Issuu on Google+



$PDGH0RQDFR

$FWLRQ GHJUkFH 0DwVKD$IULFD

6RQLD5ROODQG 8QHKLVWRLUH

)UDQFH/LEHUWpV

,QWHUYLHZH[FOXVLYH GH3KLOLSSH6WDUFN SRUWHXUG HDX

G HQJDJHPHQW

…


F1 FORMULA 1 logo, F1 logo, Formula 1, F1, GRAND PRIX and related marks are trade marks of Formula One Licensing BV, a Formula One group company. All rights reserved.

T H E A R T O F

Hublot TV sur: www.hublot.com

† F

T H E O F F I C I A L WAT C H O F F O R M U L A 1 U S I O N

F1 KING POWER TM

TM

‡


YACHTS

VILLAS

RESORTS

TERRACES

info@sabrinadeco.com - www.sabrinadeco.com

ˆ

MONTE-CARLO: 4, place des bougainvilliers - T: +377 97 97 57 60 - F: +377 97 97 57 61 SAINT-JEAN-CAP-FERRAT: port de plaisance - T: +33 (0)4 93 55 53 81 - F: +33 (0)4 93 55 56 28

‰

ARTS DE LA TABLE: 38, boulevard des moulins - 98000 monaco

OPENING JULY 2011


75<

P\HGLWR

75<0( 6(0(7(148$75( 7U\0HJRHV¶IRXUWK·

9RLFLQRWUHTXDWULqPHQXPpUR&·HVWSHXGDQVODYLHG·XQPDJD]LQHF·HVWGpMj EHDXFRXSSRXUQRXVHWVXUWRXWSRXUWRXWVFHOOHVHWFHX[TXHQRXVVRXWHQRQV DX[WUDYHUVGHFHVSDJHVHQSDSLHUJODFp$XULVTXHGHVHUpSpWHUOHFDULWDWLI Q·HVWSDVOHPRQRSROHGHTXHOTXHVXQVPDLVELHQO·DIIDLUHGHWRXVHWSHXWVH QLFKHUDXVVLGDQVGHMROLHVSKRWRVGDQVODPRGHGDQVO·DXWRPRELOHGDQVOHV PRQWUHVEUHIGDQVXQXQLYHUVOX[XHX[TXLQ·RXEOLHUDLWSDVVRQSURFKDLQ(WTXL Q·RXEOLHUDLW SDV QRQ SOXV TXH OHV DFWLRQV PHQpHV SDU FHX[ TXL RQW XQ QRP DFWULFH JODPRXU RX FRPpGLHQ DXVVL WpQpEUHX[ TXH JpQpUHX[ SHUVRQQDOLWpV GHV DUWV FRPPH GHV OHWWUHV TX·HOOHV VRLHQW pFULWHV RX FKDQWpHV TXHOTXH SXLVVHQW rWUH OHXU LPSRUWDQFH VRQW GpMj GHV DFWHV FLWR\HQ YDORULVDQW GHV EpQpYROHVDQRQ\PHVDX[TXDOLWpVH[WUDRUGLQDLUHV &HWWH IRLV HQFRUH LOV VRQW QRPEUHX[ j GpPRQWUHU OHXU LPSOLFDWLRQ HW QRXV VRPPHVKHXUHX[GHOHXUVRXYULUQRVSDJHV$ORUVTXHOHVROHLOYDGHQRXYHDX EULOOHUVXUQRWUHEHDXSD\VQHSHQVRQVSDVTXHODPLVqUHHVWSOXVEHOOHDXVROHLO HWTX·LOIDXWHQFRUHHWWRXMRXUVGHVSURMHFWHXUVPrPHGHVVSRWVGHFLQpPD SRXUOHVPHWWUHHQOXPLqUH'HOXPLqUHLOHQHVWMXVWHPHQWTXHVWLRQGDQVQRWUH GRVVLHUFRQVDFUpj0DUUDNHFK(OOHVRXOLJQHODEHDXWpGHODFLWpRFUHDXSLHG GHO·$WODVHQFRUHHQQHLJpFRPPHSRXUPDUTXHUODWUDQVLWLRQHQWUHO·KLYHUHWOH SULQWHPSVQRXV\VRPPHV 3RXUWDQWFHWWHVDLVRQUDGLHXVHSDUQDWXUHDXVHQVVWULFWGXWHUPHHVWPDUTXpH SDUODWUDJpGLHMDSRQDLVH7RXWHVOHV21*WRXWHVOHVDVVRFLDWLRQVFDULWDWLYHVRX KXPDQLWDLUHVQHVDXUDLWIDLUHRXEOLHUOHGUDPHG·XQSHXSOHGXUHPHQWIUDSSp / pTXLSHGXPDJD]LQHGpGLHFHQXPpURDX-DSRQHWWLHQWjVDOXHUOHFRXUDJH HWODGLJQLWpDGPLUDEOHVGHVMDSRQDLVTXLQRXVGRQQHQWDXMRXUG·KXLGHJUDQGHV OHoRQVGHFLYLVPHHWG·DEQpJDWLRQ

,WLVZLWKJUHDWSOHDVXUH WKDW ZH SUHVHQW RXU IRXUWK LVVXH $ VPDOO Ã&#x20AC;JXUH LQ WKH OLIH RI D PDJD]LQH EXW DQ DFKLHYHPHQW ZH DUH SURXG RI DQG RQH ZH VKDUH ZLWK WKRVH ZH VXSSRUW DFURVV WKHVH JORVV\ SDJHV $OWUXLVP LV QRW WKH H[FOXVLYH SUHVHUYH RI WKH IHZ EXW EHORQJV WR DOO RI XV ,W HYHQ KDV LWV SODFH DPRQJ WKH EHDXWLIXO ² EH WKH\LPDJHVIDVKLRQV WLPHSLHFHVRUPDWWHUV DXWRPRWLYH /X[XU\ LV QR H[FXVH WR QHJOHFW RXUQHLJKERXU1HLWKHU LV JODPRXU DQG ZH KRQRXU WKH FHOHEULWLHV RI VFUHHQ VWDJH

VRQJ DQG OHWWHUV ZKRVH LQGLYLGXDO DFWLRQV KLJKOLJKW WKH H[WUDRUGLQDU\ HQJDJHPHQW RI WKH QDPHOHVV PDQ\ 7KH JUHDW DQG WKH JRRG KDYH RQFH DJDLQ EHHQ OHJLRQ LQ WKHLU JRRGZLOO DQG ZH DUH SURXG WR RSHQ RXU SDJHV WR WKHP :LWK WKH VXQ UHWXUQLQJ WR WKHVH FKDUPHG VKRUHV OHW XV QRW IRUJHW WKDW KDUGVKLS LV QR OHVV VR XQGHU FOHPHQW VNLHV $OO WKH PRUH UHDVRQ WR IRFXV RXUDWWHQWLRQWXUQRXU VSRWOLJKWV DQG EULQJ WKHHQWLUHVLOYHUVFUHHQ WR EHDU RQ WKRVH UHDOLWLHV

)DLWHVXQGRQF HVWoDOHYUDLOX[H 0DJDOL'HSHUULHU $QQH5LFDUG 'LUHFWULFHGHODSXEOLFDWLRQHW'LUHFWULFHGHODUpGDFWLRQ

/HFDULWDWLIHVWQRWUHFUHGR 3RXU TXL SRXUUDLW FURLUH TX·XQ PDJD]LQH GH OX[H FRPPH 7U\ 0H D FKRLVL FHWWHYRLHGXFDULWDWLIVDQVV·LPSOLTXHUVHUDLWPDOFRQQDvWUHQRVLQWHQWLRQV UpHOOHVFRPPHPpFRQQDvWUHQRVHQJDJHPHQWVSHUVRQQHOV1RQVHXOHPHQW QRXV RXYURQV QRV FRORQQHV j WURLV DVVRFLDWLRQV SRXU FKDTXH QXPpUR HQ PHWWDQW j OHXU GLVSRVLWLRQ SOXVLHXUV SDJHV SRXU V·H[SULPHU PDLV  GHV UHFHWWHV SXEOLFLWDLUHV GH FKDTXH DQQRQFHXU VRQW UHYHUVpV j O·±XYUH FDULWDWLYHGHVRQFKRL[FRQWUDFWXHOOHPHQW4X·LOVHQVRLHQWLFLUHPHUFLpV

+

$OWUXLVPLVRXUFUHGR 7R WKLQN WKDW DV D OX[XU\ PDJD]LQH ZH·YH GRQQHG WKH DOWUXLVWLF PDQWOH ZLWKRXW UHDO LQYROYHPHQW ZRXOG EH WR PLVXQGHUVWDQG RXU LQWHQWLRQV7KHZRUNRIWKUHHFKDULWDEOHJURXSV LV SUHVHQWHG LQ HDFK HGLWLRQ DQG RI WKH FRVW WR DGYHUWLVHUV  LV GRQDWHG WR FKDULW\ D JHQHURVLW\IRUZKLFKZHWKDQNWKHP

,


UHDG

PH

6200$,5(

VXPPDU\

Â&#x2026;Â&#x2C6;

DYULOPDLMXLQ      D S U L O  P D \  M X Q H WU\PRGH 

/DPRGHOHSUHQGGHKDXW 7KH+HLJKWRI)DVKLRQ

Â&#x2026;Â&#x2C6;

WU\EHDXWp 

/HKDXWGHJDPPHVHPHWDXYHUW +LJKHQGJRHVJUHHQ

Â&#x2026;-

ZDWFKPH

7RSFKURQR7RSJHDU

Â&#x2020;Â&#x2C6;

WU\WRKHOS         

Â&#x2026;/ 3KLOLSSH6WDUFNSRUWHXUG·HDX SRUWHXUGHEHDX:DWHUFDUULHU FDUU\LQJEHDXWLIXO Â&#x2026;Â&#x2020; )UDQFH/LEHUWpVO·HDXHVWXQGURLW :DWHULVDULJKW $0$'(021$&2DFWLRQ V GHJUkFH Â&#x2020;/ *UDFHLQDFWLRQV Â&#x2021;/ 0DwVKD$IULFDXQHKLVWRLUH G·HQJDJHPHQW $QXQZDYHULQJFRPPLWPHQW

VSULQJPH 

4XDQGODULYLHUDVRUWGHO KLYHU 7KH5LYLHUDOHDYHVZLQWHUEHKLQG

Â&#x2021;+

ERRNPH 

5HQGH]YRXVDXSDODFH 3DODFHUHQGH]YRXV

Â&#x2021;-

(QFRXYHUWXUH 3KLOLSSH6WDUFN VRXWLHQOD)RQGDWLRQ )UDQFH/LEHUWpV ,QWHUYLHZH[FOXVLYH 3KRWRJUDSKH )ORUHQFH0DHJKW

Â&#x2030;Â&#x2C6;

PHHWPH %UXQR0HUFDGDOOHWHPSRGXFRHXU Â&#x2030;/  $KHDUWIHOWWHPSR LQWHUYLHZPH-HDQ/RXLV-XOLDQLOHVWO·KHXUH  G·LQWHUYHQLU,W VWLPHWRDFWQRZ

Â&#x2030;Â&#x2020;

WU\PDUUDNHFK/DSHUOHGXVXG3HDUORIWKH6RXWK

Â&#x2030;Â&#x2C6;

WDVWHPH 

Â&#x2020;Â&#x2C6;

)DEULFH9XOLQG XQHPpGLWpUDQQpHj ++ O DXWUHRQH0HGLWHUUDQHDQWRWKHRWKHU

WU\P\QHZV$FWXDOLWpV &KDULW\1HZV FKDULW\

+-

KHOSPH

,Â&#x2021;

)DLWHVXQGRQ0DNHDGRQDWLRQ

Â&#x2021;/

75<0(0DJD]LQHpGLWpSDU6$5/&20($1'&201,&(WU\PHPDJD]LQH#FRPHDQGFRPFRP 'LUHFWULFHGHODSXEOLFDWLRQ0DJDOL'HSHUULHUPGHSHUULHU#FRPHDQGFRPFRP'LUHFWULFHGHODUpGDFWLRQ$QQH5LFDUGDULFDUG#FRPHDQGFRPFRP 5pGDFWHXUHQFKHI%HUQDUG9DQGH.HUFNKRYH'LUHFWHXUDUWLVWLTXH*UHJRU\*RXQVH&XOWXUH)DE7UDGXFWLRQ0DUF%OHVVLQJWRQZZZPDUWOHWRQOLQHFRP $GPLQLVWUDWLRQ(GLWK6FKPLGW6HUYLFHFRPPHUFLDO7HGG\'HSHUULHU&DUROLQH'D5RFKD,PSULPHULH7UXOOL9HQFH 2QWFROODERUpjFHQXPpUR)UDQFN'HFOHUFN0LFKHO*RPL]6RSKLH3RQFLQ$QQH6DOOp%HUQDUG9DQGH.HUFNKRYH 5HPHUFLHPHQWV1DELO$INLUL%LDQFD$P]HOHN$UPDQL3DULV+DPLG%HQWDKDU0RQLTXH%ODFKqUH0DULQH&DULRXO pTXLSHGHO DJHQFH8ELN 'URLWV7RXWHVUHSURGXFWLRQVGHSKRWRVRXGHWH[WHVPrPHSDUWLHOOHH[LJHO DFFRUGpFULWGHO pGLWHXU/ pGLWHXUGpFOLQHWRXWHUHVSRQVDELOLWpTXDQWDX OLEHOOpGHVDQQRQFHVDX[HUUHXUVFRTXLOOHVRXRPLVVLRQVTXHSRXUUDLHQWUHQIHUPHUFHWWHSXEOLFDWLRQ

-

.


WRKHOS

FHGHUQLHUDXUDGLVSDUXGDQVRXDQVHWDXUDSORQJpODVRFLpWpGDQVXQ V\VWqPHSOXVTXHIpRGDO1·RXEOLRQVSDVTXHSRXUVDXYHUODSODQqWHLOQRXVIDXW VDQVGRXWHG·DERUGSHQVHUjVDXYHUO·KRPPH 70(WGDQVYRVSURMHWVSURIHVVLRQQHOV" 36  0RQ LQWpUrW SRXU O·HQYLURQQHPHQW HVW XQ pWDW G·HVSULW JpQpUDO XQ YpFX -·DL WRXMRXUV pWp WUqV SURFKH GH OD QDWXUH  F HVW PRQ OLHX SULYLOpJLp GH WUDYDLO HWG·LQVSLUDWLRQ0RQPRGHGHYLHDWRXMRXUVpWpIRQGpVXUOHPLQLPXPDYHF XQH UHFKHUFKH GH O·pOpJDQFH FRPPH XQH SKLORVRSKLH GH YLH 9X O·XUJHQFH RQPHWSOXVIDFLOHPHQWGHVPRWVVXUFHTXLDWRXMRXUVpWpYpFXQDWXUHOOHPHQW HWDYHFLQWpJULWp0HVDFWLRQVVHVXIÀVHQWjHOOHVPrPHVTXHFHVRLWODPDLVRQ GHVVXLVVHVSURMHWSUpFXUVHXUHQWHUPHGHPDLVRQHQERLVjO pSRTXHRFHOD pWDLWLQWHUGLWHQ)UDQFHPRQDFWLRQjWUDYHUV2$2PDFRPSDJQLHGHQRXUULWXUH ELROHFDWDORJXH*RRG*RRGVTXLSRVDLWGpMjLO\DSOXVGHGL[DQVWRXWHVOHV TXHVWLRQV G·DXMRXUG·KXL« HW GRQQDLW OHV UpSRQVHV RX PRQ WUDYDLO DYHF /$  SUHPLqUHKXLOHELRORJLTXHjrWUHDVVHPEOpHSDUXQ±QRORJXH

3KLOLSSH6WDUFN

%HDULQJZDWHU ZLWKVW\OH

3257(85'·($8 3257(85'(%($8

&HUWDLQVQRPVSURSUHVVRQWSDVVpVGDQVOHODQJDJHFRXUDQWVDQVSRXUDXWDQWGHYHQLU FRPPXQV3KLOLSSH6WDUFNV\PEROLVHSDUOHVLHQXQHDSWLWXGHjWRXWUHQGUHEHDX PrPHTXDQGLOGpIHQGXQHDFWLRQKXPDQLWDLUH +LVQDPHKDVEHFRPHV\QRQ\PRXVZLWKVW\OLVKGHVLJQ3KLOLSSH6WDUFNKDVLQWXUQEHFRPH ÁDJEHDUHUIRU'DQLHOOH0LWWHUUDQG·V)UDQFH/LEHUWpVIRXQGDWLRQE\%HUQDUG9DQGH.HUFNKRYH

3

DUOHUGH3KLOLSSH6WDUFNF·HVWjFRXSV€UpYRTXHUXQREMHWRXXQFKDQWLHU SRUWHXUGHFHJUDLQGHJpQLHRXGHIROLHSURSUHjFHFUpDWHXUSUROLÀTXH 3RUWHXUOHPRWHVWDSSURSULpSRXUFHOXLTXLVRXWLHQWDFWLYHPHQWOD)RQGDWLRQ 'DQLHOOH0LWWHUUDQG )UDQFH/LEHUWpV HWjWUDYHUVHOOHWRXVOHV©3RUWHXUVG·HDXª (QWUHGHX[FKDQWLHUVQRXVDYRQVSRVpSOXVLHXUVTXHVWLRQVjO·LOOXVWUHGpFRUDWHXU VXUOHVXMHWQRWDPPHQWVXUOD©IHXLOOHG·HDXªTX·LODFUppH  7U\0H3RXUTXRLDYH]YRXVFKRLVLFHPRXYHPHQWGHV©SRUWHXUVG·HDXª" 3KLOLSSH6WDUFN-HO·DLIDLWSRXU'DQLHOOH0LWWHUUDQGTXLP·DWRXMRXUVLQVSLUpSDUVD JUDQGHLQWpJULWpHWVRQHQJDJHPHQWSHUPDQHQW&·HVWDYDQWWRXWXQHKLVWRLUH G·DPRXUHQWUHFHFRXSOHPHUYHLOOHX[TXHM·DLHXODFKDQFHGHF{WR\HUHWXQ FRPEDWSRXUXQHFDXVHSOXVTXHMXVWHHWHVVHQWLHOOHO·DFFqVGHO·HDXSRXUWRXV 70&RPPHQWFHWHQJDJHPHQWVHWUDGXLWLOGDQVYRWUHTXRWLGLHQ" 36  0HV JHVWHV TXRWLGLHQV VRQW KpODV UpGXLWV FRPPH WRXW OH PRQGH 0D UHVSRQVDELOLWp HVW SOXV GH P·LQWpUHVVHU DX[ IXWXUHV SURGXFWLRQV G·pQHUJLH HW DX[PDWLqUHVTXLUHPSODFHURQWOHSODVWLTXHSULQFLSDOGpULYpGXSpWUROHTXDQG

…/

,Q EHWZHHQ WZR SUR MHFWV 3KLOLSSH 6WDUFN WHOOVXVPRUH 7U\ PH  :KDW ZDV LW DERXW WKH 3RUWHXUV G·HDX PRYHPHQW WKDW DSSHDOVWR\RX" 3KLOLSSH 6WDUFN  , ÀQG 'DQLHOOH0LWWHUUDQG·VLQ WHJULW\LQVSLULQJDQGKHU IRXQGDWLRQ·V EDWWOH WR PDNHZDWHUDFFHVVLEOH WR DOO LV D YHU\ MXVW DQG ZRUWK\FDXVH 70  'RHV WKLV FRPPLW PHQWWDNHXSPXFKRI \RXUWLPH"

367KHGD\VGRVHHPWR KDYH EHFRPH VKRUWHU EXW WKH FRPPLWPHQW LV RXW RI ZLGHU LQWHUHVW , ÀQG P\VHOI FRQFHUQHG E\ WKH DSSURDFK DQG FRQVHTXHQFHVRISHDN RLO :H PXVWQ·W IRUJHW WKDW VDYLQJ WKH SODQHW LQ IDFW LPSOLHV VDYLQJ RXUVHOYHV 70'RHVLWSOD\DSDUW LQ\RXUZRUN" 36  0\ HQYLURQPHQWDO SKLORVRSK\ GHÀQHV WKH ZD\ , OLYH P\ OLIH ,·YH DOZD\VEHHQYHU\FORVH

709RXVDYH]PrPHFUppFHWWH)HXLOOHG·HDXjODIRUPHSDUWLFXOLqUH« 36-·DLDYDQWWRXWYRXOXFUpHUXQHJHVWXHOOHXQJHVWHG·HVSULWHWGHIRQFWLRQQDOLWp DXWRXUGHO·LF{QHGHODERXWHLOOH8QHYpULWDEOHHUJRQRPLHGXJHVWHJUkFHjVD EDVHELVHDXWpHTXLSHUPHWXQWUDQVSRUWSOXVDLVpXQERXFKRQQRLULFRQLTXHHW XQHSRVLWLRQKRUL]RQWDOHPRLQVSROOXDQWHVXUXQHWDEOHGHUpXQLRQ&HWREMHWHVW SURIRQGpPHQWPRGHUQHFDULQWHPSRUHO 70  2Q YRXV VDLW WRXMRXUV VXU OD EUqFKH TXHOV VRQW YRV SURMHWV VXU OH SODQ KXPDQLWDLUHRXpFRORJLTXHFRPPHSURIHVVLRQQHO" 36/·DYHQLUHVWGHSOXVHQSOXVUDGLFDOHPHQWpFRORJLTXH/·XUJHQFHFUpHXQ PDUFKp TXL SHUPHW G·LPSRUWDQWV LQYHVWLVVHPHQWV LQGXVWULHOV 1RXV DYRQV DLQVL IRQGpDYHFOHJURXSH3UDPDF ,WDOLH OHPRXYHPHQWG pFRORJLHGpPRFUDWLTXH TXL D FRPPHUFLDOLVp XQH pROLHQQH LQGLYLGXHOOH j OD IRLV GpVLUDEOH LQYLVLEOH IDFLOHPHQW DFFHVVLEOH HW XWLOLVDEOH HW G·XQ SUL[ UDLVRQQDEOH &HOD VHUD VXLYL ÀQ  SDU '($56 'HPRFUDWLF (FRORJLFDO $UFKLWHFWXUH ZLWK 5LNR E\ 6WDUFN GHODFUpDWLRQSURGXFWLRQHWGLVWULEXWLRQGHPDLVRQVpFRORJLTXHVDERUGDEOHV EpQpÀFLDQWGHODSOXVKDXWHWHFKQRORJLH-HFRQWLQXHpJDOHPHQWPHVSURMHWV GHEDWHDX[VRODLUHVHWjK\GURJqQHTXLLOOXVWUHQWPDSDVVLRQSRXUODPHU 704XHOPRWRXTXHOOHH[SUHVVLRQGHODODQJXHIUDQoDLVHFKRLVLULH]YRXVSRXU TXDOLÀHUYRWUHHQJDJHPHQW" 363ROLWLTXH-HQHPHFRQVLGqUHQLFRPPHXQDUFKLWHFWHQLFRPPHXQGHVLJQHU PDLVFRPPHXQUrYHXUSURIHVVLRQQHOXQH[SORUDWHXU0RQDFWLRQDWRXMRXUVpWp SROLWLTXH GDQV OH EXW GH PRQWUHU GpQRQFHU RX FKDQJHU OHV FKRVHV DYHF OH GHVLJQGpPRFUDWLTXHVHEDWWUHSRXUGRQQHUOHPLHX[DXSOXVJUDQGQRPEUH WRXWHQFRQVHUYDQWODTXDOLWpHWEDLVVHUOHSUL[0DLVLOHVWYUDLTXHOHGHVLJQSDU UDSSRUWjODSROLWLTXHRXOHMRXUQDOLVPHHVWXQRXWLOELHQIDLEOHG·H[SUHVVLRQ 709RXVrWHVDFWXHOOHPHQWHQWUDLQGHÀQDOLVHUXQEHDXSURMHWDX[SRUWHVGH 0RQDFRVXUOH3RUWGH&DSG·$LOTXHSRXYH]YRXVQRXVGpYRLOHU" 368QOLHXHVWWRXMRXUVOHUpVXOWDWG·XQHDYHQWXUHKXPDLQH&·HVWODUHQFRQWUH DYHFOHVSRUWHXUVGXSURMHWTXLVRQWDUULYpVDYHFXQOLHXH[WUDRUGLQDLUHV€UHPHQW FHOXLGHQRWUHLQFRQVFLHQWFROOHFWLIXQFDEDQRQVXUODSODJHDXFRLQG·XQSRUW &HVHUDXQHQGURLW©QDWXUHOªTXLWLUHVRQpOpJDQFHGHO·KXPLOLWpGHVHVRULJLQHV XQHYUDLHFUpDWLRQSRpWLTXHVXUOHWKqPHGHODFDEDQHGHSrFKHXUVSRQFWXpH GHVXUSULVHVIHUWLOHV 70  1RWUH PDJD]LQH V·LQWLWXOH © 75< 0( ª HW XQH TXHVWLRQ ULWXHOOH V·LPSRVH  TX·DLPHULH]YRXVHVVD\HU" 36/D9LH

……

WRQDWXUHEHLWDIRUHVW WKH VHD RU WKH PXG ZKHUH , KDYH P\ R\V WHUV ² WKH ODWWHU EHLQJ WKH SODFH ZKHUH , JHW PXFKRIP\LQVSLUDWLRQ 0\OLIHVW\OHLVDPLQLPD OLVWVHDUFKIRUHOHJDQFH , IRFXV RQ WKH QDWXUDO DQG WKH KRQHVW ZKLFK KDV LQYROYHG D ZRR GHQ KRXVH SURMHFW IRU  6XLVVHV P\ RUJDQLF IRRG FRPSDQ\ 2$2 WKH YHQHUDEOH *RRG *RRGVFDWDORJXHDQG WKHSUHPLXPRUJDQLFRLO SURGXFHGE\/$ 70<RXDOVRSDUWLFLSD WHG E\ GHVLJQLQJ WKH PRYHPHQW·V FHQWUH SLHFH 36,ZDQWHGWRFUHDWH DQ REMHFW WKDW UHSUH VHQWHGDQHPEOHPDWLF JHVWXUH EDVHG DURXQG WKHERWWOH·VLFRQLFIRUP 6RPHWKLQJ WKRURXJKO\ PRGHUQWLPHOHVVHDVLO\ FDUULHG DQG LQFRQVSL FXRXVHQRXJKWRÀQGLWV SODFHRQDERDUGURRP WDEOH 70  (QGOHVVO\ EXV\ ZKDW DUH \RXU FXUUHQW EXVLQHVV SURMHFWV LQ WKH KXPDQLWDULDQDQGHFR ORJLFDOÀHOGV" 36(FRORJLFDOXUJHQF\ KDVOHDGWRVL]HDEOHLQ YHVWPHQWV LQ WKH LQGXV WU\ :LWK 3UDPDF ZH IRXQGHGWKHGHPRFUD WLFHFRORJ\PRYHPHQW DQG SURGXFHG D ORZ FRVW DQG KLJKO\ GHVL UDEOH ZLQG WXUELQH 7R ZDUGVWKHHQGRI '($56 'HPRFUDWLF (FRORJLFDO$UFKLWHFWXUH ZLWK5LNRE\6WDUFN ZLOO SURGXFH DIIRUGDEOH SUHIDEULFDWHG JUHHQ KRPHV LQFRUSRUDWLQJ WKHODWHVWWHFKQRORJLHV 7KHUHDUHDOVRVRODUDQG K\GURJHQERDWSURMHFWV

IHG E\ P\ SDVVLRQ IRU WKHVHD 70  :KDW VLQJOH ZRUG EHVWGHVFULEHVWKLVFRP PLWPHQW" 363ROLWLFV,GRQ·WWKLQN RI P\VHOI DV D GHVL JQHU RU DUFKLWHFW EXW PRUH DV D SURIHVVLRQDO GUHDPHU DQG H[SOR UHU FKDQJLQJ WKLQJV WKURXJK GHVLJQ VWULYLQJ IRU DIIRUGDEOH TXDOLW\ ,·OO DGPLW WKDW GHVLJQ LV SUREDEO\ OHVV HIIHFWXDO WKDQ DFWXDO MRXUQDOLVP RUSROLWLFV 70  :KDW RI WKH RQ JRLQJ SURMHFW MXVW RXW VLGH 0RQDFR DW WKH SRUWRI&DSG·$LO" 363ODFHLVDOZD\VGH ÀQHGE\KXPDQDGYHQ WXUH+HUH\RXKDYHDQ H[WUDRUGLQDU\ ORFDWLRQ WKDW VSHDNV WR RXU FRO OHFWLYH XQFRQVFLRXV D EHDFK KXW EHVLGH D SRUW ,W ZLOO EH D SODFH ZKHQ QDWXUH UHLJQV HOHJDQWO\ KXPEOH \HW IXOO RI VXUSULVHV ZLWK DOO WKH YHULWDEOH SRHWU\ RI DÀVKHUPDQ·VKHDUW 70  ,Q FRQFOXVLRQ RXU WUDGLWLRQDO TXHVWLRQ QDPH VRPHWKLQJ \RX ZRXOGOLNHWR7U\" 36/LIH

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ

pROLHQQHE\3KLOLSSH6WDUFN

75<


WRKHOS

)UDQFH/LEHUWpV

/·($8(6781'52,7

WHU VXLW KHU QHZ VWD WXV DV )LUVW /DG\ 7KH RUJDQLVDWLRQ LPPH GLDWHO\ UHFHLYHG WKH VXSSRUW RI D QXPEHU RIFHOHEULWLHV

:DWHULVDULJKW

)RQGDWLRQUHFRQQXHG·XWLOLWpSXEOLTXH)UDQFH/LEHUWpVFUppHHWSUpVLGpHSDU0DGDPH 'DQLHOOH0LWWHUUDQGDSRXUYRFDWLRQG·LQWHUYHQLUGDQVWRXVOHVGRPDLQHVROHV'URLWVGH O·KRPPHGRLYHQWrWUHGpIHQGXV&HOXLGHO·DFFqVjO·HDXSRXUWRXVHVWGHYHQXXQHSULRULWp (VWDEOLVKHGDQGFKDLUHGE\0UV'DQLHOOH0LWWHUUDQG)UDQFH/LEHUWpVDLPVWRLQWHUYHQH ZKHUHYHUKXPDQULJKWVQHHGWREHGHIHQGHGE\%HUQDUG9DQGH.HUFNKRYH

&

·HVW HQ UHQFRQWUDQW 3KLOLSSH 6WDUFN HW HQ O·pFRXWDQW SDUOHU DYHF SDVVLRQGHVRQHQJDJHPHQWSRXUOHV©SRUWHXUVG·HDXªGRQWLOHVW XQ DUGHQW GpIHQVHXU TXH QRXV QRXV VRPPHV LQWpUHVVpV j FHWWH IRQGDWLRQ GRQW FH Q·pWDLW SDV OH FRPEDW RULJLQHO PrPH V·LO O·HVW GHYHQX DX ÀO GHV FRPEDWV PHQpV SDU 'DQLHOOH 0LWWHUUDQG VD SUpVLGHQWH (W F·HVW DXVLqJHSDULVLHQTXLHPSORLHXQHGL]DLQHGHSHUPDQHQWVTXHQRXVDYRQV UHQFRQWUp(PPDQXHO3RLODQHOH'LUHFWHXU*pQpUDOMHXQHTXDGUDOXLDXVVL WUqVPRWLYpHWTXLFRQQDLWELHQODTXHVWLRQSRXUDYRLUYpFXXQHYLQJWDLQH G·DQQpHVHQ$IULTXH $X FRXUV GH FHW HQWUHWLHQ LO QRXV D SDUOp GHV DFWLRQV PHQpHV SDU OD IRQGDWLRQFHOOHVG·KLHUG·DXMRXUG·KXLSDVWRXMRXUVOHVPrPHVHWHQÀQFHOOHV GH GHPDLQ FDU OHV GRPDLQHV TXL UHTXLqUHQW GH O·DWWHQWLRQ QH PDQTXHQW SDVSRXUQHSDVGLUHGHODYLJLODQFH 3DUODQW GH 0DGDPH 0LWWHUUDQG LO pYRTXH VHV HQJDJHPHQWV  © 'DQLHOOH 0LWWHUUDQGV·pWDLWLPSOLTXpHELHQDYDQWO·pOHFWLRQGHTXLDSODFpVRQ pSRX[jODSUpVLGHQFHGHOD5pSXEOLTXH0DLVOHPRGqOHDVVRFLDWLIQ·pWDLW SDV DGDSWp SRXU XQH © SUHPLqUH 'DPH ª &·HVW DLQVL TX·HVW Qp HQ  FHWWH IRQGDWLRQ GRQW OHV VWDWXWV VRQW SOXV HQ FRQIRUPLWp DYHF FH TX·HOOH YRXODLW IDLUH $XSUqV G·HOOH RXWUH GHV FRPPLV GH O·(WDW GHV FpOpEULWpV FRPPH3LHUUH%HUJpVHVRQWHQJDJpHVª /·HDXQ·HVWSDVXQHPDUFKDQGLVHPDLVXQGURLW 3RXUWDQWOHFRPEDWSRXUO·HDXHVWSOXVUpFHQW0rPHVLHOOHHVWÀqUHGH SOXVLHXUV UpXVVLWHV PDUTXDQWHV FRPPH OD UHSULVH GHV FRQWDFWV HQWUH OH 'DODw /DPD DYHF OD )UDQFH OD SURWHFWLRQ GHV NXUGHV SHUVpFXWpV HW OD OXWWH FRQWUH O·DSDUWKHLG XQ KDXW IDLW DXMRXUG·KXL FLWp GDQV OHV PDQXHOV VFRODLUHVG·$IULTXHGX6XGOHWHUULEOHFRQVWDWTXHWRXWHVOHVSRSXODWLRQV Q·DYDLHQWSDVXQDFFqVjO·HDXHVWGHYHQXXQHFDXVHYLWDOHLO\DXQH TXLQ]DLQH G·DQQpHV 'pVHVSpUpH GH YRLU TXH OHV pWDWV QH V·LPSOLTXHQW SDV GDQV FHWWH OXWWH SRXU XQ GURLW SRXUWDQW QDWXUHO PrPH GHSXLV OH VRPPHWGH5LRTXLGHYDLWHQODPDWLqUHFKDQJHUOHVPRGHVRSpUDWRLUHV FRPPHOHVPHQWDOLWpV0DGDPH0LWWHUUDQGV·HVWDWWDFKpHjFHTXHFH GURLWVRLWUHFRQQXDUJXDQWTXHO·HDXQ·HVWSDVXQHPDUFKDQGLVHPDLV ELHQXQGURLW /HWHUPHUHYLHQWVRXYHQWGDQVVHVSURSRVPDLVF·HVWELHQDLQVLTX·LOGRLW rWUH FRQVLGpUp DORUV TXH VHXOHPHQW XQH SRLJQpH GH SD\V FRPPH OD %ROLYLH OH 3DUDJXD\ O·(TXDWHXU O·$IULTXH GX 6XG O·RQ LQVFULW GDQV OHXUV FRQVWLWXWLRQVF·HVWSHX0DLVLOIDXWELHQUHFRQQDvWUHTXHODOXWWHGHYLHQW GLIÀFLOHTXDQGOHVpWDWVGpPLVVLRQQHQWIDFHDX[©PDUFKDQGVG·HDXªHW TXHODQRWLRQGH©UHQWDELOLWpªSUHQGOHSDVVXUWRXWHVOHVDXWUHVPrPH ODSOXVpOpPHQWDLUHODVXUYLH

…†

SKRWR30RQJH

75<

+DYLQJ OLVWHQHG WR 3KLOLSSH 6WDUFN VSHDN VR SDVVLRQD WHO\ DERXW WKH ´3RU WHXUV G·HDXµ %ULQ JHUV RI ZDWHU  ZH EHFDPH LQWHUHVWHG LQ D IRXQGDWLRQ IRU ZKLFK DFFHVV WR ZD WHU KDG EHFRPH DQ RYHUULGLQJ FRQFHUQ ,Q 3DULV ZH PHW (P PDQXHO 3RLODQH WKH IRXQGDWLRQ·V KLJKO\ PRWLYDWHG GLUHFWRU +H GLVFXVVHG WKH

RUJDQLVDWLRQ·V SDVW ZRUN DQG WKH FRQWL QXLQJ QHHG IRU DF WLRQ DQG YLJLODQFH LQ WKHIXWXUH 'HVFULELQJ 0UV 0LW WHUUDQG·V FRPPLW PHQW 3RLODQH H[ SODLQV KRZ VKH KDG EHHQ LQYROYHG ORQJ EHIRUHKHUKXVEDQG·V  HOHFWLRQ WR WKH SUHVLGHQF\6KHWKHQ HVWDEOLVKHGWKHIRXQ GDWLRQLQWREHW

4XDQGO·REMHWGHYLHQWV\PEROH 'HIDLWUHOLDQW3KLOLSSH6WDUFNDXFRPEDWGH0DGDPH0LWWHUUDQG(PPDQXHO 3RLODQHPHWHQDYDQWOHV©SRUWHXUVG·HDXªTXDQGO·REMHWV\PEROLVHXQHFDXVH &HWWHIDPHXVH©IHXLOOHG·HDXªRXWUHVRQGHVLJQHWODPHQWLRQTX·HOOHSRUWH ©%LHQFRPPXQGHO·KXPDQLWpO·HDXQ·DSDVGHSUL[ªHVWXQDFWHG·DFKDWUpÁpFKL TXLUDSSHOOHjWRXVTXHOHVLPSOHIDLWG·RXYULUXQURELQHWQ·HVWSDVDFFHVVLEOHj WRXVHWTX·XWLOLVHUO·REMHWF·HVWGpMjSDUOHUGXSUREOqPH6DQVRXEOLHUTXHFHW DFKDW VH GRXEOH G·XQH SDUWLFLSDWLRQ YRORQWDLUH DX[ DFWLRQV GH OD IRQGDWLRQ SXLVTXHVXUOHV½GHVRQDFTXLVLWLRQ½OXLVRQWGLUHFWHPHQWUHYHUVpV  (Q FH SULQWHPSV OD IRQGDWLRQ ODQFH HQ RXWUH XQH JUDQGH HQTXrWH YLVDQW j © IDLUH DYDQFHU OD WUDQVSDUHQFH VXU O·HDX VRQ SUL[ VRQ XVDJH DÀQ TXH OHV FLWR\HQVVHUpDSSURSULHQWFHGURLWTXLOHXUUHYLHQWª 6LYRXVDXVVLVRXKDLWH]SDUWLFLSHUjFHWWHDFWLRQFRPPHQFpHLO\DDQVHW SDUWLFLSHU j XQ GHV GRX]H SURMHWV TXH OH IRQGDWLRQ )UDQFH /LEHUWpV PqQH j WUDYHUVOH0RQGHGHYHQH]SRUWHXUG·HDX 4XDQWj0DGDPH0LWWHUUDQGVLHOOHFRQWLQXHGHGpIHQGUHFHWWHFDXVHHOOH SHQVH GpMj DX[ SURFKDLQHV  OD UHFRQVLGpUDWLRQ GHV ULFKHVVHV PRQGLDOHV O·KpUpVLH GHV GpFKHWV HW GH OHXU WUDLWHPHQW UpDSSUHQGUH OH UDSSRUW j OD QDWXUHDÀQTXHOHVKRPPHVJDUGHQWOHOLHQDYHFOHXUFXOWXUHLOVHPEOHUDLWTXH ODQDWXUHHQTXHVWLRQOXLGRQQHGHVDUJXPHQWVHQVHUDSSHODQWjHX[G·XQH IDoRQGUDPDWLTXH )UDQFH/LEHUWpV²)RQGDWLRQ'DQLHOOH0LWWHUUDQG 3RXUWRXWHLQIRUPDWLRQ 5XHGH0LODQ3DULV 7HOFRQWDFW#IUDQFHOLEHUWHVIU ZZZIUDQFHOLEHUWHVRUJ

…‡

:DWHU LV QRW D FRP PRGLW\ 'DQLHOOH 0LWWHUUDQG LV MXVWO\ SURXG RI WKH IRXQGDWLRQ·V QXPH URXVVXFFHVVHVLQFOX GLQJ WKH UHVXPSWLRQ RI FRQWDFW EHWZHHQ )UDQFH DQG WKH 'D ODL /DPD SURWHF WLRQ RI WKH .XUGLVK SHRSOH DQG WKH EDWWOH DJDLQVW DSDU WKHLG %XW HQVKULQLQJ DFFHVV WR FOHDQ ZDWHU DV D ULJKW KDV EHFRPH WKH IRXQ GDWLRQ·V SULQFLSOH FRQFHUQ IRU WKH SDVW  \HDUV 6XUSULVLQJO\ IHZ QDWLRQV KDYH WKLV ULJKW ZULWWHQ LQWR WKHLU FRQVWLWXWLRQV 7KHVHLQFOXGH%ROLYLD 3DUDJXD\ (FXDGRU DQG 6RXWK $IULFD 2WKHUV KDYH LQVWHDG DEGLFDWHG WKHLU UHV SRQVLELOLWLHV DOORZLQJ HFRQRPLF FRQVLGH UDWLRQV WR WDNH SUH FHGHQFH

W\ RI DOO KXPDQLW\ ,W UHSUHVHQWV D FRQVL GHUHG SXUFKDVH VWLU ULQJ GHEDWH E\ UH PLQGLQJ SHRSOH WKDW WKHDFWRIRSHQLQJD WDSLVQRWDXQLYHUVDO OX[XU\ 7ZR HXURV RI HDFK SXUFKDVH JR GLUHFWO\ WR IXQGLQJ WKHIRXQGDWLRQ·VSUR JUDPPHV  7KLV VSULQJ )UDQFH /LEHUWpV ZLOO ODXQFK D PDMRU FDPSDLJQ DLPHG DW EULQJLQJ D PXFKQHHGHG WUDQV SDUHQF\WRWKHZKROH EXVLQHVV RI ZDWHU E\ LQIRUPLQJ WKH SXEOLF DERXW LWV WUXH FRVWV DQGXVDJH :KLOH FRQWLQXLQJ WR FKDPSLRQWKHFDXVH 'DQLHOOH 0LWWHUUDQG DOVR FRQVLGHUV IX WXUH FKDOOHQJHV 7KHVH ZLOO LQFOXGH D QHZ DSSURDFK WR JOREDO ZHDOWK WKH DEHUUDWLRQV RI ZDVWH PDQDJHPHQW DQG D VWUHQJWKHQLQJ RI PDQNLQG·V ERQGV WR FXOWXUHDQGQDWXUH

)URP REMHFW WR V\P ERO (PPDQXHO 3RL ODQH HFKRHV WKH OLQN EHWZHHQ 6WDUFN DQG 0LWWHUUDQG KL JKOLJKWLQJ KRZ WKH 3RUWHXUV G·HDX FDP SDLJQ FDQ PDNH DQ REMHFW V\PEROLF RI D FDXVH 7KH LFRQLF ´IHXLOOH G·HDXµ LV DQ HOH JDQWO\ GHVLJQHG SD SHU QRWH VWDWLQJ WKDW ZDWHULVSULFHOHVVDQG WKHFRPPRQSURSHU

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ

'DQLHOOH0LWWHUUDQG


75<

PRGH

/$02'( /(35(1''(+$87

7KH+HLJKWRI)DVKLRQ

+DXWHFRXWXUHKDXWHMRDLOOHULHKDXWHKRUORJHULH7U\0HV·HVVD\HDXOX[HVXSUrPH +DXWHFRXWXUH¶KDXWH·MHZHOOHU\¶KDXWH·ZDWFKPDNLQJ²7U\0HUHDFKHVWKHKHLJKWVRIIDVKLRQ E\6RSKLH3RQFLQ /DFHQWUDOHGHVMRXUQDOLVWHV

&+ 'LRUOH1HZ/RRN (QSDUYHQDQWjOLHUFLWDWLRQVHWJODPRXU1HZ/RRN'LRUOLYUHXQH SUpVHQWDWLRQ KDXWH FRXWXUH FKDUJpH G pPRWLRQV PXOWLSOLDQW OHV FRXFKHV GH WXOOH j OD IDoRQ G·XQ SKRWRPqWUH ODLVVDQW ÀOWUHU OD OXPLqUH /DPDLVRQ'LRUVSRQVRULVHFKDTXHDQQpHGHSXLVSUqVGHDQVXQ JUDQGEDOj'HDXYLOOHDXSURÀWGHODIRQGDWLRQ&$5( 'LRU²*UXDX·V1HZ/RRN 5HQp*UXDX·VVXEOLPHVNHWFKHVDJJUDQGLVHG'LRU·VFUHDWLRQV*DO OLDQR KDV UHWXUQHG WKDW IDYRXU KLV ODWHVW VWKHPHG FROOHFWLRQ EHLQJLQVSLUHGE\WKRVHGUDZLQJV1HZ/RRNWKURXJKRXW'LRUXQ YHLOHG DQ HPRWLRQDOO\FKDUJHG WXOOHÀOWHUHG KDXWH FRXWXUH SUH VHQWDWLRQ

, $5 7

<

'LRU

%LMRX&DUWLHU%DJXH&ROOHFWLRQ%LHQQDOHGHV DQWLTXDLUHV 8QH PDJQLÀTXH pPHUDXGH KH[DJRQDOH GH  FDUDWV PDJQLÀH OD PRQWXUH VR SKLVWLTXpHGHFHWWHEDJXHHQSODWLQH HWGLDPDQWVWDLOOHEULOODQWV 3UL[VXUGHPDQGH 3LqFHXQLTXH

&DUWLHU $QWLTXDULDQ %LHQQLDO  FROOHFWLRQULQJ 0DJQLÀFHQW KH[DJRQDO  FDUDW HPHUDOG DQG EULOOLDQWFXW GLDPRQGV ZLWK VRSKLVWLFDWHG FODVVLFDOO\ PRGHUQ SODWLQXPODFHVW\OLQJ ([FOXVLYHSULFHRQUHTXHVW

0RQWUH'LRU&KULVWDO©ªQDFUH /HV pOpJDQWHV YR\DJHXVHV GHYUDLHQW © DGRUHU ª FHWWH SLqFH HQ DFLHU GH  PP GH GLDPqWUHDYHF OXQHWWHSDYpHGHGLDPDQWVHWEUDFHOHWVHUWLGHFULV WDO VDSKLU EODQF $QLPp SDU XQ FDOLEUH DXWRPDWLTXH YLVLEOHSDUOHIRQGWUDQVSDUHQWFHWDEOHDXDIÀUPHOD PRGHUQLWpGHO·LFRQLTXH&KULVWDO HXURV pGLWLRQOLPLWpHjH[

$ WLPHSLHFH WKDW DOO HOHJDQW ODG\ WUDYHOOHUV ZLOO DGRUH,FRQLFPPGLDPRQGVHWVWHHOFDVHDXWR PDWLF PRYHPHQW DQG LULGHVFHQW PRWKHURISHDUO GLDO6DWHOOLWHLQGLFDWLRQRIGD\DQGQLJKWDFURVV WLPH]RQHVLQFOXGLQJ+DZDLL

%LMRX'LRU-RDLOOHULH%DJXH©*RXUPDQGHª(VFDUJRW 8Q HVFDUJRW j OD FRTXLOOH RUQpH G·XQ GLDPDQW QHOkFKHSOXVGXUHJDUGOHVXSHUEHFDERFKRQ HQSLHUUHGHOXQHGHFHWWHEDJXHjODPRQ WXUHVW\OLVpHHQRUMDXQH HXURV 'HOLFLRXVO\VW\OLVHGPRRQVWRQHFDERFKRQKDQG RUQDPHQWDGRUQHGE\DJROGVQDLOZKRVHVKHOO LVLQODLGZLWKDVLQJOHGLDPRQG

…ˆ

&DQFDQSXQNFKH]*DXOWLHU *DXOWLHUVHPEOHV rWUHUHFHQWUpVXUVRQYUDLPpWLHUODFRXWXUHHW VDSDVVLRQOHPXVLFKDOO (IIHWVIHXLOOHWpVSL[pOLVpVOLJDWXUHVVDYDQWHVVXUXQFRUVHWVLOKRXHWWH QRLUHHQRPEUHFKLQRLVHYHUWLJLQHXVHPHQWPDWFRXSpHDXFRU GHDX YRODQWV FDQFDQ HQ WXOOH GH VRLH EODQF &HV ÀOOHV j FUrWH LURTXRLVHH\HOLQHUHWFORSHDXEHFVRQWLPSpULDOHV *DXOWLHUUHWXUQVWRKLVURRWVGUHVVPDNLQJDQGPXVLFKDOO,PSHULDO PRKDZNHGPRGHOVFLJDUHWWHRQOLSHVSRXVHGWKHFRQÀGHQFHRI IUHHVSLULWHGZRPHQZLWKSL[HOODWHGOD\HUVFRUVHWOLJDWXUHVYHUWLJL QRXVO\PDWWFKLQHVHVKDGRZVLOKRXHWWHVUXIÁHGZKLWHVLONWXOOHDQG VDLORUVWULSHGEOXHRUJDQGLHVKHDWKV

0RQWUH&DUWLHU0RQWUHWRXUELOORQHWFURFRGLOHFDOLEUH 0& 6RPSWXHXVHLOOXVWUDWLRQG·XQPDULDJHUpXVVLHQWUHOD +DXWH+RUORJHULHHWOD+DXWH-RDLOOHULHFHWWHSLqFH HQRUJULVVHUWLGHGLDPDQWVV·RXYUHVXUOHVSHFWDFOH VDLVLVVDQWG·XQFURFRGLOHGHOXPLqUHYHLOODQWGHWUqV SUqV VXU XQ FDOLEUH j UHPRQWDJH PDQXHO 8Q SDU WHUUHGHQpQXSKDUVDXF±XUHWDX[IHXLOOHVHQpPDLO WUDQVOXFLGHURXJHHWYHUWVXEOLPHO·HQVHPEOH HXURV (GLWLRQOLPLWpHjH[

/DYLVKPDUULDJHRIKLJKMHZHOOHU\DQGZDWFKPDNLQJ FUDIWVPDQVKLS :KLWH JROG VHW ZLWK GLDPRQGV 5HG DQG JUHHQ WUDQVOXFHQW HQDPHO ZDWHUOLOLHV KDUERXU DQHODERUDWHFURFRGLOHJXDUGLQJWKHKDQGZRXQG 3RLQoRQGH*HQqYHIO\LQJWRXUELOORQWLPHSLHFH

…‰

-HDQ3DXO*DXOWLHU


PRGH

9DOHQWLQR

0RQWUH  %RXFKHURQ /DG\KDZNH 7RXUELOORQ +DXWH-RDLOOHULH 0DJQLÀTXHPHQW VHUYLH SDU XQH SOD WLQH VHUWLH GH GLDPDQWV URVHV MDXQHV HW EODQFV O·HPEOpPDWLTXH PRXYHPHQW *LUDUG3HUUHJDX[ j UHPRQWDJH PD QXHO 7RXUELOORQ VRXV WURLV 3RQWV G·RU HVW HQWRXUp G·XQ SUpFLHX[ HW IDVFLQDQW IDXFRQ 3UL[VXUGHPDQGH 3LqFHXQLTXH

%RXFKHURQ+DXWH-RDLOOHULH/DG\KDZNH 7RXUELOORQ 6WXQQLQJ KDZN ZDWFKHV RYHU WKH LFRQLF *LUDUG3HUUHJDX[ PRYHPHQW ZLWK PD QXDO ZLQGLQJ 7RXUELOORQ DQG WKUHH JROG EULGJHV 3ODWLQXP VHW ZLWK SLQN \HOORZ DQGZKLWHGLDPRQGV([FOXVLYHSULFHRQ UHTXHVW

0RQWUH3LDJHW0RQWUHjVHFUHW/LPHOLJKW &HWWH SLqFH ELFRORUH HQ RU EODQF GLD PDQWVHWRQ\[SUpVHQWHXQGHVLJQGHVSOXV LQYHQWLIV'LWH©PRQWUHjVHFUHWªHOOHHVW GRWpHG·XQFDGUDQGLVVLPXOpVRXVXQpOp PHQWFRXOLVVDQWGpFRUpG·XQPRWLIV\P EROLVDQWOHVWRXFKHVG·XQSLDQR HXURV -D]]3DUW\IURPWKH/LPHOLJKWFROOHFWLRQ ,QYHQWLYHVHFUHWZDWFKKLGGHQEHQHDWK VOLGLQJ SLDQR NH\V LQ WZRWRQH ZKLWH JROG ZLWK GLDPRQGV DQG RQ\[ +LJK FUDIWVPDQVKLSZLWKTXDUW]PRYHPHQW

+

, $5 7

& 9DOHQWLQRMRXHODWUDQVSDUHQFHURPDQWLTXH 3LHU 3DROR 3LFFLROL HW 0DULD *UD]LD &KLXUL OLYUHQW XQH FROOHFWLRQ GRXFH HW OpJqUH PXOWLSOLDQW OHV WUDQVSDUHQFHV GH GHQWHOOHV OHV YRODQWVYDSRUHX[HWOHVMXSHVDXSOLVVpWUqVÀQXOWUDORQJXHVRXDX JHQRX&DVFDGHVGHÁHXUVHWHQYROpHVGHSDSLOORQVYLHQQHQWVH SRVHU GpOLFDWHPHQW VXU GHV PDWLqUHV EULOODQWHV HW WUDQVSDUHQWHV SRXUXQHVLOKRXHWWHWRXWHHQVXEWLOLWp & HVW DYHF O DLGH GH O DFWULFH (OL]DEHWK 7D\ORU TXH *LDQFDUOR HW 9DOHQWLQRRQWFUpp/,)(TXLYLHQWHQDLGHDX[HQIDQWVDWWHLQWGXVLGD 3LHU3DROR3LFFLROLDQG0DULD*UD]LD&KLXULGHOLYHUDFROOHFWLRQWKDW LVDLU\DQGOLJKW7UDQVSDUHQWODFHJDX]\IULOOVDQGÀQHO\SOHDWHG VNLUWVWRWKHNQHHDQGZD\EH\RQG3XUHOLQHVDQGDTXLHWVWUHQJWK IRU 9DOHQWLQR·V V 6XEWOH RXWOLQHV ÁRZHUV EXWWHUÁLHV DQG UHDIÀUPLQJO\IHPLQLQHUXIÁHGQHFNV

<

75<

%LMRX%RXFKHURQ%DJXH/DG\+DZNH 8QRLVHDXGHQXLWVHSRVHVXUODPDLQDYHFGDQVVHV VHUUHVXQJUHQDWGHSOXVGHFDUDWV(QRUEODQF VHUWL GH GLDPDQWV GH VDSKLUV MDXQHV HW RUDQJHV VHV SOXPHV RQW DXWDQW G·pFODW TXH VRQ ±LO SHU oDQWHQUXELV 3UL[VXUGHPDQGH 3LqFHXQLTXH

&DELQHWGH&XULRVLWpVFROOHFWLRQQLJKWELUGZLWK FDUDWJDUQHWKHOGLQLWVWDORQV:KLWHJROGVHWZLWK GLDPRQGV<HOORZDQGRUDQJHVDSSKLUHIHDWKHUVVXU URXQGWKHUXE\H\H ([FOXVLYHSULFHRQUHTXHVW

…+

%LMRX3LDJHW%DJXH/LPHOLJKW3DUW\ 6XUXQVLPSOHDQQHDXHQRUEODQFGHVFHUFOHVFRQFHQ WULTXHVMRXHQWODFDUWHGXFRQWUDVWHDYHFXQGLVTXHID oRQWRXUVYLQ\OHHQRQ\[EULOODPPHQWFHUQpHWSRQF WXpG·XQGLDPDQWWDLOOHEULOODQWGHFDUDW HXURV 3XUHUDGLDQWJHRPHWU\EULQJVWRPLQGWKHFRQFHQWULF FLUFOHVRIYLQ\ORUGDQFHÁRRUV2Q\[LQODLGZKLWHJROG HQFLUFOHVDVLQJOHEULOOLDQWFXWFDUDWGLDPRQG

$UPDQL $UPDQL3ULYpUHQFRQWUHGXWURLVLqPHW\SH /H VKRZ $UPDQL 3ULYp SUpVHQWH GHV IRUPHV IXWXULVWHV HW QHZ ZDYH SRXUXQHIIHWKRORJUDSKLTXH /D OXLVDQFH GHV WLVVXV PpWDOOLVpV UDLGHV LULGHVFHQWV SDVVDQW GX JULV ,QR[DXYHUWSRLVRQGRQQHXQDVSHFWSUHVTXH©LQWRXFKDEOHªDX[PR GqOHVHWSDUWLFLSHjFHWWHFRXWXUHVRXVDFLGHDX[WHLQWHVWR[LTXHV DX[FRXSHVPLQLPDOHVSUHVTXHHUJRQRPLTXHV 7KHXVXDOFKLFVLOKRXHWWHVKDYHJLYHQZD\WRSRZHUIXOO\SKRWRJHQLF DQG IXWXULVWLF ÁLJKW RI IDQF\ 0HWDOOLF ÀQLVKHV UDQJLQJ IURP VWDLQOHVV JUH\V WR SRLVRQ JUHHQV DQG Á\LQJ VDXFHU KDWV H[XGLQJ DQ XQWRX FKDEOHDFLGLULGHVFHQFHRIDOPRVWHUJRQRPLFDOO\PLQLPDOLVWRXWOLQHV

…,


75<

EHDXW\

/(+$87'(*$00( 6(0(7$89(57 +LJKHQGJRHVJUHHQ E\6RSKLH3RQFLQ

,

QVSLUpH GH OD IRUFH HW GH O¡HIĂ&#x20AC;FDFLWp GHV SODQWHV GH PRQWDJQH 3XUH $OWLWXGHODPDUTXHGHSURGXLWVGHEHDXWpFUppHSDU-RFHO\QH6LEXHWHQ PrPHWHPSVTX HOOHRXYUDLWVHVSUHPLHUVVSDV/HVIHUPHVGH0DULHDOOLH OHVYHUWXVGHODĂ RUHGHVVRPPHWVSXUHQDWXUHOOHHWSUpVHUYpH (W OH SURGXLW UpSRQG SDUIDLWHPHQW j VD GpĂ&#x20AC;QLWLRQ TXDQG OH PDMHVWXHX[ (GHOZHLVV LQJUpGLHQW VWDU RIIUH VHV SXLVVDQWHV SURSULpWpV DQWLR[\GDQWHV UHPLQpUDOLVDQWHVHWK\GUDWDQWHV 2QVDYDLWOHVDGUHVVHVUHQRPPpHV²LO\HQDGpMjVHSW 3URFKDLQHRXYHUWXUH SUpYXH j 9DO 7KRUHQV DYHF O K{WHO $OWD 3XUD  FRPPH GHV YpULWDEOHV OLHX[ G¡pYDVLRQ VHQVXHOOH UHĂ pWDQW OHV YUDLHV YDOHXUV GX UHVVRXUFHPHQW GDQV XQ HQYLURQQHPHQW SRO\ VHQVRULHO OH SOXV YLHQW DXMRXUG¡KXL GH OD QRXYHOOH DSSURFKH%LRFRPSOpWDQWOHVWURLVJUDQGHVOLJQHVVRLQVGXYLVDJHVRLQVGX FRUSVHWXQHOLJQHQRPDGHDYHFGHVSHWLWVFRQGLWLRQQHPHQWVSUDWLTXHVj WUDQVSRUWHU %DXPHjOqYUHFUqPHPDLQFUqPHSURWHFWULFHSRXUOHYLVDJH 

*5(

6qYHGHYLHXQHJDPPHELR 3OXVLHXUV DQQpHV GH UHFKHUFKHV HQ GHUPRFRVPpWLTXH RQW SHUPLV DXVVL GH PHWWUHDXSRLQWFHWWHJDPPHFHUWLĂ&#x20AC;pHELR6qYHGHYLH(OOHFRQWLHQWSOXVLHXUV SURGXLWVpPXOVLRQVFUqPHFRQFHQWUpHWVRLQFRQWRXUGHV\HX[3KDUHGHOD JDPPHOHŠFRPSOH[HÂŞ6qYHGH9LHDVVRFLHGHVDFWLIVSUpFLHX[ (GHOZHLVV DQWDUFWLFLQH PDFD VqYH GH ERXOHDX  DX[ SURSULpWpV UpJpQpUDWULFHV HW DQWLkJH VFLHQWLĂ&#x20AC;TXHPHQW SURXYpHV TXL UpJpQqUHQW VSHFWDFXODLUHPHQW O¡pSLGHUPHHWUHQIRUFHODĂ H[LELOLWpHWO¡pODVWLFLWpGXWLVVXFHOOXODLUH$O¡DSSURFKH GHO¡pWpRQDMXVWHPHQWHQYLHG¡XQHEHOOHSHDXWRXWHQHXYH ZZZSXUHDOWLWXGHFRP

(1

Â&#x2026;-

7KH -RFHO\QH 6LEXHW UDQJH RI 3XUH $OWL WXGH SURGXFWV WDNHV LWVLQVSLUDWLRQIURPWKH SXUH QDWXUDO YLUWXHV RIPRXQWDLQĂ RUD7KH PDMHVWLF (GHOZHLVV GHĂ&#x20AC;QHV WKH UDQJH ZLWKLWVSRZHUIXOPRLV WXULVLQJ PLQHUDOUH SOHQLVKLQJ DQG DQ WLR[LGDQWSURSHUWLHV 3XUH $OWLWXGH 6SDV RI ZKLFK WKHUH DUH VHYHQ DUH YHULWDEOH KDYHQV RI VHQVXRXV HVFDSLVPDQGUHMXYH QDWLRQ LQ D SRO\VHQ VRULDOHQYLURQPHQW

RUJDQLF UDQJH 7KH 6DS RI /LIH FRPSOH[ FRPELQHV UDUH DF WLYH LQJUHGLHQWV IURP (GHOZHLVV $QWDUF WLFLQH PDFD DQG ELUFK VDS IRU VSHF WDFXODU VFLHQWLĂ&#x20AC;FDOO\ SURYHQ UHJHQHUDWLRQ DQG DQWLDJHLQJ RI WKHVNLQ

7KLV QHZ RUJDQLF DS SURDFK QRZ FRPSOH PHQWV WKH WKUHH SULQ FLSDO SURGXFW VHULHV IDFLDO ERG\ DQG WKH QRPDG OLQH ZLWK LWV SUDFWLFDO WUDYHO VL]H SURGXFWV LQFOXGLQJ OLS 6DSRI/LIH²7KHRUJD EDOP KDQG FUHDP QLFFKRLFH DQG IDFLDO VNLQ SUR <HDUV RI GHUPRFRV WHFWLRQ PHWLF UHVHDUFK KDYH ZZZSXUHDOWLWXGH OHGWRDQHZFHUWLĂ&#x20AC;HG FRP

Be a part of the Legend. Step aboard the Venice Simplon-Orient-Express into a wonderful world of white gloved stewards, champagne, drama and romance, of thrilling adventure, golden-age elegance and unparalleled luxury. Embarquez Ă  bord du Venice Simplon-Orient-Express et ĂŠcrivez Ă  votre tour une page de sa fabuleuse Histoire. Venise, Budapest, Prague, Cracovie, Istanbul... Ses voitures bleu et or vous emportent Ă  travers lâ&#x20AC;&#x2DC;Europe dans lâ&#x20AC;&#x2122;ĂŠlĂŠgance des annĂŠes 20. Vivez la plus romantique des Aventures! Consultez dès maintenant nos offres sur notre site www.trainsdeluxe.com ou auprès de nos conseillers spĂŠcialisĂŠs au + 377 97 97 84 50 Agence de voyage spĂŠcialisĂŠe Trains de Luxe & Croisières â&#x20AC;&#x201C; 16 rue du Gabian 98000 MONACO.

Â&#x2026;.


75<

WRKHOS

&RPPHO DIDLWHQVRQWHPSVDYHFIHUYHXUOD3ULQFHVVH*UDFH O $0$'(0RQDFRV HPSORLHjDFFRPSDJQHUOHVHQIDQWVHQ VRXIIUDQFHSRXUOHXUUHGRQQHUHVSRLUHQO DYHQLU 7KHDVVRFLDWLRQKROGVWZRDQQXDOZRPHQ·VOXQFKFRFNWDLOIXQG UDLVLQJHYHQWV2YHUWKHSDVWILYH\HDUVPRUHWKDQHXURV KDYHEHHQUDLVHG

$

$0$'(021$&2

$&7,21 6  *UDFHLQDFWLRQ '(*5Ã&#x2021;&(« E\$QQH6DOOp

Â&#x2020;/

XSOXVSUqVGHO HQIDQFHYXOQpUDEOHGHSXLVELHQW{WDQVO $0$'( 0RQDFRGpYHORSSHDXMRXUG KXLVRQSURMHWOHSOXVDERXWLVXUO vOHGH 6DLQWH0DULHj0DGDJDVFDUHWDEHVRLQGHYRXV $PDGHXQPRWIDFLOHjUHWHQLUFDULOUHVVHPEOHDXPRW$PRXU(Q OD3ULQFHVVH*UDFHGH0RQDFRSRVDLWDYHFFHVPRWVOHVEDVHVGHFH TXLDOODLWGHYHQLUO XQHGHVSOXVLPSRUWDQWHVDVVRFLDWLRQVLQWHUQDWLRQDOHVHQ WHUPHG DLGHjO HQIDQFHO $0$'(DFURQ\PHGH©$VVRFLDWLRQ0RQGLDOH GHV $PLV GH O (QIDQFH ª $XMRXUG KXL SUpVLGpH SDU 6$5 OD 3ULQFHVVH &D UROLQH GH +DQRYUH O $0$'( 0RQGLDOH V HIIRUFH j FRQWULEXHU DX ELHQrWUH GHVHQIDQWVOHVSOXVYXOQpUDEOHVGHFHPRQGHVDQVGLVWLQFWLRQGHVH[HGH UDFHGHUHOLJLRQGHODQJDJHGHFXOWXUHGHFRQWH[WHVRFLDOQLG RSLQLRQ SROLWLTXHSDUFHTXHO pSDQRXLVVHPHQWGHVHQIDQWVG DXMRXUG KXLHVWODVHXOH YRLHYHUVO DYqQHPHQWGHVDGXOWHVDXWRQRPHVHWUHVSRQVDEOHVGHGHPDLQ

)RU DOPRVW  \HDUV $0$'( 0RQDFR KDV IROORZHG 3ULQFHVVH *UDFH·V H[DPSOH RI IHULQJ VXSSRUW WR FKLO GUHQLQGLIÃ&#x20AC;FXOW\E\RI IHULQJWKHPQHZKRSH IRU WKH IXWXUH 7KH GH YHORSPHQW RI LWV PRVW VXFFHVVIXO SURMHFW RQ WKH LVODQG RI 6DLQWH 0DULH 0DGDJDVFDU QHHGV\RXUKHOS

8QHIIHWERXOHGHQHLJH ©/DIRUPXOHDIDLWGHVSHWLWV7URLVDQVDSUqVODFUpDWLRQGHO $PDGHPRQ GLDOH GHV EpQpYROHV PRQpJDVTXHV PHWWDLHQW OHXUV SDV GDQV FHX[ GH OD 3ULQFHVVH*UDFHHWFUpDLHQWO $0$'(0RQDFR$XMRXUG KXLDQWHQQHVQD WLRQDOHV JUDYLWHQW DXWRXU GH OD PDLVRQPqUH HW SURORQJHQW VRQ DFWLRQ HQ (XURSHHQ$VLHHQ$PpULTXHGX6XGHWHQ$IULTXHªH[SOLTXH-HDQ3LHUUH &DPSDQD SUpVLGHQW GH O $0$'(0RQDFR © $ 0RQDFR FRPPH DLOOHXUV HOOHVRQWSRXUREMHFWLIGHFRQWULEXHUjO DFFqVjO pGXFDWLRQHWjODVDQWp SRXUWRXVOHVHQIDQWVGXPRQGHGHSURPRXYRLUODGpIHQVHGHVGURLWVIRQ GDPHQWDX[GHO HQIDQWHWGHVHQVLELOLVHUO RSLQLRQjO LPSRUWDQFHGHO HQIDQW GDQVODVRFLpWpª

$0$'( LV DQ HDV\ ZRUG WR UHPHPEHU DV LW UHVHPEOHV WKH ZRUG $PRXU ORYH µ ² VR ZURWH 3ULQFHVV *UDFH LQ  OD\LQJ WKH IRXQGDWLRQV IRU RQH RI WKH ODUJHVW LQ WHUQDWLRQDO FKLOG ZHO IDUH RUJDQLVDWLRQV &XUUHQWO\ FKDLUHG E\ +5+ 3ULQFHVV &DUROLQH RI +DQRYHU WKH $VVR FLDWLRQ 0RQGLDOH GHV $PLV GH O·(QIDQFH :RUOG $VVRFLDWLRQ RI

3UHVTXHGHVGRQVYRQWDX[HQIDQWV $ODWrWHGHO $0$'(0RQDFRXQWULRFRPSRVpGXSUpVLGHQWGH/XLV5DL QHULYLFHSUpVLGHQWHWGH0RQLTXH-DFTXHVVHFUpWDLUHJpQpUDOHHQWLqUH PHQWGpYRXpVjODFDXVHHWTXLV \FRQVDFUHQWDXTXRWLGLHQ$VHVF{WpV GHV GL]DLQHV GH SHUVRQQHV PRWLYpHV YLHQQHQW UpJXOLqUHPHQW SUrWHU PDLQ IRUWH 7RXW OH PRQGH HVW EpQpYROH /HV PHPEUHV GRQQHQW QRQ VHXOHPHQW GHOHXUWHPSVPDLVVXSSRUWHQWpJDOHPHQWOHSOXVVRXYHQWSRVVLEOHOHVIUDLV TXHOHXUVDFWLRQVHQJHQGUHQW/HVORFDX[VRQWJUDFLHXVHPHQWPLVjGLVSR VLWLRQSDUO (WDWPRQpJDVTXH$XERXWGXFRPSWHFHVRQWSOXVGHGHV UHFHWWHVTXLYRQWDX[HQIDQWVXQHGRQQpHTXLIDLWODÃ&#x20AC;HUWpGHO DVVRFLDWLRQ 'HODULJXHXUHQWRXWHFKRVH ©,O\DWURLVFKRVHVGLIÃ&#x20AC;FLOHVGDQVODELHQIDLVDQFHUpFROWHUGHVIRQGVDYRLU XQH pTXLSH PRWLYpH GpSHQVHU OHV IRQGV GH IDoRQ SHUWLQHQWH ª SRXUVXLW -HDQ3LHUUH &DPSDQD © &KH] QRXV OHV GRQDWHXUV VRQW Ã&#x20AC;GqOHV OHV EpQp YROHVRQWXQHYUDLHSKLORVRSKLHGHO DFWLRQTXDQWjQRVLQWHUYHQWLRQVQRXV GHPDQGRQVWRXMRXUVGHVJDUDQWLHVGHVpULHX[HWG HIÃ&#x20AC;FDFLWpDYDQWGHQRXV HQJDJHUª

Â&#x2020;Â&#x2026;

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ


75<

WRKHOS

DIWHU WKH LQLWLDO RUJDQL VDWLRQ ZDV ODXQFKHG ORFDO YROXQWHHUV VHW XS $0$'( 0RQDFR 7RGD\ WKHUH DUH  QDWLRQDO JURXSV ZLWK DQ LQÁXHQFH WKDW H[ WHQGV DFURVV (XURSH $VLD DQG 6RXWK $PH ULFD 7KH IRFXV LV RQ HGXFDWLRQKHDOWKDQG WKH IXQGDPHQWDO ULJKW RIDOOFKLOGUHQDQGUDL VLQJ DZDUHQHVV RI WKH LPSRUWDQFH FKLOGUHQ KDYHWRVRFLHW\µ

/ D[HSULQFLSDOGHVDFWLRQVHQWUHSULVHVHQ3ULQFLSDXWpUHOqYHHVVHQWLHOOHPHQW GXGRPDLQHGHODVHQVLELOLVDWLRQPrPHVLO DVVRFLDWLRQUHVWHWUqVUpDFWLYHj WRXWH GHPDQGH G LQWHUYHQWLRQ ÀQDQFLqUH RX PDWpULHOOH MXVWLÀpH HQ IDYHXU GH O HQIDQFH j 0RQDFR HW GDQV OD UpJLRQ $ O pWUDQJHU LO HVW DYDQW WRXW G RUGUHPDWpULHO 2XYULUOHV\HX[ ©5DSSHOHUTXHWRXVOHVHQIDQWVQHVRQWSDVSDUWRXWJkWpVSDUODYLHHVWXQ GHYRLU ,FL OHV SOXV QDQWLV RQW WHQGDQFH j O RXEOLHU QRXV VRPPHV Oj SRXU OH UDSSHOHUDX[DGXOWHVFRPPHDX[SOXVMHXQHVVXUGHVVDORQVGHVIRLUHVGHV NHUPHVVHVDYHFO DVVRFLDWLRQGHV3DUHQWVG·pOqYHVGH0RQDFRORUVG pYpQH PHQWVRXGHVSHFWDFOHVGRQQpVVRXVQRWUHpJLGHDXSURÀWGHQRVDFWLRQVª 6XUXQFRLQGHWDEOHGXORFDOV HPSLOHQWGHVFROLVGHPpGLFDPHQWV&ROOHFWpV HWHPSDTXHWpVSDUOHVEpQpYROHVFKDTXHPRLVLOVSDUWLURQWSRXU0DGDJDV FDURXOD&{WHG ,YRLUHRO DVVRFLDWLRQGpYHORSSHHQWUHDXWUHVGHVpFROHV SRXUWRXVpTXLSpHVG XQHFDQWLQHHWG XQGLVSHQVDLUHGHSXLVDQV $UURVHUXQWHUUDLQIHUWLOH / $0$'(0RQDFRLQVLVWH-HDQ3LHUUH&DPSDQDQ DSDVSRXUYRFDWLRQ G DVVLVWHUGHVSHUVRQQHV(OOHFKHUFKHSOXW{WjOHVUHQGUHDFWULFHVGHOHXU SURSUH pPDQFLSDWLRQ SRXU SpUHQQLVHU OHV UpVXOWDWV REWHQXV HQVHPEOH

††

&KLOGUHQ·V )ULHQGV  IRV WHUV DQG VXSSRUWV WKH SK\VLFDO PRUDO DQG VSLULWXDO ZHOOEHLQJ RI WKHZRUOG·VPRVWYXOQH UDEOHFKLOGUHQZLWKRXW DQ\GLVWLQFWLRQRIUDFH QDWLRQDOLW\ RU UHOLJLRQ LQ D VSLULW RI DEVROXWH SROLWLFDO LQGHSHQ GHQFH 7DNLQJ DFWLRQ WRGD\ DOORZV FKLOGUHQ WR EHFRPH WKH LQGH SHQGHQW UHVSRQVLEOH DGXOWVRIWRPRUURZ

&KLOGUHQ UHFHLYH DO PRVW  RI GRQD WLRQV $0$'( 0RQDFR LV UXQ HQWLUHO\ E\ WLUHOHVV YROXQWHHUV IURP LWV SUHVLGHQW YLFHSUHVL GHQW /XLV 5DLQHUL DQG VHFUHWDU\ JHQHUDO 0R QLTXH -DFTXHV WR WKH GR]HQV RI PRWLYDWHG LQGLYLGXDO PHPEHUV ZKR UHJXODUO\ RIIHU ERWK WLPH DQG PRQH\ LQ VXSSRUW RI LWV DF WLYLWLHV 7KH SUHPLVHV DUH PDGH DYDLODEOH E\ WKH 0RQHJDVTXH JRYHUQPHQW ,Q VKRUW RYHU  SHUFHQW RI IXQGVUDLVHGJRGLUHFW O\ WR FKLOGUHQ·V QHHGV ² VRPHWKLQJ RI ZKLFK WKHDVVRFLDWLRQLVULJKW O\SURXG

$EVROXWH ULJRXU DW DOO WLPHV ´&KDULW\ KDV WKUHH GLI ÀFXOWLHV  IXQGUDLVLQJ WHDP PRWLYDWLRQ DQG DSSURSULDWH VSHQGLQJ RI IXQGVµ FRQWLQXHV -HDQ3LHUUH &DPSD QD ´:H EHQHÀW IURP OR\DO GRQRUV GHWHUPL 6QRZEDOOHIIHFW -HDQ3LHUUH &DP QHG YROXQWHHUV DQG SDQD SUHVLGHQW RI DOZD\V GHPDQG JXD $0$'( 0RQDFR H[ UDQWHHV EHIRUH HQJD SODLQV ´7KUHH \HDUV JLQJ RQ WKH JURXQGµ

6L O pGXFDWLRQ HVW OH IRQGHPHQW GH WRXW GpYHORSSHPHQW HOOH D DXVVL EHVRLQ G XQ WHUURLU SURSLFH SRXU SUHQGUH UDFLQH V pSDQRXLU HW SURVSpUHU 3HUVRQQHOOHPHQW MH VXLVFRQYDLQFXTXHODVHXOHIDoRQ G DLGHU HW GH VDXYHU GHV HQIDQWV GDQV GHV SD\V GpIDYRULVpV F HVW G HQFRXUDJHU OH GpYHORSSHPHQW GHOHXUUpJLRQ& HVWSDUWLUGHO HQ IDQWSRXUFKDQJHUSURIRQGpPHQW OD VRFLpWp GpSDVVHU OH FDGUH GH O KXPDQLWDLUH SRXU SURPRXYRLU XQ GpYHORSSHPHQW GXUDEOH j WUDYHUV XQH pFRQRPLH VROLGDLUH 1RWUH SURMHW GH 6DLQWH0DULH LQ FDUQHWRXWFHOD 6DLQWH0DULHXQSURMHWSLORWH 6LWXpH DX 1RUG GH 0DGDJDVFDU O vOH PDOJDFKH GH 6DLQWH0DULH   NP GH ORQJ VXU NP GH ODUJH  HVW FRPPH FRXSpH GH PRQGH 6HV  KDELWDQWV GRQW  HQ kJH VFRODLUH YLYHQW GH SrFKH G DJULFXOWXUHHWG DUWLVDQDW/HVFODVVHVVRQWVXUSHXSOpHVHWUHQGHQWLP SRVVLEOHXQHIRUPDWLRQVFRODLUHVpULHXVHSURSLFHjXQGpYHORSSHPHQW ORFDO ELHQ TXH OH SRWHQWLHO VRLW Oj ©1RWUH SURMHW HVW GH GRWHU O vOH G XQ FRPSOH[H VFRODLUH GH OD PDWHUQHOOH DX /\FpH G (QVHLJQHPHQW 3UR IHVVLRQQHO ª H[SOLTXH /XLV 5DLQHUL © / pFROH PDWHUQHOOH HW SULPDLUH HW XQHSDUWLHGXFROOqJHVRQWGpMjVRUWLHVGHWHUUH/HVSURFKDLQHVSKDVHV FRQFHUQHQWOHO\FpHG HQVHLJQHPHQWSURIHVVLRQQHOO pFROHGHWRXULVPH OHJ\PQDVHHWOHVWDGHª 'RQQHUFRQILDQFHHQO DYHQLU $WHUPHOHFRPSOH[HSUHQGUDHQFKDUJHHQIDQWVPDLVLOHQID YRULVHUD SOXV GH  HQ GpVHQJRUJHDQW OHV DXWUHV pFROHV /H SOXV LPSRUWDQWFHSHQGDQWQ HVWSDVOHFRPSOH[HHQOXLPrPHPDLVSOXW{W O HVSULWGDQVOHTXHOLODpWpSHQVpVRXOLJQH/XLV5DLQHUL/ LGpHHVWG RIIULU XQ SDUFRXUV VFRODLUH FRPSOHW HW GH KDXWH TXDOLWp SRXU GRWHU OHV 0DO JDFKHVGHYUDLHVFRPSpWHQFHVHWOHXU{WHUGHODWrWHFHWWHLGpHTXH WRXW GpYHORSSHPHQW GH O vOH QH SHXW YHQLU TXH GHV pWUDQJHUV /·LPSOL FDWLRQDFWLYHGHVSULQFLSDX[DFWHXUVGHODYLHSROLWLTXHDGPLQLVWUDWLYH HWpFRQRPLTXHGHO·vOHHVWXQSRLQWFOHIGXSURMHWFDUFHVRQWHX[TXL SHXYHQW GpILQLU HW DGDSWHU O·DVSHFW IRUPDWLRQ SURIHVVLRQQHOOH SRXU OH WDLOOHU © VXU PHVXUH ª DX[ H[LJHQFHV UpHOOHV &HV DWRXWV PLV HQ SODFH LO IDXGUD XQH SHWLWH DLGH pFRQRPLTXH VRXV OD IRUPH GH PLFURFUpGLWV SRXUGpPDUUHUODPDFKLQH (W GH FRQFOXUH  © 7RXV OHV SDUWHQDULDWV VRQW ELHQYHQXV ª8Q PHVVDJH TXHYRXVHQWHQGUH]V€UHPHQW

$PDGH0RQDFR UXHGHV,ULV0RQDFR WpO ZZZDPDGHPRQDFRRUJ

,Q0RQDFRDQGWKHUH JLRQWKHIRFXVLVPDLQ O\RQDZDUHQHVVZKLOH UHPDLQLQJ UHDFWLYH WR UHTXHVWVIRUDVVLVWDQFH 2YHUVHDV WKH SULPDU\ FRQFHUQ LV HTXLSPHQW DQGLQIUDVWUXFWXUH 2SHQLQJH\HV ´,WLVRXUGXW\WRUHPLQG ERWK \RXQJ DQG ROG WKDWQRWHYHU\RQHLVDV OXFN\DVXV:HGRWKLV WKURXJK RXU HYHQWV IDLUV DQG IHVWLYDOV ZLWK WKH KHOS RI WKH 0R QDFR SDUHQW·V DVVR FLDWLRQµ,QDFRUQHURI WKHURRPDUHVWDFNVRI PHGLFDO VXSSOLHV SUH SDUHG E\ YROXQWHHUV WREHVHQWHDFKPRQ WK WR 0DGDJDVFDU RU &RWH G·,YRLUH WR VXS SRUW WKH GLVSHQVDULHV DWWDFKHG WR WKH RU JDQLVDWLRQ·V VFKRROV WKHUH :DWHULQJIHUWLOHJURXQG &DPSDQD H[SODLQV WKDW UDWKHU WKDQ SUR YLGH PHUH UHOLHI $0$'(0RQDFRVHHNV WR PDNH SHRSOH WKH DJHQWV RI WKHLU RZQ HPDQFLSDWLRQ (GX FDWLRQ DV WKH IRXQ GDWLRQ RI GHYHORS PHQWQHHGVIHUWLOHVRLO LQ ZKLFK WR WDNH URRW DQG ÁRXULVK )RVWHULQJ UHJLRQDOGHYHORSPHQW DOORZV WKH HGXFD WLRQ RI WKH \RXQJ WR FKDQJH VRFLHWLHV DQG SURPRWH VXVWDLQDEOH IXWXUHV7KH6DLQWH0D ULH SURMHFW HPERGLHV WKRVHLGHDOV

 LVRODWHG LQKD ELWDQWV KDOI RI VFKRRO DJHVXUYLYHRQÀVKLQJ IDUPLQJ DQG FUDIWV 2YHUFURZGHG FODVV URRPV WKHUH KLQGHU VHULRXV DFKLHYHPHQW $FFRUGLQJ WR /XLV 5DL QHUL $0$'(·V SDUWO\ FRPSOHWHG SURMHFW ZLOOSURYLGHDVXEVWDQ WLDO IDFLOLW\ FRYHULQJ NLQGHUJDUWHQ WR YR FDWLRQDO WUDLQLQJ DQG HYHQ LQFOXGH VSRUW ID FLOLWLHV %ULQJLQJ KRSH IRU WKH IXWXUH 5DLQHUL H[SODLQV WKDW ZKLOH FDWHULQJ GLUHFWO\ IRU  FKLOGUHQ WKLV FRPSOH[ZLOOEHQHÀWDOO  E\ DOOHYLDWLQJ RYHUFURZGLQJ 0RUH LPSRUWDQW LV WKH FRP SOHWH DFDGHPLF LWLQH UDU\ LW SURYLGHV JLYLQJ WKH0DODJDV\WKHVNLOOV ZLWK ZKLFK WR FKDQJH WKHLU RZQ IXWXUH 7KH DFWLYH LQYROYHPHQW RI NH\ DGPLQLVWUDWLYH ÀJXUHV ZLOO KHOS WDLORU WKH WUDLQLQJ WR PDWFK UHDO ZRUOG QHHGV VXS SRUWHG E\ PLFURÀ QDQFH VFKHPHV +H FRQFOXGHV GHFODULQJ ´:H ZHOFRPH DOO SDU WQHUVKLSV

$SLORWSURMHFW )LIW\ NLORPHWUHV ORQJ DQG ÀYH ZLGH 6DLQWH 0DULH LV DQ LVODQG RII 0DGDJDVFDU 7KH

†‡

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ


PH

723&+5212

/$0%25*+,1,'DQVOHVWRXUV«GXFDGUDQ

7RSJHDU

1HFKHUFKH]SDVODPRLQGUHQRWLRQG·pFRQRPLHG·pQHUJLHGDQVFHWWHDOOLDQFHH[FHSWLRQQHOOH HQWUH O·XQH GHV SOXV DQFLHQQHV PDQXIDFWXUHV KRUORJqUHV HW FH FRQVWUXFWHXU GH EROLGHV /D /DPERUJKLQL %ODQFSDLQ 6XSHU 7URIHR HVW XQH pPDQDWLRQ GH OD *DOODUGR 6XSHUOHJJHUD TXL Q·HVWGpMjSDVXQPRGqOHGHVDJHVVH2QQHSHXWSDVrWUHVDJHWRXWOHWHPSVHWODWRXWH QRXYHOOH$9(17$'25QHYDSDVFKDQJHUODGRQQH 7KHXOWLPDWHDOOLDQFHRISUHFLVLRQDQGXQEULGOHGSRZHU7KH/DPERUJKLQL%ODQFSDLQ6XSHU7URIHRDQG WKH$YHQWDGRUWDNHWKH*DOODUGR6XSHUOHJJHUDPHHWWRWKHQH[WOHYHO7KLVLVQRSODFHIRUER\VFRXWV

/HVFRQVWUXFWHXUVDXWRPRELOHVRQWPLVpVXUODUHFKHUFKHHWODWHFKQRORJLHDYDQFH /HVPRQWUHVDXVVL'HOjjOHVPDULHUOHWHPSVG·XQHFRXUVHpSKpPqUHRXG·XQ SDUWHQDULDWpWHUQHO &DUPDQXIDFWXUHUVKDYHLQYHVWHGLQDGYDQFHGUHVHDUFKDQGWHFKQRORJ\ :DWFKPDNHUVKDYHGRQHWKHVDPH:HEULQJWKHPWRJHWKHUIRUDIHZODSV E\&HQWUDOH'HV-RXUQDOLVWHVSRXUOHVPRQWUHV%HUQDUGYDQGH.HUFNKRYHSRXUOHVYRLWXUHV

%/$1&3$,1&KURQRJUDSKH 6XSHU7URIHR

/H FKDPSLRQQDW DXWRPRELOH /DPERU JKLQL%ODQFSDLQ6XSHU7URIHRHVWFpOpEUp DYHFFHFKURQRÁ\EDFNHQDFLHUWUDLWp '/&QRLU'HX[FKLIIUHVDUDEHVVXUGLPHQ VLRQQpVURXJHVHWEODQFVV·LPSRVHQWDX UHJDUGF{WpFDGUDQOHEUDFHOHWHQDO FDQWDUD DIÀUPH OH ORRN VSRUWLIFKLF GX ERvWLHUpWDQFKHMXVTX·jPqWUHV HXURV pGLWLRQOLPLWpHjH[

%ODFN'/& 'LDPRQG/LNH&DUERQ VWHHO FKURQRJUDSK FHOHEUDWLQJ WKH /DPERU JKLQL %ODQFSDLQ 6XSHU 7URIHR FKDP SLRQVKLS 7KH GLDO·V RYHUVL]HG QXPEHUV DQG EUDFHOHW·V $OFDQWDUD VXHGH UH VHPEOHWKRVHDGRUQLQJWKHFDUV:DWHU SURRIWRPHWUHV

$1*(%$5'(/HJHQG5DFHU

3$*$1,+8$<5$'pMjXQHOpJHQGH

/DPDUTXHpOLWLVWHQHSURGXLWTX·XQHVHXOHYRLWXUHSDUPRLVHQWLqUHPHQW IDEULTXpH j OD PDLQ  $ SHLQH DYDLWHOOH PRQWUp OHV SUHPLqUHV LPDJHV GH OD QRXYHOOH +XD\UD    ½ KRUV WD[HV TX·HOOH D HQUHJLVWUp  FRPPDQGHV6LYRXVYRXOH]ODY{WUHLOIDXGUDrWUHSDWLHQW(QDWWHQGDQW OH GLVWULEXWHXU GH 3DJDQL D GpMj FKRLVL XQH PRQWUH /HJHQG UDFHU GH $QJH%DUGH $EUDQGVRHOLWLVWLWRQO\SURGXFHVRQHKDQGEXLOWFDUHDFKPRQWKDQG \HW ZKHQ WKH +X\DUD ZDV ÀUVW XQYHLOHG 3DJDQL LPPHGLDWHO\ UHFHLYHG RUGHUVHXURVH[FOXGLQJWD[HV7KHFRPSDQ\KDVFKRVHQWKH $QJH%DUGH/HJHQG5DFHUDVLWVRIÀFLDOZDWFK

†ˆ

/D PDLVRQ $QJH %DUGH SURSRVH XQ FKURQR HQ RU URVH GH WRXWH pYLGHQFH OLp j O·XQLYHUV DXWRPRELOH /D IRUPH GH VRQ URWRU pYRTXH XQH MDQWH  VD FRXURQQH XQ ERXFKRQ GH UpVHUYRLU  VHV DLJXLOOHV XQ YRODQW HW VHV SRXVVRLUV GH FKURQR GHV SpGDOHV GH IUHLQV )DFHjODUpVHUYHGHPDUFKHDSSDUDvWDXVVL XQH SHWLWH VHFRQGH IDoRQQpH j O·LPDJH G·XQGLVTXHGHIUHLQ HXURV pGLWLRQOLPLWpHjH[

$QJH%DUGHSUHVHQWVDPRWRUVSRUWLQVSLUHG FKURQRJUDSK LQ URVH JROG &RPSRQHQWV PLUURUWKRVHRIOHJHQGDU\YHKLFOHVLQFOXGLQJ WKHUHVHUYRLUFDSRIWKH3DJDQL=RQGD

&+23$5'*7;/&KURQR$OID5RPHR

&H PRGqOH HQ DFLHU GH  PP GH GLDPqWUH FpOqEUH OHV  DQV G·$OID 5RPHR$MXVWpVXUXQEUDFHOHWHQFDRXWFKRXFIUDSSpG·XQPRWLIGHSQHX LO HVW pTXLSp G·XQ FDOLEUH DXWRPDWLTXH FHUWLÀp &26& HW G·XQ FDGUDQ G·XQHJUDQGHOLVLELOLWpHQWRXUpG·XQHOXQHWWHWDFK\PpWULTXH HXURV pGLWLRQOLPLWpHjH[  &KRSDUGHVWSDUWHQDLUHGX::) :RUOG:LOGOLIH)XQG (QOD0DLVRQ V·HVWLPSOLTXpHGDQVXQSURMHWGHVDXYHJDUGHGXWLJUH 2IÀFLDOWLPHNHHSHUWRWKH&KRSDUG0LOOH0LJOLDWKLVPPVWHHOWLPHSLHFH FHOHEUDWHV $OID 5RPHR·V WK DQQLYHUVDU\ &26&FHUWLÀHG DXWRPDWLF FDOLEUHZLWKKLJKO\OHJLEOHGLDOYLVLEOHPRYHPHQWDQGWLUHEUDFHOHW

&SDU$/)$520(2

8QHMROLHVXUSULVHSRXU*HQqYHOD&SXUHGpFOLQDLVRQGH ODIDPHXVH&GHYUDLWYRLUOHMRXUHQOHFRQFHSWSUp VHQWppWDQWSUHVTXHODYHUVLRQÀQDOH2QVDLWWRXWMXVWHTXH FHSHWLWFRXSpGHX[SODFHVVHUDDQLPpSDUOHIDPHX[ 7XUERHVVHQFH 7DULIHVWLPpHQWUHHW½

*HQHYDVXUSULVHWKHFRQVWUXFWRUVSULQJVDQHOHJDQWHYROXWLRQ RIWKH&²WKH&SRZHUHGE\WKHIDPHGSHWURO7XUER

†‰

, $5 7

&+

<

ZDWFK


PH , $5 7

&+

-$(*(5/(&28/75( $092; '%67UDQVSRQGHXU

<

ZDWFK

3$50,*,$1,%XJDWWL6XSHU6SRUW %8*$77,6XSHU6SRUWVXSHUWRXW«

/DPRQWUHHVWH[FHSWLRQQHOOHODYRLWXUHDXVVL7RXWHVWKLVWRLUHGHGpPHVXUH GDQVFHWWHDYHQWXUH/DYLWHVVHGHFHWWH6XSHU6SRUWVHUDOLPLWpHjNPK SRXUODFOLHQWqOH  RQRVHHVSpUHUTX·HOOHVDXUDPDvWULVHUOHVFKHYDX[ «WUqVVDXYDJHV4XDQWDXSUL[RQQHVDXUDLWrWUHYXOJDLUH $ZDWFKDVH[FHSWLRQDODVWKHDXWRPRELOHLWKRQRXUV7KH6XSHU6SRUW·VPD[LPXP VSHHGLVDVHOIOLPLWHGNPKZLWKDVDYDJHKRUVHVWREDFNLWXS

3DUWHQDLUHKRUORJHURIÀFLHOGH%XJDWWL3DUPLJLDQL VLJQHLFLXQPRGqOHDW\SLTXH&HWLQVWUXPHQWHQ RU JULV HVW DQLPp SDU XQ FDOLEUH j UHPRQWDJH PDQXHO EpQpÀFLDQW G·XQH UpVHUYH GH PDUFKH GH  MRXUV ,O VH GLVWLQJXH VXUWRXW SDU OH SURÀO DpURG\QDPLTXH GH VRQ ERvWLHU GRQW VL[ F{WpV WUDQVSDUHQWV ODLVVHQW YRLU OD FRQVWUXFWLRQ © HQ HVFDOLHUªGXPRXYHPHQW HXURV pGLWLRQOLPLWpHjH[

2IÀFLDO ZDWFKPDNHU WR %XJDWWL 3DUPLJLDQL VLJQV KHUH D DW\SLFDO PRGHO +DQGZRXQG FDOLEHUPRYHPHQWLQJUH\JROG

%5(,7/,1*IRU%(17/(<6XSHUVSRUWV

$YHFVRQERvWLHUHQDFLHUGHPPGHGLDPqWUHHWVDOXQHWWHPROHWpH FRPPH OHV ERXWRQV GH FRPPDQGH G·XQH %HQWOH\ FH JDUGHWHPSV DXWRPDWLTXH QH SDVVH SDV LQDSHUoX '·DXWDQW TX·LO DUERUH XQ FDGUDQ IDoRQWDEOHDXGHERUGGLVWULEXDQWLQJpQLHXVHPHQWOHVPLQXWHVGHFKURQR SDUDLJXLOOHFHQWUDOH jWHUPLQDLVRQÁqFKH PDLVDXVVLOHFHQWLqPHG·KHXUH RXGHPLQXWHHWXQWDFK\PqWUHYDULDEOHDYHFUqJOHjFDOFXOHXURV pGLWLRQOLPLWpHjH[

$ UHPDUNDEOH WLPHSLHFH ZKRVH PP VWHHO FDVH DQG NQXUOHG EH]HO HYRNHWKHFRQWUROVRILWV%HQWOH\QDPHVDNH)HDWXUHVLQVWUXPHQWSDQHOGLDOV LQJHQLRXVFHQWUDOPLQXWHDUURZWLSFRXQWHUDQGDYDULDEOHFLUFXODUVOLGH UXOHWDFKRPHWHU

%HQWOH\&RQWLQHQWDO6XSHUVSRUW&RQYHUWLEOHRX*7"

$ O·DXEH G·XQH DQQpH SODFpH VRXV OH VLJQH GX UDIÀQHPHQW RQ UrYH VXU OD QRXYHOOH &RQWLQHQWDO *7 2Q HQWHQG GpMj OH URQURQQHPHQW GX :  FKHUFKDQW j GRPSWHU OHV  FKHYDX[ VDXYDJHV OkFKpV« 2X HQFRUH OD YHUVLRQ6XSHUSRUWVIRUWHGHFKHYDX[GHSOXV OHjHQVHFRQGHV NPK SRXUG·DXWUHVVHQVDWLRQV 7KH PRVW SRZHUIXO OX[XU\ OLPRXVLQH  WKUHH PRGHOV RQH XQEULGOHG GULYH H[SHULHQFH 7KH *7·V EKS : HQJLQH LV EDUHO\ UHLJQHG LQ E\ WKH =) VSHHG TXLFNVKLIW WUDQVPLVVLRQ 2SW IRU WKH 6XSHUVSRUWV IRU DQ DGGLWLRQDO EKSDWRSVSHHGRINPKDQGLQVHFRQGV

†+

&HW LQVWUXPHQW HQ RU URVH HW j UHPRQWDJHDXWRPDWLTXHQ·HVWULHQ GH PRLQV TX·XQ FKURQR SRXYDQW FRPPDQGHU O·RXYHUWXUH HW OD IHUPHWXUH GHV SRUWHV G·XQH $VWRQ 0DUWLQ '%6  (W FH j O·DLGH G·XQH VLPSOH SUHVVLRQ VXU OHV PRWV RSHQ RX FORVH YLVLEOHV VXU OH YHUUH VDSKLU WDFWLOHUHFRXYUDQWOHFDGUDQ HXURV -DHJHU/H&RXOWUH HVW SDUWHQDLUH DYHF O·,QWHUQDWLRQDO +HUDOG 7ULEXQH GX &HQWUH GX 3DWULPRLQH 0RQGLDO GH O·81(6&2 SRXU OD VDXYHJDUGH GHVIRQGVPDULQV 1RWRQO\FDQWKLVLQVWUXPHQWWHOO\RX WKHWLPHLWFDQWHOODQ$VWRQ0DUWLQ '%6 WR RSHQ DQG FORVH LWV GRRUV JROG FDVH DXWRPDWLF PRYHPHQW WRXFK VHQVLWLYH VDSSKLUH FU\VWDO FKURQRPHWHU GLDOV DQG GDWH GLVSOD\

$VWRQ0DUWLQ9LUDJH

/D '%6 UHVWH XQ PHUYHLOOHX[ VRXYHQLU PDLV O·DFWXDOLWpSRXUHVWGRXEOHXQFRXSpHW XQFDEULROHWSRXUODQRXYHOOH©9LUDJHª(OOHHVW DWWHQGXHDXWRXUQDQW 7KH '%6 EULQJV EDFN IRQG PHPRULHV EXW WKH IXWXUHORRNVHTXDOO\PHPRUDEOHVHHVWKH ODXQFKRIERWKFRXSHDQGFRQYHUWLEOHPRGHOV RIWKH9LUDJH

6/56/66/.TXHOOH0(5&('(6SRXUYRXV"

7$*+HXHU6/5&DOLEUH &KURQRJUDSK

(QSDUWHQDULDWDYHF0HUFHGHV%HQ]7DJ+HXHU UHQG KRPPDJH DYHF FH PRGqOH DXWRPD WLTXHjOD6/5GH)DQJLROHFpOqEUHSLORWH GH )RUPXOH  &DGUDQ PDUURQ ORJR YLQWDJH +HXHU ERvWLHU HQ DFLHU DX[ OLJQHV pSXUpHV HW SRXVVRLUV SURpPLQHQWV VLJQHQW VD VpGXLVDQWH DOOXUH UpWUR WDQGLV TXH OH IRQG DUERUH XQH JUDYXUH UHSUpVHQWDQW OH YpKLFXOHP\WKLTXHGHO·LO OXVWUHDVGXYRODQW HXURV pGLWLRQOLPL WpHjH[

'HYHORSHG LQ SDU WQHUVKLS ZLWK 0HU FHGHV%HQ] 7$* +HXHU KRQRXUV WKH OHJHQGDU\  6/5 GULYHQ E\ )RUPXOD 2QH·V )DQJLR %URZQ GLDO YLQWDJH +HXHU ORJRDQGFOHDQUHWURVW\OLQJ

(QWUHOD6/50DF/DUHQWRXMRXUVH[FHSWLRQQHOOHOD6/6DYHFVHVDLOHVSDSLOORQV SUpVHQWpHO·DQGHUQLHUHWODWRXWHQRXYHOOH6/.TXLDUULYHHQFHSULQWHPSV LO \ D V€UHPHQW XQH 0HUFHGHV SRXU YRXV *UkFH j OD 7HFKQRORJLH %OXH ()),&,(1&<RQSHXWDLPHUOHOX[HHWODSXLVVDQFHHWVDYRLUrWUHUDLVRQQDEOH 6RPXFKWRFKRRVHIURPWKHUHFHQW6/50F/DUHQWKH6/6ZLWKLWVJXOOZLQJ GRRUVDQGWKLVVSULQJ·VDOOQHZ6/.%OXH()),&,(1&<WHFKQRORJ\EULQJVOX[XU\ WRWKHYLUWXRXV

†,


PH (1

3256&+('(6,*1 &KURQRJUDSKH3·

* 5(

6FXGHULD)HUUDUL2QHE\&DEHVWDQ

(QWUHOD)HUUDUL$SHUWDHWODVXEOLVVLPH+\.HUVTXLWWDQWVHVKDELWVURXJHVWUD GLWLRQQHOVSRXUVHSDUHUGHYHUWHWPrODQWVDQVYHUJRJQHOH9GHOD DYHFXQPRWHXUpOHFWULTXHSRXUXQHYHUVLRQK\EULGHHQFRUHGDQVOHVFDU WRQVLO\DXQIRVVpUHPSOLGHERQQHVLQWHQWLRQVLOHVWYUDL %UHDNLQJZLWKWUDGLWLRQWKHWUDGLWLRQDOUHGOLYHU\KDVJLYHQZD\WRJUHHQIRUWKH VXEOLPH+\.HUV7KHK\EULGPRGHOVKDPHOHVVO\WZLQVD·V9ZLWKDQHOHFWULF PRWRU7KHH[FOXVLYH$SHUWDLVDQDOWRJHWKHUGLIIHUHQWPDWWHU

* 5(

)(55$5,SDVVHDXYHUW

&HW LQVWUXPHQW DW\SLTXH HVW GHVWLQp DX[ VHXOV FOLHQWV )HUUDUL  'RWp G·XQ FDOLEUH j UHPRQWDJH PDQXHO UpJXOp SDU XQ WRXUELOORQ SODFp HQ SRVLWLRQ YHUWLFDOH HW G·XQ V\VWqPH GH WUDQVPLVVLRQ IXVpH FKDvQH FHWWH SLqFH HVW IDLWH GX PrPH DOOLDJH GH WLWDQH TXHFHOXLXWLOLVpSRXUFHUWDLQV GHV FRPSRVDQWV GHV EROLGHV'HVURXOHDX[URWDWLIV SHUPHWWHQW O·DIÃ&#x20AC;FKDJH GH O·LQGLFDWLRQ KRUDLUH HW GH OD UpVHUYHGHPDUFKH HXURV pGLWLRQOLPLWpHj H[HPSODLUHV

$YDLODEOH H[FOXVLYHO\ WR )HUUDUL RZQHUV WKLV H[FHSWLRQDO WLPHSLHFHFHOHEUDWHVWKHFRQVWUXFWRU·V)RUPXOD 2QHKLVWRU\%XLOWRIDWLWDQLXPDOOR\XVHGLQWKH UDFH FDUV ZLWK D KDQGZRXQG FKDLQGULYHQ FDOLEUHPRYHPHQWDQGYHUWLFDOWRXUELOORQ

(1

ZDWFK

3RUVFKHGHYLOOH"

4XLWWHjDVVRFLHUGHX[PRQWUHVSRXUODFpOqEUHPDUTXHDXWRPRELOHDXWDQW PHWWUHHQDYDQWGHX[PRGqOHVTXLV·RSSRVHQWSDUOHXUGLIIpUHQFHSDVSRXU OHXUQRWRULpWp'·XQF{WpOD3DQDPHUD6+\EULGTXLVRUWLUDHQDYULODYHFVRQ  O 9 FRPSUHVVp GH  FK FRPSOpWp SDU XQ PRWHXU pOHFWULTXH TXL HQ SURGXLWSRXUXQHFRQVRPPDWLRQGHOLWUHVHWVHXOHPHQWJGH&2ì 2IÃ&#x20AC;FLDO7LPHNHHSHURIWKHOHJHQGDU\+RXUVRI6HEULQJHQGXUDQFHUDFHLQ)OR ULGD$OSLQDKDVGHFLGHGWRFHOHEUDWHWKHSDUWQHUVKLSZLWKDGHFLGHGO\VSRUW\ FUHDWLRQ39'FRDWHGVWDLQOHVVVWHHOPP

([WUrPHPHQWOpJHUJUkFHjVD UpDOLVDWLRQ HQ WLWDQH HW WLWDQH WUDLWp 39' QRLU FH PRGqOH GH  PP GH GLDPqWUH HVW XQ FKURQR GHVWLQp j FHX[ TXL SRVVqGHQW XQH 3RUVFKH &DUUHUD *7 6HV SRXVVRLUV pYRTXHQW OH SpGDOLHU OH EUDFHOHW UHSUHQG OH SURILO GHV SQHXV ©JUDQGH YLWHVVHª HW OH URWRU GX FDOLEUH DXWRPDWLTXH FHUWLILp &26& OH GHVVLQ G·XQH MDQWH /H FDGUDQ QLGG·DEHLOOHV HW OD JUDQGH OLVLELOLWp GHV LQGLFDWLRQVDMRXWHQWXQHWRXFKH VXSSOpPHQWDLUHjODVSRUWLYLWpGH O·LQVWUXPHQW HXURV ([WUHPHO\ OLJKW  PP FDVH RI EODFN 39' FRDWHG WLWDQLXP &26&FHUWLILHG DXWRPDWLF FDOLEUH ZLWK VW\OLQJ LQVSLUHG E\ WKH 3RUVFKH &DUUHUD *7 +LJK OHJLELOLW\ KRQH\FRPE GLDO DQG VSHHG SURILOH WLUH EUDFHOHW DFFHQWXDWH LWVVSRUWFUHGHQWLDOV

&+

<

, $5 7

&$57,(55RDGVWHU6&KURQRJUDSKH

/HVEROLGHVGHFRXUVHGHVDQQpHVVRQWODVRXUFHG·LQVSLUDWLRQGHODPRQWUH5RDGVWHU TXL WLHQW VRQ QRP GH OD FDUURVVHULH G·XQH DXWRPRELOH j GHX[ SODFHV GpFDSRWDEOH 5pVROXPHQW VSRUWLI PDLV DXVVL WUqV GHVLJQ FH FKURQR DXWRPDWLTXH pWDQFKH MXVTX·j  PqWUHVSUpVHQWHXQERvWLHUHQDFLHUGRQWOHVFRQWRXUVVRQWVRXOLJQpVSDUXQHOXQHWWHRUQpH G·XQUHYrWHPHQWQRLUXOWUDUpVLVWDQW $PRUSKRXV'LDPRQG/LNH&DUERQ 4XDQGpOpJDQFH ULPH DYHF SHUIRUPDQFH«   HXURV HQY &DUWLHU VRXWLHQW GHV FDXVHV KXPDQLWDLUHV (Q PDUVXQHYHQWH&DUWLHUDHXOLHXDXSURÃ&#x20AC;WGHV5HVWRVGX&±XU 7KLVWLPHSLHFHWDNHVLWVLQVSLUDWLRQIURPWKHWZRVHDWHUFRQYHUWLEOHURDGVWHUVRIWKHVDQG V6WHHOFDVHZLWK$PRUSKRXV'LDPRQG/LNH&DUERQFRDWLQJDXWRPDWLFDQGZDWHUSURRI WRP+LJKO\VW\OLVHGDQGGHFLGHGO\VSRUW\²SHUIRUPDQFHDQGHOHJDQFHLQRQH * 5(

(1

)XOO+\EULGDYHF/H[XV

/LpH SRXU OH PHLOOHXU j &DUWLHU /H[XV D ELHQ UpXVVL j LPSRVHU VRQ  LPDJH GH YRLWXUH SURSUH /D WRXWH QRXYHOOH/H[XV&7K)XOO+\EULGSUHPLHUYpKLFXOH K\EULGHVXUOHVHJPHQWFRPSDFWSUHPLXP GH ½j½  $ PDWFK WR &DUWLHU LQ SXUH TXDOLW\ /H[XV KDV EHFRPH V\QRQ\PRXV ZLWK FOHDQ GULYLQJ 7KH QHZ &7K)XOO+\EULGSUHPLXPFRPSDFWKDVFKDUPHG WKH)UHQFKZLWKHPLVVLRQVRIJNP

Â&#x2020;-

RX3RUVFKHGHFROOHFWLRQ"

'H O·DXWUH XQH  %ODFN (GLWLRQ  O   FK  VHXOH PHQWSURGXLWHjH[HPSODLUHVWRXWHQRLUHFRPPH VRQQRPO·LQGLTXHGHO·LQWpULHXUHQFXLUMXVTX·DX[pWULHUV GHIUHLQ 'Hj½

$FKRLFHRIWZRH[FHSWLRQDOZDWFKHVPHULWVDFKRLFHRI WZRYHU\GLIIHUHQWFDUVWKHOLWUHEKSVXSHUFKDUJHG 3DQDPHUD6+\EULGERDVWLQJHPLVVLRQVRIJNPGXHLQ $SULODQGWKHOEKS%ODFNOLPLWHGHGLWLRQRIMXVW IHDWXULQJDQDOOEODFNOLYHU\LQVLGHDQGRXW

78'25+HULWDJH&KURQR

&HWWHSLqFHHQDFLHUpWDQFKHMXVTX·jPqWUHVFpOqEUHOHSDUWHQDULDWOLDQWODPDLVRQ7XGRU j3RUVFKH0RWRUVSRUW'DWHSHWLWHVHFRQGHHWWRWDOLVDWHXUPLQXWHVSUHQQHQWSODFHVXUXQ FDGUDQPÂ&#x20AC;SDUXQFDOLEUHDXWRPDWLTXHGHEHOOHIDFWXUH/HEUDFHOHWHQWRLOHQRLUHJULVHHW RUDQJHSDUIDLWVRQDOOXUHYLQWDJHPDLVVDFKH]TXHODEHOOHHVWDXVVLOLYUpHDYHFXQEUDFHOHW HQDFLHUHXURV &HOHEUDWLQJ WKH SDUWQHUVKLS ZLWK 3RUVFKH 0RWRUVSRUW WKLV WLPHSLHFH·V GHVLJQ LV DQ DOOURXQG KRPDJH WR WKH V 0RQWH &DUOR LQ ERWK FRORXU DQG YLQWDJH VW\OH $XWRPDWLF FDOLEUH PRYHPHQWRIH[FHSWLRQDOFUDIWVPDQVKLSZDWHUSURRIWRPZLWKDFKRLFHRIEUDFHOHWV

Â&#x2020;.


75<

WRKHOS

6RQLD5ROODQGVRXWHQXHSDUGHVEpQpYROHVWUqVHQJDJpVGHVSHUVRQQDOLWpV DUWLVWLTXHVPpGLDWLTXHVHWGXPRQGHGHO HQWUHSULVHDIDLWGH´O·DVVRFLDWLRQ 0DwVKD$IULFDµVDEDQQLqUH &URZQHG0LVV)UDQFHLQKDYLQJMXVWWXUQHG6RQLD5ROODQGKDUGO\LPDJLQHGWKH H[WHQVLYHDQGHPRWLRQDOMRXUQH\VEDFNWRKHUQDWLYH5ZDQGDZKLFKZRXOGUHVXOWIRUPLW

8

Q PLOOLRQ GH PRUWV XQ SD\V UXLQp HW SDUWRXWGHVFHQWDLQHVGHPLOOLHUVG HQ IDQWV OLYUpV j HX[PrPHV PHXUWULV HW WUDXPDWLVpV UDVVHPEOpV GDQV GHV FHQWUHV G DFFXHLO G XUJHQFH /H WLVVX IDPLOLDO HVW GpWUXLW OD WUDQVPLVVLRQ GHV VDYRLUV D pWp URPSXHOHVMHXQHVVXUYLYHQWFRPPHLOVSHX YHQW ,QVXSSRUWDEOH SRXU 6RQLD ´3RXU FHV HQIDQWV HOOH UrYH G·XQ IR\HU G·XQH pFROH HWG·XQHIRUPDWLRQDX[PpWLHUVGHEDVHWHOV TXHFHX[GHERXFKHGXEkWLPHQWODPp FDQLTXH«DLGHUFHVHQIDQWVGHYHQXVDGR OHVFHQWV SRXU OD SOXSDUW j WURXYHU UDSLGH PHQWXQHPSORLHWjUHVWHUGDQVOHXUSD\Vµ 8QSURMHWHVWjO·pWXGHDÀQGHOHVRXPHWWUH DX[pYHQWXHOVPpFqQHV 'RQQHUXQPLQLPXPGHGLJQLWp 'DQVO·DWWHQWHGHVRQGpPDUUDJHO DVVRFLDWLRQV HVWODQFpHGDQVODUpQRYD WLRQGHPDLVRQVG HQIDQWV´FKHIVGHIDPLOOHµGH.LPLURQNRHWGH.LQ\LQ\D GHVYLOODJHVGHHWHQIDQWV´(QO DEVHQFHG DGXOWHVOHVHQIDQWVSOXV kJpVRQWSULVOHVSOXVMHXQHVVRXVOHXUSURWHFWLRQ(QVHPEOHLOVIRUPHQWGHV IDPLOOHV ORJpHV ELHQ VRXYHQW GDQV GHV PDLVRQV YpWXVWHV  XQ LQWpULHXU EUXW HQSLVpVDQVDXFXQHFRPPRGLWpµ´1RXVOHVDLGRQVjOHVUpQRYHUHWjOHV pTXLSHU GH OLWV GH PDWHODV GH WDEOHV HW GH FKDLVHV G DUPRLUHV GH OLQJH GH PDLVRQ /D SDUWLFLSDWLRQ GH FKDFXQ j OD UpQRYDWLRQ HVW H[LJpH 6L WX YHX[IDLUHELHQjWRQHQIDQWGLWOHSURYHUEHQHOXLGRQQHSDVXQSRLVVRQ DSSUHQGVOXLjSrFKHU

0DwVKD$IULFD

81(+,672,5( '·(1*$*(0(17

$QXQZDYHULQJ FRPPLWPHQW

E\$QQH6DOOp %HUQDUGYDQGH.HUFNKRYH

5HFKHUFKHSDUUDLQDJHVVFRODLUHV /D IRUPDWLRQ GHV HQIDQWV HW O LQVHUWLRQ GHV SOXV kJpV HVW SULPRUGLDOH GDQV FHFRQWH[WHSRXUpORLJQHUOHVVSHFWUHVGHODSURVWLWXWLRQHWGHODGURJXHHW DLGHUOHVHQIDQWV´FKHIVGHIDPLOOHµjDVVXPHUOHXUFKDUJH6L´OHSD\VDX[ FROOLQHVµHVWIHUWLOHHQFRUHIDXWLOVDYRLUWLUHUSURÀWGHVUHVVRXUFHVGHOD WHUUHSRXUHQIDLUHGHVVRXUFHVGHYLHHWJDUGHUOHVSRSXODWLRQVFKH]HOOHV / DVVRFLDWLRQÀQDQFHGHVSURMHWVGHVFRODULVDWLRQHWG LQVHUWLRQIRXUQLWGHV RXWLOV3RXUXQGHFHVYLOODJHV´FKHIVGHIDPLOOHµGH.DPRQ\LHOOHDFKqWHHQ XQPRXOLQTXLSHUPHWGHPRXGUHOHVFpUpDOHVHWOHPDQLRFSRXUWRXWH ODSRSXODWLRQDYRLVLQDQWH/HVUHYHQXVWLUpVGHVYHQWHVGDQVOHVYLOODJHVYRL VLQVSHUPHWWHQWDX[HQIDQWVGHFRXYULUOHXUVEHVRLQVTXRWLGLHQV 6RLUpHFDULWDWLYHj&OXQ\OHDYULO ©1RXVDYRQVSRXUREMHFWLIGHUpQRYHUHQPR\HQQHXQHYLQJWDLQHGHPDL VRQVSDUDQ1RXVWUDYDLOORQVSDUIRLVHQFROODERUDWLRQDYHFG·DXWUHVDVVR FLDWLRQVFRPPHO $0$'(0RQGLDOHSUpVLGpHSDU6$6OD3ULQFHVVH&DUROLQH GH0RQDFROD&KDvQHGHO·HVSRLUSRXUGHVDFWLRQVSRQFWXHOOHVDX5ZDQ GDªH[SOLTXHHQFRUHOHSRUWHSDUROH3RXUFRQWLQXHUVHVDFWLRQV0DwVKD $IULFDDDXMRXUG·KXLEHVRLQGHWRXWHVOHVERQQHVYRORQWpV

‡/

‡…

2QH PLOOLRQ GHDG D FRXQWU\ LQ UXLQV DQG VHYHUDOKXQGUHGWKRX VDQG ZRXQGHG DQG WUDXPDWLVHG FKLOGUHQ OHIW WR IHQG IRU WKHP VHOYHV RU LQ HPHUJHQ F\ VKHOWHUV 7KH\ VXU YLYHDVEHVWWKH\FDQ ZLWK QR IDPLO\ VWUXF WXUH QRU SDUHQWDO JXL GDQFH 5ROODQG ÀQGV WKLV XQEHDUDEOH DQG GUHDPV RI D KRPH IRU WKHVH FKLOGUHQ D VFKRRO DQG YRFDWLR QDOWUDLQLQJ²WKHWRROV ZLWK ZKLFK WR EXLOG D IXWXUH $PLQLPXPRIGLJQLW\ :KLOH GRQRUV FRQVL GHU YDULRXV SURMHFWV 0DwVKD $IULFD DQG 5ROODQG·V PRWKHU /DQGUDGD KDYH DOUHDG\ EHJXQ UHQR YDWLQJ WKH KRPHV RI FKLOGUHQ WKDW KDYH LQ WKH DEVHQFH RI DGXOWVWDNHQRQUROHV DV YLOODJH OHDGHUV *URXSV RI FKLOGUHQ OLYH WRJHWKHU LQ RI WHQ GLODSLGDWHG FRE EXLOGLQJV ZLWK QR ID FLOLWLHV 7KH DVVRFLD WLRQ·V KHOS LQFOXGHV HYHQ WKH EDVLFV VXFK DV EHGV WDEOHV DQG OLQHQ

WZLQ HYLOV RI GUXJV DQG SURVWLWXWLRQ 7KLV FRXQWU\·V ODQG LV IHU WLOH UHTXLULQJ D PLQL PXP RI NQRZOHGJH IRU LW WR VXVWDLQ WKH SRSXODWLRQ 7R WKLV HQG WKH DVVRFLDWLRQ VSRQVRUV VFKRROV DQG SURYLGHV WKH QHFHV VDU\WRROV,Q.DPRQ\L GLVWULFWDJULQGLQJPLOO ZDV EURXJKW LQ DQG QRZ SURYLGHV D YD OXDEOH LQFRPH DQG ÁRXUIRUQHLJKERXULQJ DUHDV &OXQ\FKDULW\HYHQLQJ 7KH JRDO LV WR UHQR YDWH  KRXVHV HDFK \HDU ZLWK WKH KHOS RI RWKHU RUJDQLVD WLRQVVXFKDV$0$'( 0DwVKD $IULFD KROGV JDOD HYHQWV WR UDLVH WKH QHFHVVDU\ IXQGV WKH QH[W EHLQJ KHOG RQ  $SULO  LQ &OXQ\ 6D{QHHW/RLUH ² WKH RUJDQLVDWLRQ·V KHDGTXDUWHUV

6FKRROVDQGWRROV 7KH HGXFDWLRQ RI WKH \RXQJHVW DQG HPSOR\PHQW IRU RO GHU FKLOGUHQ LV HVVHQ WLDO LQ DYRLGLQJ WKH

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ


75<

WRKHOS

6

LO·pPRWLRQQHSRXYDLWrWUHFRPSDUpHOHVODUPHVGHMRLHODLVVDQWSODFHj GHVODUPHVG·XQHWULVWHVVHLQÃ&#x20AC;QLHHOOHJDUGHGHFHWWHDQQpHOjXQHSODFH GDQVVDPpPRLUHSRXUFKDFXQG·HX[0DLVVLODFRXURQQHHVWVDJHPHQW UDQJpH GDQV XQH DUPRLUH VRQ F±XU HVW UHVWp j MDPDLV RXYHUW VXU FHWWH HQ IDQFHWUDXPDWLVpHTX·HOOHDGpFLGpG·DLGHU'L[DQVSOXVWDUGXQDQQLYHUVDLUH TXLVHIrWHHQFHPRLVGHPDUVQRXVVRPPHVDOOpVODWURXYHUSRXUTX·HOOHQRXV SDUOHGHVRQDVVRFLDWLRQ0DwVKD$IULFD 7U\0H6RQLD5ROODQGDXOHQGHPDLQGHYRWUHpOHFWLRQYRXVYRXVrWHVWRXWGH VXLWHLQYHVWLHGDQVOHVDFWLRQVKXPDQLWDLUHV&HODSDUDLWVLPSOLVWHGHSRVHUOD TXHVWLRQPDLVSRXUTXRL" 6RQLD5ROODQG4XDQGQRXVSUpSDURQVO·pOHFWLRQGH0LVV)UDQFHQRXVGHYRQV YpKLFXOHUXQWKqPH-·DYDLVGpMjFKRLVLO·KXPDQLWDLUH-HQHP·DWWHQGDLVSDV HQFRUHjFHTXHM·DOODLVYLYUH 70  4XHOTXHV PRLV DSUqV YRWUH pOHFWLRQ YRXV rWHV DOOpV j O·LQYLWDWLRQ GHV DXWRULWpV UZDQGDLVHV GDQV YRWUH SD\V QDWDO &·pWDLW OD SUHPLqUH IRLV " 4XHOV VRXYHQLUVJDUGH]YRXVGHFHYR\DJH" 65-·DLYpFXDX5ZDQGDMXVTX·jO·kJHGHKXLWDQV-·HQVXLVSDUWLHDXGpEXW GHVpYpQHPHQWVWUDJLTXHV5HYHQLUGDQVPRQSD\VVXUWRXWHQFRPSDJQLHGH PDIDPLOOHPRQSqUHPDPqUHPRQIUqUHpWDLWXQY±XSLHX[3RXUWDQWFHOD D pWp WUqV GXU 1RWDPPHQW VXU OH VLWH GH 1WDUDPD 3OXV GH  7XWVLV IXUHQW PDVVDFUpVGDQVFHWWHSHWLWHpJOLVHGHYHQXHXQV\PEROHGXJpQRFLGH1'/5  -·HQVXLVPrPHWRPEpHPDODGH 704XDQGFRPPHQWHWDYHFTXLHVWQpH0DwVKD$IULFD" 65  -·DL WRXW GH VXLWH YRXOX IDLUH TXHOTXH FKRVH $X GpSDUW O·DVVRFLDWLRQ VH QRPPDLW © 6RQLD 5ROODQG SRXU OHV HQIDQWV ª  F·pWDLW WURS SHUVRQQHO (Q VZDKLOLPDwVKDF·HVWODYLHPDwVKDDIULFDUHSUpVHQWDLWELHQFHTXHMHYRXODLV GpIHQGUH0DGDPHGH)RQWHQD\HWOH&RPLWp0LVV)UDQFHP·RQWEHDXFRXS

Â&#x2021;Â&#x2020;

7HDUV RI MR\ DQG WHDUV RIJUHDWVDGQHVVSRSX ODWHKHUPHPRU\RIWKDW \HDU +HU FURZQ VDIHO\ ORFNHGDZD\KHUKHDUW UHPDLQV ZLGH RSHQ WR WKH WUDXPDWLVHG \RXWK VKHQRZKHOSV2QWKH WHQWK DQQLYHUVDU\ RI WKRVH HYHQWV ZH WDON WRKHUDERXWKHURUJD QLVDWLRQ 7U\ 0H 6RQLD 5ROODQG MXVW RQH GD\ DIWHU EHLQJ FURZQHG \RX EHJDQ KXPDQLWDULDQ ZRUN:DVWKHUHDUHD VRQ" 6RQLD 5ROODQG ,Q SUH SDULQJ IRU WKH HOHF WLRQ ZH KDG FKRRVH D VXEMHFW WR SURPRWH , FKRVH KXPDQLWDULDQ DFWLRQ/LWWOHGLG,NQRZ ZKDWOD\DKHDG 70 :LWKLQ PRQWKV \RX ZHUH RIÃ&#x20AC;FLDOO\ LQYLWHG WR YLVLW 5ZDQGD \RXU KRPH FRXQWU\ :KDW

PHPRULHVGR\RXKDYH RIWKHWULS" 65,OLYHGWKHUHWLOO,ZDV HLJKW DQG OHIW EHIRUH WKH WUDJLF HYHQWV , KDG DOZD\V ZDQWHG WR UHWXUQ HVSHFLDOO\ LQ WKH FRPSDQ\ RI P\ IDPLO\ EXW LW ZDVQ·W HDV\ , HYHQ EHFDPH LOO IROORZLQJ D WULS WR WKH 1WDUDPD FKXUFK ZKHUH7XWVLVZHUH PDVVDFUHG 70:KHQZLWKZKRP DQG KRZ GLG 0DwVKD $IULFDEHJLQ" 65,LPPHGLDWHO\ZDQ WHGWRGRVRPHWKLQJ,Q 6ZDKLOL PDwVKD PHDQV OLIH 0DwVKD $IULFD UH SUHVHQWHG HYHU\WKLQJ , ZDQWHG WR GHIHQG 2YHU Ã&#x20AC;IW\ SHRSOH KHO SHG LQFOXGLQJ 0D GDPH GH )RQWHQD\ WKH 0LVV )UDQFH DQG 0LVV %RXUJRJQH &RP PLWWHHV $ &' RI P\ VRQJV UDLVHV IXQGV WKDW

GLUHFWO\DVVLVWFKLOGUHQ 70 ,V WKHUH VRPHWKLQJ WKHUH \RX SDUWLFXODUO\ FKHULVK" 65 &KLOGUHQ DV KHDGV RI IDPLOLHV $IWHU WKH PDVVDFUHV FKLOGUHQ FDPHWRJHWKHUWRIRUP QHZ IDPLOLHV &KLOGUHQ WKDWZRXOGVRRQEHWKH QDWLRQ·V \RXQJ DGXOWV ,W ZDV LPSRUWDQW IRU WKHP WR KDYH D URRI RYHU WKHLU KHDGV DQG WKHQ WR EH VFKRROHG :H FRQWULEXWHG IXQGV WR WKH UHFHQW DQG VL JQLÃ&#x20AC;FDQW ´RQH GROODU FDPSDLJQµ VHW XS E\ WKH ZLGHU 5ZDQGDQ GLDVSRUD DQG IRU D FROOHJHDW1WDUDPDDV SDUW RI WKH 1LQH <HDUV %DVLF (GXFDWLRQ SUR JUDPPHWKDWZLOODOORZ VWXGHQWV RI SRRU IDPL OLHVWRFRQWLQXHOLYLQJDW KRPH 70:KDWLV\RXZLVKIRU SUHVHQWO\" 65 /RWV PRUH IXQGV WR EXLOG D YRFDWLRQDO WUDLQLQJ FHQWUH IRU HYHU\WKLQJ IURP DJUL FXOWXUH WR EXLOGLQJ

WUDGHV DQG FDWHULQJ ² WKH VNLOOV QHHGHG WR UHEXLOGDFRXQWU\DQG IRU WKRVH FKLOGUHQ WR EXLOGWKHPVHOYHVDIX WXUH 70 $ ZLVK IRU WRPRU URZ" 65 7RPRUURZ LV VWLOO MXVW DQRWKHU WRGD\ IRU WKHVH YLOODJHV RI FKLO GUHQ WKDW QHHG RXU KHOS 70 7R FRQFOXGH RXU WUDGLWLRQDO TXHVWLRQ QDPH VRPHWKLQJ \RX ZRXOGOLNHWR7U\" 65 ,·G OLNH WR Ã&#x20AC;QG WKH LGHDO SURGXFHU VRPHRQH WKDW ZRXOG HQHUJLVHP\FDUHHUDO ORZLQJPHWREHPRUH LQYHVWHG DQG LQYHVW PRUH $ SDUW RI KHU ZLVK KDV DOUHDG\ EHHQ DQVZH UHG ZLWK 6RQLD FRP SOHWLQJ D ERRN RQ HWKQLF EHDXW\ ZLWK 6DQGULQH-HDQQH5RVH WKH IRXQGHU RI WKH .D QHOOLDLQVWLWXWHV6KHDOVR KDV WZR RQJRLQJ Ã&#x20AC;OP SURMHFWV

0DwVKD$IULFD ELVUXH3HWLWH5LYLqUH&OXQ\ 7pOpSKRQH)D[ (PDLOVHFUHWDULDW#PDLVKDDIULFDFRP ZZZPDLVKDDIULFDFRP

DLGpQRWDPPHQWHQÃ&#x20AC;QDQoDQWXQ&'VXUOHTXHOMHFKDQWDLVHWGRQWOHVGURLWV VRQWDOOpVGLUHFWHPHQWDX[HQIDQWVWRXWFRPPHOH&RPLWp0LVV%RXUJRJQH PRQSUHPLHUWLWUH/HPRXYHPHQWDHQWUDvQpEHDXFRXSGHSHUVRQQHVQRXV pWLRQVXQHFLQTXDQWDLQH 70,O\DXQHLPDJHTXLYRXVHVWSOXVFKHU" 65/HVHQIDQWVFKHIVGHIDPLOOH$SUqVOHVPDVVDFUHVGHVOHXUVOHVHQIDQWVVH VRQWUHJURXSpVHWRQWIRUPpXQHQRXYHOOHIDPLOOH,OpWDLWLPSRUWDQWGHOHXU GRQQHUXQWRLW«3OXVWDUGLODIDOOXSHQVHUjOHVVFRODULVHUHQFKHUFKDQWGHVSDU WHQDULDWV/DUpFHQWHDFWLRQ©RQHGROODUFDPSDJQªPLVHHQSODFHSDUGHV SHUVRQQDOLWpVGXSD\VHWODGLDVSRUDUZDQGDLVHYLYDQWjO·pWUDQJHUHVWVLJQLÃ&#x20AC; FDWLYH0RQDVVRFLDWLRQ\DFRQWULEXp,O\YDGHPrPHGHO·pFROHGH1WDUDPD TXHQRXVYRXORQVDLGHUSRXUODFRQVWUXFWLRQG·XQFROOqJHGDQVOHFDGUHG·XQ SURJUDPPHQRPPp©QLQH\HDUVEDVHHGXFDWLRQª (GXFDWLRQGHVQHXIDQV  &HOD SHUPHWWUD DX[ HQIDQWV GHV IDPLOOHV PRGHVWHV G·DFFpGHU j O·HQVHLJQH PHQWVHFRQGDLUH 704XHYRXVIDXGUDLWLODXMRXUG·KXL" 65%HDXFRXSG·DUJHQWELHQVÂ&#x20AC;U«/HUrYHVHUDLWGHFRQVWUXLUHXQFHQWUHG·DS SUHQWLVVDJH j GLIIpUHQWV PpWLHUV DOODQW GH O·DJULFXOWXUH j GHV PpWLHUV ©XWLOHVª FHX[OLpVDXEkWLPHQWSDUH[HPSOHPDoRQSORPELHUFDUUHOHXU«RXOHVPp WLHUVGHERXFKHFXLVLQLHUV7RXWSRXUUHFRQVWUXLUHOHSD\VFRPPHSRXUTXHFHV HQIDQWVVHUHFRQVWUXLVHQWHX[PrPHV 70(WSRXUGHPDLQ" 65'HPDLQF·HVWHQFRUHDXMRXUG·KXL,OIDXWHQFRUHHWWRXMRXUVDLGHUVHVYLO ODJHVG·HQIDQWV 708QHTXHVWLRQULWXHOOHV·LPSRVHTX·DLPHULH]YRXVHVVD\HU" 65-·DLPHUDLHVVD\HUGHWURXYHUOHSURGXFWHXULGpDO&HOXLTXLGRQQHUDLWGH O·LPSXOVLRQjPDFDUULqUHHWPHSHUPHWWUDLWG·LQYHVWLUG·DYDQWDJHFRPPHGH P·LQYHVWLUG·DYDQWDJH 2QVDLWGpMjTX·XQHSDUWLHGHVRQY±XV·HVWH[DXFpHFDUHOOHWUDYDLOOHHQFH PRPHQWjXQOLYUHVXUOD©EHDXWpHWKQLTXH (OOHSHXWHQSDUOHUVDYDPPHQW  DYHF6DQGULQH-HDQQH5RVHHVWKpWLFLHQQHUHQRPPpHIRQGDWULFHGHVLQVWLWXWV .DQHOOLDHWDGHX[SURMHWVGHÃ&#x20AC;OPGDQVVRQDJHQGD2QQHGRXWHSDVTX·HOOH IHUDSOXVTX·HVVD\HUHOOHYDUpXVVLU

Â&#x2021;Â&#x2021;

SDJHIDLWHVXQGRQ 0DNHDGRQDWLRQ


38%/,UpGDFWLRQQHO

$·75(*2

,I\RXJRGRZQ WRWKHEHDFKWRGD\

/·$'5(66(48, 9$&$66(5/$&$%$1(

$XPLOLHXGXPRLVGHPDLVHPLUDQWGDQVOHVHDX[GXSRUWGHSODLVDQFHTXLPDUTXH ODIURQWLqUHQDWXUHOOHDYHFODSULQFLSDXWpGH0RQDFRXQH©FDEDQHªGHSrFKHXU SDVFRPPHOHVDXWUHVYDV·RXYULUVXUOHGpFRULPDJLQpDYHFWDOHQWHWLQQRYDWLRQSDU 3KLOLSSH6WDUFN ,QPLG0D\UHÁHFWHGLQWKHVWLOOZDWHUVRIWKHPDULQDDWWKHHGJHRI0RQDFRD ¶ÀVKHUPHQ·VFDELQ·XQOLNHDQ\RWKHUZLOOWKURZRSHQLWVGRRUVWKDQNVWRWKHFUHDWLYH WDOHQWVRI3KLOLSSH6WDUFN

&

HWWHLGpHGHFDEDQHGHSrFKHXUHVWQpGDQVVRQHVSULWIHUWLOHTXDQG GHX[DPLV&\ULOOH5HJRWWD]DQFLHQPDQDJHUGX-LPP\·]HW&RUUDGR $JXVWDOXLRQWSUpVHQWpOHVOLHX[6·LPDJLQDQWTXHODPHUQHSRXYDLW TX·rWUHOHEHUFHDXGHFHWWHFRUSRUDWLRQDQFHVWUDOHHWOHVTXDLVG·XQSRUWOH UHQGH]YRXVXQLTXHSRXUWRXWSDUWDJHUjFRPPHQFHUSDUO·DPLWLpLODGp FOLQp O·LGpH G·XQ OLHX GH UHQFRQWUH DW\SLTXH GDQV OD PLVH HQ VFqQH EHDX GDQV VD GpFRUDWLRQ OHV PXUV ODPEULVVpV SHLQWV GH JULV FODLU OHV IDPHX[ IDX WHXLOVGpFOLQpVHQXQHPXOWLWXGHGHFRXOHXUVJpQpUHXVHGDQVVRQDSSURFKH FRQYLYLDOH GDQV VRQ DFFXHLO JRXUPDQGH SRXU VD JDVWURQRPLH IHVWLYH HQ WRXWFDVSRXUTXHOHVDPLVUHYLHQQHQWTXHOOHTXHVRLWO·KHXUH'HVSrFKHXUV GHYDQWO·(WHUQHOV€UHPHQWTXLDXUDLHQWWURXYpGDQVOHVWURLVQLYHDX[GHFHWWH DGUHVVHGLIIpUHQWHODPDWLqUHjSDUWDJHUOHWHPSVVDQVOHFRPSWHUODWDEOH VDQVFKLSRWHUODIrWHVDQVDUULqUHSHQVpH

WDXUDQW VHW DORQJVLGH DYDVWDQGHOHJDQWWHU UDFH DQG SURWHFWHG IURP WKH RFHDQ VSUD\ E\ ODUJH ED\ ZLQGRZV 7KH WKLUG ÁRRU LV PRUH LQWLPDWH LQ VFDOH 7KLV LV WKHURRIDWRQHZLWKWKH VXQ DQG WKH VHD &KLF ÀQJHUIRRGVDQGDSSH WLVHUVZKHUHHYHU\KRXU RI WKH GD\ LV DQ RS SRUWXQLW\ HDFK WDEOH D GLVFRYHU\ 6HSDUDWH HQWUDQFHV PDNH WKLV SHUIHFW IRU SULYDWH HYHQWV7KHVWDIILQWXUQ PDGH SHUIHFW E\ WKHLU HQWKXVLDVP DQG PXOWL SOLFLW\RIODQJXDJHV

7KUHHOHYHOV 7KHÀUVWÁRRUDORQJVLGH WKH GRFN LV D SULYDWH SODFHIRUIULHQGVZLWKD EDUWKDWLVVRSKLVWLFDWHG DQGKLJKO\H[FOXVLYHIRU PHPEHUV RQO\ $ '- FKDPSDJQHFRFNWDLOV 2Q WKH VHFRQG ÁRRU \RX·OOÀQGWKHPDLQUHV

‡‰

3KLOLSSH6WD

UFN

SKRWR-HDQ

‡ˆ

%ULFH/HPD

O

7URLVQLYHDX[WURLVPRPHQWV &RQFUqWHPHQW OHV WURLV HVSDFHV RQW FKDFXQ OHXU YRFDWLRQ $X SUHPLHU QL YHDX FRQWUH OD GLJXH F·HVW O·HQGURLW R YRXGUH] rWUH DGPLV /H WHUPH HVW MXVWHV·DSSOLTXDQWjXQEDUpOpJDQWPDLVWUqVVpOHFWXQLTXHPHQWDFFHVVLEOH jVHVPHPEUHVSRXUYLYUHLQWHQVpPHQWPDLVHQSULYpXQHDPELDQFHPXVL FDOHDGpTXDWH'-FRPSULVDYHFXQHFDUWHTXLIDLWODSODFHDX[PHLOOHXUV FKDPSDJQHVDX[FRFNWDLOVSRXUXQHFRQVRPPDWLRQPRGpUpHPDLVXQSODL VLUVDQVOLPLWH$XVHFRQGQLYHDXHQWUHODVDOOHpOpJDQWHHWVDYDVWHWHUUDVVH SURWpJpHV·LOOHIDXWGHVHPEUXQVSDUGHODUJHVEDLHVYLWUpHVWDQGLVTXHOD SHUJRODRIIUHXQHDXWUHDPELDQFHF·HVWOHUHVWDXUDQWSULQFLSDOXQLTXHPHQW jODFDUWHVDQVSODWVRVWHQWDWRLUHVPDLVDYHFXQHTXDOLWpGHSURGXLWTXLWUDQV FHQGH O·RIIUH DYHF OH PHLOOHXU HQ FKDTXH FKRVH HW XQH GLYHUVLÀFDWLRQ GHV DPELDQFHV$XGHUQLHUQLYHDXXQSHXSOXVLQWLPHGDQVVDGLPHQVLRQHWHQ WRWDOHFRPPXQLRQDYHFODPHUHWOHVROHLOOHURRIOHWRLWWHUUDVVHSRXUXQ VQDFNLQJFKLFQRQVWRSSRXUTXHFKDTXHKHXUHVRLWXQHKHXUHJRXUPDQGH FKDTXHWDEOHXQHGpFRXYHUWH $YHF VHV GHX[ HQWUpHV TXL SHUPHWWHQW GH SULYDWLVHU FKDTXH HQWLWp XQH pTXLSHHQWKRXVLDVWHSRO\JORWWHHWHQWUDLQDQWHF·HVWV€ULOYD\DYRLUGHQRP EUHX[SrFKHXUVVXUFHVTXDLVTXLLQYLWHQWDXGpSDUW9RXVrWHVGXYR\DJH"

,WZDVWKHORFDWLRQWKDW LQVSLUHG WKH FRQFHSW VXJJHVWV 6WDUFN ZKHQ KH ZDV VKRZQ WKH VLWH E\ &\ULOOH 5HJRWWD] RI -LPP\·] IDPH DQG &RUUDGR $JXVWD $Q DQFHVWUDOERQGSUHVHQ WHGLWVHOIZLWKWKHVHDDV LWV FUDGOH DQG WKH KDU ERXU·VGRFNVDVWLPHOHVV PHHWLQJSODFH7KLVZDV WREHDXQLTXHFRPLQJ WRJHWKHU RI SHRSOH RI IULHQGVKLS DW\SLFDO E\ GHVLJQ EHDXWLIXO LQ LWV GHFRUDWLRQ JHQH URXV FRQYLYLDO IHVWLYH DQG FXOLQDU\ $ SODFH ZKHUHWLPHLWVHOIZRXOG VOLS WKURXJK WKH ÀVKHU PDQ·VQHW


VSULQJ

PH

48$1'/$5,9,(5$ 7KH 5LYLHUD OHDYHV 6257'(/·+,9(5 ZLQWHUEHKLQG $X[SUHPLHUVUD\RQVG·XQVROHLOSULQWDQLHUOD&{WHG·$]XUUHWURXYHOHVJUDQGV pYpQHPHQWVTXLPDUTXHQWWUDGLWLRQQHOOHPHQWVRQDJHQGDVRUWRQV 7KHVSULQJ·VÀUVWUD\VRIVXQVKLQHKHUDOGWKHVWDUWRIWKLVFRDVW·VFHOHEUDWHGFDOHQGDURI HYHQWV²WLPHWRKHDGRXWE\$QQH5LFDUG

$

ORUVTXHOHVROHLOLOOXPLQHOHVVRPPHWVHQFRUHQHLJHX[OD0pGLWHUUD QpHVFLQWLOOHGpMjHWQRXVLQYLWHjUHWURXYHUVHVULYDJHVSRXUG·DXWUHV PRPHQWVLQWHQVHV3kTXHVYDPDUTXHUOHGpEXWGHODVDLVRQK{WHOLqUH HWWRXVOHVSDODFHVXQWHPSVHQGRUPLVVHMRLJQHQWjOHXUVFRQIUqUHVSRXUXQH RIIUHDWWUDFWLYH,OVVRQWSUrWVSRXUDFFXHLOOLUOHVWRXULVWHVFRPPHOHVFRQJUHV VLVWHVOHVJUDQGVUHQGH]YRXVVHSURÀOHQW $0RQDFROHVSRUWHWOHVSHRSOHVIRQWO·DFWXDOLWp 6LOHVDORQ(YHUFRQVDFUpDX[pQHUJLHVUHQRXYHODEOHVHWQRWDPPHQWDX[ YpKLFXOHVpOHFWULTXHVQRXVLQWHUSHOOHHQSUHPLHUOLHXSRXUVRQF{WppFROR JLTXHHWUHVSRQVDEOH PDUVDYULO O·DXWRPRELOHYDrWUHRPQLSUpVHQWH HQSULQFLSDXWpDYHFOH7RS0DUTXHV DYULO VDORQGHODGpPHVXUH DXWRPRELOH TXL VHUD pJDOHPHQW FHWWH DQQpH O·RFFDVLRQ GH GpFRXYULU G·DXWUHV XQLYHUV OX[XHX[  GHV PRQWUHV GHV DYLRQV GHV \DFKWV« PDLV

‡+

:KLOH WKHUH PD\ VWLOO EH VQRZ RQ GLVWDQW SHHNV WKH 0HGLWHU UDQHDQ KDV DOUHDG\ GRQQHG LWV LQYLWLQJ VKLPPHUDQGEHFNRQV XV EDFN WR LWV VKRUHV (DVWHUKHUDOGVWKHEH JLQQLQJ RI WKH VHDVRQ DV WKH JUDQG KRWHOV IUHVK IURP WKHLU ZLQWHU KLEHUQDWLRQ XQYHLO WKHLU ODWHVW RIIHUV WR ZHOFRPH WRXULVWV DQG

FRQYHQWLRQHHUV WR DOO WKHPDMRUHYHQWV 0RQDFRUDLVHVWKHFXU WDLQZLWKVSRUWFHOHEUL WLHV DQG DXWRPRELOHV 6HWWLQJ WKH WRQH WKH (YHUH[SR 0DUFK² $SULO LVGHGLFDWHGWR UHQHZDEOHHQHUJ\DQG HFRORJLFDO YHKLFOHV 7RS 0DUTXHV WDNHV XS WKH EDWRQ  ²  $SULO  E\ IHDWXULQJ WKH PRVWOX[XULRXVDXWRPR

ELOHV ZDWFKHV \DFKWV DQG DLUFUDIW LQ SDU WQHUVKLS ZLWK KXPDQL WDULDQRUJDQLVDWLRQ0R QDFR$LGHHW3UHVHQFH RI ZKLFK +6+ 3ULQFH $OEHUW ,, LV WKH SDWURQ )ROORZLQJWKDWLVWKHKL JKOLJKWRIWKH)RUPXOD SLORWV· \HDU WKH XQPLV VDEOH *UDQG 3UL[  ² 0D\ SUHVHQWHGE\ WKH $XWRPRELOH &OXE RI 0RQDFR $QRWKHU VSRUWLQJ GDWH RI SDUWL FXODUQRWHLVWKH0RQWH &DUOR 5ROH[ 0DVWHUV  ²  $SULO  WKH *UDQG 6ODP HYHQW ZRQ ODVW \HDU E\ 5DIDHO 1DGDO DQGKHOGDWWKH0RQWH &DUOR &RXQWU\ &OXE :KLOHKRUVHSRZHUPD\ RSHQ WKH VHDVRQ WKH SRZHUIXO QDWXUDO HOH JDQFH RI UHDO KRUVHV KDV DOVR FODLPHG LWV ULJKWIXO SODFH ZLWK WKH -XPSLQJ ,QWHUQDWLRQDO

RI 0RQDFR  ²  -XQH  &DQQHV· WK )LOP )HVWLYDO ZLWK 5REHUW 'H 1LUR DV 3UHVLGHQW RI WKH -XU\ ZLOO RQFH DJDLQ VHW WKH FLW\·V PRVW IDPRXV VWDLUV DOLJKWZKRVHUHGFDU SHW RSHQLQJ QLJKW ZLOO WKLV\HDUKRQRXUMDLOHG ,UDQLDQ FLQHPDWRJUD SKHU -DIDU 3DQDKL ZLWK WKH VSHFLDO &DU URVVH G·2U SUL]H LQ UH FRJQLWLRQRIKLVXQLTXH YLVXDO FRQWULEXWLRQ WR ÀOP 0D\  ,Q 6W 7URSH] WKH XQPLV VDEOH ´%UDYDGHVµ  ²  0D\  LV D VSHFWD FXODUO\ FRORXUIXO DQG OLYHO\ PLOLWDU\ DQG UHOL JLRXV IHVWLYDO FHOHEUD WHG IRU D UHFRUG  \HDUV UHÁHFWLQJ WKH FLW\·V FRPPLWPHQW WR WKH SDVW DQG WR WKHLU SDWURQVDLQW 0RQLFD%HOOXFFL

Q·RXEOLHSDVVRQSDUWHQDULDWDYHF0RQDFR$LGHHW3UpVHQFHDVVRFLDWLRQ KXPDQLWDLUHGRQWOH3UpVLGHQWG·KRQQHXUHVW6$6OH3ULQFH$OEHUW,,HWELHQ V€UOH*UDQG3UL[GH) GXDXPDL pYpQHPHQWLQFRQWRXUQDEOHYpUL WDEOHGpÀUHOHYpFKDTXHDQQpHSDUO·$XWRPRELOH&OXEGH0RQDFRSRXU XQWLWUHSDUPLOHVSOXVHQYLpVSDUWRXVOHVSLORWHV3RXUUHVWHUGDQVOHVSRUWOH 0RQWH&DUOR5ROH[0DVWHU DYULO GDQVOHFDGUHSUHVWLJLHX[GX0RQWH &DUOR&RXQWU\&OXEHVWXQGHVWRXUQRLVGHWHQQLVGX*UDQG&KHOHPUHP SRUWpO·DQGHUQLHUSDU5DIDHO1DGDOTXHQHVDXUDLHQWPDQTXHUQLOHVVWDUV GHODSHWLWHEDOOHMDXQHQLOHVDXWUHV6LOHVFKHYDX[YDSHXUVRQWjODIrWH OHFKHYDOOHYUDLGDQVVRQpOpJDQFHQDWXUHOOHDVDSODFHGDQVOHVFRP SpWLWLRQV HW OH -XPSLQJ ,QWHUQDWLRQDO GH 0RQDFR  MXLQ  HVW GHYHQX LQFRQWRXUQDEOH $&DQQHVOHqPH)HVWLYDOGX)LOPSUpVLGpSDUOHJpDQWLVVLPH5REHUWGH 1LURYDXQHQRXYHOOHIRLVHQÁDPPpOHFpOqEUHWDSLVURXJHTXLFRXYUHOHV SOXVFpOqEUHVPDUFKHVGHODFLWp2QVRXOLJQHUDjFHWWHRFFDVLRQTXHOH ©&DUURVVHG·2UªVHUDUHPLVj-DIDU3DQDKLO·XQGHVGHX[FLQpDVWHVLUDQLHQV $YHF 0RKDPPDG 5DVVRXORY   FRQGDPQpV j XQH SHLQH GH VL[ DQV GH SULVRQ HW j XQH LQWHUGLFWLRQ GH WUDYDLOOHU HW GH TXLWWHU OHXU SD\V SHQGDQW YLQJW DQV  ORUV GH OD VRLUpH G·RXYHUWXUH GH OD 4XLQ]DLQH GHV UpDOLVDWHXUV SUpYXHOHMHXGLPDL $ 6DLQW7URSH] OHV © %UDYDGHV ª pYpQHPHQW TXL VH SHUSpWXH GHSXLV  DQVXQUHFRUGUHÁHWGHO DWWDFKHPHQWGHVWURSp]LHQVjOHXUSDVVpHWGH OHXUGpYRWLRQjOHXU6DLQW3DWURQjODIRLVIrWHPLOLWDLUHHWUHOLJLHXVHHVWHQ WRXWFDVXQJUDQGUHQGH]YRXVFRORUpDQLPpHWVSHFWDFXODLUH PDL  TXHYRXVQHVDXUH]PDQTXHU

‡,


ERRN

PH 0RQDFR

5(1'(=9286 $83$/$&(

3DODFH5HQGH]YRXV

0RQDFR6DLQWWURSH]0HJqYH&RXUFKHYHO3DULVWUDLWVG·XQLRQHQWUHFHVJUDQGHVFLWpVOHV SDODFHVHWK{WHOVGHOX[HGDQVOHVTXHOVYRXVUHWURXYHUH]7U\0H« 0RQDFR6W7URSH]0HJqYH&RXUFKHYHO3DULVJUDQGFLWLHVOLQNHGE\WKHSDODWLDOKRWHOV DWZKLFK\RX·OOÃ&#x20AC;QG7U\0HE\%HUQDUG9DQGH.HUFNKRYH 32573$/$&( $X UH]GHFKDXVVpH YRXV rWHV VXU OHV TXDLV GX 3RUW +HUFXOH  j WRXV OHV pWDJHV YRXV GRPLQH] OH FLUFXLW GX *UDQG 3UL[ HW OHV \DFKWVVRPSWXHX[HWDXSOXVKDXWYRXVDGPLUH]OHSDODLVSULQ FLHUVXUVRQFpOqEUH©URFKHUªWRXWHQGpJXVWDQWODFXLVLQHpWRLOpH 0LFKHOLQ SUpSDUpH DYHF HVSULW SDU 3DWULFN 5DLQJHDUG /H ERQ KHXUHVWGRQFSDUWRXWOHFRQIRUWDXVVLGDQVWRXWHVOHVFKDPEUHV GpFRUpHVSDU/HLOD0HQFKDUL +HUPqV3DULV GRQQDQWWRXWHVVXU OD0pGLWHUUDQpHWDQGLVTXHOHVSURGXLWV'DQLHOHGH:LQWHUVDX URQWYRXVSUpSDUHUjO·pWpDYHFXQWUDLWHPHQWVSpFLÃ&#x20AC;TXH 4XDLGHV(WDWV8QLV$YHQXH3UpVLGHQW-).HQQHG\0RQDFR 7HO ZZZSRUWSDODFHQHW 2QWKHSRUWZDWHUIURQWLQ0RQWH&DUORZLWKVWXQQLQJYLHZVRYHU WKH 0HGLWHUUDQHDQ WKH *UDQG 3UL[ DQG WKH 3DODFH ,PSHF FDEOH VHUYLFH FRQWHPSRUDU\ DQG HOHJDQW /HLOD 0HQFKDUL GH VLJQ WKURXJKRXW 0LFKHOLQVWDUUHG JRXUPHW FXLVLQH DQG D 6SD IHDWXULQJ'DQLHOHGH:LQWHUWUHDWPHQWV

)$,502170217(&$5/2 /DUpQRYDWLRQGHFHSDODFHYpULWDEOHEDVWLRQK{WHOLHUVLSURFKH GHODPHUTXHO·RQVHFURLWjERUGG·XQSDTXHERWOX[XHX[DGXUp SOXVLHXUVDQQpHVSRXUV·RXYULUVXUXQXQLYHUVUDIÃ&#x20AC;QpMRXDQWVXUWRXV OHV WDEOHDX[ $ OD IRLV K{WHO GH OX[H EDU VRSKLVWLTXp  6DSKLU  DYHF OH 6XQGD\ -D]] %UXQFK &DVLQR JDOHULH PDUFKDQGH UpIp UHQFHJDVWURQRPLTXHDYHFXQVjUpIpUHQFHVGRPLQDQWHQWRXV OLHX[ XQH 0pGLWHUUDQpH WHQWDQWH PDLV SRXYDQW V·HQ GpWRXUQHU SRXUUHJDUGHUOHYLUDJHOHSOXVH[FHSWLRQQHOGXFpOqEUH*UDQG 3UL[LOHVWDXVVLXQVSDG·H[FHSWLRQ :LOORZ6WUHDP ©0HLOOHXU6SD G·K{WHOHQ(XURSHªFRPPHXQKDXWOLHXGXEXVLQHVV $YHQXHGHV6SpOXJXHV0RQDFR 7HO ZZZIDLUPRQWFRP &RPSOHWHO\UHIXUELVKHGDQGDKDYHQRIUHÃ&#x20AC;QHPHQW6RFORVH WRWKHVHDLWIHHOVOLNHDFUXLVH/X[XU\URRPKRWHORIJDV WURQRPLF UHSXWH ZLWK WKH VRSKLVWLFDWHG 6DSKLU  EUXQFK EDUFDVLQRHOHJDQWERXWLTXHVDQGWKHH[FHSWLRQDO:LOORZ 6WUHDPVSDUHFRJQLVHGDVWKH´%HVW+RWHO6SDLQ(XURSHµ$Q H[FHOOHQWDOOVHDVRQYHQXHIRUGRLQJEXVLQHVV

0(75232/(0217(&$5/2 /·XQGHVSOXVEHDX[TXLVRLHQW8QXQLYHUVIHXWUpHWOX[XHX[ TXLSRUWHODJULIIHGH-DFTXHV*DUFLDHWVDLWYDULHUVHVDP ELDQFHVHQIRQFWLRQGHVVDLVRQV/DJDVWURQRPLHSRUWHXQ QRPOpJHQGDLUH-RsO5REXFKRQ 'HX[pWRLOHV0LFKHOLQ  UHSUpVHQWpHDYHFWDOHQWSDU&KULVWRSKH&XVVDFHWV·LQV WDOOHSDUWRXWGDQVOHVDORQELEOLRWKqTXHGDQVODJUDQGH VDOOHIDFHDX[FXLVLQHVMXVTX·DXUHVWDXUDQW<RVKLSRXUXQH YHUVLRQpWRLOpHGHODFXLVLQHMDSRQDLVH/HFHQWUH(VSD VDOOHVLQGLYLGXHOOHVHWVSDSULYpDSSRUWHWRXWOHELHQrWUH SRVVLEOHGDQVXQFDGUHUDIILQp DYHQXHGHOD0DGRQH0RQDFR 7HO ZZZPHWURSROHFRP 2QHRIWKHPRVWEHDXWLIXOKRWHOVDURXQGZLWKOX[XULRXVGH FRU E\ -DFTXHV *DUFLD D FROOHFWLRQRIUHVWDXUDQWVRIIH ULQJDFKRLFHRIDPELDQFHIHDWXULQJWKH0LFKHOLQVWDUUHG JDVWURQRPLF WDOHQWV RI -RsO 5REXFKRQ DQG &KULVWRSKH &XVVDF DQG WKH UHILQHPHQWV RI WKH (VSD ZHOOEHLQJ FHQWUH

Â&#x2021;-

1,+27(/ $X SLHG GX URFKHU SUqV GX SRUW GH )RQWYLHLOOH HW DX F±XU GXTXDUWLHUGHVDIIDLUHVFKDPEUHVjODGpFRUDWLRQUpVR OXPHQWFRQWHPSRUDLQHGRQWDSSDUWHPHQWVGXSOH[DYHF NLWFKHQHWWH XQ EDU LPSUHVVLRQQDQW DYHF pFUDQ JpDQW HW DQLPDWLRQVPXVLFDOHVXQHVDOOHGHÃ&#x20AC;WQHVVDYHFXQVXSHUEH VRODULXP YXH PHU«&·HVW OH QRXYHDX UHQGH]YRXV EUDQFKp GHODMHXQHVVHORFDOH«HWG·DLOOHXUV EG/RXLV,,0RQDFR 7HO ZZZQLKRWHOFRP $WWKHIRRWRIWKH5RFKHUDQGLQWKHKHDUWRIWKHEXVLQHVVGLVWULFW QHDUWKHSRUWRI)RQWYLHLOOH&RQWHPSRUDU\GHVLJQDQLPSUHVVLYH EDUZLWKOLYHPXVLFDQGDJLDQWVFUHHQDQGDJ\PZLWKVXSHUE VRODULXPDQGVHDYLHZ7KHIDVKLRQDEOHSODFHWRVWD\WRVWD\ 0(5,',(1%($&+3/$=$ &HJURXSHK{WHOLHUWURXYHLFLGHVVWUXFWXUHVH[ FHSWLRQQHOOHV DYHF FHW pWDEOLVVHPHQW SKDUH SRVpVXUODSODJHODVHXOHSODJHSULYpHSRXU XQK{WHOHQSULQFLSDXWp(QWLqUHPHQWUpQRYp GRWp G·XQH VWUXFWXUH JDVWURQRPLTXH TXL VDLWV·LQVWDOOHUDXWRXUGHODSLVFLQHFDSDEOH G·DFFXHLOOLU GHV VDORQV GH UHQRP FRPPH GHV IrWHV SUHVWLJLHXVHV LO GLVSRVH GH   FKDPEUHV HW VXLWHV 'RQW OHV © 3UpVLGHQ WLHOOHVªPì jODYXHLPSUHQDEOH $YHQXH3ULQFHVVH*UDFH0RQDFR 7HO ZZZOHPHULGLHQPRQWHFDUORFRP /DQGPDUN KRWHO VHW RQ WKH SULQFLSDOLW\·V RQO\ SULYDWH EHDFK ZLWK JDVWURQRPLF YHQXHV WR VXLW DOO VHDVRQV DQG KRVW WR SUHVWLJLRXV H[KLELWLRQV DQG IHVWLYDOV &RPSOHWHO\UHQRYDWHGZLWKURRPV DQGVXLWHVLQFOXGLQJWKHVTP3UHVL GHQWLDOVERDVWLQJXQREVWUXFWHGYLHZV

5,9,(5$0$55,277 3DV OH SOXV FRQQX GHV K{ WHOV PRQpJDVTXHV ,O HVW HQ UpDOLWp HQ )UDQFH GDQV FH SRUWTXLFRXOHGHVMRXUVWUDQ TXLOOHV ² PDLV KHXUHX[ DX[ SRUWHV PDULQHV GH OD FLWp ORUJQDQW VXU OHV \DFKWV PD JQLILTXHV TXH OHV FKDPEUHV VXUSORPEHQW 3RUW GH &DS G $LO    &DSG $LO 7HO   ZZZPDUULRWWIU /RFDWHG DW WKH YHU\ HQ WUDQFHWR0RQDFRMXVWLQVLGH )UDQFH GLUHFWO\ RYHUORRNLQJ WKH WUDQTXLO SRUW DQG LWV PD JQLILFHQW\DFKWV

Â&#x2021;.


ERRN

PH 5LYLHUD

&+$7($8'(/$&+(95('·25 4XHOHQGURLWPHUYHLOOHX[+DXWSHUFKpGRPLQDQWGHVMDU GLQV H[FHSWLRQQHOV GDQV OHVTXHOV GHV DQLPDX[ GH EURQ]H VDYRXUHQW XQ ERQKHXU VDQV ÀQ FRPPH YRXV  UHJDUGDQW XQH0pGLWHUUDQpHpWHUQHOOHPHQWEHOOHFHFKkWHDXKLVWR ULTXH HVW OH KDXW OLHX G·XQH K{WHOOHULH GH SUHVWLJH $\DQW UpFHPPHQW UHoX VD FLQTXLqPH pWRLOH FH 5HODLV HW &Kk WHDX[ HVW DXVVL XQH UpIpUHQFH JDVWURQRPLTXH j ODTXHOOH )DEULFH9XOLQ 9RLUSRUWUDLW GRQQHXQHQRXYHOOHLPSXOVLRQ 5XHGX%DUUL(]H9LOODJH 7HO   ZZZFKHYUHGRUFRP 7KHYHULWDEOHKHLJKWVRIÀYHVWDU5HODLV &KDWHDX[OX[XU\ +LVWRULF FDVWOH ZKRVH ORIW\ SHUFK ORRNV RXW RYHU JDUGHQV ZKHUHEURQ]HZLOGOLIHVFXOSWXUHVKDSSLO\URDPWKHHWHUQDO EHDXW\RIWKH0HGLWHUUDQHDQEH\RQG)DEULFH9XOLQEULQJV IUHVKYLJRXUWRLWVKLJKO\UHSXWHGJDVWURQRP\ +27(/-8$1$ /H JODPRXU D SULV SHQVLRQ GDQV XQH YHUVLRQ UDIÀQpH IDFH j OD FpOqEUH SL QqGHTXLJDUGHGDQVVHVKDXWVDUEUHV YHUGR\DQWV OHV QRWHV GH MD]] GH VRQ KLVWRLUH'HMROLHVFKDPEUHVXQUHVWDX UDQWGHTXDOLWp &DIp0DULDQQH GHV VRLUpHVSOHLQHVG·HQWUDLQOHSULQWHPSV HVWWRXMRXUVVXUSUHQDQWHWVLJODPRXU /D3LQqGH$YHQXH*DOOLFH-XDQOHV 3LQV 7HO   ZZZKRWHOMXDQDFRP %HDXWLIXOURRPVDQGWKHH[FHOOHQW &DIH0DULDQQHUHVWDXUDQWDORQJ VLGH WKH FHOHEUDWHG IHVWLYDO·V -D]]LQIXVHGSLQHV$IIRUGDEOHUH ÀQHPHQWDQGOLYHO\HYHQLQJVIRU DOLWWOHVSULQJWLPHJODPRXU

&$3G·$17,%(6%($&++27(/ /DEHOOLVp5HODLVHW&KkWHDX[GDQVO·XQGHVKDXWVOLHX[GH YLOOpJLDWXUHGHOD&{WHG·$]XUSRVpVXUODSODJHGDQVXQH EDLH PDJLTXH KpVLWDQW HQWUH OD IROLH IHVWLYH GH -XDQ OHV 3LQV HW OH FKDUPH OX[XHX[ GX &DS G·$QWLEHV FH SDODFH RXYUHVRQXQLYHUVHVWLYDODYHFXQQRXYHDXFKHIDSSHOpj PDLQWHQLUODUpSXWDWLRQGHODJDVWURQRPLH3KLOLSSH-HJR 0HLOOHXU2XYULHUGH)UDQFH %G0DUpFKDO-XLQ&DSG·$QWLEHV 7HO   ZZZFDEHDFKKRWHOFRP 2QH RI WKH 5LYLHUD·V PRVW RXWVWDQGLQJ UHVRUWV VHW RQ D PDJLFDOED\EHWZHHQWKHIHVWLYLWLHVRI-XDQOHV3LQVDQG OX[XULRXV FKDUP RI &DS G·$QWLEHV 1HZ FKHI 3KLOLSSH -HJR 0HLOOHXU 2XYULHU GH )UDQFH H[WHQGV WKLV 5HODLV  &KDWHDX[·VJDVWURQRPLFUHSXWDWLRQ

ˆ/

*5$1'+27(/ ,O HVW OH SOXV KDXW GHV K{WHOV GH OX[H GH OD FLWp GHV IHVWLYDOV (QWLqUHPHQW UpQRYp FHV GHUQLqUHV DQQpHV WRXW HQ JDUGDQW FHWHVSULW$UW'pFRFKHUjVRQSURSULpWDLUHFHWpWDEOLVVHPHQW OpJqUHPHQWHQUHWUDLWGHOD&URLVHWWHFRPPHSRXUSUpVHUYHU VDWUDQTXLOOLWpHVWGHYHQXXQHUpIpUHQFHK{WHOLqUHHQDIÀFKDQW  pWRLOHV VXU VRQ IURQWRQ HW JDVWURQRPLTXH DYHF VRQ FKHI 6pEDVWLHQ%URGDUpFHPPHQWpWRLOpSDUOH0LFKHOLQ$YHFVHV JUDQGVMDUGLQVTXLLQYLWHQWjO·RUJDQLVDWLRQGHWRXWHVOHVIrWHVVD SODJHVRQVHUYLFHSDUIDLWOH*UDQG+{WHOHVWYUDLPHQWJUDQG /D&URLVHWWH&DQQHV 7HO   ZZZJUDQGKRWHOFDQQHVFRP ([WUDRUGLQDU\ OX[XU\ LQ WKH FLW\ RI IHVWLYDO VXSHUODWLYHV &RPSOHWHO\ UHQRYDWHG ÀYHVWDU $UW 'HFR WUDQTXLOLW\ MXVW RII WKH &URLVHWWH DQG RIIHULQJ 6pEDVWLHQ %URGD·V 0LFKHOLQ VWDUUHG FXLVLQH $Q H[SDQVLYH JDUGHQ IRU IHVWLYH HYHQWV D SULYDWHEHDFKDQGIDXOWOHVVVHUYLFH²DWUXO\JUDQGKRWHO /(0$6&$1',//( 6XU OHV FROOLQHV ÁHXULHV GX YLOODJH UHQRPPp SRXU VD JDVWUR QRPLH GH KDXW QLYHDX FHW pWDEOLVVHPHQW TXL D VX DOOLHU OH FKDUPHGHVRQKLVWRLUHjODPRGHUQLWpGHVHVSUpWHQWLRQVOp JLWLPHVG·rWUHXQGHVÁHXURQVGHODFKDLQHGHV5HODLVHW&Kk WHDX[GLVSRVHG·XQHWDEOHUHPDUTXDEOH pWRLOpH0LFKHOLQ j ODTXHOOH 6HUJH *RXORXPqV GRQQH GH O·HVSULW /HV GHUQLqUHV VXLWHVWRXWHVH[FHSWLRQQHOOHVVHIRQWO·H[HPSOHGHFHWWHYR ORQWpG·rWUHjODSRLQWHGXSURJUqVHWGXFRQIRUWWDQGLVTXH OH6SD6KLVHLGRVDLWDSSRUWHUODVpUpQLWpGHVRQFDGUHHWOD TXDOLWp GH VHV VRLQV $YHF OHV EHDX[ MRXUV RQ UHWURXYHUD OD SLVFLQHHWOD3HUJRODVRQUHVWDXUDQWVRXVOHVpWRLOHV %G&OpPHQW5HEXIIHO0RXJLQV 7HO   ZZZOHPDVFDQGLOOHFRP 6HW DPLG WKH YLOODJH·V EORVVRPFRYHUHG KLOOV DQG ERDVWLQJ WKH FXOLQDU\ SURZHVV RI 0LFKHOLQVWDUUHG 6HUJH *RXORXPqV WKLVMHZHORIWKH5HODLV &KkWHDX[FURZQFRPELQHVFKDUP DQGPRGHUQLW\7KH6KLVHLGR6SDIXUWKHUH[HPSOLÀHVWKLVZLWK VHUHQLW\DQGTXDOLW\WUHDWPHQWV(QMR\EDOP\HYHQLQJVXQGHU WKHVWDUVZLWKSRROVLGHGLQLQJDWWKH3HUJROD /$%$,('25(( 2Q QH SHXW SDV IDLUH SOXV SUqV GH OD PHU  'DQV FHWWH DQVH PDJLTXHTXLDEULWHXQHEHOOHSODJHGHVDEOHÀQFHWK{WHOUDIÀQp DYHF VHXOHPHQW  FKDPEUHV TXL GRPLQHQW OD 0pGLWHUUDQpH GLVSRVH pJDOHPHQW GH OD VLHQQH WRXWH GH WUDQTXLOOLWp 'HX[ SLVFLQHVXQHLQWpULHXUHO·DXWUHH[WpULHXUHRIIUHQWOHXUGLIIpUHQFH 8QUHVWDXUDQWYLHQWDSSRUWHUVRQFRPSOpPHQWLGpDOUHVSHFWDQW VRQHQYLURQQHPHQWDYHFXQHFXLVLQHHQVROHLOOpH %RXOHYDUGGHOD*DURXSH&DSG·$QWLEHV 7HO   ZZZEDLHGRUHHFRP <RXFRXOGQ·WEHFORVHUWRWKHVHDLI\RXZDQWHGWR5HÀQHGURRP KRWHO RYHUORRNLQJ D PDJLFDO VKHOWHUHG VDQG\ 0HGLWHUUDQHDQ ED\ 3ULYDWH EHDFK VPDOO KDUERXU LQGRRU DQG RXWGRRU SRROV DQGDUHVWDXUDQWRIIHULQJVXQNLVVHGHQYLURQPHQWDOO\FRQVFLRXV FXLVLQH

ˆ…


PH 5LYLHUD

+/(67+(50(60$5,16'(&$11(6 +Ñ7(/5$',6621%/8(  &HFHQWUHGHWKDODVVRWKpUDSLHXQLTXHVXUOD&{WHG·$]XU IDLW O·DFWXDOLWp 6XU   P  FDELQHV  OH VLWH SUR SRVH GHV  FXUHV SHUVRQQDOLVpHV  $QWLkJH 6LOKRXHWWH $QWL6WUHVV6SpFLDO+RPPHVHWXQHFXUH6pQLRU'HQRP EUHXVHVSUHVWDWLRQVjODFDUWHVDXQDKDPPDPGRXFKH VRXV PDULQH EDLQ K\GUR PDVVDQW XQ PDVVDJH j VHF PRGHODJH VKLDWVX PRGHODJH SODQWDLUH VRSKURORJLH VR ODULXP ILWQHVV 3URGXLWV  $QQH 6pPRQLQ 'U +DXVFKND HW 9DOPRQW %RXOHYDUG-HDQ+LEHUW&DQQHV7HO ZZZOHVWKHUPHVPDULQVFDQQHVFRP 7KLV 7KDODVVRWKHUDS\ FHQWUH LV WKH 5LYLHUD·V PRVW XQLTXH OX[XU\ VSD 7KH SHUVRQDOLVHG FDUH DYDLODEOH LQFOXGHV QX PHURXVVSHFLDOLVHGWUHDWPHQWV$ODFDUWHVHUYLFHVLQFOXGH DVDXQDKDPPDPDQGDUDQJHRIPDVVDJHV)HDWXULQJ SURGXFWVIURP$QQH6pPRQLQ'U+DXVFKNDDQG9DOPRQW

+Ñ7(/0$-(67,&%$55,Ë5( /HVWUDYDX[JLJDQWHVTXHVHQWUHSULVSDUOHJURXSH%DUULqUHSRXU UHGRQQHUjFH0DMHVWLFPDMHVWXHX[VRQSDQDFKHG·DQWDQFH VRQWDFKHYpVLO\DWRXWMXVWHXQDQSRXUOH)HVWLYDOGX)LOP DYHFO·RXYHUWXUHGHODGHX[LqPHDLOH3UrWjV·HQYROHUGRQF SRXUGHQRXYHDX[VXFFqVOHSDODFHFDQQRLVDFFXHLOODLWpJD OHPHQWHQVRQVHLQXQVHFRQGUHVWDXUDQW/D3HWLWH0DLVRQ YHQX V·DFFROHU DX FpOqEUH )RXTXHW·V 2Q QH SHXW rWUH SOXV SUqVGX3DODLVGHV)HVWLYDOVPDLVLFLF·HVWYRXVODVWDU /D&URLVHWWH&DQQHV 7HO   ZZZOXFLHQEDUULHUHFRP ,QWLPHIRUODVW\HDU·VÀOPIHVWLYDOYDVWZRUNVE\WKH%DUULqUH JURXSUHVWRUHGWKH0DMHVWLFWRLWVIRUPHUJORU\ZLWKWKHRSH QLQJRIWKHVHFRQGZLQJ7KHFHOHEUDWHG)RXTXHW·VSRROVLGH UHVWDXUDQW LV QRZ MRLQHG E\ /D 3HWLWH 0DLVRQ 7KH )HVWLYDO FRXOGQRWEHFORVHUEXWKHUH\RXDUHWKHVWDU

%(//(65,9(6 /HSDODFH%HOOH(SRTXHUHVWHXQKDXWOLHXGHODFLWpEDO QpDLUH JDUGDQW j MDPDLV GDQV FHV PXUV OD OpJHQGH GHV JUDQGHVDQQpHVIHVWLYHVGH-XDQ/HV3LQVVRXVGHVDLUVGH MD]]HQWRXWHVDLVRQ&{Wp&DSG·$QWLEHVRXYXHPHUOHV FKDPEUHV GH FH  pWRLOHV UDIILQp VRQW XQH LQYLWDWLRQ DX ERQKHXU $YHF OHV EHDX[ MRXUV OD SODJH YD V·RXYULU SRXU G·DXWUHVGpOLFHVXQSHWLWWRXUGHVNLQDXWLTXH" %G(GRXDUG%DXGRXLQ-XDQOHV3LQV 7HO   ZZZEHOOHVULYHVFRP 7KLV%HOOH(SRTXHSDODFHUHPDLQVRQHRIWKHFRDVW·VDOO VHDVRQ KLJKOLJKWV IRUHYHU HFKRLQJ WKH YLQWDJH -XDQ /HV 3LQVIHVWLYDOV5HILQHGILYHVWDUOX[XU\RYHUORRNLQJ$QWLEHV DQG WKH VHD ZKRVH VKRUHOLQH EHFNRQV LQYLWLQJO\ DV WKH GD\VOHQJWKHQ

ˆ†

www.ggdesigners.fr - 09GGD0175 - 2011 - Photo : G. Gardette

ERRN

vous aurez du mal

à partir

Vi ve z l e s i n s t a n t s d é l i c i e u x d ’ u n séjour entre mer et soleil, entre calme et douceur de vivre, celle d’une Côte d ’ A z u r p r é s e r v é e e n t re Ni ce e t Monaco. Consultez dès maintenant nos offres sur www.royal-riviera.com

3, av. Jean Monnet · F-06230 St-Jean-Cap-Ferrat · Tél. +33 (0)4 93 76 31 00 Fax +33 (0)4 93 01 23 07 · resa@royal-riviera.com · www.royal-riviera.com

ˆ‡


ERRN

PH 5LYLHUD6DLQW7URSH]

/$%$67,'('(6$,177523(= 'HMROLHVPDLVRQVDXF±XUG·XQMDUGLQKRUVGXFRPPXQGRQW OHV QRPEUHXVHV HVVHQFHV pWHUQHOOHPHQW YHUWHV WUDQFKHQW VXU OH EOHX GH OD SLVFLQH 7RXWHV OHV FKDPEUHV HW VXLWHV HQWLqUH PHQW UHGpFRUpHV O·DQ GHUQLHU RIIUHQW FKDFXQH j VD IDoRQ XQHDPELDQFHGLIIpUHQWHPDLVWRXMRXUVUDIÀQpHHWFRVVXH8Q XQLYHUV FKDOHXUHX[ Q·RXEOLDQW SDV OD PRGHUQLWp TXH OD JDV WURQRPLHVDLWUpXQLUGDQVVHVVDORQVpOpJDQWVYHUVLRQ5HODLVHW &KkWHDX[VXUODWHUUDVVHRXDXERUGGHODSLVFLQH 5RXWHGHV&DUOHV6DLQW7URSH] 7HO   ZZZEDVWLGHVDLQWWURSH]FRP (OHJDQW7URSH]LHQQHFRWWDJHVVHWDPLGDQH[FHSWLRQDOO\YHU GDQWJDUGHQ(DFKRIWKHIUHVKO\UHIXUELVKHGDQGLQGLYLGXDOO\ GHFRUDWHG URRPV DQG VXLWHV RIIHUV UHÀQHG OX[XU\ 3RROVLGH DQGWHUUDFHGLQLQJ0RGHUQLW\HOHJDQFHDQGJDVWURQRP\ DV\RX·GH[SHFWRIWKH5HODLV &KkWHDX[

 8Q XQLYHUV H[WUDYDJDQW  2X SOXW{W © GHV ª XQLYHUV FKDTXH pWDJHpWDQWFRQVDFUpjXQFRQWLQHQWGRQWLODGRSWHOHVFRX OHXUVOHVVW\OHVOHVFRGHVHWKQLTXHVGDQVGHVGpFRUVpWRQ QDQWV/HVHXOpWDEOLVVHPHQWGHOD5LYLHUDTXLDLWFUppXQSRVWH GH©'LUHFWHXUGHODIrWHª8QK{WHOGHOX[HUHVSRQVDEOHTXL DPLVOHELRjVDFDUWHJUkFHDXWDOHQWGXFKHI0DULRG·2ULR %UHIXQK{WHOGLIIpUHQWWHQWDQWDWWUD\DQWJRXUPDQG« 5XH)UDQoRLV(LQHVL&DQQHV 7HO   ZZZKRWHOFRP $ZRUOGRIH[WUDYDJDQFH$QGDQH[WUDYDJDQFHRIZRUOGV ZLWKHDFKÁRRUUHÁHFWLQJGLIIHUHQWHWKQLFVW\OHVDQGFRORXUV 7KHRQO\OX[XU\KRWHORQWKH5LYLHUDWRIHDWXUHWKHSRVWRI¶SDU W\GLUHFWRU·DQGFKHI0DULRG·2ULREULQJDQRUJDQLFWRXFKWR WKHPHQX'LIIHUHQWUHVSRQVLEOHDQGYHU\WHPSWLQJ

+{WHO.8%( 3XU SURGXLW WURSp]LHQ TXL Q·RXEOLH SDV VHV DWWDFKHV SDUL VLHQQHV 0XUDQR  FHW K{WHO SRVWp DX[ SRUWHV GH OD YLOOH HVW YLWHGHYHQXOHUHQGH]YRXVEUDQFKpG·XQHMHXQHVVHIHVWLYH TXL HQ DSSUpFLH WRXV OHV DVSHFWV j FRPPHQFHU SDU VHV FKDPEUHV DJUpDEOHV TXL GRPLQHQW OD 0pGLWHUUDQpH 2Q VH VDXUDLWRXEOLHUFHTXLHQIDLWODGLIIpUHQFHVRQ,FH%DUDYHF GHVJHQGDUPHVGH6DLQW7URSH]TXLVDYHQWUHVWHUGHJODFH VRQEDUWHUUDVVHVXUOHWRLWVDSLVFLQHHWVRQUHVWDXUDQWDXTXHO OH'-GRQQHGHO·DPELDQFH 5RXWHGH6DLQW7URSH]j*DVVLQ 7HO   ZZZNXEHKRWHOFRP 3XUH 6W 7URSH] ZLWK D WRXFK RI 3DULV WKH 0XUDQR  ² VW\OLVK WUHQG\DQGIHVWLYH(OHJDQWURRPVRYHUORRNLQJWKH0HGLWHU UDQHDQ D URRIWRS WHUUDFH EDU VZLPPLQJ SRRO UHVWDXUDQWV DQG'-V$QGOHVWZHIRUJHWWKHRXWVWDQGLQJ,FH%DUZLWKLFH FRROORFDOJHQGDUPHVRQGXW\

ˆˆ

0HJHYH

+27(/%<%/26 /·HQGURLWHVWOpJHQGDLUH,ODIrWpVHVTXDUDQWHDQVLO\DWURLV DQVPDLVOHVDQQLYHUVDLUHVQ·RQWSDVGHSULVHVXUVRQVXFFqV $ GHX[ SDV GX FpOqEUH YLOODJH GH VRQ SRUW FRXUWLVp HW GH ODIDPHXVH3ODFHGHV/LFHVTXLGHYLHQWPDUFKpPHUYHLOOHX[ TXDQG OHV ERXOLVWHV OD GpVHUWH XQ WHPSV LO HVW OXLPrPH XQ DXWUHYLOODJHGHFKDPEUHVOX[XHX[PDLVFRQYLYLDODYHF VHV ERXWLTXHV VHV UHVWDXUDQWV GRQW FHOXL G·$ODLQ 'XFDVVH 6SRRQ RXOH%DXWRXUGHODSLVFLQHVDQVRXEOLHU©OHªFOXE OH SOXV SULVp GH OD FLWp  © /HV &DYHV GX 5R\ ª FHOOHV R LO FRQYLHQWG·rWUH9RXV\VHUH]" $YHQXH3DXO6LJQDF6DLQW7URSH] 7HO   ZZZE\EORVFRP $VKRUWZDONIURPWKHIDPHGYLOODJHLWVVLUHQLFKDUERXUDQG WKH UHQRZQHG 3ODFH GHV /LFHV ZLWK LWV PDUNHW DQG ERXOHV SOD\HUV WKLV OHJHQGDU\ YHQXH UHFHQWO\ FHOHEUDWHG LWV WK \HDU $ FRQYLYLDO YLOODJH LQ LWV RZQ ULJKW ZLWK  OX[XULRXV URRPV ERXWLTXHV UHVWDXUDQWV LQFOXGLQJ $ODLQ 'XFDVVH·V 6SRRQDQGWKHLOOXVWULRXV/HV&DYHVGX5R\QLJKWFOXE

/(6(== $SUqV3DULV6DLQW7URSH]6XUFHWWHURXWHWUDQTXLOOHTXLPqQH DX[SODJHVFHWWHQRXYHOOHUpIpUHQFHGHOX[HDYHFODVLJQD WXUHGH&KULVWRSKH3LOOHWFRPPHGHVLJQHUDFKHYpHDXF±XU GHODVDLVRQGHUQLqUHpWDOHVHVFKDPEUHVPRGHUQHVVRXVOH VROHLODXWRXUGHODYDVWHSLVFLQH8QEDUpOpJDQWTXLV·LQVWDOOH jO·LQWpULHXUG·XQVDORQFRQWHPSRUDLQFRPPHVXUODWHUUDVVH HVWOHSUpOXGHjXQHJDVWURQRPLHUHPDUTXDEOHTXLSRUWHXQ QRP OpJHQGDLUH  3LHUUH *DJQDLUH 2Q VH UHWURXYH DX EDU 'RP3pULJQRQ" 5RXWHGHV6DOLQV6DLQW7URSH] 7HO   ZZZKRWHOVH]]FRP )LUVW3DULVWKHQ6W7URSH]2QDTXLHWEHDFKURDGGHVLJQHU &KULVWRSKH 3LOOHW KDV UHFHQWO\ IDVKLRQHG WKH QHZ VWDQGDUG LQ OX[XU\ DFFRPPRGDWLRQ 6XQQ\ DQG PRGHUQ ZLWK URRPV FLUFOLQJ WKH H[SDQVLYH SRRO IHDWXULQJ DQ HOHJDQW EDU DQG 3LHUUH*DJQDLUH·VDVWRQLVKLQJJDVWURQRPLFSURZHVV

/(%(1.,5$, 5pSDUWLV DXWRXU GH OD SLVFLQH YDVWH pWHQGXH EOHX D]XU FHUQpH SDU GHV SDUTXHWV GH ERLV IRQFp TXL LQYLWHQW j OD GpWHQWHFHWK{WHOXQSHXjO·pFDUWGHODFLWpVDLWGHYH QLU OH VRLU YHQX XQ pOpJDQW SRLQW GH UHQGH]YRXV TXDQG OHV VSRWV UHPSODFHQW OH VROHLO HW TXH OD PXVLTXH HPSOLW O·HVSDFH8QUHVWDXUDQW©WKDwªG·H[FHOOHQWHIDFWXUHYLHQW DSSRUWHUVHVQRWHVJRXUPDQGHVjFHFRQFHUWHVWLYDO &KHPLQGX3LQHW6DLQW7URSH] 7HO   ZZZKRWHOEHQNLUDLFRP )UDPLQJWKHSRRODYDVWH[SDQVHRIEOXHZDWHUDQGGDUN ZRRG WKH KRWHO RIIHUV ERWK D UHOD[LQJ HVFDSH DQG HOH JDQWVXQVHWUHQGH]YRXVSHUIHFWO\FRPSOHPHQWHGE\WKH H[TXLVLWHJDVWURQRPLFFUDIWVPDQVKLSRILWV7KDLUHVWDXUDQW

ˆ‰


ERRN

PH 6DLQW7URSH]

/$321&+( /·HQGURLW HVW OpJHQGDLUH  (W OHV KDELWXpV VH SUpFLSLWHQW SRXU DYRLU XQH WDEOH HQ WHUUDVVH XQH GH FHOOHV TXL DGPLUHQW OD 0pGLWHUUDQpHGDQVFHSHWLWFRLQGHSDUDGLV-XVWHGHUULqUHOH SRUWDXF±XUPrPHGHODFLWDGHOOHFHWWHMROLHPDLVRQSUR YHQoDOHHVWIDLWHGHQRPEUHXVHVFKDPEUHVFRV\TXLLQYLWHQWj SURORQJHUGHVVpMRXUVWUDQTXLOOHV/·DFFXHLOFRPPHOHVHUYLFH IDPLOLDOHWGLVFUHWIDLWSDUWLHGHODUpSXWDWLRQGHVOLHX[TXLRQW YX OD YLVLWH GH 3DXO 9LDODU )UDQoRLVH 6DJDQ HW ELHQ G·DXWUHV YHQXVFDFKHUOHXUERQKHXU 5XHGHV5HPSDUWV6DLQW7URSH] 7HO   ZZZODSRQFKHFRP $ OHJHQG ZKRVH WHUUDFH WDEOHV RYHUORRNLQJ WKH 0HGLWHUUD QHDQDUHKLJKO\VRXJKWDIWHULQWKHHYHQLQJV$SURYHQFDOYLOOD DORQJVLGH WKH SRUW DW WKH KHDUW RI WKH FLWDGHO IDPHG IRU LWV SHUVRQDEOHVHUYLFHDQGZDUPZHOFRPH$IDYRXULWHZLWKFHOH EUDWHG)UHQFKZULWHUVDPRQJRWKHUV +27(/086( 9DVWH SURSULpWp SURWpJpH SDU GH JUDQGV DUEUHV j O·RPEUH DF FXHLOODQWHFHWWHQRXYHOOHUpIpUHQFHK{WHOLqUHOX[XHXVHUpSDUWLWVHV VXLWHVFKDFXQHDYHFVDSLVFLQHSULYpHGDQVGHVMDUGLQVGHVVL QpVSDU6RSKLH$JDWD$PEURLVHTXLDGpMjVLJQpFHX[GX%XOJDUL j0LODQ$OH[LV0DELOOHHQIDQWFKpULGHODPRGHDFUppXQHFRO OHFWLRQVSpFLDOHSRXUKDELOOHUOHSHUVRQQHO%UXQR&OpPHQWURLGH ODWUXIIHDLQLWLpOHFKHI1LFRODV/H7RXPHOLQTXLLQWHUSUqWHFHWWH YHUVLRQHQ\DMRXWDQWVHVFUpDWLRQV(WSRXUUHMRLQGUHOHFHQWUHYLOOH RXOHVSODJHVjGHX[SDVOD%HQWOH\HVWjYRWUHGLVSRVLWLRQ +{WHO0XVH5RXWHVGHV0DUUHV5DPDWXHOOH 7HO  ZZZPXVHKRWHOVFRP /DUJHODQGVFDSHGHVWDWHZLWKZHOFRPLQJVKDGHWUHHV/X[X U\ UHGHÃ&#x20AC;QHG DFURVV  VXLWHV HDFK ZLWK SULYDWH SRRO ZLWKLQ WKH6RSKLH$JDWD$PEURLVHJDUGHQV)DVKLRQGDUOLQJ$OH[LV 0DELOOHGHVLJQHGWKHXQLIRUPVDQGFKHI1LFRODV/H7RXPHOLQ UHLQWHUSUHWV%UXQR&OpPHQW·VFUHDWLRQV$VIRUWKHWRZQDQG EHDFKHV²ERUURZWKH%HQWOH\

9,//$&26< 7RXWHVWGDQVOHQRP«RXSUHVTXH&HTX·LOQHGLWSDVF·HVW TXH FH WUqV DJUpDEOH pWDEOLVVHPHQW TXL YD FDFKHU VRQ ERQKHXU pOpJDQW XQ SHX j O·pFDUW GH OD YLOOH HVW WRXW GH PRGHUQLWp 2XYHUW j O·DQQpH LO IDXGUD FHSHQGDQW DWWHQGUH GHVMRXUVSOXVFKDXGVSRXUVHSUpODVVHUDXWRXUGHODSLVFLQH &KHPLQGHOD%HOOH,VQDUGH6DLQW7URSH] 7HO   ZZZYLOODFRV\FRP 7KHQDPHVD\VLWDOOZHOODOPRVW$ZRQGHUIXOFRQWHPSRUDU\ HVWDEOLVKPHQW HQVFRQFHG D OLWWOH RXWVLGH WRZQ 2SHQ \HDU URXQGWKHSRROEHFNRQLQJDVWKHGD\VOHQJWKHQ

9,//$%(/526( $VVXUpPHQWODSOXVMROLHYXHVXUOHJROIHGH6DLQW7URSH]ODFLWp GXEDLOOLHWMXVTX·jO·(VWHUHOTXLVHGpFRXSHVXUOHFLHOG·D]XU $X PLOLHX G·XQ YDVWH SDUF YHUGR\DQW XQ PDJQLÃ&#x20AC;TXH K{WHO ODEHOOLVp5HODLVHW&KkWHDX[TXLVHGRXEOHG·XQHDGUHVVHUH QRPPpHVXUOHSODQJDVWURQRPLTXHJUkFHjVRQFKHI7KLHUU\ 7KLHUFHOLQ 8QH pWRLOH 0LFKHOLQ  2Q SRXUUD ELHQW{W V·DWWDEOHU DXERUGGHODSLVFLQHSRXUG·DXWUHVPRPHQWVGHGpWHQWH8Q VHUYLFHGHSDODFHSRXUXQHPDLVRQWRXWHHQFRQYLYLDOLWp /D*UDQGH%DVWLGH%GGHVFUrWHV*DVVLQ 7HO   ZZZYLOODEHOURVHFRP 6HW LQ D YDVW JUHHQ SDUN WKLV 5HODLV  &KDWHDX[ ERDVWV WKH EHVW YLHZV DFURVV WKH ED\ IURP WKH WRZQ WR WKH (V WHUHO7KLVLVKRPHWRWKHKLJKO\UHSXWHG0LFKHOLQVWDUUHG JDVWURQRP\RI7KLHUU\7KLHUFHOLQ$SHUVRQDEOHZHOFRPH ZLWKSDODWLDOVHUYLFH

Â&#x2C6;+

/(0$1'$/$ 7HUPHVDQVNULWVLJQLÃ&#x20AC;DQWFHUFOHHWSDUH[WHQVLRQVSKqUHHQYL URQQHPHQWYRXVFRQVWDWHUH]YLWHTXHOHY{WUHVHUDWRXWG·pOp JDQFHGHUDIÃ&#x20AC;QHPHQWGHPRGHUQLWp5pQRYpHLO\DTXHOTXHV SHWLWHVDQQpHVGDQVXQHVSULWFRQWHPSRUDLQPDUTXpOHVRQ]H FKDPEUHVVXLWHVHWO·DSSDUWHPHQWWHUUDVVHTXLGRPLQHODEDLH VRQWWRXWHVUHPDUTXDEOHV3DVWUqVORLQGXFHQWUHYLOOHFRPPH GHVSODJHVLOGHYLHQWHQVDLVRQSOXVGRX[jYLYUHHQFRUHDYHF VDSLVFLQHHWVHVMDUGLQV $QJOHDYHQXH3DXO6LJQDFHWDYHQXH)RFK 7HO   ZZZKRWHOOHPDQGDODVDLQWWURSH]FRP 6DQVNULW WHUP PHDQLQJ FLUFOH DQG E\ H[WHQVLRQ VSKHUH HQYL URQPHQW 5HFHQWO\ UHQRYDWHG LQ GLVWLQFWO\ FRQWHPSRUDU\ VW\OH ZLWKJDUGHQVDQGSRRO(OHJDQWVRSKLVWLFDWHGPRGHUQZLWK URRPVDVXLWHDQGSHQWKRXVHRYHUORRNLQJWKHED\7RZQDQG EHDFKHVQHDUE\

Â&#x2C6;,


ERRN

PH 6DLQW7URSH] /(3$1'(,3$/$,6 /D PDLVRQ G·XQH SULQFHVVH VLJQpH 5HODLV HW &KkWHDX[ SRXU/·DWPRVSKqUHGHV FRQWUpHV ORLQWDLQHV PDUTXpH SDU OH FKDUPH HW OH P\VWqUH GH O·$VLH GDQV TXHOTXHV FKDPEUHV VHXOHPHQW XQH GRX]DLQH GRQW OD VXLWH 'HYD SRXU YLYUH KRUV GX WHPSV TXDQG OHV ORXUGHV SRUWHV GH ERLVVHIHUPHQWVXUYRWUHERQ KHXU/HVMDUGLQVHWODSLVFLQHLQ YLWHQWjVHFURLUHGpMjHQpWp PDLV GDQV OH VLOHQFH GpOLFLHX[ GHVVDORQVTXDQGOHFKHI6DWR .XERWD SUpSDUH GHV GvQHUV UDIÃ&#x20AC;QpV QRXV JRÂ&#x20AC;WRQV DYHF GpOHFWDWLRQjXQHDPELDQFH FKDOHXUHXVH 0rPH JURXSH TXHOHV$LUHOOHVj&RXUFKHYHO 5XH*DPEHWWD6DLQW7URSH] 7HO   ZZZSDQGHLFRP $ SULQFHVV·V IRUPHU KRPH MRLQV WKH 5HODLV  &KkWHDX[ WKLV \HDU DV SDUW RI WKH $L UHOOHV JURXS LQ &RXUFKHYHO 5RRPVFDUU\WKHP\VWHU\DQG FKDUP RI IDUDZD\ SODFHV +HDY\ZRRGHQGRRUVVHDORXWDOOFRPPRWLRQDOORZLQJ\RX WRVDYRXUWKHJDUGHQV·VXPPHUWUDQTXLOLW\DQGWKHSULYLOHJHG GHOLJKWVRIFKHI6DWR.XERWD·VUHÃ&#x20AC;QHGFXLVLQH

/(0$6GH&+$67(/$6 $X[SRUWHVGHODFLWpGDQVXQHGHFHVJURVVHVEDVWLGHVFRVVXHV TXLRQWFRQQXODSHWLWHFRPPHODJUDQGHKLVWRLUHGH6DLQW7UR SH]YRXVPHVXUH]YRWUHERQKHXUWUDQTXLOOHjTXHOTXHVSHWLWV NLORPqWUHVGHODFLWpIHVWLYHPrPHVLOHSULQWHPSVODJDUGHHQ FRUHDXFDOPH/HUHVWDXUDQWIHUPpMXVTX·HQDYULOQHGHYUDLW GRQF SDV WDUGHU j DSSRUWHU VRQ FRPSOpPHQW JRXUPDQG j VHVFKDPEUHVHWVXLWHVpOpJDQWHV1RPEUHX[pYpQHPHQWV FXOWXUHOVDXFRXUVGHODVDLVRQ 4XDUWLHU%HUWDXG*DVVLQ 7HO   ZZZFKDVWHODVFRP +RXVHG LQ RQH RI WKH RSXOHQW FRXQWU\ KRXVHV RQ WKH HGJHRIWRZQULFKLQKLVWRU\DQGKRPHWRQXPHURXVVHD VRQDO FXOWXUDO HYHQWV )RXUWHHQ URRPV DQG  VXLWHV VWLOO UHYHOOLQJLQVSULQJWLPHWUDQTXLOLW\DKHDGRIWKH$SULOUHR SHQLQJRIWKHUHVWDXUDQW 9,//$0$5,( /HV KDELWXpV GX JURXSH 6LEXHW FRQQDLVVHQW ELHQ OHV pWDEOLVVH PHQWVGH0HJqYHOHV)HUPHVGH0DULHRXHQFRUHFHOXLGX/X EHURQGpMjLPSDWLHQWVGHGpFRXYULUO·$OWDSXUDj9DO7KRUHQVHQ GpFHPEUHSURFKDLQ,OVVDYHQWTXHGDQVFKDTXHpWDEOLVVHPHQW OHFKDUPHVHUDGHPLVHHWODTXDOLWpGXVHUYLFHXQHUpIpUHQFH ,FLGHUULqUHOHVJULOOHVTXLDEULWHQWFHWWHEHOOHYLOODVRXVOHVKDXWV SLQVF·HVWWRXWHOD3URYHQFHOX[XHXVHHWJODPRXUTXLSUHQGSHQ VLRQ2Q\WURXYHUDWRXWHVOHVSUHVWDWLRQVG·XQHJUDQGHPDLVRQ UHVWDXUDWLRQFRPSULVHOHVSD3XUH$OWLWXGHHQSOXV 5RXWHGHVSODJHV&KHPLQYDOGH5LDQ5DPDWXHOOH 7HO   ZZZYLOODPDULHIU 73DWURQVRI6LEXHWJURXSHVWDEOLVKPHQWVDOUHDG\IDPLOLDUZLWK WKH)HUPHVGH0DULHLQ0HJqYHDQG/XEHURQDQGWKHXS FRPLQJ$OWDSXUDLQ9DO7KRUHQVFKHULVKWKHFKDUPDQGKLJK TXDOLW\VHUYLFH&ORVHWRWKLVFHOHEUDWHGVKRUHOLQHXQGHUWKH KLJKSLQHVZLWKLWVJDVWURQRP\DQG3XUH$OWLWXGHVSDUHLJQV WKHOX[XULDQWHVVHQFHDQGJODPRXURI3URYHQFH

Â&#x2C6;-

Â&#x2C6;.


PHHW

PH %UXQR0HUFDGDO

/(7(032'8&2(85

$KHDUWIHOW WHPSR

0rPHTXDQGLOSDVVHjVRQSRLJQHWXQHPRQWUH,:&3RUWXJDLVH&KURQRJUDSKFH Q·HVWSDVHQKRPPHSUHVVpTXH%UXQR0HUFDGDOVHFRQGXLW (YHQZLWKDQ,:&3RUWXJDLVH&KURQRJUDSKDGRUQLQJKLVZULVW%UXQR0HUFDGDOPHDVXUHV KLVWLPHZLWKFDUHE\%HUQDUGYDQGH.HUFNKRYH 0LFKHO*RPL]

,

OVDLWSUHQGUHOHWHPSVGHYLYUHPrPHVLVRQSRVWHGHGLUHFWHXUJpQpUDO GX5R\DO5LYLHUDj6DLQW-HDQ&DS)HUUDWVHGRXEOHG·XQDXWUHGH9LFH 3UpVLGHQWSRXUOHVRSpUDWLRQV)UDQFHGX*URXSH*/$+27(/6 *UDFH/HR  HW TXH VRQ HPSORL GX WHPSV OH FRQGXLW GH OD &{WH G·$]XU j 3DULV +{WHO -XOHV+{WHO%HDXFKDPS HWMXVTX·j0DUUDNHFKSRXUV·RFFXSHUG·XQSURMHW ©6HOPDQªTXLGRLWYRLUOHMRXUHQVHSWHPEUHSURFKDLQ &HWpSLFXULHQTXLVHGpSODFHVXUXQHPRWRGHJURVVHF\OLQGUpHDFKRLVLGH VRXWHQLUOHV©UHVWRVGXF±XUªXQKRPPDJHjODIRLVjO·KRPPHGHF±XU TX·pWDLW&ROXFKHjODFRQIUDWHUQLWpHQWUHPRWDUGVFRPPHjVDIDoRQGH FRQFHYRLUODJDVWURQRPLHGDQVOHVpWDEOLVVHPHQWVTX·LOJqUHUHVSHFWXHXVH GHVSURGXLWVVDQVFKLFKLVDQVHVEURXIHSOXV©pPRWLRQQHOOHªHWQHSHUGDQW MDPDLV j O·HVSULW TXH FH TXL HVW pYLGHQW SRXU VD FOLHQWqOH DLVpH HVW XQH QpFHVVLWpSDUIRLVGLIÃ&#x20AC;FLOHjJpUHUSRXUGHQRPEUHX[IR\HUV 4XDQG QRXV OXL SRVRQV OD TXHVWLRQ WUDGLWLRQQHOOH  TX·DLPHULH]YRXV HVVD\HU " ,O UpSRQG VÂ&#x20AC;UHPHQW HQ SHQVDQW DX GHVWLQ IDWDO GX FpOqEUH KXPRULVWH©-·DLPHUDLIDLUHXQSDVVDJH«UDSLGH«DX3DUDGLVHWUHYHQLUVXU WHUUHUDFRQWHUPRQDYHQWXUHª2QOXLVRXKDLWHG·\DOOHUOHSOXVWDUGSRVVLEOH HWV·LOGHYDLWHQUHYHQLUFHVHUDLWVÂ&#x20AC;UHPHQWDYHFOHSOHLQG·KLVWRLUHVGU{OHV &HQ·HVWSDVVÂ&#x20AC;UTXH&ROXFKHDSSUpFLHUDLWYLQJWDQVDSUqVVDGLVSDULWLRQ TXHOHV©5HVWRVGXF±XUªTXLGHYDLWrWUHXQHRSpUDWLRQpSKpPqUHVRLW HQFRUHXQHWULVWHDFWXDOLWp

FUpGLWSKRWRDOEDQ3LFRQ

Â&#x2030;/

%UXQR0HUFDGDOGLUHFWHXUJpQpUDO GHO K{WHO5R\DO5LYLHUD 0RQWUH,:&

Â&#x2030;Â&#x2026;

<

5HVWRVGXFRHXU )DLWHVYRVGRQVSDUFKqTXHVjO RUGUHGHV5HVWRVGX&RHXU /HV5HVWRVGX&RHXU3DULV&HGH[ 2XGRQVHQOLJQHZZZUHVWRVGXFRHXURUJGRQV 6RUWLHOHPDUVGHVGRXEOHV&'HW'9'DXSURÃ&#x20AC;WGHO DVVRFLDWLRQ

, $5 7

&+

$Q ,:& 3RUWXJXHVH &KURQRJUDSK DGRU QLQJ KLV ZULVW %UXQR 0HUFDGDO PHDVXUHV KLV WLPH ZLWK FDUH HQMR\LQJ KLV OHLVXUH \HW UHPDLQLQJ EXV\ GLUHFWRU JHQHUDO RI WKH 5R\DO 5LYLHUD DW 6DLQW -HDQ &DS )HUUDW DQG YLFH SUH VLGHQW IRU *URXSH */$ +27(/6 *UDFH /HR  LQ )UDQFH ZLWK UHVSRQVLELOLWLHV LQ 3D ULV +RWHO -XOHV +RWHO %HDXFKDPS  DQG 0DUUDNHFK WKH 6HO PDQSURMHFWRSHQLQJ LQ6HSWHPEHU  7KLV PRWRUELNHVWUDG GOLQJ HSLFXUHDQ VXS SRUWV WKH 5HVWRV GX &±XU 5HVWDXUDQWVRI WKH +HDUW  D )UHQFK FKDULWDEOH RUJDQL VDWLRQ IRXQGHG E\ FRPHGLDQ &ROXFKH DFWLYH LQ GLVWULEXWLQJ IRRG WR WKH QHHG\ +H VHHV KLV VXSSRUW DV KRQRXULQJ ERWK WKH EHQHYROHQFH RI WKHPDQKLPVHOIDQG WKH LPSRUWDQFH RI JDVWURQRP\ $Q LP SRUWDQFHKHH[WHQGV WRWKHHVWDEOLVKPHQWV KHPDQDJHVZLWKDQ KRQHVW UHVSHFW IRU LQJUHGLHQWV DQG WKH DYRLGDQFH RI XQQH FHVVDU\ IULOOVDQG DUWLILFH DOO WKH ZKLOH EHLQJ YHU\ PXFK DZDUH RI WKH JUHDW

JXOI EHWZHHQ WKH QHHGVRIKLVFOLHQWHOH DQG WKH SULRULWLHV RI WKHQHHG\ $VNHG RXU WUDGLWLRQDO TXHVWLRQ WR QDPH VRPHWKLQJ KH·G OLNH WR ¶7U\· KH UHSOLHV ZLWKDQRGWRWKHFH OHEUDWHG FRPHGLDQ ´,·GWDNHDTXLFNWULS WR 3DUDGLVH WKHQ UH WXUQ ZLWK JUHDW WDOHV WR WHOOµ 6DGO\ &R OXFKH KLPVHOI ZRXOG VHH OLWWOH KXPRXU LQ WKH RQJRLQJ QHHG IRUKLV¶WHPSRUDU\VR OXWLRQ·WKH5HVWRVGX &±XU

ZZZJODKRWHOVFRP ZZZUR\DOULYLHUDFRP 0HUFLj,:&ERXWLTXH$ULMH /D&URLVHWWH&DQQHV WpO 3UL[GHODPRQWUH½


LQWHUYLHZ

PH -HDQ/RXLV-XOLDQ

,/(67/·+(85( '·,17(59(1,5 E\$QQH5LFDUG

7KHWLPHWRDFW LVQRZ

-H QH SHQVDLV SDV IDLUH G·KXPD QLWDLUH &·HVW ORUV GH PRQ VHFRQG VpMRXUTXHM·DLGpFLGpGHOHVDLGHU -H P·RFFXSH G·XQH WULEX HQWLqUH GH 7RXDUHJV  j  SHUVRQQHV HQYLURQ   -·DL RXYHUW XQ FRPSWH TXHM·DOLPHQWHWRXVOHVPRLV/jEDV TXHOTX·XQGHFRQILDQFHDFKqWHGH ODQRXUULWXUHHWGHVPpGLFDPHQWV6L OHVJHQVPDQJHQWjOHXUIDLPLOVQH WRPEHQWSDVPDODGHV -XVTX·j  LO \ DYDLW EHDXFRXS GH WRXULVWHV  SUqV G·XQ FKDUWHU SDU VHPDLQH 0DLV GHSXLV OHV JHQV Q·\ YRQW SOXV  F·HVW WURS GDQJHUHX[ /HV WRXULVWHV YRQW DX %XUNLQD)DVR &·HVW Oj TXH M·LUDL SRXUPRQSURFKDLQGpSODFHPHQW0HVDPLV7RXDUHJVPHUHMRLQGURQW HQWD[LVEURXVVH 704XHOHVWYRWUHSOXVEHDXVRXYHQLU" -/--·HQDLGHX[G·RUGUHPpGLFDO-HVXLVVHFRXULVWH GLSO{PHREWHQX GDQV O·DUPpH GH O·DLU  HW PHV TXHOTXHV QRWLRQV PH SHUPHWWHQW GH VRLJQHU OHV SHWLWV ERERV«TXL SHXYHQW GHYHQLU JURV 3DU GHV JHVWHV VLPSOHV DYHF GH OD %pWDGLQH HW GH OD QpRP\FLQH  M·DL SX DLQVL JXpULU XQ OLE\HQ DX[ GRLJWV ERXIIpV SDU O·HVVHQFH HW OH JHQRX G·XQH IHPPH LQIHFWp MXVTX·j OD JDQJUqQH SRVVLEOH 8QH VLPSOH DSSOLFDWLRQ GH PpGLFDPHQWVIRQFWLRQQHWUqVYLWHSDUFHTX·LOVQ·HQSUHQQHQWMDPDLVOH VHXOVRXFLHVWFHOXLGHODFRPSUpKHQVLRQLOVGRLYHQWUHVSHFWHUOHVGRVHV LQGLTXpHV/HVJXLGHVQRXVDLGHQW 70(WDXMRXUG·KXL" -/-/HVDODLUHPR\HQHVWGH½HQYLURQ/HVJHQVFXOWLYHQWPDLVLOVQH VRQWSDVjO·DEULGHVLQRQGDWLRQVLOVSHUGHQWVRXYHQWWRXW-HFRQWLQXH jWUDQVIpUHUGHVIRQGVWRXVOHVPRLVWRXMRXUVSRXUODQRXUULWXUH-·DLDXVVL DFKHWpXQHYRLWXUHSRXUIDFLOLWHUOHWUDQVSRUWGHVHQIDQWVjO·pFROH

&

DQQHV 6DLQW7URSH] &RXUFKHYHO 0pULEHO« OH QRP GHV -XOLDQ UDFRQWH O·KLVWRLUH G·XQH EHOOH UpXVVLWH GDQV OH PRQGH GH OD MRDLOOHULHGHSXLV-HDQ/RXLV-XOLDQÀHUG·XQHVDJDIDPLOLDOH GRQWLOHVWOHGLJQHKpULWLHUVDLWDXVVLTXHGHUULqUHODIDoDGHEULOODQWHGH VRQXQLYHUVODYLHQ·HVWSDVWRXMRXUVIDFLOH5HQGH]YRXVDYHFXQKRPPH DX[PXOWLSOHVIDFHWWHV«

7U\PH&RPPHQWrWHVYRXVYHQXDXFDULWDWLI" -HDQ/RXLV-XOLDQ6LPSOHPHQW-·DLGHVDQWpFpGHQWVWUqV©DIULFDLQVªGDQV PDIDPLOOHM·DLpWpEHUFpSDUGHVKLVWRLUHVUDFRQWpHVSDUPRQSqUHHWPRQ JUDQGRQFOH(QRFWREUHMHVXLVGRQFSDUWLDYHFXQJURXSHG·DPLV2Q DHPEDUTXpMXVTX·HQ$IULTXHQRLUHWUDYHUVpHGX6DKDUDSXLVOH1LJHU1RXV DYRQVIDLWHVFDOHj$JDGH]RQRXVDYRQVSULVXQJXLGHQRPPp,VPDwOTXL QRXVDDFFRPSDJQpMXVTX·DX7FKDG$JDGH]P·DEHDXFRXSSOXM·\VXLV UHWRXUQpSHXDSUqV/HV7RXDUHJVXUSULVGHPHUHYRLUP·RQWWUqVELHQUHoX HWMHPHVXLVSULVG·DPLWLpSRXUHX[

‰†

&DQQHV 6W 7URSH] &RXUFKHYHO 0HULEHO ² WKH -XOLDQ QDPH KDV EHHQ V\QRQ\PRXV ZLWK MHZHOOHU\ VLQFH  -HDQ /RXLV WKH ZRUWK\ KHLU GHVFULEHV DQRWKHU RIKLVOLIH·VIDFHWV 7U\0H:KDWOLHVEHKLQG \RXU FKDULWDEOH DFWL YLW\" -HDQ /RXLV -XOLDQ 6LQFH WKH FUDGOH P\ ZRUOG KDV EHHQ ÀOOHG ZLWK WKH WDOHV RI $IULFD

WROG E\ P\ IDWKHU DQG JUHDW XQFOH ,Q  ZLWK IULHQGV , WUDYHOOHG GHHS LQWR WKH FRQWL QHQW FURVVLQJ WKH 6D KDUD WR $JDGH] LQ WKH 1LJHU )URP WKHUH ZLWK RXU JXLGH ,VPDLO ZH FRQWLQXHG WR &KDG , EHFDPH IRQG RI $JD GH] DQG VRRQ UHWXU QHG 7KH 7XDUHJ ZHO FRPHG PH EDFN DQG ,EHFDPHYHU\IRQGRI WKHP , QHYHU LPDJLQHG P\

70  1·DYH] YRXV SDV HQYLH GH YRXV IDLUH DLGHU RX GH FUpHU XQH DVVRFLDWLRQ" -/-©0RQDFRDLGHHWSUpVHQFHªP·DDLGpSRXUPHWWUHHQSODFHXQ FDPLRQPpGLFDOLVp/HSULQFH$OEHUW,,IDLWGHVFKRVHVH[WUDRUGLQDLUHV /D SULQFLSDXWp IDLW EHDXFRXS SRXU O·KXPDQLWDLUH  -·HVVDLH GH IDLUH EHDXFRXS PRLPrPH DLGpV SDU PHV DPLV $X PRLV G·RFWREUH M·\ UHWRXUQHHQOHXUFRPSDJQLHDYHFSOXVLHXUVDYLRQVGHO·DpURFOXEQRXV SHUPHWWDQWGHWUDQVSRUWHUGXPDWpULHOPpGLFDO-HVXLVVRXWHQXSDUOHV PpGHFLQVORFDX[-HFRQQDLVDXVVLOHVJHQVGHOjEDVGHSXLVDQVFH TXLIDFLOLWHEHDXFRXS 70  4XH SHQVH] YRXV GH O·LQYHVWLVVHPHQW GHV PDUTXHV GH OX[H HW QRWDPPHQWOHVPDUTXHVKRUORJqUHVGDQVOHPRQGHFDULWDWLI" -/-  -H WURXYH FHOD WUqV ELHQ GX PRPHQW TXH F·HVW IDLW GDQV OH ERQ VHQV&KDXPHWSDUH[HPSOHO·DIDLWSRXUOHVDEHLOOHVF·HVWXQHERQQH FDXVH 3HUVRQQHOOHPHQW MH IDLV GH O·KXPDQLWDLUH SDUFH TXH FHOD PH IDLWSODLVLU&HQ·HVWSDVTXHOTXHFKRVHTXHO·RQGRLWIDLUHXQHIRLVPDLV WRXWOHWHPSV 701RWUHPDJD]LQHV·DSSHOOH75<0(TX·DLPHULH]YRXVHVVD\HU" -/-5HSDUWLUDX1LJHUVLOHVFKRVHVVHFDOPHQWLO\DWDQWjIDLUH

‰‡

VHOIGRLQJKXPDQLWDULDQ ZRUN 2Q WKH VHFRQG YLVLW,GHFLGHGWRWU\DQG KHOS ,·P LQYROYHG ZLWK D 7XDUHJ WULEH  WR  SHRSOH , RSHQHG D EDQN DFFRXQW DQG VHQG IXQGV HDFK PRQ WK $ WUXVWHG LQGLYLGXDO WKHUH EX\V IRRG DQG PHGLFLQHV ,I SHRSOH KDYH HQRXJK WR HDW WKH\GRQRWJHWVLFN 8QWLO  WKHUH ZHUH ORWV RI WRXULVWV DUULYLQJ HDFK ZHHN 1RZ LW·V EHFRPH WRR GDQJH URXVDQGWKH\YLVLW%XUNL QD )DVR LQVWHDG 7KDW·V ZHUH ,·OO EH JRLQJ QH[W WLPH ZLWK P\ 7XDUHJ IULHQGV MRLQLQJ PH E\ EXVKWD[L 70 :KDW LV \RXU IRQ GHVWPHPRU\" -/- , KDYH WZR ERWK PHGLFDO 7KH ÀUVWDLG WUDLQLQJ , JDLQHG LQ WKH DLU IRUFH PHDQV , FDQ GHDO ZLWK WKRVH PLQRU LQMXULHVWKDWFDQJHWIDU ZRUVH :LWK MXVW D OLWWOH LRGLQHDQG1HRP\FLQ, FXUHGD/\ELDQ·VSHWURO GDPDJHG ÀQJHUV DQG D ZRPDQ·V LQIHFWHG NQHH WKDW ZDV DOPRVW JDQJUHQRXV 8VHG VR UDUHO\ PHGLFLQH LV YHU\ HIIHFWLYHKHUHDQGWKH JXLGHVKHOSWRFDUHIXOO\ H[SODLQWKHULJKWGRVHV 70$QGSUHVHQWO\" -/- $Q DYHUDJH VDODU\ LV DERXW  ½ 3HRSOH FXOWLYDWH WKH ODQG EXW FDQ ORVH HYHU\WKLQJ WR ÁRRGV , VWLOO VHQG IXQGV HYHU\ PRQWK IRU IRRG , DOVR ERXJKW D FDU WR FDUU\FKLOGUHQWRVFKRRO 70  :RXOGQ·W \RX OLNHRWKHUVWRKHOSDQG PD\EHVHWXSDQRUJD QLVDWLRQ" -/- 0RQDFR $LGH HW 3UpVHQFHKHOSHGVHWXS

D KRVSLWDO WUXFN 3ULQFH $OEHUW,,KDVEHHQH[WUD RUGLQDU\ WKH SULQFLSD OLW\ GRHV PXFK KXPD QLWDULDQ ZRUN , DOVR WU\ WRGRDVPXFKDV,FDQ ZLWKWKHKHOSRIIULHQGV ,Q2FWREHU,·PKHDGLQJ EDFN ZLWK WKH Á\LQJ FOXE FDUU\LQJ PHGLFDO HTXLSPHQW/RFDOGRF WRUV VXSSRUW P\ HIIRUWV 2YHU WKH SDVW WKLUW\ \HDUV ,·YH JRW WR NQRZ PDQ\ SHRSOH ZKLFK DOVRKHOSV 70 :KDW GR \RX WKLQN DERXW OX[XU\ EUDQGV DQGZDWFKPDNHUVJHW WLQJ LQYROYHG LQ FKDULW\ ZRUN" -/- ,W·V H[FHOOHQW DV ORQJ DV LW·V GRQH ULJKW &KDXPHW IRFXVHG RQ DYHU\JRRGFDXVHWKH SOLJKW RI EHHV 3HUVR QDOO\,GRKXPDQLWDULDQ ZRUNEHFDXVHLWPDNHV PHKDSS\,WKDVWREH DUHDOFRPPLWPHQW 70 2XU PDJD]LQH·V WLWOH LV ´7U\ 0Hµ LV WKHUH VR PHWKLQJ\RX·GOLNHWRWU\" -/- ,·G OLNH WR UHWXUQ WR WKH1LJHULIWKLQJVFDOP GRZQWKHUHLVVRPXFK WRGRWKHUH

-HDQ/RXLV-X

OLDQ


75<

0DUUDNHFK

6SpFLDO0DUUDNHFK

/$3(5/('868'

3HDUORIWKH6RXWK

/DFpOqEUHFLWpGHYHQXHKDXWOLHXGXWRXULVPHHWWHUUHG·DGRSWLRQGHVIUDQoDLV SRUWHSOXVLHXUVVXUQRPVYLOOHURXJHYLOOHRFUHRXSHUOHGXVXG7RXVOXLYRQWELHQ PrPHVLFHOXLGHYLOOHVSHFWDFOHODGpILQLWHQFRUHPLHX[ /RQJFKHULVKHGE\WKHIUHQFKWKHIDEOHGUHGRFKUHFLW\KDVEHFRPHRQHRIWKH ZRUOG·VPDMRUGHVWLQDWLRQV E\$QQH5LFDUG

'

XKDXWGHOD.RXWRXELDPDJQLÃ&#x20AC;TXHEkWLPHQWVRUWLÃ&#x20AC;qUHPHQWGH DQVG·KLVWRLUHO·DSSHOPDWLQDOGXPXH]]LQHVWXQHLQYLWDWLRQjODSULqUH FRPPHO·DSSHOpWHUQHOjYLYUHLQWHQVpPHQWODFLWpVRXVOHVSUHPLHUV UD\RQVG·XQVROHLOWUqVSUpVHQW7UqVFRXUWLVpHSDUXQHFOLHQWqOHLQWHUQDWLRQDOH TXLVDLW\WURXYHUOHVSOXVEHDX[SDODFHVDGRSWpHSDUOHVUHWUDLWpVIUDQoDLV DFFXHLOOLVJpQpUHXVHPHQWFRQTXLVHSDUOHVJUDQGVQRPVGHODGpFRUDWLRQ TXL RQW WUDQVIRUPp OHV ULDGV HQ SDUDGLV UDIÃ&#x20AC;QpV HQYDKLH SDU OHV WRXULVWHV GH WRXWHV OHV QDWLRQV TXL HQ DSSUpFLHQW O·DUW OD FXOWXUH OD JDVWURQRPLH 0DUUDNHFKYLWjXQU\WKPHHIIUpQpTXHPrPHODQXLWQHVDXUDLWUDOHQWLU

Â&#x2030;Â&#x2C6;

7KH FDOO WR WKH IDLWK IXO ULQJLQJ RXW IURP WKH WRZHULQJ KHLJKWV RI WKH  \HDU ROG .RXWRXELD DZDNHQV DOO WR WKH GDZQLQJ RI DQRWKHULQWHQVHO\YLYLG GD\ &RYHWHG E\ DQ LQWHUQDWLRQDO FURZG

IRULWVVKHHUH[XEHUDQW VSHFWDFOH LWV VXPS WXRXVO\ GHFRUDWHG ULDGV LWV DUW FXOWXUH JDVWURQRP\ DQG WKH JUDQG ZHOFRPH RIIH UHG E\ SDODWLDO KRWHOV ²WKLVLVDFLW\WKDWQH YHUVOHHSV

'HUULqUH OHV UHPSDUWV FRORUpV OD  PpGLQD VH SDUFRXUH DYHF OHV \HX[ G·XQ HQIDQW G·pFKRSSHV HQ pFKRSSHV OHV VRXNV SURSRVDQW OHXU GLIIpUHQFH  /DJK]DOSRXUODODLQHHO%WDQDSRXUOHVSHDX[GHPRXWRQ=DUELDRWDSLVHW FDIWDQVVHYHQGHQWjODFULpH«ODFpOqEUHSODFH-DPkDHO)QDGHYHQDQWOH UHQGH]YRXVLQFRQWRXUQDEOHGHWRXVOHVSHXSOHVHQKDUPRQLH(WSRXUFHX[ TXL UrYHUDLHQW GH IUDvFKHXU OD YDVWH SDOPHUDLH V·pWHQG VXU GHV KHFWDUHV DYHF HQ WRLOH GH IRQG OHV PRQWDJQHV GH O·$WODV HQFRUH HQQHLJpHV  GHV FDUWHVSRVWDOHVSOHLQOHV\HX[ %LHQYHQXHj0DUUDNHFK

Â&#x2030;Â&#x2030;

%HKLQG UDPSDUWV WKH 0HGLQDEHFNRQV:DQ GHU LQ FKLOGOLNH DZH WKURXJK WKH P\ULDG VRXNV  /DU]DO IRU ZRRO %WDQD IRU VKHHS VNLQV DQG =UDELD IRU FDUSHWV DQG FDIWDQV 7KHQ HPHUJH DW -DPDD HO

)QD VTXDUH ZKHUH WKH ZRUOG·V SHRSOHV FRPH WRJHWKHU)RUDPRPHQW RI FRRO UHSRVH VDYRXU WKH 3DOPHUDLH·V YDVW H[SDQVHIUDPHGE\WKH VQRZ\ SHDNV RI WKH $W ODVPRXQWDLQVEH\RQG :HOFRPHWR0DUUDNHFK


75<

0DUUDNHFK

0DUUDNHFK

48(67,216'·$8-285'·+8, 7RGD\DQG 32859,95('(0$,1 WRPRUURZ

$ORUVTXHOHSD\VVHPEOHWUDYHUVHUDYHFSOXVGHIDFLOLWpVTXHG·DXWUHVOHVSUHPLHUVPRLV G·XQHDQQpHGHWUDQVLWLRQQRXVDYRQVUHQFRQWUp0RQVLHXU+DPLG%HQWDKDU3UpVLGHQW GX&RQVHLO5pJLRQDOGX7RXULVPHGH0DUUDNHFKHQWUHWLHQ« $WXUEXOHQW\HDUEXW0RURFFRVHHPVWREHKDYLQJDQHDVLHUWLPHRILWWKDQRWKHUFRXQWULHV :HGLVFXVVWKHPDWWHUZLWKWKHSUHVLGHQWRIWKH5HJLRQDO7RXULVP&RXQFLOLQ0DUUDNHFK

3

HUVRQQHQHVHYRLOHODIDFHGDQV XQH FRQMRQFWXUH LQWHUQDWLRQDOH FRPSOLTXpH WRXV OHV SD\V GH 0R\HQ 2ULHQW GRLYHQW WURXYHU GDQV OHXUV IRUFHV YLYHV OHV VROXWLRQV j XQH FULVH QDWXUHOOH QpH GDQV O·RXEOL GH OHXUVSRSXODWLRQV/H0DURFQHFRQQDLW SDV OD PrPH UpYROWH FDU LO D VX GHSXLV ORQJWHPSV GRQQHU DX PRW GpPRFUDWLH XQH YUDLH UpVRQDQFH MXVTXH GDQV OHV FLWpV OHV SOXV UHFXOpHV G·XQ SD\V DWWUDFWLI0DLVF·HVWj0DUUDNHFKTXHOH WRXULVPHDFRQQXODSOXVIRUWHH[SDQVLRQ /·RFFDVLRQjODYHLOOHGHO·RXYHUWXUHGH QRXYHDX[ SURMHWV GH SRVHU j 0RQVLHXU +DPLG%HQWDKDUTXHOTXHVTXHVWLRQV 7U\ 0H  /·DQ GHUQLHU 0DGDPH %DUL]D .KLDULVpQDWULFHIUDQoDLVHYRXVDUHPLV OD 0pGDLOOH G·2U GX 7RXULVPH  SRXYH] YRXV QRXV UDSSHOHU TXHOOHV RQW pWp OHV JUDQGHVOLJQHVGHYRWUHDFWLRQTXLRQW PHQpjFHWWHGLVWLQFWLRQ" 0RQVLHXU +DPLG %HQWDKDU  &HWWH GLVWLQFWLRQ D pWp SRXU PRL XQH VXUSULVH 6L 0 +HUYp 1RYHOOL 6HFUpWDLUH G·(WDW DX 7RXULVPH P·D FKRLVL FRPPH +DPLG%HQWDKDU UpFLSLHQGDLUH F·HVW TX·LO D SHXW rWUH HVWLPp TXH M·LQFDUQDLV XQH QRXYHOOH JpQpUDWLRQGHPDQDJHUVHWTX·jFHWLWUHMHSRXUUDLVVHUYLUGHUpIpUHQFHSRXU PHVFRPSDWULRWHVGpVLUHX[G·HPEUDVVHUXQHFDUULqUHGDQVOHWRXULVPH3RXU PRLF·HVWODÃ&#x20AC;QDOLWpG·XQPpWLHUTXHMHP·HIIRUFHG·H[HUFHUDYHFSDVVLRQ HWULJXHXU 70/H0DURFHVWWHUUHG·DGRSWLRQSRXUOHVIUDQoDLVHW0DUUDNHFKHVWGpMj GDQVOHXUF±XU&RPPHQWVHSRUWHOHWRXULVPHDFWXHOOHPHQW" +%  6HORQ OHV GRQQpHV VWDWLVWLTXHV GH MDQYLHU OH 0DURF D HQUHJLVWUp XQH SURJUHVVLRQGHSDUUDSSRUWj3RXUFHTXLHVWGH0DUUDNHFKOD SURJUHVVLRQDpWpGHQRXVSRXYRQVGRQFDIÃ&#x20AC;UPHUTXHO·DFWLYLWpUHVWH

Â&#x2030;+

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

:KDW LV WKH FXU UHQW VWDWH RI WRXULVP KHUH" +%  $FFRUGLQJ WR WKH -DQXDU\ VWDWLV WLFV FRPSDUHG WR  WRXULVP JUHZ E\  0DUUDNHFK VDZ DQ LQFUHDVH RI  ,W·V ORRNLQJ SR VLWLYH EXW UHFHQW HYHQWVLQ7XQLVLDDQG (J\SW KLJKOLJKW KRZ VHQVLWLYH WKH VHF WRU LV WR RXWVLGH LQ IOXHQFHV 70  :KDW LV QHZ IRU WKLV\HDU" +%  7RXULVP LV QR ORQJHU PHDVXUHG LQ KRWHO QLJKWV 9LVLWRUV KDYH EHFRPH PRUH VRSKLVWLFDWHG DQG GHPDQGLQJ 7KH\ ZDQW D PRUH FRP SOHWH H[SHULHQFH ² WKH YHU\ WKLQJ WKDW 0DUUDNHFKFDQRIIHU :H·YH JURZQ IURP D ´VLQJOH SURGXFWµ GHVWLQDWLRQEDVHGRQ FXOWXUDO WRXULVP WR D PXOWLIDFHWHG RQH LQFOXGLQJ WKH IDPLO\ DQG OX[XU\ PDUNHWV JROI VKRSSLQJ ZHOO EHLQJ DQG QDWXUH DGYHQWXUH

JOREDOHPHQWSRVLWLYH3RXUDXWDQWHWOHVUpFHQWVpYpQHPHQWVVXUYHQXVHQ (J\SWHHWHQ7XQLVLHVRQWOjSRXUQRXVOHUDSSHOHULOIDXWUHVWHUYLJLODQWFDU F·HVWXQVHFWHXUVHQVLEOHDX[DOpDVH[WpULHXUV 704X·DOOH]YRXVOHXUSURSRVHUGHQRXYHDX" +%/DFRQVRPPDWLRQWRXULVWLTXHQHV·H[SULPHSOXVXQLTXHPHQWSDUO·DFKDW GH QXLWpHV K{WHOLqUHV ,O HVW GpVRUPDLV LQGLVSHQVDEOH GH SURSRVHU j GHV FRQVRPPDWHXUV GH SOXV HQ SOXV DYHUWLV HW GRQF H[LJHDQWV XQH YpULWDEOH H[SpULHQFH (W TXHOOH PHLOOHXUH GHVWLQDWLRQ TXH 0DUUDNHFK SRXU FH W\SH G·H[SpULHQFH&·HVWSRXUFHWWHUDLVRQTXHQRWUHGHVWLQDWLRQHVWSDVVpHGX VWDWXWGH©PRQRSURGXLWªEDVpHVXUOHWRXULVPHFXOWXUHOjFHOXLGH©PXOWL SURGXLWVª)DPLOOH/X[H*ROI6KRSSLQJ%LHQrWUH1DWXUH$YHQWXUHFHTXL ODUHQGDSWHjUpSRQGUHjWRXWHVOHVDWWHQWHV 70/DFULVHGHO·LPPRELOLHUDpWpLQWHUQDWLRQDOHFRPPHQW0DUUDNHFKOD YLWHOOH" +%  /D FULVH Q·D SDV DIIHFWp VHXOHPHQW O·LPPRELOLHU '·DXWUHV VHFWHXUV RQW pJDOHPHQW FRQQX XQ UDOHQWLVVHPHQW GH OHXU DFWLYLWp  OH VHFWHXU GHV %73 SDU ULFRFKHW PDLV DXVVL O·DUWLVDQDW OH WH[WLOH TXL RQW HQUHJLVWUp XQ UDOHQWLVVHPHQWVLJQLÃ&#x20AC;FDWLI-HFURLVSRXYRLUDYDQFHUTXHOHSLFGHFHWWHFULVH HVWGHUULqUHQRXVHWTXHODVLWXDWLRQVHVWDELOLVHQRWDPPHQWSRXUO·LQGXVWULH WRXULVWLTXH -·HQ YHX[ SRXU SUHXYH O·DPpQDJHPHQW GH QRXYHOOHV ]RQHV OH SURMHW G·pGLÃ&#x20AC;FDWLRQ G·XQ FHQWUH GH FRQIpUHQFHV GH  SODFHV G·XQ FHQWUHG·H[SRVLWLRQVGHSOXVGHPìTXLQHSRXUURQWTXHUHQIRUFHUOD QRWRULpWp GH 0DUUDNHFK DXSUqV GHV RUJDQLVDWHXUV GH FRQJUqV VpPLQDLUHV HWSOXVJpQpUDOHPHQWGHO pYpQHPHQWLHOTXLHVWXQHDFWLYLWpjIRUWHYDOHXU DMRXWpH 70  6L WRXW OH PRQGH VHPEOH ELHQ FRQQDvWUH OD FLWp VHV SDODFHV TXHOOHV VRQWOHVJUDQGHVPDQLIHVWDWLRQVFXOWXUHOOHVRXIHVWLYHVTX·LOQHIDXGUDSDV PDQTXHUFHWWHDQQpH" +%  0DUUDNHFK HVW DXMRXUG·KXL LQWHUQDWLRQDOHPHQW FRQQXH FRPPH XQH FLWpTXLDEULWHGHVpYpQHPHQWVSUHVWLJLHX[3RXUM·HQFLWHUDLTXHOTXHV XQVqPHpGLWLRQGXIHVWLYDOQDWLRQDOGHV$UWV3RSXODLUHV MXLOOHW VSHFWDFOH JUDQGLRVHGXIRONORUHGX0DURFOH6DORQ3XUH/LIH([SpULHQFH QRYHPEUH  TXLUDVVHPEOHWRXVOHVDFWHXUVGXWRXULVPHGHOX[HHWGHO·LQVROLWHjO·pFKHOOH PRQGLDOHODqPHpGLWLRQGX)HVWLYDO,QWHUQDWLRQDOGX)LOPGH0DUUDNHFK GpFHPEUH  TXL D DFTXLV XQH UHQRPPpHSODQpWDLUH 70  1RXV DYRQV O·KDELWXGH GH SRVHU OD TXHVWLRQ ULWXHOOH j QRV LQWHUORFXWHXUV  TX·DLPHULH]YRXV HVVD\HU" +%  -·DLPHUDLV HVVD\HU DYHF O·DLGH GHV pOXV HW GHV SURIHVVLRQQHOV GX WRXULVPH GH SODFHU 0DUUDNHFK GDQV OH 723  GHV GHVWLQDWLRQV WRXULVWLTXHV j WUDYHUV OH PRQGH &H VRXKDLW QH UHOqYH SDV GH O·XWRSLH FDU M·DL OD FRQYLFWLRQ TXH FHWWH FLWp D OHV DWRXWVSRXUUpXVVLUFHFKDOOHQJH -·DXUDL DLQVL OH VHQWLPHQW GX GHYRLU DFFRPSOL  OD SOXV EHOOH GHVUpFRPSHQVHV

Â&#x2030;,

70  +DV WKH LQWHUQD WLRQDO UHDO HVWDWH FUL VLVFDXVHGSUREOHPV" +%  7KH FULVLV KDV DI IHFWHGPDQ\VHFWRUV LQFOXGLQJKDQGLFUDIWV DQG WH[WLOHV ZKLFK KDYH H[SHULHQFHG D VLJQLILFDQW GRZQWXUQ 5HJDUGLQJ WRXULVP , WKLQN WKH ZRUVW LV RYHU 7KHUH DUH QHZ GHYHORSPHQWV RF FXUULQJ LQFOXGLQJ D  VHDW FRQIH UHQFH FHQWUH DQG D  VT P H[KLEL WLRQ FHQWUH 7KHVH ZLOO VWUHQJWKHQ RXU RIIHU DQG DWWUDFW FRQJUHVVHV VHPL QDUV DQG VLPLODU YD OXHDGGHGHYHQWV 70  :KDW DUH WKLV \HDU·V PDMRU FXOWXUDO HYHQWV DQG IHVWLYL WLHV" +%  7KLV \HDU·V KL JKOLJKWV LQFOXGH WKH WK 1DWLRQDO )HVWL YDO RI 3RSXODU $UWV LQ -XO\ D JUDQGLRVH 0RURFFDQ IRONORUH VSHFWDFOH WKH 3XUH /LIH ([SHULHQFH ([SR LQ 1RYHPEHU WKDW EULQJV WRJHWKHU WKH OX[XULRXV DQG WKH H[FHSWLRQDO IURP DURXQG WKH ZRUOG DQG WKH WK ,QWHU QDWLRQDO )LOP )HVWLYDO LQ 'HFHPEHU 3UHV

WLJLRXV HYHQWV WKDW JLYHWKHFLW\DQLQWHU QDWLRQDOUHSXWDWLRQ 707RFRQFOXGHRXU WUDGLWLRQDO TXHVWLRQ QDPHVRPHWKLQJ\RX ZRXOGOLNHWR7U\" +%  :LWK WKH KHOS RI HOHFWHG RIILFLDOV DQG WRXULVPSURIHVVLRQDOV ,·GOLNHWRPDNH0DU UDNHFK RQH RI WKH WRS ILYH WRXULVW GHVWL QDWLRQV LQ WKH ZRUOG 7KH FLW\ KDV ZKDW LW WDNHV,QWXUQ,ZRXOG IHHO , KDYH VXFFHH GHGLQP\GXW\ /H6RILWHO


( ' 5 (

9,//$1(89((17,Ê5(0(17'e&25e((7$0e1$*e(

1

0DUUDNHFK

9

LOASIS

Bab Atlas

­

'(6352-(76 95$,0(172.

.QRFN2XWSURMHFWV

6WXGLR.2

.SRXU.DUO2SRXU2OLYLHUOHVGHX[DUFKLWHFWHVVHSDUWDJHQWHQWUHOHXUVEXUHDX[ SDULVLHQVHWFHX[GH0DUUDNHFK(QÀOLJUDQHOHXUSDVVLRQSRXUOHXUPpWLHU .LV.DUO2LV2OLYLHU²WZRDUFKLWHFWVXQLWHGE\DSDVVLRQIRUWKHLUFUDIWWKDW GLYLGHWKHLUWLPHEHWZHHQ3DULVDQG0DUUDNHFK

.

DUO )RXUQLHU HW 2OLYLHU 0DUW\ VRQW DUFKLWHFWHV GH IRUPDWLRQ«FRPPH WDQW G·DXWUHV 0DLV OHXU XQLYHUV SURIHVVLRQQHO HVW PDUTXp SDU OD PDvWULVH GH SURMHWV TXL PHWWHQW HQ DYDQW OHXU DWWDFKHPHQW j XQ YpULWDEOH UHVSHFW GH OHXU HQYLURQQHPHQW GX Q{WUH (Q WHUPH VDYDQW RQ GLW TX·LOV VRQW © FRQWH[WXDOLVWHV ª HQ RSSRVLWLRQ DYHF © O·pFROH LQWHUQDWLRQDOH ª TXL V·DWWDFKH SOXV j OD FUpDWLRQ HQ HOOH PrPHTX·DXOLHXRHOOHVHFRQVWUXLW ,QVWDOOpV j 3DULV PDLV DPRXUHX[ GX 0DURF TXDQG OD IDPLOOH +HUPqV OHXU SURSRVHXQSURMHWGDQVOHQRUGGXSD\VGXF{WpGH7DQJHULOOHXUHVWGHYHQX pYLGHQWGHFUpHUVXUSODFHXQHVWUXFWXUHORFDOHjO·LPDJHGHOHXUEXUHDX SDULVLHQV·DVVRFLDQWUpFHPPHQWDYHFXQFRQIUqUHPDURFDLQ1DELO$INLUL 6HSDUWDJHDQWGHSXLVGL[DQVHQWUHODIROLHG·XQHYLHSDULVLHQQHELHQUHPSOLH HW OH VROHLO UpJpQpUDWHXU G·XQ SD\V HQ SOHLQH PXWDWLRQ HQWUH UpQRYDWLRQV OX[XHXVHV HW FRQVWUXFWLRQV UHPDUTXDEOHV V·DWWDFKDQW j UHVSHFWHU GDQV FKDTXHOLHXVRQLGHQWLWpHWHQSHQVDQWWRXMRXUVGpYHORSSHPHQWGXUDEOH OHVSURMHWVVHVXLYHQWHWQHVHUHVVHPEOHQWSDVWRXMRXUV6LOHXUDFWXDOLWpHVW HQFRUHj0DUUDNHFKWUDYDLOODQW DYHF HQWUDLQ VXU OD GpFRUDWLRQ GH O·K{WHO 5R\DO 3DOP GX JURXSH %HDFKFRPEHU F·HVW HQ $QJOHWHUUH TX·LOV SHDXÀQHQW OHXU GHUQLHU RXYUDJH WRXMRXUV XQ K{WHO DYHF XQH UpIpUHQFH GDQV OH PpWLHU  $QGUp %DOD]V GpMj SURSULpWDLUH GX 0HUFHU GX &KkWHDX0DUPRQWj/$RXGX 6WDQGDUGj1HZ<RUN 3DULV0DUUDNHFK/RQGUHV1HZ <RUNOHPRQGHRIIUHWDQWG·LGpHV SRXUOHVEkWLVVHXUV 6LJQpV6WXGLR.2DX0DURF /HUHVWDXUDQW%R=LQOH*UDQG &DIpGHOD3RVWHOH5LDG /D.VRXUj0DUUDNHFKHW OH5HODLV&KDWHDX[O·+HXUH %OHXHj(VVDRXLUD« ZZZVWXGLRNRIU

:KDW GLIIHUHQWLDWHV .DUO )RXUQLHU DQG 2OLYLHU 0DUW\ IURP RWKHU DUFKLWHFWV LV WKHLU FRPPLWPHQW WR WKH HQYLURQPHQW ² RXU HQYLURQPHQW ,Q WKH MDUJRQ WKH\ DUH ¶FRQWH[WXDOLVWV· UD WKHU WKDQ RI WKH ¶LQ WHUQDWLRQDO VFKRRO· DQG DV VXFK JLYH SULRULW\ WR WKH ZKHUH RYHUWKHZKDW:KHQ +HUPHV KLUHG WKHP IRU D SURMHFW LQ WKH QRUWK RI 0RURFFR D FRXQWU\ RI ZKLFK WKH\DUHJUHDWDILFLR QDGRV WKH\ DVVRFLD WHG WKHPVHOYHV ZLWK 1DELO $INLUL DQG VHW XS DQ RIILFH ORFDOO\ WKDW DOO EXW HFKRHG WKHLU3DULVKHDGTXDU 3DOP +RWHO LQ 0DU WHUV UDNHFKWKH\DUHSUH VHQWO\ DOVR ILQDOLVLQJ %DODQFLQJ D KHFWLF D SURMHFW LQ (QJODQG 3DULVLDQ OLIHVW\OH ZLWK ZLWK WKH UHQRZQHG WKH UHJHQHUDWLYH $QGUp %DOD]V RZQHU VXQVKLQHRIDFRXQWU\ RI WKH 0HUFHU DQG LQ IXOO WUDQVIRUPDWLRQ 6WDQGDUG LQ 1HZ DQG WKH UHPDUNDEOH <RUN DQG WKH &KD ZLWK WKH OX[XULRXV WHDX 0DUPRQW LQ /RV WKH\ UHPDLQ GHGLFD $QJHOHV 3DULV 0DU WHG WR VXVWDLQDELOLW\ UDNHFK/RQGRQDQG DQG FXOWXUDO LGHQWLW\ 1HZ <RUN ² IRU WKHVH 7KRXJKEXV\GHFRUD WZR DUFKLWHFWV WKH WLQJ WKH %HDFKFRP ZRUOG LV DQ HQGOHVV EHU JURXS·V 5R\DO VRXUFHRILQVSLUDWLRQ

$UFKLWHFWXUH WUDGLWLRQQHOOH

&XOWXUHHWDPELDQFH GX0DJKUHE

0RGHUQLVPHHW FRQIRUW

&RQVWUXFWLRQPDURFDLQHIDoRQ³5LDG´ PDLVpJDOHPHQWFRQWHPSRUDLQHDYHF GHODUJHVRXYHUWXUHVH[WpULHXUHV

8QHDPELDQFHFRQWHPSRUDLQHHW IRQFWLRQQHOOHSRQFWXpHGHUDSSHOV GHVWUDGLWLRQVDUWLVDQDOHVPDURFDLQHV

/¶HQVHPEOHGHODYLOODHVWpTXLSp GHVGHUQLqUHVQRXYHDXWpV WHFKQRORJLTXHV

6,78$7,21

9,//$

6LWXpHDXFDOPHGH/D3DOPHUDLHj%DE$WODVFHWWHVSOHQGLGHSURSULpWpGHPðKDELWDEOHVHVW QHXYH(OOHHVWHQWLqUHPHQWDPpQDJpHPHXEOpHHWGpFRUpHSDUOHSURSULpWDLUHTXLHVWGpFRUDWHXU (OOH HVW SDUIDLWHPHQW pTXLSpH HW SUrWH j rWUH KDELWpH GX OLQJH GH PDLVRQ DX[ SHWLWHV FXLOOqUHV  /¶DFFqVHVWTXDVLPHQWGLUHFWGXFHQWUHGH0DUUDNHFKVLWXpjHQYLURQNPSDUXQHURXWHHQWLqUHPHQW JRXGURQQpH MXVTX¶j OD SURSULpWp 'H QRPEUHXVHV SURSULpWpV HQYLURQQDQWHV VRQW KDELWpHV SDU GH KDXWHVSHUVRQQDOLWpV /DSURSULpWpHVWLPSODQWpHVXUXQWHUUDLQGHPDPpQDJpSDUXQSD\VDJLVWH(OOHHVWMROLPHQW FRPSODQWpHG¶ROLYLHUVGHSDOPLHUVG¶DJUXPHVHWGHQRPEUHXVHVDXWUHVHVVHQFHV ¬O¶pFDUWXQMDUGLQ³SRWDJHU´

5H]GHFKDXVVpHXQKDOOG¶HQWUpHPDMHVWXHX[DYHFXQHVFDOLHUjGRXEOHUpYROXWLRQGHVVHUYDQWOH HUpWDJHXQVDORQPDURFDLQDYHFFKHPLQpHXQVDORQHXURSpHQDYHFFKHPLQpHXQVDORQWpOpYLVLRQ pTXLSp DYHF WpOpYLVLRQ j /(' XQH VDOOH j PDQJHU  XQH FXLVLQH HQWLqUHPHQW pTXLSpH WURLV FKDP EUHVpTXLSpHVGHWpOpYLVLRQPXUDOHDYHFFKDFXQHVDOOHGHEDLQVGRXFKHHWZFLQGpSHQGDQW +DPPDPDYHFVDOOHGHPDVVDJHV 7RLOHWWHVLQYLWpV eWDJHGHX[LPPHQVHV³PDVWHUVXLWH´pTXLSpHVGHWpOpYLVLRQj/('DYHFFKDFXQHXQKDOOG¶DFFqVXQ GUHVVLQJXQHVDOOHGHEDLQVXQHGRXFKHHWXQZFLQGpSHQGDQW

SKRWRV'DQ*ODVVHU

75<

9275(9,//$j0$55$.(&+

0DUUDNHFK

9(17(',5(&7(3$5/(35235,(7$,5(

‰-

‰.

3RXUHQVDYRLUSOXVVXUODYLOOD2DVLV GHVFULSWLRQGpWDLOOpHHWQRPEUHXVHVSKRWRV FRQVXOWH]OHVLWHZZZYLOODRDVLVPDUUDNHFKFRP 9,//$2$6,6 35,;1286&2168/7(5

7e/e3+21((1)5$1d$,6 7e/e3+21((1$1*/$,6

)UDQFHDX 0DURF


75<

0DUUDNHFK

0DUUDNHFK

&,7e'(63/$,6,56

&LW\RIPDQ\SOHDVXUHV

8QK{WHOOX[XHX[XQUHVWDXUDQWJDVWURQRPLTXHXQHHVFDSDGHURPDQWLTXHXQJROIGXVKRS SLQJXQHSURPHQDGHHQFKDQWHUHVVH"/DFLWpHVWVLPDJLTXHOHVDGUHVVHVVRQWVLEHOOHV« 7KLVFLW\RIOLJKWVKDVLWDOO²OX[XU\KRWHOVJRXUPHWUHVWDXUDQWVURPDQWLFJHWDZD\VJROI FRXUVHVVKRSSLQJHQFKDQWLQJZDONV 1DRXUD%DUULqUH 8QHPpGLQDGDQVOD0pGLQD&HLQWGHKDXWVPXUVFRPPH XQH IRUWHUHVVH GRQW HOOH Q·DXUDLW TXH OH QRP OH FRPSOH[H FRPSRVpG·XQK{WHOGHFKDPEUHVOX[XHXVHVHWGHU\DGV GHWURLVjVHSWFKDPEUHVVDORQDYHFFKHPLQpHELEOLRWKqTXH VDOOHjPDQJHUFXLVLQHUpSDUWLVGDQVGHVMDUGLQVPHUYHLOOHX[ V\PEROLVH OD UHQFRQWUH pSDQRXLH HQWUH XQ SDVVp JORULHX[ HW XQSUpVHQWKLJKWHFK6RXVODGRXEOHVLJQDWXUHGHO·DUFKLWHFWH 'DQLHO+XODNHWGXGHVLJQHU3DVFDO'HVSUH]OHVHVSDFHVV·HP SOLVVHQWDYHFpOpJDQFHSRXUXQGpSD\VHPHQWSDUIDLWGDQV XQFRQIRUWDEVROX/DSLVFLQHLPPHQVH [P HVWERUGpH GHGHX[ORQJXHVSODJHVG LURNRDX[UHÁHWVEUXQVHWGRUpVWDQ GLV TXH OH 8 6SD j O·LPDJH GH FHOXL GX )RXTXHW·V &KDPSV (O\VpHVDSSRUWHVRQFRPSOpPHQWLQGLVSHQVDEOH 5XH'MHEHO$ODNGDU%DG'RXNNDOD7HO ZZZQDRXUDEDUULHUHFRP $PHGLQDZLWKLQWKH0HGLQD7KHFRPSOH[LQFOXGHVDQ URRPKRWHODQGOX[XU\ULDGVVXUURXQGHGE\JDUGHQVHDFK ZLWK  WR  EHGURRPV D OLEUDU\ GLQLQJ URRP NLWFKHQ DQG ORXQJHV ZLWK ÀUHSODFH $Q LPPHQVH VZLPPLQJ SRRO ERUGH UHGLQ$IULFDQWHDNSHUIHFWO\FRPSOHPHQWVWKH86SDLWVHOI PRGHOOHGRQWKHRQHDW)RXTXHW·V&KDPSV(O\VpHV

/H3DODLV5KRXOPLOOHHWXQHQXLWVIppULTXHV 8QYpULWDEOHFRXSGHF±XUSRXUFHSDODLVPDJLTXHTXLSRUWH VLELHQVRQQRP&·HVWDXF±XUGHOD3DOPHUDLHVXUFLQTKHF WDUHVSDUDGLVLDTXHVTXHV·LQVWDOOHFHSDODFHKRUVGXWHPSV,FL O KRVSLWDOLWpRULHQWDOHVHGRXEOHVHGRXEOHG·XQOX[HHWG·XQUDI ÀQHPHQWSURSUHVjWUDQVIRUPHUGHVPRPHQWVVLPSOHVHQVRXYH QLUVLPSpULVVDEOHV&KRLVLUH]YRXVGHFDFKHUYRWUHERQKHXUGDQV XQHGHVVXLWHVIDFHjODSLVFLQHRXDXF±XUGHVMDUGLQVRXYRXV SORQJHUH]YRXV GDQV OD WUDGLWLRQ VpFXODLUH GHV WHQWHV &DwGDOHV SRXUYRXVSHUGUHDYHFGpOLFHGDQVXQHKLVWRLUHPHUYHLOOHXVH/H VSDXQGHVSOXVEHDX[KDPPDPVSULYpVGH0DUUDNHFKHVWXQH DXWUH LQYLWDWLRQ  /·K{WHO GLVSRVH G·XQ DYLRQ SULYp GH  SODFHV SRXUVXUYROHUO·$WODVGpFRXYULU(VVDRXLUDHWGpMHXQHUj2XDU]D ]DWHRQHPEDUTXH" 7HO  ZZZSDODLVUKRXOFRP /RYHDWÀUVWVLJKW,QÀYHSULYDWHKHFWDUHVDWWKHKHDUWRIWKH 3DOPHUDLH OX[XU\ DQG UHÀQHPHQW WUDQVIRUPV LQGLYLGXDO PR PHQWVLQWRHYHUODVWLQJPHPRULHV+RWHOVXLWHVRYHUORRNLQJWKH SRRORUQHVWOHGLQWKHJDUGHQVRUXQGHUFDQYDVIRUVWRU\ERRN DGYHQWXUHV:KHQLWFRPHVWRSDPSHULQJWKHVSDLVRQHRI WKHÀQHVWSULYDWHKDPPDPVLQ0DUUDNHFK

$]DU /·2ULHQWUHQFRQWUHO·2ULHQWGDQVXQEHDXPpODQJHGHFXOWXUHHW GHVDYHXUV'pFRUUDIÀQpHWFXLVLQHjO·LPDJHOHVJUDQGVSODWV PDURFDLQVVHGLVSXWHQWODIDYHXUGHVJDVWURQRPHVDYHFFHX[ GX/LEDQOHVGHX[FKHIVHQRVPRVH3RXUSDUIDLUHODVRLUpHOH &OXE2ULHQWDODFFHVVLEOHSDUXQDVFHQVHXUSULYpSURORQJHOD VRLUpHGHODPHLOOHXUHIDoRQTXLVRLW,OQ·\DSDVGHKDVDUGTXH GHVUHQFRQWUHVH[FHSWLRQQHOOHV 5XHGH<RXJRVODYLH F{WpERXOHYDUG+DVVDQ,, *XpOL] 7HO  ZZZD]DUPDUUDNHFKFRP (DVW PHHWV (DVW LQ D VXPSWXRXV EOHQG RI 0RURFFDQ DQG /HEDQHVH FXOWXUHV DQG ÁDYRXUV D UHÀQHG JXVWDWRU\ ULYDOU\ EHWZHHQ WKH WZR FKHIV $FFHVVHG E\ SULYDWH OLIW WKH &OXE 2ULHQWDODERYHRIIHUVDZRQGHUIXOH[WHQVLRQWRWKHHYHQLQJ

SKRWR

+/

6RÀWHO0DUUDNHFK/RXQJH 6SD &HWWHJUDQGHFKDLQHK{WHOLqUHHVWWUqVLPSODQWpHDX0DURF DXWUDYHUVGHVL[UpIpUHQFHV1RXVDYRQVFKRLVLFHOOHFLPHQpH DYHFEULRSDU+DPLG%HQWDKDUSRXUFHTX·HOOHDSSRUWHHQ SOXV©OHELHQrWUHFRQMXJXpDYHFOHVpPRWLRQVª'HVSUR PHVVHVWHQXHVSDUFHWWHHQWLWpGHFKDPEUHVDGPLUDEOHV GRQW  VXLWHV  FRQoXH GDQV XQ VW\OH DQGDORX UpVROXPHQW FRQWHPSRUDLQHWpGLÀpHDXPLOLHXGXQVRPSWXHX[MDUGLQ/H SOXVYLHQWELHQpYLGHPPHQWGHVHVSDFHV6SDHWUHOD[DWLRQ TXL FRQMXJXHQW WRXV OHV VRLQV HW WUDLWHPHQW DSWHV j GRQQHU DX FRUSV FH TXH O·HVSULW pSURXYH GpMj GDQV FHV OLHX[  -D FX]]L+DPPDP6DXQD6RODULXPSLVFLQHVH[WpULHXUHV6DOOH GHÀWQHVVVDQVRXEOLHUOHVPDVVDJHVUpJpQpUDWHXUV 5XH+DUURXQ(UUDFKLG4XDUWLHUGHO KLYHUQDJH 7HOZZZVRÀWHOFRP 6RÀWHOKDVDJUDQGSUHVHQFHLQ0RURFFRZLWKVL[HOHJDQWHV WDEOLVKPHQWV:H·YHFKRVHQWKLVRQHIRUWKHOLWWOHVRPHWKLQJ H[WUD LW RIIHUV ´D FRPLQJ WRJHWKHU RI ZHOOEHLQJ DQG HP RWLRQVµ 0DQDJHG ZLWK EULR E\ +DPLG %HQWDKDU LW KDV  ZRQGHUIXOURRPVLQFOXGLQJVXLWHVLQDFRQWHPSRUDU\$Q GDOXVLDQVW\OHVHWLQDVXPSWXRXVJDUGHQ

V<DQQ

'HUHW

%{=LQ &·HVWO·HQGURLWWHQGDQFHGXPRPHQWGpFRUpDYHFHVSULW 3OXVLHXUVDPELDQFHVYRXOXHVSDUOHPDvWUHGHODPDLVRQ &\ULO HW XQH PXVLTXH pWXGLpH SRXU IDLUH OD IrWH j FRP PHQFHUSDUFHOOHGHVVHQVDYHFXQHJDVWURQRPLHPrODQW OH0DURFjGHVVSpFLDOLWpVLQWHUQDWLRQDOHV2QVHSDUWDJH DLQVL HQWUH OH EDU LQWpULHXU HW FHOXL GH O·H[WpULHXU OD SHU JRODODVDOOHRXOHMDUGLQDYHFVHVWHQWHVDFFXHLOODQWHV 5RXWHGHO·2XNLUD7HO  ZZZER]LQ FRP 6W\OLVK HOHJDQW RFKUH KXHG HVWDEOLVKPHQW MXVW RXWVLGH 0DUUDNHFK WKDW LV DOO WKH UDJH $ FHOHEUDWLRQ RI PXVLF 0RURFFDQ DQG LQWHUQDWLRQDO FXLVLQH ZLWK EDU DQG VHD WLQJ DYDLODEOH LQGRRUV LQ WKH VXPSWXRXV SHUJROD RU XQ GHUFDQYDVLQWKHJDUGHQ,QWHQVHDQGZHOFRPLQJ


0DUUDNHFK

&U\VWDO5HVWDXUDQW 6LJQpH SDU OHV IDPHX[ MXPHDX[  -DFTXHV HW /DXUHQW 3RXUFHO OH UHVWDXUDQW V·LOOXVWUH GDQV XQ GpFRU SDUWLFXOLqUHPHQW UpXVVL /D FDUWH UHÁqWHXQHGRXEOHFXOWXUHSDUIDLWHPHQWPLVHHQ VFqQHHWVHFRPSOqWHGRUpQDYDQWOHGLPDQFKHG·XQEUXQFK © SDV FRPPH OHV DXWUHV ª 'H K j K  TXDWUH KHXUHV GH JRXUPDQGLVHHWGHFRQYLYLDOLWpGDQVXQHDPELDQFHPXVLFDOH 1RXYHOOH]RQHK{WHOLqUHGHO·$JXHGDO%RXOHYDUG0RKDPHG9, 7HO  ZZZFU\VWDOSDFKDPDUUDNHFKFRP &UHDWHG E\ WZLQV -DFTXHV HW /DXUHQW 3RXUFHO WKH UHVWDXUDQW ERDVWV D SDUWLFXODUO\ VW\OLVK GHFRU 7KH PHQX D PDUULDJH RI VRSKLVWLFDWLRQ DQG FRQYLYLDOLW\ UHÁHFWV LQÁXHQFHV IURP ERWK FXOWXUHV DQG FDQ QRZ EH VDPSOHG RYHU 6XQGD\ EUXQFK 7KH QHZZHHNHQGUHQGH]YRXVIRUDQ\GD\RIWKHZHHN

/D9LOODGHV2UDQJHUV 9pURQLTXHHW3DVFDO%HKHUHFRQWFKRLVLOHPHLOOHXUGHO·DUWLVD QDWPDURFDLQSRXUDPpQDJHUOHVLQWpULHXUVGHFHULDGODEHOOLVp 5HODLVHW&KkWHDX[8QJUDQGMDUGLQHWGHVSDWLRVYHUGR\DQWV XQ VDORQ GH PDVVDJH HW XQ HVSDFH EHDXWp XQ UHVWDXUDQW TXL PDULH LQÁXHQFHV IUDQoDLVHV PpGLWHUUDQpHQQHV HW PDUR FDLQHVXQHFDYHjFLJDUHVGHX[SLVFLQHVGRQWXQHVXUOHWRLW TXL GRQQH VXU OD .RXWRXELD HW OHV PRQWDJQHV GH O·$WODV XQ RSHQEDURXYHUWWRXWHODMRXUQpH«8QLTXHODVXLWHULDGSULYpH DYHFVDSURSUHSHWLWHSLVFLQHHWVRQVRODULXP2QGpJXVWHFHV RUDQJHVTXDUWLHUSDUTXDUWLHUDYHFGpOHFWDWLRQ UXH6LGL0LPRXQ7pO ZZZYLOODGHVRUDQJHUVFRP 9pURQLTXH DQG 3DVFDO %HKHUHF FKRVH WKH EHVW 0RURFFDQ FUDIWVPHQ IRU WKH LQWHULRUV RI WKLV 5HODLV  &KDWHDX[ ULDG ,W IHDWXUHVDODUJHJDUGHQDQGYHUGDQWSDWLRVDPDVVDJHDQG EHDXW\ FHQWUH D UHVWDXUDQW ZKHUH 0HGLWHUUDQHDQ LQÁXHQFHV PLQJOHDQGDQRSHQEDU

5LDG0RQFHDX 5pSHUWRULpSDUPLOHVSOXVEHOOHVGHPHXUHV GHOD0pGLQDFHWK{WHOVHGRXEOHG·XQ UHVWDXUDQWDXTXHOODFKHI5DFKLGD6DK QRXQHGRQQHWRXWVRQWDOHQWHWVDSDV VLRQpODERUDQWFKDTXHMRXUXQPHQX Qp VXU OHV pWDOV GHV PDUFKpV ORFDX[  GHVSURGXLWVIUDLVGRQFSRXUPrOHUOD WUDGLWLRQ PDURFDLQH HW OD JDVWURQR PLHIUDQoDLVH  GHUE &KDDEDQH 5LDG =LWRXQ /DNGLP 7HO        ZZZULDGPRQFHDXFRP 2QHRIWKH0HGLQD·VPRVWEHDX WLIXO H[DPSOHV RI 0RRULVK DUFKL WHFWXUHWKHKRWHOLVWKHSHUIHFW URPDQWLF KLGHDZD\ &KHI 5D FKLGD6DKQRXQHLQIXVHVDPDU NHWVRXUFHG PHQX ZLWK WDOHQW DQGSDVVLRQ

5LDG'L[QHXIOD.VRXU $ GHX[ SDV GH OD SODFH 'MHPD HO )QD OHV SRUWHV GH FH ULDG V·RXYUHQW VXU XQ XQLYHUV IHXWUp TXL IHUDLW IDFLOHPHQW RXEOLHU TX·LO HVW XQ K{WHO GH OX[H HW GH FKDUPH VDQV OD FpOpULWp HW OD SUpYHQDQFH GH VRQ SHUVRQQHO /·DPELDQFH LQWLPLVWH OH WUDQV IRUPHDLVpPHQWHQXQHPHUYHLOOHXVHGHPHXUHLQGLYLGXHOOH2Q UHWURXYHLFLOHWDOHQWFRQMXJXpGHVDUFKLWHFWHV.DUO)RXUQLHUHW 2OLYLHU0DUW\ 6WXGLR.2 WUqVLQVSLUpVSDUOD0HGHUVD%HQ<RXV VHI MR\DX GH O DUFKLWHFWXUH DUDERDQGDORXVH j 0DUUDNHFK &KDPEUHVjSDUWLUGH½ UXH6LGL(O<DPDQL%DE.VRXU0DUUDNHFK0DURF 7HO  LQIR#GL[QHXIODNVRXUFRP ZZZGL[QHXIODNVRXUFRP 1HDUWKH'MDPPDHO)·QDVTXDUH\RX·OOÀQGWKHGRRUVWRWKLVPDU YHOORXVULDG:LWKLQJUDQGOX[XU\ZLWKWKHLQWLPDF\RIDSULYDWHUHVL GHQFHDZDLWVWKDQNVWRWKHWDOHQWVRI.DUO)RXUQLHUDQG2OLYLHU0DU W\ 6WXGLR.2 $ORQJVLGHWKHIRXQWDLQLQWKHÁRZHUJDUGHQRURQD VXQQ\WHUUDFHZLWKWKHYLHZRIWKHVQRZFDSSHG$WODV0RXQWDLQV


75<

0DUUDNHFK

0DUUDNHFK

.DULP7DVVL0D5RFN&ROOHFWLRQ /HV IHPPHV GDQVHQW /HXUV YRLOHV FRORUpV ÁRWWHQW VRXV OH VROHLO DUWLÀFLHO GHV VSRWV G·XQ 2ULHQW PRGHUQH /HV ELMRX[pWLQFHOOHQW«(OOHVGDQVHQWVDQV FRPSOH[H OpJqUHV GDQV OHV DOL]pV FRPPH SRUWpHV SDU OH FKDUNL OH YHQWOpJHUTXLPXUPXUHDX[RUHLOOHV GHWRXWHVOHQRPGHFHOXLTXLDVX OHVYrWLUSRXUXQHIrWHVHQVRULHOOH .DULP 7DVVL  /D PXVLTXH VH IDLW IRUWHHWDFFRPSDJQHODGHUQLqUH FROOHFWLRQ GH FH MHXQH KRPPH pFOHFWLTXHTXLKDELOOHDYHFHVSULWGHSXLV XQH GRX]DLQH G·DQQpHV O·KRPPH OD IHPPH OHV PHXEOHV DMRXWDQW j VD SDQRSOLH XQH JDPPH GH ELMRX[  /H &OXE 0HG$JDGLU0DUUDNHFKGHERXWLTXHVHQVKRZURRPGHIrWHHQIrWHOD PRGHSRUWHVDVLJQDWXUHFRPPHXQODEHOGX7RSWRXWHHQU\WKPH 6KRZ URRP  =,GH 6LGL *KDQHP  0DUUDNHFK 7HO   ZZZNDULPWDVVLFRP :RPHQGDQFHDQGMHZHOVVSDUNOHDVHQVRU\FHOHEUDWLRQDPLGWKHEUHH]H DQGVSRWOLJKWVRIDPRGHUQ2ULHQW.DULP7DVVLIHWHGIRUKLVHFOHFWLFPHQ·V ZRPHQ·VDQGLQWHULRUIDVKLRQUDQJHVSUHVHQWVKLVQHZMHZHOOHU\FROOHFWLRQ DFURVVERXWLTXHVDQGVKRZURRPVLQ$JDGLU0DUUDNHFKDQG&OXE0HG 7RSFODVVIDVKLRQZLWKDUK\WKPDOORIKLVRZQ

0RQDFR7UDLWHPHQWGHVOHXFpPLHVLQIDQWLOHVDX0DURF /H*RXYHUQHPHQW3ULQFLHUDUGHQWVXSSRUWHUGX6W-XGH&KLOGUHQ·V5HVHDUFK +RVSLWDO GH 0HPSKLV DX 7HQQHVVHH GHSXLV TXH OD 3ULQFLSDXWp D DFFXHLOOL OHWRXWSUHPLHUJDODGHFKDULWpLQWHUQDWLRQDOGHO·+{SLWDOHQYLHQWGH VLJQHUDYHFOXLXQDFFRUGGHSDUWHQDULDWYLVDQWjDPpOLRUHUOHWDX[GHJXp ULVRQGHVHQIDQWVHWGHVMHXQHVDGXOWHVDWWHLQWVGHOHXFpPLHP\pORwGHDLJXs /0$ DX0DURFGDQVGHX[K{SLWDX[GH5DEDWHW&DVDEODQFD/DFRRSpUD WLRQPRQpJDVTXHV·HQJDJHYHUVHU½VXUFLQTDQVDÀQGHÀQDQFHUGH QRXYHOOHVUHFKHUFKHVSRXUOHWUDLWHPHQWGHFHWWHPDODGLH (YHUVLQFHWKHJDODWKH3ULQFLSDOLW\KDVDFWLYHO\VXSSRUWHG6W-XGH&KLO GUHQ·V5HVHDUFK+RVSLWDOLQ0HPSKLV7HQQHVVHH$QHZÀYH\HDU½ SDUWQHUVKLS DLPV WR LPSURYH UHFRYHU\ UDWHV RI 0RURFFDQ FKLOGUHQ DQG \RXQJDGXOWVZLWKDFXWHP\HORLGOHXNDHPLDLQ5DEDWDQG&DVDEODQFD

0DUUDNHFK WHUUH GH *2/) $O0DDGHQUHVRUW 3OXV TX·XQ JROI  'HV PpGLQDV  SHWLWV  YLO ODJHV IRUWLÀpV TXL DF FXHLOOHQW GHV U\DGV PHUYHLOOHX[  $OWDwU 6KHUD]DGH -LKDQH 7DU«GHVYLOODVH[FHS WLRQQHOOHV GHV HQWLWpV K{WHOLqUHV GH OX[H HW ELHQ V€U FH SDUFRXUV H[WUDRUGLQDLUH GHV

GHFDUWHSRVWDOHO·$W ODV VH GpFRXSH HQ FRUH HQQHLJp 3RXU G·DXWUHV SODLVLUV OHV GLIIpUHQWV UHVWDXUDQWV UpJDOHQW OHV VSRUWLIV OH VSD OHXU DVVXUH GHV PRPHQWV GH UHOD[D WLRQSDUIDLWH ZZZDOPDDGHQFRP 6XUURXQGHG E\ WKH IRUWLÀHG YLOODJHV RI $OWDLU 6KHUD]DGH -L KDQH DQG 7DU DQG

VLQp SDU .\OH 3KLOOLSV GHVLJQHU LQWHUQDWLR QDO TXL D SHQVp DX[ MRXHXUVHQV·DGDSWDQW j WRXV OHV QLYHDX[ PDLV Q·RXEOLDQW SDV O·HVWKpWLVPH 'pSDUWV HQ VXUSORPE REV WDFOHV GLYHUV JUHHQV HQ KDXWHXU YDULpV SODQV G·HDX JpRPp WULTXHV OH SDUFRXUV SDVVH HQWUH OHV YLOODV HWOHVPpGLQDVSRQF WXp G·XQH YpJpWDWLRQ DGDSWpH  SDOPLHUV F\SUqV DPDQGLHUV WDQGLV TXH VXU IRQG

IUDPHG E\ WKH VQRZ FDSSHG $WODV 0RXQ WDLQV WKH $O 0DDGHQ 5HVRUW RIIHUV DQ H[ FHSWLRQDO .\OH 3KLOOLSV GHVLJQHG FRXUVH 6XL WDEOHIRUSOD\HUVRIDOO OHYHOV LW IHDWXUHV DQ XQGXODWLQJ DQG YD ULHGWRSRJUDSK\DPLG SDOPF\SUHVVDQGDO PRQG WUHHV 5HFRYHU IURP\RXUH[HUWLRQVDW WKH VSD DQG VDYRXU WKH FXOLQDU\ GHOLJKWV RI WKH YDULRXV UHVWDX UDQWV ZZZDOPDDGHQFRP


WDVWH

PH /HUHVWDXUDQW'DU(QDVVLP

/DUpXVVLWHHVWDIIDLUHGHWDOHQWPDLVDXVVLGHKDVDUG8QYR\DJHDX0DURFSHXWUpVHUYHU ELHQGHVVXUSULVHVjXQ&RPSDJQRQGX7RXUGH)UDQFH 6XFFHVVGHPDQGVERWKWDOHQWDQGJRRGIRUWXQHDQG0RURFFRZRXOGSURYHIUXLWIXOIRU WKLVPHPEHURIWKH&RPSDJQRQVGX7RXUGH)UDQFHE\%HUQDUGYDQGH.HUFNKRYH

+

)DEULFH9XOLQ

'·81(0e',7(55$1e( RQH0HGLWHUUDQHDQ ­/·$875( WRWKHRWKHU ++

DVDUGFKDQFHRSSRUWXQLWpFKDFXQFKRLVLUDOHPRWTXLGRQQHjXQH YLHXQYpULWDEOHWRXUQDQW)DEULFH9XOOLQFKHIDXUpROpGHGHX[pWRLOHV DX 0LFKHOLQ D UHQFRQWUp +LFKDP %HUUDGD OH  SULQFLSDO LQYHVWLVVHXU G·XQFRPSOH[HGHOX[HGDQVOHVMDUGLQVGHOD3DOPHUDLHj0DUUDNHFKORUV G·XQHVHPDLQHJDVWURQRPLTXHFRPPHLO\HQDWDQWGDQVOHSDUFRXUVG·XQ FXLVLQLHUpPpULWH /H 'DU (QDVVLP EHO pWDEOLVVHPHQW KDELOOp GH URXJH HW GH QRLU QDLVVDLW ELHQW{W PrODQW DYHF VXEWLOLWp OHV GHX[ FXOWXUHV JDVWURQRPLTXHV GDQV XQHDSSURFKHUDIILQpH4XHOTXHVWHPSVDSUqVWRWDOHPHQWDQFUpGDQV ODWUDGLWLRQPDURFDLQHF·HVW(O.DUPRXVVD /HILJXLHU TXLYR\DLWOHMRXU &LQT DQV SOXV WDUG VDQV SRXU DXWDQW GpODLVVHU XQ SD\V TXL O·D FRQTXLV HWGDQVOHTXHOLOV·HVWPDULpLO\DTXHOTXHVVHPDLQHVLOV·HVWDWWDTXpj XQQRXYHDXFKDOOHQJHHQGHYHQDQWOHQRXYHDXFKHIGHFXLVLQHGHOD &KqYUHG·2Uj(]H '·XQVROHLOO·DXWUHFHMHXQHTXDGUDQ·DHXTX·jIUDQFKLUOD0pGLWHUUDQpH SRXUJULPSHUVXUFHSLWRQURFKHX[VRQYLOODJHKDXWSHUFKpHWVRQ5HODLVHW &KkWHDX[GHOpJHQGH&HUWDLQHPHQWSDVXQGpÀSRXUFHWKRPPHQpGX FRWpGH6HUUH&KHYDOLHUHWGRQWODPRQWDJQHUHVWH OHUHIXJHSUpIpUpOjRLOVHUHVVRXUFH(QFRUHTXH OHVGpÀVQHVRQWSDVSRXUOHGpFRXUDJHU6RQQRP GH&RPSDJQRQGX7RXUGH)UDQFH©'DXSKLQpOD SHUVpYpUDQFH ª pWDQW GH QDWXUH j ODLVVHU SHQVHU TXHOHVFKDOOHQJHVSRXUOXLVRQWDIIDLUHGHWHPSVGH WUDYDLOHWVXUWRXWGHSDVVLRQ/DVLHQQHHVWQpHWUqV W{W GDQV OHV FXLVLQHV GH VHV YDFDQFHV HQIDQWLQHV FRPPHVLLOpWDLWQDWXUHOTX·LO\ÀWVHVSUHPLHUVSDV 'HV NLORPqWUHV SOXV WDUG j 3DULV *HQqYH 9DOHQFHRXDX0DURFOH&YFRQIRUWDEOHODWrWH SOHLQH G·LGpHV OH F±XU RXYHUW VRQ DPELWLRQ HVW GH UpSRQGUH DX[ DWWHQWHV GHV JDVWURQRPHV GH WRXVOHVJDVWURQRPHV

+,

&KDQFH OXFN RSSRU WXQLW\ ² DOO SRVVLEOH ZRUGV WR GHVFULEH D WXUQLQJ SRLQW LQ RQH·V OLIH ,Q WKH JDUGHQV RI /D 3DOPHUDLH 0DU UDNHVK DW RQH RI WKH PDQ\ JDVWURQRPLF HYHQWV WKDW SRSXODWH D FHOHEUDWHG FKHI·V FDOHQGDU )DEULFH 9XOLQ EHIULHQGHG +L FKDP %HUUDGD WKH OX[XU\UHVRUW·VOHDGLQ YHVWRU7KHKRWHO·V'DU (QQDVVLP UHVWDXUDQW ZLWK LWV OLYHU\ RI UHG DQG EODFN VRRQ IHD WXUHG KLV VXEWOH DQG UHÀQHG EOHQGLQJ RI WKHWZRFXOLQDU\WUDGL WLRQV 7KH (O .DUPRXV VD 7KH )LJ  URRWHG VWURQJO\ LQ 0RURFFDQ FXOWXUHZRXOGTXLFNO\ IROORZ LW )LYH \HDUV RQ ZLWKRXW DEDQ GRQLQJ WKH FRXQWU\ WKDW KDG FRQTXHUHG KLV KHDUW 9XOLQ WRRN RQ D QHZ FKDOOHQJH

DV KHDG FKHI RI WKH &KqYUH G·2U LQ (]H 7KH \RXQJ IRUW\VR PHWKLQJ WUDYHUVHG D VHDDQGVFDOHGDURF N\ RXWFURS WR UHDFK WKH KLOOWRS YLOODJH KRPH RI WKLV 5HODLV HW &KDWHDX[ OHJHQG &KDOOHQJHV WKDW DUH VHFRQG QDWXUH IRU WKH PDQ IURP 6HUUH &KHYDOLHU IRU ZKRP PRXQWDLQV DUH D ID YRXUHG UHIXJH DQG ZKRVH QDPH ZLWKLQ WKH &RPSDJQRQV LV ´'DXSKLQp OD SHUVp YpUDQFHµ 3HUVHYHUDQFH KDUG ZRUN D KHDG IXOO RI LGHDV DQG SDVVLRQ ² TXDOLWLHV ERUQ RI \RXWKIXO NLWFKHQ DG YHQWXUHV DQG D ORQJ SURIHVVLRQDO LWLQHUDU\ ² IUDPH D GHWHUPL QHG DPELWLRQ WR VXU SDVVWKHH[SHFWDWLRQV RI JRXUPHWV HYH U\ZKHUH


P\QHZV

(1

* 5(



&+

&+

<

+

& *DVWURQRPLHSRXUOHVHQIDQWVPDODGHV ,O \ D TXHOTXHV MRXUV OH 0DV &DQGLOOH 5HODLV HW &KkWHDX[ j 0RXJLQV RUJDQLVDLWXQFRXUVGHFXLVLQHJDVWURQRPLTXHHWG·DUWGHODWDEOHPLVHQ SODFHSDUOHFKHIpWRLOp6HUJH*RXORXPqVHWVHVEULJDGHVjO·DWWHQWLRQ GHV HQIDQWV PDODGHV GH O·K{SLWDO /HQYDO j 1LFH 6L OH EXW pWDLW GH IDLUH SDUWDJHUDX[HQIDQWVOHXUSDVVLRQSRXUODJDVWURQRPLHFHWWHGpPDUFKH V·DFFRPSDJQH G·XQH VHQVLELOLVDWLRQ YLVDQW j PRELOLVHU OH PD[LPXP GH SHUVRQQHjIDLUHGHVGRQVSRXUOHVHQIDQWVPDODGHVGHO·K{SLWDO/HQYDO ZZZOHQYDORUJ 7KH 0DV &DQGLOOH 5HODLV  &KkWHDX[ LQ 0RXJLQV UHFHQWO\ SXW WRJHWKHU D FXOLQDU\ DQG ¶DUW GH OD WDEOH· FRXUVH WR UDLVH IXQGV IRU FKLOGUHQ DW WKH /HQYDOKRVSLWDOLQ1LFH7KHFDPSDLJQUDLVHVIXQGVDQGDZDUHQHVVRIWKH FKLOGUHQ·VQHHGVDQGDOORZVWKHPWRVKDUHLQWKLVSDVVLRQIRUJDVWURQRP\

©/H7HPSV3UHVVHªRQOHVDYDLW (QSUpVHQFHGHQRPEUHXVHVSHUVRQQDOLWpVGX FLQpPDHWGHODVROLGDULWpLQWHUQDWLRQDOHOD 3ULQFLSDXWpGH0RQDFRDUHPLVOH*UDQG3UL[ ©OH7HPSV3UHVVHªjXQHMHXQHUpDOLVDWULFH PDOLHQQH SRXU VRQ FRXUW PpWUDJH ©, 7HOLD ª LOOXVWUDQWOHFKRFGHVFXOWXUHVHWODGLIÀFXOWp GH O·DFFqV DX[ VRLQV j WUDYHUV O·20'  ©UpGXLUHODPRUWDOLWpLQIDQWLOHª ZZZXQLFHIRUJ 7KH SULQFLSDOLW\ RI 0RQDFR DZDUGHG WKH  /H 7HPSV 3UHVVH *UDQG 3UL[ WR D 0DOLDQ ÀOPPDNHUIRUKHUVKRUWÀOP,7HOLDWKDWKLJKOLJKWVWKHSUREOHPVDQGFXOWXUH VKRFN LQYROYHG LQ WKH WK RI WKH 0LOOHQQLXP 'HYHORSPHQW *RDOV WKH UHGXFLQJRILQIDQWPRUWDOLW\UDWHVZZXQLFHIRUJ +

& &ORVGHODFKDULWpDX[vOHVGH/pULQV /HV PRLQHV GH O·$EED\H GH /pULQV DX ODUJH GH &DQQHV RQW IrWp OH SUHPLHU DQQLYHUVDLUHGX&ORVHQFRPSDJQLHGHFHX[TXLSDUUDLQHQWOHVSLHGVGH YLJQH TXL SURGXLVHQW XQ YLQ UHPDUTXDEOH  GRQWOHVUHFHWWHVVRQWLQWpJUDOHPHQWUHYHUVpHV j GHV DVVRFLDWLRQV FDULWDWLYHV /H 3qUH 0DULH 3kTXHVDSUpVHQWpOHVGL[DVVRFLDWLRQVVpOHF WLRQQpHV SDU OD FRPPXQDXWp HQ UHPHWWDQW GHVFKqTXHVjFKDFXQH9RXVSRXYH]YRXV DXVVLSDUUDLQHUXQSLHGGHYLJQHGHFH&ORV GHOD&KDULWp PDULHSDTXHV#DEED\HGHOHULQVFRP ZZZFORVGHODFKDULWHIU $W/HULQV$EEH\RII&DQQHVWKHPRQNVKDYH EHHQ FHOHEUDWLQJ WKH YLQH\DUG·V ÀUVW DQQL YHUVDU\ LQ WKH FRPSDQ\ RI WKH LQGLYLGXDO VSRQVRUVRIWKHYLQHV$OOUHYHQXHVIURP WKLV UDWKHU H[FHOOHQW ZLQH DUH GRQDWHG WR JRRG FDXVHV 3qUH 0DULH 3kTXHV SUHVHQ WHGFKHTXHVWRWKHWHQFKRVHQFKDULWLHV $GG\RXUVXSSRUWDQGDGRSWD&ORVGHOD &KDULWpYLQH

, $5 7

<

<

+-

O·DFKDW G·XQ EUDFHOHW ½VRQWUHYHUVpVj0p GHFLQVGX0RQGH ZZZPHGHFLQGX PRQGHRUJ &HOHEUDWLQJ LWV WK 2OLYLD5XL ]DL PH6FRR \HDU 6FRRWHU KDV MRL WHU 2OLYLD5XL] V DVVRFLH 2OLYLD QHG IRUFHV j0pGHFLQ SRXUOHUHV ZLWK VG SH 6FRRWHUVR FWGHODGLJQLWpKXPD X0RQGHSRXUIrWHU OHVDQ XWLHQWIL WKH RULQH 5XL] WRGHVE VXSSRUW VGH6FR LGRQYLOOHVG QDQFLqUHPHQWOHVD RWHUHQFDX FWLRQVGH0 H-DwSXUHQ WLRQQDQW pGHFLQVGX ,QGH XQHRSpUDW JDQLVDWLRQ ,Q DQ HIIRUW 0RQGHTX LRQ /HVDFWLYLWp LVRLJQHQWOH VGHFHWWHP VIHPPHVH GHVDQWpP UHVSHFW LVVLRQFR WR UHVWRUH IRU WOHVHQIDQWV QV DWHUQRLQIDQ LVWHQWjUHF  SURJUDPP WLOH XH HQ LOOLU GHVLQIRU OLHQDYHFOH HjO¶HQVHP PD FRPPXQ KXPDQ GLJQLW\ LQIDQW VELGRQYLOOH VVDJHVIHPPHVWUD WLRQVDILQGHPHWWUH DXWDLUHVH EOHGH GLWLRQQHOOHV VHQ HQ WHQFUpDQW FXOWXUHOOH /¶pTXLSHV SODFHXQSURJUDP GHVRXWLOVG IRUPDQWGHVJURX LQGLHQQH PH SH ¶HP DQG PDWHUQDO KHDOWK ¶LQIRUPDWLRQG¶pGXFDWLRQVUHVVRXUFHVHWGHVOHDGSORLHjpODUJLUOH  HWGHFRPP 6FRRWHUGH HUV YH XQLFDWLRQG  SURSRVHSR QXXQHUpIpUHQFHGD SURJUDPPHVZLOOEHSXW ¶LQVSLUDWLRQ XU  QV (QFKRLVLVV O¶(WpXQHFROOH O¶XQLYHUVGXELMRX IDQWDLVLHDI DQW2OLY FWLRQULFKHH LD5XL]FR LQ SODFH QXPHURXV ILUP O KRQQHXUOH LQ QH[RWLVP HXQHQRXY PPHDPE H VIHPPHV HOOHIRLVV DVVDGULFH GLIIpUHQFH TXLV DIILUP RQLGHQWLWp GHO¶RSpUDW V HQ HW WH  VOXPV LQ FRRSHUDWLRQQUHYHQGLTXDQWOHXUV LRQSRXU0pGHFLQVG HQJDJHPH X0 , QWVOHXUVSH RQGH 6FRRWHUP $5 7 ZLWKWUDGLWLRQDOPLGZLYHV HWj UVRQQDOLWpV HWOHXUV $ 5, 7

/HV3HWLWVFKHIVj0RQDFRXQJUDQGPRPHQW (PRXYDQW UDIUDLFKLVVDQW MR\HX[ G\QD PLTXH pGXFDWLI OXGLTXH«OHV VXSHUODWLIV QH PDQTXHQW SDV SRXU pYRTXHU FHWWH VRLUpHSRLQWG·RUJXHG·XQHDQQpHSDUWL FXOLqUHSRXUOHVHQIDQWVGHGHX[FODVVHV PRQpJDVTXHV kJpV G·XQH GL]DLQH G·DQ QpHV 1pH GDQV O·LPDJLQDWLRQ GH 0DU\DQ *DQGRQ FKHI GHV FXLVLQHV GH O·K{WHO )DLUPRQW FHWWH RSpUDWLRQ DYDLW SRXU EXW GHPRQWUHUjFHVHQIDQWV²HWSHXWrWUHj OHXUVSDUHQWVO·LQWpUrWGHUHVSHFWHUODQD WXUH OHV VDLVRQV HQ PHWWDQW DX SRLQW GHV DWHOLHUV SpGDJRJLTXHV HW FXOLQDLUHV (W F·HVW HQ SUpVHQFH G·XQ MXU\ SUHVWLJLHX[ FRPSRVpSDUGHV©YUDLVªFKHIVGHODSULQ FLSDXWpTXHOHVJDPLQVH[FLWpVRQWVHUYLj OHXUVSDUHQWVHWHQSUpVHQFHGHSHUVRQQDOLWpVXQUHSDVFRPSRVpGHVSODWV TX·LOVDYDLHQWDSSULVjUpDOLVHU -R\RXVH[FLWLQJDQGHYHQHGXFDWLRQDO7KHHYHQLQJZDVWKH\HDU·VKLJKOLJKW IRU\HDUROGVIURPWZR0RQHJDVTXHFODVVHV6HWXSE\0DU\DQ*DQ GRQKHDGFKHIDW)DLUPRQWWKHDLPKDVEHHQWRHGXFDWHFKLOGUHQDQGWKHLU SDUHQWVDVWRWKHLPSRUWDQFHRIUHVSHFWLQJQDWXUHDQGWKHVHDVRQVWKURXJK FXOLQDU\ ZRUNVKRSV $ SUHVWLJLRXV MXU\ RI WKH SULQFLSDOLW\·V FKHIV RYHUVDZ D PHDOWKDWWKHFKLOGUHQKDGSUHSDUHGIRUWKHLUSDUHQWV

2OLYLD 5XL] HW 6FRRWHU URXOHQW SRXU 0pGHFLQV GX0RQGH 2OLYLD 5XL] V DVVRFLH j 0pGHFLQV GX 0RQGH SRXU IrWHU OHV  DQV GH6FRRWHUODPDUTXH GH ELMRX[ IDQWDLVLH HW G DFFHVVRLUHV HQ FDXWLRQQDQW XQH RSp UDWLRQ SRXU OH UHVSHFW GHODGLJQLWpKXPDLQH HWHQVRXWHQDQWÀQDQ FLqUHPHQW FHWWH DV VRFLDWLRQ TXL VRLJQH OHV IHPPHV HW OHV HQ IDQWV GHV ELGRQYLOOHV /HV DFWLYLWpV GH FHWWH PLVVLRQ FRQVLVWHQW j UHFXHLOOLU GHV LQIRUPD WLRQVDÀQGHPHWWUHHQ SODFH XQ SURJUDPPH GH VDQWp PDWHUQRLQ IDQWLOH HQ OLHQ DYHF OHV VDJHVIHPPHV WUD GLWLRQQHOOHV HW G·pODU JLU OH SURJUDPPH j O·HQVHPEOH GHV ELGRQ YLOOHV HQ IRUPDQW GHV JURXSHV UHVVRXUFHV HW GHV OHDGHUV FRP PXQDXWDLUHV 6FRRWHU DIÀUPH XQH QRXYHOOH IRLV VRQ LGHQWLWp HW SURSRVH XQH FROOHF WLRQULFKHHQH[RWLVPH (Q FKRLVLVVDQW 2OLYLD FRPPH DPEDVVD GULFHHOOHPHWjO KRQ QHXU OHV IHPPHV TXL V DIÀUPHQW HQ UHYHQGL TXDQW OHXUV HQJDJH PHQWV OHXU SHUVRQQD OLWpHWOHXUVGLIIpUHQFHV 'HVEUDFHOHWVjQRXHU VRLPrPH JDUQLV G·XQ VWUDVV6ZDURYVNL&U\VWDO RQWpWpFUpHSRXUO·RF FDVLRQ &KDTXH FRX OHXU FRUUHVSRQG j XQ SD\VDLGpURXJHSRXU OH 0DURF WXUTXRLVH SRXU O ,QGRQpVLH YLROHW SRXU O ,QGH URVH SRXU OH *XDWHPDOD HW QRLU SRXU OD %XOJDULH 6XU

<

, $5 7

/H  © 'vQHU GH OD 0RGH ª j 3DULV XQ UHQGH]YRXV GH VROLGDULWp FO{WXUH OD VH PDLQH GHV GpÀOpV +DXWH &RXWXUHSHUVRQQDOLWpV pWDLHQW UpXQLHV DXWRXU GH /LQH 5HQDXG HW 3LHUUH %HU JpDYHFSOXVLHXUVREMHFWLIV  IDLUH UHFXOHU OHV SUpMXJpV UHSRXVVHU OHV WDERXV HW PHWWUH j PDO OHV SHXUV TXL HQWRXUHQW OH 6LGD &HWWH VRLUpH DXUD SHUPLV GH Up FROWHU   ½ /D PRLWLp VHUYLUD j ÀQDQFHU OD UH FKHUFKHO·DXWUHVHUDXWLOLVpSRXUGHVSURJUDPPHVGHSUpYHQWLRQHWG DLGH DX[PDODGHVHQ)UDQFHHWGDQVSD\VHQGpYHORSSHPHQW/HVHUHW DYULOSURFKDLQV F HVW j QRXV WRXV GH SDUWLFLSHU DX 6LGDFWLRQ HQ IDLVDQW XQGRQHQFRPSRVDQWOHRXSDU606DXSXLVWDSHU'21 606 QRQVXUWD[p RXHQÀQSDUOH1HWZZZVLGDFWLRQRUJ &ORVLQJ WKH 3DULV KDXWH FRXWXUH ZHHN ZDV WKH 'vQHU GH OD 0RGH IDVKLRQ GLQQHU*DWKHUHGDURXQG/LQH5HQDXGDQG3LHUUH%HUJpZHUHFHOHEULWLHV XQLWHGLQOHVVHQLQJWKHVWLJPDWDERRVDQGIHDUVVXUURXQGLQJ$,'67KHHYH QLQJUDLVHG½KDOIRIZKLFKZLOOIXQGUHVHDUFKWKHUHVWVXSSRUWLQJ SUHYHQWLRQDQGSDWLHQWFDUH3DUWLFLSDWHLQWKH6LGDFWLRQHYHQWRQ$SULO E\WHOHSKRQH606RURQOLQHDWZZZVHGXFWLRQRUJ

, $5 7

&+

/H6LGDFWLRQPRELOLVHOHPRQGHGHODPRGH

<

75<

DQG FRPPXQLW\ OHD GHUV 6FRRWHU KDV UHDI ÀUPHGLWVLGHQWLW\ZLWKD ULFKO\ H[RWLF FROOHFWLRQ %UDFHOHWV DGRUQHG ZLWK D6ZDURYVNLFU\VWDOZHUH FUHDWHG IRU WKH RFFD VLRQ(DFKFRORXUUHSUH VHQWVDGLIIHUHQWFRXQWU\ LQYROYHG UHG IRU 0R URFFR WXUTXRLVH IRU ,Q GRQHVLD9LROHWIRU,QGLD URVH IURP *XDWHPDOD DQG EODFN IRU %XOJDULD 0HGHFLQV GX 0RQGH UHFHLYHVWZRHXURVIURP HDFKEUDFHOHW ZZZPHGHFLQGX PRQGHRUJ

+.

/HOX[HUHVSHFWDEOHDX)RXTXHW·V /H 'pYHORSSHPHQW FXOWXUH UDLVRQQpH« 'XUDEOH SHXW UpVHUYHU HVW DXVVL SURSRVpH G·DJUpDEOHV VXUSULVHV 0HPEUH GH /HDGLQJ PrPHGDQVOHPRQGH +RWHOV RI 7KH :RUOG GX OX[H /H )RXTXHW·V F·HVW O·XQ GHV UDUHV %DUULqUH SDU H[HPSOH K{WHOVjrWUH´/HDGLQJ HQWDPHXQHQRXYHOOH *UHHQª DFWLRQ DYHF OD Gp IRXTXHWVEDUULHUHFRP PDUFKH GH /X[H 5HV 6XVWDLQDELOLW\ FDQ SHFWDEOH‹ YLVDQW j EULQJ SOHDVDQW VXU SHUPHWWUHjVHVFOLHQWV SULVHV HYHQ LQ WKH GHYLYUHOHOX[HHQSDU ZRUOGRIOX[XU\$WWKH IDLWH KDUPRQLH DYHF )RXTXHW·V %DUULqUH O·HQYLURQQHPHQW VDQV WKDQNV WR /X[H 5HV QXLUHDXFRQIRUWGHVHV SHFWDEOH‹ JXHVWV SUHVWDWLRQV 'pMj ÀHU FDQHQMR\XQFRPSUR GH VHV FHUWLÀFDWLRQV PLVLQJOX[XU\ZKLOHVWLOO ,VR  HW   UHVSHFWLQJ WKH HQYL HW GH VRQ ELODQ FDU URQPHQW 7KLV FRP ERQH LO SURSRVH j VHV SOLPHQWV )RXTXHW·V FOLHQWVGHFRQWULEXHUj SURXG ,62 FHUWLÀFD O·DPpOLRUDWLRQGXELODQ WLRQ DQG UHGXFHG pFRORJLTXHHQXWLOLVDQW FDUERQ IRRWSULQW SDU H[HPSOH OHV H6R *XHVWV FDQ UHGXFH OH[ 6ROH[ pOHFWULTXH  WKHLU RZQ LPSDFW E\ RX HQFRUH GHV OLPRX WDNLQJ DGYDQWDJH VLQHV /H[XV  + + RI HOHFWULFDO H6ROH[ SRXU K\EULG 8QH RIIUH PRSHGV DQG /H[XV VSpFLÀTXH  9,3 9HU\ +OLPRXVLQHV$9,3 ,PSRUWDQW 3ODQHW   SDFNDJH 9HU\ ,P  /X[H   ,PSDFW SRUWDQW 3ODQHW  RIIHUV H Q Y L U R Q Q H P H Q W D O   ´ OX[XU\  HQ LQFOXDQW HQ SOXV GH YLURQPHQWDO LPSDFWµ OD FKDPEUH SOXVLHXUV DQGLQFOXGHVRUJDQLF SUHVWDWLRQV  GpMHXQHU EUHDNIDVW HVVHQWLDO ELR VRLQ DX[ KXLOHV RLOV WUHDWPHQW DQG HVVHQWLHOOHV FKDP FKDPSDJQHIURPUHV SDJQH LVVX GH O·DJUL SRQVLEOHIDUPLQJ


&

P\QHZV

38%/,UpGDFWLRQQHO

+$

5 ,7

<

, $5 7

1$0$67(021$&2 &+ / DVVRFLDWLRQ 1$0$67( D HX OH SODLVLU G DFFXHLOOLU O·pFULYDLQHYR\DJHXVH 3ULVFLOOD 7HOPRQ j O·RFFDVLRQ G·XQH GpGLFDFH GH VRQ OLYUH ©  +LPDOD\DV ª j OD )1$& GH 0RQDFR VXLYLH SDU OD SUpVHQWDWLRQ GH VRQ ÀOP © 9R\DJH DX 7LEHW ,QWHUGLW  (OOH D SDUFRXUX   NP j SLHG HQ  PRLV GDQV OH 7LEHW G DXMRXUG KXL UHWUDoDQW OH SDUFRXUV G·$OH[DQGUD 'DYLG 1HHO pFULYDLQH HW DYHQWXULqUH TXL ÀW OH PrPH SpULSOH HQ  0PH 'RWWD 3UpVLGHQWH GH 1$0$67( HQ D SURÀWp SRXUUDSSHOHUWRXWHO·DLGHTXH O·$VVRFLDWLRQDGpMjDSSRUWpHjOD UpJLRQGH5LJDRQJUkFHDX[QRPEUHX[GRQVFROOHFWpVORUVG·pYpQHPHQWVFLEOpV 3RXU WRXWH LQIRUPDWLRQ RX HQYRL GH GRQ  1DPDVWH  EG GH 6XLVVH ² 0& 0RQDFRZZZQDPDVWHPRQDFRFRPQDPDVWHPRQDFR#JPDLOFRP 1$0$67(KRVWHGWUDYHOZULWHU3ULVFLOOD7HOPRQGXULQJKHUYLVLWWR0RQDFRZLWK DVLJQLQJDW)1$&IRUKHUERRN+LPDOD\DVDQGWKHSUHVHQWDWLRQRIKHUÀOP 9R\DJHDX7LEHW,QWHUGLW7HOPRQVSHQWVL[PRQWKVLQ7LEHWUHWUDFLQJWKHMRXUQH\ PDGHE\$OH[DQGUD'DYLG1pHOLQ1$0$67(·VSUHVLGHQWUHLWHUDWHGWKH JUHDWZRUNWKH\KDYHEHHQDEOHWRGRLQWKH5LJDRQUHJLRQWKDQNVWRIXQGV FROOHFWHGSUHYLRXVO\

<

,/

HW GRQQHU OD SRVVL ELOLWp j WRXV OHV HQ IDQWV GH SRXUVXLYUH OHXU VFRODULWp HW DLQVL G·pYLWHU OD UXH HVW HQ FRXUV 0LVVLRQ 0RQDFR 0D URF$WKHQD&DYH QXH &URYHWWR IUHUHV 021$&2 7HORX PLFP# PRQDFRPF

9LVLWHSULYpHj0DULQHODQG

&·(679286/(9,3

* / H[HPSOHGH 0 6L 0DULQHODQ DULQHODQG G HVW XQH YL VHQVLELOLVHU OH  SXEOLF j OD WULQH SRXU FR GHV HVSqFH V HW GX PRQ QVHUYDWLRQ GH SDUF VH YHXW  DXVVL rWUH YH  PDULQ OH UHVSHFW GH O HQYLURQQHP FWHXU G XQ HQ HQVHPEOH UpFXSpUDWLR W GDQV VRQ Q GHV HDX[ SURGXLWV ELR   UpGXFWLRQ GHV pPLVVLRQV GHJD]WULVp  OHFWLI  0DULQHODQG E\H[DPSOH 0DULQHODQG VH UY LQFUHDVLQJ SX HV DV D VKRZSLHFH IRU EOLF DZDUHQHV V RI VSHFLHV FRQVHUYDWLRQ  7KH SDUN DOVR DLPV WR PRWLYDWHDUH  VSHFWIRUWKH HQYLURQPHQW ZLWK WKH WHDPV WKHU H DGRSWLQJ VXVWDLQDEOHS UDFWLVHVLQFOXGL QJZDWHUDQG ZDVWH UHF\FO  LQJ RUJDQLF SURGXFWV DQ UHGXFHGHPLVV G LRQV

0

DEDQGRQQpVHOOHGp FLGHGHOHXURIIULUXQH PDLVRQGHSD\HUGHV pWXGHVHQSUpFLVDQW ©MHVXLVV€UHTXHYRXV IHUH] OD PrPH FKRVH SOXV WDUG SRXU OHV DXWUHVªDQVDSUqV XQH DXWUH PRQp JDVTXH0LFKqOH0ROO YLHQWYLVLWHUFHPRQDV WqUH  HW UHWURXYH O·XQ GHV  HQIDQWV  %UDKLP %LNLQVWLWXWHXUTXLGRLW VHEDWWUHFKDTXHMRXU SRXU HPSrFKHU VRQ YLOODJH GH PRXULU 0L FKqOH GpFLGH GH OH VRXWHQLU HQ FUpDQW 0LVVLRQ 0RQDFR 0D URF /D FRQVWUXFWLRQ G·XQ FROOqJH SRXUUD DFFXHLOOLU  pOqYHV

$ 0RQDFREDVHG 1*2 WKDW JUHZ RXW RI D ZRPDQ·V WULS WR YLVLW KHUVLVWHU6KHPHWWKUHH DEDQGRQHG FKLOGUHQ GHFLGHG WR KRXVH WKHPSD\IRUWKHLUVWX GLHV WHOOLQJ WKHP VKH ZDV VXUH WKH\ ZRXOG GRWKHVDPHIRURWKHUV 7KLUW\\HDUVRQDQRWKHU 0RQHJDVTXH ZRPDQ PHW RQH RI WKH FKLO GUHQ%UDKLP%LNDWHD FKHUORFNHGLQDEDWWOH WRVDYHKLVYLOODJHIURP G\LQJ 0LFKqOH 0ROO GHFLGHG WR IRXQG 0LV VLRQ 0RQDFR 0DURF ZKRVH FXUUHQW SURMHFW LV WKH FRQVWUXFWLRQ RI D FROOHJH IRU  VWX GHQWVLQ0RURFFR

%HWKH9,3

DULQHODQGHVWOHSOXVJUDQGSDUFDTXDWLTXHG·(XURSHPDLVLOHVWVXU WRXW FHOXL TXL RIIUH OH SOXV JUDQG QRPEUH GH VXUSULVHV GH GpFRX YHUWHVG·pPRWLRQ V DXWUDYHUVGHWRXWHVVHVDFWLYLWpV/HVYLYUHLQ WHQVpPHQWPDLVOHWHPSVG·XQHYLVLWHSULYpHpWXGLpHULHQTXHSRXUYRXVHVW XQHRIIUHSDUWLFXOLqUHHWXQLTXH /·RIIUHVHGpFOLQHHQSOXVLHXUVDVSHFWVFXPXODEOHVRQQRQSRXUTXHFHWWH MRXUQpH SDUWLFXOLqUH TXH YRXV SRXUUH] YLYUH j GHX[ DYHF GHV DPLV YRLU PrPHHQJURXSHDYHFYRWUHIDPLOOH -XVTX·jSHUVRQQHV SRXUPDUTXHU XQpYpQHPHQWRXVHXOHPHQWOHXUIDLUHSODLVLUVRLW©ODY{WUHª 7RXWSRXUUDLWFRPPHQFHUSDUXQSHWLWGpMHXQHUG·DFFXHLOHQFRPSDJQLH G·XQHK{WHVVHPXOWLOLQJXHDWWDFKpHjYRWUHFRXSOHRXYRWUHJURXSHVXLYL G·XQHYLVLWHJXLGpHGHVFRXOLVVHVGXSDUFDOODQWjODGpFRXYHUWHGHVRWDULHV GHVSKRTXHVHWELHQV€UGHVGDXSKLQVHQFRPSDJQLHGHOHXUVVRLJQHXUVOH WHPSVG·XQHUHQFRQWUHLQWHQVHYRXVOHVDSSURFKH]OHVFDUHVVHU« 0rPHOHVVSHFWDFOHVTXLSRQFWXHQWODMRXUQpHYRXVVRQWUpVHUYpVXQHV SDFHGpGLpSRXUFHOXLGHVGDXSKLQVHWSULYpSRXUFHOXLGHVRUTXHVODORJH 9,3 3DUWLFXOLqUHPHQW ELHQ SODFpV YRXV YLYH] SOXV LQWHQVpPHQW HQFRUH FHV PRPHQWVUDUHV (WYRXVSRXUUH]PrPHOHVSURORQJHUDYHFOHGvQHUDYHFOHVRUTXHVYRWUH WDEOHDXSOXVSUqVGHOHXUEDVVLQHWDX[SUHPLqUHVORJHVSRXUOHVSHFWDFOH QRFWXUQHGHVRUTXHVHWGHVGDXSKLQVDXFKDPSDJQHELHQVXU /HWDSLVURXJHHVWSUrWjrWUHGpURXOpSRXUYRXVTXDQGYHQH]YRXV" 0DULQHODQG 51DYHQXH0R]DUW$QWLEHV 8QLTXHPHQWVXUUpVHUYDWLRQGHYLVSHUVRQQDOLVpVXUGHPDQGH RX$XUpOLH ZZZHYHQHPHQWLHOPDULQHODQGIUZZZPDULQHODQGIU

$V WKH ODUJHVW PDULQH SDUN LQ (XURSH 0DUL QHODQG RIIHUV LQQXPH UDEOH VXUSULVHV HPR WLRQV DFWLYLWLHV DQG GLVFRYHULHV (QKDQFH WKH H[SHULHQFH ZLWK D SULYDWHWRXUWDLORUHGMXVW IRU\RX :LWK D UDQJH RI GLI IHUHQW RSWLRQV DYDL ODEOH FUHDWH \RXU RZQ XQLTXH GD\ WR VXLW D FRXSOH D IDPLO\ RU D JURXS RI XS WR  IULHQGV %HJLQ WKH GD\ ZLWK RXU PXOWLOLQJXDO KRVWHVV RYHU D ZHOFR PLQJ EUHDNIDVW 7KHQ FRQWLQXHEDFNVWDJHIRU DQ LQWHQVH LQWHUDFWLRQ ZLWKVHDOLRQVGROSKLQV DQGWKHLUKDQGOHUV ([FOXVLYH 9,3 HQFOR VXUHV DQG SULYDWH VHD WLQJ DUH UHVHUYHG IRU \RX DW WKH GROSKLQ DQG NLOOHU ZKDOH VSHF

WDFOHVDOORZLQJ\RXWR H[SHULHQFH WKH HYHQW HYHQ PRUH LQWHQVHO\ (QMR\ DQ HYHQLQJ GLQ QHU ZLWK NLOOHU ZKDOHV DW D IURQW URZ WDEOH WKHQEHULQJVLGHIRUWKH GROSKLQDQGRUFDQLJKW WLPHVSHFWDFXODU²WKH FKDPSDJQHLVRQXV &KRRVH\RXUGDWHDQG WKH UHG FDUSHW ZLOO EH UROOHGRXWDQGZDLWLQJ

5( (1

0LVVLRQ 0RQDFR 0DURF  OHV 'DPHV %ORQGHVGH7D]HUW &HWWH 21* EDVpH j 0RQDFR HVW QpH GH OD UHQFRQWUH DYHF XQ SHXSOH TXDQG XQH PRQpJDVTXH HVW YH QXH UHQGUH YLVLWH j VD V±XU IRQGDWULFH G·XQH FRQJUpJDWLRQ GH UHOLJLHXVHV 5HQ FRQWUDQW WURLV HQIDQWV

, $5 7

&+

0RQDFR/HV©/DGLHVªPXVHVGHODGDQVH /·$VVRFLDWLRQ /DGLHV /XQFK 0RQWH&DUOR D UpFROWp SOXV GH  ½ ORUV GH VRQ GHUQLHU GpMHXQHU DX 0pWURSROH 0RQWH &DUOR &HWWH VRLUpH pWDLW FRQVDFUpH SRXU O·RFFDVLRQ j O·$FDGpPLH GH 'DQVH3ULQFHVVH*UDFHHWSODFpHVRXV OD 3UpVLGHQFH GH VRQ $OWHVVH 5R\DOH OD 3ULQFHVVH &DUROLQH GH 0RQDFR /D %DURQQH &pFLOH GH 0DVV\ HW VRQ &RPLWp G·$FWLRQ RQ pWp KRQRUpV SDU ODSUpVHQFHGHVD3UpVLGHQWHG·+RQQHXUHWIXWXUH 3ULQFHVVH0DGHPRLVHOOH&KDUOqQH:LWWVWRFNHWSDUOHVPHPEUHV GX &RPLWH G  +RQQHXU  6( 0DGDPH <YHWWH /DPELQ%HUWL $PEDVVDGHXU ([WUDRUGLQDLUH HW 3OpQLSRWHQWLDLUH GpOpJXpH SHUPDQHQWH GH OD 3ULQFLSDXWp GH0RQDFRDXSUqVGHO·81(6&2HW0PH1LFROH0DQ]RQH6DTXHW&RQVHLOOHU 1DWLRQDO/DMRXUQpHDpWpFRXURQQpHSDUOHGpÀOHGHOD0DLVRQ9DOHQWLQR 3RXUWRXWHLQIRUPDWLRQRXHQYRLGHGRQ/DGLHV/XQFK0RQWH&DUORUXH /RXLV$XpJOLD0&0RQDFRZZZODGLHVOXQFKPRQWHFDUORRUJ 7KH/DGLHV/XQFK0RQWH&DUORDVVRFLDWLRQUDLVHG½DWWKHLUODVWHYHQW DW WKH 0HWURSROH DQG HYHQLQJ GHGLFDWHG WR WKH O·$FDGpPLH GH 'DQVH 3ULQFHVVH*UDFHXQGHUWKHSDWURQDJHRI+5+3ULQFHVV&DUROLQHRI0RQDFR %DURQHVV &HFLOH 'H 0DVV\ DQG KHU DFWLRQ FRPPLWWHH ZHUH KRQRXUHG E\ 0LVV &KDUOHQH :LWWVWRFN KRQRUDU\ SUHVLGHQW DQG IXWXUH 3ULQFHVV KHU H[FHOOHQFH 0UV <YHWWH /DPELQ%HUWL ([WUDRUGLQDU\ DQG 3OHQLSRWHQWLDU\ $PEDVVDGRU81(6&23HUPDQHQW'HOHJDWHWRWKH3ULQFLSDOLW\RI0RQDFR DQG1DWLRQDO&RXQFLOORU0UV1LFROH0DQ]RQH6DTXHW7KHHYHQWFRQFOXGHG ZLWKDSUHVHQWDWLRQE\9DOHQWLQR

<

75<


ÀQG

PH

KHOS

2QRXVWURXYHU

)DLWHVXQGRQ0DNHDGRQDWLRQ

021$&2

)$,502170217(&$5/2ZZZIDLUPRQWFRP

/(0$6'(&+$67(/$6j*DVVLQZZZFKDVWHODVFRP

0(5,',(1%($&+3/$=$ZZZOHPHULGLHQPRQWHFDUORFRP

+27(/086(j5DPDWXHOOHZZZPXVHKRWHOVFRP

0(75232/(0217(&$5/2ZZZPHWURSROHFRP

/(3$1'(,3$/$,6ZZZSDQGHLFRP

1,+27(/ZZZQLKRWHOFRP

/$321&+(ZZZODSRQFKHFRP

32573$/$&(ZZZSRUWSDODFHQHW

/(6(==ZZZKRWHOVH]]FRP

5,9,(5$0$55,277ZZZPDUULRWWIU

9,//$%(/526(j*DVVLQZZZYLOODEHOURVHFRP 9,//$&26<ZZZYLOODFRV\FRP

5,9,(5$

9,//$0$5,(j5DPDWXHOOHZZZYLOODPDULHIU

j&DQQHVZZZKRWHOFRP /$%$,('25((DX&DSG·$QWLEHVZZZEDLHGRUHHFRP

&285&+(9(/

%(//(65,9(6j$QWLEHVZZZEHOOHVULYHVFRP

/(6$,5(//(6ZZZDLUHOOHVIU

&+$7($8'(/$&+(95('·25j(]HZZZFKHYUHGRUFRP

&+$%,&+28ZZZFKDELFKRXFRXUFKHYHOFRP

&$3'·$17,%(6%($&++27(/DX&DSG·$QWLEHV ZZZFDEHDFKKRWHOFRP

&+(9$/%/$1&ZZZFKHYDOEODQFFRP

)DLWHVXQGRQ0DNHDGRQDWLRQ

.,/,0$1'-$52:ZZKRWHONLOLPDQGMDURFRP

*5$1'+27(/j&DQQHVZZZJUDQGKRWHOFDQQHVFRP

0$1$/,ZZZKRWHOPDQDOLFRP

+27(/-8$1$j-XDQOHV3LQVZZZKRWHOMXDQDFRP

675$72ZZZKRWHOVWUDWRFRP

/(0$6&$1',//(j028*,16ZZZOHPDVFDQGLOOHFRP

/(668,7(6'(/$327,1,Ë5(ZZZVXLWHVSRWLQLHUHFRP

5$',6621%/8+27(/(77+$/$662j&DQQHV ZZZOHVWKHUPHVPDULQVFDQQHVFRP

0(*(9(

52<$/5,9,(5$j6DLQW-HDQ&DS)HUUDWZZZUR\DOULYLHUDFRP

&+$/(767*(25*(6ZZZKRWHOFKDOHWVWJHRUJHVFRP

6$,177523(=

/()(5­&+(9$/ZZZIHUDFKHYDOPHJHYHFRP

/$%$67,'('(6$,177523(=ZZZEDVWLGHVDLQWWURSH]FRP

/(6)(50(6'(0$5,(ZZZIHUPHVGHPDULHFRP

/(%(1.,5$,ZZZKRWHOEHQNLUDLFRP

/()/2&21'(6(/ZZZÁRFRQVGHVHOFRP

+27(/%<%/26ZZZE\EORVFRP

/(/2'*(3$5.:ZZORGJHSDUNFRP

/·(50,7$*(ZZZHUPLWDJHKRWHOIU

/(0$1Ë*(ZZZKRWHOOHPDQHJHFRP

+27(/.8%(ZZZNXEHKRWHOFRP

/(0217%/$1&ZZZKRWHOPRQWEODQFFRP

/(0$1'$/$ZZZKRWHOOHPDQGDODVDLQWWURSH]FRP

/(0217' $5%2,6ZZZGRPDLQHGXPRQWGDUERLVFRP

)DLWHVXQGRQ0DNHDGRQDWLRQ

PH


KHOS

PH

$LGH]QRXVjIDLUHGXGURLWjO·HDXSRXUWRXVXQHUpDOLWp +HOSXVPDNHZDWHUDULJKWIRUDOO -HVRXKDLWHVRXWHQLU/D)RQGDWLRQ)UDQFH/LEHUWpVHWMHIDLVXQGRQGH ,ZDQWWRVXSSRUW)RQGDWLRQ)UDQFH/LEHUWpVDQGPDNHDGRQDWDLRQRI Ō½Ō½Ō½Ō$XWUH2WKHU«««««½ 9RXVSRXYH]VRXWHQLU/D)RQGDWLRQ)UDQFH/LEHUWpV<RXFDQVXSSRUW)RQGDWLRQ)UDQFH/LEHUWpV

ŌSDLHPHQWSDUFKqTXH jO·RUGUHGH/D)RQGDWLRQ)UDQFH/LEHUWpV

3D\PHQWE\FKHTXH PDNHSD\DEOHWR)RQGDWLRQ)UDQFH/LEHUWpV

00PH0OOH«««««««««««««««««««««««««««««««« 5DLVRQ6RFLDOH1DPHRU&RPSDJQ\««««««««««««««««««««««« $GUHVVH$GUHVV««««««««««««««««««««««««««««««« &RGH3RVWDO=LS&RGH«««««««9LOOH&LW\««««««««««««««««« 1XPpURGH7HO««««««««««««««««««««««««««««««««« HPDLO«««««««««««««««««««««««««««««««««««««

&HFRXSRQHVWjHQYR\HUDYHFYRWUHGRQjO·DVVRFLDWLRQ 3OHDVHUHWXUQWKLVFRXSRQDORQJZLWK )UDQFH/LEHUWpV 5XHGH0LODQ 3DULV)UDQFH ZZZIUDQFHOLEHUWHVRUJ 'qVUpFHSWLRQGHYRWUHGRQQRXVYRXVDGUHVVHURQVXQUHoX 8SRQUHFHSWLRQRI\RXUGRQDWLRQZHZLOOLVVXHDUHFHLSW

$LGRQVOHVHQIDQWVjHVSpUHUHQXQIXWXUPHLOOHXU 0DNHDFKLOG·VZLVKIRUDEHWWHUIXWXUHFRPHWUXH -HVRXKDLWHVRXWHQLU$0$'(0RQDFRHWMHIDLVXQGRQGH ,ZDQWWRVXSSRUW$0$'(0RQDFRDQGPDNHDGRQDWDLRQRI Ō½Ō½Ō½Ō$XWUH2WKHU«««««½

9RXVSRXYH]VRXWHQLU$0$'(0RQDFR<RXFDQVXSSRUW$0$'(0RQDFR

Ō3DUFKqTXH PHUFLGHUpGLJHUOHFKqTXHjO·RUGUHGH$0$'(0RQDFR  3D\PHQWE\FKHTXH PDNHSD\DEOHWR$0$'(0RQDFR

Ō3DUYLUHPHQW YRLUOHVGpWDLOVVXUOHVLWHZZZDPDGHPRQDFRRUJ  3D\PHQWE\FKHTXH GHWDLOVRQZZZDPDGHPRQDFRRUJ

00PH0OOH«««««««««««««««««««««««««««««««« 5DLVRQ6RFLDOH1DPHRU&RPSDJQ\««««««««««««««««««««««« $GUHVVH$GUHVV««««««««««««««««««««««««««««««« &RGH3RVWDO=LS&RGH«««««««9LOOH&LW\««««««««««««««««« 1XPpURGH7HO««««««««««««««««««««««««««««««««« HPDLO«««««««««««««««««««««««««««««««««««««

&HFRXSRQHVWjHQYR\HUDYHFYRWUHGRQjO·DVVRFLDWLRQ 3OHDVHUHWXUQWKLVFRXSRQDORQJZLWK $0$'(0RQDFR %3 021$&2&('(;

ZZZDPDGHPRQDFRRUJ

'qVUpFHSWLRQGHYRWUHGRQQRXVYRXVDGUHVVHURQVXQUHoX

Ō -HVRXKDLWHUHFHYRLUOH5DSSRUWG·$FWLYLWpVGHO·$0$'(0RQDFR PHUFLGHFRPPXQLTXHU YRWUHDGUHVVHHPDLO

,ZRXOGOLNHWRUHFHLYHWKHRUJDQLVDWLRQ·VDFWLYLWLHVUHSRUW SOHDVHSURYLGH\RXUHPDLODGGUHVV

$LGH]OHVjYLYUHGLJQHPHQW +HOSWKHPOLYHZLWKGLJQLW\ -HVRXKDLWHVRXWHQLU0$Î6+$$)5,&$HWMHIDLVXQGRQGH ,ZDQWWRVXSSRUW0DwVKD$IULFDDQGPDNHDGRQDWDLRQRI Ō½Ō½Ō½Ō$XWUH2WKHU«««««½ 9RXVSRXYH]VRXWHQLU0DwVKD$IULFD<RXFDQVXSSRUW0DwVKD$IULFD

Ō3DUFKqTXH PHUFLGHOHUpGLJHUjO·RUGUHGH0DwVKD$IULFD

3D\PHQWE\FKHTXH PDNHSD\DEOHWR0DwVKD$IULFD

00PH0OOH«««««««««««««««««««««««««««««««« 5DLVRQ6RFLDOH1DPHRU&RPSDJQ\««««««««««««««««««««««« $GUHVVH$GUHVV««««««««««««««««««««««««««««««« &RGH3RVWDO=LS&RGH«««««««9LOOH&LW\««««««««««««««««« 1XPpURGH7HO««««««««««««««««««««««««««««««««« HPDLO«««««««««««««««««««««««««««««««««««««

&HFRXSRQHVWjHQYR\HUDYHFYRWUHGRQjO·DVVRFLDWLRQ 3OHDVHUHWXUQWKLVFRXSRQDORQJZLWK 0DwVKD$IULFD ELVUXH3HWLWH5LYLqUH &OXQ\ 7pOpSKRQH)D[ (PDLOVHFUHWDULDW#PDLVKDDIULFDFRP ZZZPDLVKDDIULFDFRP 'qVUpFHSWLRQGHYRWUHGRQQRXVYRXVDGUHVVHURQVXQUHoX 8SRQUHFHSWLRQRI\RXUGRQDWLRQZHZLOOLVVXHDUHFHLSW


SHOPPING CENTER

2011 © MADE BY RDIGITALE/L. LEFEVRE

MONTE CARLO

8 0 B O U T I Q U E S & 3 5 0 0 M A R Q U E S I ,+ MODE I BEAUTÉ I MAISON I LOISIRS 1 7 ,

A V E N U E

D E S

S P É L U G U E S

I

W W W . M E T R O P O L E S H O P P I N G C E N T E R . C O M


Try Me Magazine - 4