Download Magazine municipal n°86 - Guilherand
Transcript
GuilherandGranges Guilherand-Granges Le mag magazine municipal n°86 www.guilherand-granges.fr A la une de ce numéro L’Embellissement et la restructuration de l’avenue de la République Biodiversité Sécurité Festivités A mi-mandat Guilherand-Granges, MA VILLE Carte découverte Valable une fois par mois 2IV^QMZ .µ^ZQMZ 5IZ[ )^ZQT 5IQ 2]QV 2]QTTM\ )WÆ\ ;MX\MUJZM 7K\WJZM 6W^MUJZM ,µKMUJZM )]JMZOMLM[+IVIZL[ Sur présentation du magazine 1 menu à 28 euros consommé = 1 menu à 28 euros offert* 565 avenue de la République Guilherand-Granges *Uniquement sur réservation, hors jours de fêtes et soirées à thèmes, dans la limite des places disponibles. POMPES FUNÈBRES - MARBRERIE - CHAMBRE FUNÉRAIRE Sarl Edmond VABRES Père et Fils 24 h/24 - 7 j/7 - www.vabres-edmond.fr Organisation complète des funérailles. Démarches et formalités. Prévoyance obsèques. Articles funéraires. Transport avant et après mise en bière toutes distances (France et étranger). Siège social : GUILHERAND-GRANGES Chambre funéraire : 302, rue Marc-Seguin 07500 Guilherand-Granges Tél. 04 75 40 84 06 - Fax 04 75 40 39 58 SAINT-PÉRAY 78, rue de la République 07130 St Péray Tél. 04 75 40 35 92 - Fax 04 75 80 28 61 N° d’habilitation 2003.07.30 N° d’habilitation 2003.07.28 TOURNON 2, route de Lamastre 07300 Tournon-sur-Rhône Tél./Fax 04 75 08 60 57 ASSURANCES &267(5(< 7pO )D[ [email protected] 264, av. Sadi-Carnot “Le Sadi-Carnot” - BP 304 07503 GUILHERAND-GRANGES cedex YRWUHVHUYLFHGHSXLVSOXVGHDQVVXUODSODFHJUDQJHRLVH YRWUHVHUYLFHGHSXLVSOXVGHDQVVXUODSODFHJUDQJHRLVH Vente véhicules neufs age et Dépannage • Remorqu occasions h/24 • 7jours/7 • 24 Tél. 04 75 44 52 55 SARL Garage PHILIPPE 650, rue André-Malraux 07500 Guilherand-Granges ORIAS n° 07 000268 ORIAS n° 07 026650 X LH Q WK 0D &R ' VH $51 $ 8' LOO 0DLUH HU Up JLRQDO 0DGDPH0DGHPRLVHOOH0RQVLHXU &KHUV*XLOKHUDQGDLV*UDQJHRLV TXL IDoRQQHQW FH FOLPDW VRFLDO VL VSpFLÀTXH j *XLOKHUDQG *UDQJHV !"# $% & '( " )"# ! *+ $, , + . ) % !/ HQWUH QRXV WRXV j WUDYHUV OHV QRPEUHXVHV DQLPDWLRQV 0DWKLHX'DUQDXG 9RWUH0DLUH &HW DPpQDJHPHQW HVW Qp GH OD FRQFHUWDWLRQ TXH QRXV DYRQV PLVH HQ SODFH DYHF OHV FRPPHUoDQWV HW OHV UHSUpVHQWDQWV GHV GLIIpUHQWV XVDJHUV,OFRQVWLWXHUDXQHYpULWDEOH SOXVYDOXH SRXU QRWUH YLOOH HW WRXV UHQIRUFHU QRV VHUYLFHV j OD VHVKDELWDQWV SRSXODWLRQ -H VXLV WUqV DWWDFKp j FHWWH VRXWHQLUO·HPSORLHWO·pFRQRPLH GpPDUFKH FDU O·DFWLRQ Q·D GH VHQV TXHVLHOOHHVWjO·pFRXWHGXWHUUDLQ PDvWULVHUOHEXGJHWFRPPXQDO HWTX·HOOHQHODLVVHSHUVRQQHVXUOH RX HQFRUH WLVVHU GHV OLHQV ERUGGXFKHPLQ &H PDJ YRXV UHQG FRPSWH XQH QRXYHOOH IRLV GHV QRPEUHXVHV LQLWLDWLYHV TXH QRXV HQJDJHRQV DX TXRWLGLHQSRXU SUpVHUYHUYRWUHFDGUHGHYLH &·HVW DXVVL HQ FH PRLV GH PDL TXH GpEXWH OH FKDQWLHU GH O·DYHQXH GH OD 5pSXEOLTXH SRLQW IRUW GHV HQJDJHPHQWVGXPDQGDW'·LFLO·pWp XQ JLUDWRLUH VHUD GRQF FRQVWUXLW DX EDV GX 3RQW 0LVWUDO LO SHUPHWWUD GH PLHX[ UHGLVWULEXHU OHV ÁX[ GH FLUFXODWLRQ HW GqV VHSWHPEUH OHV WUDYDX[ VH SRUWHURQW VXU OD SRUWLRQ ©$FWLRQVªFHPRWjOXLVHXOUpVXPH GH YRLH VLWXpH HQWUH OH SRQW HW OH G·DLOOHXUVSDUIDLWHPHQWELHQO·HVSULW FDUUHIRXUGHVUXHV$OH[DQGUH'XPDV HW&UXVVRO TXLDQLPHOD0XQLFLSDOLWp 9RLOjDQVTXHYRXVP·DYH]WpPRLJQp YRWUH FRQÀDQFH HQ FKRLVLVVDQW GH P·pOLUH FRPPH PDLUH 'qV ORUV MH PH VXLV HQJDJp j UHVSHFWHU OH SURJUDPPHTXHMHYRXVDLSUpVHQWp (QFHWWHDQQpHjPLSDUFRXUV HQ TXHOTXH VRUWH M·DL GpFLGp DYHF O·pTXLSHPXQLFLSDOHGHIDLUHOHSRLQW VXU WRXV OHV SURMHWVTXH QRXVDYRQV GpMj FRQGXLWV SRXU *XLOKHUDQG *UDQJHV 8Q FDKLHU FHQWUDO DX VHLQ GHFHPDJD]LQHUHWUDFHQRVDFWLRQV 0 1 2 1 'LUHFWLRQGHODSXEOLFDWLRQ-DQ\5LIIDUG'pFODUDWLRQGHSXEOLFDWLRQQ/5pGDFWLRQHQFKHI6WpSKDQLH'LQWUH5pGDFWLRQ6WpSKDQLH'LQWUHHW6DQG\6DLQW&LHUJHDYHFOD SDUWLFLSDWLRQGH/ROD7HUUDVVRQ*UDSKLVPH6WpSKDQLH'LQWUHHW6DQG\6DLQW&LHUJH3KRWRV%HUQDUG3RX]HW-R&DQWRQ1DWKDOLH)DEUHVHUYLFHVPXQLFLSDX[HWDVVRFLDWLRQV 7LUDJHH[HPSODLUHV'LVWULEXWLRQ'LVWULEDO,PSUHVVLRQ,PSUHVVLRQV0RGHUQHV,PSULP·YHUW,PSULPpVXUSDSLHULVVXGHIRUrWVJpUpHVGXUDEOHPHQW &RQFHSWLRQFDKLHUFHQWUDO©%LODQGHPLPDQGDWª$QJpOLTXH9LDO$JHQFH%DVGH&DVVH *XLOKHUDQG*UDQJHVPDYLOOH 3 'HVPLOOLHUVGHFDGHDX[UpFROWpVGDQVOHFDGUHGH OD)RQWDLQHDX[MRXHWVRUJDQLVpHSDU)UDQFH%OHX 6DORQG H O·(EpQLVWH UL H 3RVHGHODSUHPLqUHSLHUUH GXEkWLPHQWGH OD&KDPEUHGHV0pWLHUV qPH1HWWR\DJHFLWR\HQ GHV%RUGVGX5K{QH 3OXVGHSHUVRQQHVSUpVHQWHV DX[YRHX[GX0DLUHjODSRSXODWLRQ $PELDQFHFRORUpHHWIHVWLYH DX&DUQDYDOGHVpFROHV H1HWWR\DJHFLWR\HQGHV %RUGVGX5K{QH 7RXUQRLGHSDGGRFNSROR RUJDQLVpSDUOHV3RQH\VG·(ROH HWOHV&DYDOLHUVGH&UXVVRO ,QDXJXUDWLRQGXFKDPS ©WXOLSHV FRQWUHOHFDQFHUª S XULU RXUX Q &R SU F LQ H 6RLUpHFDEDUHWRUJDQLVpH SDUOH&RPLWpGHV)rWHV 3 2SpUDWLRQ©-REVG·pWpª SRXUOHVDQV 6XFFqVSRXUOHVMRXUVGH &KDVVHDX[RHXIVGH3kTXHV LFLGDQVOHEHDFKSDUF &RQFRXUVGHVGpFRUDWLRQV HWLOOXPLQDWLRQVGH1RsO 4 /DQDWXUH IDLWELHQVRQWUDYDLO *XLOKHUDQG*UDQJHVOHGpYHORSSHPHQWGXUDEOHQ·HVWSDVTX·XQFRQFHSW(QFHSULQWHPSVDYHFOH GpEXWGHVSODQWDWLRQVODYLOOHV·HQJDJHHQIDYHXUGHODUpGXFWLRQGHVSHVWLFLGHVGDQVOHUHVSHFWGHVD FKDUWHpFRFLWR\HQQHFIPDJ/HVHUYLFHPXQLFLSDOGHVHVSDFHVYHUWVDGpMjIRUWHPHQWOLPLWpOH UHFRXUVDX[SURGXLWVSK\WRVDQLWDLUHVHWGHV]RQHVQRQWUDLWpHVH[LVWHQWGDQVQRWUHFRPPXQHQRWDPPHQW VXUODPDMHXUHSDUWLHGHODSURPHQDGHGHVEHUJHVGX5K{QH/DUpGXFWLRQGHVWUDLWHPHQWVFKLPLTXHV V·LQVFULWELHQVUHQOLHQDYHFODSURWHFWLRQGHODELRGLYHUVLWp&·HVWGDQVFHVRXFLTXHODYLOOHDFUppVRQ UXFKHUSpGDJRJLTXHHQHWTX·HOOHYLHQWG·LQVWDOOHUGHVVLWHVGHSUpVHUYDWLRQSRXULQVHFWHVXWLOHV THYJOt H\_ ÅL\YZ L[ H\_ WSHU[LZ KLZILYNLZK\9OUL (9 :0 2:; 5 !8QGLDJQRVWLFpQHUJpWLTXH HW GHV DPpOLRUDWLRQV GDQV OHVEkWLPHQWVPXQLFLSDX[ !7RXMRXUVSOXVGH©%LRªjOD FDQWLQH 1 #1 30<; ( 5 6 7 :H]PLa]V\ZX\LSLZWLYJLVYLPSSLZ Kt[Y\PZLU[ SLZ W\JLYVUZ X\L SLZ ZJHYHItLZ THUNLU[ LZJHYNV[Z L[ SPTHJLZ L[ X\L SLZ JVJJPULSSLZ ZL YtNHSLU[ KL JVJOLUPSSLZ & ;V\[LZ JLZ WL[P[LZ Iv[LZ WL\]LU[ KVUJ ZL Z\IZ[P[\LY H\_ SPTHJPKLZ L[ PUZLJ[PJPKLZ X\L UV\Z ZVTTLZ WHYMVPZ[LU[tZK»\[PSPZLY 3LZ WLZ[PJPKLZ ZVU[ KLZ WVPZVUZ WV\Y SLZ ZVSZ L[ WV\Y SLZ PUZLJ[LZ WVSSPUPZH[L\YZJVTTLSLZHILPSSLZ 3H UH[\YL MHP[ NtUtYHSLTLU[ IPLU SLZJOVZLZ+LUVTIYL\_PUZLJ[LZ ZVU[ \[PSLZ L[ WL\]LU[ KL]LUPY KL ]YHPZHSSPtZWV\YSLZJ\S[\YLZL[SLZ QHYKPUZ3LZSHPZZLYHNPYWLYTL[KL YtK\PYL ZLUZPISLTLU[ SL YLJV\YZ H\_WYVK\P[ZWO`[VZHUP[HPYLZ*»LZ[ \ULH\[YLTHUPuYLKLMHPYL0SMH\[ WHYHPSSL\YZHJJLW[LYX\LSLZNHaVUZ ZVPLU[\UWL\TVPUZWHYMHP[Z5V\Z VYPLU[VUZ H\ZZP UVZ JOVP_ ]LYZ KLZ WSHU[LZ TLSSPMuYLZ WV\Y UVZ THZZPMZHÄUKLUV\YYPYSLZPUZLJ[LZ X\P HZZ\YLU[ SH WVSSPUPZH[PVU 3LZ ZP[LZ KL WYtZLY]H[PVU X\L UV\Z H]VUZ PTWSHU[tZ VMMYLU[ \U Nz[L n [V\Z JLZ PUZLJ[LZ KVU[ SL YSL LZ[ LZZLU[PLS n S»tX\PSPIYL KL UV[YL LU]PYVUULTLU[ ® L_WSPX\L -SVYLUJL *OHWZHS HKQVPU[L H\ Kt]LSVWWLTLU[K\YHISL 8 3H]PSSLTL[nKPZWVZP[PVU\UJHYUL[ WYH[PX\L tKP[t WHY S»HZZVJPH[PVU QHYKPUPLYZ KL -YHUJL ® X\L SL THPYL H ZV\OHP[t JVU]PLY H\ !'HVIRUPDWLRQVGXSHUVRQQHO FRPPXQDO j O·pFRFRQGXLWH SRXU FRQVRPPHU PRLQV GH FDUEXUDQW !/DPLVHjGLVSRVLWLRQG·XQ JXLGH GHV ERQQHV SUDWLTXHV SRXUOLPLWHUO·XWLOLVDWLRQGHV SHVWLFLGHV ! 'HV EDFV GH UpFXSpUDWLRQ GHV SLOHV XVDJpHV GDQV OHV pFROHV HW OHV EkWLPHQWV FRPPXQDX[ ! /D FROOHFWH GHV WH[WLOHV XVDJpV GDQV OHV EDFV pFRWH[WLOH !/DSURPRWLRQGXWULVpOHFWLI GHVGpFKHWV ! 'HV DFWLRQV pFR FLWR\HQQHV QHWWR\DJH GHV EHUJHV GX 5K{QH DFWLRQV HQ FROODERUDWLRQ DYHF OD PpGLDWKqTXHRXOHVpFROHV *XLOKHUDQG*UDQJHVPDYLOOH YRXV GHMRXHU , (W SXLV YRXV SRXYH] YRXV DXVVL FUpHU YRWUH SURSUH VLWH HQWRPRSKLOH F·HVW OH QRP VFLHQWLÀTXH TXH O·RQ GRQQH j FHV VLWHV SOXV FRPPXQpPHQW DSSHOpV K{WHOV RX JvWHV j LQVHFWHV 9RXV SRXUUH] DLQVL DFFXHLOOLUSUqVGHYRVSODQWDWLRQVWRXVOHV LQVHFWHVXWLOHVDXMDUGLQ (J[\LSSLTLU[ KL\_ KL JLZ ZP[LZ VU[ t[t PUZ[HSStZ S»\U Z\Y SLZ ILYNLZ K\ 9OUL L[ S»H\[YL n J[t KL SH TtKPH[OuX\L \U L KL]YHP[ WYLUKYL WSHJL KHUZ SL WHYJ *SLTLUJLH\ *OHJ\U KLZ JVTWHY[PTLU[Z KL JLZ QVSPLZ WL[P[LZ JHIHULZ YtHSPZtLZ n WHY[PY KL TH[tYPH\_ KL YtJ\WtYH[PVU WHY SL ZLY]PJL KLZ LZWHJLZ ]LY[Z JVTWVY[L KLZ TH[tYPH\_ MH]VYHISLZnS»OHIP[H[KLKPMMtYLU[ZPUZLJ[LZ )HTIV\Z [\PSLZ WHPSSLZ YVZLH\_ JVUZ[P[\LU[H\ZZPKLZLZWHJLZ[YuZKtJVYH[PMZ = . 0> 7 *XLOKHUDQG*UDQJHVPDYLOOH ) 8QHLQIRSOXVG\QDPLTXH :HE79PRGHG·HPSORL 'HSXLVOHGpEXWGHO·DQQpHODYLOOHYRXVSURSRVHGHGpFRXYULUWRXWH VRQDFWXDOLWpHQYLGpRVXUZZZJXLOKHUDQGJUDQJHVWY(QWUHSULVHV DVVRFLDWLRQVYLHORFDOHGpYHORSSHPHQWHWSHUVSHFWLYHVG·DYHQLU pYpQHPHQWV VSRUWLIV RX FXOWXUHOV WRXV OHV VXMHWV VRQW DERUGpV SRXUYRXVIDLUHSDUWDJHUO·LQIRGHPDQLqUHFODLUHHWG\QDPLTXH 3 0> 3L7SHU3VJHSK»<YIHUPZTL73< 3HUV\]LSSL*VTT\UH\[tKL *VTT\ULZ9OUL*Y\ZZVS 3L[YH]HPSKLSH*VTTPZZPVU HJJLZZPIPSP[t 3LZ]HJHUJLZH\JLU[YLKLSVPZPYZ 3HWHY[PJPWH[PVUKLSHNYLLU [LHTH\YHSS`L4VU[L*HYSV 3HMVU[HPULH\_QV\L[ZH]LJSL JOHU[L\Y.YtNVPYL 3LWYVNYHTTLJ\S[\YLS WYPU[LTWZt[t 3L3HIVYH[VPYLK»HUHS`ZL TtKPJHSLZ9L`UPLY*VZ[Ha 0TWYLZZPVUZ4VKLYULZ 3LNHYHNL.L[L7L\NLV[ SLZ YLWVY[HNLZ KL THUPuYL PUKP]PK\LSSL HWYuZ SH ÄU K\ YLWVY[HNL JSPX\La Z\Y SL IV\[VU HJJ\LPS LU OH\[ n KYVP[L K\ ZP[L WV\YYL]LUPYnSHWHNLK»HJJ\LPS 3 @2 $ 7 4 9RXV DYH] UDWp GHV UHSRUWDJHV YRXV VRXKDLWH] OHV YRLU RX OHV UHYRLU"3DVGHSUREOqPHDFFpGH] GLUHFWHPHQW j OD UXEULTXH © OHV UHSRUWDJHV SDU WKqPH ª HW YLVLRQQH] O·XQ GHV UHSRUWDJHV UpDOLVpV GHSXLV MDQYLHU 9RLFL OHV VXMHWV TXH QRXV DYRQV GpMj WUDLWpVSRXUYRXV 42:P]V\ZJOVPZPZZLaKL]PZPVUULY +LZ HUUVUJLZ Z\Y -HJLIVVR Z\Y 5V\]LSSLZ L[ Z\Y SLZ WHUULH\_ K»PUMVYTH[PVUZ S\TPUL\_ ]V\Z PUKPX\LU[SHZVY[PLKLJLTHNHaPUL K»PUMVZ[tSt]PZtLZZ\Y0U[LYUL[X\»PS LZ[H\ZZPWVZZPISLKL]PZ\HSPZLYZV\Z MVYTLKLYLWVY[HNLPUKP]PK\LS /0@ ; @ C >7 ?. ( 5 5 5V[YL ]PSSL Z\IP[ \U THUX\L KL nSH KtIP[0U[LYUL[X\PU\P[WHYMVPZnSH IVUULYtJLW[PVUKL]V[YL1V\YUHS UHS La! [tSt]PZtKHUZJLJHZ]V\ZWV\]La! 2=PZPVUULYSL1;LUZtSLJ[PVUUHU[ HU[ ]P SLZ YLWVY[HNLZ KL THUPuYL PUKP]P K\LSSLKuZSHWHNLK»HJJ\LPS 2*SPX\LYZ\YSLIV\[VUWH\ZL® L ® L[SHPZZLYJOHYNLYSH]PKtVH]HU[KL KL YLWYLUKYL]V[YLSLJ[\YL *XLOKHUDQG*UDQJHVPDYLOOH UDQG*UDQJHVPDYLOOH /DFHOOXOHHPSORL H[SpULHQFHVUpXVVLHV /D FHOOXOH HPSORL RUJDQLVDLW UpFHPPHQW O·RSpUDWLRQ -REV G·pWp HQ SDUWHQDULDW DYHF OD PLVVLRQ ORFDOHHWOD0-&MHXQHVGHjDQVRQWDLQVLpWpUHoXVLQGLYLGXHOOHPHQWSDUOHVDJHQWV GH OD FHOOXOH PXQLFLSDOH 2EMHFWLI UHFXHLOOLU OHV SURÀOV OHV GLVSRQLELOLWpV HW ELHQ VU FRQQDvWUH ODPRELOLWpGHFHVMHXQHVSRXUPLHX[OHVSRVLWLRQQHUVXUOHVHPSORLVOHVSOXVDGpTXDWV'DQVVRQ HVFDUFHOOHHPSORLVVDLVRQQLHUVjSRXUYRLU0DLVELHQDXGHOjGHVVHXOVMREVG·pWpFHVHUYLFH PXQLFLSDODQLPpSDU)ORUHQFH*RUGR±XYUHDXVVLHQIDYHXUGHVLWXDWLRQVG·HPSORLSOXVSpUHQQHV 1RXVDYRQVUHFXHLOOLOHVWpPRLJQDJHVGHSHUVRQQHVDXMRXUG·KXLHQSRVWHJUkFHjODFHOOXOHHPSORL 3HWYLTPuYLMVPZX\LQ»HPLU[LUK\ WHYSLY KL SH JLSS\SL LTWSVP J»t[HP[ H\_ ]VL\_ K\ THPYL hH T»H PU[LYWLSSt JHY QL ZV\OHP[HPZ t]VS\LY WYVMLZZPVUULSSLTLU[ ± JL TVTLU[ Sn 1»t[HPZ JVTW[HISL n [LTWZ WHY[PLS KHUZ \UL WL[P[L LU[YLWYPZL +HUZ S»PKtHS Q»H]HPZ LU]PL KL [YH]HPSSLYKH]HU[HNLL[ZPWVZZPISL\UWL\TVPUZ SVPU1»HPKVUJWYPZJVU[HJ[H]LJ-SVYLUJL.VYKV LUTHYZWV\YYLJOLYJOLY\UWVZ[LLU*+0n [LTWZ JVTWSL[ 5L\M TVPZ ZL ZVU[ tJV\StZ L[ QL UL T»` H[[LUKHPZ WS\Z ]YHPTLU[ SVYZX\L SH JLSS\SL LTWSVP T»H HWWLStL LU KtJLTIYL WV\Y TL WYVWVZLY \U WVZ[L KHUZ \UL NYHUKL LU[YLWYPZL KL S»HNNSVTtYH[PVU 1»HP HSVYZ WHZZt WS\ZPL\YZLU[YL[PLUZL[Z\PZTHPU[LUHU[LUWVZ[L LU*+01LT»tWHUV\PZWSLPULTLU[JHYSL[YH]HPS LZ[nSHMVPZ[YuZPU[tYLZZHU[L[]HYPt1»HPItUtÄJPt K»\UL MVYTH[PVU 1L [YH]HPSSL H\ ZLPU K»\UL tX\PWL1LZ\PZ[YuZOL\YL\ZL® C;4 % 1L[YH]HPSSHPZLUPU[tYPTKHUZ SL ZLJYt[HYPH[ [LY[PHPYL KLW\PZ WS\ZPL\YZHUUtLZ1»HP[V\QV\YZ IPLU[YH]HPSStH]LJKLZJVU[YH[Z WS\[[SVUNZTHPZQLJOLYJOHPZnTLWVZLY*»LZ[ S»\ULKLTLZJVUUHPZZHUJLZX\PT»HPUMVYTtL KLS»L_PZ[LUJLKLSHJLSS\SLLTWSVP,UQ\PU Q»HP HPUZP WYPZ JVU[HJ[ H]LJ -SVYLUJL .VYKV H]LJ X\P Q»HP L\ \U JVU[HJ[ [YuZ JOHSL\YL\_ 9HWPKLTLU[WYVWVZP[PVUZT»VU[t[tMHP[LZL[ S»\ULH[YuZ]P[LKtIV\JOtZ\Y\ULU[YL[PLU± S»PZZ\LKLJLWYLTPLYYLUKLa]V\ZSL+PYLJ[L\Y T»H KP[ ± KLTHPU ® *»LZ[ JVTTL sH X\L Q»HP JVTTLUJt [YuZ [YuZ ]P[L +LW\PZ QL Z\PZ [V\QV\YZKHUZJL[[LLU[YLWYPZLX\PLZ[LUWSLPUL L_WHUZPVUL[TVUWVZ[LHTvTLW\t]VS\LYJHY QL[YH]HPSSLKtZVYTHPZH]LJ\ULJVSSuN\LL[Z\PZ YLZWVUZHISLKLS»HJJ\LPSn[LTWZJVTWSL[7V\Y TVP J»LZ[ \UL L_WtYPLUJL [YuZ Yt\ZZPL X\L QL YLJVTTHUKL]P]LTLU[® µµ µµ µµ E 0G ;4 (2> ?2.= ( 8 7V\Y JOHX\L VMMYL KVU[ UV\Z H]VUZ JVUUHPZZHUJL SL I\[ U»LZ[ WHZ KL WVZP[PVUULY WLYZVUULZ THPZ KL WYVWVZLY SLZ V\ WLYZVUULZ X\P VU[ ]YHPTLU[SLWYVÄSX\PJVYYLZWVUK6UUL]L\[WHZMHPYLKLKts\ZL[S»PKtLLZ[ KLMHPYLNHNULYK\[LTWZH\_LU[YLWYPZLZ® D D ,: ?.=. 8 *»LZ[KPMÄJPSLKLYLJOLYJOLY\ULTWSVPHJ[\LSSLTLU[0JPUV\ZLZZH`VUZKL TL[[YLSLZNLUZnS»HPZLKL]HSVYPZLYSL\YZH[V\[Z5V\ZWYLUVUZSL[LTWZKL YLJL]VPYSLZNLUZKLSLZtJV\[LYKLJVTWYLUKYLSL\YZTV[P]H[PVUZ8\HUKVUSLZYLsVP[TvTLZPVUU»H WHZ[V\[KLZ\P[L\ULWYVWVZP[PVUUV\ZSLZZ\P]VUZSLZYHWWLSVUZYtN\SPuYLTLU[ULZLYHP[JLX\LWV\Y ZH]VPYZ»PSZYLJOLYJOLU[[V\QV\YZ\ULTWSVP5V\ZLZZH`VUZK»v[YL[V\QV\YZKHUZ\ULK`UHTPX\LWVZP[P]L :»PSZVU[ILZVPUK»\UJVUZLPSV\K»\UZV\[PLUK\THPYLUV\ZZVTTLZSn® *XLOKHUDQG*UDQJHVPDYLOOH "# 7RXVOHVWUDYDX[ HI'3"I3J'"K3M M3%/"3 M/3 M%3:3 +HUZSLZV\JPK»HTtSPVYLYSHZtJ\YP[tL[K»PUJP[LYSLZ]tOPJ\SLZnYHSLU[PY KLZWSH[LH\_[YH]LYZHU[ZWS\ZJVTT\UtTLU[HWWLStZKVZK»oULZVU[t[t PUZ[HSStZKHUZWS\ZPL\YZWVPU[ZKLSH]PSSL!Y\L@V\YP.HNHYPULL[H]LU\L KL7YV]LUJL+»H\[YLZZ\P]YVU[Y\L*OHYJV[L[Y\L(UKYt4HSYH\_ 3L 9HKHY PUMVYTH[PM [V\YUL [V\QV\YZ KHUZ SH ]PSSL 0S LZ[ PUZ[HSSt Z\Y KPMMtYLU[LZHY[uYLZJPYJ\SHU[LZHÄUK»HSLY[LYSLZH\[VTVIPSPZ[LZZ\YSL\Y ]P[LZZLTHPZH\ZZPKLYLJ\LPSSPYKLZZ[H[PZ[PX\LZZ\YSLZ]P[LZZLZTV`LUULZ WYH[PX\tLZ :P SLZ YLSL]tZ LMMLJ[\tZ TL[[LU[ LU t]PKLUJL [YVW K»L_JuZ KLZ HTtUHNLTLU[Z KL ]VPYPL WL\]LU[ v[YL YtHSPZtZ JVTTL JL M\[ KLYUPuYLTLU[SLJHZY\L@V\YP.HNHYPUL 3L*OLTPUKLSH*[LWS\ZJVUU\ZV\ZSLUVTKL=HSK»LUMLY®MHP[SL SPLULU[YLSLX\HY[PLYKLZ-YL`KPuYLZZP[\tZ\YUV[YLJVTT\ULLUSPTP[L KL:V`VUZL[SLZOH\[L\YZKL:V`VUZL[;V\SH\K*LS\PJPMLYHS»VIQL[KL [YH]H\_K»tSHYNPZZLTLU[L[KLYtMLJ[PVUKL]VPYPLnWHY[PYK\TVPZTHP *L[[L]VPLZLYHKVUJMLYTtLnSHJPYJ\SH[PVULU[YLSL*OLTPUK\*YVZKL 4LYSHUZP[\tZ\Y:V`VUZL[SH9+WV\Y\ULK\YtLKLnTVPZ*LZ [YH]H\_ZLYVU[WPSV[tZWHYSH**9*L[Z»tSu]LU[nL\YVZ;;* M3I%'N%'N M%C%3"/OJ'P3 3LZ[YH]H\_KLTPZLLUZtWHYH[PMKLZLH\_WS\]PHSLZL[KLZLH\_\ZtLZY\LZ 3HTHY[PUL L[ /tSuUL )V\JOLY ZVU[ [LYTPUtZ HPUZP X\L S»LUMV\PZZLTLU[ KLZYtZLH\_;tStJVT3HJOH\ZZtLHtNHSLTLU[t[t[V[HSLTLU[YLMHP[L (\[V[HSL\YVZ;;*VU[t[tJVUZHJYtZnJL[HTtUHNLTLU[ MG3IG%3%",/J'J7 +LUVTIYL\ZLZPU[LY]LU[PVUZZ\YSLZIYHUJOLTLU[ZK»LH\WV[HISLVU[t[t LMMLJ[\tLZKHUZSLZLJ[L\Y7HZ[L\Y9tW\ISPX\LLU]\LKLSHWYtWHYH[PVU K\NYHUKJOHU[PLYK»HTtUHNLTLU[X\PKtI\[LYH[YuZWYVJOHPULTLU[ *VTT\UH\[tKLJVTT\ULZ9OUL*Y\ZZVS ! *XLOKHUDQG*UDQJHVPDYLOOH H%%/C/"M 9\L(UH[VSL-YHUJL!\ULYLWYPZLK\YtZLH\K»LH\_\ZtLZHt[tLMMLJ[\tL SLZ JVUK\P[LZ VU[ t[t LUMV\PLZ WS\Z WYVMVUKtTLU[ LU ]\L KL YLQVPUKYL S»PTWHZZL KLZ .LUv[Z V \U WYVISuTL KL WLU[L L[ K»tJV\SLTLU[ H]HP[ t[tKt[LJ[t M%+/'EG3J+/;3'G33'3 ":I/I3%E:%'"%IEJ/E/ 3LZ LUYVItZ ZVU[ YtHSPZtZ V\ LU JV\YZ K»HJOu]LTLU[ 3LZ WPt[VUZ WV\YYVU[ HPUZP ItUtÄJPLY KL [YV[[VPYZ JVUMVY[HISLZL[HJJLZZPISLZ;V\ZJLZHTtUHNLTLU[Z VU[t[t]PZtZLUHTVU[WHYSHJVTTPZZPVUHJJLZZPIPSP[t WV\Y NHYHU[PY \U tNHS HJJuZ n [V\[LZ SLZ WLYZVUULZ n TVIPSP[t YtK\P[L G·LQIRV VXU OD FRPPLVVLRQ DFFHVVLELOLWp VXU ZZZJXLOKHUDQGJUDQJHVWY SXLV WDSHUDFFHVVLELOLWpGDQVOHPRGXOH©UHFKHUFKHUª MP%/"3E%+/'E G3J+/"%P+I 9HWWLSVUZ SLZ WYPUJPWH\_ WVPU[Z KL JL YtHTtUHNLTLU[ ! YtMLJ[PVU KLZ YtZLH\_ K»HZZHPUPZZLTLU[ YtMLJ[PVU K\[HWPZKL]VPYPLLUMV\PZZLTLU[KLZ YtZLH\_ HtYPLUZ UV\]LS tJSHPYHNL W\ISPJ WSHJLZ KL Z[H[PVUULTLU[ Z\WWStTLU[HPYLZ ZtJ\YPZH[PVU WHY WSH[LH\_ [YH]LYZHU[Z [YV[[VPYZ YtHTtUHNtZ\ULILSSLYtHSPZH[PVU H",/7M HPC/C/"GI"J/M "# HQ"C/""J:C/"M M3G3E"3%+%'N%':RC/%P%/EGJ3"7 3LJOHU[PLYZ\ZWLUK\Z\P[Ln\UYLJV\YZKtWVZtWHY\U]VPZPU]HYLWYLUKYL 0SHMHSS\H[[LUKYLWS\ZKLHUZWV\YX\LSL[YPI\UHSHKTPUPZ[YH[PMZ[H[\LL[ WLYTL[[L SH YLWYPZL KLZ [YH]H\_ <UL L_WLY[PZL [LJOUPX\L ZVY[L K»t[H[ KLZ SPL\_LZ[LUJV\YZSLJOHU[PLYZLYHYLSHUJtWYVJOHPULTLU[ MG%3J%", (]LU\L :HKP*HYUV[ S»HUJPLU 04, H t[t KtTVSP 0S SHPZZLYH WSHJL n THPZVUUL[[LZKLn TX\PZLYVU[JVUZ[Y\P[LZZLSVU\UJHOPLYKLZJOHYNLZ WYLUHU[ LU JVTW[L SLZ UVYTLZ LU]PYVUULTLU[HSLZ ,SSLZ JVUZ[P[\LYVU[ \U WHYJKLSVNLTLU[ZnSV`LYZWSHMVUUtZZLSVUSL]VSL[ZVJPHSKLSH3VP:JLSSPLY ME/J'+%GJ'3%J%"J/ 3LIo[PTLU[X\PHIYP[LSLJLU[YLKLSVPZPYZ*VZLW)LH\SPL\ItUtÄJPLYHK»\UL L_[LUZPVU KL T ]LYZ S»HYYPuYL WLYTL[[HU[ SH JYtH[PVU KL UV\]LH\_ LZWHJLZKLZ[PUtZnHJJ\LPSSPYSLZHZZVJPH[PVUZ7HYHSSuSLTLU[S»HUJPLUSVNLTLU[ K\NHYKPLUZLYHYtHNLUJtWV\YVMMYPY\ULZWHJLHKTPUPZ[YH[PMWS\ZJVUMVY[HISLn SHZ[Y\J[\YL4VU[HU[KLZ[YH]H\_!L\YVZ5VYTL;/7, M/"3C'"2%' +L SH MYHzJOL\Y KHUZ S»t[t WV\Y SLZ WL[P[Z K\ JLU[YL T\S[PHJJ\LPS NYoJL n SH JSPTH[PZH[PVU X\P ZLYH PUZ[HSStL H]HU[ S»t[t KHUZ SL Io[PTLU[ <U PU]LZ[PZZLTLU[X\P[LUHP[nJVL\YnSH4\UPJPWHSP[t 0UZ[P[\[4tKPJViK\JH[PM *XLOKHUDQG*UDQJHVPDYLOOH * % PDLOHUHQGH]YRXV GXEpQpYRODWVSRUWLI O·RFFDVLRQGHVHVDQVO·2IÀFH0XQLFLSDOGHV6SRUWVRUJDQLVH XQH MRXUQpH GpGLpH DX EpQpYRODW VSRUWLI DYHF OH FRQFRXUV GX VHUYLFHPXQLFLSDOGHVVSRUWV/HVPHPEUHVG·DVVRFLDWLRQVPDLV DXVVLWRXVOHV*XLOKHUDQGDLV*UDQJHRLVVRQWFRQYLpVjO·$JRUDSRXU UHFXHLOOLU GHV LQIRUPDWLRQV HW SURÀWHU GHV DQLPDWLRQV SUpYXHV O·DSUqVPLGL $QGUp &RTXHOHW ORQJWHPSV EpQpYROH DX VHLQ GHV FOXEV GH IRRWEDOO HW GH UXJE\ DGMRLQW DX VSRUW HW SUpVLGHQW GH O·206GHSXLVSOXVGHDQVQRXVHQGLWSOXV µµ G@2 J== C 8 % .;JC %.6 T 228 *!*; 9 3LZ JVUMtYLUJLZ L[ [HISLZ 6 YVUKLZ WYVWVZtLZ KHUZ SH (U TH[PUtL PU[tYLZZLYVU[ Z\Y[V\[ SLZ ZWVY[PMZ L[ SLZ KPYPNLHU[Z ItUt]VSLZ K»HZZVJPH[PVUZ THPZ S»HJJuZ LZ[ 8 SPIYL n [V\Z 5V\Z ZVTTLZ H\ZZP $ V\]LY[Z H\_ HZZVJPH[PVUZ L[ W\ISPJZ ]LUHU[ KLZ ]PSSLZ ]VPZPULZ 3»HWYuZ TPKP S\P ZLYH S\KPX\L L[ JVU]P]PHS H]LJ \U WHYJV\YZ K\ JVL\Y KLZ KtTVUZ[YH[PVUZKLIHZRL[OHUKPZWVY[ V\LUJVYL\UTH[JOK»L_OPIP[PVUKL MVV[IHSS HTtYPJHPU WYVWVZt WHY SLZ :OHYRZ KL =HSLUJL L[ IPLU ZY \U ]tYP[HISLZWLJ[HJSLKL)4? 2 (8 :V\]LU[ VU LU[YL KHUZ \UL HZZVJPH[PVU WV\Y KVUULY \U JV\W KL THPU JHY ZVU LUMHU[ ` LZ[ SPJLUJPt 7\PZ SH J\S[\YL K\ ItUt]VSH[ ® ZL TL[ LU WSHJL L[ 3»64:LZ[\ULHZZVJPH[PVUSVP X\P YLNYV\WL JS\IZ ZWVY[PMZ L[ KVUJ KL UVTIYL\_ ItUt]VSLZ HUZ J»LZ[ \U ILS oNL X\L WL\ K»64: VU[ H[[LPU[ LU +YTL (YKuJOL *»LZ[ SH WYL\]L K\ [YuZIVUMVUJ[PVUULTLU[KLUV[YL Z[Y\J[\YL ,U LMML[ UVZ TLTIYLZ ZVU[ [YuZ PU]LZ[PZ ! [V\[ SL TVUKL LZ[ WYtZLU[ H\_ Yt\UPVUZ WV\Y Z»L_WYPTLY 6U LZ[ [V\QV\YZ KHUZ SH YLJOLYJOL K\ JVTWYVTPZ HÄU K»v[YL [V\Z K»HJJVYK WV\Y ]V[LY SLZKtJPZPVUZnS»\UHUPTP[t,UMHP[ n S»64: VU V\ISPL ZVU t[PX\L[[L WVSP[PX\L L[ S»HZZVJPH[PVU K»V VU ]PLU[HÄUKLYLWYtZLU[LYH\TPL\_ S»LZWYP[ZWVY[PMKLSHJVTT\UL ?8 µµ D UUU 5V\ZH]PVUZLU]PLKLJtStIYLYSLZ HUZKLS»6MÄJL4\UPJPWHSKLZ :WVY[ZL[UV\Zt[PVUZWHYHPSSL\YZ ZVSSPJP[tZ KLW\PZ SVUN[LTWZ WHY SLZ HZZVJPH[PVUZ Z\Y KLZ X\LZ[PVUZ K»HKTPUPZ[YH[PVU KL Z\I]LU[PVUZ L[J 0S UV\Z H KVUJ ZLTISt WLY[PULU[ KL MHPYL KL S»HUUP]LYZHPYL KL S»64: \UL NYHUKL THUPMLZ[H[PVU HIVYKHU[ SL X\V[PKPLU L[ SLZ ILZVPUZ KLZ HZZVJPH[PVUZ*»LZ[H]LJLSSLZX\L UV\Z H]VUZ JOVPZP SLZ [OuTLZ KL SHQV\YUtL,[UV\Z[LUPVUZH\ZZPn YLTLYJPLYSLZUVTIYL\_ItUt]VSLZ WV\Y SL\Y PU]LZ[PZZLTLU[ X\P LZ[ [YuZ PTWVY[HU[ WV\Y SH ]PL KL SH JVTT\UL VU ÄUP[ WHY YLZ[LY KL UVTIYL\ZLZ HUUtLZ 7LYZVUULSSLTLU[ Q»HP MHP[ K\MVV[L[K\Y\NI`L[SLZItUt]VSLZ X\LQ»HPJ[V`tZSVYZX\LQ»t[HPZWS\Z QL\UL T»VU[ [LSSLTLU[ HWWVY[t L[ HWWYPZX\LQ»HPnTVU[V\YL\LU]PL KLYLWYLUKYLSLÅHTILH\ :V\[LUPYSLZHJ[PVUZKLZHZZVJPH[PVUZ ZWVY[P]LZ JVVYKVUULY SH WYH[PX\L KLS»tK\JH[PVUWO`ZPX\LL[ZWVY[P]L WYVWVZLY H\ JVUZLPS T\UPJPWHS SLZ Z\I]LU[PVUZ Z\ZJLW[PISLZ K»v[YL H[[YPI\tLZ H\_ HZZVJPH[PVUZ ZWVY[P]LZVYNHUPZLYKLZt]tULTLU[Z JVTTL SL MVY\T KLZ HZZVJPH[PVUZ L[LUÄUJVTT\UPX\LYL[]HSVYPZLY SLZWYVQL[ZHZZVJPH[PMZ 6 8 9RXVUHFHYUH]SURFKDLQHPHQW OHSURJUDPPHGpWDLOOpGDQV YRVERvWHVDX[OHWWUHV *XLOKHUDQG*UDQJHVPDYLOOH & &DSVXUO·,WDOLHSRXUODVLJQDWXUH G·XQQRXYHDXMXPHODJH /H MXPHODJH RIIUH XQH RXYHUWXUH VXU O·(XURSH HW O·DPLWLp HQWUH OHV SHXSOHV SDUWLFXOLqUHPHQW HQULFKLVVDQWHVSRXUOHVSRSXODWLRQVDXSUHPLHUUDQJGHVTXHOVOHVSOXVMHXQHVELHQVU*XLOKHUDQG *UDQJHVDQRXpGHVOLHQVWUqVIRUWVDYHFODYLOOHGH%DG6RGHQ6DOPQVWHUYRLFLWRXWMXVWHDQV &HWWHUHODWLRQHVWHQWUHWHQXHG·DQQpHHQDQQpHjWUDYHUVOHVWHPSVIRUWVTXLU\WKPHQWODYLHGH QRV YLOOHV HW DX[TXHOV FKDFXQ SDUWLFLSH (Q HOOH D SDUDOOqOHPHQW FRPPHQFp j WLVVHU OHV SUpPLFHVG·XQQRXYHDXMXPHODJHDYHFODYLOOHGH&DVDOPDJJLRUH&·HVWXQpFKDQJHGHFODVVHVHQWUH OHVpOqYHVGX&ROOqJH&KDUOHVGH*DXOOHHWGHVRQpTXLYDOHQWFDVDOLO·,QVWLWXWR'LRWWLTXLDLQLWLp FHSDFWHIRUPDOLVpWRXWUpFHPPHQWOHDYULOSDUXQMXPHODJHRIÀFLHO LUH]YPS6UZLU[X\LSLZ JVTT\UH\[tZ tK\JH[P]LZ VU[ JL ZV\JP KL SH YLUJVU[YL [HU[ H\ UP]LH\SPUN\PZ[PX\LX\LKLS»HTP[Pt LU[YL SLZ LUMHU[Z L[ S»,\YVWL WHZZL H\ZZP WHY Sn ® L_WSPX\L 1LHU*SH\KL 9VTHUL[ WYLTPLY HKQVPU[L[7YtZPKLU[K\*VTP[tKL Q\TLSHNL 3 @2$7 == 6 C :0 2: , > 6 67 *HZHSTHNNPVYL LZ[ \UL ]PSSL P[HSPLUUL ZP[\tL LU 3VTIHYKPL UVUSVPUKL7HYTLKHUZSHWYV]PUJL KL *YtTVUL ,SSL JVTW[L WYuZ KL OHIP[HU[Z *SH\KPV :PSSH LU LZ[ SL THPYL (JJVStL H\ 7 JVTTL UV[YL ]PSSL H\ 9OUL UV\Z WHY[HNLVUZ \UL J\S[\YL Å\]PHSL 5V[YL Q\TLSSL P[HSPLUUL LZ[ KV[tL K»\U WH[YPTVPUL [YuZ YPJOL 9VTHU[PX\L WHY KtÄUP[PVU *HZHSTHNNPVYLLZ[HUJYtLKHUZSH UH[\YLS»HY[L[S»HYJOP[LJ[\YL*»LZ[ \ULLZ[Ou[LH]LJX\P.\PSOLYHUK .YHUNLZ LZ[ OL\YL\ZL K»H]VPY JVUJS\JLWHJ[LKLQ\TLSHNLX\P ZLYH ZHUZ U\S KV\[L ZV\YJL KL KtJV\]LY[LZ K»LZ[PTL T\[\LSSL L[KLYtQV\PZZHUJLZMLZ[P]LZ ;V\[HJVTTLUJtH]LJ\USHUJLY KL IHSSVUZ WHY[P KL :V`VUZ L[ HYYP]t WHY OHZHYK Q\ZX\»n :WPUHKLZJV KL]LU\L KLW\PZ ZH Q\TLSSL:WPUHKLZJVt[HU[]VPZPUL KL *HZHSTHNNPVYL X\P t[HP[ KV[tL K»\U JVSSuNL ! S»0UZ[P[\[V +PV[[P H [YuZ ]P[L JOLYJOt n JVU[HJ[LY ZVU OVTVSVN\L MYHUsHPZ J»LZ[nKPYL SL *VSSuNL *OHYSLZ KL .H\SSL KL .\PSOLYHUK.YHUNLZ +L ÄS LU HPN\PSSL \U HWWHYPLTLU[ L\ SPL\ LU[YLSLZJSHZZLZKLLL[KLL( WHY[PYKLSH]PSSLHTHUPMLZ[t SH ]VSVU[t K»HJJ\LPSSPY SLZ LUZLPNUHU[ZL[SLZLUMHU[ZLUTHPYPL H\ JV\YZ KL KP]LYZLZ YtJLW[PVUZ L[ \U WYLTPLY WHJ[L K»HTP[Pt H t[t ZPNUt H]HU[ K»LUNHNLY \U ]tYP[HISL ZLYTLU[ KL Q\TLSHNL 3»HUUtLWYVJOHPULLUQ\PU V\ Q\PSSL[ .\PSOLYHUK .YHUNLZHJJ\LPSSLYHnZVU [V\Y \UL KtStNH[PVU KL UVZ HTPZ P[HSPLUZ WV\Y SH ZPNUH[\YL KL S»HJ[L KL JL ZLYTLU[KLQ\TLSHNL + .@ @ &7 'HV VpDQFHV G·LQLWLDWLRQ j O·DOOHPDQG HW j O·LWDOLHQ VRQW SURSRVpHV DX[ DGXOWHV HW VRQW DQLPpHV SDU 5HJLQD 9R\HU GH ODQJXH PDWHUQHOOH DOOHPDQGH HW&KULVWLDQH'RUQHSURIHVVHXU G·LWDOLHQUHWUDLWpH8QFRXUV GH ©WFKDWFKHª SRXU OHV SOXV DJXHUULVjO·LWDOLHQDpJDOHPHQW OLHXFKDTXHVHPDLQH 'pEXWDQWVRXLQLWLpVYRXVDYH] HQYLH GH GpFRXYULU G·DXWUHV ODQJXHV HW G·DXWUHV FXOWXUHV G·HQWUHWHQLU YRWUH SUDWLTXH OLQJXLVWLTXH"$OOH]\G·LQIRV DXSUqV GH -RVHWWH 0DOOHW DX 6UHWWLSSLSLZOHIP[HU[ZKL*HZHSTHNNPVYLSLZ*HZHSPZ *XLOKHUDQG*UDQJHVPDYLOOH '( 8QQRXYHDX3/8 SRXUG\QDPLVHUODYLOOH 8Q 3ODQ /RFDO G·8UEDQLVPH HVW DFWXHOOHPHQW HQ FRXUV G·pWXGH 6RQ EXW DFFRPSDJQHU DX PLHX[ OH GpYHORSSHPHQW GH QRWUH WHUULWRLUH8QHpWDSHORJLTXHDSUqVODYDOLGDWLRQUpFHQWHGX335, 3ODQGH3UpYHQWLRQGHV5LVTXHVG·,QRQGDWLRQSDUOHVVHUYLFHVGH O·(WDWF·HVWGRQFWRXWQDWXUHOOHPHQWTXHOHVVHUYLFHVFRPPXQDX[ WUDYDLOOHQWDXMRXUG·KXLVXUFHWWHQRXYHOOHUpSDUWLWLRQGXWHUULWRLUH 'qVFHWDXWRPQHOH3ODQ/RFDOG·8UEDQLVPH3/8UHPSODFHUDOH 3ODQG·2FFXSDWLRQGHV6ROV326DFWXHOOHPHQWHQYLJXHXU G' ...8 !4X·HVWFHTX·XQ3ODQ/RFDO G·8UEDQLVPH3/8" <U 73< LZ[ \U YuNSLTLU[ X\P Kt[LYTPUL SH ]VJH[PVU KLZ KPMMtYLU[Z ZLJ[L\YZ L[ [LYYHPUZ JVTT\UH\_*»LZ[H\ZZP\UV\[PSKL WYVZWLJ[P]LWYt]\WV\YHU[PJPWLYSL Kt]LSVWWLTLU[KLSHJVTT\ULLU MVUJ[PVUKLZLZLUQL\_M\[\YZ !4X·HVWFHTXLHVW UpJOHPHQWpSDUOH3/8" 3L73<KtÄUP[SLKYVP[nJVUZ[Y\PYL SLZ OH\[L\YZ SLZ THYNLZ KL YLJ\S LU[YLSLZJVUZ[Y\J[PVUZSHOH\[L\Y KLZ JS[\YLZ S»PU[tNYH[PVU KLZ LZWHJLZ]LY[Z !4XHOOHUpSDUWLWLRQGX WHUULWRLUHGHVVLQHWLO" 3»OHIP[H[YLWYtZLU[LYHKLSH Z\YMHJLKLSHJVTT\ULSLZaVULZ KLZ[PUtLZnS»HJ[P]P[ttJVUVTPX\L JVUZ[P[\LYVU[ KLZ [LYYHPUZ KL SH Z\YMHJL JVTT\UHSL ZLYH JSHZZtL LU aVUL UH[\YLSSL L[ LU aVUL HNYPJVSL *L X\P MHP[ X\L KL SH JVTT\UL YLZ[LYHn\YIHUPZLY !4XHOVVRQWOHVHQMHX[OLpVDX 3/8" (JJVTWHNULYSLMYHUJOPZZLTLU[ K\ WHZZHNL ZV\[LYYHPU KL SH ]VPL MLYYtL -H]VYPZLY SL Kt]LSVWWLTLU[ tJVUVTPX\L KL SH ]PSSL WV\Y]V`L\YK»LTWSVPZ 7YtZLY]LY UV[YL IPVKP]LYZP[t L[ UVZ LZWHJLZ ]LY[Z H]LJ SH JVUZ[P[\[PVUK»\UWtYPWOtYPX\L]LY[ 7Yt]VPY \U [YHJt WV\Y YLSPLY SL WVU[KLZ3ULZn\UM\[\YLWVU[ H\5VYKKLS»HNNSVTtYH[PVU !/HSOXVGX3/8 3»H\NTLU[H[PVU K\ *VLMÄJPLU[ K»6JJ\WH[PVU K\ :VS *6: L[ KVUJ KLZ Z\YMHJLZ n JVUZ[Y\PYL Z\Y S»LUZLTISL KLZ [LYYHPUZ ZP[\tZ KHUZSH]PSSL !/HVSURFKDLQHVpWDSHVGH O·DGRSWLRQGX3/8 3L 73< H t[t HYYv[t H\ *VUZLPS 4\UPJPWHSK\ H]YPS0SMLYHS»VIQL[ K»\UL LUX\v[L HKTPUPZ[YH[P]L K»\ULK\YtLKLTVPZnSHX\LSSL ZLYVU[ HZZVJPtZ SLZ JOHTIYLZ JVUZ\SHPYLZ SLZ ZLY]PJLZ KL S»,[H[ SLZ JVTT\ULZ ]VPZPULZ SLZ VYNHUPZTLZ YLZWVUZHISLZ K\ :JOtTHKL*VOtYLUJL;LYYP[VYPHSL :*6; S»VYNHUPZTL JOHYNt KLZ [YHUZWVY[Z W\ISPJZ L[J ± WHY[PY KL ZLW[LTIYL \U JVTTPZZHPYL LUX\v[L\Y JVUK\PYH \UL LUX\v[L W\ISPX\L WV\Y YLJ\LPSSPY WLUKHU[ \UTVPZSLZH]PZKL[V\[LWLYZVUUL JVUJLYUtL WHY SL WYVQL[ KL 73< 3L 73< ZLYH LUZ\P[L HKVW[t KtÄUP[P]LTLU[ WHY SL *VUZLPS 4\UPJPWHSLUÄUK»HUUtL G'T C ( '(7 *XLOKHUDQG*UDQJHVPDYLOOH '( P<5 7 D 0#; 6## µµ 3L 73< ]H VMMYPY\UUV\]LS LZZVY H\ Kt]LSVWWLTLU[ tJVUVTPX\L KHUZ SH aVUL KP[L KLZ *YVPZPuYLZ n S»LU[YtL KL ]PSSL ZP[\tL H\ UP]LH\ K\ 7VU[KLZ3ULZOLJ[HYLZKL [LYYHPUZJVTT\UH\_]VU[v[YL HPUZP KtKPtZ n S»PTWSHU[H[PVU K»LU[YLWYPZLZ KHUZ JL ZLJ[L\Y H]LJ SH ]VSVU[t KL NtUtYLY KL UV\]LH\_ LTWSVPZ L[ KL JVUMVY[LY SL Kt]LSVWWLTLU[ tJVUVTPX\LZ\YUV[YL[LYYP[VPYL 5V[YL 73< Z»PUZJYP[ H\ZZP KHUZ SLZ WYtJVUPZH[PVUZ K\ .YLULSSLKLS»LU]PYVUULTLU[ .\PSOLYHUK.YHUNLZH[V\QV\YZ L\SH]VSVU[tKLWYtZLY]LYZLZ LZWHJLZ ]LY[Z SH WYVTLUHKL KLZ ILYNLZ K\ 9OUL V IPVKP]LYZP[t L[ WPt[VUZ J`JSPZ[LZ YVSSLYZ MHTPSSLZ ZL J[VPLU[ OHYTVUPL\ZLTLU[ .YoJL n UV[YL UV\]LH\ 73< UV\Z KL]YPVUZ HSSLY LUJVYL WS\Z SVPU LU JYtHU[ \U WtYPWOtYPX\L ]LY[ J»LZ[ n KPYL \U JPYJ\P[ KtKPt H\_ TVKLZ KL KtWSHJLTLU[Z KV\_X\PMLYHSL[V\YKLUV[YL JVTT\UL LU YLSPHU[ IPLU ZY SLZ ILYNLZ K\ 9OUL 3L 73< KtMLUKYHSHX\HSP[tKL]PLX\P LZ[ZPJOuYLH\_.\PSOLYHUKHPZ .YHUNLVPZ® $ÀQGHFRQVHUYHUXQHTXDOLWpHVWKpWLTXHHWYpJpWDOHDXVHLQGH ODFRPPXQHLOH[LVWHGHSXLVWRXMRXUVXQHUpJOHPHQWDWLRQHQ PDWLqUHG·XUEDQLVPHTXLUpJLWHWRUJDQLVHOHVFO{WXUHVHWKDLHV GHQRVKDELWDWLRQV(QHIIHWODPDQLqUHGRQWVRQWDJHQFpHV OHVFO{WXUHVFRQWULEXHGLUHFWHPHQWjO·HPEHOOLVVHPHQWGHQRV TXDUWLHUVHWGHQRWUHFDGUHGHYLH$XVVLQRXVYRXVUDSSHORQV O·HVVHQWLHOGHFHUqJOHPHQWHQTXHOTXHVSRLQWV 2/HVFO{WXUHVHQIDoDGHGHYRLHSXEOLTXHRXSULYpHGHYURQW rWUHYpJpWDOHVHWRXFRQVWLWXpHVG·XQPXUEDKXWGHFP PD[LPXP VXUPRQWp G·XQ JULOODJH ÀQ G·XQH JULOOH RX G·XQ GLVSRVLWLIjFODLUHYRLH/·HQVHPEOHQHGHYUDSDVGpSDVVHUP HWGHYUDrWUHDJUpPHQWpSDUGHODYpJpWDWLRQ 2/HV GLVSRVLWLIV j FODLUHYRLH VH FDUDFWpULVHURQW SDU GHV HVSDFHVDOWHUQpVG·DXPLQLPXPGHYLGHHWGHSOHLQV /HVHVSDFHVYLGHVVHURQWG·XQHODUJHXUPLQLPDOHGHFP /HV FO{WXUHV GHYURQW IDLUH O·REMHW G·XQ HQWUHWLHQ UpJXOLHU 7RXW DXWUH GLVSRVLWLI HVW VWULFWHPHQW LQWHUGLW VXU OHV YRLHV SXEOLTXHVRXSULYpHV 4 2/HVSODQWDWLRQVQHGpSDVVDQWSDVPGHKDXWGHYURQW rWUH HIIHFWXpHV j XQH GLVWDQFH PLQLPDOH GH FP GH OD OLPLWHVpSDUDWULFHHWjXQHGLVWDQFHGHPPLQLPXPGHOD OLPLWHGHSURSULpWpSRXUOHVDUEUHVGHVWLQpVjGpSDVVHUP S GHKDXWHXU # 7 MC( ME =9 2 C# 7 MG 2 M2 MC 0 *XLOKHUDQG*UDQJHVPDYLOOH 4 µµ " &&5&XQHFRPPXQDXWp GHFRPPXQHVpODUJLH 'HSXLVOHHUMDQYLHUOD&RPPXQDXWpGH&RPPXQHV5K{QH &UXVVROFRPSWHGHQRXYHOOHVFRPPXQHVGDQVVRQJLURQ'pVRUPDLV pWHQGXHVXUO·HQVHPEOHGXWHUULWRLUHGXFDQWRQGH6DLQW3pUD\ HOOHDIÀUPHQRWUHLGHQWLWpDUGpFKRLVHDXVHLQGHO·DJJORPpUDWLRQ YDOHQWLQRLVHHWYDSHUPHWWUHGHGpYHORSSHUGHQRXYHDX[SURMHWV DYHFXQVHXOREMHFWLISODFHUO·LQWpUrWGHVDSRSXODWLRQDXFRHXU GHVHVSUpRFFXSDWLRQV LU[YL[PLU ` JVTWYPZ UL[[V`HNL KL SH]VPYPLK»PU[tYv[JVTT\UH\[HPYL *VUZ[Y\J[PVU HTtUHNLTLU[ LU[YL[PLU L[ NLZ[PVU KLZ tX\PWLTLU[Z J\S[\YLSZ L[ ZWVY[PMZ K»PU[tYv[JVTT\UH\[HPYL V:0 2:UUU *VUJYu[LTLU[ n .\PSOLYHUK .YHUNLZ SH JYtH[PVU KL JL[[L Z\WLYJVTT\UH\[tKLJVTT\ULZ 9OUL*Y\ZZVS ZL [YHK\P[ WHY SL IHZJ\SLTLU[ KL SH WPZJPUL L[ KL SH TtKPH[OuX\L KHUZ SH NLZ[PVU PU[LYJVTT\UHSL *LZ tX\PWLTLU[Z T\UPJPWH\_ MYtX\LU[tZ WHY KL UVTIYL\_ OHIP[HU[Z KLZ ]PSSLZ ]VPZPULZ H]HPLU[ ]VJH[PVU n ZLY]PY \U [LYYP[VPYL WS\Z SHYNL *»LZ[ JOVZL MHP[L H]LJ n SH JSt KL UV\]LH\_ H]HU[HNLZ ! IHPZZLZ KLZ JV[Z L[ HTtSPVYH[PVU K\ ZLY]PJL 3H WPZJPUL ZLYH WYVJOHPULTLU[ HNYHUKPL L[ SLZ [HYPMZ KL SH TtKPH[OuX\LZVU[LUIHPZZLYPLU X\LKLZIVUULZUV\]LSSLZ 3H *VTT\UH\[t KL JVTT\UULZ 9OUL*Y\ZZVSLZ[JVTWVZtLKL! *VYUHZ :HPU[7tYH` .\PSOLYHUK.YHUNLZ :V`VUZ *OH[LH\IV\YN ;V\SH\K % *VTT\ULZ KtQn HKOtYLU[LZ nSH**9* (SIV\ZZPuYL )VMMYLZ *OHTWPZ :[:`S]LZ[YL :[9VTHPUKL3LYWZ % (UJPLUULZ JVTT\ULZ K\ 7H`Z KL*Y\ZZVS 3 ,SSLZ ZL WYtZLU[LU[ ZV\Z KL\_ MVYTLZ! % 3LZ JVTWt[LUJLZ VISPNH[VPYLZ [LSSLZ X\L S»HTtUHNLTLU[ KL S»LZWHJL JVTT\UH\[HPYL L[ SL Kt]LSVWWLTLU[tJVUVTPX\L % 3LZ JVTWt[LUJLZ VW[PVUULSSLZ WHYTPSLZX\LSSLZ! 7YV[LJ[PVU L[ TPZL LU ]HSL\Y KL S»LU]PYVUULTLU[ 7VSP[PX\L K\ SVNLTLU[ ZVJPHS K»PU[tYv[ JVTT\UH\[HPYL L[ K\ JHKYLKL]PL *YtH[PVU HTtUHNLTLU[ L[ 30< !PE $)$$:0 2: "5$)4)4 *XLOKHUDQG*UDQJHVPDYLOOH "# $YHQXHGHOD5pSXEOLTXH /HJUDQGFKDQWLHUGHO·DQQpH µµ D C #8 3LZ [YH]H\_ ZL KtYV\SLYVU[ LU NYHUKLZ WHY[PLZ <U NPYH[VPYL ZLYH KHUZ \U WYLTPLY [LTWZ JYtt H\ IHZK\7VU[4PZ[YHS0SKL]YHP[v[YL HJOL]tK\YHU[S»t[t&HVRQWLOHVW YUDLGHVWUDYDX[G·HQYHUJXUH PDLVM·DLVRXKDLWpTXHODYRLH UHVWHRXYHUWHjODFLUFXODWLRQ $LQVLGqVOHGpEXWGXFKDQWLHU QRXV PHWWURQV HQ SODFH XQ JLUDWRLUH GH WUDQVLWLRQ SRXU DVVXUHU QRQ VHXOHPHQW O·DFFqV VXU 5pSXEOLTXH PDLV DXVVL VXU 6DGL&DUQRW ,UZ\P[L LU ZLW[LTIYL UV\Z WYt]V`VUZ KL YtHSPZLY SLZ HTtUHNLTLU[Z Z\Y SH WVY[PVU KL ]VPYPL ZP[\tL LU[YL SL WVU[ L[ SH QVUJ[PVU KLZ Y\LZ (SL_HUKYL +\THZ L[ *Y\ZZVS 3LZ [YH]H\_ ZL MLYVU[ WHY [YVUsVUZ WV\YX\LSL[YHÄJZVP[THPU[LU\ L[ tJV\[LY SL\YZ WYtVJJ\WH[PVUZ 5V\Z H]VUZ H\ZZP JVUZ\S[t SLZ HZZVJPH[PVUZ JVTTL 9V\SVUZ LU =PSSL n =tSV L[ IPLU ZY =HSLUJL 9VTHUZ +tWSHJLTLU[Z WV\Y X\L SLZ TVKLZ KL KtWSHJLTLU[Z KV\_HPLU[[V\[LSL\YWSHJL,UÄU SH JVTTPZZPVU HJJLZZPIPSP[t H tNHSLTLU[t[tHZZVJPtLH\WYVQL[ (PUZPQLWL\_HMÄYTLYX\L[V\[SL TVUKLHt[tLU[LUK\1LZ\PZÄLY K»H]VPY[YH]HPSStKHUZJL[LZWYP[KL JVUJLY[H[PVU 3 (.5 3OXVGHVWDWLRQQHPHQW µµ /·DYHQXH GH OD 5pSXEOLTXH FRQQDvW FKDTXH MRXU XQ WUDÀF SDUWLFXOLqUHPHQW LQWHQVH YpKLFXOHV IUpTXHQWHQW HQ HIIHW TXRWLGLHQQHPHQWFHWWHDUWqUHTXLIDLWOHOLHQHQWUHOH3RQW0LVWUDO HW OH FDQWRQ GH 6DLQW3pUD\ HQ GHVVHUYDQW GH QRPEUHXVHV ]RQHV FRPPHUoDQWHVGHQRWUHFRPPXQH$[HFLUFXODQWPDLVDXVVLSRUWH G·HQWUpHGHODYLOOHFHWWHYRLULHPpULWDLWG·rWUHUHFRQVLGpUpH&·HVW FKRVHIDLWHjWUDYHUVOHSURMHWG·DPpQDJHPHQWTXHOD0XQLFLSDOLWp DVRXKDLWpPHWWUHHQSODFHHWGRQWOHVWUDYDX[GpEXWHQWWRXWMXVWH 8Q TXDUWLHU FRPPHUoDQW UHYDORULVp S»H]LU\L KL SH 9tW\ISPX\L LZ[ \U H_L Z[Y\J[\YHU[ *»LZ[ WV\Y HPUZP KPYL JVTTL \UL JVSVUUL ]LY[tIYHSL WV\Y UV[YL JVTT\UL ,SSL KLZZLY[ H\QV\YK»O\P KLZ OHIP[H[PVUZ KLZ X\HY[PLYZ KL ]PL JVTTLYsHU[Z +LTHPU WS\Z LUJVYL LSSL WLYTL[[YH KL YHSSPLY [V\Z SLZ Å\_ WYV]LUHU[ H\ZZP K\ Z\K NYoJL n SH SPHPZVU KPYLJ[L X\»VMMYPYHSLNPYH[VPYLH]LJS»H]LU\L :HKP*HYUV[ ,UÄU QL [LUHPZ n YLKVUULY ZLZ SL[[YLZ KL UVISLZZL n JL[[L LU[YtL KL ]PSSL ]tYP[HISL ]P[YPULWV\YUV[YLJVTT\UL 8Q PHLOOHXU FDGHQFHPHQW SRXUOHEXV ? 8 8Q pFODLUDJH UpQRYp HW SOXV pFRQRPH ,[ IPLU PS ` LU H ILH\JV\W 3H WYPUJPWHSL K»LU[YL LSSLZ J»LZ[ X\L Q»HP ZV\OHP[t WYLUKYL LU JVTW[L[V\ZSLZILZVPUZL_WYPTtZ WHY SLZ KPMMtYLU[Z YP]LYHPUZ L[ \ZHNLYZ KL S»H]LU\L KL SH ? 6# 9tW\ISPX\L *»LZ[ WV\YX\VP Q»HP YLUJVU[Yt n WS\ZPL\YZ YLWYPZLZ SLZ 08 7V\Y SLZ .\PSOLYHUKHPZ.YHUNLVPZ JVTTLYsHU[Z WV\Y SL\Y L_WVZLY L[WV\Y[V\ZJL\_X\PS»LTWY\U[LU[ SLZ KPMMtYLU[LZ t[HWLZ K\ WYVQL[ 'HVFRUUHVSRQGDQFHVIDFLOLWpHV HQWUH OHV OLJQHV HW DUUrWV %RWWHWHW6DGL&DUQRW 8QH PHLOOHXUH ÁXLGLWp GX WUDÀFJUkFHjGHVOLJQHVGHEXV GpGLpHV 3OXVGHVpFXULWpJUkFHjGHV SODWHDX[ WUDYHUVDQWV HW j XQ WUDLWHPHQW YLVXHO GH OD YRLULH IDYRULVDQW OH UDOHQWLVVHPHQW GHVYpKLFXOHV 8QH PHLOOHXUH DFFHVVLELOLWp SRXUOHVSLpWRQV 8QWUDLWHPHQWSD\VDJHUSOXV DWWUD\DQW 'HVHVSDFHVF\FODEOHVVpFXULVpV /·HQIRXLVVHPHQWGHVUpVHDX[ DpULHQV 8QDFFqVGLUHFWGDQVOHVVHQV DYHFO·DYHQXH6DGL&DUQRW *XLOKHUDQG*UDQJHVPDYLOOH ) /·DFWXFRPPHUFHVHWHQWUHSULVHV 0== $SUqV SOXVLHXUV DQQpHV G·H[SpULHQFH GDQV OH GRPDLQH GH OD FRLIIXUH 6ROqQH HW -XOLH RQW GpFLGp GH VH ODQFHU HW G·RXYULU LO \ D PDLQWHQDQW XQ DQ OHXU SURSUH VDORQ VXU *XLOKHUDQG*UDQJHV&·HVWGRQFGDQVXQXQLYHUVWRXWGHURVHHWGHQRLUTX·HOOHVRIIUHQW DX[SHWLWVFRPPHDX[JUDQGVGHQRPEUHXVHVSUHVWDWLRQVFRXSHVFRXOHXUVEUXVKLQJV PqFKHVH[WHQVLRQVOHWRXWUpDOLVpDYHFGHVSURGXLWVELRORJLTXHV&HVSURIHVVLRQQHOOHV SURSRVHQW pJDOHPHQW WRXWHV OHV QRXYHOOHV WHQGDQFHV FRPPH OH OLVVDJH EUpVLOLHQ TXL GpIULVHUD HW VRLJQHUD HQ SURIRQGHXU YRV FKHYHX[ JUkFH j XQ DSSRUW GH NpUDWLQH 3UpVHQWHVDXVDORQGXPDULDJHO·DQGHUQLHUHOOHVYRXVSUpSDUHURQWpJDOHPHQWSRXUFH JUDQGMRXUJUkFHjXQHVSpFLDOLVDWLRQGDQVOHVFKLJQRQVPDLVDXVVLDYHFXQHVpDQFHGH PDTXLOODJHUXH$QGUp0DOUDX[²7pO+RUDLUHV/XQDX9HQ! KjK6DP!KjK3RVVLELOLWpGHUHQGH]YRXVHQQRFWXUQHVXUGHPDQGH 5HWURXYH]pJDOHPHQWYRVFRLIIHXVHVVXU)DFHERRN6KRQDVDORQGHFRLIIXUH &:X>+ ' 11::7 /HJDUDJH*HWH3HXJHRWHVWXQHHQWUHSULVHIDPLOLDOHTXLV·HVWLQVWDOOpHj*XLOKHUDQG *UDQJHVGDQVOD]RQHGHV6DYLQHVHQ/·pWDEOLVVHPHQWHVWGLULJpSDU)ORUHQFH *HWH3UDO\ TXL D SULV OD VXFFHVVLRQ GH VRQ SqUH HQ ,O HPSORLH VDODULpV HW SURSRVHXQODUJHpYHQWDLOGHVHUYLFHVYHQWHHQWUHWLHQUpSDUDWLRQHWFDUURVVHULH WRXWHVPDUTXHV3RXUUpSRQGUHDXPLHX[DX[DWWHQWHVGHVFOLHQWVOHJDUDJHYLHQW WRXWMXVWHG·RXYULUXQSDUFYpKLFXOHVG·RFFDVLRQDXVHLQGHVDFRQFHVVLRQ8QHVSDFH LGpDOSRXUGpQLFKHUODSHUOHUDUHGHVYRLWXUHVUpFHQWHVWUqVELHQHQWUHWHQXHVHW DXIDLEOHNLORPpWUDJH/·DXWUHDFWXDOLWpSRXUOHJDUDJHF·HVWDXVVLODVRUWLHGHOD 1·KpVLWH] SDV DOOH] O·HVVD\HU *DUDJH *HWH ² UXH 0DUF 6HJXLQ ² ZZZJDUDJHJHWHFRP 5HWURXYH] DXVVL XQ UHSRUWDJH YLGpRFRQVDFUpDXJDUDJH*HWHVXUQRWUHVLWHZZZJXLOKHUDQGJUDQJHVWY ,:2GW W <DQQLFN/LEHUJHDXQHVHXOHGHYLVH©$PpOLRUHUOHFRQIRUWTXRWLGLHQGHVKDELWDQWV WRXW HQ IDYRULVDQW OH GpYHORSSHPHQW GXUDEOH ª &·HVW SRXU FHWWH UDLVRQ TX·LO D GpFLGpLO\DWRXWMXVWHXQDQGHFUpHUVRQHQWUHSULVH(FR\DQDÀQGHSURSRVHUXQ VHUYLFH GH FRRUGLQDWLRQ GH WUDYDX[ G·LQWpULHXU HW G·LQVWDOODWLRQ G·pTXLSHPHQWV j pQHUJLHSRVLWLYHFRPPHGHVSDQQHDX[VRODLUHVGHVSRPSHVjFKDOHXURXHQFRUHGHOD JpRWKHUPLH3RXUDOOHUSOXVORLQGDQVFHWWHGpPDUFKHFHWLQJpQLHX[JXLOKHUDQGDLV JUDQJHRLV D pJDOHPHQW LPDJLQp XQ DSSDUHLO TXL SHUPHW G·pFUDVHU OHV ERXWHLOOHV /·(FRSUHVV·DODSDUWLFXODULWpG·pFUDVHUQ·LPSRUWHTXHOFRQWHQDQWPrPHOHVERvWHVGH FRQVHUYHGDQVOHVHQVGHODODUJHXU$SUqVDYRLUEUHYHWpHWFRPPHUFLDOLVpFHSURGXLW <DQQLFN/LEHUJHVRXKDLWHOHSRSXODULVHUDÀQGHUpGXLUHO·HQVHPEOHGXYROXPHGHV GpFKHWVGHODYLOOH3RXUG·LQIRVZZZHFR\DQFRPRX RY( 5$$$. 6 7 %ULFRUDPDHVWXQHHQVHLJQHKLVWRULTXHGDQVODYLOOH(QHIIHWDYHFSOXVGHDQQpHV G·H[LVWHQFHHWHPSOR\pVDXVHUYLFHGHVEULFROHXUVHWGHVDPDWHXUVGHGpFRUDWLRQ LQWpULHXUH O·HQVHLJQH SURSRVH XQH RIIUH WUqV GLYHUVLÀpH j WRXV OHV KDELWDQWV GH OD YLOOH HW GHV FRPPXQHV DYRLVLQDQWHV O·DSSURFKH GH O·pWp RXWUH WRXV OHV SURGXLWV GH EULFRODJH HW GH GpFR OH PDJDVLQ YRXV LQYLWH j GpFRXYULU XQ HVSDFH MDUGLQ ELHQ IRXUQL $X PHQX GX SULQWHPSV HW GH O·pWp EDUEHFXHV HW PRELOLHUV GH MDUGLQ ELHQ VU PDLV DXVVL WRQGHXVHV j JD]RQ HW PDWpULDX[ SRXU UpDOLVHU YRV WHUUDVVHV HW WRXV YRVDPpQDJHPHQWVH[WpULHXUV7RXWHO·pTXLSHGH%ULFRUDPDV·HVWLQYHVWLHDÀQTXHOH SXEOLFWURXYHOHVGHUQLqUHVWHQGDQFHVSRXUHPEHOOLUVRQFKH]VRL9RXV\WURXYHUH]OHV FRQVHLOVGHVYHQGHXUVHWFKHIVGHUD\RQVH[SpULPHQWpVTXLVDXURQWELHQYRXVRULHQWHU %ULFRUDPD²UXH+HQUL'XQDQW'pFRXYUH]O·pTXLSH GH%ULFRUDPDVXUQRWUHVLWHZZZJXLOKHUDQGJUDQJHVWY &; ( W *XLOKHUDQG*UDQJHVPDYLOOH 5LVTXHVHW6pFXULWp O·DIIDLUHGHWRXV 7RXV OHV WHUULWRLUHV VRQW FRQFHUQpV SDU GHV ULVTXHV VSpFLÀTXHV *XLOKHUDQG*UDQJHV VHORQ OHV VHFWHXUV XQ FHUWDLQ QRPEUH GH ULVTXHVRQWpWpLGHQWLÀpVSDUOHVVHUYLFHVGHO·(WDW,OV·DJLWGXULVTXH G·LQRQGDWLRQGHVULVTXHVFOLPDWLTXHVGXULVTXHGHIHXGHIRUrWGH PRXYHPHQWGHWHUUDLQGXULVTXHVLVPLTXHGXULVTXHGHWUDQVSRUWGH PDWLqUHVGDQJHUHXVHVHWGXULVTXHGHUXSWXUHGHEDUUDJH -HJL n JLZ KHUNLYZ WV[LU[PLSZ SH ]PSSLHZV\OHP[tTL[[YLLUµ\]YL\U KPZWVZP[PMKLWYt]LU[PVUL[K»HJ[PVU LU JHZ K»PUJPKLU[ THQL\Y *»LZ[ 4PJOLS 4PLU]PSSL tS\ KtStN\t n SH ZtJ\YP[t X\P H t[t JOHYNt WHY SL THPYL KL YtHSPZLY JL X\»VU HWWLSSL \U +0*904 ! +VJ\TLU[ K»0UMVYTH[PVU *VTT\UHS Z\Y SLZ 9PZX\LZ 4HQL\YZ *L MHZJPJ\SL H WV\Y ]VJH[PVU K»PUMVYTLY SLZ OHIP[HU[Z KLZ YPZX\LZ UH[\YLSZ L[ [LJOUVSVNPX\LZ X\P SLZ JVUJLYULU[ L[ KLZ TLZ\YLZ KL WYt]LU[PVU KL WYV[LJ[PVU L[ KL ZH\]LNHYKLWYt]\LZ 5V[YL+0*904ZLYH[tStJOHYNLHISL Z\Y SL ZP[L 0U[LYUL[ ^^^ N\PSOLYHUKNYHUNLZMY n WHY[PY K\ THP L[ JVUZ\S[HISL LU THPYPL <U L_WVZt WS\Z Z`U[Ot[PX\L K\ +0*904 ZLYH KP]\SN\t KHUZ SL WYVJOHPUTHNHaPULT\UPJPWHS % 3LZtS\ZVU[tNHSLTLU[KtJPKtKL JVUJL]VPY\U7SHU*VTT\UHSKL :H\]LNHYKL 7*: 0S Z»HNP[ K»\U WSHUKt[HPSStKL[V\[LZSLZHJ[PVUZ X\L SH JVTT\UL KL]YH LUNHNLY LU JHZ KL JYPZL +HUZ \U [LS JVU[L_[L SL YSL KL S»PUMVYTH[PVU ;tStJVT WHNLZ ISHUJOLZ LZ[t]PKLTTLU[LZZLU[PLS L[ QH\ULZ ItUtÄJPLU[ KL JL *»LZ[ WV\YX\VP UV[YL ]PSSL Z»LZ[ ZLY]PJL NYH[\P[ ZHUZ MHPYL KL KV[tL K»\U Z`Z[uTL K»HSLY[L L[ KtTHYJOL WHY[PJ\SPuYL :P ]V\Z K»PUMVYTH[PVU H\[VTH[PZt *L v[LZPUZJYP[ZLUSPZ[LYV\NL®L[V\ KPZWVZP[PMWLYTL[K»H]LY[PY[V\[LSH WVZZtKLa \U [tStWOVUL WVY[HISL WVW\SH[PVU LU JHZ K»t]tULTLU[ ]VPYL\UMH_V\LUJVYL\ULHKYLZZL L_JLW[PVUULS LU TVPUZ KL THPS UV\Z ]V\Z YLTLYJPVUZ KL TPU\[LZ L[ KL JVTT\UPX\LY SLZ IPLU]V\SVPYJVTWSt[LYSLJV\WVU JVUZPNULZKLZtJ\YP[tHWWYVWYPtLZ JPKLZZV\ZL[S»HKYLZZLYLU4HPYPLn S»H[[LU[PVUKLSH7VSPJL4\UPJPWHSL (\ZZP HÄU KL MH]VYPZLY HÄU KL WV\]VPY ]V\Z H\ZZP v[YL \UL [YHUZTPZZPVU K»PUMVYTH[PVU WYt]LU\Z [YuZ YHWPKLTLU[ LU JHZ LMÄJHJL UV\Z ]V\Z PU]P[VUZ n KLUtJLZZP[t*LZYLUZLPNULTLU[Z UV\Z [YHUZTL[[YL [V\[LZ ]VZ YLZ[LYVU[ IPLU ZY Z[YPJ[LTLU[ JVVYKVUUtLZ[tStWOVUPX\LZ JVUÄKLU[PLSZ 7HY SH Z\P[L PS UL ([[LU[PVU HJ[\LSSLTLU[ ZL\SLZ MH\KYH WHZ V\ISPLY KL UV\Z MHPYL SLZ WLYZVUULZ PUZJYP[LZ Z\Y WHY[ KL [V\[ JOHUNLTLU[ KL ]VZ S»HUU\HPYL W\ISPJ KL -YHUJL JVVYKVUUtLZ +8175517*#+6'<8175+05%4+4'Ê%'&+5215+6+()4#67+6X01758175+08+6105Ê4'/2.+4 %'%17210'6Ê.'4'61740'4'0/#+4+'Ê.#66'06+10&'.#1.+%'70+%+2#.'T 1/'624Ï01/UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT &4'55'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT #7614+5'.#8+..'&'7+.*'4#0&g4#0)'5Ê76+.+5'4/10U 9 &w&'(+:'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTw&'(#:UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT 7 w&'2146#$.'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT/#+.UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT # 2174/#.'46'4'6/+0(14/'4&76;2'&'�)'4'6&'5%105+)0'5&'5Ï%74+6ÏÊ57+84''0%#5&'4+537'/#,'74574 .#%1//70'&'7+.*'4#0&g4#0)'5T +)0#674'U ) ,16&5,37,21*5$78,7( 6\VWHPHGdDSSHOHQPDVVH ' = K 8QEXGJHWPDvWULVp TXLQ·RXEOLHSHUVRQQQH /H EXGJHW D pWp YRWp OH DYULO GHUQLHU SDU OH &RQVHLO0XQLFLSDO6RQPRQWDQW WRWDO LQYHVWLVVHPHQW HW IRQFWLRQQHPHQW FRQIRQGXV V·pOqYH j HXURV ,O V·LQVFULW GDQV OD OLJQpH GHV REMHFWLIV GX PDQGDW HW GDQV OD FRQWLQXLWp GHV SUpFpGHQWV H[HUFLFHV G W ; 2 ( U $$ ;Z8 46 5 3H WYtZLY]H[PVU KL UV[YL LU]PYVUULTLU[ 3»LTILSSPZZLTLU[ KL UV[YL JHKYL KL ]PL H]LJ UV[HTTLU[ S»HTtUHNLTLU[WOHYLKLS»H]LU\L KLSH9tW\ISPX\LJMWHNL 3»LU[YL[PLU L[ S»HTtSPVYH[PVU KLZ tX\PWLTLU[ZW\ISPJZJVTT\UH\_ WHYTP SLZX\LSZ S»L_[LUZPVU KL SH )LH\SPL\JMWHNL *VTTL [V\QV\YZ SH 4\UPJPWHSP[t L[ SLZ HNLU[Z JVTT\UH\_ Z»H[[HJOLYVU[ n YLUKYL \U ZLY]PJL W\ISPJ KL X\HSP[t H\_ .\PSOLYHUKHPZ.YHUNLVPZ L[ n J\S[P]LY \U JHKYL KL ]PL OHYTVUPL\_ L[ ZtJ\YPZt [V\[ LU THz[YPZHU[UVZKtWLUZLZ $$; Z8 G5 *»LZ[ SL WYLTPLY I\KNL[ tSHIVYt KLW\PZ SLZ [YHUZMLY[Z KL JVTWt[LUJLZ SPtZ n SH M\ZPVU KL SH **9* L[ KL SH *VTT\UH\[t KL *VTT\ULZ K\ 7H`Z KL *Y\ZZVS ,U LMML[ KLW\PZ SL LY QHU]PLY KLYUPLY SH WPZJPUL L[ SH TtKPH[OuX\L ZVU[ KL]LU\LZ KLZ ZLY]PJLZ PU[LYJVTT\UH\_ *LZ JOHUNLTLU[ZPTWHJ[LU[SLI\KNL[ SLZ IPSSL[[LYPLZ U»LU[YLU[ WS\Z KHUZ SH SPNUL KLZ YLJL[[LZ HSVYZX\LSHTHZZLZHSHYPHSLKLJLZ t[HISPZZLTLU[ZHIHZJ\StKHUZSL NPYVUKLSH**9*JMWHNL ! *XLOKHUDQG*UDQJHVPDYLOOH + J/C'/G% /J'+%'"I[ /D 0XQLFLSDOLWp YRXV SURSRVH GH UHFHYRLU SDU HPDLO RX VPV XQ PHVVDJH G·DOHUWH FRQFHUQDQW OH VROGH GH YRWUH FRPSWH IDPLOOH 6L YRXV rWHV LQWpUHVVpV SDU FH VHUYLFHFRQWDFWH]OD5pJLH0XQLFLSDOHVLWXpH DXUH]GHFKDXVVpHGHODPDLULHSDUWpOpSKRQHDX RXSDUHPDLOFOLFN#JXLOKHUDQGJUDQJHVIU $%/EC%3%:7 5REHUW -RYLQHOOL HW -HDQLQH -RYLQHOOL QpH %HOD\ RQW IrWp FH PDUGL DYULO OHXUV DQV GH PDULDJH j OD PDLVRQ GH UHWUDLWH 2USpD /HV 7DPDULV R LOV UpVLGHQW UHVSHFWLYHPHQW HW DQV 5REHUW HW -HDQLQH VRQW HQ SOHLQH IRUPH /HXUV GHX[ ÀOV OHXUV SHWLWVHQIDQWV HW GHX[ GH OHXUV DUULqUHSHWLWHVÀOOHV DYDLHQW IDLW OH GpSODFHPHQW GHSXLV OH VXG GH OD )UDQFH DÀQ G·rWUH SUpVHQWV SRXU FpOpEUHU OHV QRFHV GH SODWLQH GX FRXSOH 8Q PRPHQW GH IrWH DXTXHO V·HVW pJDOHPHQW MRLQW -HDQ&ODXGH 5RPDQHW 3UHPLHU $GMRLQW TXL D WHQX j OHXU VRXKDLWHUGHORQJXHVDQQpHVGHERQKHXU ,J3%/%3E5'/"JJ/ V:'P3%/E2:3%/:7 /H EDWWHXU )ORULDQ &HOODUG UpVLGDQW j *XLOKHUDQG*UDQJHV VRUWLUD OH 0DL SURFKDLQ VRQ SUHPLHU '9' OLYH DYHF OH JURXSH©/HV7RRQ·VªTX·LODUHMRLQWLO\D PDLQHQDQWWURLVDQV,QWLWXOp©6WDUVGHVFKDPSV DXWKpkWUHGHODYLOOHªFH'9'DpWpWRXUQpORUVGXFRQFHUW H[FHSWLRQQHO GXJURXSHDX WKpkWUH OH 5K{QH GH %RXUJOqV 9DOHQFH 9RXV WURXYHUH] VXU FHWWH YLGpR PRUFHDX[ OLYH GRQW GHX[ LQpGLWV H[WUDLWV GX SURFKDLQ DOEXP 3RXU SOXV G·LQIRUPDWLRQVZZZOHVWRRQVFRP J/%"'3E&'" 0 $OEHUW 5RXGLHU FRQFLOLDWHXU GH MXVWLFH UHoRLW O·HQVHPEOH GHV KDELWDQWV GX FDQWRQ GH 6DLQW3pUD\ HQ PDLULH GH *XLOKHUDQG *UDQJHV WRXV OHV H PHUFUHGL GH FKDTXH PRLV GH K j K VDQV UHQGH]YRXV &H SURIHVVLRQQHODSRXUPLVVLRQGHUpVRXGUHjO·DPLDEOH OHVOLWLJHVTXLFRQFHUQHQWSDUWLFXOLHUVRXHQWUHSULVHV 'HSXLVOHPRLVGH-DQYLHU0XULHO6HDXYH 2OLYLpULVLqJHDX&RQVHLO0XQLFLSDOGDQV OH JURXSH G·RSSRVLWLRQ (OOH UHPSODFH %UXQR &RXORQ GpPLVVLRQQDLUH SRXU UDLVRQGHPXWDWLRQSURIHVVLRQQHOOH /3G"J/J%3 /HV LQVFULSWLRQV GDQV OHV JURXSHV VFRODLUHVFRPPXQDX[VRQWjHIIHFWXHU DXSUqVGXVHUYLFHGHVDIIDLUHVVFRODLUHV VLWXp DX UH]GHFKDXVVpH GH OD PDLULH $WWHQWLRQ HOOHV FRQFHUQHQW VHXOHPHQW OHV HQIDQWV TXL IHURQW OHXU HQWUpH HQ UH DQQpH GX F\FOH PDWHUQHOOH RX pOpPHQWDLUH OH 6HSWHPEUH /HIRUPXODLUHGHGHPDQGHG·LQVFULSWLRQHVWj UHWLUHUDXSUqVG·,VDEHOOH$XEHUWHQFKDUJHGXVHUYLFH VFRODLUH HQ YRXV PXQLVVDQW GX OLYUHW GH IDPLOOH G·XQH FDUWH G·LGHQWLWp RX G·XQH FRSLH G·DFWH GH QDLVVDQFHHWG·XQMXVWLÀFDWLIGHGRPLFLOH$SUqVFHWWH pWDSHO·LQVFULSWLRQGHYUDrWUHFRQÀUPpHDXSUqVGX 'LUHFWHXURXGHOD'LUHFWULFHG·pFROHHQSUpVHQWDQW OHVPrPHVSLqFHVDLQVLTXHOHFDUQHWGHYDFFLQDWLRQ HW OH FDV pFKpDQW OH FHUWLÀFDW GH UDGLDWLRQ /HV SDUHQWV VRXKDLWDQW XQH GpURJDWLRQ GH FDQWLQH RX G·DIIHFWLRQGRLYHQWVROOLFLWHUXQUHQGH]YRXVDXSUqV G·$QQLH3H\UDFKRQ&RQVHLOOqUHPXQLFLSDOHGpOpJXpH DX[DIIDLUHVVFRODLUHV,QIRUPDWLRQVDX RXLVDEHOOHDXEHUW#JXLOKHUDQGJUDQJHVIU 3+"P/?' %LHQYHQXHjeULF/HQRLUHW(PLOLH /DSDL[TXLRQWUHMRLQWOHVVHUYLFHV WHFKQLTXHV GH OD PDLULH DX PRLV GH )pYULHU eULF /HQRLU UHPSODFH 0HUU\O 'XUDQG DX SRVWH GH 'LUHFWHXU GHV 6HUYLFHV 7HFKQLTXHV $UULYDQW GX 3pDJH GH 5RXVVLOORQ R LO H[HUoDLW OHV PrPHV IRQFWLRQV FH SDVVLRQQpGHYpORDFKRLVL*XLOKHUDQG*UDQJHVSRXU VHUDSSURFKHUGHVHVSURFKHVHWSURÀWHUGXFDGUHGH YLHDJUpDEOHGHQRWUHYLOOHePLOLH/DSDL[WUDYDLOODLW TXDQW j HOOH j &KDWHDXQHXIVXU,VqUH DYDQW GH UHMRLQGUH *XLOKHUDQG*UDQJHV HQ WDQW TXHUHVSRQVDEOHGHO·XUEDQLVPH&HWWH QRXYHOOHIRQFWLRQOXLSHUPHWG·pODUJLU VHVFRQQDLVVDQFHVGDQVXQHVWUXFWXUH SOXV LPSRUWDQWH (OOH UHPSODFH DLQVL <DQQ%ULVVDUW *XLOKHUDQG*UDQJHVPDYLOOH * , 'HVIRUPDWLRQVj%DF VXUQRWUHFRPPXQH ,OH[LVWHj*XLOKHUDQG*UDQJHVXQ&HQWUHGH)RUPDWLRQGHV$SSUHQWLV&)$DLQVLTX·XQ&XUVXVGH )RUPDWLRQ$GDSWpDX[DGXOWHVHW3URIHVVLRQQHOV&)$3GDQVOHVGRPDLQHVGHODSKDUPDFLHHWGHOD GLpWpWLTXH,QVWDOOpVUXHGH1DUYLNGHUULqUHO·$JRUDGDQVXQEkWLPHQWTX·LOVSDUWDJHQWDYHFOHV V\QGLFDWVGHVSKDUPDFLHQVGHOD'U{PHHWGHO·$UGqFKHO·pWDEOLVVHPHQWDFFXHLOOHFKDTXHDQQpH SUqVGHpOqYHV1RXVDYRQVUHQFRQWUpOHVDSSUHQWLVHWpWXGLDQWVGHFHVIRUPDWLRQV%$& SURSRVpHVVXUODFRPPXQHDÀQGHFRQQDvWUHOHXUVPRWLYDWLRQVHWG·HQVDYRLUXQSHXSOXVVXUOHV SURJUDPPHVHWDSSUHQWLVVDJHVGLVSHQVpV9RLFLOHXUVWpPRLJQDJHV µµ GYC%3"R;) "E. $SUqVXQ%DF6HWXQSDUFRXUVSURIHVVLRQQHOXQSHXDYDQFp3LHUULFNDFKRLVLGH UHSUHQGUHVHVpWXGHVDXVHLQGX%76GLpWpWLTXHSURSRVpSDUOH&)$3KDUPDFLHGH *XLOKHUDQG*UDQJHV(\QV\YK»O\PWHZTHSKL);:KPt[t[PX\LL_PZ[LU[UV[HTTLU[ LU 9OUL(SWLZ 4VU JOVP_ Z»LZ[ UH[\YLSSLTLU[ VYPLU[t Z\Y JLS\P KL .\PSOLYHUK .YHUNLZJHYPSLZ[WS\ZLUSPLUH]LJSLWHYHTtKPJHS6U`Z\P[KLZJV\YZKLWO`ZPVSVNPL K»HUH[VTPLTHPZH\ZZPZ\YSLZPU[tYHJ[PVUZTtKPJHTLU[L\ZLZ*LSHJVYYLZWVUKIPLU n TVU VIQLJ[PM KL [YH]HPSSLY WS\Z [HYK KHUZ SL KVTHPUL KL SH KPt[t[PX\L ZWVY[P]L L[ K»PU[tNYLYSLTPSPL\OVZWP[HSPLY® % W&%?'"; ?=G=E2. ,VVXH GH OD SURPRWLRQ GX %UHYHW GH 3UpSDUDWHXU HQ SKDUPDFLH$XGUH\ D VRXKDLWp DYHF VRQ HPSOR\HXU DFWXHO pODUJLU OH FKDPS GH VHV FRPSpWHQFHV SURIHVVLRQQHOOHVHQDSSURIRQGLVVDQWXQHIDFHWWHGXPpWLHUHQSOHLQHH[SDQVLRQ ODGHUPRFRVPpWLTXH6UHIVYKLSLZWH[OVSVNPLZKLSHWLH\SHNHStUPX\LJ»LZ[n KPYL[V\[JLX\PJVTWVZLSLZJYuTLZL[tT\SZPVUZLUJVZTt[VSVNPLK\TLYJOHUKPZPUN *»LZ[[YuZLUYPJOPZZHU[L[JLZLYH\U]YHPWS\ZWV\YTVPL[TVULTWSV`L\Y® µµ C%J'; G G0 7LWXODLUHG·XQ%DF/HWG·XQ'(8*GH/DQJXHV(WUDQJqUHV$SSOLTXpHV0DJDOLV·pWDLW RULHQWpHHQ/($DORUVTXHVRQSURMHWLQLWLDOpWDLWSRXUWDQWGHWUDYDLOOHUGDQVXQH SKDUPDFLH8QHRULHQWDWLRQLPSRVVLEOHDORUV4XHOTXHVDQQpHVSOXVWDUGVRQ UrYHHVWUHGHYHQXSRVVLEOH1»HPYt\ZZPn[YV\]LY\UJVU[YH[K»HWWYLU[PZZHNLKHUZ \ULWOHYTHJPLL[Q»HPt[tHJJLW[tLKHUZSLJ\YZ\ZK\)77OHYTHJPL1LZ\PZKVUJ LU HS[LYUHUJL 3L WYVNYHTTL LZ[ [YuZ KLUZL THPZ sH ]H\[ SL JV\W 5V\Z ZVTTLZ ZL\SLTLU[WHYJSHZZLL[SLZWYVMLZZL\YZZVU[[YuZPTWSPX\tZ® ,% G0 $;/Y$)$$:0 2: " 05$))2,#5$)4* &RXUULHOFIDSKDUP#ZDQDGRRIUZZZFIDSKDUPDFLHGURPHDUGHFKHFRP 'LUHFWHXU-HDQ0DUF/R]DQR $ *XLOKHUDQG*UDQJHVPDYLOOH 1RXYHOOH9DJXH XQHUpVLGHQFHSRXUpWXGLDQWV 3DV WRXMRXUV IDFLOH GH VH ORJHU ORUVTX·RQ HVW pWXGLDQW 6DYLH]YRXV TX·j *XLOKHUDQG*UDQJHV XQH UpVLGHQFH WRXW FRQIRUW SURSRVH ORJHPHQWV WRXW pTXLSpV GH j P SRXU OHV VWDJLDLUHV HW pWXGLDQWV"&HWpWDEOLVVHPHQWJpUpSDUOD0XWXDOLWp)UDQoDLVHRIIUHGHVSUHVWDWLRQVWRXWFRQIRUWZLÀ VDOOHGHPXVFXODWLRQEXDQGHULHVDOOHGHWUDYDLODYHFSKRWRFRSLHXVH0DLVSOXVTX·XQVLPSOHSDUFGH ORJHPHQWVORFDWLIVODUpVLGHQFH1RXYHOOH9DJXHHVWDXVVLXQHVSDFHGHYLHDFFXHLOODQWRFKDFXQDVD SODFHHWSHXWEpQpÀFLHUGXVRXWLHQGHO·pTXLSHJHVWLRQQDLUHGHODUpVLGHQFHFRPSRVpHGH'DYLG5R\HU JDUGLHQHWGH/DXULH9DOHWWHVHFUpWDLUHFRRUGLQDWULFH6RXULUHJHQWLOOHVVHHWVHUYLDELOLWpVRQWOHORWGH FHVSLOLHUVGH1RXYHOOHYDJXH5HQFRQWUHDYHFOHVORFDWDLUHVGHFHWWHV\PSDWKLTXHUpVLGHQFH 0 J;$ I "%G ,C;* I ( hH MHP[ \U HU L[ KLTP X\L Q»OHIP[L SH 9tZPKLUJL (\WHYH]HU[ Q»t[HPZ LU PU[LYUH[ 4H MHTPSSL H ]tJ\ SVUN[LTWZ n .\PSOLYHUK .YHUNLZ H]HU[ KL WHY[PY OHIP[LYWS\ZH\Z\K1»t[HPZ[YuZ H[[HJOtL n JL[[L ]PSSL V Q»HP t[tLUJS\IZWVY[PMWLUKHU[KL UVTIYL\ZLZ HUUtLZ Q»H]HPZ LU]PL KL YL]LUPY ` ]P]YL 0JP SLZSVJH\_ZVU[[YuZHNYtHISLZ 0S`H\ULZHSSLKLZWVY[ZVU LZ[nWHZKL[V\[L[S»tX\PWL X\LMVYTL+H]PKL[3H\YPLLZ[ [YuZZ`TWH[OPX\L+uZX\»VU H \U ZV\JP PSZ PU[LY]PLUULU[ YHWPKLTLU[ 6U UL ZL ZLU[ WHZZL\S3»LU]PYVUULTLU[LZ[ [YuZYHZZ\YHU[® 1»HP LTTtUHNt KHUZ SH YtZPKLUJL HSVYZ X\L QL U»H]HPZ X\L HUZ 4LZ WHYLU[Z ZVU[ JVTTLYsHU[Z KHUZ \UL ]PSSL K\ Z\K KL SH -YHUJL L[ HWYuZ H]VPY ]tJ\TVULUMHUJLn.\PSOLYHUK .YHUNLZ Q»HP ZV\OHP[t YLZ[LY PJP WV\Y UL WHZ TL JV\WLY KL S»LU]PYVUULTLU[ HZZVJPH[PM X\P t[HP[ SL TPLU KLW\PZ [V\[ QL\UL 1»HP TVU PUKtWLUKHUJL J»LZ[ \ULYtZPKLUJLJHSTLL[WYH[PX\L 3LN`TUHZLS»H\[VtJVSLSLZI\Z L[SLZJVTTLYJLZZVU[[V\[WYuZ \U YtLS H]HU[HNL 3LZ SVNLTLU[Z VMMYLU[ ILH\JV\W KL WYLZ[H[PVUZ L[[V\[LZ[JVTWYPZKHUZSLSV`LY 6U H WL\ KL JOHYNLZ *»LZ[ PU[tYLZZHU[® /,J !5pVLGHQFHLQDXJXUpHHQ CW; I 1»HP LTTtUHNt PJP PS ` H WL\ THPZ QL JVUUHPZ SH YtZPKLUJL KLW\PZ WS\Z K»\U HU JHY \UL KL TLZ HTPLZ ` SVNLHP[ 1»H]HPZ LU]PL K»PUKtWLUKHUJL sH T»H WHY\HKHW[tnTLZLU]PLZL[ n TLZ ILZVPUZ 3H YtZPKLUJL LZ[IPLUKLZZLY]PLWHYSLI\Z 1LWYH[PX\LH\ZZPSLOHUKIHSS H]LJ S»(TPJHSL 3H{X\L H\ JLU[YL VTUPZWVY[Z L[ J»LZ[ Q\Z[L n J[t (\QV\YK»O\P QL Z\PZ[YuZJVU[LU[LQLJVU[PU\L n MHPYL K\ ZWVY[ QL Z\PZ LU JVSVJH[PVUL[QLItUtÄJPLKLZ (73® µµ µµ ! ORJHPHQWV GLVSRQLEOHV HW FRQYHQWLRQQpV $3/ VWXGLRVGHPORXpVDXSUL[GHHXURV&&RXVWXGLRV GHPFRORFDWLRQSRVVLEOHSRXUHXURV&& !/HVFKDUJHVLQFOXHQWO·HDXOHFKDXIIDJHO·pOHFWULFLWp OH:LÀOD7D[HG·+DELWDWLRQSDUNLQJVDFFqVjODVDOOH GHVSRUWEXDQGHULH *XLOKHUDQG*UDQJHVPDYLOOH , 9RVSURFKDLQVUHQGH]YRXV P "%'N G%/" , N ' ' % I 3 C% 3 "3 % /HV2UFKHVWUDOHV YRXVSURSRVHQWGH GpFRXYULUjO·$JRUDGX DXPDLODPXVLTXHVRXV WRXWHVVHVIRUPHV /H&RPLWp PXQLFLSDOGHVIrWHVYRXV FRQYLHGLPDQFKHPDLjODH pGLWLRQGXPDUFKpDX[SODQWHV FHWWHRFFDVLRQODSURPHQDGHGHVERUGV GX5K{QHVHPHWjO·KHXUHGHODERWDQLTXH HWGHO·KRUWLFXOWXUH3pSLQLpULVWHV KRUWLFXOWHXUVDUERULFXOWHXUVHWPDUDvFKHUV VRQWUpXQLVSRXUYRXVSURSRVHU GLYHUVHVYDULpWpVGHSODQWHV HWGHÁHXUV&·HVW O·RFFDVLRQGHGpFRUHU YRVMDUGLQVEDOFRQV WHUUDVVHVHW LQWpULHXUV J3P 0HUFUHGLK!/HVpOqYHVGHO·pFROHGH PXVLTXHHWOHVHQIDQWVGHVpFROHVDFFRPSDJQHQWOD %DWXFDGD©75,%$/$7$0ªGH5RPDQV 9HQGUHGLK!2UFKHVWUHGH0RQWpOLPDU©0LVWUDO jODFOpªPXVLTXHVFODVVLTXHYDULpWpMD]] 6DPHGLK!©9R\DJHHQ,WDOLHª DYHFOHVpOqYHVGHO·(FROHGH0XVLTXH 'LPDQFKHK!©2UFKHVWUH G·+DUPRQLHªGH6DLQW3pUD\HW ©2UFKHVWUH6\PSKRQLTXHª GH&KDEHXLO E % , /HH)HVWLYDO G·2UJXHVGH%DUEDULHDXUD OLHXVXUODSURPHQDGHGHV EHUJHVGX5K{QHO·DSUqVPLGLGX VDPHGLPDLHWWRXWHODMRXUQpH GXGLPDQFKH8QHFHQWDLQHGHMRXHXUV G·RUJXHVIUDQoDLVHWpWUDQJHUVYRXVHQWUDvQHURQW HWDVVXUHURQWOHVSHFWDFOH/HVHQIDQWVVHURQW HX[DXVVLVpGXLWVSDUFHVLQVWUXPHQWVHQFKDQWHXUV DYHFOHVSHFWDFOHPXVLFDOHWOHPDQqJHjYpORVGH %DE·VOHFORZQ(QSDUDOOqOHHWSRXUUDMRXWHUHQFRUH GXFKDUPHjFHMR\HX[UHQGH]YRXVWRXVOHV SHLQWUHVVDQVH[FHSWLRQDPDWHXUVGpEXWDQWV HWFRQÀUPpVVRQWLQYLWpVj SHLQGUHVXUOHVERUGVGX 5K{QH$QLPDWLRQ JUDWXLWHRXYHUWH jWRXV GE " +% E%3% J3:' 3 E %7 / /HEHDFK SDUFGHODYLOOH VLWXpDX6WDGHGHV FRPEHVYRXVDFFXHLOOHjQRXYHDXFHW pWpDYHFO·RSpUDWLRQ©/HVSLHGVGDQV OHVDEOHª'HQRPEUHXVHVDQLPDWLRQV VRQWSUpYXHVGXMXLQDXMXLOOHW FRQVWUXFWLRQGHFKkWHDX[GHVDEOHWRXUQRL GHVRFFHUGHEHDFKYROOH\RXHQFRUH SDWDXJHRLUH/HEHDFKSDUFHVW HQDFFqVOLEUHOHUHVWHGH O·DQQpHHWGHO·pWp Q·KpVLWH]SDVjHQ SURÀWHU *XLOKHUDQG*UDQJHVPDYLOOH / C%+ / HW-XLQOH PRQGHPpGLpYDO VHUDXQHQRXYHOOH IRLVjODIrWHVXUOH VLWHGH&UXVVRO9HQH] UHPRQWHUOHWHPSVJUkFHDX[ QRPEUHXVHVDQLPDWLRQVSUpYXHV SUpVHQWDWLRQGHODYLHTXRWLGLHQQHGHO·pSRTXH HQWUDvQHPHQWVHWFRPEDWVGHFKHYDOLHUV IDXFRQQHULHpTXHVWUHIDUFHVPpGLpYDOHV EDODGHVjGRVG·kQHVRXHQFRUHMHX[ PpGLpYDX[(QVRLUpHSODFHjOD PXVLTXHVXUODVFqQHGXWKpkWUHGH YHUGXUHDYHFOHFRQFHUWHWOH VSHFWDFOHVRQHWOXPLqUH 'X DX -XLQ 0D YLOOH HQ IrWH HVW GH UHWRXU 9RLFL XQ DYDQWJRW GH FH TXH YRXV UpVHUYHFHWWHHpGLWLRQ /XQGL!120$6/$%$1'$ 5HQRXRQV DYHF OD VDOVD HW OH PHUHQJXH HQ SDVVDQW SDU OH FKDFKDHWODUXPEDDYHFOHV PXVLFLHQVGH©1RPDVOD%DQGD ª TXL YRXV IHURQW YR\DJHU DX FRHXUGHVU\WKPHVODWLQRV '3 / " J C% 3 1RXYHDX j*XLOKHUDQG *UDQJHVXQPDUFKp QRFWXUQHDUWLVDQDODXUDOLHX OHYHQGUHGLHU-XLOOHWGHKj K3URÀWH]GHFHWWHVRLUpHG·pWpSRXU YRXVEDODGHUVXUOHVEHUJHVGX5K{QH WRXWHQGpFRXYUDQWOHVSURGXLWVGXWHUURLU HWGHO·DUWLVDQDWORFDO8QpYpQHPHQW jQHSDVPDQTXHURXQHVRL[DQWDLQH G·H[SRVDQWVVHURQWSUpVHQWVVXUOD SURPHQDGHSRXUXQPDUFKpKDXW HQFRXOHXUVHWHQVHQWHXUV I P 7 %/ ? JG 3 % / %/ ' G 3I 6\PEROH " ' GHFRQYLYLDOLWpHW 0DUGL!6+(/7$ &HV PXVLFLHQV SDVVLRQQpV YRXVIHURQWGpFRXYULUODPXVLTXH LUODQGDLVHPpODQJHGHWUDGLWLRQ HWGHPRGHUQLWp /H MXLOOHW jKOHFHQWUH RPQLVSRUWVDFFXHLOOHUD O·RUFKHVWUHHWOHFKRHXU $UWHPXVDLQVLTXHVROLVWHVSRXU ODWUqVEHOOHRHXYUHGH*HRUJHV %L]HW&$50(1(QWUpH½ $YHF©/HV0XVLFDOHVGH6R\RQV HQEDOODGHª GHSDUWDJHOHEDQTXHW UpSXEOLFDLQDXUDOLHXOH -XLOOHW&·HVWO·RFFDVLRQSRXU OHV*XLOKHUDQGDLV*UDQJHRLVGH SURÀWHUG·XQUHSDVIHVWLIVXUOD SURPHQDGHGHVEHUJHVGX5K{QH $XSURJUDPPHpYLGHPPHQWXQ UHSDVGHTXDOLWpPDLVpJDOHPHQW GHVDQLPDWLRQVXQHWRPEROD HWGHODPXVLTXH,QIRVSUL[ HWPRGDOLWpVGHUpVHUYDWLRQV YRXVSDUYLHQGURQW SURFKDLQHPHQW LQIRVPXVLFDOHV VR\RQVIU 7 " \ , 0HUFUHGL!&,($5,672%8//( ,OVDYDLHQWIDLWULUHWRXWHODSODFH GHV0XVHVO·DQGHUQLHUDYHFOHXU FDUDYDQH ,OV SUpVHQWHQW FHWWH DQQpH OHXU GHUQLHU VSHFWDFOH GU{OH HW PDJLTXH DXWRXU G·XQ DTXDULXP -HXGL!/(6%5(7216'(/·(67 &H WULR PXVLFDO SDUWDJHUD DYHF YRXV VRQ pQHUJLH GpERUGDQWH JUkFH j XQ UpSHUWRLUH LQÁXHQFp SDU OHV PXVLTXHV W]LJDQHV J\SVLHPDQRXFKHPDLVDXVVLSDU OHMD]]HWOHEOXHV 9HQGUHGL!(192/',675$772 &KRUpJUDSKLHV LPSUREDEOHV FRXSV G·pFODWV HW FRXSV GH WKpkWUH VRQW OHV LQJUpGLHQWV GX ©/DF GHV &\JQHVª UHYLVLWp SDU FHWWH FRPSDJQLH LWDOLHQQH 'U{OHjFRXSVU @2 7 7 3'J / ,\ " /HV 6DPHGL ! &O{WXUH GH FHWWH VHPDLQH IHVWLYH HQ PXVLTXH HW HQ VXUSULVHV 5HQGH]YRXV GqV KVXUOHSDUYLVGHODPDLULHHW ODSODFHGHV0XVHV *XLOKHUDQG*UDQJHVPD YLOOH 4 : . 8QLRQG·DFWLRQPXQLFLSDOH /H GHUQLHU &RQVHLO 0XQLFLSDO TXL V·HVW WHQX OH PDLULHVXUO·HQVHPEOHGHVSULQFLSDX[pOpPHQWVGX DYULOGHUQLHUDYDLWFRPPHSULQFLSDOSRLQWjO·RUGUH 3/8 GXMRXUOHYRWHGXSURMHWGH3ODQ/RFDOG·8UEDQLVPH 'HX[UpXQLRQVSXEOLTXHVRQWHXOLHXOHVIpYULHU /D 0XQLFLSDOLWp WUDYDLOOH GHSXLV SOXV G·XQ DQ j HWPDUVGHUQLHUVSRXUSUpVHQWHUOHSURMHWHWHQ VRQ pODERUDWLRQ JUkFH QRWDPPHQW j O·LQYHVWLVVH GpEDWWUHUHOD\pHVSDUOHVSDQQHDX[G·DIÀFKDJH PHQWLPSRUWDQWGHOD&RPPLVVLRQXUEDQLVPHGDQV 8Q UHSRUWDJH VXU OH PDJD]LQH PXQLFLSDO ODTXHOOH VLqJH OHV UHSUpVHQWDQWV GH OD PDMRULWp pOHFWURQLTXH GX PDUV D pWp UpDOLVp DLQVL HW GH O·RSSRVLWLRQ $LQVL GHSXLV OH GpEXW GH TXHVXUOHVLWHLQWHUQHWGHODYLOOHVXU**79HWGDQV O·DQQpH OH 3/8 D IDLW O·REMHW G·XQH ODUJH FRQFHU ODSUHVVHORFDOH« WDWLRQHWG·LQIRUPDWLRQVDXSUqVGHV*XLOKHUDQGDLV *UDQJHRLV DX WUDYHUV GHV PXOWLSOHV VXSSRUWV GH /H 3/8 TXL D pWp DUUrWp ORUV GH FHWWH VpDQFH GX FRPPXQLFDWLRQ &RQVHLO0XQLFLSDOGHVVLQHUDOHVFRQWRXUVGHFHTXH /HGRVVLHUpWDLWGLVSRQLEOHSRXUFRQVXOWDWLRQHQ VHUDQRWUHYLOOHGDQVOHVGL[jTXLQ]HDQQpHVjYHQLU PDLULH 8QH H[SRVLWLRQ V·HVW WHQXH GDQV OH KDOO GH OD ,QYHQWRQV HQVHPEOH QRWUHYLOOH /D FRPPXQH GH *XLOKHUDQG*UDQJHV D HQJDJp OD GXUpH GH O·pODERUDWLRQ GX SURMHW OHV KDELWDQWV SURFpGXUHG·pODERUDWLRQGX3ODQ/RFDOG·8UEDQLVPH OHV DVVRFLDWLRQV ORFDOHV HW OHV DXWUHV SHUVRQQHV 3/8 3RXU UDSSHO OH 3/8 HVW OH SULQFLSDO FRQFHUQpHV&HGRFXPHQWHVWGRQFG·LPSRUWDQFHHW GRFXPHQW G·XUEDQLVPH GH SODQLÀFDWLRQ DX QLYHDX HQJDJH OD FRPPXQH SRXU SOXVLHXUV DQQpHV 0rPH FRPPXQDO/H3/8HVWUpJLSDUOHVGLVSRVLWLRQVGX VLQRXVQHVRPPHVSDVHQWUpVGDQVODFRPPXQDXWp FRGHGHO·XUEDQLVPH/DORLG·HQJDJHPHQWQDWLRQDO G·DJJORPpUDWLRQ GH 9DOHQFH QRXV VRXKDLWRQV TXH SRXUO·HQYLURQQHPHQWRX©*UHQHOOH,,ªGXMXLOOHW OH 3/8 GH QRWUH FRPPXQH LQWqJUH OHV SURMHWV GH DPRGLÀpSOXVLHXUVDVSHFWVGX3/8SULVHHQ O·DJJORPpUDWLRQ/DSUHPLqUHSKDVHVHWHUPLQH/H FRPSWH G·XQ UpVHDX G·HVSDFHV YHUWV RULHQWDWLRQV SURMHWGX3/8YDrWUHVRXPLVjHQTXrWHSXEOLTXH G·DPpQDJHPHQWHWGHSURJUDPPDWLRQ3URJUDPPH 1RXV LQYLWRQV WRXV OHV *XLOKHUDQGDLV*UDQJHRLV j /RFDOGHO·KDELWDW3/+YRLUH3ODQGH'pSODFHPHQW VXLYUHDYHFDWWHQWLRQODSURFpGXUH 8UEDLQ 3'8 LQWpJUp GDQV FHOOHVFL 3DU DLOOHXUV 1·KpVLWH]SDVjQRXVFRQVXOWHURXQRXVFRPPXQLTXHU OD /RL LPSRVH TXH OH &RQVHLO 0XQLFLSDO GpOLEqUH YRVVRXKDLWVHWDWWHQWHV VXU OHV REMHFWLIV SRXUVXLYLV HW VXU OHV PRGDOLWpV G·XQH FRQFHUWDWLRQ DVVRFLDQW SHQGDQW WRXWH OD *XLOKHUDQG*UDQJHVPDYLOOH 2 UUU /RULV&+$5,27 /HwOD5('21 0DUJRW9,$//( 9DOHQWLQ0$1(9$/ =Rp7+20$6 +XJR6,7$5= 7RQ\9,'$/ 0DQRQ-28$11,*27 $QWRLQH5,&+$8' 7LPpR6&+$$) ,QD\D1$))$+ 1RDP325&(/ 3DEOR9,(,5$'265(,6*$55,'2 (GHQ<2'(5 1RODQ&285%<'83217 $VVLD/$)'$,/ 7RP$1'5e 5RELQ6$48(5 .\DQQ7,66(5$1' 0DWKHR&$%$1(6 /pQ\3,1(//,7(58(/ 3DXO(ORL'$51$8' -XOLHWWH'5,',)$85,( 0DULH%/$&+( $QGUpDV/$5,&&+,87$ 2OLYLD&5(63,1 $QLD5,))$5' &DRLPKH&$66,'< &KORp%(575$1' -XOLHWWH*$5'( 0\D&257,$/ /pR9,'(/$,1( 1DWKDQ*$//,(1 UUU -XOLHQ3LHUUH7,66(5$1'HW,VD6\QWLD$92021*2*2 ,JQDFLR$5&(2&$%$//(52HW/\GLH28$7$+ .UUU $QGUp&217( *pUDUG0,&+(/GLW%$521 0DXULFH%$5,'21 5DRXO'8021 'DQLHO(6&2)),(5 )DQQ\0(5/(71pH92,5,1 3LHUUH0$51$6621 -HDQ+(00(/(5 7KpRGRUH3527,Ë5( $UPDQGH7$9(51,(5 1pH%2520e( 5DEDK%(11285 *HRUJHV3+,/,33( )HUQDQGH*$51,(51pH9,&$7 2GHWWH*8$5,126 1pH&203$*1< -RVpSKLQH02,1'527 1pH7+2,=(7 *HQHYLqYH6$8=211pH%2,66< *DVWRQ0$527 0DULHOOH&28/(7 -HDQ3DXO528,7 6X]DQH52%,11pH3$6&$/ /DXUHQW%(57+(7 3DXOHWWH5,&+$5' 1pH%$55$/21 -HDQQH$*5(67,1pH*$63$52 0DUFHO*5$1*( -HDQQH$//,(51pH%/$1& 0DUJXHULWH-285'$1 1pH/e9È48( 6LPRQH(672851pH&+$5(,5( -HDQ%(</21 $QGUpH0$<2/1pH528; ,UqQH*21,11pH%/(7721 5RJHU%(57+211,(5 -HDQQH/(6&/$&+( 1pH%287+(5 5HQp/$%$',( $QGUp0(81,(5 /\GLD5,281pH-$1.2:6., /RXLV=$&+(5 %HUQDUG328/(7 5HQpH)5,2/1pH3,1(7 )DQQ\7$33$521pH%$5%$528; $QWRLQH%27(//$ *XLOKHUDQG*UDQJHVPDYLOOH ) % 7RXWSRXUVRUWLU j*XLOKHUDQG*UDQJHV C% 6$0(',0$, (*&',6&29(57285 )HVWLYDOGHMHXQHVWDOHQWV WKpkWUHHWPXVLTXHDYHF QRWDPPHQWODSDUWLFLSDWLRQ GH%HGURRP5RFNHW+H PHWW/HVIRQGVGHFHWWH VRLUpHVHURQWUHYHUVpVDX 6HFRXUV3RSXODLUHK $JRUD(QWUpHHX URVVXUSODFHHXURVHQ SUpYHQWH,QIRVDXSUqVGH O·(*&DX ',0$1&+(0$, 0$5&+e$8;3/$17(6 (7$8;)/(856 3pSLQLpULVWHVKRUWLFXO WHXUVDUERULFXOWHXUV PDUDvFKHUV«VRQWUpXQLVVXU ODSURPHQDGHGHVERUGVGX 5K{QH 'HKjK%RUGVGX 5K{QH 0(5&5(',0$, (1-2<(1*/,6+ $WHOLHUVGHFRQYHUVDWLRQ HQODQJXHDQJODLVHSRXUOHV pOqYHVGHHH'HK jK0pGLDWKqTXH *UDWXLWVXULQVFULSWLRQ '8$80$, /(625&+(675$/(6 !0HUFUHGLPDLjK 5HQFRQWUHV%DWWXFDGDVHW 3HUFXVVLRQV !9HQGUHGLPDLjK 2UFKHVWUH©0LVWUDOjODFOpª GH0RQWpOLPDU !6DPHGLPDLjK ©9R\DJHHQ,WDOLHªVSHFWDFOH GHO·pFROHGHPXVLTXH !'LPDQFKHPDLjK 2UFKHVWUHG·+DUPRQLHGH 6DLQW3pUD\HW2UFKHVWUH 6\PSKRQLTXHGH&KDEHXLO $JRUD(QWUpHJUDWXLWH ,QIRVDX 6$0(',0$, &21&(57$9(&6$1'5,1($0$/< &KDQVRQIUDQoDLVHVXUOH WKqPHGHODPDWHUQLWp 'pFRXYHUWH&'·LFL K0pGLDWKqTXH (QWUpHOLEUH 6$0(',0$, 67$*('('$16()2/. DYHF3HUULQH3ULYDV 'HKjK0-& 7DULI½½DGKpUHQWV 0-& ',0$1&+(0$, /$1&(0(17'8&21&2856 3+2726©=220685/$9,//( '(*8,/+(5$1'*5$1*(6ª 3DUWLFLSH]jODHpGLWLRQGH FHFRQFRXUVSKRWRVHQHQ YR\DQWYRVFOLFKpVMXVTX·DX DRWVXUOHVLWH ZZZLGFDUWHFRP ]RRPVXUODYLOOH3DUWLFLSDWLRQ JUDWXLWH3OXVG·LQIRVVXUOH VLWH,QWHUQHWGXFRQFRXUV /DUHPLVHGHVSUL[DX[JD JQDQWVDXUDOLHXOHVHSW DX)RUXPGHVDVVRFLDWLRQV /81',0$, ©$*,5287(ª 5,648(5287,(5(76(1,256 8QDSUqVPLGLSRXUDERUGHU HQWRXWHGpFRQWUDFWLRQOD VLJQDOLVDWLRQOHVUqJOHV GHFRQGXLWHOHFRGHGH ODURXWHHWODVDQWpKj K$JRUD(QWUpHOLEUH ,QVFULSWLRQVHWLQIRV81$ $UGqFKH 0(5&5(',0$, /·$67898" 3URMHFWLRQGHÀOPV G·DQLPDWLRQVSRXU OHVDQVHWK0p GLDWKqTXH(QWUpHOLEUH '8/81', $86$0(',0$, (;326&,(1&(6'5Ñ0($5'Ë&+( 8QPRPHQWIHVWLI G·pFKDQJHVGHUHQFRQWUHV HWG·DQLPDWLRQVHQWUH MHXQHVGHjDQV VFLHQWLÀTXHVSURIHVVLRQQHOV HWJUDQGSXEOLF9LVLWH JUDWXLWHHWRXYHUWHj WRXV'HKjK ,QIRV$UFKHGHV0pWLHUV DX -(8',0$, 6$0(',0$, 62,5e(*8,7$5( -2851e('8%e1e92/$7 &RQIpUHQFHWDEOHVURQGHV GHVWLQpHVDX[DVVRFLDWLRQV GpPRQVWUDWLRQVVSRUWLYHV 'HKjK&HQWUH 2PQLVSRUWV ,QIRVDX 6$0(',0$, 63(&7$&/( '$16(6)86,2175,%$/( 5HSUpVHQWDWLRQGHVpOqYHV GpPRQVWUDWLRQVSURMHFWLRQV HWFK0-& 6$0(',0$, /(6=·,03526'(/$7e/e K/D%HDXOLHX 5pVHUYDWLRQVIRUWHPHQW FRQVHLOOpHV RXUHVD#OHVDUWVFHQHIU /81',0$, 352-(&7,21'8),/0©6(9(51ª &HWWHVXLWHGXÀOP©1RV HQIDQWVQRXVDFFXVHURQWª VHUDVXLYLHG·XQpFKDQJH DYHFVRQUpDOLVDWHXU -HDQ3DXO-DXGK &LQpPD$JRUD -(8',0$, )2580685/(60e7,(56'( 9(17('20,&,/( 2UJDQLVpSDUOH3{OH(PSORL HQSDUWHQDULDWDYHFOD &HOOXOH(PSORL 'HKjK$JRUD ,QIRV $9286'(/,5( (FRXWH]HWSDUWLFLSH] jODVRLUpHOHFWXUH DQLPpHSDUOD&LH 0LUOLWRRQVVXUOHWKqPH GHODFRUUHVSRQGDQFH K7RXWSXEOLFjSDUWLU GHDQV0pGLDWKqTXH 9(1'5(',0$, &RQFHUWGHVpOqYHV SURMHFWLRQVHWVXUSULVHV K0-& 6$0(',0$, &21&(57 ©/<2135$<)25-$3$1ª &RQFHUWGHPXVLFLHQV MDSRQDLV7RXVOHVEpQp ÀFHVVHURQWUHYHUVpVjOD &URL[5RXJH)UDQoDLVHHW -DSRQDLVHDXSURÀWGHV VLQLVWUpVGXVpLVPHGX PDUVK$XGLWRULXPGH O·eFROHGH0XVLTXH/LEUH SDUWLFLSDWLRQ &'/ 0(5&5(',(5-8,1 /·$678/8" /HFWXUHG·KLVWRLUHVjK SRXUOHVDQVHWjK SRXUOHVDQVHW 0pGLDWKqTXH(QWUpHOLEUH 0(5&5(',-8,1 5$//<('(6&Ñ7(69,9$52,6(6 5DQGRQQpHF\FORWRXULVWH DYHFSOXVLHXUVSDUFRXUVGH jNP'pSDUWGqV KGX6WDGH0LVWUDO,QIRV &\FORWRXULVWHVJUDQJHRLVDX 0(5&5(',-8,1 (1-2<(1*/,6+ $WHOLHUVGHFRQYHUVDWLRQ HQODQJXHDQJODLVHSRXUOHV pOqYHVGHHH'HK jK0pGLDWKqTXH *UDWXLWVXULQVFULSWLRQ *XLOKHUDQG*UDQJHVPDYLOOH % 7RXWSRXUVRUWLU j*XLOKHUDQG*UDQJHV 9(1'5(',-8,1 /(©ª '(/·e&2/('(086,48( $XGLWLRQVHQVRORGXR K$XGLWRULXPGHO·eFROH GH0XVLTXH(QWUpHOLEUH 9(1'5(',-8,1 *$/$'(/$'$16( 6SHFWDFOHGHÀQG·DQQpHGH WRXWHVOHVDVVRFLDWLRQVGH GDQVHGHODFRPPXQH K(QWUpHOLEUH$JRUD 6$0(',-8,1 0$7&+'·,03527+eÇ75$/( 3RXUFO{WXUHUOHXUVDLVRQ OHV$UW6FqQHUHoRLYHQWOD IRXJXHXVHpTXLSHGH 0DUVDQQHGDQVXQPDWFK G·LPSURDUELWUpSDUXQ FKDPSLRQK$JRUD ,QIRVDXRX UHVD#OHVDUWVFHQHIU '8$8-8,1 0$9,//((1)È7( 8QHVHPDLQHGHVRLUpHV IHVWLYHVHQSOHLQDLUVXU ODSODFHGHVPXVHV &RQFHUWVJUDWXLWVWRXV OHVVRLUVjK8QÀQDOH[ SORVLIOHVDPHGLVRLUVXUOD SODFHGHVFRQWLQHQWVDYHF XQFRQFHUWHWXQVSHFWDFOH VRQHWOXPLqUH ,QIRV 6$0(',-8,1 %$778&$'$66&2/$,5(6 'pDPEXODWLRQjSDUWLUGH KGHO·pFROHGHPXVLTXH MXVTX·jODSODFHGHVPXVHV 6$0(',-8,1 086,48(&/$66,48( &RQFHUWDYHFO·2UFKHVWUH 6\PSKRQLTXH'pSDUWH PHQWDOGHO·$UGqFKHHW O·2UFKHVWUHGHV3UDWLTXHV $PDWHXUVGH9DOHQFH PXVLFLHQVHWFKRULVWHV K*UDWXLW6WH7KpUqVH *$/$'(/$'$16( '(/·$0,&$/(/$Î48( 'HKjK%RUGVGX 5K{QH K(QWUpHOLEUH$JRUD 3{OH(PSORLHQSDUWHQDULDW DYHFOD&HOOXOH(PSORL 'HKjK$JRUD ,QIRV 0(5&5(',-8,1 9(1'5(',-8,1 DYHF©%HGURRP5RFNª K$XGLWRULXPGHO·eFROH GH0XVLTXH*UDWXLW 0(5&5(',-8,1 /·$67898" 3URMHFWLRQGHÀOPV G·DQLPDWLRQVSRXUOHV DQVK0pGLDWKqTXH 9(1'5(',-8,1 6+2:,0352©),1'·$11e(ª DYHFOHVpOqYHVGXSHWLW FRQVHUYDWRLUHG·$QQH/DXUH ©/HVLPSURYLVLEOHVª K0-&(QWUpH OLEUHVDXFKDSHDX 6$0(',-8,1 67$*('('$16($)5,&$,1( DQLPpSDU0RUNDQH 'HKjK&HQWUHRP QLVSRUWV$GKpUHQWV½ SRXUOHVDXWUHV½ ,QIRV2&* ',0$1&+(-8,1 *$/$'(/·2/<03,& &/8%*5$1*(2,6 6XUOHWKqPHGHV©'HVVLQV DQLPpVªGqVK(QWUpH ½&HQWUHRPQLVSRUWV '8-8,1$8-8,//(7 /(63,('6'$16/(6$%/( /(©ª '(/·e&2/('(086,48( $XGLWLRQVHQVRORGXRWULR K(QWUpHOLEUH$XGLWR ULXPGHO·eFROHGH0XVLTXH 6$0(', (7',0$1&+(-8,1 &58662/(1)È7( 'qVKDQLPDWLRQV PpGLpYDOHVSRXUWRXWHOD IDPLOOHKSODFHj ODPXVLTXHVXUODVFqQHGX WKpkWUHGHYHUGXUHDYHFOH FRQFHUWGXJURXSH©/D 7DOYHUDªPXVLTXHRFFL WDQHKVSHFWDFOH VRQHWOXPLqUHSRXUXQH VRLUpHKDXWHHQFRXOHXUV %XYHWWHHWUHVWDXUDWLRQ VXUSODFH7DULIVSLpWRQV ½JUDWXLWGHDQV 6XSSOpPHQWQDYHWWH½ ,QIRV RX 2UJDQLVpSDUOHVYLOOHV GHOD&RPPXQDXWpGH &RPPXQHV5K{QH&UXVVRO /81',-8,1 -HX[FKkWHDX[GHVDEOH WRXUQRLVWUDQVDWV«XQ PRLVG·DFWLYLWpVSRXUWRXV VXUOHWHUUDLQGHEHDFK 3URJUDPPHRUJDQLVpSDU OHVHUYLFHGHVVSRUWVGH ODYLOOH7HUUDLQGHEHDFK 6WDGHVXG,QIRVj O·HVSDFHPXQLFLSDO5pP\ 5RXUH $8',7,216©3,7&+281(ª -(8',-8,1 0$5&+e12&7851( )2580,17(5,06(1,256 (QSUpVHQFHG·DJHQFHV G·LQWpULPGX%DVVLQTXL SURSRVHURQWGHVSRVWHVDX[ VHQLRUV2UJDQLVpSDUOH $XGLWLRQVGHVFODVVHV G·pYHLOFKRUDOHG·HQIDQWV HWRUFKHVWUHMXQLRUGH O·pFROHGHPXVLTXH K$XGLWRULXP (QWUpHOLEUH &'" 9(1'5(',(5-8,//(7 5HWURXYH]SURGXLWVGXWHU URLUHWGHYRWUHUpJLRQHW GHQRPEUHX[SHWLWVFUpD WHXUVjO·RFFDVLRQGHFH SUHPLHUPDUFKpQRFWXUQH 9(1'5(',(5-8,//(7 &21&(57©086,&·$7(6,ª 6$0(',-8,//(7 &21&(57 ©/(63(7,7(625(,//(6ª DYHF©%RWWOHQH[Wª ©33..+.ªHWXQJURXSH ODXUpDWGHV©2UHLOOHVGX UHQDUGªK$XGLWRULXP ½,QIRVSHWLWHV RUHLOOHVGXUHQDUG#JPDLO FRP ',0$1&+(-8,//(7 %$148(75e38%/,&$,1 /D0XQLFLSDOLWpRUJDQLVHXQ UHSDVIHVWLIRXYHUWjWRXV ,QIRVSUL[HWPRGDOLWpVGH UpVHUYDWLRQVYRXVSDUYLHQ GURQWSURFKDLQHPHQW 6$0(',-8,//(7 0$5&+e$*5,&2/( 3URSRVpSDUOD)'6($ EHUJHVGX5K{QHGHKj K 0(5&5(',-8,//(7 )(8'·$57,),&((7%$/3238/$,5( '(/$)È7(1$7,21$/( K6WDGH0LVWUDO 6$0(',-8,//(7 &21&(57©&$50(1ª 6SHFWDFOHU\WKPpSDUGHV H[WUDLWVGHO·2SpUDGH &DUPHQGH*HRUJHV%L]HW 2UJDQLVpSDUO·DVVRFLDWLRQ ©/HV0XVLFDOHVGH6R\RQVª K&HQWUH2PQLVSRUWV (QWUpHHXURVWDULI UpGXLWSRXUOHVpWXGLDQWVPL QLPDVRFLDX[PRLQVGHDQV HWJUDWXLWSRXUOHVPRLQVGH DQV,QIRVHWUpVHUYDWLRQV *XLOKHUDQG*UDQJHVPDYLOOH 2/ 9RVQXPpURVXWLOHV %:J3%] ,T^ H]LU\L.*SLTLUJLH\ %'+,3%/% *OLTPUKLZ4\SL[Z6\]LY[LK\S\UKP H\ZHTLKPKLOnOL[KLOnOMLYTL[\YLSLTHYKP -V`LY7H\S.tHSH]LU\L.*SLTLUJLH\ H]LU\L.*SLTLUJLH\ %%E2% 9E I:%"PJ?'522"0> *LU[YL/LYTuZY\L**VSVTI IJEC'?' CE, *SVZ)LUVz[9\L7PLYYL*\YPL 7YLZI`[uYL! Y\L)HY[OtSLT`9V\_ (]LJ\UWYv[YLYtZPKLU[(JJ\LPSHZZ\YtWHYSLZSH{JZSLTHYKP L[SL]LUKYLKPKLOn O %%''] ^ I:3I,J3CI (]LU\L.*SLTLUJLH\ ,UMHU[Z!SLTLYJYLKP OnOOnO (KVZ!K\S\UKPH\]LUKYLKPOnOZH\MTLYJYLKP OnO 7YLZI`[uYL!H].*SLTLUJLH\ %,]%=^ HSStLK\QHU]PLY +\S\UKPH\]LUKYLKP!OnOZHUZPU[LYY\W[PVU :HTLKP! On OZHUZPU[LYY\W[PVU Y\L4VU[NVSÄLY (ZZPZ[HU[LZVJPHSLSLS\UKPKLOnO (NLU[HKTPUPZ[YH[PMSLS\UKPKLOnOL[SLTLYJYLKP KLOnO %]%^ *LU[YL/LYTuZY\L**VSVTI +\S\UKPH\]LUKYLKP! OnOL[OnO /"3C'"2%']=^ Y\L(UH[VSL-YHUJL +\S\UKPH\]LUKYLKPKLOnOL[KLOnO HJJ\LPSVJJHZPVUULS+LOnOLUHJJ\LPSYtN\SPLY /"3CIEJ2GRPJ2GIE%:J:?' Y\L7PLYYL*\YPL /"3CIEJ2J% H]LU\L1LHU4V\SPU /"3JC/GJ3" H]LU\L.*SLTLUJLH\ /?'G%"'3 )V\SL]HYK*OHYSLZKL.H\SSL JK:P%3E:%' Y\L(UKYt4HSYH\_ JC"IC'/G%E,\" (NVYHH]LU\L.*SLTLUJLH\ 9tWVUKL\YJPUtTH! JCC%3%"EGJ2 7V\YSLZQVPUKYLJVTWVZLaSL (]LU\L.*SLTLUJLH\WYV_4HPYPL 6\]LY[OOQV\YZZ\Y G%C]% ^ Y\L4VU[NVSÄLY +\S\UKPH\QL\KPKLOnO 3L]LUKYLKPKLOnO /VYHPYLZTVKPÄHISLZK\YHU[SHWtYPVKLLZ[P]HSL 3%C]3^ ! EIP""3 I:G3J""%/"+%/:I?' 7HZ[L\Y(*V\Y[PHS!H].*SLTLUJLH\ G%C'/G%3ICR23J'3 3IE/C%3J'" H]LU\L.*SLTLUJLH\ PEJE%3EKP2"33++%3J 9tKHJ[PVUYLKHJ[PVU'OLIKVHYKLJOLMY %GJ" Y\L4VU[NVSÄLY +\S\UKPH\1L\KP!OnOL[OnO =LUKYLKP! OnO:HTLKP!OnO C%3 (JJ\LPS,[H[*P]PS!-H_! :LY]PJLZ[LJOUPX\LZ! )7.\PSOLYHUK.YHUNLZ*LKL_ +\S\UKPH\]LUKYLKP!OnOLUJVU[PU\ :HTLKP! OnOWLYTHULUJLt[H[JP]PSWV\YSLZ KtJSHYH[PVUZKLUHPZZHUJLZL[KtJuZ ;V\[LZSLZPUMVZLUSPNULZ\Y!^^^N\PSOLYHUKNYHUNLZMY CIE%"PK?'C'/G% Y\L*OYPZ[VWOL*VSVTI /VYHPYLZ!THYKPKLOn OTLYJYLKPKLOnOQL\KP KLOnO]LUKYLKPKLOn OL[ZHTLKPKLOn O SL TLYJYLKP ! MLYTL[\YL KL O n O LU WtYPVKL KL ]HJHUJLZZJVSHPYLZ J,,E"J'3CE'G%RE3'J H]LU\LKLSH9tW\ISPX\L:HPU[7tYH` ;tS!-H_! J,,C'/G%EGJ3"]JC^ J,,C'/G%'"'3]JC^ ,ZWHJLT\UPJPWHS9tT`9V\YL G/C'/G% 8\HPK\9OUL /VYHPYLZ K»V\]LY[\YL ! S\UKP L[ ]LUKYLKP KL O n O TLYJYLKPKLOn OZHTLKPKLOnOKPTHUJOL KL OnO 7LYTHULUJLZLUTHPYPL GJCG32!O]9 (^ E%'GP/II3I] ^ 3%%"%/"C%"3/ 4TL+VTPUPX\L7LYYPU! 4)LYUHYK7V\aL[! 4@VOHU)HSSVYLZWVY[! 3+E%'N]+^ ;tSJLU[YLKLZLJV\YZ! Y\L(UH[VSL-YHUJL :HPU[7tYH` *XLOKHUDQG*UDQJHVPDYLOOH Gaz ERNT Renseignements Devis gratuit Intervention 7j/7 Rapport sous 24 h Amiante Plomb Termites Loi Carrez Loi Boutin (Superficie pour la vente) (Superficie pour la location) POUR VENTE & LOCATION Julien TTHEARD Ju Electricité Zone Pôle 2000 12 rue le Grand Mail - 07130 Saint Péray Etat des lieux Normes d'habitabilité 04 75 59 31 49 - 06 25 30 74 96 (Prêts 0%) [email protected] Diagnostic d’accessibilité aux handicapés VENTE • LOCATION • GESTION La garantie des loyers impayés situé au rond-point face à Auchan 07500 Guilherand-Granges 04 75 78 33 23 www.cremillieux-immo.fr Plus de 13 ans d’expérience sur Guilherand-Granges GARAGE DE PROVENCE 416, rue Jean-Moulin - 07500 GUILHERAND-GRANGES - Tél. 04 75 80 00 94 Tous travaux mécanique et carrosserie / Véhicules neufs et occasions Spécialiste RENAULT SPORT Essais de tous véhicules de la gamme RENAULT M305867001250 - Création PARUVENDU DPE /LHXGHUHSRVRXGHG©WHQWHGHUHQFRQWUHRXGÖ©FKDQJH FU©RQVXQLQW©ULHXUTXLYRXVUHVVHPEOH *U¢FH GHJUDQGHVPDUTXHVGHPRELOLHUKDXWGHJDPPH VW\OHRXFRQWHPSRUDLQVWDQGDUGRXVXUPHVXUH LQYHQWH]YRWUHWHQGDQFH Entreprise familiale à votre service depuis 40 ans sur la commune de Guilherand-Granges, conseil en aménagement et en décoration, nous sommes là pour vous ! D É C O R AT E U R C O N S E I L 1449, av. Sadi-Carnot - 07500 GUILHERAND-GRANGES Tél. 04 75 44 46 54 - E-mail : [email protected] ZZZPHXEOHVFKDORQFRP