xlgh gh v«fxulw« gh od f\ehuidplooh
Transcription
xlgh gh v«fxulw« gh od f\ehuidplooh
*XLGHGHV«FXULW«GHODF\EHUIDPLOOH 8QJXLGHSUDWLTXHSRXUYRXVDLGHU¢DVVXUHUOD V«FXULW«GHYRWUHF\EHUIDPLOOH 3DU$QQH6RSKLH&O«PRW $QQH6RSKLH&O«PRW1RUWRQ2QOLQH6DIHW\$GYRFDWH 4XHYRWUHHQIDQWVNJDYHQWXUHVXU,QWHUQHWSRXUODSUHPLªUHIRLVRXTXH YRWUHDGROHVFHQWDLWG«YHORSS«XQHIDVFLQDWLRQSRXUXQVLWH,QWHUQHW GHVRFLDOLVDWLRQFRPPXQ«PHQWDSSHO«U«VHDXVRFLDOPRQPHLOOHXU FRQVHLOHVWGHQHSDVDYRLUSHXUHWGNJDSSUHQGUHDYHFYRWUHHQIDQWHQ XWLOLVDQWGHVRXWLOVFRPPHFHJXLGHSRXUYRXVDLGHU 0RQU¶OHHQWDQWTXHm1RUWRQ,QWHUQHW6DIHW\$GYRFDWH}FRQVLVWH¢ HQFRXUDJHUFKDFXQSDUHQWVHWHQIDQWV¢WLUHUOHPHLOOHXUGNJ,QWHUQHW HQWRXWHV«FXULW«HWWRXWHQVNJDPXVDQW&HJXLGHHVWXQSRLQWGHG«SDUW VXUFHFKHPLQSDVVLRQQDQWR»YRXVHWYRWUHHQIDQWSRXYH]DSSUHQGUH HW«YROXHUHQVHPEOH -NJHVVDLHGNJH[SOLTXHUFHUWDLQHVXWLOLVDWLRQVU«SDQGXHVGNJ,QWHUQHW WRXWHQPHWWDQWHQDYDQWTXHOTXHVVRXUFHVGNJLQTXL«WXGHDYHFPHV UHFRPPDQGDWLRQVHQWHUPHVGNJ«WDSHVHWGHUªJOHV¢VXLYUHSRXU SURW«JHUYRVHQIDQWVGDQVGHVVLWXDWLRQVVS«FLILTXHV 1RVHQIDQWVRQWJUDQGLDYHFGHVWHFKQRORJLHV«WRQQDQWHVTXHQRXV QNJDXULRQVMDPDLVLPDJLQ«HV«WDQWSOXVMHXQHV3RXUHX[,QWHUQHWHVW VLPSOHPHQWXQDXWUHHQGURLWSRXUSDUWDJHUOHXUVLG«HVHWSRLQWVGH YXHSRXUMRXHUSRXUFU«HUGHVFKRVHVRXSRXUmWUDLQHU}DYHFOHXUV DPLV0¬PHVLQRXVDYRQVGHVFUDLQWHVDXVXMHWGHODV«FXULW«GHQRV HQIDQWVVXU,QWHUQHWLOHVWLPSRUWDQWGHOHVHQFRXUDJHU¢H[SORUHUOD WRLOHHQVDFKDQWTXNJLOVSHXYHQWQRXVSDUOHUGHWRXWFHTXNJLOVIRQWHW YRLHQW ,QWHUQHWHVWXQOLHXULFKHHWPHUYHLOOHX[R»OHVVRXUFHVHWUHVVRXUFHV HQLQIRUPDWLRQVRQWDERQGDQWHVR»OHVRFFDVLRQVGHUHQFRQWUHU GHQRXYHDX[DPLVHWGHE¤WLUGHVFRPPXQDXW«VHQOLJQHVRQW QRPEUHXVHV3RXUWDQWSRXUEHDXFRXSGHSDUHQWVRXGNJDGXOWHVHQ J«Q«UDOTXLRQWVRXYHQWPRLQVGHFRQQDLVVDQFHHWGNJH[S«ULHQFHGHFH QRXYHDXPHGLD,QWHUQHWSHXW¬WUHXQHVRXUFHGNJLQTXL«WXGH1RXVQRXV VRXFLRQVGHFHTXHQRVHQIDQWVSHXYHQWYRLUHQOLJQHGHVUHQFRQWUHV TXNJLOVSHXYHQWIDLUHHWGHODID©RQGRQWQRXVSRXYRQVOHVSURW«JHUDX UHJDUGGHQRWUHFRQQDLVVDQFHOLPLW«H 5HVSHFWHUFHUWDLQHVUªJOHV 3DUHQWV (QIDQWV /HVUªJOHVGHEDVH 1DYLJXH]VXU,QWHUQHWHQWRXWHV«FXULW« 3URW«JH]YRVPRWVGHSDVVH 6«FXULVH]YRWUHU«VHDXVDQVILO /HORJLFLHOGHFRQWU¶OHSDUHQWDO /HV)DYRULVVXU,QWHUQHW /HVULVTXHV /HVSU«GDWHXUVVXU,QWHUQHW /HSODJLDWHWODIUDXGH /DF\EHULQWLPLGDWLRQHWOHF\EHUKDUFªOHPHQW /HSDUWDJHGHILFKLHUVHWOHW«O«FKDUJHPHQWGHPXVLTXHVHWGHYLG«RV /HVLQIRUPDWLRQVSHUVRQQHOOHVHWONJXVXUSDWLRQGNJLGHQWLW« /HVVLWHVGHVRFLDOLVDWLRQRXU«VHDX[VRFLDX[ 3RUQRJUDSKLHUDFLVPHDQRUH[LHHWVLWHVSU¶QDQWODKDLQH /HUHVSHFWGHODYLHSULY«HVXU,QWHUQHW /DPHVVDJHULH«OHFWURQLTXHHWLQVWDQWDQ«H /HVEORJV /HVYLUXVYHUVHWORJLFLHOVHVSLRQV /HVmURERWV} /HVSKRWRVHWYLG«RVQXP«ULTXHV /HVKRSSLQJVXU,QWHUQHW /HVVHUYLFHVEDQFDLUHVHWOHSDLHPHQWGHIDFWXUHVVXU,QWHUQHW /HMHXHQOLJQHHWOHVVLJQHVGNJDGGLFWLRQ 8QPRWSRXUFRQFOXUH 3ULQFLSDX[FRQVHLOVSRXUSURW«JHUYRWUHIDPLOOHVXU,QWHUQHW 5HVVRXUFHVXWLOHVVXU,QWHUQHW $XILOGHV¤JHV /HVHQIDQWV¤J«VGH¢DQV /HVSU«DGROHVFHQWV¤J«VGH¢DQV /HVDGROHVFHQWV¤J«VGH¢DQV /HVDQQ«HVIDFHWDXGHO¢ 6RPPDLUH /HVDXWUHVIRQWONJDSSUHQWLVVDJHGNJ,QWHUQHW¢ODPDLVRQVRXVONJDXWRULW« GHVSDUHQWVRXGHODIUDWULH6HORQOH5DSSRUW1RUWRQ2QOLQH/LYLQJ 5HSRUWSXEOL«HQI«YULHUGHVSDUHQWVIUDQ©DLVHVWLPHQWTXH OHXUVHQIDQWVSDVVHQWSOXVGHVL[KHXUHVSDUPRLVVXU,QWHUQHW/HV MHXQHVHQIDQWVGDQVXQSUHPLHUWHPSVVHFRQQHFWHQWPDMRULWDLUHPHQW ¢GHVVLWHVGHMHX[HWVLWHV«GXFDWLIVPDLVLOVG«FRXYULURQWWUªVYLWHGH QRXYHDX[VLWHVYLDOHXUVFDPDUDGHV /HVVLWHV:HEWHOVTXH.LG1HW7IRXRX%DUELH*LUOVVRQWDFFHVVLEOHV¢ SDUWLUGHVHSWRXKXLWDQV1RXVOHVTXDOLILRQVGHVLWHVGHVRFLDOLVDWLRQ RXU«VHDX[VRFLDX[GHSUHPLHUQLYHDXFDUEHDXFRXSGNJHQWUHHX[ SRVVªGHQWGHVIRQFWLRQVGHmWFKDW}PHVVDJHULHHQGLUHFWHWDXWUHV PR\HQVGHFRPPXQLFDWLRQ/HVSDUHQWVGHMHXQHVHQIDQWVGRLYHQW FRPPHQFHUSDUG«VDFWLYHUFHVIRQFWLRQV,OHVWHQHIIHWGLIILFLOHSRXUOHV HQIDQWVGHFHW¤JHGHFRPSUHQGUHODQRWLRQGHmGDQJHUGHONJLQFRQQX} DVVRFL«H¢XQHSHUVRQQHOHVFRQWDFWDQWSDUONJLQWHUIDFHFRQYLYLDOHGNJXQ /HVHQIDQWV¤J«VGH¢DQV &NJHVW¢FHW¤JHTXHODSOXSDUWGHVHQIDQWVG«FRXYUHQW,QWHUQHW $XMRXUGNJKXLGHSOXVHQSOXVGNJ«FROHVIUDQ©DLVHVVRQW«TXLS«HVGH VDOOHVLQIRUPDWLTXHVOHVFODVVHVRQWGHV3&VRXGHV0DFV¢OHXU GLVSRVLWLRQHWVRXYHQWONJHQIDQWXWLOLVH,QWHUQHWSRXUODSUHPLªUHIRLV¢ ONJ«FROH $XILOGHV¤JHV 5HFRPPDQGDWLRQVSULQFLSDOHV Ǒ/LPLWH]ONJDFFªV¢GHVVLWHVDXWRULV«VHWOHQRPEUHGNJKHXUHVGH FRQQH[LRQ Ǒ'«ILQLVVH]GHVSDUDPªWUHV«OHY«VGHV«FXULW«SRXUOHVQDYLJDWHXUV OHVLQVFULSWLRQVHWOHVU«VHDX[VRFLDX[ 0RQWUH]¢YRWUHHQIDQWFRPPHQWIHUPHUXQHIHQ¬WUHGHQDYLJDWLRQ GLWHVOXLTXNJLOHVWWRXMRXUVFRQVHLOO«GHTXLWWHUXQVLWHVLTXHOTXHFKRVH GHVXUSUHQDQWGHG«UDQJHDQWRXGHFKRTXDQWVHSDVVHHWGHYRXVHQ SDUOHUVLFHODOXLDUULYH 'LWHVOXLGHQHMDPDLVGLVFXWHU«FULUHGHVPHVVDJHVRX«FKDQJHUGHV LQIRUPDWLRQVDYHFWRXWHVSHUVRQQHVFRQQHFW«HVVXUFHVVLWHVHQYRWUH DEVHQFH ,OHVWFRQVHLOO«GNJDFWLYHUWRXWHVOHVIRQFWLRQVGHILOWUHHWGHV«FXULW« GXPRWHXUGHUHFKHUFKHGHYRWUHRUGLQDWHXUSDUH[HPSOHODIRQFWLRQ m6DIH6HDUFK}GH*RRJOHVRXVm3U«I«UHQFHV}DILQGNJ«YLWHUTXHYRWUH HQIDQWQNJDFFªGHPDOHQFRQWUHXVHPHQW¢GHVVLWHVLQDSSURSUL«V ,G«DOHPHQWDYHFXQHQIDQWGHFHW¤JHYRXVGHYH]YRXVLPSOLTXHUGDQV VHVDFWLYLW«VHQOLJQHDXVVLDFWLYHPHQWTXHSRXUVHVGHYRLUV 3DUH[HPSOHYRXVGHYH]IDLUHHQVRUWHTXHONJRUGLQDWHXUXWLOLV«SDU YRWUHHQIDQWVHWURXYHGDQVXQHSLªFHFRPPXQHSUªVGHYRXV8Q ORJLFLHOGHFRQWU¶OHSDUHQWDOSHXWYRXVDLGHU¢OLPLWHUONJDFFªVGHYRWUH HQIDQW¢FHUWDLQVVLWHVP¬PHORUVTXHYRXV¬WHVDEVHQW&HUWDLQV ORJLFLHOVOLPLWHQW«JDOHPHQWOHVLQIRUPDWLRQVTXHYRXVQHVRXKDLWH] SDVTXHYRWUHHQIDQWGLYXOJXHTXHFHVRLWVRQQRPVRQ¤JHVRQ QXP«URGHW«O«SKRQHRXWRXWHDXWUHLQIRUPDWLRQGNJRUGUHSHUVRQQHO MHXRXGHOHXUVLWHSU«I«U«3OXVWDUGYRXVSRXUUH]H[SOLTXHU¢YRWUH HQIDQWTXNJLOQHIDXWGLVFXWHURXmWFKDWWHU}VXU,QWHUQHWTXNJDYHFOHV SHUVRQQHVTXNJLOFRQQD°WYUDLPHQWFRPPHSDUH[HPSOHVHVWDQWHV RQFOHVRXDPLVHWLQVLVWHUVXUOHIDLWTXNJLOGRLWWRXMRXUVGHPDQGHU YRWUHDXWRULVDWLRQDYDQWGHGLVFXWHUDYHFTXHOTXNJXQVXU,QWHUQHW /HVHQIDQWVGHFHW¤JHSHXYHQW«JDOHPHQWFRPPHQFHU¢YRXORLU DFF«GHU¢GHVVLWHVGHVRFLDOLVDWLRQGLWVU«VHDX[VRFLDX[WHOVTXH 0\6SDFH)DFHERRNRX+DEERTXLUHQFRQWUHQWEHDXFRXSGHVXFFªV DXSUªVGHVDGROHVFHQWVHWGHVDGXOWHV/DSOXSDUWGNJHQWUHHX[QH FU«HURQWSDVGHSDJHPDLVLOVYLVLWHURQWOHVLWHHWGLDORJXHURQWDYHF GHVDPLVGHVPHPEUHVGHODIDPLOOHHWGHVSDUHQWVTXLRQWOHXUV SURSUHVSDJHVHWSURILOV /HVSU«DGROHVFHQWV¤J«VGH¢DQV /HVSU«DGROHVFHQWVVHPRQWUHQWEHDXFRXSSOXVVRFLDX[HWDYHQWXUHX[ GDQVOHXUXWLOLVDWLRQGNJ,QWHUQHW,OVMRXHQWHQOLJQH«FKDQJHQWGHV LQIRUPDWLRQVVXUOHVGHUQLHUVVLWHV¢ODPRGHDYHFOHXUVFRSDLQVHW SHXYHQWRXYULUOHXUVSUHPLHUVFRPSWHVGHPHVVDJHULH«OHFWURQLTXHHW GHPHVVDJHULHLQVWDQWDQ«HRXFU«HUOHXUSUHPLHUEORJ'HPDQGH]¢ YRWUHHQIDQWGHYRXVIRXUQLUOHVLQIRUPDWLRQVVXUFHVFRPSWHVDLQVLTXH OHVPRWVGHSDVVHDILQTXHYRXVSXLVVLH]FRQWU¶OHUOHXUVDFWLYLW«VHW VDYRLUDYHFTXLLOVFRPPXQLTXHQW Ǒ,QVWDOOH]HWPDLQWHQH]¢MRXUXQORJLFLHOGHV«FXULW«,QWHUQHWORJLFLHO DQWLYLUXVVXLWHGHV«FXULW«HWFDLQVLTXHOHVFRQWU¶OHVSDUHQWDX[ Ǒ8WLOLVH]OHVFRQWU¶OHVSDUHQWDX[SRXUOLPLWHUOHVVLWHV:HEDX[TXHOV YRWUHHQIDQWSHXWDFF«GHU0DLVJDUGH]¢ONJHVSULWTXNJXQORJLFLHO GHFRQWU¶OHDXVVLSHUIRUPDQWVRLWLOQHUHPSODFHUDMDPDLVYRWUH YLJLODQFH Ǒ6XUYHLOOH]ONJXWLOLVDWLRQTXHYRWUHHQIDQWIDLWGHONJRUGLQDWHXUHWVL SRVVLEOHDVVH\H]YRXV¢VHVF¶W«VORUVTXNJLOHVWFRQQHFW« Ǒ6RXYHQH]YRXVTXHYRWUHHQIDQWSHXWDFF«GHU¢,QWHUQHW¢ODPDLVRQ ¢ONJ«FROHFKH]XQDPL¢ODELEOLRWKªTXHǒSDUOH]¢YRWUHHQIDQWGH VHVDFWLYLW«VGDQVOHFDGUHGHWRXVFHVVF«QDULRV Ǒ3DUOH]OXLGHODSURWHFWLRQGHVLQIRUPDWLRQVSHUVRQQHOOHVQRP QXP«URGHW«O«SKRQHHWFHWGLWHVOXLGHQHMDPDLVFRPPXQLTXHU VHVPRWVGHSDVVHP¬PH¢VHVDPLV 5HFRPPDQGDWLRQVSULQFLSDOHV Ǒ9«ULILH]IU«TXHPPHQWONJKLVWRULTXH,QWHUQHWGHYRWUHRUGLQDWHXUSRXU FRQWU¶OHUOHVVLWHVYLVLW«VSDUYRWUHHQIDQWHWFRQWU¶OH]VHVFRPSWHV GHPHVVDJHULHV«OHFWURQLTXHHWLQVWDQWDQ«HDILQGNJLGHQWLILHUOHV SHUVRQQHVDYHFOHVTXHOOHVLOFRPPXQLTXH(WGLWHV¢YRWUHHQIDQWFH TXHYRXVIDLWHVDILQGHYRXVDVVXUHUTXHODFRQILDQFHQNJHVWSDVEULV«H Ǒ6RXYHQH]YRXVTXHYRWUHHQIDQWSHXWDFF«GHU¢,QWHUQHW¢ODPDLVRQ ¢ONJ«FROHFKH]XQDPL¢ODELEOLRWKªTXHGDQVXQF\EHUFDI«SDUOH ELDLVGHVRQW«O«SKRQHSRUWDEOHRXP¬PHGNJXQV\VWªPHGHMHX[ SDUOH]¢YRWUHHQIDQWGHVHVDFWLYLW«VGDQVOHFDGUHGHWRXVFHV VF«QDULRV Ǒ'«ILQLVVH]GHVUªJOHVVXUODFRPPXQLFDWLRQHQOLJQHOH W«O«FKDUJHPHQWLOO«JDOHWODF\EHULQWLPLGDWLRQ Ǒ9RWUHHQIDQWGRLWVDYRLUTXNJLOQHIDXWMDPDLVFOLTXHUVXUXQOLHQ SU«VHQWGDQVXQFRXUULHU«OHFWURQLTXHRXXQPHVVDJHLQVWDQWDQ« FNJHVWHQHIIHWODID©RQODSOXVFRXUDQWHGNJ¬WUHLQIHFW«SDUXQYLUXVRX ,OVRQWODSRVVLELOLW«GHVNJLQIRUPHUVXUOHVGHUQLªUHVDFWXDOLW«VGHOHXU JURXSHRXF«O«EULW«SU«I«U«VHQFRQVXOWDQWOHXUVEORJVRXOHXUVVLWHV :HEHWHQDFF«GDQW¢GLII«UHQWVVLWHVSRXUOLUHOHVGHUQLHUVSRWLQVHW W«O«FKDUJHUGHVSKRWRV/HVVLWHVGHYLG«RHQOLJQHWHOVTXH<RX7XEH UHQFRQWUHQWXQ«QRUPHVXFFªV'HQRPEUHXVHVYLG«RVHPSORLHQWXQ ODQJDJHYXOJDLUHHWGHVLPDJHVYLROHQWHVLOHVWGRQFQ«FHVVDLUHGH VXUYHLOOHU«WURLWHPHQWOHVYLVLWHVHIIHFWX«HVSDUOHVSU«DGROHVFHQWV/HV SOXVFU«DWLIVGHVSU«DGROHVFHQWVDSSUHQQHQW¢SUHQGUHOHXUVSURSUHV SKRWRVQXP«ULTXHV¢«GLWHUGHVYLG«RVHW¢«FKDQJHUOHXUVFU«DWLRQV DYHFOHXUVDPLVHWODIDPLOOH$YHFYRWUHDLGHRXFHOOHGNJXQDPLSOXV H[S«ULPHQW«LOVFRPPHQFHQW¢SXEOLHUOHXUVSURSUHVFU«DWLRQVHQ OLJQH /HVSU«DGROHVFHQWVVNJLQW«UHVVHQW«JDOHPHQW¢ODPXVLTXHHW,QWHUQHW HVWXQPR\HQIDFLOHGNJ«FRXWHUGHG«FRXYULUHWGHW«O«FKDUJHUGH QRXYHDX[PRUFHDX[WRXWFRPPHGHUHQFRQWUHUGNJDXWUHVSHUVRQQHVTXL SDUWDJHQWOHXUVJR½WVPXVLFDX[ /DSU«FDXWLRQHVWGRQFGHPLVH 9LDGHVVXUQRPVONJDGK«VLRQ¢GHVJURXSHVOHVEORJVHWDXWUHVVLWHV ,QWHUQHWTXNJLOVYLVLWHQWTXRWLGLHQQHPHQWOHVDGROHVFHQWVVNJ«FKDQJHQW GHVLQIRUPDWLRQVVXUOHXUYLHSULY«HGRQWOHVmWUDFHVQXP«ULTXHV} SHXYHQW¬WUHGLVV«PLQ«HVVXUOH:HE ,OVLJQRUHQWVRXYHQWRXRXEOLHQWTXHWRXWFHTXLHVWSXEOL«VXUOH:HE HVWYLVLEOHSDUWRXVHWSUREDEOHPHQWLQG«ILQLPHQW,OVXIILWGNJXQHVLPSOH UHFKHUFKHVXU*RRJOHǙSDUOHUHVSRQVDEOHGHVDGPLVVLRQVGNJXQH«FROH RXXQLYHUVLW«RXSDUXQHPSOR\HXUSRWHQWLHOGDQVFLQTGL[RXP¬PH YLQJWDQVSRXUTXHWRXWHVOHVSKRWRVOHVLG«HVHWOHVU«IOH[LRQVGH YRWUHDGROHVFHQWVNJDIILFKHQWDX[\HX[GHWRXV /HVDGROHVFHQWV¤J«VGH¢DQV /HVDGROHVFHQWVUHYHQGLTXHQWSOXVGNJLQG«SHQGDQFHHWFHODVHUHIOªWH GDQVOHXUVFRPSRUWHPHQWVVXU,QWHUQHW/HVUHVSRQVDELOLW«VYRQWGH SDLUDYHFONJLQG«SHQGDQFHHWFHODLQFOXWONJDGRSWLRQGNJXQFRPSRUWHPHQW SUXGHQWVXU,QWHUQHW$FHW¤JHOHVDGROHVFHQWVRQWJ«Q«UDOHPHQW FRQVWLWX«OHXUVPRQGHVHQOLJQHRXVHVRQWLQVFULWVVXUGHVVLWHVGH VRFLDOLVDWLRQWHOVTXH0\6SDFH)DFHERRNRX+DEERSDUH[HPSOH GHG«YRLOHUGHVLQIRUPDWLRQVSHUVRQQHOOHVHWFRQILGHQWLHOOHV¢GHV SHUVRQQHVPDOYHLOODQWHV Ǒ3DUOH]¢YRWUHHQIDQWGHVULVTXHVHWLQTXL«WXGHVOL«V¢ODSXEOLFDWLRQ HW¢ONJ«FKDQJHGNJLQIRUPDWLRQVSHUVRQQHOOHVGHYLG«RVHWGH SKRWRJUDSKLHV Ǒ'«WHFWH]WRXVVLJQHVGHFRPSRUWHPHQWVREVHVVLIVRXGHG«SHQGDQFH HQOLJQHUHSRUWH]YRXV¢/HMHXHQOLJQHHWOHVVLJQHVGNJDGGLFWLRQ Ǒ9HLOOH]¢FHTXHOHRXOHVRUGLQDWHXUVUHVWHQWGDQVXQHSLªFH FRPPXQHGHODPDLVRQ Ǒ)DYRULVH]XQGLDORJXHRXYHUWHWHQFRXUDJH]YRWUHHQIDQW¢YRXV LQIRUPHUGHWRXWFHTXLOHJ¬QHORUVTXNJLOHVWFRQQHFW« 5HFRPPDQGDWLRQVSULQFLSDOHV Ǒ5HQIRUFH]OHVUªJOHVUHODWLYHVDX[FRPSRUWHPHQWVTXLVRQW DSSURSUL«VHQOLJQHODQJDJHLQIRUPDWLRQVSHUVRQQHOOHVHWLPDJHV F\EHU«WKLTXHW«O«FKDUJHPHQWLOO«JDOOLPLWDWLRQGHVKHXUHVGH FRQQH[LRQHWLQWHUGLFWLRQGNJDFFªVDX[VLWHVU«VHUY«VDX[DGXOWHV Ǒ6R\H]DWWHQWLIV¢ODYLHGHYRWUHDGROHVFHQWVXU,QWHUQHWU«VHDX[ VRFLDX[SKRWRJUDSKLHVLQIRUPDWLRQVSHUVRQQHOOHVFOXEVHWDFWLYLW«V VSRUWLYHVTXHFHVRLWVXUVRQVLWHOHVLWHGNJXQDPLRXVXUOHVSDJHV :HEGHVRQ«FROH Ǒ3DVVH]HQUHYXHOHVVLWHVZHEYLVLW«VSDUYRWUHDGROHVFHQWQNJK«VLWH] SDV¢GLVFXWHUDYHFOXLHW¢«YHQWXHOOHPHQWOLPLWHUOHVVLWHVTXLYRXV FKRTXHQWRXYRXVLQTXLªWHQW Ǒ6RXYHQH]YRXVTXHYRWUHDGROHVFHQWSHXWDFF«GHU¢,QWHUQHW¢OD PDLVRQ¢ONJ«FROHFKH]XQDPL¢ODELEOLRWKªTXHGDQVXQF\EHUFDI« SDUOHELDLVGHVRQW«O«SKRQHSRUWDEOHRXP¬PHGNJXQV\VWªPHGH MHX[SDUOH]¢YRWUHDGROHVFHQWGHVHVDFWLYLW«VGDQVOHFDGUHGHWRXV FHVVF«QDULRV Ǒ'HPDQGH]OXLGHQHSDVW«O«FKDUJHUGHILFKLHUVPXVLTXHMHX[ «FRQRPLVHXUVGNJ«FUDQVRQQHULHVHWGHQHSDVHIIHFWXHUGHV WUDQVDFWLRQVILQDQFLªUHVVDQVYRWUHDXWRULVDWLRQ Ǒ$SSUHQH]OXL¢QHMDPDLVFRPPXQLTXHUVHVPRWVGHSDVVHHW¢IDLUH SUHXYHGHSUXGHQFHORUVGHODVDLVLHGNJLQIRUPDWLRQVSHUVRQQHOOHVVXU XQRUGLQDWHXUSXEOLFRXSDUWDJ«RXVXUXQ3&TXLQHVHPEOHSDVELHQ V«FXULV« Ǒ,OGRLWVDYRLUTXNJLOQHIDXWMDPDLVFOLTXHUVXUXQOLHQSU«VHQWGDQVXQ FRXUULHU«OHFWURQLTXHRXXQPHVVDJHLQVWDQWDQ«FNJHVWHQHIIHWOD ID©RQODSOXVFRXUDQWHGNJ¬WUHLQIHFW«SDUXQYLUXVRXGHG«YRLOHUGHV LQIRUPDWLRQVSHUVRQQHOOHVHWFRQILGHQWLHOOHV¢GHVFULPLQHOV Ǒ9HLOOH]¢FHTXHOHRXOHVRUGLQDWHXUVUHVWHQWGDQVXQHSLªFH FRPPXQHGHODPDLVRQHWQRQGDQVODFKDPEUHGHYRWUHDGROHVFHQW Ǒ)DYRULVH]XQGLDORJXHRXYHUWHWHQFRXUDJH]YRWUHDGROHVFHQW¢YRXV LQIRUPHUGHWRXWFHTXLOHJ¬QHORUVTXNJLOHVWFRQQHFW«*DUGH]HQW¬WH TXHYRWUHDGROHVFHQWHVWHQFRUHXQHQIDQW Ǒ5DSSHOH]¢YRWUHDGROHVFHQWTXHOHORJLFLHOGHV«FXULW«,QWHUQHW 6LYRWUHMHXQHDGXOWHXWLOLVHXQRUGLQDWHXUSRUWDEOHGDQVOHFDGUHGH VHV«WXGHVRXGHVRQQRXYHDXWUDYDLODVVXUH]YRXVTXNJLODFRPSULV OHVULVTXHVDGGLWLRQQHOVOL«V¢ONJXWLOLVDWLRQGNJXQHFRQQH[LRQVDQV ILOHWTXNJLODDFKHW«OHORJLFLHOGHV«FXULW«Q«FHVVDLUHFRPSRUWDQW XQHVROXWLRQILDEOHGHVDXYHJDUGHGHGRQQ«HV/HVMHXQHVDGXOWHV SHXYHQW¬WUHWHQW«VGHQ«JOLJHUFHV«O«PHQWVLOFRQYLHQWGRQF GNJLQVLVWHUVXUONJLPSRUWDQFHGNJ¬WUHYLJLODQWORUVTXNJLOVNJDJLWGHODV«FXULW« GHVRUGLQDWHXUVSRUWDEOHVHWGHVLQIRUPDWLRQVSHUVRQQHOOHVHW FRQILGHQWLHOOHVTXNJLOFRQWLHQW (OOHVLQFOXHQWODSURWHFWLRQGHVDYLHSULY«HHQSDUWLFXOLHUVRQQXP«UR GHV«FXULW«VRFLDOHWVHVLQIRUPDWLRQVILQDQFLªUHVODSU«YHQWLRQGH ONJXVXUSDWLRQGNJLGHQWLW«HWOHVULVTXHVOL«V¢VDVROYDELOLW«FHTXLHVW SDUWLFXOLªUHPHQWLPSRUWDQWSRXUXQMHXQHDGXOWH /HVDQQ«HVIDFHWDXGHO¢ 9RWUHDGROHVFHQWDJUDQGLHWLOTXLWWHDXMRXUGNJKXLODPDLVRQSRXU «WXGLHURXSRXUWUDYDLOOHU,OGRLWFRPSUHQGUHWRXWHVOHVUHVSRQVDELOLW«V VXSSO«PHQWDLUHVDVVXP«HVSDUOHVDGXOWHVYLV¢YLVGXPRQGHHQOLJQH ORJLFLHODQWLYLUXVVXLWHGHV«FXULW«HWFGRLWWRXMRXUV¬WUHDFWLY«HW¢ MRXUSRXUVDSURWHFWLRQDXWDQWTXHODYRWUH (QIDQWV Ǒ5HVWH]SUXGHQWVHWQDYLJXH]HQWRXWHV«FXULW«1HGLYXOJXH]MDPDLV YRVLQIRUPDWLRQVSHUVRQQHOOHV1HGRQQH]MDPDLVYRWUHQRPYRWUH DGUHVVHYRWUHGDWHGHQDLVVDQFHYRWUHQXP«URGHW«O«SKRQHOHQRP GHYRWUH«FROHXQHSKRWRJUDSKLHGHYRXVP¬PHRXGHTXHOTXNJXQ GNJDXWUH¢TXLTXHFHVRLWVXU,QWHUQHW 3DUHQWV Ǒ7HQH]YRXVDXFRXUDQWGHVGHUQLªUHVWHFKQRORJLHV,OQNJHVWSDV Q«FHVVDLUHTXHYRXVVR\H]XQH[SHUWPDLVXQHFRQQDLVVDQFHGHEDVH SHUPHW¢YRWUHIDPLOOHGHQDYLJXHUVXU,QWHUQHWHQWRXWHV«FXULW« 6XLYH]XQHIRUPDWLRQWHFKQLTXHGHEDVHHWDSSUHQH]¢FRQQD°WUHOHV QRXYHDX[SURGXLWVDXIXUHW¢PHVXUHTXNJLOVVRQWFRPPHUFLDOLV«V 9LVLWH]OHVLWHZZZV\PDQWHFIUSRXU¬WUHLQIRUP«VGHVPLVHV¢MRXU Ǒ&RPPXQLTXH]HQSHUPDQHQFHDYHFYRVHQIDQWVVXUWRXWFHTXNJLOV YRLHQWHWIRQWVXU,QWHUQHW$SSUHQH]OHXUMDUJRQHWGHPDQGH]OHXUVL YRXVQHFRPSUHQH]SDVTXHOTXHFKRVH5HVWH]¢ONJ«FRXWH Ǒ&RQWU¶OH]U«JXOLªUHPHQWONJDFWLYLW«GHYRVHQIDQWVVXU,QWHUQHW9RXV GHYH]FRQQD°WUHOHVVLWHVTXNJLOVYLVLWHQW)DLWHVOHXUVDYRLUTXHYRXV FRQWU¶OH]OHXUVDFWLYLW«VSDUFHTXHYRXVOHVDLPH]TXHYRXVYRXOH] TXNJLOVFRPSUHQQHQWTXNJ,QWHUQHWHVWXQHVSDFHSXEOLFHWGRQFMDPDLV Y«ULWDEOHPHQWSULY« 5HVSHFWHUFHUWDLQHVUªJOHV Ǒ5HVWH]¢GLVWDQFHHWQHFRPPXQLTXH]SDVDYHFGHVLQFRQQXV/HV LQFRQQXVVXU,QWHUQHWVRQWGDQJHUHX[5(67(=$',67$1&((7 1NJ(175(=3$6(1&20081,&$7,21$9(&(8; 3HXLPSRUWHFHTXNJLORXHOOHYRXVGLW1(5(1&2175(=-$0$,6XQH SHUVRQQHFRQQXHVXU,QWHUQHW9RXVQNJDYH]DXFXQPR\HQGHVDYRLU TXLHVWY«ULWDEOHPHQWFHWWHSHUVRQQH1HSDUOH]MDPDLVDYHFXQH LQFRQQXHVXU,QWHUQHWHWQHOXLGLWHVMDPDLVR»YRXVKDELWH] Ǒ5HVWH]HQFRQWDFWHWSDUOH]¢YRVSDUHQWV)DLWHVSDUW¢YRVSDUHQWV RX¢XQDGXOWHGHFRQILDQFHGHWRXWFHTXHYRXVYR\H]VXU,QWHUQHW ,QIRUPH]OHVWRXMRXUVVLTXHOTXHFKRVHYRXVPHWPDO¢ONJDLVH(W UDSSHOH]YRXVTXHWRXWFHTXHYRXVYR\H]HWHQWHQGH]VXU,QWHUQHW QNJHVWSDVWRXMRXUVmYUDL}RXP¬PHmQRUPDO} &KRLVLVVH]XQPRWGHSDVVHSULQFLSDOTXHYRXVSRXYH]UHWHQLUSXLV 3URW«JH]YRVPRWVGHSDVVH (YLWH]GNJXWLOLVHUGHVPRWVGHSDVVHIDFLOHV¢GHYLQHUWHOVTXHGHVPRWV GXGLFWLRQQDLUHGHVQRPVRXGHVGDWHVTXHYRWUHHQIDQWRXXQSLUDWH LQIRUPDWLTXHSHXWG«FRXYULU 9RLFLXQHERQQHP«WKRGHSRXUG«ILQLUHWJ«UHUVHVPRWVGHSDVVH /HVPRWHXUVGHUHFKHUFKHOHVSOXVSULV«VFRPPH*RRJOHǙRIIUHQW «JDOHPHQWFHUWDLQVGLVSRVLWLIVGHV«FXULW«3DUH[HPSOH6DIH6HDUFKGH *RRJOHǙDFFHVVLEOHVRXVm3U«I«UHQFHV}¢SDUWLUGHODSDJHGNJDFFXHLO GH*RRJOHǙYRXVSHUPHWGHOLPLWHUONJDIILFKDJHGHFHUWDLQVVLWHVHW FRQWHQXVH[SOLFLWHVSRUQRJUDSKLTXHVGDQVOHVU«VXOWDWVGHUHFKHUFKH 8QXWLOLVDWHXUDYHUWLSHXWELHQV½UIDFLOHPHQWPRGLILHUFHVSDUDPªWUHV PDLVFHODSHXWVNJDY«UHUWUªVXWLOHSRXUOHVSOXVMHXQHVLQWHUQDXWHV 1DYLJXH]VXU,QWHUQHWHQWRXWHV«FXULW« $VVXUH]YRXVTXHYRWUHQDYLJDWHXUHVWSDUDP«WU«GHID©RQ¢FHTXH YRXVE«Q«ILFLH]GHVHVRSWLRQVGHV«FXULW«LQW«JU«HV3DUH[HPSOH 0LFURVRIWp,QWHUQHW([SORUHUOHQDYLJDWHXUOHSOXVU«SDQGXRIIUHGHV SDUDPªWUHVGHV«FXULW«HWGHSURWHFWLRQGHODYLHSULY«H(OOHVVRQW DFFHVVLEOHVVRXVm2XWLOV}SXLVm2SWLRQV,QWHUQHW} /HVUªJOHVGHEDVH 6«FXULVH]YRWUHU«VHDXVDQVILO:LUHOHVVQHWZRUNRXmZLIL} /HVU«VHDX[GRPHVWLTXHVVDQVILOSU«VHQWHQWGNJDXWUHVSUREOªPHVGH V«FXULW«HWLO\DGRQFXQFHUWDLQQRPEUHGNJ«WDSHVVLPSOHV¢VXLYUH SRXUVNJDVVXUHUTXHFHVU«VHDX[VRQWSURW«J«VFRQWUHONJLQWUXVLRQ GNJLQFRQQXVTXLSRXUUDLHQWXWLOLVHUYRWUHEDQGHSDVVDQWHRXSLUH 1RWH¢ONJDWWHQWLRQGHVSDUHQWVDVVXUH]YRXVGHG«WHQLUOHVPRWVGH SDVVHGHYRWUHHQIDQWSRXUDFF«GHU¢VDPHVVDJHULH«OHFWURQLTXH PHVVDJHULHLQVWDQWDQ«HHWP¬PHDX[U«VHDX[VRFLDX[ &HODYRXVSHUPHWGHFRQWU¶OHUOHVSHUVRQQHVTXLFRPPXQLTXHQWDYHF YRWUHHQIDQW 'HTXHOOHID©RQFRQYLHQWLODORUVGHOHVJ«UHU",OH[LVWHGHVDSSOLFDWLRQV LQIRUPDWLTXHVTXLJªUHQWOHVPRWVGHSDVVHHWFHUWDLQVQDYLJDWHXUV RIIUHQWODSRVVLELOLW«GNJHQUHJLVWUHUGHQRPEUHX[PRWVGHSDVVH,OHVW ULVTX«GNJDYRLUXQHOLVWHGHVHVPRWVGHSDVVHVWRFN«HGDQVONJRUGLQDWHXU RXVXUXQEORFQRWHV¢SUR[LPLW«GHFHOXLFLHWF /HVPRWVGHSDVVHSHXYHQWVHPXOWLSOLHU¢ONJLQILQL&KDTXHPRWGH SDVVHHVWSOXVFRPSOLTX«TXHONJDXWUH,OHVWGRQFGLIILFLOHGHWRXVOHV P«PRULVHUHWGHOHVU«FXS«UHUVLEHVRLQ SHUVRQQDOLVH]OHSRXUGLII«UHQWVVLWHV:HE/DSUHPLªUH«WDSHFRQVLVWH ¢FKRLVLUXQERQPRWGHSDVVHSULQFLSDOFRPSRV«GHSOXVGHVL[ FDUDFWªUHVHWFRPELQDQWOHWWUHVHWQXP«URVSOXW¶WTXHGHY«ULWDEOHV PRWV8WLOLVRQVSDUH[HPSOHOHPRWGHSDVVHmPLIIOLQ}$MRXWH] OXLHQVXLWHODSUHPLªUHHWODGHUQLªUHOHWWUHGXVLWH:HEH[HPSOHSRXU $PD]RQFRPm$PLIIOLQQ}&HWWHP«WKRGHSHUPHWGHVHVRXYHQLU GHWRXVVHVGLII«UHQWVPRWVGHSDVVHHWGHFRQVHUYHUXQHFRPSOH[LW« VXIILVDQWHSRXUUHQGUHODW¤FKHGLIILFLOH¢XQSLUDWHLQIRUPDWLTXH /NJRUGUHDGRSW«HVWORJLTXHSRXUYRXVPDLVSDVSRXUOHVDXWUHV&HOD SHUPHW«JDOHPHQWGNJDYRLUGHVPRWVGHSDVVHGLII«UHQWVSRXUGLII«UHQWV FRPSWHV(WVLOHPRWGHSDVVHGNJXQFRPSWHHVWFRPSURPLVOHVDXWUHV VRQWWRXMRXUVSURW«J«V /HVFRQWU¶OHVSDUHQWDX[GLIIªUHQWHQIRQFWLRQGHONJDSSOLFDWLRQRIIUDQW FHWWHSRVVLELOLW«,OH[LVWHJ«Q«UDOHPHQWGLII«UHQWVQLYHDX[GHWHOOH VRUWHTXHYRXVSRXYH]SHUVRQQDOLVHUOHSURJUDPPHHQIRQFWLRQGH ONJHQIDQW¢SURW«JHU3DUH[HPSOHSRXUXQHQIDQWGHFLQTDQVYRXV SRXYH]IRXUQLUXQHmOLVWHEODQFKH}GHVLWHV:HESU«V«OHFWLRQQ«VHW YDOLG«VSDUYRVVRLQVTXHYRWUHHQIDQWHVWDXWRULV«¢YLVLWHU(JDOHPHQW YRXVSRXYH]FRQILJXUHUGHVFRPSWHVGHWHOOHVRUWHTXHYRXVGHYH] YRXVFRQQHFWHUSRXUTXHYRWUHHQIDQWSXLVVHVXUIHUVXU,QWHUQHWRX OLPLWHUOHWHPSVGHFRQQH[LRQSRXU«YLWHUTXHYRWUHHQIDQWQHSDVVH WURSGHWHPSVVXUOH:HEDXG«WULPHQWGHVHVGHYRLUVGHVHVDFWLYLW«V VSRUWLYHVRXGXWHPSVSDVV«DYHFVHVDPLV /HORJLFLHOGHFRQWU¶OHSDUHQWDO 8QORJLFLHOGHFRQWU¶OHSDUHQWDOYRXVSHUPHWGHFKRLVLUVLYRWUHHQIDQW HVWDXWRULV«¢QDYLJXHUVXU,QWHUQHWHWGNJ«YLWHUTXNJLODFFªGH¢GHVVLWHV GRQWOHFRQWHQXHVWLQDSSURSUL« 6LYRXVGLVSRVH]¢ODPDLVRQGNJXQHFRQQH[LRQVDQVILORXmZLIL} DVVXUH]YRXVGNJDYRLUSULVWRXWHVOHVGLVSRVLWLRQVQ«FHVVDLUHVSRXUOD V«FXULVHUUHG«ILQLVVH]OHPRWGHSDVVHGXURXWHXUGHPDQLªUH¢FH TXNJLOUHVSHFWHOHVERQQHVUªJOHVHQPDWLªUHGHPRWGHSDVVHHWTXNJLOQH VRLWSDVIDFLOH¢GHYLQHUDFWLYH]OHFU\SWDJHVDQVILOSRXU«YLWHUTXNJXQ LQFRQQXUHSªUHYRWUHU«VHDXVXU,QWHUQHWUHVWUHLJQH]ONJDFFªVSDUWDJ« GHYRWUHV\VWªPHVXUOHU«VHDXHWDVVXUH]YRXVTXHYRWUHORJLFLHO GHV«FXULW«,QWHUQHWHVWELHQ¢MRXU&HUWDLQVSDUHQWVYRQWMXVTXNJ¢ G«FRQQHFWHUOHXUURXWHXUHW¢OHPHWWUHGDQVOHXUFKDPEUHODQXLW $GRSWH]OHVPHVXUHVTXLYRXVFRQYLHQQHQWOHPLHX[ K«EHUJHUOHXUSRXUULHOVSDPHWHIIHFWXHUGNJDXWUHVDWWDTXHV¢SDUWLU GHYRWUHV\VWªPH(JDOHPHQWXQRUGLQDWHXUSRUWDEOHHWXQU«VHDX VDQVILOSHUPHWWHQW¢YRVHQIDQWVGNJDFF«GHU¢,QWHUQHWGHQNJLPSRUWH TXHOHQGURLWGDQVODPDLVRQFHTXLU«GXLW¢Q«DQWYRVHIIRUWVGH VXUYHLOODQFHGHOHXUVDFWLYLW«V /HVSOXVMHXQHVHQIDQWVYLVLWHQWHWVNJLQVFULYHQWVXUGHVVLWHVGHORLVLUV WHOVTXH%DUELH*LUOV.LG1HWRX7IRX&HVVLWHVSURSRVHQWGHVMHX[ HWGHVDFWLYLW«VLQFOXDQWGHVIRUXPVRXmWFKDW},OVUHVVHPEOHQW EHDXFRXSDX[U«VHDX[VRFLDX[/HVVLWHVS«GDJRJLTXHVWHOVTXH WDNDWURXYHUQHWRXQLFRODQGIUDLGHQWOHVHQIDQWV¢DSSUHQGUH¢OLUHRX OHVPDWK«PDWLTXHVHQVNJDPXVDQW4XHYRWUHHQIDQWVRLWDGROHVFHQW SU«DGROHVFHQWRXSOXVMHXQHGHPDQGH]OXLTXHOVVRQWOHVVLWHV,QWHUQHW VXUOHVTXHOVOXLHWVHVDPLVYRQWOHSOXVVRXYHQW'HPDQGH]OXLVXU OHVTXHOVGNJHQWUHHX[LOVNJHVWLQVFULWHWGHYRXVOHVSU«VHQWHU9RXV VDXUH]UDSLGHPHQWVLYRXVDSSURXYH]RXQRQ)DLWHVHQVRUWHTXH /HV)DYRULVVXU,QWHUQHW /HVVLWHVGHVRFLDOLVDWLRQRXU«VHDX[VRFLDX[WHOVTXH0\6SDFH )DFHERRNRX+DEERUHQFRQWUHQWXQIUDQFVXFFªVDXSUªVGHV DGROHVFHQWV<RX7XEHHVW«JDOHPHQWWUªVSULV«PDLVFRQVWLWXHXQ SUREOªPHSRXUOHVSDUHQWVFDULOQNJH[LVWHDXFXQILOWUHDXQLYHDXGX ODQJDJHRXGHVFRQWHQXVU«VHUY«VDX[DGXOWHV 9«ULILH]DXSUªVGHONJDGPLQLVWUDWHXUGXU«VHDXLQIRUPDWLTXHGHONJ«FROH GHYRWUHHQIDQWTXHOVVRQWOHVVLWHVOHVSOXVIU«TXHPPHQWYLVLW«V 'HPDQGH]¢YRWUHDGROHVFHQWVNJLOSRVVªGHGHVFRPSWHVHWHVVD\H] «JDOHPHQWGHWRXMRXUVY«ULILHUSDUYRXVP¬PH $XFXQORJLFLHOFHSHQGDQWQNJRIIUHXQHSURWHFWLRQSDUIDLWH,OHVWGRQF Q«FHVVDLUHTXHOHVSDUHQWVDVVRFLHQWOHORJLFLHOGHV«FXULW«¢GH ONJ«GXFDWLRQGHODVXUYHLOODQFHHWGHODFRPPXQLFDWLRQDYHFOHXUV HQIDQWVSRXUDVVXUHUOHXUSURWHFWLRQTXHOTXHVRLWOHXU¤JH /HVUHVVRXUFHVGX:HEVRQWULFKHVHWLOHVWGRPPDJHGHOHYHUURXLOOHU LQW«JUDOHPHQW 9RXVSRXYH]DFFRUGHUXQDFFªVSOXVVRXSOHDX[HQIDQWVSOXV¤J«V,OHVW SRVVLEOHGHUHVWUHLQGUHONJDFFªV¢,QWHUQHWSDUFDW«JRULHVGHVLWHVGDQV ODELEOLRWKªTXHGHSURJUDPPHVDILQGNJ«YLWHUTXHYRWUHHQIDQWQHVRLW H[SRV«¢GHVVLWHVRXGXFRQWHQX¢FDUDFWªUHUDFLVWHSRUQRJUDSKLTXH RXGRXWHX[ ODFRQYHUVDWLRQUHVWHmQHXWUH}DILQGHQHSDVGRQQHU¢YRWUHHQIDQW ONJLPSUHVVLRQGHVXELUXQLQWHUURJDWRLUH /HSODJLDWHWODIUDXGH ,OHVWWUªVIDFLOHGHWURXYHUVXU,QWHUQHWGHVFRUULJ«VSRXUOHVSULQFLSDX[ PDQXHOVVFRODLUHVHWGHQRPEUHX[VLWHV:HESURSRVHQWODYHQWHGH U«GDFWLRQVGHGLVVHUWDWLRQVGNJH[SRV«VRXGHWKªVHV7ULFKHUQNJD MDPDLV«W«DXVVLIDFLOHDXVVLDFFHVVLEOHHWDXVVLWHQWDQWSRXUQRV /HVSU«GDWHXUVVXU,QWHUQHW ,OQNJ\D«YLGHPPHQWSDVXQHSHUVRQQHPDOYHLOODQWHRXXQSU«GDWHXU VH[XHOGHUULªUHFKDTXHLQWHUQDXWHPDLVRQG«QRPEUHVXIILVDPPHQW GHFDVDXG«QRXHPHQWWUDJLTXHGNJHQIDQWVDSSURFK«VSDUGHV SU«GDWHXUVVH[XHOVSRXUTXHOHVSDUHQWVVNJLQTXLªWHQW9HLOOH]¢FHTXH YRWUHHQIDQWVDFKHTXNJLOQHGRLWMDPDLVFRPPXQLTXHUSDUFRXUULHU «OHFWURQLTXHHPDLOmWFKDW}VXUGHVIRUXPVRXSDUPHVVDJHULH LQVWDQWDQ«HRXHQYR\HUGHVPHVVDJHVWH[WHVPV¢GHVLQFRQQXVHW TXNJLOQHGRLWMDPDLVUHQFRQWUHUmGDQVOHPRQGHU«HO}XQLQFRQQXGRQW LODXUDLWIDLWODFRQQDLVVDQFHVXU,QWHUQHW$VVXUH]YRXVTXNJLOFRPSUHQG ELHQTXHWRXWHSHUVRQQHUHQFRQWU«HVXU,QWHUQHWUHVWHXQ,1&2118 HWFHTXHOTXHVRLWOHQRPEUHGHPHVVDJHV«FKDQJ«VRXODGXU«HGHV «FKDQJHVVHPDLQHPRLVRXSOXV $XFDVR»XQLQFRQQXFRQWDFWHUDLWYRWUHHQIDQWVXU,QWHUQHWSRXUSDUOHU GHVH[HLQIRUPH]LPP«GLDWHPHQWODSROLFHRXODJHQGDUPHULHDLQVLTXH ONJ«FROHGHYRWUHHQIDQW /HVULVTXHV /HF\EHUKDUFªOHPHQWHVWXQG«YHORSSHPHQWGDQJHUHX[GHOD F\EHULQWLPLGDWLRQHWHVWXWLOLV«SDUGHVSHUVRQQHVTXLSUDWLTXHQW OHKDUFªOHPHQWGDQVOHPRGHU«HORXmKRUVOLJQH}(Q«WDQW FRQVFLHQWVGXGDQJHUQRVHQIDQWVSHXYHQWDSSUHQGUH¢VHG«IHQGUH HWLODSSDUWLHQWGRQFDX[SDUHQWVGHVDYRLUFRPPHQWOHVDLGHU/H mKDUFHOHXU}SHXWG«WRXUQHUXQFRPSWHGHPHVVDJHULHHWVHIDLUH SDVVHUSRXUODSHUVRQQHYLFWLPHGHFHG«WRXUQHPHQW /NJDJUHVVHXUSHXWmG«IRUPHU}ODSDJHGNJXQU«VHDXVRFLDOHWDGUHVVHU /DF\EHULQWLPLGDWLRQHWOHF\EHUKDUFªOHPHQW /DWHFKQRORJLHQNJDMDPDLVRIIHUW¢QRVHQIDQWVDXWDQWGHPR\HQVSRXU VHFRQQHFWHUIDLUHGHVUHQFRQWUHVHWFRPPXQLTXHU0DOKHXUHXVHPHQW FHUWDLQVHQIDQWVXWLOLVHQWODPHVVDJHULH«OHFWURQLTXHHPDLOOD PHVVDJHULHLQVWDQWDQ«HODW«O«SKRQLHPRELOHHWOHVPHVVDJHVWH[WH VPVSRXUHPEDUUDVVHUSRUWHUDWWHLQWH¢ODU«SXWDWLRQGNJDXWUHV HQIDQWVRXOHVLQWLPLGHU(QRXWUHOHVPHVVDJHVmQXP«ULTXHV}GHV HQIDQWVSHXYHQW¬WUH«GLW«VDILQGNJHQPRGLILHUODVLJQLILFDWLRQSRXUOHV WUDQVPHWWUH¢GNJDXWUHVHQIDQWVGDQVOHEXWGHOHVHPEDUUDVVHUOHV LQWLPLGHURXOHVLQVXOWHU $VVXUH]YRXVTXHYRWUHHQIDQWVDFKHTXNJLOGRLWSURW«JHUWRXWPHVVDJH WH[WHP¬PHOHSOXVEDQDOHWTXNJLOGRLWIDLUHDWWHQWLRQDX[PRWVTXNJLO HPSORLH,OQHGRLWMDPDLV¬WUHRXGHYHQLUXQHmF\EHUEUXWH}XQH mF\EHUWHUUHXU}RXXQmF\EHUDJUHVVHXU}HWLOGRLWWRXMRXUVVLJQDOHU VNJLOHVWYLFWLPHGHF\EHULQWLPLGDWLRQ *DUGH]XQHFRSLHGHWRXVOHVPHVVDJHVGNJLQWLPLGDWLRQHQXWLOLVDQWOD WRXFKHm,PSUHVVLRQ«FUDQ},PS(FGXFODYLHUGHYRWUHRUGLQDWHXUHWHQ FRSLDQWOHPHVVDJHGDQVYRWUHSURJUDPPHGHWUDLWHPHQWGHWH[WH HQIDQWV5DSSHOH]¢YRWUHHQIDQWTXNJLOHVWWUªVLPSRUWDQWGNJXWLOLVHU ,QWHUQHW¢GHVILQVGHUHFKHUFKHXQLTXHPHQW([SOLTXH]OXL«JDOHPHQW TXHOHFRQWHQXJ«Q«U«SDUONJXWLOLVDWHXUFRPPHVXU:LNLS«GLDSDU H[HPSOHSHXWFRQVWLWXHUXQSRLQWGHG«SDUW¢GHQRXYHOOHVUHFKHUFKHV PDLVTXHFHFRQWHQXQNJHVWSDVWRXMRXUVDXVVLILDEOHTXHOHVVRXUFHV GNJLQIRUPDWLRQWUDGLWLRQQHOOHVWHOOHVTXHOHVHQF\FORS«GLHV /HVIUDXGHXUVRXF\EHUFULPLQHOVSHXYHQWWUDQVIRUPHUXQWRXWSHWLW /HVLQIRUPDWLRQVSHUVRQQHOOHVHWONJXVXUSDWLRQGNJLGHQWLW« 9RWUHHQIDQWQHVDLWSDVDXWRPDWLTXHPHQWFHTXHVLJQLILHLQIRUPDWLRQV mSHUVRQQHOOHV}9RXVGHYH]GRQFOXLH[SOLTXHULOVNJDJLWGHWRXWH GRQQ«HLQIRUPDWLRQRXUHQVHLJQHPHQWTXLSHUPHWGHONJLGHQWLILHUHW TXLSHUPHW¢XQLQFRQQXGNJDFF«GHU¢GHVLQIRUPDWLRQVSHUVRQQHOOHV HWRXILQDQFLªUHV/HVLQIRUPDWLRQVSHUVRQQHOOHVRXFRQILGHQWLHOOHV VRQWGHVGRQQ«HVGXPRQGHmU«HO}XQQRPXQQXP«URGHW«O«SKRQH XQHDGUHVVHOHQRPGHVRQFOXEGHVSRUWVRXGHVRQ«FROHHWP¬PHOH QRPGXP«GHFLQGHIDPLOOH /HSDUWDJHGHILFKLHUVHWOHW«O«FKDUJHPHQWGHPXVLTXHVHWGHYLG«RV /HVHQIDQWVDSSUHQQHQWWUªVYLWHOHVMRLHVGHONJ«FKDQJHGHPRUFHDX[ GHPXVLTXH&NJHVWVRXYHQWYHUVODSU«DGROHVFHQFHTXHOHVHQIDQWVVRQW LQIRUP«VGHONJH[LVWHQFHGHVLWHVGHSDUWDJHGHILFKLHUVHQSDUWLFXOLHU OHVVLWHVJUDWXLWV $SSUHQH]¢YRWUHHQIDQWOHVGDQJHUVOL«VDX[SURJUDPPHVHWVLWHV GHSDUWDJHGHILFKLHUVTXLSHUPHWWHQW¢GHVLQFRQQXVGNJDFF«GHU¢ YRWUHRUGLQDWHXU/NJXWLOLVDWLRQGHVLWHVGHSDUWDJHGHILFKLHUVSHXW H[SRVHUYRWUHRUGLQDWHXUHWYRVLQIRUPDWLRQVDX[ORJLFLHOVmURERWV} ORJLFLHOVHVSLRQVHQUHJLVWUHXUVGHIUDSSHFODYLHUYLUXVHWDXWUHVFRGHV PDOYHLOODQWVHWGDQJHUHX[ (QRXWUHOHW«O«FKDUJHPHQWJUDWXLWGHPXVLTXHVRXGHYLG«RVHVW VRXYHQWLOO«JDO,QGLTXH]¢YRWUHHQIDQWOHVVLWHVSHUPHWWDQWOH W«O«FKDUJHPHQWO«JDOGHPXVLTXHVHWGHYLG«RVWHOVTXHL7XQHVHW 9LUJLQPHJD GHVPHVVDJHVKDLQHX[DX[DPLVGHODYLFWLPHVHODQFHUGDQVOHYRO GNJLGHQWLW«RXWHQWHUGHG«WUXLUHODFU«GLELOLW«RXODU«SXWDWLRQGH TXHOTXNJXQ/HF\EHUKDUFªOHPHQWHVWGDQJHUHX[HWGRLW¬WUHVLJQDO«¢ ODSROLFHDX[IRXUQLVVHXUVGNJDFFªV,QWHUQHWHWDX[K«EHUJHXUVGHVLWHV :HE&RQVHUYH]WRXWHVOHVSUHXYHVGHF\EHUKDUFªOHPHQWHWF\EHU LQWLPLGDWLRQ $SSUHQH]¢YRWUHHQIDQW¢QHSDVDIILFKHUGNJLQIRUPDWLRQVSHUVRQQHOOHV RXGHSKRWRJUDSKLHVLQDSSURSUL«HVRXWHQGDQFLHXVHV8QHIRLV SXEOL«HVFHVLQIRUPDWLRQVGHYLHQQHQWHQHIIHWSXEOLTXHVHWSHXYHQW /HVVLWHVGHVRFLDOLVDWLRQRXU«VHDX[VRFLDX[ /HVVLWHV:HEGHVRFLDOLVDWLRQFRPPXQ«PHQWDSSHO«VU«VHDX[ VRFLDX[VRQWOHSK«QRPªQHVXU,QWHUQHWTXLHQUHJLVWUHOHSOXVIRUW WDX[GHFURLVVDQFHWDQWDXSUªVGHVHQIDQWVTXHGHVDGXOWHV&H VRQWFHSHQGDQWOHVSU«DGROHVFHQWVHWDGROHVFHQWVTXLDQLPHQWFHWWH FURLVVDQFH/HVU«VHDX[VRFLDX[TXLUHQFRQWUHQWOHSOXVYLIVXFFªV VRQW0\6SDFH)DFHERRNHW+DEER7RXVOHVWURLVRIIUHQWDX[HQIDQWV ODSRVVLELOLW«GHGLVFXWHUDYHFGHVDPLVH[LVWDQWVHWGNJHQUHQFRQWUHU GHQRXYHDX[6NJLOVVRQWXWLOLV«VDYHFSU«FDXWLRQFHVVLWHVVRQWXQ IRUPLGDEOHPR\HQSRXUOHVHQIDQWVGHFRPPXQLTXHUHWGHSDUWDJHU OHXUVH[S«ULHQFHV &HSHQGDQWVLGHVPHVXUHVGHV«FXULW«QHVRQWSDVUHVSHFW«HV LOVSHXYHQWH[SRVHUYRVHQIDQWV¢ONJXVXUSDWLRQGNJLGHQWLW«HWDX[ SU«GDWHXUV LQGLFHHQXQGRVVLHUFRPSOHWVXUXQHQIDQWHWRXVHVSDUHQWV,OV Q«JRFLHQWHWYHQGHQWHQVXLWHFHVGRQQ«HVFRQILGHQWLHOOHVFRQWUH GHONJDUJHQW,OHVW«WRQQDPPHQWIDFLOHSRXUGHVSHUVRQQHVPDO LQWHQWLRQQ«HVGHIDLUHXQHGHPDQGHGHFU«GLWDXQRPGHYRWUHHQIDQW HWGNJREWHQLUGHVELHQVPDUFKDQGLVHVHWGHONJDUJHQWGXPRQGHU«HOWRXW HQSRUWDQWDWWHLQWH¢VROYDELOLW«HW¢ODU«SXWDWLRQGXQRPGHONJHQIDQW RXGXYRWUH 6LYRXVSHQVH]DYRLU«W«YLFWLPHGNJXVXUSDWLRQGHYRWUHLGHQWLW« FRQWU¶OH]YRVUHOHY«VGHFRPSWHEDQFDLUHRXGHFU«GLWDILQGH UHFKHUFKHUWRXWHSUHXYHGHQRXYHDX[FRPSWHVRXGNJHPSUXQWV$SUªV DYRLU«WDEOLODSUHXYHTXNJLO\DHXXVXUSDWLRQGNJLGHQWLW«YRXVGHYH] OHVLJQDOHU¢ODSROLFHRX¢ODJHQGDUPHULH&HUDSSRUWGHSROLFH UHQIRUFHUDYRWUHGRVVLHUORUVTXHYRXVWUDYDLOOHUH]DYHFOHVVLWHVHWOHV HQWUHSULVHVLPSOLTX«HV9RXVSRXYH]«JDOHPHQWmJHOHU}YRWUHFRPSWH HWFHOXLGHYRVHQIDQWV &HUWDLQVHQIDQWVHWDGROHVFHQWVSHXYHQWDIILFKHUOHXUFXULRVLW«IDFH ¢GHVVLWHV¢FDUDFWªUHUDFLVWHGHVPHVVDJHVSU¶QDQWODKDLQHRX 9HLOOH]¢FHTXHYRWUHHQIDQWYRXVVLJQDOHVNJLOHVWFRQIURQW«¢FHW\SHGH VLWXDWLRQHWUDVVXUH]OHYRXVQHVHUH]SDVI¤FK«VLFNJHVWOHFDV 3RUQRJUDSKLHUDFLVPHDQRUH[LHHWVLWHVSU¶QDQWODKDLQH /DIDFHODSOXVVRPEUHGNJ,QWHUQHWFRPSRUWHGHV«O«PHQWVGDQJHUHX[ HWLOO«JDX[(QONJDEVHQFHGHFRQWU¶OHVSDUHQWDX[RXGHILOWUHVGH QDYLJDWLRQLOHVWSUDWLTXHPHQWLQ«YLWDEOHTXHYRWUHHQIDQWVRLWH[SRV« ¢FHTXHYRXVHWOXLWURXYH]FKRTXDQW 9HLOOH]¢FHTXHYRWUHHQIDQWSDUDPªWUHFRUUHFWHPHQWOHVIRQFWLRQVGH FRPPXQLFDWLRQGHID©RQ¢YDOLGHUWRXVOHVDIILFKDJHVDSSDUDLVVDQW VXUVDSDJH&HODOLPLWHUDP¬PHODSRVVLELOLW«SRXUONJXQGHVHVDPLV GHSXEOLHUXQHSKRWRDPXVDQWHPDLVHPEDUUDVVDQWHRXGHIDLUHXQH UHPDUTXHTXHYRXVSU«I«UHULH]TXHVDJUDQGPªUHQHOLVHSDV /HVU«VHDX[VRFLDX[SHUPHWWHQWDX[HQIDQWVGHVHFRQVWLWXHUGHV U«VHDX[GNJDPLVFRPPXQLTXDQWOLEUHPHQWHQWUHHX[ $VVXUH]YRXVTXHYRWUHHQIDQWQNJDXWRULVHSDVGHVSHUVRQQHVTXNJLO QHFRQQDLWSDV¢LQW«JUHUVRQRXVHVU«VHDX[/HVSDJHVGRLYHQW UHVWHUSULY«HVGHID©RQ¢FHTXHVHXOVOHVDPLVmLQYLW«V}SHXYHQW OHVWURXYHUHWOHVYRLUVXUOHVLWH(QHIIHWORUVTXNJXQLQFRQQXVNJLQILOWUH GDQVXQU«VHDXOHVDXWUHVPHPEUHVGHFHU«VHDXOXLDFFRUGHQW DXWRPDWLTXHPHQWXQFHUWDLQQLYHDXGHFRQILDQFHEDV«VXUODUHODWLRQ DYHFYRWUHHQIDQW6LONJLQFRQQXHVWXQHSHUVRQQHPDOLQWHQWLRQQ«HLO SHXWHVVD\HUGNJDEXVHUGHYRWUHHQIDQWRXGHVHVDPLVGXU«VHDX ¬WUHVWRFN«HVVXUOHVRUGLQDWHXUVHWOHVILFKLHUVGNJKLVWRULTXH,QWHUQHW GNJDXWUHVSHUVRQQHV (WP¬PHVLYRXVVXSSULPH]FHVLQIRUPDWLRQVRXFHVSKRWRVHOOHV UHVWHQWSU«VHQWHVVXU,QWHUQHWHWGRQFDFFHVVLEOHV¢GHVSHUVRQQHVTXL SHXYHQWOHVXWLOLVHUHWHQDEXVHU 5DSSHOH]¢YRWUHHQIDQWTXHOHVDGUHVVHV«OHFWURQLTXHVQRPVGH FRPSWHXWLOLVDWHXUHWSVHXGRQ\PHVGRLYHQW¬WUHGLII«UHQWVGHVRQ Y«ULWDEOHQRPGXQRPGHVRQ«FROHRXGNJXQHDVVRFLDWLRQGHVGHX[ (JDOHPHQWLOVQHGRLYHQWSDV¬WUHSURYRFDQWVRXLQFLWDWLIVSRXUXQH SHUVRQQHPDOLQWHQWLRQQ«H9RWUHHQIDQWGRLWUHVWHUDXVVLDQRQ\PHTXH SRVVLEOHHWLOQHGRLWMDPDLVFRPPXQLTXHUXQPRWGHSDVVHP¬PH¢ XQDPL 5DSSHOH]HQSHUPDQHQFH¢YRWUHHQIDQWTXHOTXHVRLWVRQ¤JHTXNJLO QHSHXWSDVIDLUHGDYDQWDJHFRQILDQFH¢GHVLQFRQQXVVXU,QWHUQHW TXNJ¢GHVLQFRQQXVGDQVODUXH,OQHGRLWMDPDLVDXWRULVHUXQLQFRQQX¢ VNJLQVFULUHGDQVXQHOLVWHGNJDPLVRX¢VNJLQV«UHUGDQVXQGLDORJXHRXXQH FRQYHUVDWLRQSDUPHVVDJHULHLQVWDQWDQ«H'HP¬PHLOQHGRLWMDPDLV DFFHSWHUGHVORJLFLHOVJUDWXLWVGHVVRQQHULHVRXGHV«FRQRPLVHXUV GNJ«FUDQSURYHQDQWGNJLQFRQQXV /HUHVSHFWGHODYLHSULY«HVXU,QWHUQHW 1RXVDYRQV«W«VXIILVDPPHQWDYHUWLVRXDXULRQVG½ONJ¬WUHTXHOHV SHUVRQQHVVXU,QWHUQHWQHVRQWSDVWRXMRXUVFHTXNJHOOHVSU«WHQGHQW ¬WUH,OHVWWUªVIDFLOHGHPHQWLU¢SURSRVGHVRQ¤JHGHVRQVH[HHW GHVRQDGUHVVHGHQRPEUHXVHVSHUVRQQHVOHIRQWLQQRFHPPHQWHW GNJDXWUHVSRXUGHVUDLVRQVTXLOHVRQWPRLQV HQFRXUDJHDQWGHVFRPSRUWHPHQWVGDQJHUHX[WHOVTXHONJDQRUH[LH ONJDXWRPXWLODWLRQRXOHVXLFLGH9RXVQHSRXUUH]OHG«WHFWHUTXNJHQ Y«ULILDQWU«JXOLªUHPHQWONJKLVWRULTXHGXQDYLJDWHXUGHYRWUHRUGLQDWHXU 0¬PHXQHVHXOHYLVLWHGRLWYRXVHQFRXUDJHU¢HQSDUOHUDYHFYRWUH HQIDQW1HVXSSRVH]SDVDXWRPDWLTXHPHQWTXNJLOQHVNJDJLWTXHGH VLPSOHFXULRVLW«([SOLTXH]OHVUªJOHVVNJDSSOLTXDQW¢ODPDLVRQ¢SURSRV GHFHVVLWHVHWGHPDQGH]¢YRWUHHQIDQWTXHOOHVVRQWVHVPRWLYDWLRQV SRXUOHVYLVLWHU'DQVOHGLDORJXHVLYRWUHHQIDQW«YRTXHGHVSUREOªPHV WHOVTXHODG«SUHVVLRQRXOHG«JR½WGHVRLGHPDQGH]ONJDLGHGNJXQ WK«UDSHXWHRXGNJXQVS«FLDOLVWHFRPS«WHQWSRXUJ«UHUFHVVLWXDWLRQV 3DUH[HPSOHLOVQHGRLYHQWSDVXWLOLVHUGHVDVVRFLDWLRQVmSU«QRP QRP},OVQHGRLYHQWSDVQRQSOXVXWLOLVHUGHVDGUHVVHVRXGHV SVHXGRVVXJJHVWLIVWHOVTXHmVH[\OH[\}RXmVDXYDJHRQQH}P¬PHVL FHODVHPEOHmV\PSD}9HLOOH]¢FHTXHYRWUHHQIDQWXWLOLVHGHVPRWV GHSDVVH¢KDXWQLYHDXGHV«FXULW«HWTXHFHX[FLQHVRLHQWMDPDLV FRPPXQLTX«VP¬PH¢GHVDPLV9RXVGHYH]FRQQD°WUHOHVPRWVGH SDVVHGHVFRPSWHVGHPHVVDJHULHGHYRWUHHQIDQWDILQGHSRXYRLU VXUYHLOOHUVHVDFWLYLW«VU«JXOLªUHPHQW5HJDUGH]¢TXLLOHQYRLHGHV PHVVDJHV«OHFWURQLTXHVHWGHTXLLOHQUH©RLW&RQQDLVVH]YRXVWRXW OHPRQGH"'LWHV¢YRWUHHQIDQWTXHYRXVIDLWHVFHODSRXUDVVXUHUVD V«FXULW«HWQRQSDVSDUFHTXHYRXVQHOXLIDLWHVSDVFRQILDQFH /DPHVVDJHULH«OHFWURQLTXHHWLQVWDQWDQ«H $VVXUH]YRXVTXHOHILOWUHDQWLVSDPGHVFRPSWHVGHPHVVDJHULHGH YRWUHHQIDQWHVWSDUDP«WU«DXQLYHDXGHV«FXULW«OHSOXV«OHY«6HORQ XQH«WXGHGH6\PDQWHFGHVHQIDQWVG«FODUHQWUHFHYRLUGHV VSDPVLQG«VLUDEOHVTXRWLGLHQQHPHQW/HVHQIDQWVGRLYHQWGRQFXWLOLVHU GHVQRPVGHFRPSWHVGHPHVVDJHULHTXLQNJLQFLWHQWSDVGHVLQFRQQXV¢ OHVFRQWDFWHU 9HLOOH]¢FHTXHOHVLWH:HEGHONJ«FROHGHONJHQIDQWVRLWSURW«J«SDUXQ PRWGHSDVVHRXQ«FHVVLWHXQHRXYHUWXUHGHVHVVLRQSRXUREWHQLU SOXVTXHGHVLQIRUPDWLRQVVXSHUILFLHOOHVHWSXEOLTXHV3DUH[HPSOH OHV«FROHVXWLOLVHQWDXMRXUGNJKXLXQVLWH:HESRXUFRPPXQLTXHUGHV LWLQ«UDLUHVRXODFRPSRVLWLRQGNJ«TXLSHVVSRUWLYHVRXGNJDXWUHVJURXSHV LWLQ«UDQWV,OHVW«YLGHPPHQWLPS«UDWLITXHFHVLQIRUPDWLRQVQHVRLHQW SDVGDQVOHGRPDLQHSXEOLF /DSXEOLFDWLRQVXUOHVLWH:HEGHVOLVWHVGHV«OªYHVGHODFODVVHGHV DGUHVVHVGHV«WXGLDQWVHWGHVQXP«URVGHW«O«SKRQHSHUVRQQHOVSHXW «JDOHPHQWFRQVWLWXHUXQSUREO«PHVLOHVLWHQNJHVWSDVV«FXULV« /HVEORJV 8QEORJHVWXQMRXUQDOSHUVRQQHOHQOLJQHTXLSHXW¬WUHWUªVJ«Q«UDO RXG«GL«¢XQVXMHWVS«FLILTXH/HVDGROHVFHQWVRQWVRXYHQWGHVEORJV TXLUHVVHPEOHQWGDYDQWDJH¢GHVMRXUQDX[LQWLPHVVDXITXNJLOVVRQW DFFHVVLEOHV¢WRXWOHPRQGHVXU,QWHUQHWSDUONJLQWHUP«GLDLUHGXSURSUH VLWH:HEGHONJDGROHVFHQWRXGXU«VHDXVRFLDODXTXHOLOHVWLQVFULW &HODUHYLHQW¢SXEOLHUVRQMRXUQDOVXU,QWHUQHW¢ODYXHGHWRXV9RWUH DGROHVFHQWGRLW¬WUHV½UGHONJREMHFWLITXNJLOVNJHVWIL[«SRXUVRQEORJ DYDQWGHOHU«DOLVHU/HVPRWHXUVGHUHFKHUFKHSHXYHQWJ«Q«UDOHPHQW FROOHFWHUOHVLQIRUPDWLRQVTXLVRQWSXEOL«HVDQ«DQWLVVDQWYRVHIIRUWV 5HFRPPDQGDWLRQVSULQFLSDOHV Ǒ$SSUHQH]¢YRWUHHQIDQW¢QHSDVFOLTXHUVXUGHVOLHQVILJXUDQWGDQV GHVFRXUULHUV«OHFWURQLTXHVUH©XVFDUFHVOLHQVSHXYHQWOHUHGLULJHU YHUVGHIDX[VLWHV:HE Ǒ'«VDFWLYH]ODIRQFWLRQmSU«YLVXDOLVDWLRQ}GXFRXUULHU«OHFWURQLTXH &HODHPS¬FKHHQHIIHWONJH[«FXWLRQGNJXQSRWHQWLHOFRGHPDOYHLOODQW GDQVOD]RQHGHPHVVDJH Ǒ9RWUHHQIDQWQHGRLWSDVU«SRQGUH¢GHVFRXUULHUV«OHFWURQLTXHVRX¢ GHVPHVVDJHVLQVWDQWDQ«VGNJXQHSHUVRQQHTXNJLOQHFRQQDLWSDVRXGH TXLLOQHVNJDWWHQGDLWSDV¢UHFHYRLUGHFRXUULHUV Ǒ1HFOLTXH]MDPDLVVXUXQOLHQRXQHW«O«FKDUJH]SDVXQILFKLHUSDUOH ELDLVGHODPHVVDJHULHLQVWDQWDQ«H Ǒ9RWUHHQIDQWQHGRLWSDVUHQGUHSXEOLFVRQSURILOGHPHVVDJHULH LQVWDQWDQ«HRXVDSDJHGHU«VHDXVRFLDO Ǒ3DUDP«WUH]OHVSU«I«UHQFHVGHPHVVDJHULHLQVWDQWDQ«HSRXUWHQLUOHV LQFRQQXV¢ONJ«FDUW Ǒ9RWUHHQIDQWQHGRLWSDVODLVVHUOHVVLWHVWHOVTXH<DKRRpHQWUH DXWUHVDIILFKHUVRQVWDWXWGHFRQQH[LRQORUVTXNJLOHVWHQOLJQHRX SXEOLHUVRQLGHQWLW«RXGHVLQIRUPDWLRQVSHUVRQQHOOHVVXUOHVSDJHV TXNJLOYLVLWH Ǒ9RWUHHQIDQWGRLWWRXMRXUVVHG«FRQQHFWHUORUVTXNJLOQNJXWLOLVHSDVOD PHVVDJHULHLQVWDQWDQ«HRXORUVTXNJLO«GLWHVDSDJHGHU«VHDXVRFLDO DILQGNJDVVXUHUODSURWHFWLRQGHVDYLHSULY«H /DGLIIXVLRQGHPDOLFLHOVWHOVTXHOHVORJLFLHOVHVSLRQVRXOHV HQUHJLVWUHXUVGHIUDSSHFODYLHUOHELDLVGHVFRXUULHUV«OHFWURQLTXHV GHVPHVVDJHULHVLQVWDQWDQ«HVGHVSDJHVGHU«VHDXVRFLDOLQIHFW«HV HWGHVVLWHVGHSDUWDJHGHILFKLHUVSHXYHQWRFFDVLRQQHUEHDXFRXSGH SUREOªPHV/HVORJLFLHOVHVSLRQVHWOHVHQUHJLVWUHXUVGHIUDSSHFODYLHU FRQWU¶OHQWONJDFWLYLW«QRUPDOHGHYRWUHRUGLQDWHXUHWWUDQVPHWWHQWSDU ,QWHUQHWYRVGRQQ«HVSHUVRQQHOOHVDX[FULPLQHOV $VVXUH]ODV«FXULW«GHYRWUHYRVHQIDQWVHWGHYRWUHYRV RUGLQDWHXUVHQLQVWDOODQWXQORJLFLHOGHV«FXULW«,QWHUQHWVXUFKDTXH /HVYLUXVYHUVHWORJLFLHOVHVSLRQV /HVYLUXVLQIRUPDWLTXHVVRQWSU«VHQWVGHSXLVSOXVGHDQV HWSUHQQHQWGLII«UHQWHVIRUPHV$YHFOHVXFFªVGHVFRXUULHUV «OHFWURQLTXHVHWGHONJ«FKDQJHGHILFKLHUVVXU,QWHUQHWODGLIIXVLRQGH FHVPHQDFHVDY«ULWDEOHPHQWH[SORV«/HVSHUVRQQHVTXLFU«HQWGHV YLUXVHWDXWUHVIRUPHVGHFRGHVPDOYHLOODQWVRXmPDOLFLHOV}DYDLHQW ONJKDELWXGHGHIDLUHGHVUDYDJHVSRXUSURXYHUOHXUVFRPS«WHQFHV HQLQIRUPDWLTXHRXSRXU«SDWHUONJHQWRXUDJH0DLVDXMRXUGNJKXLOHV HQMHX[VRQWELHQSOXVLPSRUWDQWVHWGHQRPEUHX[G«OLQTXDQWVVRQW GHVF\EHUFULPLQHOVLQWHUQDWLRQDX[PRWLY«VSDUOHVJDLQVILQDQFLHUV J«Q«U«VSDUOHXUVDFWLYLW«VLOO«JDOHV &HWWHYLVLELOLW«SHXW«JDOHPHQWDYRLUXQLPSDFWQ«JDWLIVXUGNJDXWUHV GRPDLQHVGHYRWUHYLH3DUH[HPSOHGHVSHUVRQQHVLQWHUYLHZ«HVSRXU XQHPSORLSHXYHQWQHSDV¬WUHUHWHQXHVHQUDLVRQGNJ«O«PHQWVILJXUDQW GDQVOHXUVEORJVSHUVRQQHOVRXVXUOHVEORJVGNJDPLVTXLSDUOHQWGNJHX[ 1HODLVVH]SDVYRWUHHQIDQWGHYHQLUXQHYLFWLPHGXEORJ (QRXWUHGHVSHUVRQQHVWHOOHVTXHGHVHPSOR\HXUVSRWHQWLHOVRX UHVSRQVDEOHVGNJDGPLVVLRQGDQVGHV«FROHVSHXYHQWOLUHYRWUHEORJ SRXUSURW«JHUODYLHSULY«HGHYRWUHHQIDQWRXODYRWUH6LYRXVSXEOLH] GHVSKRWRVRXGHVOLHQVYHUVGHVVLWHV:HESULY«VVXUYRWUHEORJYRXV UHVWUHLJQH]«JDOHPHQWYRWUHYLHSULY«H /HVSKRWRVHWYLG«RVQXP«ULTXHV 'HQRPEUHX[HQIDQWVRQWDXMRXUGNJKXLGHVW«O«SKRQHVSRUWDEOHVDYHF GHVIRQFWLRQVDSSDUHLOSKRWRHWSDUIRLVFDP«UDQXP«ULTXH([SOLTXH] ¢YRWUHHQIDQWTXNJLOHVWQ«FHVVDLUHGHSURW«JHUVHVSKRWRJUDSKLHVRX YLG«RVVXU,QWHUQHWFRQWUHGHVLQFRQQXVRXP¬PHGHVFRSDLQVTXL SHXYHQWOHVXWLOLVHUGHID©RQLQDSSURSUL«HRXOHVWUDILTXHU 9RXVSRXYH]VXLYUHONJHQYRLGHVSKRWRVQXP«ULTXHV¢SDUWLUGHYRWUH W«O«SKRQHLOVXIILWGHY«ULILHUYRWUHUHOHY«GHFRPPXQLFDWLRQ9HLOOH] /DPHLOOHXUHG«IHQVHFRQWUHFHVURERWVHVWGNJLQVWDOOHUXQORJLFLHOGH V«FXULW«HWGHG«ILQLUOHVSDUDPªWUHVGHYRWUHORJLFLHOSRXUTXHOHV PLVHV¢MRXUVRLHQWHIIHFWX«HVDXWRPDWLTXHPHQWJDUDQWLVVDQWDLQVLXQ WUªVKDXWQLYHDXGHSURWHFWLRQ &HVmURERWV:HE}IRQWJ«Q«UDOHPHQWSDUWLHGNJXQU«VHDXGH PDFKLQHVLQIHFW«HVTXLVRQWXWLOLV«HVSRXUHIIHFWXHUGLII«UHQWHV W¤FKHVDXWRPDWLTXHVGRQWODGLIIXVLRQGHYLUXVGHORJLFLHOVHVSLRQV GHVSDPVGHPHVVDJHVGHSKLVKLQJKDPH©RQQDJHHWDXWUHVFRGHV PDOYHLOODQWV3LUHHQFRUHOHVURERWVVHUYHQW¢G«UREHUYRVLQIRUPDWLRQV SHUVRQQHOOHVHW¢SURYRTXHUGHVUDYDJHVVXUYRWUHFRPSWHFRPPH ONJXWLOLVDWLRQLOO«JDOHGHYRVFDUWHVGHFU«GLWHWGHYRVFRPSWHV EDQFDLUHV/HVURERWVSHXYHQW«JDOHPHQWDIILFKHUGHVVLWHV:HEILFWLIV SU«WHQGDQW¬WUHO«JLWLPHVWUDQVI«UHUGHVIRQGV¢YRWUHLQVXIRXUQLUYRV QRPVGNJXWLOLVDWHXUHWYRVPRWVGHSDVVH¢GHVILQVGNJDFWLYLW«VLOO«JDOHV /HVmURERWV} 8QmURERW}HVWXQW\SHGHORJLFLHOPDOYHLOODQWTXLVNJLQILOWUHGDQV YRWUHRUGLQDWHXUDILQGHSHUPHWWUH¢GHVF\EHUFULPLQHOVGHSUHQGUHOH FRQWU¶OHGHYRWUHRUGLQDWHXUVDQVP¬PHTXHYRXVVR\H]DXFRXUDQW RUGLQDWHXUGXIR\HUHWHQYRXVDVVXUDQWTXNJLOHVWPLV¢MRXU'HPDQGH] ¢YRWUHHQIDQWGHQHSDVG«VDFWLYHUOHSURJUDPPHGHY«ULILFDWLRQGH YLUXVRXOHSDUHIHXP¬PHVNJLOSHQVHTXHFHODDFF«O«UHUDXQMHX&H QNJHVWYUDLPHQWSDVXQULVTXH¢SUHQGUH $YDQWWRXWDFKDWHQOLJQHDVVXUH]YRXVTXHYRWUHORJLFLHOGHV«FXULW« HVWDFWLY«HW¢MRXU1NJDFKHWH]TXHVXUGHVVLWHVFRQQXVHWU«SXW«VFDU ONJXWLOLVDWLRQGNJXQVLWH:HELQFRQQXSHXW¬WUHULVTX«H3RXUXQHSOXV JUDQGHV«FXULW«DVVXUH]YRXV«JDOHPHQWTXHWRXWHSDJHVXUODTXHOOH YRXVVDLVLVVH]YRVGRQQ«HVSHUVRQQHOOHVFRPPHYRWUHDGUHVVHRX YRWUHQXP«URGHFDUWHGHFU«GLWXWLOLVHOHFU\SWDJH3RXUOHVDYRLU Y«ULILH]TXHONJDGUHVVH:HEFRPPHQFHSDUmKWWSV}(JDOHPHQWOD SU«VHQFHGNJXQLF¶QHUHSU«VHQWDQWXQFDGHQDVVLWX«HQEDVGXFDGUH /HVKRSSLQJVXU,QWHUQHW ,QWHUQHWHVWOHSDUDGLVGHVDFKHWHXUVHQSDUWLFXOLHUSRXUOHV DGROHVFHQWVSRVV«GDQWXQHFDUWHGHFU«GLWRXXQHFDUWHFDGHDX SU«SD\«HRXD\DQWDFFªV¢ODYRWUH ,O\DFHSHQGDQWGHVUªJOHV¢UHVSHFWHUSRXUDFKHWHUHQWRXWHV«FXULW« 5HFRPPDQGDWLRQVSULQFLSDOHV Ǒ1HGLIIXVH]SDVYRVDOEXPVGHSKRWRV Ǒ([LJH]GHVSHUVRQQHVYLVLWDQWXQVLWHGHSDUWDJHGHSKRWRVTXNJHOOHV XWLOLVHQWXQPRWGHSDVVH Ǒ6DXYHJDUGH]YRVSKRWRVDYHFXQORJLFLHOGHVDXYHJDUGHFDUOHV SODQWDJHVLQIRUPDWLTXHVOHVSDQQHVGHFRXUDQWRXOHVFDWDVWURSKHV QDWXUHOOHVSHXYHQWIDFLOHPHQWG«WUXLUHYRVSKRWRVHWGNJDXWUHVILFKLHUV LQIRUPDWLTXHV Ǒ8WLOLVH]XQLTXHPHQWOHVVHUYLFHVGHSKRWRHQOLJQHDVVXUDQWXQH SURWHFWLRQGHODV«FXULW« Ǒ/RUVTXNJXQVHUYLFHGHSKRWRHQOLJQHYRXVSURSRVHONJRSWLRQGNJHQYR\HU XQFRXUULHU«OHFWURQLTXHSDUONJLQWHUP«GLDLUHGHOHXUVHUYLFHSURW«JH] ODYLHSULY«HGHYRVDPLVHQOHXUHQYR\DQWXQOLHQYHUVOHVLWH ¢FHTXHYRWUHHQIDQWYRXVPRQWUHOHVSKRWRVVXUVRQW«O«SKRQHGH PDQLªUH¢FHTXHYRXVSXLVVLH]ONJDYHUWLUVLTXHOTXHFKRVHYRXVVHPEOH ULVTX«RXLQDSSURSUL«SRXUOHSDUWDJH6LYRXVXWLOLVH]GHVVLWHVGH SDUWDJHGHSKRWRVWHOVTXH)OLFNUYHLOOH]¢QHSDVDXWRULVHUOHVDXWUHV ¢XWLOLVHUYRVSKRWRVHQSDUWLFXOLHUOHVSKRWRVGHSHUVRQQHV /HMHXHQOLJQHHWOHVVLJQHVGNJDGGLFWLRQ 4XHVLJQLILH00253*"&HVLJOHIDLWU«I«UHQFHDX[mMHX[GHU¶OHHQ /HVVHUYLFHVEDQFDLUHVHWOHSDLHPHQWGHIDFWXUHVVXU,QWHUQHW 6LYRXVRXYRWUHHQIDQWHIIHFWXH]GHVDFWLYLW«VEDQFDLUHVVXU,QWHUQHW QHOHIDLWHVMDPDLVVXUXQRUGLQDWHXUSXEOLFRXSDUWDJ«RXVXUXQ U«VHDXVDQVILOQRQ«TXLS«GHIRQFWLRQVGHV«FXULW«WHOOHVTXNJXQSDUH IHXILUHZDOO 9RXVSRXUULH]HQHIIHWFRXULUOHULVTXHTXNJXQF\EHUFULPLQHOG«UREHOHV LQIRUPDWLRQVUHODWLYHV¢YRWUHFRPSWHHWYRVSDUDPªWUHVGNJRXYHUWXUH GHVHVVLRQSRXUYROHUYRWUHDUJHQW6DLVLVVH]ONJDGUHVVH:HEGHYRWUH EDQTXHRXGHONJRUJDQLVPHTXHYRXVVRXKDLWH]U«JOHUGDQVOHQDYLJDWHXU :HEQHFOLTXH]MDPDLVVXUXQOLHQILJXUDQWGDQVXQFRXUULHU «OHFWURQLTXH &RQWU¶OH]YRVUHOHY«VGHFDUWHGHFU«GLWDXVVLVRXYHQWTXHSRVVLEOH DXPLQLPXPWRXVOHVPRLV&NJHVWODPHLOOHXUHID©RQGNJLGHQWLILHU OHVXWLOLVDWLRQVIUDXGXOHXVHVGHYRWUHFDUWHGHSDLHPHQW/HV «WDEOLVVHPHQWVEDQFDLUHVRIIUHQWXQHSURWHFWLRQDX[FRQVRPPDWHXUV HWFROODERUHURQWSRXUJ«UHUWRXVOHVIUDLVFRQWHVW«VRXQRQDXWRULV«V (IIHFWXHUGHVDFKDWVVXUGHVVLWHV,QWHUQHWU«SXW«VQHFRQVWLWXHTXH OHSUHPLHUU«IOH[HGNJXQDFKHWHXUHQOLJQHDYLV«1HFOLTXH]MDPDLVVXU GHVOLHQVILJXUDQWGDQVGHVFRXUULHUV«OHFWURQLTXHVSRXUDFF«GHU¢ YRWUHPDJDVLQRX¢YRWUHVLWHGHYHQWHHQOLJQHSU«I«U«V9RXVGHYH] WRXMRXUVVDLVLUONJDGUHVVHGXPDJDVLQGDQVODIHQ¬WUHGHQDYLJDWLRQ&HOD YRXV«YLWHUDGNJ¬WUHYLFWLPHGNJXQHDWWDTXHGHSKLVKLQJKDPH©RQQDJH HWGRQFGNJ¬WUHUHGLULJ«YHUVXQHYHUVLRQIDXVVHGHYRWUHVLWHGNJDFKDW SU«I«U«R»OHVF\EHUFULPLQHOVSRXUUDLHQWHQWUHDXWUHVG«UREHU YRVPRWVGHSDVVHYRVSDUDPªWUHVGNJRXYHUWXUHGHVHVVLRQHWOHV LQIRUPDWLRQVVWRFN«HVVXUYRWUHFDUWHGHFU«GLW GHQDYLJDWLRQLQGLTXHTXHOHVLWH:HEVXUOHTXHOYRXVYRXVWURXYH] XWLOLVHOHFU\SWDJHSRXUSURW«JHUYRVFRPPXQLFDWLRQV '«ILQLVVH]GHVUªJOHVDYHFYRWUHHQIDQWVXUOHWHPSVSDVV«VXUFHV VLWHVTXNJLO\DLRXQRQEHVRLQGNJDUJHQWSRXUONJLQVFULSWLRQRXSRXU DFKHWHUGHVDFFHVVRLUHVGHMHX[GDQVOHPRQGHU«HORXGDQVOHFDGUH GXMHXHQOLJQHHWVXUWRXWHVDXWUHVLQTXL«WXGHVTXHYRXVSRXUULH] DYRLU 6HORQXQH«WXGHU«DOLV«HSDUOH3URIHVVHXU0DUN*ULIILWKVGLUHFWHXU GHONJ8QLW«GHUHFKHUFKHLQWHUQDWLRQDOHVXUOHVMHX[GHONJ8QLYHUVLW«GH 1RWWLQJKDP7UHQWHQQRYHPEUHOHVMRXHXUVHQOLJQHSHXYHQW SU«VHQWHUOHVP¬PHVVLJQHVGNJDFFRXWXPDQFHTXHOHVMRXHXUVGXPRQGH U«HOWHOVTXHONJ«WDWGHPDQTXHODSHUWHGHFRQWU¶OHHWODQ«JOLJHQFH HQYHUVGNJDXWUHVDFWLYLW«V OLJQHPDVVLYHPHQWPXOWLMRXHXUV}GRQWOHVXFFªVHVWFURLVVDQWHWGRQW ONJXWLOLVDWLRQSHXWSRWHQWLHOOHPHQWUHQGUHG«SHQGDQW'HVMHX[WHOVTXH OH0RQGHGH:DUFUDIW:RUOG2I:DUFUDIW/H6HLJQHXUGHV$QQHDX[ RX(YHUTXHVWUHQFRQWUHQWDFWXHOOHPHQWXQIUDQFVXFFªV,OVSHXYHQW SORQJHUFHUWDLQVDGROHVFHQWVGDQVXQPRQGHYLUWXHOHWSRXUFHUWDLQV GNJHQWUHHX[HWHQSDUWLFXOLHUOHVJDU©RQVLOVSHXYHQWU«HOOHPHQWOHV G«WRXUQHUGHOHXUVYLHVU«HOOHV (QVNJLQIRUPDQWHQ«WDQWFRQVFLHQWGHVULVTXHVHWGHVGDQJHUV VXU,QWHUQHWHWHQXWLOLVDQWXQORJLFLHOGHV«FXULW«,QWHUQHW¢MRXU YRXVSRXYH]DLGHUYRWUHHQIDQW¢QDYLJXHUHQWRXWHV«FXULW« GDQVFHmF\EHUPRQGH}H[FHSWLRQQHOHW¢\¬WUHGHSOXVHQSOXV LQG«SHQGDQW0DLQWHQH]YRXVLQIRUP«VXUOHVQRXYHOOHVWHFKQRORJLHV HWOHVSUREOªPHVRXULVTXHVVXU,QWHUQHW$VVXUH]YRXVTXHYRWUH FRPSRUWHPHQWVXU,QWHUQHWVRLWXQPRGªOHSRXUYRWUHHQIDQWHQ DGRSWDQWGHVERQQHVSUDWLTXHVGHV«FXULW« ,QWHUQHWHVWXQHUHVVRXUFHIRUPLGDEOHGRQWOHV«O«PHQWVIRQWVRXYHQW SHQVHU¢XQHYLOOHU«HOOH,QWHUQHWQRXVRIIUHGHVVRXUFHVGNJ«GXFDWLRQ GHVORLVLUVGHVQRXYHOOHVGXPRQGHHQWLHUHWDP«OLRUHQRVYLHVHQQRXV SHUPHWWDQWGNJDFF«GHUHQWUHDXWUHV¢GHVVHUYLFHVIRUPLGDEOHVFRPPH ODPHVVDJHULH«OHFWURQLTXHOHmWFKDW}ODPHVVDJHULHLQVWDQWDQ«HOH VKRSSLQJHQOLJQHHWF 8QPRWSRXUFRQFOXUH 6LWHV8WLOHV ZZZQRUWRQFRPIUIDPLO\UHVRXUFH ZZZDFWLRQLQQRFHQFHRUJ RUJDQLVDWLRQ QRQ JRXYHUQHPHQWDOH TXL FRQWULEXH¢SU«VHUYHUODGLJQLW«HWONJLQW«JULW«GHVHQIDQWVVXU,QWHUQHW ZZZPLQHXUVIU ZZZIRUXPLQWHUQHWRUJ ZZZVDIHULQWHUQHWRUJ 3ULQFLSDX[FRQVHLOVSRXUSURW«JHUYRWUHIDPLOOHVXU,QWHUQHW Ǒ/DLVVH]ONJRUGLQDWHXUGDQVXQHSLªFHFRPPXQH Ǒ(WDEOLVVH]GHVUªJOHVGNJXWLOLVDWLRQGNJ,QWHUQHW Ǒ&RPSUHQH]FHTXNJHVWXQU«VHDXVRFLDO Ǒ$LGH]YRVHQIDQWV¢SURW«JHUOHXUVLQIRUPDWLRQVSHUVRQQHOOHV Ǒ3URW«JH]OHVPRWVGHSDVVHGHYRVHQIDQWV Ǒ9«ULILH]U«JXOLªUHPHQWONJKLVWRULTXHGHQDYLJDWLRQ,QWHUQHWGHYRWUH RUGLQDWHXU Ǒ3DVVH]GXWHPSVVXU,QWHUQHWDYHFYRVHQIDQWV Ǒ$SSUHQH]ODF\EHU«WKLTXH¢YRVHQIDQWV Ǒ6R\H]XQ,QWHUQDXWHDYLV« Ǒ$SSUHQH]¢YRVHQIDQWV¢LQIRUPHUXQSDUHQWXQHQVHLJQDQWRX XQDGXOWHGHFRQILDQFHVNJLOVRQWYXTXHOTXHFKRVHGHJ¬QDQWRXGH FKRTXDQWVXUXQRUGLQDWHXU &RQVXOWH]OHVLWHZZZV\PDQWHFFRPIUIDPLO\UHVRXUFH &RS\ULJKWk6\PDQWHF&RUSRUDWLRQ7RXVGURLWVU«VHUY«V6\PDQWHFHWOHORJR6\PDQWHFVRQW OHVPDUTXHVRXOHVPDUTXHVG«SRV«HVGH6\PDQWHF&RUSRUDWLRQRXGHVHVILOLDOHVDX[(WDWV8QLVHW GDQVGNJDXWUHVSD\V/HVDXWUHVQRPVSHXYHQW¬WUHOHVPDUTXHVGHOHXUVSURSUL«WDLUHVUHVSHFWLIV $%6(1&('(*$5$17,(&HVLQIRUPDWLRQVYRXVVRQWFRPPXQLTX«HV(1/NJ(7$7HW6\PDQWHF &RUSRUDWLRQQNJRIIUHSDVGHJDUDQWLHTXDQW¢OHXUH[DFWLWXGHRXOHXUXWLOLVDWLRQ/NJXWLOLVDWLRQGHFH GRFXPHQWRXGHVLQIRUPDWLRQVTXL\VRQWFRQWHQXHVVRQWGHODUHVSRQVDELOLW«GHONJXWLOLVDWHXU&H GRFXPHQWSHXWFRPSRUWHUGHVLQH[DFWLWXGHVWHFKQLTXHVRXDXWUHVRXGHVHUUHXUVW\SRJUDSKLTXHV 6\PDQWHFVHU«VHUYHOHGURLWGNJHIIHFWXHUWRXWHVPRGLILFDWLRQVVDQVDYLVSU«DODEOH