Download Ï *
Transcript
Q717.,(9927(3285,65$Ê/ /DVLQLVWUHDOOLDQFHGH O 8NUDLQHDYHFOHVLRQLVPH /LUHHQ3DJH Ï* b)Á¼YbYb®Ob ,/1(352'8,73/8648(7211(6' $&,(5 /HFRPSOH[HG (O+DGMDU GDQVODWRXUPHQWH Q$&&25'6 &21&/86(175( /(6(&7(85'( / e'8&$7,21 (7/(66<1',&$76 IRQFWLRQQDLUHV EpQpILFLHURQW GHSURPRWLRQV DYDQWILQ /LUHHQ3DJH Q0'1 &UDVKG XQ 0LJDX FRXUVG XQ H[HUFLFH j+DVVL %DKEDK /LUHHQ3DJH Q18&/e$,5(,5$1,(1 /HVHFWHXUGHODPpWDOOXUJLHGRQWOHFRPSOH[HVLGpUXUJLTXHG (O+DGMDU$QQDEDYDFRQQDvWUHOH UHGpPDUUDJHLQFHVVDQWGHO XQGHVKDXWVIRXUQHDX[jO DUUrWGHSXLVMXLQGHUQLHUF HVWGXPRLQVFH TX DDIILUPpKLHUOHGLUHFWHXUJpQpUDOGXJURXSH6LGHUSDUWHQDLUHGXJURXSH$UFHORU0LWWDO0 $KPHG%HODEEqVTXLLQWHUYHQDLWORUVGHO pPLVVLRQO ,QYLWpGHODUpGDFWLRQGHOD&KDLQH,,,GHOD 5DGLRQDWLRQDOH/ K{WHGHODUDGLRDVLJQDOpORUVGHFHWWHpPLVVLRQTXHODSURGXFWLRQG DFLHUGX FRPSOH[HVLGpUXUJLTXHG (O+DGMDUTXLpWDLWGHPLOOLRQGHWRQQHVDXGpSDUWDGHSXLVFKXWpj WRQQHVMXVTX jVHVLWXHUDXMRXUG KXLjWRQQHVFRQWUHXQHGHPDQGHQDWLRQDOH GHVVHXOVURQGVjEpWRQHWILOVSRXUPDFKLQHVG HQYLURQPLOOLRQVGHWRQQHV +DPDGLFKH/RXLVD /LUHHQ3DJH / $UDELH VDRXGLWH SURFKDLQH YLFWLPH GHV86$ /LUHHQ3DJH Q'$16/(&$'5('(/ $0e/,25$7,21'(6%,//(76'(%$148( 5HWUDLWGHODFLUFXODWLRQG DQFLHQVELOOHWVDXGpFHPEUH /LUHHQ3DJH (',7,211-(8',129(0%5(35,; '$(75$1*(5 (8526,7(,17(51(7 :::/(0$*+5(%'=&20 ,*Ï /(0$*+5(% GX1RYHPEUH )250$7,21'81289($8*289(51(0(17$8<e0(1 / $OJpULHH[SULPHVDJUDQGHVDWLVIDFWLRQ / $OJpULHDH[SULPpDYDQWKLHUVDJUDQGHVDWLVIDFWLRQGHODIRUPDWLRQSDUOHSUp VLGHQWGX<pPHQ$EG5DEER0DQVRXU+DGLG XQQRXYHDXJRXYHUQHPHQWUHJURX SDQW SOXVLHXUV SDUWLV HW SHUVRQQDOLWpV UHSUpVHQWDQW GLIIpUHQWHV UpJLRQV GX SD\V DLQVLTXHGHVDFWHXUVLQIOXHQWVGHFHSD\VIUqUH / $OJpULHVDOXHODIRUPDWLRQGHFHJRXYHUQHPHQWXQSDVIUDQFKLGDQVODERQQHGLUHFWLRQVXU ODYRLHGXSURFHVVXVG pGLILFDWLRQGHO (WDWGX<pPHQXQLSUpFLVHXQFRPPXQLTXpGXPLQLV WqUHGHV$IIDLUHVpWUDQJqUHV / $OJpULHVRXWLHQWWRXWHLQLWLDWLYHGHQDWXUHjXQLILHUOHSHXSOH\pPpQLWHIUqUHjWUDYHUVOH GLDORJXHODFRQFHUWDWLRQHWSDUGHVYRLHVSDFLILTXHVVXVFHSWLEOHVG DVVXUHUXQSDVVDJHVUHW VDOXWDLUHYHUVODVWDELOLWpHWODSURVSpULWpDMRXWHODPrPHVRXUFH 3$5$&+Ë9(0(17'8352&(6686'('e&2/21,6$7,21(1$)5,48( / /DPDPUDVDOXHODYLVLRQGX.HQ\D HPLQLVWUHGHV$IIDLUHVpWUDQJqUHV 5DPWDQH/DPDPUDDVDOXpDYDQW KLHUj$OJHUODYLVLRQGX.HQ\DHW VDSRVLWLRQKRQRUDEOHTXDQWDXSDUDFKq YHPHQW GX SURFHVVXV GH GpFRORQLVDWLRQ GDQVOHFRQWLQHQWDIULFDLQ 'DQVXQHGpFODUDWLRQjODSUHVVHHQPDUJH GHODVLJQDWXUHGHGHX[DFFRUGVGHFRRSp UDWLRQ HW GH FRQFHUWDWLRQ HQWUH OHV GHX[ SD\V 0 /DPDPUD D LQGLTXp TXH OH .HQ\D SDUWDJH OD YLVLRQ GH O $OJpULH FRQFHUQDQW OH SDUDFKqYHPHQW GX SURFHV VXV GH GpFRORQLVDWLRQ GDQV OH FRQWLQHQW DIULFDLQ DMRXWDQW TXH OD SUpVHQFH j 1DLURELG XQHDPEDVVDGHGHOD5pSXEOLTXH DUDEHVDKUDRXLHGpPRFUDWLTXH5$6'FRQVWLWXHXQHSRVLWLRQKRQRUDEOHGHOD5pSXEOLTXH GX.HQ\DYLVjYLVGHODFDXVHVDKUDRXLH0/DPDPUDDUDSSHOpSDUDLOOHXUVTXHOH.HQ\D TXLjO LQVWDUGHO $OJpULHDYDLWDUUDFKpVRQLQGpSHQGDQFHDXWHUPHG XQHOXWWHDUPpHGHORQ JXHKDOHLQHSDUWDJHDLWDYHFO $OJpULHSOXVLHXUVSULQFLSHVHWYDOHXUVVRXOLJQDQWOHVUHODWLRQV pWURLWHVOLDQWOHVGHX[SD\VGDQVSOXVLHXUVGRPDLQHV $/*e5,(5866,( 0HVVDKHOVHIpOLFLWHGHODYRORQWp G DSSURIRQGLUODFRRSpUDWLRQ / $OJpULH HW OD 5XVVLH RQW UpL WpUpOHXUYRORQWpG DSSURIRQGLU HWGHGLYHUVLILHUOHXUFRRSpUD WLRQ D DIILUPp DYDQWKLHU j 0RVFRX OH PLQLVWUH GpOpJXp FKDUJp GHV $IIDLUHV PDJKUpELQHV HW DIULFDLQHV $EGHONDGHU 0HVVDKHO /H PLQLVWUH TXL DQLPDLW XQH FRQIpUHQFHGHSUHVVHDXVLqJHGHO DJHQFH 5,$ 1RYRVWL D LQGLTXp TXH OHV H[SHUWV GHVGHX[SD\VYRQWVHUpXQLUj$OJHUDX PRLVGHGpFHPEUHSURFKDLQSRXUSUpSD UHU OD WHQXH GH OD qPH VHVVLRQ GH OD *UDQGH FRPPLVVLRQ PL[WH GH FRRSpUD WLRQ/ REMHFWLIDWLODMRXWpHVWGHSDU YHQLUjGRQQHUSOXVGHYLWDOLWpjO DFFRUG VWUDWpJLTXHTXLXQLWOHVGHX[SD\VHQpODU JLVVDQW OHXU FRRSpUDWLRQ j GHV GRPDLQHV DXVVLYDULpVTXHO pQHUJLHO KDELWDWDLQVL TXHODFRRSpUDWLRQVFLHQWLILTXHHWWHFKQL TXHSRXUKLVVHUFHWDFFRUGDXQLYHDXGHVSRWHQWLDOLWpVTXHUHFqOHQWOHVGHX[SD\V/ DFFRUG VWUDWpJLTXHDOJpURUXVVHUDSSHOOHWRQDpWpVLJQpHQDYULOj0RVFRXjO RFFDVLRQGHOD YLVLWHG (WDWHIIHFWXpHSDUOHSUpVLGHQWGHOD5pSXEOLTXH$EGHOD]L]%RXWHIOLND 68''83$<6 $UUHVWDWLRQGHFRQWUHEDQGLHUV GRQWGHVpWUDQJHUV ' RX]H FRQWUHEDQGLHUV GHQDWLRQDOLWpVDOJp ULHQQH OLE\HQQH HW PDOLHQQH RQW pWp DUUrWpV UpFHPPHQW SDU OHV VHUYLFHV GH VpFXULWp GDQV OH VXG GX SD\VDLQGLTXpDYDQWKLHUOH PLQLVWqUH GH OD 'pIHQVH QDWLRQDOHGDQVXQFRPPXQL TXp 'DQV OH FDGUH GH OD VpFXULVDWLRQGHVIURQWLqUHVHW ODOXWWHFRQWUHODFRQWUHEDQGH HWOHFULPHRUJDQLVpXQGpWD FKHPHQW GHV JDUGHVIURQWLq UHVUHOHYDQWGXVHFWHXURSpUD WLRQQHOGH,Q$PHQDVqPH5pJLRQPLOLWDLUHDDUUrWpOHQRYHPEUHj K GX PDWLQ VXLWH j XQH HPEXVFDGH GUHVVpH SUqV GH OD ORFDOLWp GH 7LQ .KULIDQHZLOD\DG ,OOL]LVL[SHUVRQQHVGRQWXQDOJpULHQHWFLQT GHQDWLRQDOLWpOLE\HQQHHWDVDLVLXQYpKLFXOHWRXWWHUUDLQSUpFLVHODPrPH VRXUFH3DUDLOOHXUVHWDXQLYHDXGHODqPH5pJLRQPLOLWDLUHGHVpOpPHQWV GHOD*HQGDUPHULHQDWLRQDOHVXLWHjXQHSDWURXLOOHPHQpHSUqVGHVIURQWLqUHV j,Q*XH]]DPOHQRYHPEUHjKRQWVDLVLGHX[YpKLFXOHVWRXWWHU UDLQVXQYpKLFXOHWRXULVWLTXHHWXQHTXDQWLWpGHGHQUpHVDOLPHQWDLUHVGHVWL QpHVjODFRQWUHEDQGHDMRXWHOHFRPPXQLTXp/HPrPHMRXUjKGHV pOpPHQWVGHOD*HQGDUPHULHQDWLRQDOHRQWDSSUpKHQGpj7LPLDRXLQHVHFWHXU RSpUDWLRQQHO GH %RUGM %DGML 0RNKWDU WURLV SHUVRQQHV GH QDWLRQDOLWp PDOLHQQHUHOqYHOHPLQLVWqUH 0(;,48( 'HVPDQLIHVWDQWVLQFHQGLHQWOHVLqJH UpJLRQDOGXSDUWLDXSRXYRLU ' HVPDQLIHVWDQWVRQWLQFHQGLpDYDQWKLHUOHVLqJHGXSDUWLJRXYHUQH PHQWDO GDQV O (WDW GH *XHUUHUR VXG GX 0H[LTXH ORUV G XQH QRX YHOOH PDQLIHVWDWLRQ DSUqV O DQQRQFH G XQ SRVVLEOH PDVVDFUH GH pWXGLDQWVUDSSRUWHODSUHVVHORFDOH&HWLQFHQGLHGXVLqJHGX3DUWLUpYROX WLRQQDLUH LQVWLWXWLRQQHO 35, HVW LQWHUYHQX GXUDQW XQH PDQLIHVWDWLRQ j &KLOSDQFLQJRFDSLWDOHGHO (WDWGX*XHUUHURVXGG XQPLOOLHUG HQVHLJQDQWV DSSDUWHQDQWjO DLOHUDGLFDOHGHOHXUV\QGLFDWDUPpVGHSLHUUHVGHEkWRQVHW GH FRFNWDLOV PRORWRY /HV SROLFLHUV UHSRXVVDLHQW OHV PDQLIHVWDQWV WDQGLV TX XQHIXPpHQRLUHV pFKDSSDLWGXEkWLPHQWEODQFGHGHX[pWDJHV/HVPDQL IHVWDWLRQVGHFROqUHVHVXFFqGHQWGDQVOHSD\VGHSXLVO DQQRQFHYHQGUHGLSDU OHPLQLVWUHGHOD-XVWLFHTXHOHVpWXGLDQWVSRUWpVGLVSDUXVGHSXLVOHVHS WHPEUHRQWSUREDEOHPHQWpWpPDVVDFUpVSDUGHVPHPEUHVGXFULPHRUJDQLVp GRQWFHUWDLQVVRQWSDVVpVDX[DYHX[ &,6-25'$1,( 8QHPRVTXpHLQFHQGLpHSDUGHVFRORQV LVUDpOLHQV ' HVFRORQVLVUDpOLHQVRQWLQFHQGLpXQHPRVTXpHGDQVODQXLWGHPDUGL j PHUFUHGL GDQV OH YLOODJH G $O 0XJKD\LU SUqV GH 5DPDOODK HQ &LVMRUGDQLH RFFXSpH RQW LQGLTXp GHV UHVSRQVDEOHV GHV VHUYLFHV GH VpFXULWpSDOHVWLQLHQV'HVFRORQVRQWLQFHQGLpWRXWOHSUHPLHUpWDJHGHOD PRVTXpHGDQVFHYLOODJHVLWXpjSUR[LPLWpGHODFRORQLHLVUDpOLHQQHGH6KLOR HWG XQHURXWHUpVHUYpHjO XVDJHGHVFRORQVRQWDMRXWpFHVUHVSRQVDEOHVHQ UDSSHODQWTX HQXQHDXWUHPRVTXpHGHFHYLOODJHDYDLWGpMjpWpLQFHQ GLpH 32/2*1( 6e&85,7e62&,$/( / / H[SpULHQFHVXLVVHFRQYRLWpH H PLQLVWUH GX 7UDYDLO GH O (PSORL HW GH OD 6pFXULWp VRFLDOH 0RKDPHG (O *KD]L D H[SULPpODYRORQWpGHO $OJpULHGHUHQIRUFHUVDFRRSpUDWLRQELODWpUDOHDYHFOD6XLVVH SRXUWLUHUDYDQWDJHGHO H[SHUWLVHGHVLQVWLWXWVVXSpULHXUVGHIRUPDWLRQVXLVVHVGDQVOH GRPDLQHGHODVpFXULWpVRFLDOHDLQGLTXpDYDQWKLHUXQFRPPXQLTXpGXPLQLVWqUH/RUVGHO DX GLHQFHTX LODDFFRUGpHjODQRXYHOOHDPEDVVDGULFHVXLVVHHQ$OJpULH0XULHO.RKHQ%HUVHW0 (O*KD]LDH[SULPpVRQLQWpUrWTXDQWjODFRQVROLGDWLRQGHODFRRSpUDWLRQGDQVOHGRPDLQHGH ODIRUPDWLRQHQSURILWDQWQRWDPPHQWGHO H[SHUWLVHGHVLQVWLWXWVVXSpULHXUVGHIRUPDWLRQVXLV VHV GDQV OH GRPDLQH GH OD VpFXULWp VRFLDOH HQ YXH G DPpOLRUHU OHV FDSDFLWpV G HQFDGUHPHQW SpGDJRJLTXHGHO (FROHVXSpULHXUHGHODVpFXULWpVRFLDOH(666HQ$OJpULH ())21'5(0(17' 81(9,(,//(%Ç7,66(/$&$6%$+' $/*(5 8 626$OJHUWRPEHHQUXLQH QH YLHOOH EkWLVVH GH OD YLHLOOH PpGLQD G $OJHU OD &DVEDK V HVW HIIRQGUpH DYDQWKLHU YHUVKHXUHVVDQVIDLUHGHYLFWLPHVDWRQDSSULVDXSUqVGHODSURWHFWLRQFLYLOH/D EkWLVVHXQHYLHLOOHPDLVRQG XQpWDJHVLVHDXUXH5DFKLG.KHUEDFKHjOD&DVEDK V HVWHIIRQGUpHYHUVKHXUHVDH[SOLTXpjO $36OHFRPPDQGDQW$FKRXUFDGUHDXVHLQGHOD GLUHFWLRQJpQpUDOHGHODSURWHFWLRQFLYLOH /HVFLWR\HQVGHFHTXDUWLHUDYDLHQWVLJQDOpjQRVVHU YLFHV TXH FHWWH EkWLVVH DSUqV OHV GHUQLqUHV SOXLHV PHQDoDLHQW GH V pFURXOHU j WRXW PRPHQW 1RXV DYRQV GpSrFKp VXU SODFH XQH pTXLSH GH OD SURWHFWLRQ FLYLOH SRXU VpFXULVHU OHV OLHX[ / HIIRQGUHPHQWV HVWSURGXLWHQILQG DSUqVPLGLVDQVIDLUHGHYLFWLPHV DWLOSUpFLVpDMRXWDQW TXHFHWWHPDLVRQpWDLW GpMjLQRFFXSpH 8QFRUGRQGHVpFXULWpGHODSURWHFWLRQFLYLOHDpWpPLV HQSODFHDMRXWHWRQGHPrPHVRXUFH 0DUGLPDWLQYHUVKHXUHVPLQXWHVXQLPPHXEOHGHWURLVpWDJHVHQUpIHFWLRQ 6 pWDLWHIIRQGUpjODUXH$KPHG%RX]ULQDH[UXHGHOD/\UHIDLVDQWXQPRUWHWTXDWUHEOHV VpVGRQWXQHIHPPHGHDQVUDSSHOOHWRQ ' $IIURQWHPHQWVHQWUHODSROLFH HWGHVPDQLIHVWDQWVj9DUVRYLH HVDIIURQWHPHQWVRQWRSSRVpDYDQWKLHUDXFHQWUHGH9DUVRYLHGHV SROLFLHUVHWGHVpOpPHQWVGHO H[WUrPHGURLWHORUVG XQHPDQLIHVWD WLRQRUJDQLVpHjO RFFDVLRQGHODIrWHGHO LQGpSHQGDQFHVHORQOHV RUJDQLVDWHXUV/DSROLFHYHQXHHQUHQIRUWDGUHFRXULUDX[FDQRQVjHDX HW DX[ EDOOHV HQ FDRXWFKRXF FRQWUH XQ JURXSH GH TXHOTXHV FHQWDLQHV GH QDWLRQDOLVWHVDX[YLVDJHVFDJRXOpVTXLO RQWDWWDTXpHDYHFGHVSpWDUGVGHV SLHUUHVHWXQFRFNWDLO0RORWRYDLQGLTXpODPrPHVRXUFH/DSROLFHDSUR FpGpjO DUUHVWDWLRQGHSHUVRQQHVHWDUUrWpODPDQLIHVWDWLRQDXQLYHDXGX URQGSRLQW :DVKLQJWRQ SRXU pYLWHU GH QRXYHDX[ DIIURQWHPHQWV HQWUH OHV QDWLRQDOLVWHVHWGHVKRROLJDQVTXLVHVRQWPrOpVjODIRXOH -$321 8QKRPPHV LPPROHSDUOHIHXj7RN\R 8 QKRPPHV HVWLPPROpDYDQWKLHUGDQVODVRLUpHSDUOHIHXj7RN\R ODLVVDQW GHV OHWWUHV j O DWWHQWLRQ GX 3UHPLHU PLQLVWUH HW GHV SDUOH PHQWDLUHV FRQWUH OD SRVVLELOLWp SRXU OH -DSRQ GH SDUWLFLSHU j GHV RSpUDWLRQVPLOLWDLUHVH[WpULHXUHVDILQGHGpIHQGUHXQDOOLpVHORQOHVPpGLDV 8QHFDPpUDYLGpRHQPDUFKHpWDLWSRVpHVXUXQEDQFjSUR[LPLWpHQUHJLV WUDQWOHVXLFLGHHWGHVOHWWUHVGHVWLQpHVDXFKHIGXJRXYHUQHPHQW6KLQ]R $EHDX[GpSXWpVHWDX[VpQDWHXUVSRVpHVjF{WpVHORQODSROLFH'DQVFHV FRXUULHUV O KRPPH TXL Q pWDLW SDV HQFRUH LGHQWLILp PHUFUHGL V H[SULPH FRQWUHXQWH[WHVXUODGpIHQVHFROOHFWLYH/HJRXYHUQHPHQWMDSRQDLVDSULV GpEXWMXLOOHWODGpFLVLRQKLVWRULTXHG DXWRULVHUOHVIRUFHVDUPpHVQLSSRQHVj SDUWLFLSHUjGHVRSpUDWLRQVPLOLWDLUHVH[WpULHXUHVDILQG DLGHUGHVDOOLpVHQJD JpV GDQV XQ FRQIOLW XQH SUHPLqUH GHSXLV O LQVWDXUDWLRQ HQ G XQH &RQVWLWXWLRQSDFLILVWH Ï, /(0$*+5(%GX 1RYHPEUH ,/1(352'8,73/8648(7211(6' $&,(5 /HFRPSOH[HG (O+DGMDUGDQVODWRXUPHQWH / HVHFWHXUGHODPpWDOOXU JLH GRQW OH FRPSOH[H VLGpUXUJLTXH G (O +DGMDU $QQDED YD FRQQDvWUH OHUHGpPDUUDJHLQFHVVDQWGHO XQ GHV KDXWV IRXUQHDX[ j O DUUrW GHSXLV MXLQ GHUQLHU F HVW GX PRLQV FH TX D DIILUPp KLHU OH GLUHFWHXU JpQpUDO GX JURXSH 6LGHU SDUWHQDLUH GX JURXSH $UFHORU0LWWDO 0 $KPHG %HODEEqVTXLLQWHUYHQDLWORUVGH O pPLVVLRQ O ,QYLWp GH OD UpGDF WLRQGHOD&KDLQH,,,GHOD5DGLR QDWLRQDOH / K{WHGHODUDGLRDVLJQDOpORUV GH FHWWH pPLVVLRQ TXH OD SUR GXFWLRQ G DFLHU GX FRPSOH[H VLGpUXUJLTXH G (O +DGMDU TXL pWDLW GH PLOOLRQ GH WRQQHV DX GpSDUW D GHSXLV FKXWp j WRQQHV MXVTX j VH VLWXHU DXMRXUG KXL j WRQQHV FRQWUH XQH GHPDQGH QDWLRQDOH GHV VHXOV URQGV j EpWRQV HW ILOV SRXU PDFKLQHV G HQYLURQPLOOLRQVGHWRQQHV 'HODUpYLVLRQGHO XQGHVKDXWV IRXUQHDX[GHFHWWHXVLQHLOUDS SHOOH TXH FHOXLFL YD FRPPHQ FHU j SURGXLUH G LFL XQH VHPDLQH GH O DFLHU j SDUWLU GXTXHOVHURQWIDEULTXpVG DXWUHV SURGXLWV ILQLV ,O SUpFLVH HQVXLWH TXH OD UpYLVLRQ OD UpIHFWLRQ HW OD PRGHUQLVDWLRQ FRPSOqWH GH FHW RXWLO Q HVW HQ UpDOLWpSUpYXHTXHSRXURFWREUH HWTX HQDWWHQGDQWQRXV DOORQV WHQWHU GH OH IDLUH IRQF WLRQQHU GX PLHX[ SRVVLEOH &RQFHUQDQW OD PDLQWHQDQFH GH FH FRPSOH[H 0 %HODEEqV DGPHW TXH F HVW O HQVHPEOH GH FHOXLFL TXL GHSXLV j HW FRPSWH WHQX GH OD VLWXDWLRQ ILQDQFLqUH GLIILFLOH GH OD VRFLpWp TXL HQ DVVXUH OD JHV WLRQ Q D SDV IDLW O REMHW G XQ HQWUHWLHQ DGpTXDW &RQFHUQDQW OHV LQYHVWLVVHPHQWV GX UHSUH QHXU GH O XVLQH DUFHORUPLWWDO O LQYLWp VLJQDOH TXH FHX[FL Q RQWpWpUpDOLVpVTXHGXUDQWOHV SUHPLqUHV DQQpHV GX SDUWHQD ULDWPDLVGHSXLVDVVXUHW LO FHX[FL VH VRQW WDULV HQ GHKRUV GH TXHOTXHV LQYHVWLVVH PHQWV GHVWLQpV j DVVXUHU OH IRQFWLRQQHPHQW GHV pTXLSH PHQWV ,O DQQRQFH HQVXLWH TXH OH SURJUDPPH GH GpYHORSSH PHQWHWGHPRGHUQLVDWLRQGH PLOOLDUG GH GROODUV UHWHQX SRXU (O +DGMDU SUpYRLW GH IDLUH SDV VHUODFDSDFLWpGHSURGXFWLRQGH FHOXLFL j PLOOLRQV GH WRQ QHVDQ &RPPHQWDQW OH SUR JUDPPH G LQGXVWULDOLVDWLRQ GX SD\V OH GLUHFWHXU JpQpUDO GX JURXSH6LGHUUHYLHQWVXUOHSUR MHW GH UpKDELOLWDWLRQ HW G H[WHQ VLRQGHVFDSDFLWpVGXFRPSOH[H G (O+DGMDUG LFLHQLQGL TXDQW TX XQH IRLV RSpUDWLRQQHO FHOXLFL GHYUDLW FRPPHQFHU j SURGXLUHPLOOLRQGHWRQQHVGH SURGXLWVSODWVHWPLOOLRQ GHWRQQHVGHSURGXLWVURQGV ,ODQQRQFHG DXWUHSDUWTXHOHV FDSDFLWpV GH FH GHUQLHU GHYUDLHQWrWUHUHQIRUFpHVSDUOD PLVH HQ VHUYLFH GX FRPSOH[H VLGpUXUJLTXHGH%HOODUDGDQVOD ZLOD\D GH -LMHO GRQW OH ODQFH PHQW GHV PDFKLQHV SUpYX HQ SHUPHWWUD GH FRXOHU PLOOLRQVGHWRQQHVG DFLHU 0 %HODEEqV LQGLTXH HQFRUH TXH OH SODQ GH GpYHORSSHPHQW GH OD VLGpUXUJLH HQ $OJpULH HQJOREH pJDOHPHQW FHOXL GH O H[SORLWDWLRQ GHV LPSRUWDQWV VLWHV PLQLHUV G 2XHQ]D HW GH %RXNKDGUD HQ SDUWLFXOLHU DILQ SRXUVXLWLO TXH OHXU SUR GXFWLRQ SXLVVH VH IDLUH HQ FRQIRUPLWp DYHF OHV EHVRLQV G H[WHQVLRQ GHV FDSDFLWp G (O +DGMDU3RXUUDSSHOHQ $UFHORU 0LWWDO V RIIUH GX FRPSOH[H G (O +DGMDU DX GLQDU V\PEROLTXH FRQWUH G DF WLRQV SRXU O (WDW DOJpULHQ /HV VHXOV LQYHVWLVVHPHQWV FRQVHQWLV SDU OH VLGpUXUJLVWH LQGLHQ O RQW pWp DX GpEXW GH OD JHVWLRQ /HV SOXVYDOXHV TX LO WLUDLW Q pWDLHQW SDVUpLQYHVWLHVPDLVWUDQVIpUpHV jO pWUDQJHUSRXUFRQVROLGHUVHV SRVLWLRQV GDQV G DXWUHV SD\V R LOpWDLWSUpVHQW 'HSXLV OH IOHXURQ GH O DFLHU DOJpULHQSpULFOLWHVDSURGXFWLRQ FKXWHDXSOXVEDVDFFRPSDJQpH GH SHUWHV FRQVLGpUDEOHV G DU JHQW 8QH VLWXDWLRQ j ODTXHOOH YLHQW V DGRXEHU OHV FRQIOLWV VRFLDX[ HW OH V\QGLFDW TXL UpFODPHOHGpSDUWGHO pWUDQJHU &RQVpTXHQFH OHV LQVWDOODWLRQV VH UHWURXYHQW GDQV XQ pWDW GH YpWXVWp DYDQFp /D UpIHFWLRQ HW ODPRGHUQLVDWLRQWRWDOHVGXKDXW IRXUQHDX GX FRPSOH[H VLGpUXU JLTXHHVWjO RUGUHGXMRXU +DPDGLFKH/RXLVD 75$163257$e5,(1 7DVVLOL$LUOLQHVDIILFKHVHV DPELWLRQVDIULFDLQHV / D FRPSDJQLH DpULHQQH QDWLRQDOH7DVVLOL$LUOLQHV 7$/DREWHQXVRQFHU WLILFDWG DGKpVLRQjO $VVRFLDWLRQ GHV FRPSDJQLHV DpULHQQHV DIUL FDLQHV $)5$ OXL FRQIpUDQW XQH GLPHQVLRQ DIULFDLQH 1RXV DYRQV SUpVHQWp XQ GRVVLHU G DGKpVLRQTXLDpWpDFFHSWpSDU O $)5$ ,O HVW LPSRUWDQW TXH 7$/ GHYLHQQH PHPEUH GH FHWWH DVVRFLDWLRQ OXL FRQIpUDQW OD YRFDWLRQ G XQH FRPSDJQLH DIUL FDLQH D LQGLTXp j OD SUHVVH OH 3'*GH7$/)DLoDO.KHOLOHQ PDUJH G XQH FpUpPRQLH RUJDQL VpH j FHWWH RFFDVLRQ &HWWH GpPDUFKH SHUPHWWUD j 7DVVLOL $LUOLQHVG pWDEOLUGHVUHODWLRQVGH SDUWHQDULDWDYHFGHVFRPSDJQLHV DIULFDLQHVHWGHEpQpILFLHUGX VXSSRUWORJLVWLTXHGHIRUPDWLRQ HW GH OD QRWRULpWp GH O $)5$ ODTXHOOH HVW PHPEUH G DVVRFLD WLRQV DpULHQQHV LQWHUQDWLRQDOHV DWLO H[SOLTXp 'H VRQ F{Wp OH VHFUpWDLUH JpQpUDO GH O $)5$ (OLMDK &KLQJRVKR V HVW IpOLFLWp GH O DGKpVLRQ GH 7$/ j FHWWH RUJDQLVDWLRQ DIULFDLQH FH TXL FRQWULEXH DX[ HIIRUWV FRQVHQWLV SRXUIDFLOLWHUO HVVRUGXWUDQVSRUW DpULHQHQ$IULTXHHWSUpVHUYHUOHV SDUWV GH PDUFKpV GHV FRPSD JQLHV DpULHQQHV DIULFDLQHV GDQV OHXU FRQWLQHQW ,O D DXVVL LQYLWp 7DVVLOL $LUOLQHV j SDUWLFLSHU j WRXV OHV SURMHWV GH O $)5$ QRWDPPHQW O DFKDW JURXSp GX ILRXODILQGHUpGXLUHOHVFRWVGH FH FRPEXVWLEOH DX SURILW GHV FRPSDJQLHVDIULFDLQHVHWGHIDLUH IDFH j OD FRQFXUUHQFH DX QLYHDX PRQGLDO )LOLDOH j GX JURXSH6RQDWUDFK7$/ HVWGHYH QXH HQ QRYHPEUH PHPEUH GH O 2UJDQLVDWLRQ DUDEH GHV WUDQVSRUWHXUVDpULHQV$$&2 (OOH D UHQRXYHOp UpFHPPHQW HW SRXUODWURLVLqPHIRLVVDFHUWLIL FDWLRQ DX ODEHO LQWHUQDWLRQDO GH TXDOLWp ,26$ GpOLYUp SDU O DVVR FLDWLRQ LQWHUQDWLRQDOH GX WUDQV SRUW DpULHQ ,$7$ /D FRPSD JQLHIHUDVRQHQWUpHMHXGLVXUOH UpVHDX GX WUDQVSRUW UpJXOLHU LQWHUQDWLRQDO HQ DVVXUDQW GHV GHVVHUWHV YHUV 6WUDVERXUJ HW 0DUVHLOOHjSDUWLUG $OJHU 2X]]DQL6 /$& &21-21&785( GH1DELO%HQEDFKLU 3DWULRWLVPHUpJLRQDO / DFDPSDJQHpOHFWRUDOHDpWpSUDWLTXHPHQWLQYLVLEOHFDUOH FOLPDWG LQWpUHVVHPHQWSRSXODLUHQ \HVWSDVGXWRXW6HXOVOHV PLOLWDQWVGHVSDUWLVVDYHQWTXHOHXUVGLULJHDQWVYRQWDUULYHU GDQVOHXUVZLOD\DVRXOHXUVYLOOHV/HVSRSXODWLRQVDSSUHQQHQWTXH GHVFKHIVGHSDUWLVVRQWSDVVpVSDUOHELDLVGHODSUHVVH$ORUVFRP PHQWOHVSRSXODWLRQVVDXURQWHOOHVFKRLVLUDORUVTX HOOHVVRQWGDQV O LJQRUDQFHPrPHGHODYHQXHFKH]HOOHVGHVFKHIVGHSDUWLV" (WSRXUWDQWLO\DEHDXFRXSGHFKRVHVjGLUHHWjYRXORLUpFRXWHU 4XHSHQVHQWQRVFKHIVSROLWLTXHVDLQVLTXHOHVFDQGLGDWVGHODJHV WLRQ GHV FROOHFWLYLWpV ORFDOHV &RPPHQW \ IHUDLHQWLOV IDFH " 1RV OHDGHUVSROLWLTXHVRQWEHDXFRXSSDUOpGHVUHODWLRQVLQWHUQDWLRQDOHV GHFHTXHGHYUDLWIDLUHQRVJRXYHUQDQWV5HVWRQVDORUVVXUODPRQ GLDOLVDWLRQ 6 LO\DXQHFHUWLWXGHTX LO\DLWGHVLQpJDOLWpVpFRQRPLTXHVLQGXLWHV SDUODPRQGLDOLVDWLRQHQWUHSD\VLO\DGDYDQWDJHODFUDLQWHFHUWDLQV GLVHQWFHUWLWXGHTXHFHOOHVFLVRLHQWDJJUDYpHVDXVHLQPrPHG XQ SD\VOHQ{WUHSRXUFHTXLQRXVFRQFHUQHHWSOXVSDUWLFXOLqUHPHQW GHVFRQVpTXHQFHVGHODFULVHILQDQFLqUHGDQVOHPRQGH$XUHJDUG GHODOHFWXUHGHODSUHVVHUDSSRUWDQWOHVGLVFRXUVGHFDPSDJQHOH PRGHG HPSORLGHFHTX LOIDXGUDLWIDLUHSRXUPHWWUHjO DEULQRWUH pFRQRPLHGHODPRQGLDOLVDWLRQQ DSDVIDLWO REMHWGHGpFODUDWLRQ /HVLPSOLFDWLRQVGHVLQpJDOLWpVHQVRQWDVVH]QRPEUHXVHVHWPrPH JUDYHV,O\DGHVSDUWLVTXLYHXOHQWQRXVFRQYDLQFUHTXHQRWUHSD\V HVWPHQDFpGHO H[WpULHXUHWFHWWHPHQDFHVHUDLWG RUGUHPLOLWDLUH(W SRXUWDQWLO\DSOXVXUJHQWLO\DGHVPHQDFHVSOXVFHUWDLQHVTXH FHOOHVTXLVRQWLGHQWLILpHVSDUOHVSDUWLVHWFHVPHQDFHVVRQWLQWp ULHXUHV /HV LPSOLFDWLRQV HQ VRQW QRPEUHXVHV HW GpMj YLVLEOHV / HPSORLVHUDLWLOXQIDFWHXUGHUXSWXUHGHODFRKpVLRQVRFLDOH"'H O XQLRQQDWLRQDOH"'XVHQWLPHQWQDWLRQDODXSURILWGXSDWULRWLVPH UpJLRQDO"(QVLWXDWLRQGHPDQTXHG HPSORLVHWFULVHGHORJHPHQWV LOVHGpVDJUqJHODQRWLRQPrPHGHVROLGDULWpHQWUHUpJLRQVHWSDU IRLVPrPHHQWUHFRPPXQHV2QDYDLWELHQYXFRPPHQWj$QQDED HWj2XDUJODSRXUQHFLWHUTXHFHVGHX[YLOOHVOHVMHXQHVFK{PHXUV ORFDX[ RQW UpFODPp OHXU SDUW G HPSORLV GDQV OHV HQWUHSULVHV TXL \ DFWLYHQW3DVVHXOHPHQWOHXUSDUWG HPSORLVFDULOVUHIXVHQWTXHOHXU VRLHQWSULRULVpVOHVKDELWDQWVG DLOOHXUVSDVVHQWHQSULRULWp3RXUFH TXL FRQFHUQH OHV ORJHPHQWV VRFLDX[ HW VRFLDX[ SDUWLFLSDWLIV OHV GHPDQGHXUVG XQHFRPPXQHQHYHXOHQWPrPHSDVTXHFHX[GHV FRPPXQHV YRLVLQHV EpQpILFLHQW GH ORJHPHQWV LPSODQWpV VXU OHXU WHUULWRLUH'pMjTX DYHFXQEDULOTXLDYROpWUqVKDXWHWGHVUpVHUYHV HQGHYLVHVTXLIRQWGHQRWUHSD\VXQHSXLVVDQFHILQDQFLqUHUpJLR QDOHOHVIUXVWUDWLRQVVRFLRpFRQRPLTXHVGHVSRSXODWLRQVVHVRQWWUD GXLWHVSDUGHVpPHXWHVVRFLDOHVODKDUDJDXQSKpQRPqQHTXL Q pWDLWPrPHLPDJLQDEOHLO\DTXHOTXHWHPSVXQHFULPLQDOLWppODU JLHTX HQVHUDLWLOVLOHVFRXUVGXSpWUROHHWOHVUpVHUYHVHQGHYLVHV HPSUXQWDLHQWOHFKHPLQLQYHUVHSRXUFUpHUXQHVLWXDWLRQGXUDEOH" 'pMjTXHOHVGLIILFXOWpVjUpSRQGUHSRVLWLYHPHQWHWHQVXIILVDQFHj ODUpYROXWLRQSHUPDQHQWHGHVGHPDQGHVG HPSORLVVRQWUHFRQQXHV SDUWRXVHQFRUHTXHODPDMRULWpGHVHPSORLVFUpHVQHVRQWSDVGXUD EOHVHWSDVUpPXQpUpVQRUPDOHPHQWO LPSRVVLELOLWpG DPpOLRUHURX j WRXW OH PRLQV GH VDXYHJDUGHU OH QLYHDX GX SRXYRLU G DFKDW GHV PpQDJHVHVWXQHVRXUFHG DJJUDYDWLRQGHVWHQVLRQV 2QLPDJLQHDVVH]OHVGpJkWVTXLVHURQWRFFDVLRQQpVGDQVODFRKp VLRQVRFLDOHVLODPRQGLDOLVDWLRQVHWUDGXLWSDUGHVQLYHDX[GHIUXV WUDWLRQSOXVpOHYpV&HODVHUDIDWDOHPHQWOHFDVVLOHSURILWHVWODSULR ULWpTXLJXLGHOHVSROLWLTXHVG LPSODQWDWLRQVGHVDIIDLUHVHWVHSULYD WLVHQWOHVVHFWHXUVGHVVHUYLFHVGRQWFHOXLGHODVDQWp 1% Ï, /(0$*+5(% GX1RYHPEUH 48$725=,Ë0(23e5$7,21 '(5(/2*(0(17$/*(5 & HVWDXWRXUGHVKDELWDQWV YLYDQWGDQVOHSpULPqWUH GXEDUUDJHGH'RXHUD /$ 48$725=,Ê0( RSpUD WLRQGHUHORJHPHQWj$OJHUVHUD RUJDQLVpH OD VHPDLQH SUR FKDLQH QRWDPPHQW DX SURILW GHVIDPLOOHVYLYDQWGDQVOHSpUL PqWUHGXFKDQWLHUGHUpDOLVDWLRQ GX EDUUDJHUpVHUYRLU GH 'RXHUDDDQQRQFpKLHUOHZDOL $EGHONDGHU=RXNK/HUHFDVH PHQWGHFHVIDPLOOHVSHUPHWWUD GHFRPPHQFHUjUHPSOLUOHEDU UDJH GH 'RXHUD GRQW OHV WUD YDX[ GH UpDOLVDWLRQ VRQW DFKH YpV GHSXLV XQH DQQpH D SUp FLVp0=RXNKjO RXYHUWXUHGHV WUDYDX[G XQHVHVVLRQRUGLQDLUH GH O $VVHPEOpH SRSXODLUH GH ZLOD\D $3: /H UHPSOLV VDJHGXEDUUDJHHWVRQH[SORLWD WLRQQRXVSHUPHWWURQWGHGLVSR VHU G XQH UHVVRXUFH SRXU O LUUL JDWLRQHWSRXUVpFXULVHUODFDSL WDOH HQ PDWLqUH G DOLPHQWDWLRQ HQHDXSRWDEOHDWLOVRXOLJQp /HZDOLQ DSDVSUpFLVpOHQRP EUH GH IDPLOOHV FRQFHUQpHV SDU FHWWHRSpUDWLRQTXLSRUWHUDpJD OHPHQW VXU O pYDFXDWLRQ GHV KDELWDQWV GH FHUWDLQV TXDUWLHUV DX 9DO G +\GUD SRXU SHUPHWWUH ODUHSULVHGHVWUDYDX[GHGpGRX EOHPHQW GH OD YRLH URXWLqUH +\GUD(O%LDU/RUVG XQHYLVLWH jFHFKDQWLHUOHPDUVGHUQLHU OH PLQLVWUH GHV 5HVVRXUFHV HQ HDX +RFLQH 1HFLE HW 0 =RXNK V pWDLHQW PLV G DFFRUG SRXU UHORJHU OHV IDPLOOHV GRQW OHV PDLVRQV VRQW VLWXpHV GDQV OD ]RQH LQRQGDEOH IDPLOOHV VHURQW UHORJpHV SDU OD ZLOD\D WDQGLV TXH OH UHVWH VHUD SULVHQFKDUJHSDUOHPLQLVWqUH /H EDUUDJH GH 'RXHUD GRQW OH VLWH FKHYDXFKH OHV FRPPXQHV GH'RXHUD0DKHOPDHW7HVVDOD (O0HUGMDSRXUUDrWUHH[SORLWp DSUqV OD UpVROXWLRQ GX GRVVLHU G H[SURSULDWLRQGHSURSULpWDLUHV GH WHUUHV DJULFROHV HW O pYDFXD WLRQ GHV KDELWDQWV TXL RQW UHWDUGpVDPLVHHQH[SORLWDWLRQ GHSXLV /H UpVHUYRLU G XQH VXSHUILFLH GH NPð KD HW FRQVWUXLW VXU XQH FXYHWWHKDXWHGHPHWORQJXH GH P D XQH FDSDFLWp GH VWRFNDJHGHPLOOLRQVGHP G HDX[ TXL VHURQW SXLVpHV GH O RXHG GH +DPPDP 0HORXDQH %OLGD HW GH 0D]DIUDQ /HV DJULFXOWHXUV HW DPDWHXUV GH VSRUWV QDXWLTXHV VHURQW OHV JUDQGVEpQpILFLDLUHVGHODPLVH HQVHUYLFHGHFHSURMHWVWUDWpJL TXH SRXU OD FDSLWDOH HW TXL GHYUDLWLUULJXHUjWHUPHTXHOTXH KHFWDUHV GH WHUUHV DJUL FROHV GHV ZLOD\D G $OJHU HW GH %OLGD/HEDUUDJHXQHIRLVUHP SOL YHUUD pJDOHPHQW OH ODQFH PHQW GHV WUDYDX[ G DPpQDJH PHQWDXWRXUGHODUHWHQXHGHVWL QpVjFUpHUGHV]RQHVGHORLVLUV HWGHGpWHQWH/DUpDOLVDWLRQGH SLVFLQHVIORWWDQWHVWUDQVIRUPHUD OHUpVHUYRLUHQXQLPPHQVHODF DXPLOLHXGHYDVWHVWHUUHVDJUL FROHV SUqV G $OJHU /HV DFWLYL WpVGHORLVLUVQ RQWpWpLQWpJUpHV DXSURMHWTX HQMXLOOHWVXU LQVWUXFWLRQGX3UHPLHUPLQLVWUH $EGHOPDOHN 6HOODO HQ YLVLWH G LQVSHFWLRQ GDQV OD ZLOD\D G $OJHU4XDQGOHFKDQWLHUDpWp RXYHUW HQ MDQYLHU OH EDU UDJH DYDLW WURLV REMHFWLIV VWRFNHUO HDXjGHVILQVG LUULJD WLRQ DOLPHQWHU HQ HDX SRWDEOH XQHSDUWLHGHODZLOD\DGH%OLGD HW UpDOLPHQWHU SDU LQILOWUDWLRQV OD QDSSH SKUpDWLTXH GH OD 0LWLGMD /LOD6 '$16/(&$'5('(/ $0e/,25$7,21'(6%,//(76'(%$148( 5HWUDLWGHODFLUFXODWLRQG DQFLHQVELOOHWV GHEDQTXHDXGpFHPEUH / HV DQFLHQV ELOOHWV GH GLQDUV VHURQW GpILQLWLYHPHQW UHWLUpV GH OD FLUFXODWLRQ G LFL OH GpFHPEUH GH O DQQpHSURFKDLQH& HVWFHTX DLQGLTXpKLHU OD %DQTXH G $OJpULH %$ SDU OH ELDLV G XQ FRPPXQLTXpGHSUHVVH $LQVL G DQFLHQV ELOOHWV GH EDQTXH pPLV GXUDQWOHVDQQpHVVHURQWUHWLUpVGHODFLU FXODWLRQ OH GpFHPEUH D UDSSHOp OD %DQTXH G $OJpULH GDQV FH FRPPXQLTXp ,O V DJLWGHVELOOHWVUHVSHFWLYHPHQWGH'$ GHW\SH GH'$ GHW\SHHWGH'$ GH W\SH HW GH '$ GH W\SH VHORQOD%DQTXHFHQWUDOHTXLH[SOLTXHTXHFH UHWUDLWHQWUHGDQVOHFDGUHGHO DPpOLRUDWLRQ HWGXUDMHXQLVVHPHQWGHVELOOHWVGHEDQTXHHQ FLUFXODWLRQ/HVGpWHQWHXUVGHFHVDQFLHQV ELOOHWVSRXUURQWHIIHFWXHUWRXWHVOHXUVWUDQV DFWLRQV QRUPDOHV DFKDWV GH SURGXLWV HW GH VHUYLFHV GLYHUV MXVTX DX GpFHPEUH ,OV SRXUURQW DXVVL OHV pFKDQJHU VDQV OLPLWDWLRQ GH PRQWDQW DXSUqV GH WRXWHV OHV EDQTXHV MXVTX DX GpFHPEUH /D %DQTXH G $OJpULH LQGLTXH pJDOHPHQW TXH OH SXEOLFDXUDODIDFXOWpG pFKDQJHUVDQVIRUPD OLWp SDUWLFXOLqUH OHV ELOOHWV UHWLUpV SHQGDQW XQHSpULRGHGHGL[DQVjFRPSWHUGXHU MDQYLHU VRLW MXVTX DX GpFHPEUH HW FH H[FOXVLYHPHQW DXSUqV GHV JXL FKHWV GH OD %DQTXH G $OJpULH j WUDYHUV VRQ UpVHDX G DJHQFHV RXYHUWHV GDQV WRXWHV OHV ZLOD\DV GX SD\V 3DU DLOOHXUV HOOH UDSSHOOH TXH FHV DQFLHQV ELOOHWV DYDLHQW pWp JUDQGH PHQW UHPSODFpV SDU OD PLVH HQ FLUFXODWLRQ GHVELOOHWVHWSLqFHVQRWDPPHQWSDUOHVELO OHWVW\SHDQQpHGH'$ HWOHVSLqFHVGH '$'$'$'$ HW'$ ,O IDXW GLUH TXH OH UHWUDLW GH FHV ELOOHWV pWDLW GHYHQX XQH QpFHVVLWp DX YX GH OHXU pWDW &HUWDLQV EXUHDX[ GH SRVWHV HW DJHQFHV EDQ FDLUHVRQWUpTXLVLWLRQQpXQHPSOR\pSRXU TX LO VH FKDUJH GH VFRWFKHU FHV ELOOHWV GH GLQDUV ' DXWUHV GHV FRPPHUoDQWV SDU H[HPSOHQHOHVDFFHSWHQWSOXV)RUFHHVWGH FRQVWDWHUDXVVLTXHG DXWUHVELOOHWVVRQWGDQV ODPrPHVLWXDWLRQjO LPDJHGXELOOHWGH GLQDUV TXL GHYLHQW OXL DXVVL IRUWHPHQW HQGRPPDJp 0RKDPHG6HIVDIL 68,7($8;$&&25'6&21&/86(175(/(6(&7(85'(/·e'8&$7,21(7/(66<1',&$76 IRQFWLRQQDLUHVEpQpILFLHURQW GHSURPRWLRQVDYDQWILQ IRQFWLRQQDLUHVGXVHFWHXU GH O pGXFDWLRQ QDWLRQDOH EpQpIL FLHURQWG XQHSURPRWLRQDYDQWOD ILQ GH O DQQpH HQ FRXUV VRLW SUqV GHGHO HQVHPEOHGHVSHUVRQ QHOVGXVHFWHXUDWRQDSSULVKLHU GXPLQLVWqUHGHO (GXFDWLRQQDWLR QDOH &HV SURPRWLRQV TXL V HIIHFWXH URQW GDQV OH FDGUH G LQVFULSWLRQV VXUOHVOLVWHVGHTXDOLILFDWLRQVRX GH FRQFRXUV SURIHVVLRQQHOV RX LQWHUQHV YLVHQW j DPpOLRUHU OHV FRQGLWLRQVGHVWUDYDLOOHXUVGXVHF WHXUWRXVFRUSVFRQIRQGXVVHORQ OHV SUpFLVLRQV DSSRUWpHV ORUV G XQH FRQIpUHQFH GH SUHVVH SDU O LQVSHFWHXUJpQpUDOGXPLQLVWqUH 0HVJXHP1HGMDGLHWOHGLUHFWHXU GHV UHVVRXUFHV KXPDLQHV $EGHOKDNLP %RXVDKOD &RQFHUQDQW OH FRUSV HQVHLJQDQW HQVHLJQDQWV GX WHFKQLTXH EpQpILFLHURQW G XQH SURPRWLRQ GLUHFWH DX JUDGH G HQVHLJQDQW GX VHFRQGDLUH 4XDQW DX[ VHUYLFHV pFRQRPLTXHV TXL FRPSWHQW IRQFWLRQQDLUHV SUqV GH SRVWHV EXGJpWDLUHV RQW pWp RXYHUWV GDQV OH FDGUH GH OD SUR PRWLRQ DX[ GLIIpUHQWV JUDGHV G LQWHQGDQWVRQWSUpFLVpOHVGHX[ UHVSRQVDEOHV pYDOXDQW O HQYH ORSSH ILQDQFLqUH FRQVDFUpH DX[ SURPRWLRQVjSOXVLHXUVFHQWDLQHV GH PLOOLDUGV GH FHQWLPHV /H PLQLVWqUHGHO eGXFDWLRQQDWLRQDOH SURFqGHUD j OD ILQ GH O DQQpH HQ FRXUVjODSURPRWLRQGH SRVWHV GRQW SRVWHV j WUD YHUV O LQVFULSWLRQ SDU FRQFRXUV LQWHUQHV SUpYXH OH GpFHPEUH HW j WUDYHUV O LQV FULSWLRQ VXU OD OLVWH GH TXDOLILFD WLRQVRXWUHO LQWpJUDWLRQV\VWpPD WLTXH GHV HQVHLJQDQWV GHV F\FOHV SULPDLUHHWPR\HQHWOHXUSURPR WLRQDXJUDGHG HQVHLJQDQWSULQFL SDO VHORQ XQ GRFXPHQW GLVWULEXp jODSUHVVH7RXVOHVEpQpILFLDLUHV GH FHV SURPRWLRQV VXLYURQW XQH IRUPDWLRQ FRQWLQXH FRQIRUPp PHQW DX GLVSRVLWLI GH IRUPDWLRQ PLVHQSODFHSDUOHPLQLVWqUHSRXU O DQQpH $ XQH TXHV WLRQVXUOHWDX[GHVDWLVIDFWLRQSDU OH PLQLVWqUH GHV UHYHQGLFDWLRQV GHV V\QGLFDWV 0 0HVJXHP D DIILUPp TXH OH GLDORJXH HVW HQ FRXUVHWVHWLHQWGHIDoRQFRQWL QXHHQYXHGHUpJOHUWRXVOHVSUR EOqPHV VRXOHYpV VRXOLJQDQW TX XQH DXWUH UHQFRQWUH pWDLW SUp YXHOHQRYHPEUH$ XQHTXHV WLRQVXUODVXUFKDUJHGHVFODVVHV OH UHVSRQVDEOH D LQGLTXp TXH FH SKpQRPqQHpWDLWUpSDQGXGDQVOHV UpJLRQV XUEDLQHV OHV YLOOHV HW OHV QRXYHOOHV YLOOHV R OD SULRULWp D pWp DFFRUGpH j O DWWULEXWLRQ GH ORJHPHQWV DX GpWULPHQW GH OD ILQDOLVDWLRQ GHV WUDYDX[ GH UpDOL VDWLRQ G pWDEOLVVHPHQWV pGXFD WLIV /H SUREOqPH GH OD VXU FKDUJH WRXFKH SUqV GH GHV FODVVHVGXF\FOHSULPDLUHGHV FODVVHV GX F\FOH PR\HQ HW GHVFODVVHVGXVHFRQGDLUHLQVLV WDQW VXU OD QpFHVVLWp GH UHYRLU OD OLVWH GHV SURMHWV UHODWLYH DX[ pWD EOLVVHPHQWV pGXFDWLIV HW GH UHV SHFWHUOHVGpODLVGHUpFHSWLRQGHV SURMHWV HQWDPpV DWLO DMRXWp 3RXU UDSSHO OD PLQLVWUH FKDUJpH GX VHFWHXU DYDLW IDLW VDYRLU TXH SUqV GH GHV HQVHLJQDQWV GHVWURLVF\FOHVEpQpIL FLHURQW GH SURPRWLRQV j GHV JUD GHV VXSpULHXUV /H VHFWHXU GH O pGXFDWLRQ HVW HQ SDVVH GH FRQFUpWLVHU OHV DFFRUGV FRQFOXV HQWUHOHJRXYHUQHPHQWHWOHVV\Q GLFDWV SRUWDQW LQWpJUDWLRQ HW SUR PRWLRQ GH HPSOR\pV GHO HQVHPEOHGHVHPSOR\pV GX VHFWHXU FRQIRUPpPHQW j OD FLUFXODLUH LQWHUPLQLVWpULHOOH G DS SOLFDWLRQ Q GDWpH GX MXLOOHW D LQGLTXp 0PH %HQJKHEULW GDQV XQ HQWUHWLHQ DFFRUGp j O $36 /H PLQLVWqUH D IL[p OD GDWH GX QRYHPEUH FRPPHGDWHEXWRLUGHODPLVHHQ °XYUH GHV FODXVHV GH O DFFRUG j WUDYHUV OD ILQDOLVDWLRQ GX WUDLWH PHQW GH WRXV OHV GRVVLHUV G LQWp JUDWLRQHWGHSURPRWLRQHQFRRU GLQDWLRQ DYHF OHV GLUHFWLRQV GH O pGXFDWLRQHWOHVVHUYLFHVFRQFHU QpVDXQLYHDXGHVZLOD\DVDWHOOH DMRXWp 0:% 8/&Ë5('83,('',$%e7,48( / %LHQW{WOHWUDLWHPHQWSURGXLWHQ$OJpULH HWUDLWHPHQWSUHVFULWSRXUO XOFqUHGX SLHG GLDEpWLTXH +HEHUSURW3 VHUD SURGXLWSURFKDLQHPHQWHQ$OJpULHD DQQRQFp PHUFUHGL j $OJHU OH GRFWHXU $EGHONULP'MHEEDU/HODQFHPHQWGHODSUR GXFWLRQ GX WUDLWHPHQW +HEHUSURW3 SUHVFULW SRXU OD FLFDWULVDWLRQ GX SLHG GLDEpWLTXH XOFpUpGHYUDVHIDLUHG LFLVL[jKXLW PRLV SDU OH ODERUDWRLUH QDWLRQDO /DG 3KDUPDHQ FROODERUDWLRQ DYHF XQ SDUWHQDLUH FXEDLQDSUpFLVpOH'U'MHEEDUjODSUHVVH HQPDUJHG XQHUHQFRQWUHVXUOHSLHGGLDEpWL TXH/HSURFHVVXVGHODQFHPHQWGHODSUR GXFWLRQ HVW ODQFp HW O XVLQH VHUD LQVWDOOpH j $OJHU D DMRXWp OH FRQIpUHQFLHU SUpVLGHQW GLUHFWHXU JpQpUDO GX ODERUDWRLUH SURGXFWHXU TXL D HVWLPp TXH OH SUL[ GX WUDLWHPHQW HQ TXHVWLRQVHUDPRLQVFKHUTXHFHOXLGHO DP SXWDWLRQ ,QWHUSHOOp VXU O LQGLVSRQLELOLWp RFFDVLRQQHOOHGHFHWUDLWHPHQWGRQWO LPSRU WDWLRQ HVW GpWHQXH H[FOXVLYHPHQW SDU VRQ ODERUDWRLUH OH 'U 'MHEEDU V HVW GpIHQGX G rWUH j O RULJLQH GH FHWWH VLWXDWLRQ TX LO D LPSXWpHDX[FHQWUHVKRVSLWDOLHUV 2QQ HVWSDVUHVSRQVDEOHVGHODUXSWXUHGHV VWRFNV &HV FHQWUHV Q RQW TX j SUHQGUH OHXUV GLVSRVLWLRQV HQ YXH GH SDVVHU FRPPDQGH j WHPSV DWLO GLW WRXW HQ UDSSHODQW TXH OH PpGLFDPHQW HQ TXHVWLRQ HVW GLVSRQLEOH GHSXLVHQ$OJpULH 'U 'MHEEDU D pJDOHPHQW UHOHYp TXH VL FH PpGLFDPHQW Q HVW SDV HQFRUH UHPERXUVDEOH F HVWSDUFHTXHODSULVHHQFKDUJHGXPDODGH DXQLYHDXGHVK{SLWDX[HVWJUDWXLWHHWFHOD pTXLYDXWVHORQOXLXQUHPERXUVHPHQW/H 3'*GH/DG3KDUPDDVDLVLFHWWHRSSRUWX QLWpSRXULQVLVWHUVXUODQpFHVVDLUHSUpYHQWLRQ FRPPHVHXOPR\HQG pYLWHUO DPSXWDWLRQGH PrPH TX LO D SODLGp SRXU O LPSpUDWLI G XQ SURJUDPPH GH SULVH HQ FKDUJH GX PDODGH GLDEpWLTXH G XQH PDQLqUH JpQpUDOH GRQW OH SLHGFRQVWLWXHO XQHGHVFRPSOLFDWLRQV 'pIHQGDQWOHGURLWGXPDODGHjO DFFHVVLELOLWp DX WUDLWHPHQW OH SUpVLGHQW GH OD )pGpUDWLRQ QDWLRQDOH GHV DVVRFLDWLRQV GHV GLDEpWLTXHV 1RXUHGGLQH%RXFHWWDDSODLGpSRXUODGLVSR QLELOLWpGHFHWUDLWHPHQWDXQLYHDXGHVSKDU PDFLHVjFKDUJHSRXUOD6pFXULWpVRFLDOHG HQ DVVXUHUOHUHPERXUVHPHQW +HGMHUHVV+RXULD Ï, /(0$*+5(%GX1RYHPEUH 0'1 8 &UDVKG XQ0LJDXFRXUV G XQH[HUFLFHj+DVVL%DKEDK Q DYLRQ GH FRPEDW GH W\SH 0LJ GHV IRUFHV DpULHQQHV DOJpULHQQHV V HVWFUDVKpPDUGLVRLUjK ORUVG XQH[HUFLFHG HQWUDvQHPHQW SUqV GX 3RO\JRQH &HQWUDO GH +DVVL %DKEDKHU 5pJLRQ 0LOLWDLUHDLQGLTXpXQFRPPXQL TXp GX PLQLVWqUH GH OD 'pIHQVH QDWLRQDOH0'1 ,OpWDLWKTXDQGO DYLRQV HVW pFUDVp HW IRUW KHXUHXVHPHQW OH SLORWHDUpXVVLjV pMHFWHUDYDQWOH FUDVK ' DXWUH SDUW DXFXQ GpJkW Q DpWpHQUHJLVWUpVXUOHVOLHX[ 3DU DLOOHXUV OH PLQLVWqUH GH OD 'pIHQVH QDWLRQDOH 0'1 LQGL TXH TX XQH FRPPLVVLRQ G HQ TXrWHDpWpGpVLJQpHSRXUGpWHU PLQHU OHV FDXVHV HW OHV FLUFRQV WDQFHVGHFHWDFFLGHQW ,OHVWXWLOHGHUDSSHOHUTXHOH RFWREUH GHUQLHU XQ DXWUH DYLRQ ERPEDUGLHUGHW\SH6RXNKRwGHV )RUFHV DpULHQQHV DOJpULHQQHV V pWDLW pFUDVp VXU OHV PrPHV 5(/$7,216$/*e525866(6 0HVVDKHOV HQWUHWLHQW DYHF/DYURY /(0,1,675(GpOpJXpFKDUJp GHV $IIDLUHV PDJKUpELQHV HW DIULFDLQHV $EGHONDGHU 0HVVDKHO D pWp UHoX KLHU j 0RVFRX SDU OH PLQLVWUH GHV $IIDLUHV pWUDQJqUHV GH OD )pGpUDWLRQ GH 5XVVLH 6HUJXHL /DYURY / HQWUHWLHQ D SHUPLV DX[GHX[PLQLVWUHVGHSDVVHUHQ UHYXH O pWDW GH OD FRRSpUDWLRQ ELODWpUDOHHWOHVSHUVSHFWLYHVGH VRQGpYHORSSHPHQWDLQVLTXHOHV SURFKDLQHV pFKpDQFHV LQVFULWHV VXU O DJHQGD GHV UHQFRQWUHV HQWUHOHVGHX[SD\V 8QH DWWHQWLRQ SDUWLFXOLqUH D pWp DFFRUGpH DX[ SUpSDUDWLIV GH OD WHQXH GH OD qPH VHVVLRQ GH OD FRPPLVVLRQPL[WHGDQVOHFRX UDQWGHO DQQpHSURFKDLQHHWTXL GRLWFRQIpUHUXQQRXYHOpODQjOD FRRSpUDWLRQHQWUHOHVGHX[SD\V DILQ GH OD KLVVHU DX QLYHDX GHV SRWHQWLDOLWpV GHV GHX[ SD\V HW GRQQHU DLQVL FRUSV j O DFFRUG VWUDWpJLTXHTXLOHVXQLWLQGLTXH WRQGHVRXUFHGLSORPDWLTXH /HV GHX[ PLQLVWUHV RQW pJDOH PHQWpFKDQJpOHXUVYXHVVXUOHV TXHVWLRQV SROLWLTXHV G LQWpUrW FRPPXQ QRWDPPHQW DX 0DJKUHE HQ UHODWLRQ DYHF OD FULVH HQ /LE\H HW OHV GHUQLHUV GpYHORSSHPHQWV GH OD TXHVWLRQ GX 6DKDUD RFFLGHQWDO DX 6DKHO HWVXUODPHQDFHWHUURULVWHHWOHV PR\HQVGHODMXJXOHU 0 0HVVDKHO DYDLW UHQFRQWUp DXSDUDYDQW 0 0LFKDLO %RJGDQRY UHSUpVHQWDQW VSpFLDO GX SUpVLGHQW 9ODGLPLU 3RXWLQH SRXU O $IULTXH HW OH 0R\HQ 2ULHQW /HV GHX[ UHVSRQVDEOHV RQW HX GHV pFKDQJHV DSSURIRQ GLVVXUODFRRSpUDWLRQELODWpUDOH DLQVLTXHVXUOHVTXHVWLRQVSROL WLTXHV G LQWpUrW FRPPXQ HQ $IULTXHHWHQ0pGLWHUUDQpH 000HVVDKHOHW%RJGDQRYVH VRQWIpOLFLWpVGHODFRQYHUJHQFH GH YXHV HW G DQDO\VH TXL V HVW GpJDJpH VXU O HQVHPEOH GHV TXHVWLRQV pYRTXpHV LQGLTXHW RQGHPrPHVRXUFH 00HVVDKHOHIIHFWXHXQHYLVLWH GH WUDYDLO GDQV OH FDGUH GHV FRQVXOWDWLRQVSROLWLTXHVUpJXOLq UHVHQWUHOHVGHX[SD\V 0RKDPHG6 OLHX[VRLWDXQLYHDXGX3RO\JRQH FHQWUDO GH O $LU j +DVVL %DKEDK qUH 5pJLRQPLOLWDLUHFDXVDQWOD PRUW GH VHV GHX[ PHPEUHV G pTXLSDJH / DFFLGHQW D FDXVp ODPRUWGHVPHPEUHVG pTXLSDJH GH O DYLRQ HQ O RFFXUUHQFH OH SLORWHHWO RIILFLHUQDYLJDWHXUV\V WqPHQRWDLWDORUVXQFRPPXQL TXp 6XLWHjFHWUDJLTXHDFFLGHQWXQH FRPPLVVLRQG HQTXrWHDpWpGpVL JQpHSRXUGpWHUPLQHUVHVFDXVHV HW VHV FLUFRQVWDQFHV DMRXWH OD PrPHVRXUFH $XSDUDYDQWHWSOXVSUpFLVpPHQW j OD ILQ GX PRLV G $RW GHUQLHU XQ DYLRQ UHOHYDQW GH OD FRPSD JQLH DpULHQQH 8NUDLQH $LU $OOLDQFH D SHUGX OH FRQWDFW DYHFODWRXUGHFRQWU{OHGHO DpUR GURPH GH 7DPDQUDVVHW WURLV PLQXWHV DSUqV VRQ GpFROODJH j SDUWLUGXGLWDpURSRUWVRLWjK PQ *07 PQ KHXUH ORFDOH DYDLW DORUV GpFODUp OH PLQLVWUH GHV 7UDQVSRUWV $PDU *KRXO SUpFLVDQW TX DX PRPHQW GH OD SHUWH GH FRQWDFW O DYLRQ YRODLW j SOXV GH P GH KDX WHXU/ DpURQHIGHW\SH$QWRQRY DVVXUDLWXQYROFDUJRjSDUWLU GH O DpURSRUW 3UHVWZLFN *ODVJRZ8. YHUV 0DODER *XLQpH (TXDWRULDOH DYHF SOX VLHXUV HVFDOHV WHFKQLTXHV UHV SHFWLYHPHQW j 6DQWLDJR (VSDJQH HW DX[ DpURSRUWV GH *KDUGDwD HW 7DPDQUDVVHW 8QH DXWUH HVFDOH WHFKQLTXH pWDLW pJD OHPHQWSUpYXHj%DPDNR0DOL / DpURQHI HQ TXHVWLRQ TXL WUDQV SRUWDLW GHV pTXLSHPHQWV SpWUR OLHUV GH WRQQHV V pWDLW UDYL WDLOOpHQWRQQHVGHFDUEXUDQWj O DpURSRUWGH7DPDQUDVVHW /HV LQVWDQFHV MXGLFLDLUHV GH OD ZLOD\D GH 7DPDQUDVVHW RQW RUGRQQpG HQJDJHUGHVLQYHVWLJD WLRQVSUpOLPLQDLUHVVXUOHVFDXVHV HW FLUFRQVWDQFHV GX FUDVK TXL D IDLWVHSWYLFWLPHV 7URLVFRUSVGXSHUVRQQHOGHERUG VRQWFRPSOqWHPHQWFDOFLQpVWDQ GLV TXH OHV UHVWHV GHV FRUSV GHV TXDWUH DXWUHV YLFWLPHV VH VRQW pSDUSLOOpV VXU OH OLHX GX FUDVK ORFDOLVpjXQHTXLQ]DLQHGHNLOR PqWUHVDXVXGRXHVWGHODYLOOHGH 7DPDQUDVVHW 0 *KRXO DYDLW pJDOHPHQWLQGLTXpTXHOHVRSpUD WLRQVGHUHFKHUFKHHWG LQYHVWLJD WLRQ FRQFHUQDQW OH FUDVK GH O DYLRQ XNUDLQLHQ VH GpURXODLHQW VRXVODVXSHUYLVLRQGHVDXWRULWpV DOJpULHQQHV FRQIRUPpPHQW DX[ QRUPHV HQ YLJXHXU GH O 2UJDQLVDWLRQGHO DYLDWLRQFLYLOH LQWHUQDWLRQDOH2$&,VHORQOHV TXHOOHV O HQTXrWH PHQpH HQ GH SDUHLOV FDV GRLW rWUH VXSHUYLVpH SDUOHSD\VROHFUDVKDHXOLHX 3RXU pOXFLGHU OHV FLUFRQVWDQFHV GXFUDVKGHFHWDYLRQRQWpWpLQV WDOOpHV XQH FRPPLVVLRQ G HQ TXrWHDXQLYHDXGXPLQLVWqUHGHV 7UDQVSRUWVSUpVLGpHSDUOHGLUHF WHXU JpQpUDO GH O $YLDWLRQ FLYLOH DX PLQLVWqUH HW XQH FHOOXOH GH FULVH SUpVLGpH SDU OH VHFUpWDLUH JpQpUDOGXPLQLVWqUH 6% 352*5$00($$'/ 3OXVGHUHFRXUVHQUHJLVWUpV / D FRPPLVVLRQ GH UHFRXUV GX PLQLV WqUH GH O +DELWDW GH O 8UEDQLVPH HW GH OD 9LOOH D HQUHJLVWUp UHFRXUVGDQVOHFDGUHGXSURJUDPPH$$'/ GRQW SOXV GH RQW pWp WUDLWpV D LQGLTXpPDUGLXQFRPPXQLTXpGXPLQLVWqUH &HVUHFRXUVRQWpWpFODVVpVVHORQFDWpJRULHV FRUUHVSRQGDQW j OD QDWXUH GHV FDV SRXU OHV TXHOVOHVGHPDQGHXUVGHORJHPHQWVRQWpPLV OHXUV UHFRXUV /D FRPPLVVLRQ D DLQVL WUDLWp GRVVLHUV VXU OHV FDV UHODWLIV DX GpIDXW G DIILOLDWLRQ j OD &1$6 DORUV TXH OH UHVWH HVW HQ FRXUV G H[DPHQ 6XU OHV GRVVLHUV GH UHFRXUV OLpV j OD GRXEOH LQVFULS WLRQGXFRQMRLQWLODpWpWUDLWpOHUHVWH pWDQWWRXMRXUVjO pWXGH/HVPrPHVVHUYLFHV RQW pJDOHPHQW WUDLWp GRVVLHUV SDUPL OHV SRXU OHV FDV G LQVFULSWLRQV PXOWLSOHV GDQVOHVZLOD\DV (QRXWUHODFRPPLVVLRQDWUDLWpUHFRXUV VXUOHVUHODWLIVDX[GRFXPHQWVDGPLQLV WUDWLIVQRQFRQIRUPHV(OOHDDXVVLHQUHJLVWUp GRVVLHUV GH UHFRXUV FRQFHUQDQW OH FRQWU{OH SRVLWLI GX ILFKLHU HW UHFRXUV OLpVjGHVPRWLIVGLYHUV3DUDLOOHXUVOHPLQLV WqUHDLQGLTXpTX XQQRPEUHpOHYpGHGRVVLHUV GHUHFRXUVDYDLHQWpWpH[DPLQpVSDUODFRP PLVVLRQPDLVVDQVTX HOOHQ DLWSXDGUHVVHUOHV UpSRQVHVDX[VRXVFULSWHXUVFRQFHUQpVHQUDL VRQ G DEVHQFH G DGUHVVH SUpFLVH GH FHV GHU QLHUV /D FRPPLVVLRQ GHV UHFRXUV D pWp LQV WDOOpHSDUOHPLQLVWUHGHO +DELWDWGHO XUED QLVPHHWGHODYLOOH$EGHOPDGMLG7HEERXQH HQ GpFHPEUH HW HVW SUpVLGpH SDU OH VHFUpWDLUHJpQpUDOGXPLQLVWqUH3RXUUDSSHO LO\DTXHOTXHVMRXUVOHFKHIGXGpSDUWHPHQW GX ORJHPHQW DYDLW DIILUPp TXH OH VXUSOXV GHV ORJHPHQWV TXL VHURQW UpDOLVpV GDQV OH FDGUHGXSURJUDPPHGHVORJHPHQWVHQORFD WLRQYHQWH $$'/ GXUDQW OH SURFKDLQ TXLQTXHQQDW VHUD DIIHFWp DX SURJUDPPH $$'/ 8Q SURJUDPPH GH ORJHPHQWV LQV FULWVDXWLWUHGHO DFWXHOTXLQTXHQQDWHQFRXUV GH UpDOLVDWLRQ GHYUD SRUWHU OH QRPEUH GH ORJHPHQWV HQ ORFDWLRQYHQWH j SOXV GH j O KRUL]RQ 0 7HEERXQH DYDLW SDU DLOOHXUV UDVVXUp OHV FLWR\HQV LQV FULWVGDQVOHSURJUDPPH$$'/TXDQWj OHXUGURLWG DYRLUXQORJHPHQWUpLWpUDQWO HQ JDJHPHQWGXJRXYHUQHPHQWjpUDGLTXHUGpIL QLWLYHPHQW OHV FRQVWUXFWLRQV DQDUFKLTXHV j O KRUL]RQHWODFULVHGXORJHPHQWjODILQ /LOD6 1289(//(/2,6$1,7$,5( 'HVSURSRVLWLRQVIRUPXOpHVORUVGHVDVVLVHVQDWLRQDOHV VXUODVDQWpPDUJLQDOLVpHV / HSUpVLGHQWGXFRQVHLOGH GpRQWRORJLH SKDUPDFHX WLTXH GHV ZLOD\DV GX FHQWUH 'U /RWIL %HQ %DKPHG D FULWLTXp KLHU j $PVWHUGDP OH QRXYHDXSURMHWGHODORLVDQLWDLUH TXL QH UHQIHUPH SDV VHORQ OXL SDV WRXWHV OHV SURSRVLWLRQV IRU PXOpHV ORUV GHV DVVLVHV QDWLRQD OHVVXUODVDQWp &HUWDLQHV UHFRPPDQGDWLRQV GHV DVVLVHV QDWLRQDOHV VXU OD VDQWp QRWDPPHQW FHOOHV pPLVHV SDU O DWHOLHU GH PpGLFDPHQWV Q RQW SDV pWp SULVHV HQ FRQVLGpUDWLRQ ORUV GH O pODERUDWLRQ GH OD QRX YHOOH ORL VXU OD VDQWp D UHJUHWWp 'U%HQ%DKPHGHQPDUJHGXH FROORTXH HXURSpHQ GH OD VRFLpWp LQWHUQDWLRQDOH GH SKDUPDFRpFR QRPLH TXL VH WLHQW GDQV OD FDSL WDOHQpHUODQGDLVH /HV DFWHXUV GH O LQGXVWULH SKDU PDFHXWLTXHSURGXFWHXUVHWSKDU PDFLHQV RQW IRUPXOp SOXVLHXUV SURSRVLWLRQVUHWHQXHVDXWLWUHGHV UHFRPPDQGDWLRQV GHV DVVLVHV QDWLRQDOHVVXUODVDQWpWHQXHVHQ MXLQDWLOIDLWVDYRLU /H PLQLVWUH DYDLW SURPLV GH OHV LQWpJUHU GDQV FH SURMHW PDLV OHV VSpFLDOLVWHV VRQW VXUSULV GH OHV YRLUWURQTXpHVDWLOVRXWHQX ,O V DJLW QRWDPPHQW GHV UHFRP PDQGDWLRQVLQKpUHQWHVjO HUUHXU SURIHVVLRQQHOOH HW DX[ WH[WHV pODERUpVGXUDQWOHVDQQpHV DSUpFLVp'U%HQ%DKPHGGpSOR UDQWOHXUVXSSUHVVLRQGXQRXYHDX SURMHW GH ORL &H FRPSRUWHPHQW UHQYRLH O $OJpULH DX[ DQQpHV DWLOGLW,ODVRXKDLWpTXH OHPLQLVWqUHUpYLVHOHFRQWHQXGX QRXYHDX SURMHW GH ORL GDQV OH YROHWUHODWLIjO HUUHXUSURIHVVLRQ QHOOH DYDQW VD VRXPLVVLRQ DX JRXYHUQHPHQW ,O D HQ RXWUH UDSSHOpTXHOHQRXYHDXSURMHWGH ORL UpGXLW OHV IRQFWLRQV GX FRQVHLO G pWKLTXH QH GpILQLW SDV FODLUHPHQW OHV IRQFWLRQV GHV FRUSV GX VHFWHXU HW QH WLHQW SDV FRPSWHGHOHXUVVSpFLILFLWpV /HSKDUPDFLHQHVWUpGXLWGDQVOH QRXYHDXWH[WHjXQVLPSOHYHQ GHXU GH PpGLFDPHQWV DWLO SRXUVXLYL 6HORQ OXL OH QRXYHDX SURMHW GH ORL GHYDLW DGDSWHU OH VHFWHXU GH VDQWp HQ$OJpULH DYHF OHV PXWD WLRQV GX H VLqFOH FRQIRUPp PHQW DX[ RULHQWDWLRQV GX SUpVL GHQWGHOD5pSXEOLTXH$EGHOD]L] %RXWHIOLND DORUV TX LO OD UHSORQ JHDLWDWLOGLWGDQVFHUWDLQHVGH VHV GLVSRVLWLRQV G¶DYDQW /HV SHUVRQQHV D\DQW pODERUp OH WH[WH Q RQW SDV UHVSHFWp OHV UHFRPPDQGDWLRQVGXPLQLVWUHD WLOIDLWUHPDUTXHU 3DUDLOOHXUVOHVSpFLDOLVWHDVRX KDLWpTXHOHPLQLVWqUHSUHQQHHQ FRQVLGpUDWLRQWRXWHVOHVSURSRVL WLRQV UHWHQXHV SDU OHV DVVLVHV QDWLRQDOHV VXU OD VDQWp RUJDQL VpHV HQ MXLQ DILQ TXH FHWWH ORLFRQWULEXHjODSURPRWLRQGHOD VDQWp SXEOLTXH HW UpSRQGH DX[ EHVRLQVGHODVRFLpWp 2X]]DQL6 * + /(0$*+5(% GX 1RYHPEUH 7,3$6$ 6LWLQGHEpQpILFLDLUHVGHORJHPHQWV $$'/&QHS 'HVEpQpILFLDLUHVGH ORJHPHQWVGDQVOHFDGUH GXSURJUDPPH FRPSOpPHQWDLUH ORFDWLRQYHQWHVRXVOD IRUPXOH$$'/&QHS RQWRUJDQLVp DYDQWKLHUXQVLWLQ GHYDQWOHVLqJHGHOD ZLOD\DGH7LSDVDSRXU SURWHVWHUFRQWUHOH UHWDUGDFFXVpGDQV O DWWULEXWLRQGHFHV ORJHPHQWV / HV GL]DLQHV GH SURWHVWD WDLUHV RQW UpFODPp XQH SURPSWH LQWHUYHQWLRQ GX ZDOLSRXUOHVDLGHUjREWHQLUOHV FOpVGHOHXUVORJHPHQWVUpSDUWLVj WUDYHUV OHV FRPPXQHV GH &KHUFKHOO.ROpD)RXNDHW%RX ,VPDLO 1RXV DYRQV DWWHQGX HW SDWLHQWp GHSXLV 1RXV DYRQV IDLW FRQILDQFH DX[ DXWRUL WpV ORFDOHV PDLV FH UHWDUG GDQV O DWWULEXWLRQ GH QRV ORJHPHQWV QRXVDFDXVpG pQRUPHVSUpMXGL FHVRQWLOVGpSORUp'HVUHSUp VHQWDQWV GHV SURWHVWDWDLUHV RQW pWp UHoXV SDU OH FKHI GH FDELQHW GXZDOL0DKIRXG%RX]HUWLWTXL /877(&2175(/(66783e),$176 7URLVSHUVRQQHVDSSUpKHQGpHVj$OJHU 7 URLVSHUVRQQHVLPSOLTXpHVGDQVOHWUDILFGHGURJXHGDQVXQTXDUWLHU GHODFDSLWDOHRQWpWpDUUrWpHVSDUODEULJDGHGHOXWWHFRQWUHOHVVWX SpILDQWV TXL D GpFRXYHUW DX GRPLFLOH GH O XQ G HX[ FDSVXOHV GH FRFDwQHVHORQODVUHWpGHODZLOD\DG $OJHU$JLVVDQWVXULQIRUPDWLRQ OHVDJHQWVGHFHWWHEULJDGHUHOHYDQWGHODGLYLVLRQFHQWUHGHOD3ROLFH MXGLFLDLUHRQWPLVVRXVVXUYHLOODQFHSXLVDSSUpKHQGpOHRFWREUHGHU QLHUXQLQGLYLGXV DGRQQDQWDXWUDILFGHGURJXHVGDQVVRQTXDUWLHUVXUOHV KDXWHXUVG $OJHUSUpFLVHjO $36OHFKHIGHODFHOOXOHFRPPXQLFDWLRQGH ODVUHWpGHZLOD\D/DSHUTXLVLWLRQDXGRPLFLOHGXSUpYHQXDSHUPLV VHORQODPrPHVRXUFHODVDLVLHGHQHXISODTXHWWHVGHUpVLQHGHFDQQDELV FDSVXOHV GH FRFDwQH '$ HQ HVSqFH XQ YpKLFXOH HW XQH EDODQFHpOHFWURQLTXH/HVLQYHVWLJDWLRQVDYHFFHWUDILTXDQWUHSULVGHMXV WLFHRQWDERXWLG DERUGjO DUUHVWDWLRQG XQGHVHVFRPSOLFHVSXLVGHFHOOH G XQGHVHVIRXUQLVVHXUVpJDOHPHQWUHSULVGHMXVWLFHFKH]TXLODEULJDGH GHOXWWHFRQWUHOHVVWXSpILDQWVDVDLVLOHQRYHPEUHGHUQLHUXQYpKLFXOH XQHDUPHEODQFKHHWODVRPPHGH'$DMRXWHWRQ/HVWURLV LQGLYLGXVRQWpWpSUpVHQWpVGHYDQWODMXVWLFHOHQRYHPEUH/HWUDILTXDQW HWVRQIRXUQLVVHXURQWpWpPLVVRXVPDQGDWGHGpS{WWDQGLVTXHOHFRP SOLFHDpWpSODFpVRXVFRQWU{OHMXGLFLDLUHH[SOLTXHOHFKHIGHODFHOOXOH GHFRPPXQLFDWLRQGHODVUHWpGHZLOD\DG $OJHU /DPRELOLVDWLRQSHUPDQHQWHGHVVHUYLFHVGHVpFXULWpHQPDWLqUHGH OXWWHFRQWUHOHWUDILFGHGURJXHDSHUPLVODVDLVLHGHSOXVGHWRQQHV GH UpVLQH GH FDQQDELV GXUDQW OHV QHXI SUHPLHUV PRLV GH O DQQpH HQ KDXVVHGHSOXVGHWRQQHVSDUUDSSRUWjODPrPHSpULRGHGH DYDLWDQQRQFpOXQGLO 2IILFHQDWLRQDOGHOXWWHFRQWUHODGURJXHHWODWR[L FRPDQLH21/'7/HVTXDQWLWpVVDLVLHVQRXVSURYLHQQHQWGX0DURF DVRXOLJQpOHGLUHFWHXUJpQpUDOSDULQWpULPGHO 21/'70RKDPHG %HQKDOODIDLVDQWUHPDUTXHUTXHOHVTXDQWLWpVTXLWUDYHUVHQWDQQXHOOH PHQWOHVIURQWLqUHVDOJpULHQQHVHQWDQWTXHSD\VGHWUDQVLWYHUVO (XURSH HWOH0R\HQ2ULHQWVRQWGHSOXVHQSOXVLPSRUWDQWHV 2XDKDE6 $77(17$7&2175(/(*5283(0(17'( *(1'$50(5,('(7$0$15$66(7 / 7URLVSHLQHVFDSLWDOHV SDUFRQWXPDFH HWULEXQDOFULPLQHOSUqVOD&RXUG 2XDUJODDSURQRQFpDYDQWKLHUOD SHLQH FDSLWDOH SDU FRQWXPDFH j O HQFRQWUH GH WURLV SHUVRQQHV TXL VHUDLHQWLPSOLTXpHVGDQVO DWWHQWDWSHUSpWUpHQPDUVFRQWUHOHJURX SHPHQW GH JHQGDUPHULH QDWLRQDOH GH 7DPDQUDVVHW 'DQV OD PrPH DIIDLUHXQTXDWULqPHPLVHQFDXVHDpWpFRQGDPQpjDQVGHUpFOXVLRQ SDUFRQWXPDFHpJDOHPHQWWDQGLVTXHODVHQWHQFHFRQFHUQDQWGHX[DXWUHV SHUVRQQHVDpWpUHSRUWpHFHVGHUQLqUHVD\DQWIDLWDSSHOSUqVODFKDPEUH G DFFXVDWLRQGHOD&RXU/DPrPHMXULGLFWLRQDSURQRQFpSDUDLOOHXUV XQ QRQOLHX j O HQFRQWUH GH WURLV DXWUHV LQGLYLGXV /HV SHUVRQQHV FRQGDPQpVGDQVFHWWHDIIDLUHFRPSDUDLVVDLHQWVRXVOHVFKHIVG LQFXOSD WLRQGHFRQVWLWXWLRQGHJURXSHWHUURULVWHYLVDQWjSRUWHUDWWHLQWHjODVpFX ULWpGHO (WDWKRPLFLGHYRORQWDLUHDYHFSUpPpGLWDWLRQSDUWLFLSDWLRQDX VDERWDJHHWODGHVWUXFWLRQGHELHQVG DXWUXL6HORQO DUUrWGHUHQYRLO DI IDLUHUHPRQWHDXPDUVORUVTXHOHVLqJHGXJURXSHPHQWWHUULWRULDO GHODJHQGDUPHULHQDWLRQDOHj7DPDQUDVVHWDpWpODFLEOHG XQDWWHQWDWWHU URULVWHjODYRLWXUHSLpJpHD\DQWIDLWEOHVVpVSDUPLOHVpOpPHQWVGHOD JHQGDUPHULHHWDXWUHVFLYLOVDLQVLTXHGHVGpJkWVSDUWLHOVjO pGLILFH FLEOpHWDX[KDELWDWLRQVDYRLVLQDQWHV/HVLQYHVWLJDWLRQVGHVVHUYLFHVGH VpFXULWpFRPSpWHQWVRQWGRQQpOLHXjO DUUHVWDWLRQG XQPLVHQFDXVHSUR SULpWDLUH GX YpKLFXOH XWLOLVp GDQV O DWWHQWDW HW TX LO DYDLW DFKHWp j XQH YHQWHDX[HQFKqUHVGHOD'RXDQHVj*KDUGDLDDYDQWTXHOHYpKLFXOHHQ TXHVWLRQ QH FKDQJH GH SURSULpWDLUHV j SOXVLHXUV UHSULVHV HW QH WRPEH HQWUHOHVPDLQVGHVGHX[LQGLYLGXVTXLO RQWXWLOLVpGDQVO DWWHQWDWVXLFLGH FLEODQWOHVLqJHGHODJHQGDUPHULHGH7DPDQUDVVHW /HV LQYHVWLJDWLRQV RQW pJDOHPHQW GpPRQWUp OH OLHQ pWURLW H[LVWDQW HQWUHOHVGHX[NDPLND]HVHWOHVSHUVRQQHVFRQGDPQpHVORUVGHFHSUR FqVHX[PrPHVHQUDSSRUWDYHFXQGHVPLVHQFDXVHFKHIGXPRXYH PHQWWHUURULVWHTXLDYDLWFRPPDQGLWpFHWDWWHQWDW %HQ]LQD6 2UDQ&RXYHUWXUHQXDJHXVHSDUWLHOOH0LQ+XP D pFRXWp OHXUV GROpDQFHV HW UHYHQGLFDWLRQV HW TXL V HVW HQJDJp j SUHQGUH HQ FKDUJH FHWWH DIIDLUH /D TXHVWLRQ GpSHQG GH FHUWDLQHV PHVXUHV DGPLQLVWUDWLYHV OLpHV j OD SXEOL FDWLRQGHVGpFLVLRQVG DWWULEXWLRQ GpILQLWLYHV DX QLYHDX GX VHUYLFH FRPPHUFLDOGHOD&QHSDLQGL TXp j O $36 0 %RX]HUWLW ,O D DMRXWpTXHOHZDOLHVWHQFRQWDFW SHUPDQHQWDYHFOHVUHVSRQVDEOHV GH OD &QHS SRXU O DFFpOpUDWLRQ GHVGpPDUFKHVUDSSHODQWTXH OHZDOLDUHoXXQHGpOpJDWLRQGH FHVFLWR\HQVLO\DMRXUV /HV RSpUDWLRQV G DPpQDJH PHQW GHV FLWpV GH %RX ,VPDLO XQLWpV GH &KHUFKHOO XQLWpV HW GH .ROpD XQLWpV RQWpWpDFKHYpHVDORUVTXHFHOOHV UHODWLYHV j OD QRXYHOOH FLWp GH )RXND ORJHPHQWV RQW DWWHLQWXQWDX[GHDHQFRUH LQGLTXp OH UHVSRQVDEOH /HV EpQpILFLDLUHV GX SURJUDPPHV $$'/&QHS GDQV OD ZLOD\DGH7LSDVDVRQWDXQRPEUH GHDXQLYHDXGHFHVTXDWUH FRPPXQHVVXUXQWRWDOGH ORJHPHQWV UpDOLVpV j WUDYHUV OH WHUULWRLUHGHODZLOD\D/HVEpQp ILFLDLUHVRQWUHoXOHVGpFLVLRQVGH SUpDIIHFWLRQHQILQDYULOGHUQLHU jO RFFDVLRQGHODYLVLWHGXPLQLV WUHGHO +DELWDWGHO XUEDQLVPHHW GH OD YLOOH $EGHOPDGMLG 7HEERXQH GDQV OD ZLOD\D UDS SHOOHWRQ 5DGLD. $,17(028&+(17 +XLWRSpUDWLRQVHQSRXU UHQIRUFHUOHUpVHDXURXWLHUGH ODZLOD\D 3 DVPRLQVGHKXLWRSpUDWLRQVYLVDQWOHUHQIRU FHPHQW HW OD PRGHUQLVDWLRQ GX UpVHDX URX WLHU GDQV OD ZLOD\D G $LQ 7HPRXFKHQW RQW pWpODQFpHVFHWWHDQQpHSDUODGLUHFWLRQGHV7UDYDX[ SXEOLFV'73DSSUHQGRQDYDQWKLHUDXSUqVGHOD ZLOD\D (QUHJLVWUDQW XQ DYDQFHPHQW DSSUpFLDEOH GHVWUDYDX[FHVDFWLRQVTXLV LQVqUHQWGDQVOHFDGUH GX SURJUDPPH TXLQTXHQQDO SRUWHQW HQWUH DXWUHV VXU OH SURMHW GH GpGRXEOHPHQW GH OD URXWHUHOLDQWOD]RQHG H[SDQVLRQWRXULVWLTXH=(7 GH %RX]HGMDU HW OD URXWH QDWLRQDOH $LQ 7HPRXFKHQW2UDQ VXU XQ WURQoRQ GH NP DWRQ LQGLTXp ' DXWUHV RSpUDWLRQV FRQFHUQHQW OD UpDOLVDWLRQGHQRXYHDX[WURQoRQVURXWLHUVODUpKD ELOLWDWLRQGHURXWHVFRPPXQDOHVHWGHZLOD\DHWOD UpDOLVDWLRQG pFKDQJHXUVHWG RXYUDJHVG DUWDWRQ DMRXWp 7RWDOLVDQW RSpUDWLRQV OH SURJUDPPH TXLQTXHQQDO LQVFULW j O LQWLWXOp GX VHFWHXU GHV WUD YDX[SXEOLFVDUpFHSWLRQQpRSpUDWLRQVVHSW SRXU O H[HUFLFH HW VHSW DXWUHV SRXU FHOXL GH /HVRXYUDJHVUpDOLVpVGDQVFHFDGUHVRQWRSp UDWLRQQHOVDWRQVLJQDOp /HVKXLWRSpUDWLRQVGHO H[HUFLFHHQUHJLV WUHQWSRXUOHXUSDUWXQWDX[G DYDQFHPHQWGHSOXV GH &HV SURMHWV FRQFHUQHQW QRWDPPHQW OD UpKDELOLWDWLRQGHOD51UHOLDQW$LQ7HPRXFKHQW j6LGL%HO$EEHVVXUXQHGLVWDQFHGHNPOD51 +DPPDP%RXKDGMDU6LGL%HO$EEHVVXUNP HWOD51$LQ(O.LKDO7OHPFHQVXUNP'HV FKHPLQV GH ZLOD\D VRQW pJDOHPHQW FRQFHUQpV SDU FHSURJUDPPHQRWDPPHQWOH&: VXUNPHWOH &: UHOLDQW $LQ (O .LKDO HW $JKODO NP / H[HUFLFH GH DYHF KXLW RSpUDWLRQV SRUWH TXDQW j OXL VXU OD UpDOLVDWLRQ G pFKDQJHXUV HW GH SRQWVjO LQVWDUGHFHOXLLPSODQWpHQWUHOHFDUUHIRXU GHOD51HWO HQWUpHVXGHVWG $LQ7HPRXFKHQW /D YLOOH G $LQ7HPRXFKHQW D EpQpILFLp pJDOHPHQW GHWUDYDX[GHGpGRXEOHPHQWVXUNPGHODURXWH VLWXpH HQWUH OD 51 HW OH FRPSOH[H RPQLVSRUWV 2XFLHI2PDUHWVXUNPSRXUFHOOHUHOLDQWOHFKHI OLHXGHZLOD\Dj&KkDEHW(O/ KDPHQWUHDXWUHV 3DUPLOHVRSpUDWLRQVGHFHSURJUDPPHTXLQ TXHQQDOFHUWDLQHVRQWSRUWpVXUODUpKD ELOLWDWLRQ GH WURQoRQV URXWLHUV GpWpULRUpV SDU OHV LQWHPSpULHV HW OHV LQRQGDWLRQV TX D FRQQXHV FHV GHUQLqUHVDQQpHVODZLOD\DG $LQ7HPRXFKHQW8QH pWXGHDpWpODQFpHGDQVFHFDGUHSRXUODSURWHFWLRQ GXSRUWGHSrFKHGH%RX]HGMDUFRQWUHOHVLQWHPSp ULHVDWRQDMRXWp +HGMDUL6 %28,5$ 8QHHQYHORSSHGHWURLVPLOOLDUGVGH GLQDUVSRXUO DPpQDJHPHQWGHVYLOOHV 8 QH HQYHORSSH ILQDQFLqUH GH WURLV PLOOLDUGV GH GLQDUV HVW FRQVDFUpH GDQV OD ZLOD\D GH %RXLUD SRXU O DPpQDJHPHQW GH SOXVLHXUV YLO OHV DWRQ DSSULV DYDQWKLHU DXSUqVGHOD'LUHFWLRQGHO XUED QLVPH &H PRQWDQW HVW GHVWLQp HVVHQWLHOOHPHQW j DPpQDJHU OHV FKHIV OLHX[ GH FRPPXQHV GH OD ZLOD\D QRWDPPHQW FHX[ TXL FRQQDLVVHQW XQ UHWDUG HQ OD PDWLqUHjO LPDJHGH%HFKORXO 6RXU (O*KR]ODQH HW /DNKGDULD ,OV DJLWG XQHRSpUDWLRQG HPEHO OLVVHPHQW GHV YLOOHV GH %RXLUD TXLV LQVFULWGDQVOHFDGUHGXSUR JUDPPH TXLQTXHQQDO DWRQH[SOLTXp3OXVLHXUV FLWpV HW TXDUWLHUV GH OD YLOOH GH %RXLUD VRQW DXVVL FRQFHUQpV SDU FHWWH LPSRUWDQWH RSpUDWLRQ TXL D pWp ODQFpH O DQQpH GHUQLqUH DX QLYHDX GH VLWHV XUEDLQV SRXU XQH HQYHORSSH GH PLOOLRQV GHGLQDUVVHORQODPrPHVRXUFH $OJHU &RXYHUWXUHQXDJHXVH 0D[0LQ+XP 0D[0LQ+XP 'DQV OD YLOOH GH %HFKORXO HVW OHV WUDYDX[ G DPpQDJHPHQW TXL RQW pWp ODQFpV LO \ D TXHOTXHV PRLV RQW HQUHJLVWUp XQ WDX[ G DYDQFHPHQWDSSUpFLDEOHDW RQ VRXOLJQp 8QH DXWUH HQYH ORSSH HVWLPpH j SOXV GH PLO OLRQVGHGLQDUVDpWpDOORXpHDX[ WUDYDX[G DPpQDJHPHQWGXFKHI OLHXGHODFRPPXQHGH+Dw]HUj XQHGL]DLQHGHNLORPqWUHVjO HVW GHODYLOOHGH%RXLUD $KPHG7 $QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH $QQDED&RXYHUWXUHQXDJHXVHSDUWLHOOH 0D[0LQ+XP 0D[0LQ+XP * /(0$*+5(%GX1RYHPEUH 35,;'83e752/( /HSpWUROH GHVFHQGXjXQ QRXYHDXSOXVEDV j/RQGUHVpWDLW HQEDLVVHKLHU PDWLQHQ$VLH GDQVXQPDUFKp SHXDFWLIDYDQWOD SXEOLFDWLRQGHV UpVHUYHVGHEUXW DX[(WDWV8QLV /HSpWUROHHQEDLVVHHQ$VLH / H EDULO GH OLJKW VZHHW FUXGH:7,SRXUOLYUDL VRQ HQ GpFHPEUH SHUGDLW FHQWV j GROODUV WDQGLV TXHOHEDULOGH%UHQWGHODPHUGX 1RUGSRXUPrPHpFKpDQFHDEDQ GRQQDLWFHQWVjGROODUV /HV LQYHVWLVVHXUV HVSqUHQW YRLUFRQILUPpDXMRXUG KXLGDQVOH UDSSRUW KHEGRPDGDLUH GX GpSDU WHPHQWDPpULFDLQGHO (QHUJLHXQ UHFXOGHVUpVHUYHVGHSpWUROHDX[ (WDWV8QLV j O DSSURFKH GH O KL YHU 7RXWH GLPLQXWLRQ GHV VWRFNV GH EUXW WHQG j rWUH LQWHUSUpWpH FRPPH XQ ERQ VLJQH SRXU OHV SHUVSHFWLYHVGHGHPDQGHGXSUH PLHUFRQVRPPDWHXUPRQGLDOG RU QRLU 3DUDLOOHXUVOHVFRXUVGXGRO ODU FRQWLQXHQW j GHVFHQGUH VXU IRQGGHFUDLQWHVSRXUODGHPDQGH TXLUHVWHPRGHVWHHWO DEVHQFHGH VLJQHV G XQH YRORQWp GH O 2SHS GHUpGXLUHVDSURGXFWLRQDQRWp 'HVPRQG &KXD DQDO\VWH FKH] &0&0DUNHWVj6LQJDSRXU 6HORQ OH PLQLVWUH NRZHwWLHQ GX 3pWUROH $OL DO2PDLU O 2SHS QHGHYUDLWSDVDQQRQFHUGHEDLVVH GHVRQRIIUHORUVGHVDSURFKDLQH UpXQLRQSUpYXHOHQRYHPEUHj 9LHQQH /HV PHPEUHV GX FDUWHO TXL DVVXUHQWXQWLHUVGHODSURGXFWLRQ PRQGLDOH GH EUXW DSSDUDLVVHQW GH SOXV HQ SOXV GLYLVpV VXU OHV PHVXUHV j SUHQGUH ORUV GH OHXU SURFKDLQH UpXQLRQ PLQLVWpULHOOH PDOJUp OD WUqV IRUWH FKXWH GHV SUL[GXEUXWGHSXLVFHWpWp $LQVL SOXVLHXUV SD\V PHP EUHV FRPPH O $UDELH VDRXGLWH FKHIGHILOHGXFDUWHORQWVXLYLOH PDUFKp UpGXLVDQW OHXU SUL[ GH YHQWH j OHXUV FOLHQWV VLJQDODQW DLQVL rWUH SOXV SUpRFFXSpV SDU OHXUVSDUWVGHPDUFKpTXHSDUOH QLYHDXGHVSUL[ ' DXWUHVFRPPHOH9HQH]XHOD RX O eTXDWHXU RQW DX FRQWUDLUH SODLGp SXEOLTXHPHQW SRXU XQH UpGXFWLRQ GH OD SURGXFWLRQ DILQ G DUUrWHUODFKXWHGHVSUL[GHO RU QRLU $,( 8QHFURLVVDQFHWRXWHUHODWLYH GXQXFOpDLUHGDQVOHPRQGH / HV FDSDFLWpV GH SURGXFWLRQ QXFOpDLUH DXJPHQ WHURQW VLJQLILFDWLYHPHQW GDQV OH PRQGH G LFL j SULQFLSDOHPHQW HQ &KLQH PDLV OD SDUW GH O DWRPH SHUGUD GX WHUUDLQ GDQV OD SURGXFWLRQ WRWDOH G pOHFWULFLWpDLQGLTXpKLHU O $JHQFHLQWHUQDWLRQDOHGH O pQHUJLH /HV FDSDFLWpV pOHFWURQXFOpDLUHV ERQGL URQW GH SDVVDQW GH JLJDZDWWV HQ j SOXVGH*: HQ VHORQ OH VFpQDULR FHQWUDO GH O pWXGH SURVSHFWLYH DQQXHOOHGXEUDVpQHUJpWL TXHGHVSD\VGpYHORSSpV &HSHQGDQW OHXU SDUW GDQVODSURGXFWLRQJOREDOH G pOHFWULFLWp TXL D FXOPLQp LO \ D SUqV GH GHX[ GpFHQQLHV Q DXJPHQWHUD TXH G XQ SRLQW GH SRXU FHQWDJHjSUpFLVHWLO3DVPRLQVGHGH FHWWHFURLVVDQFHSURYLHQGURQWGH&KLQHWDQGLVTXH O ,QGHOD&RUpHGX6XGHWOD5XVVLHUpXQLHVUHSUp VHQWHURQWGHODKDXVVHHWOHV(WDWV8QLV /D SURGXFWLRQ DWRPLTXH GHYUDLW UHERQGLU DX -DSRQVDQVDWWHLQGUHOHVQLYHDX[G DYDQWODFDWDV WURSKHGH)XNXVKLPDWDQGLVTX HOOHVHUHSOLHUDGH GDQVO 8QLRQHXURSpHQQH$XWRWDOOHQRPEUH GHSD\VH[SORLWDQWGHVUpDFWHXUVSDVVHUDGHj 'DQVOHPrPHWHPSVTXHOTXHGHVUpDF WHXUVRSpUDWLRQQHOVjODILQVHURQWPLVjO DU UrWSULQFLSDOHPHQWHQ(XURSHDX[(WDWV8QLVHQ 5XVVLH HW DX -DSRQ 1RXV HVWLPRQV OH FRW GH GpPDQWqOHPHQW GHV FHQWUDOHV QXFOpDLUHV PLVHV j O DUUrWGXUDQWFHWWHSpULRGHjSOXVGHPLOOLDUGV GH GROODUV LQGLTXH O $,( SRLQWDQW WRXWHIRLV GHV LQFHUWLWXGHVFRQVLGpUDEOHVVXUFHVFRWVHQUDLVRQ GX PDQTXH G XQ UHWRXU G H[SpULHQFH 5HPSODFHU FHGpILFLWGHSURGXFWLRQUHSUpVHQWHUDXQGpILSDUWL FXOLqUHPHQW DLJX HQ (XURSH VRXOLJQHWHOOH / DJHQFH DSSHOOH GqV ORUV OHVJRXYHUQHPHQWVjFODUL ILHU OH SOXV W{W SRVVLEOH OHXU VWUDWpJLH HQ PDWLqUH G H[WHQVLRQGHODGXUpHGH YLHGHVLQVWDOODWLRQV &HWWH pQHUJLH FRQWUR YHUVpH QpFHVVLWH DXVVL G pFRXWHU HW GH UpSRQGUH DX[ SUpRFFXSDWLRQV GX JUDQG SXEOLF QRWDPPHQW HQPDWLqUHGHVUHWpDORUV TX HOOH SUpVHQWH GHV DYDQ WDJHV DX[ \HX[ GHV SD\V TXL OD FKRLVLVVHQW /H QXFOpDLUHSHXWFRQWULEXHUj OD ILDELOLWp GX V\VWqPH pOHFWULTXHIDFHjODGLYHUVL ILFDWLRQGHVPRGHVGHSUR GXFWLRQH[SOLTXHO $,(HW SRXU OHV SD\V LPSRUWDWHXUV G pQHUJLH LO SHXW UpGXLUH OHXU GpSHQGDQFH DX[ DSSURYLVLRQQHPHQWV pWUDQJHUV HW OLPLWHU OHXU H[SRVLWLRQ DX[ YDULDWLRQV GHVSUL[GHVFRPEXVWLEOHVVXUOHVPDUFKpVLQWHUQD WLRQDX[/ DWRPHHVWpJDOHPHQWSHUoXFRPPHXQ PR\HQ GH GpYHORSSHU XQH pQHUJLH GpFDUERQQpH j JUDQGH pFKHOOH DORUV TXH SRXU OH *LHF *URXSH LQWHUJRXYHUQHPHQWDO G H[SHUWV VXU O pYROXWLRQ GX FOLPDWOHVpPLVVLRQVPRQGLDOHVGHJD]jHIIHWGH VHUUHGRLYHQWrWUHUpGXLWHVGHjHQWUH HWSRXUOLPLWHUOHUpFKDXIIHPHQWFOLPDWLTXHj GHJUpV ,ODpYLWpO pPLVVLRQG HQYLURQJLJDWRQQHVGH &2 GHSXLV VRLW SUqV GH GHX[ DQV G pPLV VLRQV PRQGLDOHV WRWDOHV DX U\WKPH DFWXHO pYDOXH O $,( (Q OHV pPLVVLRQV DQQXHOOHV pYLWpHV JUkFHDXQXFOpDLUHSDUUDSSRUWDXQLYHDXHVWLPpGH FHVpPLVVLRQVjFHWWHGDWHDWWHLQGURQWSUHVTXH HQ &RUpH GX 6XG DX -DSRQ DX[ (WDWV 8QLVGDQVO 8(HWHQ&KLQHpYDOXHO $,( 6LKDP6 - HVSqUH TXH OHV FRXUV GX SpWUROH Q DWWHLQGURQW SDV GHV QLYHDX[SUpMXGLFLDEOHVjO pFRQR PLH QDWLRQDOH D GpFODUp PDUGL OH PLQLVWUH GX .RZHwW SD\V K\SHU GpSHQGDQW GH O H[WUDFWLRQ SpWUROLqUH / 2SHSGHYUDORUVGHVDUpX QLRQ GX QRYHPEUH GLVFXWHU GHODTXHVWLRQGHVSUL[HWSUHQ GUH OHV GpFLVLRQV DSSURSULpHV GDQV O LQWpUrW GH VHV PHPEUHV VHORQOXL 0DUGLOHVSUL[GXSpWUROHRQW WHUPLQp HQ RUGUH GLVSHUVp HQ OpJqUH KDXVVH j 1HZ <RUN DX WHUPH G XQH VpDQFH VDQV JUDQG YROXPHHQUDLVRQG XQMRXUVHPL IpULp DX[ (WDWV8QLV WDQGLV TXH OH%UHQWFRWpj/RQGUHVWHUPLQDLW j XQ QRXYHDX SOXV EDV GHSXLV TXDWUHDQV /H EDULO GH OLJKW VZHHW FUXGH :7, SRXU OLYUDLVRQ HQ GpFHPEUHDDYDQFpGHFHQWVj GROODUV VXU OH 1HZ <RUN 0HUFDQWLOH([FKDQJH1\PH[ $ /RQGUHV OH EDULO GH %UHQW GH OD PHU GX 1RUG SRXU PrPH pFKpDQFH D ILQL j GROODUV VXU O ,QWHUFRQWLQHQWDO ([FKDQJH ,&( HQ EDLVVH GH FHQWV ,O V DJLWGHVRQSOXVEDVHQFO{WXUH GHSXLVODPLRFWREUH 2QVHSUpSDUHjXQSHWLWUHFXO GHVUpVHUYHVGHSpWUROHDX[(WDWV 8QLV DORUV TXH OHV UDIILQHULHV DFFpOqUHQWSHXjSHXODFDGHQFH DYDQW O KLYHU j O DSSURFKH GH OD SXEOLFDWLRQ MHXGL G XQ UDSSRUW KHEGRPDGDLUH VXU OHV VWRFNV SpWUROLHUVDUHOHYp&DUO/DUU\GH )URVW6XOOLYDQ 7RXWH GLPLQXWLRQ GHV VWRFNV GH EUXW WHQG j rWUH LQWHUSUpWpH FRPPH XQ ERQ VLJQH SRXU OHV SHUVSHFWLYHVGHGHPDQGHGXSUH PLHUFRQVRPPDWHXUPRQGLDOG RU QRLU /HV YROXPHV G pFKDQJHV VRQW UHVWpVSDUDLOOHXUVUHVWUHLQWVVXUOH :7,HQUDLVRQGHO DEVHQFHG XQH SDUWLHGHVRSpUDWHXUVVXUOHSODQ FKHU TXL FpOpEUDLHQW PDUGL OH -RXU GHV $QFLHQV &RPEDWWDQWV 9HWHUDQ V 'D\ /D MRXUQpH pWDLW DXVVL FK{PpH HQ )UDQFH HW DX&DQDGDRO RQFRPPpPRUDLW O $UPLVWLFHGH (Q HIIHW SHUVRQQH Q D VRX KDLWp rWUH WURS H[SRVp GDQV XQ VHQV RX GDQV XQ DXWUH HQ O DE VHQFHGHQRPEUHX[FRXUWLHUVD HVWLPp0/DUU\ 6HORQOXLOHOpJHUUHERQGGHV SUL[ GX :7, HQ ILQ GH VpDQFH PRQWUDLWSDUDLOOHXUVTX XQSODQ FKHUVHPEOHrWUHHQYXHSRXUOHV FRXUV GX EUXW DPpULFDLQ TXL RQW SHUGX SOXV GX TXDUW GH OHXU YDOHXUGHSXLVODPLMXLQ /H%UHQWDGHVRQF{WpSRXU VXLYLVDSHQWHGHVFHQGDQWH )DULGD% *$=())(7'(6(55( / &KLQHHW86$VHIL[HQWGH QRXYHDX[REMHFWLIV D&KLQHHWOHV(WDWV8QLVOHVGHX[SUHPLHUVpPHWWHXUVGHJD]j HIIHWGHVHUUHVHVRQWIL[pj3pNLQGHQRXYHDX[REMHFWLIVFRQFHU QDQWOHXUVpPLVVLRQV/HVGHX[SD\VVRQWSUHVVpVSDUO XUJHQFHG XQ DFFRUGPRQGLDOjODFRQIpUHQFHVXUOHFOLPDWILQj3DULV /D&KLQHSUHPLHUpPHWWHXUPRQGLDOV HVWIL[pO REMHFWLIG XQSLF GHVHVpPLVVLRQVGHJD]jHIIHWGHVHUUHDXWRXUGHDYHFO LQ WHQWLRQG HVVD\HUG \DUULYHUSOXVW{WDDQQRQFpOD0DLVRQ%ODQFKH 'HOHXUF{WpOHV(WDWV8QLVVHVRQWHQJDJpVVXUXQHUpGXFWLRQGH GHOHXUVpPLVVLRQVG LFLSDUUDSSRUWj & HVW OD SUHPLqUH IRLV TXH OD &KLQH V HQJDJH VXU XQ SLF GH VHV pPLVVLRQVF HVWjGLUHVXUO DQQpHjSDUWLUGHODTXHOOHFHOOHVFLFHVVH URQWG DXJPHQWHUHWODFRXUEHV LQYHUVHUD /HFRQVWDWGHVVFLHQWLILTXHVHVWVDQVDSSHOOHVHIIRUWVDFWXHOVVRQW LQVXIILVDQWV SRXU OLPLWHU OD KDXVVH GH OD WHPSpUDWXUH PRQGLDOH j &REMHFWLITXHV HVWIL[pHODFRPPXQDXWpLQWHUQDWLRQDOHSRXUpYL WHUXQHPEDOOHPHQWFDWDVWURSKLTXHGHVGpUqJOHPHQWVFOLPDWLTXHV 2U ILQ j 3DULV OD FRQIpUHQFH DQQXHOOH VXU OH FOLPDW GRLW GpFURFKHUXQDFFRUGVXIILVDPPHQWDPELWLHX[SRXUOLPLWHUOHUpFKDXI IHPHQWj&(WOHV(WDWV8QLVHWOD&KLQHUHSUpVHQWHQWjHX[GHX[ GXWRWDOGHVpPLVVLRQVGH&2GHODSODQqWH / REMHFWLIDPpULFDLQHVWjODIRLVDPELWLHX[HWUpDOLVDEOHDFRP PHQWp XQ KDXW UHVSRQVDEOH DPpULFDLQ VRXV FRXYHUW GH O DQRQ\PDW &HW REMHFWLI SRXUUDLW WRXWHIRLV VH KHXUWHU j O RSSRVLWLRQ GHV pOXV GX &RQJUqV /HIDLWTXHOHV(WDWV8QLVHWOD&KLQHWUDGLWLRQQHOOHPHQWFRQVL GpUpVFRPPHOHVOHDGHUVGHGHX[FDPSVRSSRVpVGDQVOHVQpJRFLD WLRQVVXUOHFOLPDWDYDQFHQWHQVHPEOHYDDYRLUXQJURVLPSDFWD WLODMRXWp &HV DQQRQFHV RQW pWp UpDOLVpHV DORUV TXH OH SUpVLGHQW DPpULFDLQ %DUDFN2EDPDDpWpUHoXPHUFUHGLj3pNLQSDUVRQKRPRORJXHFKL QRLV ;L -LQSLQJ /HV GHX[ GLULJHDQWV DYDLHQW SDUWLFLSp OD YHLOOH DX VRPPHWGHFRRSpUDWLRQpFRQRPLTXHGHO $VLH3DFLILTXH$SHF 'DQVOHVQpJRFLDWLRQVVXUOHFOLPDWOD&KLQHLQVLVWHV\VWpPDWLTXH PHQWSRXUQHSDVrWUHORJpHjODPrPHHQVHLJQHTXHOHVSD\VLQGXV WULDOLVpV3pNLQPHWHQDYDQWOHSULQFLSHGHVUHVSRQVDELOLWpVFRPPX QHV PDLV GLIIpUHQFLpHV VHORQ OHTXHO OD UHVSRQVDELOLWp GH OD OXWWH FRQWUHOHUpFKDXIIHPHQWSODQpWDLUHLQFRPEHSULQFLSDOHPHQWDX[SD\V GpYHORSSpV 66 Ï + %2856(6 /(0$*+5(% GX1RYHPEUH :DOO6WUHHWILQLWVXUGHQRX YHDX[UHFRUGV /HVSODFHVHXURSpHQQHVHQ / SHWLWHKDXVVHGDQVXQPDUFKp SHXDQLPp /HV%RXUVHVHXURSpHQ QHVRQWILQLPDUGLHQ SHWLWHKDXVVHGDQVXQ PDUFKpSHXDQLPpHQ UDLVRQG XQMRXUIpULpHW HQO DEVHQFHGHWRXW LQGLFDWHXUpFRQRPLTXH / DVpDQFHDpWpWUqV FDOPH,OQ \DSDV YUDLPHQW GH MXVWL ILFDWLRQ PDFURpFRQRPLTXH j FHWWH SURJUHVVLRQ UpVXPH *XLOODXPH*DUDEpGLDQFRQVHLOOp GH JHVWLRQ FKH] 0HHVFKDHUW *HVWLRQ3ULYpH $XFXQ LQGLFDWHXU pFRQRPL TXH QH ILJXUDLW j O DJHQGD WDQW DX[ (WDWV8QLV TX HQ (XURSH / (XURVWR[[ D SULV /D %RXUVH GH 3DULV D WHUPLQp HQ KDXVVH GH O LQGLFH &$& SUHQDQW SRLQWV j SRLQWV GDQV XQ YROXPH G pFKDQJHV IDLEOH GH PLO OLDUGV3DUPLOHVYDOHXUV2UDQJH D WHUPLQp HQ WrWH GX &$& jHXURVDSUqVOH UHOqYHPHQW GHV SHUVSHFWLYHV GH VRQ FRQFXUUHQW EULWDQQLTXH 9RGDIRQH $UHYD j HXURV D SURILWp G XQ UHOq YHPHQW GH UHFRPPDQGDWLRQ DX FRQWUDLUH G $UFHORU0LWWDO jHXURVTXLDVRXI IHUW G XQ DEDLVVHPHQW GH UHFRP PDQGDWLRQ6DQRILDSULVj HXURV5HF\OH[V HVWHQYROp j HXURV SRXU VD UHSULVH GH FRWDWLRQ (QILQ &OXE 0pGLWHUUDQpHTXLSHUGDLW j HXURV D pWp VXVSHQGX GDQVO DSUqVPLGLHWYDUHSUHQGUH VD FRWDWLRQ PHUFUHGL DORUV TXH O KRPPHG DIIDLUHVLWDOLHQ$QGUHD %RQRPL D VXUHQFKpUL VXU O RIIUH G DFKDWSRUWpHSDUOHFRQJORPpUDW FKLQRLV )RVXQ SURSRVDQW HXURVSDUDFWLRQFRQWUHHXURV SRXUVRQULYDO /RQGUHV D WHUPLQp HQ KDXVVH GHO LQGLFH)76(GHV YDOHXUV YHGHWWHV JDJQDQW SRLQWV j SRLQWV /D FKDvQH GH VXSHUPDUFKpV 6DLQVEXU\TXLIDLWO REMHWG LQWHQ VHVVSpFXODWLRQVVXUVHVUpVXOWDWV V HVW HQYROpH GH j SHQFH WLUDQW OH VHFWHXU YHUV OH KDXWFRPPH0RUULVRQGRQWO DF WLRQ D SULV j SHQFH $XWUH JDLQ QRWDEOH 9RGDIRQH D ERQGL GH j SHQFH /HJpDQWGHVWpOpFRPVDDQQRQFp XQ SURILW VHPHVWULHO HQ EDLVVH PDLVODSRXUVXLWHGHVHVLQYHVWLV VHPHQWVHWXQUHOqYHPHQWGHVHV SUpYLVLRQV RQW FRQYDLQFX OHV DFKHWHXUV &HWWH PRQWpH D DXVVL EpQpILFLp j G DXWUHV DFWHXUV GX VHFWHXU FRPPH 'L[RQV &DUSKRQH TXL D JDJQp j SHQFH3DUPLOHVEDLVVHVOHV FRPSDJQLHV PLQLqUHV RQW pWp DIIHFWpHVSDUODUHFKXWHGHVFRXUV GHV PDWLqUHV SUHPLqUHV 5LR 7LQWRV HVWHQIRQFpGHj SHQFH $QJOR $PHULFDQ GH j SHQFH HW %+3 %LOOLWRQGHjSHQFH /HVYDOHXUVSpWUROLqUHVRQWFKXWp HOOHV DXVVL VXLYDQW OH PRXYH PHQW GHVFHQGDQW GHV FRXUV GH O RU QRLU %3 D SHUGX j SHQFH HW 5R\DO 'XWFK 6KHOOjSHQFH /D%RXUVHGH)UDQFIRUWDILQL HQ OpJqUH KDXVVH / LQGLFH 'D[ V HVW DSSUpFLp GH j SRLQWV HW OH 0'D[ GHV YDOHXUVPR\HQQHVGHj SRLQWV +HQNHO D IDLW XQ ERQGGHjHXURVGH O DFWLRQDSUqVGHVROLGHVUpVXOWDWV GXWURLVLqPHWULPHVWUH'HXWVFKH 7HOHNRPDJDJQpj HXURV VXU GHV LQIRUPDWLRQV GH SUHVVH VHORQ OHVTXHOOHV OH JRX YHUQHPHQW VRQJHUDLW j XQH FHV VLRQGHVDSDUWUHVWDQWHGH /XIWKDQVD V HVW KLVVp GH j HXURV DSUqV OD SXEOLFDWLRQGHVHVFKLIIUHVGHWUD ILF G RFWREUH %0: TXL D DQQRQFp XQH KDXVVH GH HQ RFWREUH GH VHV YHQWHV D JDJQp j HXURV 9RONVZDJHQ GRQW OHV YHQWHV j O XQLWpRQWOpJqUHPHQWGpFOLQpVXU OD PrPH SpULRGH V HVW UHSOLp GH j HXURV 6RQ FRQFXUUHQW 'DLPOHU D OkFKp jHXURV$ OD%RXUVH VXLVVH OH 60, D SULV j SRLQWV /H JHVWLRQQDLUH GH IRUWXQH -XOLXV%DHUDDIILFKpODPHLOOHXUH SHUIRUPDQFH j IUDQFV$GHFFROHVSpFLDOLVWHGX WUDYDLO WHPSRUDLUH D pJDOHPHQW JDJQpjIUDQFVWDQ GLV TXH O DJURFKLPLVWH 6\QJHQWD D SURJUHVVp GH j IUDQFV 7UDQVRFHDQ O RSpUDWHXU GH SODWHIRUPHV SpWUROLqUHV D UHFXOp GH j IUDQFV DXOHQGHPDLQGHVHVUpVXOWDWV %UX[HOOHV D SURJUHVVp GH j SRLQWV / RSpUDWHXUWpOpSKRQLTXHKLVWRUL TXH %HOJDFRP D GRPLQp OD VpDQFHDYHFXQJDLQGHj HXURV VXLYL SDU OD SRVWH ESRVWjHXURV &HVRQWOHVYDOHXUVGHO DVVX UDQFH TXL RQW OH SOXV SHUGX GH WHUUDLQ $JHDV D FpGp j HXURV HW 'HOWD /OR\G jHXURV/HEDQFDV VXUHXU .%& D FHSHQGDQW pFKDSSp j OD WHQGDQFH HQ JDJQDQW j HXURV / LQGLFH $(; GH OD %RXUVH G $PVWHUGDPDFO{WXUpHQKDXVVH GH j SRLQWV$ OD EDLVVHOHJURXSHGHSURVSHFWLRQ JpRORJLTXH)XJURDSHUGX j HXURV WDQGLV TX j OD KDXVVH O RSpUDWHXU GH WpOpFRP PXQLFDWLRQV .31 D JDJQp j HXURV /D %RXUVH GH0LODQDWHUPLQpTXDVLLQFKDQ JpHjSRLQWV )LDW &KU\VOHU $XWRPRELOHV GRQW OH SDWURQ 6HUJLR 0DUFKLRQQH D FRQILUPp O HQWUpH HQ ERXUVH GH )HUUDUL HQ D JDJQpjHXURV /D EDQTXH %036 D SRXU VD SDUW pWp SRUWpH SDU GHV UXPHXUV GH UDFKDW SDU VD FRQFXUUHQWH IUDQoDLVH%13 3DULEDV/HWLWUHD SURJUHVVp GH j HXURV ,QWHVD 6DQSDROR HW 8QL&UHGLW TXL RQW WRXWHV GHX[ SUpVHQWp GHV EpQpILFHV VXSp ULHXUVDX[DWWHQWHVRQWFRQQXGHV IRUWXQHV GLYHUVHV OD SUHPLqUH D FpGpjHXURVWDQGLV TXH OD VHFRQGH D UHFXOp SOXV IUDQFKHPHQW GH j HXURV0DGULGDILQLGDQVOHYHUW SUHQDQWjSRLQWV WLUp SDU OHV YDOHXUV EDQFDLUHV HW 7HOHIRQLFD /H JpDQW GHV WpOp FRPPXQLFDWLRQV 7HOHIRQLFD TXL DYHQGXODPRLWLpGHVHVSDUWVDX VHLQ GH O RSpUDWHXU WpOpFRP &KLQD8QLFRPDJDJQpj HXURV 3DUPL OHV EDQTXHV %%9$ D JDJQp j HXURV %DQNLD j HXURV &DL[DEDQN j HXURVHW%DQFR6DQWDQGHU j HXURV $ /LVERQQH O LQ GLFH 36, D FO{WXUp SUHVTXH LQFKDQJp FpGDQW j SRLQWV /D SODFH SRUWX JDLVHDQRWDPPHQWpWpSpQDOLVpH SDUOHJURXSHpQHUJpWLTXH*DOS j HXURV PDLV VRQ UHFXODpWpIUHLQpSDUODKDXVVHGH 3RUWXJDO 7HOHFRP j HXUR ,O\DV$ HVFRXUWLHUVGH:DOO6WUHHWjO LVVXHG XQHVpDQFHVDQVJUDQG pODQHQFHMRXUVHPLIpULpDX[(WDWV8QLVVRQWSDUYHQXVPDUGL jIDLUHJULPSHUGHMXVWHVVHOH'RZ-RQHVHWOH63 jXQQRX YHDXUHFRUGSRXUODFLQTXLqPHVpDQFHGHVXLWH 6HORQ GHV UpVXOWDWV GpILQLWLIV OH 'RZ -RQHV D JUDSSLOOp SRLQWjSRLQWVHWO LQGLFHpODUJL63 HVWPRQWpGH RXSRLQWjSRLQWVGHVQLYHDX[LQpGLWVHQFO{ WXUH /H1DVGDTjGRPLQDQWHWHFKQRORJLTXHDSURJUHVVpGH RXSRLQWVjSRLQWV $ O RFFDVLRQGX9HWHUDQ V'D\KRPPDJHDX[DQFLHQVFRPEDW WDQWV DPpULFDLQV OHV EDQTXHV DLQVL TXH OH PDUFKp REOLJDWDLUH pWDLHQW IHUPpV PDUGL /H FDOHQGULHU pFRQRPLTXH pWDLW pJDOHPHQW SDUWLFXOLqUHPHQWOpJHU $XVVL HQ O DEVHQFH GH QRPEUHX[ DFWHXUV GX PDUFKp HW GRQF DYHFXQYROXPHG pFKDQJHVWUqVIDLEOHOHVLQGLFHVRQWpYROXpSUqV GHO pTXLOLEUHSHQGDQWWRXWHODMRXUQpH /HIDLWTX RQVRLWSDUYHQXjUHVWHUTXDVLPHQWDXPrPHQLYHDX DORUVPrPHTX DXFXQHUDLVRQSDUWLFXOLqUHQ LQFLWDLWOHVLQYHVWLVVHXUV jUHVWHUVXUOHPDUFKpHWTXHOHVLQGLFHVVRQWXQSHXVXUpYDOXpVHQ FHPRPHQWHVWHQVRLXQHQRXYHOOHSRVLWLYHDFRPPHQWp0LFKDHO -DPHV GH:HGEXVK 6HFXULWLHV & HVW SHXWrWUH OLp DX IDLW TXH OHV JpUDQWVGHSRUWHIHXLOOHVTXLQ RQWSDVSULVOHWUDLQHQURXWHTXDQGOHV LQGLFHV RQW UHFXOp GH SUqV GH HQ RFWREUH VH VHQWHQW XQ SHX REOLJpVG LQYHVWLUVXUOHPDUFKpGHVDFWLRQVjO DSSURFKHGHODILQGH O DQQpHDWLODYDQFp /HVRSpUDWHXUVpWDLHQWDXVVLVXUODUpVHUYHHQDWWHQGDQWODSXEOL FDWLRQ HQ ILQ GH VHPDLQH GH FKLIIUHV FOpV VXU OD YLJXHXU GH OD FRQVRPPDWLRQGHVPpQDJHVDPpULFDLQVO XQGHVJUDQGVPRWHXUVGH O DFWLYLWpGHODSUHPLqUHpFRQRPLHPRQGLDOH/HVYHQWHVDXGpWDLO SRXURFWREUHYHQGUHGLVHURQWVXUWRXWHQOLJQHGHPLUH $ORUVTXHODVDLVRQGHVUpVXOWDWVWRXFKHjVDILQOHVLQYHVWLVVHXUV UHJDUGHURQW DXVVL MHXGL OHV FRPSWHV WULPHVWULHOV GH :DO0DUW j GROODUV OH SUHPLHU GLVWULEXWHXU PRQGLDO HW PHU FUHGLFHX[GHVJUDQGVPDJDVLQV0DF\ VjGROODUV 3DUPLOHVYDOHXUVGXMRXUOHJpDQWFKLQRLVGHODGLVWULEXWLRQHQ OLJQH$OLEDEDDSkWLGHTXHOTXHVSULVHVGHEpQpILFHVDSUqVXQMRXU UHFRUG SRXU VHV YHQWHV REVHUYp DX FRXUV GHV VROGHV PRQVWUHV GX MRXUGHVFpOLEDWDLUHVHQ&KLQHjGROODUV /H FRQFXUUHQW DPpULFDLQ $PD]RQ D DYDQFp OXL GH j GROODUV/ HQWUHSULVHDDQQRQFpTX HOOHSUpYR\DLWGHVSLORWHV SRXUVHSWSRWHQWLHOOHVQRXYHOOHVVpULHVRULJLQDOHVO DQQpHSURFKDLQH /H JURXSH LQWHUQHW *RRJOH TXL D VLJQp XQ FRQWUDW SRXU JpUHU SHQGDQW DQV XQ DpURSRUW GH O DJHQFH VSDWLDOH DPpULFDLQH 1$6$ j SUR[LPLWp GH VRQ VLqJH HQ &DOLIRUQLH D SULV j GROODUV 'RSpSDUODKDXVVHGHVDUHFRPPDQGDWLRQSDUOHVDQDO\VWHVGH -HIIHULHVO pGLWHXUGHMHX[VXULQWHUQHW=\QJDHVWPRQWpGH jGROODUV /HJURXSHLQIRUPDWLTXH0LFURVRIWTXLDSUpVHQWpOXQGLOHVSUH PLHUV WpOpSKRQHV PXOWLIRQFWLRQV YHQGXV VRXV VD PDUTXH D FpGp jGROODUV / pTXLSHPHQWLHU WpOpFRP -XQLSHU 1HWZRUNV D JOLVVp OXL GH j GROODUV DSUqV O DQQRQFH GX GpSDUW GH VRQ SDWURQ 6KD\JDQ.KHUDGSLUHQGpVDFFRUGDYHFOHFRQVHLOG DGPLQLVWUDWLRQ GXJURXSH /HFRQVWUXFWHXUDXWRPRELOH)RUG0RWRUTXLDLQGLTXpTXHVRQ SUHPLHUSLFNXS)GHQRXYHOOHJpQpUDWLRQVHUDFRPPHUFLDOLVp GqVGpFHPEUHDX[(WDWV8QLVHVWPRQWpGHjGROODUV / DFWLRQGXJURXSHGHVDQWpDQLPDOH=RHWLVH[ILOLDOHGH3IL]HU DHOOHERQGLGHjGROODUVDSUqVO HQWUpHGDQVVRQFDSL WDOGXPLOOLDUGDLUHHWLQYHVWLVVHXUDFWLYLVWHDPpULFDLQ%LOO$FNPDQ O XQHGHVYRL[OHVSOXVLQIOXHQWHVGH:DOO6WUHHW ,$ &RWDWLRQKHEGRPDGDLUHGHVELOOHWVGHEDQTXH GX1RYHPEUH %,//(76 '( %$148( 86'2//$56 (852 3281'67(5/,1* -$3$1<(1 6:,66)5$1& &$1$',$1'2//$5 '$1,6+.521( 6:(',6+.521$ 125:(*,$1.521( $5$%(0,5$7 ',5+$0 6$8',5,<$/ .8:$,7 ',1$5 781,6,$1',1$5 0$52&&$1',5+$0 86' (85 *%3 -3< &+) &$' '.. 6(. 12. $(' 6$5 .:' 71' 0$' $ & + $7 9(17( 6pDQFHGHFRWDWLRQGHVYDOHXUVPRELOLqUHVGX1RYHPEUH $OOLDQFH$VVXUDQFH &DSLWDOLVDWLRQERXUVLqUH (*+(O$XUDVVL 6DLGDO 6pDQFHGHFRWDWLRQGHVYDOHXUVGX7UpVRU 63$ 'DKOL ,QGLFHERXUVLHUWKpRULTXH 6RQHOJD] 5HQGHPHQWPD[LPXP 5HQGHPHQWPLQLPXP 1&$5RXLED /(0$*+5(% GX1RYHPEUH Ï* -,-* $'5$5 'HVF\FOHVGHIRUPDWLRQHQDTXDFXOWXUH SURJUDPPpVSRXUGHVDJULFXOWHXUV 'HVF\FOHVGHIRUPDWLRQ HQDTXDFXOWXUHVHURQW SURJUDPPpVDXSURILW G DJULFXOWHXUV GpYHORSSDQWGHV DFWLYLWpVDTXDFROHV LQWpJUpHVGDQV O DJULFXOWXUHDXQLYHDX GHODZLOD\DG $GUDUD DSSULVGLPDQFKHO $36 DXSUqVGXGLUHFWHXU UpJLRQDO6XGRXHVWGHOD SrFKHHWGHVUHVVRXUFHV KDOLHXWLTXHV / RSpUDWLRQV LQVFULWDX WLWUH GH OD VWUDWpJLH GX PLQLVWqUH GH WXWHOOH YLVDQW OD SURPRWLRQ GH FHWWHILOLqUHDTXDFROHjWUDYHUV QRWDPPHQW O HQVHPHQFHPHQW G DOHYLQVGHGLIIpUHQWHVHVSqFHV GH SRLVVRQV G HDX GRXFH GDQV OHVEDVVLQVG LUULJDWLRQDJULFROH D SUpFLVp$KPHG7DGELUHW ORUV G XQH YLVLWH GH WHUUDLQ j$GUDU 6HORQ 07DGELUHW OHV DJULFXO WHXUV FRQFHUQpV SDU O RSpUDWLRQ YRQW EpQpILFLHU GH F\FOHV GH IRUPDWLRQ GH FRXUW WHUPH HQ DTXDFXOWXUH j FRPSWHU GH OD 3e5,0Ë75(,55,*8e'(0$*+1,$ /DJHVWLRQWUDQVIpUpHjO 2IILFH QDWLRQDOG LUULJDWLRQHWGHGUDLQDJH / DJHVWLRQGXSpULPqWUHLUULJXpGH0DJKQLD7OHPFHQDpWpWUDQV IpUpHjO 2IILFHQDWLRQDOG LUULJDWLRQHWGHGUDLQDJH21,'DSUqV DSSUREDWLRQGHFHWWHGpFLVLRQSDUOHVPHPEUHVGHO DVVHPEOpHSRSX ODLUHGHZLOD\D$3:ORUVGHVDWURLVLqPHVHVVLRQRUGLQDLUHWHQXHOH ZHHNHQG&HWUDQVIHUWSURSRVpSDUOHZDOLGH7OHPFHQYLVHjDPp OLRUHU OH UHQGHPHQW GX SpULPqWUH HW j H[SORLWHU VHV PR\HQV j ERQ HVFLHQW D LQGLTXp j O $36 OH SUpVLGHQW GH OD FRPPLVVLRQ GH O $3: FKDUJpH GH FH GRVVLHU 0RKDPHG =HJDL /H SpULPqWUH LUULJXp GH 0DJKQLDRFFXSHXQHVXSHUILFLHJOREDOHGHKHFWDUHVGRQW KDGRWpVGHFDQDOLVDWLRQVG LUULJDWLRQHWKDLUULJXpVSDUDJUL FXOWHXUVDWLOLQGLTXp(TXLSpG XQHFRQGXLWHSULQFLSDOHGHNPHW DXWUHVFDQDOLVDWLRQVVHFRQGDLUHVGHGLVWULEXWLRQVXUNPFHSpULPq WUHHVWDOLPHQWpHQHDXjSDUWLUGXEDUUDJHGH+DPPDP%RXJKUDUDHW GHVQDSSHVSKUpDWLTXHVGHODUpJLRQGH0DJKQLD&HVGHUQLqUHVDQQpHV LODFRQQXXQJUDQGGpILFLWQHSRXYDQWSOXVVDWLVIDLUHODGHPDQGHFURLV VDQWHGHVIHOODKVHWQ LUULJXDQWTXHKDDDMRXWpODPrPHVRXUFH $SUqVDYRLUUDSSHOpGHVPHVXUHVHWGLVSRVLWLRQVSULVHVSDUOHVDXWRUL WpVORFDOHVHQIDYHXUGHFHSpULPqWUHDJULFROHHQWUpHQVHUYLFHHQ 0=HJDLDUHOHYpODGpWpULRUDWLRQGHVFDQDOLVDWLRQVG LUULJDWLRQO DXJ PHQWDWLRQGHVFKDUJHVG HQWUHWLHQHWGHPDLQWHQDQFHGHVPDFKLQHVHW GHVSRPSHVODPDXYDLVHJHVWLRQHWODUpGXFWLRQGHODVXSHUILFLHLUUL JXpHG RODQpFHVVLWpGHGpJDJHUGHVVROXWLRQVXUJHQWHVHWHIILFDFHV SRXUUHPpGLHUjFHWWHVLWXDWLRQHQOHWUDQVIpUDQWjO 2IILFHQDWLRQDOG LU ULJDWLRQHWGHGUDLQDJH/ 21,'DVRXOLJQpOHZDOLRHXYUHUDjO H[WHQ VLRQGHVVXSHUILFLHVLUULJXpHVHWjO DPpOLRUDWLRQGHVRQUHQGHPHQWHQ VXSSRUWDQW WRXWHV OHV FKDUJHV HW OHV GURLWV GHV WUDYDLOOHXUV VHORQ OHV PHVXUHVHQYLJXHXU <DQLV< $,17(028&+(17 8 9HUVODSURGXFWLRQGH TXLQWDX[G ROLYHV QREMHFWLIGHSURGXFWLRQGHTXLQWDX[G ROLYHVHVWSUpYX HQFRQWUHTXLQWDX[HQGDQVODZLOD\DG $LQ 7HPRXFKHQW TXL UHFHQVH XQH VXSHUILFLH ROpLFROH GH KD GRQW KDSURGXFWLYHDWRQDSSULVDXSUqVGHODGLUHFWLRQGHVVHUYLFHV DJULFROHV'6$/DFDPSDJQHGHFXHLOOHWWHTXLHVWWRXMRXUVHQFRXUV DHQUHJLVWUpXQWDX[G DYDQFHPHQWGHSRXUFHQWVRLWXQHVXSHUILFLH UpFROWpHGHO RUGUHGHKDDWRQLQGLTXpDXVHUYLFHGHSURGXFWLRQ DJULFROHGHOD'6$$LQVLOHVROpLFXOWHXUVGHODZLOD\DRQWHQUHJLVWUp j FH MRXU XQH SURGXFWLRQ GH TXLQWDX[ GRQW TXLQWDX[ G ROLYHVGHWDEOHHWTXLQWDX[G ROLYHVGHVWLQpHjODWUDQVIRUPD WLRQHQKXLOH/HUHQGHPHQWPR\HQHVWHVWLPpjTXLQWDX[SDUKHF WDUH DWRQ DMRXWp /D ZLOD\D G $LQ 7HPRXFKHQW D SURGXLW GDQV FH FDGUHKHFWROLWUHVG KXLOHG ROLYHVRLWXQUHQGHPHQWGHOLWUHV SDUTXLQWDO/D'6$ UHFHQVHSDUDLOOHXUVXQQRPEUHWRWDOG ROLYLHUVGH O RUGUHGHGRQWHQPDVVHHWHQLVROp&LQT HVSqFHVG ROLYHVVRQWUpSHUWRULpHVjVDYRLUODVLJRLVHTXLDYHFSRXU FHQWGRPLQHODILOLqUHSXLVTX HOOHGRQQHDXVVLELHQO ROLYHGHWDEOHTXH FHOOHGHVWLQpHjODWUDQVIRUPDWLRQHQKXLOH(OOHHVWVXLYLHSDUOHFKHP ODOKXLOHSFO D]HUDGMSFHWODPDQ]ROLQHSFTXLHVW LPSRUWpHG ,WDOLH/DZLOD\DFRPSWHSDUDLOOHXUVFLQTKXLOHULHVPRGHU QHV LPSODQWpHV UHVSHFWLYHPHQW j $LQ 7HPRXFKHQW +DPPDP %RXKDGMDU$LQ/DUEkDHW2XHG6HEEDK(OOHFRPSWHpJDOHPHQW GHX[XQLWpVSRXUO ROLYHGHWDEOHFRQILVHULHVj+DPPDP%RXKDGMDU HW$LQ/DUEkD3RXUPHQHUjELHQODFDPSDJQHHQFRXUVTXLSUHQGUDILQ OHGpFHPEUHSURFKDLQOD'6$ DODQFpGHVDFWLRQVGHVHQVLELOLVDWLRQ FRQFHUQDQW OD FXHLOOHWWH GHV ROLYHV LQGLTXHWRQ &HW DFFRPSDJQH PHQWDWRQLQVLVWpGRLWUpJOHPHQWHUHWODSURFpGXUHGHFXHLOOHWWHHWOD FXHLOOHWWHjPDWXULWpGHFHSURGXLWQREOH/DGpVLJQDWLRQG XQHSpULRGH VDLVRQQLqUHIL[HGHFXHLOOHWWHGRLWpJDOHPHQWSUpYDORLU/DFXHLOOHWWH KkWLYHHWOHJDXODJHGHO ROLYHHQJHQGUHQWXQHSURIRQGHGpWpULRUD WLRQ GH O ROLYLHU VXUWRXW TXDQG OHV EULQGLOOHV VRQW WRXFKpHV FH TXL UHPHWHQFDXVHODSURGXFWLRQGHO DQQpHVXLYDQWHDWRQVRXOLJQp$ UDSSHOHU TXH OD '6$ D HQJDJp FHV GHX[ GHUQLqUHV FDPSDJQHV GHV DFWLRQVG H[WHQVLRQGHODVXSHUILFLHROpLFROHSRUWDQWVXUKDVRLW KDHQHWKDHQ +HGMDUL6 SURFKDLQH UHQWUpH GH OD IRUPD WLRQ HW GH O HQVHLJQHPHQW SUR IHVVLRQQHOV/DZLOD\DG $GUDU j O LQVWDU G DXWUHV ZLOD\DV GX 6XGRXHVW GX SD\V GLVSRVH G XQ PLOLHX QDWXUHO IDYRUDEOH DX GpYHORSSHPHQW GH GLYHUVHV ILOLqUHV GH O DTXDFXOWXUH DWLO DMRXWp $ O RFFDVLRQ GH VD YLVLWHGHWHUUDLQGHWURLVMRXUVj $GUDU OH PrPH UHVSRQVDEOH UpJLRQDOV HVWHQTXLVGHODVLWXD WLRQ GH FHUWDLQHV H[SORLWDWLRQV DJULFROHVRXRQWpWpLQWURGXLWHV GHV DFWLYLWpV DTXDFROHV DLQVL TXH G XQH pWXGH WHFKQLTXH FRQFHUQDQW XQ SURMHW GH IHUPH DTXDFROH SULYpH j =DRXLHW .RXQWDGDQVOHVGHX[SURFKDL QHV DQQpHV 'DQV OH FDGUH GX GpYHORSSHPHQW GH FHWWH DFWL YLWp OH VHFWHXU GH OD SrFKH HW GHV UHVVRXUFHV KDOLHXWLTXHV GH OD ZLOD\D G $GUDU V HQJDJH j UHFHQVHUOHVEDVVLQVG LUULJDWLRQ DJULFROH SRXYDQW DFFXHLOOLU GHV SURMHWVDTXDFROHVHQYXHGHOHV UHQIRUFHUUpJXOLqUHPHQWSDUGHV GRWDWLRQVG DOHYLQVGHSRLVVRQV DWLO IDLW VDYRLU $GUDU HVW OD WURLVLqPH ZLOD\D GX 6XGRXHVW GX SD\V YLVLWpH SDU FHWWH GpOp JDWLRQ GH FDGUHV GX VHFWHXU GH OD SrFKH HW GHV UHVVRXUFHV KDOLHXWLTXHVGDQVOHFDGUHGHOD PLVH HQ °XYUH GX SODQ $TXDSrFKH DGRSWp SDU OH PLQLVWqUH GH WXWHOOH SRXU OH GpYHORSSHPHQW GXUDEOH GH OD SrFKH HW GH O DTXDFXOWXUH j O pFKHOOH QDWLRQDOH D LQGLTXp 07DGELUHW 8QH UHQFRQWUH UpJLRQDOH UpXQLVVDQW OHV GLIIp UHQWV DFWHXUV HW SURIHVVLRQQHOV H[HUoDQW GDQV OH GRPDLQH GH O DTXDFXOWXUH j WUDYHUV OHV ZLOD\DV GX 6XGRXHVW GX SD\V VHUDRUJDQLVpHSURFKDLQHPHQWj %HFKDU HQ YXH G DUUrWHU XQH IHXLOOHGHURXWHVHFWRULHOOHSRXU OHVFLQTSURFKDLQHVDQQpHV/D ZLOD\D G $GUDU FRQQDLWUD HQ GpFHPEUH SURFKDLQ O RUJDQLVD WLRQ G XQH JUDQGH UHQFRQWUH GH VHQVLELOLVDWLRQGHVWLQpHDX[GLI IpUHQWV DFWHXUV SRXU OHV VHQVL ELOLVHU VXU OHV DYDQWDJHV GLYHUV SUpFRQLVpV SDU O (WDW GDQV OH GRPDLQHHWVXUOHVSHUVSHFWLYHV G LQYHVWLVVHPHQW GDQV OD ILOLqUH DX 6XG GX SD\V D DQQRQFp 7RXILN %RXWRXFKHQW VRXV GLUHFWHXU DX PLQLVWqUH GH OD SrFKHHWGHVUHVVRXUFHVKDOLHX WLTXHV $KPHG% 6.,.'$ )RUWHDIIOXHQFHDXqPH 6DORQ QDWLRQDOGXPLHO / H qPH VDORQ QDWLRQDO GX PLHO HW GH O DSL FXOWXUHTXLEDWVRQSOHLQGHSXLVVDPHGLDX FHQWUH FXOWXUHO$wVVDW,GLU GH 6NLNGD DWWLUH XQSXEOLFWUqVQRPEUHX[DWRQFRQVWDWp/HVDORQ TXLUpXQLWGHVDSLFXOWHXUVYHQXVGHZLOD\DVGX SD\VFRPSUHQGGHQRPEUHX[VWDQGVGRQWFHOXLGH 0 2XNLO +DPEOL GH /DNKGDULD %RXLUD TXL H[SRVH XQH ODUJH JDPPH GH SODQWHV HW GH IOHXUV WHOOHVTXHO HXFDO\SWXVOHMXMXELHUVDXYDJHHWDXWUHV YDULpWpVTXLSHUPHWWHQWDX[DEHLOOHVEXWLQHXVHVGH GRQQHUXQPLHOG H[FHOOHQWHTXDOLWp6HORQFHSUR GXFWHXUOHSUL[GXPLHOHQWUHHWOHNJ HVWDLQVLpOHYpHQUDLVRQGHVFKDUJHVGHWUDQVSRUW SRXUODWUDQVKXPDQFHTXLOHFRQGXLWUpJXOLqUHPHQW MXVTX j%LVNUDHW(O2XHG3RXU0+DPEOLOHSUR GXLW OH SOXV GHPDQGp HVW OH PLHO GX MXMXELHU VDX YDJH FRPSWH WHQX VHORQ OXL GH VHV YHUWXV WKpUD SHXWLTXHVDYpUpHVQRWDPPHQWSRXUUHQIRUFHUO LP PXQLWp HW WUDLWHU GHV LQIHFWLRQV GH O DSSDUHLO XUL QDLUH HW GHV LQWHVWLQV 3RXU VD SDUW 0 /D]KDU $\RXQ DSLFXOWHXU j &RQVWDQWLQH SURSRVH XQH YDULpWp GH PLHO G HXFDO\SWXV HW DXWUHV PLHOV GH GLYHUVHV IOHXUV UHFRPPDQGpV HQ UDLVRQ GH OHXU ULFKHVVH HQ VHOV PLQpUDX[ HW TXL SHUPHWWHQW GH FRPEDWWUHGHPDQLqUHELRO DQRUH[LHGHVHQIDQWV 6HORQ0$PDU%RXGMLFDGUHjODGLUHFWLRQGHVVHU YLFHVDJULFROHVODWHQXHGHFHVDORQTXLUHJURXSH H[SRVDQWV HW TXL VH SRXUVXLYUD MXVTX DX GX PRLV HQ FRXUV YLVH j RIIULU DX[ DSLFXOWHXUV XQ HVSDFHGHUHQFRQWUHVHWG pFKDQJHVG H[SpULHQFHV WRXWHQSHUPHWWDQWDX[YLVLWHXUVGHGpFRXYULUFHU WDLQV PLHOV TX LOV QH FRQQDLVVHQW SDV IRUFpPHQW /HV YLVLWHXUV VH VRQW PRQWUpV HQ HIIHW H[WUrPH PHQW LQWpUHVVpV SDU OHV DSSOLFDWLRQV PpGLFDOHV GX PLHOELRHWOHVYHUWXVWKpUDSHXWLTXHVGHGLIIpUHQ WHVYDULpWpVSURGXLWHVSDUOHVH[SRVDQWV/DZLOD\D GH6NLNGDDSURGXLWFHWWHDQQpHTXLQWDX[GH PLHO SURYHQDQW GH O H[SORLWDWLRQ GH TXHOTXH UXFKHV +DOLPD7 &200(5&,$/,6$7,21'(32,66216' ($8'28&( &2167$17,1( / 1RXYHOOHWHQGDQFHGHVMHXQHV SRUWHXUVGHSURMHWV D FRPPHUFLDOLVDWLRQ GH SRLVVRQV G HDX GRXFH pOHYpV GDQV GHV EDVVLQV DTXDFROHV V LPSRVH FRPPH XQH QRXYHOOH WHQGDQFH FKH] OHV MHXQHV SRUWHXUV GH SURMHWV j &RQVWDQWLQH D DIILUPp OH GLUHF WHXU ORFDO GH O $JHQFH QDWLRQDOH GH JHVWLRQ GX PLFURFUpGLW $1*(0 &KRXNUL %HQKDGLG 8QH WUHQWDLQH GH MHXQHV RQW GpSRVpGHVGRVVLHUVSRXUEpQpIL FLHUGHPLFURFUpGLWVOHXUSHUPHW WDQWGHVHGRWHUGHYpKLFXOHVIUL JRULILTXHVHWDXWUHVpTXLSHPHQWV SRXU OD FRPPHUFLDOLVDWLRQ GHV SURGXLWVKDOLHXWLTXHVDDMRXWpFH UHVSRQVDEOH ,O D pJDOHPHQW SUp FLVp j O $36 TXH O $1*(0 UHVWHGLVSRVpHjHQFRXUDJHUHWj ILQDQFHU WRXW MHXQH LQYHVWLVVHXU LQWpUHVVpSDUOHFUpQHDXGHO pOH YDJH GH SRLVVRQV G HDX GRXFH TXLSHXWEpQpILFLHUHQXQWHPSV UHODWLYHPHQW FRXUW G XQ ILQDQ FHPHQWWULDQJXODLUHSODIRQQpj PLOOLRQ GH GLQDUV 7RXWHV OHV IDFLOLWDWLRQVHQPDWLqUHGHILQDQ FHPHQW HW G DFFRPSDJQHPHQW SDU O DJHQFH VHURQW DFFRUGpHV DX[MHXQHVLQYHVWLVVHXUVLQWpUHV VpV SDU O DTXDFXOWXUH HQFRUH j O pWDW HPEU\RQQDLUH j &RQVWDQWLQH XQH ZLOD\D TXL DVSLUH VHORQ OXL j GpYHORSSHU FHWWH DFWLYLWp JpQpUDWULFH G HP SORLVHWGHULFKHVVHV 6XU XQ DXWUH SODQ 0 %HQKDGLG D UDSSHOp TXH SOXV GH MHXQHVSRUWHXUVGHSURMHWV RQW SX FHWWH DQQpH EpQpILFLHU G XQ ILQDQFHPHQW GDQV OH FDGUH GHFHGLVSRVLWLIGHVRXWLHQjO HP SORL 5DFKD5 Ï*)- e*<37( %85.,1$ )$62 &LQTDQVGHSULVRQSRXUGHV$OOHPDQGV D\DQWYROpGHVIUDJPHQWVGHS\UDPLGH 8 Q WULEXQDO pJ\SWLHQ D FRQGDPQp DYDQWKLHU WURLV $OOHPDQGV HW VL[ (J\SWLHQV j FLQT DQV GH SULVRQ SRXUDYRLUYROpGHVpFKDQWLOORQV GH SLHUUH HW GHV IUDJPHQWV G XQ FDUWRXFKH SURYHQDQW GH OD S\UD PLGH GH .KpRSV VHORQ XQ UHV SRQVDEOHMXGLFLDLUH +DXWH GH PqWUHV OD S\UD PLGH GX URL .KpRSV VH GUHVVH j *XL]HK j O RXHVW GX &DLUH (OOH HVW FRQVLGpUpH FRPPH O XQH GHV VHSW PHUYHLOOHV GX PRQGH GH O DQWLTXLWp FRQVWUXLWH LO \ D SOXV GHDQV 8Q WULEXQDO GH OD SURYLQFH GH *XL]HK D FRQGDPQp SDU FRQWX PDFH OHV WURLV $OOHPDQGV SUp VHQWpV FRPPH GHV FKHUFKHXUV SRXUDYRLUYROpGDQVODS\UDPLGH GHV pFKDQWLOORQV GH SLHUUH DLQVL TXH GHV IUDJPHQWV G XQ FDUWRX FKHTXLSRUWHOHQRPGXSKDUDRQ .KpRSVVHORQXQUHVSRQVDEOHGX WULEXQDO &HFDUWRXFKHOHVHXOGHODS\UD PLGH j UpYpOHU OH QRP GX SKD UDRQDYDLWSHUPLVDX[DUFKpROR JXHV G LGHQWLILHU OH SURSULpWDLUH GXFpOqEUHPRQXPHQW 6L[(J\SWLHQVDFWXHOOHPHQWGpWH QXVWURLVHPSOR\pVGXPLQLVWqUH GHV$QWLTXLWpVGHX[JDUGLHQVGH ODS\UDPLGHHWOHGLUHFWHXUG XQH DJHQFH GH YR\DJHV RQW pWp FRQGDPQpVjFLQTDQVGHSULVRQ SRXU DYRLU DLGp OHV $OOHPDQGV GDQVOHXUSURMHWVHORQOHUHVSRQ VDEOH /H YRO DYDLW pWp DQQRQFp ILQSDUOHVDXWRULWpVTXLRQW LQGLTXp HQ DRW GHUQLHU DYRLU UpFXSpUpOHVpFKDQWLOORQVVXEWLOL VpV6HORQO DFWHG DFFXVDWLRQOHV FKHUFKHXUV DXUDLHQW SULV FHV pFKDQWLOORQVSRXUOHVDQDO\VHUHW FRQIRUWHU XQH WKqVH VHORQ ODTXHOOH OD S\UDPLGH DXUDLW pWp FRQVWUXLWH ELHQ DYDQW DY -& 6HORQ OH UHVSRQVDEOH MXGL FLDLUH OH WULEXQDO D HQ RXWUH RUGRQQp O RXYHUWXUH G XQH HQTXrWH SRXU GpWHUPLQHU OH U{OH GDQV FHWWH DIIDLUH GH =DKL +DZDVV SDWURQ GHV $QWLTXLWpV MXVTX HQ /HVDYRFDWVGHODGpIHQVHRQWHQ HIIHW DIILUPp YLGpRV j O DSSXL TXHO LQFLGHQWDYDLWHXOLHXDORUV TXH 0 +DZDVV pWDLW HQFRUH HQ SRVWH HW QRQ HQ FRPPH O LQGLTXHQWOHVDXWRULWpV &HV SURSRV VRQW GpQXpV GH WRXW IRQGHPHQWDLQGLTXpjO $)3 0 +DZDVVLQVLVWDQWVXUOHIDLWTXH FHWWHDIIDLUHDYDLWELHQHXOLHXHQ $)5,48('868' 5DSDWULHPHQWGHVFRUSV GHUHVVRUWLVVDQWVWXpVj/DJRV« / H JRXYHUQHPHQW VXGDIULFDLQ HVW SUrW j UDSDWULHU GqV VDPHGL OHV FRUSV GH VHV UHVVRUWLVVDQWV WXpV GDQV O HIIRQGUHPHQW OH VHSWHPEUHG XQLPPHXEOHRLOVORJHDLHQWGDQV OD FDSLWDOH pFRQRPLTXH GX 1LJHULD /DJRV DWLO DQQRQFp PDUGL $X WRWDO SHUVRQQHV DYDLHQW DORUVSpULGDQVO HIIRQGUHPHQWGHO DXEHUJHDFFXHLO ODQWOHVILGqOHVpWUDQJHUVGXFpOqEUHWpOpYDQJpOLVWH QLJpULDQ7%-RVKXD6LQRXVREWHQRQVOHIHXYHUW QRXVVRPPHVSUrWVjHQYR\HUGHX[DYLRQVFKDUWHUV j /DJRV DILQ GH SRXYRLU UDSDWULHU VDPHGL VRLU OHV GpSRXLOOHVPRUWHOOHVHQ$IULTXHGXVXGDGpFODUpj ODSUHVVH-HII5DGHEHPLQLVWUHjOD3UpVLGHQFH 05DGHEHHVWjODWrWHG XQHGpOpJDWLRQVXGDIUL FDLQHYHQXHDX1LJHULDSRXURUJDQLVHUOHUHWRXUGHV FRUSVGHVYLFWLPHV,ODDQQRQFpDYRLUUHQFRQWUpOH SUpVLGHQW *RRGOXFN -RQDWKDQ OXQGL j $EXMD SRXU GLVFXWHU GH OD TXHVWLRQ 6HORQ GHV H[SHUWV HQ FRQVWUXFWLRQO DFFLGHQWVHUDLWGjO DMRXWG pWDJHV VXSSOpPHQWDLUHV VDQV UHQIRUFHPHQW SUpDODEOH GHV IRQGDWLRQVGHO LPPHXEOH&HWDFFLGHQWHVWODSOXV JUDYH FDWDVWURSKH FLYLOH LPSOLTXDQW GHV 6XG $IULFDLQVGHSXLV «'pFKLUHPHQWVV\QGLFDX[VXUIRQG GHUXSWXUHDYHFO $1& 6 HSW V\QGLFDWV VXGDIUL FDLQV RQW VXVSHQGX OHXU SDUWLFLSDWLRQ DX[ LQVWDQ FHV GLULJHDQWHV GH OD SXLVVDQWH FRQIpGpUDWLRQ GX &RVDWX SRXU SURWHVWHU FRQWUH O H[FOXVLRQ GX V\QGLFDW GHV PpWDOORV 1XPVD FKDVVp SRXU DYRLU URPSX O DO OLDQFHKLVWRULTXHDYHFO $1& $YHF HIIHW LPPpGLDW QRXV VXV SHQGRQV QRWUH SDUWLFLSDWLRQ DX FRQVHLO HW j OD SROLWLTXH GH SDODLV GX &RVDWX RQW GpFODUp GDQV XQ FRPPXQLTXp FRPPXQ OHV VHSW V\QGLFDWV GH O DOLPHQ WDLUH 6DFFDZX HW )DZX GH OD FRPPXQLFDWLRQ &:8 GHV LQILUPLqUHV 'HQRVD GHV MRXHXUV GH IRRWEDOO 6DSIX HW GHV IRQFWLRQQDLUHV 6DVDZX HW 3DZXVD ,O HVW FODLU TXH OH 1XPVDDpWpH[FOXLQMXVWHPHQW RQWLOV VRXOLJQp DSSHODQW j OD WHQXH G XQ FRQJUqV H[WUDRUGL QDLUH GX &RQJUqV GHV V\QGLFDWV VXGDIULFDLQV&RVDWX $X OLHX GH UpSRQGUH j OD FULVH GDQV QRWUH VRFLpWp R GHV PLO OLRQVGHSHUVRQQHVYRQWVHFRX FKHU OH YHQWUH YLGH WRXV OHV VRLUVHWRGHVFHQWDLQHVGHPLO OLHUV GH MHXQHV Q RQW DXFXQH FKDQFH GH WURXYHU GX WUDYDLO QRXV DYRQV PDLQWHQDQW XQH GLUHFWLRQ GH OD )pGpUDWLRQ OH &RVDWX TXL YRLW O HQQHPL GDQV VHV SURSUHV UDQJV RQWLOV GpSORUp$XOLHXGHPHQHUFDP SDJQHOjRUpVLGHQWYUDLPHQWOD SXLVVDQFH HW OD ULFKHVVH Oj R OHVWUDYDLOOHXUVFRQWLQXHQWjrWUH VXUH[SORLWpV OHV GLULJHDQWV /(0$*+5(% GX 1RYHPEUH DFWXHOV RQW FKRLVL GH GLYLVHU OD )pGpUDWLRQ (Q GpOLFDWHVVH DYHF ODGLUHFWLRQGX&RVDWXOHV\QGL FDW GH OD PpWDOOXUJLH 1XPVD QXPpULTXHPHQW OH SOXV LPSRU WDQW GX SD\V DYHF SOXV GH DGKpUHQWV HQ DYDLW pWp H[FOXVDPHGLPDWLQ/ H[FOXVLRQ GX 1XPVD HVW XQH PDXYDLVH FKRVHjODIRLVSRXUOH&RVDWXHW SRXU O $1& 8Q &RVDWX GLYLVp F HVWOHGpEXWGHODIDLEOHVVHHW QRXV QH VDYRQV SDV VL OD UDLVRQ SRXUUD MDPDLV SUpYDORLU j QRX YHDX DYDLW GpMj MXJp *ZHGH 0DQWDVKH GLPDQFKH 0DQWDVKH SHXWDOOHUVDXWHUGHODSURFKDLQH IDODLVH OXL DYDLW VqFKHPHQW UpSRQGXOHVHFUpWDLUHJpQpUDOGX 1XPVD ,UYLQ -LP OH WUDLWDQW GH FUpWLQ /HVSUpVLGHQWVGX6pQpJDOHWGX 7RJRDUULYpVj2XDJDGRXJRX /(35e6,'(17 GX6pQpJDOHWGX7RJRODLV0DFN\6DOOHW)DXUH *QDVVLQJEp RQW DWWHUUL DYDQWKLHU j 2XDJDGRXJRX R LOV YLHQQHQW SRXU IDFLOLWHU OD WUDQVPLVVLRQ GX SRXYRLU GH O DUPpH YHUV OHV FLYLOV DSUqVMRXUVGHFULVHDX%XUNLQD)DVR 0 *QDVVLQJEp DUULYp SHX DSUqV + ORFDOHV HW *07 j ERUG G XQMHWSULYpDpWpDFFXHLOOLDXSLHGGHVRQDYLRQSDUOHOLHXWHQDQW FRORQHO,VDDF=LGDDFWXHOKRPPHIRUWGXSD\V/HVGHX[KRPPHV TXLVHVRQWGRQQpO DFFRODGHVRQWSDUWLVGDQVXQVDORQGHO DpURSRUW DSUqVOHVK\PQHVEXUNLQDEqHWWRJRODLV 0DFN\6DOODDWWHUULHQYLURQPLQXWHVSOXVWDUGOXLDXVVLGDQVXQ MHWSULYpHWDHXGURLWjXQDFFXHLORIILFLHO$SUqVDYRLUIDLWODELVHj 0=LGDOHVGHX[KRPPHVRQWSDVVpHQUHYXHOHVWURXSHVSUpVHQWHV DORUVTXHO K\PQHVpQpJDODLVpWDLWMRXp /DYLVLWHGH006DOOHW*QDVVLQJEpTXLQ pWDLWSDVDQQRQFpHOXQGL VRLU VH IDLW DX QRP GH OD &RPPXQDXWp pFRQRPLTXH GHV (WDWV G $IULTXHGHO 2XHVW&pGpDR / RUJDQLVDWLRQDQRPPpYHQGUHGL0DFN\6DOOSUpVLGHQWG XQJURXSH GHFRQWDFWSRXUIDFLOLWHUOHSURFHVVXVGHWUDQVLWLRQDX%XUNLQDDSUqV ODFKXWHGXSUpVLGHQW%ODLVH&RPSDRUpFKDVVpDSUqVDQVDXSRX YRLU SDU XQH LQVXUUHFWLRQ SRSXODLUH GpFOHQFKpH SDU VD YRORQWp GH PRGLILHUODFRQVWLWXWLRQSRXUSRXYRLUVHUHSUpVHQWHUjODSURFKDLQH SUpVLGHQWLHOOH 3RUWp DX SRXYRLU SDU O DUPpH j OD PRUW GH VRQ SqUH OH JpQpUDO *QDVVLQJEp(\DGpPDTXLDYDLWJRXYHUQpOHSD\VG XQHPDLQGHIHU SHQGDQWDQV)DXUH*QDVVLQJEpDUHPSRUWpHQHWGHV VFUXWLQVSUpVLGHQWLHOVGRQWOHVUpVXOWDWVRQWpWpFRQWHVWpVSDUO RSSR VLWLRQ $ O DSSURFKHGHODSUpVLGHQWLHOOHGHO RSSRVLWLRQYHXWO HPSr FKHU GH EULJXHU XQ WURLVLqPH TXLQTXHQQDW PDLV GLVSRVH GH SHX GH PR\HQVGHSUHVVLRQHWSHLQHjV H[SULPHUG XQHVHXOHYRL[ &HV YLVLWHV RIILFLHOOHV LQWHUYLHQQHQW DX OHQGHPDLQ GH OD YHQXH j 2XDJDGRXJRXGXSUpVLGHQWHQH[HUFLFHGHO 8QLRQDIULFDLQH8$OH FKHIGHO (WDWPDXULWDQLHQ0RKDPHG2XOG$EGHO$]L]GRQWO RUJD QLVDWLRQDYDLWIL[pOHQRYHPEUHXQXOWLPDWXPjO DUPpHEXUNLQDEq SRXUTX HOOHFqGHVRXVTXLQ]DLQHOHSRXYRLUDX[FLYLOV / 8$ Q HVWSDVYHQXHSRXUYRXVLPSRVHUTXRLTXHFHVRLWSRXUYRXV PHQDFHUGHTXRLTXHFHVRLWDGpFODUp0$]L]OXQGLTXLDPXOWLSOLp OHVPHVVDJHVUDVVXUDQWVjO HQFRQWUHGHVSURWDJRQLVWHVEXUNLQDEq /D&pGpDRV pWDLWRSSRVpHDX[VDQFWLRQVpYRTXpHVSDUO 8$DSSH ODQWODFRPPXQDXWpLQWHUQDWLRQDOHjODFRPSUpKHQVLRQFRPSWHWHQX GHVHIIRUWVHQFRXUVDX%XUNLQD/ DUPpHDDVVXUpjSOXVLHXUVUHSUL VHVYRXORLUFpGHUUDSLGHPHQWOHSRXYRLU 7&+$' 0DQLIHVWDWLRQVFRQWUH ODFKHUWpGHODYLH '(6 +$%,7$176 GH OD YLOOH GH 6DUK VXG HW GHV O\FpHQV GH 1 'MDPHQDRQWPDQLIHVWpPDUGLSRXUGpQRQFHUODFKHUWpGHODYLHDX 7FKDG HW VRXWHQLU GHV HQVHLJQDQWV JUpYLVWHV TXL UpFODPHQW OH SDLH PHQWGHSULPHVDWRQDSSULVGHVRXUFHVFRQFRUGDQWHV $ 6DUKNPDXVXGHVWGH1 'MDPHQDW{WPDUGLPDWLQGHVKDEL WDQWV RQW IUDSSp VXU GHV FDVVHUROHV SRXU GpQRQFHU j JUDQG EUXLW OH FRWGHODYLHVHORQGHVKDELWDQWVMRLQWVSDUWpOpSKRQH'HVJURXSHV GH PDQLIHVWDQWV RQW pJDOHPHQW ODQFp GHV SLHUUHV VXU OD PDLULH HW EUOpGHVSQHXVGDQVGHVUXHVHQWUDvQDQWO LQWHUYHQWLRQGHODSROLFH VHORQOHVPrPHVVRXUFHV/DKDXVVHGXSUL[GHVFDUEXUDQWVHWOHQRQ SDLHPHQWGHVSULPHVGHVH[DPHQVGHVHQVHLJQDQWVVRQWjO RULJLQHGX PpFRQWHQWHPHQWDH[SOLTXpO XQG HX[VRXVFRXYHUWG DQRQ\PDW$ O DSSHOGHV\QGLFDWVG HQVHLJQDQWVTXLQHVXSSRUWHQWSDVODFKHUWpGH SUL[ GH FDUEXUDQW DX[ HQYLURQV GH TXDWUH KHXUHV GX PDWLQ + *07ODYLOOHV HVWUpYHLOOpHSDUXQFRQFHUWGHFDVVHUROHVDDMRXWp FHWKDELWDQWWRXWHODFLUFXODWLRQHVWEORTXpHDXFXQHQJLQQHFLUFXOH 7RXWHVOHVERXWLTXHVVRQWIHUPpHVDLQVLTXHOHPDUFKpGHODYLOOH/H 7FKDG D FRPPHQFp j SURGXLUH GX SpWUROH HQ /D SURGXFWLRQ pWDLWGHO RUGUHGHEDULOVSDUMRXUHQVHORQOHGpSDUWH PHQWDPpULFDLQGHO (QHUJLH/HVUHYHQXVSpWUROLHUVOXLRQWSHUPLV GHPRGHUQLVHUVRQDUPpHGHVHGRWHUG XQPHLOOHXUUpVHDXURXWLHUHW GHFRQVWUXLUHGHQRPEUHX[EkWLPHQWVSXEOLFV0DLVOHVPHPEUHVGH OD VRFLpWp FLYLOH HW GH O RSSRVLWLRQ GHPDQGHQW DX SUpVLGHQW ,GULVV 'pE\ ,WQR G HPSOR\HU GDYDQWDJH FHWWH PDQQH SRXU DPpOLRUHU OHV FRQGLWLRQVGHYLHGHODSRSXODWLRQDX[UHYHQXVWUqVEDV/H7FKDG ILJXUHSDUPLOHVGL[GHUQLHUVSD\VDXPRQGHFODVVpVVHORQO ,QGLFH GHGpYHORSSHPHQWKXPDLQ,'+GHV1DWLRQVXQLHV /(0$*+5(% GX1RYHPEUH Ï* 781,6,( -DOORXO$\HGjODSUpVLGHQFHGHOD%$'« /H&KHIGX JRXYHUQHPHQW 0HKGL-RPDDD UHQFRQWUpPDUGLj 7XQLV-DOORXO$\HG FDQGLGDWGHOD 7XQLVLHSRXUOD SUpVLGHQFHGHOD %DQTXH$IULFDLQH GH'pYHORSSHPHQW %$' / D UHQFRQWUH D pWp XQH RFFDVLRQ SRXU H[DPLQHU OHV JUDQGV D[HV GH OD FDPSDJQHTXLVHUDPHQpHDXSUqV GHV SD\V DIULFDLQV SRXU VRXWHQLU ODFDQGLGDWXUHGH-DOORXO$\HG 0$\HGHVWXQHSHUVRQQDOLWp FRQQXH GDQV OH GRPDLQH GHV ILQDQFHV HQ 7XQLVLH HW QRWDP PHQW GDQV OH PRQGH DUDEH D GpFODUp OH SRUWHSDUROH GX JRX YHUQHPHQW 1LGKDO 2XHUIHOOL j O LVVXHGHODUHQFRQWUH ,ODUpLWpUpjFHWHIIHWOHVRX WLHQGXJRXYHUQHPHQWjVDFDQGL GDWXUH-DOORXO$\HGDGHVRQF{Wp IRUPXOpOHVRXKDLWG rWUHpOXjOD 0$85,7$1,( /DSROLFHGLVSHUVHXQH PDQLIHVWDWLRQGHV\PSDWKLVDQWV G XQOHDGHUDQWLHVFODYDJLVWH DUUrWp / HVVHUYLFHVGHO RUGUHRQWGLVSHUVpPDUGLVRLUj1RXDNFKRWWXQH PDQLIHVWDWLRQGHVRXWLHQDXOHDGHUDQWLHVFODYDJLVWH%LUDP2XOG 'DK2XOG$EHLGDUUrWpPDUGLPDWLQj5RVVRNPDXVXGRXHVWGH 1RXDNFKRWW(QPrPHWHPSVODSROLFHDDUUrWpOHSURIHVVHXUG XQL YHUVLWp 'U 6DDG 2XOG /RXOHLG PHPEUH DFWLI GX GLUHFWRLUH GH O ,QLWLDWLYH GH UpVXUJHQFH DEROLWLRQQLVWH ,5$ TXH SUpVLGH %LUDP 2XOG$EHLGjTXLHOOHUHSURFKHGHWHQLUGHVSURSRVLQFLWDQWjODYLR OHQFHHWjODKDLQHLQWHUFRPPXQDXWDLUHV'HVPRXYHPHQWVG DQFLHQV HVFODYHVHWGHVFHQGDQWVG HVFODYHVHQWHQGHQWPHQHUGHVDFWLYLWpVGH SURWHVWDWLRQjWUDYHUVOHSD\VSRXUREWHQLUODOLEpUDWLRQGHWRXVOHV PLOLWDQWVG ,5$ DUUrWpVLQGLTXHWRQGHVRXUFHVLQIRUPpHV/DJHQ GDUPHULHPDXULWDQLHQQHDDUUrWpPDUGLPDWLQj5RVVR%LUDP2XOG 'DK2XOG$EHLGOHDGHUGHO ,5$0DXULWDQLHHWDQFLHQFDQGLGDWjOD SUpVLGHQWLHOOH HW WURLV DXWUHV PHPEUHV GH O ,5$ TXL V DSSUrWDLHQW j ODQFHUXQHFDUDYDQHGHVHQVLELOLVDWLRQFRQWUHO HVFODYDJH/DTXHV WLRQGHO HVFODYDJHHQ0DXULWDQLHUHVWHXQSUREOqPHVRFLDOUpHO0DLV VHORQ OD WKqVH RIILFLHOOH OH SKpQRPqQH Q H[LVWH TXH VRXV IRUPH GH VpTXHOOHV TX LO FRQYLHQW G pUDGLTXHU j WUDYHUV GHV SURJUDPPHV GH GpYHORSSHPHQWVSpFLILTXHVPLVHQSODFHGDQVOHV]RQHVOHVSOXVSDX YUHV GX SD\V (Q OH JRXYHUQHPHQW PDXULWDQLHQ D FUpp XQH DJHQFHGLWH7DGDPRXQHVROLGDULWpSRXUpUDGLTXHUOHVVpTXHOOHVGH O HVFODYDJH /D OpJLVODWLRQ PDXULWDQLHQQH LQFULPLQH WRXWH SUDWLTXH HVFODYDJLVWHHWHQSXQLWO DSRORJLH /,%<( / pPLVVDLUHRQXVLHQFRQGDPQH OHVH[SORVLRQVGHYRLWXUHV SLpJpHVGDQVODYLOOHGH&KDKDW / H FKHI GH OD 0LVVLRQ G DSSXL GHV 1DWLRQV XQLHV HQ /LE\H 0$18/%HUQDUGLQR/HRQDIHUPHPHQWFRQGDPQpOHVDWWHQ WDWVSHUSpWUpVGLPDQFKHGDQVODYLOOHGH&KDKDWHVWQRQORLQGXOLHX ROH3UHPLHUPLQLVWUHOLE\HQ$EGDOODKDO7KHQLDYDLWFRQYRTXpXQH UpXQLRQ'DQVXQFRPPXQLTXpSXEOLpOXQGLVRLUSDUOD0$18/0 /HRQ DQQRQFH TX LO D HQWDPp OXQGL XQH DXWUH PLVVLRQ HQ /LE\H HQ SRXUVXLYDQW OHV FRQVXOWDWLRQV DYHF OHV SDUWLHV FRQFHUQpHV VXU OHV PR\HQVGHSURJUHVVHUHWGHUHSUHQGUHOHSURFHVVXVGHWUDQVLWLRQSROL WLTXHVXUODERQQHYRLH,OVLJQDOHXQHUpXQLRQTX LODHXHj%HLGKD DYHFOHSUpVLGHQWGHO $XWRULWpFRQVWLWXDQWH$OL7DUKRXQLDXFRXUVGH ODTXHOOHLOV HVWLQIRUPpGHVGHUQLHUVGpYHORSSHPHQWVFRQFHUQDQWOH WUDYDLOGHOD&RQVWLWXDQWHDLQVLTX XQHDXWUHUpXQLRQj&KDKDWDYHFOH 3UHPLHUPLQLVWUH$EGDOODKDO7KHQLSRXUpFRXWHUVRQSRLQWGHYXH VXU OHV UpFHQWV GpYHORSSHPHQWV GDQV OH SD\V \ FRPSULV OHV HIIRUWV SRXUSDUYHQLUjXQFHVVH]OHIHXDILQGHVRXODJHUOHVVRXIIUDQFHVGX SHXSOHOLE\HQ/HUHVSRQVDEOHRQXVLHQSUpFLVHTXHFHWWHUpXQLRQD pWpLQWHUURPSXHHQUDLVRQGHGHX[H[SORVLRQVjSUR[LPLWpGHO HQ GURLWGHODUHQFRQWUHPDLVSHUVRQQHQ DpWpEOHVVp,OVRXOLJQHO HQ JDJHPHQW GH O 218 j SRXUVXLYUH OHV HIIRUWV SRXU SDUYHQLU j XQ UqJOHPHQW SDFLILTXH GH OD FULVH DFWXHOOH 6HORQ OXL FHWWH DWWDTXH Q DXUDDXFXQHIIHWVXUOHVWUDYDX[GHOD0LVVLRQGHV1DWLRQV8QLHVHW QHO HPSrFKHUDSDVGHPHQHUjELHQOHVWkFKHVTXLOXLVRQWFRQILpHV SDUOH&RQVHLOGHVpFXULWp$XFRQWUDLUHLOQRXVUHQGUDSOXVGpWHU PLQpjREWHQLUGHVVROXWLRQVjODFULVHHQ/LE\HEpQpILFLDQWGHO XQD QLPLWpGHVSURWDJRQLVWHVHWRXYUDQWODYRLHjXQUHWRXUDXSURFHVVXV SROLWLTXH JOREDOH DWLO DMRXWp 6HORQ OXL OHV 1DWLRQV XQLHV VRQW HQJDJpHVjODQHXWUDOLWpGDQVOHXUWUDYDLOHWYHXOHQWWURXYHUOHVPHLO OHXUHVVROXWLRQVSRXUOHV/LE\HQVHWOHXUDFWLRQVHUDWRXMRXUVIRQ GpHVXUOHSOHLQUHVSHFWGHODVRXYHUDLQHWpGHOD/LE\HO XQLWpQDWLR QDOH HW O LQWpJULWp WHUULWRULDOH 'HX[ YRLWXUHV SLpJpHV RQW H[SORVp GLPDQFKHGHYDQWOHVLqJHGHODGLUHFWLRQGHODVUHWpGHODYLOOHGH &KDKDWSUqVGHO HQGURLWROH3UHPLHUPLQLVWUHOLE\HQ$EGDOODODKDO 7KHQLUHQFRQWUDLWOHFKHIGHOD0$18/%HUQDUGLQR/HRQIDLVDQW EOHVVpVOpJHUVHWFDXVDQWG LPSRUWDQWVGpJkWVPDWpULHOV /HPLQLVWUHOLE\HQGHO ,QWpULHXUDDQQRQFpOXQGLDYRLUDUUrWpOHV SHUVRQQHVLPSOLTXpHVGDQVFHGRXEOHDWWHQWDWSUpFLVDQWTX HOOHVVRQW OLpHVDX[WHUURULVWHVGH'HUQDHVW WrWHGHO LQVWLWXWLRQDIULFDLQHFH TXLJUDQWLUDOHUD\RQQHPHQWGHOD 7XQLVLH GDQV OH FRQWLQHQW DIUL FDLQDWLOHVWLPp 6 LO VHUD pOX j OD WrWH GH OD %$' OH FDQGLGDW SUpYRLW GH GpSOR\HU WRXV OHV HIIRUWV DILQ G DPpOLRUHU O LQIUDVWUXFWXUH GDQV OHV TXDWUH FRLQV GX FRQWLQHQW G DSSRUWHU OH VRXWLHQ UHTXLV DX VHFWHXU SULYp GDQV OHV SD\V DIUL FDLQV GH IDLUH IDFH DX[ SUREOq PHV PDMHXUV TXL PHQDFHQW OH GpYHORSSHPHQW GX FRQWLQHQW DIULFDLQGRQWOHYLUXVGHO (EROD 'DQV XQH GpFODUDWLRQ 0$\HG D DMRXWp TX LO HQYLVDJH GH YLVLWHU GDQV OH FDGUH GH VD FDPSDJQH GH SRXU VD FDQGLGD WXUH GHV SD\V DIULFDLQV HW GH IDLUH FRQQDvWUH VD YLVLRQ SRXU O $IULTXHVXUXQHODUJHpFKHOOH -H VHUDLV DFFRPSDJQp ORUV GH FHV YLVLWHV SDU GHV GpOpJD WLRQV RIILFLHOOHV GH KDXW QLYHDX PLQLVWUHV VHFUpWDLUHV G (WDW RX DPEDVVDGHXU DWLO GLW LQGL TXDQWTXHMXVTXHOjFDQGLGDWV RQWDQQRQFpOHXULQWHQWLRQGHVH SUpVHQWHUDX[pOHFWLRQVGHODSUp 8 VLGHQFHGHOD%$' ,OV HVWPRQWUpFRQILDQWTXDQW jVHVFKDQFHVG rWUHpOXG DXWDQW SOXV TX LO UHSUpVHQWH OD 7XQLVLH SD\V TXL D VXVFLWp UHVSHFW HW pPHUYHLOOHPHQWGHODSDUWGHWRXV OHV SD\V GX FRQWLQHQW YRLUH GX PRQGHHQWLHU «&UpDWLRQG XQFRUSVGHSROLFH ILVFDOHjO KRUL]RQGH QH SROLFH ILV FDOHFKDUJpHGH OXWWHU FRQWUH O pYDVLRQILVFDOHGHYUDLW rWUHFUppHjODIDYHXUGX SURMHW GH UpIRUPH GH OD ILVFDOLWp DWRQ DSSULV PDUGLDXSUqVGXPLQLV WqUH GH O pFRQRPLH HW GHV ILQDQFHV &H FRUSV HVWDSSHOpjpOXFLGHUOHV FULPHV ILVFDX[ j HQ LGHQWLILHU OHV UHVSRQVD EOHVHWjOHVSUpVHQWHUj ODMXVWLFH /H GLUHFWHXU JpQpUDO GHODILVFDOLWpDXPLQLV WqUH GH O pFRQRPLH HW GHV ILQDQFHV 5LDGK .DURXL D DIILUPp GDQV XQH GpFODUDWLRQ TXH FH FRUSVVHUDSUrWjO KRUL]RQGHDYHFOHSDUDFKq YHPHQWGXQRXYHDXV\VWqPHILVFDO ,OV DJLWG XQFRUSVVSpFLDOLVpGDQVODUHFKHUFKH HW OD FROOHFWH GHV GRQQpHV ILVFDOHV j O LQVWDU GH FH TXLHVWHQYLJXHXUGDQVOHVGLUHFWLRQVILVFDOHVGHV SD\VDYDQFpVDWLOGLW ,OFRPSWHUDHQWUH HWDJHQWVHWFDGUHVHW WUDYDLOOHUD VXU D[HV G LQWHUYHQWLRQ LGHQWL ILpV DWLO HQFRUH DMRXWp SUpFLVDQW TXH FKDTXH D[H QpFHVVLWH HQWUHHWDJHQWV .DURXL D QRWp TXH GHV DJHQWV VSpFLDOLVpV RQW pWp HQYR\pV HQ ,WDOLHSRXUUHFHYRLUXQH IRUPDWLRQ GDQV FH GRPDLQH DX VHLQ G XQH DFDGpPLHLQWHUQDWLRQDOH HQ,WDOLHVRXVO pJLGHGH O 2UJDQLVDWLRQ GH OD FRRSpUDWLRQHWGXGpYH ORSSHPHQW pFRQRPLTXH 2&'( DMRXWDQW TX XQH GHX[LqPH pTXLSH VHUD HQYR\pHFHWWHDQQpH /D SROLFH ILVFDOH WUDLWHUD pJDOHPHQW DYHF OHV RUJDQLVPHV LQWHUQDWLRQDX[ pWDQW GRQQp TXH O pYD VLRQ ILVFDOH FRPSUHQG GHV DFWLYLWpV j O pFKHOOH LQWHUQHHWjO H[WpULHXUGXSD\VDWLODMRXWp 0$52& 0DUUDNHFKDFFXHLOOHHQGpFHPEUHOH6RPPHW SDQDIULFDLQGXILQDQFHPHQWGHVDXWRULWpVORFDOHV / D YLOOH PDURFDLQH GH 0DUUDNHFK DEULWHUD OHV HW GpFHPEUH SUR FKDLQ OH 6RPPHW SDQDIULFDLQ GX ILQDQFHPHQW GHV DXWRULWpV ORFDOHVXQUHQGH]YRXVLQFRQ WRXUQDEOH GHV GpFLGHXUV SROLWL TXHVORFDX[HWQDWLRQDX[HWGHV OHDGHUV G RSLQLRQ GX PRQGH pFRQRPLTXH HW ILQDQFLHU DIUL FDLQ DWRQ DSSULV PDUGL GH VRXUFH RIILFLHOOH /D UHQFRQWUH TXL VH GpURXOHUD VRXV OH WKqPH )LQDQFHUOHVYLOOHVDIULFDLQHV DJHQGDVDOOLDQFHVHWVROXWLRQV HVWRUJDQLVpHjO LQLWLDWLYHGHOD &RPPXQH XUEDLQH GH 0DUUDNHFK HQ SDUWHQDULDW DYHF OHV UpVHDX[ G DXWRULWpV ORFDOHV )0'9 )RQGV0RQGLDOSRXUOH 'pYHORSSHPHQW GHV 9LOOHV HW &*/8$IULTXH &LWpV HW *RXYHUQHPHQWV /RFDX[ 8QLV G $IULTXH $SSX\pHSDUWRXVOHVDFWHXUV PDMHXUV GX GpYHORSSHPHQW OD FRQIpUHQFH FRQVWLWXH XQH RSSRUWXQLWp UHPDUTXDEOH GH UpXQLUSUqVGHSDUWLFLSDQWV GRQW GHV UHSUpVHQWDQWV GH FRO OHFWLYLWpVORFDOHVDIULFDLQHVGHV PLQLVWUHVGHV)LQDQFHVGHVUHV SRQVDEOHV GHV DGPLQLVWUDWLRQV FHQWUDOHVHWORFDOHVGHVERXUVHV GH YDOHXU GHV LQVWLWXWLRQV ILQDQFLqUHV UpJLRQDOHV HW QDWLR QDOHV DLQVL TXH GHV RSpUDWHXUV pFRQRPLTXHV SXEOLFV SULYpV HW GH O pFRQRPLH VRFLDOH HW VROL GDLUH DFWLIV VXU OH FRQWLQHQW VHORQ XQH VRXUFH SURYHQDQW GH OD FRPPXQH XUEDLQH GH 0DUUDNHFK (QWUH HW OH QRPEUH GHV FLWDGLQV DIULFDLQV GHYUDLW SDVVHU GH PLOOLRQV j PLOOLDUG /H QLYHDX G XUEDQLVDWLRQ j O pFKHOOH DIULFDLQH GHYUDLW DWWHLQGUH HQ HW SUqV GHG LFLj/HVYLOOHV PR\HQQHV HW LQWHUPpGLDLUHV GHYUDLHQW DEVRUEHU GH FHWWH FURLVVDQFH XUEDLQH HW OHV PpWURSROHVGHSOXVG XQPLOOLRQ G KDELWDQWVVHSDUWDJHUOHV UHVWDQWV LQGLTXH XQH QRWH GH SUpVHQWDWLRQ GH O pYqQHPHQW /HV SOpQLqUHV HW WDEOHV URQGHV TXL U\WKPHURQW FHV GHX[ MRXU QpHV VHURQW FRQVDFUpHV j O HQ VHPEOHGHODFKDvQHGXILQDQFH PHQWXUEDLQjWUDYHUVODSODQLIL FDWLRQ GHV LQYHVWLVVHPHQWV XUEDLQV OD YDORULVDWLRQ HW OD PRELOLVDWLRQ GHV UHVVRXUFHV HQGRJqQHVILVFDOLWpHWIRQFLHU O DFFqVjO HPSUXQWjWUDYHUVOHV EDLOOHXUV LQWHUQDWLRQDX[ HW UpJLRQDX[ OHV LQVWLWXWLRQV ILQDQFLqUHV VSpFLDOLVpHV HW OHV EDQTXHVSULYpHVSUpVHQWVVXUOH FRQWLQHQW O DFFqV DX PDUFKp GHV FDSLWDX[ OHV SDUWHQDULDWV SXEOLFVSULYpV HW OHV PpFDQLV PHVGHILQDQFHPHQWLQQRYDQWV /(0$*+5(% GX1RYHPEUH ,*Ï, Ï %$148(6 /HVPLOOLDUGVGHSURYLVLRQVSRXUOLWLJHV JkFKHQWOHVUpVXOWDWV /HVUpVXOWDWVGHV EDQTXHVVHWUDQVIRUPHQW HQOLWDQLHGHSURYLVLRQV HQUHJLVWUpHVIDFHjGHV OLWLJHVHQFDVFDGH $ SURSRVGHPDQLSXODWLRQV GX PDUFKp GHV FKDQJHV GHYHQWHVIRUFpHVGHSUR GXLWV ILQDQFLHUV RX GH VRXSoRQV G pYDVLRQILVFDOH 8%6 &UHGLW 6XLVVH +6%& 'HXWVFKH%DQN-30RUJDQHQWUH DXWUHV /HV JUDQGV QRPV GH OD ILQDQFHRQWSXEOLpOHXUVFRPSWHV WULPHVWULHOV FHV GHUQLHUV MRXUV $XGHOj GHV FRXSOHWV GLYHUV GH OHXUV DIIDLUHV FRPPHUFLDOHV OHXUV GpPrOpV DYHF OHV DXWRULWpV GH UpJXODWLRQ VRQW UHYHQXV FRPPHXQUHIUDLQODQFLQDQW &+,1( / $SHFVRXWLHQWOHSURMHWGH OLEUHpFKDQJH HV (WDWV PHPEUHV GX )RUXP GH FRRSpUDWLRQ$VLH3DFLILTXH / $SHFUpXQLVj3pNLQRQWUpDIILUPpPDUGLOHXUHQJDJHPHQWHQ IDYHXU GX SURMHW GH OLEpUDOLVDWLRQ GH OHXUV pFKDQJHV FRPPHUFLDX[ SURPXSDUOD&KLQH'DQVXQFRPPXQLTXpFRPPXQGLIIXVpDXWHUPH G XQVRPPHWGHGHX[MRXUVLOVVHGLVHQWGpFLGpVjDYDQFHUSDVjSDV YHUVODFRQFOXVLRQGHFHWDFFRUGGHOLEUHpFKDQJHHQ$VLH3DFLILTXH )7$$3 &HUWDLQV \ YRLHQW XQH UpSRQVH DX SURMHW GH 3DUWHQDULDW WUDQVSDFLILTXH 733 SRXUVXLYL QRWDPPHQW SDU OHV (WDWV8QLV HW DXTXHOOD&KLQHQ HVWSDVDVVRFLpH1RXVFRQYHQRQVTXHO $SHFGRLW IDLUHGDYDQWDJHHQWDQWTX LQVWLJDWHXUSRXUIDLUHSDVVHUOH)7$$3 GH O pWDWGHSURMHWjODUpDOLWpGLVHQWOHVGLULJHDQWVGHV(WDWVPHPEUHV GDQVOHXUFRPPXQLTXp3RXUOHSUpVLGHQWFKLQRLV;L-LQSLQJO $SHF GRLWMRXHUXQU{OHPRWHXUHWGHFRRUGLQDWLRQGDQVODSURPRWLRQGHFH SURFHVVXV /D UHSULVH pFRQRPLTXH PRQGLDOH HVW HQFRUH PHQDFpH SDU GH QRPEUHX[ IDFWHXUV G LQVWDELOLWp HW G LQFHUWLWXGH )DFH j XQH VLWXDWLRQQRXYHOOHQRXVGHYRQVUHGRXEOHUG HIIRUWVSRXUSURPRXYRLU O LQWpJUDWLRQ pFRQRPLTXH UpJLRQDOH HW FUpHU XQ UpIOH[H G RXYHUWXUH QpFHVVDLUH DX GpYHORSSHPHQW j ORQJ WHUPH DWLO GpFODUp 1RXV GHYRQV SURPRXYRLU YLJRXUHXVHPHQW OD ]RQH GH OLEUHpFKDQJH$VLH 3DFLILTXHHQIDLUHXQREMHFWLIGpILQLUODPDUFKHjVXLYUHHWWUDQVIRU PHUOHSURMHWHQUpDOLWp .$ =21((852 / /HPRUDOGHVLQYHVWLVVHXUV UHPRQWH H PRUDO GHV LQYHVWLVVHXUV GDQV OD ]RQH HXUR D OpJqUHPHQW SUR JUHVVp HQ QRYHPEUH HQ UDLVRQ GH QRXYHOOHV UDVVXUDQWHV VXU OD VROLGLWpGHODUHSULVHDX[(WDWV8QLVHWGHPHVVDJHVELHQDFFXHLOOLV SURYHQDQW GH OD %DQTXH FHQWUDOH HXURSpHQQH HW GH OD %DQTXH GX -DSRQ / LQGLFHGXVHQWLPHQWGHVLQYHVWLVVHXUVFDOFXOpSDUOHFDELQHW G pWXGHV6HQWL[DUHERQGLDSUqVWURLVPRLVGHEDLVVHFRQVpFXWLIV,OHVW UHVVRUWL j DSUqV HQ RFWREUH /H FKLIIUH GH QRYHPEUH HVW PHLOOHXUTXHOHFRQVHQVXVGHpWDEOLSDUXQHHQTXrWH5HXWHUV /H GpFOLQ GHV DWWHQWHV HQ PDWLqUH GH FURLVVDQFH GHSXLV OH PRLV G DRWV HVWLQWHUURPSXHQQRYHPEUHpFULW6HQWL[GDQVXQFRPPX QLTXp/HVGpFODUDWLRQVGHOD%DQTXHGX-DSRQHWGHOD%DQTXHFHQ WUDOHHXURSpHQQHRQWDLGpjpFODLUFLUO KRUL]RQGHVLQYHVWLVVHXUVSRXU OHV VL[ SURFKDLQV PRLV /H SUpVLGHQW GH OD %&( 0DULR 'UDJKL D GpFODUpODVHPDLQHGHUQLqUHTXHO LQVWLWXWG pPLVVLRQVHWHQDLWSUrWj PHWWUHHQ°XYUHGHQRXYHOOHVPHVXUHVGHVWLPXODWLRQVLQpFHVVDLUH /D%DQTXHGX-DSRQDDQQRQFpSRXUVDSDUWOHSURORQJHPHQWGHVD SROLWLTXHG DVVRXSOLVVHPHQWPRQpWDLUH 06 2QQHSDUOHSDVLFLGHPHQXH PRQQDLH OHV EDQTXHV LQVFULYHQW GDQVOHXUVFRPSWHVGHVGpSHQVHV jYHQLUpTXLYDOHQWHVjGHVFHQWDL QHV GH PLOOLRQV G HXURV YRLUH GDYDQWDJHSRXUpYLWHUGHVSRXU VXLWHV MXGLFLDLUHV UpJOHU GHV DPHQGHVLQGHPQLVHUGHVFOLHQWV 5Ê*/(63/86)(50(6 &HWWH PXOWLSOLFDWLRQ GHV OLWL JHV HVW OLpH j OD YRORQWp GHV DXWRULWpV G rWUH XQ SHX SOXV IHU PHV DSUqV OHV HUUHPHQWV GX VHF WHXU EDQFDLUH &HOD SDVVH SDU OD UpJOHPHQWDWLRQ %kOH ,,, PDLV DXVVL SDU XQH DWWHQWLRQ SDUWLFX OLqUHjOHXUPDQLqUHVGHIRQFWLRQ QHU DX TXRWLGLHQ H[SOLTXH &KULVWRSKHU 'HPELFN pFRQR PLVWHFKH]6D[R%DQN 3DUPL FHV SURFpGXUHV O DI IDLUH GHV PDQLSXODWLRQV GX PDU FKp GHV FKDQJHV PRELOLVH GHV HQTXrWHXUVGHSOXVLHXUVSD\V,OV VRXSoRQQHQW XQH HQWHQWH LOOLFLWH HQWUH GHV FDPELVWHV TXL VH VHUDLHQWFRQFHUWpVDILQG LQIOXHQ FHUHQOHXUIDYHXUOHWDX[GHUpIp UHQFHTXRWLGLHQ 6XUFHPDUFKpJLJDQWHVTXH PLOOLDUGVGHGROODUVGHWUDQV DFWLRQV SDU MRXU OD PRLQGUH HQWRUVH DX[ UqJOHV GH ERQQH FRQGXLWHHQJHQGUHXQHIIHWERXOH GHQHLJHILQDQFLHU ' DSUqV GHV VRXUFHV SURFKHV GXGRVVLHUVL[EDQTXHVOHVEUL WDQQLTXHV %DUFOD\V 5R\DO %DQN RI6FRWODQG5%6HW+6%&OHV DPpULFDLQHV &LWLJURXS HW -30RUJDQ HW OH QXPpUR XQ EDQ FDLUHKHOYpWLTXH8%6QpJRFLH UDLHQWOHPRQWDQWGHOHXUVSpQDOL WpV DYHF OHV DXWRULWpV DPpULFDL QHV 0DLV DXVVL EULWDQQLTXHV HQ SRLQWH VXU FH GRVVLHU SXLVTXH GHV pFKDQJHV GH GHYLVHV WUDQVLWHQWSDUOD&LW\GH/RQGUHV / DJHQFH'RZ-RQHV1HZVZLUHV DDIILUPpYHQGUHGLTXHFHVUpJX ODWHXUV SRXUUDLHQW DQQRQFHU VLPXOWDQpPHQW OH PRQWDQW GHV LQGHPQLWpV LPSRVpHV DX[ EDQ TXHVG LFLXQHjGHX[VHPDLQHV 35Ê6'(0,//,$5'6(1 68,66( 8%6 D DQQRQFp SRXU VD SDUW DEDLVVHGHVSUL[jODFRQVRPPDWLRQHQ*UqFHV HVWDFFpOpUpHHQ / RFWREUHqPHPRLVFRQVpFXWLIGHGpIODWLRQDYHFXQUHFXOGH O LQGH[ GH D DQQRQFp O $XWRULWp JUHFTXH GHV 6WDWLVWLTXHV (OVWDW6XUXQPRLVOHVSUL[EDLVVHQWpJDOHPHQWGH'HSXLV MXLOOHWOHUHFXOGHVSUL[DYDLWUDOHQWLHQ*UqFHUHVWDQWFRQWHQXVRXV OHVHXLOGHV/DSOXVIRUWHEDLVVHVXUXQDQHQRFWREUHFRQFHUQHOH PDUFKp LPPRELOLHU XQ VHFWHXU HPEOpPDWLTXH GX PDUDVPH pFRQRPLTXHWUDYHUVpSDUOD*UqFHROHVEDLVVHVGHSUL[FXPXOpHVRQW DWWHLQWSUqVGHGHSXLVOHGpEXWGHODFULVH/DGpIODWLRQHVWpJD OHPHQWQRWDEOHGDQVOHVHFWHXUGHO pGXFDWLRQHQUDLVRQGHOD EDLVVHGXSUL[GHVpFROHVSULYpHV/HVHXOVHFWHXUROHVSUL[SURJUHV VHQWHQRFWREUHHVWFHOXLGHO DOFRROHWGXWDEDF6RXPLVHjXQH SROLWLTXH G DXVWpULWp GUDVWLTXH HQ UDLVRQ GH OD FULVH GH OD GHWWH OD *UqFH D WUDYHUVp XQH SURIRQGH UpFHVVLRQ GHSXLV FH TXL D HQWUDvQp XQH FKXWH GX SRXYRLU G DFKDW HW XQH EDLVVH GHV SUL[ j OD FRQVRPPDWLRQDSSDUXHHQPDUVXQHSUHPLqUHGHSXLVDQV (QOHVSUL[RQWGLPLQXpGHPDLVOHVSUpYLVLRQVEXGJpWDL UHV SRXU WDEOHQW VXU XQ UHFXO SOXV OLPLWp j j OD IDYHXU G XQHVWDELOLVDWLRQGHO pFRQRPLHGXSD\VTXLPLVHVXUXQHFURLVVDQFH SRVLWLYH FHWWH DQQpH / LQIODWLRQ D OpJqUHPHQW SURJUHVVp HQ RFWREUH GDQVOD]RQHHXURjPDLVVDQVpORLJQHUOHVULVTXHVGHGpIODWLRQ TXLSqVHVXUODUpJLRQGHSXLVSUqVG XQDQ 06 /,%25(7 68%35,0( &DU OD OLVWH GHV SUREOqPHV MXULGLTXHV HVW ORLQ GH VH OLPLWHU DX[ LUUpJXODULWpV VXU OH PDUFKp GHVFKDQJHV/HVFDQGDOHSUpDOD EOH GHV PDQLSXODWLRQV GX WDX[ LQWHUEDQFDLUH/LERUQ HVWG DERUG SDVFORV $X[ eWDWV8QLV FHV GLVSXWHV HQ SDJDLOOH LQWHUYLHQQHQW DORUV TXHOHVEDQTXHVWRXUQHQWjSHLQH ODSDJHGHVFRQWHQWLHX[OLpVDX[ FUpGLWV LPPRELOLHUV 6XESULPH TXL RQW YDOX SDU H[HPSOH XQH DPHQGH GH PLOOLDUGV GH GRO ODUVj-30RUJDQ $X5R\DXPH8QLOHVpWDEOLV VHPHQWVWUDvQHQWFRPPHXQERX OHW OD YHQWH IRUFpH G DVVXUDQFHV FUpGLW GLWHV 33, 3D\PHQW 3URWHFWLRQ ,QVXUDQFH 8QH DIIDLUH TXL D FRQGXLW OD VHXOH /OR\GVjSURYLVLRQQHUODVRPPH IDUDPLQHXVHGHPLOOLDUGVGH OLYUHV /H WRXW DX PRPHQW R OHV DGPLQLVWUDWLRQV ILVFDOHV HXUR SpHQQHVpODUJLVVHQWOHXUVUHFKHU FKHV VXU G pYHQWXHOV VRXWLHQV DSSRUWpVSDUGHJUDQGHVEDQTXHV LQWHUQDWLRQDOHV j O RSWLPLVDWLRQ ILVFDOH GH FOLHQWV YLD GHV SUR GXLWVERXUVLHUVFRPSOH[HV $YHF XQH UpJXODWLRQ GpVRU PDLV SOXV VWULFWH FHV DIIDLUHV GHYUDLHQWrWUHWHUPLQpHVGDQVXQ RXGHX[DQVSUpYRLW&KULVWRSKHU 'HPELFN 0XVWDSKD6 6(/21022'< 6 *5Ë&( /DEDLVVHGHVSUL[V HVW DFFpOpUpHHQRFWREUH DYRLUPLVGHF{WpPLOOLDUGGH IUDQFVSRXUFRXYULUXQHVpULHGH OLWLJHV HW TXHVWLRQV UpJOHPHQWDL UHV6RQGDXSKLQ&UHGLW6XLVVHD SURYLVLRQQp XQ PRQWDQW QHW GH PLOOLRQVGDQVVHVFRPSWHVDX WURLVLqPH WULPHVWUH DX WLWUH G pYHQWXHOOHV FRQVpTXHQFHV GH OLWLJHVMXGLFLDLUHVSRXYDQWHQWUDv QHU GHV DPHQGHV /HV WURLV EDQ TXHV EULWDQQLTXHV FLWpHV SOXV KDXW DLQVL TXH -30RUJDQ RQW DXVVL SUpFLVp OH PRQWDQW GHV IRQGVPLVGHF{WpGDQVFHWWHRSWL TXHGHPLOOLRQVGHGROODUV PLOOLRQV GH IUDQFV SRXU +6%& j XQ PLOOLDUG GH GROODUV SRXU -30RUJDQ TXL HVW GH VXU FURvW PHQDFpH GH SRXUVXLWHV SpQDOHVDX[(WDWV8QLV / DOOHPDQG 'HXWVFKH %DQN D IDLW GH PrPH SRXU PLOOLRQV G HXURV PLOOLDUG GH IUDQFV &LWLJURXSDUppYDOXpGHVRQF{Wp j OD EDLVVH VRQ EpQpILFH QHW GX WURLVLqPH WULPHVWUH XQ UpWURSp GDODJH SOXW{W UDUH HQ LQWpJUDQW GH QRXYHOOHV SURYLVLRQV GH PLOOLRQV GH GROODUV DX VXMHW GH FRQWHQWLHX[ GpMj FRQQXV VDQV SUpFLVHU / 3DVGHUHERQGGHODFURLVVDQFH PRQGLDOHHQ DFURLVVDQFHPRQGLDOHQHGHYUDLWSDVUHERQ GLU GH PDQLqUH VLJQLILFDWLYH G LFL j SORPEpH SDU OH UDOHQWLVVHPHQW GH O pFRQR PLHFKLQRLVHHWSDUGHVREVWDFOHVVWUXFWXUHOVGDQVOD ]RQHHXURDX%UpVLOHWHQ$IULTXHGX6XGREVHUYH O DJHQFH0RRG\ V 'DQVVRQUDSSRUWWULPHVWULHOVXUOHVSHUVSHFWLYHV PDFURpFRQRPLTXHV PRQGLDOHV SRXU O DJHQFH 0RRG\ V pYDOXH j OD FURLVVDQFH GX SURGXLWLQWpULHXUEUXWGHVSD\VGX*HQHW DSUqV FHWWH DQQpH &H SURQRVWLF LQWHU YLHQWjTXHOTXHVMRXUVGXVRPPHWGX*OHVHW QRYHPEUHj%ULVEDQH$XVWUDOLH /D SOXSDUW GHV IDFWHXUV TXL RQW SHVp VXU OD FURLVVDQFHGX3,%PRQGLDOHQVHURQWWRXMRXUV HQSODFHDXFRXUVGHVGHX[DQQpHVjYHQLU\FRP SULV OH UDOHQWLVVHPHQW SURJUHVVLI HQ &KLQH FRQVWDWH0DULH'LURQYLFHSUpVLGHQWHGH0RRG\ V HWDXWHXUGXUDSSRUW 'HSOXVOHVGpILFLHQFHVVWUXFWXUHOOHVjO °XYUH GDQV FHUWDLQHV ]RQHV QRWDPPHQW GDQV OD ]RQH HXURDX%UpVLOHWHQ$IULTXHGX6XGFRQVWLWXHQW DXVVL XQ REVWDFOH DX UHERQG GH OD FURLVVDQFH SRXUVXLW0DULH'LURQ 6HORQ 0RRG\ V FHV IDFWHXUV LQWHUQHV RQW SOXV GH FRQVpTXHQFHV VXU O DFWLYLWp pFRQRPLTXH TXH QRXV O DYLRQV HQYLVDJp HW FRQGXLVHQW j UHYRLU j OD EDLVVH QRV SUpYLVLRQV SRXU GDQV GH QRP EUHXVHV UpJLRQV GRQW OD ]RQH HXUR OH -DSRQ HW OH %UpVLO $ FRQWUDULR O DJHQFH G pYDOXDWLRQ ILQDQFLqUH V DWWHQGjXQHFURLVVDQFHVROLGHDX[(WDWV8QLVHQ *UDQGH%UHWDJQHHWHQ,QGHDXFRXUVGHVGHX[SUR FKDLQHVDQQpHV 3RXUOHV(WDWV8QLV0RRG\ VSUpYRLWXQHFURLV VDQFHGHHQHWHQWLUpHSDUXQH VROLGHFUpDWLRQG HPSORLVHWSDUGHVFRQGLWLRQVGH ILQDQFHPHQW SURSLFHV j VDWLVIDLUH GHV EHVRLQV GH FRQVRPPDWLRQMXVTX LFLQRQVDWLVIDLWV $X %UpVLO OD EDLVVH GHV H[SRUWDWLRQV YHUV OD &KLQHDDFFUXOHVIDLEOHVVHVVRXVMDFHQWHVGHO pFR QRPLHWDQGLVTXHOHQLYHDXpOHYpGHODGHWWHOLPLWH OD SRVVLELOLWp GH SUHQGUH GHV PHVXUHV EXGJpWDLUHV GHVRXWLHQ0RRG\ VSUpYRLWGHFURLVVDQFHGDQV OHSD\VHQ .DPHO$ ,*Ï, Ï 18&/e$,5(,5$1,(1 / $UDELHVDRXGLWH SURFKDLQHYLFWLPHGHV86$ /HFKHIGHODGLSORPDWLH LUDQLHQQH0RKDPPDG -DYDG=DULIDHQWDPp GHVGLVFXVVLRQVDYHFOH VHFUpWDLUHG (WDW DPpULFDLQ-RKQ.HUU\HW O pPLVVDLUHGHO 8QLRQ HXURSpHQQH&DWKHULQH $VKWRQOHVHW QRYHPEUHj2PDQSRXU WHQWHUG DUUDFKHUXQ DFFRUGJOREDOSRXU PHWWUHILQjSOXVGHGL[ DQVGHJXHUUHIURLGH HQWUHOHVGHX[SD\V / REMHFWLIGHFHVpFKDQ JHVHVWGHUDSSURFKHU OHV SRVLWLRQV QRWDP PHQW VXU OD FDSDFLWp LUDQLHQQH G HQULFKLVVHPHQW GH O XUDQLXP DYDQWODUHSULVHGHVQpJRFLDWLRQV HQWUH O ,UDQ HW OHV JUDQGHV SXLV VDQFHVOHQRYHPEUHHQYXHGH SDUYHQLU j XQ DFFRUG GpILQLWLI G LFLOHGXPRLVHQFRXUV $ O DUULYpHGH-RKQ.HUU\GDQV OH VXOWDQDW G 2PDQ GLPDQFKH PDWLQ XQ UHVSRQVDEOH DPpULFDLQ D SDUOp G XQH UpXQLRQ LPSRU WDQWH SHQGDQW ODTXHOOH OHV GHX[ FDPSV YRXGURQW IDLUH GHV SUR JUqV GDQV OH EXW GH UHVSHFWHU OD GDWHEXWRLU$OL$NEDU9HOD\DWL SURFKH FRQVHLOOHU GH O D\DWROODK $OL .KDPHQHL OH JXLGH GH OD 5pYROXWLRQLUDQLHQQHDUpDIILUPp TXH OD 5pSXEOLTXH LVODPLTXH QH UHQRQFHUDLW MDPDLV j VRQ GURLW j O pQHUJLH QXFOpDLUH UDSSRUWH OD SUHVVH LUDQLHQQH 6DPHGL VRLU 0RKDPPDG -DYDG =DULI D GpFODUp j OD WpOpYLVLRQ LUDQLHQQH TX LO VRXKDLWDLW SDUYHQLU j XQH VROXWLRQ IRQGpH VXU OH UHVSHFW PXWXHO HW OD FRRSpUDWLRQ HW D UpSpWp TXH OHV VDQFWLRQV LQWHUQD WLRQDOHV FRQWUH 7pKpUDQ DYDLHQW pWpLQHIILFDFHV /HVSD\VRFFLGHQWDX[HW,VUDsO VRXSoRQQHQWOHV,UDQLHQVGHYRX ORLU VH GRWHU GH O DUPH QXFOpDLUH VRXV FRXYHUW G XQ SURJUDPPH FLYLO FH TXH GpPHQW 7pKpUDQ 6DPHGL OH YLFHPLQLVWUH LUDQLHQ GHV $IIDLUHV pWUDQJqUHV $EEDV $UDJKFKL D MXJp SRVVLEOH XQ DFFRUGDYDQWOHQRYHPEUH,O Q \ D SDV GH VROXWLRQ LQWHUPp GLDLUHHWQRXVVRPPHVWRWDOHPHQW FRQFHQWUpV VXU OHV PR\HQV GH SDUYHQLU j XQ DFFRUG DWLO GLW 3HUVRQQH QH YHXW UHYHQLU j OD VLWXDWLRQ G DYDQW O DFFRUG LQWpUL PDLUH GH *HQqYH &H VHUDLW XQ VFpQDULR WURS GDQJHUHX[ DWLO SRXUVXLYL /HV GHX[ FDPSV HQ VRQWFRQVFLHQWVFHTXLPHODLVVH SHQVHU TX XQ DFFRUG HVW j SRUWpH GHPDLQ1RXV\WHQRQVHWMHYRLV ODPrPHGpWHUPLQDWLRQGDQVO DX WUH FDPS -RKQ .HUU\ D GpFODUp PHUFUHGL TXH OHV QpJRFLDWLRQV GHYLHQGUDLHQW EHDXFRXS SOXV FRPSOLTXpHV VL XQ DFFRUG QH GHYDLWSDVrWUHFRQFOXDYDQWOH QRYHPEUHDMRXWDQWTXHOHJURXSH 3(WDWV8QLV5XVVLH&KLQH )UDQFH *UDQGH%UHWDJQH HW $OOHPDJQH QH SUpYR\DLW SDV SRXUOHPRPHQWGHSURORQJHUOHV GLVFXVVLRQVDXGHOjGHFHWWHGDWH ,QWHUURJp GLPDQFKH VXU &%6 OH SUpVLGHQW DPpULFDLQ %DUDFN 2EDPD D GpFODUp TX LO H[LVWDLW WRXMRXUVXQSURIRQGIRVVpHQWUH O ,UDQ HW OHV 2FFLGHQWDX[ VXU FH GRVVLHUQXFOpDLUH 3RXU UDSSHO GHV PLOOLHUV GHV FKLLWHV LUDQLHQ RQW PDQLIHVWp DXSUqVGHO H[DPEDVVDGHDPpUL FDLQH j 7pKpUDQ j O RFFDVLRQ GX qPH DQQLYHUVDLUH GH VD SULVH SDU GHV pWXGLDQWV TXL FRwQFLGH j OD SOXV LPSRUWDQWH FpUpPRQLH UHOLJLHXVH$FKRXUD 1RWRQV TXH OHV PDQLIHVWDQWV VFDQGDLHQW PRUW j O $PpULTXH HWPRUWj,VUDsOVHORQOHVLPD JHV GLIIXVpHV SDU OD WpOpYLVLRQ G (WDW 'HV HIILJLHV GH O RQFOH 6DPDLQVLTXHGHVGUDSHDX[DPp ULFDLQ LVUDpOLHQ HW EULWDQQLTXH RQWpWpEUOpV 326,7,21'(6e7$7681,6 (QGpSLWGHFHUWDLQHVGpFODUD WLRQV RIILFLHOOHV VRXWHQDQW XQH LQWHUSUpWDWLRQ XQLODWpUDOH UHVWULF WLYH GH O $FFRUG LO VHPEOH TXH O DGPLQLVWUDWLRQ G 2EDPD VRLW GLVSRVpH j DFFHSWHU TXH O ,UDQ GLVSRVHHQGpILQLWLYHG XQHFDSD FLWpG HQULFKLVVHPHQW /HV eWDWV8QLV UHMHWWHQW SDU SULQFLSHO H[LVWHQFHG XQGURLWj O HQULFKLVVHPHQW GH O XUDQLXP PDLV DGPHWWHQW DX FDV SDU FDV TXH GHV eWDWV SXLVVHQW HQ SUDWL TXH DYRLU XQ SURJUDPPH G HQUL FKLVVHPHQW G XUDQLXP -RKQ .HUU\ GpFODUDLW DLQVL OH QRYHPEUH TXH O $FFRUG SUpOLPLQDLUHQHVHSURQRQoDLWSDV VXUODTXHVWLRQGHVDYRLUVLO ,UDQ D XQ GURLW j O HQULFKLVVHPHQW HW TXH FHWWH TXHVWLRQ VHUDLW O REMHW GHQpJRFLDWLRQVXOWpULHXUHV &HSHQGDQW GDQV OH PrPH WHPSV OD PHQDFH G XQH DFWLRQ PLOLWDLUHFRQWUHO ,UDQDpWpEUDQ GLHSDUOHVHFUpWDLUHG eWDWDPpUL FDLQ -RKQ .HUU\ OH MDQYLHU HQ FDV GH QRQUHVSHFW SDU O ,UDQGHO $FFRUGSUpOLPLQDLUHGH *HQqYH HW D pWp VpYqUHPHQW FRQGDPQpH SDU O ,UDQ FRPPH FRQWUHSURGXFWLYH GH QDWXUH j EULVHU OD FRQILDQFH PXWXHOOH HW FRQWUDLUHDXGURLWLQWHUQDWLRQDO /(63$<6'8*2/)( e9,1&e6 ,O HVW YUDL TXH OHV (WDWV8QLV VRQWGpVRUPDLVODSUHPLqUHSXLV VDQFHPRQGLDOHLOVPRQRSROLVHQW WRXV OHV GRPDLQHV RX SUHVTXH G DLOOHXUV OH SD\V GH O RQFOH 6DP YHXW WURXYHU XQ DFFRUG VXU OH QXFOpDLUH DYHF O ,UDQ DILQ G pYLQ FHU OHV SD\V GH JROI HW O $UDELH 6DRXGLWH HQ SDUWLFXOLHU PDLV DXVVL SRXU JpUHU DYHF O¶,UDQ OHV RSpUDWLRQV HQ 6\ULH HW HQ ,UDN DILQG DIIDLEOLUOHPRQGHDUDEH 0:% 5(&211$,66$1&('(/ (7$73$/(67,1,(1 /HVGpSXWpVIUDQoDLVYRWHURQWVXUXQ WH[WHOHQRYHPEUH / $VVHPEOpHQDWLRQDOHIUDQoDLVHYRWHUDOH QRYHPEUH VXU XQH SURSRVLWLRQ GHV GpSXWpVVRFLDOLVWHVPDMRULWDLUHVLQYLWDQW 3DULVjUHFRQQDvWUHO (WDWSDOHVWLQLHQDWRQDSSULV PHUFUHGL GH VRXUFH SDUOHPHQWDLUH &H YRWH QRQ FRQWUDLJQDQW PDLV WUqV V\PEROLTXH DSUqV FHOXL GX 3DUOHPHQWEULWDQQLTXHOHPRLVGHUQLHULQWHUYLHQGUD DYDQWXQDXWUHYRWHSUpYXDX6pQDWIUDQoDLVOH GpFHPEUH j O LQLWLDWLYH GHV pOXV FRPPXQLVWHV /D SURSRVLWLRQ GH UpVROXWLRQ GHV GpSXWpV VRFLDOLVWHV Q DSDVHQFRUHpWpIRUPHOOHPHQWGpSRVpHPDLVXQH YHUVLRQSURYLVRLUHGXWH[WHVWLSXOHTXHO $VVHPEOpH LQYLWHOHJRXYHUQHPHQWIUDQoDLVjIDLUHGHODUHFRQ QDLVVDQFHGHO (WDWGH3DOHVWLQHXQLQVWUXPHQWSRXU REWHQLU XQ UqJOHPHQW GpILQLWLI GX FRQIOLW LVUDpOR SDOHVWLQLHQ /D )UDQFH HVW UHVWpH MXVTX j SUpVHQW SUXGHQWH VXU OH FDOHQGULHU G XQH WHOOH UHFRQQDLV VDQFH,O\DXUDjXQPRPHQWF HVWXQHpYLGHQFH UHFRQQDLVVDQFHGHO (WDWSDOHVWLQLHQSDUOD)UDQFH DGpFODUpVDPHGLOHPLQLVWUHGHV$IIDLUHVpWUDQJq UHV /DXUHQW )DELXV /D TXHVWLRQ F HVW TXDQG HW FRPPHQW &DULOIDXWTXHFHWWHUHFRQQDLVVDQFHVRLW XWLOHDX[HIIRUWVSRXUVRUWLUGHO LPSDVVHHWFRQWUL EXHUjXQUqJOHPHQWGpILQLWLIGXFRQIOLWDWLOVRX OLJQp$ORUVTXHOHSURFHVVXVGHSDL[DXSRLQWPRUW GHSXLVVHPEOHDXSOXVPDOODQRXYHOOHFKHI GHODGLSORPDWLHHXURSpHQQH)HGHULFD0RJKHULQL DHVWLPpOHPrPHMRXUTX LOIDOODLWXQ(WDWSDOHVWL QLHQ(OOHDDIILUPpTX HOOHGLVFXWHUDLWDYHFFKDFXQ GHV SD\V PHPEUHV GH O 8QLRQ HXURSpHQQH G XQH SRVVLEOHUHFRQQDLVVDQFH6HXOVKXLWSD\VGHO 8QLRQ HXURSpHQQH RQW UHFRQQX MXVTX j SUpVHQW OD 3DOHVWLQHGRQWOHGHUQLHUHQGDWHHVWOD6XqGH 1DZDO= /(0$*+5(% GX1RYHPEUH ,5$. $XPRLQVPRUWVGDQVXQH VpULHG DWWHQWDWV $ XPRLQVSHUVRQQHVRQWpWpWXpHVHWXQHWUHQWDLQHEOHV VpHVKLHUGDQVXQHVpULHG DWWHQWDWVHQ,UDNYLVDQWSULQFLSD OHPHQW OD SROLFH HW O DUPpH VHORQ GHV VRXUFHV GH VpFXULWp HW PpGLFDOHV $ %DJGDGSHUVRQQHVGRQWVL[SROLFLHUVRQWSpULGDQVXQH DWWDTXHjODYRLWXUHSLpJpHVXUODSODFHDO1RXVVRXURXHVWVXL YLHG XQDWWHQWDWVXLFLGHFRQWUHXQTXDUWLHUJpQpUDOGHODSROLFH VLWXp j SUR[LPLWp RQW SUpFLVp GHV UHVSRQVDEOHV SHUVRQQHV RQWpWpEOHVVpHVVHORQXQHVRXUFHPpGLFDOH / DWWDTXH j OD YRLWXUH SLpJpH V HVW SURGXLWH SUqV GH OD SODFH $O1RXVVRXU-XVWHDXPrPHPRPHQWGHVSROLFLHUVRQWWLUpVXU XQ NDPLND]H SRUWDQW XQH FHLQWXUH G H[SORVLIV TXL WHQWDLW GH SpQpWUHU GDQV OH 4* GH OD SROLFH D LQGLTXp XQ FRORQHO GH OD SROLFH /DFDSLWDOHLUDNLHQQHHVWTXDVLTXRWLGLHQQHPHQWODFLEOHG DW WHQWDWV PHXUWULHUV PDOJUp OH GpSORLHPHQW PDVVLI GH IRUFHV GH VpFXULWpHWODPXOWLSOLFDWLRQGHVEDUUDJHVURXWLHUV 0HUFUHGLODYLROHQFHDIUDSSppJDOHPHQWDXQRUGHWDXVXG GH%DJGDG 8QNDPLND]HDYLVpXQEDUUDJHURXWLHUGHO DUPpHj%DTRXED QRUGWXDQWXQFRORQHOHWWURLVVROGDWVHWEOHVVDQWVL[SHUVRQ QHV DORUV TX XQH ERPEH YLVDQW XQ FRQYRL PLOLWDLUH j <RXVVRXIL\DDFRWpODYLHjDXPRLQVGHX[SHUVRQQHVHWEOHVVp KXLW /HVDWWDTXHVQ RQWSDVLPPpGLDWHPHQWpWpUHYHQGLTXpHVPDLV OHVH[WUpPLVWHVVXQQLWHVQRWDPPHQWOHVMLKDGLVWHVGHO RUJDQLVD WLRQ (WDW LVODPLTXH (, SUHQQHQW IUpTXHPPHQW SRXU FLEOH OHV IRUFHVGHVpFXULWpRXODFRPPXQDXWpFKLLWHHQ,UDN (OOHVVXUYLHQQHQWDXPRPHQWROHVIRUFHVLUDNLHQQHVDLGpHV GHFRPEDWWDQWVFKLLWHVVXQQLWHVHWNXUGHVWHQWHQWGHUHSRXVVHU XQHRIIHQVLYHGHO (,TXLV HVWHPSDUpGHODUJHVSDQVGHWHUULWRLUH HQ,UDNGHSXLVMXLQ /HV IRUFHV LUDNLHQQHV EpQpILFLHQW pJDOHPHQW GX VRXWLHQ DpULHQGHODFRDOLWLRQLQWHUQDWLRQDOHGLULJpHSDUOHV(WDWV8QLV ,NUDP$ <e0(1 ' 7URLVPRUWVGDQVGHV DIIURQWHPHQWVDUPpVj O DpURSRUWGH6DQDD HX[SROLFLHUVHWXQFLYLORQWpWpWXpVGDQVGHVDIIURQWHPHQWV HQWUHSROLFHHWPLOLFLHQVFKLLWHVjO LQWpULHXUGHO DpURSRUWGH 6DQDDWDQGLVTXHGHVKHXUWVPHXUWULHUVRQWHXOLHXFHVGHX[GHU QLHUVMRXUVYHUV5DGDFHQWUHGX<pPHQ 'DQV O HQFHLQWH GH O DpURSRUW LQWHUQDWLRQDOH GH OD FDSLWDOH \pPpQLWHGHVDIIURQWHPHQWVRQWRSSRVpOXQGLVRLUOHVIRUFHVGH VpFXULWpHWOHVPLOLFLHQVDUPpVSUpVHQWVVXUFHVLWHGHSXLVODSULVH GH 6DQDH OH VHSWHPEUH SDU FHV FRPEDWWDQWV GX PRXYHPHQW FKLLWH$QVDUXDOODK 'HX[SROLFLHUVDLQVLTX XQFLYLOTXLVHWURXYDLWVXUOHSDUNLQJ GHO DpURSRUWRQWpWpWXpVGDQVOHVDFFURFKDJHVTXLRQWSHQGDQW XQPRPHQWSDUDO\VpO DFWLYLWpjO DpURSRUWDWRQDSSULVPDUGL GHVRXUFHVVpFXULWDLUHV &H GpYHORSSHPHQW HVW LQWHUYHQX DSUqV XQH JUqYH REVHUYpH SHQGDQW SOXVLHXUV KHXUHV SDU GHV HPSOR\pV GH O DpURSRUW SRXU UpFODPHUOHUHWUDLWGHVPLOLFLHQVFKLLWHVVRXUFHVGHWHQVLRQSDU OHXUV SURYRFDWLRQV HW SDU OHXUV IRXLOOHV GHV SDVVDJHUV HW IRQF WLRQQDLUHVVHORQGHVJUpYLVWHV 'HVVRXUFHVDXPLQLVWqUHGHV$IIDLUHVpWUDQJqUHVRQWLQGLTXp TXH GHV DPEDVVDGHV RFFLGHQWDOHV V pWDLHQW UpFHPPHQW SODLQWHV TXHOHVPLOLFLHQVFKLLWHVKRXWKLVIRXLOODLHQWOHXUVYDOLVHVGLSOR PDWLTXHVjO DpURSRUWHQFRQWUDYHQWLRQDX[FRQYHQWLRQVLQWHUQD WLRQDOHV 3OXVLHXUV FRPSDJQLHV pWUDQJqUHV Q RQW WRXMRXUV SDV UHSULV OHXUVYROVLQWHUURPSXVGHSXLVOHVHSWHPEUHSRXUGHVUDLVRQV GH VpFXULWp PDLV DXVVL HQ UDLVRQ GH O LQVLVWDQFH GHV PLOLFLHQV FKLLWHVjPRQWHUjERUGSRXUHIIHFWXHUGHVFRQWU{OHVVHORQGHV VRXUFHVDpURSRUWXDLUHV 3URILWDQW GH O LQVWDELOLWp SROLWLTXH DX <pPHQ OHV PLOLFLHQV G $QVDUXDOODKGRQWOHILHIVHWURXYHj6DDGDQRUGRQWODQFp FHWpWpXQHRIIHQVLYHIXOJXUDQWHTXLOHXUDSHUPLVG pWHQGUHOHXU SUpVHQFH j 6DQDD SXLV GDQV O RXHVW HW OH FHQWUH GX SD\V VDQV UpVLVWDQFHGHVIRUFHVJRXYHUQHPHQWDOHV 3UqVGH5DGDGDQVODSURYLQFHGH%DwGDFHQWUHTXLHVWOH WKpkWUH GH FRPEDWV HQWUH GHV WULEXV VXQQLWHV HW GHV PLOLFLHQV FKLLWHVVL[GHFHVPLOLFLHQVRQWpWpWXpVPDUGLORUVTXHOHXUYpKL FXOHDVDXWpVXUXQHQJLQH[SORVLIDWRQDSSULVGHVRXUFHWUL EDOH&HWWHRSpUDWLRQjO H[SORVLIj.KRE]DLQWHUYLHQWDXOHQGH PDLQG XQHDWWDTXHDX[REXVFRQWUHXQHPRVTXpHGHFHYLOODJH GX QRUG GH 5DGD TXL D IDLW GHX[ WXpV HW EOHVVpV SDUPL OHV ILGqOHVHQSULqUHVHORQODPrPHVRXUFH ' DSUqV G DXWUHV VRXUFHV WULEDOHV PLOLFLHQV FKLLWHV HW PHPEUHVDUPpVGHWULEXVVXQQLWHVRQWpWpWXpVDXFRXUVGHVGHX[ GHUQLHUVMRXUVGDQVGHVYLOODJHVGH5DGD 0DOJUp OHV ORXUGHV SHUWHV GDQV OHXUV UDQJV OHV WULEXV VRQW GpWHUPLQpHVjFRPEDWWUHOHVKRXWKLVMXVTX jOHXUGpSDUWGHOHXUV UpJLRQVDGpFODUpXQFKHIWULEDO6DOHK$ERX6DULPD /DSHUFpHGHFHVPLOLFLHQVFKLLWHVGDQVGHVWHUULWRLUHVWUDGL WLRQQHOOHPHQW VXQQLWHV GX <pPHQ D SURYRTXp FHV GHUQLqUHV VHPDLQHVODFROqUHGHWULEXVTXLRQWSULVOHVDUPHVPDLVVXUWRXW FHOOHG $O4DwGDIRUWHPHQWLPSODQWpGDQVOHSD\VTXLDSURPLV GHOLYUHUXQHJXHUUHVDQVPHUFLDX[LQVXUJpV ,$ /(0$*+5(% GX1RYHPEUH +( *,+ (48,3(1$7,21$/( *RXUFXII 0rPHTXDOLILp MHYHX[JDJQHU FRQWUHO (WKLRSLHHWOH0DOL /DVpOHFWLRQDOJpULHQQH GHIRRWEDOOMRXHUDSRXU ODJDJQHVHVGHX[ GHUQLHUVPDWFKVGDQVOHV pOLPLQDWRLUHVGHOD &RXSHG $IULTXHGHV QDWLRQVFRQWUH O (WKLRSLHjGRPLFLOHHWOH 0DOLHQGpSODFHPHQW HWQRYHPEUH PrPHVLHOOHDGpMj YDOLGpVRQELOOHWSRXUOH SURFKDLQWRXUQRL FRQWLQHQWDODDVVXUpOH VpOHFWLRQQHXUQDWLRQDO &KULVWLDQ*RXUFXIIORUV G XQHFRQIpUHQFHGH SUHVVHWHQXHjODVDOOH GHVFRQIpUHQFHVGX FRPSOH[H0RKDPHG %RXGLDI$OJHU 1 RXVDOORQVDERUGHU OHV GHX[ PDWFKV UHVWDQWV DYHF OH PrPHpWDWG HVSULW1RWUHREMHF WLI VHUD GH OHV JDJQHU WRXV OHV GHX[,OQ \DXUDJXqUHSODFHjOD GpPRELOLVDWLRQ PrPH VL QRWUH EXW HVW GpMj DWWHLQW HQ DVVXUDQW SUpFRFHPHQW QRWUH TXDOLILFD WLRQ DWLO GpFODUp / $OJpULH TXLDIDLWFDUWRQSOHLQORUVGHVHV TXDWUH SUHPLHUV PDWFKV FRPS WDQW SRXU OHV pOLPLQDWRLUHV HVW VROLGH OHDGHU GH VRQ JURXSH % DYHF SRLQWV (OOH GHYDQFH GH VL[ XQLWpV OH 0DOL GHX[LqPH DORUVTXHO (WKLRSLHHWOH0DODZL IHUPHQWODPDUFKHDYHFSRLQWV SRXU FKDFXQ 0DLQWHQDQW TXH QRXV DYRQV DVVXUp QRWUH TXDOLIL FDWLRQ QRXV HVSpURQV DPpOLRUHU GDYDQWDJH QRWUH PDQLqUH GH MRXHU'pMjM DLQRWpXQVHQVLEOH SURJUqV GDQV FH UHJLVWUH ORUV GX SUpFpGHQW PDWFK FRQWUH OH 0DODZL YLFWRLUH /HV GHX[ SURFKDLQVUHQGH]YRXVGHYUDLHQW rWUHFHX[GHODFRQILUPDWLRQD WLO DMRXWp / H[FRDFK GX )& /RULHQWV HVWIpOLFLWpHQRXWUHGH 5($/0$'5,' 5RQDOGRGpPHQW FDWpJRULTXHPHQWDYRLULQVXOWp 0HVVL / D VWDU GX 5HDO 0DGULG D IHUPHPHQW GpPHQWL OD UXPHXU LQGLTXDQW TX HOOH DXUDLW LQVXOWp /LRQHO 0HVVL GH ILOV GH S *XLOOHP %DODJXH MRXUQDOLVWH HVSDJQRO DYDLW HQ HIIHW OkFKp TXH &ULVWLDQR 5RQDOGRVXUQRPPHUDLW/LRQHO0HVVLILOVGHSDXSUqVGHVHVSDUWH QDLUHV GX 5HDO 0DGULG 8QH LQIRUPDWLRQ FDWpJRULTXHPHQW QLpH SDU OD VWDUSRUWXJDLVHVXUVRQFRPSWH)DFHERRN8QHLQIRUPDWLRQTXLFLUFXOH SUpWHQG TXH MH IHUDLV GHV UHPDUTXHV RIIHQVDQWHV FRQFHUQDQW /LRQHO 0HVVL&HFLHVWDEVROXPHQWIDX[HWM DLDVVXUpTXHPRQDYRFDWSUHQGUDLW GHVPHVXUHVSRXUSRXUVXLYUHOHVUHVSRQVDEOHV-HGRLVOHSOXVJUDQGUHV SHFWjWRXVPHVFROOqJXHVHW0HVVLQ HVWpYLGHPPHQWSDVXQHH[FHS WLRQ 0$1&+(67(581,7(' 6 9DQ*DDOYHXWYHQGUH-XDQ 0DWD HORQO ([SUHVV-XDQ0DWDDXUDLWpWpSODFpVXUODOLVWHGHVWUDQVIHUWV HW LO SRXUUDLW TXLWWHU 0DQFKHVWHU 8QLWHG GqV OH SURFKDLQ PHUFDWR KLYHUQDO0rPHV LODPDUTXpOHEXWYLFWRULHX[GH0DQFKHVWHU8QLWHG FRQWUH&U\VWDO3DODFHOHZHHNHQGGHUQLHUO LQWHUQDWLRQDOHVSDJQRO QHFRQYDLQFSDV/RXLVYDQ*DDOTXLVHUDLWGLVSRVpjOHYHQGUHSRXU PLOOLRQVG HXURV/D-XYHQWXV7XULQHWO $WOHWLFR0DGULGVRQWOHVGHX[ FOXEVOHVSOXVLQWpUHVVpVSDUO DQFLHQMRXHXUGH&KHOVHD/H)&9DOHQFH O DQFLHQFOXEGH-XDQ0DWDDLPHUDLWpJDOHPHQWOHIDLUHUHYHQLU 0$1&+(67(5&,7< ' 6LPHRQHSRXUUHPSODFHU 3HOOHJULQL LHJR 6LPHRQH VHUDLW OD FLEOH SULRULWDLUH GH 0DQFKHVWHU &LW\ SRXU UHPSODFHU0DQXHO3HOOHJULQLVXUOHEDQFVLFHGHUQLHUHVWOLPRJp 0DQXHO3HOOHJULQLQHGHYUDLWSDVIDLUHGHYLHX[RVj0DQFKHVWHU&LW\/H FOXEDQJODLVHVWUHOpJXpjKXLWSRLQWVGXOHDGHU&KHOVHDHWHVWTXDVLPHQW pOLPLQpGHODSKDVHGHJURXSHVGHOD/LJXHGHV&KDPSLRQV$XWDQWGLUH TXH OH GpEXW GH VDLVRQ HVW SDUWLFXOLqUHPHQW GpFHYDQW /HV SDUWRQV GX FOXE PDQFXQLHQ DXUDLHQW GRQF FRPPHQFp j HQYLVDJHU VRQ UHPSODFH PHQW6L3HS*XDUGLRODDORQJWHPSVpWpDQQRQFpFRPPHOHIXWXUPDQD JHUVHORQOH'DLO\VWDULOVHPEOHUDLWTXH'LHJR6LPHRQHVRLWILQDOHPHQW ODFLEOHSULRULWDLUH/HSDWURQGHO $WOHWLFR0DGULGDQRWDPPHQWFRQGXLW O pTXLSHHVSDJQROHjXQVXSHUEHWLWUHHQ/LJDODVDLVRQGHUQLqUHHWQ HVW SDVSDVVpORLQGHJDJQHUOD/LJXHGHV&KDPSLRQVDXVVL OD UpDFWLRQ GH VHV MRXHXUV YLVj YLV GX V\VWqPH GH MHX TX LO D YRXOX SU{QHU HQ RSWDQW SRXU OH HVWLPDQW TXH OHV FRpTXL SLHUVGH<DFLQH%UDKLPLRQWELHQ DVVLPLOp FHWWH VWUDWpJLH (YRTXDQW VRQ SURFKDLQ DGYHU VDLUHO (WKLRSLHTXHOHV9HUWVRQW EDWWXj$GGLV$EHEDHQRXYHUWXUH GHV TXDOLILFDWLRQV *RXUFXII QH YHXWQXOOHPHQWVRXVHVWLPHUFHWWH pTXLSH TXL VH GpSODFHUD j %OLGD SRXU MRXHU VHV GHUQLqUHV FKDQFHV GDQV OD FRXUVH j OD TXDOLILFDWLRQ & HVW XQH pTXLSH TXL MRXH WUqV ELHQ OHV FRQWUHDWWDTXHV 1RXV GHYRQV GRQF IDLUH WUqV DWWHQWLRQ 'pMj ORUV GX PDWFK DOOHU HOOH QRXVDSRVpEHDXFRXSGHSUREOq PHV VXU OHV FRQWUHV D HQFRUH UHFRQQXOHVpOHFWLRQQHXUQDWLRQDO TXL V DWWHQG j XQH UHQFRQWUH SOXV GLVSXWpH VXU OH WHUUDLQ GX 0DOL SRXU OH FRPSWH GH OD GHUQLqUH MRXUQpH GHV pOLPLQDWRLUHV &H VHUDHQTXHOTXHVRUWHXQWHVWUpYp ODWHXUDYDQWOD&$1FDURQDXUD j HQ GpFRXGUH DYHF XQH ERQQH pTXLSH PDOLHQQH GH VXUFURvW WUqV DWKOpWLTXH DWLO HVWLPp /H SDWURQWHFKQLTXHGHV9HUWVQ DSDV FDFKp DX SDVVDJH VHV DSSUpKHQ VLRQV j SURSRV G XQH pYHQWXHOOH DQQXODWLRQ GH OD &$1 DSUqV TXH O RUJDQLVDWLRQ GX WRXU QRL D pWp UHWLUpH DX 0DURF TXL D GHPDQGp OH UHSRUW )UDQFKHPHQWF HVWXQHVLWXDWLRQ LQpGLWHGHYDQWODTXHOOHQRXVQRXV UHWURXYRQV 7RXV QRV SODQV VRQW GpVRUPDLV WULEXWDLUHV GH OD GpFL VLRQ GH OD &RQIpGpUDWLRQ DIUL FDLQHGHIRRWEDOODXMRXUG KXLD WLOUHJUHWWp 35e3$5$7,213285&( 728512, 211(3(87 3$6(1&25( $17,&,3(5$9$17 '( &211$Ì75(/(3$<6 25*$1,6$7(85 &RQFHUQDQW OHV SUpSDUDWLIV SRXUOD&$1&KULVWLDQ*RXUFXII DIILUPHTXHULHQQ DHQFRUHFRP PHQFpWDQWTXHOHSD\VK{WHGHOD FRPSpWLWLRQ Q D SDV HQFRUH pWp GpVLJQp 3RXU *RXUFXII LO HVW LPSRUWDQW GH FRQQDvWUH OH SD\V K{WHSRXUFKRLVLUOHFDPSGHEDVH HW VXUWRXW OH OLHX GX VWDJH ,O H[SOLTXHFHSUREOqPH3RXUrWUH KRQQrWH DYHF YRXV RQ Q D SDV HQFRUH HQWDPp OHV SUpSDUDWLIV SRXU OD &$1 & HVW YUDL RQ HVW TXDOLILpVSRXUFHWRXUQRLPDLVRQ Q DHQFRUHULHQSXIDLUH/DFDXVH HVW VLPSOH RQ QH FRQQDLW PrPH SDV OH SD\V RUJDQLVDWHXU GH FHWWH &$1 j OD VXLWH GX UHWUDLW GX 0DURF 'qV TX RQ FRQQDvWUD OH SD\V TXL DEULWHUD FH WRXUQRL RQ FKRLVLUD QRWUH FDPS GH EDVH 2Q GpFLGHUDDXVVLGXOLHXGXVWDJHGH SUpSDUDWLRQ TXL YD GXUHU XQH TXLQ]DLQH GH MRXUV &HOD YD GpSHQGUH GHV FRQGLWLRQV FOLPDWL TXHV HW PpWpRURORJLTXHV GDQV FHWWHUpJLRQ ,/ 1 < $85$ 3$63/86 ' 810$7&+$0,&$/ &RQFHUQDQW OHV PDWFKV DPL FDX[ G DYDQW OD &$1 &KULVWLDQ *RXUFXII DQQRQFH TXH O (1 QH MRXHUD TX XQ VHXO PDWFK DPLFDO IDFH j XQ DGYHUVDLUH TXL VHUD FKRLVL XOWpULHXUHPHQW DSUqV OH WLUDJHDXVRUWGHODSKDVHILQDOHGH OD&$1,OGpFODUH(QSULQFLSH LO Q \ DXUD SDV SOXV G XQ PDWFK DPLFDO 2Q DXUD XQ VWDJH GH TXLQ]H MRXUV DYHF GHV VpDQFHV G HQWUDvQHPHQW HW RQ GHYUDLW GLV SXWHUXQPDWFKDPLFDO7RXWVHUD FODLUDSUqVOHWLUDJHDXVRUWGHOD &$1 $XWUHPHQW GLW FH VHUD SUHVTXH OH PrPH SURJUDPPH TX DYDQW OD &$1 TXL DYDLW HXOLHXHQ$IULTXHGX6XG &$1 7RXMRXUVSDVGHGRPLFLOLDWLRQ 5 pXQLVDX&DLUHGHSXLVFHPDWLQOHVPHP EUHVGX&RPLWp([pFXWLIGHOD&$)Q RQW WRXMRXUVSDVGpFLGpGXOLHXGHODSURFKDLQH &$1WRXWHQLQGLTXDQWTXHOHVPDWFKVpOLPLQDWRL UHV FRQWLQXHQW HW TXH OH 0DURF QH SRXUUD SDV \ SDUWLFLSHU &RPPXQLTXp 5pXQLOHQRYHPEUHDX&DLUHOH&RPLWp ([pFXWLIGHOD&RQIpGpUDWLRQ$IULFDLQHGH)RRWEDOO &$)DSULVFRQQDLVVDQFHGHODUpSRQVHDSSRUWpH OH 1RYHPEUH SDU OH 0LQLVWqUH GH OD -HXQHVVHHWGHV6SRUWVGX5R\DXPHGX0DURFSRU WDQW VXU OD GHPDQGH GH UHSRUW GH OD &RXSH G $IULTXHGHV1DWLRQV2UDQJH&HWWHUpSRQVH LQGLTXH FODLUHPHQW TXH OD )pGpUDWLRQ 5R\DOH 0DURFDLQHGH)RRWEDOOUpLWqUHVRQUHIXVG RUJDQL VHUODFRPSpWLWLRQDX[GDWHVLQGLTXpHVMDQYLHU IpYULHU 3DU FRQVpTXHQW D\DQW QRWLILp OH 1RYHPEUH GHUQLHUVDGpFLVLRQIHUPHHWXQDQLPHGHPDLQWHQLU OD FRPSpWLWLRQ DX[ GDWHV LQGLTXpHV OH &RPLWp ([pFXWLI FRQILUPH TXH OD &RXSH G $IULTXH GHV 1DWLRQV2UDQJHQ DXUDSDVOLHXDX0DURF /D &RPPLVVLRQ G 2UJDQLVDWLRQ GH OD &RXSH G $IULTXHGHV1DWLRQV2UDQJHDSSOLTXHUDXOWpULHX UHPHQWOHVGLVSRVLWLRQVUqJOHPHQWDLUHVTXLV LPSR VHQWVXLWHDXQRQUHVSHFWSDUOD)pGpUDWLRQ5R\DOH 0DURFDLQHGH)RRWEDOOGHVFODXVHVUqJOHPHQWDLUHV HW FRQWUDFWXHOOHV GRQW FHOOHV VWLSXOpHV GDQV O $FFRUG&DGUHVLJQpHQWUHOD&$)HWOD)pGpUDWLRQ 5R\DOH0DURFDLQHGH)RRWEDOOHQDYULO /H&RPLWp([pFXWLIDSULVQRWHGHODUpFHSWLRQ OH 1RYHPEUH GH TXHOTXHV FDQGLGDWXUHV G DVVRFLDWLRQV QDWLRQDOHV FRQILUPDQW OHXU VRXKDLW G RUJDQLVHUODFRPSpWLWLRQDX[GDWHVDUUrWpHV &HVFDQGLGDWXUHVVRQWDFWXHOOHPHQWjO pWXGHHWOH &RPLWp ([pFXWLI ILQDOLVHUD OD VpOHFWLRQ GH O DVVR FLDWLRQQDWLRQDOHUHWHQXHVRXVSHXHWFRQILUPHUDOH OLHXHWODGDWHGXWLUDJHDXVRUWGHODSKDVHILQDOH SDUODPrPHRFFDVLRQ /H&RPLWp([pFXWLIFRQILUPHGRQFOHPDLQWLHQ GHVMRXUQpHVpOLPLQDWRLUHVHWTXLDXURQWOLHXDX FRXUDQW GX PRLV QRYHPEUH HW QRYHP EUHSHUPHWWDQWODTXDOLILFDWLRQGHVpTXLSHVTXL VHMRLQGURQWjODVpOHFWLRQQDWLRQDOHGXSD\VK{WH $XVVL HW VXLWH DX UHIXV GH OD SDUWLH PDURFDLQH OH &RPLWp([pFXWLIGpFLGHTXHO pTXLSHQDWLRQDOHGX 0DURF HVW DXWRPDWLTXHPHQW GLVTXDOLILpH HW QH SRXUUDSUHQGUHSDUWjODHPHpGLWLRQGHOD&RXSH G $IULTXHGHV1DWLRQV2UDQJH 6(/21/$ 5$',2-,/ )0/$ 352&+$,1 &$16(5$,7 $84$7$5 ,OHVWjQRWHUTXHOD&$)Q DSRXUO LQVWDQWSDV HQFRUHDQQRQFpOHQRPGXSD\VRUJDQLVDWHXUGHOD SURFKDLQH &$1 6HORQ OD FKDLQH 5DGLRSKRQLTXH -LO )0 D DQQRQFp KLHU TXH OD SURFKDLQHpGLWLRQGHOD&$1DXUDLWOLHXDX 4DWDU3DUDLOOHXUVLOHVWTXDVLPHQWFHUWDLQOD&$) DYDLW DQQRQFp TXH OD SURFKDLQH &RXSH G $IULTXH Q DXUD SDV OLHX DX 0DURF WRXW HQ GLVTXDOLILDQW FH SD\VTXLDUHIXVpG RUJDQLVHUFHWRXUQRLVFRQWLQHQ WDOjFDXVHGHO eEROD,OHVWjQRWHUTXHOD&$)Q D SRXUO LQVWDQWSDVHQFRUHDQQRQFpOHQRPGXSD\V TXLGHYUDLWVXFFpGHUOH0DURFSRXUDEULWHUO pGLWLRQ 5DSSHORQV TXH OD &$) D LQGLTXp TXH OD &$1 DXUD OLHX OHV MDQYLHU IpYULHU FRPPHSUpYXH 1%KLHUjPLGLOHSUpVLGHQWGHOD&$)0,VVD +D\DWRXDLQGLTXpVXUVRQFRPSWHWZHHWHUFRPSWH RIILFLHO TXH OH SD\V K{WH GH OD &$1 VHUD FRQQXGDQVRMRXUV /( &+,))5( '8 -285 /(7$8;GHFK{PDJHV HVWVWDELOLVpjDX5R\DXPH8QLORUVGHVWURLV PRLVDFKHYpVILQVHSWHPEUHDXSOXVEDVGHSXLVILQDDQQRQFpKLHU O 2IILFHGHVVWDWLVWLTXHVQDWLRQDOHV216 Ï* b)Á¼YbYb®Ob 717.,(9927(3285,65$Ê/ /DVLQLVWUHDOOLDQFHGHO 8NUDLQH DYHFOHVLRQLVPH / DJHQGDGH O 8NUDLQHFDFKp SRXUOHVRXWLHQDX VLRQLVPHDXVVL GLVFUHWTXHSXEOLF Q HVWSOXVXQ VHFUHWSRXU SHUVRQQHjWUDYHUV ODFRQYHUJHQFH GHYXHVVXUOHV pYpQHPHQWV UpJLRQDX[HW LQWHUQDWLRQDX[VXU OHVTXHOVOHVGHX[ SD\VVH FRQFHUWHQWHW DFFRUGHQWOHXU YLRORQGDQVOH VHQVGHO D[HGX PDO7HO$YLYHW .LHYVRQWGHX[ DOOLpV LQFRQGLWLRQQHOV TXLWUDYDLOOHQW HQVHPEOHFRQWUH ODSROLWLTXHGHOD 5XVVLHGDQVOD UpJLRQDX0R\HQ 2ULHQWHWGDQVOHV DXWUHVUpJLRQVGX PRQGH / 8NUDLQH VHFRXpH SDU XQH WUqV JUDYH LQVWDELOLWp HW SDU GHV PDQLIHVWDWLRQV YLROHQWHV GHSXLVTXHOHSUpVLGHQW9LNWRU <DQRXNRYLWFKV HVWDEVWHQXGH VLJQHUXQDFFRUGG DVVRFLDWLRQ DYHFO 8QLRQHXURSpHQQHOH QRYHPEUH SULYLOpJLDQW GHV OLHQV SOXV pWURLWV DYHF 0RVFRX (W j MXVWH WLWUH 7HO $YLY V HVW LQFUXVWp GDQV FHWWH FULVH HQ V LQJpUDQW GDQV OHV DIIDLUHV LQWpULHXUHV GH O 8NUDLQH HW G DOLPHQWHU OD FULVHGDQVOHSD\V 'HSXLVOHGpEXWGHFHWWHJXHUUH FLYLOH DX PRLV GH QRYHPEUH QRWDPPHQW GDQV OHV UpJLRQV GX 6XG(VW GH O 8NUDLQH R OHV WXHXUV Q RQW SDVKpVLWpjXWLOLVHUSOXVLHXUV EDWDLOORQV FRQWUH OH SHXSOH XNUDLQLHQ QRWDPPHQW OHV EDWDLOORQV $]RY $LGDU 'RQEDVV 'QLHSU 'HQLSU ILQDQFpV SDU O ROLJDUTXH MXLI XNUDLQLHQ ,KR .RORPRwVN\ 'HV FULPHV GH JXHUUH RQW pWp FRPPLVWRUWXUHHQOqYHPHQWV PDVVDFUHVERPEDUGHPHQWVGH FLYLOV DX SKRVSKRUH EODQF 1RPPp JRXYHUQHXU GH OD UpJLRQ GH 'QHSURSHWURYVN DSUqV OH FRXS G (WDW GH 0DwGDQH OH PDILHX[ MXLI XNUDLQLHQ ,KRU .RORPRwVN\ ILQDQFH OH SDUWL QpRQD]L 3UDY\6HNWRU 8Q DXWUH PDJQDW LVUDpOLHQ D IRXUQL XQ VRXWLHQ j O RSSRVL 2QUV UETKRVWO 3DU % &KHOODOL ,QIUDVWUXFWXUHVGH EDVH XQU{OHGH OHDGHUVKLSGDQVOH GpYHORSSHPHQW pFRQRPLTXH / WLRQHQ8NUDLQH ,QGLFHV SUHXYHV HW UDSSRUWV VRQW XQDQLPHV SRXU FRQFOXUH TXH OH 0RVVDG LVUDpOLHQ HVW O XQ GHV LQVWLJDWHXUV GH FHWWH UpYROXWLRQ HQ 8NUDLQH ,O D pWp SURXYp TX XQ PLOLWDLUH LVUDpOLHQ FRPPDQGDLW XQ JURXSHGH8NUDLQLHQVXOWUD YLROHQWV 4XDWUH DXWUHV LVUDp OLHQV TXL DYDLHQW GpMj VHUYL GDQV O DUPpH VLRQLVWH 7VKDO RQW DXVVL SULV SDUW j O LQVWLJD WLRQHWjO HQFDGUHPHQWGHVUDV VHPEOHPHQWVGHO RSSRVLWLRQj .LHY ,O HVW pYLGHQW TXH OH 0RVVDGDHXWRXWHVOHVIDFLOLWpV SRXU V LQILOWUHU DX VHLQ GH OD FRPPXQDXWp MXLYH YLYDQW HQ 8NUDLQH SRXU OD PRELOLVHU HQ IDYHXU GH O RSSRVLWLRQ 8QH FRPPXQDXWpTXLDpWpGHUULqUH WRXVOHVFKDRVGHFHSD\V $XWUH SUHXYH GH O D[H 7HO $YLY.LHY VRXV OH FRQWU{OH DYpUp GH :DVKLQJWRQ SRXU PHWWUH HQ DFFXVDWLRQ 0RVFRX GDQV FHWWH FULVH GH O 8NUDLQH ODWUDJpGLHGXYRO0+VXU YHQXH DX PRLV GH MXLOOHW GHU QLHU3DVEHVRLQGHPHQXFHWWH IRLV OH EXW FRPPH UDSSRUWp SDU GLYHUVHV UpSRQVHV pWDLW FODLU HW PXOWLIRUPH GLYHUVL ILHUOHSLYRWYHUVO $VLHHQpWD EOLVVDQW XQH WrWH GH SRQW HQ 8NUDLQH DILQ GH VDERWHU OHV pFKDQJHV FRPPHUFLDX[ HQWUH O (XURSH HW OD 5XVVLH pWHQGUH O 27$1 EULVHU OH SDUWHQDULDW VWUDWpJLTXH HQWUH OD 5XVVLH HW OD &KLQH HPSrFKHU SDU WRXV OHV PR\HQV O LQWpJUDWLRQ FRP PHUFLDOH HW pFRQRPLTXH GH O (XUDVLH GX SDUWHQDULDW JHU PDQRUXVVHDX[QRXYHOOHVURX WHVGHOD6RLHFRQYHUJHQWHQWUH OD&KLQHjODUpJLRQGHO5XKU HW PDLQWHQLU GH IDLW O (XURSH VRXV O KpJpPRQLH GHV (WDWV 8QLV $XGHOj GX IDLW DYpUp TX XQ FKDVVHXU XNUDLQLHQ 68 VH WURXYDLWGDQVOHVLOODJHGXYRO 0+ XQ WDV GH TXHVWLRQV GHPHXUHQW VDQV UpSRQVH FHU WDLQHV OLpHV j GHV SURFpGXUHV GRXWHXVHV j O DpURSRUW G $PVWHUGDP6FKLSRO HQ PDWLqUH GH VpFXULWp TXL HVW DVVXUpHSDU,&76XQHVRFLpWp LVUDpOLHQQH EDVpH DX[ 3D\V %DV HW IRQGpH SDU G DQFLHQV RIILFLHUV GX 6KLQ %HW XQH DJHQFH GH UHQVHLJQHPHQW G ,VUDsO$ FHODV DMRXWHODSUp VHQFH LQH[SOLTXpH GH FRQVHLO OHUV pWUDQJHUV j OD WRXU GH FRQWU{OHGH.LHY 6XU XQ DXWUH SODQ UpJLRQDO DX 0R\HQ2ULHQW ,VUDsO PDLQ WLHQWO DPELJXwWpVXUVHVDUPHV QXFOpDLUHV WRXW HQ GpQRQoDQW OH SURJUDPPH QXFOpDLUH LUD QLHQ/HVHSWHPEUHGHUQLHU OH 3UHPLHU PLQLVWUH LVUDpOLHQ %HQMDPLQ 1pWDQ\DKRX V HVW UHQGX j :DVKLQJWRQ R LO D MRXpOHV&DVVDQGUHV DJLVVDQW GX SURJUDPPH QXFOpDLUH GH O ,UDQ +HXUHXVH FRwQFLGHQFH OH6KLQ%HWKOHVHUYLFHGHUHQ VHLJQHPHQWV LQWpULHXU G ,VUDsO DDQQRQFpOHPrPHMRXUO DU UHVWDWLRQG XQHVSLRQLUDQLHQ $OL0DQVRXULTXLDpWpHQU{Op SDU O XQLWp RSpUDWLRQQHOOH VSp FLDOHGHV*DUGLHQVGHODUpYR OXWLRQ FKDUJpH GH QRPEUHX[ DWWHQWDWV WHUURULVWHV GDQV OH PRQGH 2ULJLQDLUH G ,UDQ GHYHQX FLWR\HQ EHOJH HQ O LQWp UHVVpTXLDpWpDUUrWpjO DpUR SRUW GH 7HO$YLY YR\DJHDLW VRXV XQH IDXVVH LGHQWLWp /H GpFU\SWDJHGHFHFRXSGHILOHW HVWDLVpOHGDQJHULUDQLHQQ D SDV GLVSDUX O (WDW MXLI GHPHXUH VD SULQFLSDOH FLEOH SRWHQWLHOOH HW OH GpEXW GH GpWHQWHDXTXHORQDVVLVWHHQWUH :DVKLQJWRQ HW 7pKpUDQ HVW XQHGDQJHUHXVHLOOXVLRQ 'DQVOHPrPHFDGUHORUVGHOD UpFHQWH$VVHPEOpHJpQpUDOHGH O $JHQFH LQWHUQDWLRQDOH GH O pQHUJLH DWRPLTXH $,($ j 9LHQQHXQHUpVROXWLRQSURSR VpH SDU OHV SD\V DUDEHV YLVDQW O DUVHQDO QXFOpDLUH G ,VUDsO D pWp UHMHWpH /H WH[WH SUpVHQWp SDU OHV SD\V DUDEHV PHP EUHVGHO $,($ DpWpUHMHWpSDU YRWHVFRQWUHSRXUHW DEVWHQWLRQV /D UpVROXWLRQ QRQ FRQWUDL JQDQWHHWGpMjSUpVHQWpHjSOX VLHXUV UHSULVHV SDU OH SDVVp H[SULPDLW GHV LQTXLpWXGHV FRQFHUQDQW OHV FDSDFLWpV QXFOpDLUHV LVUDpOLHQQHV HW DSSHOOH ,VUDsO j DGKpUHU DX 7UDLWp VXU OD QRQSUROLIpUDWLRQ GHVDUPHVQXFOpDLUHV713HW jSODFHUWRXWHVVHVLQVWDOODWLRQV QXFOpDLUHV VRXV OH UpJLPH GH VXSHUYLVLRQ GH O $,($ ,VUDrO FRQVLGpUp FRPPH OD VHXOH SXLVVDQFHQXFOpDLUHHVWOHVHXO SD\VDX0R\HQ2ULHQWjQ rWUH SDVVLJQDWDLUHGX713 /HVSD\VDUDEHVVRXWHQXVSDU O ,UDQ HW OHV SD\V QRQDOLJQpV GpSORUHQWTX ,VUDsOQ pWDQWSDV PHPEUH GX 713 QH GRLW SDV UHQGUHGHFRPSWHVVXUVHVDFWL YLWpV DWRPLTXHV DORUV TXH O ,UDQTXLDUDWLILpOH7UDLWpHVW YLVp SDU XQH HQTXrWH GH O $,($ VXU VRQ SURJUDPPH QXFOpDLUH (Q UpDOLWp O (WDW VLRQLVWH SUR GXLW GH O XUDQLXP HQULFKL HW SRVVpGH OHV FDSDFLWpV QXFOpDL UHV OHV SOXV VRSKLVWLTXpHV PDLV UHIXVH GH VLJQHU OH713 (W VL FH QRXYHDX VHXLO YLHQW G rWUH IUDQFKL OH FRQWUDW 7HO $YLY.LHY VRXV OD GLFWpH GH O (PSLUH GX PDO LO V LQVFULW GDQVODORJLTXHG XQHSROLWLTXH WRXW HQWLqUH GpWHUPLQpH SDU OD YRORQWp MDPDLV GpPHQWLH G DV VXUHU OD VXUYLH GH O 8NUDLQH EDVWLRQ GHV LQWpUrWV RFFLGHQ WDX[ HW DPpULFDLQV GDQV FHWWH UpJLRQ HW GDQJHU SHUPDQHQW SODQDQWDXGHVVXVGH0RVFRX / 8NUDLQH SOXV TXH MDPDLV GDQVOHJLURQGXVLRQLVPHV HVW ODQFpH GDQV XQH SURYRFDWLRQ RXYHUWH HQYHUV OH 0RQGH DUDEH &H SD\V VH GLVWLQJXH VDQVKpVLWDWLRQSRXUVHUYLUOHV LQWpUrWV LPSpULDOLVWHV GDQV FHWWH UpJLRQ 8Q HQJDJHPHQW TXL SUHQG O DOOXUH G XQ GpIL VDQV SUpFpGHQW GpOLEpUpPHQW ODQFp DX[ SHXSOHV DUDEHV (W DXGHOj j OD FRPPXQDXWp LQWHUQDWLRQDOH $XWUHPHQW GLW OHV LVUDpOLHQV QH VH IRQW SDV IDXWH GH SURFODPHU TXH O 8NUDLQH V DIILUPH FRPPH OHXUVROGDWOHSOXVVU $KPDG6DEHU LQIUDVWUXFWXUH GH EDVH HVWXQpOpPHQWPDMHXU GH OD YLH pFRQRPLTXH G XQSD\V(OOHHVWPrPHODSLqFH PDvWUHVVHDXWRXUGHODTXHOOHV DU WLFXOHQW OHV DXWUHV DFWLYLWpV 6HFWHXU UHODWLYHPHQW VSpFLILTXH VRQ LPSRUWDQFH HVW IRQFWLRQ GHV REMHFWLIVYLVpV'HOXLGpSHQGOH VXFFqVRXO pFKHFGHWRXWHRSpUD WLRQ GH GpYHORSSHPHQW 'DQV OD GLDOHFWLTXH RIILFLHOOH GH O H[pFX WLILOHVWQRWpTXHOHVLQIUDVWUXF WXUHVGHEDVHQHGHYUDLHQWDEVR OXPHQWSOXVFRQVWLWXHUOHVSULQFL SDOHVFRQWUDLQWHVTXLHQWUDYHQWOH GpYHORSSHPHQW GH O pFRQRPLH QDWLRQDOH,OLPSRUWHGRQFGHOHV SODQLILHU SRXU PLHX[ OHV FRRU GRQQHU DYHF OH GpYHORSSHPHQW GHVVHFWHXUVSURGXFWLIV /HJRXYHUQHPHQWGDQVVRQ3ODQ G DFWLRQ DFFRUGH XQH SULRULWp SDUWLFXOLqUHjFHVHFWHXUVHQVLEOH GRQWLOGHYUDGLVFHUQHUOHVFRQGL WLRQVGDQVOHVTXHOOHVLOSHXWMRXHU HIILFDFHPHQW VRQ U{OH GH FDWDO\ VHXUHWOHVVLWXDWLRQVROHVLQYHV WLVVHPHQWVFRQVDFUpVjODPRELOL VDWLRQ pWDLHQW GpFHYDQWV 8QH WkFKH TXL VHPEOH j OD SRUWpH GX SURJUDPPH TXLQTXHQQDO FDUOHVVROXWLRQVHWOHVPpWKR GHV SRXU \ SDUYHQLU VRQW JDUDQ WLHV SDU XQH OLJQH ILQDQFLqUH FRQVLVWDQWH ,O VXIILW GH IL[HU OHV SULRULWpVDVVXUDQWTXHOHVUpDOLVD WLRQV j HQWUHSUHQGUH VHUDLHQW OHV SOXV XWLOHV j O H[SDQVLRQ pFRQR PLTXH'HFHVFKRL[GpSHQGUDOD UpXVVLWH GX IXWXU SURJUDPPH TXLQTXHQQDO 3RXU FHOD OH JRX YHUQHPHQW FRQVLGpUDQW OH U{OH VWUDWpJLTXH GHV LQIUDVWUXFWXUHV GDQV OH GpYHORSSHPHQW GX SD\V HW OHXU SODFH GDQV OD SROLWLTXH G DPpQDJHPHQW GX WHUULWRLUH DLQVL TXH OHXU FRQWULEXWLRQ j OD FURLVVDQFH HVW GpFLGp j HQWUH SUHQGUH OD UpDOLVDWLRQ G XQ YDVWH SURJUDPPH G DFWLRQV YLVDQW j UHQIRUFHU OHXU FRQWULEXWLRQ j FHW REMHFWLI / HIIRUW GH O (WDW VHUD GHVWLQp j ODSRXUVXLWHGHVDFWLRQVHQWDPpHV SRXU DVVXUHU XQ PHLOOHXU PDLO ODJHGXWHUULWRLUHHQLQIUDVWUXFWX UHVGHWUDQVSRUWGDQVXQREMHFWLI GH OXWWH FRQWUH OHV GLVSDULWpV UpJLRQDOHV $ FH WLWUH OH SUR JUDPPH GH GpYHORSSHPHQW FRQWLQXHUD GH EpQpILFLHU G XQH DWWHQWLRQ SDUWLFXOLqUH j WRXV OHV QLYHDX[ GX IDLW TX LO HVW XQ pOp PHQW GH EDVH GH OD SROLWLTXH QDWLRQDOHGHGpYHORSSHPHQWpFR QRPLTXH YLVDQW OH UHQIRUFHPHQW GH O DFWLYLWp SURGXFWLYH SDU O DPpOLRUDWLRQ GH O DFFHVVLELOLWp GXWHUULWRLUHHWODYDORULVDWLRQGHV SRWHQWLDOLWpVPLQLqUHVHWWRXULVWL TXHVQRWDPPHQW3RXUFHODWRXV OHVPR\HQVVRQWGLVSRQLEOHVSRXU IDLUH SUHXYH GH FHWWH SXLVVDQFH LQIUDVWUXFWXUHOOH j TXL HVW GpYROX GpVRUPDLV XQ U{OH GH OHDGHUVKLS GDQV OH GpYHORSSH PHQWpFRQRPLTXH %&