Marguerite Info n° 160

Page 1

0DUJXHULWH ,QIR 1 2FWREUH

H U L R W V +L

/D WUDQVIXVLRQ VDQJXLQH )DLW j

ZZZ GRQGXVDQJOSIW IU

OH

6LJQDWXUH

0(5&, '( 0(775( &(77( 5(98( $ ',6326,7,21 '(6 3(56211(/6


eGLWR

1RXV HQWHQGRQV GH SOXV HQ SOXV pYRTXHU GDQV OHV PpGLDV OH WHUPH GH SpQXULH HQ SURGXLWV VDQJXLQV HW GHV DSSHOV LQFHVVDQWV DX GRQ GH VDQJ IOHXULVVHQW VXU OHV RQGHV HW GDQV OD SUHVVH 1 2FW 6L OªRQ UHSUHQG OD GpILQLWLRQ GX /$52866( OD SpQXULH HVW OH PDQTXH GH FH TXL HVW QpFHVVDLUH 2U -$0$,6 GHSXLV OHV DQQpHV HW D IRUWLRUL GHSXLV OHV DQQpHV OHV SDWLHQWV QªRQW PDQTXp GH SURGXLWV VDQJXLQV HQ )UDQFH OHV GRQQHXUV EpQpYROHV IRXUQLVVDQW 728-2856 OHV GHPDQGHV GHV pWDEOLVVHPHQWV GH WUDQVIXVLRQ VDQJXLQH

0LFKHO 0RQVHOOLHU 3UpVLGHQW GH Oª8QLRQ 1DWLRQDOH

/ªRQ HVW HQ GURLW GH VH GHPDQGHU VL FHWWH VWUDWpJLH GH FRPPXQLFDWLRQ GH FULVH QªHVW SDV RUFKHVWUpH SRXU IDLUH DFFURLUH GDQV OªRSLQLRQ SXEOLTXH TXH OH GRQ EpQpYROH QH VXIILW SDV DX[ EHVRLQV GHV SDWLHQWV HW TXªLO IDXGUDLW HQ YHQLU LQH[RUDEOHPHQW j UpPXQpUHU OHV GRQV SRXU GLVSRVHU GH VWRFNV VXIILVDQWV 3RXUWDQW SDUWRXW R OH GRQ GH SODVPD YRLUH OH GRQ GH VDQJ HVW UpPXQpUp RX LQGHPQLVp FDU FROOHFWp SDU GHV ODERUDWRLUHV SULYpV OH V\VWqPH GH FROOHFWH GH VDQJ EpQpYROH SHLQH j VXEYHQLU DX[ EHVRLQV HQ UDLVRQ GªXQH FRQFXUUHQFH GpOR\DOH HW XQ PDQTXH GH EUDV GLVSRQLEOHV &H QªHVW SDV SDU KDVDUG VL Oª206 2UJDQLVDWLRQ 0RQGLDOH GH OD 6DQWp OH &RQVHLO GH Oª(XURSH HW OHV SULQFLSDX[ FROOHFWHXUV GH VDQJ WRWDO GDQV OH PRQGH OD &URL[ 5RXJH HW OH &URLVVDQW 5RXJH SU{QHQW OH GRQ YRORQWDLUH HW QRQ UpPXQpUp FDU FªHVW XQ JDJH GH VpFXULWp OH GRQQHXU QªD DXFXQ LQWpUrW j PHQWLU ORUV GH OªHQWUHWLHQ PpGLFDO SUpDODEOH DX GRQ HW GªDXWRVXIILVDQFH OH V\VWqPH pWDQW EDVp VXU OD VROLGDULWp OªDOWUXLVPH HW QRQ VXU OH SURILW 3UHQRQV JDUGH TXªHQ YRXODQW FKDQJHU XQ V\VWqPH TXL D IDLW VHV SUHXYHV HW TXL UpSRQG DX[ EHVRLQV GHV PDODGHV OªRQ LQVWDXUH XQ V\VWqPH TXL JpQqUH GHV LQpJDOLWpV GªDFFqV DX[ VRLQV SUpMXGLFLDEOHV DX[ SOXV IDLEOHV 0HWWRQV WRXW HQ ¤XYUH SRXU TXH OD FROOHFWH HW OD GLVWULEXWLRQ GH SURGXLWV VDQJXLQV DFWLYLWpV VWUDWpJLTXHV SRXU XQ V\VWqPH GH VDQWp LQGpSHQGDQW UHVWHQW EDVpHV VXU OH EpQpYRODW HW OD JUDWXLWp GX GRQ 36 /D VXSSUHVVLRQ GH OD FROOHFWH GH SODVPD SDU DSKpUqVH GpFLGpH UpFHPPHQW HVW VDQV QXO GRXWH OLpH j XQH DWWDTXH FRQFHUWpH GHV ODERUDWRLUHV SULYpV SRXU FDVVHU OHV SUL[ GHV PpGLFDPHQWV VXU OH WHUULWRLUH QDWLRQDO YLVDQW j pOLPLQHU OHXU FRQFXUUHQW OH /)% /DERUDWRLUH IUDQoDLV GH )UDFWLRQQHPHQW HW GHV %LRWHFKQRORJLHV HW SRXUVXLYUH OD FRQFHQWUDWLRQ GHV RSpUDWHXUV GDQV OH GRPDLQH OHXU SHUPHWWDQW GDQV XQ SURFKH DYHQLU GªDXJPHQWHU OHV SUL[ GHV PrPHV PpGLFDPHQWV PHWWDQW OH V\VWqPH GH VDQWp VRXV OHXU FRXSH

%XOOHWLQ Gª$ERQQHPHQW j OD UHYXH 1RP 3UpQRP $GUHVVH 7pOpSKRQH IDFXOWDWLI H PDLO IDFXOWDWLI

%XOOHWLQ j DGUHVVHU j '21 '8 6$1* /$ 3267( )5$1&( 7(/(&20 5XH %ULOODW 6DYDULQ 3$5,6

6RXKDLWH PªDERQQHU SRXU DQ DX WDULI GH € SRXU QXPpURV j SDUWLU GX Q 3DLHPHQW SDU R &KqTXH 3RVWDO R &KqTXH EDQFDLUH )DLW j

OH

6LJQDWXUH

0DUJXHULWH ,QIR 1 -DQYLHU %XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


3

+LVWRLUH GH OD 7UDQVIXVLRQ 6DQJXLQH

3

(GLWR

3

6RPPDLUH 2XUV

3

3URWRFROH GH 3DUWHQDULDW

3

%UqYHV

3

+LVWRLUH GH OD WUDQIXVLRQ VDQJXLQH 3DUWLH

3

9LH GHV $VVRFLDWLRQV

3

5HYXH GH SUHVVH

3

$]XUHYD

0$5*8(5,7( ,1)2 %XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ %pQpYROHV GH /D 3RVWH HW GH )UDQFH 7pOpFRP '21 '8 6$1* /$ 3267( )5$1&( 7e/e&20 8QLRQ 1DWLRQDOH 5XH %ULOODW 6DYDULQ 3DULV 7pOpSKRQH 7pOpFRSLH Q ,661

'LUHFWHXU GH OD 3XEOLFDWLRQ 0LFKHO 0216(//,(5 5pGDFWHXUV 0LFKHO 0216(//,(5 3URIHVVHXU -HDQ -DFTXHV /()5(5( 3LHUUH -$8/,1 &RQFHSWLRQ ,PSUHVVLRQ 7&+ 5pDOLVDWLRQ 6LWH ,QWHUQHW ZZZ GRQGXVDQJOSIW IU ( PDLO XQLRQ#GRQGXVDQJ ODSRVWH IUDQFHWHOHFRP DVVR IU


3URWRF URWRFROH G H3 DUWHQDULDW ! !! 3URWRFROH GH 3DUWHQDULDW !!! 3URWRFROH GH 3DUWHQDULDW !!!

0DUJXHULWH ,QIR 1 2FWREUH


3URWRFROH GH 3DUWHQDULDW !!! 3URWRFROH GH 3DUWHQDULDW 3URWRFROH GH 3DUWHQDULDW !!! 3URWRFROH GH 3DUWHQDULDW

3URWRFROH GH 3DUWHQDULDW /H MXLOOHW &DWKHULQH '$1(<52/( 'LUHFWULFH GHV 5HVVRXUFHV +XPDLQHV j OD 'LUHFWLRQ GX &RXUULHU VLJQH OH SURWRFROH GH SDUWHQDULDW VSpFLILTXH DX PpWLHU &RXUULHU SDU GpOpJDWLRQ GH 1LFRODV 5287,(5 'LUHFWHXU &H SURWRFROH HVW GHVWLQp j IDFLOLWHU OD FRPPXQLFDWLRQ LQWHUQH DXSUqV GHV VDODULpV HW GH VHQVLELOLVHU DX GRQ 'H SOXV OH GRFXPHQW UDSSHOOH OD SRVVLELOLWp SRXU OHV VDODULpV GH GRQQHU OHXU VDQJ SHQGDQW OH WHPSV GH WUDYDLO QRWDPPHQW ORUV GH OªRUJDQLVDWLRQ GH FROOHFWHV VXU OHV GLIIpUHQWHV HQWLWpV 'H JDXFKH j GURLWH

)ORUHQFH %85/27 'LUHFWULFH GH OD 6pFXULWp HW GH OD 6DQWp DX WUDYDLO 0LFKHO 0216(//,(5 3UpVLGHQW GH Oª8QLRQ QDWLRQDOH &DWKHULQH '$1(<52/( 'LUHFWULFHV GHV UHVVRXUFHV +XPDLQHV %XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


% UUqYHV qYHV !!! %UqYHV !!! 7UDILF GH 7LVVXV KXPDLQV /D UqJOHPHQWDWLRQ IUDQoDLVH HQ PDWLqUH GH GRQ GH VDQJ GªRUJDQHV HW GH WLVVXV KXPDLQV VH VLWXH SDUPL OHV SOXV UHVWULFWLYHV HW OHV SOXV VpFXULWDLUHV DX PRQGH (Q JUHIIHV GH WLVVXV RQW pWp SUDWLTXpHV HQ )UDQFH HW OªRQ QH GpSORUH GRQQpHV GH Oª$160 TXH LQFLGHQWV GRQW DXFXQ PRUWHO /ª$JHQFH GH OD %LRPpGHFLQH DYDQFH TXªDXFXQH HQWUHSULVH RX LQGLYLGX QªD pWp SRXUVXLYL SRXU XQ XVDJH IUDXGXOHX[ GH WLVVXV KXPDLQV HQ )UDQFH 7RXWHIRLV FRQFHUQDQW OD JUHIIH GH WLVVXV RVVHX[ OD )UDQFH HVW IRUWHPHQW GpILFLWDLUH HW GRLW LPSRUWHU XQ WLHUV GHV JUHIIRQV YHQDQW GªDXWUHV SD\V VDQV TXH OHV FRQWU{OHV LQGLVSHQVDEOHV QªDLHQW pWp UpDOLVpV HQ DPRQW 6L OD VLWXDWLRQ HVW YUDLPHQW VRXV FRQWU{OH GDQV QRWUH SD\V LO QªHQ QªHVW SDV GH PrPH DLOOHXUV HW QRWDPPHQW DX[ 86$ SD\V TXL DEVRUEH GHV EHVRLQV HQ WLVVXV KXPDLQV GH OD SODQqWH RQ HVWLPH j PLOOLRQV GH SURGXLWV GpULYpV YHQGXV FKDTXH DQQpH DX[ 86$ FKLIIUH TXL D GRXEOp HQ DQV 8QH HQTXrWH GH Oª,QWHUQDWLRQDO &RQVRUWLXP RI ,QYHVWLJDWLYH -RXUQDOLVWV GH :$6+,1*721 D PLV DX MRXU XQ WUDILF GH WLVVXV KXPDLQV j SDUWLU GH OD VRFLpWp DOOHPDQGH 7872*(1 ILOLDOH GX FRQJORPpUDW DPpULFDLQ 57, %LRORJLFV &HWWH VRFLpWp IORULVVDQWH HVW FRWpH HQ ERXUVH (OOH D SURGXLW HQ SUqV GH LPSODQWV UHFRQVWUXFWLRQV PDPPDLUHV LPSODQWV SpQLHQV WHQGRQV WUqV SULVpV GHV VSRUWLIV HW D LQLWLp QRXYHDX[ W\SHV GH JUHIIHV GDQV OHV GRPDLQHV VSRUWLI RX RUWKRSpGLTXH GHV LPSODQWV SURYLHQQHQW GH OD WUDQVIRUPDWLRQ GH WLVVXV KXPDLQV /D PrPH DQQpH HOOH D UpDOLVp XQ EpQpILFH GH PLOOLRQV GH GROODUV DSUqV XQ FKLIIUH GªDIIDLUHV GH PLOOLRQV 7RXW HVW SDUWL GªXQ FRQWU{OH SROLFLHU HQ 8.5$,1( TXL D SHUPLV GH GpFRXYULU OH IpYULHU GHV RVVHPHQWV HW DXWUHV WLVVXV KXPDLQV HQWDVVpV GDQV XQH JODFLqUH j OªDUULqUH GªXQ PLQLEXV JODFLqUH FRQWHQDQW pJDOHPHQW SOXVLHXUV OLDVVHV GH ELOOHWV HW GHV FHUWLILFDWV GªDXWRSVLH &HV WLVVXV RQW pWp SUpOHYpV VXU GHV FDGDYUHV VDQV DFFRUG GHV IDPLOOHV /HV FDGDYUHV VRQW YLGpV GH OHXUV WLVVXV RV GHV EUDV HW GHV MDPEHV WHQGRQV YDOYHV FDUGLDTXHV YHLQHV FRUQpHV SXLV UHFRQVWLWXpV DYHF GHV PRUFHDX[ GH ERLV RX GHV FKLIIRQV DYDQW UHVWLWXWLRQ GHV

0DUJXHULWH ,QIR 1 2FWREUH

GpSRXLOOHV DX[ IDPLOOHV YRLUH ODLVVpV FRPPH PDURWWHV KXPDLQHV j OD PRUJXH ,O IDXW QRWHU TXªXQ FDGDYUH UpFXSpUp DX[ (WDWV 8QLV FR WH GROODUV DX UpFXSpUDWHXU PDLV TXH OªHQVHPEOH GHV WLVVXV SUpOHYpV XQH IRLV YHQGXV SHXW UDSSRUWHU HQWUH HW GROODUV &H YDVWH WUDILF FRQQDvW GHV UDPLILFDWLRQV GDQV OH PRQGH HQWLHU SXLVTXH QRPEUH GH SD\V HXURSpHQV GH Oª(VW IRXUQLVVHQW 7872*(1 TXL DOLPHQWH HQVXLWH WRXV OHV SD\V ULFKHV GX PRQGH &HV SUpOqYHPHQWV HW OHV PRGDOLWpV GH FRQVHUYDWLRQ VRQW UpDOLVpV VDQV FRQWU{OH VDQLWDLUH HW VDQV LQIRUPDWLRQ GHV SDWLHQWV JUHIIpV IDLVDQW FUDLQGUH DX[ SUHVFULSWHXUV OD WUDQVPLVVLRQ GªKpSDWLWHV GH 6LGD YRLUH GH 0DODGLHV GH &UHXW]IHOGW -D.RE ,O \ D SOXV GH FRQWU{OH VXU OHV IUXLWV HW OpJXPHV HW OHV SURGXLWV ODLWLHUV TXH VXU OHV SURGXLWV WLUpV GHV WLVVXV KXPDLQV SRXU OHVTXHOV LO QªH[LVWH DXFXQH WUDoDELOLWp VHXOV OH VDQJ HW OHV RUJDQHV GLVSRVHQW GªXQ FRGH EDUUH

/HV PLJUDLQHV FKH] OD IHPPH /HV IHPPHV VRQW SOXV VXMHWWHV DX[ PLJUDLQHV PLOOLRQV HQ )UDQFH FRQWUH PLOOLRQV SRXU OHV KRPPHV PDLV HOOHV \ VRQW pJDOHPHQW SOXV VHQVLEOHV 8QH pTXLSH GH FKHUFKHXUV DPpULFDLQV Gª+DUYDUG YLHQW GH GpFRXYULU JUkFH j OªLPDJHULH PpGLFDOH TXH OHV IHPPHV VHUDLHQW SOXV j OªpFRXWH GH OHXUV VHQVDWLRQV DORUV TXH OªRQ PHWWDLW MXVTXªj SUpVHQW OD UDLVRQ VXU OHV KRUPRQHV IpPLQLQHV VH WUDGXLVDQW SDU GHV GRXOHXUV SOXV DFFHQWXpHV ORUV GHV F\FOHV PHQVWUXHOV /D PLJUDLQH VH FDUDFWpULVH SDU XQH GRXOHXU QH WRXFKDQW TXH OD PRLWLp GH OD WrWH VH WUDGXLVDQW IUpTXHPPHQW SDU GHV QDXVpHV HW GHV YRPLVVHPHQWV HW GªXQH GLIILFXOWp j VXSSRUWHU OD OXPLqUH (OOH VªLQWHQVLILH HQ IRQFWLRQ GHV HIIRUWV SK\VLTXHV UpDOLVpV FH TXL GRQQH FHWWH LPSUHVVLRQ GH PDUWHDX GDQV OD WrWH FRPPH VL OHV SXOVDWLRQV FDUGLDTXHV HW OªDIIOX[ GH VDQJ GDQV OH FHUYHDX HQ pWDLW OD FDXVH &HWWH pWXGH RXYUH GHV SHUVSHFWLYHV GDQV OD UHFKHUFKH GH OLHQV HQWUH OD PLJUDLQH HW OD VXUYHQDQFH Gª$FFLGHQWV 9DVFXODLUHV &pUpEUDX[ $9& HW OD SHUWH GH FRQQDLVVDQFHV RX GH PpPRLUH


%UqYHV !!! %UqYHV %UqYHV !!! %UqYHV *UHIIH GH IRLH j OªDLGH GªXQ URERW /H FHQWUH GH WUDQVSODQWDWLRQ GH 3$/(50( ,WDOLH D DQQRQFp DYRLU SURFpGp j XQH JUHIIH GH IRLH DYHF VHXOHPHQW OªLQWHUYHQWLRQ GªXQ URERW /H SUpOqYHPHQW GX OREH GH IRLH D pWp UpDOLVp FKH] XQ GRQQHXU kJp GH DQV JUkFH VHXOHPHQW j TXDWUH WURXV HW XQH LQFLVLRQ GH FHQWLPqWUHV /D JUHIIH D pWp HQVXLWH UpDOLVpH FKH] VRQ IUqUH kJp GH DQV HW DWWHLQW GH FLUUKRVH j 0$56(,//(

*UHIIH GH WLVVXV RYDULHQV /H MXLQ <VDOLQH SHWLWH ILOOH GH NJ YRLW OH MRXU j OD PDWHUQLWp GX &+8 GH %(6$1d21 &HOD SHXW SDUDvWUH VDQV LQWpUrW DX SULPH DERUG VDXI TXª<VDOLQH HVW OH SUHPLHU EpEp IUDQoDLV FRQoX QDWXUHOOHPHQW DSUqV TXªXQH PDPDQ DLW EpQpILFLp GªXQH JUHIIH GH WLVVXV RYDULHQV /D PDPDQ Gª<VDOLQH DWWHLQWH GH 'UpSDQRF\WRVH JUDYH PDODGLH GX VDQJ D G VXELU XQH FKLPLRWKpUDSLH DYDQW XQH JUHIIH GH PRHOOH RVVHXVH TXL QpFHVVLWH XQH LUUDGLDWLRQ WRWDOH QHXWUDOLVDQW WRXWH IHUWLOLWp IXWXUH /ªpTXLSH VRLJQDQWH D GRQF SUpOHYp XQH SDUWLH GHV WLVVXV RYDULHQV SXLV OHV D FRQJHOpV GDQV OªD]RWH OLTXLGH j 8QH IRLV OD PDPDQ JXpULH OH 'RFWHXU 3DVFDO 3,9(5 GpSrFKp VSpFLDOHPHQW GX &+8 GH /,02*(6 OXL D JUHIIp VRQ SURSUH WLVVX RYDULHQ DILQ GH UHFRQVWLWXHU VHV IRQFWLRQV UHSURGXFWULFHV /D JUHIIH D SDUIDLWHPHQW IRQFWLRQQp <VDOLQH HQ HVW OD SOXV SDUIDLWH LOOXVWUDWLRQ

'pWRXUQHPHQWV GªRUJDQHV HQ $//(0$*1( /ª$//(0$*1( IDLW SDUWLH GX UpVHDX (85275$163/$17 DYHF GªDXWUHV SD\V %(/*,48( 3$<6 %$6 $875,&+( 68,66( /RUVTXªXQ RUJDQH HVW GLVSRQLEOH GDQV OªXQ GH FHV SD\V LO GRLW rWUH SURSRVp DX UpVHDX (XURWUDQVSODQW TXL OªDIIHFWH j OªXQ GHV SDWLHQWV LQVFULW VXU OD OLVWH GªDWWHQWH 'HX[ FKLUXUJLHQV DOOHPDQGV DILQ GH SULRULVHU OHXUV SURSUHV SDWLHQWV PDODGHV GX IRLH HW GªDXJPHQWHU OH QRPEUH GH JUHIIHV UpDOLVpHV VDQV GRXWH DSUqV FRUUXSWLRQ RQW IDOVLILp OHV GRQQpHV GHV SDWLHQWV HQ YXH GH OHV UHQGUH SULRULWDLUHV VXU OD OLVWH GªDWWHQWH LQWHUQDWLRQDOH 'H SOXV OH QRPEUH GH JUHIIHV GDQV OHV K{SLWDX[ DOOHPDQGV D IRUWHPHQW DXJPHQWp DORUV TXH OH QRPEUH GH JUHIIRQV GLVSRQLEOHV QH SURJUHVVDLW SDV &HFL HVW VDQV GRXWH G DX IDLW TXH OHV K{SLWDX[ RQW PLQLPLVp OªpWDW GHV JUHIIRQV HQ YXH GH OHV UHQGUH QRQ DFFHSWDEOHV SDU OH UpVHDX HW GH OHV JDUGHU SRXU OHXU SURSUH XVDJH 8QH HQTXrWH HVW HQ FRXUV DILQ GH UHPHWWUH GH OªRUGUH GDQV OH V\VWqPH GªpFKDQJH GDQV XQ SD\V R OH QRPEUH GH GRQQHXUV HVW IDLEOH HQ UDLVRQ GªXQ PDQTXH GH FRQILDQFH GH OD SRSXODWLRQ

9DFFLQ FRQWUH Oª+pSDWLWH % 3RXUWDQW WUqV HIILFDFH OH YDFFLQ FRQWUH Oª+pSDWLWH % D pWp WUqV GpFULp DSUqV VD VRUWLH YRLFL XQH TXLQ]DLQH GªDQQpHV HQ UDLVRQ GªXQ K\SRWKpWLTXH ULVTXH GH WUDQVPLVVLRQ GH VFOpURVH HQ SODTXHV HIIHW QpJDWLI

&HWWH SUHPLqUH UHGRQQH XQ JUDQG HVSRLU j WRXWHV OHV IHPPHV GHYHQXHV VWpULOHV VXLWH j WUDLWHPHQW LQWHQVLI HW QRWDPPHQW DX[ MHXQHV ILOOHV TXL QªRQW SDV HQFRUH SX PHWWUH HQ URXWH XQ SURMHW SDUHQWDO

MDPDLV SURXYp UpHOOHPHQW

&HUWDLQHV IHPPHV GpMj PpQRSDXVpHV HVSqUHQW SDVVHU RXWUH OHV HIIHWV GH 'DPH 1DWXUH HW HQYLVDJHU GHV JURVVHVVHV WDUGLYHV (VSpURQV TXH OªLQWpUrW GH OªHQIDQW j QDvWUH VHUD SULYLOpJLp SDU UDSSRUW DX GpVLU GªHQIDQW DYDQW HQJDJHPHQW GªXQH WHOOH SUDWLTXH OD UqJOHPHQWDWLRQ DFWXHOOH LQWHUGLVDQW OH UHFRXUV j OªLQVpPLQDWLRQ DUWLILFLHOOH DSUqV DQV

GHV PpGHFLQV VRQW HX[ PrPHV YDFFLQpV

$XMRXUGªKXL OHV FRPSRUWHPHQWV GHV PpGHFLQV SUHVFULSWHXUV RQW FKDQJp SXLVTXH VH GLVHQW IDYRUDEOHV j OD YDFFLQDWLRQ GHV DGXOWHV j ULVTXHV j OD YDFFLQDWLRQ GHV DGROHVFHQWV j OD YDFFLQDWLRQ GHV QRXUULVVRQV 3RXU FHX[ FL OH YDFFLQ HVW LQFOXV GDQV FHOXL GH OD '7 &RT 3ROLR

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


% UUqYHV qYHV !!! %UqYHV !!! 9DFFLQ FRQWUH OD QLFRWLQH /H SURIHVVHXU 5RQDOG &5<67$/ HW VHV FROOqJXHV GX &RPPHO 0HGLFDO &ROOHJH GH 1HZ <RUN YLHQQHQW GH GpFRXYULU XQ YDFFLQ FRQWUH OD QLFRWLQH UHGRQQDQW HVSRLU DX[ PLOOLHUV GH IXPHXUV TXL VRXKDLWHQW GpFURFKHU GH OHXU DGGLFWLRQ j FHWWH GURJXH /HV WHVWV RQW pWp UpDOLVpV FKH] OD VRXULV HW oD PDUFKH /D GpSHQGDQFH j OD QLFRWLQH VH WUDGXLW FKH] OD VRXULV FRPPH FKH] OªKRPPH SDU XQH DWWHLQWH GX FHUYHDX ,O FRQYLHQW GH FRPPHQFHU SDU SURGXLUH XQ DQWLFRUSV j OD QLFRWLQH HQ WUDQVIRUPDQW XQ YLUXV SDU WKpUDSLH JpQLTXH OXL IDLVDQW DFTXpULU GHV SURSULpWpV DQWL QLFRWLQH SXLV GªLQRFXOHU FHW DQWLFRUSV j OD VRXULV /H IRLH FRQWDPLQp GH OD VRXULV YD OXL IDLUH IDEULTXHU GHV DQWLFRUSV FRQWUH OD QLFRWLQH TXL QHWWRLHURQW OH VDQJ GH WRXWHV OHV FHOOXOHV UHQFRQWUpHV ,O HQ GpFRXOH DSUqV WUDLWHPHQW TXH OH QLYHDX GH QLFRWLQH GDQV OH FHUYHDX D EDLVVp GH QHXWUDOLVDQW OªHIIHW GH GpSHQGDQFH ,O FRQYLHQW PDLQWHQDQW GH YpULILHU OªLQQRFXLWp HW OªHIILFDFLWp GªXQ WHO WUDLWHPHQW FKH] Oª+RPPH FH TXL VHUDLW XQ UHPqGH H[WUDRUGLQDLUH FRQWUH OH GpILFLW GH OD 6pFX

/HV FHOOXOHV VRXFKHV VXUYLYHQW j OD PRUW 'HV FKHUFKHXUV IUDQoDLV RQW PLV HQ OXPLqUH TXH OHV FHOOXOHV VRXFKHV UHVWDLHQW YLYDQWHV DSUqV OD PRUW GX VXMHW 3DU H[HPSOH OHV FHOOXOHV PXVFXODLUHV VXUYLYHQW MRXUV FKH] OªKRPPH HW MRXUV FKH] OD VRXULV HW HOOHV JDUGHQW SHQGDQW FH ODSV GH WHPSV OHXU FDSDFLWp GH UpJpQpUDWLRQ SHUPHWWDQW GH OHV XWLOLVHU SRXU VRLJQHU GHV SDWLHQWV TXL HQ DXUDLHQW EHVRLQ /ªDSSOLFDWLRQ OD SOXV SODXVLEOH VHUDLW OªXWLOLVDWLRQ GHV FHOOXOHV VRXFKHV VDQJXLQHV FRQWHQXHV GDQV OD PRHOOH RVVHXVH SRXU OH WUDLWHPHQW GH OD OHXFpPLH

0DUJXHULWH ,QIR 1 2FWREUH

6RLJQHU JUkFH DX[ PLFUREHV GX FRUSV KXPDLQ -XOLH 6(*5( &KHUFKHXVH j Oª,QVWLWXW GH UHFKHUFKH GH %HWKHVGD GDQV OH 0DU\ODQG 86$ VªLQVXUJH FRQWUH OD VWUDWpJLH JXHUULqUH RSpUpH FRQWUH OHV EDFWpULHV GH QRWUH FRUSV FDU FHOOHV FL RQW pYROXp HQ PrPH WHPSV HW DX PrPH U\WKPH TXH QRXV HW VªDYqUHQW LQGLVSHQVDEOHV YRLUH VDOXWDLUHV SRXU QRWUH VDQWp 3HQGDQW ORQJWHPSV OªRQ D FRPEDWWX OHV PDODGLHV DYHF GHV DQWLELRWLTXHV TXL GpWUXLVDLHQW OHV PLFUREHV HW EDFWpULHV 3RXUWDQW HQ QRXUULVVDQW OªpFRV\VWqPH GH QRWUH FRUSV OHV PpGHFLQV WURXYHURQW VDQV GRXWH OD PHLOOHXUH PpWKRGH SRXU OXWWHU FRQWUH OHV PDODGLHV LQIHFWLHXVHV 'HV VFLHQWLILTXHV RQW UpXVVL j VpTXHQFHU OH PDWpULHO JpQpWLTXH GHV EDFWpULHV GHV RUJDQLVPHV K{WHV HW GpFRGHU SOXV GH PLOOLRQV GH JrQHV HQ VXLYDQW SHQGDQW GHX[ DQV VXMHWV HQ ERQQH VDQWp &HOD D SHUPLV GH GpPRQWHU OªLPSRUWDQFH GHV HIIHWV EDFWpULHV YLUXV FKDPSLJQRQV HW DXWUHV PLFUR RUJDQLVPHV KpEHUJpV SDU QRWUH FRUSV 3DU H[HPSOH SOXV GH EDFWpULHV RQW pWp LGHQWLILpHV GDQV OD ERXFKH HW FH QªHVW SDV ILQL &HOD D SHUPLV GH FRPSUHQGUH FRPPHQW GHV RUJDQLVPHV LQYLVLEOHV DJLVVHQW VXU QRXV 3DU H[HPSOH OHV PqUHV SUpSDUHQW OHXU EpEp j rWUH HQ ERQQH VDQWp /RUV GH OªDFFRXFKHPHQW OH EpEp LQJqUH XQH EDFWpULH LQFOXVH GDQV OD IORUH YDJLQDOH &HWWH EDFWpULH SUpGLVSRVH OH EpEp j OD GLJHVWLRQ GX ODLW PDWHUQHO TXL FRQWLHQW SOXV GH EDFWpULHV FRQWULEXDQW j OD FRQVWLWXWLRQ GX V\VWqPH LPPXQLWDLUH GH OªHQIDQW ,O VHPEOHUDLW TXH OHV HQIDQWV TXL SUHQQHQW GHV DQWLELRWLTXHV VRLHQW SOXV VRXYHQW VXMHWV DX[ DOOHUJLHV HW j OªDVWKPH /HV DQWLELRWLTXHV GpWUXLVHQW OHV EDFWpULHV PDOVDLQHV PDLV DXVVL FHOOHV TXL QRXV VRQW EpQpILTXHV 0DLQWHQDQW TXH OHV EDVHV RQW pWp SRVpHV OªDQDO\VH GH WRXV FHV RUJDQLVPHV HW GH OHXU LQWHUDFWLRQ SHUPHWWUD VDQV GRXWH GH PLHX[ FRPSUHQGUH OD QDLVVDQFH GH PDODGLHV HW OªDGDSWDWLRQ GHV WUDLWHPHQWV HQ YXH GH OHV FRPEDWWUH HW GH OHV QHXWUDOLVHU


%UqYHV !!! %UqYHV %UqYHV !!! %UqYHV 0pGLFDPHQW SUpYHQWLI GX 6,'$ /D )'$ )RRG DQG 'UXJ $GPLQLVWUDWLRQ D DXWRULVp OH 7589$'$ FRPPH PpGLFDPHQW SUpYHQWLI GX 6,'$ &H PpGLFDPHQW FRPELQDLVRQ GH GHX[ DQWLUpWURYLUDX[ D pWp YDOLGp HQ SDU OD )'$ GDQV OH WUDLWHPHQW GHV DGXOWHV HW OHV HQIDQWV GH SOXV GH DQV DWWHLQWV SDU OH 9,+ /ªHIIHW SUpYHQWLI GX 7589$'$ D pWp SURXYp VXLWH j XQ HVVDL FOLQLTXH PHQp VXU KRPRVH[XHOV VpURQpJDWLIV GDQV SD\V GLIIpUHQWV GRQW OHV 86$ OH %UpVLO HW Oª$IULTXH GX 6XG /ªDEVRUSWLRQ GH FH PpGLFDPHQW DYDLHQW UpGXLW OH ULVTXH GH WUDQVPLVVLRQ GH FKH] OHV VXMHWV XWLOLVDQW SDUDOOqOHPHQW OH SUpVHUYDWLI ORUV GH OHXUV UHODWLRQV VH[XHOOHV 8QH DXWUH pWXGH PHQpH DXSUqV GH FRXSOHV VpURGLVFRUGDQWV OªXQ GHV GHX[ PHPEUHV GX FRXSOH HVW DWWHLQW SDU OD PDODGLH OªDXWUH QRQ D PRQWUp XQH EDLVVH GX ULVTXH GªLQIHFWLRQ GH &KDTXH DQQpH DGXOWHV HW DGROHVFHQWV DPpULFDLQV VRQW GLDJQRVWLTXpV SRVLWLIV DX 9,+ PDOJUp WRXW OªDUVHQDO PLV HQ ¤XYUH SUpYHQWLRQ pGXFDWLRQ WHVWV GH GpSLVWDJH &HWWH GpFRXYHUWH OHXU RXYUH OªHVSRLU GªXQH QRQ FRQWDPLQDWLRQ 7RXWHIRLV OH 7589$'$ QH SHXW VH VXEVWLWXHU DX[ PHVXUHV GH SUpYHQWLRQ HW QRWDPPHQW OªXWLOLVDWLRQ GX SUpVHUYDWLI &HUWDLQHV DVVRFLDWLRQV PLOLWDQW FRQWUH OD SURJUHVVLRQ GX 6,'$ MXJHQW LUUHVSRQVDEOH OD GpFLVLRQ GH OD )'$ VDQV UDSSHO GH OªXWLOLVDWLRQ REOLJDWRLUH GX SUpVHUYDWLI ORUV GHV UDSSRUWV VH[XHOV SDUPL OD SRSXODWLRQ JD\ SRSXODWLRQ OD SOXV H[SRVpH j OªLQIHFWLRQ

/H 9DWLFDQ FRPSOLFH GªXQH HVFURTXHULH " /H 9DWLFDQ PqQH GHSXLV SOXVLHXUV DQQpHV XQ FRPEDW DFKDUQp FRQWUH OD UHFKHUFKH VXU OHV FHOOXOHV VRXFKHV HPEU\RQQDLUHV FDU SRXU SUpOHYHU FHV FHOOXOHV LO IDXW GpWUXLUH OªHPEU\RQ RU SRXU OHV FDWKROLTXHV OD YLH FRPPHQFH GqV OD FRQFHSWLRQ OD UHQFRQWUH HQWUH OH VSHUPDWR]RwGH HW OªRYXOH &HWWH SRVLWLRQ SHXW VH FRPSUHQGUH pWKLTXHPHQW HW PpGLFDOHPHQW SDUODQW 'H PrPH TXH OH 9DWLFDQ SDU OD YRL[ GH VD 6DLQWHWp OH 3DSH %(12,7 ;9, DLW SULV RXYHUWHPHQW SRVLWLRQ HW SUpFRQLVp OH UHFRXUV DX[ FHOOXOHV GH VDQJ GH FRUGRQ 3DU FRQWUH LO HVW GLIILFLOHPHQW FRPSUpKHQVLEOH HW GpIHQGDEOH TXH OH 9DWLFDQ IDYRULVH OH UHFRXUV DX[ EDQTXHV SULYpHV GH VDQJ GH FRUGRQ HQ VªDOOLDQW DYHF OD VRFLpWp &U\R 6DYH LQWHUGLWH HQ )5$1&( HW GpERXWpH GH VD SODLQWH FRQWUH Oª$JHQFH GH OD

%LRPpGHFLQH SDU OH &RQVHLO GªeWDW HQ PDL GHUQLHU (Q HIIHW OHV EDQTXHV SULYpHV YHQGHQW GHV SUHVWDWLRQV TXL QªRQW DXFXQH UpDOLWp VFLHQWLILTXH HQ IDLVDQW FURLUH j GHV SDUHQWV FUpGXOHV TXªHQ PHWWDQW HQ EDQTXH OH VDQJ GH FRUGRQ GH OHXU HQIDQW OªRQ SRXUUD UpSDUHU XQ G\VIRQFWLRQQHPHQW GDQV OH IXWXU /HV FHOOXOHV GH VDQJ GH FRUGRQ FRQWLHQQHQW WRXV OHV PDUTXHXUV GH OªLQGLYLGX 6L FHOXL FL pWDLW DWWHLQW GªXQH OHXFpPLH SOXV WDUG VHV SURSUHV FHOOXOHV GH VDQJ GH FRUGRQ QH OXL VHUDLW GªDXFXQ VHFRXUV LO GHYUDLW UHFRXULU j GHV FHOOXOHV GH GRQQHXU VDLQ /D VHXOH IDoRQ GªDLGHU XQ SDWLHQW QpFHVVLWDQW XQH JUHIIH GH FHOOXOHV KpPDWRSRwpWLTXHV FHOOXOHV GH OD PRHOOH RVVHXVH FHOOXOHV GH VDQJ SpULSKpULTXH RX FHOOXOHV GH VDQJ GH FRUGRQ HVW GH VªLQVFULUH VXU XQ ILFKLHU GH YRORQWDLUHV DX GRQ GH PRHOOH RVVHXVH RX GH IDLUH GRQ GX VDQJ GH FRUGRQ GH VRQ HQIDQW j VD QDLVVDQFH

7UDLWHPHQW GH Oª+pSDWLWH & 'HX[ QRXYHOOHV PROpFXOHV DVVRFLpHV j GªDXWUHV WUDLWHPHQWV RXYUHQW GH JUDQGV HVSRLUV SRXU OD JXpULVRQ GH OD PDMRULWp GHV SDWLHQWV &HV WUDLWHPHQWV DVVRFLpV ELWKpUDSLH VRQW LPPpGLDWHPHQW SUpFRQLVpV FKH] OHV SDWLHQWV DWWHLQWV GH FLUUKRVH RX GH ILEURVH DLQVL TXH SRXU FHX[ DWWHLQWV VLPXOWDQpPHQW GH Oª+pSDWLWH & HW GX 6LGD VRXV UpVHUYH GH WROpUDQFH GHV GHX[ WUDLWHPHQWV /HV DXWUHV SDWLHQWV GRQW OH VWDGH GH OD PDODGLH HVW PRLQV DYDQFp GHYUDLHQW SRXYRLU DWWHQGUH OªDSSDULWLRQ GH QRXYHOOHV PROpFXOHV YHUV PROpFXOHV SOXV FLEOpHV /H YLUXV GH Oª+pSDWLWH & PpFRQQX MXVTXH GDQV OHV DQQpHV HVW FRQVWLWXp GH GLYHUVHV SURWpLQHV HW GªXQ EULQ Gª$51 VRQ SURSUH SDWULPRLQH JpQpWLTXH TXL OXL SHUPHW GH VH GXSOLTXHU XQH IRLV TXªLO D DWWHLQW OHV FHOOXOHV GX IRLH TXªLO GpWUXLW SURJUHVVLYHPHQW /HV SUHPLHUV WUDLWHPHQWV j EDVH Gª,QWHUIpURQ RQW SHUPLV GH UDOHQWLU OD SURJUHVVLRQ GH OD PDODGLH *UkFH j FHV QRXYHOOHV PROpFXOHV DVVRFLpHV DX[ WUDLWHPHQWV H[LVWDQWV OH WUDLWHPHQW YD VªDFFpOpUHU SXLVTXH OD FKDUJH YLUDOH VHUD IRUWHPHQW UpGXLWH GqV OH SUHPLHU PRLV SRXU GLVSDUDvWUH SUHVTXH WRWDOHPHQW GDQV OHV WURLV PRLV HW WRWDOHPHQW GDQV OHV VL[ PRLV GDQV j GHV FDV &HV HIIHWV IXOJXUDQWV VRQW FRQGLWLRQQpV SDU GH QRPEUHXVHV FRQWUDLQWHV HW HIIHWV VHFRQGDLUHV 8Q QRPEUH GH PpGLFDPHQWV LPSRUWDQW j SUHQGUH WRXWHV OHV RX KHXUHV 8Q UpJLPH DOLPHQWDLUH VSpFLILTXH /ªDSSDULWLRQ GªDQpPLHV VpYqUHV QpFHVVLWDQW XQ WUDLWHPHQW PpGLFDPHQWHX[ YRLUH GHV WUDQVIXVLRQV 8QH JUDQGH IDWLJXH HW XQH EDLVVH GX QRPEUH GH JOREXOHV EODQFV

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


% UUqYHV qYHV !!! %UqYHV !!! 6FDQQHU $WWHQWLRQ 'DQJHU 5HEEHFFD 60,7+ %,'0$1 VSpFLDOLVWH HQ UDGLRORJLH HW LPDJHULH PpGLFDOH j Oª8QLYHUVLWp GH 6$1 )5$1&,6&2 DOHUWH VXU OH GDQJHU GHV VFDQQHUV HW GH OªLPDJHULH PpGLFDOH HQ UDLVRQ GH OD VXUH[SRVLWLRQ DX[ UDGLDWLRQV TXL PRGLILH Oª$'1 HW GpFOHQFKH GHV FDQFHUV TXHOTXHV DQQpHV SOXV WDUG 3DU H[HPSOH OªXWLOLVDWLRQ JpQpUDOLVpH GHV FRURQDURVFDQQHUV VFDQQHUV FDUGLDTXHV TXL UHSUpVHQWHQW IRLV OD GRVH GH UDGLDWLRQ GªXQH UDGLRJUDSKLH QRUPDOH SRXUUDLW VH WUDGXLUH SDU FDV GH FDQFHUV SRXU FKH] OHV KRPPHV HW FDV FKH] OHV IHPPHV FH TXL VLJQLILH TXH OªRQ SHXW JpQpUHU XQ FDQFHU j XQ SDWLHQW TXL QH OªDXUDLW VDQV GRXWH MDPDLV GpYHORSSp DXWUHPHQW /D PXOWLSOLFLWp GHV H[DPHQV GXH DX QRPEUH FURLVVDQW GªDSSDUHLOV FKH] OHV SUDWLFLHQV HW OªDEVHQFH GH FRRUGLQDWLRQ DXJPHQWHQW OD VXUH[SRVLWLRQ 4XDQG OªRQ YRXV GHPDQGH TXHO H[DPHQ YRXV DYH] SDVVp FªHVW SRXU HQ FRQQDvWUH OHV UpVXOWDWV SDV SRXU UHFHQVHU OD TXDQWLWp GªH[DPHQV TXH YRXV DYH] SDVVpV HW GRQF OD GRVH GH UD\RQV TXH YRXV DYH] VXSSRUWpH 5HEHFFD SURSRVH TXH FKDTXH H[DPHQ VRLW OLVWp VXU OH FDUQHW GH VXLYL LQGLYLGXDOLVp GX SDWLHQW HW TXH FHOXL FL DYDQW WRXWH SUHVFULSWLRQ GHPDQGH VL OªH[DPHQ HVW YUDLPHQW LQGLVSHQVDEOH /H OLYUHW IHUDLW OªREMHW GªXQH FHQWUDOLVDWLRQ SDU OHV DXWRULWpV VDQLWDLUHV HQ YXH GH SUpYHQWLRQ GHV ULVTXHV

6RLJQHU JUkFH DX[ FHOOXOHV VRXFKHV /HV FKHUFKHXUV VªLQWpUHVVHQW GH SOXV HQ SOXV DX[ FHOOXOHV VRXFKHV SUpVHQWHV GDQV QRWUH RUJDQLVPH HQ UDLVRQ GH OHXU FDSDFLWp j VH UpJpQpUHU &HWWH FDSDFLWp SHUPHW GªHQYLVDJHU GH UpSDUHU GHV FHOOXOHV GpIDLOODQWHV RX GH UHPSODFHU FKH] XQ SDWLHQW GHV FHOOXOHV PRUWHV RX TXL QH UHPSOLVVHQW SOXV OHXU PLVVLRQ LQLWLDOH 3DU H[HPSOH OD OHXFpPLH SHXW rWUH JXpULH JUkFH j OD JUHIIH GH FHOOXOHV VRXFKHV VDQJXLQHV FRQWHQXHV GDQV OD PRHOOH RVVHXVH /D 7KpUDSLH &HOOXODLUH IRUPH GRQF GH JUDQGV HVSRLUV WDQW SRXU OHV SDWLHQWV TXH SRXU OHV WKpUDSHXWHV &H TXL PDUFKH GpMj OD JUHIIH GH FHOOXOHV VRXFKHV VDQJXLQHV GDQV OH WUDLWHPHQW GHV PDODGLHV GX VDQJ OHXFpPLHV HW DXWUHV FDQFHUV OH WUDLWHPHQW GHV

0DUJXHULWH ,QIR 1 2FWREUH

EU OXUHV JUDYHV SDU OD JUHIIH GH FHOOXOHV VRXFKHV GH OªpSLGHUPH PLVHV HQ FXOWXUH SHUPHWWDQW GH UpSDUHU OHV WLVVXV /D UHFKHUFKH DFWXHOOH OH WUDLWHPHQW GªDXWUHV PDODGLHV VDQJXLQHV GXHV j GHV GpUqJOHPHQWV GH FHOOXOHV LPPXQLWDLUHV WUDLWHU GHV DQRPDOLHV GH FLFDWULVDWLRQ OH SLHG FKH] GHV GLDEpWLTXHV UpSDUHU OH PXVFOH FDUGLDTXH SOXVLHXUV W\SHV GH FHOOXOHV HW GH PpWKRGHV VRQW HQ FRXUV GªpYDOXDWLRQ UHYDVFXODULVHU OHV PHPEUHV LQIpULHXUV DUWpULWH WUDLWHU GHV PDODGLHV PXVFXODLUHV

8Q QRXYHDX FDV GH YDULDQW GH OD PDODGLH GH &UHXW]IHOGW -DFRE HQ )UDQFH 8Q QRXYHDX FDV GX YDULDQW GH OD PDODGLH GH &UHXW]IHOGW -DNRE Y0&- OD IRUPH KXPDLQH GH OD PDODGLH GH OD YDFKH IROOH D pWp VLJQDOp HQ )UDQFH SRUWDQW OH WRWDO j FDV UpSHUWRULpV GHSXLV LO VªDJLW GX SUHPLHU FDV VLJQDOp GHSXLV WURLV DQV /H Y0&- IRUPH KXPDLQH GH OªHQFpSKDORSDWKLH VSRQJLIRUPH ERYLQH (6% HVW OLp j OªLQJHVWLRQ GH IDULQHV DQLPDOHV SURGXLWHV j SDUWLU GH ERYLQV GRQW FHUWDLQHV SDUWLHV FRPPH OD FHUYHOOH pWDLHQW FRQWDPLQpHV &HWWH PDODGLH FpUpEUDOH UDUH HVW GXH j XQ DJHQW LQIHFWLHX[ GH W\SH SDUWLFXOLHU OH 3ULRQ (OOH pYROXH YHUV XQH GpPHQFH SXLV HQ j PRLV YHUV OD PRUW 6XU FHV FDV GH Y0&- KRPPHV IHPPHV FHUWDLQV RX SUREDEOHV LGHQWLILpV HQ )UDQFH j FH MRXU WRXV VDXI OH GHUQLHU VRQW GpFpGpV /D PR\HQQH GªkJH GH FHV SHUVRQQHV pWDLW GH DQV /D *UDQGH %UHWDJQH R HVW DSSDUXH OªpSLGpPLH GH OD YDFKH IROOH FRPSWH VHORQ OHV GHUQLHUV FKLIIUHV DUUrWpV DX MXLQ XQ WRWDO GH FDV GX QRXYHDX YDULDQW WRXV GpFpGpV ,O IDXW VDYRLU TXH VXLWH j FHWWH pSLGpPLH SOXVLHXUV PHVXUHV RQW pWp SULVHV SRXU DMRXUQHU GpILQLWLYHPHQW FHUWDLQV FDQGLGDWV DX GRQ GX VDQJ /HV SHUVRQQHV D\DQW pWp WUDQVIXVpHV DX PRWLI K\SRWKpWLTXH GH GpYHORSSHU XQH PDODGLH j 3ULRQ /HV SHUVRQQHV D\DQW VpMRXUQp SOXV GªXQ DQ FXPXOp HQ *UDQGH %UHWDJQH HQWUH HW /D GpFLVLRQ DYDLW pWp SULVH SDU OD &RPPLVVLRQ (XURSpHQQH GH QH SOXV LQFOXUH GH IDULQHV DQLPDOHV GDQV OªDOLPHQWDWLRQ GHV DQLPDX[ 3RXUWDQW PDOJUp FHW pSLVRGH WUDJLTXH OD &RPPLVVLRQ SUpYRLW GH UpLQWURGXLUH OHV IDULQHV


%UqYHV !!! %UqYHV %UqYHV !!! %UqYHV DQLPDOHV GDQV OªDOLPHQWDWLRQ GHV SRLVVRQV GHV SRUFV HW GHV YRODLOOHV 4XDQG RQ VDLW TXH OHV SRLVVRQV SHLQHQW GpMj j VH UHSURGXLUH HQ UDLVRQ GHV RHVWURJqQHV FRQWHQXV GDQV OHV HDX[ GªpYDFXDWLRQ HW TXH OH SRUF HVW XQ YpULWDEOH ODERUDWRLUH DPEXODQW RQ QH SHXW TXH VH GHPDQGHU FH TXL SHXW SRXVVHU FHUWDLQV GpFLGHXUV j SUHQGUH XQH WHOOH GpFLVLRQ

1RPLQDWLRQV $QQH %8567,1

,QVSHFWULFH *pQpUDOH GHV $IIDLUHV 6RFLDOHV D pWp QRPPpH j OD WrWH GH Oª,1&$ ,QVWLWXW 1DWLRQDO GX &DQFHU (OOH HVW kJpH GH DQV HW HVW GLSO{PpH GH Oª,(3 ,QVWLWXW GHV eWXGHV 3ROLWLTXHV HQ HW GH Oª(1$ HQ (OOH UHQWUH j Oª,*$6 OD PrPH DQQpH HW \ SRXUVXLYUD XQH JUDQGH SDUWLH GH VD FDUULqUH HQ JUDYLVVDQW WRXV OHV pFKHORQV (OOH D QRWDPPHQW WUDLWp OHV GRVVLHUV GH 0LVVLRQ GªDSSXL j OD '*6 'LUHFWLRQ *pQpUDOH GH OD 6DQWp SRXU OD SUpSDUDWLRQ GªXQ SURMHW GH ORL VXU OD WUDQVSRVLWLRQ GHV GLUHFWLYHV FRQFHUQDQW OHV PpGLFDPHQWV KXPDLQV HW YpWpULQDLUHV HW OHV SURGXLWV GX FRUSV KXPDLQ

5DSSRUW VXU OHV FRPSpWHQFHV 6DQWp ¥ (QYLURQQHPHQW GHV $56 $JHQFHV 5pJLRQDOHV GH 6DQWp HQ (QWUH WHPSV HOOH I W 'LUHFWULFH $GMRLQWH GH OD '5$66 Gª$TXLWDLQH 'LUHFWLRQ 5pJLRQDOH GHV $IIDLUHV 6DQLWDLUHV HW 6RFLDOHV FKDUJpH GX 3{OH VDQWp GH j $GMRLQWH DX 'LUHFWHXU GH Oª$)66D36 $JHQFH )UDQoDLVH GH 6pFXULWp 6DQLWDLUH HW GHV 3URGXLWV GH 6DQWp HQ

'RPLQLTXH *,25*, ,QVSHFWHXU *pQpUDO GHV $IIDLUHV 6RFLDOHV HW DQFLHQ 6HFUpWDLUH GH Oª$3 +3 D pWp QRPPp 3UpVLGHQW GX &RPLWp eFRQRPLTXH GHV 3URGXLWV GH 6DQWp &(36 ¶Jp GH DQV LO HVW GLSO{Pp GH Oª,QVWLWXW GHV eWXGHV 3ROLWLTXHV ,(3 HW GH Oª(1$ ,O D GªDERUG H[HUFp j OD 'LUHFWLRQ GX 7UpVRU DX 0LQLVWqUH GHV )LQDQFHV SXLV HQ WDQW TXH 'LUHFWHXU GH OD GLYLVLRQ PpGLFDPHQW j OH 'LUHFWLRQ GH OD 6pFXULWp 6RFLDOH 'pWDFKp j OD 9LOOH GH 3$5,6 HQ LO UHYLHQW j Oª,*$6 HQ HW SUHQG VHV IRQFWLRQV GH 6HFUpWDLUH GH Oª$3 +3 HQ 'HSXLV LO SUpVLGDLW OH &RQVHLO Gª$GPLQLVWUDWLRQ GH OD FDLVVH GH UHWUDLWHV GH OD 5$73 SXLV OªeWDEOLVVHPHQW SXEOLF QDWLRQDO GX ILQDQFHPHQW GHV UHWUDLWHV GH /D 3RVWH

0LFKHO %5(9$/ 'RQQHXU GH 6DQJ ePpULWH HU GRQ j DQV j 5RXHQ 1RPEUH GH GRQV 7\SHV GH GRQV SULQFLSDOHPHQW HQ SODVPD /HV SUHPLHUV GRQV GXUDLHQW KHXUHV &KHYDOLHU GX PpULWH GX VDQJ HQ ,O D FRPPHQFp j WUDYDLOOHU HQ j OD 3RVWH SXLV j IUDQFH WpOpFRP ,O HVW PHPEUH GH &$ GH Oª$VVRFLDWLRQ GH /D 3RVWH HW IUDQFH WpOpFRP 0HXUWKH HW 0RVHOOH $XWUHV DFWLYLWpV SRXU OH VDQJ DYHF OD &URL[ 5RXJH GDQV VRQ YLOODJH SRXU DLGHU DX[ FROOHFWHV $XWUHV DFWLYLWpV 'DQV OD FRPPXQH GH %RX[LqUHV DX[ 'DPHV FRQVHLOOHU PXQLFLSDO HW IXW DGMRLQW DX PDLUH SHQGDQW DQV 'pOpJXp 'pSDUWHPHQWDO GH Oª(GXFDWLRQ 1DWLRQDOH 0HPEUH GX %XUHDX GHV PpGDLOOpHV GH MHXQHVVH HW VSRUWV GH 0HXUWKH HW 0RVHOOH 0HPEUH GX &RPLWp GpSDUWHPHQWDO SRXU OHV SHUVRQQHV kJpHV 0HXUWKH HW 0RVHOOH 0HPEUH GX EXUHDX GH Oª2IILFH GªK\JLqQH VRFLDOH

$ODLQ .5,&+1$&+7

&RQVHLOOHU GªeWDW GHSXLV D pWp QRPPp 3UpVLGHQW GX *URXSH 'pRQWRORJLH HW ,QGpSHQGDQFH GH Oª([SHUWLVH j OD +DXWH $XWRULWp GH 6DQWp +$6 +DXW &RPPLVVDLUH HQ 1RXYHOOH &DOpGRQLH 3UpIHW GHV &{WHV Gª$UPRU LO D pJDOHPHQW pWp 'LUHFWHXU GH &DELQHW GH /LRQHO -263,1 ORUVTXªLO pWDLW 3UHPLHU 0LQLVWUH

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672 +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! -HDQ -DFTXHV /()5(5( 3LHUUH -$8/,1

/HV SUHPLqUHV WUDQVIXVLRQV VDQJXLQHV RQW HX OLHX VRXV /RXLV ;,9

SKLORVRSKLTXHV GH WRXWH QDWXUH &RPPH HOOHV FRUUHVSRQGDLHQW DYHF OHXUV KRPRORJXHV pWUDQJHUV FHV SHWLWHV DFDGpPLHV RQW MRXp XQ U{OH FRQVLGpUDEOH GDQV OD GLIIXVLRQ HW OH VXFFqV GHV WKpRULHV QRXYHOOHV /HV SUHPLHUV SDV GH OD WUDQVIXVLRQ VDQJXLQH HQ HQ (XURSH )UDQFH VªLQVFULYHQW GDQV OH SURORQJHPHQW GH OD UpYROXWLRQ VFLHQWLILTXH TXL VXUYLQW DX FRXUV GH OD (Q pWDLW SDUX j SUHPLqUH PRLWLp GX ;9,,H VLqFOH ¦ GRQW OªHVSULW IXW )UDQFIRUW XQ OLYUH GH JRXYHUQp SDU OªLGpH TXL SUpFqGH OªRXWLO ¦ HW TXL SUpVHQWDWLRQ PRGHVWH IXW PDUTXpH SDU OH SHUIHFWLRQQHPHQW GX FDOFXO HW LQWLWXOp ([HUFLWDWLR GHV LQVWUXPHQWV GH PHVXUH GH PrPH TXH SDU DQDWRPLFD GH PRWX OªDSSDULWLRQ GH QRXYHOOHV WKpRULHV HW GªXQ JUDQG FRUGLV HW VDQJXLQLV QRPEUH GH GpFRXYHUWHV LQ DQLPDOLEXV R /ªDEDQGRQ GH OD PpWKRGH GªDXWRULWp DX SURILW OªDXWHXU OH PpGHFLQ GªXQ QRXYHDX PRGH GH UDLVRQQHPHQW HW HW DQDWRPLVWH DQJODLV GªH[SpULPHQWDWLRQ FDUDFWpULVD FHWWH SpULRGH HW :LOOLDP +DUYH\ DIIDLEOLW OH SRXYRLU GHV WHQDQWV GªXQH VFLHQFH FL FRQWUH H[SRVDLW VD GRJPDWLTXH TXH FHV GHUQLHUV DYDLHQW WURS WHQGDQFH GpPRQVWUDWLRQ GH OD j FRQVLGpUHU FRPPH DFKHYpH FLUFXODWLRQ GX VDQJ (Q )UDQFH FHWWH PXWDWLRQ GH OD SHQVpH WURXYD VD &HWWH GpFRXYHUWH GRQW OD SRUWpH GHYDLW rWUH VRXUFH VD YLWDOLWp HW VRQ H[SDQVLRQ GDQV OHV GLYHUVHV FRQVLGpUDEOH DOODLW UpYROXWLRQQHU OªKLVWRLUH GHV DVVHPEOpHV HW DFDGpPLHV SULYpHV TXL YLUHQW DORUV OH VFLHQFHV ELRORJLTXHV HQ URPSDQW SDU OªDYqQHPHQW GX UqJQH GH OD GpPRQVWUDWLRQ SDU OD SUHXYH DYHF MRXU j 3DULV FRPPH HQ 3URYLQFH 'H WHOV FHUFOHV pWDLHQW IUpTXHQWpV SDU OHV pOLWHV OªLPPRELOLVPH GRJPDWLTXH H[LVWDQW GHSXLV *DOLHQ LQWHOOHFWXHOOHV ¦ VDYDQWV PDWKpPDWLFLHQV DXWUHPHQW GLW GHSXLV OH ,,H VLqFOH DSUqV -pVXV &KULVW SKLORVRSKHV WKpRORJLHQV pFULYDLQV ¦ HW SDU GHV +DUYH\ IRUPXODLW DLQVL RXYHUWHPHQW VD WKpRULH LO pUXGLWV FXULHX[ GH FH TXL WRXFKH j OD YLH GH OªHVSULW QRXV HVW HQILQ SHUPLV GH IRUPXOHU RXYHUWHPHQW 2Q \ GpEDWWDLW GHV QRXYHDXWpV VFLHQWLILTXHV HW QRWUH FRQFHSWLRQ GH OD FLUFXODWLRQ UDLVRQQHPHQW HW H[SpULPHQWDWLRQ pWDEOLVVHQW TXH OH VDQJ WUDYHUVH 3DULV XQ GH FHV FHUFOHV SDUPL OHV SOXV EULOODQWV IXW OHV SRXPRQV HW OH F¤XU HW TXH SDU FHOXL FL LO HVW FHOXL GH Oª DFDGpPLH GH 0RQWPRU HQYR\p j WRXW OªRUJDQLVPH SDVVH SDU OHV SRURVLWpV GHV WLVVXV UHYLHQW SDU OHV YHLQHV GHV H[WUpPLWpV ,O DYDLW pWp FUpp DX OHQGHPDLQ YHUV OH FHQWUH SRXU DERXWLU j OªRUHLOOHWWH FDUGLDTXH GH OD )URQGH SDU OH FRPWH GURLWH +HQUL /RXLV +DEHUW GH 0RQWPRU FL FRQWUH PDJLVWUDW PDvWUH GHV UHTXrWHV GH /RXLV /ªDFDGpPLH GH 0RQWPRU TXH OªRQ DSSHODLW DXVVL ;,9 HW KDXW SHUVRQQDJH Oª DFDGpPLH GHV SK\VLFLHQV pWDLW IUpTXHQWpH SDU GH EHDX[ HVSULWV JUDQGV QRPV GH OD VFLHQFH HW GH OD 'RWp GªXQH ODUJH OLWWpUDWXUH GH OªpSRTXH ¦ *DVVHQGL )HUPDW &KDSHODLQ LQGpSHQGDQFH ILQDQFLqUH FH 0pQDJH 5REHUYDO %RLOHDX HWF SURWHFWHXU GHV 6FLHQFHV GHV /HWWUHV HW GHV $UWV 3OXV RULHQWpH YHUV OHV VFLHQFHV TXH YHUV OHV JUDQG DGPLUDWHXU GH 'HVFDUWHV DYDLW UHSULV HW %HOOHV /HWWUHV HOOH HXW OD SDUWLFXODULWp GH FRQFHYRLU UpRUJDQLVp HQ OH JURXSH SUpFpGHPPHQW DQLPp GHV SURORQJHPHQWV SUDWLTXHV DX[ WKpRULHV SDU OH SqUH 0HUVHQQH FRQQX HQ VRQ WHPSV VRXV OH GRQW HOOH GLVFXWDLW &ªHVW OD UDLVRQ SRXU ODTXHOOH QRP Gª$FDGHPLD SDULVLHQVLV OªLQVWUXPHQWDWLRQ HW OªH[SpULPHQWDWLRQ FRQFUqWH ILUHQW 0RQVLHXU GH 0RQWPRU DYDLW GRQQp XQH VHFRQGH SDUWLH GH VHV SUpRFFXSDWLRQV FRQVWDQWHV (OOH IXW OD YLH j FHWWH DFDGpPLH TXL SRUWDLW GpVRUPDLV VRQ QRP PDWULFH GH OD IXWXUH $FDGpPLH GHV 6FLHQFHV TXL IXW HW DYDLW SULV HQ SHX GªDQQpHV XQH SODFH LPSRUWDQWH FUppH HQ SDU &ROEHUW $ILQ GH ELHQ FRPSUHQGUH GDQV OD YLH LQWHOOHFWXHOOH GH OD FDSLWDOH OH U{OH FDSLWDO TXH FHWWH DFDGpPLH SULYpH D MRXp GDQV 6HV PHPEUHV VH UpXQLVVDLHQW XQH IRLV SDU OD UpDOLVDWLRQ GHV SUHPLqUHV WUDQVIXVLRQV HQ )UDQFH VHPDLQH j Oª+{WHO GH 0RQWPRU VLV DX GH OD UXH LO IDXW pYRTXHU j OD IRLV OD GpFRXYHUWH GH OD FLUFXODWLRQ GX 7HPSOH GDQV FH TXL HVW DXMRXUGªKXL OH 7URLVLqPH VDQJXLQH SDU +DUYH\ HW OªHVVHQFH GH OD SKLORVRSKLH $UURQGLVVHPHQW GH OD &RXU GH 'HVFDUWHV

0DUJXHULWH ,QIR 1 2FWREUH


+ ,672,5( ' ' ( / / $ 7 7 5$16)86,21 6 6 $1*8 ,1( ! !! +,672,5( +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! '( /$ 75$16)86,21 6$1*8,1( 8,1( !! !!! /D FRQFOXVLRQ UHWHQWLVVDQWH GH FHW LPPHQVH RXYUDJH TXL pWDLW OH UpVXOWDW GH PpWLFXOHXVHV HW PXOWLSOHV LQYHVWLJDWLRQV HW GªH[SpULPHQWDWLRQV UpDOLVpHV VXU SUqV GH YLQJW DQQpHV pWDLW DXVVL VLPSOH TXH JpQLDOH DXVVL KDUGLH TXH UpYROXWLRQQDLUH (Q GpSLW GHV YLROHQWHV UpIXWDWLRQV LVVXHV GHV PLOLHX[ PpGLFDX[ WUDGLWLRQQHOV OD FRQQDLVVDQFH GH OD SK\VLRORJLH DPRUoDLW Oj XQ WRXUQDQW PDMHXU DORUV TXH OHV DIILUPDWLRQV GH *DOLHQ DYDLHQW pWp GHSXLV WRXMRXUV GpIHQGXHV SDU OHV VFRODVWLTXHV R OHV ODFXQHV GH OªREVHUYDWLRQ pWDLHQW FRPEOpHV SDU OªLPDJLQDWLRQ HW OD VSpFXODWLRQ SKLORVRSKLTXH (Q HIIHW SRXU OHV $QFLHQV QRWDPPHQW SRXU *DOLHQ OHTXHO VXLYDLW HQ FHOD OHV GLUHV Gª$ULVWRWH ¦ OH VDQJ IDEULTXp j SDUWLU GHV DOLPHQWV HQJHQGUDLW OD PDWLqUH YLYDQWH VD FURLVVDQFH FRPPH VRQ HQWUHWLHQ ,O pWDLW OD QRXUULWXUH GX FRUSV HW SRXU UpSRQGUH j FHWWH FRQVRPPDWLRQ SHUPDQHQWH OªKpPDWRSRwqVH ¦ TXH OªRQ QªDSSHODLW SDV HQFRUH DLQVL HW GRQW OH VLqJH pWDLW ORFDOLVp GDQV OH IRLH ¦ GHYDLW rWUH FRQVWDQWH WDQGLV TXH OHV YDLVVHDX[ MRXDLHQW XQ U{OH GLVWULEXWHXU 6HORQ $ULVWRWH OH F¤XU EDWWDLW FRQWLQXHOOHPHQW SRXU DVVXUHU j OªRUJDQLVPH OD GLVWULEXWLRQ GH OªDLU (Q VRLW QHXI DQV DSUqV OD SDUXWLRQ GX OLYUH GH +DUYH\ 5HQp 'HVFDUWHV DYDLW SXEOLp HQ IUDQoDLV ¦ HW QRQ SOXV HQ ODWLQ ¦ VRQ ¤XYUH PDvWUHVVH OH FpOqEUH 'LVFRXUV GH OD 0pWKRGH SRXU ELHQ FRQGXLUH VD UDLVRQ HW FKHUFKHU OD YpULWp GDQV OHV VFLHQFHV ,O \ SUpVHQWDLW XQH PpWKRGRORJLH UDWLRQQHOOH TXL DOODLW WULRPSKHU GH FHWWH VFRODVWLTXH j ODTXHOOH RQ VªpWDLW WRXMRXUV UpIpUp HQ VH FDQWRQQDQW XQLTXHPHQW DX[ HQVHLJQHPHQWV FRQWHQXV GDQV OHV OLYUHV GHV JpQpUDWLRQV SUpFpGHQWHV 6RQ LQWHOOLJHQFH VXSpULHXUH DOOLpH j XQ FRXUDJH LQGpQLDEOH DYDLW SHUPLV j 'HVFDUWHV GªDOOHU UpVROXPHQW j FRQWUH FRXUDQW GH OD SHQVpH FRQWHPSRUDLQH &HW RXYUDJH FDSLWDO VHUD GHX[ VLqFOHV GXUDQW XQH GHV EDVHV HVVHQWLHOOHV GX SURJUqV VFLHQWLILTXH (Q DIILUPDQW XQH GLVWLQFWLRQ ELHQ UpHOOH HQWUH OªkPH HW OH FRUSV ¦ ELHQ TXªpWURLWHPHQW FRQMRLQWV ¦ 'HVFDUWHV FRQVLGpUDLW OH VHFRQG FRPPH XQH PDFKLQH XQH PDFKLQH FHUWHV FRPSOH[H PDLV VHXOHPHQW XQH PDFKLQH /D GpPRQVWUDWLRQ GH OD FLUFXODWLRQ GX VDQJ SDU +DUYH\ VªLQWpJUDLW SDUIDLWHPHQW GDQV XQH YLVLRQ PpFDQLTXH GªXQ FRUSV KXPDLQ VpSDUp GH OªkPH HW IRQFWLRQQDQW LQGpSHQGDPPHQW GªHOOH

SURYHQDQW GHV QDULQHV HW GH OD ERXFKH HW FRQGXLW SDU OHV YDLVVHDX[ MXVTXªDX F¤XU TXL OH UpFKDXIIDLW /ª LQWHOOLJHQFH UpVLGDLW GDQV OH YHQWULFXOH JDXFKH OHTXHO FRQWHQDLW OD SDUWLH VXEWLOH HW DOOpJpH GX VDQJ XQ RUJDQH UHVSLUDWRLUH HW SV\FKLTXH FHWWH FRQFHSWLRQ *DOLHQ DMRXWDLW OD QRWLRQ TXH OH F¤XU FKDVVH OH VDQJ DUWpULHO FKDUJp GH FKDOHXU HW GH SQHXPD GRQF GªHVSULW HW GH IRUFH YLWDOH HW FRQWULEXH j VD GLVWULEXWLRQ 'DQV OªHQVHPEOH FH FRQFHSW GHV PRXYHPHQWV GX VDQJ HW GH OHXUV U{OHV UHVSHFWLIV QªpYRTXDLW SDV OD QRWLRQ GH FLUFXODWLRQ SURSUHPHQW GLWH PDLV ELHQ GDYDQWDJH FHOOHV GH GpSODFHPHQW HW GH GLVWULEXWLRQ OH VDQJ SURGXLVDLW GH OD PDWLqUH YLYDQWH HW VH SHUGDLW GDQV OªRUJDQLVPH /D QRWLRQ GH UHWRXU VDQJXLQ QªH[LVWDLW SDV FH TXL H[FOXDLW OªLGpH GªXQH FLUFXODWLRQ VDQJXLQH (Q VRQ WHPSV OD GpFRXYHUWH GH +DUYH\ HW WRXW FH TXªHOOH UHPHWWDLW HQ FDXVH HQIODPPqUHQW OH PLOLHX PpGLFDO TXL VH GLYLVD HQ GHX[ FODQV OHV FLUFXODWHXUV HW OHV DQWL FLUFXODWHXUV 3DUPL FHV GHUQLHUV GHX[ SHUVRQQDJHV LQIOXHQWV FRPEDWWLUHQW DUGHPPHQW OD QRXYHOOH WKpRULH -HDQ 5LRODQ SULQFH GHV DQDWRPLVWHV HW PpGHFLQ GX URL /RXLV ;,,, ¦ LO QH WROpUDLW SDV OªLGpH TXH *DOLHQ DLW SX FRPPHWWUH GHV HUUHXUV ¦ HW *XL 3DWLQ IXWXU GR\HQ GH OD )DFXOWp GH PpGHFLQH GH 3DULV GRQW OH IDQDWLVPH HW OªpWURLWHVVH GH YXHV VRQW HQWUpV GDQV Oª+LVWRLUH &H GHUQLHU HPSOR\DLW GHV DUJXPHQWV LPSDUDEOHV 6L OH VDQJ FLUFXOH LO HVW LQXWLOH GªHQ WLUHU FDU OD SHUWH VXELH SDU XQ RUJDQH VHUDLW LPPpGLDWHPHQW UpSDUpH 2U OD VDLJQpH HVW XWLOH GRQF OH VDQJ QH FLUFXOH SDV /D WKpRULH GH +DUYH\ IXW FHSHQGDQW DGRSWpH SURJUHVVLYHPHQW HW ILQLW SDU WULRPSKHU PDLV LO IDOOXW WRXW GH PrPH DWWHQGUH SRXU TXH /RXLV ;,9 PvW XQ WHUPH j OD TXHUHOOH VXU OD FLUFXODWLRQ GX VDQJ HQ GpFLGDQW TXªHOOH VHUDLW GpVRUPDLV DGPLVH HW HQVHLJQpH /HV SUHPLHUV SDV GH OD WUDQVIXVLRQ VDQJXLQH HQ )UDQFH VªLQVFULYHQW GDQV OH SURORQJHPHQW GH OD UpYROXWLRQ VFLHQWLILTXH TXL VXUYLQW DX FRXUV GH OD SUHPLqUH PRLWLp GX ;9,,H VLqFOH ¦ GRQW OªHVSULW IXW JRXYHUQp SDU OªLGpH TXL SUpFqGH OªRXWLO ¦ HW TXL IXW PDUTXpH SDU OH SHUIHFWLRQQHPHQW GX FDOFXO HW GHV LQVWUXPHQWV GH PHVXUH GH PrPH TXH SDU OªDSSDULWLRQ GH QRXYHOOHV WKpRULHV HW GªXQ JUDQG QRPEUH GH GpFRXYHUWHV /ªDEDQGRQ GH OD PpWKRGH GªDXWRULWp DX SURILW GªXQ QRXYHDX PRGH GH UDLVRQQHPHQW HW GªH[SpULPHQWDWLRQ FDUDFWpULVD FHWWH SpULRGH HW DIIDLEOLW OH SRXYRLU GHV WHQDQWV GªXQH VFLHQFH GRJPDWLTXH TXH FHV GHUQLHUV DYDLHQW WURS WHQGDQFH j FRQVLGpUHU FRPPH DFKHYpH

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

(Q )UDQFH FHWWH PXWDWLRQ GH OD SHQVpH WURXYD VD VRXUFH VD YLWDOLWp HW VRQ H[SDQVLRQ GDQV OHV GLYHUVHV DVVHPEOpHV HW DFDGpPLHV SULYpHV TXL YLUHQW DORUV OH MRXU j 3DULV FRPPH HQ 3URYLQFH (Q )UDQFH FHWWH PXWDWLRQ GH OD SHQVpH WURXYD VD VRXUFH VD YLWDOLWp HW VRQ H[SDQVLRQ GDQV OHV GLYHUVHV DVVHPEOpHV HW DFDGpPLHV SULYpHV TXL YLUHQW DORUV OH MRXU j 3DULV FRPPH HQ 3URYLQFH 'H WHOV FHUFOHV pWDLHQW IUpTXHQWpV SDU OHV pOLWHV LQWHOOHFWXHOOHV ¦ VDYDQWV PDWKpPDWLFLHQV SKLORVRSKHV WKpRORJLHQV pFULYDLQV ¦ HW SDU GHV pUXGLWV FXULHX[ GH FH TXL WRXFKH j OD YLH GH OªHVSULW /ªDFDGpPLH GH 0RQWPRU TXH OªRQ DSSHODLW DXVVL Oª DFDGpPLH GHV SK\VLFLHQV pWDLW IUpTXHQWpH SDU GH EHDX[ HVSULWV JUDQGV QRPV GH OD VFLHQFH HW GH OD OLWWpUDWXUH GH OªpSRTXH ¦ *DVVHQGL )HUPDW &KDSHODLQ 0pQDJH 5REHUYDO %RLOHDX HWF 3OXV RULHQWpH YHUV OHV VFLHQFHV TXH YHUV OHV %HOOHV /HWWUHV HOOH HXW OD SDUWLFXODULWp GH FRQFHYRLU GHV SURORQJHPHQWV SUDWLTXHV DX[ WKpRULHV GRQW HOOH GLVFXWDLW &ªHVW OD UDLVRQ SRXU ODTXHOOH OªLQVWUXPHQWDWLRQ HW OªH[SpULPHQWDWLRQ FRQFUqWH ILUHQW SDUWLH GH VHV SUpRFFXSDWLRQV FRQVWDQWHV (OOH IXW OD PDWULFH GH OD IXWXUH $FDGpPLH GHV 6FLHQFHV TXL IXW FUppH HQ SDU &ROEHUW $ILQ GH ELHQ FRPSUHQGUH OH U{OH FDSLWDO TXH FHWWH DFDGpPLH SULYpH D MRXp GDQV OD UpDOLVDWLRQ GHV SUHPLqUHV WUDQVIXVLRQV HQ )UDQFH LO IDXW pYRTXHU j OD IRLV OD GpFRXYHUWH GH OD FLUFXODWLRQ VDQJXLQH SDU +DUYH\ HW OªHVVHQFH GH OD SKLORVRSKLH GH 'HVFDUWHV /D FRQFOXVLRQ UHWHQWLVVDQWH GH FHW LPPHQVH RXYUDJH TXL pWDLW OH UpVXOWDW GH PpWLFXOHXVHV HW PXOWLSOHV LQYHVWLJDWLRQV HW GªH[SpULPHQWDWLRQV UpDOLVpHV VXU SUqV GH YLQJW DQQpHV pWDLW DXVVL VLPSOH TXH JpQLDOH DXVVL KDUGLH TXH UpYROXWLRQQDLUH (Q GpSLW GHV YLROHQWHV UpIXWDWLRQV LVVXHV GHV PLOLHX[ PpGLFDX[ WUDGLWLRQQHOV OD FRQQDLVVDQFH GH OD SK\VLRORJLH DPRUoDLW Oj XQ WRXUQDQW PDMHXU DORUV TXH OHV DIILUPDWLRQV GH *DOLHQ DYDLHQW pWp GHSXLV WRXMRXUV GpIHQGXHV SDU OHV VFRODVWLTXHV R OHV ODFXQHV GH OªREVHUYDWLRQ pWDLHQW FRPEOpHV SDU OªLPDJLQDWLRQ HW OD VSpFXODWLRQ SKLORVRSKLTXH (Q HIIHW SRXU OHV $QFLHQV QRWDPPHQW SRXU *DOLHQ OHTXHO VXLYDLW HQ FHOD OHV GLUHV Gª$ULVWRWH ¦ OH VDQJ IDEULTXp j SDUWLU GHV DOLPHQWV HQJHQGUDLW OD PDWLqUH YLYDQWH VD FURLVVDQFH FRPPH VRQ HQWUHWLHQ ,O pWDLW OD QRXUULWXUH GX FRUSV HW SRXU UpSRQGUH j FHWWH FRQVRPPDWLRQ SHUPDQHQWH OªKpPDWRSRwqVH ¦ TXH OªRQ QªDSSHODLW SDV HQFRUH DLQVL HW GRQW OH VLqJH pWDLW ORFDOLVp GDQV OH IRLH ¦ GHYDLW rWUH FRQVWDQWH WDQGLV TXH OHV YDLVVHDX[ MRXDLHQW XQ U{OH GLVWULEXWHXU 6HORQ $ULVWRWH OH F¤XU EDWWDLW FRQWLQXHOOHPHQW SRXU DVVXUHU j OªRUJDQLVPH OD GLVWULEXWLRQ GH OªDLU SURYHQDQW GHV QDULQHV HW GH OD ERXFKH HW FRQGXLW

0DUJXHULWH ,QIR 1 2FWREUH

SDU OHV YDLVVHDX[ MXVTXªDX F¤XU TXL OH UpFKDXIIDLW /ª LQWHOOLJHQFH UpVLGDLW GDQV OH YHQWULFXOH JDXFKH OHTXHO FRQWHQDLW OD SDUWLH VXEWLOH HW DOOpJpH GX VDQJ XQ RUJDQH UHVSLUDWRLUH HW SV\FKLTXH FHWWH FRQFHSWLRQ *DOLHQ DMRXWDLW OD QRWLRQ TXH OH F¤XU FKDVVH OH VDQJ DUWpULHO FKDUJp GH FKDOHXU HW GH SQHXPD GRQF GªHVSULW HW GH IRUFH YLWDOH HW FRQWULEXH j VD GLVWULEXWLRQ 'DQV OªHQVHPEOH FH FRQFHSW GHV PRXYHPHQWV GX VDQJ HW GH OHXUV U{OHV UHVSHFWLIV QªpYRTXDLW SDV OD QRWLRQ GH FLUFXODWLRQ SURSUHPHQW GLWH PDLV ELHQ GDYDQWDJH FHOOHV GH GpSODFHPHQW HW GH GLVWULEXWLRQ OH VDQJ SURGXLVDLW GH OD PDWLqUH YLYDQWH HW VH SHUGDLW GDQV OªRUJDQLVPH /D QRWLRQ GH UHWRXU VDQJXLQ QªH[LVWDLW SDV FH TXL H[FOXDLW OªLGpH GªXQH FLUFXODWLRQ VDQJXLQH (Q VRQ WHPSV OD GpFRXYHUWH GH +DUYH\ HW WRXW FH TXªHOOH UHPHWWDLW HQ FDXVH HQIODPPqUHQW OH PLOLHX PpGLFDO TXL VH GLYLVD HQ GHX[ FODQV OHV FLUFXODWHXUV HW OHV DQWL FLUFXODWHXUV 3DUPL FHV GHUQLHUV GHX[ SHUVRQQDJHV LQIOXHQWV FRPEDWWLUHQW DUGHPPHQW OD QRXYHOOH WKpRULH -HDQ 5LRODQ SULQFH GHV DQDWRPLVWHV HW PpGHFLQ GX URL /RXLV ;,,, ¦ LO QH WROpUDLW SDV OªLGpH TXH *DOLHQ DLW SX FRPPHWWUH GHV HUUHXUV ¦ HW *XL 3DWLQ IXWXU GR\HQ GH OD )DFXOWp GH PpGHFLQH GH 3DULV GRQW OH IDQDWLVPH HW OªpWURLWHVVH GH YXHV VRQW HQWUpV GDQV Oª+LVWRLUH &H GHUQLHU HPSOR\DLW GHV DUJXPHQWV LPSDUDEOHV 6L OH VDQJ FLUFXOH LO HVW LQXWLOH GªHQ WLUHU FDU OD SHUWH VXELH SDU XQ RUJDQH VHUDLW LPPpGLDWHPHQW UpSDUpH 2U OD VDLJQpH HVW XWLOH GRQF OH VDQJ QH FLUFXOH SDV /D WKpRULH GH +DUYH\ IXW FHSHQGDQW DGRSWpH SURJUHVVLYHPHQW HW ILQLW SDU WULRPSKHU PDLV LO IDOOXW WRXW GH PrPH DWWHQGUH SRXU TXH /RXLV ;,9 PvW XQ WHUPH j OD TXHUHOOH VXU OD FLUFXODWLRQ GX VDQJ HQ GpFLGDQW TXªHOOH VHUDLW GpVRUPDLV DGPLVH HW HQVHLJQpH &HWWH UpYROXWLRQ FDUWpVLHQQH TXL VªRXYUDLW VXU XQ QRXYHDX V\VWqPH GX PRQGH GHYDLW pYLGHPPHQW HQWUDvQHU ELHQ GHV GLYLVLRQV GªDXWDQW TXH OH FOHUJp IXW ORLQ GªrWUH DEVHQW GHV GpEDWV TXL RSSRVqUHQW FDUWpVLHQV HW DQWL FDUWpVLHQV /H FDUWpVLDQLVPH TXL DIILUPDLW OD GXDOLWp HQWUH OªkPH HW OH FRUSV HW SODoDLW OªpWHUQHOOH 9pULWp DX GHVVXV GH 3ODWRQ HW Gª$ULVWRWH HQ DIILUPDQW OD GXDOLWp kPH HW FRUSV UHPXD QRPEUH GH FRQJUpJDWLRQV GRQW LO WURXEODLW SURIRQGpPHQW OªHQVHLJQHPHQW 7DQGLV TXH Oª2UGUH GHV 2UDWRULHQV 3RUW 5R\DO HW OHV GHX[ SULQFLSDOHV FRQJUpJDWLRQV GH Oª2UGUH GHV %pQpGLFWLQV GHYHQDLHQW GHV FDUWpVLHQV FRQYDLQFXV OHV -pVXLWHV VH UDQJqUHQW SDUPL OHV RSSRVDQWV /D FDUWpVLHQQH DFDGpPLH GH 0RQWPRU TXL DYDLW QDWXUHOOHPHQW FKRLVL OH FDPS GHV FLUFXODWLRQQLVWHV VH WURXYD HQ


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! RSSRVLWLRQ FRPSOqWH DYHF XQH 8QLYHUVLWp GpIHQGDQW DYHF YLJXHXU OHV WKpRULHV DULVWRWpOLFLHQQHV VXU OHVTXHOOHV HOOH DYDLW WRXMRXUV YpFX 'HSXLV Oª$QWLTXLWp OH SULQFLSH GH OD WUDQVIXVLRQ VDQJXLQH VªpWDLW WURXYpH pYRTXp GH IDoRQ SOXV RX PRLQV DOOXVLYH GDQV GHV pFULWV KLVWRULTXHV OLWWpUDLUHV RX PpGLFDX[ GRQW OHV DXWHXUV DYDLHQW pWp SULQFLSDOHPHQW JUpFR ODWLQV RX YLYDQW DX WHPSV GH OD 5HQDLVVDQFH 7RXWHIRLV OD QRWLRQ GªDSSRUW VDQJXLQ GDQV FHV pSRTXHV QªDYDLW TXH SHX GH SDUHQWp DYHF XQ DFWH PpGLFDO &ªHVW j XQ PpGHFLQ DOOHPDQG /LEDYLXV TXH UHYLHQW VHPEOH W LO GªrWUH OH SUHPLHU GDQV Oª+LVWRLUH HQ j PHWWUH FODLUHPHQW SDU pFULW XQH VRUWH GH SULQFLSH PpWKRGRORJLTXH GH FH TXH SRXUUDLW rWUH XQH WUDQVIXVLRQ VDQJXLQH 4XH OªRQ SUHQQH XQ UREXVWH MHXQH KRPPH HQ ERQQH VDQWp HW SOHLQ GH VDQJ YLJRXUHX[ TXH OªRQ WLHQQH DXSUqV GH OXL XQ DXWUH pSXLVp GH WRXWHV VHV IRUFHV PDLJUH GpFKDUQp HW j OD UHVSLUDWLRQ KDOHWDQWH TXH OªKRPPH GH OªDUW DLW GHV WX\DX[ GªDUJHQW VªDGDSWDQW OHV XQV DX[ DXWUHV TXªLO RXYUH XQH DUWqUH GX VXMHW UREXVWH \ LQVqUH XQ WX\DX HW Oª\ PDLQWLHQQH TXªLO RXYUH LPPpGLDWHPHQW XQH DUWqUH GX PDODGH HW \ LQVqUH OªDXWUH WX\DX HQVXLWH TXªLO DMXVWH OHV GHX[ WX\DX[ HQVHPEOH HW TXªLO ODLVVH OH VDQJ GX VXMHW HQ ERQQH VDQWp VªpODQFHU FKDXG HW YLJRXUHX[ GDQV OH PDODGH DSSRUWHU OD VRXUFH GH YLH HW FKDVVHU WRXWH IDLEOHVVH &H QªpWDLW ULHQ GªDXWUH TXH OD PLVH HQ DSSOLFDWLRQ GªXQ P\WKH GH OD SOXV JUDQGH DQFLHQQHWp FHOXL GH OD UpJpQpUDWLRQ GH OD YLH SDU OH VDQJ /LEDYLXV QH GRQQD SDV GH VXLWH FRQFUqWH j FH FRQFHSW IRUPXOp DYDQW OD FRQQDLVVDQFH GH OD GpFRXYHUWH GH +DUYH\ 3UpFRQLVDQW OªXWLOLVDWLRQ GX VDQJ FRPPH YpKLFXOH GHV PpGLFDPHQWV OªDQJODLV &KULVWRSKHU :UHQ DVWURQRPH HW DUFKLWHFWH UpDOLVD HQ OHV SUHPLqUHV H[SpULHQFHV GªLQMHFWLRQV LQWUDYHLQHXVHV FKH] OªDQLPDO &HV LQIXVLRQV FRQFHUQqUHQW GªDERUG OªRSLXP HW GLYHUVHV VXEVWDQFHV OLTXLGHV GRQW :UHQ DQDO\VD OHV FRQVpTXHQFHV SK\VLRORJLTXHV 6RQ FRPSDWULRWH 5LFKDUG /RZHU PpGHFLQ HW DQDWRPLVWH SRXUVXLYLW FHV H[SpULHQFHV HW FRQoXW OªLGpH GH OªLQMHFWLRQ LQWUDYHLQHXVH QRQ SOXV GH PpGLFDPHQWV PDLV GH VDQJ GªXQ DQLPDO j XQ DXWUH HQ VH GHPDQGDQW VL OHV VDQJV GH GLYHUV DQLPDX[ QH SRXUUDLHQW SDV rWUH PrOpV VDQV DXFXQH DJLWDWLRQ HQWUH OHXUV SDUWLHV OD PrPH pSRTXH GHV PpGHFLQV DOOHPDQGV HQ SDUWLFXOLHU -RKDQQ 'DQLHO 0DMRU PHQDLHQW GLYHUVHV UHFKHUFKHV WDQW VXU OD WHFKQLTXH GH OªLQMHFWLRQ LQWUDYHLQHXVH TXH VXU OHV HIIHWV WKpUDSHXWLTXHV GHV PpGLFDPHQWV XWLOLVpV ,OV IXUHQW DLQVL j OªRULJLQH GHV SUHPLqUHV LQMHFWLRQV LQWUDYHLQHXVHV FKH] OªKRPPH

,O SHXW SDUDvWUH VXUSUHQDQW TXH OH SqUH GX FRQFHSW GH OD WUDQVIXVLRQ VDQJXLQH DLW pWp XQ PRLQH EpQpGLFWLQ 'RP 5REHUW GHV *DEHWV 1p j $QFHPRQW YLOODJH ORUUDLQ SURFKH GH 9HUGXQ LO pWDLW HQWUp GH ERQQH KHXUH GDQV OªXQH GHV SULQFLSDOHV EUDQFKHV GH Oª2UGUH GH VDLQW %HUQDUG FRQQXH VRXV OH QRP GH &RQJUpJDWLRQ GH 6DLQW 9DQQH &HWWH FRQJUpJDWLRQ GªXQ 2UGUH SDUWLFXOLqUHPHQW IORULVVDQW j OªpSRTXH VªpWDLW SHX j SHX DIIUDQFKLH GX MRXJ GH OD VFRODVWLTXH DWWDFKpH j OD SHQVpH DULVWRWpOLFLHQQH ODTXHOOH QH SRXYDLW VDWLVIDLUH j OªDPRXU GH OD YpULWp TXL DQLPDLW OHV SqUHV EpQpGLFWLQV (Q 'RP 5REHUW GRQW OHV TXDOLWpV LQWHOOHFWXHOOHV DYDLHQW pWp UHPDUTXpHV SDU OHV DXWUHV UHOLJLHX[ HQVHLJQDLW SRXU OD SUHPLqUH IRLV OD SKLORVRSKLH HW OD WKpRORJLH j OªDEED\H GH 6DLQW (SXUH GH 7RXO OªLQYHUVH GH FH TXL VH SDVVD HQ $QJOHWHUUH HW HQ $OOHPDJQH OªLGpH GH OD WUDQVIXVLRQ VDQJXLQH QH GXW ULHQ HQ )UDQFH j Oª LQIXVLRQ YHLQHXVH ODTXHOOH QH VXVFLWD TXH GH WUqV PRGHVWHV UHFKHUFKHV (Q UHYDQFKH FH IXW SDU XQH IRUPXODWLRQ DYDQW WRXW WKpRULTXH TXH OªLGpH \ SULW QDLVVDQFH /ªDQQpH VXLYDQWH SDUDLVVDLW OH 'LVFRXUV GH OD 0pWKRGH &HWWH SKLORVRSKLH QRXYHOOH VLPSOH HW FODLUH VDQV SpGDQWLVPH QL pUXGLWLRQ GªDXFXQH VRUWH WUDLWDQW HQ FHUWDLQHV SDJHV GHV UDSSRUWV LQWLPHV XQLVVDQW OD SKLORVRSKLH HW OD WKpRORJLH RIIUDLW OH PR\HQ j WRXW rWUH UDLVRQQDEOH GH GpFRXYULU SDU OXL PrPH OD YpULWp j FRQGLWLRQ GH OD FKHUFKHU DYHF VLQFpULWp HW GH VH UHQGUH j OªpYLGHQFH 'RP 5REHUW QH SRXYDLW GRQF TXªrWUH DWWLUp SDU FH FDUWpVLDQLVPH GRQW LO GHYLQW UDSLGHPHQW XQ DGPLUDWHXU IHUYHQW GLIIXVDQW HW HQVHLJQDQW FHWWH GRFWULQH HW PrPH VªHQJDJHDQW GDQV OHV SROpPLTXHV TXL PHWWDLHQW DX[ SULVHV SDUWLVDQV HW DGYHUVDLUHV GH 'HVFDUWHV ,O QH VªHQ RFWUR\DLW SDV PRLQV OD OLEHUWp GH FULWLTXHU TXHOTXHV DVSHFWV GH Oª¤XYUH GX SKLORVRSKH %LHQ HQWHQGX LO UHMHWDLW DYHF PrPH XQH FHUWDLQH YLROHQFH $ULVWRWH HW OD SKLORVRSKLH SpULSDWpWLFLHQQH HW VH GLVDLW WRWDOHPHQW FRQYDLQFX SDU OD GpPRQVWUDWLRQ GH+DUYH\ VXU OD FLUFXODWLRQ GX VDQJ

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

3DVVLRQQp SDU OªpWXGH j OªpFRXWH GH WRXWH QRXYHDXWp VFLHQWLILTXH FHW pUXGLW GRWp GªXQ HVSULW RULJLQDO FUpDWHXU HW DXGDFLHX[ SDUIRLV j OªH[FqV TXªpWDLW 'RP 5REHUW FRPSRVD GHV RXYUDJHV GH SKLORVRSKLH HW GH WKpRORJLH DLQVL TXH GHV pWXGHV GH SK\VLTXH GªLQVSLUDWLRQ UpHOOHPHQW FDUWpVLHQQH FRPPH XQ WUDLWp GH 0pFDQLTXH SUDWLTXH /H FKHPLQHPHQW GH VD UpIOH[LRQ SULVH GDQV OªHIIHUYHVFHQFH LQWHOOHFWXHOOH GH OªpSRTXH DOODLW OH FRQGXLUH j VªLQWpUHVVHU j OD WUDQVIXVLRQ VDQJXLQH &ªHVW DLQVL TXH YHUV WRXW HQ HQVHLJQDQW OD SKLORVRSKLH j OD MHXQHVVH GH 0HW] GDQV XQH DEED\H GH FHWWH YLOOH LO PpGLWDLW VXU OH VXMHW HW FRQFHYDLW XQ DSSDUHLOODJH SRXU OH UpDOLVHU 3URILWDQW GªXQ VpMRXU GH TXHOTXHV PRLV j 3DULV HQ 'RP 5REHUW IUpTXHQWD OHV UpXQLRQV GH FHWWH DFDGpPLH GH 0RQWPRU GRQW OD OLEHUWp GH WRQ HW GH UDLVRQQHPHQW QH SRXYDLW TXH OXL SODLUH

DYDQoD HW GpIHQGLW OªLGpH TXH OªRQ SRXUUDLW SURYRTXHU XQ DXWUH PRXYHPHQW GX VDQJ TXL VHUDLW OH SDVVDJH HIIHFWLI GX VDQJ GªXQ KRPPH VDLQ RX GH TXHOTXH DQLPDO GDQV OHV YHLQHV GªXQ KRPPH IDLEOH RX PDODGH $X FRXUV GH VD FRQIpUHQFH LO H[SRVD DYHF SUpFLVLRQ OHV SULQFLSHV GH OD PDFKLQH TXªLO DYDLW FRQoXH SRXU WUDQVIXVHU )RUW VLPSOH HQ HOOH PrPH HOOH VH FRPSRVDLW GH GHX[ SHWLWV WX\DX[ GªDUJHQW GRQW OªH[WUpPLWp GH OªXQ pWDLW GHVWLQpH j UHFXHLOOLU OH VDQJ GX GRQQHXU WDQGLV TXH OªH[WUpPLWp GH OªDXWUH GHYDLW rWUH LQVpUpH FRPPRGpPHQW GDQV OªRXYHUWXUH GH OD YHLQH GX UHFHYHXU /HV GHX[ DXWUHV H[WUpPLWpV GHV WX\DX[ FRPPXQLTXDLHQW SDU OH PR\HQ GªXQH SHWLWH ERXUVH GH FXLU GH OD JURVVHXU GªXQH QRL[ 6HORQ OªLQYHQWHXU GH FHW DSSDUHLOODJH OD ERXUVH GH FXLU GHYDLW j OD IRLV SHUPHWWUH SDU VD PDOOpDELOLWp OD FRPPRGLWp GH OªRSpUDWLRQ ¦ TXL QªDXUDLW SDV pWp WHOOH DYHF XQ WX\DX GªXQH VHXOH WHQXH ¦ PHVXUHU OD TXDQWLWp GH VDQJ (Q MXLOOHW OªRFFDVLRQ OXL IXW RIIHUWH Gª\ SUHQGUH WUDQVIXVp HQILQ DLGHU OH PRXYHPHQW GX VDQJ JUkFH OD SDUROH DSUqV DYRLU UDSSHOp OD WKpRULH GH +DUYH\ LO j XQH SUHVVLRQ PDQXHOOH DOWHUQDWLYH H[HUFpH VXU VD SDURL 3DU FHWWH DFWLRQ OH VDQJ GHYDLW IHUPHU XQH SHWLWH YDOYXOH DWWDFKpH j OªHQWUpH GX WX\DX TXL GRQQH OH VDQJ SRXU OªHPSrFKHU GH VRUWLU DSUqV TXªLO VHUD UHQWUp HW RXYULU XQH DXWUH YDOYXOH HQIHUPpH GDQV XQH SHWLWH ERLWH j OD VRUWLH GH OªDXWUH WX\DX SRXU HPSrFKHU OH VDQJ GH UHQWUHU GDQV OD ERXUVH &H GLVSRVLWLI LQJpQLHX[ IXW YUDLVHPEODEOHPHQW FRQVWUXLW WRXW RX SDUWLH SDU 'RP 5REHUW PDLV FH GHUQLHU QH SDVVD SDV j OªDFWH WRXW DX PRLQV GDQV OªHVSqFH KXPDLQH QªRVDQW ULVTXHU OD YLH GH VHV FRQWHPSRUDLQV LO DYDLW VHXOHPHQW HIIHFWXp GDQV VRQ PRQDVWqUH PHVVLQ GH 6DLQW $UQRXOG TXHOTXHV WUDQVIXVLRQV H[SpULPHQWDOHV VXU GHV DQLPDX[ GHV PRXWRQV GDQV XQ SUHPLHU WHPSV GHV YHDX[ HQVXLWH 6RQ H[SOLFDWLRQ VXU FH TXªLO TXDOLILDLW GH 6D GpILQLWLRQ GH OD FRPPXQLFDWLRQ HW VHV FRPPXQLFDWLRQ HVW OD VXLYDQWH $\DQW VXSSRVp DUJXPHQWV SRXU GpPRQWUHU OD SRVVLELOLWp SUDWLTXH SRXU FRQVWDQWH OªRSLQLRQ GH OD FLUFXODWLRQ GX VDQJ GH OD WUDQVIXVLRQ QªHQ UHOHYDLHQW SDV PRLQV GªXQH LO VªHQVXLW QpFHVVDLUHPHQW TXH VL D\DQW OLp OH EUDV UpIOH[LRQ FDUWpVLHQQH YpULWDEOHPHQW H[HPSODLUH HQ SDU H[HPSOH j XQ KRPPH SRXU OH VRLJQHU RQ OXL VRQ JHQUH RXYUH OD YHLQH DX GHVVXV GH OD OLJDWXUH YHUV OªpSDXOH /H SULQFLSH GH OªDSSDUHLO SHUPHWWDQW GªHIIHFWXHU FHWWH HW TXªRQ LQVqUH XQ SHWLW WX\DX GDQV OªRXYHUWXUH RSpUDWLRQ LQGLTXH j TXHO SRLQW 'RP 5REHUW DYDLW GH OD YHLQH OH VDQJ pWUDQJHU TXL VHUDLW SRXVVp HW DVVLPLOp OD GpFRXYHUWH GH +DUYH\ HW LPDJLQp FHW UHoX GDQV FH WX\DX HQWUHUDLW GDQV OD YHLQH HW LUDLW DXWUH PRXYHPHQW GX VDQJ TXL DOODLW GHYHQLU OD VH UHQGUH DX F¤XU SDU OH FKHPLQ RUGLQDLUH HW GH Oj WUDQVIXVLRQ VDQJXLQH SDVVHUDLW GDQV OHV DUWqUHV HW VH GLVWULEXHUDLW j WRXW &DU RQ UHFRQQDvW GDQV FHWWH ERXUVH GH FXLU FHV OH FRUSV GHX[ YDOYXOHV HW FHV GHX[ WX\DX[ j OD IRLV XQH &ªpWDLW H[SULPp HQ WHUPHV YRLVLQV FH TXL DYDLW pWp UpSOLTXH PLQLDWXULVpH HW VLPSOLILpH GX F¤XU HW GH VHV SU{Qp TXHOTXHV GpFHQQLHV SOXV W{W SDU OªDOOHPDQG YDLVVHDX[ HW OªDQFrWUH GHV DSSDUHLOODJHV TXH OHV /LEDYLXV PDLV j OD GLIIpUHQFH GH FH GHUQLHU 'RP WUDQVIXVHXUV GX ;,;H VLqFOH PHWWURQW DX SRLQW SRXU 5REHUW QH VªDUUrWD SDV j XQH VSpFXODWLRQ SXUHPHQW UpDOLVHU OHXUV SUHPLqUHV WHQWDWLYHV WUDQVIXVLRQQHOOHV LQWHOOHFWXHOOH /D WUDQVIXVLRQ LPDJLQpH SDU 'RP 5REHUW pWDLW GRQF XQ PRXYHPHQW GX VDQJ LQWHUPpGLDLUH HQWUH GHX[

0DUJXHULWH ,QIR 1 2FWREUH


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! %LHQ TXH OªKLVWRLUH GH OD WUDQVIXVLRQ IDVVH pWDW GH SUpWHQGXHV HW LQRSpUDQWHV WUDQVIXVLRQV VXU XQ SDSH DJRQLVDQW ,QQRFHQW 9,,, j OD ILQ GX ;9H VLqFOH OD SUHPLqUH H[SpULPHQWDWLRQ KXPDLQH GRLW rWUH PLVH VXU OH FRPSWH GªXQ PHPEUH GH OªDFDGpPLH GH 0RQWPRU -HDQ %DSWLVWH 'HQLV 3KLORVRSKH PDWKpPDWLFLHQ HW XOWpULHXUHPHQW 'RFWHXU HQ OD )DFXOWp GH 5HLPV HW 0pGHFLQ GX 5RL SDU /HWWUHV 'HQLV pWDLW DUULYp j 3DULV DX GpEXW GH OªDQQpH HW QªDYDLW SDV SHUGX GH WHPSV /ªDQQpH VXLYDQWH LO VªDXWRSURFODPDLW SURIHVVHXU GH Oª8QLYHUVLWp FH TXL HVW XQH PDQLqUH FRPPH XQH DXWUH GªDFFpGHU j FH WLWUH HQ VH GLVSHQVDQW GH OD SURFODPDWLRQ SDU VHV SDLUV HW VH IDLVDLW FRQQDvWUH HQ GRQQDQW TXHOTXHV FRQIpUHQFHV

DXWUHV PRXYHPHQWV FHOXL GX GRQQHXU HW FHOXL GX UHFHYHXU /H SURMHW GªXQH FRPPXQLFDWLRQ VDQJXLQH HQWUH GHX[ LQGLYLGXV pWDLW GpVRUPDLV IRUJp $SUqV OªDYRLU SUpVHQWp DX[ K{WHV GH 0RQWPRU HW GpFULW OH PR\HQ SUDWLTXH GH OªHIIHFWXHU HQ WRXWH VpFXULWp 'RP 5REHUW SRXUVXLYLW HQ pYRTXDQW OªDYHQLU GX SURFpGp j OªHQ FURLUH VRQ XWLOLVDWLRQ SRXUUDLW SHUPHWWUH GH WUDLWHU OHV SHUWHV GH VDQJ GH JXpULU GHV PDODGLHV HW GH UHWDUGHU OD YLHLOOHVVH /D SODFH RFFXSpH SDU 'RP 5REHUW GDQV FHWWH SUpKLVWRLUH GH OD WUDQVIXVLRQ D pWp VXMHWWH j FRQWURYHUVH (Q pFDUWDQW GHV RULJLQHV WUqV UHFXOpHV DSSDUWHQDQW SOXV j OD P\WKRORJLH UpJpQpUDWULFH GX VDQJ TXªj OD PpGHFLQH HW HQ IDLVDQW DEVWUDFWLRQ GH OD SURSRVLWLRQ GH /LEDYLXV GHPHXUpH HQ TXHOTXH VRUWH VXVSHQGXH GDQV VRQ WHPSV RQ SHXW DYDQFHU TXH OD SUHPLqUH LGpH UDWLRQQHOOH GH OD WUDQVIXVLRQ D pWp PDJLVWUDOHPHQW H[SRVpH SDU QRWUH PRLQH EpQpGLFWLRQ HQ FH MRXU GH MXLOOHW j OªDFDGpPLH GH 0RQWPRU &RPPH GHV SHUVRQQHV GH GLYHUVHV QDWLRQDOLWpV QRWDPPHQW GHV $QJODLV DVVLVWDLHQW VRXYHQW DX[ UpXQLRQV GH OªDFDGpPLH HW WUDQVPHWWDLHQW OHV QRXYHOOHV VFLHQWLILTXHV DX[ PLOLHX[ FXOWLYpV GH OHXU SD\V GªRULJLQH OH GpEDW SDULVLHQ VXU OH SULQFLSH GH OD WUDQVIXVLRQ WRXFKD UDSLGHPHQW OªpWUDQJHU HW OHV )UDQoDLV D\DQW QpJOLJp GDQV XQ SUHPLHU WHPSV OD PLVH HQ SUDWLTXH GH OD FRPPXQLFDWLRQ HQWUH OHV VDQJ GH GHX[ rWUHV YLYDQWV VRQ DSSOLFDWLRQ IXW UpDOLVpH SRXU OD SUHPLqUH IRLV HQ $QJOHWHUUH

7RXW OH PpULWH HQ UHYLHQW j 5LFKDUG /RZHU TXL HIIHFWXD FHWWH RSpUDWLRQ VXU GHV FKLHQV HQ j 2[IRUG HW OHV SXEOLD OªDQQpH VXLYDQWH GDQV OHV 3KLORVRSKLFDO 7UDQVDFWLRQV GDQV OH SURORQJHPHQW GHV WUDYDX[ GH VRQ FRPSDWULRWH :UHQ VXU OHV LQMHFWLRQV LQWUDYHLQHXVHV HW OHXUV HIIHWV FKH] OªDQLPDO $X GHPHXUDQW OH VXMHW pWDLW WRXW j IDLW GDQV OªDLU GHV GHX[ F{WpV GX &KDQQHO HW OHV DYHQWXUHV SLRQQLqUHV GH OD WUDQVIXVLRQ VDQJXLQH RXWUH 0DQFKH QH GRLYHQW SHXW rWUH ULHQ DX[ pFKRV GHV GLVFXVVLRQV TXL VH WHQDLHQW HQ OªDFDGpPLH GH 0RQWPRU 5LHQ QH /D SUHPLqUH H[SpULHQFH WUDQVIXVLRQQHOOH GH 'HQLV HW (PPHUH] ¦ FHOOH GX PRLQV GRQW OD UpDOLWp HVW DWWHVWpH ¦ HXW OLHX OH PDUV TXHOTXHV VHPDLQHV DSUqV OD GHVFULSWLRQ GDQV OH -RXUQDO GHV 6oDYDQV GX MDQYLHU GHV H[SpULHQFHV DQLPDOHV GH OªDQJODLV /RZHU XQH FKLHQQH pSDJQHXOH WLQW OH U{OH GX GRQQHXU XQ FKLHQ j SRLO FRXUW UHVVHPEODQW j XQ UHQDUG FHOXL GX UHFHYHXU 4XHOTXHV MRXUV SOXV WDUG OHV GHX[ ErWHV VH SRUWDLHQW SDUIDLWHPHQW ELHQ /H PDUV 'HQLV HW (PPHUH] XWLOLVqUHQW OH FKLHQ UHFHYHXU FRPPH GRQQHXU SRXU WUDQVIXVHU XQ WURLVLqPH FKLHQ TXL DYDLW pWp SUpSDUp OH MRXU GH OªpSUHXYH SUpFpGHQWH SDU XQH LQFLVLRQ GH OD SHDX ,OV VXLYLUHQW OD PpWKRGH DGRSWpH SDU /RZHU j FHWWH GLIIpUHQFH TXH OH VDQJ IXW SUpOHYp VXU OªDUWqUH FUXUDOH HW QRQ VXU OD FDURWLGH DILQ GH UpGXLUH OH ULVTXH GH FRQYXOVLRQV RX GH GpFqV FKH] OªDQLPDO GRQQHXU 8QH QRXYHOOH WHQWDWLYH IXW DQQRQFpH GDQV OH -RXUQDO GHV 6FDYDQV SRXU OH VDPHGL PDUV GDQV OH YDVWH VDORQ R VH UpXQLVVDLW OªDFDGpPLH GH 0RQWPRU 'HYDQW XQH DVVLVWDQFH SDVVLRQQpH 'HQLV HW (PPHUH] LQMHFWqUHQW OH VDQJ GªXQ MHXQH FKLHQ j XQ FRQJpQqUH YLHX[ HW SDVVDEOHPHQW JDOHX[ OHTXHO IXW SHX DSUqV FRQVLGpUp FRPPH JXpUL /H DYULO OH VDQJ SUpOHYp VXU WURLV YHDX[ IXW WUDQVIXVp j WURLV FKLHQV &LQTXDQWH WUDQVIXVLRQV LQWHU DQLPDOHV IXUHQW DLQVL SUDWLTXpHV DX FRXUV GHV SUHPLHUV PRLV GH /ªXQH IXW IRUW VLQJXOLqUH TXL FRQVLVWD HQ OD WUDQVIXVLRQ GX VDQJ GH TXDWUH EpOLHUV j XQ FKHYDO GH YLQJW VL[ DQV OHTXHO \ WURXYD XQ UHJDLQ GH IRUFH HW GªDSSpWLW

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

YR\DJH SOXV YLWH TXªXQH LGpH RULJLQDOH VXUWRXW GDQV OH GRPDLQH VFLHQWLILTXH HW VRQ JHUPH SHXW WRXW j IDLW QDvWUH VLPXOWDQpPHQW GH SDU OH PRQGH GDQV TXHOTXHV FHUYHDX[ SUpSDUpV &ªHVW OªKLVWRLUH GH QRPEUH GH GpFRXYHUWHV VFLHQWLILTXHV 0RQWPRU OªLQYLWD j UHMRLQGUH VRQ JURXSH GRQW OHV PHPEUHV FDUWpVLHQV HW FLUFXODWLRQLVWHV TXªLQWpUHVVDLW OD WKqVH GH 'RP 5REHUW GpEDWWDLHQW GHSXLV TXHOTXH WHPSV GH OD WUDQVIXVLRQ VDQJXLQH &ªHVW GRQF QDWXUHOOHPHQW TXH 'HQLV YLWH SDVVLRQQp SDU OH VXMHW HW LQIRUPp GHV WHQWDWLYHV DQJODLVHV ¦ OD WUDQVIXVLRQ GH VDQJ HQWUH GHX[ SLJHRQV SDU 7KRPDV &R[H HQ OHV FKLHQV WUDQVIXVpV SDU /RZHU HQ ¦ HQ YLQW j SUHQGUH OD SDUROH VXU OD IDLVDELOLWp HW OHV SRVVLELOLWpV WKpUDSHXWLTXHV GH FHWWH SUDWLTXH (QFRXUDJp SDU 0RQWPRU LO VªHQJDJHD HQ GDQV OªDYHQWXUH GH OD WUDQVIXVLRQ HW HQWUHSULW VHV SUHPLqUHV H[SpULPHQWDWLRQV $\DQW FRPSULV OD QpFHVVLWp GªDYRLU UHFRXUV j XQ FKLUXUJLHQ GH TXDOLWp LO ILW DSSHO j XQ SUDWLFLHQ RULJLQDLUH GH 6DLQW 4XHQWLQ 3DXO (PPHUH] TXL DOODLW rWUH VRQ FROODERUDWHXU ILGqOH MXVTXªj OªXOWLPH WUDQVIXVLRQ TXH OHXU GXR HIIHFWXD 'DQV OH -RXUQDO GHV 6FDYDQV 'HQLV pFULUD DX VXMHW GH FH SDUWHQDLUH GH UHFKHUFKHV 9RXV DYH] VRXYHQW DGPLUp OD SDWLHQFH HW OªDGUHVVH j GLVVpTXHU ORUVTXªLO IDLVDLW FHW KLYHU DYHF WDQW GªH[DFWLWXGH OHV GpPRQVWUDWLRQV SDUWLFXOLqUHV TXH MªH[SOLTXDL VXU XQ FDGDYUH KXPDLQ /D UpXVVLWH WHFKQLTXH GH OªDFWH RSpUDWRLUH pWDLW pYLGHPPHQW IRQGDPHQWDOH HW H[LJHDLW XQ FKLUXUJLHQ KRUV SDLU 'HQLV QªDYDLW SDV PDO FKRLVL HQ IDLVDQW DSSHO j (PPHUH] DQDWRPLVWH FRPSpWHQW YLUWXRVH GH OD GLVVHFWLRQ HW GH OªDUW FKLUXUJLFDO TXL VXW WURXYHU GªHPEOpH HQ PRGLILDQW LQWHOOLJHPPHQW OHV JHVWHV RSpUDWRLUHV HW OªLQVWUXPHQWDWLRQ XQH TXDVL SHUIHFWLRQ GDQV OªDFFRPSOLVVHPHQW GH VHV LQWHUYHQWLRQV HW TXL IXW XQ WHPSV 3UpY{W GH OD FRPPXQDXWp GHV FKLUXUJLHQV GH 3DULV /D SUHPLqUH H[SpULHQFH WUDQVIXVLRQQHOOH GH 'HQLV HW (PPHUH] ¦ FHOOH GX PRLQV GRQW OD UpDOLWp HVW DWWHVWpH ¦ HXW OLHX OH PDUV TXHOTXHV VHPDLQHV DSUqV OD GHVFULSWLRQ GDQV OH -RXUQDO GHV 6oDYDQV GX MDQYLHU GHV H[SpULHQFHV DQLPDOHV GH OªDQJODLV /RZHU XQH FKLHQQH pSDJQHXOH WLQW OH U{OH GX GRQQHXU XQ FKLHQ j SRLO FRXUW UHVVHPEODQW j XQ UHQDUG FHOXL GX UHFHYHXU 4XHOTXHV MRXUV SOXV WDUG OHV GHX[ ErWHV VH SRUWDLHQW SDUIDLWHPHQW ELHQ /H PDUV 'HQLV HW (PPHUH] XWLOLVqUHQW OH FKLHQ UHFHYHXU FRPPH GRQQHXU SRXU WUDQVIXVHU XQ WURLVLqPH FKLHQ TXL DYDLW pWp SUpSDUp OH MRXU GH OªpSUHXYH SUpFpGHQWH SDU XQH LQFLVLRQ GH OD SHDX ,OV VXLYLUHQW OD PpWKRGH DGRSWpH SDU /RZHU j FHWWH GLIIpUHQFH TXH OH VDQJ

0DUJXHULWH ,QIR 1 2FWREUH

IXW SUpOHYp VXU OªDUWqUH FUXUDOH HW QRQ VXU OD FDURWLGH DILQ GH UpGXLUH OH ULVTXH GH FRQYXOVLRQV RX GH GpFqV FKH] OªDQLPDO GRQQHXU 8QH QRXYHOOH WHQWDWLYH IXW DQQRQFpH GDQV OH -RXUQDO GHV 6FDYDQV SRXU OH VDPHGL PDUV GDQV OH YDVWH VDORQ R VH UpXQLVVDLW OªDFDGpPLH GH 0RQWPRU 'HYDQW XQH DVVLVWDQFH SDVVLRQQpH 'HQLV HW (PPHUH] LQMHFWqUHQW OH VDQJ GªXQ MHXQH FKLHQ j XQ FRQJpQqUH YLHX[ HW SDVVDEOHPHQW JDOHX[ OHTXHO IXW SHX DSUqV FRQVLGpUp FRPPH JXpUL /H DYULO OH VDQJ SUpOHYp VXU WURLV YHDX[ IXW WUDQVIXVp j WURLV FKLHQV &LQTXDQWH WUDQVIXVLRQV LQWHU DQLPDOHV IXUHQW DLQVL SUDWLTXpHV DX FRXUV GHV SUHPLHUV PRLV GH /ªXQH IXW IRUW VLQJXOLqUH TXL FRQVLVWD HQ OD WUDQVIXVLRQ GX VDQJ GH TXDWUH EpOLHUV j XQ FKHYDO GH YLQJW VL[ DQV OHTXHO \ WURXYD XQ UHJDLQ GH IRUFH HW GªDSSpWLW $X WHUPH GH FHWWH VpULH GªH[SpULHQFHV 'HQLV GpFODUD QªDYRLU j GpSORUHU DXFXQH PRUW DQLPDOH HW QªDYRLU FRQVWDWp FRPPH HIIHWV VHFRQGDLUHV TXH GHX[ FKLHQV D\DQW SLVVp QRLU /ªKpPRO\VH LQWUDYDVFXODLUH DLJXs SDU [pQRWUDQVIXVLRQ IXW DLQVL LQDXJXUpH SDU FHV KpPRJORELQXULHV FDQLQHV GRQW OH PpFDQLVPH GHPHXUD WRXW j IDLW P\VWpULHX[ DX[ \HX[ GHV LQYHVWLJDWHXUV /ªH[SpULPHQWDWLRQ FRQGXLWH SDU 'HQLV HW VRQ FKLUXUJLHQ DYDLW pWp UpJLH SDU OªH[LJHQFH FRQVWDQWH GH YDULHU OHV FRQGLWLRQV GHV LQWHUYHQWLRQV HQ FKDQJHDQW OHV SURWDJRQLVWHV DQLPDX[ HW OHV PRGDOLWpV RSpUDWRLUHV 'RQQHXU HW UHFHYHXU DSSDUWLQUHQW GªDERUG j OD PrPH HVSqFH FDQLQH SXLV j GHV HVSqFHV GLIIpUHQWHV DXWUHPHQW GLW HQ [pQRWUDQVIXVLRQ HQWUH FKLHQV YHDX[ DJQHDX[ FKHYUHDX[ EpOLHUV FKHYDX[ HW FHV DQLPDX[ IXUHQW GH PRUSKRORJLH GªkJH GH IRUFH HW GªpWDW GH VDQWp GLIIpUHQWV ,O VªDJLVVDLW WDQW{W GH WUDQVIXVLRQV GªDUWqUH j YHLQH WDQW{W GH YHLQH j YHLQH HW FKDTXH IRLV GªDUWqUHV RX GH YHLQHV GLIIpUHQWHV /D SRVLWLRQ GHV DQLPDX[ OD ORQJXHXU OH FDOLEUH HW OD IRUPH GHV WX\DX[ IXUHQW pJDOHPHQW VXMHWV j YDULDWLRQV /H GRQQHXU IXW WRXMRXUV FKRLVL FRPPH HQ ERQ pWDW HW XQ SULQFLSH FRQVWDPPHQW UHVSHFWp IXW OD VRXVWUDFWLRQ V\VWpPDWLTXH FKH] OH UHFHYHXU GªXQH TXDQWLWp GH VDQJ PHVXUpH HQ RQFHV XQH RQFH pTXLYDODLW j WUHQWH JUDPPHV HW YUDLVHPEODEOHPHQW IRQFWLRQ GX SRLGV GX VXMHW WUDQVIXVp &HWWH GLVSRVLWLRQ QªDYDLW SDV SRXU EXW HQ OD FLUFRQVWDQFH GH UHWLUHU TXHOTXH VDQJ YLFLp PDLV ELHQ FHOXL GH IDFLOLWHU OD FLUFXODWLRQ GX VDQJ WUDQVIXVp &DU DYDQW GªHQYLVDJHU OHV HIIHWV WKpUDSHXWLTXHV GH OD WUDQVIXVLRQ 'HQLV HXW SRXU SUpRFFXSDWLRQ HVVHQWLHOOH GH GpPRQWUHU TXH FHOOH FL DSSRUWDLW


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! GDQV OD SROpPLTXH RSSRVDQW WRXMRXUV FLUFXODWHXUV HW DQWL FLUFXODWHXUV XQH SUHXYH QRXYHOOH HW WRXW j IDLW FRQYDLQFDQWH SRXU FRQILUPHU OH VHQWLPHQW GH FHX[ TXL VRXWLHQQHQW OD FLUFXODWLRQ &RQYDLQFX SDU OHV WUDYDX[ GH +DUYH\ VpGXLW SDU OH SULQFLSH GH OD WUDQVIXVLRQ pQRQFp SDU 'RP 5REHUW 'HQLV WHQDLW SRXU QpFHVVDLUH GH YpULILHU VXU OH YLYDQW OD FLUFXODWLRQ GX VDQJ HW VD FRQVWDQFH SXLVTXH GH VRQ H[LVWHQFH GpSHQGDLHQW OHV YHUWXV WKpUDSHXWLTXHV HVSpUpHV GH OD WUDQVIXVLRQ (Q FH PRLV GH PDUV FHWWH GHUQLqUH UHYrWDLW DLQVL DYDQW WRXW XQH YDOHXU H[SpULPHQWDOH GªRUGUH PpFDQLTXH OH QRPEUH pOHYp GªLQWHUYHQWLRQV OD YDULpWp GHV HVSqFHV XWLOLVpHV OD PXOWLSOLFLWp GHV 'DQV FH FRQWH[WH OD FRQFOXVLRQ GH 'HQLV ¦ DXFXQ DQLPDO QªpWDLW PRUW HW OHV WUDQVIXVLRQV DYDLHQW VHORQ OXL UpXVVL ¦ SUHQDLW UpHOOHPHQW VRQ VHQV /H FULWqUH GH UpXVVLWH FªHVW j GLUH OD FRQILUPDWLRQ GH OD FLUFXODWLRQ GX VDQJ MXJp VXU OD VHXOH FRQVWDWDWLRQ GH QªDYRLU j GpSORUHU DXFXQ GpFqV GDQV OHV KHXUHV TXL VXLYDLHQW OªRSpUDWLRQ VHPEOH XQ SHX FRXUW DXMRXUGªKXL &ªHVW RXEOLHU TXªDX ;9,,H VLqFOH OD UHQFRQWUH GH GHX[ VDQJV pWUDQJHUV OªXQ j OªDXWUH SDVVDLW SRXU HQJHQGUHU XQH FRUUXSWLRQ GX VDQJ WUDQVIXVp VRXUFH GH JUDYHV GpVRUGUHV GDQV OªRUJDQLVPH SRXYDQW HQWUDvQHU OH WUpSDV /H WUDQVIXVHXU 'HQLV QH WHQDLW FHSHQGDQW SDV SRXU QpJOLJHDEOHV FHV pWUDQJHV pPLVVLRQV GªXULQHV QRLUHV SDU GHX[ UHFHYHXUV LO HVWLPDLW TXH FHOOHV FL QH FRPSURPHWWDLHQW SDV OHV UpVXOWDWV SRVLWLIV GH VRQ H[SpULPHQWDWLRQ PDLV TXªHOOHV GHYDLHQW FRQVWLWXHU XQ VXMHW GH UpIOH[LRQ HQ YXH GªpYLWHU j OªDYHQLU GH WHOV HIIHWV VHFRQGDLUHV &HWWH LPSUHVVLRQQDQWH VpULH GH WUDQVIXVLRQV DQLPDOHV OD PXOWLSOLFLWp UDWLRQQHOOH GH OHXUV FRPELQDLVRQV OHV GLVFXVVLRQV VXU OHV DYDQWDJHV HW OHV LQFRQYpQLHQWV GHV WHFKQLTXHV HW GHV PDWpULHOV XWLOLVpV FRQVWLWXDLHQW XQH YpULWDEOH DPRUFH VXUSUHQDQWH SRXU OªpSRTXH GH SURWRFROH H[SpULPHQWDO 'HQLV DYDLW FRQGXLW VHV HVVDLV DYHF SHUVpYpUDQFH LQWHOOLJHQFH HW LPDJLQDWLRQ DSSURIRQGLVVDQW OHV FRQQDLVVDQFHV VXU XQH SUDWLTXH TXH IRUW GH VRQ H[SpULPHQWDWLRQ DQLPDOH LO DOODLW SHX DSUqV PHQHU j VRQ XOWLPH ¦ HW FDSLWDO ¦ SURMHW OD WUDQVIXVLRQ FKH] OªKRPPH 8QH DSSURFKH GRQW (PPHUH] HW OXL IXUHQW OHV SLRQQLHUV PRQGLDX[

FRPELQDLVRQV WUDQVIXVLRQQHOOHV DYDLHQW FHUWHV SRXU REMHFWLIV OD PLVH DX SRLQW FRQFUqWH GH OªDFWH RSpUDWRLUH HW OªpWXGH GHV FRQVpTXHQFHV LQ YLYR GX PpODQJH GH GHX[ VDQJV pWUDQJHUV PDLV HOOH YLVDLW VXUWRXW j DWWHVWHU GpILQLWLYHPHQW OªH[LVWHQFH GH OD FLUFXODWLRQ WHOOH TXH OªDYDLW SUpVHQWpH +DUYH\ /D FRQVpTXHQFH HVW TXH 'HQLV SRXUWDQW FRQQX SDU VD UpWLFHQFH SRXU OD WKpUDSHXWLTXH SDU OHV VDLJQpHV VªREOLJHD j SUDWLTXHU V\VWpPDWLTXHPHQW XQH SRQFWLRQ VDQJXLQH SUp WUDQVIXVLRQQHOOH LO FUDLJQDLW XQH VXUFKDUJH FLUFXODWRLUH GDQJHUHXVH FRQVLGpUDQW DYHF UDLVRQ TXH OH V\VWqPH YDVFXODLUH HVW GªDPSOLWXGH UpGXLWH HW GRQF GH FDSDFLWp OLPLWpH eYLGHPPHQW OD SK\VLRORJLH GH OD PDVVH VDQJXLQH HW VHV SULQFLSHV OXL pWDLHQW LQFRQQXV /HV $JHQFHV GH VDQWp HW OHV FRPLWpV GªpWKLTXH QªD\DQW SDV HQFRUH pWp FUppV OH SDVVDJH GH OªH[SpULPHQWDWLRQ DQLPDOH j OD SUHPLqUH DSSOLFDWLRQ KXPDLQH IXW SRXU OD WUDQVIXVLRQ VSHFWDFXODLUHPHQW UDSLGH 'HQLV HW (PPHUH] HQYLVDJqUHQW XQ WHPSV GH GHPDQGHU DX[ DXWRULWpV GH OHXU IRXUQLU XQ FULPLQHO SRXU OHXU SUHPLqUH WHQWDWLYH FKH] OªKRPPH 3OXVLHXUV SHUVRQQHV QRXV SRXVVDLHQW j FHOD DUJXqUHQW LOV 8QH WHOOH H[SpULHQFH H W pWp OH SUpOLPLQDLUH GªXQH WUDQVIXVLRQ j YLVpH FXUDWLYH VRXV UpVHUYH TXªHOOH I W FRXURQQpH GH VXFFqV DXWUHPHQW GLW ELHQ VXSSRUWpH HW VDQV FRQVpTXHQFHV GpOpWqUHV SRXU OH UHFHYHXU (Q pFKDQJH GH OD YLH VDXYH XQ FRQGDPQp YRORQWDLUH DXUDLW pWp OH FRED\H &HWWH SRVVLELOLWp DYDLW OD IDYHXU GªXQH FHUWDLQH RSLQLRQ FRPPH HQ IHUD HQFRUH pWDW HQ OD QRWLFH VXU OD WUDQVIXVLRQ UpGLJpH SDU XQ FHUWDLQ 3DWLVVLHU GªXQ 'LFWLRQQDLUH GHV 6FLHQFHV PpGLFDOHV /D SUXGHQFH DXUDLW FH QRXV VHPEOH H[LJp TXªLO IvW OHV SUHPLqUHV WHQWDWLYHV GªXQH RSpUDWLRQ VL GRXWHXVH VXU XQ FULPLQHO FRQGDPQp j OD PRUW TXHOOHV TXªHQ HXVVHQW pWp OHV VXLWHV SHUVRQQH QªDXUDLW HX OLHX GH VH SODLQGUH OH FULPLQHO YR\DQW XQ HVSRLU GªpFKDSSHU j OD PRUW Vª\ VHUDLW VRXPLV YRORQWLHUV FªHVW DLQVL TXªRQ GHYUDLW VRXYHQW WLUHU SDUWL GH FHV KRPPHV TXH OD MXVWLFH LPPROH j OD V UHWp SXEOLTXH RQ SRXUUDLW OHV VRXPHWWUH j GHV pSUHXYHV GH UHPqGHV LQFRQQXV j GHV RSpUDWLRQV QRXYHOOHV RX HVVD\HU VXU HX[ GLIIpUHQWHV PpWKRGHV GªRSpUHU OªRQ REWLHQGUDLW SDU Oj GHX[ DYDQWDJHV OD SXQLWLRQ GX FULPH HW OD SHUIHFWLRQ GH OD PpGHFLQH /HV FRQVLGpUDWLRQV pWKLTXHV RQW ODUJHPHQW pYROXp GHSXLV OH ;9,,H VLqFOH ELHQ TXH QRWUH pSRTXH QªDLW SDV WRXMRXUV HX OªDSDQDJH GH OªH[FHOOHQFH HQ FH GRPDLQH 'HQLV UHMHWD XQH WHOOH GLVSRVLWLRQ QXOOHPHQW SRXU GHV UDLVRQV KXPDQLWDLUHV PDLV SDUFH TXªLO FUDLJQDLW TXªXQ FULPLQHO GpMj SHUWXUEp SDU OªDSSUpKHQVLRQ GH VRQ H[pFXWLRQ SURFKDLQH QH OH I W HQFRUH

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

GDYDQWDJH SDU OD PHQDFH PRUWHOOH TXH OD WUDQVIXVLRQ UHSUpVHQWHUDLW FHUWDLQHPHQW j VHV \HX[ XQ WHO pWDW GªHVSULW DXUDLW SX FDXVHU HQ OXL TXHOTXHV WURXEOHV HW TXHOTXHV V\QFRSHV TXH SDUPL OHV DQWL FLUFXODWHXUV GHV HVSULWV PDOYHLOODQWV QªDXUDLHQW SDV PDQTXp GH PHWWUH VXU OH FRPSWH GH OD WUDQVIXVLRQ 'HQLV HW (PPHUH] SUpIpUqUHQW DWWHQGUH OªRFFDVLRQ TXH OHXU IRXUQLUDLW XQ PDODGH FRQVHQWDQW TXL VHUDLW SOXV j PrPH GH SUpVHQWHU OHV ERQV HIIHWV GH OªRSpUDWLRQ LOV MRXDLHQW DLQVL OD FDUWH GH OªHVSRLU HW QRQ FHOOH GH OªDQJRLVVH &HWWH SUHPLqUH W U D Q V I X V L R Q KXPDLQH DYDLW pWp FRQVLGpUpH F R P P H XQ VXFFqV PDLV 'HQLV HW (PPHUH] W H Q D L H Q W EHDXFRXS j DSSUpFLHU OHV HIIHWV GH OD W U D Q V I X V L R Q FKH] OªKRPPH VDLQ DILQ GH UpSRQGUH j FHWWH TXHVWLRQ GDQV O ª p Y H Q W X D O L W p GX GpFqV GªXQ PDODGH DSUqV XQH WUDQVIXVLRQ FRPPHQW IDLUH OD SDUW GH OD UHVSRQVDELOLWp GH FHOOH FL SDU UDSSRUW j OD PDODGLH VRXV MDFHQWH " ,OV HQWUHSULUHQW GRQF GH WUDQVIXVHU XQ UREXVWH SRUWHXU GH FKDLVH kJp GªHQYLURQ DQV OHTXHO DFFHSWDLW SRXU XQH VRPPH PRGLTXH GªHQGXUHU XQH WHOOH RSpUDWLRQ 'L[ RQFHV OXL IXUHQW VRXVWUDLWHV SXLV LO UHoXW HQ XQH VHXOH LQMHFWLRQ XQH TXDQWLWp LGHQWLTXH GH VDQJ GªXQ DJQHDX SUpOHYp j OªDUWqUH FUXUDOH /H UHFHYHXU TXL pWDLW OH GHX[LqPH KXPDLQ WUDQVIXVp DX PRQGH QH VH SODLJQLW GªDXFXQ V\PSW{PH VLJQDODQW WRXW DX SOXV FRPPH VRQ SUpGpFHVVHXU XQH JUDQGH FKDOHXU GDQV OH EUDV HW OªDLVVHOOH /ªLQWHUYHQWLRQ WHUPLQpH LO DOOD ERLUH VRQ JDLQ DYHF VHV FDPDUDGHV HW UHSULW VHV DFWLYLWpV FRPPH VL GH ULHQ QªpWDLW /D WURLVLqPH WUDQVIXVLRQ IXW DGPLQLVWUpH j XQ JHQWLOKRPPH VXpGRLV OH EDURQ %RQG WRPEp JUDYHPHQW PDODGH DX FRXUV GH VRQ VpMRXU j 3DULV ,O VRXIIUDLW GªXQH IRUWH ILqYUH GH GRXOHXUV DEGRPLQDOHV GH YRPLVVHPHQWV HW GH GLDUUKpHV 'H SOXV HQ SOXV DIIDLEOL LO SHUGDLW SURJUHVVLYHPHQW FRQVFLHQFH

8Q JDUoRQ GªXQH TXLQ]DLQH GªDQQpHV TXL DYDLW pWp VDLJQp YLQJW IRLV HQ GHX[ PRLV SRXU XQH ILqYUH DX ORQJ FRXUV IXW FHWWH RFFDVLRQ /H SDWLHQW WUqV IDLEOH pWDLW GDQV XQ pWDW GH VRPQROHQFH SHUPDQHQW HW SHUGDLW OD PpPRLUH /H SHX TXªLO OXL UHVWDLW GH VDQJ VªpWDLW WURS pSDLVVL SDU OªDUGHXU GH OD ILqYUH TXªLO DYDLW HXH DXVVL OªRQ FUXW TXªRQ OH SRXUUDLW JXpULU HQ OXL GRQQDQW GX VDQJ QRXYHDX /H UDLVRQQHPHQW GH 'HQLV pWDLW OH VXLYDQW LO UHVWDLW VL SHX GH VDQJ GDQV OH FRUSV GX SDWLHQW TXH OD ILqYUH Vª\ FRQFHQWUDLW HQ OH WUDQVIXVDQW RQ GLOXHUDLW VRQ PDXYDLV VDQJ HW HQ FRQVpTXHQFH OD ILqYUH FKXWHUDLW /H -XLQ YHUV FLQT KHXUHV GX PDWLQ WURLV RQFHV GH VDQJ OXL IXUHQW VRXVWUDLWHV SDU OªRXYHUWXUH GªXQH YHLQH DX SOL GX FRXGH ¦ 'HQLV WHQDLW j FH TXH OH VDQJ SXU WURXYH DVVH] ¦ GªHVSDFH GDQV OH V\VWqPH YDVFXODLUH R LO DOODLW rWUH LQWURGXLW ¦ SXLV OH SDWLHQW UHoXW KXLW RQFHV GH VDQJ DUWpULHO GªXQ DJQHDX VDLJQp DX QLYHDX GH OD FDURWLGH /H MHXQH WUDQVIXVp VH SODLJQLW UDSLGHPHQW GªXQH FKDOHXU LQWHQVH DOODQW GX SRLQW GªLQMHFWLRQ j OªDLVVHOOH PDLV LO VRUWLW SHX j SHX GH VRQ DVVRXSLVVHPHQW HW VH UHFRORUD &HWWH SUHPLqUH WUDQVIXVLRQ WKpUDSHXWLTXH HOOH FRUULJHD LQFRQWHVWDEOHPHQW OªHIIHW DQpPLDQW GH FHV VDLJQpHV DEVXUGHPHQW UpSpWpHV ¦ IXW GRQF XQH [pQRWUDQVIXVLRQ VDQV FRQVpTXHQFHV QpIDVWHV QRWDPPHQW LPPXQRORJLTXHV HW IXW VXLYLH GªXQH DPpOLRUDWLRQ OHQWH HW UpHOOH GH OªpWDW JpQpUDO $SUqV SOXVLHXUV VDLJQpHV VHV PpGHFLQV OªD\DQW $ DEDQGRQQp VD IDPLOOH VROOLFLWD j TXDWUH UHSULVHV 'HQLV HW (PPHUH] SRXU XQH WUDQVIXVLRQ VDOYDWULFH HQ WRXW FDV GH GHUQLHU UHFRXUV LOV OD UHIXVqUHQW WRXW GªDERUG MXJHDQW TXªHOOH VHUDLW LQHIILFDFH SXLV FpGqUHQW DX[ LPSORUDWLRQV IDPLOLDOHV HQ LQMHFWDQW DX SDWLHQW GHX[ SDOHWWHV GH VDQJ GH YHDX XQH SDOHWWH FRQWHQDLW TXDWUH RQFHV GH VDQJ 8QH DPpOLRUDWLRQ GH OªpWDW JpQpUDO GX WUDQVIXVp VªHVTXLVVD DX FRXUV GHV SUHPLqUHV YLQJW TXDWUH KHXUHV SXLV XQH UHFKXWH MXVWLILD ¦ RX SOXW{W PRWLYD ¦ XQH QRXYHOOH OpJqUH M WUDQVIXVLRQ /H EDURQ GpFpGD SHX DSUqV 6RQ DXWRSVLH HIIHFWXpH j OD GHPDQGH GHV WUDQVIXVHXUV UpYpOD XQH JDQJUqQH GH OªLOpRQ OH GpFqV pWDLW GRQF DWWULEXDEOH j FHWWH SDWKRORJLH HW QRQ j OD WUDQVIXVLRQ j ODTXHOOH RQ SRXYDLW VHXOHPHQW UHSURFKHU GªDYRLU pWp LFL LQHIILFDFH RX WURS WDUGLYHPHQW HPSOR\pH /H IpYULHU 'HQLV IXW DSSHOp DXSUqV GªXQH IHPPH DWWHLQWH GªKpPLSOpJLH GURLWH FKH] ODTXHOOH VDLJQpHV HW ODYHPHQWV QªDYDLHQW REWHQX DXFXQ UpVXOWDW $YHF (PPHUH] LO SUDWLTXD HQ GHX[ IRLV OD WUDQVIXVLRQ GH GRX]H RQFHV GH VDQJ DUWpULHO GªDJQHDX VDQJ FKRLVL FRPPH D\DQW DVVH] GH FKDOHXU HW GH VXEWLOLWp /ªpWDW GH OD PDODGH HQ DXUDLW pWp DPpOLRUp &HV SUHPLqUHV WUDQVIXVLRQV KXPDLQHV VªpWDLHQW

0DUJXHULWH ,QIR 1 2FWREUH


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

$X FRXUV GªXQH SpULRGH GªDFFDOPLH 0DXUR\ DYDLW pSRXVp XQH MHXQH ILOOH TXH OªRQ DYDLW DSSDUHPPHQW SHUVXDGpH TXªLO QH UHWRPEHUDLW SOXV GDQV VD IROLH HW TXªLO pWDLW JXpUL PDLV LO UHFKXWD XQH IRLV GH SOXV HW UHFKXWD GDQV VHV HUUDQFHV (OOHV OH PHQqUHQW XQ MRXU GDQV OH TXDUWLHU GH 0 GH 0RQWPRU TXL PLV DX FRXUDQW GH VD PDODGLH PHQWDOH YRXOXW OH VHFRXULU HQ OXL WURXYDQW XQH SODFH GDQV XQ K{SLWDO 0DLV LO FRQVLGpUD DXVVL TXªLO FRQVWLWXDLW XQ LQWpUHVVDQW VXMHW GªH[SpULPHQWDWLRQ HW TXªXQH WUDQVIXVLRQ SRXUUDLW OXL DSSRUWHU DX SUpDODEOH TXHOTXH ELHQ rWUH GªDXWDQW TXªXQH WHOOH LQWHUYHQWLRQ QH SUpVHQWDLW DXFXQ ULVTXH j VHV \HX[ QªDYDLW LO SDV DVVLVWp DX[ H[SpULHQFHV GH 'HQLV HW (PPHUH] GHX[ PHPEUHV GH VRQ DFDGpPLH VXU OHV WUDQVIXVLRQV LQWHUDQLPDOHV "

pWDLW DWWHLQW GªXQH GpPHQFH SHXW rWUH GªRULJLQH V\SKLOLWLTXH TXL VH PDQLIHVWDLW GH PDQLqUH SpULRGLTXH SDU GH JUDQGHV FULVHV GªH[FLWDWLRQ DX FRXUV GHVTXHOOHV LO OXL DUULYDLW GªHUUHU QX RX SUHVTXH GDQV OHV UXHV HQ YRFLIpUDQW HW HQ DPHXWDQW OHV SDVVDQWV GH WHQLU GHV SURSRV LQFRKpUHQWV YRLUH GH WHQWHU GH PHWWUH OH IHX DX[ PDLVRQV R LO pWDLW DFFXHLOOL 'HSXLV KXLW DQV LO SUpVHQWDLW DLQVL GHV DFFqV GH IROLH LQYpWpUpH GRQW FKDFXQ GXUDLW KXLW j GL[ PRLV VDQV UpSLW 1XO WUDLWHPHQW QªpWDLW SDUYHQX j DPpOLRUHU VRQ pWDW 'XUDQW FHV DQQpHV LO DYDLW VXEL VDQV VXFFqV GL[ KXLW VDLJQpHV HW XQH TXDUDQWDLQH GH EDLQV FRQWHQDQW GLIIpUHQWHV FRPELQDLVRQV GªKHUEHV HW GH GURJXHV /HV PpGHFLQV DYDLHQW VHXOHPHQW UHPDUTXp TXH VHV FULVHV VH GLVVLSDLHQW SOXV UDSLGHPHQW ORUVTXªRQ VªDEVWHQDLW GH WRXW WUDLWHPHQW TXH ORUVTXªRQ WRXUPHQWDLW OH SDWLHQW SDU TXHOTXH PpGLFDWLRQ 0RQWPRU ILW GRQF DSSHO j 'HQLV TXL OXL FRQILUPD TXH OD WUDQVIXVLRQ QH SRXYDLW FDXVHU OD PRUW SDU HOOH PrPH VL HOOH pWDLW FRQGXLWH DYHF FLUFRQVSHFWLRQ PDLV HVWLPD TXH VRQ H[SpULHQFH QªpWDLW SDV HQFRUH VXIILVDQWH SRXU ODLVVHU HVSpUHU XQH JXpULVRQ WDQJLEOH 0DOJUp WRXW FRQVLGpUDQW TXH OD GpPHQFH GH 0DXUR\ GHYDLW rWUH OLpH j XQ pFKDXIIHPHQW GH VRQ VDQJ LO FRQVLGpUD TXªXQH WUDQVIXVLRQ GH VDQJ GH YHDX SRXUUDLW SDU VD IUDvFKHXU FRQWULEXHU j WHPSpUHU OHV DUGHXUV QpIDVWHV GX VDQJ GX PDODGH /ªLGpH pWDLW GRQF GH PrOHU OH VDQJ FRUURPSX GX GpPHQW j FHOXL GªXQ DQLPDO SDLVLEOH (Q 0RULW] +RIIPDQQ DYDLW HQ HIIHW SURSRVp GH WUDLWHU OHV DFFqV PpODQFROLTXHV SDU OD WUDQVIXVLRQ VDQJXLQH HQ HVFRPSWDQW TXªHOOH LQGXLUDLW XQH ERQQH KXPHXU FKH] OH WUDQVIXVp PDLV QXO SUDWLFLHQ QªpWDLW HQFRUH SDVVp j OªDFWH PDOJUp OªDFFXHLO IDYRUDEOH TXH OD 6RFLpWp GH SKLORVRSKLH GH /RQGUHV DYDLW DFFRUGp j FHWWH K\SRWKqVH GLDJQRVWLTXH 'H OHXU F{Wp GHV SUDWLFLHQV DQJODLV DYDLHQW SUpWHQGX TXªHQ LQMHFWDQW j XQ FKLHQ IpURFH OH VDQJ GªXQ FKLHQ SHXUHX[ RQ OXL GRQQDLW GHV PDQLqUHV SOXV SROLFpHV RX TXªXQ FKLHQ HQWUDvQp j OD FKDVVH SRXYDLW RXEOLHU VRQ HQWUDvQHPHQW VªLO UHFHYDLW OH VDQJ GªXQ FKLHQ TXL QªDYDLW MDPDLV FKDVVp OLqYUHV QL UHQDUGV LO IDOOXW TXH OHXU FRPSDWULRWH /RZHU GpPRQWUkW SDU VHV H[SpULHQFHV DQLPDOHV GH OªLQHSWLH GH FHV K\SRWKqVHV

VRPPH WRXWH GpURXOpHV GH PDQLqUH QRQ SpMRUDWLYH VRPPH WRXWH GpURXOpHV GH PDQLqUH QRQ SpMRUDWLYH PDLV XQ GUDPH DOODLW VXUYHQLU TXL PHWWUDLW XQ WHUPH j FHWWH DYHQWXUH WUDQVIXVLRQQHOOH GDQV OD )UDQFH GX ;9,,H VLqFOH OªDIIDLUH 0DXUR\ ¶Jp GH DQV HQ GRPHVWLTXH GH VRQ pWDW $QWRLQH 0DXUR\ GLW 0DXUR\ GH 6DLQW $PDQW

/H ;9,,H VLqFOH HQWUHWHQDLW OD FUR\DQFH TXH OH VDQJ GªXQ LQGLYLGX FRQWHQDLW GHV FRPSRVDQWV HVVHQWLHOV GH VRQ kPH pOpPHQW PDMHXU GH OD VSLULWXDOLWp YRLUH GH OD VXSHUVWLWLRQ OH VDQJ pWDLW GqV ORUV XQH VXEVWDQFH FKDUJpH GªXQ IRUW P\VWLFLVPH /D FDSDFLWp GªHQ LQMHFWHU GDQV OªRUJDQLVPH KXPDLQ VXVFLWDLW XQH SRVVLELOLWp WKpUDSHXWLTXH QRXYHOOH PrOHU XQ VDQJ

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

/H OHQGHPDLQ DXFXQ FKDQJHPHQW LPSRUWDQW QH IXW REVHUYp FKH] 0DXUR\ ,O IXW VHXOHPHQW MXJp XQ SHX PRLQV HPSRUWp GDQV VHV SDUROHV HW GDQV VHV DFWHV FªpWDLW XQ UpVXOWDW HQ ILQ GH FRPSWH WUqV PRGHVWH $WWULEXDQW FHOD j OD SHWLWH TXDQWLWp GH VDQJ WUDQVIXVp 'HQLV HQ FRQFOXW TXªLO IDOODLW UpLWpUHU OªLQWHUYHQWLRQ (PPHUH] HW OXL GpFLGqUHQW GªLQMHFWHU XQH TXDQWLWp GH VDQJ VXSpULHXUH FH TXL IXW IDLW OH PHUFUHGL HQ SUpVHQFH GH PpGHFLQV UpSXWpV (VWLPDQW TXªHQ UDLVRQ GH OªDOWpUDWLRQ GH VRQ pWDW JpQpUDO OH SDWLHQW DYDLW XQH PRLQGUH TXDQWLWp GH VDQJ LOV QH SUpOHYqUHQW TXH GHX[ j WURLV RQFHV WDQGLV TXH SOXV GªXQH OLYUH GH VDQJ GH YHDX OXL IXW WUDQVIXVpH SDU OH EUDV JDXFKH

LPSXU PSXU j j XQ XQ VDQJ VDQJ SXU SXU SRXYDLW SRXYDLW SHXW SHXW rWUH rWUH LQGXLUH QGXLUH OD OD UpPLVVLRQ RX OD JXpULVRQ GªXQH SDWKRORJLH PHQWDOH 0DLV OH VLqFOH pWDLW LO SUpSDUp j XQH WHOOH DYDQFpH " &KDQJHU OH VDQJ GªXQ rWUH KXPDLQ FªpWDLW PRGLILHU OªkPH HW OD SHUVRQQDOLWp TXL OXL DYDLHQW pWp GRQQpHV SDU OH &UpDWHXU /D PpGHFLQH DYDLW HOOH j SUpVHQW OH GURLW HW OªDXWRULWp PRUDOH SRXU DOWpUHU Oª¤XYUH GH 'LHX " /D TXHVWLRQ DXMRXUGªKXL VH SRVHUDLW SOXW{W HQ FHV WHUPHV HVW LO pWKLTXH GH PRGLILHU PpGLFDOHPHQW OD SHUVRQQDOLWp SURIRQGH GªXQ LQGLYLGX " &H GpEDW GX ;9,,H VLqFOH D SUHVTXH SRXU pTXLYDOHQW GH QRV MRXUV FHOXL TXL D WUDLW DX[ PDQLSXODWLRQV JpQpWLTXHV /D WUDQVIXVLRQ HQYLVDJpH SDU 'HQLV DOODLW GRQF FRQVWLWXHU XQ HVVDL WKpUDSHXWLTXH YpULWDEOH HW QRQ SOXV XQH VLPSOH H[SpULHQFH YLVDQW j SDUIDLUH OHV FRQQDLVVDQFHV SK\VLRORJLTXHV VXU OD FLUFXODWLRQ GX VDQJ $QWRLQH 0DXUR\ IXW SODFp VRXV OD JDUGH GX SRUWHXU GH FKDLVH TXL KXLW PRLV DXSDUDYDQW DYDLW VXEL DYHF VXFFqV XQH WUDQVIXVLRQ HW TXL SDU OD PrPH RFFDVLRQ pWDLW FKDUJp GH OH UDVVXUHU SDU VD SURSUH H[SpULHQFH /H OXQGL GpFHPEUH YHUV VL[ KHXUHV GX VRLU 'HQLV HW (PPHUH] SURFpGqUHQW j OªLQWHUYHQWLRQ DX FRXUV GªXQH VpDQFH GH OªDFDGpPLH GH 0RQWPRU GHYDQW GLYHUVHV SHUVRQQDOLWpV GH OªDUW RX GH GLVWLQFWLRQ FRPPH OH FRPWH GH )URQWHQDF TXL IXW OH JRXYHUQHXU GX &DQDGD RX OªDEEp %RXUGHORW YHQXV DVVLVWHU j FHWWH RSpUDWLRQ H[WUDRUGLQDLUH GRQW FHUWDLQV QªpWDLHQW SDV ORLQ GH VHV GHPDQGHU VL OH SDWLHQW QH VH PHWWUDLW SDV j EHXJOHU RX VªLO OXL SRXVVHUDLW GHV VDERWV DSUqV DYRLU UHoX GX VDQJ GH YHDX /D SUpVHQFH GH WpPRLQV pWDLW j GRXEOH WUDQFKDQW VL OªH[SpULHQFH UpXVVLVVDLW OD JORLUH GH 'HQLV HW GH VRQ FKLUXUJLHQ pWDLW IDLWH GDQV WRXWH Oª(XURSH VL HOOH pFKRXDLW OHXU UpSXWDWLRQ VFLHQWLILTXH

0DUJXHULWH ,QIR 1 2FWREUH

SUHQDLW XQ FRXS IDWDO VDQV SDUOHU GHV FRQVpTXHQFHV MXGLFLDLUHV DX[TXHOOHV OHV DXUDLW H[SRVpV OD PRUW GªXQ KRPPH FDXVpH SDU XQH WHQWDWLYH PpGLFDOH j KDXW ULVTXH 0DXUR\ D\DQW pWp DPHQp VXU SODFH j VRQ FRUSV GpIHQGDQW LO DYDLW IDOOX OH ILFHOHU j XQH FKDLVH &RPPH LO JHLJQDLW VXU XQ WRQ GH SOXV HQ SOXV KDXW 0RQWPRU FUDLJQLW SRXU VD UpSXWDWLRQ GDQV OH YRLVLQDJH HW GHPDQGD TXH OªRQ WUDQVIpUkW OH SDWLHQW HQ XQ DXWUH OLHX SRXU OªLQWHUYHQWLRQ /H FKRL[ VH SRUWD SHQVH W RQ VXU OH ORJHPHQW TXH 'HQLV RFFXSDLW GDQV XQH PDLVRQ GX TXDL GHV $XJXVWLQV TXDL GHV *UDQGV $XJXVWLQV DXMRXUGªKXL /ªKLVWRLUH QH GLW SDV FRPPHQW OªDQLPDO GRQQHXU TXL pWDLW XQ YHDX IXW KLVVp GDQV OHGLW DSSDUWHPHQW PDLV GRQQHXU HW UHFHYHXU VH UHWURXYqUHQW j F{Wp OªXQ GH OªDXWUH HW DWWDFKpV GH PDQLqUH YLJRXUHXVH GH VRUWH TXªLO OHXU pWDLW LPSRVVLEOH GH IDLUH OH PRLQGUH PRXYHPHQW /H PRPHQW YHQX (PPHUH] GpJDJHD OªDUWqUH FUXUDOH GX YHDX SXLV UHWLUD GL[ RQFHV GH VDQJ GX EUDV GURLW GX PDODGH 6HXOHV FLQT j VL[ RQFHV GX VDQJ DQLPDO SXUHQW rWUH WUDQVIXVpHV HQ UDLVRQ GªXQH PDXYDLVH SRVLWLRQ GH OªDQLPDO HW GH OD IRUWH RSSRVLWLRQ GHV VSHFWDWHXUV KRUULILpV SDU OHV H[SUHVVLRQV GH VRXIIUDQFH GH 0DXUR\ TXL VªpWDLW UHSOLp VXU OXL PrPH HQ SRVLWLRQ I¤WDOH HW SDU OªDVSHFW SDUWLFXOLqUHPHQW VDQJODQW GH OD VFqQH TXL VH GpURXODLW VRXV OHXUV \HX[ LOV UpFODPqUHQW j KDXWV FULV OªDUUrW GH OªRSpUDWLRQ /D WUDQVIXVLRQ IXW LQWHUURPSXH GªDXWDQW TXH OH UHFHYHXU FODPDLW TXªLO DOODLW SHUGUH FRQQDLVVDQFH /HV VXLWHV LPPpGLDWHV IXUHQW FHWWH IRLV WUqV DJLWpHV GqV TXH OH VDQJ GX YHDX FRPPHQoD j SpQpWUHU GDQV VHV YHLQHV 0DXUR\ pSURXYD XQH JUDQGH FKDOHXU OH ORQJ GX EUDV 6RQ FRUSV VH FRXYULW GH VXHXUV HW VRQ SRXOV VªDFFpOpUD ,O UHVVHQWLW GH YLYHV GRXOHXUV ORPEDLUHV HW DEGRPLQDOHV HW VH PLW j VXIIRTXHU /D FDQXOH TXL OXL LQIXVDLW OH VDQJ DQLPDO IXW DXVVLW{W UHWLUpH 3HQGDQW TXª(PPHUH] SDQVDLW VD SODLH OH SDWLHQW VH PLW j YRPLU WRXW FH TXªLO DYDLW LQJXUJLWp SRXU SUHQGUH GHV IRUFHV XQH GHPL KHXUH DXSDUDYDQW /HV V\PSW{PHV ILQLUHQW FHSHQGDQW SDU VªHVWRPSHU HW 0DXUR\ pSXLVp SDU OHV YRPLVVHPHQWV VªHQGRUPLW $SUqV XQ VRPPHLO GªXQH GL]DLQH GªKHXUHV LO SDUXW j WRXV EHDXFRXS SOXV FDOPH HW SOXV SUpVHQW GªHVSULW ,O VH SODLJQDLW WRXWHIRLV GH GRXOHXUV GLIIXVHV GDQV OHV PHPEUHV HW SLVV>D@ XQ YHUUH GªXULQHV QRLUkWUHV $X FRXUV GH OD MRXUQpH LO UHVWD DVVRXSL /H YHQGUHGL OH WUDQVIXVp pPLW GHV XULQHV WRXW DXVVL IRQFpHV TXH SUpFpGHPPHQW HW VDLJQD GX QH] HQ DERQGDQFH FH TXL LQFLWD VHV PpGHFLQV j SUDWLTXHU XQH VDLJQpH FRSLHXVH GH GHX[ j WURLV SDOHWWHV GDQV OHXU UDLVRQQHPHQW FHWWH KpPRUUDJLH QDVDOH pWDLW OªH[SUHVVLRQ GªXQ WURS SOHLQ VDQJXLQ GDQV OH V\VWqPH YDVFXODLUH VD GHPDQGH 0DXUR\


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! VH FRQIHVVD HW OH SUrWUH YHQX j VRQ FKHYHW HVWLPDQW VRQ pWDW PHQWDO VDWLVIDLVDQW DFFHSWD GH OXL GRQQHU OD FRPPXQLRQ 0DXUR\ UHoXW DXVVL OD YLVLWH GH VRQ pSRXVH FRQYHUVD DYHF HOOH QRUPDOHPHQW OXL GpWDLOODQW FH TXªLO DYDLW YpFX FHV GHUQLqUHV KHXUHV DORUV TXH GªRUGLQDLUH LO VªHQ SUHQDLW YLROHPPHQW j HOOH GXUDQW VHV FULVHV &HUWDLQV YLUHQW GDQV WRXW FHFL GHV LQGLFHV GH JXpULVRQ PDLV 'HQLV VªLQWHUURJHDLW VXU OD VLJQLILFDWLRQ GH OD V\PSWRPDWRORJLH SRVW WUDQVIXVLRQQHOOH QRWDPPHQW GH FHV XULQHV QRLUHV ,O VªLQTXLpWDLW HQ RXWUH GH Oª HVSqFH GH OpJqUHWp TXªLO SHUFHYDLW GDQV OHV UDLVRQQHPHQWV GH VRQ SDWLHQW 'DQV OHV MRXUV TXL VXLYLUHQW 0DXUR\ GHPHXUD WRXW j IDLW WUDQTXLOOH HW VHV XULQHV VªpFODLUFLUHQW SURJUHVVLYHPHQW 'DQV OªLJQRUDQFH R LO QH SRXYDLW TXH VH WURXYHU VXU OHV UpDFWLRQV LPPXQRORJLTXHV 'HQLV QªDYDLW SDV OHV PR\HQV GH FRPSUHQGUH OH PpFDQLVPH GH FHV XULQHV IRQFpHV FKH] OªDQLPDO HW FKH] OªKRPPH ,O QH OXL pWDLW SDV GDYDQWDJH ORLVLEOH GH PHVXUHU OH ULVTXH GªDFFLGHQW KpPRO\WLTXH DLJX TXªLO IDLVDLW FRXULU DX SDWLHQW j FKDTXH WUDQVIXVLRQ 3DU DLOOHXUV VD SULVH HQ FRPSWH GX GDQJHU GH FRUUXSWLRQ GX VDQJ GDQV OD FRQGXLWH GH VHV WUDQVIXVLRQV LQGLTXDLW VHXOHPHQW VRQ DGKpVLRQ DX U{OH DOLPHQWDLUH TXH OHV $QFLHQV DWWULEXDLHQW DX VDQJ HW FHWWH GLVSRVLWLRQ GªHVSULW OXL IDLVDLW WRWDOHPHQW PpFRQQDvWUH VRQ U{OH GDQV OD IRQFWLRQ UHVSLUDWRLUH 7RXWHIRLV GDQV OHV REMHFWLIV GH OªH[SpULPHQWDWLRQ GH 'HQLV VL OD YpULILFDWLRQ GH OD FLUFXODWLRQ UHVWDLW SUpVHQWH GDQV VRQ HVSULW HOOH GHYHQDLW PDLQWHQDQW UHODWLYHPHQW DFFHVVRLUH HQ UHJDUG GH OD SUpRFFXSDWLRQ WKpUDSHXWLTXH /D VHXOH WUDQVIXVLRQ KXPDLQH GªDSSDUHQFH SXUHPHQW H[SpULPHQWDOH IXW FHOOH TXªLO SUDWLTXD QRQ VDQV DXGDFH VXU OH SRUWHXU GH FKDLVH HQ ERQQH VDQWp OHTXHO UHVWDLW HQ SDUIDLWH IRUPH SOXVLHXUV PRLV DSUqV 'HQLV QH FDFKD MDPDLV OªHVSRLU TXªLO PHWWDLW GDQV OD SUDWLTXH WUDQVIXVLRQQHOOH SRXU WUDLWHU DYDQWDJHXVHPHQW GHV SDWKRORJLHV DXVVL GLYHUVHV TXH SOHXUpVLHV YpUROOHV OqSUHV FDQFHUV XOFqUHV > @ IROLHV HW DXWUHV PDODGLHV SURYHQDQW GH OD PDOLJQLWp GX VDQJ 6XU FH SRLQW LO pWDLW SOXV RX PRLQV YLVLRQQDLUH 4XDQW DX FRPWH GH 0RQWPRU RQ QH VDXUDLW VRXV HVWLPHU OªLQIOXHQFH QRWDEOH TXL IXW OD VLHQQH GDQV FHV EDOEXWLHPHQWV GH OD WUDQVIXVLRQ VDQJXLQH LO VRXWLQW DFWLYHPHQW OHV WUDYDX[ GH 'HQLV HW DWWHQWLI j OD ULYDOLWp LQWHUQDWLRQDOH GDQV FH GRPDLQH LO QªpSDUJQD SDV VHV HIIRUWV SRXU IDLUH FRQQDvWUH OªpYROXWLRQ GH OªH[SpULPHQWDWLRQ VXU OH VXMHW 'qV OD SUHPLqUH WUDQVIXVLRQ UpDOLVpH SDU 'HQLV HW (PPHUH] OH PDUV TXL IXW VXLYLH SDU OD FLQTXDQWDLQH GªH[SpULHQFHV TXªLOV FRQGXLVLUHQW FKH] OªDQLPDO HW SDU OHXUV HVVDLV FKH] OªKRPPH GHV REVHUYDWLRQV GpWDLOOpHV HW

FRPPHQWpHV IXUHQW UDSLGHPHQW SXEOLpHV GDQV OH -RXUQDO GHV 6FDYDQV XQ SpULRGLTXH IRQGp j SHLQH GHX[ DQV DXSDUDYDQW SDU OH PDJLVWUDW 'HQLV GH 6DOOR OªpSRTXH OHV UpVXOWDWV GªXQH pWXGH VFLHQWLILTXH SDUDLVVDLHQW GDQV OHV MRXUV TXL VXLYDLHQW OHXU REWHQWLRQ XQ XVDJH TXL D ELHQ FKDQJp GHSXLV 'HQLV UDSSRUWD pJDOHPHQW VRQ H[SpULPHQWDWLRQ GDQV OH 3KLORVRSKLFDO 7UDQVDFWLRQV OHTXHO FRQWUDLUHPHQW j VRQ WLWUH pWDLW XQ MRXUQDO VFLHQWLILTXH ,O DYDLW HQYR\p VRQ UDSSRUW j +HQU\ 2OGHQEXUJ GLUHFWHXU GX SpULRGLTXH HW VHFUpWDLUH GH OD 5R\DO 6RFLHW\ /H WH[WH SDUX GDQV OH QXPpUR GX MXLOOHW VRXV OH WLWUH /HWWUH FRQFHUQDQW XQH QRXYHOOH IDoRQ GH WUDLWHU OHV PDODGLHV GH OªHVSULW SDU OD WUDQVIXVLRQ GH VDQJ LO VªDJLVVDLW GH OD WUDQVIXVLRQ SUDWLTXpH FKH] OH MHXQH KRPPH DWWHLQW GH OpWKDUJLH HW GªXQH ILqYUH DX ORQJ FRXUV 2OGHQEXUJ pFULYLW DXVVLW{W XQ pGLWRULDO DJUHVVLI VXU FH )UDQoDLV TXL VH ILJXUDLW rWUH OªLQYHQWHXU GªXQH WKpUDSHXWLTXH GRQW OH IRQGDWHXU pWDLW HQ UpDOLWp XQ $QJODLV &HWWH TXHUHOOH IUDQFR EULWDQQLTXH ILQLW SDU VªDSDLVHU HW OHV PpULWHV IXUHQW GH PDQLqUH j SHX SUqV FRQVHQVXHOOH UpSDUWLV GH SDUW HW GªDXWUH GH OD 0DQFKH OH FRQFHSW HW OªH[SpULPHQWDWLRQ DQLPDOH DX[ $QJODLV OªDSSOLFDWLRQ KXPDLQH DX[ )UDQoDLV &HWWH SUHPLqUH JUDQGH WHQWDWLYH WUDQVIXVLRQQHOOH FKH] OªKRPPH DOODLW PDOKHXUHXVHPHQW WRXUQHU FRXUW $X GpEXW GH 0DXUR\ SUpVHQWD XQH QRXYHOOH FULVH 6D IHPPH OXL ILW LQJXUJLWHU GLYHUVHV GURJXHV TXL UHVWqUHQW VDQV HIIHW /HV FLUFRQVWDQFHV TXL SRXVVqUHQW DORUV 'HQLV HW (PPHUH] j SUDWLTXHU XQH WURLVLqPH WUDQVIXVLRQ VRQW PDO FRQQXHV )XW FH 3HUULQH 0DXUR\ TXL YR\DQW pFKRXHU WRXWHV OHV WKpUDSHXWLTXHV PpGLFDPHQWHXVHV VROOLFLWD XQ 'HQLV UpWLFHQW FUDLJQDQW SUREDEOHPHQW TXH OD ORXUGH V\PSWRPDWRORJLH REVHUYpH j OªLVVXH GH OD WUDQVIXVLRQ SUpFpGHQWH DLW j OD SURFKDLQH WUDQVIXVLRQ XQH LVVXH IDWDOH " 2X IXW FH 'HQLV TXL FRQVWDWDQW OD UHFKXWH GH VRQ PDODGH FRQYDLQTXLW OªpSRXVH GH OD QpFHVVLWp GªXQ QRXYHO DSSRUW GH VDQJ " /D TXHVWLRQ TXL DXUD VRQ LPSRUWDQFH SDU OD VXLWH D SHX GH FKDQFHV GªrWUH XQ MRXU UpVROXH 4XRLTXªLO HQ DLW pWp XQH QRXYHOOH WUDQVIXVLRQ IXW GpFLGpH /H MRXU FRQYHQX OH VDQJ GH 0DXUR\ FRPPHQoDLW j rWUH VRXVWUDLW SDU XQH YHLQH GX SLHG HW OH VDQJ WUDQVIXVp j SDVVHU j OªDLGH GªXQH FDQXOH GH OªDUWqUH GX YHDX j XQH YHLQH GX EUDV GX SDWLHQW TXH FH GHUQLHU VH WURXYD VHFRXp GªXQ WUHPEOHPHQW JpQpUDOLVp HW UHVVHQWLW HQ QHWWHPHQW SOXV DFFHQWXp GHV V\PSW{PHV LGHQWLTXHV j FHX[ TXL DYDLHQW VXLYL OD SUpFpGHQWH LQWHUYHQWLRQ 'HQLV DUUrWD LPPpGLDWHPHQW OD WUDQVIXVLRQ PDLV 0DXUR\ GpFpGD GDQV OD QXLW SUREDEOHPHQW GHV VXLWHV GX FKRF KpPRO\WLTXH DLJX ,O HVW j QRWHU TXH OD PRUW GH 0DXUR\ QH VXUYLQW

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

TXªDX PRPHQW GH OD WURLVLqPH WUDQVIXVLRQ TXL IXW HIIHFWXpH j GLVWDQFH GHV GHX[ SUHPLqUHV 6L OªLPPXQRORJLH pWDLW XQH VFLHQFH TXDVL LQH[LVWDQWH HQ FH VLqFOH OHV UpDFWLRQV LPPXQLWDLUHV H[LVWDLHQW EHO HW ELHQ PDLV OH GDQJHU GHV [pQRWUDQVIXVLRQV QH GHYDLW rWUH pWDEOL TXªHQ SDU OHV DOOHPDQGV /pRQDUG /DQGRLV HW -DFRE 0XOOHU OHVTXHOV DYDLHQW PLV HQ pYLGHQFH OHV KpPDJJOXWLQDWLRQV TXH GpFOHQFKDLW OH PpODQJH GH VDQJV GªHVSqFHV GLIIpUHQWHV FRPPH FHOXL GªXQ PRXWRQ DYHF FHOXL GªXQ FKLHQ ,QWULJXp SDU FHV WUDQVIXVLRQV GH MDGLV R XQ rWUH KXPDLQ D\DQW UHoX GX VDQJ DQLPDO VXUYLYDLW PDOJUp WRXW /DQGRLV UHPDUTXD TXH GDQV HQYLURQ XQ WLHUV GHV FDV OHV WUDQVIXVpV QªDYDLHQW HX DXFXQH FRQVpTXHQFH SpMRUDWLYH j FRXUW FRPPH j ORQJ WHUPH 4XDQW j OªH[LVWHQFH GHV JURXSHV VDQJXLQV HOOH QH GHYDLW rWUH GpFRXYHUWH TXªHQ SDU .DUO /DQGVWHLQHU HW PLVH UpHOOHPHQW j SURILW DX OHQGHPDLQ GH OD 3UHPLqUH *XHUUH PRQGLDOH VHXOHPHQW OªpSRTXH OªLQWHUSUpWDWLRQ GX GpFqV GH 0DXUR\ SUrWD j GLYHUJHQFH HQ FURLUH 'HQLV 3HUULQH 0DXUR\ DXUDLW HPSRLVRQQp XQ PDUL GpPHQW SRXU VH GpOLYUHU GH OXL SDU TXHOTXH SRXGUH FRPPH OªDUVHQLF /H WUDQVIXVHXU DXUDLW GHPDQGp XQH DXWRSVLH TXªLO QªDXUDLW SX WRXMRXUV GªDSUqV OXL REWHQLU 6HORQ XQH YHUVLRQ OªpSRXVH DXUDLW DXUDLW VLRQ OªpSRXVH LQGLTXp j 'HQLV TXªXQH VRPPH GªDUJHQW OXL DYDLW pWp SURSRVpH SRXU TXªHOOH VRXWvQW TXH VRQ PDUL pWDLW PRUW GHV VXLWHV GH VD GHUQLqUH WUDQVIXVLRQ 'HQLV SUpWHQGUD DX FRQWUDLUH TXH OD IHPPH GH 0DXUR\ OXL DYDLW GHPDQGp GH OªDUJHQW SRXU DIILUPHU OªLQYHUVH HW TXªLO DYDLW UHIXVp GH VH SUrWHU j FH FKDQWDJH (Q WRXW pWDW GH FDXVH OD YHXYH FULD DX PHXUWUH HW SRUWD SODLQWH HW 'HQLV ILW GH PrPH j VRQ HQFRQWUH SRXU LQMXUH JUDYH 6HORQ OHV GpWUDFWHXUV GH OD SUDWLTXH WUDQVIXVLRQQHOOH OHV SRXGUHV GRQQpHV SDU OªpSRXVH DYDLHQW XQH H[FHOOHQWH UpSXWDWLRQ GDQV OH WUDLWHPHQW GªXQ GpOLUH FRPPH FHOXL GH 0DXUR\ HW TXH FHWWH WKpUDSHXWLTXH DXUDLW G rWUH SRXUVXLYLH DX OLHX GH OXL SUpIpUHU OD WUDQVIXVLRQ /HV PrPHV DIILUPqUHQW TXH 'HQLV HW (PPHUH] D\DQW SHUVXDGp OH FRXSOH TXH FHV SRXGUHV pWDLHQW VDQV OD PRLQGUH HIILFDFLWp OªDYDLW SV\FKRORJLTXHPHQW FRQWUDLQW j DFFHSWHU FHWWH WUDQVIXVLRQ j ODTXHOOH LO VªRSSRVDLW HX pJDUG DX[ PDQLIHVWDWLRQV LQTXLpWDQWHV GX WUDQVIXVp ORUV GH OªLQWHUYHQWLRQ SUpFpGHQWH

0DUJXHULWH ,QIR 1 2FWREUH

1RQREVWDQW OHV UHVSRQVDELOLWpV UHVSHFWLYHV OªDIIDLUH IXW SRUWpH GHYDQW OD -XVWLFH HW LQVWUXLWH SDU OH OLHXWHQDQW FULPLQHO GX &KkWHOHW OH SURFqV GH GH OªDIIDLUH GX VDQJ FRQWDPLQp QH IXW GRQF TXH OH VHFRQG JUDQG SURFqV GH OªKLVWRLUH GH OD WUDQVIXVLRQ /D VHQWHQFH IXW UHQGXH OH DYULO OHV DWWHQGXV ILUHQW pWDW GH OD UpXVVLWH GHV GHX[ SUHPLqUHV WUDQVIXVLRQV PDLV OªDUUrW FRQFOXW 'qV j SUpVHQW IHUPH GpIHQVH j WRXWH SHUVRQQH GH IDLUH OD WUDQVIXVLRQ VXU DXFXQ FRUSV KXPDLQ TXH OD SURSRVLWLRQ QªDLW pWp UHoXH HW DSSURXYpH SDU GHV PpGHFLQV GH OD )DFXOWp GH 3DULV j SHLQH GH SULVRQ &H MXJHPHQW QªLQWHUGLVDLW GRQF SDV IRUPHOOHPHQW OD WUDQVIXVLRQ PDLV OXL LPSRVDLW XQH OLPLWH PDMHXUH TXL pTXLYDODLW j LQWHUGLUH j 'HQLV OXL PrPH HW j WRXW DXWUH SUDWLFLHQ WRXWH QRXYHOOH WHQWDWLYH FDU OD )DFXOWp GH 3DULV QªDXUDLW FHUWDLQHPHQW SDV DFFRUGp OªDXWRULVDWLRQ GpVRUPDLV UHTXLVH 'HQLV G WRXWHIRLV VH WURXYDLW LPSOLFLWHPHQW UHFRQQX LQQRFHQW ,O QH IXW GRQF SDV FRQGDPQp j YHUVHU GHV F GRPPDJHV HW LQWpUrWV j OD G YHXYH 0DXUR\ /HV MXJHV Y GX G &KkWHOHW DYDLHQW DLQVL FRQGDPQp OD SUDWLTXH HW F QRQ OH SUDWLFLHQ &HWWH VDQFWLRQ LQGLUHFWH & GH G OD WUDQVIXVLRQ TXL OXL LPSRVDLW XQH UHVWULFWLRQ GHV SOXV ORXUGHV IXW G FHSHQGDQW FHSHQGDQW UDSLGHPHQW UDSLGHPHQW VXLYLH GªXQH LQWHUGLFWLRQ WRWDOH /H MDQYLHU OH 3DUOHPHQW GH 3DULV HQWpULQDLW HW GXUFLVVDLW OD VHQWHQFH GX &KkWHOHW 'pIHQVH j WRXV PpGHFLQV HW FKLUXUJLHQV GªH[HUFHU OD WUDQVIXVLRQ GX VDQJ j SHLQH GH SXQLWLRQ FRUSRUHOOH HW GH SULVRQ /HV pSUHXYHV H[WUDRUGLQDLUHV VRQW JpQpUDOHPHQW GDQJHUHXVHV HW SRXU XQH TXL UpXVVLW WRXWHV OHV DXWUHV GHYLHQQHQW PRUWHOOHV 3HX DSUqV OH 3DUOHPHQW Gª$QJOHWHUUH SULW XQH GpFLVLRQ DQDORJXH 'HV SUpFpGHQWV j GH WHOV MXJHPHQWV H[LVWDLHQW OH DYULO SOXV GH GHX[ VLqFOHV DYDQW OªDIIDLUH 0DXUR\ OH 3DUOHPHQW GH 3DULV DYDLW SURQRQFp XQ DUUrW UpSULPDQGDQW XQ PpGHFLQ ¦ FªpWDLW OD SUHPLqUH IRLV GDQV OªDQFLHQ 'URLW IUDQoDLV ¦ SRXU DYRLU SUHVFULW XQ UHPqGH YLROHQW D\DQW FDXVp HQ TXHOTXHV KHXUHV OD PRUW GH VRQ PDODGH DYHF GpIHQVH GH QH SOXV UpFLGLYHU j SHLQH GªrWUH SXQL SOXV JULqYHPHQW 3UDWLTXHPHQW DX PrPH PRPHQW TXH 'HQLV GHX[ PHPEUHV GH Oª$FDGpPLH GHV VFLHQFHV HIIHFWXqUHQW GHV H[SpULHQFHV SLRQQLqUHV GH WUDQVIXVLRQ &ODXGH 3HUUDXOW HW /RXLV *D\DQW /H SUHPLHU HVSULW XQLYHUVHO pWDLW j OD IRLV PpGHFLQ SK\VLFLHQ HW DUFKLWHFWH VRQ


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! QRP UHVWH DWWDFKp j OD &RORQQDGH GX /RXYUH OH VHFRQG pWDLW DQDWRPLVWH FKLUXUJLHQ GH 3DULV HW GHV DUPpHV GX 5RL $X FRXUV GX SUHPLHU WULPHVWUH GH WRXV GHX[ UpDOLVqUHQW XQH VpULH GH VHSW WUDQVIXVLRQV LQWHU DQLPDOHV TXL HXUHQW SRXU GpFRU OD %LEOLRWKqTXH GX 5RL RX OH GRPLFLOH GH *D\DQW /HV SURFqV YHUEDX[ PDQXVFULWV GH FHV H[SpULHQFHV FRQVHUYpV GDQV OHV DUFKLYHV GH Oª$FDGpPLH GHV 6FLHQFHV IXUHQW UpXQLV VRXV OH WLWUH 2EVHUYDWLRQV VXU OD WUDQVIXVLRQ GH VDQJ GªXQ DQLPDO j XQ DXWUH ([SpULHQFHV IDLWHV GX -DQYLHU MXVTXªDX 0DUV OD GLIIpUHQFH GH 'HQLV OªREMHFWLI LQLWLDO GH 3HUUDXOW HW *D\DQW QªpWDLW SDV GH SURXYHU OD FLUFXODWLRQ GX VDQJ PDLV GH PHWWUH DX SRLQW XQ GLVSRVLWLI j PrPH GH UpDOLVHU XQ DFWH WUDQVIXVLRQQHO HIIHFWLI HW VDQV ULVTXH ,OV UHGRXWDLHQW HQ HIIHW TXªXQ VDQJ TXL FRXOH DYHF LPSpWXRVLWp pWRXIIH OªDQLPDO HW j OªRSSRVp TXªXQ VDQJ TXL FRXOH DYHF OHQWHXU HQWUDvQH XQH FRDJXODWLRQ ,OV FUDLJQDLHQW HQ RXWUH OD FRUUXSWLRQ GX VDQJ WUDQVIXVp VRLW SDU FHWWH FRDJXODWLRQ VRLW SDU XQH UHQFRQWUH WURS EUXWDOH HQWUH OH VDQJ GX UHFHYHXU HW FHOXL GX GRQQHXU IXVVHQW LOV GªHVSqFH LGHQWLTXH $XVVL SRXU DERXWLU j XQ DFWH WUDQVIXVLRQQHO HIILFDFH HW pFDUWDQW FHV ULVTXHV 3HUUDXOW HW *D\DQW FRQoXUHQW HW XWLOLVqUHQW LOV XQ V\VWqPH j VLSKRQV SHUPHWWDQW HQ WKpRULH ¦ GH UpJOHU OH GpELW HW OHV YROXPHV GX VDQJ SUpOHYp HW GX VDQJ WUDQVIXVp /HXU LQWHQWLRQ pWDLW GªREWHQLU XQH pTXLYDOHQFH KDUPRQLHXVH HQWUH OH VDQJ {Wp HW OH VDQJ UHoX HQ YXH GH SUpVHUYHU OªpTXLOLEUH SK\VLRORJLTXH GHV GHX[ SURWDJRQLVWHV ,OV HVWLPDLHQW TXªLO H[LVWDLW XQH DQWLQRPLH QDWXUHOOH IRQGDPHQWDOH HQWUH DQLPDX[ GªHVSqFHV GLIIpUHQWHV LOV QªDYDLHQW SDV WRUW HW SUHVVHQWDLHQW GpMj OH FRQFHSW GH OD IDPHXVH HW SURWHFWULFH ¦ VL RQ OD UHVSHFWH ¦ EDUULqUH GªHVSqFH 'DQV OHXU LGpH LO IDOODLW LPSpUDWLYHPHQW FRPPH FRQGLWLRQ SUHPLqUH SRXU TXªXQH WUDQVIXVLRQ S W UpXVVLU UHFRXULU j GHV DQLPDX[ GH PrPH HVSqFH /HXU FKRL[ VH SRUWD VXU GHV FKLHQV HQ ERQQH VDQWp &KDTXH IRLV LOV SUpOHYqUHQW OH VDQJ GH OªDQLPDO GRQQHXU VXU XQH DUWqUH HW OªLQMHFWqUHQW SDU YRLH YHLQHXVH DX FKLHQ UHFHYHXU /HV UpVXOWDWV QH FRPEOqUHQW SDV OHXUV HVSpUDQFHV $YHF XQH JUDQGH KRQQrWHWp LQWHOOHFWXHOOH 3HUUDXOW HW *D\DQW UHFRQQXUHQW OHXU pFKHF GHX[ FKLHQV PRXUXUHQW OªXQ GDQV OªKHXUH TXL VXLYLW OD WUDQVIXVLRQ OªDXWUH OH OHQGHPDLQ GH SOXV OH VDQJ j LQIXVHU FRDJXODLW GDQV OH VLSKRQ HQ GpSLW GH GLYHUVHV DGDSWDWLRQV HW OHV YROXPHV WUDQVIXVpV pWDLHQW LQVLJQLILDQWV 'DQV OH TXDWULqPH YROXPH GH VHV (VVDLV GH 3K\VLTXH SDUX HQ 3HUUDXOW UHODWHUD OªKLVWRLUH GH FHWWH H[SpULPHQWDWLRQ MXVTXªj FHWWH GDWH OD FRQQDLVVDQFH GH FHWWH SHWLWH VpULH GH WUDQVIXVLRQV LQWHUDQLPDOHV SUDWLTXpHV GDQV OD GLVFUpWLRQ QªpWDLW

UHVWpH DFFHVVLEOH TXªj XQ FHUFOH GªLQLWLpV 7RXMRXUV HQ &ODXGH 7DUG\ GRFWHXU UpJHQW GH OD )DFXOWp GH PpGHFLQH GH 3DULV HW DQFLHQ SURIHVVHXU GH FKLUXUJLH SURSRVD HW GpIHQGLW OH SULQFLSH GH OD WUDQVIXVLRQ ¦ FHWWH IRLV LQWHUKXPDLQH ¦GDQV XQ WUDLWp LPSULPp HW GDQV XQH OHWWUH j XQ FRUUHVSRQGDQW 6D SXEOLFDWLRQ LQWLWXOpH 'H OªpFRXOHPHQW GX VDQJ GªXQ KRPPH GDQV OHV YHLQHV GªXQ DXWUH HW GH VHV XWLOLWH] SUpVHQWDLW OH VFKpPD GªXQH WUDQVIXVLRQ GLWH UpFLSURTXH FªHVW j GLUH UpDOLVpH GH WHOOH IDoRQ TXH OªLQGLYLGX GRQQDQW GX VDQJ j XQ DXWUH UHo W OH VLHQ GDQV OH PrPH WHPSV 7RWDOHPHQW SDUWLVDQ GH OªXWLOLVDWLRQ GX VHXO VDQJ KXPDLQ 7DUG\ OH GpFODUDLW OH SOXV SXU TXL H[LVWH FHOXL GHV DQLPDX[ QH SHXW ULYDOLVHU HW j PrPH GH UDMHXQLU OH VXMHW kJp HW GªREWHQLU OD JXpULVRQ GDQV GHV SDWKRORJLHV OLpHV j XQ pWDW SHUQLFLHX[ GX VDQJ 6RQ EUHI WUDLWp DSSDUDvW DXMRXUGªKXL FRPPH OD WRXWH SUHPLqUH SXEOLFDWLRQ VFLHQWLILTXH SUpVHQWDQW j OD IRLV SRXU OD WUDQVIXVLRQ XQH WHFKQLTXH HW XQH XWLOLVDWLRQ HQ PpGHFLQH KXPDLQH 0DLV LO HVW WUqV SHX SUREDEOH TXH 7DUG\ DLW FRQGXLW XQH H[SpULHQFH GH WUDQVIXVLRQ VHORQ OH SULQFLSH TXªLO GpFULYDLW /ª+LVWRLUH GX PRLQV QªHQ D JDUGp QXOOH WUDFH 'HQLV HW (PPHUH] DYDLHQW XWLOLVp GX VDQJ GH YHDX RX GªDJQHDX QRQ GX VDQJ KXPDLQ HW FH FKRL[ WpPRLJQH GªXQ DWWDFKHPHQW UpVLGXHO PDLV SHUVLVWDQW DX YLHX[ V\VWqPH GH SHQVpH VHORQ OHTXHO OH VDQJ HVW OLp DX SULQFLSH GH OD YLH HQ RSSRVLWLRQ j OD GXDOLWp kPH HW FRUSV GpIHQGXH SDU 'HVFDUWHV 'DQV OH MXJHPHQW GHV $QFLHQV WUDQVIXVHU OH VDQJ GªXQ KRPPH UHYHQDLW j WUDQVIXVHU VRQ kPH &HOD HQJHQGUDLW TXDVLPHQW XQ VDFULOqJH SDU OD WUDQVJUHVVLRQ GªXQ WDERX WKpRORJLTXH IRQGDPHQWDO ,O SRXYDLW WRXWHIRLV rWUH DGPLV TXH SRXU VDXYHU XQ rWUH KXPDLQ RQ GpSDVVkW FHWWH FRQFHSWLRQ HQ UHFRXUDQW j XQ DQLPDO FRPPH GRQQHXU LQMHFWHU GX VDQJ GH YHDX DQLPDO FDOPH j XQ DOLpQp GHYDLW SHUPHWWUH RQ OªD YX GH FDOPHU VD YLROHQFH 4XRLTXH FDUWpVLHQ GDQV VD PpWKRGRORJLH H[SpULPHQWDOH 'HQLV VH PRQWUD GDQV OHV SUHPLHUV WHPSV WUDGLWLRQQHO GDQV VD FRQFHSWLRQ GX FRUSV HW GH OªkPH TXL OXL LQWHUGLVDLW SRXU GHV UDLVRQV PRUDOHV GH UHFRXULU DX VDQJ KXPDLQ OªRSSRVp 7DUG\ FDUWpVLHQ MXVTXªDX ERXW pFDUWD GªHPEOpH OH VDQJ DQLPDO HW SRUWD VRQ FKRL[ ¦ GHPHXUp WKpRULTXH ¦ VXU OH VDQJ KXPDLQ 'qV OHV SUHPLqUHV H[SpULHQFHV VªpWDLHQW FRQVWLWXpV GHX[ FODQV j SHX SUqV LUUpGXFWLEOHV OªXQ IDYRUDEOH j OD WUDQVIXVLRQ HW OXL SUpGLVDQW XQ DYHQLU GH UHPqGH SUHVTXH XQLYHUVHO OªDXWUH OD WHQDQW DX PLHX[ SRXU LQXWLOH HW LQHIILFDFH DX SLUH SRXU GDQJHUHXVH YRLUH PRUWHOOH /HV PLOLHX[ WUDGLWLRQQHOV HW GRJPDWLTXHV ILGqOHV DX[ $QFLHQV VªpWDLHQW DXVVLW{W VHQWLV PHQDFpV GDQV OHXUV FRQYLFWLRQV &HWWH RSSRVLWLRQ

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


+,672,5( ,672,5( ' '( / /$ 7 75$16)86,21 6 6$1*8,1( ! !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!!

TXL IXW VHXOHPHQW DFDGpPLTXH j VRQ GpEXW QH WDUGD SDV j VªHQYHQLPHU FRPPH LO DUULYH VRXYHQW GDQV FH JHQUH GH FRQWURYHUVHV 7UDQVIXVHXUV HW DQWL WUDQVIXVHXUV VªDIIURQWqUHQW SDU GHV pFKDQJHV GH FRUUHVSRQGDQFHV GHV DUWLFOHV GHV RSXVFXOHV HW GHV SDPSKOHWV GRQW OD OHFWXUH LOOXVWUH DXMRXUGªKXL OªLQWHQVLWp HW OD IpURFLWp GH OD GLVSXWH /D YLROHQFH GH FHWWH SROpPLTXH PpGLFR SKLORVRSKLTXH DFFUXH SDU OD PRUW GH OªLQIRUWXQp 0DXUR\ HQ YLQW SDUIRLV j GpSDVVHU OD VSKqUH VFLHQWLILTXH HW j IUDQFKLU OHV OLPLWHV GH OD YLH SULYpH (OOH HXW DXVVL VHV F{WpV EXUOHVTXHV FRPPH FHW DUJXPHQW ODQFp SDU OHV DGYHUVDLUHV GH 'HQLV 6L OªRQ IDLW SDVVHU GDQV OHV YHLQHV GªXQ KRPPH OH VDQJ

TXL FRQVHLOOD j 3HUULQH 0DXUR\ GH VDLVLU OD -XVWLFH HW GH PHWWUH HQ FDXVH OD UHVSRQVDELOLWp GLUHFWH GX PpGHFLQ D\DQW WUDQVIXVp VRQ PDUL ,O ILW FRXULU OH EUXLW TXH 'HQLV HW (PPHUH] DYDLHQW RIIHUW XQH VRPPH GªDUJHQW j OD YHXYH SRXU WURXYHU UHIXJH GDQV XQ FRXYHQW j FRQGLWLRQ TXªHOOH JDUGkW VHFUqWH OD PRUW GH VRQ pSRX[ HW ILW VDYRLU TXªLO pWDLW SDUWL YLYUH j OD FDPSDJQH 4XDQW j 'HQLV LO TXDOLILD GH IDTXLQV HW GªHQYLHX[ FHX[ TXL OH FRPEDWWDLHQW HW JUDWLILD /D 0DUWLQLqUH GHV DSSHOODWLRQV GH PLVpUDEOH DUUDFKHXU GH GHQWV HW Gª RSpUDWHXU GX 3RQW 1HXI 'HX[ RUJDQLVPHV RIILFLHOV HQWUqUHQW pJDOHPHQW HQ OLFH HQ VªRSSRVDQW j 'HQLV OD WRXWH QRXYHOOH

GªXQ YHDX TXH GHYLHQGURQW OHV GLYHUVHV SDUWLFXOHV GH FH VDQJ TXH OD QDWXUH DYDLW GHVWLQpHV j SURGXLUH GH OD FRUQH " &H j TXRL OHV SDUWLVDQV GH OD WUDQVIXVLRQ UpSOLTXqUHQW TXªLO QªpWDLW MXVTXªLFL SRXVVp QL FRUQHV QL VDERWV DX[ KXPDLQV DX[TXHOV TXHOTXHV SLQWHV GH VDQJ GH YHDX DYDLW pWp LQMHFWp 3DUPL OHV SULQFLSDX[ SURWDJRQLVWHV GH FHWWH TXHUHOOH GHV DQFLHQV HW GHV PRGHUQHV RQ QH VDXUDLW SDVVHU VRXV VLOHQFH OH FKHI GH ILOH GHV DQWL WUDQVIXVHXUV 3LHUUH GH /D 0DUWLQLqUH ,O DYDLW FRPPH 'HQLV GRQW LO IXW OªDGYHUVDLUH OH SOXV GpWHUPLQp OH WLWUH GH PpGHFLQ GX URL ,O pFULYLW DX[ PLQLVWUHV DX[ PDJLVWUDWV j GHV SUrWUHV HW j ELHQ GªDXWUHV FRUUHVSRQGDQWV TXH OD WUDQVIXVLRQ pWDLW XQH RSpUDWLRQ EDUEDUH VRUWLH GH OD ERXWLTXH GH 6DWDQ HW TXH FHX[ TXL OªH[HUoDLHQW pWDLHQW GHV ERXUUHDX[ PpULWDQW GªrWUH HQYR\pV FKH] OHV FDQQLEDOHV HW DXWUHV JUDFLHXVHWpV &H IXW OXL

$FDGpPLH GHV 6FLHQFHV FUppH SDU &ROEHUW HQ ¦ HW DX GHPHXUDQW GpSRXUYXH GH OD SOXSDUW GHV JUDQGV QRPV VFLHQWLILTXHV GX WHPSV ¦ HW OD GRJPDWLTXH $FDGpPLH GH 0pGHFLQH TXL VH UpYpOD WRWDOHPHQW LPSHUPpDEOH j FHV H[SpULPHQWDWLRQV /D &RXU SULW pJDOHPHQW SDUWL GDQV OD TXHUHOOH HW OD TXHVWLRQ GH OD WUDQVIXVLRQ DJLWpH GDQV GLYHUV FHUFOHV GHYLQW OH JUDQG VXMHW GH FRQYHUVDWLRQ GX PRPHQW ,O IDXW FRQYHQLU DXMRXUGªKXL TXH FHUWDLQHV FULWLTXHV pPLVHV SDU OHV RSSRVDQWV SDUPL GªDXWUHV QH UHOHYDQW TXH GH OªREVFXUDQWLVPH QªpWDLHQW SDV VDQV YDOHXU 7RXW HQ SRVVpGDQW GHV FRQQDLVVDQFHV DQDWRPLTXHV UpHOOHV HW HQ DSSOLTXDQW OHV FRQGLWLRQV GªXQ SURWRFROH H[SpULPHQWDO DVVH] UHPDUTXDEOH SRXU OªpSRTXH 'HQLV HW (PPHUH] QH GLVSRVDLHQW SDV GHV QRWLRQV GH ELRORJLH GH SK\VLRORJLH HW GªLPPXQRORJLH TXL pWDLHQW LQGLVSHQVDEOHV SRXU UpXVVLU GDQV XQH

0DUJXHULWH ,QIR 1 2FWREUH


+,672,5( '( /$ 75$16)86,21 6$1*8,1( !! 8,1( !!! +,672,5( '( /$ 75$16)86,21 6$1*8,1( !!! HQWUHSULVH WKpUDSHXWLTXH DXVVL FRPSOH[H HW GpOLFDWH SRXU ODTXHOOH GHX[ VLqFOHV GH SURJUqV VFLHQWLILTXHV HW PpGLFDX[ pWDLHQW HQFRUH QpFHVVDLUHV /D PRUW GH 0DXUR\ TXL IXW FHUWDLQHPHQW OLpH DX[ WUDQVIXVLRQV TXªLO DYDLW UHoXHV RX SOXW{W VXELHV ¦ HQFRUH TXªXQH LQWR[LFDWLRQ SDU OªDUVHQLF RX XQH pYROXWLRQ IDWDOH GªXQH V\SKLOLV QHUYHXVH DLHQW pWp VRXWHQXHV SDU OHV WUDQVIXVHXUV FRPPH FDXVH GH VRQ GpFqV ¦ GRQQD DX[ RSSRVDQWV XQ DUJXPHQW FDSLWDO PDLV RQ SHXW SHQVHU TXH OHV GpFLVLRQV GH OD -XVWLFH GH OªpSRTXH IXUHQW HPSUHLQWHV GH VDJHVVH HW LO FRQYLHQW GH OªLQGLTXHU SULVHV DYHF XQH JUDQGH UDSLGLWp /ªpYLGHQFH HVW DXMRXUGªKXL DEVROXH OHV SUHPLqUHV WHQWDWLYHV GH WUDQVIXVLRQ VDQJXLQH DX ;9,,H VLqFOH pFKRXqUHQW WRWDOHPHQW /ªDYHQLU GH FHWWH WKpUDSHXWLTXH VH WURXYD SRXUWDQW ELHQ pYRTXp GDQV XQ WH[WH FRQWHPSRUDLQ SDU 6DPXHO 6RUELqUH TXL IXW TXHOTXHV DQQpHV GXUDQW VHFUpWDLUH GH OªDFDGpPLH GH 0RQWPRU 2EVHUYDWHXU DWWHQWLI HW GRFXPHQWp GH OD EUqYH pSRSpH WUDQVIXVLRQQHOOH GHV DQQpHV LO QRWD QRQ VDQV MXVWHVVH -H QH YHX[ SRLQW GpVHVSpUHU TXH OD WUDQVIXVLRQ GH VDQJ QH GHYLHQQH XWLOH TXHOTXH MRXU PDLV LO \ D VDQV GRXWH ELHQ GHV SUpFDXWLRQV j SUHQGUH ELHQ GHV H[SpULHQFHV j IDLUH LO IDXW TXªLO HQ FR WH OD YLH RX OH PDUW\U j XQ JUDQG QRPEUH GªDQLPDX[ 4XHOTXH WHPSV SOXV W{W OH PrPH 6RUELqUH TXL DYDLW DFFRPSDJQp j 5RPH OªDPEDVVDGH UR\DOH FRQGXLWH SDU OH GXF GH &KDXOQHV DYDLW UHoX GªXQ FHUWDLQ $QWRLQH GH OD 3RWHULH TXL pWDLW OXL DXVVL XQ GHV VHFUpWDLUHV GH 0RQWPRU XQH ORQJXH OHWWUH HQ GDWH GX GpFHPEUH GpWDLOODQW OD SUHPLqUH WUDQVIXVLRQ IDLWH j 0DXUR\ HW VH WHUPLQDQW DLQVL -H QH PDQTXHUD\ SDV GH YRXV IDLUH VFDYRLU OD FRQWLQXDWLRQ GX SURJUH] GH FHWWH 7UDQVIXVLRQ TXªRQ QH SHXW HQFRUH WHQLU DVVXUpH FRPPH XQ DUWLFOH GH )R\ PDLV OH WHPSV QRXV OH GLUD HW OHV GLYHUVHV H[SpULHQFHV TXªRQ HQ IHUD GRQQHURQW VDQV GRXWH EHDXFRXS GH JORLUH DX[ ,QYHQWHXUV HW DX[ 2SpUDWHXUV (Q GpSLW GH OD ILQ WUDJLTXH GH VRQ WUDQVIXVp DXMRXUGªKXL OH SOXV FpOqEUH 'HQLV pWDLW SDUYHQX j VRUWLU OD WUDQVIXVLRQ GH VRQ HQYHORSSH P\WKLTXH VªDSSX\DQW VXU GHV SULQFLSHV SKLORVRSKLTXHV QRXYHDX[ UHOD\DQW OªLGpH GH 'RP 5REHUW HW LQWpJUDQW OD JUDQGH GpFRXYHUWH GH OD FLUFXODWLRQ SDU +DUYH\ LO HQ DYDLW GpGXLW OªpYHQWXHOOH XWLOLWp WKpUDSHXWLTXH (Q DYDQFH VXU VRQ WHPSV LO OXL PDQTXDLW WRXWHIRLV WURS GH QRWLRQV SK\VLRORJLTXHV SRXU PHQHU VD UHFKHUFKH YHUV XQ VXFFqV VLJQLILFDWLI WRXW QªpWDLW SDV GDQV OD PpFDQLTXH HW LO PRXUXW VDQV FRQQDvWUH OHV

UDLVRQV UpHOOHV GH VRQ pFKHF VXU OHVTXHOOHV RQ JDJH TXªLO GXW PpGLWHU VRXYHQW HW EHDXFRXS /HV YHUGLFWV MXGLFLDLUHV GX ;9,,H VLqFOH DYDLHQW PLV OD WUDQVIXVLRQ KRUV OD ORL SUDWLTXHPHQW MXVTXªDX ;,;H VLqFOH OD VXLWH GH OD VHQWHQFH GX &KkWHOHW OH VLOHQFH GH OD )DFXOWp GH 0pGHFLQH DLGDQW OD TXHUHOOH VXU OD WUDQVIXVLRQ WRPED SHX j SHX GDQV OªRXEOL 6RQ SULQFLSH UDWLRQQHO QªDOODLW rWUH YUDLPHQW UHSULV HW PLV HQ DSSOLFDWLRQ TXH GDQV OHV SUHPLqUHV GpFHQQLHV GX ;,;H VLqFOH DYHF GH QRXYHOOHV H[SpULHQFHV DQLPDOHV SXLV KXPDLQHV TXL IXUHQW FRQGXLWHV SDU OªDQJODLV -DPHV %OXQGHOO 8QH IRLV GH SOXV OªLGpH DXUD SUpFpGp OªRXWLO


/D YLH D YLH YLH G HV D VVRFLDWLRQV ! !! /D YLH GHV DVVRFLDWLRQV !!! /D GHV DVVRFLDWLRQV !!! $,1 -HXQHV IRRWEDOOHXUV $PEDVVDGHXUV SRXU OH 'RQ GH 6DQJ HW OH 'RQ Gª2UJDQHV HW GH 7LVVXV /ª$VVRFLDWLRQ GHV 'RQQHXUV GH 6DQJ %pQpYROHV GH /D 3RVWH HW GH )UDQFH 7pOpFRP GH Oª$,1 DVVRFLpH j )UDQFH $'27 D GpFLGp GH SDUUDLQHU OªpTXLSH GH MHXQHV GX )& %5(66$16 GH OD FDWpJRULH 8 TXL DFFqGH SRXU OD SUHPLqUH IRLV GH VRQ KLVWRLUH DX FKDPSLRQQDW GH OD OLJXH 5+21( $/3(6 GH IRRWEDOO HQ UDLVRQ GHV ERQV UpVXOWDWV VSRUWLIV GX IDLU SOD\ GH OªpTXLSH HW GH VRQ LPSOLFDWLRQ GDQV OD SURPRWLRQ GX GRQ GH VDQJ /ªRUJDQLVDWLRQ GªXQH FROOHFWH RXYHUWH j WRXV OHV PHPEUHV PDMHXUV GX FOXE DLQVL TXªj OHXUV SDUHQWV HW DPLV OH -XLQ j Oª(WDEOLVVHPHQW )UDQoDLV GX 6DQJ GH %RXUJ HQ %UHVVH D pWp XQH UpXVVLWH WRWDOH GRQQHXUV GRQW SRXU OD SUHPLqUH IRLV /H SURMHW GH SDUUDLQDJH GH FH FOXE D VXVFLWp OªLQWpUrW GªDXWUHV SDUWHQDLUHV KLVWRULTXHV GH Oª$VVRFLDWLRQ $=85(9$ HW /D 0XWXHOOH *pQpUDOH TXL pWDLHQW j OD UHFKHUFKH GªXQ FOXE VSRUWLI RHXYUDQW GDQV OH VHQV GH OD SURPRWLRQ GX GRQ GH VDQJ GªRUJDQHV GH VRL OD FRKpVLRQ VRFLDOH HW OD VROLGDULWp $ FH WLWUH /ª$VVRFLDWLRQ GHV 'RQQHXUV GH 6DQJ %pQpYROHV GH /D 3RVWH HW )UDQFH 7pOpFRP GH Oª$LQ RIIUH OHV PDLOORWV GH PDWFK )UDQFH $'27 RIIUH OHV VKRUWV GH PDWFK HW OHV ELGRQV $=85(9$ SRXU VRQ qPH DQQLYHUVDLUH RIIUH OHV WHH VKLUWV GªHQWUDvQHPHQW /D 0XWXHOOH *pQpUDOH RIIUH OHV FRXSH YHQW

&+$5(17( /H MXLQ OHV PHPEUHV GH OªDVVRFLDWLRQ RUJDQLVHQW XQH FROOHFWH GH VDQJ j $1*28/·0( *UkFH j XQH FRPPXQLFDWLRQ SUpDODEOH GRQQHXUV RQW pWp SUpOHYpV &H UpVXOWDW LQDWWHQGX FDU MDPDLV DWWHLQW GHSXLV ORQJWHPSV HQFRXUDJH OHV DQLPDWHXUV j UHQRXYHOHU SURFKDLQHPHQW OªRSpUDWLRQ

0DUJXHULWH ,QIR 1 2FWREUH


/D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV /D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV ),1,67º5( /D MRXUQpH QDWLRQDOH GH UpIOH[LRQ VXU OH GRQ GªRUJDQHV HW OD JUHIIH D GRQQp OLHX j GLYHUVHV DFWLRQV GXUDQW OD VHPDLQH DFWLRQV DX[TXHOOHV RQW SULV SDUW OHV EpQpYROHV GH OªDVVRFLDWLRQ /D SUHPLqUH DQLPDWLRQ VªHVW GpURXOpH OH MXLQ VXU OH VLWH )UDQFH 7pOpFRP GH %5(67 %275(/ /H OHQGHPDLQ FH IXW DX 5,( GHV LPS{WV GH %5(67 TXH OHV DQLPDWHXUV VRQW LQWHUYHQXV DXSUqV GHV FOLHQWV GX UHVWDXUDQW 'HX[ LQWHUYHQWLRQV DXSUqV GHV SRVWLHUV ILJXUDLHQW pJDOHPHQW DX SURJUDPPH OH MHXGL MXLQ 'RPLQLTXH /( )$28 HW $QWRLQH 7$/21 VRQW LQWHUYHQXV OH PDWLQ UHVSHFWLYHPHQW GDQV OHV &HQWUHV &RXUULHU GH 025/$,; HW GH 3/$%(11(& /ªDSUqV PLGL LOV LQWHUYHQDLHQW DX EXUHDX GH 3RVWH GH /$1'(51($8 XQ VWDQG GªLQIRUPDWLRQ pWDLW LQVWDOOp GDQV OªHVSDFH DFFXHLO GH OªpWDEOLVVHPHQW 'HV JXLGHV VXU OH GRQ GªRUJDQHV RQW pWp UHPLV DX[ FOLHQWV WRXW DX ORQJ GH OªDSUqV PLGL /H OHQGHPDLQ YHQGUHGL MXLQ FªHVW XQH QRXYHOOH IRLV OH EXUHDX GH 3RVWH GH %5(67 35,1&,3$/ TXL DFFXHLOODLW OHV DQLPDWHXUV SRXU XQH MRXUQpH GªLQIRUPDWLRQ HW GH VHQVLELOLVDWLRQ DXSUqV GX *UDQG 3XEOLF VXU OH GRQ GªRUJDQHV HW OD JUHIIH 8Q VWDQG GªLQIRUPDWLRQ \ D pWp LQVWDOOp GHV JXLGHV RQW DLQVL pWp UHPLV DX[ FOLHQWV YHQXV UpDOLVHU GHV RSpUDWLRQV EDQFDLUHV RX SRVWDOHV /D VHPDLQH VªHVW DFKHYpH SDU XQH DQLPDWLRQ GDQV OªK\SHUPDUFKp /(&/(5& GH /$1'(51($8 DYHF OH PrPH EXW TXL HVW GªLQIRUPHU HW GH VHQVLELOLVHU OHV FOLHQWV GX PDJDVLQ VXU OH GRQ GªRUJDQHV DYHF SRXU VHXO PRW GªRUGUH (Q SDUOHU DYHF VHV SURFKHV SRXU TXªLOV SXLVVHQW WpPRLJQHU PDLV DXVVL FRQQDLWUH OHXU SRVLWLRQ &HWWH MRXUQpH D pJDOHPHQW SHUPLV GH UHFXHLOOLU EHDXFRXS GH WpPRLJQDJHV TXH FH VRLW GHV SHUVRQQHV JUHIIpHV HW ELHQ GªDXWUHV HQFRUH PDLV LO HVW GLIILFLOH GH WRXV OHV FLWHU &HV DQLPDWLRQV QªDXUDLHQW SX DYRLU OLHX VDQV OH VRXWLHQ DFWLI GHV 'LUHFWHXUV Gª(WDEOLVVHPHQW TXL RQW SHUPLV DX[ DQLPDWHXUV GªLQWHUYHQLU j OªRFFDVLRQ GH FHWWH MRXUQpH QDWLRQDOH GH UpIOH[LRQ VXU OH GRQ GªRUJDQHV GH 0 &KULVWLDQ /(%266( GH OD '1$6 2XHVW 0PH 0DUWLQH 75(+25(/ GH OD '27& 2XHVW %UHWDJQH SRXU /D 3RVWH DLQVL TXH 0PH $QQH 7+8$/ SRXU )UDQFH 7pOpFRP 0(5&, j 7RXV

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


/D YLH D YLH YLH G HV D VVRFLDWLRQV ! !! /D YLH GHV DVVRFLDWLRQV !!! /D GHV DVVRFLDWLRQV !!! /2,5 (7 &+(5 /HV DQLPDWHXUV FRQQDLVVHQW XQH IRUWH DFWLYLWp ILQ MXLQ HQ UDLVRQ GH OD SUR[LPLWp GH OD -RXUQpH 0RQGLDOH GX 'RQQHXU GH 6DQJ -0'6 HW GH OD -RXUQpH 1DWLRQDOH GH 5pIOH[LRQ VXU OD *UHIIH /ªpYqQHPHQW UpJLRQDO GH OD -0'6 VH GpURXOH j %/2,6 SRXU OD SUHPLqUH IRLV GDQV OH KDOO GH /D +DOOH DX[ *UDLQV JpQpUHXVHPHQW PLVH j GLVSRVLWLRQ SDU OD 0DLULH HW OD 6(0 JHVWLRQQDLUH 7RXW DX ORQJ GH OD MRXUQpH FDQGLGDWV VH VRQW SUpVHQWpV HW GRQW QRXYHDX[ GRQQHXUV RQW SX GRQQHU FH UpVXOWDW HVW SDUWLFXOLqUHPHQW KRQRUDEOH SRXU XQH YLOOH PR\HQQH &H UpVXOWDW QªD SX rWUH REWHQX TXH JUkFH DX WUDYDLO IRXUQL SDU OHV DVVRFLDWLRQV GX GpSDUWHPHQW pSDXOpHV SDU TXHOTXHV UHSUpVHQWDQWV GH OD UpJLRQ /H MXLQ OHV YRORQWDLUHV DQLPHQW XQ VWDQG GªLQIRUPDWLRQ VXU OH GRQ GªRUJDQHV GDQV OD JDOHULH FRPPHUFLDOH GH &25$ 'H WUqV QRPEUHX[ FOLHQWV LQWpUHVVpV SDU OH VXMHW HW VHQVLELOLVpV SDU OD FDPSDJQH PpGLD YLHQQHQW VROOLFLWHU OHV DQLPDWHXUV DILQ GH SRXYRLU OHV DLGHU j SUHQGUH SRVLWLRQ 4XHOTXHV SDWLHQWV JUHIIpV WpPRLJQHQW GH OHXU H[SpULHQFH SHUVRQQHOOH FRQIRUWDQW DLQVL OHV DQLPDWHXUV HW OHV FOLHQWV GDQV OHXU GpPDUFKH (Q ILQ GH MRXUQpH SUqV GH JXLGHV GªLQIRUPDWLRQ RQW pWp GLVWULEXpV

/2,5(7 /H YHQGUHGL MXLQ j OªRFFDVLRQ GH OD -RXUQpH QDWLRQDOH GH UpIOH[LRQ VXU OH GRQ GªRUJDQHV HW GH OD JUHIIH OªDVVRFLDWLRQ GHV 'RQQHXUV GH 6DQJ %pQpYROHV GX /2,5(7 VH PRELOLVH GDQV OH FHQWUH FRPPHUFLDO Gª2UOpDQV 3ODFH Gª$5& GH K j K &HWWH DFWLRQ QªD SX DYRLU OLHX TXH JUkFH DX VRXWLHQ DFWLI GX QRXYHDX 'LUHFWHXU GH &$55()285 /HV DQLPDWHXUV PHWWHQW j IL I L GG j SURILW FH WHPSV IRUW SRXU DQLPHU XQ VWDQG GªLQIRUPDWLRQ SHUPHWWDQW GH UDSSHOHU DX[ FOLHQWV OªLPSRUWDQFH GH FRPPXQLTXHU j OHXUV SURFKHV OHXU SRVLWLRQ HQ IDYHXU RX FRQWUH OH GRQ GªRUJDQHV 8QH PDMRULWp GH FHX[ FL HVW HQ SRVVHVVLRQ GH OD FDUWH GH GRQQHXU PDLV OHV YRORQWDLUHV LQVLVWHQW VXU OH IDLW TXH FH QªHVW SDV VXIILVDQW HW TXH OH SOXV LPSRUWDQW HVW GªHQ SDUOHU DXWRXU GH VRL 8Q TXL] VXU OH GRQ GªRUJDQHV GHVWLQp j WHVWHU OH QLYHDX GH FRQQDLVVDQFHV GHV SHUVRQQHV HW VXUWRXW OªRFFDVLRQ GH OHV LQIRUPHU GªXQH PDQLqUH OXGLTXH VXU OH VXMHW HVW pJDOHPHQW SURSRVp $X ILQDO OHV DQLPDWHXUV RQW SX UHQFRQWUHU EHDXFRXS GH SHUVRQQHV LQWpUHVVDQWHV HW LQWpUHVVpHV ORUV GH FHWWH MRXUQpH HQULFKLVVDQWH

0DUJXHULWH ,QIR 1 2FWREUH


/D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV /D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV +$87( 0$51( /H YHQGUHGL MXLQ OHV DQLPDWHXUV GH OªDVVRFLDWLRQ OH 3UpVLGHQW %HUQDUG =(529(& HW OH FRUUHVSRQGDQW ORFDO SRXU OHV GRQV -HDQ )UDQoRLV *$8',//21 DFFRPSDJQpV SDU 0LFKHO %ULJLWWH 0DULH )UDQFH 0DU\OqQH HW 0DULH &pFLOH WLHQQHQW XQ VWDQG GªLQIRUPDWLRQ WRXWH OD MRXUQpH GDQV OH KDOO GX &HQWUH /(&/(5& GH &+$80217 GRQW OH 'LUHFWHXU VªHVW SHUVRQQHOOHPHQW LPSOLTXp /ªREMHFWLI / GH FHWWH MRXUQpH HVW GªLQFLWHU OHV QRPEUHX[ FOLHQWV j SUHQGUH SRVLWLRQ SDU UDSSRUW DX[ GRQV GªRUJDQHV S &HWWH & LPSRUWDQWH LQIRUPDWLRQ GRLW rWUH HIIHFWXpH j WRXW VRQ HQWRXUDJH FDU OHV UHIXV VRQW HQFRUH WURS IUpTXHQWV H 3 3RUWHU XQH FDUWH GH GRQQHXU VXU VRL QªHVW SDV VXIILVDQW FDU FHOOH FL QªD DXFXQH YDOHXU MXULGLTXH Q /HV FOLHQWV WUqV GHPDQGHXUV GªLQIRUPDWLRQ GpILOHQW HQ YXH GH GLVFXWHU HW GH UHFXHLOOLU OHV GRQQpHV TXªLOV VRQW YHQXV FKHUFKHU &ªHVW DLQVL TXH SOXV GH EURFKXUHV VRQW GLVWULEXpHV HQWUH K HW K &HWWH FRPPXQLFDWLRQ SHUPHW pJDOHPHQW GªpFKDQJHU DYHF GHV IDPLOOHV GH GRQQHXUV RX GHV JUHIIpV 3OXVLHXUV WpPRLJQDJHV VRQW YHQXV UHQIRUFHU OD FRQYLFWLRQ GHV DQLPDWHXUV VXU OªXWLOLWp GH VªLQYHVWLU GDQV FH GRPDLQH ‡ 8QH PDPDQ GRQW OD ILOOH GH DQV YLHQW UpFHPPHQW GªrWUH JUHIIpH GªXQ UHLQ ‡ 8Q JUDQG SqUH GRQW OD SHWLWH ILOOH kJpH GH DQV DWWHLQWH GH PXFRYLVFLGRVH HW GRQW OHV GLIIpUHQWV WUDLWHPHQWV OXL RQW DELPp OH IRLH D SX EpQpILFLHU GªXQH JUHIIH GH IRLH YRLFL DQV HW TXL VH SRUWH WUqV ELHQ ‡ 8QH PDPDQ LQTXLqWH SRXU VRQ ILOV GH DQV TXL D EpQpILFLp GªXQH JUHIIH UHLQ SDQFUpDV j OªK{SLWDO (GRXDUG +(55,27 GH /\RQ ‡ 0DOKHXUHXVHPHQW GHV FDV GH GpFqV GX SURFKH HQ DWWHQWH GH JUHIIH RX GH SDWLHQWV GRQW OªpWDW OD PDODGLH pWDLW WURS DYDQFpH 8QH MRXUQpH WUqV HQULFKLVVDQWH JUkFH DX[ FRQWDFWV QRXpV HW TXL VHUD UHQRXYHOpH OªDQQpH SURFKDLQH

/H DR€W OHV EpQpYROHV GH OªDVVRFLDWLRQ RUJDQLVHQW XQH FROOHFWH GH VDQJ j &+$80217 HQ OªDEVHQFH GªDVVRFLDWLRQ ORFDOH 8QH IRLV GH SOXV FHWWH FROOHFWH HVW XQ VXFFqV SXLVTXH WRXV OHV UHFRUGV VRQW EDWWXV FDQGLGDWV SUpVHQWpV GRQW QRXYHDX[

%XOOHWLQ Gª,QIRUPDWLRQ GH Oª8QLRQ 1DWLRQDOH GHV $VVRFLDWLRQV GH 'RQQHXUV GH 6DQJ


/D YLH D YLH YLH G HV D VVRFLDWLRQV ! !! /D YLH GHV DVVRFLDWLRQV !!! /D GHV DVVRFLDWLRQV !!! 0(857+( (7 026(//( /H PDUGL -XLQ OHV EpQpYROHV GH OªDVVRFLDWLRQ GHV GRQQHXUV GH VDQJ EpQpYROHV GH /D 3RVWH HW GH )UDQFH 7HOHFRP GH 0(857+( (7 026(//( SDUWLFLSHQW DX IRUXP VDQWp RUJDQLVp SDU HW j OD %DQTXH 3RVWDOH GH 1$1&< &KULVWLDQH 7528,//27 3UpVLGHQWH 0LFKHOOH *5(,1(5 WUpVRULqUH HW -HDQ 0DULH *5(,1(5 SUpVLGHQW GH Oª8 ' UHQFRQWUHQW HW GLDORJXHQW DYHF OHV GRQQHXUV ILGqOHV RX SRWHQWLHOV ,OV UHPHWWHQW GHV EURFKXUHV VXU OH GRQ GX VDQJ GH SODVPD GH SODTXHWWHV VXU OH GRQ PRHOOH RVVHXVH HW OH GRQ GªRUJDQHV DLQVL TXH GLYHUV JDGJHWV VW\ORV pWK\ORWHVWV PDUTXHV SDJHV DX[ YLVLWHXUV TXL IUpTXHQWHQW OH VWDQG FH MRXU Oj DLQVL TXH FHOXL GHV DXWUHV DVVRFLDWLRQV FRQYLpHV j FHWWH PDQLIHVWDWLRQ /ªDVVRFLDWLRQ D SDUWLFLSp OH PDUGL 6HSWHPEUH j XQ pYpQHPHQW DQDORJXH GDQV XQ pWDEOLVVHPHQW )UDQFH 7HOHFRP GH 1$1&<

+$87( 9,(11( /H MXLQ OªDVVRFLDWLRQ SLORWpH SDU 6LPRQH %8,6621 RUJDQLVH XQH UDQGRQQpH GHVWLQpH j GLUH 0(5&, DX[ GRQQHXUV GH VDQJ /HV UDQGRQQHXUV SDUWLV j K GX &HQWUH ILQDQFLHU GX 0DV /RXELHU j /,02*(6 PDUFKHQW SHQGDQW GHX[ KHXUHV HQ WUDYHUVDQW OHV SDUFV HW ERLV GH /D %DVWLGH VRXV XQH PpWpR FOpPHQWH 0DOJUp OH VXFFqV PLWLJp GH FHWWH VRLUpH UHQGH] YRXV D GpMj pWp SULV SRXU OªDQQpH SURFKDLQH

<211( /H GLPDQFKH MXLOOHW YLQJW VL[ pTXLSHV VRQW HQ OLFH SRXU OD WURLVLqPH pGLWLRQ GX 721'852 RUJDQLVpH SDU OHV $PLV GHV PRQXPHQWV HW VLWHV GH &+$,//(< /HV FRQFXUUHQWV GRLYHQW IDLUH XQ PD[LPXP GH WRXUV HQ TXDWUH KHXUHV DX YRODQW GªXQH WRQGHXVH DXWRSRUWpH VXU XQ FLUFXLW GH PqWUHV &HV WRQGHXVHV VRQW TXHOTXH SHX PRGLILpHV SRXU OªRFFDVLRQ 2Q D UHWLUp OH SODWHDX GH FRXSH GHV PDFKLQHV HW PLV XQ FRXSH FLUFXLW HW XQH SpGDOH GªDFFpOpUDWLRQ H[SOLTXHQW OHV RUJDQLVDWHXUV /H PRWHXU GHV PDFKLQHV pWDQW GªRULJLQH OD SXLVVDQFH SHXW DOOHU MXVTXªj FY 7RXW OH ORQJ GX FLUFXLW VH SUHVVHQW VSHFWDWHXUV PDVVpV GHUULqUH OHV EDUULqUHV GH VpFXULWp OD FRXUVH VªHIIHFWXDQW VRXV Oª¤LO ELHQYHLOODQW GH GL[ DJHQWV GH VpFXULWp /D EDQGHUROH 'RQ GX 6DQJ /D 3RVWH )UDQFH 7pOpFRP HVW SODFpH VXU OD OLJQH GpSDUW DUULYpH R VH WLHQQHQW OHV PHPEUHV GX MXU\ FKDUJpV GH YHLOOHU DX ERQ GpURXOHPHQW GX 721'852 (Q ILQ GH MRXUQpH OHV DQLPDWHXUV GH OªDVVRFLDWLRQ UHPHWWHQW GHV FDGHDX[ DX[ SDUWLFLSDQWV DLQVL TXªDX[ RUJDQLVDWHXUV HW DX[ EpQpYROHV FKDUJpV GH OD VpFXULWp GH FHWWH pSUHXYH

0DUJXHULWH ,QIR 1 2FWREUH


/D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV /D YLH GHV DVVRFLDWLRQV !!! /D YLH GHV DVVRFLDWLRQV 5e*,21 3$<6 '( /2,5( / VDPHGL MXLQ HW OH GLPDQFKH HU MXLOOHW OHV $VVRFLDWLRQV /H S SRXU OH 'RQ GH 6DQJ %pQpYROH GH /D 3RVWH HW )UDQFH 7pOpFRP GHV 3D\V GH /RLUH j OªLQLWLDWLYH GH ;DYLHU +$55$8/7 3UpVLGHQW G G GX 0$,1( (7 /2,5( SDUUDLQHQW / XQH pTXLSH DX[ X KHXUHV GX 0DQV K 5ROOHU 5 /ªpTXLSH HQJDJpH FRPSRVpH GH GL[ FRXUHXUV GRQW %HQRLW +$55$8/7 ILOV GH ;DYLHU HW -RULV 92,6,1 ILOV GH 'LGLHU GRLW IDLUH IDFH j XQH GpIHFWLRQ GH GHUQLqUH PLQXWH &HFL FRPSOLTXH OªRUJDQLVDWLRQ GH OD FRXUVH FDU GHX[ MHXQHV PLQHXUV QH SHXYHQW FRXULU HQWUH K HW K GX PDWLQ 3RUWDQW XQ FDVTXH HQ IRUPH GH JOREXOH URXJH HW XQ PDLOORW IORTXp GH OD 0DUJXHULWH VXU OH GHYDQW HW OªLQWLWXOp 'RQ GX 6DQJ /D 3RVWH )UDQFH 7pOpFRP 3D\V GH /RLUH VXU OHV pSDXOHV OHV MHXQHV HQJDJpV IRQW KRQQHXU DX[ GRQQHXUV GH VDQJ HQ SDUFRXUDQW SUqV GH NPV DSUqV DYRLU ERXFOp WRXUV GH FLUFXLW /ªLQVWDOODWLRQ FRPPHQFH OH YHQGUHGL VRLU SRXU OHV SUHPLHUV DUULYDQWV /HV KHXUHV FRPPHQFHQW OH VDPHGL j K SDU XQH SDUDGH SXLV HQVXLWH SDWLQHXUV SUHQQHQW OH GpSDUW GªXQ WRXU HW GHPL GX H FFLUFXLW %8*$77, /ª$VVRFLDWLRQ 6DUWKRLVH SLORWpH SDU -HDQ 0DULH 3(55,(5 VRQ SUpVLGHQW YLHQW HQFRXUDJHU OHV *OREXOHV j URXOHWWH HW RIIUH XQ H[FHOOHQW SODWHDX UHSDV SRXU OH PLGL DILQ GH UHFRQVWLWXHU OHV IRUFHV H G GHV FRXUHXUV /H 'LUHFWHXU GH Oª()6 GX 0$16 OH 'RFWHXU 3KLOLSSH 6835,1 YLHQW 'pSDUW IDoRQ /H 0DQV pJDOHPHQW HQFRXUDJHU OHV SDUWLFLSDQWV DYDQW OH GpSDUW p /HV SDWLQV GpSRVpV GH OªDXWUH F{Wp GH OD SLVWH LO IDXW OD WUDYHUVHU HQ FKDXVVHWWHV HW SDUWLU OH SOXV UDSLGHPHQW SRVVLEOH 1RWUH pTXLSLHU 1 D UpXVVL VRQ GpSDUW SXLVTXªLO HVW OHDGHU GH OD FRXUVH SHQGDQW TXHOTXHV PqWUHV $ K OªpTXLSH GH SDWLQHXUV VH VLWXH j OD qPH SODFH j OD qPH j K GX PDWLQ j OD qPH j PLGL HW WHUPLQHQW ILQDOHPHQW j OD qPH SODFH VXU pTXLSHV LQVFULWHV /HV FRQFXUUHQWV RQW DSSUpFLp FHWWH FRPSpWLWLRQ HW VRQW SUrWV j UHSDUWLU OªDQ SURFKDLQ 'HV GRQQHXUV GH VDQJ SRWHQWLHOV DWWLUpV SDU OD EDQGHUROH 'RQ GX 6DQJ %pQpYROH /D 3RVWH ¥ )UDQFH 7pOpFRP TXL VHUW GH SDUH YHQW j OD WHQWH GH UHSRV VRQW HQ PrPH WHPSV LQIRUPpV SDU OHV DQLPDWHXUV TXL HQFDGUHQW OªpTXLSH 8QH H[SpULHQFH LQWpUHVVDQWH HW LQpGLWH j UHQRXYHOHU %UDYR j FHX[ TXL RQW HX OªLGpH HW 0(5&, DX[ SDWLQHXUV GªDYRLU YDORULVp G\QDPLVp HW UDMHXQL OªLPDJH GX GRQ GX VDQJ


5HYXH GH 3UHVVH


5HYXH GH 3UHVVH


5HYXH GH 3UHVVH



5HYXH GH 3UHVVH


%21 '( 6287,(1 -H GRQQH

R HXURV R HXURV R HXURV R DXWUH -H UqJOH SDU

R &KqTXH SRVWDO R &KqTXH EDQFDLUH $ OªRUGUH GH '21 '8 6$1* /3 )7

$GUHVVH OLEUH UpSRQVH 'RQ GX 6DQJ /D 3RVWH )UDQFH 7pOpFRP /LEUH UpSRQVH 3$5,6 &('(;

'LVSRVLWLRQV ILVFDOHV $ UpFHSWLRQ GH YRWUH GRQ XQ UHoX ILVFDO YRXV SHUPHWWDQW GªRE WHQLU XQH UpGXFWLRQ GªLPS{W GH GX PRQWDQW GH YRWUH GRQ GDQV OD OLPLWH GH GH YRV UHYHQXV QHWV YRXV VHUD DGUHVVp 6L SDU H[HPSOH YRXV GRQQH] HXURV FHOD QH YRXV FR€WHUD UpHOOHPHQW TXH HXURV 8Q UHoX ILVFDO VHUD GpOLYUp SRXU WRXW GRQ VXSpULHXU j HXURV

&RRUGRQQpHV GX GRQDWHXU SRXU UHoX ILVFDO 'HPDQGH GH GRFXPHQWDWLRQ 1RP 3UpQRP $GUHVVH 7pOpSKRQH IDFXOWDWLI H PDLO 3DUUDLQp SDU

-H VRXKDLWH UHFHYRLU OD GRFXPHQWDWLRQ VXLYDQWH

R 'RQ GH 6DQJ R 'RQ GH 0RHOOH R 'RQ GªRUJDQHV R &DUWH SRXU OH GRQ GªRUJDQHV ,QIRUPDWLTXH HW /LEHUWpV &RQIRUPpPHQW j OD ORL GX YRXV GLVSRVH] GªXQ GURLW GªDFFqV GH VXSSUHVVLRQ HW GH UHFWLILFDWLRQGHV GRQQpHV SHUVRQQHOOHV YRXV FRQFHUQDQW HQ YRXV DGUHVVDQW DX VLqJH GH Oª8QLRQ 1DWLRQDOH


TARIFS PRÉFÉRENTIELS LA POSTE FRANCE TELECOM JUSQU’A

- 27%

sur tarifs publics

POUR DES SÉJOURS QUI vous RESSEMBLENT

Villages & Résidences de Vacances

Formules "Tout Compris" ou Location

Restauration et Logements de qualité

Vous aimez

vacances azurèva ? Devenez Ambassadeur ! les

Excursions

Séjours thématiques

-XVTX·j

POUR VOUS

HAUTEVILLE-SUR-MER

PARIS TRÉGUNC

FILLEUL POUR VOTRE '8 ½ '( 5e &7,21 ,00e',$7(

7 ?Zbm^l ]®\hnokbk e^l h__k^l azurèva ^m \nfne^s cnljn ¨ 225 € d’avantages 7 ?Zbm^l ikhÛ m^k ¨ ohl filleuls ]^ 100 € de remise lnk ng ik^fb^k l®chnk azurèva 7 M®e®\aZk`^s ohmk^ \hnihg lnk ohmk^ ^liZ\^ i^klhgg^e lnk www.azureva-vacances.com

MUROL

FLAINE ARÊCHES TIGNES LES MENUIRES LA KARELLIS VAL THORENS LES 2 ALPES

FOURNOLS

BRETENOUX

BROMMAT

MÉRIBEL

LA MALÈNE LE LAOUZAS

LE GRAU-DU-ROI

CAP D'AGDE SIGEAN ÉGAT FONT-ROMEU

ST-CYPRIEN ARGELÈS-SUR-MER

ROQUEBRUNECAP-MARTIN FRÉJUS CAVALAIRE LA LONDE-LES-MAURES

Réservations, Informations, Catalogues gratuits

w w w. a z u r e v a - v a c a n c e s . c o m

Donneurs de Sang - 09/2012

MÉTABIEF

LA CLUSAZ

LACANAU

LA MONGIE PIAU-ENGALY

+ je parraine, + je fais des heureux !

BUSSANG

STE-MONTAINE

HOSSEGOR ANGLET HENDAYE

½

'( 5e'8&7,21

XU VXU YRWUH SURFKDLQ VpMR

toute l’année nos OFFRES PROMOTIONNELLES sur notre SITE.

LONGEVILLE VENDÉE OCÉAN LONGEVILLE-SUR-MER ILE DE RÉ FOURAS ILE D'OLÉRON RONCE-LES-BAINS

EN FAMILLE, EN COUPLE OU ENTRE AMIS…

Équipements de Loisirs & Bien-être

 Consultez

KERJOUANNO STE-MARGUERITE

EN BORD DE MER, À L’OCÉAN, À LA MONTAGNE, À LA CAMPAGNE


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.