDQVODJXQHWrWHGH6DUDSLVFRLIIp G XQ FDODWKRV j J5,& 9, S E 615,6 1LFRPHGLD  6FK|QHEUDXQH3DWLQDY] ±



0D[LPLQXV'DLDQ&KU$(J GpE DS-& 0]VWIUDSSHj1LFRPpGLH ',03&*$/9$/ 0$;,0,1963)$9*WrWHODXUpHGH0D[LPLQ'DLDjGU 5 62/, ,19,&72 HW 601 RIILFLQH "  6RO ,QXLFWXV UDGLp GHERXWGHIDFHODWrWHjJODPDLQGUOHYpHGDQVODJXQH WrWHGH6DUDSLVFRLIIpG XQFDODWKRVjJ5,&9,SE 615,61LFRPHGLD 6FKZDU]H3DWLQDIDVWY] ±



0D[LPLQXV 'DLD    Q &KU $( J  GE  DS -&  0]VW IUDSSH j $QWLRFKH GH O 2URQWH  ' ,03 & *$/9$/0$;,0,1963)$9*WWHODXUHGH0D[LPLQ 'DLD j GU 5 62/, ,19,&72 HW $17 RIILFLQH M  6RO ,QXLFWXVUDGLGHERXWGHIDFHODWWHjJODPDLQGUOHYHGDQV ODJXQHWWHGH6DUDSLVFRLIIG XQFDODWKRVjJXQHWRLOHGDQV OHFKDPSLQIULHXUGU5,&9,SE615,6$QWLRFKLD DG2URQWHP6LOEHUVXGUHVWH5V3UlJHVFKZlFKHVVY] 



0D[LPLQXV 'DLD    Q &KU $( J  GE  DS -&  0]VW IUDSSH j $QWLRFKH GH O 2URQWH  ' ,03 & *$/9$/0$;,0,1963)$9*WWHODXUHGH0D[LPLQ 'DLD j GU 5 62/, ,19,&72 HW $17 RIILFLQH M  6RO ,QXLFWXVUDGLGHERXWGHIDFHODWWHjJODPDLQGUOHYHGDQV ODJXQHWWHGH6DUDSLVFRLIIG XQFDODWKRVjJXQHWRLOHGDQV OHFKDPSLQIULHXUGU5,&9,SE615,6$QWLRFKLD DG2URQWHP'XQNHOJUQH3DWLQDVV ±



0D[LPLQXV 'DLD    Q &KU $( J  GE  DS -&  0]VW IUDSSH j $QWLRFKH GH O 2URQWH  ' ,03 & *$/9$/0$;,0,1963)$9*WWHODXUHGH0D[LPLQ 'DLD j GU 5 62/, ,19,&72 HW $17 RIILFLQH (,  6RO ,QXLFWXVUDGLGHERXWGHIDFHODWWHjJODPDLQGUOHYHGDQV ODJXQHWWHGH6DUDSLVFRLIIG XQFDODWKRVjJXQHWRLOHGDQV OHFKDPSLQIULHXUGU'XQNHOJUQH3DWLQDVV ± 

5g0(5







&RQVWDQWLQ , GHU *UR‰H    Q &KU $( J  DS-& 0]VWIUDSSHj$OH[DQGULH ')/ 9$/(5&2167$17,1963)$9*WWHODXUHGH&RQVWDQ WLQ,HUjGU5*(1,2$9*967,HW$/(1'*QLHGHERXW GH IDFH XQH WRLOH HW XQH SDOPH GHYDQW OXL OD WWH j J XQH FRUQXFRSLD GDQV OD PDLQ J GDQV OD GU XQH WWH GH 6DUDSLV FRLIIG XQFDODWKRVjGU5,&9,S615,6$OH[DQ GULD6FKQHGXQNOH3DWLQDVVY] ± (QWUH  HW  OHV DWHOLHUV G $OH[DQGULH SRXU 0D[LPLQ 'DLD  $QWLRFKH SRXU 0D[LPLQ /LFLQLXV HW &RQVWDQWLQ  &\]LTXH SRXU 0D[LPLQ HW /LFLQLXV  +pUDFOpH SRXU 0D[LPLQ  HW 1LFRPpGLH SRXU 0D[LPLQ /LFLQLXV HW &RQVWDQWLQ  IUDSSHQW XQ WUqV JUDQG QRPEUH GH PRQQDLHV SUpVHQWDQWDXUHYHUV6ROLQYLFWXVRXXQ*HQLXVWHQDQWGDQV ODPDLQXQEXVWHGH6DUDSLV/DFUpDWLRQGHFHW\SHVHPEOH GXH j 0D[LPLQ 'DLD &pVDU TXL OH ILW IUDSSHU GqV  GDQVO DWHOLHUG $OH[DQGULHTX LOFRQWU{ODLWDORUV,OHVWUHSULV SDUOHVDXWUHVWpWUDUTXHVGDQVXQFOLPDWGHFRPSpWLWLRQR OHVVRXWLHQVUHOLJLHX[YRQWV DYpUHUGpWHUPLQDQWV

,VLVIHVW $( J  ILQGX,9HVDS-&''(26(5$ 3,',EXVWHUDGLpHWGUDSpGH6DUDSLVXQFDODWKRVVXUODWrWH j GU 5 927$ 39%/,&$,VLVGHERXWGHIDFHODWrWHjJ XQ EXVWH GUDSp j GU GDQV OD PDLQ GU XQ VLVWUH GDQV OD J$OI|OGL )HVWLYDO RI ,VLV  615,6 9D E  FHW H[HPSODLUH  /H H H[ FRQQX 'XQNHOJUQH 3DWLQD VV ± (QDS-&&RQVWDQWLQLQWURGXLWGHQRXYHX[W\SHV PRQpWDLUHV DX[ UHYHUV GHV PRQQDLHV IUDSSpHV j O RFFDVLRQ GHV Y°X[ LPSpULDX[ 9RWD SXEOLFD  &HV W\SHV GH PDQLqUH pWRQQDQWH DSSDUWLHQQHQW WRXV j OD VSKqUH LVLDTXH 4X LO V DJLVVH G ,VLV RX GH 6DUDSLVQDYLJDQWHVG $QXELVWHQDQWOD SDOPH HW OH FDGXFpH G ,VLV6RWKLV FKHYDXFKDQW OH FKLHQ G ,VLV HW 1HSKWK\V UHYLYLILDQW 2VLULV RX HQFRUH G ,VLV DOODLWDQW+DUSRFUDWHWRXVFHVW\SHVGHUHYHUVVHUDWWDFKHQWj ODWKpPDWLTXHGHVY°X[VDQWpSDL[QRXUULWXUHSURVSpULWp QDLVVDQFH DLQVLSODFpVVRXVOHVDXVSLFHVGXGLHX6DUDSLVHW G ,VLV3KDULDSURWHFWULFHGHODIORWWHIUXPHQWDLUHTXLDSSRUWH O DQQRQHj5RPH,OHVWG DLOOHXUVVLJQLILFDWLITXHFHVSLqFHV IUDSSpHV j 5RPH Q RQW SDV GLVSDUX DSUqV  ORUVTXH OD GpFLVLRQIXWSULVHGHUpVHUYHUOHEOpG (J\SWHDX[EHVRLQVGH &RQVWDQWLQRSOH /H SDWURQDJH G ,VLV V pWHQGDLW GRQF DX[ DXWUHV IORWWHV DQQRQDLUHV GRQW FHOOH G $IULTXH GHYHQXH OD SOXVLPSRUWDQWH,OHVWG DLOOHXUVSOXVTXHSUREDEOHTX jFHWWH GDWH O (PSHUHXU Q pWDLW SOXV OH FRPPDQGLWDLUH UpHO GH FHV pPLVVLRQV FRQWUDLUHPHQW DX[ SUHPLHUV WHPSV $SUqV  O DULVWRFUDWLH URPDLQH D G€ VH FKDUJHU GH OD IUDSSH GH FHV PRQQDLHV j W\SHV LVLDTXHV DORUV PrPH TXH OH SRXYRLU LPSpULDO GH 0LODQ RX GH &RQVWDQWLQRSOH GHYHQDLW FKUpWLHQ $YHF *UDWLHQ GLVSDUXW O DVVRFLDWLRQ GX SRUWUDLW GH O (PSHUHXU HW G XQ W\SH LVLDTXH O HIILJLH LPSpULDOH pWDQW UHPSODFpH SDU FHOOH GH 6DUDSLV G ,VLV RX GHV GHX[ UpXQLV 6DQVGRXWHO pGLWGH7KpRGRVHQHPDUTXDWLOSDVODILQGHFH PRQQD\DJH GRQW RQ SHXW VXSSRVHU TX LO SHUGXUD HQFRUH VRXVOHUqJQHG (XJqQH/DGpIDLWHGHFHGHUQLHUjODEDWDLOOH GH OD 5LYLqUH )URLGH OH  VHSWHPEUH  PLW XQ WHUPH j OD ORQJXHSUpVHQFHLVLDTXHGDQVOHPRQQD\DJHLPSpULDOURPDLQ HW SOXV JpQpUDOHPHQW GDQV OH PRQQD\DJH DQWLTXH&I VXU FHW H[WUDRUGLQDLUH PRQQD\DJH O pWXGH j SDUDvWUH GH / %ULFDXOW HW ) 'HOULHX[ /HV pPLVVLRQV URPDLQHV GHV 9RWD 3XEOLFDjW\SHVLVLDTXHVGX,9HVDS-&



,VLVIHVW$(J ILQGX,9HVDS-&',6,6)$5,$ EXVWH YRLOp G ,VLV j J XQ EDVLOHLRQ VXU OD WrWH XQ VLVWUH SHXWrWUH GDQV OD PDLQ GU 5 92>7$@ 39%/,>&$@ 1LO DOORQJp j J OH EUDV J DSSX\p VXU XQH XUQH UHQYHUVpH XQ URGHDXGDQVODPDLQJXQQDYLUHGDQVODGU$OI|OGL)HVWLYDO RI ,VLV  615,6 9 'XQNHOJUQH 3DWLQD JHORFKW VVV ±



,VLVIHVW$(J DS-&''(26$1&726$5$ 3,',  WrWH GH 6DUDSLV FRLIIp GX FDODWKRV j GU 5 '(2 6$1&721,/2HW$/(DWHOLHULQGpWHUPLQp 1LODOORQJpjJ VXUXQFURFRGLOHHWXQKLSSRSRWDPHXQURVHDXGDQVODPDLQ GU XQH FRUQXFRSLD GDQV OD J9DQ +HHVFK  S   615,6 $OH[DQGULD  D  FHW H[HPSODLUH  *UQEUDXQH 3DWLQDVVV ± )LQ   FRXUDQW  DS -& GHV VpULHV DQRQ\PHV VRQW pPLVHV SDU OHV DWHOLHUV GH 1LFRPpGLH W\SH &pUqV*pQLH GH 1LFRPpGLH  G $QWLRFKH W\SHV -XSLWHU9LFWRULD *pQLH G $QWLRFKH$SROORQ  HW G $OH[DQGULH W\SH 6DUDSLV1LO  6DUDSLV$OH[DQGULH &I  - YDQ +HHVFK  8QH IUDSSH VHPLDXWRQRPH VRXV 0D[LPLQ 'D]D  5%1   S   LG  7KH /DVW &LYLF &RLQDJHV DQG WKH 5HOLJLRXV 3ROLF\RI0D[LPLQXV'D]D$' 1&S /H FKRL[ GH IUDSSHU GHV PRQQDLHV GpSRXUYXHV GH SRUWUDLWV LPSpULDX[ UHPSODFpV SDU OHV HIILJLHV GH &pUqV -XSLWHU HW 6DUDSLV GDQV FKDFXQH GHV WURLV FLWpV TXL IRUPHQW DORUV O HVVHQWLHO GH VHV SRLQWV G DSSXLV SROLWLTXHV HW ILQDQFLHUV DSSDUDvW FODLUHPHQW j OD IRLV FRPPH XQH LQLWLDWLYH GH SURSDJDQGH DQWLFKUpWLHQQH PDLV DXVVL FRPPH XQ JHVWH j O pJDUG GH FLWpV GRQW OHV UHYHQXV GpSHQGDLHQW IRUWHPHQW GX FRPPHUFH JpQpUp SDU OHV DFWLYLWpV UHOLJLHXVHV SDwHQQHV SqOHULQDJHVMHX[IHVWLYLWpVYHQWHG REMHWVHWF &HVIUDSSHV VRQW VDQV UDSSRUW DYHF OD FpOpEUDWLRQ GX 1DYLJLXP ,VLGLVj 5RPH

/276

/276



.RORQLDO$(6$0$5,$&DHVDUDHD+DGULHQDS -&DJ&2/,)/$9*>@ 615,6 FHW H[HPSODLUH  EJ >&2/ ,@ )/ $9 >@ FJ >&2/ , )/@ $9* &$(6$5 GJ &2/ , )/ >@  0DUF $XUqOH  DS -&HJ >,03@ &$(6 0 $95 $1721>,196@  &2/ 35,0 >)/ $9* &$( 6$5($@   I J ,03 &$( 0 >@  >&2/ 35@,0 )/ $9* &$(6$5($ 0DUF $XUqOH RX &RPPRGH RXDS-&'>@EXVWHODXUpGH0DUF $XUqOHRX&RPPRGHjGUDYHFFXLUDVVHHWSDOXGDPHQWXP5 &2/ 35,0 $9* &$(6$5($  EXVWH GUDSp GH 6DUDSLV j GUXQFDODWKRVVXUODWrWHJJ615,6RX/XFLXV 9HUXV  DS -&K J ,03 &$(6 / $>95 9(596 $9* $50@  &2/ 35,0$ )/ >$9*96 &$( 6$5($@ (ODJDEDOH  DS -&L J >,03 &$ >@9$1721,1$>@@>&2/,)/$9)&&$(6$5@  615,6DMJ>@>@ 615,6E'D]]ZHLZHL WHUH XQEHVWLPPWH 3URYLQ]LDOSUlJXQJHQ LQ JH  6WFN *UQHRGHUEUDXQH3DWLQDJHV ±