Download Manuel de l·Utilisateur RITCHEY Introduction Avant votre première
Transcript
0DQXHOGHO·8WLOLVDWHXU 5,7&+(< 6HOOHVHWWLJHVGHVHOOH ,QIRUPDWLRQV LPSRUWDQWHV j SURSRV GH O·XWLOLVDWLRQ O·HQWUHWLHQ OD PDLQWHQDQFHHWO·LQVWDOODWLRQ &RQWHQX ,QWURGXFWLRQ $YDQWYRWUHSUHPLqUHVRUWLH²8WLOLVDWLRQVSpFLÀTXH /HVFDUDFWpULVWLTXHVVSpFLÀTXHVDXFDUERQH 1HWWR\DJHHWHQWUHWLHQ 0DLQWHQDQFH 1RWHVJpQpUDOHVVXUO·LQVWDOODWLRQ 5,7&+(</LTXLG7RUTXH 8WLOLVDWLRQGHODFOpG\QDPRPpWULTXH5,7&+(< 7RUTXH:UHQFK ,QVWDOODWLRQGHODWLJHGHVHOOH ,QVWUXFWLRQVJpQpUDOHVFRQFHUQDQWOHVWLJHVGHVHOOH5,7&+(</LQN 0RQWDJHGHODWLJHGHVHOOH5,7&+(<0DVW7RSSHU ,QVWDOODWLRQG·XQHVDFRFKH ,QVWDOODWLRQGHODVHOOH 6\VWqPHjGHX[YLV 6\VWqPHjXQHYLV 6\VWqPH5,7&+(</LQNSRXUFKkVVLV5,7&+(<9HFWRU(YR 6\VWqPH5,7&+(</LQNSRXUFKkVVLVFRQYHQWLRQQHOV 6\VWqPH5,7&+(</LQNSRXUFKkVVLV0RQRUDLO6HOOH,WDOLD &RUUHFWLRQGHODORQJXHXUG¶DVVLVHHWUpJODJHGHO¶LQFOLQDLVRQ GHODVHOOH 'pFDODJHHWUpJODJHKRUL]RQWDOGHODVHOOH 6\VWqPHjXQRXGHX[ERXORQV /LQN²9HFWRU(YR /LQN²&KkVVLVGHVHOOHFRQYHQWLRQQHOV /LQN²0RQRUDLO &RQWU{OHGHO·HQVHPEOHGHVV\VWqPHV &RPPHQWWURXYHUODERQQHKDXWHXUGHODVHOOH 5pJODJHGHODERQQHKDXWHXUGHODVHOOH 7LJHVGHVHOOHHQDOXPLQLXPGDQVGHVFDGUHVHQDOXPLQLXP DFLHURXWLWDQH 7LJHVGHVHOOHHQFDUERQHGDQVGHVFDGUHVGH Q·LPSRUWHTXHOPDWpULDX 5pJODJHGXPRGqOH0DVW7RSSHU 0DQLHPHQWGHVDWWDFKHVUDSLGHVVXUOHVGLVSRVLWLIVGHVHUUDJH GHVWLJHVGHVHOOH 'pPDUFKHjVXLYUHSRXUODÀ[DWLRQÀDEOHGXGLVSRVLWLI GHVHUUDJHGHODWLJHGHVHOOH &RQGLWLRQVGHODJDUDQWLH 1RWHVXUO·XVXUH /DJDUDQWLHGXIDEULFDQW ,QWURGXFWLRQ 7RXWHV QRV IpOLFLWDWLRQV SRXU DYRLU IDLW O·DFKDW G·XQ FRPSRVDQW 5,7&+(<&KH]5,7&+(<QRXVGpYHORSSRQVWHVWRQVHWIDEULTXRQV QRVSURGXLWVDYHFGpYRXHPHQWHWQRXVQRXVIDLVRQVXQGHYRLUGH UHVSHFWHUOHVVWDQGDUGVGHTXDOLWpOHVSOXVpOHYpV&RPPHWRXVOHV pTXLSHPHQWVGHVSRUWGHKDXWHTXDOLWpOHVFRPSRVDQWV5,7&+(< QpFHVVLWHQWXQHLQVWDOODWLRQPpWLFXOHXVHHWFHGHPDQLqUHjIRQF WLRQQHUFRUUHFWHPHQWHWIRXUQLUXQVHUYLFHGHORQJXHGXUpH1RXV VXJJpURQVTXHYRXVUHFRXULH]jO·DVVLVWDQFHG·XQPpFDQLFLHQTXDOLÀp FKH] YRWUH UHYHQGHXU 5,7&+(< 'H PrPH QRXV UHFRPPDQGRQV TXHYRXVXWLOLVLH]OHVFRPSRVDQWV5,7&+(<HQVHPEOHGHPDQLqUH jDVVXUHUXQHSHUIRUPDQFHRSWLPDOHHWXQHERQQHGXUDELOLWp1RWUH VRXFLGHODSUpFLVLRQSRXUODFRPSDWLELOLWpGHVFRPSRVDQWVHVWVRL JQHXVHPHQWVXUYHLOOpSHQGDQWODSURGXFWLRQHWOHFRQWU{OHTXDOLWp HWFHHQYXHG·XQHLQVWDOODWLRQIDFLOHHWVDQVSUREOqPH &RPPHDYHFWRXVOHVSURGXLWV5,7&+(<IDLWVGHFRPSRVpVGHFDU ERQHXQHDWWHQWLRQHWXQHQWUHWLHQSDUWLFXOLHUVVRQWQpFHVVDLUHVE /HVSURGXLWVFLGHVVXVQHVRQWSDVFRQoXVSRXUOHIUHHULGHOHGXDO VODORPODGHVFHQWHOHVVDXWVHWG·DXWUHVXWLOLVDWLRQVFRPSDUDEOHV 1HPRGLÀH]QLQHFKDQJH]MDPDLVYRWUHWLJHGHVHOOHRXYRWUHVHOOH ,OHVWIRUWHPHQWGpFRQVHLOOpGHOLPHURXGHSHUFHUQ·LPSRUWHOHTXHO GH FHV SURGXLWV QRWDPPHQW V·LO V·DJLW GH SLqFHV HQ FDUERQH &HOD FRPSURPHWWUDLWO·LQWpJULWpDXQLYHDXGHOHXUVWUXFWXUHHWDQQXOHUDLW YRWUHJDUDQWLH 6LYRXVYHQGH]RXSUrWH]FHWWHSLqFHRXYRWUHYpORIRXUQLVVH]FH PDQXHODXQRXYHOXWLOLVDWHXU /HVVHOOHVHWWLJHVGHVHOOHVRQWFRQoXHVSRXUXQSRLGVPD[LPXPGH F\FOLVWHGHNJOEV\FRPSULVEDJDJHVSH[XQVDFjGRV $YHFOHVSLqFHV5,7&+(<FRPPHDYHFWRXVOHVSURGXLWVOpJHUVXQH DWWHQWLRQHWXQHQWUHWLHQSDUWLFXOLHUVVRQWQpFHVVDLUHVSRXUXQHLQV WDOODWLRQFRUUHFWHHWSRXUO·XVDJHYRXOX/HVPDWpULDX[HPSOR\pVSDU 5,7&+(<VRQWWUqVUpVLVWDQWVHWGXUVELHQTXHG·XQSRLGVOpJHUFH TXLOHVUHQGSDUIDLWVSRXUGHVDSSOLFDWLRQVGHKDXWQLYHDX7RXVOHV PDWpULDX[TXHOTXHVRLWOHXUUpVLVWDQFHLQLWLDOHULVTXHQWGHGHYHQLU IUDJLOHVVXLWHDX[YLEUDWLRQVOLpHVjXQHXWLOLVDWLRQH[FHVVLYHGDQVOH WHPSVRXjGHJURVLPSDFWV'DQVO·pYHQWXDOLWpG·XQFKRFG·XQJURV LPSDFWRXG·XQHWHQVLRQLQWHUQHH[FHVVLYHTXHOFRQTXHODSLqFHSHXW QHSDVPRQWUHUGHVLJQHGHGRPPDJHpYLGHQW0DOJUpWRXWSXLVTXH OHPDWpULDXDSHXWrWUHVXELXQGRPPDJHLQWHUQHVpULHX[LOHVWWUqV GDQJHUHX[G·HQFRQWLQXHUO·XVDJHDSUqVXQLPSDFWRXXQHWHQVLRQ LQWHUQH,OSRXUUDLWHQUpVXOWHUODGpIDLOODQFHGXSURGXLWSRUWDQWDLQVL DWWHLQWHGHPDQLqUHLPSUpYLVLEOHjYRWUHVDQWpRXYRWUHELHQrWUH &·HVW SRXUTXRL LO HVW UHFRPPDQGp GH FRQVXOWHU YRWUH UHYHQGHXU 5,7&+(<DSUqVXQWHOLQFLGHQWHWFHDÀQGHEpQpÀFLHUG·XQHpYD OXDWLRQSURIHVVLRQQHOOH D 6L YRXV DYH] TXHOTXH TXHVWLRQ RX GLIÀFXOWp TXH FH VRLW FRQWDFWH]YRWUHUHYHQGHXU5,7&+(< $SUqV XQH FROOLVLRQ XQ DFFLGHQW RX WRXW DXWUH LPSDFW LPSRUWDQWUHPSODFH]ODVHOOHHWWLJHGHVHOOH,OHQYDGH YRWUHVpFXULWp 6L YRWUH WLJH GH VHOOH RX YRWUH VHOOH IRQW HQWHQGUH GHV EUXLWVGHFUDTXHPHQWGHJULQFHPHQWRXGHFUpSLWHPHQW RXV·LO\DXQGRPPDJHYLVLEOHFRPPHGHVHQWDLOOHVGHVDFFURFV GHV ERVVHV GHV GpFRORUDWLRQV HWF Q·XWLOLVH] SDV OH YpOR DYDQW G·DYRLU FRQVXOWp YRWUH UHYHQGHXU 5,7&+(< TXL SRXUUD YpULÀHU VRLJQHXVHPHQW OD SLqFH HW YRXV VXJJpUHU XQ UHPSODFHPHQW VL QpFHVVDLUH E /HFDUERQHHVWXQHPDWLqUHH[WUrPHPHQWVROLGHTXLRIIUHOHVDYDQ WDJHVG·XQHJUDQGHUpVLVWDQFHGHVSLqFHVWRXWHQDFFXVDQWXQSRLGV UpGXLW9HXLOOH] QRWHU TXH OH FDUERQH DX FRQWUDLUH GHV PpWDX[ QH PRQWUHDXFXQHGpIRUPDWLRQYLVLEOHDSUqVXQHWHQVLRQIRUWHPrPH VLOHVVWUXFWXUHVLQWHUQHVVRQWEULVpHV,OSHXWDORUVVHSURGXLUHTXH VRXVO·HIIHWG·XQHVXUFKDUJHXQHSLqFHHQFDUERQHHQGRPPDJpHVRLW GpIDLOODQWHG·XQVHXOFRXSHWVDQVVLJQHSUpFRQLVHXUSRXYDQWHQWUDv QHUXQHFKXWHGRQWOHVFRQVpTXHQFHVQHVRQWSDVSUpYLVLEOHV 6L YRWUH SLqFH HQ FDUERQH 5,7&+(< D VXEL FH JHQUH GH WHQVLRQ LQGXHQRXVYRXVUHFRPPDQGRQVIRUWHPHQWGHIDLUHLQVSHFWHUYRWUH YpORHQHQWLHUSDUYRWUHUHYHQGHXUVSpFLDOLVWH5,7&+(<$LQVLYRXV VDXUH] VL YRXV GHYH] HIIHFWXHU XQ UHPSODFHPHQW GH SLqFH 6L GHV TXHVWLRQV RX GHV GRXWHV SHUVLVWHQW OH UHYHQGHXU SHXW FRQWDFWHU 5,7&+(<GLUHFWHPHQWRXO·XQGHQRVGLVWULEXWHXUV 3RXUGHVUDLVRQVGHVpFXULWpOHVSLqFHVHQFDUERQHHQGRPPDJpHV QH GRLYHQW rWUH QL UHGUHVVpHV QL UpSDUpHV 5HPSODFH] LPPpGLDWH PHQWXQHSLqFHGpIHFWXHXVH$VVXUH]YRXVTX·DXFXQHSLqFHXVDJpH QHVRLWUpXWLOLVpHHOOHGRLWDXFRQWUDLUHrWUHGpWUXLWHSRXUQHMDPDLV rWUHUpXWLOLVpH /HV SLqFHV IDLWHV GH FDUERQH QH GRLYHQW SDV VXELU XQH FKDOHXU H[FHVVLYH VRXV DXFXQ SUpWH[WH 1·DSSOLTXH] MDPDLV XQ UHYrWHPHQW SDU SRXGUH RX ODTXH /HV WHPSpUDWXUHV UHTXLVHV SRXU OH ODTXDJH RXUHYrWHPHQWGHSRXGUHIRUFHQWOHVEDUUHVGHFDUERQHjVHVpSD UHU1HODLVVH]SDVGHVpOpPHQWVHQFDUERQHVGDQVXQHYRLWXUHjOD OXPLqUHGLUHFWHGXVROHLOSHQGDQWGHVSpULRGHVSURORQJpHV /HVFRPSRVDQWVHQFDUERQHFRPPHWRXWHVOHVSLqFHVGHFRQVWUXF WLRQOpJqUHQ·RQWTX·XQHGXUpHGHYLHOLPLWpH3DUPHVXUHGHVpFX ULWp 5,7&+(< UHFRPPDQGH GH FKDQJHU OHV SRWHQFHV HW JXLGRQV HQIRQFWLRQGHO·XVDJHTXLHQHVWIDLWWRXVOHVWURLVDQVHWFHPrPH V·LOVQ·RQWSDVpWpLPSOLTXpVGDQVXQDFFLGHQWQLPrPHVXELXQFKRF FRPSDUDEOH $VVXUH]YRXVTXHWRXWHVOHV]RQHVGHVHUUDJHHWGHEORFDJHVXUOH FDUERQHVRQWGpSRXUYXHVGHJUDLVVHRXDXWUHOXEULÀDQW/DJUDLVVHVH GpSRVHVXUODVXUIDFHGHODSLqFHHQFDUERQHHWHPSrFKHXQVHUUDJH VUHQUDLVRQGXIDLEOHFRHIÀFLHQWGHIURWWHPHQW'DQVFHUWDLQVFDV GHVFRPSRVDQWVHQFDUERQHJUDLVVpVXQHIRLVQHSUpVHQWHURQWSOXV GHVpFXULWpGHVHUUDJH6LYRXVLQVWDOOH]GHVSLqFHVHQFDUERQHXWL OLVH]5,7&+(</LTXLG7RUTXHSRXUDWWHLQGUHXQHIULFWLRQGHVSLqFHV RSWLPDOHOjRXOHVSLqFHVVRQWFRQQHFWpHV&HFLYRXVSHUPHWWUDGH VHUUHUOHVERXORQVjODOLPLWHGHFRXSOHUHFRPPDQGpHHWGHUpXVVLU XQHLQVWDOODWLRQÀDEOHVDQVULVTXHGHJOLVVHPHQW 6L XQH HQWDLOOH XQH GpIRUPDWLRQ XQH GpFRORUDWLRQ XQH pUDÁXUHRXXQWURXDSSDUDvWVXUYRWUHSLqFHHQFDUERQH RXVLFHWWHSLqFHpPHWGHVVRQVGHJULQFHPHQWRXGHFUpSLWHPHQW FHVVH]O·XWLOLVDWLRQGHYRWUHYpORMXVTX¶jFHTXHODSLqFHVRLWUHP SODFpH$SUqVXQHWHQVLRQLQGXHXQHFROOLVLRQXQDFFLGHQWRXXQ LPSDFWPDMHXUUHPSODFH]ODSLqFHRXIDLWHVODLQVSHFWHUSDUYRWUH UHYHQGHXU5,7&+(<DYDQWGHO·XWLOLVHUjQRXYHDX &H V\PEROH LQGLTXH TXH YRWUH YLH RX YRWUH VDQWp SHXW rWUHPLVHHQGDQJHUVLYRXVQHVXLYH]SDVOHVLQVWUXFWLRQV GRQQpHVRXQHUHVSHFWH]SDVOHVPHVXUHVSUHVFULWHV &H V\PEROH YRXV PHW HQ JDUGH FRQWUH OHV DFWLRQV TXL SRXUUDLHQWQXLUHjODSURSULpWpRXjO·HQYLURQQHPHQW /DSOXSDUWGHVWLJHVGHVHOOHHWGHVVHOOHV5,7&+(<DVRQWFRQoXHV SRXU XQH XWLOLVDWLRQ VXU URXWH HQ WULDWKORQFRQWUH OD PRQWUH HQ F\FORFURVVRXHQYpORWRXWWHUUDLQGDQVGHVFRQGLWLRQVG·XWLOLVDWLRQ HWGHFRXUVHQRUPDOHV 9HXLOOH]OLUHFHPDQXHOHQFRPPHQoDQWSDUOHVLQIRUPDWLRQVJpQp UDOHVVXLYLHVGXFKDSLWUHVSpFLÀTXHjO·pOpPHQWTXHYRXVDYH]DFKHWp RXDYH]O·LQWHQWLRQG·XWLOLVHU&HWWHOHFWXUHYRXVDVVXUHUDXQHLQVWDO ODWLRQHWXQHXWLOLVDWLRQSOXVIDFLOHGXSURGXLW &HPDQXHOFRQWLHQWGHVQRWHVLPSRUWDQWHVjSURSRVGHO·XWLOLVDWLRQ O·HQWUHWLHQODPDLQWHQDQFHHWO·LQVWDOODWLRQ (QSDUWLFXOLHUIDLWHVDWWHQWLRQDX[V\PEROHVVXLYDQWV /HVFDUDFWpULVWLTXHV VSpFLÀTXHVDXFDUERQH 1RXV UHFRPPDQGRQV YLYHPHQW O·XWLOLVDWLRQ FRPELQpH GHV SLqFHV 5,7&+(<DÀQG·DWWHLQGUHOHVIRQFWLRQVRSWLPDOHVGHFHOOHVFLDLQVL TX·XQHPHLOOHXUHGXUDELOLWp6LYRXVVRXKDLWH]FRPELQHUOHVSLqFHV DYHFGHVSLqFHVG·XQDXWUHIDEULFDQWYHXLOOH]YRXVDVVXUHUTXHOHV GLPHQVLRQV FRUUHVSRQGHQW H[DFWHPHQW j FHOOHV pQXPpUpHV GDQV FHPDQXHOHWFRQVXOWHUOHPDQXHOG·XWLOLVDWLRQGHO·DXWUHIDEULFDQW FRQFHUQDQWVHVVSpFLÀFDWLRQVHWUHVWULFWLRQV 4XHOTXHVQRWHVVXUFHPDQXHO $YDQWYRWUHSUHPLqUHVRUWLH² 8WLOLVDWLRQVSpFLÀTXH &HV\PEROHYRXVLQIRUPHFRPPHQWPDQLSXOHUOHSURGXLW L RX IDLW UpIpUHQFH j XQ SDVVDJH GHV LQVWUXFWLRQV TXL UHTXLHUWYRWUHDWWHQWLRQ &KDTXHIRLVTXHYRXVYR\H]FHVV\PEROHVODQRWLFHQHUHSUHQGSDV V\VWpPDWLTXHPHQW OH GpWDLO GHV FRQVpTXHQFHV SRVVLEOHV HQ FDV GH SUREOqPHV 1HWWR\DJHHWHQWUHWLHQ 3RXUQHWWR\HUYRWUHWLJHGHVHOOHHWYRWUHVHOOHXWLOLVH]XQFKLIIRQ GRX[ HW GH O·HDX 6L QpFHVVDLUH YRXV SRXYH] XWLOLVHU XQ VDYRQ QRQ DEUDVLI SRXU HQOHYHU OD FUDVVH 3RXU QHWWR\HU OHV WkFKHV WHQDFHV FRPPHO·KXLOHRXODJUDLVVHGHVVXUIDFHVGXUHVXWLOLVH]XQLTXHPHQW GHVVROYDQWVjEDVHGHSpWUROH1·XWLOLVH]SDVG·DJHQWVGpJUDLVVDQWV FRQWHQDQWGHVVROYDQWVRUJDQLTXHVSH[O·DFpWRQHOHWULFKORUpWK\ OqQHOHPpWK\OqQHHWF/HVSURGXLWVFKLPLTXHVGHFHWWHVRUWHSHX YHQWHQGRPPDJHUODÀQLWLRQRXODVWUXFWXUHLQWHUQHGHVPDWpULDX[ $SUqV DYRLU VpFKp YRWUH YpOR YRXV SRXYH] DSSOLTXHU XQH FRXFKH GH FLUH GXUH VXU OHV VXUIDFHV YHUQLHV PpWDOOLTXHV RX HQ FDUERQH D4XDQGODFLUHHVWVqFKHYRXVSRXYH]OXVWUHUOHVSLqFHV*UkFH jFHWUDLWHPHQWYRWUHWLJHGHVHOOHJDUGHUDVRQÀQLVRLJQpSHQGDQW GHVDQQpHV 6HOOHVDYHFUHYrWHPHQWHQFXLU 9HXLOOH]DSSOLTXHUGHODJUDLVVHSRXUFXLURXGXSURGXLWG·HQWUHWLHQ OLTXLGH VXU OH UHYrWHPHQW HQ FXLU DX PRLQV GHX[ IRLV SDU DQV RX DSUqVFKDTXHUDQGRQQpHGXUDQWODTXHOOHODSLqFHpWDLWH[SRVpHjOD SOXLHODFUDVVHRXOHVDEOHE)URWWH]ODVHOOHVRLJQHXVHPHQWGqV TXHODJUDLVVHVHUDDEVRUEpHHWHVVX\H]OHVXUSOXVGHODJUDLVVHSRXU DVVXUHUTXHODVXUIDFHUHVWHPDQLDEOH 6HOOHVDYHFUHYrWHPHQWHQFXLUV\QWKpWLTXH 9HXLOOH]DSSOLTXHUXQHFRXFKHÀQHGHVLOLFRQHHQDpURVROVXUOHUHYr WHPHQW HQ FXLU V\QWKpWLTXH DX PRLQV GHX[ IRLV SDU DQV RX DSUqV FKDTXHUDQGRQQpHGXUDQWODTXHOOHODSLqFHDpWpH[SRVpHjODSOXLH ODFUDVVHRXOHVDEOH)URWWH]ODVHOOHVRLJQHXVHPHQWGqVTXHO·DpUR VROVHUDDEVRUEpHWHVVX\H]OHVXUSOXVGHO·DpURVROSRXUDVVXUHUTXH ODVXUIDFHUHVWHPDQLDEOH 3HQGDQW OH QHWWR\DJH SURÀWH]HQ SRXU LQVSHFWHU YRWUH YpORHWUHFKHUFKHUOHVÀVVXUHVOHVpUDÁXUHVOHVERVVHVHW OHVHQWDLOOHVDLQVLTXHOHPDWpULHOSOLpRXGpFRORUp6LYRXVSHQVH] YRLUXQSUREOqPHFRQVXOWHUYRWUHUHYHQGHXU5,7&+(<)DLWHVUHP SODFHUOHVSLqFHVHQGRPPDJpHVRXGpIHFWXHXVHVLPPpGLDWHPHQW 0DLQWHQDQFH 1RWHVJpQpUDOHVVXU O·LQVWDOODWLRQ 5,7&+(</LTXLG7RUTXH ,QVWDOOHUGHVpOpPHQWVDYHF5,7&+(</LTXLG7RUTXH /·LQVWDOODWLRQ GH OD WLJH GH VHOOH HW GH OD VHOOH UHVWH OH WUDYDLO G·XQ PpFDQLFLHQTXDOLÀp3RXUYRWUHSURSUHVpFXULWpGHPDQGH]jYRWUH UHYHQGHXU5,7&+(<GHSURFpGHUjO·LQVWDOODWLRQHWjODPDLQWHQDQFH WHOOHVTXHGpÀQLHVGDQVFHPDQXHO&KDFXQHGHVLQVWUXFWLRQVjYHQLU GRLWrWUHVXLYLHjODOHWWUH1HSDVVXLYUHFHJXLGHG·LQVWDOODWLRQGH IDoRQ VWULFWH SRXUUDLW HQJHQGUHU XQH GpIDLOODQFH G·XQ FRPSRVDQW SURYRTXDQWDLQVLXQDFFLGHQWHWGHVEOHVVXUHV /·LQVWDOODWLRQ GH SLqFHV DYHF GHV GLIIpUHQFHV GH WROpUDQFH SHXW HQJHQGUHUGHVSUREOqPHVGXVjO·LQFRPSDWLELOLWpRjODPDXYDLVH DGpTXDWLRQGHVSLqFHVHWSHXWHQJHQGUHUXQDFFLGHQWHWGHVEOHV VXUHV 1RXV UHFRPPDQGRQV G·XWLOLVHU HQVHPEOH OHV WLJHV GH VHOOH HW OHV VHOOHV 5,7&+(< FDU HOOHV VRQW FRQoXHV SRXU DOOHU HW IRQFWLRQQHU HQVHPEOH FRPPH XQ WRXW LQWpJUp 6L YRXV FKRLVLVVH] G·XWLOLVHU OD SLqFHG·XQDXWUHIDEULFDQWFRQVXOWH]ODGRFXPHQWDWLRQGHVRQSUR GXLWjO·HJDUGGHODIRUFHGXVHUUDJHHWFHDÀQG·DVVXUHUO·DMXVWHPHQW YRXOXHWODPHLOOHXUHXWLOLVDWLRQDYHFOHFRPSRVDQW5,7&+(< 5,7&+(<GpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHSUREOqPHVLVVXVGH O·DVVRFLDWLRQG·XQSURGXLW5,7&+(<DYHFFHOXLG·XQDXWUHIDEULFDQW )DLWHV DWWHQWLRQ DX[ SDUWLHV VDLOODQWHV RX EDYXUHV j O·LQWpULHXU GX WXEHGHVHOOHGXFDGUHDXFROOLHUGHVHUUDJHGHODWLJHGHVHOOHHW jO·HQGURLWGXVHUUDJHGHODVHOOH9HLOOH]jQHSDVXWLOLVHUGHVFRP SRVDQWV SUpVHQWDQW GHV EDYXUHV RX SDUWLHV VDLOODQWHV 6·LO \ D GHV EDYXUHV RX GHV SDUWLHV VDLOODQWHV VXU XQ FRPSRVDQW 5,7&+(< RX QRQ5,7&+(<GHPDQGH]jYRWUHUHYHQGHXU5,7&+(<GHO·LQVSHF WHUSRXUVDYRLUV·LOHVWVDJHGHO·XWLOLVHURXVLOHSUREOqPHSHXWrWUH UpVROXHWFRPPHQWLOSHXWO·rWUH 8QH IRLV TX·XQ FRPSRVDQW HVW FRQVLGpUp HQGRPPDJp LO QHGRLWrWUHUpXWLOLVpVRXVDXFXQSUpWH[WH&HVVH]O·XWLOLVD WLRQGHYRWUHYpORMXVTX¶jFHTXHODSLqFHDLWpWpUHPSODFpH6LXQ GRXWHSHUVLVWHQRXVUHFRPPDQGRQVOHUHPSODFHPHQWGHODSLqFH HQTXHVWLRQ L /HVERXORQVGHVWLJHVGHVHOOH5,7&+(<VRQWSUpHQGXLWV GHFROOHIUHLQÀOHW$XVVLQHJUDLVVH]SDVOHXUVÀOHWV 9pULÀH]WRXVOHVERXORQVDSUqVOHVSUHPLHUVNPDMXVWH]OHV FRPPHLOVHGRLWWRXWHQUHVWDQWGDQVODOLPLWHSUHVFULWHGHFRXSOH 9pULÀH]DSUqVFHODWRXVOHVNP D E /HVFRPSRVDQWVHQFDUERQHVRQWSDUWLFXOLqUHPHQWYXOQpUDEOHVDX[ GRPPDJHVFDXVpVSDUXQHIRUFHGHVHUUDJHH[FHVVLYH/H5,7&+(< /LTXLG7RUTXHFFUpHXQHIULFWLRQVXSSOpPHQWDLUHHQWUHOHVGHX[ VXUIDFHV SHUPHWWDQW DLQVL XQH UpGXFWLRQ GH OD YDOHXU GH FRXSOH QpFHVVDLUHSRXUOHVHUUDJHSRXYDQWDOOHUMXVTX¶j &HFLHVWSDUWLFXOLqUHPHQWXWLOHGDQVOHVHQGURLWVGHVHUUDJHFRPPH HQWUH OD SRWHQFH HW OH JXLGRQ RX HQWUH OH SLYRW GH IRXUFKH HW OD SRWHQFH RX HQWUH OHV HPERXWV GH JXLGRQ HW OH JXLGRQ ² WURLV HQGURLWVVSpFLÀTXHVRWURSGHIRUFHGHVHUUDJHSHXWHQGRPPD JHUOHVFRPSRVDQWVSURYRTXDQWDLQVLXQHGpIDLOODQFHGHODSLqFHHW DQQXODQWODJDUDQWLH(QUpGXLVDQWODIRUFHGHVHUUDJHOH5,7&+(< /LTXLG7RUTXHDOOqJHODWHQVLRQVXUOHVVXUIDFHVGHFDUERQHVHQVLEOHV SUpYHQDQWDLQVLWRXWGRPPDJHDX[ÀEUHVRXOHGpFKLUHPHQWGHOD VWUXFWXUH LQWHUQH GX FDUERQH (Q RXWUH LO HPSrFKH GHV EUXLWV GH FUDTXHPHQWSURYHQDQWGHVHQGURLWVGHVHUUDJH/H5,7&+(</LTXLG 7RUTXHHVWWRXWDXVVLHIÀFDFHGDQVOHVFRQGLWLRQVKXPLGHVHWSUR FXUHXQHSURWHFWLRQPD[LPDOHFRQWUHODFRUURVLRQ /H 5,7&+(< /LTXLG 7RUTXH SHXW rWUH XWLOLVp SRXU WRXWHV OHV FRQQH[LRQVHQFDUERQHHQDOXPLQLXPHWHQDFLHUHQSDUWLFXOLHU /HV]RQHVGHFRQQH[LRQFDGUHWLJHGHVHOOHDLQVLTXHOHÀOHWDJH GHVERXORQVGHWLJHGHVHOOH /HV ]RQHV GH FRQQH[LRQ SRWHQFHJXLGRQ HW OHV ERXORQV GH ODSRWHQFH /HV ]RQHV GH FRQQH[LRQ SRWHQFHIRXUFKH HW OH ÀOHWDJH GHV ERXORQV /HÀOHWDJHGHVERXORQVGDQVWRXVOHVHQGURLWVRXQHIRUFHGH VHUUDJH ÀDEOH HVW QpFHVVDLUH PDLV R OH GHVVHUUDJH j O·DLGH G·XQRXWLODSSURSULpGRLWSRXYRLUVHIDLUHIDFLOHPHQWPrPHDSUqV XQ XVDJH SURORQJp /H 5,7&+(< /LTXLG7RUTXH HVW OH SURGXLW LGpDOFDULOQHGXUFLWSDV *XLGH SRXU VRQ XWLOLVDWLRQ $YDQW G·DSSOLTXHU OH 5,7&+(< /LTXLG7RUTXHGpEDUUDVVH]OHVVXUIDFHVjWUDLWHUGHVSDUWLFXOHVGH VDOHWpHWGHVUpVLGXVGHOXEULÀDQW(QVXLWHDSSOLTXH]XQHFRXFKHÀQH HWUpJXOLqUHGH5,7&+(</LTXLG7RUTXHVXUOHVVXUIDFHVSURSUHVHQ XWLOLVDQWXQSLQFHDXXQFKLIIRQGRX[TXLQHSHOXFKHSDVRXXQHSHDX GH FKDPRLV QDWXUHOOH RX DUWLÀFLHOOH ,QVWDOOH] OHV pOpPHQWV FRPPH UHFRPPDQGpSDUOHIDEULTXDQWHQXWLOLVDQWXQHFOpG\QDPRPpWULTXH FRPPH OH 5,7&+(<7RUNH\ GRQW O·XWLOLVDWLRQ HVW UHFRPPDQGpH DYHFWRXVOHVJXLGRQVHWOHVSRWHQFHV5,7&+(<HQSUHQDQWELHQ VRLQGHQHSDVGpSDVVHUOHVUHFRPPDQGDWLRQVGHFRXSOHPD[LPXP GX IDEULFDQW$SUqV DYRLU UHVVHUUp DX FRXSOH VRXKDLWp HVVX\H] OH VXUSOXVGH/LTXLG7RUTXH5HIHUPH]OHFRQWHQDQWDSUqVXVDJH F ,QIRUPDWLRQV VXSSOpPHQWDLUHV 'H QRPEUHXVHV JDUDQWLHV GH IDEULFDQW QH FRXYUHQW SDV OHV GRPPDJHV FDXVpV j XQ FRPSRVDQW HQ FDV GH VHUUDJH WURS IRUW 5HSRUWH]YRXV DX[ OLPLWHV GH FRXSOH UHFRPPDQGpHVSDUOHVGLIIpUHQWVIDEULFDQWVSRXUFKDTXHFRPSRVDQW 9HLOOH]jWRXMRXUVXWLOLVHUXQHFOpG\QDPRPpWULTXHSRXUYpULÀHUTXH YRXVYRXVVLWXH]ELHQGDQVOHVOLPLWHVGHFRXSOHHWQHOHVGpSDVVH] SDV(QXWLOLVDQWOH5,7&+(</LTXLG7RUTXHYRXVYRXVDVVXUH]G·XQH LQVWDOODWLRQVDQVULVTXHGHGLIIpUHQWVpOpPHQWVGHYRWUHYpOR²SDUWL FXOLqUHPHQWGDQVOHFDVGHVÀEUHVGHFDUERQH²HWFHVDQVGpSDVVHU OHV OLPLWHV GH FRXSOH VSpFLÀTXHV j FKDTXH IDEULFDQW 'DQV OD SOX SDUWGHVFDV/LTXLG7RUTXHYRXVSHUPHWWUDG·XWLOLVHUMXVTX¶jGH PRLQVGHFRXSOHORUVGHO·LQVWDOODWLRQGHVpOpPHQWV 5,7&+(< /LTXLG7RUTXH UHVWH QHXWUH VXU OHV DOOLDJHV GH L FXLYUHHWG·DOXPLQLXPVXUOHVpTXLSHPHQWVHQDFLHUHWV\Q WKpWLTXHHWQ·HQGRPPDJHUDSDVOHVVXUIDFHV 8WLOLVDWLRQGHODFOpG\QDPRPpWULTXH 5,7&+(<7RUTXH:UHQFK $ÀQ GH SDUYHQLU j XQ VHUUDJH GHV SLqFHV VDQV SUREOqPHV HW GH ORQJXHGXUpH5,7&+(<FRQVLGqUHO·XWLOLVDWLRQG·XQHFOpG\QDPRPp WULTXHGFRPPHDEVROXPHQWQpFHVVDLUH 6L YRXV Q·DUULYH] SDV j JpQpUHU DVVH] GH IRUFH GH VHUUDJH DYHF OH FRXSOH PD[LPDO UHFRPPDQGp SDU 5,7&+(< DSSOLTXH] 5,7&+(< /LTXLG7RUTXHGHPDQLqUHjUHOLHUOHVVXUIDFHVHWDFFURvWUHOHVIURW WHPHQWV 'pSDVVHUOHFRXSOHPD[LPXPLQGLTXpQRUPDOHPHQWVXUOHFRPSR VDQWTXLGRLWrWUHVHUUpFUpHUDWURSGHSUHVVLRQGHVHUUDJHULVTXDQW DLQVLODGpIDLOODQFHGXFRPSRVDQW&HFLQRQVHXOHPHQWDXJPHQWHUDOH ULVTXHG·DFFLGHQWPDLVDQQXOHUDDXVVLODJDUDQWLH /HV ERXORQV WURS RX SDV DVVH] VHUUpV SHXYHQW PHQHU j XQH GpIDLOODQFH HW GRQF j XQ DFFLGHQW9HXLOOH] UHVSHFWHU OHVVSpFLÀFDWLRQVGHFRXSOHDYHFSUpFDXWLRQ6LYRXVQ·DYH]SDVGH FOpG\QDPRPpWULTXHGHKDXWHTXDOLWpjYRWUHGLVSRVLWLRQDGUHV VH]YRXVjYRWUHUHYHQGHXU5,7&+(< /D5,7&+(<7RUTXH:UHQFKHVWFRQoXHSRXUGHVFRXSOHVGHVHU UDJH GH 1P SDU H[HPSOH SRXU OHV SHWLWHV YLV HQ DOXPLQLXP j 1PSDUH[HPSOHSRXUOHVYLV0VXUFHUWDLQHVWLJHVGHVHOOH 9RXV WURXYHUH] GHV LQIRUPDWLRQV GpWDLOOpHV FRQFHUQDQW L ODFOp5,7&+(<7RUTXH:UHQFKVXUOHVLWH5LWFKH\,QWHU QDWLRQDO2QOLQH6KRSjO·DGUHVVHZZZULWFKH\FK G ,QVWDOODWLRQGHODWLJHGHVHOOH 9HLOOH]jFHTXHYRWUHQRXYHOOHWLJHGHVHOOHDLWOHPrPHGLDPqWUH TXHOHWXEHGHVHOOHGHYRWUHFDGUH 0HVXUH]OHGLDPqWUHGHODWLJHGHVHOOHDHWFHOXLGXWXEHGHVHOOH EGXFDGUH/DGLIIpUHQFHHQWUHOHGLDPqWUHLQWpULHXUSOXVJUDQG GXWXEHGHVHOOHHWOHGLDPqWUHH[WpULHXUSOXVSHWLWGHODWLJHGH VHOOHGHYDLWrWUHHQWUHHWPP $YDQWO·LQVWDOODWLRQG·XQHWLJHGHVHOOHHQFDUERQHVXUXQFDGUHYpUL ÀH]TXHOHWXEHGHVHOOHQHSUpVHQWHQLGHVEDYXUHVQLGHVSDUWLHV VDLOODQWHV F 6L YRXV LQVWDOOH] XQH WLJH GH VHOOH 5,7&+(< HQ FDU ERQHO·LQWpULHXUGXWXEHGHVHOOHGRLWrWUHDEVROXPHQWH[HPSWGH OXEULÀDQWV 'HPDQGH] OH FDV pFKpDQW j XQ PpFDQLFLHQ TXDOLÀp GH QHWWR\HUOHWXEHGHVHOOHHWG·HQOHYHUGHVEDYXUHV 6L OH GLDPqWUH HVW FRPSDWLEOH HW VL OHV SDUWLHV VRQW H[HPSWHV GH EDYXUHVLQVpUH]ODWLJHOHQWHPHQWGDQVOHWXEHGHVHOOH1HSRXVVH] ODSOXVTX·LOIDXWGDQVOHWXEHGHVHOOHDÀQG·pYLWHUTXHODVXUIDFHGH ODWLJHTXLUHVWHYLVLEOHVRLWHQGRPPDJpH /DWLJHGHVHOOHGRLWJOLVVHUGRXFHPHQWjO·LQWpULHXUGXFDGUHVDQV TXHYRXVGHYLH]SRXVVHURXWRXUQHUWURS9HLOOH]jFHTX·LOQ·\DLWSDV GHMHXHQWUHOHVVXUIDFHVHQFRQWDFWHWTXHODWLJHQHEDVFXOHSDV ORUVGHO¶LQVHUWLRQ 6LOHFDGUHHWODWLJHSUpVHQWHQWGHVGLPHQVLRQVGLIIpUHQ WHVLOSHXWHQUpVXOWHUXQHGpIDLOODQFHGHODWLJHGHVHOOH SURYRTXDQWXQDFFLGHQWDYHFEOHVVXUHV /RUVGHO¶LQVWDOODWLRQGHODVHOOHFRPPHGpFULWFLGHVVRXV L VHUUH]OHERXORQGXFROOLHUGHVHUUDJHRXIHUPH]OHEORFDJH UDSLGH OLVH] j FHW HIIHW OD VHFWLRQ © 0DQLHPHQW GHV DWWDFKHV UDSLGHVVXUOHVGLVSRVLWLIVGHVHUUDJHGHVWLJHVGHVHOOHª VHXOHPHQWMXVTX·DXSRLQWRODWLJHQHERXJHSOXV 0RQWDJHGHODWLJHGHVHOOH5,7&+(<0DVW 7RSSHU (QSULQFLSHOHPRQWDJHGHODWLJHGHVHOOH0DVW7RSSHUYRLUDXVVL SHVWFRPSDUDEOHjFHOXLG·XQHWLJHGHVHOOHVWDQGDUG/DGLIIp UHQFHPDMHXUHUpVLGHGDQVOHIDLWTXHODWLJHGHVHOOH0DVW7RSSHU GRLWrWUHJOLVVpHVXUOHSURORQJHPHQWGXWXEHGHVHOOHGXFDGUH/HV DXWUHVLQGLFDWLRQVFRQFHUQDQWOHVWROpUDQFHVGHGLDPqWUHO·DEVHQFH GHOXEULÀFDWLRQHWFUHVWHQWOHVPrPHV /HWXEHGHVHOOHGRLWFHSHQGDQWrWUHVFLpSRXUrWUHDMXVWpjODKDX WHXUG·DVVLVHGXF\FOLVWH&RQÀH]LPSpUDWLYHPHQWFHWWHRSpUDWLRQj YRWUHUHYHQGHXU5,7&+(< 6XLYH]SUpFLVpPHQWOHVLQVWUXFWLRQVGXIDEULFDQWGHFDGUHV HWIDLWHVDSSHOjXQPpFDQLFLHQTXDOLÀpDJUpp5,7&+(< GpFOLQH WRXWH UHVSRQVDELOLWp HQ FDV GH FRXSH GX WXEH GH VHOOH jXQHORQJXHXULQDGpTXDWHRXGHVRQHQGRPPDJHPHQWGjXQ PRQWDJHLQFRUUHFWGHODWLJH0DVW7RSSHU ,QVWDOODWLRQG·XQHVDFRFKH /RUVGXFKRL[HWGHO·LQVWDOODWLRQG·XQHVDFRFKHYHLOOH]jFHTX·HOOH SHXWrWUHÀ[pHGHIDoRQVUHDX[UDLOVGHODVHOOH,O\DDXVVLGHV PRGqOHV TXL VRQW À[pV j OD WLJH GH VHOOH &HFL LPSOLTXH XQH LQV WDOODWLRQpYLWDQWGHVEUXLWVGHFODTXHPHQWHWGHVEDODQFHPHQWVGH ODVDFRFKH8QHVDFRFKHTXLVHEDODQFHSHXWJrQHUOHSpGDODJHHW HQGRPPDJHUOD VXUIDFH GH OD VHOOH RX GH OD WLJH GH VHOOH 'HPDQ GH] j YRWUH UHYHQGHXU 5,7&+(< GH YRXV SUpVHQWHU GHV PRGqOHV DSSURSULpV E ,QVWDOODWLRQGHODVHOOH 6\VWqPHjXQHYLV 6\VWqPHjGHX[YLV 9RWUH WLJH GH VHOOH 5,7&+(< HVW FRPSDWLEOH DYHF OD SOXSDUW GHV VHOOHVVSRUW²\FRPSULVWRXWHVOHVVHOOHV5,7&+(<²G·XQGLDPqWUH GHV UDLOV GH VHOOH GH PP 'HV FROOLHUV GH VHUUDJH H[WpULHXUV GH UHFKDQJHSRXUGHVUDLOVGHVHOOHRYDOLVpVGHPP[PPKDXWHXU [ODUJHXUDLQVLTXHSRXUGHVUDLOVGHVHOOHHQFDUERQHSOXVJUDQGV TXH [ PP VRQW pJDOHPHQW HQ YHQWH 6L YRXV Q·rWHV SDV VU TXDQWDXW\SHGHYRVUDLOVGHVHOOHRXVLYRXVYRXOH]HQVDYRLUSOXV DGUHVVH]YRXVjYRWUHUHYHQGHXU5,7&+(< 9RWUH WLJH GH VHOOH 5,7&+(< HVW FRPSDWLEOH DYHF OD SOXSDUW GHV VHOOHVVSRUWD\DQWXQGLDPqWUHGHVUDLOVGHVHOOHGHPP²\FRP SULVWRXWHVOHVVHOOHV5,7&+(<²DLQVLTX·DYHFGHVVHOOHVD\DQWGHV UDLOV GH VHOOH OpJqUHPHQW RYDOLVpV PP GH ODUJHXU HW PP GH KDXWHXU 3RXUO·LQVWDOODWLRQGHODVHOOHGpYLVVH]OHVGHX[ERXORQVGHÀ[DWLRQ GHTXDWUHjFLQTWRXUV1RUPDOHPHQWLOQ·HVWSDVQpFHVVDLUHGHGLV ORTXHUOHPpFDQLVPH6LOHVUDLOVGHVHOOHVRQWpFDUWpVWURSQHWHQWH] VXUWRXWSDVG·DSSOLTXHUGHIRUFHHQSUHVVDQWOHVUDLOVGDQVOHVUDL QXUHVGHVHUUDJH6LQRQYRXVULVTXHULH]XQHUXSWXUHGXPpFDQLVPH GHVHUUDJHRXGHVUDLOVGHVHOOHSURYRTXDQWXQDFFLGHQWDYHFGHV EOHVVXUHVSRXUOHF\FOLVWH 8WLOLVH]XQDXWUHPRGqOHGHVHOOHRXDGUHVVH]YRXVjYRWUHUHYHQ GHXU5,7&+(< 6L OD VHOOH HVW FRPSDWLEOH DYDQFH] RX UHFXOH]OD GH PDQLqUH TXH OHVUDLOVVRQWVHUUpVDXFHQWUHSDUOHPpFDQLVPHGHVHUUDJHGHOD WLJH G $MXVWH] HQ RXWUH OH ERUG VXSpULHXU GH OD VHOOH GH IDoRQ SDUDOOqOH DX VRO 6HUUH] GH IDoRQ DOWHUQpH HW SURJUHVVLYHPHQW OHV GHX[ERXORQVMXVTX·jFHTXHOHVUDLOVVRLHQWELHQHQFHUFOpVGHVGHX[ PRLWLpV 8QHIRLVOHVUDLOVUHVWHQWELHQGDQVOHPpFDQLVPHVHUUH]OHVERXORQV GHIDoRQDOWHUQpHDYHFXQHFOpG\QDPRPpWULTXHHMXVTX·DXFRXSOH GHVHUUDJHLQGLTXpHQQHZWRQPqWUH1PVXUODWLJHGHVHOOH G 3RXU O·LQVWDOODWLRQ GH OD VHOOH GpYLVVH] OH ERXORQ GH À[DWLRQ WUDQV YHUVDO DXWDQW TXH SRVVLEOH I VDQV GHVVHUUHU O·pFURX GH VHUUDJH VXUO·DXWUHF{WpGXGLVSRVLWLIGHEORFDJH1RUPDOHPHQWLOQ·HVWSDV QpFHVVDLUHGHGLVORTXHUOHPpFDQLVPHV·LOHVWGpMjPXQLGXFROOLHU H[WpULHXUFRQYHQDEOHSRXUODVHOOH 6L YRXV OH WURXYH] QpFHVVDLUH GH GLVORTXHU OH VHUUDJH j XQH YLV GpYLVVH]ODGXGLVSRVLWLIGHVHUUDJH&HFLYDGpWDFKHUOHVSLqFHVGH VHUUDJHH[WpULHXUHV'jXQHSODTXHWWHGHÀ[DWLRQHQFDRXWFKRXF OHVSLqFHVGHVHUUDJHLQWpULHXUHVUHVWHQWGDQVOHXUSRVLWLRQ,QVWDOOH] OHVUDLOVGHVHOOHGDQVOHVSLqFHVGHVHUUDJHLQWpULHXUHVUHPHWWH]OHV SLqFHVH[WpULHXUHVHWUHSODFH]OHERXORQGHÀ[DWLRQ 6L OHV UDLOV GH VHOOH VRQW pFDUWpV WURS QH WHQWH] VXUWRXW SDV G·DS SOLTXHUGHIRUFHHQSUHVVDQWOHVUDLOVGDQVOHVUDLQXUHVGHVHUUDJH 6LQRQYRXVULVTXHULH]XQHUXSWXUHGXPpFDQLVPHGHVHUUDJHRXGHV UDLOV GH VHOOH SURYRTXDQW XQ DFFLGHQW DYHF GHV EOHVVXUHV SRXU OH F\FOLVWH8WLOLVH]XQDXWUHPRGqOHGHVHOOHRXDGUHVVH]YRXVjYRWUH UHYHQGHXU5,7&+(< 6LODVHOOHHVWFRPSDWLEOHDYDQFH]RXUHFXOH]ODGHPDQLqUHTXHOHV UDLOVVRLHQWVHUUpVDXFHQWUHSDUOHPpFDQLVPHGHVHUUDJHGHODWLJH $MXVWH]HQRXWUHOHERUGVXSpULHXUGHODVHOOHGHIDoRQSDUDOOqOHDX VRO6HUUH]ODERXORQSURJUHVVLYHPHQWHWDVVXUH]YRXVTXH OHGLVSRVLWLIGHVHUUDJHUHVWHWRXMRXUVELHQVXUODWrWHGHODWLJH GHVHOOHHQFDUERQHHWTXH ,QVWUXFWLRQVJpQpUDOHVFRQFHUQDQWOHVWLJHV GHVHOOH5,7&+(</LQN OHVUDLOVVRQWELHQHQFHUFOpVGHVGHX[F{WpV 8QHIRLVOHVUDLOVUHVWHQWELHQGDQVOHPpFDQLVPHVHUUH]ODERXORQ GHIDoRQDOWHUQpHDYHFXQHFOpG\QDPRPpWULTXHMXVTX·DXFRXSOHGH VHUUDJHLQGLTXpHQQHZWRQPqWUH1PVXUODWLJHGHVHOOH /HVWLJHVGHVHOOH5,7&+(<GRWpHVGXV\VWqPH/LQNSUpVHQWHQWO·DYDQ WDJHGHSHUPHWWUHO·LQVWDOODWLRQGHWURLVV\VWqPHVGHVHOOHGLIIpUHQWV6L SDUH[HPSOHYRXVVRXKDLWH]SOXVWDUGDFKHWHUXQHQRXYHOOHVHOOHYRXV Q·DXUH]EHVRLQGHFKDQJHUTXHOHVpOpPHQWVGHÀ[DWLRQGHVHOOHVXU ODWLJHHWYRXVSRXUUH]DORUV\DGDSWHUVRLWXQHVHOOH5,7&+(<DYHF FKkVVLV9HFWRU(YRXQHVHOOHFRQYHQWLRQQHOOHDYHFFKkVVLVjWXEHVRXj WLJHVRXHQFRUHXQHVHOOH6HOOH,WDOLDDYHFFKkVVLV0RQRUDLO 7HQH] FRPSWH GHV FRQVHLOV VXLYDQWV FRQFHUQDQW O·LQVWDOODWLRQ HW OH UpJODJH D F H I 6\VWqPH5,7&+(</LQNDYHFEULGHVGH À[DWLRQSRXUFKkVVLV5,7&+(<9HFWRU(YR /HFKkVVLVGHVVHOOHV9HFWRU(YRQ·HVWSDVFRQVWLWXpFRPPHVXUOHV VHOOHVFRQYHQWLRQQHOOHVGHGHX[WXEHVRXWLJHVSDUDOOqOHVPDLVG·XQ UDLOFHQWUDOHQFDUERQHHQIRUPHGH9LQYHUVpSODFpDXGHVVRXVGH ODFRTXH 2XWUH XQ KDXW GHJUp GH FRQIRUW OH FKkVVLV 5,7&+(<9HFWRU (YR SHUPHWXQHSODJHGHUpJODJHKRUL]RQWDOSOXVpWHQGXH /HFKkVVLV9HFWRU (YR UHTXLHUW XQH WrWHGHWLJHVSpFLDOHDSRXU LQVWDOOHUODVHOOH 3RXU LQVWDOOHU OD VHOOH GHVVHUUH] OHV GHX[ ERXORQV GH À[DWLRQ HW GpPRQWH]OHPpFDQLVPHHQWLHU 3ODFH]ODEULGHLQIpULHXUHVRXWHQDQWOHFKkVVLV9HFWRU(YRVXUODWLJH GHVHOOH5,7&+(</LQNGHVRUWHTXHVDSDUWLHDOORQJpHVRLWRULHQWpH YHUVO·DUULqUH3RVH]ODVHOOH5,7&+(<GHVVXV 3RVLWLRQQH]ODEULGHVXSpULHXUHDXGHVVXVGXFKkVVLV ,QWURGXLVH]SDUOHEDVOHSUHPLHUERXORQDYHFOHVHJPHQWGHVHUUDJH GDQVODEULGHE9HLOOH]jFHTXHODSDUWLHDUURQGLHVRLWRULHQWpH YHUV O·H[WpULHXU HW TXH OD WrWH GX ERXORQ V·DGDSWH FRUUHFWHPHQW GDQVOHUHQIRQFHPHQWGXVHJPHQWGHVHUUDJH ,QWURGXLVH]SDUOHEDVOHVHFRQGERXORQDYHFOHVHJPHQWGHVHUUDJH GDQV OD EULGH F9HLOOH] j FH TXH OD SDUWLH DUURQGLH VRLW RULHQWpH YHUV O·H[WpULHXU HW TXH OD WrWH GX ERXORQ V·DGDSWH FRUUHFWHPHQW GDQVOHUHQIRQFHPHQWGXVHJPHQWGHVHUUDJH 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHU6LQRQOHERXORQQ·HVWVDQVGRXWHSDVFRUUHFWHPHQW HQJDJp /H FDV pFKpDQW GpYLVVH] FRPSOqWHPHQW OH ERXORQ SXLV UHFRPPHQFH]O·RSpUDWLRQ 8QHIRLVOHVSLqFHVDMXVWpHVOHVXQHVDX[DXWUHVIDLWHVFRXOLVVHUOD VHOOH5,7&+(<VXUODWLJHGHVRUWHjFHTXHOHFKkVVLV9HFWRU(YR SXLVVHrWUHÀ[pjSHXSUqVHQVRQPLOLHXSDUOHPpFDQLVPHGHÀ[D WLRQGHODWLJH$MXVWH]DXVVLODOLVLqUHVXSpULHXUHGHODVHOOHSDUDOOq OHPHQWDXVRO 9LVVH]OHVGHX[ERXORQVSURJUHVVLYHPHQWHWHQDOWHUQDQFHMXVTX·jFH TXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVEULGHV 6LWRXWHVWHQRUGUHVHUUH]OHVERXORQVSURJUHVVLYHPHQWHWHQDOWHU QDQFH j O·DLGH G·XQH FOp G\QDPRPpWULTXH MXVTX·j FH TXH FHOOHFL SUpUpJOpHVXUOHFRXSOHGHVHUUDJHPD[LPXPLQGLTXpHQQHZWRQ PqWUHV 1P VXU OH VHJPHQW GH VHUUDJH VH GpEUD\H RX SURGXLVH XQFOLFG 6\VWqPH5,7&+(</LQNDYHFEULGHVGH À[DWLRQSRXUFKkVVLVFRQYHQWLRQQHOV /D SOXSDUW GHV VHOOHV GH VSRUW \ FRPSULV GH QRPEUHXVHV VHOOHV 5,7&+(<VRQWGRWpHVG·XQFKkVVLVFRQYHQWLRQQHOPXQLGHUDLOVG·XQ GLDPqWUHGHPP&HUWDLQHVVHOOHVSUpVHQWHQWGHVUDLOVGHVHFWLRQ OpJqUHPHQWRYDOLVpHODUJHXUPPHWKDXWHXUPP 3RXU LQVWDOOHU OD VHOOH GHVVHUUH] OHV GHX[ ERXORQV PDLQWHQDQW OHV EULGHVHWGpPRQWH]OHPpFDQLVPHHQWLHU 3ODFH] OD EULGH LQIpULHXUH VRXWHQDQW OH FKkVVLV VXU OD WLJH GH VHOOH 5,7&+(</LQNGHVRUWHTXHVDSDUWLHDOORQJpHVRLWRULHQWpHYHUV O·DUULqUH3RVH]ODVHOOHGHVVXV 3RVLWLRQQH]ODEULGHVXSpULHXUHDXGHVVXVGXFKkVVLVH ,QWURGXLVH]SDUOHEDVOHSUHPLHUERXORQDYHFOHVHJPHQWGHVHUUDJH GDQV OD EULGH I9HLOOH] j FH TXH OD SDUWLH DUURQGLH VRLW RULHQWpH YHUV O·H[WpULHXU HW TXH OD WrWH GX ERXORQ V·DGDSWH FRUUHFWHPHQW GDQVOHUHQIRQFHPHQWGXVHJPHQWGHVHUUDJH 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHUjDXFXQPRPHQW6LQRQOHERXORQQ·HVWVDQVGRXWH SDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQWGpYLVVH]FRPSOqWHPHQWOH ERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHUjDXFXQPRPHQW6LQRQOHERXORQQ·HVWVDQVGRXWH SDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQWGpYLVVH]FRPSOqWHPHQWOH ERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ 'DQVOHFDVROHVUDLOVGXFKkVVLVGHODVHOOHVHUDLHQWWURSpFDUWpV Q·HVVD\H]SDVGHOHVLQWURGXLUHSDUIRUFHGDQVOHVUDLQXUHVGHÀ[D WLRQ/HPpFDQLVPHGHÀ[DWLRQRXOHFKkVVLVGHODVHOOHSRXUUDLHQW VHURPSUHHWHQWUDvQHUXQDFFLGHQWHWRXXQHEOHVVXUHGXF\FOLVWH 8WLOLVH] XQ DXWUH PRGqOH GH VHOOH RX GHPDQGH] FRQVHLO j YRWUH UHYHQGHXU5,7&+(< 6L OD VHOOH FRQYLHQW IDLWHVOD FRXOLVVHU VXU OD WLJH GH VHOOH GH VRUWH jFHTXHOHFKkVVLVSXLVVHrWUHÀ[pjSHXSUqVHQVRQPLOLHXSDUOH PpFDQLVPHGHÀ[DWLRQGHODWLJH$MXVWH]DXVVLODOLVLqUHVXSpULHXUH GHODVHOOHSDUDOOqOHPHQWDXVRO 9LVVH]OHVGHX[ERXORQVSURJUHVVLYHPHQWHWHQDOWHUQDQFHMXVTX·j FHTXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVGHX[EULGHV 6LWRXWHVWHQRUGUHVHUUH]OHVERXORQVSURJUHVVLYHPHQWHWHQDOWHU QDQFH j O·DLGH G·XQH FOp G\QDPRPpWULTXH MXVTX·j FH TXH FHOOHFL SUpUpJOpH VXU OH FRXSOH GH VHUUDJH PD[LPXP LQGLTXp HQ QHZWRQ PqWUHV 1P VXU OH VHJPHQW GH VHUUDJH VH GpEUD\H RX SURGXLVH XQFOLFK ,QWURGXLVH]SDUOHEDVOHVHFRQGERXORQDYHFOHVHJPHQWGHVHUUDJH GDQVODEULGHJ9HLOOH]jFH TXHOD SDUWLH DUURQGLHVRLWRULHQWpH YHUV O·H[WpULHXU HW TXH OD WrWH GX ERXORQ V·DGDSWH FRUUHFWHPHQW GDQVOHUHQIRQFHPHQWGXVHJPHQWGHVHUUDJH 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHUjDXFXQPRPHQW6LQRQOHERXORQQ·HVWVDQVGRXWH SDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQWGpYLVVH]FRPSOqWHPHQWOH ERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ D F H J E G I K 6\VWqPH5,7&+(</LQNDYHFEULGHVGH À[DWLRQSRXUFKkVVLV0RQRUDLO6HOOH,WDOLD /HV VHOOHV 0RQRUDLO GX IDEULFDQW 6HOOH ,WDOLD QH VRQW SDV pTXLSpHV FRPPHOHVVHOOHVFRQYHQWLRQQHOOHVG·XQFKkVVLVFRPSRVpGHGHX[ UDLOV SDUDOOqOHV HQ WXEH RX WLJH SODFpV F{WH j F{WH PDLV G·XQH FRQVWUXFWLRQFHQWUDOHLQVWDOOpHVRXVODFRTXHDYHFGRXEOHUDLOYHU WLFDOHQFDUERQH2XWUHXQFRQIRUWDFFUXSDUUDSSRUWjGHVVHOOHV FRQYHQWLRQQHOOHVOHFKkVVLVVSpFLDOSHUPHWpJDOHPHQWXQHSODJHGH UpJODJHKRUL]RQWDOSOXVpWHQGXH /H FKkVVLV 0RQRUDLO 6HOOH ,WDOLD UHTXLHUW XQH WrWH GH WLJH VSpFLDOH SRXULQVWDOOHUODVHOOH 3RXU LQVWDOOHU OD VHOOH GHVVHUUH] OHV WURLV ERXORQV PDLQWHQDQW OHV EULGHVHWGpPRQWH]OHPpFDQLVPHHQWLHU 3ODFH]ODEULGH0RQRUDLOJDXFKHVXUODWLJHGHVHOOH5,7&+(</LQN GHVRUWHTXHODUDLQXUHLQIpULHXUHVRLWHQSULVHGDQVODWrWHGHWLJH /LQN (QJDJH]OHFKkVVLV0RQRUDLOGDQVOHVGHX[UDLQXUHVVXSpULHXUHVGH ODEULGH0RQRUDLOD 3ODFH]GXF{WpGURLWODVHFRQGHEULGHVXUOHFKkVVLVHWODWLJH ,QWURGXLVH]GXF{WpGURLWOHSUHPLHUERXORQGDQVXQHGHVIRUXUHV LQIpULHXUHVGHODEULGHE 8QHIRLVOHVSLqFHVDMXVWpHVOHVXQHVDX[DXWUHVFIDLWHVFRXOLVVHU ODVHOOH0RQRUDLOVXUODWLJHGHVRUWHjFHTXHOHFKkVVLVSXLVVHrWUH À[pjSHXSUqVHQVRQPLOLHXSDUOHPpFDQLVPHGHÀ[DWLRQGHODWLJH $MXVWH]DXVVLODOLVLqUHVXSpULHXUHGHODVHOOHSDUDOOqOHPHQWDXVRO 9LVVH]OHVGHX[ERXORQVLQIpULHXUVSURJUHVVLYHPHQWHWHQDOWHUQDQFH MXVTX·jFHTXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVEULGHV 6LWRXWHVWHQRUGUHVHUUH]OHVGHX[ERXORQVLQIpULHXUVSURJUHVVL YHPHQWHWHQDOWHUQDQFHjO·DLGHG·XQHFOpG\QDPRPpWULTXHMXVTX·j FHTXHFHOOHFLSUpUpJOpHVXUOHFRXSOHGHVHUUDJHPD[LPXPLQGLTXp HQQHZWRQPqWUHV1PVXUOHVHJPHQWGHVHUUDJHVHGpEUD\HRX SURGXLVHXQFOLFG 6HUUH] SRXU ÀQLU OH ERXORQ VXSpULHXU j O·DLGH G·XQH FOp G\QDPR PpWULTXHMXVTX·jFHTXHODFOpG\QDPRPpWULTXHSUpUpJOpHVXUXQ FRXSOH GH VHUUDJH LQIpULHXU GH 1P DX FRXSOH GH VHUUDJH PD[L PXPLQGLTXpHQQHZWRQPqWUHV1PVXUOHVHJPHQWGHVHUUDJHVH GpEUD\HRXSURGXLVHXQFOLF 6LODVHOOHQHSHXWSDVrWUHÀ[pHSDUOHV\VWqPH0RQRUDLO DXFRXSOHGHVHUUDJHPD[LPXPDXWRULVpFHFLSHXWrWUHG DX[WROpUDQFHVSURSUHVDXFKkVVLV3RUWH]ODVHOOHjYRWUHUHYHQ GHXU5,7&+(<SRXUFRQWU{OHHWUHPSODFH]ODpYHQWXHOOHPHQWSDU XQPRGqOHV·DMXVWDQWH[DFWHPHQW 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHUjDXFXQPRPHQW6LQRQOHERXORQQ·HVWVDQVGRXWH SDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQWGpYLVVH]FRPSOqWHPHQWOH ERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ ,QWURGXLVH] pJDOHPHQW GX F{Wp GURLW OH GHX[LqPH ERXORQ GDQV OD VHFRQGH IRUXUH LQIpULHXUH GH OD EULGH9LVVH] OH ERXORQ GH GHX[ jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQVDYRLUjIRUFHU6LQRQOH ERXORQQ·HVWVDQVGRXWHSDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQW GpYLVVH]FRPSOqWHPHQWOHERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ &RUUHFWLRQGHODORQJXHXU G¶DVVLVHHWUpJODJHGH O¶LQFOLQDLVRQGHODVHOOH 'pFDODJHHWUpJODJHKRUL]RQWDO GHODVHOOH /DGLVWDQFHHQWUHOHVPDQHWWHVGXJXLGRQHWODVHOOHLQÁXHVXUO¶LQ FOLQDLVRQGXGRVHWGRQFVXUOHFRQIRUWHWODPRWULFLWp/HFKDULRW GH OD WLJH GH VHOOH SHUPHW GH IDLUH YDULHU FHWWH GLVWDQFH VXU XQH SODJHDVVH]OLPLWpH&HSHQGDQWHQGpFDODQWOHVUDLOVGHODVHOOHVXUOD WLJHYRXVQRWHUH]FHUWDLQHVUpSHUFXVVLRQVVXUOHSpGDODJHOHSRLQW GH GpSDUW GH O¶HIIRUW TXL V·H[HUFH VXU OHV SpGDOHV V¶pORLJQH RX VH UDSSURFKH 6XUOHVWLJHVGHVHOOH5,7&+(<ODWrWHTXLGpWHUPLQHO·LQFOLQDLVRQHW ODSRVLWLRQYHUWLFDOHGHODVHOOHHVWPDLQWHQXHVHORQPRGqOHSDUXQH RXGHX[YLV&+&FHQWUDOHV 8QH VHOOH TXL Q·HVW SDV KRUL]RQWDOH H RIIUH XQH SRVLWLRQ SHX GpFRQWUDFWpHDXF\FOLVWH(QHIIHWHOOHO¶REOLJHjV¶DSSX\HUVXURXj WHQLUFRQVWDPPHQWOHJXLGRQSRXUVHPDLQWHQLUHQVHOOH/DSRVLWLRQ SHXWYDULHUVHORQOHWHUUDLQHWVXUGHVYpORVjVXVSHQVLRQFRPSOqWH F¶HVWjGLUHOHEHFGHODVHOOHSHXWrWUHRULHQWpGHIDoRQjSRLQWHU YHUVOHEDVRXOHKDXW&RQVXOWH]YRWUHUHYHQGHXU5,7&+(< $YDQFH] RX UHFXOH] OD VHOOH MXVTX·j OD SRVLWLRQ VRXKDLWpH 3RXU OH UpJODJHGHO·LQFOLQDLVRQVDLVLVVH]ODSRLQWHHWO·H[WUpPLWpGHODVHOOH GHVGHX[PDLQVHWWRXUQH]ODGRXFHPHQWGHVGHX[F{Wp(QJpQpUDO XQHSHWLWHWDSHVXUODVHOOHIDFLOLWHUDOHVFKRVHV 6\VWqPHjXQRXGHX[ERXORQV /DSODJHGHUpJODJHGHODVHOOHHVWWUqVUpGXLWH3DUFRQWUH L HQMRXDQWVXUODORQJXHXUGHODSRWHQFHRQREWLHQWGHV YDULDWLRQV SOXV LPSRUWDQWHV (Q SDUWLH YRXV SRXYH] REWHQLU GHV GpFDODJHVGHSOXVGHFHQWLPqWUHV8QHPRGLÀFDWLRQGHFHW\SH REOLJHjDGDSWHUODORQJXHXUGHVFkEOHVGHGpUDLOOHXUHWGHIUHLQV IDLWHVDSSHOjYRWUHYHQGHXUVSpFLDOLVp5,7&+(< 2XYUH]XQHRXOHVGHX[YLVVXUODWrWHGHODWLJHGHVHOOH'HVVHUUH] ODOHVYLVGHGHX[jWURLVWRXUVWRXWDXSOXVVLQRQYRXVULVTXH]GH GLVORTXHUOHPpFDQLVPH 0DLQWHQH]OHERUGVXSpULHXUGHODVHOOHELHQKRUL]RQWDOSHQGDQWTXH YRXVUHVVHUUH]ODOHVYLV3RXUFHVUpJODJHVLOFRQYLHQWGHSRVHUOH YpORVXUXQHVXUIDFHKRUL]RQWDOH 5HVVHUUH] OHV YLV G·XQH FOp G\QDPRPpWULTXH VHORQ OHV LQGLFDWLRQV VXU OD WLJH GH VHOOH9pULÀH] TXH OD VHOOH XQH IRLV À[pH QH EDVFXOH SDV HQ DSSX\DQW DYHF OHV PDLQV VXFFHVVLYHPHQW VXU VD SRLQWH HW VRQH[WUpPLWpJ 9HLOOH]jFHTXHOHGLVSRVLWLIGHVHUUDJHQHVRLWSDVSRVL WLRQQpGDQVOHVFRXUEXUHVGHVUDLOVGHODVHOOHI E G I F H J 'HODPrPHPDQLqUHLQWURGXLVH]GXF{WpGURLWOHWURLVLqPHERXORQ GDQVODIRUXUHVXSpULHXUHGHODEULGH 9LVVH]OHERXORQGHGHX[jWURLVWRXUV&HFLGRLWrWUHSRVVLEOHVDQV DYRLUjIRUFHUjDXFXQPRPHQW6LQRQOHERXORQQ·HVWVDQVGRXWH SDVFRUUHFWHPHQWHQJDJp/HFDVpFKpDQWGpYLVVH]FRPSOqWHPHQWOH ERXORQSXLVUHFRPPHQFH]O·RSpUDWLRQ D 212)) &DOLEUDWH äÊʯ +2/' /LQN²9HFWRU(YR /LQN²&KkVVLVGHVHOOHFRQYHQWLRQQHOV /LQN²0RQRUDLO 6L YRXV Q·rWHV SDV VDWLVIDLW GH OD SRVLWLRQ GH OD VHOOH YRXV SRXYH] DMXVWHUFHOOHFL'HVVHUUH]OHVGHX[ERXORQVGHjWRXUVVXUODWrWH GHODWLJHSUpVHQWYRXVSRXYH]IDLUHFRXOLVVHUODVHOOHYHUVO·DYDQW RXO·DUULqUHHWPRGLÀHUVRQLQFOLQDLVRQSDUH[HQDEDLVVDQWXQSHWLW SHXOHEHFGHVHOOH 6L YRXV Q·rWHV SDV VDWLVIDLW GH OD SRVLWLRQ GH OD VHOOH YRXV SRXYH] DMXVWHUFHOOHFL'HVVHUUH]OHVGHX[ERXORQVGHjWRXUVVXUOD WrWHGHODWLJHSUpVHQWYRXVSRXYH]IDLUHFRXOLVVHUODVHOOHYHUV O·DYDQWRXO·DUULqUHHWPRGLÀHUVRQLQFOLQDLVRQSDUH[HQDEDLVVDQW XQSHWLWSHXOHEHFGHVHOOH 6L YRXV Q·rWHV SDV VDWLVIDLW GH OD SRVLWLRQ GH OD VHOOH YRXV SRXYH] DMXVWHUFHOOHFL'HVVHUUH]OHV GHX[ ERXORQVGH j WRXUV VXU OD WrWHGHODWLJHSUpVHQWYRXVSRXYH]IDLUHFRXOLVVHUODVHOOHYHUV O·DYDQWRXO·DUULqUHHWPRGLÀHUVRQLQFOLQDLVRQSDUH[HQDEDLVVDQW XQSHWLWSHXOHEHFGHVHOOH &RQWU{OHGHO·HQVHPEOHGHVV\VWqPHV 7HQH] FRPSWH GHV OLPLWHV GH OD SODJH GH UpJODJH LQGLTXpHV VXU OH FKkVVLVHWQHOHVGpSDVVH]SDVD 7HQH] FRPSWH GHV OLPLWHV GH OD SODJH GH UpJODJH LQGLTXpHV VXU OH FKkVVLVHWQHOHVGpSDVVH]SDVGH 7HQH] FRPSWH GHV OLPLWHV GH OD SODJH GH UpJODJH LQGLTXpHV VXU OH FKkVVLVHWQHOHVGpSDVVH]SDVLN /DEULGHLQIpULHXUHSHXWrWUHPRQWpHGDQVGHX[GLUHFWLRQV6LYRXV DYH]IDLWFRXOLVVHUODVHOOHYHUVO·DUULqUHLOHVWUHFRPPDQGpG·RULHQ WHUODSDUWLHDOORQJpHGHODEULGHYHUVO·DUULqUHE6LYRXVDYH]IDLW FRXOLVVHUODVHOOHYHUVO·DYDQWLOHVWUHFRPPDQGpG·RULHQWHUODSDUWLH DOORQJpHGHODEULGHYHUVO·DYDQWF&HWWHPHVXUHSHUPHWXQVRX WLHQPLHX[UpSDUWLGXFKkVVLVSDUOHVEULGHV /DEULGHLQIpULHXUHSHXWrWUHPRQWpHGDQVGHX[GLUHFWLRQV6LYRXV DYH]IDLWFRXOLVVHUODVHOOHYHUVO·DUULqUHLOHVWUHFRPPDQGpG·RULHQ WHUODSDUWLHDOORQJpHGHODEULGHYHUVO·DUULqUHI6LYRXVDYH]IDLW FRXOLVVHUODVHOOHYHUVO·DYDQWLOHVWUHFRPPDQGpG·RULHQWHUODSDUWLH DOORQJpHGHODEULGHYHUVO·DYDQWJ&HWWHPHVXUHSHUPHWXQVRX WLHQPLHX[UpSDUWLGXFKkVVLVSDUOHVEULGHV 9LVVH]OHVGHX[ERXORQVLQIpULHXUVSURJUHVVLYHPHQWHWHQDOWHUQDQFH MXVTX·jFHTXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVEULGHV 9LVVH]OHVGHX[ERXORQVSURJUHVVLYHPHQWHWHQDOWHUQDQFHMXVTX·j FHTXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVGHX[EULGHV 9LVVH]OHVGHX[ERXORQVSURJUHVVLYHPHQWHWHQDOWHUQDQFHMXVTX·j FHTXHOHFKkVVLVVRLWFRUUHFWHPHQWHQVHUUpSDUOHVGHX[EULGHV 6LWRXWHVWHQRUGUHVHUUH]OHVERXORQVSURJUHVVLYHPHQWHWHQDOWHU QDQFH j O·DLGH G·XQH FOp G\QDPRPpWULTXH MXVTX·j FH TXH FHOOHFL SUpUpJOpH VXU OH FRXSOH GH VHUUDJH PD[LPXP LQGLTXp HQ QHZWRQ PqWUHV 1P VXU OH VHJPHQW GH VHUUDJH VH GpEUD\H RX SURGXLVH XQFOLF 6LWRXWHVWHQRUGUHVHUUH]OHVERXORQVSURJUHVVLYHPHQWHWHQDOWHU QDQFH j O·DLGH G·XQH FOp G\QDPRPpWULTXH MXVTX·j FH TXH FHOOHFL SUpUpJOpHVXUOHFRXSOHGHVHUUDJHPD[LPXPLQGLTXpHQQHZWRQ PqWUHV 1P VXU OH VHJPHQW GH VHUUDJH VH GpEUD\H RX SURGXLVH XQFOLFK 6LWRXWHVWHQRUGUHVHUUH]OHVGHX[ERXORQVLQIpULHXUVSURJUHVVL YHPHQWHWHQDOWHUQDQFHjO·DLGHG·XQHFOpG\QDPRPpWULTXHMXVTX·j FHTXHFHOOHFLSUpUpJOpHVXUOHFRXSOHGHVHUUDJHPD[LPXPLQGLTXp HQQHZWRQPqWUHV1PVXUOHVHJPHQWGHVHUUDJHVHGpEUD\HRX SURGXLVHXQFOLF 6HUUH] SRXU ÀQLU OH ERXORQ VXSpULHXU j O·DLGH G·XQH FOp G\QDPR PpWULTXHMXVTX·jFHTXHODFOpG\QDPRPpWULTXHSUpUpJOpHVXUXQ FRXSOH GH VHUUDJH LQIpULHXU GH 1P DX FRXSOH GH VHUUDJH PD[L PXPLQGLTXpHQQHZWRQPqWUHV1PVXUOHVHJPHQWGHVHUUDJHVH GpEUD\HRXSURGXLVHXQFOLF 9pULÀH]TXHODVHOOHXQHIRLVÀ[pHQHEDVFXOHSDVVXUOD WLJHGHVHOOHHQDSSX\DQWDYHFOHVPDLQVVXFFHVVLYHPHQW VXUVDSRLQWHHWVRQH[WUpPLWpO8QHVHOOHPDOVHUUpHSHXWSUR YRTXHUXQDFFLGHQW 6LYRXVQ·DUULYH]SDVjVHUUHUOHPpFDQLVPHGHVHUUDJHGH L OD WLJH GH VHOOH HQ FDUERQH j OD YDOHXU GHV FRXSOHV VSp FLÀpHV Q·XWLOLVH] SDV YRWUH YpOR DYDQW TXH YRWUH UHYHQGHXU 5,7&+(<DLWUpVROXFHSUREOqPH 1H GpSDVVH] MDPDLV OHV FRXSOHV VSpFLÀpV SDU 5,7&+(< TXL VRQW LQGLTXpVVXUOHVFRPSRVDQWV 6L YRXV Q·rWHV WRXMRXUV SDV VU TXDQW DX ERQ FRXSOH GH VHUUDJH RX VL YRXV Q·DYH] SDV GH FOp G\QDPRPpWULTXH j YRWUH GLVSRVLWLRQ DGUHVVH]YRXVjYRWUHUHYHQGHXU5,7&+(<6LQRQXQVHUUDJHWURS IRUWGHVERXORQVSRXUUDLWPHQHUjXQHXVXUHSUpPDWXUpHRXXQH UXSWXUH GX FRPSRVDQW GXUDQW OD UDQGRQQpH SURYRTXDQW DLQVL XQ DFFLGHQWDYHFGHVEOHVVXUHV &RPPHQWWURXYHUODERQQH KDXWHXUGHODVHOOH D G K /DKDXWHXUG¶DVVLVHQpFHVVDLUHYDULHHQIRQFWLRQGXSpGDODJH/RUV GXSpGDODJHODSODQWHGXSLHGGRLWrWUHDXGHVVXVGXFHQWUHGHO·D[H GHODSpGDOH $XSRLQWPRUWEDVGHODPDQLYHOOHORUVTXHODSpGDOHHVWjGLVWDQFH PD[LPDOH GH OD VHOOH OD MDPEH QH GRLW SDV rWUH FRPSOqWHPHQW WHQGXH VLQRQ YRXV ULVTXH] GH SpGDOHU DYHF XQ IDX[URQG 1RXV YRXVFRQVHLOORQVG¶DGDSWHUODKDXWHXUGHODVHOOHVXLYDQWODPpWKRGH GRQQpH FLDSUqV IDFLOH j PHWWUH HQ ±XYUH$ FHW HIIHW OH SRUW GH FKDXVVXUHVjVHPHOOHSODWHHVWLQGLVSHQVDEOH (QURXODQWVXUWHUUDLQLOSHXWrWUHXWLOHG·DEDLVVHUODWLJHGH L VHOOH7HQH]FRPSWHGXIDLWTX·XQDEDLVVHPHQWGHODVHOOH SHQGDQWXQSpGDODJHGHORQJXHGXUpHSHXWHQJHQGUHUGHVGRX OHXUV GH JHQRX[ 6L YRXV DYH] PDO DX[ JHQRX[ RX j OD KDQFKH FRQWDFWH]LPPpGLDWHPHQWXQH[SHUWYpORRXUHYHQGHXUTXDOLÀp H E I L F J N O /RUVTXHYRXVrWHVDVVLVVXUODVHOOHSODFH]OHWDORQVXUODSpGDOHFDOpH DXSRLQWPRUWEDV9HLOOH]jQHSDVFDPEUHUOHVKDQFKHV'DQVFHWWH SRVLWLRQODMDPEHGHYUDLWrWUHFRPSOqWHPHQWWHQGXHD 5pJODJHGHODERQQHKDXWHXU GHODVHOOH 3RXU UpJOHU OD KDXWHXU G·DVVLVH LO FRQYLHQW GH GHVVHUUHU O·D[H GH VHUUDJH RX OH EORFDJH UDSLGH GH OD VHOOH OLVH] j FHW HIIHW OD VHF WLRQ © 0DQLHPHQW GHV DWWDFKHV UDSLGHV VXU OHV GLVSRVLWLIV GHVHUUDJHGHVWLJHVGHVHOOHª8WLOLVH]GHVRXWLOVDGDSWpVjOD YLVGHVHUUDJHTXLPDLQWLHQWODWLJHGHVHOOHHWWRXUQH]ODGHGHX[j WURLVWRXUVGDQVOHVHQVFRQWUDLUHGHVDLJXLOOHVG·XQHPRQWUHRXELHQ RXYUH]OHEORFDJHUDSLGHGHYRWUHVHUUDJHGHVHOOH8QHIRLVOLEpUpH ODWLJHGHVHOOHFRXOLVVHGDQVOHVHQVGHODKDXWHXU (YLWH] GH GpJDJHU WURS OD WLJH GH VHOOH GX WXEH GH VHOOH 3UHQH] FRPPHUpIpUHQFHOHUHSqUH0$;EDXYHUVRGHODWLJHGHVHOOH 6XUOHVFDGUHVjWXEHGHVHOOHSOXVORQJTXLGpSDVVHOHWXEH VXSpULHXUUHSRXVVH]ODEDVHGHODWLJHGHVHOOHHQGHojGX QLYHDX GX WXEH VXSpULHXU HWRX GHV KDXEDQV DUULqUH &HFL SHXW HQWUDvQHUXQHSURIRQGHXUG·LQVHUWLRQPLQLPXPGHFHQWLPqWUHV HWGDYDQWDJH D 7LJHVGHVHOOHHQDOXPLQLXPGDQVGHVFDGUHV HQDOXPLQLXPDFLHURXWLWDQH 5DSSHORQVTXHODSDUWLHGHODWLJHHQJDJpHGDQVOHWXEHGHVHOOHGRLW rWUHELHQJUDLVVpH6LODWLJHGHVHOOHFKDQFqOHRXQHFRXOLVVHSDVELHQ GDQVVRQWXEHVXSSRUWGHPDQGH]FRQVHLOjYRWUHYHQGHXUVSpFLDOLVp 1·XWLOLVH]VXUWRXWSDVODIRUFH 7LJHVGHVHOOHHQFDUERQHGDQVGHVFDGUHVGH Q·LPSRUWHTXHOPDWpULDX 'DQVOHFDVGHVWLJHVGHVHOOHHQFDUERQHDVVXUH]YRXVTXHOHWXEH GHVHOOHHVWDEVROXPHQWH[HPSWGHOXEULÀDQWVSHXLPSRUWHGHTXHO PDWpULDXLOHVWIDLW3RXUGHVYpORVGHFRXUVHHWFGRQWODKDXWHXUGH VHOOHQHYDULHSDVHQURXWHYHXLOOH]XWLOLVH]DXOLHX5,7&+(</LTXLG 7RUTXHDÀQG·DVVXUHUXQERQVHUUDJHF 5HVVHUUH]jQRXYHDXODWLJH6HUUH]jFHÀQOHERXORQGHODWLJHGH VHOOHGDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUHRXIHUPH]OHEORFDJH UDSLGH OLVH] j FHW HIIHW OD VHFWLRQ ©0DQLHPHQW GHV DWWDFKHV UDSLGHVVXUOHVGLVSRVLWLIVGHVHUUDJHGHVWLJHVGHVHOOHª 9pULÀH]TXHODWLJHHVWELHQVHUUpH6DLVLVVH]jFHWHIIHWODVHOOHSDU OHVGHX[PDLQVjVDSRLQWHHWVRQH[WUpPLWpHWHVVD\H]GHODIDLUH WRXUQHU 6L YRXV \ DUULYH] LO IDXW UHVVHUUHU j QRXYHDX OD YLV RX OH EORFDJHUDSLGHHQGRXFHXUHWFRQWU{OHUXQHIRLVGHSOXVVRQERQ VHUUDJH1HGpSDVVH]SDVOHVFRXSOHVGHVHUUDJHVSpFLÀpV 6LODWLJHGHVHOOHERXJHYpULÀH]TXHOHERXORQDELHQpWpVHUUpDX FRXSOH UHFRPPDQGp 6L YRXV Q·rWHV SDV VU GH FH SRLQW OLVH] OHV LQVWUXFWLRQVGXIDEULFDQWRXFRQWDFWH]YRWUHUHYHQGHXUDXWRULVp6L ODWLJHGHVHOOHERXJHWRXMRXUVVRQVHUUDJHpWDQWLQVXIÀVDQWPDOJUp TXHYRXVD\H]UHVSHFWpOHVFRXSOHVVSpFLÀpVGHVVHUUH]OHERXORQHW HQOHYH]ODWLJHGHVHOOH$SSOLTXH]XQHFRXFKHGH5,7&+(</LTXLG 7RUTXHVXUOHV]RQHVGHFRQQH[LRQ6HUUH]GHQRXYHDXOHERXORQ MXVTX·DXFRXSOHUHFRPPDQGp6LODWLJHQ·HVWWRXMRXUVSDVÀ[HFKHU FKH]OHFRQVHLOGHYRWUHUHYHQGHXU5,7&+(<RXG·XQDXWUHWHFK QLFLHQTXDOLÀp 1HJUDLVVH]MDPDLVOHWXEHGHVHOOHG·XQFDGUHHQFDUERQH V·LO Q·\ D SDV GH PDQFKRQ HQ DOXPLQLXP 6L XQH WLJH GH VHOOHHQFDUERQHHVWXWLOLVpHYRXVGHYH]pYLWHUGHJUDLVVHUPrPH OHFDGUHHQPpWDO'DQVFHUWDLQVFDVGHVFRPSRVDQWVHQFDUERQH JUDLVVpVXQHIRLVQHSUpVHQWHURQWSOXVGHVpFXULWpGHVHUUDJH F G 0DQLHPHQWGHVDWWDFKHV UDSLGHVVXUOHVGLVSRVLWLIVGH VHUUDJHGHVWLJHVGHVHOOH /DSRVLWLRQGHVMDPEHVHVWHOOHWRXMRXUVFRUUHFWH"3RXUYpULÀHUFHOD LOVXIÀWGHSODFHUOHSLHG\FRPSULVODSpGDOHDXSRLQWPRUWEDV /HPRGHG·XWLOLVDWLRQLQKDELWXHOGHVEORFDJHVUDSLGHVHQWUDvQHGHV DFFLGHQWVUpSpWpV1RXVYRXVUHFRPPDQGRQVGHVXLYUHVWULFWHPHQW OHVLQVWUXFWLRQVVXLYDQWHVHWG·HQWUDvQHUOHPDQLHPHQW /DSODQWHGXSLHGDSSX\pHDXFHQWUHGHODSpGDOHSRVLWLRQGHSpGD ODJHLGpDOHOHJHQRXGRLWIRUPHUXQOpJHUDQJOH6LRXLOHUpJODJHGH ODKDXWHXUGHODVHOOHHVWDXSRLQWG /HEORFDJHUDSLGHHVWHVVHQWLHOOHPHQWFRPSRVpGHGHX[pOpPHQWV GHFRPPDQGHJ 9pULÀH] TXH YRXV SRXYH] HQFRUH YRXV WHQLU IHUPHPHQW VXU YRV SLHGV6LFHQ·HVWSDVOHFDVQ¶KpVLWH]SDVjUHGHVFHQGUHODVHOOHGH TXHOTXHVFHQWLPqWUHVDXPRLQVDXGpEXW /HOHYLHUGLVSRVpG¶XQF{WpGXFROOLHU,OVHWURXYHTXDVLPHQWUHOH YDEOHVXUOHFROOLHUGHVHUUDJHGHVHOOH(QRXYUDQWOHOHYLHUOHFROOLHU GH VHUUDJH HVW GHVVHUUp OH PRXYHPHQW GH IHUPHWXUH IRXUQLW XQ JUDQGHIIRUWGHVHUUDJH 1HSUHQH]SDVODURXWHORUVTXHODWLJHGpSDVVHOHUHSqUHPLQLPXP /D WLJH ULVTXHUDLW GH FDVVHU RX G·HQGRPPDJHU OH FDGUH H &HFL SRXUUDLWSURYRTXHUXQDFFLGHQWDYHFGHVEOHVVXUHV /¶pFURXGHVHUUDJHGXF{WpRSSRVpGXFROOLHU/DSUpFRQWUDLQWH HVWUpJOpJUkFHjXQHPRGLÀFDWLRQVXUO·D[HÀOHWp 6XUOHVFDGUHVjWXEHGHVHOOHSOXVORQJTXLGpSDVVHOHWXEH VXSpULHXUUHSRXVVH]ODEDVHGHODWLJHGHVHOOHHQGHojGX QLYHDXGXWXEHVXSpULHXUHWRXGHVKDXEDQVDUULqUHV&HFLSHXW VLJQLÀHUXQHSURIRQGHXUG·LQVHUWLRQPLQLPXPGHFP 3RXUREWHQLUXQVHUUDJHVXIÀVDQWGHVERXORQVDLQVLTXHGHVEORFDJHV UDSLGHVLOQ·HVWSDVQpFHVVDLUHG·H[HUFHUXQHIIRUWLPSRUWDQW'DQV OHFDVFRQWUDLUHODWLJHGHVHOOHQ·HVWSDVFRPSDWLEOHDYHFOHFDGUH GHYRWUHYpOR E 9HLOOH]jQHSDVVHUUHUWURSIRUWODYLVRXOHEORFDJHUDSLGH GXVHUUDJHGXWXEHGHVHOOH(QIRUoDQWWURSYRXVULVTXH ULH]G·HQGRPPDJHUODWLJHGHVHOOHHWRXOHFDGUHFHTXLULVTXHUDLW GHFDXVHUXQDFFLGHQWDYHFGHVEOHVVXUHVSRXUOHF\FOLVWH /DVHOOHSHXWrWUHjO·RULJLQHGHVGRXOHXUVG·DVVLVHWHOTXH L O·HQJRXUGLVVHPHQW HWF9RWUH PDJDVLQ VSpFLDOLVp SURSRVH XQ JUDQG pYHQWDLO GH VHOOHV GLIIpUHQWHV HW VH IHUD XQ SODLVLU GH JXLGHUYRWUHFKRL[ 5pJODJHGXPRGqOH0DVW7RSSHU I /DWLJHGHVHOOH0DVW7RSSHUSHUPHWXQUpJODJHYHUWLFDOG¶HQYLURQ PP'HFHIDLWLOHVWWUqVLPSRUWDQWTXHOHWXEHGHVHOOHVRLWVFLpH jODERQQHORQJXHXU 3RXUXQUpJODJHPLQXWLHX[GHVVHUUH]OHVERXORQVGHÀ[DWLRQG·XQj GHX[WRXUVHWFRXOLVVH]ODWLJH0DVW7RSSHUjTXHOTXHVPLOOLPqWUHV YHUVOHKDXWRXEDV9HLOOH]jFHTXHODÀQGXWXEHGHVHOOHQHVRLWSDV YLVLEOHGDQVODIHQWHGHODWLJH0DVW7RSSHUDXWUHPHQWYRXVULVTXH] TXH OH VHUUDJH QH VRLW SDV VXIÀVDQW ² ULVTXH GH UXSWXUH HW DLQVL ULVTXHG¶XQDFFLGHQWDYHFGHVEOHVVXUHVI 6LYRXVDYH]WURXYH]ODERQQHKDXWHXUG·DVVLVHUHVVHUUH]OHERXORQ GH À[DWLRQ 0DVW 7RSSHU FRPPH GpFULW FLGHVVXV GDQV OD VHF WLRQ ©5pJODJH GH OD ERQQH KDXWHXU GH OD VHOOHª 3RXU HQ VDYRLUSOXVOLVH]DXVVLODVHFWLRQ©,QVWDOOHUGHVpOpPHQWVDYHF 5,7&+(</LTXLG7RUTXHªHWXWLOLVH]OH/LTXLG7RUTXHVLEHVRLQ HVWSRXUXQERQVHUUDJH H J 'pPDUFKHjVXLYUHSRXUODÀ[DWLRQÀDEOHGX GLVSRVLWLIGHVHUUDJHGHODWLJHGHVHOOH 2XYUH] OH EORFDJH UDSLGH D $ SUpVHQW O·LQVFULSWLRQ ©RSHQª GHYUDLWrWUHYLVLEOH 3RXVVH]OHOHYLHUjQRXYHDXHQSRVLWLRQGHVHUUDJHIDFLOHjLGHQWL ÀHU JUkFH j O·LQVFULSWLRQ ©FORVHª TXL DSSDUDvWVXUOD IDFHH[WHUQH GXOHYLHU3HQGDQWOHVHUUDJHGXGpEXWMXVTX¶jPLFRXUVHGXOHYLHU HQYLURQ OH GpSODFHPHQW GX OHYLHU GRLW VH IDLUH SUDWLTXHPHQW VDQV UpVLVWDQFHGRQFVDQVSURGXLUHGHVHUUDJHHIIHFWLI 3HQGDQWODVHFRQGHPRLWLpGHVDFRXUVHYRXVVHQWH]O¶HIIRUWGHVHU UDJHDXJPHQWHUVHQVLEOHPHQW(QERXWGHFRXUVHYRXVDYH]GXPDO jERXJHUOHOHYLHU)HUPH]OHOHYLHUHQYRXVDLGDQWGXSRXFHHWHQ WLUDQWDYHFOHVGRLJWVVXUODWLJHGHVHOOHRXOHFDGUHE9HLOOH]j FHTXHOHOHYLHUVRLWELHQIHUPp3URFpGH]DLQVLSRXUDWWHLQGUHXQ VHUUDJHÀDEOHHWYHLOOH]jFHTXHOHEORFDJHUDSLGHUHVWHIHUPp (QSRVLWLRQÀQDOHLOIDXWTXHOHOHYLHUVRLWSDUDOOqOHjODURXHWRXWH SRVLWLRQHQVDLOOLHHVWGRQFjSURVFULUH/HOHYLHUGRLWrWUHFRXFKpOH ORQJGXFDGUHSRXUSUpYHQLUjWRXWHRXYHUWXUHLQWHPSHVWLYH 3RXU FRQWU{OHU VD ERQQH IHUPHWXUH HVVD\H] GH WRXUQHU OH OHYLHU ORUVTX¶LOHVWHQSRVLWLRQIHUPpH([HUFH]XQHSUHVVLRQODWpUDOHVXU OHOHYLHU 6LYRXVDUULYH]jIDLUHXQWRXUFRPSOHWVXUOHOHYLHURXYUH]FHOXLFL SRXU DXJPHQWHU OD SUpFRQWUDLQWH7RXUQH] DORUV O·pFURX VLWXp GX F{WpRSSRVpG·XQGHPLWRXUGDQVOHVHQVGHVDLJXLOOHVG·XQHPRQWUH 5pSpWH]O·RSpUDWLRQGHIHUPHWXUHWRXWHQFRQWU{ODQWOHERQVHUUDJH GHODVHOOH6LYRXVQ¶DUULYH]SOXVjERXJHUOHOHYLHUF¶HVWTXHOHVHU UDJHGXEORFDJHUDSLGHHVWVDWLVIDLVDQWFHWWHIRLVFL &RQWU{OH]HQVXLWHOHERQVHUUDJHGHODVHOOHHQVDLVLVVDQWODVHOOHHW HQHVVD\DQWGHODWRXUQHUVXUODWLJHGHVHOOH6LYRXVQ·DUULYH]SOXVj WRXUQHUODWLJHGHVHOOHGDQVOHWXEHGHVHOOHF¶HVWTXHOHVHUUDJHGX FROOLHUGHVHUUDJHGHODVHOOHHVWVDWLVIDLVDQW (QFDVGHPDXYDLVVHUUDJHGHVEORFDJHVUDSLGHVFHUWDLQVFRPSRVDQWV ULVTXHQWGHVHGpWDFKHU 5,7&+(<GpFRQVHLOOHG·XWLOLVHUGHVFROOLHUVGHVHUUDJHGH L VHOOHDYHFEORFDJHUDSLGHHQFRPELQDLVRQDYHFXQHWLJHGH VHOOHHQFDUERQHFDULOHVWLPSRVVLEOHGHPHVXUHUOHFRXSOHGHVHU UDJHQpFHVVDLUHSRXUOHFROOLHUGHVHUUDJHGHVHOOH$SSOLTXHUXQH WURSJUDQGHIRUFHGHVHUUDJHSRXUUDLWHQGRPPDJHUODWLJHG·XQH WLJHGHVHOOHHQFDUERQHSURYRTXDQWXQHUXSWXUHGXFRPSRVDQW DLQVLTX·XQDFFLGHQWDYHFGHVEOHVVXUHV &RQGLWLRQVGHODJDUDQWLH (Q YHUWX GH OD ORL HXURSpHQQH GH SURWHFWLRQ GX FRQVRPPDWHXU O·DFKHWHXUGLVSRVHGHVGURLWVHQWLHUVHWVWDWXWDLUHVGHJDUDQWLHSHQ GDQW OHV GHX[ SUHPLqUHV DQQpHV j FRPSWHU GH OD GDWH G·DFKDW (Q $PpULTXH GX 1RUG FHV GURLWV V·DSSOLTXHQW SHQGDQW OD SUHPLqUH DQQpHjFRPSWHUGHODGDWHG·DFKDW6HORQFHVORLVYRWUHUHYHQGHXU HVWFKDUJpGHYRXVDVVXUHUG·XQSURGXLWVDQVGpIDXWSRXYDQWFDXVHU XQHXVXUHSUpPDWXUpHPDOJUpXQXVDJHQRUPDO E D &HWWHORLHXURSpHQQHDVVXUDQWXQHJDUDQWLHGHGHX[DQV Q·HVW YDODEOH TXH GDQV OHV SD\V R OHV UpJXODWLRQV HXUR SpHQQHVV·DSSOLTXHQW5HQVHLJQH]YRXVDXSUqVGHYRWUHUHYHQGHXU VXUOHVUpJOHPHQWDWLRQVHQYLJHXUGDQVYRWUHSD\V L /HVUpFODPDWLRQVGHJDUDQWLHVHURQWVHXOHPHQWDFFHSWpHVVLOHYpOR DXQLTXHPHQWpWpXWLOLVpGDQVOHEXWSUpYXYRLUVHFWLRQ©$YDQW YRWUHSUHPLqUHVRUWLH²8WLOLVDWLRQVSpFLÀTXHª &HODQHFRXYUHSDVOHVGRPPDJHVUpVXOWDQWGHO·XVXUHDEUDVLRQGX UHYrWHPHQWGHODVHOOHGHODQpJOLJHQFHHQWUHWLHQHWPDLQWHQDQFH LQVXIÀVDQWV GHV DFFLGHQWV GHV WHQVLRQV WURS IRUWHV GXHV DX VXU FKDUJHGHO·LQVWDOODWLRQLQFRUUHFWHGXWUDLWHPHQWQRQFRQIRUPHRX VXLWHjGHVPRGLÀFDWLRQVDSSRUWpHVDX[GLIIpUHQWVpOpPHQWV $VVXUH] YRXV GH VXLYUH SUpFLVpPHQW OHV LQVWUXFWLRQV G·DVVHPEODJH GH FH PDQXHO DLQVL TXH WRXWHV OHV LQVWUXFWLRQV VXSSOpPHQWDLUHV IRXUQLHV SDU OH IDEULFDQW GHV SURGXLWV XWLOLVpV FRQMRLQWHPHQW DYHF OHV SURGXLWV 5,7&+(< VSpFLDOHPHQW OHV VSpFLÀFDWLRQV GH FRXSOH GHVERXORQVHWODPDLQWHQDQFHUHFRPPDQGpH5HVSHFWH]WRXWHVOHV LQVWUXFWLRQV HQ FH TXL FRQFHUQH OHV SURFpGXUHV HW OHV SURFHVVXV GHYpULÀFDWLRQOLVWpVGDQVFHPDQXHODLQVLTXHWRXWHDXWUHLQVWUXF WLRQTXLSRXUUDLWrWUHDFFRPSDJQpHG·DXWUHVSURGXLWV5,7&+(<'H PrPHYHLOOH]jUHVSHFWHUVWULFWHPHQWWRXWHLQVWUXFWLRQUHODWLYHDX UHPSODFHPHQWGHSLqFHVSRXUOHVTXHOOHVODVpFXULWpHVWWUqVLPSRU WDQWHFRPPHODWLJHGHVHOOHHWF 9RWUHFRQWDFWGLUHFWSRXUWRXWFHTXLFRQFHUQHOHVVXMHWVH[SOLTXpV GDQV FH PDQXHO HW OHV LQVWUXFWLRQV FRUUHVSRQGDQWHV UHVWH YRWUH UHYHQGHXU ORFDO 5,7&+(< TXL GRLW rWUH TXDOLÀp SRXU UpSRQGUH j YRVTXHVWLRQV$ÀQG·REWHQLUGHO·DLGHG·XQUHYHQGHXU5,7&+(<LO YRXVGHPDQGHUDSHXWrWUHGHPRQWUHUYRWUHUHoX 9RXVGHYH]FRQWDFWHUYRWUHUHYHQGHXUVLYRXVDYH]XQSUR EOqPH GH JDUDQWLH RX XQ VRXFL F¶HVW j GLUH OH UHYHQGHXU 5,7&+(< TXL YRXV D YHQGX OHV pOpPHQWV HQ TXHVWLRQ 5,7&+(< D SDVVp GHV DFFRUGV H[FOXVLIV DYHF WRXV VHV UHYHQGHXUV DVVRFLpVSRXUV·RFFXSHUGHSUREOqPHVSRWHQWLHOVVRXVJDUDQWLH6L YRXVDFKHWH]XQSURGXLW5,7&+(<G·XQUHYHQGHXUQRQDJUpHSH[ VXUXQVLWHGHYHQWHDX[HQFKqUHVVXUO·LQWHUQHWYRXVQ·DYH]DXFXQ UHFRXUV YLVjYLV GH 5,7&+(< RX G·XQ GH VHV UHYHQGHXUV DJUpHV YRXV GHYUH] DORUV YRXV UHWRXUQHU YHUV OD SHUVRQQH TXL YRXV DXUD YHQGXOHSURGXLW 1RWHVXUO·XVXUH /HV FRPSRVDQWV GH YpORV VRQW VXMHWV j O·XVXUH GXH j O·XWLOLVDWLRQ QRUPDOHHWDSSURSULpH/HU\WKPHGHO·XVXUHGpSHQGUDGXVRLQHW GHO·HQWUHWLHQGHO·XVDJHTXLHVWIDLWGXYpORHWGHO·HQYLURQQHPHQW DXTXHOLOHVWH[SRVpFRPPHODSOXLHODERXHODSRXVVLqUHHWOHVDEOH &HUWDLQVFRPSRVDQWVH[LJHQWXQVRLQHWXQHQWUHWLHQUpJXOLHUVPDLV PDOJUpOHPHLOOHXUGHVSURJUDPPHVG·HQWUHWLHQHWVHORQOHVFRQGL WLRQV G·XWLOLVDWLRQ HW GH O·LQWHQVLWp GH FHOOHFL LOV QH SRXUURQW SDV WRXVDYRLUXQHORQJXHGXUpHGHYLH 5,7&+(<,QWHUQDWLRQDO 9LD&DQWRQDOH &+*UDQFLD/XJDQR 5,7&+(<&RUSRUDWH+4·V 6SLFH,VODQG'ULYH 6SDUNV19 (XURSHDQ$XWKRUL]HG5HSUHVHQWDWLYH 2EHOLVVD %G*pQpUDO:DKLV %UXVVHOV%(/*,80 5,7&+(<'HVLJQ,QF 6DOHV:DUUDQW\2IÀFH 2OG&RXQW\5RDG 6DQ&DUORV&$ 5,7&+(<'HVLJQ,QF7DLZDQ%UDQFK &KXQJDQJ5G6HF 7DLFKXQJ 7DLZDQ52& /D SLqFH 5,7&+(< VXLYDQWH HVW SDUWLFXOLqUHPHQW VXMHWWH j O·XVXUH GXHjODQDWXUHGHVRQXWLOLVDWLRQQRUPDOHHWQ·HVWSDVFRXYHUWHSDU FHWWHJDUDQWLHSRXUO·XVXUH /HUHYrWHPHQWGHODVHOOHHVWVXMHWWHjODFRPSUHVVLRQjO·DEUDVLRQ HWjODFRQWDPLQDWLRQ /DJDUDQWLHGXIDEULFDQW /HV SURGXLWV 5,7&+(< RQW pWp GpYHORSSpV HW IDEULTXpV DYHF OH SOXVJUDQGVRLQHWRQWVXELGHQRPEUHX[WHVWV1RVSURGXLWVVRQW H[DPLQpVGDQVOHFDGUHGHQRVSURFpGXUHVGHFRQWU{OHGHTXDOLWp SRXUUpSRQGUHjGHVQRUPHVVWULFWHVDLQVLTXHSDUGHVODERUDWRLUHV G·HVVDLH[WHUQHVHWQHXWUHV 3RXUOHPDUFKpGHO·8QLRQ(XURSpHQQHQRXVDFFRUGRQVLQGpSHQ GDPPHQW GH OD UpJOHPHQWDWLRQ OpJDOH OD JDUDQWLH YRORQWDLUH TXH YRWUHSURGXLW5,7&+(<HVWH[HPSWGHGpIDXWSHQGDQWGHX[DQVj FRPSWHUGHODGDWHG·DFKDW 3RXUOHPDUFKpQRUGDPpULFDLQQRXVDFFRUGRQVLQGpSHQGDPPHQW GHODUpJOHPHQWDWLRQOpJDOHXQHJDUDQWLHYRORQWDLUHTXHYRWUHSUR GXLW5,7&+(<HVWH[HPSWGHGpIDXWSHQGDQWXQDQjFRPSWHUGHOD GDWHG·DFKDW$O·H[FOXVLRQGXUHYrWHPHQWGHODVHOOHFIFLGHVVXV &HWWHJDUDQWLHGXIDEULFDQWQHV·DSSOLTXHVHXOHPHQWTX·DX[UpFODPD WLRQVIDLWHVSDUO·DFKHWHXULQLWLDOTXLGRLWSUpVHQWHUOHUHoXGHVRQ DFKDWIDLVDQWÀJXUHUODGDWHGHO·DFKDWO·DGUHVVHGXUHYHQGHXUHWOH QXPpURGXPRGqOH/HVUpFODPDWLRQVGHJDUDQWLHVHURQWDFFHSWpHV VHXOHPHQWVLOHYpORDpWpXWLOLVpGDQVOHVFRQGLWLRQVSUpYXHVSRXU OHVSURGXLWV5,7&+(< &HWWHJDUDQWLHQHFRXYUHSDVOHVGRPPDJHVUpVXOWDQWGH O·XVXUH ODQpJOLJHQFHVRLQHWHQWUHWLHQLQVXIÀVDQWV OHVDFFLGHQWV OHVWHQVLRQVWURSIRUWHVGXHVjXQHVXUFKDUJH O·LQVWDOODWLRQLQFRUUHFWHRXOHWUDLWHPHQWQRQFRQIRUPH OHVPRGLÀFDWLRQVRXFKDQJHPHQWVDSSRUWpVDX[pOpPHQWV SH[UDFFRXUFLVVHPHQWGHODWLJHGHVHOOH /HVLQVWUXFWLRQVGHFHPDQXHOHWGHWRXVOHVDXWUHVPDQXHOV L 5,7&+(< VRQW VRLJQHXVHPHQW FRQoXHV SRXU PD[LPLVHU ODGXUpHGHYLHGHVSURGXLWV7RXWHJDUDQWLHHVWDQQXOpHVLOHVLQV WUXFWLRQV G·LQVWDOODWLRQ VRQW LJQRUpHV HWRX VL OHV LQVSHFWLRQV HW PDLQWHQDQFHVjLQWHUYDOOHVUpJXOLHUVVRQWQpJOLJpHV 'DQVOHFDVG·XQHUpFODPDWLRQGHJDUDQWLH5,7&+(<VHUpVHUYHOH GURLWGHUHPSODFHUO·HQVHPEOHGHVSLqFHVFRQFHUQpHVRXXQHSDUWLH GHFHOOHVFLGDQVVRQOHXUPRGqOHFRXUDQWGDQVXQHFRXOHXUGLVSR QLEOH²RXVLXQHWHOOHSLqFHQ·HVWSDVGLVSRQLEOHXQPRGqOHGHTXD OLWpVXSpULHXUH²HWFHSRXUUHPpGLHUjODUpFODPDWLRQ/DJDUDQWLH QHFRXYUHSDVOHVFRWVG·DVVHPEODJHHWGHUpLQVWDOODWLRQRXWRXW DXWUHQRXYHODFFHVVRLUHTXLSRXUUDLWrWUHUHTXLVSH[GHVSLqFHV GHGLPHQVLRQGLIIpUHQWH &HWWHJDUDQWLHQHFRXYUHQLOHVIUDLVGHWUDYDLOHWGXWUDQVSRUWQLOHV FRWVGHVXLYLUpVXOWDQWGHVGpIDXWVHQFDXVH (QFDVGHGpIDXWGpFHOpDGUHVVH]YRXVWRXMRXUVjYRWUHUHYHQGHXU 5,7&+(< FRPPH LQWHUORFXWHXU 3RXU WRXWHV TXHVWLRQV YHXLOOH] YRXVDGUHVVHUjYRWUHGLVWULEXWHXUQDWLRQDO9RXVWURXYH]XQHOLVWH FRPSOqWHGHGLVWULEXWHXUVVRXVZZZULWFKH\ORJLFFRP 1RXVQRXVUpVHUYRQVOHGURLWGHPRGLÀHUOHVGpWDLOVWHFKQLTXHV GDQVOHSUpVHQWWH[WHHWOHVLOOXVWUDWLRQV 7RXWHUHSURGXFWLRQWUDGXFWLRQHWFRSLHRXXWLOLVDWLRQDXWUH PrPHSDUWLHOOHHWVXUGHVPpGLDVpOHFWURQLTXHVHVWLQWHUGLWH VDQVDXWRULVDWLRQSUpDODEOHpFULWH 7H[WHHWFRQFHSWLRQ =HGOHU ² ,QVWLWXW IU )DKUUDGWHFKQLN XQG 6LFKHUKHLW *PE+ ZZZ]HGOHUGH 9HXLOOH]FRQWDFWHUYRWUHGLVWULEXWHXUQDWLRQDO9RXVWURXYHUH]XQHOLVWHVRXVZZZULWFKH\ORJLFFRP eGLWLRQRFWREHU