Catalogue inped 2018 by INPED

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp

HW GX 'pYHORSSHPHQW LQGXVWULHO

DQV DX VHUYLFH GHV HQWUHSULVHV

&$7$/2*8( )RUPDWLRQ (WXGHV &RQVHLO /H OHDGHU GH OD IRUPDWLRQ HW GX &RQVHLO DX[ HQWUHSULVHV (Q PDQDJHPHQW H[pFXWLI SRXU WRS 0DQDJHUV HW 'LULJHDQWV GÂ¶HQWUHSULVHV (Q PDQDJHPHQW SRXU FDGUHV GÂ¶HQWUHSULVHV (Q ODQJXHV

6200$,5( (GLWRULDO GH 0PH )RX]LD 260$1, 'LUHFWULFH *pQpUDOH

3UpVHQWDWLRQ GH O¶,13('

,1)250$7,216 87,/(6

)250$7(856 &2168/7$176

,1'(; '(6 )250$7,216

)250$7,216 ',3/Ð0$17(6

)RUPDWLRQV ,QWHQVLYHV HQ 0DQDJHPHQW

0DVWHUV 3URIHVVLRQQHOV

)250$7,216 48$/,),$17(6

)RUPDWLRQV $OWHUQpHV GH /RQJXH 'XUpH )$/'

)RUPDWLRQV $OWHUQpHV GH 0R\HQQH 'XUpH )$0'

6e0,1$,5(6

3HUIHFWLRQQHPHQW HQ /DQJXHV

7$5,)6

(78'(6 &216(,/

5e6,'(1&(

)LFKHV G¶LQVFULSWLRQ

0PH )RX]LD 260$1, 'LUHFWULFH *pQpUDOH GH OÂ¶,13('

(GLWRULDO / ,13(' XQ DFWHXU PDMHXU GDQV OD IRUPDWLRQ HW OH FRQVHLO DX VHUYLFH GH OD UHODQFH GH O LQGXVWULH *UDQG (WDEOLVVHPHQW 3XEOLF GH IRUPDWLRQ FRQWLQXH GDQV OH GRPDLQH GX PDQDJHPHQW GX SHUIHFWLRQQHPHQW HQ ODQJXHV pWUDQJqUHV GX FRQVHLO HW GH O DVVLVWDQFH DX[ HQWUHSULVHV GH O pGLWLRQ GH O DQLPDWLRQ HW GH OD GLIIXVLRQ GH O LQIRUPDWLRQ GpGLpH DX PDQDJHPHQW HW j O pFRQRPLH DSSOLTXpH O ,13(' HVW DXVVL HW GH SOXV HQ SOXV FHQWUH GH WUDQVIHUW GH FRQQDLVVDQFH HW RXWLO G DLGH j OD GpFLVLRQ DX VHUYLFH GH O pFRQRPLH QDWLRQDOH HW GH O

HQWUHSULVH / ,13(' FRQWULEXH j OD IRUPDWLRQ GHV UHVVRXUFHV KXPDLQHV GH FRPSpWHQFH DYpUpH GRQW OH VHFWHXU GH O LQGXVWULH HW GHV PLQHV D EHVRLQ / ,13(' V DWWqOH HQ FRQVpTXHQFH j PHWWUH j OD GLVSRVLWLRQ GH O HQVHPEOH GHV HQWUHSULVHV GX VHFWHXU VHV DWRXWV GRQW XQH QRWRULpWp ELHQ pWDEOLH XQH FRPSpWHQFH GpYHORSSpH XQH IRUFH HQ WHUPHV G LQJpQLHULH SpGDJRJLTXH XQ UpVHDX GH FRQVXOWDQWV GH O pYpQHPHQWLHO DX SURÃ€W GH OD SURPRWLRQ GH WKpPDWLTXHV QRXYHOOHV GH O pGLWLRQ HW GH JUDQGHV LQIUDVWUXFWXUHV SpGDJRJLTXHV HW G DFFXHLO $ O pFRXWH GHV QRXYHDX[ EHVRLQV GH O HQWUHSULVH LQGXLWV SDU XQ FRQWH[WH pFRQRPLTXH HQ SKDVH GH GLYHUVLÃ€FDWLRQ O ,13(' YRXV SURSRVH FHWWH pGLWLRQ UHYXH HW DFWXDOLVpH GX FDWDORJXH GHV IRUPDWLRQV HW GX FRQVHLO %RQQH OHFWXUH HW ELHQYHQXH j O ,13('

35e6(17$7,21 '( /¶,13('

&LQTXDQWH HW XQ DQV G¶H[SpULHQFH DX VHUYLFH GHV HQWUHSULVHV

)RUPDWLRQ HQ 0DQDJHPHQW

(WXGHV &RQVHLO

)RUPDWLRQ HQ /DQJXHV

'HV PR\HQV GH UDOOLHPHQW DYDQWDJHX[

/¶,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO ,13(' FUpp SDU O RUGRQQDQFH 1 GX $R W D pWp pULJp HQ (WDEOLVVHPHQW 3XEOLF j FDUDFWqUH ,QGXVWULHO HW &RPPHUFLDO (3,& SDU OH 'pFUHW H[pFXWLI 1 GX 0DL 3ODFp VRXV OD WXWHOOH GX 0LQLVWqUH GH O¶,QGXVWULH HW GHV 0LQHV LO D SRXU PLVVLRQV JpQpUDOHV GH IRUPHU OHV FDGUHV GHV HQWUHSULVHV HW GH OHV SHUIHFWLRQQHU GDQV OHV GLႇpUHQWHV IRQFWLRQV GH JHVWLRQ TX¶LOV DVVXUHQW G¶DVVLVWHU OHV HQWUHSULVHV SRXU DSSRUWHU GHV VROXWLRQV j OHXUV SUREOqPHV G¶RUJDQLVDWLRQ HW GH JHVWLRQ GH UpDOLVHU GHV pWXGHV WHFKQLFR pFRQRPLTXHV RX j FDUDFWqUH pFRQRPLTXH HW VRFLDO SRXU OH FRPSWH GHV LQVWLWXWLRQV HW RUJDQLVPHV SXEOLFV HW SULYpV 'DQV OH FDGUH GH VD PLVVLRQ GH IRUPDWLRQ HW GH SHUIHFWLRQQHPHQW O¶,13(' D RUJDQLVp j FH MRXU GHV VWDJHV HW GHV VpPLQDLUHV GH ORQJXH PR\HQQH HW FRXUWH GXUpHV SRXU SOXV GH WUHQWH FLQT PLOOH FDGUHV GH GLႇpUHQWV QLYHDX[ GDQV GLYHUV GRPDLQHV GH OD JHVWLRQ HW GHV GLVFLSOLQHV DQQH[HV 3RXU O¶DQQpH O¶,13(' SURSRVH GHV 0%$ HW GHV IRUPDWLRQV GH PR\HQQH HW ORQJXH GXUpHV GDQV OHV GRPDLQHV GH JHVWLRQ PDQDJHPHQW DSSURYLVLRQQHPHQWV SURGXFWLRQ PDUNHWLQJ ¿QDQFH UHVVRXUFHV KXPDLQHV TXDOLWp GHV ODQJXHV DQJODLV IUDQoDLV DOOHPDQG LWDOLHQ HW HVSDJQRO j XVDJH SURIHVVLRQQHO GH O¶LQIRUPDWLTXH FKHI GH SURMHW LQIRUPDWLTXH VpFXULWp GHV UpVHDX[ GHV WHFKQLTXHV GRFXPHQWDLUHV DUFKLYLVWLTXHV HW GH VHFUpWDULDW $VVLVWDQDW 3DUDOOqOHPHQW j FHV IRUPDWLRQV LQWHU HQWUHSULVHV O¶,13(' RUJDQLVH j OD GHPDQGH GHV HPSOR\HXUV GHV VWDJHV VSpFL¿TXHV VXU VLWH RX HQ UpVLGHQFH j O¶,QVWLWXW 3RXU OD FRQGXLWH GH WRXV FHV SURJUDPPHV O¶,13(' D FROODERUp DYHF GLYHUV SDUWHQDLUHV QDWLRQDX[ HW pWUDQJHUV GRQW +(& 0RQWUpDO &$1$'$ O¶8QLYHUVLWp G¶$OJHU O¶,QVWLWXW 6XSpULHXU GH *HVWLRQ HW 3ODQL¿FDWLRQ ,6*3 $OJHU 0LFURVRIW 8QLYHUVLWp 3LHUUH 0HQGqV )UDQFH 830) *UHQREOH '(026 )UDQFH ,'(& %DUFHORQH ,PSODQWp DX FKHI OLHX GH OD ZLOD\D GH %280(5'Ê6 j XQH FLQTXDQWDLQH GH NLORPqWUH GH OD FDSLWDOH O¶,QVWLWXW RႇUH XQ FDGUH SURSLFH HW DJUpDEOH DX VpMRXU HW j OD IRUPDWLRQ GHV VWDJLDLUHV ,O SHXW rWUH DLVpPHQW MRLQW SDU DXWRURXWH RX SDU WUDLQ j SDUWLU G¶$OJHU DX PR\HQ GH QDYHWWHV WRXWHV OHV YLQJW PLQXWHV /HV JDUHV URXWLqUH HW IHUURYLDLUH GH %280(5'Ê6 VRQW GLVWDQWHV DŵĞ &ŽƵǌŝĂ K^D E/͕ ŝƌĞĐƚƌŝĐĞ 'ĠŶĠƌĂůĞ ĚĞ ůΖ/EW ͕ D͘ zŽƵĐĞĨ dKhE^/͕ DŵĞ͘ ZĂĚŝĂ E << ͕ D͘ ůŝ Kh/͕ D͘ ũĂŵĞů Z /^^/͕ D͘ ZĂďĂŚ :Khd G¶HQYLURQ PqWUHV GH O¶,QVWLWXW D͘ ^Ăůŝŵ D dZ & D͘ ďĚĞůŽƵĂŚď KhE ͕ DŵĞ DĂůŝŬĂ < ^^ > ͕ DŵĞ ^ĂŵŝƌĂ <, /D

35e6(17$7,21 '( /Â¶,13('

ÎÎ§ Ï 0%$

830)

0LFURVRIW

+(& 0RQWUpDO

,6*3

,'(&

'(026

35e6(17$7,21 '( /Â¶,13('

3UHVHQWDWLRQ RI ,13(' 0LVVLRQV

3URJUDPV DQG FRXUVHV

,13(' WKH 1DWLRQDO ,QVWLWXWH IRU 3URGXFWLYLW\ DQG LQGXVWULDO 'HYHORSPHQW KDV H[LVWHG VLQFH ,W LV ORFDWHG LQ D VXSHUE QDWXUDOO\ ODQGVFDSHG VSRW LQ %280(5'ÃŠ6 DQG LW Rá‚‡HUV D IULHQGO\ DQG ZHOFRPLQJ DWPRVSKHUH RI D FRPPXQLW\ ZKHUH WKHUH LV HQFRXUDJHPHQW WR VWXG\ ,13(' V SXUSRVH LV WR FRQWULEXWH WR WKH VRFLDO DQG HFRQRP\ GHYHORSPHQW RI $OJHULD ,W DOVR DLPV WR LPSURYH WKH SURGXFWLYLW\ RI WKH FRXQWU\ V LQGXVWULDO VHFWRU PDLQO\ WKURXJK D WKH WUDLQLQJ RI H[HFXWLYHV DQG WKH PDQDJHULDO VWDá‚‡ IURP WKH YDULRXV HFRQRP\ VHFWRUV WR LPSURYH WKHLU PDQDJHPHQW VNLOOV DQG E WKH SURYLVLRQ RI VHUYLFHV FRQVXOWDQF\ DQG DVVLVWDQFH WR FRPSDQLHV LQ WKH RUJDQL]DWLRQ DQG PDQDJHPHQW Â¿HOG ,13(' SURYLGHV 0DVWHU RI %XVLQHVV DQG $GPLQLVWUDWLRQ 0%$ 7UDLQLQJV DQG D YDULHW\ RI VKRUW DQG ORQJ WUDLQLQJ FRXUVHV WKDW DUH UHVSRQVLYH WR WKH UHTXLUHPHQWV RI PDQDJHPHQW SUDFWLFH DW DLO OHYHOV 7KH WUDLQLQJ VHVVLRQV UHODWH ERWK WR GLSORPD SURJUDPV '3*( 3*6 DQG WR TXDOLI\LQJ SURJUDPV )$/' 7KH ,QVWLWXWH DOVR Rá‚‡HUV D ZLGH UDQJH RI RWKHU SURJUDPV LQ WKH GRPDLQV RI PDQDJHULDO VNLOOV VHFUHWDULDO GRFXPHQWDU\ DQG DUFKLYH WHFKQLTXHV DQG (QJOLVK ODQJXDJH JHQHUDO (QJOLVK DQG (QJOLVK IRU VSHFLI\ SXUSRVHV 7KH PDLQ DLP RI WKHVH SURJUDPV LV WR HQDEOH PDQDJHUV RQ WKH MRE WR HQKDQFH WKHLU XQGHUVWDQGLQJ RI WKH SURFHVVHV VNLOOV DQG FRPSHWHQFHV RI PDQDJHPHQW LQ WRGD\ V FRPSOH[ EXVLQHVV HQYLURQPHQW

6XSSRUWLQJ VWXGHQW 6WXG\

'XULQJ WKHLU VWXGLHV WKH WUDLQHHV FDQ KDYH DFFHVV WR WKH OLEUDU\ VHUYLFHV PRUH WKDQ ERRNV LQ WKH PDQDJHPHQW Â¿HOG RQO\ WKH FRPSXWHU FHQWUH WKH DXGLR YLVXDO VHUYLFHV PXOWLPHGLD ODQJXDJH ODERUDWRULHV D YLGHR URRP WKH SULQWLQJ ZRUNV WKH FRQIHUHQFH URRP RI VHDWV WKH DFFRPPRGDWLRQ VHUYLFHV D UHVLGHQFH RI VLQJOH VWXG\ URRPV DQG PRUH WKDQ Â¿WWHG VWXGLRV DQG WKH HQWHUWDLQPHQW VHUYLFHV FDIHWHULD JURXQG VSRUWV FLQHPD URRP

$FKLHYHPHQWV

7KH VLJQLÂ¿FDQW UHVHDUFK DQG WKH WHDFKLQJ FDSDELOLWLHV RI ,13(' KDYH OHG WR WKH IROORZLQJ UHVXOWV WUDLQHHV LQ (QJOLVK WUDLQHHV KDYH DWWHQGHG VHPLQDUV RU WDNHQ YDULRXV VKRUW DQG ORQJ WUDLQLQJ FRXUVHV VWXGLHV FRQGXFWHG LQ YDULRXV Â¿HOGV RUJDQL]DWLRQ GHYHORSPHQW UHVWUXFWXULQJ LQ WKH WHFKQR HFRQRPLFDO DQG VRFLDO Â¿HOGV FRQVLGHUDEOH H[SHULHQFH FRQFHUQLQJ UHFHQW VWXGLHV

,1)250$7,216 87,/(6 j O DWWHQWLRQ GHV '5+ HW 5HVSRQVDEOHV GH )RUPDWLRQ 3RXU YRXV SHUPHWWUH XQH UHFKHUFKH SOXV Há‚ˆFDFH QRXV DYRQV UHJURXSp QRV IRUPDWLRQV SDU W\SH )250$7,216 683e5,(85(6 (1 0$1$*(0(17 0DVWHU 2I %XVLQHVV $GPLQLVWUDWLRQ 0%$ 0DVWHU 2I %XVLQHVV 6SpFLDOLWp )LQDQFH 0%$

0DVWHU 2I %XVLQHVV 6SpFLDOLWp 5HVVRXUFHV +XPDLQHV 0%$

)RUPDWLRQV GLSO{PDQWHV '3*( '(6* '*8' $5&+,9,67,48( 0DVWHUV 3URIHVVLRQQHOV )RUPDWLRQV TXDOLÂ¿DQWHV )$/' IRUPDWLRQV DWOHUQpHV GH ORQJXH GXUpH )$0' IRUPDWLRQV DWOHUQpHV GH PR\HQQH GXUpH 6pPLQDLUHV 3HUIHFWLRQQHPHQW HQ /DQJXHV pWUDQJqUHV 9RXV WURXYHUH] WURLV Â¿FKHV GÂ¶LQVFULSWLRQ DQQH[pHV j FH FDWDORJXH 8QH Â¿FKH GHVWLQpH DX[ HQWUHSULVHV HW RUJDQLVPHV XQH Â¿FKH GHVWLQpH DX[ SDUWLFXOLHUV HW XQH Â¿FKH SRXU OHV VpPLQDLUHV &HV GHPDQGHV GH SULVH HQ FKDUJH IRQW Rá‚ˆFH GH %RQV GH FRPPDQGH (OOHV GRLYHQW rWUH GÂ€PHQW UHQVHLJQpHV YLVpHV HW WUDQVPLVHV j OÂ¶,13(' GLUHFWHPHQW RX SDU ID[ 02'$/,7e6 'Â¶,16&5,37,21 /HV HQWUHSULVHV GpVLUHXVHV GH IDLUH SDUWLFLSHU OHXU SHUVRQQHO GRLYHQW IDLUH SDUYHQLU OHV GRVVLHUV FRPSOHWV GHV FDQGLGDWV DX PRLQV TXLQ]H MRXUV DYDQW OH GpEXW GHV IRUPDWLRQV FRQFHUQpHV 7RXWHIRLV SRXU GHV UDLVRQV GH IRUFH PDMHXUH OÂ¶,13(' VH UpVHUYH OH GURLW GH UHSRUWHU XQH LQVFULSWLRQ j XQH GDWH XOWpULHXUH HW GDQV FH FDV DYLVHUD OHV SHUVRQQHV FRQFHUQpHV HW OHV HQWUHSULVHV TXL OHV SDUUDLQHQW '266,(5 $'0,1,675$7,) Â¬ )2851,5 3RXU WRXWH GHPDQGH GÂ¶LQVFULSWLRQ GH FDQGLGDW V OÂ¶HPSOR\HXU GRLW WUDQVPHWWUH j OÂ¶,13(' XQ GRVVLHU FRPSUHQDQW 8QH Â¿FKH G LQVFULSWLRQ SRXU FKDTXH FDQGLGDW 'HX[ SKRWRV GÂ¶LGHQWLWp 8Q DFWH GH QDLVVDQFH QÂƒ 8QH DWWHVWDWLRQ GH WUDYDLO &RSLHV GHV WLWUHV HW GLSO{PHV

1% 1RXV YRXV LQIRUPRQV TXH OHV GDWHV GH GpPDUUDJH GHV IRUPDWLRQV VRQW PHQWLRQQpHV j WLWUH LQGLFDWLI /HV IRUPDWLRQV GpPDUUHURQW GqV FRQVWLWXWLRQ GÂ¶XQ JURXSH SpGDJRJLTXH GH VWDJLDLUHV DX PLQLPXP /HV VWDJLDLUHV SUpDODEOHPHQW LQVFULWV VHURQW FRQYRTXpV DYDQW OH GpPDUUDJH GH OD IRUPDWLRQ SDU WpOpSKRQH ID[ RX HPDLO

&200(17 1286 &217$&7(5 "

8QH LQGLFDWLRQ YLVLEOH HQ EDV GH FKDTXH SDJH GH FRXOHXU Dá‚‡pUHQWH j FKDTXH GpSDUWHPHQW YRXV SHUPHWWUD GÂ¶DYRLU VHV FRRUGRQQpHV HW FRQWDFWHU OH UHVSRQVDEOH FRQFHUQp

([HPSOH &RQWDFW 'pSDUWHPHQW 0DQDJHPHQW GHV 2UJDQLVDWLRQV HW GHV 5HVVRXUFHV +XPDLQHV '025+

)250$7(856 &2168/7$176 GHV 3URIHVVLRQQHOV GH OÂ¶(QWUHSULVH 7RXWHV OHV IRUPDWLRQV GH OÂ¶,13(' VRQW GHVWLQpHV j GHV SURIHVVLRQQHOV HW VRQW GLVSHQVpHV SDU GHV H[SHUWV FRQVXOWDQWV DOOLDQW DFDGpPLVPH HW VDYRLU IDLUH GH OD JHVWLRQ GÂ¶HQWUHSULVH &HSULQFLSH HVW DX FRHXU GH QRWUH SUDWLTXH GH OD IRUPDWLRQ FRQWLQXH ,O HVW pJDOHPHQW XQ JDJH GÂ¶Há‚ˆFDFLWp GH TXDOLWp HW GH SHUWLQHQFH $Â¿Q GH EpQpÂ¿FLHU GH OD SOXV ODUJH GLYHUVLWp GHV FRPSpWHQFHV QRXV DYRQV FKRLVL GÂ¶DYRLU UHFRXUV j GHV LQWHUYHQDQWV SUDWLFLHQV HQ DFWLYLWp DX VHLQ GHV HQWUHSULVHV HW D\DQW XQH VROLGH H[SpULHQFH GDQV OD PLVH HQ RHXYUH FRQFUqWH GHV RXWLOV PpWKRGHV HW SUDWLTXHV TXÂ¶LOV HQVHLJQHQW 1RV IRUPDWHXUV FRQVXOWDQWV GH FXOWXUH PXOWLGLVFLSOLQDLUH VRQW FKRLVLV SRXU OHXUV TXDOLWpV SpGDJRJLTXHV OHXU FDSDFLWp j DFFRPSDJQHU GDQV OD GXUpH OHV SDUWLFLSDQWV OHV pTXLSHV HW OHV RUJDQLVDWLRQV ,OV H[HUFHQW GHV DFWLYLWpV GH FRQVHLO HW GH IRUPDWLRQ YDULpHV DX VHLQ GH GLá‚‡pUHQWHV HQWUHSULVHV FH TXL JDUDQWLW OD GLYHUVLWp GHV DSSUHQWLVVDJHV HW GHV FXOWXUHV

)250$7,216 683e5,(85(6 (1 0$1$*(0(17

,QJpQLHULH GH OD IRUPDWLRQ, 0DVWHU 2I %XVLQHVV $GPLQLVWUDWLRQ 0%$ $GPLQLVWUDWHXU 'URLW GX WUDYDLO HW GH OD VpFXULWp VRFLDOH 0DVWHU 2I %XVLQHVV 6SpFLDOLWp )LQDQFH 0%$ &RPPXQLFDWLRQ GÂ¶HQWUHSULVH 0DVWHU 2I %XVLQHVV 6SpFLDOLWp +XPDLQHV 0%$ 6pFXULWp LQGXVWULHOOH )250$ 7,216 ,17(16,9(6 (1 0$1$*(0(17 *HVWLRQ GH OD PDLQWHQDQFH LQGXVWULHOOH '3*( 'LSO{PH GH 3HUIHFWLRQQHPHQW HQ *HVWLRQ GHV (QWUHSULVHV *HVWLRQ GHV VWRFNV HW GHV DSSURYLVLRQQHPHQWV '(6* 'LSO{PH GÂ¶(WXGHV 6SpFLDOLVpHV HQ *HVWLRQ 6XSHUYLVHXU +6( '*8' 'LSO{PH HQ *HVWLRQ GHV 8QLWpV 'RFXPHQWDLUHV 6Â€UHWp LQWHUQH GHV (WDEOLVVHPHQWV $5&+,9,67,48( *HVWLRQ GH OD SURGXFWLRQ 0$67(56 352)(66,211(/6 6XSSO\ &KDLQ 0DQDJHPHQW 6&0 0DQDJHPHQW GHV UHVVRXUFHV KXPDLQHV 0DQDJHPHQW GH OD 4XDOLWp 0DQDJHPHQW GHV HQWUHSULVHV 6XSHUYLVHXU &DWHULQJ 'URLW GHV DI IDLUHV $XGLW ,QWHUQH (QWUHSUHQDULDW /Â¶DXGLW 2SpUDWLRQQHO *RXYHUQDQFH GHV RUJDQLVDWLRQV &RUSRUDWH *RYHUQDQFH 0DQDJHPHQW GH SURMHWV 6XSSO\ &KDLQ 0DQDJHPHQW 6&0 &RQWU{OH GH JHVWLRQ 6Â€UHWp LQWHUQH GHV pWDEOLVVHPHQWV )LQDQFH &RPSWDELOLWp GHV $GPLQLVWUDWLRQV SXEOLTXHV 6pFXULWp GHV GHQUpHV DOLPHQWDLUHV 7HFKQLTXHV GH UHFRXYUHPHQW HW JHVWLRQ GX FRQWHQWLHX[ 0DQDJHPHQW GH OD PDLQWHQDQFH LQGXVWULHOOH &RPSWDELOLWp Â¿QDQFLqUH 6&) $XWRPDWH 3URJUDPPDEOH ,QGXVWULHO $3, $VVLVWDQWH GH PDQDJHUV 0DQDJHPHQW GH OÂ¶,QQRYDWLRQ *HVWLRQ pOHFWURQLTXH GHV GRFXPHQWV *(' 8UEDQLVPH 7 HFKQLTXHV 'RFXPHQWDLUHV (TXLSHPHQWV ELRPpGLFDX[ 6HFUpWDULDW EXUHDXWLTXH 0DQDJHPHQW GH OD 4XDOLWp OÂ¶+\JLqQH OD 6pFXULWp HW OÂ¶(QYLURQQHPHQW 4+6( (GXFDWULFH MDUGLQV G Â¶HQIDQWV 4+6( (QJOLVK 0DQDJHPHQW GH OD SURGXFWLRQ HW GH OD PDLQWHQDQFH 3HUIHFWLRQQHPHQW HQ EXUHDXWLTXH (QHUJLHV UHQRXYHODEOHV HW HQYLURQQHPHQW $GPLQLVWUDWHXU /LQX[ *HVWLRQ GHV DFKDWV HW DSSURYLVLRQQHPHQWV &KHI GH 3URMHW ,QIRUPDWLTXH VSpFLDOLWp $GPLQLVWUDWHXU 5pVHDX[ %kWLPHQW pFRORJLTXH HW HI Â¿FDFLWp pQHUJpWLTXH 3HUIHFWLRQQHPHQW HQ $QJODLV JpQpUDO WRXV QLYHDX[ $XGLW pQHUJpWLTXH 3HUIHFWLRQQHPHQW HQ )UDQoDLV JpQpUDO WRXV QLYHDX[ 0DQDJHPHQW LQGXVWULHO 0DUNHWLQJ HW DFWLRQV FRPPHUFLDOHV 0DQDJHPHQW GH OÂ¶HQYLURQQHPHQW HW GpYHORSSHPHQW GXUDEOH

0pGHFLQH GX WUDYDLO 0pWURORJLH 7 HFKQRORJLH GX WH[WLOH )LQDQFH GÂ¶HQWUHSULVH &RPSWDELOLWp )LQDQFLqUH 6&) 0DQDJHPHQW GH 3URMHWV $XGLW HW &RQWU{OH ,QWHUQH )LQDQFH HW $GPLQLVWUDWLRQ 3XEOLTXH &RQWU{OH GH *HVWLRQ 0DUNHWLQJ HW 0DQDJHPHQW &RPPHUFLDO :HEPDVWHU &RQFHSWLRQ HW $GPLQLVWUDWLRQ GH %DVHV GH 'RQQpHV $GPLQLVWUDWHXU 5pVHDX[ *HVWLRQ (OHFWURQLTXH GHV 'RFXPHQWV *('

$UFKLYLVWLTXH 0DQDJHPHQW GH OÂ¶LQIRUPDWLRQ GDQV OHV HQWUHSULVHV 0DQDJHPHQW GHV XQLWpV GRFXPHQWDLUHV

*HVWLRQ GHV UHVVRXUFHV KXPDLQHV 0DQDJHPHQW JpQpUDO

)250$ 7,216 $/ 7(51e(6 '( 02<(11( '85e( ) $0' $WWDFKp GÂ¶DGPLQLVWUDWHXU $FFqV DX JUDGH $WWDFKp GÂ¶DGLPLQLVWUDWLRQ FRQÂ¿UPDWLRQ DX JUDGH *HVWLRQ GHV PDJDVLQV 5pGDFWLRQ DGPLQLVWUDWLYH HQ ODQJXH $UDEH 6HFUpWDULDW PpGLFDO /HV pFULWV SURIHVVLRQQHOV 3URIHVVLRQDO ZULWLQJV )URQW RI Â¿FH $VVLVWDQW H[SRUW )RUFH GH YHQWH 6(0,1$,5(6 0DQDJHPHQW GÂ¶ XQ V\VWqPH GÂ¶LQIRUPDWLRQ HW GH GRFXPHQWDWLRQ /DQJDJHV GRFXPHQWDLUHV ,QIRUPDWLVDWLRQ GH OD IRQFWLRQ GRFXPHQWDLUH

)250$ 7,216 $/ 7(51e(6 '( /21*8( '85e( ) $/'

, 1 ' ( ; ' ( 6 ) 2 5 0 $ 7 , 2 1 6

,1'(; '(6 )250$ 7,216

5HFKHUFKH $XWRPDWLVpH 9HLOOH ,QIRUPDWLRQQHOOH HQ (QWUHSULVH

, 1 ' ( ; ' ( 6 ) 2 5 0 $ 7 , 2 1 6

VXLWH 6(0,1$,5(6

$FFXHLOOLU HW 5HQVHLJQHU $VVLVWDQWH GH OD 'LUHFWLRQ GHV 5HVVRXUFHV +XPDLQHV $VVLVWDQWH GH OD 'LUHFWLRQ )LQDQFLqUH $VVLVWDQWH GH OD 'LUHFWLRQ &RPPHUFLDOH $VVLVWDQWH MXULGLTXH (QJOLVK )RU 6HFUHWDULDW (QJOLVK )RU 0DQDJHUV (QJOLVK )RU 7KH +RWHO ,QGXVWU\ 'HYHORS < RXU 6SHDNLQJ 6NLOOV (QJOLVK )RU 7KH +RVWHVVHV (QJOLVK )RU +XPDQ 5HVRXUFHV (QJOLVK )RU $FFRXQWLQJ $QG )LQDQFH (QJOLVK )RU (PDLOV (QJOLVK )RU 7KH $XWRPRELOH ,QGXVWU\ (QJOLVK )RU 6RFLDOL]LQJ (QJOLVK )RU &XVWRPHU 5HODWLRQVKLS &RUSRUDWH JRYHUQDQFH 3UDWLTXH GH OD SDLH /HV RXWLOV GX PDQDJHU /H WDEOHDX GH ERUG GX PDQDJHU /D FRQGXLWH GX FKDQJHPHQW /H FRDFKLQJ $SSOLFDWLRQ SURFHVVXV HW RXWLOV /HV UHVSRQVDEOHV GHV UHVVRXUFHV KXPDLQHV GHV FROOHFWLYLWpV ORFDOHV (QMHX[ HW PLVVLRQV &RPPHQW GpYHORSSHU VRQ OHDGHUVKLS /H GURLW FRQYHQWLRQQHO HW OHV QpJRFLDWLRQV FROOHFWLYHV /D JHVWLRQ GHV FRQÃ€LWV /H WDEOHDX GH ERUG HW OH ELODQ VRFLDO /D FRQGXLWH GH UpXQLRQ )RUPDWLRQ GH IRUPDWHXUV /D OpJDOLWp GDQV OD IRUPH HW GDQV OH IRQG GHV FRQWUDWV GH WUDYDLO /H FDKLHU GHV FKDUJHV FRQFHSWLRQ HW PLVH HQ SODFH GHV DFWLRQV GH IRUPDWLRQ /D JHVWLRQ GHV HPSORLV HW GHV SRVWHV GH WUDYDLO (ODERUDWLRQ QpJRFLDWLRQ HW PRGDOLWpV GH PLVH HQ RHXYUH / Â¶LQJpQLHULH GH OD IRUPDWLRQ /D FRPPXQLFDWLRQ GDQV OH FRQWH[WH SURIHVVLRQQHO /D JHVWLRQ GHV UHVVRXUFHV KXPDLQHV /D JHVWLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV /D JHVWLRQ DGPLQLVWUDWLYH GHV UHVVRXUFHV KXPDLQHV /D JHVWLRQ GX WHPSV HW GX VWUHVV /HV RHXYUHV VRFLDOHV GH OÂ¶HQWUHSULVH /HV DXWRPDWHV SURJUDPPDEOHV /HV PpWKRGHV HW RXWLOV GH SUpYHQWLRQ GHV ULVTXHV LQGXVWULHOV /D QRUPH ,62 / Â¶DXGLW GH OD FKDvQH ORJLVWLTXH HW GLDJQRVWLF GH OD 6XSSO\ FKDLQ /HV PRGqOHV GH SUpYLVLRQ j FRXUW WHUPH $XGLWHXU GH V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GHV GHQUpHV DOLPHQWDLUHV 7 RWDO SURGXFWLYH PDLQWHQDQFH 730

/H WDEOHDX GH ERUG HW OHV LQGLFDWHXUV GH PDLQWHQDQFH /D PpWKRGH +$=23 'pÂ¿QLU GHV ,QGLFDWHXUV HW 7HQLU XQ 7DEOHDX GH %RUG $XGLWHXUV 4XDOLWp /Â¶DSSURFKH 3URFHVVXV 0pWKRGRORJLH GH 5pVROXWLRQV GHV 3UREOqPHV 2UJDQLVHU HW $QLPHU XQH 5HYXH GH 3URFHVVXV 3UpSDUHU HW 2UJDQLVHU OD 5HYXH GH 'LUHFWLRQ +\GURPpFDQLTXHV 0DLQWHQDQFH (TXLSHPHQWV ,QGXVWULHOV 0DvWULVH GHV 0pWKRGHV GH 0DLQWHQDQFH 0pWKRGHV GH 0DLQWHQDQFH 0RQWDJH HW 'pPRQWDJH 0pWKRGRORJLHV GH 'pWHFWLRQ GHV 3DQQHV HW 5pSDUDWLRQ 9DULDWHXUV GH 9LWHVVH &RUURVLRQ HW 3URWHFWLRQ GHV 0DWpULDX[ 5HYrWHPHQWV HW 7UDLWHPHQW GHV 6XUIDFHV 3URWHFWLRQ &DWKRGLTXH )RUPDWLRQ GHV 0HPEUHV GH OD &SKV 7 UDQVLWLRQ YHUV OD 1RUPH ,62 /H FRQWU{OH HW DXGLW GH VÂ€UHWp LQWHUQH GHV pWDEOLVVHPHQWV 6\VWqPH GH PDQDJHPHQW LQWpJUp 6WDWLVWLFDO SURFHVV FRQWU{OH 63& /D &RPSWDELOLWp 3XEOLTXH *HVWLRQ GHV $VVXUDQFHV /HV )LQDQFHV 3XEOLTXHV /H 5HFRXYUHPHQW GHV &UpDQFHV /Â¶pYDOXDWLRQ HW &KRL[ GHV ,QYHVWLVVHPHQWV 7 HFKQLTXHV GH 5pGDFWLRQ GHV &RQWUDWV &RPSUHQGUH HW 3UDWLTXHU / Â¶DXGLW ,QWHUQH *HVWLRQ GH OD 7UpVRUHULH )LQDQFH SRXU QRQ Â¿QDQFLHUV /D VRXV 7UDLWDQFH 'LDJQRVWLF Â¿QDQFLHU 3UDWLTXHU OH WUDLWHPHQW FRPSWDEOH HW Â¿VFDO GHV LPPRELOLVDWLRQ VHORQ OH 6&) 0RGDOLWpV GH SDLHPHQW j OÂ¶LQWHQDWLRQDO &5('2& /D QRXYHOOH UHIRUPH GHV PDUFKpV SXEOLFV &RPSWDELOLWp 0DWLqUH /H &RQWHQWLHX[ Â¿VFDO /H %XVLQHVV 3ODQ / Â¶(ODERUDWLRQ GÂ¶XQ %XGJHW /D 5pGDFWLRQ GHV &DKLHUV GHV &KDUJHV /D 0LVH HQ 2HXYUH GÂ¶XQH 6WUDWpJLH )LQDQFLqUH HW 6RQ 3LORWDJH (YDOXDWLRQ HW 6XLYL GH OD 5HQWDELOLWp GÂ¶XQ 3URMHW 'Â¶,QYHVWLVVHPHQW /HV 7 HFKQLTXHV GH OD &RQVROLGDWLRQ )RQFWLRQQHPHQW 5{OH HW 0LVVLRQV GH OD &RPPLVVLRQ GHV 0DUFKpV /H &RQWU{OH GH *HVWLRQ &RQFHYRLU HW ([SORLWHU XQ 7 DEOHDX GH %RUG

, 1 ' ( ; ' ( 6 ) 2 5 0 $ 7 , 2 1 6

6(0,1$,5(6 VXLWH

0,&5262)7 287/22. /HV 5pVHDX[ ,QIRUPDWLTXHV &RPPXQLFDWLRQ HW 0HVVDJHULH /D )LVFDOLWp GHV (QWUHSULVHV GDQV OH &DGUH GX 6&) *HVWLRQ GH 3URMHW / Â¶$QDO\VH )LQDQFLqUH 6$3 9 H UVLR /D &RPSWDELOLWp $QDO\WLTXH 6WDWLVWLTXHV DYHF 6366 &29 $',6 7 232 *HVWLRQ GX &RQWHQWLHX[ 0,&5262)7 (;&(/ 1RXYHDX 6\VWHP &RPSWDEOH HW )LQDQFLHU 6&) $87 2&$' ' $XGLW )LQDQFLHU HW &RPSWDEOH /RJLFLHO $5& *,6 /H 3DVVDJH GX 5pVXOWDW &RPSWDEOH DX 5pVXOWDW )LVFDO '60$; $FWXDOLVDWLRQ HW UpYLVLRQ GHV 3UL[ /H 5HVFULW )LVFDO /RJLFLHO $5&+,&$' $87 2 &$' ' /H &RQWU{OH )LVFDO GDQV OH 'URLW )LVFDO 3RVLWLI $GREH 3UHPLHUH 3UR 0RQWDJH HW &RPSUHVVLRQ 9 L GHR /HV (WDWV )LQDQFLHUV $QJOR VD[RQV 0LFURVRIW $FFHVV 0DQDJHPHQW GH 3URMHWV 0LFURVRIW : RUG 2UJDQLVDWLRQ 3ODQLÂ¿FDWLRQ HW *HVWLRQ GH &KDQWLHU 0LVH HQ 2HXYUH GÂ¶XQ 5pVHDX :, ), 6pFXULVp )RUPDWLRQ GX 3UL[ GH 9 HQWH $GPLQLVWUDWLRQ GÂ¶XQ 5pVHDX 6286 ZLQGRZV 'LVWULEXWLRQ ,3 9(56,21 ,QWHUFRQQH[LRQ GH 5pVHDX[ &LVFR 0DUNHWLQJ 3RXU QRQ 0HUFDWLFLHQV ,QWHUFRQQH[LRQ GH 5pVHDX[ :,1'2:6 6(5 9(5 (WXGH GH 3ROH 0DUFKH 5pVHDX[ 6DQV )LO :,) / Â¶(WXGH 3URGXLW /H /DQJDJH 3+3 HW OH 6JEG 0\64/ *HVWLRQ GHV &RQWUDWV &RPPHUFLDX[ &RQFHSWLRQ GÂ¶XQH $ SSOLFDWLRQV : H E DYHF 0LFURVRIW 9 LVXDO 6WXGLR $63 1(7 /H 0DUNHWLQJ 5HODWLRQQHO 6pFXULWp GHV 5pVHDX[ /H &\EHU 0DUNHWLQJ &RQÂ¿JXUDWLRQ HW 5pVROXWLRQ GHV 3UREOqPHV GHV 6HUYLFHV GH 'RPDLQH $FWLYH )RUPDWLRQ 5(9,7 ,QLWLDWLRQ HW 3HUIHFWLRQQHPHQW /HV 7 HFKQLTXHV GH )LGpOLVDWLRQ ,6$ 6HUYHU /HV 7 HFKQLTXHV GH 9 HQWH /RJLFLHO &$1(&2 /D &RPPXQLFDWLRQ 0DUNHWLQJ /RJLFLHO $87 2&$' &,9,/ ' /D QpJRFLDWLRQ &RPPHUFLDOH +70/ HW &66 / Â¶$FFXHLO &OLHQW /RJLFLHO ' LQJpQLHULH (W 'H &RQFHSWLRQ &$ 7,$ 9 1,9($8 /H %HQFKPDUNLQJ /RJLFLHO ' LQJpQLHULH (W 'H &RQFHSWLRQ &$ 7,$ 9 1,9($8 /D *HVWLRQ 3HUIRUPDQWH GH OD 5HODWLRQ &OLHQW /RJLFLHO 0(1685$ /D &XOWXUH &OLHQW /RJLFLHO 62/,' ZRUNV / Â¶,QWHUYLHZ 5DGLRSKRQLTXH HW 7pOpYLVpH )RUPDWLRQ $50$ &$' ,QLWLDWLRQ 3UDWLTXHU OH 0DUNHWLQJ 'RFXPHQWDLUH 5DFFRUGHPHQW 0DLQWHQDQFH GHV &kEOHV j )LEUH 2SWLTXH ,QWURGXFWLRQ j *QX /LQX[ / HV $UFKLYHV XQ 3DWULPRLQH j 9 DORULVHU &RPSUHQGUH OD 7 UDQVIRUPDWLRQ GLJLWDOH GHV HQWUHSHLVHV /D *HVWLRQ pOHFWURQLTXH GHV 'RFXPHQWV *(' &RELW XQ UpIpUHQWLHO FRPSOHW SRXU OD JRXYHUQDQFH &RQVWUXLUH XQ 5pVXPp 1RUPH ,62 (YDOXDWLRQ 7 HVWLQJ 6WXGHQWV &DWDORJDJH GHV 'RFXPHQWV ,PSULPpV 7 HDFKLQJ 5HDGLQJ /H ;0/ $ SSOLTXp DX[ 7 HFKQLTXHV 'RFXPHQWDLUHV 0DQDJLQJ &ODVVHV &DWDORJDJH GHV 5HVVRXUFHV (OHFWURQLTXHV )RUPDWHXUV OHV 0pWKRGHV HW OHV 7 HFKQLTXHV 'Â¶HQVHLJQHPQW GH OD ODQJXH DQJODLVH / Â¶DUW GX 5HSRUWDJH 7 HDFKLQJ SURQXQFLDWLRQ 7 HDFKLQJ : ULWLQJ 7 HFKQLTXHV GH 5pGXFWLRQ GH OD 3UHVVH (FULWH 7 HDFKLQJ /LVWHQLQJ &RQVWUXLUH XQH &ROOHFWLRQ 1XPpULTXH /HDUQHU DXWRQRP\ DQG WHDFKHU GHYHORSPHQW /D 0DLQWHQDQFH ,QIRUPDWLTXH &RQFHSWLRQ GÂ¶XQ 6\VWqPH GH 0DQDJHPHQW GH OD 6pFXULWp GH / Â¶,QIRUPDWLRQ 606, 7 HDFKLQJ :LWK YLGHR 3(5)(&7,211(0(17 (1 /$1*8(6 6HORQ OHV QRUPHV ,64 ; $QJODLV &DWDORJDJH GHV 'RFXPHQWV 6RQRUHV HW GHV ,PDJHV $QLPpHV $QJODLV JpQpUDO $QJODLV WHFKQLTXH $QJODLV GH JHVWLRQ 6pFXULVDWLRQ GÂ¶XQH ,QIUDVWUXFWXUH 5pVHDX :,1'2:6 6(5 9(5 $QJODLV SRXU OÂ¶LQGXVWULH SpWUROLqUH $QJODLV DpURQDXWLTXH $QJODLV PpGLFDO 9LVXDO %DVLF 1(7 0LFURVRIW 9 LVXDO 6WXGLR 3UpSDUDWLRQ DX[ H[DPHQV 72()/ ,(/ 76 3UpSDUDWLRQ DX WHVW 7 2(,& &RQGXLWH GH 3URMHWV $33/,&$ 7,21 06 352-(76 )UDQoDLV 0LFURVRIW 9 LVXDO & )UDQoDLV JpQpUDO )UDQoDLV SURIHVVLRQQHO 5RERW 6WUXFUDO $QDO\VLV 3UpSDUDWLRQ DX[ H[DPHQV '(/) '$/) 7&) 3UpSDUDWLRQ DX WHVW 7 ), ,7,/ 9 ,7 6HUYLFH 0DQDJHPHQW ,WDOLHQ ,WDOLHQ JpQpUDO

7(&+12/2*,( 1(7 (W 0,&5262)7 9,68$/ 678',2

(VSDJQRO (VSDJQRO JpQpUDO

)250$7,216 ',3/20$17(6 7RXWHV OHV IRUPDWLRQV GLSO{PDQWHV SURSRVpHV SULYLOpJLHURQW GHV WKqPHV QRYDWHXUV WHOV TXH OH PDQDJHPHQW GH O LQQRYDWLRQ HW GH OD FUpDWLRQ OD UHVSRQVDELOLWp VRFLDOH GHV HQWUHSULVHV HW OH GpYHORSSHPHQW GXUDEOH O H PDQDJHPHQW HW O XWLOLVDWLRQ GHV 7,& OH SHUIHFWLRQQHPHQW HQ ODQJXHV G Dá‚‡DLUHV HW O RXYHUWXUH VXU OHV H[SpULHQFHV HW SUDWLTXHV LQWHUQDWLRQDOHV /HV IRUPDWLRQV SURSRVpHV VRQW OHV VXLYDQWHV

)RUPDWLRQ 6XSpULHXUH HQ 0DQDJHPHQW

0DVWHU RI %XVLQHVV $GPLQLVWUDWLRQ 0%$

0DVWHU 6SpFLDOLWp )LQDQFH 0DVWHU 6SpFLDOLWp 5HVVRXUFHV +XPDLQHV

)RUPDWLRQV LQWHQVLYHV HQ 0DQDJHPHQW

'3*( 'LSO{PH GH 3HUIHFWLRQQHPHQW HQ *HVWLRQ GHV (QWUHSULVHV

'(6* 'LSO{PH G (WXGHV 6SpFLDOLVpHV HQ *HVWLRQ

'*8' 'LSO{PH HQ *HVWLRQ GHV 8QLWpV 'RFXPHQWDLUHV

&HUWLÂ¿FDW HQ $5&+,9,67,48(

0%$

0$67(5 2) %86,1(66 $'0,1,675$7,21

)RUW GH VRQ H[SpULHQFH GH SOXV GH DQV GDQV OD GpOLYUDQFH GH SURJUDPPHV GH IRUPDWLRQ VXSpULHXUH GHVWLQpV DX[ PDQDJHUV G HQWUHSULVHV '3*( '(6* 0DVWHU DX SUR¿W GHV HQWUHSULVHV HW LQVWLWXWLRQV O ,13(' SURSRVH XQ 0%$ TXL SHUPHW DX[ SDUWLFLSDQWV G DSSUpKHQGHU HW GH WLUHU SDUWLH GHV JUDQGV HQMHX[ pFRQRPLTXHV HW VRFLpWDX[ HW GH GpYHORSSHU OHXUV FRPSpWHQFHV GDQV XQ FRQWH[WH pFRQRPLTXH PRQGLDOLVp R OH FOLPDW GHV DIIDLUHV GHPHXUH GH SOXV HQ SOXV WXUEXOHQW HW LQVWDEOH /H 0%$ ,13(' SHUPHWWUD DX[ SDUWLFLSDQWV GH 'pYHORSSHU OHXUV VDYRLUV HW FRPSpWHQFHV RSpUDWLRQQHOOHV GDQV OH PDQDJHPHQW GHV HQWUHSULVHV HW RUJDQLVDWLRQV $VVLPLOHU OHV IRQGHPHQWV HW OHV SULQFLSHV GH EDVH GX PDQDJHPHQW 0DLWULVHU OH SURFHVVXV GH GpFLVLRQ HW OH PRGH GH JRXYHUQDQFH /H 0%$ ,13(' HVW GHVWLQp DX[ 0DQDJHUV FKHIV G¶HQWUHSULVHV HW FDGUHV VXSpULHXUV DSSHOpV j pYROXHU GDQV OHXUV IRQFWLRQV UHVSHFWLYHV GDQV OHV GRPDLQHV GX PDQDJHPHQW GHV RUJDQLVDWLRQV

3URJUDPPH 0RGXOH ,QWHOOLJHQFH pFRQRPLTXH HW OD YHLOOH VWUDWpJLTXH 0RGXOH &RUSRUDWH *RYHUQDQFH 0RGXOH 6WUDWpJLH HW 3URVSHFWLYH 0RGXOH *pRSROLWLTXH HW 5HODWLRQV ,QWHUQDWLRQDOHV 0RGXOH &RQGXLWH GX FKDQJHPHQW HW *HVWLRQ GH FULVHV 0RGXOH 0DQDJHPHQW GH O¶LQQRYDWLRQ HW &RPSpWLWLYLWp 0RGXOH 0pWKRGRORJLH GH 5HFKHUFKH 0RGXOH )LQDQFHV G¶HQWUHSULVH HW )LQDQFHV GH PDUFKp 0RGXOH 0DUFKpV LQWHUQDWLRQDX[ HW FKRL[ VWUDWpJLTXHV GH GpYHORSSHPQHQW

0RGXOH ĂƉŝƚĂů ŚƵŵĂŝŶ Ğƚ DĂŶĂŐĞŵĞŶƚ ĚĞƐ ĐŽŵƉĠƚĞŶĐĞƐ 0RGXOH DĂƌŬĞƟŶŐ /ŶƚĞƌŶĂƟŽŶĂů 0RGXOH ƵĚŝƚ Ğƚ ĐŽŶƚƌƀůĞ ĚĞ ŐĞƐƟŽŶ 0RGXOH ŚŽŝǆ ĚĞƐ ŝŶǀĞƐƟƐƐĞŵĞŶƚƐ Ğƚ ƐŽƵƌĐĞƐ ĚĞ ĮŶĂŶĐĞŵĞŶƚ 0RGXOH ZŝƐŬ DĂŶĂŐĞŵĞŶƚ 0RGXOH ^ǇƐƚğŵĞ ĐŽŵƉƚĂďůĞ Ğƚ &ŝŶĂŶĐŝĞƌ 0RGXOH ƵƐŝŶĞƐƐ WůĂŶ 0RGXOH ŝĂŐŶŽƐƟĐ &ŝŶĂŶĐŝĞƌ 0RGXOH ^ǇƐƚğŵĞƐ ĚΖŝŶĨŽƌŵĂƟŽŶ ĚĞƐ ŽƌŐĂŶŝƐĂƟŽŶƐ

/H SURJUDPPH 0%$ ,13(' VH GpURXOH VXU PRLV GRQW PRLV HQ SUpVHQWLHO FRXUV GLVSHQVpV HQ VDOOH HW PRLV FRQVDFUpV j O pODERUDWLRQ GX PpPRLUH GH ¿Q G pWXGH TXL HVW REOLJDWRLUH HW TXL VHUD VRXWHQX GHYDQW XQ MXU\ / DSSURFKH SpGDJRJLTXH HVW D[pH VXU OH WUDYDLO G pTXLSH 7RXW DX ORQJ GX SDUFRXUV OHV SDUWLFLSDQWV VHURQW DFFRPSDJQpV GH IDoRQ SHUVRQQDOLVpH HW VRXWHQXH / HQVHLJQHPHQW V DSSXLH VXU XQH DSSURFKH TXL FRPELQH WKpRULH HW SUDWLTXH HW VHUD DVVXUp SDU GHV HQVHLJQDQWV FKHUFKHXUV HW SUDWLFLHQV GH KDXW QLYHDX (Q SOXV GHV PpWKRGHV G HQVHLJQHPHQW PDJLVWUDO OH SURJUDPPH UpVHUYH XQH ODUJH SODFH DX[ pWXGHV GH FDV DX[ VpPLQDLUHV HW DX[ DWHOLHUV TXL VHURQW GLULJpV HW DQLPpV SDU XQ FRUSV SURIHVVRUDO GH KDXW QLYHDX 3XEOLF FRQFHUQp /H 0%$ ,13(' HVW GHVWLQp DX[ 0DQDJHUV FKHIV G¶HQWUHSULVHV HW FDGUHV VXSpULHXUV DSSHOpV j pYROXHU GDQV OHXUV IRQFWLRQV UHVSHFWLYHV GDQV OHV GRPDLQHV GX PDQDJHPHQW GHV RUJDQLVDWLRQV &RQGLWLRQV G DFFqV (WUH WLWXODLUH DX PLQLPXP G XQH OLFHQFH RX G¶XQ LQJpQLRUDW HW DYRLU XQH H[SHULHQFH SURIHVVLRQQHOOH GH DQV GDQV OHV IRQFWLRQV GH FDGUHV G¶HQWUHSULVHV HW G¶LQVWLWXWLRQV &RQWDFWV 6FRODULWp 7HO )D[ PDLO VFRODULWH #JPDLO FRP '(3 7pO )D[ PDLO IRUPDWLRQ#LQSHG HGX G]

0%$

0$67(5 2) %86,1(66 $'0,1,675$7,21 6SpFLDOLWp ),1$1&(

)RUW GH VRQ H[SpULHQFH GH SOXV GH DQV GDQV OD GpOLYUDQFH GH SURJUDPPHV GH IRUPDWLRQ VXSpULHXUH GHVWLQpV DX[ PDQDJHUV G HQWUHSULVHV '3*( '(6* 0DVWHU DX SURÂ¿W GHV HQWUHSULVHV HW LQVWLWXWLRQV O ,13(' SURSRVH XQ 0%$ ),1$1&( TXL SHUPHW DX[ SDUWLFLSDQWV G DSSUpKHQGHU HW GH WLUHU SDUWLH GHV JUDQGV HQMHX[ pFRQRPLTXHV HW VRFLpWDX[ HW GH GpYHORSSHU OHXUV FRPSpWHQFHV GDQV XQ FRQWH[WH pFRQRPLTXH PRQGLDOLVp R OH FOLPDW GHV Dá‚‡DLUHV GHPHXUH GH SOXV HQ SOXV WXUEXOHQW HW LQVWDEOH /H 0%$ ),1$1&( ,13(' HVW XQ GLSO{PH GÂ¶pWXGHV VXSpULHXUHV HQ Â¿QDQFH GHVWLQp DX[ FDGUHV Â¿QDQFLHUV /H SURJUDPPH SURSRVp DSSRUWH DX[ FDQGLGDWV GHV UpSRQVHV DX[ TXHVWLRQV GH EDVH GÂ¶XQ PDQDJHU Â¿QDQFLHU /H 0%$ ),1$1&( ,13(' YLVH j GRWHU OHV SDUWLFLSDQWV GH FRPSpWHQFHV j OD IRLV VWUDWpJLTXHV FRQFHSWXHOOHV HW RSpUDWLRQQHOOHV GDQV OHV GRPDLQHV GH OD Â¿QDQFH

3URJUDPPH 0RGXOH ,QWHOOLJHQFH pFRQRPLTXH HW OD YHLOOH VWUDWpJLTXH 0RGXOH &RUSRUDWH *RYHUQDQFH 0RGXOH 6WUDWpJLH HW 3URVSHFWLYH 0RGXOH *pRSROLWLTXH HW 5HODWLRQV ,QWHUQDWLRQDOHV 0RGXOH &RQGXLWH GX FKDQJHPHQW HW *HVWLRQ GH FULVHV 0RGXOH 0DQDJHPHQW GH OÂ¶LQQRYDWLRQ HW &RPSpWLWLYLWp 0RGXOH 0pWKRGRORJLH GH 5HFKHUFKH 0RGXOH 0DQDJHPHQW FRPSWDEOH 0RGXOH 0DQDJHPHQW FRPSWDEOH 6XLWH

0RGXOH 'pFLVLRQV Â¿QDQFLqUHV j ORQJ WHUPH 0RGXOH (YDOXDWLRQ GÂ¶HQWUHSULVH HW PRQWDJHV Â¿QDQFLHUV 0RGXOH %XGJHWV HW 7DEOHDX[ GH %RUG 0RGXOH &RPSWDELOLWp DQDO\WLTXH HW PDvWULVH GHV FRÂ€WV 0RGXOH )XVLRQV HW DFTXLVLWLRQV 0RGXOH )LQDQFH LQWHUQDWLRQDOH 0RGXOH *HVWLRQ GH OD WUpVRUHULH 0RGXOH $QDO\VH Â¿QDQFLqUH DSSURIRQGLH , 0RGXOH $QDO\VH Â¿QDQFLqUHV DSSURIRQGLH ,,

/H SURJUDPPH 0%$ ),1$1&( ,13(' VH GpURXOH VXU PRLV GRQW PRLV HQ SUpVHQWLHO FRXUV GLVSHQVpV HQ VDOOH HW PRLV FRQVDFUpV j O pODERUDWLRQ GX PpPRLUH GH Â¿Q G pWXGH TXL HVW REOLJDWRLUH HW TXL VHUD VRXWHQX GHYDQW XQ MXU\ / DSSURFKH SpGDJRJLTXH HVW D[pH VXU OH WUDYDLO G pTXLSH 7RXW DX ORQJ GX SDUFRXUV OHV SDUWLFLSDQWV VHURQW DFFRPSDJQpV GH IDoRQ SHUVRQQDOLVpH HW VRXWHQXH / HQVHLJQHPHQW V DSSXLH VXU XQH DSSURFKH TXL FRPELQH WKpRULH HW SUDWLTXH HW VHUD DVVXUp SDU GHV HQVHLJQDQWV FKHUFKHXUV HW SUDWLFLHQV GH KDXW QLYHDX (Q SOXV GHV PpWKRGHV G HQVHLJQHPHQW PDJLVWUDO OH SURJUDPPH UpVHUYH XQH ODUJH SODFH DX[ pWXGHV GH FDV DX[ VpPLQDLUHV HW DX[ DWHOLHUV TXL VHURQW GLULJpV HW DQLPpV SDU XQ FRUSV SURIHVVRUDO GH KDXW QLYHDX 3XEOLF FRQFHUQp /H 0%$ ),1$1&( ,13(' HVW GHVWLQp DX[ &DGUHV )LQDQFLHUV 0DQDJHUV )LQDQFLHUV FRQWU{OHXUV GH JHVWLRQV DXGLWHXUV DSSHOpV j pYROXHU GDQV OHXUV IRQFWLRQV UHVSHFWLYHV &RQGLWLRQV G DFFqV (WUH WLWXODLUH DX PLQLPXP G XQH OLFHQFH RX GÂ¶XQ LQJpQLHUDLW HW DYRLU XQH H[SpULHQFH SURIHVVLRQQHOOH GH DQV GDQV OHV IRQFWLRQV GH FDGUHV GÂ¶HQWUHSULVHV HW GÂ¶LQVWLWXWLRQV &RQWDFWV 6FRODULWp 7HO )D[ PDLO VFRODULWH #JPDLO FRP '(3 7pO )D[ PDLO IRUPDWLRQ#LQSHG HGX G]

0%$

0$67(5 2) %86,1(66 $'0,1,675$7,21 6SpFLDOLWp 5HVVRXUFHV +XPDLQHV

)RUW GH VRQ H[SpULHQFH GH SOXV GH DQV GDQV OD GpOLYUDQFH GH SURJUDPPHV GH IRUPDWLRQ VXSpULHXUH GHVWLQpV DX[ PDQDJHUV G HQWUHSULVHV '3*( '(6* 0DVWHU ,¶,13(' SURSRVH XQ 0%$ 05+ TXL SHUPHW DX[ SDUWLFLSDQWV G DSSUpKHQGHU HW GH WLUHU SDUWLH GHV JUDQGV HQMHX[ pFRQRPLTXHV HW VRFLpWDX[ HW GH GpYHORSSHU OHXUV FRPSpWHQFHV GDQV XQ FRQWH[WH pFRQRPLTXH PRQGLDOLVp R OH FOLPDW GHV DIIDLUHV GHPHXUH GH SOXV HQ SOXV WXUEXOHQW HW LQVWDEOH

/H 0%$ 05+ ,13(' HVW XQ GLSO{PH G pWXGHV VXSpULHXUHV TXL YLVH j WUDQVPHWWUH XQH YLVLRQ JOREDOH HW VWUDWpJLTXH GH O HQWUHSULVH j WUDYHUV GHV FRPSpWHQFHV H[SHUWHV ,O SHUPHW DX[ FDGUHV LVVXV GH IRUPDWLRQV HQ VFLHQFHV GH JHVWLRQ VFLHQFHV KXPDLQHV VFLHQFHV MXULGLTXHV RX DGPLQLVWUDWLYHV GH GpYHORSSHU XQH FRPSpWHQFH OHXU SHUPHWWDQW G pYROXHU YHUV GHV IRQFWLRQV j KDXWH UHVSRQVDELOLWp DX VHLQ GHV HQWUHSULVHV (Q HႇHW OHV IRQFWLRQV 5+ G HQWUHSULVH RQW pYROXp HW QpFHVVLWHQW DXMRXUG KXL GHV FRPSpWHQFHV WUDQVYHUVDOHV DLQVL TX XQH YLVLRQ j OD IRLV VWUDWpJLTXH HW VRFLpWDOH $ O LVVX GX FXUVXV OHV WLWXODLUHV GX GLSO{PH 0%$ 05+ ± ,13(' VHURQW FDSDEOHV GH FRQFHYRLU HW PHWWUH HQ °XYUH GHV VWUDWpJLHV GH JHVWLRQ GHV FRPSpWHQFHV HW G LQWpJUHU DX PDQDJHPHQW GHV UHVVRXUFHV KXPDLQHV OHV UpÀH[LRQV DFWXHOOHV GH UHVSRQVDELOLWp VRFLDOH GH O HQWUHSULVH JHVWLRQ GX VWUHVV HW GH O pWKLTXH

3URJUDPPH

0RGXOH /H SURFHVVXV G¶DFTXLVLWLRQ GHV UHVVRXUFHV KXPDLQHV

0RGXOH ,QWHOOLJHQFH pFRQRPLTXH HW YHLOOH VWUDWpJLTXH 0RGXOH &RUSRUDWH *RYHUQDQFH 0RGXOH 6WUDWpJLH HW 3URVSHFWLYH 0RGXOH *pRSROLWLTXH HW 5HODWLRQV ,QWHUQDWLRQDOHV 0RGXOH &RQGXLWH GX FKDQJHPHQW HW JHVWLRQ GH FULVHV 0RGXOH 0DQDJHPHQW GH O¶LQQRYDWLRQ HW &RPSpWLWLYLWp 0RGXOH 0pWKRGRORJLH GH 5HFKHUFKH 0RGXOH /HV IRQGDPHQWDX[ GX PDQDJHPHQW HW OD WKpRULH GHV RUJDQLVDWLRQV 0RGXOH /D JHႋLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV *3(& DQDO\VH SURVSHFWLYH GHV HPSORLV HW GHV FRPSpWHQFHV

VpOHFWLRQ UHFUXWHPHQW LQWpJUDWLRQ GHV QRXYHOOHV UHFUXHV JHႋLRQ GHV FDUULqUHV HW ¿GpOLVDWLRQ GHV WDOHQWV 0RGXOH >ĞƐ ƉƌĂƟƋƵĞƐ ĚĞ ŐĞƐƟŽŶ ĚĞƐ ƐǇƐƚğŵĞƐ ĚĞ ƌĠŵƵŶĠƌĂƟŽŶ 0RGXOH >Ă ĐŽŵŵƵŶŝĐĂƟŽŶ ŝŶƚĞƌŶĞ 0RGXOH /HV PpWKRGHV G¶DQDO\VH HW OHV SURFHVVXV GH SULVH GH GpFLVLRQV 0RGXOH /H SODQ GH IRUPDWLRQ 0RGXOH /H GURLW GX WUDYDLO HW GH OD VpFXULWp VRFLDOH 0RGXOH (QMHX[ HW Gp¿V GHV UHODWLRQV GH WUDYDLO HW JHႋLRQ GHV FRQÀLWV RUJDQLVDWLRQQHOV 0RGXOH 6\ႋqPH G LQIRUPDWLRQ 5+ HW SLORWDJH GH OD IRQFWLRQ 0RGXOH ƵĚŝƚ ƐŽĐŝĂů Ğƚ ůĂ ĨŽŶĐƟŽŶ Z,

/H SURJUDPPH 0%$ 05+ ,13(' VH GpURXOH VXU PRLV GRQW PRLV HQ SUpVHQWLHO FRXUV GLVSHQVpV HQ VDOOH HQ DOWHUQp HQ UDLVRQ G XQH VHPDLQH PRLV VRLW KHXUHV HW PRLV SRXU O pODERUDWLRQ G XQ PpPRLUH GH ¿Q G pWXGHV ŝŶĚŝǀŝĚƵĞů VRXWHQX GHYDQW XQ MXU\ /D IRUPDWLRQ FRPSUHQG PRGXOHV (Q VXV GH KHXUHV HQ SUpVHQWLHO XQ YROXPH KRUDLUH HVW FRQVDFUp j GHV VpPLQDLUHV HW DWHOLHUV DQLPpV SDU GHV H[SHUWV GH KDXW QLYHDX $SSURFKH SpGDJRJLTXH D[pH VXU OH WUDYDLO G pTXLSH HW O DWWHLQWH GHV REMHFWLIV GH FDUULqUH $FFRPSDJQHPHQW SHUVRQQDOLVp VRXV IRUPH GH FRDFKLQJ SDU XQH pTXLSH SOXULGLVFLSOLQDLUH G H[SHUWV HW GH SUDWLFLHQV (QVHLJQHPHQW PDJLVWUDO HW SUDWLTXH 3XEOLF FRQFHUQp /H 0%$ 05+ ,13(' ĞƐƚ ĚĞƐƟŶĠ ĂƵǆ ĂĚƌĞƐ ŝƌŝŐĞĂŶƚƐ͕ DĂŶĂŐĞƌƐ͕ ŚĞĨƐ ĚΖ ŶƚƌĞƉƌŝƐĞƐ Ğƚ ĂĚƌĞƐ ^ƵƉĠƌŝĞƵƌƐ͘

&RQGLWLRQV G DFFqV (WUH WLWXODLUH G XQ %DF RX %$& HQ VFLHQFHV GH JHVWLRQ VFLHQFHV KXPDLQHV VFLHQFHV MXULGLTXHV VFLHQFHV DGPLQLVWUDWLYHV RX G XQ GLSO{PH pTXLYDOHQW HQ UDSSRUW DYHF OD VSpFLDOLWp &RQWDFWV 6FRODULWp 7HO )D[ PDLO VFRODULWH #JPDLO FRP '(3 7pO )D[ PDLO IRUPDWLRQ#LQSHG HGX G]

)250$7,216 ,17(16,9(6 (1 0$1$*(0(17

'(6*

'3*( ',3/Ð0( '( 3(5)(&7,211(0(17 (1 *(67,21 '(6 (175(35,6(6 qPH SURPRWLRQ

',3/Ð0( '¶(78'(6 63e&,$/,6e(6 (1 *(67,21 qPH SURPRWLRQ

'85e( 'RX]H PRLV LQWHQVLIV

'85e( 4XLQ]H PRLV LQWHQVLIV

2%-(&7,)6 0DvWULVHU O¶HQVHPEOH GX SURFHVVXV GH JHVWLRQ (WDEOLU OH GLDJQRVWLF RUJDQLVDWLRQQHO HW O¶DXGLW GHV V\VWqPHV $SSOLTXHU GHV VROXWLRQV FRQFUqWHV DX[ SUREOqPHV PDMHXUV (ODERUHU HW PHWWUH HQ RHXYUH GHV VWUDWpJLHV DSSURSULpHV

2%-(&7,)6 $SSUHQGUH DX[ FDGUHV j VDYRLU VH VLWXHU GDQV O¶HQVHPEOH GX SURFHVVXV GH JHVWLRQ 'RWHU OHV FDGUHV GH FRQFHSWV PpWKRGHV HW RXWLOV GH JHVWLRQ SURSUHV j XQH IRQFWLRQ GH OHXU FKRL[ HQ YXH GH OHXU SHUPHWWUH GH PLHX[ DVVXPHU OHXUV PLVVLRQV

3238/$7,21 &21&(51e( &DGUHV GLULJHDQWV RX FDGUHV VXSpULHXUV GpVLUDQW VH SHUIHFWLRQQHU RX GHYDQW DFFpGHU j XQ SRVWH GH GLUHFWLRQ LPSOLTXDQW GH KDXWHV UHVSRQVDELOLWpV

3238/$7,21 &21&(51e( &DGUHV GH JHVWLRQ GHV HQWUHSULVHV D\DQW XQH H[SpULHQFH SURIHVVLRQQHOOH GpVLUHX[ GH IRUPDOLVHU OHXU VDYRLU SUDWLTXH HW G¶DSSURIRQGLU OHXUV FRQQDLVVDQFHV GDQV XQH IRQFWLRQ GH JHVWLRQ

&21',7,216 '¶$&&Ê6 (WUH WLWXODLUH G¶XQ GLSO{PH GH JUDGXDWLRQ OLFHQFH LQJpQLRUDW RX pTXLYDOHQW

([SpULHQFH SURIHVVLRQQHOOH GH DQQpHV PLQLPXP GDQV XQ SRVWH GH JHVWLRQ

&21',7,216 '¶$&&Ê6 (WUH WLWXODLUH G¶XQ GLSO{PH XQLYHUVLWDLUH GX F\FOH FRXUW RX WLWUH pTXLYDOHQW ([SpULHQFH SURIHVVLRQQHOOH GH WURLV DQQpHV PLQLPXP GDQV XQ SRVWH GH JHVWLRQ

352*5$00( 3UHPLHU WHUPH +RPRJpQpLVDWLRQ GHV FRQQDLVVDQFHV &RPSWDELOLWp GH JHVWLRQ 2XWLOV GH JHVWLRQ , 2XWLOV GH JHVWLRQ ,, ,QWURGXFWLRQ DX[ VFLHQFHV KXPDLQHV ,QIRUPDWLTXH 'HX[LqPH WHUPH (WXGH GX IRQFWLRQQHPHQW GH O¶HQWUHSULVH 3URGXFWLRQ *HVWLRQ GHV 5HVVRXUFHV +XPDLQHV )LQDQFH 0DUNHWLQJ ,QWURGXFWLRQ DX PDQDJHPHQW 7URLVLqPH WHUPH $SSURIRQGLVVHPHQW GHV FRQQDLVVDQFHV (FRQRPLH G¶HQWUHSULVH 'LDJQRVWLF RUJDQLVDWLRQQHO &RPSWDELOLWp DQDO\WLTXH 7KpRULH GH OD GpFLVLRQ 7KpRULH GHV RUJDQLVDWLRQV $QJODLV GH JHVWLRQ 4XDWULqPH WHUPH ,QWpJUDWLRQ GHV FRQQDLVVDQFHV (YDOXDWLRQ GHV SURMHWV &RQWU{OH GH JHVWLRQ 0DUNHWLQJ LQWHUQDWLRQDO )LQDQFH 0DQDJHPHQW VWUDWpJLTXH

352*5$00( 3UHPLHU WHUPH +RPRJpQpLVDWLRQ GHV FRQQDLVVDQFHV ,QIRUPDWLTXH 0DWKpPDWLTXHV (FRQRPLH JpQpUDOH (QYLURQQHPHQW GH O¶HQWUHSULVH &RPSWDELOLWp JpQpUDOH 'HX[LqPH WHUPH +RPRJpQpLVDWLRQ GHV FRQQDLVVDQFHV 3URFHVVXV JpQpUDO GH JHVWLRQ 0DUNHWLQJ 3URGXFWLRQ )LQDQFH $QJODLV 7URLVLqPH HW 4XDWULqPH WHUPHV 6SpFLDOLVDWLRQ *5+ )LQDQFH /HV VSpFLDOLWpV VXVFHSWLEOHV G¶rWUH RXYHUWHV GpSHQGHQW GX QRPEUH GH VWDJLDLUHV LQVFULWV GDQV FKDFXQH G¶HQWUH HOOHV

&RQWDFW 'LUHFWLRQ GHV (QVHLJQHPHQWV HW GX 3HUIHFWLRQQHPHQW '(3 7pO )D[ (PDLO IRUPDWLRQ#LQSHG HGX G]

$5&+,9,67,48(

qPH SURPRWLRQ

qPH SURPRWLRQ '85e( 4XDWUH PRLV LQWHQVLIV

'85e( 'L[ PRLV LQWHQVLIV

2%-(&7,)6 $VVXUHU HႈFDFHPHQW O¶HQVHPEOH GHV WkFKHV LQKpUHQWHV j OD IRQFWLRQ G¶DUFKLYLVWH QRWDPPHQW FHOOHV D\DQW WUDLW j OD FROOHFWH DX WUDLWHPHQW j OD FRQVHUYDWLRQ HW j OD VpFXULWp GHV GRFXPHQWV

2%-(&7,)6 )DLUH DFTXpULU DX[ VWDJLDLUHV OHV GLႇpUHQWHV WHFKQLTXHV GRFXPHQWDLUHV 3HUPHWWUH DX[ SHUVRQQHV TXL H[HUFHQW GpMj XQ GHV PpWLHUV GH OD GRFXPHQWDWLRQ GH FRPSOpWHU GH PHWWUH j MRXU HW G¶DMXVWHU OHXUV FRQQDLVVDQFHV HQ WHQDQW FRPSWH GH OD GLYHUVLWp GH OHXUV EHVRLQV VHORQ OHV IRQFWLRQV j UHPSOLU HW OHV VHFWHXUV G¶DFWLYLWpV R HOOHV VRQW HQJDJpHV (OHYHU OH QLYHDX GH OHXU TXDOL¿FDWLRQ GDQV GHV PpWKRGHV HW GHV WHFKQLTXHV HQ FRQVWDQWH pYROXWLRQ /HXU DSSUHQGUH j RUJDQLVHU HW j JpUHU XQ FHQWUH GH GRFXPHQWDWLRQ

3238/$7,21 &21&(51e( $JHQWV FKDUJpV GH OD JHVWLRQ GH O¶RUJDQLVDWLRQ HW GH OD VpFXULWp GHV DUFKLYHV &21',7,216 '¶$&&Ê6 qPH $6 DFFRPSOLH 352*5$00( /D JHVWLRQ DGPLQLVWUDWLYH GHV DUFKLYHV /pJLVODWLRQ DOJpULHQQH HQ PDWLqUH G¶DUFKLYHV /HV QRUPHV DUFKLYLVWLTXHV /H WUDLWHPHQW VFLHQWL¿TXH GHV DUFKLYHV /HV LQVWUXPHQWV GH UHFKHUFKH /D FRPPXQLFDWLRQ GHV DUFKLYHV /¶LQIRUPDWLVDWLRQ GX VHUYLFH DUFKLYHV /H PDQDJHPHQW G¶XQ VHUYLFH DUFKLYHV &RQQDLVVDQFH GH O¶HQWUHSULVH ,QWURGXFWLRQ DX[ WHFKQLTXHV GRFXPHQWDLUHV /D JHVWLRQ pOHFWURQLTXH GHV GRFXPHQWV

3238/$7,21 &21&(51e( &DGUHV PR\HQV HW DJHQWV GH VHUYLFHV GH GRFXPHQWDWLRQ GpVLUHX[ GH PDvWULVHU OHV WHFKQLTXHV GH WUDLWHPHQW GHV GRFXPHQWV HW GH GLႇXVLRQ GH O¶LQIRUPDWLRQ &21',7,216 '¶$&&Ê6 qPH $6 DFFRPSOLH 352*5$00( /HV QRXYHOOHV WHFKQRORJLHV GH O¶LQIRUPDWLRQ , ,, HW ,,, $QJODLV &KRL[ HW DFTXLVLWLRQ GHV GRFXPHQWV $QDO\VH HW LQGH[DWLRQ GHV GRFXPHQWV &DWDORJDJH , ,, HW ,,, /HV ODQJDJHV GRFXPHQWDLUHV /D UHFKHUFKH GRFXPHQWDLUH /D GLႇXVLRQ GHV LQIRUPDWLRQV /¶LQIRUPDWLTXH GRFXPHQWDLUH /H PDQDJHPHQW G¶XQH XQLWp GRFXPHQWDLUH /HV DUFKLYHV &RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

0e7+2'(6 3e'$*2*,48(6 ([SRVp GHV FRQFHSWV WKpRULTXHV 6WDJHV SUDWLTXHV 9LVLWHV G¶pWXGHV DX[ DUFKLYHV QDWLRQDOHV 6$1&7,21 '( /$ )250$7,21 &HUWL¿FDW GpOLYUp SDU O¶,13('

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

)250$7,216 ,17(16,9(6 (1 0$1$*(0(17

',3/Ð0( (1 *(67,21 '(6 81,7e6 '2&80(17$,5(6 '*8'

0$67(56 352)(66,211(/6 /H 0DVWHU 3URIHVVLRQQHO HVW OD UpSRQVH DSSURSULpH DX[ VROOLFLWDWLRQV HW DX[ SUREOqPHV DFWXHOV GHV HQWUHSULVHV HW DGPLQLVWUDWLRQV GDQV OH GRPDLQH GH OÂ¶DFFRPSDJQHPHQW DX[ FKDQJHPHQWV HW PXWDWLRQV TXL VÂ¶RSqUHQW /HV SURJUDPPHV SURSRVpV RQW SRXU REMHFWLI OÂ¶DFTXLVLWLRQ HW RX OH UHQIRUFHPHQW GHV FRPSpWHQFHV SHUPHWWDQW XQH YpULWDEOH PLVH j QLYHDX GHV 5HVVRXUFHV +XPDLQHV /H 0DVWHU 3URIHVVLRQQHO HVW GpGLp DX[ FDGUHV DX[ GLULJHDQWV HW DX[ UHVSRQVDEOHV VRXKDLWDQW GpYHORSSHU XQH SUDWLTXH RSpUDWLRQQHOOH WDQW GpYHORSSHU XQH SUDWLTXH RSpUDWLRQQHOOH GDQV XQH VSpFLDOLWp GRQQpH GRQQpH

0$67(56 352)(66,211(/6 &21',7,216 ' $&&ÃŠ6

V H

U H Y X R pH W Q QQ R V O D V Q H LW R V G LS XU U F FR V LQ DX V

D 6XU WLWUH OHV FDQGLGDWV WLWXODLUHV GÂ¶XQ GLSO{PH GH QLYHDX %$& HW D\DQW GHX[ DQQpHV GÂ¶H[SpULHQFH SURIHVVLRQQHOOH HW RX %$& DYHF XQH DQQpH GÂ¶H[SpULHQFH SURIHVVLRQQHOOH E (WXGH GX GRVVLHU HW HQWUHWLHQ DYHF OH FRPLWp GH VpOHFWLRQ OHV FDQGLGDWV WLWXODLUHV GÂ¶XQ GLSORPH %$& '(8$ RX 76 HW D\DQW XQH H[SpULHQFH SURIHVVLRQQHOOH OHV FDQGLGDWV FDGUHV MXVWLÂ¿DQW GÂ¶XQ QLYHDX XQLYHUVLWDLUH RX pTXLYDOHQW HW D\DQW XQH H[SpULHQFH GDQV OH GRPDLQH OLp DX WKqPH GX 0DVWHU HW IDLVDQW YDORLU OHXUV DFTXLV SURIHVVLRQQHOV VRQW VpOHFWLRQQpV GDQV OD SURSRUWLRQ GÂ¶XQH 9$( YDOLGDWLRQ GÂ¶DFTXLV GÂ¶H[SpULHQFH SURIHVVLRQQHOOH SRXU FLQT DGPLVVLRQV VXU WLWUH

'266,(5 $'01,675$7,) Â¬ )2851,5 3RXU WRXWH LQVFULSWLRQ OÂ¶HPSOR\HXU GHYUD WUDQVPHWWUH j OÂ¶,13(' XQ GRVVLHU FRPSUHQDQW 8QH Â¿FKH GH SULVH HQ FKDUJH SRXU FKDTXH FDQGLGDW 'HX[ SKRWRV GÂ¶LGHQWLWp 8Q DFWH GH QDLVVDQFH QÂƒ 8QH DWWHVWDWLRQ GH WUDYDLO &RSLHV GHV WLWUHV HW GLSO{PHV

0e7+2'(6 3e'$*2*,48(6 0e7+2 0pWKRG 0pWKRGHV DFWLYHV FRPELQDQW DSSRUWV WKpRULTXHV HW H[SpULHQFHV GHV SUDWLFLHQV (WXGHV GH FDV (WXGHV -HX[ GH U{OHV -HX[ GH $WHOLHUV SUDWLTXHV HQ VDOOH PDFKLQH VL QpFHVVDLUH

$WHOLHUV (YDOXDWLRQ PRGXODLUH (YDOXD 3URMHW SURIHVVLRQQHO PpPRLUH GH Â¿Q GÂ¶pWXGH

3URMHW S

6$1&7,21 '( /$ )250$7,21 6$1&7 /D IRUPDWLRQ HVW VDQFWLRQQpH SDU XQ GLSO{PH GH OÂ¶,13(' LQWLWXOp /D D IRU R PD Â³Â³ 0DVWHU 3URIHVVLRQQHO Â³ SRUWDQW OÂ¶RSWLRQ SRXU OHV SDUWLFLSDQWV D\DQW VXLYL DYHF 0 VW 0D VWHU VXFFqV OÂ¶HQVHPEOH GX FXUVXV HW D\DQW VRXWHQX DYHF VXFFqV OH PpPRLUH VVX XFFq qV OÂ¶ FRQIRUPpPHQW DX 5pJOHPHQW 3pGDJRJLTXH HQ YLJXHXU j OÂ¶,13(' FFR RQI QIR RUPp

0 $ 6 7 ( 5 6 3 5 2 ) ( 6 6 , 2 1 1 ( / 6

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ 0$1$*(0(17 '(6 5(66285&(6 0$1$*(0(17 '52,7 '(6 $)) $,5(6 +80$,1(6 '(6 (175(35,6(6 qPH SURPRWLRQ qPH SURPRWLRQ qPH SURPRWLRQ '85e(

'85e(

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'RX]H PRLV HQ DOWHUQpH j UDLVRQ GH MRXUV SDU PRLV

2%-(&7,)6 &H 0DVWHU DSSRUWH HQ RXWUH XQH YLVLRQ VWUDWpJLTXH LQWHUQDWLRQDOH 'RQQHU DX[ MXULVWHV GHV FRPSpWHQFHV UHQIRUFpHV HQ PDQDJHPHQW j WUDYHUV XQH IRUPDWLRQ DX[ PpFDQLVPHV GH O HQWUHSULVH 3RVLWLRQQHU OHV MXULVWHV FRPPH GH YpULWDEOHV EXVLQHVV SDUWQHU )DFLOLWHU OHV UDSSURFKHPHQWV HQWUH MXULVWHV HW PDQDJHUV HQ LQWpJUDQW XQH YLVLRQ VWUDWpJLTXH GH O HQWUHSULVH 3238/$ 7,21 &21&(51e( /H FDGUH MXULGLTXH DLQVL TXH OHV VWUXFWXUHV GHV HQWUHSULVHV HW GHV JURXSHV pYROXDQW HQ SHUPDQHQFH

2%-(&7,)6 ) R U P H U G H V U H V S R Q V D E O H V D W W H Q W L I V j O D F R K p V L R Q pFRQRPLTXH HW VWUDWpJLTXH GHV HQWUHSULVHV DLQVL TX j OD YDORULVDWLRQ GX SRWHQWLHO KXPDLQ TXL OHV DQLPH DYHF OH VRXFL GX GpYHORSSHPHQW GHV VDODULpV HW GHV pTXLSHV GRQW LOV RQW OD FKDUJH ' p Y H O R S S H U O D W H F K Q L F L W p Q p F H V V D L U H D X P p W L H U G H JHVWLRQQDLUH GHV UHVVRXUFHV KXPDLQHV

2%-(&7,)6 $SSUpKHQGHU OHV GLI IpUHQWHV IRQFWLRQV GH O HQWUHSULVH DÂ¿Q G HQ FRPSUHQGUH OHV PpFDQLVPHV HW PDvWULVHU OHV SULQFLSDX[ RXWLOV HW WHFKQLTXHV GH PDQDJHPHQW

3238/$ 7,21 &21&(51e( &DGUHV VXSpULHXUV H[HUoDQW GHV UHVSRQVDELOLWpV &DGUHV DSSHOpV j H[HUFHU GHV IRQFWLRQV GH UHVSRQVDELOLWp

352*5$00( 0RGXOH ,QWURGXFWLRQ DX 0DQDJHPHQW HW 7KpRULH GHV 2UJDQLVDWLRQV 0RGXOH /D &RPPXQLFDWLRQ GDQV OÂ¶HQWUHSULVH 0RGXOH 0pWKRGRORJLH GH OD UHFKHUFKH 0RGXOH /H V\VWqPH GÂ¶DFTXLVLWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH *HVWLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV JHVWLRQ GHV FDUULqUHV 0RGXOH /H V\VWqPH GH GpYHORSSHPHQW GHV 5HVVRXUFHV +XPDLQHV 0RGXOH /H V\VWqPH GH FRQVHUYDWLRQ GHV 5HVVRXUFHV +XPDLQHV 3HUIRUPDQFHV HW 5pPXQpUDWLRQ 0RGXOH (YDOXDWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 'URLW GX 7 UDYDLO 0RGXOH *HVWLRQ GHV FRQÃ€LWV HW QpJRFLDWLRQ 0RGXOH 7 DEOHDX GH %RUG HW VWDWLVWLTXHV GHV 5HVVRXUFHV +XPDLQHV 0RGXOH $XGLW GHV 5HVVRXUFHV +XPDLQHV

352*5$00( 0RGXOH ,QWURGXFWLRQ DX PDQDJHPHQW HW WKpRULHV GHV RUJDQLVDWLRQV

352*5$00( 0RGXOH ,QWURGXFWLRQ DX GURLW GHV Dá‚‡DLUHV HW &RQQDLVVDQFH GH O HQWUHSULVH

0RGXOH &RPPXQLFDWLRQ GDQV O HQWUHSULVH

0RGXOH 'URLW FRPPHUFLDO

0RGXOH 0DQDJHPHQW GH OD TXDOLWp

0RGXOH 'URLW GX 7UDYDLO

0RGXOH 0DQDJHPHQW VWUDWpJLTXH 0RGXOH 0DQDJHPHQW RSpUDWLRQQHO 0RGXOH 0DQDJHPHQW GHV UHVVRXUFHV KXPDLQHV 0RGXOH (WDWV Â¿QDQFLHUV HW WDEOHDX[ GH ERUG

/H UHFRXUV j GHV VSpFLDOLVWHV D\DQW GHV FRPSpWHQFHV GDQV OH GRPDLQH MXULGLTXH HW HQ PDQDJHPHQW HVW QpFHVVDLUH VH SUpSDUDQW j H[HUFHU GHV UHVSRQVDELOLWpV VXSpULHXUHV

0RGXOH /H FDSLWDO GH O HQWUHSULVH 0RGXOH /HV FRQWUDWV FRPPHUFLDX[ 0RGXOH 'URLW GHV HQWUHSULVHV HW LQYHVWLVVHPHQW

0RGXOH 0pWKRGRORJLH GX PpPRLUH HW SUpVHQWDWLRQ GX

0RGXOH 'URLW GRXDQLHU HW GURLW Â¿VFDO

SURMHW

0RGXOH 0pWKRGRORJLH GH UHFKHUFKH

0RGXOH 0DQDJHPHQW GHV DSSURYLVLRQQHPHQWV HW GH OD SURGXFWLRQ

0RGXOH 'URLW GH OD FRQFXUUHQFH HW GURLW GH OD FRQVRPPDWLRQ

0RGXOH 0DQDJHPHQW GH SURMHW

0RGXOH 'URLW SpQDO GHV Dá‚‡DLUHV

0RGXOH 0DUNHWLQJ HW 0DQDJHPHQW FRPPHUFLDO

0RGXOH 'URLW GH OD SURSULpWp LQGXVWULHOOH

0RGXOH 'URLW GHV $I IDLUHV

0RGXOH /H FRQWHQWLHX[ GHV Dá‚‡DLUHV

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

qUH SURPRWLRQ

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ *289(51$1&( '(6 25*$1,6$7,216 6833/< &+$,1 0$1$*(0(17 &25325$7( *29(51$1&( 6&0 qUH SURPRWLRQ

'85e( '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 'RWHU OHV DSSUHQDQWV GHV WHFKQLTXHV GH PDQDJHPHQW SRXU SHUPHWWUH OD PLVH HQ SODFH GHV VWUDWpJLHV G pYROXWLRQ YLDEOHV DX VHLQ GHV JUDQGHV HQWUHSULVHV )RXUQLU WRXWHV OHV FRPSpWHQFHV HW FRQQDLVVDQFHV GRQW LOV DXURQW EHVRLQ GDQV OHXUV SURMHWV GH FUpDWLRQ RX GH UHSULVHV G HQWUHSULVHV 3238/$7,21 &21&(51e( &DGUHV VRXKDLWDQW GLULJHU XQH XQLWp G Dá‚‡DLUHV RX ODQFHU XQ SURMHW LQQRYDQW 5HVSRQVDEOHV GX GpYHORSSHPHQW GHV Dá‚‡DLUHV 3RUWHXUV GH SURMHWV SUrWV j ODQFHU XQH LQLWLDWLYH 352*5$00( 0RGXOH / HQWUHSUHQDULDW IDFWHXU GH GpYHORSSHPHQW 0RGXOH 6WUDWpJLHV G HQWUHSULVH 0RGXOH 0DQDJHPHQW WUDQVYHUVDO HW OHV OHYLHUV G LQÃ€XHQFH 0RGXOH 0RGqOHV G Dá‚‡DLUHV HW GpYHORSSHPHQW GXUDEOH 0RGXOH *HVWLRQ GX FKDQJHPHQW 0RGXOH %LODQ GH FRPSpWHQFHV HQWUHSUHQDULDOHV 0RGXOH 9HLOOH VWUDWpJLTXH HW FRQFXUUHQWLHOOH 0RGXOH ,QQRYDWLRQ RXYHUWH HW &R FRQFHSWLRQ 0RGXOH 0DUNHWLQJ VWUDWpJLTXH HW SODQ G DFWLRQ 0RGXOH 6WUDWpJLHV Â¿QDQFLqUHV 0RGXOH 5LVN PDQDJHPHQW 0RGXOH ( EXVLQHVV HW ZHE PDUNHWLQJ

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

2%-(&7,)6 'pYHORSSHU OHV FRPSpWHQFHV HW DSWLWXGHV GHV FDGUHV GLULJHDQWV HW DGPLQLVWUDWHXUV DÂ¿Q TX LOV SXLVVHQW GpWHFWHU HW DQDO\VHU j WHPSV OHV G\VIRQFWLRQQHPHQWV SRXYDQW Dá‚‡HFWHU OHV V\VWqPHV GH JRXYHUQDQFH GHV RUJDQLVDWLRQV HW DSSRUWHU SXLV FRQVWUXLUH HW DSSOLTXHU OHV VROXWLRQV OHV SOXV DSSURSULpHV 3238/$7,21 &21&(51e( &DGUHV GLULJHDQWV G HQWUHSULVHV pFRQRPLTXHV SXEOLTXHV HW SULYpHV HW RUJDQLVDWLRQV HQ H[HUFLFH RX FDGUHV VXSpULHXUV VH SUpSDUDQW j H[HUFHU GHV UHVSRQVDELOLWpV VXSpULHXUHV

352*5$00( 0RGXOH )RQGHPHQWV WKpRULTXHV HW pYROXWLRQ GX FRQFHSW GH JRXYHUQDQFH 0RGXOH 6WUDWpJLH HW JRXYHUQDQFH G HQWUHSULVH 0RGXOH *RXYHUQDQFH Â¿QDQFH G HQWUHSULVH HW Â¿QDQFH GH PDUFKp 0RGXOH 'LJLWDOLVDWLRQ HW DPpOLRUDWLRQ GHV SHUIRUPDQFHV GH O HQWUHSULVH 0RGXOH (WKLTXH HW GpRQWRORJLH 0RGXOH 5HVSRQVDELOLWp VRFLDOH GH O HQWUHSULVH 0RGXOH 'pYHORSSHPHQW GXUDEOH HW pFRQRPLH YHUWH 0RGXOH /HDGHUVKLS GDQV O HQWUHSULVH 0RGXOH &RQVHLOV G DGPLQLVWUDWLRQ HW FRPLWpV SLORWHV 0RGXOH 0pWKRGRORJLH GH SUpSDUDWLRQ G XQ SURMHW SHUVRQQHO 0RGXOH 0DQDJHPHQW GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 0DQDJHPHQW GH OD TXDOLWp HW VDWLVIDFWLRQ GHV FOLHQWV &RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

qPH SURPRWLRQ '85e( 4XDWRU]H PRLV HQ DOWHUQp j UDLVRQ GH MRXUV SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 )RUPHU GHV 6XSSO\ &KDLQ 0DQDJHUV DSWHV j JpUHU HW j H[SORLWHU O HQVHPEOH GH OD &KDLQH /RJLVWLTXH GH OHXU HQWUHSULVH HW IRUPHU OHV IXWXUHV UHVSRQVDEOHV GH SODWHV IRUPHV DLQVL TXH OHV DXGLWHXUV ORJLVWLTXHV DPHQpV j pYDOXHU GDQV GHV FRQWH[WHV G RSWLPLVDWLRQ GHV VXSSO\ FKDLQ H[LVWDQWHV

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ (175(35(1$5,$7

3238/$7,21 &21&(51e( 5HVSRQVDEOHV ORJLVWLTXHV 6XSSO\ &KDLQ 0DQDJHU

5HVSRQVDEOH GH SODWHV IRUPHV GH SUpSDUDWLRQ GH GLVWULEXWLRQ WUDQVSRUW 5HVSRQVDEOH GH SURGXFWLRQ 5HVSRQVDEOH HQWUHS{WV HW DSSURYLVLRQQHPHQW 352*5$00( 0RGXOH 6WUDWpJLH G HQWUHSULVH 0RGXOH )RQGDPHQWDX[ GH OD 6&0 0RGXOH $QDO\VH VWUDWpJLTXH GHV FRÂ€WV HW ORJLVWLTXH 0RGXOH 0pWKRGHV GH SUpYLVLRQ 0RGXOH *HVWLRQ GHV VWRFNV GDQV OD FKDLQH ORJLVWLTXH 0RGXOH *HVWLRQ GH OD UHODWLRQ FOLHQW &50

0RGXOH $FKDWV HW FKDLQH ORJLVWLTXH 0RGXOH *HVWLRQ GH OD SURGXFWLRQ HW FKDLQH ORJLVWLTXH 0RGXOH 3ODWHV IRUPHV ORJLVWLTXHV HW GLVWULEXWLRQ 0RGXOH /RJLVWLTXH GH SURMHWV 0RGXOH 6\VWqPH G LQIRUPDWLRQ HW FKDLQH ORJLVWLTXH (53

0RGXOH 4XDOLWp GDQV OD FKDLQH ORJLVWLTXH 0RGXOH $XGLW HW SHUIRUPDQFH GH OD 6&0 0RGXOH 6LPXODWLRQ ORJLVWLTXH

&RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 685(7e ,17(51( '(6 e7$%/,66(0(176 qPH SURPRWLRQ '85e(

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ 0$1$*(0(17 '( /$ 6e&85,7e '(6 '(15e(6 $/,0(17$,5(6 qPH SURPRWLRQ 0$,17(1$1&( ,1'8675,(//( 48$/,7e 6$1,7$,5( '(6 $/,0(176

qPH SURPRWLRQ

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'85e(

2%-(&7,)6 / REMHFWLI SULPRUGLDO pWDQW GH SURWpJHU OH SDWULPRLQH SURWHFWLRQ GHV ELHQV HW GHV SHUVRQQHV )RUPHU DX[ GLá‚‡pUHQWHV FRPSRVDQWHV GH OD IRQFWLRQ VÂ€UHWp LQWHUQH HW IDLUH DFTXpULU OHV FRQQDLVVDQFHV HW OH FRPSRUWHPHQW SHUPHWWDQW G H[HUFHU HW G DVVXUHU Há‚ˆFDFHPHQW FHWWH IRQFWLRQ 3238/$7,21 &21&(51e( ,QJpQLHXUV VpFXULWp + 6 ( $VVLVWDQWV VÂ€UHWp LQWHUQH &DGUHV VXSpULHXUV RFFXSDQW GHV SRVWHV HQ FKDUJH GHV IRQFWLRQV GH VpFXULWp SURWHFWLRQ HW DXWUHV 5HVSRQVDEOHV GHV VRFLpWpV GH VpFXULWp HW GH JDUGLHQQDJH

2%-(&7,)6 0DLWULVHU OHV ERQQHV SUDWLTXHV G K\JLqQH GDQV OHV ,QGXVWULHV $JUR $OLPHQDWLUHV OD UHVWDXUDWLRQ FROOHFWLYH OD SUpSDUDWLRQ GHV DOLPHQWV Â« 0DLWULVHU OH V\VWqPH +$&&3 $QDO\VH GHV GDQJHUV HW PDLWULVH GHV SRLQWV FULWLTXHV

0DLWULVHU OH V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GHV GHQUpHV DOLPHQWDLUHV VHORQ OH UpIpUHQWLHO LQWHUQDWLRQDO ,62

352*5$00( 0RGXOH 0DQDJHPHQW HW WHFKQLTXH GÂ¶DQLPDWLRQ GHV KRPPHV 0RGXOH /D FRPPXQLFDWLRQ 0RGXOH /D VÂ€UHWp LQWHUQH 0RGXOH (WXGH HW FRQFHSWLRQ GX SODQ GH VÂ€UHWp 0RGXOH /HV RXWLOV HW OHV PR\HQV GH SUpYHQWLRQ HW GH SURWHFWLRQ 0RGXOH &RQWU{OH HW DXGLW GH VÂ€UHWp pWXGH GH FDV 0RGXOH 7HFKQLTXHV GH UpGDFWLRQ DGPLQLVWUDWLYH 0RGXOH /D JHVWLRQ GHV FRQÃ€LWV 0RGXOH /D SODQLÂ¿FDWLRQ RSpUDWLRQQHOOH GH OD VpFXULWp LQGXVWULHOOH /D SUpYHQWLRQ HW OD JHVWLRQ GHV ULVTXHV PDMHXUV 0RGXOH 0pWKRGRORJLH G pODERUDWLRQ G XQ UDSSRUW GH VWDJH 0RGXOH /D FRQGXLWH GH UpXQLRQ 0RGXOH /D JHVWLRQ GHV FULVHV

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

3238/$7,21 &21&(51(( ,QJpQLHXUV HQ DJUR DOLPHQWDLUH YpWpULQDLUHV 76 '(8$ HQ ,QGXVWULHV DOLPHQWDLUHV HQ 0LFURELRORJLH 5HVSRQVDEOHV TXDOLWp GDQV OHV HQWUHSULVHV GH OD Â¿OLqUH DJUR DOLPHQWDLUHV 5HVSRQVDEOHV GH ODERUDWRLUHV 352*5$00( 0RGXOH 0DQDJHPHQW JpQpUDO GH O HQWUHSULVH 0RGXOH &RPPXQLFDWLRQ 0RGXOH 5DSSHOV GH PLFURELRORJLH DOLPHQWDLUH 0RGXOH $QDO\VH GHV QRUPHV 1) 9 HW 1) 9 0RGXOH 'HVFULSWLRQ HW PLVH HQ DSSOLFDWLRQ GHV RXWLOV GH OD TXDOLWp 0RGXOH /D VpFXULWp GHV GHQUpHV DOLPHQWDLUHV VHORQ OH &RGH[ $OLPHQWDULXV 0RGXOH $SSURFKH SURFHVVXV HW UpGDFWLRQ GHV SURFpGXUHV 0RGXOH /HV ERQQHV SUDWLTXHV G K\JLqQH 0RGXOH /HV GDQJHUV G RULJLQH DOLPHQWDLUH 0RGXOH /D UpJOHPHQWDWLRQ VDQLWDLUH DOLPHQWDLUH 0RGXOH )RUPDWLRQ DX[ UpIpUHQWLHOV GH OD VpFXULWp GHV GHQUpHV DOLPHQWDLUHV /D QRUPH ,62 0RGXOH $XGLW LQWHUQH GX 606'$

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV G DFTXpULU GHV FRQQDLVVDQFHV GH VH GRWHU G RXWLOV HW GH PpWKRGHV GH JHVWLRQ WHFKQLFR pFRQRPLTXH SRXU RSWLPLVHU OH UDSSRUW FRÂ€W GLVSRQLELOLWp HW DVVXUHU XQH PHLOOHXUH VpFXULWp GHV SHUVRQQHV GH O RXWLO GH SURGXFWLRQ HW GH OÂ¶HQYLURQQHPHQW 3238/$7,21 &21&(51e( ,QJpQLHXUV &DGUHV GH PDLQWHQDQFH

352*5$00( 0RGXOH ,QWURGXFWLRQ DX PDQDJHPHQW GH OD PDLQWHQDQFH 0RGXOH /H FRPSRUWHPHQW GX PDWpULHO HQ VHUYLFH 0RGXOH /HV SROLWLTXHV GH PDLQWHQDQFH 0RGXOH /D PDLQWHQDQFH FRQGLWLRQQHOOH HW OH &1' 0RGXOH 0pWKRGRORJLH GH GLDJQRVWLF HW GÂ¶DQDO\VH 0RGXOH 2UJDQLVDWLRQ G XQ VHUYLFH GH PDLQWHQDQFH 0RGXOH /D JHVWLRQ WHFKQLFR pFRQRPLTXH 0RGXOH /D *HVWLRQ GH 0DLQWHQDQFH $VVLVWpH SDU 2UGLQDWHXU *0$2

0RGXOH 2XWLOV ORJLFLHOV LQIRUPDWLTXHV HW DSSOLFDWLRQ j OD PDLQWHQDQFH 0RGXOH /D VRXV WUDLWDQFH H[WHUQDOLVDWLRQ HW OHV FRQWUDWV GH PDLQWHQDQFH 0RGXOH /D PDLQWHQDQFH OD VpFXULWp LQGXVWULHOOH HW OD 4XDOLWp 0RGXOH (WXGHV GH FDV HW $SSOLFDWLRQV

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

'85e(

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 0DvWULVHU OH IRQFWLRQQHPHQW O LQVWDOODWLRQ OD PLVH HQ Â°XYUH OD SURJUDPPDWLRQ HW OD PDLQWHQDQFH GHV DXWRPDWHV SURJUDPPDEOHV $SSUHQGUH j LQWpJUHU FHV QRXYHOOHV WHFKQRORJLHV SRXU O DXWRPDWLVDWLRQ 3238/$7,21 &21&(51(( %$& RX %DF HQ eOHFWURWHFKQLTXH $XWRPDWLTXH HW pOHFWURQLTXH FKDUJpV GH FRQFHYRLU LQVWDOOHU RX PDLQWHQLU GHV V\VWqPHV DXWRPDWLVpV 352*5$00( 0RGXOH eOpPHQWV GH PDWKpPDWLTXHV DSSOLTXpHV 0RGXOH eOHFWURQLTXH HW pOHFWULFLWp JpQpUDOH 0RGXOH /HV FLUFXLWV QXPpULTXHV 0RGXOH / LQVWUXPHQWDWLRQ FDSWHXU FRQGLWLRQQHPHQW HW PHVXUH 0RGXOH /HV DFWLRQQHXUV 0RGXOH /D UpJXODWLRQ 0RGXOH / $3, DUFKLWHFWXUH IRQFWLRQQHPHQW HW SURJUDPPDWLRQ GH EDVH 0RGXOH 3URJUDPPDWLRQ DYDQFpH 0RGXOH /HV GDQJHUV G RULJLQH LQGXVWULHOOH 0RGXOH 5pVHDX[ LQIRUPDWLTXHV LQGXVWULHOV HW '&6 0RGXOH 0DLQWHQDQFH GHV $3, VpFXULWp PDFKLQHV HW QRUPHV 0RGXOH $SSOLFDWLRQV HW pWXGHV GH FDV

0$67(5 352)(66,211(/ 0$1$*(0(17 '( /Â¶,1129$7,21 qUH SURPRWLRQ '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 $FTXpULU XQH YLVLRQ VWUDWpJLTXH HW JOREDOH GX PDQDJHPHQW GHV SURFHVVXV G LQQRYDWLRQV 'pÂ¿QLU OHV D[HV G DFWLRQV SULRULWDLUHV SRXU FUpHU XQH G\QDPLTXH G LQQRYDWLRQ DX VHLQ GH O HQWUHSULVH $FTXpULU GHV PpWKRGHV G LQQRYDWLRQV HW GH YHLOOH FRQFXUUHQWLHOOH HW WHFKQRORJLTXH 5pGLJHU HW DQDO\VHU OHV EXVLQHVV SODQV G HQWUHSULVHV LQQRYDQWHV

3238/$7,21 &21&(51e( ,QJpQLHXUV &DGUHV GH OD SURGXFWLRQ &DGUHV PDUNHWLQJ 5HVSRQVDEOHV QRXYHDX[ SURGXLWV *HVWLRQQDLUHV G HQWUHSULVH

352*5$00( 0RGXOH 0DQDJHPHQW HW GLDJQRVWLF VWUDWpJLTXH 0RGXOH 0DQDJHPHQW GH O LQQRYDWLRQ 0RGXOH eFRQRPLH GH O LQQRYDWLRQ 0RGXOH *HVWLRQ GH SURMHWV LQQRYDQWV 0RGXOH *HVWLRQ GHV ULVTXHV GHV SURMHWV G LQQRYDWLRQ 0RGXOH )LQDQFHPHQW GH O LQQRYDWLRQ 0RGXOH $QJODLV WHFKQLTXH 0RGXOH 0pWKRGRORJLH 0RGXOH 3URSULpWp LQGXVWULHOOH HW LQWHOOHFWXHOOH 0RGXOH 7HFKQRORJLHV GH O ,QIRUPDWLRQ HW GH OD &RPPXQLFDWLRQ 7,&

0RGXOH 9HLOOH WHFKQRORJLTXH HW FRQFXUUHQWLHOOH 0RGXOH 0DUNHWLQJ GH O LQQRYDWLRQ

&RQWDFW 'pSDUWHPHQW '0,/

0$67(5 352)(66,211(/ (1 85%$1,60(

qPH SURPRWLRQ '85e( 7UHL]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 'pOLYUHU j OD IRLV GHV VDYRLUV IRQGDPHQWDX[ GHV VDYRLUV IDLUH HW GHV RXWLOV QpFHVVDLUHV j O DQDO\VH GHV HVSDFHV XUEDLQV HW j O pODERUDWLRQ GH SURMHWV XUEDLQV HW GH SURMHWV GH WHUULWRLUH 6D VSpFLÂ¿FLWp HVW G Rá‚‡ULU XQH DSSURFKH ODUJH GH O XUEDQLVPH HW GH O DPpQDJHPHQW SHUPHWWDQW GH EDOD\HU j OD IRLV /HV HQMHX[ HW RXWLOV GH OD SODQLÂ¿FDWLRQ VWUDWpJLTXH j O pFKHOOH GHV UpJLRQV HW GHV PpWURSROHV /HV HQMHX[ HW RXWLOV GH OD SODQLÂ¿FDWLRQ RSpUDWLRQQHOOH /HV HQMHX[ HW OHV RXWLOV GH O DFWLRQ RSpUDWLRQQHOOH GDQV OD GpÂ¿QLWLRQ OD FRQFHSWLRQ OH PRQWDJH HW OH SLORWDJH GHV SURMHWV G XUEDQLVPH

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ $8720$7( 352*5$00$%/( ,1'8675,(/ $3, qUH SURPRWLRQ

3238/$7,21 &21&(51e( %DF HW HQ $UFKLWHFWXUH 8UEDQLVPH HW DPpQDJHPHQW GX WHUULWRLUH *pQLH FLYLO 352*5$00( 0RGXOH $QDO\VH GpPRJUDSKLTXH 0RGXOH 6RFLRORJLH XUEDLQH 0RGXOH $QDO\VH GX PLOLHX SK\VLTXH 0RGXOH 6WUXFWXUHV HW G\QDPLTXHV GHV YLOOHV 0RGXOH 5pVHDX[ WHFKQLTXHV XUEDLQV 0RGXOH ,QVWUXPHQWV GH SODQLÂ¿FDWLRQ HW G DPpQDJHPHQW 0RGXOH /pJLVODWLRQV HW DFWHXUV 0RGXOH *HVWLRQ GHV ULVTXHV 0RGXOH *HVWLRQ IRQFLqUH 0RGXOH eFRQRPLH XUEDLQH 0RGXOH (QYLURQQHPHQW HW GpYHORSSHPHQW XUEDLQ GXUDEOH 0RGXOH 6\VWqPHV G LQIRUPDWLRQ JpRJUDSKLTXH 0RGXOH &RPPXQLFDWLRQ HW SUpVHQWDWLRQ GHV UDSSRUWV

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

0 $ 6 7 ( 5 6 3 5 2 ) ( 6 6 , 2 1 1 ( / 6

0$67(5 63e&,$/,6e e48,3(0(176 %,20e',&$8; qUH SURPRWLRQ '85e( 'L[ VHSW PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW '$ 7( '( 'e0$55$*( 0DUV 6HSWHPEUH

2%-(&7,)6 'RWHU OH SHUVRQQHO WHFKQLTXH LQJpQLHXU PDVWHU 76 GH VDYRLU IDLUH HW GH FRQQDLVVDQFHV SRXU &RPSUHQGUH OH IRQFWLRQQHPHQW GHV GLI IpUHQWV W\SHV G pTXLSHPHQW ELRPpGLFDO $VVXUHU XQH PDLQWHQDQFH HI Â¿FDFH HW XQH VpFXULWp WHFKQLTXH 8QH ERQQH DFTXLVLWLRQ HW JHVWLRQ GX PDWpULHO ELRPpGLFDO 8QH PHLOOHXUH XWLOLVDWLRQ HW XQH H[SORLWDWLRQ j ERQ HVFLHQW 352*5$00( 0RGXOH $QDWRPLH HW SK\VLRORJLH KXPDLQH 0RGXOH ,QWURGXFWLRQ j O LQIRUPDWLTXH HW j OD SURJUDPPDWLRQ 6RIWZDUH

0RGXOH &DSWHXUV HW FLUFXLW GH FRQGLWLRQQHPHQW XVXHOV HQELRPpGLFDO 0RGXOH &LUFXLWV QXPpULTXHV HW j EDVH GH PLFURSURFHVVHXU HW '63

0RGXOH $FWLRQQHXUV HW FLUFXLWV GH FRPPDQGH 0RGXOH /HV DSSDUHLOV G pOHFWURSK\VLRORJLH 0RGXOH /HV pTXLSHPHQWV G LPDJHULH PpGLFDOH j UD\RQQHPHQW ; 0RGXOH /HV pTXLSHPHQWV G LPDJHULH PpGLFDOH j 8OWUDVRQ ,50 JDPPD 0RGXOH /HV pTXLSHPHQWV GH ODERUDWRLUH G DQDO\VH SDUWLH , 0RGXOH /HV pTXLSHPHQWV GH ODERUDWRLUH G DQDO\VH SDUWLH ,, 0RGXOH /HV pTXLSHPHQWV ELRPpGLFDX[ GH7KpUDSLH 0RGXOH /HV pTXLSHPHQWV G DVVLVWDQFH HW GH VXUYHLOODQFH 0RGXOH /HV pTXLSHPHQWV ELRPpGLFDX[ GLYHUV 0RGXOH /HV pTXLSHPHQWV KRVSLWDOLHUV FRQQH[HV DOLP pOHFWULTXH JD] PpGLFDX[

0RGXOH $FTXLVLWLRQ GHV pTXLSHPHQWV ELRPpGLFDX[ FKRL[ HW /&& 0RGXOH 0DLQWHQDQFH )LDELOLWp HW 1RUPHV %LRPpGLFDOHV 0RGXOH +\JLqQH 6pFXULWp WHFKQLTXH HW 0DWpULR YLJLODQFH

0$67(5 352)(66,211(/ 0$1$*(0(17 '( /$ 48$/,7e / Â¶+<*,ÃŠ1( /$ 6e&85,7e (7 / Â¶(19,5211(0(17 4+6(

qPH SURPRWLRQ '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

0$67(5 352)(66,211(/ 4+6( HQ $QJODLV '85$7,21 PRQWKV 7,0( 5(48,5(' KRXUV 0217+/ < /2$' ZHHN $SULO 6HSWHPEHU

qUH SURPRWLRQ

/$1*8$*(

'$ 7( '( 'e0$55$*( 0DUV 6HSWHPEUH

7KH FRXUVH ZLOO EH FRQGXFWHG LQ (QJOLVK

2%-(&7,)6

&(57,),&$ 7,21 7KH WUDLQLQJ LV SURYLGHG E\ ,13(' 3URIHVVLRQDO 0DVWHU GHJUHH IRU SDUWLFLSDQWV ZKR KDYH DWWHQGHG WKH HQWLUH FXUULFXOXP DQG KDYH VXFFHVVIXOO\ VXEPLWWHG D GLVVHUWDWLRQV

0DvWULVHU OHV RXWLOV HW OHV WHFKQLTXHV GH OD TXDOLWp $FTXpULU GHV FRQQDLVVDQFHV VFLHQWLÂ¿TXHV WHFKQLTXHV HW MXULGLTXHV VXU O K\JLqQH OD VpFXULWp HW O HQYLURQQHPHQW $PpOLRUHU OD FXOWXUH LQGXVWULHOOH pFRQRPLTXH HW VRFLDOH 'pYHORSSHU OHV DSWLWXGHV GDQV OHV GRPDLQHV GH OD FRPPXQLFDWLRQ HW GX PDQDJHPHQW

3238/$ 7,21 &21&(51(( ,QJpQLHXUV FDGUHV HW SHUVRQQHO WHFKQLTXH WUDYDLOODQW GDQV OHV GRPDLQHV OLpV j OD TXDOLWp OD VpFXULWp HW O HQYLURQQHPHQW

352*5$00( 0RGXOH 0DQDJHPHQW HW WHFKQLTXH GÂ¶DQLPDWLRQ GHV KRPPHV 0RGXOH 0DQDJHPHQW GH OD TXDOLWp ,62 9 0RGXOH 2XWLOV GH OD TXDOLWp 0RGXOH 2XWLOV HW PpWKRGHV GH SUpYHQWLRQ GHV ULVTXHV LQGXVWULHOV 0RGXOH 0DQDJHPHQW HQYLURQQHPHQWDO QRUPH ,62 9 0RGXOH *HVWLRQ GHV GpFKHWV HW GHV SURGXLWV GDQJHUHX[ 0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD VDQWp HW VpFXULWp DX WUDYDLO 2+6$6 9 HW ,62 ',6 0RGXOH 0DvWULVH GHV SURFHVVXV 0pWKRGRORJLH 0RGXOH $PELDQFH HW K\JLqQH HQ PLOLHX LQGXVWULHO 0RGXOH 0DQDJHPHQW GHV ULVTXHV ,62 0RGXOH 6\VWqPH GH PDQDJHPHQW LQWpJUp 4+6( 0RGXOH $XGLW 4+6(

&RQWDFW 'pSDUWHPHQW '0,/

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

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

qPH SURPRWLRQ

'85e( 6HL]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 $FTXpULU GHV VDYRLUV HW GHV PpWKRGHV HQ JHVWLRQ GH OD SURGXFWLRQ HW GH OD PDLQWHQDQFH 3DUWLFLSHU j XQH SROLWLTXH GH UDWLRQDOLVDWLRQ GHV UqJOHV GH JHVWLRQ GH OD SURGXFWLRQ HW GH OD PDLQWHQDQFH 6LWXHU OH U{OH VWUDWpJLTXH GH OD PDLQWHQDQFH HW GH OD SURGXFWLRQ 2SWLPLVHU OHV UHVVRXUFHV GLVSRQLEOHV GDQV OH GRPDLQH GH OD PDLQWHQDQFH HW GH OD SURGXFWLRQ 3238/$7,21 &21&(51e( 5HVSRQVDEOH GH SURGXFWLRQ HW GH PDLQWHQDQFH 'LUHFWHXU G XQLWp &KHI G DWHOLHU 352*5$00( DŽĚƵůĞ Ϭϭ ͗ WƌŽĚƵĐƟŽŶ Ğƚ ŵĂŝŶƚĞŶĂŶĐĞ ĚĂŶƐ ůΖĞŶƚƌĞƉƌŝƐĞ ͗ ŽƌŐĂŶŝƐĂƟŽŶ Ğƚ ĞŶũĞƵǆ ƐƚƌĂƚĠŐŝƋƵĞƐ͘ DŽĚƵůĞ ϬϮ ͗ DĠƚŚŽĚĞƐ ƋƵĂŶƟƚĂƟǀĞƐ ĚĞ ŐĞƐƟŽŶ DŽĚƵůĞ Ϭϯ ͗ ŶĂůǇƐĞ ƐƚƌĂƚĠŐŝƋƵĞ ĚĞƐ ĐŽƸƚƐ DŽĚƵůĞ Ϭϰ ͗ 'ĞƐƟŽŶ ĚĞƐ ĂƉƉƌŽǀŝƐŝŽŶŶĞŵĞŶƚƐ Ğƚ ŽƉƟŵŝƐĂƟŽŶ ĚĞƐ ŇƵǆ DŽĚƵůĞ Ϭϱ ͗ 'ĞƐƟŽŶ ĚĞ ůĂ ƉŝğĐĞ ĚĞ ƌĞĐŚĂŶŐĞ Ğƚ ůĂ ƐŽƵƐ ƚƌĂŝƚĂŶĐĞ DŽĚƵůĞ Ϭϲ ͗ ŶĂůǇƐĞ͕ ĠƚƵĚĞ Ğƚ ĚŝĂŐŶŽƐƟĐ ĚĞ ĚĠĨĂŝůůĂŶĐĞ DŽĚƵůĞ Ϭϳ ͗ WůĂŶŝĮĐĂƟŽŶ ĚĞ ůĂ ƉƌŽĚƵĐƟŽŶ DŽĚƵůĞ Ϭϴ ͗ DĂŝŶƚĞŶĂŶĐĞ ƉƌĠǀĞŶƟǀĞ ƐǇƐƚĠŵĂƟƋƵĞ Ğƚ ĐŽŶĚŝƟŽŶŶĞůůĞ DŽĚƵůĞ Ϭϵ ͗ DĂŝŶƚĞŶĂŶĐĞ ĐŽƌƌĞĐƟǀĞ Ğƚ ůĞƐ ŽƵƟůƐ ĚΖĂŝĚĞ ĂƵ ĚŝĂŐŶŽƐƟĐ DŽĚƵůĞ ϭϬ ͗ 'ĞƐƟŽŶ ĚĞƐ ƚƌĂǀĂƵǆ ĚĞ ŵĂŝŶƚĞŶĂŶĐĞ ;ƉƌĠƉĂƌĂƟŽŶͿ DŽĚƵůĞ ϭϭ ͗ KƌĚŽŶŶĂŶĐĞŵĞŶƚ ĚĞƐ ŽƉĠƌĂƟŽŶƐ ĚĞ ƉƌŽĚƵĐƟŽŶ Ğƚ ĚĞ ŵĂŝŶƚĞŶĂŶĐĞ DŽĚƵůĞ ϭϮ ͗ >Ă ƐĠĐƵƌŝƚĠ Ğƚ ůΖĞŶǀŝƌŽŶŶĞŵĞŶƚ ĞŶ ŵĂŝŶƚĞŶĂŶĐĞ Ğƚ ƉƌŽĚƵĐƟŽŶ DŽĚƵůĞ ϭϯ͗ >Ă ƋƵĂůŝƚĠ ͗ ŵĂŶĂŐĞŵĞŶƚ Ğƚ ŽƵƟůƐ ĚĞ ĐŽŶƚƌƀůĞ DŽĚƵůĞ ϭϰ͗ 'W K DŽĚƵůĞ ϭϱ͗ 'D K DŽĚƵůĞ ϭϲ ͗ ƵĚŝƚ Ğƚ ƉĞƌĨŽƌŵĂŶĐĞ ĞŶ ƉƌŽĚƵĐƟŽŶ Ğƚ ŵĂŝŶƚĞŶĂŶĐĞ

qUH SURPRWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

0$67(5 352)(66,211(/ *(67,21 '(6 $&+$76 (7 $33529,6,211(0(176 qUH SURPRWLRQ '85e( 4XDWRU]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 0HQHU j ELHQ GHV pWXGHV GDQV OH GRPDLQH GX GLPHQVLRQQHPHQW GHV LQVWDOODWLRQV HQ pQHUJLH UHQRXYHODEOH GDQV OH EkWLPHQW HW GDQV O LQGXVWULH 3URPRXYRLU OD JHVWLRQ HW OD PDvWULVH GHV pQHUJLHV HQ OLDLVRQ pWURLWH DYHF OHV SUREOqPHV HQYLURQQHPHQWDX[ SURGXFWLRQ G pOHFWULFLWp JHVWLRQ GX FKDXႇDJH HW GH OD FOLPDWLVDWLRQ UHVVRXUFHV QDWXUHOOHV VRXUFHV G pQHUJLH 3URPRXYRLU OH GpYHORSSHPHQW HW O XWLOLVDWLRQ GHV pQHUJLHV QRXYHOOHV HW UHQRXYHODEOHV 2SWLPLVHU OHV VWUDWpJLHV pQHUJpWLTXHV 0DvWULVHU OHV FR WV GHV HQWUHSULVHV HQ XWLOLVDQW OHV pQHUJLHV UHQRXYHODEOHV SKRWRYROWDwTXH pROLHQQHV ELRPDVVH« 3UpYHQWLRQ GHV ULVTXHV GDQV OHV EkWLPHQWV

3238/$7,21 &21&(51e( 'pYHORSSHXU HQ pQHUJLHV UHQRXYHODEOHV 7HFKQLFR FRPPHUFLDO GHV V\VWqPHV GH SURGXFWLRQ G pQHUJLHV QRXYHOOHV 5HVSRQVDEOH GH OD PDLQWHQDQFH GHV V\VWqPHV GH SURGXFWLRQ G pQHUJLH &KDUJp G pWXGHV HQ pQHUJLHV UHQRXYHODEOHV &KDUJp GH EXUHDX[ G pWXGHV WKHUPLTXHV FOLPDWLVDWLRQ FKDXႇDJH « &RQVXOWDQW HQ pQHUJLH HW HQYLURQQHPHQW HQ LQVWLWXWLRQ FROOHFWLYLWpV WHUULWRULDOHV RX HQ VRFLpWp GH VHUYLFHV DXGLW FRQVHLO HW HQYLURQQHPHQW &RQVHLOOHU WHFKQLTXH GDQV OHV DJHQFHV GH O pQHUJLH &KDUJp GH GpYHORSSHPHQW GXUDEOH HQ FROOHFWLYLWpV &KDUJp GHV UpVHDX[ GH WUDQVSRUW G pOHFWULFLWp ([SHUW GDQV XQ RUJDQLVPH DJUpp GH FRQWU{OH HW GH SUpYHQWLRQ

352*5$00( 0RGXOH 0DQDJHPHQW GH O HQWUHSULVH 0RGXOH *HVWLRQ GH O HQYLURQQHPHQW HW GpYHORSSHPHQW GXUDEOH 0RGXOH /RJLFLHOV HW RXWLOV GH GLPHQVLRQQHPHQW pQHUJpWLTXH 0RGXOH 2XWLOV VFLHQWL¿TXHV HW WHFKQLTXHV SRXU OHV pQHUJLHV UHQRXYHODEOHV 0RGXOH eQHUJLHV WUDGLWLRQQHOOHV HW FRPELQpHV 0RGXOH eQHUJLHV UHQRXYHODEOHV ELRPDVVH pROLHQ K\GUDXOLTXH SKRWRYROWDwTXH 0RGXOH $QJODLV WHFKQLTXH 0RGXOH 7UDYDX[ SUDWLTXHV HQ VRODLUH WKHUPLTXH HW SKRWRYROWDwTXH 0RGXOH 0DQDJHPHQW HW LQJpQLHULH GH SURGXFWLRQ 0RGXOH LQWURGXFWLRQ j OD FRPELQDLVRQ GHV pQHUJLHV FRJpQpUDWLRQ K\EULGDWLRQ HW WUL JpQpUDWLRQ 0RGXOH 0DQDJHPHQW GH SURMHW 0RGXOH 06 352-(&7

2%-(&7,)6 $QWLFLSHU OHV HQMHX[ GH OD IRQFWLRQ DFKDWV SDU OD PDvWULVH G XQH GRXEOH FRPSpWHQFH PDQDJpULDOH HW PpWLHU 0DLWULVHU OHV RXWLOV GHV DFKDWV GH GHPDLQ 0DLWULVHU HW SLORWHU XQH GLUHFWLRQ PDMHXUH G HQWUHSULVH ÇWUH FDSDEOH GH FRQGXLUH XQH pTXLSH G H[SHUWV DFKDWV &RQWULEXHU DFWLYHPHQW j OD SHUIRUPDQFH GH O HQWUHSULVH HW j OD FRQGXLWH GX FKDQJHPHQW

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ 0$1$*(0(17 '( /$ 352'8&7,21 e1(5*,(6 5(1289(/$%/(6 (7 (19,5211(0(17 (7 '( /$ 0$,17(1$1&(

3238/$7,21 &21&(51e( 3URIHVVLRQQHOV GHV DFKDWV GHV UHVSRQVDEOHV HW H[SHUWV PpWLHUV ORJLVWLTXH SURGXFWLRQ 5+ PDUNHWLQJ ¿QDQFH MXULGLTXH JHVWLRQ«

5HVSRQVDEOHV GH VHUYLFHV pFRQRPLTXHV UHVSRQVDEOHV DFKDWV G pWDEOLVVHPHQWV SXEOLFV GH O DGPLQLVWUDWLRQ GHV FROOHFWLYLWpV WHUULWRULDOHV 'LUHFWHXUV GH JUDQGHV IRQFWLRQV GH O HQWUHSULVH ORJLVWLTXH LQGXVWULHOOH WHFKQLTXH SURMHW ¿QDQFLqUH FRPPHUFLDOH« VRXKDLWDQW UHQIRUFHU OHXU GLPHQVLRQ PDQDJpULDOH 352*5$00( 0RGXOH 6WUDWpJLH G HQWUHSULVH 0RGXOH &RPPXQLFDWLRQ 0RGXOH )RQFWLRQ $FKDW GDQV O HQWUHSULVH HW PpWLHU GH O DFKHWHXU 0RGXOH 7HFKQLTXHV GH SUpYLVLRQV 0RGXOH 3URFHVVXV $FKDW HW $FKDWV VSpFL¿TXHV 0RGXOH 6RXUFHV G ¶$SSURYLVLRQQHPHQWV HW FKRL[ GHV IRXUQLVVHXUV 0RGXOH (QWUHWLHQ $FKDW HW WHFKQLTXHV GH QpJRFLDWLRQ 0RGXOH ,QFRWHUPV 0RGXOH $VSHFW MXULGLTXH HW RSWLPLVDWLRQ GHV $FKDWV 0RGXOH *HVWLRQ VFLHQWL¿TXH GHV VWRFNV HW RSWLPLVDWLRQ GH OD IRQFWLRQ DSSURYLVLRQQHPHQW 0RGXOH 6\VWqPH G LQIRUPDWLRQ $FKDW HW $SSURYLVLRQQHPHQWV 0RGXOH $SSURYLVLRQQHPHQWV HW V\VWqPHV GX MXVWH j WHPSV 0RGXOH 4XDOLWp GDQV OD IRQFWLRQ $FKDW HW $SSURYLVLRQQHPHQW 0RGXOH 3HUIRUPDQFH GH OD IRQFWLRQ $FKDW HW $SSURYLVLRQQHPHQW

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ %$7,0(17 (&2/2*,48( (7 ()),&$&,7( (1(5*(7,48(

0$67(5 352)(66,211(/ $8',7 (1(5*(7,48(

qUH SURPRWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'85e( 6HL]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 )RUPHU GHV LQJpQLHXUV FRQFHSWHXUV GHV EkWLPHQWV GH GHPDLQ pQHUJpWLTXHPHQW pFRQRPLTXHV YRLUH j Â© pQHUJLH SRVLWLYH Âª 0DvWULVHU OHV SULQFLSHV IRQGDPHQWDX[ GH WUDQVIHUW GH O pQHUJLH VRXV WRXWHV VHV IRUPHV j O LQWpULHXU HW j O H[WpULHXU GX EkWLPHQW HQ F\FOH RXYHUW RX HQ F\FOH IHUPp 3238/$7,21 &21&(51e( $UFKLWHFWH LQJpQLHXU HW WHFKQLFLHQ HQ JpQLH FLYLO FRQVWUXFWHXU HW SURPRWHXU LPPRELOLHU pOHFWULFLHQ EkWLPHQW FKDXá‚‡DJLVWH DPpQDJHPHQW GX WHUULWRLUH WHFKQLFLHQ GH EkWLPHQW EDVVH FRQVRPPDWLRQ HW Há‚ˆFDFLWp pQHUJpWLTXH LQJpQLHXU pQHUJpWLFLHQ LQVWDOODWHXU GHV V\VWqPHV GH FOLPDWLVDWLRQ HW YHQWLODWLRQ 352*5$00( 0RGXOH 0DQDJHPHQW GH O HQWUHSULVH 0RGXOH ,QWHUDFWLRQ EkWLPHQW HQYLURQQHPHQW 4XDOLWp GH O DLU LQWpULHXU 0RGXOH eQHUJpWLTXH GX EkWLPHQW 0RGXOH &DUDFWpULVDWLRQ GHV V\VWqPHV 0RGXOH &RQFHSWLRQ GHV V\VWqPHV 0RGXOH &RQWU{OH GHV V\VWqPHV 0RGXOH %DVH GH PRGpOLVDWLRQ PRGpOLVDWLRQ GX FRPSRUWHPHQW WKHUPLTXH GHV EkWLPHQWV 0RGXOH 0LVH HQ Â°XYUH GHV V\VWqPHV 0RGXOH %LRPDVVH HW JpRWKHUPLH 6\VWqPHV VRODLUHV DFWLIV 0RGXOH eQHUJLH pROLHQQH 0RGXOH 0DQDJHPHQW GH SURMHW 0RGXOH *HVWLRQ LQIRUPDWLVpH GHV SURMHWV 06 3URMHW

2%-(&7,)6 &RQQDLVVDQFH JOREDOH GX VHFWHXU GH O pQHUJLH WHFKQRORJLHV GH O DPRQW j O DYDO DFWHXUV FRQWH[WH pFRQRPLTXH SROLWLTXH HW HQYLURQQHPHQW SURVSHFWLYH ORQJ WHUPH GX VHFWHXU

([SHUWLVH SOXULGLVFLSOLQDLUH JOREDOH GX PRQGH GH O pQHUJLH 3238/$7,21 &21&(51e( ,QJpQLHXU RX 0DVWHU GDQV OHV VSpFLDOLWpV FL DSUqV *pQLH PpFDQLTXH eQHUJpWLTXH 7KHUPLTXH *pQLH FKLPLTXH &KLPLH LQGXVWULHOOH *pQLH GHV SURFpGpV eOHFWURWHFKQLTXH eOHFWURPpFDQLTXH *pQLH FOLPDWLTXH HW IULJRULÂ¿TXH 352*5$00( 0RGXOH 3UpVHQWDWLRQ GH OD OpJLVODWLRQ HW GH OD UpJOHPHQWDWLRQ 0RGXOH 0pWKRGRORJLH GH O DXGLW 0RGXOH 5DSSHO VXU O pOHFWULFLWp 0RGXOH /HV SRPSHV HW YHQWLODWHXUV DSSOLFDWLRQ HW RSWLPLVDWLRQ 0RGXOH / DLU FRPSULPp DSSOLFDWLRQ HW RSWLPLVDWLRQ 0RGXOH /H UpIULJpUDWHXU HW WRXU GH UHIURLGLVVHPHQW DSSOLFDWLRQ HW RSWLPLVDWLRQ 0RGXOH 5DSSHO GH WKHUPRG\QDPLTXH HW WUDQVIHUW GH FKDOHXU 0RGXOH ELODQ WKHUPLTXH GHV IRXUV GDQV O LQGXVWULH HW OHXU RSWLPLVDWLRQ 0RGXOH %LODQ WKHUPLTXH GHV FKDXGLqUHV HW PHVXUHV G Há‚ˆFDFLWp 0RGXOH ,PSOLFDWLRQV HQYLURQQHPHQWDOHV 0RGXOH 8QLWp GH PHVXUH HW EHVRLQ HQ PHVXUH 0RGXOH ,QWURGXFWLRQ GH YDULDWHXU GH YLWHVVH pOHFWURQLTXH HW VHV Há‚‡HWV VXU OD TXDOLWp GX UpVHDX 0RGXOH 2SWLPLVDWLRQ GH OD IDFWXUDWLRQ pQHUJpWLTXH 0RGXOH %LODQ GH SXLVVDQFH GHV WUDQVIRUPDWHXUV 0RGXOH /D FRQVRPPDWLRQ GH O pQHUJLH UpDFWLYH 0RGXOH eWXGH GH FDV SUDWLTXH

0$67(5 352)(66,211(/ 0$1$*(0(17 ,1'8675,(/ qPH SURPRWLRQ

'85e( 6HL]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6Â˜ $SSUpKHQGHU O DFWLYLWp LQGXVWULHOOH GDQV VD JOREDOLWp WHFKQLTXH pFRQRPLTXH HW VRFLDOH &RPSUHQGUH OH SRWHQWLHO GH PDvWULVH GHV Ã€X[ SK\VLTXHV HW GHV Ã€X[ G LQIRUPDWLRQ 6 Â¶DGDSWHU HW FRQQDLWUH OHV GLá‚‡pUHQWV VHFWHXUV G HQWUHSULVHV 3UHQGUH GHV UHVSRQVDELOLWpV LPSRUWDQWHV HQ HQYLURQQHPHQW LQGXVWULHO LQJpQLHXU G Dá‚‡DLUHV UHVSRQVDEOH GH SURMHW DFKHWHXU FRQWU{OHXU GH JHVWLRQ 3238/$7,21 &21&(51e( 0DQDJHU GH SURGXFWLRQ 0DQDJHU GHV $SSURYLVLRQQHPHQWV HW $FKDW 5HVSRQVDEOH GH 3ODQLÂ¿FDWLRQ HW (53 5HVSRQVDEOH /RJLVWLTXH 5HVSRQVDEOH 4XDOLWp 352*5$00( 0RGXOH 0DQDJHPHQW LQGXVWULHO GDQV O HQWUHSULVH (YROXWLRQ KLVWRULTXH HW REMHFWLI VWUDWpJLTXH 0RGXOH &RPPXQLFDWLRQ 0RGXOH &RPSpWLWLYLWp HW SURGXFWLYLWp )RQGHPHQWV HW DQDO\VH 0RGXOH 0pWKRGHV TXDQWLWDWLYHV GH JHVWLRQ 0RGXOH $QDO\VH VWUDWpJLTXH GHV FRÂ€WV 0RGXOH 2XWLOV G DLGH j OD GpFLVLRQ 0RGXOH &RQFHSWLRQ GHV V\VWqPHV GH SURGXFWLRQ HW GpWHUPLQDWLRQ GH OD FDSDFLWp LQGXVWULHOOH HW GH SURGXFWLRQ 0RGXOH &RQFHSWLRQ GH O DPpQDJHPHQW HW ORFDOLVDWLRQ GHV RXWLOV GH SURGXFWLRQ 0RGXOH 3ODQLÂ¿FDWLRQ LQGXVWULHOOH 0RGXOH *HVWLRQ GHV FKDLQHV HW GX UpVHDX G DSSURYLVLRQQHPHQW 0RGXOH 2UGRQQDQFHPHQW GHV RSpUDWLRQV LQGXVWULHOOHV 0RGXOH 2XWLOV GH FRQWU{OH HW GH SLORWDJH LQGXVWULHO 0RGXOH 0DLQWHQDQFH HW Â¿DELOLWp 0RGXOH eYDOXDWLRQ GHV SHUIRUPDQFHV WHFKQLTXHV G XQ SURFHVVXV LQGXVWULHO 0RGXOH (53 HW V\VWqPHV G LQIRUPDWLRQ 0RGXOH 0DQDJHPHQW GH SURMHW

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

'85e( 6HL]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

0$67(5 352)(66,211(/ (1 0e'(&,1( '8 75$9$,/ qPH SURPRWLRQ '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

0$67(5 352)(66,211(/ (1 0(752/2*,( qPH SURPRWLRQ '85e( 4XDWRU]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 'RWHU OHV SDUWLFLSDQWV HQ FRPSpWHQFHV QpFHVVDLUHV SRXU OD SULVH HQ FKDUJH GHV WUDYDLOOHXUV HQ PDWLqUH GH PpGHFLQH GX WUDYDLO HW 2%-(&7,)6 )RUPHU GHV SUDWLFLHQV HQ PDQDJHPHQW GH O HQYLURQQHPHQW OHXU SHUPHWWUH GH PHWWUH HQ Â°XYUH GHV SURJUDPPHV GH PpGHFLQH GX WUDYDLO GH O HQWUHSULVH FDSDEOHV G LQWpJUHU OHV GLPHQVLRQV GX GpYHORSSHPHQW GXUDEOH 5pGXLUH OHV ULVTXHV OLpV DX[ SRVWHV GH WUDYDLO GDQV O HQWUHSULVH

6 Â¶DSSURSULHU OHV QRXYHOOHV WHFKQLTXHV G RUJDQLVDWLRQ HW GH PDQDJHPHQW HW GpYHORSSHU OD V\QHUJLH HQWUH OHV PR\HQV HW OHV PpWKRGHV DLQVL TXH OHXUV PLVHV HQ SUDWLTXH GDQV O HQWUHSULVH 3238/$7,21 &21&(51e(

0DLWULVHU O DQDO\VH HW O pYDOXDWLRQ GHV ULVTXHV 6HQVLELOLVHU OHV SDUWLFLSDQWV DX[ V\VWqPHV GH PDQDJHPHQW GH OD TXDOLWp VpFXULWp VDQWp HW HQYLURQQHPHQW

3238/$7,21 &21&(51e( 0pGHFLQV *pQpUDOLVWHV

,QJpQLHXUV JpQLH GHV SURFpGpV JpQLH GH O HQYLURQQHPHQW

352*5$00( 0RGXOH eFRORJLH 0RGXOH 5pJOHPHQWDWLRQ HW UHVSRQVDELOLWp HQYLURQQHPHQWDOH 0RGXOH eFRQRPLH G pQHUJLH ,62

0RGXOH eQHUJLHV UHQRXYHODEOHV 0RGXOH *HVWLRQ GHV GpFKHWV 0RGXOH 5LVTXHV LQGXVWULHOV HW LPSDFWV VXU OH PLOLHX 0RGXOH *HVWLRQ GHV Há‚‰XHQWV OLTXLGHV JD]HX[ HW QXLVDQFHV 0RGXOH 0pWKRGHV G DQDO\VHV QRUPDOLVpHV GHV SROOXDQWV 0RGXOH 'LDJQRVWLF HQYLURQQHPHQWDO 0RGXOH eODERUDWLRQ GHV pWXGHV HW LPSDFWV HQYLURQQHPHQWDX[ 0RGXOH eODERUDWLRQ HW JHVWLRQ GHV SODQV G XUJHQFH 0RGXOH 3UDWLTXH GH O pFRQRPLH HQYLURQQHPHQWDOH 0RGXOH 6\VWqPH GH PDQDJHPHQW GH O HQYLURQQHPHQW ,62 9

0RGXOH $XGLW G XQ 6\VWqPH GH PDQDJHPHQW GH O HQYLURQQHPHQW 0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD TXDOLWp OD VDQWp HW VpFXULWp 0RGXOH 5HVSRQVDELOLWp VRFLpWDOH ,62 HW 'pYHORSSHPHQW 'XUDEOH

352*5$00( 0RGXOH 0DQDJHPHQW GH O (QWUHSULVH VWUXFWXUHV HW VWUDWpJLH 0RGXOH /D OpJLVODWLRQ DOJpULHQQH HQ PDWLqUH GH PpGHFLQH GH WUDYDLO 0RGXOH 6XUYHLOODQFH PpGLFDOH 0RGXOH 3DWKRORJLHV SURIHVVLRQQHOOHV SDUWLH 0RGXOH 3DWKRORJLHV SURIHVVLRQQHOOHV SDUWLH 0RGXOH ,QWR[LFDWLRQV SURIHVVLRQQHOOHV 0RGXOH (SLGpPLRORJLH HW ORJLFLHO (3, ,QIR 0RGXOH (GXFDWLRQ VDQLWDLUH HW FRPPXQLFDWLRQ 0RGXOH 6\VWqPH G LQIRUPDWLRQ HW IRQFWLRQQHPHQW GX FHQWUH PpGLFDO GX WUDYDLO 0RGXOH 6RXUFHV GRFXPHQWDLUHV HW EDVH GH GRQQpHV 0RGXOH 0pWKRGHV G DQDO\VH GHV ULVTXHV 0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD TXDOLWp VpFXULWp VDQWp HW HQYLURQQHPHQW

2%-(&7,)6 $FTXpULU OHV EDVHV HVVHQWLHOOHV SRXU OD PLVH HQ SODFH GH OD IRQFWLRQ PpWURORJLH 5pSRQGUH DX[ H[LJHQFHV GHV QRUPHV ,62 ,62 ,62 5pVRXGUH OD SUREOpPDWLTXH OLpH j OD IRQFWLRQ PpWURORJLTXH 0DvWULVHU OHV QRWLRQV GH EDVH GH UDFFRUGHPHQWV GHV pWDORQV HW WUDoDELOLWp GHV PHVXUHV 352*5$00( 0RGXOH 0DQDJHPHQW GH OD TXDOLWp 2XWLOV GH OD TXDOLWp 0RGXOH ,QWURGXFWLRQ DX[ VWDWLVWLTXHV HW 3UREDELOLWpV QRWLRQV IRQGDPHQWDOHV

0RGXOH 6WDWLVWLTXHV HW SUREDELOLWp DSSOLTXpHV j OD PpWURORJLH 0RGXOH ,QVWUXPHQWDWLRQ EDVHV pOHFWURQLTXHV 0RGXOH ,QVWUXPHQWDWLRQ SULQFLSHV GH IRQFWLRQQHPHQW GHV FDSWHXUV 0RGXOH 0pWURORJLH JpQpUDOH 0RGXOH 1RUPHV HW VWDQGDUGV HQ PpWURORJLH 0RGXOH 0pWURORJLH OpJDOH 0RGXOH ,QWURGXFWLRQ DX[ FDOFXOV G LQFHUWLWXGHV HVVDL pWDORQQDJH

0RGXOH 0pWURORJLH DSSOLTXpH JUDQGHXUV PpFDQLTXHV PpWURORJLH GHV PDVVHV HW IRUFHV

0RGXOH 0pWURORJLH DSSOLTXpH DXWUHV JUDQGHXUV PHVXUH pOHFWULTXH WHPSpUDWXUH

0RGXOH 0pWURORJLH DSSOLTXpH DXWUHV JUDQGHXUV SHVDJH YROXPH

0RGXOH $FFUpGLWDWLRQ GHV ODERUDWRLUHV 0RGXOH 0DQDJHPHQW GHV SURMHWV

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ (1 0$1$*(0(17 '( qUH SURPRWLRQ / (19,5211(0(17 (7 'e9(/233(0(17 '85$%/(

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 7(&+12/2*,( '8 7(;7,/(

0$67(5 352)(66,211(/ ),1$1&( 'Â¶(175(35,6(

qPH SURPRWLRQ qPH SURPRWLRQ

'85e( 4XDWRU]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 $FTXpULU GHV FRPSpWHQFHV SURIHVVLRQQHOOHV HW GHV FRQQDLVVDQFHV VSpFLÂ¿TXHV DX[ WH[WLOHV 5pSRQGUH DX[ H[LJHQFHV OpJDOHV HW GHV FOLHQWV SDU O Â¶DFTXLVLWLRQ GHV FRPSpWHQFHV GDQV OH GRPDLQH GX FRQWU{OH TXDOLWp DQWLFLSHU SRXU PHQHU GHV DFWLRQV FRUUHFWLYHV HW SUpYHQWLYHV GDQV OH GRPDLQH WH[WLOH $FTXpULU GHV FRPSpWHQFHV GDQV OD JHVWLRQ GH SURGXFWLRQ FKRL[ GH OD PDWLqUH SUHPLqUH HW RUGRQQDQFHPHQW

,QWHUSUpWHU OHV UpVXOWDWV G DQDO\VHV GDQV OH GRPDLQH WH[WLOH HW DFTXpULU OD WHUPLQRORJLH HQ UDSSRUW 'pYHORSSHU XQ HVSULW G DQDO\VH HW GHV FRPSpWHQFHV SRXU OH GLDJQRVWLF GHV SUREOqPHV UHQFRQWUpV SHQGDQW OD IDEULFDWLRQ

3238/$7,21 &21&(51(( ,QJpQLHXUV WRXWHV VSpFLDOLWpV FRQIRQGXHV

352*5$00( 0RGXOH 0DQDJHPHQW GH O Â¶HQWUHSULVH 0RGXOH /HV PDWLqUHV WH[WLOHV 3DUWLH 0RGXOH /HV PDWLqUHV WH[WLOHV 3DUWLH 0RGXOH 7HFKQRORJLH GH OD Â¿ODWXUH 3DUWLH 0RGXOH 7HFKQRORJLH GH OD Â¿ODWXUH 3DUWLH 0RGXOH 7HFKQRORJLH GH OD Â¿ODWXUH 3DUWLH 0RGXOH 7HFKQRORJLH GH WLVVDJH 3DUWLH 0RGXOH 7HFKQRORJLH GH WLVVDJH 3DUWLH 0RGXOH 7HFKQRORJLH GH WLVVDJH 3DUWLH 0RGXOH (QQREOLVVHPHQW WH[WLOH 3DUWLH 0RGXOH (QQREOLVVHPHQW WH[WLOH 3DUWLH 0RGXOH ,PSUHVVLRQ GHV WH[WLOHV 3DUWLH 0RGXOH ,PSUHVVLRQ GHV WH[WLOHV 3DUWLH 0RGXOH *HVWLRQ GH OD SURGXFWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 &RQWULEXHU j OD IRUPDWLRQ GH FDGUHV Â¿QDQFLHUV GH KDXW QLYHDX 'Lá‚‡XVHU OH VDYRLU OH SOXV DFWXHO HQ PDWLqUH GH Â¿QDQFH G Â¶HQWUHSULVH 3HUPHWWUH DX[ FDGUHV Â¿QDQFLHUV GH PLHX[ SLORWHU OH V\VWqPH Â¿QDQFLHU GH O HQWUHSULVH 3238/$7,21 &21&(51(( &DGUHV Â¿QDQFLHUV FRQWU{OHXUV GH JHVWLRQ (YDOXDWHXUV G HQWUHSULVHV 0DQDJHUV UHVSRQVDEOHV GH EXUHDX[ FRQVHLOV $XGLWHXUV 352*5$00( 0RGXOH /Â¶HQWUHSULVH HW VRQ HQYLURQQHPHQW 0RGXOH )LQDQFH GÂ¶HQWUHSULVH 0RGXOH )RQGHPHQW HW FDGUH FRQFHSWXHO GX 6&) 0RGXOH (WDWV Â¿QDQFLHUV 0RGXOH *HVWLRQ Â¿QDQFLqUH GHV YDULDEOHV GÂ¶H[SORLWDWLRQ 0RGXOH )LVFDOLWp GH OÂ¶HQWUHSULVH 0RGXOH 'pFLVLRQ G LQYHVWLVVHPHQW HW GpFLVLRQ GH Â¿QDQFHPHQW 0RGXOH 3UpYLVLRQV Â¿QDQFLqUHV 0RGXOH 0DUFKpV GH FDSLWDX[ 0RGXOH 6WUDWpJLH Â¿QDQFLqUH 0RGXOH (YDOXDWLRQ GHV HQWUHSULVHV 0RGXOH $XGLW Â¿QDQFLHU HW FRPSWDEOH

&RQWDFW 'pSDUWHPHQW '0,/

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO PIFBLQSHG#\DKRR IU

0$67(5 352)(66,211(/ &2037$%,/,7e ),1$1&,ÃŠ5( 6&)

qPH SURPRWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 &RPSUHQGUH OH FDGUH FRQFHSWXHO GHV QRUPHV ,$6 ,)56 /LUH HW LQWHUSUpWHU OHV pWDWV Â¿QDQFLHUV HQ QRUPHV LQWHUQDWLRQDOHV HQ UDSSRUW DYHF OH 6&) 3HUPHWWUH G DVVXUHU OD WUDQVLWLRQ YHUV OH 6&) GDQV OHV PHLOOHXUHV FRQGLWLRQV ,GHQWLÂ¿HU OHV SULQFLSDOHV FRQVpTXHQFHV RSpUDWLRQQHOOHV GX SDVVDJH DX QRXYHDX UpIpUHQWLHO 'pFRXYULU OHV VSpFLÂ¿FLWpV GHV QRUPHV ,)56 DSSOLFDEOHV GDQV OH VHFWHXU 3238/$7,21 &21&(51(( &DGUHV Â¿QDQFLHUV &RPSWDEOHV 352*5$00( 0RGXOH &DGUH FRQFHSWXHO FRQFHSWV GH YDOHXUV HW SUpVHQWDWLRQ GHV pWDWV Â¿QDQFLHUV 0RGXOH ,PPRELOLVDWLRQV LQFRUSRUHOOHV HW FRUSRUHOOHV 0RGXOH ,PPRELOLVDWLRQV Â¿QDQFLqUHV GpSUpFLDWLRQ G DFWLI HW FRÂ€W G HPSUXQWV 0RGXOH 3URGXLWV GHV DFWLYLWpV RUGLQDLUHV HW VWRFNV 0RGXOH 2SpUDWLRQV GH Â¿QDQFHPHQW 0RGXOH ,PS{WV VXU OH UpVXOWDW GHV DFWLYLWpV RUGLQDLUHV 0RGXOH 3URYLVLRQV SDVVLI HW DFWLI pYHQWXHOV HW DYDQWDJHV RFWUR\pV DX SHUVRQQHO 0RGXOH &KDQJHPHQW GH PpWKRGHV GÂ¶HVWLPDWLRQ HW FRUUHFWLRQV G HUUHXUV 2SpUDWLRQV HQ PRQQDLH pWUDQJqUHV HW pYqQHPHQWV SRVWpULHXUV j OD FO{WXUH 0RGXOH (ODERUDWLRQ GHV GRFXPHQWV GH V\QWKqVH 0RGXOH (WDWV Â¿QDQFLHUV FRQVROLGpV 0RGXOH 7UDYDX[ GH Â¿Q G H[HUFLFH 0RGXOH ,QIRUPDWLRQ Â¿QDQFLqUH LQWHUPpGLDLUH ,QIRUPDWLRQ VHFWRULHOOH HW pWXGHV GH FDV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

qPH SURPRWLRQ '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 'p¿QLU GHV REMHFWLIV UpDOLVWHV GX SURMHW HW REWHQLU GHV UpVXOWDWV HVFRPSWpV HQ WHQDQW FRPSWH GHV H[LJHQFHV HW DWWHQWHV GX FOLHQW 'pYHORSSHU GH QRXYHOOHV FRPSpWHQFHV PDQDJpULDOHV HW DSWLWXGHV G¶XQ PDQDJHU SRXU DQLPHU XQH pTXLSH SURMHW HW RSWLPLVHU OHV DFWLYLWpV GX SURMHW $SSUHQGUH OD SODQL¿FDWLRQ O¶RUJDQLVDWLRQ OD GLUHFWLRQ OH FRQWU{OH O¶pYDOXDWLRQ HW O¶DPpOLRUDWLRQ G¶XQ SURMHW &RQQDvWUH OHV U{OHV OHV UHVSRQVDELOLWpV HW OHV PLVVLRQV G¶XQ FKHI GH SURMHW 5pVRXGUH OHV FRQÀLWV UDSLGHPHQW HQ XWLOLVDQW GHV PpWKRGHV HႈFDFHV HW pSURXYpHV 0DQDJHU WRXWHV OHV SDUWLHV SUHQDQWHV G¶XQ SURMHW

3238/$7,21 &21&(51(( &KDUJpV GH VXLYL GHV SURMHWV &KHIV GH SURMHWV ,QJpQLHXUV $UFKLWHFWHV

352*5$00( 0RGXOH ,QWURGXFWLRQ DX PDQDJHPHQW GH SURMHWV 0RGXOH 0DQDJHPHQW GX FRQWHQX HW SUpSDUDWLRQ GX SURMHW 0RGXOH 0DQDJHU OHV GpODLV G¶XQ SURMHW SODQL¿FDWLRQ

0RGXOH 0DQDJHU OHV GpODLV G¶XQ SURMHW VXLYL GHV GpODLV

0RGXOH 0DQDJHU OHV FR WV GX SURMHW SODQL¿FDWLRQ GHV FR WV

0RGXOH 0DQDJHU OHV FR WV GX SURMHW VXLYL GHV FR WV

0RGXOH 5HVVRXUFHV KXPDLQHV 0RGXOH *HVWLRQ GH OD FRPPXQLFDWLRQ HW GHV SDUWLHV SUHQDQWHV GX SURMHW 0RGXOH *HVWLRQ GHV ULVTXHV GX SURMHW 0RGXOH $SSURYLVLRQQHPHQWV GX SURMHW HW OD JHVWLRQ GHV FRQWUDWV 0RGXOH *HVWLRQ GH OD TXDOLWp GX SURMHW 0RGXOH 2XWLOV LQIRUPDWLTXHV HQ JHVWLRQ GHV SURMHWV 06 352-(&7 RX 35,0$9(5$

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

0$67(5 352)(66,211(/ $8',7 (7 &2175Ð/( ,17(51(

qPH SURPRWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6

0$67(5 352)(66,211(/ ),1$1&( '(6 $'0,1,675$7,216 38%/,48(6 qPH SURPRWLRQ '85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6

3RVLWLRQQHU O¶DXGLW LQWHUQH DX VHLQ GX GLVSRVLWLI GH FRQWU{OH LQWHUQH GH O¶RUJDQLVDWLRQ &RPSUHQGUH OH PpWLHU GH O¶DXGLWHXU LQWHUQH 6H SRVLWLRQQHU SDU UDSSRUW DX[ FRPSpWHQFHV H[LJpHV SDU OH PpWLHU G¶DXGLWHXU LQWHUQH 6¶DSSURSULHU OHV GLႇpUHQWHV pWDSHV G¶XQH PLVVLRQ G¶DXGLW ,GHQWL¿HU OHV REMHFWLIV GH OD PLVVLRQ HQ IRQFWLRQ GHV ULVTXHV GH O¶DFWLYLWp DXGLWpH 6XLYUH OHV SODQV G¶DFWLRQV FRUUHFWLYHV 0DvWULVHU OHV PRGDOLWpV G¶XWLOLVDWLRQ GHV VWDWLVWLTXHV

0DvWULVHU OHV VDYRLUV WKpRULTXHV SUDWLTXHV HW OHV FRPSpWHQFHV PpWKRGRORJLTXHV GDQV OH GRPDLQH GHV ¿QDQFHV SXEOLTXHV HW GH O DGPLQLVWUDWLRQ GHV pWDEOLVVHPHQWV HW GHV RUJDQLVPHV SXEOLFV 0DvWULVHU OHV RXWLOV GH OD JHVWLRQ GHV ¿QDQFHV SXEOLTXHV PRGHUQHV )RUPHU GH KDXWV FDGUHV ¿QDQFLHUV FDSDEOHV G DSSUpKHQGHU OD JHVWLRQ GHV ¿QDQFHV SXEOLTXHV GDQV VD JOREDOLWp $VVXUHU OD SHUIRUPDQFH HW OD TXDOLWp GH OD JHVWLRQ GX VHFWHXU SXEOLF

3238/$7,21 &21&(51((

3238/$7,21 &21&(51e(

&RQWU{OHXUV GH JHVWLRQ &DGUHV ¿QDQFLHUV $XGLWHXUV LQWHUQHV HW H[WHUQHV

&DGUHV XQLYHUVLWDLUHV HQ SRVWH GDQV OHV LQVWLWXWLRQV HW pWDEOLVVHPHQWV SXEOLFV (OXV ORFDX[

352*5$00(

352*5$00( 0RGXOH /¶DXGLW LQWHUQH OHV IRQGDPQWDX[ 0RGXOH /¶RUJDQLVDWLRQ GH OD IRQFWLRQ DXGLW LQWHUQH HW OD JRXYHUQDQFH G¶HQWUHSULVH 0RGXOH /D PpWKRGRORJLH PLVVLRQV GH O¶DXGLW LQWHUQH /HV RXWLOV G¶DXGLW LQWHUQH 0RGXOH /D FRPPXQLFDWLRQ RUDOH HW pFULWH HQ DXGLW LQWHUQH 0RGXOH /¶pFKDQWLOORQQDJH VWDWLVWLTXH HW OHV RXWLOV LQIRUPDWLTXHV XWLOLVpV HQ DXGLW LQWHUQH 0RGXOH 0DQDJHPHQW HW GLDJQRVWLF VWUDWpJLTXH 0RGXOH &RPSWDELOLWp ¿QDQFLqUH HW DQDO\VH ¿QDQFLqUH 0RGXOH &RPSWDELOLWp GH JHVWLRQ HW FRQWU{OH GH JHVWLRQ 0RGXOH $XGLW ¿QDQFLHU HW FRPSWDEOH 0RGXOH /¶DXGLW GH OD IUDXGH HW /¶DXGLW GH VpFXULWp GX 6\VWqPH G¶OQIRUPDWRLQ 0RGXOH $XGLW GX SURFHVVXV DFKDW $XGLW GX SURFHVVXV YHQWH (WXGHV GH FDV 0RGXOH $XGLW GX SURFHVVXV SURGXFWLRQ HW JHVWLRQ GHV VWRFNV $XGLW GHV UHVVRXUFHV KXPDLQHV (WXGHV GH FDV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

0RGXOH 'URLW 3XEOLF HW 'URLW $GPLQLVWUDWLI 0RGXOH 0DQDJHPHQW GHV $GPLQLVWUDWLRQV SXEOLTXHV 0RGXOH )LQDQFHV SXEOLTXHV 0RGXOH &RPSWDELOLWp 3XEOLTXH 0RGXOH /D *HVWLRQ %XGJpWDLUH 0RGXOH *HVWLRQ GHV PR\HQV JpQpUDX[ 0RGXOH 3URFpGXUHV GH SDVVDWLRQ GHV PDUFKpV SXEOLFV 0RGXOH *HVWLRQ GHV PDUFKpV SXEOLFV 0RGXOH /HV GLႇpUHQWV FRQWU{OHV GHV ¿QDQFHV HW DGPLQLVWUDWLRQV SXEOLTXHV 0RGXOH /HV LQVSHFWLRQV 0RGXOH / $XGLW HW OH &RQWU{OH GDQV OH VHFWHXU SXEOLF 0RGXOH /HV ELODQV HW OHV GRFXPHQWV GH V\QWKqVH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 0$1$*(0(17 '( 352-(76

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ 0$5.(7,1* (7 0$1$*(0(17 &2175Ð/( '( *(67,21 qPH SURPRWLRQ &200(5&,$/ qPH SURPRWLRQ

0$67(5 352)(66,211(/ :(%0$67(5 $8 1289( qUH SURPRWLRQ

'85e(

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'85e(

2%-(&7,)6 &RQQDvWUH OHV IRQGDPHQWDX[ GX FRQWU{OH GH JHVWLRQ ,GHQWL¿HU OHV DSSURFKHV GX FRQWU{OH GH JHVWLRQ 'pFRXYULU OHV GLႇpUHQWV RXWLOV GX FRQWU{OH GH JHVWLRQ 'pFU\SWHU OD UHODWLRQ HQWUH FRQWU{OH GH JHVWLRQ HW OD VWUDWpJLH GH O HQWUHSULVH &RQQDvWUH OHV GLႇpUHQWHV pWDSHV SRXU OD PLVH HQ SODFH G XQ V\VWqPH GH FRQWU{OH GH JHVWLRQ 3238/$7,21 &21&(51(( &RQWU{OHXUV GH JHVWLRQ $VVLVWDQWV GH GLUHFWLRQ JpQpUDOH &DGUHV ¿QDQFLHUV HW FRPSWDEOHV

2%-(&7,)6 $FTXpULU OHV WHFKQLTXHV HW OHV RXWLOV GH O DSSURFKH PDUNHWLQJ $SSUHQGUH j FRQFHYRLU XQH VWUDWpJLH PDUNHWLQJ DGDSWpH j FKDTXH W\SH G HQWUHSULVH GDQV XQ FRQWH[WH FRQFXUUHQWLHO (ODERUHU GHV SODQV G DFWLRQV GDQV OHV GRPDLQHV GH OD YHQWH GH OD GLVWULEXWLRQ HW GH OD FRPPXQLFDWLRQ $FTXpULU GHV FDSDFLWpV PDQDJpULDOHV G DQLPDWLRQ G pTXLSHV FRPPHUFLDOHV 3238/$7,21 &21&(51(( 3UDWLFLHQV GH OD IRQFWLRQ PDUNHWLQJ QpFHVVLWDQW XQ UHQIRUFHPHQW GH OD GLPHQVLRQ WKpRULTXH HW RSpUDWLRQQHOOH GH OHXU IRQFWLRQ &DGUHV GHV IRQFWLRQV FRPPHUFLDOHV pWXGHV FRPPXQLFDWLRQ VRXKDLWDQW DFTXpULU XQH YLVLRQ VWUDWpJLTXH GX SURGXLW 352*5$00( 0RGXOH 0DUNHWLQJ HW PDQDJHPHQW &RQFHSWV 2XWLOV HW ,QWHUDFWLRQV 0RGXOH (WXGHV GH PDUFKp 0RGXOH (WXGH GH FRPSRUWHPHQW GX FRQVRPPDWHXU 0RGXOH 0DUNHWLQJ VWUDWpJLTXH HW DQDO\VH FRQFXUUHQWLHOOH GpPDUFKH HW RXWLOV 0RGXOH 9HLOOH HW LQWHOOLJHQFH pFRQRPLTXH 0RGXOH 3ROLWLTXHV SURGXLWV HW 3UL[ 0RGXOH 'LVWULEXWLRQ HW 0HUFKDQGLVLQJ 0RGXOH &RPPXQLFDWLRQ FRPPHUFLDOH 0RGXOH 0pWKRGRORJLH GH UHFKHUFKH HW UpDOLVDWLRQ GX PpPRLUH 0RGXOH 3ODQL¿FDWLRQ RUJDQLVDWLRQ HW FRQWU{OH GHV DFWLYLWpV FRPPHUFLDOHV 0RGXOH 1pJRFLDWLRQ FRPPHUFLDOH HW PDQDJHPHQW GH OD IRUFH GH YHQWH 0RGXOH *HVWLRQ GH OD 5HODWLRQ &OLHQW

352*5$00( 0RGXOH /HV )RQGDPHQWDX[ GX FRQWU{OH GH JHVWLRQ 0RGXOH &RPSWDELOLWp )LQDQFLqUH 0RGXOH /D FRPSWDELOLWp DQDO\WLTXH HW OD PDvWULVH GHV FRXWV 0RGXOH $QDO\VH )LQDQFLqUH 0RGXOH (YDOXDWLRQ HW )LQDQFHPHQW GHV ,QYHVWLVVHPHQWV 0RGXOH 6WDWLVWLTXH GH JHVWLRQ HW ([FHO DYDQFp 0RGXOH *HVWLRQ HW FRQWU{OH EXGJpWDLUH 0RGXOH /H WDEOHDX GH ERUG HW 5HSRUWLQJ 0RGXOH %DOHQFHG VFRUFDUG 0RGXOH OHV RXWLOV PRGHUQHV GX FRQWU{OH GH JHVWLRQ 0RGXOH /H FRQWU{OH GH JHVWLRQ HW OD VWUDWpJLH G¶HQWUHSULVH 0RGXOH $XGLW ¿QDQFLHU HW FRPSWDEOH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 0DLWULVHU OD FRQFHSWLRQ GHV V\VWqPHV G LQIRUPDWLRQ 0DLWULVHU OH GpYHORSSHPHQW GHV VLWHV :(% 0DLWULVHU O¶$GPLQLVWUDWLRQ HW OD VpFXULWp GHV VLWHV :(% 3238/$7,21 &21&(51e( ,QJpQLHXU OLFHQFLp WHFKQLFLHQ GH WRXWH GLVFLSOLQH FRQIRQGXH D\DQW XQH H[SpULHQFH SUDWLTXH HW RX IRUPDWLRQ GDQV OH GRPDLQH LQIRUPDWLTXH 352*5$00( 0RGXOH &RQFHSWLRQ GHV V\VWqPHV G ,QIRUPDWLRQ 0RGXOH ,QWURGXFWLRQ HW $GPLQLVWUDWLRQ /,18; 0RGXOH 'pSORLHPHQW HW DGPLQLVWUDWLRQ GH OD VROXWLRQ :(% SDUWLH /HV UpVHDX[ HW VHUYLFHV 0RGXOH 'pSORLHPHQW HW DGPLQLVWUDWLRQ GH OD VROXWLRQ :(% SDUWLH 6pFXULWp GHV UpVHDX[ UpVHDX VHUYHXU ZHE VHUYHXU GH GRQQpHV

0RGXOH +70/ &66 HW ;0/ 0RGXOH -$9$6&5,37 '20 $-$; SDUWLH 0RGXOH -$9$6&5,37 '20 $-$; SDUWLH 0RGXOH 0pWKRGRORJLH G pODERUDWLRQ G XQ PpPRLUH 0RGXOH 2XWLOV GH GpYHORSSHPHQW :(% 0RGXOH /H 6*%' 0<64/ 0RGXOH /H ODQJDJH 3+3 0RGXOH $33$&+( 3+3 0<64/

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ &21&(37,21 (7 $'0,1,675$7,21 '( %$6(6 '( '211e(6

0$67(5 352)(66,211(/ $'0,1,675$7(85 5e6($8; qPH SURPRWLRQ

0$67(5 352)(66,211(/ *(67,21 (/(&7521,48( '(6 '2&80(176 *(' qUH SURPRWLRQ

qPH SURPRWLRQ

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 0DLWULVHU OHV PpWKRGHV GH FRQFHSWLRQ GHV V\VWqPHV G LQIRUPDWLRQ DSSURFKHV V\VWpPLTXH HW RULHQWpH REMHW 0DLWULVHU OHV WHFKQLTXHV G RSWLPLVDWLRQ GH EDVHV GH GRQQpHV 0DvWULVHU O DGPLQLVWUDWLRQ GH EDVHV GH GRQQpHV 2UDFOH J 0DvWULVHU OHV WHFKQLTXHV HW RXWLOV GH FRQFHSWLRQ VLWHV ZHE 3238/$7,21 &21&(51e( ,QJpQLHXU OLFHQFLp WHFKQLFLHQ D\DQW XQH H[SpULHQFH SUDWLTXH HW RX IRUPDWLRQ GDQV OH GRPDLQH LQIRUPDWLTXH 352*5$00( 0RGXOH ,QJpQLHULH GHV V\VWqPHV GÂ¶LQIRUPDWLRQ 0RGXOH 3UDWLTXH GÂ¶80/ 0RGXOH 6*%'5 0RGXOH 64/ 3/ 64/ 0RGXOH 25$&/( 'HYHORSHU )2506

0RGXOH 25$&/( 'HYHORSHU 5(32576

0RGXOH -$9$ %$6( 0RGXOH -$9$ HW %DVH GH 'RQQpHV 0RGXOH 'pYHORSSHPHQW :HE 0RGXOH 25$&/( :RUNVKRS '%$

0RGXOH 25$&/( :RUNVKRS '%$

0RGXOH 'pSORLHPHQW GH O Â¶$SSOLFDWLRQ

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e(

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 $FTXpULU GH VROLGHV FRQQDLVVDQFHV HQ PDWLqUH GH UpVHDX[ &RQFHYRLU LQVWDOOHU H[SORLWHU DGPLQLVWUHU HW IDLUH pYROXHU GHV VROXWLRQV UpVHDX[ 0DLWULVHU OD VpFXULWp G XQ UpVHDX :LQGRZV 6HUYHU 0DLWULVHU XQH SODWH IRUPH KpWpURJqQH

2%-(&7,)6

3238/$7,21 &21&(51(( ,QJpQLHXU OLFHQFLp WHFKQLFLHQ SUDWLTXH HW RX IRUPDWLRQ GDQV OH GRPDLQH LQIRUPDWLTXH

*(' WHFKQLTXHV

$FTXpULU O HQVHPEOH GHV DVSHFWV GH OD IRUPDWV VWDQGDUGV VROXWLRQV ORJLFLHOOHV DYHF pWXGH GH FDV HW *(' OHV FRPSDUDLVRQ HQWUH OHV PHLOOHXUHV VROXWLRQV GLVSRQLEOHV

'pFRXYULU OHV GLá‚‡pUHQWHV FRPSRVDQWHV G XQ V\VWqPH *(' WHQGDQFHV DFWXHOOHV GX PDUFKp HW OHV WHFKQLTXHV XWLOLVpHV 6XSHUYLVHU HW PHWWUH HQ SODFH XQH VROXWLRQ GH SURFHVVXV HW UpDOLVDWLRQ

3238/$7,21 &21&(51e( 'RFXPHQWDOLVWH $UFKLYLVWH 352*5$00( 0RGXOH 7HFKQLTXHV GH FRPPXQLFDWLRQ 352*5$00( 0RGXOH &RQGXLWH GH SURMHW HW PpWKRGRORJLH 0RGXOH ,QWURGXFWLRQ JpQpUDOH 0RGXOH ,QWURGXFWLRQ DX 7&3 ,3 0RGXOH ,GHQWLÂ¿FDWLRQ GHV pOpPHQWV GH O DQDO\VH 0RGXOH $GPLQLVWUDWLRQ HW PDLQWHQDQFH GHV VHUYHXUV GRFXPHQWDLUH ZLQGRZV 6HUYHU 0RGXOH &UpDWLRQ G Â¶XQ SODQ GH FODVVHPHQW 0RGXOH &RQÂ¿JXUDWLRQ HW GpSDQQDJH G XQH ,QIUDVWUXFWXUH UpVHDX :LQGRZV 6HUYHU 0RGXOH ,QGH[DWLRQ GHV FRQWHQXV 0RGXOH &RQÂ¿JXUDWLRQ GHV VHUYLFHV GH GRPDLQH $FWLYH 0RGXOH 0RGpOLVDWLRQ GHV Ã€X[ GRFXPHQWDLUHV 'LUHFWRU\ :LQGRZV 6HUYHU SDUWLH 0RGXOH &UpDWLRQ GHV PRGqOHV GH FRQWHQX 0RGXOH &RQÂ¿JXUDWLRQ GHV VHUYLFHV GH GRPDLQH $FWLYH 0RGXOH )LQDOLVDWLRQ GX GRVVLHU G DQDO\VH 'LUHFWRU\ :LQGRZV 6HUYHU SDUWLH GRFXPHQWDLUH 0RGXOH /D YLUWXDOLVDWLRQ 0RGXOH ,QWpJUDWLRQ DYHF O LQIUDVWUXFWXUH 6, 0RGXOH /,18; $GPLQLVWUDWLRQ V\VWqPH 0RGXOH ,QWpJUDWLRQ DYHF OHV VROXWLRQV %, 0RGXOH /,18; $GPLQLVWUDWLRQ UpVHDX %XVLQHVV ,QWHOOLJHQFH

0RGXOH 6pFXULWp GHV 5pVHDX[ LQIRUPDWLTXHV 0RGXOH $GPLQLVWUDWLRQ G XQ V\VWqPH *(' 6(' 3DUWLH 0RGXOH 0HVVDJHULH pOHFWURQLTXH 0RGXOH $GPLQLVWUDWLRQ G XQ V\VWqPH *(' 6(' 3DUWLH 0RGXOH 6pFXULVDWLRQ G XQH LQIUDVWUXFWXUH 6, *(' 6('

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

0$67(5 352)(66,211(/ 0$1$*(0(17 '(6 81,7e6 '2&80(17$,5(6 qPH SURPRWLRQ

qPH SURPRWLRQ '85e(

'85e(

'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 $FTXpULU XQH PpWKRGRORJLH HW OHV WHFKQLTXHV DUFKLYLVWLTXHV PRGHUQHV HW OHV DUJXPHQWV SRXU GpIHQGUH OH SURMHW GH PLVH HQ SODFH GH OD IRQFWLRQ DUFKLYHV HW OH FRQFUpWLVHU 3URPRXYRLU OH PpWLHU G DUFKLYLVWH

2%-(&7,)6 )RUPHU GHV VSpFLDOLVWHV FDSDEOHV GH GpYHORSSHU GHV SURMHWV LQQRYDQWV HQ LQWpJUDQW OHV GLá‚‡pUHQWV EHVRLQV GH OÂ¶HQWUHSULVH HQ IRQFWLRQ GH OHXUV SULRULWpV HQ PDWLqUH GÂ¶LQIRUPDWLRQ 0DvWULVHU OH SURFHVVXV GÂ¶LQIRUPDWLRQ OD YHLOOH VWUDWpJLTXH OÂ¶pGLWLRQ HW OH VWRFNDJH QXPpULTXH OHV RXWLOV GH FRPPXQLFDWLRQ ZHE /D JHVWLRQ GH OÂ¶LQIRUPDWLRQ GH OÂ¶HQWUHSULVH OH NQRZOHGJH PDQDJHPHQW HW OÂ¶DLGH j OD GpFLVLRQ

3238/$7,21 &21&(51e( &DGUHV GH OD IRQFWLRQ DUFKLYHV 7LWXODLUHV GX FHUWLÂ¿FDW HQ DUFKLYLVWLTXH GpOLYUp SDU OÂ¶,13(' 352*5$00( 0RGXOH )RQGHPHQWV GH O DUFKLYLVWLTXH 0RGXOH )RQFWLRQ DUFKLYHV 0RGXOH &RQQDLVVDQFH GH O HQWUHSULVH 0RGXOH /pJLVODWLRQ GHV DUFKLYHV 0RGXOH 1RUPDOLVDWLRQ GDQV OHV DUFKLYHV 0RGXOH 5HFRUGV 0DQDJHPHQW 0pWKRGRORJLH GH SUpVHQWDWLRQ G XQ PpPRLUH 0RGXOH &ODVVLÂ¿FDWLRQ HW LQGH[DWLRQ GHV DUFKLYHV 0RGXOH ,QVWUXPHQWV GH UHFKHUFKH HW GH FRPPXQLFDWLRQ GHV DUFKLYHV 0RGXOH /HV ORFDX[ G DUFKLYHV 0RGXOH *HVWLRQ GH SURMHW 0RGXOH /D *HVWLRQ pOHFWURQLTXH HW LQIRUPDWLVDWLRQ GHV VHUYLFHV G DUFKLYHV 0RGXOH OHV UpVHDX[ HW OHV V\VWqPHV G LQIRUPDWLRQ

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$7,21 &21&(51(( &DGUHV GHV VWUXFWXUHV GH GRFXPHQWDWLRQ G LQIRUPDWLRQ LPSOLTXpV GDQV O pYROXWLRQ WHFKQRORJLTXH GH OHXUV DFWLYLWpV 352*5$00( 0RGXOH 0DQDJHPHQW GH OÂ¶LQIRUPDWLRQ 0RGXOH &RQFHSWV HW QRWLRQV GH OÂ¶LQIRUPDWLRQ 0RGXOH 0pWKRGRORJLH 0RGXOH (FRQRPLH HW GURLW GH O LQIRUPDWLRQ 0RGXOH *HVWLRQ GH SURMHWV 0RGXOH &RPPXQLFDWLRQ GDQV OÂ¶HQWUHSULVH 0RGXOH 6\VWqPHV GÂ¶LQIRUPDWLRQ 0RGXOH &\FOH H YLH GH OÂ¶LQIRUPDWLRQ 0RGXOH /HV UpVHDX[ LQIRUPDWLRQQHOV 0RGXOH *HVWLRQ GH O LQIRUPDWLRQ RUJDQLTXH 0RGXOH *HVWLRQ GHV FRQQDLVVDQFHV 0RGXOH 9HLOOH LQIRUPDWLRQQHOOH

'85e( 'RX]H PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

2%-(&7,)6 &RQFHYRLU HW PHWWUH HQ RHXYUH XQ V\VWqPH JOREDO LQWpJUp GH PDQDJHPHQW GH O LQIRUPDWLRQ DX VHLQ G XQH HQWUHSULVH 3238/$7,21 &21&(51e( &DGUHV PR\HQV GH VHUYLFHV GH GRFXPHQWDWLRQ GpVLUHX[ GH PDvWULVHU OHV WHFKQLTXHV GH WUDLWHPHQW GHV GRFXPHQWV HW GH GLá‚‡XVLRQ GH O LQIRUPDWLRQ 352*5$00( 0RGXOH /D IRQFWLRQ GRFXPHQWDLUH 0RGXOH /HV 7,& GDQV OHV V\VWqPHV G LQIRUPDWLRQ GRFXPHQWDLUH 0RGXOH /H FDWDORJDJH GHV GRFXPHQWV VRQRUHV HW LPDJHV DQLPpHV 0RGXOH /H FDWDORJDJH GHV GRFXPHQWV pOHFWURQLTXHV 0RGXOH /D JHVWLRQ GHV FROOHFWLRQV 0RGXOH /HV ODQJDJHV GRFXPHQWDLUHV 0RGXOH / LQGH[DWLRQ GHV GRFXPHQWV LPSULPpV 0RGXOH / DQDO\VH GRFXPHQWDLUH 0RGXOH /D 0pWKRGRORJLH GH SUpVHQWDWLRQ G XQ PpPRLUH 0RGXOH /D 5HFKHUFKH HW OD GLá‚‡XVLRQ G LQIRUPDWLRQV 0RGXOH /H .QRZOHGJH 0DQDJHPHQW .0 HW OD GRFXPHQWDWLRQ 0RGXOH /H PDQDJHPHQW VWUDWpJLTXH GH O Â¶LQIRUPDWLRQ GRFXPHQWDLUH

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[

0$67(56 352)(66,211(/6

0$67(5 352)(66,211(/ 0$67(5 352)(66,211(/ $5&+,9,67,48( qPH SURPRWLRQ 0$1$*(0(17 '( /Â¶,1)250$7,21 '$16 /(6 (175(35,6(6

V L

QV DX FULS FR WLR XU QV V G VR H O QW

DQ RX Qp YHU H W

)250$7,216 48$/,),$17(6 )RUPDWLRQV $OWHUQpHV GH /RQJXH 'XUpH )$/'

(Q SOXV GHV IRUPDWLRQV GLSO{PDQWHV TXL V DGUHVVHQW DX[ FDGUHV GLULJHDQWV HW FDGUHV VXSpULHXUV DSSHOpV j H[HUFHU GHV UHVSRQVDELOLWpV O ,13(' Rá‚‡UH pJDOHPHQW GHV IRUPDWLRQV GHVWLQpHV DX[ FDGUHV PR\HQV DVSLUDQW j JUDYLU OHV pFKHORQV GH OD KLpUDUFKLH HQ pODUJLVVDQW OHXU FKDPS GH FRQQDLVVDQFH GHV GLá‚‡pUHQWV GRPDLQHV GX PDQDJHPHQW ,O V DJLW GHV )RUPDWLRQV $OWHUQpHV GH /RQJXH 'XUpH )$/'

0e7+2'(6 3e'$*2*,48(6 0pWKRGHV DFWLYHV FRPELQDQW DSSRUWV WKpRULTXHV HW H[SpULHQFH GHV SDUWLFLSDQWV (WXGHV GH FDV -HX[ GH U{OHV $WHOLHUV SUDWLTXHV (YDOXDWLRQ PRGXODLUH

6$1&7,21 '( /$ )250$7,21 &HUWLÂ¿FDW GpOLYUp SDU OÂ¶,13(' SRXU OHV SDUWLFLSDQWV D\DQW VXLYL OD IRUPDWLRQ DYHF VXFFqV

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' *(67,21 '(6 5(66285&(6 +80$,1(6 qPH SURPRWLRQ

)$/' 0$1$*(0(17 *e1e5$/ qPH SURPRWLRQ

)$/' ,1*e1,(5,( '( /$ )250$7,21 qPH SURPRWLRQ

'85e(

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 0DvWULVHU OHV EDVHV WHFKQLTXHV HW FRQFUqWHV GX PpWLHU GH *5+ $FTXpULU XQH YLVLRQ JOREDOH HW FRKpUHQWH GHV SURFHVVXV 5HVVRXUFHV +XPDLQHV 0HVXUHU OH FOLPDW VRFLDO GH OÂ¶HQWUHSULVH

2%-(&7,)6 Í² &RQFHYRLU HW PHWWUH HQ Â°XYUH XQ V\VWqPH JOREDO LQWpJUp GH PDQDJHPHQW GH O LQIRUPDWLRQ DX VHLQ G XQH HQWUHSULVH Í² (OHYHU OH QLYHDX GH TXDOLÂ¿FDWLRQ GDQV XQ PpWLHU HQ FRQVWDQWH pYROXWLRQ Í² 0HWWUH HQ UHOLHI OH U{OH pFRQRPLTXH HW VRFLDO GX FDGUH GLULJHDQW HQ WDQW TX DFWHXU SULQFLSDO GDQV OD FRQGXLWH GX FKDQJHPHQW 'RWHU OH FDGUH GLULJHDQW G XQH YLVLRQ JOREDOH GH O HQWUHSULVH SRXU TX LO SXLVVH DVVXPHU VRQ U{OH GH PDQDJHU Í² $FTXpULU GHV PpWKRGHV HW RXWLOV QRXYHDX[ HQ PDQDJHPHQW TXL SHUPHWWHQW GH IDLUH IDFH DX FKDQJHPHQW Í² $FTXpULU XQH FXOWXUH PDQDJpULDOH

2%-(&7,)6 &RQFHYRLU HW GpYHORSSHU XQH YpULWDEOH LQJpQLHULH GH OD IRUPDWLRQ LQWHJUpH DX[ REMHFWLIV VWUDWpJLTXHV GH O HQWUHSULVH 'pYHORSSHU OHV DSWLWXGHV j FRQVWUXLUH PHWWUH HQ SODFH HW FRQGXLUH GHV GLVSRVLWLIV GH IRUPDWLRQ

'85e(

3238/$7,21 &21&(51(( *HVWLRQQDLUHV GHV UHVVRXUFHV KXPDLQHV 5HVSRQVDEOHV GH VWUXFWXUHV QRQ VSpFLDOLVpHV HQ UHVVRXUFHV KXPDLQHV 352*5$00( 0RGXOH ,QWURGXFWLRQ j OD *HVWLRQ GHV 5HVVRXUFHV +XPDLQHV HW WKpRULHV GHV RUJDQLVDWLRQV 0RGXOH &RPPXQLFDWLRQ GDQV O HQWUHSULVH HW 5HODWLRQV +XPDLQHV 0RGXOH *HVWLRQ 3UpYLVLRQQHOOH GHV (PSORLV HW GHV &RPSpWHQFHV *3(&

0RGXOH $FTXLVLWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH (YDOXDWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 0RWLYDWLRQ HW FRQVHUYDWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 'pYHORSSHPHQW GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 'URLW GX WUDYDLO HW JHVWLRQ GHV FRQÃ€LWV

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

3238/$7,21 &21&(51(( *HVWLRQQDLUHV 352*5$00( 0RGXOH ,QWURGXFWLRQ DX PDQDJHPHQW JpQpUDO 0RGXOH /D FRPPXQLFDWLRQ GDQV OÂ¶HQWUHSULVH 0RGXOH /H PDQDJHPHQW GHV UHVVRXUFHV KXPDLQHV 0RGXOH (WDWV Â¿QDQFLHUV HW FRPSWDEOHV 0RGXOH )RQFWLRQ 0DUNHWLQJ 0RGXOH $FKDWV HW 3URGXFWLRQ 0RGXOH &RQWU{OH GH JHVWLRQ 0RGXOH /H PDQDJHPHQW VWUDWpJLTXH

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

3238/$7,21 &21&(51e( &DGUHV UHVSRQVDEOHV GHV VWUXFWXUHV 5+ 5HVSRQVDEOHV GHV VWUXFWXUHV IRUPDWLRQ 5HVSRQVDEOHV GHV VWUXFWXUHV RSpUDWLRQQHOOHV 352*5$00( 0RGXOH *HVWLRQ GHV FRPSpWHQFHV 0RGXOH (ODERUDWLRQ GX UpIpUHQWLHO GH FRPSpWHQFHV 0RGXOH ,GHQWLÂ¿FDWLRQ HW DQDO\VH GHV EHVRLQV HQ IRUPDWLRQ 0RGXOH (ODERUDWLRQ GX SODQ GH IRUPDWLRQ 0RGXOH ,QJpQLHULH GH OD IRUPDWLRQ 0RGXOH $FKDW GH OD IRUPDWLRQ FRÂ€WV EXGJHW FDKLHU GHV FKDUJHV Â«

0RGXOH 6XLYL HW pYDOXDWLRQ GHV DFWLRQV GH IRUPDWLRQV 0RGXOH $XGLW GH OD IRUPDWLRQ

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' $'0,1,675$7(85

qPH SURPRWLRQ

'85e( 1HXI PRLV GÂ¶pWXGHV j UDLVRQ GH MRXUV SDU PRLV 2%-(&7,)6 $FFpGHU DX JUDGH GÂ¶$GPLQLVWUDWHXU 3238/$ 7,21 &21&(51e( )RQFWLRQQDLUHV GHV LQVWLWXWLRQV SXEOLTXHV 352*5$00( 0RGXOH 'URLW DGPLQLVWUDWLI 0RGXOH 'URLW DGPLQLVWUDWLI 0RGXOH 5pGDFWLRQ DGPLQLVWUDWLYH HW PpWKRGRORJLH 0RGXOH 5pGDFWLRQ DGPLQLVWUDWLYH 0RGXOH 'URLW LQVWLWXWLRQQHO 0RGXOH 0DQDJHPHQW SXEOLF 0RGXOH 0DQDJHPHQW SXEOLF 0RGXOH )LQDQFHV SXEOLTXHV 0RGXOH )LQDQFHV SXEOLTXHV

)$/' '52,7 '8 75$9$,/ (7 '( /$ 6(&85,7( 62&,$/( qUH SURPRWLRQ

)$/' &20081,&$7,21 ' (175(35,6(

'85e(

qPH SURPRWLRQ

6L[ PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

1HXI PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 6HQVLELOLVHU j O LPSRUWDQFH VWUDWpJLTXH HW RSpUDWLRQQHOOH GH OD PDLWULVH GX GURLW GX WUDYDLO HW GX GURLW GH OD VpFXULWp VRFLDOH &RQQDvWUH OHV OpJLVODWLRQV HW OD UpJOHPHQWDWLRQ UHODWLYHV DX[ UHODWLRQV GH WUDYDLO j O H[HUFLFH GX GURLW V\QGLFDO j OD JHVWLRQ GHV FRQÃ€LWV GH WUDYDLO HW j OD SURWHFWLRQ VRFLDOH 0DLWULVHU OHV SUDWLTXHV GH JHVWLRQ GHV UHODWLRQV GH O HQWUHSULVH DYHF O LQVSHFWLRQ GX WUDYDLO OD MXVWLFH VRFLDOH HW OHV FDLVVHV GH VpFXULWp VRFLDOH HW GH UHWUDLWH

2%-(&7,)6 $FTXpULU GHV FRQQDLVVDQFHV GDQV OH GRPDLQH GH OD FRPPXQLFDWLRQ G HQWUHSULVH $FTXpULU GHV FRQQDLVVDQFHV GDQV OH GRPDLQH GH OD FRPPXQLFDWLRQ LQWHUSHUVRQQHOOH GDQV OH FDGUH GX PDQDJHPHQW G pTXLSH GH OD JHVWLRQ GHV FRQÃ€LWV HW GH OD UHODWLRQ FOLHQW

3238/$7,21 &21&(51(( &DGUHV FKDUJpV GH OD JHVWLRQ GHV UHVVRXUFHV KXPDLQHV &DGUHV FKDUJpV GX FRQWHQWLHX[ VRFLDO 6\QGLFDWV FRPLWpV GH SDUWLFLSDWLRQ GpOpJXpV GH SHUVRQQHO

3238/$7,21 &21&(51(( &DGUHV D\DQW XQH UHVSRQVDELOLWp G pTXLSH &DGUHV WUDYDLOODQW GDQV OH GRPDLQH GH OD FRPPXQLFDWLRQ HW GHV UHODWLRQV VRFLDOHV &DGUHV FRPPHUFLDX[ &DGUHV &KDUJpV GH FRPPXQLFDWLRQ

352*5$00( 0RGXOH /HV UHODWLRQV LQGLYLGXHOOHV GX WUDYDLO 0RGXOH / H[HUFLFH GX GURLW V\QGLFDO HW OD SDUWLFLSDWLRQ 0RGXOH /HV UqJOHV GH VRXUFHV SURIHVVLRQQHOOHV OH UqJOHPHQW LQWpULHXU OHV FRQYHQWLRQV HW OHV DFFRUGV GX WUDYDLO 0RGXOH /D SUpYHQWLRQ HW OH UqJOHPHQW GHV FRQÃ€LWV LQGLYLGXHOV GX WUDYDLO 0RGXOH /HV UHODWLRQV DYHF OHV FDLVVHV GH OD VpFXULWp VRFLDOH 0RGXOH /D UHWUDLWH HW OD PXWXHOLH

352*5$00( 0RGXOH /HV IRQGDPHQWDX[ GH OD FRPPXQLFDWLRQ LQWHUSHUVRQQHOOH 0RGXOH &RPPXQLFDWLRQ HW JHVWLRQ GHV FRQÃ€LWV 0RGXOH /D FRPPXQLFDWLRQ LQWHUQH 0RGXOH /D FRPPXQLFDWLRQ H[WHUQH 0RGXOH /D FRPPXQLFDWLRQ HW FRQGXLWH GH UpXQLRQ 0RGXOH /HV 0pWKRGHV G DQDO\VH HW GH UpVROXWLRQ GH SUREOqPHV 0RGXOH /D FRPPXQLFDWLRQ HW WHFKQLTXHV GH QpJRFLDWLRQ 0RGXOH /H PDQDJHPHQW G pTXLSH 0RGXOH / DQDO\VH WUDQVDFWLRQQHOOH $7 HW OD SURJUDPPDWLRQ QHXUROLQJXLVWLTXH 3 1 /

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

qPH SURPRWLRQ

'85e(

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV 2%-(&7,)6 $VVLPLOHU OHV PDWLqUHV HVVHQWLHOOHV QpFHVVDLUHV j OD PDvWULVH GHV RXWLOV GH OD PDLQWHQDQFH LQGXVWULHOOH $FTXpULU GHV FRQQDLVVDQFHV HQ PDWLqUH GH VpFXULWp GHV SHUVRQQHOV HW GHV pTXLSHPHQWV 0DvWULVHU OHV PpWKRGHV OHV PR\HQV HW OHV WHFKQLTXHV GH SUpYHQWLRQ GHV DFFLGHQWV HW GHV DYDULHV &RPSUHQGUH OÂ¶LPSRUWDQFH GX IDFWHXU KXPDLQ TXDQW j OD SURWHFWLRQ GH OÂ¶HQYLURQQHPHQW LQGXVWULHO 3238/$7,21 &21&(51(( 7HFKQLFLHQV HW UHVSRQVDEOHV GH VHUYLFHV VpFXULWp HW (QYLURQQHPHQW 352*5$00( 0RGXOH 5qJOHPHQWDWLRQ UHODWLYH j OD VpFXULWp LQGXVWULHOOH 0RGXOH 5LVTXHV LQGXVWULHOV SUpYHQWLRQ HW LQWHUYHQWLRQ SDUWLH 0RGXOH 5LVTXHV LQGXVWULHOV SUpYHQWLRQ HW LQWHUYHQWLRQ SDUWLH 0RGXOH 0pWKRGHV TXDOLWDWLYHV G DQDO\VH GHV ULVTXHV 0RGXOH 0pWKRGHV TXDQWLWDWLYHV G DQDO\VH GHV ULVTXHV 0RGXOH 6pFXULWp LQFHQGLH 0RGXOH *HVWLRQ GHV SODQV G XUJHQFH 32, 33,

0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD VpFXULWp

)$/' *(67,21 '( /$ 0$,17(1$1&( ,1'8675,(//( qPH SURPRWLRQ

)$/' *(67,21 '(6 672&.6 (7 $33529,6,211(0(176

'85e(

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 0DvWULVHU OHV PpWKRGHV OHV PR\HQV HW OHV WHFKQLTXHV GH JHVWLRQ GHV RSpUDWLRQV GH PDLQWHQDQFH 2ULHQWHU OHV DFWLRQV j PHQHU GDQV OH FRXUW PR\HQ HW ORQJ WHUPHV DÂ¿Q GÂ¶DPpOLRUHU OHV SHUIRUPDQFHV GHV pTXLSHPHQWV HW GLPLQXHU OHV FRÂ€WV OLpV DX[ DUUrWV DFFLGHQWV HW DYDULHV

2%-(&7,)6

3238/$7,21 &21&(51e( 5HVSRQVDEOH HQ PDLQWHQDQFH LQJpQLHXU PpWKRGHV GLUHFWHXU WHFKQLTXH VXSHUYLVHXU ,QJpQLHXU HQ JpQLH PpFDQLTXH pOHFWULTXH pOHFWURPpFDQLTXH K\GUDXOLTXH VpFXULWp LQGXVWULHOOH 352*5$00( 0RGXOH / ,QWURGXFWLRQ j OD JHVWLRQ GH OD PDLQWHQDQFH HW OHV SROLWLTXHV GH PDLQWHQDQFH 0RGXOH /H FRPSRUWHPHQW GX PDWpULHO HQ VHUYLFH )0' 0RGXOH /D PpWKRGRORJLH GH GLDJQRVWLF HW G DQDO\VH 0RGXOH /D JHVWLRQ WHFKQR pFRQRPLTXH 0RGXOH /D JHVWLRQ HW OD SODQLÂ¿FDWLRQ GHV WUDYDX[ GH PDLQWHQDQFH 0RGXOH /D JHVWLRQ GH OD GRFXPHQWDWLRQ 3'5 0RGXOH /D 0DLQWHQDQFH HW OD VpFXULWp LQGXVWULHOOH 0RGXOH /D *0$2

qPH SURPRWLRQ

0HWWUH HQ pYLGHQFH OD GLPHQVLRQ VWUDWpJLTXH GH FHWWH IRQFWLRQ HW VD FRQWULEXWLRQ j OD SHUIRUPDQFH JOREDOH GH OÂ¶HQWUHSULVH $VVXUHU OD Â³PLVH j QLYHDXÂ´ GHV FRQQDLVVDQFHV GHV FDGUHV GH FHWWH IRQFWLRQ )DLUH DFTXpULU GHV FRPSpWHQFHV HW GHV DSWLWXGHV DX[ FDGUHV GH FHWWH IRQFWLRQ HQ FRQIRUPLWp DYHF OHV UpFHQWHV pYROXWLRQV GHV VFLHQFHV GX PDQDJHPHQW HW GHV SUDWLTXHV SURIHVLRQQHOOHV

3238/$7,21 &21&(51e( /HV UHVSRQVDEOHV HW OHV FDGUHV GH OD IRQFWLRQ DSSURYLVLRQQHPHQWV HW JHVWLRQ GHV VWRFNV D\DQW OHV SURÂ¿OV GÂ¶XQLYHUVLWDLUHV HW GH FDGUHV DVVLPLOpV 352*5$00( 0RGXOH /D IRQFWLRQ DSSURYLVLRQQHPHQW GDQV O HQWUHSULVH 0RGXOH /HV SUpYLVLRQV GH OD GHPDQGH 0RGXOH /D IRQFWLRQ DFKDW OD JHVWLRQ GHV IRXUQLVVHXUV 0RGXOH /D IRQFWLRQ JHVWLRQ GHV VWRFNV 0RGXOH / RSWLPLVDWLRQ HW OHV PpWKRGHV FODVVLTXHV G DSSURYLVLRQQHPHQW 0RGXOH /D JHVWLRQ GHV PDJDVLQV HQWUHS{WV SODWHIRUPHV 0RGXOH /D TXDOLWp HW OD PHVXUH GH OD SHUIRUPDQFH GH OD IRQFWLRQ DSSURYLVLRQQHPHQW HW JHVWLRQ GHV VWRFNV 0RGXOH / LQIRUPDWLVDWLRQ GHV DSSURYLVLRQQHPHQWV HW pWXGH G XQ ORJLFLHO PRGqOH JHVWLRQ GHV VWRFNV

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' 6e&85,7e ,1'8675,(//(

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

qPH SURPRWLRQ

)$/' 6Ã“5(7e ,17(51( '(6 (7$%/,66(0(176

'85e(

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &HUQHU OH FDGUH UpJOHPHQWDLUH HW OHV UHVSRQVDELOLWpV HQ PDWLqUH G K\JLqQH VpFXULWp HQYLURQQHPHQW 0DLWULVHU OHV GLá‚‡pUHQWV RXWLOV HW PpWKRGHV XWLOLVpV SRXU O LGHQWLÂ¿FDWLRQ OD SUpYHQWLRQ HW OD UpGXFWLRQ GHV ULVTXHV OLpV j OD VDQWp HW j OD VpFXULWp DX WUDYDLO HW j O HQYLURQQHPHQW 0HWWUH HQ SODFH XQ V\VWqPH GH PDQDJHPHQW VDQWp VpFXULWp HQYLURQQHPHQW

2%-(&7,)6 'H V LPSUpJQHU GHV GLVSRVLWLRQV OpJDOHV UpJLVVDQW OD IRQFWLRQ 6,( ' LGHQWLÂ¿HU HW GH FRQQDLWUH OHV GHYRLUV DLQVL TXH OHV UHVSRQVDELOLWpV TXL OHXU VRQW DVVLJQpV 'H SUHQGUH FRQVFLHQFH GH O LPSRUWDQFH HW GX U{OH G XQ UHVSRQVDEOH 6,( GDQV OD SUpVHUYDWLRQ GHV SHUVRQQHV HW GX SDWULPRLQH GH O HQWUHSULVH &HUQHU OH U{OH OHV WDFKHV OHV PLVVLRQV HW UHVSRQVDELOLWpV TXL LQFRPEHQW DX UHVSRQVDEOH 6,(

)$/' 683(59,6(85 +6(

3238/$7,21 &21&(51e( 5HVSRQVDEOHV +6( 'LUHFWHXUV WHFKQLTXHV 5HVSRQVDEOHV VpFXULWp PDLQWHQDQFH HW SURGXFWLRQ

)$/' *(67,21 '( /$ 352'8&7,21

qPH SURPRWLRQ qPH SURPRWLRQ

'85e(

3238/$7,21 &21&(51e( $JHQWV GH VpFXULWp + 6 ( &KHIV G pTXLSHV VpFXULWp 5HVSRQVDEOH VXUHWp 5HVSRQVDEOH +6(

352*5$00( 0RGXOH 5qJOHPHQWDWLRQ UHODWLYH j OD VpFXULWp HW j 352*5$00( O HQYLURQQHPHQW 0RGXOH /D FRPPXQLFDWLRQ 0RGXOH 5LVTXHV LQGXVWULHOV SUpYHQWLRQ HW LQWHUYHQWLRQ

0RGXOH /D VXUHWH LQWHUQH 0RGXOH 7R[LFRORJLH LQGXVWULHOOH 0RGXOH (WXGH HW FRQFHSWLRQ GX SODQ GH VÂ€UHWH 0RGXOH 0pWKRGHV G DQDO\VH GHV ULVTXHV TXDOLWDWLYHV 0RGXOH 2XWLOV HW PR\HQV GH SUHYHQWLRQ HW GH 0RGXOH 0pWKRGHV G DQDO\VH GHV ULVTXHV TXDQWLWDWLYHV SURWHFWLRQ 0RGXOH 3URWHFWLRQ GH O HQYLURQQHPHQW HW JHVWLRQ GHV 0RGXOH &RQWU{OH HW DXGLW GH VÂ€UHWH (WXGH GH FDV GpFKHWV 0RGXOH 7HFKQLTXHV GH UHGDFWLRQ DGPLQLVWUDWLYH 0RGXOH 0RGXOH /D JHVWLRQ GHV FRQÃ€LWV 32, 33,

0RGXOH /D SODQLÂ¿FDWLRQ RSpUDWLRQQHOOH GH OD VpFXULWp 0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD VpFXULWp HW GH eODERUDWLRQ HW JHVWLRQ GHV SODQV G XUJHQFH LQGXVWULHOOH O HQYLURQQHPHQW /D SUpYHQWLRQ HW OD JHVWLRQ GHV ULVTXHV PDMHXUV

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &HUQHU OD SUREOqPDWLTXH GH OD SURGXFWLRQ GDQV XQ PLOLHX FRQFXUUHQWLHO PDvWULVHU OÂ¶HQVHPEOH GHV PpWKRGHV HW WHFKQLTXHV OLpHV j OD IRQFWLRQ HQ YXH GH UpGXLUH OHV FRÂ€WV HW 5HVSHFWHU OHV GpODLV *pUHU OÂ¶RXWLO GH SURGXFWLRQ SRXU OH PDLQWHQLU FRQVWDPPHQW SHUIRUPDQW 3238/$7,21 &21&(51e( 7HFKQLFLHQV HW UHVSRQVDEOHV GH VHUYLFHV SURGXFWLRQ GÂ¶H[SORLWDWLRQ HW GH OD PDLQWHQDQFH 352*5$00( 0RGXOH ,QWURGXFWLRQ j OD JHVWLRQ GH OD SURGXFWLRQ 0RGXOH 0DQDJHPHQW HW RUJDQLVDWLRQ GH OD IRQFWLRQ SURGXFWLRQ 0RGXOH /D SODQLÂ¿FDWLRQ GH OD SURGXFWLRQ HW OHV V\VWqPHV MXVWH j WHPSV 0RGXOH /HV VWRFNV HW OD SURGXFWLRQ GH OD FKDvQH 0RGXOH / Â¶2UGRQQDQFHPHQW GDQV OD JHVWLRQ GH OD ORJLVWLTXH 0RGXOH /D 4XDOLWp 0RGXOH /D PDLQWHQDQFH HW Â¿DELOLWp 0RGXOH /D *3$2

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

qPH SURPRWLRQ

'85e(

+XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH

PRLV

2%-(&7,)6 0DvWULVHU OH SURFHVVXV 3URFXUHPHQW 0DvWULVHU OHV DVSHFWV DGPLQLVWUDWLIV UpJOHPHQWDLUHV HW TXDOLWDWLIV GX SURFHVVXV 0LHX[ FRQQDvWUH OHV FRQFHSWV OLpV j OD Â© 6XSSO\ &KDLQ Âª )DLUH FRQYHUJHU OD GpPDUFKH ORJLVWLTXH HW TXDOLWp

2%-(&7,)6 $FTXpULU OHV FDSDFLWpV QpFHVVDLUHV SRXU PHWWUH HQ SODFH pYDOXHU HW DPpOLRUHU XQ V\VWqPH GH PDQDJHPHQW GH OD TXDOLWp

3238/$7,21 &21&(51e( 'LUHFWHXUV HW UHVSRQVDEOHV GH OD ORJLVWLTXH 7RXWH SHUVRQQH GH O HQWUHSULVH LQWHUYHQDQW GDQV OH SURFHVVXV ORJLVWLTXH ,QJpQLHXUV RX FDGUHV GX VHUYLFH ORJLVWLTXH 352*5$00( 0RGXOH )RQGDPHQWDX[ GH OD 6&0 Â© 6XSSO\ &KDLQ 0DQDJHPHQW Âª 0RGXOH $QDO\VH VWUDWpJLTXH GHV FRÂ€WV 0RGXOH 0pWKRGHV GH SUpYLVLRQ 0RGXOH *HVWLRQ GHV VWRFNV GDQV OD FKDLQH ORJLVWLTXH 0RGXOH $FKDWV HW FKDLQH ORJLVWLTXH 0RGXOH *HVWLRQ GH OD SURGXFWLRQ HW FKDLQH ORJLVWLTXH 0RGXOH 6\VWqPH G LQIRUPDWLRQ HW FKDLQH ORJLVWLTXH (QWUHSULVH 5HVVRXUFHV 3ODQQLQJ Â© (53 Âª 0RGXOH 4XDOLWp GDQV OD FKDLQH ORJLVWLTXH

3238/$7,21 &21&(51(( 5HVSRQVDEOHV 4XDOLWp 5HVSRQVDEOHV 6pFXULWp 5HVSRQVDEOHV (QYLURQQHPHQW $XGLWHXUV 76 ,QJpQLHXU GÂ¶DSSOLFDWLRQ '(8$ %$& DQV FRPSWDELOLVDQW SOXV GH DQQpHV HQ PLOLHX LQGXVWULHO

)$/' 683(59,6(85 &$7(5,1*

qPH SURPRWLRQ

'85e( 'L[ PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &HWWH IRUPDWLRQ GRQQHUD XQ DSHUoX SUpFLV HW RSpUDWLRQQHO GHV SRLQWV FULWLTXHV j VXUYHLOOHU GDQV OD SHUVSHFWLYH GH OD GpPDUFKH +$&&3 HW OHV RXWLOV GH OD VXSHUYLVLRQ / Â¶K\JLqQH FRUSRUHOOH HW YHVWLPHQWDLUH /HV SODQV GH QHWWR\DJH GHV ORFDX[ GH SURGXFWLRQ GX PDJDVLQ HW GX SODQ GH WUDYDLO GHV DOLPHQWV GHV PDWpULHOV GH UHVWDXUDWLRQ HW GH FXLVLQH GH OD GpFRQJpODWLRQ GHV SURGXLWV FDUQpV GH OD FRQVHUYDWLRQ GHV SURGXLWV DOLPHQWDLUHV HW OHV GDWHV GH FRQVRPPDWLRQV GH OD FRQVHUYDWLRQ GX UHSDV WpPRLQ HW OD FKHFN OLVW TXRWLGLHQQH GH OD VXSHUYLVLRQ FDWHULQJ

3238/$7,21 &21&(51(( 5HVSRQVDEOHV &DWHULQJ

352*5$00( 352*5$00( 0RGXOH /D UHVWDXUDWLRQ GH FROOHFWLYLWp SURGXFWLRQ HW 0RGXOH 0DQDJHPHQW GH O HQWUHSULVH GLVWULEXWLRQ /D FRQVHUYDWLRQ GHV DOLPHQWV 0RGXOH 1RUPDOLVDWLRQ FHUWLÂ¿FDWLRQ HW DFFUpGLWDWLRQ 0RGXOH /HV $OLPHQWV /HV GLá‚‡pUHQWV W\SHV G Â¶DOLPHQWV 0RGXOH 6\VWqPH GH PDQDJHPHQW GH OD TXDOLWp 0RGXOH 2XWLOV GH OD TXDOLWp 0RGXOH /HV DOLPHQWV 0RGHV GH FXLVVRQ 0RGXOH 0DQDJHPHQW SDU O DSSURFKH SURFHVVXV 0RGXOH / K\JLqQH DOLPHQWDLUH SDUWLH 0RGXOH 0DQDJHPHQW GHV ULVTXHV 0RGXOH / K\JLqQH DOLPHQWDLUH SDUWLH 0RGXOH 6\VWqPH GH PDQDJHPHQW LQWpJUp 0RGXOH /D 0LFURELRORJLH DOLPHQWDLUH SDUWLH 0RGXOH $XGLW TXDOLWp 0RGXOH /D 0LFURELRORJLH DOLPHQWDLUH SDUWLH 0RGXOH /D JHVWLRQ GHV VWRFNV HW PDJDVLQDJH 0RGXOH OH FDOFXO GHV FRÂ€WV HW FRQWU{OH GH JHVWLRQ 0RGXOH /D VXSHUYLVLRQ FDWHULQJ

&RQWDFW 'pSDUWHPHQW '0,/

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' 0$1$*(0(17 '( /$ 48$/,7e

)$/' 6833/< &+$,1 0$1$*(0(17 6&0 qPH SURPRWLRQ

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU '0,/

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' $8',7 ,17(51(

)$/' /Â¶ $8',7 23e5$7,211(/

qUH SURPRWLRQ

qPH SURPRWLRQ

)$/' 0$1$*(0(17 '( 352-(76 qPH SURPRWLRQ

2%-(&7,)6 'pÂ¿QLU O DXGLW LQWHUQH 3RVLWLRQQHU O DXGLW LQWHUQH DX VHLQ GX GLVSRVLWLI GH FRQWU{OHLQWHUQH GH O RUJDQLVDWLRQ &RPSUHQGUH OH PpWLHU GH O DXGLWHXU LQWHUQH 6H SRVLWLRQQHU SDU UDSSRUW DX[ FRPSpWHQFHV H[LJpHV SDU OHPpWLHU G DXGLWHXU LQWHUQH

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV 2%-(&7,)6 ,GHQWLÂ¿HU OHV VSpFLÂ¿FLWpV GH OÂ¶DXGLW GH OD IRQFWLRQ FRPSWDELOLWp 5+ DFKDW FRQWU{OH GH JHVWLRQ $QDO\VHU HW pYDOXHU OHV ULVTXHV PDMHXUV DVVRFLpV DX[ SURFHVVXV FOpV %kWLU OH UpIpUHQWLHO GH FRQWU{OH LQWHUQH GHV SURFHVVXV OLpV DX[ IRQFWLRQV GH OÂ¶HQWUHSULVH &RQQDvWUH OD GpPDUFKH GH OÂ¶DXGLW FRPSWDEOH HW Â¿QDQFLHU PLVH HQ RHXYUH SDU OHV FRPPLVVDLUHV DX[ FRPSWHV

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV 2%-(&7,)6 &HUQHU OHV pWDSHV FOpV GH OD JHVWLRQ GH SURMHW *pUHU OD SODQLÂ¿FDWLRQ HW OH EXGJHW G XQ SURMHW HW DFTXpULU OHV RXWLOV SRXU DQWLFLSHU OHV ULVTXHV OLpV j VD UpDOLVDWLRQ $FTXpULU XQ UpIpUHQWLHO GH ERQQHV SUDWLTXHV HQ PDWLqUH GH JHVWLRQ GH SURMHW &RQWRXUQHU OHV REVWDFOHV UHODWLRQQHOV HW OHV GLá‚ˆFXOWpV RUJDQLVDWLRQQHOOHV SRXU DERXWLU j OD UpXVVLWH G XQ SURMHW

3238/$7,21 &21&(51(( &DGUHV Â¿QDQFLHUV HW FRPSWDEOH $XGLWHXUV &RPPLVVDLUHV DX[ FRPSWHV

3238/$7,21 &21&(51e( $XGLWHXUV &DGUHV FRPSWDEOHV HW Â¿QDQFLHUV /HV FRPPLVVDLUHV DX[ FRPSWHV

352*5$00( 0RGXOH ,QLWLDWLRQ j O DXGLW LQWHUQH 0RGXOH &RQGXLWH G Â¶XQH PLVVLRQ G DXGLW LQWHUQH OD PpWKRGRORJLH 0RGXOH 0DvWULVH GHV VLWXDWLRQV GH FRPPXQLFDWLRQ RUDOH GH O DXGLWHXU 0RGXOH 5pXVVLWH GHV pFULWV GH OD PLVVLRQ G DXGLW 0RGXOH ([SORLWDWLRQ GHV pWDWV Â¿QDQFLHUV SRXU SUpSDUHU XQH PLVVLRQ G DXGLW 0RGXOH 'pVDFUDOLVDWLRQ GHV V\VWqPHV G LQIRUPDWLRQ 0RGXOH 'pWHFWLRQ HW SUpYHQWLRQ GHV IUDXGHV 0RGXOH /Â¶$XGLW G Â¶XQH IRQFWLRQ

352*5$00( 0RGXOH $XGLW GH OD IRQFWLRQ FRPSWDELOLWp 0RGXOH $XGLW GH OD SHUIRUPDQFH GH OD JHVWLRQ GHV UHVVRXUFHV KXPDLQHV 0RGXOH $XGLW GH OD IRQFWLRQ DFKDWV 0RGXOH $XGLW GHV FRQWUDWV 0RGXOH $XGLW GH OD IRQFWLRQ FRQWU{OH GH JHVWLRQ 0RGXOH $XGLW GH OD VpFXULWp GHV V\VWqPHV GÂ¶LQIRUPDWLRQV HW GHV SURFHVVXV LQIRUPDWLVpV 0RGXOH $XGLW GH OD OpJLVODWLRQ VRFLDOH 0RGXOH $XGLW GHV SURFHVVXV FOpV GHV DFWLYLWpV LQGXVWULHOOHV HW FRPPHUFLDOHV

3238/$7,21 &21&(51e( &KHIV GH SURMHWV &DGUHV FKDUJpV GX VXLYL GHV SURMHWV ,QJpQLHXUV $UFKLWHFWHV

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

352*5$00( 0RGXOH ,QWURGXFWLRQ DX[ FRQFHSWV GH PDQDJHPHQW GH SURMHW 0RGXOH 0DQDJHPHQW GHV GpODLV 7LPH 0DQDJHPHQW 30 %2.

0RGXOH 0DQDJHPHQW GHV FRÂ€WV &RVW 0DQDJHPHQW 30%2.

0RGXOH 0DQDJHPHQW GH OD TXDOLWp 4XDOLW\ 0DQDJHPHQW 30%2.

0RGXOH 0DQDJHPHQW GHV 5HVVRXUFHV +XPDLQHV +XPDQ5HVRXUFHV 0DQDJHPHQW 30%2. HW 0DQDJHPHQW GHV &RPPXQLFDWLRQV &RPPXQLFDWLRQV 0DQDJHPHQW 30%2.

0RGXOH 0DQDJHPHQW GHV 5LVTXHV 5LVN 0DQDJHPHQW 30%2.

0RGXOH 0DQDJHPHQW GHV $SSURYLVLRQQHPHQWV 3URFXUqUHQW 0DQDJHPHQW 30%2. HW PDQDJHPHQW GHV FRQWUDWV 0RGXOH *HVWLRQQDLUH GHV SURMHWV 35,0$9(5$ RX 06 352-(&7

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

qPH SURPRWLRQ

)$/' ),1$1&( (7 &2037$%,/,7e '(6 $'0,1,675$7,216 38%/,48(6

)$/' 7(&+1,48(6 '( 5(&2895(0(17 (7 *(67,21 '8 &217(17,(8;

qPH SURPRWLRQ qPH SURPRWLRQ

'85e( +XLW PRLV G¶pWXGHV HQ DOWHUQp j UDLVRQ G¶XQH VHPDLQH PRLV

'85e(

+XLW PRLV G¶pWXGHV HQ DOWHUQp j UDLVRQ G¶XQH VHPDLQH PRLV

2%-(&7,)6 0DvWULVHU OHV WHFKQLTXHV GH EDVH GX FRQWU{OH GH JHVWLRQ (ODERUHU HW VXLYUH OHV SULQFLSDX[ EXGJHWV &RQVWUXLUH OHV WDEOHDX[ GH ERUG HVVHQWLHOV 2SpUHU XQH DQDO\VH ¿QDQFLqUH LQWHUSUpWHU OHV pFDUWV HW SURSRVHU GHV PHVXUHV FRUUHFWLYHV 0HVXUHU OHV SHUIRUPDQFHV j SDUWLU G XQ WDEOHDX GH ERUG HW GX FKRL[ GHV LQGLFDWHXUV VLJQL¿FDWLIV

2%-(&7,)6

3238/$7,21 &21&(51(( &RQWU{OHXUV GH JHVWLRQ $VVLVWDQWV GH GLUHFWLRQ JpQpUDOH &DGUHV ¿QDQFLHUV HW FRPSWDEOHV HQ FKDUJH GH OD IRQFWLRQ FRQWU{OH

,QVXႉHU XQH QRXYHOOH G\QDPLTXH GDQV OH WUDYDLO TXRWLGLHQ GHV FDGUHV 5HPSODFHU OHV DQFLHQQHV PpWKRGHV GH WUDYDLO GHV FDGUHV SDU GHV RXWLOV HW GHV PpFDQLVPHV SOXV PRGHUQHV HW HႈFDFHV 0HWWUH HQ SODFH GH QRXYHOOHV SURFpGXUHV GH WUDYDLO DGPLQLVWUDWLI EDVpHV VXU OHV QRXYHDX[ RXWLOV HW PpFDQLVPHV 0DvWULVHU OHV VDYRLUV WKpRULTXHV SUDWLTXHV HW OHV FRPSpWHQFHV PpWKRGRORJLTXHV GDQV OH GRPDLQH GHV ¿QDQFHV SXEOLTXHV HW GH O DGPLQLVWUDWLRQ GHV pWDEOLVVHPHQWV HW GHV RUJDQLVPHV SXEOLFV 6 DSSURSULHU GHV RXWLOV GH OD JHVWLRQ GHV ¿QDQFHV SXEOLTXHV PRGHUQHV $VVXUHU OD SHUIRUPDQFH HW OD TXDOLWp GH OD JHVWLRQ GX VHFWHXU SXEOLF

352*5$00( 0RGXOH ,QWURGXFWLRQ DX FRQWU{OH GH JHVWLRQ 0RGXOH &RPSWDELOLWp ¿QDQFLqUH VHORQ OH 6&)

0RGXOH &RPSWDELOLWp DQDO\WLTXH HW FRQWU{OH GHV FRXWV 0RGXOH $QDO\VH ¿QDQFLqUH VHORQ 6&)

0RGXOH (YDOXDWLRQ HW ¿QDQFHPHQW GHV LQYHVWLVVHPHQWV 0RGXOH 6WDWLVWLTXH GH JHVWLRQ 0RGXOH *HVWLRQ HW FRQWU{OH EXGJpWDLUH 0RGXOH 7DEOHDX GH ERUG HW UHSRUWLQJ

3238/$7,21 &21&(51e(

&RQWDFW 'pSDUWHPHQW '()

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

&DGUHV GHV 0LQLVWqUHV FROOHFWLYLWpV ORFDOHV HW pWDEOLVVHPHQWV SXEOLFV $GPLQLVWUDWHXUV &KHIV GH %XUHDX[ HW &DGUHV ¿QDQFLHUV

352*5$00( 0RGXOH 'URLW 3XEOLF HW 'URLW $GPLQLVWUDWLI 0RGXOH )LQDQFHV SXEOLTXHV 0RGXOH &RPSWDELOLWp 3XEOLTXH 0RGXOH /D *HVWLRQ %XGJpWDLUH 0RGXOH *HVWLRQ GHV PR\HQV JpQpUDX[ 0RGXOH *HVWLRQ GHV PDUFKpV SXEOLFV 0RGXOH /HV GLႇpUHQWV FRQWU{OHV GHV ¿QDQFHV GHV DGPLQLVWUDWLRQV SXEOLTXHV 0RGXOH / $XGLW HW OH &RQWU{OH GDQV OH VHFWHXU SXEOLF

&RQQDvWUH OHV HQMHX[ HW OHV EpQp¿FHV G¶XQ VROLGH UHFRXYUHPHQW 6¶LQLWLHU j OD OpJLVODWLRQ HW DX[ SURFpGXUHV GH UHFRXYUHPHQW HQ YLJXHXU D¿Q GH GpYHORSSHU VHV DUJXPHQWV &RQVWUXLUH XQH ERQQH VWUDWpJLH GH UHFRXYUHPHQW GH FUpDQFHV FOLHQWV HQ SUpVHUYDQW OD UHODWLRQ FRPPHUFLDOH 'RQQHU DX[ FKDUJpV GX FRQWHQWLHX[ GHV FRQQDLVVDQFHV QpFHVVDLUHV SRXU OD JHVWLRQ GX FRQWHQWLHX[

3238/$7,21 &21&(51e( &KDUJp H GX UHFRXYUHPHQW HW GH UHODQFH $GPLQLVWUDWLRQ GHV YHQWHV &RPSWDEOHV FOLHQWV &UpGLW PDQDJHPHQW $VVLVWDQWV FUpGLW PDQDJHU &DGUHV FRPPHUFLDX[ &KDUJp H V GX FRQWHQWLHX[

352*5$00( 0RGXOH /D IRQFWLRQ GX UHFRXYUHPHQW 0RGXOH /HV HQMHX[ GX UHFRXYUHPHQW 0RGXOH 6WUDWpJLH GH UHFRXYUHPHQW 0RGXOH 5HFRXYUHPHQW GHV FUpDQFHV 0RGXOH /H UHFRXYUHPHQW j O¶LQWHUQDWLRQDO 0RGXOH /D JHVWLRQ GX ULVTXH FOLHQW 0RGXOH /HV UHODQFHV 0RGXOH *HVWLRQ GX FRQWHQWLHX[

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' &2175Ð/( '( *(67,21

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' )$/' &2037$%,/,7e ),1$1&,ÃŠ5( 6&) $66,67$17 ( '( 0$1$*(5 qPH SURPRWLRQ '85e(

1HXI PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &RPSUHQGUH OH FDGUH FRQFHSWXHO GHV QRUPHV ,$6 ,)56 3UHQGUH FRQQDLVVDQFH GX FRQWHQX GHV QRUPHV UHODWLYHV j OD SUpVHQWDWLRQ GHV pWDWV Â¿QDQFLHUV 'pFRXYULU OHV VSpFLÂ¿FLWpV GHV QRUPHV ,)56 DSSOLFDEOH GDQV OH VHFWHXU 0HWWUH HQ SODFH OD ORJLTXH GH FRPSWDELOLVDWLRQ GHV DFWLIV SDVVLIV FKDUJHV HW SURGXLWV VHORQ OH 6&)

3238/$7,21 &21&(51e( &DGUHV Â¿QDQFLHUV HW FRPSWDEOHV &RPSWDEOHV HW FKHIV FRPSWDEOHV $VVLVWDQWV GH JHVWLRQ HW FDGUHV HQ FKDUJH GH OD IRQFWLRQ FRPSWDEOH

352*5$00( 0RGXOH )RQGHPHQW HW FDGUH FRQFHSWXHO GX 6&) 3UpVHQWDWLRQ GHV pWDWV Â¿QDQFLHUV ELODQ HW FRPSWH GH UpVXOWDW

0RGXOH ,PPRELOLVDWLRQV LQFRUSRUHOOHV HW FRUSRUHOOHV 0RGXOH ,PPRELOLVDWLRQV Â¿QDQFLqUHV GpSUpFLDWLRQ GÂ¶DFWLI HW FRÂ€WV GÂ¶HPSUXQW 0RGXOH /HV VSpFLÂ¿FLWpV GX 6&) 0RGXOH 6WRFNV HW HQFRXUV SURGXLWV GHV DFWLYLWpV RUGLQDLUHV 3URYLVLRQV SRXU ULVTXHV HW FKDUJHV HW GpSUpFLDWLRQV GHV DFWLIV 0RGXOH /HV LPS{WV GLá‚‡pUpV DYDQWDJHV RFWUR\pV DX SHUVRQQHO FKDQJHPHQW G HVWLPDWLRQV RX GH PpWKRGHV FRPSWDEOHV HW FRUUHFWLRQV G HUUHXUV 0RGXOH (WDWV Â¿QDQFLHUV WDEOHDX GHV Ã€X[ GH WUpVRUHULH WDEOHDX GH YDULDWLRQ GHV FDSLWDX[ SURSUHV HW DQQH[HV 0RGXOH /HV FRPSWHV FRQVROLGpV 0RGXOH /HV WUDYDX[ GÂ¶LQYHQWDLUH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

qPH SURPRWLRQ '85e( 'RX]H PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GH MRXUV VHPDLQH PRLV

2%-(&7,)6 (WUH FDSDEOH GÂ¶DVVLVWHU OH GLULJHDQW GDQV OD JHVWLRQ GH OÂ¶HQWUHSULVH 'Â¶DSSRUWHU GH OD YDOHXU DMRXWpH j OHXUV WkFKHV TXRWLGLHQQHV 'H FRPSUHQGUH OHV PpWKRGHV GH JHVWLRQ HW GÂ¶DFTXpULU XQH FXOWXUH GÂ¶HQWUHSULVH 3238/$7,21 &21&(51(( &ROODERUDWULFHV GH GLULJHDQWV TXL VRXKDLWHQW YDOLGHU HW UHQIRUFHU OHXUV FRPSpWHQFHV D\DQW OH QLYHDX GX %DF DQQpHV XQLYHUVLWDLUHV RX OH QLYHDX VHFRQGDLUH DQQpHV GÂ¶H[SpULHQFH SURIHVVLRQQHOOH 352*5$00( 0RGXOH &RQQDLVVDQFH GH OÂ¶HQWUHSULVH HW GH VRQ HQYLURQQHPHQW 0RGXOH ,QWURGXFWLRQ DX PDQDJHPHQW GH OÂ¶HQWUHSULVH 0RGXOH &RPPXQLFDWLRQ GDQV OÂ¶HQWUHSULVH 0RGXOH 7HFKQLTXHV GÂ¶H[SUHVVLRQ pFULWH 0RGXOH 5pGDFWLRQ GX FRXUULHU GÂ¶HQWUHSULVH 0RGXOH 2UJDQLVDWLRQ GX WUDYDLO GH OÂ¶DVVLVWDQWH 0RGXOH *HVWLRQ GH OÂ¶LQIRUPDWLRQ 0RGXOH ,QLWLDWLRQ DX GURLW GHV Dá‚‡DLUHV ORLV HW GLá‚‡pUHQWV W\SHV GH FRQWUDWV 0RGXOH ,QIRUPDWLTXH EXUHDXWLTXH 0RGXOH $QJODLV WHUPLQRORJLH UHODWLYH DX[ Dá‚‡DLUHV

0RGXOH (FRXWH FOLHQW 0RGXOH 5HFKHUFKH VXU LQWHUQHW

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

)$/' *(67,21 (/(&7521,48( '(6 '2&80(176 *('

qUH SURPRWLRQ '85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &XHLOOLU O HQVHPEOH GHV DVSHFWV GH OD *(' WHFKQLTXHV IRUPDWV VWDQGDUGV VROXWLRQV ORJLFLHOOHV DYHF pWXGH GHV FDV HW FRPSDUDLVRQ HQWUH OHV PHLOOHXUHV VROXWLRQV GLVSRQLEOHV

/D SUpVHQWDWLRQ GHV GLá‚‡pUHQWHV FRPSRVDQWHV G XQ V\VWqPH *(' HW O DQDO\VH GHV WHQGDQFHV DFWXHOOHV GX PDUFKp HW GHV WHFKQLTXHV 3238/$7,21 &21&(51e( FRQQDLVVDQFH GH EDVH GH OD JHVWLRQ GRFXPHQWDLUH OD PDWULVH ULVH GHV vW GHV RXWLOV LQIRUPDWLTXH GH EDVH DX PLQLPXP OD PD XWLOLWDLUHV GH OD EXUHDXWLTXH

352*5$00(

0RGXOH ,QWURGXFWLRQ JpQpUDOH 0RGXOH ,GHQWLÂ¿HU OHV pOpPHQWV GH O DQDO\VH GRFXPHQWDLUH (WXGH GH FDV

0RGXOH &UpHU OH SODQ GH FODVVHPHQW 7UDYDX[ SUDWLTXHV

0RGXOH ,QGH[HU OHV FRQWHQXV 7UDYDX[ SUDWLTXHV

0RGXOH 0RGpOLVHU OHV Ã€X[ GRFXPHQWDLUHV HW OD FUpDWLRQ GHV PRGqOHV GH FRQWHQX 0RGXOH )LQDOLVHU OH GRVVLHU G DQDO\VH GRFXPHQWDLUH 'pPRQVWUDWLRQ 0HWWUH HQ Â°XYUH OH GRVVLHU G DQDO\VH GRFXPHQWDLUH GDQV XQH VROXWLRQ ORJLFLHOOH

0RGXOH ,QWpJUDWLRQ DYHF O LQIUDVWUXFWXUH 6, 0RGXOH $GPLQLVWUDWLRQ G XQ V\VWqPH *('

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

)$/' 6(&5e7$5,$7 %85($87,48(

qPH SURPRWLRQ qPH SURPRWLRQ '85e( +XLW PRLV HQ DOWHUQp j UDLVRQ G XQH VHPDLQH SDU PRLV VRLW XQ YROXPH KRUDLUH GH KHXUHV G HQVHLJQHPHQW

'$7( '( 'e0$55$*(

2%-(&7,)6

&RQFHYRLU HW PHWWUH HQ Â°XYUH XQ V\VWqPH JOREDO LQWpJUp GH PDQDJHPHQW GH O LQIRUPDWLRQ DX VHLQ G XQH HQWUHSULVH HW GHV LQVWLWXWLRQV GRFXPHQWDLUHV (OHYHU OH QLYHDX GH TXDOLÂ¿FDWLRQ GDQV XQ PpWLHU GH OD GRFXPHQWDWLRQ

352*5$00( 0RGXOH /H PDQDJHPHQW VWUDWpJLTXH HQ LQIRUPDWLRQ Â± GRFXPHQWDWLRQ 0RGXOH /HV 7,& GDQV OHV V\VWqPHV G LQIRUPDWLRQV GRFXPHQWDLUHV 0RGXOH JHVWLRQ GHV FROOHFWLRQV 0RGXOH /D IRQFWLRQ GRFXPHQWDLUH 5HFKHUFKH HW GLá‚‡XVLRQ G LQIRUPDWLRQV

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6

$SSUHQGUH j RUJDQLVHU HW j JpUHU XQ VHFUpWDULDW 3HUPHWWUH DX[ VHFUpWDLUHV GÂ¶DFFpGHU j XQH SOXV JUDQGH PDvWULVH GH OHXU SRVWH SDU XQH PHLOOHXUH FRPSUpKHQVLRQ GHV REMHFWLIV HW GX FRQWHQX GHV IRQFWLRQV GH GLUHFWLRQ $PpOLRUHU OHV PpWKRGHV GH FRPPXQLFDWLRQ HW GH WUDYDLO $FTXpULU OHV WHFKQLTXHV OHXU SHUPHWWDQW GH VÂ¶DGDSWHU DX[ H[LJHQFHV QRXYHOOHV GH OHXU IRQFWLRQ EXUHDXWLTXH

3238/$7,21 &21&(51e( 6HFUpWDLUHV GLSO{Pp HV GpEXWDQW HV 6HFUpWDLUHV GH GLUHFWLRQ FRQÂ¿UPp HV

$VVLVWDQWV DGPLQLVWUDWLIV 352*5$00(

0RGXOH /H FDWDORJDJH GHV GRFXPHQWV LPSULPpV 0RGXOH /Â¶RUJDQLVDWLRQ GX WUDYDLO GDQV XQ VHFUpWDULDW OH FODVVHPHQW HW OH UDQJHPHQW GHV GRVVLHUV VRQRUHV HW LPDJHV DQLPpHV 0RGXOH /H FDWDORJDJH GHV GRFXPHQWV pOHFWURQLTXHV 0RGXOH /D UpGDFWLRQ GHV OHWWUHV HW GHV pFULWV SURIHVVLRQQHOV 0RGXOH /HV ODQJDJHV GRFXPHQWDLUHV 0RGXOH /D EXUHDXWLTXH 0RGXOH / DQDO\VH HW LQGH[DWLRQ GHV GRFXPHQWV 0RGXOH &RQQDLVVDQFH GH OÂ¶HQWUHSULVH 0RGXOH /D FRPPXQLFDWLRQ GDQV OÂ¶HQWUHSULVH 0RGXOH (YDOXDWLRQ GH OD SHUIRUPDQFH GHV LQVWLWXWLRQV 0RGXOH ,QIRUPDWLTXH GH JHVWLRQ GRFXPHQWDLUHV 0RGXOH /D JHVWLRQ GH OÂ¶LQIRUPDWLRQ 0RGXOH /D VHFUpWDLUH HW OÂ¶LQWHUQHW

)$/' ('8&$75,&( '( -$5',16 'Â¶(1)$176 qPH SURPRWLRQ '85e(

MRXUV DOWHUQpV j UDLVRQ GH MRXUV SDU PRLV PRGXOHV

2%-(&7,)6 'pYHORSSHU FKH] OHV pGXFDWULFHV OHV IDFXOWpV GH O REVHUYDWLRQ HW G DQDO\VH GHV UHODWLRQV LQGLYLGXHOOHV GHV UHODWLRQV GH JURXSH HW OHV GRWHU GHV WHFKQLTXHV pGXFDWLYHV SHUPHWWDQW OD FRPPXQLFDWLRQ HW O H[SUHVVLRQ GHV HQIDQWV $FTXpULU OHV FRQQDLVVDQFHV HW OHV FRPSpWHQFHV QpFHVVDLUHV SRXU V DFTXLWWHU GH IDoRQ SURIHVVLRQQHOOH GHV GLYHUVHV IRQFWLRQV HW UHVSRQVDELOLWpV TXL GpFRXOHQW GH /D JHVWLRQ G XQ VHUYLFH GH JDUGH G HQIDQWV

352*5$00( 0RGXOH /D SV\FKRORJLH GH O HQIDQW 0RGXOH /H GpYHORSSHPHQW GX ODQJDJH 0RGXOH /HV WHFKQLTXHV pGXFDWLYHV 0RGXOH /HV RXWLOV GH OD SpGDJRJLH 0RGXOH 6HFRXULVPH HW GLpWpWLTXH 0RGXOH +\JLqQH SK\VLTXH HW PHQWDOH 0RGXOH /D JHVWLRQ GX VHUYLFH GH JDUGH 0RGXOH /Â¶HQIDQW HW OD FRPPXQLFDWLRQ

)$/' $5&+,9,67,48( qPH SURPRWLRQ '85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV '$7( '( 'e0$55$*( 0DUV 6HSWHPEUH

2%-(&7,)6 $ OÂ¶LVVXH GX VWDJH OHV DJHQWV GRLYHQW rWUH HQ PHVXUH GÂ¶DVVXUHU Há‚ˆFDFHPHQW OÂ¶HQVHPEOH GHV WkFKHV LQKpUHQWHV GH OD IRQFWLRQ GÂ¶DUFKLYLVWH QRWDPPHQW FHOOHV D\DQW WUDLW j OD FRQVHUYDWLRQ HW j OD VpFXUXWp GHV GRFXPHQWV

3238/$7,21 &21&(51e( $JHQWV FKDUJpV GH OD JHVWLRQ GH OÂ¶RUJDQLVDWLRQ HW GH OD VpFXULWp GHV DUFKLYHV

352*5$00( 0RGXOH &RQQDLVVDQFH GH O HQWUHSULVH 0RGXOH *HVWLRQ DGPLQLVWUDWLYH GHV DUFKLYHV 0RGXOH &RQWH[WH OpJLVODWLI HW QRUPDWLI GHV DUFKLYHV 0RGXOH 7UDLWHPHQW VFLHQWLÂ¿TXH GHV DUFKLYHV 0RGXOH 6WDJH SUDWLTXH HW YLVLWH GHV DUFKLYHV 0RGXOH *HVWLRQ pOHFWURQLTXH GHV GRFXPHQWV G DUFKLYHV 0RGXOH /HV RXWLOV GH UHFKHUFKH HW GH OD FRPPXQLFDWLRQ GHV DUFKLYHV 0RGXOH /HV UpVHDX[ HW OHV V\VWqPHV G LQIRUPDWLRQ

&RQWDFW 'pSDUWHPHQW '6, &RQWDFW 7pO )D[ 'pSDUWHPHQW 6FLHQFHV GH OÂ¶,QIRUPDWLRQ '6, (PDLO GVLLQSHG#JPDLO FRP

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' 7(&+1,48(6 '2&80(17$,5(6

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/' $'0,1,675$7(85 /,18;

)$/' 3(5)(&7,211(0(17 (1 %85($87,48( qUH SURPRWLRQ

qUH SURPRWLRQ

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 'pFRXYULU OHV IRQFWLRQQDOLWpV GH :LQGRZV HW OHXU PLVH HQ Â°XYUH $SSUHQGUH j XWLOLVHU WRXWHV OHV IRQFWLRQV GH EDVH GH 0LFURVRIW :RUG HQ HQYLURQQHPHQW SURIHVVLRQQHO 6DYRLU VWUXFWXUHU GHV WDEOHDX[ HQ LQWpJUDQW GHV FDOFXOV HW GHV UHSUpVHQWDWLRQV JUDSKLTXHV &RQVWUXLUH DYHF PpWKRGH HW UDSLGLWp XQH SUpVHQWDWLRQ LQWpJUDQW GX WH[WH HW GHV LOOXVWUDWLRQV DYHF 3RZHU3RLQW &RQQDvWUH OH SULQFLSH GH FUpDWLRQ G XQH EDVH GH GRQQpHV UHODWLRQQHOOH HW GH VHV RXWLOV *pUHU VHV FRQWDFWV VRQ DJHQGD HW VHV WkFKHV WHFKQLTXHV GH OD VpFXULWp FRPPXQLFDWLRQ UHVVRXUFHV KXPDLQHV HW DVSHFWV

3238/$7,21 &21&(51e( $VVLVWDQW H V $GPLQLVWUDWLI YH V 6HFUpWDLUHV GH 'LUHFWLRQ &RQÂ¿UPp HV

352*5$00( 0RGXOH :LQGRZV %DVHV 0RGXOH 0LFURVRIW 2á‚ˆFH :RUG 3HUIHFWLRQQHPHQW 0RGXOH 0LFURVRIW 2á‚ˆFH ([FHO 3HUIHFWLRQQHPHQW 0RGXOH 0LFURVRIW 2á‚ˆFH 3RZHU3RLQW 3HUIHFWLRQQHPHQW /D &RPPXQLFDWLRQ GDQV O (QWUHSULVH 0RGXOH 0LFURVRIW 2á‚ˆFH $FFHVV 0RGXOH 0LFURVRIW 2á‚ˆFH 2XWORRN 0RGXOH ,QIRJUDSKLH HW 3$2 0RGXOH ,QWHUQHW 0XOWLPpGLD

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

2%-(&7,)6 0DLWULVHU OH V\VWqPH /,18; $SSUHQGUH j GpSOR\HU XQH LQIUDVWUXFWXUH 5pVHDX[ VRXV /,18; $SSUHQGUH j GpSOR\HU XQH VROXWLRQ 2SHQ 6RXUFH 3238/$7,21 &21&(51e( &H SURJUDPPH HVW GHVWLQp DX[ SURIHVVLRQQHOV GH O LQIRUPDWLTXH YRXODQW pYROXHU GDQV XQH LQIUDVWUXFWXUH 5pVHDX[ /LQX[

352*5$00( 0RGXOH &RPPXQLFDWLRQ 0RGXOH ,QWURGXFWLRQ DX V\VWqPH /LQX[ 0RGXOH $GPLQLVWUDWLRQ GX V\VWqPH /LQX[ 0RGXOH $GPLQLVWUDWLRQ GX 5pVHDX /,18; QLYHDX 0RGXOH $GPLQLVWUDWLRQ GX 5pVHDX /,18; QLYHDX $YDQFp 0RGXOH $QDO\VH 6pFXULWp HW 2SWLPLVDWLRQ GX 5pVHDX 0RGXOH 'pSORLHPHQW G XQH VROXWLRQ 2SHQ VRXUFH 0RGXOH (WXGH GH FDV

)$/' &+() '( 352-(7 ,1)250$7,48( 63e&,$/,7e $'0,1,675$7(85 5e6($8; qPH SURPRWLRQ '85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &RQQDvWUH OHV FRQFHSWV GH EDVH G RUJDQLVDWLRQ HW GH JHVWLRQ GHV HQWUHSULVHV $SSUHQGUH j FRQGXLUH XQ SURMHW 0DvWULVHU FHUWDLQHV WHFKQLTXHV GH FRPPXQLFDWLRQ $FTXpULU OHV FRQQDLVVDQFHV WKpRULTXHV HW SUDWLTXHV QpFHVVDLUHV SRXU DGPLQLVWUHU XQ UpVHDX LQIRUPDWLTXH 3238/$7,21 &21&(51(( /D IRUPDWLRQ HVW GHVWLQpH j WRXWH SHUVRQQH D\DQW VXLYL XQH IRUPDWLRQ HQ LQIRUPDWLTXH SURJUDPPHXU HW 76 HQ LQIRUPDWLTXH 352*5$00( 0RGXOH 7HFKQLTXHV GH FRPPXQLFDWLRQ 0RGXOH &RQGXLWH GH SURMHW HW PpWKRGRORJLH 0RGXOH ,QWURGXFWLRQ DX 7&3 ,3 0RGXOH $GPLQLVWUDWLRQ HW PDLQWHQDQFH GHV VHUYHXUV ZLQGRZV 6HUYHU 0RGXOH &RQÂ¿JXUDWLRQ HW GpSDQQDJH G XQH ,QIUDVWUXFWXUH UpVHDX :LQGRZV 6HUYHU 0RGXOH &RQÂ¿JXUDWLRQ GHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ :LQGRZV 6HUYHU SDUWLH 0RGXOH &RQÂ¿JXUDWLRQ GHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ :LQGRZV 6HUYHU SDUWLH 0RGXOH &RQFHSWLRQ GH OD VpFXULWp G XQ UpVHDX 0LFURVRIW :LQGRZV

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

qUH SURPRWLRQ

3(5)(&7,211(0(17 (1 )5$1d$,6 *e1e5$/ 7286 1,9($8;

qUH SURPRWLRQ

)$/' 0$5.(7,1* (7 $&7,216 &200(5&,$/(6 qPH SURPRWLRQ

'85e( +XLW PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 $FTXpULU SHUIHFWLRQQHU HW PDvWULVHU YRV FRPSpWHQFHV OLQJXLVWLTXHV SRXU ELHQ FRPPXQLTXHU j O RUDO HW j O pFULW 6H IDPLOLDULVHU DYHF OHV FRPSpWHQFHV GX WHVW OHFWXUH pFRXWH pFULW HW RUDO

2%-(&7,)6 &RPSUHQGUH O DSSURFKH OD GpPDUFKH HW OHV FRQFHSWV 0DUNHWLQJ 'RWHU OHV VWDJLDLUHV GH WHFKQLTXHV PRGHUQHV LQGLVSHQVDEOHV DX GpYHORSSHPHQW GHV YHQWHV HW GHV SDUWV GH PDUFKp GH O HQWUHSULVH

3238/$7,21 &21&(51(( 7RXWH SHUVRQQH VRXKDLWDQW pWXGLHU RX WUDYDLOOHU GDQV XQ HQYLURQQHPHQW DQJORSKRQH

3238/$7,21 &21&(51(( 7RXWH SHUVRQQH VRXKDLWDQW pWXGLHU RX WUDYDLOOHU GDQV XQ HQYLURQQHPHQW IUDQFRSKRQH

&21',7,216 'Â¶$&&(6 7HVW GH SODFHPHQW

&21',7,216 'Â¶$&&(6 7HVW GH SODFHPHQW 352*5$00(

3(5)(&7,211(0(17 (1 $1*/$,6 *e1e5$/ 7286 1,9($8;

352*5$00( 5HDGLQJ /LVWHQLQJ 6SHDNLQJ :ULWLQJ *UDPPDU 9RFDEXODU\

)$/'

3238/$7,21 &21&(51(( &DGUHV FRPPHUFLDX[ GpVLUDQW VH SHUIHFWLRQQHU DX[ WHFKQLTXHV GX PDUNHWLQJ 352*5$00( 0RGXOH /HV SURSRVLWLRQV IRQGDPHQWDOHV GH O DSSURFKH 0DUNHWLQJ 0RGXOH / pWXGH GH PDUFKp HW O DQDO\VH GH OD GHPDQGH 0RGXOH /D W\SRORJLH HW FRPSRUWHPHQW GH OD FOLHQWqOH 0RGXOH /D SROLWLTXH SURGXLW GH O HQWUHSULVH 0RGXOH /D SROLWLTXH GH SUL[ 0RGXOH /D SROLWLTXH GH GLVWULEXWLRQ 0RGXOH 0DUNHWLQJ FRPPXQLFDWLRQ 0RGXOH /HV RXWLOV GH SODQLÂ¿FDWLRQ HW GH FRQWU{OH PDUNHWLQJ

/HFWXUH (FRXWH 3DUOp (FULW *UDPPDLUH 9RFDEXODLUH

&RQWDFW 'pSDUWHPHQW '3/ &RQWDFW 'pSDUWHPHQW '0 &RQWDFW 'pSDUWHPHQW '3/ 7pO )D[ 7pO )D[ 7pO )D[

)250$7,216 $/7(51e(6 '( /21*8( '85e( )$/'

)$/'

(PDLO LQSHG PDUNHWLQJ#JPDLO FRP

)250$7,216 48$/,),$17(6 )RUPDWLRQV $OWHUQpHV GH 0R\HQQH 'XUpH )$0'

3RXU FRPSOpWHU VRQ Rá‚‡UH HW rWUH DX SOXV SUqV GHV SUpRFFXSDWLRQV GHV SUDWLFLHQV HW VSpFLDOLVWHV GX PDQDJHPHQW HW GH O RUJDQLVDWLRQ GHV HQWUHSULVHV O ,13(' D FRQoX j OHXU LQWHQWLRQ GHV IRUPDWLRQV DGDSWpHV LQFOXDQW OÂ¶LQJpQLHULH GH OD IRUPDWLRQ OD IRUFH GH YHQWH OD JHVWLRQ GX WUDQVSRUW HWF ,O V DJLW GH )RUPDWLRQV $OWHUQpHV GH 0R\HQQH 'XUpH )$0' /H FRQWHQX GHV SURJUDPPHV OHV FRQGLWLRQV G DFFqV DLQVL TXH OD VDQFWLRQ VHURQW GpWDLOOpV GDQV OH SUpVHQW FDWDORJXH

0e7+2'(6 3e'$*2*,48(6 0pWKRGHV DFWLYHV FRPELQDQW DSSRUWV WKpRULTXHV HW H[SpULHQFH GHV SDUWLFLSDQWV (WXGHV GH FDV -HX[ U{OHV $WHOLHUV SUDWLTXHV (YDOXDWLRQ PRGXODLUH

6$1&7,21 '( /$ )250$7,21 &HUWLÂ¿FDW GpOLYUp SDU OÂ¶,13(' SRXU OHV SDUWLFLSDQWV D\DQW VXLYL OD IRUPDWLRQ DYHF VXFFqV

PH SURPRWLRQ

'85e( 7 URLV PRLV G¶pWXGH j UDLVRQ GH MRXUV SDU PRLV 2%-(&7,)6 $FFpGHU DX JUDGH G¶DWWDFKp G¶DGPLQLVWUDWLRQ 3238/$ 7,21 &21&(51(( )RQFWLRQQDLUHV GHV LQVWLWXWLRQV SXEOLTXHV 352*5$00( 0RGXOH 1RWLRQV GH GURLW 0RGXOH 1RWLRQV GH GURLW 0RGXOH ,QWURGXFWLRQ DX[ VFLHQFHV GX GURLW 0RGXOH *HVWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 5pGDFWLRQ DGPLQLVWUDWLYH 0RGXOH 'URLW GH OD IRQFWLRQ SXEOLTXH

)$0' *(67,21 '8 75$163257

)$0' qPH SURPRWLRQ

$5$%(

qPH SURPRWLRQ

'85e(

&LQT PRLV G¶pWXGHV HQ DOWHUQp j UDLVRQ G¶XQH VHPDLQH PRLV 2%-(&7,)6 $FTXpULU OHV FRQQDLVVDQFHV UHTXLVHV HQ PDWLqUH G RUJDQLVDWLRQ HW G RSWLPLVDWLRQ GH OD IRQFWLRQ WUDQVSRUW

3238/$7,21 &21&(51e( $JHQWV G H[pFXWLRQ RX GH PDvWULVH DX VHLQ GHV pTXLSHV RSpUDWLRQQHOOHV pYROXDQW GDQV GHV XQLWpV GH WUDQVSRUW RX G DSSURYLVLRQQHPHQW 352*5$00( 0RGXOH LQWURGXFWLRQ HW UpJOHPHQWDWLRQ GH O DFWLYLWp GH

WUDQVSRUW 0RGXOH /HV GLႇpUHQWHV IRUPHV G RUJDQLVDWLRQ OHV PRGHV HW OHV LQIUDVWUXFWXUHV GH O DFWLYLWp WUDQVSRUW 0RGXOH LQWURGXFWLRQ j OD QRWLRQ GH ORJLVWLTXH HW GH PDQDJHPHQW GHV V\VWqPHV GH WUDQVSRUW 0RGXOH /H PDQDJHPHQW GH OD PDLQWHQDQFH GHV HQJLQV GH WUDQVSRUW 0RGXOH /H U{OH GH OD UHVVRXUFH KXPDLQH GDQV O DFWLYLWp GH WUDQVSRUW &DV SUDWLTXH

)$0' )$0' *(67,21 '(6 0$*$6,16 $ 77 $&+e '¶$'0,1,675$7,21 qPH SURPRWLRQ '85e( &21),50$ 7,21 $8 *5$'( qPH SURPRWLRQ

'85e( 6L[ PRLV G¶pWXGH j UDLVRQ GH MRXUV SDU PRLV

%-(&7,)6 &RQ¿UPDWLRQ DX JUDGH G¶DWWDFKp G¶DGPLQLVWUDWLRQ 3238/$ 7,21 &21&(51e( )RQFWLRQQDLUHV GHV LQVWLWXWLRQV SXEOLTXHV 352*5$00( 0RGXOH 1RWLRQV GH GURLW 0RGXOH 1RWLRQV GH GURLW 0RGXOH ,QWURGXFWLRQ DX[ VFLHQFHV GX GURLW 0RGXOH *HVWLRQ GHV 5HVVRXUFHV +XPDLQHV 0RGXOH 5pGDFWLRQ DGPLQLVWUDWLYH 0RGXOH 0pWKRGRORJLH GH OD UHFKHUFKH

&LQT PRLV G¶pWXGHV HQ DOWHUQp j UDLVRQ G¶XQH VHPDLQH PRLV 2%-(&7,)6 (QXPpUHU OHV SULQFLSDX[ IDFWHXUV G XQH JHVWLRQ HႈFDFH GHV VWRFNV (YLWHU OHV UXSWXUHV GH VWRFNV HQ PLQLPLVDQW OD YDOHXU ¿QDQFLqUH VWRFNpH (WUH FDSDEOH G DQDO\VHU OHV GLႇpUHQWV ULVTXHV OLpV DX PDJDVLQ 3238/$7,21 &21&(51e( $JHQWV GH PDvWULVH PDJDVLQLHUV HW UHVSRQVDEOHV GH PDJDVLQ 352*5$00( 0RGXOH 6WRFNV HW DSSURYLVLRQQHPHQW GDQV O HQWUHSULVH 0RGXOH 3URFpGXUHV GH JHVWLRQ GHV VWRFNV HW DSSURYLVLRQQHPHQW 0RGXOH 2UJDQLVDWLRQ HW JHVWLRQ SK\VLTXH GHV PDJDVLQV 0RGXOH 2XWLOV G H[SORLWDWLRQ GHV PDJDVLQV HW V\VWqPHV G LQYHQWDLUH 0RGXOH 2SWLPLVDWLRQ GH OD JHVWLRQ GHV VWRFNV HW GHV

ΝΫΎϣϧ

PDJDVLQV

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

&RQWDFW 'pSDUWHPHQW '6, &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GVLLQSHG#JPDLO FRP

)250$7,216 $/7(51e(6 '( 02<(11( '85e( )$0'

)$0' $77$&+e '¶$'0,1,675$7,21 $&&e6 $8 *5$'(

)250$7,216 $/7(51e(6 '( 02<(11( '85e( )$0'

)$0' 6(&5e7$5,$7 0e',&$/ qUH SURPRWLRQ '85e(

)$0' /(6 e&5,76 352)(66,211(/6

)$0' 352)(66,21$/ :5,7,1*6

qUH SURPRWLRQ qUH SURPRWLRQ

&LQT PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

'85e( '85$7,21 &LQT PRLV GÂ¶pWXGHV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH )LYH PRQWKV RI VWXGLHV WKUHH GD\V SHU ZHHN PRLV PRQWK

2%-(&7,)6 $SSUHQGUH OHV PpWKRGHV HW VDYRLU IDLUH SHUPHWWDQW GÂ¶DPpOLRUHU OD FDSDFLWp j UpGLJHU GHV pFULWV SURIHVVLRQQHOV 0DvWULVHU OHV EDVHV GH OD FRPPXQLFDWLRQ pFULWH HW GHV IRQGDPHQWDX[ GH OD ODQJXH IUDQoDLVH GH FRPSUHQGUH /Â¶LPSRUWDQFH GX SODQ HW WUDYDLOOHU VRQ VW\OH 5HWURXYHU XQH pFULWXUH VSRQWDQpH HW ULJRXUHXVH GDQV OHV PHVVDJHV SURIHVVLRQQHOV OHWWUH UDSSRUW QRWH GH VHUYLFH HW GÂ¶HQ IDYRULVHU OD UpFHSWLRQ SDU OHV PXOWLSOHV GHVWLQDWDLUHV DX[TXHOV LOV VÂ¶DGUHVVHQW

2%-(&7,9(6 7KLV WUDLQLQJ SURSRVHV PHWKRGV DQG NQRZ KRZ DOORZLQJ WUDLQHHV WR LPSURYH WKHLU FDSDFLW\ WR LOOXVWUDWH SURIHVVLRQDO ZULWLQJV ,W KHOSV WR Â¿QG WKH EDVHV RI WKH ZULWWHQ FRPPXQLFDWLRQ DQG WKH IXQGDPHQWDOV RI WKH )UHQFK ODQJXDJH XQGHUVWDQG WKH LPSRUWDQFH RI WKH RXWOLQH SODQ DQG WR ZRUN LWV VW\OH

3238/$7,21 &21&(51(( &DGUHV TXL VRXKDLWHQW SHUIHFWLRQQHU OHXUV pFULWV SURIHVVLRQQHOV

3238/$7,21 &21&(51(( &DGUHV VRXKDLWDQW SHUIHFWLRQQHU OHXUV pFULWV SURIHVVLRQQHOV

3238/$7,21 &21&(51(' 7KLV WUDLQLQJ LV DGGUHVVHG WR DOO WKH H[HFXWLYHV ZKR KRSH WR LPSURYH WKHLU SURIHVVLRQDO ZULWLQJV

352*5$00( 0RGXOH /H YRFDEXODLUH PpGLFDO 0RGXOH /pJLVODWLRQ GH OD VDQWp 0RGXOH /HV JHVWHV GH VHFRXUV 0RGXOH /H VHFUpWDULDW PpGLFDO 0RGXOH 7UDYDX[ GH V\QWKqVH HW GÂ¶DSSOLFDWLRQ

352*5$00( 0RGXOH 6DYRLU IDLUH IRQGDPHQWDX[ HW UDSSHO GH TXHOTXHV UqJOHV RUWKRJUDSKLTXHV HW JUDPPDWLFDOHV GHV PRWV TXL VWUXFWXUHQW OH GLVFRXUV OÂ¶DVVHPEODJH GHV PRWV 0RGXOH &RQVHLOV JpQpUDX[ GH UpGDFWLRQ OH SODQ OÂ¶DUJXPHQWDWLRQ OH VW\OH HW OH SURWRFROH pSLVWRODLUH 0RGXOH ([HUFLFHV SUDWLTXHV VXU GLá‚‡pUHQWV W\SHV GÂ¶pFULWV /D OHWWUH GÂ¶Dá‚‡DLUHV 0RGXOH /HV 3URFqV YHUEDX[ HW FRPSWHV UHQGXV 0RGXOH /H UDSSRUW GpÂ¿QLWLRQ FRPSDUDWLYH DYHF GÂ¶DXWUHV pFULWV SURIHVVLRQQHOV /D V\QWKqVH

352*5$0 0RGXOH )XQGDPHQWDO NQRZ KRZ DQG UH YLHZ RI VRPH RUWKRJUDSKLF DQG JUDPPDWLFDO UXOHV WKDW VWUXFWXUH WKH VSHHFK ZRUG RUGHU 0RGXOH *HQHUDO DGYLFH RI UHGDFWLRQ WKH RXWOLQH SODQ WKH DUJXPHQWDWLRQ WKH VW\OH DQG WKH HSLVWRODU\ SURWRFRO 0RGXOH 7UDLQLQJV DERXW WKH GLá‚‡HUHQW W\SHV RI ZULWLQJV Â³WKH EXVLQHVV OHWWHUÂ´ 0RGXOH 7KH Rá‚ˆFLDO UHSRUWV DQG UHSRUWV 0RGXOH 7KH UHSRUW D FRPSDUDWLYH GHÂ¿QLWLRQ ZLWK RWKHU SURIHVVLRQDO UHSRUWV WKH V\QWKHVLV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

qUH SURPRWLRQ

'85e( &LQT PRLV G pWXGHV HQ DOWHUQp j UDLVRQ GH MRXUV PRLV

) $0' $66,67 $17 ( (;3257

) $0' )25&( '( 9(17(

qUH SURPRWLRQ '85e( &LQT PRLV G pWXGHV HQ DOWHUQp j UDLVRQ GH MRXUV PRLV

qUH SURPRWLRQ '85e( &LQT MRXUV G pWXGHV HQ DOWHUQp j UDLVRQ GH MRXUV PRLV 2%-(&7,) 6

2%-(&7,)6 2%-(&7,)6 'pÂ¿QLU OD GpPDUFKH SRXU PD[LPLVHU OD JHVWLRQ GX IURQW RI Â¿FH HW QRWDPPHQW OD UHODWLRQ FOLHQW H V ' R Q Q H U D X [ D S S U H Q D Q W V O H V F O p V S R X U G p V D P R U F H U G VLWXDWLRQV GpOLFDWHV DYHF GHV FOLHQWV $SSUHQGUH GDQV XQH UHODWLRQ LQWHUSHUVRQQHOOH j FUpHU OH F R Q W D F W H W H Q W U H W H Q L U O L Q W p U r W G H O L Q W H U O R F X W H X U S D U X Q H FRPPXQLFDWLRQ DGDSWpH $PpOLRUHU OHV FDSDFLWpV FRPPHUFLDOHV GHV PHPEUHV GH O pTXLSH HW LGHQWLÂ¿HU OH SURÂ¿O GH FKDTXH FRPPHUFLDO 3238/$ 7,21 &21&(51e( $JHQWV GX )URQW 2I Â¿FH &RPPHUFLDX[ WHUUDLQ &KDUJpV GH O DFFXHLO SK\VLTXH RX WpOpSKRQLTXH 352*5$00( 6DYRLU JpUHU VRQ VWUHVV M *pUHU OHV FOLHQWV GLI Â¿FLOHV M /D 3URJUDPPDWLRQ 1HXUR /LQJXLVWLTXH M / DQDO\VH WUDQVDFWLRQQHOOH M &RPPXQLFDWLRQ LQWHUSHUVRQQHOOH M $FFXHLO FOLHQWV M /D YHQWH M 1pJRFLDWLRQ FRPPHUFLDOH M /D FXOWXUH FOLHQW M 7 HFKQLTXHV GH Â¿GpOLVDWLRQ M

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

'RQQHU DX[ SDUWLFLSDQWV OHV pOpPHQWVIRQGDPHQWDX[ OHXU SHUPHWWDQW GH PDvWULVHUOHV RXWLOV HW OHV GpPDUFKHV j VXLYUH SRXU PRQWHU XQ SURMHW G H[SRUWDWLRQ

3238/$ 7,21 &21&(51e( 5HVSRQVDEOHV FRPPHUFLDX[ DVVLVWDQWV GH GLUHFWLRQ FKDUJpV GHV FRQWUDWV DXGLWHXUV LQWHUQHV

) DL U H O H S R L Q W V X U O H V S UD W L T X H V F RP P H U F L D O H V H W F RP S R U W H P H Q W D OH V G HV Y H Q G H X U V H W W U R X Y H U O H V p O p P H Q W V G D P p O L R U D W L R Q ) DL U H p Y R O X H U O H V W H F K Q L T X H V G H P D Q D J H P H Q W G H V p T X L S H V F RP P H U F L D O H V H Q V H U H F H Q W U D Q W V XU O R E M H F W L I G H O D V DW L V I D F W L R Q G X F OL H QW ) RU P H U O H V F R P P H U F L D X [ D X [ Q RX Y H D X [ R X W L O V H W S UD W L T X H V S RX U O Â¶ D WW H L Q W H G H V R E M H F W L I V H Q F R Q V L G p U D Q W O D S H U I R U P D Q F H F RP P H p Op P H Q W S U L Q F L S D O H

3238/$ 7,21 &21&(51e(

352*5$00( / HQYLURQQHPHQW LQWHUQDWLRQDO &RPSUHQGUH OHV HQMHX[GH O LQWHUQDWLRQDO $SSUpKHQGHU VRQ HQYLURQQHPHQW LQWHUQDWLRQDO 2XWLOV GH GLDJQRVWLF GX SURMHW H[SRUW /D VWUDWpJLH PDUNHWLQJ H[SRUW 'pÂ¿QLU OHV D[HV 3URGXLW PDUFKp FOLHQW SDUWHQDULDW /HV GLI IpUHQWV PRGHV G HQWUpH j O LQWHUQDWLRQDO (QYLURQQHPHQW MXULGLTXH j O H[SRUW 6SpFLÂ¿FLWpV GHV FRQWUDWV GH YHQWH j O LQWHUQDWLRQDO &RQGLWLRQV JpQpUDOHV GH YHQWH H[SRUW /HV FRQYHQWLRQV LQWHUQDWLRQDOHV /HV FODXVHV GHV FRQWUDWV GH YHQWH 7 UDLWHPHQW GHV OLWLJHV HW FRQWHQWLHX[ )L[DWLRQ GX SUL[ j O H[SRUW 3DUDPqWUHV GpFLVLRQQHOV j SUHQGUH HQ FRPSWH $SSURFKH SDU OHV FRÂ€WV SRXU GpÂ¿QLU OHV SUL[ /HV OHYLHUV FRQWUDFWXHOV ,GHQWLÂ¿FDWLRQ GHV ULVTXHV GqV O pWDEOLVVHPHQW GH O RI IUH /HV FRPSRVDQWHV H[WHUQHV GX SUL[ H[SRUW /HV ,QFRWHUPV /HV UDLVRQV G pPHUJHQFH GHV LQFRWHUPV 5{OH GHV LQFRWHUPV 3UpVHQWDWLRQ GHV QRXYHDX[ LQFRWHUPV &DOFXO GH OD YDOHXU GH OD PDUFKDQGLVH VHORQ O LQFRWHUP &KRL[ GH O LQFRWHUP VHORQ OH QLYHDX GX ULVTXH / LQFRWHUP HW O DVVXUDQFH WUDQVSRUW /HV PR\HQV GH SD\HPHQW j O LQWHUQDWLRQDO 5qJOHPHQWV VLPSOHV YLUHPHQWV 6ZLIW YLUHPHQWV HXURSpHQV 6(3 $ FKqTXHV HI IHWV GH FRPPHUFH /H FUpGLW GRFXPHQWDLUH &5('2& GpÂ¿QLWLRQ FDGUH MXULGLTXH /HV DYDQWDJHV HW OHV LQFRQYpQLHQWV GX &5('2& SRXU O ([SRUWDWHXU SRXU O ,PSRUWDWHXU /D UHPLVH GRFXPHQWDLUH 5(0'2& GpÂ¿QLWLRQ FDGUH MXULGLTXH $ YDQWDJHV HW LQFRQYpQLHQWV G XQH 5(0'2& SRXU O ([SRUWDWHXU SRXU O ,PSRUWDWHXU /D OHWWUH GH FUpGLW VWDQG E\ &RPSDUDLVRQV HQWUH OHV WHFKQLTXHV DVSHFWV FRPPHUFLDX[ HW Â¿QDQFLHUV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

) 2 5 0 $ 7 , 2 1 6 $ / 7 ( 5 1 e ( 6 ' ( 0 2 < ( 1 1 ( ' 8 5 e ( ) $ 0 '

) $0' )5217 2)),&(

&KHI GHV YHQWHV DQLPDWHXU GH UpVHDX[ PDQDJHU G pTXLSH GH YHQGHXUV GpOpJXpV FRPPHUFLDX[ WHFKQLFR FRPPHUFLDX[ WpOpYHQGHXUV

352*5$00(

/HV IRQGHPHQWV GX PDQDJHPHQW GH OD IRUFH GH YHQWH /D IRUFH GH YHQWH FRPPH pOpPHQW FOHI GX PL[ PDUNHWLQJ /HV REMHFWLIV G XQH IRUFH GH YHQWH SHUIRUPDQWH 6WUXFWXUHU HW RUJDQLVHU XQH pTXLSH FRPPHUFLDOH /H UHVSRQVDEOH FRPPHUFLDO /HV SURÂ¿OV GHV FRPPHUFLDX[ HW GX OHDGHU /D SHUIRUPDQFH FRPPHUFLDOH 0RELOLVHU PRWLYHU HW DQLPHU XQH IRUFH GH YHQWH $GDSWHU XQ VW\OH GH PDQDJHPHQW 0RWLYHU O pTXLSH HW UHQIRUFHU OD V\QHUJLH $QLPHU OHV UpXQLRQV GH PRWLYDWLRQ 9 XOJDULVHU OHV ERQQHV SUDWLTXHV DX VHLQ G XQ JURXSH 5HQIRUFHU OD G\QDPLTXH HW OD FRKpVLRQ GH O pTXLSH 5HVSRQVDELOLVHU GHV FRPPHUFLDX[ HW GpOpJXHU GHV WkFKHV /D QpJRFLDWLRQ FRPPHUFLDOH &HUQHU OHV DWWHQWHV GX FOLHQW ,GHQWLÂ¿HU VRQ VW\OH GH QpJRFLDWHXU &RQFHYRLU OHV FRQGLWLRQV G XQH DSSURFKH FRPPHUFLDOH HI Â¿FDFH 0DvWULVHU OHV FRPSRVDQWHV GH OD QpJRFLDWLRQ 'pURXOHPHQW GH OD QpJRFLDWLRQ HW DWWHLQWH GHV REMHFWLIV 0DvWULVHU XQH QpJRFLDWLRQ FRQÃ€LFWXHOOH /D JHVWLRQ GH OD UHODWLRQ FOLHQW (YDOXHU OHV SULQFLSDX[ LQGLFDWHXUV GX FDSLWDO FOLHQW /HV EDVHV GH GRQQpHV &50 H &50 VRFLDO &50 /H PDUNHWLQJ UHODWLRQQHO 2SWLPLVHU OH SODQ G DFWLRQ VHJPHQW FLEOH REMHFWLI RI IUH FDQDX[ 5HQIRUFHU OHV DFWLRQV PXOWLFDQDO 5pXVVLU OD PLVH HQ SODFH G XQ &50 /D FRPPXQLFDWLRQ FOLHQW /HV HQMHX[ GH OD VDWLVIDFWLRQ FOLHQW /HV FDUDFWpULVWLTXHV G XQH VLWXDWLRQ GH FRPPXQLFDWLRQ $QDO\VH GHV FRPSRUWHPHQWV HW GHV SURÂ¿OV / DFFXHLO HQ IDFH j IDFH RX SDU WpOpSKRQH / RSWLPLVDWLRQ G XQH FRPPXQLFDWLRQ DVVHUWLYH /D PDLWULVH GHV FOLHQWV GLI Â¿FLOH

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5(6 0e7+2'(6 3e'$*2*,48(6 (WXGHV GH FDV ([HUFLFHV SUDWLTXHV 'pEDWV HW VLPXODWLRQV GH VLWXDWLRQV SURIHVVLRQQHOOHV UpHOOHV 6$1&7,21 '( /$ )250$7,21 $WWHVWDWLRQ GpOLYUpH SDU OÂ¶,13('

6e0,1$,5(6

6e0,1$,5( 7(&+1,48(6 '2&80(17$,5(6 0$1$*(0(17 'Â¶81 6<67ÃŠ0( 'Â¶,1)250$ 7,21 (7 '( '2&80(17$ 7,21

6e0,1$,5( 7(&+1,48(6 '2&80(17$,5(6 /$1*$*(6 '2&80(17 $,5(6

6e0,1$,5( 7(&+1,48(6 '2&80(17$,5(6 ,1)250$7,6$7,21 '( /$ )21&7,21 '2&80(17 $,5(

'85e( 'L[ MRXUV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 &RQQDvWUH HW RSWLPLVHU O RUJDQLVDWLRQ HW OH IRQFWLRQQHPHQW GX VHUYLFH $SSUHQGUH j PDQDJHU HW SRVLWLRQQHU VRQ VHUYLFH G LQIRUPDWLRQ GRFXPHQWDLUH $FTXpULU OHV PpWKRGHV HI Â¿FDFHV HW OHV WHFKQLTXHV GH JHVWLRQ )DLUH OH SRLQW VXU VHV SUDWLTXHV HW VRQ RUJDQLVDWLRQ ,GHQWLÂ¿HU OHV D[HV G DPpOLRUDWLRQ HW OHV QRXYHOOHV PLVVLRQV SRXU VRQ VHUYLFH SURPRWLRQ HW PDUNHWLQJ G XQ VHUYLFH

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH WUDLWHU HI Â¿FDFHPHQW WRXV OHV VXSSRUWV G LQIRUPDWLRQ j O DLGH G XQ ODQJDJH FRQYHQWLRQQHO WKHVDXUXV HW FODVVLÂ¿FDWLRQ 3HUPHWWUH DX[ XWLOLVDWHXUV GH WURXYHU O LQIRUPDWLRQ SHUWLQHQWH DX PRPHQW GH OD UHFKHUFKH VDQV EUXLW QL VLOHQFH GDQV XQ Â¿FKLHU WUDGLWLRQQHO RX DXWRPDWLVp

3238/$ 7,21 &21&(51e( 5HVSRQVDEOH GHV VHUYLFHV G LQIRUPDWLRQ HW GH GRFXPHQWDWLRQ 'RFXPHQWDOLVWHV &DGUHV G XQ VHUYLFH G DUFKLYHV

&21',7,216 'Â¶$&&(6 -XVWLÂ¿HU G XQ QLYHDX XQLYHUVLWDLUH

352*5$00( ,QWURGXFWLRQ DX PDQDJHPHQW /HV FRQFHSWV GX PDQDJHPHQW /HV REMHFWLIV GX VHUYLFH ,PSODQWDWLRQ SK\VLTXH 3UpSDUDWLRQ GX EXGJHW ,PSODQWDWLRQ LQWHOOHFWXHOOH RUJDQLVDWLRQ GX WUDYDLO UpSDUWLWLRQ GHV WkFKHV IRUPDWLRQ /HV RXWLOV GH JHVWLRQ WDEOHDX GH ERUG ELODQ UDSSRUW VWDWLVWLTXHV LQGLFDWHXUV G DFWLYLWp pYDOXDWLRQ Â«

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$ 7,21 &21&(51e( 5HVSRQVDEOH GHV VHUYLFHV GH GRFXPHQWDWLRQ 'RFXPHQWDOLVWHV DUFKLYLVWHV 3URIHVVLRQQHOV GX WUDLWHPHQW GH O LQIRUPDWLRQ

352*5$00( 'pÂ¿QLWLRQ GHV ODQJDJHV GRFXPHQWDLUHV 5{OH GX ODQJDJH GRFXPHQWDLUH GDQV OD IRQFWLRQ GRFXPHQWDLUH &RPPHQW XWLOLVHU SUDWLTXHPHQW XQ WKpVDXUXV XQH FODVVLÂ¿FDWLRQ

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

2%-(&7,)6

3LORWHU XQ SURMHW G LQIRUPDWLVDWLRQ GH OD IRQFWLRQ 'RFXPHQWDLUH 3238/$ 7,21 &21&(51e( 5HVSRQVDEOHV GHV VHUYLFHV GRFXPHQWDLUHV GRFXPHQWDOLVWHV &21',7,216 'Â¶$&&(6 $ YRLU GpMj VXLYL XQH IRUPDWLRQ HQ WUDLWHPHQW GRFXPHQWDLUH 352*5$00( /D GpPDUFKH G LQIRUPDWLVDWLRQ O DQDO\VH GH O H[LVWDQW OH FDKLHU GHV FKDUJHV 7 \SRORJLH GHV ORJLFLHOV &ULWqUHV GH FKRL[ G XQ ORJLFLHO GRFXPHQWDLUH )RQFWLRQQDOLWpV G XQ ORJLFLHO GRFXPHQWDLUH 0LVH HQ RHXYUH RSpUDWLRQQHOOH G XQ SURMHW G LQIRUPDWLVDWLRQ (YDOXDWLRQ GHV UHWRPEpHV GX SURMHW

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5(

7(&+1,48(6 '2&80(17$,5(6 5(&+(5&+( $8720$ 7,6e(

7(&+1,48(6 '2&80(17$,5(6 9(,//( ,1)250$ 7,211(//( (1 (175(35,6(

6(&5e7$5,$7 (7 (1 $66,67$1$7 $&&8(,//,5 (7 5(16(,*1(5

'85e( &LQT MRXUV VRLW KHXUHV

'85e( 'L[ MRXUV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

'85e( &LQT MRXUV VRLW KHXUHV

2%-(&7,)6 0DvWULVHU OD UHFKHUFKH GRFXPHQWDLUH HQ EDVHV GH GRQQpHV HQ UpSRQVH j XQH GHPDQGH VSpFLÂ¿TXH

2%-(&7,)6 0DvWULVHU OH SURFHVVXV G DQDO\VH GHV EHVRLQV HQ YHLOOH 6XSHUYLVHU OD PLVH HQ SODFH HW OH IRQFWLRQQHPHQW G XQH FHOOXOH GH YHLOOH

2%-(&7,)6 3UHQGUH HQ FKDUJH OHV XVDJHUV GH IDoRQ SURIHVVLRQQHOOH SDU OD PLVH HQ RHXYUH GHV FRPSpWHQFHV FOpV UpDFWLYLWp IDFH j O LPSUpYX HVSULW PDUNHWLQJ DLVDQFH HW ULJXHXU GDQV OH FRQWDFW

3238/$ 7,21 &21&(51e( 'RFXPHQWDOLVWHV &21',7,216 'Â¶$&&(6 $ YRLU GpMj VXLYL XQH IRUPDWLRQ HQ WUDLWHPHQW GRFXPHQWDLUH 352*5$00( 0pWKRGRORJLH GH UHFKHUFKH DQDO\VH GX EHVRLQ GpOLPLWDWLRQ GX VXMHW ,GHQWLÂ¿FDWLRQ GHV UHVVRXUFHV &ULWqUHV GH TXDOLWp G XQH EDVH GH GRQQpHV (TXDWLRQ GH UHFKHUFKH HW LQGH[DWLRQ /HV RXWLOV GH OD UHFKHUFKH DXWRPDWLVpH OHV RSpUDWHXUV ERROpHQV 5HFKHUFKH HQ EDVHV GH GRQQpHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$ 7,21 &21&(51e( 'RFXPHQWDOLVWHV UHVSRQVDEOHV GH VHUYLFH G LQIRUPDWLRQ RX GH GRFXPHQWDWLRQ HW WRXWH SHUVRQQH GHYDQW SUHQGUH HQ FKDUJH OD IRQFWLRQ YHLOOH &21',7,216 'Â¶$&&(6 -XVWLÂ¿HU G XQ QLYHDX XQLYHUVLWDLUH 352*5$00( 'pÂ¿QLWLRQ GHV FRQFHSWV GH YHLOOH 'pÂ¿QLWLRQ GX SURFHVVXV JpQpUDO GH IRQFWLRQQHPHQW G XQH FHOOXOH GH YHLOOH 6WUXFWXUH GHV SRVWHV GH WUDYDLO GH OD FHOOXOH GH YHLOOH 7 \SRORJLH GHV VRXUFHV G LQIRUPDWLRQ /HV PpWKRGHV GH UHFKHUFKH G LQIRUPDWLRQ 8WLOLVDWLRQ G ,QWHUQHW 7 \SRORJLH GHV SURGXLWV GH YHLOOH 'LI IXVLRQ GHV SURGXLWV GH YHLOOH

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$ 7,21 &21&(51e( /HV K{WHVVHV G DFFXHLO /HV VWDQGDUGLVWHV /HV JXLFKHWLHUV WRXWH SHUVRQQH SUpSRVpH j O DFFXHLO HW DX UHQVHLJQHPHQW GX SXEOLF &21',7,216 'Â¶$&&(6 qPH $6

352*5$00( /HV WHFKQLTXHV G DFFXHLO / DFFXHLO ,PSRUWDQFH HQMHX[ H[LJHQFHV / DFFXHLO OHV FRPSpWHQFHV FOpV 6RLJQHU O LPDJH RI IHUWH DX[ XVDJHUV (QWUHU HQ FRQWDFW V H[SULPHU 6XJJpUHU LQÃ€XHQFHU FRQYDLQFUH &RQVHLOOHU RULHQWHU UDVVXUHU 5HIRUPXOHU FKDQJHU OH SUREOqPH HQ VROXWLRQ &KRLVLU XQ VW\OH G DFFXHLO DGDSWp j OD VLWXDWLRQ &KRLVLU XQ VW\OH G DFFXHLO DGDSWp DX FOLHQW /D TXDOLWp GH O DWWHQWLRQ SRUWpH DX FOLHQW /HV DWWLWXGHV IDFLOLWDQW OD UHODWLRQ DYHF OHV XVDJHUV *pUHU OHV VLWXDWLRQV GpOLFDWHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5(6

6e0,1$,5(

6e0,1$,5(6

6e0,1$,5(

6(&5e7$5,$7 (7 (1 $66,67$1$7 6(&5e7$5,$7 (7 (1 $66,67$1$7 6(&5e7$5,$7 (7 (1 $66,67 $17 ( '( ',5(&7,21 $66,67 $17 ( '( /$ ',5(&7,21 '(6 5(66285&(6 +80$,1(6 ),1$1&,ÃŠ5(

6(&5e7$5,$7 (7 (1 $66,67$1$7 $66,67 $17 ( '( /$ ',5(&7,21 &200(5&,$/(

'85e( 'L[ MRXUV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

'85e( 'L[ MRXUV HQ DOWHUQp j UDLVRQ GH MRXUV

2%-(&7,)6 $FTXpULU OHV FRPSpWHQFHV LQGLVSHQVDEOHV SRXU DVVXUHU XQ U{OH GH UHODLV HW GH FRQVHLO DXSUqV GHV HPSOR\pV GH O HQWUHSULVH

2%-(&7,)6 $ YRLU XQH YLVLRQ FRPSOqWH GH OD IRQFWLRQ Â¿QDQFLqUH $FTXpULU OHV FRPSpWHQFHV HVVHQWLHOOHV SRXU UHPSOLU HI Â¿FDFHPHQW VD PLVVLRQ DXSUqV GH VRQ GLUHFWHXU

2%-(&7,)6 $FTXpULU O pWDW G HVSULW RULHQWp FOLHQW HW OHV FRPSpWHQFHV QpFHVVDLUHV SRXU MRXHU XQ U{OH DFWLI DX VHLQ GH OD GLUHFWLRQ FRPPHUFLDOH

3238/$ 7,21 &21&(51e( 6HFUpWDLUHV HW DVVLVWDQW HV GH 'LUHFWLRQ &21',7,216 'Â¶$&&(6 qPH $6 $ YRLU VXLYL XQH IRUPDWLRQ HQ VHFUpWDULDW RX DVVLVWDQDW ([SpULHQFH SURIHVVLRQQHOOH G XQH DQQpH 352*5$00( 6LWXHU O HQYLURQQHPHQW KXPDLQ HW MXULGLTXH GH OD IRQFWLRQ 5 + HW ,GHQWLÂ¿HU VHV PLVVLRQV 3DUWLFLSHU DX[ UHFUXWHPHQWV HW JpUHU O HQWUpH GHV QRXYHOOHV UHFUXHV GDQV O HQWUHSULVH 7 HQLU OH WDEOHDX GH ERUG GH O DEVHQWpLVPH &RPSUHQGUH OH U{OH GHV LQWHUORFXWHXUV LQWHUQHV HW H[WHUQHV UHSUpVHQWDQWV GX SHUVRQQHO LQVSHFWHXU GX WUDYDLO

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$ 7,21 &21&(51e( 6HFUpWDLUHV HW DVVLVWDQW HV GH 'LUHFWLRQ &21',7,216 'Â¶$&&(6 qPH $6 $ YRLU VXLYL XQH IRUPDWLRQ HQ VHFUpWDULDW RX DVVLVWDQDW ([SpULHQFH SURIHVVLRQQHOOH G XQH DQQpH 352*5$00( /D IRQFWLRQ Â¿QDQFLqUH DX VHLQ GH O HQWUHSULVH OHV PLVVLRQV GH OD GLUHFWLRQ Â¿QDQFLqUH /LUH OHV pWDWV Â¿QDQFLHUV &RPSUHQGUH FH TX HVW XQ PDUFKp Â¿QDQFLHU HW VRQ XWLOLWp SRXU OH Â¿QDQFHPHQW GH O HQWUHSULVH /H YRFDEXODLUH Â¿QDQFLHU

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$ 7,21 &21&(51e( 6HFUpWDLUHV HW DVVLVWDQW HV GH 'LUHFWLRQ &21',7,216 'Â¶$&&(6 qPH $6 $ YRLU VXLYL XQH IRUPDWLRQ HQ VHFUpWDULDW RX DVVLVWDQDW ([SpULHQFH SURIHVVLRQQHOOH G XQH DQQpH 352*5$00( / RUJDQLVDWLRQ HW OHV REMHFWLIV GH OD GLUHFWLRQ FRPPHUFLDOH 6H SRVLWLRQQHU SRXU XQH FRQWULEXWLRQ HI Â¿FDFH FRRUGRQQHU OHV DFWLYLWpV GHV pTXLSHV FRPPHUFLDOHV SODQLÂ¿HU HW RUJDQLVHU GHV UHQFRQWUHV GHV UpXQLRQV 5pSRQGUH DX[ UpFODPDWLRQV pFULWHV FKRLVLU GHV IRUPXODWLRQV SRVLWLYHV 6XLYUH OHV FRPPDQGHV HW WUDQVIRUPHU OHV FDV GLI Â¿FLOHV HQ RFFDVLRQ GH Â¿GpOLVDWLRQ 6DYRLU GpVDPRUFHU OHV VLWXDWLRQV GH WHQVLRQ WUDLWHU LPSUpYXV HW LQFLGHQWV 5HQIRUFHU OD UHODWLRQ FOLHQW DX WpOpSKRQH

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

'85e( 'L[ MRXUV HQ DOWHUQp j UDLVRQ GÂ¶XQH VHPDLQH PRLV

2%-(&7,)6 $FTXpULU GHV FRQQDLVVDQFHV HW GHV VDYRLU IDLUH SUpFLV SRXU DFFRPSOLU OHV IRUPDOLWpV MXULGLTXHV GH O HQWUHSULVH 3238/$7,21 &21&(51e( 6HFUpWDLUHV HW DVVLVWDQW HV MXULGLTXHV &ROODERUDWHXUV LQWHUYHQDQW GDQV OH VHFUpWDULDW MXULGLTXH &21',7,216 'Â¶$&&(6 %DFFDODXUpDW DQQpHV XQLYHUVLWDLUHV $YRLU VXLYL XQH IRUPDWLRQ HQ VHFUpWDULDW RX DVVLVWDQDW ([SpULHQFH SURIHVVLRQQHOOH G XQH DQQpH 352*5$00( &RPSUHQGUH O HVVHQWLHO GX YRFDEXODLUH MXULGLTXH XWLOLVp GDQV O HQWUHSULVH &RPSUHQGUH OH IRQFWLRQQHPHQW GH O HQWUHSULVH OHV RUJDQHV GH GLUHFWLRQ GH VXUYHLOODQFH HW GH FRQWU{OH 2UJDQLVHU OHV UpXQLRQV GX FRQVHLO G DGPLQLVWUDWLRQ $VVXUHU OH VHFUpWDULDW MXULGLTXH UHVSHFWHU OH IRUPDOLVPH GX SURFqV YHUEDO $VVXUHU OHV UHODWLRQV DYHF OH FRPPLV VDLUH DX[ FRPSWHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5(

(1*/,6+ )25 6(&5(7$5,$7

(1*/,6+ )25 0$1$*(56

'85e( 4XDWUH MRXUV VRLW KHXUHV

'85e( 9LQJW MRXUV VRLW KHXUHV

2%-(&7,)6 'RQQHU DX[ VHFUpWDLUHV HW DVVLVWDQWHV OHV RXWLOV LQGLVSHQVDEOHV j XQH ERQQH PDvWULVH GH OD ODQJXH DQJODLVH GDQV OHXU DFWLYLWp SURIHVVLRQQHOOH

2%-(&7,)6 'RPDLQHV SURIHVVLRQQHOV VXLYDQWV GLYHUVLWp FXOWXUHOOH XWLOLVDWLRQ GX WpOpSKRQH SUpVHQWDWLRQ GH O LQIRUPDWLRQ SDUWLFLSDWLRQ DX[ UpXQLRQV HW DX[ QpJRFLDWLRQV $FTXpULU HW HQULFKLU YRV FRQQDLVVDQFHV OLQJXLVWLTXHV QpFHVVDLUHV DX[ GRPDLQHV PHQWLRQQpV FL GHVVXV

3238/$7,21 &21&(51e( 6HFUpWDLUHV DVVLVWDQWHV DSSHOpHV j XWLOLVHU OÂ¶$QJODLV FRPPH RXWLO GH WUDYDLO &21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( 6DYRLU DFFXHLOOLU HW SUpVHQWHU VD VRFLpWp OHV IRUPXOHV GH SROLWHVVH UHODWLYHV j O DFFXHLO G XQ YLVLWHXU WHFKQLTXHV SRXU LQWURGXLUH XQH WLHUFH SHUVRQQH DXSUqV GH VRQ LQWHUORFXWHXU WHFKQLTXHV SKUDVHV HW VLWXDWLRQV W\SHV WUDQVLWLRQV VDYRLU GLULJHU HW UHQVHLJQHU XQ YLVLWHXU RX XQ FOLHQW 0DvWULVH GX WpOpSKRQH DFTXpULU GH O DLVDQFH DX WpOpSKRQH HQ ODQJXH DQJODLVH LQWpJUHU OHV IRUPXOHV GH EDVHV GX WpOpSKRQH VDYRLU JpUHU XQ DSSHO UpJOHU XQ GpODLV GH SDLHPHQW OLYUDLVRQ JpUHU GHV UHQGH] YRXV &RQQDvWUH OD JUDPPDLUH DQJODLVH SDUOHU GH VRQ DFWLYLWp SURIHVVLRQQHOOH DYHF GHV VWUXFWXUHV JUDPPDWLFDOHV FRUUHFWHV OHV QRWLRQV GH GHYRLU SRXYRLU YRXORLU VRXKDLWHU DYRLU EHVRLQ GH XWLOLVHU OHV WHPSV GDQV XQ GLVFRXUV YHUEDO H[SULPHU VDQV IDXWH OD GDWH GX MRXU LQGLTXHU RX GHPDQGHU XQ FKHPLQ GHPDQGHU XQ SUL[ ,QWpJUHU OHV VWUXFWXUHV JUDPPDWLFDOHV QRQ PDvWULVpHV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

3238/$7,21 &21&(51e( 7RXW PDQDJHU D\DQW j XWLOLVHU O DQJODLV GDQV OH FDGUH GH VD IRQFWLRQ &21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( 'LYHUVLWpV FXOWXUHOOHV 3UDWLTXH GX WpOpSKRQH 7HFKQLTXHV GH SUpVHQWDWLRQ GH O LQIRUPDWLRQ 3UpSDUDWLRQ HW SDUWLFLSDWLRQ DX[ UpXQLRQV 1pJRFLDWLRQV SUpSDUDWLRQ GpURXOHPHQW GH OD QpJRFLDWLRQ HWFRQFOXVLRQ G XQ DFFRUG

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6e0,1$,5(6

6e0,1$,5( 6(&5(7$5,$7 (7 (1 $66,67$1$7 $66,67$17 ( -85,',48(

6e0,1$,5(6

6e0,1$,5( (1*/,6+ )25 7+( +27(/ ,1'8675<

6e0,1$,5(

6e0,1$,5( '(9(/23 <285 63($.,1* 6.,//6

(1*/,6+ )25 7+( +267(66(6

'85e( 9LQJW MRXUV VRLW KHXUHV

'85e( 4XDWUH MRXUV VRLW KHXUHV

2%-(&7,)6 $SSUHQGUH j SDUOHU HW FRPSUHQGUH OH FOLHQW TXH YRXV UHFHYH] GDQV YRWUH K{WHO DÂ¿Q GH UHQGUH VRQ VpMRXU SOXV DJUpDEOH $FTXpULU HW HQULFKLU YRV FRQQDLVVDQFHV OLQJXLVWLTXHV QpFHVVDLUHV DX GRPDLQH GH O K{WHOOHULH

2%-(&7,)6 $FFURvWUH VHV FDSDFLWpV G H[SUHVVLRQ RUDOH DÂ¿Q GH FRPPXQLTXHU Há‚ˆFDFHPHQW GDQV OHV VLWXDWLRQV SURIHVVLRQQHOOHV HQ DQJODLV

2%-(&7,)6 (WUH DXWRQRPH ORUV GH OD UpFHSWLRQ G DSSHOV WpOpSKRQLTXHV HQ DQJODLV HW j O DFFXHLO GHV YLVLWHXUV pWUDQJHUV

3238/$7,21 &21&(51e(

3238/$7,21 &21&(51e( +{WHVVHV RX WRXWH SHUVRQQH D\DQW j SUHQGUH HQ FKDUJH GHV YLVLWHXUV pWUDQJHUV

3238/$7,21 &21&(51e( 3HUVRQQHO HW FDGUHV GH O K{WHOOHULH

7RXWH SHUVRQQH GHYDQW V H[SULPHU HQ DQJODLV j O RUDO GDQV VRQ FRQWH[WH SURIHVVLRQQHO

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( /H WUDYDLO GH OD UpFHSWLRQ /H VHUYLFH DX UHVWDXUDQW /D SUDWLTXH GX WpOpSKRQH /D SULVH HQ FKDUJH GHV UpFODPDWLRQV GHV FOLHQWV / RULHQWDWLRQ GHV FOLHQWV j O LQWpULHXU HW j O H[WpULHXU GH O K{WHO

352*5$00( &RQYHUVDWLRQ HQ FODVVH 'LVFXVVLRQV UHODWLYHV j XQ WKqPH LGHQWLÂ¿p SDU OH FOLHQW H[ WUDYDLO YR\DJHV pWXGHV ORLVLU 6DYRLU SUpVHQWHU 6H SUpVHQWHU SUpVHQWHU VRQ SURGXLW VD VRFLpWp SUpVHQWHU XQH WLHUFH SHUVRQQH OHV FKLá‚‡UHV FOpV 6DYRLU SRVHU GHV TXHVWLRQV HW UpSRQGUH VSRQWDQpPHQW 0DvWULVHU OHV TXHVWLRQV HW OHV UpSRQVHV OHV WHPSV HW OHV SUHSRVLWLRQV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( /Â¶DFFXHLO WpOpSKRQLTXH JpUHU XQ DSSHO PHWWUH HQ DWWHQWH GHPDQGHU GH UDSSHOHU SOXV WDUG SUHQGUH XQ PHVVDJH VLPSOH FRQQDvWUH OHV VWUXFWXUHV JUDPPDWLFDOHV 0DQLHU OHV FKLá‚‡UHV DYHF DLVDQFH QXPpURV GH WpOpSKRQH GDWHV HW KHXUHV /Â¶DFFXHLO GHV YLVLWHXUV SURSRVHU XQH DOWHUQDWLYH OHV IDLUH SDWLHQWHU VDYRLU rWUH FODLU HW SUpFLV OHV IRUPXOHV GH SROLWHVVH FRPPHQW GRQQHU XQH LPDJH SRVLWLYH GH VD VRFLpWp

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6e0,1$,5(

(1*/,6+ )25 +80$1 5(6285&(6

(1*/,6+ )25 $&&2817,1* $1' ),1$1&(

(1*/,6+ )25 (0$,/6

'85e( &LQT MRXUV VRLW KHXUHV

2%-(&7,)6 $FFURvWUH VHV FDSDFLWpV G H[SUHVVLRQ RUDOH DÂ¿Q GH FRPPXQLTXHU Há‚ˆFDFHPHQW GDQV OHV VLWXDWLRQV SURIHVVLRQQHOOHV HQ DQJODLV 3238/$7,21 &21&(51e( 7RXWH SHUVRQQH GHYDQW V H[SULPHU HQ DQJODLV j O RUDO GDQV VRQ FRQWH[WH SURIHVVLRQQHO

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( 5HFUXLWPHQW 6HOHFWLRQ (PSOR\HH UHODWLRQV +5 GHYHORSPHQW 5HZDUG DQG UHPXQHUDWLRQ ,QGXVWULDO UHODWLRQV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

'85e( &LQT MRXUV VRLW KHXUHV

2%-(&7,)6 $FTXpULU OH YRFDEXODLUH GH O DQJODLV UHODWLI DX[ Â¿QDQFHV HW OD FRPSWDELOLWp $SSUHQGUH j FRPPXQLTXHU GDQV FH GRPDLQH

2%-(&7,)6 $SSUHQGUH j UpGLJHU GHV (PDLOV $SSUHQGUH j FRPPXQLTXHU $FTXpULU OD WHUPLQRORJLH VSpFLÂ¿TXH j FH GRPDLQH

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH RX UHVSRQVDEOH VRXKDLWDQW FRPPXQLTXHU DYHF GHV FROOqJXHV HW GHV FOLHQWV GDQV OH GRPDLQH GH OD FRPSWDELOLWp HW GHV Â¿QDQFHV

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH DSSHOpH j UpGLJHU GHV HPDLOV GDQV XQ FRQWH[WH SURIHVVLRQQHO

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( ,QWURGXFWLRQ WR DFFRXQWLQJ )LQDQFLDO VWDWHPHQWV DQG UDWLRV 7D[ DFFRXQWLQJ $XGLWLQJ 0DQDJHPHQW DFFRXQWLQJ

352*5$00( $Q LQWURGXFWLRQ WR HPDLOV )RUPDO DQG LQIRUPDO HPDLOV (QTXLULHV 5HTXHVWLQJ DFWLRQ ([FKDQJLQJ LQIRUPDWLRQ 0DNLQJ DQG FRQÂ¿UPLQJ DUUDQJHPHQWV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6e0,1$,5(6

6e0,1$,5(

6e0,1$,5(6

6e0,1$,5(

(1*/,6+ )25 7+( $87202%,/( ,1'8675<

(1*/,6+ )25 62&,$/,=,1*

(1*/,6+ )25 &86720(5 5(/$7,216+,3

'85e( &LQT MRXUV VRLW KHXUHV

2%-(&7,)6 $SSUHQGUH OH YRFDEXODLUH VSpFLÂ¿TXH DX GRPDLQH GH OÂ¶DXWRPRELOH $SSUHQGUH j FRPPXQLTXHU GDQV OH GRPDLQH GH OÂ¶DXWRPRELOH

2%-(&7,)6 $SSUHQGUH OH YRFDEXODLUH VSpFLÂ¿TXH j O RUJDQLVDWLRQ GHV UHQFRQWUHV DYHF OHV FOLHQWV $FTXpULU OHV QRWLRQV GH EDVH SRXU OHV pFKDQJHV FXOWXUHOV $SSUHQGUH j FRPPXQLTXHU HQ VRFLHWp

2%-(&7,)6 $SSUHQGUH j FRPPXQLTXHU Há‚ˆFDFHPHQW DYHF VHV FOLHQWV $FTXpULU OD WHUPLQRORJLH UHODWLYH j OD VDWLVIDFWLRQ FOLHQW $SSUHQGUH j FRPPXQLTXHU DYHF OHV FOLHQWV j WUDYHUV OH WpOpSKRQH $SSUHQGUH j JpUHU OHV FRQÃ€LWV HW UpFODPDWLRQV FOLHQWV

3238/$7,21 &21&(51e( 3RXU OHV SURIHVVLRQQHOV GH O DXWRPRELOH VRXKDLWDQW FRPPXQLTXHU DYHF GHV FOLHQWV GHV FROOqJXHV HW GHV SDUWHQDLUHV GX GRPDLQH

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH RX JHVWLRQQDLUH VRXKDLWDQW V LPSUpJQHU GHV SUDWLTXHV LQWHUFXOWXUHOOHV

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( ,QWURGXFWLRQ WR WKH FDU 'HVFULSWLRQ RI WKH H[WHULRU RI WKH FDU 'HVFULSWLRQ RI WKH LQWHULRU RI WKH FDU 8QGHU WKH ERQQHW 3HUIRUPDQFH DQG WHFKQLFDO VSHFLÂ¿FDWLRQV 6DIHW\ 'HVLJQ )XWXUH WUHQGV

&21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

3238/$7,21 &21&(51e( 7RXW UHVSRQVDEOH RX WRXWH SHUVRQQH GpVLUDQW FRPPXQLTXHU Há‚ˆFDFHPHQW DYHF VHV FOLHQWV &21',7,216 'Â¶$&&(6 %LODQ OLQJXLVWLTXH DX SUpDODEOH WHVW GH QLYHDX HW LQWHUYLHZ

352*5$00( ,QWURGXFWLRQ WR FXVWRPHU FDUH )DFH WR IDFH ZLWK FXVWRPHUV 'HDOLQJ ZLWK FXVWRPHUV RQ WKH SKRQH &DOO FHQWHU VXFFHVV 'HOLYHULQJ FXVWRPHU FDUH WKURXJK ZULWLQJ 'HDOLQJ ZLWK SUREOHPV DQG FRPSODLQV

352*5$00( 0DNLQJ FRQWDFW :HOFRPLQJ YLVLWRUV *HWWLQJ DFTXDLQWHG (QWHUWDLQLQJ D YLVLWRU (DWLQJ RXW 1HWZRUNLQJ DW D WUDGH IDLU

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6e0,1$,5(6

6e0,1$,5( &25325$7( *29(51$1&( *289(51$1&( ' (175(35,6(

6e0,1$,5( /$ 35$7,48( '( /$ 3$,(

'85e( &LQT MRXUV

'85e( 7URLV MRXUV

3238/$7,21 &21&(51e( &KHIV G (QWUHSULVHV &DGUHV 'LULJHDQWV &DGUHV 6XSpULHXUV $GPLQLVWUDWHXUV 352*5$00( &RQFHSWV pW\PRORJLH HW HQMHX[ GH OD *RXYHUQDQFH G (QWUHSULVH 3ULQFLSHV GH O 2&'( *RXYHUQDQFH G (QWUHSULVH ,QWHUQDWLRQDO )LQDQFH &RUSRUDWLRQ *XLGH $OJpULHQ 'H *RXYHUQDQFH ' HQWUHSULVH 2EMHFWLIV FDGUH FRQFHSWXHO

(OpPHQWV GH ODQJDJH pW\PRORJLH KLVWRULTXH 3ULQFLSDX[ &RQFHSWV 6WDNHKROGHUV YHUVXV 6KDUHKROGHUV *RXYHUQDQFH G (QWUHSULVH VWDQGDUGV ,)& :% *RXYHUQHPHQW G HQWUHSULVH /H &RQVHLO G $GPLQLVWUDWLRQ /HDGHUVKLS 6WUDWpJLTXH

6e0,1$,5( /(6 287,/6 '8 0$1$*(5

'85e( 7URLV MRXUV

2%-(&7,)6 $FTXpULU GHV WHFKQLTXHV SHUPHWWDQW O pWDEOLVVHPHQW G XQ EXOOHWLQ GH SDLH 8WLOLVHU OHV UqJOHV GH FDOFXO QpFHVVDLUHV j O pODERUDWLRQ GH OD SDLH

2%-(&7,)6 $FTXpULU OHV RXWLOV GH PDQDJHPHQW G XQH pTXLSH (ODERUHU XQ V\VWqPH FRKpUHQW G DQLPDWLRQ HW GH VXLYL GH VHV FROODERUDWHXUV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV HW PHPEUHV GHV VHUYLFHV SDLH *HVWLRQQDLUHV GHV 5HVVRXUFHV +XPDLQHV

3238/$7,21 &21&(51e( 7RXW UHVSRQVDEOH FKDUJp GH OD JHVWLRQ GÂ¶XQH pTXLSH

352*5$00( /H EXOOHWLQ GH SDLH IRUPH PHQWLRQV REOLJDWRLUHV YDOHXU MXULGLTXH /D IRUPDWLRQ SDLH SUpSDUDWLRQ GH OD SDLH HW SDLHPHQW GHV VDODLUHV /H WUDLWHPHQW GH OD UpPXQpUDWLRQ GpWHUPLQDWLRQ GX EUXW HW GHV GLá‚‡pUHQWV QHWV /HV FRWLVDWLRQV OHV FRQJpV SD\pV HW OHV MRXUV IpULpV OHV FRQJpV GH PDODGLHV /HV WD[HV VXU OHV VDODLUHV /HV FRQWUDWV VSpFLDX[

352*5$00( /H PDQDJHU IDFH j VD PLVVLRQ HW j VRQ pTXLSH $QDO\VH HW SRVLWLRQQHPHQW GHV UHVVRXUFHV GX PDQDJHU (ODERUDWLRQ G XQH VWUDWpJLH G DFWLRQ SDU FROODERUDWHXU 0LVH HQ SODFH G DFWLRQV Há‚ˆFDFHV HW VSpFLÂ¿TXHV DXSUqV GHV FROODERUDWHXUV 'pYHORSSHPHQW HW VXLYL GHV DFWLRQV (WXGH GH VLWXDWLRQ GH PDQDJHPHQW DX TXRWLGLHQ 0e7+2'(6 3e'$*2*,48(6 ([HUFLFHV GÂ¶DSSOLFDWLRQ 'pEDWV 0pWKRGHV SDUWLFLSDWLYHV 6$1&7,21 '( /$ )250$7,21 $WWHVWDWLRQ GpOLYUpH SDU OÂ¶,13('

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

'85e( 7URLV MRXUV

2%-(&7,) 0HWWUH HQ SODFH OHV LQGLFDWHXUV HW OHV RXWLOV SHUPHWWDQW GH PHVXUHU O Há‚ˆFDFLWp G XQ VHUYLFH (YDOXHU OD SHUIRUPDQFH G XQ PDQDJHU 3238/$7,21 &21&(51e( 0DQDJHUV RX FKDUJpV GH OÂ¶HQFDGUHPHQW GHV pTXLSHV 352*5$00( )DLUH GX WDEOHDX GH ERUG XQ RXWLO GH PDQDJHPHQW (YDOXHU OD SHUIRUPDQFH LQGLYLGXHOOH HW FROOHFWLYH (WDSHV G pODERUDWLRQ G XQ WDEOHDX GH ERUG GH VHUYLFH &RQVWUXFWLRQ ORJLTXH HW PDWpULHOOH GX WDEOHDX GH ERUG 'Lá‚‡XVLRQ HW PLVH j MRXU GX WDEOHDX GH ERUG 5pXVVLU OD PLVH HQ SODFH GÂ¶XQ WDEOHDX GH ERUG 6XLYUH HW IDLUH pYROXHU OH WDEOHDX GH ERUG

6e0,1$,5( /$ &21'8,7( '8 &+$1*(0(17

6e0,1$,5( /( &2$&+,1* $33/,&$7,21 352&(6686 (7 287,/6

'85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU OHV SKpQRPqQHV GpVWDELOLVDQWV OLpV DX FKDQJHPHQW 6 LQVpUHU HW LQVpUHU VHV FROODERUDWHXUV GDQV XQH G\QDPLTXH GX FKDQJHPHQW

2%-(&7,)6 &RPSUHQGUH OHV LPSOLFDWLRQV GX QRXYHDX U{OH GX PDQDJHU FRPPH HQWUDvQHXU GHV FRPSpWHQFHV GH VRQ HQWRXUDJH HW OHV YDOHXUV VRXV MDFHQWHV j OD UHODWLRQ &2$&+ &2$&+ ,GHQWLÂ¿HU OHV FRPSpWHQFHV QpFHVVDLUHV SRXU OH FRDFK 'LVSRVHU G XQH ORJLTXH G LQWHUYHQWLRQ FODLUH TXL GpFULYH OHV pWDSHV G XQ FRDFK 6 HQWUDvQHU VXU FHWWH PpWKRGH VWUXFWXUpH DÂ¿Q GH FRPSUHQGUH OH PRGqOH $SSUHQGUH j EkWLU OHV PpFDQLVPHV GH VXLYL HW G pYDOXDWLRQ SRXU FKDTXH pWDSH GX SURFHVVXV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV IRUPDWLRQ &RQFHSWHXUV G LQJpQLHULH SpGDJRJLTXH 352*5$00( &RQGXLUH OH FKDQJHPHQW GDQV O HQWUHSULVH 0HWWUH HQ RHXYUH OHV FKDQJHPHQWV GDQV O HQWUHSULVH /HV SKpQRPqQHV GH UpVLVWDQFH DX FKDQJHPHQW 6XUPRQWHU OHV UpVLVWDQFHV $FTXpULU GH QRXYHDX[ UHJDUGV SRXU DFFpOpUHU OHV SURFHVVXV GH FKDQJHPHQW

3238/$7,21 &21&(51e( &DGHV GLULJHDQWV HW 0DQDJHUV G HQWUHSULVHV SXEOLTXHV RX SULYpHV DLQVL TXH VRQ HQWRXUDJH 352*5$00( /H FRDFKLQJ GpÂ¿QLWLRQ KLVWRLUH HW SRVVLELOLWpV G DSSOLFDWLRQ /H FRDFK LGHQWLWp FRPSpWHQFHV UHTXLVHV VHORQ OHV FDV /H SURFHVVXV GH FRDFKLQJ

&RQWDFW 'pSDUWHPHQW '025+ 7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /( 7$%/($8 '( %25' '8 0$1$*(5

6e0,1$,5(6

6e0,1$,5( 6e0,1$,5( &200(17 'e9(/233(5 621 /(6 5(63216$%/(6 '(6 5 + '(6 &2//(&7,9,7e6 /2&$/(6 /($'(56+,3" (1-(8; (7 0,66,216 '85e( '85e( 7URLV MRXUV

2%-(&7,)6 $FTXpULU GHV FRPSpWHQFHV UHTXLVHV SRXU rWUH UHVSRQVDEOH GHV 5 + GDQV XQH FROOHFWLYLWp 3238/$7,21 &21&(51e( &DGHV JHVWLRQQDLUHV GHV 5 + GHV FROOHFWLYLWpV ORFDOHV HW GHV DGPLQLVWUDWLRQV SXEOLTXHV

352*5$00( /D PDvWULVH VWDWXWDLUH GDQV OD JHVWLRQ GHV FDUULqUHV /HV UDSSHOV VWDWXWDLUHV /H UHFUXWHPHQW GHV IRQFWLRQQDLUHV /H UHFUXWHPHQW GHV DJHQWV QRQ WLWXODLUHV /D QRPLQDWLRQ GHV IRQFWLRQQDLUHV /H GpURXOHPHQW GHV FDUULqUHV /HV SRVLWLRQV DGPLQLVWUDWLYHV /H GpWDFKHPHQW /D SRVLWLRQ GHV KRUV FDGUHV /D UpPXQpUDWLRQ /D FHVVDWLRQ GH IRQFWLRQ /H UpJLPH GLVFLSOLQDLUH /HV SDUDPqWUHV G HPSORLV /D JHVWLRQ GH O DEVHQWpLVPH /HV FRQJpV /HV DXWRULVDWLRQV G DEVHQFHV /H GpFRPSWH /D SURFpGXUH / RUJDQLVDWLRQ /D PDVVH VDODULDOH /D JHVWLRQ EXGJpWDLUH 6SpFLÂ¿FDWLRQ HW UpDOLVDWLRQ G XQ WDEOHDX GH ERUG GH OD JHVWLRQ GX SHUVRQQHO

7URLV MRXUV

2%-(&7,) $FTXpULU GHV PpWKRGHV SRXU GpYHORSSHU VRQ OHDGHUVKLS 5HFRQQDvWUH OHV VW\OHV GH OHDGHUVKLS HQ IRQFWLRQ GHV VLWXDWLRQV 3238/$7,21 &21&(51e( &DGUHV GHYDQW PDQDJHU XQH pTXLSH 352*5$00( 'pYHORSSHU VRQ LGHQWLWp GH OHDGHU SDU UDSSRUW DX[ YDOHXUV GH VRQ HQWUHSULVH VW\OH GH OHDGHUVKLS HW SHUIRUPDQFHV GHV pTXLSHV /D JHVWLRQ GHV UpVLVWDQFHV

6e0,1$,5( /( '52,7 &219(17,211(/ (7 /$ 1e*2&,$7,21 &2//(&7,9( '85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU OH FDGUH UpJOHPHQWDLUH DLQVL TXH OHV PpWKRGHV HW SURFpGXUHV GH OD QpJRFLDWLRQ 3238/$7,21 &21&(51e( &DGUHV GH OD 'LUHFWLRQ GHV 5HVVRXUFHV +XPDLQHV 3DUWHQDLUHV VRFLDX[ 352*5$00( / pYROXWLRQ GX GURLW FRQYHQWLRQQHO HQ $OJpULH /D IRQFWLRQ GH OD QpJRFLDWLRQ FROOHFWLYH /HV GLá‚‡pUHQWV QLYHDX[ GH OD QpJRFLDWLRQ / LQWHUYHQWLRQ GHV VHUYLFHV GH O LQVSHFWLRQ GX WUDYDLO

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

'85e( 7URLV MRXUV

2%-(&7,)6 $SSUpKHQGHU OHV FRQÃ€LWV HW OHXUV FRQVpTXHQFHV 'pYHORSSHU GHV DWWLWXGHV SUpYHQWLYHV SDU OD FRPPXQLFDWLRQ HW XQ PDQDJHPHQW SDUWLFLSDWLI 1pJRFLHU DYHF OHV UHSUpVHQWDQWV GHV DVVRFLDWLRQV V\QGLFDOHV 0DvWULVHU OHV WHFKQLTXHV GH FRPPXQLFDWLRQ )DLUH IDFH DX[ REVWDFOHV j OD FRPPXQLFDWLRQ 'pÂ¿QLU OD QRWLRQ GH FRQÃ€LWV 3ULVH HQ FKDUJH GHV FRQÃ€LWV HW GH VDYRLU IDLUH IDFH DX[ FRQÃ€LWV $FTXpULU OHV FRQQDLVVDQFHV QpFHVVDLUHV j OD QpJRFLDWLRQ DYHF OHV SDUWHQDLUHV VRFLDX[ 'pYHORSSHU GHV DWWLWXGHV GH SUpYHQWLRQ HW GH JHVWLRQ GDQV OHV FRQÃ€LWV VRFLRSURIHVVLRQQHOV

6e0,1$,5( /( 7$%/($8 '( %25' (7 /( %,/$1 62&,$/

6e0,1$,5( /$ &21'8,7( '( 5e81,21

'85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6 0HWWUH HQ SODFH OHV WDEOHDX[ GH ERUG GH OD JHVWLRQ GX SHUVRQQHO HW UpDOLVHU OH ELODQ VRFLDO 3238/$7,21 &21&(51e( 5HVSRQVDEOHV HW PHPEUHV GHV VHUYLFHV GX SHUVRQQHO &DGUHV HQ FKDUJH GH OD SODQLÂ¿FDWLRQ HW GHV VWDWLVWLTXHV GH O HQWUHSULVH 352*5$00( /H ELODQ VRFLDO 7UDLWHPHQW GH O LQIRUPDWLRQ (WXGH GHV SULQFLSDX[ LQGLFDWHXUV XWLOLVpV HQ 5 + 2UJDQLJUDPPH HW GpÂ¿QLWLRQ GHV IRQFWLRQV eODERUDWLRQ G XQ WDEOHDX GH ERUG HW XWLOLVDWLRQ GX ELODQ VRFLDO

2%-(&7,) 6H SHUIHFWLRQQHU j OD FRQGXLWH GH UpXQLRQV 0DvWULVHU OHV SKpQRPqQHV GH JURXSH HW UpVRXGUH OHV SUREOqPHV HQ JURXSH 3238/$7,21 &21&(51e( &DGUHV 0DQDJHUV 352*5$00( 1RWLRQV GH EDVH j FRQQDvWUH DYDQW G DQLPHU XQH UpXQLRQ 3UpSDUDWLRQ GH OD UpXQLRQ 'pURXOHPHQW GH OD UpXQLRQ )DFLOLWHU OH WUDYDLO GX JURXSH

3238/$7,21 &21&(51e( &DGUHV 0DQDJHUV 352*5$00( /D FRPPXQLFDWLRQ LQWHUSHUVRQQHOOH /HV SULQFLSDX[ REVWDFOHV j XQH ERQQH FRPPXQLFDWLRQ /HV WHFKQLTXHV GH FRPPXQLFDWLRQ / HQWUHWLHQ LQGLYLGXHO &DUDFWpULVWLTXHV GHV FRQÃ€LWV / RULJLQH HW O DQDO\VH GHV FDXVHV +LpUDUFKLH GHV FRQÃ€LWV /H GLDORJXH VRFLDO GDQV O LQVWLWXWLRQ /D SUpYHQWLRQ HW OD JHVWLRQ GHV FRQÃ€LWV GH WUDYDLO /D QpJRFLDWLRQ DYHF OHV SDUWHQDLUHV VRFLDX[

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /$ *(67,21 '(6 &21)/,76

6e0,1$,5(6

6e0,1$,5( /$ )250$7,21 '( )250$7(856 '85e( 'L[ MRXUV

2%-(&7,)6 'RWHU OHV Â© IRUPDWHXUV LQWHUQHV DX[ HQWUHSULVHV Âª GH FRPSpWHQFHV SpGDJRJLTXHV DSSURSULpHV j OHXU PLVVLRQ HQ WDQW TXH IRUPDWHXU RFFDVLRQQHO DÂ¿Q GH OHXU SHUPHWWUH GH FRQFHYRLU SUpSDUHU G DQLPHU XQH VpDQFH SpGDJRJLTXH GDQV OHV PHLOOHXUHV FRQGLWLRQV G Há‚ˆFDFLWp HW GH SHUIRUPDQFH SpGDJRJLTXHV $ OD Â¿Q GH OD IRUPDWLRQ OHV SDUWLFLSDQWV VHURQW FDSDEOHV GH SUpSDUHU HW G DVVXUHU GHV VpDQFHV GH IRUPDWLRQ 3238/$7,21 &21&(51e( &DGUHV FKDUJpV GH OÂ¶DQLPDWLRQ GH FRXUV 352*5$00( 5DSSHOV GHV FRQFHSWV G LQJpQLHULH SpGDJRJLTXH GpWHFWLRQ WUDGXFWLRQ HW SODQ G DFWLRQ OHV REMHFWLIV SpGDJRJLTXHV HW RSpUDWLRQQHOV &RQFHSWLRQ HW SUpSDUDWLRQ G XQH LQWHUYHQWLRQ 6XSSRUW GH FRXUV SODQ G LQWHUYHQWLRQ SDU VpTXHQFH GpÂ¿QLWLRQ GHV REMHFWLIV j DWWHLQGUH SDU OHV DSSUHQDQWV GpÂ¿QLWLRQ GHV FRQWU{OHV GHV DFTXLV SHQGDQW OH FRXUV DGDSWDWLRQ GX ODQJDJH HW GHV GpPRQVWUDWLRQV DX QLYHDX UpHO GHV SDUWLFLSDQWV FKRL[ GHV VXSSRUWV GLGDFWLTXHV DSSURSULpV j O LQWHUYHQWLRQ 6pDQFHV G DQLPDWLRQ SpGDJRJLTXH HQ VDOOH GH FRXUV

6e0,1$,5( /$ /e*$/,7e '$16 /$ )250( (7 '$16 /( )21' '(6 &2175$76 '( 75$9$,/

6e0,1$,5( /( &$+,(5 '(6 &+$5*(6 &21&(37,21 (7 0,6( (1 3/$&( '(6 $&7,216 '( )250$7,21

'85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU OH FDGUH MXULGLTXH HW OD IRUPH OpJDOH GHV FRQWUDWV

2%-(&7,) 0DvWULVHU OD PpWKRGRORJLH HW OHV RXWLOV GHV DFWLRQV GH )RUPDWLRQ

3238/$7,21 &21&(51e( &DGUHV FKDUJpV GH OD JHVWLRQ GX SHUVRQQHO 3DUWHQDLUH VRFLDO 352*5$00( )RUPHV HW QDWXUHV GHV FRQWUDWV /HV SRLQWV FRPPXQV GHV GLá‚‡pUHQWV FRQWUDWV / H[pFXWLRQ GHV FRQWUDWV GH WUDYDLO /D VXVSHQVLRQ GHV FRQWUDWV GH WUDYDLO /D PRGLÂ¿FDWLRQ GHV FRQWUDWV GH WUDYDLO /H &', HW OH &'' /H U{OH GH O LQVSHFWLRQ GX WUDYDLO /D QXOOLWp GHV FRQWUDWV /D FRQVpTXHQFH GH OD QRQ FRQIRUPLWp GHV &''

3238/$7,21 &21&(51e( 5HVSRQVDEOHV IRUPDWLRQ &RQFHSWHXUV G LQJpQLHULH SpGDJRJLTXH 352*5$00( /H FDKLHU GHV FKDUJHV /D FRQFHSWLRQ GHV DFWLRQV GH IRUPDWLRQ /D PLVH HQ SODFH GHV DFWLRQV GH IRUPDWLRQ &RQFHSWLRQ GHV RXWLOV G pYDOXDWLRQ GHV UpVXOWDWV

'pURXOHPHQW GH OD IRUPDWLRQ 3UHPLqUH SKDVH / LQJpQLHULH GH OD IRUPDWLRQ / LQJpQLHULH SpGDJRJLTXH /D SUpSDUDWLRQ SpGDJRJLTXH 'HX[LqPH SKDVH &RQFHSWLRQ HW SUpSDUDWLRQ G XQH LQWHUYHQWLRQ LQGLYLGXHOOH &RQFHSWLRQ GH VXSSRUWV G DQLPDWLRQ $QLPDWLRQ G XQH VpDQFH GH FRXUV SUpSDUpH DX FKRL[ GX VWDJLDLUH DYHF WRXW OH PDWpULHO GLGDFWLTXH QpFHVVDLUH OD VpDQFH VHUD Â¿OPpH SRXU XQH UHVWLWXWLRQ DSUqV OH FRXUV

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

'85e( &LQT MRXUV

2%-(&7,)6 5HSURGXLUH HQ VLWXDWLRQ UpHOOH OD PpWKRGH G DQDO\VH GHV SRVWHV GH WUDYDLO 5pSHUWRULHU OHV SRVWHV SDU IDPLOOH HW SDU FDWpJRULH QLYHDX

5HFRQQDvWUH HW UpSHUWRULHU OHV SRVWHV VSpFLÂ¿TXHV 5HFRQQDvWUH HW UpSHUWRULHU OHV SRVWHV VWUDWpJLTXHV +LpUDUFKLVHU OHV SRVWHV DX VHLQ GHV GLYHUVHV FDWpJRULHV VRFLR SURIHVVLRQQHOOHV 5HSURGXLUH VXU OH WHUUDLQ OD GpPDUFKH FRQGXLVDQW OD FRQIHFWLRQ GHV Â¿FKHV GH SRVWHV &RRUGRQQHU XQH pTXLSH GH WUDYDLO DXWRXU G XQH PpWKRGRORJLH G pODERUDWLRQ 3238/$7,21 &21&(51e( 5HVSRQVDEOHV GHV 5HVVRXUFHV +XPDLQHV 352*5$00(

/HV FRQFHSWV FOpV GH O DQDO\VH GH O HPSORL 3RVWH GH WUDYDLO (PSORL HPSORL W\SH (PSORL FLEOH (PSORL VHQVLEOH (PSORL FOp 0pWLHU 0pWLHU G XQH HQWUHSULVH 1RPHQFODWXUH GHV HPSORLV 7HUPLQRORJLH &\FOH GH PDQDJHPHQW 5{OH GHV SRVWHV GH WUDYDLO GDQV OD *5+ HW O RUJDQLVDWLRQ / DQDO\VH GHV SRVWHV GH WUDYDLO /D GHVFULSWLRQ GHV SRVWHV GH WUDYDLO )LQDOLWpV G XQ SRVWH GH WUDYDLO /D PpWKRGH GHV 0 / pYDOXDWLRQ GHV SRVWHV GH WUDYDLO &ODULÂ¿FDWLRQ GHV U{OHV HW GHV UHVSRQVDELOLWpV ([HPSOH GH Â¿QDOLWpV G XQ SRVWH GH WUDYDLO VHORQ OD PpWKRGH GHV 0 'H OD ORJLTXH GH SRVWH j OD ORJLTXH GH FRPSpWHQFHV 3ULQFLSHV HW PpWKRGHV GH FODVVLÂ¿FDWLRQ GHV SRVWHV

6e0,1$,5( 6e0,1$,5( (/$%25$7,21 1e*2&,$7,21 (7 /Â¶,1*e1,(5,( '( /$ 02'$/,7e6 '( 0,6( (1 2(895( )250$7,21 '(6 &219(17,216 (7 $&&25'6 &2//(&7,)6 '( 75$9$,/ '85e( &LQT MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 $LGHU OHV DSSUHQDQWV j DSSUpKHQGHU HW j LQWpJUHU GDQV OHXU FXOWXUH SURIHVVLRQQHOOH OD QRWLRQ GH Â³QpJRFLDWLRQ FROOHFWLYHÂ´ /HXU UDSSHOHU OH FDGUH OpJLVODWLI HW UpJOHPHQWDLUH DSSOLFDEOH j OD QpJRFLDWLRQ FROOHFWLYH /HXU IDLUH FRQQDLWUH OHV LQWHUYHQDQWV FRQFHUQpV HW OHXUV U{OHV UHVSHFWLIV /HV LQLWLHU DX[ PRGDOLWpV G RUJDQLVDWLRQ HW j OD SUDWLTXH GH OD QpJRFLDWLRQ FROOHFWLYH /HV LQLWLHU j OD SUDWLTXH GH OD QpJRFLDWLRQ FROOHFWLYH

2%-(&7,) 6H IRUPHU DX[ GpPDUFKHV GH O LQJpQLHULH GH IRUPDWLRQ 'pYHORSSHU VHV DSWLWXGHV j FRQFHYRLU GHV GLVSRVLWLIV GH IRUPDWLRQ HW j OHV PHWWUH HQ RHXYUH

352*5$00( ,QWURGXFWLRQ DX GURLW GX WUDYDLO SDVVDJH GX VWDWXWDLUH j OD FRQWUDFWXDOLVDWLRQ GHSXLV ([HUFLFH GX GURLW V\QGLFDO FDGUH OpJLVODWLI HW UqJOHPHQWDLUH DWWULEXWLRQV JDUDQWLHV SULYLOqJHV HW OLPLWHV /D QpJRFLDWLRQ FROOHFWLYH GRPDLQHV GH QpJRFLDWLRQ PRGDOLWpV G RUJDQLVDWLRQ GH OD FRPPLVVLRQ GH QpJRFLDWLRQ SUDWLTXH GH OD QpJRFLDWLRQ FROOHFWLYH QLYHDX[ GH QpJRFLDWLRQ FROOHFWLYH GXUpH GH OD FRQYHQWLRQ FROOHFWLYH HW PRGDOLWpV GH VRQ UHQRXYHOOHPHQW RX GH VD GpQRQFLDWLRQ O DFFRUG FROOHFWLI SURFpGXUH G HQUHJLVWUHPHQW HW GH PLVH HQ Â°XYUH /H U{OH GHV LQWHUYHQDQWV UHSUpVHQWDQWV GH WUDYDLOOHXUV UHSUpVHQWDQWV GH O HPSOR\HXU LQVSHFWLRQ GX WUDYDLO LQVWDQFHV V\QGLFDOHV HW MXVWLFH GX WUDYDLO

3238/$7,21 &21&(51e( &DGUHV FKDUJpV GH OD JHVWLRQ GX SHUVRQQHO 352*5$00( / LQJpQLHULH GH OD IRUPDWLRQ GpÂ¿QLWLRQ GHV FRQFHSWV /D QRWLRQ GH SROLWLTXH DSSOLTXpH j OD IRUPDWLRQ /D GpPDUFKH G LQJpQLHULH GH IRUPDWLRQ OHV pWDSHV / pWDSH G DQDO\VH ,GHQWLÂ¿FDWLRQ HW DQDO\VH GHV EHVRLQV GH IRUPDWLRQ OD UpGDFWLRQ GX FDKLHU GHV FKDUJHV

/ pWDSH GH FRQFHSWLRQ 3ODQLÂ¿FDWLRQ HW FRQFHSWLRQ GH OD IRUPDWLRQ

/ pWDSH GH UpDOLVDWLRQ 'Lá‚‡XVLRQ GH OD IRUPDWLRQ

/ pWDSH G pYDOXDWLRQ eYDOXDWLRQ HW VXLYL GH OD IRUPDWLRQ

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /$ *(67,21 '(6 (03/2,6 (7 '(6 3267(6 '( 75$9$,/

6e0,1$,5(6

6e0,1$,5( /$ &20081,&$7,21 '$16 /( &217(;7( 352)(66,211(/

6e0,1$,5( /$ *(67,21 '(6 5(66285&(6 +80$,1(6

6e0,1$,5( /$ *(67,21 35e9,6,211(//( '(6 (03/2,6 (7 '(6 &203e7(1&(6

'85e( &LQT MRXUV

2%-(&7,) 'pYHORSSHU VD Ã€H[LELOLWp GDQV OH WUDLWHPHQW HW OD GLá‚‡XVLRQ GH O LQIRUPDWLRQ GDQV OH WUDYDLO HQ pTXLSH 'pYHORSSHU VHV DSWLWXGHV j WUDYDLOOHU HQ pTXLSH $FFURvWUH VD FDSDFLWp j FRQYDLQFUH HW QpJRFLHU

2%-(&7,)6 ,GHQWLÂ¿HU OHV SULQFLSDOHV SUpRFFXSDWLRQV GH OD *5+ HW VH IDPLOLDULVHU DYHF OHV WHFKQLTXHV GH PDQDJHPHQW GHV UHVVRXUFHV KXPDLQHV 0DvWULVHU OHV GLá‚‡pUHQWV GRPDLQHV GH OD IRQFWLRQ 5+ HW OHV pYROXWLRQV RUJDQLVDWLRQQHOOHV &RPSUHQGUH O LPSRUWDQFH GH OD SUpYLVLRQ GDQV OH SURFHVVXV GH JHVWLRQ GHV UHVVRXUFHV KXPDLQHV 0RQWUHU TX XQH JHVWLRQ SUpYLVLRQQHOOH GX SHUVRQQHO LPSOLTXH QpFHVVDLUHPHQW XQH YDORULVDWLRQ GX SRWHQWLHO KXPDLQ &RPSUHQGUH OHV QRXYHOOHV H[LJHQFHV GH O HQWUHSULVH HQ WHUPHV GH FRPSpWHQFHV KXPDLQHV

2%-(&7,)6 ,QLWLDWLRQ j OD SUDWLTXH GH OD *HVWLRQ 3UpYLVLRQQHOOH GHV (PSORLV HW GHV &RPSpWHQFHV FRPPH RXWLO LQFRQWRXUQDEOH GH OD *5+ (WXGLHU HW DVVLPLOHU OH GLVSRVLWLI GH OD *3(& 6HQVLELOLVDWLRQ j O LPSRUWDQFH GHV HPSORLV FOp GH O HQWUHSULVH HW j OHXU pYROXWLRQ

3238/$7,21 &21&(51e( &DGUHV GH OD 'LUHFWLRQ GHV 5HVVRXUFHV +XPDLQHV 352*5$00( 5DSSHO GHV FDUDFWpULVWLTXHV GH OÂ¶HQYLURQQHPHQW DFWXHO GH O HQWUHSULVH 'pÂ¿QLWLRQ HW FDUDFWpULVWLTXHV GH O HQWUHSULVH SHUIRUPDQWH /D FRPPXQLFDWLRQ 'pÂ¿QLWLRQ GHV FRQFHSWV /H VFKpPD FODVVLTXH GH OD FRPPXQLFDWLRQ HW DQDO\VH GH VHV FRPSRVDQWHV /HV GLá‚‡pUHQWV PRGHV GH FRPPXQLFDWLRQ /H U{OH GH OD SHUFHSWLRQ GDQV OD FRPPXQLFDWLRQ OD ORL G HQWURSLH &LUFXODWLRQ GH O LQIRUPDWLRQ HW ORL G HQWURSLH SHUFHSWLRQ HW SURFHVVXV GpFLVLRQQHO

/HV SULQFLSDOHV PRGDOLWpV GH OD FRPPXQLFDWLRQ GDQV XQ JURXSH / pYDOXDWLRQ GH OD TXDOLWp G XQ pFKDQJH /HV WHFKQLTXHV GH FRPPXQLFDWLRQ /D FRPPXQLFDWLRQ XQ DFWH SHUPDQHQW GX WUDYDLO HQ pTXLSH HW GH OD QpJRFLDWLRQ DQDO\VH WUDQVDFWLRQQHOOH 31/ DVVHUWLYLWp FRQGXLWH GH UpXQLRQ HW QpJRFLDWLRQ

3238/$7,21 &21&(51e( 5HVSRQVDEOHV IRUPDWLRQ &RQFHSWHXUV G LQJpQLHULH SpGDJRJLTXH 352*5$00( /H QRXYHDX FRQWH[WH GH OD *5+ /D JHVWLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV *3(&

/ RUJDQLVDWLRQ GH OD IRQFWLRQ 5+ /HV SULQFLSDOHV SROLWLTXHV GH *5+ VpOHFWLRQ UHFUXWHPHQW DSSUpFLDWLRQ RULHQWDWLRQ JHVWLRQ GHV FDUULqUHV IRUPDWLRQ UpPXQpUDWLRQ FRQGLWLRQV GH WUDYDLO LPSOLFDWLRQ PRWLYDWLRQ

3238/$7,21 &21&(51e( &DGUHV FKDUJpV GH OD JHVWLRQ GX SHUVRQQHO 352*5$00( /H FRQFHSW GH JHVWLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV GpÂ¿QLWLRQ HW pYROXWLRQ /HV HQMHX[ GH OD *3(& /HV FRQFHSWV GH EDVH GH OD *3(& 3RXUTXRL HW FRPPHQW HQWUHU HQ *3(& " /HV pWDSHV FOpV G XQH GpPDUFKH *3(& /HV RXWLOV GH OD *3(& UpSHUWRLUH GHV PpWLHUV UpIpUHQWLHO GH FRPSpWHQFHV WDEOHDX GH ERUG VRFLDO HW SODQV G DFWLRQV FRUUHFWLYHV /HV LQWHUYHQDQWV GDQV OD FRQFHSWLRQ HW OD JHVWLRQ GX GLVSRVLWLI GH *3(& /D GpPDUFKH *3(& DGDSWpH DX[ EHVRLQV GH O HQWUHSULVH

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

6e0,1$,5( /$ *(67,21 '8 7(036 (7 '8 675(66

6e0,1$,5( /(6 2(895(6 62&,$/(6 '( /Â¶(175(35,6(

'85e( &LQT MRXUV

'85e( 4XDWUH MRXUV

2%-(&7,) $LGHU OH SDUWLFLSDQW j DSSUpKHQGHU OÂ¶LPSRUWDQFH GH OD JHVWLRQ DGPLQLVWUDWLYH GX SHUVRQQHO SRXU OÂ¶HQWUHSULVH /Â¶DLGHU j LGHQWLÂ¿HU OHV FRQWHQXV GX SURFHVVXV JpQpUDO LQWpJUp HW G\QDPLTXH GH JHVWLRQ DGPLQLVWUDWLYH GHV SHUVRQQHOV GH OD QDLVVDQFH j OD FHVVDWLRQ GH OD UHODWLRQ GH WUDYDLO )DPLOLDULVHU OÂ¶DSSUHQDQW DYHF OH OLHQ TXL H[LVWH HQWUH OHV SURFpGXUHV GH JHVWLRQ DGPLQLVWUDWLYH GX SHUVRQQHO HW OH FDGUH OpJLVODWLI HW UpJOHPHQWDLUH DSSOLFDEOH j OD JHVWLRQ GHV 5 +

2%-(&7,)6 $LGHU OH SDULFLSDQW j DSSUpKHQGHU OHV FRQFHSWV GH JHVWLRQ GX WHPSV HW GH VWUHVV HW OHV OLHQV GH FDXVH j Há‚‡HW TXL SHXYHQW H[LVWHU HQWUH HX[ /XL H[SOLTXHU OH FRQFHSW GH VWUHVV HQ PLOLHX GH WUDYDLO HW OÂ¶DLGHU j JpUHU OH VWUHVV SDU OD JHVWLRQ GH VRQ WHPSV

2%-(&7,)6 $LGHU OH SDUWLFLSDQW j VÂ¶DSSURSULHU OH FDGUH OpJLVODWLI HW UpJOHPHQWDLUH UHODWLI DX[ RHXYUHV VRFLDOHV /Â¶DLGHU j LGHQWLÂ¿HU OH FKDPS GÂ¶DFWLYLWpV GHV RHXYUHV VRFLDOHV /Â¶DLGHU j DSSUpKHQGHU OH U{OH GHV SDUWHQDLUHV VRFLDX[ HW GHV JHVWLRQQDLUHV FRQFHUQpV GDQV OD JHVWLRQ GHV RHXYUHV VRFLDOHV GH OÂ¶HQWUHSULVH DLQVL TXH OHV UHVSRQVDELOLWpV TXH FHOD LPSOLTXH /HV LQLWLHU j OD SUDWLTXH GX ODQFHPHQW HW GH OD JHVWLRQ GHV RHXYUHV VRFLDOHV

3238/$7,21 &21&(51e( &DGUHV GHV 5HVVRXUFHV +XPDLQHV 352*5$00( ,QWURGXFWLRQ j OD *5+ /HV JUDQGV GRPDLQHV GH OD *5+ /H GpYHORSSHPHQW HW OD JHVWLRQ DGPLQLVWUDWLYH GX SHUVRQQHO ,QWURGXFWLRQ DX FRQFHSW GH FRPSpWHQFH SURIHVVLRQQHOOH /H FDGUH OpJLVODWLI HW UpJOHPHQWDLUH DSSOLFDEOH j OD *5+ /HV RXWLOV GH OD JHVWLRQ GX SHUVRQQHO OD FRQYHQWLRQ FROOHFWLYH /HV DFFRUGV FROOHFWLIV GH WUDYDLO OH UpJOHPHQW LQWpULHXU OH PDQXHO GH SURFpGXUHV GH JHVWLRQ DGPLQLVWUDWLYH GX SHUVRQHO HW OHV ORJLFLHOV GH JHVWLRQ \ Dá‚‡pUHQWV /HV REOLJDWLRQV OpJDOHV UHJLVWUHV OpJDX[ GX WUDYDLO LPPDWULFXODWLRQ VRFLDOH HW UpJOHPHQW LQWpULHXU ,QWURGXFWLRQ j OÂ¶DSSURFKH SDU SURFHVVXV /H SURFHVVXV GH UHFUXWHPHQW HW GÂ¶LQWpJUDWLRQ DGPLQLVWUDWLYH /HV PRXYHPHQWV GX SHUVRQQHO /HV FDV GH VXVSHQVLRQ GH OD UHODWLRQ GH WUDYDLO $YDQFHPHQW HW SURPRWLRQ /HV UpJLPHV GHV FRQJpV HW DEVHQFHV 5pPXQpUDWLRQ HW SUDWLTXH GH OD SDLH 'LVFLSOLQH

3238/$7,21 &21&(51e( (QFDGUHPHQW 352*5$00( /H FRQFHSW GH VWUHVV QRWLRQV VRXUFHV HW Há‚‡HWV ,QLWLDWLRQ DX ELODQ SHUVRQQHO HQ UHODWLRQ DYHF OH VWUHVV /D JHVWLRQ GX VWUHVV OD JHVWLRQ GX VWUHVV RUJDQLVDWLRQQHO HW OHV PHVXUHV LQGLYLGXHOOHV GÂ¶RUGUH SK\VLRORJLTXH SV\FKRORJLTXH UHODWLRQQHO HW FRPSRUWHPHQWDO /D JHVWLRQ GX VWUHVV SDU OD JHVWLRQ GX WUDYDLO GpÂ¿QLWLRQ OHV WURLV SLOLHUV VXU OHVTXHOV UHSRVH OÂ¶Há‚ˆFDFLWp OD YDOHXU GX WHPSV YpFX ELRORJLTXH HW VRFLDO DQDO\VH GH OÂ¶ XWLOLVDWLRQ GX WHPSV ([HUFLFHV GH JURXSH GLDJQRVWLF GX VWUHVV JHVWLRQ GX VWUHVV JHVWLRQ GX WHPSV

3238/$7,21 &21&(51e( 0HPEUHV GHV RUJDQHV GH SDUWLFLSDWLRQV 352*5$00( 'pÂ¿QLWLRQ GHV GLá‚‡pUHQWV GRPDLQHV GH OD IRQFWLRQ 5 + +LVWRULTXH /H FDGUH OpJLVODWLI HW UpJOHPHQWDLUH UpJLVVDQW OHV RHXYUHV VRFLDOHV GH OÂ¶HQWUHSULVH /H U{OH GHV SDUWHQDLUHV VRFLDX[ HW GH OÂ¶HPSOR\HXU GDQV OD JHVWLRQ GHV RHXYUHV VRFLDOHV /H FKDPS GÂ¶DFWLYLWpV GHV RHXYUHV VRFLDOHV GH OÂ¶HQWUHSULVH /H Â¿QDQFHPHQW GHV RHXYUHV VRFLDOHV GH OÂ¶HQWUHSULVH /Â¶RUJDQLVDWLRQ HW OD JHVWLRQ GHV RHXYUHV VRFLDOHV /H FRQWU{OH GH OD JHVWLRQ GHV RHXYUHV VRFLDOHV

&RQWDFW 'pSDUWHPHQW '025+

7pO )D[ (PDLO LQSHGPUK#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /$ *(67,21 $'0,1,675$7,9( '(6 5(66285&(6 +80$,1(6

6e0,1$,5(6

6e0,1$,5( /(6 $8720$7(6 352*5$00$%/(6 '85e( &LQT MRXUV

6e0,1$,5( /(6 0e7+2'(6 (7 287,/6 '( 35e9(17,21 '(6 5,648(6 ,1'8675,(/6 '85e( &LQT MRXUV

2%-(&7,)6 0DvWULVHU OH IRQFWLRQQHPHQW OÂ¶LQVWDOODWLRQ OD PLVH HQ RHXYUH OD SURJUDPPDWLRQ HW OD PDLQWHQDQFH GHV DXWRPDWHV SURJUDPPDEOHV $SSUHQGUH j LQWpJUHU FHV QRXYHOOHV WHFKQRORJLHV GDQV OHV V\VWqPHV DXWRPDWLVpV 3238/$7,21 &21&(51e( ,QJpQLHXUV HW WHFKQLFLHQV HQ (OHFWURWHFKQLTXH $XWRPDWLTXH HW (OHFWURQLTXH FKDUJpV GH FRQFHYRLU pWXGH LQVWDOOHU RX PDLQWHQLU GHV V\VWqPHV DXWRPDWLVpV 352*5$00( , $XWRPDWHV 3URJUDPPDEOHV ,QGXVWULHOV $3, SDUWLH ,

,QWURGXFWLRQ DX[ $3, KLVWRULTXH HW OHXUV DSSOLFDWLRQV FRPSDUDLVRQ DYHF G DXWUHV V\VWqPHV GH FRQWU{OH $UFKLWHFWXUH HW IRQFWLRQQHPHQW G XQ $3, 3URJUDPPDWLRQ GHV $3, /HV $3, HW FRPPXQLFDWLRQ 3URJUDPPDWLRQ HQ ODQJDJH /' ODQJDJH j FRQWDFW

([HPSOHV G DSSOLFDWLRQV ,, $XWRPDWHV 3URJUDPPDEOHV ,QGXVWULHOV $3, SDUWLH ,,

$XWRPDWHV HW PRGXOHV G HQWUpHV VRUWLHV &kEODJHV GHV $3, DYHF GHV SpULSKHULTXHV FDSWHXUV DFWLRQQHXUV HWF

3URJUDPPDWLRQ GHV $XWRPDWHV /DQJDJH /' ODQJDJH j FRQWDFW

/DQJDJH )%' )XQFWLRQ %ORFN

/DQJDJH 6)& VHTXHQWLDO IXQFWLRQ FKDUW *5$)&(7 /DQJDJH 67 6WUXFWXUHG 7H[W

/DQJDJH ,/ ,QVWUXFWLRQ /LVW

0LVH HQ RHXYUH GX JUDIFHW ([HPSOHV G DSSOLFDWLRQV VLPXODWLRQ HW DSSOLFDWLRQ SUDWLTXH

2%-(&7,)6 5DSSHOHU OHV pOpPHQWV HVVHQWLHOV GH OD VpFXULWp GDQV OHV HQWUHSULVHV LQGXVWULHOOHV 3UpVHQWHU OHV GLá‚‡pUHQWHV PpWKRGHV G DQDO\VH GHV ULVTXHV WHFKQRORJLTXHV 3RXYRLU FKRLVLU XQH GpPDUFKH RX PpWKRGH DGDSWpH j XQH LQGXVWULH GRQQpH 3238/$7,21 &21&(51e( ,QJpQLHXUV HW WHFKQLFLHQV FKDUJpV GH O H[SORLWDWLRQ GH OD PDLQWHQDQFH HW GH OD VpFXULWp LQGXVWULHOOH 352*5$00( 0pWKRGHV G DQDO\VH GHV ULVTXHV WHFKQRORJLTXHV 0pWKRGHV D[pHV VXU OH U{OH GHV PDFKLQHV 0pWKRGHV D[pHV VXU OH U{OH GHV WUDYDLOOHXUV &DUDFWpULVDWLRQ GH OD VÂ€UHWp GH IRQFWLRQQHPHQW 6G)

&RQGLWLRQV GH PLQLPLVDWLRQ GX ULVTXH 'RQQpHV GH Â¿DELOLWp %DVHV GH GRQQpHV 5HWRXU G H[SpULHQFH 'pPDUFKHV HW PpWKRGHV IRQGDPHQWDOHV GÂ¶XQH DSSURFKH 6G)

$QDO\VH SUpOLPLQDLUH GH ULVTXHV $35 $QDO\VH GHV PRGHV GH GpIDLOODQFH GH OHXUV Há‚‡HWV HW GH OHXUV FULWLFLWpV $0'(& $UEUHV GH FDXVHV G pYpQHPHQW GH GpIDLOODQFHV (WXGH GH FDV ([HPSOHV G DSSOLFDWLRQV VLPXODWLRQ HW DSSOLFDWLRQ SUDWLTXH

6e0,1$,5( /$ 1250( ,62 '85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU OHV SULQFLSHV GH OD QRUPH ,62 6H PHWWUH HQ FRQIRUPLWp DYHF OD OpJLVODWLRQ HW OHV H[LJHQFHV GHV FOLHQWV 0HWWUH HQ RHXYUH OD PpWKRGRORJLH j SDUWLU G H[HPSOHV FRQFUHWV 5HSpUHU HW LGHQWLÂ¿HU OHV GLá‚ˆFXOWpV VSpFLÂ¿TXHV j FKDTXH VHFWHXU 3238/$7,21 &21&(51e( &DGUHV WHFKQLFLHQV HW RSpUDWHXUV GHV LQGXVWULHV DJUR DOLPHQWDLUHV &KHIV GH SURMHWV &HUWLÂ¿FDWLRQ ,62 352*5$00( ,QWURGXFWLRQ DX V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GHV GHQUpHV DOLPHQWDLUHV 3UpVHQWDWLRQ GX 606'$ ,62 HW UDSSHO GHV SULQFLSDOHV H[LJHQFHV &RQFHYRLU HW PHWWUH HQ RHXYUH XQ 606'$ 3ODQLÂ¿HU OH 606'$ 0DLWULVHU OH IRQFWLRQQHPHQW GX 606'$ 0HVXUHU HW VXUYHLOOHU OH 606'$ 5HYXH GH OD GLUHFWLRQ HW DPpOLRUDWLRQ GX 606'$

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

'85e( &LQT MRXUV

2%-(&7,)6 6HQVLELOLVHU OHV SDUWLFLSDQWV DX[ HQMHX[ HW FRQFHSWV GH OD FKDvQH ORJLVWLTXH )RXUQLU DX[ SDUWLFLSDQWV XQH PpWKRGRORJLH G DQDO\VH HW GH PHVXUH GH OD FKDvQH ORJLVWLTXH 0DvWULVHU O RULJLQH GHV JDVSLOODJHV HW Â¿DELOLVHU OHV GpODLV 3238/$7,21 &21&(51e( 5HVSRQVDEOHV G HQWUHSULVHV &DGUHV GLULJHDQWV 5HVSRQVDEOH GHV IRQFWLRQV /RJLVWLTXH $FKDW DSSURYLVLRQQHPHQW 3URGXFWLRQ 7UDQVSRUW GHV HQWUHSULVHV GX VHFWHXU LQGXVWULHO HW GHV VHUYLFHV 352*5$00( ,QWURGXFWLRQ DX[ FRQFHSWV IRQGDPHQWDX[ GH Ã€X[ (WXGH GH FDV FDV HQ SHWLWV JURXSHV

([SRVp VXU OHV W\SRORJLHV SURGXLWV SURFHVVXV 'LDSRUDPD 7\SRORJLHV (WXGH GH FDV 1RWLRQV GH FKDvQH ORJLVWLTXH ([SRVp VXU OD FKDvQH ORJLVWLTXH 2UJDQLVDWLRQ (QMHX[ 7\SRORJLHV &KDvQHV ORJLVWLTXHV 'LDSRUDPD 6&0 'LVWULEXWLRQ SK\VLTXH HW FRQÂ¿JXUDWLRQV FKDvQH ORJLVWLTXH 'LDSRUDPD UpVHDX[ ([HUFLFH /H /HDQ PDQXIDFWXULQJ HW OD SURGXFWLRQ j YDOHXU DMRXWpH 3ODQLÂ¿FDWLRQ HW SLORWDJH GHV Ã€X[ /D SODQLÂ¿FDWLRQ KLpUDUFKLVpH /H SODQ LQGXVWULHO HW FRPPHUFLDO /H SODQ GLUHFWHXU GH SURGXFWLRQ 'LDSRUDPD SODQ GLUHFWHXU /HV DSSURYLVLRQQHPHQWV HW OD JHVWLRQ GHV UHODWLRQV DYHF OHV IRXUQLVVHXUV 'LDSRUDPD $FKDWV 'LDJQRVWLF GH OD 6XSSO\ &KDLQ 6WUDWpJLH HW VHJPHQWDWLRQ ,QGLFDWHXUV GH SHUIRUPDQFH 6&25 0pWKRGRORJLH GX GLDJQRVWLF 'LDSRUDPD GLDJQRVWLF ([HUFLFHV V\QWKqVH HW GpEDW

6e0,1$,5( /(6 02'ÃŠ/(6 '( 35e9,6,21 Â¬ &2857 7(50( '85e( &LQT MRXUV

6e0,1$,5( $8',7(85 '( 6<67ÃŠ0( '( 0$1$*(0(17 '( /$ 6e&85,7e '(6 '(15e(6 $/,0(17$,5(6

6e0,1$,5(6

6e0,1$,5( /Â¶$8',7 '( /$ &+$ÃŒ1( /2*,67,48( (7 ',$*1267,& '( /$ 6833/< &+$,1

'85e( &LQT MRXUV

2%-(&7,)6 $VVLPLOHU OD GpPDUFKH UDWLRQQHOOH G pWDEOLVVHPHQW GHV SUpYLVLRQV HW rWUH FDSDEOH G Há‚‡HFWXHU OH FKRL[ SDUPL OHV GLá‚‡pUHQWHV PpWKRGHV HQ IRQFWLRQ GHV GLá‚‡pUHQWHV VLWXDWLRQV ,GHQWLÂ¿HU OHV PRGqOHV GH SUpYLVLRQV HW rWUH HQ PHVXUH GH PRGpOLVHU OHV PpWKRGHV VXU RUGLQDWHXU HW FRQGXLUH XQH SUpYLVLRQ 3DUWLFLSHU j O pODERUDWLRQ G XQH pWXGH GH PDUFKp HW DX GpSRXLOOHPHQW GHV GRQQpHV (WUH HQ PHVXUH G HVWLPHU OHV SDUDPqWUHV UHFKHUFKpV j SDUWLU GHV GRQQpHV UHFXHLOOLHV HW YpULÂ¿HU OHXU VLJQLÂ¿FDWLRQ HW SUHQGUH OHV GpFLVLRQV TXL V \ UDSSRUWHQW 3238/$7,21 &21&(51e( &DGUHV GLULJHDQWV G HQWUHSULVHV 5HVSRQVDEOHV GHV VWUXFWXUHV PDUNHWLQJ FRPPHUFLDOH HW PDQDJHPHQW GHV UHVVRXUFHV WHFKQRORJLTXHV ORJLVWLTXH JHVWLRQ GHV VWRFNV HW SURGXFWLRQ &DGUHV VXSpULHXUV HW PR\HQV GHV HQWUHSULVHV TXL VRXKDLWHQW FRPSOpWHU OHXU IRUPDWLRQ GDQV OH GRPDLQH GHV WHFKQLTXHV TXDQWLWDWLYHV GH JHVWLRQ &DGUHV UHOHYDQW G XQH IRQFWLRQ SDUWLFXOLqUH HQ O RFFXUUHQFH OD 'LUHFWLRQ GHV Â¿QDQFHV HW GX EXGJHW GDQV OH EXW GH OHV GRWHU G LQVWUXPHQWV SUDWLTXHV G pODERUDWLRQ GHV SODQV DQQXHOV HW SOXULDQQXHOV HW GX %XVLQHVV SODQ GH O HQWUHSULVH 352*5$00( *pQpUDOLWpV VXU OD SUpYLVLRQ 5DSSHOV VXU OD WKpRULH GH O pFKDQWLOORQQDJH HW GH O HVWLPDWLRQ /HV SULQFLSDOHV PpWKRGHV GH SUpYLVLRQV /H PRGqOH H[WUDSRODWRLUH Ã€XFWXDQW /H PRGqOH H[WUDSRODWRLUH Ã€XFWXDQW pWXGH GH FDV /H PRGqOH H[WUDSRODWRLUH VDLVRQQLHU pWXGH GH FDV /H PRGqOH H[SOLFDWLI UpJUHVVLRQ VLPSOH HW PXOWLSOH (WXGH GH FDV /HV PpWKRGHV HPSLULTXHV

2%-(&7,)6 'pFULUH O REMHW GH EDVH G XQ 606'$ HW H[SOLTXHU OHV SULQFLSHV OHV SURFHVVXV HW OHV WHFKQLTXHV XWLOLVpV SRXU O pYDOXDWLRQ HW OH PDQDJHPHQW GHV GDQJHUV GH OD VpFXULWp GHV GHQUpHV DOLPHQWDLUHV ([SOLTXHU O REMHW OH FRQWHQX HW OHV FRUUpODWLRQV GHV 1RUPHV GH V\VWqPH GH PDQDJHPHQW &RQQDvWUH HW FRPSUHQGUH OH U{OH GH O DXGLWHXU SUpSDUHU XQ DXGLW UpDOLVHU O DXGLW FRQFOXUH HW UpDOLVHU XQ UDSSRUW G DXGLW ,QWHUSUpWHU OHV H[LJHQFHV G ,62 SRXU DXGLWHU OH 606'$ G XQ RUJDQLVPH 3238/$7,21 &21&(51e( $XGLWHXUV 4XDOLWp 5HVSRQVDEOHV TXDOLWp VRXKDLWDQW PDvWULVHU OD PpWKRGH G DXGLW &RUUHVSRQGDQWV 4XDOLWp 352*5$00( 5DSSHOV VXU OH 606'$ HW OD GpPDUFKH +$&&3 WHVW 4&0 GH YpULÂ¿FDWLRQ GHV FRQQDLVVDQFHV ,QWHUSUpWDWLRQ GHV H[LJHQFHV GH OD QRUPH ,62 7UDYDX[ HQ DWHOLHUV H[HUFLFHV G DQDO\VHV GHV H[LJHQFHV GHV QRUPHV LQWHUSUpWDWLRQ GX SRLQW GH YXH GH O DXGLWHXU H[LJHQFHV SUHXYHV WDQJLEOHV 3UpVHQWDWLRQ GH OD QRUPH ,62 OLJQHV GLUHFWULFHV SRXU O DXGLW GHV V\VWqPHV GH PDQDJHPHQW 7UDYDX[ HQ DWHOLHUV SUpSDUDWLRQ SURJUDPPH SODQ G DXGLW UDSSRUW G DXGLW 3UpSDUDWLRQ GHV TXHVWLRQQDLUHV G DXGLW 7HFKQLTXHV G HQWUHWLHQ GXUDQW O DXGLW FRPPXQLFDWLRQ $WWLWXGH HW FRPSRUWHPHQW

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

6e0,1$,5(6

6e0,1$,5( 727$/ 352'8&7,9( 0$,17(1$1&( 730

'85e( 7URLV MRXUV

2%-(&7,)6 3UHQGUH FRQQDLVVDQFH GH OD GpPDUFKH GH SURJUqV LQWLWXOpH 7 3 0 6HQVLELOLVHU HW DVVRFLHU OD WRWDOLWp GHV FROODERUDWHXUV j FH SODQ GH SURJUqV HQ WUDQVIRUPDQW FKDTXH RSpUDWHXU HQ YpULWDEOH UHVSRQVDEOH GH VRQ RXWLO GH SURGXFWLRQ 3HUPHWWUH G DWWHLQGUH GHV GLVSRQLELOLWpV GHV PDFKLQHV SURFKHV GX SDU O DQDO\VH GHV GLá‚‡pUHQWHV VRXUFHV GH SHUWHV HW OD PLVH HQ SODFH G XQ SODQ G DFWLRQ FRQFUHW (YDOXHU OHV JDLQV LPPpGLDWHPHQW UpDOLVDEOHV j O DLGH GH UDWLRV WHOV TXH 756 RX 75* 3238/$7,21 &21&(51e( 'LUHFWHXUV GH OD PDLQWHQDQFH 'LUHFWHXUV GH OD SURGXFWLRQ &DGUHV GH OD PDLQWHQDQFH &DGUHV GH OD SURGXFWLRQ 352*5$00( 'pÂ¿QLWLRQV HW HQMHX[ GH OD 7 3 0 0DLQWHQDQFH HW 730 1RWLRQ G DPpOLRUDWLRQ GX UHQGHPHQW GHV LQVWDOODWLRQV HW OHV VRXUFHV GH SHUWHV /H WDX[ GH UHQGHPHQW V\QWKpWLTXH 756 HW JOREDO 75*

0LVH HQ SODFH JpQpUDOH G XQH 730 0pWKRGRORJLH G LPSODQWDWLRQ GH OD 730 &RQFOXVLRQ HW GpEDW

6e0,1$,5( /( 7$%/($8 '( %25' (7 /(6 ,1',&$7(856 '( 0$,17(1$1&(

6e0,1$,5( /$ 0e7+2'( +$=23 '85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6 'RWHU OH JHVWLRQQDLUH WHFKQLTXH GH PpWKRGHV G pYDOXDWLRQ G LQGLFDWHXUV HW G DQDO\VH HQ PDLQWHQDQFH

2%-(&7,)6 &RQQDvWUH OD PpWKRGH +$=23 3HUPHWWUH XQH DQDO\VH GH ULVTXH SDU OD PpWKRGH +$=23

3238/$7,21 &21&(51e( *HVWLRQQDLUH WHFKQLFR pFRQRPLTXH EXUHDX PpWKRGH 5HVSRQVDEOH GH SURGXFWLRQ HW VpFXULWp

3238/$7,21 &21&(51e( 5HVSRQVDEOHV PpWURORJLH 5HVSRQVDEOHV TXDOLWp 5HVSRQVDEOHV GH ODERUDWRLUHV 7HFKQLFLHQV FKDUJpV GHV PHVXUHV ,QJpQLHXUV RX WHFKQLFLHQV

352*5$00( ,QWURGXFWLRQ DX PDQDJHPHQW HW WDEOHDX GH ERUG 0DLQWHQDQFH /D URXH GH 5HPLQJ 'DWD ZRUN Ã€RZ /HV LQGLFDWHXUV GH PDLQWHQDQFH /D 07%) HW WDX[ GH GLVSRQLELOLWp (YDOXDWLRQ GX FRÂ€W GH GpIDLOODQFH /HV GLá‚‡pUHQWV UDWLRV LQGLFDWHXUV GH PDLQWHQDQFH (YDOXDWLRQ GH O DSSRUW pFRQRPLTXH GH OD PDLQWHQDQFH ([SORLWDWLRQ VWDWLVWLTXH GHV GRQQpHV SDU RXWLO LQIRUPDWLTXH ,QWURGXFWLRQ DX VWDWLTXH HW UHSUpVHQWDWLRQ JUDSKLTXH 0pWKRGH 3DUHWR HW $%& / RXWLO LQIRUPDWLTXH ([FHO HW $FFHVV 0pWKRGHV G DFWXDULDW HW GH JHVWLRQ GH SDUF H[HPSOH G DSSOLFDWLRQ PDLQWHQDQFH SDUF GH YpKLFXOHV

/D JHVWLRQ GH VWRFNV HQ FRQVRPPDWLRQ GH SLqFHV

&RQWDFW 'pSDUWHPHQW '0,/

352*5$00( 0pWKRGRORJLH 2UJDQLJUDPPH ,GHQWLÂ¿FDWLRQ GHV GpULYHV HW GpYLDWLRQV GDQJHUHXVHV j O DLGH GH PRW JXLGH HW SDUDPqWUHV 'pWHUPLQDWLRQ GHV FRQVpTXHQFHV HW HVWLPDWLRQ GX QLYHDX GH JUDYLWp ,GHQWLÂ¿FDWLRQ GHV FDXVHV SRVVLEOHV OLpHV j FKDTXH GpYLDWLRQ 3ULVH HQ FRPSWH GHV PHVXUHV GpMj H[LVWDQWHV SRXU UpGXLUH OH ULVTXH 'pÂ¿QLWLRQ GHV EDUULqUHV GH SURWHFWLRQ j PHWWUH HQ SODFH SURFpGXUHV DODUPHV FKDvQHV GH VpFXULWpÂ« HQ IRQFWLRQ GX QLYHDX G H[LJHQFH UHTXLV 'pÂ¿QLWLRQ GX QLYHDX G H[LJHQFH UHTXLV 6,/ UHTXLV

5DSSRUW +$=23 WUDoDELOLWp pYROXWLRQ DXGLWV Â«

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

'85e( 7URLV MRXUV

2%-(&7,)6 $PpOLRUHU OD FRPSpWHQFH GHV SLORWHV GHV SURFHVVXV j VDYRLU 0DvWULVHU O DSSURFKH SURFHVVXV 'pWHUPLQHU OHV REMHFWLIV ,GHQWLÂ¿HU OHV FULWqUHV GH SHUIRUPDQFHV &RPSRVHU O LQGLFDWHXU HW eYDOXHU VD IDLVDELOLWp 0DvWULVHU OD PpWKRGRORJLH GH GpWHUPLQDWLRQ GHV RXWLOV GH SLORWDJH HQ SDUWLFXOLHU OD PHVXUH HW OH PRGH GH FDOFXO GH O LQGLFDWHXU VRQ Há‚ˆFDFLWp SDU UDSSRUW j O REMHFWLI HW VD SHUWLQHQFH SRXU O pYDOXDWLRQ GH OD SHUIRUPDQFH GX SURFHVVXV $PpOLRUHU OD SUR DFWLYLWp GHV SLORWHV 3238/$7,21 &21&(51e( 5HVSRQVDEOHV 4XDOLWp 3LORWHV GH SURFHVVXV 352*5$00( 5$33(/6 6XU OD QRUPH $)125 )'; ,QGLFDWHXUV HW WDEOHDX[ GH ERUG

6e0,1$,5( $8',7 48$/,7(

'85e( &LQT MRXUV '85e( &LQT MRXUV

2%-(&7,)6 $PpOLRUHU OD FRPSpWHQFH GHV DXGLWHXUV j VDYRLU 6DYRLU 0DLWULVHU OHV H[LJHQFHV GH OD QRUPH ,62 9HUVLRQ HW ,62 9HUVLRQ /HV WHFKQLTXHV G DXGLW 0HWWUH HQ Â°XYUH OHV GLá‚‡pUHQWHV SKDVHV GH O DXGLW j VDYRLU 3UpSDUHU 5pDOLVHU HW VXLYUH XQ DXGLW LQWHUQH HW RX ELSDUWLH 'RFXPHQWHU OHV UDSSRUWV G DXGLWV HW OHV GHPDQGHV G DFWLRQ FRUUHFWLYHV 0DLWULVHU OD VXUYHLOODQFH GX 604 HW DXJPHQWHU OD FRPSpWHQFH GHV DXGLWHXUV

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH DSSHOpH j UpDOLVHU GHV DXGLWV TXDOLWp LQWHUQHV

LQIRUPDWLRQV O H[DPHQ SpULRGLTXHV GHV LQGLFDWHXUV HW WDEOHDX[ GH

352*5$00( 5$33(/6

ERUG

/$ 7<32/2*,( ' $8',7

'(7(50,1(5 /(6 ,1',&$7(856 '( 3(5)250$1&(6

3UpVHQWDWLRQ GHV FLQT W\SRORJLHV G DXGLW

3$5 352&(6686

/(6 3+$6(6 ' $8',7

,GHQWLÂ¿HU OHV UHVSRQVDELOLWpV HW DXWRULWpV DX VHLQ GHV SURFHVVXV

'RFXPHQWHU XQ SODQ G DXGLW LQWHUQH HW RX ELSDUWLH

&RQFHYRLU DYHF *$3 O

DSSURFKH PpWKRGRORJLTXH j PHWWUH HQ

5pDOLVDWLRQ G XQ DXGLW

SODFH

&RPSpWHQFH HW pYDOXDWLRQ GHV DXGLWHXUV

0(775( (1 Â¯895( /(6 ,1',&$7(856 '(

2%-(&7,)6 $PpOLRUHU OD FRPSpWHQFH GHV SLORWHV GHV SURFHVVXV j VDYRLU 0DvWULVHU OH FRQFHSW GH O DSSURFKH SURFHVVXV HQ WDQW TX H[LJHQFH PDMHXUH GX UpIpUHQWLHO ,62 YHUVLRQ 0DvWULVHU OD PpWKRGRORJLH GH GpWHUPLQDWLRQ GHV RXWLOV GH SLORWDJH HQ SDUWLFXOLHU O LGHQWLÂ¿FDWLRQ OH GpURXOHPHQW OD VXUYHLOODQFH GX IRQFWLRQQHPHQW OD PHVXUH GH OD SHUIRUPDQFH OD FRRUGLQDWLRQ HW OH SLORWDJH GHV SURFHVVXV $PpOLRUHU OD SUR DFWLYLWp GHV SLORWHV 3238/$7,21 &21&(51e( 5HVSRQVDEOHV 4XDOLWp 3LORWHV GH SURFHVVXV 352*5$00(

/HV H[LJHQFHV GX UpIpUHQWLHO ,62 YHUVLRQ / LGHQWLÂ¿FDWLRQ OD FRQFHSWLRQ OD PLVH HQ Â°XYUH O H[SORLWDWLRQ GHV

6e0,1$,5( / $3352&+( 352&(6686

6e0,1$,5(6

6e0,1$,5( '(),1,5 '(6 ,1',&$7(856 (7 7(1,5 81 7$%/($8 '( %25'

3$57,( 35$7,48(

3(5)250$1&(6 3$5 352&(6686 (;3/2,7(5 /(6 ,1)250$7,216 3$5 352&(6686 (;$0,1(5 3(5,2',48(0(17 /(6 ,1',&$7(856 (7 7$%/($8; '( %25' 3$5 352&(6686

5DSSHOV /HV QRUPHV ,62 /HV SULQFLSHV GX PDQDJHPHQW GH OD TXDOLWp /HV H[LJHQFHV GX UpIpUHQWLHO ,62 YHUVLRQ /H FRQFHSW GH O DSSURFKH SURFHVVXV /HV PLVVLRQV HW UHVSRQVDELOLWpV GHV SLORWHV GHV SURFHVVXV / DSSURFKH SURFHVVXV 0DQDJHU SDU SURFHVVXV /DQFHU O DSSURFKH SURFHVVXV 'pÂ¿QLU OH V\VWqPH GH SURFHVVXV ,QYHQWRULHU OHV SURFHVVXV 5HSUpVHQWHU OD FDUWRJUDSKLH GHV SURFHVVXV $GDSWHU O RUJDQLVDWLRQ VHORQ O DSSURFKH SURFHVVXV 'pÂ¿QLU OHV UHVSRQVDELOLWpV HW DXWRULWpV SRXU OHV SURFHVVXV 3URSULpWDLUHV HW SLORWHV

6XUYHLOOHU HW PHVXUHU OD SHUIRUPDQFH GX V\VWqPH GH SURFHVVXV 3UpSDUHU HW RUJDQLVHU OD UHYXH GH SURFHVVXV eYDOXHU OH V\VWqPH GH SURFHVVXV HW VD PDWXULWp 3LORWHU OHV 3URFHVVXV &DUDFWpULVHU XQ SURFHVVXV 'pWHUPLQHU OHV REMHFWLIV GX SURFHVVXV 'pÂ¿QLU OHV LQGLFDWHXUV HW pODERUHU OH WDEOHDX GH ERUG GX SURFHVVXV 'RFXPHQWHU FKDTXH SURFHVVXV 'pWHUPLQHU OHV GRQQpHV GX SLORWDJH 6XUYHLOOHU 0HVXUHU HW DPpOLRUHU

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

6e0,1$,5(6

6e0,1$,5( 0(7+2'2/2*,( '(

5(62/87,216 '(6 352%/(0(6

'85e( &LQT MRXUV

2%-(&7,)6 $PpOLRUHU OD FRPSpWHQFH GHV SLORWHV GH SURFHVVXV j VDYRLU 'pÂ¿QLU OH SUREOqPH 0DvWULVHU OHV RXWLOV TXDOLWp QpFHVVDLUH SRXU OD UpVROXWLRQ GX SUREOqPH 'RFXPHQWHU OH SODQ G DFWLRQ 0DvWULVHU OD PpWKRGRORJLH G XWLOLVDWLRQ GHV RXWLOV GH OD TXDOLWp $PpOLRUHU OD FRKpVLRQ GHV *$3 HW OD SUR DFWLYLWp GHV SLORWHV SRXU OD SULVH HQ FKDUJH GHV SUREOqPHV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV 604 60( 606 3LORWHV GH SURFHVVXV

352*5$00( 5$33(/6 6XU OHV RXWLOV HW OHV PpWKRGHV VWDWLVWLTXHV /HV H[LJHQFHV GX UpIpUHQWLHO ,62 YHUVLRQ / LGHQWLÂ¿FDWLRQ O H[SORLWDWLRQ GHV LQIRUPDWLRQV O H[DPHQ SpULRGLTXH GHV UHYXHV GH SURFHVVXV SRXU GpWHUPLQHU OHV SUREOqPHV QRQ FRQIRUPLWpV UpFODPDWLRQV GHV FOLHQWV Â« ,'(17,),(5 (7 'e),1,5 /( 352%/ÃŠ0( $8 1,9($8 ' 81 352&(6686 ,GHQWLÂ¿HU OD SUREOpPDWLTXH j WUDLWHU &RQVWLWXHU OH JURXSH GH UpVROXWLRQ GX SUREOqPH D 'pVLJQHU O DQLPDWHXU HW OH UDSSRUWHXU GX JURXSH E 'pÂ¿QLU O LQWLWXOp H[DFW GX SUREOqPH 4424&3& F 9DOLGHU $1$/<6(5 /( 352%/ÃŠ0( )RUPHU OH JURXSH *53 VXU OHV RXWLOV TXDOLWp EUDLQVWRUPLQJ GLDJUDPPH G Dá‚ˆQLWpV PpWKRGH PXOWLFULWqUHV 0pWKRGH ,VKLNDZD

3UpSDUHU OHV VXSSRUWV j XWLOLVHU HQ LQWHUQH 0HWWUH HQ Â°XYUH OH SODQ GH FROOHFWH GHV LQIRUPDWLRQV HW GRQQpHV $QLPHU OHV WUDYDX[ DX VHLQ GX *53 5HQVHLJQHU HW GLá‚‡XVHU OH SODQ G DFWLRQ Â© 3$4 Âª 9DOLGHU OHV UpVXOWDWV (;3/2,7(5 /(6 ,1)250$7,216 3$5 352&(6686 3ULRULVHU OH &KRL[ GHV VROXWLRQV j PHWWUH HQ Â°XYUH j O DLGH GH OD PpWKRGH PXOWLFULWqUHV eWDEOLU OH SODQ G DFWLRQ 9DOLGHU OH SODQ G DFWLRQ 0HWWUH HQ Â°XYUH OHV VROXWLRQV &RPPXQLTXHU OHV UpVXOWDWV UHYXH GH SURFHVVXV HW UHYXH GH GLUHFWLRQ (;$0,1(5 3e5,2',48(0(17 /(6 %,/$16 '(6 $&7,216 3$5 352&(6686 9pULÂ¿HU OD SHUWLQHQFH GHV 6ROXWLRQV HW GHV 3$4 eYDOXHU OD VDWLVIDFWLRQ GHV XWLOLVDWHXUV HQ LQWHUQH HW HQ H[WHUQH 'RFXPHQWHU XQH EDQTXH GH GRQQpHV Â© *53 Âª SDU SURFHVVXV

6e0,1$,5( 25*$1,6(5 (7 $1,0(5 81( 5(98( '( 352&(6686

6e0,1$,5( 35(3$5(5 (7 2*$1,6(5 /$ 5(98( '( ',5(&7,21

'85e( 7URLV MRXUV

2%-(&7,)6

$PpOLRUHU OD FRPSpWHQFH GHV SLORWHV GHV SURFHVVXV j VDYRLU 0DvWULVHU O DSSURFKH SURFHVVXV 0HWWUH HQ Â°XYUH VXLYUH HW pYDOXHU OD SHUIRUPDQFH G XQ SURFHVVXV 0DvWULVHU OHV H[LJHQFHV GH OD QRUPH GpWHUPLQHU OHV RXWLOV GH SLORWDJH HQ SDUWLFXOLHU OH PDQDJHPHQW GHV SURFHVVXV VRQ Há‚ˆFDFLWp SDU UDSSRUW j O REMHFWLI HW VRQ Há‚ˆFLHQFH SRXU O pYDOXDWLRQ GH VD SHUIRUPDQFH $PpOLRUHU HQ FRQWLQX OD SUR DFWLYLWp GHV SLORWHV

3238/$7,21 &21&(51e(

$PpOLRUHU OD FRPSpWHQFH GHV SLORWHV GHV SURFHVVXV HW OD PDLWULVH GX 604 j VDYRLU 0DvWULVHU O DSSURFKH SURFHVVXV 'pWHUPLQHU OHV REMHFWLIV ,GHQWLÂ¿HU OHV FULWqUHV GH SHUIRUPDQFHV &RPSRVHU O LQGLFDWHXU HW eYDOXHU VD IDLVDELOLWp UpDOLVHU OHV UHYXHV GH SURFHVVXV 0DvWULVHU OHV H[LJHQFHV G XQ 604 9HLOOHU j OD PLVH HQ Â°XYUH GX 604 HW YpULÂ¿HU TX LO UHVWH DGpTXDW Há‚ˆFDFH HW SHUWLQHQW HQ UDSSRUW DYHF OHV D[HV GH OD SROLWLTXH TXDOLWp $PpOLRUHU OD TXDOLWp GHV HQUHJLVWUHPHQWV 604

5HVSRQVDEOHV 604 60( 606 3LORWHV GH SURFHVVXV

3238/$7,21 &21&(51e(

352*5$00(

5HVSRQVDEOHV 604 60( 606 3LORWHV GH SURFHVVXV

5$33(/6 6XU OD QRUPH $)125 Â±)'; 0DQDJHPHQW GHV SURFHVVXV /HV H[LJHQFHV GX UpIpUHQWLHO ,62 YHUVLRQ 'e7(50,1(5 /(6 '211e(6 $ 75$,7(5 '$16 81( 5(98( '( 352&(6686 25*$1,6(5 /$ 5(98( '( 352&(6686 )RUPHU OHV DFWHXUV LPSOLTXpV VXU OD $)125 Â±)'; 0DQDJHPHQW GHV SURFHVVXV &RPPXQLTXHU HQ LQWHUQH HW DYHF OHV DXWUHV SURFHVVXV $QLPHU OHV WUDYDX[ DX VHLQ GX SURFHVVXV 9DOLGHU OH FRPSWH UHQGX GH OD UHYXH GH SURFHVVXV 0HWWUH HQ Â°XYUH OH SODQ G DFWLRQ GH OD UHYXH DX VHLQ GX 604 5HYXH GH SURFHVVXV HW UHYXH GH GLUHFWLRQ

(;3/2,7(5 /(6 ,1)250$7,216 3$5 352&(6686 5HYRLU HW UHGpÂ¿QLU DX EHVRLQ GH QRXYHDX[ D[HV G DPpOLRUDWLRQV &RPPXQLTXHU HW HQUHJLVWUHU OHV UpVXOWDWV UHYXH GH SURFHVVXV (;$0,1(5 3e5,2',48(0(17 / ()),&$&,7( (7 / ()),&,(1&( '8 352&(6686 9pULÂ¿HU SpULRGLTXHPHQW OD PDvWULVH GHV ULVTXHV GX SURFHVVXV eYDOXHU OD SHUIRUPDQFH GX SURFHVVXV HQ LQWHUQH HW HQ H[WHUQH 5HFRQÂ¿JXUHU OH SURFHVVXV DX EHVRLQ HQ FDV GH ULVTXH PDMHXU LGHQWLÂ¿p ORUV GH OD VXUYHLOODQFH GH VRQ IRQFWLRQQHPHQW 'pWHUPLQHU OHV DFWLRQV G DPpOLRUDWLRQV j HQJDJHU

&RQWDFW 'pSDUWHPHQW '0,/

352*5$00( 5$33(/6 /HV H[LJHQFHV GX UpIpUHQWLHO ,62 YHUVLRQ 6 DVVXUHU GH OD FRQIRUPLWp GX FRQWHQX GHV UHYXHV GH SURFHVVXV 'e7(50,1(5 /(6 '211e(6 ' (175((6 3285 81( 5(98( 'H ',5(&7,21 /HV pOpPHQWV G HQWUpH GH OD UHYXH GH GLUHFWLRQ GRLYHQW FRPSUHQGUH GHV LQIRUPDWLRQV VXU /HV UpVXOWDWV GHV DXGLWV /HV UHWRXUV G LQIRUPDWLRQ GHV FOLHQWV /H IRQFWLRQQHPHQW GHV SURFHVVXV HW OD FRQIRUPLWp GX SURGXLW / pWDW GHV DFWLRQV SUpYHQWLYHV HW FRUUHFWLYHV /HV DFWLRQV LVVXHV GHV UHYXHV GH GLUHFWLRQ SUpFpGHQWHV /HV FKDQJHPHQWV SRXYDQW Dá‚‡HFWHU OH V\VWqPH GH PDQDJHPHQW GH OD TXDOLWp J OHV UHFRPPDQGDWLRQV G DPpOLRUDWLRQ /(6 '211e(6 '( 6257,( ' 81( 5(98( '( ',5(&7,21 /HV pOpPHQWV GH VRUWLH GH OD UHYXH GH GLUHFWLRQ GRLYHQW FRPSUHQGUH OHV GpFLVLRQV HW DFWLRQV UHODWLYHV / DPpOLRUDWLRQ GH O Há‚ˆFDFLWp GX V\VWqPH GH PDQDJHPHQW GH OD TXDOLWp HW GH VHV SURFHVVXV QRWDPPHQW 6WDWXHU VXU O DGpTXDWLRQ O Há‚ˆFDFLWp HW OD SHUWLQHQFH GX 604 6 DVVXUHU GH OD PLVH j GLVSRVLWLRQ GHV UHVVRXUFHV SRXU OD UpDOLVDWLRQ GHV REMHFWLIV 5HYRLU DX EHVRLQ OD SROLWLTXH TXDOLWp HW OHV REMHFWLIV $ O DPpOLRUDWLRQ GX SURGXLW HQ UDSSRUW DYHF OHV H[LJHQFHV GX FOLHQW $X[ EHVRLQV HQ UHVVRXUFHV (;3/2,7(5 /(6 ,1)250$7,216 '8 604 'pÂ¿QLU OHV D[HV G DPpOLRUDWLRQV 3ODQ G DFWLRQ TXDOLWp

&RPPXQLTXHU OHV UpVXOWDWV &RPSWH UHQGX GH OD UHYXH GH GLUHFWLRQ YDOLGHU

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

'85e( &LQT MRXUV

2%-(&7,)6 5DSSHOV VXU OHV QRWLRQV GH EDVH GH O K\GUDXOLTXH &RPSUpKHQVLRQ GX SULQFLSH GH IRQFWLRQQHPHQW GHV GLá‚‡pUHQWV FRPSRVDQWV GHV FLUFXLWV K\GUDXOLTXHV SRXU OHXU DVVXUHU XQH ERQQH PDLQWHQDQFH HW DXJPHQWHU DLQVL OHXU GXUpH GH YLH 3RXYRLU OLUH OHV VFKpPDV K\GUDXOLTXHV HW UHPpGLHU DX[ SDQQHV pYHQWXHOOHV

6e0,1$,5( 0$,17(1$1&( '(6 (48,3(0(176 ,1'8675,(/6

6e0,1$,5( 0$,75,6( '(6 0(7+2'(6 '( 0$,17(1$1&( '85e( &LQT MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 &RPSUpKHQVLRQ GX SULQFLSH GH IRQFWLRQQHPHQW GHV V\VWqPHV PpFDQLTXHV SRXU OHXU DVVXUHU XQH ERQQH PDLQWHQDQFH HW DXJPHQWHU DLQVL OHXU GXUpH GH YLH eWXGH GHV OLDLVRQV PpFDQLTXHV GHJUpV GH OLEHUWp JXLGDJHV URWDWLRQ HW WUDQVODWLRQ OLDLVRQV FRPSOqWHV GpPRQWDEOHV HW LQGpPRQWDEOHV

3ROLWLTXH GH PDLQWHQDQFH *HVWLRQ GHV LQWHUYHQWLRQV

3238/$7,21 &21&(51e( ,QJpQLHXUV HW WHFKQLFLHQV HQ (OHFWURWHFKQLTXH HW K\GUDXOLTXH

3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV

352*5$00( 3UpVHQWDWLRQ GH O K\GUDXOLTXH /HV FLUFXLWV K\GUDXOLTXHV /HV OLPLWHXUV GH GpELW /HV FODSHWV $QWL UHWRXU /HV GLVWULEXWHXUV 3RPSHV K\GUDXOLTXHV 9pULQV 0RWHXUV K\GUDXOLTXHV /HFWXUH GH VFKpPD K\GUDXOLTXH

352*5$00( 1RWLRQV GH EDVHV VXU OD PpFDQLTXH 1RWLRQV IRQGDPHQWDOHV VXU OD PpFDQLTXH /LDLVRQV PpFDQLTXHV 7UDQVPLVVLRQ GH PRXYHPHQWV 0DLQWHQDQFH GHV pTXLSHPHQWV LQGXVWULHOV 3ROLWLTXH GH PDLQWHQDQFH /HV FRQFHSWV GH OD PDLQWHQDQFH 7HFKQLTXHV GH GpWHFWLRQ GHV SDQQHV *HVWLRQ GHV LQWHUYHQWLRQV 1RWLRQV VXU OD Â¿DELOLWp GHV V\VWqPHV PpFDQLTXHV (WXGHV GH FDV

6e0,1$,5(6

6e0,1$,5( +<'520(&$1,48(

2%-(&7,)6 1RWLRQV GH EDVH VXU OHV FRQFHSWV GH OD PDLQWHQDQFH HW FKRL[ G XQH SROLWLTXH GH PDLQWHQDQFH $QWLFLSDWLRQ HW SUpSDUDWLRQ GHV LQWHUYHQWLRQV 3HUPHWWUH j GHV WHFKQLFLHQV G DYRLU XQH PDLWULVH RSpUDWLRQQHOOH GH OD PDLQWHQDQFH 3RXYRLU OLUH XQ VFKpPD PpFDQLTXH HW FRPSUHQGUH VHV VSpFLÂ¿FDWLRQV 6DYRLU XWLOLVHU OHV WHFKQLTXHV GH GpWHFWLRQ GHV SDQQHV RUJDQLJUDPPH GH UHFKHUFKH GH SDQQHV

3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV

352*5$00( 5DSSHOV VXU OHV QRWLRQV GH EDVHV GH OD PDLQWHQDQFH 7UDYDLOOHU HQ VpFXULWp 3URPRXYRLU OH =pUR 3DQQHÂ´ 'pYHORSSHU OD PDLQWHQDQFH SUpYHQWLYH 3UpSDUHU OHV LQWHUYHQWLRQV 0pWKRGRORJLH (WXGHV GH FDV

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( 0(7+2'(6 '( 0$,17(1$1&( 0217$*( '(0217$*(

6e0,1$,5( 0(7+2'2/2*,( '( '(7(&7,21 '(6 3$11(6 (7 '( 5(3$5$7,21

6e0,1$,5( 9$5,$7(856 '( 9,7(66(

'85e( &LQT MRXUV

2%-(&7,)6 5DSSHOV VXU OHV QRWLRQV GH EDVH GHV PpWKRGHV GH GpPRQWDJH WRWDO SDUWLHO RX FLEOp 0pWKRGRORJLH GH SUpSDUDWLRQ GX SRVWH GH WUDYDLO SRXU Há‚‡HFWXHU GHV GpPRQWDJHV 7HFKQLTXHV GH UHPRQWDJH HW PpWKRGHV GH VHUUDJH DX FRXSOH SUpFRQLVp

2%-(&7,)6 &RPSUpKHQVLRQ GX SULQFLSH GH IRQFWLRQQHPHQW GHV V\VWqPHV PpFDQLTXHV SRXU OHXU DVVXUHU XQH ERQQH PDLQWHQDQFH HW DXJPHQWHU DLQVL OHXU GXUpH GH YLH 'pVLJQDWLRQ GHV PRGHV GH GpIDLOODQFH VXLYDQW OD QRUPH 1) ; 0pWKRGHV DGpTXDWHV SRXU FHUQHU XQ SUREOqPH PpFDQLTXH 7HFKQLTXHV GH PRQWDJH HW GH GpPRQWDJH GHV V\VWqPHV GpIHFWXHX[

2%-(&7,)6 5DSSHOV VXU OHV QRWLRQV GH EDVH GH O pOHFWULFLWp HW GH O pOHFWURQLTXH 3ULQFLSDX[ PRGHV GH IRQFWLRQQHPHQW HW W\SHV GH YDULDWHXUV &RQYHUWLVVHXU GH IUpTXHQFH 3RVVLELOLWpV GH GLDORJXH GHV YDULDWHXUV GH YLWHVVH IRQFWLRQV LQWpJUpHV FDUWHV RSWLRQQHOOHV

3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV

352*5$00( ,QWURGXFWLRQ JpQpUDOH 0pWKRGHV HW YRFDEXODLUHV GHV GpPRQWDJHV UHPRQWDJHV 3UpSDUDWLRQ GX SRVWH GH WUDYDLO 0pWKRGHV GH VHUUDJH 'Lá‚‡pUHQWHV SURFpGXUHV GH GpPRQWDJH eWXGH GH FDV 5HPLVH HQ pWDW G XQ YpULQ K\GUDXOLTXH &RQFOXVLRQ

352*5$00( 5$33(/6 5DSSHOV VXU OHV SULQFLSHV GH IRQFWLRQQHPHQW GHV V\VWqPHV PpFDQLTXHV 7HFKQLTXHV GH GpWHFWLRQ GHV SDQQHV GLDJQRVWLF HW PpWKRGRORJLH 'pVLJQDWLRQ GHV PRGHV GH GpIDLOODQFH 1) ; )LFKH G DQDO\VH GH OD GpIDLOODQFH (WXGHV GH FDV

352*5$00( +LVWRULTXH HW UDSSHOV /HV SULQFLSDX[ PRGHV GH IRQFWLRQQHPHQW HW W\SHV GH YDULDWHXUV 6WUXFWXUH HW FRPSRVDQWV GHV GpPDUUHXUV 9DULDWHXU UpJXODWHXU SRXU PRWHXU &RQYHUWLVVHXU GH IUpTXHQFH /HV IRQFWLRQV FRPSOpPHQWDLUHV &RQFOXVLRQ

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

6e0,1$,5( 5(9Ã‡7( 0(176 (7 75$,7(0(17 '(6 685)$&(6

'85e( &LQT MRXUV

2%-(&7,)6 ,QWURGXLUH OHV QRWLRQV LPSRUWDQWHV GH OD FRUURVLRQ HW VRXOLJQHU OHXUV LQWpUrWV GX SRLQW GH YXH LQGXVWULHO / LJQRUDQFH GH OD FRUURVLRQ SHXW FRQGXLUH LQGXVWULHOOHPHQW j GHV SHUWHV FDWDVWURSKLTXHV G R VD VHQVLELOLWp pFRQRPLTXH 3238/$7,21 &21&(51e( ,QJpQLHXUV HW WHFKQLFLHQV

352*5$00( 'pÂ¿QLWLRQV GH OD FRUURVLRQ HW O LQWHUDFWLRQ GHV VXUIDFHV )DFWHXUV GH OD FRUURVLRQ $VSHFWV pFRQRPLTXHV GH OD FRUURVLRQ 0RGHV GH FRUURVLRQ 0R\HQV GH SURWHFWLRQ

6e0,1$,5( 3527(&7,21 &$7+2',48( '85e( &LQT MRXUV

2%-(&7,)6 6H IDPLOLDULVHU DYHF OHV GLá‚‡pUHQWV WUDLWHPHQWV GH VXUIDFHV PpWDOOLTXHV UHQFRQWUpV LQGXVWULHOOHPHQW 'H PDQLqUH JpQpUDOH OH WUDLWHPHQW GH VXUIDFH YLVH O DPpOLRUDWLRQ GHV FDUDFWpULVWLTXHV SK\VLFRFKLPLTXHV HW SULQFLSDOHPHQW OD OXWWH FRQWUH OD FRUURVLRQ &RQQDvWUH OHV SULQFLSHV IRQGDPHQWDX[ GH FH GRPDLQH 3HUPHWWUH GH PLHX[ FKRLVLU QRQ VHXOHPHQW OH PDWpULDX SURWHFWHXU PDLV DXVVL OH SURFpGp GH VRQ DSSOLFDWLRQ 3238/$7,21 &21&(51e( ,QJpQLHXUV RX 76 HQ PpFDQLTXH WRXWHV RSWLRQV

,QJpQLHXUV HQ *pQLH GHV 0DWpULDX[ WRXWHV RSWLRQV

,QJpQLHXUV HQ &KLPLH WRXWHV RSWLRQV

352*5$00( 3KpQRPqQHV FKLPLTXHV HW pOHFWURFKLPLTXHV GHV VXUIDFHV 5HYrWHPHQWV LQGXVWULHOV UHQFRQWUpV

6e0,1$,5(6

6e0,1$,5( &25526,21 (7 3527(&7,21 '(6 0$7e5,$8;

2%-(&7,)6 /D SURWHFWLRQ FDWKRGLTXH WRXFKH SUDWLTXHPHQW WRXV OHV PDWpULDX[ PpWDOOLTXHV LPPHUJpV RX HQ FRQWDFW DYHF OHV PLOLHX[ pOHFWURO\WLTXHV DJUHVVLIV HW YLVH OD SURWHFWLRQ FRQWUH OHV Há‚‡HWV QpIDVWHV GH OD FRUURVLRQ (OOH HVW SUDWLTXpH VXU OHV SLSHV FRQGXLWHV PpWDOOLTXHV HQWHUUpHV OHV EDFV GH VWRFNDJH OHV UpVHUYRLUV j FDUEXUDQWV OHV VWUXFWXUHV SRUWXDLUHV OHV VWUXFWXUHV PpWDOOLTXHV HQ FRQWDFW DYHF O HDX OHV FRTXHV GH QDYLUHV Â«HWF 6RQ U{OH HVW SULPRUGLDO GDQV OD SUpVHUYDWLRQ HW O DPpOLRUDWLRQ GH OD GXUpH GH YLH GH FHV VWUXFWXUHV / DSSOLFDWLRQ QRQ FRQIRUPH VHORQ OHV UqJOHV GH O DUW GH FHWWH VFLHQFH SHXW FRQGXLUH j GHV GpJUDGDWLRQV VSHFWDFXODLUHV 3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV

7HFKQLTXHV G DSSOLFDWLRQ &DUDFWpULVDWLRQV PpWDOORJUDSKLTXH HW pOHFWURFKLPLTXHV

352*5$00( &RQFHSWV GH SURWHFWLRQ FDWKRGLTXH 7\SHV GH SURWHFWLRQ FDWKRGLTXH 3ULQFLSHV GH FRQFHSWLRQ GX V\VWqPH GH SURWHFWLRQ FDWKRGLTXH 3UpFDXWLRQV j SUHQGUH GDQV OD SURWHFWLRQ FDWKRGLTXH ,OOXVWUDWLRQV W\SLTXHV GH V\VWqPHV GH SURWHFWLRQ FDWKRGLTXH

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( 6e0,1$,5( )250$7,21 '(6 0(0%5(6 '( 75$16,7,21 9(56 /$ 1250( ,62 9 /$ &3+6 '85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU OHV PLVVLRQV HW OH IRQFWLRQQHPHQW GH OD &3+6 6H IDPLOLDULVHU DYHF OHV RXWLOV j OD GLVSRVLWLRQ GH OD &3+6 SRXU ELHQ PHQHU VD PLVVLRQ 'HYHQLU DFWHXU GH OD SUpYHQWLRQ

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV SDU XQH FRPSUpKHQVLRQ GHV H[LJHQFHV GH O ,62 9 G DYRLU XQH SUpVHQWDWLRQ GHV FKDQJHPHQWV OHV SOXV LPSRUWDQWV SURSRVpV DYHF OD QRXYHOOH YHUVLRQ &RPSUHQGUH OHV IRUFHV GH OD QRXYHOOH YHUVLRQ HW VDYRLU H[SOLTXHU OHV DYDQWDJHV GH FRQVHUYHU OHXU FHUWLÂ¿FDWLRQ

3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV

352*5$00( 0DvWULVHU OHV PLVVLRQV HW OH IRQFWLRQQHPHQW 0HWWUH HQ Â°XYUH OHV PR\HQV G DJLU GH OD FRPPLVVLRQ DX TXRWLGLHQ ,QVWDXUHU XQH FROODERUDWLRQ DFWLYH DYHF OHV LQWHUORFXWHXUV LQWHUQHV HW H[WHUQHV 6H UHSpUHU GDQV OHV WH[WHV UHODWLIV j O K\JLqQH HW OD VpFXULWp (QTXrWHU DSUqV XQ DFFLGHQW GX WUDYDLO RX XQ FRQVWDW GH GDQJHU JUDYH HW LPPLQHQW &RQWULEXHU j OD SUpYHQWLRQ HW O DPpOLRUDWLRQ GHV FRQGLWLRQV GH WUDYDLO DX TXRWLGLHQ

3238/$7,21 &21&(51e( ,QJpQLHXUV HW 7HFKQLFLHQV 352*5$00( 3RXUTXRL UpYLVHU OD QRUPH ,62 9 eYROXWLRQ GH OD QRUPH ,62 QRXYHOOH VWUXFWXUH QRXYHDX YRFDEXODLUH 3UpVHQWDWLRQ GH OD QRXYHOOH VWUXFWXUH +/6 GHV QRUPHV GH V\VWqPHV GH PDQDJHPHQW /HV FKDQJHPHQWV FKDSLWUH SDU FKDSLWUH GH O ,62 YHUVLRQ &KDSLWUH 'RPDLQH G DSSOLFDWLRQ &KDSLWUH 5pIpUHQFHV QRUPDWLYHV &KDSLWUH 7HUPHV HW GpÂ¿QLWLRQV &KDSLWUH &RQWH[WH GH O RUJDQLVPH &KDSLWUH 5HVSRQVDELOLWp GH OD GLUHFWLRQ &KDSLWUH 3ODQLÂ¿FDWLRQ GX V\VWqPH GH PDQDJHPHQW GH OD TXDOLWp &KDSLWUH 6XSSRUW &KDSLWUH 5pDOLVDWLRQ GHV DFWLYLWpV RSpUDWLRQQHOOHV &KDSLWUH eYDOXDWLRQ GHV SHUIRUPDQFHV &KDSLWUH $PpOLRUDWLRQ

&RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW '0,/

6e0,1$,5( 6<67ÃŠ0( '( 0$1$*(0(17 ,17e*5e

'85e( &LQT MRXUV

2%-(&7,)6 ([DPHQ GHV V\VWqPHV GHV SURFpGXUHV UpJLVVDQW OD VÂ€UHWp LQWHUQH GHV pWDEOLVVHPHQWV (YDOXDWLRQ GX QLYHDX GH VXUHWp LQWHUQH HW GH V\VWqPH GH FRQWU{OH LQWHUQH GX GLVSRVLWLI PLV HQ SODFH $PpOLRUDWLRQ GX V\VWqPH GH SURWHFWLRQ PLV HQ SODFH 0LVH j QLYHDX GX GLVSRVLWLI GH SURWHFWLRQ DX[ QRUPHV UpJOHPHQWDLUHV 6,(

2%-(&7,) $SSRUWHU DX[ SDUWLFLSDQWV OHV FRQQDLVVDQFHV QpFHVVDLUHV SRXU SDVVHU GH WURLV V\VWqPHV TXDOLWp HQYLURQQHPHQW HW VpFXULWp j XQ V\VWqPH LQWpJUp KDUPRQLVp HW FRKpUHQW

3238/$7,21 &21&(51e( $VVLVWDQWV GH VXUHWp LQWHUQH ,QJpQLHXUV +6( HQ FKDUJH GHV IRQFWLRQV 6,( 5HVSRQVDEOHV GHV VRFLpWpV GH JDUGLHQQDJH HW GH VXUYHLOODQFH

352*5$00( 5DSSHOV GHV H[LJHQFHV GHV QRUPHV ,62 ,62 HW GX UpIpUHQWLHO 2+6$6 3ULQFLSHV FRQFHSWV HW DYDQWDJHV GX V\VWqPH GH PDQDJHPHQW LQWpJUp 9RLHV G LQWpJUDWLRQ GH WURLV V\VWqPHV 604 60( 60667

6e0,1$,5( 67$7,67,&$/ 352&(66 &21752/ 63&

'85e( &LQT MRXUV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV 604 60( HW 60667

352*5$00( 0pFDQLVPHV G LQVSHFWLRQ HW G DXGLW UpJOHPHQWDLUHV PLV HQ SODFH SDU OHV 3RXYRLUV 3XEOLFV 3ODFH GH O DXGLW GH VXUHWp DX QLYHDX GH O HQWUHSULVH ,QWpUrW HW SHUVSHFWLYHV GH O DXGLW GH VXUHWp /HV ERQQHV SUDWLTXHV SRXU UpXVVLU VRQ DXGLW Â© OHV IDFWHXUV FOpV GH VXFFqV GH O DXGLW Âª $XGLW GH FRQIRUPLWp UpJOHPHQWDLUH 3URWHFWLRQ GH O LQIRUPDWLRQ VpFXULWDLUH Â© DXGLW G LQIRUPDWLRQ 0pWKRGRORJLH VXU O pODERUDWLRQ GH O DXGLW VXUHWp LQWHUQH 'pFOHQFKHPHQW GH O DXGLW ([DPHQ GX UDSSRUW GÂ¶DXGLW (WXGH GH FDV

6e0,1$,5(6

6e0,1$,5( /( &21752/( (7 $8',7 '( 6Ã“5(7( ,17(51( '(6 (7$%/,66(0(176

2%-(&7,)6 3URFpGHU j XQ FRQWU{OH HQ FRXUV GH SURGXFWLRQ (ODERUHU XQH FDUWH GH FRQWU{OH ([SORLWHU DX PLHX[ OHV GRQQpHV SRXU XQH DPpOLRUDWLRQ GH OD TXDOLWp 3238/$7,21 &21&(51e( 5HVSRQVDEOHV TXDOLWp 5HVSRQVDEOHV GH SURGXFWLRQ ,QJpQLHXUV HW 76 352*5$00( 5DSSHOV VWDWLVWLTXHV &DSDELOLWp G XQ SURFpGp &RQVWUXFWLRQ GHV FDUWHV GH FRQWU{OH ,QWHUSUpWDWLRQ GHV FDUWHV GH FRQWU{OH

&RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ &RQWDFW 'pSDUWHPHQW '0,/ 7pO )D[ 7pO )D[ 7pO )D[ (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU (PDLO GPLO LQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /$ &2037$%,/,7e 38%/,48(

6e0,1$,5( *(67,21 '(6 $6685$1&(6

6e0,1$,5( /(6 ),1$1&(6 38%/,48(6

'85e( &LQT MRXUV

2%-(&7,)6 0LHX[ DSSUpKHQGHU O LPSRUWDQFH GH OD FRPSWDELOLWp SXEOLTXH 0DvWULVHU OH U{OH GHV SULQFLSDX[ RSpUDWHXUV 3238/$7,21 &21&(51e( &DGUHV GHV LQVWLWXWLRQV SXEOLTXHV &RQWU{OHXUV Â¿QDQFLHUV *HVWLRQQDLUHV GHV EXGJHWV $GPLQLVWUDWHXUV 352*5$00( ,QWURGXFWLRQ /HV FDUDFWpULVWLTXHV GH OD FRPSWDELOLWp SXEOLTXH /HV SULQFLSHV GH OD FRPSWDELOLWp SXEOLTXH /D VpSDUDWLRQ GHV RUGRQQDWHXUV HW GHV FRPSWDEOHV /D UHVSRQVDELOLWp SHUVRQQHOOH HW SpFXQLDLUH GHV FRPSWDEOHV /H SULQFLSH GH QRQ Dá‚‡HFWDWLRQ GHV UHFHWWHV DX[ GpSHQVHV /HV DJHQWV G H[pFXWLRQ GHV RSpUDWLRQV Â¿QDQFLqUHV /HV RUGRQQDWHXUV /HV FRPSWDEOHV /HV UpJLVVHXUV /HV FRQWU{OHXUV Â¿QDQFLHUV ([pFXWLRQ GHV RSpUDWLRQV Â¿QDQFLqUHV SXEOLTXHV ([pFXWLRQ GHV UHFHWWHV SXEOLTXHV ([pFXWLRQ GHV GpSHQVHV SXEOLTXHV /HV RSpUDWLRQV GH WUpVRUHULH /D FRPSWDELOLVDWLRQ GHV RSpUDWLRQV Â¿QDQFLqUHV /HV SULQFLSHV /D QRPHQFODWXUH GHV FRPSWHV GX WUpVRU

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

2%-(&7,)6

&RQQDvWUH OHV GLá‚‡pUHQWHV SROLFHV G DVVXUDQFHV DLQVL TXH OHV WH[WHV UpJOHPHQWDLUHV OHV UpJLVVDQW /HV SKDVHV GH GpFODUDWLRQV GHV VLQLVWUHV /HV SURFpGXUHV GH VXLYL FRQIRUPpPHQW DX[ JDUDQWLHV VRXVFULWHV /D SUpVHUYDWLRQ GX SDWULPRLQH

3238/$7,21 &21&(51e( 3HUVRQQHO FKDUJp GHV $VVXUDQFHV HW GH OD JHVWLRQ GX SDWULPRLQH PRELOLHU HW LPPRELOLHU

352*5$00( *e1e5$/,7e6 'pÂ¿QLWLRQ GH O DVVXUDQFH / pYROXWLRQ KLVWRULTXH/D WHFKQLTXH GH O DVVXUDQFH /H U{OH GH O DVVXUHXU 8QH IRQFWLRQ UpSDUDWULFH GH O DVVXUDQFH 8QH IRQFWLRQ FUpDWULFH GH O DVVXUDQFH /H U{OH pFRQRPLTXH GH O DVVXUDQFH / DVVXUDQFH PR\HQQH GH FUpGLW / DVVXUDQFH XQH PpWKRGH G pSDUJQH / DVVXUDQFH PRGH G LQYHVWLVVHPHQW / 25*$1,6$7,21 '( / $6685$1&( /HV UHODWLRQV HQWUH HQWUHSULVHV G DVVXUDQFHV /D FRDVVXUDQFH /D UpDVVXUDQFH /HV LQWHUPpGLDLUHV G DVVXUDQFHV /HV DJHQWV JpQpUDX[ /HV FRXUWLHUV G DVVXUDQFHV /(6 ',9(56 7<3(6 ' $6685$1&( /HV DVVXUDQFHV GH GRPPDJHV /H GRPDLQH GHV DVVXUDQFHV GH GRPPDJH /HV SULQFLSHV GHV DVVXUDQFHV GH GRPPDJH /HV UqJOHV SURSUHV DX[ DVVXUDQFHV GH UHVSRQVDELOLWp /HV DVVXUDQFHV GH SHUVRQQHV /HV W\SHV G DVVXUDQFHV GH SHUVRQQHV /HV DVVXUDQFHV GH SHUVRQQHV j IRUPH FROOHFWLYH /( &2175$7 ' $6685$1&( /D FRQFOXVLRQ GX FRQWUDW G DVVXUDQFH 8QH FRQYHQWLRQ FUpDQW XQH DVVXUDQFH QRXYHOOH 8QH FRQYHQWLRQ PRGLÂ¿DQW XQH DVVXUDQFH SUpH[LVWDQWH /H FRQWHQX GX FRQWUDW G DVVXUDQFH /H ULVTXH GDQV OH FRQWUDW G DVVXUDQFH /D SULPH G DVVXUDQFH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

2%-(&7,)6 $SSUpKHQGHU OÂ¶LPSRUWDQFH GHV Â¿QDQFHV SXEOLTXHV 3238/$7,21 &21&(51e( &DGUHV GHV PLQLVWqUHV FROOHFWLYLWpV ORFDOHV HW pWDEOLVVHPHQWV HW DGPLQLVWUDWLRQV SXEOLFV 352*5$00( ,QWURGXFWLRQ *pQpUDOH / (WDW HW OHV FROOHFWLYLWpV ORFDOHV /HV DXWRULWpV Â¿QDQFLqUHV SXEOLTXHV 6HUYLFHV FHQWUDX[ GX 0LQLVWqUH GHV Â¿QDQFHV 6HUYLFHV ([WpULHXUV /D ORL GH Â¿QDQFHV 3UpSDUDWLRQ GH OD ORL GH Â¿QDQFHV 0RGH GH SUpVHQWDWLRQ GH OD ORL GH Â¿QDQFHV $GRSWLRQ HW YRWH GH OD ORL GH Â¿QDQFHV ([pFXWLRQ GH OD ORL GH Â¿QDQFHV /H %XGJHW 'pÂ¿QLWLRQ HW VWUXFWXUH GX EXGJHW GH O pWDW /HV JUDQGV SULQFLSHV EXGJpWDLUHV / H[pFXWLRQ GX EXGJHW GH O pWDW /H FRQWU{OH GHV Â¿QDQFHV SXEOLTXHV /H FRQWU{OH GH O $31 /H FRQWU{OH DGPLQLVWUDWLI /H FRQWU{OH MXULGLFWLRQQHO

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( e9$/8$7,21 (7 &+2,; '(6 ,19(67,66(0(176

6e0,1$,5( 7(&+1,48(6 '( 5e'$&7,21 '(6 &2175$76

'85e( &LQT MRXUV

2%-(&7,)6 0HLOOHXUH FRQQDLVVDQFH GHV SURFpGXUHV GH UHFRXYUHPHQW GHV FUpDQFHV ,QLWLDWLRQ GHV FDGUHV FKDUJpV GX UHFRXYUHPHQW GHV FUpDQFHV SRXU OH FRPSWH GH OHXUV HQWUHSULVHV j OD GpPDUFKH OD SOXV Há‚ˆFDFH SRXU PHWWUH HQ RHXYUH FHV SURFpGXUHV

2%-(&7,)6 &RPSUpKHQVLRQ GX SURFHVVXV GH FRQFUpWLVDWLRQ G XQ SURMHW G LQYHVWLVVHPHQW $VVLPLODWLRQ GHV GLá‚‡pUHQWV FRQFHSWV OLpV DX SURMHW &RPSUHQGUH OHV YROHWV Â¿QDQFLHUV 0DvWULVH GHV WHFKQLTXHV G pYDOXDWLRQ 0DvWULVH GX YROHW Â¿QDQFHPHQW

2%-(&7,)6 &RQQDvWUH OHV SULQFLSDX[ RXWLOV GH UpGDFWLRQ GHV FRQWUDWV 0DvWULVHU OHV FRQQDLVVDQFHV MXULGLTXHV QpFHVVDLUHV j OD UpGDFWLRQ HW j O H[pFXWLRQ GHV FRQWUDWV 3HUPHWWUH OH FKRL[ GX FRQWUDW OH SOXV DGDSWp j OD PLVVLRQ 3HUPHWWUH OD UpGDFWLRQ GHV FODXVHV OHV SOXV Há‚ˆFLHQWHV $LGHU j XQH ERQQH H[pFXWLRQ GX FRQWUDW /LPLWHU OHV QRPEUHV GH FDV GH FRQWHQWLHX[

3238/$7,21 &21&(51e( &DGUHV FKDUJpV GX UHFRXYUHPHQW GHV FUpDQFHV (QVHPEOH GHV FDGUHV GHV VWUXFWXUHV MXULGLTXHV FRPPHUFLDOHV HW Â¿QDQFLqUHV &DGUHV GLULJHDQWV GH 30( 30,

3238/$7,21 &21&(51e( 'LUHFWHXUV Â¿QDQFLHUV FRQWU{OHXUV GH JHVWLRQ HW FDGUHV PR\HQV GH O HQWUHSULVH (QFDGUHPHQW GH VRXWLHQ HW WHFKQLTXH GHV IRQFWLRQV FRPSWDEOHV HW FRQWU{OH GH JHVWLRQ

3238/$7,21 &21&(51e( 5pGDFWHXUV GH FRQWUDWV MXULVWHV LQJpQLHXUV FKHIV GH VHUYLFH FDGUHV VXSpULHXUV DJHQWV FKDUJpV GH O pODERUDWLRQ HW GX VXLYL GH O H[pFXWLRQ GHV FRQWUDWV

352*5$00( 3URFpGXUHV SURWpJHDQW OHV HQWUHSULVHV FUpDQFLqUHV FKLURJUDSKDLUHV 3URFpGXUHV DPpOLRUDQW OD VLWXDWLRQ GHV HQWUHSULVHV FUpDQFLqUHV WLWXODLUHV GH VÂ€UHWpV 3URFpGXUHV SHUPHWWDQW DX[ FUpDQFLHUV G HQWUHSULVHV HQ GLá‚ˆFXOWp G DXJPHQWHU OHXUV FKDQFHV G rWUH SD\pV DX PRLQV SDUWLHOOHPHQW 3URFpGXUHV GH UHFRXYUHPHQW GHV FUpDQFHV VXU O (WDW HW VHV GpPHPEUHPHQWV

352*5$00( /HV QRWLRQV GH SURMHW G LQYHVWLVVHPHQW /D SUpVHQWDWLRQ G XQ SURMHW / DQDO\VH Â¿QDQFLqUH /H FRÂ€W GX FDSLWDO HW OH WDX[ G DFWXDOLVDWLRQ (OpPHQWV GH PDWKpPDWLTXHV Â¿QDQFLqUHV / pYDOXDWLRQ FRPSWDEOH / pYDOXDWLRQ GDQV XQ DYHQLU FHUWDLQ / pYDOXDWLRQ GDQV XQ DYHQLU LQFHUWDLQ /H SODQ GH Â¿QDQFHPHQW G XQ SURMHW

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

352*5$00( /H FDGUH MXULGLTXH HW OHV DVSHFWV IRQGDPHQWDX[ GX GURLW DSSOLFDEOHV DX[ FRQWUDWV /HV FRQGLWLRQV GH IRUPDWLRQV GHV FRQWUDWV /HV W\SHV GH FRQWUDWV /HV W\SHV GH FRQWUDWV /HV PRGDOLWpV GH SDVVDWLRQ GHV FRQWUDWV /HV SURFpGXUHV /H FRGH GHV PDUFKpV SXEOLFV /HV FRQGLWLRQV FRPPHUFLDOHV HW Â¿VFDOHV GDQV XQ FRQWUDW 5pGDFWLRQ GHV FRQWUDWV /D GpVLJQDWLRQ GHV SDUWLHV / LGHQWLÂ¿FDWLRQ GX FRFRQWUDFWDQW /D GpWHUPLQDWLRQ GH O REMHW GX FRQWUDW /HV FRQGLWLRQV Â¿QDQFLqUHV GX FRQWUDW 3UL[ 0RGH GH SDLHPHQW &ODXVH GH UpYLVLRQ GHV SUL[ &ODXVH G DFWXDOLVDWLRQ /D GXUpH GX FRQWUDW 6XLYL HW DSSOLFDWLRQ GHV GLVSRVLWLRQV FRQWUDFWXHOOHV 'DWH G HQWUpH HQ YLJXHXU 'DWH GH Â¿Q (WXGH GH FDV SUDWLTXHV &RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /( 5(&2895(0(17 '(6 &5e$1&(6

6e0,1$,5(6

6e0,1$,5( *(67,21 '( /$ 75e625(5,(

6e0,1$,5( ),1$1&( 3285 121 ),1$1&,(56

'85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6

3238/$7,21 &21&(51e(

$XGLWHXUV &DGUHV FRPSWDEOHV Â¿QDQFLHUV

&RPSUHQGUH OHV YDULDWLRQV GH WUpVRUHULH %kWLU GHV SUpYLVLRQV GH WUpVRUHULH 3UHQGUH GHV GpFLVLRQV GH Â¿QDQFHPHQW SODFHPHQW

352*5$00(

3238/$7,21 &21&(51e(

6e0,1$,5( &2035(1'5( (7 35$7,48(5 / $8',7 ,17(51(

2%-(&7,)6

$YRLU GHV FRQQDLVVDQFHV HQ FRPSWDELOLWp HW HQ JHVWLRQ

3RVLWLRQQHU O DXGLW GH FRQWU{OH LQWHUQH GDQV O HQWUHSULVH (WXGLHU OHV GLá‚‡pUHQWV W\SHV GH PLVVLRQ G DXGLW GH FRQWU{OH LQWHUQH 6LWXHU OD PLVVLRQ GH O DXGLWHXU Â¿QDQFLHU GDQV OH GLVSRVLWLI GH FRQWU{OH GH O HQWUHSULVH 'pÂ¿QLU OH FDGUH G H[HUFLFH QRUPHV G H[HUFLFH SURIHVVLRQQHO $UUrWHU OD GpPDUFKH JpQpUDOH GH O DXGLW GX FRQWU{OH LQWHUQH 'pÂ¿QLU XQH VWUDWpJLH G DXGLW GH FRQWU{OH LQWHUQH j SDUWLU GH O DSSURFKH SDU OHV ULVTXHV 'pÂ¿QLU OHV REMHFWLIV GH OD PLVVLRQ 3UHQGUH FRQQDLVVDQFH GH O HQYLURQQHPHQW GH O HQWUHSULVH 5pDOLVHU OD FDUWRJUDSKLH GHV ULVTXHV 'pÂ¿QLU OHV RULHQWDWLRQV GH OD PLVVLRQ 5pDOLVHU O RUJDQLVDWLRQ HW OD SODQLÂ¿FDWLRQ GH OD PLVVLRQ (YDOXHU OH GLVSRVLWLI GH FRQWU{OH GX FRQWU{OH LQWHUQH 'pFULUH OH GLVSRVLWLI GH FRQWU{OH LQWHUQH $QDO\VHU OHV IRUFHV HW IDLEOHVVHV GX FRQWU{OH LQWHUQH 0HVXUHU O LPSDFW GH O H[DPHQ GX FRQWU{OH LQWHUQH VXU OH FRQWU{OH GHV FRPSWHV (á‚‡HFWXHU OH FRQWU{OH GHV FRPSWHV (WXGHV GHV WHFKQLTXHV HW RXWLOV GH FRQWU{OH GHV FRPSWHV 5pDOLVHU OH GRVVLHU GH WUDYDLO 0HWWUH HQ Â°XYUH OHV WHFKQLTXHV GH FRQWU{OH G DXGLW VXU OHV SULQFLSDX[ SURFHVVXV FRPSWDEOHV )RUPXOHU GHV FRQFOXVLRQV (PHWWUH XQH RSLQLRQ VXU OHV FRPSWHV 5pDOLVHU OD IRUPXODWLRQ GHV UHFRPPDQGDWLRQV OH UDSSRUW G DXGLW 5pDOLVHU OH VXLYL GHV UHFRPPDQGDWLRQV HW OD GpPDUFKH SRVW DXGLW 3URSRVHU GHV SURFpGXUHV LQWHUQHV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

5HVSRQVDEOHV GH WUpVRUHULH &DGUHV Â¿QDQFLHUV EDQTXLHUV

352*5$00(

/D SODFH GX WUpVRULHU GDQV O HQWUHSULVH 7UpVRUHULH HW SROLWLTXH Â¿QDQFLqUH GH O HQWUHSULVH 'pÂ¿QLU OD WUpVRUHULH j SDUWLU GX ELODQ &RPSUHQGUH XQH FULVH GH WUpVRUHULH HW OHV VROXWLRQV DVVRFLpHV &RQVWUXLUH HW H[SORLWHU OHV SUpYLVLRQV %XGJHW DQQXHO GH WUpVRUHULH SUpYRLU OH EHVRLQ GH Â¿QDQFHPHQW j &RXUW 7HUPH 3UpYLVLRQ JOLVVDQWH GH WUpVRUHULH SUHQGUH GHV GpFLVLRQV GH Â¿QDQFHPHQW RX SODFHPHQW 3UpYLVLRQV j WUqV FRXUW WHUPH JpUHU HQ GDWHV GH YDOHXU /HV PpWKRGHV SRXU FRQVWUXLUH OD SUpYLVLRQ JOLVVDQWH &RPSUHQGUH O RULJLQH GHV pFDUWV DFWXDOLVHU OHV SUpYLVLRQV (WXGH GH FDV *pUHU OD WUpVRUHULH HQ WHPSV UpHO /HV WURLV HUUHXUV j pYLWHU pTXLOLEUDJH VXU HW VRXV Â¿QDQFHPHQW LGHQWLÂ¿HU HW JpUHU OHV PRXYHPHQWV DOpDWRLUHV /HV pWDSHV GH OD PDWLQpH GX WUpVRULHU (WXGH GH FDV *pUHU OHV FUpGLWV HW SODFHPHQWV GH WUpVRUHULH $YDQWDJHV HW LQFRQYpQLHQWV GHV GLá‚‡pUHQWV FUpGLWV GH WUpVRUHULH VSRW HVFRPSWH Dá‚‡DFWXUDJH HVFRPSWHHQ FRPSWHÂ« &KRL[ GHV SODFHPHQWV DUELWUHU HQWUH OLTXLGLWp HW UHQGHPHQW (WXGH GH FDV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

&DSLWDOLVHU O HVVHQWLHO GH OD GpÂ¿QLWLRQ GHV GLá‚‡pUHQWV FRQFHSWV FRPSWDEOHV HW FRQQDvWUH OHV SULQFLSDOHV EDVHV GH GpWHUPLQDWLRQ GHV UpVXOWDWV $SSUpKHQGHU O DSSRUW GH OD FRPSWDELOLWp GDQV O pYDOXDWLRQ GX SDWULPRLQH GH O HQWUHSULVH HW GH VD YDOHXU pFRQRPLTXH 6LWXHU OD SHUIRUPDQFH j WUDYHUV OD OHFWXUH HW O LQWHUSUpWDWLRQ GHV pWDWV Â¿QDQFLHUV GH O HQWUHSULVH $SSUpFLHU OHV GLá‚‡pUHQWHV pWDSHV GH IRUPDWLRQ GX UpVXOWDW DLQVL TXH OHV VROGHV LQWHUPpGLDLUHV GH JHVWLRQ 3RXYRLU SURFpGHU j XQH DQDO\VH pFRQRPLTXH HW Â¿QDQFLqUH j WUDYHUV O pWXGH GX )RQGV GH 5RXOHPHQW )5 GX %HVRLQ HQ )RQGV GH 5RXOHPHQW %)5 HW GHV 5DWLRV

3238/$7,21 &21&(51e( 'LUHFWHXUV WHFKQLTXHV FRQWU{OHXUV GH JHVWLRQ HW FDGUHV PR\HQV GH O HQWUHSULVH 'LUHFWHXUV FRPPHUFLDX[ HQFDGUHPHQW GH VRXWLHQ WHFKQLTXH G DXWUHV IRQFWLRQV

352*5$00(

6DYRLU VLWXHU O DSSRUW GH OD IRQFWLRQ FRPSWDEOH FRPPH IRQGHPHQW GX V\VWqPH GH JHVWLRQ j WUDYHUV OHV SULQFLSHV FRPSWDEOHV IRQGDPHQWDX[ 6DYRLU GpFU\SWHU OHV LQIRUPDWLRQV GHV GRFXPHQWV FRPSWDEOHV UHVWLWXpV SDU O RXWLO GH SLORWDJH GH OD SHUIRUPDQFH &RPSUHQGUH OH ELODQ SKRWRJUDSKLH GH OD ULFKHVVH GH O HQWUHSULVH pWXGH HW DQDO\VH GH VHV JUDQGHV PDVVHV SDU OH IRQGV GH URXOHPHQW HW OH EHVRLQ HQ IRQGV GH URXOHPHQW / DFWLI LPPRELOLVp HPSORL GHV UHVVRXUFHV LQYHVWLVVHPHQWV LQFRUSRUHOOHV FRUSRUHOOHV HW Â¿QDQFLqUHV / DFWLI FLUFXODQW VWRFNV HQ FRXUV DYDQFHV HW DFRPSWHV YHUVpV FUpDQFHV G H[SORLWDWLRQ YDOHXUV PRELOLqUHV HW GLVSRQLELOLWpV /H SDVVLI RULJLQH GHV UHVVRXUFHV IRQGV SURSUHV SURYLVLRQV HW GHWWHV j /HW 07 eFODLUHU OHV SULVHV GH GpFLVLRQV OHV VROGHV LQWHUPpGLDLUHV GHV JHVWLRQV Â« 5{OH HW SODFH GH O H[HUFLFH GHV SRXYRLUV G HQJDJHPHQW GH UpFHSWLRQ G RUGRQQDQFHPHQW GH SDLHPHQW HW GHV KDELOLWDWLRQV j VLJQHU OHV GRFXPHQWV GDQV OHV GLá‚‡pUHQWV F\FOHV G DFWLYLWp GH O HQWUHSULVH 0DvWULVH GX FRPSWH GH UpVXOWDWV IRUPDWLRQ GX UpVXOWDW OHV SURGXLWV HW FKDUJHV G H[SORLWDWLRQ OHV SURGXLWV HW FKDUJHV KRUV H[SORLWDWLRQ eFODLUHU OHV SULVHV GH GpFLVLRQV OHV VROGHV LQWHUPpGLDLUHV GHV JHVWLRQV Â«IRQFWLRQV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

'85e( &LQT MRXUV

1289(

2%-(&7,)6 ,QWpJUHU OHV RXWLOV HW PpWKRGHV SRXU PDvWULVHU OD VRXV WUDLWDQFH $VVXUHU OD PRELOLVDWLRQ GHV FDSDFLWpV GH VRXV WUDLWDQFH H[WHUQH GDQV GHV FRQGLWLRQV GH UHQWDELOLWp PD[LPDOHV 1RUPDOLVHU OHV FRQWUDWV GH VRXV WUDLWDQFH HQ GpYHORSSDQW GHV FRQWUDWV W\SHV 6XLYUH WRXWHV OHV RSpUDWLRQV GH OD VRXV WUDLWDQFH 9HLOOHU j OD TXDOLWp WHFKQLTXH HW OD UHQWDELOLWp GHV WUDYDX[ GH VRXV WUDLWDQFH UpDOLVpH VXLYDQW OH FDKLHU GHV FKDUJHV 3238/$7,21 &21&(51e( ,QJpQLHXUV 5HVSRQVDEOHV 6RXV WUDLWDQFH &KHIV GH VHUYLFHV 0R\HQV *pQpUDX[ 352*5$00( /H FDGUH FRQYHQWLRQQHO GH OD VRXV WUDLWDQFH D /H PDUFKp SULQFLSDO GpÂ¿QLWLRQ pWHQGXH HW OLPLWHV E /HV REMHFWLIV GX PDUFKp SULQFLSDO F / DGPLVVLELOLWp GH OD VRXV WUDLWDQFH G /H FKRL[ GX VRXV WUDLWDQW HW VHV FRQVpTXHQFHV /H FRQWUDW GH VRXV WUDLWDQFH D 1DWXUH MXULGLTXH GX FRQWUDW GH VRXV WUDLWDQFH /H FRQWHQX GX FRQWUDW GH VRXV WUDLWDQFH /D JHVWLRQ GX FRQWUDW GH VRXV WUDLWDQFH OD PDLWULVH G RHXYUH /H FRQWHQWLHX[ GX FRQWUDW GH VRXV WUDLWDQFH /HV REOLJDWLRQV QpHV GH OD MRQFWLRQ GHV FRQWUDWV /HV REOLJDWLRQV GX PDLWUH GH O RXYUDJH j O pJDUG GX VRXV WUDLWDQW /HV REOLJDWLRQV GX PDLWUH GH O RXYUDJH j O HJDUG GH O HQWUHSUHQHXU /HV REOLJDWLRQV GX VRXV WUDLWDQW j O pJDUG GX PDLWUH GH O RXYUDJH /HV REOLJDWLRQV GX VRXV WUDLWDQW j O pJDUG GH O HQWUHSUHQHXU /D UpPXQpUDWLRQ GX VRXV WUDLWDQW / DEVHQFH GH OLHQ GH GURLW HQWUH OH PDLWUH GH O RXYUDJH HW OH VRXV WUDLWDQW / DFWLRQ GLUHFWH GX VRXV WUDLWDQW DXSUqV GX PDLWUH GH O RXYUDJH /D JDUDQWLH SRXU GpIDXW G H[pFXWLRQ FRPPLV SDU OH VRXV WUDLWDQW / DFWLRQ HQ UHVSRQVDELOLWp FDXVDO HQYHUV O HQWUHSUHQHXU / DFWLRQ HQ UHVSRQVDELOLWp GpOLFWXHOOH SRXU DFWH LOOLFLWH FRPPLV SDU OH VRXV WUDLWDQW /D VWLSXODWLRQ SRXU DXWUXL FRQFOXH HQWUH O HQWUHSUHQHXU HW OH VRXV WUDLWDQW DX EpQpÂ¿FH GX PDLWUH GH O RXYUDJH /D FHVVLRQ GHV GURLWV GH JDUDQWLH SDU O HQWUHSUHQHXU DX SURÂ¿W GX PDLWUH GH O RXYUDJH / pYROXWLRQ GH OD QRWLRQ GH VRXV WUDLWDQFH /H FRQFHSW G H[WHUQDOLVDWLRQ GHV DFWLYLWpV /H FRQFHSW GH GpORFDOLVDWLRQV GHV DFWLYLWpV /D VRXV WUDLWDQFH FRPPH PRGH G RUJDQLVDWLRQ LQGXVWULHOOH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( /( ',$*1267,& ),1$1&,(5 '85e( 7URLV MRXUV

2%-(&7,)6 0DvWULVHU XQH pEDXFKH G DQDO\VH Â¿QDQFLqUH ,QWHUSUpWHU OHV QRXYHDX[ pWDWV Â¿QDQFLHUV DLQVL TXH OHV RXWLOV G DLGH j OD SULVH GH GpFLVLRQ

3238/$7,21 &21&(51e(

6e0,1$,5( 35$7,48(5 /( 75$,7(0(17 &2037$%/( (7 ),6&$/ '(6 ,002%,/,6$7,216 6(/21 /( 6&) '85e( &LQT MRXUV

2%-(&7,)6

'LUHFWHXUV )LQDQFLHUV &DGUHV )LQDQFLHUV HW &RPSWDEOHV $XGLWHXUV &RQWU{OHXUV GH *HVWLRQ

&RPSUHQGUH OH VHQV GHV QRUPHV ,$6 ,)56 0DvWULVHU OH WUDLWHPHQW FRPSWDEOH HW Â¿VFDO GHV UqJOHV UHODWLYHV DX[ LPPRELOLVDWLRQV GpSUpFLDWLRQ VHW DPRUWLVVHPHQWV GDQV OHV FRPSWHV GH O HQWUHSULVH &RQQDLWUH OHV DVSHFWV MXULGLTXHV HW pFRQRPLTXHV HQMHX[ HW LPSDFWV

352*5$00(

3238/$7,21 &21&(51e(

3UpVHQWDWLRQ HW LQIRUPDWLRQV j IRXUQLU GDQV OHV pWDWV Â¿QDQFLHUV 'pÂ¿QLWLRQ GHV pWDWV Â¿QDQFLHUV /H ELODQ HW OH FRPSWH GH UpVXOWDW /H WDEOHDX GH YDULDWLRQ GHV FDSLWDX[ SURSUHV /H WDEOHDX GHV Ã€X[ GH WUpVRUHULH / DQQH[H GHV pWDWV Â¿QDQFLHUV 'RFXPHQWV HW LQIRUPDWLRQV QpFHVVDLUHV j XQ GLDJQRVWLF Â¿QDQFLHU $QDO\VH Â¿QDQFLqUH 4X HVW FH TXH OD JHVWLRQ Â¿QDQFLqUH " 2EMHFWLI Â¿QDQFLHU GH O HQWUHSULVH /HV GpFLVLRQV Â¿QDQFLqUHV 3UpDODEOH j OD GpFLVLRQ Â¿QDQFLqUH /H GLDJQRVWLF Â¿QDQFLHU /H 6&) HW OHV EHVRLQV HQ LQIRUPDWLRQV Â¿QDQFLqUHV / DQDO\VH Â¿QDQFLqUH HW OHV SDUWHQDLUHV Â¿QDQFLHUV eEDXFKH G XQH PpWKRGH G DQDO\VH Â¿QDQFLqUH ,QGLFDWHXUV G pTXLOLEUH Â¿QDQFLHU /HV UDWLRQV HW OHV VROGHV LQWHUPpGLDLUHV GH JHVWLRQ &DV SUDWLTXH G XQ GLDJQRVWLF Â¿QDQFLHU

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

&DGUHV GLULJHDQWV 'LUHFWHXUV GÎ–XQLWÄ V 3HUVRQQHO FRPSWDEOH HW Â¿QDQFLHU

352*5$00( /D UpJOHPHQWDWLRQ LVVXH GX QRXYHDX V\VWqPH FRPSWDEOH HW Â¿QDQFLHU $OJpULHQ /D FRQYHUJHQFH HQWUH OH 16&) HW OHV QRUPHV ,$6 ,)56 /D GLVWLQFWLRQ HQWUH OHV FKDUJHV HW OHV LPPRELOLVDWLRQV /HV GLá‚‡pUHQWHV PpWKRGHV G pYDOXDWLRQ GHV LPPRELOLVDWLRQV /D QRWLRQ G LPPRELOLVDWLRQ /D QRWLRQ G LPPRELOLVDWLRQV FRUSRUHOOHV /D QRWLRQ G LPPRELOLVDWLRQV LQFRUSRUHOOHV /D ORFDWLRQ Â¿QDQFHPHQW /D YDOHXU G RULJLQH GHV LPPRELOLVDWLRQV / LQWpJUDWLRQ GX FRÂ€W GHV HPSUXQWV GDQV OD YDOHXU G RULJLQH GHV LPPRELOLVDWLRQV /HV LPPRELOLVDWLRQV SDU FRPSRVDQW /D GpSUpFLDWLRQ GHV LPPRELOLVDWLRQV /HV GLá‚‡pUHQWV PRGHV G DPRUWLVVHPHQWV DXWRULVpV /HV WHVWV GH GpSUpFLDWLRQ GHV LPPRELOLVDWLRQV /HV 8QLWpV *pQpUDWULFHV GH 7UpVRUHULH /HV pFULWXUHV FRPSWDEOHV GH UpJXODULVDWLRQV GHV SOXV RX PRLQV YDOXHV HW GHV LPS{WV GLá‚‡pUpV /H WUDLWHPHQW FRPSWDEOH HW Â¿VFDO GHV LPPRELOLVDWLRQV /HV pFULWXUHV FRPSWDEOHV GHV OHDVLQJV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /$ 6286 75$,7$1&(

6e0,1$,5(6

6e0,1$,5( 02'$/,7e6 '( 3$,(0(17 $ / ,17(51$7,21$/ &5('2& '85e( 7URLV MRXUV

2%-(&7,)6 5DSSHOHU OHV PpFDQLVPHV GH OD UHPLVH GRFXPHQWDLUH SXLV GX FUpGLW GRFXPHQWDLUH )RUPXOHU OHV FRQVHLOV VXU O XWLOLVDWLRQ GH OD UHPLVH GRFXPHQWDLUH TXL UHFqOH GH QRPEUHX[ ULVTXHV HW VXU OD QpJRFLDWLRQ GHV FUpGLWV GRFXPHQWDLUHV DYHF OHV FOLHQWV pWUDQJHUV 'pWHFWHU OHV ULVTXHV GDQV OHV FUpGLWV GRFXPHQWDLUHV UHoXV

6e0,1$,5( /$ 1289(//( 5()250( '(6 0$5&+e6 38%/,&6

'85e( &LQT MRXUV

2%-(&7,)6 0DvWULVHU OHV QRXYHOOHV SURFpGXUHV LQWURGXLWHV SDU OH QRXYHDX GpFUHW SRUWDQW UqJOHPHQWDWLRQ GHV PDUFKpV SXEOLFV ,QWpJUHU OHV QRXYHOOHV PRGDOLWpV GH SDVVDWLRQ HW G H[pFXWLRQ GHV PDUFKpV SXEOLFV 0HWWUH HQ Â°XYUH OHV QRXYHOOHV GLVSRVLWLRQV GX &RGH GHV PDUFKpV SXEOLFV 0HVXUHU OD SRUWpH GH FHV UqJOHV VXU YRV SUDWLTXHV DFWXHOOHV DÂ¿Q GH OHV DGDSWHU

3238/$7,21 &21&(51e(

5HVSRQVDEOHV HW DVVLVWDQW H V LPSRUW H[SRUW FROODERUDWHXUV GHV VHUYLFHV FRPPHUFLDX[ HW Â¿QDQFLHUV FRPSWDEOHV G Dá‚‡DLUHV

$X VHLQ GHV FROOHFWLYLWpV WHUULWRULDOHV (3$ (3,& 'LUHFWHXUV HW UHVSRQVDEOHV GH OD FRPPDQGH SXEOLTXH 5HVSRQVDEOHV GHV PDUFKpV SXEOLFV 5HVSRQVDEOHV GX FRQWHQWLHX[ *HVWLRQQDLUHV GH FRQWUDWV $FKHWHXUV SXEOLFV $X VHLQ GHV HQWUHSULVHV 5HVSRQVDEOHV GHV PDUFKpV HW GHV FRQWUDWV SXEOLFV 5HVSRQVDEOHV DGPLQLVWUDWLI 5HVSRQVDEOHV MXULGLTXH 5HVSRQVDEOHV GX FRQWHQWLHX[ 'LUHFWHXUV HW UHVSRQVDEOHV GH JUDQGV SURMHWV

352*5$00(

*pQpUDOLWpV VXU OH FUpGLW GRFXPHQWDLUH 0DWpULDOLVDWLRQ GX ULVTXH SDQRSOLH GHV VpFXULVDWLRQV HW OH FUpGLW GRFXPHQWDLUH DVSHFWV MXULGLTXHV HW IRQFWLRQQHPHQW GpWDLOOp 'pÂ¿QLWLRQ HW PpFDQLVPHV GX FUpGLW GRFXPHQWDLUH /HV FUpGLWV GRFXPHQWDLUHV LUUpYRFDEOHV HW FRQÂ¿UPpV VFKpPDV VLPXODWLRQ GH U{OHV /HV GLá‚‡pUHQWV LQWHUYHQDQWV /HV OLHX[ GH UpDOLVDWLRQ /HV PRGHV GH UpDOLVDWLRQ +RQRUHU RX 1pJRFLHU /HV QRWLRQV GH FRQÂ¿UPDWLRQ VLOHQFLHXVH eWXGH GH FDV $QDO\VH GpWDLOOpH GH OD PLVH DX SRLQW j SDUWLU GH FDV UpHOV H[HPSOHV 6ZLIW G pPLVVLRQ /H FDV SDUWLFXOLHU GH O $OJpULH /D QRXYHOOH UpJOHPHQWDWLRQ /HV FRQVpTXHQFHV SRXU O H[SRUWDWHXU /HV DVSHFWV RSpUDWLRQQHOV Â¿QDQFLHUV HW GRXDQLHUV $SSURIRQGLVVHPHQW HW JHVWLRQ GHV GRFXPHQWV GDQV OH FUHGRF /HV LUUpJXODULWpV GpWHFWpHV SDU OHV EDQTXHV PRGH GH JHVWLRQ &ODXVHV SDUWLFXOLqUHV FRQGLWLRQV VSpFLDOHV &ODXVHV G RSpUDWLYLWp 3UpFDXWLRQV j SUHQGUH /H FRÂ€W GX FUpGLW GRFXPHQWDLUH /D JHVWLRQ GHV GRFXPHQWV SUpVHQWDQW GHV LUUpJXODULWpV /D GLVWLQFWLRQ HQWUH RULJLQDO HW FRSLHV )RUPDOLVPH GH OD IDFWXUH FRPPHUFLDOH ([LJHQFHV QRXYHOOHV VXU FKDFXQ GHV W\SHV GH GRFXPHQW GH WUDQVSRUW &RQVHLOV HW UHFRPPDQGDWLRQV IDFH DX[ LUUpJXODULWpV FRQVWDWpHV /HV LUUpJXODULWpV HW OHXU LPSDFW VXU OH GpURXOHPHQW GX FUpGLW GRFXPHQWDLUH /HV FRQVpTXHQFHV GHV LUUpJXODULWpV HW OD SRVLWLRQ j SUHQGUH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( &2037$%,/,7e 0$7,ÃŠ5(

352*5$00( /HV PHVXUHV HQ IDYHXU GHV 30( /D QRXYHOOH FRQÂ¿JXUDWLRQ GH OD FRPPDQGH SXEOLTXH /HV H[LJHQFHV QRXYHOOHV HQ PDWLqUH GH SDVVDWLRQ /HV DVVRXSOLVVHPHQWV DSSRUWpV DX QLYHDX GH SURFpGXUH GH SDVVDWLRQ 1RXYHDXWpV HQ PDWLqUH GH VpOHFWLRQ GHV FDQGLGDWXUHV HW GHV Rá‚‡UHV / HQFDGUHPHQW GHV PRGDOLWpV G H[pFXWLRQ /H FRQWU{OH H[WHUQH /H FRQWHQWLHX[ 'HV pWXGHV GH FDV VRQW SUpYXHV HW SRUWHURQW QRWDPPHQW VXU OHV QRXYHOOHV GLVSRVLWLRQV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

2%-(&7,)6

0DvWULVHU OD JHVWLRQ GHV PDJDVLQV HW OD JHVWLRQ GHV VWRFNV

3238/$7,21 &21&(51e(

0DQDJHUV LQJpQLHXUV HW FDGUHV QRQ VSpFLDOLVpV GDQV OHV GRPDLQHV FRPSWDEOHV HW Â¿QDQFLHUV PDLV TXL VRQW DPHQpV j XWLOLVHU OHV GRFXPHQWV FRPSWDEOHV HW j GLDORJXHU DYHF OHV VHUYLFHV FRPSWDEOHV HW Â¿QDQFLHUV

352*5$00( 'pÂ¿QLWLRQ GHV VWRFNV VHORQ OH 6&) QRUPH ,$6

2UJDQLVDWLRQ GH OD FRPSWDELOLWp Â© 0DWLqUHV Âª &ODVVHPHQW GHV VWRFNV (YDOXDWLRQ HW FRPSWDELOLVDWLRQ GHV VWRFNV VHORQ OH 6&) &RÂ€WV GHV VWRFNV &RÂ€W G DFTXLVLWLRQ &RÂ€W GH SURGXFWLRQ 'HV SURGXLWV Â¿QLV 'HV HQFRXUV VRXV SURGXLWV HW SURGXLWV UpVLGXHOV &DV GH OD SURGXFWLRQ XQLIRUPH HW FRQWLQXH VpULH

&DV GH OD SURGXFWLRQ VXU FRPPDQGHV 1RWLRQ GH Â© SURGXFWLRQ pTXLYDOHQWH Âª &RQGLWLRQV G pYDOXDWLRQ GHV VWRFNV &RQGLWLRQV GH FRQVWDWDWLRQ GHV SHUWHV GH YDOHXU 'pÂ¿QLWLRQ GHV pOpPHQWV LQFRUSRUDEOHV DX[ FRÂ€WV 0pWKRGHV GH YDORULVDWLRQ GHV VRUWLHV VWRFNV DXWRULVpHV SDU OH 6&) ,QFLGHQFHV GX FKRL[ GH OD PpWKRGH 3UpVHQWDWLRQ HW DQDO\VH GHV FRPSWHV GH VWRFNV HW HQ FRXUV 0pWKRGHV GH VXLYL GHV VWRFNV HQ FRPSWDELOLWp ,QYHQWDLUH LQWHUPLWWHQW ,QYHQWDLUH SHUPDQHQW 5qJOHV GH FRPSWDELOLVDWLRQ 3UpVHQWDWLRQ GHV VWRFNV GDQV OHV pWDWV Â¿QDQFLHUV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( /( %86,1(66 3/$1

6e0,1$,5(

'85e( 'HX[ MRXUV

'85e( 7URLV MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 3UHQGUH FRQQDLVVDQFH GHV GLá‚‡pUHQWHV pWDSHV GHV SURFpGXUHV FRQWHQWLHXVHV DFWXDOLVpHV D OD IDYHXU GHV DPHQGHPHQWV GH OD ORL GH Â¿QDQFHV HQ PDWLqUH FRQWHQWLHXVH 3238/$7,21 &21&(51e(

2%-(&7,)6 eODERUHU GHV SUpYLVLRQV G DFWLYLWp eYDOXHU OD UHQWDELOLWp pFRQRPLTXH HW Â¿QDQFLqUH eODERUHU XQ SODQ GH Â¿QDQFHPHQW SUpYLVLRQQHO HW DVVXUHU OH VXLYL GX SURMHW

2%-(&7,)6

'LUHFWHXUV JpQpUDX[ HW FKHIV G HQWUHSULVH 'LUHFWHXUV Â¿QDQFLHUV EDQTXLHUV HW DQDO\VWHV Â¿QDQFLHUV

352*5$00( /H UHFRXUV SUpDODEOH GHYDQW O DGPLQLVWUDWLRQ /HV FRQGLWLRQV GH UHFHYDELOLWp /HV VWUXFWXUHV FKDUJpHV GX FRQWHQWLHX[ Â¿VFDO /H UHFRXUV GHYDQW OHV FRPPLVVLRQV GH UHFRXUV GHV LPS{WV GLUHFWV HW GH 79$ /D &RPPLVVLRQ GH UHFRXUV GH '$,5$ /D &RPPLVVLRQ UpJLRQDOH GH UHFRXUV /D &RPPLVVLRQ GH UHFRXUV GH :,/$<$ /D &RPPLVVLRQ FHQWUDOH GH UHFRXUV /D &RPPLVVLRQ GH FRQFLOLDWLRQ HQ PDWLqUH GH GURLWV G HQUHJLVWUHPHQW /H UHFRXUV MXULGLFWLRQQHO /H FRQWHQWLHX[ UpSUHVVLI /H FRQWHQWLHX[ GX UHFRXYUHPHQW /H UHFRXUV JUDFLHX[ /D UHPLVH JUDFLHXVH GH SpQDOLWpV /D UHPLVH FRQGLWLRQQHOOH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

3238/$7,21 &21&(51e( &DGUHV Â¿QDQFLHUV &RQWU{OHXUV GH JHVWLRQ 5HVSRQVDEOHV GH SURMHW 352*5$00( 'pÂ¿QLU OD QRWLRQ GH EXVLQHVV SODQ 'pIHQGUH VD VWUDWpJLH Å¯DERUHU GHV SUpYLVLRQV G DFWLYLWp YDOXHU OD UHQWDELOLWp SUpYLVLRQQHOOH GX SURMHW )LQDQFHU VRQ SURMHW

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

/ (/$%25$7,21 ' 81 %8'*(7

&RPSUHQGUH OHV GLá‚‡pUHQWHV pWDSHV GX SURFHVVXV EXGJpWDLUH 0DvWULVHU OD SURFpGXUH EXGJpWDLUH GH VRQ HQWUHSULVH 0DvWULVHU OHV SULQFLSDOHV WHFKQLTXHV GH SUpYLVLRQ GHV EXGJHWV

3238/$7,21 &21&(51e(

&RQWU{OHXUV EXGJpWDLUHV &RQWU{OHXUV GH JHVWLRQ &DGUHV FRPSWDEOHV RX UHVSRQVDEOHV Â¿QDQFLHUV LPSOLTXpV GDQV O pODERUDWLRQ EXGJpWDLUH

352*5$00( /H SURFHVVXV EXGJpWDLUH GDQV OH V\VWqPH G LQIRUPDWLRQ GH O HQWUHSULVH /D SURFpGXUH EXGJpWDLUH / DUWLFXODWLRQ GHV GLá‚‡pUHQWV EXGJHWV /HV UHODWLRQV DYHF OH SURFHVVXV GH SODQLÂ¿FDWLRQ 0DvWULVHU OHV SULQFLSHV GH FRQFHSWLRQ GHV EXGJHWV SRXU pWDEOLU GHV SUpYLVLRQV GH TXDOLWp %XGJHW FRPPHUFLDO WHFKQLTXH GH SUpYLVLRQ GHV YHQWHV HW SDUDPqWUHV GX SODQ G DFWLRQV FRPPHUFLDOHV %XGJHW GH SURGXFWLRQ GLPHQVLRQQHU HW YDORULVHU OHV UHVVRXUFHV QpFHVVDLUH pWDEOLU OHV FRÂ€WV VWDQGDUGV %XGJHW GHV IUDLV JpQpUDX[ OHV DSSRUWV GX EXGJHW EDVH ]pUR %%=

%XGJHW GHV FKDUJHV GH SHUVRQQHO OHV Há‚‡HFWLIV HW OD PDVVH VDODULDOH %XGJHW GHV LQYHVWLVVHPHQWV YDORULVHU OH PRQWDQW GH O LQYHVWLVVHPHQW HW OHV JDLQV DWWHQGXV FRPSUHQGUH OHV FULWqUHV GH FKRL[ 52, 5HQWDELOLWp 5LVTXH %XGJHW GH WUpVRUHULH V\QWKqVH Â¿QDQFLqUH GHV FKRL[ G H[SORLWDWLRQ HW G LQYHVWLVVHPHQW VLPXODWLRQ GHV Ã€X[ GH FDVK (WXGH GH FDV &RQWU{OHU HW DQDO\VHU OHV SHUIRUPDQFHV SRXU XQH PHLOOHXUH UpDFWLYLWp GDQV OD SULVH GH GpFLVLRQ /D FRQVWUXFWLRQ GX EXGJHW Ã€H[LEOH / DQDO\VH GHV pFDUWV PHVXUH HW LQWHUSUpWDWLRQ (WXGH GH FDV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /( &217(17,(8; ),6&$/

6e0,1$,5(6

6e0,1$,5( /$ 5('$&7,21 '(6 &$+,(56 '(6 &+$5*(6 '85e( &LQT MRXUV

2%-(&7,)6

0DvWULVHU OHV PRGDOLWpV HW OHV WHFKQLTXHV G¶pODERUDWLRQ G¶XQ FDKLHU GHV FKDUJHV 0DvWULVHU OHV GLVSRVLWLRQV UpJLVVDQW OH FRGH GHV 0DUFKpV 3XEOLFV

6e0,1$,5( /$ 0,6( (1 2(895( ' 81( 675$7(*,( ),1$1&,(5( (7 621 3,/27$*( '85e( 7URLV MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6

/D IRUPDWLRQ HQ VWUDWpJLH ¿QDQFLqUH GH O HQWUHSULVH YLVH j IRXUQLU DX[ JHVWLRQQDLUHV OHV RXWLOV G DQDO\VH SHUIRUPDQWV D¿Q GH OHXU SHUPHWWUH GH GpYHORSSHU OHXU FDSDFLWp j pODERUHU pYDOXHU HW LPSODQWHU GHV PRGqOHV GH SULVH GH GpFLVLRQ HQ PDWLqUH GH VWUDWpJLHV G HQWUHSULVH GH SROLWLTXHV HW 3238/$7,21 &21&(51e( G pYDOXDWLRQ ¿QDQFLqUHV &HV RXWLOV YRXV DLGHURQW j PHVXUHU OHV *HVWLRQQDLUHV &RQFHSWHXUV GHV FDKLHUV GHV FKDUJHV &KHIV GH SHUIRUPDQFHV ¿QDQFLqUHV HW OHV UpVXOWDWV G H[SORLWDWLRQ GH O¶HQWUHSULVH HW SURMHWV &KHIV GH EXUHDX GHV PDUFKpV &KDUJpV HW LQJpQLHXUV G pYDOXHU OD YDOHXU LQWULQVqTXH G XQH HQWUHSULVH VD YDOHXU PDUFKDQGH G pWXGHV &DGUHV FKDUJpV GHV DSSURYLVLRQQHPHQWV 0HPEUHV GHV VD YDOHXU HQ IRQFWLRQ GH GLYHUV SUR¿OV GH FURLVVDQFH O KRUL]RQ pFRQRPLTXH FRPPLVVLRQV GHV PDUFKpV &DGUHV MXULGLTXHV HW WRXWH SHUVRQQH OH FR W GX FDSLWDO OD VWUXFWXUH ¿QDQFLqUH OD SROLWLTXH GH GLYLGHQGHV OD FRQFHUQpH SDU OHV 0DUFKpV 3XEOLFV PHVXUH GH OD SHUIRUPDQFH SDVVpH HW IXWXUH G XQH VRFLpWp OD UHVWUXFWXUDWLRQ RSpUDWLRQQHOOH HW ¿QDQFLqUH 352*5$00( /H FDGUH UpJOHPHQWDLUH UpJLVVDQW OHV PDUFKpV SXEOLFV 'p¿QLWLRQ HW HQMHX[ /HV SULQFLSHV IRQGDPHQWDX[ GH O DFKDW SXEOLF /HV WH[WHV UpJLVVDQW OHV PDUFKpV SXEOLFV 3UpVHQWDWLRQ GHV FDKLHUV GHV FKDUJHV ,PSRUWDQFH HW YDOHXU MXULGLTXH GHV FDKLHUV GHV FKDUJHV 1DWXUH FRQWUDFWXHOOH GX FDKLHU GHV FKDUJHV HW YDOHXU OpJDOH ORL GHV SDUWLHV

/HV PHQWLRQV REOLJDWRLUHV HW LQGLVSHQVDEOHV GDQV OHV FRQWUDWV /H FDKLHU GHV FODXVHV DGPLQLVWUDWLYHV JpQpUDOHV &&$*

/H FDKLHU GHV SUHVFULSWLRQV FRPPXQHV &3&

/H FDKLHU GHV SUHVFULSWLRQV VSpFLDOHV &36

/H FDKLHU GHV FKDUJHV )RQFWLRQQHOOHV /H FDKLHU GHV FKDUJHV 7HFKQLTXHV 0RGDOLWpV HW WHFKQLTXHV G pODERUDWLRQ GHV FDKLHUV GHV FKDUJHV /D FRQVWUXFWLRQ GX 3X]]OH FRQWUDFWXHO 9HLOOH MXULGLTXH 6W\OH UpGDFWLRQQHO GX FRQWUDW /HV FODXVHV REOLJDWRLUHV /D UpGDFWLRQ GHV FODXVHV GX FRQWUDW /HV FODXVHV OLpHV j O RUJDQLVDWLRQ DGPLQLVWUDWLYH GX FRQWUDW HW GHV DYHQDQWV /HV FODXVHV OLpHV j O H[pFXWLRQ WHFKQLTXH HW ¿QDQFLqUH GHV FRQWUDWV HW GHV DYHQDQWV 5pGDFWLRQV GHV FODXVHV GHV FRQWUDWV HW GHV DYHQDQWV /D JHVWLRQ GHV UHODWLRQV FRQWUDFWXHOOHV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( (9$/8$7,21 (7 68,9, '( /$ 5(17$%,/,7( ' 81 352-(7 ' ,19(67,66(0(17

2%-(&7,)6 0DvWULVHU OHV FULWqUHV GH UHQWDELOLWp GHV SURMHWV &RQVWUXLUH OH WDEOHDX GH ERUG GX SURMHW 3UpVHQWHU VRQ SURMHW GH IDoRQ FRQYDLQFDQW 3238/$7,21 &21&(51e( &DGUHV ¿QDQFLHUV &RQWU{OHXUV GH JHVWLRQ 5HVSRQVDEOHV GH SURMHW

3238/$7,21 &21&(51e( 'LUHFWHXUV *pQpUDX[ HW &KHIV G (QWUHSULVH 'LUHFWHXUV ¿QDQFLHUV EDQTXLHUV HW DQDO\VWHV ¿QDQFLHUV

352*5$00( *HVWLRQ ¿QDQFLqUH j FRXUW WHUPH $QDO\VH GLDJQRVWLF HW pYDOXDWLRQ *HVWLRQ ¿QDQFLqUH SUpYLVLRQQHOOH 3UpYLVLRQ GHV ÀX[ HW pYDOXDWLRQ GHV VRFLpWpV /H IRQG GH URXOHPHQW HW OH %)5 /H FDOFXO pFRQRPLTXH HW ¿QDQFLHU GH O HQWUHSULVH /HV UDWLRV VLJQL¿FDWLIV SRXU OH GLDJQRVWLF /HV SUpYLVLRQV EXGJpWDLUHV /HV SUpYLVLRQV GHV UHVVRXUFHV PDWpULHOOHV KXPDLQHV HW ¿QDQFLqUHV /H WDX[ GH FURLVVDQFH VRXWHQDEOH HW UHQWDEOH /H ¿QDQFHPHQW GH O HQWUHSULVH /D FUpDWLRQ HW O DXJPHQWDWLRQ GX FDSLWDO /HV FDSLWDX[ H[WHUQHV /HV HPSUXQWV EDQFDLUHV HW REOLJDWDLUHV /H FDSLWDO GH ULVTXH /H ¿QDQFHPHQW LQWHUQDWLRQDO /D WUpVRUHULH GH O HQWUHSULVH /H EXGJHW GH WUpVRUHULH HW VRQ FRQWU{OH /D JHVWLRQ GH WUpVRUHULH HW GH OLTXLGLWp /H FUpGLW j FRXUW WHUPH /D VWUDWpJLH ¿QDQFLqUH GH O HQWUHSULVH /D GpFLVLRQ G LQYHVWLVVHPHQW HQ DYHQLU FHUWDLQ /D GpFLVLRQ G LQYHVWLVVHPHQW HQ DYHQLU LQFHUWDLQ HW OD ÀH[LELOLWp /HV IXVLRQV HW DFTXLVLWLRQV /HV PDUFKpV ¿QDQFLHUV HW OD VWUDWpJLH ERXUVLqUH /D SROLWLTXH GHV GLYLGHQGHV HW OD ¿VFDOLWp /ĞƐ ŶŽƵǀĞůůĞƐ ŶŽƌŵĞƐ ŝŶƚĞƌŶĂƟŽŶĂůĞƐ

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

352*5$00( (YDOXHU OD UHQWDELOLWp pFRQRPLTXH G XQ SURMHW 6LPXOHU OD UHQWDELOLWp HW OHV ULVTXHV )LQDQFHU OH SURMHW 3UpYRLU OH VXLYL GX SURMHW G LQYHVWLVVHPHQW

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

'85e( 7URLV MRXUV

2%-(&7,)6

&RPSUHQGUH OH PpFDQLVPH GH OD FRQVROLGDWLRQ DLQVL TXH OHV SULQFLSDOHV pFULWXUHV VSpFL¿TXHV j FHWWH WHFKQLTXH pOLPLQDWLRQ GH FRPSWHV UpFLSURTXHV HW GH UpVXOWDWV LQWHUQHV pFULWXUHV G KRPRJpQpLVDWLRQ

ÇWUH HQ PHVXUH GH SDUWLFLSHU j O pWDEOLVVHPHQW GH FRPSWHV FRQVROLGpV DX VHLQ G XQH pTXLSH LQWHUQH RX VRXV OH FRQWU{OH G XQ H[SHUW FRPSWDEOH

3238/$7,21 &21&(51e( 'LUHFWHXUV G XQLWpV 3HUVRQQHO FRPSWDEOH HW ¿QDQFLHU &DGUHV GLULJHDQWV

352*5$00( /H SURFHVVXV GH FRQVROLGDWLRQ LQWURGXFWLRQ 3RXUFHQWDJH GH FRQWU{OH HW SRXUFHQWDJH G LQWpUrWV 3pULPqWUH GH FRQVROLGDWLRQ HW PpWKRGHV GH FRQVROLGDWLRQ 5HWUDLWHPHQWV GH FRQVROLGDWLRQ &XPXO GHV FRPSWHV (OLPLQDWLRQ FRPSWHV HW RSpUDWLRQV UpFLSURTXHV UpVXOWDWV LQWHUQHV WLWUHV GH SDUWLFLSDWLRQ 7HFKQLTXHV FRPSWDEOHV HW FRQVROLGDWLRQ &RQWUDLQWHV WHFKQLTXHV GH OD FRQVROLGDWLRQ LPSDFW VXU OHV UpVHUYHV HW RX VXU OH UpVXOWDW *UDQG OLYUH HW EDODQFH GH FRQVROLGDWLRQ ([DPHQ GHV SULQFLSDOHV pFULWXUHV FRPSWDEOHV GH FRQVROLGDWLRQ &XPXO GHV EDODQFHV FRPSWDEOHV $MXVWHPHQWV pYHQWXHOV GHV FRPSWHV UpFLSURTXHV HW pFULWXUHV G pOLPLQDWLRQ (OLPLQDWLRQ GHV RSpUDWLRQV UpFLSURTXHV HW GHV UpVXOWDWV LQWHUQHV (FULWXUHV GH UHWUDLWHPHQW VWRFNV DPRUWLVVHPHQWV FUpGLW EDLO FKDUJHV pWDOpHV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(

)21&7,211(0(17 5Ð/( (7 0,66,216 '( /$ &200,66,21 '(6 0$5&+e6 '85e( 7URLV MRXUV

6e0,1$,5( /( &21752/( '( *(67,21 '85e( &LQT MRXUV

2%-(&7,)6

&RPSUHQGUH OHV PRGDOLWpV GH PLVH HQ SODFH HW U{OH GHV FRPPLVVLRQV G¶RXYHUWXUH HW G¶pYOXDWLRQ GHV RႇUHV 0DvWULVHU OHV PpFDQLVPHV GH FRQWU{OH 0DvWULVHU OHV WHFKQLTXHV G¶pODERUDWLRQ GHV PDUFKpV SXEOLFV 0DvWULVHU O¶H[pFXWLRQ GHV PDUFKpV SXEOLFV

3238/$7,21 &21&(51e(

0HPEUH GH GLႇpUHQWHV FRPPLVVLRQV &DGUHV -XULGLTXHV &DGUHV $SSURYLVLRQQHPHQWV $FKHWHXUV 7RXWH SHUVRQQH FRQFHUQpH SDU OD 3DVVDWLRQ GHV 0DUFKpV

0DvWULVHU OHV SULQFLSHV HW WHFKQLTXHV GX FRQWU{OH GH JHVWLRQ &RQVWUXLUH OH EXGJHW G XQH XQLWp 5pDOLVHU XQH DQDO\VH GHV FR WV HW GH OD SHUIRUPDQFH ([HUFHU XQH VXUYHLOODQFH GHV LQGLFDWHXUV GH JHVWLRQ SRXU RSWLPLVHU OHV DFWLYLWpV 3DUWLFLSHU DFWLYHPHQW DX FRQWU{OH GH JHVWLRQ GH VRQ HQWUHSULVH HW O DGDSWHU

3238/$7,21 &21&(51e( 3HUVRQQHO GHV VHUYLFHV FRPSWDEOHV &DGUHV )LQDQFLHUV HW FRPSWDEOHV &RQWU{OHXUV GH JHVWLRQ

352*5$00(

&RPPLVVLRQ GH FRQWU{OH LQWHUQH &RQQDvWUH OHV REMHFWLIV GX FRQWU{OH LQWHUQH /HV VXSSRUWV RUJDQLVDWLRQQHOV OHV SUpURJDWLYHV HW DWWULEXWLRQV OH SUR¿O GHV LQWHUYHQDQWV &RPPLVVLRQ G RXYHUWXUH GHV SOLV 0RGH GH IRQFWLRQQHPHQW GH OD &23 0LVVLRQV GH OD &23 &RQVWDWHU OD UpJXODULWp GH O HQUHJLVWUHPHQW GHV RႇUHV IDLUH OHV LQYHQWDLUHV GHV SLqFHV 'UHVVHU VpDQFH WHQDQWH OH SURFqV YHUEDO G RXYHUWXUH GHV SOLV &RPPLVVLRQ G pYDOXDWLRQ GHV RႇUHV $QDO\VHU /HV 2ႇUHV (W &KRL[ 'X 3UHVWDWDLUH /H 3OXV &RPSpWHQW 9pUL¿H VL OHV RႇUHV VDWLVIRQW DX[ SUHVFULSWLRQV GX GRVVLHU G DSSHO G RႇUHV /HV FULWqUHV GH VpOHFWLRQ SHUWLQHQWV (WDEOLU XQ GRFXPHQW G DQDO\VH (WDEOLU XQH VpOHFWLRQ &RPPLVVLRQ GH FRQWU{OH H[WHUQH &RQQDLWUH OHV GLႇpUHQWV U{OHV DWWULEXpV j OD FRPPLVVLRQ GHV PDUFKpV /H FRQWU{OH GH OD FRQIRUPLWp GHV FDKLHUV GHV FKDUJHV GX SURMHW GH PDUFKp GH O DYHQDQW /H UHFRXUV HW OH UqJOHPHQW GHV OLWLJHV $VVLVWDQFH GX VHUYLFH FRQWUDFWDQW HQ PDWLqUH GH SUpSDUDWLRQ HW GH IRUPDOLVDWLRQ GX PDUFKpH GpFLVLRQ &RQQDvWUH VD FRPSRVLWLRQ VRQ IRQFWLRQQHPHQW HW VRQ UHQRXYHOOHPHQW 0pWKRGH GH GpVLJQDWLRQ GHV PHPEUHV GH OD FRPPLVVLRQ DWWULEXWLRQV GH VRQ SUpVLGHQW GH VRQ VHFUpWDULDW HW GX UDSSRUWHXU OHV GpODLV GH WUDQVPLVVLRQ GH GRFXPHQWV GpODL G H[DPHQ GHV SURMHWV GH FDKLHU GHV FKDUJHV HW SURMHW GH PDUFKp « 'pODL G H[DPHQ GX UHFRXUV SUpFRQWUDFWXHO 6 LQLWLHU DX[ GLႇpUHQWV GRFXPHQWV GHPDQGpV SDU OD FRPPLVVLRQ GHV PDUFKpV /HV GRFXPHQWV j GpSRVHU DXSUqV GX VHFUpWDULDW GH OD &0 /D FRPSRVLWLRQ PDWpULHOOH GX SURMHW GH FDKLHU GHV FKDUJHV SURMHW GH PDUFKpV SURMHW G DYHQDQW

'p¿QLU HW VLWXHU OH FRQWU{OH GH JHVWLRQ GDQV OH V\VWqPH G LQIRUPDWLRQ GH O HQWUHSULVH /H SURFHVVXV GX FRQWU{OH GH JHVWLRQ /HV FRPSRVDQWHV GX FRQWU{OH GH JHVWLRQ /H PpWLHU GH FRQWU{OHXU GH JHVWLRQ /D FRPSWDELOLWp DQDO\WLTXH RXWLO GX FRQWU{OH GH JHVWLRQ /RJLTXH HW FRQWUDLQWH GH OD FRPSWDELOLWp DQDO\WLTXH 'LႇpUHQWHV VWUXFWXUHV GH FR WV 9DORULVHU OH FR W GHV DFWLYLWpV /D ORJLTXH GH OD FRPSWDELOLWp SDU DFWLYLWp /HV SUHVWDWLRQV LQWHUQHV HQWUH VHUYLFHV /LHQ HQWUH OD FRPSWDELOLWp EXGJpWDLUH HW OD FRPSWDELOLWp DQDO\WLTXH /D FRPSWDELOLWp EXGJpWDLUH /HV FR WV VWDQGDUGV / DQDO\VH GHV pFDUWV /H SURFHVVXV EXGJpWDLUH HW VD SODQL¿FDWLRQ eWDSHV HW DFWHXUV GX SURFHVVXV EXGJpWDLUH /HV SULQFLSDX[ EXGJHWV FRPPHUFLDO RX G DFWLYLWp SURGXFWLRQ IRQFWLRQV VXSSRUW LQYHVWLVVHPHQW /H EXGJHW SDU FHQWUH GH UHVSRQVDELOLWp /D FRQVROLGDWLRQ EXGJpWDLUH /D QpJRFLDWLRQ EXGJpWDLUH 6XLYUH DQDO\VHU HW FRQWU{OHU OHV pFDUWV EXGJpWDLUHV 0LVH HQ °XYUH G DFWLRQV FRUUHFWLYHV HW SUpYHQWLYHV /H WDEOHDX GH ERUG 7DEOHDX GH ERUG HW 5HSRUWLQJ $QDO\VHU O RUJDQLVDWLRQ HW LGHQWL¿HU OHV SURFHVVXV /D PHVXUH GH OD SHUIRUPDQFH LQGLFDWHXUV ¿QDQFLHUV HW QRQ ¿QDQFLHUV ([SORLWHU OHV WDEOHDX[ GH ERUG SRXU HQ IDLUH XQ RXWLO GH PDQDJHPHQW DX VHUYLFH GH OD SHUIRUPDQFH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /(6 7(&+1,48(6 '( &2162/,'$7,21

6e0,1$,5(6

6e0,1$,5( &21&(92,5 (7 (;3/2,7(5 81 7$%/($8 '( %25' '85e( 7URLV MRXUV

6e0,1$,5( /$ ),6&$/,7( '(6 (175(35,6(6 '$16 /( &$'5( '8 6&)

6e0,1$,5( / $1$/<6( ),1$1&,(5( '85e( 7URLV MRXUV

'85e( &LQT MRXUV 2%-(&7,)6 6DYRLU DSSUpFLHU OD VDQWp Â¿QDQFLqUH G XQH HQWUHSULVH 0DvWULVHU OHV RXWLOV G DQDO\VH Â¿QDQFLqUH

2%-(&7,)6

0DvWULVHU OD FRQFHSWLRQ GHV WDEOHDX[ GH ERUG 6pOHFWLRQQHU ,HV LQGLFDWHXUV FOpV HW XWLOHV j OD SULVH GH GpFLVLRQV

2%-(&7,)6

$PHQHU OHV SDUWLFLSDQWV j FRQQDvWUH O LQFLGHQFH GX QRXYHDX V\VWqPH FRPSWDEOHV HW Â¿QDQFLHU VXU OD Â¿VFDOLWp GHV HQWUHSULVHV j O DLGH G H[HUFLFHV HW G pWXGHV GH FDV SUDWLTXHV

3238/$7,21 &21&(51e( 0DQDJHUV FKHIV GH SURMHW &RQWU{OHXUV GH JHVWLRQ &DGUHV FRPSWDEOHV

352*5$00( &RPSUHQGUH OH U{OH GX WDEOHDX GH ERUG 8Q WDEOHDX GH ERUG SRXUTXRL IDLUH " &RQFHYRLU XQ WDEOHDX GH ERUG OHV SUpDODEOHV / DSSRUW GX WDEOHDX GH ERUG DX PDQDJHU ,GHQWLÂ¿HU OHV LQGLFDWHXUV SHUWLQHQWV )RUPDOLVHU ,HV PLVVLRQV HW OHV REMHFWLIV 'pÂ¿QLULH] LQGLFDWHXUV GH SHUIRUPDQFH ,GHQWLÂ¿HU OHV LQGLFDWHXUV GH SLORWDJH G pFODLUDJH )DFLOLWHU O DQDO\VH JUkFH j GHV VXSSRUWV YLVXHOV 6WUXFWXUHU OD PLVH HQ Â°XYUH GX WDEOHDX GH ERUG &RQFHYRLU OH WDEOHDX GH ERUG 'pWHUPLQHU OHV JUDQGHV RULHQWDWLRQV GX SURMHW GH PLVH HQ SODFH G XQ WDEOHDX GH ERUG 5HFHQVHU OHV EHVRLQV GHV XWLOLVDWHXUV )DLUH O LQYHQWDLUH GHV LQIRUPDWLRQV H[LVWDQWHV 2UJDQLVHU OD UHPRQWpH GHV LQIRUPDWLRQV (WXGH GH FDV ([SORLWHU OH WDEOHDX GH ERUG DYHF VRQ pTXLSH 7HVWHU HW FRQWU{OHU OH UpVXOWDW GHV DFWLRQV &RPSUHQGUH OD UHODWLRQ DYHF OHV SURFHVVXV GH GpFLVLRQ )DLUH GX WDEOHDX GH ERUG XQ RXWLO GH FRPPXQLFDWLRQ HW G pFKDQJH GH ERQQHV SUDWLTXHV $SSUpFLHU OHV FRPSpWHQFHV GHV pTXLSHV (WXGH GH FDV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

3238/$7,21 &21&(51e( )LVFDOLVWHV &DGUHV Â¿QDQFLHUV HW FRPSWDEOHV 352*5$00( / LPS{W VXU OH UpVXOWDW 'pWHUPLQDWLRQ GX EpQpÂ¿FH Â¿VFDO &RPSWDELOLVDWLRQ GH O LPS{W VXU OHV EpQpÂ¿FHV HW GHV DFRPSWHV Â¿VFDX[ (WXGH GH FDV %DVH GH FDOFXO HW FRPSWDELOLVDWLRQ GHV DXWUHV LPS{WV 79$ 7$3

([HUFLFHV HW FDV /HV LPS{WV GLá‚‡pUpV /D SUREOpPDWLTXH GH O LPS{W GLá‚‡pUp 'Lá‚‡pUHQFH HQWUH ,PS{W H[LJLEOH SUpVHQWDWLRQ Â¿VFDOH GH OD FRPSWDELOLWp HW ,PS{W GLá‚‡pUp SUpVHQWDWLRQ pFRQRPLTXH GH OD FRPSWDELOLWp

&RQFHSW GH UHSRUW G LPS{WV 1RWLRQV GH GLá‚‡pUHQFHV WHPSRUDLUHV RX GpFDODJH HW GLá‚‡pUHQFHV SHUPDQHQWHV /HV GLá‚‡pUHQFHV WHPSRUHOOHV GpGXFWLEOHV HW LPSRVDEOHV 3ULQFLSH GH O LPS{W GLá‚‡pUp &RPSDUDLVRQ GH OD YDOHXU Â¿VFDOH HW GH OD YDOHXU pFRQRPLTXH &RQVWDWDWLRQ HW pYDOXDWLRQ GH O LPS{W GLá‚‡pUp / LPS{W GLá‚‡pUp DFWLI / LPS{W GLá‚‡pUp SDVVLI &RPSWDELOLVDWLRQ GHV LPS{WV GLá‚‡pUpV &RQGLWLRQV GH FRPSWDELOLVDWLRQ 3URGXLWV HW FKDUJHV G LPS{WV &RPSWDELOLVDWLRQ LPS{WV GLá‚‡pUpV DFWLI &RPSWDELOLVDWLRQ LPS{WV GLá‚‡pUpV SDVVLI /HV SHUWHV Â¿VFDOHV UHSRUWDEOHV &RQFHSW HW FRPSWDELOLVDWLRQ 3UpVHQWDWLRQ GHV LPS{WV GLá‚‡pUpV VXU OHV pWDWV Â¿QDQFLHUV %LODQ &RPSWH GH UpVXOWDW

([HUFLFHV HW FDV VXU OHV LPS{WV GLá‚‡pUpV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

3238/$7,21 &21&(51e( 5HVSRQVDEOHV Â¿QDQFLHUV FRQWU{OHXUV GH JHVWLRQ DQDO\VWHV Â¿QDQFLHUV UHVSRQVDEOH FUpGLW VRXKDLWDQW DSSUpFLHU OD VDQWp Â¿QDQFLqUH G XQH HQWUHSULVH

352*5$00( ,QWURGXFWLRQ / DQDO\VH Â¿QDQFLqUH GH TXRL V DJLW LO " HW SRXUTXRL IDLUH " 2EMHFWLIV GHV GLá‚‡pUHQWV XWLOLVDWHXUV IRXUQLVVHXU FOLHQW EDQTXLHU LQYHVWLVVHXU /HV pWDSHV G XQH GpPDUFKH VWUXFWXUpH DFWLYLWp SURÂ¿WDELOLWp FDSLWDX[ LQYHVWLV HW VWUXFWXUH Â¿QDQFLqUH (YDOXHU O DFWLYLWp HW OD SURÂ¿WDELOLWp GHV YHQWHV $QDO\VHU O pYROXWLRQ GH O DFWLYLWp LQFLGHQFH GHV TXDQWLWpV SUL[ FRXUV GH FKDQJH LGHQWLÂ¿HU OHV UHODLV GH FURLVVDQFH SURGXLWV PDUFKpV 3ULQFLSDX[ UHFODVVHPHQWV GX FRPSWH GH UpVXOWDW (YDOXHU OD SURÂ¿WDELOLWp JUkFH DX WDEOHDX GHV VROGHV LQWHUPpGLDLUHV GH JHVWLRQ ,PSRUWDQFH HW FDOFXO GH OD FDSDFLWp G DXWRÂ¿QDQFHPHQW &$) /HV FDXVHV GH SHUWHV GH SURÂ¿WDELOLWp Há‚‡HW SRLQW PRUW (WXGH GH FDV (YDOXHU OHV FDSLWDX[ LQYHVWLV HW OD VWUXFWXUH Â¿QDQFLqUH /H ELODQ pTXLOLEUH HQWUH HPSORLV HW UHVVRXUFHV /D OHFWXUH Â¿QDQFLqUH GHV SRVWHV GX ELODQ /HV SULQFLSDX[ UHWUDLWHPHQWV SRXU SDVVHU DX ELODQ Â¿QDQFLHU HQJDJHPHQWV GH ORFDWLRQ Â¿QDQFHPHQW FUpGLWV GH PRELOLVDWLRQ GHV FUpDQFHV FOLHQW )RQGV GH URXOHPHQW )5 EHVRLQ HQ IRQGV GH URXOHPHQW %)5 HW 7UpVRUHULH QHWWH 71

/HV SUREOqPHV GH WUpVRUHULH HW OHV VROXWLRQV DVVRFLpV $QDO\VH FRPSDUpH SDU OHV ELODQV IRQFWLRQQHOV )5 %)5 71 HW OLTXLGLWp )5 OLTXLGLWp (WXGH GH FDV &DOFXOHU HW LQWHUSUpWHU OHV UDWLRV VLJQLÂ¿FDWLIV 5DWLRV G DFWLYLWp HW GH SURÂ¿WDELOLWp 'H VWUXFWXUH pYDOXHU OD FDSDFLWp G HQGHWWHPHQW j /07 ' HQGHWWHPHQW DEVRUSWLRQ GHV IUDLV Â¿QDQFLHUV SDU O H[SORLWDWLRQ 'H WUpVRUHULH pYDOXHU OD FDSDFLWp G HPSUXQW j &7 'H JHVWLRQ GX %)5 /H 52&( V\QWKqVH GH OD SHUIRUPDQFH pFRQRPLTXH 'H UHQWDELOLWp GHV FDSLWDX[ LQYHVWLV HW GHV FDSLWDX[ SURSUHV 6WUXFWXUHU VRQ DQDO\VH Â¿QDQFLqUH /HV pWDSHV GH O DQDO\VH OHV JUDQGHV WHQGDQFHV VXU Ë¼ j Ë¾ DQV (YROXWLRQ GH O DFWLYLWp FKLá‚‡UH G Dá‚‡DLUHV (YROXWLRQ GH OD SURÂ¿WDELOLWp OHV PDUJHV (YROXWLRQ GHV FDSLWDX[ LQYHVWLV HW GH OD VWUXFWXUH Â¿QDQFLqUH /H UDWLR GH UHQWDELOLWp GHV FDSLWDX[ LQYHVWLV V\QWKqVH GH OD SHUIRUPDQFH pFRQRPLTXHÍ˜ 3RLQWV IRUWV HW IDLEOHV &DV GH V\QWKqVH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( *(67,21 '8 &217(17,(8;

'85e( &LQT MRXUV

2%-(&7,)6

6e0,1$,5( 1289($8 6<67(0( &2037$%/( (7 ),1$1&,(5 6&)

'85e( &LQT MRXUV

'pÂ¿QLU OHV FKDUJHV QpFHVVDLUHV DX FDOFXO GX FRÂ€W G XQ SURGXLW RX VHUYLFH eYDOXHU OHV FKDUJHV HQJDJpHV GDQV OD UpDOLVDWLRQ G XQ SURGXLW HW GpÂ¿QLU VD UHQWDELOLWp 'pÂ¿QLU XQ QLYHDX G DFWLYLWp SHUPHWWDQW G REWHQLU XQ UpVXOWDW SUpGpÂ¿QL 'Lá‚‡XVHU OHV LQGLFDWHXUV SHUWLQHQWV FRPPH RXWLO G DLGH j OD GpFLVLRQ

3238/$7,21 &21&(51e( &UpGLW 0DQDJHUV 5HVSRQVDEOHV UHFRXYUHPHQW (PSOR\pV GHV VHUYLFHV FRPSWDEOHV

$PHQHU OHV SDUWLFLSDQWV j GpYHORSSHU XQH SOXV JUDQGH PDLWULVH GX V\VWqPH FRPSWDEOH Â¿QDQFLHU 6&)

3RXYRLU OLUH HW LQWHUSUpWHU OHV pWDWV Â¿QDQFLHUV DX[ QRUPHV ,$6 ,)56 'pFRXYULU OHV VSpFLÂ¿FLWpV GHV QRUPHV ,$6 ,)56 DSSOLFDEOHV GDQV OH VHFWHXU pFRQRPLTXH

3238/$7,21 &21&(51e(

352*5$00(

3238/$7,21 &21&(51e(

3HUVRQQHO D\DQW GHV FRQQDLVVDQFHV GH EDVH HQ FRPSWDELOLWp JpQpUDOH

352*5$00( /HV FDOFXOV GHV FRXWV FRPSOHWV /HV GLá‚‡pUHQWV W\SHV GH FRÂ€WV /HV pOpPHQWV GH EDVH GX FDOFXO GHV FRÂ€WV /D SpULRGH GH FDOFXO /HV FKDUJHV GLUHFWHV HW LQGLUHFWHV /HV FHQWUHV G DQDO\VH OH FKRL[ GHV XQLWpV G RHXYUH /H FKRL[ GHV FOpV GH UpSDUWLWLRQ /D UHODWLRQ HQWUH FRPSWDELOLWp JpQpUDOH HW DQDO\WLTXH /HV GLá‚‡pUHQWV FDOFXOV GH FRÂ€WV /D YDULDELOLWp GHV FRÂ€WV /H GLUHFW FRVWLQJ /D PpWKRGH $%& /HV LPSXWDWLRQV HW OHV HUUHXUV FRPPLVHV /H FKRL[ GHV PpWKRGHV GH FDOFXO LQFLGHQFH VXU OH SLORWDJH GHV FRÂ€WV /H FRQWU{OH EXGJpWDLUH /HV WKqPHV VXLYDQWV VHURQW WUDLWpV GDQV XQH SpGDJRJLH SURJUHVVLYH / DQDO\VH GHV pFDUWV VXU FRÂ€WV YDULDEOHV / DQDO\VH GHV pFDUWV VXU FKDUJHV LQGLUHFWHV /D PLVH HQ Â°XYUH GX FRQWU{OH EXGJpWDLUH /HV LQGLFDWHXUV GH SHUIRUPDQFH /HV WKqPHV VXLYDQWV VHURQW WUDLWpV GDQV XQH SpGDJRJLH SURJUHVVLYH /HV LQGLFDWHXUV GH SLORWDJH GHV FRÂ€WV /H SDUDPpWUDJH GHV LQGLFDWHXUV /HV DFWLRQV FRUUHFWLYHV

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

&RQQDvWUH HW PHWWUH HQ DSSOLFDWLRQ OD SKDVH DPLDEOH GH OD JHVWLRQ G XQ FRQWHQWLHX[ 8WLOLVHU OHV SURFpGXUHV Â©DX IRQGÂª

/D SKDVH DPLDEOH /HV PHVXUHV FRQVHUYDWRLUHV /D SUHVFULSWLRQ /D VDLVLH FRQVHUYDWRLUH /HV VÂ€UHWpV MXGLFLDLUHV /H UHFRXYUHPHQW Â© SUp FRQWHQWLHX[ Âª /D PLVH HQ GHPHXUH $YRFDWV HW KXLVVLHUV /D WUDQVDFWLRQ /HV SURFpGXUHV UDSLGHV / LQMRQFWLRQ GH SD\HU /H UpIpUp SURYLVLRQ /H UHFRXYUHPHQW GHV FKqTXHV VDQV SURYLVLRQ /H SURWrW 4XDQG HW FRPPHQW XWLOLVHU OHV SURFpGXUHV Â©DX IRQGÂª /HV PHVXUHV FRQVHUYDWRLUHV / RSSRVLWLRQ /HV VDLVLHV DUUrWV /D VDLVLH FRQVHUYDWRLUH JpQpUDOH / K\SRWKqTXH MXGLFLDLUH SURYLVRLUH /HV SULQFLSHV JpQpUDX[ GH OD SURFpGXUH FLYLOH /H SULQFLSH GX FRQWUDGLFWRLUH /D SURFpGXUH DFFXVDWRLUH /D SXEOLFLWp GHV GpEDWV HW GHV MXJHPHQWV /HV YRLHV GH UHFRXUV /D FRPSpWHQFH /H GpURXOHPHQW GH OD SURFpGXUH /D SURFpGXUH GHYDQW OH WULEXQDO G LQVWDQFH /D SURFpGXUH GHYDQW OH WULEXQDO GH JUDQGH LQVWDQFH /D SURFpGXUH GHYDQW OH WULEXQDO GH FRPPHUFH &RPPHQW SUpSDUHU XQH Dá‚‡DLUH " /D GHPDQGH /HV SUHXYHV HW OH GRVVLHU

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

2%-(&7,)6

'LUHFWHXUV Â¿QDQFLHUV &DGUHV Â¿QDQFLHUV HW FRPSWDEOHV $XGLWHXUV &RQWU{OHXUV GH JHVWLRQ

352*5$00( )RQGHPHQW HW FDGUH FRQFHSWXHO GX QRXYHDX 6&) 3ULQFLSHV HW FRQYHQWLRQV FRPSWDEOHV /HV GLá‚‡pUHQWV FRQFHSWV GH OD YDOHXU /HV pWDWV Â¿QDQFLHUV EUqYH SUpVHQWDWLRQ

/HV ,PPRELOLVDWLRQV ,PPRELOLVDWLRQV FRUSRUHOOHV ,PPRELOLVDWLRQV LQFRUSRUHOOHV ,PPRELOLVDWLRQV Â¿QDQFLqUHV /HV 6XEYHQWLRQV /HV &RQWUDWV GH ORFDWLRQ Â¿QDQFHPHQW OHDVLQJ

/HV &RQWUDWV ORQJ WHUPH /HV 3URYLVLRQV SRXU ULVTXHV HW FKDUJHV /HV LPS{WV GLá‚‡pUpV /HV VWRFNV HW HQFRXUV /HV DYDQWDJHV RFWUR\pV DX SHUVRQQHO &KDQJHPHQW G HVWLPDWLRQV RX GH PpWKRGHV FRPSWDEOHV HW FRUUHFWLRQV G HUUHXUV /HV pWDWV Â¿QDQFLHUV %LODQ &RPSWH GH UpVXOWDW SDU QDWXUH HW SDU IRQFWLRQ

7DEOHDX GHV Ã€X[ GH WUpVRUHULH (WDW GH YDULDWLRQ GHV FDSLWDX[ SURSUHV $QQH[H

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /$ &2037$%,/,7( $1$/<7,48(

6e0,1$,5(6

6e0,1$,5( $8',7 ),1$1&,(5 (7 &2037$%/( '85e( &LQT MRXUV

6e0,1$,5( /( 3$66$*( '8 5e68/7$7 &2037$%/( $8 5e68/7$7 ),6&$/

3238/$7,21 &21&(51e( 3HUVRQQHO FKDUJp GH O Â¶DXGLW 3HUVRQQHO FRPSWDEOH HW Â¿QDQFLHU

352*5$00( /D IRQFWLRQ &RPSWDELOLWp PLVVLRQV REMHFWLIV SURGXLWV FOLHQWV SpULPqWUH pYROXWLRQV UpFHQWHV / DQDO\VH GHV SURFHVVXV FRPSWDEOHV 'pFRXSDJH HQ VRXV SURFHVVXV 3UpVHQWDWLRQ GHV SURFHVVXV FOpV *HVWLRQ GHV UpIpUHQWLHOV FRPSWDEOHV 2UJDQLVDWLRQ PpWKRGHV V\VWqPHV G LQIRUPDWLRQ FRPSWDEOH &O{WXUH FRPSWDEOH 3URGXFWLRQ GHV pWDWV Â¿QDQFLHUV 3ULQFLSDX[ W\SHV GH FRPSWHV YHQWHV FOLHQWV DFKDWV IRXUQLVVHXUV SHUVRQQHO LPPRELOLVDWLRQV / pODERUDWLRQ GX UpIpUHQWLHO G DXGLW 2EMHFWLIV &ULWqUHV GH TXDOLWp GHV LQIRUPDWLRQV FRPSWDEOHV *UDQGV ULVTXHV &RQWU{OHV LQFRQWRXUQDEOHV 2XWLOV HW PpWKRGHV G DXGLW DGDSWpV j O DXGLW GH OD IRQFWLRQ &RPSWDEOH /D FROODERUDWLRQ DYHF OHV FRPPLVVDLUHV DX[ FRPSWHV 5{OH HW PLVVLRQ GHV FRPPLVVDLUHV DX[ FRPSWHV 'pPDUFKH &ROODERUDWLRQ DXGLW LQWHUQH DXGLW H[WHUQH

'85e( 7URLV MRXUV

'85e( &LQT MRXUV 2%-(&7,)6

2%-(&7,)6

,GHQWLÂ¿HU OHV VSpFLÂ¿FLWpV GH O DXGLW GH OD IRQFWLRQ &RPSWDELOLWp &RPSUHQGUH HW DQDO\VHU O RUJDQLVDWLRQ GH OD IRQFWLRQ &RPSWDELOLWp $QDO\VHU HW pYDOXHU OHV ULVTXHV PDMHXUV DVVRFLpV DX[ SURFHVVXV FOpV %kWLU OH UpIpUHQWLHO GH FRQWU{OH LQWHUQH GHV SURFHVVXV OLpV j OD IRQFWLRQ &RPSWDELOLWp &RQQDvWUH OD GpPDUFKH GH O DXGLW FRPSWDEOH HW Â¿QDQFLHU PLVH HQ Â°XYUH SDU OHV FRPPLVVDLUHV DX[ FRPSWHV

6e0,1$,5( $&78$/,6$7,21 (7 5e9,6,21 '(6 35,;

2%-(&7,)6 3UHQGUH FRQQDLVVDQFH GHV UpJLPHV G LPSRVLWLRQV HQ YLJXHXU j OD IDYHXU GHV DPpQDJHPHQWV VXEVWDQWLHOV DSSRUWpV SDU OD /) 'LVWLQJXHU HQWUH OH UpVXOWDW FRPSWDEOH GpJDJp VXLYDQW OHV QRUPHV 6&) HW OH UpVXOWDW Â¿VFDO TXL HVW OD EDVH LPSRVDEOH D O ,%6 RX O ,5* FDWpJRULH EpQpÂ¿FHV SURIHVVLRQQHOV &RPSUHQGUH OD SUREOpPDWLTXH GH O LPS{W GLá‚‡pUp &RPPHQW RSWLPLVHU OD JHVWLRQ Â¿VFDOH GH O HQWUHSULVH 3238/$7,21 &21&(51e( &DGUHV Â¿QDQFLHUV HW FRPSWDEOHV 3HUVRQQHO FKDUJp GH OD Â¿VFDOLWp HQ HQWUHSULVH 352*5$00( 5pJLPH GX EpQpÂ¿FH UpHO

&RQQDvWUH OHV SUL[ HW OHV PRGHV GH UpPXQpUDWLRQ GDQV OHV GLà»¤pUHQWV W\SHV GHV PDUFKpV SXEOLFV 3RXYRLU pWXGLHU OHV SUL[ HW OHV VRXV GpWDLOV GHV SUL[ 0DvWULVHU OHV DVSHFWV FRPSWDEOHV GHV PDUFKpV SXEOLFV &RQQDvWUH OHV Ã€XFWXDWLRQV GHV SUL[ GDQV OHV PDUFKpV SXEOLFV 0DvWULVHU O DSSOLFDWLRQ GH OD IRUPXOH GH UpYLVLRQ GHV SUL[

3238/$7,21 &21&(51e( &KHIV GH SURMHW 3HUVRQQHO FRPSWDEOH HW Â¿QDQFLHU ,QJpQLHXUV HW DUFKLWHFWHV

352*5$00( 5DSSHO GHV WURLV QRUPHV HW /HV PpWUpV *pQpUDOLWpV 'pÂ¿QLWLRQV

/HV PpWUHXUV &DWpJRULHV FRPSpWHQFH U{OHÂ«

3Up UHTXLV HW RXWLOV QpFHVVDLUHV j O pWDEOLVVHPHQW GHV DYDQW PpWUpV HW GHV PpWUpV /HV pWXGHV GH SUL[ HVWLPDWLRQ

'pÂ¿QLWLRQ HW WHUPLQRORJLH XWLOLVpH 'Là»¤pUHQWHV FODVVHV HW PpWKRGHV G HVWLPDWLRQ (OpPHQWV FRQVWLWXWLIV G XQ SUL[ GH YHQWH

9DULDWLRQ GHV SUL[ $FWXDOLVDWLRQ HW UpYLVLRQ GHV SUL[

&KDPS G DSSOLFDWLRQ ([RQpUDWLRQV 'pWHUPLQDWLRQ GX EpQpÂ¿FH LPSRVDEOH 5pIDFWLRQV HW DEDWWHPHQWV &DOFXO GH O LPS{W

'pÂ¿QLWLRQV HW WHUPLQRORJLH XWLOLVpH &RQGLWLRQV GH PLVH HQ Â°XYUH FRQWUDW SpULRGH GH YDOLGLWp GpSDVVpHÂ«

([FOXVLRQV (ODERUDWLRQ IRUPXOH G DFWXDOLVDWLRQ GHV SUL[

/HV VLWXDWLRQV $WWDFKHPHQWV FRQWUDGLFWRLUHV 6LWXDWLRQV Â¿QDQFLqUHV 5pYLVLRQ pYHQWXHOOH GH OD VLWXDWLRQ

5pGDFWLRQ GX GHYLV GHVFULSWLI

2EOLJDWLRQV (WXGH GH FDV SUDWLTXHV

'pÂ¿QLWLRQV HW WHUPLQRORJLH XWLOLVpH 'Là»¤pUHQWV W\SHV GH GHYLV GHVFULSWLI 'Là»¤pUHQWHV PpWKRGHV SRXU UpGLJHU XQ GHYLV GHVFULSWLI 3Up UHTXLV QpFHVVDLUHV SRXU SUpSDUHU XQ GHYLV GHVFULSWLI

([HUFLFHV SUDWLTXHV

*HVWLRQ GX FRPSWH SURUDWD

6DQFWLRQV

,QLWLDWLRQ j OD UpGDFWLRQ GH OHWWUHV G RSWLRQ HW DXWUHV HQJDJHPHQWV

&RQWDFW 'pSDUWHPHQW '()

7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

'pÂ¿QLWLRQV HW WHUPLQRORJLH XWLOLVpH &RQGLWLRQV GH PLVH HQ Â°XYUH PDvWULVH GHV FRQWRXUV GX GLVSRVLWLI

'pÂ¿QLWLRQ GHV GpSHQVHV FRQFHUQpHV SDU OH FRPSWH 'pVLJQDWLRQ GX JHVWLRQQDLUH GX FRPSWH

&RQWDFW 'pSDUWHPHQW '() 7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( /( &2175Ð/( ),6&$/ '$16 /(

&$'5( '8 '52,7 ),6&$/ 326,7,) '85e( 'HX[ MRXUV

2%-(&7,)6 &RPSUHQGUH OD SUREOpPDWLTXH GX UHVFULW ¿VFDO HW SURFpGXUH GH PLVH HQ °XYUH 3238/$7,21 &21&(51e( 3URIHVVLRQQHOV GH OD FRPSWDELOLWp HW GH OD ¿VFDOLWp GHV HQWUHSULVHV UHOHYDQW GH OD FRPSpWHQFH GH OD '*( 352*5$00( 5DSSHO GHV GLႇpUHQWHV IRUPHV GH FRQWU{OH ¿VFDO 5DSSHO VRPPDLUH GH OD SKDVH FRQWHQWLHXVH &RPSpWHQFH G DWWULEXWLRQ GH OD '*(

'85e( 'HX[ MRXUV '85e( 7URLV MRXUV

2%-(&7,)6 3UHQGUH FRQQDLVVDQFH GHV GLႇpUHQWV W\SHV GH FRQWU{OHV ¿VFDX[ $SSUHQGUH OHV GLႇpUHQWHV WHFKQLTXHV GX &) 6 LQIRUPHU GHV GLႇpUHQWHV VWUXFWXUHV FKDUJpHV GX &)

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH FRQQDvWUH OHV JUDQGV SULQFLSHV FRPSWDEOHV DQJOR VD[RQV HW GH VDYRLU LQWHUSUpWHU OHV pWDWV ¿QDQFLHUV GHV VRFLpWpV DQJOR VD[RQQHV 3238/$7,21 &21&(51e( &RPSWDEOHV HW FDGUHV ¿QDQFLHUV

&RPPHQW RSWLPLVHU OD JHVWLRQ ¿VFDOH GH O HQWUHSULVH " 3238/$7,21 &21&(51e( &DGUHV ¿VFDOLVWHV HW SHUVRQQHO FKDUJp GH OD ¿VFDOLWp &RPSWDEOHV HW FDGUHV ¿QDQFLHUV

3UpVHQWDWLRQ GH O RUJDQLJUDPPH GH OD '*( 3URFpGXUH GX UHVFULW ¿VFDO

6e0,1$,5( /(6 (7$76 ),1$1&,(56 $1*/2 6$;216

'p¿QLWLRQ

352*5$00( &RQWU{OH GHV GpFODUDWLRQV

2EMHFWLIV

&RQWU{OH IRUPHO

&DGUH OpJDO HW UpJOHPHQWDLUH

&RQWU{OH VXU SLqFHV

&RQGLWLRQV

9pUL¿FDWLRQV GHV GpFODUDWLRQV

3URFpGXUH GH OD GHPDQGH

9pUL¿FDWLRQ GH FRPSWDELOLWp

5pSRQVH RX VLOHQFH GH O DGPLQLVWUDWLRQ

)ODJUDQFH ¿VFDOH

3RVLWLRQ GH O DGPLQLVWUDWLRQ

9pUL¿FDWLRQ SRQFWXHOOH GH FRPSWDELOLWp

(ႇHWV GX UHVFULW ¿VFDO

9pUL¿FDWLRQ DSSURIRQGLH GH VLWXDWLRQ ¿VFDOH G HQVHPEOH

7UDLWHPHQW GX UHFRXUV GDQV XQ FDGUH FROOpJLDO

$XWUHV FRQWU{OHV

4XHVWLRQ GpEDW

9LVLWH

&RQFOXVLRQ

6FHOOHPHQWV 'URLW G HQTXrWH

352*5$00( +,6725,48( 5DSSHO GX FRQWH[WH FRPSWDEOH DQJOR VD[RQ PLVH j MRXU VXU OHV 86 *$$3 QRUPHV LQWHUQDWLRQDOHV )$6% ,$6& HWF 35(6(17$7,21 *(1(5$/( '(6 (7$76 ),1$1&,(56 $1*/2 6$;216 /HV JUDQGV SULQFLSHV GH OD FRPSWDELOLWp DQJOR VD[RQQH /H FDGUH FRQFHSWXHO 'LႇpUHQFHV GH WUDLWHPHQW HW GH SUpVHQWDWLRQ (78'( ' 81 &2037( '( 5(68/7$7 $1*/2 6$;21 3UL[ GH UHYLHQW GHV YHQWHV RSpUDWLRQV FRXUDQWHV DEDQGRQV G DFWLYLWpV HUUHXUV FKDQJHPHQWV GH PpWKRGHV FRPSWDEOHV FKDQJHPHQWV G HVWLPDWLRQV (OpPHQWV H[WUDRUGLQDLUHV LPS{WV H[LJLEOHV HW GLႇpUpV EpQp¿FH SDU DFWLRQ HWF« (78'( ' 81 %,/$1 $1*/2 6$;21 $FWLIV FLUFXODQWV GLVSRQLELOLWpV FUpDQFHV GRXWHXVHV YDOHXUV PRELOLqUHV GH SODFHPHQW VWRFNV ,PPRELOLVDWLRQV FRUSRUHOOHV HW LQFRUSRUHOOHV FUpGLW EDLO ©JRRGZLOOª GHWWHV HW SURYLVLRQV &DSLWDX[ SURSUHV

'URLW GH YLVLWH &RQWU{OH GHV pYDOXDWLRQV HW GURLW GH SUpHPSWLRQ

&RQWDFW 'pSDUWHPHQW '()

7pO )D[ (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /( 5(6&5,7 ),6&$/

6e0,1$,5(6

6e0,1$,5( 0$1$*(0(17 '( 352-(76

6e0,1$,5( 25*$1,6$7,21 3/$1,),&$7,21 (7 *(67,21 '( &+$17,(5

'85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6 &RPSUHQGUH HW XWLOLVHU OHV RXWLOV PRGHUQHV GH JHVWLRQ GH SURMHWV DÂ¿Q G DPpOLRUHU OD TXDOLWp G H[pFXWLRQ GHV SURMHWV VRXV OHXU UHVSRQVDELOLWp &RQQDvWUH OHV %HVW 3UDFWLFHV HQ PDWLqUH GH JHVWLRQ GH SURMHWV \ FRPSULV OD JHVWLRQ GH FRQWHQX VFRSH GHV pFKpDQFHV GX EXGJHW GH OD TXDOLWp GHV IRXUQLVVHXUV OD JHVWLRQ GHV ULVTXHV SODQLÂ¿FDWLRQ RUJDQLVDWLRQ FRQWU{OH HW FRPPXQLFDWLRQV *pUHU HW PRWLYHU XQH pTXLSH SURMHW &RPSUHQGUH HW JpUHU OHV DWWHQWHV GH GLá‚‡pUHQWHV SDUWLHV SUHQDQWHV HQ XWLOLVDQW OHV FRPSpWHQFHV HQ PDWLqUH GH

FRQVXOWLQJ TX LOV DXURQW DFTXLVHV &RPSUHQGUH OD GpPDUFKH j VXLYUH OD OLVWH GHV SUp UHTXLV HW OHV RSWLRQV SRVVLEOHV SRXU HQWUHSUHQGUH XQ SURFHVVXV GH FHUWLÂ¿FDWLRQ 303 HQ JpQpUDO

3238/$7,21 &21&(51e( 3HUVRQQHO FKDUJp GX VXLYL GH SURMHW &KHIV GH SURMHWV ,QJpQLHXUV 352*5$00( 3URFHVVXV GH 0DQDJHPHQW GH SURMHW YXH JOREDOH 0DQDJHPHQW GX SpULPqWUH SURMHW 0DQDJHPHQW GHV 'pODLV SURMHW 0DQDJHPHQW GHV &RÂ€WV SURMHW 0DQDJHPHQW GH OD TXDOLWp GDQV XQ SURMHW 0DQDJHPHQW GHV UHVVRXUFHV KXPDLQHV GDQV XQ SURMHW 0DQDJHPHQW GH OD FRPPXQLFDWLRQ GDQV XQ SURMHW 0DQDJHPHQW GHV ULVTXHV SURMHW 0DQDJHPHQW GHV DSSURYLVLRQQHPHQWV GDQV XQ SURMHW

&RQWDFW 'pSDUWHPHQW '() &RQWDFW &RQWDFW

7pO )D[ 'pSDUWHPHQW (FRQRPLH HW )LQDQFH '() 'pSDUWHPHQW (FRQRPLH HW )LQDQFH '() (PDLO PIFBLQSHG#\DKRR IU

2%-(&7,)6 )DLUH OH SRLQW VXU OHV GLá‚‡pUHQWV RXWLOV HW PpWKRGHV GH SODQLÂ¿FDWLRQ GHV WUDYDX[ Ã‡WUH FDSDEOH GH FKRLVLU OHV RXWLOV GH SODQLÂ¿FDWLRQ HQ IRQFWLRQ GHV WUDYDX[ j UpDOLVHU 6 DSSURSULHU FHV RXWLOV HQ YXH G RSWLPLVHU OD SUpSDUDWLRQ O RUJDQLVDWLRQ HW OD JHVWLRQ GHV FKDQWLHUV 6 HQWUDvQHU VXU GHV FDV FRQFUHWV j O DLGH G XQ ORJLFLHO GH SODQLÂ¿FDWLRQ

3238/$7,21 &21&(51e( 5HVSRQVDEOHV 7UDYDX[ 3XEOLFV %73

6HUYLFHV WUDYDX[ GHV PDvWUHV G RXYUDJHV SXEOLFV HW SULYpV ,QVSHFWHXUV GH WUDYDX[ HW VXUYHLOODQWV GH WUDYDX[ GH OD PDvWULVH G RHXYUH

352*5$00( 3ULVH HQ PDLQ GX GRVVLHU PDUFKp eWXGH GH FKDQWLHU 3ODQLÂ¿FDWLRQ GHV WUDYDX[ 0LVH HQ RHXYUH GHV SODQQLQJV %XGJpWLVDWLRQ GHV WUDYDX[ 6XLYL HW UHFDODJH GX SODQQLQJ *HVWLRQ Â¿QDQFLqUH GHV WUDYDX[ eWXGHV GH FDV

&RQWDFW 'pSDUWHPHQW '() &RQWDFW &RQWDFW 7pO )D[

'pSDUWHPHQW (FRQRPLH HW )LQDQFH '() 'pSDUWHPHQW (FRQRPLH HW )LQDQFH '() (PDLO PIFBLQSHG#\DKRR IU

6e0,1$,5( ',675,%87,21 7HFKQLTXHV GH FKRL[ RSWLPDO GX UpVHDX GH GLVWULEXWLRQ

'85e( &LQT MRXUV

2%-(&7,)6 /D YDULDEOH SUL[ HVW OD VHXOH YDULDEOH TXL UDPqQH GH OD YDOHXU j O HQWUHSULVH DORUV TXH WRXWHV OHV DXWUHV OXL HQ FRÂ€WHQW 5LHQ Q HVW SOXV GXU SRXU XQH HQWUHSULVH TXH GH Â¿[HU XQ SUL[ pOHYp DORUV TXH OH SRXYRLU G DFKDW HW OD FRQFXUUHQFH QH OH SHUPHWWHQW SDV RX DX FRQWUDLUH Â¿[HU XQ SUL[ EDV DORUV TXH OH SRXYRLU G DFKDW HW O DYDQWDJH FRQFXUUHQWLHO OH SHUPHWWHQW &H VpPLQDLUH D SRXU REMHW GH UpVRXGUH FHWWH GRXEOH pTXDWLRQ j WUDYHUV OH FKRL[ G XQH VWUDWpJLH RSWLPDOH FRPELQDQW XQH Rá‚‡UH FRPSpWLWLYH SHUIRUPDQWH SDUPL OHV FLQT JUDQGV IDFWHXUV HW OHXUV VRXV IDFWHXUV GpWHUPLQDQW HQ JpQpUDO OH ERQ SUL[ SRXU O HQWUHSULVH HW OH FOLHQW

2%-(&7,)6

3238/$7,21 &21&(51e( 5HVSRQVDEOHV GH OD GLVWULEXWLRQ HW GHV YHQWHV 5HVSRQVDEOHV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

'85e( &LQT MRXUV

2%-(&7,)6 )DLUH XQ FKRL[ RSWLPDO GH VRQ UpVHDX GH GLVWULEXWLRQ HVW O REMHW GH FH )DPLOLDULVHU OH SDUWLFLSDQW DX[ FRQFHSWV HW j OD VpPLQDLUH TXL SURSRVH GH GRQQHU DX SDUWLFLSDQW GpPDUFKH VWUDWpJLTXH JpQpUDOH GX PDUNHWLQJ WRXV / pWDW G HVSULW PDUNHWLQJ HQ PDWLqUH GH GLVWULEXWLRQ OHV SULQFLSDOHV ELHQV HW WRXV VHUYLFHV FRQIRQGXV FRPSRVDQWHV HW OHV GLá‚‡pUHQWHV SUDWLTXHV HQ PDWLqUH GH GLVWULEXWLRQ /XL IDLUH FRPSUHQGUH O LPSRUWDQFH GH O DQDO\VH PRGHUQH OH SRLGV GH O LQWHUPpGLDWLRQ j WUDYHUV OHV FDUDFWqUHV LQWpJUp RX pFODWp GH OD GLVWULEXWLRQ OHV DVVLVHV GHV FDSDFLWpV UHODWLRQQHOOHV PDUNHWLQJ SRXU XQH PHLOOHXUH FRQQDLVVDQFH GX OD SUpVHQWDWLRQ GHV IRQFWLRQV HVVHQWLHOOHV HW OHXU JHVWLRQ GDQV XQ IRQFWLRQQHPHQW GX PDUFKp HQ VLWXDWLRQ G LQWHQVLWp V\VWqPH GH ORJLVWLTXH FRPPHUFLDOH HW Â¿QDOHPHQW GH VHQVLELOLVHU OH FRQFXUUHQWLHOOH SRXU FRQVWUXLUH XQH Rá‚‡UH GH TXDOLWp HW SDUWLFLSDQW DX[ FRPSRUWHPHQWV HW DX[ UpÃ€H[HV GX GLVWULEXWHXU OD JpUHU Há‚ˆFDFHPHQW Há‚ˆFDFH

3238/$7,21 &21&(51e( PDUNHWLQJ HW 5HVSRQVDEOHV FRPPHUFLDX[ 5HVSRQVDEOHV FRPPHUFLDX[ HW 5HVSRQVDEOHV PDUNHWLQJ &KDUJpV G pWXGHV PDUNHWLQJ HW FRPPHUFLDOHV )RUFH GH YHQWH 5HVSRQVDEOHV GHV YHQWHV HW GH OD GLVWULEXWLRQ 5HVSRQVDEOHV SURGXLWV 352*5$00( 5HVSRQVDEOHV Â¿QDQFLHUV FKDUJpV GHV pWXGHV GH SUL[ 3UpDPEXOH (OpPHQWV JpQpUDX[ LQIRUPDWLRQQHOV VXU OD GLVWULEXWLRQ 352*5$00( 3UpDPEXOH 5DSSHO GHV pOpPHQWV HVVHQWLHOV GH O DQDO\VH PDUJLQDOH PLFURpFRQRPLTXH HQ PDWLqUH GH FRPSRUWHPHQW GX SURGXFWHXU HW GX FRQVRPPDWHXU GDQV OHXU UHODWLRQ DYHF OH SUL[ 3UHPLHU *UDQG )DFWHXU / LQWHUYHQWLRQ GHV SRXYRLUV SXEOLFV GDQV OD Â¿[DWLRQ GHV SUL[ 'HX[LqPH *UDQG )DFWHXU )L[DWLRQ GX SUL[ HQ IRQFWLRQ GHV REMHFWLIV GH O HQWUHSULVH 7URLVLqPH *UDQG )DFWHXU )L[DWLRQ GX SUL[ HQ IRQFWLRQ GH OD GHPDQGH 4XDWULqPH *UDQG )DFWHXU )L[DWLRQ GX SUL[ HQ IRQFWLRQ GHV DWWULEXWV GX SURGXLW &LQTXLqPH *UDQG )DFWHXU )L[DWLRQ GX SUL[ HQ IRQFWLRQ GH OD FRQFXUUHQFH 6\QWKqVH JpQpUDOH /HV SROLWLTXHV SRVVLEOHV O (FUpPDJH RX 3UL[ SODIRQG OD 3pQpWUDWLRQ RX 3UL[ SODQFKHU OH &RPSURPLV RX OD SODJH HQWUH OHV GHX[

6e0,1$,5( 0$5.(7,1* 3285 121 0(5&$7,&,(16

6e0,1$,5(6

6e0,1$,5( )250$7,21 '8 35,; '( 9(17( /HV JUDQGV IDFWHXUV GpWHUPLQDQW O RSWLPXP FRQFXUUHQWLHO

/ DPHQHU Â¿QDOHPHQW j O pWDW G HVSULW HW DX[ WHFKQLTXHV PDUNHWLQJ GDQV VRQ WUDYDLO GH UpÃ€H[LRQ HW G DFWLRQ SRXU ELHQ UpXVVLU OHV HQMHX[ GH FRPSpWLWLYLWp HW GH SHUIRUPDQFH GH VRQ RUJDQLVDWLRQ 3238/$7,21 &21&(51e( 7RXV OHV &DGUHV GHV IRQFWLRQV VWUDWpJLTXHV HW RSpUDWLRQQHOOHV D\DQW GHV OLHQV HW RX GHV UHODWLRQV DYHF OD GLVFLSOLQH 0DUNHWLQJ

*HQqVH GRPDLQH IRQFWLRQV pFRQRPLTXH HW SRLGV +LVWRLUH GH O pYROXWLRQ GH OD GLVWULEXWLRQ HQ $OJpULH *ORVVDLUH j pFODLUFLU 'LVWULEXWLRQ YHQWH PDUNHWLQJ 352*5$00( FRPPHUFLDOLVDWLRQ IRUFH GH YHQWH DSSURYLVLRQQHPHQW *HQqVH KLVWRLUH HW LPSRUWDQFH RUJDQLTXH GX PDUNHWLQJ HQWUHSRVDJH PDJDVLQDJH VWRFNDJH 'LVWULEXWLRQ PRGHUQH 3RVLWLRQQHPHQW DYHF OHV DXWUHV YDULDEOHV SRXU O HQWUHSULVH 'HX[LqPH SDUWLH (WXGH GX S{OH PDUFKp GX PDUNHWLQJ PL[ 6\VWqPH GH GLVWULEXWLRQ FODVVLTXH HW PRGHUQH DQDO\VH FRPSDUDWLYH $SSDUHLO FRPPHUFLDO HQ PDWLqUH GH GLVWULEXWLRQ 7URLVLqPH SDUWLH (WXGH GX PDUNHWLQJ PL[ 3 & 8UEDQLVPH FRPPHUFLDO 4XDWULqPH SDUWLH 3ODQLÂ¿FDWLRQ 2UJDQLVDWLRQ &RQWU{OH HW $VSHFWV ORJLVWLTXHV GH OD GLVWULEXWLRQ $XGLW 0DUNHWLQJ /LDLVRQV PDUNHWLQJ GLVWULEXWLRQ &RPSRVDQWHV HVVHQWLHOOHV GX V\VWqPH GH GLVWULEXWLRQ SK\VLTXH 6\VWqPH G pYDOXDWLRQ GH SHUIRUPDQFH 4XDOLWp LQWULQVqTXH GX SURGXLW 'LVSRQLELOLWp GX SURGXLW 5HVSHFW GX GpODL GH OLYUDLVRQ &RÂ€W EDV &RÂ€WV GH GLVWULEXWLRQ $FFRPSDJQHPHQW FRPPXQLFDWLRQ HW SURPRWLRQQHO =RQH GH FKDODQGLVH 0HUFKDQGLVLQJ 3/9 HW 3URPRWLRQ GHV YHQWHV 0DUNHWLQJ GLUHFW 0DUNHWLQJ LQWHUQH HW &50 0pFpQDW (YqQHPHQWLHO 3/9 0DOHWWH )RUFH GH YHQWH

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( (78'( '8 32/( 0$5&+(

'pPDUFKH PpWKRGRORJLTXH ,QVWUXPHQWV GH FROOHFWH GH O LQIRUPDWLRQ HW 2XWLOV G DQDO\VH HW G LQWHUSUpWDWLRQ GHV GRQQpHV

6e0,1$,5( / (78'( 352'8,7 'H O ,GpH HW GX FRQFHSW MXVTX DX %XVLQHVV 3ODQ

6e0,1$,5( *(67,21 '(6 &2175$76 &200(5&,$8;

'85e( &LQT MRXUV

2%-(&7,)6

2%-(&7,)6 5pSRQGUH DX[ EHVRLQV GH PLVH j QLYHDX HW G DFWXDOLVDWLRQ GHV FRQQDLVVDQFHV GHV FDGUHV JHVWLRQQDLUHV 0DLWULVHU OHV IRQGHPHQWV MXULGLTXHV GH OD UpJOHPHQWDWLRQ HQ YLJXHXU /HV LQLWLHU j OD QRWLRQ G LPSUpYLVLRQ HW GH ULVTXH G LPSUpYLVLRQ GX FRQWUDW /HV VHQVLELOLVHU VXU OHV HQMHX[ Â¿QDQFLHUV HW OHV LQLWLHU j OD WHFKQLTXH GH QpJRFLDWLRQ SRXU pYLWHU OHV FRQWHQWLHX[

2%-(&7,)6 )DPLOLDULVHU OH SDUWLFLSDQW j OD GpPDUFKH HW j OD FXOWXUH PDUNHWLQJ HW OXL HQ IDLUH FRPSUHQGUH O LPSRUWDQFH GH OD FRQQDLVVDQFH HW GH OD FRPSUpKHQVLRQ GX PDUFKp DYDQW ODQFHPHQW GH WRXW SURMHW /XL IDLUH SDUW GH O LPSRUWDQFH GH O DQDO\VH GH O DQDO\VH GH OD GHPDQGH GX FRPSRUWHPHQW GX FRQVRPPDWHXU RX XWLOLVDWHXU HW GH OD FRQQDLVVDQFH DSSURIRQGLH GHV DFWHXUV FRQFXUUHQWV HW GH OHXUV SUDWLTXHV SRXU OD Â¿[DWLRQ GHV REMHFWLIV FRPPHUFLDX[ HW PDUNHWLQJ GH O HQWUHSULVH $PHQHU OH SDUWLFLSDQW Â¿QDOHPHQW DX FKRL[ G XQ PHLOOHXU DWWHODJH RSpUDWLRQQHO SRXU FRQVWUXLUH XQH Rá‚‡UH GH TXDOLWp HW OD JpUHU Há‚ˆFDFHPHQW SRXU PLHX[ UpXVVLU OHV HQMHX[ GH FRPSpWLWLYLWp HW GH SHUIRUPDQFH GH VRQ HQWUHSULVH

6HQVLELOLVHU OH SDUWLFLSDQW j O LPSRUWDQFH GX SURGXLW FRPPH YHFWHXU SXLVVDQW GH FRPSpWLWLYLWp HQ LQVLVWDQW VXU VD GpÂ¿QLWLRQ SOXULGLVFLSOLQDLUH VD QDWXUH VD GHVFULSWLRQ VD FODVVLÂ¿FDWLRQ VD QRPHQFODWXUH VRQ LGHQWLÂ¿FDWLRQ VD TXDOLWp QRUPDOLVpH VRQ FRQGLWLRQQHPHQW VRQ HPEDOODJH VD PDUTXH VRQ LPDJH VD QRWRULpWp VRQ LGHQWLWp YLVXHOOH 3RXVVHU O HQWUHSULVH j O pWDEOLVVHPHQW GH VWUDWpJLHV HW GH SROLWLTXHV SURGXLWV WRXW HQ GpYHORSSDQW GHV DSWLWXGHV PDQDJpULD OHV HW RUJDQLVDWLRQQHOOHV j ELHQ JpUHU VHV Rá‚‡UHV HQ GLUHFWLRQ GH VHV GLYHUVHV FOLHQWqOHV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV FRPPHUFLDX[ 5HVSRQVDEOHV PDUNHWLQJ &KDUJpV G pWXGHV FRPPHUFLDOHV HW PDUNHWLQJ

352*5$00( 6FKpPD JpQpUDO GX PDUNHWLQJ HW SRVLWLRQQHPHQW GX S{OH PDUFKp 0pWKRGRORJLH GH O pWXGH GH PDUFKp FRPPH YHFWHXU GH YLVLELOLWp HW GH OLVLELOLWp GHV DWWHQWHV GHV FRQVRPPDWHXUV HW GHV SUDWLTXHV GH OD FRQFXUUHQFH GLUHFWH HW LQGLUHFWH 2EMHW GpÂ¿QLWLRQ GH O pWXGH GH PDUFKp HW VRQ SRVLWLRQQHPHQW SDU UDSSRUW DX[ DXWUHV WHFKQLTXHV G pWXGH HW GH YHLOOH (WXGHV VRFLR GpPRJUDSKLTXHV SV\FKR JUDSKLTXHV pFRQRPLTXHV SV\FKR VRFLRJUDSKLTXHV HW pWXGHV VSpFLÂ¿TXHV GX FRPSRUWHPHQW GX FRQVRPPDWHXU 6WUXFWXUDWLRQ VHJPHQWDWLRQ HW FLEODJH GH PDUFKp 3RVLWLRQQHPHQW FRQFXUUHQWLHO HW HUUHXUV j pYLWHU 3ULQFLSDOHV PpWKRGHV GRFXPHQWDLUHV HW G LQYHVWLJDWLRQ GH WHUUDLQ SRXU OD FROOHFWH GH O LQIRUPDWLRQ (FKDQWLOORQQDJH 7HFKQLTXHV GH FRQVWUXFWLRQ HW GH FKRL[ GH O pFKDQWLOORQ &RQVWUXFWLRQ GHV LQVWUXPHQWV GH FROOHFWH GH O LQIRUPDWLRQ TXDOLWDWLYH &RQVWUXFWLRQ GHV LQVWUXPHQWV GH FROOHFWH GH O LQIRUPDWLRQ TXDQWLWDWLYH $XWUHV VRXUFHV G LQIRUPDWLRQV (FKHOOHV VpPDQWLTXHV 3DQHOV 7HVWV GH PDUFKp 3ULQFLSDOHV PpWKRGHV HW SULQFLSDX[ RXWLOV G DQDO\VH HW G LQWHUSUpWDWLRQ GHV GRQQpHV 5HFRPPDQGDWLRQV HW VXLYL GHV UpVXOWDWV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

3238/$7,21 &21&(51e( &DGUHV GH OD 5,' 5HVSRQVDEOHV SURGXLWV 5HVSRQVDEOHV GHV YHQWHV 5HVSRQVDEOHV WHFKQLTXHV GH SURGXFWLRQ 7HFKQLFR FRPPHUFLDX[ 352*5$00( &DUWRJUDSKLH JpQpUDOH GX PDUNHWLQJ HW SODFH GX SURGXLW 3RVLWLRQQHPHQW DYHF OHV DXWUHV YDULDEOHV GX PDUNHWLQJ PL[ 1DWXUH GHVFULSWLRQ HW FODVVLÂ¿FDWLRQ 1RPHQFODWXUH QRUPDOLVDWLRQ HW LGHQWLÂ¿FDWLRQ (PEDOODJH HW FRQGLWLRQQHPHQW 0DUTXH LPDJH HW QRWRULpWp &\FOH GH YLH GX SURGXLW HW GH OD PDUTXH 3URGXLW QRXYHDX $PpOLRUDWLRQ LQQRYDWLRQ HW FUpDWLRQ 6WUDWpJLHV SURGXLWV SRVLWLRQQHPHQW HW EXVLQHVV SODQ 2UJDQLVDWLRQ SDU SURGXLWV HW DWWULEXWV GX &KHI SURGXLWV &RQWU{OH HW $XGLW SURGXLWV 3ULQFLSDX[ UDWLRV GH FRQWU{OH HW SULQFLSDX[ W\SHV G DXGLW

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

3238/$7,21 &21&(51e( 5HVSRQVDEOHV 0DUNHWLQJ HW FRPPHUFLDX[ FKDUJpV GHV FRQWUDWV &RPPHUFLDX[ YHQWHV HW DFKDWV 352*5$00( /D IRUPDWLRQ GX FRQWUDW FRPPHUFLDO O Rá‚‡UH OD QpJRFLDWLRQ OHV SRXUSDUOHUV OH FRQVHQWHPHQW GHV SDUWLHV &RQVWUXFWLRQ G XQ FRQWUDW FRPPHUFLDO 'pÂ¿QLU O REMHW HW OD QDWXUH GH O REOLJDWLRQ LGHQWLÂ¿HU OHV FODXVHV QpJRFLDEOHV SUpYHQWLRQ GHV OLWLJHV 0RGDOLWpV G H[pFXWLRQ GX FRQWUDW FRPPHUFLDO ,GHQWLÂ¿FDWLRQ GHV REOLJDWLRQV GHV GHX[ SDUWLHV PRGH GH SDLHPHQW 'H OD GLVVROXWLRQ GX FRQWUDW / H[WLQFWLRQ GHV REOLJDWLRQV OD UXSWXUH XQLODWpUDOH GH O REOLJDWLRQ 5qJOHPHQW GHV OLWLJHV /HV PHVXUHV DPLDEOHV /HV SURFpGXUHV MXULGLFWLRQQHOOHV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

'85e( &LQT MRXUV

2%-(&7,)6 (YROXHU G XQ 0DUNHWLQJ 3URGXLW 6HUYLFH YHUV XQ 0DUNHWLQJ &OLHQW $FTXpULU OHV PpWKRGHV HW RXWLOV SRXU VDWLVIDLUH UHQWDELOLVHU HW Â¿GpOLVHU OH FOLHQW 3238/$7,21 &21&(51e( 5HVSRQVDEOHV 0DUNHWLQJ &KHI GH SURMHWV HW FKHI GH SURGXLWV 5HVSRQVDEOHV &RPPXQLFDWLRQ

6e0,1$,5( /( &<%(5 0$5.(7,1* '85e( &LQT MRXUV

'85e( 7URLV MRXUV

2%-(&7,)6 6DYRLU LQWpJUHU ,QWHUQHW GDQV OD VWUDWpJLH 0DUNHWLQJ (ODERUHU FRQVWUXLUH HW VH GpYHORSSHU VXU ,QWHUQHW 0DLWULVHU OHV RXWLOV GX :HEPDUNHWLQJ DÂ¿Q GH GpYHORSSHU OHV YHQWHV HQ OLJQH ,QWHUQHW HW RSWLPLVHU OH FRQWDFW DYHF OHV LQWHUQDXWHV 3238/$7,21 &21&(51e( 5HVSRQVDEOHV 0DUNHWLQJ &KHI GH SURMHWV HW FKHI GH SURGXLWV 5HVSRQVDEOHV &RPPXQLFDWLRQ

352*5$00( 'X 0DUNHWLQJ WUDGLWLRQQHO DX 0DUNHWLQJ LQWHUDFWLI $QDO\VH GH OD FOLHQWqOH HW LGHQWLÂ¿FDWLRQ GX FDSLWDO FOLHQW *HVWLRQ GH OD Â¿GpOLVDWLRQ FOLHQW FRPPH G\QDPLTXH FRPPHUFLDOH 0LVH DX SRLQW G XQH EDVH GH GRQQpHV

352*5$00( ,QWpJUHU ,QWHUQHW GDQV OD VWUDWpJLH 0DUNHWLQJ 'pFOLQHU OD SROLWLTXH 0DUNHWLQJ HQ LQWpJUDQW ,QWHUQHW 'pÂ¿QLU OHV EHVRLQV GHV F\EHUV FRQVRPPDWHXUV (ODERUHU HW FRQVWUXLUH XQ VLWH ,QWHUQHW /HV RXWLOV GX :HEPDUNHWLQJ OH UpIpUHQFHPHQW OH H PDLOLQJ OHV EDQQLqUHV HW OHV RXWLOV G DQLPDWLRQ

&RQWDFW 'pSDUWHPHQW '0

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5( /(6 7(&+1,48(6 '( ),'e/,6$7,21

2%-(&7,)6 0RQWUHU O LPSRUWDQFH GH OD Â¿GpOLVDWLRQ DFWXHOOHPHQW 'pFRXYULU OHV VWUDWpJLHV GH Â¿GpOLVDWLRQ ,GHQWLÂ¿HU OHV GLá‚‡pUHQWHV WHFKQLTXHV GH Â¿GpOLVDWLRQ 3238/$7,21 &21&(51e( 5HVSRQVDEOHV PDUNHWLQJ 'LUHFWHXUV FRPPHUFLDX[ &DGUHV PDUNHWLQJ HW FRPPHUFLDX[ HQ FRQWDFW DYHF OD FOLHQWqOH 352*5$00( ,QWURGXFWLRQ DX GRPDLQH GH OD Â¿GpOLVDWLRQ HQ PDUNHWLQJ /D QRWLRQ GH Â¿GpOLVDWLRQ /D GpPDUFKH PDUNHWLQJ GH OD Â¿GpOLVDWLRQ /HV VWUDWpJLHV GH Â¿GpOLVDWLRQ 0HWWUH HQ SODFH XQH VWUDWpJLH GH Â¿GpOLVDWLRQ /D ERLWH j RXWLOV 3URJUDPPH GH Â¿GpOLVDWLRQ /H PL[ FRPPXQLFDWLRQ HW OD Â¿GpOLVDWLRQ

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /( 0$5.(7,1* 5(/$7,211(/

6e0,1$,5(6

6e0,1$,5( /(6 7(&+1,48(6 '( 9(17(

6e0,1$,5( /$ &20081,&$7,21 0$5.(7,1*

'85e( &LQT MRXUV

2%-(&7,)6 6pOHFWLRQQHU OHV WHFKQLTXHV GH SURVSHFWLRQ OHV SOXV DGDSWpHV j VHV REMHFWLIV 0HWWUH HQ RHXYUH OHV GLá‚‡pUHQWHV WHFKQLTXHV GH SURVSHFWLRQ GDQV OH FDGUH GHV FRQWUDLQWHV KDELWXHOOHV GH OÂ¶HQWUHSULVH EXGJHWV HW GLVSRQLELOLWpV HQ WHPSV OLPLWpV

6DYRLU RUJDQLVHU OH WUDYDLO GH SURVSHFWLRQ SRXU O RSWLPLVHU $SSUHQGUH j H[SORLWHU OHV LQIRUPDWLRQV UHFXHLOOLHV ORUV GHV SURVSHFWLRQV

2%-(&7,)6 'pFRXYULU OHV GLá‚‡pUHQWHV WHFKQLTXHV GH FRPPXQLFDWLRQ 6 LQLWLHU j OD FUpDWLRQ GH OD FRPPXQLFDWLRQ SXEOLFLWDLUH $SSUHQGUH j FRQFHYRLU XQ SODQ GH FRPPXQLFDWLRQ (WUH FDSDEOH G H[pFXWHU HW GH FRQWU{OHU XQ SODQ GH FRPPXQLFDWLRQ

2%-(&7,)6 6H IDPLOLDULVHU DYHF OHV GLá‚‡pUHQWV W\SHV G DFFRUGV FRPPHUFLDX[ &RQQDvWUH VHV GURLWV HW REOLJDWLRQV HQ PDWLqUH GH FRQWUDWV &RPPHUFLDX[ 6 LQLWLHU DX[ WHFKQLTXHV GH QpJRFLDWLRQ

3238/$7,21 &21&(51e( &DGUHV FKDUJpV GX 0DUNHWLQJ 5HVSRQVDEOHV HW FDGUHV FKDUJpV GH FRPPXQLFDWLRQ

3238/$7,21 &21&(51e( &DGUHV &RPPHUFLDX[ 5HVSRQVDEOHV GHV VWUXFWXUHV FRPPHUFLDOHV

352*5$00( 2UJDQLVDWLRQ HW REMHFWLIV GH OD FRPPXQLFDWLRQ G HQWUHSULVH /D FRPPXQLFDWLRQ PDUNHWLQJ REMHFWLIV HW PR\HQV 6WUDWpJLH PpGLD HW VWUDWpJLH GH FUpDWLRQ SXEOLFLWDLUH &RQFHSWLRQ HW pODERUDWLRQ GX SODQ GH FRPPXQLFDWLRQ ([pFXWLRQ HW FRQWU{OH GX SODQ GH FRPPXQLFDWLRQ

352*5$00( ,QWURGXFWLRQ j OD QRWLRQ GH FRQWUDW FRPPHUFLDO 7\SRORJLH GHV DFFRUGV FRPPHUFLDX[ /D VWUDWpJLH GH QpJRFLDWLRQ &DUDFWpULVWLTXHV GH OD FRPPXQLFDWLRQ LQWHUSHUVRQQHOOH HW U{OH GHV DFWHXUV /H SURÂ¿O GX QpJRFLDWHXU

3238/$7,21 &21&(51e( &KHIV GH SURGXLW &KHIV GH ]RQH RX GH GLVWULFWV &KHIV GH VHFWHXU VXSHUYLVHXUV &KDUJpV GH OD SURVSHFWLRQ HW GX GpPDUFKDJH 7RXWH SHUVRQQH HQ FKDUJH GX GpYHORSSHPHQW GH FOLHQWqOHV

1289(

352*5$00( ,GHQWLÂ¿FDWLRQ HW VpOHFWLRQ GHV SURVSHFWV 7HFKQLTXHV GH VHJPHQWDWLRQ 7HFKQLTXHV GX FKRL[ GHV FLEOHV 7HFKQLTXHV GH FROOHFWH GHV LQIRUPDWLRQV 'pWHUPLQDWLRQ GHV REMHFWLIV GH SURVSHFWLRQ &KRL[ GHV PpWKRGHV GH SURVSHFWLRQ 9LVLWHV UHODQFHV 3XEOLFLWpV DFWLRQV SURPRWLRQQHOOHV 0DUNHWLQJ GLUHFW 3DUWLFLSDWLRQ DX[ VDORQV HW IRLUHV SURIHVVLRQQHOV RX JUDQG SXEOLF 2UJDQLVDWLRQ HW JHVWLRQ GX WHPSV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5( /$ 1e*2&,$7,21 &200(5&,$/( '85e( &LQT MRXUV

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

'85e( &LQT MRXUV

2%-(&7,)6 6H IDPLOLDULVHU DYHF OH FRQFHSW G DFFXHLO HW VHV GLá‚‡pUHQWHV FRPSRVDQWHV HQ FRQFHQWUDQW O pWXGH VXU O DFFXHLO SK\VLTXH 'pWHUPLQHU OHV FOpV SRXU GpÂ¿QLU HW EkWLU OD VWUDWpJLH G DPpOLRUDWLRQ GH O DFFXHLO $PpOLRUHU O DFFXHLO HW VD SpUHQQLVDWLRQ 'pÂ¿QLU OD UHODWLRQ HQWUH O DFFXHLO FOLHQW HW OD FXOWXUH G HQWUHSULVH 3238/$7,21 &21&(51e( &KDUJpV GH O DFFXHLO FOLHQW 7RXWH SHUVRQQH HQ HQWUHSULVH HQ FRQWDFW DYHF OD FOLHQWqOH 352*5$00( /H FRQFHSW G DFFXHLO HW VHV GLá‚‡pUHQWHV FRPSRVDQWHV /D VWUDWpJLH DFFXHLO /HV PR\HQV HW OHV WHFKQLTXHV GH O DFFXHLO / DPpOLRUDWLRQ GH O DFFXHLO FOLHQW

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5( /( %(1&+0$5.,1*

6e0,1$,5( /$ *(67,21 3(5)250$17( '( /$ 5(/$7,21 &/,(17

'85e( 7URLV MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OHV DVSHFWV WKpRULTXHV HW SUDWLTXHV GX %HQFKPDUNLQJ $FTXpULU OHV PpWKRGHV HW RXWLOV GH %HQFKPDUNLQJ SRXU DPpOLRUHU OD UHQWDELOLWp DX VHLQ GH O HQWUHSULVH

2%-(&7,)6 6HQVLELOLVHU OH SDUWLFLSDQW DX[ SULQFLSHV TXL VRXV WHQGHQW OD GpPDUFKH FOLHQW 'pYHORSSHU OHV pOpPHQWV OHV WHFKQLTXHV HW OHV RXWLOV GX PDUNHWLQJ FOLHQWqOH 3RXVVHU OH SDUWLFLSDQW j SURJUDPPHU HW FRRUGRQQHU OHV DFWLRQV FOLHQWqOHV DX VHLQ GH VRQ HQWUHSULVH

3238/$7,21 &21&(51e( 5HVSRQVDEOHV PDUNHWLQJ &KHIV GH SURGXLWV &ROODERUDWHXUV LPSOLTXpV GDQV O DPpOLRUDWLRQ GHV SURGXLWV HW VHUYLFHV GH O HQWUHSULVH

3238/$7,21 &21&(51e( 5HVSRQVDEOHV FRPPHUFLDX[ HW PDUNHWLQJ 5HVSRQVDEOHV GHV YHQWHV GH OD 'LVWULEXWLRQ HW GH OD &RPPXQLFDWLRQ &KDUJp G pWXGHV FRPPHUFLDOHV HW PDUNHWLQJ

352*5$00( %HQFKPDUNLQJ 'pÂ¿QLWLRQV HW &RQFHSWV 0pWKRGHV GX %HQFKPDUNLQJ 0LVH HQ RHXYUH GH OD GpPDUFKH %HQFKPDUNLQJ ([SORLWDWLRQ GHV GRQQpHV UHFXHLOOLHV

6e0,1$,5(6

6e0,1$,5( /Â¶$&&8(,/ &/,(17

352*5$00( &RQQDLVVDQFH JpQpUDOH GH OD JHQqVH GX PDUNHWLQJ HW GH VRQ pYROXWLRQ j O DWWDFKHPHQW FOLHQW &RQQDLVVDQFH HW &RPSUpKHQVLRQ GHV FOLHQWqOHV 6HJPHQWDWLRQ 7\SRORJLH HW &LEODJH &OLHQWqOHV &RPPXQLFDWLRQ FOLHQWqOHV

&RQWDFW 'pSDUWHPHQW '0

7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /$ &8/785( &/,(17 '85e( 7URLV MRXUV

2%-(&7,)6 6HQVLELOLVHU OHV SDUWLFLSDQWV j OD YDOHXU FOLHQW 0DLWULVHU OHV QRWLRQV FOpV GH OD VDWLVIDFWLRQ FOLHQW 3ULVH HQ FKDUJH GX FOLHQW HW VXLYL GH OD UHODWLRQ FOLHQW *HVWLRQ GHV UpFODPDWLRQV GHV FOLHQWV PpFRQWHQWV 3238/$7,21 &21&(51e( &KDUJpV GH O DFFXHLO FOLHQW 7RXWH SHUVRQQH HQ HQWUHSULVH HQ FRQWDFW DYHF OD FOLHQWqOH 352*5$00( ,QWURGXFWLRQ DX PDUNHWLQJ /H PDUFKp GH O HQWUHSULVH /D FXOWXUH FOLHQW /D UHQWDELOLWp G XQ FOLHQW SRXU O HQWUHSULVH *pQpUDOLWp VXU OHV WHFKQLTXHV GH YHQWH /D SUpSDUDWLRQ GH O HQWUHWLHQ

&RQWDFW 'pSDUWHPHQW '0 7pO )D[ (PDLO LQSHG PDUNHWLQJ#JPDLO FRP

6e0,1$,5( / ,17(59,(: 5$',23+21,48( (7 7(/(9,6((

6e0,1$,5( 35$7,48(5 /( 0$5.(7,1* '2&80(17$,5(

'85e( &LQT MRXUV

2%-(&7,)6 3UpSDUHU GHV TXHVWLRQV SHUWLQHQWHV %LHQ FRQGXLUH OHV HQWUHWLHQV 6DYRLU V H[SULPHU RUDOHPHQW 0DvWULVHU OH ODQJDJH GX FRUSV (WUH j O DLVH GHYDQW OH PLFUR HW OD FDPpUD

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV G DFTXpULU OD FXOWXUH GH O pFRQRPLH GH OD GRFXPHQWDWLRQ )RXUQLU DX[ SDUWLFLSDQWV OHV FRQQDLVVDQFHV HW OHV WHFKQLTXHV OHXU SHUPHWWDQW GH YDORULVHU OHXUV FHQWUHV OHXUV IRQGV GRFXPHQWDLUHV OHXUV SURGXLWV HW OHXUV VHUYLFHV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV G $JHQFHV GH YDORULVDWLRQ GH SDWULPRLQH $VVRFLDWLRQV FXOWXUHOOHV VSpFLDOLVpHV 352*5$00( /D SUpSDUDWLRQ /H FDQHYDV GHV TXHVWLRQV /D PLVH HQ FRQÂ¿DQFH GH O LQWHUYLHZp /D FRQGXLWH GH O LQWHUYLHZ / LQWHUYLHZ HQUHJLVWUpH / LQWHUYLHZ HQ GLUHFW /D JHVWLRQ GX WHPSV / DVVXUDQFH IDFH DX PLFUR RX j OD FDPpUD /D JHVWLRQ GX VWUHVV /H ERQ VWUHVV HW OH WUDF /HV WHFKQLTXHV GH UHVSLUDWLRQ HW GH UHOD[DWLRQ /HV DWWLWXGHV HW OH FRPSRUWHPHQW /D YRL[ /H UHJDUG /D JHVWXHOOH ODQJDJH GX FRUSV

/D JHVWLRQ GHV VLWXDWLRQV GLá‚ˆFLOHV / LPSURYLVDWLRQ /HV UHODQFHV HW OHV UHERQGLVVHPHQWV /D FRQÂ¿DQFH HQ VRL /H VW\OH SHUVRQQHO /D UpDOLVDWLRQ

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$7,21 &21&(51e( *HVWLRQQDLUHV GH FHQWUHV GH GRFXPHQWDWLRQ G HQWUHSULVHV &RQVHUYDWHXUV GH ELEOLRWKqTXHV XQLYHUVLWDLUHV (QVHLJQDQWV HQ ELEOLRWKpFRQRPLH 352*5$00( 1RWLRQ GH 0DUNHWLQJ / Rá‚‡UH /HV SURGXLWV HW OHV VHUYLFHV GRFXPHQWDLUHV

/D GHPDQGH /HV XWLOLVDWHXUV

0pWKRGHV HW WHFKQLTXHV GH SURPRWLRQ GHV VHUYLFHV HW SURGXLWV GRFXPHQWDLUHV 1RWLRQ GH 0DUNHWLQJ GRFXPHQWDLUH 1RWLRQ GH SODQ PDUNHWLQJ 1RWLRQ GH VWUDWpJLH SXEOLFLWDLUH &DQDX[ HW IRUPHV GH FRPPXQLFDWLRQ

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5( /$ *(67,21 e/(&7521,48( '(6 '2&80(176 *('

'85e( &LQT MRXUV

2%-(&7,)6 3HUVXDGHU OHV GpFLGHXUV GH OD QpFHVVLWp GH V LPSOLTXHU GDQV O RUJDQLVDWLRQ UDWLRQQHOOH GHV $UFKLYHV TXL VRQW XQ IDFWHXU HVVHQWLHO GH ERQQH JHVWLRQ HW GH FRQWLQXLWp G DFWLRQ /HXU IDLUH FRPSUHQGUH TXH OHXU VRXWLHQ PRUDO HW PDWpULHO HVW LQGLVSHQVDEOH SRXU DVVDLQLU OH VHFWHXU GHV $UFKLYHV GDQV QRWUH SD\V

2%-(&7,)6 )DLUH DFTXpULU DX[ SURIHVVLRQQHOV GHV VHUYLFHV G $UFKLYHV OHV WHFKQLTXHV OHXU SHUPHWWDQW 'H PHWWUH OHV GRFXPHQWV SUpFLHX[ j O DEUL GHV SHUWHV YROV HW DXWUHV ULVTXHV ' LQWpJUHU OD QRWLRQ GH FRPPXQLFDWLRQ HQWUH GLá‚‡pUHQWHV DSSOLFDWLRQV pOHFWURQLTXHV ' DFFpOpUHU OH UHSpUDJH GHV LQIRUPDWLRQV ' LQVpUHU OD GpPDUFKH TXDOLWp GDQV OD IRQFWLRQ $UFKLYHV

3238/$7,21 &21&(51e( &DGUHV GLULJHDQWV HW GpFLGHXUV GHV HQWUHSULVHV HW DGPLQLVWUDWLRQV 352*5$00( 3RXUTXRL FRQVHUYHU OHV DUFKLYHV " /HV REOLJDWLRQV OpJDOHV / XWLOLWp SUDWLTXH /D YDOHXU KLVWRULTXH /D IRQFWLRQ $UFKLYHV (OOH GRLW V LQVFULUH GDQV OH SURMHW GH O HQWUHSULVH HW rWUH FRQoXH GpFLGpH HW FRRUGRQQpH SDU O DXWRULWp VXSpULHXUH 'LUHFWHXU JpQpUDO VHFUpWDULDW JpQpUDO (OOH UHTXLHUW OD PLVH HQ RHXYUH GH PR\HQV VXá‚ˆVDQWV HQ SHUVRQQHOV ORFDX[ pTXLSHPHQWV HW UHVVRXUFHV Â¿QDQFLqUHV (OOH GRLW UpSRQGUH j GHX[ TXHVWLRQV 4XH JDUGHU HW FRPPHQW FRQVHUYHU " / DUFKLYLVWLTXH FRQWHPSRUDLQH / DSSRUW GH OD *HVWLRQ (OHFWURQLTXH GHV 'RFXPHQWV * ( '

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5( &216758,5( 81 5e680e '2&80(17$,5( 6(/21 /$ 1250( ,62 '85e( &LQT MRXUV

3238/$7,21 &21&(51e( 5HVSRQVDEOHV GHV VHUYLFHV G $UFKLYHV HW GRFXPHQWDOLVWHV LPSOLTXpV GDQV O pYROXWLRQ WHFKQRORJLTXH GH OHXU DFWLYLWp 352*5$00( ,QWURGXFWLRQ JpQpUDOH ,GHQWLÂ¿HU OHV pOpPHQWV GH O DQDO\VH GRFXPHQWDLUH &UpHU OH SODQ GH FODVVHPHQW ,QGH[HU OHV FRQWHQXV 0RGpOLVHU OHV Ã€X[ GRFXPHQWDLUHV HW OD FUpDWLRQ GHV PRGqOHV GH FRQWHQX )LQDOLVHU XQ GRVVLHU G DQDO\VH GRFXPHQWDLUH ,QWpJUDWLRQ DYHF O LQIUDVWUXFWXUH 6, $GPLQLVWUDWLRQ G XQ V\VWqPH *('

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV G rWUH FDSDEOHV GH UpGLJHU GHV V\QWKqVHV HW GHV UpVXPpV TXHOV TXH VRLHQW OH GRPDLQH HW OH YROXPH GHV GRFXPHQWV WUDLWpV 3238/$7,21 &21&(51e( %LEOLRWKpFDLUHV &KDUJpV G pWXGHV HW G DQDO\VHV 352*5$00( 3ULQFLSH GH O DQDO\VH GRFXPHQWDLUH 3UpVHQWDWLRQ GpWDLOOpH GH OD QRUPH ,62 ([HUFLFHV SUDWLTXHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( /(6 $5&+,9(6 81 3$75,02,1( Â¬ 9$/25,6(5

6e0,1$,5(6

6e0,1$,5( &$7$/2*$*( '(6 '2&80(176 ,035,0e6

6e0,1$,5( /( ;0/ $33/,48e $8; 7(&+1,48(6 '2&80(17$,5(6

6e0,1$,5( &$7$/2*$*( '(6 5(66285&(6 (/(&7521,48(6

'85e( &LQT MRXUV

2%-(&7,)6 6DYRLU UpGLJHU XQH GHVFULSWLRQ ELEOLRJUDSKLTXH G XQH PRQRJUDSKLH G XQH SXEOLFDWLRQ HQ VpULH VHORQ OD QRUPH ,6%' 0 HW O ,6%' FU (WDEOLU OHV DFFqV DGpTXDWV VHORQ OHV UqJOHV GHV QRUPHV $)125 HW $/(6&2 ,QWHUSUpWHU XQH QRWLFH VHORQ OH IRUPDW 81,0$5&

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH FRPSUHQGUH OHV EDVHV GX ODQJDJH GH VWUXFWXUDWLRQ GHV GRFXPHQWV ;0/ /HV DYDQWDJHV HW LQWpUrW GX QRXYHDX ODQJDJH ;0/ GDQV OH GRPDLQH GHV ELEOLRWKqTXHV

2%-(&7,)6 6DYRLU UpGLJHU LQWHUSUpWHU XQH QRWLFH FRQIRUPH j OD QRUPH ,6%' (5 VXU OHV UHVVRXUFHV pOHFWURQLTXHV

3238/$7,21 &21&(51e( %LEOLRWKpFDLUHV GRFXPHQWDOLVWHV VRXKDLWDQW DSSURIRQGLU OHXUV FRQQDLVVDQFHV HQ FDWDORJDJH 3HUVRQQHO GHV ELEOLRWKqTXHV DPHQp j DOLPHQWHU OHV FDWDORJXHV GH IDoRQ UpJXOLqUH 352*5$00( 'HVFULSWLRQ ELEOLRJUDSKLTXH SRXU GHV W\SHV SDUWLFXOLHUV GH PRQRJUDSKLHV HW GH SXEOLFDWLRQV HQ VpULH &KRL[ WUDQVFULSWLRQ QRUPDOLVpH HW UHQYRLV GHV DFFqV QRQ UHWHQXV SHUVRQQHV SK\VLTXHV FROOHFWLYLWp YHGHWWH GH IRUPH YHGHWWH XQLIRUPH ,QLWLDWLRQ DX FDWDORJDJH 81,0$5& GHV PRQRJUDSKLHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$7,21 &21&(51e( *HVWLRQQDLUHV GH FHQWUHV GH GRFXPHQWDWLRQ G HQWUHSULVHV &RQVHUYDWHXUV GH ELEOLRWKqTXHV XQLYHUVLWDLUHV (QVHLJQDQWV HQ ELEOLRWKpFRQRPLH

352*5$00( /H ODQJDJH ;0/ / DSSOLFDWLRQ GX ;0/ GDQV OH GRPDLQH GRFXPHQWDLUH ([HUFLFHV VXU O pFULWXUH GH QRWLFHV ELEOLRJUDSKLTXHV HQ ;0/

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH FRQQDLVVDQW OHV EDVHV GX FDWDORJDJH GHV GRFXPHQWV LPSULPpV HW VRXKDLWDQW pODUJLU VHV FRQQDLVVDQFHV DX[ GRFXPHQWV pOHFWURQLTXHV 352*5$00( /HV UHVVRXUFHV pOHFWURQLTXHV VXU VXSSRUW PDJQpWLTXH RX RSWLTXH /HV UHVVRXUFHV pOHFWURQLTXHV DFFqV HQ OLJQH ,QLWLDWLRQ DX FDWDORJDJH 81,0$5& GHV UHVVRXUFHV pOHFWURQLTXHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

'85e( &LQT MRXUV

1289(

2%-(&7,)6 &KRLVLU XQ VXMHW 7URXYHU OH ERQ DQJOH 3UpSDUHU OH V\QRSVLV 6WRU\WHOOLQJ (FULUH HW Â¿OPHU SRXU FDSWHU O DWWHQWLRQ $GRSWHU OD ERQQH IRUPH HQ IRQFWLRQ GX VXMHW WUDLWp 3238/$7,21 &21&(51e( 5HVSRQVDEOHV G $JHQFHV GH YDORULVDWLRQ GH SDWULPRLQH $VVRFLDWLRQV FXOWXUHOOHV VSpFLDOLVpHV 352*5$00( /H UHSRUWDJH G DFWXDOLWp /H UHSRUWDJH FRQVWUXLW /H FDUQHW GH YR\DJH /H UpFLW GH YLH HW OH SRUWUDLW /D SUpSDUDWLRQ /D UHFKHUFKH GH O LGpH /D GRFXPHQWDWLRQ /D SUp HQTXrWH /HV FRQWDFWV / DSSURFKH / DWWDTXH /H UHSRUWDJH pFULW 'pÂ¿QLWLRQ HW SDUWLFXODULWpV 5HSRUWDJH HW HQTXrWH 5HSRUWDJH HW FRXYHUWXUH 6W\OH GH OD UpGDFWLRQ GX UHSRUWDJH /D PLVH HQ SDJH /H UHSRUWDJH DXGLRYLVXHO /H VW\OH /H U\WKPH /D TXDOLWp GH O HQUHJLVWUHPHQW GX VRQ HW GH O LPDJH /H Â© GpUXVKDJH Âª / pFRXWH HW OH YLVLRQQDJH /H SODQ HW OH PLQXWDJH /H PRQWDJH / KDELOODJH HW OD UpDOLVDWLRQ /D SUpVHQWDWLRQ &RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5( 7(&+1,48(6 '( 5('$&7,21 '( /$ 35(66( (&5,7(

6e0,1$,5( &216758,5( 81( &2//(&7,21 180e5,48(

'85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OHV IRQGDPHQWDX[ GH OD ODQJXH pFULWH '\QDPLVHU OH VW\OH HW DGRSWHU XQ WRQ SHUFXWDQW +LpUDUFKLVHU OHV VRXUFHV $XJPHQWHU OD YDOHXU SURIHVVLRQQHOOH GHV DUWLFOHV

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH FRQQDvWUH /HV HQMHX[ GH OD WHFKQRORJLH QXPpULTXH DSSOLTXpH DX SDWULPRLQH GRFXPHQWDLUH G XQH (QWUHSULVH /HV pOpPHQWV PpWKRGRORJLTXHV QpFHVVDLUHV SRXU OD FRQGXLWH G XQ FKDQWLHU GH QXPpULVDWLRQ /HV pOpPHQWV OHXU SHUPHWWDQW GH QpJRFLHU GH IDoRQ SURIHVVLRQQHOOH WRXWH VRXV WUDLWDQFH G XQ WHO FKDQWLHU DXSUqV G XQH HQWUHSULVH LQIRUPDWLTXH HW VSpFLDOLVpH

3238/$7,21 &21&(51e( 5HVSRQVDEOHV G $JHQFHV GH YDORULVDWLRQ GH SDWULPRLQH $VVRFLDWLRQV FXOWXUHOOHV VSpFLDOLVpHV 352*5$00( (OpPHQWV GH ODQJXH /HV SDUWLHV GX GLVFRXUV VXUYRO GHV SULQFLSDOHV UqJOHV JUDPPDWLFDOHV 9HUEH QRP DUWLFOH DGMHFWLI DGYHUEHV KRPRQ\PHV VLJQHV GH SRQFWXDWLRQ 3ODQLÂ¿FDWLRQ GH O pFULWXUH /H SODQ OLQpDLUH SODQ SDU DGGLWLRQ SODQ SDU RSSRVLWLRQ SODQ FRQVWUXLW VXU XQ UDLVRQQHPHQW S\UDPLGH LQYHUVpH /H VW\OH MRXUQDOLVWLTXH / H[DFWLWXGH UDSLGLWp REMHFWLYLWp QHXWUDOLWp H[KDXVWLYLWp LQWpUrW FODUWp FRQFLVLRQ FRUUHFWLRQ VLPSOLFLWp DVVHPEODJH GHV PRWV SKUDVHV Ã€XLGHV SURSRVLWLRQ WRQ HW OHV PRWV MXVWHV DVWXFHV VW\OLVWLTXHV SRXU UpSpWLWLRQV HW OHV PDODGUHVVHV SDUDJUDSKH OHV PRWV GH OLDLVRQ /HV VRXUFHV 6RXUFH GLUHFWH VRXUFH LQGLUHFWH VRXUFH LGHQWLÂ¿pH VRXUFH QRQ LGHQWLÂ¿pH UHFRXSHPHQW REVHUYDWHXUV FLWDWLRQV HW OHV JXLOOHPHWV /HV GLYHUV W\SHV G pFULWV MRXUQDOLVWLTXHV /D GpSrFKH FRXYHUWXUH Â¿FKH WHFKQLTXH HQFDGUp UpDFWLRQV ELRJUDSKLHV OHV ELR SRUWUDLWV Â¿OPV HW OHV FKURQRORJLHV V\QWKqVH HQTXrWH UHSRUWDJH FKURQLTXH pGLWR SDSLHU G KXPHXU DQDO\VH LQWHUYLHZ /D FRXYHUWXUH G XQ pYpQHPHQW / DYDQW SDSLHU SDSLHU G RXYHUWXUH SDSLHU GH UHODQFH ELODQ SDSLHU G DQJOH /D PLVH HQ SDJH /D WrWLqUH VXUWLWUH WLWUH H[HUJXH LQWHUWLWUH OLVLELOLWp &RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

3238/$7,21 &21&(51e( 5HVSRQVDEOHV GH FHQWUHV GH GRFXPHQWDWLRQ &RQVHUYDWHXUV GH %LEOLRWKqTXHV 'LUHFWHXUV GH FXOWXUH 'LUHFWHXUV GH WRXULVPH &RQVHUYDWHXUV GH 0XVpHV 5HVSRQVDEOHV G $JHQFHV GH YDORULVDWLRQ GH SDWULPRLQH $VVRFLDWLRQV FXOWXUHOOHV VSpFLDOLVpHV 352*5$00( 'pÂ¿QLWLRQ GX FRQFHSW GH FROOHFWLRQ QXPpULTXH /HV VLWXDWLRQV MXVWLÂ¿DQW OD FRQVWUXFWLRQ GH FROOHFWLRQV QXPpULTXHV $QDO\VH GH TXHOTXHV PRGqOHV LQWHUQDWLRQDX[ /H SURWRFROH GH OD QXPpULVDWLRQ PRGqOH GH OD %LEOLRWKqTXH GX &RQJUqV $PpULFDLQ ([HUFLFHV

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

6e0,1$,5(6

6e0,1$,5( / $57 '8 5(3257$*(

6e0,1$,5(6

6e0,1$,5( /$ 0$,17(1$1&( ,1)250$7,48( '85e( &LQT MRXUV

6e0,1$,5( &21&(37,21 ' 81 6<67ÃŠ0( '( 0$1$*(0(17 '( /$ 6e&85,7e '( / ,1)250$7,21 606, 6(/21 /(6 1250(6 ,62 ; '85e( &LQT MRXUV

2%-(&7,)6 (WUH FDSDEOH G LQVWDOOHU HW G DVVLVWHU OHV XWLOLVDWHXUV WUDYDLOODQW VRXV O HQYLURQQHPHQW :LQGRZV 0DLWULVHU OHV DFWLRQV GH GpSDQQDJH HW GH UpSDUDWLRQ GH UpJODJH GH UpYLVLRQ GH FRQWU{OH HW GH YpULÂ¿FDWLRQ GHV pTXLSHPHQWV PDWpULHOV PDFKLQHV YpKLFXOHV REMHWV PDQXIDFWXUpV HWF RX PrPH LPPDWpULHOV ORJLFLHOV 3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW XQ SUp UHTXLV HQ V\VWqPH LQIRUPDWLTXH 7HFKQLFLHQ HQ ,QIRUPDWLTXH UHVSRQVDEOH GH PD PDLQWHQDQFH LQIRUPDWLTXH 352*5$00( 5DSSHOV VXU OHV FRPSRVDQWV G XQ 3& 5DSSHOV VXU OH %LRV 3URFpGXUH GH PRQWDJH G XQ SF ,QVWDOODWLRQ GHV V\VWqPHV G H[SORLWDWLRQ ,QVWDOODWLRQ GHV SLORWHV HW XWLOLWDLUHV 0DLQWHQDQFH 0DLQWHQDQFH SUpYHQWLYH 0LVH j MRXU $QWLYLUXV /HV FRQÃ€LWV ,QVWDELOLWp GX V\VWqPH G H[SORLWDWLRQ 2SWLPLVDWLRQ 2SWLPLVDWLRQ GX ELRV 2SWLPLVDWLRQ GHV VXSSRUWV GH VWRFNDJH 2SWLPLVDWLRQ GX SURFHVVHXU 2SWLPLVDWLRQ GH OD PpPRLUH 2SWLPLVDWLRQ GX :LQGRZV 0DLQWHQDQFH FXUDWLYH /HV SDQQHV PDWpULHOOHV 3UHPLqUHV YpULÂ¿FDWLRQV /HV SDQQHV OLHpV DX[ OHFWHXUV HW FDUWHV DGGLWLYHV 'LDJQRVWLTXHU GHV SDQQHV HW DSSRUWHU GHV VROXWLRQV

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

2%-(&7,)6 &RPSUHQGUH OHV SULQFLSHV G DSSOLFDWLRQ GH O ,62 GDQV OD FRQVWUXFWLRQ G XQ V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GH O LQIRUPDWLRQ &RPSUHQGUH OD UHODWLRQ HQWUH OH V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GH O LQIRUPDWLRQ OH PDQDJHPHQW GHV ULVTXHV OHV PHVXUHV HW OHV GLá‚‡pUHQWHV SDUWLHV SUHQDQWHV &RPSUHQGUH OHV SULQFLSHV SURFpGXUHV HW WHFKQLTXHV G DXGLW GH O ,62 HW FRPPHQW OHV DSSOLTXHU GDQV OH FDGUH G XQ DXGLW VHORQ O ,62 &RPSUHQGUH O DSSOLFDWLRQ GHV REOLJDWLRQV OpJDOHV VWDWXWDLUHV UpJOHPHQWDLUHV RX FRQWUDFWXHOOHV SHUWLQHQWHV ORUV GH O DXGLW G XQ 606, $FTXpULU OHV FRPSpWHQFHV QpFHVVDLUHV SRXU Há‚‡HFWXHU XQ DXGLW GH IDoRQ Há‚ˆFDFH HW OHV WHFKQLTXHV GH JHVWLRQ G XQH pTXLSH G DXGLW SUpSDUHU HW FRPSOpWHU XQ UDSSRUW G DXGLW ,62 $FTXpULU OHV FRPSpWHQFHV QpFHVVDLUHV SRXU Há‚‡HFWXHU SRXU LPSOpPHQWHU XQ 606, 3238/$7,21 &21&(51e( 3HUVRQQHV GpVLUDQW GLULJHU GHV DXGLWV GH FHUWLÂ¿FDWLRQ ,62 HQ WDQW TXH UHVSRQVDEOH G XQH pTXLSH G DXGLW &RQVXOWDQWV GpVLUDQW SUpSDUHU HW DFFRPSDJQHU XQH RUJDQLVDWLRQ ORUV G XQ DXGLW GH FHUWLÂ¿FDWLRQ ,62 $XGLWHXUV LQWHUQHV GpVLUDQW SUpSDUHU HW DFFRPSDJQHU OHXU RUJDQLVDWLRQ YHUV O DXGLW GH FHUWLÂ¿FDWLRQ ,62 5HVSRQVDEOHV GH OD VpFXULWp GH O LQIRUPDWLRQ RX GH OD FRQIRUPLWp &RQVHLOOHUV H[SHUWV HQ WHFKQRORJLHV GH O LQIRUPDWLRQ

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

352*5$00( ,QWURGXFWLRQ j OD JHVWLRQ G XQ V\VWqPH GH PDQDJHPHQW GH OD VpFXULWp GH O LQIRUPDWLRQ VHORQ ,62 'pPDUUHU XQ DXGLW ,62 &RQGXLUH XQ DXGLW ,62 &RQFOXUH XQ DXGLW ,62 ,PSOpPHQWHU XQ 606, 3UpVHQWDWLRQ GX SURMHW G LPSOpPHQWDWLRQ GH OD GpÂ¿QLWLRQ j O RUJDQLVDWLRQ HW OD PLVH HQ RHXYUH HW QDLVVDQFH GX 606, eWXGH GH FDV $QDO\VH HW JHVWLRQ GHV ULVTXHV 3UpVHQWDWLRQ GH OD GpPDUFKH ,62 HW VD PLVH HQ RHXYUH RSpUDWLRQQHOOH eWXGH GH FDV ([SRVp GHV FODVVHV GH PHVXUHV GH SURWHFWLRQ VHORQ O ,62 ,(& eWXGH GH FDV 3ROLWLTXHV HW SURFHVVXV VXSSRUWV DX V\VWqPH GH 0DQDJHPHQW GH OD 6pFXULWp GH O ,QIRUPDWLRQ 3ROLWLTXHV 606, XVDJHV 606, FRPLWpV HW GLá‚‡pUHQWHV UHYXHV JHVWLRQ GHV LQFLGHQWV JHVWLRQ GRFXPHQWDLUH &RQWHQXV GX UpIpUHQWLHO GRFXPHQWDLUH 606, FRQIRUPpPHQW j O ,62 ,QGLFDWHXUV HW VXUYHLOODQFH GX 606, OHV FRQWU{OHV HW O DXGLW LQWHUQH

6e0,1$,5( 6e&85,6$7,21 ' 81( ,1)5$6758&785( 5e6($8 :,1'2:6 6(59(5

'85e( &LQT MRXUV

6e0,1$,5( 9,68$/ %$6,& 1(7 0,&5262)7 9,68$/ 678',2 '85e( &LQT MRXUV

2%-(&7,)6

2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH FRPSUHQGUH OHV EDVHV GX ODQJDJH GH VWUXFWXUDWLRQ GHV GRFXPHQWV ;0/ /HV DYDQWDJHV HW LQWpUrW GX QRXYHDX ODQJDJH ;0/ GDQV OH GRPDLQH GHV ELEOLRWKqTXHV

2%-(&7,)6 3ODQLÂ¿HU HW LPSOpPHQWHU XQH SROLWLTXH GH VpFXULVDWLRQ G XQH LQIUDVWUXFWXUH GH UpVHDX EkWLH DXWRXU GH 0LFURVRIW :LQGRZV 6HUYHU

3238/$7,21 &21&(51e( *HVWLRQQDLUHV GH FHQWUHV GH GRFXPHQWDWLRQ G HQWUHSULVHV &RQVHUYDWHXUV GH ELEOLRWKqTXHV XQLYHUVLWDLUHV (QVHLJQDQWV HQ ELEOLRWKpFRQRPLH

3238/$7,21 &21&(51e( ,QJpQLHXUV VpFXULWp 5HVSRQVDEOHV VpFXULWp ,QJpQLHXUV UpVHDX[ $GPLQLVWUDWHXUV 5pVHDX[ 'pYHORSSHXUV 'LUHFWHXUV GHV V\VWqPHV G LQIRUPDWLRQV

352*5$00( /H ODQJDJH ;0/ / DSSOLFDWLRQ GX ;0/ GDQV OH GRPDLQH GRFXPHQWDLUH ([HUFLFHV VXU O pFULWXUH GH QRWLFHV ELEOLRJUDSKLTXHV HQ ;0/

&RQWDFW 'pSDUWHPHQW '6, 7pO )D[ (PDLO GVLLQSHG#JPDLO FRP

352*5$00( )RQGHPHQWV GH OD VpFXULWp GX V\VWqPH :LQGRZV /HV 3URWRFROHV G DXWKHQWLÂ¿FDWLRQ /HV REMHWV /HV FRQWU{OHV GHV FRPSWHV G XWLOLVDWHXUV /HV SDUH IHX[ HW OD SURWHFWLRQ GHV DFFqV DX UpVHDX /HV 6HUYLFHV / $XGLW /HV VWUDWpJLHV GH JURXSHV &RQFHSWLRQ G XQH VpFXULWp SRXU OHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ ,PSOpPHQWDWLRQ GHV VHUYLFHV GH FHUWLÂ¿FDWV *HVWLRQ GHV PLVHV j MRXU GX V\VWqPH 6pFXULVDWLRQ GHV VHUYHXUV GH U{OHV 6pFXULWp GX UpVHDX 6pFXULWp GHV EXUHDX[ GLVWDQWV )LOLDOHV DQWHQQHV UpJLRQDOHV HWF

6pFXULVDWLRQ GHV VHUYHXUV G DSSOLFDWLRQV

&RPSUpKHQVLRQ GH O (', 9LVXDO 6WXGLR HW GX )UDPHZRUN 1(7 $SSUHQWLVVDJH GX ODQJDJH GH SURJUDPPDWLRQ 9LVXDO%DVLF 1(7 ,QWURGXFWLRQ j :LQGRZV )RUPV $FFqV DX[ GRQQpHV 3238/$7,21 &21&(51e( ,QJpQLHXU RX 76 HQ LQIRUPDWLTXH TXL RQW GHV EDVHV HQ 3URJUDPPDWLRQ

352*5$00(

3UpVHQWDWLRQ GH OD SODWHIRUPH 0LFURVRIW 1(7 3UpVHQWDWLRQ GH 0LFURVRIW 9LVXDO 6WXGLR &UpDWLRQ G XQH DSSOLFDWLRQ j O DLGH 06 9LVXDO 6WXGLR &UpHU OD VROXWLRQ GH SURMHW &RQWU{OHU OH GpPDUUDJH GH O DSSOLFDWLRQ &RPSUHQGUH OH IRQFWLRQQHPHQW G XQ IRUPXODLUH &RQWU{OHU O Dá‚ˆFKDJH HW O DUUrW GH O DSSOLFDWLRQ &RQÂ¿JXUHU OHV FDUDFWpULVWLTXHV GH OD IHQrWUH SULQFLSDOH &RQVWUXLUH OH PHQX GH O DSSOLFDWLRQ &RGHU OD IHUPHWXUH GH O DSSOLFDWLRQ $á‚ˆFKHU O DSSOLFDWLRQ GDQV OD ]RQH GH QRWLÂ¿FDWLRQ 8WLOLVHU OHV VWUXFWXUHV GX ODQJDJH HW OHV W\SHV GH EDVH &UpHU XQH ERvWH GH GLDORJXH 2SWLRQV 8WLOLVHU OD ERvWH GH GLDORJXH VWDQGDUG )ROGHU%URZVHU'LDORJ 8WLOLVHU OHV W\SHV GH GRQQpHV FRPPXQV 6WUXFWXUHV GH GpFLVLRQ VWUXFWXUH GH FRQWU{OH HW VWUXFWXUH GH ERXFOH 7UDLWHPHQW GX PHQX FRQWH[WXHO GH O LF{QH GH QRWLÂ¿FDWLRQ (FULUH GDQV OH MRXUQDO GH :LQGRZV 0DQLSXODWLRQ GHV GRQQpHV GH Â¿FKLHU 3UpSDUHU OH SRVLWLRQQHPHQW GHV FRQWU{OHV 'HVVLQHU OHV FRQWU{OHV GH GRQQpHV &UpHU XQH WDEOH PpPRLUH 'DWD7DEOH

&RPSUHQGUH OD OLDLVRQ GH GRQQpHV 'DWD%LQGLQJ

0DQLSXOHU XQ Â¿FKLHU &69 /LUH OH Â¿FKLHU (FULUH GDQV OH Â¿FKLHU 7UDYDLOOHU DYHF OHV GRQQpHV 0LFURVRIW $FFHVV 'pÂ¿QLU XQH VRXUFH GH GRQQpHV $QDO\VHU OD VRXUFH GH GRQQpHV $á‚ˆFKHU OHV GRQQpHV GDQV XQH JULOOH 0HWWUH j MRXU OHV GRQQpHV 7UDYDLOOHU DYHF OHV GRQQpHV 06 64/ 6HUYHU 'pÂ¿QLU OD VRXUFH GH GRQQpHV 0DQLSXOHU OHV GRQQpHV 8WLOLVDWLRQ GHV SURFpGXUHV VWRFNpHV /HV UHTXrWHV SDUDPpWUpHV 7UDYDLOOHU DYHF OHV REMHWV &UpHU XQH ELEOLRWKqTXH GH FODVVHV &UpDWLRQ HW XWLOLVDWLRQ GH FODVVH /HV DWWULEXWV &ROOHFWLRQV G REMHWV HW W\SHV JpQpULTXHV

&RQWDFW 'pSDUWHPHQW ',

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( &$7$/2*$*( '(6 '2&80(176 62125(6 (7 '(6 ,0$*(6 $1,0e(6

6e0,1$,5(6

6e0,1$,5( &21'8,7( '( 352-(76 $33/,&$7,21 06 352-(&7

'85e( &LQT MRXUV

2%-(&7,)6 $FTXpULU OHV IRQFWLRQV GH EDVHV GH 0LFURVRIW 3URMHFW DLQVL TXH OD GpPDUFKH PpWKRGRORJLTXH GÂ¶XWLOLVDWLRQ GÂ¶XQ ORJLFLHO GH JHVWLRQ GH SURMHWV

6e0,1$,5( 0,&5262)7 9,68$/ & '85e( 'L[ MRXUV

'85e(

2%-(&7,)6

&LQT MRXUV

&RPSUpKHQVLRQ GH O (', 9LVXDO 6WXGLR HW GX )UDPHZRUN 1(7 $SSUHQWLVVDJH GX ODQJDJH GH SURJUDPPDWLRQ 1(7 & &RQVWUXFWLRQV G DSSOLFDWLRQV :LQGRZV ULFKHV $FFqV DX[ GRQQpHV

2%-(&7,)6

3238/$7,21 &21&(51e( ,QJpQLHXU RX 76 HQ LQIRUPDWLTXH TXL RQW GHV EDVHV HQ SURJUDPPDWLRQ

3238/$7,21 &21&(51e( &KHI GH SURMHW HW WRXWH SHUVRQQH GHYDQW DVVXUHU OD SODQLÂ¿FDWLRQ OD JHVWLRQ HW OH VXLYL GH SURMHW DYHF 06 3URMHFW 35( 5(48,6 %RQQH FRQQDLVVDQFH GH OÂ¶HQYLURQQHPHQW :LQGRZV

352*5$00( ,QWURGXFWLRQ 'pPDUUDJH DYHF 06 3URMHFW 0LVH HQ SODFH GX 3ODQQLQJ $á‚‡HFWDWLRQ GHV UHVVRXUFHV 0LVH HQ SODFH GX EXGJHW 6XLYL GX EXGJHW ([SORLWDWLRQ GX SODQQLQJ /D FROODERUDWLRQ DYHF 06 3URMHFW 6HUYHU (WDW GH OÂ¶DUW

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5( 52%27 6758&5$/ $1$/<6,6

352*5$00(

,QWURGXFWLRQ j & HW 9LVXDO 6WXGLR 3UpVHQWDWLRQ GH OD SODWHIRUPH 0LFURVRIW 1(7 3UpVHQWDWLRQ GH 0LFURVRIW 9LVXDO 6WXGLR 8WLOLVDWLRQ GHV YDULDEOHV HW GHV RSpUDWHXUV HQ & /HV W\SHV HW OH &RPPRQ 7\SH 6\VWHP /HV H[SUHVVLRQV HW OHV RSpUDWHXUV /HV 0pWKRGHV /HV LQVWUXFWLRQV FRQGLWLRQQHOOHV /HV LQVWUXFWLRQV LWpUDWLYHV *HVWLRQ GHV H[FHSWLRQV &RPSUHQGUH OH & /HV &ODVVHV 7\SHV YDOHXU HW W\SHV UpIpUHQFH 6WUXFWXUHV &ODVVHV HW (QXPpUDWLRQV /H W\SH $UUD\ HW OHV &ROOHFWLRQV / KpULWDJH /HV ,QWHUIDFHV *DUEDJH &ROOHFWRU HW JHVWLRQ GHV UHVVRXUFHV 8WLOLVDWLRQ GHV FRPSRVDQWV 3URSULpWpV HW DWWULEXWV ,QGH[HXUV 'HOHJDWHV HW (YHQWV $GDSWDWHXUV GH PpWKRGHV 0pWKRGHV DQRQ\PHV /HV W\SHV JpQpULTXHV (QXPpUHU OHV FROOHFWLRQV 6XUFKDUJH GHV RSpUDWHXUV 3URJUDPPH GH IRUPDWLRQ 'pYHORSSHPHQW G DSSOLFDWLRQV :LQGRZV DYHF & -RXUV

&RQFHSWLRQ GH IRUPXODLUHV DYHF OHV :LQGRZV )RUPV &UpDWLRQ GH )RUPXODLUHV 0HQXV %RLWHV GH GLDORJXHV VWDQGDUGV )RUPXODLUHV 0', HW 6', 8WLOLVDWLRQ GH FRPSRVDQWV HW PHQXV FRQWH[WXHOV $FFqV DX[ GRQQpHV $FFqV DX[ GRQQpHV GH Â¿FKLHU $FFqV DX[ GRQQpHV $FFHVV DYHF $'2 1(7 $FFqV DX[ GRQQpHV 64/ 6HUYHU DYHF $'2 1(7 ,QWURGXFWLRQ j OD 3URJUDPPDWLRQ DYDQFpH $FFqV DX[ GRQQpHV ;0/

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

$SSUHQGUH j FRQFHYRLU HW FDOFXOHU OHV VWUXFWXUHV HQ DQDO\VDQW HW HQ DPpOLRUDQW OHXUV FRPSRUWHPHQWV YLV j YLV GHV Há‚‡RUWV QDWXUHOOHV RX DFFLGHQWHOOHV j O DLGH GX ORJLFLHO 52%27 $FTXpULU XQH PpWKRGRORJLH G pWXGH GHV VWUXFWXUHV &RQQDLWUH OHV RXWLOV HW FRPPDQGHV GH ORJLFLHO 52%27 0DvWULVHU OD PLVH HQ DSSOLFDWLRQ GH FDOFXO G\QDPLTXH GHV VWUXFWXUHV DYHF OH ORJLFLHO 52%27 3238/$7,21 &21&(51e(

,QJpQLHXUV G pWDW WHFKQLFLHQV VXSpULHXU 352*5$00(

,QLWLDWLRQ DX FDOFXO SDU 52%27 /HV IHQrWUHV G DSSOLFDWLRQ GX 52%27 /D VDLVLH GHV GRQQpHV HW OD YpULÂ¿FDWLRQ GHV UpVXOWDWV REWHQXHV ([SORLWDWLRQ GHV UpVXOWDWV

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e( &LQT MRXUV

2%-(&7,)6 'pFULUH OH F\FOH GH YLH GH OD JHVWLRQ GHV VHUYLFHV j WUDYHUV OHVSURFHVVXV FOpV G ,7,/ Y 'pFULUH UHODWLRQV HW LQWHUDFWLRQV HQWUH OHV SURFHVVXV ,7,/ Y 'pFULUH OHV DYDQWDJHV GH OD PLVH HQ Â°XYUH GHV SURFHVVXV ,7,/Y 3238/$7,21 &21&(51e( (VW FRQFHUQp SDU FHWWH IRUPDWLRQ WRXW SURIHVVLRQQHO LPSOLTXp GDQV OD JHVWLRQ GHV VHUYLFHV LQIRUPDWLTXHV OHV GpFLGHXUV LQIRUPDWLTXHV OHVPDQDJHUV LQIRUPDWLTXHV HW PpWLHUV OHV UHVSRQVDEOHV UpVHDX OHV DQDO\VWHV HW SURSULpWDLUHV GH SURFHVVXV OHV DQDO\VWHV PpWLHUV OHVFRQVXOWDQWV OHV LQWpJUDWHXUV OHV UHVSRQVDEOHV G DVVLVWDQFH HW GH VXSSRUW OHV IRXUQLVVHXUV GH VHUYLFHV OHV GpYHORSSHXUV OHV FRPPHUFLDX[ 352*5$00( ,QWURGXFWLRQ /HV FRQFHSWV G ,7,/ Y /D VWUDWpJLH GHV VHUYLFHV /D FRQFHSWLRQ GHV VHUYLFHV /D WUDQVLWLRQ GHV VHUYLFHV /HV RSpUDWLRQV GHV VHUYLFHV / DPpOLRUDWLRQ FRQWLQXH GHV VHUYLFHV

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5( 7(&+12/2*,( 1(7 (7 0,&5262)7 9,68$/ 678',2 '85e( &LQT MRXUV

2%-(&7,)6 0HWWUH HQ UHOLHI WRXWH OD SODWH IRUPH 0LFURVRIW 1(7 /H )UDPH:RUN 0LFURVRIW 1(7 / (', 0LFURVRIW 9LVXDO 6WXGLR :LQGRZV )RUPV $'2 1(7 :HE )RUPV HW $63 1(7 8WLOLVDWLRQ GX VWDQGDUG ;0/ 3238/$7,21 &21&(51e( (QVHLJQDQWV GH WHFKQRORJLH RX GH ODQJDJHV 5HVSRQVDEOH GH VWUXFWXUHV ,7 &KHI GH SURMHWV LQIRUPDWLTXH 35( 5(48,6 &RQQDLVVDQFH GX VWDQGDUG ;0/ HW GX ODQJDJH +70/ &RQQDLVVDQFH GH 06 9LVXDO %DVLF RX & VRXKDLWpH

352*5$00( /H )UDPHZRUN 1(7 ,QWURGXFWLRQ j 1(7 /H FDGUH 1(7 /H &RPPRQ /DQJDJH 5XWLPH &/5 / (', 9LVXDO 6WXGLR 6\QWD[H & 6\QWD[H DYDQFpH GH & /D 3URJUDPPDWLRQ 2ULHQWpH 2EMHW /HV IRQGHPHQWV GH OD 322 8WLOLVDWLRQ GHV &ODVVHV 7\SHV UpIpUHQFH /HV PHPEUHV VWDWLTXHV &RQVWUXFWHXUV HW GHVWUXFWHXUV / KpULWDJH /H SRO\PRUSKLVPH $SSOLFDWLRQV :LQGRZV ,QWURGXFWLRQ DX[ DSSOLFDWLRQV :LQGRZV 0HQXV %RLWHV GH GLDORJXH HW )RUPXODLUHV 0', 'HSORLHPHQW $FFqV DX[ GRQQpHV ,QWURGXFWLRQ j $'2 1(7 &RQQHFWLRQ &RPPDQGHV

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'DWD5HDGHU 0DQLSXODWLRQ GHV WUDQVDFWLRQV 'DWD$GDSWHU 'DWD7DEOH 'DWD6HW 6WDQGDUG ;0/ ,QWURGXFWLRQ j ;0/ ,QWURGXFWLRQ j ;3DWK ;0/ GDQV OH 1(7 )UDPHZRUN (QWUpHV 6RUWLHV , 2 GH Â¿FKLHU 6WUHDPV )OX[ GH GRQQpHV

&ODVVHV , 2 6WUHDP GH EDVH 'pYHORSSHPHQW :HE )RQGHPHQWV GH OD SURJUDPPDWLRQ :HE +WPO ,,6 $63 1(7 /HV EDVHV GH $63 1(7 9LVXDO :HE 'HYHORSHU :HE )RUPV &RQWU{OHV GH YDOLGDWLRQ *HVWLRQ GHV pWDWV &RQWU{OHV XWLOLVDWHXU 7UDoDJH $FFqV DX[ GRQQpHV GDQV $63 1(7 60/ VHUYLFHV :HE

6e0,1$,5(6

6e0,1$,5( ,7,/ 9 ,7 6(59,&( 0$1$*(0(17

6e0,1$,5(6

6e0,1$,5( 0,&5262)7 287/22. '85e( 7URLV MRXUV

6e0,1$,5( /(6 5e6($8; ,1)250$7,48(6 &20081,&$7,21 0(66$*(5,(

6e0,1$,5( *(67,21 '( 352-(7

'85e( &LQT MRXUV

2%-(&7,)6 0DvWULVHU O XWLOLVDWLRQ GHV RUGLQDWHXUV HQ HQYLURQQHPHQW UpVHDX 0DvWULVHU OD PHVVDJHULH pOHFWURQLTXH

2%-(&7,)6 0DvWULVHU OHV SULQFLSDOHV WHFKQLTXHV GH SODQLÂ¿FDWLRQ HW GH VXLYL G XQ SURMHW j WUDYHUV GH QRPEUHX[ H[HUFLFHV SUDWLTXHV pWXGH GH FDV GH FRQGXLWH GH SURMHW DYHF XWLOLVDWLRQ GH O RXWLO LQIRUPDWLTXH 063URMHFW

3238/$7,21 &21&(51e( 6HFUpWDLUH $VVLVWDQWH 8WLOLVDWHXU G RUGLQDWHXUV HQ UpVHDX

3238/$7,21 &21&(51e( *HVWLRQQDLUHV GH SURMHWV

352*5$00( 2XWORRN IRQFWLRQQDOLWpV PHVVDJHULH DJHQGD ([SORLWHU ,QWHUQHW &RPSUHQGUH OHV SULQFLSHV GH IRQFWLRQQHPHQW 5HSpUHU OHV SULQFLSDX[ VHUYLFHV :HE PHVVDJHULH IRUXPV GH GLVFXVVLRQ WpOpFKDUJHPHQW Â«

&RPSUHQGUH OH IRQFWLRQQHPHQW GHV RXWLOV GH UHFKHUFKH 5HSpUHU OHV SULQFLSDX[ VLWHV XWLOHV j VD IRQFWLRQ &RPPXQLTXHU DYHF OD PHVVDJHULH 3UpVHQWDWLRQ GHV FRQFHSWV GH EDVH (QYR\HU HW UHFHYRLU GHV PHVVDJHV OHV FODVVHU (FKDQJHU GHV Â¿FKLHUV j WUDYHUV OD PHVVDJHULH 2XYULU GHV Â¿FKLHUV MRLQWV OHV PRGLÂ¿HU

352*5$00( ,QWURGXFWLRQ j OD JHVWLRQ GH SURMHW *HVWLRQ GX FRQWHQX GX SURMHW *HVWLRQ GHV GpODLV *HVWLRQ GHV ULVTXHV 0DQDJHPHQW GHV UHVVRXUFHV KXPDLQHV GX SURMHW *HVWLRQ GHV FRPPXQLFDWLRQV GX SURMHW 0DQDJHPHQW GHV FRQQDLVVDQFHV VXU OHV SURMHWV /HV WHFKQLTXHV GH SODQLÂ¿FDWLRQ /H UpVHDX 3HUW /H GLDJUDPPH GH *DQWW /H VXLYL GX SURMHW /H WDEOHDX GH ERUG GX FKHI GH SURMHW WDEOHDX GH ERUG GX SURMHW OHV UHVVRXUFHV SODQLÂ¿FDWLRQ HW VXLYL PXOWLSURMHWV 06 3URMHFW ,QWHUIDFHV pOpPHQWV GH EDVH OH VXLYL FROODERUDWLRQ PXOWLSURMHWV

2%-(&7,)6

0DvWULVHU OÂ¶XWLOLVDWLRQ GHV GLá‚‡pUHQWHV IRQFWLRQV GH O DSSOLFDWLRQ 2XWORRN WHOOHV TXH OD PHVVDJHULH OH FDOHQGULHU DLQVL TXH OD JHVWLRQ GHV FRQWDFWV GX FDUQHW G DGUHVVHV HW GHV WkFKHV MRXUQDOLqUHV GX FDOHQGULHU

3238/$7,21 &21&(51e( 1RXYHDX[ XWLOLVDWHXUV GH PHVVDJHULH RXWORRN 352*5$00( $GDSWHU 2XWORRN j VHV SURSUHV EHVRLQV 6DXYHJDUGHU GDQV OHV GRVVLHUV SHUVRQQHOV *pUHU OD EDUUH GHV UDFFRXUFLV 2XWORRN 0DvWULVHU OD JHVWLRQ GHV SLqFHV MRLQWHV HW GHV OLHQV ,GHQWLÂ¿HU OHV SULQFLSDX[ IRUPDWV &RPSUHVVHU SRXU RSWLPLVHU O HQYRL GH Â¿FKLHUV ORXUGV :LQ]LS 3URWpJHU VHV Â¿FKLHUV MRLQWV OD VROXWLRQ $FUREDW SGI 6H SUpPXQLU GHV YLUXV $GUHVVHU GHV OLHQV K\SHUWH[WH $XWRPDWLVHU OD JHVWLRQ GH VHV PHVVDJHV 7ULHU HW Â¿OWUHU VHV PHVVDJHV &UpHU GHV UqJOHV SRXU DXWRPDWLVHU OH FODVVHPHQW 6XLYUH VHV H PDLOV SDU GHV UDSSHOV DXWRPDWLTXHV *pUHU VHV H PDLOV HQ VRQ DEVHQFH $XWR DUFKLYHU VHV PHVVDJHV *pUHU VRQ FDUQHW G DGUHVVHV &UpHU VHV SURSUHV FRQWDFWV HW OLVWHV GH GLVWULEXWLRQ 2UJDQLVHU OH FODVVHPHQW GH VHV FRQWDFWV eFKDQJHU GHV FDUWHV GH YLVLWH ,PSRUWHU HW H[SRUWHU XQ JURXSH GH FRQWDFWV 2SpUHU XQ SXEOLSRVWDJH GH VHV FRQWDFWV 3ODQLÂ¿HU HW RUJDQLVHU VHV DFWLYLWpV &UpHU GHV UHQGH] YRXV HW pYpQHPHQWV SRQFWXHOV ,QWpJUHU GHV pOpPHQWV SpULRGLTXHV 3ODQLÂ¿HU GHV UpXQLRQV 6H FUpHU GHV SHQVH ErWHV OHV QRWHV 3DUWDJHU GHV UHVVRXUFHV FROOHFWLYHV &UpHU XQ GRVVLHU GH SDUWDJH OHV GRVVLHUV SXEOLFV 3XEOLHU GHV Â¿FKLHUV FRPPXQV $SSOLTXHU GHV DXWRULVDWLRQV G DFFqV &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e( &LQT MRXUV

2%-(&7,)6 3HUPHWWUH OD PRGpOLVDWLRQ GH WRXV W\SHV GH VWUXFWXUHV %kWLPHQWV HW WUDYDX[ SXEOLFV

3HUPHWWUH OD FRPSUpKHQVLRQ GX FRPSRUWHPHQW G\QDPLTXH G XQH VWUXFWXUH 9LVXDOLVDWLRQ HW LQWHUSUpWDWLRQ GHV UpVXOWDWV DSUqV DQDO\VH 3238/$7,21 &21&(51e( ,QJpQLHXUV *pQLH FLYLO WUDYDX[ SXEOLFVÂ« 35e 5(48,6 &RQQDLVVDQFH GH O HQYLURQQHPHQW GX 3& HW :LQGRZV 352*5$00( *pQpUDOLWpV 3UpVHQWDWLRQ GX ORJLFLHO 0RGpOLVDWLRQ &UpDWLRQ GHV OLJQHV GH JULOOH OH PDLOODJH

&RRUGRQQpHV FDUWpVLHQQHV HW F\OLQGULTXH 'pÂ¿QLWLRQ GHV PDWpULDX[ 'pÂ¿QLWLRQ GHV SURÂ¿OpV 6HFWLRQV

0RGpOLVDWLRQ GH SRXWUHV HW SRWHDX[ 'pÂ¿QLWLRQ GHV FRQWUHYHQWHPHQWV YRLOHV SDOLHU GH VWDELOLWpÂ«

'pÂ¿QLWLRQ GHV FDV GH FKDUJHV 'pÂ¿QLWLRQ GHV FDV G DQDO\VH OLQpDLUH VWDWLTXH 0RGDO 6SHFWUDOHÂ«

&DV GH FKDUJH VpLVPLTXH 'pÂ¿QLWLRQ GH OD IRQFWLRQ GX VSHFWUH GH UpSRQVH &KDUJHPHQW GH OD VWUXFWXUH &KDUJHV XQLIRUPH VXUIDFLTXH PDVVH VRXUFH Â«

$QDO\VH GH OD VWUXFWXUH ,QWHUSUpWDWLRQ GHV UpVXOWDWV ,OOXVWUDWLRQV JUDSKLTXHV GHV UpVXOWDWV HW VRXV IRUPH GH WDEOHDX

6e0,1$,5( 67$7,67,48(6 $9(& 6366 '85e( &LQT MRXUV

6e0,1$,5( &29$',6 7232 '85e( &LQT MRXUV

2%-(&7,)6 &RPSUHQGUH HW PDvWULVHU OHV UqJOHV HW PpWKRGHV VWDWLVWLTXHV GH EDVH SRXU OHV PHWWUH HQ SUDWLTXH GDQV XQ FRQWH[WH SURIHVVLRQQHO RX HQ YXH GH SRXUVXLYUH YHUV GHV WHFKQLTXHV SOXV DYDQFpHV DQDO\VH GH GRQQpHV FRQWU{OH TXDOLWp SODQV G H[SpULHQFHV

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH FRQIURQWpH j O DQDO\VH GH GRQQpHV j GHV FRPSDUDLVRQV GH SURGXLW GH SURFHVVXV GH IRXUQLVVHXUV j GHV SKpQRPqQHV FRPSRUWDQW SOXVLHXUV YDULDEOHV

35( 5(48,6 )RUPDWLRQ VFLHQWLÂ¿TXH H[LJpH 352*5$00( 6WDWLVWLTXH GHVFULSWLYH 0R\HQQH pFDUW W\SH HW KLVWRJUDPPH /D GLVSHUVLRQ GH OD PR\HQQH HW OD WDLOOH GH O pFKDQWLOORQ /D GLVWULEXWLRQ 1RUPDOH HW OD GURLWH GH +HQU\ RQ HQWUH OD VSpFLÂ¿FDWLRQ HW OHV YDOHXUV REVHUYpHV " $XWUHV GLVWULEXWLRQV 6WXGHQW %LQRPLDOH HW 3RLVVRQ

0HVXUH 6\VWqPH GH PHVXUH &RPSRVDQWH GH O HUUHXU GH PHVXUH 5pSpWDELOLWp HW UHSURGXFWLELOLWp (UUHXU GH PHVXUH HW WROpUDQFH 7HVW G K\SRWKqVH +\SRWKqVH QXOOH HW DOWHUQDWLYH 5LVTXH GH qUH HW GH GHX[LqPH HVSqFH &RPSDUDLVRQ GH OD PR\HQQH j XQH YDOHXU GRQQpH WHVW GH FRQIRUPLWp

&RPSDUDLVRQ GH GHX[ PR\HQQHV 5pIpUHQFH YV 7HVW (FKDQWLOORQV LQGpSHQGDQWV &RPSDUDLVRQ GH GHX[ PR\HQQHV SUp HW SRVW WUDLWHPHQW &RPSDUDLVRQ GH GHX[ PR\HQQHV SUp HW SRVW WUDLWHPHQW &RPSDUDLVRQ G XQH YDULDQFH j XQH YDOHXU GRQQpH 'LVWULEXWLRQ &KL FDUUp

&RPSDUDLVRQ GH GHX[ YDULDQFHV 'LVWULEXWLRQ )

&RPSDUDLVRQ G XQH SURSRUWLRQ j XQH YDOHXU GRQQpH WHVW GH &RQIRUPLWp &RPSDUDLVRQ GH GHX[ SURSRUWLRQV 5pJUHVVLRQ OLQpDLUH 5HSUpVHQWDWLRQ JUDSKLTXH / LPSRUWDQFH G XQ ERQ GHVLJQ &RUUpODWLRQ &RHá‚ˆFLHQW GH UpJUHVVLRQ 7HVW G K\SRWKqVH HW LQWHUYDOOH GH FRQÂ¿DQFH GHV FRHá‚ˆFLHQWV GH UpJUHVVLRQ 5pVLGXV $QDO\VH GH OD YDULDQFH 0RGqOH j XQ Há‚‡HW Â¿[H &RPSDUDLVRQ PXOWLSOH GHV PR\HQQHV 0RGqOH j XQ Há‚‡HW DOpDWRLUH 0RGqOH j GHX[ Há‚‡HWV Â¿[HV 0RGqOH j GHX[ Há‚‡HWV DOpDWRLUHV 0RGqOH j Há‚‡HW PL[WH

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

2%-(&7,)6 0DLWULVHU OH ORJLFLHO &29$',6 3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW GHV FRQQDLVVDQFHV GH EDVH GH PDQLSXODWLRQ G XQ RUGLQDWHXU HW WUDYDLOODQW GDQV XQ GRPDLQH GH GHVVLQ $UFKLWHFWHV *pRPqWUHV (OHFWURQLFLHQV (OHFWURPpFDQLFLHQV (OHFWURWHFKQLFLHQV

352*5$00( 3DUWLH &29$',6 ' ,PSRUWDWLRQ GHV SRLQWV WRSRJUDSKLTXHV FKDUJHPHQW GH VHPLV

eFKHOOH GX GHVVLQ 0RGLÂ¿FDWLRQ GHV FDUDFWpULVWLTXHV GHV SRLQWV WRSR &RQVWUXFWLRQ GHV SRLQWV WRSRV 6\PEROH +DELOODJH /LVWLQJV &RWDWLRQV HW 'LYLVLRQV 3UpSDUDWLRQ GX WUDFp 3DUWLH &29$',6 ' &DOFXO GH 017 0RGqOH 1XPpULTXH GX WHUUDLQ

&RXUEHV GX QLYHDX 9LVXDOLVDWLRQ GX UHOLHI $QDO\VH GX UHOLHI 9

7UDLWHPHQW GHV SURÂ¿OV &XEDWXUH &XEDWXUH SDU SODWHV IRUPHV 3URÂ¿O HQ ORQJ SDU SRLQWV 3URÂ¿O HQ ORQJ GH 71 HW VHV SURÂ¿OV HQ WUDYHUV FRXUDQWV 71 VHXO 3URMHW K\GUDXOLTXH $VVDLQLVVHPHQW 3URMHW YRLULHV 3URMHW URXWLHU 3URMHW OLQpDLUH

3URMHW pFKDQJHXU RX FDUUHIRXU JLUDWRLUH

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( 6$3 9(56,21

6e0,1$,5(6

6e0,1$,5( 0,&5262)7 (;&(/

6e0,1$,5( $872&$' '

6e0,1$,5( /2*,&,(/ $5& *,6

'85e( &LQT MRXUV

2%-(&7,)6

2%-(&7,)6 (WXGLHU HW PDvWULVHU OHV RXWLOV GX ORJLFLHO 1Âƒ GX GHVVLQ HQ GLPHQVLRQV

2%-(&7,)6 0DLWULVHU OH ORJLFLHO $5& *,6

5pDOLVHU GHV IHXLOOHV GH FDOFXO HQ XWLOLVDQW TXHOTXHV IRQFWLRQV pOpPHQWDLUHV ,O SRXUUD pJDOHPHQW 0HWWUH HQ IRUPH HW WULHU VHV UpVXOWDWV GH FDOFXO HW IDLUH GHV JUDSKLTXHV

3238/$7,21 &21&(51e( 8WLOLVDWHXUV GX ORJLFLHO ([FHO 352*5$00( )RQGDPHQWDX[ ,QWURGXFWLRQ HW SUpVHQWDWLRQ G ([FHO *HVWLRQ GHV Â¿FKLHUV HW FODVVHXUV )HXLOOH GH FDOFXO $GUHVVHV Â¿[HV HW UHODWLYHV 0LVH HQ IRUPH HW HQFDGUHPHQWV )RUPXOHV GH FDOFXO 4XHOTXHV IRQFWLRQV GH EDVH *UDSKLTXHV 7UL ,PSUHVVLRQ )RQFWLRQV $YDQFpHV 2EMHWV JUDSKLTXHV /LVWHV HW EDVHV GH GRQQpHV 7DEOHV GH GRQQpHV 7DEOHDX[ FURLVpV 9DOHXU FLEOH /H VROYHXU 0DFURV HQUHJLVWUpHV %DUUHV G RXWLOV SHUVRQQDOLVpHV

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW GHV FRQQDLVVDQFHV GH EDVH GH PDQLSXODWLRQ G XQ RUGLQDWHXU HW WUDYDLOODQW GDQV XQ GRPDLQH GH GHVVLQ $UFKLWHFWHV *pRPqWUHV (OHFWURQLFLHQV (OHFWURPpFDQLFLHQV (OHFWURWHFKQLFLHQV

352*5$00( ,QWURGXFWLRQ /HV RXWLOV G DLGH &UpDWLRQ G REMHWV RXWLOV GH SUpFLVLRQ &RPPDQGHV G pGLWLRQ 8WLOLVHU OH WH[WH 8WLOLVDWLRQ GHV FDOTXHV HW GHV FRXOHXUV /HV KDFKXUHV /HV EORFV /HV DWWULEXWV /HV UpIpUHQFHV H[WHUQHV /D FRWDWLRQ 7ROpUDQFH 0LVH HQ SDJH 7UDFp GH GHVVLQV /HV LPSUHVVLRQV $WHOLHUV

3238/$7,21 &21&(51e( ,QJpQLHXUV G pWDW WHFKQLFLHQV VXSpULHXUV 352*5$00(

&RQFHSWV HW SULQFLSHV GHV 6,* / LQIRUPDWLRQ JHRJUDSKLTXH /HV RXWLOV H[LVWDQWV /Â¶HQYLURQQHPHQW $5&*,6 $5&9,(: &RPSUHQGUH OHV SURMHFWLRQV &RPSUHQGUH OHV GLá‚‡HUHQWV IRUPDWV GH GRQQHHV 7UDYDLO VXU OD EDVH GH UDVWHU &UpDWLRQ HW PLVH D MRXU GH GRQQpHV JpRJUDSKLTXHV /HV GRQQpHV DWWULEXWDLUHV 6pOHFWLRQ SDU DWWULEXWV HW SDU HQWLWpV 5HVWLWXWLRQ FRPPXQLFDWLRQ GH GRFXPHQWV 2XWLO VSDWLDO $1$/<67

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e( 'L[ MRXUV

2%-(&7,)6 0DLWULVHU OH ORJLFLHO '60$; 3238/$7,21 &21&(51e( ,QJpQLHXUV *pQLH FLYLO WUDYDX[ SXEOLFVÂ« 352*5$00( 3UpVHQWDWLRQ

/HV LF{QHV OHV PHQXV OHV SUpIpUHQFHV OHV IHQrWUHV /D FUpDWLRQ G REMHWV 2EMHWV ' ' /HV SULPLWLYHV GH EDVH /HV IRQFWLRQV GH UpVHDX /D FRSLH G REMHWV DYHF RX VDQV OLHQ FORQDJH

2SpUDWLRQV ERROpHQQHV /D VpOHFWLRQ G REMHWV 6pOHFWLRQ SDU UpJLRQ SDU QRPÂ« -HX[ GH VpOHFWLRQ QRPPpV )LOWUHV GH VpOHFWLRQ *HO 0DVTXDJH G REMHWV 6pOHFWLRQ GH VRXV REMHWV *URXSHV /D PRGLÂ¿FDWLRQ G REMHWV 1RWLRQ GH SLOH GHV PRGLÂ¿FDWHXUV &KDQJHPHQW GHV SURSULpWpV 0RGLÂ¿FDWLRQ DX QLYHDX VRXV REMHW /HV PRGLÂ¿FDWHXUV 'pSODFHPHQW 5RWDWLRQ (FKHOOH 2XWLOV GH GHVVLQ /HV PRGHV G DFFURFKDJH /HV SRLQWV GH SLYRW 0RGpOLVDWLRQ DYDQFpH 0RGHOHXU 185%6 /HV VXUIDFHV GH FDUUHDX SDWFKHV

/HV PDLOODJHV pGLWDEOHV 0DWpULDX[ FRPSOH[HV 9 5$< 0DWpULDX[ FRPSRVpV &RPELQDLVRQ GH WH[WXUHV PDVTXHV PpODQJHVÂ«

0DWpULDX[ PXOWL VRXV REMHWV /DQFHU GH UD\RQ /XPLqUHV 9 5$< /HV OXPLqUHV 7\SHV GH OXPLqUHV 3RVLWLRQQHPHQW 2SWLRQV VXU OHV OXPLqUHV $QLPDWLRQ 9 5$< /HV FRQWU{OHXUV G H[SUHVVLRQ $QLPDWLRQ GpSHQGDQWH UpDFWHXUV FLQpPDWLTXH H[SUHVVLRQV

5HQGX 9 5$< )RUPDWV GH Â¿FKLHUV ' LPDJHV YLGpRV ,PSRUWDWLRQ Â¿FKLHU $872&$' HW $5&+,&$'

6e0,1$,5( /2*,&,(/ $5&+,&$' '85e( &LQT MRXUV

6e0,1$,5( $872&$' ' '85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OH ORJLFLHO $5&+,&$' 3238/$7,21 &21&(51e( ,QJpQLHXUV G pWDW WHFKQLFLHQV VXSpULHXUV 352*5$00(

,1752'8&7,21 $ $5&+,&$' &21&(37 (7 287,/6 1,9($8 $ ,QWHUIDFH XWLOLVDWHXU 3DOHWWHV )ORWWDQWHV 'LPHQVLRQV 0pWKRGHV /HV pOpPHQWV G RXYUDJH PXU GDOOH WRLWXUH SRWHDX SRXWUH

/HV pOpPHQWV DUFKLWHFWRQLTXHV SRUWHV HW IHQrWUHV

/HV FRWDWLRQV /HV HQWLWpV ' KDFKXUHV OLJQHV FHUFOH DUFÂ«

$7(/,(5 35$7,48( 1,9($8 $ $SSOLFDWLRQV PpWKRGHV 5pDOLVDWLRQ GH SURMHWV W\SHV 7HVWV GH FRQQDLVVDQFHV )21&7,216 '( 02',),&$7,21 1,9($8 % 0HQX pGLWLRQ /HV VpOHFWLRQV 1RWLRQ GH JURXSH 7HFKQLTXH GH PLVH HQ SODQ FRXSHV IDoDGHVÂ«

/HV VRUWLHV WUDFHXUV DYHF $5&+,&$' $7(/,(5 35$7,48( 1,9($8 % $SSOLFDWLRQV PpWKRGHV 7HFKQLTXH GH PLVH HQ SODQ FRXSHV IDoDGHVÂ«

/HV VRUWLHV WUDFHXUV DYHF $5&+,&$' 7HVWV GH FRQQDLVVDQFHV 0(7+2'(6 '( 75$9$,/ 1,9($8 & *HVWLRQ GHV FDOTXHV JHVWLRQ GHV pWDJHV 0LVH HQ SODQ SURIHVVLRQQHO $7(/,(5 35$7,48( 1,9($8 & $SSOLFDWLRQV PpWKRGHV 0LVHV HQ SODQ SURIHVVLRQQHOOHV 'RVVLHU GH Â¿Q G pWXGH GpEXW 7HVWV GH FRQQDLVVDQFHV 9,68$/,6$7,21 ' 1,9($8 ' )HQrWUH ' SRLQW GH YXHV 3DOHWWH GH QDYLJDWLRQ ' /HV PRGHV GH UHQGX EORFV Â¿ODLUHV OLJQHV FDFKpHV RPEUDJH

$7(/,(5 35$7,48( 1,9($8 ' $SSOLFDWLRQV PpWKRGHV 'RVVLHU GH Â¿Q G pWXGH 7HVWV GH FRQQDLVVDQFHV $875(6 02'8/(6 1,9($8 ( 0RGpOLVDWLRQ GX VRO /H PRGXOH HVFDOLHU $7(/,(5 35$7,48( $SSOLFDWLRQV PpWKRGHV

2%-(&7,)6 'HVVLQHU HW UpDOLVHU GHV DQLPDWLRQV HQ 'LPHQVLRQV 3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW GHV FRQQDLVVDQFHV HQ $XWRFDG ' HW GpVLUDQW GRQQHU XQ DVSHFW UpHO ' DX[ FRQFHSWLRQV UpDOLVpHV 352*5$00(

,QWURGXFWLRQ j O HQYLURQQHPHQW ' 3UpVHQWDWLRQ GHV V\VWqPHV GH FRRUGRQQpHV HQ ' 'pÂ¿QLWLRQ G XQ V\VWqPH GH FRRUGRQQpHV XWLOLVDWHXU 6&8 9LVXDOLVDWLRQ HQ ' &UpDWLRQ GHV REMHWV HQ ' 2SpUDWLRQV G pGLWLRQ HQ ' (GLWHXU GH VROLGHV HQ ' /H 5HQGX 7H[WXUHV OXPLqUHV LPDJHV GH V\QWKqVH

$WHOLHUV

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( '60$;

6e0,1$,5(6

6e0,1$,5( $'2%( 35(0,(5( 352 0217$*( (7 0,&5262)7 $&&(66 6e0,1$,5(

&2035(66,21 9,'(2 '85e( &LQT MRXUV

6e0,1$,5( 0,&5262)7 :25'

'85e( &LQT MRXUV

'85e( 'HX[ MRXUV

2%-(&7,)6 &UpHU XQH EDVH GH GRQQpHV WDEOHV HW UHODWLRQV

&UpHU GHV pFUDQV GH VDLVLH IRUPXODLUHV

,QWHUURJHU UHTXrWHV

,PSULPHU pWDWV GHV GRQQpHV

2%-(&7,)6 0DvWULVHU OHV IRQFWLRQV XVXHOOHV GX WUDLWHPHQW GH WH[WH :RUG DYHF XQ ERQ GHJUp G DXWRQRPLH $FFpOpUHU OD SURGXFWLRQ GH GRFXPHQWV UpSpWLWLIV IDFLOLWHU OD FUpDWLRQ GH FRXUULHUV j DGUHVVHU j GHV GHVWLQDWDLUHV PXOWLSOHV

2%-(&7,)6

&HWWH IRUPDWLRQ YRXV DSSRUWHUD OHV FRQQDLVVDQFHV QpFHVVDLUHV j OD UpDOLVDWLRQ GH FOLSV YLGpR GH TXDOLWp SURIHVVLRQQHOOH 9RXV DXUH] XQH YXH G HQVHPEOH GX Ã€X[ GH SURGXFWLRQ YLGpR GH O DFTXLVLWLRQ YLGpR j O H[SRUWDWLRQ GX FOLS SRXU GLá‚‡XVLRQ VXU GLá‚‡pUHQWV VXSSRUWV :HE RUGLQDWHXU '9' EDQGH HWF

3238/$7,21 &21&(51e( &KHI GH SURMHW PXOWLPpGLD :HEPDVWHU MRXUQDOLVWH WHFKQLFLHQ YLGpR WRXWH SHUVRQQH DPHQpH j PDQLSXOHU GHV Â¿FKLHUV YLGpR

3238/$7,21 &21&(51e( 8WLOLVDWHXUV GX ORJLFLHO ([FHO

75$9$8; 35$7,48(6

352*5$00(

,PDJHV YLGpR LVVXHV GX PRQGH SURIHVVLRQQHO SRXU UpDOLVHU GHV FRQWHQXV YLGpR WHOV TX RQ SHXW OHV YRLU VXU GHV :HE 79 RX GHV VLWHV :HE G LQIRUPDWLRQ

352*5$00( ,QWURGXFWLRQ G XQ SURMHW 3UHPLHUH 3UR 7UDYDX[ SUDWLTXHV 3UpVHQWDWLRQ G XQH FDPpUD W\SH +'9 HW GLVFXVVLRQ VXU OHV Ã€X[ GH SURGXFWLRQ $QDO\VH GHV FDUDFWpULVWLTXHV G LPDJHV YLGpR IRXUQLHV SRXU GpÂ¿QLU XQH FRQÂ¿JXUDWLRQ GH PRQWDJH DGDSWpH j XQ SURMHW YLGpR $FTXLVLWLRQ YLGpR LPSRUWDWLRQ GHV UXVKHV RUJDQLVDWLRQ GHV PpGLDV 7UDYDX[ SUDWLTXHV 'pUXVKDJH GHV VRXUFHV 7UDYDX[ SUDWLTXHV 7HFKQLTXHV HW RXWLOV GH PRQWDJH 7UDYDX[ SUDWLTXHV 0DQLSXODWLRQ GH OD SDOHWWH G RXWLOV 7UDQVLWLRQV DXGLR HW YLGpR 7UDYDX[ SUDWLTXHV 7HVW GHV WUDQVLWLRQV HW GHV Há‚‡HWV DXGLR HW YLGpR VXU OHV FOLSV GH OD WLPHOLQH 6RXUFHV DXGLR HW PRGXOH GH WLWUDJHV $UUrW VXU LPDJH HW YLWHVVH G XQ pOpPHQW 7UDYDX[ SUDWLTXHV 9RL[ Rá‚‡ HW H[SRUWDWLRQ YLGpR 7UDYDX[ SUDWLTXHV /HV SDUDPqWUHV G HQFRGDJH &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'pÂ¿QLWLRQ G XQH EDVH $FFHVV &RQFHSW HW WHUPLQRORJLH $QDO\VH HW FRQFHSWLRQ G XQH EDVH GH GRQQpHV UHODWLRQQHOOH /HV WDEOHV 'pÂ¿QLU OHV FKDPSV OHXUV W\SHV GH GRQQpHV OD FOHI SULPDLUH 'pÂ¿QLU OHV SURSULpWpV GHV FKDPSV FUpHU GHV OLVWHV GH FKRL[ 6DLVLU PHWWUH j MRXU HW VXSSULPHU GHV GRQQpHV ,PSRUWHU HW DWWDFKHU GHV GRQQpHV GHSXLV ([FHO 'pÂ¿QLU OHV UHODWLRQV 'pÂ¿QLU O LQWpJULWp UpIpUHQWLHOOH HW OH W\SH GH MRLQWXUH /HV IRUPXODLUHV &UpHU GHV pFUDQV GH VDLVLH SHUVRQQDOLVpV 'pÂ¿QLU GHV FRQWU{OHV HW OHXUV SURSULpWpV &UpHU GHV VRXV IRUPXODLUHV DYHF HW VDQV DVVLVWDQW 6DLVLU GHV GRQQpHV j SDUWLU GX IRUPXODLUH /HV UHTXrWHV &KRLVLU OHV WDEOHV j LQWHUURJHU GpÂ¿QLU OHV SURSULpWpV GHV MRLQWXUHV $MRXWHU GHV FKDPSV GDQV XQH UHTXrWH GpÂ¿QLU XQ RUGUH GH WUL HW GHV FULWqUHV &UpHU GHV FKDPSV FDOFXOpV (WDEOLU GHV VWDWLVWLTXHV DYHF HW VDQV UHJURXSHPHQW /HV pWDWV &UpDWLRQ G XQ pWDW VLPSOH 6DYRLU XWLOLVHU HW GLá‚‡pUHQFLHU OHV DVVLVWDQWV &UpDWLRQ G XQ pWDW DYHF UHJURXSHPHQW VWDWLVWLTXHV DX PR\HQ GH O DVVLVWDQW

3238/$7,21 &21&(51e( 8WLOLVDWHXUV GX ORJLFLHO :RUG 352*5$00( *HVWLRQ GHV Â¿FKLHUV 0LVH HQ IRUPH GX WH[WH /HV DWWULEXWV GHV SROLFHV GH FDUDFWqUH $SSOLTXHU FKDQJHU

*HVWLRQ GHV SDUDJUDSKHV $OLJQHPHQW 5HWUDLWV (VSDFHPHQWV ,QWHUOLJQDJH 7DEXODWLRQ XWLOLVDWLRQ GHV SXFHV QXPpURWDWLRQ %RUGXUHV HW WUDPHV 7DEOHDX[ HW PLVH HQ IRUPH 'HVVLQ ,QVpUHU UHGLPHQVLRQQHU GpSODFHU XQH LPDJH $MRXWHU XQH ]RQH GH WH[WH 8WLOLVHU XQ Há‚‡HW :RUG$UW )RUPHV DXWRPDWLTXHV +DELOOHU XQH LPDJH 3XEOLSRVWDJH &UpHU XQ GRFXPHQW SULQFLSDO &UpHU RX RXYULU XQH EDVH GH GRQQpHV &UpHU OHV FKDPSV GH IXVLRQ )XVLRQQHU OHV GRQQpHV *HVWLRQ GHV HQYHORSSHV HW pWLTXHWWHV *HVWLRQ GHV GRFXPHQWV ORQJV ,QGH[ HW 6RPPDLUH 8WLOLVDWLRQ GHV VW\OHV 0RGqOHV GH GRFXPHQWV

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e( 7URLV MRXUV 2%-(&7,)6 )DLUH OH SRLQW VXU OHV WHFKQRORJLHV VDQV Â¿O SRXU OHV UpVHDX[ORFDX[ ,QVWDOOHU XQ SRLQW G DFFqV :LÂ¿ 0HWWUH HQ SODFH OHV VROXWLRQV GH VpFXULWp DGDSWpHV 3238/$7,21 &21&(51e( &H VWDJH V DGUHVVH DX[ LQIRUPDWLFLHQV HW DX[ LQJpQLHXUV UpVHDX[ VRXKDLWDQW VH VSpFLDOLVHU GDQV OHV UpVHDX[ FHOOXODLUHV 35( 5(48,6 ,, H[LJH GH ERQQHV FRQQDLVVDQFHV GDQV OH GRPDLQH GHV UpVHDX[ 352*5$00( ,QWURGXFWLRQ j OD JpQpUDWLRQ VDQV Â¿O /HV IRQGDPHQWDX[ GH OD WUDQVPLVVLRQ UDGLR IUpTXHQFH /HV FRXFKHV 3K\VLTXH HW /LDLVRQ GH GRQQpHV &RQFHSWLRQ G XQ UpVHDX :L )L GDQV O HQWUHSULVH ,QWpJUDWLRQ GDQV YRWUH UpVHDX G HQWUHSULVH 6pFXULVDWLRQ GX UpVHDX :L )L $GPLQLVWUDWLRQ HW VpFXULVDWLRQ DYDQFpH /D PRELOLWp (YROXWLRQ GHV UpVHDX[ VDQV Â¿O

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5( $'0,1,675$7,21 'Â¶81 5e6($8 6286 :,1'2:6

6e0,1$,5( ,3 9(56,21

'85e( 'L[ MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OHV VHUYLFHV UpVHDX[ GH :LQGRZV 0DLWULVHU $FWLYH GLUHFWRU\

2%-(&7,)6 &RPSUHQGUH OH QRXYHDX SURWRFROH UpVHDX 0DvWULVHU OD WUDQVLWLRQ GH ,39 YHUV ,39

3238/$7,21 &21&(51e( ,QIRUPDWLFLHQV TXL VRQW FKDUJpV GH OÂ¶DGPLQLVWUDWLRQ GÂ¶XQ UpVHDX VRXV :LQGRZV

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW XQH ERQQH FRQQDLVVDQFH GH UpVHDX[ HW GHV SURWRFROHV 7&3 ,3

352*5$00( ,QVWDOODWLRQ :LQGRZV VHUYHU &RQÂ¿JXUDWLRQ GX VHUYHXU &UpDWLRQ GHV FRPSWHV HW JURXSHV ORFDX[ 6WUDWpJLHV ORFDOHV 3DUWDJH HW VpFXULWp 17)6 6HUYLFHV LQWHUQHW ZHE HW IWS

6HUYLFHV '+&3 '16 :,16 URXWDJH HW DFFqV GLVWDQW )RQFWLRQQHPHQW DFWLYH GLUHFWRU\ ,QVWDOODWLRQ G XQH IRUrW &UpDWLRQ GHV REMHWV DFWLYH GLUHFWRU\ 'pOpJDWLRQ GH WkFKHV &UpDWLRQ G XQ FRQWU{OHXU VXSSOpPHQWDLUH &UpDWLRQ GHV VLWHV &RQÂ¿JXUDWLRQ GH OD UpSOLFDWLRQ

352*5$00( 3UpVHQWDWLRQ /HV IRQGDPHQWDX[ GX SURWRFROH $XWR FRQÂ¿JXUDWLRQ /H URXWDJH ,39 '16 HW ,39 1RXYHDXWp ,39 $SSOLFDWLRQ ,39 DXMRXUG KXL 7UDQVLWLRQ ,39 ,39

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( 0,6( (1 2(895( 'Â¶81 5e6($8 :, ), 6e&85,6e

6e0,1$,5(6

6e0,1$,5( ,17(5&211(;,21 '( 5e6($8; &,6&2

6e0,1$,5( ,17(5&211(;,21 '( 5e6($8; :,1'2:6 6(59(5

6e0,1$,5( 5e6($8; 6$16 ),/ :,),

'85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OHV UpVHDX[ HW FRQÂ¿JXUHU XQ /$1 DYHF GX PDWpULHO &,6&2 3238/$7,21 &21&(51e( ,QJpQLHXUV LQIRUPDWLTXH 7HFKQLFLHQV LQIRUPDWLTXH H[SpULPHQWpV

2%-(&7,)6 0DvWULVHU FH QRXYHDX ODQJDJH GH VFULSWV GH 0LFURVRIW HQ YXH G DXWRPDWLVHU GHV WkFKHV G DGPLQLVWUDWLRQ VRXV :LQGRZV 6HUYHU $SSUHQGUH j PHWWUH HQ RHXYUH 3RZHU6KHOO GDQV GHV GRPDLQHV DXVVL YDULpV TXH OH UpVHDX OD JHVWLRQ GHV SURFHVVXV HW HQFRUH O LQYHQWDLUH G XQ SDUF G RUGLQDWHXUV

2%-(&7,)6 )DLUH OH SRLQW VXU OHV WHFKQRORJLHV VDQV Â¿O SRXU OHV UpVHDX[ ORFDX[ ,QVWDOOHU XQ SRLQW G DFFqV :LÂ¿ 0HWWUH HQ SODFH OHV VROXWLRQV GH VpFXULWp DGDSWpHV

352*5$00( /HV UpVHDX[ 5DSSHO VXU OHV UpVHDX[ LQIRUPDWLTXHV 7RSRORJLHV HW DUFKLWHFWXUHV /H SURWRFROH 7&3 ,3 'pÂ¿QLWLRQV HW FRQFHSWV 3ULQFLSH G DGUHVVDJH ,3 /HV /$1 /HV WRSRORJLHV HW GLVSRVLWLIV GHV UpVHDX[ /$1 /HV FRPPXWDWHXUV &DWDO\VW &,6&2 &RPPDQGHV XVXHOOHV /HV 9/$1 'pÂ¿QLWLRQ HW FRQÂ¿JXUDWLRQ G XQ 9/$1 /H SURWRFROH 973 HW VRQ ,PSOpPHQWDWLRQ /H 7UXQN /H URXWDJH 'pÂ¿QLWLRQV /HV W\SHV GH URXWDJH /H URXWHXU &,6&2 &RPPDQGHV GH EDVH GX URXWHXU 'pÂ¿QLWLRQ GX '&( HW '7( &RQÂ¿JXUDWLRQ GHV LQWHUIDFHV /H SURWRFROH &'3 /H 5RXWDJH VWDWLTXH /H URXWDJH G\QDPLTXH /HV SURWRFROHV GH URXWDJH /H SURWRFROH 5,3 &RQÂ¿JXUDWLRQ GX URXWDJH 5,3 /H SURWRFROH ,*53 &RQÂ¿JXUDWLRQ GX URXWDJH ,*53 /HV $&/V $FFHVV FRQWURO OLVW

'pÂ¿QLWLRQ HW SULQFLSH / DXWKHQWLÂ¿FDWLRQ /HV SURWRFROHV G DXWKHQWLÂ¿FDWLRQ &+$3 HW 3$3 &RQÂ¿JXUDWLRQ GH O DXWKHQWLÂ¿FDWLRQ

3238/$7,21 &21&(51e( $GPLQLVWUDWHXUV UpVHDX[ ,QJpQLHXUV V\VWqPH 5HVSRQVDEOHV GH PDLQWHQDQFH LQIRUPDWLTXH

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH D\DQW GHV FRQQDLVVDQFHV GH EDVH HW SUDWLTXH GHV UpVHDX[ 7&3 ,3

35( 5(48,6 'HV FRQQDLVVDQFHV GH EDVH GDQV O DGPLQLVWUDWLRQ GH :LQGRZV 6HUYHU DLQVL TXH VXU O HQYLURQQHPHQW 1(7 VRQW QpFHVVDLUHV 352*5$00( /HV EDVHV GX ODQJDJH /HV W\SHV HW RSpUDWHXUV /HV VWUXFWXUHV GH FRQWU{OH HW OHV IRQFWLRQV 6FULSW EORFNV HW REMHWV *HVWLRQ GH O Dá‚ˆFKDJH HW QDYLJDWLRQ 7UDLWHPHQW GH Â¿FKLHUV WH[WH HW ;0/ *HVWLRQ G HUUHXUV 8WLOLVDWLRQ GH 1(7 HW &20 YLD 3RZHU6KHOO 8WLOLVDWLRQ GHV REMHWV :0, 8WLOLVDWLRQ GH :LQGRZV 3RZHU 6KHOO SRXU GHV WkFKHV G DGPLQLVWUDWLRQ *HVWLRQ GH OD VpFXULWp GHV VFULSWV 3RZHU6KHOO

352*5$00( 3UpVHQWDWLRQ 7HFKQLTXH GH WUDQVPLVVLRQ VDQV Â¿O OHV SURWRFROHV 5pJOHPHQWDWLRQ

$UFKLWHFWXUH 0RGH DG KRF PRGH LQIUDVWUXFWXUH +DQG 2YHU HW 5RDPLQJ

6pFXULWp )LOWUDJH G DGUHVVHV &KLá‚‡UHPHQW :(3 [ HW ($3 :3$ :3$ HW L

'pSORLHPHQW ,QVWDOODWLRQ :LQGRZV /LQX[ &RQÂ¿JXUDWLRQ G XQ SRLQW G DFFqV $XWKHQWLÂ¿FDWLRQ ($3 7/6 77/6 SDU XQ VHUYHXU UDGLXV

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

'85e( 'L[ MRXUV

2%-(&7,)6 &UpHU XQ VLWH :HE G\QDPLTXH HQ 3+3 6 LQLWLHU j OD JHVWLRQ GH EDVH GH GRQQpHV DYHF 0\64/ 3238/$7,21 &21&(51e( :HEPDVWHU JUDSKLVWH PXOWLPpGLD FRUUHVSRQGDQW HW FRQWULEXWHXU :HE 7RXWH SHUVRQQH VRXKDLWDQW FUpHU GHV SDJHV G\QDPLTXHV DYHF 3+3 0\64/ 352*5$00( /HV EDVHV GX ODQJDJH 3+3 6WUXFWXUH GHV SURJUDPPHV /HV W\SHV GH YDULDEOHV /HV WHVWV LI HOVH VZLWFK /HV ERXFOHV IRU GR ZKLOH /HV YDULDEOHV V\VWqPH /HV IRQFWLRQV GH EDVH FKDvQHV GH FDUDFWqUHV GDWHV LPDJHV Â¿FKLHUV PHVVDJHULH &UpHU GHV IRQFWLRQV GHV ELEOLRWKqTXHV 3DVVHU GHV SDUDPqWUHV j XQH SDJH 5pFXSpUHU OHV LQIRUPDWLRQV G XQ IRUPXODLUH 0pPRULVHU GHV LQIRUPDWLRQV GDQV GHV &RRNLHV *pUHU OHV VHVVLRQV &UpHU XQ IRUPXODLUH SRXU XQ DFFqV VpFXULVp 6H FRQQHFWHU j XQH EDVH GH GRQQpHV 0\64/ DYHF 3+3 &UpHU XQH WDEOH OHV GLá‚‡pUHQWV W\SHV GH FKDPSV ,QVpUHU GHV HQUHJLVWUHPHQWV 0HWWUH j MRXU GHV HQUHJLVWUHPHQWV 6XSSULPHU GHV HQUHJLVWUHPHQWV /H ODQJDJH 64/ 6(/(&7 ,16(57 '(/(7( 83'$7( *pUHU OHV LQIRUPDWLRQV G XQH EDVH GH GRQQpHV ,QWHUURJHU XQH EDVH GH GRQQpHV j WUDYHUV XQ IRUPXODLUH $á‚ˆFKHU GHV UpVXOWDWV GDQV XQ WDEOHDX &UpHU GHV PHQXV GpURXODQWV 6DLVLU GDQV XQ IRUPXODLUH HW HQYR\HU GDQV XQH EDVH &RQWU{OHU OD VDLVLH HW JpUHU OHV HUUHXUV $MRXWHU GHV LQIRUPDWLRQV PHWWUH j MRXU VXSSULPHU GDQV XQH EDVH 2XYULU XQH VHVVLRQ DYHF XQ DFFqV VpFXULVp (QUHJLVWUHU OHV GRQQpHV GH FRQQH[LRQ 1DYLJDWLRQ SHUVRQQDOLVpH HQ IRQFWLRQ G XQ SURÂ¿O 7HVWHU O H[LVWHQFH G XQ Â¿FKLHU /LVWHU GHV Â¿FKLHUV G XQ UpSHUWRLUH &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5( &21&(37,21 ' 81( $33/,&$7,21 :(% $9(& 0,&5262)7 9,68$/ 678',2 $63 1(7

6e0,1$,5( 6e&85,7e '(6 5e6($8;

'85e( &LQT MRXUV

2%-(&7,)6 8WLOLVDWLRQ GH 0LFURVRIW 9LVXDO 6WXGLR 1(7 HW GHV ODQJDJHV EDVpV VXU 0LFURVRIW 1(7 &UpDWLRQ GH IRUPXODLUHV :HE 0LFURVRIW $63 1(7 7UDoDJH GHV DSSOLFDWLRQV :HE 0LFURVRIW $63 1(7 $FFqV DX[ GRQQpHV j O DLGH GH 0LFURVRIW $'2 1(7 $SSHO GH SURFpGXUHV VWRFNpHV j O DLGH GH 0LFURVRIW $'2 1(7 8WLOLVDWLRQ HW FUpDWLRQ GH VHUYLFHV :HE ;0/ &RQÂ¿JXUDWLRQ RSWLPLVDWLRQ HW GpSORLHPHQW G XQH DSSOLFDWLRQ :HE 0LFURVRIW $63 1(7 3238/$7,21 &21&(51e( ,QJpQLHXU RX 76 HQ LQIRUPDWLTXH TXL RQW GHV EDVHV HQ SURJUDPPDWLRQ

2%-(&7,)6 5HFHQVHU OHV SUREOqPHV GH VpFXULWp UHODWLIV DX[ V\VWqPHV HW UpVHDX[ 8WLOLVHU OHV SULQFLSDX[ RXWLOV GH YpULÂ¿FDWLRQ HW GH SURWHFWLRQ SRXU PHWWUH HQ SODFH GHV )LUHZDOOV

35( 5(48,6 &RQQDLVVDQFH GX VWDQGDUG ;0/ HW GX ODQJDJH +70/ &RQQDLVVDQFH GH 06 9LVXDO %DVLF RX & VRXKDLWpH

352*5$00( 3UpVHQWDWLRQ GX )UDPHZRUN 1(7 $63 1(7 HW LQLWLDWLRQ G XQ SURMHW :HE DYHF 0LFURVRIW $63 1(7 &UpDWLRQ GH IRUPXODLUHV j O DLGHG GH :HEIRUPV &RQWU{OHV GH VHUYHXUV &RGH VRXV MDFHQW *HVWLRQ GHV pYpQHPHQWV 'pERJDJH HW WUDoDJH GHV DSSOLFDWLRQV &RQWU{OHV GH YDOLGDWLRQ &RQWU{OHV XWLOLVDWHXUV &UpDWLRQ FRQÂ¿JXUDWLRQ HW FRQQH[LRQ j XQH EDVH GH GRQQpHV 06 64/ 6HUYHU 3UpVHQWDWLRQ GH $'2 1(7 'DWD VHWV &RQWU{OHV GH GRQQpHV HW 'DWD%LQGLQJ 3URFpGXUHV VWRFNpHV 6HUYLFHV :(% ;0/ 9DULDEOHV GH FHVVLRQ HW 9DULDEOHV G DSSOLFDWLRQ &RRNLHV / 2EMHW &DFKH HW OH FDFKH GH VRUWLH GH $63 1(7 'pSORLHPHQW G XQH DSSOLFDWLRQ :HE &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

3238/$7,21 &21&(51e( $GPLQLVWUDWHXUV V\VWqPHV FRQÂ¿UPpV D\DQW XQH FRQQDLVVDQFH GHV UpVHDX[ 7&3 ,3

352*5$00( ,QWURGXFWLRQ j OD VpFXULWp /H PRGqOH 26, HW OD VXLWH GHV SURWRFROHV 7&3 ,3 /HV FRQWUH DWWDTXHV Â¿OWUDJH GH SDTXHWV

7HFKQLTXHV GH Â³ )LUH ZDOO Â³ HW GH OXWWH FRQWUH OHV YLUXV 7HFKQLTXHV HW RXWLOV GH GpWHFWLRQ GÂ¶LQWUXVLRQ

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5( /( /$1*$*( 3+3 (7 /( 6*%' 0\64/

6e0,1$,5(6

6e0,1$,5( )250$7,21 5(9,7 0(3 ,1,7,$7,21 (7 3(5)(&7,211(0(17

6e0,1$,5( ,6$ 6(59(5

'85e( &LQT MRXUV

'85e( 'L[ MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 0DLWULVHU OD PLVH HQ RHXYUH GHV VHUYLFHV DFWLYH GLUHFWRU\ 5pVRXGUH OHV SUREOqPHV G DFWLYH GLUHFWRU\

2%-(&7,)6 0DLWULVHU UHYLW 0(3

3238/$7,21 &21&(51e( &H FRXUV V DGUHVVH SULQFLSDOHPHQW j GHV VSpFLDOLVWHV GH OD WHFKQRORJLH $FWLYH 'LUHFWRU\ GHV DGPLQLVWUDWHXUV GH VHUYHXUV HW GHV DGPLQLVWUDWHXUV G HQWUHSULVH TXL VRXKDLWHQW DSSUHQGUH j LPSOpPHQWHU $FWLYH 'LUHFWRU\ GDQV XQ HQYLURQQHPHQW GLVWULEXp j VpFXULVHU GHV GRPDLQHV j O DLGH G XQH VWUDWpJLH GH JURXSH

352*5$00( 3DUWLH ,QLWLDWLRQ

2%-(&7,)6 6DYRLU FRQÂ¿JXUHU XQ SDUH IHX GH IDoRQ Â¿DEOH HW LUUpSURFKDEOH $SSUHQGUH j LQWpJUHU OH SDUH IHX HW OD PHVVDJHULH Ã‡WUH j PrPH G LQWpJUHU OH SDUH IHX HW OH 931 GDQV OH FDGUH G XQH VROXWLRQ GH PRELOLWp VpFXULVpH

352*5$00( ,PSOpPHQWDWLRQ GHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ &RQÂ¿JXUDWLRQ GX VHUYLFH GH QRPV GH GRPDLQH SRXU OHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ &RQÂ¿JXUDWLRQ GHV REMHWV HW DSSUREDWLRQV $FWLYH 'LUHFWRU\ &RQÂ¿JXUDWLRQ GHV VLWHV GHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ HW GH OD UpSOLFDWLRQ &UpDWLRQ HW FRQÂ¿JXUDWLRQ G XQH VWUDWpJLH GH JURXSH &RQÂ¿JXUDWLRQ GHV HQYLURQQHPHQWV XWLOLVDWHXU j O DLGH G XQH VWUDWpJLH GH JURXSH ,PSOpPHQWDWLRQ GH OD VpFXULWp j O DLGH G XQH VWUDWpJLH GH JURXSH 0LVH HQ RHXYUH G XQ SODQ GH FRQWU{OH GH VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ ,PSOpPHQWDWLRQ G XQ SODQ GH PDLQWHQDQFH GHV VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ 5pVROXWLRQ GHV SUREOqPHV OLpV DX[ VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ $' '6 DX V\VWqPH '16 HW j OD UpSOLFDWLRQ 5pVROXWLRQ GHV SUREOqPHV GH VWUDWpJLH GH JURXSH ,PSOpPHQWDWLRQ G XQH LQIUDVWUXFWXUH GH VHUYLFHV GH GRPDLQH $FWLYH 'LUHFWRU\ÂŠ

0LVH HQ SODFH G XQ SURMHW 0(3

6e0,1$,5( &21),*85$7,21 (7 5e62/87,21 '(6 352%/ÃŠ0(6 '(6 6(59,&(6 '( '20$,1( $&7,9( ',5(&725<ÂŠ :,1'2:6 6(59(5ÂŠ

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

,QWURGXFWLRQ HW SUpVHQWDWLRQ UHYLW 0(3 2XWLOV GH FUpDWLRQ GH EDVH 2XWLOV G pGLWLRQ GH EDVH

3238/$7,21 &21&(51e( $GPLQLVWUDWHXU UpVHDX[ 5HVSRQVDEOH GH VpFXULWp LQIRUPDWLTXH

3DUWLH 3HUIHFWLRQQHPHQW 9XHV )DPLOOHV GH FRPSRVDQWV 6\VWqPH GH FYF FKDXá‚‡DJH YHQWLODWLRQ FOLPDWLVDWLRQ

6\VWqPH GH WX\DXWHULH 6\VWqPHV GH SORPEHULH 6\VWqPHV GH SURWHFWLRQ LQFHQGLH 6\VWqPHV pOHFWULTXHV 'pWDLOOHU 'RFXPHQWDWLRQ ,PSUHVVLRQ HW H[SRUWDWLRQ

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

352*5$00( 3UpVHQWDWLRQ GH 0LFURVRIW ,6$ 6HUYHU ,QVWDOODWLRQ HW PDLQWHQDQFH G ,6$ 6HUYHU $FFqV DX[ UHVVRXUFHV ,QWHUQHW ,6$ 6HUYHU &RQÂ¿JXUDWLRQ G ,6$ 6HUYHU HQ WDQW TXH SDUH IHX $FFqV DX[ UHVVRXUFHV LQWHUQHV ,QWpJUDWLRQ G ,6$ 6HUYHU HW GH 0LFURVRIW ([FKDQJH 6HUYHU )LOWUDJH DYDQFp SRXU OHV DSSOLFDWLRQV HW OH :HE &RQÂ¿JXUDWLRQ G XQ DFFqV 931 SRXU GHV UpVHDX[ HW GHV FOLHQWV GLVWDQWV 0LVH HQ RHXYUH G XQ FDFKH SRXU DPpOLRUHU OHV SHUIRUPDQFHV 6XUYHLOODQFH G ,6$ 6HUYHU 0LVH HQ RHXYUH G ,6$ 6HUYHU (QWHUSULVH (GLWLRQ 0LVH HQ RHXYUH G ,6$ 6HUYHU (QWHUSULVH (GLWLRQ SDUH IHX 0LVH HQ RHXYUH G ,6$ 6HUYHU (QWHUSULVH (GLWLRQ 931 HQWUH VLWHV

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(

/2*,&,(/ &$1(&2

/2*,&,(/ $872&$' &,9,/ '

+70/ (7 &66

'85e( 'L[ MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 &RQFHYRLU DQDO\VHU GHV SURMHWV G LQIUDVWUXFWXUH GH 95' HW G HQYLURQQHPHQW

2%-(&7,)6 ([SORLWHU WRXWHV OHV UHVVRXUFHV GX +70/ &UpHU GHV SDJHV :HE GH TXDOLWp

0RGpOLVHU GHV LQIRUPDWLRQV VXU OHV EkWLPHQWV JpQLH FLYLO

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH TXL VRXKDLWHQW FUpHU RX PHWWUH j MRXU GHV SDJHV :HE

'85e( 'L[ MRXUV

2%-(&7,)6 $SSUHQGUH j XWLOLVHU OH ORJLFLHO HW PDLWULVHU VHV IRQFWLRQQDOLWpV DYDQFpHV 3238/$7,21 &21&(51e( $GPLQLVWUDWHXU UpVHDX[ 5HVSRQVDEOH GH VpFXULWp LQIRUPDWLTXH

352*5$00( 3DUWLH 1RWLRQV 7KpRULTXHV VXU OH GLPHQVLRQQHPHQW G XQH LQVWDOODWLRQ pOHFWULTXH 1RUPH 1)& &DOFXO G XQ ELODQ GH SXLVVDQFH &DOFXO G XQ FRXUDQW GH FRXUW FLUFXLW 5pJLPH GX QHXWUH *XLGH GH FRQFHSWLRQ G XQH LQVWDOODWLRQ pOHFWULTXH 3DUWLH /RJLFLHO &$1(&2 %7 GH GLPHQVLRQQHPHQW G XQH LQVWDOODWLRQ pOHFWULTXH

352*5$00( /HV EDVHV GX +70/ &UpHU XQH SDJH +70/ ,QVpUHU GHV LPDJHV HW GHV VRQV GDQV XQH SDJH 0HWWUH HQ SDJH DYHF OHV WDEOHDX[ 'pÂ¿QLU OD QDYLJDWLRQ DYHF OHV OLHQV K\SHUWH[WHV &UpHU O LQWHUDFWLYLWp DYHF OHV IRUPXODLUHV )UDJPHQWHU OHV IHQrWUHV DYHF OHV FDGUHV %LHQ XWLOLVHU OHV IHXLOOHV GH VW\OH &66

*HVWLRQ GHV GRFXPHQWV (QYLURQQHPHQW GH WUDYDLO /HV SRLQWV /D PRGpOLVDWLRQ /H WHUUDVVHPHQW RX WDOXWDJH

3URMHWV ' DYDQFpV

3ULVH HQ PDLQ GX ORJLFLHO &$1(&2 %7 &UpDWLRQ HW FDOFXO G XQH VRXUFH G DOLPHQWDWLRQ &UpDWLRQ PRGLÂ¿FDWLRQ GHV FLUFXLWV XQLÂ¿ODLUH WDEOHDX

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5(

6e0,1$,5(6

6e0,1$,5( /2*,&,(/ ' ,1*e1,(5,( (7 '( &21&(37,21 &$7,$ 9 1,9($8

6e0,1$,5( /2*,&,(/ 0(1685$

'85e( 'L[ MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 / REMHFWLI SULQFLSDO GH FHWWH IRUPDWLRQ HVW GH IDPLOLDULVHU OHV pOqYHV DYHF OD PRGpOLVDWLRQ ' GHV SLqFHV PpFDQLTXHV D\DQW GLá‚‡pUHQWHV IRUPHV JpRPpWULTXHV /H FRXUV YLVH O XWLOLVDWLRQ GH &$7,$ 9 pWDQW OH ORJLFLHO GH SRLQWH XWLOLVp GDQV SOXVLHXUV JUDQGHV HW SHWLWHV HQWUHSULVHV VXUWRXW HQ DpURQDXWLTXH FRPPH %RPEDUGLHU

2%-(&7,)6 &H SURJUDPPH YLVH j GpYHORSSHU OHV FRPSpWHQFHV QpFHVVDLUHV DÂ¿Q GH FRQFHYRLU j O DLGH GX ORJLFLHO &$7,$ GHV GHVVLQV HQ WURLV GLPHQVLRQV UpSRQGDQW DX[ EHVRLQV GLYHUVLÂ¿pV GHV HQWUHSULVHV ,O SHXW pJDOHPHQW PRGLÂ¿HU HW DGDSWHU WRXW GHVVLQ G REMHW HQ YXH GH OD IDEULFDWLRQ GH OD FRQVWUXFWLRQ RX GH WRXWH DXWUH XWLOLVDWLRQ

2%-(&7,)6 $ OD Â¿Q GH OD IRUPDWLRQ OHV VWDJLDLUHV YRQW SRXYRLU UpDOLVHU GHV SURMHWV GH WRSRJUDSKLH YRLULH HW DVVDLQLVVHPHQW

3238/$7,21 &21&(51e( &HWWH IRUPDWLRQ HVW DGDSWpH j WRXV OHV VHFWHXUV GH OD PpFDQLTXH DpURQDXWLTXH HW VSDWLDO DXWRPRELOH IHUURYLDLUH HQJLQV GH PDQXWHQWLRQ LQGXVWULHV QDYDO HW GpIHQVH pQHUJLH HW QXFOpDLUH VFLHQFHV GH OD YLH WpOpFRPV pOHFWURQLTXHV HW ORJLFLHOV H[SORLWDWLRQ HW PDLQWHQDQFH LPDJHULH HW PpGLFDO (OOH V DGUHVVH DX[ WHFKQLFLHQV HW DX[ LQJpQLHXUV GX FRQFHSWLRQ HW VLPXODWLRQ PpFDQLTXH GHV EXUHDX[ G pWXGHV HW GHV VHUYLFHV PpWKRGHV TXDOLWp FRQWU{OH HW SURGXFWLRQ 352*5$00( &RPSUHQGUH O LQWHUIDFH &$7,$ 9 'pÂ¿QLU OD FRQVWUXFWLRQ G XQH SLqFH DÂ¿Q G REWHQLU FRUUHFWHPHQW VHV GLá‚‡pUHQWV DVSHFWV &UpHU GHV SLqFHV VLPSOHV GDQV &$7,$ 9 $SSUHQGUH j JpUHU GHV SLqFHV GDQV OH FRQWH[WH G XQ DVVHPEODJH 6DYRLU LQVpUHU HW SRVLWLRQQHU GHV SLqFHV DX VHLQ G XQ DVVHPEODJH HQ XWLOLVDQW OHV GLá‚‡pUHQWHV IRQFWLRQQDOLWpV GH O DWHOLHU $VVHPEO\ GHVLJQ 3URGXLUH GHV SODQV GH GpWDLO HW G HQVHPEOH &UpDWLRQ G XQH SLqFH PpFDQLTXH VLPSOH DYHF PLVH HQ SODQ ,QLWLDWLRQ j OD PRGpOLVDWLRQ GH VXUIDFH ,QWURGXFWLRQ DX[ PpWKRGHV pOpPHQWV Â¿QLV :HOG 'HVLJQ 0RGpOLVHU O DVVHPEODJH GH SLqFHV PpFDQLTXH SDU VRXGXUH 5HSUpVHQWHU HW SDUDPpWUHU OHV FRUGRQV GH VRXGXUH &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

3238/$7,21 &21&(51e( ,QJpQLHXUV WHFKQLFLHQV RX WRXWH SHUVRQQH VRXKDLWDQW PDLWULVHU 0(1685$

352*5$00( 0RGXOH '$2 0RGXOH WHUUDLQ 0RGXOH FRXUEHV GH QLYHDX 0RGXOH WHUUDVVHPHQW 0RGXOH SURMHW OLQpDLUH 0RGXOH JLUDWRLUH 0RGXOH DVVDLQLVVHPHQW ,PSUHVVLRQ HW H[SRUWDWLRQ

*HQHUDWLYH 3DUW $VVHPEO\ :LUHIUDPH 6XUIDFH *HQHUDWLYH 'UDIWLQJ 6KHHW 0HWDO 'HVLJQ HW 6KHHW 0HWDO 3URGXFWLRQ W{OHULH

'08 )LWWLQJ 6LPXODWRU VLPXODWLRQ GH PRQWDJH 6WUXFWXUH 'HVLJQ )(0 6XUIDFH '08 .LQHPDWLFV 6LPXODWRU ' )XQFWLRQDO 7ROHUDQFLQJ $QQRWDWLRQO $[LV 6XUIDFH 0DFKLQLQJ XVLQDJH D[HV

/ DWHOLHU :HOG 'HVLJQ &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

/2*,&,(/ 62/,' :25.6 '85e( 4XLQ]H MRXUV

6e0,1$,5(

)250$7,21 $50$&$' ,1,7,$7,21 '85e( &LQT -RXUV

2%-(&7,)6 0DvWULVHU PLHX[ OH 6ROLG:RUNV SDU O XWLOLVDWLRQ GHV IRQFWLRQV HW RXWLOV DYDQFpV $QDO\VHU OH WUDYDLO SRXU XQH PHLOOHXUH TXDOLWp 352*5$00(

3LqFH %% $VVHPEODJH && 0LVH HQ SODQ '' 7{OHULH (( &RQVWUXFWLRQ VRXGpHV )) 2XWLOV GH PRGpOLVDWLRQ VXUIDFLTXH

5$&&25'(0(17 (7 0$,17(1$1&( '(6 &Ã†%/(6 $ ),%5( 237,48( '85e( 4XLQ]H -RXUV

2%-(&7,)6 8WLOLVHU OHV IRQFWLRQQDOLWpV GH EDVHV GX ORJLFLHO $UPDFDG 5pDOLVHU WRXV W\SHV GH GHVVLQ HQ UDSSRUW DYHF VHV SURMHWV 3238/$7,21 &21&(51e( 7HFKQLFLHQ LQJpQLHXUV HW GHVVLQDWHXUV HQ EpWRQV DUPpV LQJpQLHXUV JpQLH FLYLO DUFKLWHFWHV 352*5$00(

,QWURGXFWLRQ 0RGLÂ¿FDWLRQ /HV $WWULEXWV 5HSpUDJHV 7DEOHDX GH QRPHQFODWXUHV 3DUDPpWUDJH HW SHUVRQQDOLVDWLRQ 2XWLOV GH GHVVLQ $VVLVWDQW /HV RSWLRQV XWLOLVDWHXUV

2%-(&7,)6

$SSUHQGUH OHV FRQFHSWV GH O RSWLTXH &RQQDvWUH OHV FDXVHV GH GLVWRUVLRQ GX VLJQDO RSWLTXH OHV VRXUFHV HW OHV GpWHFWHXUV $SSUHQGUH j IDLUH OHV UDFFRUGHPHQWV $SSUHQGUH j PDLQWHQLU OHV FkEOHV j Â¿EUH RSWLTXH $SSUHQGUH j XWLOLVHU 27'5 6285&(6 :$770(75( HW 9)/ 3238/$7,21 &21&(51e( 7HFKQLFLHQ LQJpQLHXUV 352*5$00(

3URJUDPPH 3DUWLH WKpRULTXH &RQFHSWV GH O RSWLTXH /D Â¿EUH RSWLTXH /HV FRQGLWLRQV GH SURSDJDWLRQ RSWLPDOH &ODVVLÂ¿FDWLRQ GHV Â¿EUHV 3URSDJDWLRQ GH OD OXPLHUH GDQV OD Â¿EUH 'LVWRUVLRQ GX VLJQDO RSWLTXH GDQV OD Â¿EUH /HV VRXUFHV HW OHV GHWHFWHXUV

3DUWLH SUDWLTXH 5DFFRUGHPHQW GHV FkEOHV j Â¿EUHV RSWLTXHV 0DLQWHQDQFH GHV FkEOHV j Â¿EUHV RSWLTXHV 27'5 6285&(6 :$770(75( HW 9)/

&RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5(

,QWURGXFWLRQ j *QX /LQX[ &RPSUHQGUH OD WUDQVIRUPDWLRQ 5HGKDW (QWUHSULVH /LQX[ GLJLWDOH GHV HQWUHSULVHV HVVHQWLDOV 5+ 5+

'85e( 4XLQ]H MRXUV

'85e( &LQT -RXUV

6e0,1$,5( &2%,7 XQ UpIpUHQWLHO FRPSOHW SRXU OD JRXYHUQDQFH HW OH PDQDJHPHQW GHV V\VWqPHV G LQIRUPDWLRQ GH O HQWUHSULVH

'85e( 4XLQ]H -RXUV

2%-(&7,)6

2%-(&7,)6 3HUPHWWUH j XQ XWLOLVDWHXU 5HG +DW (QWHUSULVH /LQX[ GH GHYHQLU SURGXFWLI GDQV O XWLOLVDWLRQ HW OD SHUVRQQDOLVDWLRQ G XQ V\VWqPH 5HG +DW SRXU OHV SURFHVVXV FRPPXQV HQ OLJQH GH FRPPDQGH HW OHV WkFKHV GH EXUHDX HW G rWUH SUrW j DSSUHQGUH O DGPLQLVWUDWLRQ V\VWqPH 5+ 3238/$7,21 &21&(51e( 8WLOLVDWHXUV QRYLFHV HQ /LQX[ HW Q D\DQW DXFXQH FRPSpWHQFH 81,; RX OLJQH GH FRPPDQGH VRXKDLWDQW GpYHORSSHU HW SUDWLTXHU OHV SULQFLSHV GH EDVH SRXU XWLOLVHU HW FRQWU{OHU OHXU SURSUH V\VWqPH 5HG +DW /LQX[

2%-(&7,)6

$SSUHQGUH OHV FRQFHSWV GH OD GLJLWDOLVDWLRQ HW GH OD WUDQVIRUPDWLRQ GLJLWDOH ,GHQWLÂ¿HU OHV HQMHX[ FRQFUHWV GH FHWWH WUDQVIRUPDWLRQ SRXU OHV HQWUHSULVHV

$LGHU OHV HQWUHSULVHV j WLUHU OH PD[LPXP GHV WHFKQRORJLHV GH O LQIRUPDWLRQ HQ PDLQWHQDQW O pTXLOLEUH HQWUH OD UpDOLVDWLRQ GH EpQpÂ¿FHV O RSWLPLVDWLRQ GHV QLYHDX[ GH ULVTXH HW O XWLOLVDWLRQ GHV UHVVRXUFHV

6DLVLU OD QDWXUH GX FKDQJHPHQW HW GH OD UXSWXUH DWWHQGXV GH FHWWH WUDQVIRUPDWLRQ

&2%,7 HVW JpQpULTXH HW XWLOH SRXU OHV HQWUHSULVHV GH WRXWHV WDLOOHV TX LO V DJLVVH G RUJDQLVDWLRQV FRPPHUFLDOHV G RUJDQLVPHV VDQV EXW OXFUDWLI RX GX VHFWHXU SXEOLF

,GHQWLÂ¿HU OHV FKDQWLHUV GH FHWWH WUDQVIRUPDWLRQ SRXU OHV HQWUHSULVHV

3238/$7,21 &21&(51e(

&RPSUHQGUH O pPHUJHQFH GHV SODWHIRUPHV GH OD WUDQVIRUPDWLRQ GLJLWDOH

3238/$7,21 &21&(51e( 'LUHFWHXUV HW PDQDJHUV G HQWUHSULVHV HQWUHSUHQHXUV HW DXWR HQWUHSUHQHXUV WRXWH SHUVRQQH VRXKDLWDQW FRPSUHQGUH HW SDUWLFLSHU j OD WUDQVIRUPDWLRQ GLJLWDOH GH VRQ HQWUHSULVH

352*5$00( +LVWRULTXH GH O 2SHQ 6RXUFH HW GH OD GLVWULEXWLRQ /LQX[ 3UpVHQWDWLRQ GH 5HG +DW (QWHUSULVH /LQX[ ([pFXWLRQ GHV FRPPDQGHV HW REWHQLU GH O DLGH 1DYLJDWLRQ GDQV OH V\VWqPH GH Â¿FKLHUV 8WLOLVDWLRQ GX 6KHOO EDVK &RPSUHQGUH HW XWLOLVHU OHV SHUPLVVLRQV GHV XWLOLVDWHXUV HW GHV JURXSHV 3ULQFLSHV GH EDVH GHV pGLWHXUV YL YLP &RPSUHQGUH OH V\VWqPH GH Â¿FKLHU /LQX[ &RQÂ¿JXUDWLRQ GH 6KHOO EDVK 9XH G HQVHPEOH HW DSSURIRQGLH VXU OHV XWLOLVDWHXUV JURXSHV HW SHUPLVVLRQV 7UDLWHPHQW GH FKDvQHV DYHF OHV H[SUHVVLRQV UpJXOLqUHV 7URXYHU HW WUDLWHU GHV Â¿FKLHUV ([DPLQHU HW JpUHU OHV SURFHVVXV &RPSUHQGUH OH FOLHQW UpVHDX (FULWXUH GHV VFULSWV 6KHOO GH EDVK

352*5$00( &RPSUHQGUH OH FRQFHSW GH OD GLJLWDOLVDWLRQ 3RXUTXRL O HQWUHSULVH WUDGLWLRQQHOOH GRLW SUHQGUH HQ FRPSWH OH SKpQRPqQH GH GLJLWDOLVDWLRQ " /D GLJLWDOLVDWLRQ SHXW HOOH FRQGXLUH j OD WUDQVIRUPDWLRQ GLJLWDOH GHV HQWUHSULVHV " /HV HQMHX[ GH OD WUDQVIRUPDWLRQ GLJLWDOH GHV HQWUHSULVHV /HV FKDQWLHUV GH OD WUDQVIRUPDWLRQ GLJLWDOH GHV HQWUHSULVHV /D SODWHIRUPH GH OD WUDQVIRUPDWLRQ GLJLWDOH GHV HQWUHSULVHV &RQFOXVLRQ

&RQWDFW 'pSDUWHPHQW ',

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

)RXUQLU XQ UpIpUHQWLHO FRPSOHW TXL DLGH OHV HQWUHSULVHV j DWWHLQGUH OHXUV REMHFWLIV HQ PDWLqUH GH JRXYHUQDQFH HW GH PDQDJHPHQW GHV V\VWqPHV G LQIRUPDWLRQ

7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

&2%,7 V DGUHVVH WRXW SDUWLFXOLqUHPHQW DX[ UHVSRQVDEOHV HW SURIHVVLRQQHOV LPSOLTXpV GDQV XQH GpPDUFKH GH JRXYHUQDQFH HW GH PDQDJHPHQW GHV V\VWqPHV G LQIRUPDWLRQ GDQV OHV GRPDLQHV GH O DVVXUDQFH TXDOLWp GH OD VpFXULWp GHV ULVTXHV GH OD FRQÂ¿GHQWLDOLWp HW GH OD FRQIRUPLWp 'LUHFWHXUV FRQWU{OHXUV DXGLWHXUV FRQVXOWDQWV HW FROODERUDWHXUV DLQVL TX DX[ UHVSRQVDEOHV PpWLHUV GHV GLá‚‡pUHQWHV SDUWLHV SUHQDQWHV GDQV OH 6,

352*5$00( 9XH G HQVHPEOH GH &2%,7 ,QWURGXFWLRQ DX[ SULQFLSHV GH &2%,7 5pSRQGUH DX[ EHVRLQV GHV SDUWLHV SUHQDQWHV &RXYULU O HQWUHSULVH GH ERXW HQ ERXW $SSOLTXHU XQ UpIpUHQWLHO XQLTXH HW LQWpJUp )DFLOLWHU XQH DSSURFKH JOREDOH 'LVWLQJXHU OD JRXYHUQDQFH GX PDQDJHPHQW 2ULHQWDWLRQV GH PLVH HQ Â°XYUH GH &2%,7 &RUUHVSRQGDQFH GpWDLOOpH HQWUH OHV REMHFWLIV G HQWUHSULVH HW OHV REMHFWLIV OLpV DX[ WHFKQRORJLHV GH O LQIRUPDWLRQ &RUUHVSRQGDQFH GpWDLOOpH HQWUH OHV REMHFWLIV HW OHV SURFHVVXV OLpV DX[ WHFKQRORJLHV GH O LQIRUPDWLRQ %HVRLQV GHV SDUWLHV SUHQDQWHV HW REMHFWLIV G HQWUHSULVH &RUUHVSRQGDQFH HQWUH &2%,7 HW OHV QRUPHV HW UpIpUHQWLHOV FRQQH[HV OHV SOXV SHUWLQHQWV &RPSDUDLVRQ HQWUH OH PRGqOH G LQIRUPDWLRQ GH &2%,7 HW OHV FULWqUHV G LQIRUPDWLRQ GH &2%,7 'HVFULSWLRQ GpWDLOOpH GHV IDFLOLWDWHXUV GH &2%,7 &DV SUDWLTXH &RQWDFW 'pSDUWHPHQW ', 7pO )D[ (PDLO LQIBLQSHG#\DKRR IU

6e0,1$,5(6

6e0,1$,5(

6e0,1$,5(6

6(0,1$,5( )250$7,21 '( )250$7(856 (9$/8$7,21 7(67,1* 678'(176

6(0,1$,5( )250$7,21 '( )250$7(856 7($&+,1* 5($',1*

'85e( &LQT MRXUV

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU OHV WHFKQLTXHV GX UHDGLQJ

3238/$7,21 &21&(51e(

3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH $QJODLVH

352*5$00(

)250$7(856

0$1$*,1* &/$66(6 '85e( 'HX[ MRXUV

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU FRPPHQW WHVWHU OHV DSSUHQDQWV

&H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH $QJODLVH

6(0,1$,5( )250$7,21 '(

7KH FKDUDFWHULVWLFV RI WHVWV GLá‚‡HUHQW W\SHV RI WHVWV FKDUDFWHULVWLFV RI D JRRG WHVW 7\SHV RI WHVWV LWHP GLUHFW DQG LQGLUHFW WHVW LWHPV LQGLUHFW WHVW LWHP W\SHV GLUHFW WHVW LWHP W\SHV :ULWLQJ DQG PDUNLQJ WHVWV ZULWLQJ WHVWV PDUNLQJ WHVWV 7HDFKLQJ WKH WHVW 9LGHR PDNLQJ DFWLYLWLHV FUHDWLYH LGHDV ZRUNLQJ ZLWK ODQJXDJH JHWWLQJ HYHU\ RQH LQYROYHG YLGHR DQG WKH WHDFKHU

352*5$00( ([WHQVLYH DQG LQWHQVLYH UHDGLQJ ([WHQVLYH UHDGLQJ ,QWHQVLYH UHDGLQJ WKH UROH RI WKH WHDFKHU ,QWHQVLYH UHDGLQJ WKH YRFDEXODU\ TXHVWLRQ 5HDGLQJ OHVVRQ VHTXHQFHV ([DPSOHV RI UHDGLQJ VHTXHQFHV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU FRPPHQW RUJDQLVHU OH WUDYDLO GH *URXSH ([SOLTXHU O LPSRUWDQFH GX WUDYDLO GH JURXSH &RPPHQW HW TXDQG WUDYDLOOHU HQ JURXSH 3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH $QJODLVH

352*5$00( *URXSLQJ VWXGHQWV :KROH FODVV WHDFKLQJ 7HDFKLQJ VWXGHQW V RQ WKHLU RZQ 3DLU ZRUN *URXS ZRUN 2UJDQLVLQJ SDLU ZRUN RU D JURXS ZRUN 0DNLQJ LW ZRUN &UHDWLQJ SDLUV DQG JURXSV 3URFHGXUHV IRU SDLU ZRUN DQG JURXS ZRUN

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6(0,1$,5( )250$7,21 '( )250$7(856 7($&+,1* 352181&,$7,21

6(0,1$,5( )250$7,21 '( )250$7(856 7($&+,1* :5,7,1*

'85e( 'HX[ MRXUV

'85e( &LQT MRXUV

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU FRPPHQW HQVHLJQHU OD SURQRQFLDWLRQ

3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH $QJODLVH

'85e( &LQT MRXUV

2%-(&7,)6 5HYRLU OHV SULQFLSDOHV WKpRULHV VXU O DSSUHQWLVVDJH GHV ODQJXHV pWUDQJqUHV ([SOLTXHU O LPSRUWDQFH GH O XWLOLVDWLRQ G DFWLYLWpV RULHQWpHV VXU GHV WkFKHV GH FRPPXQLFDWLRQ $QDO\VHU XQ FHUWDLQ QRPEUH G DFWLYLWpV HW HQFRXUDJHU OHV HQVHLJQDQWV j OD FUpDWLRQ GH QRXYHOOHV DFWLYLWpV 3UHVHQWHU XQH GHPRQVWUDWLRQ GH FRXUV XWLOLVDQW O XQH GHV DFWLYLWpV H[DPLQpHV VXLYL G XQ GpEDW 8WLOLVHU O ,QWHUQHW 3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH DQJODLVH 352*5$00( 6HFRQG ODQJXDJH WHDFKLQJ 5HYLHZ RI WKH PDLQ WHDFKLQJ PHWKRGV :RUNVKRS $FWLYLWLHV WR H[HPSOLI\ WZR PDMRU 7HDFKLQJ 0HWKRGV 7HDFKLQJ UHDGLQJ WHFKQLTXHV 3UHVHQWDWLRQ RI GLá‚‡HUHQW UHDGLQJ DFWLYLWLHV 6DPSOH UHDGLQJ OHVVRQV 7HDFKLQJ ZULWLQJ WHFKQLTXHV 6DPSOH ZULWLQJ DFWLYLWLHV /LVWHQLQJ DQG VSHDNLQJ 7KH LPSRUWDQFH RI FRPPXQLFDWLRQ LQ PRGHUQ (QJOLVK FODVVHV 6DPSOH OHVVRQV ( OHDUQLQJ DQG 6HDUFKLQJ WKH ZHE 7HFKQLTXHV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH DQJODLVH 352*5$00( 3URQXQFLDWLRQ LVVXHV SHUIHFWLRQ YHUVXV LQWHOOLJLELOLW\ SUREOHPV WKH SKRQHPLF DOSKDEHW WR XVH RU QRW WR XVH ZKHQ WR WHDFK SURQXQFLDWLRQ ([DPSOHV RI SURQXQFLDWLRQ WHDFKLQJ ZRUNLQJ ZLWK VRXQGV ZRUNLQJ ZLWK VWUHVV ZRUNLQJ ZLWK LQWRQDWLRQ VRXQGV DQG VSHOOLQJ FRQQHFWHG VSHHFK DQG Ã€XHQF\

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

6e0,1$,5(6

6(0,1$,5( )250$7,21 '( )250$7(856 /(6 0e7+2'(6 (7 /(6 7(&+1,48(6 'Â¶(16(,*1(0(17 '( /$ /$1*8( $1*/$,6(

6e0,1$,5(6

6(0,1$,5( )250$7,21 '( )250$7(856

7($&+,1* /,67(1,1* '85e( 'HX[ MRXUV

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU OHV WHFKQLTXHV GX OLVWHQLQJ 3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH $QJODLVH 352*5$00( ([WHQVLYH DQG LQWHQVLYH OLVWHQLQJ ([WHQVLYH OLVWHQLQJ ,QWHQVLYH OLVWHQLQJ XVLQJ WDSHG PDWHULHO ,QWHQVLYH OLVWHQLQJ OLYH OLVWHQLQJ ,QWHQVLYH OLVWHQLQJ WKH UROH RI WKH WHDFKHU OLVWHQLQJ OHVVRQ VHTXHQFHV ([DPSOHV RI OLVWHQLQJ VHTXHQFHV 7KH VRXQG RI PXVLF

6(0,1$,5( )250$7,21 '( )250$7(856

6(0,1$,5( )250$7,21 '( )250$7(856 /($51(5 $872120< $1' 7($&+(5 '(9(/230(17

6(0,1$,5( )250$7,21 '( )250$7(856 7($&+,1* :,7+ 9,'(2 '85e( 'HX[ MRXUV

'85e( 'HX[ MRXUV

2%-(&7,)6 $SSUHQGUH j O DSSUHQDQW j rWUH DXWRQRPH HW DX IRUPDWHXU j FUpHU VHV SURSUHV DFWLYLWpV

2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU FRPPHQW XWLOLVHU OD YLGpR

3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH DQJODLVH

352*5$00( 7KH DXWRQRPRXV OHDUQHU 5RXWHV WR DXWRQRP\ 7KH VHOI DFFHVV FHQWUH $IWHU WKH FRXUVH 7KH GHYHORSLQJ WHDFKHU $FWLRQ UHVHDUFK 3URIHVVLRQDO OLWHUDWXUH 'HYHORSLQJ ZLWK FROOHDJXHV $ EURDGHU YLHZ RI GHYHORSPHQW

352*5$00( 8VLQJ YLGHR LQ ODQJXDJH OHDUQLQJ &RPPRQ YLGHR WHDFKLQJ WHFKQLTXHV 9LGHR ZDWFKLQJ DFWLYLWLHV 9LGHR PDNLQJ DFWLYLWLHV

7($&+,1* 63($.,1* '85e( 'HX[ MRXUV '$7( 0DUV 2FWREUH 2%-(&7,)6 $SSUHQGUH DX IRUPDWHXU OHV WHFKQLTXHV GX VSHDNLQJ 3238/$7,21 &21&(51e( &H VpPLQDLUH HVW GHVWLQp DX[ HQVHLJQDQWV GH OD ODQJXH DQJODLVH 352*5$00( (OHPHQWV RI VSHDNLQJ /DQJXDJH IHDWXUHV 0HQWDO VRFLDO SURFHVVLQJ &ODVVURRP VSHDNLQJ DFWLYLWLHV $FWLQJ IURP D VFULSW &RPPXQLFDWLRQ JDPHV 'LVFXVVLRQV 3UHSDUHG WDONV 4XHVWLRQQDLUHV 6LPXODWLRQ DQG UROH SOD\ 7KH UROHV RI WKH WHDFKHUV 6SHDNLQJ OHVVRQ VHTXHQFHV

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

3(5)(&7,211(0(17 (1 /$1*8(6

3HUIHFWLRQQHPHQW HQ /DQJXHV / HQVHLJQHPHQW GH OD ODQJXH DQJODLVH HVW XQH DQFLHQQH WUDGLWLRQ j O ,13(' & HVW j SDUWLU GH HW DYHF OD FROODERUDWLRQ GX %ULWLVK &RXQFLO TXH IXW FUpp OH 'pSDUWHPHQW GH 3HUIHFWLRQQHPHQW HQ /DQJXH $QJODLVH '3/ /D IRUPDWLRQ HQ ODQJXH DQJODLVH HVW GH SOXV HQ SOXV VSpFLDOLVpH FRPSWH WHQX GHV pYROXWLRQV GX PRQGH GHV Dá‚‡DLUHV 6RXFLHX[ GH UpSRQGUH j OD GHPDQGH GH VHV FOLHQWV O ,13(' SURSRVH GDQV FHWWH pGLWLRQ XQH JDPPH ULFKH HW YDULpH GH QRXYHDX[ SURGXLWV GH IRUPDWLRQ DGDSWpV DX[ VSpFLÂ¿FLWpV GX PDUFKp HW DX[ DWWHQWHV GHV FOLHQWV

/H QRXYHDX FRQWH[WH pFRQRPLTXH PRQGLDO OD GLYHUVLWp GHV SHUVSHFWLYHV HQJHQGUpHV SDU OHV UHODWLRQV LQWHUQDWLRQDOHV DX[ SODQV VFLHQWLÂ¿TXH pFRQRPLTXH HW FXOWXUHO GpPXOWLSOLpHV SDU OÂ¶XVDJH GX ZHE HW GX FRPPHUFH pOHFWURQLTXH RQW JpQpUDOLVp OÂ¶DSSUHQWLVVDJH GHV ODQJXHV LPSRVp DXMRXUGÂ¶KXL FRPPH XQH QpFHVVLWp $ FHW pJDUG O ,13(' SURSRVH GHV IRUPDWLRQV j OD FDUWH SRXU OHV HQWUHSULVHV HW OHV SDUWLFXOLHUV VRXV IRUPH EORTXpH DOWHUQpH RX DPpQDJpH DLQVL TX HQ FRXUV GX VRLU SRXU pWXGLDQWV HW SURIHVVLRQQHOV $ O LVVXH GH FKDTXH IRUPDWLRQ O ,13(' Rá‚‡UH OD SRVVLELOLWp G RUJDQLVHU j OD GHPDQGH GHV HQWUHSULVHV GHV VpMRXUV OLQJXLVWLTXHV HQ *UDQGH %UHWDJQH

&H GpSDUWHPHQW D SRXU PLVVLRQV SULQFLSDOHV G DVVXUHU OD FRQFHSWLRQ OD UpDOLVDWLRQ HW O DQLPDWLRQ GH VWDJHV HQ ODQJXH DQJODLVH j GHV Â¿QV SURIHVVLRQQHOOHV RX VFLHQWLÂ¿TXHV &HOXL FL FRPSWH j VRQ DFWLI GHV PLOOLHUV GH FDGUHV D\DQW VXLYL GHV SURJUDPPHV GLá‚‡pUHQWV WHOV TXH O DQJODLV JpQpUDO WRXV QLYHDX[ O DQJODLV SURIHVVLRQQHO OHV VpPLQDLUHV GHVWLQpV DX[ IRUPDWHXUV HQ ODQJXH DQJODLVH OD SUpSDUDWLRQ DX )&( )LUVW &HUWLÂ¿FDWH LQ (QJOLVK H[DPHQ DFDGpPLTXH EULWDQLTXH

OD SUpSDUDWLRQ j O ,(/76 ,QWHUQDWLRQDO (QJOLVK /DQJXDJH 7HVWLQJ 6\VWHP

OD SUpSDUDWLRQ DX 72()/ 7HVW RI (QJOLVK DV D )RUHLJQ /DQJXDJH SHUPHWWDQW DX[ pWXGLDQWV G DFFpGHU DX[ XQLYHUVLWpV QRUG DPpULFDLQHV

&H SURJUDPPH GX 72()/ LQLWLDOHPHQW GHVWLQp DX[ LQJpQLHXUV GH OD 6RQDWUDFK 5+8 LQVFULWV DX PDVWHU HQ SHWUROHXP HQJLQHHULQJ HVW RXYHUW j WRXV OHV FDQGLGDWV GpVLUHX[ GH UpXVVLU j FHW H[DPHQ OD SUpSDUDWLRQ DX 72(,& 7HVW RI (QJOLVK IRU ,QWHUQDWLRQDO &RPPXQLFDWLRQ SRXU YRXV SUpSDUHU j WUDYDLOOHU GDQV XQ HQYLURQQHPHQW LQWHUQDWLRQDO HW j LQWpJUHU XQH XQLYHUVLWp $QJORSKRQH

/DQJXH IUDQoDLVH /Â¶,13(' RUJDQLVH pJDOHPHQW GHV IRUPDWLRQV GH SHUIHFWLRQQHPHQW HQ ODQJXH IUDQoDLVH DLQVL TXÂ¶XQH SUpSDUDWLRQ DX[ H[DPHQV GX '(/) HW '$/) $XWUHV ODQJXHV /Â¶LQVWLWXW RUJDQLVH DXVVL GHV IRUPDWLRQV HQ ODQJXHV HVSDJQROH ,WDOLHQQH HW $OOHPDQGH 3RXU OHV IRUPDWHXUV HQ ODQJXH DQJODLVH GpVLUHX[ G LQWpJUHU GDQV OHXU FRPSpWHQFH OHV WHFKQLTXHV HW OHV PpWKRGHV PRGHUQHV EDVpHV VXU OHV GHUQLqUHV WHFKQRORJLHV O ,13(' SURSRVH XQH JDPPH GH VpPLQDLUHV GH FRXUWH GXUpH j MRXUV

&HV QLYHDX[ RQW pWp FKRLVLV FRPPH UpIpUHQFH SDU XQ JUDQG QRPEUH GÂ¶LQVWLWXWLRQV GDQV OH PRQGH GX QLYHDX OH SOXV IDLEOH DX QLYHDX OH SOXV pOHYp ,OV VRQW GpÂ¿QLV DLQVL

EHJLQQHU GpEXWDQW

'XUpH PRLV

HOHPHQWDU\ pOpPHQWDLUH

SUH LQWHUPHGLDWH 'XUpH SUp LQWHUPpGLDLUH PRLV

&KDTXH QLYHDX HVW VDQFWLRQQp SDU XQH DWWHVWDWLRQ GH VXFFqV

LQWHUPHGLDWH LQWHUPpGLDLUH

8SSHU LQWHUPHGLDWH LQWHUPpGLDLUH

1RWUH GpPDUFKH SpGDJRJLTXH VH GpFOLQH HQ 8Q ELODQ OLQJXLVWLTXH DX SUpDODEOH 8Q VXLYL ULJRXUHX[ 8QH pYDOXDWLRQ SURJUHVVLYH 8QH Â¿GqOLVDWLRQ GX FOLHQW 'HV IRUPXOHV DGDSWpHV j WRXV OHV EHVRLQV /H 'pSDUWHPHQW GHV /DQJXHV GH OÂ¶,13(' YRXV SURSRVH XQH IRUPDWLRQ DGDSWpH /H U\WKPH GH OD IRUPDWLRQ GpSHQG GHV REMHFWLIV GX VWDJH HW GH YRV GLVSRQLELOLWpV /H YROXPH KRUDLUH SHXW YDULHU HQWUH K HW KHXUHV VHPDLQH &RXUV HQ DOWHUQp )$/' j UDLVRQ GÂ¶XQH VHPDLQH GH K PRLV pWDOpH VXU PRLV &RXUV HQ DOWHUQp j UDLVRQ GH j VpDQFHV SDU VHPDLQH j OD FDUWH (Q FRXUV GX VRLU DYHF WDULIV SURPRWLRQQHOV SRXU OHV pWXGLDQWV

'XUpH PRLV

DGYDQFHG $YDQFp

LIV &RXUV LQWHQV PHQW LFXOLqUH )RUPXOH SDUW XH OH VWDJLDLUH H ORUVT UHFRPPDQGp FWLYHU UDSLGHPHQW pD D EHVRLQ GH U XLVWLTXHV HW J LQ O V H F Q WH p VHV FRPS X[ H[DPHQV VH SUpSDUHU D

3(5)(&7,211(0(17 (1 /$1*8(6

6L[ QLYHDX[ GH FRPSpWHQFH

3(5)(&7,211(0(17 (1 /$1*8(6

)RUPDWLRQ HQ ODQJXH DQJODLVH $QJODLV JpQpUDO &RXUV LQWHQVLIV

$QJODLV WHFKQLTXH $QJODLV GH JHVWLRQ '85e( $QJODLV SRXU OÂ¶LQGXVWULH SpWUROLqUH 6HVVLRQV GH WURLV PRLV $QJODLV DpURQDXWLTXH '$7( '( 'e0$55$*( qUH 6HVVLRQ 0DUV $QJODLV PpGLFDO qPH 6HVVLRQ 6HSWHPEUH $QJODLV GHV $á‚‡DLUHV %XVLQHVV (QJOLVK

2%-(&7,)6 1LYHDX[ $ HW $ 3UpSDUDWLRQ DX[ ([DPHQV 72()/ ,(/76 $FTXLVLWLRQ GHV FRQQDLVVDQFHV GH EDVH HQ ODQJXH DQJODLVH YRFDEXODLUH VWUXFWXUHV JUDPPDWLFDOHV FRPPXQLFDWLRQ RUDOH 3UpSDUDWLRQ DX 7HVW 72(,& HW pFULWH 1LYHDX[ % HW % $SSURIRQGLVVHPHQW GHV FRQQDLVVDQFHV HW GpYHORSSHPHQW GHV DSWLWXGHV j FRPPXQLTXHU (QULFKLVVHPHQW GX YRFDEXODLUH 0DvWULVH GHV VWUXFWXUHV JUDPPDWLFDOHV 1LYHDX[ & HW & 0DvWULVH Dá‚ˆUPpH GH OD ODQJXH DQJODLVH SRXU UpSRQGUH DX[ H[LJHQFHV SURIHVVLRQQHOOHV GDQV FHWWH ODQJXH $ OÂ¶LVVXH GH FH QLYHDX OH VWDJLDLUH VHUD DSWH j VXLYUH XQH SUpSDUDWLRQ DX 72()/ j OÂ¶,(/76 RX DX 72(,& WHVWV SHUPHWWDQW GÂ¶DFFpGHU DX[ 8QLYHUVLWpV eWUDQJqUHV

3238/$7,21 &21&(51e( 1LYHDX[ $ HW $ 5HVSRQVDEOHV HW SDUWLFXOLHUV GpEXWDQWV RX D\DQW GHV FRQQDLVVDQFHV pOpPHQWDLUHV HQ DQJODLV 1LYHDX[ % HW % &DGUHV HW DJHQWV D\DQW GHV FRQQDLVVDQFHV GH EDVH 1LYHDX[ & HW & &DGUHV HW DJHQWV SRVVpGDQW XQH ERQQH FRQQDLVVDQFH GH OD ODQJXH $QJODLVH

&21',7,216 'Â¶$&&(6 7HVW GH QLYHDX 352*5$00( (QVHLJQHPHQW GHV TXDWUH IRQGHPHQWV Â³IRXU VNLOOVÂ´ /LVWHQLQJ 6SHDNLQJ 5HDGLQJ :ULWLQJ

0e7+2'(6 3e'$*2*,48(6 &RXUV GÂ¶$QJODLV JpQpUDO RULHQWpV YHUV OD FRPPXQLFDWLRQ Â³(QJOLVK IRU LQWHUQDWLRQDO FRPPXQLFDWLRQÂ´ /HV DFTXLVLWLRQV VRQW H[SORLWpHV j WUDYHUV GHV MHX[ GH U{OH GHV GLVFXVVLRQV GHV H[HUFLFHV HQ XWLOLVDQW OHV VXSSRUWV WHFKQLTXHV VXLYDQWV 0pWKRGH LQWpUDFWLYH Â³DVVLVWpH SDU RUGLQDWHXUÂ´ 6XSSRUWV DXGLR YLVXHOV

'85e( 6HVVLRQV GH WURLV PRLV '$7( '( 'e0$55$*( qUH 6HVVLRQ $YULO qPH 6HVVLRQ 6HSWHPEUH 2%-(&7,)6 3HUPHWWUH DX[ SDUWLFLSDQWV GH PLHX[ DFFpGHU DX[ DUWLFOHV WH[WHV UpGLJpV HQ DQJODLV VXU GHV VXMHWV WHFKQLTXHV

3DUWLFLSHU j GHV UHQFRQWUHV GHV FROORTXHV GHV VpPLQDLUHV WHQXV GDQV FHWWH ODQJXH 3238/$7,21 &21&(51e( &DGUHV HW WHFKQLFLHQV DSSHOpV j XWLOLVHU OD ODQJXH DQJODLVH GDQV OHXU DFWLYLWp SURIHVVLRQQHOOH VHORQ OHXU GRPDLQH GÂ¶LQWpUrW &21',7,216 'Â¶$&&(6 $YRLU GHV FRQQDLVVDQFHV HQ ODQJXH DQJODLVH 352*5$00( /H SURJUDPPH FRPSUHQG GH OÂ¶DQJODLV JpQpUDO RULHQWp YHUV OD FRPPXQLFDWLRQ Â³(QJOLVK IRU LQWHUQDWLRQDO FRPPXQLFDWLRQÂ´ HW GH OÂ¶DQJODLV WHFKQLTXH VSpFLÂ¿TXH DX VHFWHXU GÂ¶DFWLYLWp HW DMXVWp VHORQ OH EHVRLQ H[SULPp SDU OÂ¶HQWUHSULVH 0e7+2'(6 3e'$*2*,48(6 0pWKRGHV LQWpUDFWLYHV SURJUDPPHV DPpULFDLQV HW %ULWDQQLTXHV 6$1&7,21 '( /$ )250$7,21 &HUWLÂ¿FDW GpOLYUp SDU OÂ¶,13('

2UJDQLVDWLRQ GH 6e0,1$,5(6 DX SURÂ¿W GHV VWDJLDLUHV HW HQVHLJQDQWV GH /DQJXHV

6$1&7,21 '( /$ )250$7,21 &HUWLÂ¿FDW GpOLYUp SDU OÂ¶,13('

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

7pPRLJQDJH

'85e( 6HVVLRQV GH WURLV PRLV '$7(6 '( 'e0$55$*( qUH 6HVVLRQ $YULO qPH 6HVVLRQ 6HSWHPEUH 'HV IRUPDWLRQV GH IUDQoDLV JpQpUDO QLYHDX[ G DSSUHQWLVVDJH GH OD ODQJXH IUDQoDLVH SRXU FDGUHV G HQWUHSULVHV 1LYHDX LQLWLDWLRQ HW GpFRXYHUWH K j UDLVRQ GH KHXUHV SDU VHPDLQH HW H[HUFLFH OH 0DUGL 1LYHDX QLYHDX LQWHUPpGLDLUH K j UDLVRQ GH KHXUHV SDU VHPDLQH 1LYHDX QLYHDX DYDQFp K j UDLVRQ GH KHXUHV SDU VHPDLQH 0DvWULVH GX IUDQoDLV j O pFULW FRPPH j O RUDO SHUPHWWDQW GH VXLYUH Há‚ˆFDFHPHQW OHV FRXUV G XQH XQLYHUVLWp IUDQoDLVH 3UpSDUDWLRQ GHV XQLWpV % % & & GX '(/) HW '$/) /H '(/) HW '$/) 'LSO{PH G (WXGHV HQ /DQJXH )UDQoDLVHÂ´ HW Â³'LSO{PH $SSURIRQGL GH /DQJXH )UDQoDLVHÂ´ VRQW GHV GLSO{PHV IUDQoDLV H[LJpV SDU OHV XQLYHUVLWpV IUDQoDLVHV SRXU WRXW SRVWXODQW pWUDQJHU /HV pSUHXYHV VRQW RUJDQLVpHV SDU OHV FHQWUHV FXOWXUHOV IUDQoDLV j $OJHU $QQDED &RQVWDQWLQH HW 2UDQ

'HV IRUPDWLRQV VSpFLÂ¿TXHV )UDQoDLV SURIHVVLRQQHO SRXU OHV Dá‚‡DLUHV GHVWLQp DX[ FDGUHV G HQWUHSULVHV GLULJHDQWV HW JHVWLRQQDLUHV 0LVH j QLYHDX HQ ODQJXH IUDQoDLVH DX VHUYLFH GHV HQWUHSULVHV IRUPDWLRQ j O ,13(' RX VXU VLWH

'HV FRXUV GH FRPPXQLFDWLRQ RUDOH VWDJLDLUHV PD[LPXP SDU FODVVH /HV FODVVHV VRQW IRUPpHV j SDUWLU GH WHVWV GH QLYHDX SDVVpV j O LQVWLWXW OH MRXU GH O LQVFULSWLRQ /H SURJUDPPH G pWXGH HVW pWDEOL HQ IRQFWLRQ GHV REMHFWLIV SRXUVXLYLV SRXU FKDTXH QLYHDX 'HV SURIHVVHXUV FRPSpWHQWV WRXV GLSO{PpV GH O HQVHLJQHPHQW VXSpULHXU HW VSpFLDOLVpV GDQV O HQVHLJQHPHQW GX IUDQoDLV ODQJXH pWUDQJqUH /HXUV TXDOLWpV SURIHVVLRQQHOOHV HW OHXU H[SpULHQFH JDUDQWLVVHQW GHV UpVXOWDWV UDSLGHV GDQV XQ FDGUH DJUpDEOH

)250$7,21 /$1*8( ,7$/,(11( /$1*8( (63$*12/( /$1*8( $//(0$1'( '85e( 6HVVLRQV GH WURLV PRLV '$7(6 '( 'e0$55$*( qUH 6HVVLRQ $YULO qPH 6HVVLRQ 6HSWHPEUH 2%-(&7,)6 $FTXpULU GHV FRQQDLVVDQFHV GH EDVH HQ ODQJXH FKRLVLH $SSURIRQGLU HW SHUIHFWLRQQHU OHV FRQQDLVVDQFHV DFTXLVHV 0DLWULVHU OHV TXDWUH IRQGHPHQWV GH OD ODQJXH SDUOp pFRXWH pFULW HW OHFWXUH

'HV FRXUV GX VRLU GDQV WRXWHV OHV ODQJXHV VRQW RUJDQLVpV DXSURÂ¿W GHV pWXGLDQWV SRXU XQ YROXPH KRUDLUH GH KHXUHV

3238/$7,21 &21&(51e(

0e7+2'(6 3e'$*2*,48(6

&21',7,216 'Â¶$&&(6

&RXUV GH IUDQoDLV JpQpUDO RULHQWpV YHUV OD FRPPXQLFDWLRQ /HV DFTXLVLWLRQV VRQW H[SORLWpHV j WUDYHUV GHV MHX[ GH U{OH GHV GLVFXVVLRQV GHV H[HUFLFHV HQ XWLOLVDQW OHV VXSSRUWV WHFKQLTXHV VXLYDQWV 0pWKRGH LQWpUDFWLYH Â³DVVLVWpH SDU RUGLQDWHXUÂ´ 6XSSRUWV DXGLRYLVXHOV

6$1&7,21 '( /$ )250$7,21 $WWHVWDWLRQ GpOLYUpH SDU OÂ¶,13('

)RUPDWLRQ GHVWLQpH j XQ SXEOLF G DGXOWHV GpVLUDQW VH SHUIHFWLRQQHU j OD ODQJXH FKRLVLH 7HVW GH QLYHDX

352*5$00( 1LYHDX , $ $ pOpPHQWDLUH LQLWLDWLRQ HW GpFRXYHUWH 1LYHDX ,, % % LQWHUPpGLDLUH SHUIHFWLRQQHPHQW HW DSSURIRQGLVVHPHQW GHV FRQQDLVVDQFHV 1LYHDX ,,, & & DYDQFp PDvWULVH GHV FRPSpWHQFHV GH OD ODQJXH HQ YXH GH OD SUpSDUDWLRQ DX[ H[DPHQV SRXU V LQVFULUH DX[ XQLYHUVLWpV pWUDQJqUHV 0e7+2'(6 3e'$*2*,48(6 0pWKRGH LQWHUDFWLYH EDVpH VXU OD FRPPXQLFDWLRQ 6XSSRUWV GH FRXUV DXGLR YLVXHOV 6$1&7,21 '( /$ )250$7,21 $WWHVWDWLRQ GpOLYUpH SDU O ,13('

'HV IRUPDWLRQV FRXUWHV 3UpSDUDWLRQ DX[ pSUHXYHV GX '$/) KHXUHV 3UpSDUDWLRQ DX[ pSUHXYHV GX '$/) 'LSO{PH DSSURIRQGL GH OD ODQJXH IUDQoDLVH SRXU OHV FDQGLGDWV D\DQW XQ QLYHDX OLQJXLVWLTXH SOXV TXH PR\HQ RX DYDQFp /D SUpSDUDWLRQ FRPSRUWH O pWXGH GHV WHFKQLTXHV G pFULWXUH GH OHFWXUH GH V\QWKqVH GH WH[WHV HW G H[SRVp RUDO

&RQWDFW 'pSDUWHPHQW '3/ 7pO )D[

&RQWDFW 'pSDUWHPHQW 3HUIHFWLRQQHPHQW HQ /DQJXHV '3/

3(5)(&7,211(0(17 (1 /$1*8(6

)250$7,21 (1 /$1*8( )5$1d$,6( )5$1d$,6 *e1e5$/ 352)(66,211(/ 35e3$5$7,21 $8; (;$0(16 '(/) (7 '$/)

3UpSDUDWLRQ DX 7HVW 7),

3(5)(&7,211(0(17 (1 /$1*8(6

',3/Ð0( '( 3(5)(&7,211(0(17 (1 ,17(535e7$5,$7 (7 75$'8&7,21

'3,7

'85e( 1HXI PRLV LQWHQVLIV '$7( '( 'e0$55$*( 6HSWHPEUH 2%-(&7,)6 0DvWULVHU OHV TXDWUH IRQGHPHQWV GHV ODQJXHV 6H SHUIHFWLRQQHU HQ WHFKQLTXHV GH WUDGXFWLRQ HW G¶LQWHUSUpWDULDW

3238/$7,21 &21&(51e( 7RXWH SHUVRQQH GpVLUDQW VH SHUIHFWLRQQHU GDQV OH GRPDLQH GH OD WUDGXFWLRQ HW GH O¶LQWHUSUpWDULDW

&21',7,216 '¶$&&Ê6 (WUH WLWXODLUH G¶XQ GLSO{PH XQLYHUVLWDLUH HQ ODQJXHV $YRLU XQH OLFHQFH GH WUDGXFWLRQ HW LQWHUSUpWDULDW ([SpULHQFH SURIHVVLRQQHOOH GH GHX[ DQV GDQV OH GRPDLQH

352*5$00( 3UHPLHU WHUPH $SSURIRQGLVVHPHQW HW PDvWULVH GHV FRQQVDLVVDQFHV DFTXLVHV (QVHLJQHPHQW GHV IRQGHPHQWV GHV ODQJXHV /DQJXH DQJODLVH H[SUHVVLRQ RUDOH HW pFULWH /DQJXH IUDQoDLVH H[SUHVVLRQ RUDOH HW pFULWH /DQJXH DUDEH H[SUHVVLRQ pFULWH /¶DUDEH pWDQW OD qUH ODQJXH GH EDVH GX SDUWLFLSDQW OD IRUPDWLRQ VHUD RULHQWpH YHUV O¶DFTXLVLWLRQ HW OD PDvWULVH GHV WHFKQLTXHV GH O¶H[SUHV VLRQ pFULWH 'HX[LqPH WHUPH 3HUIHFWLRQQHPHQW HQ WHFKQLTXHV GH WUDGXFWLRQ 7UDGXFWLRQ GH GRFXPHQWV MXULGLTXHV WHFKQLTXHV VFLHQWL¿TXHV SROLWLTXHV D qUH FRPELQDLVRQ )UDQoDLV $QJODLV E qPH FRPELQDLVRQ )UDQoDLV $UDEH F qPH FRPELQDLVRQ $QJODLV $UDEH 7URLVLqPH WHUPH ,QWHUSUpWDULDW SHUIHFWLRQQHPHQW HQ WHFKQLTXHV G¶LQWHUSUpWDULDW D qUH FRPELQDLVRQ )UDQoDLV $QJODLV E qPH FRPELQDLVRQ )UDQoDLV $UDEH F qPH FRPELQDLVRQ $QJODLV $UDEH 0RGXOH FRPPXQLFDWLRQ GDQV O¶HQWUHSULVH 0RGXOH G¶LQIRUPDWLTXH

0e7+2'(6 3e'$*2*,48(6 (WXGHV GH FDV -HX[ GH U{OHV 0R\HQV DXGLR YLVXHOV &RQIpUHQFHV 6$1&7,21 '( /$ )250$7,21 'LSO{PH GH 3HUIHFWLRQQHPHQW HQ ,QWHUSUpWDULDW HW 7UDGXFWLRQ '3,7 GpOLYUp SDU O¶,13('

&RQWDFW 'pSDUWHPHQW 3HUIHFWLRQQHPHQW HQ /DQJXHV '3/

&DWDORJXH 7DULIV HQ +RUV 7D[HV YDODEOHV SRXU OÂ¶DQQpH 79$

)RUPDWLRQV

'HPL SHQVLRQ

3& &KDPEUH DPpQDJpH

3& &KDPEUH DPpQDJpH 6WDQGLQJ

0%$ 0%$ )LQDQFH 5HVVRXUFHV +XPDLQHV

)RUPDWLRQV LQWHQVLYHV '3*( 'LSO{PH GH 3HUIHFWLRQQHPHQW HQ *HVWLRQ GHV (QWUHSULVHV F\FOH LQWHQVLI GH PRLV

'(6* 'LSO{PH G (WXGHV 6SpFLDOLVpHV HQ *HVWLRQ F\FOH LQWHQVLI GH PRLV

'*8' 'LSO{PH HQ *HVWLRQ GHV 8QLWpV 'RFXPHQWDLUHV F\FOH LQWHQVLI GH PRLV

$5&+,9,67,48( F\FOH LQWHQVLI GH PRLV

0DVWHUV SURIHVVLRQQHOV 0DVWHUV SURIHVVLRQQHOV F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

0DVWHUV SURIHVVLRQQHOV F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

0DVWHUV SURIHVVLRQQHOV HQ ,QIRUPDWLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

)$/' HQ LQIRUPDWLTXH )$/' LQIRUPDWLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

)$/' FODVVLTXHV )$/' FODVVLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

)$/' FODVVLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

)$/' FODVVLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ G XQH MRXUV PRLV

)$/' VSpFLDOLVp $WWDFKp GÂ¶DGPLQLVWUDWLRQ PRLV j UDLVRQ GH MRXUV PRLV

)$/' VSpFLDOLVp $GPLQLVWUDWHXU PRLV j UDLVRQ GH MRXUV PRLV

)$0' )$0' FODVVLTXH F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

6pPLQDLUHV HQ LQIRUPDWLTXH 6pPLQDLUH LQIRUPDWLTXH MRXUV

6pPLQDLUH LQIRUPDWLTXH MRXUV

6pPLQDLUHV FODVVLTXHV 6pPLQDLUH FODVVLTXH MRXUV

6pPLQDLUH FODVVLTXH MRXUV

6WDJHV GH /DQJXHV )$/' $QJODLV JpQpUDO F\FOH DOWHUQp GH PRLV j UDLVRQ GH MRXUV PRLV

3UpSDUDWLRQ DX 72()/ HW O ,(/76 F\FOH LQWHQVLI GH PRLV

&RXUV LQWHQVLIV HQ ODQJXHV F\FOH LQWHQVLI GH PRLV

)RUPDWLRQ GH PR\HQQH GXUpH HQ ODQJXH DQJODLVH MRXUV

)RUPDWLRQ GH FRXUWH GXUpH HQ ODQJXH DQJODLVH MRXUV

&RXUV GX VRLU '$ 77& SRXU KHXUHV LQFOXDQW IUDLV GH SDUWLFLSDWLRQ HW GRFXPHQWDWLRQ RULJLQDOH

1 % 5HPLVH GH SRXU LQVFULWV SRXU LQVFULWV SRXU LQVFULWV HW QpJRFLDEOH SRXU LQVFULWV HW SOXV SRXU FKDTXH W\SH GH IRUPDWLRQ 3RVVLELOLWp G KpEHUJHPHQW HQ FKDPEUH GRXEOH DPpQDJpH RX VWDQGLQJ

02<(16 +80$,16 (7 3e'$*2*,48(6 3RXU PHQHU j ELHQ OHV PLVVLRQV TXL OXL RQW pWp Â¿[pHV O ,13(' GLVSRVH G LPSRUWDQWV PR\HQV KXPDLQV HW PDWpULHOV FRPSUHQDQW QRWDPPHQW 'HV LQIUDVWUXFWXUHV SpGDJRJLTXHV FRPSRVpHV GH 8QH VDOOH GH FRQIpUHQFHV GH SODFHV HQWLqUHPHQW UpQRYpH GLVSRVDQW G XQ V\VWqPH GH SURMHFWLRQ PRGHUQH 4XDWUH DPSKLWKpkWUHV GH HW GHX[ GH WUHQWH SODFHV 4XDWUH VDOOHV LQIRUPDWLTXHV 'HX[ ODERUDWRLUHV GH ODQJXHV 9LQJW VL[ VDOOHV GH FRXUV

6DOOHV LQIRUPDWLTXH

$PSKLWKpkWUHV

'HV pTXLSHPHQWV SpGDJRJLTXHV HW SDUD SpGDJRJLTXHV XQ FHQWUH GH GRFXPHQWDWLRQ GH SOXV GH WUHQWH PLOOH RXYUDJHV /D PDMRULWp GHV WLWUHV VRQW HQ ODQJXH IUDQoDLVH HW HQ ODQJXH DQJODLVH 'HV PDQXHOV GH JHVWLRQ HW GHV WLWUHV GH SpULRGLTXHV HQ ODQJXH DUDEH H[LVWHQW XQ FHQWUH G DUWV JUDSKLTXHV HW G LPSUHVVLRQ XQ FHQWUH DXGLR YLVXHO SRXU HQUHJLVWUHPHQW HW GLá‚‡XVLRQ GH VXSSRUWV SpGDJRJLTXHV Â¿OPV YLGpR UpWURSURMHFWHXUV GDWD VKRZ FDPpUD XQ &HQWUH 0pGLFR 6RFLDO &06 RSpUDWLRQQHO

,PSULPHULH

$XGLR YLVXHO

6DOOH GH FRQIpUHQFHV

/ Â¶(48,3( 3e'$*2*,48(

'RFXPHQWDWLRQ

/DERUDWRLUH GH /DQJXHV

(78'(6 &216(,/

(W VL OH FOLHQW OH VRXKDLWH QRXV SRXYRQV pJDOHPHQW PRELOLVHU GHV &DELQHWV QDWLRQDX[ RX pWUDQJHUV HQ SDUWHQDULDW RX HQ VRXV WUDLWDQFH DLQVL TXH GHV ([SHUWV HW &RQVXOWDQWV QRQ UpVLGHQWV RX pWUDQJHUV

/D GHPDQGH HQ FRQVHLO GH OD SDUW GHV LQVWLWXWLRQV HW GHV HQWUHSULVHV D IRUWHPHQW DXJPHQWp FHV GHUQLqUHV DQQpHV VXLWH DX[ ERXOHYHUVHPHQWV LQWURGXLWV SDU O DFFpOpUDWLRQ GH OD JOREDOLVDWLRQ GHV PDUFKpV $YHF VRQ H[SpULHQFH HW VXUWRXW OD IRUWH FDSLWDOLVDWLRQ DFTXLVH DX FRXUV GH FHV ORQJXHV DQQpHV OH &RQVHLO j O ,13(' VH GRLW GH FDSWHU XQH SDUWLH GH FHWWH GHPDQGH HW GpYHORSSHU VHV SDUWV GH PDUFKp

/H FDUDFWqUH VWUDWpJLTXH GH OD SOXSDUW GH QRV PLVVLRQV LPSRVH OD SDUWLFLSDWLRQ HW O LPSOLFDWLRQ GX FOLHQW j WRXWHV OHV SKDVHV GHV pWXGHV HW j OD YDOLGDWLRQ GHV FRQFOXVLRQV GH QRV H[SHUWV HW FRQVXOWDQWV

1RV HQWUHSULVHV RQW EHVRLQ G DFFRPSDJQHPHQW HQ WHUPHV G RUJDQLVDWLRQ PLVH j QLYHDX FHUWLÂ¿FDWLRQ ,62 V\VWqPHV G LQIRUPDWLRQ pWXGHV GH PDUFKp %XVLQHVV SODQ PLVH HQ RHXYUH GX QRXYHDX V\VWqPH FRPSWDEOH HW Â¿QDQFLHU HWF

'DQV FH FDGUH QRXV DWWDFKRQV OD SOXV JUDQGH LPSRUWDQFH j O DVVLVWDQFH GX FOLHQW SRXU OD PLVH HQ SODFH GHV VROXWLRQV UHFRPPDQGpHV

3RXU FH IDLUH QRXV PHWWRQV HQ RHXYUH GHV PpWKRGRORJLHV HW RXWLOV DGDSWpV DX FRQWH[WH QDWLRQDO HW pSURXYpV DX QLYHDX LQWHUQDWLRQDO 1RXV GLVSRVRQV G XQ Â¿FKLHU Â³([SHUWV &RQVXOWDQWVÂ´ TXL QRXV SHUPHW GH PHWWUH j OD GLVSRVLWLRQ GH QRV &OLHQWV OHV FRPSpWHQFHV UHTXLVHV SRXU OD SULVH HQ FKDUJH GH OHXUV EHVRLQV HQ WRXW SRLQW GX 7HUULWRLUH 1DWLRQDO

/ REMHFWLI SULPRUGLDO

UHFKHUFKp SDU O ,13(' HV &RQVHLOÂ´ HW OD VWUXFWXUH Â³(WXG

&RQWDFWV

6DWLVIDFWLRQ HQWLqUH GH VD FOLHQWqOH SDU XQ PHLOOHXU VHUYLFH

7pO ID[ 6WDQGDUG SRVWH FRQVHLO#LQSHG HGX G] 6LWH ZHE ZZZ LQSHG HGX G]

&RQIRUPpPHQW j VHV VWDWXWV OD VWUXFWXUH (WXGHV &RQVHLO GH O ,13(' D SRXU PLVVLRQV OHV SUHVWDWLRQV GH VHUYLFHV GDQV OHV GRPDLQHV VXLYDQWV $8',7 &2037$%/( (7 ),1$1&,(5 $VVLVWDQFH SULVH G LQYHQWDLUH /HYpH GH UpVHUYHV ,QJpQLHULH Â¿QDQFLqUH (;3(57 &2037$%/( &216(,/ $VVLVWDQFH HW $FFRPSDJQHPHQW DX SDVVDJH GX 3&1 DX 6&) ,$6 ,)56

(WDEOLVVHPHQW GHV FRPSWHV SpULRGLTXHV VXLYDQW OH 6&) ,$6 ,)56

&RQVROLGDWLRQ FRPSWDEOH (WXGH HW PLVH HQ SODFH GH SURFpGXUHV FRPSWDEOHV HW Â¿QDQFLqUHV &RQWU{OH GHV FRPSWHV GHV SURFpGXUHV VDXYHJDUGH GHV ELHQV $VVDLQLVVHPHQW GHV FRPSWHV ([SHUWLVH GHV FRPSWHV $LGH j OD GpFLVLRQ $QDO\VH Â¿QDQFLqUH SUL[ GH UHYLHQW PDUJHV SUpYLVLRQV EXGJpWDLUHV $8',7 )RQFWLRQV 3URFpGXUHV *HVWLRQ Â« (9$/8$7,216 (QWUHSULVHV 3URMHWV $FWLIV ',$*1267,&6 )RQFWLRQQHOV 6WUDWpJLTXHV ,QGXVWULHOV 6HFWRULHOV

25*$1,6$7,21 6FKpPDV GLUHFWHXUV 0DQXHOV GH 3URFpGXUHV GH JHVWLRQ $VVLVWDQFH j OD PLVH HQ SODFH 6<67(0(6 ' ,1)250$7,21 (7 '( *(67,21 &RQWU{OH GH JHVWLRQ pODERUDWLRQ GHV SURFpGXUHV DVVLVWDQFH j OD PLVH HQ SODFH Â« &RPSWDELOLWp DQDO\WLTXH FDKLHU GHV FKDUJHV pWXGH HW PLVH HQ SODFH 7DEOHDX[ GH ERUG ,QIRUPDWLVDWLRQ 5(66285&(6 +80$,1(6 3ROLWLTXH 5 + 3URFpGXUHV GH JHVWLRQ 2XWLOV GH OD * 5 + Â« (78'(6 '( 0$5&+(6 $QDO\VH GH OD GHPDQGH $QDO\VH GH O Rá‚‡UH $QDO\VH GH OD FRQFXUUHQFH (QTXrWHV 6RQGDJHV 0$5.(7,1* &20081,&$7,21 3ODQ 0DUNHWLQJ 3ODQ GH &RPPXQLFDWLRQ 0$1$*(0(17 '( /$ 48$/,7( $FFRPSDJQHPHQW j OD FHUWLÂ¿FDWLRQ ,62 ,62 2+6$6 $XGLW )RUPDWLRQ 0,6( $ 1,9($8 ' (175(35,6(6 'LDJQRVWLF VWUDWpJLTXH 3ODQ G DFWLRQV (78'(6 0,&52 0$&52 (&2120,48(6 5HVWUXFWXUDWLRQ LQGXVWULHOOH &RQWUDW PDQDJHPHQW ,QYHVWLVVHPHQWV 3DUWHQDULDW 3ULYDWLVDWLRQ $LGH j OD GpFLVLRQ

8QH DSSURFKH LQWpJUpH DX VHUYLFH GHV HQWUHSULVHV

(78'(6 &216(,/

0LVVLRQV

(78'(6 &216(,/

&DUDFWpULVWLTXHV GH QRV SUHVWDWLRQV

5pIpUHQFHV

,QWHUYHQDQWV

/ ,13(' D j VRQ DFWLI OD UpDOLVDWLRQ GH SOXV GH pWXGHV GDQV OHV GRPDLQHV GH O RUJDQLVDWLRQ HW GH OD PLVH HQ SODFH GH V\VWqPHV GH JHVWLRQ DX VHLQ GHV HQWUHSULVHV HW DGPLQLVWUDWLRQV DLQVL TXH GHV pWXGHV j FDUDFWqUH pFRQRPLTXH VRFLDO HW MXULGLTXH QpFHVVLWpHV SDU OD JHVWLRQ HW OH GpYHORSSHPHQW GX VHFWHXU pFRQRPLTXH

(Q SOXV GX SHUVRQQHO SHUPDQHQW OD VWUXFWXUH (WXGHV &RQVHLO IDLW DSSHO j GHV ([SHUWV HW &RQVXOWDQWV GH KDXW QLYHDX GDQV OHV GRPDLQHV GH O $XGLW HW GX 0DQDJHPHQW

0pWKRGRORJLHV 2XWLOV /D VWUXFWXUH (WXGHV &RQVHLO PHW HQ RHXYUH GHV PpWKRGRORJLHV HW RXWLOV DGDSWpV DX FRQWH[WH QDWLRQDO HW pSURXYpV DX QLYHDX LQWHUQDWLRQDO 1RWUH DSSURFKH GDQV FH GRPDLQH V LQVSLUH GH O H[SpULHQFH SUREDQWH GHV &DELQHWV LQWHUQDWLRQDX[ GH UHQRP

1RV FOLHQWV HQ Dá‚‡DLUHV /HV FOLHQWV GH OD VWUXFWXUH (WXGHV &RQVHLO VRQW OHV 0LQLVWqUHV 'pPHPEUHPHQWV GH O (WDW 6*3 *URXSHV ,QGXVWULHOV %DQTXHV HW (WDEOLVVHPHQWV )LQDQFLHUV (QWUHSULVHV $VVRFLDWLRQV Â«

2UJDQLVDWLRQ GHV LQWHUYHQWLRQV &RPSWH WHQX GX FDUDFWqUH VWUDWpJLTXH GH OD SOXSDUW GH QRV PLVVLRQV OD VWUXFWXUH (WXGHV &RQVHLO SURSRVH OD SDUWLFLSDWLRQ HW O LPSOLFDWLRQ GX FOLHQW j WRXWHV OHV pWDSHV HW SKDVHV GHV pWXGHV HW j OD YDOLGDWLRQ GHV FRQFOXVLRQV GH VHV H[SHUWV HW FRQVXOWDQWV 'DQV FH FDGUH O ,13(' DWWDFKH OD SOXV JUDQGH LPSRUWDQFH j O DVVLVWDQFH GX FOLHQW SRXU OD PLVH HQ SODFH GHV VROXWLRQV UHFRPPDQGpHV

$XGLW GH VXUHWp LQWHUQH GH O HQWUHSULVH * & % Â¿OLDOH GH 621$75$&+

$FFRPSDJQHPHQW j OD PLVH HQ SODFH G XQ V\VWqPH GH JHVWLRQ SUpYLVLRQQHOOH GHV HPSORLV HW GHV FRPSpWHQFHV *3(&

(ODERUDWLRQ G XQH QRPHQFODWXUH GHV HPSORLV HW Â¿FKHV GH SRVWHV $1$

(WXGH GH O DFFRUG FRPPHUFLDO HW G LQYHVWLVVHPHQW HQWUH O $OJpULH HW O 8QLRQ (FRQRPLTXH HW 0RQpWDLUH 2XHVW $IULFDLQH 8(02$

(WXGH GH O DGKpVLRQ GH O $OJpULH j OD JUDQGH ]RQH DUDEH GH OLEUH pFKDQJH 0LQLVWqUH GX &RPPHUFH

$FFRPSDJQHPHQW j OD PLVH HQ SODFH GX 604 HW j OD FHUWLÂ¿FDWLRQ VHORQ ,62 Y 6RFLpWp 1DWLRQDOH GH *pQLH &LYLO HW %kWLPHQW SDU DEUpYLDWLRQ *&% Â¿OLDOH GH 621$75$&+ 619, '9, 5RXLED *pQpUDO (PEDOODJH 6RFLpWp GHV (PEDOODJHV )HU %ODQF HW )Â€WV (0% )%) $OJHU 6DUO (/ ,1$5$ %RUGM %RXDUUHULGM &RPSOH[H 3OkWUH GH )OHXUXV 62'(3$& 2UDQ /DERUDWRLUH G (WXGHV 0DULWLPHV /(0 $OJHU 6RFLpWp GHV &LPHQWV GH 6DwGD 6&,6 /HDGHU 0HXEOH 7DERXNHUW 7L]L 2X]RX 6RFLpWp GHV &LPHQWV GH %pQL 6DI 6&,%6 6RFLpWp GHV &LPHQWV GH =DKDQD 6&,= 0DVFDUD 'LYLVLRQ FDUURVVHULH 619, GH 7LDUHW 619, '&7 &RPSDJQLH GH 0RELOLHU 0pWDOOLTXH G 2UJDQLVDWLRQ &$002 $OJHU 6,'(0 (QJLQHHULQJ $OJHU (1073 8QLWp *UXHV %HMDLD 8*% 3RPSHV HW 9DQQHV (3( 329$/ 5RXLED 6RFLpWp $OJpULHQQH G (WXGHV G ,QIUDVWUXFWXUHV 6$(7, 8QLWp )LEURFLPHQW 62'(3$& =DKDQD /DLWHULH (O 0DQVRXUDK 7OHPFHQ (QWUHSULVH 3XEOLTXH GHV 7UDYDX[ 3XEOLTXHV (373 $OJHU 6RFLpWp G ,QMHFWLRQ HW GH 6RXá‚‰DJH 3ODVWLTXHV 6,3/$67 6pWLI 85%$ 6pWLI &DOHPSD $FFRPSDJQHPHQW j OD PLVH HQ SODFH GX 604 VHORQ OD QRUPH ,62 Y HW 60667 VHORQ OH UpIpUHQWLHO 2+6$6 9 6$5/ ,66 2UDQ

(YDOXDWLRQ GHV DXGLWHXUV TXDOLWp 8 5 % $ %DWQD

$FFRPSDJQHPHQW j OD PLVH HQ SODFH GX V\VWqPH +$&&3 /DLWHULH GH 6LGL .KDOHG 7LDUHW Â¿OLDOH GH *LSODLW

ƚƵĚĞƐ ĚĞ ŵŝƐĞ Ă ŶŝǀĞĂƵ )URPDJHULH *280,', *URXSH ,QGXVWULHO SURMHW 218',

(QWUHSULVH GH 7RUUpIDFWLRQ GH &DIp (&7% SURMHW 218', (QWUHSULVH GHV 6HUYLFHV HW $FWLYLWpV G ,VRODWLRQV (6$,

(QWUHSULVH 3XEOLTXH GHV 7UDYDX[ 3XEOLFV (373 $OJHU 6DUO 62%$0(7$/ /HDGHU 0HXEOH 7DERXNHUW 7L]L 2X]RX (QWUHSULVH 7UDQVIRUPDWLRQ 7H[WLOH 77%0 *KDUGDwD %$7,*(& ¿OLDOH *URXSH %$7,0(7$/ ),3(;3/$67 &KOHI &$%$0 $wQ 0 /LOD (5,$' 0 VLOD (5,$' 6LGL $wVVD (WƵĚĞƐ ĚΖĠǀĂůƵĂƟŽŶ (QWUHSULVH 3XEOLTXH GHV 7UDYDX[ 3XEOLFV (373 $OJHU (0%$)/$6+ /DERUDWRLUH 1DWLRQDO GH O +DELWDW HW GH OD &RQVWUXFWLRQ /1+&

/DERUDWRLUH &HQWUDO GHV 7UDYDX[ 3XEOLFV /&73

/DERUDWRLUH GHV 7UDYDX[ 3XEOLFV GH O (VW /73 (VW

/DERUDWRLUH GHV 7UDYDX[ 3XEOLFV GH O 2XHVW /73 2XHVW

/DERUDWRLUH GHV 7UDYDX[ 3XEOLFV GH O 2XHVW /73 6XG

(QWUHSULVH 3XEOLTXH (FRQRPLTXH 6$37$ $OJHU (1526 $OJHU 6*3 75$162/% 6,'(0

/ (1 ',0(' 6SD $OJHU 6RFLpWp GH *HVWLRQ GX 3DWULPRLQH *(67(5 6pWLI 6,'(5 $QQDED (QWUHSULVH GH 5pFXSpUDWLRQ 2XHVW (52

(QWUHSULVH GH 5pFXSpUDWLRQ &HQWUH (5&

(QWUHSULVH GH 5pFXSpUDWLRQ (VW (5(

6(56,' $QQDED (16,' 2UDQ 35(67,0(' $OJHU 6235$)(5 $OJHU $VVLVWDQFH GDQV OHV QpJRFLDWLRQV DYHF OHV SDUWHQDLUHV 6*3 *(1(67 /DERUDWRLUH G (WXGHV 0DULWLPHV /(0

(78'(6 &216(,/

(YDOXDWLRQ GHV FRPSpWHQFHV 62'(3$& )/(8586

(ODERUDWLRQ GHV ¿FKHV GH SRVWH 6RFLpWp GHV FLPHQWV GH %pQL 6DI 6&,%6

(WXGH G RUJDQLVDWLRQ HW JHVWLRQ GHV FRPSpWHQFHV 23*, GH %pMDwD

(WXGH GX V\VWqPH GH UpPXQpUDWLRQ +{WHO 62),7(/ (QWUHSULVH GH *HVWLRQ 7RXULVWLTXH GX &HQWUH (*7& (ODERUDWLRQ G XQH QRPHQFODWXUH GHV SRVWHV GH WUDYDLO HW GHV HPSORLV (QWUHSULVH 1DWLRQDOH GH &DQDOLVDWLRQ (1$&

1RPHQFODWXUH HW ¿FKHV GH SRVWH 6RFLpWp GHV &LPHQWV GH 6RXU (O *KR]OqQH 6&6(*

$XGLW $XGLW GH O RSpUDWLRQ GH SULVH G LQYHQWDLUH GH O (13(& 6pWLI $XGLW GH O RSpUDWLRQ GH SULVH G LQYHQWDLUH GH O (13(& GH 2XHG 6PDU $OJHU $XGLW GH O RSpUDWLRQ GH SULVH G LQYHQWDLUH GH O (13(& GH 6RXJXHXU $XGLW GHV HQJDJHPHQWV G $/& $UDE /HDVLQJ &RUSRUDWLRQ

$XGLW GHV GpSHQVHV GH OD FRXU G $OJHU (373 $OJHU © DVVDLQLVVHPHQW GHV FRPSWHV ª &7& 6XG © DVVDLQLVVHPHQW GHV FRPSWHV ª $VVDLQLVVHPHQW GH OD VLWXDWLRQ ¿VFDOH GH )1326 (YDOXDWLRQ GHV FRPSpWHQFHV HW RUJDQLVDWLRQ JpQpUDOH 75$160(; 62'(3$& )/(8586 *URXSH (5&2 2UDQ 2UJDQLVDWLRQ HW (ODERUDWLRQ GHV SURFpGXUHV GH JHVWLRQ 0RXOLQV G (O +DUURXFK (ODERUDWLRQ GHV ¿FKHV GH SRVWH SRXU OH FRPSWH GH OD 6&,%6 5pDOLVDWLRQ G XQ DXGLW RSpUDWLRQQHO HW VWUDWpJLTXH GHV VRFLpWpV 721,& SRXU OH FRPSWH GH OD %$'5 (ODERUDWLRQ GX SODQ VWUDWpJLTXH &5('(* 621(/*$= /DERUDWRLUH &HQWUDO GHV 7UDYDX[ 3XEOLFV © /&73 ª (WXGH G RUJDQLVDWLRQ HW (ODERUDWLRQ GHV QRPHQFODWXUHV GHV SRVWHV SRXU OH FRPSWH GH OD 6&,%6 0LVH HQ SODFH GH O RUJDQLVDWLRQ GH WUDYDLO GH O (QWUHSULVH 7(;$/* (ODERUDWLRQ GHV SURFpGXUHV GH JHVWLRQ /HV 0RXOLQV G (O +DUURXFK (ODERUDWLRQ GHV SURFpGXUHV HW GHV SURFHVVXV GH OD FLPHQWHULH GH +DPPD %RX]LDQH $FFRPSDJQHPHQW j (ODERUDWLRQ GHV SURFpGXUHV GH JHVWLRQ SRXU O¶(WDEOLVVHPHQW GH *HVWLRQ GHV 6HUYLFHV $pURSRUWXDLUHV (*6$ $OJHU $pURSRUW +RXDUL %RXPHGLqQH $OJHU 2UJDQLVDWLRQ JpQpUDOH HW SURFpGXUHV GH JHVWLRQ GH O (QWUHSULVH GH 9LDELOLVDWLRQ GH 6LGL 0RXVVD (960

',5(&7,21 '( /$ 5(6,'(1&(

6RXFLHX[ GÂ¶DPpOLRUHU VHV SUHVWDWLRQV HQ PDWLqUH GÂ¶KpEHUJHPHQW HW GH UHVWDXUDWLRQ OÂ¶,13(' D HQWDPp XQ SODQ GH UpKDELOLWDWLRQ GH VHV VWUXFWXUHV GÂ¶DFFXHLO SRXU OHV KDUPRQLVHU TXDOLWDWLYHPHQW DYHF OH QLYHDX VDQV FHVVH H[LJHDQW GH OD GHPDQGH GH IRUPDWLRQ 35e6(17$7,21 /D UpVLGHQFH HVW VLWXpH HQ SOHLQ FHQWUH GH OD YLOOH GH %RXPHUGqV GDQV XQ TXDUWLHU G\QDPLTXH HW WUqV ELHQ GHVVHUYL 6RQ HPSODFHPHQW OXL SHUPHW j OD IRLV GH UHMRLQGUH UDSLGHPHQW OHV EORFV DGPLQLVWUDWLI HW SpGDJRJLTXH VLWXpV j XQH FHQWDLQH GH PqWUHV HW G rWUH j SUR[LPLWp GH QRPEUHX[ FRPPHUFHV HW FHQWUHV GH GpWHQWH HW ORLVLUV 0,66,216 (Q LQWHUQH /HV SUHVWDWLRQV GHV VHUYLFHV GH OD UpVLGHQFH VRQW IRXUQLHV HVVHQWLHOOHPHQW DX SURÂ¿W GHV VWDJLDLUHV GDQV OH FDGUH GHV PLVVLRQV IRQGDPHQWDOHV GH IRUPDWLRQ HW GH FRQVHLO FRQÂ¿pHV j OÂ¶,QVWLWXW (Q H[WHUQH (Q SOXV GHV DFWLYLWpV KDELWXHOOHV HQ GLUHFWLRQ GHV VWDJLDLUHV OD UpVLGHQFH HVW GLVSRVpH j DVVXUHU DX[ HQWUHSULVHV DGPLQLVWUDWLRQV FROOHFWLYLWpV HW DVVRFLDWLRQV VXU GHPDQGH HW VHORQ OHV GLVSRQLELOLWpV GHV SUHVWDWLRQV HQ KpEHUJHPHQW HW UHVWDXUDWLRQ HW RUJDQLVDWLRQ GH UHQFRQWUHV VFLHQWLÂ¿TXHV HW FXOWXUHOOHV

(QWUpH SULQFLSDOH GH OD UpVLGHQFH GHV VWDJLDLUHV

',5(&7,21 '( /$ 5e6,'(1&(

&KDPEUH VWDQGLQJ GRXEOH

&KDPEUH VWDQGLQJ LQGLYLGXHOOH

+pEHUJHPHQW 5HVWDXUDWLRQ )R\HU

',5(&7,21 '( /$ 5(6,'(1&(

02<(16 /D UpVLGHQFH GLVSRVH G XQH FDSDFLWp G KpEHUJHPHQW GH FKDPEUHV FRPSRVpHV GH FKDPEUHV VWDQGLQJ GRXEOHV HW LQGLYLGXHOOHV DYHF XQ DFFqV LQWHUQHW :,), DX QLYHDX GX KDOO &RQFHUQDQW OD UHVWDXUDWLRQ OD UpVLGHQFH HVW GRWpH G XQ JUDQG UHVWDXUDQW GH FRXYHUWV DLQVL TXÂ¶XQ GHX[LqPH UHVWDXUDQW GHV K{WHV GH FRXYHUWV SRXU OÂ¶RUJDQLVDWLRQ GH UpXQLRQV Â¿Q GH SURPRWLRQV HWF &+,))5(6 &/(6 (Q WHUPHV GÂ¶KpEHUJHPHQW &KDPEUHV LQGLYLGXHOOHV &KDPEUHV GRXEOHV &KDPEUHV VWDQGLQJ LQGLYLGXHOOHV &KDPEUHV VWDQGLQJ GRXEOHV VXLWH (Q WHUPHV GH UHVWDXUDWLRQ &DSDFLWp HQ FRXYHUWV 5HVWDXUDQW SRXU VWDJLDLUHV GH FRXYHUWV 5HVWDXUDQW SRXU K{WHV GH FRXYHUWV (Q WHUPHV GÂ¶DQLPDWLRQ 8QH FDIpWpULD 8QH VDOOH GH UpXQLRQ 8Q KDOO G H[SRVLWLRQ 8QH VDOOH GH WpOpYLVLRQ 8QH VDOOH GH MHX[ $FFqV :,),

$FFqV :,),

5HVWDXUDQW

5pFHSWLRQ

6DOOH GÂ¶DWWHQWH

6HUYLFH

5(98( $/*e5,(11( '( 0$1$*(0(17 3XEOLFDWLRQ VHPHVWULHOOH GH O ,13(' %RXPHUGqV

8QH pGLWLRQ GH SUHVWLJH /D UHYXH Â³*HVWLRQ (QWUHSULVHÂ´ RUJDQH GÂ¶LQIRUPDWLRQ RULJLQHO GH OÂ¶,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW ,QGXVWULHO ,13(' D ODLVVp SODFH j SDUWLU GH OÂ¶DQQpH j OD 5HYXH $OJpULHQQH GH 0DQDJHPHQW 5$0 XQ ODEHO GH SUHVWLJH GX VHJPHQW pGLWLRQ GH O Â¶,QVWLWXW TXL VH SURSRVH GH UpSRQGUH DX[ EHVRLQV G Â¶XQ SXEOLF DXVVL ODUJH TXÂ¶DYHUWL HQ WHUPHV G Â¶DUWLFOHV HW GH UHVWLWXWLRQV G Â¶pWXGHV GH FDV GpGLpV DX 0DQDJHPHQW HW j O Â¶(FRQRPLH DSSOLTXpH (Q Há‚‡HW HQ VÂ¶LQVpUDQW GDQV OD QRXYHOOH GLPHQVLRQ GX GpEDW pFRQRPLTXH HW VFLHQWLÂ¿TXH LQGXLW SDU OHV LPSpUDWLIV GH OD PRQGLDOLVDWLRQ HW GH VRQ FRUROODLUH OD TXrWH FRQVWDQWH GH OÂ¶H[FHOOHQFH OÂ¶,13(' VH GHYDLW GÂ¶DPpOLRUHU GDYDQWDJH VRQ ODEHO GÂ¶pGLWLRQ DÂ¿Q GH FRQYDLQFUH FOLHQWV HW SDUWHQDLUHV GH SOXV HQ SOXV H[LJHDQWV HQ WHUPHV GH YDOHXU HW GÂ¶RSSRUWXQLWp GHV SURGXLWV GH IRUPDWLRQ HW GÂ¶LQIRUPDWLRQ VFLHQWLÂ¿TXH $SUqV XQH LQWHUUXSWLRQ GH VD SDUXWLRQ OD 5$0 UHYLHQW GH QRXYHDX YHUV VHV OHFWHXUV SDU OD SXEOLFDWLRQ GH VRQ 1XPpUR /D 5HYXH $OJpULHQQH GH 0DQDJHPHQW VH SURSRVH GÂ¶DVVXPHU GHX[ PLVVLRQV FRPSOpPHQWDLUHV H $ H DFFXHLOOLU HW SXEOLHU OHV pWXGHV pODERUpHV SDU OHV FKHUFKHXUV pWDEOLV DXVVL ELHQ HQ $OJpULH TXÂ¶j FXHLOOLU H HW pUULH TX OÂ¶pWUDQJHU GDQV OHV GRPDLQHV WHOV TXH OD VWUDWpJLH OÂ¶RUJDQLVDWLRQ HW OH PDQDJHPHQW H[pFXWLI GÂ¶XQH SDUW HW DQJ JHU G GDQV OOHV XWLI G GÂ¶XQH SD GH VXVFLWHU XQ IUXFWXHX[ GpEDW DXWRXU GH FHV GHUQLHUV GÂ¶DXWUH SDUW G &H GRXEOH REMHFWLI FRQWULEXHUD QRXV OÂ¶HVSpURQV j VDWLVIDLUH OHV DWWHQWHV GHV OHFWHXUV HQ JpQpUDO HW GH OD &H G GRXEOH R REMHFWLI FFR HQ JpQ QpUDO H HW GH OOD FRPPXQDXWp VFLHQWLÂ¿TXH HW GHV PDQDJHUV GÂ¶HQWUHSULVH HQ SDUWLFXOLHU FRP OLHU

5HYXH $OJpULHQQH GH 0DQDJHPHQWW 3XEOLFDWLRQ VHPHVWULHOOH pGLWpH SDU O ,13(' %RXPHUGqV 3 5HVSRQVDEOH GH OD SXEOLFDWLRQ )RX]LD 260$1, 'LUHFWULFH *pQpUDOH GH OÂ¶,13(' 5HVSRQ OÂ¶,13(' &RQWDFW UDP#LQSHG HGX G]

6LJQDWXUH HW &DFKHW

3DJH

/H VLJQDWDLUH GpFODUH DYRLU OX HW DFFHSWp OHV &RQGLWLRQV *pQpUDOHV GH 9HQWHV HQ YLJXHXU j OÂ¶,13(' YRLU SDJH

)RQFWLRQ

3UpQRP V

'DWH

5HVSRQVDEOH KDELOLWp GH OÂ¶HQWUHSULVH

&KDPEUH DPpQDJpH 6WDQGLQJ VHORQ GLVSRQLELOLWp

79 5pIULJpUDWHXU &OLPDWLVHXU

&KDPEUH DPpQDJpH 79 5pIULJpUDWHXU

3HQVLRQ FRPSOqWH 2SWLRQV 'HPL SHQVLRQ

'DWH GH GpPDUUDJH

/LEHOOp LQWLWXOp

$XWUHV IRUPDWLRQV

)RUPDWLRQ 1LYHDX GÂ¶pWXGHV JpQpUDOHV

1RPEUH GÂ¶DQQpHV GÂ¶H[SpULHQFH SURIHVVLRQQHOOH

5HVSRQVDEOH FRQFHUQp

)RQFWLRQ DFWXHOOH

$GUHVVH GX OLHX GH WUDYDLO

'DWH HW OLHX GH QDLVVDQFH

1RP HW SUpQRP V

5HVSRQVDEOH FRQFHUQp

(PDLO

7pOpSKRQH )D[

$GUHVVH

1RP

$ OD IRUPDWLRQ

,QVFULW OH FDQGLGDW

/Â¶RUJDQLVPH

3KRWR

'pQRPLQDWLRQ

&HWWH Â¿FKH GÂ¶LQVFULSWLRQ GRLW rWUH LPSULPpH HQ 5HFWR 9HUVR HW VLJQpH

&H IRUPXODLUH WLHQW OLHX GH %RQ GH &RPPDQGH

),&+( 'Â¶,16&5,37,21

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO

)RUPDWLRQV

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO

&RQGLWLRQV JpQpUDOHV GH YHQWH

IRUPDWLRQ#LQSHG HGX G] JUF#LQSHG HGX G]

6HUYLFH 6FRODULWp '(3 ,13(' %280(5'(6

7pO )D[

9RXV DYH] FKRLVL YRWUH IRUPDWLRQ FKRLVLVVH] YRWUH PRGH GÂ¶LQVFULSWLRQ

9RXV DYH] HQWUH OHV PDLQV XQ FDWDORJXH UpQRYp HW HQULFKL FRPSRUWDQW OD SUpVHQWDWLRQ GHV SURGXLWV GH IRUPDWLRQV GLVSHQVpV SDU OÂ¶,13(' &HV IRUPDWLRQV VRQW PRGXOpHV HQ LQWHU HQWUHSULVHV F\FOHV ORQJV VRXV IRUPH LQWHQVLYH RX DOWHUQpH IRUPDWLRQV VSpFLÂ¿TXHV VXU PHVXUH SRXU OH FRPSWH GÂ¶XQ FOLHQW IRUPDWLRQV VXU FDWDORJXH &HV IRUPDWLRQV VRQW RUJDQLVpHV GDQV QRV ORFDX[ RX VXU OH VLWH GX FOLHQW /H FDWDORJXH SURSRVH pJDOHPHQW XQH JDPPH YDULpH GH IRUPDWLRQV GH FRXUWH GXUpH RX GH VpPLQDLUHV

SDU ID[ SDU pFULW RQ OLQH /Â¶,13(' YRXV FRQÂ¿UPHUD YRWUH LQVFULSWLRQ HW YRXV DGUHVVHUD XQH FRQYRFDWLRQ SRXU OH GpPDUUDJH GH OD IRUPDWLRQ

OÂ¶HQWUHSULVH j OÂ¶,13(' OD SUpVHQWH Â¿FKH GÂ¶LQVFULSWLRQ YDXW (Q OÂ¶DEVHQFH GÂ¶XQ FRQWUDW RX FRQYHQWLRQ GH IRUPDWLRQ OLDQW VXU OD EDVH GHV LQIRUPDWLRQV \ Â¿JXUDQW %RQ GH &RPPDQGH (OOH GRQQHUD OLHX j OÂ¶pPLVVLRQ GÂ¶XQH IDFWXUH /D IDFWXUDWLRQ VH IHUD VHORQ OHV PRGDOLWpV VXLYDQWHV DYDQW OH GpPDUUDJH GHV IRUPDWLRQV DX PLOLHX GH OD IRUPDWLRQ /H SDLHPHQW VH IHUD SDU FKqTXH OLEHOOp DX QRP GH OÂ¶,13(' YLUHPHQW EDQFDLUH DX FRPSWH %($ QÂƒ $JHQFH GH %RXPHUGqV /HV MXVWLÂ¿FDWLRQV GH SDLHPHQW GRLYHQW rWUH SUpVHQWpHV DX 6HUYLFH &RPPHUFLDO DYDQW OH GpPDUUDJH GH OD IRUPDWLRQ ,PSRUWDQW 7 RXWH I RUPDWLRQ HQ WDPp H H W LQWHUUR PSXH I DFW XUp H V HORQ OHV PRGDOLWpV F L GHVVXV HVW GÂ€H j OÂ¶,13(' HW QRQ UHPERXUVpH

&RQGLWLRQV GÂ¶DQQXODWLRQ HW UHSRUW SDU OÂ¶,13(' /Â¶,13(' VH UpVHUYH OH GURLW GÂ¶DQQXOHU RX GH UHSRUWHU OH GpPDUUDJH GÂ¶XQH IRUPDWLRQ HQ FDV GH IRUFH PDMHXUH GX VWDJH /HV FDQGLGDWV GpMj LQVFULWV VHURQW LQIRUPpV HQ WHPSV XWLOH GH OD GDWH GH UHSRUW

'RVVLHU DGPLQLVWUDWLI 3RXU WRXWH LQVFULSWLRQ OÂ¶HPSOR\HXU RX OH FOLHQW GHYUD WUDQVPHWWUH j OÂ¶,13(' XQ GRVVLHU FRPSUHQDQW FKDTXH FDQGLGDW 8QH Â¿FKH GÂ¶LQVFULSWLRQ SRXU 'HX[ SKRWRV GÂ¶LGHQWLWp 8Q DFWH GH QDLVVDQFH QÂƒ 8QH DWWHVWDWLRQ GH WUDYDLO &RSLHV GHV WLWUHV HW GLSO{PHV

7DULIV HW 79$ OD 79$ DX WDX[ HQ YLJXHXU 7RXV QRV WDULIV VRQW SUpVHQWpV HQ +RUV 7D[H HW VRQW PDMRUpV GH 1RV WDULIV SHXYHQW rWUH VXMHWV j PRGLÂ¿FDWLRQ VL QpFHVVDLUH 3DJH

(QJDJHPHQW

3DJH

/H QRQ UHVSHFW GH FHV GLVSRVLWLRQV HQWUDvQH OÂ¶DUUrW GH OD IRUPDWLRQ HW DXWRULVH OÂ¶,13(' j IDFWXUHU OD SUHVWDWLRQ UpDOLVpH FRQIRUPpPHQW DX[ PRGDOLWpV GH SDLHPHQW

GH IRUPDWLRQ

1% 3ULqUH GH FRFKHU OD FDVH FKRLVLH SRXU OH UqJOHPHQW GHV IUDLV

0Â¶HQJDJH j PÂ¶DFTXLWWHU GH OD WRWDOLWp GHV IUDLV GH IRUPDWLRQ GqV OH HU PRGXOH DÂ¿Q GH EpQpÂ¿FLHU GH OD UHPLVH

)RQFWLRQ 0Â¶HQJDJH j PÂ¶DFTXLWWHU GHV GHV IUDLV GH IRUPDWLRQ DX GpPDUUDJH HU PRGXOH HW GHV DX PLOLHX GH OD IRUPDWLRQ qPH PRGXOH

3UpQRP V

/H VLJQDWDLUH GpFODUH DYRLU OX HW DFFHSWp OHV &RQGLWLRQV *pQpUDOHV GH 9HQWH HQ YLJXHXU j OÂ¶,13(' YRLU SDJH

/pJDOLVDWLRQ GH OD VLJQDWXUH

&KDPEUH DPpQDJpH 6WDQGLQJ VHORQ GLVSRQLELOLWpV

79 5pIULJpUDWHXU &OLPDWLVHXU

&KDPEUH DPpQDJpH 79 5pIULJpUDWHXU

3HQVLRQ FRPSOqWH 2SWLRQV 'HPL SHQVLRQ

'DWH GH GpPDUUDJH

/LEHOOp LQWLWXOp

$XWUHV IRUPDWLRQV

1LYHDX GÂ¶pWXGHV JpQpUDOHV

)RUPDWLRQ

1RPEUH GÂ¶DQQpHV GÂ¶H[SpULHQFH SURIHVVLRQQHOOH

)RQFWLRQ DFWXHOOH

(PDLO

7pOpSKRQH )D[

$GUHVVH

'DWH HW OLHX GH QDLVVDQFH

1RP

VÂ¶LQVFULW j OD IRUPDWLRQ

/H &DQGLGDW

3KRWR

1RP HW SUpQRP V

&HWWH Â¿FKH GÂ¶LQVFULSWLRQ GRLW rWUH LPSULPpH HQ 5HFWR 9HUVR VLJQpH HW OpJDOLVpH

3$57,&8/,(5

),&+( 'Â¶,16&5,37,21

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO

,03257$17 7RXWH LQVFULSWLRQ FRQÂ¿UPpH HW QRQ DQQXOpH SDU OH FOLHQW GDQV OHV MRXUV VHUD LQWpJUDOHPHQW IDFWXUpH HVW GÂ€H j OÂ¶,13(' HQ WRWDOLWp HW QRQ UHPERXUVpH

'DWH FDFKHW HW VLJQDWXUH GX UHVSRQVDEOH

02'( '( 3$,(0(17 HU 3ULqUH VH SUpVHQWHU PXQL GÂ¶XQ FKqTXH OLEHOOp j OÂ¶RUGUH GH OÂ¶,13(' 5HPLV OH MRXU GH OD IRUPDWLRQ RX GÂ¶XQ 2UGUH GH 9LUHPHQW %DQFDLUH %($ DX &RPSWH QÂƒ $JHQFH GH %RXPHUGqV

&KDPEUH DPpQDJpH 6WDQGLQJ VHORQ GLVSRQLELOLWpV

79 5pIULJpUDWHXU &OLPDWLVHXU

&KDPEUH DPpQDJpH 79 5pIULJpUDWHXU

3HQVLRQ FRPSOqWH 2SWLRQV 'HPL SHQVLRQ

237,21 &+2,6,(

'DWH GH GpPDUUDJH

$8 6(0,1$,5(

)RQFWLRQ Â«Â«Â«Â«

1p H OH Â«Â«Â«Â«

3UpQRP Â«Â«Â«Â«

1RP Â«Â«

,16&5,7 /( &$1','$7

(PDLO

7pOpSKRQH )D[

$GUHVVH

5DLVRQ VRFLDOH

25*$1,60(

&HWWH Â¿FKH WLHQW OLHX GH %RQ GH &RPPDQGH

),&+( 'Â¶,16&5,37,21 8WLOLVHU XQH Â¿FKH SDU FDQGLGDW

6(0,1$,5(

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO

&RQGLWLRQV JpQpUDOHV GH YHQWH

,QVWLWXW 1DWLRQDO GH OD 3URGXFWLYLWp HW GX 'pYHORSSHPHQW LQGXVWULHO

)RUPDWLRQV

IRUPDWLRQ#LQSHG HGX G] JUF#LQSHG HGX G]

6HUYLFH 6FRODULWp '(3 ,13(' %280(5'(6

7pO )D[

9RXV DYH] FKRLVL YRWUH IRUPDWLRQ FKRLVLVVH] YRWUH PRGH GÂ¶LQVFULSWLRQ

SDU ID[ SDU pFULW RQ OLQH

DYDQW OH GpPDUUDJH GHV IRUPDWLRQV DX PLOLHX GH OD IRUPDWLRQ

/Â¶,13(' YRXV FRQÂ¿UPHUD YRWUH LQVFULSWLRQ HW YRXV DGUHVVHUD XQH FRQYRFDWLRQ SRXU OH GpPDUUDJH GH OD IRUPDWLRQ /HV IRUPDWLRQV H[LJHQW OH SDLHPHQW GHV IUDLV GH IRUPDWLRQ VHORQ OHV PRGDOLWpV VXLYDQWHV

/H SDLHPHQW VH IHUD SDU YLUHPHQW EDQFDLUH DX FRPSWH %($ QÂƒ $JHQFH GH %RXPHUGqV YLUHPHQW &&3 DX FRPSWH QÂƒ &Op FDLVVH SUpYRLU OH GURLW GH WLPEUH GX PRQWDQW JOREDO

/HV MXVWLÂ¿FDWLRQV GH SDLHPHQW GRLYHQW rWUH SUpVHQWpHV DX 6HUYLFH &RPPHUFLDO DYDQW OH GpPDUUDJH GH OD IRUPDWLRQ /HV SHUVRQQHV SK\VLTXHV SDUWLFXOLHUV VRQW VRXPLVHV DX UqJOHPHQW LQWHUQH GH OÂ¶,QVWLWXW /RUVTXH FHV SHUVRQQHV SK\VLTXHV SDUWLFXOLHUV SURFqGHQW DX SDLHPHQW LQWpJUDO GHV IUDLV GH IRUPDWLRQ GX 0DVWHU 3URIHVVLRQQHO DYDQW OH GpPDUUDJH FHOOHV FL EpQpÂ¿FLHQW GÂ¶XQH UHPLVH GH GDQV OH FDGUH GH OD 3HQVLRQ &RPSOqWH RX GH GDQV OH FDGUH GH OD 'HPL 3HQVLRQ

7RXWH IRUPDWLRQ HQWDPpH HW LQWHUURPSXH IDFWXUpH VHORQ OHV PRGDOLWpV FL GHVVXV HVW GÂ€H j OÂ¶,13(' HW QRQ UHPERXUVpH

&RQGLWLRQV GÂ¶DQQXODWLRQ HW UHSRUW SDU OÂ¶,13(' /Â¶,13(' VH UpVHUYH OH GURLW GÂ¶DQQXOHU RX GH UHSRUWHU OH GpPDUUDJH GÂ¶XQH IRUPDWLRQ HQ FDV GH IRUFH PDMHXUH /HV FDQGLGDWV GpMj LQVFULWV VHURQW LQIRUPpV HQ WHPSV XWLOH GH OD GDWH GH UHSRUW GX VWDJH

'RVVLHU DGPLQLVWUDWLI 3RXU WRXWH LQVFULSWLRQ OÂ¶HPSOR\HXU RX OH FOLHQW GHYUD WUDQVPHWWUH j OÂ¶,13(' XQ GRVVLHU FRPSUHQDQW 8QH Â¿FKH GÂ¶LQVFULSWLRQ SRXU FKDTXH FDQGLGDW 'HX[ SKRWRV GÂ¶LGHQWLWp 8Q DFWH GH QDLVVDQFH QÂƒ 8QH DWWHVWDWLRQ GH WUDYDLO &RSLHV GHV WLWUHV HW GLSO{PHV 8QH FRSLH GH OD &DUWH GÂ¶,GHQWLWp 1DWLRQDOH RX GX 3HUPLV GH &RQGXLUH

7DULIV HW 79$ 7RXV QRV WDULIV VRQW SUpVHQWpV HQ +RUV 7D[H HW VRQW PDMRUpV GH OD 79$ DX WDX[ HQ YLJXHXU 1RV WDULIV SHXYHQW rWUH VXMHWV j PRGLÂ¿FDWLRQ VL QpFHVVDLUH 3DJH

926 &217$&76 'LUHFWLRQ GHV (QVHLJQHPHQWV HW GX 3HUIHFWLRQQHPHQW '(3

'LUHFWLRQ 'LUHFWLRQ *pQpUDOH GHV

(QVHLJQHPHQWV HW GX 3HUIHFWLRQQHPHQW '(3

0PH ) 260$1, 'LUHFWULFH *pQpUDOH 7pO )D[

0PH 5 1(..$$ 'LUHFWULFH 7pO )D[ 6WG 3RVWHV IRUPDWLRQ#LQSHG HGX G]

6LWH ZHE ZZZ LQSHG HGX G]

'pSDUWHPHQW (FRQRPLH HW )LQDQFH '()

'pSDUWHPHQW

0DQDJHPHQW ,QGXVWULHO HW ORJLVWLTXH '0,/

'pSDUWHPHQW 0DQDJHPHQW GHV 2UJDQLVDWLRQV HW GHV 5HVVRXUFHV +XPDLQHV '025+

0PH $ 0(.(55, &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWHV PIFBLQSHG#\DKRR IU PIF#LQSHG HGX G]

0PH / =(5(% &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWHV GPLO LQSHG#\DKRR IU PLO#LQSHG HGX G]

0PH $ 0(&+528., &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWH LQSHGPUK#JPDLO FRP RUK#LQSHG HGX G]

'pSDUWHPHQW 6FLHQFHV GH OÂ¶LQIRUPDWLRQ '6,

0PH : ,0/28/ 1pH *8(1'(= &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWH GVLLQSHG#JPDLO FRP PVL#LQSHG HGX G]

GJ#LQSHG HGX G]

'pSDUWHPHQW ,QIRUPDWLTXH ',

0PH 1 /$.528) &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWH LQIBLQSHG#\DKRR IU LQI#LQSHG HGX G]

'pSDUWHPHQW 3HUIHFWLRQQHPHQW HQ /DQJXHV '3/

'pSDUWHPHQW 0DUNHWLQJ '0

0 / ,*+,/ &KHI GH 'pSDUWHPHQW 7pO )D[ 6WG 3RVWH

0 ) $**8,1, &KHI GH 'pSDUWHPHQW 7pO )D[

6HUYLFH &RPPHUFLDO

6WG 3RVWH

ODQ#LQSHG HGX G]

6HUYLFH 6FRODULWp

PNW#LQSHG HGX G] LQSHG PDUNHWLQJ#JPDLO FRP

0 $ %(1$,66$ 0 & %$*+'$', &KHI GH 6HUYLFH &KHI GH 6HUYLFH 7pO )D[ 6WG 3RVWHV IRUPDWLRQ#LQSHG HGX G] VFRODULWH #JPDLO FRP

(WXGHV HW &RQVHLO 0PH 6 .+(',0 &RRUGLQDWULFH

7pO )D[ 6WG 3RVWH

7pO )D[ 6WG 3RVWHV

LQSHGERXPHUGHV #JPDLO FRP FRPPHUFLDO#LQSHG HGX G]

VDPBNKHGLP#\DKRR IU FRQVHLO#LQSHG HGX G]

$GUHVVH SRVWDOH 'LUHFWLRQ GHV (QVHLJQHPHQWV HW GX 3HUIHFWLRQQHPHQW '(3

7pO )D[ (PDLO 6FRODULWp 7pO ID[ (PDLO &RPPHUFLDO 7pO ID[ (PDLO (WXGHV HW &RQVHLO 7pO ID[ (PDLO 6WDQGDUG

%RXPHUGqV IRUPDWLRQ#LQSHG HGX G] VFRODULWH #JPDLO FRP FRPPHUFLDO#LQSHG HGX G] FRQVHLO#LQSHG HGX G]