Mazongo

  • Uploaded by: gabz
  • 0
  • 0
  • May 2020
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Mazongo as PDF for free.

More details

  • Words: 3,061
  • Pages: 25
0$ '$/721 0$'$/721

0$·=21*2

8QVFpQDULR'21-21 FOpHQPDLQ3pULRGH=(1,7+

3DU*DEULHO5pFRSp JDEULHO#PXOWLPDFKLQQHW

©9RLOj JDUGLHQ RQ D HQFRUH XQ SUREOqPH DYHF =RQJR F·HVW OD GHX[LqPH IRLV TX·LO DSODWLW VRQ SDUWHQDLUH GHVDOOHFHPRLVFLª ©1H SHXWLO GRQF SDV VH GpEURXLOOHU VHXO "« &·HVW XQ GH QRV PHLOOHXUV pOpPHQWV EUXWHV DSUqV WRXW«ª ©&·HVWjGLUHTX·LOQ·\DUULYHSDVSRXUODSHWLWHGHYLQHWWHjpQRQFHUDX[DYHQWXULHUVLOOXLIDXWXQFROOqJXH«(WFRPPH LOHVWWUqVVXVFHSWLEOH«ª ©(WVLRQOXLHPEDXFKDLWXQIUqUHRXXQFRXVLQ"&DVHSDVVHUDLV€UHPHQWPLHX[HQIDPLOOHª ©PPP]RQJRSRXUOHSUL[G·XQ«3RXUTXRLSDV+RURXV«3RXUTXRLSDV«7XVDLVFRPPHQWIDLUHVRUWLUXQ]RQJR GHVRQWURXQ·HVWFHSDV"ª ©DK  PDLV QDQ TXRL F·HVW .DGPLRP TXL GRLW V·RFFXSHU GHV PRQVWUHV HW SXLV 0D¶]RQJR HXK HOOH GRLW HQFRUH VH VRXYHQLUGHODGHUQLqUHIRLVHW«ª ©%ULOODQWWXDYDLVpWpEULOODQW«(WWUqVpFRQRPLTXH-HWHODLVVHGRQFFDUWHEODQFKHª Par Gabzeta [email protected] Texte sous Licence Creative Commons : Paternite- Pas d'utilisation Commerciale-Pas de Modification. Lire les droits associés : http://creativecommons.org/licenses/by-nc-nd/2.0/fr/

0$ '$/721 0$'$/721

0$·=21*2

8QVFpQDULR 'RQMRQFOpHQPDLQ 3pULRGH=(1,7+

©9RLOjJDUGLHQRQDHQFRUHXQSUREOqPHDYHF=RQJRF·HVWODGHX[LqPHIRLVTX·LODSODWLWVRQSDUWHQDLUHGHVDOOHFHPRLVFLª ©1HSHXWLOGRQFSDVVHGpEURXLOOHUVHXO"«F·HVWXQGHQRVPHLOOHXUVpOpPHQWVEUXWHVDSUqVWRXW«ª ©&·HVWjGLUHTX·LOQ·\DUULYHSDVSRXUODSHWLWHGHYLQHWWHjpQRQFHUDX[DYHQWXULHUVLOOXLIDXWXQFROOqJXH«(WFRPPHLOHVWWUqVVXVFHSWLEOH«ª ©(WVLRQOXLHPEDXFKDLWXQIUqUHRXXQFRXVLQoDVHSDVVHUDLV€UHPHQWPLHX[HQIDPLOOHª ©PPP]RQJRSRXUOHSUL[G·XQ«SRXUTXRLSDV+RURXV«SRXUTXRLSDV«7XVDLVFRPPHQWIDLUHVRUWLUXQ]RQJRGHVRQWURXQ·HVWFHSDV"ª ©DKPDLVQDQTXRLF·HVWFDPGLRPTXLGRLWV·RFFXSHUGHVPRQVWUHVHWSXLVPD¶]RQJRHXKHOOHGRLWHQFRUHVHVRXYHQLUGHODGHUQLqUHIRLVHW«ª ©%ULOODQWWXDYDLVpWpEULOODQW«HWWUqVpFRQRPLTXH-HWHODLVVHGRQFFDUWHEODQFKHª 6<1236,6

·REMHFWLIHVWGHIDLUHFURLUHj¶PD]RQJRTXHVRQILOVHVWPRUWOD WUDGLWLRQ YHXW TXH OH SOXV MHXQH IUqUH DLOOH GqVORUV UHPSODFHU OOH GpI GpIXQW G GDQV VHV DFWLYLWpV L Lp + +RURXV FRPSWH DLQVL L L DPHQHU GpILQLWLYHPHQWOHSHWLW]RQJRDXGRQMRQFRPPHLOO·DIDLWSRXUOHSUpFpGHQW 9XTX·LODSHXUGHUHSUpVDLOOHVVLPD]RQJROHUHFRQQDLWLOGpVLJQHYRORQWDLUHV G·LQQRFHQWV DYHQWXULHUV j HX[ GH IDLUH OHV PHVVDJHUV HW GH UDPHQHU O·LQVXSSRUWDEOHSHWLW

"

,,OHQYRLHXQHSHWLWHPDOpGLFWLRQDXSM·VSRXUOHV©PRWLYHUªHWOHXUGRQQHUHQGH]YRXV TXDWUHMRXUVSOXVWDUGjO·RUpHGXGRQMRQDFRPSDJQpVGXWXUEXOHQW¶WL]RQJR ,,/HVSM·VIRQWpWDSHjOD*DUHQQH6RXV5RFKHXQHEDQOLHXHODSLQDX[PRHXUVpWUDQJHV TXLQpJRFLHXQJURVFRXSDYHFVHVYRLVLQVOHVGRXDUIV2QOHXUSURSRVHXQHHVFRUWHGH VFRXWVSRXUOHVDFRPSDJQHUHQKDXWGHODFDVFDGHOjRXVHQLFKHQWOHV]RQJRV ,,,'DQVO·DQWUHGHV]RQJRVOHVSMVGRLYHQWVXELUXQHORQJXHFpUpPRQLHP\VWLTXHSRXU GpWHUPLQHUFHOXLjTXLVHUDFRQILpOHWL]RQJR/DUHGHVFHQWHVHUDQHWWHPHQWSOXVUDSLGHHW EUXWDOHTXHODPRQWpH ,9$WWHUULVVDJHHQSOHLQHFpUpPRQLHGLSORPDWLTXHODSLQGRXDUI&RPPHWL]RQJRHVWXQH FDWDVWURSKHDPEXODQWHLODYDOHO·DQQHDXGXGHVWLQODSLQHWV·HQIXLWGDQVODSODLQHSRXUVXLYL SDUWRXWOHPRQGH3HUGXGDQVODIRUrWFDUQLYRUHLOHVWILQDOHPHQWDWWUDSSpHWUHFXHLOOLSDUOD FDUDYDQHGHVPRQVWUHVJHQWLOVHQURXWHYHUVOHGRQMRQ(OOHUpFXSqUHpJDOHPHQWOHVSM·V 9  8QH IRLV DX UHQGH]YRXV DYHF +RURXV XQH DWWDTXH GH ODSLQ SHUWXUEH O·pFKDQJH 7L]RQJRULVTXHELHQGHVHVDXYHUGDQVXQWURX(WDX[SHUVRVGHOHVXLYUHGDQVOHGpGDOH TXL OHV PqQHQW MXVTX·DX 'RQMRQ HW DX *ULPWRXVVH SDUF ,OV RQW GURLW j XQH SHWLWH YLVLWH JXLGpHGHVOLHX[SXLVILQLVVHQWjODVDOOHGH=RQJR,,VVRQWDORUVjQRXYHDXDWWDTXpSDU OHVODSLQVHQIXULHSXLVWRXWHVOHVOXPLqUHVV·DOOXPHQWHWOH*DUGLHQGLW ©TX·HVWFHTXHF·HVW TXHFHERUGHOªHW0DUYLQFUDPHOHVODSLQV(QVXLWHRQSHQVHTXH=RQJRQ·HVWSDVFRQWHQWGH YRLUVRQSHWLWIUqUHFDULOOXLGpIRQFHOHFUkQH/H*DUGLHQHVWIXUD[HQJXHXOHPpFKDPPHQW KRURXV3XLVLOWURXYHFHGU{OHG·DQQHDXJUDYpGDQVOHFDGDYUHjWL]RQJRLOOHMHWWHGDQVOH WDVGHWUpVRUHWYLUH]RQJRGHODVDOOHDX[pQLJPHVSRXU\SODFHUVP{NOHGUDJRQ$SUqVLO IDLWHQYR\HUOHVSM·VDXFDFKRWSRXUVHUYLUGHGvQHUDX[]RPELHV PDLVFDGPLRPOHVUDVVXUH F·HVWMXVWHXQHPHQDFHSDUFHTX·LOHVWGHPDXYDLVHKXPHXU  ,1*5e',(176VXSSOpPHQWDLUHVQpFHVVDLUHDXERQGpURXOHPHQWGHODSDUWLHURXOHDX[GHUpJOLVVHSDUSHUVRQQH HQYLURQXQGHPLSDTXHWGHFKDPDORSDUSHUVRQQHGXVHO)DEULTXHUpJDOHPHQWXQFROOLHUGHFKDPDORj SDVVHUDXWRXUGXFRX



35(0,(5(3$57,( /$0,66,21 '89$87285

pVXPp  /D QXLW WRPEDQWH +RURXV UHQFRQWUH OHV SHU VRV j O·HQVHLJQH GX ©GRQMRQ GH OD PRUWª ,O OHXU FRQ ILH OD PLVVLRQ XQ YDQGHUEHFNH XQH FDUWH XQ JRXUGLQ JpDQW $LQVL TX·XQH PDOHGLFWLRQ GH 3,/26 +$6$5'280 4827,',$5(

(

'pEXWDQWVRXQRQTX·LOVVHIUpTXHQWHQWRXQRQ/HVSHUVRVRQWHQFRPPXQG·DYRLUXQ EHVRLQUDSLGHGHUHQIORXHPHQW SRXUGHVUDLVRQVTXLOHXUVRQWSURSUHVHWGpILQLHVGDQV ODFUpDWLRQGHOHXUSHUVRV XUJHQWDXSRLQWG·DOOHUULVTXHUOHXUVYLHVVXUG·LPSUREDEOHV PDLVIRUWHVUXPHXUVDXVXMHWGHULFKHVVHVLQHVWLPDEOHVTXLDWWHQGHQWOHVSOXVYDOHXUHX[ HWOHVSOXVKDELOHV«$X'21-21 %RQLOVQHVRQWSDVOHVSUHPLHUV«HWSXLVLOVQHVRQWSDVOHVVHXOV /HVSHUVRVVHUHWURXYHQWGDQVXQHJUDQJHDXEHGHFDPSDJQH8QHpWDSHFODVVLTXH DYDQWG·HQWDPHUODGHUQLqUHMRXUQpHGHPDUFKHMXVTX·DX[PDUDLVGXGRQMRQ 3URWDJRQLVWHV XQH TXLQ]DLQH G·DYHQWXULHUV WRXV IDXFKpV HW WRXV ©FROFRQVª FROOqJXHV  FRQFXUUHQWV  DK DK OD ELqUH G·DYRLQH FRXOH j IORW HW O·KXPRXU YROH EDV  *5$1*($8%(5*(RQDSSHOOHDLQVLOHVOLHX[UXVWLTXHVDWWHQDQWVDX[IHUPHVTXLSDUVqPHQWODFDPSDJQH HWRXOHVYR\DJHXUVGHSDVVDJHSRXUODQXLWWHQWHQW SDUIRLVGpVHVSpUpPHQW GHGRUPLU6DOHVEUX\DQWYRLUH GDQJHUHX[LOVVRQWWUqVERQVPDUFKpVTXHOTXHVFKDLVHVHWWDEOHVHWVXUWRXWEHDXFRXSGHSDLOODVVH«/HV SOXV GpPXQLV GRUPHQW GLUHFWHPHQW j O·pWDEOH« 3DUIRLV DYHF OHV SURSULpWDLUHV TXDQG GH ULFKHV ERXUJHRLV RFFXSHQWOHXUVOLWV3OXVODUpJLRQHVWFXOWLYpHSOXVOHVJUDQJ·DXEHVVRQWIUpTXHQWHVOHERUGGHODURXWH OHXU GHQVLWpWRXUQHSDUIRLVDXGpOLUHHWDX[JXHUUHVGHFODQV  /D*UDQJHDXE·GX©GRQMRQGHODPRUWª FDLVVHVHQJXLVHGHWDEOHHWOHVFDVVHVFUR€WHVTXHOHVYR\DJHXUVPHWWHQWHQFRPPXQ 8QHGL]DLQHGHSHUVRQQHVVRQWSUpVHQWHVFHVRLUOjTXDQGXQHDUPXUHVXUSDWWH XQ IXUHW GpERXOHHQKXUODQW © LOHVWOHVXSS{WGHODPRUWTXLWXHLOYLHQWWRXWGURLWQRXVHPPHQHUHQHQIHU JURVVLUO·DUPpHGHVPRUWVGXGRQMRQTXLWXHª $JULSSHXQDYHQWXULHUDXFRO© F·HVWO·RLVHDXGHPDXYDLVH DXJXUH6XUVRQGHVWULHUFRUURPSXHWIDLVDQGpª,OWUpEXFKHEUX\DPPHQWHQV·HQIX\DQWTXDQGXQ pFODLUEOHXIDLWWUHPEOHUODEDUDTXHFRPPHXQHIHXLOOHERPERPIDLWODSRUWHERP ERPERP ©(XKHQWUH]«ª VHGpFLGHXQDYHQWXULHU 1RXYHO pFODLU DYHXJODQW TXDQG VH GHVVLQH OD FDUUXUH G·XQ SHWLW ODSLQ WUHPSp MXVTX·DX[RV YRL[QDVLOODUGHWRXVOHVODSLQVGHFHWWHKLVWRLUHRQWODYRL[QDVLOODUGH  ©VYSPHVVLUHV«9RXVrWHVGHVDYHQWXULHUV"0HVVLUHV"ª/HIXUHW ©DDDDKPDXGLWPDXGLWVXSS{WGHODPRUW TXLWXHª ODSLQGpVLJQDQWOHIXUHWUHFURTXHYLOOpGDQVXQFRLQ  ©YRXVFRQQDLVVH]FHWKRPPH"ª O·DXWUHJURXSHVHOqYHHWDJUHVVHOHODSLQ©VRUVG·LFLODSLQVLWXDPqQHOHPDOKHXUHWODIROLHª©RX

DORUVUHVWHHWRQWHPDQJHoDDPpOLRUHUDO·RUGLQDLUHª 6LOHVSM·VOHGpIHQGHQWRXELHQVHWDLVHQW /H ODSLQ V·DSSURFKH G·HX[ ©2 DYHQWXULHUV YRXV YRXV GHYH] GH P·DLGH] PRL HW PRQ YLOODJH GH OD JDUHQQH VRXV URFKHSUqV K q GH G OD O FDVFDGH G DX[ PLOOH LOO pFODWV p O  QRXV DYRQV XQ pTXLOLEUH p LOLE FRVPLTXH L D SUpVHUYHUª p  ,QVLVWHGDQVOHVW\OHPHQGLDQW ©$YRW·ERQFRHXUF·HVWSRXUDFFRPSOLUXQHPLVVLRQG·DYHQWXULHUVSRXU

FDUUpPHQWSUpVHUYHUO·pTXLOLEUHFRVPLTXHGHODJDUHQQHVRXVURFKHRQHVWGHVSRY·ODSLQVGHVIDXERXUJVRQDSDV OHGURLWG·rWUHD]RRPDWDX[LPHQRXVSDVVTX·RQHVWWURSSRYUHHWSXLVLOIDXWDQQRQFHUODQRXYHOOHDX[]RJR]RJR FRPPHOHV]RJR]RJRLOVQRXVpFRXWHQWSDVHWPrPH\QRXVMHWWHQWGHVSLHUUHVSDUIRLVLOVVRQWVXVFHSWLEOHVLOIDXW SUpVHUYHUO·HQWHQWHGHYRLVLQDJH&·HVWjYRWUHERQF±XUG·DYHQWXULHUVPHVVLUHVª 3RXUWRXWHH[SOLFDWLRQVXSSOpPHQWDLUHODSLQOHXUGLWGHYRLUDYHFOHFKHIGXYLOODJH ,OOHVHPPqQHGDQVXQHFODLULqUHGHUULqUHODJUDQJHDXERXVHWURXYHQWGHX[YDQGHUEHFNV +RURXVFDFKpGDQVOHVEXLVVRQVVHIDLWIDFLOHPHQWUHSpUHULOWkFKHGHUHVWHUGLJQHHW OHXUFRQILHODPLVVLRQ 

6LOHVSMVGHPDQGHQWGHO·DUJHQW LOGLWTX·LOYDGHPDQGHUjVRQPDvWUHHWTX·LOUHYLHQW« 286LOHVSMVVHPRTXHQWHWRXOHFKDVVHQW« 8Q WHUULEOH KHQQLVVHPHQW LQKXPDLQ VH IDLW HQWHQGUH 8Q JUDQG YDXWRXU DX[ SOXPHV QRLUHV GH MDLV HW DX[ \HX[ FHUQpV SDU TXHOTXH PDOpILFH SpQqWUH OHQWHPHQW GDQV OD SLqFH QRLUHVGHMDLVHWDX[\HX[FHUQpVSDUTXHOTXHPDOpILFHSpQqWUHOHQWHPHQWGDQVODSLqFH HQGpYLVDJHDQWWRXWOHPRQGHLOFKHYDXFKHXQHPRQWXUHTXLGRLWrWUHPRUWHGHSXLVXQH RXGHX[VHPDLQHVGpMjVLO·RQMXJHSDUVRQDVSHFW/HIXUHWHQDUPXUHVHUHFURTXHYLOOH XQSHXSOXVVXUOXLPrPH+RUXVGHPDQGHDXODSLQGHOXLPRQWUHUOHVDYHQWXULHUVHQ TXHVWLRQV,OGHVFHQGGHFKHYDOHWOHXUWRXUQHDXWRXUVXEUHSWLFHPHQWLOVRUWOHJUDQG MHXSRXUOHVLPSUHVVLRQQHU©2VHUVHPRTXHUG·XQMHXQHODSLQGDQVOHEHVRLQ«YRXVQ·DYH]GRQFSDVGH F±XUMHXQHVKpURV"ªLOHQYpULILHUDSLGHPHQWO·DVSHFWSDOSLWDQWSXLVGHPDQGHDX[DXWUHV K{WHVGHVRUWLU

©-HXQHVKpURV«&DUYRXVrWHVGHVKpURVQ·HVWFHSDV"ª /HYDXWRXU /$PLVVLRQ«

©-HSHQVHTXHQRXVDOORQVQRXVHQWHQGUHYRXVDOOH]DFFRPSOLUXQHPLVVLRQSRXUPRLHWMHYRXVRIIUHHQpFKDQJH XQDFFqVjFHGRQMRQGRQWYRXVVRXKDLWH]SLOOHUOHVULFKHVVHV YRXVQ·rWHVSDVVDQVVDYRLUTXHOHVDFFqVSULQFLSDX[ M S S T S S VRQWWUXIIpVGHSLqJHVPRUWHOV« %UHIDYHFPHVFRQVHLOVYRXVDYH]WRXWHVOHVFKDQFHVGHYRXVHQWLUHUYLYDQWYRLUH PrPHGHYRXVUHQIORXHUILQDQFLqUHPHQW«ª ,OV·DVVRLWVRUWXQHFDUWHGHODUpJLRQVHUDYLVHLQWHUURPSXSDUXQKHQQLVVHPHQWGX FKHYDOFDGDYUH

©WXDVUDLVRQFHVHUDLWTXDQGPrPHLGLRW«%RQPHVVLHXUVPDSURSRVLWLRQWLHQWWRXMRXUVMHYRXVRIIUHXQ DFFqV V€U DX GRQMRQ PDLV MH WLHQV D P·DVVXUHU TXH YRXV DFFRPSOLUH] PD PLVVLRQ DYHF PRWLYDWLRQ« 3,/26 +$6$5'2804827,',$5(«F·HVWSRXUTXRLDSUqVFKDTXHUHSDVYRXVYRXVVRXYLHQGUH]TXHYRXVDYH]LQWpUrWD UHYHQLUPHYRLUWUqVYLWH«3285/·$17,'27(«ª ©$KRXLLOHVWSUREDEOHTXHFHVRUWVHGpFOHQFKHpJDOHPHQWVRXVOHFRXSGHIRUWHVpPRWLRQV«$ORUV«6R\H]]HQ DKDKDMHVXLVGXUSDUIRLVª /$0$/(',&7,21'83,/26+$6$5'2804827,',$5(/HVSRLOVSRXVVHQW VHORQODPRUSKRORJLHVHVHUD XQHSRXVVpHGHSRLOVG·DOJXHVG·pFDLOOHVG·pSLQHVGHVSRUHVGHIOHXUV JD]RQ DSUqVFKDTXHUHSDV DFRPSDJQpGHJD] HWVRXVOHFRXSGHIRUWHVpPRWLRQV6RLWDXPRLQVXQHIRLVSDUMRXU 8QSHUVRVXELWXQ PDOXVGHUDQJV·LOQHPDQJHSDVSHQGDQWK  /RFDOLVDWLRQVXU'RUHLOOHVQH]FUDQHMDPEHVEDUEHEUDVGRV IHVVHVWrWHEDVVLQ 6LODORFDOLVDWLRQVHIDLWGHX[IRLVDXPrPHHQGURLWFHODSHXWDXFKRL[GRXEOHUGHYROXPHRXFKDQJHUGH FRPSRVLWLRQ

©%RQYRLOjUHJDUGH]FHSODQ9RXVDOOH]VXLYUHFHODSLQMXVTX·jVRQYLOODJHDXERUGGHODFDVFDGH'HOjYRXV VHUH]SUpVHQWpVj«XQHGDPH«TXLYRXVFRQILHUDVRQILOVVR\H]HQGLJQHHWVXUWRXWUDPHQH]PRLOHSHWLWHQ SDUIDLWHVDQWp -HYRXVODLVVHOHVPRQWXUHVYRXVSDUWH]GDQVPLQXWHVHWVHUH]jODJDUHQQHDXSHWLWPDWLQ5HQGH]YRXVLFLj O·RUpHGHODIRUHWGHFKDPSLJQRXVIDFHDX©YLHX[IRVVLOHªGDQVTXDWUHMRXUVHQILQGHPDWLQpH$KRXLYRXVYR\H] FHWWH«(XKFHURQGLQGHERLV GpVLJQHXQWURQFG·DUEUHGHPGHORQJDWWDFKpjO·RLVHDX  YRXVGHYH]OHSUpVHQWHUjPDGDPHFHODDSSDUWHQDLWjVRQILOVª /RUVTX·LOVGpFROOHQWSRXUODJDUHQQHVXUXQ9DQGHUEHFNKRURXVDJLWHOHVEUDVHQJXLVH G·DGLHX ©(768572871·28%/,(=3$648(92861(3289(=3$6(&+28(5ª 

/$&259(('8521',1*285',1/HURQGLQDSRXUSULQFLSDOHXWLOLWpG·HQFRPEUHUOHVMRXHXUV,OSqVH ELHQGDQVOHVNJG·HQYLURQPGHORQJHWTXDVLPGHGLDPqWUH,OHVWFRXOHXURFUH GXVDQJVpFKp 6L OHVSMVO·DPqQHj0D]RQJRHOOHFRPSUHQGUDLPPpGLDWHPHQWVDSURYHQDQFHHWGRQFOHGpFqVGXILOVDLQp 0DLVVLILQDOHPHQWLOVQHO·RQWSDVFHODQHFKDQJHUDSDVJUDQGFKRVH

&/,(176 '( /$ *5$1*·$8%( pYHQWXHOOHPHQW WUDQVIRUPpV HQ OLPDFH j  WrWHV SDU KRURXV XQ VRUW GH JDVWHURSRXP ,OVVRQWpTXLSpVHQDYHQWXULHUVHWHQURXWHSRXUOHGRQMRQGJWV' pSpHKDFKHHWF UDFHVSURIHVVLRQVSRXYRLU  )XUHW FKHYDOLHU HUUDQW  GpWDOHU  JRHODQG FDUWRJUDSKH  YRO  GLQGRQ FRPSWDEOHJURVYHLQDUG PRLQHDX PHQHVWUHOYROPLQXV UHQDUG VSDGDVVLQVXUYLH FKDVVH SLVWDJHSRLVRQPDODGLH WLJUH JODGLDWHXUGXUjFXLUHDUPXUHFURFVGGJWV IHQQHF FRFKHU FDPRXIODJH K\SHU GXU j UHSHUHU  FKDW SHUVDQ EDQTXLHU  SUHVWDQFH  FKDUPH  pFXUHXLO EXFKHURQ  VDQWpGHIHUSY DWWULEXWV 39jGHWHUPLQHUDXIHHOLQJVHORQODUDFH ODSURIHVVLRQ

'(8;,(0(3$57,( /$*$5(11(6286 52&+(

pVXPp0DWLQGXSUHPLHUMRXU/HVSM·VYLVLWHQWOD*DUHQQHVRXVURFKH VRQEDVVLQHWOHVGRXDUIVVDFDVFDGHHWVHVURFKHV3HWLWHOHFRQG·pFR ORJLHGX]RJR]RJRDYDQWGHJULPSHUODFRUQLFKHDYHFTXHOTXHVODSLQV

(

'XUDQW OH YR\DJH HQWUH GHX[ VHFRXVVHV HW TXHOTXHV MHWV G·pTXLWDWLRQ HQ YRO SRXU FRQWU{OHUO·RLVHDXOHODSLQVHSUpVHQWHFRPPHEROELVRQRQFOHDGpMjpWpDXVHUYLFH GXYDXWRXUSDUOHSDVVpTXLV·HVWPRQWUpJpQpUHX[HWFRPPHOXLHVWDXVHUYLFHGHVRQ RQFOHLOVHUDGRQFDXVHUYLFHGHVSM·VSRXUOHXUIDFLOLWHUODWkFKH

©-H YDLV GHPDQGHU DX[ IUqUHV GX FRQVHLO GHV IUqUHV GH PRQWHU XQH SHWLWH pTXLSH DILQ GH YRXV DFFRPSDJQHU MXVTX·DX[DERUGVGHVFRUQLFKHVDX[]RJR]RJRª /HV SD\VDJHV GH IRUrWV FRPSDFWHV VH VXFFqGHQW SXLV ODLVVHQW SODFH j GHV SRUWLRQV PRLQVGHQVHVSXLVOHVFODLULqUHVGHYLHQQHQWFROOLQHV $UULYpHIUDFDVVDQWHjODJDUHQQH %ROEL GHPDQGH j DPRUFHU XQH GHVFHQWH HQ YXH G·XQH LPPHQVH IDODLVH DX SLHG GHV PRQWDJQHV J EDUEHOpHV 8QH FDVFDGH WRXW DXVVL LPPHQVH YLHQW V·pFUDVHU VXU XQ S SODQ G·HDXDXERUGGXTXHOV·DPRQFHOOHQWGHVSLOHVGHGROPHQVHWGHPHQKLUVKpWpURFOLWHV $SUqVXQDWWHUULVVDJHIRUFpDXQLYHDXGHVGROPHQV RXGDQVO·HDXF·HVWVHORQ UHWHQWLWXQ pQRUPHJURQGHPHQWVRXUGTXLVHPEOHpPDQHUGXKDXWGHODFDVFDGHHWVHUpSHUFXWH GDQVOHYDOORQ ©]RQJRRRRR]RQJRRRRRª pFKR /HODSLQHQJDJHSROLPHQWjFRXULUVHUpIXJLHUTXDQWXQHpQRUPHFDLOODVVHWRPEHGX FLHOHWpFUDERXLOOHOHYDQGHUEHFNGDQVXQFUDTXHPHQWG·RVXQHVHFRQGHTXLVHPEOH OLWWpUDOHPHQWMDLOOLUGHO·LQWpULHXUGHODFDVFDGHWRPEHGDQVOHSODQG·HDXpFODERXVVDQW WRXWVXUPjODURQGHHWSURMHWDQWXQNLORGHSRLVVRQVPXOWLFRORUHV%ROELHQWUDvQHOHV SM·VVRXVOHVGROPHQVTXLV·DYqUHQWDEULWHUGHVFRQVWUXFWLRQVW\SLTXHVGHODSLQVHQIRUPH GHWXPXOXVDYHFSRUWHVHWIHQrWUHVHQERLV%ROELDQQRQFHILqUHPHQW©9RLFLPRQYLOODJHMH

YDLVYRXVSUpVHQWHUDXFRQVHLOª /HFRQVHLOGHVIUqUHV /HVSM·VVRQWHQWUDvQpVHQWUHOHVGHX[URFKHVG·XQGROPHQSURIRQGpPHQWDQFUpHVGDQV OH VRO $SUqV S DYRLU GHVFHQGX T TXHOTXHV T PDUFKHV HW IUDQFKLV XQH ORXUGH S SRUWH  LOV VH UHWURXYHQW GDQV XQH DVVHPEOpH G·XQH FLQTXDQWDLQH GH ODSLQV %ROEL IHQG OD IRXOH HW VHGLULJHYHUVXQHWDEOHVXUODTXHOOHVHWLHQQHQWGHERXWODSLQVQDLQVHQFDSXFKRQQpV G·XQHUREHGHEXUHHWTXLKDUDQJXHQWODVDOOH 

©0HVIUqUHVDYHFO·DQQHDXGXGHVWLQODSLQGHVMRXUVGHJUDQGVFKDQJHPHQWVDUULYHQWª©$SUqVODSOXLHOHEHDX WHPSV HQFK±XU 1RXVUHWRXUQHURQVj]RRPDWDX[LPHODWrWHKDXWHWHOVGHYpULWDEOHVERXUJHRLV/·KHXUHHVW SURFKHLOQHQRXVUHVWHSOXVTX·jIRUPHUXQHGLJQHFRPPXQDXWpGHO·DQQHDXGXGHVWLQODSLQª OHVODSLQVDSHUoRLYHQWOHVSM·VHWXQPXUPXUHVHUpSDQGGDQVODVDOOH

©ODSURSKpWLH«ª©ODSURSKpWLH«ª©ODSURSKpWLHª 8Q SHX HPEDUUDVVp EROEL YLHQW FKXFKRWHU TXHOTXHV PRWV DX[ RUHLOOHV GHV IUqUHV GX FRQVHLODJJOXWLQpVDXWRXUGHOXL

©0HV IUqUHV GX FDOPH QRV FRXVLQV SRLOXV VRQW SDUPL QRXV SRXU XQH DXWUH DIIDLUH TXL GHPDQGH O·DWWHQWLRQ SUHVVDQWHGXFRQVHLOª ©ODSUR«ª©QRVFRXVLQVVRQWGHVpPLVVDLUHVGXYDXWRXUGDQVOHEXWGHWUDLWHUDYHFOHV]RJR]RJRDSSURFKH] QRXVDOORQVWLUHUDXVRUWGHVYRORQWDLUHVª 3HQGDQWTXHODIRXOHVHUHJURXSHXQGHVODSLQVQDLQVGHVFHQGGHODWDEOHHWVHGLULJH YHUVHX[HQVDXWLOODQW7DQGLVTXHOHVROVHPEOHVHFRXpGHOpJHUVVpLVPHV /(6$*(/$3,11$,1(152%('(%85('HVDSHWLWHYRL[DLJXHLOpOXGHV\VWpPDWLTXHPHQWOHV TXHVWLRQVTXHO·RQSHXWOXLSRVHUSDUXQSURYHUEHFKDPSrWUHLQFRQJUX $XPRLVG·DEULROWRXWHErWHFKDQJHGHSLROOHMRXUGHODFKDQGHOHXUO·RXUVULWRXSOHXUH TXDQGO·DLJOHHVWDUULYpQHFUDLQWSOXVODJHOpHOHFRXFRXUDPHQHOHWHPSVGRX[ SOXVODFDLOOHFDUFDLOOHSOXVFKHUHVWODVHPDLOOHSDUWHPSVG·RUDJHO·KLURQGHOOHPRQWHDXQXDJH TXDQGOHVJUHQRXLOOHVFRDVVHQWSRLQWGHJHOpHQHPHQDFHQWLOSOHXWLOPRXLOOHF·HVWODIrWHjODJUHQRXLOOH FKDQWHFUDSDXGQRXVDXURQVGHO·HDXODFDUSHVDXWHGHO·HDXVDQVIDXWH YHQWGXQRUGSRLVVRQGDQVWRXVOHVSRUWVXQHPRXFKHYDXWXQSLJHRQ SDSLOORQEODQFDQQRQFHOHSULQWHPSVDXERXWGXILOO·DUDLJQpHODMRXUQpHVHUDPRXLOOpH LOYDXWPLHX[XQFKLHQHQUDJpTX·XQOLPDoRQHQMDQYLHU OHVRLJQRQVGHYLHQQHQWJURVV·LOQHLJHVXUOHXUGRV SRXUTXHPRQWHO·DUWLFKDXWLOIDXWGHODSOXLHHWGXWHPSVFKDXG jODVDLQWPRGHVWHUHSLTXHWHVFKRX[V·LOW·HQUHVWH /DUXPHXUGHODSURSKpWLHTXLDFRPSDJQHO·DUULYpHGHVDYHQWXULHUVHVWXQVLPSOHHIIHWGHVW\OHHWQ·DULHQj YRLUDYHFODVXLWHGHO·KLVWRLUH DPRLQVTXH

©&KHUVFRXVLQVSRLOXVM·DLpWpPLVDXFRXUDQWGHYRWUHYLVLWHVR\H]OHVELHQYHQXVGXUDQWYRWUHEUHIVpMRXUFKH] QRXVVXLYH]PRLQRXVDOORQVSDVVHUGDQVPRQEXUHDXSRXUUpJOHUTXHOTXHVGpWDLOVQRXVVDXURQVWLUHUODOHoRQ GHVPDOHQFRQWUHX[pSLVRGHVGHO·H[FXUVLRQSUpFpGHQWH«ª $XPRPHQWRXLORXYUHODSRUWHHWV·DSSUrWHjVRUWLUXQpQRUPHEORFGHSLHUUHV·pFUDVH jTXHOTXHVFHQWLPqWUHVREVWUXDQWWRWDOHPHQWOHSDVVDJH 7UqVGLJQH

©XQOpJHUFRQWUHWHPSVFRPPHYRXVSRXYH]OHFRQVWDWHUQRWUHFODSLHUHVWHQFRQVWDQWHpYROXWLRQDUFKLWHFWXUDOH FHODQRXVLQFLWHjUHVWHUG\QDPLTXHYR\H]YRXVFRQWUDLUHPHQWjGHVWHUULHUVFRPPH]RRPDWDX[LPHHQIHUPpV GDQVOHXULPPRELOLVPHFRQVHUYDWHXUª ,OOHVLQYLWHjV·DVVHRLUHWjIXPHUXQHSLSHG·KHUEHVGHOD FROOLQHWDQGLVTXHGHVODSLQVFRPPHQFHQWjFUHXVHUXQWXQQHO 8QSHXGHVRFLRORJLH

©$LQVLOHYDXWRXUDEHVRLQG·XQQRXYHDXMHXQH]RJR]RJR«TX·LOHQVRLWDLQVL&RQQDLVVH]YRXVQRVYRLVLQVOHV ]RJR]RJR" J J SXISXII S S FHVRQWGHVFUpDWXUHVSRLOXHVG·HQYLURQPGHKDXWUHODWLYHPHQWSULPLWLYHVHWWURJORG\WHV S S J \ RQWURXYHOHXUVJURWWHVHQKDXWGHVIDODLVHVGHVUDYLQVRXGHVFKXWHVG·HDX&KH]OHV]RJR]RJRF·HVWODIHPHOOHTXL GpWLHQWO·DXWRULWpDEVROXHRQGLWPrPHTXHOHPDULQHIDLWJpQpUDOHPHQWSDVORQJIHXHWTX·LOILQLWHQEURFKHWWH ORUVG·XQHGHVQRPEUHXVHVFpUpPRQLHVOXQDLUHVTXLU\WKPHQWODYLHIDPLOLDOH2XLFDUOHV]RJR]RJRQHYLYHQWTX·HQ SHWLWFODQIDPLOLDOpOpPHQWDLUHIUqUHV±XUPqUHHWSqUH«ª ©3DUPLOHXUVREVFXUHVWUDGLWLRQVODSOXVLPSRUWDQWHSRXUQRXVOHVODSLQVHVWFHOOHTXLFRQVLVWHjMHWHUG·pQRUPHV URFKHVGXKDXWGHODFDVFDGHHQKXUODQWOHQRPGHOHXUFODQ«F·HVWHQIDLWOHXUSULQFLSDOHRFFXSDWLRQ«DORUV SRXUTXRLIRQWLOVFHOD«QXOQHOHVDLWYUDLPHQWFDULOVQHVRQWSDVYUDLPHQWORTXDFHVHQIDLW« 

MHYHX[GLUHLOVQHVRQWSDVIRQFLqUHPHQWPpFKDQWVPDLVLOVVRQWTXDQGPrPHXQSHXVXVFHSWLEOHVRXDORUVLOV Q·DLPHQWSDVrWUHGpUDQJpVMHQHVDLVSDV«&HQ·HVWSDVYUDLPHQWODJUDQGHFRPPXQLFDWLRQHQWUHYRLVLQV« PPPª©3RXUWDQWQRXVOHXUVVRPPHVWUqVUHFRQQDLVVDQWV«ª 8QODSLQYLHQWO·LQIRUPHUTXHOHWXQQHO HVWWHUPLQp«©©VXLYH]PRLMHYDLVYRXVPRQWUHUSRXUTXRLOHV]RJR]RJRVVRQWQRVDPLV«ª $XERUGGXEDVVLQ

,OHQWUDvQHOHVSM·VYHUVOHEDVVLQG·RWRPEHODFDVFDGHGHVIHPPHVHWGHVHQIDQWV ODSLQVVRQWHQWUDLQGHUDPDVVHUGHVNLORVGHSRLVVRQVPXOWLFRORUHVTX·LOVYHUVHQWGDQV S S T GHODUJHVKDQVHVDWWDFKpHVjGHVSRQH\V'HVGL]DLQHVGHSHWLWVGROPHQVVHUYHQWG·DEULV DQWLDpULHQV'HV©DLJXLOOHXUVGXFLHOªVRQWSUrWjOHXULQGLTXHUXQHGLUHFWLRQGXW\SH ©WRXFKpFRXOpª$%OHXULQGLTXDQWSDUOjVXUTXHOOH]RQHYDV·pFUDVHUODSURFKDLQH URFKH$SSDUHPPHQWOHUHVWHGHOHXUWHPSVHVWXWLOLVpSRXULQVXOWHUFRSLHXVHPHQWOHV KDELWDQWVGHO·DXWUHULYHTXLDJLVVHQWGHPrPH ©FHVRQWGHVGRXDUIVLOVIRQWULHQTX·jQRXVFRSLHUFHVUDFOXUHVGHIURPDJHVTXLSXHQWª UHJDUGQRLUGX VDJH ©0DLVMHQ·RXEOLHSDVTX·LOVVRQWQRVDPLVª ©=21*2]RQJRRRª« ©&ª /HODSLQQDLQOHVHQWUDvQHVRXVOHGROPHQOHSOXVSURFKH«©QRXVVRPPHVHQWUqVERQWHUPHDYHF

QRVYRLVLQVOHVGRXDUIVQRXVSDUWDJHRQVJURVVRPRGROHPrPHPRGHGHYLHPDLVFHVRQWGHSHWLWHVERXOHVGH QHUIV«TXHYRXOH]YRXV«LOVV·DWWULEXHQWODSULPHXUGHFHPRGHGHYLHHQEDVGHODFDVFDGH«KRUVF·HVWIDX[ (QILQGHPDLQODFpUpPRQLHGHO·DQQHDXDHQILQOLHXDORUVWRXWOHPRQGHLOHVWSRWHª 9RXVDOOH]GHYRLUJULPSHUHQKDXWGHODFRUQLFKHYRXVYR\H]"DXQLYHDXGHVFDYHUQHV GDQVODIDODLVHF·HVWODGHPHXUHGHV]RJR]RJRMHYRXVODLVVHGRUPLUTXHOTXHVKHXUHV OHWHPSVGHIRUPHUXQHpTXLSHGHVFRXWVSRXUYRXVDFFRPSDJQHUOjKDXW ,OOHVHQWUDvQHVRXVXQWXPXOXVRXLOSRXUURQWHVVD\HUGHGRUPLUODPDWLQpH 752,6,(0(3$57,( /$&(5(021,( '8*526&2//,(5

pVXPpVRLUpHHWQXLWGXSUHPLHUMRXU/HVSMVFUDSDKXWHQWMXVTX·DX[ [ VRPEUHVFDYHUQHVGHV]RJR]RJRV&·HVWODWUDGLWLRQPD]RQJROHXUU FRQILHUDFHWWHSHVWHGHWL]RQJRPDLVSDVDYDQWXQHpSUHXYHGHJURPSI HWXQHORQJXHFpUpPRQLHP\VWLTXHTXHOHV]DUSLHVVHIHURQWXQHMRLHG·LQWHUURPSUH

(

(QURXWHDYHFOHVVFRXWV ,O IDXW HQYLURQ XQH GHPL MRXUQpH GH JULPSHWWH SRXU DUULYHU DX QLYHDX GHV FDYHUQHV OHV SM·V SM HQ S SURILWHQW S SRXU IDLUH FRQQDLVVDQFH DYHF O·pTXLSH T S G·pFODLUHXUV IRUPpV SRXU S O·RFFDVLRQODSLQVGRQWSDUWLFXOLqUHPHQWEDODLVHVGDQVO·DUWG·rWUHSURGLJLHXVHPHQW DJDoDQWLOVUkOHQWHQSHUPDQHQFHLOVRQWIDLPVRLIFDYDWURSYLWHSDVDVVH]YLWH LOVDLPHQWSDVOHV©JUHPOLQVª SMV QLOHV©]RJRVTXLSXHQWªHWVRQWGpJR€WpVGHQH SDVrWUHSULVGDQVODFRPPXQDXWpGHO·DQQHDXGXGHVWLQODSLQ HQSOXVLOVYRQWUDWHUOD FpUpPRQLH  /(6 48$75( /$3,16 352',*,(86(0(17 $*$&$176  /HXUV VHXOHV UpSRQVHV j G·pYHQWXHOOHV TXHVWLRQV SUHQQHQWODIRUPHGHSURYHUEHVGpELOHVODQFpVjODFDQWRQDGH 'DQVFKDTXHEDUEX\DXQUDVHXUTXLVRPPHLOOH 'DQVOHVILQVGHPRLVFHTXLHVWOHSOXVGXUF·HVWOHVWUHQWHGHUQLHUVMRXUV +pVLWHURXQHSDVKpVLWHUOjHVWODTXHVWLRQRXSHXWrWUHSDV 0RLMHQHPHSRVHMDPDLVDXFXQHTXHVWLRQ-HPHGHPDQGHG·DLOOHXUVELHQSRXUTXRL" /·LPSRUWDQWF·HVWoDTXLFRPSWH6LoDVHPEOHWURSEHDXSRXUrWUHYUDLoDO·HVWSUREDEOHPHQW ,OYDXWPLHX[TX·LOSOHXYHXQMRXUFRPPHDXMRXUG·KXLSOXW{WTX·XQMRXURLOIDLWEHDX ,O\DWURLVVRUWHVGHSHUVRQQHVFHOOHVTXLVDYHQWFRPSWHUHWFHOOHVTXLQHVDYHQWSDV /HVSDVGU{OHVV·HQYROHQWOHVDLJULVUHVWHQW3LQJRXLQVGDQVOHVFKDPSVKLYHUPpFKDQW ,OYDXWPLHX[DYRLUXQJURVQH]TXHGHX[SHWLWV&·HVWDXSLHGGXPXUTXHO·RQYRLWOHPLHX[OHPXU 5LHQQHVHUWGHFRXULULOIDXWSDUWLUDYDQW3OXVRQSpGDOHPRLQVIRUWPRLQVRQQ·DYDQFHSOXVYLWH 6LWXQHYHX[SDVWHWDSHUVXUOHVGRLJWVSUHQGVWRQPDUWHDXjPDLQV /·DYHQLUDSSDUWLHQWjFHX[TXLVHOqYHQW4XLYROHXQERHXIHVWYDFKHPHQWPXVFOp 

6HXOVGHX[ODSLQVVRUWHQWGXORWEROELHWMDQRLOVVRQWSOXW{WFRXUDJHX[HWLQWHUHVVpVSDU OHVDYHQWXULHUV LOVYHXOHQWHQrWUH  %2/%,SULVGDQVOHVHQVGXSRLOLOSHXWOHXUUDFRQWHUODWUDGLWLRQGHV]RJR]RJRVDLQVLTXHODSUREDEOH FpUpPRQLHjODTXHOOHLOVYRQWrWUHFRQIURQWpVSRXUUpFXSHUHUOHSHWLW,OVDLWEHDXFRXSGHFKRVHVVXUOHVJURWWHV HWOHVP±XUVGHV]RJRVJUkFHjVRQSqUH0DLVVLRQOXLGHPDQGHTXLLOpWDLWLOpFODWHUDHQVDQJORWHQ XQLTXHJXLVHGHUpSRQVH©/HV]RJR]RJRVV·pORLJQHQWUDUHPHQWOHXUVJURWWHVGHWRXWHOHXUYLH/DFRXWXPHYHXWFHSHQGDQWTXHO·DvQp

PDOHGHODIDPLOOHTXLWWHODWULEXSRXUH[SORUHUOHPRQGH HWpYHQWXHOOHPHQWIRQGHUXQHDXWUHWULEX /·XQLTXHH[FHSWLRQjOLHXORUVTX·LO PHXUW&·HVWDORUVOHSOXVMHXQHGHV]RJR]RJRTXLGRLWTXLWWHUODWULEXSRXUKRQRUHUVDGpSRXLOOHHWUHPSODFHUOHGpIXQWOjRXLOpWDLW9RXVrWHV OHVPHVVDJHUVGHODPRUWYRXVGHYH]DQQRQFHUODPDXYDLVHQRXYHOOHjODPD]RQJRVRQILOVHVWPRUW9RLOjOHJRXUGLQF·HVWODSUHXYHLO\D HQVXLWHXQHFpUpPRQLHSRXUGpWHUPLQHUOHTXHOG·HQWUHYRXVVHUDGLJQHG·DFFRPSDJQHUOH]RQJRGDQVVRQSpULSOHHWGDQVVHVDFWLYLWpVoDYD rWUHJURPSI F·HVWOHQRPGHODFpUpPRQLH PRQSqUHDFRQQXFHODLOPDUDFRQWpDYDQWGHPRXULUª

-$12 VHYH[HVLRQVHPRTXHGHVRQQRP /XLHVWLQWDULVVDEOHVXUO·DQQHDXGXGHVWLQODSLQHWVXUOD FpUpPRQLH GX OHQGHPDLQ DYHF OHV GRXDUIV ©/·DQQHDXGXGHVWLQODSLQYDHQILQSHUPHWWUHGHOLEpUHUWRXVOHVODSLQVGHOD

JDUHQQHSRXUOHXURIIULUXQVWDWXWj]RRPDWDX[LPHG·RXQRXVDYRQVpWpFKDVVpV,OVQRXVPpSULVHQWSDUFHTXHQRXVVRPPHVGHVSDXYUHVHW SDVGHVERXUJHRLVPDLVJUkFHjO·DQQHDXWRXWFHFLYDFKDQJHUQRXVDOORQVHQILQGHYHQLUGHVERXUJHRLVFHWWHDQQpHFHODPDUFKHUD &HODIDLWXQDQTXHQRXVWUDYDLOORQVG·DUUDFKHSLHGSRXUGLVSRVHUG·XQDQQHDXXQLTXHjSUpVHQWHUDXFRQFRXUVGHODGHX[LqPHIRLUHDQQXHOOH GHO·DQQHDXGXGHVWLQ/·DQQpHGHUQLqUHSRXUODSUHPLqUHpGLWLRQLOVQRXVRQWKRQWHXVHPHQWYROpQRWUHDQQHDXHWLOVRQWIDLWWRXWXQIRLQ DYHFODFRPPXQDXWpGHO·DQQHDXHWWRXWHWWRXW«PDLVFHWWHDQQpHSRXUODGHX[LqPHpGLWLRQQRXVYLHQGURQVj]RRPDWDX[LPHDYHFXQSOXV EHODQQHDXXQLTXHTXHWRXVOHVDXWUHV(QILQQRXVMHYHX[GLUHOHVODSLQVVpOHFWLRQQpVSRXUIDLUHSDUWLHGHODFRPPXQDXWpGHO·DQQHDXTXLYD DOOHUjODIRLUH«QRXVRQYRXVDFRPSDJQH«ª©&DIDLWXQDQTXHO·RQWUDYDLOOHSRXUUpFROWHUGHVFKDPSLJQRQVEOHXVHWIDLUHOLWUHVGH G\QDPLWH F·HVWGHODELqUHGHFDURWWHDXFKDPSLJQRQF·HVWWUqVIRUW ,O\DXQDFFRUGDYHFOHVGRXDUIVRQOHXUIDEULTXHODELqUHHWLOVQRXV IRUJHQWO·DQQHDXXQLTXHGXGHVWLQODSLQGDQVOHXUVPLQHVVRXVODPRQWDJQH&·HVWSRXUFDTX·DYHFOHVGRXDUIV©WRXWOHPRQGHLOHVWSRWHª HQFK±XU 'HPDLQjOLHXODJUDQGHFpUpPRQLHGH©O·DQQHDXFLQTXDQWHWRQQHDX[ªLO\DXUDGHVGLVFRXUVDSUqVQRXVRQDXQIHXG·DUWLILFH HWOHVQDLQVLOVRUJDQLVHQWXQEDQTXHWHWXQPDWFKGHEORXGERXOHF·HVWGHPDLQª %/28'%28/(OHEORXGERXOHHVWXQVSRUWGRXDUIYLROHQWTXLFRQVLVWHjV·DIIURQWHUHQpTXLSH HWHQDUPXUH FORXWpH SRXUSURMHWHUXQRUTXHMDXQHGDQVOHVFDJHVGXFDPSDGYHUVH&HUWDLQHVUDFHV\SDUWLFLSHQWSDUIRLV FRPPHPHUFHQDLUHVSRXUXQHpTXLSH RJUHVWUROOVRXSRXOHWSLHXYUHV $QRWHUTXHOHVWULEXVRUTXHVGHV PRQWDJQHVRQWpJDOHPHQWOHXUVpTXLSHVGHEORXG

&$55$&7(5,67,48(6GHVODSLQV %2/%,©OHPpGLDWHXUª 3Y'JWVVDQVDUPH' $FUREDWLHVSDVWUqVGRXp &KDUPHKDELOH %DJDUUHSDVWUqVGRXp $FXLWpKDELOH 3RXYRLUVUHIOH[HpFODLUGpWDOHU -$12©OHFDVVHFRXª 3Y'JWVVDQVDUPH' $FUREDWLHVKDELOH &KDUPHSDVWUqVGRXp %DJDUUHKDELOH $FXLWpERQ 3RXYRLUVUHIOH[HpFODLUVXUYLH

/HVDXWUHV6&2876 FRFRERERPRPR WRWR 3Y'JWVVDQVDUPH' $FUREDWLHVERQ &KDUPHQXO %DJDUUHSDVWUqVGRXp $FXLWpKDELOH 3RXYRLUVVXUYLHGpWDOHUSURGLJLHXVHPHQWDJDFDQW



'DQVOHVKDXWHXUVGHODIDODLVH /DJULPSHWWHHQGLUHFWLRQGHVJURWWHVGHODFDVFDGHV·HIIHFWXHVXUGHVVHQWLHUVURFDLOOHX[ S SOXW{WjSLFHWGXUHXQHERQQHGHPLMRXUQpH7RXWHXQHQLFKpHGHJURWWHVDSSDUDLVVHQW S M J SS DX ORLQ DX[ DERUGV GH OD FDVFDGH LQDFFHVVLEOHV SDU OHV IDODLVHV ©OD GHPHXUH DX[ ]RJRVª3DUPRPHQWXQ]RQJRVRQRUHUHWHQWLHWXQHJURVVHURFKHMDLOOLG·XQWURX'DQV OHFLHOVHGpWDFKHQWSDUIRLVOHVVLOKRXHWWHVGHFHTXLVHPEOHrWUHG·LPPHQVHVUDSDFHV SODQDQWWUqVKDXW ©PDXYDLVSUpVDJHVDLHRLVHDX[GHPDOKHXUVLOVIRQWSHUGUHODUDLVRQª$XPRPHQW R OH VHQWLHU VHPEOH VH VpSDUHU HQ GHX[ YHUV XQ SHWLW ERLV G·XQ F{Wp HW YHUV GHX[ JURVVHVJURWWHVGHO·DXWUH GHX[FUpDWXUHVURVHVDXJURLQpSDLVHWDX[GHQWVPDVVLYHV VXUJLVVHQW HQ KXUODQW XQH WUHQWDLQH GH PqWUHV GHYDQW OHV UDQGRQQHXUV 8Q SRLO JULV pSDLV HW GUX G·HQYLURQ P GH KDXW HW EDODLVH FRPPH GHV WDLOOHXUV GH SLHUUHV LOV ERQGLVVHQWFRPPHGHVFKDPRLVLYUHVHWVHMHWWHQWjODILJXUHGHVKpULVVRQVJURVFRPPH GHVSDVWqTXHVTXLYRQWVHSODQWHUGDQVOHVDUEUHV

©5HJDUGH]LOVVRQWHQWUDLQGHMRXHUOHVMHXQHV]RQJRVVRQWWUqVMRXHXUVF·HVWSHXWrWUHO·XQG·HX[TXHYRXV GHYUH]UDFFRPSDJQHUª 'DQVO·DQWUHGHPD]RQJR /HV ]RQJRV VH PHWWHQW j REVHUYHU OD SHWLWH WURXSH SXLV UpFXSqUHQW OHXUV KpULVVRQV HW GpYDOHQW OHV  PqWUHV GH SHQWH TXL PqQHQW j OD GRXEOH JURWWH /HV GHX[ HQWUpHV HQ GpYDOHQWOHVPqWUHVGHSHQWHTXLPqQHQWjODGRXEOHJURWWH/HVGHX[HQWUpHVHQ FRQWUHEDVGXVHQWLHUPqQHQWFKH]OHV]RQJRVGXPRLQVO·HQWUpHGHJDXFKH«&HOOHGH GURLWHHVWGpILQLWLYHPHQWODPDXYDLVHURXWHXQODE\ULQWKHVXLQWDQWGHPRXVVHHWUHSqUHV GHFKDPSLJQRXVDX[VSRUHVVRSRULILTXHVDOOHUJLTXHVjODOXPLqUHVGHVWRUFKHVHWTXL WUDYDLOOHQWGHSDLUDYHFOHVDUDLJQpHVFODTXHXVHV«-DQRSUHQGG·DERUGjGURLWHKpVLWH jFKDTXHFDUUHIRXUVXUOHFKHPLQjVXLYUHUHYLHQWSOXVLHXUVIRLVHQDUULqUHIDLVUDPSHU XQSHXHWILQDOHPHQWIDLWUHVVRUWLUWRXWOHPRQGHSRXUSUHQGUHO·DXWUHHQWUpH« ,OV·DJLWGHFDYHUQHVQDWXUHOOHVVSRQJLHXVHVHWKXPLGHVDYHFGHVFRXORLUVHQFRWHHW HQSHQWHGRXFH/HVVDOOHVRQWHQJpQpUDOXQHRXYHUWXUHVXUO·H[WpULHXUHQSOHLQVXUOD IDODLVHYRLUHFDUUpPHQWVRXVODFDVFDGHGHUULqUHXQULGHDXG·HDX'DQVFKDTXHVDOOH VH WURXYHQW GHV FKHPLQpHV QDWXUHOOHV FRPPH GHV GRXEOH SDURLV  UHPSOLHV GH JURV pERXOLVTX·XWLOLVHQWOHV]RQJRVFRPPHSURMHFWLOHVSURYRTXDQWHX[PrPHGHQRXYHDX[ pERXOLVHQOHVUHWLUDQWGHODFKHPLQpHHWF&·HVWpJDOHPHQWOHFKHPLQTX·XWLOLVHQWOHV ]DUSLHV QRPPpHSDUIRLVVWU\UMUHSDUOHVRUWKRSKRQLVWHV SRXUSDVVHU%LHQHQWHQGXOHV SM·VRQWpWpUHSpUpVGHSXLVXQPRPHQWSDUOHVMHXQHV]RJRV $SUqV XQH YLQJWDLQH GH PqWUHV GDQV OH QRLU DUULYH OD SUHPLqUH VDOOH VDQV RXYHUWXUH VXUO·H[WpULHXU /(&+$51,(5$8;+e5,66216OHV]RQJRVRQWSODQWpVGHVKpULVVRQV VXUOHVROHWDXSODIRQGLOWLUHQWXQHSLHUUHDXSDVVDJHGHVSM·VRXHQSRXVVHQWXQHW SURYRTXHQWXQpERXOHPHQWGHFRTXLOOHV oDOHVIDLWULUH 8QpQRUPH]RQJRUHWHQWLWHW IDLWGpWDOHUOHVSHWLWV PWRXWGHPrPH LOHVWO·KHXUHGHODSLWDQFH /HFRXORLUGHJDXFKH GHVFHQGDQW PqQHDX[ /$75,1(63875,'(6 VXSHUSXDQWHV HOOHV VRQW RXYHUWHV VXU OD IDODLVH 3XLV SOXV ORLQ DX VDOOH GH GRGR RXYHUWH VXU OD FDVFDGH PDLVOHVSM·VQHGHYUDLWSDVDUULYHUMXVTXHOjjFDXVHGHO·RGHXUOHVODSLQVV·\UHIXVHQW 8Q©]RQJRªELHQSODFpGHYUDLWOHVIDLUHUHYHQLUVXUOHFRXORLUGHGURLWH PRQWDQW LO GpERXFKHVXUOD &+$0%5()/$648( VDQVRXYHUWXUH XQJDUGHPDQJHUjPrPHOHVRO GHKpULVVRQVVDQVFRTXLOOHV 52/(3/$< SUpVHQWHU FHWWH VDOOH j O·RGHXU DFUH VXFUpHVDOpH FRPPH UHFRXYHUWH G·XQH HVSqFH GH SkWH VSRQJLHXVHEODQFKkWUHURVkWUHYHUGkWUHGXVRODXSODIRQG OHV]RQJRV\pFUDVHQWOHVKpULVVRQV TXLSRXUUDLW IDLUHSHQVHUj«RXLjXQSODWGHFKDPDORHQJXLVHG·DLGHjO·LPDJLQDWLRQGpSRVHUVXUODWDEOHGHMHXXQ EROGHFKDPDOR SUpDODEOHPHQWVDOp UpDFWLYLWpDVVXUpH



/DVDOOHMRX[WHGLUHFWHPHQWDYHF/$6$//('(/$%28))(/HVSM·VVRQWLPPpGLDWHPHQW IODLUpVHWDFFXHLOOLVGDQVXQHFDFRSKRQLH]RQJR&·HVWO·KHXUHGHODPDQJHDLOOHGDQV FHWWH VDOOH URQGH DYHF XQH JUDQGH RXYHUWXUH FLUFXODLUH TXL GRQQH GLUHFWHPHQW VXU OD FDVFDGH XQH HVSqFH GH PDUPLWH HQ WHUUH FRQWLHQW XQH PL[WXUH GH QRXLOOHV JOXDQWHV GHX[SHWLRWVVRQWG·DLOOHXUVHQWUDLQGHVHEDWWUHSRXUDYRLUODPHLOOHXUHSODFHOHVPDLQV GDQVODPDUPLWH/HVODSLQVVRQWLPPpGLDWHPHQWSULVjSDUWLSDUOHVMHXQHV]RJRV©OHV ]RJRVVRQWWUqVMRXHXUVªHWXQODSLQVHIDLWSUREDEOHPHQWDSODWLUFRQWUHOHPXU RXRQ WDSHOHVDXWUHVDYHF ,O\DDGRVGH0SHWLWGH0OHVSMVHX[YRQWDYRLU jIDLUHDYHFO·LPSRVDQWH0$=21*2GHPWDLOOpHFRPPHXQHDUPRLUHjJODFHOD WLJQDVVHHWODSDLUHG·REXVHQSOXV /RUVTX·HOOH DSHUoRLW OD PDVVXH GH ]RQJR VRQ ILOV DvQp 0$ FRPSUHQG OD UDLVRQ GH O·LQWUXVLRQGHVSMVIROOHGHWULVWHVVHHOOHV·HPSDUHGXURQGLQHWSXOYpULVHODPDUPLWHGH QRXLOOHHQKXUODQWOHVSLWLWVODFKHQWOHVODSLQVSRXUV·\PHWWUHDXVVLSOXLHGHQRXLOOHV JOXDQWHV8QHIRLVFDOPpHGHVRQK\VWpULHPD]RQJRPHWVDSURJpQLWXUHHQFHUFOHHOOH ©JURPSIª DX[SMVGHIDLUHGHPrPHVHXOOHSOXVSHWLWUHVWHDXFHQWUHOjFRPPHQFHOD FpUpPRQLHGXJURVFROOLHU



/DFpUpPRQLH]RXQJRP\VWLTXH

©F·HVWDILQGHFKRLVLUTXLSDUPLYRXVVHUDO·pOXFKDUJpGHSRUWHUOHJURVFROOLHUHWG·DFFRPSDJQHUWL]RQJRMXVTX·DX OLHX RX VRQ IUqUH HVW PRUW ª OLHXRXVRQIUqUHHVWPRUWª 0D]RQJRFRPPHQFHjSVDOPRGLHU ©NDZD]RXQJR]RXQJR]RXQJRª ELVUHSHWLWLDH HQERXFOH HW j VHUYLU D FKDFXQ XQH SODWUpH GH QRXLOOH 3XLV FKDFXQ GRLW VH OHYHU HW H[pFXWHU HQVHPEOH OD GDQVH ]RXQJRP\VWLTXH GH O·KRPPDJH DX GpIXQW TXL IUDQFKLUD DLQVL OH UR\DXPHGHVPRUWV 52/(3/$<FKDTXHMRXHXU DLQVLTXHOH0- GpURXOHVRQUpJOLVVHHWO·HQIRXUQHWRXWHQWLHUGDQVVDERXFKH WRXWOHPRQGHWRXUQHDXWRXUGHODWDEOHOHVEUDVOHYpVHQSVDPROGLDQW NDZD]RXQJR]RXQJR]RXQJRHWF $SUqVXQHERQQHKHXUHGHGDQVHHOOHSUpVHQWHOHJURVFROOLHUFRPSRVpGHERXWVGHFKDLUVGHKpULVVRQV  OHFROOLHUGHFKDPDOR DXSMVpSXLVpV &KDFXQVRQWRXUFKDTXHSMGRLWDYDOHUOHQRPEUHPD[LPXPGHFKDPDORGRQWLOV·DIILUPHFDSDEOHHQXQH VHXOHIRLV SUpYRLUXQHERXWHLOOHG·HDX! /·pOXVHUDVLPSOHPHQWOHSMTXLUpXVVLUDDHQDYDOHUOHSOXV,OQH SHXW\DYRLUTX·XQpOX /HVODSLQVQHSDUWLFLSHQWSDVjO·pSUHXYH 8QHIRLVTXHO·pOXV·HVWYXDWWULEXpOHFROOLHULODXUDODFKDUJHGHQRXUULUWL]RQJRDYHF OHFROOLHUHVW©PDJLTXHª LOFDOPHOHSHWLWPRQVWUH«SRXUXQPRPHQW (QVXLWHF·HVWODUHSULVHGHSVDOPRGLHVWUDQVFHQGDQWDOHVSHQGDQWOHUHVWHGHODQXLW /·DWWDTXH ODFKXWH OHVSMVGRLYHQWIDLUHGHQRPEUHX[HIIRUWVSRXUQHSDVV·HQGRUPLUFRPPHFHODVHPEOH rWUH OH FDV G·XQ SHX S WRXW OH PRQGH  PD]RQJR J SVDOPRGLH S WRXMRXUV M OHV \HX[ \ IHUPpV  HOOHHVWHQWUDQVHSDUIRLVXQ]RQJR]RQJRWWHHQURQIODQW«/HVSOXVYLJLODQWVSRXUURQW pYHQWXHOOHPHQW VHQWLU FRPPH GHV IURLVVHPHQWV GDQV O·DLU SURYHQDQW SHXWrWUH GH OD FKHPLQpHG·pERXOLV« 6RXGDLQXQIURLVVHPHQWSOXVIRUWTXHOHVDXWUHVSXLVGHSXLVVDQWVEDWWHPHQWVG·DLOHV HQYDKLVVHQWODSLqFHUpYHLOODQWWRXWOHPRQGH«&·HVWOHEUDQOHEDVGHFRPEDW«&RQWUH TXL"OHVSM·VVRQWSULVGDQVXQHERXVFXODGHLOVSHXYHQWUHFHYRLUXQFRXSGHVHUUHVH IDLUHPDUFKHUGHVVXVSDUXQ]RQJR«7RXWMXVWHOHWHPSVGHYRLUXQODSLQpYHQWUpGDQV OHVVHUUHVG·XQRLVHDXjFRUSVIpPLQLQSXLVOHVKDOOXFLQDWLRQVFRPPHQFHQW« 'HV ]DUSLHV SRO\PRUSKHV LQWHUURPSHQW OD FpUpPRQLH HW DWWDTXHQW VDQV GLVWLQFWLRQ OH WUXF F·HVW TX·HOOHV SUHQQHQW O·DSSDUHQFH GH SHUVRQQHV SK\VLTXHPHQW SURFKHV GH OD YLFWLPH F·HVW SRXU FHOD TX·HOOHV DWWDTXHQW OHV JURXSHV  SDUIRLV XQ EHF DSSDUDvW SURJUHVVLYHPHQWGDQVO·LOOXVLRQGXYLVDJHGHODSHUVRQQHFRQQXH EUHIGXFRXSOHVJHQV VRQWGpVHPSDUpVLOVRQWO·LPSUHVVLRQG·rWUHDWWDTXpVSDUGHVODSLQV]RJRVRXDXWUHV SMV²LOVRQWDXVVLXQPDOXVSRXUQHSDVIUDSSHUXQFROOqJXHDSUqVTXHOTXHVPLQXWHV GHFRQIXVLRQPD]RQJRDWWUDSHO·pOXOXLIRXUUHOHWL]RQJRGDQVOHVEUDV«HWOHVSRXVVH GDQVOHYLGHjWUDYHUVODSDURLG·HDX &·HVWODFKXWH &$55$&7(5,67,48(6 XQHGL]DLQHGH=$53,(6 3Y'JWV' VHUUHV DUPXUH $FUREDWLHVERQ &KDUPHKDELOH VSpFLDO %DJDUUHERQ $FXLWpERQ 3RXYRLUVLOOXVLRQSRO\PRUSKH WHVWFKDUPH=DUSLHFRQWUHDFXLWpDGYHUVDLUHVLpFKRXHO·DGYHUVDLUHHVW HQWUDLQGHIUDSSHUXQSURFKH YROJULIIH



=21*2V 0$·=21*23Y'JWV'' ]HJRXUGLQ $FUREDWLHVSDVWUqVGRXpH&KDUPHQXO%DJDUUHEDODLVH$FXLWpSDVWUqVGRXpH3RXYRLUV FRVWDXGGXUjFXLUHVDQWpGHIHU 7,=21*2SYGJWV' $FUREDWLHVKDELOH&KDUPHQXO%DJDUUHERQ$FXLWpQXO3RXYRLUV FRVWDXGGXUjFXLUHVDQWpGHIHUSURGLJLHXVHPHQWDJDFDQW OHFULTXLWXH /DUHGHVFHQWHjODEDUEHVRXVURFKH /HVSMVWRPEHQWGHWUqVWUqVKDXWKHXUHXVHPHQWGHVGL]DLQHVGH]DUSLHVVRQWHQWUDLQ GHSODQHUjO·H[WHULHXUHWLOHVWIDLVDEOHGHVH©UDFFURFKHUªGDQVVDFKXWH&HFLGLWOHV S ]DUSLHVVRQWHQWUDLQpHVYHUVOHEDVHOOHVQ·DLPHQWSDVoDDORUVHOOHVGRQQHQWGHVFRXSV GHEHFVTXLIRQWPDO $SUqV XQH FKXWH YHUWLJLQHXVH OHV SMV VH IUDFDVVHQW GDQV OH ODF TXL VXUSORPEH OD FDVFDGH« FHX[ TXL UpXVVLVVHQW OHXUV MHWV SHXYHQW VH UHQGUH FRPSWH TX·XQH JUDQG DVVHPEOpHFRPSRVpHGHGRXDUIVHWGHODSLQVOHVREVHUYHGDQVXQVLOHQFHGHPRUW«LOV YLHQQHQWDSSDUHPPHQWGHWURXEOHUXQHFpUpPRQLHGHODSOXVKDXWHLPSRUWDQFH« 3DUXQHFRQMRQFWLRQG·HIIHWGRPLQRjODORLGH0XUSK\ OHSLUHDUULYHWRXMRXUV « 8QFUDTXHPHQWVHIDLWHQWHQGUHHWF·HVWWRXWHODSLOHGHWRQQHDX[TXLURXOHHWYDVH SXOYpULVHUVXUOHVURFKHUVTXLHQWRXUHQWO·DVVHPEOpHLQRQGDQWWRXWOHPRQGHGHELqUH HWVHPDQWODSDQLTXH« /HVGRXDUIVVRQWWUqVIkFKpVOHVDJHODSLQQDLQHQUREHGHEXUHLQWHUYLHQWSRXUHVVD\HU GHFDOPHUOHMHXHQIDYHXUGHVSMV«PDLVLOHVWELHQOHVHXO7L]RQJRHQSURILWHSRXU ERQGLU YHUV OD IRXOH DWWUDSH O·DQQHDX TXL WUDvQH O·DYDOH VWXSLGHPHQW HW V·HQIXLW HQ KXUODQWOHORQJGHODULYLqUH« $XPRPHQWRXOHVSMVYRQWrWUHFHLQWXUpVSDUO·pTXLSHGHEORXGERXOH«0$=21*2 HQWUH HQ VFqQH GDQV XQ EDGDERXP GH URFKHV HW G·pFODERXVVXUHV PD V·H[WLUSH GH O·HDXDYHFODVRXSOHVVHGXJRULOOHVXLYLSDUVDSURJpQLWXUH«LYUHVGHUDJHVHWWRXMRXUV HQSURLHDYHFOHV]DUSLHVLOVVHPHWWHQWjYLROHPPHQWWRXWFDVVHU«F·HVWODGpEDQGDGH HWO·RFFDVLRQHQRUSRXUOHVSMV«GH6·(1)8,5 &$55$&7(5,67,48(6 -28(856'(%/28'%28/( '28$5) 3Y'JWV' FDVTXHJDQWVDUPXUHFORXWpH DUPXUH $FUREDWLHVERQ&KDUPHQXO%DJDUUHERQ$FXLWpKDELOH3RXYRLUVIDLUHSHXUFRVWDXG$UPXUH PR\HQQH DFUREDWLH  '28$5)e1(59e 3Y'JWVG EDWRQ $FUREDWLHVQXO&KDUPHQXO%DJDUUHERQ$FXLWpKDELOH3RXYRLUVYRLWGDQVOHQRLU /$3,1e1(59e 3Y'JWVVDQVDUPH' $FUREDWLHVERQ&KDUPHQXO%DJDUUHSDVWUqVGRXp$FXLWpKDELOH3RXYRLUVGpWDOHU

7L]RQJRYDrWUHSRXUVXLYLVDQVUHOkFKHSDUOHVODSLQVTXLIRUPHQWODFRPPXQDXWpGH O·DQQHDX«FHVRQWG·LQVXSSRUWDEOHVLQWpJULVWHVJDOYDQLVpVSDUOHXUPLVVLRQpYHQWUHUOH ]RJR]RJRHWUpFXSpUHUO·DQQHDXXQLTXHGXGHVWLQODSLQ,OVDXURQWGXPDODWROpUHUTXL TXHFHVRLWHQIDLW 6LOHV SMVUHWRXUQHQWjODJDUHQQHUpFXSpUHUGHVYDQGHUEHFNV«LOVYHUURQW OHV ODSLQV V·HQIXLUDYHF«LOVSRXUURQWpYHQWXHOOHPHQWYROHUXQHK\SUDSXFHPDLVFHOOHFLVHVHQW LUUpVLVWLEOHPHQWDWWLUpHYHUVOHVFKDPSLJQRXVJpDQW HQJURVGDQVODGLUHFWLRQRSSRVpH GHODSRXUVXLWH (KRXLF·HVWjSLHGTX·LOIDXGUDOHUDWWUDSSHUOH¶WL]RQJR 

48$75,(0(3$57,( $/$328568,7( '(7,=21*2

pVXPpMRXUQpHHWQXLWGXGHX[LqPHMRXU2QSHXWVXLYUHODSHWLWH SHVWHjO·RUHLOOHWDQWLOEHXJOHGDQVODFDPSDJQH(QFRUHIDXWLOOH UDWWUDSHU 7RXW OH PRQGH YD ILQLU SDU VH UHWURXYHU FRLQFp GDQV OHV ERLVFDUQLYRUHV3XLVVHIDLUHFHXLOOLUHWKpEHUJHUSDUO·pWUDQJHFRPPXQDXWpTXH IRUPH©ODFDUDYDQHGHVPRQVWUHVJHQWLOVª

(

2Q SHXW VXLYUH WL]RQJR j O·RUHLOOH j  NP j OD URQGH 8Q SLVWHXU SHXW pJDOHPHQW WURXYHUGHVWUDFHV FKRVHVjPRLWLpGpYRUpHEXLVVRQVGpIRQFpV 7L]RQJRVXLWOHSHWLW VHQWLHU OH ORQJ GH OD ULYLqUH MXVTX·j VRQ HPEUDQFKHPHQW VXGHVW R LO FRQWLQXH GURLW GDQVODIRUrW 3HWLWHV JURVVHVUHQFRQWUHVHQIRUrW /HVSMVYRQWWRPEHUVXUXQFDGDYUHGHYDQGHUEHFNpYHQWXHOOHPHQWVHIDLUHVXLYUHSDU G pWUDQJHVVRXIIOHVRXGHVRPEUHVLQYLVLEOHV« G·pWUDQJHV VRXIIOHV RX GHV RPEUHV LQYLVLEOHV« 6·LOVHVVD\HQWGHSpQpWUHUGDQVODIRUrWLOVVHSHUGHQWLPPDQTXDEOHPHQWHWVHUHWURXYHQW jFKDTXHIRLVjQRXYHDXjO·HPEUDQFKHPHQWGHODULYLqUH6·LOVVXLYHQWODULYLqUH GH TXHO F{Wp TXH FH VRLW  LOV QH VRQW SDV UHSRXVVpV ,OV VH UHWURXYHQW FHSHQGDQW IDFH j GHVEURXVTXLPDQJHQWGXODSLQHQEURFKHDXPLOLHXGXVHQWLHUHX[DXVVLQHSHXYHQW SpQpWUHUODIRUHWSOXVKDXW LOVVHVRQWPDOFRPSULVDYHFOHXUVSRWHVHWOHVDWWHQGHQWj GHX[EUDVGLIIpUHQWVGHODULYLqUH  /(6%5286 SDUEDQGHGHGHX[WURLVVHORQODWDLOOHGXJURXSHGHSMV  /HVEURXVVHPRTXHURQWGHVSMVDYDQWG·pYHQWXHOOHPHQWOHVDWWDTXHU«,OVSHXYHQWpYRTXHUODFDUDYDQH©(K

OHVJUHPOLQVG·RYRXVVRUWH]«ODLVVH]PRLGHYLQHU«DUI9RXVrWHVV€UHPHQWGHODFDUDYDQHGHVPRQVWUHV«DYHFYRVWURQFKHVª 2XWL]RQJR ©HKOHFDVVHERQERQDHQILQGpFLGpGHIHUPHUVRQFODSLHU«PHUFLODIRUrWDUIDUIª©/DIRUHWFDUQLYRUHoD¶OIDLWoDF·HVW GXFKDRWLTXHPRQIUqUHª 3Y'JWVG FURFVJULIIHV DUPXUH GXUjFXLUH 3RXYRLUVVXUYLHFURFVGXUjFXLUH $FUREDWLHVKDELOH&KDUPHERQ%DJDUUHKDELOH$FXLWpKDELOH $SUqVO·DIIDLUHGHVEURXVRQSHXWHQWHQGUHjQRXYHDXWL]RQJRTXLKXUOHLOHVWSURFKH oDYLHQWGHVERLV SULVRQQLHUGHVERLVFDUQLYRUHVLOHVWHQWUDLQGHVHIDLUHGpOLYUHUSDU OHYHQHXUTXLOXLDHQOHYpODEUDQFKHTXLSRXVVDLWGDQVVDJRUJH«,OOHUDPqQHjOD FODLULqUHRXVHWURXYHODFDUDYDQH /HVERLVFDUQLYRUHV

(Q V·HQIRQoDQW GDQV OHV ERLV FDUQLYRUHV OHV SMV VH UHWURXYHQW  j FLUFXOHU KRUV VHQWLHU GDQVXQDPDVGHSOXVHQSOXVLQH[WULFDEOHGHWURQFVGHEUDQFKHVGHEXLVVRQVHWGH UDFLQHV L j j Gp GpFRXYHUWV« W & &HX[ FL L VHPEOHQW EO W VH PRXYRLU L HW W VH UHIHUPHU I VXU HX[« 3O 3OXV YUDLPHQW GH EUXLWV D SDUW GHV FUDTXHPHQWV VLQLVWUHV HW GHV VLIIOHPHQWV LQTXLHWDQWV ,OV VHIRQWUDSLGHPHQWLPPRELOLVHUOHVEUDQFKHVOHXUVDWWUDSHQWOHVPHPEUHVOHVWRUGHQW GDQVGHVSRVLWLRQVJURWHVTXHVHVVD\HQWGHSpQpWUHUGDQVOHXUVRULILFHVHWGHSRXVVHU jO·LQWpULHXU/DIRUrWYDOHVIDLUHSUHQGUHUDFLQHHWWRXWVLPSOHPHQWOHVGLJpUHUSHQGDQW TX·HOOH VH QRXUULW GH OHXU PDQD VXEVWDQFH YLWDOH«  TX·HOOH VXFH OHXU kPH /D IRUrW FDUQLYRUHHVWYLYDQWH VRUWH[SpULPHQWDOG·XQPDJLTXHXVHXUSRXUDQpDQWLUOHVPXUDLOOHV GXGRQMRQ« HOOHVRXKDLWHUDVVHPEOHUDVVH]G·pQHUJLHSRXUTXLWWHUFHWHQGURLW PDLV F·HVWXQHFKLPqUHFHODGHPDQGHUDLWWURSGHPDQDPrPHDYHFXQHDUPpHVDFULILpH HOOHQ·DYDQFHUDLWTXHG·XQRXGHX[NLORPqWUHVF·HVWG·DLOOHXUVFHTXLDVDXYpOHGRQMRQ (QSOXVOHPDJLFLHQDpWpOHSUHPLHUGLJpUp &KDQWHUjWXHWrWHXQSRqPHG·DPRXUj ODQDWXUHYpJpWDOHQHFKDQJHULHQDXVRUWGXSULVRQQLHUTXRLTXHHQGLVHQWUDFRQWDUV SHUVLVWDQWV PDQXHOVGHPDJLH/HVXQLTXHVFUpDWXUHVjYLYUHDXVHLQGHFHWWHSRUWLRQ GHODIRUHWVRQWXQHSRLJQpHGHWUROOVV\OYHVWUHVTX·LOYDXWPLHX[pYLWHUGHSUHQGUHSRXU GHVURFKHUVPRXVVXV 

6HXOXQPDJRVXSHUEDODLVHjOHSRXYRLUWHPSRUDLUHG·pFDUWHUODSUHVVLRQPRUWHOOHG·XQ DUEUHFDUQLYRUHoDWRPEHELHQOHYHQHXUHWVDFDUDYDQHGHVPRQVWUHVJHQWLOVFDPSHj SUR[LPLWpGDQVODFODLULqUHGHO·RULJLQDOLQJpUp $XPRPHQWRXGHVEUDQFKHVFRPPHQFHQWjSRXVVHUGDQVOHXUVJRUJHVOHVSMVVRQW VDXYpVHWUHFXHLOOLVSDUXQHIRXLQHDX[ORQJVSRLOVEODQFVHWWRXWHGHQRLUYrWXH PDQWHDX ORQJFKDSHDXEDWRQ « ©LOV·DJLWGpFLGpPHQWG·XQHQXLWSOHLQHGHUHQFRQWUH«MHOHVDYDLV0HVDPLV PHVIUqUHVVXLYH]PRLjODFDUDYDQHªLOPDUFKHYLWHOHVSMVRQWGXPDOjOHVXLYUH« ,OVILQLVVHQWSDUOHSHUGUHHWGpERXFKHQWjO·RUpHG·XQHFODLULqUHRSDVVHXQEUDVGH ULYLqUHPDUpFDJHXVH«7RXW\HVWEUXQ VROYpJpWDWLRQ &·HVWODFODLULqUHGHO·RULJLQDO LQJpUpOjRXOHPDJLFLHQFUpDWHXUGXVRUWjpWppWRXIIpSDUOHVDUEUHVGHVRQSURSUH PDOpILFHVDPRUWDSURYRTXpXQHJURVVHGLVSHUVLRQGHFKDPSVPDJLTXHVPDOJUp VDODLGHXUOHOLHXHVWGHSXLVjSHXSUqVVDLQURXORWWHVVRQWGLVSRVpHVHQGHPLFHUFOH DXWRXUG·XQJUDQGIHX,OVVRQWLPPpGLDWHPHQWLQWHUSHOOpVSDUGHX[PRQVWUHVTXLOHV VFUXWHQWHWOHXUGHPDQGHQWTXLOHVDDPHQpVLFL 3XLVUDVVXUpVXUO·DSSDUHQFHPRQVWUXHXVHGHVSMVFHVGHUQLHUVVRQWLQYLWpVjHQWUHUGDQV OHFHUFOHRXLOVVRQWSUpVHQWpVjO·LQLWLp /DFDUDYDQHGHVPRQVWUHVJHQWLOV

©/HYHQHXUDSSDUDvWWRXMRXUVDXORLQHQKDXWGHODFROOLQHª SURYHUEH $YHFOHXUVURXORWWHVOHVPRQVWUHVGHODFDUDYDQHVLOORQQHQWOHVURXWHVjODVXLWHGX YHQHXU JpQpUDOHPHQW DEVHQW GH OD FDUDYDQH LO UpDSSDUDLW UpJXOLHUHPHQW DYHF XQ QRXYHDXPRQVWUHjSURWpJHU &·HVWXQPDJHWUqVSXLVVDQWXQGHYLQLQVDLVLVVDEOH /HV PHPEUHV GH OD FDUDYDQH VRQW WRXV G·KRUULEOHV PRQVWUHV TXL RQW OD SDUWLFXODULWp G·DYRLUXQERQIRQGLOVVRQWJHQWLOVTXRL,OVIRQWGHVVSHFWDFOHVGHWURXEDGRXUVHWYLYHQW GHFHTXHOHXUVGRQQHQWOHVKDELWDQWVGHVYLOODJHVGHSDVVDJHV(QILQFDF·HVWODIDFDGH HQIDLWODFDUDYDQHHVWFRQVWLWXpHGH*5286'HVJHQVQRUPDX[GHYHQXVPRQVWUXHX[ XQMRXUFRPPHoD ODSOHLQHOXQHHWF TXLSHUGHQWODPpPRLUHHWHUUHQWFRPPHGHV VDXYDJHVO·,QWpJUDWLRQDXVHLQGHODFDUDYDQHOHXUSHUPHWGHVHUHVRFLDOLVHUGDQV XQH FRPPXQDXWp  GH UHWURXYHU SHX j SHX OD PpPRLUH GH FRPSUHQGUH TXL LOV VRQW UpHOOHPHQW8QHIRLVDWWHLQWFHWpWDWGHFRQVFLHQFHLOVVRQW©FKHYDOLHUVªLOVVRQWFDSDEOH GHUHSUHQGUHjYRORQWpOHXUDQFLHQQHIRUPHHWjPDLWULVHUOHXUVVRXYHQLUV,OVILQLVVHQW JpQpUDOHPHQWSDUDFFHSWHUWRWDOHPHQWOHXUVIRUPHVPRQVWUXHXVHVHWF·HVWFHOOHFLTXL OHXUGHYLHQWQDWXUHOOH /HVDXWUHVPHPEUHVGHODFDUDYDQHOHVQRYLFHVQHVRQWSDVHQFRUHFRQVFLHQWGHOHXU ©PpWDPRQVWURVHªLOVQHFKDQJHQWGRQFSDVHQFRUHGHIRUPH,OVYRQWGXPRQVWUHWRXW QLDLVDXJUDQGJDPLQTXLSDUOHWRXWOHWHPSVGHVDPqUHHQSDVVDQWSDUOHPRUDOLVWH OHUHVSRQVDEOHHWF GXVW\OHOHVVFKWURXPSIVTXRL /·HQWUDLGHHVWOHPRWG·RUGUHGHODFDUDYDQHLOVVRQWPpILDQWHQYHUVOHVQRXYHDX[DUULYpV PDLVRQWGHWRXWHVIDFRQXQHFRQILDQFHDYHXJOHVSDUIRLVSURFKHVGXVHFWDULVPHHQOH YHQHXU /jLOVVRQWHQURXWHYHUVOHGRQMRQRXQHSDUWLHGHVPRQVWUHVYDVHIDLUHHPEDXFKHU HQFGG QRWDPHQWWRXWOHJURXSHGH©EHOOLTXHX[ªGRQWOHERQIRQGQ·HVWSDVHQFRUH UHPRQWpGRQWODVDXYDJHULHSULPHHQFRUHVXU©O·DQLPDOLWpLQWHOOHFWXHOOHª /DFDUDYDQHHVWWUqVFRQQXHDXGRQMRQFDUHOOH\HVWV\QRQ\PHGHYDFDQFHVHQHIIHW SDUGpURJDWLRQVSpFLDOHGHFDGPLRPGHVPRQVWUHVSHXYHQWSUHQGUHFRQJpHWLQWpJUHU ODFDUDYDQH HQJpQpUDOSRXUXQHVDLVRQRXGHX[  /HVSMVYRQWJURVVRPRGRUHQFRQWUHUWRXUjWRXU O·LQLWLpOHUHVSRQVDEOHGHODFDUDYDQHHQO·DEVHQFHGXYHQHXU /HVQRYLFHV©/DSRSRWHª ODSOXSDUWYRQWDOOHUERVVHUXQPRPHQWDXGRQMRQ   /HV FKHYDOLHUV  MRQJOHXUV IXQDPEXOHV GUHVVHXUV TXL JDUGHQW OHV PRQVWUHV EHOOLTXHX[  

/HVEHOOLTXHX[7L]RQJRHVWHQFDJHDYHFHX[,OVYRQWrWUHGpSRVpVDX'RQMRQSRXU OHXUVWDJHGHUpLQVHUWLRQ SRXUVHGpIRXOHU  OD©YLVLWHªGHODFDUDYDQHVHIDLWGDQVXQDFRPSDJQHPHQWVRQRUHGHJURJQHPHQWV UDFOHPHQWVUHQLIOHPHQWVHWVWULGHQWV]RQJR /·LQLWLp

©%LHQYHQXHGDQVODFDUDYDQHGHVPRQVWUHVPHVDPLVPHVIUqUHVLFLYRXVVHUH]FRPSULVª ©-HVXLVEORSSRXYH]pJDOHPHQWP -H VXLV EORS SRXYH] pJDOHPHQW P·DSSHOOHU DSSHOOHUOO·LQLWLp LQLWLpF  F·HVW HVWPRLTXLP PRL TXL P·RFFXSH RFFXSHGHVFRQWLQJHQFHVPDWHULHOOHVGHOD GHV FRQWLQJHQFHV PDWHULHOOHV GH OD FDUDYDQHHQO·DEVHQFHGXYHQHXUª ©1RXVVRPPHVGHVEDOODGLQVQRXVYLYRQVGHQRVVSHFWDFOHVPDLVFHQ·HVWTX·XQHFRXYHUWXUHª ©0RLDXVVLMHVXLVFRPPHYRXVQRXVVRPPHVWRXVXQSHXSDUHLOLFLUpXQLVSRXUODPrPHUDLVRQXQHDSSDUHQFH PRQVWUXHXVHG·DFFRUGPDLVDXVVLXQERQIRQGSDWLHQWJpQpUHX[VDJHWDTXLQVRXWRXWIRXRXLQRXVVRPPHV GHVPRQVWUHV*(17,/6(WFDQ·HVWSDVWRXMRXUVIDFLOHjYLYUHª ©/HFKRL[HWODSDUROHGXYHQHXUIRQWORLª /HVQRYLFHV $VVLVDXFRLQGXIHXLOVpSOXFKHQWHWIRQWFXLUHGHVSDWDWHVJpDQWHVFRXSpHVHQFXEH ODSOXSDUWGHVQRYLFHVRQWpWpUDPDVVpVDXFRXUVGHVVL[GHUQLHUVPRLVGHURXWHYHUV S S OHVSODLQHVGXQRUG,OVQHVRQWSOXVTX·jXQHMRXUQpHGHURXWHGXGRQMRQLOVVRQWWUqV H[FLWpV3RXUEHDXFRXSF·HVWXQHJUDQGHSUHPLqUH(WOHVPRQVWUHVHQYDFDQFHVHQ RQWEHDXFRXSSDUOpGXGRQMRQ/HVGHX[FRPSqUHVTXLRQWFURLVpVOHVSMVjO·RUpHGHOD FODLULqUHVRQW*HQWLOHW&RSDLQ *HQWLOLOHVWFRPPHXQHQIDQWREVpGpSDUOHVFDLOORX[HWSDUVDPDPDQ%ORTXp GDQVXQHSHUVRQQDOLWpLQIDQWLOHGHSXLVTXHVDPqUHHVWPRUWHODSLGpHGHYDQWVHV\HX[ HQWHQWDQWGHOHSURWpJHUOHMRXUGHVD©PpWDPRQVWURVHª2QQHSHXWSDVYUDLPHQW GLVFXWHUDYHFOXL©9LHQVRQYDFKHUFKHUGHVFDLOORX[SRXUGRQQHUjPDPDQª &RSDLQLOHVWVXSHUFRRO,OH[SOLTXHFDOPHPHQWOHVFKRVHVHWjO·DLUG·HQVDYRLUSDV PDO8QHIRLLQpEUDQODEOHHQYHUVODFDUDYDQHjODOLPLWHGXIDQDWLVPH ©DYDQWM·pWDLVPDXYDLVGURJXpYROHXUJUkFHjODFDUDYDQHªEODEOD ,ODFRPPHQFpXQHLQLWLDWLRQ GHFKHYDOLHULOQHFRPSWHSDVUHVWHUDXGRQMRQ OHVDXWUHV

©ERQEHQPZDM·YDGRUPLUª ©PZDM·YDDXGRQMRQSRXUPRQMREª ©KHLQFRSDLQ8QMRE)LQLOHVYDFDQFHVª ©)LQLG·rWUHXQPRQVWUHHUUDQW/DEDVDXGRQMRQPZDMDXQHVDOOHjJDUGHUHWKRSª ©]LJRXLOOHOHVDYHQWXULHUV0RLM·OHVFRXLFª ©PZDXQHVDOOHHWXQWUpVRU&DF·HVWPRQMREHWM·OHIDLWELHQª ©]rWHVSDVGHVDYHQWXULHUVDXPRLQV"ª /HVFKHYDOLHUV 'DQVWRXVOHVFDVOHVPRQVWUHVGHYLHQQHQWPpILDQWVjO·DQQRQFHG·XQGpSDUWGHVSMV ,OVVHWURXYHQWDXSUqVG·XQVHFRQGIHXGHFDPSIDFHjXQHORQJXHURXORWWHFDJHGRQW S S J J RQDUHOHYpODEDFKH/jVRQWHQIHUPpVOHVEUX\DQWVEHOOLTXHX[ /HVFKHYDOLHUVVRQWGHVPRQVWUHVGRQWO·pWDWGHFRQVFLHQFHHVWpYHLOOp&HVRQWOHVDQFLHQV GHODFDUDYDQH$XTXRWLGLHQLOVSURVSHFWHQWSRXUOHVVSHFWDFOHVUpSHWHQWHWMRXHQW,OV JDUGHQWHWWkFKHQWpJDOHPHQWGHGUHVVHUOHVEHOOLTXHX[+DELWXpVjGRQQHUGHVRUGUHV GDQVODFDUDYDQHLOVVRQWSOXW{WGLVWDQWVHWV€UVG·HX[YRLHDUURJDQWVHWKDXWDLQV

©9DPHVHUYLUXQSODWGHSDWDWHVFKDXGHVª ©7XYHX[DSSUHQGUH"3RUWHGRQFPHVpFKDVVHVª 

©7XFRQQDLVODPDJLH"9DQHWWR\HUOHVODWULQHVVDXYDJHVª LOV MRQJOHQW HW PDUFKHQW VXU OHV PDLQV GHYDQW OHV EHOOLTXHX[ HQ FKHUFKDQW XQ SHX D FDOPHUWL]RQJRTXLPHWOHVRXNGDQVODURXORWWH

©LODSSHOOHVDPqUH/HFULG·XQ]RQJRSHXWDYRLUXQHSRUWpHMXVTX·jNPGDQVVDIUpTXHQFHª ©&HV EHOOLTXHX[ VRQW GLIILFLOOHPHQW UpFXSpUDEOHV LOV UHVWHURQW HQ VWDJH DX GRQMRQ /H ]RQJR OXL HVW MHXQH M·HVVDLUHUDLELHQGHOHJDUGHUSRXUOHVWkFKHVORXUGHVª 6L ©O·pOXª FDOPH 7L]RQJR DYHF VRQ FROOLHU OHV FKHYDOLHUV VHURQW LPSUHVVLRQQpHV HW OH IHURQWVDYRLUjO·LQLWLp &LWDWLRQVSRXYDQWrWUH3URQRQFpHVSDUO·LQLWLpRXpYHQWXHOOHPHQWSDUOHVFKHYDOLHUV

©QRXVQRXVVRPPHVUpXQLVFDUQRXVSDUWDJHRQVXQPrPHVHFUHWª ©28, UHJDUGFRPSOLFH FHQ·pWDLWSDVXQUrYHª ©$XIRQGGHYRXVFRKDELWHQWGHX[UpDOLWpVG·XQHSDUWWDQDWXUHDQLPDOH(WG·DXWUHSDUW7XQ·DVSDVRXEOLpWD UHQFRQWUHDYHFO·KRPPHHQQRLUQ·HVWFHSDVª /·LQLWLp OHFRXSGHO·LQLWLDWLRQ /·LQLWLpSUHQGOHVSM·VjSDUWHWOHVLQWHUURJHVXUFHTX·LOVFRPSWHQWIDLUHLOOHXUIDLWOHFRXS GHO·LQLWLDWLRQHWOHXUSURSRVHG·LQWHJUHUODFDUDYDQHFRPPHQRYLFHVSRXUODSURFKDLQH S S J S S VDLVRQ,OHVWWUqVLQWULJXpVXUWRXWV·LOFRQVWDWHTX·LOVVRQWOXFLGHVRXTX·LOVRQWXQREMHFWLI SUpFLVV·LOVSDUOHQWGHOHXUWUDQVIRUPDWLRQLOOHVHQFRXUDJHjUHVWHUDLQVL

©RQV·KDELWXHFHQ·HVWSDVVLPDORQHVWXQHJUDQGHIDPLOOHª ©3HUVRQQHQHSRUWHGHMXJHPHQWVVXUYRXVLFLª ©7RXWFHODHVWQRXYHDXSRXUYRXVª ©YRXV FRQQDLVVH] DFWXHOOHPHQW XQ QRXYHO HYHLO DYHF QRXV YRXV DSSUHQGUH] SURJUHVVLYHPHQW j JHUHU YRWUH SHUVRQQDOLWpJURXHWYRXVSRXUUH]YRXVWUDQVIRUPH]jYRORQWpª ©LFLQRXVVRPPHVOHVPLHX[SODFpVSRXUYRXVFRPSUHQGUHHWYRXVDLGHU1RXVVRPPHVpJDOHPHQWSDVVpVSDUOj 1RXVDXVVLDYRQVpWpWURXYpVSDUOHYHQHXUª 6L  OHV SMV DQQRQFHQW GLUHFW TX·LOV QH YHXOHQW SDV UHVWHU RX V·LOV SRVHQW EHDXFRXS GH TXHVWLRQV

©ODUpSRQVHHVWDXIRQGGHWRQFRHXUª ©7XHVOLEUHGHTXLWWHUODFDUDYDQHPDLVLOHVWSDUIRLVGLIILFLOHGHYLYUHQRUPDOHPHQWHQSRUWDQWXQWHOVHFUHWª ©/HVHUUDQWVQHVRQWSDVWHQGUHDYHFQRXV,OVQRXVDFFXVHQWGHPDXYDLVHPDJLHGHPpFKDQFHWpª ©O·HQWUDLGHHVWGHPLVH0DLVQ·RXEOLHSDVTX·LOQHIDXWMDPDLVPHWWUHHQSpULOODFDUDYDQHª ©'HPDLQQRXVDUULYRQVDXGRQMRQVGHVPRQVWUHVQRWUHSULQFLSDOUHODLVGDQVFHWWHUpJLRQQRXV\UHVWRQVTXHOTXHV MRXUVOHWHPSVGHVUHWURXYDLOOHV&HUWDLQVG·HQWUHQRXVUHVWHURQVVXUSODFHWDQGLVTXHGHVQRXYHDX[RXGHVDQFLHQV LQWHJUHURQVODFDUDYDQHSRXUGHX[QRXYHOOHVVDLVRQV9HQH]DYHFQRXVOjEDVHWSUHQH]OHWHPSVGHUpIOpFKLUj YRWUHU{OHª /HV QRYLFHV YRQW VH FRXFKHU HQ SUHPLHU LOV VH OHYHQW W{W SRXU WRXW SUpSDUHU  VXLYL SURJUHVVLYHPHQW SDU OHV FKHYDOLHUV /H WRXW  GDQV OD FDFRSKRQLH SHUPDQHQWH GHV EHOOLTXHX[ O·LQLWLp

JHQWLO

WRXVGURLWVUpVHUYpV7,%*25'21 ZZZFRFRQLQRZRUOGFRP

FRSDLQ



&$55$&7(5,67,48(6'(6021675(6 39GHj'pJDWVGHEDVH'DUPXUHGHEDVH 32892,5jFKRLVLUVHORQO·LQVSLUDWLRQHWODGHVFULSWLRQGHODSODQFKHGH7LE*RUGRQ $PSKLELH$SSDUHQFH $YDOHPHQW &DPRXIODJH 'pWDOHU (FDLOOH (ODVWLTXH *ULIIHV ,QFUR\DEOHPHQW GLVFUHW ,QYXOQpUDEOH DX IHX/HYLWDWLRQ0LQXV2GHXU3HDXR[\GDEOH3RLVRQ5HIOH[HVpFODLUV6pFUpWLRQVDFLGHV6XUYLH7HUUHXU SURQIRQGHXUV9RLWQRLU9RO /HV&+(9$/,(56SHXYHQWVHWUDQVIRUPHUHQOHXUIRUPHDQLPDOHDYHFXQSRXYRLUFRUUHVSRQGDQWjFHOOHFL$ FKRLVLUVHORQO·LQVSLUDWLRQJUL]]O\O\Q[SXWRLVUDWRQODYHXUWDXSHODPDNRDODOHPPLQJPDFDTXH]HEUH SRXOHPpVDQJHDQWLORSHKpURQ $&52%$7,(6KDELOHSRXUOHV&+(9$/,(56SDVWUqVGRXpVSRXUOHVDXWUHV %$*$55(6+DELOHVSRXUOHV%(//,48(8;ERQVSRXUOHVDXWUHV $&8,7(KDELOHSRXUOHV&+(9$/,(56SDVWUqVGRXpSRXUOHVDXWUHV 1RYLFHV

&KHYDOLHUV

%HOOLTXHX[

WRXVGURLWVUpVHUYpV7,%*25'21 ZZZFRFRQLQRZRUOGFRP



&,148,(0(3$57,( '$16/(/$%<5,17+( '8'21-21

pVXPp  MRXUQpH GX WURLVLqPH MRXU 4XH FH VRLW j FDXVH G·XQH DW WDTXHGHODSLQVIDQDWLTXHVVXUODURXWHRXELHQGDQVO·DOOpJUHVVH GHO·DUULYpHDXGRQMRQ7L]RQJRVHVDXYHGDQVXQWURX/HVSMVVH ODQFHQWGDQVXQHSRXUVXLWHVRXWHUUDLQHTXLOHVPHQHUDMXVTX·DX[PpDQGUHVGX*UL PWRXVVHSDUFSXLVMXVTX·jODVDOOHGHJURV]RQJROHERXTXHWILQDO

(

(QURXWHSRXUOH'RQMRQ 5pYHLOOpHGHVO·DXEHODFDUDYDQHVHSUpSDUHHWWRXWOHPRQGHTXLWWHODFODLULqUHGDQV XQH MR\HXVH M \ FDFRSKRQLH S FKDQWV HW JURJQHPHQWV J J GDQV GLYHUVHV ODQJXHV  J  WRXMRXUV M HQ VXLYDQWOHOLWGHODULYLqUH VHXOPR\HQGHWUDYHUVHUVDQVHQFRPEUHODIRUHWFDUQLYRUH  ­/·HPEUDQFKHPHQWVXGGHODULYLqUHRQSHXWDSHUFHYRLUODIRUWHUHVVHHWOHVWURLVKDXWHV WRXUVGXGRQMRQGDQVXQSD\VDJHEUXPHX[jO·RUpHG·XQLPPHQVHPDUpFDJHjO·HVWHW G·XQHIRUHWGHFKDPSLJQRXVpQRUPHVjO·RXHVWLOUHVWHXQHJURVVHGHPLMRXUQpHGH PDUFKH6·LOVVRQWFXULHX[OHVSMVSRXUURQWUHFHYRLUXQFRXUVGH]RRORJLHGHVPDUDLV FKDPSLJQRQVIOXRV YDSHXUVWR[LTXHV&UpDWXUHVGLYHUVHV YDULpHV /H WHUUDLQ HVW SOXV GpJDJp OHV EHOOLTXHX[ WRXMRXUV DXVVL EUX\DQWV  VRQW DWWDFKpV j O·H[WHULHXUGHOHXUURXORWWHSRXUOHXUIDLUHSUHQGUHO·DLUWL]RQJR\FRPSULV /DFDUDYDQHFRQWLQXHDVXLYUHODULYLqUHHWSDVVHDX[DERUGVGXSRLQWGHUHQGH]YRXV GHVSMV©OHYLHX[IRVVLOHªjO·RUpHGHVFKDPSLJQRXV /HUHQGH]YRXVDYHF+RURXV +RURXVDSHUFRLWODFDUDYDQHGHORLQHWODUHMRLQW ©(KOHVDYHQWXULHUVª VLF

©-HPHGHPDQGDLVFRPPHQWYRXVYRXV\SUHQGULH]SRXUDWWUDSHUOHSWLWPDLVOjM·DYRXHTXHOHFRXSGHOD \S S S S M T S FDUDYDQHWUqVPDOLQ9RXVP·DYH]DJUpDEOHPHQWVXUSULVª O·LQLWLp©ERQMRXU+RURXVOHWKDXPDWXUJHWXVDLVFHQHVRQWSOXVYUDLPHQWGHVDYHQWXULHUVPDLVGHVPRQVWUHV JHQWLOVLOVGRLYHQWV·KDELWXHUjFHWWHQRXYHOOHFRQGLWLRQª ©(QWRXWFDVF·HVWIRXFRPPHTXRLGHVIRLVLO\DGHVFRQMRQFWLRQV/HVFRLQVOHVSOXVGpVHUWVVHUHWURXYHQWSOXV ERQGpVTX·XQHWDYHUQHj$QWLSROLV &DIDLWXQHKHXUHTXHM·REVHUYHXQUDVVHPEOHPHQWG·XQHEDQGHGHODSLQVDUPpVMXVTX·DX[GHQWVGHUULqUHOHVJURV FKDPSLJQRXVQRLUV(WRQQDQWFHVODSLQVGHEDQOLHXHVGXMDPDLVYXSDULFL,OVVHPEOHQWWUHVGLIIpUHQWVGHVODSLQV GH]RRPDWDX[LPH'HVJXHUULHUVDKDKLOVVRQWPrPHDFRPSDJQpVGHPDFKLQHVYRODQWHVGRXDUIV9RXV\ FUR\H]FD"'HVGRXDUIVHWGHVODSLQVHQVHPEOHTX·HVWFHTXHFDVLJQLILH",OVQ·RVHUDLHQWWRXWGHPrPHSDV DWWDTXHUOHGRQMRQ$KEHQWHQH]OHVYRLOjG·DLOOHXUV F·HVWLQJpQLHX[FHVPDFKLQHVYRODQWHVGRXDUIV&DPDUFKHDYHFGXFKDUERQHWGHVSpGDOHVª /·DWWDTXHGHVODSLQVHQUDJpV 'HX[HVSqFHVG·KpOLFRSWqUHVjFKDXGLqUHVFRQGXLWVSDUXQGRXDUIHWFKDUJpVGHODSLQV KXUODQWVYLUHYROWHQWGLIILFLOHPHQWHQ]LJ]DJHQGLUHFWLRQGHODFDUDYDQH  J J /HSUHPLHUV·pFUDVHODPHQWDEOHPHQWVXUXQWDVGHFKDPSLJQRXVJpDQWVWDQGLVTXHOH GHX[LqPHSDVVHPqWUHVDXGHVVXVGXJURXSHHQFUDFKDQWXQHpSDLVVHIXPpHQRLUH LOIDLWGHPLWRXUHQ]LJ]DJHWUHYLHQWYHUVOHJURXSHWDQGLVTX·XQHTXLQ]DLQHGHODSLQV VXUJLVVHQWHQKXUODQWGHVIRXUUpVHWGHWURXVGDQVOHVRO

©SRXUO·DQQHDXXQLTXHGXGHVWLQODSLQª /·KpOLFR FUDFKRWWH HW V·pFUDVH VXU OD FDUDYDQH GHV EHOOLTXHX[ VRXOHYDQW XQ QXDJH GH SRXVVLHUHHWSURYRTXDQWODSOXVH[WUHPHFRQIXVLRQOHVEHOOLTXHX[HQOLEHUWpWDSHQWVXU WRXWFHTXLERXJHQWHWOHVODSLQVVHSUpFLSLWHQWVXUWL]RQJR T J S S S J /(6/$3,16(15$*(6'(/$&20081$87('(/·$11($8'8'(67,1/$3,1 /HV ODSLQV HQUDJpV VRQW LQFUHYDEOHV PrPH V·LOV VHPEOHQW WRXMRXUV WRPEHU FRPPH GHV PRXFKHV ,OV VRQW OjSRXUO·DPELDQFHMXVTX·jODILQGHODSDUWLH,OVVXUJLURQWWRXMRXUVDXPRPHQWRSSRUWXQ DXGpWRXUG·XQ FRXORLUGHGHUULqUHXQEXLVVRQRXG·XQHURXORWWHGHODFDUDYDQHRLOVV·pWDLHQWFDFKpV SRXUKDUFHOHUOHV SM·VRXSRXUVXLYUHWL]RQJRGDQVVRQpFKDSSpH7RWDOHPHQWIDQDWLVpVHWREQLEXOpVSDUOHXU©DQQHDXXQLTXH GXGHVWLQODSLQª 3Y'JWV' NDWDQDpSpHFRXUWH DUPXUHOHJHUH  $FUREDWLHVKDELOH&KDUPH QXO%DJDUUHSDVWUqVGRXp$FXLWpKDELOH3RXYRLUVGpWDOHUUpIOH[HpFODLU 

6(/21/(6$&7,216'(6-28(856'(8;3266,%,/,7e63(89(176(35e6(17(5 $!7L]RQJRFRXUVVHUpIXJLHUGDQVXQWURXVXLYLSDUODEDQGHGHODSLQRWVHQUDJpVOHVSMVYRQWDORUVGHYRLU OHVXLYUHVRXVWHUUHMXVTX·DXGRQMRQHWMXVTX·jJURV]RQJR92,5/(&+$3,75( 6RXVWHUUH %!6RLWOHVSMVUpXVVLVVHQWjHPSHFKHUO·pYDVLRQGHWL]RQJRHWODFDUDYDQHFRQWLQXHVRQFKHPLQMXVTX·DX GRQMRQ6·LOQHV·pFKDSSHSDVHQWUHWHPSV&HVHUDGDQVODFRXUXQHIRLVOHVPDLQVOLEUHVTX·LOYDWHQWHUGH UHMRLQGUHVRQJUDQGIUqUHTXLO·DSSHOOHGHOjKDXW(QILQLOIDXGUDG·DERUGSDVVHUSDUHQGHVVRXV %!/HVSMVUpXVVLVVHQWjHPSHFKHUO·pYDVLRQGHWL]RQJRDSUHVODFKXWHGHO·KpOLFRSWHUH /DFDUDYDQHFRQWLQXHVDURXWHDSUqVDYRLUUpHQFKDLQpWRXVOHVEHOOLTXHX[XQHURXORWWH HQPRLQVGDQVXQHDPELDQFHXQSHXSOXVFDOPH/·LQLWLpGLVFXWHDYHFKRURXVHQMHWDQW  S S M UpJXOLHUHPHQWGHVFRXSVG·RHLOHQELDLVDX[SMVYRLUHQOHVGpVLJQDQWGLVFUqWHPHQW,O HVWHQWUDLQG·H[SOLTXHUOHSRXUTXRLFRPPHQWGXVRUWTX·LODHQYR\pDX[SMVO·LQLWLpHVW GpFXTX·LOVQHVRLHQWSDVGHYUDLVPRQVWUHVLOYRXGUDLWELHQTX·LOVOHUHVWHQWGpVRUPDLV 3XLVO·DPELDQFHUHYLHQWFDUPDOJUpOHVPDUDLVSHVWLOHQWLHOVOHVPXUDLOOHVVHIRQWSOXV SURFKHVOHVPRQVWUHVVHVHQWHQWFKH]HX[ ©HQILQODPDLVRQª LOVVHIRQWWDTXLQVDYHFOHV FUpDWXUHVGHVPDUDLVFRXUHQWDSUqVOHVPDFDVVHX[DWWUDSSHQWGHVIDXFKHXVHVYHUWHV SRXUOHVPDQJHURXVHOHVJOLVVHUVRXVOHVYrWHPHQWV,OVV·DPXVHQWDXVVLjIDLUHSHXU DX[DYHQWXULHUVTXLVHVRQWFDFKpVGDQVOHVEXLVVRQVHQHQWHQGDQWODFDUDYDQH $WWDTXpVSDUXQHEDQGHG·DYHQWXULHUVFHQWDXUHVLOVVHSURWqJHQWDYHFOHVEHOOLTXHX[ WHQXVHQODLVVH0DLVSDVIDFLOHGHVHEDWWUHWRXWHQWHQDQWWL]RQJR 81(%$1'('(&(17$85(6$9(1785,(56 ,O V·DJLW GH O·DYDQWJDUGH G·XQH HVFRXDGH GH FHQWDXUHV TXL YD DOOHU WUqV ORLQ GDQV OH GRQMRQ  ,OV VHURQW EUXWDOHPHQWVWRSSpVGDQVOHXUDVFHQVLRQSDU0DUYLQGDQVODVDOOHDXWUpVRUGH6PDXNOHYLHX[GUDJRQ 3UHPLqUHSODQFKHGH©6RUWLOqJH $YDWDUªGRQMRQ=pQLWK LOVV·HQQXLHQWHWYHXOHQWVHGLVWUDLUHXQSHX 39VDERWVGGJWV$UPXUHPR\HQQHSURWHFWLRQ FHQHVRQWSDVGHVSRQH\VGRQFVHXOHPHQW DFUREDWLH pSpHODQFHGJWVG$FUREDWLHVKDELOH&KDUPHERQ%DJDUUHKDELOH$FXLWpERQ 3RXYRLUVSUHVWDQFHVXUYLH 6LPDOJUpWRXWWL]RQJRQHV·pFKDSSHSDVGDQVXQWURXFRPPHLOHVVD\HUDGHOHIDLUHj ODPRLQGUHRFFDVLRQ 92,5DORUV6RXVWHUUH  ODFDUDYDQHDUULYHDX'RQMRQ $UULYpHDX'RQMRQSDUODFRXUGHVJUDQGV /HVFODLURQVVRQQHQWTXDQGLOVIUDQFKLVVHQWODORXUGHKHUVHGHVGL]DLQHVGHPRQVWUHV VHSUpFLSLWHQWSRXUOHVDFFXHLOOLUUHWURXYDLOOHVpPXHVWRXWHODFOLTXHGH©PRQVWHXUª S S S  T HVWOjJURJURMHDQMHDQHWF 'DQV XQ MR\HX[ EURXKDKD OHV EHOOLTXHX[ K\VWpULTXHV VRQW ODFKpV GDQV OD FRXU OD WUDQVIRUPDQWHQXQHHVSqFHGHFRUULGDIHVWLYH ©2Opª6LOHVSMVYHXOHQWJDUGHUWL]RQJRDWWDFKpKRURXVOHXUGLWTXHERQODFRUULGDF·HVW ODWUDGLWLRQLOSUHQGXQDLUGpWDFKp0DLVVRXULWXQSHX F·HVWODSUHPLqUHIRLV ©7RXVjODFDIpWDULDVYSª GHPDQGHOH5DFRQWHXUG·KLVWRLUHV©O/DFDIHW/DFDIHWª/HVSMVVRQW HQWUDLQpVGDQVXQHIDUDQGROHGHPRQVWUHVKHXUHX[ 4XDQWXQJURJQHPHQWG·RXWUHWRPEHVHIDLWHQWHQGUH ©%RQVDQJF·HVW]RQJR"3RXUTXRLQ·HVWLOSDVDYHFQRXV"ª©,OHVWGHJDUGHHQKDXWGXSDUFª WRXWOHPRQGH HQFKRHXU ©]RQJR]RQJRª 7L]RQJRVHPEOHSULWGHIROLHIXULHXVH2QOHUHPDUTXHWDQWLOHVWH[LWp+RURXVHQ DFFRUG DYHF OH 5DFRQWHXU G·KLVWRLUHV VXJJqUH GH OH ODLVVHU UHWURXYHU VRQ IUqUH  LOV DFWLRQQHQWSOXVLHXUVWUDSSHV GDQVODTXHOOHWRPEHQWGLYHUVSDVVDQWV SRXUILQDOHPHQW VHGpFLGHUVXUXQHTXLPqQHjO·HQWUpHGXSDUFGH*ULPWRXVVH

©6·LOYRXVSODLW)DLWHVODFRUULGDDYHFOHMHXQH]RQJRDILQTX·LOSDVVHSDUODWUDSSHª 

©6XLYH]OH GH SUqV MH YRXV UHWURXYH HQ EDVª ,O UpFXSqUH XQH ERXOH SRUWDEOH VXU XQ PRQVWUH TXLSDVVDLWSDUOjODILOHDX[SMVHWOHVSURMHWWHGDQVOHQRLUWRERJJDQ$ODVXLWHGH WL]RQJR 6HORQO·pYROXWLRQGHODSDUWLHOHPDLWUHGHMHXSHXWGpFLGHUTXHFHQ·HVWSDVODERQQH WUDSSHTXLDpWpDFWLRQQpHHWH[SHGLHUWRXWOHPRQGHGDQVOHODE\ULQWKHLQWHVWLQDO YRLU DORUV 6RXV WHUUH  RX ELHQ GLUHFWHPHQW j O·HQWUpH GX SDUF YRLU DORUV 9LVLWH JXLGpH DX JULPWRXVVHSDUF  $!7,]RQJRV·HQIXLWGDQVXQWURXVRXVWHUUH DYDQWO·DUULYpHDX'RQMRQ +RURXVHVWELHQHPErWp

©LOYDIDOORLU\DOOHUPHVVLHXUV9RXVDYH]XQHPLVVLRQTXLYRXVpFKDSSH4XDQWjPRLSII3DVTXHVWLRQ \ T SS S T TXHMHGHVFHQGHOjGHGDQVMHYDLVGHYRLUEHXKF·HVWTXHM·DLXQUDSSRUWjIDLUHª ©$OOH]\HWDUUDQJHUYRXVSRXUOHUDWWUDSHU&HVJDOOHULHVPHQHQWDXGRQMRQDYHFXQSHXGHFKDQFHRQYDSRXYRLU VHUHWURXYHUM·DSSHOOHDOFLELDGHª LOVRUWXQHSHWLWHERXOHGHFULVWDOPRELOH ©$OOR"2XLM·DLXQSUREOqPHDYHFOHSHWLW]RQJRHWOHVDYHQWXULHUV,OVYRQWGHYRLUOHVXLYUHVRXVWHUUH$XYLHX[ IRVVLOHF·HVWSDVDXQLYHDXGXSRQWE"0DLVFRPPHQWFD",OVQHFKDQJHQWSDVWRXVVHXOVOHVFRXORLUVTXDQG PrPH"$KERQ"(XK%HXUN(WDXJULPWRXVVHSDUF"%RQM·DUULYHª ©9RLOjMHYRXVODLVVHODERXOH9RXVGHYH]UHWURXYHUOHSHWLWHWHQVXLWHRQVHUHWURXYHDXSRQWLQXWLOHjO·HQWUpH GXJULPWRXVVHSDUF&·HVWYHUVOHVXGHVW'HWRXWHIDoRQMHYRXVUDSSHOOHDKRXL/DSHWLWHERXOHEULOOHGDQV OHQRLUª $XGpEXWLOIDXWUDPSHUXQSHXF·HVWOHQRLUFRPSOHWSXLVOHFRXORLUV·pODUJLWELHQ WDLOOpGLUHFWLRQHVW²RXHVW5pJXOLHUHPHQWGHVFULVGpFKLUHQWOHVLOHQFH

©=2RRR1*2RRª©=2RRR1*2RRª ©SDULFLSDUOjª+XUOHQWOHVODSLQV©3RXUO·DQQHDXXQLTXHª 6RXVWHUUH 3HQGDQW XQ PRPHQW LO \ D SHX GH ELIXUFDWLRQV 3XLV OHV JDOOHULHV GHYLHQQHQW SOXV QRPEUHXVHVSDUWDQWGXFRXORLUSULQFLSDOHOOHVVRQWFUHXVpHVVXUSOXVLHXUVQLYHDX[j S S S  S  KDXWHXUGXVROPDLVDXVVLjPGXVROHWVXUOHSODIRQGFDSDUWGDQVWRXVOHVVHQV /HV PXUV VRQW G·XQH FRQVLVWDQFH WUqV FRPSDFWH FRPPH FRPSRVpV G·XQH HVSqFH GH FLPHQWYHUGDWUH ­ O·HQ VXLYUH OHV pFODWV GH YRL[ SDV HFFHVVLYHPHQWV ORLQWDLQV  LO IDXW HPSUXQWHU XQ FRXORLUEDVJURVVLHUHPHQWFUHXVpGDQVODWHUUH 3XLVODERXOHTXLHPHWXQHOXPLqUHYHUGDWUHVRQQHF·HVWKRURXV

©$OOR"2XHWHVYRXV"9RXVO·DYH]UDWWUDSSp"2QDUULYHSDVjYRXVORFDOLVHU7RXWFHTX·RQSHXWGLUHF·HVWTXH YRXVHWHVGDQVOHGRPDLQHGXODE\ULQWKHLQWHVWLQDODWWHQWLRQjQHSDVYRXVIDLUHGLJpUHUª /( /$%<5,17+( ,17(67,1$/ ©'DQVTXHOVW\SHGHFRXORLUVrWHVYRXV"FDV·HIIULWHFDUpVRQQHHWFDWUHPEOHXQSHXVRXVOHVFULV"

*UDWWH]XQSHXPPPF·HVWFDFDGHYLHQWVSRQJLHX[FDVXLQWH"%RQDSSDUHPPHQWYRXVrWHVFDUUpPHQWHQWUpjO·LQWpULHXUGXODE\ULQWKH LQWHVWLQDOVXUWRXWHXKQHSDQLTXH]SDVQ·DELPH]SDVOHVSDURLVRXLODXUDXQHUpDFWLRQGHUHMHWª ©&·HVWXQHFUpDWXUHHQILQXQHHVSHFHGHWULSHJpDQWHVRXWHUUDLQHTXLSDVVHVRQWHPSVjFUHXVHUSRXUVHGpSODFHUHWjGLJpUHUWRXWFHTX·HOOH DFUHXVpHDYHFVHVPXOWLSOHVYLVFqUHVJpDQWHV3DUVHVGHMHFWLRQVHOOHUHERXFKHDXWDQWGHJDOOHULHVTX·HOOHHQFUHXVHF·HVWSRXUTXRLOHFKHPLQ FKDQJHWRXWOHWHPSVª (WUHEORTXpjO·LQWpULHXUDYHFXQHERXOHSRUWDEOHSRXUFRPPXQLTXHUHVWXQHSUHPLHUHTXLUHYHWXQHJUDQGH LPSRUWDQFH ]RRORJLTXH SRXU $OFLELDGH  OHV SMV VRQW HQFRXUDJpV j H[SORUHU HW j GpFULUH FH TX·LOV YRLHQW VHQWHQWWRXFKHQWHWHQWHQGHQW 'HVJDOOHULHVGXKDXWpPDQHQWGHVJD]SXWULGHVGHFHOOHVGXEDVV·pFRXOHXQHYDVHpSDLVVHGHVVHFRXVVHV JrQHQW SRXU UHVWHU GHERXW HW GHV EUXLWV GH UHPXJOHV G·HVWRPDFV SHX UDJRXWDQWV VH IRQW HQWHQGUH ,OV VRQWUpJXOLHUHPHQWREOLJpVGHFKDQJHUGHFKHPLQFDUFHUWDLQHVJDOOHULHVVHERXFKHQWG·HOOHVPrPH HWGH QRXYHOOHVV·RXYUHQWDLOOHXUV  

/HVSMVSRXUURQWFURLVHUGHVODSLQVRXGHVDYHQWXULHUVHIIUD\pVSDUOHXUVDSSDUHQFHVRXSDUO·HQGURLWRXLOV VHWURXYHQWFRXYHUWVGHYDVHYRLUHFRLQFpVGDQVOHVPXUVHWjPRLWLpGLJpUpV9LYHQWpJDOHPHQWGHVJREHOLQV WURJORG\WHV DPSKLELHVDYHXJOHV HWGHVRUTXHVMDXQHV VDQVVTXHOHWWH  &HFLGLWOHXUGLWRQjWUDYHUVODERXOHF·HVWXQHWUqVERQQHFKRVHTX·LOVVHWURXYHQWWRXVjO·LQWpULHXUGX ODE\ULQWKHLQWHVWLQDO ©LOHIIHFWXHWRXMRXUVOHPrPHWUDMHWLOVYRQWGRQFrWUHFRQGXLWVGLUHFWHPHQWDXQLYHDXGXJULPWRXVVHSDUFHW

GpIpTXpVVXUSODFH7L]RQJR\FRPSULVFHVHUDXQH[FHOOHQWPR\HQGHOHUHWURXYHU'HSOXVOHJURV]RQJRHVWDFWXHOOHPHQWGHJDUGHGDQVOHV SOXVKDXWHVVDOOHVGX*ULPWRXVVHSDUFLOVXIILUDGHO·\DPHQHUOjEDVª 'HVQDSSHVGHJD]HQYDKLVVHQWG·DERUGO·HVSDFHSXLVGHODYDVHFRPPHQFHjVHGpYHUVHUGDQVWRXWHVOHV JDOHULHVEUDVVDQWWRXWVXUVRQSDVVDJHDXPRPHQWRXOHVSMVYRQWVHQR\HULOVVHIRQWHMHFWHUGDQVXQSURXW UHWHQWLVVDQW 9LVLWHJXLGpHDXJULPWRXVVHSDUF

©RYHU" 2YHU" +RURXV DSSHOOH DYHQWXULHUV YRXV DYH] LQWHUrW j PH UpSRQGUH MH YRXV UDSSHOOH TXH YRXV rWHV PDXGLWV  ª PDXGLWVª ,O V¶DJLW G·XQH JUDQGH VDOOH DYHF GHV VWDODJPLWHV HW WLWHV /HV SMV VRQQpV RQW pWp SURMHWpV G·XQ GHV PXUV G·RX O·RQ SHXW YRLU GHV GL]DLQHV GH JDOOHULHV TXL YLHQQHQW G·HPHUJHU HW TXL FRQWLQXHQW j OH IDLUH HQ SURMHWDQW GH ORQJV MHWV GH ERXH YHUGDWUH SDUIRLVDFRPSDJQpHVG·XQODSLQRXDXWUHFUpDWXUH 'HO·DXWUHF{WpGHODVDOOHVHWURXYHXQHpTXLSHW\SHG·DYHQWXULHUVGHEDVQLYHDX  JXHUULHUVYROHXUVFOHUFVPDJLFLHQV XQSHXLPSUHVVLRQQpVSDUFHTX·LOVYLHQQHQW GHYRLU LOVVRQWIDFHjXQXQODFGHODYHHWGLVFXWHQWVXUODPDQLqUHGHOHIUDQFKLUOHSRQW HVFDOLHUO·DQQHDXIL[pDXSODIRQGRXOHVHQWLHUVXUOHF{Wp" FHOXLFLDO·DLUHIIRQGUpj PLSDUFRXUVHQIDLWF·HVWERQPDLVLOHVWLQYLVLEOH  ©O·pWUDQJOHXUªHWOH©ORUGRIFKDRVª ©QRXVRQHVWO·pTXLSHJDXQWOHWª YHXOHQWYRLUV·LOQ·\D SDVTXHOTXHFKRVHjUpFXS·VXUOHVFDGDYUHV

©(KOHVJDUV&·HVWGHVPRQVWUHVHUUDQWV,OVIDXWOHV]LJRXLOOHU9HQH]YLWHª ©,OVRQWXQWUpVRURXXQREMHWPDJLTXH"%RQDORUVODLVVH]WRPEHUVXUOHSDUFKHPLQ\DpFULWXQJOREHG·XQH YDOHXUGHSRDSUqVOHO·HVFDOLHULQXWLOHDORUVRQWUDYHUVHRQYRXVSUpYLHQVF·HVWOHSUHPLHUTXLWURXYH TXLO·Dª KRURXVUDSSHOOHOHVSMV ©RKHK5HJDUGH]MHVXLVOjKDXWª2QSHXWOHYRLUVXUXQEDOFRQHQ KDXWHXU ©MHYRXVDYDLWSURSRVpGHGpFRXYULUTXHOTXHVWUXFV DVWXFHVGX'RQMRQMHQHVXLVSDVXQLQJUDW %LHQYHQXHDXJULPWRXVVHSDUFYRXVDYH]IDFHDYRXVOHFpOHEUHHVFDOLHULQXWLOHGHJULPWRXVVHª OHV SUHPLHUV DYHQWXULHUV GH O·pTXLSH JDXQWOHW DUULYHQW DX PLOLHX GH O·HVFDOLHU TXDQG FHOXLEDVFXOHjƒVXUVRQD[HSURMHWDQWDYHQWXULHUVGDQVODODYHDYDQWGHVHUHPHW WUHHQSODFH 8QDXWUHGpFLGHG·DFFURFKHUXQHFRUGHjO·DQQHDXIL[pDXSODIRQGHWGHV·pODQFHUGH O·DXWUHF{WpPDLVO·DQQHDXDFFURFKpjXQHSRXOLHVHGpWHQGHWSORQJHO·LQIRUWXQpGDQV ODODYH XQHYROpHGHFDUUHDX[VHFKDUJHGHO·DFKHYHU

©(KRXL(WFDF·pWDLWOHPpPRULDOGHODMXQJOH8QSHXFUXHOLOHVWYUDLF·HVWSRXUTXRLJULPWRXVVHDILQDOHPHQW UDMRXWpOHVDUEDOHWHVSRXUDEUpJHUOHVVRXIIUDQFHVGXFOLHQWª &$55$&7(5,67,48('(/·(48,3(*$817/(7 'HVFOLFKpVVXUSDWWHVSDVWUqVGRXpRXQXOHQWRXW\FRPSULVOHVWDOHQWV EULFRODJHVHFRXULVPHJpR JUDSKLH 3RVVHVVLRQV$UPHDUPXUHOpJqUH  VDFjGRV YHWHPHQWVQRXUULWXUHFRUGHWRUFKHRQJXHQWV  ERXUVHSRGLYHUVWURSKpHV DPXOHWWHVIDXVVHFDUWHGX WRXWHGURLWVRUWLHGHGRQMRQV GUDJRQV 39GJWV' pSpHVHWF *XHUULHUVQLYEODLUHDXWRXFDQFURFRGLOHFKDPHDX PDJHVQLYSHUGUL[JULOORQ YROHXUVQLYIDXFRQFRFKRQG·,QGH FOHUFVQLYJQRXpOpSKDQW 

/HVFRXOLVVHVGH*5,072866(

©ELHQ3DVVH]GDQVOHVFRXOLVVHVYRXVYR\H]OHPXUjYRWUHJDXFKHELHQ/jRXLO\DpFULWELHQYHQXHHQURXJH VDQJPDUFKH]GURLWGHGDQVHWWUDYHUVH]OHVDQVYRXVDUUHWHUMHYRXVRXYUHª J M &+%280

©HXK$WWHQGH]-HUHFRPPHQFHª /HV SMV VH UHWURXYHQW GDQV XQ pWURLW HVFDOLHU pWURLW FDU XOWUDHQFRPEUp G·REMHWV KpWpURFOLWHVGHERXWVGHGpFRUVG·DUPHVGHSLqJHVjORXSHWGHVTXHOHWWHVSOHLQGH VTXHOHWWHVHQDUPXUHVQXVHQWLHUVTXLIRQWOHVFHQWSDVRXSDUWHUUHHQPRUFHDX[ ©+DOWH  2Q QH SDVVH SDV ª  OHV VTXHOHWWHV DWWDTXHQW +RURXV DUULYH SRXU FDOPHU OD VLWXDWLRQ

©%LHQHQDWWHQGDQWTXHOHMHXQH]RQJRVRUWHGHVRQWURXMHYDLVYRXVPRQWUHUTXHOTXHVDWWUDFWLRQVW\SLTXHV GXSDUF*ULPWRXVVHpWDLWXQGHQRVPHLOOHXUVLQJpQLHXUVWUqVLQYHQWLIOHJDUGLHQOXLDGRQQpFDUWHEODQFKHj O¶pSRTXHSRXUFUpHUFHWWHDQLPDWLRQjGHVWLQDWLRQGHVDYHQWXULHUVLO\DPLWELHQGXFRHXUXQSHXWURSSHXrWUH SRXUOHVPDXYDLVHVODQJXHVTXLGLVHQWTXHOHSDUFHVWEHDXFRXSWURSPHXUWULHU4X·LOQ·HQODLVVHSDVEHDXFRXS DX[VDOOHVTXLVRQWVLWXpHVGHUULqUHª LOVPRQWHQWXQSHXMXVTX·jXQHDOFRYHEDOFRQ©WHQH]9RXVDYH]LFLXQH[HPSOHGHVDWWUDFWLRQVGX W\SH© 0$5&+(='(6686(702855(=ªOHVROSLDQRXQVLPSOHUHVVRUWVRXVFKDTXHGDOOHSRXUTX·HOOHV·HQIRQFH HWXQHODPHGHUDVRLUHQWUHFKDTXHGDOOHYR\H]SOXW{W XQSDXYUHPDJHjWrWHGHVHUSHQWGHIDLWWUDQFKHUOHV SLHGVHQSDVVDQWVXUOHVGDOOHV ª SOXVORLQXQHDXWUHDOFRYH

©/$0$*1,),48(0e6$9(1785( HVWWUqVUpYpODWULFHGHFHWKXPRXUTXHQRXVDSSUpFLRQVWRXVFKH]JULPWRXVVH PDLVYR\H]SOXW{Wª XQH VDOOH DYHF XQ ORQJ FRXORLU DX ERXW GXTXHO LO \ D XQ pFULWHDX OHV VXUYLYDQWV GH O·pTXLSHJDXQWOHWV·HQDSSURFKHQWSUXGHPPHQW

©DK$KYRXVSRXYH]WRXMRXUVFRXULU$K(XK([FXVH]PRL6XUO·pFULWHDXDXIRQGLO\DVLPSOHPHQWpFULW YRXVYRXVrWHVIDLWDYRLU$Kª OHV DYHQWXULHUV V·DSSURFKHQW GX SDQQHDX SXLV GHV FHQWDLQHV GH ELOOHV VH GpYHUVHQW EUX\DPPHQWVXUOHVRODORUVTXHODSRUWHV·RXYUHHWTX·XQJURVPRQVWUHHQVRUWHSRXU VHSUpFLSLWHUVXUOHVLQIRUWXQpVTXLVHFDVVHQWWRXVODILJXUHHQHVVD\DQWGHVHVDXYHU

©OHPRQVWUHHVWLFLSDUSXQLWLRQOjLOV·DPXVHPDLVDSUqVLOYDGHYRLUUDQJHUWRXWHVOHVELOOHVjOHXUVSODFHª 3OXVORLQHQFRUH

©FHTXLHVWELHQDXJULPWRXVVHSDUFF·HVWTX·LO\HQDSRXUWRXVOHVFDUDFWqUHVLFLYR\H]YRXVFHVRQWOHVDYHQWXULHUV SDUDQRYRXVVDYH]FHX[TXLVHFDFKHQWVXUOHVF{WpVGHVSRUWHVTXDQWLOVOHVRXYUHQWRXFHX[TXLQ·RVHQWSDVHQWUHU GDQVOHSDVVDJHVHFUHWTX·LOVYLHQQHQWGHGpFRXYULUHKELHQHX[DXVVLLOVHQSUHQQHQWGHODJUDLQHOHVIUHOXTXHWVª GDQV OD VDOOH DORUV TX·XQ DYHQWXULHU RXYUH XQ FRIIUH OHV PXUV YLHQQHQW DSODWLU OHV DXWUHV UHVWp D O·pFDUW OH ODLVVDQW VHXO pSDUJQp FH VRQW /(6 3,Ë*(6 78(856 '( 3$5$12Î$48(6 $XWUHVSLqJHVVLOHVSMVVRQWFXULHX[ /·$03+,7e$75( ODYROpHGHPDUFKHHVWGRPLQpHSDUXQHVWDWXHDFURXSLHTXLSRUWHXQ pQRUPHJOREHG·RUG·PGHGLDPqWUHHVWLPDWLRQWRQQHVYDOHXUSR 4XDQGXQJURXSHPHWOHVSLHGGDQVO·DPSKLLODSSXLHQWVXUOHVROHQIDLWXQOHYLHUTXL GpORJHODVSKHUH(OOHUHERQGLWVXUOHVPDUFKHHWHFUDVHWRXWVXUVRQSDVVDJH 8QDYHQWXULHUVHVVD\H/·$5&'(6$7$1GRQWODFRUGHHVWHQIDLWXQILOGHUDVRLULOV·HQ PRUGOHVGRLJWVXQDXWUHHVVD\HXQHHVSHFHGHFDSHXQSHXYLHLOOHHWSRXVVLHUHXVH XQH IRLV UHYpWXH /$ &$3( '( '25,$1 *5$< GHYLHQW UHVSOHQVLVVDQWH WDQGLV TXH O·LQIRUWXQpYLHLOOLWHWVHIOpWULWjYXHG·RHLO /(31-(148(67,21SHXWrWUHXQFDVWRUVDXWHUHOOHVFDUDEpKLERXFDPpOpRQWRUWXHJUHQRXLOOH ELVRQDQWLORSHOpRSDUGDQHFRXFRXFRFFLQHOOHPRXFKHIRXLQHFKLPSDQ]pDXWUXFKHEDERXLQ JRULOOHIRXUPLOOLHURUQ\WKRULQTXH FHUHEXV NLZLSXWRLVSLJHRQ 

$SSHO8UJHQFH /DERXOHjKRURXVJUpVLOOHQWHQPrPHWHPSVTXHFHOOHGHVSMV

©+RURXV,FLDOFLELDGH8UJHQFH=RQJRDHQFRUHDSODWLVRQFROOqJXHGHVDOOHHWLOHVWIDFKpLOHVWHQWUDLQGH J J S J  WRXWFDVVHUOjFDGPLRPDpWpVHSODLQGUHDXJDUGLHQWXGRLVYHQLUIDLUHWRQUDSSRUWLPPpGLDWHPHQWMHUpSqWH LPPpGLDWHPHQWª FOLF©F·HVWERQF·HVWERQ ©UDFFURFKHªHWWHQWHGHUHVWHUGLJQH ©+RURXVF·HVWXUJHQWUpSRQGVPRLª ©V·LOYRXVSODLWMHXQHKRPPHpWHLJQH]PRLFHWWHERXOHª LOWUDYHUVHV·LOOHIDXWXQRXGHX[FRUSVSRXU DOOHUpWHLQGUHODERXOHGXSM

©%LHQPHVVLHXUVQRXVUHWRXUQRQVDXSRQWLQXWLOHLOIDXWUHWURXYHUOHMHXQH]RQJRLPPpGLDWHPHQWª 6RXGDLQXQVRQG·RXWUHWRPEHVHPEOHVRUWLUGHVJDUJRXLOOHVSHUURTXHWVVFXOSWpHVGDQV O·HVFDOLHU

©RK·URXVVHLFLFDGPLRPGHO·pF·QRPDWWXGRLVYLHQGUHWRXWG·VXLWHSRXUWRQUDSSRUWRXO·JDUGLHQLOHVWIDFKp ©2KFDYDTXHOSHNQRWDORUVoXLOj%RQQRXVDOORQVSUHQGUHXQUDFFRXUFLSRXUDOOHUjODVDOOHGXJURV]RQJR HW\DWWLUHUOHMHXQHDOFLELDGH"-HSDVVHjODVDOOHIDLVFULHUOHJURV]RQJRGDQVOHVKDXWVSDUOHXUVOjFDYDIDLUH VRUWLUOHSHWLWª GHUHWRXUGDQVODVDOOHGXSRQWLQXWLOHFDUpVRQQHYUDLPHQWELHQ =2222222222222222QQQJJJ2222222222222222 ©DUJPRQGLHXTXHOEHVWLDX9HQH]QRXVDOORQVSUHQGUHOHVHQWLHUª LO V·DYDQFH YHUV OH ODF GH ODYH TXDQWWL]RQJRHVWHMHFWpGHODSDURLGDQVXQEUXLWGHVXFFLRQ8QHGL]DLQHGHODSLQV HQIXULHDFFURFKpVjVHVMDPEHV ©SRXUO·DQQHDXXQLTXH$WWUDSRQVOHRXYUH]OXLODJRUJHTX·LO

UHQGHO·DQQHDXª WL]RQJRHVWFRPPHXQIRXLOVDXWHSDUWRXWOHVODSLQVIRQWGXURGpRHWQHWLHQQHQWSDV ORQJWHPSV ,O JULPSH TXHOTXHV PqWUHV VXU XQH SDURL HW HQWUH GDQV XQ WURX OHV ODSLQV WHQWHQW G·HVFDODGHUWDQWELHQTXHPDO

©RK-HFURLVTX·LOSUHQGXQUDFFRXUFLª =22222222222222222222QJ2222222222222222 (QJUHQDJHV KRUORJHULHV

©$OFLELDGH)DLVOHFHVVHUVHVEHXJOHPHQWV1RXVO·DYRQVUHWURXYpLOSDVVHSDUODIRXUPLOLqUH-HSDVVHSDUOHV HQJUHQDJHV  GRQQH OH PRW GH SDVVH OH PRW GH SDVVH ª HQJUHQDJHVGRQQHOHPRWGHSDVVHOHPRWGHSDVVH ©LOIDXWIDLUHYLWHLOHVWFDSDEOHGHQRXVSHUGUHHQFRUHª ,OFKHUFKHXQUHSHUHVXUOHPXUHWIUDSSHWRFWRF /HVLPSUHVVLRQDQWVDXWRPDWHV3XOYpULVHXUHW0DUWHOOHXURXYUHQWHWOHVODLVVHQWSpQHWUHU XQHIRLVOHPRWGHSDVVHDQQRQFp J\JD[DWD[ OHODSLQTXLHVVD\HGHIUDQFKLUHQVSHHG Q·DSDVFHWWHFKDQFH 8QHVFDOLHUHQFROLPDoRQTXLWRXUQHDXWRXUGHFHQWDLQHVG·HQJUHQDJHVGHWRXWHVOHV GLPHQVLRQV HW WRXWHV OHV PDWLqUHV /HV PXUV H[WHULHXUV VRQW HQ WHUUH UpJXOLHUHPHQW FUHXVpGHJDOOHULHV

©1RXVVRPPHVLFLGDQVODSDUWLHGHOLFDWHGHJULPWRXVVHDODEDVHLODIDLWFRQFHYRLUGHVGL]DLQHVG·DXWRPDWHV SRXUJHUHUDXWRPDWLTXHPHQWWRXWHODSDUWLHPpFDQLTXHGXSDUFF·HVWXQHpQRUPHKRUORJHULH&DDPDOWRXUQp TXDQGOHVDUDFKQRWRPDWHVRQWFRPPHQFpjSUHQGUHGHO·LQGpSHQGDQFH SUREDEOHPHQWXQVRUWTXLDPDOWRXUQp  HWjFUHXVHUGHOHXUSURSUHFKHIGDQVOHGRPDLQHGHVIRXUPL]MXVWHDXGHVVXVFHVGHUQLqUHVRQWSULWFHODSRXUXQH YpULWDEOHSURYRFDWLRQWHUULWRULDOHHWGHSXLVLOVQ·DUUqWHQWSDVGHVHEDWWUHODPDLQWHQDQFHGXSDUFHVWGHYHQXH WUqVGpOLFDWHª ,OVPRQWHQW'HV]RQJRpWRXIIpVVHIRQWHQWHQGUHXQSHXGHYDQWHX[3XLVEUXVTXHPHQW WL]RQJRVRUVG·XQHHVSHFHGHWURXHQKDXWHXUHWVHVDXYHGDQVO·HVFDOLHUVXLYLSDUGHV ODSLQVHQUDJpVSXLVF·HVWDXWRXUG·pQRUPHVDUDLJQpHVGHPpWDO GHVDUDFKQRWRPDWHV pJDOHPHQWGpVLJQpHVVRXVOHWHUPHG·KRUURUORJHULHV GHVRUWLUGHVWURXVVXLYLVFHWWHIRLV SDUGHVIRXUPL]HQDUPXUHVGHFRPEDWV%UHIWRXWOHPRQGHSRXUVXLWWRXWOHPRQGH 

©$UJM·DLO·LPSUHVVLRQTX·LOVVHVRQWWURXYpVXQHQQHPLFRPPXQ9LWH1RXVQHVRPPHVSOXVWUqVORLQª /·$77$48('(6)2850,=(7'(6+25525/2*(5,(6 2Q SHXW LPDJLQHU TXH SHQGDQW OHV FRPEDWV GHV YLFWLPHV VH UHWURXYHQW SURMHWpV GDQV OHV HQJUHQDJHV SURYRTXDQWXQJURVFRXDFGDQVODPLQXWLHXVHKRUORJHULHGXSDUFILQDOHPHQWDXPRPHQWOHSOXVGLIILFLOH LOVVHMHWWHQWWRXVGDQVXQWREERJDQ ©RXKF·HVWSOXVGHPRQDJHWRXWFDª KRUXV $5$&+12720$7(6 (10e7$/ LO\DWURLVWDLOOHV SHWLWHVSYGJWV'DUPXUH$FUREDWLHHWEDJDUUHKDELOHFKDUPHHWDFXLWpQXOGpFKDUJH HOHFWULTXHDFKDTXHFRQWDFWPpWDOFRQWUHPpWDO PR\HQQHSYGJWV'DUPXUH$FUREDWLHHWEDJDUUHERQFKDUPHHWDFXLWpQXOWRXFKHU DFLGH JURVVHVSYGJWV'DUPXUH$FUREDWLHHWEDJDUUHSDVWUqVGRXpFKDUPHHWDFXLWpQXOWRXFKHU R[\GDQWOHPpWDO )2850,=IRXUPLVJpDQWHV JXHUULqUHV SYGJWVG $FUREDWLHVKDELOH&KDUPHQXO%DJDUUHKDELOH$FXLWpKDELOH3RXYRLUVSRLVRQSDUDO\VDQW UDQJ DFKDTXHWRXFKHU GXUjFXLUHFDUDSDFH =21*2HWF 8Q ]RQJR UHWHQWLVVDQW VH IDLW HQWHQGUH 8QH WUDSSH V·RXYUH HW LOV pFKRXHQW WRXV EUXWDOHPHQWVXUXQWDVG·RUHWGHFDGDYUHVSOXVRXPRLQVIUDLV,OIDLWWUHVVRPEUHXQH S  pQRUPHPDVVHV·DSSURFKHG·HX[ ===========2221*2222222 /D EDQGH GH ODSLQV VXUH[LWpV DUULYH SDU OD WUDSSH j VRQ WRXU  XQH PpOpH FRQIXVH V·HQJDJH(WDORUVWRXWHVOHVOXPLqUHVV·DOOXPHQWHWOHJDUGLHQGLW ©TX·HVWFHTXHF·HVWTXHFHERUGHOªHWPDUYLQFUDPHOHVODSLQV (QVXLWHRQSHQVHTXH]RQJRQ·HVWSDVFRQWHQWGHYRLUVRQ¶WLWIUqUHFDULOOXLGpIRQFHOH FUDQHDYHFOHWURQFG·DUEUHTXLOXLVHUWGHPDVVXH /HJDUGLHQHVWIXUD[HQJXHXOHPpFKDPPHQWKRURXVTXLWDFKHGHUHVWHUGLJQHPDLVQ·HQ PqQHSDVODUJH3XLVLOWURXYHFHGU{OHG·DQQHDXJUDYpGDQVOHFDGDYUHjWL]RQJR,O OHMHWWHGDQVOHWDVGHWUpVRUHWYLUH]RQJRGHODVDOOHDX[pQLJPHVSRXU\SODFHUVP{NOH GUDJRQ GRQMRQ]pQLWKSODQFKH $SUqVLOIDLWHQYR\HUOHVSM·VDXFDFKRWSRXUVHUYLU GHGvQHUDX[]RPELHV PDLVFDGPLRPOHVUDVVXUHF·HVWMXVWHXQHPHQDFHSDUFHTX·LOHVW GHPDXYDLVHKXPHXU $XPRPHQWRXOHVSMVTXLWWHQWODSLHFHXQDPDVG·DUDLJQpHV PpFDQLTXHVHWGHIRXUPL]YLHQWV¶pFUDVHUVXUOHWDVG·RUGDQVXQIUDFDVPpWDOOLTXH 7RXWQ·HVWSDVVLVRPEUH %LHQTX·LOVVHUHWURXYHQWjFURXSLUDXFDFKRW/HVSMVQ·RQWULHQjVHUHSURFKHU!  LOV RQW DFRPSOL S OHXU SDUW S GX FRQWUDW HW +RURXV D XQH GHWWH HQYHUV HX[ PrPH VL VRQ SODQQ·DSDVHXOHUpVXODWHVFRPSWpYDXWRXUG·KRQQHXULOHVWSUREDEOHTX·LOILQLVVH SDUOHXUUHQGUHOHXUDSSDUHQFHGHGpSDUWPDLVSUREDEOHPHQWSDVVDQVOHXUFRQILHU XQHQRXYHOOHPLVVLRQPDLQWHQDQWTX·LOVVRQWOjMXVWHjGLVSRVLWLRQ$PRLQVTX·LOVQH SUpIHUHQWFKDQJHUGHYLHHWTXLWWHUOHGRQMRQDYHFODFDUDYDQHGHVPRQVWUHV JHQWLOV KLVWRLUHGHVLOORQQHUXQSHXOHVFRQWUpHVORLQWDLQHV >DORUVjVXLYUH"@



0$=21*2

7$%/(6 $11(;(6

(7&

&HWWHKLVWRLUHSXLVHVRQLQVSLUDWLRQGDQVGHQRPEUHX[FOLFKpVGXMHXGHU{OHRQSRXUUD\UHFRQQDvWUHFHSHQGDQW TXHOTXHV,1)/8(1&(6SOXVPDUTXpHVTXHG·DXWUHV /DPDOpGLFWLRQVXUOHVSMVHVWXQFODVVLTXHSRXU©PRWLYHUªOHVMRXHXUV,OV·DJLWOjHQ SM T S M J O·RFFXUHQFHGHVVRXYHQLUVG·XQHERQQHYLHLOOHSDUWLHGH' 'SXEOLpGDQV &$686%(//, jODILQGHVDQQpHV TXLP·RQWLQVSLUpV ©/DFDUDYDQHGHVPRQVWUHVJHQWLOVªHVWTXDQWjHOOHGLUHFWHPHQWLQVSLUpHGXEDFNJURXQG GH +85/(0(176  XQ QRYDWHXU MGU IUDQoDLV SXEOLp HQ  HW pFULW SDU 9DOpULH HW S  S \  -HDQOXF %L]LHQ /H VLWH ZHE GH  -HDQ3DXO *RXUGDQW KWWSOHVSK\Q[FKH]WLVFDOLIU VSK\Q[KWP S \ DpWpjFHWLWUHXQHSUpFLHXVHVRXUFHG·LQIRUPDWLRQ /HJULPWRXVVHSDUFIDLWpYLGHPPHQWDOOXVLRQDX[EHDX[MRXUVG·$' '&HVXSSOpPHQW GHSLqJHVjGRQMRQVSDUWLFXOLqUHPHQWVPHXUWULHUVHWLQMRXDEOHVjGHVWLQDWLRQGHVJURV ELOOVDpWpSXEOLpHQIUDQoDLVSDUMHX[DFWXHOVHQ /DFDUWHGHODUpJLRQ1RUGGXGRQMRQDpWpELGRXLOOpHSDUPHVVRLQVDYHFO·DLGHGX PDJQLILTXH:25/'(',725GH:$5&5$)7,,, /HVSDJHVTXLVXLYHQWSURSRVHQWTXHOTXHVLQIRUPDWLRQVUpFXSpUpHVDXJUpGHPHVVXUI VXUOHQHWOHQRPDLQVLTXHO·85/HVWSUpFLVpHjFKDTXHIRLV1RWRQVFHSHQGDQWTXH KWWSGFPSRUWDLOMGUFRP S  S M SURSRVHHQWUHDXWUHVGHVHUUDWDVDX[UqJOHVGH'&0 /HVLOOXVWUDWLRQVGHPRQVWUHVVRQWGHVVLQpHVSDU7LE*RUGRQHWWLUpVGXZHE]LQHGH S  (OOHVQHSHXYHQWrWUHXWLOLVpHLFLTX·j EpGpFRFRQLQR KWWSZZZFRFRQLQRZRUOGFRP WLWUH SXUHPHQW LQGLFDWLI GDQV OH FDGUH G·XQH SDUWLH GH MHX GH U{OH HQ SULYp (OOHV QH SHXYHQW SDV rWUH SXEOLpV GDQV G·DXWUHV FLUFRQVWDQFHV VDQV DXWRULVDWLRQ GH &RFRQLQR ZRUOGHW7LE*RUGRQ /RQJXHYLHjODVpULHEpGppGLWpHSDU'HOFRXUWHWjVHVGXQJHRQPDVWHXUVHQFKHI -RDQQ6)$5 /HZLV7521'+(,0&HWWHKLVWRLUHSHXWVHVLWXHUFKURQRORJLTXHPHQWMXVWH DYDQWOHGpEXWGXWRPHGH'RQMRQ=pQLWK©6RUWLOqJH $YDWDUª 6LWHRIILFLHOGHODVpULHKWWSZZZGRQMRQODQGFRP S  M

*DEULHO JDEULHO#PXOWLPDFKLQQHW 'pFHPEUH'pFHPEUH

Par Gabzeta [email protected]



Related Documents

Mazongo
May 2020 9
Mazongo Annexes
May 2020 15

More Documents from "gabz"

May 2020 1
May 2020 3
Mazongo
May 2020 9
Mazongo Annexes
May 2020 15
May 2020 4