1.Le rugby - Education Physique et Sportive
Transcription
1.Le rugby - Education Physique et Sportive
$FWLYLWpVSK\VLTXHVHWVSRUWLYHV +LVWRULTXH /HUXJE\ /HVORLQWDLQVDQFrWUHVGXUXJE\ /HV 5RPDLQV SUDWLTXDLHQW O¶KDUSDVWXP TXL VH MRXDLW VXU XQ WHUUDLQ FRPSRUWDQW XQH OLJQH PpGLDQH HW GHX[ OLJQHV GH EXW /¶REMHFWLIGHFHMHXpWDLWGHVDLVLUODEDOOHHWODJDUGHUSRXUIUDQFKLUODOLJQHGHEXWDGYHUVH $X0R\HQ$JHHQ(XURSHOHV)UDQoDLVMRXDLHQWjODVRXOHDYHFXQHYHVVLHGHSRUFERXUUpHGHSDLOOHRXGHVFLXUHOHV,UODQGDLV MRXDLHQWDXKXUOLQJOHV*DOORLVMRXDLHQWDXNQDSSDPHWOHV$QJODLVMRXDLHQWDXFDPSEDOO /HVSRLQWVFRPPXQVHQWUHFHVMHX[pWDLHQWO¶DIIURQWHPHQWEUXWDOGDXPDQTXHGHUpJOHPHQWDWLRQOHWUDQVSRUWG¶XQHEDOOHYHUV XQOLHXGpILQLjO¶DYDQFHO¶RFFDVLRQGHPRQWUHUVDVXSUpPDWLHVRFLDOHO¶HVSDFHGHMHXVRXYHQWLOOLPLWpOHWHPSVGHMHXQRQGpILQL HW OHQRPEUHGHMRXHXUVLOOLPLWp /¶$QJOHWHUUHFUHXVHWGXUXJE\PRGHUQH /HUXJE\QDTXLWDXGpEXWGX;,;qPHVLqFOHDXFROOqJHSULYpGH5XJE\SHWLWHYLOOHHQWUH2[IRUGHW&DPEULGJH/HVpOqYHVGHFH FROOqJHSUDWLTXDLHQWXQIRRWEDOOWUqVGLIIpUHQWGXIRRWEDOODFWXHO/DPDUTXHVHUpDOLVDLWHQERWWDQWGXSLHGODEDOOHSRXUODIDLUH SDVVHU DXGHVVXV G¶XQH EDUUH WUDQVYHUVDOH VRXWHQXH SDU GHV SRWHDX[ &HV WHQWDWLYHV GH EXW Q¶pWDLHQW SRVVLEOHV TXH ORUV G¶XQ DUUrWGHYROpHRXORUVTXHOHEDOORQpWDLWUpFXSpUpGHUULqUHOHEXWDGYHUVH (Q DX FRXUV G¶XQH SDUWLH GH IRRWEDOO :LOOLDP :HEE (OOLV pOqYH GX FROOqJH GH 5XJE\ SULW OH EDOORQ j SOHLQH PDLQ SXLV FRXUXW YHUV OH EXW DGYHUVH SRXU OH GpSRVHU GHUULqUH OH EXW &HWWH IDoRQ GH MRXHU UHQWUD SURJUHVVLYHPHQW GDQV OHV P°XUV GHV FROOpJLHQV (QOHVSUHPLqUHVUqJOHVGXMHXIXUHQWpFULWHVSDUWURLVpOqYHVGXFROOqJHGH5XJE\ (QXQHWHQWDWLYHG¶XQLIRUPLVDWLRQGHVUqJOHVGXIRRWEDOODERXWLWjGHX[YLVLRQVGLIIpUHQWHV&HUWDLQVpWDLHQWSDUWLVDQVG¶XQ MHXYLULOSHUPHWWDQWODFRXUVHGXMRXHXUEDOORQHQPDLQ'¶DXWUHVSUpIpUDLHQWXQMHXHQGULEEOHPRLQVEUXWDO&HVGHUQLHUVIXUHQW j O¶RULJLQHHQGHOD)RRWEDOO$VVRFLDWLRQSUHPLqUHIpGpUDWLRQDQJODLVHGHIRRWEDOO (QOHVGpOpJXpVGHFOXEVVHUpXQLUHQWj/RQGUHVSRXUFUpHUODSUHPLqUHIpGpUDWLRQGHUXJE\OD5XJE\)RRWEDOO8QLRQ /HVUqJOHVIXUHQWXQLIRUPLVpHVHQUHSUHQDQWHVVHQWLHOOHPHQWFHOOHVGXFROOqJHGH5XJE\ (QHXWOLHXOHSUHPLHUPDWFKLQWHUQDWLRQDOj(GLPERXUJRSSRVDQWO¶$QJOHWHUUHjO¶(FRVVH (QIXWFUppO¶RUJDQLVPHJDUGLHQGHVUqJOHVGXMHXO¶,QWHUQDWLRQDO%RDUG(QOHV(FRVVDLVOHV,UODQGDLVHWOHV*DOORLV IXUHQWDGPLV(QOD1RXYHOOH=pODQGHO¶$XVWUDOLHHWO¶$IULTXHGX6XGIXUHQWDGPLVHV(QOD)UDQFHIXWDGPLVH (Q j O¶RFFDVLRQ G¶XQH DVVHPEOpH GH OD )RRWEDOO 5XJE\ 8QLRQ FHUWDLQV FOXEV GHV UpJLRQV LQGXVWULHOOHV GX QRUG GH O¶$QJOHWHUUHHWGX3D\VGH*DOOHVGHPDQGqUHQWODSRVVLELOLWpG¶DWWULEXHUGHVFRPSHQVDWLRQVILQDQFLqUHVDX[RXYULHUVV¶DEVHQWDQW GXWUDYDLOOHMRXUGHVPDWFKV&HWWHUHTXrWHIXWUHMHWpHSDUOHVDXWUHVFOXEVG¶HVVHQFHXQLYHUVLWDLUHWUqVILGqOHVjO¶DPDWHXULVPH /HVFOXEVGXQRUGTXLWWqUHQWODIpGpUDWLRQHWFUpqUHQWOD1RUWKHUQ5XJE\8QLRQUXJE\j (QHXWOLHXODSUHPLqUH&RXSHGX0RQGHRUJDQLVpHHQ$XVWUDOLHHWHQ1RXYHOOH=pODQGH (QO¶,QWHUQDWLRQDO%RDUGGpFODUDODILQGHVUqJOHVGHO¶DPDWHXULVPH /¶LPSODQWDWLRQGXUXJE\HQ)UDQFH /H UXJE\ UHQWUD HQ )UDQFH SDU O¶LQWHUPpGLDLUH GHV YLOOHV SRUWXDLUHV D\DQW GHV UHODWLRQV FRPPHUFLDOHV DYHF OHV %ULWDQQLTXHV (Q OHSUHPLHUFOXEIUDQoDLVIXWFUppDX+DYUHHWFRPSRUWDLWH[FOXVLYHPHQWGHV%ULWDQQLTXHV 'H j OH UXJE\ V¶LPSODQWD HQ UpJLRQ SDULVLHQQH JUkFH DX[ O\FpHQV TXL FUpqUHQW OHV GHX[ SUHPLHUV JUDQGV FOXEV GH UXJE\IUDQoDLVOH5DFLQJ&OXEGH)UDQFHHQOH6WDGH)UDQoDLVHQ (Q O¶8QLRQ GHV 6RFLpWpV )UDQoDLVHV GHV 6SRUWV $WKOpWLTXHV TXL DYDLW SRXU PLVVLRQ GH UpJLU OH VSRUW IUDQoDLV LQWpJUD OH UXJE\ (Q OH SUHPLHU FKDPSLRQQDW GH )UDQFH HXW OLHX /H 5DFLQJ &OXE GH )UDQFH EDWWLW OH 6WDGH )UDQoDLV ORUV G¶XQH UHQFRQWUH DUELWUpHSDUOHEDURQ3LHUUHGH&RXEHUWLQ $ SDUWLUGHOHVFOXEVGH3URYLQFHFRPPHQFqUHQWjVHFUpHU (QOD)UDQFHSHUGLWVRQSUHPLHUPDWFKLQWHUQDWLRQDOFRQWUHOD1RXYHOOH=pODQGHj (QOHSUHPLHU7RXUQRLGHV&LQT1DWLRQVDSSDUXWO¶$QJOHWHUUHO¶(FRVVHO¶,UODQGHHWOH3D\VGH*DOOHVIDLVDLHQWXQWRXUQRL GHSXLV (QIXWFUppHOD)pGpUDWLRQ)UDQoDLVHGH5XJE\ (QDSSDUXWSRXUODGHUQLqUHIRLVOHUXJE\DX[-HX[2O\PSLTXHVGH3DULV (QOHVGL[SOXVJUDQGVFOXEVIUDQoDLVTXLWWqUHQWOHJLURQGHODIpGpUDWLRQSRXUSURWHVWHUFRQWUHO¶DPDWHXULVPHPDUURQ'H FHWWHLQLWLDWLYHQDTXLWO¶8QLRQ)UDQoDLVHGH5XJE\$PDWHXU 'H j OHV %ULWDQQLTXHV H[FOXUHQW OD )UDQFH GX 7RXUQRL GHV &LQT 1DWLRQV HW JHOqUHQW WRXWHV OHV UHQFRQWUHV IUDQFR EULWDQQLTXHV HQWUH FOXEV /HV %ULWDQQLTXHV UHSURFKDLHQW DX[ )UDQoDLV XQ H[FqV G¶DJUHVVLYLWp HW OH QRQ UHVSHFW GH O¶pWKLTXH GH O¶DPDWHXULVPH (Q IXW FUppH jO¶LQLWLDWLYHGHOD)UDQFHOD)pGpUDWLRQ,QWHUQDWLRQDOHGH5XJE\$PDWHXUSRXUFRQWUHEDODQFHUOHSRXYRLUGH O¶,QWHUQDWLRQDO%RDUG(OOHDYDLWSRXUEXWGHGpYHORSSHUOHUXJE\HQ(XURSH (QOHVWHQDQWVGXSURIHVVLRQQDOLVPHUDOOLqUHQWOHUXJE\j (QOD)UDQFHUpLQWpJUDOH7RXUQRLGHV&LQT1DWLRQV (QOD)UDQFHJDJQDSRXUODSUHPLqUHIRLVHQ$IULTXHGX6XG (QOD)UDQFHJDJQDVRQSUHPLHUJUDQGFKHOHPDX7RXUQRLGHV&LQT1DWLRQV (QOD)UDQFHLQWpJUDO¶,QWHUQDWLRQDO%RDUG 5qJOHPHQWGXMHX /HWHUUDLQ 6DORQJXHXUHVWFRPSULVHHQWUHHWP6DODUJHXUHVWFRPSULVHHQWUHHWP/¶HQEXWDXQHORQJXHXUGHjP /D]RQHG¶HQEXWHVWGpOLPLWpHSDUODOLJQHGHEDOORQPRUWHWODOLJQHGHEXW /DOLJQHGHVPHVWHQSRLQWLOOpVSDUDOOqOHjODOLJQHGXPLOLHXHWVHVLWXHjPGHFHWWHGHUQLqUH /DOLJQHGHVPHVWSDUDOOqOHjODOLJQHGXPLOLHXHWVHVLWXHjPGHODOLJQHGHEXW /DOLJQHGHVPHVWHQSRLQWLOOpVSDUDOOqOHjODOLJQHGHWRXFKHHWVHVLWXHjPGHODOLJQHGHWRXFKH /DOLJQHGHVPHVWHQSRLQWLOOpVSDUDOOqOHjODOLJQHGHWRXFKHHWVHVLWXHjPGHODOLJQHGHWRXFKH /HEXWHVWXQHEDUUHWUDQVYHUVDOHVRXWHQXHSDUGHX[SRWHDX[/HVSRWHDX[VRQWVpSDUpVGHP/DEDUUHWUDQVYHUVDOHHVWj PGXVRO/DKDXWHXUPLQLPDOHGHVSRWHDX[HVWGHP (WDEOLVVHPHQWGXVFRUH 8QHVVDLYDXWSRLQWVXQHVVDLWUDQVIRUPpSDUXQFRXSGHSLHGHQYDXW8QFRXSGHSLHGGHSpQDOLWpYDXWSRLQWV8QGURS JRDOFRXSGHSLHGWRPEpYDXWSRLQWV 5qJOHVVXUOHVGLIIpUHQWHVSKDVHVGHMHX /HMHXGHPRXYHPHQW &¶HVWXQMHXGHSDVVHVRXXQMHXDXSLHG 5qJOHGHKRUVMHX 8Q MRXHXU HVW KRUVMHX ORUVTX¶LO VH WURXYH GHYDQW XQ FRpTXLSLHU TXL SRUWH OD EDOOH &H MRXHXU QH SHXW SOXV PRPHQWDQpPHQW SDUWLFLSHUDXMHXVLQRQLOHVWSpQDOLVp/HMRXHXUIDXWLIGRLWDUUrWHUVDFRXUVH,OSHXWrWUHUHPLVHQMHXSDUXQHDFWLRQGHUHSOLV GHUULqUHOHSRUWHXUGXEDOORQRXELHQSDUO¶DFWLRQG¶XQSDUWHQDLUHOHSRUWHXUGXEDOORQRXXQMRXHXUVLWXpGHUULqUHOHSRUWHXUGX EDOORQGRLWSDVVHUjKDXWHXUGXMRXHXUIDXWLI /RUVGXMHXDXSLHGXQMRXHXUKRUVMHXGHYDQWOHERWWHXUQHSHXWSDVLQWHUYHQLU6¶LOHVWWURSSURFKHGXSRLQWGHFKXWHLOGRLW VH UHWLUHUjPGXEDOORQ/HMRXHXUIDXWLISHXWrWUHUHPLVHQMHXGHTXDWUHPDQLqUHVVRLWLOVHUHSOLHGHUULqUHOHERWWHXUVRLW XQGHVFRpTXLSLHUVERWWHXURXFRpTXLSLHUGHUULqUHOHERWWHXUSDVVHjVDKDXWHXUVRLWOHUpFHSWLRQQHXUDGYHUVHIDLWWRPEHUOD EDOOHjFRQGLWLRQG¶rWUHjPGXEDOORQVRLWOHUpFHSWLRQQHXUIDLWPDSUqVDYRLUDWWUDSpOHEDOORQ 5qJOHGHO¶HQDYDQWHWGHODSDVVHHQDYDQW ,O\DHQDYDQWORUVTXHOHMRXHXUSHUGOHEDOORQHWTXHOHEDOORQSRXUVXLWVDFRXUVHYHUVO¶DYDQWDXVRO/RUVG¶XQFRQWUHGHFRXS GHSLHGLOQ¶\DSDVHQDYDQW,O\DSDVVHHQDYDQWORUVTXHOHMRXHXUSDVVHOHEDOORQjXQFRpTXLSLHUGHYDQWOXL 5qJOHGXSODTXDJH ,O \ D SODTXDJH ORUVTXH OH SRUWHXU GX EDOORQ HVW WHQX SDU XQ RX SOXVLHXUV DGYHUVDLUHV TX¶LO HVW PLV DX VRO HWRX TXH OH EDOORQ WRXFKHOHVRO2QFRQVLGqUHTX¶XQMRXHXUHVWDXVROORUVTX¶LODDXPRLQVXQJHQRXDXVROORUVTX¶LOHVWDVVLVDXVRORXORUVTX¶LOHVW DVVLVVXUXQMRXHXUDXVRO /HSODTXpGRLWLPPpGLDWHPHQWSDVVHURXOkFKHUOHEDOORQ,OGRLWLPPpGLDWHPHQWVHUHOHYHURXV¶pORLJQHUGXEDOORQ/HSODTXHXU GRLW LPPpGLDWHPHQW OkFKHU OH MRXHXU SODTXp HW LPPpGLDWHPHQW VH UHOHYHU DYDQW GH MRXHU OH EDOORQ /HV DXWUHV MRXHXUV j SUR[LPLWpGRLYHQWUHMRXHUOHEDOORQHQUHVWDQWGHERXWVXUOHXUVSLHGVHWGRLYHQWSDUWLFLSHUjODOXWWHGXEDOORQHQYHQDQWGHOHXU FDPS /HVUHJURXSHPHQWV ,O\HQDGHX[W\SHVODPrOpHVSRQWDQpHRXPrOpHRXYHUWHHWOHPDXO /DPrOpHVSRQWDQpHHVWXQHSKDVHGHMHXGDQVODTXHOOHLO\DDXPRLQVGHX[DGYHUVDLUHVDXFRQWDFWGHERXWVXUOHXUVSLHGVHW HQWRXUDQWOHEDOORQOHEDOORQpWDQWDXVRO /H PDXO HVW XQH SKDVH GH MHX GDQV ODTXHOOH DX PRLQV WURLV MRXHXUV VRQW SUpVHQWVOHSRUWHXUGXEDOORQVRQFRpTXLSLHUHWXQ DGYHUVDLUH,OVVRQWDXFRQWDFWGHERXWVXUOHXUVSLHGVHQWHQDQWOHEDOORQGDQVOHVPDLQV 3RXUOXWWHUjODSRVVHVVLRQGXEDOORQVXUPrOpHVSRQWDQpHOHVMRXHXUVQHSHXYHQWIDLUHOHMHXGXUXFNLQJXWLOLVHUOHVSLHGVSRXU UpFXSpUHUOHEDOORQ 3RXUOXWWHUjODSRVVHVVLRQGXEDOORQVXUPDXOOHVMRXHXUVQHSHXYHQWTXHSRXVVHURXDUUDFKHUOHEDOORQDYHFOHVPDLQV,OVVRQW VDQFWLRQQpVV¶LOVDUUDFKHQWXQMRXHXUGXPDXORXIRQWpFURXOHUOHPDXO 8QMRXHXUTXLQHSDUWLFLSHSDVjXQUHJURXSHPHQWQ¶DSDVOHGURLWG¶rWUHDXGHOjGHODOLJQHGHKRUVMHX/DOLJQHGHKRUVMHX SDVVH SDU OH SLHG GX GHUQLHU MRXHXU SDUWLFLSDQW DX UHJURXSHPHQW /RUVTX¶RQ QH SDUWLFLSH SDV j XQ UHJURXSHPHQW RQ GRLW V¶\ MRLQGUHHQDUULqUHGXSLHGGXGHUQLHUMRXHXUSDUWLFLSDQWDXUHJURXSHPHQWVDQVTXRLRQHVWKRUVMHX 0rOpHRUGRQQpHSDUO¶DUELWUH (OOH D OLHX SDU GpFLVLRQ G¶DUELWUDJH VXU XQ HQDYDQW XQ ODQFHU HQ WRXFKH TXL Q¶HVW SDV GURLW XQ UHJURXSHPHQW VWpULOH TXL Q¶DYDQFH SOXV XQ FRXS GH SLHG G¶HQYRL RX GH UHQYRL DX[ P PDO HIIHFWXp XQ FRXS GH SLHG HQ FRXUV GH MHX R OH EDOORQ IUDQFKLW OD OLJQH GH EXW XQ EDOORQ PHQp SDU OH SRUWHXU GH VRQ HVSDFH GH MHX YHUV VRQ HQEXW HQ O¶DSODWLVVDQW XQ GRXWH GH O¶DUELWUHVXUODYDOLGLWpG¶XQHVVDLXQHVLWXDWLRQRXQHPrOpHSDUDvWSOXVDYDQWDJHXVHTX¶XQHSpQDOLWp /DPrOpHRUGRQQpHVHUpDOLVHSDUO¶DIIURQWHPHQWGHVKXLWMRXHXUVGXSDTXHWDYDQW/DSUHPLqUHOLJQHFRPSUHQGWURLVMRXHXUVOD GHX[LqPHGHX[HWODWURLVLqPHWURLV /RUVTX¶RQQHSDUWLFLSHSDVjODPrOpHRUGRQQpHRQQ¶DSDVOHGURLWG¶rWUHVLWXpHQDYDQWGHODOLJQHILFWLYHGHKRUVMHXSDVVDQW SDUOHSLHGGXGHUQLHUMRXHXUGHODPrOpH /HVGHPLGHPrOpHVRQWSRXUOLJQHGHKRUVMHXFHOOHTXLSDVVHSDUOHEDOORQORUVTX¶LOVQ¶LQWURGXLVHQWSDVOHEDOORQ/HEDOORQQH SHXWSDVUHVVRUWLUGHO¶DXWUHF{WpGXWXQQHO/DPrOpHQHSHXWSDVSLYRWHUGHSOXVGHVXUHOOHPrPH/HGHPLGHPrOpHQH SHXWSDVIHLQWHUODSDVVH 7RXFKH 8QEDOORQHVWHQWRXFKHORUVTX¶XQEDOORQERWWpRXXQMRXHXUSRUWDQWOHEDOORQWRXFKHODOLJQHGHWRXFKHRXWRXFKHOHVRODXGHOj GHODOLJQHGHWRXFKH/RUVTX¶XQEDOORQHVWHQO¶DLUDXGHOjGHODOLJQHGHWRXFKHXQMRXHXUSHXWVDXYHUODEDOOHHQVDXWDQWHWHQ UHSRXVVDQWODEDOOHGDQVO¶DLUHGHMHX/RUVTXHOHMRXHXUHVWGDQVVHVPV¶LOERWWHGLUHFWHPHQWHQWRXFKHODWRXFKHDOLHXDX SRLQWGHVRUWLH6LOHERWWHXUQ¶HVWSDVGDQVVHVPHWERWWHGLUHFWHPHQWHQWRXFKHODWRXFKHDOLHXDXQLYHDXGHVHVSLHGV 6¶LOERWWHLQGLUHFWHPHQWHQWRXFKHODUHPLVHHQMHXDOLHXDXQLYHDXGHODWRXFKH6XUXQFRXSGHSLHGGHSpQDOLWpSHXLPSRUWH ROHERWWHXUVHWURXYHV¶LOERWWHGLUHFWHPHQWHQWRXFKHODUHPLVHHQMHXV¶HIIHFWXHDXQLYHDXGHODVRUWLHGXEDOORQ /DUHPLVHHQMHXSHXWDYRLUOLHXDXSRLQWGHWRXFKHRXHQDUULqUHGHFHSRLQW/HODQFHUGRLWrWUHGURLWHWIDLUHDXPRLQVP/D UHPLVH HQ MHX V¶HIIHFWXH GHYDQW XQ DOLJQHPHQW GH GHX[ UDQJpHV GH MRXHXUV /HV MRXHXUV SDUWLFLSDQW j O¶DOLJQHPHQW VH SODFHQW HQWUH OD OLJQH GHV P HW OD OLJQH GHV P ,O \ D DX PRLQV MRXHXUV HW DX SOXV MRXHXUV GDQV FKDTXH DOLJQHPHQW /H FDSLWDLQHGHO¶pTXLSHEpQpILFLDQWGHODWRXFKHFKRLVLWOHQRPEUHGHMRXHXUVGDQVO¶DOLJQHPHQW,O\DOHPrPHQRPEUHGHMRXHXUV SRXUFKDTXHDOLJQHPHQW/HVGHX[DOLJQHPHQWVVHVpSDUHQWGHP&HX[TXLQHSDUWLFLSHQWSDVjO¶DOLJQHPHQWQHSHXYHQWSDV IUDQFKLUODOLJQHGHKRUVMHXVDXIOHGHPLGHPrOpHHWXQDXWUHMRXHXU/DOLJQHGHKRUVMHXVHVLWXHPDXGHOjGXSRLQWGH WRXFKH /H GHPLGHPrOpH VH SODFH SUqV GH O¶DOLJQHPHQW HW O¶KRPRORJXH DGYHUVH GX ODQFHXU GH EDOOH VH SODFH REOLJDWRLUHPHQW HQWUHODOLJQHGHWRXFKHHWODOLJQHGHVPSUqVGHO¶DOLJQHPHQW /DILQGHODWRXFKHDOLHXORUVTXHOHEDOORQV¶HVWpORLJQpGHODOLJQHGHUHPLVHHQMHX6LOHODQFHXUODQFHDXGHOjGHVPOD OLJQHGHKRUVMHXGLVSDUDvWGqVTXHOHEDOORQDTXLWWpVHVPDLQV /HVFRXSVGHSLHG /HFRXSGHSLHGG¶HQYRL ,O D OLHX HQ GpEXW GH PDWFKjODPLWHPSVRXDSUqVXQHVVDLVXUODOLJQHPpGLDQH/HEDOORQGRLWIDLUHPHWrWUHERWWpHQ GURS6LOHEDOORQQHIDLWSDVPRQGHPDQGHVRLWXQHPrOpHDXFHQWUHGXWHUUDLQVRLWODUpSpWLWLRQGXFRXSGHSLHGG¶HQYRL /RUVTXH OH EDOORQ YD GLUHFWHPHQW HQ WRXFKH O¶pTXLSH QRQ IDXWLYH D OH FKRL[ HQWUH OD UpSpWLWLRQ GX FRXS GH SLHG G¶HQYRL XQH PrOpHDXFHQWUHRXXQHWRXFKH /HFRXSGHSLHGGHUHQYRLDX[P ,ODOLHXORUVTXHOHEDOORQGpSDVVHODOLJQHGHEDOORQPRUWDSUqVXQJHVWHLQYRORQWDLUHVLQRQLO\DXUDLWPrOpH ,ODOLHXORUVTXHOHEDOORQHVWDSODWLGDQVOHSURSUHHQEXWGXMRXHXUjFRQGLWLRQTXHO¶DWWDTXDQWDLWHQYR\pOHEDOORQGDQVO¶HQ EXW /H UHQYRL V¶HIIHFWXH HQ VH SODoDQW R RQ YHXW GHUULqUH OD OLJQH GHV P OHV FRpTXLSLHUV pWDQW GHUULqUH OH ERWWHXU HW OHV DGYHUVDLUHVDXGHOjGHODOLJQHGHVP /RUVTXHOHEDOORQQHIUDQFKLWSDVODOLJQHGHVPRXORUVTXHOHFRXSGHSLHGYDGLUHFWHPHQWHQWRXFKHO¶pTXLSHQRQIDXWLYH SHXWIDLUHUHFRPPHQFHUOHFRXSGHSLHGRXEpQpILFLHUG¶XQHPrOpHDXFHQWUHGHODOLJQHGHVP /HFRXSGHSLHGGHSpQDOLWp ,OHVWDFFRUGpDSUqVOHVIDXWHVOHVSOXVJUDYHVKRUVMHXIDXWHDSUqVSODTXDJHRQDJDUGpOHEDOORQDXVRORXRQDVDXWpSDU GHVVXVOHVSODTXpVHWF /¶pTXLSH QRQ IDXWLYH D DORUV WURLV RSWLRQV XQ FRXS GH SLHG DX EXW YDODQW WURLV SRLQWV XQ GpJDJHPHQW HQ WRXFKH VXLYL G¶XQH UHPLVH HQ WRXFKH DX QLYHDX GH OD VRUWLH GX EDOORQ RX XQ MHX j OD PDLQ GDQV OHTXHO RQ WRXFKH OH EDOORQ GX SLHG DYDQW GH OH WUDQVPHWWUHjODPDLQ /HVSDUWHQDLUHVGXSRUWHXUGHEDOOHGRLYHQWrWUHGHUULqUHODEDOOH6LOHEDOORQHVWUDSLGHPHQWMRXpHWOHVSDUWHQDLUHVVRQWGHYDQW OHEDOORQLOVGRLYHQWVHUHSOLHUGHUULqUHOHSRUWHXUGXEDOORQ/HVDGYHUVDLUHVGRLYHQWrWUHVLWXpVGHUULqUHXQHOLJQHILFWLYHjP GX EDOORQ 6¶LOV VRQW GHYDQW OD OLJQH LOV VRQW KRUVMHX 6L OHV QRQ IDXWLIV MRXHQW UDSLGHPHQW OHV DGYHUVDLUHV GRLYHQW VH UHSOLHU GHUULqUHODOLJQHGHKRUVMHX /HFRXSGHSLHGIUDQF ,O D OLHX DSUqV XQ DUUrW GH YROpH GDQV VHV P RQ UpFHSWLRQQH OH EDOORQ GH YROpH HQ FULDQW ³PDUTXH´ RX ORUV G¶XQH IDXWH PRLQVJUDYHTXHSRXUXQHSpQDOLWpO¶LQWURGXFWLRQQ¶HVWSDVGURLWHVXUPrOpHRUGRQQpHOHODQFHUHQWRXFKHIDLWPRLQVGHP OHFRXORLUGHPQ¶HVWSDVUHVSHFWpHQWRXFKHXQMRXHXUDXQHPDXYDLVHSRVLWLRQVXUPrOpHRXUHJURXSHPHQWODWrWHHVWSOXV EDVVHTXHOHVKDQFKHV /¶pTXLSHEpQpILFLDQWGXFRXSGHSLHGIUDQFSHXWMRXHUjODPDLQRXGpJDJHUHQWRXFKHHOOHQ¶DSDVOHGURLWGHWLUHUDXEXW/HV MRXHXUVGRLYHQWVHSODFHUFRPPHORUVG¶XQHSpQDOLWp 7UDYDX[GLULJpV 0RXYHPHQWJpQpUDO 'pILQLWLRQ ,OUHJURXSHOHVSKDVHVGHMHXFDUDFWpULVpHVSDUOHPRXYHPHQWGHVMRXHXUVHWOHPRXYHPHQWGXEDOORQ /¶DWWDTXH -HXJURXSp 'pILQLWLRQ &¶HVWXQMHXFROOHFWLIjODPDLQSHUPHWWDQWGHSpQpWUHUGDQVO¶D[HSURIRQGGXWHUUDLQ&¶HVWOHMHXW\SLTXHGHVDYDQWV /¶D[HSURIRQGHVWSDUDOOqOHjODOLJQHGHWRXFKH/¶D[HODUJHHVWSDUDOOqOHjODOLJQHPpGLDQH 3RXUTXRLO¶XWLOLVHU" 2UJDQLVDWLRQGHVMRXHXUV 2QO¶XWLOLVHIDFHjXQHGpIHQVHpWLUpHVXUODODUJHXUGXWHUUDLQHWTXLSUpVHQWHXQJUDQGQRPEUHGHMRXHXUV /H JURXSHPHQW GHV MRXHXUV VH GLVSRVH VXU XQH IDLEOH ODUJHXU /H VRXWLHQ DX SRUWHXU GX EDOORQ VH IDLW GDQV O¶D[H SURIRQG GX WHUUDLQ /HV SDVVHV HQWUH MRXHXUV VRQW FRXUWHV /H VRXWLHQ DX SRUWHXU GX EDOORQ VH IDLW j O¶H[WpULHXU HW j O¶LQWpULHXU $SUqV VD SDVVHOHSDVVHXUYLHQWDLGHUOHSRUWHXUGXEDOORQ 7HFKQLTXHLQGLYLGXHOOHGXMRXHXU /HMRXHXUDFLQTSRVVLELOLWpV - - - - - 3HUFXWHUSDVVHUSRXUSHUFXWHURQVHSODFHGHSURILORQSURWqJHOHEDOORQHQOHWHQDQWjGHX[PDLQVVXUO¶pSDXOHDUULqUH RQVHSODFHHQSRVLWLRQIOpFKLHRQSHUFXWHGHEDVHQKDXWOHIODQFGHO¶DGYHUVDLUHHWRQSDVVHODEDOOHHQFORFKHSRXUTXHOH VRXWLHQDLWOHWHPSVGHUpFHSWLRQQHUODEDOOH 3DVVHUOHVEUDVRQVHSUpVHQWHGHIDFHHQWHQDQWODEDOOHjGHX[PDLQVRQYDDXFRQWDFWHQHQJDJHDQWOHVEUDVGHUULqUHOH GRVGHO¶DGYHUVDLUHRQVRXOqYHODEDOOHHQFORFKHSDUXQHDFWLRQGpSOR\pH 5DIIWHU RQ VH SUpVHQWH GH IDFH HQ WHQDQW OD EDOOH j XQH PDLQ RQ SRUWH VD PDLQ VXU OH WRUVH GH O¶DGYHUVDLUH SRXU OH UHSRXVVHURQSDVVHODEDOOHG¶XQHPDLQHQFORFKH 3DVVHU OD EDOOH DYDQW FRQWDFW RQ VH SUpVHQWH IDFH j O¶DGYHUVDLUH HQ WHQDQW OD EDOOH j GHX[ PDLQV RQ YLHQW IL[HU GH SUqV O¶DGYHUVDLUHRQVRXOqYHODEDOOHHQFORFKHDYHFOHVSRLJQHWVRQUpVLVWHDXSODTXDJHSRXUpYLWHUG¶DOOHUDXVROHWSRXUrWUH GLVSRQLEOHDXVRXWLHQ 3HUFXWHUHWOLEpUHUOHEDOORQDXVRORQVHSUpVHQWHIOpFKLHWGHSURILOHQWHQDQWOHEDOORQjXQHPDLQVXUO¶pSDXOHDUULqUHRQ SHUFXWH GH EDV HQ KDXW SRXU DYDQFHU OH SOXV SRVVLEOH RQ SRVH YLJRXUHXVHPHQW OH EDOORQ DX VRO SRXU TXH OH EDOORQ VRLW LPPRELOHHWIDFLOLWHDLQVLODWkFKHGXSDUWHQDLUH /RUV GX VRXWLHQ H[WpULHXU OD SULVH GH EDOOH V¶HIIHFWXH j OD KDXWHXU GX SRUWHXU GX EDOORQ /RUV GX VRXWLHQ LQWpULHXU OD SULVH GH EDOOHV¶HIIHFWXHHQDUULqUHGXSRUWHXUGXEDOORQSRXUpYLWHUO¶LQWHUFHSWLRQSDUXQMRXHXUDGYHUVH -HXGpSOR\p 'pILQLWLRQ &¶HVWXQMHXFROOHFWLIjODPDLQFDUDFWpULVpSDUXQHFLUFXODWLRQODWpUDOHGHODEDOOH&¶HVWOHMHXW\SLTXHGHVDUULqUHV ,O\DGHX[W\SHVGHMHXGpSOR\p /RUVGXMHXGpSOR\pFRQWRXUQDQWRQIDLWFLUFXOHUODEDOOHSRXUFRQWRXUQHUXQHFRQFHQWUDWLRQGHMRXHXUV /HMHXGpSOR\pSpQpWUDQWYLVHjIDLUHSpQpWUHUOHSRUWHXUGXEDOORQGDQVXQLQWHUYDOOHHQWUHGHX[MRXHXUVDGYHUVHV 3RXUTXRLO¶XWLOLVHU" 2QXWLOLVHOHMHXGpSOR\pFRQWRXUQDQWSRXUGpWRXUQHUXQHFRQFHQWUDWLRQGHMRXHXUVSRXUH[SORLWHUXQVXUQRPEUHQXPpULTXHVXU O¶HVSDFHODUJHRXSRXUFUpHUXQVXUQRPEUHQXPpULTXHJUkFHjO¶LQWHUFDODWLRQGXMRXHXUDUULqUH 2QXWLOLVHOHMHXGpSOR\pSpQpWUDQWGDQVXQHVLWXDWLRQG¶pJDOLWpQXPpULTXHVXUO¶HVSDFHODUJHSRXUSpQpWUHUHQWUHGHX[MRXHXUV DGYHUVHV3OXVRQGpSORLHOHMHXSOXVOHVLQWHUYDOOHVHQWUHOHVDGYHUVDLUHVVRQWJUDQGV 2UJDQLVDWLRQGHVMRXHXUV /HVMRXHXUVV¶pWLUHQWVXUODODUJHXUHQSURIRQGHXUSRXUXQVRXWLHQODWpUDO/HSRUWHXUGHEDOOHFKHUFKHjIL[HUVRQKRPRORJXH,O SHXWIL[HUGHSUqVRXGHORLQ /DIL[DWLRQGHSUqVFRQVLVWHjWUDQVPHWWUHODEDOOHHQUHWUDLWORUVTX¶RQDUULYHSUqVGXGpIHQVHXUDGYHUVH /D IL[DWLRQ GH ORLQ FRQVLVWH j HPSRUWHU OH EDOORQ GDQV XQH GLUHFWLRQ REOLTXH SRXU DPHQHU O¶DGYHUVDLUH GDQV XQ VHQV RSSRVp j FHOXLGHODSDVVHGHODEDOOHRQSDVVHODEDOOHORUVTX¶RQHVWDVVH]pFDUWpGXMRXHXUDGYHUVH 7HFKQLTXHLQGLYLGXHOOHGXMRXHXU 2QDWWUDSHOHEDOORQHQOXLWHQGDQWOHVEUDVVDQVOHFROOHUFRQWUHODSRLWULQH 2QWUDQVSRUWHOHEDOORQHQOHSUHQDQWGDQVOHVGHX[PDLQVSRXUSRXYRLUOHSDVVHUjWRXWPRPHQW 2QSDVVHOHEDOORQHQpWDQWVXUO¶DSSXLRSSRVpDXF{WpGHODSDVVH2QWRXUQHOHVpSDXOHVHQGLUHFWLRQGXSDUWHQDLUHOHEDVVLQ pWDQWWRXMRXUVRULHQWpIDFHjO¶DGYHUVDLUH2QDPqQHOHEDOORQVRXVOHEDVVLQDYDQWGHOHSDVVHU2QSDVVHOHEDOORQHQOHYULOODQW V¶LOGRLWSDUFRXULUXQHORQJXHGLVWDQFH2QILQLWOHJHVWHGHSDVVHHQUHVWDQWHQFRXUVHGDQVODGLUHFWLRQGHODSDVVHSRXUrWUH GLVSRQLEOHDXVRXWLHQ -HXDXSLHG 'pILQLWLRQ 2QERWWHOHEDOORQGXSLHGSRXUSHUPHWWUHjVRQpTXLSHG¶DYDQFHURXGHPDUTXHUGHVSRLQWV 3RXUTXRLO¶XWLOLVHU 2Q O¶XWLOLVH SRXU UpFXSpUHU OH EDOORQ ORUVTXH OH MHX j OD PDLQ GHYLHQW WURS ULVTXp RX SRXU H[SORLWHU XQ PDXYDLV SODFHPHQW GH O¶DGYHUVDLUH /RUVTX¶RQERWWHOHEDOORQSRXUHQVXLWHOHUpFXSpUHULOV¶DJLWG¶XQFRXSGHSLHGRIIHQVLIGRQWYRLFLOHVGLIIpUHQWVW\SHV - - - - FRXUWOREpRXUDVDQWORUVTXHOHMHXjODPDLQHVWWURSULVTXpjFDXVHG¶XQHIRUWHSUHVVLRQGpIHQVLYH HQ FKDQGHOOH XS DQG XQGHU WUqV KDXW GDQV OH FLHO SRXU IDLUH VXELU OD SUHVVLRQ j GHV GpIHQVHXUV IpEULOHV SHUPHWWDQW G¶DUULYHUjWHPSVDXSRLQWGHFKXWHGXEDOORQ j VXLYUH FRXSGHSLHGORQJHWWHQGXORUVTXHO¶DGYHUVDLUHQHFRXYUHSDVO¶DUULqUHGHVRQWHUUDLQOHEDOORQpWDQWGHVWLQpj VRLPrPHRXjXQFDPDUDGH GH GpSODFHPHQW ORUVTX¶RQ ERWWH OH EDOORQ GDQV XQ DQJOH GX WHUUDLQ RIIUDQW OD SRVVLELOLWp GH SRXVVHU OH UpFHSWLRQQHXU GX EDOORQ HQ WRXFKH GDQV OH FDV R RQ HVW WURS ORLQ GH OXL V¶LO GpFLGH GH ERWWHU HQ WRXFKH LO Q¶D SDV XQ ERQ DQJOH FH TXL HQWUDvQHXQHWRXFKHUpGXLWHHQQRWUHIDYHXU GHUHFHQWUDJHORUVTXHO¶DLOLHUHVWHQIHUPpHQERUGGHWRXFKHSRXUUHPHWWUHOHEDOORQHQMHXDXFHQWUHGXWHUUDLQ /HFRXSGHSLHGGpIHQVLIVHUWjGpJDJHUOHEDOORQGHVRQFDPS /HGURSJRDOVHUWjPDUTXHUWURLVSRLQWV 2UJDQLVDWLRQGHVMRXHXUV /RUVG¶XQFRXSGHSLHGUpFXSpUDEOHRQDFFpOqUHVDFRXUVHDSUqVDYRLUERWWpSXLVRQUDOHQWLWSHQGDQWODSKDVHGHVFHQGDQWHGX EDOORQSRXUVDXWHUHWOHUDWWUDSHU /RUVG¶XQFRXSGHSLHGLUUpFXSpUDEOHRQV¶DOLJQHDYHFOHVSDUWHQDLUHVHWRQPRQWHFROOHFWLYHPHQWjODKDXWHXUGXEDOORQ 7HFKQLTXHLQGLYLGXHOOHGXMRXHXU 3RXU OREHU XQ EDOORQ RQ OH SODFH YHUWLFDOHPHQW SXLV RQ OH ERWWH G¶XQ FRXS GH SLHG ,O WRXUQH DLQVL YHUV O¶DUULqUH VXU VRQ D[H WUDQVYHUVDO /RUVG¶XQFRXSGHSLHGUDVDQWOHEDOORQHVWIUDSSpGXSODWGXSLHGRXGHODSRLQWHGXSLHGVXUVDSDUWLHKDXWHSRXUOHUDEDWWUH FRQWUHOHVRO 3RXUERWWHUOHEDOORQHQFKDQGHOOHRQOHSODFHYHUWLFDOHPHQWSXLVRQOHERWWHG¶XQFRXSGHSLHGWUqVSXLVVDQW,OWRXUQHDLQVLYHUV O¶DUULqUHVXUVRQD[HWUDQVYHUVDO /RUVG¶XQFRXSGHSLHGYULOOpYLVVpOHEDOORQHVWWHQXREOLTXHPHQWLOHVWIUDSSpSDUO¶H[WpULHXUGXSLHG,OSDUFRXUWDLQVLYULOOp XQHSOXVORQJXHGLVWDQFH /RUVGXFRXSGHSLHGGHUHFHQWUDJHOHEDOORQHVWWHQXREOLTXHPHQWHWHVWIUDSSpGXFRXSGHSLHG 3RXUHIIHFWXHUXQGURSJRDORQIUDSSHOHEDOORQGqVTX¶LOWRXFKHOHVRO 'XHOVKRPPHFRQWUHKRPPH 6LWXDWLRQjXQFRQWUHXQ 6LO¶DGYHUVDLUHHVWHQUHWDUGRQOHGpERUGH6¶LOQRXVUDWWUDSHHQVXLWHRQOHUDIIWH 6LO¶DGYHUVDLUHHVWHQDYDQFHRQIDLWXQFURFKHWLQWpULHXUHQUHSDUWDQWYHUVO¶LQWpULHXUGXWHUUDLQHQFKDQJHDQWG¶DSSXLVXUXQ FRQWUHSLHG /RUVTX¶LO\DpTXLOLEUHRQSHXWPDQ°XYUHUOHGpIHQVHXUDGYHUVHGHGHX[PDQLqUHV - RQFUpHXQUHWDUGVXUOHGpIHQVHXUHQUpDOLVDQWXQFDGUDJHGpERUGHPHQWRQFRXUWHWUHJDUGHGDQVXQVHQVSRXUIHLQWHUXQ GpSODFHPHQWYHUVO¶LQWpULHXUSXLVRQIDLWXQFURFKHWH[WpULHXU RQFUpHXQHDYDQFHSDUXQFURFKHWLQWpULHXURQFRXUWHWUHJDUGHGDQVXQVHQVSRXUIHLQWHUXQGpSODFHPHQWYHUVO¶H[WpULHXU SXLVRQIDLWXQFURFKHWLQWpULHXU 6LWXDWLRQjGHX[FRQWUHXQ ,OIDXWIL[HUO¶DGYHUVDLUHHWWUDQVPHWWUHOHEDOORQRXELHQIHLQWHUODSDVVHHWGpERUGHU 6LWXDWLRQjGHX[FRQWUHGHX[ 2QSHXWFUpHUXQGpVpTXLOLEUHHQIL[DQWO¶DGYHUVDLUHHQWUDQVPHWWDQWSXLVHQUHGRXEODQWQRWUHSDUWHQDLUH 2QSHXWGRQQHUXQFRXSGHSLHGUDVDQWHQWUHOHVGHX[GpIHQVHXUV 2QSHXWIDLUHXQHSDVVHFURLVpH,OV¶DJLWGHVHUYLUXQSDUWHQDLUHDSUqVXQHFRXUVHREOLTXHSRXUIDLUHREVWDFOHjODGpIHQVHDYHF VRQFRUSVRXSRXUIXLUODWRXFKH 2QSHXWSUHQGUHGHYLWHVVHOHSUHPLHUGpIHQVHXUHWFRQWLQXHUHQJDUGDQWODEDOOH 6LOHVHFRQGGpIHQVHXUV¶DSSURFKHGXSUHPLHURQSHXWOHIL[HUHWSDVVHUODEDOOH 6LOHVHFRQGGpIHQVHXUUHVWHGDQVVRQFRXORLUHWTX¶RQQ¶DSDVSXSUHQGUHGHYLWHVVHOHSUHPLHUGpIHQVHXUQRWUHSDUWHQDLUHSHXW YHQLUSUHQGUHODEDOOHjQRWUHKDXWHXU 'pIHQVH 5LGHDX[GpIHQVLIV 5LGHDXGLUHFWULGHDX ,OHVWFRQVWLWXpGHjMRXHXUVTXLIRQWXQEDUUDJHDOLJQpVVXUODODUJHXUGXWHUUDLQ&KDTXHGpIHQVHXUVHFKDUJHGHGpIHQGUH VRQKRPRORJXHDGYHUVH/DGpIHQVHHVWHQPLURLUjSODW/HU{OHGHVMRXHXUVHVWGHSODTXHUGHFRQWUHUOHVFRXSVGHSLHG/D GLUHFWLRQGHFRXUVHHVWODSURIRQGHXUGXWHUUDLQHQFDVG¶pJDOLWpQXPpULTXH(QFDVG¶LQIpULRULWpQXPpULTXHGHVGpIHQVHXUVLOV IRQWXQHFRXUVHREOLTXHHQVXLYDQWODEDOOHSRXUrWUHjpJDOLWpQXPpULTXHDXQLYHDXGHVGHUQLHUVDWWDTXDQWV 5LGHDXWUDQVYHUVDOSURFKHULGHDX 5LGHDXWUDQVYHUVDOSURIRQGULGHDX ,OHVWFRQVWLWXpGHjMRXHXUVSODFpVHQUHWUDLWGXULGHDXGLUHFW,OVGRLYHQWUpFXSpUHUOHMHXDXSLHGFRXUWRXSODTXHUORUVGH ODSpQpWUDWLRQGXULGHDXGLUHFW/DGLUHFWLRQGHODFRXUVHHVWWUDQVYHUVDOHHQVXLYDQWOHVHQVGHFLUFXODWLRQGHODEDOOH ,OHVWFRQVWLWXpGHjMRXHXUVHQUHWUDLWORLQWDLQSDUUDSSRUWDXULGHDXWUDQVYHUVDOSURFKH,OVGRLYHQWSODTXHUHWUpFXSpUHUOH MHXDXSLHGORQJ/DGLUHFWLRQGHODFRXUVHHVWWUDQVYHUVDOHHQVXLYDQWOHVHQVGHFLUFXODWLRQGHODEDOOH 7HFKQLTXHLQGLYLGXHOOH 3ODTXDJH /H SODTXHXU VH SODFH OpJqUHPHQW j O¶LQWpULHXU GX MRXHXU DWWDTXDQW SRXU pYLWHU OH FRQWUHSLHG /H U\WKPH GH FRXUVH DYDQW OH SODTXDJHHVWXQHSUHPLqUHDFFpOpUDWLRQHQVXLWHXQHGpFpOpUDWLRQHWHQILQXQHGHX[LqPHDFFpOpUDWLRQDYDQWODSDVVH,O\DGHX[ WHFKQLTXHVOHSODTXDJHWRPEDQWHWOHSODTXDJHEORTXDQW /HSODTXDJHWRPEDQWV¶H[pFXWHHQVHEDLVVDQWHWHQSODoDQWODWrWHHWOHVpSDXOHVHQWUHOHEDVVLQHWOHVJHQRX[GHO¶DGYHUVDLUH ,O V¶DJLW HQVXLWH G¶HQFHUFOHU O¶DGYHUVDLUH HW GH OH UHSRXVVHU GDQV VRQ FDPS HQ OH VRXOHYDQW ,O IDXW DFFRPSDJQHU O¶DGYHUVDLUH MXVTX¶DXVROHQWRPEDQWGXF{WpRSSRVpDXSODFHPHQWGHODWrWH /H SODTXDJH EORTXDQW SHUPHW G¶HPSrFKHU O¶DGYHUVDLUH G¶DYDQFHU HW GH O¶HPSrFKHU GH SDVVHU OD EDOOH /H GpIHQVHXU GRLW UHVWHU GHERXWHQHQFHUFODQWOHVDYDQWEUDVGHO¶DGYHUVDLUHHWHQDYDQoDQW 5pFXSpUDWLRQGHODEDOOH 8QHSUHPLqUHIDoRQFRQVLVWHjUpFXSpUHUOHVSDVVHVORQJXHVHWOHQWHVHQOHVLQWHUFHSWDQW 8QHGHX[LqPHIDoRQFRQVLVWHjPHWWUHO¶DGYHUVDLUHGDQVQRWUHFDPSDXOLHXGHOHSODTXHUOHVDXWUHVGpIHQVHXUVVHFKDUJHDQW G¶DUUDFKHUODEDOOH 8QHWURLVLqPHIDoRQFRQVLVWHjIDLUHSLYRWHUOHSRUWHXUGHEDOOHHQWRXUQDQWDXWRXUGHOXLSRXUOHIDLUHWRPEHU 8QHTXDWULqPHIDoRQFRQVLVWHjUpFXSpUHUOHEDOORQDXVROHQUDPDVVDQWODEDOOHHQFRXUVH,OIDXWVHIOpFKLUHWVHSRVLWLRQQHUGH F{Wp OD PDLQ GH GHUULqUH UDPDVVDQW HW OD PDLQ GH GHYDQW HQ RSSRVLWLRQ FRPPH XQ SLQFH RX ELHQ VH FRXFKHU JOLVVHU VXU O¶pSDXOHUDPDVVHUHWVHUHOHYHU 8QHFLQTXLqPHIDoRQFRQVLVWHjDWWUDSHUOHEDOORQHQO¶DLUGHGHX[PDQLqUHVVRLWGHERXWHQVHPHWWDQWGHSURILOSRXUpYLWHUXQ HQDYDQWVRLWHQVDXWDQWYHUVO¶DYDQWHWHQVHUHWRXUQDQWSHQGDQWODUHWRPEpH /HVIL[DWLRQV 'pILQLWLRQ &H VRQW OHV SKDVHV FDUDFWpULVpHV SDU OH PRXYHPHQW GHV MRXHXUV HW O¶DUUrW GX EDOORQ /HV PDXOV HW OHV PrOpHV VSRQWDQpHV IRQW SDUWLHGHVIL[DWLRQVPDLVXQEDOORQOLEpUpDSUqVSODTXDJHHVWDXVVLXQHIL[DWLRQ 5HODQFHGXMHXDSUqVIL[DWLRQ /DOLJQHG¶DYDQWDJHHWODOLJQHGHIURQWVRQWILFWLYHV/DOLJQHG¶DYDQWDJHHVWSDUDOOqOHDX[OLJQHVGHEXWHWSDVVHSDUODOLJQHGH UHPLVH HQ MHX GX EDOORQ /D OLJQH GH IURQW HVW SDUDOOqOH DX[ OLJQHV GH EXW HWSDVVHSDUO¶HQGURLWRXQMRXHXUSRUWHXUGHEDOOH UHQWUHHQFRQWDFWDYHFO¶DGYHUVDLUH /DUHODQFHGpSHQGGHODSRVLWLRQGHODOLJQHGHIURQWSDUUDSSRUWjODOLJQHG DYDQWDJH /LJQHGHIURQWHQDYDQWGHODOLJQHG DYDQWDJH / DWWDTXHSUHQGO DYDQWDJHVXUODGpIHQVHSDUFHTX HOOHSRVVqGHXQVXUQRPEUHGHMRXHXUVFDSDEOHVG LQWHUYHQLUHQDYDQoDQW /RUVTXHOHJDLQGHWHUUDLQHVWIDLEOHODUHODQFHGXMHXGRLWrWUHUDSLGHHWOHVGpIHQVHXUVGRLYHQWUHFXOHUHQSURIRQGHXUSDUXQ MHXJURXSp /RUVTXHOHJDLQGHWHUUDLQHVWLPSRUWDQWOHVGpIHQVHXUVGRLYHQWVHGpSOR\HUODWpUDOHPHQWHQMHXGpSOR\p /LJQHGHIURQWVXUODOLJQHG DYDQWDJH ,O\DDXWDQWGHMRXHXUVGHSDUWHWG DXWUHFDSDEOHVG LQWHUYHQLUHQDYDQoDQW 6L OHV GpIHQVHXUV VH VRQW FRQFHQWUpV j OD IL[DWLRQ OD UHODQFH GX MHX GRLW rWUH UDSLGH HW OHV DWWDTXDQWV GRLYHQW MRXHU HQ MHX GpSOR\p 6LOHVGpIHQVHXUVUHVWHQWGpSOR\pVOHVDWWDTXDQWVSHXYHQWWHQWHUG DYDQFHUSDUXQPDXOSpQpWUDQWRXHQMHXJURXSpRXXWLOLVHU XQ MHX GpSOR\p SpQpWUDQW RX XWLOLVHU XQ MHX GpSOR\p FRQWRXUQDQW ORUVTXH OD IL[DWLRQ HVW VXU O D[H GX WHUUDLQ OHV MRXHXUV j JDXFKHGHODIL[DWLRQV LQWHUFDOHQWHQWUHOHVMRXHXUVjGURLWHGHODIL[DWLRQ /LJQHGHIURQWHQDUULqUHGHODOLJQHG DYDQWDJH /D GpIHQVH SUHQG O DYDQWDJH VXU O DWWDTXH FDU HOOH SRVVqGH XQ VXUQRPEUH GH MRXHXUV FDSDEOHV G LQWHUYHQLU HQ DYDQoDQW /HV DWWDTXDQWV GRLYHQW FRQVHUYHU OD EDOOH HW OD OLEpUHU OHQWHPHQW /D UHODQFH GX MHX GpSHQG GX WHUUDLQ FRQFpGp /HV DWWDTXDQWV D\DQW SHUGX GX WHUUDLQ GpJDJHQW HQ ERWWDQW 6L OD SHUWH GH WHUUDLQ HVW IDLEOH RQ D OHV PrPHV FKRL[ TXH SRXU OH FDV GH OD IL[DWLRQVXUODOLJQHG DYDQWDJH 5{OHGHVMRXHXUVVXUODIL[DWLRQ )L[DWLRQEDOORQSRUWp /HSRUWHXUDSRXUEXWG DVVXUHUODFRQVHUYDWLRQGXEDOORQ/HSRUWHXUVHPHWGHGRVSRXUTXHVRQFRUSVVRLWXQREVWDFOHHQWUH O DGYHUVDLUHHWOHEDOORQ2QFRQVHUYHOHEDOORQVXUODSRLWULQHWDQWTXHOHVRXWLHQHVWORLQ'qVTXHOHVRXWLHQHVWSURFKHRQWHQG OHVEUDVSRXUWUDQVPHWWUHOHEDOORQ/HSUHPLHUVRXWLHQDUUDFKHOHEDOORQGHVEUDVGHVRQSDUWHQDLUH/ DUUDFKDJHVHIDLWHQSLYRW SRXU XQH OLEpUDWLRQ UDSLGH GHODEDOOHHWXQHYLVXDOLVDWLRQGHO HQVHPEOHGXVRXWLHQ/ DUUDFKHXUSHXWVRLWWUDQVPHWWUHODEDOOH VRLWODFRQVHUYHUHQIRQFWLRQGHODSURJUHVVLRQ/HVDXWUHVDXVRXWLHQRQWGHX[U{OHVOHGpEOD\DJHFRQVLVWHjV LQWHUSRVHUVXU O DGYHUVDLUHORUVTX LOWHQWHGHUpFXSpUHUODEDOOHHWO pWD\DJHFRQVLVWHjFRQVROLGHUODVWUXFWXUHGXUHJURXSHPHQWHWjSRXVVHU /RUVTXHODOLEpUDWLRQGHODEDOOHHVWUDSLGHXQSHWLWQRPEUHGHMRXHXUVGRLWVRXWHQLUODIL[DWLRQ /RUVTXHODOLEpUDWLRQGHODEDOOHHVWOHQWHSRXUUpDOLVHUXQPDXOSpQpWUDQWXQJUDQGQRPEUHGHMRXHXUVGRLWVRXWHQLUODIL[DWLRQ /RUVTXHODSRXVVpHGXPDXOHVWD[LDOHFKDFXQHGHVSRXVVpHVGRLWFRQYHUJHUYHUVOHFHQWUHGXUHJURXSHPHQW/HVSRXVVpHVVH IRQWGHEDVHQKDXWGRVSODW/HVMRXHXUVVHOLHQWSDUOHVPDLOORWVSRXUUHQGUHOHEORFFRPSDFW /RUVTXHODSRXVVpHHVWGpVD[pHO DUUDFKHXUSODFHOHEDOORQGDQVOHVPDLQVG XQVRXWLHQH[FHQWUpSDUUDSSRUWjOXL/HVpWD\HXUV SRXVVHQWFRQWUHOHEDOORQWDQGLVTXHOHSRUWHXUGXEDOORQSRXVVHHQWUDYHUVFRQWUHO DGYHUVDLUHFHTXLHQWUDvQHXQHURWDWLRQ )L[DWLRQEDOORQDXVRO (OOH HVW JpQpUDOHPHQW GXH j XQ SODTXDJH /H SRUWHXU HVW UHVSRQVDEOH GH OD FRQVHUYDWLRQ GX EDOORQ /H SODTXp OLEqUH OH EDOORQ GDQVVRQFDPSSRXUTXHVRQFRUSVFRQVWLWXHXQREVWDFOHHQWUHO DGYHUVDLUHHWOHEDOORQ/HSODTXpGRLWWRPEHUVXUO pSDXOHGH IDoRQjPDLQWHQLUVRQUHJDUGVXUOHEDOORQ/HGHUQLHUSDVVHXUHVWOHSUHPLHUVRXWLHQLOSHXWUDPDVVHUODEDOOHHWODSDVVHUjXQ SDUWHQDLUHRXHQMDPEHUODEDOOHHWFUpHUXQHPrOpHVSRQWDQpH6LOHEDOORQHVWJDJQpOHVDXWUHVDXVRXWLHQQHSDUWLFLSHQWSDVj ODIL[DWLRQ6LOHEDOORQHVWSHUGXOHVDXWUHVDXVRXWLHQVHOLHQWjODIL[DWLRQSRXUUpFXSpUHUOHEDOORQ /HVSKDVHVVWDWLTXHV 'pILQLWLRQ &H VRQW GHV SKDVHV FDUDFWpULVpHV SDU O¶DUUrW GX EDOORQ HWGHVMRXHXUV2QGLVWLQJXHVL[SKDVHVVWDWLTXHVTXDWUHSKDVHVROD EDOOHQ¶HVWSDVSRVVpGpHODFRQTXrWHGXEDOORQDYDQWVRQXWLOLVDWLRQODPrOpHRUGRQQpHODWRXFKHOHVFRXSVGHSLHGG¶HQYRLHW GHUHQYRLHWGHX[SKDVHVRODEDOOHHVWSRVVpGpHODSpQDOLWpMRXpHjODPDLQOHFRXSIUDQF /DQFHPHQWVGHMHX ,OV V¶HIIHFWXHQW GDQV TXDWUH ]RQHV $ O¶LQWpULHXU GH FKDFXQH GHV ]RQHV O¶pTXLSH HQ SRVVHVVLRQ GX EDOORQ PHW HQ SODFH GHV FRPELQDLVRQVSRXUDWWHLQGUHGHX[REMHFWLIVFUpHUGHO¶LQFHUWLWXGHYLVjYLVGHVGpIHQVHXUVF¶HVWjGLUHUHQGUHOHXULQWHUYHQWLRQ SOXVGLIILFLOHHWDQWLFLSHUOHVDFWLRQVGHVRXWLHQYHUVOD]RQHYLVpH /DSUHPLqUH]RQHHVWOD]RQHGHODQFHPHQWGHMHXDXF°XUHWDXSUqV /HVODQFHPHQWVGHMHXDXF°XURQWOLHXVXUOD]RQHGHFRQTXrWH,OVVRQWUpDOLVpVSDUOHVDYDQWVHWVHIRQWVDQVSDVVHGqV TXH OD FRQTXrWH HVW DVVXUpH ,O \ D WURLV W\SHV GH SRXVVpH OD SRXVVpH FODVVLTXH OD SRXVVpH H[FHQWUpH HW OD SRXVVpH GpFDOpH - /HVODQFHPHQWVGHMHXDXSUqVRQWOLHXSURFKHGHVOLHX[GHFRQTXrWH,OVFRUUHVSRQGHQWjO pORLJQHPHQWGXEDOORQSDUXQH SDVVHHWSHUPHWWHQWGHVHUYLUOHVDYDQWVRXO DLOLHUGXF{WpIHUPp - /DGHX[LqPH]RQHHVWXQH]RQHGHODQFHPHQWGHMHXGDQVO D[HGHVSRWHDX[ORUVTX RQSUHQGSRXUUpIpUHQFHXQHSKDVHVWDWLTXH SURFKHGHVOLJQHVGHWRXFKH /DWURLVLqPH]RQHFRUUHVSRQGjXQODQFHPHQWGHMHXYHUVOHVDLOHV /DTXDWULqPH]RQHFRUUHVSRQGDXODQFHPHQWGHMHXDXSLHG 3RVWHVHWU{OHGHVMRXHXUV /HVDYDQWV WDORQQHXU HWSLOLHUV HWGHX[LqPHOLJQH WURLVLqPHOLJQHFHQWUH HWWURLVLqPHOLJQHDLOH /HVSLOLHUVSRXVVHQWHQPrOpHRUGRQQpHSURWqJHQWOHVDXWHXU,OVSHUFXWHQWHWVRXWLHQQHQWGDQVOHMHXjODPDLQ(QGpIHQVHHQ UDLVRQGHOHXUUHWDUGSULVVXUOHEDOORQLOVVRQWSHXVROOLFLWpV /HWDORQQHXUWDORQQHHQPrOpH,OHVWHQJpQpUDOOHODQFHXUHWO DUUDFKHXUHQWRXFKH,OSHUFXWHHWVRXWLHQWGDQVOHMHXjODPDLQ ,OHVWSHXVROOLFLWpHQGpIHQVH /HV GHX[LqPH OLJQH SRXVVHQW HQ PrOpH VDXWHQW HQ WRXFKH HW VXU OHV FRXSV GH SLHG G HQYRL HW GH UHQYRL ,OV SHUFXWHQW HW VRXWLHQQHQWGDQVOHMHXjODPDLQ(QGpIHQVHLOVVRQWSHXVROOLFLWpV /HVWURLVLqPHOLJQHSDUWLFLSHQWjWRXWHVOHVSKDVHVGHFRQTXrWH /HV WURLVLqPH OLJQH DLOH DVVXUHQW OH VRXWLHQ GH OHXUV DUULqUHV (Q GpIHQVH XQ GHV GHX[ VH MRLQW DX ULGHDX HW O DXWUH DX ULGHDX - /H WURLVLqPH OLJQH FHQWUH DVVXUH XQ U{OH GH G\QDPLWHXU HQ UHJURXSHPHQW HW LQWHUYLHQW DX ODQFHPHQW GH MHX DX SUqV HQ PrOpHHWHQWRXFKH(QGpIHQVHRQOHUHWURXYHGDQVOHVULGHDX[HW - /HVDUULqUHV GHPLGHPrOpH GHPLG RXYHUWXUH HWFHQWUHV HWDLOLHUV DUULqUH /H GHPLGHPrOpH HVW OH SUHPLHU VWUDWqJH GH O pTXLSH FDSDEOH G DQDO\VHU HW GH MRXHU VXU OHV SRLQWV IDLEOHV GH O DGYHUVDLUH ,O FKRLVLWGHIDLUHXQMHXDYDQWRXGHWUDQVPHWWUHDX[DUULqUHVSRXUXQMHXGpSOR\pRXXQMHXDXSLHG& HVWXQMRXHXUSHWLWHWUXVp FDSDEOHGHVXUSUHQGUHOHVDYDQWVDGYHUVHV,ODXQHJUDQGHDFWLYLWpGHVRXWLHQGHVDUULqUHV,OSHXWrWUHSUpVHQWHQGpIHQVHVXU OHVWURLVULGHDX[ /HGHPLG RXYHUWXUHHVWOHVHFRQGVWUDWqJH,OFKRLVLWDQDO\VHOHVSRLQWVIDLEOHVGHO DGYHUVDLUH,OUHFKHUFKHVHVDYDQWVRXVHV DUULqUHV,OHVWVROOLFLWpSRXUOHVFRXSVGHSLHGGHGpJDJHPHQW(QGpIHQVHLOFRPPDQGHODPRQWpHHQOLJQHGXULGHDXDLQVL TXHODGpIHQVHJOLVVpH /HVFHQWUHVVRQWFDSDEOHVGHIL[HUGHGRQQHUGHSpQpWUHUGDQVXQLQWHUYDOOHGHJpUHUOHVVLWXDWLRQVGHXQFRQWUHXQHWGHGHX[ FRQWUHGHX[(QGpIHQVHLOVVRQWGDQVOHULGHDXHWSODTXHQW /HV DLOLHUV VRQW GHV MRXHXUV UDSLGHV FDSDEOHV GH JpUHU OHV VLWXDWLRQV j XQ FRQWUH XQ FDSDEOHV G H[SORLWHU OH MHX DX SLHG GH O DGYHUVDLUH SRXU ODQFHU GHV FRQWUHDWWDTXHV FDSDEOHV GH VXSSOpHU O DUULqUH ORUVTXH FHOXLFL V LQWHUFDOH (Q GpIHQVH O DLOLHU F{Wp RXYHUWUHVWHGDQVOHULGHDXWDQWTXHOHDGYHUVHQ DSDVSDVVpRXERWWpOHEDOORQ,OLQWqJUHHQVXLWHOHULGHDX/ DLOLHUGX F{WpIHUPpUHVWHHQSODFHWDQWTXHOHEDOORQHVWHQSRVVHVVLRQGHVDYDQWV(QVXLWHLOLQWqJUHOHULGHDX / DUULqUHV LQWHUFDOHVRXYHQWGDQVODOLJQHDUULqUHSRXUFUpHUOHVXUQRPEUH,OHVWERQDXMHXDXSLHG,OHVWFDSDEOHG H[SORLWHUOHV EDOORQVUpFXSpUpVVXUGHVFRXSVGHSLHGDGYHUVHVHWGHODQFHUGHVFRQWUHDWWDTXHVRXGHGpJDJHUVRQFDPS(QGpIHQVHLOIDLW SDUWLHGXULGHDXHWMRXHSDUIRLVGDQVOHULGHDX +LVWRULTXH / DWKOpWLVPH ,QWURGXFWLRQ 'HVWUDFHVpFULWHVG HQWUDvQHPHQWVPLOLWDLUHVIXUHQWUHWURXYpHVHQ(J\SWH'HVWUDFHVpFULWHVGHVSRUWGDWDQWGHDYDQW-& IXUHQW UHWURXYpHV HQ *UqFH HW FKH] OHV &HOWHV HQ ,UODQGH ,O V DJLVVDLW GH YUDLHV FRPSpWLWLRQV VSRUWLYHV /HV WURLV IR\HUV GHV WRXUQRLV JUHFV pWDLHQW OHV -HX[ 'HOSKLTXHV 3\WKLTXHV HW 2O\PSLTXHV /H IR\HU FHOWH pWDLW OHV 7DLOWLQ *DPHV (Q *UqFH pWDLHQW RUJDQLVpVODFRXUVHGXWRXUGHVWDGHGHPOHODQFHUGHMDYHORWVXUFLEOHOHODQFHUGHGLVTXHOHVDXWHQORQJXHXU$XVDXW HQ ORQJXHXU OHV DWKOqWHV FRXUDLHQW DYHF GHV DOWqUHV TX LOV HQYR\DLHQW HQ DUULqUH DX PRPHQW GHO LPSXOVLRQ(Q,UODQGHpWDLHQW RUJDQLVpVOHVSULQWOHODQFHUGHGLVTXHOHODQFHUGHMDYHORWOHODQFHUGHPDUWHDXHQJLQDJULFROHOHVDXWHQKDXWHXUOHODQFHU GH WURQF G DUEUH OH WULSOH VDXW /HV SRLQWV FRPPXQV HQWUH OD *UqFH HW O ,UODQGH pWDLHQW O HVSULW GH UHQFRQWUH OHV -2 pWDLHQW FpOpEUpV WRXV OHV TXDWUH DQV HW OHV 7DLOWLQ *DPHV WRXV OHV WURLV DQV O HVSULW GH IrWH RUJLHV HW DOFRRO OHV WUrYHV JXHUULqUHV LQWHUGLFWLRQ GH VH EDWWUH SHQGDQW OHV WRXUQRLV OHV pFKDQJHV pFRQRPLTXHV HW OHV IR\HUV FXOWXUHOV DUWLVDQV HW DUWLVWHV pWDLHQW SUpVHQWVDX[DOHQWRXUVGHVWRXUQRLV%HDXFRXSGHVSRUWLIVpWDLHQWSURIHVVLRQQHOVjO pSRTXH3RXUOHVYDLQTXHXUVLO\DYDLWGHV SULPHV FRPPH GHV FKHYDX[ GH O DUJHQW RX GHV IHPPHV 8Q FKDPSLRQ REWHQDLW VRXYHQW XQ KDXW SRVWH SROLWLTXH /HV GHX[ WRXUQRLVpWDLHQWSDwHQVjO RULJLQHODUHOLJLRQQ LQWHUYHQDLWSDVSHQGDQWOHVFRPSpWLWLRQV/ HPSHUHXU&RQVWDQWLQVXSSULPDOHV MHX[HQjFDXVHGXGpYHORSSHPHQWGXSURIHVVLRQQDOLVPHHWGHO DSSDULWLRQGHODUHOLJLRQGDQVOHVWRXUQRLV,OQ \HXWSOXVHX GHWRXUQRLVMXVTX¶HQ/HVSUHPLqUHVWUDFHVpFULWHVGHYDLQTXHXUVGDWHQWGHDYDQW-&3HQGDQWODSpULRGHGHODQXLW DWKOpWLTXHGHjODTXDQWLWpGHFRPSpWLWLRQVGLPLQXDjFDXVHGHVJXHUUHV$X;9,,,qPHVLqFOHDSSDUXWXQSKpQRPqQH QRXYHDXHQ$QJOHWHUUHOHVJHQVVHPLUHQWjSUDWLTXHUOHIRRWLQJDORUVDSSHOpUXQQLQJIRRWPHQ(QXQ$QJODLVSDUFRXUXW NPHQXQHKHXUHHWGHPLH(QOH1RUYpJLHQ0HQVHOFRXUXWGH3DULVj0RVFRXHQMRXUVHWKHXUHVjXQHPR\HQQH GHNPKUHSRVLQFOXV /HVSRUWPRGHUQH ,O QDTXLW YHUV HQ $QJOHWHUUH DYHF OHV LQGXVWULHV & HVW HQ $QJOHWHUUH TXH OH VSRUW PRGHUQH DSSDUXW FDU F pWDLW XQH GpPRFUDWLH OLEpUDOH XQ SD\V LQGXVWULHO R OD QRWLRQ GH UHQGHPHQW pWDLW PLVH HQ YDOHXU XQ SD\V SURWHVWDQW R OD QRWLRQ G DFKLHYHPHQWG DFFRPSOLVVHPHQWpWDLWLPSRUWDQWH (Q)UDQFHOHVpOqYHVGXO\FpH&RQGRUFHWVHGpWDFKqUHQWGHODUHOLJLRQHWVHPLUHQWjFRXULUGDQVODFRXUGXO\FpH(QXQ DQFLHQpOqYHGHFHO\FpH6DLQW&ODLUIRQGDOH&OXE)UDQoDLVSUHPLHUFOXEG DWKOpWLVPHIUDQoDLV(Q'H&RXEHUWLQRUJDQLVD OHV-HX[2O\PSLTXHVPRGHUQHVj$WKqQHV / pYROXWLRQGXPDWpULHO / pYROXWLRQGHVSLVWHV /HV SUHPLqUHV SLVWHV pWDLHQW HQ KHUEH ,O V DJLVVDLW GH SUpV RX GH FKDPSV (Q DSSDUXW OD WHUUH EDWWXH TXL Q pWDLW SDV DGDSWpHDX[WHPSVSOXYLHX[3OXVUpVLVWDQWHVjODSOXLHOHVSLVWHVHQFHQGUpHDSSDUXUHQWHQ)UDQFHHQDXVWDGH3HUVKLQJ SHUPHWWDQWG XWLOLVHUGHVFKDXVVXUHVjSRLQWHV(QDSSDUXUHQWOHVSLVWHVV\QWKpWLTXHVHQWDUWDQDXGpSDUWLQYHQWpHVSRXU O HQWUDvQHPHQW GHV FKHYDX[ /D SUHPLqUH SLVWH IUDQoDLVH HQ WDUWDQ IXW FRQVWUXLWH HQ j )RQW5RPHX /HV SLVWHV OHV SOXV UpFHQWHVVRQWHQVSXUWDQHWSHUPHWWHQWXQHFRXUVHSOXVUDSLGH / pYROXWLRQGHVFKDXVVXUHV 2Q FRXUDLW DX GpEXW OHV SLHGV QXV /HV SUHPLqUHV SRLQWHV DSSDUXUHQW HQ PDLV HOOHV pWDLHQW WUqV ULJLGHV j FDXVH GH OHXU VHPHOOH PpWDOOLTXH (Q OH 5XVVH 6WHSDQRY XWLOLVD XQH FKDXVVXUH SOXV KDXWH TXH O DXWUH SRXU OH VDXW HQ KDXWHXU FH TXL HQWUDvQDODUpJOHPHQWDWLRQGHO¶pSDLVVHXUGHVHPHOOH / pYROXWLRQGHVVWDUWLQJEORFNV $XGpSDUWRQFUHXVDLWODWHUUHGHODSLVWH(QVXLWHOHVFRXUHXUVQHFUHXVqUHQWSOXVHWSDUWLUHQWGHERXW,OVUHFRPPHQFqUHQWj FUHXVHUHQ3XLVDSSDUXUHQWGHVVWDUWLQJEORFNVGHSOXVHQSOXVSHUIHFWLRQQpVLQFOLQDEOHVUpJODEOHVHQWDUWDQ / pYROXWLRQGHVKDLHV /HVKDLHVIXUHQWFRSLpHVGHVFRXUVHVGHFKHYDX[/HVFRXUVHVGHKDLHVDSSDUXUHQWYHUVGHVEXLVVRQVpWDLHQWWDLOOpVGDQV GHVFKDPSV3XLVIXUHQWLQYHQWpHVGHVKDLHVLQGLYLGXHOOHVHQPpWDOHQERLVHWF / pYROXWLRQGHVSHUFKHV /HV SUHPLqUHV SHUFKHV DYHF OHVTXHOOHV RQ DWWHLJQDLW P pWDLHQW HQ ERLV (QVXLWH HOOHV IXUHQW HQ EDPERX P IXUHQW IUDQFKLVHQ/HVSHUFKHVHQPpWDODOXPLQLXPRXDFLHUSHUPLUHQWGHVDXWHUP/HVSHUFKHVHQILEUHGHYHUUHDSSDUXUHQW HQ HOOHV SHUPLUHQW j 3HQQHO GH IUDQFKLU P HW j %XEND GH IUDQFKLU P /HV GHUQLqUHV SHUFKHV VRQW HQ ILEUH GH FDUERQH/HVIXWXUHVSHUFKHVVHURQWSHXWrWUHUHPSOLHVG KpOLXP / pYROXWLRQGHVVXUIDFHVGHUpFHSWLRQ $X GpEXW RQ DWWHUULVVDLW VXU GH O KHUEH (QVXLWH RQ SODoDLW XQ WDV GH WHUUH VXUpOHYp 3XLV DSSDUXUHQW OH VDEOH OD VFLXUH HWOHV WDSLVHQPRXVVHHQDX[-2GH0H[LFR& HVWJUkFHDX[WDSLVHQPRXVVHTXH)RVEXU\LQYHQWDVRQVDXW / pYROXWLRQGXFKURQRPpWUDJH /DSUpFLVLRQGHODPHVXUHDXJPHQWDSURJUHVVLYHPHQW/HFKURQRPqWUHQ pWDLWSDVXWLOLVpDXGpEXW3XLVRQXWLOLVDOHVDEOLHUOH FKURQRPqWUHjDLJXLOOHVHWHQOHFKURQRPqWUHpOHFWURQLTXHPXQLGHFHOOXOHVpOHFWULTXHV/HSLVWROHWGRQQDQWOHGpSDUWHVW UHOLpDXFDSWHXUGHO DUULYpHSDUXQFkEOH'HVFDSWHXUVGHSUHVVLRQVRQWSUpVHQWVVXUOHVVWDUWLQJEORFNVSRXUGpWHFWHUOHVIDX[ GpSDUWV/HVFRXUHXUVQHSHXYHQWSDVDYRLUXQWHPSVGHUpDFWLRQLQIpULHXUjPV 5HPDUTXH / pYROXWLRQGXPDWpULHOQ HVWSDVOHVHXOIDFWHXUGHSURJUHVVLRQ/HVDYRLUHPSLULTXHOHVFRQQDLVVDQFHVVFLHQWLILTXHVHWOHVXLYL SV\FKRORJLTXHGHO DWKOqWHOHIRQWSURJUHVVHU 5qJOHPHQWV PqWUHVKDLHV /HPqWUHVKDLHVHVWXQHpSUHXYHGHVWLQpHDX[PLQLPHV/DGLVWDQFHQRUPDOHSRXUOHVMXQLRUVHWOHVVHQLRUVHVWGHP RODKDXWHXUGHVREVWDFOHVHVWGLIIpUHQWHFPSRXUOHVILOOHVHWFPSRXUOHVJDUoRQVPDLVSDVODGLVWDQFHHQWUHFKDTXH KDLH $XPqWUHVKDLHVODGLVWDQFHHQWUHOHGpSDUWHWODSUHPLqUHKDLHHVWGHPO LQWHUYDOOHHQWUHGHX[KDLHVHVWGHPOD GLVWDQFHHQWUHODGHUQLqUHKDLHHWO DUULYpHHVWGHPOHQRPEUHGHKDLHVHVWGHOHPDUTXDJHDXVROHVWGHFRXOHXUYHUWH ODKDXWHXUGHVKDLHVHVWGHFPSRXUOHVPLQLPHVILOOHVHWJDUoRQVHQ67$36FPSRXUOHVJDUoRQVHWFPSRXUOHV ILOOHV/DODUJHXUGXFRXORLUHVWGHP/DOLJQHJDXFKHQ DSSDUWLHQWSDVDXFRXUHXUODOLJQHGURLWHOXLDSSDUWLHQW/HGpSDUW FRPPHQFHDYDQWODOLJQHHWO DUULYpHVHVLWXHDYDQWODOLJQH 6DXWHQORQJXHXU 5{OHGHVMXJHV /HFKHIGXFRQFRXUVYpULILHOHVLQVWDOODWLRQV]RQHGHFKXWHVDEOHKXPLGHSODQFKHG DSSHOSODVWLFLQHGpFDPqWUHDQpQRPqWUH ,OLQGLTXHDYHFOHGUDSHDXVLO HVVDLHVWUpXVVLRXQRQ 8QHSHUVRQQHUDWLVVHOHVDEOHDSUqVFKDTXHVDXW8QHSHUVRQQHSODQWHODILFKHjODGHUQLqUHPDUTXHODLVVpHSDUO DWKOqWHHWWLHQW OHGpFDPqWUHDXSRLQW 8QH SHUVRQQH WLHQW O DXWUH H[WUpPLWp GX GpFDPqWUH YHUV OD SODQFKH G DSSHO /D SHUIRUPDQFH HVW OXH DX QLYHDX GH OD OLJQH G DSSHODXFHQWLPqWUHLQIpULHXU /HVHFUpWDLUHGXFRQFRXUVTXLLQVFULWOHVSHUIRUPDQFHGpVLJQHSDUXQ[XQHVVDLQXOHWSDUXQWLUHWXQHVVDLQRQWHQWp / DQpPRPpWUHXUVHWLHQWjPGHODSODQFKHG DSSHOHWGpFOHQFKHO DSSDUHLOSHQGDQWVTXDQGO DWKOqWHSDVVHjP 8QHSHUVRQQHWLHQWOHSDQQHDXG DIILFKDJH 8QHSHUVRQQHIDLWIRQFWLRQQHUO KRUORJH/ DWKOqWHDPLQXWHHWVHFRQGHVSRXUHIIHFWHXUXQVDXW 'pURXOHPHQWGXFRQFRXUV /HVDWKOqWHVSUHQQHQWOHXUVPDUTXHV,OVQHSHXYHQWIDLUHDXFXQHPDUTXHVXUODSLVWHG pODQPDLVSHXYHQWHQIDLUHVXUOHF{Wp GHODSLVWH/HVWUDFHVjODFUDLHVRQWLQWHUGLWHV / DSSHOVHIDLWjSDUWLUGHODSODQFKH,PPpGLDWHPHQWDSUqVODOLJQHG DSSHOVHWURXYHGHODSODVWLFLQHRXGXVDEOHKXPLGHDILQGH UHWHQLUO HPSUHLQWHGXSLHGGHO DWKOqWHTXDQGLOIDLWXQHIDXWHGHSLHG /RUVTX LO\DKXLWFRQFXUUHQWVRXPRLQVLOVRQWWRXVGURLWjVL[HVVDLV/RUVTX LO\DSOXVGHKXLWDWKOqWHVLOVRQWWRXVGURLWDX[ WURLVSUHPLHUVHVVDLV/HVKXLWDWKOqWHVD\DQWREWHQXOHVPHLOOHXUVUpVXOWDWVRQWGURLWjWURLVHVVDLVVXSSOpPHQWDLUHV /DYLWHVVHGXYHQWGRLWrWUHSULVHSRXUFKDTXHVDXWGHFKDTXHDWKOqWH )DXWHV 8Q FRQFXUUHQW IDLW XQH IDXWH V LO ODLVVH XQH PDUTXH VXU OD SODVWLFLQH V LO SUHQG DSSHO HQ GHKRUV GHV H[WUpPLWpV ODWpUDOHV GH OD SODQFKHG DSSHOVLDSUqVDYRLUVDXWpLOPDUFKHHQDUULqUHGDQVOD]RQHGHFKXWHVLHQWRPEDQWLOWRXFKHOHVROHQGHKRUVGHOD ]RQHGHFKXWHSOXVSUqVGHODOLJQHG DSSHOTXHODPDUTXHODSOXVSURFKHIDLWHGDQVOD]RQHGHFKXWH 0HVXUDJH 7RXVOHVVDXWVUpXVVLVVRQWPHVXUpVjSDUWLUGHODPDUTXHODSOXVSURFKHIDLWHGDQVOD]RQHGHFKXWHSDUXQHSDUWLHTXHOFRQTXH GXFRUSVRXGHVPHPEUHVMXVTX jODOLJQHG DSSHOSHUSHQGLFXODLUHPHQWjODOLJQHG DSSHO &ODVVHPHQW 3RXUOHVpSUHXYHVGHFRQFRXUVROHUpVXOWDWHVWEDVpVXUODGLVWDQFHO DWKOqWHD\DQWIDLWODPHLOOHXUHSHUIRUPDQFHHVWSUHPLHU (QFDVG H[ TXRRQFRQVLGqUHODPHLOOHXUHGHX[LqPHSHUIRUPDQFHRXODWURLVLqPHPHLOOHXUHHWF 5HPDUTXHV /HVURWDWLRQVFRPPHOHVDOWRVRQWLQWHUGLWHV 7UDYDX[GLULJpV / pFKDXIIHPHQW 'pILQLWLRQV 3UHPLqUHGpILQLWLRQ / pFKDXIIHPHQWHVWXQHQWUDvQHPHQWOpJHUGHVWLQpjSUpSDUHUOHVPXVFOHVjXQHIIRUWSK\VLTXH 6HFRQGHGpILQLWLRQ / pFKDXIIHPHQWHVWO HQVHPEOHGHVDFWLYLWpVXWLOHVSRXUpWDEOLUXQpWDWRSWLPDOGHSUpSDUDWLRQSK\VLTXHHWSV\FKLTXHQpFHVVDLUH j XQHSUDWLTXHSK\VLTXHLQWHQVH 2EMHFWLIVGHO pFKDXIIHPHQW ' XQHSDUWLOSHUPHWG pYLWHUOHVEOHVVXUHV ' DXWUHSDUWLOSHUPHWGHVHSUpSDUHUjODUpDOLVDWLRQG XQHSHUIRUPDQFHVSRUWLYHF HVWjGLUHGHVHSUpSDUHUjXQUHQGHPHQW SK\VLRORJLTXHPDLVDXVVLSV\FKRPRWHXU 3ULQFLSHVGHO pFKDXIIHPHQW 3RXUTX XQpFKDXIIHPHQWVRLWHIILFDFHLOGRLWFRPSUHQGUH XQYROXPHVXIILVDQWVDQVrWUHH[FHVVLI XQHDXJPHQWDWLRQSURJUHVVLYHGHO LQWHQVLWp XQHDXJPHQWDWLRQSURJUHVVLYHGHODVSpFLILFLWp XQH SULRULWp DX[ JURXSHV PXVFXODLUHV HW DUWLFXODLUHV TXL VRQW OHV SOXV VROOLFLWpV VDQV RXEOLHU OHV DEGRPLQDX[ VROOLFLWpV GDQV TXDVLPHQWWRXVOHVVSRUWV XQHGLPHQVLRQGHFHQWUDWLRQHWGHFRQFHQWUDWLRQFLEOpHHQIRQFWLRQGHO DFWLYLWpTXLVXLW / pFKDXIIHPHQW HVW GRQF XQH SUpSDUDWLRQ JpQpUDOH IRRWLQJ SXLV VSpFLDOLVpH JDPPHV SXLV VSpFLILTXH VDXW RX ODQFHU VDQV pODQ'DQVWRXVOHVFDVLOGRLWrWUHUpDOLVpVHORQOHSULQFLSHIRQGDPHQWDOGHODSURJUHVVLYLWp &ULWqUHVLQIOXHQoDQWO pFKDXIIHPHQW /DTXDOLWpODTXDQWLWpO RUJDQLVDWLRQGHO pFKDXIIHPHQWGpSHQGHQW GHO DFWLYLWpTXLVXLW GHVKDELWXGHVSHUVRQQHOOHV GHO kJHSUREOqPHGHYLVFRVLWpHWG pODVWLFLWpPXVFXODLUH GXQLYHDXG HQWUDvQHPHQWGHO DWKOqWH GHO pWDWGHIRUPHSHUVRQQHOOH GHO KRUDLUHLOULVTXHG rWUHSOXVORQJjKHXUHVTX jKHXUHVHQIRQFWLRQGHVU\WKPHVELRORJLTXHVGHFKDFXQ GHVFRQGLWLRQVPpWpRURORJLTXHVHWQRWDPPHQWGHODWHPSpUDWXUHVXUWRXWSRXUOHVVSRUWVSUDWLTXpVjO H[WpULHXU GHVHQWUDvQHPHQWVSUpFpGHQWVHQVWDJHSOXVRQDGHFRXUEDWXUHVSOXVOHIRRWLQJGRLWrWUHOHQWHWORQJ GHVFRQGLWLRQVSDUWLFXOLqUHVRQUHYLHQWGHEOHVVXUH &ULWqUHVSHUPHWWDQWGHGpWHUPLQHUTXHO RQHVWpFKDXIIp &HVFULWqUHVVRQWOHVVXLYDQWV VHQVDWLRQV SHUVRQQHOOHV pOLPLQDWLRQ GHV FRXUEDWXUHV GHV UDLGHXUV PXVFXODLUHV QRWLRQ GH FKDOHXU LPSUHVVLRQ G HIILFDFLWp PXVFXODLUH WUDQVSLUDWLRQ IUpTXHQFHVUHVSLUDWRLUHHWFDUGLDTXHVXSpULHXUHVDX[IUpTXHQFHVGHUHSRVHWVWDELOLVpHV DIILQHPHQWWHFKQLTXHHWRXWDFWLTXHFRQFHQWUDWLRQVWUDWpJLHGHMHX +RUPLV OD WUDQVSLUDWLRQ TXL SHXW GpSHQGUH GHV FRQGLWLRQV PpWpRURORJLTXHV HW GH OD WHQXH YHVWLPHQWDLUH RQ SHXW FRQVLGpUHU TX RQHVWpFKDXIIpTXDQGRQDUpXQLWRXVFHVFULWqUHV 'LIIpUHQWHVPRGDOLWpVG pFKDXIIHPHQW / pFKDXIIHPHQW JpQpUDOLVp D SRXU EXW GH YDLQFUH O LQHUWLH GX V\VWqPH ,O VH IDLW j IDLEOH LQWHQVLWp PDLV GRLW GXUHU SOXV GH PLQXWHVWRXWHQVROOLFLWDQWDXPRLQVOHVGHX[WLHUVGHQRWUHPDVVHPXVFXODLUH=DW]LRUVNL / pFKDXIIHPHQWVSpFLILTXHHVWRULHQWpYHUVXQHDXJPHQWDWLRQGXQLYHDXGHUpSRQVHQHXURPXVFXODLUHHWVXUWRXWYHUVOHVJURXSHV PXVFXODLUHVTXLVRQWOHVSOXVVROOLFLWpV,OGRLWrWUHIDLEOHFRQVRPPDWHXUG pQHUJLHWRXWHQVHUDSSURFKDQWGHVVLWXDWLRQVUpHOOHV GHO DFWLYLWpSK\VLTXHHWVSRUWLYH 'HV PRGDOLWpV SHXYHQW DXVVL rWUH GLVWLQJXpHV VHORQ OHV FULWqUHV G pFKDXIIHPHQW PHQWDOLPDJHVUHSUpVHQWDWLRQVPRWLYDWLRQV G pFKDXIIHPHQW DFWLI HW G pFKDXIIHPHQW SDVVLI PDVVDJHV HW PRELOLVDWLRQV SDU XQ NLQp SHUPHWWDQW XQH WUqV IDLEOH GpSHQVH G pQHUJLH 1RWLRQVIRQGDPHQWDOHVHQPpFDQLTXH /DPpFDQLTXHHVWO pWXGHGHVIRUFHVGHVPRXYHPHQWVHWGHVpTXLOLEUHV(OOHVHFRPSRVHGHODG\QDPLTXHpWXGHGHVIRUFHV GHODEDOLVWLTXHpWXGHGHVWUDMHFWRLUHVGHODFLQpWLTXHpWXGHGHVPRXYHPHQWVGHODVWDWLTXHpWXGHGHVIRUFHVVXUXQFRUSV LPPRELOHHWGHODFLQpPDWLTXHpWXGHGHVPRXYHPHQWVVDQVWHQLUFRPSWHGHVIRUFHV /HPRXYHPHQW & HVWOHFKDQJHPHQWGHSRVLWLRQG XQFRUSVGDQVO HVSDFHHQIRQFWLRQGXWHPSV,OH[LVWHWURLVVRUWHVGHPRXYHPHQWUHFWLOLJQH URWDWRLUHHWPL[WHjODIRLVUHFWLOLJQHHWURWDWRLUH /HFHQWUHGHJUDYLWp ,OV DJLWGXFHQWUHPDVVLTXHGHO REMHWpWXGLp /HVIRUFHV 'pILQLWLRQ & HVW O DFWLRQ G XQ FRUSV VXU XQ DXWUH FRUSV ,O QH SHXW SDV \ DYRLU G REMHW HQ PRXYHPHQW VDQV TX LO \ DLW HX GH IRUFH DX SUpDODEOH /HVFLQTSDUDPqWUHVGpWHUPLQDQWODQDWXUHG XQHIRUFH 8QHIRUFHHVWFDUDFWpULVpHSDUVRQLQWHQVLWpVRQSRLQWG DSSOLFDWLRQVRQVHQVVDGLUHFWLRQHWVRQWHPSVG DSSOLFDWLRQ /HVWURLVORLVGH1HZWRQ 6HORQODSUHPLqUHORLODORLG LQHUWLHWRXWFRUSVUHVWHjO pWDWGHUHSRVRXFRQWLQXHjVHGpSODFHUXQLIRUPpPHQWHQOLJQHGURLWH WDQWTXHGHVIRUFHVDJLVVDQWVXUOXLQHOHFRQWUDLJQHQWSDVjPRGLILHUFHWpWDW TXDQWLWpGHPRXYHPHQW PDVVHYLWHVVH 6HORQODGHX[LqPHORLODORLG DFFpOpUDWLRQOHGHJUpGHFKDQJHPHQWGHTXDQWLWpGHPRXYHPHQWG XQREMHWHVWSURSRUWLRQQHOjOD IRUFHDSSOLTXpHHWFHFKDQJHPHQWVHSURGXLWGDQVODGLUHFWLRQG DSSOLFDWLRQGHODIRUFH 6HORQODWURLVLqPHORLODORLG DFWLRQUpDFWLRQWRXWHDFWLRQHQJHQGUHXQHUpDFWLRQpJDOHHWGHVHQVFRQWUDLUH SXLVVDQFH IRUFHGLVWDQFHWHPSV $FFpOpUDWLRQGpFpOpUDWLRQ WUDYDLO IRUFHGLVWDQFH & HVWODPHVXUHGHODYDULDWLRQGHYLWHVVHSDUXQLWpGHWHPSV D YLWHVVHILQDOHYLWHVVHLQLWLDOHWHPSV 1RWLRQG pTXLOLEUH 3RXUV pTXLOLEUHURQDEDLVVHVRQFHQWUHGHJUDYLWp 9LWHVVHVYHUWLFDOHHWKRUL]RQWDOH /DVRPPHGHFHVGHX[YLWHVVHVHVWDSSHOpHODUpVXOWDQWH 7UDMHFWRLUHV 3RXU O H[HPSOH GX VDXW HQ ORQJXHXU O DQJOH G HQYRO LGpDO HVW GH GHJUpV &HSHQGDQW FRPPH OD YLWHVVH KRUL]RQWDOH HVWSOXV pOHYpH TXH OD YLWHVVH YHUWLFDOH O DQJOH IDLW PRLQV GH GHJUpV HW WRXUQH DXWRXU GH GHJUpV /D SRUWpH HVW OD GLVWDQFH KRUL]RQWDOH GH OD WUDMHFWRLUH /D IOqFKH HVW OD KDXWHXU PD[LPDOH DWWHLQWH /H IDFWHXU OH SOXV LPSRUWDQW HVW OD YLWHVVH G pMHFWLRQ SRXUOHVDXWHQORQJXHXU/HVGHX[DXWUHVIDFWHXUVVRQWO DQJOHG HQYROHWODKDXWHXUG pMHFWLRQGXFHQWUHGHJUDYLWp /HVURWDWLRQV 8QHURWDWLRQSUpVHQWHXQD[HGHURWDWLRQXQHIRUFHDYHFXQEUDVGHOHYLHUVXSpULHXUHjO LQHUWLH/HEUDVGHOHYLHUHVWODGLVWDQFH HQWUHO D[HGHURWDWLRQHWOHSRLQWG DSSOLFDWLRQGHODIRUFH *pQpUDOLWpVVXUOHVFRXUVHV 'pILQLWLRQ &RXULU VLJQLILH VH GpSODFHU G XQ DSSXL VXU O DXWUH DYHF XQ WHPSV GH VXVSHQVLRQ /H EXW GHV FRXUVHV HVW G DOOHU OH SOXV YLWH SRVVLEOHG XQSRLQWjXQDXWUHVHXORXHQUHODLVDYHFRXVDQVREVWDFOHVGDQVGHVFRQGLWLRQVUpJOHPHQWDLUHV (WXGHGHODIRXOpH 8QHIRXOpHHVWXQERQGFRPSULVHQWUHGHX[DSSXLVVXFFHVVLIV 3KDVHG DSSXL 3HQGDQWFHWWHSKDVHXQFRXUHXUSHXWDFFpOpUHUUDOHQWLURXFRQVHUYHUGHODYLWHVVH&HWWHSKDVHFRPSUHQGWURLVpWDSHV / DPRUWLVVHPHQWG XQSRLQWGHYXHIRUPHOFRPPHQFHTXDQGOHSLHGUHQWUHHQFRQWDFWDYHFOHVROHWVHWHUPLQHTXDQGOHFHQWUH GHJUDYLWpDUULYHjODYHUWLFDOHGHO DSSXL/HSUHPLHUREMHFWLIHVWGHUHSUHQGUHFRQWDFWDYHFOHVRO/HGHX[LqPHREMHFWLIHVWGH VWRSSHU OD GHVFHQWH GX FHQWUH GH JUDYLWp ' XQ SRLQW GH YXH IRQFWLRQQHO OD SKDVH G DPRUWLVVHPHQW FRPPHQFH TXDQG OH SLHG UHQWUHHQFRQWDFWDYHFOHVROHWVHWHUPLQHTXDQGOHFHQWUHGHJUDYLWpDUUrWHGHGHVFHQGUH/ REMHFWLIHVWGHUpRULHQWHUOHFHQWUH GHJUDYLWp/DGpILQLWLRQIRQFWLRQQHOOHHVWSOXVFRPSOqWHTXHODGpILQLWLRQIRUPHOOHFDUHOOHUHVSHFWHWRXVOHVQLYHDX[GHSUDWLTXH /DSULVHGHOHYLHUGRLWrWUHUDSSURFKpHGHODYHUWLFDOH2QXWLOLVHSRXUFHIDLUHODWHFKQLTXHGXJULIIDJH /HVRXWLHQHVWODSpULRGHSHQGDQWODTXHOOHOHFHQWUHGHJUDYLWpUHVWHjODPrPHKDXWHXU/RUVGXVRXWLHQO DOLJQHPHQWGXSLHG GXEDVVLQHWGHO pSDXOHHVWLGpDO/DSKDVHGHVRXWLHQGRLWrWUHODSOXVFRXUWHSRVVLEOH /D SRXVVpH FRPPHQFH IRUPHOOHPHQW DX PRPHQW GX SDVVDJH j OD YHUWLFDOH HW VH WHUPLQH TXDQG OH SLHG TXLWWH OH VRO )RQFWLRQQHOOHPHQWODSRXVVpHFRPPHQFHORUVTXHOHFHQWUHGHJUDYLWpUHPRQWHHWUHSUHQGGHODYLWHVVHHWVHWHUPLQHTXDQGOH SLHGTXLWWHOHVRO/DSRXVVpHHVWODSKDVHPRWULFH2QSRXVVHSOXVIRUWTXHOHVIURWWHPHQWVUpVLVWDQWVSRXUDFFpOpUHU 3KDVHGHVXVSHQVLRQ (OOHFRPPHQFHTXDQGOHSLHGTXLWWHOHVROHWVHWHUPLQHORUVTX RQUHSUHQGDSSXLVXUOHVRO/DIRUPHGHODWUDMHFWRLUHDpULHQQH GpSHQGGHO DSSXL2QQHSHXWULHQIDLUHHQO DLUSRXUFKDQJHUODWUDMHFWRLUH/HUpDMXVWHPHQWVHJPHQWDLUHFRQVLVWHjDUPHUGX SLHGSHQGDQWODVXVSHQVLRQjLQFOLQHUOHVRUWHLOVYHUVOHKDXW 5DSSRUWHQWUHO¶DPSOLWXGHHWODIUpTXHQFH / DPSOLWXGHHVWODORQJXHXUGHODIRXOpH/DIUpTXHQFHHVWOHQRPEUHGHIRXOpHVSDUXQLWpGHWHPSV3RXUXQHPrPHSRXVVpHVL O DPSOLWXGHDXJPHQWHODIUpTXHQFHGLPLQXHHWLQYHUVHPHQW YLWHVVH DPSOLWXGHIUpTXHQFH 3RXUJDJQHUGHODYLWHVVHRQSHXWXWLOLVHUODIRUPXOHFLGHVVXV 5HPDUTXHV /HVGLIIpUHQWHVFDWpJRULHVGHODYLWHVVH ,O\HQDFLQT /DYLWHVVHGHUpDFWLRQPRWULFHVLPSOHHVWOHWHPSVGHUpDFWLRQ2QSHXWO DPpOLRUHUGHj/HWHPSVGHUpDFWLRQPR\HQ HVW GH PV 8Q DWKOqWH TXL UpDJLW WUqV YLWH D XQ WHPSV GH UpDFWLRQ GH j PV 6L O DWKOqWH D XQ WHPSV GH UpDFWLRQ LQIpULHXUjPVRQFRQVLGqUHTX LODIDLWXQIDX[GpSDUW /DYLWHVVHGHUpDFWLRQPRWULFHFRPSOH[HHVWOHWHPSVGHUpDFWLRQjXQVLJQDOFRPSOH[H3DUH[HPSOHRQVLIIOHHWRQWLUHXQFRXS GHSLVWROHWHWLOIDXWGLIIpUHQFLHUFHVGHX[VLJQDX[SRXUSDUWLU /DYLWHVVHJHVWXHOOHHVWODIUpTXHQFH'HjDQVOHVPHLOOHXUVRQWXQHYLWHVVHJHVWXHOOHGHPRXYHPHQWVGHMDPEHVSDU VHFRQGH/HVPHLOOHXUVFRXUHXUVGXPqWUHVRQWXQHIUpTXHQFHGHPRXYHPHQWVGHMDPEHVSDUVHFRQGH/HVPHLOOHXUVGX PqWUHVRQWXQHIUpTXHQFHGHPRXYHPHQWVGHMDPEHVSDUVHFRQGH /D YLWHVVH GH GpSODFHPHQW V H[SULPH HQ PV (Q DX[-2GH6pRXOGHX[FRXUHXUVGXPqWUHVIXUHQWFKURQRPpWUpV HQWUHHWPjNPK/HVGHX[FRXUHXUVDYDLHQWEDWWXO DQFLHQUHFRUGGXPRQGHPDLV%HQ-RKQVRQIXWGLVTXDOLILpSRXU GRSDJH&DUO/HZLVWULRPSKD /DYLWHVVHGHUpRUJDQLVDWLRQPRWULFHHVWOHWHPSVTX XQDWKOqWHPHWSRXUUHSUHQGUHO¶pTXLOLEUHSDUH[HPSOHDSUqVDYRLUIUDQFKL XQHKDLH 1RWLRQGHEDUULqUHVGHODYLWHVVH ,O V DJLW GH ERXVFXOHU OH FRUSV KXPDLQ SDU H[HPSOH HQ IDLVDQW FRXULU O DWKOqWH HQ GHVFHQWH ,O GRLW GpSDVVHU VHV EDUULqUHV GH YLWHVVH,OSHXWDXVVLPHWWUHXQEDXGULHUSRXUVHIDLUHWUDFWHU 'pSDUW 'DQV OHV VWDUWLQJEORFNV SRXU P RX PRLQV OH GpSDUW HVW GRQQp SDU j YRV PDUTXHV SUrWV FRXS GH SLVWROHW 3RXU GHV GLVWDQFHVVXSpULHXUHVjPLOQ \DSDVGHVWDUWLQJEORFNVHWOHGpSDUWHVWGRQQpSDUjYRVPDUTXHVFRXSGHSLVWROHW /HVVWDUWLQJEORFNVSHXYHQWrWUHUpJOpVFRPPHRQOHVRXKDLWH/HEORFDYDQWHVWJpQpUDOHPHQWVLWXpGHjFPGHODOLJQH GHGpSDUW/HEORFDUULqUHHVWJpQpUDOHPHQWVLWXpGHjFPGHODOLJQHGHGpSDUW,OQ \DSDVOHPrPHDQJOHDXQLYHDXGX JHQRXDYDQWHWDXQLYHDXGXJHQRXDUULqUHGHj/HSLHGDYDQWSDUWDSUqVOHSLHGDUULqUH/HSLHGDYDQWUHVWH OHGRXEOHGHWHPSVGDQVOHVVWDUWLQJEORFNVTXHOHSLHGDUULqUH$KDXWQLYHDXO XWLOLVDWLRQGHVVWDUWLQJEORFNVSHXWIDLUHJDJQHU VFDURQSHXWH[HUFHUGHVIRUFHVYHUVO DUULqUHTXLGRQQHQWXQHUpDFWLRQYHUVO DYDQW 5qJOHPHQW /RUVG XQFKURQRPpWUDJHPDQXHORQQHSHXWSDVDQQRQFHUGHVFHQWLqPHVGHVHFRQGHV2QGRLWDUURQGLUOHWHPSVDXGL[LqPH GHVHFRQGHVXSpULHXU VGRQQHQWV *pQpUDOLWpVVXUOHVVDXWV VGRQQHQWV VGRQQHQWV (QMHX[ ,OV DJLWGHIDLUHVDXWHUjVRQSURSUHFRUSVODSOXVJUDQGHGLVWDQFHYHUWLFDOHRXORQJLWXGLQDOHDYHFODVHXOHIRUFHPXVFXODLUHRX DYHFXQHSHUFKHGDQVGHVFRQGLWLRQVUpJOHPHQWDLUHV /HVTXDWUHSKDVHVG XQVDXWDQDO\VHFKURQRORJLTXH &RXUVHG pODQ (OOHHVWGpFRPSRVpHHQGHX[SDUWLHV - /DPLVHHQDFWLRQVHUWjYDLQFUHO LQHUWLHHWjDFTXpULUOHPD[LPXPGHYLWHVVHKRUL]RQWDOHXWLOLVDEOH /DSKDVHGHOLDLVRQFRXUVHLPSXOVLRQVHIDLWVXUOHVTXDWUHGHUQLHUVDSSXLVVL[GHUQLHUVDSSXLVjKDXWQLYHDX/DIUpTXHQFH HVW DXJPHQWpH WRXW HQ UHVWDQW UHOHYp 2Q VH SUpSDUH j GpFOHQFKHU XQ VDXW /H V\VWqPH PXVFXODLUH HVW PLV HQ WHQVLRQ UHFUXWHPHQWVSDWLDOHWWHPSRUHOGHVXQLWpVPRWULFHVPXVFXODLUHV $XVDXWHQORQJXHXUO¶DEDLVVHPHQWGXFHQWUHGHJUDYLWpVHIDLWJpQpUDOHPHQWVXUO¶DYDQWGHUQLHUDSSXLDILQGHSODFHUOHFHQWUH GHJUDYLWpVXUXQHWUDMHFWRLUHDVFHQGDQWHVXUOHGHUQLHUDSSXLHWG¶DSSOLTXHUODQRWLRQGXVRIWVWHSDSSXLVXUOHTXHORQSDVVHHQ GpURXODQW3RXUWRXVOHVQLYHDX[GHSUDWLTXHODYLWHVVHKRUL]RQWDOHGLPLQXHjFDXVHGHODSUpVHQFHGHODSODQFKHHWGXIDLWGH GpFOHQFKHUO¶LPSXOVLRQ/¶H[SpULHQFHGH7HUPHPRQWUHTXHOHSDVVDJHG¶XQPRXYHPHQWF\FOLTXHjXQPRXYHPHQWEDOLVWLTXHIDLW GLPLQXHUODYLWHVVH $SSHO /DSKDVHG DSSHOFRPPHQFHORUVGHODSRVHGXGHUQLHUDSSXLHWVHWHUPLQHORUVTXHFHOXLFLTXLWWHOHVRO/ DSSHOVHGLVWLQJXHGH O LPSXOVLRQ/ DSSHOHVWXQHLQWHQWLRQGHGpFOHQFKHUXQVDXWWDQGLVTXHO LPSXOVLRQHVWODTXDQWLWpGHPRXYHPHQWLPSULPpHDX FRUSVjFKDTXHVXVSHQVLRQ /D SKDVH G DSSHO HVW FDUDFWpULVpH SDU XQH JUDQGH LQWHQVLWp GHV IRUFHV H[HUFpHV DX VRO HW SDU OH FKHPLQ GH VDXW FKHPLQ G LPSXOVLRQ/HFKHPLQGHVDXWHVWODWUDMHFWRLUHGpFULWHSDUOHFHQWUHGHJUDYLWpSHQGDQWODSKDVHG DSSHO /HV SKDVHV G DPRUWLVVHPHQW GH VRXWLHQ HW GH SRXVVpH VRQW SUpVHQWHV ORUV GH OD SKDVH G DSSHO & HVW OD SRXVVpH TX LO IDXW YDORULVHU $XVDXWHQORQJXHXULOIDXWDXJPHQWHUDXPD[LPXPODSKDVHGHSRXVVpHPDLVVDQVWURSDXJPHQWHUOHWHPSVG¶DSSXLDXVRO2Q HVVD\H GRQF GH JULIIHU ORUV GH O¶LPSXOVLRQ 2Q UHFKHUFKH DXVVL XQH RVFLOODWLRQ UDSLGH GX JUDQG D[H GX FRUSV DXWRXU GX SLHG G¶DSSHO QRWDPPHQW HQ GLPLQXDQW OD SKDVH G¶DPRUWLVVHPHQW FH TXL LPSOLTXH XQH IDLEOH FUpDWLRQ GH YLWHVVH YHUWLFDOH /¶DXJPHQWDWLRQ GX FKHPLQ G¶LPSXOVLRQ GRLW VH IDLUH WRXW HQ D\DQW WW WUqV EUHI FH TXL UHQYRLH j XQ FRPSURPLV HQWUH OD TXDQWLWpG¶DEDLVVHPHQWHWODYLWHVVHGHUHGUHVVHPHQW $X VDXW HQ ORQJXHXU RQ UHFKHUFKH WRXMRXUV XQ DOLJQHPHQWSLHGG¶LPSXOVLRQ±EDVVLQ±pSDXOHVDILQGHOLPLWHUOHVURWDWLRQVHW SRXUPLHX[WUDQVPHWWUHOHVIRUFHV(QHIIHWVLODSRXVVpHHVWH[FHQWUpHFHODDXJPHQWHOHVURWDWLRQVTXLVRQWJrQDQWHVORUVGH ODVXVSHQVLRQ'HSOXVOHVIRUFHVGHURWDWLRQOLPLWHQWO¶DYDQFHPHQW $XVDXWHQORQJXHXUO¶DQJOHG¶HQYROYDULHHQWUHHWGHJUpV,OHVWWUqVLQIpULHXUjO¶DQJOHG¶HQYROWKpRULTXHLGpDOTXLHVWGH GHJUpV(QHIIHW - LO\DXQUDSSRUWFRQWUDGLFWRLUHWKpRULTXHHWWDFWLTXHHQWUHOHYLWHVVHYHUWLFDOHHWODYLWHVVHKRUL]RQWDOH RQVDXWHHQFRQWUHEDV OHVYLWHVVHVYHUWLFDOHHWKRUL]RQWDOHVRQWFUppHVSDUOHVMDPEHV 6XVSHQVLRQ 9RLUODSDUWLHVXUOHVWUDMHFWRLUHV 2QQHSHXWSDVPRGLILHUODWUDMHFWRLUHHQO DLUVDXIDXVDXWjODSHUFKHRO¶RQSHXWPRGLILHUODWUDMHFWRLUHHQWHQDQWODSHUFKH $XVDXWHQORQJXHXUOHVDXWHXUGRLWHVVD\HUGHVHUppTXLOLEUHUHWGHUDPHQHUOHVMDPEHVGDQVOHVDEOHGXUDQWFHWWHSKDVH 3XLVTXH OD YLWHVVH KRUL]RQWDOH HVW YDORULVpH LO \ D XQ GpVpTXLOLEUH YHUV O¶DYDQW &H GpVpTXLOLEUH SHXW rWUH G j XQH SRXVVpH H[FHQWULTXH HW DX IDLW TX¶LO \ D XQ EORFDJH DX QLYHDX GX SLHG G¶DSSHO HW GRQF XQ SLYRW DXWRXU GH FH SLHG 3RXU OLPLWHU FHV URWDWLRQVLOIDXWpYLWHUGHUHJDUGHUDXVROHWOLPLWHUODSKDVHG¶DPRUWLVVHPHQWSRXUUpGXLUHOHEORFDJH3RXUVHUppTXLOLEUHURQ XWLOLVH OHV VHJPHQWV OLEUHV /HV EUDV HVVD\HQW GH OLPLWHU OHV URWDWLRQV ODWpUDOHV HW OD MDPEH OLEUH HVVD\H GH OLPLWHU OHV URWDWLRQV YHUVO¶DYDQWHQSRLQWDQWOHJHQRX 3RXU UDPHQHU OHV MDPEHV GDQV OH VDEOH LO \ D GHX[ JUDQGV VW\OHV XWLOLVpV j KDXW QLYHDX OHV FLVHDX[ HW SpGDODJHV /HZLV HW O¶H[WHQVLRQ(PLDQ3RXUGHVQLYHDX[PR\HQVODVROXWLRQHVWGHSDVVHUSDUXQHSRVLWLRQOpJqUHPHQWJURXSpH'DQVFHVGHX[ WHFKQLTXHVRQUHWURXYHWURLVSRLQWVFRPPXQV - OHVVHJPHQWVOLEUHVVRQWPRELOLVpVYHUVO¶DYDQWSRXUFRQWUHUODURWDWLRQGXEXVWHYHUVO¶DYDQW LO\DXQHURWDWLRQGXEXVWHYHUVO¶DYDQWORUVGXUDPHQpILQDOSRXUpYLWHUGHFKXWHUHQDUULqUHGDQVOHVDEOH LO\DXQHH[WHQVLRQGHVPXVFOHVDEGRPLQDX[SVRDVSHFWRUDX[HWTXDGULFHSVDILQG¶DYRLUXQUDPHQpILQDOUDSLGH &KXWH /DFKXWHIDLWSDUWLHGHODSHUIRUPDQFHPDLVHOOHHVWXQLTXHPHQWVpFXULVDQWH(OOHLQIRUPHVXUODTXDOLWpG DSSHOHWGXUDPHQp $X VDXW HQ ORQJXHXU SOXV OD YLWHVVH KRUL]RQWDOH HVW JUDQGH PRLQV RQ D GH FKDQFHV GH UHWRPEHU HQ DUULqUH HW SOXV RQ SHXW DPHQHUVHVSLHGVORLQGDQVOHVDEOH/HGpIDXWSULQFLSDOHVWGHODLVVHUWRPEHUOHVSLHGVFHTXLV¶H[SOLTXHSDU - XQHIDLEOHVVHRXXQRXEOLGHFRQWUDFWLRQDXQLYHDXDEGRPLQDO XQHURWDWLRQHQDYDQWWURSLPSRUWDQWHDXPRPHQWGHO¶DSSHODERXWLVVDQWjXQFRUSVFDVVp XQUHJDUGRULHQWpYHUVOHVDEOH XQHWHQVLRQRXXQHUDLGHXUDXQLYHDXGHVPXVFOHVGXGRVHQWUDvQDQWXQUHGUHVVHPHQWSUpPDWXUp $VSHFWVGLGDFWLTXHVHWSpGDJRJLTXHV $YHFGHVGpEXWDQWVMHXQHVLOIDXWSULYLOpJLHUXQH]RQHG¶DSSHOODUJHDXPRLQVFPHWOLPLWHUODORQJXHXUGHODFRXUVHG¶pODQ jIRXOpHV ,OIDXWFHQWUHUO¶DWKOqWHVXUODQRWLRQGHYLWHVVHHWVXUODIUpTXHQFHGHILQGHFRXUVH ,OIDXWIDLUHXQWUDYDLOGHSLHGHQDSSX\DQWYHUVOHKDXWHWYHUVO¶DYDQWHQDSSX\DQWIRUWHWYLWHHQUHVWDQWORQJWHPSVHQO¶DLU /H WUDYDLO GH VXVSHQVLRQ Q¶HVW SDV SULRULWDLUH QRWDPPHQW SDU UDSSRUW DX WUDYDLO GH OD FRXUVH HW GH O¶LPSXOVLRQ /H U{OH GH OD MDPEHOLEUHHVWLPSRUWDQWSRXUO¶pTXLOLEUH/HUDPHQpSHXWrWUHWUDYDLOOpGDQVOHVDEOHRXVXUXQWDSLVGHVDXWHQKDXWHXU /¶XWLOLVDWLRQ G¶XQEDQFGHVDXWXQHFDLVVHVXUpOHYpHSHUPHWG¶DPSOLILHUODTXDOLWpOHVHUUHXUVG¶LPSXOVLRQEUXLWVHFHWIRUWRX WURS ORQJ HW OD GXUpH GH OD WUDMHFWRLUH WHPSVG¶DXWRpYDOXDWLRQSOXVJUDQG(OOHSHUPHWDXVVLOHWUDYDLOGXUDPHQpSXLVTX¶RQ UHVWHSOXVORQJWHPSVHQO¶DLU $ XQQLYHDXVXSpULHXUGHSUDWLTXHLOIDXWWUDYDLOOHUOHJULIIpjO¶LPSXOVLRQ $QDO\VHGHODORJLTXHLQWHUQHGHO DFWLYLWp ,VVXH GH O DXWHXU 3LHUUH 3DUOHEDV FHWWH ORJLTXH LQWHUQH HVW GpFULWH GDQV 'LGDFWLTXH HW ORJLTXH LQWHUQH GHV $36 UHYXH (36 QXPpUR 0pFDQLTXH &LQpPDWLTXH ,O IDXW YDLQFUH O LQHUWLH YRLU OD SUHPLqUH ORL GH 1HZWRQ DFFpOpUHU YRLU OD GHX[LqPH ORL GH 1HZWRQ HW VH SUpSDUHU j VDXWHU V DGDSWHUPpFDQLTXHPHQWSRXUFUpHUGHODYLWHVVHYHUWLFDOHVXUGHODYLWHVVHKRUL]RQWDOHHQU\WKPDQWOHVGHUQLHUVDSSXLV '\QDPLTXH (QVDXWLOIDXWH[HUFHUGHVIRUFHVYHUVOHEDVHWYHUVO DUULqUH3RXUFUpHUGHODYLWHVVHYHUWLFDOHRQpWXGLHODIRUPXOHVXLYDQWH 9Y KKWW K FHQWUHGHJUDYLWpDXSRLQWEDVW K FHQWUHGHJUDYLWpDXSRLQWKDXWW $ KDXWQLYHDXDXVDXWHQKDXWHXUKK FPHWDXVDXWHQORQJXHXUFPKKFP ,OIDXWV DEDLVVHUPrPHDXVDXWHQORQJXHXUHQIOpFKLVVDQWHQDXJPHQWDQWO DPSOLWXGHRXHQV LQFOLQDQWODWpUDOHPHQW,OQHIDXW SDV DXJPHQWHU O DPSOLWXGH RX IOpFKLU WURS DX VDXW HQ ORQJXHXU SRXU QH SDV SHUGUH GH OD YLWHVVH / LQFOLQDLVRQ ODWpUDOH SHUPHW G DXJPHQWHU OHV SUHVVLRQV H[HUFpHV DX VRO HW GH PHWWUH HQ WHQVLRQ OH V\VWqPH PXVFXODLUH 0DLV RQ QH SHXW SDV XWLOLVHU O LQFOLQDLVRQODWpUDOHDXVDXWHQORQJXHXUFDULOQ \DSDVGHYLUDJHFRQWUDLUHPHQWDXVDXWHQKDXWHXU %DOLVWLTXH ,OIDXWFRQWU{OHUOHVURWDWLRQVHQO DLUSRXUDVVXUHUODUpFHSWLRQ (QHUJpWLTXH 7RXVOHVVDXWVVRQWGHVDFWLYLWpVGHW\SHH[SORVLIGXSRLQWGHYXHpQHUJpWLTXH,OH[LVWHXQHHQGXUDQFHDXVDXWSOXVRQUpDOLVH G HVVDLVSOXVRQHVWIDWLJXp ,QIRUPDWLRQQHO /HVVDXWVVRQWGHVDFWLYLWpVFKDUJpHVG LQIRUPDWLRQVFRPSOH[HV,OQHIDXWSDVXWLOLVHUODYXHFRPPHLQIRUPDWHXUSULQFLSDORQ XWLOLVHDXVVLOHVLQIRUPDWLRQVSURSULRFHSWLYHVNLQHVWKpVLTXHVDXGLWLYHVLOIDXWpFRXWHUOHU\WKPHGHVDSSXLVHWOHYROXPHGXVRQ SURGXLWSDUFKDTXHDSSXLHWWDFWLOHV ,OIDXWDQDO\VHUVRQHVVDLSRXUDPpOLRUHUOHVXLYDQW $IIHFWLI /DSHXUQ HVWSDVLPSRUWDQWHDXVDXWHQORQJXHXU/HVFRQWUDLQWHVDIIHFWLYHVVRQWVXUWRXWSUpVHQWHVORUVGHFRPSpWLWLRQV 7DFWLTXHHWVWUDWpJLTXH /DVWUDWpJLHHVWGpFLGpHDYDQWOHGpSDUW/DWDFWLTXHLQWHUYLHQWSHQGDQWO DFWLRQ $XVDXWHQORQJXHXURQFKRLVLWOHQRPEUHG DSSXLVGHODFRXUVHG pODQO DPSOLWXGHGXIOpFKLVVHPHQWHWF 3UREOqPHIRQGDPHQWDO 'DQV WRXV OHV VDXWV LO IDXW rWUH FDSDEOH GH FUpHU XQ PD[LPXP GH YLWHVVH YHUWLFDOH HQ SHUGDQW XQ PLQLPXP GH YLWHVVH KRUL]RQWDOH 1LYHDX[GHSUDWLTXH $XSUHPLHUQLYHDXLOIDXWrWUHFDSDEOHGHGpWHUPLQHUHWGHVWDELOLVHUVRQSLHGG DSSHO $XGHX[LqPHQLYHDXLOIDXWrWUHFDSDEOHGHGLIIpUHQFLHUXQDSSXLGHFRXUVHHWXQDSSXLGHVDXW $XWURLVLqPHQLYHDXDYHFEHDXFRXSG pODQLOIDXWVDYRLUJpUHUOHSUREOqPHIRQGDPHQWDOHQXWLOLVDQWOHVRIWVWHS &RQFOXVLRQ (QDWKOpWLVPHRQSHXWWRXWDQDO\VHUSRXUFUpHUGHODYLWHVVHDFFpOpUHUFRQVHUYHUFHWWHYLWHVVHHWFUpHUGHODYLWHVVHYHUWLFDOH 6XMHWVGHUpIOH[LRQ &RPPHQWH[SOLTXHUODSKUDVHGHODFRQFOXVLRQSRXUGXVDXWHQORQJXHXUHWSRXUGXPqWUHVKDLHV" &RPPHQWH[SOLTXHUHWFRPPHQWJpUHUOHSUREOqPHIRQGDPHQWDODXVDXWHQORQJXHXU" PqWUHVKDLHVPqWUHVKDLHV 'pILQLWLRQ ,O V DJLW GH FRXULU OH SOXV YLWH SRVVLEOH G XQ SRLQW j XQ DXWUH DYHF GHV KDLHV HVSDFpHV GH PqWUHV & HVW XQH FRXUVH j GRPLQDQWHDQDpURELHODFWLTXH 5HPDUTXHVjKDXWQLYHDX /HVSUHPLHUVPqWUHVVRQWWRXMRXUVSOXVUDSLGHVTXHOHVVHFRQGV 8QHKDLHIDLWSHUGUHGHjVSDUUDSSRUWjGXSODW 8Q VDXW GH KDLH VH IDLW VXU HQYLURQ PqWUHV GH ORQJXHXU /D SKDVH DVFHQGDQWH GX VDXW MXVTX DX QLYHDX GH OD KDLH SUHQG GHX[WLHUVGHVPqWUHV/DSKDVHGHVFHQGDQWHGXVDXWDSUqVODKDLHSUHQGXQWLHUVGHVPqWUHV (QWUHOHVKDLHVOHFRXUHXUIDLWGHjDSSXLV,OQHIDLWMDPDLVSOXVGHGHX[DSSXLVGHGLIIpUHQFH (QYLUDJHOHIUDQFKLVVHPHQWGHVKDLHVVHIDLWDYHFOHSLHGG DSSHOGURLW )UDQFKLVVHPHQW /HEXWHVWGHUpGXLUHDXPD[LPXPODKDXWHXUGHODWUDMHFWRLUH/ HPSODFHPHQWLGpDOGHODKDLHGHYUDLWrWUHDXPLOLHXGXVDXW 0DLVODKDLHVHVLWXHHQIDLWDX[GHX[WLHUVGXVDXW -DPEHG DWWDTXH & HVWODMDPEHTXLIUDQFKLWHQSUHPLHUODKDLH2QODQFHODMDPEHIOpFKLHSXLVRQODWHQG2QDEHVRLQG XQHFHUWDLQHYLWHVVHSRXU QHSDVWRXFKHUODKDLH -DPEHG LPSXOVLRQ /HEDVVLQHVWHQDYDQWGXSRLQWG LPSXOVLRQ/HEUDVRSSRVpjODMDPEHG LPSXOVLRQUHYLHQWYHUVOHFRUSV/DGLVWDQFHHQWUHOH SRLQWG LPSXOVLRQHWODKDLHHVWODGLVWDQFHG DWWDTXH 5HSULVHG DSSXL /HFHQWUHGHJUDYLWpQHGRLWSDVrWUHHQDUULqUHGHVDSSXLV /HFHQWUHGHJUDYLWpGRLWrWUHOHSOXVKDXWSRVVLEOH ,OIDXWDYRLUXQHFKDvQHG DSSXLVVROLGH3RXUFHIDLUHLOIDXWDQWLFLSHUO DUULYpHDXVRO 5HPDUTXHV 2QQHSHXWSDVIDLUHXQHERQQHSHUIRUPDQFHVLRQQHVDLWSDVLPSXOVHUHWIUDQFKLUGHVGHX[MDPEHV ,OIDXWVDYRLUIDLUHXQHDGDSWDWLRQRFFXORPRWULFHHQFKRLVLVVDQWODERQQHMDPEHSRXUVDXWHU ,OIDXWVDYRLUUpJOHUOHUDSSRUWHQWUHO DPSOLWXGHHWODIUpTXHQFH,OIDXWDXJPHQWHUODIUpTXHQFHDYDQWG DUULYHUjODKDLH 0RVHVIDLVDLWDSSXLVHQWUHFKDTXHKDLHGXGpEXWjODILQ 6LRQSDUWOHQWHPHQWF HVWXQWHPSVTX RQQHUDWWUDSHUDSDVPrPHVLRQFRXUWWUqVYLWH *pQpUDOLWpVHWGpILQLWLRQ /DFRXUVHG RULHQWDWLRQ /D FRXUVH G RULHQWDWLRQ VH GpILQLW FRPPH XQH FRXUVH FRQWUH OD PRQWUH HQ WHUUDLQ YDULp VXU XQ SDUFRXUV PDWpULDOLVp SDU GHV SRVWHV GH FRQWU{OH TXH OH FRQFXUUHQW GRLW GpFRXYULU SDU GHV FKHPLQHPHQWV GH VRQ FKRL[ HQ VH VHUYDQW G XQH FDUWH HW pYHQWXHOOHPHQWG XQHERXVVROH /HPDWpULHOGHFHVSRUWFDUWRJUDSKLHHWSRVWHVSHUPDQHQWVG RULHQWDWLRQUHSUpVHQWHO HVSDFHVSRUWG RULHQWDWLRQ /HVGpSDUWVSHXYHQWrWUHHQPDVVHRXpFKHORQQpVGDQVOHWHPSV /HFDUWRQGHFRQWU{OHHVWDXMRXUG KXLLQIRUPDWLVp +LVWRULTXH (QO RULHQWDWLRQQDTXLWGDQVOHVPLOLHX[PLOLWDLUHVVFDQGLQDYHV /HPDLHXWOLHXj%HUJHQHQ1RUYqJHODSUHPLqUHFRXUVHG RULHQWDWLRQ (QHXWOLHXODSUHPLqUHFRXUVHQRQVFDQGLQDYHHQ6XLVVH (Q XQ RUJDQLVPH QRUGLTXH SRXU OD FRXUVH G RULHQWDWLRQ IXW FUpp ,O DYDLW SRXU WkFKHV OH UqJOHPHQW O RUJDQLVDWLRQ GHV FKDPSLRQQDWVQRUGLTXHVODFDUWRJUDSKLHODQRUPDOLVDWLRQHWODSURPRWLRQ (QODFRXUVHG RULHQWDWLRQjVNLIXWUHFRQQXHSDUOH&,2 (QODIpGpUDWLRQLQWHUQDWLRQDOHOD,2)IXWFUppH (QOD)pGpUDWLRQ6XpGRLVHSDUO LQWHUPpGLDLUHGH:LOO6WDOEUDQGLQWURGXLVLWODFRXUVHG RULHQWDWLRQDXEDWDLOORQGH-RLQYLOOH j )RQWDLQHEOHDX /HDYULOOD)pGpUDWLRQ)UDQoDLVHGH&RXUVHG 2ULHQWDWLRQIXWFUppHSDU%HUQDUG6WDVL (QHXWOLHXOHSUHPLHUFKDPSLRQQDWFLYLOj5DPERXLOOHW (QO ,2)UHJURXSDLWSD\V (QO ,2)UHJURXSDLWSD\V /D)UDQFHFRPSWHOLJXHVFRPLWpVUpJLRQDX[FRPLWpVGpSDUWHPHQWDX[HWFOXEV /HVpSUHXYHVGHFRXUVHG RULHQWDWLRQ (OOHVVHGLVWLQJXHQWSDU OHPR\HQGHGpSODFHPHQWjSLHGjVNLj977RXDXWUHVPR\HQVGHGpSODFHPHQWQRQPRWRULVpVODFRXUVHjVNLVHIDLWHQ VNLGHIRQG O KHXUHGHODMRXUQpHGHMRXURXGHQXLW OD QDWXUH GH OD FRPSpWLWLRQ FRXUVH LQGLYLGXHOOH ORQJXH GLVWDQFH GLVWDQFH FODVVLTXH FRXUWH GLVWDQFH FRXUVH GH UHODLV RX FRXUVHSDUpTXLSHV ODIDoRQG REWHQLUOHFODVVHPHQWFRPSpWLWLRQXQLTXHRXSDUpWDSHV /HVGLVFLSOLQHV 7URLV GLVFLSOLQHV H[LVWHQW OD FRXUVH G RULHQWDWLRQ SpGHVWUH OD FRXUVH G RULHQWDWLRQ j VNLHWODFRXUVHG RULHQWDWLRQj977/D GLIIpUHQFHSULQFLSDOHHQWUHOHVGLVFLSOLQHVHVWODFDUWRJUDSKLH3RXUODFRXUVHSpGHVWUHRQSHXWDOOHUSDUWRXW(QVNLODVNLDELOLWp HVWLQGLTXpH(Q977ODURXODELOLWpHVWLQGLTXpH /HVFRXUVHVIpGpUDOHV /HVFRPSpWLWLRQVLQWHUQDWLRQDOHVVRQWOHFKDPSLRQQDWGXPRQGHOHVFRXSHVGXPRQGHHWOHVFRPSpWLWLRQVGHFLQTMRXUV /HVFRPSpWLWLRQVFRPSWDQWSRXUXQFODVVHPHQWIUDQoDLVVRQWOHVFRXUVHVQDWLRQDOHVWURLVSDUDQOHFKDPSLRQQDWGH)UDQFHOHV FRXUVHVLQWHUUpJLRQDOHVHWOHVFRXUVHVORQJXHVFRPSUHQDQWGHVUDLGVRULHQWDWLRQ /HVFDWpJRULHVVRQWOHVPrPHVTXHSRXUODSOXSDUWGHVVSRUWVEHQMDPLQVPLQLPHVFDGHWVMXQLRUVHVSRLUVVHQLRUVYpWpUDQV /D FODVVH pOLWH HVW O HQVHPEOH GHV FRXUHXUV SRXYDQW SDUWLFLSHU DX FKDPSLRQQDW GX PRQGH /D FODVVH ORQJXH UDVVHPEOH OHV FRXUHXUVYRXODQWSDUFRXULUEHDXFRXSGHGLVWDQFH/DFODVVHFRXUWHUDVVHPEOHOHVFRXUHXUVYRXODQWSDUFRXULUPRLQVGHGLVWDQFH 5qJOHVGHFRQGXLWH /DSURELWpVSRUWLYHGXFRXUHXUG RULHQWDWLRQOHUHVSHFWGHWRXVOHVUqJOHPHQWVHVWXQSULQFLSHIRQGDPHQWDO /HVFRQFXUUHQWVVRQWWHQXVGHGHPHXUHUVLOHQFLHX[GXUDQWO pSUHXYH ,OHVWLQWHUGLWG HIIHFWXHUXQSDUFRXUVRXXQHIUDFWLRQGHSDUFRXUVHQFROODERUDWLRQDYHFXQRXSOXVLHXUVFRXUHXUV 7RXWRUGUHLPSRVpGHSDVVDJHDX[SRVWHVGHFRQWU{OHGRLWrWUHUHVSHFWp / DVVLVWDQFHPXWXHOOHHVWREOLJDWRLUHHQFDVG DFFLGHQW / XVDJHGHWRXWLQVWUXPHQWGHQDYLJDWLRQDXWUHTXHODFDUWHHWODERXVVROHHVWLQWHUGLW/H*36HWO DOWLPqWUHVRQWLQWHUGLWV /HVFRQFXUUHQWVGRLYHQWUHVSHFWHUOHV]RQHVLQWHUGLWHVOHVSURSULpWpVFORVHVHWOHVFXOWXUHV/HV]RQHVLQWHUGLWHVVRQWKDFKXUpHV HQ URXJH ,O HVW LQWHUGLW GH FKHUFKHU j REWHQLU GHV UHQVHLJQHPHQWV VXU OD FRXUVH DXWUHV TXH FHX[ IRXUQLV SDU O RUJDQLVDWHXU jO HQVHPEOH GHVFRQFXUUHQWV 'DQV XQHpSUHXYHjVNLRXj977OHVFRQFXUUHQWVSHXYHQWrWUHDPHQpVjVHGpSODFHUjSLHGPDLVGDQVFHFDVLOVGRLYHQW JDUGHUDYHFHX[OHXUpTXLSHPHQWGHVNLRXOHXUYpOR /HVFRQFXUUHQWVGRLYHQWVHFRQIRUPHUDX[UqJOHVGHFLUFXODWLRQHQYLJXHXUVDXIHQFDVGHSUpFLVLRQSDUO RUJDQLVDWHXU/HSRUW GXFDVTXHHVWREOLJDWRLUHj977 $XFXQHDLGHH[WpULHXUHQ HVWDXWRULVpH /HFOXEHVWUHVSRQVDEOHGHVFRQFXUUHQWV 7UDYDX[GLULJpV 'pILQLWLRQHWJpQpUDOLWpV /DFRXUVHG¶RULHQWDWLRQHVWXQHFRXUVHLQGLYLGXHOOHVXUXQSDUFRXUVPDWpULDOLVpSDUGHVSRVWHVJUkFHjXQHFDUWH ,OIDXWWRXMRXUVRULHQWHUODFDUWHJUkFHDXWHUUDLQ 8QJDUoRQDXQHYLWHVVHPR\HQQHGHNPSDUPLQXWHVHWXQHILOOHDXQHYLWHVVHPR\HQQHGHNPSDUPLQXWHV /RJLTXHGHO¶DFWLYLWp 6HORQ XQ HVVDL GH UpSRQVHV HQ (36 OHV DFWLYLWpV G¶RULHQWDWLRQ RQW SRXU REMHFWLIV GH UHQGUH O¶HQIDQW FDSDEOH GH FKRLVLU OD FRQGXLWH OD PLHX[ DGDSWpH SRXU VH VLWXHU SUpYRLU HW HIIHFWXHU XQ GpSODFHPHQW UDLVRQQp GDQV XQ PLOLHX GH SOXV HQ SOXV FRPSOH[HHWpODUJLFRQQXRXLQFRQQXHQXWLOLVDQWXQGRFXPHQWHWGHVRXWLOVG¶pYDOXDWLRQGHVGLUHFWLRQVHWGHVPHVXUHV 6HORQ-5DJHODUpIOH[LRQTXHSURYRTXHODFRXUVHG¶RULHQWDWLRQODILQHVVHGHO¶REVHUYDWLRQTX¶HOOHGpYHORSSHODFRPSOH[LWpGHV RXWLOVTX¶HOOHXWLOLVHHWODULFKHVVHGXPLOLHXTX¶HOOHSHUPHWGHFRQTXpULUIDYRULVHQWODPLVHHQSODFHGHVLWXDWLRQVDOODQWDXGHOj G¶XQVLPSOHDSSUHQWLVVDJHPRWHXU 'DQVOHVSURJUDPPHVGHO¶pFROHSULPDLUHFHVDFWLYLWpVVRQWMXVWLILpHV³/HVDFWLYLWpVGHSOHLQHQDWXUHVROOLFLWHQWODFRRUGLQDWLRQ GHVDFWLRQVO¶DQWLFLSDWLRQO¶DGDSWDWLRQDX[pOpPHQWVGHYDULDWLRQGXPLOLHXHOOHVSHUPHWWHQWG¶DSSUpFLHUOHULVTXHG¶XWLOLVHUGHV UHSqUHV GDQV O¶HVSDFH HW GDQV OH WHPSV /¶HQIDQW DMXVWH DIILQH HW GpYHORSSH SOXV PpWKRGLTXHPHQW VHV FRQGXLWHV PRWULFHV HQ DQWLFLSDQWOHVDFWLRQVjUpDOLVHU,OFKRLVLWOHVVWUDWpJLHVG¶DFWLRQOHVSOXVHIILFDFHVSDUPLFHOOHVTX¶RQOXLSURSRVHRXTX¶LOFRQoRLW /HPDvWUHYHLOOHUDjUDSSURFKHUOHVDFWLYLWpVGHO¶pGXFDWLRQSK\VLTXHGHVQRWLRQVDFTXLVHVGDQVOHVDXWUHVGLVFLSOLQHV´ &DUWRJUDSKLH 'pILQLWLRQ &¶HVW OD UHSUpVHQWDWLRQ GX WHUUDLQ VXU XQ SODQ (OOH HVW H[pFXWpH VXLYDQW GHV UqJOHV SUpFLVHV GH WHOOH IDoRQ TXH O¶RQ SXLVVH LGHQWLILHU WRXW SRLQW FDUDFWpULVWLTXH GX WHUUDLQ GpWHUPLQHU OHV DQJOHV FDOFXOHU OD GLVWDQFH VpSDUDQW GHX[ SRLQWV HW GpILQLU O¶DOWLWXGHHWODSHQWHGXWHUUDLQ /D FDUWH HVW HVVHQWLHOOH HQ FRXUVH G¶RULHQWDWLRQ 8QH H[FHOOHQWH FDUWH HVW LQGLVSHQVDEOH SRXU TX¶XQH IRUrW GHYLHQQH SURSLFH j FHWWHSUDWLTXH(OOHGRLWjODIRLVUHSUpVHQWHUOHUHOLHIODQDWXUHGXWHUUDLQODSpQpWUDELOLWpO¶K\GURJUDSKLHOHVFRQVWUXFWLRQVOH UpVHDXGHYRLHVGHFRPPXQLFDWLRQVHWWRXWDXWUHGpWDLOFDUDFWpULVWLTXHSRXYDQWDLGHUOHFRXUHXUjV¶RULHQWHU /D FDUWH GH FRXUVH G¶RULHQWDWLRQ HVW FRPSOqWH FDU RQ \ WURXYH WRXW XQ UpVHDX GH FKHPLQV DOODQW MXVTX¶DX[ SOXV ILQHV UDPLILFDWLRQVOHVFO{WXUHVOHVWURXVOHVIRVVpVOHVERUQHVOHVSLHUUHV (OOHHVWH[DFWHFDUHOOHHVWGHVVLQpHSDUGHVVSpFLDOLVWHVFDUWRJUDSKLTXHVGHOD)pGpUDWLRQ)UDQoDLVHGH&RXUVHG¶2ULHQWDWLRQHW YpULILpHSDUGHVFRQVHLOOHUV (OOH HVW VLPSOH FDU O¶pFKHOOH HVW SOXV JUDQGH TXH FHOOH GHV FDUWHV FRQQXHV GH O¶,QVWLWXW *pRJUDSKLTXH 1DWLRQDO (OOHV SHXYHQW YDULHUGXDXSRXUOHVFDUWHVGLWHVG¶LQLWLDWLRQGXDXSRXUOHVFDUWHVGLWHVGHFRPSpWLWLRQHWGX DXSRXUOHVFDUWHVGHFRXUVHG¶RULHQWDWLRQjVNLj977RXGHUDLG /DFDUWHGHFRXUVHG¶RULHQWDWLRQHVWXWLOHjODSURWHFWLRQGHODQDWXUHFDUOHUHERLVHPHQWOHVIULFKHVOHVIRXUUpVHWOHVFO{WXUHV UHVVRUWHQWFODLUHPHQWHWSHXYHQWrWUHFRQWRXUQpVSDUOHFRXUHXU 1LYHOOHPHQWGXUHOLHI /H UHOLHI G¶XQH UpJLRQPRQWDJQHVHWYDOOpHVHVWUHSUpVHQWpSDUGHILQHVOLJQHVEUXQHVOHVFRXUEHVGHQLYHDX8QHFRXUEHGH QLYHDXHVWSDUGpILQLWLRQXQHOLJQHLPDJLQDLUHUHOLDQWOHVSRLQWVGHPrPHDOWLWXGHGXWHUUDLQ/HVFRXUEHVGHQLYHDXPDvWUHVVHV VRQW SOXV pSDLVVHV TXH OHV DXWUHV HW VRQW UHSUpVHQWpHV SDU LQWHUYDOOHV GH FLQT 6XU XQH FDUWH GH FRXUVH G¶RULHQWDWLRQ OHV DOWLWXGHVGHVFRXUEHVGHQLYHDXQHVRQWSDVWRXMRXUVLQGLTXpHV2QSHXWVDYRLUV¶LOV¶DJLWG¶XQHGHVFHQWHRXG¶XQHPRQWpHJUkFH DX[ UXLVVHDX[ TXL VH VLWXHQW HQ EDV HW DX[ VRPPHWV UHSUpVHQWpV SDU GHV FRXUEHV FRQFHQWULTXHV 8QH FRXUEH FRQFHQWULTXH FRPSRUWDQWGHX[SHWLWVWUDLWVHVWXQHGpSUHVVLRQ 3RXU DFFHQWXHU OD IRUPH GX WHUUDLQ RQ XWLOLVH GHV FRXUEHV j QLYHDX HQ SRLQWLOOpV DSSHOpHV FRXUEHV LQWHUFDODLUHV RX LQWHUPpGLDLUHV /¶pTXLGLVWDQFH HVW OD GLIIpUHQFH G¶DOWLWXGH HQWUH GHX[ FRXUEHV GH QLYHDX (OOH HVW JpQpUDOHPHQW GH FLQT PqWUHV VXU XQH FDUWH G¶RULHQWDWLRQ 2Q SHXW FRQVLGpUHU FKDTXH FROOLQH HQ IRQFWLRQ GHV FRXUEHV GH QLYHDX 6L FHOOHVFL VRQW UDSSURFKpHV HOOHV LQGLTXHQW TXH OH WHUUDLQV¶pOqYHHQSHQWHUDLGH6LHOOHVVRQWHVSDFpHVHOOHVUHSUpVHQWHQWXQHSHQWHGRXFH &KDTXHIRLVTX¶LOHVWQpFHVVDLUHGHSUpFLVHUXQpOpPHQWGHSHWLWHWDLOOHGHVVLJQHVVRQWPLVjODGLVSRVLWLRQGHO¶RULHQWHXU - - - - - /HVHQVGHODSHQWHHVWSUpFLVpVLQpFHVVDLUHSDUGHVDPRUFHVGHVVLQpHVGDQVOHVLQIOH[LRQVGHODFRXUEH 8QHEXWWHHVWXQVLPSOHPRQWLFXOHGHGLDPqWUHLQIpULHXUjXQPqWUHQHSRXYDQWrWUHUHSUpVHQWpSDUXQHFRXUEHGHQLYHDX (OOHHVWUHSUpVHQWpHSDUXQSRLQW 8QHGpSUHVVLRQQDWXUHOOHSHXWrWUHUHSUpVHQWpHSDUXQHFRXUEHRXXQV\PEROHHQIRUPHGX8RULHQWpYHUVOH1RUGVXLYDQW ODVXUIDFH 8QWURXRXXQHH[FDYDWLRQG¶XQGLDPqWUHLQIpULHXUjXQPqWUHHVWUHSUpVHQWpSDUXQV\PEROHHQIRUPHGH9RULHQWpYHUVOH QRUG 8QIRVVpJpQpUDOHPHQWVHFHWQRQPDUpFDJHX[HVWUHSUpVHQWpSDUXQDOLJQHPHQWGHSRLQWV 8QWHUUDLQDFFLGHQWpHVWXQH]RQHGHWURXVHWGHEXWWHVHQWUqVJUDQGQRPEUHTXHO¶RQUHSUpVHQWHSDUXQH]RQHKDFKXUpH GHSRLQWV 8QHSDUWLFXODULWpGXUHOLHIUHPDUTXDEOHHWGHIDLEOHLPSRUWDQFHGRLWrWUHGpILQLHSDUXQV\PEROHHQIRUPHGH; - 8QWDOXVHVWUHSUpVHQWpSDUXQDOLJQHPHQWGHSRLQWVGLVSRVpVVXUXQHOLJQH - 8QVRPPHWHVWOHSRLQWOHSOXVKDXWG¶XQHFROOLQH /HVOLJQHVFDUDFWpULVWLTXHVGXWHUUDLQVRQWPDUTXpHVSDUXQFKDQJHPHQWGHGLUHFWLRQGHVFRXUEHVGHQLYHDX - 8QHDYDQFpHHVWXQHIRUPHGHWHUUDLQDOORQJpHFRQYH[HHQSHQWHHWQHWWHPHQWPDUTXpH 8QHFUrWHHVWODOLJQHODSOXVpOHYpHG¶XQHIRUPH 8QFROHVWOHSRLQWOHSOXVEDVG¶XQHFUrWH 8QWKDOZHJHVWXQHYDOOpHXQFUHX[DOORQJpHQSHQWH 8QUDYLQHVWXQWKDOZHJWUqVpWURLWGRQWOHVSDURLVVRQWDEUXSWHV 8QUHQWUDQWHVWXQWKDOZHJGHIDLEOHGLPHQVLRQ 8QHGpSUHVVLRQHVWXQFUHX[QDWXUHORXDUWLILFLHO - 8QHWHUUDVVHHVWXQHVXUIDFHKRUL]RQWDOHVXUXQHSHQWH 8Q DEUXSW HVW XQH SHQWH GH WHUUH LQFOLQpH j SOXV GH GHJUpV 2Q OH UHSUpVHQWH SDU XQH FRXUEH PXQLH GH WUDLWV SHUSHQGLFXODLUHVUHSUpVHQWDQWODKDXWHXUGHO¶DEUXSW %DOLVHV 'HV LQIRUPDWLRQV VXSSOpPHQWDLUHV SHXYHQW rWUH GRQQpHV VpSDUpPHQW j SURSRV GH FKDTXH EDOLVH &HV LQIRUPDWLRQV GRLYHQW FRQWHQLUOHQXPpURG¶RUGUHOHQXPpURGHFRGHODQDWXUHGHODEDOLVHVDSRVLWLRQSDUUDSSRUWjG¶DXWUHVpOpPHQWVVHPEODEOHV VD SRVLWLRQSDUUDSSRUWjO¶pOpPHQWHWWRXWHLQIRUPDWLRQQpFHVVDLUH 3DUH[HPSOH ±±VRXFKHODSOXVDXQRUGF{WpVXGHVW RXELHQ ±±WURXOHSOXVDXVXGjO¶HVWjODMRQFWLRQHQWUHOHFKHPLQHWOHIRVVp 2QXWLOLVHXQYRFDEXODLUHGLIIpUHQWHQIRQFWLRQGHODQDWXUHGHO¶pOpPHQW - URFKHUF{Wp IDODLVHSLHG PDUDLVERUG GpSUHVVLRQSDUWLHRXERUG FO{WXUHDQJOH FKHPLQFRXGH 3pGDJRJLH /HWUDoDJHGRLWrWUHDGDSWpjO¶kJHHWDXQLYHDXGHVSDUWLFLSDQWVDX[REMHFWLIVGHODVpDQFHjODQDWXUHGHODFDUWHjODQDWXUH GXWHUUDLQHWDX[FRQGLWLRQVFOLPDWLTXHVDXQRPEUHGHSDUWLFLSDQWVDX[PR\HQVPDWpULHOVHWjODVpFXULWp 8Q SUHPLHU H[HUFLFH TXH O¶RQ SHXW GRQQHU j GHV pOqYHV HVW OD FRXUVH DX VFRUH /H GpSDUW HVW FHQWUDO ,O V¶DJLW G¶XQ GpSDUW HQ PDVVH VDQV DXFXQ RUGUH GpILQL 2Q GRQQH OH QRPEUH GH EDOLVHV j WURXYHU HW OH WHPSV GH UpIpUHQFH 3RXU O¶pYDOXDWLRQ RQ SpQDOLVHOHWHPSVGpSDVVpHWOHQRPEUHGHEDOLVHVQRQWURXYpHV2QSHXWWURXYHUGHVYDULDQWHVjFHWH[HUFLFHHQGpWHUPLQDQW XQ RUGUH GH SDVVDJH SDU OHV EDOLVHV HQ GRQQDQW GHV SRLQWV GLIIpUHQWV SRXU FKDTXH EDOLVH HQ FRQVWLWXDQW GHV pTXLSHV RX GHV UHODLV 8QGHX[LqPHH[HUFLFHHVWO¶LWLQpUDLUHLPSRVp/HFKHPLQjVXLYUHHVWWUDFp $EUpJpGHO KLVWRLUHGHODQDWDWLRQ /DQDWDWLRQ /HVRULJLQHV / DFWLYLWpDTXDWLTXHpWDLWpWURLWHPHQWOLpHjO DFWLYLWpKXPDLQH/HVKRPPHVVHUDSSURFKqUHQWG DERUGGHO HDXGHIDoRQXWLOLWDLUH SRXUSrFKHU3URJUHVVLYHPHQWLOVFRQVWUXLVLUHQWGHVHPEDUFDWLRQV /D SUHPLqUH UHSUpVHQWDWLRQ G XQH QDJH YLHQW GX GpVHUW GH /LE\H HW GDWH GH DQV DYDQW -& /D GHX[LqPH UHSUpVHQWDWLRQ YLHQWGHO (J\SWHHWGDWHGHDQVDYDQW-&/DWURLVLqPHUHSUpVHQWDWLRQHVWXQHSHLQWXUHPXUDOHpWUXVTXHGX9,qPHVLqFOH DYDQW-& /RUVGHVJXHUUHVGHVQDJHXUVIXUHQWIRUPpVSRXUVXUSUHQGUHO HQQHPL /DQDJHSUpFpGDODQDWDWLRQVSRUWLYH /HJpQpUDOURPDLQ$QWRLQHRUGRQQDLWjGHVSORQJHXUVG DFFURFKHUGHVSRLVVRQVjO¶KDPHoRQGHODFDQQHjSrFKHGH&OpRSDWUH (Q /RUG %\URQ WUDYHUVD O +HOOHVSRQW HQ XQH KHXUH HW GL[ PLQXWHV SRXU UHQGUH KRPPDJH j /pDQGUH TXL HQ DYDLW IDLW GH PrPHSRXUUHWURXYHUODEHOOH+pUR 9HUVODILQGX;,;qPHVLqFOHODGXFKHVVHGH%HUU\SUHQDLWGHVEDLQVjODSODJHGH1RUPDQGLH$3DULVDSSDUXUHQWOHVEDLQVGHOD 6DPDULWDLQHHWOHVEDLQVGH'HOLJQ\(QIXWRUJDQLVpOHSUHPLHUFKDPSLRQQDWGH)UDQFH / DSSDULWLRQGHODWHFKQLTXH /D SUHPLqUH PDQLqUH GH VH GpSODFHU pWDLW O RYHUDUPVLGHVWURNH RQ pWDLW VXU OH F{Wp RQ WHQGDLW XQ EUDV GDQV O HDX RQ HIIHFWXDLWGHVPRXYHPHQWVDpULHQVDYHFO DXWUHEUDVHWGHVFLVHDX[GHEUDVVHDYHFOHVMDPEHV (QHXUHQWOLHXOHVSUHPLqUHVFRXUVHVGHQDWDWLRQj/RQGUHV (QHXWOLHXODSUHPLqUHUHQFRQWUHjFDUDFWqUHLQWHUQDWLRQDOHQ$XVWUDOLH (QHXUHQWOLHXOHVSUHPLHUVFKDPSLRQQDWVGHQDWDWLRQHQ$QJOHWHUUH (Q-DPHV7UXGJHQFUpDXQQRXYHDXVW\OH/H7UXGJHQIXWGpPRQWUpDX[EDLQVGH:RROZLFKSUqVGH/RQGUHV,OHIIHFWXDLW \DUGVHQPLQXWHHWVHFRQGHV (QOHFDSLWDLQH0DWWKHZ:HEEWUDYHUVDOD0DQFKHHQKHXUHV (Q )UHGHULFN &DYLOO SDUWLW HQ $XVWUDOLH SRXU HQVHLJQHU OD QDWDWLRQ GDQV OHV SUHPLHUV EDVVLQV IHUPpV ,O REVHUYD GHV DERULJqQHVQDJHUHWHVVD\DGHV HQLQVSLUHUHQPHWWDQWHQSODFHXQHQRXYHOOHQDJHOHFUDZOUDPSHU (Qj-RLQYLOOHOH3RQWO +DZDwHQ7DUWDNRYHUUpDOLVDPLQXWHHWVHFRQGHVHQULYLqUHDXPGDQVOHVHQVGXFRXUDQW 6RQFRPSqUHO +DZDwHQ'XNH.DKDQDPRNYHQVHLJQDFHWWHQRXYHOOHWHFKQLTXHHQ)UDQFH (Q*HRUJHV5LJDOGHYLQWFKDPSLRQGH)UDQFHHQPLQXWHHWVHFRQGHV (Q )UDQFH O DSSUHQWLVVDJH GH OD QDJH GDQV OHV pFROHV VH IDLVDLW G DERUG HQ SOHLQ DLU GHERXW 0RQVLHXU &KHYDOLHU LQYHQWD XQ PDQqJHSRXUUpDOLVHUOHVJHVWHVGHQDJHjO KRUL]RQWDOH/HVMHXQHVpOqYHVDSSUHQDLHQWODQDJHVXUXQWDERXUHW/ DSSUHQWLVVDJH FROOHFWLIVHIDLVDLWHQUHWHQDQWFKDTXHpOqYHjODVXUIDFHGHO HDXSDUXQFkEOH /DPLVHHQSODFHGHVLQVWLWXWLRQVVSRUWLYHV &HWWHPLVHHQSODFHGpEXWDHQ$QJOHWHUUH (QHXUHQWOLHXOHVSUHPLHUVFKDPSLRQQDWVGHQDWDWLRQHQ$QJOHWHUUH (QIXWFUppHODSUHPLqUHIpGpUDWLRQQDWLRQDOHHQ*UDQGH%UHWDJQH (QIXWFUppHODIpGpUDWLRQDPpULFDLQH (QDSSDUXWOHSUHPLHUFRGHGHVFRXUVHVJUkFHjO $PDWHXU6ZLPPLQJ$VVRFLDWLRQ (QDX[-2G $WKqQHVOHVpSUHXYHVGHQDWDWLRQHQPHUGDQVODEDLHGH=HDpWDLHQWSUpVHQWHV (QO 8QLRQ)pGpUDOHGHV6RFLpWpVGH1DWDWLRQHWGH6DXYHWDJH8)616RUJDQLVDOHVSUHPLHUVFKDPSLRQQDWVGH)UDQFH (QOHV-2GH3DULVFRPSUHQDLHQWGHVpSUHXYHVGHQDWDWLRQGDQVOD6HLQH (QRQQDJHDLWGDQVXQODFDX[-2GH6DLQW/RXLV (Q GL[ QDWLRQV VH UHJURXSqUHQW SRXU FUpHU OD )pGpUDWLRQ ,QWHUQDWLRQDOH GH 1DWDWLRQ $PDWHXU ),1$ DXMRXUG KXL )pGpUDWLRQ ,QWHUQDWLRQDOH GH 1DWDWLRQ $VVRFLDWLRQ 6HV REMHFWLIV pWDLHQW GH SURPRXYRLU OD QDWDWLRQ GH PHWWUH HQ SODFH GHV UqJOHVFRPPXQHVG RUJDQLVHUGHVFRPSpWLWLRQVHWGHWHQLUOHELODQGHVUHFRUGV (QDX[-2GH/RQGUHVGHVpSUHXYHVGDQVXQEDVVLQGHPGHORQJFRQVWUXLWSRXUO RFFDVLRQVHGpURXOqUHQW (QIXWFUppHOD)pGpUDWLRQ)UDQoDLVHGH1DWDWLRQ))1 (QDX[-2GH3DULVOHSUHPLHUEDVVLQGHPDSSDUXWHQ)UDQFHDXVWDGHQDXWLTXHGHV7RXUHOOHV (QIXWFUppHOD/LJXH(XURSpHQQHGH1DWDWLRQ/(1$TXLRUJDQLVDOHVSUHPLHUVFKDPSLRQQDWVG (XURSHj%XGDSHVW (QOD))1VHVFLQGDHQ))1HW))6)pGpUDWLRQ)UDQoDLVHGH6DXYHWDJH /HVJUDQGHVFRPSpWLWLRQV /HV-2pWDLHQWOHUHIOHWGHO pYROXWLRQGHODQDWDWLRQPRQGLDOH-XVTX HQOHV$PpULFDLQVHWOHV$XVWUDOLHQVGRPLQDLHQWOD QDWDWLRQ $X[ -2 GH OHV -DSRQDLV JDJQqUHQW WRXV OHV WLWUHV VDXI OH P (Q DX[ -2 GH 0HOERXUQH OHV $XVWUDOLHQVUHPSRUWqUHQWSUHVTXHWRXVOHVWLWUHVFKH]OHVKRPPHVHWOHVGDPHV /HVFKDPSLRQQDWVG (XURSHGpEXWqUHQWHQ 'qVOD),1$RUJDQLVDWRXVOHVGHX[DQVGHVFKDPSLRQQDWVGXPRQGH'HSXLVOHVFKDPSLRQQDWVVHIRQWWRXVOHV TXDWUHDQV / pYROXWLRQGHVQDJHV /DQDJHOLEUH &HWWHQDJHQ HVWSDVFRGLILpHPDLVRQXWLOLVHWRXMRXUVOHFUDZOFDUF HVWODQDJHODSOXVUDSLGH (QO RYHUDUPVLGHVWURNHpWDLWXWLOLVpHSRXUOHVORQJXHVGLVWDQFHV (QOH7UXGJHQDSSDUXW (Q&DYLOOPLWHQSODFHOHFUDZO /HVSURJUqVGHYLQUHQWSRVVLEOHVSDUO HQWUDvQHPHQW (Q-RKQQ\:HLVPXOOHUSDVVDVRXVOHPXUGHODPLQXWHHQVHFRQGHVHWGL[LqPHVDXP (Q-RKQQ\:HLVPXOOHUSDVVDGHQRXYHDXVRXVODPLQXWHHQVHFRQGHVDX[-2GH3DULV $ SDUWLUGHWRXVOHVQDJHXUVXWLOLVqUHQWOHEDWWHPHQW (Q'DZQ)UDVHUIXWODSUHPLqUHIHPPHjSDVVHUVRXVODPLQXWHDXPVHFRQGHVHWGL[LqPHV /DEUDVVH /HVKRPPHVFKHUFKDLHQWjQDJHUjO LPDJHGHODJUHQRXLOOH 'HX[ SULQFLSDOHV WHFKQLTXHV DSSDUXUHQW XQH QDJH DYHF ORQJXHV FRXOpHV -DFTXHV &DUWRQQHW IDLVDLW QHXIPRXYHPHQWVVXU PHWXQHQDJHDYHFXQFRUSVWUqVpOHYpHWEHDXFRXSGHPRXYHPHQWV (QO $OOHPDQG(ULF5DGHPDFKHULQYHQWDODEUDVVHSDSLOORQSDUXQUHWRXUGHVEUDVDXGHVVXVGHO HDX,OQ \DYDLWSDVGH VpSDUDWLRQDXGpSDUWHQWUHOHSDSLOORQHWODEUDVVH (QODEUDVVHIXWVpSDUpHGXSDSLOORQOHVEUDVQHSRXYDLHQWSOXVUHYHQLUDXGHVVXVGHO HDX (QODEUDVVHVRXVPDULQHIXWDXWRULVpHPRXYHPHQWVVRXVO HDX (QODEUDVVHVRXVPDULQHIXWLQWHUGLWH (Q-DVWOHPVNLTXLDYDLWSRXUHQWUDvQHXU&RXQVLOPDQUHPSODoDOHFLVHDXSDUXQIRXHWWp (QOHPRXYHPHQWRQGXODWRLUHIXWDXWRULVp (QO LPPHUVLRQGHODWrWHjFKDTXHF\FOHIXWDXWRULVpHSHUPHWWDQWXQHGLPLQXWLRQGHODUpVLVWDQFHIURQWDOH /HSDSLOORQ (QRQILWODGLIIpUHQFHHQWUHODEUDVVHHWOHSDSLOORQ /H+RQJURLV7XPSHFNFUpDOHSDSLOORQGDXSKLQHQRX/HVWHPSVVHUDSSURFKqUHQWGHFHX[GXFUDZO /HDRW/DUVVRQ86$UpDOLVDVHFRQGHVHWGL[LqPHVDXPIUDQFKLVVDQWDLQVLOHPXUGHODPLQXWH (QDX[-2GH5RPH7UR\86$LQWURGXLVLWODWHFKQLTXHGHVGHX[RQGXODWLRQVSDUF\FOHGHEUDV 'DQVOHVDQQpHV0DUN6SLW]LQWURGXLVLWXQVW\OHSOXVjSODW $XQLYHDXGXUqJOHPHQWOHSDSLOORQUHVSHFWHFHOXLGHODEUDVVHEUDVHWMDPEHVVLPXOWDQpVpSDXOHVSDUDOOqOHVjODVXUIDFHGH O HDX HW WRXFKp GHV GHX[ PDLQV VLPXOWDQpPHQW DX[ YLUDJHV HW j O DUULYpH 2Q QH SHXW SDV IDLUH SOXV GH P VRXV O HDX HQ RQGXODWLRQDSUqVOHSORQJHRQ /HGRV /HGRVEUDVVpUHVWDHQSODFHMXVTX HQ (QOHGRVpWDLWSUDWLTXpDVVLVDYHFSpGDODJHGRVSpGDODJH (Q.L\RNDZD-DSRQXWLOLVDXQEDWWHPHQWGRVFUDZOpSRXUJDJQHUDX[-2GH/RV$QJHOHVHQ (Q.LHIIHU86$PLWDXSRLQWXQHSRVLWLRQjSODW (Q*HRUJHV9DOOHU\GHYLQWFKDPSLRQG (XURSH (QDX[-2GH0HOERXUQHHWHQDX[-2GH5RPHOHV$XVWUDOLHQVUHFKHUFKqUHQWXQHIIHWGHSRUWDQFHSKDVHGH SRXVVpHGDQVO D[HGXFRUSVHWURXOLVSRVLWLRQKDXWHVXUO HDX (Q5RODQG0DWWKqV5'$WUDYDLOODVXUODUHPLVHjSODWHWOHVEUDVHQDPSOLWXGHFDGHQFHSOXVOHQWHGHVEUDV (QDSSDUXWO XWLOLVDWLRQSRXUWRXVOHVQDJHXUVG RQGXODWLRQVHWGHFRXOpHVGHjPqWUHVDSUqVOHGpSDUW (QDX[-2GH6pRXOODFRXOpHIXWOLPLWpHjPqWUHV (QODFRXOpHIXWOLPLWpHjPqWUHV (QRQDXWRULVDOHSDVVDJHVXUOHYHQWUHSRXUOHYLUDJHPDLVLOIDOODLWTXLWWHUOHPXUHQSRVLWLRQGRUVDOH /HVpSUHXYHVFRPELQpHV (OOHVVRQWGHGHX[RUGUHVpSUHXYHVLQGLYLGXHOOHVRXSDUpTXLSHV 'DQVOHVpSUHXYHVLQGLYLGXHOOHVOHPTXDWUHQDJHVFRPSUHQGOHSDSLOORQSXLVOHGRVSXLVODEUDVVHSXLVODQDJHOLEUH/D QDJHOLEUHGRLWrWUHGLIIpUHQWHGHVDXWUHVQDJHV 'DQV OHV pSUHXYHV SDU pTXLSHV OH UHODLV TXDWUH QDJHV FRPSUHQG OH GRV SXLV OD EUDVVH SXLV OH SDSLOORQ SXLV OD QDJHOLEUH/H WRXFKpGXPXUPDWpULDOLVHOHSDVVDJHGXUHODLV6LOHQDJHXUSORQJHDYDQWOHWRXFKpLOGRLWUHPRQWHUVXUOHSORWSRXUUHSDUWLU VLQRQLOHVWGLVTXDOLILp/ RUGUHGHVQDJHXUVHVWLQpFKDQJHDEOH 7UDYDX[GLULJpV /HVIRQGDPHQWDX[GHODQDWDWLRQ 3UpVHQWDWLRQ /D QDWDWLRQ SHUPHW OD GpFRXYHUWH G XQ DXWUH PLOLHX OH PLOLHX GH O DSHVDQWHXU /D QDWDWLRQ UHJURXSH OD QDWDWLRQ VSRUWLYH OH VDXYHWDJHOHZDWHUSRORODQDWDWLRQV\QFKURQLVpHHWF &DWWHDXXWLOLVHOHWHUPHG DFWLYLWpVDTXDWLTXHVDXOLHXGHQDWDWLRQ /HPLOLHXIOXLGHHWVHVFRQWUDLQWHV (QUHQWUDQWGDQVO HDXRQSDVVHG XQpTXLOLEUHYHUWLFDOjXQpTXLOLEUHKRUL]RQWDO 4XDQGODIRUFHGHSHVDQWHXUHWODSRXVVpHG $UFKLPqGHVRQWpJDOHVHQLQWHQVLWpOHQDJHXUIORWWH 6HORQ $UFKLPqGH WRXW FRUSV SORQJp GDQV XQ OLTXLGH VXELW XQH SRXVVpH YHUWLFDOH DVFHQGDQWH TXL FRUUHVSRQG DX SRLGV GH VRQ YROXPHGpSODFp 3 XY X SRLGVYROXPpWULTXHGXOLTXLGH Y YROXPHGXFRUSVLPPHUJp 3 SRXVVpHG $UFKLPqGH $ 0RQDFRXQHSLVFLQHG HDXVDOpHSHUPHWWDLWGHEDWWUHGHVUHFRUGV'HQRVMRXUVO HDXVDOpHHVWLQWHUGLWHHQFRPSpWLWLRQ /HFHQWUHGHSRXVVpHG $UFKLPqGHHVWGpFDOpSDUUDSSRUWDXFHQWUHGHJUDYLWpLOVHUDSSURFKHGHVSRXPRQV (WXGHPpFDQLTXH (WXGHVWDWLTXH /DGHQVLWpV H[SULPHSDUOHUDSSRUWGHODPDVVHGXQDJHXUVXUVRQYROXPHG HDXGpSODFpH /DIORWWDLVRQGpSHQGGHODFDSDFLWpSXOPRQDLUHGHODFRQVWLWXWLRQFRUSRUHOOHGHO kJHHWGHO HWKQLH3OXVRQHVWYLHX[PLHX[RQ IORWWH/HVQRLUVIORWWHQWPRLQV /DPHLOOHXUHIDoRQSRXUIORWWHUGHIDoRQVWDWLTXHHVWG RIIULUXQPD[LPXPGHVXUIDFHjO HDX (WXGHG\QDPLTXH ,O HVW QpFHVVDLUH GH VH SURILOHU SRXU QH SDV VH IUHLQHU H[WHQVLRQ FRPSOqWH GX FRUSV K\SHUH[WHQVLRQ GHV EUDV IOH[LRQ SURQRQFpHGHODWrWHHWEUDVGDQVOHSURORQJHPHQW /DVFLHQFHTXLpWXGLHODFLUFXODWLRQHWODSUHVVLRQGHVIOXLGHVDXWRXUGHVREMHWVV DSSHOOHO K\GURG\QDPLVPH 3RXUSURJUHVVHUHQQDWDWLRQLOIDXWUpGXLUHOHVUpVLVWDQFHVjO DYDQFHPHQWHWDPpOLRUHUODSURSXOVLRQ/DUpVLVWDQFHGHO HDXHVW PLOOHIRLVVXSpULHXUHjODUpVLVWDQFHGHO DLU &DWWHDXFKHUFKDODPHLOOHXUHSRVLWLRQSRXUOLPLWHUOHVUpVLVWDQFHV,OPRQWUDTXHO D[HGXQDJHXUGHYDLWVHFRQIRQGUHDYHFO D[H GHGpSODFHPHQW /HVUpVLVWDQFHV (WXGLRQVODELRPpFDQLTXHGHVIOXLGHV ,O\DWURLVW\SHVGHUpVLVWDQFH - /DUpVLVWDQFHIURQWDOHHVWVLWXpHHQDYDQWGHODWrWHRXVXUWRXWHSDUWLHVRUWDQWGHO DOLJQHPHQWFRUSRUHO /DUpVLVWDQFHWRXUELOORQQDLUHFRUUHVSRQGDX[WXUEXOHQFHVjO DUULqUHGHV]RQHVQRQSURILOpHV /DUpVLVWDQFHGHIURWWHPHQWFRUUHVSRQGDX[IURWWHPHQWVGHODSHDX /HVQDJHXUVVHUDVHQWXWLOLVHQWGHVPDLOORWVGHEDLQSDUWLFXOLHUVSRXUUpGXLUHOHVIURWWHPHQWV &HVUpVLVWDQFHVV H[SULPHQWHQIRQFWLRQGHSOXVLHXUVSDUDPqWUHV 5 NVYA N FRHIILFHQWGHIRUPH V VXUIDFHRUWKRJRQDOHGHSURMHFWLRQRXPDvWUHFRXSOH Y YLWHVVH 3OXVOHFRUSVG XQQDJHXUHVWDOORQJpHQIRUPHGHJRXWWHG HDXSOXVVRQFRHIILFLHQWGHIRUPHHVWIDLEOH /DVXUIDFHRUWKRJRQDOHGHSURMHFWLRQHVWODVXUIDFHSURMHWpHGXFRUSVVXUXQSODQSHUSHQGLFXODLUHjVRQD[HGHGpSODFHPHQW &RPSRVDQWHVGHVUpVLVWDQFHVHQGpSODFHPHQW /H QDJHXU UHQFRQWUH XQH UpVLVWDQFH IDFH j VRQ FRUSV &HWWH UpVLVWDQFH HVW UHQIRUFpH SDU OD WUDvQpH /D WUDvQpH UHSUpVHQWH OD UpVLVWDQFHGXHDX[VXUIDFHVSUpVHQWpHVREOLTXHPHQW/DSRUWDQFHSDUFRQWUHDWHQGDQFHjIDLUHVRUWLUOHQDJHXUGHO HDX&HWWH IRUFHGHSRUWDQFHHVWWRXMRXUVSHUSHQGLFXODLUHjODWUDvQpH$YLWHVVHOHQWHODSRUWDQFHHVWIDLEOHOHQDJHXUHVVDLHGHGLPLQXHU ODWUDvQpH3RXUFHIDLUHLOUHFKHUFKHODSRVLWLRQODSOXVDOORQJpHSRVVLEOH$YLWHVVHpOHYpHODSRUWDQFHHVWJUDQGHHWOHFRUSVD WHQGDQFHjrWUHDXGHVVXVGHO HDXOHPDvWUHFRXSOHGLPLQXH /DQDJHSDSLOORQ 5qJOHPHQW ,O LPSRVH OD SRVLWLRQ YHQWUDOH HQ SHUPDQHQFH /HV pSDXOHV GRLYHQW rWUH SDUDOOqOHV j ODVXUIDFHGHO HDX7RXVOHVPRXYHPHQWV GRLYHQW rWUH H[pFXWpV GH PDQLqUH VLPXOWDQpH OHV MDPEHV HW OHV SLHGV SHXYHQW QH SDV rWUH DX PrPH QLYHDX PDLV DXFXQ PRXYHPHQWDOWHUQpQ HVWDXWRULVp2QGRLWWRXFKHUDYHFOHVGHX[PDLQVVLPXOWDQpPHQWDX[YLUDJHVHWjO DUULYpH 3RVLWLRQGXFRUSV (OOHQ HVWSDVIL[H2QFRPSWHWURLVSRVLWLRQV - - $X PRPHQWGHO LQVSLUDWLRQOHVpSDXOHVVRQWSOXVKDXWHVTXHOHVKDQFKHV $X PRPHQW GH O HQWUpH GHV PDLQV GDQV O HDX GHYDQW OH EDVVLQ HVW SOXV KDXW TXH OD OLJQHGHVpSDXOHVDILQGHUHSODFHUOH FRUSVjSODW $X PRPHQWROHVEUDVWLUHQWODOLJQHGHVpSDXOHVHWODOLJQHGHVKDQFKHVVRQWDXPrPHQLYHDXDILQTXHOHVEUDVSXLVVHQW WLUHUXQFRUSVTXLUHVWHjSODW 0RXYHPHQWGHVEUDV /H WUDMHW PRWHXU YX GH GHVVRXV UHVVHPEOH j XQ VDEOLHU /HV FKDQJHPHQWV G RULHQWDWLRQ GHV DFWLRQV PRWULFHV VRQW UHQGXV REOLJDWRLUHVjFDXVHGHODFDUDFWpULVWLTXHGHO HDXTXLHVWXQpOpPHQWjFRXFKHVLQVWDEOHV7DQWTXHO RQWUDYDLOOHVXUXQHFRXFKH VWDELOLVpH OHV DSSXLV VRQW DVVXUpV /HV FKDQJHPHQWV G RULHQWDWLRQ FRUUHVSRQGHQW j OD UHFKHUFKH G DSSXL VXU GH QRXYHOOHV FRXFKHV 2QFRPSWHWURLVpWDSHV - - - $ SDUWLUGHO HQWUpHGHVPDLQVGDQVO HDXLO\DXQHRULHQWDWLRQYHUVO H[WpULHXUHWYHUVOHEDV/ REMHFWLIHVWGHWURXYHUXQH RULHQWDWLRQSURJUHVVLYHGHVDSSXLVYHUVO DUULqUH ,O\DHQVXLWHRULHQWDWLRQYHUVO LQWpULHXUSDUIOH[LRQGHO DYDQWEUDVVXUOHEUDV/HEUDVGHOHYLHUVHUDSSURFKDQWGHO pSDXOH LO\DXQHDFFpOpUDWLRQGHPHLOOHXUHTXDOLWp (QILQLO\DXQHSRXVVpHH[WHQVLRQGHVEUDV/HVPDLQVVRQWRULHQWpHVYHUVO DUULqUHHWRQFKDVVHO HDXYHUVOHVSLHGV $XQLYHDXGXU\WKPHOHWUDYDLOLQLWLDOHQDYDQWYHUVO H[WpULHXUGRLWVHIDLUHWRXWHQGRXFHXU/HVFRXFKHVG HDXVXSHUILFLHOOHV pWDQWLQVWDEOHVLOIDXWWUDYDLOOHUWRXWHQGRXFHXU(QVXLWHLO\DXQHDFFpOpUDWLRQLPSRUWDQWHSHQGDQWODSURSXOVLRQSURSUHPHQW GLWH (QILQ OH UHWRXU GHV EUDV DXGHVVXV GH O HDX VH IDLW HQ DEDLVVDQW OD WrWH TXL SpQqWUH DYDQW OHV EUDV GDQV O HDX GpYHUURXLOODJHDUWLFXODLUHDILQGHIDFLOLWHUOHUHSODFHPHQWGHVEUDVGHYDQWGDQVO D[HFRUSRUHO 0RXYHPHQWGHVMDPEHV ,OFRPSUHQGGHX[SKDVHV - - /D SKDVH GHVFHQGDQWH HVW OD SKDVH SURSXOVLYH ,O \ D XQH DFFpOpUDWLRQ GX PRXYHPHQW GHV MDPEHV SDU H[WHQVLRQ GHV MDPEHVODSDUWLHDQWpULHXUHGXSLHGD\DQWWURXYpXQDSSXL /D SKDVH DVFHQGDQWH HVW XQH SKDVH GH UpDFWLRQ PRWULFH (OOH SHUPHW GH UDPHQHU OHV MDPEHV j OD VXUIDFH /D UHPRQWpH V HIIHFWXHSDUXQHGLIIpUHQFHGHSUHVVLRQ 5HVSLUDWLRQ 6XU7HUUHO LQVSLUDWLRQHVWOHWHPSVDFWLIHWO H[SLUDWLRQHVWOHWHPSVSDVVLI6XUO HDXF HVWOHFRQWUDLUHFDULOIDXWHPSrFKHUO HDX GHUHQWUHUGDQVOHVSRXPRQVHWLQVSLUHUHQUpDFWLRQ $X SDSLOORQ O¶H[SLUDWLRQ HVW SURJUHVVLYH FRQWLQXH HW DFFpOpUpH /D ERXFKH HVW HQWUH RXYHUWH / LQVSLUDWLRQ VH IDLW GH IDoRQ UpDFWLYH3HQGDQWOHWUDYDLOGHVEUDVODWrWHFRPPHQFHjVHOHYHUGHODILQGHO DSSXLGHVEUDVMXVTX jO H[WHQVLRQFRPSOqWHGHV EUDV / LQVSLUDWLRQ VH IDLW j OD ILQ GH O DFWLRQ PRWULFH EUDV HQ H[WHQVLRQ $SUqV O LQVSLUDWLRQ OD WrWH GRLW GLVSDUDvWUH VRXV O HDX DYDQWOHUHWRXUGHVEUDVGHYDQW 6\QFKURQLVDWLRQ 3RXUXQF\FOHFRPSOHWGHEUDVLO\DGHX[PRXYHPHQWVG RQGXODWLRQ - /DSUHPLqUHRQGXODWLRQDOLHXORUVGHO HQWUpHGHVPDLQVGDQVO HDXFHWWHRQGXODWLRQVHUWjUHPHWWUHOHFRUSVjSODW /DGHX[LqPHRQGXODWLRQHVWSOXVLPSRUWDQWHHOOHSHUPHWGHVRUWLUODWrWHSRXUUHVSLUHU ,OHVWFRQVHLOOpGHUHVSLUHUWRXVOHVGHX[WHPSVSRXUJDUGHUOHFRUSVjSODWHWG DXJPHQWHUOHWUDMHWPRWHXU /DQDJHEUDVVH (YROXWLRQ 3RXUrWUHHIILFDFHHQQDWDWLRQLOIDXWVRLWVHSODFHUGDQVXQHSRVLWLRQSURILOpHVRLWDPpOLRUHUODSURSXOVLRQ(QEUDVVHO pYROXWLRQ V HVWIDLWHjSDUWLUGXSUHPLHUSDUDPqWUHSRVLWLRQGXFRUSV (Q OD ),1$ )pGpUDWLRQ ,QWHUQDWLRQDOH GH 1DWDWLRQ $VVRFLDWLRQ DXWRULVD OD JOLVVpHFRXOpH O LPPHUVLRQ GH OD WrWH j FKDTXHF\FOH/HVUHFRUGVIXUHQWQHWWHPHQWDPpOLRUpV 3RVLWLRQJpQpUDOHGXFRUSV $SUqVODSRVLWLRQGXFRUSVHQEUDVVHGHYLQWWUqVSURFKHGHFHOOHGXSDSLOORQ,O\DXQMHXYHUWLFDOHQWUHOHEDVVLQHWOHV pSDXOHV 0RXYHPHQWGHVEUDV 6HORQO DUWLFOHOHVPDLQVQHSHXYHQWGHVFHQGUHDXGHOjGHODOLJQHGHVKDQFKHV0DOJUpFHUqJOHPHQWFRPPHQWIDLUHSRXU FRQVHUYHUXQHDFWLRQHIILFDFHGHVEUDV" ,O IDXW WRXW G DERUG DXJPHQWHU OH WUDMHW PRWHXU SDU XQ WUDYDLO VHPLFLUFXODLUH GHV EUDV ,O IDXW HQVXLWHUHFKHUFKHUGHVFRXFKHV VWDEOHV SDU XQ WUDYDLO HQ SURIRQGHXU GDQV OD GHX[LqPH SKDVH GX WUDMHW PRWHXU (QILQ LO IDXW FRPSHQVHU SDU XQH DFFpOpUDWLRQ IRUWHGXWUDMHWPRWHXU 3RXUO DQDO\VHWHFKQLTXHYRLUOHGRFXPHQWMRLQWRQWUDYDLOOHVXUGHX[FRXFKHVG HDXHWQRQWURLV 0RXYHPHQWGHVMDPEHV /H SUHPLHU WHPSV FRQVLVWH j YHQLU SODFHU OHV MDPEHV GDQV OH VLOODJH GX FRUSV DX PRPHQW GHO LQVSLUDWLRQ/RUVGXUDPHQpOHV SLHGVUHVWHQWOHSOXVSUqVSRVVLEOHGHODVXUIDFHGHO HDX,O\DXQHIOH[LRQOLPLWpHGHODFXLVVHVXUOHWURQF /H GHX[LqPH WHPSV FRQVLVWH HQ XQH DFWLRQ SURSXOVLYH (OOH FRPPHQFH SDU O DUPp GHV FKHYLOOHV RQ WRXUQH OHV FKHYLOOHV YHUV O H[WpULHXU(QVXLWHLO\DH[WHQVLRQGHVMDPEHVVHORQXQWUDMHWVHPLFLUFXODLUHYHUVO DUULqUHHWYHUVOHEDVRQDXJPHQWHOHWUDMHW PRWHXUHWRQXWLOLVHGHVFRXFKHVG HDXVROLGHVHQSURIRQGHXU 5HVSLUDWLRQ / LQVSLUDWLRQVHIDLWHQILQG DFWLRQPRWULFHDXPRPHQWGHO DFFpOpUDWLRQORUVTXHOHFRUSVHVWOHSOXVKDXW / H[SLUDWLRQVHIDLWERXFKHRXYHUWH/HVH[FHOOHQWVQDJHXUVVHEORTXHQWHQDSQpHGDQVXQSUHPLHUWHPSVSRXUH[SLUHUWRXWG XQ FRXSHQVXLWH/HVQDJHXUVPR\HQVH[SLUHQWGHIDoRQSURJUHVVLYHFRQWLQXHHWDFFpOpUpH &RRUGLQDWLRQ /DPDVVHFRUSRUHOOHGRLWDYDQFHUHQFRQWLQXLOIDXWUpGXLUHOHVWHPSVLQDFWLIV,O\DXQWUDYDLOGHVEUDVHWXQWUDYDLOGHVMDPEHV HQ HVVD\DQWGHFRQVHUYHUOHSURILODOORQJpGHJOLVVpHFRXOpH 9LUDJHVGpSDUWVHWDUULYpHV 6HORQ O DUWLFOH j FKDTXH YLUDJH HW j O DUULYpH GH OD FRXUVH OH WRXFKp GRLW VHIDLUHDYHFOHVGHX[PDLQVVLPXOWDQpPHQW/D WrWHSHXWrWUHLPPHUJpHDSUqVODGHUQLqUHWUDFWLRQGHVEUDVDYDQWOHWRXFKpjFRQGLWLRQTX HOOHFRXSHODVXUIDFHGHO HDXjXQ FHUWDLQSRLQWSHQGDQWOHGHUQLHUF\FOHSUpFpGDQWOHWRXFKp 6HORQO DUWLFOHOHVPDLQVQHGRLYHQWSDVrWUHUDPHQpHVDXGHOjGHODOLJQHGHVKDQFKHVVDXISHQGDQWODSUHPLqUHWUDFWLRQ GHVEUDVDSUqVOHGpSDUWHWjFKDTXHYLUDJH /DQDJHFUDZO 5qJOHPHQW & HVWODVHXOHQDJHTXLQ HVWSDVUpJOHPHQWpH& HVWODQDJHODSOXVUDSLGH 3RVLWLRQGXFRUSV /DSRVLWLRQGHODQDJHGXFUDZOFRUUHVSRQGjODSRVLWLRQODSOXVDTXDG\QDPLTXH ,OQHIDXWSDVPRGLILHUODSRVLWLRQGXFRUSVDXPRPHQWGHODUHVSLUDWLRQ /DSRVLWLRQGXFRUSVHVWOpJqUHPHQWPRGLILpHSDUOHURXOLVOHPRXYHPHQWGHVpSDXOHV/HURXOLVVHUWjUHVSLUHUHWjDYRLUGHV DSSXLVHQSURIRQGHXU 0RXYHPHQWGHVEUDV ,O\DXQUHFRXYUHPHQWGHVDFWLRQVPRWULFHVLO\DWRXMRXUVXQEUDVTXLWUDYDLOOHVXUO HDX& HVWXQPRXYHPHQWDOWHUQp /DSULVHG DSSXLGRLWVHIDLUHGDQVO D[HGXFRUSVSRXUpYLWHUOHVRVFLOODWLRQVODWpUDOHV/RUVGHODSULVHG DSSXLLO\DXQHDYDQFpH GHO pSDXOHSRXUDXJPHQWHUOHWUDMHWPRWHXU/ HQWUpHGRLWVHIDLUHSDUOHSRXFHHWQRQSDUOHSHWLWGRLJW /DWUDFWLRQDYDQWOHSDVVDJHGHO pSDXOHVHIDLWSDUXQHGHVFHQWHYHUVOHEDVSRXUWURXYHUXQHFRXFKHG HDXVROLGHDYHFXQH RULHQWDWLRQ SURJUHVVLYH GHV VXUIDFHV SURSXOVLYHV YHUV O DUULqUH /D SKDVH GH WUDFWLRQ VH WHUPLQH SDU XQH IOH[LRQGHO DYDQWEUDV VXUOHEUDVDYHFOHFRXGHKDXW /DSKDVHGHSRXVVpHFRUUHVSRQGjO H[WHQVLRQGXEUDVMXVTX jODFXLVVH,OV DJLWGHSRXVVHUO HDXMXVTX DX[SLHGV /H UHWRXU GHV EUDV HVW IDFLOLWp SDU OH URXOLV /D VRUWLH GX EUDV VH IDLW SDU OH FRXGH HW QRQ SDU OD PDLQ /H FRXGH HVW SOLp HQ SRVLWLRQKDXWHHWOHEUDVUHYLHQWGDQVO D[H &RRUGLQDWLRQGHVEUDV ,OHQH[LVWHGHX[W\SHV - - /D FRRUGLQDWLRQ GH W\SH UDWWUDSp VH IDLW HQ DWWHQGDQW TX XQH PDLQ DUULYH SRXU IDLUH SDUWLU O DXWUH /HV ORQJXHV GLVWDQFHV QDJHHQPHUVHIRQWHQUDWWUDSp /D FRRUGLQDWLRQ GH W\SH FRQWLQXLWp G DFWLRQ PRWULFH VLJQLILH TXH TXDQG XQ GHV EUDV UHQWUH GDQV O HDX O DXWUH EUDV HVW HQ GpEXWGHSKDVHGHSRXVVpH %DWWHPHQWV /HWHPSVDFWLIHVWOHEDWWHPHQWGHVFHQGDQW/HVEDWWHPHQWVQHGRLYHQWSDVrWUHWURSSHWLWVVLQRQLOQ \DQLDSSXLQLDQJOH/HV EDWWHPHQWVQHGRLYHQWSDVrWUHWURSJUDQGVFDUFHODDXJPHQWHOHVUpVLVWDQFHVGHWUDvQpHHWOHVSUHVVLRQVV LQVWDOOHQWjQRXYHDX j O DUULqUHGHVMDPEHV /HU{OHSULQFLSDOGXEDWWHPHQWHVWO pTXLOLEUDWLRQGXFRUSV,OHVWPRLQVSURSXOVLI2QIDLWVL[EDWWHPHQWVSDUF\FOHGHEUDV /HVEDWWHPHQWVGHMDPEHVQ RIIUHQWSDVGHUpVLVWDQFH 5HVSLUDWLRQ $ILQGHQHSDVSHUWXUEHUODSRVLWLRQGXFRUSVHOOHGRLWrWUHFRRUGRQQpHDYHFOHURXOLV&HODFRUUHVSRQGjODILQGXWUDMHWPRWHXU TXDQGODPDLQHVWDXQLYHDXGHODFXLVVH &KH]OHGpEXWDQWODUHVSLUDWLRQWRXVOHVWURLVWHPSVSHUPHWXQPHLOOHXUpTXLOLEUHFRUSRUHO /DUHVSLUDWLRQVHIDLWGDQVOHFUHX[GHO pSDXOHUHJDUGYHUVO DUULqUH /DQDJHGRV 3UpVHQWDWLRQ & HVWODVHXOHQDJHROHQDJHXUQHYRLWSDVWUDYDLOOHUVHVPHPEUHVVXSpULHXUV& HVWODVHXOHQDJHROHQDJHXUQHYRLWSDVOD GLUHFWLRQYHUVODTXHOOHLOVHGpSODFH& HVWXQHQDJHDOWHUQpHFRQWLQXLWpGHVDFWLRQVPRWULFHV 3RVLWLRQGXFRUSV / REMHFWLI HVW O DOORQJHPHQW FRPSOHW / H[WHQVLRQ JpQpUDOH IDYRULVH OD IORWWDELOLWp 2Q UHFKHUFKH O pTXLOLEUH KRUL]RQWDO OLJQH GHV KDQFKHV HW WrWH j OD PrPH KDXWHXU &RPPH HQ FUDZO LO \ D XQ PRXYHPHQW GH URXOLV PDLV EHDXFRXS SOXV SURQRQFp TX HQ FUDZO /H PRXYHPHQW GH URXOLV HVW QpFHVVDLUH GX IDLW GH OD PpFDQLTXH DUWLFXODLUH GHV pSDXOHV &H URXOLV SHUPHW G DYRLU GHV DSSXLV HQSURIRQGHXUHWIDFLOLWHOHUHWRXUGHO DXWUHEUDV/ DFWLRQVWDELOLVDWULFHGHVMDPEHVHPSrFKHOHUHWRXUQHPHQWGXFRUSV VXUOHYHQWUH 0RXYHPHQWGHVEUDV ,OFRPSUHQGXQHSKDVHPRWULFHHWXQHSKDVHGHUHWRXU /DSKDVHPRWULFHFRPSUHQGXQHSULVHG DSSXLXQHWUDFWLRQHWXQHSRXVVpH - - - /D SULVH G DSSXL FRPPHQFH SDU O HQWUpH GDQV O HDX SDU OH SHWLW GRLJW HW VH SRXUVXLW SDU XQ PRXYHPHQW YHUV OH EDV HW OpJqUHPHQWYHUVO H[WpULHXU/HEUDVUHQWUHGDQVOHSURORQJHPHQWGXFRUSV /DWUDFWLRQVHIDLWSDUODIOH[LRQGHO DYDQWEUDVVXUOHEUDV/HFRXGHUHVWHIL[p/HPRXYHPHQWHVWSOXVODWpUDOHWVXSHUILFLHO TX HQFUDZO/DWUDFWLRQVHWHUPLQHDXSDVVDJHjODYHUWLFDOHGHO pSDXOH /D SRXVVpH FRUUHVSRQG j XQH H[WHQVLRQ GX EUDV YHUV OD FXLVVH (OOH VH ILQLW DYHF OD SDXPH GH OD PDLQ YHUV OH IRQG GH OD SLVFLQHFHTXLHQWUDvQHXQDSSXLVXUO HDXSHUPHWWDQWGHVRUWLUODPDLQSDUUpDFWLRQSOXVIDFLOHPHQW /DSKDVHGHUHWRXUHVWXQPRXYHPHQWEDOLVWLTXHYHUWLFDOYHUVOHKDXW/HEUDVHVWWHQGX$XSDVVDJHjODYHUWLFDOHODPDLQVH WRXUQHYHUVO H[WpULHXUSRXUODUHQWUHUGDQVO HDXSDUOHSHWLWGRLJW /DFRRUGLQDWLRQ (OOHHVWHQRSSRVLWLRQTXDQGXQEUDVHVWGDQVOHSURORQJHPHQWO DXWUHHVWSUqVGHODFXLVVHjFDXVHGXPRXYHPHQWGHURXOLV &HOD SHUPHW XQ SRLQW G DSSXL HW XQH SRVLWLRQ IDFLOLWDQW OH FKDQJHPHQW GH URXOLV /D WrWH GRLW UHVWHU IL[H SRXU SHUPHWWUH OD UHFWLWXGHGHODFRORQQHYHUWpEUDOH 0RXYHPHQWGHVMDPEHV ,OV DJLWG XQPRXYHPHQWGHIRXHWWpDOWHUQDWLIGDQVXQSODQYHUWLFDOHWOpJqUHPHQWREOLTXH/HPRXYHPHQWSDUWGHODKDQFKHHW VH WHUPLQHSDUXQIRXHWWpGHVSLHGVUHOHYDQWO HDXUpVLVWDQFHUHVVHQWLHVXUOHGHYDQWGXSLHGFRPPHHQFUDZO/ DPSOLWXGHGX PRXYHPHQWHVWOLPLWpHSDUODSRVLWLRQGXJHQRXOHJHQRXQHGRLWMDPDLVVRUWLUGHO HDX 5HVSLUDWLRQ / H[SLUDWLRQSHUPHWGHQHSDVERLUHODWDVVHHQUHMHWDQWO HDX,O\DGHX[SRVVLELOLWpVXQHH[SLUDWLRQSRXUFKDTXHSRXVVpHRX XQHH[SLUDWLRQSRXUGHX[SRXVVpHV +LVWRULTXHUqJOHPHQW /DJ\PQDVWLTXHU\WKPLTXHHWVSRUWLYH 5DSSHORQV TXH OD 5XVVLH HVW OD QDWLRQ OD SOXV SHUIRUPDQWH DX GpEXW GX ;;,qPH VLqFOH HW TXH OD )UDQFH VH FODVVH GDQV OHV HQYLURQVGHVVHL]LqPHVGXPRQGH / pYROXWLRQKLVWRULTXH $SSDUXUHQWTXDWUHDVSHFWVDXFRXUVGXWHPSVDVSHFWJ\PQLTXHDVSHFWDUWLVWLTXHDVSHFWVSRUWLIHWDVSHFWIpPLQLQ /HVHQJLQVDXVHUYLFHGHO HVWKpWLTXH /HGpPDUUDJHGHFHWWHDFWLYLWpVHILWDXVHLQGHO pFROHDOOHPDQGHJUkFHDXGRFWHXU5XGROI%RGH&HGHUQLHUIRQGD OD J\PQDVWLTXH U\WKPLTXH ,O SHUPHWWDLW O XWLOLVDWLRQ IDFXOWDWLYH G HQJLQV OpJHUV &HWWH XWLOLVDWLRQ pWDLW SURJUHVVLYH 2Q WUDYDLOODLW G DERUG VXU XQ PRXYHPHQW GX FRUSV FRPSOHW FRQWLQX HW DUURQGL /H SULQFLSH GH WRWDOLWp VH WUDGXLVDLW SDU GHV PRXYHPHQWV G RQGXODWLRQGXFRUSV2QWUDYDLOODLWVXUODWRWDOLWpO DOWHUQDQFHU\WKPLTXHHWO pFRQRPLH/HVHQJLQVpWDLHQWOHEkWRQODEDOOHOH PHGHFLQHEDOOHWOHWDPERXUULQ +HQULFK 0pGDX SDUOD GH J\PQDVWLTXH PRGHUQH RX RUJDQLTXH j SDUWLU GHV DQQpHV &HWWH GLVFLSOLQH IpPLQLQH pWDLW SUDWLTXpHjO pFROH(OOHDLQIOXHQFpODJ\PQDVWLTXHVFRODLUHHWODJ\PQDVWLTXHYRORQWDLUH/DPpWKRGHIXWLQYHVWLHGDQVOHVFRXUV G (36 HQ )UDQFH / LQWURGXFWLRQ GHV HQJLQV VH IDLVDLW EHDXFRXS SOXV W{W TXH FKH] %RGH /HV HQJLQV VRQW OLEpUDWHXUV G XQ PRXYHPHQW HQWLHU IOXLGH HW U\WKPLTXH (Q O DSSHOODWLRQ J\PQDVWLTXH PRGHUQH GHYLQW RIILFLHOOH 0pGDX LQWURGXLVLW OHV HQJLQV VXLYDQWV OH EDOORQ TXDOLWp G HQYRO HW UHERQG OH FHUFHDX XWLOLVDWLRQ GHV HVSDFHV LQWHUQH HW H[WHUQH HW OHV PDVVXHV WUDYDLOHQDV\PpWULH/HVLQWpUrWVG DSUqV0pGDXpWDLHQWOHVVXLYDQWV - / DFWLYLWpSHUPHWWDLWGHVHQWLUOHU\WKPH / DFWLYLWpGpERXFKDLWVXUXQDVSHFWOXGLTXH / DFWLYLWpSHUPHWWDLWO LPDJLQDLUHGDQVOHPRXYHPHQW /HVHQJLQVVWLPXODLHQWO DGDSWDWLRQ /HVXSSRUWPXVLFDOpWDLWXQH[FHOOHQWVWLPXODQW *UkFHj0pGDXODJ\PQDVWLTXHPRGHUQHGHYLQWFRQQXHSDUOHSXEOLF/HVFHUFHDX[GHYLQUHQWOHV\PEROHGHV-HX[2O\PSLTXHV / DFWLYLWpHQWDQWTXHVSHFWDFOHVSRUWLI /HVHQJLQVGHYLQUHQWREMHWVGHSHUIRUPDQFHVHWGHGLIILFXOWp$SDUWLUGHVDQQpHVO DFWLYLWpGHYLQWFRPSpWLWLYH 'DQVOHFRGHGHO DGUHVVHGDQVODPDQLSXODWLRQDSSDUXW 'DQVOHFRGHGHGHVIRUPHVFRUSRUHOOHVGLIILFLOHVDSSDUXUHQW 'DQVOHFRGHGHODQRWLRQGHSULVHGHULVTXHDSSDUXWDFFRUGDQWGHVERQLILFDWLRQV $XMRXUG KXLRQFKHUFKHjUHSRXVVHUOHVOLPLWHVGHO XWLOLVDWLRQGHO HQJLQHWO H[SORLWDWLRQGHVSRVVLELOLWpVFRUSRUHOOHV&HODPHWHQ FRQIOLWOHVPpFDQLVPHVSHUFHSWLIV (QRQGRQQDLWFRPPHGLIILFXOWpVXSpULHXUHOHODQFHUVXUXQVDXWHWOHUDWWUDSHUVXUXQVDXW (QIXWLQWURGXLWHO LQFHUWLWXGHVSDWLDOHGHODWUDMHFWRLUHGHO HQJLQOHODQFHUVXUXQGpSODFHPHQWDYDQW (Q HW HQ RQ LQWURGXLVLW GHV ODQFHUUDWWUDSHU D\DQW XQH SULVH GH ULVTXH 3DU H[HPSOH O pYROXWLRQ GH OD GLIILFXOWp FRPSULWODFRPELQDLVRQGHSOXVLHXUVDFWLRQVSHQGDQWODVXVSHQVLRQGHO HQJLQ /HVGDWHVLPSRUWDQWHVVRQWOHVVXLYDQWHV - - (Q OD J\PQDVWLTXH PRGHUQH pWDLW GLYLVpH HQ GHX[ YLVLRQV RSSRVpHV YLVLRQ VSRUWLYH HQ (XURSH GH O (VW YLVLRQ pGXFDWLYHHWDQWLVSRUWLYHHQ(XURSHGHO 2XHVW (QHXUHQWOLHXOHVSUHPLHUVFKDPSLRQQDWVGXPRQGH (QRQSDUODGH*56 (QODGLVFLSOLQHGHYLQWRO\PSLTXH /DFRQFHSWLRQDFWXHOOHHQ)UDQFH 'DQVVRQLGpHVXUO LQIOXHQFHGHFHSULQFLSHGHWRWDOLWp&DVVDJQHGpFULWO LQIOXHQFHGXSULQFLSHGHWRWDOLWp 'DQVVRQLGpHVXUODQRWLRQG KDELOHWpOLpHjO DUWLVWLTXH3pFKLOORQGpFULWOD*56FRPPHXQHDFWLYLWpG DGUHVVHHWG H[SUHVVLRQ ,O V DJLW GH JpUHU HQ SHUPDQHQFH OHV UHQGH]YRXV HQWUH OH FRUSV HW O HQJLQ LQGLYLGXHOOHPHQW RX FROOHFWLYHPHQW GDQV XQ HVSDFH GpILQLHWXQWHPSVOLPLWpSDUXQHPXVLTXH 'DQV VRQ LGpH VXU OD QRWLRQ GH VFKqPHV G DFWLRQ /H &DPXV DIILUPH TXH OD *56 IDLW LQWHUYHQLU WURLV VFKqPHV G DFWLRQ OD SUpKHQVLRQVDLVLHPDQXHOOHOHPDQLHPHQWDFWLRQVG pFKDQJHUGHIDLUHWRXUQHUGHEDODQFHUGHIDLUHURXOHUVXUOHFRUSVHWF HW ODSURMHFWLRQSDURXYHUWXUHGHODPDLQODQFHUIDLUHUHERQGLUIDLUHURXOHUIDLUHJOLVVHU(OOH\DMRXWHOHVVFKqPHVSRVWXUDX[ SODFHPHQWHWGpSODFHPHQW/HFRQWU{OHYLVXHOHVWQpFHVVDLUHHWSULPRUGLDO /RTXHW OXWWH FRQWUH XQH LPDJH FODVVLTXH G XQH FHUWDLQH IpPLQLWp 9RLFL XQH FLWDWLRQ GH OD G\QDPLTXH UpHOOH GH FHWWH SUDWLTXHSHXWSHUPHWWUHO DSSURSULDWLRQSDUOHVKRPPHV/HFRUSVPDVFXOLQYpKLFXOHXQHFHUWDLQHDGUHVVHODSULVHGHULVTXHV O DXGDFH HW O RULJLQDOLWp /H J\PQDVWH GRLW FRPELQHU OH EHDX O HVWKpWLTXH O H[SUHVVLI HW OH ULVTXH SRXU SODLUH pWRQQHU HW pPRXYRLU )pUDXGSHQVHOD*56FRPPHVLWXDWLRQGHFRPPXQLFDWLRQ 3UDWLTXHIpGpUDOHUpJOHPHQWDLUH &RQGLWLRQVJpQpUDOHVGHSUDWLTXH /D KDXWHXU PLQLPDOH GX SODIRQG HVW GH PqWUHV /H SUDWLFDEOH HVW XQ HVSDFH GH PqWUHV VXU PqWUHV /D PXVLTXH HVW REOLJDWRLUH /D GXUpH GHV HQFKDvQHPHQWV YD GH PLQXWH HW VHFRQGHV j PLQXWH HW VHFRQGHV HQ LQGLYLGXHO (Q FROOHFWLI FLQT J\PQDVWHVODGXUpHYDGHPLQXWHVHWVHFRQGHVjPLQXWHVHWVHFRQGHV,OIDXWIDLUHGHX[HQFKDvQHPHQWVHQFROOHFWLI XQHQFKDvQHPHQWDYHFXQW\SHG HQJLQHWO DXWUHDYHFGHX[W\SHVG HQJLQ /DPXVLTXHQHSHXWSDVFRPSRUWHUGHYRL[RXGHEUXLWDJHV/DPXVLTXHGRLWFRPSRUWHUXQSDVVDJHOHQW / HQJLQQHGRLWSDVrWUHWHQXVXUSOXVG XQPRXYHPHQWFRUSRUHO/ HQJLQQHGRLWSDVrWUHSRVpDXVRO(QFROOHFWLIXQJ\PQDVWH SHXWDYRLUGDQVODPDLQXQRXSOXVLHXUVHQJLQVSDVVDJqUHPHQW 1RWDWLRQ /D YDOHXU WHFKQLTXH HVW QRWpH VXU 3RXU REWHQLU LO IDXW FRPELQHU GHV pOpPHQWV GH GLIILFXOWp ( 9RLFL OHV GLIIpUHQWHV GLIILFXOWpVGHVpOpPHQWV - $ % & ' ( &LQT GLIILFXOWpV GRLYHQW rWUH UHSUpVHQWpHV DYHF OH JURXSH FRUSRUHO REOLJDWRLUH /HV JURXSHV FRUSRUHOV VRQW OHV VXLYDQWV IRQGDPHQWDX[ VDXWV DYHF XQH KDXWHXU HW XQH DPSOLWXGH H[LJpHV pTXLOLEUHV VXU GHPLSRLQWH RX VXU OH JHQRX DYHF XQH PDLQWHQDQFH GH WURLV VHFRQGHV H[LJpH SLYRWV VXU XQ SLHG VRXSOHVVHV RX RQGHV GpSODFHPHQWV VDXWLOOpV EDODQFpV HW FLUFXPGXFWLRQV WRXUV /HV pOpPHQWV FRUSRUHOV TXL GRLYHQW OH SOXV DSSDUDvWUH HQ FHUFHDX VRQW OHV VDXWV HW OHV pTXLOLEUHV HQ EDOORQOHVVRXSOHVVHVHWOHVRQGHVHQUXEDQOHVSLYRWVHQPDVVXHVOHVpTXLOLEUHV /DQRWLRQGHGLIILFXOWpHQpTXLSHFRQVLVWHHQGHVpFKDQJHV6HXOOHVpFKDQJHVSDUODQFHUVRQWFRQVLGpUpVFRPPHGLIILFXOWpV,O IDXW TXH OHV FLQT J\PQDVWHV SDUWLFLSHQW DX ODQFHU HW DX UDWWUDSHU ,O IDXW TXH OH PRXYHPHQW VH IDVVH DX PRLQV j VL[ PqWUHV G pFDUW DX PRPHQW GX ODQFHU RX GX UDWWUDSHU SRXU TX LO VRLW FRQVLGpUp FRPPH XQH GLIILFXOWp /HV J\PQDVWHV GRLYHQW IDLUH DSSDUDvWUHVL[IRUPDWLRQV/HSULQFLSHGHFRRSpUDWLRQHWGHFROODERUDWLRQHQWUHJ\PQDVWHVGRLWDSSDUDvWUH2QQHSHXWSDVWLUHU SRUWHUPDUFKHUVXUXQHJ\PQDVWH /DYDOHXUDUWLVWLTXHHVWQRWpHVXU(OOHFRPSUHQGODPXVLTXHQRWpHVXUHWODFKRUpJUDSKLHQRWpHVXU/DFKRUpJUDSKLH FRPSUHQGO pTXLOLEUHXQHXWLOLVDWLRQYDULpHGHVJURXSHVFRUSRUHOVHWGHO HQJLQXQHXWLOLVDWLRQGHWRXWO HVSDFHGHVDFUREDWLHV VDQVWHPSVGHVXVSHQVLRQO RULJLQDOLWpODFRPELQDLVRQGHGLIILFXOWpV / H[pFXWLRQQRWpHVXUIDLWUpIpUHQFHDX[IDXWHVFRPPLVHVIDXWHVUHODWLYHVjO HQJLQFRUSRUHOOHVUHODWLYHVjODPXVLTXHHWj ODTXDOLWpH[SUHVVLYH 7UDYDX[GLULJpV /D*56HWOHVFLQTHQJLQV /D *56 FRPSRUWH FLQT HQJLQV OH FHUFHDX OH UXEDQ OD PDVVXH OD FRUGH HW OH EDOORQ /D *56 pWDEOLW XQH OLDLVRQ HQWUH OD PDQLSXODWLRQ GHV HQJLQV HW O DFWLYLWp FRUSRUHOOH /HV PDQLSXODWLRQV VRQW GLIIpUHQWHV SRXU FKDTXH HQJLQ PDLV XQ SULQFLSH HVW FRPPXQjFKDTXHHQJLQO HQJLQQHGRLWMDPDLVrWUHSRVpDXVROLOGRLWWRXMRXUVrWUHHQPRXYHPHQW 5qJOHVIRQGDPHQWDOHVGHODWHFKQLTXHjO HQJLQ )UDQoRLVH 3pFKLOORQ GDQV VRQ DUWLFOH GH &RPSUHQGUH OD *56 LVVX GH OD UHYXH +\SHU (36 GRQQH OHV UqJOHV IRQGDPHQWDOHVGHODWHFKQLTXHjO HQJLQ 5qJOHVFRQFHUQDQWODWHQXHSULVHOLEUH 2Q pYLWH GH VHUUHU O HQJLQ SRXU QH SDV HQWUDYHU OD SUpFLVLRQ GX PRXYHPHQW /HV SULVHV VRQW GLIIpUHQWHV VHORQ OHV HQJLQV HW GpSHQGHQWGHSOXVLHXUVIDFWHXUVO RXYHUWXUHHWODIHUPHWXUHGHODPDLQGpPDUUDJHGHODURWDWLRQDXFHUFHDXODSRVLWLRQGX SRLJQHWHWO¶RULHQWDWLRQGHODPDLQVSLUDOHVHQUXEDQOHU{OHGHVGRLJWV / DPSOLWXGHODPLVHjGLVWDQFH 2Q UHFKHUFKH XQ pORLJQHPHQW GH O HQJLQ GX FRUSV HQ D\DQW OH EUDV WHQGX /H WUDYDLO GH PDQLSXODWLRQ VH IDLW DYHF XQH SDUWLFLSDWLRQWRWDOHGXFRUSVDOORQJHPHQWGHVVHJPHQWVWUDQVIHUWGXSRLGVGXFRUSV /DFRQFRUGDQFHRXFRQWLQXLWp (OOH SHUPHW OD OLDLVRQ HQWUH GLIIpUHQWHV WHFKQLTXHV GH PDQLqUH j SURGXLUH XQ HQFKDvQHPHQW (QFKDvQHU VLJQLILH FUpHU XQH KDUPRQLHOLVLEOHHWORJLTXH'DQVXQHQFKDvQHPHQWXQHDFWLRQHQDSSHOOHXQHDXWUH /HJ\PQDVWHGRLWLQWpJUHUGDQVVDPRELOLWpODQRWLRQGHSRLQWPRUWRXSRLQWFDUUHIRXU0\ULDP&DVVDJQHGDQVVRQRXYUDJHGH *UkFHUDYLVVHPHQWV\PSKRQLH VRXOLJQDODQRWLRQGHSRLQWFDUUHIRXU&HSRLQWSHUPHWO HQFKDvQHPHQWORJLTXHGHVDFWLRQV OH FKDQJHPHQW GH VHQV GH SODQ HW GH GLUHFWLRQ ,O \ D VL[ SRLQWV FDUUHIRXUV OHV YHUWLFDOHV KDXWH HW EDVVH OHV KRUL]RQWDOHV DYDQW HW DUULqUH OHV ODWpUDOHV GURLWH HW JDXFKH /H SRLQW FDUUHIRXU HVW XQ SRLQW DX QLYHDX GXTXHO O HQJLQ HVW HQ LQHUWLH HQ EORFDJH /HVGLIIpUHQWVSODQVVRQWOHVSODQVIURQWDOGRUVDOVDJLWWDOKRUL]RQWDORXWUDQVYHUVDOHWREOLTXH /HVGLIIpUHQWHVGLUHFWLRQVVRQWOHVVXLYDQWHV _ _ __ _ _ SXEOLF / RULHQWDWLRQSHXWrWUHVWDWLTXHRXHQGpSODFHPHQWGHIDFHRXGHGRVDXSXEOLF /HVHQVGHGpSODFHPHQWGXJ\PQDVWHHVWVRLWDYDQWVRLWDUULqUH /HVHQVGHURWDWLRQGHO HQJLQHVWVRLWDUULqUHGXEDVYHUVO DYDQWYHUVOHKDXWYHUVO DUULqUHVRLWDYDQWGXEDVYHUVO DUULqUH YHUVOHKDXWYHUVO DYDQW 3UpVHQWDWLRQGHVFLQTHQJLQV /HFHUFHDX 1RUPHV /HGLDPqWUHYDGHjFP /DPDVVHHVWGHJPLQLPXP /HPDWpULDXHVWSODVWLTXH 3ULVH &DUDFWpULVWLTXHVRXSUREOqPHHVVHQWLHO )DPLOOHVVSpFLILTXHV 2QSUHQGOHFHUFHDXVRLWHQSURQDWLRQVRLWHQVXSLQDWLRQ(QSURQDWLRQODSDXPHGHODPDLQHVWYHUVOHEDV(QVXSLQDWLRQOD SDXPHGHODPDLQHVWYHUVOHKDXW2QOHSUHQGjXQHPDLQRXjGHX[PDLQVjO H[WpULHXURXjO LQWpULHXU / HQJLQ HVW HQFRPEUDQW HW QRQ GpIRUPDEOH ULJLGH ,O IDXW H[SORLWHU O HVSDFH FUpp SDU O HQJLQ XQH VSKqUH FUHXVH / HQJLQ PDWpULDOLVHWRXVOHVSODQV2QWUDYDLOOHOHVFKDQJHPHQWVGHSODQ /HV URWDWLRQV VH IRQW DXWRXU GH OD PDLQ HQWUH OH SRXFH HW O LQGH[ 2Q SHXW DXVVL IDLUH GHV URWDWLRQV DXWRXU GH OD FKHYLOOH GX JHQRXGHODKDQFKHGXFRXGHHWGXFRXPDLVXQHLPSUpFLVLRQHVWRFFDVLRQQpHSRXUFHVURWDWLRQV /HODQFHUUDWWUDSHUVHIDLWVRLWHQEORFDJHVRLWHQURWDWLRQ /HVURXOHPHQWVVRQWGHWURLVW\SHV/HVURXOHPHQWVVXUOHVROVHIRQWGDQVXQSODQYHUWLFDOVDJLWWDORXIURQWDORXGDQVXQSODQ REOLTXH/HVURXOHPHQWVVXUOHFRUSVVHIRQWVXUXQVHJPHQWRXG XQVHJPHQWjO DXWUH/HVURXOHPHQWVUpWURVHIRQWJUkFHjXQ FDVVHUGXSRLJQHW /HVUHQYHUVHPHQWVVRQWGHGHX[W\SHVDXWRXUG XQD[HKRUL]RQWDORXDXWRXUG XQD[HYHUWLFDO $XWUHVIDPLOOHV (OOHV FRPSUHQQHQW OHV SDVVDJHV j WUDYHUV VRLW XQ PHPEUH VRLW WRXW OH FRUSV OHV SDVVDJHV DXGHVVXV VRLW XQ PHPEUH VRLW WRXWOHFRUSV /HVFLUFXPGXFWLRQVVRQWGHJUDQGVFHUFOHVGpFOHQFKpVSDUXQHPRELOLVDWLRQGHO pSDXOH /HVKXLWVVRQWGHVOLDLVRQVGHGHX[FLUFXPGXFWLRQV /HVREVHUYDEOHVHQUHODWLRQDYHFOHVIDXWHVIUpTXHQWHV 0DvWULVHWRQODURWDWLRQGXFHUFHDX" /HSODQHVWLOELHQGpILQLRXOHFHUFHDXVHWURXYHWLOHQWUHGHX[SODQV" /HFHUFHDXHVWLOEORTXpGDQVODPDLQRXSHXWLOERXJHU" /HVREMHFWLIVSULRULWDLUHVGHWUDYDLO ,OIDXWPDLQWHQLUXQSODQrWUHFDSDEOHGHSDVVHUG XQSODQjO DXWUHHWrWUHFDSDEOHGHMRXHUDYHFODIRUPHHWO HQFRPEUHPHQW GXFHUFHDX /HUXEDQ 1RUPHV /DKDPSHEDJXHWWHIDLWGHjFPGHORQJHVWHQPDWLqUHSODVWLTXHRXHQILEUHVGHYHUUH/HGLDPqWUHHVWLQIpULHXUj FP/DEDJXHWWHHVWF\OLQGULTXHRXFRQLTXH /HUXEDQIDLWjPGHORQJHWjFPGHODUJH/DPDVVHGXUXEDQHVWGHJDXPRLQV/HUXEDQHVWHQVDWLQ /DIL[DWLRQHQWUHOHVGHX[pOpPHQWVHVWXQpPHULOORQFRPSRVpG pSLQJOHVjQRXUULFHHWG DQQHDX[,OV DJLWG XQHIL[DWLRQPRELOH /HMRLQWIDLWDXPD[LPXPFP 3ULVH / HQJLQHVWWHQXSDUO H[WUpPLWpGHODEDJXHWWH/DSDXPHGHODPDLQHVWDXQLYHDXGHO H[WUpPLWpHWO LQGH[HVWVXUODKDPSH2Q SHXWWHQLUSDVVDJqUHPHQWO HQJLQSDUOHUXEDQRXjODIRLVSDUODEDJXHWWHHWOHUXEDQ &DUDFWpULVWLTXHVRXSUREOqPHHVVHQWLHO )DPLOOHVVSpFLILTXHV ,O V DJLW G XQ HQJLQ ORQJ HW GpIRUPDEOH 6D ORQJXHXU SHUPHW OD UpDOLVDWLRQ GH IRUPHV YDULpHV 0DLV OH UXEDQ SHXW V HPPrOHU / DYDQWDJH GH VD ORQJXHXU HVW TX LO PHW ELHQ HQ YDOHXU O DPSOLWXGH HW O pORLJQHPHQW GX FRUSV /HV GLIILFXOWpV VRQW OD PLVH HQ PRXYHPHQW GH WRXW OH UXEDQ OD UpDOLVDWLRQ GH GHVVLQV UpJXOLHUV HW SUpFLV OD SURGXFWLRQ G XQH GHQVLWp LPSRUWDQWH GH GHVVLQV JUkFHjODYLWHVVHGHPDQLSXODWLRQHWODFRQVHUYDWLRQGXVLOHQFHpYLWHUTX LOQHFODTXH 6HUSHQWLQVRQGHV ,OVVRQWUpDOLVpVSDUGHVPRXYHPHQWVG LQFOLQDLVRQODWpUDOHGXSRLJQHW&HVRQWGHSHWLWVGHVVLQVRQGRLWHQYRLUFLQTjODIRLV 6SLUDOHVERXFOHV (ODQVHWFLUFXPGXFWLRQV (OOHVVRQWSURGXLWHVSDUGHVPRXYHPHQWVGHURWDWLRQLQWHUQHRXH[WHUQHGXSRLJQHW&HVRQWGHSHWLWVGHVVLQVRQGRLWHQYRLU FLQTjODIRLV 2Q PRELOLVH O pSDXOH /D FLUFXPGXFWLRQ HVW XQ JUDQG FHUFOH/ pODQHVWODPRLWLpG XQJUDQGFHUFOH/HUXEDQGRLWWRXMRXUVrWUH PDLQWHQXGDQVO HVSDFH/HFHUFOHGRLWrWUHUpJXOLHUHWOLVLEOH/ DPSOLWXGHGRLWrWUHPD[LPDOHJUDQGGHVVLQ $XWUHVIDPLOOHV /DQFHUUDWWUDSHU (QO DLUOHSRLGVGHODKDPSHHQWUDvQHOHUXEDQYHUVOHEDVDXQLYHDXGXSRLQWPRUWKDXW,OV DJLWGHODQFHUOHUXEDQGDQVVD WRWDOLWp2QODQFHO HQJLQOHSOXVVRXYHQWHQOHWHQDQWSDUOHWLVVX2QSHXWOHODQFHUSDUOHUXEDQjXQPD[LPXPGHFPGH O DWWDFKH 2Q SHXW OH ODQFHU SDU OH UXEDQ HW OD KDPSH j OD IRLV /H ODQFHU ERRPHUDQJ FRQVLVWH j QH SDV OkFKHU O H[WUpPLWp GX UXEDQjDWWHQGUHTXHO H[WUpPLWpGHODKDPSHWRXFKHOHVROjGRQQHUXQHLPSXOVLRQSRXUUDPHQHUODKDPSHHWjUDWWUDSHUOD KDPSHSDUO DXWUHPDLQ (FKDSSHU ,OV DJLWG XQSHWLWODQFHUGHKDPSH/HUXEDQQHYROHSDVGDQVVDWRWDOLWp /HVREVHUYDEOHVHQUHODWLRQDYHFOHVIDXWHVIUpTXHQWHV /HUXEDQFODTXHWLO"6 LOFODTXHFHODVLJQLILHTXHO pQHUJLHQ DSDVpWpGRVpHFRUUHFWHPHQWHWTXHO RQQ DSDVDWWHQGXO LQHUWLH GHO HQJLQDXSRLQWPRUW /HVGHVVLQVHIIHFWXpVVRQWLOVOLVLEOHVHWSUpFLV"6RQWLOVSHWLWVRXJUDQGV" /HUXEDQV HQURXOHWLODXWRXUGHPRLRXDXWRXUGHOXLPrPH"6 LOV HQURXOHDLQVLODPLVHjGLVWDQFHRXOHSRLQWPRUWQ RQWSDV pWpUpVROXV /HVREMHFWLIVSULRULWDLUHVGHWUDYDLO 2QWUDYDLOOHDYHFXQEUDVVRXSOHVDQVFULVSDWLRQDXQLYHDXGHO pSDXOH2QGLVVRFLHOHSRLJQHWGHO pSDXOH2QWUDYDLOOHDYHFXQH DPSOLWXGHRSWLPDOHGXEUDVGDQVOHFDVGHVJUDQGVYROXPHVSRXUTXHOHGHVVLQUHVWHGDQVOHPrPHSODQ /DFRUGH 1RUPHV /DORQJXHXUGHO HQJLQHVWSURSRUWLRQQHOOHjODWDLOOHGXJ\PQDVWH/DFRUGHPHVXUHHQYLURQOHGRXEOHGHODORQJXHXUHQWUHOHVRO HW OHVDLVVHOOHV/DPDVVHHVWOLEUH2QSHXWIDLUHGHVQ°XGVRXSDVDX[H[WUpPLWpV 3ULVH &DUDFWpULVWLTXHVRXSUREOqPHHVVHQWLHO ,O \ D GHX[ IDoRQV GH SUHQGUH OD FRUGH FKDTXH PDLQ j FKDTXH H[WUpPLWp FRUGH RXYHUWH RX XQH PDLQ WHQDQW OHV GHX[ H[WUpPLWpVFRUGHIHUPpH2QSHXWWHQLUODFRUGHDXFHQWUHjGHX[PDLQVRXXQHPDLQjO H[WUpPLWpHWXQHPDLQDXFHQWUH/D FRUGHSHXWrWUHWHQXHSDUOHVGHX[H[WUpPLWpVGDQVODPrPHPDLQ(OOHSHXWrWUHGRXEOpHRXTXDGUXSOpH & HVWXQHQJLQPRXGpIRUPDEOHHWVHQVLEOHDX[YDULDWLRQVG LQWHQVLWp,OPDUTXHOHVHIIHWVGHFHVFKDQJHPHQWVG LQWHQVLWpSDU GHV GpIRUPDWLRQV ,O GRLW rWUH PDQLSXOp HQ GRQQDQW O LPSUHVVLRQ TX LO HVW ULJLGH TXH OD IRUPH HVW VWDEOH &HOD HQJHQGUH XQ GRVDJHG pQHUJLHWUqVLPSRUWDQW/DYLWHVVHGHODFRUGHGRLWrWUHFRQVWDQWH2QGRLWIUHLQHUODFRUGHGDQVODSKDVHGHVFHQGDQWH HW O DFFpOpUHUGDQVODSKDVHPRQWDQWH/DFRUGHSHUPHWGHFUpHUGHVHVSDFHVGDQVOHVTXHOVRQHQWUHHWVDXWH&HODHQJHQGUHXQ SUREOqPHGHFRRUGLQDWLRQHQWUHOHVEUDVHWOHVMDPEHVHWXQSUREOqPHGHGpFOHQFKHPHQWGXVDXW/DFRUGHSHXWrWUHHQURXOpH DXWRXUG XQHSDUWLHGXFRUSV )DPLOOHVVSpFLILTXHV 6DXWLOOp /HV VDXWLOOpV GDQV OD FRUGH RXYHUWH VH IRQW YHUV O DYDQW RX YHUV O DUULqUH FRUGH FURLVpH RX GpFURLVpH 2Q PHW HQ DFWLRQ OHV SRLJQHWV SDU XQH URWDWLRQ UDSLGH HW UpJXOLqUH /HV EUDV VRQW WHQGXV j O REOLTXH EDVVH FDU OHV pSDXOHV QH VRQW SDV PRELOLVpHV / REMHFWLIHVWXQHDFWLYDWLRQGXWUDLQLQIpULHXUHWXQUHOkFKHPHQWGXWUDLQVXSpULHXU/DFRUGHQHGRLWSDVWRXFKHUOHVRO 6DXW /HVVDXWVVHIRQWGDQVODFRUGHRXYHUWH/ DUWLFXODWLRQVROOLFLWpHHVWO pSDXOH $XWUHVIDPLOOHV 5RWDWLRQV /DFRUGHHVWSOLpHHQGHX[HQWHQDQWOHVGHX[H[WUpPLWpVGDQVXQHPDLQ/HEUDVHVWIL[HHWOpJqUHPHQWWHQGX %DODQFHUFLUFXPGXFWLRQHWKXLW (FKDSSHUUDWWUDSHU (QURXOp 2QV DWWDFKHjODTXDOLWpGXGHVVLQHWDXGRVDJHGHODYLWHVVH 2QpFKDSSHXQERXWGHFRUGH ,OVHIDLWDXWRXUG XQHSDUWLHGXFRUSV /HVREVHUYDEOHVHQUHODWLRQDYHFOHVIDXWHVIUpTXHQWHV / HQJLQFRQVHUYHWLOXQGHVVLQSUpFLVHWO DUURQGLGHVDIRUPH" /DFRUGHFODTXHWHOOHFRQWUHOHVROORUVGHVDXWLOOpV" /DFRUGHYULOOHWHOOHSHQGDQWOHODQFHU" /HVREMHFWLIVSULRULWDLUHVGHWUDYDLO /HVREMHFWLIVVRQWODFRPSUpKHQVLRQGHODQRWLRQGHSRLQWPRUWHWOHIDLWG DWWHQGUHTXHO HQJLQSDUYLHQQHVXUOHSRLQWPRUWVXU WRXWHVDORQJXHXUSRXUFKDQJHUGHPRELOLWp /HEDOORQ 1RUPHV /HEDOORQIDLWGHjFPGHGLDPqWUHHWJPLQLPXP/DPDWLqUHHVWOHFDRXWFKRXF 3ULVH &DUDFWpULVWLTXHVRXSUREOqPHHVVHQWLHO )DPLOOHVVSpFLILTXHV & HVWOHVHXOHQJLQTXHO RQQHWLHQWSDV/DPDLQDGDSWHVDSULVHHQpSRXVDQWODURQGHXUGXEDOORQ/HEDOORQWLHQWHQpTXLOLEUH GDQVOHFUHX[GHODPDLQ2QQHSHXWSDVOHWHQLUjO HQYHUVHQSURQDWLRQ,OSHXWrWUHSRVpHQpTXLOLEUHVXUG DXWUHVSDUWLHVGX FRUSV FRPPH OD YRWH SODQWDLUH OD QXTXH OH GRV GH OD PDLQ /H EDOORQ SHXW rWUH SDVVDJqUHPHQW EORTXp HQWUH OH EUDV HW OH EXVWHHQWUHOHVGHX[EUDVRXHQWUHOHVGHX[MDPEHV & HVW XQ HQJLQ DWWUD\DQW FDU LO HVW FRQQX 3DU OH IDLW GH VD IRUPH URQGH HW SOHLQH F HVW XQ HQJLQ TXH O RQSHXWIDLUHpFKDSSHU IDFLOHPHQW HW UHERQGLU /HV UHERQGV SURGXLVHQW XQ HIIHW U\WKPLTXH HQ VXLYDQW OD PXVLTXH /D PDLQ GRLW rWUH HQ UpRULHQWDWLRQ SHUPDQHQWHSRXUJDUGHUOHEDOORQHQpTXLOLEUH2QSULYLOpJLHOHVLQIRUPDWLRQVWDFWLOHVSDUPLOHVLQIRUPDWLRQVVHQVRULHOOHV,OV DJLW G XQHQJLQDpULHQ/HUDWWUDSHUHVWSUREOpPDWLTXHFDULOIDXWVRXYHQWUDWWUDSHUjXQHVHXOHPDLQ /DQFHUUDWWUDSHU ,OVHIDLWVRLWSDUpODQVRLWSDUSRXVVpH3DUpODQRQOHODQFHSDUHQGHVVRXVHQIDLVDQWXQHDFFpOpUDWLRQSXLVEORFDJHGXEUDV GDQVODSKDVHDVFHQGDQWH3DUSRXVVpHLOVHIDLWHQOHODQoDQWSDUOHKDXW /HUDWWUDSHUV HIIHFWXHEUDVWHQGXjO REOLTXHKDXWHGHYDQWVRL/HVEXWVGXUDWWUDSHUVRQWG DPRUWLUO HQJLQGDQVVDFKXWHOHSOXV KDXWSRVVLEOHHWGHIOpFKLUOHVMDPEHVSRXUIDLUHSDUWLFLSHUOHFRUSVjFHWWHDFWLRQ2QUDWWUDSHOHEDOORQSDUOHERXWGHVGRLJWV SRXUTX LOJOLVVHYHUVODSDXPHGHODPDLQOHSRLJQHWGRLWrWUHHQH[WHQVLRQ 5HERQGVDFWLIV 5RXOHPHQWVOLEUHV - 6XUOHVRORQDFFRPSDJQHO HQJLQVXUOHERXWGHVGRLJWV2QUDWWUDSHO HQJLQHQO HQYHORSSDQWRXHQIDLVDQWJOLVVHUOHVPDLQV VRXVO HQJLQ ,OVVRQWGpFOHQFKpVSDUODPDLQRXSDUXQHDXWUHSDUWLHGXFRUSV/HEXWHVWGHSURGXLUHXQHSRXVVpHDFWLYHGHODPDLQYHUVOH VRO / RULHQWDWLRQ GX SRLJQHW GpWHUPLQH O DQJOH GH OD WUDMHFWRLUH GH UHERQG UHERQG REOLTXH RX YHUWLFDO / LPSRUWDQW GDQV OHV UHERQGVHVWODYDULDWLRQGHKDXWHXU2QSHXWHQFKDvQHUGHSHWLWVUHERQGVVXUSODFHDYHFXQUHERQGSOXVLPSRUWDQWSRXUUpDOLVHU XQHILJXUHHWUDWWUDSHUO HQJLQ ,O\HQDGHGHX[VRUWHV - 6XUOHFRUSVLOIDXWHQJDJHUOHFRUSVVRXVOHEDOORQDYHFXQHIOXLGLWpFRUSRUHOOHVDQVUDLGHXU'HX[WHFKQLTXHVH[LVWHQWOH EDOORQURXOHVXUXQHIRUPHFRUSRUHOOHDUURQGLHRQXWLOLVHODSHVDQWHXURXOHURXOpVHIDLWVXUXQHVXUIDFHFRUSRUHOOHSODQH ODSHVDQWHXUQ LQWHUYLHQWSDVOHFRUSVSDUWLFLSH 5RXOHPHQWVDFFRPSDJQpVRXJXLGpVSDUODPDLQ %DOORQHQpTXLOLEUHVXUXQHPDLQRXYHUWH & HVWODPDLQTXLIDLWURXOHUOHEDOORQVXUOHFRUSV ,OV DJLWGHUpDOLVHUGHVDFWLRQVFRUSRUHOOHVWRXWHQPDLQWHQDQWOHEDOORQHQpTXLOLEUHVDXWVWRXUVpTXLOLEUHVXUXQHMDPEH $XWUHVIDPLOOHV 5HERQGVSDVVLIV 2QODLVVHWRPEHUOHEDOORQVDQVSDUWLFLSDWLRQFRUSRUHOOH 5RWDWLRQVRXUHQYHUVHPHQWV (FKDSSHU +XLWVEDODQFpVpODQVHWFLUFXPGXFWLRQV 2QIDLWWRXUQHUOHEDOORQVXUOXLPrPHDXVRORXVXUXQGRLJW ,OV DJLWGHSHWLWVODQFHU ,OIDXWMRXHUDYHFODSHVDQWHXUHQSKDVHGHVFHQGDQWH3RXUPDLQWHQLUOHEDOORQHQpTXLOLEUHLOIDXWGRVHUODYLWHVVH /HVREVHUYDEOHVHQUHODWLRQDYHFOHVIDXWHVIUpTXHQWHV /HEDOORQHVWLOHQDSSXLDYHFO DYDQWEUDV"6LF HVWOHFDVOHSRLJQHWHVWHQIOH[LRQHWODPLVHjGLVWDQFHQ DSDVpWpHIIHFWXpH FRQYHQDEOHPHQW (QWHQGVMH GX EUXLW DX PRPHQW GX UDWWUDSHU GH O HQJLQ" 6L F HVW OH FDV OH EDOORQ Q HVW SDV SDVVp SDU OH ERXW GHV GRLJWV SRXU O DPRUWLU /RUVGXODQFHUUDWWUDSHUOHEDOORQSDVVHWLOSDUOHERXWGHVGRLJWV",OV DJLWG XQHLQIRUPDWLRQWDFWLOHGLIILFLOHjSHUFHYRLU /RUVG XQURXOHPHQWVXUOHFRUSVSHUoRLVMHO HQJLQVXUWRXWVRQWUDMHW"6LFHQ HVWSDVOHFDVOHVHJPHQWQ DGDSWHSDVVDIRUPH j ODWUDMHFWRLUHGHO HQJLQ /HVREMHFWLIVSULRULWDLUHVGHWUDYDLO /HSUHPLHUREMHFWLIHVWGHWUDYDLOOHUVXUO KDELOHWpUHODWLYHjODWHQXHGHO HQJLQ /H GHX[LqPH REMHFWLI HVW GH WUDYDLOOHU DXWRXU GHV ODQFHUUDWWUDSHU HW GH O DVSHFW VSHFWDFXODLUH IDLUH GHV ILJXUHV FRPSOH[HV SHQGDQWO HQYROGHO HQJLQ /HWURLVLqPHREMHFWLIHVWGHWUDYDLOOHUVXUOHU\WKPHGHVUHERQGVDFWLIV /DPDVVXH &RQIHUGRFXPHQW /HVIDPLOOHVFRPPXQHVDX[FLQTHQJLQV /HVPRXYHPHQWVFRQGXLWV /H PRWHXU HVW O DUWLFXODWLRQ GH O pSDXOH ,O IDXW UHVSHFWHU OHV SODQV GH PDQLSXODWLRQ ,O IDXW WURXYHU XQH G\QDPLTXH DXWRXU GX IUHLQDJHHWGHO DFFpOpUDWLRQGXEUDVHQWUHGHX[SRLQWVPRUWV (ODQ %DODQFp &LUFXPGXFWLRQ +XLW / pODQHVWXQPRXYHPHQWFRXUWHWEUHIG XQVHXOF{WpGHO pSDXOH& HVWXQTXDUWGHFLUFXPGXFWLRQ & HVW XQ PRXYHPHQW SHQGXODLUH UpSpWp XQ PRXYHPHQW GH YDHWYLHQW GH FKDTXH F{Wp GH O pSDXOH GURLWHJDXFKH RX DYDQW DUULqUH & HVWXQJUDQGFHUFOHDXWRXUGHO pSDXOH & HVWXQHFRPELQDLVRQGHGHX[FLUFXPGXFWLRQVGDQVOHPrPHSODQHWGHFKDTXHF{WpGXFRUSV /DQFHUUDWWUDSHU /H PRWHXU HVW O DUWLFXODWLRQ GH O pSDXOH ,O IDXW UHVSHFWHU OHV SODQV GH PDQLSXODWLRQ ,O IDXW WURXYHU XQH G\QDPLTXH DXWRXU GX IUHLQDJHHWGHO DFFpOpUDWLRQGXEUDVHQWUHGHX[SRLQWPRUWV (Q ODQFHU LO \ D XQH SURMHFWLRQ GH O HQJLQ GDQV XQ HVSDFH YHUWLFDO DYHF SHUWH PRPHQWDQpH GH FRQWDFW HQWUH O HQJLQ HW OH J\PQDVWH/HODQFHUHVWSURGXLWSDUXQHIOH[LRQH[WHQVLRQGHWRXWOHFRUSVVLPXOWDQpPHQWjXQHSKDVHG pODQTXLSHUPHWXQH DFFpOpUDWLRQGXEUDV/HSRLQWGHIL[DWLRQGXEUDVHVWO REOLTXHKDXWH2QpYLWHXQHDFWLRQGXSRLJQHWWURSLPSRUWDQWHSRXUTXH O HQJLQQHV pFKDSSHSDV 3RXU OH UDWWUDSHU RQ YD FKHUFKHU O HQJLQ OH SOXV KDXW SRVVLEOH SRXU VH GRQQHU XQ PD[LPXP GH WHPSV G DPRUWLVVHPHQW HW GH FKHPLQG DPRUWLVVHPHQW 3HWLWVPRXYHPHQWVUDSLGHV & HVW OD G\QDPLTXH GX SRLJQHW TXL HVW VROOLFLWpH / REMHFWLI HVW GH PDLQWHQLU OD PRELOLWp GH O HQJLQ SDU XQH FRQWLQXLWp HW XQH UDSLGLWpGHO DFWLRQGXSRLJQHW 3DUH[HPSOHSRXUOHUXEDQLO\DOHVVSLUDOHVHWOHVVHUSHQWLQV3RXUOHVPDVVXHVLO\DOHVPRXOLQHWV,O\DOHVURWDWLRQVSRXUOD FRUGHHWOHFHUFHDX,O\DOHVpFKDSSpV &ODVVLILFDWLRQGHVHQJLQV 3DUUDSSRUWDX[QRWLRQVVSDWLRWHPSRUHOOHVFRQIHUWDEOHDXGXGRFXPHQW 3DUUDSSRUWjODQDWXUHGHVHQJLQVLO\DGHVHQJLQVGpIRUPDEOHVHWQRQGpIRUPDEOHV 3RXUOHVHQJLQVGpIRUPDEOHVUXEDQHWFRUGHODGLIILFXOWpHVWODPLVHjGLVWDQFHHWODFRQWLQXLWpGHO DFWLRQ 3RXUOHVHQJLQVQRQGpIRUPDEOHVODGLIILFXOWpUpVLGHGDQVOHVSULVHV2QpYLWHGHEORTXHUHWGHVHUUHUO HQJLQ /HVQRWLRQVGHFRPSRVLWLRQFKRUpJUDSKLTXHGDQVOHWUDYDLOHQpTXLSH /D FKRUpJUDSKLH HVW O H[SUHVVLRQ G\QDPLTXH GH OD FRPSRVLWLRQ GRQQDQW GX VHQV j O H[HUFLFH HQ SDVVDQW SDU XQH SRVLWLRQ GH GpEXWHWXQHILQPDUTXpH,OGRLW\DYRLUXQHOLDLVRQDYHFOHWKqPHPXVLFDOXWLOLVp )RUPDWLRQV 'pILQLWLRQ (OOHVUHSUpVHQWHQWXQSODFHPHQWGHVJ\PQDVWHVVXUOHSUDWLFDEOHHWXQHFRQILJXUDWLRQPDUTXpHGHGHX[VHFRQGHV 9DULpWpV 3RXUODYDULpWpGDQVOHGHVVLQOHVIRUPDWLRQVSHXYHQWrWUHDUURQGLHVRXYHUWHRXIHUPpHRXUHFWLOLJQHVXQRXGHX[D[HV 3RXUODYDULpWpGDQVO DPSOLWXGHOHVJ\PQDVWHVVHGpSODFHQWVLPXOWDQpPHQWGHIDoRQjVHUUHURXjpFODWHUXQFDUUp 3RXUODYDULpWpGDQVODSRVLWLRQVXUOHSUDWLFDEOHRQSHXWVRLWGpFHQWUDOLVHUODIRUPDWLRQVRLWODFHQWUDOLVHU 3RXUODYDULpWpGDQVODGLUHFWLRQODIRUPDWLRQSHXWVHGLULJHUGDQVGLYHUVHVGLUHFWLRQVWRXVYHUVXQHVHXOHGLUHFWLRQGLUHFWLRQ WRWDOHRXFKDFXQYHUVXQHGLUHFWLRQGLIIpUHQWHGLUHFWLRQSDUWLHOOHRXGLIIpUHQFLpH 3pGDJRJLH $XGpSDUWLOHVWSOXVIDFLOHGHVHUHSpUHUVXUXQHIRUPDWLRQSODQHUHFWLOLJQHTXHVXUXQHIRUPDWLRQjGHX[D[HVGHUHSqUH,O HVWSOXVIDFLOHGHV RULHQWHUIDFHjIDFHRXIDFHjGRVTXHF{WHjF{WH (YROXWLRQV 'pILQLWLRQ & HVWOHSDVVDJHG XQHIRUPDWLRQjO DXWUHFRPELQpHDYHFXQWUDYDLOFRUSRUHOHWjO HQJLQ 9DULpWpV 3RXUOHFKDQJHPHQWSUpYLVLEOHOHVGpSODFHPHQWVVRQWSHXLPSRUWDQWVHWSUpYLVLEOHVHQFRXUEHRXHQOLJQHGURLWH/HEXWHVW TX LO\DLWRUGUHHWORJLTXHGDQVOHVGpSODFHPHQWV 3RXUOHFKDQJHPHQWLPSUpYLVLEOHLO\DXQHGpVRUJDQLVDWLRQGDQVOHVGpSODFHPHQWVTXLVRQWLQGLUHFWVFUpDQWXQHIIHWVXUSULVH &HWWHGpVRUJDQLVDWLRQLQLWLDOHGRLWODLVVHUSODFHjGHODULJXHXUHWGHODSUpFLVLRQGDQVOHVGpSODFHPHQWVGHFKDFXQ 3pGDJRJLH /HEXWHVWGHWUDYDLOOHUOHVGpSODFHPHQWVHQSUHQDQWGHVUHSqUHVYLVXHOVSUpFLVVXUGHVpOpPHQWVYLVXHOVVWDEOHV 2QXWLOLVHGHVSORWVSRXUPDUTXHUOHVGLUHFWLRQVFKH]OHVSHWLWV 1RWLRQVSDWLRWHPSRUHOOH & HVWO RUJDQLVDWLRQGXWUDYDLOFROOHFWLIHQPRXYHPHQW 1RWLRQVVSDWLDOHV 0RGDOLWpVGHGpSODFHPHQW /HFRUSVSHXWVHGpSODFHUSDUODFRXUVHOHVVDXWVOHVWRXUVOHVURXODGHV / HQJLQSHXWVHGpSODFHUSDUOHVODQFpVOHVURXOHPHQWVOHVUHERQGVOHVJOLVVHPHQWV 'LUHFWLRQV )RUPHV / pTXLSHH[HUFHVDPRELOLWpIDFHjXQHGLUHFWLRQHQUHVWDQWIL[HRXVHGpSODFHGDQVXQHGLUHFWLRQ 3RXUOHFRUSVRQVHGpSODFHVRLWHQOLJQHGURLWHVRLWHQOLJQHEULVpHVRLWHQOLJQHFRXUEH 3RXUO HQJLQLOVHGpSODFHVRLWHQOLJQHGURLWHVRLWHQFRXUEHVRLWDYHFXQUHWRXU 7UDMHFWRLUH /DWUDMHFWRLUHGHO HQJLQGDQVXQYROXPHYHUWLFDOSHXWrWUHSDUDEROLTXHFRXUEHWHQGXHVPDVKpHSDUUHQYHUVHPHQWGXFHUFHDX DXWRXUGHVRQD[HKRUL]RQWDO 1RWLRQVWHPSRUHOOHV 3RXU OHV PRXYHPHQWV LGHQWLTXHV O LGHQWLWp VH IDLW VRLW SDU OH FRUSV VRLW SDU OD PrPH IDPLOOH G pOpPHQWV / H[pFXWLRQ HVW VRLW V\QFKURQLVpH VRLW DSUqV XQH UDSLGH VXFFHVVLRQ PrPHV pOpPHQWV HQ FDVFDGH VRLW HQ HIIHW FDQRQ SHWLWH FRPELQDLVRQ GH PRXYHPHQWHQGpFDODJHVRLWHQFRQWUDVWHGHYLWHVVHVRLWSDUFRQWUDVWHGHQLYHDXjJHQRX[RXGHERXWVRLWSDUFRQWUDVWHGH GLUHFWLRQ 3RXUOHVPRXYHPHQWVGLIIpUHQWVLOVVRQWVRLWGLIIpUHQWVLQGLYLGXHOOHPHQWVRLWHQVRXVJURXSH 5HODWLRQV 3DUOHFRUSVHWRXO HQJLQ *\PQDVWHJ\PQDVWH ,QWHUYLHQQHQW O RULHQWDWLRQ GHV J\PQDVWHV HQWUH HX[ OD GLVWDQFH HQWUH HX[ OH QLYHDX HQWUH HX[ GHERXW DVVLV j JHQRX[ O HVSDFHLQWHUSpQpWUpSDVVHUVRXVXQDXWUHJ\PQDVWH,OSHXW\DYRLUFRQWDFWFRUSRUHORXQRQ (QJLQHQJLQ (QJLQJ\PQDVWH /HPDQLHPHQWG XQHQJLQVHUWGHVXSSRUWHWG HVSDFHjO DXWUHHQJLQVRLWSDUWUDYHUVpHVSDVVHUOHUXEDQGDQVOHFHUFHDXVRLW SDUVXSHUSRVLWLRQ /HSDUWHQDLUHXWLOLVHO HVSDFHFUppSDUO HQJLQ,OV DJLWGHWRXUQHUGHURXOHURXGHSDVVHUXQVHJPHQWGDQVFHWHVSDFH 3DUpFKDQJHGHQDWXUHGLIIpUHQWH 3DUWUDQVPLVVLRQ ,OV DJLWGHSUHQGUHO HQJLQGDQVOHVPDLQVRXVXUXQHSDUWLHGXFRUSVGXSDUWHQDLUHHWGHOXLGRQQHUQRWUHHQJLQ,OQ \DSDV GHSKDVHDpULHQQH *\PQDVWHVVXUSODFHHQJLQVHQPRXYHPHQW *\PQDVWHVHQGpSODFHPHQWHQJLQVXUSODFH (QJLQVHWJ\PQDVWHVHQGpSODFHPHQW 2QVHGpEDUUDVVHGHO HQJLQPRPHQWDQpPHQW,O\DXQHWUDMHFWRLUHSURGXLWHDpULHQQHRXDXVRO3RXUOHVSKDVHVDpULHQQHVRQ SHXWODQFHUUHQYHUVHUO HQJLQIDLUHGHVUHERQGVREOLTXHVIDLUHJOLVVHU /D WUDMHFWRLUH GH O HQJLQ HVW YHUWLFDOH /H WUDMHW GH O HQJLQ HVW KRUL]RQWDO 3DU H[HPSOH SRXU OH FDUUp LO IDXW GRQQHU XQH WUDMHFWRLUHYHUWLFDOHjQRWUHHQJLQSRXUTX LOUHVWHjQRWUHSODFHHWDOOHUjXQDXWUHFRLQGXFDUUp & HVWOHQLYHDXOHSOXVGLIILFLOH,OSHXWVHIDLUHHQGXRRXHQTXDWXRUVXUXQFDUUp /D*56XQHDFWLYLWpSK\VLTXHSHUFHSWLYHHWV\PEROLTXH /D*56XQHDFWLYLWpSK\VLTXH &RQIHUGRFXPHQW/HVTXDOLWpVUHTXLVHVHQ*56 $FWLYLWpSHUFHSWLYH 6HQVLELOLWpLQWpURFHSWLYH & HVW WRXW FH TXL SHUPHW GH UpJOHU OH UpIOH[H YpJpWDWLI OH V\VWqPH V\PSDWKLTXH HW SDUDV\PSDWKLTXH TXL SHUPHW G DVVXUHU OHV IRQFWLRQVSULPDLUHVGHO rWUHKXPDLQ/HVUpFHSWHXUVVRQWLQWHUQHV 6HQVLELOLWpH[WpURFHSWLYH (OOH QRXV SHUPHW GH UHFHYRLU GHV LQIRUPDWLRQV GH UpFHSWHXUV &HV UpFHSWHXUV VRQW VLWXpV HQ SpULSKpULH GH O RUJDQLVPH RX j OD VXUIDFHGXFRUSVUpFHSWHXUVYLVXHOWDFWLOHHWDXGLWLI /DYXH (OOH HVW LPSRUWDQWH SRXU OD GLPHQVLRQ WRSRFLQpWLTXH GH O DFWLYLWp /D FLQpWLTXH HVW OH PRXYHPHQW 7RSR VLJQLILH XQ EXW (Q *56LO\DXWLOLVDWLRQG HQJLQVRQV RULHQWHVSDWLDOHPHQWYHUVXQEXWPDWpULHOOHPHQWGpILQLODGLPHQVLRQWRSRFLQpWLTXH 3DUH[HPSOHORUVTX RQYHXWpFKDQJHURQUHJDUGHODSRVLWLRQGXEUDVGXSDUWHQDLUHDXPRPHQWGXOkFKHU6LOHEUDVHVWSOXW{W SURFKHGHO KRUL]RQWDOHOHODQFHUVHUDSOXW{WSODW6LOHEUDVHVWSOXW{WSURFKHGHODYHUWLFDOHOHODQFHUVHUDSOXVDpULHQ /HWDFW ,O DVVXUH OD UHODWLRQ GLUHFWH GX J\PQDVWH DYHF O HQJLQ ,O LQIRUPH VXU OD TXDOLWp GH OD PDQLSXODWLRQ OD IRUPH GH O HQJLQ /D GLPHQVLRQWDFWLOHSHXWV H[HUFHUVXUWRXWHOD]RQHPDQXHOOHGLJLWRSDOPDLUHRXVXUG DXWUHVSDUWLHVGXFRUSV /RUVTXH O RQ YHXW DVVRFLHU OD YXH HW OH WDFW FHOD SHXW rWUH FRQWUDGLFWRLUH 3DU H[HPSOH ORUV GH OD UpDOLVDWLRQ GH OD ILJXUH GH O DVVLHWWHVLO RQUHJDUGHRQSHXWVHGpVpTXLOLEUHULOIDXWXQLTXHPHQWXWLOLVHUOHWDFW / DXGLWLRQ (OOHHVWHQUHODWLRQDYHFODPXVLTXHRQpFRXWHODPXVLTXHDYDQWGHWUDYDLOOHUGHVVXV(QIRQFWLRQGHVYDULDWLRQVGHWHPSRRQ FRPSRVHVDFKRUpJUDSKLH (OOH HVW HQ UHODWLRQ DYHF OH EUXLW SURGXLW SDU O HQJLQ GDQV OD PDQLSXODWLRQ &HFL LQIRUPH OH J\PQDVWH GH IDXWHV FRPPLVHV OH UXEDQTXLFODTXHSDUH[HPSOH 3URSULRFHSWLYH & HVW XQH VHQVDWLRQ TXL GRQQH GHV LQIRUPDWLRQV VXU OH SRVLWLRQQHPHQW GX FRUSV HW VRQ GpSODFHPHQW /HV UpFHSWHXUV VROOLFLWpV VRQWVLWXpVVXUOHVPXVFOHVOHVWHQGRQVHWOHVDUWLFXODWLRQV ,QIRUPDWLRQVNLQHVWKpVLTXHV ,QIRUPDWLRQVVWDWHVWKpVLTXHV ,QIRUPDWLRQVODE\ULQWKLTXHVVWDWLTXHHWG\QDPLTXH (OOHVVRQWUHODWLYHVjODFLQpWLTXHODG\QDPLTXHGXPRXYHPHQW (OOHVVRQWUHODWLYHVDX[SRVLWLRQVVWDWLTXHV /HVUpFHSWHXUVVRQWVLWXpVGDQVO RUHLOOHLQWHUQHGDQVO RUJDQHGXODE\ULQWKH $FWLYLWpV\PEROLTXH / HQJLQSHUPHWODFRPPXQLFDWLRQ / HQJLQ SHUPHW OD FRPPXQLFDWLRQ HQWUH OH SXEOLF HW OH J\PQDVWH 3RXU TXH FHWWH FRPPXQLFDWLRQ VH FUpH LO IDXW TXH OH SXEOLF FRPSUHQQH OD ORJLTXH FKRUpJUDSKLTXH /D OLVLELOLWp GH O HQFKDvQHPHQW V LOOXVWUH j WUDYHUV GHV WKqPHV SDU H[HPSOH OD GpSHQGDQFHHWO LQGpSHQGDQFHO KDUPRQLHHWO DFFRUGO¶HQLYUHPHQWHWO HQYRWHPHQWSURGXLWSDUGHVVSLUDOHV / DFWLYLWpYpKLFXOHGHO pPRWLRQDXSUqVGXSXEOLF (PRWLRQDUWLVWLTXH (OOHHVWUHODWLYHjODEHDXWpGpJDJpHSDUWRXWHVOHVIRUPHVSURGXLWHVGDQVODFKRUpJUDSKLH,O\DIXVLRQHQWUHOHVJ\PQDVWHVHW OHVHQJLQV/ pPRWLRQDUWLVWLTXHVHWUDYDLOOHVXUWURLVS{OHVODWRQLFLWpGXFRUSVODIXVLRQGHODPXVLTXHDYHFODFKRUpJUDSKLHOD V\PEROLTXHGDQVODUHODWLRQFRUSVHQJLQ (PRWLRQVSRUWLYH (OOHHVWSURGXLWHSDUODSULVHGHULVTXHHWODQRWLRQG H[SORLW /HVSDUDPqWUHVGHODSULVHGHULVTXHVRQW - - ODGLIILFXOWpGXPDQLHPHQWGDQVODYLWHVVHG H[pFXWLRQGDQVODSULVHGHO HQJLQTXDQGHOOHQ HVWSDVPDQXHOOHRXTXDQGHOOH Q HVWSDVYLVXHOOHGDQVO HVSDFHRFFXSpUpFXSpUDWLRQSHQGDQWXQVDXWDXVRO OHWUDYDLOFRUSRUHOFXPXOG DFUREDWLHVSHQGDQWXQODQFp OD UHODWLRQ DYHF OD PXVLTXH VL RQ SUHQG XQH PXVLTXH WUqV PDUTXpH DX QLYHDX GX U\WKPH RQ SUHQG OH ULVTXH GH QH SDV UHVSHFWHUOHVDFFHQWVPXVLFDX[SDUUDSSRUWDXPRXYHPHQW 4XHVWLRQV 3RXUUpSRQGUHRQGpILQLWOHVWHUPHVLPSRUWDQWVRQUpSRQGHWRQMXVWLILH &RPPHQWJpUHUO pQHUJLHG XQHQJLQGpIRUPDEOH" /HVDUWLFXODWLRQVGHO¶pSDXOHHWGXSRLJQHWMRXHQWXQU{OHFDSLWDOGDQVODPDQLSXODWLRQHQ*56QRWDPPHQWGDQVODSULVH HQ FRPSWHGXIDFWHXUYLWHVVH3RXUTXRL"3UHQH]XQH[HPSOHSUpFLV +LVWRLUHHWpYROXWLRQGXVNL /HVNLGHIRQG 3HWLWH+LVWRLUHGXVNL 'HX[VRXUFHVQRXVUHQVHLJQHQWVXUO kJHGXVNL - OHVIUDJPHQWVGHVNLVGpFRXYHUWVGDQVOHVPDUDLVVFDQGLQDYHV OHVJUDYXUHVOHVGHVVLQVGpFRXYHUWVGDQVFHUWDLQHVFDYHUQHVRXVXUODSLHUUH /HVIUDJPHQWVGHVNLV /HVSUHPLHUVVNLVGDWHQWGHjDQVDYDQW-&9HUVO DQGHX[W\SHVGHVNLH[LVWDLHQW - OHW\SHDUFWLTXHGHX[VNLVGHPrPHGLPHQVLRQODUJHVHWFRXUWVUHFRXYHUWVGHSHDXjSRLOVFRXUWV OHW\SHVFDQGLQDYHXQVNLSOXVORQJOLVVHSRXUJOLVVHUHWXQVNLFRXUWDSSHOpDQGRUUHFRXYHUWGHSHDXSRXUVHSURSXOVHU /HVJUDYXUHVOHVGHVVLQV 'LYHUVHVJUDYXUHVIXUHQWGpFRXYHUWHV - YHUVDQVDYDQW-&qUHGHO +RPPHGH&URPDJRQGHVGHVVLQVG KRPPHVVHGpSODoDQWVXUGHVVXUIDFHVJHOpHV GHVJUDYXUHVVXUSLHUUHUXQLTXHWURXYpHVSUqVGX/DF2QpJD1RUYqJHHWGHOD0HU%ODQFKH1RUGGHOD5XVVLH DX ;,,qPHVLqFOHGHVGHVVLQVGHVDUPpHVUXVVHVVFDQGLQDYHV /HVVNLVDYDLHQWSRXUREMHFWLIG DXJPHQWHUODVXUIDFHGHVSLHGV 4XHOTXHVIDLWVKLVWRULTXHVFpOqEUHV (QHXWOLHXOHUDSWGXSULQFHKpULWLHUQRUYpJLHQ+DNRQVRQSDUXQHWULEXOHV%DJOHUHWODOLEpUDWLRQSDUOHSHXSOHDOOLpGXURL QRUYpJLHQ+DDNRQ/HV%LUNHEHLQHUVNLHXUVpPpULWHVFRXUDLHQWODFRXUVHSRSXODLUHDFWXHOOHOD%LUNHEHLQHU (Q HXW OLHX XQH JXHUUH HQWUH OD 6XqGH HW OH 'DQHPDUN / LQYDVLRQ GDQRLVH HQWUDvQD OD IXLWH GH *XVWDYH (ULNVRQ /HV SD\VDQV GH 0RUD VH VRXOHYqUHQW 'HV VNLHXUV IXUHQW HQYR\pV j 6lOHQ NP SRXU SUpYHQLU (ULNVRQ &H IXW OH GpEXW G XQ VRXOqYHPHQWYLFWRULHX[(ULNVRQGHYLQWURLVRXVOHQRPGH9DVD/D9DVDORSSHWFRXUVHGH9DVDFRPPpPRUHFHWpYpQHPHQW 'HO XWLOLWDLUHYHUVOHVSRUW (QIXWRUJDQLVpHODSUHPLqUHFRPSpWLWLRQj7pOpPDUN1RUYqJH (QHXWOLHXO pSUHXYHGHUDLGjVNLVXUNP/DQV7XRUGD $XSULQWHPSVO H[SORUDWHXUQRUYpJLHQ1DQVHQHIIHFWXDODWUDYHUVpHLQWpJUDOHGX*URHQODQGNP /HVNLDUULYDHQ)UDQFH - (QO ([SRVLWLRQ8QLYHUVHOOHGH3DULVSHUPLWGHGpFRXYULUGHVVNLVFKH]OHVH[SRVDQWVVFDQGLQDYHV /HMDQYLHUO DOSLQLVWH+HQUL'XKDPHOFUpDOHSUHPLHUFOXEIUDQoDLVOH6NL&OXEGHV$OSHV (QOHFDSLWDLQH&OHUFGH%ULDQoRQILWYHQLUGHVVNLVGH1RUYqJHSRXUVHVVROGDWV (QLOFUpDO (FROH1RUPDOHGH6NLj%ULDQoRQSRXUDVVXUHUODIRUPDWLRQGHVLQVWUXFWHXUVPLOLWDLUHV (QIXUHQWRUJDQLVpVOHVSUHPLHUVFKDPSLRQQDWVGH)UDQFHj%ULDQoRQ/HSURJUDPPHFRPSUHQDLWODFRXUVHGHIRQGOH VDXWHWOHVNL-RHULQJWUDFWLRQSDUGHVFKHYDX[ 6pSDUDWLRQGXVNLGHGpSODFHPHQWHWGXVNLGHGHVFHQWH (Q OH 1RUYpJLHQ +XLWIHOGUDMRXWDDX[ODQLqUHVWUDGLWLRQQHOOHVGHVpWULHUVSRXUIL[HUO DYDQWGXSLHG/HVJDUQLVRQVDOSLQHV ILUHQWpYROXHUFHWWHIL[DWLRQSRXUDVVXUHUOHPDLQWLHQGXSLHGVXUOHVNL (QWUHOHVGHX[JXHUUHVPRQGLDOHVOHVSUHPLHUVWpOpVNLVDSSDUXUHQW $XFRQJUqVGXIpYULHUj2VOROHVNLDOSLQIXWUHFRQQXFRPPHXQHGLVFLSOLQHGLVWLQFWH (QHXWOLHXOHSUHPLHU)R\HUGH6NLGH)RQGj$XWUDQV'DXSKLQp (QSRXUODSUHPLqUHIRLVXQHpSUHXYHGHVNLGHIRQGIXWGLIIXVpHjODWpOpYLVLRQDX[-HX[2O\PSLTXHVGH*UHQREOH (QIXWFUpHOH%UHYHWG (WDWGXVNLQRUGLTXHGHIRQG 4XHOTXHVGpILQLWLRQV 6NLQRUGLTXHQRPJpQpULTXHUHJURXSDQWO HQVHPEOHGHVDFWLYLWpVLVVXHVGHVSD\VQRUGLTXHV 6NLGHIRQGDFWLYLWpGHGpSODFHPHQWjVNLVXUGHVWHUUDLQVDXUHOLHISHXPDUTXpXWLOLVDQWXQPDWpULHOWUqVOpJHUHWVSpFLILTXH WDORQVOLEUHVSDVGHFDUUHVPpWDOOLTXHV 6NLGHUDQGRQQpHQRUGLTXHVHSUDWLTXHHQXQMRXUVXUGHVLWLQpUDLUHVEDOLVpVVRPPDLUHPHQW 5DLGQRUGLTXHUDQGRQQpHGHSOXVLHXUVMRXUVOD*UDQGH7UDYHUVpHGX-XUDHVWO LWLQpUDLUHOHSOXVVRXYHQWSDUFRXUXHQ)UDQFHHW GXUHXQHVHPDLQH 7\SHVGHFRPSpWLWLRQHQVNL 3RXUOHVGDPHVH[LVWHQW - OHIRQGVSpFLDOGpSDUWWRXWHVOHVVHFRQGHV OHIRQGGHUHODLVWURLVUHOD\HXVHV - OHIRQGGHPDVVHGpSDUWHQSOXVLHXUVOLJQHV - OHIRQGVSpFLDO 3RXUOHVKRPPHVH[LVWHQW - OHIRQGGHUHODLV OHIRQGGHPDVVH - OHFRPELQpQRUGLTXHVDXWHWVNDWLQJHQLQGLYLGXHOHWSDUpTXLSH - SRXUOHVGDPHVMXQLRUVNPHWHQSRXUVXLWHHWNP /HVGLVWDQFHVGHVpSUHXYHVVRQW - SRXUOHVGDPHVVHQLRUVNPHWHQSRXUVXLWHHWNP SRXUOHVKRPPHVMXQLRUVNPHWHQSRXUVXLWHHWNP SRXUOHVKRPPHVVHQLRUVNPHWHQSRXUVXLWHHWNP 3UpSDUDWLRQGHVSLVWHV (Q WHFKQLTXH FODVVLTXH LO H[LVWDLW DX GpSDUW GHX[ WUDFHV 0DLV FHOD SHUPHWWDLW DX[ FRXUHXUV G HIIHFWXHU GHV FKDQJHPHQWV GH WUDFHV UpSpWpV OH SDWLQDJH Q HVW SDV DXWRULVp HQ WHFKQLTXH FODVVLTXH 0DLQWHQDQW LO H[LVWH XQH VHXOH WUDFH SUpSDUpH GDQV OD OLJQH LGpDOH GH GpSODFHPHQW (Q YLUDJH OH WUDFp UHFKHUFKH OD PHLOOHXUH FRXUEH 3RXU OHV YLUDJHV WURS IHUPpV OD WUDFH HVW VXSSULPpH (QWHFKQLTXHOLEUHLOH[LVWHXQHWUDFHVXUOHF{WpRQSHXWIDLUHGXFODVVLTXHHQOLEUH/DSLVWHHVWDSODQLHHWSOXVODUJHTX HQ FODVVLTXH 'pURXOHPHQWGHVpSUHXYHV /HVSLVWHV 8QSDUFRXUVGHVNLGHIRQGFRPSUHQGXQWLHUVGHPRQWpHXQWLHUVGHGHVFHQWHHWXQWLHUVGHSODW /HV GLIIpUHQWHV SLVWHV VRQW LQGLTXpHVSDUGHVIDQLRQVHWGHVUXEDQVGHFRXOHXUVYDULpHVSODFpVjGURLWHGHODSLVWH$XQLYHDX LQWHUQDWLRQDOOHVIDQLRQVHWOHVUXEDQVVRQWGHFRXOHXUV - MDXQHSRXUOHVNP URXJHSRXUOHVNP RUDQJHSRXUOHVHWOHVNP 'HVWDEOHDX[NLORPpWULTXHVLQGLTXHQWODGLVWDQFHSDUFRXUXH (WDWGHODQHLJH 8Q WDEOHDX LQGLTXH O pYROXWLRQ GHV FRQGLWLRQV PpWpRURORJLTXHV WHPSpUDWXUH GH O DLU HW WHPSpUDWXUH GH OD QHLJH 6L[ LQIRUPDWLRQVVRQWGRQQpHVKHXUHVDYDQWOHSUHPLHUGpSDUWKHXUHVDYDQWOHSUHPLHUGpSDUWPLQXWHVDYDQWOHSUHPLHU GpSDUWDXSUHPLHUGpSDUWPLQXWHVDSUqVOHSUHPLHUGpSDUWKHXUHDSUqVOHSUHPLHUGpSDUW/HVLQIRUPDWLRQVFRQFHUQHQW OHVWDGHOHSRLQWOHSOXVKDXWHWOHSRLQWOHSOXVEDV 0DWpULHO /HSDUFRXUVGRLWrWUHHIIHFWXpVDQVDLGHH[WpULHXUHHWjVNLV (QFRXUVHLQGLYLGXHOOHRQSHXWFKDQJHUOHVEkWRQVORUVTX LOVFDVVHQW /HVVNLVVRQWPDUTXpVDYDQWOHGpSDUWHWYpULILpVjO DUULYpH2QQHSHXWSDVFKDQJHUGHVNLV /HUHIDUWDJHHVWDXWRULVpVDQVDLGHH[WpULHXUHOHPDWpULHOSHXWrWUHIRXUQLSDUXQHDXWUHSHUVRQQH &RQGXLWH /HFRXUHXUOHSOXVOHQWGRLWOLEpUHUODSLVWHjODSUHPLqUHGHPDQGHVDXIGDQVOHVGHUQLHUVPqWUHV 'pSDUW 3RXUXQGpSDUWWRXWHVOHVVHFRQGHVOHVWDUWHUSHUVRQQHGRQQDQWOHGpSDUWDYHUWLWOHFRXUHXUVHFRQGHVDYDQWOHGpSDUW HQ GLVDQWDWWHQWLRQ$SDUWLUGHVHFRQGHVDYDQWOHGpSDUWLOGpFRPSWHOHVVHFRQGHVHWGLWDOOH]JRHWF /HVSLHGVVRQWSODFpVGHUULqUHODOLJQHGHGpSDUWHWOHVEkWRQVVRQWSODFpVGHYDQW (QFDVGHIDX[GpSDUWRQUHWRXUQHGHUULqUHODOLJQHOHFKURQRPqWUHpWDQWGpFOHQFKp 6LRQSDUWHQUHWDUGOHWHPSVGHGpSDUWSUpYXHVWSULVHQFRPSWHPDLVRQQRWHTXDQGPrPHOHWHPSVGHGpSDUWHIIHFWLIHQFDV GHIRUFHPDMHXUHLO\DGpOLEpUDWLRQGXMXU\ $UULYpH /HWHPSVHVWSULVDXQLYHDXGHO DYDQWGXSUHPLHUSLHG/HVVNLVQHSHXYHQWrWUHHQOHYpVTX DSUqVYpULILFDWLRQOLJQHVLWXpHj PDSUqVO DUULYpH &RXUVHSRSXODLUH /HGpSDUWHVWHQPDVVHHWSDUOLJQHVVpSDUpHVVXLYDQWOHQLYHDXGHVVNLHXUV /HSDVVDJHGRLWrWUHHIIHFWXpjWRXVOHVSRVWHVGHFRQWU{OH /HVVNLHXUVOHVSOXVOHQWVVHSODFHQWjGURLWH ,OQHIDXWSDVJrQHUTXDQGFHODHVWSRVVLEOH 3RXUXQHWHPSpUDWXUHLQIpULHXUHj&ODFRXUVHHVWDQQXOpHRXUHSRUWpH 3RXUXQHWHPSpUDWXUHFRPSULVHHQWUHHW&OHVRUJDQLVDWHXUVUHFRPPDQGHQWXQHSURWHFWLRQFRQWUHOHIURLG 7UDYDX[GLULJpV 3UpVHQWDWLRQ (YDOXDWLRQ /DPRLWLpGHODQRWHUHSRVHVXUXQHSHUIRUPDQFHFKURQRPpWUpH / DXWUHPRLWLpHVWXQHpYDOXDWLRQWHFKQLTXH,OIDXWUHVSHFWHUOHSDVDOWHUQDWLIHWOHSDVGHXQ /HVNLGHIRQG 'pILQLWLRQV /HVNLQRUGLTXHUDVVHPEOH - OHVNLGHIRQG - OHVDXWjVNL OHWpOpPDUN OHVNL-RHULQJ ODSXOND OHELDWKORQ ODUDQGRQQpHQRUGLTXH ,OH[LVWHGHX[VRUWHVGHVNLGHIRQGODWHFKQLTXHFODVVLTXHHWODWHFKQLTXHGHSDWLQDJHOHVNDWLQJ /HPDWpULHO /HFDPEUHGXVNLHVWEHDXFRXSSOXVPDUTXpHQVNDWLQJ ,OH[LVWHGHVIL[DWLRQVDXWRPDWLTXHVHWGHVIL[DWLRQVPDQXHOOHV/HUqJOHPHQWLPSRVHODOLEHUWpGXWDORQ (Q WHFKQLTXH FODVVLTXH GDQV ODTXHOOH RQ XWLOLVH GHV FKDXVVXUHV VRXSOHV LO IDXW GpURXOHU OH SLHG FRQWUDLUHPHQW DX VNDWLQJ R O RQHPSORLHGHVFKDXVVXUHVULJLGHV 4XDQWDX[EkWRQVLOVDUULYHQWDXQLYHDXGHO pSDXOHSRXUODWHFKQLTXHFODVVLTXHHWDXQLYHDXGXPHQWRQSRXUOHVNDWLQJ /DQHLJHHWVHVPpWDPRUSKRVHV )RUPDWLRQGHODQHLJHHWpYROXWLRQ 'HODSRXVVLqUHPLFURVFRSLTXHHQSUpVHQFHGHJHOG KXPLGLWpHWGHIURLGSHUPHWODIRUPDWLRQG XQFULVWDOGHQHLJHFRQVWLWXpGH RXEUDQFKHV / pYROXWLRQjFRXUWWHUPHFRQFHUQHODGHVFHQWHGXFULVWDOGHQHLJH - 'DQVXQSUHPLHUFDVOHVFRQGLWLRQVDWPRVSKpULTXHVVRQWVWDEOHV/RUVGHVDFKXWHOHFULVWDOQHVHWUDQVIRUPHSDV 'DQV XQ GHX[LqPH FDV LO \ D DXJPHQWDWLRQ GH OD WHPSpUDWXUH SHQGDQW OD GHVFHQWH /H FULVWDO UHQFRQWUH GHV FRXFKHV GH SOXVHQSOXVFKDXGHVHWVHWUDQVIRUPHHQSDVVDQWSDUODVpSDUDWLRQGHVEUDQFKHVSRXUDERXWLUjODIRUPDWLRQG HDX / pYROXWLRQjORQJWHUPHFRQFHUQHOHVSKpQRPqQHVGHGpJHOHWGHJHO3HQGDQWODMRXUQpHODQHLJHVHUHPSOLWG HDX3HQGDQWOD QXLWHOOHJqOH/DJODFHHVWWUqVFRPSDFWH /DGHQVLWpPDVVLTXHGHODQHLJHYDULHHQIRQFWLRQGXW\SHGHQHLJH - &HOOHGHODSRXGUHXVHHVWGHNJP &HOOHGHODQHLJHPRXLOOpHHVWGHNJP /DQHLJHQRXYHOOHHVWODQHLJHSRXGUHXVH/DYLHLOOHQHLJHHVWODQHLJHWUDQVIRUPpH 2QXWLOLVHGXIDUWGXUSRXUODQHLJHSRLQWXHGXUH/HIDUWHVWVRXVIRUPHGHSRXVVHWWH 2QXWLOLVHGXIDUWPRXSRXUODQHLJHPROOH/HIDUWHVWVRXVIRUPHGHWXEH /DQHLJHHWOHVGLIIpUHQWVIDUWV 3RXUODQHLJHQRXYHOOHODSRXGUHXVHRQXWLOLVHODSRXVVHWWH 3RXUODYLHLOOHQHLJHODQHLJHWUDQVIRUPpHRQXWLOLVHOHWXEH VNLFODVVLTXH _ _ IDUWpFDLOOHVIDUW GHRXIDUWGH JOLVVHGHJOLVVH UHWHQXH VNLGHVNDWLQJ IDUW GHJOLVVH 6RQWGLVWLQJXpHVGHX[SKDVHVORUVG XQSDV - 3HQGDQWODSKDVHG DSSXLOHVpFDLOOHVSpQqWUHQWGDQVODQHLJH 3HQGDQWODSKDVHGHJOLVVHRQJOLVVHVXUXQVNL (Q FHTXLFRQFHUQHOHIDUWGHUHWHQXHWURLVFDVVRQWSRVVLEOHV - - /HIDUWDJHHVWFRUUHFW/RUVGHODSKDVHG DSSXLOHVFULVWDX[SpQqWUHQWGDQVODFRXFKHGHIDUWO DSSXLHVWVROLGH/RUVGHOD SKDVHGHJOLVVHXQPLFURUpFKDXIIHPHQWVHSURGXLWOHVFULVWDX[VHOLEqUHQWGHODFRXFKHGHIDUWSRXUSHUPHWWUHODJOLVVH /HIDUWDJHHVWWURSPRX/RUVGHODSKDVHG DSSXLOHVFULVWDX[SpQqWUHQWWURSSURIRQGpPHQWHWQHSHXYHQWVHOLEpUHUORUVGH ODSKDVHGHJOLVVHRQERWWHXQHFRXFKHGHQHLJHHVWFROOpHVRXVOHVVNLV /HIDUWDJHHVWWURSGXU/RUVGHODSKDVHG DSSXLLOQ \DSDVG DFFURFKHOHVVNLVUHFXOHQW (WXGLRQVOHVQHLJHVQRXYHOOHV/HWHVWGHODERXOHFRQVLVWHjHVVD\HUGHIDLUHXQHERXOHGHQHLJH WHVWGH ODERXOH QHLJHVXU WHPSpUDWXUH OHVDUEUHV HQ& QHLJHWUqV LPSRVVLEOHRXL! IURLGHHWVqFKH QHLJH UpDOLVDEOHVLRXLj QHLJHSpWULH IURLGH QHLJHGRXFH UpDOLVDEOHJRXWWHVDX[j HWKXPLGH H[WUpPLWpV GHVEUDQFKHV QHLJHWUqV UpDOLVDEOHQRQ KXPLGH UHMHWG HDX (WXGLRQVOHVQHLJHVWUDQVIRUPpHV LQGLFHGHGXUHWp WHPSpUDWXUH HQ& QHLJHWUqVIURLGH LPSpQpWUDEOH! WRXUQHYLV QHLJH FRPSDFWHjJURVj JUDLQFUD\RQ IURLGH QHLJH KRPRJqQHGRLJWj PRXLOOpH QHLJHWUqV PRXLOOpH QRQFRPSDFWH SpQpWUDWLRQ IDFLOH /DSURJUHVVLRQGHO HQVHLJQHPHQWGXVNLGHIRQG / (FROHQDWLRQDOHGXVNLGHIRQGSURSRVHXQHSURJUHVVLRQHQFLQTFODVVHV FODVVHGpEXWDQWVIDPLOLDULVDWLRQDYHFOHPDWpULHO - FODVVHpTXLOLEUDWLRQ - FODVVHSURSXOVLRQ - FODVVHFRRUGLQDWLRQO RUJDQLVDWLRQVHGLIIpUHQFLHGXJHVWHGHODPRWULFLWp - FODVVHFRPSpWLWLRQHQWUDvQHPHQW - / pTXLOLEUDWLRQ 7KpRULH *OLVVHUF HVWVHGpSODFHU2QHVWHQpTXLOLEUHTXDQGODUpVXOWDQWHGHVIRUFHVWRPEHjO LQWpULHXUGHODVXUIDFHG DSSXLjO DUUrW 'HX[IRUFHVVRQWLPSRUWDQWHVGDQVOHSODQIURQWDO ODSHVDQWHXU - ODIRUFHFHQWULIXJH - ODSHVDQWHXU 7URLVIRUFHVVRQWLPSRUWDQWHVGDQVOHSODQVDJLWWDO O DFFpOpUDWLRQ - ODIRUFHGHIURWWHPHQWFRQWDFWGXVNLDYHFODQHLJH - /DVSpFLILFLWpGXVNLGHIRQGHVWO DSSXLXQLSRGDOVXUXQVHXOSLHG /DSpGDJRJLHGXPRGqOHVHGLIIpUHQFLHGHODSpGDJRJLHJOREDOH /DSpGDJRJLHGXPRGqOHDQDO\WLTXHGpEXWHSDUXQHH[SOLFDWLRQXQHGpPRQVWUDWLRQ/HJHVWHHVWHQVXLWHUHSURGXLW(QILQ RQFRUULJHOHJHVWHSDUUDSSRUWjODQRUPH - /D SpGDJRJLH JOREDOH GX MHX GpEXWH SDU XQH PLVH HQ VLWXDWLRQ (OOH DERXWLW j XQH H[SOLFDWLRQ XQH H[SRVLWLRQ GHV FRQVLJQHV - ,O\DGHX[W\SHVG H[HUFLFHVLPSRUWDQWV O DPpQDJHPHQWGXPLOLHX - ODFRQWUDLQWHGHUpDOLVDWLRQDXQLYHDXGHVFRQVLJQHVFRQVLJQHVYHUEDOHV - YHUWLFDO ,O\DWURLVW\SHVG pTXLOLEUH DQWpURSRVWpULHXUSODQVDJLWWDO - ODWpUDOSODQIURQWDO - 0LVHHQ°XYUH (TXLOLEUDWLRQVXUOHVGHX[VNLV 2QFKHUFKHXQHSHQWHWHUPLQpHSDUXQDUUrWQDWXUHO ? ? ? 3ODQYHUWLFDO 9RLFLTXHOTXHVH[HUFLFHV - HIIHFWXHUFLQTIOH[LRQVSHQGDQWODGHVFHQWHFRQVLJQHYHUEDOH SDVVHUVRXVGHVSRUWHVSHQGDQWODGHVFHQWHDPpQDJHPHQWGXPLOLHX 3ODQDQWpURSRVWpULHXU - DPHQHUOHSRLGVGXFRUSVGHSXLVOHVWDORQVYHUVO DYDQWGXSLHGSHQGDQWODGHVFHQWH 9RLFLTXHOTXHVH[HUFLFHV - - PrPH H[HUFLFHOHV\HX[IHUPpV SDUGHX[XQSRXVVHXUSDVVHVHVMDPEHVHQWUHOHVVNLVGHO pOqYHGHGHYDQWHWSRXVVHVRQFDPDUDGHjXQSRLQWGpWHUPLQp GHODGHVFHQWH SDUWURLVFHOXLGXPLOLHXRXOHVGHX[jO H[WpULHXUWLUHQWOHXUFDPDUDGHHQDOWHUQDQFHDYHFOHVPDLQV 3ODQODWpUDO - WRXFKHUODQHLJHjGURLWHSXLVjJDXFKHSHQGDQWODGHVFHQWHFRQVLJQHYHUEDOH 9RLFLTXHOTXHVH[HUFLFHV SUHQGUHGHVREMHWVGDQVODQHLJHSHQGDQWODGHVFHQWHDPpQDJHPHQWGXPLOLHX SUHQGUHGHODQHLJHSRXUIDLUHXQHERXOHSXLVWLUHUVXUXQHFLEOHHQILQGHGHVFHQWH SDUGHX[SUHQGUHGHODQHLJHHWWLUHUVXUVRQFDPDUDGHSHQGDQWODGHVFHQWHODFLEOHHVWPRELOH (TXLOLEUDWLRQVXUXQVNLWHFKQLTXHFODVVLTXH 3ODQODWpUDO 9RLFLTXHOTXHVH[HUFLFHV - - VXU SODFHpFDUWHUHWVHUUHUOHVMDPEHVDOWHUQDWLYHPHQWODPHLOOHXUHSRVLWLRQHVWO pFDUWHPHQWGHVKDQFKHV HQ GHVFHQWHOHYHUXQSLHGSXLVO DXWUH PrPH H[HUFLFHPDLVOHYHUXQSLHGSRXUpYLWHUGHVREMHWVEkWRQVRXEUDQFKHVGHSLQGDQVODWUDFH FKDQJHPHQWGHWUDFHVXUTXDWUHWUDFHVUDSSURFKpHVpFDUWHUXQVNLSRXUFKDQJHUGHWUDFHHQSRUWDQWOHSRLGVGXFRUSVVXU XQVNL FKDQJHPHQWGHWUDFHOHSUHPLHUVNLWUDYHUVHOHVGHX[WUDFHVOHVHFRQGVNLUHQWUHGDQVODSUHPLqUHWUDFHSXLVOHSUHPLHUVNL UHQWUHGDQVODVHFRQGHWUDFH 3ODQDQWpURSRVWpULHXU - WURWWLQHWWHDYHFXQVHXOVNLO DXWUHVNLGDQVOHVPDLQVKRUL]RQWDOHPHQWHQSRXVVDQWDYHFOHSLHGVDQVVNL 9RLFLTXHOTXHVH[HUFLFHV - SRXVVHUXQFDPDUDGHMDPEHVpFDUWpHV /DFRRUGLQDWLRQ 7KpRULH ,OQHIDXWSDVFRQIRQGUHFRRUGLQDWLRQHWV\QFKURQLVDWLRQ/DV\QFKURQLVDWLRQpYRTXHGHVDFWLRQVUpDOLVpHVHQPrPHWHPSVDORUV TXHODFRRUGLQDWLRQGXODWLQFRRUGLQDWLRVLJQLILHODPLVHHQRUGUHO RUJDQLVDWLRQGHVDFWLRQVPRWULFHV /DFRRUGLQDWLRQHVWXQHRUJDQLVDWLRQVSDWLRWHPSRUHOOH2QDSSUHQGGHX[W\SHVGHFRRUGLQDWLRQODFRRUGLQDWLRQQDWXUHOOHSDU H[HPSOHSDVVDJHGHODPDUFKHDXSDVDOWHUQDWLIHWODFRRUGLQDWLRQFXOWXUHOOHWHFKQLTXHSDUH[HPSOHOHSDVGHXQ /HVGLIIpUHQWVJHVWHVHQVNLGHIRQGVRQW - OHSDVDOWHUQDWLI - OHSDVGHXQ ODSRVLWLRQGHGHVFHQWH ODSRXVVpHVLPXOWDQpH OHSDVWRXUQDQW OHSDVGHFDQDUG (YROXWLRQGHODFRRUGLQDWLRQPRWULFH $SSUHQWLVVDJHGDQVGHVVLWXDWLRQVGHFRQYHUJHQFHHQFRRUGLQDWLRQQDWXUHOOHOHSDVDOWHUQDWLI ,OHVWDSSHOpSDVDOWHUQpSDUOHV&DQDGLHQVHWSDVGLDJRQDOSDUOHV6XLVVHV/HSDVDOWHUQDWLIHVWXQHFRRUGLQDWLRQQDWXUHOOH& HVW XQH DGDSWDWLRQ GH OD IRXOpH GX FRXUHXU HQ $QJODLV OH VNL GH IRQG HVW DSSHOp FURVV FRXQWU\ VNLLQJ /HV GLIIpUHQFHV DYHF OD FRXUVHVRQW ODSUpVHQFHGHVEkWRQVXWLOLVDWLRQUHQIRUFpHGHVEUDV OHWHPSVGHJOLVVHSOXVRXPRLQVLPSRUWDQW $QDO\VHWHFKQLTXH 8QSDVFRPSOHWXQHIRXOpHUDVVHPEOHODSRVHG DSSXLGXSLHGGURLWSXLVGXSLHGJDXFKHSXLVGXSLHGGURLW /DMDPEHDYDQWHVWODMDPEHGHJOLVVH/DMDPEHTXLWUDYDLOOHHVWODMDPEHG LPSXOVLRQ /DSKDVHG LPSXOVLRQHVWGLYLVpHHQGHX[ - - 'DQVODSKDVHGHUHJURXSHPHQWOHUHVVRUWGHVMDPEHVGRLWrWUHWHQGX/ REMHFWLIHVWGHSUHQGUHXQDSSXLVROLGHG pFUDVHU OHPLOLHXGXVNLODFKDPEUHGHIDUWDJH/HFRUSVGRLWrWUHSODFpHQDYDQWGHO DSSXLSRXUGLULJHUO LPSXOVLRQYHUVO DYDQWHW QRQSDVYHUVOHKDXW/ pTXLOLEUHHVWDVVXUpSDUOHWUDYDLOGXEUDVRSSRVp 'DQV OD SKDVH G LPSXOVLRQ SURSUHPHQW GLWH OH UHVVRUW GRLW VH GpWHQGUH ,O \ D H[WHQVLRQ GH OD MDPEH G LPSXOVLRQ / H[WHQVLRQVHWHUPLQHORUVGHO DOLJQHPHQWGHODMDPEHGHODFXLVVHHWGXWURQF /DSKDVHGHJOLVVHHVWGLYLVpHHQGHX[ - /DSKDVHGHJOLVVHSXUHSHUPHWXQHJOLVVHVDQVWUDYDLOJUkFHjO LPSXOVLRQSUpFpGHQWH/HSRLGVGXFRUSVTXLpWDLWVXUOD MDPEHG LPSXOVLRQSDVVHVXUODMDPEHGHJOLVVHPHQWODMDPEHDYDQW 3HQGDQWODSKDVHGHWUDFWLRQGXEUDVOHEUDVRSSRVpjODMDPEHGHJOLVVHHVWG DERUGHQDWWHQWH&HWWHSKDVHSHUPHWGH IDLUH DYDQFHU OH FRUSV ORUV GH OD SKDVH GH JOLVVH SRXU SODFHU FHOXLFL HQ DYDQW GHV DSSXLV DILQ GH SUpSDUHU OD SKDVH G LPSXOVLRQ $SSUHQWLVVDJH 6XU XQ IDX[ SODW RQ SHXW WUDYDLOOHU O pTXLOLEUDWLRQHQSODWGHVFHQGDQWHWODSURSXOVLRQHQSODWPRQWDQW6XUXQWHUUDLQSODWHQ QHLJHSURIRQGHRQSHXWWUDYDLOOHUODFRRUGLQDWLRQOHSLHGQHJOLVVHSDVJUkFHjO pSDLVVHXUGHODQHLJHO DSSXLHVWDVVXUp - - 3RXU WUDYDLOOHU O pTXLOLEUDWLRQ RQ SURSRVH WRXW G DERUG GH WUDYDLOOHU SDU IRXOpHV DOWHUQDWLYHV DYHF OHV EUDV GDQV OH GRV / REMHFWLI GH FHW H[HUFLFH HVW GH JDUGHU OH EXVWH DXGHVVXV GX VNL DYDQW / H[HUFLFH VXLYDQW FRQVLVWH j UpDOLVHU OH SDV DOWHUQDWLIVDQVEkWRQV/ REMHFWLIHVWGHSRUWHUOHSRLGVGXFRUSVHQDYDQW/HWURLVLqPHH[HUFLFHFRQVLVWHjIDLUHOHPRLQVGH IRXOpHVVXUXQHGLVWDQFHGRQQpH/ REMHFWLIHVWGHUHVWHUHQSKDVHGHJOLVVH 3RXUWUDYDLOOHUODFRRUGLQDWLRQLOIDXWVNLHUVLOHQFLHXVHPHQW8QSUHPLHUH[HUFLFHHVWGRQQpSRXUHIIHFWXHUOHUDPHQpGHOD MDPEHG LPSXOVLRQLOIDXWVHUHGUHVVHUVXUODMDPEHDYDQWSRXUSRVHUGpOLFDWHPHQWODMDPEHDUULqUH8QGHX[LqPHH[HUFLFH FRQVLVWH j VNLHU SDU GHX[ O XQ GHUULqUH O DXWUH &HOXL GH GHUULqUH GRLW HIIHFWXHU VHV JHVWHV HQ VXLYDQW OH PrPH U\WKPH IUpTXHQFHHWDPSOLWXGHTXHFHOXLGHGHYDQWPDvWULVHGHODORQJXHXUGHVHQMDPEpHV 3RXUWUDYDLOOHUODSURSXOVLRQXQSUHPLHUH[HUFLFHFRQVLVWHjSRXVVHUOHSOXVORQJWHPSVHWOHSOXVORLQSRVVLEOH8QGHX[LqPH H[HUFLFHFRQVLVWHjHIIHFWXHUXQSDVDOWHUQDWLIDYHFXQVHXOEkWRQ,OIDXWVHFRQFHQWUHUVXUXQWUDYDLOPD[LPXPGXEUDV8Q WURLVLqPHH[HUFLFHFRQVLVWHjVHSURSXOVHUSDUXQWUDYDLOGHVEUDVDOWHUQpDYHFOHVMDPEHVIL[HV $SSUHQWLVVDJHGDQVGHVVLWXDWLRQVFXOWXUHOOHVWHFKQLTXHVGHFRPSpWLWLRQOHSDVGHXQ /HSDVGHXQHVWXQPRXYHPHQWK\EULGH - $X QLYHDXGHVPHPEUHVLQIpULHXUVVHVXFFqGHQWGHVLPSXOVLRQVSDUXQHMDPEHFRPPHHQWURWWLQHWWH - $X QLYHDXGHVPHPEUHVVXSpULHXUVVHVXFFqGHQWGHVSRXVVpHVVLPXOWDQpHV $QDO\VHWHFKQLTXH 2QRUJDQLVHFHVGHX[JHVWHVSRXUHQIDLUHXQJHVWHVSpFLILTXH 'DQVXQSUHPLHUWHPSVLO\DLPSXOVLRQG XQHMDPEHDVVRFLpHjXQUDPHQpGHVEUDVYHUVO DYDQW 'DQVXQGHX[LqPHWHPSVODSKDVHGHJOLVVHSURILWHGHO pODQGRQQpHWSHUPHWOHSODFHPHQWGXKDXWGXFRUSVDXGHVVXVGXVNL DYDQWOHVNLGHJOLVVH 'DQVXQWURLVLqPHWHPSVHVWHIIHFWXpOHWUDYDLOGXKDXWGXFRUSVGXWRUVHSXLVGHVPHPEUHVVXSpULHXUVDVVRFLpDXUDPHQpGH ODMDPEHDUULqUH/DMDPEHDUULqUHV DUUrWHDXQLYHDXGHODMDPEHGHJOLVVH 'DQVXQTXDWULqPHWHPSVLO\DUHGUHVVHPHQWFRUSRUHOSRXUSUpSDUHUXQHQRXYHOOHLPSXOVLRQ $SSUHQWLVVDJH / DSSUHQWLVVDJHVHIDLWSDUGLVVRFLDWLRQVHJPHQWDLUHHWSDUDVVHPEODJHGHVGLIIpUHQWVpOpPHQWVOHKDXWHWOHEDV /HWUDYDLOGHVPHPEUHVLQIpULHXUVSHXWrWUHH[HUFpSDUODWURWWLQHWWH - /DWURWWLQHWWHVLPSOHV HIIHFWXHOHVEUDVSODFpVGHYDQWLPPRELOHV /RUVGHODSULVHG DSSXLOHVPDLQVYLHQQHQWWRXFKHUOHVFXLVVHV/RUVGHO LPSXOVLRQOHVPDLQVVHSODFHQWGHYDQWDXQLYHDX GHV\HX[ /HV PHPEUHV LQIpULHXUV SHXYHQW DXVVL rWUH WUDYDLOOpV SDU GHV VpULHV GH IRXOpHV DOWHUQDWLYHV HQ JDUGDQW OHV EUDV SODFpV GHYDQW EkWRQVWHQXVFRUUHFWHPHQW /H WUDYDLO GHV PHPEUHV VXSpULHXUV SHXW rWUH HIIHFWXp SDU VXFFHVVLRQ GH SRXVVpHV VLPXOWDQpHV HQ IDLVDQW YDULHUOHVSODQWpVGH EkWRQVO pOqYHGRLWV DSHUFHYRLUTXHOHPHLOOHXUSODQWpV HIIHFWXHjHQYLURQFPHQDYDQWGHVIL[DWLRQV /HVPHPEUHVVXSpULHXUVSHXYHQWDXVVLrWUHWUDYDLOOpVSDUSRXVVpHVVLPXOWDQpHVHQPRGLILDQWODSRVLWLRQFRUSRUHOOHO DQJOHGHV JHQRX[$SUqVDYRLUSRXVVpHQV DVVH\DQWHWSRXVVpOHVMDPEHVWHQGXHVO pOqYHGRLWV DSHUFHYRLUTXHOHVMDPEHVGRLYHQWrWUHj PRLWLpIOpFKLHV /D FRRUGLQDWLRQ O DVVHPEODJH GHV PHPEUHV VXSpULHXUV HW GHV PHPEUHV LQIpULHXUV SHXW rWUH WUDYDLOOpH SDU GHV VpULHV GH SDV DOWHUQDWLIV OHV EUDV SODFpV GHYDQW HW GHV SRXVVpHV VLPXOWDQpHV ORUVTXH O DSSUHQDQW OH GpVLUH (QVXLWH OH QRPEUH GH IRXOpHV LQWHUPpGLDLUHVHVWGLPLQXpjGHX[RXjWURLV(QILQRQHIIHFWXHOHSDVGHXQQRUPDOjGURLWHHWjJDXFKH $SSUHQWLVVDJHOXGLTXH 2QMRXHSRXUWUDYDLOOHUO pTXLOLEUDWLRQHWVHIDPLOLDULVHUDYHFOHPDWpULHO 2QGDQVHODVDUGDQHHQFHUFOHOHVPDLQVOLpHVDYHFGHVGpSODFHPHQWVGHIDFHHWGHVGpSODFHPHQWVGHGRV $ SOXVLHXUVRQIDLWGHVSDVVHVGHUXJE\HQDYDQoDQWHWHQUHFXODQW 2QIDLWSURJUHVVHUOHVDXWUHVHQOHVSRXVVDQWGDQVOHGRV 2QMRXHjO KRPPHQRLUO¶pSHUYLHUTXLGRLWWRXFKHUOHVDXWUHV /DEDOOHDXSULVRQQLHUUDVVHPEOHGHX[pTXLSHVXQHjO LQWpULHXUG XQFHUFOHHWO DXWUHjO H[WpULHXU 2QMRXHDXIDFWHXUQ HVWSDVSDVVp 2QMRXHDXKDQGEDOO 2QIDLWXQUHODLVRSSRVDQWGHX[pTXLSHVGHYDQWSDUFRXULUXQVODORP 2QMRXHDXIRRWEDOOHQJDUGDQWXQVHXOVNL +LVWRULTXHHWpYROXWLRQWHFKQLTXH /HVNLDOSLQ (W\PRORJLTXHPHQWOHPRWVNLDSSDUXWHQ)UDQoDLVHQGDQVXQDUWLFOHGHUHYXH/HPDJDVLQSLWWRUHVTXHLQWLWXOp/HVNLHRX OHSDWLQGHVQHLJHV +LVWRULTXH &HIXWXQSURIHVVHXUVRYLpWLTXHTXLWURXYDODSOXVDQFLHQQHJUDYXUHG XQVNLHXUHQH[8566&HWWHJUDYXUHGDWDLWGH DQV $ +RWLQJHQ6XqGHRQUHWURXYDOHSUHPLHUVNLHQ,OGDWDLWGHRXDQV 8WLOLVp FRPPH PR\HQ GH ORFRPRWLRQ GDQV OHV UpJLRQV QRUGLTXHV OH VNL QH GHYLQW XQH GLVFLSOLQH VSRUWLYH TX DX FRXUV GX ;9,,,qPHVLqFOHVRXVIRUPHGHMHX[VSRUWLIV ,QFRQQXH DXGHOj GH O (XURSH GX 1RUG OD WHFKQLTXH GX VNL VH UpSDQGLW SHX j SHX JUkFH j TXHOTXHV SUpFXUVHXUV QRWDPPHQW JUkFH DX[ UpFLWV G DYHQWXUH HQWUH HW HW JUkFH j O LQIOXHQFH G +HQUL 'XKDPHO &H GHUQLHU H[SRVD VHV VNLV SRXU OD SUHPLqUH IRLV j O ([SRVLWLRQ XQLYHUVHOOH GH 3DULV HQ (Q LO HQ ILW XQH GpPRQVWUDWLRQ WHFKQLTXH /HV PLOLWDLUHV GHV WURXSHVDOSLQHVUHOD\pVSDUOHVDVVRFLDWLRQVPLUHQWVXUSLHGVRQSUHPLHUHQVHLJQHPHQW /DSUDWLTXH &H TXL FRQWULEXD j SRSXODULVHU OH VNL IXW O H[SpGLWLRQ GH O H[SORUDWHXU )ULGWRM 1DQVHQ TXL HQ WUDYHUVD OH *URHQODQG / H[SpULHQFHPHQpHGHjSDUOHVPLOLWDLUHVGRQQDOLHXjXQUDSSRUWGRQWUpVXOWDODFUpDWLRQGHO pFROHPLOLWDLUH&HIXW OHSRLQWGHGpSDUWGHODV\VWpPDWLVDWLRQGHO DSSUHQWLVVDJHGXVNLHWGHODFUpDWLRQHQGHODSUHPLqUHpFROHQRUPDOHGH VNLIUDQoDLVHj%ULDQoRQ $SUqVOD3UHPLqUH*XHUUH0RQGLDOHOHVPHQWDOLWpVVHWUDQVIRUPqUHQWUDGLFDOHPHQWHWOHVPRQWDJQDUGVSULUHQWHQFKDUJHOHVMHX[ GHODQHLJH/ HVVRUGXVNLGDQVOHVYDOOpHVVHILWJUkFHDX[PLOLWDLUHVHQSHUPLVVLRQ2QOHXUGRLWDXVVLODSUHPLqUHFRPSpWLWLRQ LQWHUQDWLRQDOHj0RQWJHQqYUHHQ / RULJLQHGDQVOHV3\UpQpHV (Q3URVSHU$XULROHWOH&RPLWp$OSLQ)UDQoDLVGpFRXYULUHQWOHVMRLHVGHVSUHPLqUHVJOLVVDGHVHQ&HUGDJQH&DSFLU /DGLIIpUHQFLDWLRQ /HV 1RUYpJLHQV HVWLPqUHQW ORQJWHPSV TX LO Q \ DYDLW TX XQH VHXOH WHFKQLTXH GH VNL YDODEOH FHOOH GX VNL GH IRQG 0DLV HQ SpQpWUDQWOHVPDVVLIVPRQWDJQHX[GHO (XURSHFHQWUDOHLOVVHUHQGLUHQWFRPSWHTXHOHWpOpPDUNQ pWDLWSDVDGDSWpDX[SHQWHV GHV $OSHV 'DQV FHW pWDW G HVSULW OH 7RXULQJ &OXE GH )UDQFH HW OH &RPLWp $OSLQ )UDQoDLV VDLVLUHQW UDSLGHPHQW O LQWpUrW GH SUDWLTXHUOHVNLDOSLQ)XWDXVVLQRWDEOHO LQIOXHQFHGX6NL&OXEGHV$OSHVIRQGpHQHWGX6NL&OXE9RVJLHQIRQGpHQ VXUOHPRXYHPHQWS\UpQpHQ /D)pGpUDWLRQ)UDQoDLVHGH6NL))6IXWFUppHHQORUVGHODPrPHDQQpHTXHODQDLVVDQFHGHV-2G KLYHUj&KDPRQL[ 'DQVFHVHQVXQ$QJODLV$UQROG/XQQIRQGDOH.DQGDKDU6NL&OXE,OSHQVDLWTXHOHPHLOOHXUPR\HQGHSURPRXYRLUOHVNLpWDLW GHIDLUHDSSHOjODFRPSpWLWLRQ3RXUFHODLOWUDYDLOODjODFRGLILFDWLRQGHGHX[FRQFRXUVVSpFLILTXHPHQWDOSLQVOHVODORPVSpFLDO HW ODGHVFHQWH$YHFO DLGHGHV$XWULFKLHQVLOFUpDXQQRXYHDXFRQFRXUVOHFRPELQpGRQWODSUHPLqUHpGLWLRQHXWOLHXj*VWDDG HQ $0UUHQHXWOLHXODSUHPLqUHGHVFHQWHUpVHUYpHDX[GDPHV 'DQVOHV3\UpQpHVODSUHPLqUHSLVWHGHGHVFHQWHIXWFUppHj*RXUHWWHNPGHORQJHWNPGHGpQLYHOp/DVHXOHGHVFHQWH RIILFLHOOHHQ&HUGDJQHVHVLWXDLWDORUVj&DPEUHG $]H /HV&KDPSLRQQDWVGX0RQGHGH6NLVHGpURXOHQWGHSXLV/HVODORPVSpFLDOHWODGHVFHQWHFRPSOpWqUHQWOHSURJUDPPHHQ j0UUHQ /HVFRQFRXUV /H SUHPLHU VNL FOXE IXW IRQGp j *ODULV HQ 6XLVVH HQ /RQJWHPSV LO QH IXW TXHVWLRQ QL GH YLUDJH QL GH VODORP /D VHXOH PDvWULVHGXVNLFRQVLVWDLWjV DUUrWHUDYHFXQVHPEODQWGHFKDVVHQHLJH&HWWHpSUHXYHpWDLWGLWHG DUUrWHWGHVW\OH /HSUHPLHUVODORPVSpFLDOHXWOLHXj0UUHQHQ(QOD)pGpUDWLRQ,QWHUQDWLRQDOHGH6NLKRPRORJXDOHVpSUHXYHVGH GHVFHQWHHWGHVODORPVSpFLDO /DPRQGLDOLVDWLRQGXVNL ,O IDOOXW DWWHQGUH ORQJWHPSV SRXU TXH OHV 6FDQGLQDYHV DFFHSWDVVHQW OH SULQFLSH GH FKDPSLRQQDW GX PRQGH GH VNL DOSLQ HW O LQWURGXFWLRQ GX VODORP VSpFLDO HW GH OD GHVFHQWH DX[-2GH*DUPLVFK3DUWHQNLUFKHQHQVHXOOHFRPELQpGRQQDQWGURLW DX[PpGDLOOHV (YROXWLRQWHFKQLTXH /HEkWRQXQLTXH /HEkWRQXQLTXHIXWUHPLVHQFDXVH,OVHUYDLWjODIRLVGHPRWHXUHWGHIUHLQ(QOH0DQXHOGHO DOSLQLVPH SUpFLVDLWTXHOD ORQJXHXU GX EkWRQ GHYDLW rWUH DX PRLQV pJDOH j FHOOH GX VNLHXU GHERXW /H UpVXOWDW IXW TXH SHQGDQW ORQJWHPSV GqV TXH OD YLWHVVH DXJPHQWDLW RQ VNLDLW j FKHYDO VXU VRQ EkWRQ &H QH IXW TX HQ TX DSSDUXUHQW OHV GHX[ EkWRQV PXQLV GH GHX[ UDTXHWWHV /DJXHUUHGHVPpWKRGHV (OOH RSSRVD O $OEHUJ PpWKRGH DXWULFKLHQQH j OD PpWKRGH IUDQoDLVH G (PLOH $OODLV 7RXWH OD SpULRGH GH O DYDQWJXHUUH IXW FRQVDFUpHjGHVUHFKHUFKHVWHFKQLTXHV/HSUHPLHUJUDQGODERUDWRLUHGHVWHFKQLTXHVGHVNLIXWO pFROHGHO $OEHUJj6DQNW$QWRQ HQ $XWULFKH+DQQHV6FKHLGHUIXWOHFUpDWHXUGXVWHPW\SHGHYLUDJH (Q )UDQFH LO IDOOXW DWWHQGUH OD ILQ GH OD 3UHPLqUH *XHUUH 0RQGLDOH SRXU TXH OD )pGpUDWLRQ $OSLQH 'DXSKLQRLVH VRXKDLWkW OD FUpDWLRQGHOD))6 /HFKDPSLRQGXPRQGHGHj7RQL6HHORVGH6HHIHOGLQQRYDHQH[pFXWDQWOHYLUDJHVNLVSDUDOOqOHV,OIXWUHFUXWpSDU OD))6SRXUHQWUDvQHUO pTXLSHQDWLRQDOHHQYXHGHVFKDPSLRQQDWVGXPRQGHGH&KDPRQL[HQ (Q)UDQFH(PLOH$OODLVDYHFVDPpWKRGHIUDQoDLVHFRQVWLWXDOHFKULVWLDQLDSXUDYDOLQVWLWXDQWOHSDUDOOpOLVPHGHVVNLV (Q IXW FUppH O (FROH 1DWLRQDOH GX 6NL )UDQoDLV (16) (OOH FRQWU{ODLW O HQVHPEOH GHV pFROHV GX WHUULWRLUH IL[DLW OHV SURJUDPPHVHWHQYpULILDLWO DSSOLFDWLRQSRXUJDUDQWLUODYDOHXUSpGDJRJLTXHGHVPRQLWHXUV (QOHVFKDPSLRQQDWVGXPRQGHFRQILUPqUHQWODTXDOLWpGHODPpWKRGHIUDQoDLVHFDU(PLOH$OODLVJDJQDOHFRPELQp $SUqVODOLEpUDWLRQO (16)GHYLQWO (FROH1DWLRQDOHGH6NLHWG $OSLQLVPH(16$ +HQUL2UHLOOHUIXWFKDPSLRQRO\PSLTXHGHGHVFHQWHHQ &HWWH KLVWRLUH GX VNL PRQWUH OD GLIILFXOWp j WURXYHU XQ HQVHLJQHPHQW FRKpUHQW /HV PpPHQWRV GH O (FROH GX 6NL )UDQoDLV HQ FRRUGLQDWLRQ DYHF O (16$ GpSDVVqUHQW FHW pFOHFWLVPH FHV GLIIpUHQWHV PpWKRGHV 0DLV OHV SUDWLTXHV QRXYHOOHV VH PXOWLSOLqUHQW (YROXWLRQGXPDWpULHO (QIXUHQWPLVHVHQSODFHGHVFDUUHVPpWDOOLTXHVVXUOHVGHX[F{WpVGXVNL (QIXWXWLOLVpXQV\VWqPHGHIL[DWLRQEORTXDQWOHSLHGVXUOHVNL 'DQVOHVDQQpHVIXUHQWDGRSWpHVGHVIL[DWLRQVGHVpFXULWpHQFRPSpWLWLRQ (Q-HDQ9XDUQHWDX[-2GH6TXDZ9DOOH\XWLOLVDGHVVNLVPpWDOOLTXHVSRXUJDJQHUODGHVFHQWH (Q OHV SLTXHWV HQ ERLV FpGqUHQW OHXU SODFH DX[ SLTXHWV HQ SODVWLTXH DUWLFXOpV /HV SLTXHWV pWDLHQW ER[pV HW QRQ SOXV HVTXLYpV (QGXPDWpULHODQWLYLEUDWLRQVpOLPLQDQWOHVVRXUFHVGHIUHLQDJHHWIDFLOLWDQWODFRQGXLWHGHVFRXUEHVIXWLQWURGXLW 'DQVOHVDQQpHVDSSDUXUHQWOHVVNLVSDUDEROLTXHV 7UDYDX[GLULJpV 1RWLRQVGHEDVH 8QHWHFKQLTXHGHVNLGpSHQGGHVIDFWHXUVLQWHUQHVHWH[WHUQHVGHODSHUVRQQH /HVIDFWHXUVLQWHUQHVVRQWODPRUSKRORJLHODSK\VLRORJLHHWOHVUHVVRXUFHVSV\FKRDIIHFWLYHV /HV IDFWHXUV H[WHUQHV VRQW OD QHLJH OD PpWpR OD SLVWH OH PDWpULHO HW OH SXEOLF TXL SHXW HQWUDvQHU GX VWUHVV ORUV G XQH FRPSpWLWLRQ /HVDFWLRQVGHEDVH (OOHVVRQW - OHPRXYHPHQWYHUWLFDOIOH[LRQH[WHQVLRQ - O pTXLOLEUDWLRQORQJLWXGLQDOH O pTXLOLEUDWLRQODWpUDOH /HVPpFDQLVPHVIRQGDPHQWDX[ ,OVVRQW - OHVWUDQVIHUWVG DSSXL OHVYDULDWLRQVGHSUHVVLRQ OHVFKDQJHPHQWVGHFDUUHV OHVHIIHWVGLUHFWLRQQHOV OHVDFWLRQVPRWULFHVGHSLYRWHPHQW /HV\VWqPHGHIRUFHV )RUFHVH[WHUQHVDXVNLHXU /D SHVDQWHXU DSSOLTXpH DX FHQWUH GH JUDYLWp GX VNLHXU FRQWUDULH OH GpFOHQFKHPHQW GDQV OH SUHPLHU WLHUV GX YLUDJH 'DQV OH GHX[LqPHWLHUVGXYLUDJHHOOHIDYRULVHO DFFpOpUDWLRQ'DQVOHWURLVLqPHWLHUVGXYLUDJHHOOHDFFHQWXHOHGpUDSDJH /D UpDFWLRQ GX VRO SHUPHW GH QH SDV V HQIRQFHU (OOH GpSHQG GX SRLGV GX VNLHXU GH O LQWHQVLWp TX LO H[HUFH VXU VHV VNLV GH OD TXDOLWpGHODQHLJHHWGHODVXUIDFHGHVVNLVHQFRQWDFWDYHFODQHLJH /DUpVLVWDQFHGHVVNLVVXUODQHLJHIRUFHGHIULFWLRQHQWUHOHVSLHGVHWOHVRODSSOLTXpHDXVNLHVWGLULJpHGDQVOHVHQVFRQWUDLUH DX GpSODFHPHQW(OOHGpSHQGGHODYLWHVVHGHODQHLJHHWGHODVXUIDFHGHVVNLVHQFRQWDFWDYHFODQHLJH /DIRUFHFHQWULIXJHDSSOLTXpHDXFHQWUHGHJUDYLWpGXVNLHXUHVWGLULJpHYHUVO H[WpULHXUGXYLUDJH(OOHWHQGjpORLJQHUOHVNLHXU GXFHQWUHGHODFRXUEH(OOHHVWWUqVDFWLYHHQILQGHYLUDJH (QV LQFOLQDQWOHVNLHXUFUpHODIRUFHFHQWULSqWHRSSRVpHjODIRUFHFHQWULIXJH /DIRUFHGHUpVLVWDQFHGHO DLUGpSHQGGHODYLWHVVHHWGXYHQW )RUFHVLQWHUQHVDXVNLHXU (OOHVUDVVHPEOHQWHVVHQWLHOOHPHQWOHVIRUFHVPXVFXODLUHV (OpPHQWVWHFKQLTXHVJpQpUDX[ /HVDFWLRQVGHEDVH (TXLOLEUDWLRQGXVNLHXU / pTXLOLEUHGXVNLHXUVHUpVRXWSDUUDSSRUWjO RULHQWDWLRQGXGpSODFHPHQW 2QHVWpTXLOLEUpORUVTXHOHFHQWUHGHJUDYLWpHVWSURMHWpRUWKRJRQDOHPHQWjO LQWpULHXUGHODEDVHGHVXVWHQWDWLRQ(QVNLODEDVH GHVXVWHQWDWLRQHVWGpWHUPLQpHSDUODVXUIDFHGHVVNLVHWSHXWrWUHDXJPHQWpHSDUOHVSRLQWHVGHVEkWRQV (TXLOLEUDWLRQORQJLWXGLQDOH /D SRVLWLRQ G DYDQFpH HVW DWWHLQWH ORUVTXH OH FHQWUH GH JUDYLWp SDVVH OpJqUHPHQW HQ DYDQW GHV SLHGV & HVW OH FDV GX SDVVDJH G XQHQHLJHWUqVJOLVVDQWHjXQHQHLJHSHXJOLVVDQWH /D SRVLWLRQ GH UHFXO HVW DWWHLQWH ORUVTXH OH FHQWUH GH JUDYLWp SDVVH OpJqUHPHQW HQ DUULqUH GHV SLHGV & HVW OH FDV GX SDVVDJH G XQHQHLJHSHXJOLVVDQWHjXQHQHLJHWUqVJOLVVDQWH (TXLOLEUDWLRQODWpUDOH (TXLOLEUHODWpUDOHQGpUDSDJHODWpUDORXGpUDSDJHHQELDLV 6LOHGpUDSDJHHVWDFFpOpUpOHVNLHXUGRLWOpJqUHPHQWV LQFOLQHUYHUVO DYDO 6LOHGpUDSDJHHVWIUHLQpOHVNLHXUGRLWOpJqUHPHQWV LQFOLQHUYHUVO DPRQW (TXLOLEUHODWpUDOHQFRXUEH ,OIDXWFRQVLGpUHUjODIRLVODSHVDQWHXUHWODIRUFHFHQWULIXJH/ pTXLOLEUHGpSHQGGRQF - GXUD\RQGXYLUDJH GHODYLWHVVH GHO DGKpUHQFHGHVVNLVVXUODQHLJH 3RXU V pTXLOLEUHU OH VNLHXU GRLW V LQFOLQHU j O LQWpULHXU GX YLUDJH / LQFOLQDLVRQ HVW SURSRUWLRQQHOOH j OD YLWHVVH HW LQYHUVHPHQW SURSRUWLRQQHOOHDXUD\RQGXYLUDJH / LQFOLQDLVRQJOREDOHGXVNLHXUQ HVWSRVVLEOHTXHVLO DGKpUHQFHDXVROHVWVXIILVDQWH'DQVOHFDVFRQWUDLUHVRLWOHVNLHXUGpUDSH VRLWOHVNLHXUDPpOLRUHVRQDGKpUHQFHSDUDXJPHQWDWLRQGHSULVHGHFDUUHVVDQVPRGLILHUVRQLQFOLQDLVRQJOREDOHFHTXLHQWUDvQH XQHDWWLWXGHG DQJXODWLRQ 0RXYHPHQWYHUWLFDO /D KDXWHXU GX FHQWUH GH JUDYLWp SDU UDSSRUW j OD QHLJH HVW XQH GRQQpH HVVHQWLHOOHPHQW YDULDEOH DYHF GHV VNLV QRUPDX[ $YHF GHV VNLV SDUDEROLTXHV OD KDXWHXU GX FHQWUH GH JUDYLWp YDULH SHX / REMHFWLI VH VLWXH GDQV OHV YDULDWLRQV HW OH FRQWU{OH GHV SUHVVLRQV /HVSULQFLSHVIRQGDPHQWDX[ /HVFDUDFWpULVWLTXHVGXVNL /HVNLHVWFRQVWLWXpG XQHVHPHOOHGHFDUUHVG XQWDORQG XQHVSDWXOHG XQSDWLQFLQWUDJH/DFDPEUXUHHVWODFRXUEXUHG XQ VNLYXGHSURILO / H[pFXWLRQG XQYLUDJH ([pFXWHUXQYLUDJHF HVWDJLUHQXWLOLVDQWODFRQFHSWLRQGHVVNLVHWOHV\VWqPHGHIRUFHVDSSOLTXpDXVNLHXU (OpPHQWVQpFHVVDLUHVRXREOLJDWRLUHV ,O\DGHX[W\SHVGHFKDQJHPHQWGHFDUUHV - - /HFKDQJHPHQWGHFDUUHVHQXQWHPSVOHVGHX[FDUUHVjODIRLVV HIIHFWXHSDUGpSODFHPHQWODWpUDOGHVSLHGVVRXVOHFRUSV RXSDULQYHUVLRQG LQFOLQDLVRQ /HFKDQJHPHQWGHFDUUHVHQGHX[WHPSVV HIIHFWXHSDUGpSODFHPHQWODWpUDOGXVNLDPRQWVNLLQWpULHXUVRLWSDUDOOqOHPHQW VRLWSDUFRQYHUJHQFHVRLWSDUGLYHUJHQFH / LQFOLQDLVRQjO LQWpULHXUGXYLUDJHHVWLQGLVSHQVDEOHSRXUUpVLVWHUjODIRUFHFHQWULIXJH2QHQFRPSWHGHX[W\SHV / LQFOLQDLVRQJOREDOHGRLWrWUHRSWLPDOH / LQFOLQDLVRQGHVPHPEUHVLQIpULHXUVSHUPHWGHIDLUHYDULHUO DQJOHGHSULVHGHFDUUHV (OpPHQWVIDFLOLWDQWV ,OVVRQWODFRPELQDLVRQG XQPpFDQLVPHG¶DOOpJHPHQWHWG XQPpFDQLVPHGHSLYRWHPHQW ,O\DFLQTPpFDQLVPHVGHSLYRWHPHQW - - - - /HEUDTXDJHHVWXQSLYRWHPHQWVLPXOWDQpGHVGHX[VNLVREWHQXSDUXQWUDYDLOPXVFXODLUHDXQLYHDXGHVPHPEUHVLQIpULHXUV TXLQpFHVVLWHXQHSRVLWLRQIOpFKLHGHVVNLVDVVH]pFDUWpVHWXQEXVWHUHVWDQWVWDEOH,OSHXWrWUHOHQWHWSURJUHVVLIRXELHQ UDSLGHHWEUXWDO /HWUDQVIHUWG DSSXLG XQSLHGVXUO DXWUHRXG XQHFDUUHVXUO DXWUHHVWXQSLYRWHPHQWREWHQXDXPRPHQWGXSDVVDJHG XQ SLHGVXUO DXWUH / H[WHQVLRQ SLYRWpH HVW OD FRPELQDLVRQ G XQ PRXYHPHQW YHUV OH KDXW SRXU REWHQLU XQ DOOpJHPHQW HW G XQ PRXYHPHQW OpJqUHPHQWYHUVO DYDQWHWYHUVO DYDO8QSLYRWHPHQWGHO HQVHPEOHGXFRUSVDFFRPSDJQHOHGpFOHQFKHPHQWGXYLUDJH/H JOLVVHPHQWHVWRSWLPDOGDQVODQHLJHGRXFHHWSRXGUHXVH /DIOH[LRQSLYRWpHHVWODFRPELQDLVRQG XQHIOH[LRQHWG XQHDFWLRQGHSLYRWHPHQWGHVPHPEUHVLQIpULHXUV /HUHWRXUG DQJXODWLRQV¶HIIHFWXHGHODPDQLqUHVXLYDQWH$ODVXLWHG XQDUURQGLRXHQILQGHFRXUEHOHVVNLVSLYRWHQWYHUV O DPRQW FRQGXLVDQW j XQH DWWLWXGH G DQJXODWLRQ SHQGDQW TXH OH KDXW GX FRUSV UHVWH VWDELOLVp HW RULHQWp YHUV O DYDO 6LPXOWDQpPHQW OD UpDFWLRQ G DSSXL FRPELQpH DX[ HIIHWV GH OD IRUFH FHQWULIXJH SURYRTXH XQ DOOpJHPHQW HW XQH LQYHUVLRQ G LQFOLQDLVRQGRQWGpFRXOHOHFKDQJHPHQWGHFDUUHV/ HQVHPEOHGXFRUSVUHWURXYHXQHSRVLWLRQDQDWRPLTXHQRUPDOH,OHQ UpVXOWHXQSLYRWHPHQWGHVVNLVYHUVO DYDO /HVPpFDQLVPHVIRQGDPHQWDX[ /HVYDULDWLRQVGHSUHVVLRQ /HVDXJPHQWDWLRQVGHSUHVVLRQ /DSUHVVLRQHVWDXJPHQWpH - HQ ILQGHIOH[LRQ HQ GpEXWG H[WHQVLRQ ORUVG XQHFRQGXLWHGHFRXUEHHQSRVLWLRQVWDWLTXH ORUVGHO XWLOLVDWLRQGHO HIIHWGLUHFWLRQQHOFRXSp /HVDXJPHQWDWLRQVGHSUHVVLRQVRQWLQGLVSHQVDEOHVSRXUOHVSULVHVG DSSXLHWOHFRQWU{OHGHVWUDMHFWRLUHV /HVGLPLQXWLRQVGHSUHVVLRQ /DSUHVVLRQHVWGLPLQXpH - HQ GpEXWGHIOH[LRQ HQ ILQG H[WHQVLRQ ORUVG XQHUpDFWLRQG DSSXL ORUVG XQWUDQVIHUWG DSSXL /HVGLPLQXWLRQVGHSUHVVLRQVRQWLQGLVSHQVDEOHVSRXUIDFLOLWHUOHGpFOHQFKHPHQWGHVYLUDJHV0DOPDvWULVpHVRXPDOGRVpHVHOOHV SHUWXUEHQWO pTXLOLEUHGXVNLHXUHWO DGKpUHQFHGHVHVVNLVVXUODQHLJH /HVUpSDUWLWLRQVGHSUHVVLRQ 8QPHLOOHXUFRQWDFWHQWUHOHVVNLVHWODQHLJHHVWUHFKHUFKp - SDUIOH[LRQSURJUHVVLYHSHQGDQWODFRQGXLWH SDUUHPRQWpHGHVMDPEHVDYDOHPHQW - SDUGpSORLHPHQWGHVPHPEUHVLQIpULHXUV - OHJOLVVHPHQW /HVUpSDUWLWLRQVGHSUHVVLRQVRQWLQGLVSHQVDEOHVSRXUDPpOLRUHU - ODUpJXODULWpGHVFRQGXLWHV OHGRVDJHGHVSLYRWHPHQWV ODFRRUGLQDWLRQJHVWXHOOHDYHFODYLWHVVH OHVDSSXLVOLpVjXQERQU\WKPH /HVHIIHWVGLUHFWLRQQHOVHQYLUDJH / HIIHWGLUHFWLRQQHOGpUDSp / D[HGHVVNLVIRUPHXQDQJOHLPSRUWDQWDYHFODWDQJHQWHjODFRXUEH/ DQJOHGHSULVHGHFDUUHVHVWIDLEOH/HGpUDSDJHLQGXLW XQIUHLQDJHHWXQHDXJPHQWDWLRQGXUD\RQGHFRXUEH / HIIHWGLUHFWLRQQHOJOLVVp / HIIHWGLUHFWLRQQHOFRXSp / D[H GHV VNLV HVW FRQIRQGX DYHF OD WDQJHQWH j OD FRXUEH / DQJOH GH SULVH GH FDUUHV HVW GRVp /H JOLVVHPHQW HVW RSWLPDO VXU QHLJHGRXFH /HVVNLVVRQWFRQIRQGXVDYHFODFRXUEH/ DQJOHGHSULVHGHFDUUHVHVWWUqVLPSRUWDQW/HJOLVVHPHQWHVWRSWLPDOVXUQHLJHGXUH /HWUDoDJHGHVFRPSpWLWLRQV /HVPRGDOLWpVGHWUDFpGHVpSUHXYHVVRQWGpILQLHVSDUOD)pGpUDWLRQ,QWHUQDWLRQDOHGH6NL),6(OOHpGLWHWRXVOHVTXDWUHDQV OH5qJOHPHQWGHVFRQFRXUV,QWHUQDWLRQDX[GH6NL5,6/H5,6SUpFLVHOHVGLVSRVLWLRQVG RUJDQLVDWLRQHWGHGpURXOHPHQWGHV pSUHXYHVHWOHVQRUPHVFRQFHUQDQWOHVWUDFpV 'pILQLWLRQV /DQRWLRQGHSRUWH &KDTXHSRUWHHVWPDWpULDOLVpHSDU - GHX[SLTXHWVHQVODORPVSpFLDO - TXDWUHSLTXHWVUHJURXSpVGHX[jGHX[SDUGHVIODPPHVGDQVOHVDXWUHVGLVFLSOLQHV - ODEDVHGHVSLTXHWVHQVODORP /DOLJQHGHIUDQFKLVVHPHQWHVWODOLJQHLPDJLQDLUHSDVVDQWSDU - ODEDVHGHVSLTXHWVLQWpULHXUVGDQVOHVDXWUHVGLVFLSOLQHV /DOLJQHGHIUDQFKLVVHPHQWSHXWrWUHDVVLPLOpHDXSODQRUWKRJRQDOGHIUDQFKLVVHPHQWORUVTXHOHVNLHXUIDLWXQVDXW /HIUDQFKLVVHPHQWGHVSRUWHV ,OQ H[LVWHSDVGHVHQVREOLJDWRLUH8QSRUWHKRUL]RQWDOHHVWJpQpUDOHPHQWIUDQFKLHGHKDXWHQEDV8QHSRUWHYHUWLFDOHSHXWrWUH IUDQFKLHGHGURLWHjJDXFKHRXLQYHUVHPHQW /DOLJQHGHSOXVJUDQGHSHQWH & HVWODOLJQHSHUSHQGLFXODLUHDX[FRXUEHVGHQLYHDX /DOLJQHGHFRXUVH & HVWODOLJQHTX LPSRVHOHWUDFp /HVSLTXHWVSLYRWV /DOLJQHGHFRXUVHHVWGpILQLHSDUGHVSLTXHWVSODFpVROHYLUDJHGRLWDYRLUOLHXOHVSLTXHWVSLYRWVRXLQWpULHXUV /HSODFHPHQWGHVSLTXHWVSLYRWV (QVODORPVSpFLDOGHX[SLTXHWVSLYRWVQHGRLYHQWSDVrWUHpORLJQpVGHSOXVGHPqWUHV (QVODORPJpDQWGHX[SLTXHWVSLYRWVGRLYHQWrWUHpORLJQpVG DXPRLQVPqWUHV 3RXUODFRPPRGLWpGXUHSpUDJHVRQWGpILQLVXQpFDUWKRUL]RQWDOHWXQpFDUWYHUWLFDOHQWUHGHX[SLTXHWVSLYRWV - / pFDUW KRUL]RQWDO (K HQWUH GHX[ SLTXHWV SLYRWV VXFFHVVLIV HVW OD GLVWDQFH TXL VpSDUH OHV OLJQHV GH SHQWH SDVVDQW SDU OD EDVHGHVGHX[SLTXHWV / pFDUW YHUWLFDO (Y HQWUH GHX[ SLTXHWV SLYRWV VXFFHVVLIV HVW OD GLVWDQFH TXL VpSDUH OHV GHX[ FRXUEHV GH QLYHDX VXU OHVTXHOOHVVHWURXYHQWSODFpVFHVSLTXHWV _! _ _ ? ? G (Y ? _! ? _ ?_ (K 3RXUGHVWUDFpVKDELWXHOVVXUSHQWHVIRUWHVjPR\HQQHV≤(Y(K≤ 3RXU GHV WUDFpV RXYHUWV VXU SHQWHV IDLEOHV GHV FRXUEHV DOORQJpHV XQH YLWHVVH pOHYpH YDULDEOH DYHF OD SHQWH HW GHV SRUWHV pORLJQpHV(Y(K 3RXUXQpFDUWYHUWLFDOFRQVWDQWVLO pFDUWKRUL]RQWDOGLPLQXHOHFRXUHXUHVWDFFpOpUp 3RXUXQpFDUWYHUWLFDOFRQVWDQWVLO pFDUWKRUL]RQWDODXJPHQWHOHFRXUHXUHVWIUHLQp 'DQVXQWUDFpFRKpUHQWVLODSHQWHGLPLQXHO pFDUWKRUL]RQWDOGRLWGLPLQXHUHWO pFDUWYHUWLFDOGRLWDXJPHQWHU 'DQVXQWUDFpFRKpUHQWVLODSHQWHDXJPHQWHO pFDUWKRUL]RQWDOGRLWDXJPHQWHUHWO pFDUWYHUWLFDOGRLWGLPLQXHU /DSUpSDUDWLRQGXWHUUDLQ /HVFRPSpWLWLRQVGRLYHQWVHGpURXOHUVXUWHUUDLQGXUSRXUGRQQHUSUHVTXHOHVPrPHVFRQGLWLRQVjFKDTXHFRXUHXU /HVODORPVSpFLDOUqJOHVSDUWLFXOLqUHV $XQLYHDXIpGpUDOLOV DJLWG XQHpSUHXYHFRXUXHHQGHX[PDQFKHVVXUGHX[SDUFRXUVGLIIpUHQWV /DSLVWH /DODUJHXUPLQLPDOHHVWGHPqWUHV/HVGHX[PDQFKHVVRQWWUDFpHVVXUODPrPHSLVWH /HVSRUWHV /HVSLTXHWVVRQWF\OLQGULTXHVEOHXVHWURXJHVHQDOWHUQDQFHG XQHKDXWHXUPLQLPDOHGHPqWUHVDXGHVVXVGHODQHLJH /HVSRUWHVVRQWQXPpURWpHVGXGpSDUWMXVTX jO DUULYpH /DODUJHXUG XQHSRUWHHVWFRPSULVHHQWUHHWPqWUHV /DGLVWDQFHHQWUHOHVSLTXHWVSLYRWVHVWFRPSULVHHQWUHHWP / DUULYpHGRLWrWUHODUJHG DXPRLQVPqWUHV 3RXUOHVILOOHVOHQRPEUHGHSRUWHVHVWGHjHWOHGpQLYHOpHVWGHjPqWUHV 3RXUOHVJDUoRQVOHQRPEUHGHSRUWHVHVWGHjHWOHGpQLYHOpHVWGHjPqWUHV /DFRQFHSWLRQG XQWUDFp 2EOLJDWLRQGHILJXUHV ,OGRLW\DYRLUG jWULSOHVFKLFDQHVHWGRXEOHVDXPLQLPXP &RQVHLOVGRQQpVDXWUDFHXU ,OQHIDXWSDVWUDFHUXQLTXHPHQWGDQVODOLJQHGHSHQWH ,OIDXWIDLUHGHVFKDQJHPHQWVGHFDGHQFH ,OIDXWUDOHQWLUOHWUDFpDYDQWOHVSDVVDJHVGLIILFLOHV ,OQHIDXWSDVSODFHUGHSRUWHDSUqVXQHUXSWXUHGHSHQWHPDLVDYDQWSRXUDSHUFHYRLUOHVSLTXHWVVXLYDQWV ,OIDXWGpEXWHUSDUXQHVpULHIDFLOHjFDGHQFHPR\HQQHSRXUVHPHWWUHGDQVOHU\WKPH ,OIDXWWHUPLQHUSDUXQHSRUWHKRUL]RQWDOHFRQGXLVDQWDXPLOLHXGHO DUULYpH /DVpFXULWp (QFRPSpWLWLRQOHFRXUHXUVNLHjODOLPLWHVXSpULHXUHGHVHVFDSDFLWpVWHFKQLTXHV/HVULVTXHVGHFKXWHRXGHVRUWLHGHODSLVWH VRQWDLQVLDXJPHQWpV/HWUDFHXUGRLWWHQLUFRPSWHGHFHIDLW (QFDVGHFKXWHRXGHVRUWLHGXWUDFpVXUIDXWHRXVRXVO HIIHWFRPELQpGHODYLWHVVHHWGHODIRUFHFHQWULIXJHOHFRXUHXUSHXW rWUHSURSXOVpYHUVXQREVWDFOH/HGDQJHUHVWG DXWDQWSOXVJUDQGTXH - O REVWDFOHHVWUDSSURFKp ODYLWHVVHHVWJUDQGH - OHVROHVWGXUHWJODFp - HQ IDLVDQWDERUGHUOHVSDUWLHVGLIILFLOHVHWGDQJHUHXVHVDYHFXQHYLWHVVHFRQWU{OpHLOIDXWDUURQGLUOHWUDFpHQDPRQW /HWUDFHXUGRLWDYRLUXQHGLVSRVLWLRQMXGLFLHXVHGHVRQSLTXHWDJH - - HQ SODoDQW FKDTXH SRUWH DYHF FRQVFLHQFH GH OD ]RQH G pFKDSSHPHQW LQFRQWU{OpH HQ FDV GH FKXWH RX GH VRUWLH ]RQH GH VpFXULWp HQ FKDQJHDQWO D[HGXWUDFpSRXUV pORLJQHUG XQREVWDFOH /HSODFHPHQWGHVSURWHFWLRQVHVWGXUHVVRUWGXGLUHFWHXUGHO pSUHXYHHWGXFKHIGHSLVWHXQVNLHXUODQFpjPVNPK YDDXVVLYLWHTX DSUqVXQHFKXWHOLEUHGHP 4XHOOHTXHVRLWODPDvWULVHGXWUDFHXULOSHXWMXJHUTXHODVpFXULWpQHSHXWSDVrWUHXQLTXHPHQWDVVXUpHSDUODSURWHFWLRQGHV REVWDFOHV 3RXUREWHQLUXQHGpFpOpUDWLRQHIILFDFHHWQRQWUDXPDWLVDQWHOHV\VWqPHGHSURWHFWLRQGRLWSHUPHWWUHDXIUHLQDJHGHVHUpDOLVHU VXUXQHGLVWDQFHG DPRUWLVVHPHQWVXIILVDPPHQWORQJXHSRXUTXHO DUUrWVRLWSURJUHVVLI ,OIDXWpOLPLQHUOHVERWWHVGHSDLOOHFDUHOOHVVRQWDXVVLGXUHVTXHGHVEORFVGHEpWRQ,OIDXWpJDOHPHQWpOLPLQHUOHVPDWHODVGH PRXVVHTXLQHVRQWHIILFDFHVTX jYLWHVVHIDLEOH (QFDVGHPDXYDLVHYLVLELOLWpHQGHVFHQWHHWHQVXSHUJpDQWLOIDXWUpSDQGUHGHVDLJXLOOHVGHSLQVXUODSLVWHHWEDOLVHUODSLVWH DYHFGHVSHWLWHVEUDQFKHVGHSLQ&HVGHX[pSUHXYHVGRLYHQWrWUHFRXUXHVjO KHXUHG pFODLUDJHPD[LPXPGHODMRXUQpHHWGHOD SLVWH +LVWRULTXHHWUqJOHPHQW /HEDGPLQWRQ /HEDGPLQWRQG KLHUHWG DXMRXUG KXL 'XMHXGHYRODQWDXEDGPLQWRQ /H EDGPLQWRQ HVW XQ MHX WUqV DQFLHQ TXL VH SUDWLTXDLW LO \ D GpMj DQV SDU OHV &KLQRLV ,O DUULYD DX ;,;qPH VLqFOH HQ $QJOHWHUUHJUkFHDX[RIILFLHUVUHYHQXVGHVFRORQLHV$ODILQGX;,;qPHVLqFOHORUVGHJUDQGHVIrWHVOHV$QJODLVSUHQDLHQWGHV ERXFKRQVHQOLqJHHWSODQWDLHQWGHVSOXPHVGHGDQV&HMHXpWDLWHVVHQWLHOOHPHQWSUDWLTXpjFHWWHSpULRGHSDUODQREOHVVH,OVH SUDWLTXDLW j O H[WpULHXU /D SURPRWLRQ GX EDGPLQWRQ HXW OLHX HQWUH HW ORUV GHV SUHPLqUHV FRQVWUXFWLRQV GH VWDWLRQV EDOQpDLUHVHWGHFRXUWVFRXYHUWV/HEDGPLQWRQFRQQXWXQJUDQGHVVRUHQWUHHWJUkFHjO HVVRULQGXVWULHOTXLSHUPLW ODFRQVWUXFWLRQGHUDTXHWWHVDYHFGHQRXYHDX[PDWpULDX[ 8QHDFWLYLWpVSRUWLYHjSDUWHQWLqUH /D)pGpUDWLRQLQWHUQDWLRQDOHGHEDGPLQWRQIXWFUppHHQ&HQHIXWTX HQTXHOHEDGPLQWRQDSSDUXWSRXUODSUHPLqUH IRLV HQ GpPRQVWUDWLRQ DX[ -2 GH 0XQLFK /H EDGPLQWRQ ILW SDUWLH GHV SURJUDPPHV RIILFLHOV DX[ -2 GH %DUFHORQH HQ VLPSOHKRPPHVVLPSOHGDPHVGRXEOHGDPHVGRXEOHKRPPHV/HSUHPLHUFKDPSLRQQDWGXPRQGHGHEDGPLQWRQHXWOLHXHQ j0DOPRH /HVSULQFLSDOHVFRPSpWLWLRQVGHEDGPLQWRQVRQWOHVVXLYDQWHV - /D7KRPDVFXSHVWXQHFRPSpWLWLRQPDVFXOLQHFUppHHQD\DQWOLHXWRXVOHVGHX[DQV / 8OEHUFXSHVWXQHFRPSpWLWLRQIpPLQLQHFUppHHQD\DQWOLHXWRXVOHVGHX[DQV /HFKDPSLRQQDWG (XURSHIXWFUppHQ /D6XGLUPDQFXSHVWOHFKDPSLRQQDWGXPRQGHSDUpTXLSH /HVSUHPLqUHVFRPSpWLWLRQVHQGRXEOHPL[WHHXUHQWOLHXDX[-2G $WODQWDHQ /D)pGpUDWLRQIUDQoDLVHGHEDGPLQWRQ))%DIXWFUppHHQ /HVPHLOOHXUVMRXHXUV /HEDGPLQWRQPRQGLDOHVWGRPLQpSDUOHVSD\VDVLDWLTXHV /HEDGPLQWRQHXURSpHQHVWGRPLQpSDUOHV'DQRLV /HEDGPLQWRQHQ)UDQFH 'HjOHEDGPLQWRQpWDLWUDWWDFKpjOD)pGpUDWLRQIUDQoDLVHGHWHQQLV/HVPHLOOHXUVIUDQoDLVVRQW6DQGUD'LPERXUJHW %HUWUDQG*DOHWFKDPSLRQVGH)UDQFHHQ /HUqJOHPHQW /HVFRQGLWLRQVPDWpULHOOHV /HWHUUDLQOHVSRWHDX[OHILOHW &RQIHUGRFXPHQW /DKDXWHXUGHVSRWHDX[HVWGHP /DKDXWHXUGXILOHWHVWGHP /DODUJHXUGXILOHWHVWGHP /DKDXWHXUGXSODIRQGHVWGHPSRXUOHVWRXUQRLVUpJLRQDX[GHPSRXUOHVWRXUQRLVQDWLRQDX[HWGHPSRXUOHVWRXUQRLV LQWHUQDWLRQDX[ /DUDTXHWWH &RQIHUGRFXPHQW 'HX[W\SHVGHFRUGDJHH[LVWHQW - HQ ER\DXQDWXUHOSOXVpODVWLTXH - V\QWKpWLTXHPHLOOHXUWRXFKpHWSOXVGHUpVLVWDQFH /HFDGUHHVWDXMRXUG KXLHQJUDSKLWHHWHQFDUERQH /HYRODQW ,OHVWGRWpG XQHMXSHTXLDJLWFRPPHXQSDUDFKXWH 3OXVODWUDMHFWRLUHHVWDVFHQGDQWHSOXVOHSRXYRLUGHGpFpOpUDWLRQDXSRLQWPRUWKDXWHVWLPSRUWDQW $YHFO DOWLWXGHODGHQVLWpGHO DLUHVWPRLQGUH/HYRODQWDXQHSpQpWUDELOLWpGDQVO DLUSOXVLPSRUWDQWH 8QYRODQWGRLWDYRLUXQHFHUWDLQHYLWHVVHSRXUrWUHFRQVLGpUpFRPPHYDODEOH/HWHVWGHYLWHVVHHVWUpDOLVpjSDUWLUGHODOLJQHGH IRQGGHFRXUWSDUXQHIUDSSHPDLQEDVVHSDUDOOqOHDX[OLJQHVODWpUDOHV,OGRLWDUULYHUGDQVOHFRXORLUGHIRQG 'DQVOHFDVG XQYRODQWjSOXPHVV LOHVWWURSUDSLGHRQFDVVHOHVSOXPHVYHUVO H[WpULHXU6 LOHVWWURSOHQWRQOHVFDVVHYHUV O LQWpULHXU /DUDSLGLWpG XQYRODQWGpSHQGGHVDFRXOHXU - /HVURXJHVVRQWOHVSOXVUDSLGHV /HVEOHXVVRQWLQWHUPpGLDLUHV /HVYHUWVVRQWOHVSOXVOHQWV /HVFRQGLWLRQVGHMHX /HWLUDJHDXVRUW ,OHVWHIIHFWXpHQODLVVDQWWRPEHUOHYRODQWGHSXLVOHILOHW/HERXFKRQLQGLTXHOHMRXHXUTXLFKRLVLWHQWUHVHUYLUODLVVHUOHFKRL[ GXFDPSjO DGYHUVDLUHRXFKRLVLUVRQFDPS /HJDLQGXPDWFKGXVHWGXSRLQW 8QPDWFKHVWMRXpHQVHWVJDJQDQWVGHSRLQWV /RUVTX LO\DpJDOLWpjOHSUHPLHUDUULYpjFKRLVLWG DOOHUHQRXHQ ,O\DFKDQJHPHQWGHFDPSjFKDTXHVHW'DQVOHFDVG XQFLQTXLqPHVHWRQFKDQJHGHFDPSDXTXDWULqPHSRLQW ,OQ¶\DJDLQGXSRLQWTXHORUVTXHO¶RQDOHVHUYLFH ,O\DVHFRQGHVG DUUrWHQWUHFKDTXHVHW /HVHUYLFH ,OV HIIHFWXHHQGLDJRQDOHHWHQDOWHUQDQFHjGURLWHHWjJDXFKH /HYRODQWSHXWWRXFKHUOHILOHWjFRQGLWLRQGHUHWRPEHUGDQVOHVOLPLWHVGXFDPSDGYHUVH 3RXUTX XQVHUYLFHVRLWFRUUHFWOHVSLHGVGXMRXHXUGRLYHQWrWUHWRXVOHVGHX[DXVROHWQHSDVWRXFKHUOHVOLJQHV,OIDXWIUDSSHU OHYRODQWSDUOHERXFKRQHQSUHPLHU/HYRODQWGRLWrWUHIUDSSpVRXVODWDLOOH$XPRPHQWGHODIUDSSHODWrWHGHUDTXHWWHGRLW rWUHHQGHVVRXVGHODPDLQ/RUVTXHVRQSURSUHVFRUHHVWSDLURQVHUWjGURLWHHWLQYHUVHPHQW (QGRXEOHRQVHUWWRXMRXUVjGURLWH&RQIHUGRFXPHQW /HVIDXWHVHWOHVOHWV ,O\DIDXWHORUVTXH - OHYRODQWHVWIUDSSpGHX[IRLVGHVXLWH OHYRODQWHVWWHQXVXUODUDTXHWWH LO\DIUDSSHRXSpQpWUDWLRQGDQVOHFDPSDGYHUVH OHYRODQWWRXFKHOHSODIRQG OHVHUYLFHHVWIHLQWp ,O\DOHWUHPLVHHQMHXORUVTXH - OHYRODQWVHGpVLQWqJUHSHQGDQWVDWUDMHFWRLUH XQVHUYHXURXXQUHFHYHXUPDOSODFpJDJQHOHSRLQW RQQHYRLWSDVWRPEHUOHYRODQW OHUHFHYHXUQ HVWSDVSUrWTXDQGOHMRXHXUDGYHUVHVHUW /HFODVVHPHQWGHVMRXHXUV /HVPHLOOHXUVMRXHXUVVRQWFODVVpVHQ$SXLVOHQLYHDXHVWGpFURLVVDQWVXLYDQWOHVOHWWUHV%&'( 'DQV FKDTXH FDWpJRULH GH FODVVHPHQW OHV MRXHXUV VRQW VRXVFODVVpV HQ RX HQ VDXI SRXU OD FDWpJRULH $ R LOV VRQW VRXV FODVVpVHQ$HQ$RXHQ$ &KDTXHMRXHXUSHXWDYRLUWURLVFODVVHPHQWVVLPSOHGRXEOHGRXEOHPL[WH /HVSUHPLHUVPRQGLDX[VRQW3HWHU&KULVWHQVHQHW&DPLOOD0DUWLQ 7UDYDX[GLULJpV /HVFRXSVHQEDGPLQWRQ &KDTXHFRXSVHUDDERUGpSDU - GpILQLWLRQ FDUDFWpULVWLTXH DQDO\VHVJHVWXHOOHHWIRQFWLRQQHOOH ,OH[LVWHTXDWUHFDWpJRULHVGHFRXSV /HVFRXSVGHIRQGGHFRXUW /HGpJDJHPHQW /HGpJDJHPHQWGpIHQVLI 'pILQLWLRQ & HVW XQ FRXS DPSOH HW KDXW GLULJp YHUV OD OLJQHGHIRQGGHFRXUWVHUYDQWjJDJQHUGXWHPSVGHUHSODFHPHQWORUVTXHO RQHVW SULVGHYLWHVVH,OHVWXWLOLVpSRXUUpSRQGUHjXQHWUDMHFWRLUHKDXWH &DUDFWpULVWLTXHEDOLVWLTXH /DSUHPLqUHSDUWLHGHODWUDMHFWRLUHHVWDVFHQGDQWH (Q ILQ GH SUHPLqUH SDUWLH OD MXSH FUpH XQH UpVLVWDQFH DpURG\QDPLTXH ,O HQ UpVXOWH XQH IRUWH GpFpOpUDWLRQ HW OD FUpDWLRQ G XQ SRLQWPRUWKDXWRODYLWHVVHGXYRODQWHVWQXOOH /DGHX[LqPHSDUWLHGHODWUDMHFWRLUHHVWYHUWLFDOHHWGHVFHQGDQWH /HGpJDJHPHQWRIIHQVLI 'pILQLWLRQ & HVWXQFRXSDPSOHGLULJpYHUVODOLJQHGHIRQGGHFRXUWVHUYDQWjIDLUHUHFXOHUO DGYHUVDLUHHQOHSULYDQWGHWHPSV,OHVWXWLOLVp SRXUUpSRQGUHjXQHWUDMHFWRLUHKDXWH &DUDFWpULVWLTXHEDOLVWLTXH /DSUHPLqUHSDUWLHGHODWUDMHFWRLUHHVWOpJqUHPHQWDVFHQGDQWHDYHFSHXGHSHUWHGHYLWHVVH /DGHX[LqPHSDUWLHGHODWUDMHFWRLUHHVWXQHFRXUEHGHVFHQGDQWH $QDO\VHJHVWXHOOH &RQIHUGRFXPHQW 6RORJXEHW)XVFKSDUOHQWGHGpJDJHPHQWDXWRXUGHODWrWH/ REMHFWLIHVWG pYLWHUXQUHYHUVORUVTXHOHFRUSVQ DSDVOHWHPSVGH VH SODFHUVRXVOHYRODQW& HVWXQFRXSTXLV H[pFXWHOHSOXVVRXYHQWHQUHWRXUG XQVHUYLFHORQJHWKDXWGXF{WpUHYHUV $QDO\VHIRQFWLRQQHOOH /H GpJDJHPHQW SHUPHW OH MHX UpJXOLHU HQ FRQWLQXLWp OH EXW pWDQW GH UHSRXVVHU O DGYHUVDLUH SRXU FUpHU XQ HVSDFH G DWWDTXH j O DYDQWGXWHUUDLQ / DPRUWL 'pILQLWLRQ & HVWXQFRXSRIIHQVLIGLULJpMXVWHGHUULqUHOHILOHWVHUYDQWjGpSODFHUO DGYHUVDLUHYHUVO DYDQW,OHVWXWLOLVpSRXUUpSRQGUHjXQ FRXSKDXWPHIDLVDQWUHFXOHURXPHPDLQWHQDQWDXIRQGGXFRXUW &DUDFWpULVWLTXHEDOLVWLTXH /DSUHPLqUHSDUWLHGHODWUDMHFWRLUHHVWGHVFHQGDQWHDYHFXQHYLWHVVHIDLEOH /DGHX[LqPHSDUWLHGHODWUDMHFWRLUHHVWXQHFRXUEHGHVFHQGDQWH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH &RQIHUGRFXPHQW / DPRUWLHVWXQFRXSWHFKQLTXHTXLUDOHQWLWOHMHXTXLFUpHXQHUXSWXUHGHU\WKPHHWTXLVHUWjIDLUHDYDQFHUO DGYHUVDLUH ,OQ HVWSDVWUqVXWLOLVpHQGRXEOH,OHVWQpFHVVDLUHHQVLPSOH /HVPDVK 'pILQLWLRQ & HVW XQ FRXS RIIHQVLI GLULJp DX UDV GX ILOHW VHUYDQW j SUHQGUH O DGYHUVDLUH GH YLWHVVH ,O HVW XWLOLVp SRXU UpSRQGUH j XQH WUDMHFWRLUHKDXWHGRQQDQWGHVRSSRUWXQLWpVG DWWDTXH8QVPDVKDXPRPHQWGHO LPSDFWSHXWGpSDVVHUOHVNPK &DUDFWpULVWLTXHEDOLVWLTXH /DWUDMHFWRLUHHVWWHQGXHHWGHVFHQGDQWHVDQVGpFpOpUDWLRQRXSHX /DWUDMHFWRLUHODSOXVFRXUWHSRVVLEOHHVWUHFKHUFKpH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH &RQIHUGRFXPHQW /HVPDVKHVWSOXVXWLOLVpHQGRXEOHTX HQVLPSOH - - (QGRXEOHF HVWXQFRXSGHJUDQGHLPSRUWDQFHFDUFHTXLSULPHHVWOHMHXGHO DWWDTXHO REMHFWLIpWDQWGHSULYHUO DGYHUVDLUH GHWHPSVSDUXQHWUDMHFWRLUHFRXUWHXQHYLWHVVHGHYRODQWLPSRUWDQWHHWXQHIUDSSHOHSOXVW{WSRVVLEOH (Q VLPSOH OD SRVVLELOLWp GH ILQLU O pFKDQJH HVW DWWUD\DQWH HW FRQGXLW VRXYHQW j XQ VPDVK PDO SUpSDUp GRQW OD WUDMHFWRLUH SHUPHWjO DGYHUVDLUHGHGpFHOHUOHFRXS /HUHYHUV 'pILQLWLRQ & HVWXQFRXSRIIHQVLIRXGpIHQVLIVHUYDQWjUHQYR\HUVRLWYHUVOHEDVVRLWYHUVOHKDXWVRLWMXVWHGHUULqUHOHILOHW,OHVWXWLOLVp SRXU UpSRQGUH j XQ FRXS GH GpERUGHPHQW ODWpUDO $ SDUWLU G XQ FHUWDLQ QLYHDX GH MHX OH UHYHUV GHYLHQW LQFRQWRXUQDEOH FDU LO SHUPHWXQHJUDQGHYDULpWpGHFRXSVHWGHWUDMHFWRLUHV &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH /HVWUDMHFWRLUHVVRQWWUqVYDULpHV &RQIHUGRFXPHQW /HUHYHUVVHUWXQLTXHPHQWjUHQYR\HU /HVFRXSVGHPLOLHXGHWHUUDLQ /HGULYH 'pILQLWLRQ & HVWXQFRXSRIIHQVLIHWVHFGLULJpHQWUHODOLJQHGHVHUYLFHHWODOLJQHGHIRQG/HYRODQWHVWSRXVVpVRLWHQGLDJRQDOHVRLWHQ SDUDOOqOHSDUUDSSRUWDX[OLJQHVODWpUDOHV,OVHUWjGpSODFHUO DGYHUVDLUHODWpUDOHPHQW,OHVWXWLOLVpSRXUUpSRQGUHjXQHDWWDTXH DGYHUVHODWpUDOH &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH /DWUDMHFWRLUHHVWSUDWLTXHPHQWSODWHFDUF HVWXQFRXSIUDSSpDYHFEHDXFRXSGHYLWHVVH &RQIHUGRFXPHQW & HVW XQ FRXS UDUH HQ VLPSOH FDU LO SUpVHQWH WURS GH ULVTXHV GH VRUWLU GX WHUUDLQ / REMHFWLI GX GULYH HVW GH FRQWUDLQGUH O DGYHUVDLUHjXQMHXGpIHQVLI /HUHWRXUGHVPDVKORQJ 'pILQLWLRQ & HVWXQFRXSGpIHQVLIGLULJpYHUVODOLJQHGHIRQGVHUYDQWjVHUHSODFHU &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH (OOHHVWODPrPHTXHFHOOHGXGpJDJHPHQWGpIHQVLI (OOHHVWODPrPHTXHFHOOHGXGULYH /HUHWRXUGHVPDVKFRXUW 'pILQLWLRQ & HVWXQFRXSGpIHQVLIGLULJpMXVWHGHUULqUHOHILOHWVHUYDQWjVXUSUHQGUHO DGYHUVDLUH &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH /D SUHPLqUH SDUWLH GH OD WUDMHFWRLUH HVW DVFHQGDQWH /D GHX[LqPH SDUWLH GH OD WUDMHFWRLUH HVW XQH FRXUEH SDUIRLV YHUWLFDOH HW GHVFHQGDQWH (OOHHVWODPrPHTXHFHOOHGXGULYH /HMHXDXILOHW /HORERXOHGpJDJHPHQWPDLQEDVVH 'pILQLWLRQ & HVWXQFRXSDPSOHHWKDXWGLULJpYHUVODOLJQHGHIRQGGHFRXUWVHUYDQWSRXUXQOREGpIHQVLIjVHUHSODFHUVHUYDQWSRXUXQ ORERIIHQVLIjDFFpOpUHUOHMHX,OHVWXWLOLVpSRXUUpSRQGUHjXQHDWWDTXHSUqVGXILOHW &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH (OOHHVWODPrPHTXHFHOOHGHVGpJDJHPHQWVRIIHQVLIHWGpIHQVLI &RQIHUGRFXPHQW & HVWXQFRXSTXLSHUPHWXQHUXSWXUHGHU\WKPHO REMHFWLIpWDQWGHGpSDVVHUO DGYHUVDLUHWRXWHQOHUHSRXVVDQWYHUVO DUULqUH /HUXVK 'pILQLWLRQ ,OV DJLWG XQHDWWDTXHDXILOHW/HFRXSHVWRIIHQVLIGLULJpDXUDVGXILOHWHWMXVWHGHUULqUHODOLJQHGHVHUYLFHFRXUW,OHVWXWLOLVp ORUVTXH OH YRODQW D XQH YLWHVVH IDLEOH HW ORUVTXH OH YRODQW VH VLWXH j XQH GL]DLQH GH FHQWLPqWUHV DXGHVVXV GX ILOHW ,O VHUW j SUHQGUHO DGYHUVDLUHGHYLWHVVH &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH (OOHHVWODPrPHTXHFHOOHGXVPDVK &RQIHUGRFXPHQW & HVWXQHIUDSSHVqFKHHWYLROHQWHSRXUILQLUO pFKDQJH /HFRQWUHDPRUWL 'pILQLWLRQ & HVWXQFRXSRIIHQVLIGLULJpMXVWHGHUULqUHOHILOHWVHUYDQWjMRXHUOHFRQWUHSLHGDGYHUVHHWXWLOLVpSRXUUpSRQGUHjXQDPRUWL &DUDFWpULVWLTXHEDOLVWLTXH /RUVTXHOHFRXSHVWMRXpGURLWODWUDMHFWRLUHpWDQWODSOXVFRXUWHSRVVLEOHOHYRODQWWRPEHLPPpGLDWHPHQWGHUULqUHOHILOHW /RUVTXHOHFRXSHVWMRXpFURLVpODWUDMHFWRLUHHVWWUqVSODWHDYHFXQSRLQWPRUWGDQVVRQSURSUHFDPS $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH &RQIHUGRFXPHQW &HFRXSFRQWUDLQWO DGYHUVDLUHjOHYHUOHYRODQW / HQJDJHPHQW /HVHUYLFHORQJ 'pILQLWLRQ & HVWOHSUHPLHUFRXSGHO pFKDQJH,OVHYHXWDWWDTXDQW,OVHUWjUHSRXVVHUO DGYHUVDLUHGqVOHGpSDUW &DUDFWpULVWLTXHEDOLVWLTXH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH (OOHHVWODPrPHTXHFHOOHGXGpJDJHPHQWPDLQEDVVH &RQIHUGRFXPHQW & HVW XQ FRXS SOXW{W XWLOLVp HQ VLPSOH FDU OH WHUUDLQ HVW SOXV ORQJ ,O VHUW j IDLUH UHFXOHU O DGYHUVDLUH SRXU VH OLEpUHU XQ HVSDFH G DWWDTXHjO DYDQW /HVHUYLFHFRXUW 'pILQLWLRQ & HVW OH SUHPLHU FRXS GH O pFKDQJH ,O VH YHXW DWWDTXDQW ,O VHUW j REOLJHU O DGYHUVDLUH j UHPRQWHU OH YRODQW HW j VH PHWWUH HQ SRVLWLRQGpIHQVLYH &DUDFWpULVWLTXHEDOLVWLTXH /DWUDMHFWRLUHHVWDXUDVGXILOHWDYHFXQSRLQWPRUWMXVWHDYDQWODOLJQHGHVHUYLFHFRXUWSRXUTXHOHYRODQWDLWXQSRLQWGHFKXWH OHSOXVSURFKHSRVVLEOHGHFHWWHOLJQH $QDO\VHJHVWXHOOH $QDO\VHIRQFWLRQQHOOH &RQIHUGRFXPHQW & HVWXQFRXSSOXW{WXWLOLVpHQGRXEOHFDUOHWHUUDLQHVWSOXVFRXUW 4XHGLIIpUHQFLHOHVFRXSVUDSLGHVGHVFRXSVSXLVVDQWV" &ODULILFDWLRQGHVWHUPHV 'DQV OHV FRXSV UDSLGHV LO V DJLW GH MRXHU YLWH HW GH FRQWUHU O DGYHUVDLUH ,O \DXQHLQWHUYHQWLRQUDSLGHGXMRXHXUVXUOHYRODQW QRWLRQGHSUpFRFLWpGDQVODIUDSSHMRXHUW{WSRXUUpGXLUHOHWHPSVGHSUpSDUDWLRQGHO DGYHUVDLUHSDUH[HPSOHOHGULYH 'DQVOHVFRXSVSXLVVDQWVLOV DJLWGHIUDSSHUIRUWDYHFGHODYLWHVVH&HVFRXSVVRQWXWLOLVpVSRXUFRQFOXUHO pFKDQJHFDULOVVRQW FRWHX[HQpQHUJLHSDUH[HPSOHOHVPDVK 6XUOHSODQGHVFULSWLI /DSUpSDUDWLRQHVWGLIIpUHQWHSUHVTXHLQH[LVWDQWHHQFRXSVUDSLGHVSRXUJDJQHUGXWHPSV /DIUDSSHGLIIqUHSDUUDSSRUWjODPRELOLVDWLRQGHVVHJPHQWV - HQ FRXSVUDSLGHVRQXWLOLVHOHSRLJQHWHWO DYDQWEUDVTXLH[HUFHQWGHVURWDWLRQV HQ FRXSVSXLVVDQWVRQDUPHWRXWOHEUDVHVWGRQFVROOLFLWpHWRQVHVHUWGHODMDPEHDUULqUHSRXUSRXVVHU /DSKDVHG DFFRPSDJQHPHQWGLIIqUHLQH[LVWDQWHHQFRXSVUDSLGHVVHIDLWGHIDoRQSURQRQFpHHQFRXSVSXLVVDQWVDYHFOHUHWRXU UDSLGHGXEUDVGHYDQWOHFRUSV 6XUOHSODQIRQFWLRQQHO /HV FRXSV UDSLGHV VHUYHQW j DFFpOpUHU OH MHX PDLV j O LVVXH GH TXHOTXHV IUDSSHV VDQV VROXWLRQ OH MRXHXU SHXW WRPEHU GDQV OD FRQWUDGLFWLRQHQMRXDQWYLWHHWIUDSSDQWIRUW /HVFRXSVSXLVVDQWVVHUYHQWjFRQFOXUHPDLVFHODDXJPHQWHOHVULVTXHVHQGLPLQXDQWODSUpFLVLRQGHVFRXSVHWODOXFLGLWp 'pSODFHPHQWVSODFHPHQWVHWUHSODFHPHQWV /HVGpSODFHPHQWV /HEXWGHVGpSODFHPHQWV & HVWG DUULYHUOHSOXVUDSLGHPHQWSRVVLEOHHWGDQVOHVPHLOOHXUHVFRQGLWLRQVG pTXLOLEUHHWGHMHX 'pURXOHPHQWSUpDODEOH /DSRVLWLRQG DWWHQWH /HV SLHGV VRQW SDUDOOqOHV HW pFDUWpV OHV MDPEHV VRQW IOpFKLHV O DSSXL HVW VXU O DYDQWGHVSLHGVOHEXVWHHVWGURLWODWrWHGHOD UDTXHWWHHVWDXQLYHDXGXIURQWOHVEUDVVRQWIOpFKLV /HGRXEOHDSSXL /HVDXWGHGpPDUUDJH ,OVHUWjO DFWLYDWLRQGXMRXHXUDYDQWOHGpSODFHPHQW /HVXUVDXWSUpSDUDWRLUH /HVXUVDXWG¶DOOpJHPHQW ,OVHUWjODOHFWXUHGHVLQIRUPDWLRQV 6D UHSULVH G DSSXL FRwQFLGH DYHF OD IUDSSH DGYHUVH &HWWH UHSULVH G DSSXL VHUW j RULHQWHU OHV SLHGV GDQV OD GLUHFWLRQ GH OD WUDMHFWRLUHjSRXUVXLYUH(OOHSHUPHWGHUpGXLUHOHWHPSVGHPLVHHQDFWLRQPDLVGHPDQGHXQHTXDOLWpG DQWLFLSDWLRQ /HVW\SHVGHGpSODFHPHQWV /HVSDVFKDVVpV & HVWOHPRGHGHGpSODFHPHQWOHSOXVXWLOLVp 6HVDYDQWDJHVVRQW - - VXU OH SODQ PRWHXU XQ JDLQ GH WHPSV GDQV OH GpSODFHPHQW FDU OD SULVH G DSSXL HVW UDSLGH HW OH WHPSV GH VXVSHQVLRQ HVW IDLEOH VXU OHSODQLQIRUPDWLRQQHOXQPRGHGHGpSODFHPHQWSHUPHWWDQWGHUHVWHUIDFHDXFDPSDGYHUVH VXU OH SODQ SK\VLRORJLTXH XQ PDLQWLHQ GH OD WRQLFLWp GX TXDGULFHSV XQ PDLQWLHQ GX U\WKPH DYHF SHX GH SKDVHV GH VXVSHQVLRQSHUPHWWDQWXQHpFRQRPLHpQHUJpWLTXH 6RQLQFRQYpQLHQWHVWODQpFHVVLWpG XQSODFHPHQWRULHQWpSUpDODEOHVDXISRXUOHVFRXSVODWpUDX[ /HVSDVFURLVpV /HXUVDYDQWDJHVVRQWOHVVXLYDQWV - ,OQ \DSDVGHWHPSVGHVXVSHQVLRQFHTXLHVWPRLQVFRWHX[ ,OVQHQpFHVVLWHQWSDVG RULHQWDWLRQRXGHSUpSDUDWLRQSUpDODEOH / LQFRQYpQLHQWHVWODSHUWHGHWHPSVFDUODFRRUGLQDWLRQHVWGLIILFLOH /HVSDVFRXUXV /HXUDYDQWDJHHVWTX LOV DJLWG XQHPRWULFLWpQDWXUHOOHUDSLGH /HXUVLQFRQYpQLHQWVVRQWOHVVXLYDQWV - (QFRXUVHDUULqUHLO\DSHUWHGHWHPSVHWGLIILFXOWpGHFRRUGLQDWLRQ (QFRXUVHDYDQWYHUVOHIRQGGXFRXUWLO\DSHUWHG LQIRUPDWLRQHWSHUWHGHWHPSVFDULOIDXWVHUHWRXUQHUSRXUIUDSSHUOH YRODQW ,OVVRQWSOXVFRWHX[G XQSRLQWGHYXHpQHUJpWLTXH /HVSDVGHSLYRW /HXUVDYDQWDJHVVRQWOHVVXLYDQWV - ,OVSHUPHWWHQWGHWRXUQHUOHUHYHUV ,OVSHUPHWWHQWGHVHGRQQHUGXWHPSVGHUHSODFHPHQW /HXULQFRQYpQLHQWHVWTXHHQWRXUQDQWOHUHYHUVRQRXYUHWRXWOHWHUUDLQjO DGYHUVDLUH /HVSODFHPHQWV /HSDVIHQGX /H SLHG GURLW HVW GHYDQW SRXUXQGURLWLHU,OHVWXWLOLVpVXUXQHWUDMHFWRLUHSODWHRXGHVFHQGDQWHVXUGHVFRXSVODWpUDX[RXDX ILOHW 6RQDYDQWDJHHVWTX LOSHUPHWG REWHQLUXQERQpTXLOLEUHGHIUDSSHHWGHUpSDUWLUOHSRLGVGXFRUSVVXUODMDPEHDYDQWIXWXUH MDPEHGHSRXVVpHSRXUOHUHSODFHPHQW 6RQLQFRQYpQLHQWHVWTX LOHVWGLIILFLOHGHGLVVRFLHUMDPEHGHIOH[LRQHWPDLQWLHQGXEXVWHGURLWFHTXLHQWUDvQHXQGpVpTXLOLEUH SRXUOHUHSODFHPHQW /HVDXWFKLQRLVRXOHVDXWG LQWHUFHSWLRQ ,OV DJLWG XQVDXWTXLSHUPHWXQFRXSUDSLGHHQVXVSHQVLRQVHUYDQWjDFFpOpUHUO pFKDQJH,O\DLPSXOVLRQGHVGHX[MDPEHVHW SUpSDUDWLRQ GX FRXS HQ VXVSHQVLRQ 3HQGDQW O H[WHQVLRQ OD MDPEH GURLWH HVW WLUpH YHUV O DUULqUH ,O \ D UpFHSWLRQ VXU OHV GHX[ SLHGV /HVDXWFLVHDX ,O\DDSSXLVXUODMDPEHGURLWHHWVDXWVXUODMDPEHGURLWH3HQGDQWO H[WHQVLRQODMDPEHJDXFKHUHWRXUQHYHUVO DUULqUH,O\D UHSODFHPHQWDQWLFLSpSHQGDQWOHVDXW /HVUHSODFHPHQWV ,O V DJLW GH UHYHQLU HQ SRVLWLRQ G DWWHQWH j XQ PqWUH GHUULqUH OH 7 /HV UHSODFHPHQWV V HIIHFWXHQW YHUV O DYDQW HQ SDV FKDVVpV FRXUXVRXFURLVpVHWYHUVO DUULqUHDYHFOHPrPHW\SHGHSDVTXHOHGpSODFHPHQWTXLSUpFqGH )RQGDPHQWDX[WDFWLTXHVHWVWUDWpJLTXHVHQVLPSOH ,O HVW DVVH] GLIILFLOH GH VpSDUHU VWUDWpJLHHWWDFWLTXHDXFRXUVGHO pFKDQJH/HMRXHXUHVWDPHQpjVpOHFWLRQQHUVDUpSRQVHHQ IRQFWLRQGXSODFHPHQWHWGHVGpSODFHPHQWVGHO DGYHUVDLUHHQIRQFWLRQGHVHVSRLQWVIRUWVHWGHVVHVSRLQWVIDLEOHVHQIRQFWLRQ GHODYLWHVVHGXYRODQWHWGHVGLIIpUHQWHVWUDMHFWRLUHVSRVVLEOHV&HWWHVpOHFWLRQIDLWDSSHOjXQHSRVVLEOHVWUDWpJLHPLVHHQSODFH HW jODSULVHGHVLQIRUPDWLRQV *pQpUDOLWpVHWGpILQLWLRQV /DVWUDWpJLH & HVWXQSURMHWG DFWLRQPLVHQSODFHDYDQWOHGpURXOHPHQWGHO DFWLRQ(OOHGpSHQGGHVUHVVRXUFHVHWGXQLYHDXGXMRXHXUGH O DGYHUVDLUHHWGHODUHSUpVHQWDWLRQTXHOHMRXHXUVHIDLWGXEXWGXMHX9RLFLGHVH[HPSOHVGHVWUDWpJLHVHORQODUHSUpVHQWDWLRQ GXEXW - MRXHUVXUOHUHYHUVGHO DGYHUVDLUH IDLUHGXUHUO pFKDQJH MRXHUOHSOXVORLQSRVVLEOHGHO DGYHUVDLUH GRQQHUODSULRULWpDXVPDVK QHMDPDLVFRQVLGpUHUOHSRLQWFRPPHDFTXLV QHSDVFUDLQGUHGHSUHQGUHGHVULVTXHVDXVHUYLFH /DWDFWLTXH & HVWO DGDSWDWLRQGHO DFWLRQHQFRXUVGHGpURXOHPHQWHQWHQDQWFRPSWHGXFRQWH[WHGHO RSSRVLWLRQ 9RLFLGHVH[HPSOHVGHWDFWLTXH - / DGYHUVDLUHHVWODFLEOH /HWHUUDLQHVWODFLEOH /HMHXHWODFRQVWUXFWLRQGXSRLQWVRQWUpDOLVpVHQIRQFWLRQGHO DGYHUVDLUHRXVXUOHVSRLQWVIDLEOHVGHO DGYHUVDLUH /HMHXGpSHQGGXUDSSRUWHVSDFHWHPSVRQVHGRQQHGXWHPSVHWRQHQSULYHO DGYHUVDLUH 5qJOHVG DFWLRQjUHVSHFWHUHQIRQFWLRQGXQLYHDXGHMHX 3DUUDSSRUWjODPDvWULVHGXFHQWUHGHMHX 'pILQLWLRQ /HFHQWUHGHMHXHVWO HPSODFHPHQWYHUVOHTXHOOHMRXHXUGRLWUHWRXUQHUDSUqVFKDTXHFRXSDILQG DYRLUOHSOXVSHWLWGpSODFHPHQW SRVVLEOHYHUVOHYRODQW 5qJOHVG DFWLRQ ,OIDXWWRXMRXUVVHUHSODFHUGXF{WpGXFRXUWROHYRODQWDpWpMRXp _ _ _ _ _ _ _ _ _ %_ _ _ _ ?_ $_ _ 3DUUDSSRUWjODQRWLRQG HVSDFHWHPSV 2QVHGRQQHGXWHPSVSRXUDJLU ,O IDXW MRXHU ORQJ HW KDXW 2Q SHXW UpDOLVHU GHV IHLQWHV HQ UHWDUGDQW OH PRPHQW GH IUDSSH RX HQ MRXDQW VXU OD SUpSDUDWLRQ GX FRXS 2QSULYHO DGYHUVDLUHGHWHPSV 2Q IUDSSH IRUW HW YLWH VPDVK UXVK RX GULYH 2Q MRXH ORLQ GH O DGYHUVDLUH 2Q MRXH HQ LQWHUFHSWLRQ HQ FRQWUHDWWDTXH HW HQ FRQWUHSLHG /HVSULQFLSHVGHODIHLQWH 3UpSDUDWLRQLGHQWLTXH & HVWODYDULDWLRQGHODYLWHVVHGHEUDVHWO RULHQWDWLRQGXWDPLVTXLIRQWODGLIIpUHQFH9RLFLGHVH[HPSOHV XQHIHLQWHGHVPDVKVXLYLHG XQDPRUWLGURLWRXFURLVp XQHIHLQWHG DPRUWLGURLWVXLYLHG XQDPRUWLFURLVp ([DJpUDWLRQGXJHVWH 9RLFLGHVH[HPSOHV - PLPLTXHVFRUSRUHOOHV IHLQWHVGHSXLVVDQFH VDXWV PRQWpHGXSRLJQHWORUVGHVDPRUWLV IHLQWHVGHFRXSGpIHQVLI &RQFOXVLRQ /H SURSUH GHV VSRUWV GH GXHO HVW GH SRXYRLU UHQYHUVHU OH UDSSRUW GH IRUFH UDSLGHPHQW SDU XQ DPRUWL RX XQ VPDVK RX j ORQJ WHUPHHQFKHUFKDQWODIDXWHDGYHUVH,OV DJLWGRQFGHJpUHUODVpFXULWpGHO pFKDQJHHWODSULVHGHULVTXHSRXUJDJQHUOHSRLQW 3HXWRQSUHQGUHGHVULVTXHVDORUVTXHO RQHVWHQSRVLWLRQGpIHQVLYH"'RQQH]XQH[HPSOHSUpFLVSRXUMXVWLILHU &RQIHUGRFXPHQW 7DFWLTXHVHWVWUDWpJLHVHQGRXEOH *pQpUDOLWpV /HMHXGHGRXEOHVHGLVWLQJXHGXMHXGHVLPSOHFDULOHVWSOXVUDSLGH& HVWOHUDSSRUWVXUIDFHQRPEUHGHMRXHXUVTXLFUpHOD UDSLGLWpHWOHVGLIIpUHQFHVGHVWUDWpJLH /HSULQFLSHWDFWLTXHHVVHQWLHOHVWG REWHQLUO LQLWLDWLYHG DWWDTXHHWGHODFRQVHUYHUSRXUPDUTXHUOHSRLQW/HGRXEOHKRPPHVRX IHPPHVQpFHVVLWHXQHVWUDWpJLHGHSODFHPHQWGHVMRXHXUVGLIIpUHQWHGXGRXEOHPL[WH/HVSRVLWLRQVG DWWDTXHHWGHGpIHQVHGHV MRXHXUVVHPHWWHQWHQSODFHORUVTXHO LQLWLDWLYHHVWSULVH /HMHXRIIHQVLI _ _ _ _ _ _ _ _ /HSODFHPHQWGHVMRXHXUV ______ ____'__ _$_____ ____&__ _ ______ _%_____ ______ ______ & SHXWDWWDTXHUSDUGHVFRXSVFRXUWVHWSODWVDPRUWLUXVKHWGULYH ' SHXWDWWDTXHUSDUGHVFRXSVORQJVHWKDXWVGpJDJpRXVPDVK 3RXUFUpHUOHVPHLOOHXUHVFRQGLWLRQVSRXUPDUTXHUOHSRLQWRQDWWDTXH - GDQVOHVFRXORLUVODWpUDX[HWDXIRQG GDQVOD]RQHGHGLYRUFH VXU OHMRXHXUOHSOXVIDLEOH /HU{OHGXMRXHXUDXILOHWHVWGHEORTXHUOHVYRODQWVDXFHQWUHSRXUTX LOVVRLHQWUHOHYpVSDUO pTXLSHDGYHUVHHWVPDVKpVSDUVRQ SDUWHQDLUH ,O IDXW pYLWHU OHV DWWDTXHVFURLVpHVFDUSRXUXQSODFHPHQWFODVVLTXHDYDQWDUULqUHVL'MRXHFURLVpLOH[SRVHVRQpTXLSHjXQ UHWRXUSDU%GDQVXQH]RQHQRQSURWpJpH /HVFRXSVG DWWDTXHFRQWUDLJQDQWO DGYHUVDLUHjPRQWHUOHYRODQW /HVHUYLFH /D WUDMHFWRLUH GRLW rWUH OD SOXV FRXUWH HW OD SOXV UDVDQWH SRVVLEOH SRXU REOLJHU O DGYHUVDLUH j PRQWHU OH YRODQW /H VHUYLFH FRXUW SUqVGX7HVWSOXVGLIILFLOHjUHQYR\HU (QPL[WHRQVHUWORQJVXUODILOOHVPDVKPRLQVSXLVVDQWSRXUODGpSODFHUDXIRQGGXFRXUWHWLQWHUYHUWLUOHSODFHPHQWFODVVLTXH /HUHWRXUGHVHUYLFH 'DQVOHFDGUHG XQHSULVHG LQLWLDWLYHREOLJHDQWO DGYHUVDLUHjUHPRQWHUOHYRODQWOHUHWRXUGRLWrWUH - KRUL]RQWDODXIRQGGXWHUUDLQHWVLSRVVLEOHGXF{WpUHYHUV RXUDEDWWXYHUVOHEDV RXWUqVFRXUWODWpUDOHPHQW /HGULYH /HVPDVK ,OHVWXWLOLVpSRXUGpERUGHUO DGYHUVDLUHODWpUDOHPHQWHWSRXUPDLQWHQLUXQU\WKPHGHMHXVRXWHQX & HVW FKH] OH MRXHXU PR\HQ TXH OH VPDVK HVW VRXYHQW FRQFOXDQW FDU j KDXW QLYHDX LO IDXW SUHQGUH HQ FRPSWH XQ QLYHDX GpIHQVLI8QVPDVKFRQFOXDQWHVWVRXYHQWVLWXpGDQVOD]RQHGHGLYRUFHVXUO DGYHUVDLUHRXVXUVRQUHYHUV /HMHXGpIHQVLI /HSODFHPHQWGHVMRXHXUV /HVMRXHXUVVRQWSODFpVF{WHjF{WHDXPLOLHXGXWHUUDLQSRXUOHFRXYULUDXPD[LPXP /HVFRXSVGHGpIHQVH & HVWXQUHWRXUGHVPDVKTXLSHXWV HIIHFWXHU - HQ UHWRXUORQJHWKDXW HQ UHWRXUPLFRXUWWHQGXGULYH HQ DPRUWL 5qJOHPHQWGXVHUYLFHHQGRXEOH &RQIHUGRFXPHQW 2QDWRXMRXUVGHX[VHUYLFHVVDXIDXGpEXWGXVHW $XGpEXWGXVHWRQGpWHUPLQHXQMRXHXUSDLUHWXQMRXHXULPSDLU 2QVHUWWRXMRXUVjGURLWHTXDQGRQUpFXSqUHOHYRODQW(QFDVGHJDLQG XQSRLQWOHPrPHVHUYHXUVHUWPDLVDOWHUQHGURLWHHW JDXFKH 6SRUWVGHFRPEDWGHSUpKHQVLRQ6&3 /HFRPEDW &ODVVLILFDWLRQ 6HORQO RULJLQHJpRJUDSKLTXH ,OH[LVWHGHX[RULJLQHVSULQFLSDOHV - / RULJLQHHXURPpGLWHUUDQpHQQHUHJURXSHODOXWWHODER[HDQJODLVHODER[HIUDQoDLVHO¶HVFULPH / RULJLQHRULHQWDOHUHJURXSHOHMLXMXWVXOHMXGROHNDUDWpOHWDHNZRQGROHNXQJIX 6HORQOHVUqJOHVGHSUDWLTXH 2QGLIIpUHQFLHGHX[W\SHVGHVSRUWVGHFRPEDW - - /HV VSRUWV GH FRPEDW GH IUDSSH GH SHUFXVVLRQ UHJURXSHQW OD ER[H IUDQoDLVH OD ER[H DPpULFDLQH IXOO FRQWDFW OD ER[H WKDwODQGDLVHNLFNER[LQJODER[HDQJODLVHOHWDHNZRQGR /HVVSRUWVGHFRPEDWGHSUpKHQVLRQUHJURXSHQWOHMXGRODOXWWHOHVDPERO DwNLGROHMLXMXWVX 6WDWLVWLTXHVGHV6&3HQ)UDQFH ,OH[LVWHGHX[6&3LPSRUWDQWVHQ)UDQFH - /HMXGRUHJURXSHSRXUFHQWGHVSUDWLTXDQWV - /HNDUDWpHQUHJURXSHSRXUFHQW - O DwNLGRSRXUFHQW 'HVVSRUWVPRLQVLPSRUWDQWVVRQW - ODOXWWHSRXUFHQW +LVWRULTXH 3UpVHQWDWLRQ 7RXVOHVSHXSOHVSUDWLTXDLHQWODOXWWHjWRXWHVOHVpSRTXHV 2QGLIIpUHQFLHTXDWUHILQDOLWpVGHODOXWWH - ODVXUYLH ODSUDWLTXHUHOLJLHXVH ODSUpSDUDWLRQPLOLWDLUH ODIRUPDWLRQDXWUDYDLO 8QH VpSXOWXUH pJ\SWLHQQH GH OD 9qPH G\QDVWLH GDWDQW GH j DYDQW -& PRQWUH TXH OHV WHFKQLTXHV GH OXWWH pWDLHQW GpMjYDULpHV /HSUHPLHURXYUDJHVXUODOXWWH/ DUWGHOXWWHU GDWHGH $X[ -2ORUVGXSHQWDWKOHLOIDOODLWIDLUHWRXFKHUWURLVIRLVDXVROXQHSDUWLHDXGHVVXVGHVJHQRX[/HVJODGLDWHXUVpWDLHQWGHV VSpFLDOLVWHVGHODOXWWH&KH]OHV5RPDLQVOHVFKHIVG H[SpGLWLRQpWDLHQWVpOHFWLRQQpVHQIRQFWLRQGHVFRPEDWVGHOXWWH &ODVVLILFDWLRQGHVGLIIpUHQWHVOXWWHV 3HWURYUHOHYDSOXVGHIRUPHVWUDGLWLRQQHOOHVGDQVOHPRQGHHQWLHU - - 'DQV OD OXWWH EUHWRQQH OH *RXUHQ OHV OXWWHXUV VRQW HQ FKHPLVH GH WRLOHHWHQVKRUW,OVVRQWSLHGVQXV/ REMHFWLIHVWGH IDLUHWRPEHUjSODWGRVHQUHVWDQWGHERXW 'DQVODOXWWHWXUTXHOHVOXWWHXUVSRUWHQWXQHFXORWWHGHFXLU,OVVRQWKXLOpV/ REMHFWLIHVWGHPHWWUHO DXWUHOXWWHXUOHYHQWUH YHUVOHVROHLO - /HVDPERODOXWWHUXVVHHVWUHFRQQXHSDUOD)pGpUDWLRQ,QWHUQDWLRQDOHGH/XWWH& HVWXQHDOOLDQFHGHOXWWHOLEUHGHMXGRHW GHOXWWHJUpFRURPDLQH /HVGpQRPLQDWHXUVFRPPXQVjWRXWHVFHVIRUPHVGHOXWWHVRQWDXQRPEUHGHTXDWUH,OH[LVWHDLQVLTXDWUHD[HVGHYLFWRLUH - - IDLUHWRXFKHUWHUUHV\PEROLTXHPHQWO +RPPHUHVWHGHERXWO DQLPDOHVWDXVROODOXWWHVpQpJDODLVH FRQTXpULUXQWHUULWRLUHSOXVOHWHUULWRLUHHVWJUDQGSOXVOHSD\VHVWSXLVVDQWOHVXPR IL[HU O DGYHUVDLUH GRV FRQWUH WHUUH PHWWUH OHV WULSHV DX VROHLO F HVW V\PEROLTXHPHQW WXHU O DXWUH F HVW FKH] OHV DQLPDX[ XQHSRVLWLRQGHVRXPLVVLRQODOXWWHDXSHQWDWKOH HQWUDYHUVDOLEHUWpGHPRXYHPHQWLPPRELOLVHUODOXWWHRO\PSLTXHRXOHMXGR 'DQLHO 5LPHW GRQQH XQH GpILQLWLRQ GH OD OXWWH /XWWHU F HVW LPSRVHU j O DGYHUVDLUH XQ pWDW FRUSRUHO TX LO UHIXVH WRXW HQ O HPSrFKDQW G DWWHLQGUH OXLPrPH FH UpVXOWDW HW HQ UHVSHFWDQW VRQ LQWpJULWp HW OHV FRQYHQWLRQV FRQQXHV GH WRXV 2Q HVW DLQVL GDQVXQHUHODWLRQGXDOHRLOV DJLWGHUpJOHUGHVUDSSRUWVGHIRUFH /HVFRQWUDGLFWLRQVIRQGDPHQWDOHV (OOHVVRQWDXQRPEUHGHWURLV(QOXWWHLOV DJLW - G DJLUPDLVGHUHVSHFWHUUHVVRXUFHVDIIHFWLYHVLOIDXWrWUHHQFRQILDQFHRQQHSHXWSDVIDLUHPDO G DWWDTXHUPDLVGHVHSURWpJHUUHVVRXUFHVLQIRUPDWLRQQHOOHVGpFLVLRQQHOOHVpYDOXHUOHUDSSRUWGHIRUFH GHEORTXHUVRQIRQFWLRQQHPHQWPDLVDXVVLG DVVXUHUVRQIRQFWLRQQHPHQWUHVVRXUFHVELRPpFDQLTXHVLPSRVHUVDOXWWH (YROXWLRQGHODWHFKQLTXH 'HX[IDFWHXUVSHXYHQWH[SOLTXHUFHWWHpYROXWLRQ - O pYROXWLRQGHVUqJOHPHQWVOHVSULVHVWURSYLROHQWHVVRQWLQWHUGLWHV O pYROXWLRQGHO HIILFDFLWpQHVRQWFRQVHUYpHVTXHOHVSULVHVHIILFDFHV ,OH[LVWHFLQTD[HVG pYROXWLRQ 9DULpWpGHVPR\HQVGHSUpKHQVLRQ $X GpEXW GX VLqFOH OD UpIpUHQFH pWDLW O KRPPH IRUW LPPRELOH VXU VHV GHX[ SLHGV & pWDLW OD IRUFH TXL SULPDLW ,O Q \ DYDLW SDV G DWWDTXHDX[MDPEHVPDLVXQLTXHPHQWVXUOHKDXWGXFRUSV /HVDWWDTXHVDX[MDPEHVDSSDUXUHQW/HVPR\HQVGHFRQWU{OHVIXUHQWSURJUHVVLYHPHQWXWLOLVpVVXUWRXWHVOHVSDUWLHVGXFRUSV 9DULpWpGHVDSSXLVDXVRO ,OVQHFRQFHUQDLHQWDXGpEXWTXHOHVSLHGV $SSDUXUHQWOHVDSSXLVVXUOHVEUDVOHVpSDXOHVDXVRO 9DULpWpGHVHVSDFHXWLOLVpV 2QXWLOLVDLWDXGpSDUWO HVSDFHDYDQWKDXW 2QXWLOLVHPDLQWHQDQWWRXVOHVHVSDFHVDUULqUHEDV $XJPHQWDWLRQGHO DPSOLWXGHJHVWXHOOH 2QHVWSDVVpGXGpFDODJHjODVRXSOHVVH $XJPHQWDWLRQGHODYLWHVVHG H[pFXWLRQ 2QXWLOLVDLWDXGpSDUWXQHPRWULFLWpOHQWHVWDWLTXH2QXWLOLVHPDLQWHQDQWXQHPRWULFLWpH[SORVLYHDGDSWDWLYH (YROXWLRQGXWHPSVGHFRPEDW *OREDOHPHQWOHWHPSVGHFRPEDWGLPLQXDLWHWOHWHPSVGHUHSRVDXJPHQWDLW -XVTX HQODSpULRGHKpURwTXHLOQ \DYDLWSDVGHOLPLWHGHWHPSV2QQHSRXYDLWJDJQHUTX HQDPHQDQWVXUOHGRV/HV FRPEDWVSRXYDLHQWGXUHUGHPLQXWHVjKHXUHVDQVWHPSVG DUUrW 'HjODSpULRGHGHGRXWHOHWHPSVGHFRPEDWGLPLQXD,O\HXWXQHVpSDUDWLRQGHODOXWWHGHERXWHWGHODOXWWHDX VRO $ SDUWLUGHODSpULRGHGHODOXWWHWRWDOHOHVFRPEDWVpWDLHQWGHWURLVIRLVWURLVPLQXWHVHVSDFpVG XQHPLQXWHGHUHSRV /DWpOpYLVLRQLQIOXDVXUOHUqJOHPHQWSRXUTXHFKDTXHFDWpJRULHGHSRLGVWHUPLQkWHQXQHMRXUQpHLOIDOOXWUpGXLUHHQFRUHOHV WHPSVGHOXWWH (YROXWLRQGHODFRWDWLRQGHVDFWLRQV 'H OD SpULRGH KpURwTXH MXVTX DX[ DQQpHV OHV SRLQWV Q pWDLHQW SDV PRQWUpV DX VSHFWDWHXU LO YDODLW PLHX[ JDJQHU SDU WRPEpSRXUrWUHVUGHODYLFWRLUH 3RXUUHQGUHODOXWWHSOXVG\QDPLTXHRQLQYHQWDOHVDYHUWLVVHPHQWVSRXUQRQFRPEDWLYLWp$XGpSDUWOHVWDSLVpWDLHQWFDUUpV/H SDVVDJH j XQ WDSLV URQG SHUPLW GH G\QDPLVHU OHV FRPEDWV 2Q UDMRXWD HQVXLWH XQH ]RQH GH SDVVLYLWp ODUJH G XQ PqWUH GDQV ODTXHOOHLOIDOODLWDWWDTXHUDXERXWGHVHFRQGHVVRXVSHLQHG DYHUWLVVHPHQW (YROXWLRQGDQVOHVVWUDWpJLHVHWGDQVOHVWDFWLTXHV $X GpEXW GX VLqFOH LO Q \ DYDLW TX XQH VHXOH FDWpJRULH GH SRLGV & pWDLW XQH OXWWH GH IRUFH 3RXU LQWpUHVVHU XQH SOXV JUDQGH SRSXODWLRQRQFUpDSOXVLHXUVFDWpJRULHVGHSRLGV,OH[LVWHDXMRXUG KXLFDWpJRULHVGLIIpUHQWHV /DWDFWLTXHHVWXQHDGDSWDWLRQDXFRPEDW - 'H jLOQ H[LVWDLWSDVGHSUpSDUDWLRQWDFWLTXHPDLVXQHSUpSDUDWLRQSK\VLTXHGHODIRUFH 'DQVOHVDQQpHVODVpDQFHpWDLWFRQVDFUpHjODWDFWLTXHXQHIRLVSDUVHPDLQH 'DQVOHVDQQpHVDSSDUXWODQRWLRQGHVWUDWpJLH/DVWUDWpJLHHVWXQHSUpSDUDWLRQDQWpULHXUHDXFRPEDW - /HV OXWWHXUV HVSLRQQDLHQW OHV FRPEDWV GH OHXUV IXWXUV DGYHUVDLUHVSRXUPHWWUHHQSODFHXQHVWUDWpJLH$SDUWLUG XQHSULVH IDYRULWHRQWUDYDLOODLWOHVHQFKDvQHPHQWVSRVVLEOHV - 'DQVOHVDQQpHVDSSDUXUHQWOHVFRPSOH[HVWHFKQLFRWDFWLTXHVHWOHVV\VWpPDWLTXHV - $X GpSDUWRQOXWWDLWVXUGHODWHUUHEDWWXHRXVXUGXSODQFKHUVRXSOH /HVPDWpULDX[pYROXqUHQW - $XMRXUG KXLRQOXWWHVXUGHVWDSLV2QSURWqJHO LQGLYLGXSDUO LQWHUGLFWLRQGHVSULVHVGDQJHUHXVHV $LQVLWRXWHVFHVPRGLILFDWLRQVSHUPLUHQWO RXYHUWXUHGHODOXWWHDX[IHPPHVGDQVOHVDQQpHV (YROXWLRQjSDUWLUG pOpPHQWVFXOWXUHOV (OOHVLJQLILHO pYROXWLRQGHVPHQWDOLWpVHWGHVLGpHVG XQHpSRTXH 5HFXOGXFRGHGHODIRUFHSXUH 3URJUHVVLYHPHQWRQQHFRQVLGpUDSOXVODOXWWHFRPPHXQVSRUWGHSRLGVORXUGGHIRUFHSXUHPDLVFRPPHXQVSRUWEDVpVXUOH G\QDPLVPHODVRXSOHVVHODYLWHVVHG H[pFXWLRQO KDELOHWpPRWULFH 5HFXOGHODYLROHQFH /D SURWHFWLRQ GHV OXWWHXUV GHYLQW GH SOXV HQ SOXV LPSRUWDQWH $XWRXU GX WDSLV V RUJDQLVD XQ VHUYLFHPpGLFDO/DSUpVHQFHG XQ GRFWHXUHVWREOLJDWRLUHGHSXLV& pWDLHQWOHVHQWUDvQHXUVTXLUHPHWWDLHQWHQSODFHOHVOX[DWLRQVDYDQWOHVDQQpHV /D QRWLRQ G K\JLqQH HVW DSSDUXH 2Q YpULILH TXH OHV RQJOHV VRQW FRXSpV 2Q YpULILH O pWDW GHV FKDXVVXUHV SRXU pYLWHU OHV EOHVVXUHV 6RQWLQWHUGLWHVOHVWHFKQLTXHVGDQJHUHXVHVpWUDQJOHPHQWVOX[DWLRQV 7UDYDX[GLULJpV $SSURFKHSpGDJRJLTXH 4X HVWODOXWWH" /D OXWWH HVW XQ VSRUW GH FRPEDW GH SUpKHQVLRQ HQ RSSRVLWLRQ DYHF OHV VSRUWV GH SHUFXVVLRQ ER[H j XQ FRQWUH XQ GDQV XQ HVSDFHOLPLWpHWVpFXULVpHQXQWHPSVGRQQp / REMHFWLI GH ODOXWWHHVWGHIDLUHWRXFKHUOHVGHX[pSDXOHVGHO DGYHUVDLUHDXVROSHQGDQWXQHVHFRQGH)DLUHWRXFKHUOHVGHX[ pSDXOHVDXVROODYLFWRLUHHVWDSSHOpOHWRPEp2QSHXWIDLUHXQGpFRPSWHGHSRLQWVSRXUGpSDUWDJHUOHVOXWWHXUVV LOQ \DSDV HX GHWRPEpDYDQWODILQGXPDWFK ,OH[LVWHGLYHUVHVIRUPHVGHOXWWHGRQWOHVVXLYDQWHV - - $X[ -2 H[LVWHQW OD OXWWH OLEUH DFWLRQV VXU WRXWHV OHV SDUWLHV GX FRUSV HW OD OXWWH JUpFRURPDLQH DFWLRQV DXWRULVpHV DX GHVVXVGHODFHLQWXUH /DOXWWHIpPLQLQHH[LVWHjWRXVOHVQLYHDX[HWGHYUDLWHQWUHUDX[SURFKDLQV-24XHOTXHVDFWLRQVVRQWOLPLWpHVSDUUDSSRUW DX[JDUoRQV 3RXUTXRLSURSRVHWRQODOXWWHjO pFROH" $VSHFWPDWpULHO 7UqV SHX GH PDWpULHO HVW QpFHVVDLUH XQ WDSLV PRX ,O Q \ D SDV GH WHQXH SDUWLFXOLqUH SRXU GpEXWHU VKRUW HW WVKLUW VRQW VXIILVDQWV,OIDXWpYLWHUOHVYrWHPHQWVDPSOHVOHSRUWGHELMRX[G REMHWVIUDJLOHVRXGDQJHUHX[ 'pYHORSSHPHQWGHVTXDOLWpVPRWULFHV 8Q HQJDJHPHQW SK\VLTXH LPSRUWDQW HVW GHPDQGp &H VSRUW VROOLFLWH GH QRPEUHX[ JURXSHV PXVFXODLUHV WRXWHV OHV ILOLqUHV pQHUJpWLTXHVODVRXSOHVVHODFRRUGLQDWLRQODIRUFH &RPPHRQUHFKHUFKHODFKXWHGHO DXWUHRQGpYHORSSHO pTXLOLEUHOHGpSODFHPHQWHQVWDELOLWp /DPRWULFLWpHVWOLpHDXSDUWHQDLUH& HVWGRQFXQHFRPRWULFLWp,OIDXWWHQLUHQpTXLOLEUHjGHX[HWQ pWDQWSDVG DFFRUG 'pYHORSSHPHQWGHVTXDOLWpVPRUDOHV & HVW XQH DFWLYLWp SUDWLTXpH j GHX[ HQ pWDQW LQWLPHPHQW OLpV /H FRQWDFW SK\VLTXH HVW WUqV SURFKH ,O IDXW SDUWDJHU O HVSDFH LQWLPHGHO DXWUH / DFWLYLWp GpYHORSSH GHV TXDOLWpV QpFHVVDLUHV DX FRQWU{OH GH O DJUHVVLYLWp ,O IDXW UHVSHFWHU OH SDUWHQDLUH FRQWU{OHUOHVDWWLWXGHV HQYHUVOXL,OIDXWUHVSHFWHUOHUqJOHPHQWOHUqJOHPHQWPRUDOQHSDVIDLUHPDO /HVVSRUWVGHFRPEDWRQWGHVHIIHWVEpQpILTXHVVXUOHVIDFWHXUVGHVWUXFWXUDWLRQGHODSHUVRQQDOLWp 'pYHORSSHPHQWGHVTXDOLWpVGHSHUFHSWLRQ /DSULVHGHGpFLVLRQHWG LQIRUPDWLRQHVWSHUPDQHQWH'HVLQIRUPDWLRQVNLQHVWKpVLTXHVHWYLVXHOOHVSHUPHWWHQWGHIDLUHGHVFKRL[ WUqVUDSLGHVSDUUDSSRUWjO DGYHUVDLUH $SSURFKHSpGDJRJLTXH /RUVTXH GHV GpEXWDQWV V DIIURQWHQW ODVLWXDWLRQGpERXFKHVXUXQHQHXWUDOLVDWLRQ,OQ \DSDVG pYROXWLRQGXFRPEDW(QHIIHW OHVGpEXWDQWVFKHUFKHQWjFRQVHUYHUOHXUSURSUHpTXLOLEUHVDQVSHQVHUjO DGYHUVDLUH /RUVTXHGHX[H[SHUWVFRPEDWWHQWLOVV RFFXSHQWGHFHTXHIDLWO DXWUH /DWHFKQLTXHHQVSRUWGHFRPEDWSUpVHQWHXQHDSSURFKHGLIILFLOH/DWHFKQLTXHSHUPHWO pFRQRPLHXQPLQLPXPG HIIRUWSRXU XQPD[LPXPG HIILFDFLWp 3pGDJRJLHDQDO\WLTXH 2Q pWXGLH OHV SULVHV VpSDUpPHQW SRXU REWHQLU XQ FDWDORJXH GH SULVHV 2Q OHV FODVVH pYHQWXHOOHPHQW SDU RUGUH GH GLIILFXOWp / pOqYHGRLWUHSURGXLUHILGqOHPHQWODWHFKQLTXHGXPRGqOH 3pGDJRJLHJOREDOH /HVpOqYHVVRQWPLVHQVLWXDWLRQHWGRLYHQWHX[PrPHVGpFRXYULUFRPPHQWLOVSHXYHQWXWLOLVHUDXPLHX[OHVDFWLRQV 3pGDJRJLHFRQVWUXFWLYH & HVW XQH SpGDJRJLH GpYHORSSpH SDU *LOOHV %XL ;XDQ (OOH VH PHW HQ SODFH HQ IRQFWLRQ GH GLIIpUHQWV QLYHDX[ 7URLV pWDSHV SULQFLSDOHVVRQWGpILQLHVSDU*LOOHV%XL;XDQ - - / pWDSHpPRWLRQQHOOHHVWODGpFRXYHUWHGHO DFWLYLWpPHWWUHHQVLWXDWLRQDOOHUDXFRQWDFWGHO DXWUHPDvWULVHUVHVpPRWLRQV SDUUDSSRUWjO DGYHUVDLUHJpUHUO pTXLOLEUHGHO DXWUH / pWDSHIRQFWLRQQHOOHHVWXQHVLWXDWLRQIDFLOLWDQWHD\DQWSRXUEXWGHUpVRXGUHOHVSUREOqPHVGHFHWWHVLWXDWLRQ / pWDSHWHFKQLTXHDSSRUWHGHVVROXWLRQVDX[SUREOqPHVSRVpVGDQVOHVpWDSHVSUpFpGHQWHV 5pVXPp /DOXWWHHVWXQHDFWLYLWpOXGLTXHGHYDQWSHUPHWWUHjO HQIDQWDJUHVVLIGHFDQDOLVHUVRQWURSSOHLQG pQHUJLHHWjO HQIDQWWLPRUpGH YDLQFUH VHV DSSUpKHQVLRQV 3RXU FHOD LO IDXW OXL SURSRVHU XQ FDGUH GH WUDYDLO WUqV ODUJH DYHF GHV VLWXDWLRQV pYROXWLYHV HW GLIIpUHQFLpHV /DOXWWHHVWXQDSSUHQWLVVDJHGHODYLH $QDO\VHGHODOXWWH &DUDFWpULVWLTXHVGHODOXWWH /DOXWWHHVWXQHDFWLYLWpFDUDFWpULVpHSDUODSDUWLFLSDWLRQGXFRUSVFRPPHFLEOHHWFRPPHPR\HQG¶DFWLRQ6DSUDWLTXHQpFHVVLWH GRQFGHSUHQGUHGHO LQIRUPDWLRQSRXUDJLUHWGHPRELOLVHUGHFHIDLWXQFHUWDLQQRPEUHGHUHVVRXUFHV - ELRLQIRUPDWLRQQHOOHVUpDJLUHQIRQFWLRQGHO DGYHUVDLUH FRJQLWLYHVGpFLGHUG XQHUpSRQVHGRQQHUGXVHQVDX[LQIRUPDWLRQV ELRpQHUJpWLTXHVSURGXFWLRQG pQHUJLHQpFHVVDLUHjODUpDOLVDWLRQGHODUpSRQVH ELRPpFDQLTXHVDFWXDOLVHUSDUOHPRXYHPHQWODUpSRQVHVpOHFWLRQQpH - DIIHFWLYHVHWUHODWLRQQHOOHVOLpHVjO DIIURQWHPHQWGHO DGYHUVDLUH - OHVFDSDFLWpVWHFKQLFRWDFWLTXHVUHVVRXUFHVFRJQLWLYHVELRLQIRUPDWLRQQHOOHVHWELRPpFDQLTXHV / HQVHPEOHGHVUHVVRXUFHVDLQVLPRELOLVpHVGpWHUPLQHGHVFDSDFLWpVTXHQRXVFODVVRQVHQWURLVFDWpJRULHV - OHVFDSDFLWpVSK\VLTXHVUHVVRXUFHVELRpQHUJpWLTXHV OHVFDSDFLWpVSV\FKRORJLTXHVUHVVRXUFHVDIIHFWLYHVHWUHODWLRQQHOOHV (OpPHQWVJpQpUDX[GHELRPpFDQLTXH 1RWLRQG pTXLOLEUH 8Q FRUSV HVW HQ pTXLOLEUH ORUVTXH OD YHUWLFDOH SDVVDQW SDU OH FHQWUH GH JUDYLWp HVW SURMHWpH VXU OH SRO\JRQH GH VXVWHQWDWLRQ / REMHFWLI HVW G DJLU GDQV OD GLUHFWLRQ GX SOXV SHWLW DQJOH GH VWDELOLWp /H V\VWqPH ELRPpFDQLTXH OXWWHXUOXWWHXU HQWUDvQH GHV PRGLILFDWLRQVVXUOHSRO\JRQHGHVXVWHQWDWLRQHWVXUOHFHQWUHGHJUDYLWp 1RWLRQGHIRUFH 8QHIRUFHHVWGpILQLHSDU - VRQSRLQWG DSSOLFDWLRQ VRQLQWHQVLWp VD GLUHFWLRQ VRQVHQV /RUVTXH SOXVLHXUV IRUFHV DJLVVHQW HQ PrPH WHPSV LO HQ UpVXOWH XQH IRUFH TXL HVW OH SURGXLW GHV DXWUHV 2Q O DSSHOOH OD UpVXOWDQWH /HSRLGVGXFRUSVHVWXQHIRUFHTXLSHXWDLGHURXSDVGDQVO H[pFXWLRQG XQHDFWLRQ /HVURWDWLRQV 3RXUTX LO\DLWURWDWLRQLOIDXWTXHOHFRUSVWRXUQHDXWRXUG XQFHQWUHRXG XQD[H/DIRUFHHIILFDFHUHVSRQVDEOHGHODURWDWLRQ HVWSHUSHQGLFXODLUHDXEUDVGHOHYLHU /HEUDVGHOHYLHU /H U{OH GX EUDV GH OHYLHU HVW SULPRUGLDO GDQV O HIILFDFLWp GH O DFWLRQ 8Q EUDV GH OHYLHU HVW GpWHUPLQp SDU XQ SRLQW G DSSXL OH FHQWUH GH URWDWLRQ XQH IRUFH HQ OXWWH IRUFH FUppH SDU O DWWDTXDQW HW XQH UpVLVWDQFH IRUFH j YDLQFUH SURGXLWH SDU OH GpIHQVHXU3OXVOHPRPHQWGHODIRUFHHIILFDFHSURGXLWGHODIRUFHSDUODORQJXHXUGXEUDVGHOHYLHUHVWJUDQGSOXVODURWDWLRQ HVWLPSRUWDQWH / pQHUJLH / pQHUJLHSRWHQWLHOOHHVWO pQHUJLHSURGXLWHSDUODFKXWHGXFRUSV/DYDOHXUGHFHWWHpQHUJLHHVWGpWHUPLQpHSDUOHVYDOHXUVGHOD PDVVHGXFRUSVHWGHODKDXWHXUGHFKXWH / pQHUJLHFLQpWLTXHHVWO pQHUJLHSURGXLWHSDUXQFRUSVHQPRXYHPHQW/DYDOHXUGHFHWWHpQHUJLHHVWGpWHUPLQpHSDUOHVYDOHXUV GHODPDVVHGXFRUSVHWGHODYLWHVVHGXPRXYHPHQW /DOXWWHGHERXW /HEXWGHODOXWWHHVWG DPHQHUO DGYHUVDLUHVXUOHGRVDILQGHOHWRPEHU3RXUFHODOHOXWWHXUGRLWXWLOLVHUXQFHUWDLQQRPEUH G RXWLOVDSSHOpVWHFKQLTXHVGHOXWWH 3LHUUH 7DEHUQD HW &KDUOHV .RX\RV pWDEOLUHQW XQH FODVVLILFDWLRQ GHV WHFKQLTXHV GH OXWWH HQ WHQDQW FRPSWH GHV SULQFLSHV ELRPpFDQLTXHVpYRTXpV /DVDLVLH & HVWXQHDFWLRQGHSUpKHQVLRQSLQFHPDQXHOOHTXLSHUPHWGHUHFKHUFKHUXQFRQWU{OH& HVWMXVWHOHPR\HQSDUOHTXHORQWLHQW O DGYHUVDLUH /HFRQWU{OH & HVWXQHVDLVLHTXLPHWO DGYHUVDLUHHQGLIILFXOWpWRXWHQSHUPHWWDQWGHVHSURWpJHU,OVVRQWGpQRPPpVSDUOHVSDUWLHVGXFRUSV GHO DGYHUVDLUHTXLVRQWVDLVLHV /DIRUPHGHFRUSV & HVW O DFWLRQ IRQGDPHQWDOH GH OD WHFKQLTXH GH OXWWH TXL SHUPHW OH UHQYHUVHPHQW RX OH UHWRXUQHPHQW GH O DGYHUVDLUH & HVW O DFWLRQGHIDLUHWRPEHU 6HORQOHXUVFDUDFWpULVWLTXHVELRPpFDQLTXHVOHVIRUPHVGHFRUSVVRQWFODVVpHVHQFLQTIDPLOOHVGDQVODOXWWHGHERXW - - - - - OH KDQFKp OD URWDWLRQ HVW DVVXUpH SDU XQ V\VWqPH GH IRUFHV HQ FRXSOH DJLVVDQW GH SDUW HW G DXWUH GH O D[H GH URWDWLRQ SDVVDQWSDUOHVKDQFKHVGHO DWWDTXDQW OHGpFDODJHOHFHQWUHGHURWDWLRQVHVLWXHDXQLYHDXGHVSLHGVGHO DGYHUVDLUHF HVWXQHDFWLRQGHWDVVHPHQWGXKDXWYHUV OHEDV OD VRXSOHVVH OH FHQWUH GH URWDWLRQ VH VLWXH DX QLYHDX GX EDVVLQ GH O DWWDTXDQW F HVW XQH DFWLRQ YHUV O HVSDFH DUULqUH FDUDFWpULVpHSDUXQHH[WHQVLRQGRUVDOH OHSDVVDJHGHVVRXVOHFHQWUHGHURWDWLRQVHVLWXHDXQLYHDXGHO pSDXOHGHO DWWDTXDQWOHFRUSVGHO DWWDTXDQWV HIIDFHVRXV OHGpIHQVHXU O DUUDFKpF HVWXQHIRUPHGHFRUSVSDUWLFXOLqUHFDUSRXUTX LO\DLWSURMHFWLRQHOOHGRLWrWUHHQFKDvQpHSDUXQHDXWUHIRUPH GHFRUSVDUUDFKpVRXSOHVVHSDUH[HPSOHO DFWLRQH[HUFpHYDGXEDVYHUVOHKDXW / RSSRUWXQLWp & HVW OH FRQWH[WH IDYRUDEOH GDQV OH WHPSV HW O HVSDFH SRXU OD UpDOLVDWLRQ G XQH WHFKQLTXH GH OXWWH (OOH VH FDUDFWpULVH SDU XQ SODFHPHQWXQHDWWLWXGHXQHDFWLRQXQHUpDFWLRQ&HVRQWFHVVLJQDX[DWWLWXGHDFWLRQUpDFWLRQSODFHPHQWGpSODFHPHQWTXH O DWWDTXDQWDQDO\VHWUDLWHSRXUDJLU /HFRPSOH[HWHFKQLFRWDFWLTXH&77 8Q&77HVWXQHQVHPEOHGHOLDLVRQVWHFKQLFRWDFWLTXHVRUJDQLVpHVjSDUWLUG XQHVLWXDWLRQGHGpSDUWFRQWU{OHVDLVLHOXWWHj GLVWDQFHGDQVOHEXWGHWRPEHUO DGYHUVDLUH'DQVVDSOXVVLPSOHH[SUHVVLRQOH&77HVWFRQVWLWXpGHODPDQLqUHVXLYDQWH GpSDUW! SUpDFWLRQ! UpDFWLRQ! !RSSRUWXQLWp WHFKQLTXH! GHOXWWH FRQWU{OH IRUPHGHFRUSV ILQDOH /DV\VWpPDWLTXH 8QHV\VWpPDWLTXHHVWXQHQVHPEOHGH&77TXLSHXYHQWrWUHUpDOLVpVjSDUWLUGHODPrPHVLWXDWLRQGHGpSDUW /DOXWWHDXVRO ,QWpUrWVGHODOXWWHDXVRO ,OVVRQWOHVVXLYDQWV - GpFRXYULUOHVGLIIpUHQWVIRQGDPHQWDX[GHODOXWWH SDVGHSUREOqPHGHFKXWHVpFXULWp FRQWDFWUDSSURFKpHWGpFRXYHUWHGHVGLIIpUHQWHVIRUPHVGHVDLVLH /HVJUDQGVSULQFLSHVDXVRO (QGpIHQVHLO\DGHX[SRVLWLRQVIRQGDPHQWDOHV - ODSRVLWLRQjJHQRX[PRELOLWpLPSRUWDQWHHWVWDELOLWpIDLEOH - ODSRVLWLRQjSODWYHQWUHVWDELOLWpLPSRUWDQWHHWPRELOLWpIDLEOH - VDLVLUFRQWU{OHV (QDWWDTXHRQUHWURXYHDXVROOHVPrPHVFRPSRVDQWHVTXHGHERXW - UHQYHUVHPHQW LPPRELOLVHU /HVDFWLRQVVHFRQVWUXLVHQWDYHFOHPrPHV\VWqPHGH SUpDFWLRQ!UpDFWLRQGHO DGYHUVDLUH!DFWLRQ /HVGLIIpUHQWHVDFWLRQV /HUDPDVVHPHQWHVWO DFWLRQGHVDLVLUGHSUHQGUHXQHSDUWLHGXFRUSV/HVUDPDVVHPHQWVFRPELQpVVRQWOHVSOXVHIILFDFHV /HVFRQWU{OHVXWLOLVHQWOHVPrPHVSULQFLSHVTXHGHERXW - VDLVLH PLVHHQGLIILFXOWp VHSURWpJHU /HV UHWRXUQHPHQWV VH IRQW VRLW j SDUWLU G XQ V\VWqPH GH FRXSOH GH IRUFH VRLW j SDUWLU GH OHYLHUV ,OV HQWUDvQHQW GHV URWDWLRQV WUDQVYHUVDOHVRXORQJLWXGLQDOHV /HVILQDOHVVHIRQWVXLYDQWOHVTXDWUHD[HVGXFRUSVILQDOHVFRVWDOHSDUGHVVXVODWpUDOHORQJLWXGLQDOH (YROXWLRQGHODPRWULFLWpHQOXWWH (Q OXWWH OHV UpSRQVHV PRWULFHV V DIILQHQW HW pYROXHQW ORUV GHV F\FOHV G LQLWLDWLRQ &HWWH pYROXWLRQ YLVLEOH VXUWRXW GDQV OH FDGUH GHVFRPEDWVUpHOVVHFRQVWUXLWDYHFO H[SpULHQFHHWO DSSUHQWLVVDJH *LOOHV%XL;XDQVFKpPDWLVHO pYROXWLRQGXGpEXWDQWYHUVO H[SHUWHQFLQTpWDSHV / pWDSHpPRWLRQQHOOH & HVW XQH pWDSH R GRPLQHQW OHV IDFWHXUV DIIHFWLIV /H FRPEDW HVW SHUoX FRPPH XQH VLWXDWLRQ G DJUHVVLRQ /D PRWULFLWp GX GpEXWDQW HVW FHQWUpH VXU OXLPrPH VH SUpVHUYHU ,O IDXW HQWUHU GDQV O DFWLYLWp SDU GHV IRUPHV WUqV VRXYHQW OXGLTXHV SRXU GpGUDPDWLVHUODVLWXDWLRQG DIIURQWHPHQW / pWDSHIRQFWLRQQHOOH 'DQV FHWWH pWDSH O DFWLRQ V DGDSWH j OD VLWXDWLRQ EDVLTXH / DSSUHQWLVVDJH VH IDLW SDU O H[SpULPHQWDWLRQ HW TXDQG XQH DFWLRQ IRQFWLRQQH RQ OD UpSqWH DXWDQW GH IRLV TX HOOH PDUFKH DSSUHQWLVVDJH SDU HVVDLVHUUHXUV 3RXU FHWWH pWDSH OHV VLWXDWLRQV GH GpFRXYHUWHHWOHVVLWXDWLRQSUREOqPHVFRUUHVSRQGHQWDX[DWWHQWHV / pWDSHWHFKQLTXH )DFHjODUpSpWLWLRQV\VWpPDWLTXHGHVPrPHVDFWLRQVODGpIHQVHV HVWRUJDQLVpH/HVDFWLRQVTXLpWDLHQWSRUWpHVDYHFVXFFqVQH UpXVVLVVHQWSOXVjWRXVOHVFRXSVOHUDSSRUWGHIRUFHV HVWpTXLOLEUpHWELHQVRXYHQWODGpIHQVHSUHQGOHGHVVXVVXUO DWWDTXH / DFWLRQGLUHFWHFRQWU{OHVLPSOHHWDGDSWpSRXUUHQYHUVHUO DGYHUVDLUHHVWGLIILFLOH 8QTXHVWLRQQHPHQWVHPHWHQSODFHFRPPHQWDPpOLRUHUHWpODUJLUOHFKDPSGHVDFWLRQVSRVVLEOHV" 2Q SDUW GH OD VLWXDWLRQ DPpQDJpH RX FRQWUDLJQDQWH TXL LPSRVH OD SURGXFWLRQ GH WHFKQLTXHV DGDSWpHV SRXU DSSUHQGUH OHV WHFKQLTXHVHIILFDFHV/HVVLWXDWLRQVjWKqPHVVXLYLHVG XQHDQDO\VHWHFKQLTXHGpWDLOOpHSHUPHWWHQWGHVHFRQVWUXLUHXQFDWDORJXH G DFWLRQVSRVVLEOHV / pWDSHGHGLYHUVLILFDWLRQRXFRQWH[WXHOOH (OOHFRUUHVSRQGJOREDOHPHQWjXQHV\QWKqVHIRQFWLRQQHOOHHWWHFKQLTXH& HVWO DGpTXDWLRQG¶XQHUpSRQVHHIILFDFHjXQFRQWH[WH GRQQpTXLHVWUHFKHUFKpHDMXVWHPHQWDGDSWDWLI /HFKRL[IRQFWLRQQHOYDDORUVSXLVHUGDQVOHUHJLVWUHWHFKQLTXHHWGpERXFKHUVXUO HQFKDvQHPHQW%XL;XDQ (OOH FRUUHVSRQG j OD SULVH GH FRQVFLHQFH GH TXHOOH DFWLRQ SRXU TXHO SODFHPHQW FRUSRUHO HW VXU TXHO W\SH GH GpSODFHPHQW DGYHUVH / pWDSHG H[SHUWLVHRXGHFUpDWLRQ / H[SpULHQFHHVWWHOOHTXHOHVXMHWHVWFDSDEOHG DQWLFLSHUGHIDoRQDGDSWpHOHVVLWXDWLRQVUHQFRQWUpHVHQFRPEDWLODFRQVWUXLW GHVURXWLQHVPRWULFHVHQDXWRPDWLVDQWGHVUpSRQVHVMXVWHV ,OSHXWjSUpVHQWVHFRQVDFUHUjO HQWUDvQHPHQWF HVWjGLUHjO RSWLPLVDWLRQGHVTXDOLWpVQpFHVVDLUHVDILQG REWHQLUXQUHQGHPHQW PD[LPXPHWSHXWGDQVFHUWDLQVFDVGRQQHUQDLVVDQFHjGHQRXYHOOHVWHFKQLTXHV (OpPHQWVSpGDJRJLTXHVFRQWHQXVGHO LQLWLDWLRQ /HFRQWHQXGHO LQLWLDWLRQVHGpILQLWHQIRQFWLRQGHSOXVLHXUVFULWqUHVOHVREMHFWLIVO kJHOHVQLYHDX[G KDELOHWpOHVQLYHDX[GH PRWLYDWLRQOHPDWpULHOGLVSRQLEOH /HV RXWLOV GLVSRQLEOHV VRQW OHV H[HUFLFHV SUpSDUDWRLUHV OHV MHX[ GH OXWWH OHV VLWXDWLRQV GH OXWWH j WKqPH OHV VLWXDWLRQV G DSSUHQWLVVDJHHWOHVFRPEDWV ([HUFLFHVSUpSDUDWRLUHV /HVH[HUFLFHVSUpSDUDWRLUHVYLVHQWjDPHQHUXQWUDYDLOVSpFLILTXH - OHVH[HUFLFHVG pFKDXIIHPHQW OHVH[HUFLFHVGHUHQIRUFHPHQWPXVFXODLUH OHVH[HUFLFHVGHFRRUGLQDWLRQPRWULFH ,OVVHUYHQWjVROOLFLWHUOHVJUDQGHVIRQFWLRQVGHO RUJDQLVPHjUHQIRUFHUOHVJURXSHVPXVFXODLUHVHWjGpYHORSSHUODFRRUGLQDWLRQ JpQpUDOHPDvWULVHGHVGpSODFHPHQWVGXFRUSVSURSUHGHO HVSDFH -HX[GHOXWWH /HVMHX[GHOXWWHVRQWGHVVLWXDWLRQVGHOXWWHMRXpHVTXLSHUPHWWHQWGHSUpSDUHUXQWUDYDLOVSpFLILTXH,OVIDFLOLWHQWO HQWUpHGDQV OHFRPEDWVDQVDSSUpKHQVLRQ,OVIRQWpPHUJHUGHVFRPSRUWHPHQWVGHEDVHUpLQYHVWLVVDEOHV 6LWXDWLRQVGHOXWWHjWKqPH /HVVLWXDWLRQVGHOXWWHjWKqPHSHXYHQWVHFODVVHUHQWURLVJURXSHVOHVOXWWHVWUDGLWLRQQHOOHVOHVOXWWHVjFRQVLJQHHWOHVOXWWHV j FRQWU{OH - - - /HV OXWWHV WUDGLWLRQQHOOHV VRQW LQVSLUpHV GHV OXWWHV SUDWLTXpHV GDQV OHV GLIIpUHQWHV UpJLRQV GX PRQGH OXWWHV IRONORULTXHV (OOHVSRVVqGHQWJpQpUDOHPHQWGHVUqJOHVVLPSOHVHWSHUPHWWHQWXQHPLVHHQVLWXDWLRQGHFRPEDWLPPpGLDWH /HV OXWWHV j FRQVLJQH VRQW GHV FRPEDWV DPpQDJpV j SDUWLU G XQ VRXVEXW GH O DFWLYLWp GH OXWWH (OOHV IDFLOLWHQW OD PLVH HQ SODFHG DFWLRQVHWGHUpDFWLRQVVSpFLILTXHVjODGLVFLSOLQH /HVOXWWHVjFRQWU{OHVRQWGHVFRPEDWVDPpQDJpVjSDUWLUG XQFRQWU{OHSUpFLV(OOHVSHUPHWWHQWGHWURXYHURXG XWLOLVHUGHV VROXWLRQVDGDSWpHVHQDWWDTXHHWHQGpIHQVH 6LWXDWLRQVG DSSUHQWLVVDJH /HV VLWXDWLRQV G DSSUHQWLVVDJH DPpOLRUHQW OD FRQQDLVVDQFH WHFKQLTXH RX WDFWLTXH GX SUDWLTXDQW HQ DSSRUWDQW GHV VROXWLRQV FRQFUqWHVDX[SUREOqPHVUHQFRQWUpVSDUOHOXWWHXUHQVLWXDWLRQGHFRPEDW &RPEDWV /HV FRPEDWV VRQW O pWDSH ILQDOH TXL UHVSHFWH OH UqJOHPHQW GH UpIpUHQFH 2Q \ PHW HQ DSSOLFDWLRQ FH TXH O RQ D DSSULV ,OV SHUPHWWHQWjO LQLWLDWHXUG pYDOXHUOHVSURJUqVUpDOLVpVHWGHGpILQLUGHQRXYHOOHVGLUHFWLRQVGHWUDYDLO +LVWRULTXHGHODGDQVH / DFWLYLWpSK\VLTXHG H[SUHVVLRQ / RULJLQHGHODGDQVH / +LVWRLUH GH OD GDQVH UHPRQWH j O RULJLQH GH O +RPPH 'qV TXH OHV+RPPHVFRPPHQFqUHQWjGDQVHUOHPRXYHPHQWpWDLWXQ PR\HQG H[SUHVVLRQ 'DQVOHVUDSSRUWVGHO +RPPHDYHFODQDWXUHLOGpVLUDLWLPLWHUOHVIRUFHVGHODQDWXUHSRXUOHVGRPLQHU 'DQVOHVUDSSRUWVGHO +RPPHIDFHjODVRFLpWpLOGpVLUDLWLPLWHUOHVJHVWHVTXRWLGLHQV 'DQVOHVUDSSRUWVTXHO +RPPHHQWUHWHQDLWDYHFOHVGLHX[LOIDLVDLWGHVKRPPDJHVGHVFpOpEUDWLRQV /D3UpKLVWRLUH / +RPPH SULPLWLI WUDGXLVDLW VHV pPRWLRQV SDU GHV FULV HW GHV JHVWHV RUJDQLVpV DXWRXU GH GLIIpUHQWV WKqPHV TXL V\PEROLVDLHQW WRXMRXUVODYLH&HWWHGDQVHVHGLVFLSOLQDSHXjSHXSRXUGHYHQLUXQHGDQVHULWXHOOHPDJLTXHUHOLJLHXVH /HVSUHPLqUHVGDQVHVpWDLHQWLPLWDWLYHVHWFRUUHVSRQGDLHQWjODUHFKHUFKHGHWKqPHVGDQVpVVXUODQDWXUHODJXHUUHODFKDVVH - /HVGDQVHVJXHUULqUHVVHUYDLHQWjSUpSDUHUO +RPPHDXFRPEDW /HVGDQVHVGHFKDVVHVHUYDLHQWjIDFLOLWHUODFDSWXUHGHVDQLPDX[ /HVGDQVHVSULQWDQLqUHVVRXYHQWUpDOLVpHVSDUFRXSOHVFKHUFKDLHQWjIDYRULVHUO pFORVLRQGHODQDWXUH - /HVGDQVHVDVWUDOHVLPLWDLHQWOHPRXYHPHQWGHVDVWUHV - /HVGDQVHVGHODIHUWLOLWpVHUYDLHQWjREWHQLUGHVUpFROWHVDERQGDQWHV6DXWHUKDXWSHUPHWWDLWGHIDLUHOHYHUOHJUDLQ /HVGDQVHVUHSUpVHQWDWLYHVpWDLHQWSOXVDEVWUDLWHV/ +RPPHFUR\DLWHQODPDJLH - /HVGDQVHVGHJXpULVRQVHUYDLHQWjH[RUFLVHUOHVHVSULWVPDOpILTXHVSRXUHQOHYHUOHPDOFKH]OHSDWLHQW /HVGDQVHVUHOLJLHXVHVDSSDUXUHQWORUVGHODGHUQLqUHSKDVHGHOD3UpKLVWRLUHRLQWHUYLQWODVSLULWXDOLVDWLRQ2QGDQVDLWjSDUWLU G XQH H[DOWDWLRQ GHV IRUFHV VSLULWXHOOHV MXVTX j O H[WDVH /H GDQVHXU DFTXpUDLW XQ SRXYRLU TXDVLPHQW GLYLQ $ FHWWH pSRTXH OHV SUDWLTXHVDYDLHQWGHVEXWVXWLOLWDLUHVIHUWLOLVHUOHVWHUUHVSDUH[HPSOHHWFKDTXHPRXYHPHQWDYDLWVDVLJQLILFDWLRQ /H0R\HQ$JH /HVGDQVHVpWDLHQWOXGLTXHVHWSURIDQHV/H0R\HQ$JHRSSRVDLWOHVGDQVHVVDFUpHVHWOHVGDQVHVSURIDQHVGDQVOHVTXHOOHVRQ QHYRXODLWSOXVSDUOHUGHUHOLJLRQ 'DQVEHDXFRXSGHIrWHVSRSXODLUHVRQVLPXODLWGHVUpYROWHVSD\VDQQHVSRXUVHGUHVVHUFRQWUHODW\UDQQLHGHVVHLJQHXUV ' DXWUHVGDQVHVDSSHOpHVGDQVHVILJXUDWLYHVpWDLHQWGHVULWHVLVVXVGHODYLHFRXUDQWH2QH[SULPDLWSDUVRQFRUSVOHVWKqPHVGX WUDYDLO GHV QRFHV GH O DPRXU GHV IXQpUDLOOHV &HV GDQVHV SHUPLUHQW GH GpFRXYULU XQH DGUHVVH HW XQH YLUWXRVLWp OD OpJqUHWp FKH]OHVGDQVHXUV /HVGDQVHVVDFUpHVSHUPHWWDLHQWGHUHQGUHOHVPHVVHVVLJQLILFDWLYHVGDQVOHVpJOLVHV $ OD ILQ GX ;,,qPH VLqFOH OHV GDQVHV SURIDQHV IXUHQW LQWHUGLWHV SDU O (JOLVH /H FKULVWLDQLVPH FKHUFKDLW j FRQVHUYHU VD GRPLQDWLRQ 3RXUWDQW OHV SD\VDQV V HQ PRTXqUHQW HW FRQWLQXqUHQW OHXUV GDQVHV SURIDQHV /HV VHLJQHXUV DGKpUqUHQW SURJUHVVLYHPHQWjFHQRXYHDXVW\OHGHGDQVH (QXQWUDLWpVXUO DUWGHEDOOHVHWGHGDQVHVIXWpFULWSDU*XLOODQOH-XLI /HVVHLJQHXUVFRPPHQFqUHQWjSUHQGUHGHVFRXUVGHGDQVHGHVOHoRQVGHPDLQWLHQ3DUO DSSUHQWLVVDJHOHVILJXUHVGHYLQUHQW SOXVUHFKHUFKpHV/DGDQVHTXLpWDLWDXGpSDUWXQSDVVHWHPSVGHYLQWXQPpWLHUjODILQGX0R\HQ$JH /D5HQDLVVDQFH / ,WDOLH DSSRUWD j OD )UDQFH OHV IDVWHV GHV IrWHV SULQFLqUHV $X ;9qPH VLqFOH O ,WDOLH FUpD OHV SUHPLHUV RSpUDV HW HQ (VSDJQH GpEXWqUHQW OHV U\WKPHV PDUWHOpV j O RULJLQH GX IODPHQFR (Q ,WDOLH DSSDUXUHQW OHV SUHPLHUV PDvWUHV GH EDOOHW HW OHV SUHPLHUV EDOOHULQRVOHVGDQVHXUV/HVPDvWUHVGHEDOOHWHQVHLJQDLHQWDXVVLO HVFULPHO pTXLWDWLRQHWODERQQHWHQXH /DQDLVVDQFHGXEDOOHWGHDX;9,,,qPHVLqFOH /HEDOOHWGHFRXU 6RQFUpDWHXUIXW%HDXMR\HX[TXLLQYHQWDHQOHEDOOHWFRPLTXHGHODUHLQH (Q)UDQFHOHVHQWUHPHWVpWDLHQWSHQGDQWOHVIHVWLQVGHVHQWUDFWHVGDQVpVFKDQWpVRXPLPpV/DPRPHULHSOXVWKpkWUDOHHW PRLQVIHVWLYHQDTXLWGHVHQWUHPHWV (Q,WDOLHRQUHWURXYDLWFHVIHVWLQVHWHQSOXVGHVGpFRUDWLRQV/DGDQVHpWDLWUHSUpVHQWpHGDQVOHVWKpkWUHV&HVW\OHLWDOLHQGHV WKpkWUHVGpERUGDOHVIURQWLqUHV /HVJUDQGHVFRXUVG (XURSHYR\DJHDLHQWHWDVVLVWDLHQWjGHVEDOOHWVjO pWUDQJHUSRXUHQULFKLUOHXUVSURSUHVEDOOHWV /HEDOOHWGHFRXUpWDLWOHVSHFWDFOHIDYRULGHVSULQFHVHWGHVURLV/ DSRJpHGXEDOOHWGHFRXUHXWOLHXVRXVOHUqJQHGX5RL6ROHLO /D GDQVH pWDLW O LQVWUXPHQW SROLWLTXH DX[ PDLQV GHV SOXV JUDQGV RQ VLJQDLW GHV DFFRUGV SDU OH ELDLV GH OD FRQYLYLDOLWp GHV EDOOHWV (QIXWFUppHO $FDGpPLHUR\DOHGHGDQVHGRQWOHSUHPLHUPDvWUHjGDQVHUIXW%HDXFKDPS /HVFRPpGLHVEDOOHWVGH0ROLqUH 0ROLqUHpWDLWXQJUDQGGDQVHXU,OLQYHQWDOHVGLYHUWLVVHPHQWVGDQVpVSHQGDQWOHVHQWUDFWHVSRXUTXHOHVDFWHXUVFKDQJHDVVHQW GH FRVWXPH GDQV /H ERXUJHRLV JHQWLOKRPPH SDU H[HPSOH 3RXU 0ROLqUH OD GDQVH pWDLW XQ pOpPHQW HVVHQWLHO GX WKpkWUH ,O YRXODLWIDLUHH[SULPHUSDUODGDQVHGHVVHQWLPHQWVKXPDLQVLOpWDLWHQDYDQFH /HEDOOHWDFWLRQ 3HQGDQWODGHX[LqPHPRLWLpGX;9,,,qPHVLqFOHGHVWURXSHVLWLQpUDQWHVSDUWDLHQWVXUOHVFKHPLQVSRXUGDQVHUHWIDLUHjODIRLV GHODFRPpGLHOD&RPHGLDGHO$UWHHQ,WDOLH&HIXWOHGpEXWGHODGDQVHH[SUHVVLYHTXLpWDLWVRXYHQWWUDJLTXH1RYHUUHIXWXQ GHVFUpDWHXUVGXEDOOHWDFWLRQ 'DQVOHEDOOHWDFWLRQLOQ \DYDLWQLGHSDUROHVQLGHSHUUXTXHVQLGHPDVTXHVQLGHFRVWXPHVHQFRPEUDQWV /HEDOOHWURPDQWLTXHHQ)UDQFH /D OLWWpUDWXUH GH 5RXVVHDX H[SULPDQW OH ERQKHXU OD FRQWHPSODWLRQ LQIOXHQoD OD GDQVH 2Q V LQVXUJHD FRQWUH OD UDLVRQ HW GpYHORSSDOHVWRXUPHQWVODSDVVLRQ (QOHSUHPLHUEDOOHWURPDQWLTXH/D6\OSKLGH DSSDUXW 'DQV OHV EDOOHWV RQ pYRTXDLW OHV PXVHV HW OHV DIIUHV GH OD FUpDWLRQ 6HQWLPHQWV HW pPRWLRQV pWDLHQWGpYHORSSpV%HDXFRXSGH OLEHUWpGDQVOHSRUWGHVEUDVFDUDFWpULVDLWOHVEDOOHWVURPDQWLTXHV$SSDUXUHQWOHVSRLQWHVOHVDUDEHVTXHVOHVGpFRUVQRPEUHX[ OHVpFODLUDJHVDXJD] 0DULH7DJOLRQL&DUORWWD*ULVLHW)DQQ\(VOHUUHSUpVHQWqUHQWOHEDOOHWURPDQWLTXH /HEDOOHWDFDGpPLTXHHQ5XVVLH ' LQIOXHQFHIUDQoDLVHFHEDOOHWIXWLQWURGXLWSDUOH)UDQoDLV0DULXV3HWLWSDVHQ5XVVLH&HOXLFLGRQQDVHVOHWWUHVGHQREOHVVHDX EDOOHWFODVVLTXHDFDGpPLTXH/HEDOOHWUXVVHV LQVFULYLWGDQVODQREOHVVHHWGDQVO pOpJDQFHIUDQoDLVH /HVFKHIG¶°XYUHVGXEDOOHWDFDGpPLTXHIXUHQW/HODFGHVF\JQHV HW&DVVHQRLVHWWH 0DULXV3HWLWSDVHQLQYHQWDQWVHVFKRUpJUDSKLHVGRQQDLWjFKDTXHGDQVHXUXQU{OH,OHPSUXQWDLWODPDMHVWpGXEDOOHWGXFRXU OHGUDPHGXEDOOHWDFWLRQOHWULRPSKHGHODJUkFHGXEDOOHWURPDQWLTXH 'LDJKLOHYHW%DODQFKLQHGDQVHXUVTXLGHYLQUHQWFKRUpJUDSKHVIXUHQWGHVJUDQGVQRPVGHODGDQVHFODVVLTXH /DQDLVVDQFHGHODGDQVHPRGHUQHDX[(WDWV8QLVHWHQ$OOHPDJQHDX;;qPHVLqFOH &HWWHGDQVHV LQVSLUDGHVSHLQWXUHVGHO pSRTXH3LFDVVROHFXELVPHO H[SUHVVLRQQLVPHGHVELMRX[GHO DUWIpPLQLQ,OH[LVWDLW GHX[YRLHVGDQVODPRGHUQGDQFHHWODGDQVHOLEUH - GHVDUWLVWHVLVROpVFKHUFKDQWGHVJHVWHVQRXYHDX[SRXUURPSUHDYHFOHVFDQRQVHVWKpWLTXHVGHODGDQVHFODVVLTXH GHVDUWLVWHVSRXUVXLYDQWODGDQVHFODVVLTXH /DGDQVHOLEUH /H)UDQoDLV'HOVDUWUHHVVD\DG pFULUHHWGHWKpRULVHUOHPRXYHPHQW,OpFULYLWXQFDWDORJXHGHJHVWHV,OIXWLQIOXHQFpSDUWRXVOHV GDQVHXUVPRGHUQHVOHV$PpULFDLQHV,VDGRUD'HOFDQHW5XWK6DLQW'HQLV /HV GDQVHXUV LQWHUSUpWDLHQW SHUVRQQHOOHPHQW XWLOLVDLHQW OD SHVDQWHXU OD UpDOLWp GX FRQWDFW HQ GDQVDQW SLHGV QXV 2Q DSSULW j XWLOLVHUODUHVSLUDWLRQ /DPRGHUQGDQFH 0DUWKD*UDKDPUHSUpVHQWDLWODYLHQHUYHXVHHWHIIHUYHVFHQWHGH1HZ<RUN(OOHWUDYDLOODVXUGHVWHFKQLTXHVGHUHVSLUDWLRQ3RXU HOOHODIRUFHGXJHVWHpWDLWIRQFWLRQGHO pPRWLRQ 0HUFH &XQQLQJKDP V LQVSLUD GH OD GDQVH FODVVLTXH HW GX JHVWH TXRWLGLHQ 6RQ WKqPH XQLTXH pWDLW OH KDVDUG ,O VH VHUYDLW G XQ PpWURQRPHHWGHPDQGDLWjVHVGDQVHXUVG LPSURYLVHUFRQWLQXHOOHPHQW3DUOHKDVDUGLOFRQVWUXLVDLWGHVVWUXFWXUHVDOpDWRLUHV /HFRXUDQWH[SUHVVLRQQLVWHDOOHPDQG 0DU\ :LJPDQ SDUODLW GH O H[SUHVVLRQQLVPH QRLU GXU (OOH OLD OD GDQVH GH VRQ SD\V DX[ JXHUUHV j OD PRQWpH GX QD]LVPH6DGDQVHVHFDUDFWpULVDLWSDUOHGpVHVSRLUHWODUpYROWH 7UDYDX[GLULJpV ,QWURGXFWLRQ 4X HVWO DFWLYLWpSK\VLTXHG H[SUHVVLRQ" $ WUDYHUV FHWWH DFWLYLWp RQ V H[SULPH RQ V LQYHVWLW FRUSRUHOOHPHQW SRXU FRPPXQLTXHU DYHF O DXWUH HQ PHWWDQW HQ MHX VRQ LPDJLQDLUHSHUVRQQHO,OV DJLWGHGRQQHUXQVHQVjO DFWLYLWpGXFRUSV %UHIKLVWRULTXH 'HSXLV OHV SUDWLTXHV GHV DFWLYLWpV FRUSRUHOOHV RQW SUROLIpUp QRWDPPHQW GDQV OHV GRPDLQHV GX VSHFWDFOH GHV ORLVLUV HW pGXFDWLI/HVVROXWLRQVjODFULVHGHIXUHQWODGURJXHOHVPRXYHPHQWVpFRORJLVWHVODPpGHFLQHRULHQWDOHODPDFURELRWLTXH 6 pWHQGLW OH PDUFKp GX FRUSV (FODWqUHQW OHV WHFKQLTXHV GH JURXSH IRUPDWLRQ SHUPDQHQWH 0DL SHUPLW j O pGXFDWLRQ GH UpDOLVHUXQHUXSWXUHDYHFODUHFKHUFKHGXKDXWQLYHDX / DFWLYLWpSK\VLTXHG H[SUHVVLRQUpSRQGLWSDUOHUpHQJDJHPHQWGXVXMHWGDQVVRQFRUSVRFHTXLpWDLWYpFXQHVHILJHDLWSDVHW QHSRXYDLWSDVV LQWHUSUpWHUUDWLRQQHOOHPHQW/HSDVVDJHG XQVDYRLUIDLUHWHFKQLFLVpjXQSRXYRLUrWUHUHODWLRQQHOHXWOLHX /DFLUFRQVFULSWLRQGXFKDPSGHVDFWLYLWpVSK\VLTXHVG H[SUHVVLRQ / H[SUHVVLRQVFpQLTXH $ SDUWLUGXPLPHLOIDXWFRQQDvWUH'HFURX[0DUFHDX3LQRNHW0DWKR / H[SUHVVLRQSpGDJRJLTXH 2Q V LQWpUHVVH j OD VSKqUH VSLULWXHOOH 2Q V LQVSLUH GH WKpRULHV SK\VLRORJLTXHV HW SV\FKRORJLTXHV 2Q SDUOH GH GLVSRQLELOLWp PRWULFHERXJHUVRQFRUSVWRXWHQV H[SULPDQW /DSV\FKDQDO\VH /H*URXSHGH5HFKHUFKHHQ([SUHVVLRQ&RUSRUHOOH*5(&IDLWGHODUHFKHUFKHHQH[SUHVVLRQFRUSRUHOOH /DPpWDSK\VLTXH 2QUHWRXUQHDXV\PEROLTXH2QSORQJHGDQVOHVSURIRQGHXUVGHVRL /DGLGDFWLTXH (OOHSDVVHSDUODPLVHHQDFWLRQGXVXMHW,OIDXWVDYRLUGRQQHUXQPD[LPXPGHVRLGHYDQWOHVDXWUHVDQDO\VHUVHWUDQVIRUPHU SDVVHUG XQHPRWULFLWpKDELWXHOOHjXQHPRELOLWpSOXVUHFKHUFKpH 'DQV OH JURXSH RQ GpYHORSSH OHV QRWLRQV GH FRPSpWHQFH G H[pFXWLRQ HW GH FUpDWLRQ /H SURJUqV H[LJH XQH pYROXWLRQ GHV FRPSpWHQFHV G H[pFXWLRQ HW XQH SHUPDQHQFH GH OD PRWLYDWLRQ /HV GLPHQVLRQV FRJQLWLYH HW DIIHFWLYH GHPDQGHQW GH VDYRLU UHJDUGHUHWGHUHSURGXLUH,OIDXWVDYRLUPpPRULVHUVXUGLIIpUHQWVUHJLVWUHVLPSURYLVHULPDJLQHUYDULHUOHVLGpHVHQUpSRQVHDX[ VROOLFLWDWLRQV 2Q GLVFULPLQH O XWLOH 2Q FRPPXQLTXH j O DXWUH RX DYHF O DXWUH 2Q pSURXYH GHV pPRWLRQV 2Q HVW VHQVLEOH SDU UDSSRUWjODMXVWHVVHGHVDFWLRQV 'DQV OD FRPPXQLFDWLRQ RQ GRLW DFFHSWHU GH IRQFWLRQQHU HQ SHWLWV JURXSHV DFFHSWHU OHV GLIIpUHQFHV LQGLYLGXHOOHV 2Q WUDYDLOOH GDQV OH FRQWDFW GDQV OD PDQLSXODWLRQ LO IDXW IDLUH FRQILDQFH j O DXWUH / REMHFWLI HVW G DERXWLU j XQH SURGXFWLRQ TXL GRLW rWUH PDUTXpHSDUO RULJLQDOLWpTXHOTXHFKRVHG RULJLQDOHVWUDUHVXUSUHQDQWpWRQQDQW 'DQV OHV FDSDFLWpV RQ GpYHORSSH O DFWLYLWp VSRQWDQpH MXVTX j OD SURGXFWLRQ DUWLVWLTXH 'X MHX H[SUHVVLI IRUWXLW RQ SDVVH j O H[SUHVVLRQ DUWLVWLTXH UHFKHUFKpH 2Q GRLW PHWWUH HQ SODFH GHV FDSDFLWpV GH FUpDWLRQ G H[pFXWLRQ SRXU REWHQLU XQH PHLOOHXUH GLVSRQLELOLWpPRWULFHHWXQHDLVDQFHFRUSRUHOOH 'HVHQMHX[GHIRUPDWLRQDXGpYHORSSHPHQWGHODSHUVRQQH /HVWURLVGLPHQVLRQVHQDFWLYLWpSK\VLTXHG H[SUHVVLRQ &RQIHUGRFXPHQW 6\PEROLVHUSRXUGDQVHU /DV\PEROLVDWLRQHVWXQHSURFpGXUHGHWUDQVIRUPDWLRQGHVIDLWVHQV\PEROHVSDUXQHGRXEOHRSpUDWLRQ - ODVW\OLVDWLRQ OHSDVVDJHGHODUpDOLWpjO LQWHUSUpWDWLRQGXUpHO (OOH UHQYRLH j OD QRWLRQ GH IRQFWLRQ SRpWLTXH G XWLOLVDWLRQ G LPDJHV GH PpWDSKRUHV G DVVRFLDWLRQVG DQDORJLHVGDQVOHEXWGH UHQGUH pWUDQJH OH IDPLOLHU RX GH UHFKHUFKHU OH PHUYHLOOHX[ 3RXU GpYHORSSHU OD IRQFWLRQ SRpWLTXH LO IDXW FKHUFKHU j VRUWLU GHV FRGHVpYLGHQWV/HJURXSHUHFRQVWUXLWOHUpHOHQVHGRQQDQWXQQRXYHDXFRGH,OIDXWMRXHUVXUODFRPELQDLVRQGHVUDSSRUWVj O HVSDFHDXWHPSVjO pQHUJLHHWDX[DXWUHVGDQVHXUV OHWULDQJOHGH/DEDQ WHPSV ? ? ? FRUSV? ? pQHUJLHHVSDFH /RUVTX XQDUWLVWHSDUYLHQWjXQHSURGXFWLRQLOIDLWSDUYHQLUXQPHVVDJHTXLIDLWDSSHOjXQJUDQGQRPEUHGHVLJQLILFDWLRQV(QWUH GDQVHXUHWVSHFWDWHXULO\DXQHUpIpUHQFHjXQHFRPPXQDXWpGHVHQV/HVSHFWDWHXUGRLWSRXYRLUMRXHUVRQU{OHGHSXEOLFDFWLI 6HORQ3HL[HW$UJXHOODVLJQLILFDWLRQGXJHVWHjYRLUQHUHQYRLHSDVIRUFpPHQWODVLJQLILFDWLRQGXJHVWHYpFX ,O V DJLW GH GDQVHU SRXU FRPPXQLTXHU OH GDQVHXU PHW HQ SODFH XQ WULDQJOH GH /DEDQ HQ UDSSRUW DYHF XQH FRQVWUXFWLRQ FKRUpJUDSKLTXHTXLSHXWrWUHEDVpHVXUODUpSpWLWLRQGHJHVWHVODWUDQVSRVLWLRQGXJHVWHGHERXWDXVRO/HJURXSHGRLWUHQGUH VHV DFWLRQVOLVLEOHVF HVWjGLUHpOLPLQHUWRXWpOpPHQWSDUDVLWHSDUODSUpFLVLRQGHVJHVWHVODFODUWpGHVDFWLRQV 1RWLRQGHU{OH /HS{OHIRQGDPHQWDOHVWO DFWLYLWpGXJURXSHTXLGRLWJpUHUOHUDSSRUWHQWUHH[SUHVVLRQHWLPSUHVVLRQGDQVXQHSHUVSHFWLYHGH FRPPXQLFDWLRQ/ DFWLYLWpSDUUDSSRUWjFHS{OHFRQVLVWHj - pODERUHUXQSURMHWH[SUHVVLIHQGpPDUUDQWG XQHLQWHQWLRQ PHWWUHHQIRUPHFHSURMHWSRXUDERXWLUjXQHFUpDWLRQFKRUpJUDSKLTXH FRQIURQWHUFHWWHFKRUpJUDSKLHjXQSXEOLF /HJURXSHGRQQHXQVHQVHWGpSDVVHO DQDO\VHJHVWXHOOHHWWHFKQLTXH /HU{OHGXFKRUpJUDSKH / H[LJHQFHJpQpUDOH /H FKRUpJUDSKH GRLW OLHU OHV LQWHQWLRQV DX[ PR\HQV GRQW LO GLVSRVH DILQ G RIIULU XQH OLVLELOLWp DX[ VSHFWDWHXUV ,O DSSUHQG j FRPSRVHUHWjPHWWUHHQVFqQHVRQSURMHWH[SUHVVLI / HQMHXIRQGDPHQWDO ,OV DJLWG¶pODERUHUGHVWUXFWXUHUG¶RUJDQLVHUXQGLVFRXUVJHVWXHOSRXUOHFRPPXQLTXHUjDXWUXLDXSXEOLF ,OV DJLWGHSUHQGUHSRVLWLRQSDUUDSSRUWDXUpHOHWSDUUDSSRUWDX[QRUPHVHVWKpWLTXHV /HU{OHGXGDQVHXU /HGDQVHXULQWHUSUqWHXQHLQWHQWLRQFKRUpJUDSKLTXHTX LOGRLWGRQQHUjYRLUjXQSXEOLF / H[LJHQFHJpQpUDOH ,OIDXWDSSUHQGUHjHQJDJHUVRQLGHQWLWpFRUSRUHOOH - HQ WUDQVIRUPDQWVDPRWULFLWpTXRWLGLHQQHHQPRWULFLWpH[SUHVVLYHHVWKpWLTXH HQ VHUYDQWHWHQUHVWLWXDQWILGqOHPHQWXQSURMHW HQ SURGXLVDQWGHO pPRWLRQSRXUXQSXEOLFWRXWHQFRQWU{ODQWVRQpPRWLRQIDFHjOXLJpUHUXQpFDUWGHSOXVHQSOXVJUDQG HQWUHVDSHUVRQQHHWOHSHUVRQQDJHO LGpHRXOHVHQWLPHQWjUHSUpVHQWHU / HQMHXIRQGDPHQWDO ,OV DJLWGHPDvWULVHUVRQFRUSVSRXUSURGXLUHGHVIRUPHVFRUSRUHOOHVHWHQPrPHWHPSVGHGRQQHUGXVHQVHWGHO pPRWLRQ /HU{OHGXVSHFWDWHXU / H[LJHQFHJpQpUDOH ,OGRLWDSSUHQGUHjOLUHHWjpSURXYHUXQHpPRWLRQ3RXUFHIDLUHLOGRLWrWUHGLVSRQLEOH ,OGRLWPHVXUHUO pFDUWHQWUHVDSURSUHPRWULFLWpH[SUHVVLYHHWODPRWULFLWpGXGDQVHXU ,OGRLWGLVWLQJXHUOHVGLIIpUHQWVpOpPHQWVGHODFKRUpJUDSKLHYRLUGHVVDXWVGHVUXSWXUHVGHU\WKPH / HQMHXIRQGDPHQWDO ,OHVWG DFTXpULUXQHFXOWXUHDUWLVWLTXHG DFFpGHUjGHVQRUPHVHVWKpWLTXHVHWpPRWLRQQHOOHVDFWXHOOHVFRXUDQWVFRQWHPSRUDLQV TXLpYROXHQWHQUHVWDQWRXYHUWjODWUDGLWLRQjODPRGHUQLWpHWDXSUpVHQW /HVSULQFLSHVG pYROXWLRQHWOHVHQVGXSURJUqVHQH[SUHVVLRQFRUSRUHOOH /HU{OHGXFKRUpJUDSKHHVWSDVVp - G XQODQJDJHVSRQWDQpjXQODQJDJHpODERUp - G XQHH[SUHVVLRQSRXUVRLjXQHFRPPXQLFDWLRQSRXUDXWUXL - G XQHPRWULFLWpTXRWLGLHQQHjXQHPRWULFLWpSOXVHVWKpWLTXH /HU{OHGXGDQVHXUHVWSDVVp - G XQHLQWHUSUpWDWLRQWRXUQpHYHUVVRLjXQHLQWHUSUpWDWLRQWRXUQpHYHUVOHVDXWUHV - G XQHQJDJHPHQWSHUVRQQHOPLQLPDOjXQHQJDJHPHQWSHUVRQQHOPD[LPDO - G XQHUpIpUHQFHFXOWXUHOOHUHVWUHLQWHjXQHUpIpUHQFHFXOWXUHOOHSOXVULFKH /HU{OHGXVSHFWDWHXUHVWSDVVp - G XQMXJHPHQWVRPPDLUHjXQDYLVSHUVRQQHOFRQVWUXLW /HVLQGXFWHXUVHQGDQVH &HVRQWGHVLQFLWDWHXUVGHGpSDUWG DFWLYLWp - 2QSHXWLPDJLQHUODGDQVHSDUGHVYHUEHVG DFWLRQJHVWHVVSRUWLIVJHVWHVTXRWLGLHQVWLFVDFWLRQVGLYHUVHV 2Q SHXW XWLOLVHU GHV REMHWV FRQFUHWV TXRWLGLHQV EDODL FKDSHDX SDUDSOXLH FKDLVH VSRUWLIV UXEDQ EDOORQ FHUFHDX WKpkWUDX[PDVTXHVWLVVXVWXEHVSDUDYHQWV - 2QSHXWXWLOLVHUXQPRQGHVRQRUHYRL[PXVLTXHVU\WKPHVIUDSSpV 2QSHXWXWLOLVHUGHVGRFXPHQWV /HVFRPSRVDQWHVGXPRXYHPHQW /HFRUSV /HPRXYHPHQWLVROp /HPRXYHPHQWLVROpO LVRODWLRQFRQVLVWHHQXQHPRELOLVDWLRQpOHFWLYHG XQHSDUWLHGXFRUSVTXLQ DDXFXQHLQFLGHQFHVXUOHUHVWH GXFRUSV2QSDUOHGHGLVVRFLDWLRQVHWGHFRRUGLQDWLRQVGLVVRFLpHV /HPRXYHPHQWJOREDO 'DQVOHPRXYHPHQWJOREDOWRXWHVOHVSDUWLHVGXFRUSVVRQWLQWHUFRQQHFWpHV/HSRLQWGHGpSDUWGXJHVWHGpWHUPLQHGHVDFWLRQV /HSRLQWGHGpSDUWSHXWrWUH - OHFHQWUHSOH[XVVRODLUH ODSpULSKpULHVHJPHQWFRUSRUHO /HSRLGV /H SRLGV HVW OD IRUFH DYHF ODTXHOOH XQ FRUSV WHQG j VH UDSSURFKHU GX FHQWUH GH OD 7HUUH JUkFH j OD SHVDQWHXU 'DQV OD GDQVH FODVVLTXHODYROXSWpHWODJUkFHQLHQWOHSRLGVHQUHFKHUFKDQWODOpJqUHWp/DSpQpWUDWLRQGHVDSSXLVHVWSOXVSUpVHQWHGDQVOD GDQVH DIULFDLQH 'RULV +XPSKUH\ pWXGLD OHV QRWLRQV G pTXLOLEUH HW GH GpVpTXLOLEUH HQ WUDYDLOODQW VXU OH SRLGV WRPEHU HW VH UHOHYHU-RVp/LPRQPLWO DFFHQWVXUOHWUDYDLOGXEXVWHSDUUDSSRUWDXSRLGVHWVXUODUHVSLUDWLRQ / HVSDFH 3DUVRQPRXYHPHQWOHGDQVHXUWUDQVIRUPHO HVSDFHHWOXLGRQQHGLYHUVHVVLJQLILFDWLRQV,OH[LVWHGHX[W\SHVG HVSDFH - - / HVSDFH SURFKH HVW O HVSDFH SHUVRQQHO TXL VH GpILQLW SDU O DOORQJHPHQW PD[LPXP GHV VHJPHQWV DXWRXU GX FRUSV /DEDQ DSSHOOHO HVSDFHSURFKHODNLQpVSKqUH / HVSDFHORLQWDLQHVWOHSODWHDX,OGpSHQGGHO DLUHGHODVFqQHRpYROXHOHGDQVHXU / HQYLURQQHPHQWVFpQLTXHHVWSDUH[HPSOHOHWKpkWUHOHPDWpULHOOHVGpFRUVOHVDFFHVVRLUHVOHVVRQVO LPDJLQDLUH
Documents pareils
Physiologie 1.Physiologie musculaire
0DOJUp FHUWDLQHV ]RQHV G
RPEUH GDQV OHV H[SOLFDWLRQV GH OD FRQWUDFWLRQ PXVFXODLUH SOXVLHXUV SUHXYHV DFFUpGLWHQW FHWWH WKpRULH
$LQVL OD FRQWUDFWLRQ PXVFXODLUH FRUUHVSRQG DX ...
Tennis de table - EPS Orléans Tours
WDFWLTXHVHWVWUDWpJLHVXWLOLVpHVSDUOHVMRXHXUVFRpYDOXDWLRQPDQDJHPHQW&HUHFXOREVHUYHUVDQVMRXHUHVW
G
DXWDQWSOXVLPSRUWDQWHQWHQQLVGHWDEOHTXHOHU\WKPHGHMHXHVWWUqVpOHYpHW...