Code De La Famille B.0 6.10

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/



7(;7(6*(1(5$8; 'DKLU Qƒ  GX  KLMD   IpYULHU  SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW &RGH GH OD )DPLOOH BBBBBBBBB /28$1*($',(86(8/¬

*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, 4XHO·RQVDFKHSDUOHVSUpVHQWHV¬²SXLVVH'LHXHQpOHYHUHW HQIRUWLILHUODWHQHXU¬ 4XH1RWUH0DMHVWp&KpULILHQQH 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW $'e&,'e&(48,68,7

(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH GXSUpVHQWGDKLUODORLQƒSRUWDQW&RGHGHOD)DPLOOHWHOOH TX DGRSWpH SDU OD &KDPEUH GHV UHSUpVHQWDQWV HW OD &KDPEUH GHV FRQVHLOOHUV

)DLWj5DEDWOHKLMDIpYULHU  3RXUFRQWUHVHLQJ

/H3UHPLHUPLQLVWUH '5,66-(7728

 35($0%8/( BBBBBBBBBBB

'HSXLV VRQ DFFHVVLRQ DX WU{QH GH VHV JORULHX[ DQFrWUHV 6D 0DMHVWp OH 5RL 0RKDPPHG 9, &RPPDQGHXUGHVFUR\DQWVTXH'LHXOHJORULILHV·HVW DWWDFKpjLQVFULUHODSURPRWLRQGHVGURLWVGHO·+RPPH DX F±XU GX SURMHW VRFLpWDO GpPRFUDWLTXH HW PRGHUQH TXL HVW HQJDJp VRXV O·LPSXOVLRQ UR\DOH 2XWUH VRQ VRXFL G·pTXLWp j O·pJDUG GH OD IHPPH OH SURMHW YLVH QRWDPPHQW j SURWpJHU OHV GURLWV GH O·HQIDQW HW j SUpVHUYHU OD GLJQLWp GH O·KRPPH VDQV VH GpSDUWLU GHV GHVVHLQVWROpUDQWVGHMXVWLFHG·pJDOLWpHWGHVROLGDULWp TXH SU{QH O·,VODP 3DUDOOqOHPHQW LO IDLW XQH ODUJH SODFH j O·HIIRUW MXULVSUXGHQWLHO GH O·,MWLKDG HW j O·RXYHUWXUHVXUO·HVSULWGHO·pSRTXHHWOHVH[LJHQFHVGX GpYHORSSHPHQWHWGXSURJUqV &·pWDLW OH UHJUHWWp 6RXYHUDLQ 6D 0DMHVWp OH 5RL 0RKDPPHG 9¬²¬4XH 'LHX DLW VRQ kPH¬² TXL GqV OH UHFRXYUHPHQWSDUOH0DURFGHVDSOHLQHVRXYHUDLQHWp

V·HVW DWWDFKp j OD SURPXOJDWLRQ G·XQ FRGH GX VWDWXW SHUVRQQHO 0RXGDZDQD TXL GHYDLW FRQVWLWXHU XQ SUHPLHU MDORQ GDQV O·pGLILFDWLRQ GH O·(WDW GH GURLW HW GDQV OH SURFHVVXV G·KDUPRQLVDWLRQ GHV SUHVFULSWLRQV DIIpUHQWHV DXGLW VWDWXW 4XDQW j O·±XYUH HQJDJpH SDU )HX 6D 0DMHVWp OH 5RL +DVVDQ ,,¬²¬TXH 'LHX O·DLW HQ 6D VDLQWH PLVpULFRUGH¬² HOOH V·HVW QRWDPPHQW FDUDFWpULVpH SDU OD FRQVpFUDWLRQ FRQVWLWXWLRQQHOOH GX SULQFLSHG·pJDOLWpGHYDQWODORL(QHIIHWOHGpIXQW5RL DFFRUGDLW DX[ TXHVWLRQV WRXFKDQW OD IDPLOOH VD WUqV KDXWH HW ELHQYHLOODQWH DWWHQWLRQ GRQW OHV UHWRPEpHV FRQFUqWHV pWDLHQW FODLUHPHQW SDOSDEOHV GDQV WRXV OHV GRPDLQHV GH OD YLH SROLWLTXH LQVWLWXWLRQQHOOH pFRQRPLTXH VRFLDOH HW FXOWXUHOOH 'H IDLW HW HQWUH DXWUHV FRQVpTXHQFHV GH FHWWH pYROXWLRQ OD IHPPH PDURFDLQHV·HVWKLVVpHjXQVWDWXWTXLOXLDSHUPLVGH V·LPSOLTXHU HW GH V·LQYHVWLU DYHF HIILFLHQFH GDQV OHV GLIIpUHQWVVHFWHXUVGHODYLHSXEOLTXH &RQWLQXDQW VXU OD YRLH MXGLFLHXVH WUDFpH SDU VHV YpQpUpV *UDQG3qUH HW 3qUH 6D 0DMHVWp OH 5RL 0RKDPPHG 9,¬²¬TXH 'LHX O·DVVLVWH¬² V·HVW PRQWUp GpWHUPLQp j GRQQHU VD SOHLQH H[SUHVVLRQ j OD GpPRFUDWLHSDUWLFLSDWLYHGHSUR[LPLWp5pSRQGDQWDX[ DVSLUDWLRQV OpJLWLPHV GX SHXSOH PDURFDLQ HW FRQILUPDQWODYRORQWpXQDQLPHGHOD1DWLRQHWGHVRQ *XLGH 6XSUrPH G·DOOHU UpVROXPHQW GH O·DYDQW VXU OH FKHPLQ GH OD UpIRUPH JOREDOH GX SURJUqV VRXWHQX HW GXUD\RQQHPHQWDFFUXGHODFXOWXUHHWGHODFLYLOLVDWLRQ GX5R\DXPH6D0DMHVWpOH5RL0RKDPPHG9,¬²¬TXH 'LHXOHJDUGH¬²¬DWHQXjFHTXHODIDPLOOHPDURFDLQH IRQGpHVXUOHVSULQFLSHVGHODUHVSRQVDELOLWpSDUWDJpH GH O·pJDOLWp HW GH OD MXVWLFH YLYDQW HQ ERQQH LQWHOOLJHQFH GDQV O·DIIHFWLRQ HW O·HQWHQWH PXWXHOOHV HW DVVXUDQW j VD SURJpQLWXUH XQH pGXFDWLRQ VDLQH HW pTXLOLEUpH FRQVWLWXH XQ PDLOORQ HVVHQWLHO GDQV OH SURFHVVXV GH GpPRFUDWLVDWLRQ GH OD VRFLpWp GRQW HOOH HVWGXUHVWHODFHOOXOHGHEDVH 'HSXLVTXH/XLHVWpFKXHODFKDUJHVXSUrPHGHOD FRPPDQGHULH GHV FUR\DQWV OH 6RXYHUDLQ HQ YLVLRQQDLUH VDJH HW DYLVp V·HVW DWWDFKp j OD FRQFUpWLVDWLRQ GH FH SURMHW HQ PHWWDQW HQ SODFH XQH FRPPLVVLRQ 5R\DOH FRQVXOWDWLYH FRQVWLWXpH G·pPLQHQWV H[SHUWV HW 2XOpPD KRPPHV HW IHPPHV G·KRUL]RQV GH VHQVLELOLWpV HW GH GRPDLQHV GH FRPSpWHQFHPXOWLSOHVHWYDULpV(QOXLFRQILDQWOHVRLQ GHSURFpGHUjXQHUpYLVLRQHQSURIRQGHXUGXFRGHGX



%8//(7,12)),&,(/

VWDWXW SHUVRQQHO 6D 0DMHVWp Q·D SDV PDQTXp GH OXL SURGLJXHUHQSHUPDQHQFH6HVKDXWHVGLUHFWLYHVHW6HV FRQVHLOV pFODLUpV SRXU OD ERQQH SUpSDUDWLRQ G·XQ QRXYHDX&RGHGHOD)DPLOOH/H6RXYHUDLQLQVLVWDLWj FHW pJDUG VXU OD QpFHVVLWp GH V·HQ WHQLU VFUXSXOHXVHPHQWDX[SUHVFULSWLRQVOpJDOHVHWGHJDUGHU FRQVWDPPHQW j O·HVSULW OHV YpULWDEOHV GHVVHLQV HW ILQDOLWpVGHO·,VODP JpQpUHX[HWWROpUDQW6D0DMHVWpD pJDOHPHQW H[KRUWp OHV PHPEUHV GH OD &RPPLVVLRQ j VHSUpYDORLUGHO·HIIRUWMXULVSUXGHQWLHOGHO·,MWLKDG  HQ WHQDQW FRPSWH GH O·HVSULW GH O·pSRTXH GHV LPSpUDWLIV GH O·pYROXWLRQ HW GHV HQJDJHPHQWV VRXVFULWV SDU OH 5R\DXPHHQPDWLqUHGHGURLWVGHO·+RPPHWHOVTX·LOV VRQWUHFRQQXVXQLYHUVHOOHPHQW &H SURFHVVXV FRQGXLW DYHF OD +DXWH 6ROOLFLWXGH 5R\DOHDpWpFRXURQQpSDUO·pODERUDWLRQG·XQ&RGHGH OD )DPLOOH KLVWRULTXH SUpFXUVHXU HW LQpGLW SDU VD WHQHXUHWVHVGLVSRVLWLRQVDXWDQWTXHSDUVRQKDELOODJH OLQJXLVWLTXHMXULGLTXHFRQWHPSRUDLQHWSDUIDLWHPHQWHQ SKDVHDYHFOHVSUHVFULSWLRQVHWOHVILQDOLWpVJpQpUHXVHV HWWROpUDQWHVGHO·,VODP 'H IDLW OHV VROXWLRQV pQRQFpHV GDQV OH QRXYHDX &RGHVRQWIUDSSpHVGXVFHDXGHO·pTXLOLEUHGHO·pTXLWp HW GH O·RSpUDWLRQQDOLWp (OOHV WUDGXLVHQW O·HIIRUW MXULVSUXGHQWLHO pFODLUp HW RXYHUW TXL D pWp HW GRLW rWUH GpSOR\p DLQVL TXH OHV GURLWV GHV FLWR\HQQHV HW GHV FLWR\HQVPDURFDLQVTXLGRLYHQWrWUHDQFUpVHWFRQVDFUpV GDQVOHUHVSHFWGHVUpIpUHQWLHOVUHOLJLHX[FpOHVWHV /D VDJHVVH OD FODLUYR\DQFH OH VHQV GHV UHVSRQVDELOLWpVHWOHUpDOLVPHDYHFOHVTXHOV6D0DMHVWpOH 5RL 0RKDPPHG 9, TXH 'LHX OH JORULILH D LQLWLp OH SURFHVVXV G·pODERUDWLRQ GH FH PRQXPHQW MXULGLTXH HW VRFLpWDO FRQVWLWXHQW XQ PRWLI GH ILHUWp SRXU OHV GHX[ FKDPEUHV GX 3DUOHPHQW TXL V·HQRUJXHLOOLVVHQW GX FKDQJHPHQW KLVWRULTXH UHPDUTXDEOH TXH UHSUpVHQWH OH &RGH GH OD )DPLOOH HW OH FRQVLGqUHQW FRPPH XQ WH[WH MXULGLTXHIRQGDWHXUGHODVRFLpWpGpPRFUDWLTXHPRGHUQH /HV UHSUpVHQWDQWV GH OD 1DWLRQ DX 3DUOHPHQW DSSUpFLHQWKDXWHPHQWO·LQLWLDWLYHGpPRFUDWLTXHUR\DOH GH VRXPHWWUH OH SURMHW GX &RGH GH OD )DPLOOH j O·H[DPHQ GHV GHX[ FKDPEUHV 3DU FHWWH DFWLRQ 6D 0DMHVWp HQ WDQW TXH &RPPDQGHXU GHV FUR\DQWV HW UHSUpVHQWDQW VXSUrPH GH OD 1DWLRQ FRQILUPH VD FRQILDQFHGDQVOHU{OHYLWDOGpYROXDX3DUOHPHQWGDQV O·pGLILFDWLRQGpPRFUDWLTXHGHO·(WDWGHVLQVWLWXWLRQV /H 3DUOHPHQW H[SULPH pJDOHPHQW WRXWH VD UHFRQQDLVVDQFHSRXUOHVRLQDYHFOHTXHO6D0DMHVWpOH 5RLDYHLOOpjO·LQVWDXUDWLRQG·XQHMXVWLFHGHODIDPLOOH

1ƒ²¬UDPDGDQ

TXL VRLW VSpFLDOLVpH pTXLWDEOH TXDOLILpH PRGHUQH HW HIILFLHQWH ,O UpDIILUPH OD PRELOLVDWLRQ GH WRXWHV VHV FRPSRVDQWHVGHUULqUH$PLU$O0RXPLQLQHSRXUDVVXUHU WRXV OHV PR\HQV HW OHV WH[WHV j PrPH GH FRQVWLWXHU XQ GLVSRVLWLI OpJLVODWLI H[KDXVLI HW KDUPRQLHX[ DX VHUYLFH GHODFRKpVLRQGHODIDPLOOHHWGHODVROLGDULWpVRFLDOH 3RXU WRXWHV FHV FRQVLGpUDWLRQV OH 3DUOHPHQW H[SULPH VD ILHUWp SRXU OHV SURSRV pGLILDQWV HW OHV GLUHFWLYHV pFODLUpHV GX GLVFRXUV KLVWRULTXH TXH 6D 0DMHVWpOH5RLDSURQRQFpjO·RFFDVLRQGHO·RXYHUWXUH GHODGHX[LqPHDQQpHOpJLVODWLYHGHODHOpJLVODWXUH,O OHV DGRSWH HQ OHV FRQVLGpUDQW FRPPH OH PHLOOHXU SUpDPEXOH SRVVLEOH SRXU OH &RGH GH OD )DPLOOH 2Q FLWHUDjFHWpJDUGOHVH[WUDLWVFLDSUqVGXGLVFRXUVGH 6D0DMHVWpOH5RLTXH'LHXO·DVVLVWH ©¬(Q DGUHVVDQW 1RV +DXWHV 'LUHFWLYHV j FHWWH &RPPLVVLRQ HW HQ 1RXV SURQRQoDQW VXU OH SURMHW GH &RGH GH OD )DPLOOH 1RXV HQWHQGLRQV YRLU LQWURGXLUH OHVUpIRUPHVVXEVWDQWLHOOHVVXLYDQWHV  $GRSWHU XQH IRUPXODWLRQ PRGHUQH HQ OLHX HW SODFHGHVFRQFHSWVTXLSRUWHQWDWWHLQWHjODGLJQLWpHWj O KXPDQLVPH GH OD IHPPH HW SODFHU OD IDPLOOH VRXV OD UHVSRQVDELOLWpFRQMRLQWHGHVGHX[pSRX[$FHWpJDUG 0RQ $wHXO OH 3URSKqWH 6LGQD 0RKDPPHG¬²¬3DL[ HW 6DOXWVRLHQWVXUOXL²DGLW©¬OHVIHPPHVVRQWpJDOHV DX[ KRPPHV DX UHJDUG GH OD ORL¬ª ,O HVW HQ RXWUH UDSSRUWp TX LO D GLW  ©¬HVW GLJQH O KRPPH TXL OHV KRQRUHHWLJQREOHFHOXLTXLOHVKXPLOLH¬ª )DLUHGHODWXWHOOHZLOD\D XQGURLWGHODIHPPH PDMHXUHTX HOOHH[HUFHVHORQVRQFKRL[HWVHVLQWpUrWVHW FH HQ YHUWX G XQH OHFWXUH G XQ YHUVHW FRUDQLTXH VHORQ ODTXHOOHODIHPPHQHVDXUDLWrWUHREOLJpHjFRQWUDFWHUXQ PDULDJH FRQWUH VRQ JUp  ©¬1H OHV HPSrFKH] SDV GH UHQRXHUOHVOLHQVGHPDULDJHDYHFOHXUVPDULVVLOHVGHX[ pSRX[FRQYLHQQHQWGHFHTX LOVFURLHQWMXVWH¬ª/DIHPPH SHXWWRXWHIRLVPDQGDWHUGHVRQSOHLQJUpjFHWHIIHWVRQ SqUHRXXQGHVHVSURFKHV  $VVXUHU O pJDOLWp HQWUH O KRPPH HW OD IHPPH SRXU FH TXL FRQFHUQH O kJH GX PDULDJH IL[p XQLIRUPpPHQW j  DQV HQ DFFRUG DYHF FHUWDLQHV SUHVFULSWLRQV GX 5LWH 0DOpNLWH  HW ODLVVHU j OD GLVFUpWLRQGXMXJHODIDFXOWpGHUpGXLUHFHWkJHGDQVOHV FDV MXVWLILpV $VVXUHU pJDOHPHQW O pJDOLWp HQWUH OD ILOOH HW OH JDUoRQ FRQILpV j OD JDUGH HQ OHXU ODLVVDQW OD ODWLWXGHGHFKRLVLUOHXUGpYROXWDLUHjO kJHGHDQV 6 DJLVVDQWGHODSRO\JDPLH1RXVDYRQVYHLOOpj FH TX LO VRLW WHQX FRPSWH GHV GHVVHLQV GH O ,VODP WROpUDQW TXL HVW DWWDFKp j OD QRWLRQ GH MXVWLFH j WHOOH HQVHLJQH TXH OH 7RXW3XLVVDQW D DVVRUWL OD SRVVLELOLWp

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

GHSRO\JDPLHG XQHVpULHGHUHVWULFWLRQVVpYqUHV©6L YRXV FUDLJQH] G rWUH LQMXVWHV Q HQ pSRXVH] TX XQH VHXOHª0DLVOH7UqV+DXWDpFDUWpO K\SRWKqVHG XQH SDUIDLWH pTXLWp HQ GLVDQW HQ VXEVWDQFH ¬©¬YRXV QH SRXYH]WUDLWHUWRXWHVYRVIHPPHVDYHFpJDOLWpTXDQG ELHQ PrPH YRXV \ WLHQGULH]¬ª  FH TXL UHQG OD SRO\JDPLH OpJDOHPHQW TXDVLLPSRVVLEOH 'H PrPH DYRQV1RXVJDUGpjO HVSULWFHWWHVDJHVVHUHPDUTXDEOH GHO ,VODPTXLDXWRULVHO KRPPHjSUHQGUHXQHVHFRQGH pSRXVH HQ WRXWH OpJDOLWp SRXU GHV UDLVRQV GH IRUFH PDMHXUHVHORQGHVFULWqUHVVWULFWVGUDFRQLHQVHWDYHF HQRXWUHO DXWRULVDWLRQGXMXJH (Q UHYDQFKH GDQV O K\SRWKqVH G XQH LQWHUGLFWLRQ IRUPHOOH GH OD SRO\JDPLH O KRPPH VHUDLW WHQWp GH UHFRXULU j XQH SRO\JDPLH GH IDLW PDLV LOOLFLWH 3DU FRQVpTXHQWODSRO\JDPLHQ HVWDXWRULVpHTXHVHORQOHV FDVHWGDQVOHVFRQGLWLRQVOpJDOHVFLDSUqV ²¬/HMXJHQ DXWRULVHODSRO\JDPLHTXHV LOV DVVXUH GHODFDSDFLWpGXPDULjWUDLWHUO DXWUHpSRXVHHW VHV HQIDQWV pTXLWDEOHPHQW HW VXU XQ SLHG G pJDOLWp DYHF OD SUHPLqUH HW j OHXU JDUDQWLU OHV PrPHVFRQGLWLRQVGHYLHHWTXHV LOGLVSRVHG XQ DUJXPHQW REMHFWLI H[FHSWLRQQHO SRXU MXVWLILHU VRQUHFRXUVjODSRO\JDPLH ²¬/D IHPPH SHXW VXERUGRQQHU VRQ PDULDJH j OD FRQGLWLRQ FRQVLJQpH GDQV O DFWH TXH VRQ PDUL V HQJDJHjV DEVWHQLUGHSUHQGUHG DXWUHVpSRXVHV &HWWH FRQGLWLRQQDOLWp HVW HQ IDLW DVVLPLOpH j XQ GURLWTXLOXLUHYLHQW$FHWpJDUG2PDU,EQ.KDWWDE² TXH 'LHX VRLW VDWLVIDLW GH OXL  D GLW  © /HV GURLWV QH YDOHQW TXH SDU OHV FRQGLWLRQV \ DWWDFKpHV¬ª ©¬/H FRQWUDWWLHQWOLHXGHORLSRXUOHVSDUWLHVª3DFWD 6XQW 6HUYDQGD  (Q O DEVHQFH G XQH WHOOH FRQGLWLRQ LO OXL DSSDUWLHQW GH FRQYRTXHU OD SUHPLqUH pSRXVH HW GHPDQGHU VRQ FRQVHQWHPHQW DYLVHU OD GHX[LqPH pSRXVH TXH VRQ FRQMRLQW HVW GpMj PDULp HW UHFXHLOOLU pJDOHPHQWVRQDVVHQWLPHQW



PDULDJHHQHQVLPSOLILDQWODSURFpGXUHGHVRUWHTX LO VRLWVXIILVDQWGHO pWDEOLUHQSUpVHQFHGHGHX[WpPRLQV PXVXOPDQV HQ FRQIRUPLWp DYHF OHV SURFpGXUHV HQ YLJXHXU GDQV OH SD\V G DFFXHLO HW GH OH IDLUH HQUHJLVWUHU SDU OHV VHUYLFHV FRQVXODLUHV RX MXGLFLDLUHV PDURFDLQVFRQIRUPpPHQWjFHWWHUHFRPPDQGDWLRQGX 3URSKqWH©¬)DFLOLWH]QHFRPSOLTXH]SRLQW¬ª  )DLUH GX GLYRUFH HQ WDQW TXH GLVVROXWLRQ GHV OLHQVGHPDULDJHXQGURLWH[HUFpHWSDUO pSRX[HWSDU O pSRXVH VHORQ OHV FRQGLWLRQV OpJDOHV SURSUHV j FKDFXQH GHV SDUWLHV HW VRXV FRQWU{OH MXGLFLDLUH ,O V DJLW HQ HIIHW GH UHVWUHLQGUH OH GURLW GH GLYRUFH UHFRQQX j O KRPPH HQ OXL DWWDFKDQW GHV QRUPHV HW FRQGLWLRQV YLVDQW j SUpYHQLU XQ XVDJH DEXVLI GH FH GURLW/H3URSKqWH3ULqUHHW6DOXWVRLHQWVXU/XLGLWj FHWpJDUG©¬OHSOXVH[pFUDEOHGHVDFWHV OLFLWHVSRXU 'LHX HVW OH GLYRUFH¬ª 3RXU FH IDLUH LO FRQYLHQW GH UHQIRUFHU OHV PpFDQLVPHV GH FRQFLOLDWLRQ HW G LQWHUPpGLDWLRQ HQ IDLVDQW LQWHUYHQLU OD IDPLOOH HW OH MXJH6LOHSRXYRLUGHGLYRUFHUHYLHQWDXPDULO pSRXVH HQ D pJDOHPHQW OD SUpURJDWLYH SDU OH ELDLV GX GURLW G RSWLRQ 'DQV WRXV OHV FDV GH ILJXUH LO IDXGUD DYDQW G DXWRULVHUOHGLYRUFHV DVVXUHUTXHODIHPPHGLYRUFpH EpQpILFLHUDGHWRXVOHVGURLWVTXLOXLVRQWUHFRQQXV3DU DLOOHXUV XQH QRXYHOOH SURFpGXUH GH GLYRUFH D pWp DGRSWpH (OOH UHTXLHUW O DXWRULVDWLRQ SUpDODEOH GX WULEXQDO HW OH UqJOHPHQW GHV GURLWV GXV j OD IHPPH HW DX[ HQIDQWV SDU OH PDUL DYDQW O HQUHJLVWUHPHQW GX GLYRUFH (OOH SUpYRLW HQ RXWUH O LUUHFHYDELOLWp GX GLYRUFHYHUEDOGDQVGHVFDVH[FHSWLRQQHOV

 (ODUJLU OH GURLW GRQW GLVSRVH OD IHPPH SRXU GHPDQGHU OH GLYRUFH MXGLFLDLUH SRXU FDXVH GH PDQTXHPHQW GX PDUL j O XQH GHV FRQGLWLRQV VWLSXOpHV GDQV O DFWH GH PDULDJH RX SRXU SUpMXGLFH VXEL SDU O pSRXVH WHO TXH OH GpIDXW G HQWUHWLHQ O DEDQGRQ GX GRPLFLOHFRQMXJDOODYLROHQFHRXWRXVDXWUHVVpYLFHV HW FH FRQIRUPpPHQW j OD UqJOH  MXULVSUXGHQWLHOOH (QRXWUHLOGHYUDLWrWUHORLVLEOHjODIHPPHGRQW JpQpUDOH TXL SU{QH O pTXLOLEUH HW OH MXVWH PLOLHX GDQV OH PDUL YLHQW GH SUHQGUH XQH GHX[LqPH pSRXVH GH UpFODPHUOHGLYRUFHSRXUFDXVHGHSUpMXGLFHVXEL OHV UHODWLRQV FRQMXJDOHV &HWWH GLVSRVLWLRQ UpSRQG pJDOHPHQW DX VRXFL GH UHQIRUFHU O pJDOLWp HW O pTXLWp  &RQFUpWLVHU OD +DXWH 6ROOLFLWXGH 5R\DOH GRQW HQWUHOHVGHX[FRQMRLQWV'HPrPHTX DpWpLQVWLWXpOH 1RXVHQWRXURQV1RVFKHUVVXMHWVUpVLGDQWjO pWUDQJHU GLYRUFH SDU FRQVHQWHPHQW PXWXHO VRXV FRQWU{OH HWDILQGHOHYHUOHVFRQWUDLQWHVHWOHVGLIILFXOWpVTX LOV VXELVVHQW j O RFFDVLRQ GH O pWDEOLVVHPHQW G XQ DFWH GH MXGLFLDLUH



%8//(7,12)),&,(/

3UpVHUYHUOHVGURLWVGHO HQIDQWHQLQVpUDQWGDQV OH &RGH OHV GLVSRVLWLRQV SHUWLQHQWHV GHV FRQYHQWLRQV LQWHUQDWLRQDOHV UDWLILpHV SDU OH 0DURF HW FH HQ D\DQW FRQVWDPPHQW j O HVSULW O LQWpUrW GH O HQIDQW HQ PDWLqUH GHJDUGHODTXHOOHGHYUDLWrWUHFRQILpHjODPqUHSXLV DX SqUH SXLV j OD JUDQGPqUH PDWHUQHOOH (Q FDV G HPSrFKHPHQW LO DSSDUWLHQW DX MXJH GH GpFLGHU GH O RFWURLGHODJDUGHDXSOXVDSWHjO DVVXPHUSDUPLOHV SURFKHVGHO HQIDQWHWHQWHQDQWFRPSWHGXVHXOLQWpUrW GH O HQIDQW 3DU DLOOHXUV OD JDUDQWLH G XQ ORJHPHQW GpFHQW SRXU O HQIDQW REMHW GH OD JDUGH GHYLHQW GpVRUPDLV XQH REOLJDWLRQ GLVWLQFWH GH FHOOHV DX WLWUH GHODSHQVLRQDOLPHQWDLUH/DSURFpGXUHGHUqJOHPHQW GHV TXHVWLRQV OLpHV j ODGLWH SHQVLRQ VHUD DFFpOpUpH SXLVTX HOOH GHYUD V DFFRPSOLU GDQV XQ GpODL QH GpSDVVDQWSDVXQPRLV 3URWpJHUOHGURLWGHO HQIDQWjODUHFRQQDLVVDQFH GH VD SDWHUQLWp DX FDV R OH PDULDJH QH VHUDLW SDV IRUPDOLVp SDU XQ DFWH SRXU GHV UDLVRQV GH IRUFH PDMHXUH /H WULEXQDO V DSSXLH j FHW HIIHW VXU OHV pOpPHQWVGHSUHXYHWHQGDQWjpWDEOLUODILOLDWLRQ 3DU DLOOHXUV XQH SpULRGH GH FLQT DQV HVW SUpYXH SRXU UpJOHU OHV TXHVWLRQV UHVWpHV HQ VXVSHQV GDQV FH GRPDLQH HW FH SRXU pSDUJQHU OHV VRXIIUDQFHV HW OHV SULYDWLRQVDX[HQIDQWVGDQVXQHWHOOHVLWXDWLRQ  &RQIpUHU j OD SHWLWHILOOH HW DX SHWLWILOV GX F{Wp GH OD PqUH OH GURLW G KpULWHU GH OHXU JUDQGSqUH GDQVOHOHJVREOLJDWRLUHDXPrPHWLWUHTXHOHVSHWLWV HQIDQWV GX F{Wp GX ILOV HW FH HQ DSSOLFDWLRQ GX SULQFLSH GH O HIIRUW MXULVSUXGHQWLHO O ,MWLKDG HW GDQV XQVRXFLGHMXVWLFHHWG pTXLWp  6 DJLVVDQW GH OD TXHVWLRQ GH OD JHVWLRQ GHV ELHQV DFTXLV SDU OHV FRQMRLQWV SHQGDQW OH PDULDJH WRXW HQ UHWHQDQW OD UqJOH GH VpSDUDWLRQ GH OHXUV SDWULPRLQHV UHVSHFWLIV OHV FRQMRLQWV SHXYHQW HQ SULQFLSH FRQYHQLU GX PRGH GH JHVWLRQ GHV ELHQV DFTXLVHQFRPPXQGDQVXQGRFXPHQWVpSDUpGHO DFWH GH PDULDJH (Q FDV GH GpVDFFRUG LO HVW IDLW UHFRXUV DX[ UqJOHV JpQpUDOHV GH SUHXYH SRXU O·pYDOXDWLRQ SDU OH MXJH GH OD FRQWULEXWLRQ GH FKDFXQ GHV pSRX[ j OD IUXFWLILFDWLRQGHVELHQVGHODIDPLOOH 0HVGDPHVHW0HVVLHXUVOHVKRQRUDEOHVSDUOHPHQWDLUHV &HV UpIRUPHV GRQW 1RXV YHQRQV G pQRQFHU OHV SOXVLPSRUWDQWHVQHGRLYHQWSDVrWUHSHUoXHVFRPPH XQH YLFWRLUH G XQ FDPS VXU XQ DXWUH PDLV SOXW{W FRPPHGHVDFTXLVDXEpQpILFHGHWRXVOHV0DURFDLQV 1RXV DYRQV YHLOOp j FH TX HOOHV FDGUHQW DYHF OHV SULQFLSHVHWOHVUpIpUHQFHVFLDSUqV

1ƒ²¬UDPDGDQ

²¬-HQHSHX[HQ0DTXDOLWpG $PLU$O0RXPLQLQH DXWRULVHU FH TXH 'LHX D SURKLEp QL LQWHUGLUH FH TXHOH7UqV+DXWDDXWRULVp ²¬,O HVW QpFHVVDLUH GH V LQVSLUHU GHV GHVVHLQV GH O ,VODP WROpUDQWTXLKRQRUHO +RPPHHWSU{QHOD MXVWLFH O pJDOLWp HW OD FRKDELWDWLRQ KDUPRQLHXVH HW GH V DSSX\HU VXU O KRPRJpQpLWp GX ULWH PDOpNLWH DLQVL TXH VXU O ,MWLKDG  TXL IDLW GH O ,VODP XQH UHOLJLRQ DGDSWpH j WRXV OHV OLHX[ HW WRXWHV OHV pSRTXHV HQ YXH G pODERUHU XQ &RGH PRGHUQH GH OD )DPLOOH HQ SDUIDLWH DGpTXDWLRQ DYHFO HVSULWGHQRWUHUHOLJLRQWROpUDQWH ²¬/H &RGH QH GHYUDLW SDV rWUH FRQVLGpUp FRPPH XQH ORL pGLFWpH j O LQWHQWLRQ H[FOXVLYH GH OD IHPPHPDLVSOXW{WFRPPHXQGLVSRVLWLIGHVWLQp jWRXWHODIDPLOOHSqUHPqUHHWHQIDQWV,OREpLW DXVRXFLjODIRLVGHOHYHUO LQLTXLWpTXLSqVHVXU OHVIHPPHVGHSURWpJHUOHVGURLWVGHVHQIDQWVHW GHSUpVHUYHUODGLJQLWpGHO KRPPH 4XL SDUPL YRXV DFFHSWHUDLW TXH VD IDPLOOH VD IHPPH HW VHV HQIDQWV VRLHQW MHWpV j OD UXH RX TXH VD ILOOHRXVDV±XUVRLWPDOWUDLWpH" ²¬5RL GH WRXV OHV 0DURFDLQV 1RXV QH OpJLIpURQV SDVHQIDYHXUGHWHOOHRXWHOOHFDWpJRULHWHOOHRX WHOOHSDUWLH1RXVLQFDUQRQVODYRORQWpFROOHFWLYH GH OD 2XPPD TXH 1RXV FRQVLGpURQV FRPPH 1RWUHJUDQGHIDPLOOH 6RXFLHX[ GH SUpVHUYHU OHV GURLWV GH 1RV ILGqOHV VXMHWV GH FRQIHVVLRQ MXLYH 1RXV DYRQV WHQX j FH TXH VRLW UpDIILUPp GDQV OH QRXYHDX &RGH GH OD )DPLOOH O DSSOLFDWLRQ j OHXU pJDUG GHV GLVSRVLWLRQV GX VWDWXW SHUVRQQHOKpEUDwTXHPDURFDLQ %LHQ TXH OH &RGH GH  DLW pWp pWDEOL DYDQW O LQVWLWXWLRQ GX 3DUOHPHQW HW DPHQGp SDU GDKLU HQ  DX FRXUV G XQH SpULRGH FRQVWLWXWLRQQHOOH WUDQVLWRLUH 1RXV DYRQV MXJp QpFHVVDLUH HW MXGLFLHX[ TXH OH 3DUOHPHQW VRLW VDLVL SRXU OD SUHPLqUH IRLV GX SURMHWGH&RGHGHOD)DPLOOHHXpJDUGDX[REOLJDWLRQV FLYLOHV TX LO FRPSRUWH pWDQW HQWHQGX TXH VHV GLVSRVLWLRQV j FDUDFWqUH UHOLJLHX[ UHOqYHQW GX UHVVRUW H[FOXVLIG $PLU$O0RXPLQLQH 1RXV DWWHQGRQV GH YRXV G rWUH j OD KDXWHXU GH FHWWHUHVSRQVDELOLWpKLVWRULTXHWDQWSDUOHUHVSHFWGHOD VDFUDOLWp GHV GLVSRVLWLRQV GX SURMHW TXL V LQVSLUHQW GHV GHVVHLQVGHQRWUHUHOLJLRQJpQpUHXVHHWWROpUDQWHTX j O RFFDVLRQGHO DGRSWLRQG DXWUHVGLVSRVLWLRQV

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

&HV GLVSRVLWLRQV QH GRLYHQW SDV rWUH SHUoXHV FRPPH GHV WH[WHV SDUIDLWV QL DSSUpKHQGpHV DYHF IDQDWLVPH,OV DJLWSOXW{WGHOHVDERUGHUDYHFUpDOLVPH HWSHUVSLFDFLWpGqVORUVTX HOOHVVRQWLVVXHVG XQHIIRUW G ,MWLKDG YDODEOH SRXU OH 0DURF G DXMRXUG KXL RXYHUW DX SURJUqV TXH 1RXV SRXUVXLYRQV DYHF VDJHVVH GH PDQLqUHSURJUHVVLYHPDLVUpVROXH (Q 1RWUH TXDOLWp G $PLU $O 0RXPLQLQH 1RXV MXJHURQVYRWUHWUDYDLOHQODPDWLqUHHQ1RXVIRQGDQW VXU FHV SUHVFULSWLRQV GLYLQHV  ©¬FRQVXOWHOHV VXU OD TXHVWLRQ¬ª HW ©¬VL WD GpFLVLRQ HVW SULVH WX SHX[ FRPSWHUVXUO DSSXLGH'LHX¬ª 6RXFLHX[ GH UpXQLU OHV FRQGLWLRQV G XQH PLVH HQ ±XYUH HIILFLHQWH GX &RGH GH OD )DPLOOH 1RXV DYRQV DGUHVVp j 1RWUH 0LQLVWUH GH OD -XVWLFH XQH /HWWUH 5R\DOHIDLVDQWUHPDUTXHUTXHODPLVHHQ±XYUHGHFH WH[WH TXHOV TXH VRLHQW SDU DLOOHXUV OHV pOpPHQWV GH UpIRUPH TX LO FRPSRUWH UHVWH WULEXWDLUH GH OD FUpDWLRQ GH MXULGLFWLRQV GH OD )DPLOOH TXL VRLHQW pTXLWDEOHV PRGHUQHV HW HIILFLHQWHV (Q HIIHW O DSSOLFDWLRQ GX &RGH DFWXHO D FRQILUPp TXH OHV ODFXQHV HW OHV GpIDLOODQFHV TXL RQW pWp UHOHYpHV QH WHQDLHQW SDV VHXOHPHQWDX[GLVSRVLWLRQVSURSUHPHQWGLWHVGX&RGH PDLV SOXW{W j O DEVHQFH GH MXULGLFWLRQV GH OD )DPLOOH TXDOLILpHV VXU OHV SODQV PDWpULHO KXPDLQ HW GH SURFpGXUHjPrPHGHUpXQLUOHVFRQGLWLRQVGHMXVWLFH HWG pTXLWpQpFHVVDLUHVHWGHJDUDQWLUODFpOpULWpUHTXLVH GDQV OH WUDLWHPHQW GHV GRVVLHUV HW O H[pFXWLRQ GHV MXJHPHQWV 1RXVOXLDYRQVpJDOHPHQWRUGRQQpRXWUHODPLVH HQ SODFH UDSLGH GX )RQGV G HQWUDLGH IDPLOLDOH GH SUpYRLU GHV ORFDX[ FRQYHQDEOHV SRXU OHV MXULGLFWLRQV GH OD )DPLOOH GDQV OHV GLIIpUHQWV WULEXQDX[ GX 5R\DXPH HW GH YHLOOHU j OD IRUPDWLRQ GH FDGUHV TXDOLILpVGHGLIIpUHQWVQLYHDX[HXpJDUGDX[SRXYRLUV TXHFRQIqUHOHSUpVHQWSURMHWjOD-XVWLFH 1RXVOXLDYRQVHQRXWUHRUGRQQpGHVRXPHWWUHj 1RWUH0DMHVWpGHVSURSRVLWLRQVSRXUODPLVHHQSODFH G XQH FRPPLVVLRQ G H[SHUWV FKDUJpH G pODERUHU XQ JXLGH SUDWLTXH FRPSRUWDQW OHV GLIIpUHQWV DFWHV GLVSRVLWLRQV HW SURFpGXUHV FRQFHUQDQW OHV MXULGLFWLRQV GH OD )DPLOOH DILQ G HQ IDLUH XQH UpIpUHQFH XQLILpH SRXU FHV MXULGLFWLRQV WHQDQW OLHX GH PRGH G DSSOLFDWLRQ GX &RGH GH OD )DPLOOH ,O LPSRUWH pJDOHPHQWGHYHLOOHUjUpGXLUHOHVGpODLVSUpYXVGDQVOH FRGH GH SURFpGXUH FLYLOH HQ YLJXHXU FRQFHUQDQW O H[pFXWLRQ GHV GpFLVLRQV SULVHV VXU GHV TXHVWLRQV DIIpUHQWHVDX&RGHGHOD)DPLOOH¬ª

 /RLQƒ SRUWDQW&RGHGHOD)DPLOOH BBBBBB &KDSLWUHSUpOLPLQDLUH

'LVSRVLWLRQVJpQpUDOHV $UWLFOHSUHPLHU /DSUpVHQWHORLHVWGpQRPPpH&RGHGHOD)DPLOOH(OOHHVW GpVLJQpHFLDSUqVSDUOH&RGH $UWLFOH /HVGLVSRVLWLRQVGXSUpVHQW&RGHV DSSOLTXHQW  j WRXV OHV 0DURFDLQV PrPH FHX[ SRUWDQW XQH DXWUH QDWLRQDOLWp  ¬DX[UpIXJLpV\FRPSULVOHVDSDWULGHVFRQIRUPpPHQWjOD FRQYHQWLRQ GH *HQqYH GX  MXLOOHW  UHODWLYH DX VWDWXW GHV UpIXJLpV  ¬jWRXWHUHODWLRQHQWUHGHX[SHUVRQQHVORUVTXHO·XQHG·HOOHV HVWPDURFDLQH  ¬j WRXWH UHODWLRQ HQWUH GHX[ SHUVRQQHV GH QDWLRQDOLWp PDURFDLQHORUVTXHO XQHG·HOOHVHVWPXVXOPDQH /HV 0DURFDLQV GH FRQIHVVLRQ MXLYH VRQW VRXPLV DX[ UqJOHV GXVWDWXWSHUVRQQHOKpEUDwTXHPDURFDLQ $UWLFOH /H PLQLVWqUH SXEOLF DJLW FRPPH SDUWLH SULQFLSDOH GDQV WRXWHVOHVDFWLRQVYLVDQWO DSSOLFDWLRQGHVGLVSRVLWLRQVGXSUpVHQW &RGH

/,95(35(0,(5 BBBB '80$5,$*( 7,75(35(0,(5 '(6),$1d$,//(6(7'80$5,$*( $UWLFOH /H PDULDJH HVW XQ SDFWH IRQGp VXU OH FRQVHQWHPHQW PXWXHO HQYXHG·pWDEOLUXQHXQLRQOpJDOHHWGXUDEOHHQWUHXQKRPPHHW XQH IHPPH ,O D SRXU EXW OD YLH GDQV OD ILGpOLWp UpFLSURTXH OD SXUHWp HW OD IRQGDWLRQ G XQH IDPLOOH VWDEOH VRXV OD GLUHFWLRQ GHV GHX[pSRX[FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQW&RGH &KDSLWUHSUHPLHU

'HVILDQoDLOOHV $UWLFOH /HVILDQoDLOOHVVRQWXQHSURPHVVHPXWXHOOHGHPDULDJHHQWUH XQKRPPHHWXQHIHPPH /HV ILDQoDLOOHV VH UpDOLVHQW ORUVTXH OHV GHX[ SDUWLHV H[SULPHQW SDU WRXW PR\HQ FRPPXQpPHQW DGPLV OHXU SURPHVVH PXWXHOOHGHFRQWUDFWHUPDULDJH,OHQHVWDLQVLGHODUpFLWDWLRQGH OD )DWLKD HW GHV SUDWLTXHV DGPLVHV SDU O XVDJH HW OD FRXWXPH HQ IDLWG pFKDQJHGHSUpVHQWV $UWLFOH /HVGHX[SDUWLHVVRQWFRQVLGpUpHVHQSpULRGHGHILDQoDLOOHV MXVTX j OD FRQFOXVLRQ GH O DFWH GH PDULDJH G€PHQW FRQVWDWpH &KDFXQHGHVGHX[SDUWLHVSHXWURPSUHOHVILDQoDLOOHV



%8//(7,12)),&,(/ $UWLFOH /DUXSWXUHGHVILDQoDLOOHVQHGRQQHSDVGURLWjGpGRPPDJHPHQW

7RXWHIRLVVLO·XQHGHVGHX[SDUWLHVFRPPHWXQDFWHSRUWDQW SUpMXGLFHjO DXWUHODSDUWLHOpVpHSHXWUpFODPHUXQGpGRPPDJHPHQW $UWLFOH &KDFXQ GHV GHX[ ILDQFpV SHXW GHPDQGHU OD UHVWLWXWLRQ GHV SUpVHQWVRIIHUWVjPRLQVTXHODUXSWXUHGHVILDQoDLOOHVQHOXLVRLW LPSXWDEOH /HV SUpVHQWV VRQW UHVWLWXpV HQ O·pWDW RX VHORQ OHXU YDOHXU UpHOOH $UWLFOH /RUVTXH OH 6DGDT  OD GRW D pWp DFTXLWWp HQ WRWDOLWp RX HQ SDUWLHSDUOHILDQFpHWTX LO\DHXUXSWXUHGHVILDQoDLOOHVRXGpFqV GHO XQGHVILDQFpVOHILDQFpRXVHVKpULWLHUVSHXYHQWGHPDQGHUOD UHVWLWXWLRQGHVELHQVUHPLVRXjGpIDXWOHXUpTXLYDOHQWRXOHXU YDOHXUDXMRXUGHOHXUUHPLVH (Q FDV GH UHIXV SDU OD ILDQFpH GH UHVWLWXHU HQ QXPpUDLUH OD YDOHXU GX 6DGDT D\DQW VHUYL j O·DFTXLVLWLRQ GX -LKD] WURXVVHDX GH PDULDJH HW DPHXEOHPHQW  LO LQFRPEH j OD SDUWLH UHVSRQVDEOH GHODUXSWXUHGHVXSSRUWHUOHFDVpFKpDQWODSHUWHGpFRXODQWGHOD GpSUpFLDWLRQpYHQWXHOOHGX-LKD] GHSXLVVRQDFTXLVLWLRQ &KDSLWUH,,

'XPDULDJH $UWLFOH /H PDULDJH HVW FRQFOX SDU FRQVHQWHPHQW PXWXHO ,MDE HW 4XDERXO GHVGHX[FRQWUDFWDQWVH[SULPpHQWHUPHVFRQVDFUpVRX jO·DLGHGHWRXWHH[SUHVVLRQDGPLVHSDUODODQJXHRXO·XVDJH 3RXU WRXWH SHUVRQQH VH WURXYDQW GDQV O LQFDSDFLWp GH V H[SULPHU RUDOHPHQW OH FRQVHQWHPHQW UpVXOWH YDODEOHPHQW G XQ pFULW VL O LQWpUHVVp SHXW pFULUH VLQRQ G XQ VLJQH FRPSUpKHQVLEOH SDUO DXWUHSDUWLHHWSDUOHVGHX[DGRXO $UWLFOH /HFRQVHQWHPHQWGHVGHX[SDUWLHVGRLWrWUH  ¬H[SULPp YHUEDOHPHQW VL SRVVLEOH VLQRQ SDU pFULW RX SDU WRXWVLJQHFRPSUpKHQVLEOH  ¬FRQFRUGDQWHWH[SULPpVpDQFHWHQDQWH  ¬GpFLVLIHWQRQVXERUGRQQpjXQGpODLRXjXQHFRQGLWLRQ VXVSHQVLYHRXUpVROXWRLUH $UWLFOH 6RQWDSSOLFDEOHVjO DFWHGHPDULDJHYLFLpSDUODFRQWUDLQWH RXSDUOHGROOHVGLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVRXV $UWLFOH /D FRQFOXVLRQ GX PDULDJH HVW VXERUGRQQpH DX[ FRQGLWLRQV VXLYDQWHV  ¬ODFDSDFLWpGHO pSRX[HWGHO pSRXVH  ¬ODQRQHQWHQWHVXUODVXSSUHVVLRQGX6DGDT ODGRW   ¬ODSUpVHQFHGXWXWHXUPDWULPRQLDO:DOL GDQVOHFDVR FHOXLFLHVWUHTXLVSDUOHSUpVHQW&RGH  ¬OHFRQVWDWSDUOHVGHX[DGRXO GXFRQVHQWHPHQWGHVGHX[ pSRX[HWVDFRQVLJQDWLRQ  ¬O DEVHQFHG HPSrFKHPHQWVOpJDX[

1ƒ²¬UDPDGDQ $UWLFOH

/HV PDURFDLQV UpVLGDQW j O pWUDQJHU SHXYHQW FRQWUDFWHU PDULDJH VHORQ OHV IRUPDOLWpV DGPLQLVWUDWLYHV ORFDOHV GX SD\V GH UpVLGHQFH SRXUYX TXH VRLHQW UpXQLHV OHV FRQGLWLRQV GX FRQVHQWHPHQW GH OD FDSDFLWp GH OD SUpVHQFH GX WXWHXU PDWULPRQLDO :DOL  OH FDV pFKpDQW HW TX LO Q \ DLW SDV G HPSrFKHPHQWVOpJDX[QLG·HQWHQWHVXUODVXSSUHVVLRQGX6DGDT OD GRW HW FH HQ SUpVHQFH GH GHX[ WpPRLQV PXVXOPDQV HW VRXV UpVHUYHGHVGLVSRVLWLRQVGHO DUWLFOHFLGHVVRXV $UWLFOH /HVPDURFDLQVD\DQWFRQWUDFWpPDULDJHFRQIRUPpPHQWjOD OpJLVODWLRQ ORFDOH GX SD\V GH UpVLGHQFH GRLYHQW GpSRVHU XQH FRSLHGHO·DFWHGHPDULDJHGDQVXQGpODLGHWURLVPRLVFRXUDQWj FRPSWHU GH OD GDWH GH VD FRQFOXVLRQ DX[ VHUYLFHV FRQVXODLUHV PDURFDLQVGXOLHXG·pWDEOLVVHPHQWGHO·DFWH (Q O·DEVHQFH GH VHUYLFHV FRQVXODLUHV FRSLH GH O DFWH GH PDULDJHHVWDGUHVVpHGDQVOHPrPHGpODLDXPLQLVWqUHFKDUJpGHV DIIDLUHVpWUDQJqUHV &H PLQLVWqUH SURFqGH j OD WUDQVPLVVLRQ GH ODGLWH FRSLH j O RIILFLHUG pWDWFLYLOHWjODVHFWLRQGHODMXVWLFHGHODIDPLOOHGX OLHXGHQDLVVDQFHGHFKDFXQGHVFRQMRLQWV 6LOHVFRQMRLQWVRXO XQG HX[QHVRQWSDVQpVDX0DURFOD FRSLHHVWDGUHVVpHjODVHFWLRQGHODMXVWLFHGHODIDPLOOHGH5DEDW HW DX SURFXUHXU GX 5RL SUqV OH WULEXQDO GH SUHPLqUH LQVWDQFH GH 5DEDW $UWLFOH /HGRFXPHQWSRUWDQWDFWHGHPDULDJHFRQVWLWXHOHPR\HQGH SUHXYHGXGLWPDULDJH /RUVTXH GHV UDLVRQV LPSpULHXVHV RQW HPSrFKp O pWDEOLVVHPHQW GX GRFXPHQW GH O DFWH GH PDULDJH HQ WHPSV RSSRUWXQ OH WULEXQDO DGPHW ORUV G XQH DFWLRQ HQ UHFRQQDLVVDQFH GH PDULDJH WRXV OHV PR\HQV GH SUHXYH DLQVL TXH OH UHFRXUV j O·H[SHUWLVH /H WULEXQDO SUHQG HQ FRQVLGpUDWLRQ ORUVTX LO FRQQDvW G XQH DFWLRQHQUHFRQQDLVVDQFHGHPDULDJHO H[LVWHQFHG HQIDQWVRXGH JURVVHVVH LVVXV GH OD UHODWLRQ FRQMXJDOH HW TXH O·DFWLRQ D pWp LQWURGXLWHGXYLYDQWGHVGHX[pSRX[ / DFWLRQ HQ UHFRQQDLVVDQFH GH PDULDJH HVW UHFHYDEOH SHQGDQW XQH SpULRGH WUDQVLWRLUH QH GpSDVVDQW SDV FLQT DQV j FRPSWHUGHODGDWHG HQWUpHHQYLJXHXUGHODSUpVHQWHORL $UWLFOH /HPDULDJHHVWFRQFOXHQSUpVHQFHGHVSDUWLHVFRQWUDFWDQWHV 7RXWHIRLV XQH SURFXUDWLRQ SHXW rWUH GRQQpH j FHW HIIHW VXU DXWRULVDWLRQ GX MXJH GH OD IDPLOOH FKDUJp GX PDULDJH VHORQ OHV FRQGLWLRQVVXLYDQWHV  ¬O H[LVWHQFH GH FLUFRQVWDQFHV SDUWLFXOLqUHV HPSrFKDQW OH PDQGDQWGHFRQFOXUHOHPDULDJHHQSHUVRQQH  ¬OH PDQGDW GRLW rWUH pWDEOL VRXV OD IRUPH DXWKHQWLTXH RX VRXVVHLQJSULYpDYHFODVLJQDWXUHOpJDOLVpHGXPDQGDQW  ¬OHPDQGDWDLUHGRLWrWUHPDMHXUMRXLUGHVDSOHLQHFDSDFLWp FLYLOH HW UpXQLU OHV FRQGLWLRQV GH WXWHOOH DX FDV R LO VHUDLW PDQGDWpSDUOHWXWHXUPDWULPRQLDO:DOL   ¬OHPDQGDQWGRLWLQGLTXHUGDQVOHPDQGDWOHQRPGHO DXWUH pSRX[ VRQ VLJQDOHPHQW HW OHV UHQVHLJQHPHQWV UHODWLIV j VRQ LGHQWLWp DLQVL TXH WRXW UHQVHLJQHPHQW TX LO MXJH XWLOH GH PHQWLRQQHU

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

 ¬OHPDQGDWGRLWPHQWLRQQHUOHPRQWDQWGX6DGDT ODGRW HW HQ SUpFLVHU OH FDV pFKpDQW FH TXL GRLW rWUH YHUVp G DYDQFH RX j WHUPH/HPDQGDQWSHXWIL[HUOHVFRQGLWLRQVTX LOGpVLUHLQWURGXLUH GDQVO DFWHHWOHVFRQGLWLRQVGHO DXWUHSDUWLHDFFHSWpHVSDUOXL  ¬OHPDQGDWHVWYLVpSDUOHMXJHGHODIDPLOOHSUpFLWpDSUqV TX LOVHVRLWDVVXUpGHVDFRQIRUPLWpDX[FRQGLWLRQVUHTXLVHV $UWLFOH /H MXJH QH SHXW VH FKDUJHU SHUVRQQHOOHPHQW GH FRQFOXUH VRLW SRXU OXLPrPH VRLW SRXU VHV DVFHQGDQWV RX GHVFHQGDQWV OH PDULDJHG XQHSHUVRQQHVRXPLVHjVDWXWHOOH 7,75(,, '(/$&$3$&,7e'(/$787(//(0$75,021,$/( (7'86$'$4/$'27

&KDSLWUHSUHPLHU

'HODFDSDFLWpHWGHODWXWHOOHPDWULPRQLDOH $UWLFOH /DFDSDFLWpPDWULPRQLDOHV DFTXLHUWSRXUOHJDUoRQHWODILOOH MRXLVVDQW GH OHXUV IDFXOWpV PHQWDOHV j GL[KXLW DQV JUpJRULHQV UpYROXV $UWLFOH /H MXJH GH OD IDPLOOH FKDUJp GX PDULDJH SHXW DXWRULVHU OH PDULDJH GX JDUoRQ HW GH OD ILOOH DYDQW O kJH GH OD FDSDFLWp PDWULPRQLDOHSUpYXjO DUWLFOHFLGHVVXVSDUGpFLVLRQPRWLYpH SUpFLVDQW O LQWpUrW HW OHV PRWLIV MXVWLILDQW FH PDULDJH ,O DXUD HQWHQGXDXSUpDODEOHOHVSDUHQWVGXPLQHXURXVRQUHSUpVHQWDQW OpJDO'HPrPHLODXUDIDLWSURFpGHUjXQHH[SHUWLVHPpGLFDOHRX jXQHHQTXrWHVRFLDOH /DGpFLVLRQGXMXJHDXWRULVDQWOHPDULDJHG XQPLQHXUQ HVW VXVFHSWLEOHG DXFXQUHFRXUV $UWLFOH /H PDULDJH GX PLQHXU HVW VXERUGRQQp j O DSSUREDWLRQ GH VRQUHSUpVHQWDQWOpJDO / DSSUREDWLRQGXUHSUpVHQWDQWOpJDOHVWFRQVWDWpHSDUVDVLJQDWXUH DSSRVpH DYHF FHOOH GX PLQHXU VXU OD GHPDQGH G DXWRULVDWLRQ GH PDULDJHHWSDUVDSUpVHQFHORUVGHO·pWDEOLVVHPHQWGHO·DFWHGHPDULDJH /RUVTXHOHUHSUpVHQWDQWOpJDOGXPLQHXUUHIXVHG DFFRUGHUVRQ DSSUREDWLRQOHMXJHGHODIDPLOOHFKDUJpGXPDULDJHVWDWXHHQO REMHW $UWLFOH /HV FRQMRLQWV PDULpV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O DUWLFOH  FLGHVVXV DFTXLqUHQW OD FDSDFLWp FLYLOH SRXU HVWHU HQ MXVWLFHSRXUWRXWFHTXLFRQFHUQHOHVGURLWVHWREOLJDWLRQVQpVGHV HIIHWVUpVXOWDQWGXPDULDJH /HWULEXQDOSHXWjODGHPDQGHGHO XQGHVFRQMRLQWVRXGH VRQ UHSUpVHQWDQW OpJDO GpWHUPLQHU OHV FKDUJHV ILQDQFLqUHV TXL LQFRPEHQWDXFRQMRLQWFRQFHUQpHWOHXUVPRGDOLWpVGHSDLHPHQW $UWLFOH /HMXJHGHODIDPLOOHFKDUJpGXPDULDJHDXWRULVHOHPDULDJH GHO·KDQGLFDSpPHQWDOTX LOVRLWGHVH[HPDVFXOLQRXIpPLQLQVXU SURGXFWLRQ G XQ UDSSRUW pWDEOL SDU XQ RX SOXVLHXUV PpGHFLQV H[SHUWVVXUO pWDWGHO·KDQGLFDS /HMXJHFRPPXQLTXHOHUDSSRUWjO DXWUHSDUWLHHWHQIDLWpWDW GDQVXQSURFqVYHUEDO / DXWUH SDUWLH GRLW rWUH PDMHXUH HW FRQVHQWLU H[SUHVVpPHQW SDUHQJDJHPHQWDXWKHQWLTXHjODFRQFOXVLRQGHO DFWHGHPDULDJH DYHFODSHUVRQQHKDQGLFDSpH

 $UWLFOH

/D WXWHOOH PDWULPRQLDOH ZLOD\D HVW XQ GURLW TXL DSSDUWLHQW j OD IHPPH/DIHPPHPDMHXUHH[HUFHFHGURLWVHORQVRQFKRL[HWVRQLQWpUrW $UWLFOH /D IHPPH PDMHXUH SHXW FRQWUDFWHU HOOHPrPH VRQ PDULDJH RXGpOpJXHUjFHWHIIHWVRQSqUHRXO XQGHVHVSURFKHV &KDSLWUH,,

'X6DGDTODGRW  $UWLFOH /H 6DGDT ODGRW FRQVLVWHHQWRXWELHQGRQQpSDUO·pSRX[j VRQ pSRXVH LPSOLTXDQW GH VD SDUW OD IHUPH YRORQWp GH FUpHU XQ IR\HU HW GH YLYUH GDQV OHV OLHQV G·XQH DIIHFWLRQ PXWXHOOH /H IRQGHPHQW OpJDO GX 6DGDT FRQVLVWH HQ VD YDOHXU PRUDOH HW V\PEROLTXHHWQRQHQVDYDOHXUPDWpULHOOH $UWLFOH /H6DGDT HVWIL[pDXPRPHQWGHO·pWDEOLVVHPHQWGHO·DFWHGH PDULDJH$GpIDXWVDIL[DWLRQHVWGpOpJXpHDX[FRQMRLQWV 6LOHVFRQMRLQWVDSUqVFRQVRPPDWLRQGXPDULDJHQHVHVRQW SDVPLVG·DFFRUGVXUOHPRQWDQWGX6DGDT OHWULEXQDOSURFqGHj VD IL[DWLRQ HQ WHQDQW FRPSWH GX PLOLHX VRFLDO GH FKDFXQ GHV FRQMRLQWV $UWLFOH 7RXW FH TXL SHXW IDLUH OpJDOHPHQW O REMHW G XQH REOLJDWLRQ SHXW VHUYLU GH 6DGDT  ,O HVW OpJDOHPHQW SUpFRQLVp GH PRGpUHU OH PRQWDQWGX6DGDT  $UWLFOH /H 6DGDT FRQVHQWL SDU O·pSRX[ j O·pSRXVH GHYLHQW OD SURSULpWpGHFHOOHFLHOOHHQDODOLEUHGLVSRVLWLRQHWO·pSRX[QH SHXW H[LJHU G·HOOH HQ FRQWUHSDUWLH XQ DSSRUW TXHOFRQTXH HQ DPHXEOHPHQWRXDXWUHV $UWLFOH ,OSHXWrWUHFRQYHQXGXSDLHPHQWG·DYDQFHRXjWHUPHGHOD WRWDOLWpRXG XQHSDUWLHGX6DGDT  $UWLFOH /H6DGDT GRLWrWUHDFTXLWWpjO·pFKpDQFHGXWHUPHFRQYHQX / pSRXVHSHXWGHPDQGHUOHYHUVHPHQWGHODSDUWLHpFKXHGX 6DGDT DYDQWODFRQVRPPDWLRQGXPDULDJH $X FDV R OD FRQVRPPDWLRQ GX PDULDJH D HX OLHX DYDQW O·DFTXLWWHPHQWGX6DGDT FHGHUQLHUGHYLHQWXQHGHWWHjODFKDUJH GHO·pSRX[ $UWLFOH /·LQWpJUDOLWp GX 6DGDT  HVW DFTXLVH j O·pSRXVH HQ FDV GH FRQVRPPDWLRQ GX PDULDJH RX GH GpFqV GH O·pSRX[ DYDQW FHWWH FRQVRPPDWLRQ (Q FDV GH GLYRUFH VRXV FRQWU{OH MXGLFLDLUH DYDQW OD FRQVRPPDWLRQGXPDULDJHO pSRXVHDGURLWjODPRLWLpGX 6DGDT IL[p /RUVTXH OH PDULDJH Q·HVW SDV FRQVRPPp O·pSRXVH QH SHXW SUpWHQGUHDX6DGDT GDQVOHVFDVVXLYDQWV  ¬ORUVTXHO DFWHGHPDULDJHHVWUpVLOLp  ¬ORUVTXH OH PDULDJH HVW GLVVRXV SRXU YLFH UpGKLELWRLUH FRQVWDWpFKH]O XQGHVpSRX[  ¬ORUVTX LO \ D GLYRUFH VRXV FRQWU{OH MXGLFLDLUH GDQV OH FDV GXPDULDJHRODIL[DWLRQGX6DGDT HVWGpOpJXpH



%8//(7,12)),&,(/

$UWLFOH (QFDVGHGLYHUJHQFHVXUO·DFTXLWWHPHQWGHODSDUWLHpFKXH GX 6DGDT  LO HVW DMRXWp IRL DX[ GpFODUDWLRQV GH O pSRXVH VL OD FRQWHVWDWLRQ LQWHUYLHQW DYDQW OD FRQVRPPDWLRQ GX PDULDJH HW j FHOOHVGHO pSRX[GDQVOHFDVFRQWUDLUH (QFDVGHGLYHUJHQFHHQWUHOHVpSRX[VXUOHYHUVHPHQWGHOD SDUWLHGX6DGDT¬ jWHUPHODSUHXYHGXSDLHPHQWHVWjODFKDUJH GHO pSRX[ /H6DGDT QHVHSUHVFULWSDV $UWLFOH 7RXWFHTXHO pSRXVHDSSRUWHDXIR\HUDXWLWUHGX-LKD] RXGH &KRXDU WURXVVHDXGHPDULDJHHWDPHXEOHPHQW OXLDSSDUWLHQW (Q FDV GH FRQWHVWDWLRQ VXU OD SURSULpWp GHV DXWUHV REMHWV LO¬HVWVWDWXpVHORQOHVUqJOHVJpQpUDOHVGHSUHXYH 7RXWHIRLVHQO DEVHQFHGHSUHXYHLOVHUDIDLWGURLWDX[GLUHV GH O pSRX[ DSSX\pV SDU VHUPHQW V LO V DJLW G REMHWV G·XVDJH KDELWXHO DX[ KRPPHV HW DX[ GLUHV GH O pSRXVH DSUqV VHUPHQW SRXU OHV REMHWV KDELWXHOV DX[ IHPPHV /HV REMHWV TXL VRQW LQGLVWLQFWHPHQW XWLOLVpV SDU OHV KRPPHV HW OHV IHPPHV VHURQW DSUqV VHUPHQW GH O XQ HW GH O DXWUH pSRX[ SDUWDJpV HQWUH HX[ j PRLQVTXHO XQG HX[QHUHIXVHGHSUrWHUVHUPHQWDORUVTXHO DXWUH OHSUrWHDXTXHOFDVLOHVWVWDWXpHQIDYHXUGHFHGHUQLHU 7,75(,,, '(6(03È&+(0(176$80$5,$*( $UWLFOH /HV HPSrFKHPHQWV DX PDULDJH VRQW GH GHX[ VRUWHV  SHUSpWXHOVHWWHPSRUDLUHV &KDSLWUHSUHPLHU 'HVHPSrFKHPHQWVSHUSpWXHOV $UWLFOH (VWSURKLEpSRXUFDXVHGHSDUHQWpOHPDULDJHGHO KRPPH DYHF VHV DVFHQGDQWHV HW GHVFHQGDQWHV OHV GHVFHQGDQWHV GH VHV DVFHQGDQWVDXSUHPLHUGHJUpOHVGHVFHQGDQWHVDXSUHPLHUGHJUp GHFKDTXHDVFHQGDQWjO LQILQL $UWLFOH (VWSURKLEpSRXUFDXVHGHSDUHQWpSDUDOOLDQFHOHPDULDJH GHO KRPPHDYHFOHVDVFHQGDQWHVGHVRQpSRXVHGqVODFRQFOXVLRQ GXPDULDJHHWDYHFOHVGHVFHQGDQWHVGHO·pSRXVHjFRQGLWLRQTXH OHPDULDJHDYHFODPqUHDLWpWpFRQVRPPpjWRXVOHVGHJUpVDYHF OHV H[pSRXVHV GHV DVFHQGDQWV HW GHVFHQGDQWV GqV OD FRQFOXVLRQ GXPDULDJH $UWLFOH / DOODLWHPHQW HQWUDvQH OHV PrPHV HPSrFKHPHQWV TXH OD ILOLDWLRQHWODSDUHQWpSDUDOOLDQFH 6HXO O·HQIDQW DOODLWp HVW FRQVLGpUp FRPPH HQIDQW GH OD QRXUULFHHWGHVRQpSRX[jO·H[FOXVLRQGHVHVIUqUHVHWV±XUV /·DOODLWHPHQWQHFRQVWLWXHXQHPSrFKHPHQWDXPDULDJHTXH V·LODHXOLHXHIIHFWLYHPHQWDXFRXUVGHVGHX[SUHPLqUHVDQQpHV DYDQWOHVHYUDJH &KDSLWUH,, 'HVHPSrFKHPHQWVWHPSRUDLUHV $UWLFOH 6RQWSURKLEpVDXWLWUHGHVHPSrFKHPHQWVWHPSRUDLUHV  ¬OHPDULDJHVLPXOWDQpDYHFGHX[V±XUVRXDYHFXQHIHPPH HW VD WDQWH SDWHUQHOOH RX PDWHUQHOOH SDU ILOLDWLRQ RX DOODLWHPHQW 

1ƒ²¬UDPDGDQ

 ¬OH IDLW G DYRLU j OD IRLV XQ QRPEUH G pSRXVHV VXSpULHXU j FHOXLDXWRULVpOpJDOHPHQW  ¬OH PDULDJH HQ FDV GH GLYRUFH GHV GHX[ pSRX[ WURLV IRLV VXFFHVVLYHV WDQW TXH OD IHPPH Q D SDV WHUPLQp  OD SpULRGH GH YLGXLWp ,GGD FRQVpFXWLYH j XQ PDULDJH FRQFOX HW FRQVRPPp OpJDOHPHQWDYHFXQDXWUHpSRX[ /HPDULDJHGHODIHPPHGLYRUFpHDYHFXQWLHUVDQQXOHO HIIHW GHVWURLVGLYRUFHVDYHFOHSUHPLHUpSRX[OHPDULDJHGHQRXYHDX DYHF OH SUHPLHU pSRX[ SHXW IDLUH O REMHW GH WURLV QRXYHDX[ GLYRUFHV  ¬OHPDULDJHG XQHPXVXOPDQHDYHFXQQRQPXVXOPDQHWOH PDULDJH G XQ PXVXOPDQ DYHF XQH QRQPXVXOPDQH VDXI VL HOOH DSSDUWLHQWDX[JHQVGX/LYUH  ¬OH PDULDJH DYHF XQH IHPPH PDULpH RX HQ SpULRGH GH YLGXLWp,GGD RXGHFRQWLQHQFH,VWLEUk  $UWLFOH /DSRO\JDPLHHVWLQWHUGLWHORUVTX XQHLQMXVWLFHHVWjFUDLQGUH HQYHUV OHV pSRXVHV (OOH HVW pJDOHPHQW LQWHUGLWH ORUVTX LO H[LVWH XQHFRQGLWLRQGHO pSRXVHHQYHUWXGHODTXHOOHO pSRX[V HQJDJHj QHSDVOXLDGMRLQGUHXQHDXWUHpSRXVH $UWLFOH /HWULEXQDOQ DXWRULVHSDVODSRO\JDPLHGDQVOHVFDVVXLYDQWV ²¬ORUVTXH VD MXVWLILFDWLRQ REMHFWLYH HW VRQ FDUDFWqUH H[FHSWLRQQHOQ·RQWSDVpWppWDEOLV ²¬ORUVTXH OH GHPDQGHXU QH GLVSRVH SDV GH UHVVRXUFHV VXIILVDQWHV SRXU SRXUYRLU DX[ EHVRLQV GHV GHX[ IR\HUV HW¬OHXU DVVXUHU pTXLWDEOHPHQW O HQWUHWLHQ OH ORJHPHQW HW OHVDXWUHVH[LJHQFHVGHODYLH $UWLFOH (Q O·DEVHQFH GH FRQGLWLRQ SDU ODTXHOOH O pSRX[ V HQJDJH j UHQRQFHU j OD SRO\JDPLH FHOXLFL GRLW V·LO HQYLVDJH GH SUHQGUH XQH DXWUH pSRXVH SUpVHQWHU DX WULEXQDO XQH GHPDQGH G DXWRULVDWLRQjFHWHIIHW /D GHPDQGH GRLW LQGLTXHU OHV PRWLIV REMHFWLIV HW H[FHSWLRQQHOV MXVWLILDQW OD SRO\JDPLH HW GRLW rWUH DVVRUWLH G·XQH GpFODUDWLRQVXUODVLWXDWLRQPDWpULHOOHGXGHPDQGHXU $UWLFOH /H WULEXQDO FRQYRTXH DX[ ILQV GH FRPSDUXWLRQ O pSRXVH j ODTXHOOH OH PDUL HQYLVDJH G·DGMRLQGUH XQH FRpSRXVH 6L HOOH DFFXVH SHUVRQQHOOHPHQW UpFHSWLRQ GH OD FRQYRFDWLRQ PDLV QH FRPSDUDvWSDVRXUHIXVHGHODUHFHYRLUOHWULEXQDOOXLDGUHVVHSDU YRLH G XQ DJHQW GX JUHIIH XQH PLVH HQ GHPHXUH O DYLVDQW TXH VL HOOHQ·DVVLVWHSDVjO·DXGLHQFHGRQWODGDWHHVWIL[pHGDQVODPLVH HQ GHPHXUH LO VHUD VWDWXp VXU OD GHPDQGH GH O pSRX[ HQ VRQ DEVHQFH ,OSHXWrWUHpJDOHPHQWVWDWXpVXUODGHPDQGHHQO DEVHQFHGH O·pSRXVH GRQW OH PDUL HQYLVDJH GH SUHQGUH XQH DXWUH pSRXVH ORUVTXHOHPLQLVWqUHSXEOLFFRQFOXWjO LPSRVVLELOLWpGHWURXYHUXQ GRPLFLOHRXXQOLHXGHUpVLGHQFHRODFRQYRFDWLRQSHXWOXLrWUH UHPLVH 6LO pSRXVHQHUHoRLWSDVODFRQYRFDWLRQSRXUFDXVHG DGUHVVH HUURQpH FRPPXQLTXpH GH PDXYDLVH IRL SDU VRQ pSRX[ RX SRXU IDOVLILFDWLRQGXQRPHWRXGXSUpQRPGHO pSRXVHO·pSRXVHOpVpH SHXW GHPDQGHU O·DSSOLFDWLRQ j O HQFRQWUH GH O pSRX[ GH OD VDQFWLRQSUpYXHSDUO DUWLFOHGX&RGHSpQDO

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/



$UWLFOH

$UWLFOH

/HVGpEDWVVHGpURXOHQWHQFKDPEUHGXFRQVHLOHQSUpVHQFH GHV GHX[ SDUWLHV &HOOHVFL VRQW HQWHQGXHV DILQ GH WHQWHU GH WURXYHU XQ DUUDQJHPHQW DSUqV LQYHVWLJDWLRQ GHV IDLWV HW SUpVHQWDWLRQGHVUHQVHLJQHPHQWVUHTXLV

/HV GHX[ pSRX[ GLVSRVHQW FKDFXQ G·XQ SDWULPRLQH SURSUH 7RXWHIRLVOHVpSRX[SHXYHQWVHPHWWUHG·DFFRUGVXUOHVFRQGLWLRQV GH IUXFWLILFDWLRQ HW GH UpSDUWLWLRQ GHV ELHQV TX·LOV DXURQW DFTXLV SHQGDQWOHXUPDULDJH

/H WULEXQDO  SHXW SDU GpFLVLRQ PRWLYpH QRQ VXVFHSWLEOH GH UHFRXUV DXWRULVHU OD SRO\JDPLH V·LO HVW pWDEOL TXH OHV PRWLIV LQYRTXpV UHYrWHQW HIIHFWLYHPHQW XQ FDUDFWqUH REMHFWLI HW H[FHSWLRQQHO HW TXH WRXWHV OHV FRQGLWLRQV OpJDOHV DWWDFKpHV j OD GHPDQGH VRQW UHPSOLHV /D GpFLVLRQ UHQGXH GRLW HQ RXWUH IDLUH pWDWGHVPHVXUHVjSUHQGUHHQIDYHXUGHODSUHPLqUHpSRXVHHWGHV HQIDQWVLVVXVGHVRQPDULDJHDYHFOHPDULHQTXHVWLRQ $UWLFOH /RUVTX·LOHVWpWDEOLDXFRXUVGHVGpEDWVO·LPSRVVLELOLWpGH ODSRXUVXLWHGHODUHODWLRQFRQMXJDOHHWTXHO·pSRXVHGRQWOHPDUL HQYLVDJH GH OXL DGMRLQGUH XQH pSRXVH SHUVLVWH j GHPDQGHU OH GLYRUFH OH WULEXQDO IL[H XQ PRQWDQW FRUUHVSRQGDQW j WRXV OHV GURLWVGHO·pSRXVHHWGHOHXUVHQIDQWVTXHO·pSRX[DO·REOLJDWLRQ G·HQWUHWHQLU

&HWDFFRUGIDLWO·REMHWG·XQGRFXPHQWGLVWLQFWGHO DFWHGH PDULDJH /HVDGRXO DYLVHQWOHVGHX[SDUWLHVORUVGHODFRQFOXVLRQGX PDULDJHGHVGLVSRVLWLRQVSUpFpGHQWHV $ GpIDXW GH O·DFFRUG VXVYLVp LO HVW IDLW UHFRXUV DX[ UqJOHV JpQpUDOHVGHSUHXYHWRXWHQSUHQDQWHQFRQVLGpUDWLRQOHWUDYDLOGH FKDFXQGHVFRQMRLQWVOHVHIIRUWVTX LODIRXUQLVHWOHVFKDUJHVTX LO DDVVXPpHVSRXUIUXFWLILHUOHVELHQVGHODIDPLOOH 7,75(9 '(6&$7e*25,(6'80$5,$*((7'(/(8565Ë*/(6 &KDSLWUHSUHPLHU

/ pSRX[ GRLW FRQVLJQHU OD VRPPH IL[pH GDQV XQ GpODL Q·H[FpGDQWSDVVHSWMRXUV

'XPDULDJHYDOLGHHWGHVHVHIIHWV

'qV OD FRQVLJQDWLRQ GH OD VRPPH OH WULEXQDO SURQRQFH XQ MXJHPHQW GH GLYRUFH &H MXJHPHQW Q HVW VXVFHSWLEOH G DXFXQ UHFRXUVGDQVVDSDUWLHPHWWDQWILQjODUHODWLRQFRQMXJDOH

/ DFWH GH PDULDJH GDQV OHTXHO OHV pOpPHQWV UHTXLV SRXU VD FRQVWLWXWLRQ VRQW UpXQLV TXL VDWLVIDLW DX[ FRQGLWLRQV GH YDOLGLWp HW¬TXL Q HVW HQWDFKp G DXFXQ HPSrFKHPHQW HVW UpSXWp YDODEOH HW¬SURGXLWWRXVVHVHIIHWVHQGURLWVHWGHYRLUVTXHODORLDLQVWLWXpV HQWUH OHV GHX[ pSRX[ OHV HQIDQWV HW OHV SURFKHV WHOV TX pQRQFpV GDQVOHSUpVHQW&RGH

/D QRQFRQVLJQDWLRQ GH OD VRPPH SUpFLWpH GDQV OH GpODL LPSDUWLHVWFRQVLGpUpHFRPPHXQHUHQRQFLDWLRQGHO·pSRX[jVD GHPDQGHGHSUHQGUHXQHDXWUHpSRXVH /RUVTXH O pSRX[ SHUVLVWH j GHPDQGHU O DXWRULVDWLRQ GH SUHQGUH XQH DXWUH pSRXVH HW TXH OD SUHPLqUH QH GRQQH SDV VRQ DFFRUG VDQV SRXU DXWDQW GHPDQGHU OH GLYRUFH OH WULEXQDO DSSOLTXHG RIILFHODSURFpGXUHGHGLVFRUGH&KLTDT SUpYXHDX[ DUWLFOHVjFLGHVVRXV $UWLFOH 6L OH PDUL HVW DXWRULVp j SUHQGUH XQH DXWUH pSRXVH OH PDULDJHDYHFFHOOHFLQHSHXWrWUHFRQFOXTX·DSUqVTX·HOOHDLWpWp LQIRUPpH SDU OH MXJH TXH OH SUpWHQGDQW HVW GpMj PDULp HW TX·HOOH DLWH[SULPpVRQFRQVHQWHPHQW / DYLV HW OH FRQVHQWHPHQW VRQW FRQVLJQpV GDQV XQ SURFqV YHUEDORIILFLHO 7,75(,9 '(6&21',7,216&216(168(//(63285/$&21&/86,21 '8¬0$5,$*((7'(/(856())(76

$UWLFOH 7RXWHV OHV FODXVHV FRQYHQWLRQQHOOHV PDWULPRQLDOHV VRQW FRQWUDLJQDQWHV7RXWHIRLVFHOOHVFRQWUDLUHVDX[FRQGLWLRQVHWDX[ EXWV GX PDULDJH DLQVL TX·DX[ UqJOHV LPSpUDWLYHV GH GURLW VRQW QXOOHVDORUVTXHO·DFWHGHPDULDJHGHPHXUHYDOLGH $UWLFOH /HV FRQGLWLRQV TXL DVVXUHQW XQ LQWpUrW OpJLWLPH DX FRQMRLQW TXL OHV IRUPXOH VRQW YDODEOHV HW FRQWUDLJQDQWHV SRXU O DXWUH FRQMRLQWTXL\DVRXVFULW (Q FDV GH VXUYHQDQFH GH FLUFRQVWDQFHV RX GH IDLWV UHQGDQW LQVXSSRUWDEOHO H[pFXWLRQUpHOOHGHODFRQGLWLRQFHOXLTXLV \HVW REOLJp SHXW GHPDQGHU DX WULEXQDO GH O HQ H[HPSWHU RX GH OD PRGLILHU WDQW TXH SHUVLVWHQW OHVGLWV FLUFRQVWDQFHV RX IDLWV VRXV UpVHUYHGHVGLVSRVLWLRQVGHO DUWLFOHFLGHVVXV

$UWLFOH

6HFWLRQ,¬²¬'HVFRQMRLQWV

$UWLFOH /HV GURLWV HW GHYRLUV UpFLSURTXHV HQWUH FRQMRLQWV VRQW OHV VXLYDQWV  OD FRKDELWDWLRQ OpJDOH TXL LPSOLTXH OHV ERQV UDSSRUWV FRQMXJDX[ OD MXVWLFH HW O pJDOLWp GH WUDLWHPHQW HQWUH pSRXVHV HQ FDVGHSRO\JDPLHODSXUHWpHWODILGpOLWpPXWXHOOHVODYHUWXHWOD SUpVHUYDWLRQGHO KRQQHXUHWGHODOLJQpH  OH PDLQWLHQ GH ERQV UDSSRUWV GH OD YLH FRPPXQH OH UHVSHFW O DIIHFWLRQ HW OD VROOLFLWXGH PXWXHOV DLQVL TXH OD SUpVHUYDWLRQGHO LQWpUrWGHODIDPLOOH  OD SULVH HQ FKDUJH SDU O pSRXVH FRQMRLQWHPHQW DYHF O·pSRX[GHODUHVSRQVDELOLWpGHODJHVWLRQGHVDIIDLUHVGXIR\HUHW GHODSURWHFWLRQGHVHQIDQWV  OD FRQFHUWDWLRQ GDQV OHV GpFLVLRQV UHODWLYHV j OD JHVWLRQ GHVDIIDLUHVGHODIDPLOOHGHVHQIDQWVHWGHSODQQLQJIDPLOLDO  OHPDLQWLHQSDUFKDTXHFRQMRLQWGHERQVUDSSRUWVDYHFOHV SDUHQWV GH O DXWUH HW VHV SURFKHV DYHF OHVTXHOV H[LVWH XQ HPSrFKHPHQWDXPDULDJHHQOHVUHVSHFWDQWOHXUUHQGDQWYLVLWHHW HQOHVUHFHYDQWGDQVOHVOLPLWHVGHVFRQYHQDQFHV  OHGURLWGHFKDFXQGHVpSRX[G·KpULWHUGHO·DXWUH $UWLFOH /RUVTXHO XQGHVFRQMRLQWVSHUVLVWHjPDQTXHUDX[REOLJDWLRQV YLVpHVjO DUWLFOHSUpFpGHQWO DXWUHSDUWLHSHXWUpFODPHUO H[pFXWLRQ GHV REOLJDWLRQV TXL OXL LQFRPEHQW RX UHFRXULU j OD SURFpGXUH GH GLVFRUGHSUpYXHDX[DUWLFOHVjFLGHVVRXV



%8//(7,12)),&,(/

1ƒ²¬UDPDGDQ

$UWLFOH

6HFWLRQ,¬²¬'XPDULDJHQXO

/RUVTXH O XQ GHV FRQMRLQWV H[SXOVH DEXVLYHPHQW O DXWUH GX IR\HU FRQMXJDO OH PLQLVWqUH SXEOLF LQWHUYLHQW SRXU UDPHQHU LPPpGLDWHPHQW OH FRQMRLQW H[SXOVp DX IR\HU FRQMXJDO WRXW HQ SUHQDQWOHVPHVXUHVJDUDQWLVVDQWVDVpFXULWpHWVDSURWHFWLRQ

$UWLFOH

6HFWLRQ,,¬²¬'HVHQIDQWV

$UWLFOH /HVGHYRLUVGHVSDUHQWVjO·pJDUGGHOHXUVHQIDQWVVRQWOHVVXLYDQWV  ¬DVVXUHUOHXUSURWHFWLRQHWYHLOOHUVXUOHXUVDQWpGHSXLVOD FRQFHSWLRQMXVTX jO kJHGHODPDMRULWp  ¬pWDEOLUHWSUpVHUYHUOHXULGHQWLWpQRWDPPHQWSDUOHQRP ODQDWLRQDOLWpHWO LQVFULSWLRQjO pWDWFLYLO  ¬JDUDQWLU OD ILOLDWLRQ OD JDUGH HW OD SHQVLRQ DOLPHQWDLUH FRQIRUPpPHQWDX[GLVSRVLWLRQVGXOLYUH,,,GXSUpVHQW&RGH  ¬YHLOOHUjO DOODLWHPHQWDXVHLQSDUODPqUHGDQVODPHVXUH GXSRVVLEOH  ¬SUHQGUH WRXWHV PHVXUHV SRVVLEOHV HQ YXH  G DVVXUHU OD FURLVVDQFH QRUPDOH GHV HQIDQWV HQ SUpVHUYDQW OHXU LQWpJULWp SK\VLTXH HW SV\FKRORJLTXH HW HQ YHLOODQW VXU OHXU VDQWp SDU OD SUpYHQWLRQHWOHVVRLQV  ¬DVVXUHU OHXU RULHQWDWLRQ UHOLJLHXVH HW OHXU LQFXOTXHU OHV UqJOHV GH ERQQH FRQGXLWH HW OHV QREOHV LGpDX[ TXL IDYRULVHQW O·KRQQrWHWp GDQV OD SDUROH HW O·DFWLRQ HW pFDUWHQW OH UHFRXUV j OD YLROHQFHSUpMXGLFLDEOHDXFRUSVHWjO·HVSULWHWV·DEVWHQLUHQRXWUH GHFHTXLHVWGHQDWXUHjFRPSURPHWWUHOHVLQWpUrWVGHO·HQIDQW  ¬OHXU DVVXUHU O·HQVHLJQHPHQW HW OD IRUPDWLRQ TXL OHXU SHUPHWWHQW G·DFFpGHU j OD YLH DFWLYH HW GH GHYHQLU GHV PHPEUHV XWLOHV GH OD VRFLpWp HW FUpHU SRXU HX[ DXWDQW TXH SRVVLEOH OHV FRQGLWLRQV DGpTXDWHV SRXU SRXUVXLYUH OHXUV pWXGHV VHORQ OHXUV DSWLWXGHVLQWHOOHFWXHOOHVHWSK\VLTXHV (Q FDV GH VpSDUDWLRQ GHV pSRX[ OHV GHYRLUV TXL OHXU LQFRPEHQW VRQW UpSDUWLV HQWUH HX[ FRQIRUPpPHQW DX[ GLVSRVLWLRQVSUpYXHVHQPDWLqUHGHJDUGH (QFDVGHGpFqVGHO·XQGHVpSRX[RXGHVGHX[OHVGHYRLUV SUpFLWpV VRQW WUDQVPLV j OD SHUVRQQH GHYDQW DVVXUHU OD JDUGH GH O·HQIDQW HW DX UHSUpVHQWDQW OpJDO GDQV OHV OLPLWHV GH OD¬UHVSRQVDELOLWpGpYROXHjFKDFXQG·HX[ 2XWUH OHV GURLWV SUpFLWpV O HQIDQW KDQGLFDSp D GURLW j XQH SURWHFWLRQVSpFLILTXHFRPSWHWHQXGHVRQpWDWQRWDPPHQWjXQ HQVHLJQHPHQW HW j XQH TXDOLILFDWLRQ DGDSWpV j VRQ KDQGLFDS HQ YXHGHIDFLOLWHUVRQLQVHUWLRQGDQVODVRFLpWp ,ODSSDUWLHQWjO·(WDWGHSUHQGUHOHVPHVXUHVQpFHVVDLUHVHQ YXH G·DVVXUHU OD SURWHFWLRQ GHV HQIDQWV GH JDUDQWLU HW SUpVHUYHU OHXUVGURLWVFRQIRUPpPHQWjODORL /H PLQLVWqUH SXEOLF YHLOOH DX FRQWU{OH GH O H[pFXWLRQ GHV GLVSRVLWLRQVSUpFLWpHV 6HFWLRQ,,,¬²¬'HVSURFKHVSDUHQWV

$UWLFOH /H PDULDJH SURGXLW GHV HIIHWV VXU OHV SURFKHV SDUHQWV GHV pSRX[ WHOV TXH OHV HPSrFKHPHQWV DX PDULDJH GXV j O DOOLDQFH j O DOODLWHPHQWRXDX[PDULDJHVSURKLEpVSRXUFDXVHGHVLPXOWDQpLWp &KDSLWUH,,

'XPDULDJHQRQYDOLGHHWGHVHVHIIHWV $UWLFOH /HPDULDJHQRQYDOLGHHVWVRLWQXOVRLWYLFLp

/HPDULDJHHVWQXO  ¬ORUVTXHO XQGHVpOpPHQWVYLVpVjO DUWLFOHFLGHVVXVIDLW GpIDXW  ¬ORUVTX LOH[LVWHHQWUHOHVpSRX[O·XQGHVHPSrFKHPHQWVDX PDULDJHYLVpVDX[DUWLFOHVjFLGHVVXV  ¬ORUVTXH OHV FRQVHQWHPHQWV GHV GHX[ SDUWLHV QH VRQW SDV FRQFRUGDQWV $UWLFOH /H WULEXQDO SURQRQFH OD QXOOLWp GX PDULDJH HQ YHUWX GHV GLVSRVLWLRQVGHO DUWLFOHFLGHVVXVGqVTX LOHQDFRQQDLVVDQFH RXjODGHPDQGHGHWRXWHSHUVRQQHFRQFHUQpH &HPDULDJHDSUqVFRQVRPPDWLRQGRQQHGURLWDX 6DGDT HW HQWUDvQHO REOLJDWLRQGHO ,VWLEUk OD UHWUDLWH GH FRQWLQHQFH  6L OH PDULDJHDpWpFRQFOXGHERQQHIRLLOSURGXLWpJDOHPHQWOHGURLW j OD ILOLDWLRQ HW HQWUDvQH OHV HPSrFKHPHQWV DX PDULDJH GXV j O DOOLDQFH 6HFWLRQ,,¬²¬'XPDULDJHYLFLp

$UWLFOH /HPDULDJHHVWHQWDFKpGHYLFHORUVTX HQYHUWXGHVDUWLFOHV HW  FLDSUqV O XQH GHV FRQGLWLRQV GH VD YDOLGLWp Q HVW SDV UHPSOLH/HPDULDJHYLFLpSHXWVHORQOHFDVrWUHUpVLOLpDYDQWVD FRQVRPPDWLRQ HW YDOLGp SRVWpULHXUHPHQW j FHOOHFL RX UpVLOLp DYDQWHWDSUqVFRQVRPPDWLRQ $UWLFOH /H PDULDJH HQWDFKp GH YLFH HVW UpVLOLp DYDQW VD FRQVRPPDWLRQ  GDQV FH FDV OD IHPPH Q D SDV GURLW DX 6DGDT ORUVTXH OHV FRQGLWLRQV OpJDOHV \ DIIpUHQWHV QH VRQW SDV UHPSOLHV /RUVTXH OD FRQVRPPDWLRQ GX PDULDJH D HX OLHX OH PDULDJH HVW YDOLGpPR\HQQDQWOH 6DGDT ODGRW GHSDULWpTXHOHWULEXQDOIL[H HQIRQFWLRQGXPLOLHXVRFLDOGHFKDTXHpSRX[ $UWLFOH /H PDULDJH HQWDFKp GH YLFH j FDXVH GH O DFWH HVW UpVLOLp DYDQWHWDSUqVVDFRQVRPPDWLRQGDQVOHVFDVVXLYDQWV ²¬ORUVTXHOHPDULDJHHVWFRQFOXDORUVTXHO XQGHVpSRX[HVW DWWHLQW G XQH PDODGLH UpSXWpH PRUWHOOH j PRLQV GH UpWDEOLVVHPHQWGXFRQMRLQWPDODGHDSUqVOHPDULDJH ²¬ORUVTXH O pSRX[ YLVH j UHQGUH OLFLWH OD UHSULVH GH O H[ pSRXVH HQ PDULDJH SDU VRQ PDUL SUpFpGHQW DSUqV WURLV GLYRUFHVVXFFHVVLIV ²¬ORUVTXH OH PDULDJH D pWp FRQFOX VDQV WXWHXU PDWULPRQLDO :DOL VLVDSUpVHQFHHVWREOLJDWRLUH (VWYDODEOHOHGLYRUFHVRXVFRQWU{OHMXGLFLDLUHRXOHGLYRUFH MXGLFLDLUH VXUYHQX GDQV OHV FDV SUpFpGHQWV DYDQW OH MXJHPHQW SURQRQoDQWODUpVLOLDWLRQGXPDULDJH $UWLFOH /RUVTXH OH FRQVHQWHPHQW DX PDULDJH HVW DVVRUWL G XQ GpODL RX GpSHQG G XQH FRQGLWLRQ VXVSHQVLYH RX UpVROXWRLUH OHV GLVSRVLWLRQVGHO DUWLFOHFLGHVVXVVRQWDSSOLFDEOHV $UWLFOH /HFRQMRLQWTXLDIDLWO REMHWGHFRQWUDLQWHRXGHGROTXLO D DPHQp j DFFHSWHU OH PDULDJH RX GH IDLWV H[SUHVVpPHQW VWLSXOpV FRPPH FRQGLWLRQ GDQV O DFWH GH PDULDJH SHXW GHPDQGHU OD UpVLOLDWLRQ GX PDULDJH DYDQW RX DSUqV VD FRQVRPPDWLRQ GDQV

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

XQ GpODL PD[LPXP GH GHX[ PRLV &H GpODL FRXUW j FRPSWHU GX MRXUGHODOHYpHGHODFRQWUDLQWHRXGHODGDWHGHODFRQQDLVVDQFH GX GRO /H FRQMRLQW OpVp SHXW UpFODPHU HQ RXWUH XQ GpGRPPDJHPHQW $UWLFOH /H PDULDJH UpVLOLp FRQIRUPpPHQW DX[ GLVSRVLWLRQV  GHV DUWLFOHV  HW  FLGHVVXV QH SURGXLW DXFXQ HIIHW DYDQW VD FRQVRPPDWLRQ HW HQWUDvQH DSUqV FHOOHFL OHV HIIHWV GH O DFWH GX PDULDJHYDOLGHMXVTX jFHTXHOHWULEXQDOSURQRQFHVDUpVLOLDWLRQ 7,75(9, '(6352&e'85(6$'0,1,675$7,9(6(7'(6)250$/,7e65(48,6(6 3285/ e7$%/,66(0(17'(/ $&7('(0$5,$*(

$UWLFOH ,¬²¬,O HVW FRQVWLWXp XQ GRVVLHU SRXU OD FRQFOXVLRQ GX PDULDJHFRQVHUYpDXVHFUpWDULDWJUHIIHGHODVHFWLRQGHODMXVWLFH GH OD IDPLOOH GX OLHX GH O pWDEOLVVHPHQW GH O DFWH FRPSRVp GHV GRFXPHQWVVXLYDQWV  ¬XQ IRUPXODLUH VSpFLDO GH GHPDQGH G DXWRULVDWLRQ SRXU LQVWUXPHQWHU O DFWH GH PDULDJH GRQW OD IRUPH HW OH FRQWHQX VRQW IL[pVSDUDUUrWpGXPLQLVWUHGHODMXVWLFH  ¬XQ H[WUDLW G DFWH GH QDLVVDQFH  O RIILFLHU G pWDW FLYLO PHQWLRQQHHQPDUJHGHO DFWHDXUHJLVWUHG pWDWFLYLOODGDWHGHOD GpOLYUDQFH GH O H[WUDLW HW VD GHVWLQDWLRQ DX[ ILQV GH FRQFOXUH OH PDULDJH  ¬XQH DWWHVWDWLRQ DGPLQLVWUDWLYH GH FKDFXQ GHV ILDQFpV GHYDQW FRQWHQLU OHV LQGLFDWLRQV IL[pHV SDU DUUrWp FRQMRLQW GX PLQLVWUHGHODMXVWLFHHWGXPLQLVWUHGHO LQWpULHXU  ¬XQ FHUWLILFDW PpGLFDO GH FKDFXQ GHV ILDQFpV GRQW OH FRQWHQX HW OHV PRGDOLWpV GH GpOLYUDQFH VRQW IL[pV SDU DUUrWp FRQMRLQWGXPLQLVWUHGHODMXVWLFHHWGXPLQLVWUHGHODVDQWp  ¬O DXWRULVDWLRQGHPDULDJHGDQVOHVFDVVXLYDQWV ²¬OHPDULDJHDYDQWO kJHGHFDSDFLWpOpJDOH ²¬ODSRO\JDPLHORUVTXHOHVFRQGLWLRQVSUpYXHVSDUOHSUpVHQW &RGHVRQWUHPSOLHV ²¬OHPDULDJHGHO·KDQGLFDSpPHQWDO ²¬OHPDULDJHGHVFRQYHUWLVjO ,VODPHWGHVpWUDQJHUV  ¬XQFHUWLILFDWG DSWLWXGHDXPDULDJHRXFHTXLHQWLHQWOLHX SRXUOHVpWUDQJHUV ,,¬²¬/H GRVVLHU FRPSUHQDQW OHV GRFXPHQWV VXVPHQWLRQQpV HVW YLVp DYDQW DXWRULVDWLRQ SDU OH MXJH GH OD IDPLOOH FKDUJp GX PDULDJHHWFRQVHUYpDXSUqVGXVHFUpWDULDWJUHIIHVRXVOHQXPpUR G RUGUHTXLOXLDpWpDWWULEXp ,,,¬²¬/H MXJH SUpFLWp DXWRULVH OHV DGRXO j GUHVVHU O DFWH GH PDULDJH ,9¬²¬/HV DGRXO FRQVLJQHQW GDQV O DFWH GH PDULDJH OD GpFODUDWLRQ GH FKDFXQ GHV GHX[ ILDQFpV V LO D GpMj pWp PDULp RX QRQ (Q FDV GH PDULDJH DQWpULHXU OD GpFODUDWLRQ GRLW rWUH DFFRPSDJQpHGHWRXWGRFXPHQWpWDEOLVVDQWODVLWXDWLRQMXULGLTXH jO pJDUGGHO DFWHjFRQFOXUH $UWLFOH /HVPDQ±XYUHVGRORVLYHVHQYXHG REWHQLUO DXWRULVDWLRQRX OHFHUWLILFDWG DSWLWXGHYLVpH DX[SDUDJUDSKHVHWGHO DUWLFOH SUpFpGHQWRXOHIDLWGHVHGpUREHUjFHVIRUPDOLWpVH[SRVHQWOHXU DXWHXU HW VHV FRPSOLFHV DX[ VDQFWLRQV SUpYXHV j O DUWLFOH  GX FRGHSpQDOHWFHjODGHPDQGHGHODSDUWLHOpVpH



/H FRQMRLQW YLFWLPH GH PDQ±XYUHV GRORVLYHV SHXW GHPDQGHU OD UpVLOLDWLRQ GX PDULDJH HW UpFODPHU OD UpSDUDWLRQ GX SUpMXGLFHVXEL $UWLFOH /·DFWHGHPDULDJHGRLWFRPSRUWHU  ¬ODPHQWLRQGHO DXWRULVDWLRQGXMXJHOHQXPpURGHFHOOHFL HW VD GDWH DLQVL TXH OH QXPpUR G RUGUH GX GRVVLHU FRQWHQDQW OHV SLqFHV IRXUQLHV SRXU OH PDULDJH HW OH WULEXQDO SUqV GXTXHO LO HVW GpSRVp  ¬OHVQRPHWSUpQRPGHVGHX[pSRX[OHGRPLFLOHRXOHOLHX GHUpVLGHQFHGHFKDFXQG HX[OHOLHXHWODGDWHGHQDLVVDQFHOHV QXPpURVGHOHXUFDUWHG LGHQWLWpQDWLRQDOHRXFHTXLHQWLHQWOLHX HWOHXUQDWLRQDOLWp  ¬OHQRPHWOHSUpQRPGXWXWHXUPDWULPRQLDO:DOL OHFDV pFKpDQW  ¬OH FRQVHQWHPHQW PXWXHO GHV GHX[ FRQWUDFWDQWV MRXLVVDQW GHODFDSDFLWpGXGLVFHUQHPHQWHWGHODOLEHUWpGHFKRL[  ¬HQFDVGHSURFXUDWLRQGRQQpHSRXUFRQFOXUHXQPDULDJH OHQRPGXPDQGDWDLUHOHQXPpURGHVDFDUWHG LGHQWLWpQDWLRQDOH HWODGDWHHWOHOLHXG·pWDEOLVVHPHQWGHFHWWHSURFXUDWLRQ  ¬OD PHQWLRQ GH OD VLWXDWLRQ MXULGLTXH GH FHOXL RX FHOOH D\DQWGpMjFRQWUDFWpXQPDULDJH  ¬OHPRQWDQWGX6DGDT ORUVTX LOHVWIL[pHQSUpFLVDQWODSDUW YHUVpH j O DYDQFH HW FHOOH j WHUPH HW VL VD SHUFHSWLRQ D HX OLHX GHYDQWOHVDGRXO RXSDUUHFRQQDLVVDQFH  ¬OHVFRQGLWLRQVFRQYHQXHVHQWUHOHVGHX[SDUWLHV  ¬OHVVLJQDWXUHVGHVpSRX[HWGX:DOLOHFDVpFKpDQW  ¬OHVQRPHWSUpQRPGHVDGRXO HW OD VLJQDWXUH GH FKDFXQ G HX[HWODGDWHjODTXHOOHLOVHQRQWSULVDFWH  ¬O KRPRORJDWLRQ GX MXJH DYHF O DSSRVLWLRQ GH VRQ VFHDX VXUO DFWHGHPDULDJH /D OLVWH GHV GRFXPHQWV FRQVWLWXWLIV GX GRVVLHU GH O DFWH GH PDULDJH DLQVL TXH VRQ FRQWHQX SHXYHQW rWUH PRGLILpV HW FRPSOpWpVSDUDUUrWpGXPLQLVWUHGHODMXVWLFH $UWLFOH /H OLEHOOp GH O DFWH GH PDULDJH HVW WUDQVFULW VXU OH UHJLVWUH WHQXjFHWHIIHWjODVHFWLRQGHODMXVWLFHGHODIDPLOOH8QH[WUDLW HQ HVW DGUHVVp j O RIILFLHU G pWDW FLYLO GX OLHX GH QDLVVDQFH GHV pSRX[DFFRPSDJQpG XQFHUWLILFDWGHUHPLVHHWFHGDQVXQGpODL GHMRXUVFRXUDQWjFRPSWHUGHODGDWHG KRPRORJDWLRQGHO DFWH GHPDULDJHSDUOHMXJH 7RXWHIRLV VL O XQ GHV GHX[ pSRX[ RX OHV GHX[ j OD IRLV QH VRQWSDVQpVDX0DURFO H[WUDLWHVWWUDQVPLVDXSURFXUHXUGX5RL SUqVOHWULEXQDOGHSUHPLqUHLQVWDQFHGH5DEDW / RIILFLHU G pWDW FLYLO HVW WHQX GH SRUWHU WRXWHV OHV PHQWLRQV GHO H[WUDLWHQPDUJHGHO DFWHGHQDLVVDQFHGHFKDFXQGHVpSRX[ /D IRUPH OH FRQWHQX GX UHJLVWUH SUpYX DX SUHPLHU DOLQpD FLGHVVXV DLQVL TXH OHV PHQWLRQV SUpFLWpHV VRQW IL[pV SDU DUUrWp GXPLQLVWUHGHODMXVWLFH $UWLFOH 'qV O KRPRORJDWLRQ GH O DFWH GH PDULDJH SDU OH MXJH O RULJLQDOGXGLWDFWHHVWUHPLVjO pSRXVHHWXQHH[SpGLWLRQHQHVW GpOLYUpHjO pSRX[



%8//(7,12)),&,(/

/,95(,, BBBB '(/$',662/87,21'83$&7('(0$5,$*( (7¬'(¬6(6¬())(76

7,75(35(0,(5 ',6326,7,216*e1e5$/(6 $UWLFOH /H UHFRXUV j OD GLVVROXWLRQ GX PDULDJH SDU GLYRUFH VRXV FRQWU{OHMXGLFLDLUHRXSDUGLYRUFHMXGLFLDLUHQHGHYUDLWDYRLUOLHX TX H[FHSWLRQQHOOHPHQWHWHQSUHQDQWHQFRQVLGpUDWLRQODUqJOHGX PRLQGUHPDOGXIDLWTXHFHWWHGLVVROXWLRQHQWUDvQHODGLVORFDWLRQ GHODIDPLOOHHWSRUWHSUpMXGLFHDX[HQIDQWV $UWLFOH /D GLVVROXWLRQ GX PDULDJH UpVXOWH GX GpFqV GH O·XQ GHV pSRX[ GH OD UpVLOLDWLRQ GX GLYRUFH VRXV FRQWU{OH MXGLFLDLUH GX GLYRUFHMXGLFLDLUHRXGXGLYRUFHPR\HQQDQWFRPSHQVDWLRQ.KRO  $UWLFOH /D GLVVROXWLRQ GX PDULDJH HQWUDvQH OHV HIIHWV SUpYXV DX SUpVHQW&RGHjFRPSWHUGHODGDWH  GX GpFqV GH O XQ GHV FRQMRLQWV RX G XQ MXJHPHQW GpFODUDWLIGXGpFqV  GH OD UpVLOLDWLRQ GX PDULDJH GX GLYRUFH VRXV FRQWU{OH MXGLFLDLUH GX GLYRUFH MXGLFLDLUH RX GX GLYRUFH PR\HQQDQW FRPSHQVDWLRQ.KRO  $UWLFOH /H GLYRUFH SHXW rWUH H[SULPp VRLW YHUEDOHPHQW HQ WHUPHV H[SOLFLWHV VRLW SDU pFULW VRLW HQFRUH SDU VLJQH QRQ pTXLYRTXH V LO V DJLWG XQHSHUVRQQHLQFDSDEOHGHV H[SULPHURUDOHPHQWRXSDUpFULW 7,75(,, '8'e&Ë6(7'(/$5e6,/,$7,21 &KDSLWUHSUHPLHU

'XGpFqV $UWLFOH /HGpFqVHWODGDWHjODTXHOOHLODHXOLHXVRQWpWDEOLVGHYDQW OHWULEXQDOSDUWRXWPR\HQUHFHYDEOH /H WULEXQDO SURQRQFH OH GpFqV GX GLVSDUX FRQIRUPpPHQW j O DUWLFOHHWVXLYDQWVGXSUpVHQW&RGH $UWLFOH 6 LO V DYqUH DSUqV OH MXJHPHQW GpFODUDWLI GX GpFqV G XQ GLVSDUX TX LO HVW WRXMRXUV HQ YLH OH PLQLVWqUH SXEOLF RX WRXWH SHUVRQQHFRQFHUQpHHVWWHQXH GHGHPDQGHUDXWULEXQDOGHUHQGUH XQHGpFLVLRQpWDEOLVVDQWFHIDLW &HWWH GpFLVLRQ DQQXOH OH MXJHPHQW GpFODUDWLI GX GpFqV GX GLVSDUX DYHF WRXV VHV HIIHWV j O H[FHSWLRQ GX UHPDULDJH GH O pSRXVHGXGLVSDUXTXLGHPHXUHYDODEOHV LODpWpFRQVRPPp $UWLFOH (QFDVG pWDEOLVVHPHQWGHODGDWHUpHOOHGXGpFqVGLIIpUHQWH GHFHOOHSURQRQFpHSDUOHMXJHPHQWGpFODUDWLIOHPLQLVWqUHSXEOLF RXWRXWHSHUVRQQHFRQFHUQpHHVWWHQXH GHGHPDQGHUDXWULEXQDO GH UHQGUH XQ MXJHPHQW UpWDEOLVVDQW FH IDLW HW GpFODUDQW QXOV OHV HIIHWV UpVXOWDQW GH OD GDWH HUURQpH GX GpFqV /H UHPDULDJH GH O·pSRXVHGXGLVSDUXGHPHXUHWRXWHIRLVYDODEOH

1ƒ²¬UDPDGDQ &KDSLWUH,,

'HODUpVLOLDWLRQ $UWLFOH /D UpVLOLDWLRQ GH O DFWH GH PDULDJH HVW SURQRQFpH SDU MXJHPHQW DYDQW RX DSUqV VD FRQVRPPDWLRQ GDQV OHV FDV HW FRQIRUPpPHQWDX[FRQGLWLRQVSUpYXVDXSUpVHQW&RGH 7,75(,,, '8',925&(6286&2175Ñ/(-8',&,$,5( $UWLFOH /H GLYRUFH VRXV FRQWU{OH MXGLFLDLUH HVW OD GLVVROXWLRQ GX SDFWH GH PDULDJH UHTXLVH SDU O pSRX[ RX SDU O pSRXVH VHORQ GHV FRQGLWLRQVSURSUHVjFKDFXQG HX[VRXVOHFRQWU{OHGHODMXVWLFH HWFRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQW&RGH $UWLFOH 4XLFRQTXH YHXW GLYRUFHU GRLW GHPDQGHU DX WULEXQDO O DXWRULVDWLRQG·HQIDLUHGUHVVHUDFWHSDUGHX[DGRXO KDELOLWpVjFHW HIIHWGDQVOHUHVVRUWGXWULEXQDOGDQVOHTXHOHVWVLWXpOHGRPLFLOH FRQMXJDO OH GRPLFLOH GH O pSRXVH RX VRQ OLHX GH UpVLGHQFH RX OH OLHXRO DFWHGHPDULDJHDpWpFRQFOXVHORQO RUGUHSUpFLWp $UWLFOH /D GHPDQGH G DXWRULVDWLRQ GH IDLUH FRQVWDWHU O DFWH GH GLYRUFH GRLW FRQWHQLU O LGHQWLWp OD SURIHVVLRQ HW O DGUHVVH GHV FRQMRLQWVHWOHQRPEUHG HQIDQWVV LO\DOLHXOHXUkJHOHXUpWDWGH VDQWpHWOHXUVLWXDWLRQVFRODLUH /HGRFXPHQWpWDEOLVVDQWOHPDULDJHHVWMRLQWjODGHPDQGH DLQVLTXHOHVSUHXYHVpWDEOLVVDQWODVLWXDWLRQPDWpULHOOHGHO pSRX[ HWVHVFKDUJHVILQDQFLqUHV $UWLFOH /H WULEXQDO FRQYRTXH OHV pSRX[ SRXU XQH WHQWDWLYH GH FRQFLOLDWLRQ 6L O pSRX[ UHoRLW SHUVRQQHOOHPHQW OD FRQYRFDWLRQ HW QH FRPSDUDvWSDVLOHVWFRQVLGpUpDYRLUUHQRQFpjVDGHPDQGH 6L O pSRXVH UHoRLW SHUVRQQHOOHPHQW OD FRQYRFDWLRQ HW QH FRPSDUDvWSDVHWQHFRPPXQLTXHSDVG REVHUYDWLRQVSDUpFULWOH WULEXQDO OD PHW HQ GHPHXUH SDU O LQWHUPpGLDLUH GX PLQLVWqUH SXEOLFTX jGpIDXWGHFRPSDUDvWUHLOVHUDVWDWXpVXUOHGRVVLHU 6 LODSSHUWTXHO DGUHVVHGHO pSRXVHHVWLQFRQQXHOHWULEXQDO UHFRXUW j O DLGH GX PLQLVWqUH SXEOLF SRXU UHFKHUFKHU ODGLWH DGUHVVH/RUVTX·LOHVWpWDEOLTXHO pSRX[DXWLOLVpGHVPDQ±XYUHV IUDXGXOHXVHVODVDQFWLRQSUpYXHjO DUWLFOHGXFRGHSpQDOOXL HVWDSSOLFDEOHjODGHPDQGHGHO pSRXVH $UWLFOH /RUVTXHOHVGHX[SDUWLHVFRPSDUDLVVHQWOHVGpEDWVRQWOLHX HQ FKDPEUH GH FRQVHLO \ FRPSULV O DXGLWLRQ GHV WpPRLQV HW GH WRXWHDXWUHSHUVRQQHTXHOHWULEXQDOMXJHUDLWXWLOHG HQWHQGUH (Q YXH GH FRQFLOLHU OHV FRQMRLQWV OH WULEXQDO SHXW SUHQGUH WRXWHV OHV PHVXUHV XWLOHV \ FRPSULV OH PDQGDWHPHQW GH GHX[ DUELWUHVRXGXFRQVHLOGHIDPLOOHRXGHWRXWHSHUVRQQHTX LOHVWLPH TXDOLILpH (Q FDV G H[LVWHQFH G HQIDQWV OH WULEXQDO HQWUHSUHQG GHX[WHQWDWLYHVGHFRQFLOLDWLRQHVSDFpHVG XQHSpULRGHPLQLPDOH GHWUHQWHMRXUV 6L OD FRQFLOLDWLRQ HQWUH OHV pSRX[ DERXWLW XQ SURFqVYHUEDO HVWpWDEOLjFHWHIIHWHWODFRQFLOLDWLRQHVWFRQVWDWpHSDUOHWULEXQDO

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/



$UWLFOH

$UWLFOH

6L OD FRQFLOLDWLRQ GHV FRQMRLQWV V DYqUH LPSRVVLEOH OH WULEXQDO IL[H XQ PRQWDQW TXH O pSRX[ FRQVLJQH DX VHFUpWDULDW JUHIIH GX WULEXQDO GDQV XQ GpODL QH GpSDVVDQW SDV WUHQWH MRXUV DILQ GH V DFTXLWWHU GHV GURLWV GXV j O pSRXVH HW DX[ HQIDQWV j O pJDUG GHVTXHOV LO D O REOLJDWLRQ G HQWUHWLHQ WHOV TXH SUpYXV DX[ GHX[DUWLFOHVVXLYDQWV

6L O pSRX[ FRQVHQW OH GURLW G RSWLRQ DX GLYRUFH j O pSRXVH FHOOHFL SHXW O H[HUFHU HQ VDLVLVVDQW OH WULEXQDO G XQH¬GHPDQGH FRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHVHW¬FLGHVVXV

$UWLFOH /HVGURLWVGXVjO pSRXVHFRPSRUWHQWOHUHOLTXDWGX6DGDT  OHFDVpFKpDQWODSHQVLRQGXHSRXUODSpULRGHGHYLGXLWp,GGD HW OHGRQGHFRQVRODWLRQ0RXW k TXLVHUDpYDOXpHQIRQFWLRQGHOD GXUpH GX PDULDJH GH OD VLWXDWLRQ ILQDQFLqUH GH O pSRX[ GHV PRWLIV GX GLYRUFH HW GX GHJUp G DEXV DYpUp GDQV OH UHFRXUV DX GLYRUFHSDUO pSRX[ 'XUDQWODSpULRGHGHYLGXLWp,GGD O pSRXVHUpVLGHGDQVOH GRPLFLOHFRQMXJDORXHQFDVGHQpFHVVLWpGDQVXQORJHPHQWTXL OXLFRQYLHQWHWHQIRQFWLRQGHODVLWXDWLRQILQDQFLqUHGHO pSRX[$ GpIDXWOHWULEXQDOIL[HOHPRQWDQWGHVIUDLVGHORJHPHQWTXLVHUD pJDOHPHQW FRQVLJQp DX VHFUpWDULDWJUHIIH GX WULEXQDO DX PrPH WLWUHTXHOHVDXWUHVGURLWVGXVjO pSRXVH $UWLFOH /HVGURLWVjSHQVLRQDOLPHQWDLUHGXVDX[HQIDQWVVRQWIL[pV FRQIRUPpPHQW DX[ DUWLFOHV  HW  FLGHVVRXV HQ WHQDQW FRPSWH GH OHXUV FRQGLWLRQV GH YLH HW GH OHXU VLWXDWLRQ VFRODLUH DYDQWOHGLYRUFH $UWLFOH 6L O pSRX[ QH FRQVLJQH SDV OH PRQWDQW SUpYX j O DUWLFOH  FLGHVVXVGDQVOHGpODLLPSDUWLLOHVWFHQVpUHQRQFHUjVRQLQWHQWLRQ GHGLYRUFHU&HWWHVLWXDWLRQHVWFRQVWDWpHSDUOHWULEXQDO $UWLFOH 'qV TXH OH PRQWDQW H[LJp HVW FRQVLJQp SDU O pSRX[ OH WULEXQDOO DXWRULVHjIDLUHLQVWUXPHQWHUO DFWHGHGLYRUFHSDUGHX[ DGRXO GDQVOHUHVVRUWWHUULWRULDOGXPrPHWULEXQDO 'qV O KRPRORJDWLRQ SDU OH MXJH GX GRFXPHQW pWDEOLVVDQW OH GLYRUFH XQ H[HPSODLUH HQ HVW WUDQVPLV DX WULEXQDO TXL O D DXWRULVp $UWLFOH $SUqVUpFHSWLRQGHO H[HPSODLUHYLVpjO DUWLFOHSUpFpGHQWOH WULEXQDOUHQGXQHGpFLVLRQPRWLYpHFRPSUHQDQWFHTXLVXLW  OHV QRP HW SUpQRP GHV FRQMRLQWV OHXU GDWH HW OLHX GH QDLVVDQFHODGDWHHWOHOLHXGHOHXUPDULDJHOHXUGRPLFLOHRXOHXU OLHXGHUpVLGHQFH  XQ UpVXPp GHV DOOpJDWLRQV HW GHPDQGHV GHV SDUWLHV OHV SUHXYHV HW H[FHSWLRQV TX HOOHV RQW SUpVHQWpHV OHV SURFpGXUHV DFFRPSOLHVGDQVOHGRVVLHUHWOHVFRQFOXVLRQVGXPLQLVWqUHSXEOLF  OD GDWH j ODTXHOOH OH GLYRUFH D pWp LQVWUXPHQWp SDU OHV DGRXO   VLO pSRXVHHVWHQFHLQWHRXQRQ  OHV QRP HW SUpQRP GHV HQIDQWV OHXU kJH OD SHUVRQQH FKDUJpHGHODJDUGHHWO RUJDQLVDWLRQGXGURLWGHYLVLWH  ODIL[DWLRQGHVGURLWVSUpYXVDX[DUWLFOHVHWFLGHVVXV HWODUpPXQpUDWLRQGHODJDUGHDSUqVODSpULRGHGHYLGXLWp /D GpFLVLRQ GX WULEXQDO HVW VXVFHSWLEOH GH UHFRXUV FRQIRUPpPHQWDX[SURFpGXUHVGHGURLWFRPPXQ

/HWULEXQDOV DVVXUHTXHOHVFRQGLWLRQVGXGURLWG RSWLRQVXU OHVTXHOOHV OHV FRQMRLQWV VH VRQW PLV G DFFRUG VRQW UpXQLHV ,O HQWUHSUHQG OD WHQWDWLYH GH FRQFLOLDWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVXV 6LODFRQFLOLDWLRQQ DERXWLWSDVOHWULEXQDODXWRULVHO pSRXVH jIDLUHLQVWUXPHQWHUO DFWHGHGLYRUFHSDUGHX[DGRXO HWVWDWXHVXU VHVGURLWVHWOHFDVpFKpDQWVXUFHX[GHVHQIDQWVFRQIRUPpPHQW DX[GLVSRVLWLRQVGHVDUWLFOHVHWFLGHVVXV / pSRX[QHSHXWUpYRTXHUOHGURLWG RSWLRQDXGLYRUFHTX·LO DFRQVHQWLjO·pSRXVH $UWLFOH 1HSHXWrWUHUHFHYDEOHODGHPDQGHG DXWRULVDWLRQGHGLYRUFH IDLWHSDUOHFRQMRLQWHQpWDWG pEULpWpDYDQFpHVRXVODFRQWUDLQWH RXVRXVOHFRXSG XQHFROqUHOXLIDLVDQWSHUGUHOHFRQWU{OHGHVRL $UWLFOH /H GLYRUFH SDU VHUPHQW HQ JpQpUDO RX SDU VHUPHQW GH FRQWLQHQFHHVWQXOHWQRQDYHQX $UWLFOH /HGLYRUFHDVVRFLpjXQQRPEUHH[SULPpSDUODSDUROHSDU XQVLJQHRXSDUO pFULWXUHQ pTXLYDXWTX jXQVHXO $UWLFOH /HGLYRUFHOLpjXQHFRQGLWLRQGHIDLUHRXGHQHSDVIDLUHHVW QXOHWQRQDYHQX 7,75(,9 '8',925&(-8',&,$,5(7DWOLT &KDSLWUHSUHPLHU

'XGLYRUFHMXGLFLDLUHVXUGHPDQGHGHO XQ GHVpSRX[SRXUUDLVRQGHGLVFRUGH&KLTDT $UWLFOH /RUVTXH OHV GHX[ pSRX[ RX O XQ G·HX[ GHPDQGHQW DX WULEXQDO GH UpJOHU XQ GLIIpUHQG OHV RSSRVDQW HW TXL ULVTXHUDLW G DERXWLU j OHXU GLVFRUGH LO LQFRPEH DX WULEXQDO G HQWUHSUHQGUH WRXWHV WHQWDWLYHV HQ YXH GH OHXU FRQFLOLDWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQVGHO DUWLFOHFLGHVVXV $UWLFOH /HV GHX[ DUELWUHV RX FHX[ TXL HQ WLHQQHQW OLHX UHFKHUFKHQW OHV FDXVHV GX GLIIpUHQG TXL RSSRVH OHV FRQMRLQWV HW GpSORLHQW WRXWHVOHXUVSRVVLELOLWpVSRXU\PHWWUHILQ (QFDVGHFRQFLOLDWLRQGHVpSRX[OHVDUELWUHVHQGUHVVHQWXQ UDSSRUW HQ WURLV FRSLHV VLJQpHV FRQMRLQWHPHQW SDU HX[ HW SDU OHV pSRX[&HVFRSLHVVRQWVRXPLVHVDXWULEXQDOTXLHQUHPHWXQHj FKDFXQ GHV pSRX[ HW FRQVHUYH OD WURLVLqPH GDQV OH GRVVLHU /H WULEXQDOSUHQGDFWHGHFHWWHFRQFLOLDWLRQ $UWLFOH (Q FDV GH GpVDFFRUG GHV DUELWUHV VXU OH FRQWHQX GX UDSSRUW RXVXUODGpWHUPLQDWLRQGHODSDUWGHUHVSRQVDELOLWpGHFKDFXQGHV pSRX[RXV LOVQ RQWSDVSUpVHQWpFHUDSSRUWGDQVOHGpODLTXLOHXU HVW LPSDUWL OH WULEXQDO SHXW SURFpGHU j XQH HQTXrWH FRPSOpPHQWDLUHSDUWRXWPR\HQTX LOMXJHDGpTXDW



%8//(7,12)),&,(/ $UWLFOH

(QFDVG LPSRVVLELOLWpGHFRQFLOLDWLRQHWORUVTXHODGLVFRUGH SHUVLVWHOHWULEXQDOHQGUHVVHSURFqVYHUEDOSURQRQFHOHGLYRUFH HWVWDWXHVXUOHVGURLWVGXVFRQIRUPpPHQWDX[DUWLFOHVHW  FLGHVVXV $ FHW HIIHW OH WULEXQDO WLHQW FRPSWH GH OD UHVSRQVDELOLWp GH FKDFXQ GHV pSRX[ GDQV OHV FDXVHV GX GLYRUFH SRXUpYDOXHUODUpSDUDWLRQGXSUpMXGLFHVXELSDUO·pSRX[OpVp ,OHVWVWDWXpVXUO DFWLRQUHODWLYHjODGLVFRUGHGDQVXQGpODL PD[LPXP GH VL[ PRLV FRXUDQW j FRPSWHU GH OD GDWH GH O LQWURGXFWLRQGHODGHPDQGH &KDSLWUH,,

'XGLYRUFHMXGLFLDLUHSRXUG DXWUHVFDXVHV $UWLFOH / pSRXVHSHXWGHPDQGHUOHGLYRUFHMXGLFLDLUHSRXUO XQHGHV FDXVHVVXLYDQWHV  OH PDQTXHPHQW GH O pSRX[ j O XQH GHV FRQGLWLRQV VWLSXOpHVGDQVO DFWHGHPDULDJH  OHSUpMXGLFHVXEL  OHGpIDXWG HQWUHWLHQ  O DEVHQFHGXFRQMRLQW  OHYLFHUpGKLELWRLUHFKH]OHFRQMRLQW  ¬OHVHUPHQWGHFRQWLQHQFHRXOHGpODLVVHPHQW 6HFWLRQ,¬²¬'XPDQTXHPHQWjO XQHGHVFRQGLWLRQV VWLSXOpHV¬GDQVO DFWHGHPDULDJHRXGXSUpMXGLFH

$UWLFOH 7RXW PDQTXHPHQW j O XQH GHV FRQGLWLRQV VWLSXOpHV GDQV O DFWHGHPDULDJHHVWFRQVLGpUpFRPPHXQSUpMXGLFHMXVWLILDQWOD GHPDQGHGXGLYRUFHMXGLFLDLUH (VWFRQVLGpUpFRPPHXQSUpMXGLFHMXVWLILDQWODGHPDQGHGX GLYRUFH MXGLFLDLUH WRXW DFWH RX FRPSRUWHPHQW LQIDPDQW RX FRQWUDLUH DX[ ERQQHV P±XUV pPDQDQW GH O pSRX[ SRUWDQW XQ GRPPDJH PDWpULHO RX PRUDO j O pSRXVH OD PHWWDQW GDQV O LQFDSDFLWpGHPDLQWHQLUOHVOLHQVFRQMXJDX[ $UWLFOH /HVIDLWVFRQVWLWXDQWOHSUpMXGLFHVRQWpWDEOLVSDUWRXWPR\HQ GHSUHXYH\FRPSULVODGpSRVLWLRQGHWpPRLQVTXLVRQWHQWHQGXV SDUOHWULEXQDOHQFKDPEUHGHFRQVHLO 6L O pSRXVH QH SDUYLHQW SDV j SURXYHU OH SUpMXGLFH PDLV SHUVLVWH j GHPDQGHU OH GLYRUFH MXGLFLDLUH HOOH SHXW UHFRXULU j OD SURFpGXUHSUpYXHHQPDWLqUHGHGLVFRUGH $UWLFOH 'DQV OH FDV R OH GLYRUFH HVW SURQRQFp SRXU FDXVH GH SUpMXGLFH OH WULEXQDO SHXW IL[HU GDQV OH PrPH MXJHPHQW OH PRQWDQWGXGpGRPPDJHPHQWG€DXWLWUHGXSUpMXGLFH 6HFWLRQ,,¬²¬'XGpIDXWG HQWUHWLHQ

$UWLFOH / pSRXVH SHXW GHPDQGHU OH GLYRUFH MXGLFLDLUH SRXU PDQTXHPHQW GH O pSRX[ j O REOLJDWLRQ GH OD SHQVLRQ DOLPHQWDLUH H[LJLEOHHWGXHGDQVOHVFDVHWVXLYDQWOHVGLVSRVLWLRQVFLDSUqV  VLO pSRX[GLVSRVHGHELHQVSHUPHWWDQWG HQSUpOHYHUODSHQVLRQ DOLPHQWDLUH OH WULEXQDO GpFLGH GX PR\HQ G H[pFXWLRQ GH FH SUpOqYHPHQWHWQHGRQQHSDVVXLWHjODGHPDQGHGHGLYRUFHMXGLFLDLUH  HQFDVG LQGLJHQFHG€PHQWpWDEOLHGHO pSRX[OHWULEXQDO OXLLPSDUWLWHQIRQFWLRQGHVFLUFRQVWDQFHVXQGpODLQHGpSDVVDQW

1ƒ²¬UDPDGDQ

SDVWUHQWHMRXUVSRXUDVVXUHUO HQWUHWLHQGHVRQpSRXVHjGpIDXWHW VDXIFDVGHFLUFRQVWDQFHLPSpULHXVHRXH[FHSWLRQQHOOHOHGLYRUFH MXGLFLDLUHHVWSURQRQFp  OH WULEXQDO SURQRQFH OH GLYRUFH LPPpGLDWHPHQW VL O·pSRX[UHIXVHG·DVVXPHUO·HQWUHWLHQGHVRQpSRXVHVDQVSURXYHU VRQLQFDSDFLWpjFHWpJDUG $UWLFOH /HV GLVSRVLWLRQV TXL SUpFqGHQW VRQW DSSOLFDEOHV j O pSRX[ DEVHQW PDLV VH WURXYDQW GDQV XQ OLHX FRQQX DSUqV UpFHSWLRQ SDU OXLGHODUHTXrWHG LQVWDQFH /RUVTXHOHOLHXRVHWURXYHO pSRX[DEVHQWHVWLQFRQQXOH WULEXQDO V HQ DVVXUH DYHF O DLGH GX PLQLVWqUH SXEOLF YpULILH OD YDOLGLWpGHO DFWLRQLQWHQWpHSDUO pSRXVHHWVWDWXHVXUO DIIDLUHjOD OXPLqUHGHVUpVXOWDWVGHO HQTXrWHHWGHVSLqFHVGXGRVVLHU 6HFWLRQ,,,¬²¬'HO DEVHQFH

$UWLFOH 6L O pSRX[ V DEVHQWH GX IR\HU FRQMXJDO GXUDQW XQH SpULRGH H[FpGDQWXQHDQQpHO pSRXVHDODIDFXOWpGHGHPDQGHUOHGLYRUFH MXGLFLDLUH /H WULEXQDO V DVVXUH SDU WRXV PR\HQV GH FHWWH DEVHQFH GH VDGXUpHHWGXOLHXRVHWURXYHO·DEVHQW /H WULEXQDO QRWLILH j O pSRX[ GRQW O DGUHVVH HVW FRQQXH OD UHTXrWH GH O LQVWDQFH DILQ G \ UpSRQGUH HQ O DYLVDQW TXH V·LO SHUVLVWHGDQVVRQDEVHQFHRXQHIDLWSDVYHQLUVRQpSRXVHDXSUqV GHOXLOHWULEXQDOSURQRQFHUDOHGLYRUFH $UWLFOH 6L O DGUHVVH GH O pSRX[ DEVHQW HVW  LQFRQQXH OH WULEXQDO HQJDJHDYHFOHFRQFRXUVGXPLQLVWqUHSXEOLFOHVSURFpGXUHVTX LO MXJHXWLOHVSRXUOXLIDLUHQRWLILHUODUHTXrWHGHO pSRXVH\FRPSULV ODGpVLJQDWLRQG XQFXUDWHXU$GpIDXWGHFRPSDUXWLRQGHO pSRX[ OHWULEXQDOSURQRQFHOHGLYRUFH $UWLFOH 6LO pSRX[SXUJHXQHSHLQHGHUpFOXVLRQRXG HPSULVRQQHPHQW VXSpULHXUHjWURLVDQVO pSRXVHSHXWGHPDQGHUOHGLYRUFHMXGLFLDLUH DSUqV XQ DQ GH GpWHQWLRQ (Q WRXW pWDW GH FDXVH O·pSRXVH SHXW GHPDQGHU OH GLYRUFH DSUqV GHX[ DQQpHV GH GpWHQWLRQ GH VRQ FRQMRLQW 6HFWLRQ,9¬²¬'XYLFHUpGKLELWRLUH

$UWLFOH 6RQW FRQVLGpUpV FRPPH YLFHV UpGKLELWRLUHV SRXYDQW FRPSURPHWWUH OD YLH FRQMXJDOH HW SHUPHWWDQW GH GHPDQGHU G \ PHWWUHILQ  OHVYLFHVHPSrFKDQWOHVUDSSRUWVFRQMXJDX[  OHVPDODGLHVPHWWDQWHQGDQJHUODYLHGHO DXWUHpSRX[RX VDVDQWpHWGRQWRQQHSHXWHVSpUHUODJXpULVRQGDQVOHGpODLG XQH DQQpH $UWLFOH /D UHFHYDELOLWp GH OD GHPDQGH GH PHWWUH ILQ DX[ OLHQV FRQMXJDX[ IRUPXOpH SDU O XQ GHV pSRX[ SRXU YLFH UpGKLELWRLUH HVWVXERUGRQQpHDX[FRQGLWLRQVVXLYDQWHV  VL OH FRQMRLQW TXL GHPDQGH OH GLYRUFH Q·DYDLW SDV SULV FRQQDLVVDQFH GX YLFH GRQW HVW DWWHLQW O·DXWUH FRQMRLQW ORUV GH OD FRQFOXVLRQGHO·DFWHGHPDULDJH

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

 VL  OH GHPDQGHXU Q·D SDV PDQLIHVWp FODLUHPHQW VRQ DFFHSWDWLRQGXYLFHUpGKLELWRLUHDSUqVDYRLUSULVFRQQDLVVDQFHGH VRQFDUDFWqUHLQFXUDEOH $UWLFOH (Q FDV GH GLYRUFH MXGLFLDLUH SRXU YLFH UpGKLELWRLUH HW VL OH PDULDJHQ·DSDVpWpFRQVRPPpO pSRX[Q HVWSDVWHQXGHYHUVHU OH6DGDT $SUqVFRQVRPPDWLRQGXPDULDJHO pSRX[DOHGURLWGH GHPDQGHU OD UHVWLWXWLRQ GX PRQWDQW GX 6DGDT j OD SHUVRQQH TXL O D LQGXLW HQ HUUHXU RX TXL OXL D FDFKp VFLHPPHQW OH YLFH UpGKLELWRLUH $UWLFOH 6L O pSRX[ D HX FRQQDLVVDQFH GX YLFH UpGKLELWRLUH DYDQW OD FRQFOXVLRQ GX PDULDJH HW TXH  OH GLYRUFH D HX OLHX DYDQW FRQVRPPDWLRQO·pSRX[HVWWHQXGHYHUVHUjO·pSRXVHODPRLWLpGX 6DGDT  $UWLFOH ,O VHUD IDLW UHFRXUV j O H[SHUWLVH GH VSpFLDOLVWHV SRXU OD FRQVWDWDWLRQGXYLFHRXGHODPDODGLH 6HFWLRQ9¬²¬'XVHUPHQWGHFRQWLQHQFH ,ODk ¬¬¬¬¬¬¬¬¬¬¬¬HWGXGpODLVVHPHQW +DMU

$UWLFOH /RUVTXHO pSRX[IDLWVHUPHQWGHFRQWLQHQFHjO·pJDUGGHVRQ pSRXVHRXTX·LOODGpODLVVHFHOOHFLSHXWHQVDLVLUOHWULEXQDOTXL LPSDUWLW j O·pSRX[ XQ GpODL GH TXDWUH PRLV 3DVVp FH GpODL HW VL O pSRX[QHUHYLHQWSDVjUpVLSLVFHQFHOHGLYRUFHHVWSURQRQFpSDU OHWULEXQDO 6HFWLRQ9,¬²¬'HVDFWLRQVHQGLYRUFHMXGLFLDLUH

$UWLFOH $O H[FHSWLRQGXFDVG DEVHQFHLOHVWVWDWXpVXUOHVDFWLRQV HQ GLYRUFH MXGLFLDLUH IRQGpHV VXU O XQH GHV FDXVHV YLVpHV j O DUWLFOH  FLGHVVXV DSUqV WHQWDWLYH GH FRQFLOLDWLRQ GDQV XQ GpODLPD[LPXPGHVL[PRLVVDXIFLUFRQVWDQFHVSDUWLFXOLqUHV /H WULEXQDO VWDWXH pJDOHPHQW OH FDV pFKpDQW VXU OHV GURLWV GXVjO pSRXVHHWDX[HQIDQWVWHOVTXHIL[pVDX[DUWLFOHVHW FLGHVVXV 7,75(9 '8',925&(3$5&216(17(0(170878(/ 2802<(11$17&203(16$7,21.+2/

&KDSLWUHSUHPLHU

'XGLYRUFHSDUFRQVHQWHPHQWPXWXHO $UWLFOH /HVGHX[pSRX[SHXYHQWVHPHWWUHG DFFRUGVXUOHSULQFLSH GH PHWWUH ILQ j OHXU XQLRQ FRQMXJDOH VRLW VDQV FRQGLWLRQV VRLW DYHF FRQGLWLRQV VRXV UpVHUYH TXH FHOOHVFL QH VRLHQW SDV LQFRPSDWLEOHVDYHFOHVGLVSRVLWLRQVGXSUpVHQW&RGHHWQHSRUWHQW SDVSUpMXGLFHDX[LQWpUrWVGHVHQIDQWV (QFDVG DFFRUGODGHPDQGHGHGLYRUFHHVWSUpVHQWpHDX WULEXQDO SDU OHV GHX[ FRQMRLQWV RX O XQ G·HX[ DVVRUWLH G XQ GRFXPHQWpWDEOLVVDQWOHGLWDFFRUGDX[ILQVG REWHQLUO DXWRULVDWLRQ GHO LQVWUXPHQWHU /H WULEXQDO WHQWH GH FRQFLOLHU OHV GHX[ pSRX[ DXWDQW TXH SRVVLEOH HW VL OD FRQFLOLDWLRQ V DYqUH LPSRVVLEOH LO DXWRULVH TXH VRLWSULVDFWHGXGLYRUFHHWTX·LOVRLWLQVWUXPHQWp

 &KDSLWUH,,

'XGLYRUFHSDU .KRO  $UWLFOH /HV GHX[ pSRX[ SHXYHQW FRQYHQLU GH GLYRUFHU SDU .KRO  FRQIRUPpPHQWDX[GLVSRVLWLRQVGHO DUWLFOHFLGHVVXV $UWLFOH /H FRQVHQWHPHQW G XQH IHPPH PDMHXUH j OD FRPSHQVDWLRQ HQ YXH G·REWHQLU VRQ GLYRUFH SDU .KRO HVW YDODEOH 6L OH FRQVHQWHPHQWpPDQHG·XQHIHPPHPLQHXUHOHGLYRUFHHVWDFTXLV HWODPLQHXUHQ·HVWWHQXHjODFRPSHQVDWLRQTX·DYHFO·DFFRUGGH VRQUHSUpVHQWDQWOpJDO $UWLFOH / pSRXVH D GURLW j UHVWLWXWLRQ GH OD FRPSHQVDWLRQ VL HOOH pWDEOLWTXHVRQGLYRUFHSDU.KRO HVW OH UpVXOWDW G·XQH FRQWUDLQWH RX VL HOOH D VXEL XQ SUpMXGLFH TXL OXL D pWp SRUWp SDU VRQ pSRX[ 'DQVWRXVOHVFDVOHGLYRUFHHVWDFTXLV $UWLFOH 7RXW FH TXL SHXW OpJDOHPHQW IDLUH O REMHW G XQH REOLJDWLRQ SHXWYDODEOHPHQWVHUYLUGHFRQWUHSDUWLHHQPDWLqUHGHGLYRUFHSDU .KRO VDQVWRXWHIRLVTXHFHODGRQQHOLHXGHODSDUWGHO·pSRX[j XQDEXVRXXQH[FqV $UWLFOH (Q FDV G·LQVROYDELOLWp GH OD PqUH OD FRPSHQVDWLRQ HQ FRQWUHSDUWLHGHVRQGLYRUFHSDU.KRO  QH GRLW SDV rWUH DFTXLWWpH DX[GpSHQVGHVGURLWVGHVHQIDQWVRXGHOHXUSHQVLRQDOLPHQWDLUH 6LODPqUHGLYRUFpHSDU.KRO TXL D GRQQp HQ FRPSHQVDWLRQ OD¬SHQVLRQDOLPHQWDLUHGHVHVHQIDQWVGHYLHQWLQVROYDEOHODSHQVLRQ VHUD j OD FKDUJH GX SqUH VDQV SUpMXGLFH GX GURLW GH FHOXLFL GH UpFODPHUODUHVWLWXWLRQGHFHTX·LODYHUVpDXSURILWGHVHQIDQWV $UWLFOH 6L OHV GHX[ pSRX[ FRQYLHQQHQW GX SULQFLSH GX GLYRUFH SDU .KRO  VDQV VH PHWWUH G DFFRUG VXU OD FRQWUHSDUWLH O DIIDLUH HVW SRUWpH GHYDQW OH WULEXQDO HQ YXH G XQH WHQWDWLYH GH FRQFLOLDWLRQ $XFDVRFHOOHFLV DYqUHLPSRVVLEOHOHWULEXQDOGpFODUHYDODEOH OH GLYRUFH SDU .KRO  DSUqV HQ DYRLU pYDOXp OD FRQWUHSDUWLH HQ WHQDQWFRPSWHGXPRQWDQWGX 6DGDT GHODGXUpHGXPDULDJHGHV FDXVHV GH OD GHPDQGH GX GLYRUFH SDU .KRO HW GH OD VLWXDWLRQ PDWpULHOOHGHO pSRXVH 6LO pSRXVHSHUVLVWHGDQVVDGHPDQGHGHGLYRUFHSDU.KRO HW TXH O pSRX[ V·\ UHIXVH HOOH SHXW UHFRXULU j OD SURFpGXUH GH GLVFRUGH 7,75(9, '(6&$7(*25,(6'(',925&(6286&2175Ñ/(-8',&,$,5( (7¬'(¬',925&(-8',&,$,5(

&KDSLWUHSUHPLHU 'HVPHVXUHVSURYLVRLUHV $UWLFOH 6LOHOLWLJHHQWUHOHVpSRX[HVWSRUWpGHYDQWODMXVWLFHHWTXH OHXUFRKDELWDWLRQV DYqUHLPSRVVLEOHOHWULEXQDOSHXWG RIILFHRX VXU UHTXrWH SUHQGUH OHV PHVXUHV SURYLVRLUHV TX LO MXJH DSSURSULpHV j O pJDUG GH O pSRXVH HW GHV HQIDQWV \ FRPSULV OH FKRL[ G KDELWHU FKH] O XQ GHV SURFKHV SDUHQWV GH O pSRXVH RX GH O pSRX[HWFHGDQVO DWWHQWHGXMXJHPHQWVXUOHIRQG&HVPHVXUHV VRQW LPPpGLDWHPHQW H[pFXWRLUHV VXU PLQXWH SDU O LQWHUPpGLDLUH GXPLQLVWqUHSXEOLF



%8//(7,12)),&,(/

1ƒ²¬UDPDGDQ

&KDSLWUH,,

7,75(9,,

'XGLYRUFHUpYRFDEOH5LMLL HWGXGLYRUFHLUUpYRFDEOH%DwQ $UWLFOH 7RXW GLYRUFH SURQRQFp SDU OH WULEXQDO HVW LUUpYRFDEOH j O H[FHSWLRQGXGLYRUFHSRXUVHUPHQWGHFRQWLQHQFHHWGXGLYRUFH SRXUGpIDXWG HQWUHWLHQ $UWLFOH 7RXWGLYRUFHGXIDLWGHO pSRX[HVWUpYRFDEOHjO H[FHSWLRQ GX GLYRUFH SURQRQFp j OD VXLWH GH GHX[ SUpFpGHQWV GLYRUFHV VXFFHVVLIV GX GLYRUFH LQWHUYHQX DYDQW OD FRQVRPPDWLRQ GX PDULDJH GX GLYRUFH SDU FRQVHQWHPHQW PXWXHO GX GLYRUFH SDU .KRO HW GH FHOXL TXL UpVXOWH G XQ GURLW G RSWLRQ FRQVHQWL SDU O pSRX[jVRQpSRXVH $UWLFOH / pSRX[SHXWUHSUHQGUHOHVOLHQVFRQMXJDX[DYHFVRQpSRXVH SHQGDQWODSpULRGHGHYLGXLWp / pSRX[ TXL GpVLUH OH UpWDEOLVVHPHQW GHV OLHQV FRQMXJDX[ DYHF VRQ pSRXVH DSUqV XQ GLYRUFH UpYRFDEOH GRLW IDLUH pWDEOLU O·DFWH GH UHSULVH SDU GHX[ DGRXO  OHVTXHOV HQ LQIRUPHQW LPPpGLDWHPHQWOHMXJH /H MXJH GRLW DYDQW G KRPRORJXHU O DFWH GH UHSULVH FRQYRTXHU O pSRXVH SRXU O HQ LQIRUPHU 6L FHOOHFL UHIXVH OD UHSULVH GH OD YLH FRQMXJDOH HOOH SHXW UHFRXULU j OD SURFpGXUH GH GLVFRUGHSUpYXHjO DUWLFOHFLGHVVXV $UWLFOH $ O H[SLUDWLRQ GH OD SpULRGH GH YLGXLWp VXLWH j XQ GLYRUFH UpYRFDEOH OD IHPPH VH WURXYH GpILQLWLYHPHQW VpSDUpH GH VRQ PDUL $UWLFOH /H GLYRUFH LUUpYRFDEOH %DwQ  DXWUH TXH FHOXL SURQRQFp j¬OD¬VXLWH GH GHX[ SUpFpGHQWV GLYRUFHV VXFFHVVLIV GLVVRXW LPPpGLDWHPHQWOHVOLHQVFRQMXJDX[PDLVQHIDLWSDVREVWDFOHjOD FRQFOXVLRQG XQQRXYHODFWHGHPDULDJHHQWUHOHVPrPHVpSRX[ $UWLFOH /HGLYRUFHSURQRQFpjODVXLWHGHGHX[SUpFpGHQWVGLYRUFHV VXFFHVVLIVGLVVRXWLPPpGLDWHPHQWOHVOLHQVFRQMXJDX[HWLQWHUGLW OH UHPDULDJH DYHF O pSRXVH GLYRUFpH j PRLQV TXH FHOOHFL Q DLW REVHUYp OD SpULRGH GH YLGXLWp FRQVpFXWLYH j OD GLVVROXWLRQ G XQ DXWUH PDULDJH HIIHFWLYHPHQW HW OpJDOHPHQW FRQVRPPp DYHF XQ DXWUHpSRX[ $UWLFOH /HV GpFLVLRQV GH MXVWLFH UHQGXHV HQ PDWLqUH GH GLYRUFH MXGLFLDLUH GH GLYRUFH SDU .KRO RX GH UpVLOLDWLRQ  GH PDULDJH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX SUpVHQW OLYUH QH VRQW VXVFHSWLEOHVG DXFXQUHFRXUVGDQVOHXUSDUWLHPHWWDQWILQDX[OLHQV FRQMXJDX[ /HVMXJHPHQWVGHGLYRUFHGHGLYRUFHMXGLFLDLUHGHGLYRUFH SDU.KRO RXGHUpVLOLDWLRQGHPDULDJHUHQGXVSDUOHVMXULGLFWLRQV pWUDQJqUHVVRQWVXVFHSWLEOHVG H[pFXWLRQV LOVVRQWUHQGXVSDUXQ WULEXQDO FRPSpWHQW HW IRQGpV VXU GHV PRWLIV TXL QH VRQW SDV LQFRPSDWLEOHVDYHFFHX[SUpYXVSDUOHSUpVHQW&RGHHQYXHGHOD GLVVROXWLRQ GH OD UHODWLRQ FRQMXJDOH ,O HQ HVW GH PrPH SRXU OHV DFWHVFRQFOXVjO pWUDQJHUGHYDQWOHVRIILFLHUVHWOHVIRQFWLRQQDLUHV SXEOLFV FRPSpWHQWV DSUqV TXH FHV MXJHPHQWV HW DFWHV DLHQW VDWLVIDLW DX[ SURFpGXUHV OpJDOHV UHODWLYHV j O H[HTXDWXU FRQIRUPpPHQW DX[ GLVSRVLWLRQV GHV DUWLFOHV   HW  GX FRGHGHSURFpGXUHFLYLOH

'(6())(76'(/$',662/87,21'83$&7('(0$5,$*( &KDSLWUHSUHPLHU

'HODSpULRGHGHYLGXLWp,GGD $UWLFOH /D SpULRGH GH YLGXLWp FRPPHQFH j FRPSWHU GH OD GDWH GX GLYRUFH VRXV FRQWU{OH MXGLFLDLUH GX GLYRUFH MXGLFLDLUH GH OD UpVLOLDWLRQGXPDULDJHRXGXGpFqVGHO pSRX[ $UWLFOH /D IHPPH GLYRUFpH DYDQW OD FRQVRPPDWLRQ GX PDULDJH HW TXL Q·D SDV HX GH UDSSRUWV OpJDX[ DYHF VRQ FRQMRLQW Q HVW SDV DVWUHLQWHjODSpULRGHGHYLGXLWp,GGD  VDXI HQ FDV GH GpFqV GH O pSRX[ $UWLFOH /D IHPPH GLYRUFpH HW OD YHXYH REVHUYHQW OD SpULRGH GH YLGXLWpGDQVOHGRPLFLOHFRQMXJDORXGDQVXQDXWUHOLHXUpVHUYpj FHWHIIHW 6HFWLRQ,¬²'HODSpULRGHGHYLGXLWpSRXUFDXVHGHGpFqV

$UWLFOH /DSpULRGHGHYLGXLWpGHODYHXYHTXLQ HVWSDVHQFHLQWHHVW GHTXDWUHPRLVHWGL[MRXUVIUDQFV 6HFWLRQ,,¬²¬'HODSpULRGHGHYLGXLWpGHODIHPPHHQFHLQWH

$UWLFOH /D SpULRGH GH YLGXLWp GH OD IHPPH HQFHLQWH SUHQG ILQ j OD GpOLYUDQFHRXjODVXLWHG·XQHLQWHUUXSWLRQGHODJURVVHVVH $UWLFOH 6L OD IHPPH HQ SpULRGH GH YLGXLWp SUpWHQG rWUH HQFHLQWH HW TX LO \ DLW FRQWHVWDWLRQ OH WULEXQDO VDLVL IDLW SURFpGHU j XQH H[SHUWLVHSDUGHVVSpFLDOLVWHVSRXUpWDEOLUTX·LO\DJURVVHVVHHW GpWHUPLQHU pYHQWXHOOHPHQW OD SpULRGH GH VRQ FRPPHQFHPHQW SRXUGpFLGHUGHODSRXUVXLWHRXGHODILQGHODSpULRGHGHYLGXLWp $UWLFOH /D GXUpH PD[LPXP GH OD JURVVHVVH HVW G XQH DQQpH j FRPSWHUGHODGDWHGXGLYRUFHRXGXGpFqV $UWLFOH /D SpULRGH GH YLGXLWp TXH GRLW REVHUYHU OD IHPPH QRQ HQFHLQWHHVWGH  ¬WURLV SpULRGHV LQWHUPHQVWUXHOOHV FRPSOqWHV SRXU FHOOH VXMHWWHDXIOX[PHQVWUXHO  WURLV PRLV SRXU FHOOH TXL Q D MDPDLV pWp VXMHWWH DX IOX[ PHQVWUXHO RX FHOOH TXL D DWWHLQW OD PpQRSDXVH 6L HOOH D VHV PHQVWUXHV DYDQW OD ILQ GH OD SpULRGH GH YLGXLWp FHOOHFL HVW SURORQJpHGHWURLVSpULRGHVLQWHUPHQVWUXHOOHV  ¬WURLVPRLVDSUqVXQHDWWHQWHGHQHXIPRLVSRXUFHOOHGRQW OHV PHQVWUXHV VRQW WDUGLYHV RX TXL QH SHXW GLVWLQJXHU OH IOX[ PHQVWUXHOG XQDXWUHpFRXOHPHQWVDQJXLQ &KDSLWUH,, 'HO LQWHUIpUHQFHGHVGLIIpUHQWHVSpULRGHVGHYLGXLWp $UWLFOH /DIHPPHGLYRUFpHjWLWUHUpYRFDEOHHWGRQWO pSRX[GpFqGH DXFRXUVGHODSpULRGHGHYLGXLWpSRXUFDXVHGHGLYRUFHSDVVHGH FHOOHFLjODSpULRGHGHYLGXLWpSRXUFDXVHGHGpFqV

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

7,75(9,,, '(6)250$/,7(6(7'8&217(18¬'(/ $&7('(',925&( 6286&2175Ñ/(-8',&,$,5(

$UWLFOH /HGRFXPHQWFRQVWDWDQWOHGLYRUFHVRXVFRQWU{OHMXGLFLDLUH HVWGUHVVpSDUGHX[DGRXO OpJDOHPHQWKDELOLWpVjFHWHIIHWDSUqV DXWRULVDWLRQ GX WULEXQDO HW VXU SURGXFWLRQ GX GRFXPHQW pWDEOLVVDQWOHPDULDJH $UWLFOH /H GRFXPHQW pWDEOLVVDQW OH GLYRUFH GRLW FRPSUHQGUH OHV PHQWLRQVVXLYDQWHV  ODGDWHHWOHQXPpURDIIHFWpjO DXWRULVDWLRQGXGLYRUFH  O LGHQWLWpGHVH[pSRX[OHXUOLHXGHUpVLGHQFHOHXUFDUWH G LGHQWLWpQDWLRQDOHRXFHTXLHQWLHQWOLHX  ODGDWHGHO DFWHGHPDULDJHVRQQXPpURHWIROLRGDQVOH UHJLVWUHYLVpjO DUWLFOHFLGHVVXV  ODQDWXUHGXGLYRUFHHQSUpFLVDQWV LOV DJLWGXSUHPLHUGX GHX[LqPHRXGXWURLVLqPH $UWLFOH /H GRFXPHQW pWDEOLVVDQW OH GLYRUFH VRXV FRQWU{OH MXGLFLDLUH UHYLHQWjO pSRXVHHWGRLWOXLrWUHUHPLVGDQVXQGpODLGHTXLQ]HMRXUV VXLYDQW OD GDWH j ODTXHOOH FH GRFXPHQW D pWp GUHVVp / H[pSRX[ D OH¬GURLWG REWHQLUXQHH[SpGLWLRQGXGLWGRFXPHQW $UWLFOH /H WULEXQDO WUDQVPHW XQ H[WUDLW GX GRFXPHQW GX  GLYRUFH VRXVFRQWU{OHMXGLFLDLUHGHUHSULVHHQPDULDJHGHODGpFLVLRQGH GLYRUFHMXGLFLDLUHGHODUpVLOLDWLRQGHO DFWHGHPDULDJHRXGHVD QXOOLWpDXTXHOHVWMRLQWXQFHUWLILFDWGHUHPLVHjO RIILFLHUG pWDW FLYLOGXOLHXGHQDLVVDQFHGHFKDFXQGHVFRQMRLQWVGDQVXQGpODL GHTXLQ]HMRXUVFRXUDQWjFRPSWHUGHODGDWHjODTXHOOHO DFWHDpWp GUHVVpRXGXSURQRQFpGXMXJHPHQWGHGLYRUFHGHUpVLOLDWLRQRX GHQXOOLWpGHO DFWHGHPDULDJH / RIILFLHU G pWDW FLYLO GRLW WUDQVFULUH OHV PHQWLRQV GH O H[WUDLW VXVYLVpHQPDUJHGHO DFWHGHQDLVVDQFHGHFKDFXQGHVFRQMRLQWV 6LO·XQGHVFRQMRLQWVRXOHVGHX[jODIRLVQHVRQWSDVQpVDX 0DURF O H[WUDLW HVW DGUHVVp DX SURFXUHXU GX 5RL SUqV OH WULEXQDO GHSUHPLqUHLQVWDQFHGH5DEDW /HV LQGLFDWLRQV TXH GRLW FRQWHQLU O H[WUDLW YLVp DX SUHPLHU DOLQpDFLGHVVXVVRQWIL[pHVSDUDUUrWpGXPLQLVWUHGHODMXVWLFH

/,95(,,, BBBB '(/$1$,66$1&((7'(6(6())(76 7,75(35(0,(5 '(/$),/,$7,213$5(17$/(%28128::$ (7'(/$),/,$7,213$7(51(//(1$6$%

&KDSLWUHSUHPLHU 'HODILOLDWLRQSDUHQWDOH $UWLFOH /DILOLDWLRQSDUHQWDOHVHUpDOLVHSDUODSURFUpDWLRQGHO HQIDQW SDUVHVSDUHQWV(OOHHVWOpJLWLPHRXLOOpJLWLPH $UWLFOH /DILOLDWLRQSDUHQWDOHHVWOpJLWLPHjO pJDUGGXSqUHHWGHOD PqUHMXVTX jSUHXYHFRQWUDLUH $UWLFOH /DILOLDWLRQSDUHQWDOHjO pJDUGGXSqUHHVWOpJLWLPHGDQVOHV FDV R O XQ GHV PRWLIV GH OD ILOLDWLRQ SDWHUQHOOH H[LVWH (OOH SURGXLWWRXVOHVHIIHWVOpJDX[GHODILOLDWLRQSDWHUQHOOH

 $UWLFOH

'qVTXHODILOLDWLRQSDUHQWDOHGHO HQIDQWG RULJLQHLQFRQQXHHVW pWDEOLH j OD VXLWH VRLW G XQH UHFRQQDLVVDQFH GH SDUHQWp VRLW G XQH GpFLVLRQ GX MXJH O HQIDQW GHYLHQW OpJLWLPH DFFqGH j OD ILOLDWLRQ GH VRQ SqUH HW VXLW OD UHOLJLRQ GH FH GHUQLHU ,OV KpULWHQW PXWXHOOHPHQW O XQ GH O DXWUH  O pWDEOLVVHPHQW GH OD ILOLDWLRQ SDWHUQHOOH HQWUDvQH OHV HPSrFKHPHQWV j PDULDJH HW FUpH GHV GURLWV HW GHV GHYRLUV HQWUH OH SqUHHWO HQIDQW $UWLFOH /D ILOLDWLRQ TX HOOH UpVXOWH G XQH UHODWLRQ OpJLWLPH RX LOOpJLWLPHHVWODPrPHSDUUDSSRUWjODPqUHHQFHTXLFRQFHUQH OHVHIIHWVTX HOOHSURGXLW $UWLFOH /DILOLDWLRQjO pJDUGGHODPqUHV pWDEOLWSDU ²¬OHIDLWGHGRQQHUQDLVVDQFH ²¬O DYHX GH OD PqUH GDQV OHV PrPHV FRQGLWLRQV TXH FHOOHV SUpYXHVSDUO DUWLFOHFLDSUqV ²¬XQHGpFLVLRQMXGLFLDLUH /D ILOLDWLRQ YLVjYLV GH OD PqUH HVW OpJLWLPH GDQV OHV FDV R HOOH¬UpVXOWHG XQPDULDJHG XQUDSSRUWVH[XHOSDUHUUHXU&KRXEKD RXG XQYLRO $UWLFOH /D ILOLDWLRQ LOOpJLWLPH QH SURGXLW DXFXQ GHV HIIHWV GH OD ILOLDWLRQSDUHQWDOHOpJLWLPHYLVjYLVGXSqUH $UWLFOH / DGRSWLRQ $WWDEDQL HVW MXULGLTXHPHQW QXOOH HW Q HQWUDvQH DXFXQGHVHIIHWVGHODILOLDWLRQSDUHQWDOHOpJLWLPH / DGRSWLRQ GLWH GH JUDWLILFDWLRQ -D]D RX WHVWDPHQWDLUH 7DQ]LO SDUODTXHOOHXQHSHUVRQQHHVWSODFpHDXUDQJG·XQKpULWLHU GH SUHPLHU GHJUp Q pWDEOLW SDV OD ILOLDWLRQ SDWHUQHOOH HW VXLW OHV UqJOHVGXWHVWDPHQW:DVVL\D  &KDSLWUH,, 'HODILOLDWLRQSDWHUQHOOHHWGHVHVPR\HQVGHSUHXYH $UWLFOH /DILOLDWLRQSDWHUQHOOHHVWOHOLHQOpJLWLPHTXLXQLWOHSqUHj VRQHQIDQWHWTXLVHWUDQVPHWGHSqUHHQILOV $UWLFOH /DILOLDWLRQSDWHUQHOOHV pWDEOLWSDUODSUpVRPSWLRQHWQHSHXW rWUHGpVDYRXpHTXHSDUXQHGpFLVLRQMXGLFLDLUH $UWLFOH /DILOLDWLRQSDWHUQHOOHGpFRXOH ¬²GHVUDSSRUWVFRQMXJDX[$O)LUDFK  ²¬GHO DYHXGXSqUH,TUDU ¬ ¬²¬GHVUDSSRUWVVH[XHOVSDUHUUHXU&KRXEKD  $UWLFOH /HVUDSSRUWVFRQMXJDX[VRQWSURXYpVSDUOHVPrPHVPR\HQV TXHOHPDULDJH /HV UDSSRUWV FRQMXJDX[ DVVRUWLV GH OHXUV FRQGLWLRQV FRQVWLWXHQW XQH SUHXYH LUUpIXWDEOH pWDEOLVVDQW OD ILOLDWLRQ SDWHUQHOOH,OVQHSHXYHQWrWUHFRQWHVWpVTXHSDUOHPDULVXLYDQW OD SURFpGXUH GX VHUPHQW G·DQDWKqPH /LkDQH RX SDU OH PR\HQ G·XQHH[SHUWLVHIRUPHOOHHWFHjFRQGLWLRQ ²¬TXH O pSRX[ FRQFHUQp SURGXLVH GHV SUHXYHV SUREDQWHV j O DSSXLGHVHVDOOpJDWLRQV¬HW ²¬TXHODGLWHH[SHUWLVHVRLWRUGRQQpHSDUOHWULEXQDO



%8//(7,12)),&,(/ $UWLFOH

1ƒ²¬UDPDGDQ

 ¬OHSqUHTXLIDLWO DYHXGRLWMRXLUGHVHVIDFXOWpVPHQWDOHV

/DILOLDWLRQSDWHUQHOOHGHO HQIDQWHVWpWDEOLHSDUOHVUDSSRUWV FRQMXJDX[$O)LUDFK 

 OD ILOLDWLRQ SDWHUQHOOH GH O HQIDQW UHFRQQX QH GRLW rWUH pWDEOLHTXHV·LOQ·\DSDVILOLDWLRQGpMjFRQQXH

 ¬VLFHWHQIDQWHVWQpDXPRLQVGDQVOHVVL[PRLVTXLVXLYHQW ODGDWHGHFRQFOXVLRQGXPDULDJHHWjFRQGLWLRQTXHODSRVVLELOLWp GH UDSSRUWV FRQMXJDX[  HQWUH OHV pSRX[ VRLW SODXVLEOH TXH O·DFWH GHPDULDJHVRLWYDOLGHRXYLFLp

 ¬OHV GpFODUDWLRQV GH O DXWHXU GH OD UHFRQQDLVVDQFH GH SDWHUQLWp QH GRLYHQW SDV UHOHYHU GH O·LOORJLTXH RX GH O·LQYUDLVHPEODEOH

 ¬VLO HQIDQWHVWQpGXUDQWO DQQpHTXLVXLWODGDWHGHODVpSDUDWLRQ $UWLFOH /RUVTX XQHIHPPHHVWHQFHLQWHVXLWHjGHVUDSSRUWVVH[XHOV SDUHUUHXU&KRXEKD HWGRQQHQDLVVDQFHjXQHQIDQWSHQGDQWOD SpULRGHFRPSULVHHQWUHODGXUpHPLQLPDHWODGXUpHPD[LPDGHOD JURVVHVVHODILOLDWLRQSDWHUQHOOHGHFHWHQIDQWHVWpWDEOLHjO·pJDUG GHO·DXWHXUGHFHVUDSSRUWV &HWWH ILOLDWLRQ SDWHUQHOOH HVW pWDEOLH SDU WRXV PR\HQV GH SUHXYHOpJDOHPHQWSUpYXV $UWLFOH 6LOHVILDQoDLOOHVRQWHXOLHXHWTX LO\DLWHXFRQVHQWHPHQW PXWXHOPDLVTXHGHVFLUFRQVWDQFHVLPSpULHXVHVRQWHPSrFKpGH GUHVVHU O DFWH GH PDULDJH HW TXH GHV VLJQHV GH JURVVHVVH DSSDUDLVVHQW FKH] OD ILDQFpH FHWWH JURVVHVVH HVW LPSXWpH DX ILDQFp SRXU UDSSRUWV  VH[XHOV SDU HUUHXU VL OHV FRQGLWLRQV VXLYDQWHVVRQWUpXQLHV

D ¬OHV ILDQoDLOOHV RQW pWp FRQQXHV GHV GHX[ IDPLOOHV HW DSSURXYpHV OH FDV pFKpDQW SDU OH WXWHXU PDWULPRQLDO GH OD ILDQFpH E LOV DYqUHTXHODILDQFpHHVWWRPEpHHQFHLQWHGXUDQWOHV ILDQoDLOOHV F OHVGHX[ILDQFpVRQWUHFRQQXTXHODJURVVHVVHHVWGHOHXU IDLW &HV FRQGLWLRQV VRQW pWDEOLHV SDU GpFLVLRQ MXGLFLDLUH QRQ VXVFHSWLEOHGHUHFRXUV 6LOHILDQFpQLHTXHODJURVVHVVHHVWGHVRQIDLWLOSHXWrWUH IDLW UHFRXUV j WRXV PR\HQV OpJDX[ GH SUHXYH  SRXU pWDEOLU OD ILOLDWLRQSDWHUQHOOH $UWLFOH /RUVTXH OD ILOLDWLRQ SDWHUQHOOH HVW pWDEOLH PrPH j OD VXLWH G XQ PDULDJH YLFLp GH UDSSRUWV VH[XHOV SDU HUUHXU RX G XQH UHFRQQDLVVDQFHGHSDWHUQLWp,VWLOKDN HOOHSURGXLWWRXVVHVHIIHWV (OOH LQWHUGLW OHV PDULDJHV SURKLEpV SRXU FDXVH G DOOLDQFH RX G DOODLWHPHQW HW GRQQH GURLW j OD SHQVLRQ DOLPHQWDLUH GXH DX[ SURFKHVDLQVLTX·jO·KpULWDJH $UWLFOH /DILOLDWLRQSDWHUQHOOHHVWpWDEOLHSDUOHVUDSSRUWVFRQMXJDX[ $O )LUDFK  O·DYHX GX SqUH OH WpPRLJQDJH GH GHX[ DGRXO  OD SUHXYHGpGXLWHGXRXwGLUHHWSDUWRXWPR\HQOpJDOHPHQWSUpYX\ FRPSULVO H[SHUWLVHMXGLFLDLUH $UWLFOH 6HXO XQ MXJHPHQW SHXW HQWUDvQHU OH GpVDYHX GH OD ILOLDWLRQ SDWHUQHOOH G XQ HQIDQW j O pJDUG GH O pSRX[ RX GpFLGHU TXH OD JURVVHVVHGHO pSRXVHQ HVWSDVO ±XYUHGHFHOXLFLFRQIRUPpPHQW jO DUWLFOHFLGHVVXV $UWLFOH /DILOLDWLRQSDWHUQHOOHHVWpWDEOLHSDUO DYHXGXSqUH,TUDU TXL UHFRQQDvW OD ILOLDWLRQ GH O HQIDQW PrPH DX FRXUV GH VD GHUQLqUHPDODGLHFRQIRUPpPHQWDX[FRQGLWLRQVVXLYDQWHV

 ¬O HQIDQWUHFRQQXGRLWGRQQHUVRQDFFRUGV LOHVWPDMHXUDX PRPHQW GH OD UHFRQQDLVVDQFH GH SDWHUQLWp  6L FHWWH UHFRQQDLVVDQFH D HX OLHX DYDQW  O kJH GH PDMRULWp O·HQIDQW UHFRQQX  D OH GURLW ORUVTX LO DWWHLQW O kJH GH PDMRULWp G LQWHQWHU XQHDFWLRQHQMXVWLFHYLVDQWjGpVDYRXHUODILOLDWLRQSDWHUQHOOH /RUVTXHFHOXLTXLUHFRQQDvWODSDWHUQLWpGpVLJQHODPqUHGH O·HQIDQWFHOOHFLSHXWV·\RSSRVHUHQGpVDYRXDQWHQrWUHODPqUH RXHQSURGXLVDQWOHVSUHXYHVpWDEOLVVDQWOHGpIDXWGHYpUDFLWpGH ODUHFRQQDLVVDQFHGHSDWHUQLWp 7RXWHSHUVRQQHTXLDLQWpUrWSHXWIRUPXOHUXQUHFRXUVFRQWUH OD YpUDFLWp GH O H[LVWHQFH GHV FRQGLWLRQV GH OD UHFRQQDLVVDQFH GH¬SDWHUQLWp ,VWLOKDT SUpFLWpHV WDQW TXH O DXWHXU GH FHWWH UHFRQQDLVVDQFHGHSDWHUQLWpHVWHQYLH $UWLFOH 6HXOOHSqUHSHXWpWDEOLUODILOLDWLRQG XQHQIDQWSDUDYHXGH SDWHUQLWpjO H[FOXVLRQGHWRXWHDXWUHSHUVRQQH $UWLFOH / DYHX GH SDWHUQLWp HVW pWDEOL SDU DFWH DXWKHQWLTXH RX SDU GpFODUDWLRQPDQXVFULWHHWQRQpTXLYRTXHGHO·DXWHXUGHFHWDYHX 7,75(,, '(/$*$5'('(/ (1)$17+$'$1$ &KDSLWUHSUHPLHU

'LVSRVLWLRQVJpQpUDOHV $UWLFOH /DJDUGHGHO·HQIDQWFRQVLVWHjSUpVHUYHUFHOXLFLGHFHTXL SRXUUDLW OXL rWUH SUpMXGLFLDEOH j O pGXTXHU HW j YHLOOHU j VHV LQWpUrWV /D SHUVRQQH FKDUJpH GH OD JDUGH GRLW GDQV OD PHVXUH GX SRVVLEOHSUHQGUHWRXWHVGLVSRVLWLRQVQpFHVVDLUHVjODSUpVHUYDWLRQ HWjODVpFXULWpWDQWSK\VLTXHTXHPRUDOHGHO HQIDQWVRXPLVjOD JDUGH HW YHLOOHU j VHV LQWpUrWV HQ FDV  G DEVHQFH GH VRQ UHSUpVHQWDQWOpJDOHWHQFDVGHQpFHVVLWpVLOHVLQWpUrWVGHO HQIDQW ULVTXHQWG·rWUHFRPSURPLV $UWLFOH /DJDUGHGHO HQIDQWLQFRPEHDXSqUHHWjODPqUHWDQWTXH OHVOLHQVFRQMXJDX[VXEVLVWHQW $UWLFOH 6L DXFXQ GHV DWWULEXWDLUHV SRVVLEOHV GX GURLW GH JDUGH Q DFFHSWHGHO DVVXUHURXVLELHQTXHO DFFHSWDQWLOQHUHPSOLWSDV OHV FRQGLWLRQV UHTXLVHV OHV LQWpUHVVpV RX OH PLQLVWqUH SXEOLF VDLVLVVHQWOHWULEXQDOTXLGpFLGHGXFKRL[GHODSHUVRQQHODSOXV DSWH SDUPL OHV SURFKHV SDUHQWV GH O HQIDQW RX SDUPL G DXWUHV SHUVRQQHV $ GpIDXW OH WULEXQDO RSWH SRXU O XQH GHV LQVWLWXWLRQV KDELOLWpHVjFHWHIIHW $UWLFOH /D JDUGH GXUH MXVTX j FH TXH O HQIDQW DWWHLJQH O kJH GH OD PDMRULWpOpJDOHTX LOVRLWGHVH[HPDVFXOLQRXIpPLQLQ

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

(Q FDV GH UXSWXUH GH OD UHODWLRQ FRQMXJDOH GHV SDUHQWV O·HQIDQWSHXWjO·kJHGHTXLQ]HDQVUpYROXVFKRLVLUOHTXHOGHVRQ SqUHRXGHVDPqUHDVVXPHUDVDJDUGH (QO DEVHQFHGXSqUHHWGHODPqUHO HQIDQWSHXWFKRLVLUO XQ GHVHVSURFKHVSDUHQWVYLVpVjO DUWLFOHFLDSUqVVRXVUpVHUYH TXHFHFKRL[QHVRLWSDVLQFRPSDWLEOHDYHFVHVLQWpUrWVHWTXHVRQ UHSUpVHQWDQWOpJDOGRQQHVRQDFFRUG (QFDVGHUHIXVGHFHGHUQLHUOHMXJHHVWVDLVLSRXUVWDWXHU VHORQO LQWpUrWGXPLQHXU $UWLFOH /D UpPXQpUDWLRQ GXH SRXU OD JDUGH HW OHV GpSHQVHV RFFDVLRQQpHV SDU FHOOHFL VRQW j OD FKDUJH GH OD SHUVRQQH j TXL LQFRPEH O HQWUHWLHQ GH O HQIDQW (OOHV VRQW GLVWLQFWHV GH OD UpPXQpUDWLRQGXHDXWLWUHGHO DOODLWHPHQWHWO HQWUHWLHQ /DPqUHQHSHXWSUpWHQGUHjUpPXQpUDWLRQSRXUODJDUGHGH VHV HQIDQWV GXUDQW OD UHODWLRQ FRQMXJDOH HW SHQGDQW O DFFRPSOLVVHPHQW GH OD SpULRGH GH YLGXLWp ,GGD  HQ FDV GH GLYRUFHUpYRFDEOH $UWLFOH /HV IUDLV GH ORJHPHQW GH O HQIDQW VRXPLV j OD JDUGH VRQW GLVWLQFWV GH OD SHQVLRQ DOLPHQWDLUH GH OD UpPXQpUDWLRQ GXH DX WLWUHGHODJDUGHHWGHVDXWUHVIUDLV /HSqUHGRLWDVVXUHUjVHVHQIDQWVXQORJHPHQWRXV DFTXLWWHU GXPRQWDQWGXOR\HUGXGLWORJHPHQWWHOTX HVWLPpSDUOHWULEXQDO VRXVUpVHUYHGHVGLVSRVLWLRQVGHO DUWLFOHFLDSUqV / HQIDQWVRXPLVjODJDUGHQHSHXWrWUHDVWUHLQWjTXLWWHUOH GRPLFLOH FRQMXJDO TX DSUqV H[pFXWLRQ SDU OH SqUH GX MXJHPHQW UHODWLIjVRQORJHPHQW /H WULEXQDO IL[H GDQV VRQ MXJHPHQW OHV PHVXUHV j PrPH GHJDUDQWLUODFRQWLQXLWpGHO H[pFXWLRQGHFHMXJHPHQWSDUOHSqUH FRQGDPQp $UWLFOH /HSqUHRXOHUHSUpVHQWDQWOpJDOHWODPqUHTXLDODJDUGHGH O HQIDQWGRLYHQWYHLOOHUDYHFVRLQVXUO pGXFDWLRQHWO RULHQWDWLRQ VFRODLUHGHO HQIDQWVRXPLVjODJDUGH/ HQIDQWQHGRLWFHSHQGDQW SDVVHU OD QXLW TX DX GRPLFLOH GH OD SHUVRQQH TXL HQ DVVXUH OD JDUGHjPRLQVTXHOHMXJHGDQVO LQWpUrWGHO HQIDQWQ·HQGpFLGH DXWUHPHQW /DSHUVRQQHHQFKDUJHGHODJDUGHDXWUHTXHODPqUHGRLW YHLOOHUjFHTXHO HQIDQWV DFTXLWWHTXRWLGLHQQHPHQWGHVHVGHYRLUV VFRODLUHV (Q FDV GH GpVDFFRUG HQWUH OH UHSUpVHQWDQW OpJDO HW OD SHUVRQQH DVVXUDQW OD JDUGH OH WULEXQDO HVW VDLVL DILQ GH VWDWXHU VHORQO LQWpUrWGHO HQIDQW $UWLFOH /H GpYROXWDLUH GH OD JDUGH UHFRXYUH VRQ GURLW ORUVTXH O HPSrFKHPHQWTXLOXLLQWHUGLVDLWGHO H[HUFHUHVWOHYp /HWULEXQDOSHXWUHFRQVLGpUHUODGpYROXWLRQGHODJDUGHGDQV O LQWpUrWGHO HQIDQW &KDSLWUH,,

'HVGpYROXWDLUHVGHODJDUGHHWGHOHXURUGUHGHSULRULWp $UWLFOH /D JDUGH HVW FRQILpH HQ SUHPLHU OLHX  j OD PqUH SXLV DX SqUHHWSXLVjODJUDQGPqUHPDWHUQHOOHGHO·HQIDQW$GpIDXWOH WULEXQDOGpFLGHHQIRQFWLRQGHVSUpVRPSWLRQVGRQWLOGLVSRVHHW WRXMRXUV GDQV O·LQWpUrW GH O HQIDQW G DWWULEXHU OD JDUGH j O XQ GHV



SURFKHV SDUHQWV OHV SOXV DSWHV j O DVVXPHU /H WULEXQDO RUGRQQH pJDOHPHQWTXHVRLWDVVXUpXQORJHPHQWGpFHQWjO HQIDQWVRXPLVj ODJDUGHDXPrPHWLWUHTXHOHVDXWUHVREOLJDWLRQVGpFRXODQWGHOD SHQVLRQDOLPHQWDLUH $UWLFOH /H WULEXQDO SHXW IDLUH DSSHO DX[ VHUYLFHV G XQH DVVLVWDQWH VRFLDOHSRXUpWDEOLUXQUDSSRUWUHODWLIDXORJHPHQWGHODSHUVRQQH HQFKDUJHGHODJDUGHHWVXUOHVFRQGLWLRQVGDQVOHVTXHOOHVFHOOHFL VXEYLHQWDX[EHVRLQVGHSUHPLqUHQpFHVVLWpPDWpULHOVHWPRUDX[ GHO HQIDQWFRQILpjVDJDUGH &KDSLWUH,,,

'HVFRQGLWLRQVGHGpYROXWLRQGHODJDUGH HWGHVFDXVHVGH¬VDGpFKpDQFH $UWLFOH /HVFRQGLWLRQVGHGpYROXWLRQGHODJDUGHVRQW  ¬ODPDMRULWpOpJDOHSRXUOHVSHUVRQQHVDXWUHVTXHOHSqUHHW ODPqUHGHO HQIDQW  ODUHFWLWXGHHWO KRQQrWHWp  OD FDSDFLWp G pOHYHU O HQIDQW VRXV JDUGH G·DVVXUHU VD VDXYHJDUGH HW VD SURWHFWLRQ VXU OHV SODQV UHOLJLHX[ SK\VLTXH HW PRUDOHWGHYHLOOHUVXUVDVFRODULWp  ¬OHQRQPDULDJHGHODFDQGLGDWHjODGpYROXWLRQGHODJDUGH jO H[FHSWLRQGHVFDVSUpYXVGDQVOHVDUWLFOHVHWFLGHVVRXV 6L XQ FKDQJHPHQW VXVFHSWLEOH GH QXLUH j O HQIDQW LQWHUYLHQW GDQV OD VLWXDWLRQ GH OD SHUVRQQH DVVXPDQW OD JDUGH FHOOHFL HVW GpFKXHGHFHGURLWOHTXHOGURLWHVWWUDQVPLVjODSHUVRQQHTXLVXLW GDQVO RUGUHGHSULRULWp $UWLFOH /H PDULDJH GH OD IHPPH TXL DVVXUH OD JDUGH DXWUH TXH OD PqUH HQWUDvQH OD GpFKpDQFH GH OD JDUGH VDXI GDQV OHV GHX[ FDV VXLYDQWV  VLVRQpSRX[HVWXQSDUHQWGHO HQIDQWDYHFOHTXHOLODXQ HPSrFKHPHQWjPDULDJHRXV LOHVWVRQUHSUpVHQWDQWOpJDO  VLHOOHHVWODUHSUpVHQWDQWHOpJDOHGHO HQIDQW $UWLFOH /H PDULDJH GH OD PqUH FKDUJpH GH OD JDUGH GH VRQ HQIDQW Q HQWUDvQH SDV OD GpFKpDQFH GH VRQ GURLW GH JDUGH GDQV OHV FDV VXLYDQWV  VL O HQIDQW Q D SDV GpSDVVp O kJH GH VHSW DQV RX VL VD VpSDUDWLRQGHVDPqUHOXLFDXVHXQSUpMXGLFH  VLO HQIDQWVRXPLVjODJDUGHHVWDWWHLQWG XQHPDODGLHRX G XQ KDQGLFDS UHQGDQW VD JDUGH GLIILFLOH j DVVXPHU SDU XQH SHUVRQQHDXWUHTXHVDPqUH  VLOHQRXYHOpSRX[HVWXQSDUHQWGHO HQIDQWDYHFOHTXHOLO DXQHPSrFKHPHQWjPDULDJHRXV LOHVWVRQUHSUpVHQWDQWOpJDO  VLHOOHHVWODUHSUpVHQWDQWHOpJDOHGHO HQIDQW /H PDULDJH GH OD PqUH TXL D OD JDUGH GLVSHQVH OH SqUH GHV IUDLVGHORJHPHQWGHO HQIDQWHWGHODUpPXQpUDWLRQDXWLWUHGHVD JDUGH PDLV LO GHPHXUH WRXWHIRLV UHGHYDEOH GX YHUVHPHQW GH OD SHQVLRQDOLPHQWDLUHGXHjO HQIDQW $UWLFOH (VW GpFKXH GX GURLW GH JDUGH OD SHUVRQQH D\DQW YRFDWLRQ SRXU H[HUFHU FH GURLW HW TXL D JDUGp OH VLOHQFH GXUDQW XQH DQQpH



%8//(7,12)),&,(/

DSUqVTX HOOHDHXFRQQDLVVDQFHGHODFRQVRPPDWLRQGXPDULDJH GHODIHPPHjTXLHVWFRQILpHODJDUGHGHO HQIDQWVDXIHQFDVGH PRWLIVLPSpULHX[ $UWLFOH /HSqUHODPqUHHWOHVSURFKHVSDUHQWVGHO HQIDQWVRXPLVj ODJDUGHHWWRXVWLHUVGRLYHQWDYLVHUOHPLQLVWqUHSXEOLFGHWRXVOHV SUpMXGLFHV DX[TXHOV O HQIDQW VHUDLW H[SRVp DILQ TX LO SUHQQH OHV PHVXUHV TXL V LPSRVHQW SRXU SUpVHUYHU OHV GURLWV GH O HQIDQW \ FRPSULVODGHPDQGHGHODGpFKpDQFHGHODJDUGH $UWLFOH /H FKDQJHPHQW GH UpVLGHQFH j O LQWpULHXU GX 0DURF GH OD IHPPH TXL DVVXPH OD JDUGH GH O HQIDQW RX GX UHSUpVHQWDQW OpJDO GHFHGHUQLHUQ HQWUDvQHSDVODGpFKpDQFHGHODJDUGHVDXIHQFDV GH PRWLIV DYpUpV SRXU OH WULEXQDO FRPSWH WHQX GH O LQWpUrW GH O HQIDQW GHV FRQGLWLRQV SDUWLFXOLqUHV GX SqUH RX GX UHSUpVHQWDQW OpJDOHWGHODGLVWDQFHVpSDUDQWO HQIDQWGHVRQUHSUpVHQWDQWOpJDO $UWLFOH /H WULEXQDO SHXW j OD GHPDQGH GX PLQLVWqUH SXEOLF RX GX UHSUpVHQWDQWOpJDOGHO HQIDQWVRXPLVjODJDUGHSUpYRLUGDQVOD GpFLVLRQ DFFRUGDQW OD JDUGH RX SDU XQH GpFLVLRQ XOWpULHXUH O LQWHUGLFWLRQTXHO HQIDQWVRLWHPPHQpHQYR\DJHjO H[WpULHXUGX 0DURFVDQVO DFFRUGGHVRQUHSUpVHQWDQWOpJDO /H PLQLVWqUH SXEOLF HVW FKDUJp GH QRWLILHU DX[ DXWRULWpV FRPSpWHQWHV OD GpFLVLRQ G LQWHUGLFWLRQ DILQ TXH OHV PHVXUHV QpFHVVDLUHVVRLHQWSULVHVSRXUHQDVVXUHUO H[pFXWLRQ (QFDVGHUHIXVGXUHSUpVHQWDQWOpJDOGHGRQQHUVRQDFFRUG SRXUHPPHQHUO HQIDQWHQYR\DJHjO H[WpULHXUGX0DURFOHMXJH GHVUpIpUpVSHXWrWUHVDLVLHQYXHG REWHQLUXQHDXWRULVDWLRQjFHW HIIHW $XFXQH VXLWH QH  SRXUUD rWUH GRQQpH j FHWWH GHPDQGH V LO Q HVW SDV DVVXUp TXH OH YR\DJH SURMHWp UHYrW XQ FDUDFWqUH WHPSRUDLUHHWTXHOHUHWRXUGHO HQIDQWDX0DURFHVWJDUDQWL &KDSLWUH,9

'HODYLVLWHGHO HQIDQWVRXPLVjODJDUGH $UWLFOH /HSqUHRXODPqUHTXLQ DSDVODJDUGHGHO HQIDQWDOHGURLW GHOXLUHQGUHYLVLWHHWGHOHUHFHYRLU $UWLFOH /H SqUH HW OD PqUH SHXYHQW FRQYHQLU GDQV XQ DFFRUG GH O RUJDQLVDWLRQGHODYLVLWHHWOHFRPPXQLTXHQWDXWULEXQDOTXLHQ FRQVLJQHOHFRQWHQXGDQVODGpFLVLRQDFFRUGDQWODJDUGH $UWLFOH (QFDVGHGpVDFFRUGHQWUHOHSqUHHWODPqUHOHWULEXQDOIL[H GDQV OD GpFLVLRQ DFFRUGDQW OD JDUGH OHV SpULRGHV GH YLVLWH HW HQ SUpFLVH OH WHPSV HW OH OLHX GH PDQLqUH j SUpYHQLU DXWDQW TXH SRVVLEOH OHV PDQ±XYUHV IUDXGXOHXVHV GDQV O H[pFXWLRQ GH OD GpFLVLRQ $FHWHIIHWOHWULEXQDOSUHQGHQFRQVLGpUDWLRQOHVFRQGLWLRQV SDUWLFXOLqUHV GH FKDTXH SDUWLH HW OHV FLUFRQVWDQFHV SURSUHV j FKDTXHDIIDLUH6DGpFLVLRQHVWVXVFHSWLEOHGHUHFRXUV $UWLFOH 6LjODVXLWHGHQRXYHOOHVFLUFRQVWDQFHVO RUJDQLVDWLRQGHOD YLVLWHGpFLGpHSDUDFFRUGHQWUHOHSqUHHWODPqUHRXSDUGpFLVLRQ MXGLFLDLUH GHYLHQW SUpMXGLFLDEOH j O XQH GHV GHX[ SDUWLHV RX j O HQIDQWVRXPLVjODJDUGHODUpYLVLRQGHFHWWHRUJDQLVDWLRQSHXW rWUHGHPDQGpHDILQGHO DGDSWHUDX[QRXYHOOHVFLUFRQVWDQFHV

1ƒ²¬UDPDGDQ $UWLFOH

/HWULEXQDOSUHQGWRXWHVPHVXUHVTX LOHVWLPHDSSURSULpHV\ FRPSULVODPRGLILFDWLRQGHO RUJDQLVDWLRQGHODYLVLWHDLQVLTXHOD GpFKpDQFHGHODJDUGHHQFDVGHPDQTXHPHQWRXGHPDQ±XYUHV IUDXGXOHXVHV GDQV O H[pFXWLRQ GH O DFFRUG RX GH OD GpFLVLRQ RUJDQLVDQWODYLVLWH $UWLFOH (QFDVGHGpFqVGXSqUHRXGHODPqUHGHO HQIDQWVRXPLVj ODJDUGHOHSqUHHWODPqUHGXGpIXQWVHVXEVWLWXHQWjFHGHUQLHU GDQV OH GURLW GH YLVLWH WHOOH  TXH FHOOHFL HVW RUJDQLVpH SDU OHV GLVSRVLWLRQVSUpFpGHQWHV $UWLFOH (QWRXWpWDWGHFDXVHSRXUO DSSOLFDWLRQGHVGLVSRVLWLRQVGX SUpVHQW FKDSLWUH OH WULEXQDO WLHQW FRPSWH GH O LQWpUrW GH O HQIDQW VRXPLVjODJDUGH 7,75(,,, '(/$3(16,21$/,0(17$,5(1$)$4$ &KDSLWUHSUHPLHU 'LVSRVLWLRQVJpQpUDOHV $UWLFOH 7RXWH SHUVRQQH VXEYLHQW j VHV EHVRLQV SDU VHV UHVVRXUFHV SURSUHVVDXIH[FHSWLRQSUpYXHSDUODORL / REOLJDWLRQDOLPHQWDLUHUpVXOWHGXPDULDJHGHODSDUHQWpHW GHO HQJDJHPHQW $UWLFOH 1XOQ HVWREOLJpGHVXEYHQLUDX[EHVRLQVG DXWUXLTXHGDQVOD PHVXUHRLOSHXWVXEYHQLUjVHVSURSUHVEHVRLQV7RXWHSHUVRQQH HVWSUpVXPpHVROYDEOHMXVTX jSUHXYHFRQWUDLUH $UWLFOH / HQWUHWLHQFRPSUHQGO DOLPHQWDWLRQO KDELOOHPHQWOHVVRLQV PpGLFDX[ O·LQVWUXFWLRQ GHV HQIDQWV HW WRXW FH TXL HVW KDELWXHOOHPHQWFRQVLGpUpFRPPHLQGLVSHQVDEOHVRXVUpVHUYHGHV GLVSRVLWLRQVGHO DUWLFOHFLGHVVXV 3RXU O pYDOXDWLRQ GHV FKDUJHV LQKpUHQWHV DX[ EHVRLQV SUpFLWpV LO HVW WHQX FRPSWH SDU UpIpUHQFH j XQH PR\HQQH GHV UHYHQXVGHODSHUVRQQHDVWUHLQWHjODSHQVLRQDOLPHQWDLUHHWGHOD VLWXDWLRQ GH FHOOH TXL \ D GURLW GX FR€W GH OD YLH HW GHV XV HW FRXWXPHV GDQV OH PLOLHX VRFLDO GH OD SHUVRQQH D\DQW GURLW j OD SHQVLRQDOLPHQWDLUH $UWLFOH /H WULEXQDO VH IRQGH SRXU O HVWLPDWLRQ GH OD SHQVLRQ DOLPHQWDLUH VXU OHV GpFODUDWLRQV GHV GHX[ SDUWLHV HW VXU OHV SUHXYHV TX·HOOHV SURGXLVHQW VRXV UpVHUYH GHV GLVSRVLWLRQV GHV DUWLFOHV  HW  FLGHVVXV /H WULEXQDO SHXW IDLUH DSSHO j GHV H[SHUWVjFHWWHILQ ,O HVW VWDWXp HQ PDWLqUH GH SHQVLRQ DOLPHQWDLUH GDQV XQ GpODLPD[LPXPG XQPRLV $UWLFOH /H WULEXQDO GpWHUPLQH OHV PR\HQV G H[pFXWLRQ GX MXJHPHQW RUGRQQDQW OD SHQVLRQ DOLPHQWDLUH HW OHV FKDUJHV GH ORJHPHQW  j LPSXWHU  VXU OHV ELHQV GH OD SHUVRQQH DVWUHLQWH j OD SHQVLRQ RX RUGRQQH OH SUpOqYHPHQW j OD VRXUFH VXU VHV UHYHQXV RX  VXU VRQ VDODLUH ,O GpWHUPLQH OH FDV pFKpDQW OHV JDUDQWLHV j PrPH G DVVXUHUODFRQWLQXLWpGXYHUVHPHQWGHODSHQVLRQ

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

/HMXJHPHQWRUGRQQDQWOHVHUYLFHGHODSHQVLRQDOLPHQWDLUH GHPHXUH HQ YLJXHXU MXVTX j FH TX·XQ DXWUH MXJHPHQW OXL VRLW VXEVWLWXp RX TX·LQWHUYLHQQH OD GpFKpDQFH GX EpQpILFLDLUH GH VRQ GURLWjSHQVLRQ $UWLFOH $XFXQH GHPDQGH WHQGDQW j REWHQLU XQH DXJPHQWDWLRQ RX XQH GLPLQXWLRQ GH OD SHQVLRQ DOLPHQWDLUH FRQYHQXH RX GpFLGpH MXGLFLDLUHPHQW QH VHUD UHFHYDEOH VDXI FLUFRQVWDQFHV H[FHSWLRQQHOOHVDYDQWO pFRXOHPHQWGXGpODLG XQDQ



$UWLFOH /RUVTXH OH SqUH HVW WRWDOHPHQW RX SDUWLHOOHPHQW LQFDSDEOH GH VXEYHQLU j O HQWUHWLHQ GH VHV HQIDQWV HW TXH OD PqUH HVW DLVpH FHOOHFL GRLW DVVXPHU OD SHQVLRQ DOLPHQWDLUH DX SURUDWD GX PRQWDQWTXHOHSqUHHVWGDQVO LQFDSDFLWpG DVVXUHU $UWLFOH /H YHUVHPHQW GHV DUULpUpV GH OD SHQVLRQ DOLPHQWDLUH RUGRQQpSDUMXJHPHQWDXSURILWGHVHQIDQWVSUHQGHIIHWjFRPSWHU GHODGDWHGHFHVVDWLRQGXYHUVHPHQWGHODGLWHSHQVLRQ

$UWLFOH

$UWLFOH

/RUVTXH OD SHUVRQQH DVWUHLQWH DX YHUVHPHQW G·XQH SHQVLRQ DOLPHQWDLUHQ DSDVOHVPR\HQVGHODYHUVHUjWRXVFHX[TXHODORL O REOLJH j HQWUHWHQLU HOOH GRLW SDU RUGUH GH SULRULWp VXEYHQLU G DERUG DX[ EHVRLQV GH O pSRXVH SXLV j FHX[ GHV HQIDQWV GHV GHX[VH[HVHQEDVkJHSXLVjFHX[GHVILOOHVSXLVjFHX[GHVILOV SXLVDX[EHVRLQVGHVDPqUHHWHQILQjFHX[GHVRQSqUH

/D UpPXQpUDWLRQ SRXU O DOODLWHPHQW G XQ HQIDQW HVW XQH REOLJDWLRQjODFKDUJHGHODSHUVRQQHjTXLLQFRPEHVRQHQWUHWLHQ

&KDSLWUH,,

'HO·HQWUHWLHQGHO pSRXVH $UWLFOH / pSRX[ GRLW SRXUYRLU j O·HQWUHWLHQ GH VRQ pSRXVH GqV OD FRQVRPPDWLRQGXPDULDJH/HPrPHGURLWjSHQVLRQDOLPHQWDLUH HVW UHFRQQX j O pSRXVH TXL D FRQYLp VRQ PDUL j FRQVRPPHU OH PDULDJHDSUqVODFRQFOXVLRQGHO DFWH $UWLFOH /D SHQVLRQ DOLPHQWDLUH DFFRUGpH j O pSRXVH SDU MXJHPHQW SUHQG HIIHW j FRPSWHU GH OD GDWH j ODTXHOOH O pSRX[ D FHVVp GH SRXUYRLU j O REOLJDWLRQ G HQWUHWLHQ TXL OXL LQFRPEH HW Q HVW SDV SUHVFULSWLEOH 7RXWHIRLV O pSRXVH TXL UHIXVH GH UHMRLQGUH OH GRPLFLOH FRQMXJDO DSUqV VD FRQGDPQDWLRQ j FHW HIIHW SHUG VRQ GURLWjSHQVLRQ $UWLFOH (Q FDV GH GLYRUFH UpYRFDEOH O pSRXVH SHUG VRQ GURLW DX ORJHPHQWWRXWHQFRQVHUYDQWODSHQVLRQDOLPHQWDLUHVLHOOHTXLWWH OH GRPLFLOH R HOOH GRLW REVHUYHU OD SpULRGH GH YLGXLWp ,GGD  VDQVO DSSUREDWLRQGHVRQpSRX[RXVDQVPRWLIYDODEOH (QFDVGHGLYRUFHLUUpYRFDEOHODSHQVLRQDOLPHQWDLUHHVW GXH j O H[pSRXVH HQFHLQWH MXVTX j VRQ DFFRXFKHPHQW 6L HOOH Q HVWSDVHQFHLQWHHOOHDGURLWXQLTXHPHQWDXORJHPHQWMXVTX jOD ILQGHODSpULRGHGHYLGXLWp,GGD  &KDSLWUH,,, 'HODSHQVLRQDOLPHQWDLUHGXHDX[SURFKHVSDUHQWV $UWLFOH /D SHQVLRQ DOLPHQWDLUH GXH DX[ SDUHQWV HVW DVVXUpH SDU OHV HQIDQWV j OHXU SqUH HW PqUH HW SDU OH SqUH HW OD PqUH j OHXUV HQIDQWVFRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQW&RGH 6HFWLRQ,¬²¬'HODSHQVLRQDOLPHQWDLUHGXHDX[HQIDQWV

$UWLFOH /H SqUH GRLW SRXUYRLU j O·HQWUHWLHQ GH VHV HQIDQWV MXVTX j OHXU PDMRULWp RX  MXVTX j YLQJWFLQT DQV UpYROXV SRXU FHX[ TXL SRXUVXLYHQWOHXUVpWXGHV 'DQVWRXVOHVFDVODILOOHQHSHUGVRQGURLWjO·HQWUHWLHQTXH VL HOOH GLVSRVH GH UHVVRXUFHV SURSUHV RX ORUVTXH VRQ HQWUHWLHQ LQFRPEHjVRQPDUL /H SqUH GRLW FRQWLQXHU j DVVXUHU O HQWUHWLHQ GH VHV HQIDQWV KDQGLFDSpVHWLQFDSDEOHVGHVHSURFXUHUGHVUHVVRXUFHV

$UWLFOH /HV GLVSRVLWLRQV UHODWLYHV j O DEDQGRQ GH IDPLOOH VRQW DSSOLFDEOHVjWRXWHSHUVRQQHjTXLLQFRPEHO HQWUHWLHQGHVHQIDQWV HWTXLFHVVHGHO DVVXUHUVDQVPRWLIVYDODEOHVSHQGDQWXQHGXUpH G XQPRLVDXPD[LPXP 6HFWLRQ,,¬²¬'HODSHQVLRQDOLPHQWDLUHGXHDX[SDUHQWV

$UWLFOH (QFDVGHSOXUDOLWpG HQIDQWVODSHQVLRQDOLPHQWDLUHGXHDX[ SDUHQWV VH UpSDUWLW HQWUH OHXUV HQIDQWV VHORQ OHXUV UHVVRXUFHV HW QRQG DSUqVODTXRWLWpGHOHXUSDUWVXFFHVVRUDOH $UWLFOH /HVDUULpUpVGHODSHQVLRQDOLPHQWDLUHGXHDX[SDUHQWVVRQW RUGRQQpVSDUOHWULEXQDOjFRPSWHUGHODGDWHGHO LQWURGXFWLRQGH ODGHPDQGHHQMXVWLFH &KDSLWUH,9 'HODSHQVLRQDOLPHQWDLUHGXHDX[WLHUV VXLWHjXQHQJDJHPHQW $UWLFOH &HOXL TXL V·HVW REOLJp HQYHUV XQ WLHUV PLQHXU RX PDMHXU j OXL YHUVHU XQH SHQVLRQ DOLPHQWDLUH SRXU XQH GXUpH GpWHUPLQpH GRLW H[pFXWHU VRQ HQJDJHPHQW 6L OD GXUpH HVW LQGHWHUPLQpH OH WULEXQDOODIL[HHQVHIRQGDQWVXUO XVDJH 

/,95(,9 BBBB

'(/$&$3$&,7((7'(/$5(35(6(17$7,21/(*$/( 7,75(35(0,(5 '(/$&$3$&,7e'(6027,)6'(/ ,17(5',&7,21 (7'(6$&7(6'(/ ,17(5',7

&KDSLWUHSUHPLHU

'HODFDSDFLWp $UWLFOH ,O\DGHX[VRUWHVGHFDSDFLWpODFDSDFLWpGHMRXLVVDQFHHWOD FDSDFLWpG H[HUFLFH $UWLFOH /D FDSDFLWp GH MRXLVVDQFH HVW OD IDFXOWp TX D OD SHUVRQQH G DFTXpULUGHVGURLWVHWG DVVXPHUGHVGHYRLUVWHOVTXHIL[pVSDUOD ORL&HWWHFDSDFLWpHVWDWWDFKpHjODSHUVRQQHGXUDQWWRXWHVDYLHHW QHSHXWOXLrWUHHQOHYpH $UWLFOH /D FDSDFLWp G H[HUFLFH HVW OD IDFXOWp TX D XQH SHUVRQQH G H[HUFHU VHV GURLWV SHUVRQQHOV HW SDWULPRQLDX[ HW TXL UHQG VHV DFWHV YDOLGHV /D ORL IL[H OHV FRQGLWLRQV G DFTXLVLWLRQ GH OD



%8//(7,12)),&,(/

FDSDFLWpG H[HUFLFHHWOHVPRWLIVGpWHUPLQDQWODOLPLWDWLRQGHFHWWH FDSDFLWpRXVDSHUWH $UWLFOH / kJH GH OD PDMRULWp OpJDOH HVW IL[p j GL[KXLW DQQpHV JUpJRULHQQHVUpYROXHV $UWLFOH 7RXWHSHUVRQQHD\DQWDWWHLQWO kJHGHODPDMRULWpMRXLWGHOD SOHLQHFDSDFLWpSRXUH[HUFHUVHVGURLWVHWDVVXPHUVHVREOLJDWLRQV j PRLQV TX XQ PRWLI TXHOFRQTXH pWDEOL QH OXL OLPLWH RX QH OXL IDVVHSHUGUHFHWWHFDSDFLWp $UWLFOH /HV SHUVRQQHV LQFDSDEOHV HW OHV SHUVRQQHV QRQ SOHLQHPHQW FDSDEOHV VRQW VRXPLVHV VHORQ OH FDV DX[ UqJOHV GH OD WXWHOOH SDWHUQHOOH PDWHUQHOOH WHVWDPHQWDLUH RX GDWLYH GDQV OHV FRQGLWLRQVHWFRQIRUPpPHQWDX[UqJOHVSUpYXHVDXSUpVHQW&RGH &KDSLWUH,,

'HVPRWLIVGHO LQWHUGLFWLRQ HWGHVSURFpGXUHVGHVRQ¬pWDEOLVVHPHQW 6HFWLRQ,¬²¬'HVPRWLIVGHO LQWHUGLFWLRQ

$UWLFOH /HVPRWLIVGHO LQWHUGLFWLRQVRQWGHGHX[VRUWHVODSUHPLqUH HQWUDvQHODOLPLWDWLRQGHODFDSDFLWpODVHFRQGHODIDLWSHUGUH $UWLFOH /DFDSDFLWpG H[HUFLFHHVWOLPLWpHGDQVOHVFDVVXLYDQWV  O HQIDQW TXL D\DQW DWWHLQW O kJH GH GLVFHUQHPHQW Q D SDV DWWHLQWFHOXLGHODPDMRULWp  OHSURGLJXH  OHIDLEOHG HVSULW

$UWLFOH

1ƒ²¬UDPDGDQ

/RUVTXH OH PLQHXU  D DWWHLQW O kJH GH VHL]H DQV LO SHXW GHPDQGHUDXWULEXQDOGHOXLDFFRUGHUO pPDQFLSDWLRQ /HUHSUpVHQWDQWOpJDOSHXWGHPDQGHUDXWULEXQDOG pPDQFLSHU OH PLQHXU TXL D DWWHLQW O kJH SUpFLWp ORUVTX LO FRQVWDWH TX LO HVW GRXpGHERQVHQV /DSHUVRQQHpPDQFLSpHHQWUHHQSRVVHVVLRQGHVHVELHQVHW DFTXLHUWVDSOHLQHFDSDFLWpHQFHTXLFRQFHUQHODIDFXOWpGHJpUHU HW GH GLVSRVHU GH VHV ELHQV / H[HUFLFH GHV GURLWV DXWUHV TXH SDWULPRQLDX[GHPHXUHVRXPLVDX[WH[WHVOHVUpJLVVDQW 'DQV WRXV OHV FDV OHV SHUVRQQHV SUpFLWpHV QH SHXYHQW rWUH pPDQFLSpHVTXHORUVTX LOHVWpWDEOLGHYDQWOHWULEXQDOjO LVVXHGHV GpPDUFKHVOpJDOHVQpFHVVDLUHVTX HOOHVVRQWGRXpHVGHERQVHQV $UWLFOH 6LOHUHSUpVHQWDQWOpJDOV DSHUoRLWTXHOHPLQHXUDYDQWO kJH GH OD PDMRULWp HVW DWWHLQW G XQ KDQGLFDS PHQWDO RX TX LO HVW SURGLJXH LO VDLVLW OH WULEXQDO TXL VWDWXH VXU OD SRVVLELOLWp GX PDLQWLHQ GH O LQWHUGLFWLRQ /H WULEXQDO VH EDVH GDQV VD GpFLVLRQ VXUWRXVOHVPR\HQVOpJDX[GHSUHXYH 6HFWLRQ,,¬²¬'HVSURFpGXUHVG pWDEOLVVHPHQW HWGHOHYpHGHO LQWHUGLFWLRQ

$UWLFOH /DSHUVRQQHTXLDSHUGXODUDLVRQOHSURGLJXHHWOHIDLEOHG HVSULW VRQW IUDSSpV G LQWHUGLFWLRQ SDU MXJHPHQW GX WULEXQDO j FRPSWHU GX PRPHQWRLOHVWpWDEOLTX LOVVHVRQWWURXYpVGDQVFHWpWDW/ LQWHUGLFWLRQ HVWOHYpHFRQIRUPpPHQWDX[UqJOHVSUpYXHVDXSUpVHQW&RGHjFRPSWHU GHODGDWHROHVPRWLIVTXLO RQWMXVWLILpHRQWFHVVpG H[LVWHU $UWLFOH /HMXJHPHQWRUGRQQDQWRXOHYDQWO LQWHUGLFWLRQHVWSURQRQFp j OD GHPDQGH GH O LQWpUHVVp GX PLQLVWqUH SXEOLF RX GH WRXWH SHUVRQQHTXL\DLQWpUrW $UWLFOH

/ HQIDQW HVW GRXp GH GLVFHUQHPHQW ORUVTX LO DWWHLQW O kJH GH DQVJUpJRULHQVUpYROXV $UWLFOH

/H WULEXQDO V DSSXLH SRXU RUGRQQHU RX OHYHU O LQWHUGLFWLRQ VXU XQH H[SHUWLVH PpGLFDOH HW VXU WRXV OHV PR\HQV OpJDX[ GH SUHXYH

/HSURGLJXHHVWFHOXLTXLGLODSLGHVHVELHQVSDUGHVGpSHQVHVVDQV XWLOLWp RX FRQVLGpUpHV FRPPH IXWLOHV SDU OHV SHUVRQQHV UDLVRQQDEOHV G XQHPDQLqUHTXLSRUWHSUpMXGLFHjOXLPrPHRXjVDIDPLOOH

/H MXJHPHQW RUGRQQDQW RX OHYDQW O LQWHUGLFWLRQ HVW SXEOLp SDUOHVPR\HQVTXHOHWULEXQDOMXJHDGpTXDWV

$UWLFOH

&KDSLWUH,,,

/H IDLEOH G HVSULW HVW FHOXL TXL HVW DWWHLQW G XQ KDQGLFDS PHQWDOO HPSrFKDQWGHPDvWULVHUVDSHQVpHHWVHVDFWHV

'HVDFWHVGHO LQWHUGLW

$UWLFOH 1HMRXLWSDVGHODFDSDFLWpG H[HUFLFH  O HQIDQWTXLQ DSDVDWWHLQWO kJHGHGLVFHUQHPHQW  OHGpPHQWHWFHOXLTXLDSHUGXODUDLVRQ /D SHUVRQQH TXL SHUG OD UDLVRQ GH PDQLqUH GLVFRQWLQXH D SOHLQHFDSDFLWpGXUDQWVHVPRPHQWVGHOXFLGLWp /DSHUWHYRORQWDLUHGHODUDLVRQQHGpJDJHSDVGHODUHVSRQVDELOLWp $UWLFOH / LQWHUGLFWLRQSUHQGILQSRXUOHPLQHXUORUVTX LODWWHLQWO kJH GHODPDMRULWpjPRLQVTX LOQ \VRLWVRXPLVSRXUWRXWDXWUHPRWLI / LQWHUGLW SRXU KDQGLFDS PHQWDO RX SRXU SURGLJDOLWp D OH GURLW GH GHPDQGHU DX WULEXQDO OD OHYpH GH O LQWHUGLFWLRQ ORUVTX LO V·HVWLPHGRXpGHERQVHQV&HGURLWHVWpJDOHPHQWRXYHUWjVRQ UHSUpVHQWDQWOpJDO

$UWLFOH

6HFWLRQ,¬²¬'HVDFWHVGHO LQFDSDEOH

$UWLFOH /HVDFWHVSDVVpVSDUO LQFDSDEOHVRQWQXOVHWGHQXOHIIHW 6HFWLRQ,,¬²¬¬'HVDFWHVGHODSHUVRQQH QRQSOHLQHPHQWFDSDEOH

$UWLFOH /HVDFWHVGXPLQHXUGRXpGHGLVFHUQHPHQWVRQWVRXPLVDX[ GLVSRVLWLRQVVXLYDQWHV  ¬LOVVRQWYDODEOHVV LOVOXLVRQWSOHLQHPHQWSURILWDEOHV  ¬LOVVRQWQXOVV LOVOXLVRQWSUpMXGLFLDEOHV  ¬V LOV UHYrWHQW XQ FDUDFWqUH j OD IRLV SURILWDEOH HW SUpMXGLFLDEOH OHXU YDOLGLWp HVW VXERUGRQQpH j O DSSUREDWLRQ GH VRQ¬UHSUpVHQWDQW OpJDO DFFRUGpH HQ WHQDQW FRPSWH GH O LQWpUrW SUpSRQGpUDQW GH O LQWHUGLW HW GDQV OHV OLPLWHV GHV FRPSpWHQFHV FRQIpUpHVjFKDTXHUHSUpVHQWDQWOpJDO

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

$UWLFOH /HPLQHXUGRXpGHGLVFHUQHPHQWSHXWSUHQGUHSRVVHVVLRQ G XQHSDUWLHGHVHVELHQVSRXUHQDVVXUHUODJHVWLRQjWLWUHG HVVDL 8QHDXWRULVDWLRQHVWDFFRUGpHjFHWHIIHWSDUOHWXWHXUOpJDO RX SDU GpFLVLRQ GX MXJH FKDUJp GHV WXWHOOHV VXU GHPDQGH GX WXWHXUWHVWDPHQWDLUHRXGDWLIRXGXPLQHXULQWpUHVVp /H MXJH FKDUJp GHV WXWHOOHV SHXW DQQXOHU O DXWRULVDWLRQ GH UHPLVH GHV ELHQV VXU GHPDQGH GX WXWHXU WHVWDPHQWDLUH RX GDWLI GX PLQLVWqUH SXEOLF RX G RIILFH HQ FDV GH PDXYDLVH JHVWLRQ G€PHQWpWDEOLHGHVELHQVDXWRULVpV / LQWHUGLW DXWRULVp j JpUHU XQH SDUWLH GH VHV ELHQV HVW FRQVLGpUp FRPPH D\DQW SOHLQH FDSDFLWp SRXU DJLU GDQV OD OLPLWH GHO DXWRULVDWLRQTX LODUHoXHHWSRXUHVWHUHQMXVWLFH $UWLFOH /HWXWHXUOpJDOSHXWUHWLUHUO DXWRULVDWLRQTX LODDFFRUGpHDX PLQHXUGRXpGHGLVFHUQHPHQWV LOH[LVWHGHVPRWLIVTXLMXVWLILHQW FHUHWUDLW $UWLFOH /HVDFWHVGXSURGLJXHHWGXIDLEOHG HVSULWVRQWVRXPLVDX[ GLVSRVLWLRQVGHO DUWLFOHFLGHVVXV 7,75(,, '(/$5(35e6(17$7,21/e*$/( &KDSLWUHSUHPLHU 'LVSRVLWLRQVJpQpUDOHV $UWLFOH /DUHSUpVHQWDWLRQOpJDOHGXPLQHXUHVWDVVXUpHDXWLWUHGHOD WXWHOOHOpJDOHODWXWHOOHWHVWDPHQWDLUHRXODWXWHOOHGDWLYH $UWLFOH 2QHQWHQGSDUUHSUpVHQWDQWOpJDODXVHQVGXSUpVHQWOLYUH  OHWXWHXUOpJDOOHSqUHODPqUHRXOHMXJH  ¬OHWXWHXUWHVWDPHQWDLUHGpVLJQpSDUOHSqUHRXSDUODPqUH  ¬OHWXWHXUGDWLIGpVLJQpSDUODMXVWLFH $UWLFOH /DUHSUpVHQWDWLRQOpJDOHHVWDVVXUpHSDU ²¬OHSqUHPDMHXU ²¬ODPqUHPDMHXUHjGpIDXWGXSqUHRXSDUVXLWHGHODSHUWH GHODFDSDFLWpGHFHGHUQLHU ²¬OHWXWHXUWHVWDPHQWDLUHGpVLJQpSDUOHSqUH ²¬OHWXWHXUWHVWDPHQWDLUHGpVLJQpSDUODPqUH ²¬OHMXJH ²¬OHWXWHXUGDWLIGpVLJQpSDUOHMXJH $UWLFOH 'DQV OH FDV R XQ PLQHXU HVW SODFp VRXV OD SURWHFWLRQ HIIHFWLYHG XQHSHUVRQQHRXG XQHLQVWLWXWLRQODGLWHSHUVRQQHRX LQVWLWXWLRQHVWFRQVLGpUpHFRPPHVRQUHSUpVHQWDQWOpJDOHQFHTXL FRQFHUQH VHV DIIDLUHV SHUVRQQHOOHV HQ DWWHQGDQW TXH OH MXJH OXL GpVLJQHXQWXWHXUGDWLI $UWLFOH /HUHSUpVHQWDQWOpJDOH[HUFHVDWXWHOOHVXUODSHUVRQQHHWOHV ELHQV GX PLQHXU MXVTX j FH TXH FHOXLFL DWWHLJQH O kJH GH OD PDMRULWpOpJDOH,OO H[HUFHpJDOHPHQWVXUODSHUVRQQHTXLDSHUGX



ODUDLVRQMXVTX jODOHYpHGHVRQLQWHUGLFWLRQSDUXQMXJHPHQW/D UHSUpVHQWDWLRQOpJDOHH[HUFpHVXUOHSURGLJXHHWOHIDLEOHG HVSULW VH OLPLWH j OHXUV ELHQV MXVTX j OD OHYpH GH O LQWHUGLFWLRQ SDU MXJHPHQW $UWLFOH /H WULEXQDO SHXW GpVLJQHU XQ WXWHXU GDWLI HW OH FKDUJHU G· DVVLVWHU OH WXHXU WHVWPHQWDLUH RX G DVVXUHU XQH JHVWLRQ DXWRQRPHGHFHUWDLQVLQWpUrWVILQDQFLHUVGXPLQHXU &KDSLWUH,,

'HVFRPSpWHQFHVHWUHVSRQVDELOLWpVGXUHSUpVHQWDQWOpJDO $UWLFOH /HUHSUpVHQWDQWOpJDOYHLOOHVXUOHVDIIDLUHVSHUVRQQHOOHVGH O LQWHUGLW HQ OXL DVVXUDQW XQH RULHQWDWLRQ UHOLJLHXVH HW XQH IRUPDWLRQHWHQOHSUpSDUDQWjV·DVVXPHUGDQVODYLH,OVHFKDUJH HQRXWUHGHODJHVWLRQFRXUDQWHGHVHVELHQV /H UHSUpVHQWDQW OpJDO GRLW LQIRUPHU OH MXJH FKDUJp GHV WXWHOOHVGHO·H[LVWHQFHGHWRXVIRQGVGRFXPHQWVELMRX[HWELHQV PHXEOHV GH YDOHXU DSSDUWHQDQW DX PLQHXU IDXWH GH TXRL VD UHVSRQVDELOLWpHVWHQJDJpH/HVIRQGVHWOHVYDOHXUVPRELOLqUHVGX PLQHXUVRQWGpSRVpVSDURUGRQQDQFHGXMXJHGDQVXQFRPSWHGX PLQHXU RXYHUW DXSUqV G XQ pWDEOLVVHPHQW SXEOLF HQ YXH GH OHV SUpVHUYHU /H UHSUpVHQWDQW OpJDO HVW VRXPLV GDQV O H[HUFLFH GH FHV PLVVLRQV DX FRQWU{OH MXGLFLDLUH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GHVDUWLFOHVVXLYDQWV 6HFWLRQ,¬²¬'XWXWHXUOpJDO

,¬²/HSqUH $UWLFOH /HSqUHHVWGHGURLWOHWXWHXUOpJDOGHVHVHQIDQWVWDQWTX LO Q D SDV pWp GpFKX GH FHWWH WXWHOOH SDU XQ MXJHPHQW (Q FDV G HPSrFKHPHQWGXSqUHLODSSDUWLHQWjODPqUHGHYHLOOHUVXUOHV LQWpUrWVXUJHQWVGHVHVHQIDQWV $UWLFOH /H SqUH SHXW GpVLJQHU XQ WXWHXU WHVWDPHQWDLUH j VRQ HQIDQW LQWHUGLWRXjQDvWUHFRPPHLOSHXWOHUpYRTXHU 'qV OH GpFqV GX SqUH O DFWH GH OD WXWHOOH WHVWDPHQWDLUH HVW VRXPLV DX MXJH DX[ ILQV G HQ YpULILHU OD YDOLGLWp HW GH OH FRQILUPHU ,,¬²/DPqUH $UWLFOH /DPqUHSHXWH[HUFHUODWXWHOOHVXUVHVHQIDQWVjFRQGLWLRQ  TX HOOHVRLWPDMHXUH¬  ¬TXH OH SqUH SDU VXLWH GH GpFqV G DEVHQFH GH SHUWH GH FDSDFLWpRXSRXUWRXWDXWUHPRWLIQHSXLVVHDVVXPHUODWXWHOOH /DPqUHSHXWGpVLJQHUXQWXWHXUWHVWDPHQWDLUHjVRQHQIDQW LQWHUGLWFRPPHHOOHSHXWOHUpYRTXHU



%8//(7,12)),&,(/

1ƒ²¬UDPDGDQ

'qVOHGpFqVGHODPqUHO DFWHGHODWXWHOOHWHVWDPHQWDLUHHVW VRXPLV DX MXJH DX[ ILQV G HQ YpULILHU OD YDOLGLWp HW GH OH FRQILUPHU

/HWULEXQDOSHXWHQFDVGHEHVRLQGpVLJQHUXQWXWHXUGDWLI SURYLVRLUH

6L OH SqUH GpFpGp D GpVLJQp GH VRQ YLYDQW XQ WXWHXU WHVWDPHQWDLUHODPLVVLRQGHFHOXLFLVHOLPLWHjVXLYUHODJHVWLRQ SDUODPqUHGHVDIIDLUHVGXPLQHXUVRXPLVjODWXWHOOHHWjVDLVLU ODMXVWLFHOHFDVpFKpDQW

/HWULEXQDOWUDQVPHWLPPpGLDWHPHQWOHGRVVLHUDXPLQLVWqUH SXEOLF SRXU DYLV GDQV XQ GpODL Q H[FpGDQW SDV TXLQ]H MRXUV /H WULEXQDO VWDWXH VXU O DIIDLUH GDQV XQ GpODL PD[LPXP GH TXLQ]H MRXUV FRXUDQW j FRPSWHU GH OD GDWH GH UpFHSWLRQ GH O DYLV GX PLQLVWqUHSXEOLF

$UWLFOH /DPqUHHWWRXWGRQDWHXUSHXYHQWSRVHUFRPPHFRQGLWLRQj O RFFDVLRQGXGRQTX LOVIRQWjXQLQWHUGLWG H[HUFHUOHVIRQFWLRQV GH UHSUpVHQWDQW OpJDO DX[ ILQV GH JpUHU HW GH IUXFWLILHU OH ELHQ REMHWGXGRQ&HWWHFRQGLWLRQV LPSRVHDX[SDUWLHVFRQFHUQpHV ,,,²'LVSRVLWLRQVFRPPXQHVjODWXWHOOHGXSqUH HWGHODPqUH $UWLFOH 'DQVVDJHVWLRQGHVELHQVGHO·LQWHUGLWOHWXWHXUOpJDOQ HVW VRXPLV DX FRQWU{OH MXGLFLDLUH SUpDODEOH  HW j O·RXYHUWXUH GH GRVVLHU GH UHSUpVHQWDWLRQ OpJDOH TXH VL OD YDOHXU GHV ELHQV GH O LQWHUGLWH[FqGHGHX[FHQWPLOOHGLUKDPV'+ /HMXJH FKDUJp GHV WXWHOOHV SHXW EDLVVHU FHWWH OLPLWH HW RUGRQQHU O RXYHUWXUHG XQGRVVLHUGHUHSUpVHQWDWLRQOpJDOHV LOHVWpWDEOLTXH FHWWHEDLVVHHVWGDQVO LQWpUrWGHO LQWHUGLW/HPRQWDQWGHODYDOHXU GHVELHQVSUpFLWpSHXWrWUHDXJPHQWpSDUYRLHUpJOHPHQWDLUH $UWLFOH /RUVTX·HQFRXUVGHJHVWLRQODYDOHXUGHVELHQVGHO LQWHUGLW GpSDVVH GHX[ FHQW PLOOH GLUKDPV  '+  OH WXWHXU OpJDO GRLW HQ LQIRUPHU OH MXJH j O HIIHW GH SURFpGHU j O RXYHUWXUH G XQ GRVVLHU GH UHSUpVHQWDWLRQ OpJDOH / LQWHUGLW RX VD PqUH SHXW pJDOHPHQWHQLQIRUPHUOHMXJH $UWLFOH /HWXWHXUOpJDOGRLWHQILQGHPLVVLRQHWORUVTX LOH[LVWHXQ GRVVLHUGHUHSUpVHQWDWLRQOpJDOHDYLVHUOHMXJHFKDUJpGHVWXWHOOHV GH OD VLWXDWLRQ HW GX VRUW GHV ELHQV GH O LQWHUGLW GDQV XQ UDSSRUW GpWDLOOpDX[ILQVG KRPRORJDWLRQ $UWLFOH 'DQVWRXVOHVFDVRXQGRVVLHUGHUHSUpVHQWDWLRQOpJDOHHVW RXYHUW OH WXWHXU OpJDO SUpVHQWH DX MXJH FKDUJp GHV WXWHOOHV XQ UDSSRUW DQQXHO GH VD JHVWLRQ GHV ELHQV GH O LQWHUGLW GH OHXU IUXFWLILFDWLRQHWGHODGLOLJHQFHTX LODSSRUWHjO RULHQWDWLRQHWjOD IRUPDWLRQGHO LQWHUGLW /H WULEXQDO SHXW DSUqV SUpVHQWDWLRQ GH FH UDSSRUW SUHQGUH WRXWHV PHVXUHV TX LO HVWLPH DGpTXDWHV SRXU OD SUpVHUYDWLRQ GHV ELHQVGHO LQWHUGLWHWGHVHVLQWpUrWVPDWpULHOVHWPRUDX[ 6HFWLRQ,,¬²¬'XWXWHXUWHVWDPHQWDLUHHWGXWXWHXUGDWLI

$UWLFOH (Q O DEVHQFH GH OD PqUH RX GX WXWHXU WHVWDPHQWDLUH OH WULEXQDO GpVLJQH XQ WXWHXU GDWLI SRXU O LQWHUGLW TX LO GRLW FKRLVLU SDUPL OHV SOXV DSWHV GHV SURFKHV SDUHQWV kVDED  $ GpIDXW OH WXWHXU GDWLI GRLW rWUH FKRLVL SDUPL OHV DXWUHV SURFKHV SDUHQWV VLQRQSDUPLGHVWLHUV /H WULEXQDO SHXW GDQV O LQWpUrW GH O LQWHUGLW GpVLJQHU GHX[ RX SOXVLHXUV WXWHXUV GDWLIV 'DQV FH FDV LO IL[H OHV FRPSpWHQFHV GHFKDFXQG HX[ /HVPHPEUHVGHODIDPLOOHOHVGHPDQGHXUVGHO LQWHUGLFWLRQ HW WRXWH SHUVRQQH \ D\DQW LQWpUrW SHXYHQW SURSRVHU XQ FDQGLGDW FRPPHWXWHXUGDWLI

$UWLFOH

$UWLFOH /HWXWHXUWHVWDPHQWDLUHHWOHWXWHXUGDWLIGRLYHQWMRXLUGHOD SOHLQHFDSDFLWprWUHGLOLJHQWVUpVROXVHWKRQQrWHV /D FRQGLWLRQ GH OHXU VROYDELOLWp HVW ODLVVpH j O DSSUpFLDWLRQ GXWULEXQDO $UWLFOH /DWXWHOOHWHVWDPHQWDLUHRXGDWLYHQHSHXWrWUHFRQILpH  j OD SHUVRQQH FRQGDPQpH SRXU YRO DEXV GH FRQILDQFH IDX[RXWRXWHLQIUDFWLRQSRUWDQWDWWHLQWHjODPRUDOLWp  DXIDLOOLHWDXFRQGDPQpjXQHOLTXLGDWLRQMXGLFLDLUH  ¬jODSHUVRQQHTXLDDYHFO LQWHUGLWXQOLWLJHVRXPLVjOD MXVWLFHRXXQGLIIpUHQGIDPLOLDOVXVFHSWLEOHGHSRUWHUDWWHLQWHDX[ LQWpUrWVGHO LQWHUGLW $UWLFOH /HWULEXQDOSHXWGpVLJQHUXQVXEURJpWXWHXUGRQWODPLVVLRQ FRQVLVWHjFRQWU{OHUOHVDFWHVGXWXWHXUWHVWDPHQWDLUHRXGDWLIHWj FRQVHLOOHU FHOXLFL GDQV O LQWpUrW GH O LQWHUGLW ,O GRLW pJDOHPHQW LQIRUPHU OH WULEXQDO ORUVTX LO FRQVWDWH XQH QpJOLJHQFH GDQV  OD JHVWLRQ GX WXWHXU RX V LO FUDLQW XQH GLODSLGDWLRQ GHV ELHQV GH O LQWHUGLW $UWLFOH 6LOHVELHQVGHO LQWHUGLWQ RQWSDVIDLWO REMHWG LQYHQWDLUHOH WXWHXUWHVWDPHQWDLUHRXGDWLIGRLWO HIIHFWXHUHWOXLDGMRLQGUHGDQV WRXVOHVFDVFHTXLVXLW  OHV REVHUYDWLRQV pYHQWXHOOHV GX WXWHXU WHVWDPHQWDLUH RX GDWLIDXVXMHWGXGLWLQYHQWDLUH  ¬OD SURSRVLWLRQ GX PRQWDQW DQQXHO GH OD SHQVLRQ DOLPHQWDLUHGHO LQWHUGLWHWGHVSHUVRQQHVGRQWLODODFKDUJH  ¬OHV SURSRVLWLRQV UHODWLYHV DX[ PHVXUHV G XUJHQFH TXL GRLYHQW rWUH SULVHV HQ YXH GH OD SUpVHUYDWLRQ GHV ELHQV GH O LQWHUGLW¬  ¬OHV SURSRVLWLRQV FRQFHUQDQW OD JHVWLRQ GHV ELHQV GH O LQWHUGLW  ¬O pWDWGHVUHYHQXVPHQVXHOVRXDQQXHOVFRQQXVSURYHQDQW GHVELHQVGHO LQWHUGLW $UWLFOH / LQYHQWDLUH HW VHV DQQH[HV VRQW FRQVHUYpV DX GRVVLHU GH OD UHSUpVHQWDWLRQ OpJDOH HW FRQVLJQpV VXU OH UHJLVWUH GHV DFWHV PHQVXHOVRXMRXUQDOLHUVOHFDVpFKpDQW /HFRQWHQXHWODIRUPHGXGLWUHJLVWUHVRQWIL[pVSDUDUUrWpGX PLQLVWUHGHODMXVWLFH $UWLFOH /H PLQLVWqUH SXEOLF OH UHSUpVHQWDQW OpJDO OH FRQVHLO GH IDPLOOH XQ RX SOXVLHXUV SURFKHV SDUHQWV SHXYHQW j O LVVXH GH O LQYHQWDLUH SUpVHQWHU OHXUV REVHUYDWLRQV DX MXJH FKDUJp GHV WXWHOOHV DX VXMHW GH O HVWLPDWLRQ GH OD SHQVLRQ DOLPHQWDLUH

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/



QpFHVVDLUHjO LQWHUGLWHWVXUOHFKRL[GHVYRLHVVXVFHSWLEOHVGHOXL DVVXUHU XQH IRUPDWLRQ HW XQH RULHQWDWLRQ pGXFDWLYH GH TXDOLWp HW XQHJHVWLRQVDLQHGHVHVELHQV

 ¬O DFFHSWDWLRQGXPRWLILQYRTXpSDUOHWXWHXUWHVWDPHQWDLUH RXGDWLITXLVHGpFKDUJHGHVDPLVVLRQ

,O HVW LQVWLWXp XQ FRQVHLO GH IDPLOOH FKDUJp G DVVLVWHU OD MXVWLFH GDQV VHV DWWULEXWLRQV UHODWLYHV DX[ DIIDLUHV GH OD IDPLOOH 6D FRPSRVLWLRQ HW VHV DWWULEXWLRQV VRQW IL[pHV SDU YRLH UpJOHPHQWDLUH

$UWLFOH

$UWLFOH /HVGHX[DGRXO DSUqVHQDYRLULQIRUPpOHPLQLVWqUHSXEOLF SURFqGHQW VXU RUGRQQDQFH HW VRXV OD VXSHUYLVLRQ GX MXJH FKDUJp GHVWXWHOOHVjO LQYHQWDLUHGpILQLWLIHWLQWpJUDOGHVELHQVGURLWVHW REOLJDWLRQVHQSUpVHQFHGHVKpULWLHUVGXUHSUpVHQWDQWOpJDOHWGH O LQWHUGLWORUVTXHFHOXLFLHVWkJpGHTXLQ]HDQVUpYROXV ,O SHXW rWUH IDLW UHFRXUV DX[ H[SHUWV SRXU HIIHFWXHU OHGLW LQYHQWDLUHHWSRXUpYDOXHUOHVELHQVHWHVWLPHUOHVREOLJDWLRQV $UWLFOH

 ¬ODSHUWHGHVDFDSDFLWpOpJDOHRXV LOHVWGpPLVRXUpYRTXp /RUVTXH OD PLVVLRQ GX WXWHXU WHVWDPHQWDLUH RX GDWLI SUHQG ILQ SRXU XQ PRWLI DXWUH TXH OH GpFqV RX OD SHUWH GH VD FDSDFLWp FLYLOH LO GRLW SUpVHQWHU OHV FRPSWHV DSSX\pV GHV SLqFHV MXVWLILFDWLYHV GDQV XQ GpODL IL[p SDU OH MXJH FKDUJp GHV WXWHOOHV VDQV TXH FH GpODL QH GpSDVVH WUHQWH MRXUV VDXI SRXU PRWLI LPSpULHX[ /HWULEXQDOVWDWXHVXUOHVFRPSWHVTXLOXLVRQWSUpVHQWpV $UWLFOH /HWXWHXUWHVWDPHQWDLUHRXGDWLIDVVXPHODUHVSRQVDELOLWpGHV SUpMXGLFHV RFFDVLRQQpV SDU WRXW UHWDUG LQMXVWLILp GDQV OD SUpVHQWDWLRQGHVFRPSWHVRXODUHPLVHGHVELHQV $UWLFOH

/HWXWHXUWHVWDPHQWDLUHRXGDWLIGRLWLQVFULUHVXUOHUHJLVWUH YLVp j O DUWLFOH  FLGHVVXV WRXV OHV DFWHV SDVVpV DX QRP GH O LQWHUGLWGRQWLODVVXUHODWXWHOOHDYHFOHXUGDWH

/HVELHQVVRQWUHPLVjO LQWHUGLWjVDPDMRULWpjVHVKpULWLHUV DSUqVVRQGpFqVHWDXVXFFHVVHXUGXWXWHXUWHVWDPHQWDLUHRXGDWLI GDQVOHVDXWUHVFDV

$UWLFOH

(QFDVGHQRQUHPLVHOHVGLVSRVLWLRQVYLVpHVjO DUWLFOH FLDSUqVVRQWDSSOLFDEOHV

6L XQ ELHQ TXL Q D SDV pWp LQYHQWRULp YLHQW j V DMRXWHU DX SDWULPRLQH GH O LQWHUGLW OH WXWHXU WHVWDPHQWDLUH RX GDWLI GRLW OH PHQWLRQQHUVXUXQHDQQH[HTXLVHUDMRLQWHDXSUHPLHULQYHQWDLUH $UWLFOH /H WXWHXU WHVWDPHQWDLUH RX GDWLI GRLW SUpVHQWHU DX MXJH FKDUJp GHV WXWHOOHV SDU O LQWHUPpGLDLUH GH GHX[ FRPSWDEOHV GpVLJQpV SDU OH MXJH XQ FRPSWH DQQXHO DSSX\p GH WRXWHV OHV SLqFHVMXVWLILFDWLYHV /HVGLWV FRPSWHV QH VHURQW KRPRORJXpV TX DSUqV DYRLU pWp H[DPLQpVFRQWU{OpVHWMXJpVVLQFqUHV 6LOHMXJHFRQVWDWHXQHDQRPDOLHGDQVOHVFRPSWHVLOSUHQG OHVPHVXUHVjPrPHGHSURWpJHUOHVGURLWVGHO LQWHUGLW $UWLFOH /H WXWHXU WHVWDPHQWDLUH RX GDWLI GRLW j WRXW PRPHQW UpSRQGUHjODGHPDQGHGXMXJHFKDUJpGHVWXWHOOHVGHOXLIRXUQLU WRXWpFODLUFLVVHPHQWVXUODJHVWLRQGHVELHQVGHO LQWHUGLWRXGHOXL UHQGUHFRPSWHjOHXUVXMHW $UWLFOH /HWXWHXUWHVWDPHQWDLUHHVWUHVSRQVDEOHGHVPDQTXHPHQWVj VHV HQJDJHPHQWV FRQFHUQDQW OD JHVWLRQ GHV DIIDLUHV GH O LQWHUGLW /HV GLVSRVLWLRQV UHODWLYHV j OD UHVSRQVDELOLWp GX PDQGDWDLUH VDODULp OXL VRQW DSSOLFDEOHV PrPH V LO H[HUFH VD PLVVLRQ j WLWUH JUDWXLW,OSHXWOHFDVpFKpDQWUpSRQGUHSpQDOHPHQWGHVHVDFWHV $UWLFOH /DPLVVLRQGXWXWHXUWHVWDPHQWDLUHRXGDWLISUHQGILQGDQV OHVFDVVXLYDQWV  ¬OH GpFqV GH  O LQWHUGLW OH GpFqV RX O DEVHQFH GX WXWHXU WHVWDPHQWDLUHRXGDWLI  ¬ORUVTXHO LQWHUGLWDDWWHLQWODPDMRULWpVDXIV LOHVWPDLQWHQX VRXVLQWHUGLFWLRQSDUGpFLVLRQMXGLFLDLUHSRXUG DXWUHVPRWLIV  ¬O DFKqYHPHQW GH OD PLVVLRQ SRXU ODTXHOOH OH WXWHXU WHVWDPHQWDLUH RX GDWLI D pWp GpVLJQp RX SDU O H[SLUDWLRQ GH OD GXUpHTXLDpWpIL[pHFRPPHOLPLWHDXGLWWXWHXU

$UWLFOH (Q FDV GH GpFqV GX WXWHXU WHVWDPHQWDLUH RX GDWLI RX HQ FDV GHSHUWHGHVDFDSDFLWpFLYLOHOHMXJHFKDUJpGHVWXWHOOHVSUHQGOHV PHVXUHVjPrPHGHSURWpJHUHWSUpVHUYHUOHVELHQVGHO LQWHUGLW /HVFUpDQFHVHWLQGHPQLWpVGXHVjO LQWHUGLWVXUODVXFFHVVLRQ GX WXWHXU WHVWDPHQWDLUH RX GDWLI GpFpGp VRQW JDUDQWLHV SDU XQ¬SULYLOqJH FODVVp GDQV O RUGUH SUpYX DX SDUDJUDSKH  ELV GH O DUWLFOH  GX GDKLU GX  DR€W  IRUPDQW FRGH GHV REOLJDWLRQVHWFRQWUDWV $UWLFOH / LQWHUGLW TXL DWWHLQW O kJH GH OD PDMRULWp RX GRQW O LQWHUGLFWLRQ HVW OHYpH FRQVHUYH VRQ GURLW G LQWHQWHU WRXWHV DFWLRQV UHODWLYHV DX[ FRPSWHV HW DX[ DFWHV SUpMXGLFLDEOHV j VHV LQWpUrWV FRQWUH OH WXWHXU WHVWDPHQWDLUH RX GDWLI RX FRQWUH WRXWH SHUVRQQHD\DQWpWpFKDUJpHGHYHLOOHUjVHVLQWpUrWV /HVGLWHVDFWLRQVVHSUHVFULYHQWGHX[DQVDSUqVTXHO LQWHUGLW DDWWHLQWVDPDMRULWpRXDSUqVODOHYpHGHO LQWHUGLFWLRQVDXIHQFDV GHIDX[GRORXUHFHOGHGRFXPHQWVDX[TXHOVFDVOHVGLWHVDFWLRQV VHSUHVFULYHQWXQHDQQpHDSUqVTX LOHQDHXFRQQDLVVDQFH $UWLFOH /H WXWHXU WHVWDPHQWDLUH RX GDWLI SHXW GHPDQGHU j rWUH UpPXQpUp SRXU OHV FKDUJHV GH OD UHSUpVHQWDWLRQ OpJDOH 6D UpPXQpUDWLRQHVWIL[pHSDUOHWULEXQDOjFRPSWHUGHODGDWHGHOD GHPDQGH &KDSLWUH,,,

'XFRQWU{OHMXGLFLDLUH $UWLFOH /H WULEXQDO DVVXUH OH FRQWU{OH GH OD UHSUpVHQWDWLRQ OpJDOH FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWOLYUH &HFRQWU{OHDSRXUREMHWG DVVXUHUODSURWHFWLRQGHVLQWpUrWV GHV SHUVRQQHV LQFDSDEOHV HW GHV SHUVRQQHV QRQ SOHLQHPHQW FDSDEOHV G RUGRQQHU WRXWHV OHV PHVXUHV QpFHVVDLUHV HQ YXH GH SUpVHUYHUFHVLQWpUrWVHWGHVXSHUYLVHUOHXUJHVWLRQ



%8//(7,12)),&,(/ $UWLFOH

/RUVTX·XQH SHUVRQQH GpFqGH HQ ODLVVDQW GHV KpULWLHUV PLQHXUV RX ORUVTXH OH WXWHXU WHVWDPHQWDLUH RX GDWLI GpFqGH OHV DXWRULWpV DGPLQLVWUDWLYHV ORFDOHV HW OHV SURFKHV SDUHQWV DYHF TXL OH GpIXQW YLYDLW GRLYHQW HQ LQIRUPHU OH MXJH FKDUJp GHV WXWHOOHV GDQV XQ GpODL QH GpSDVVDQW SDV KXLW MRXUV /D PrPH REOLJDWLRQ LQFRPEHDXPLQLVWqUHSXEOLFjFRPSWHUGHODGDWHjODTXHOOHLOD HXFRQQDLVVDQFHGXGpFqV /H GpODL G LQIRUPDWLRQ GX MXJH FKDUJp GHV WXWHOOHV YLVp j O DOLQpDSUpFpGHQWHVWSRUWpjXQPRLVHQFDVGHSHUWHGHFDSDFLWp GXSURFKHSDUHQWRXGXWXWHXUWHVWDPHQWDLUHRXGDWLI $UWLFOH /H MXJH FKDUJp GHV WXWHOOHV RUGRQQH O pWDEOLVVHPHQW G XQ DFWH G KpUpGLWp LUDWKD PHQWLRQQDQW OHV KpULWLHUV HW OD SULVH GH WRXWHPHVXUHTX LOHVWLPHDGpTXDWHSRXUODSUpVHUYDWLRQGHVGURLWV HWGHVLQWpUrWVILQDQFLHUVHWSHUVRQQHOVGHVPLQHXUV $UWLFOH /H MXJH FKDUJp GHV WXWHOOHV DSUqV FRQVXOWDWLRQ OH FDV pFKpDQW GX FRQVHLO GH IDPLOOH IL[H OHV IUDLV HW LQGHPQLWpV TX HQWUDvQHODJHVWLRQGHVELHQVGHO LQWHUGLW $UWLFOH 6L OH UHSUpVHQWDQW OpJDO HQWHQG HQWUHSUHQGUH  XQ DFWH TXL RSSRVHVHVLQWpUrWVFHX[GHVRQFRQMRLQWRXFHX[GHO·XQGHVHV DVFHQGDQWV RX GHVFHQGDQWV DX[ LQWpUrWV GH O LQWHUGLW LO VDLVLW OH WULEXQDO TXL SHXW O DXWRULVHU j FHWWH ILQ HW GpVLJQHU XQ UHSUpVHQWDQW GH O LQWHUGLW SRXU OD FRQFOXVLRQ GH O DFWH HW OD SUpVHUYDWLRQGHVLQWpUrWVGHO LQWHUGLW $UWLFOH 6L OH WXWHXU WHVWDPHQWDLUH RX GDWLI QH VH FRQIRUPH SDV DX[ GLVSRVLWLRQV GH O DUWLFOH  FLGHVVXV RX UHIXVH GH SUpVHQWHU OHV FRPSWHVRXGHFRQVLJQHUOHUHOLTXDWGHVVRPPHVGHO LQWHUGLWOH MXJHFKDUJpGHVWXWHOOHVDSUqVXQHPLVHHQGHPHXUHUHVWpHVDQV HIIHW SHQGDQW OH GpODL TX LO OXL LPSDUWLW SHXW RUGRQQHU VHORQ OHV UqJOHVGHGURLWFRPPXQXQHVDLVLHFRQVHUYDWRLUHVXUOHVELHQVGX WXWHXURXOHVSODFHUVRXVVpTXHVWUHRXOXLLPSRVHUXQHDVWUHLQWH (QFDVGHPDQTXHPHQWGXWXWHXUWHVWDPHQWDLUHRXGDWLIjVD PLVVLRQRXV LOHVWLQFDSDEOHGHO DVVXPHURXHQFDVGHO·XQGHV HPSrFKHPHQWV SUpYXV j O DUWLFOH  FLGHVVXV OH WULEXQDO SHXW DSUqVDYRLUHQWHQGXVHVH[SOLFDWLRQVOHGpFKDUJHUGHVDPLVVLRQ RX OH UpYRTXHU VRLW G RIILFH VRLW j OD GHPDQGH GX PLQLVWqUH SXEOLFRXGHWRXWHSHUVRQQHLQWpUHVVpH $UWLFOH

1ƒ²¬UDPDGDQ

 ¬DFFHSWHURXUHIXVHUOHVOLEpUDOLWpVJUHYpHVGHGURLWVRXGH FRQGLWLRQV  ¬SD\HUGHVFUpDQFHVTXLQ RQWSDVIDLWO REMHWG XQMXJHPHQW H[pFXWRLUH  ¬VHUYLU VXU OHV ELHQV GH O LQWHUGLW OD SHQVLRQ DOLPHQWDLUH GXH SDU FHOXLFL DX[ SHUVRQQHV j VD FKDUJH j PRLQV TXH FHWWH SHQVLRQQHVRLWRUGRQQpHSDUXQMXJHPHQWH[pFXWRLUH /D GpFLVLRQ GX MXJH DXWRULVDQW O XQ GHV DFWHV SUpFLWpV GRLW rWUHPRWLYpH $UWLFOH $XFXQH DXWRULVDWLRQ Q HVW H[LJpH HQ FH TXL FRQFHUQH  OD YHQWHGHELHQVPHXEOHVGRQWODYDOHXUGpSDVVHFLQTPLOOHGLUKDPV  '+ V LOV VRQW VXVFHSWLEOHV GH GpWpULRUDWLRQ ,O HQ HVW GH PrPH SRXU OHV ELHQV LPPHXEOHV RX PHXEOHV GRQW OD YDOHXU Q H[FqGHSDVFLQTPLOOHGLUKDPV'+ jFRQGLWLRQTXHFHWWH YHQWH QH FRQVWLWXH SDV XQ PR\HQ GH VH VRXVWUDLUH DX FRQWU{OH MXGLFLDLUH $UWLFOH /HV GLVSRVLWLRQV SUpFpGHQWHV QH VRQW SDV DSSOLFDEOHV VL OH SUL[GHVELHQVPHXEOHVHVWIL[pUpJOHPHQWDLUHPHQWHWTXHODYHQWH V HIIHFWXHFRQIRUPpPHQWjFHSUL[ $UWLFOH /D YHQWH GX ELHQ PHXEOH RX LPPHXEOH TXL D pWp DXWRULVpH V HIIHFWXH FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX FRGH GH SURFpGXUH FLYLOH $UWLFOH 7RXWSDUWDJHG XQELHQGRQWO LQWHUGLWHVWFRSURSULpWDLUHIDLW O REMHWG XQSURMHWGHSDUWDJHSUpVHQWpDXWULEXQDOTXLO KRPRORJXH DSUqVV rWUHDVVXUpDXPR\HQGHO H[SHUWLVHTX LOQHSRUWHDXFXQ SUpMXGLFHDX[LQWpUrWVGHO LQWHUGLW $UWLFOH /HVGpFLVLRQVGXMXJHFKDUJpGHVWXWHOOHVSULVHVHQYHUWXGHV DUWLFOHVHWVRQWVXVFHSWLEOHVGHUHFRXUV

/,95(9 BBBB '87(67$0(17 7,75(35(0,(5 '(6&21',7,216'87(67$0(17 (7'(602'$/,7e6'(621¬(;e&87,21 $UWLFOH

/H WXWHXU WHVWDPHQWDLUH RX GDWLI QH SHXW HIIHFWXHU OHV DFWHV FLDSUqVTX DYHFO DXWRULVDWLRQGXMXJHFKDUJpGHVWXWHOOHV

/HWHVWDPHQWHVWO DFWHSDUOHTXHOVRQDXWHXUFRQVWLWXHVXUOH WLHUVGHVHVELHQVXQGURLWTXLGHYLHQWH[LJLEOHjVRQGpFqV

 ¬YHQGUHXQELHQLPPHXEOHRXPHXEOHGHO LQWHUGLWGRQWOD YDOHXU H[FqGH GL[ PLOOH GLUKDPV  '+ RX FUpHU XQ GURLW UpHOVXUFHELHQ

$UWLFOH

 ¬DSSRUWHUHQSDUWLFLSDWLRQXQHSDUWLHGHVELHQVGHO LQWHUGLW j XQH VRFLpWp FLYLOH RX FRPPHUFLDOH RX O LQYHVWLU GDQV XQ EXW FRPPHUFLDORXVSpFXODWLI  ¬VH GpVLVWHU G XQ GURLW RX G XQH DFWLRQ WUDQVLJHU RX DFFHSWHUO DUELWUDJHjOHXUVXMHW  ¬¬FRQFOXUH GHV FRQWUDWV GH EDLO GRQW O HIIHW SHXW V pWHQGUH DXGHOjGHODILQGHO LQWHUGLFWLRQ

3RXU rWUH YDODEOH OH WHVWDPHQW QH GRLW SDV FRPSRUWHU GH VWLSXODWLRQVFRQWUDGLFWRLUHVDPELJXsVRXLOOLFLWHV &KDSLWUHSUHPLHU

'XWHVWDWHXU $UWLFOH /HWHVWDWHXUGRLWrWUHPDMHXU (VW YDODEOH OH WHVWDPHQW IDLW SDU OH GpPHQW GXUDQW XQ PRPHQWGHOXFLGLWpSDUOHSURGLJXHHWOHIDLEOHG HVSULW

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

&KDSLWUH,,

'XOpJDWDLUH $UWLFOH /H WHVWDPHQW QH SHXW rWUH IDLW HQ IDYHXU G XQ KpULWLHU VDXI SHUPLVVLRQ GHV DXWUHV KpULWLHUV 7RXWHIRLV FHOD Q HPSrFKH SDV G HQGUHVVHUDFWH $UWLFOH (VW YDODEOH OH WHVWDPHQW IDLW DX SURILW GH WRXW OpJDWDLUH TXL SHXWOpJDOHPHQWGHYHQLUSURSULpWDLUHGHO REMHWOpJXpGHPDQLqUH UpHOOHRXYLUWXHOOH $UWLFOH (VWYDODEOHOHWHVWDPHQWIDLWHQIDYHXUG XQOpJDWDLUHH[LVWDQW DXPRPHQWGHO DFWHRXGRQWO H[LVWHQFHHVWjYHQLU $UWLFOH /HOpJDWDLUHGRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV  ¬QHSDVDYRLUODTXDOLWpG KpULWLHUDXPRPHQWGXGpFqVGX WHVWDWHXUVRXVUpVHUYHGHVGLVSRVLWLRQVGHO DUWLFOHFLGHVVXV  ¬QHSDVDYRLUWXpYRORQWDLUHPHQWOHWHVWDWHXUjPRLQVTXH FHOXLFLDYDQWVDPRUWQ DLWWHVWpGHQRXYHDXHQVDIDYHXU &KDSLWUH,,, 'HO RIIUHHWGHO DFFHSWDWLRQ $UWLFOH / DFWH GH WHVWDPHQW HVW FRQVWLWXp SDU O RIIUH pPDQDQW G XQH VHXOHSDUWLHTXLHVWOHWHVWDWHXU $UWLFOH / HIIHW GX WHVWDPHQW SHXW rWUH VXERUGRQQp j OD UpDOLVDWLRQ G XQH FRQGLWLRQ SRXUYX TXH FHOOHFL VRLW YDODEOH /D FRQGLWLRQ YDODEOH HVW WRXWH FRQGLWLRQ SUpVHQWDQW XQ DYDQWDJH SRXU OH WHVWDWHXU RX SRXU OH OpJDWDLUH RX SRXU GHV WLHUV HW QRQ FRQWUDLUH DX[REMHFWLIVOpJDX[ $UWLFOH /H WHVWDWHXU D OH GURLW GH UHYHQLU VXU VRQ WHVWDPHQW HW GH O DQQXOHUPrPHV LOV HQJDJHjQHSDVOHUpYRTXHU,OSHXWVHORQ VDYRORQWpHWjWRXWPRPHQWTX LOVRLWHQERQQHVDQWpRXPDODGH \ LQVpUHU GHV FRQGLWLRQV LQVWLWXHU XQ FROpJDWDLUH RX DQQXOHU SDUWLHOOHPHQWOHWHVWDPHQW $UWLFOH /D UpYRFDWLRQ GX WHVWDPHQW SHXW DYRLU OLHX VRLW SDU XQH GpFODUDWLRQH[SUHVVHRXWDFLWHVRLWSDUXQIDLWWHOOHTXHODYHQWH GHO REMHWOpJXp $UWLFOH /HWHVWDPHQWIDLWHQIDYHXUG XQOpJDWDLUHQRQGpWHUPLQpQ D SDVEHVRLQG rWUHDFFHSWpHWQHSHXWrWUHUHIXVpSDUTXLFRQTXH $UWLFOH /H WHVWDPHQW IDLW HQ IDYHXU G XQ OpJDWDLUH GpWHUPLQp SHXW rWUHO REMHWGXUHIXVGHFHGHUQLHUV LODSOHLQHFDSDFLWp/DIDFXOWp GHUHIXVHUHVWWUDQVPLVHDX[KpULWLHUVGXEpQpILFLDLUHGpFpGp $UWLFOH /HUHIXVGXOpJDWDLUHQHVHUDSULVHQFRQVLGpUDWLRQTX DSUqV OHGpFqVGXWHVWDWHXU $UWLFOH /H WHVWDPHQW SHXW rWUH UHIXVp RX DFFHSWp SDUWLHOOHPHQW &HWWHIDFXOWpSHXWrWUHH[HUFpHSDUXQHSDUWLHGHVOpJDWDLUHVV LOV



VRQWSOHLQHPHQWFDSDEOHV/ DQQXODWLRQGXWHVWDPHQWQHSRUWHTXH VXU OD SDUWLH UHIXVpH HW QH SURGXLW VHV HIIHWV TX j O pJDUG GH O DXWHXUGXUHIXV &KDSLWUH,9

'HO·REMHWGXOHJV $UWLFOH / REMHWGXOHJVGRLWrWUHVXVFHSWLEOHG DSSURSULDWLRQ $UWLFOH 6L OH WHVWDWHXU D IDLW XQ DMRXW j O REMHW GpWHUPLQp G XQ OHJV O DMRXWV LQFRUSRUHDXOHJVV LOHVWGHFHX[TXLVRQWRUGLQDLUHPHQW FRQVLGpUpVFRPPHQpJOLJHDEOHVRXV LOHVWpWDEOLTXHOHWHVWDWHXUD HXO LQWHQWLRQGHO DQQH[HUjO REMHWOpJXpRXVLFHTXLDpWpDMRXWp QH SHXW FRQVWLWXHU SDU OXLPrPH XQ ELHQ LQGpSHQGDQW 6L O DMRXW HVWXQELHQLQGpSHQGDQWFHOXLTXL\DXUDLWGURLWFRQFRXUWDYHFOH OpJDWDLUH SRXU O HQVHPEOH GDQV XQH SURSRUWLRQ pJDOH j OD YDOHXU GXELHQDMRXWp $UWLFOH / REMHW GX OHJV SHXW rWUH XQ ELHQ UpHO RX XQ XVXIUXLW SRXU XQHGXUpHGpWHUPLQpHRXGHPDQLqUHSHUSpWXHOOH/HVIUDLVGHVRQ HQWUHWLHQVRQWjODFKDUJHGHO XVXIUXLWLHU &KDSLWUH9 'HODIRUPHGXWHVWDPHQW $UWLFOH /H WHVWDPHQW HVW FRQFOX DX PR\HQ GH WRXWH H[SUHVVLRQ RX pFULWRXDXPR\HQGHWRXWVLJQHQRQpTXLYRTXHGDQVOHFDVROH WHVWDWHXUHVWGDQVO LPSRVVLELOLWpGHV H[SULPHUYHUEDOHPHQWRXSDU pFULW $UWLFOH 3RXU rWUH YDODEOH OH WHVWDPHQW GRLW IDLUH O REMHW G XQ DFWH DGRXODLUH RX FRQVWDWp SDU WRXWH DXWRULWp RIILFLHOOH KDELOLWpH j GUHVVHU GHV DFWHV RX SDU XQ DFWH PDQXVFULW GX WHVWDWHXU HW VLJQp SDUOXL /RUVTX·XQH QpFHVVLWp LPSpULHXVH UHQG LPSRVVLEOH GH FRQVWDWHU O DFWH GX WHVWDPHQW RX GH O pFULUH FH WHVWDPHQW HVW UHFHYDEOH ORUVTX LO HVW IDLW YHUEDOHPHQW GHYDQW OHV WpPRLQV SUpVHQWVVXUOHVOLHX[jFRQGLWLRQTXHO HQTXrWHHWO LQVWUXFWLRQQH UpYqOHQW DXFXQ PRWLI GH VXVSLFLRQ j O HQFRQWUH GH OHXU WpPRLJQDJH HW TXH FH WpPRLJQDJH IDVVH O REMHW G XQH GpSRVLWLRQ OH MRXU R HOOH SHXW rWUH IDLWH GHYDQW OH MXJH TXL DXWRULVH GH O LQVWUXPHQWHUHWHQDYLVHLPPpGLDWHPHQWOHVKpULWLHUVHQLQFOXDQW OHVGLVSRVLWLRQVGXSUpVHQWDOLQpDGDQVFHWDYLV /HWHVWDWHXUSHXWDGUHVVHUDXMXJHFRSLHGHVRQWHVWDPHQWRX GHVDUpYRFDWLRQDILQG RXYULUXQGRVVLHUjFHWHIIHW $UWLFOH /H WHVWDPHQW UpGLJp GH OD PDLQ GX WHVWDWHXU GRLW FRQWHQLU XQHGpFODUDWLRQDXWRULVDQWVRQH[pFXWLRQ &KDSLWUH9, 'HO H[pFXWLRQWHVWDPHQWDLUH $UWLFOH / H[pFXWLRQWHVWDPHQWDLUHDSSDUWLHQWjODSHUVRQQHGpVLJQpH jFHWHIIHWSDUOHWHVWDWHXU$GpIDXWHWORUVTXHOHVSDUWLHVQHVRQW SDV G DFFRUG VXU O H[pFXWLRQ HOOH HVW HIIHFWXpH SDU OD SHUVRQQH GpVLJQpHSDUOHMXJHjFHWHIIHW



%8//(7,12)),&,(/ $UWLFOH

/HWHVWDPHQWQHSHXWrWUHH[pFXWpVXUXQHVXFFHVVLRQGRQWOH SDVVLIHVWVXSpULHXUjO DFWLIjPRLQVTXHOHFUpDQFLHUMRXLVVDQWGH VD SOHLQH FDSDFLWp Q \ FRQVHQWH RX TX LO \ DLW H[WLQFWLRQ GH FUpDQFHV $UWLFOH /RUVTXHOHOHJVHVWpJDOjODSDUWUHYHQDQWjXQKpULWLHUQRQ GpWHUPLQp OH OpJDWDLUH D GURLW j XQH SDUW FDOFXOpH HQ FRQVLGpUDWLRQ GX QRPEUH GHV VXFFHVVLEOHV PDLV QH SHXW SUpWHQGUHjSOXVGXWLHUVVDXISHUPLVVLRQGHVKpULWLHUVPDMHXUV $UWLFOH

1ƒ²¬UDPDGDQ

GHVWLQDWLRQGRLWrWUHHPSOR\pDXSURILWG ±XYUHVFDULWDWLYHV8QH LQVWLWXWLRQVSpFLDOLVpHOHFDVpFKpDQWSHXWrWUHFKDUJpHGHO HPSORL GXOHJVVRXVUpVHUYHGHVGLVSRVLWLRQVGHO DUWLFOHFLGHVVRXV $UWLFOH /H OHJV HIIHFWXp HQ IDYHXU GHV pGLILFHV GX FXOWH GHV LQVWLWXWLRQV GH ELHQIDLVDQFH GHV LQVWLWXWLRQV VFLHQWLILTXHV HW GH WRXW VHUYLFH SXEOLF GRLW rWUH HPSOR\p j OHXU SURILW DLQVL TX·DX SURILWGHOHXUV±XYUHVGHOHXUVLQGLJHQWVHWGHWRXWHDXWUHDFWLRQ UHOHYDQWGHOHXUREMHW $UWLFOH

/H WLHUV HVW FDOFXOp VXU OD PDVVH VXFFHVVRUDOH GpWHUPLQpH DSUqV GpGXFWLRQ GHV GURLWV JUHYDQW FHOOHFL  FHV GURLWV GRLYHQW rWUHSUpOHYpVDYDQWOHOHJV

/HOHJVHVWYDODEOHTXDQGLOHVWIDLWDXSURILWG XQH±XYUHGH ELHQIDLVDQFH GpWHUPLQpH GRQW OD FUpDWLRQ HVW HQYLVDJpH 6L FHWWH FUpDWLRQ V DYqUH LPSRVVLEOH OH OHJV HVW DIIHFWp DX SURILW G XQH ±XYUHD\DQWXQREMHWVLPLODLUH

$UWLFOH

$UWLFOH

/RUVTXH GHV OHJV GH PrPH UDQJ GpSDVVHQW OH WLHUV GLVSRQLEOH OHV EpQpILFLDLUHV VH SDUWDJHQW FH WLHUV DX SURUDWD GH OHXUSDUW

'DQVOHFDVROHOHJVQHFRQFHUQHTXHO XVXIUXLWRQSUHQG HQFRQVLGpUDWLRQODYDOHXUGHODSOHLQHSURSULpWpSRXUGpWHUPLQHU ODSDUWGXOHJVSDUUDSSRUWjODVXFFHVVLRQ

/RUVTXH O XQ GHV OHJV SRUWH VXU XQ ELHQ GpWHUPLQp OH EpQpILFLDLUHG XQWHOOHJVSUHQGVDSDUWVXUFHELHQPrPH/DSDUW GX EpQpILFLDLUH G XQ OHJV SRUWDQW VXU XQ ELHQ QRQ GpWHUPLQp HVW SUpOHYpHVXUODWRWDOLWpGXWLHUVGHODVXFFHVVLRQ

$UWLFOH

/DSDUWUHYHQDQWDXEpQpILFLDLUHG XQOHJVSRUWDQWVXUXQ ELHQGpWHUPLQpHVWIL[pHG DSUqVODYDOHXUGHFHELHQSDUUDSSRUWj ODPDVVHVXFFHVVRUDOH $UWLFOH 6L OHV KpULWLHUV RQW VRLW DSUqV OD PRUW GX WHVWDWHXU VRLW SHQGDQW VD GHUQLqUH PDODGLH UDWLILp OH WHVWDPHQW IDLW DX SURILW G XQ KpULWLHU RX OH WHVWDPHQW SRUWDQW VXU SOXV GX WLHUV GH OD VXFFHVVLRQ RX VL OH WHVWDWHXU DYDLW GHPDQGp SUpDODEOHPHQW OHXU DXWRULVDWLRQ j FHW HIIHW HW TX LOV O DLHQW GRQQpH FHX[ SDUPL HX[ MRXLVVDQWGHODSOHLQHFDSDFLWpVHWURXYHQWGHFHIDLWHQJDJpV $UWLFOH /RUVTX XQH SHUVRQQH GpFqGH DSUqV DYRLU IDLW XQ OHJV HQ IDYHXUG XQHQIDQWjQDvWUHVHVKpULWLHUVRQWO XVXIUXLWGHODFKRVH OpJXpHMXVTX jFHTXHO HQIDQWQDLVVHYLYDQWLOUHFXHLOOHDORUVOH OHJV $UWLFOH / XVXIUXLW DSSDUWLHQW j FHOXL GHV OpJDWDLUHV H[LVWDQW DX PRPHQWGXGpFqVGXWHVWDWHXURXSRVWpULHXUHPHQWjFHOXLFL7RXW OpJDWDLUH TXL VH UpYqOH DSUqV OH GpFqV FRQFRXUW DX EpQpILFH GH O XVXIUXLWMXVTX DXMRXURGHYLHQWFHUWDLQHO LQH[LVWHQFHG DXWUHV OpJDWDLUHV /HV OpJDWDLUHV H[LVWDQWV UHFXHLOOHQW DORUV OD QXH SURSULpWpHWO XVXIUXLWODSDUWGHFHOXLG HQWUHHX[TXLYLHQGUDj GpFpGHUIHUDSDUWLHGHVDSURSUHVXFFHVVLRQ $UWLFOH /RUVTX XQREMHWGpWHUPLQpHVWOpJXpVXFFHVVLYHPHQWjGHX[ SHUVRQQHVOHGHX[LqPHWHVWDPHQWDQQXOHOHSUHPLHU $UWLFOH /HOpJDWDLUHTXLGpFqGHDSUqVrWUHQpYLYDQWDGURLWDXOHJV &H GHUQLHU IDLW SDUWLH GH OD VXFFHVVLRQ GH FH OpJDWDLUH TXL HVW FRQVLGpUp FRPPH D\DQW YpFX DX PRPHQW GH OD GpYROXWLRQ KpUpGLWDLUH $UWLFOH /H OHJV FRQVWLWXp SRXU O $PRXU GH 'LHX HW HQ IDYHXU G ±XYUHV GH ELHQIDLVDQFH VDQV LQGLFDWLRQ SUpFLVH GH VD

(QFDVGHSHUWHGHODFKRVHGpWHUPLQpHIDLVDQWO REMHWGXOHJV RXGHO DWWULEXWLRQGHFHOOHFLjXQWLHUVGXYLYDQWGXWHVWDWHXUjOD VXLWH G XQH UHYHQGLFDWLRQ OH OpJDWDLUH Q D SOXV DXFXQ GURLW 7RXWHIRLVVLFHWWHSHUWHRXFHWWHDWWULEXWLRQQ DIIHFWHTX XQHSDUWLH GH O REMHW GX OHJV OH OpJDWDLUH UHoRLW OH UHVWH GDQV OD OLPLWH GX WLHUVGHODVXFFHVVLRQVDQVTX LOVRLWWHQXFRPSWHGHODSHUWHSRXU OHFDOFXOGHFHWLHUV $UWLFOH /RUVTX XQELHQHVWOpJXpDXSURILWG XQHQIDQWjQDvWUHG XQH WLHUFHSHUVRQQHTXLGpFqGHVDQVODLVVHUG HQIDQWQpRXjQDvWUHFH ELHQUHYLHQWjODVXFFHVVLRQGXWHVWDWHXU $UWLFOH /HWHVWDPHQWHVWDQQXOpSDU  ODPRUWGXOpJDWDLUHDYDQWOHWHVWDWHXU  OD SHUWH DYDQW OH GpFqV GX WHVWDWHXU GH OD FKRVH GpWHUPLQpHD\DQWIDLWO REMHWG XQOHJV  ODUpYRFDWLRQGXWHVWDPHQWSDUOHWHVWDWHXU  OH UHIXV GX OHJV DSUqV OH GpFqV GX WHVWDWHXU SDU OH OpJDWDLUHPDMHXU 7,75(,, '(/$68%67,787,21'·+(5,7,(57$1=,/ $UWLFOH /H7DQ]LO HVWOHIDLWG LQVWLWXHUTXHOTX XQKpULWLHUDORUVTX LO Q HQDSDVODTXDOLWpHWGHOHSODFHUDXPrPHUDQJTX XQKpULWLHU $UWLFOH /H 7DQ]LO HVW IRUPp GH OD PrPH PDQLqUH TXH OH WHVWDPHQW ORUVTXHVRQDXWHXUGLW©¬WHOOHSHUVRQQHKpULWHUDDYHFPRQHQIDQW RX DYHF PHV HQIDQWV¬ª RX ELHQ  ©¬IDLWHV LQFOXUH WHOOH SHUVRQQH SDUPL PHV KpULWLHUV¬ª RX ELHQ  ©¬IDLWHV KpULWHU WHOOH SHUVRQQH GH PHVELHQV¬ªRXELHQGDQVOHFDVROHWHVWDWHXUDXQSHWLWHQIDQW GHVFHQGDQWGHVRQILOVRXGHVDILOOH©¬IDLWHVKpULWHUPRQSHWLW HQIDQWDYHFPHVHQIDQWV¬ª/H7DQ]LOHVWDVVLPLOpDXWHVWDPHQWHW REpLW DX[ PrPHV UqJOHV 7RXWHIRLV OD UqJOH GH 7DIDGRO  TXL DFFRUGH j O KpULWLHU XQH SDUW GRXEOH GH FHOOH GH O KpULWLqUH V DSSOLTXHDX7DQ]LO

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/



$UWLFOH

$UWLFOH

/RUVTX·HQ FDV GH 7DQ]LO LO H[LVWH XQ KpULWLHU UpVHUYDWDLUH )DUGK HWVLO DXWHXUGX7DQ]LOIRUPXOHH[SUHVVpPHQWVDYRORQWp G DWWULEXHU DX EpQpILFLDLUH GX 7DQ]LO XQH SDUW pJDOH j FHOOH GH O KpULWLHUDXTXHOLOHVWDVVLPLOpODGpWHUPLQDWLRQGHVSDUWVV RSqUH DXPR\HQGHIUDFWLRQVkRXO HWOH7DQ]LO HQWUDvQH GH FH IDLW OD UpGXFWLRQGHVSDUWVGHFKDFXQ

/ KpULWDJH HVW OD WUDQVPLVVLRQ G XQ GURLW j OD PRUW GH VRQ WLWXODLUH DSUqV OLTXLGDWLRQ GH OD VXFFHVVLRQ j OD SHUVRQQH TXL \ SUpWHQGOpJDOHPHQWVDQVTX LO\DLWQLOLEpUDOLWpQLFRQWUHSDUWLH

6L O DXWHXU GX 7DQ]LO Q D SDV IRUPXOp H[SUHVVpPHQW VD YRORQWp G DWWULEXHU DX EpQpILFLDLUH XQH SDUW pJDOH j FHOOH GH O KpULWLHUDXTXHOLOHVWDVVLPLOpOHVSDUWVVRQWFDOFXOpHVHQWHQDQW FRPSWHGHO H[LVWHQFHSDUPLOHVKpULWLHUVGHODSHUVRQQHLQVWLWXpH HQ WDQW TX KpULWLHU 0RQD]]DO  TXL UHoRLW XQH SDUW pJDOH j FHOOH GpYROXH j O KpULWLHU DXTXHO HOOH HVW DVVLPLOpH /H UHVWH GH OD VXFFHVVLRQUHYHQDQWDX[KpULWLHUVUpVHUYDWDLUHV)DUGK HWDXWUHV HVWSDUWDJpHQWUHOHVEpQpILFLDLUHVFRPPHV LOQ \DYDLWSDVHXGH 7DQ]LOGRQWO H[LVWHQFHHQWUDvQHGHFHIDLWODUpGXFWLRQGHVSDUWV GHWRXVOHVKpULWLHUVUpVHUYDWDLUHVHWDkVDED  $UWLFOH /RUVTX HQFDVGH7DQ]LOLOQ H[LVWHSDVG KpULWLHUVUpVHUYDWDLUHV )DUGK  OD SHUVRQQH LQVWLWXpH HQ WDQW TX KpULWLHU 0RQD]]DO HVW DVVLPLOpHVHORQOHFDVDX[KpULWLHUVPDVFXOLQVRXIpPLQLQV $UWLFOH (Q FDV GH 7DQ]LO ORUVTX LO H[LVWH SOXVLHXUV SHUVRQQHV GH VH[H PDVFXOLQ RX IpPLQLQ LQVWLWXpHV HQ WDQW TX KpULWLHUV HW TXH O DXWHXUGX7DQ]LO D H[SULPp VD YRORQWp VRLW GH OHXU DWWULEXHU OD SDUW TXH OHXU SqUH DXUDLW UHFXHLOOLH GH VRQ YLYDQW VRLW GH OHV OXL VXEVWLWXHU OH SDUWDJH HVW HIIHFWXp HQWUH OHV EpQpILFLDLUHV GH WHOOH VRUWHTXHO KRPPHUHoRLYHXQHSDUWGRXEOHGHFHOOHGHODIHPPH $UWLFOH /HVFDVTXLQHSHXYHQWrWUHUpVROXVHQYHUWXGHVGLVSRVLWLRQV UpJLVVDQW OH 7DQ]LO VRQW UpJOpV HQ VH UpIpUDQW DX[ GLVSRVLWLRQV UpJLVVDQWOHWHVWDPHQW

/,95(9, BBBB

'(/$68&&(66,21

$UWLFOH / KpULWDJH HVW GH GURLW j OD PRUW UpHOOH RX SUpVXPpH GX GH¬FXMXVHWjODVXUYLHFHUWDLQHGHVRQKpULWLHU $UWLFOH (VWSUpVXPpHGpFpGpHODSHUVRQQHGRQWLOQ·HVWSOXVGRQQp GHQRXYHOOHVHWjSURSRVGHODTXHOOHXQMXJHPHQWGHSUpVRPSWLRQ GHGpFqVDpWpUHQGX $UWLFOH /DSHUVRQQHSRUWpHGLVSDUXHHVWWHQXHSRXUYLYDQWHjO pJDUG GHVHVELHQV6DVXFFHVVLRQQHSHXWrWUHRXYHUWHHWSDUWDJpHHQWUH VHV KpULWLHUV TX DSUqV OH SURQRQFp G XQ MXJHPHQW GpFODUDQW VRQ GpFqV(OOHHVWFRQVLGpUpHFRPPHpWDQWHQYLHDXVVLELHQjO pJDUG GHVHVSURSUHVGURLWVTX jO pJDUGGHVGURLWVG DXWUXL/DSDUWREMHW GHGRXWHHVWPLVHHQUpVHUYHMXVTX jFHTX LOVRLWVWDWXpVXUVRQFDV $UWLFOH /RUVTX XQH SHUVRQQH D GLVSDUX GDQV GHV FLUFRQVWDQFHV H[FHSWLRQQHOOHVUHQGDQWVDPRUWSUREDEOHXQMXJHPHQWGpFODUDWLI GHGpFqVHVWUHQGXjO H[SLUDWLRQG XQGpODLG XQHDQQpHFRXUDQWj FRPSWHU GX MRXU R O RQ D SHUGX WRXW HVSRLU GH VDYRLU VL HOOH HVW YLYDQWHRXGpFpGpH 'DQVWRXVOHVDXWUHVFDVLODSSDUWLHQWDXWULEXQDOGHIL[HUOD SpULRGH DX WHUPH GH ODTXHOOH LO UHQGUD OH MXJHPHQW GpFODUDWLI GX GpFqV HW FH DSUqV HQTXrWH HW LQYHVWLJDWLRQ SDU WRXV OHV PR\HQV SRVVLEOHV GHV DXWRULWpV FRPSpWHQWHV SRXU OD UHFKHUFKH GHV SHUVRQQHVGLVSDUXHV $UWLFOH 4XDQG SOXVLHXUV SHUVRQQHV KpULWLqUHV OHV XQHV GHV DXWUHV PHXUHQWVDQVTX RQSDUYLHQQHjGpWHUPLQHUODTXHOOHHVWGpFpGpH OD SUHPLqUH DXFXQH G HOOHV Q KpULWH GHV DXWUHV TX HOOHV DLHQW RX QRQSpULDXFRXUVG XQPrPHpYpQHPHQW 7,75(,, '(6&$86(6'(/$68&&(66,%,/,7e'(6(6&21',7,216 (7'(6(6(03È&+(0(176

7,75(35(0,(5

$UWLFOH

',6326,7,216*e1e5$/(6

/HVFDXVHVGHODVXFFHVVLELOLWpFRPPHOHVOLHQVFRQMXJDX[ HW OHV OLHQV GH SDUHQWp VRQW GHV FDXVHV OpJDOHV HW QRQ SDV FRQYHQWLRQQHOOHVRXWHVWDPHQWDLUHV1LO KpULWLHUQLVRQDXWHXUQH SHXYHQW UHQRQFHU j OHXU TXDOLWp G KpULWLHU RX G DXWHXU ,OV QH SHXYHQWV HQGpVLVWHUHQIDYHXUG DXWUXL

$UWLFOH /D VXFFHVVLRQ HVW O HQVHPEOH GHV ELHQV RX GURLWV SDWULPRQLDX[ODLVVpVSDUOHGHFXMXV $UWLFOH 6RQW FRPSULV HW GpGXLWV GH OD VXFFHVVLRQ FLQT GURLWV GDQV O RUGUHFLDSUqV  OHV GURLWV JUHYDQW OHV ELHQV UpHOV IDLVDQW SDUWLH GH OD VXFFHVVLRQ  ¬OHV IUDLV IXQpUDLUHV UpJOpV GDQV OHV OLPLWHV GHV FRQYHQDQFHV  ¬OHVGHWWHVGXGHFXMXV  ¬OHWHVWDPHQWYDODEOHHWH[pFXWRLUH  OHVGURLWVGHVXFFHVVLRQVHORQO RUGUHpWDEOLDXSUpVHQW&RGH

$UWLFOH /DVXFFHVVLELOLWpHVWVRXPLVHDX[FRQGLWLRQVVXLYDQWHV  ¬ODFHUWLWXGHGHODPRUWUpHOOHRXSUpVXPpHGXGHFXMXV  ¬O H[LVWHQFH GH VRQ KpULWLHU DX PRPHQW GX GpFqV UpHO RX SUpVXPp  ¬ODFRQQDLVVDQFHGXOLHQTXLFRQIqUHODTXDOLWpG KpULWLHU $UWLFOH /H QRXYHDXQp Q D GURLW j OD VXFFHVVLRQ TXH ORUVTX LO HVW pWDEOL TX LO HVW Qp YLYDQW VXLWH DX[ SUHPLHUV YDJLVVHPHQWV j O DOODLWHPHQWRXjG DXWUHVLQGLFHVDQDORJXHV



%8//(7,12)),&,(/

1ƒ²¬UDPDGDQ

$UWLFOH

$UWLFOH

,OQ \DSDVGHVXFFHVVLELOLWpHQWUHXQPXVXOPDQHWXQQRQ PXVXOPDQQLGDQVOHFDVRODILOLDWLRQSDWHUQHOOHHVWGpVDYRXpH OpJDOHPHQW

/HV KpULWLHUV D\DQW GURLW j XQH SDUW GH )DUGK  pJDOH j OD PRLWLpGHODVXFFHVVLRQVRQWDXQRPEUHGHFLQT

$UWLFOH

 ¬O pSRX[ j FRQGLWLRQ TXH VRQ pSRXVH Q DLW ODLVVp DXFXQH GHVFHQGDQFHjYRFDWLRQVXFFHVVRUDOHWDQWPDVFXOLQHTXHIpPLQLQH

&HOXLTXLWXHYRORQWDLUHPHQWOHGHFXMXV Q KpULWHSDVGHVHV ELHQVQ DSDVGURLWDXSUL[GXVDQJ'L\D HWQ pYLQFHSHUVRQQH PrPHV LOLQYRTXHOHGRXWH

 OD ILOOH j FRQGLWLRQ TX HOOH QH VH WURXYH HQ SUpVHQFH G DXFXQDXWUHHQIDQWGXGHFXMXVGHVH[HPDVFXOLQRXIpPLQLQ

4XLFRQTXH WXH OH GH FXMXV LQYRORQWDLUHPHQW KpULWH GH VHV ELHQVPDLVQ DSDVGURLWDXSUL[GXVDQJ'L\D HWpYLQFHG DXWUHV SHUVRQQHV 7,75(,,, '(6',))e5(17602<(16' +e5,7(5 $UWLFOH ,O\DTXDWUHFDWpJRULHVG KpULWLHUV ²¬j)DUGK VHXOHPHQW ²¬SDU7DkVLE VHXOHPHQW ²¬j)DUGK HWSDU7DkVLE jODIRLV ²¬j)DUGK RXSDU7DkVLE VpSDUpPHQW $UWLFOH /H)DUGK HVW XQH SDUW VXFFHVVRUDOH GpWHUPLQpH DVVLJQpH j O KpULWLHU /D VXFFHVVLRQ HVW GpYROXH HQ SUHPLHU OLHX DX[ KpULWLHUVj)DUGK  /H7DkVLE FRQVLVWHjKpULWHUGHO HQVHPEOHGHODVXFFHVVLRQ RX GH FH TXL HQ UHVWH DSUqV O DIIHFWDWLRQ GHV SDUWV GXHV DX[ KpULWLHUVj)DUGK  $UWLFOH (QO DEVHQFHG KpULWLHUj)DUGK RXORUVTX LOHQH[LVWHHWTXH OHVSDUWV)DUGK Q pSXLVHQWSDVODVXFFHVVLRQFHOOHFLRXFHTXLHQ UHVWHDSUqVTXHOHVKpULWLHUVj)DUGK DLHQWUHoXOHXUVSDUWVUHYLHQW DX[KpULWLHUVSDU7DkVLE  $UWLFOH /HVKpULWLHUVj)DUGK VHXOHPHQWVRQWDXQRPEUHGHVL[OD PqUHO DwHXOHO pSRX[O pSRXVHOHIUqUHXWpULQHWODV±XUXWpULQH $UWLFOH /HVKpULWLHUVSDU7DkVLE VHXOHPHQWVRQWDXQRPEUHGHKXLW OH ILOV OH ILOV GX ILOV j O LQILQL OH IUqUH JHUPDLQ OH IUqUH FRQVDQJXLQ HW OH ILOV GH FKDFXQ G HX[ j O LQILQL O RQFOH JHUPDLQ O RQFOHSDWHUQHOHWOHILOVGHFKDFXQG HX[jO LQILQL $UWLFOH /HVKpULWLHUVjODIRLVj)DUGK HWSDU7DkVLE VRQWDXQRPEUH GHGHX[OHSqUHHWO DwHXO $UWLFOH /HV KpULWLHUV j )DUGK RX SDU 7DkVLE  PDLV TXL QH SHXYHQW UpXQLU OHV GHX[ TXDOLWpV VRQW DX QRPEUH GH TXDWUH  OD ILOOH OD ILOOHGXILOVODV±XUJHUPDLQHHWODV±XUFRQVDQJXLQH 7,75(,9

 ¬OD ILOOH GX ILOV j FRQGLWLRQ TX HOOH QH VH WURXYH HQ SUpVHQFH G DXFXQ HQIDQW GX GH FXMXV GH VH[H PDVFXOLQ RX IpPLQLQQLG HQIDQWGHILOVDXPrPHGHJUpTX HOOH  ¬OD V±XU JHUPDLQH j FRQGLWLRQ TX HOOH QH VRLW SDV HQ SUpVHQFHGHIUqUHJHUPDLQSqUHDwHXOVHQIDQWTX LOVRLWGHVH[H PDVFXOLQ RX IpPLQLQ HW HQIDQW GH ILOV GX GH FXMXV TX LO VRLW GH VH[HPDVFXOLQRXIpPLQLQ  ¬OD V±XU FRQVDQJXLQH j FRQGLWLRQ TX HOOH QH VRLW SDV HQ SUpVHQFH GH IUqUH FRQVDQJXLQ GH V±XU FRQVDQJXLQH QL GHV KpULWLHUVFLWpVjSURSRVGHODV±XUJHUPDLQH $UWLFOH /HV KpULWLHUV TXL RQW GURLW j XQH SDUW GH )DUGK  pJDOH DX TXDUWGHODVXFFHVVLRQVRQWDXQRPEUHGHGHX[  O pSRX[ HQ FRQFRXUV DYHF XQH GHVFHQGDQFH GH O pSRXVH D\DQWYRFDWLRQVXFFHVVRUDOH  O pSRXVH HQ O DEVHQFH GH GHVFHQGDQFH GH O pSRX[ D\DQW YRFDWLRQVXFFHVVRUDOH $UWLFOH 8Q VHXO KpULWLHU j )DUGK SHXW UHFHYRLU OH KXLWLqPH GH OD VXFFHVVLRQO pSRXVHORUVTXHVRQpSRX[ODLVVHXQHGHVFHQGDQFH D\DQWYRFDWLRQVXFFHVVRUDOH $UWLFOH 4XDWUHKpULWLHUVRQWGURLWDX[GHX[WLHUVGHODVXFFHVVLRQ  ¬GHX[ILOOHVRXSOXVGXGHFXMXVHQO DEVHQFHGHILOV  ¬GHX[ ILOOHV RX SOXV GX ILOV GX GH FXMXV j FRQGLWLRQ TX HOOHV QH VH WURXYHQW SDV HQ SUpVHQFH G HQIDQW GX GH FXMXV GH VH[H PDVFXOLQ RX IpPLQLQ HW GH ILOV GX ILOV DX PrPH GHJUp TX HOOHV  GHX[ V±XUV JHUPDLQHV RX SOXV GX GH FXMXV j FRQGLWLRQ TX HOOHV QH VRLHQW SDV HQ SUpVHQFH GH IUqUH JHUPDLQ GH SqUH G DwHXOVHWG XQHGHVFHQGDQFHjYRFDWLRQVXFFHVVRUDOHGXGHFXMXV  GHX[V±XUVFRQVDQJXLQHVGXGHFXMXVRXSOXVjFRQGLWLRQ TX HOOHV QH VRLHQW SDV HQ SUpVHQFH GH IUqUH FRQVDQJXLQ HW GHV KpULWLHUVPHQWLRQQpVjSURSRVGHVGHX[V±XUVJHUPDLQHV $UWLFOH 7URLVKpULWLHUVRQWGURLWjXQHSDUWGH)DUGK pJDOHDXWLHUVGH ODVXFFHVVLRQ ¬ ¬OD PqUH j FRQGLWLRQ TXH OH GH FXMXV QH ODLVVH SDV GH GHVFHQGDQWV D\DQW YRFDWLRQ VXFFHVVRUDOH QL GHX[ RX SOXV GH IUqUHVHWV±XUVPrPHV LOVIRQWREMHWG pYLFWLRQ+DME 

$UWLFOH

 ¬SOXVLHXUVIUqUHVHWRXV±XUVXWpULQVHQO DEVHQFHGXSqUH GXJUDQGSqUHSDWHUQHOG HQIDQWGXGHFXMXV HWG HQIDQWGXILOVGH VH[HPDVFXOLQRXIpPLQLQ

/HV SDUWV GH )DUGK VRQW DX QRPEUH GH VL[  OD PRLWLp OH TXDUWOHKXLWLqPHOHVGHX[WLHUVOHWLHUVHWOHVL[LqPH

 O DwHXOV LOHVWHQFRQFRXUVDYHFGHVIUqUHVHWV±XUVHWTXH OHWLHUVFRQVWLWXHODSDUWODSOXVDYDQWDJHXVHSRXUOXL

'(6+e5,7,(56­)$5'+

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

$UWLFOH /HVEpQpILFLDLUHVGXVL[LqPHGHODVXFFHVVLRQVRQW  OH SqUH HQ SUpVHQFH G HQIDQW RX G HQIDQW GH ILOV GX GH FXMXVTX LOVRLWGHVH[HPDVFXOLQRXIpPLQLQ  ODPqUHjFRQGLWLRQTX HOOHVRLWHQSUpVHQFHG HQIDQWRX G HQIDQW GH ILOV RX GH GHX[ RX SOXVLHXUV IUqUHV HWRX V±XUV SUHQDQW HIIHFWLYHPHQW SDUW j OD VXFFHVVLRQ RX pWDQW O·REMHW G pYLFWLRQ+DME   OD ILOOH RX SOXVLHXUV ILOOHV GH ILOV j FRQGLWLRQ TX HOOH¬V VRLW¬HQW HQFRQFRXUVDYHFXQHVHXOHILOOHGXGHFXMXV HWTX LOQ \ DLWSDVGHILOVGHILOVDXPrPHGHJUpTX HOOHV   OD V±XU RX SOXVLHXUV V±XUV FRQVDQJXLQHV j FRQGLWLRQ TX HOOH¬V VRLW¬HQW HQFRQFRXUVDYHFXQHVHXOHV±XUJHUPDLQHHW TX LO Q \ DLW DYHF HOOH QL SqUH QL IUqUH FRQVDQJXLQ QL HQIDQW GH VH[HPDVFXOLQRXIpPLQLQ  OH IUqUH XWpULQ j FRQGLWLRQ TX LO VRLW VHXO RX OD V±XU XWpULQHjFRQGLWLRQTX HOOHVRLWVHXOHVLOHGHFXMXV QH ODLVVH QL SqUH QL DwHXO QL HQIDQW QL HQIDQW GH ILOV GH VH[H PDVFXOLQ RX IpPLQLQ  O DwHXOH TXDQG HOOH HVW VHXOH TX HOOH VRLW PDWHUQHOOH RX SDWHUQHOOHHQFDVGHSUpVHQFHGHGHX[DwHXOHVHOOHVVHSDUWDJHQW OH VL[LqPH j FRQGLWLRQ TX HOOHV VRLHQW DX PrPH GHJUp RX TXH O DwHXOHPDWHUQHOOHVRLWG XQGHJUpSOXVpORLJQp6LDXFRQWUDLUH O DwHXOHPDWHUQHOOHHVWG XQGHJUpSOXVSURFKHOHVL[LqPHOXLHVW DWWULEXpH[FOXVLYHPHQW  O DwHXOSDWHUQHOHQSUpVHQFHG HQIDQWRXG HQIDQWGHILOV HWHQO DEVHQFHGXSqUHGXGHFXMXV 7,75(9 '(/ +e5,7$*(3$592,('(7$Ç6,% $UWLFOH ,O\DWURLVVRUWHVG KpULWLHUVkVDED   OHVKpULWLHUVkVDED SDUHX[PrPHV  ¬OHVKpULWLHUVkVDED SDUDXWUXL  ¬OHVKpULWLHUVkVDED DYHFDXWUXL $UWLFOH /HVKpULWLHUVkVDED SDUHX[PrPHVVRQWFODVVpVGDQVO RUGUH GHSULRULWpVXLYDQW  ¬OHVGHVFHQGDQWVPkOHVGHSqUHHQILOVjO LQILQL  ¬OHSqUH  O DwHXOSDWHUQHOHWOHVIUqUHVJHUPDLQVHWFRQVDQJXLQV  OHVGHVFHQGDQWVPkOHVGHVIUqUHVJHUPDLQVHWFRQVDQJXLQV jO LQILQL  ¬OHVRQFOHVSDWHUQHOVJHUPDLQVRXFRQVDQJXLQVGXGH FXMXV OHVRQFOHVSDWHUQHOVJHUPDLQVRXFRQVDQJXLQVGXSqUHGXGHFXMXV OHV RQFOHV SDWHUQHOV JHUPDLQV RX FRQVDQJXLQV GH O DwHXO SDWHUQHO GXGHFXMXVGHPrPHTXHOHVGHVFHQGDQWVPkOHVSDUOHVPkOHVGHV SHUVRQQHVSUpFLWpHVjO LQILQL  OHWUpVRUSXEOLFjGpIDXWG KpULWLHU'DQVFHFDVO DXWRULWp FKDUJpHGHVGRPDLQHVGHO (WDWUHFXHLOOHO KpULWDJH7RXWHIRLVV LO H[LVWH XQ VHXO KpULWLHU j )DUGK  OH UHVWH GH OD VXFFHVVLRQ OXL UHYLHQWHQFDVGHSOXUDOLWpG KpULWLHUVj)DUGK HWTXHOHXUVSDUWV Q pSXLVHQW SDV O HQVHPEOH GH OD VXFFHVVLRQ OH UHVWH OHXU UHYLHQW VHORQODSDUWGHFKDFXQGDQVODVXFFHVVLRQ

 $UWLFOH

 ¬/RUVTXHGDQVXQHPrPHFDWpJRULHVHWURXYHQWSOXVLHXUV KpULWLHUV kVDED SDU HX[PrPHV OD VXFFHVVLRQ DSSDUWLHQW j FHOXL TXLHVWGXGHJUpGHSDUHQWpOHSOXVSURFKHGXGHFXMXV  ¬/RUVTXH GDQV OD FDWpJRULH LO \ D SOXVLHXUV KpULWLHUV DX PrPHGHJUpODSULRULWpHVWIRQGpHVXUODIRUFHGXOLHQGHSDUHQWp OH SDUHQW JHUPDLQ GX GHFXMXV  HVW SULRULWDLUH SDU UDSSRUW j FHOXL TXLHVWSDUHQWFRQVDQJXLQ  ¬(Q FDV G H[LVWHQFH G KpULWLHUV GH OD PrPH FDWpJRULH GX PrPHGHJUpHWXQLVDXGHFXMXV SDUOHPrPHOLHQGHSDUHQWpOD VXFFHVVLRQHVWSDUWDJpHHQWUHHX[jpJDOLWp $UWLFOH /HVKpULWLHUVkVDED SDUDXWUXLVRQW  ¬ODILOOHHQSUpVHQFHGHILOV  ¬OD ILOOH GH ILOV j O LQILQL HQ SUpVHQFH GH ILOV GH ILOV j O LQILQLORUVTX LOVHWURXYHDXPrPHGHJUpTX HOOHRXjXQGHJUp LQIpULHXUHWjPRLQVTX HOOHQ KpULWHDXWUHPHQW  ¬OHV V±XUV JHUPDLQHV HQ SUpVHQFH GH IUqUHV JHUPDLQV HW OHVV±XUVFRQVDQJXLQHVHQSUpVHQFHGHIUqUHVFRQVDQJXLQV 'DQVFHVFDVODVXFFHVVLRQHVWSDUWDJpHGHPDQLqUHjFHTXH ODSDUWGHO KpULWLHUVRLWOHGRXEOHGHFHOOHGHO KpULWLqUH $UWLFOH /HVKpULWLHUVkVDED DYHFDXWUXLVRQWOHVV±XUVJHUPDLQHVRX FRQVDQJXLQHV HQ SUpVHQFH GH ILOOH RX GH ILOOH GH ILOV j O LQILQL HOOHVUHFXHLOOHQWOHUHVWHGHODVXFFHVVLRQDSUqVOHSUpOqYHPHQWGHV SDUWVGH)DUGK  'DQVFHFDVOHVV±XUVJHUPDLQHVVRQWDVVLPLOpHVDX[IUqUHV JHUPDLQVHWOHVV±XUVFRQVDQJXLQHVDX[IUqUHVFRQVDQJXLQVHOOHV VRQW VRXPLVHV DX[ PrPHV UqJOHV TX HX[ SDU UDSSRUW DX[ DXWUHV KpULWLHUV kVDED GDQV O DWWULEXWLRQ SULRULWDLUH GH OD VXFFHVVLRQ HQ IRQFWLRQ GH OD FDWpJRULH GX GHJUp HW GH OD IRUFH GX OLHQ GH SDUHQWp $UWLFOH /RUVTXHOHSqUHRXO DwHXOHVWHQFRQFRXUVDYHFODILOOHRXOD ILOOHGHILOVjO LQILQLLODGURLWDXVL[LqPHGHODVXFFHVVLRQjWLWUH G KpULWLHUj)DUGK HWjFHTXLUHVWHGHFHOOHFLjWLWUHG KpULWLHUkVLE  $UWLFOH  ¬/RUVTXH O DwHXO SDWHUQHO HVW HQ SUpVHQFH XQLTXHPHQW GH IUqUHV JHUPDLQV HWRX GH V±XUV JHUPDLQHV  RX ORUVTX LO HVW HQ FRQFRXUV XQLTXHPHQW DYHF GHV IUqUHV FRQVDQJXLQV HWRX GHV V±XUV FRQVDQJXLQHV LO D GURLW j OD SOXV IRUWH GHV GHX[ SDUWV VXLYDQWHVOHWLHUVGHODVXFFHVVLRQRXODSDUWOXLUHYHQDQWDSUqVOH SDUWDJHDYHFOHVIUqUHVHWV±XUV  ¬/RUVTX LO HVW HQ SUpVHQFH j OD IRLV GH IUqUHV HW V±XUV JHUPDLQVHWFRQVDQJXLQVLODGURLWjODSOXVIRUWHGHVGHX[SDUWV VXLYDQWHVOHWLHUVGHODVXFFHVVLRQRXODSDUWOXLUHYHQDQWDSUqVOH SDUWDJH DYHF OHV IUqUHV HW V±XUV HQ DSSOLTXDQW OD UqJOH GH OD PRXkGGD   ¬/RUVTX LO HVW DYHF GHV IUqUHV HW V±XUV HW GHV KpULWLHUV j )DUGK LODGURLWjODSOXVIRUWHGHVWURLVSDUWVVXLYDQWHVOHVL[LqPH GH OD VXFFHVVLRQ OH WLHUV GX UHVWH GH OD VXFFHVVLRQ DSUqV SUpOqYHPHQWGHVSDUWVGHVKpULWLHUVj)DUGK RXODSDUWOXLUHYHQDQW DSUqVSDUWDJHDYHFOHVIUqUHVHWV±XUVHQTXDOLWpG KpULWLHUGHVH[H PDVFXOLQHQDSSOLTXDQWGDQVWRXVOHVFDVODUqJOHGHODPRXkGGD



%8//(7,12)),&,(/ 7,75(9, '(/ e9,&7,21+$-% $UWLFOH

/ pYLFWLRQ FRQVLVWH HQ O H[FOXVLRQ WRWDOH RX SDUWLHOOH G XQ KpULWLHUSDUXQDXWUH $UWLFOH ,O\DGHX[VRUWHVG pYLFWLRQ  ¬O pYLFWLRQ SDUWLHOOH TXL UpGXLW OD SDUW G KpULWDJH HQ OD UDPHQDQWjXQHSDUWLQIpULHXUH  ¬O pYLFWLRQWRWDOHTXLH[FOXWGHODVXFFHVVLRQ $UWLFOH / pYLFWLRQ WRWDOH QH SHXW IUDSSHU OHV VL[ KpULWLHUV VXLYDQWV  OHILOVODILOOHOHSqUHODPqUHO pSRX[HWO pSRXVH $UWLFOH / pYLFWLRQWRWDOHVHSURGXLWGDQVOHVFDVVXLYDQWV  ¬OH ILOV GH ILOV HVW pYLQFp SDU OH ILOV VHXOHPHQW HW OH SOXV SURFKHGHVSHWLWVILOVpYLQFHOHVSHWLWVILOVOHVSOXVpORLJQpV  ¬OD ILOOH GH ILOV HVW pYLQFpH SDU OH ILOV RX SDU GHX[ ILOOHV VDXIVLHOOHHVWHQSUpVHQFHG XQILOVGHILOVGXPrPHGHJUpTX HOOH RXLQIpULHXUDXVLHQTXLOXLGHYLHQWkVLE   ¬OHJUDQGSqUHHVWpYLQFpSDUOHSqUHVHXOHPHQW/ DwHXOOH SOXVSURFKHH[FOXWO DwHXOOHSOXVpORLJQp  ¬OHIUqUHJHUPDLQHWODV±XUJHUPDLQHVRQWpYLQFpVSDUOH SqUHOHILOVHWOHILOVGHILOV  ¬OHIUqUHFRQVDQJXLQHWODV±XUFRQVDQJXLQHVRQWpYLQFpV SDUOHIUqUHJHUPDLQHWSDUFHX[TXLpYLQFHQWFHGHUQLHUHWQHVRQW SDVpYLQFpVSDUODV±XUJHUPDLQH  ¬OD V±XU FRQVDQJXLQH HVW pYLQFpH SDU GHX[ V±XUV JHUPDLQHVVDXIVLHOOHHVWHQSUpVHQFHGHIUqUHFRQVDQJXLQ  OH ILOV GX IUqUH JHUPDLQ HVW pYLQFp SDU O DwHXO HW OH IUqUH FRQVDQJXLQDLQVLTXHSDUFHX[TXLpYLQFHQWFHGHUQLHU  ¬OHILOVGXIUqUHFRQVDQJXLQHVWpYLQFpSDUOHILOVGXIUqUH JHUPDLQHWSDUFHX[TXLpYLQFHQWFHGHUQLHU  ¬O RQFOH SDWHUQHO JHUPDLQ HVW pYLQFp SDU OH ILOV GX IUqUH FRQVDQJXLQHWSDUFHX[TXLpYLQFHQWFHGHUQLHU  ¬O RQFOH SDWHUQHO FRQVDQJXLQ HVW pYLQFp SDU O RQFOH JHUPDLQHWSDUFHX[TXLpYLQFHQWFHOXLFL  ¬OHILOVGHO RQFOHSDWHUQHOJHUPDLQHVWpYLQFpSDUO RQFOH SDWHUQHOFRQVDQJXLQHWSDUFHX[TXLpYLQFHQWFHGHUQLHU  ¬OH ILOV GH O RQFOH SDWHUQHO FRQVDQJXLQ HVW pYLQFp SDU OH ILOVGHO RQFOHSDWHUQHOJHUPDLQHWSDUFHX[TXLpYLQFHQWFHOXLFL  ¬OHIUqUHXWpULQHWODV±XUXWpULQHVRQWpYLQFpVSDUOHILOV ODILOOHOHILOVGHILOVHWODILOOHGHILOVjO LQILQLOHSqUHHWO DwHXO  ¬O DwHXOHPDWHUQHOOHHVWpYLQFpHSDUODPqUHVHXOHPHQW  ¬O DwHXOHSDWHUQHOOHHVWpYLQFpHSDUOHSqUHHWODPqUH  ¬O DwHXOH PDWHUQHOOH OD SOXV SURFKH pYLQFH O DwHXOH SDWHUQHOOHG XQGHJUpSOXVpORLJQp $UWLFOH / pYLFWLRQSDUWLHOOHVHSURGXLWGDQVOHVFDVVXLYDQWV  ¬ODPqUHVDSDUWGH)DUGK HVWUDPHQpHGXWLHUVDXVL[LqPH SDU OH ILOV OH ILOV GH ILOV OD ILOOH OD ILOOH GH ILOV HW DXVVL SDU GHX[

1ƒ²¬UDPDGDQ

RXSOXVLHXUVIUqUHVHWV±XUVTX LOVVRLHQWJHUPDLQVFRQVDQJXLQV RXXWpULQVKpULWLHUVRXpYLQFpV  ¬O pSRX[  OH ILOV OH ILOV GH ILOV OD ILOOH OD ILOOH GH ILOV UDPqQHQWVDSDUWGHODPRLWLpDXTXDUW  ¬O pSRXVH  OH ILOV OH ILOV GH ILOV OD ILOOH OD ILOOH GH ILOV UDPqQHQWVDSDUWGXTXDUWDXKXLWLqPH  ¬ODILOOHGHILOVVDSDUWHVWUpGXLWHGHODPRLWLpDXVL[LqPH SDU OD ILOOH XQLTXH 'H PrPH OD ILOOH UpGXLW OD SDUW GH GHX[ RX SOXVGHGHX[ILOOHVGHILOVGHVGHX[WLHUVDXVL[LqPH  ¬ODV±XUFRQVDQJXLQHODV±XUJHUPDLQHUDPqQHVDSDUWGH )DUGK GH OD PRLWLp DX VL[LqPH  HOOH UDPqQH OD SDUW GH GHX[ RX SOXVLHXUVV±XUVFRQVDQJXLQHVGHVGHX[WLHUVDXVL[LqPH  ¬OHSqUHOHILOVHWOHILOVGHILOVOXLIRQWSHUGUHVDTXDOLWp GHkVLE LOUHoRLWOHVL[LqPH  O DwHXOSDWHUQHOHQO DEVHQFHGXSqUHOHILOVRXOHILOVGH ILOVOXLIDLWSHUGUHODTXDOLWpGHkVLE LOUHoRLWOHVL[LqPH  OD ILOOH OD ILOOH GH ILOV OD V±XU JHUPDLQH HW OD V±XU FRQVDQJXLQH TX HOOH VRLW XQLTXH RX j SOXVLHXUV FKDFXQH G HOOHV HVWWUDQVIpUpHSDUVRQIUqUHGHODFDWpJRULHGHVKpULWLHUVj)DUGK GDQVFHOOHGHVKpULWLHUVkVDED   OHV V±XUV JHUPDLQHV HW OHV V±XUV FRQVDQJXLQHV  HOOHV VRQWWUDQVIpUpHVGDQVODFDWpJRULHGHVkVDED SDUXQHRXSOXVLHXUV ILOOHVRXSDUXQHRXSOXVLHXUVILOOHVGHILOV 7,75(9,, '(6&$63$57,&8/,(56 $UWLFOH

/HFDVPRXkGGD /RUVTX LO\DDYHFOHVIUqUHVHWV±XUVJHUPDLQVGHVIUqUHVHW V±XUV FRQVDQJXLQV OHV SUHPLHUV IRQW HQWUHU O DwHXO HQ OLJQH GH FRPSWH DYHF OHV VHFRQGV SRXU pYLWHU TXH O DwHXO QH UHoRLYH XQH WURS IRUWH SDUW GH OD VXFFHVVLRQ (QVXLWH VL GDQV OH JURXSH GHV IUqUHV HW V±XUV JHUPDLQV ILJXUHQW SOXV G XQH V±XU FHV KpULWLHUV SUHQQHQWODSDUWGHVIUqUHVHWV±XUVFRQVDQJXLQV6 LOQHV \WURXYH TX XQHV±XUJHUPDLQHHOOHUHoRLWO LQWpJUDOLWpGHVDSDUWGH)DUGK  HW OH UHVWH GH OD VXFFHVVLRQ HVW SDUWDJp HQWUH OHV IUqUHV HW V±XUV FRQVDQJXLQVO KpULWLHUUHFXHLOOHOHGRXEOHGHODSDUWGHO KpULWLqUH $UWLFOH

/HFDVHODNGDUL\DHWHOJKDUUD (Q FRQFRXUV DYHF O DwHXO OD V±XU Q KpULWH SDV HQ TXDOLWp G KpULWLHU j )DUGK  VL FH Q HVW GDQV OH FDV HODNGDUL\D  &H FDV VXSSRVHODSUpVHQFHVLPXOWDQpHGHO pSRX[GHODV±XUJHUPDLQH RX FRQVDQJXLQH G XQ DwHXO HW GH OD PqUH /D SDUW GH O DwHXO HVW UpXQLH DX )DUGK GH OD V±XU SXLV OH SDUWDJH V HIIHFWXH VHORQ OD UqJOHDWWULEXDQWjO KpULWHUXQHSDUWGRXEOHGHFHOOHGHO KpULWLqUH /H GpQRPLQDWHXU HVW GH VL[ SRUWp j QHXI SXLV j  / pSRX[ UHoRLWODPqUHODV±XUHWO DwHXO $UWLFOH

/HFDVHOPDOLNL\D /RUVTXH VRQW HQ SUpVHQFH  O DwHXO O pSRX[ OD PqUH RX O DwHXOH XQ IUqUH FRQVDQJXLQ RX SOXV HW GHX[ IUqUHV HW V±XUV XWpULQV RX SOXV O pSRX[ UHoRLW OD PRLWLp OD PqUH OH VL[LqPH HW O DwHXOOHUHVWHGHODVXFFHVVLRQ/HVIUqUHVHWV±XUVXWpULQVQ RQW GURLWjULHQFDUO DwHXOOHVpYLQFH¬GHPrPHOHIUqUHFRQVDQJXLQ QHUHoRLWULHQ

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

$UWLFOH

/HFDVFKLEKRXHOPDOLNL\DTXDVLHOPDOLNL\D /RUVTXH O DwHXO YLHQW j OD VXFFHVVLRQ DYHF O pSRX[ OD PqUH RX O DwHXOH XQ IUqUH JHUPDLQ HW GHX[ IUqUHV HW V±XUV XWpULQV RX SOXV O DwHXO SUHQG FH TXL UHVWH DSUqV SUpOqYHPHQW GHV SDUWV GH )DUGK  j O H[FHSWLRQ GHV IUqUHV HW V±XUV GX IDLW GH OHXU pYLFWLRQ SDUO DwHXO $UWLFOH

/HFDVHONKDUTk /RUVTXH VRQW HQ SUpVHQFH  OD PqUH O DwHXO HW XQH V±XU JHUPDLQH RX FRQVDQJXLQH OD PqUH UHoRLW OH WLHUV HW OH UHVWH HVW SDUWDJp HQWUH O DwHXO HW OD V±XU VHORQ OD UqJOH TXL DWWULEXH j O KpULWLHUOHGRXEOHGHODSDUWGHO KpULWLqUH $UWLFOH

/HFDVHOPRXFKWDUDND /HIUqUHUHoRLWODPrPHSDUWTXHFHOOHGHODVRHXUGDQVOH FDVHOPRXFKWDUDND &HOXLFLVXSSRVHODSUpVHQFHGHO pSRX[GH ODPqUHRXGHO DwHXOHGHGHX[IUqUHVHWV±XUVXWpULQVRXSOXVHW G XQIUqUHJHUPDLQRXSOXVOHVIUqUHVHWV±XUVXWpULQVHWOHVIUqUHV HWV±XUVJHUPDLQVVHSDUWDJHQWOHWLHUVVXUXQHEDVHpJDOLWDLUHSDU WrWHSDUFHTX LOVVRQWWRXVLVVXVGHODPrPHPqUH $UWLFOH

/HFDVHOJKDUkZ\Q /RUVTXH VRQW HQ SUpVHQFH  O pSRXVH HW OHV SqUH HW PqUH GX GHFXMXVO pSRXVHDGURLWDXTXDUWODPqUHDXWLHUVGHFHTXLUHVWH GH OD VXFFHVVLRQ F HVWjGLUH DX TXDUW HW OH SqUH UHoRLW OH UHVWH /RUVTXH O pSRX[ HVW HQ SUpVHQFH GX SqUH HW GH OD PqUH GH OD GpIXQWHLOUHoRLWODPRLWLpHWODPqUHOHWLHUVGXUHVWHF HVWjGLUH OHVL[LqPHHWOHUHVWHUHYLHQWDXSqUH $UWLFOH

/HFDVHOPRXEkKDOD /RUVTXH VRQW HQ SUpVHQFH  O pSRX[ OD PqUH HW XQH V±XU JHUPDLQH RX FRQVDQJXLQH O pSRX[ UHoRLW OD PRLWLp OD V±XU OD PRLWLpHWODPqUHOHWLHUV/HGpQRPLQDWHXUHVWGHVL[HWSRUWpj KXLWO pSRX[UHoRLWODV±XUHWODPqUH $UWLFOH

/HFDVHOPLQEDUL\D /RUVTXHVRQWHQSUpVHQFHO pSRXVHGHX[ILOOHVOHSqUHHWOD PqUHOHGpQRPLQDWHXUGHOHXUVSDUWVGH)DUGK HVWGHYLQJWTXDWUH LO HVW SRUWp j YLQJWVHSW /HV GHX[ ILOOHV UHoRLYHQW OHV GHX[WLHUV VRLW  OH SqUH HW OD PqUH OH WLHUV VRLW  HW O pSRXVH OH KXLWLqPH VRLW  VL ELHQ TXH VD SDUW GH )DUGK GX KXLWLqPH SDVVHDXQHXYLqPH

 7,75(9,,, '8/(*62%/,*$72,5(:$66,<$:$-,%$ $UWLFOH

/RUVTX·XQH SHUVRQQH GpFqGH HQ ODLVVDQW GHV SHWLWVHQIDQWV LVVXVG·XQILOVRXG·XQHILOOHSUpGpFpGpH RXGpFpGpH HQPrPH WHPSV TX·HOOH FHV SHWLWVHQIDQWV EpQpILFLHQW GDQV OD OLPLWH GX WLHUV GLVSRQLEOH GH OD VXFFHVVLRQ G·XQ OHJV REOLJDWRLUH VHORQ OD UpSDUWLWLRQ HW FRQIRUPpPHQW DX[ FRQGLWLRQV pQRQFpHV GDQV OHV DUWLFOHVFLDSUqV $UWLFOH /HOHJVREOLJDWRLUHDWWULEXpDX[SHWLWVHQIDQWVYLVpVjO·DUWLFOH SUpFpGHQWHVWpJDOjODSDUWGHODVXFFHVVLRQTXHOHXUSqUHRXPqUH DXUDLWUHFXHLOOLHGHVRQDVFHQGDQWV LOOXLDYDLWVXUYpFXWRXWHIRLV OHWLHUVGHODVXFFHVVLRQQHSHXWrWUHGpSDVVp $UWLFOH /HV SHWLWVHQIDQWV SUpFLWpV Q RQW SDV GURLW DX OHJV REOLJDWRLUHORUVTX LOVKpULWHQWGHO DVFHQGDQWGHOHXUSqUHRXPqUH TXH FH VRLW O DwHXO RX O DwHXOH QL GDQV O K\SRWKqVH R FHOXLFL D WHVWpHQOHXUIDYHXURXGRQQpjWLWUHJUDFLHX[GHVRQYLYDQWGHV ELHQVG XQHYDOHXUpJDOHjFHOOHGHODSDUWjODTXHOOHLOVSRXUUDLHQW SUpWHQGUHDXWLWUHGXOHJVREOLJDWRLUH/RUVTXHOHOHJVHVWLQIpULHXU jFHWWHSDUWLOIDXWOHFRPSOpWHUV LOOXLHVWVXSpULHXUO H[FpGHQW HVWVXERUGRQQpjO DJUpPHQWGHVKpULWLHUV6LOHGHFXMXVDWHVWpDX SURILW GH FHUWDLQV G HQWUH HX[ VHXOHPHQW OHV DXWUHV RQW GURLW DX OHJV REOLJDWRLUH GDQV OD OLPLWH GH OHXU SDUW GpWHUPLQpH FRQIRUPpPHQWjFHTXLSUpFqGH $UWLFOH 2QWGURLWDXOHJVREOLJDWRLUHOHVHQIDQWVGHILOVOHVHQIDQWV GH ILOOH HW OHV HQIDQWV GH ILOV GH ILOV j O LQILQL TXHO TXH VRLW OHXU QRPEUHO KpULWLHUUHFHYDQWXQHSDUWGRXEOHGHFHOOHGHO KpULWLqUH (Q O RFFXUUHQFH O DVFHQGDQW pYLQFH VRQ GHVFHQGDQW PDLV SDV OH GHVFHQGDQW G XQ DXWUH &KDTXH GHVFHQGDQW SUHQG VHXOHPHQW OD SDUWGHVRQDVFHQGDQW 7,75(,; '(/$/,48,'$7,21'(/$68&&(66,21 $UWLFOH /HWULEXQDOSHXWOHFDVpFKpDQWSUHQGUHWRXWHVOHVPHVXUHV QpFHVVDLUHV WHOV TXH OH SDLHPHQW GHV IUDLV IXQpUDLUHV GX GpIXQW GDQV OHV OLPLWHV GHV FRQYHQDQFHV HW OHV SURFpGXUHV XUJHQWHV QpFHVVDLUHV j OD SUpVHUYDWLRQ GH OD VXFFHVVLRQ ,O SHXW SDUWLFXOLqUHPHQWRUGRQQHUO DSSRVLWLRQGHVFHOOpVODFRQVLJQDWLRQ GH WRXWH VRPPH G DUJHQW GHV ELOOHWV GH EDQTXH HW GHV REMHWV GH YDOHXU $UWLFOH /H MXJH FKDUJp GHV WXWHOOHV RUGRQQH G RIILFH TXH FHV SURFpGXUHV VRLHQW VXLYLHV ORUVTX LO V DYqUH TX LO \ D SDUPL OHV KpULWLHUVXQPLQHXUQRQSRXUYXGHWXWHXUWHVWDPHQWDLUHLOHQHVW GHPrPHORUVTXHO XQGHVKpULWLHUVHVWDEVHQW



%8//(7,12)),&,(/

7RXWH SHUVRQQH FRQFHUQpH SHXW GHPDQGHU j OD MXVWLFH G HQJDJHU OHV SURFpGXUHV SUpYXHV j O DUWLFOH  FLGHVVXV ORUVTX HOOHVVRQWMXVWLILpHV /RUVTXH OH GpIXQW GpWLHQW DX PRPHQW GH VRQ GpFqV GHV ELHQV DSSDUWHQDQW j O (WDW OH MXJH GHV UpIpUpV j OD GHPDQGH GX PLQLVWqUH SXEOLF RX GX UHSUpVHQWDQW GH O (WDW GRLW SUHQGUH OHV PHVXUHVVXVFHSWLEOHVG DVVXUHUODSUpVHUYDWLRQGHVGLWVELHQV

1ƒ²¬UDPDGDQ $UWLFOH

/HOLTXLGDWHXUSHXWUHIXVHUODPLVVLRQTXLOXLHVWFRQILpHRX \UHQRQFHUDSUqVFRXSVHORQOHVUqJOHVGXPDQGDW /H WULEXQDO SHXW pJDOHPHQW VXEVWLWXHU XQ QRXYHDX OLTXLGDWHXUjO DQFLHQVRLWG RIILFHVRLWjODGHPDQGHGHO XQGHV LQWpUHVVpVORUVTXHGHVPRWLIVMXVWLILDQWFHWWHGpFLVLRQH[LVWHQW

$UWLFOH

$UWLFOH

/HWULEXQDOGpVLJQHSRXUOLTXLGHUODVXFFHVVLRQODSHUVRQQH VXUOHFKRL[GHODTXHOOHOHVKpULWLHUVVHVRQWPLVG DFFRUG)DXWH G DFFRUG HW VL OH WULEXQDO HVWLPH QpFHVVDLUH OD GpVLJQDWLRQ G XQ OLTXLGDWHXULOOHXULPSRVHGHOHFKRLVLUSDUPLOHVKpULWLHUVGDQVOD PHVXUHGXSRVVLEOHHWFHDSUqVDYRLUHQWHQGXOHXUVREVHUYDWLRQV HWOHXUVUpVHUYHV

/D PLVVLRQ GX OLTXLGDWHXU HVW IL[pH GDQV OD GpFLVLRQ GH VD GpVLJQDWLRQ

$UWLFOH

$UWLFOH

,OHVWLQWHUGLWjTXLFRQTXHSDUPLOHVKpULWLHUVGHSUHQGUHHQ PDLQODJHVWLRQGHVELHQVVXFFHVVRUDX[DYDQWODOLTXLGDWLRQVDXI VL XQH QpFHVVLWp LPSpULHXVH O \ FRQWUDLQW ,O OXL HVW pJDOHPHQW LQWHUGLW GH SHUFHYRLU OHV FUpDQFHV HW GH SD\HU OHV GHWWHV GH OD VXFFHVVLRQ VDQV O DXWRULVDWLRQ GX OLTXLGDWHXU RX GH OD MXVWLFH j GpIDXWGHFHGHUQLHU

,O DSSDUWLHQW DX OLTXLGDWHXU GH GHPDQGHU XQH UpWULEXWLRQ pTXLWDEOHSRXUO H[pFXWLRQGHVDPLVVLRQ

$UWLFOH

$ O H[SLUDWLRQ GX GpODL TXL OXL D pWp LPSDUWL OH OLTXLGDWHXU GRLW SUpVHQWHU XQ pWDW GpWDLOOp GH WRXV OHV ELHQV PHXEOHV HW LPPHXEOHVODLVVpVSDUOHGpIXQW

,ODSSDUWLHQWDXOLTXLGDWHXUGqVVDGpVLJQDWLRQGHSURFpGHU j O LQYHQWDLUH GH WRXV OHV ELHQV GX GpIXQW SDU O LQWHUPpGLDLUH GH GHX[DGRXO FRQIRUPpPHQWDX[UqJOHVGHO LQYHQWDLUHHQYLJXHXU 'H PrPH LO GRLW UHFKHUFKHU FH TXH OD VXFFHVVLRQ FRPSRUWH GH FUpDQFHVRXGHGHWWHV /HVKpULWLHUVGRLYHQWLQIRUPHUOHOLTXLGDWHXUGHWRXWFHGRQW LOVRQWFRQQDLVVDQFHHQFHTXLFRQFHUQHOHSDVVLIHWO DFWLIGHOD VXFFHVVLRQ /HOLTXLGDWHXUSURFqGHjODGHPDQGHGHO XQGHVKpULWLHUVj O LQYHQWDLUH GHV pTXLSHPHQWV HVVHQWLHOV GHVWLQpV j O XWLOLVDWLRQ TXRWLGLHQQH GH OD IDPLOOH ,O OHV ODLVVH HQWUH OHV PDLQV GH OD IDPLOOH TXL OHV XWLOLVDLW DX PRPHQW GX GpFqV GX GpIXQW &HWWH IDPLOOH D OD JDUGH GHVGLWV pTXLSHPHQWV MXVTX j FH TX LO \ VRLW VWDWXpHQUpIpUpOHFDVpFKpDQW $UWLFOH /H UHSUpVHQWDQW OpJDO DFFRPSDJQH OH OLTXLGDWHXU GH OD VXFFHVVLRQ ORUV GH O DFFRPSOLVVHPHQW GHV SURFpGXUHV GRQW LO HVW FKDUJp HQ YHUWX GHV GLVSRVLWLRQV GH O DUWLFOH  HW VXLYDQWV ,O DFFRPSDJQH pJDOHPHQW OD SHUVRQQH GpVLJQpH SDU OH MXJH FKDUJp GHV WXWHOOHV SRXU O H[pFXWLRQ GHV PHVXUHV FRQVHUYDWRLUHV GH OD OHYpHGHVVFHOOpVRXGHO LQYHQWDLUHGHODVXFFHVVLRQ $UWLFOH ,OSHXW\DYRLUXQRXSOXVLHXUVOLTXLGDWHXUV /HV UqJOHV UpJLVVDQW OH PDQGDW VRQW DSSOLFDEOHV DX OLTXLGDWHXUGDQVODOLPLWHGHFHTXLHVWpQRQFpGDQVODGpFLVLRQGH VDGpVLJQDWLRQ

$UWLFOH /D GpFLVLRQ GH GpVLJQDWLRQ LPSDUWLW XQ GpODL DX OLTXLGDWHXU SRXUSUpVHQWHUOHUpVXOWDWGHO LQYHQWDLUHGHODVXFFHVVLRQ

$UWLFOH /HVIUDLVGHODOLTXLGDWLRQVRQWjODFKDUJHGHODVXFFHVVLRQ $UWLFOH

/H OLTXLGDWHXU GRLW PHQWLRQQHU VXU FHW pWDW OHV GURLWV HW GHWWHVTX LODUHFHQVpVDXPR\HQGHVGRFXPHQWVHWUHJLVWUHVDLQVL TXHFHX[GRQWLODSULVFRQQDLVVDQFHSDUWRXWDXWUHPR\HQ /HOLTXLGDWHXUSHXWGHPDQGHUDXWULEXQDOODSURORQJDWLRQGX GpODLLPSDUWLORUVTX LOH[LVWHGHVPRWLIVODMXVWLILDQW $UWLFOH $SUqV H[DPHQ GH O LQYHQWDLUH SDU OH WULEXQDO OD VXFFHVVLRQ HVWOLTXLGpHVRXVVRQFRQWU{OH $UWLFOH $X FRXUV GH OD OLTXLGDWLRQ GH OD VXFFHVVLRQ OH OLTXLGDWHXU GRLW DFFRPSOLU OHV DFWHV GH JHVWLRQ TXL V LPSRVHQW ,O GRLW DXVVL UHSUpVHQWHU OD VXFFHVVLRQ GDQV OHV LQVWDQFHV MXGLFLDLUHV HW SHUFHYRLUOHVFUpDQFHVVXFFHVVRUDOHVDUULYpHVjpFKpDQFH /H OLTXLGDWHXU PrPH V LO Q HVW SDV UpWULEXp HQFRXUW OD UHVSRQVDELOLWpGXPDQGDWDLUHVDODULp /H MXJH FKDUJp GHV WXWHOOHV SHXW UpFODPHU DX OLTXLGDWHXU OD SUpVHQWDWLRQSpULRGLTXHGHVFRPSWHVGHVDJHVWLRQ $UWLFOH 3RXUpYDOXHUOHVELHQVVXFFHVVRUDX[OHOLTXLGDWHXUIDLWDSSHO j GHV H[SHUWV RX j WRXWH SHUVRQQH D\DQW j FHW HIIHW GHV FRPSpWHQFHVSDUWLFXOLqUHV

1ƒ²¬UDPDGDQ

%8//(7,12)),&,(/

$UWLFOH $SUqV DYRLU GHPDQGp OD SHUPLVVLRQ GX MXJH FKDUJp GHV WXWHOOHV RX GX WULEXQDO HW DSUqV O DSSUREDWLRQ GHV KpULWLHUV OH OLTXLGDWHXUSURFqGHDXSDLHPHQWGHVGHWWHVVXFFHVVRUDOHVTXLVRQW H[LJLEOHV 4XDQW DX[ GHWWHV OLWLJLHXVHV HOOHV QH VRQW UpJOpHV TX DSUqVTX LOVRLWVWDWXpGpILQLWLYHPHQWjOHXUVXMHW /H SDUWDJH GHV ELHQV H[LVWDQWV GH OD VXFFHVVLRQ Q HVW SDV VXERUGRQQpDXUHFRXYUHPHQWGHO HQVHPEOHGHVFUpDQFHV /RUVTXH OD VXFFHVVLRQ FRPSRUWH GHV GHWWHV OH SDUWDJH HVW VXVSHQGX GDQV OHV OLPLWHV GH OD GHWWH UpFODPpH MXVTX j FH TX LO VRLWVWDWXpVXUOHOLWLJH $UWLFOH (Q FDV G LQVROYDELOLWp RX GH SUpVRPSWLRQ G LQVROYDELOLWp GH ODVXFFHVVLRQOHOLTXLGDWHXUGRLWVXVSHQGUHOHSDLHPHQWGHWRXWH GHWWHDORUVPrPHTX HOOHQHVHUDLWSDVO REMHWG XQHFRQWHVWDWLRQ MXVTX j FH TXH O HQVHPEOH GHV OLWLJHV DIIpUHQWV DX SDVVLI GH OD VXFFHVVLRQDLWpWpGpILQLWLYHPHQWWUDQFKp $UWLFOH /H OLTXLGDWHXU UqJOH OHV GHWWHV GH OD VXFFHVVLRQ DX PR\HQ GHV FUpDQFHV TX LO UHFRXYUH GHV VRPPHV G DUJHQW TX HOOH FRPSUHQGHWGXPRQWDQWGHODYHQWHGHVELHQVPRELOLHUV(QFDV G LQVXIILVDQFH LO VHUD IDLW UHFRXUV DX[ PRQWDQWV GH OD YHQWH GHV ELHQVLPPRELOLHUVjKDXWHXUGHVGHWWHVUHVWDQWGXHV /HVELHQVPHXEOHVHWLPPHXEOHVVXFFHVVRUDX[VRQWYHQGXV DX[ HQFKqUHV SXEOLTXHV j PRLQV TXH OHV KpULWLHUV QH VH PHWWHQW G DFFRUGSRXUVHOHVDWWULEXHUjFRQFXUUHQFHGHOHXUYDOHXUIL[pH SDUYRLHG H[SHUWLVHRXDXPR\HQG XQHOLFLWDWLRQHQWUHHX[ $UWLFOH $SUqVUqJOHPHQWGHVGHWWHVVXFFHVVRUDOHVGDQVO RUGUHSUpYX jO DUWLFOHO DFWHGHWHVWDPHQWHVWUHPLVSDUOHOLTXLGDWHXUGH OD VXFFHVVLRQ j OD SHUVRQQH KDELOLWpH j H[pFXWHU OH WHVWDPHQW FRQIRUPpPHQWjO DUWLFOH 7,75(; '(/$5(0,6((7'83$57$*('(/$68&&(66,21 $UWLFOH $SUqV DFTXLWWHPHQW GHV FKDUJHV VXFFHVVRUDOHV OHV KpULWLHUV HQWUHQW HQ SRVVHVVLRQ GH FH TXL UHVWH GH OD VXFFHVVLRQ FKDFXQ VHORQ VD SDUW OpJDOH 'qV O DFKqYHPHQW GH O LQYHQWDLUH GH OD VXFFHVVLRQ OHV KpULWLHUV SHXYHQW GHPDQGHU VXU OD EDVH GX FRPSWHjHQWUHUHQSRVVHVVLRQGHVREMHWVHWVRPPHVG DUJHQWTXL QHVRQWSDVLQGLVSHQVDEOHVjODOLTXLGDWLRQGHODVXFFHVVLRQ



/,95(9,, BBBB

',6326,7,21675$16,72,5(6(7),1$/(6 $UWLFOH /HVGpODLVSUpYXVSDUOHSUpVHQW&RGHVRQWGHVGpODLVIUDQFV 6L OH GHUQLHU MRXU HVW XQ MRXU IpULp OH GpODL V pWHQG DX SUHPLHUMRXURXYUDEOH $UWLFOH 6RQW DEURJpHV WRXWHV OHV GLVSRVLWLRQV FRQWUDLUHV DX SUpVHQW &RGHRXUHODWLYHVDXPrPHREMHWQRWDPPHQWOHVGLVSRVLWLRQVGHV GDKLUVVXLYDQWV ²¬GDKLUQƒGXUDELL,,QRYHPEUH SRUWDQW DSSOLFDWLRQ GDQV WRXW OH WHUULWRLUH GX 5R\DXPH GHVGLVSRVLWLRQVGHVOLYUHV,HW,,D\DQWWUDLWDXPDULDJHHW jVDGLVVROXWLRQWHOTX LODpWpFRPSOpWpHWPRGLILp HW OHV WH[WHVSULVSRXUVRQDSSOLFDWLRQ ²¬GDKLU Qƒ  GX  MRXPDGD ,   GpFHPEUH  SRUWDQW DSSOLFDWLRQ GDQV WRXW OH WHUULWRLUH GX 5R\DXPH GHV GLVSRVLWLRQV GX OLYUH ,,, VXU OD ILOLDWLRQ HW VHVHIIHWV ²¬GDKLU Qƒ  GX  UHMHE    MDQYLHU  SRUWDQW DSSOLFDWLRQ GDQV WRXW OH WHUULWRLUH GX 5R\DXPH GHV GLVSRVLWLRQV GX OLYUH ,9  VXU OD FDSDFLWp HW OD UHSUpVHQWDWLRQOpJDOH ²¬GDKLU Qƒ  GX  UHMHE   IpYULHU  SRUWDQW DSSOLFDWLRQ GDQV WRXW OH WHUULWRLUH GX 5R\DXPH GHVGLVSRVLWLRQVGXOLYUH9VXU¬OHWHVWDPHQW ²¬GDKLU Qƒ  GX  UDPDGDQ    DYULO  SRUWDQW DSSOLFDWLRQ GDQV WRXW OH WHUULWRLUH GX 5R\DXPH GHVGLVSRVLWLRQVGXOLYUH9,VXUOHVVXFFHVVLRQV 7RXWHIRLV OHV GLVSRVLWLRQV SUpYXHV DX[ GDKLUV VXVYLVpV HW DX[TXHOOHV IRQW UpIpUHQFH OHV WH[WHV OpJLVODWLIV HW UpJOHPHQWDLUHV HQ YLJXHXU VRQW UHPSODFpHV SDU OHV GLVSRVLWLRQV FRUUHVSRQGDQWHV pGLFWpHVSDUOHSUpVHQW&RGH $UWLFOH 'HPHXUHQWYDODEOHVOHVDFWHVGHSURFpGXUHVHIIHFWXpVGDQV OHV DIIDLUHV GX VWDWXW SHUVRQQHO DYDQW O HQWUpH HQ YLJXHXU GX SUpVHQW&RGH $UWLFOH

&KDTXH KpULWLHU SHXW pJDOHPHQW HQWUHU HQ SRVVHVVLRQ G XQH SDUWLHGHODVXFFHVVLRQjFRQGLWLRQTXHVDYDOHXUQ H[FqGHSDVVD SDUWVDXIDFFRUGGHO HQVHPEOHGHVKpULWLHUV

/HVGpFLVLRQVSURQRQFpHVDYDQWODGDWHG HQWUpHHQYLJXHXU GX SUpVHQW &RGH GHPHXUHQW VRXPLVHV HQ FH TXL FRQFHUQH OHV UHFRXUVHWOHXUVGpODLVDX[GLVSRVLWLRQVSUpYXHVDX[GDKLUVYLVpV jO DUWLFOHFLGHVVXV

$UWLFOH

$UWLFOH

7RXWKpULWLHUSHXWREWHQLUGHVGHX[DGRXO FRSLHGHO DFWHGH VXFFHVVLRQ,UDWKD HWFRSLHGHO LQYHQWDLUHVXFFHVVRUDOLQGLTXDQW VD SDUW HW GpWHUPLQDQW FH TXL UHYLHQW j FKDFXQ GHV KpULWLHUV GHV ELHQVGHODVXFFHVVLRQ $UWLFOH 7RXWHSHUVRQQHTXLDGURLWjXQHSDUWGDQVODVXFFHVVLRQj WLWUH G KpULWLHU j )DUGK HWRX kVLE RX GH OpJDWDLUH D OH GURLW G·H[LJHUODGLVWUDFWLRQGHVDSDUWFRQIRUPpPHQWjODORL

3RXU WRXW FH TXL Q D SDV pWp H[SUHVVpPHQW pQRQFp GDQV OH SUpVHQW &RGH LO \ D OLHX GH VH UpIpUHU DX[ SUHVFULSWLRQV GX 5LWH 0DOpNLWH HWRX DX[ FRQFOXVLRQV GH O HIIRUW MXULVSUXGHQWLHO LMWLKDG DX[ILQVGHGRQQHUOHXUH[SUHVVLRQFRQFUqWHDX[YDOHXUV GH MXVWLFH G·pJDOLWp HW GH FRH[LVWHQFH KDUPRQLHXVH GDQV OD YLH FRPPXQHTXHSU{QHO·,VODP ²²²²²²²²²²²

/H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O·pGLWLRQ JpQpUDOH GX ©¬%XOOHWLQRIILFLHO¬ªQƒGXKLMDIpYULHU