7(11,6’ ( 7$%/( -...

37
7(11,6’(7$%/( ’RFXPHQW)3&UpDOLVpSDU0-HDQQH%28&+(5 35($0%8/( , /(&$5$&7(5((66(17,(/’(/$&7,9,7(7HQQLVGH7DEOH ,,$1$/<6(+,6725,48(0$7(5,(//( (75(*/(0(17$,5(’87HQQLVGH7DEOH ,,, $63(&76675$7(*,48(67$&7,48(6(77(&+1,48(6’87(11,6’(7$%/( ,9*5,//(6’(1,9($8; )(8,//(’¶(9$/8$7,21 35($0%8/( $ /(7(11,6’(7$%/(’$16/(’e%$7(36$36 /HWHQQLVGHWDEOHHVWXQHSUDWLTXHVSRUWLYHFXOWXUHOOHHWVRFLDOHVXUODTXHOOHO(36GLVFLSOLQHGHQVHLJQHPHQWSHXWVH IRQGHUSRXUUpXVVLUFHGRXEOHHQMHXIDLUHDFTXpULUGHVFRQQDLVVDQFHVjOpOqYHOXLIDLUHFRQVWUXLUHGHVVDYRLUVSRXU FRQWULEXHUjODIRUPDWLRQGHVDSHUVRQQDOLWpHWjVRQLQVHUWLRQGDQVODVRFLpWp /REMHWGHVQRXYHDX[SURJUDPPHVHVWGREWHQLUXQH81,7(’(&21&(37,21FRQFHUQDQWjODIRLV OHVPLVVLRQVHWOHVREMHFWLIVJpQpUDX[GHO(36 OHVFRQQDLVVDQFHVHWVDYRLUVjIDLUHDFTXpULUDX[pOqYHVHWOHVFRPSpWHQFHVjGpYHORSSHUFKH]FHX[FL OHVEDVHVGLGDFWLTXHVSHUPHWWDQWOHXURSpUDWLRQDOLVDWLRQ 1RXVSRXYRQVGRQFVRXOLJQHUOHVWURLVJUDQGVREMHFWLIVJpQpUDX[GHO(36FRQFRXUDQWjODILQDOLWpGHO(36)250(5SDU ODSUDWLTXHGHV$36$XQFLWR\HQFXOWLYpOXFLGHDXWRQRPHHWUHVSRQVDEOH $FFpGHUDXSDWULPRLQHFXOWXUHOFRQVWLWXpSDUODGLYHUVLWpGHV$36$HWGHOHXUIRUPHVVRFLDOHVGHSUDWLTXHV $FTXpULUGHVFRQQDLVVDQFHVHWFRPSpWHQFHVQpFHVVDLUHVjOHQWUHWLHQODYLHSK\VLTXHVDQWp ’pYHORSSHUGHVUHVVRXUFHVSRXUUHFKHUFKHUODUpXVVLWHHIILFDFLWpFRQILDQFHUpDOLVDWLRQSHUVRQQHOOH /¶(36FRPPHGLVFLSOLQHGHQVHLJQHPHQWVHIRQGHVXUOHV$36$SUDWLTXHVFXOWXUHOOHVD\DQWWUDLWDXFRUSV0DLVO(36 WUDLWHOHV$36HWOHVRUJDQLVHHQFRQWHQXVGHQVHLJQHPHQW’RWURLVQRWLRQVFOHIVGXSURJUDPPH &+2,;6$92,575$169(56$/,7(/HQVHLJQHPHQWGHYUDGRQFFRQVWUXLUHVHVLQWHUYHQWLRQVHQSHQVDQWWRXMRXUVDX V\VWqPHGLQWHUDFWLRQHQWUH OHV2%-(&7,)6*(1(5$8;GHO(36 OHV6$92,563$57,&8/,(56PLVHQDFWHVGDQVWHOOHV$36 OHV287,/60(7+2’2/2*,48(6HQVHPEOHGHVSURFpGXUHVSRXYDQWDLGHUOHVpOqYHVjLQWpJUHUOHV FRQQDLVVDQFHV HWjOHVXWLOLVHUGDQVODFWLRQ &HVWGDQVFHWWHRSWLTXHVHORQFHWWHSKLORVRSKLHGHO(36TXHQRXVHVVD\HURQVGDERUGHUOHWHQQLVGHWDEOH %3285482,&+2,6,5/(7(11,6’(7$%/(" ,QWpUrWpGXFDWLIGH ODFWLYLWpWHQQLVGHWDEOH

Upload: vuongtu

Post on 06-May-2018

214 views

Category:

Documents


2 download

TRANSCRIPT

7(11,6�'(�7$%/(�'RFXPHQW�)3&�UpDOLVp�SDU�0��-HDQQH�%28&+(5

35($0%8/(,�� /(�&$5$&7(5(�(66(17,(/�'(�/$&7,9,7(��7HQQLV�GH�7DEOH��

,,�$1$/<6(�+,6725,48(��0$7(5,(//( (7�5(*/(0(17$,5(�'8�7HQQLV�GH�7DEOH,,,� $63(&76�675$7(*,48(6��7$&7,48(6�(7�7(&+1,48(6�'8�7(11,6�'(�7$%/(

,9�*5,//(6�'(�1,9($8;�� )(8,//(�'¶(9$/8$7,21

35($0%8/($�� /(�7(11,6�'(�7$%/(�'$16�/(�'e%$7�(36�$36/H�WHQQLV�GH�WDEOH�HVW�XQH�SUDWLTXH�VSRUWLYH�FXOWXUHOOH�HW�VRFLDOH�VXU�ODTXHOOH�O(36��GLVFLSOLQH�GHQVHLJQHPHQW�SHXW�VH�IRQGHU�SRXU�UpXVVLU�FH�GRXEOH�HQMHX���IDLUH�DFTXpULU�GHV�FRQQDLVVDQFHV�j�OpOqYH��OXL�IDLUH�FRQVWUXLUH�GHV�VDYRLUV�SRXU�FRQWULEXHU�j�OD�IRUPDWLRQ�GH�VD�SHUVRQQDOLWp�HW�j�VRQ�LQVHUWLRQ�GDQV�OD�VRFLpWp�/REMHW�GHV�QRXYHDX[�SURJUDPPHV�HVW�GREWHQLU�XQH�81,7(�'(�&21&(37,21�FRQFHUQDQW�j�OD�IRLV� OHV�PLVVLRQV�HW�OHV�REMHFWLIV�JpQpUDX[�GH�O(36�� OHV�FRQQDLVVDQFHV�HW�VDYRLUV�j�IDLUH�DFTXpULU�DX[�pOqYHV�HW�OHV�FRPSpWHQFHV�j�GpYHORSSHU�FKH]�FHX[�FL�� OHV�EDVHV�GLGDFWLTXHV�SHUPHWWDQW�OHXU�RSpUDWLRQDOLVDWLRQ�1RXV�SRXYRQV�GRQF�VRXOLJQHU�OHV�WURLV�JUDQGV�REMHFWLIV�JpQpUDX[�GH�O(36�FRQFRXUDQW�j�OD�ILQDOLWp�GH�O(36��)250(5�SDU�OD�SUDWLTXH�GHV�$36$�XQ�FLWR\HQ�FXOWLYp��OXFLGH��DXWRQRPH�HW�UHVSRQVDEOH����$FFpGHU�DX�SDWULPRLQH�FXOWXUHO�FRQVWLWXp�SDU�OD�GLYHUVLWp�GHV�$36$�HW�GH�OHXU�IRUPHV�VRFLDOHV�GH�SUDWLTXHV���$FTXpULU�GHV�FRQQDLVVDQFHV�HW�FRPSpWHQFHV�QpFHVVDLUHV�j�OHQWUHWLHQ��OD�YLH�SK\VLTXH��VDQWp����'pYHORSSHU�GHV�UHVVRXUFHV�SRXU�UHFKHUFKHU�OD�UpXVVLWH��HIILFDFLWp���FRQILDQFH��UpDOLVDWLRQ�SHUVRQQHOOH��/¶(36��FRPPH�GLVFLSOLQH�GHQVHLJQHPHQW��VH�IRQGH�VXU�OHV�$36$��SUDWLTXHV�FXOWXUHOOHV�D\DQW�WUDLW�DX�FRUSV����0DLV�O(36�WUDLWH�OHV�$36�HW�OHV�RUJDQLVH�HQ�FRQWHQXV�GHQVHLJQHPHQW��'R��WURLV�QRWLRQV�FOHIV�GX�SURJUDPPH��&+2,;�6$92,5�75$169(56$/,7(��/HQVHLJQHPHQW�GHYUD�GRQF�FRQVWUXLUH�VHV�LQWHUYHQWLRQV�HQ�SHQVDQW�WRXMRXUV�DX�V\VWqPH�GLQWHUDFWLRQ�HQWUH� OHV�2%-(&7,)6�*(1(5$8;�GH�O(36�� OHV�6$92,56�3$57,&8/,(56�PLV�HQ�DFWHV�GDQV�WHOOHV�$36�� OHV�287,/6�0(7+2'2/2*,48(6���HQVHPEOH�GHV�SURFpGXUHV�SRXYDQW�DLGHU�OHV�pOqYHV�j�LQWpJUHU�OHV FRQQDLVVDQFHV�HW�j�OHV�XWLOLVHU�GDQV�ODFWLRQ����&HVW�GDQV�FHWWH�RSWLTXH��VHORQ�FHWWH�SKLORVRSKLH�GH�O(36��TXH�QRXV�HVVD\HURQV�GDERUGHU�OH�WHQQLV�GH�WDEOH��%�3285482,�&+2,6,5�/(�7(11,6�'(�7$%/(�"��� ,QWpUrW�pGXFDWLI�GH ODFWLYLWp�WHQQLV�GH�WDEOH�

� DX�QLYHDX�PRWHXU�HW�LQIRUPDWLRQQHO��DGDSWDWLRQ�j�GHV�XQLWpV�GH�UpIpUHQFH�WUqV�SHWLWHV��UpDFWLRQ�DX�GL[LqPH�GH�VHFRQGH��PDQLSXODWLRQ�HW�XWLOLVDWLRQ�GXQ�SURMHFWLOH�GH�TXHOTXHV�JUDPPHV�GpSODFHPHQW�GDQV�XQ�HVSDFH�UHVWUHLQW�� ��EDOOH�OpJqUH���HVSDFH�GH�MHX�UHVWUHLQW���DGYHUVDLUH�SURFKH2UJDQLVDWLRQ�HW�VWUXFWXUDWLRQ�WUqV�DIILQpHV�GH�OHVSDFH�HW�GX�WHPSV�GDQV�XQ�PLOLHX�LQVWDEOH��SULVH�GLQIRUPDWLRQ�PXOWLSOHV�HW�GpWHUPLQDQWHV���PDWpULHO��DGYHUVDLUH���VRL�PrPH��WUDMHFWRLUH�GH�EDOOH�([LJH���$'5(66(�� 9,7(66(�GH�SHUFHSWLRQ���SULVH�GLQIRUPDWLRQV�MXVWHV��9,7(66(�GH[pFXWLRQ-28(5�$'$37(��9,7(��35e&,6�� DX�QLYHDX�FRJQLWLIVROOLFLWDWLRQ�GH�OD�UpIOH[LRQ�SRXU�FRPSUHQGUH�HW�PDvWULVHU�GHV�VLWXDWLRQV�RULJLQDOHV�FRPSOH[HV���ORLV�SK\VLTXHV��EDOLVWLTXH��VLWXDWLRQ�SUREOqPH��VWUDWpJLH�HW�WDFWLTXH���� DX�QLYHDX�DIIHFWLILO�IDXW�VDYRLU�JpUHU�XQH�VLWXDWLRQ�FRQIOLFWXHOOH�GLQWHUDFWLRQ���PDOJUp�OpFKHF��VDYRLU�UHVSHFWHU�OHV�UqJOHV��DFFHSWHU�OH�UpVXOWDW�HW�OXWLOLVHU�SRXU�IRUPXOHU�XQ�352-(7��SUHQGUH�GHV�'(&,6,216�HW�6$'$37(5���� /HV�PRWLYDWLRQV�GHV�pOqYHV���GH�QRPEUHX[�pOqYHV�VRQW�GHPDQGHXUV�GH�OD��qPH�j�OD�WHUPLQDOH�3RXU�OHV�SOXV�MHXQHV��OH�WHQQLV�GH�WDEOH��VRXYHQW�DSSHOp�© SLQJ�SRQJ�ª���HVW�XQH�DFWLYLWp�OXGLTXH�SDU�H[FHOOHQFH��,OV�RQW�XQH�WDEOH�GH�SLQJ�SRQJ�j�OD�PDLVRQ�HW�MRXHQW�HQ�IDPLOOH�RX�HQWUH�DPLV��,OV�RQW�HX�ORFFDVLRQ�GH�IDLUH�GHV�WRXUQRLV�SHQGDQW�OHV�YDFDQFHV�HQ�FDPSLQJ�RX�HQ�FRORQLH��3RXU�GH�QRPEUHXVHV�ILOOHV�HQ�GLIILFXOWp�HQ�(36��LO�OHXU�VHPEOH�TXH�FHWWH�DFWLYLWp�QHVW�SDV�pSURXYDQWH�SK\VLTXHPHQW���QRXV�SRXUULRQV�FRPSDUHU�FHW�DWWUDLW�j�FHOXL�GX�YROOH\�EDOO���0rPH�VL�QRWUH�REMHFWLI�VHUD�GH�WUDQVIRUPHU�FHV�UHSUpVHQWDWLRQV��HOOHV�FRQVWLWXHQW�XQ�32,17�'$1&5$*(�IDFLOLWDWHXU�SRXU�SURSRVHU�ODFWLYLWp�ORUV�GHV�F\FOHV�(36���� /D�UHSUpVHQWDWLRQ�GHV�pOqYHV�pYROXH�$YHF�OHV�UpVXOWDWV�VSRUWLIV�GH�-�3K��*$7,(1�HW�GH�OpTXLSH�GH�)UDQFH��OH�WHQQLV�GH�WDEOH�DFTXLHUW�XQH�1289(//(�,0$*(��0rPH�VLO�UHVWH��FRPPH�QRXV�ODYRQV�YX��V\QRQ\PH�GH�GpWHQWH��GH�ORLVLUV��LO�GHYLHQW�GH�SOXV�HQ�SOXV�VSRUWLI���LO�SDVVH�GX�©�SLQJ�SRQJ�ª�DX�©�WHQQLV�GH�WDEOH�ª�HW�HVW�SHUoX�FRPPH�SUDWLTXH�VSRUWLYH�j�SDUW�HQWLqUH���� /HV�FRQGLWLRQV�PDWpULHOOHV�'H�SOXV�HQ�SOXV�GpWDEOLVVHPHQWV�VpTXLSHQW�HQ�WDEOHV�GH�WHQQLV�GH�WDEOH��0DUQH�VL�OLQYHVWLVVHPHQW�VHPEOH�XQ�SHX�RQpUHX[�DX�GpSDUW��ELHQ�UHVSHFWp��OH�PDWpULHO�YLHLOOLW�ELHQ��'H�SOXV��LO�DSSRUWH�GH�QRPEUHX[�DYDQWDJHV�SUDWLTXHV���oD�SUHQG�SHX�GH�SODFH��FHVW�XQH�DFWLYLWp�GLQWpULHXU�HW�FHVW�XQH�DFWLYLWp�TXL�UpVRXW�ELHQ�OHV�SUREOqPHV�GH�PL[LWp�HW�GH�QLYHDX[���� /H�SUREOqPH�DFWXHO���OD�IRUPDWLRQ�GHV�HQVHLJQDQWV�/HV�HQVHLJQDQWV�RQW�UDUHPHQW�HX�XQH�)250$7,21�,1,7,$/(�HQ�WHQQLV�GH�WDEOH�HW�QH�VH�VHQWHQW�SDV�WRXMRXUV�FRPSpWHQWV�SRXU�HQVHLJQHU�FHWWH�DFWLYLWp�2U��FRPPH�QRXV�DOORQV�HVVD\HU�GH�YRXV�OH�IDLUH�GpFRXYULU��ORUVTXRQ�HVW�PRWLYp�SRXU�HQVHLJQHU�XQH�DFWLYLWp��DYHF�TXHOTXHV�EDVHV�HVVHQWLHOOHV��RQ�GHYLHQW�YLWH�FRPSpWHQW��

&� 632576�'(�5$48(77(6�(7�1289($8;�352*5$00(6'pFOLQDLVRQ�GHV�WH[WHV�FRQFHUQDQW�OHV�DFWLYLWpV�GH�UDTXHWWH�����,2�GH�������,O�Q\�D�ULHQ�GH�SDUWLFXOLHU��RQ�SDUOH�GDFWLYLWpV�GXHOOHV��FODVVpHV�GDQV�OD�UXEULTXH�Q����$SSURFKH�GHV�SULQFLSHV�GH�FHV�SUDWLTXHV�HW�FRQQDLVVDQFHV�GHV�UqJOHV�HVVHQWLHOOHV�pWDEOLVVDQW�OHV�UDSSRUWV�GRSSRVLWLRQ�GDQV�XQ�HVSULW�VSRUWLI�$WWDTXH�HW�GpIHQVH��RSSRVLWLRQ�HW�HVTXLYH��SDUDGH/pOqYH�FKHUFKH��FRQVWUXLW�HW�DGDSWH�XQH�UpSRQVH�j�ODFWLRQ�GDXWUXL�(OpPHQWV�WHFKQLTXHV�GH�FHV�GLIIpUHQWV�VSRUWV�3UDWLTXH�pOpPHQWDLUH�GDQV�GHV�FRQGLWLRQV�pYLWDQW�OHV�ULVTXHV�����3URJUDPPHV��HPH GX���DYULO�������&RPSpWHQFHV�JpQpUDOHV$X�SODQ�LQGLYLGXHO��,GHQWLILHU�OH�EXW�HW�OHV�UpVXOWDWV�GH�ODFWLRQ�PRWULFH���&RQQDvWUH�OHV�ULVTXHV�HW�OHV�UqJOHV��9LJLODQFH�HW�PDvWULVH�GHV�pPRWLRQV��$X�SODQ�GHV�UHODWLRQV�j�DXWUXL��9RORQWp�GH�YDLQFUH��$FFHSWHU�OHV�GpFLVLRQV��(WUH�OR\DO��(Q�UHODWLRQ�DYHF�GDXWUHV�GLVFLSOLQHV��$YHF�OHV�VFLHQFHV�GH�OD�YLH��$YHF�OHV�VFLHQFHV�GH�OD�WHUUH��([SUHVVLRQ�)UDQoDLVH�HQ�GpFULYDQW�VHV�DFWHV�&RPSpWHQFHV�SURSUHV�j�GLIIpUHQWV�JURXSHV�GDFWLYLWpV$FWLYLWpV�GRSSRVLWLRQ�GXHOOH��VSRUWV�GH�UDTXHWWHV��6H�GpSODFHU��VRUJDQLVHU�SRXU�IUDSSHU�HW�UHQYR\HU��PRWHXU����6H�UHSODFHU�DSUqV�OD�IUDSSH��PRWHXU����5pDOLVHU�GHV�IUDSSHV�HQ�MRXDQW�VXU�OHV�SDUDPqWUHV�VLPSOHV�GHV�WUDMHFWRLUHV��YLWHVVH�HW�GLUHFWLRQ���PRWHXU�

��0DUTXHU�OH�SRLQW�HQ�MRXDQW�VXU�OD�FRQWLQXLWp��VXU�OD�GLYHUVLWp��GDQV�OHVSDFH�OLEUH�RX�VXU�OH�SRLQW�IDLEOH�GH�ODGYHUVDLUH���VWUDWpJLH��1LYHDX���HQ�IDLW(Q��HPH�OHV�FRPSpWHQFHV�DFTXLVHV�GRLYHQW�SHUPHWWUH�j�OpOqYH�GDVVXUHU�OD�FRQWLQXLWp�GX�MHX�HW�GH�FRQVWUXLUH��HQ�SRVLWLRQ�IDYRUDEOH��OD�UXSWXUH�GH�OpFKDQJH��pYHQWXHOOHPHQW�GDQV�GHV�VLWXDWLRQV�DPpQDJpHV�&RPSpWHQFHV�VSpFLILTXHV��'RFXPHQW�GDFFRPSDJQHPHQW�$FWLYLWpV�FRQVHLOOpHV���(QMHX[7KqPHV���/LUH�GHV�WUDMHFWRLUHV�IUHLQpHV�SRXU�MRXHU�HQ�pTXLOLEUH�RX�HQ�PRXYHPHQW���&RQVWUXLUH�OHVSDFH�GH�MHX��j�YLVHU��j�DWWHLQGUH��j�GpIHQGUH�HQ�VH�GpSODoDQW�VXU�OHQVHPEOH�GH�VRQ�WHUUDLQ���([SORLWHU�OD�SURGXFWLRQ�GH�OD�FLEOH�OLEpUpH�HW�OLEUH�3URJUDPPH��qPH��HPH�6HSWHPEUH������&RPSpWHQFHV�SURSUHV�k�XQ�JURXSH�GDFWLYLWpV�$FWLYLWpV�GRSSRVLWLRQ�GXHOOH��VSRUWV�GH�UDTXHWWH����&RPELQHU�VLPXOWDQpPHQW�GHX[�GHV�SDUDPqWUHV�VLPSOHV�GHV�WUDMHFWRLUHV��YLWHVVH��GLUHFWLRQ��KDXWHXU��GDQV�VHV�IUDSSHV���PRWHXU����,QVWDXUHU�XQH�FRQWLQXLWp�GDQV�OpFKDQJH�SRXU�PDUTXHU�OH�SRLQW�HQ�SRXVVDQW�ODGYHUVDLUH�j�OD�IDXWH���6WUDWpJLH����'pIHQGUH�VRQ�FDPS��UpSRQGUH�DX[�DWWDTXHV�DGYHUVHV�HQ�JDJQDQW�GX�WHPSV��DOORQJHU�OH�WUDMHW�HW�OD�WUDMHFWRLUH�GH�OD�EDOOH�HQ�MRXDQW�VXU�OD�KDXWHXU�HW�OD ORQJXHXU����VWUDWpJLH��1LYHDX���HQ�IDLW(Q��HPH��HPH��j�FH�QLYHDX��OHV�FRPSpWHQFHV�DFTXLVHV�GRLYHQW�SHUPHWWUH�j�OpOqYH�GH�MRXHU�LQWHQWLRQQHOOHPHQW�VXU�OD�FRQWLQXLWp�HW�VXU�OD�UXSWXUH�GDQV�OpFKDQJH�SRXU�PDUTXHU�OH SRLQW�&RPSpWHQFHV�VSpFLILTXHV��'RFXPHQW�GDFFRPSDJQHPHQW�$FWLYLWpV�FRQVHLOOpHV���HQMHX[7KqPHV���&UpHU�HW�H[SORLWHU�OH�GpERUGHUDLHQW�SRXU�OH�JDLQ�GH�OpFKDQJH�HQ�H[SORLWDQW�OHV�WUDMHFWRLUHV�WHQGXHV���PRWHXU�HW�VWUDWpJLH����5HFRQQDvWUH�OHV�DFWLRQV�GH�ODGYHUVDLUH�HW�SURGXLUH�GHV�WUDMHFWRLUHV�PRQWDQWHV�RX�GHVFHQGDQWHV�HQ�IRQFWLRQ�GX�UDSSRUW�GH�GRPLQDQFH�SRXU�DWWDTXHU�HW���RX�GpIHQGUH���SULVH�GLQIRUPDWLRQ�HW�WDFWLTXH����5HFRQQDvWUH�HW�H[SORLWHU�OHV�SRLQWV�IDLEOHV�GH�ODGYHUVDLUH�GDQV�VRQ�YROXPH�GH�IUDSSH��pWDEOLU�XQH�UHODWLRQ�HQWUH�GHV�HIIHWV�SURGXLWV�HW�OHV�FLUFRQVWDQFHV�GH�OHXU�DSSDULWLRQ���SULVH�GLQIRUPDWLRQ�FRJQLWLRQ����([SORLWHU�WRXW�OH�YROXPH�GH�MHX��VXUIDFH��KDXWHXU���SRXU�SURYRTXHU�OH�QRQ�UHQYRL�GH�ODGYHUVDLUH���PRWHXU�HW�WDFWLTXH��

3URJUDPPH �HPH�GX����RFWREUH������&RPSpWHQFHV�SURSUHV�j�XQ�JURXSH�GDFWLYLWpV�$FWLYLWpV�GRSSRVLWLRQ�GXHOOH��VSRUWV�GH�UDTXHWWH�/H�OpJLVODWHXU�HQYLVDJH�GHX[�FDV��GH����KHXUHV�GH�SUDWLTXH�VH�WUDGXLVDQW�SDU�SHUFHSWLRQ�HW�SULVH�GLQLWLDWLYH��YDULDWLRQ�GHV�WUDMHFWRLUHV���� GH����KHXUHV�VH�WUDGXLVDQW�SDU�OD�UpDOLVDWLRQ�GH�ODQWLFLSDWLRQ�FRLQFLGHQFH��OD�UpDOLVDWLRQ�GH�IUDSSHV�HW�DVVXUHU�OD�FRQWLQXLWp�GX�MHX���'DQV�WRXV�OHV�FDV��LO�VDJLW�GH�UpDOLVHU�GHV�DFWLRQV�LQWHQWLRQQHOOHV�GHVWLQpHV�j�GpVWDELOLVHU�ODGYHUVDLUH�HW�GH�SUHQGUH�HQ�FRPSWH�OpYROXWLRQ GX�UDSSRUW�GH�IRUFH�SRXU�JpUHU�OH�PDWFK�&RPSpWHQFHV�VSpFLILTXHV��'RFXPHQW�GDFFRPSDJQHPHQW�,��Q\�DXUD�SDV�GH�GRFXPHQW�GDFFRPSDJQHPHQW��OHV�FRPSpWHQFHV�VSpFLILTXHV�QH�SRXYDQWSDV�VH�GpFOLQHU�j�OLQILQL�

3URJUDPPH�O\FpH � %�2��Q���GX����DR�W������&RPSpWHQFHV�SURSUHV�j�XQ�JURXSH�GDFWLYLWpV�'HX[�W\SHV�GH�FRPSpWHQFH�VRQW�SURSRVpHV��/HIILFDFLWp�SHUVRQQHOOH��&RQGXLUH�XQ�DIIURQWHPHQW�HW�REWHQLU�OH�JDLQ�GXQH�UHQFRQWUH��([��UpDOLVHU�GHV�IUDSSHV���LQIRUPDWLRQV�SUpOHYpHV��0DLQWHQLU�RX�FKDQJHU�GH�VWUDWpJLH�HQ�IRQFWLRQ�GH�ODGYHUVDLUH��0DLQWHQLU�XQH�GLVWDQFH�HQWUH�VRL�HW�ODGYHUVDLUH�DILQ�GH�JDUGHU�OH�FRQWU{OH�GH�OpFKDQJH���/pTXLOLEUH�SHUVRQQHO��&RQWU{OHU�VRQ�HQJDJHPHQW�GDQV�ODFWLRQ��5pJXOHU�VHV�pPRWLRQV��6H�IL[HU�HW�FRQGXLUH�XQ�SURMHW�SHUVRQQHO��'pYHORSSHU�GHV�DWWLWXGHV�HW�GHV�FRQGXLWHV�FLWR\HQQHV���/HV�DFWLYLWpV�GH�UDTXHWWH�VRQW�XWLOLVpHV�VHORQ�OHV�DSSRUWV�VSpFLILTXHV�UHFKHUFKpV���,O�Q�\�D�SDV�GH�FRPSpWHQFHV�VSpFLILTXHV�1RXYHDX[�SURJUDPPHV��������%��2��Q���HW���GX�������������)LQDOLWpV��&RPPH�WRXWHV�OHV�GLVFLSOLQHV��O(36�SDUWLFLSH�DX[�PLVVLRQV�GX�/\FpH�� $FFqV�DX�SDWULPRLQH�FXOWXUHO���'pYHORSSHPHQW�GHV�FDSDFLWpV�GH�MXJHPHQW��� $FTXLVLWLRQ�GH�VDYRLUV�IRQGDPHQWDX[�'DQV�FH�FDGUH��O(36�D�SRXU�ILQDOLWp�GH�IRUPHU��SXU�OD�SUDWLTXH�GHV�$3�$��GHV�FLWR\HQV�FXOWLYpV��OXFLGHV��DXWRQRPHV�2EMHFWLIV�/(36��GH�SDU�VHV�VSpFLILFLWpV��D�XQ�DSSRUW�SDUWLFXOLHU��RULJLQDO�HW�LUUHPSODoDEOH�j�OD�IRUPDWLRQ�JpQpUDOH�(OOH�SHUPHW�j�OpOqYH�GH�VH�FRQIURQWHU�DX[�$36$�SRXU�HQULFKLU�HW�pODUJLU�VHV�FRQQDLVVDQFHV��VHV�FRPSpWHQFHV��VHV�VDYRLUV�HW�VHV�DSWLWXGHV�$�SDUWLU�GH�FHV�ILQDOLWpV�HW�REMHFWLIV�pQRQFpV��OHV�SULQFLSHV�GpODERUDWLRQ�GHV�SURJUDPPHV�SHUPHWWHQW�GDUWLFXOHU�OHV�FRQQDLVVDQFHV�HW�FRPSpWHQFHV�TXH�O(36�VH�GRLW�GH�IDLUH�DFTXpULU�DX[�pOqYHV�

9RXV�WURXYHUH]�GDQV�FH�GRFXPHQW�FH�TXL�FRQVWLWXH�OH�FDUDFWqUH�HVVHQWLHO�GX�WHQQLV�GH�WDEOH�HW�TXL�YRXV�SHUPHWWUD�GH�FRQFHYRLU�HW�GH�GpFOLQHU�UHQVHLJQHPHQW�GX�WHQQLV�GH�WDEOH�MXVTXDX[�FRQWHQXV�GHQVHLJQHPHQW�/HQWUpH�VH�IHUD�SDU�OD�FRPSRVDQWH�FXOWXUHOOH���,FL��OHQMHX�FXOWXUHO�HW�GLGDFWLTXH�GH�FKDTXH�$36$�VHUD�GpWHUPLQp�SDU�OHV�UqJOHV�FRQVWLWXWLYHV�HW�OHV�FRGHV�UpJLVVDQW�FKDTXH�$36$�&HVW�SRXUTXRL�YRXV�WURXYHUH]�GDQV�FH�GRFXPHQW�XQH�DQDO\VH�KLVWRULTXH��PDWpULHOOH�HW�UpJOHPHQWDLUH�TXL��DX�GHOj�GH�OD�VLPSOH�GHVFULSWLRQ��YRXV�SHUPHWWUD�GH�PLHX[�FRPSUHQGUH�OHV�SUREOqPHV�DX[TXHOV�VH�WURXYHQW�FRQIURQWpV�OHV�pOqYHV�ORUV�GH�OD�SUDWLTXH�GX�WHQQLV�GH�WDEOH�HW�YRXV�GRQQHUD�GHV�SLVWHV�GLGDFWLTXHV��DGDSWDWLRQV�GH�OHQYLURQQHPHQW�SRQJLVWH�HW�SURSRVLWLRQV�GH�YDULDEOHV�GLGDFWLTXHV���LVVXHV�GH�ODQDO\VH�GH�FHWWH�DFWLYLWp�FXOWXUHOOH�TXHVW�OH�WHQQLV�GH�WDEOH�HW�TXL��FRPPH�WRXWH�DFWLYLWp�FXOWXUHOOH�VHVW�FRQVWUXLWH�HW�VH�FRQVWUXLW�SURJUHVVLYHPHQW�SDU�LQIOXHQFH�FRQVWDQWH�GH�ODFWLYLWp�GHV�KRPPHV��LFL�OHV�MRXHXUV��HW�GH�FHOOH�GH�OD�VRFLpWp��LFL�UHSUpVHQWpH�SDU�OHV�IpGpUDWLRQV��&RQFHUQDQW�OH�WHQQLV�GH�WDEOH��OHQWUpH�FXOWXUHOOH�VH�IHUD�SULRULWDLUHPHQW�SDU�OH�S{OH���FRRSpUHU�HW�VDIIURQWHU�LQGLYLGXHOOHPHQW�HW�FROOHFWLYHPHQW�ª��/D�FRQIURQWDWLRQ�DX�WHQQLV�GH�WDEOH�SHUPHWWUD�GH�GLYHUVLILHU�HW�HQULFKLU�OHV���W\SHV�GH�FRQQDLVVDQFHV GpILQLHV�SDU�OHV�SURJUDPPHV�TXL�VRQW �� /HV�LQIRUPDWLRQV �&RQQDLVVDQFHV�GHV�$36$��UpJOHPHQWDLUHV��KLVWRULTXHV��VRFLDOHV��&RQQDLVVDQFHV�OLpHV�DX�IRQFWLRQQHPHQW�GX�MRXHXU��GRUGUH�SK\VLRORJLTXH��DQDWRPLTXH�HW�SV\FKRORJLTXH��&RQQDLVVDQFHV�SOXV�WUDQVYHUVDOHV�FRQFHUQDQW�OHV�UHODWLRQV�HQWUH�OH�WHQQLV�GH�WDEOH�HW�OHV�DXWUHV�$36��([���SODFHPHQWV�GpSODFHPHQWV�UHSODFHPHQWV�FRPPH�HQ�YROOH\�EDOO�HW�GDQV�OHV�DXWUHV�VSRUWV�GH�UDTXHWWHV��XWLOLVDWLRQ�GHV�EUDV�GH�OHYLHUV�FRPPH�HQ�ODQFHUV���WDFWLTXHV�HW�VWUDWpJLHV�FRPPH�GDQV�OHV�DXWUHV�VSRUWV�GH�UDTXHWWHV���3ULVHV�GLQIRUPDWLRQV�HW�GpFLVLRQV�DGDSWpHV�FRPPH�GDQV�WRXWHV�OHV�$36�R��OpOqYH�GRLW�FRPSUHQGUH�HW�DJLU�HQ�DGDSWDWLRQ�FRQVWDQWH�DX�PLOLHX�KXPDLQ��PDWpULHO�HW�HQYLURQQHPHQWDO��(Q�IDLVDQW�SOXV�ODUJHPHQW�UpIpUHQFH�DX[�DXWUHV�GLVFLSOLQHV��([HPSOHV�HQ�697��W\SHV�GHIIRUWV�HW�UHVVRXUFHV�VROOLFLWpHV�HQ�77���HQ�6FLHQFHV�3K\VLTXHV��DQDO\VH�GHV�WUDMHFWRLUHV�GH�EDOOH�HQ�IRQFWLRQ�GHV�FRXSV�XWLOLVpV����HQ�+LVWRLUH��pYROXWLRQ�GX�77�HQ�WDQW�TXDFWLYLWp�VRFLDOH��� /HV�WHFKQLTXHV�HW�WDFWLTXHV���SRXU�TXH�OHV�pOqYHV�SXLVVHQW�OHV�XWLOLVHU�MXGLFLHXVHPHQW���YRXV�WURXYHUH]�XQ�FKDSLWUH�VXU�OHV�DVSHFWV�VWUDWpJLTXHV��WDFWLTXHV�HW�WHFKQLTXHV�GX�WHQQLV�GH�WDEOH�DLQVL�TXH�OD�WHUPLQRORJLH�GH�PRWV�FRXUDPPHQW�XWLOLVpV�GDQV�OH�YRFDEXODLUH�SRQJLVWH�� /HV�FRQQDLVVDQFHV�VXU�VRL����(OOHV�VRQW�LVVXHV�GH�ODFWLRQ��(OOHV�VDFTXLqUHQW�SDU�OH[SpULHQFH�HW�OH�JXLGDJH��(OOHV�SHUPHWWHQW�XQH�UpIOH[LRQ�VXU�VD�SUDWLTXH�/H�FKDSLWUH�FRQVDFUp�DX[�FULWqUHV�GH�UpDOLVDWLRQ�SHUPHW�GH OHV�DERUGHU�� /HV�VDYRLU�IDLUH�VRFLDX[���,OV�FRQFHUQHQW�OD�UHODWLRQ�TXH�OpOqYH�HQWUHWLHQW�DYHF�OH�JURXSH�j�ORFFDVLRQ�GH�OD�SUDWLTXH�GX�WHQQLV�GH�WDEOH��FRQQDvWUH�HW�XWLOLVHU�OHV�UqJOHV���HQWUDLGH���REVHUYDWLRQ���UHVSHFW�GX�PDWpULHO�HW�GHV�DXWUHV���FRPPXQLFDWLRQ���DWWLWXGHV���U{OHV�VRFLDX[��'HV�H[HPSOHV�HQ�WHQQLV�GH�WDEOH�VHURQW�GRQQpV�GDQV�XQ�SURFKDLQ�DUWLFOH�VXU�©�(36�HW�FLWR\HQQHWp�ª�0DLV��OD�FRQIURQWDWLRQ�DX�WHQQLV�GH�WDEOH�LPSOLTXHUD�HW�SHUPHWWUD�ODFTXLVLWLRQ�GH�PpWKRGHV��DWWLWXGHV�HW�GpPDUFKHV�UpIOH[LYHV��,��IDXGUD�DORUV�GpIQLU�OHV�RXWLOV�XWLOLVpV�SRXU�RIIULU�DX[�O\FpHQV�OD�SRVVLELOLWp�GDFFpGHU�DX[�VDYRLUV�SHUPHWWDQW�GH�VH�PHWWUH�HQ�SURMHW��GH�VH�©�FRQVWUXLUH�ª�XQ�pTXLOLEUH�HW�GH�IDYRULVHU�XQ�GpYHORSSHPHQW�j�SOXV�ORQJ�WHUPH��3DU�OD�SUDWLTXH�GX�WHQQLV�GH�WDEOH�HQWUH�DXWUHV��LO�IDXGUD�DLGHU�OpOqYH�j�FRQVWUXLUH���W\SHV�GH�FRPSpWHQFHV�PpWKRGRORJLTXHV �

� 6H�FRQQDvWUH�HW�XWLOLVHU�OHV�DXWUHV�FRQQDLVVDQFHV�SRXU�VHQJDJHU�OXFLGHPHQW�GDQV�OD�SUDWLTXH�(Q�77��LO�VDJLUD�SOXV�SDUWLFXOLqUHPHQW�GH�FRQQDvWUH�VRQ�SURILO�SV\FKRORJLTXH��SK\VLRORJLTXH�HW�DIIHFWLI�SRXU�VH�WURXYHU�XQH�VWUDWpJLH�GH�MHX�HW�FRQQDvWUH�VHV�FDSDFLWpV��VRQ�UpSHUWRLUH�PRWHXU�XWLOLVDEOH��SRXU�FKRLVLU�OD�WDFWLTXH�OD�SOXV�DGDSWpH�� 6H�IL[HU�HW�FRQGXLUH�GH�IDoRQ�GH�SOXV�HQ�SOXV�DXWRQRPH�XQ�SURMHW���,FL��LO�VDJD�SULQFLSDOHPHQW�GXQ�SURMHW�GH�FRQVWUXFWLRQ�GX�SRLQW��GDFTXLVLWLRQV�WHFKQLTXHV�RX�GHQWUDvQHPHQW��DXWRPDWLVDWLRQ���GLYHUVLILFDWLRQ��(Q�77��LO�VDJLUD�GH�FRQQDvWUH�VHV�SRLQWV�IRUWV�SRXU�OHV�XWLOLVHU�GH�IDoRQ�SULYLOpJLpH�HW�VHV�SRLQWV�IDLEOHV�SRXU�pYLWHU�TXH�ODGYHUVDLUH�OHV�XWLOLVH�HQ�VLWXDWLRQ�GH�MHX��,O�IDXGUD�DXVVL�DSSURIRQGLU�VHV�SRLQWV�IRUWV�HW�DPpOLRUHU�VHV�SRLQWV�IDLEOHV�ORUV�GH�VpTXHQFHV�GDSSUHQWLVVDJH�VSpFLILTXHV�� 0HVXUHU�HW�DSSUpFLHU�OHV�HIIHWV�GH�VRQ�DFWLYLWp�(Q�WHQQLV�GH�WDEOH��LO�IDXGUD�DSSUHQGUH�DX[�pOqYHV�j�REVHUYHU�OH�MHX�GH�MRXHXUV�GH�PrPH�QLYHDX�HW�GH�QLYHDX[�SOXV�pOHYpV�SRXU�DSSUHQGUH�j�SUpOHYHU�GHV�LQIRUPDWLRQV�HVVHQWLHOOHV�SRXU�OD�FRQVWUXFWLRQ GX�SRLQW�HW�YRLU�OHV�GLIIpUHQWHV�WDFWLTXHV�HW�VWUDWpJLHV�XWLOLVpHV�SDU�OHV�MRXHXUV��FR�pYDOXDWLRQ���PDQDJHPHQW���&H�UHFXO��REVHUYHU�VDQV�MRXHU��HVW�GDXWDQW�SOXV�LPSRUWDQW�HQ�WHQQLV�GH�WDEOH�TXH�OH�U\WKPH�GH�MHX�HVW�WUqV�pOHYp�HW�OD�GHPDQGH�DWWHQWLRQQHOOH VL�LPSRUWDQWH�TXH�OpOqYH�D�GX�PDO�j�WRXW�IDLUH�HQ�PrPH�WHPSV��UHJDUGHU���WUDLWHU�OLQIRUPDWLRQ���GpFLGHU���FKRLVLU�HW�UpDOLVHU�XQ�FRXS�WHFKQLTXH�DGDSWp��,,�GHYUD�DXVVL�DQDO\VHU�VD�SURSUH�SUHVWDWLRQ�j�OLVVXH�GXQH�PDQFKH��GXQ�PDWFK�RX�XQH�UHQFRQWUH�3RXUTXRL�MDL�JDJQp�SHUGX�"�&RPPHQW�IDLUH�SRXU�EDWWUH�PRQ�DGYHUVDLUH�"�4XHOV�VRQW�VHV�SRLQWV�IRUWV��VHV�SRLQWV�IDLEOHV��VRQ�V\VWqPH�GH�MHX�"����6H�FRQIURQWHU�j�OD�FRQVWUXFWLRQ�HW�ODSSOLFDWLRQ�GH�UqJOHV�GH�YLH�GH�IRQFWLRQQHPHQW�FROOHFWLI��&RQFHUQDQW�OHV�DQQH[HV�GHV�SURJUDPPHV�SRXU�OD�FODVVH�GH�6HFRQGH��HQ�77��OH�QLYHDX�GHV�pOqYHV�HVW�UHSpUp�FRPPH�VXLW �6H�SUpSDUH�HW�UHFKHUFKH�OH�FRQWU{OH�GX�SODFHPHQW�GH�VHV�EDOOHV�WRXW�HQ�XWLOLVDQW�GHV�DFWLRQV�GH�IUDSSH�SRXU�JDJQHU�VHV�PDWFKHV��'DQV�XQH�RSSRVLWLRQ�j�VRQ�QLYHDX�RX�ORUVTXLO�QHVW�SDV�HQ�GLIILFXOWp�GDQV�OpFKDQJH��OpOqYH�D�LQWpJUp�XQH�PLVH�j�GLVWDQFH�HW�XQ�FRQWU{OH�VXIILVDQWV�SRXU�LQWHUYHQLU�VXU�OH�UDSSRUW�GH�IRUFHV�SDU�GHV�SODFHPHQWV�GH�EDOOH�YDULpV�HW�GHV�DFFpOpUDWLRQV�VXU�GHV�EDOOHV�IDYRUDEOHV�/D�VLWXDWLRQ�GH�UpIpUHQFH�SURSRVpH�HVW�OD�VXLYDQWH'LVSXWHU���PDWFKV�DX�PRLQV�HQ�VLPSOH��SRXOH�GH����HQ���PDQFKHV�JDJQDQWHV�GH����SRLQWV��RX�XQH�GH����SRLQWV�DYHF�FKDQJHPHQW�GH�F{Wp�j����SRLQWV���&HWWH�PRGDOLWp�GRLW�rWUH�DVVH]�ORQJXH�SRXU�VH�UHOkFKHU�HW�VH�WURXYHU�HQ�FRQGLWLRQV�IDYRUDEOHV��(QWUH�FKDTXH�PDQFKH��SRVVLELOLWpV�GDLGH�JUkFH�j�GHV�REVHUYDWLRQV�H[WpULHXUHV�SRXU�PLHX[�UpSRQGUH�DX�UDSSRUW�GH�IRUFHV�'DQV�FHWWH�IFKH�VRQW�GpFULWHV�OHV�FRQQDLVVDQFHV�GpFODUDWLYHV��LQIRUPDWLRQV��HW�SURFpGXUDOHV�j�IDLUH�DFTXpULU�DX[�pOqYHV�

5DSSHO��/HV�,��GX�O\FpH�������������&RUUHVSRQGDQFH�HQWUH�FHV�SURSRVLWLRQV�HW�OHV�,2��6H�FRQQDvWUH��&RQQDvWUH�OHV�DXWUHV��&RQQDvWUH�OHV�$36�QGH �'LYHUVLILFDWLRQ�GpOpPHQWV�WHFKQLTXHV�SOXV�pODERUpV�FDUDFWpULVDQW�OHV�UDSSRUWV�GRSSRVLWLRQ�HQ DWWDTXH�FRPPH�HQ�GpIHQVH��FRQWUH�DWWDTXH��FRQWUH�ULSRVWH��DQWLFLSDWLRQ��IHLQWH��

3UDWLTXH�SOXV�VWUXFWXUpH�LQWpJUDQW�OHV�IDFWHXUV�GH�VpFXULWp���HUH�HW�WHUPLQDOH �3UpSDUDWLRQ�j�GLIIpUHQWV�PRGHV�GH�SUDWLTXH�DOODQW�GH�OD�FRPSpWLWLRQ�j�GHV�DFWLYLWpV�GHQWUHWLHQ�HW�GH�ORLVLUV��WRXUQRLV��UHQFRQWUHV��RUJDQLVDWLRQ�����

,�� &$5$&7(5(�(66(17,(/�'(�/$&7,9,7(�©�7(11,6�'(�7$%/(�ª�$� '(),1,7,21�'(6���632576�'(�5$48(77(6�� �$FWLYLWpV�VSRUWLYHV�FRGLILpHV��F�j�G��UpJOHPHQWpHV���TXL�FRQVLVWHQW�HQ�XQ�'8(/�HQWUH�GHX[�MRXHXUV�PpGLp�SDU�XQH�UDTXHWWH�HW�XQ�PRELOH��OD�EDOOH��'R��&$5$&7(5(�(66(17,(/�GH�ODFWLYLWp��FI�GpILQLWLRQ�GX�JURXSH�GH�SLORWDJH�0DvWULVHU�GHV�675$7(*,(6�,1',9,'8(//(6��RX�FROOHFWLYHV�HQ�GRXEOH��GDQV�OH�FDGUH�GXQ�5$33257�'(�)25&(6�(48,/,%5(�QpFHVVLWDQW�GHV�&+2,;�SRXU�REWHQLU�OH�*$,1�'8�0$7&+�'R����pOpPHQWV�HVVHQWLHOV�SRXU�HQWUHU�GDQV�ODFWLYLWp� (WUH����RX����� (Q�VLWXDWLRQ�GDIIURQWHPHQW�UpFLSURTXH��FRQWLQXLWp�GHV�DFWLRQV�GDWWDTXH�HW�GH�GpIHQVH��� PpGLp�SDU�XQ�HQJLQ��EDOOH�� UDTXHWWH�� 3RXYDQW�VH�GpSODFHU�GDQV�XQ�HIIDFH�GpILQL�HW�OLPLWp����WHQQLV��EDGP���77��VTXDVK��WDEOH��DLUH�GH�MHX�� 6HORQ�XQ�UqJOHPHQW�H[SOLFLWH��DUELWUH��FRQGLWLRQV�GH�JDLQ�GH�SRLQWV��GX�PDWFK��GH�OD�UHQFRQWUH��'R��/2%-(&7,)�GH�ODFWLYLWp �0HWWUH�ODGYHUVDLUH�GDQV�OLPSRVVLELOLWp�GH�UHQYR\HU�OD�EDOOH��&HFL�VH�FDUDFWpULVH��SDU�XQH�0275,&,7(�VSpFLILTXH�DX�VHUYLFH�G,17(17,216�WDFWLTXHV�HW�VWUDWpJLTXHV�'R��OD�127,21�GH�0$548(5�/(�32,17���&HFL�FRQVWLWXHUD�O(175((�GDQV�ODFWLYLWp��'(6(48,/,%5(5�ODGYHUVDLUH�VDQV�VH�ODLVVHU�'(6(48,/,%5(5�WRXW�HQ�5(63(&7$17�ODGYHUVDLUH�&,%/(�02%,/(��OD�EDOOH�%� 352%/(0(6�)21'$0(17$8;�5(1&2175(6/H�FDUDFWqUH�HVVHQWLHO�GH�ODFWLYLWp�©�7HQQLV�GH�7DEOH�ª�DPqQH�OH�MRXHXU�j�VH�FRQIURQWHU���7<3(6�'(�352%/(0(6�)21'$0(17$8;��� /LQWHUDFWLRQ�HQWUH���MRXHXUV VLJQLILH�TXLO�IDXW�$�/$�)2,6�DWWDTXHU��GpIHQGUH�HW�SUHQGUH�GHV�LQIRUPDWLRQV�SRXU�SUpVHUYHU�RX�URPSUH�OpTXLOLEUH�GX�UDSSRUW�GH�IRUFHV���� 'H�SOXV��FHWWH�LQWHUDFWLRQ�HVW�0(',e(�SDU�GX�PDWpULHO �UDTXHWWH��EDOOH��WDEOH����

&HFL�QpFHVVLWH�GH�PDvWULVHU�OH�PRELOH��WUDMHFWRLUHV����GH�PDvWULVHU�OH�FRQWDFW�EDOOH���UDTXHWWH�SRXU�YDULHU�OD�WUDMHFWRLUH�GH�YLVHU�XQH�FLEOH��WDEOH��ILOHW����3RXU�UpVRXGUH�FHV�SUREOqPHV��OH�MRXHXU�YD�GHYRLU�IDLUH�DSSHO�j�WURLV�W\SHV�GH�FRPSRVDQWV�� OHV�FRPSRVDQWV�WHFKQLTXHV���$YRLU�XQ�UpSHUWRLUH�WHFKQLTXH�9$5,(�(7�()),&$&(��$FTXpULU�GHV�KDELOHWpV�PRWULFHV�VSpFLILTXHV��� OHV�FRPSRVDQWV�WDFWLTXHV���6DSSX\HU�VXU�OHV���FDUDFWpULVWLTXHV�VSDWLR�WHPSRUHOOHV�HQ�IRQFWLRQ�GH�VHV�LQWHQWLRQV�WDFWLTXHV�5pJXODULWp���3ODFHPHQW��IRUFH����YLWHVVH���HIIHWV��� OHV�GpSODFHPHQWV���BGpSODFHPHQW�SODFHPHQW�UHSODFHPHQW�/pOqYH�YD�GHYRLU�FRQVWUXLUH�WURLV�W\SHV�GH�VDYRLUV�HVVHQWLHOV���VDYRLU�JpUHU�OH�WHPSV�HW�OXWLOLVHU ��LO�IDXW�DQWLFLSHU�VXU�OHV UHWRXUV�GH�ODGYHUVDLUH�HQ�IRQFWLRQ�GX�UDSSRUW�GHV�IRUFHV�GDQV�OpFKDQJH��QRWLRQ�GH�MRXHXU�GRPLQp���GRPLQDQW�����VDYRLU�JpUHU�OHVSDFH�HW�VDGDSWHU�� LO�IDXW�FKRLVLU�XQH�WUDMHFWRLUH�GH�EDOOH�HQ�IRQFWLRQ�GX�UDSSRUW�GH�IRUFHV�GDQV�OH�EXW�GH�WHQWHU�GH�PDLQWHQLU��GpVpTXLOLEUHU�RX�URPSUH�OpFKDQJH��QRWLRQ�GH�FRQWLQXLWp���UXSWXUH�GH�OpFKDQJH���!�VDYRLU�MRXHU�UpJXOLHU��SODFp��YLWH��IRUW��DYHF�HIIHW����VDYRLU�VH�GpSODFHU�� ��!VDYRLU�VH�GpSODFHU�VH�SODFHU�VH�UHSODFHU�DX�VHUYLFH�GXQH�IUDSSH�GH�EDOOH��rWUH�pTXLOLEUp�ORUV�GH�OD�IUDSSH�&�� 02'(/(�'$&7,9,7e�7(50,1$/(��OHV�FRQQDLVVDQFHV�YLVpHV��� ,'(17,),(5 ��VLQIRUPHU�SRXU�XWLOLVHU�GHV�WHFKQLTXHV�\WDFWLTXHV�HW�GpSODFHPHQWV�MXGLFLHXVHPHQW�FKRLVLV�� XWLOLVHU�OH�UpSHUWRLUH�PRWHXU�SRXU�0$548(5���(�32,17�HQ�IRQFWLRQ GH�ODVLWXDWLRQ� ��GRPLQDQW���GRPLQp����� VDYRLU�MRXHU�VDQV�OD�EDOOH���SODFHPHQW���GpSODFHPHQW��UHSODFHPHQW���PRELOLWp�� VDYRLU�DQDO\VHU�OD�WUDMHFWRLUH�GH�EDOOH���SULVH�GLQIRUPDWLRQV�VXU�OH�MRXHXU DGYHUVH�HW�VXU�OD�EDOOH��� SRXU�DQWLFLSHU���DYDQFHU�VXU OD�EDOOH��OD�SUHQGUH�DX�VRPPHW�GX�UHERQG���� FRPSUHQGUH�OHV�SULQFLSHV�ELR�PpFDQLTXHV���VDYRLU�GLIIpUHQFLHU�EDOOH�TXL�YLHQW���EDOOH�TXL�YD���QH�SDV�VHXOHPHQW�5e$*,5 PDLV�$*,5���� VDYRLU�SURGXLUH�GHV�WUDMHFWRLUHV�GH�EDOOHV�YDULpHV�HQ�IRQFWLRQ�GX�5$33257'e)25&(� ��QRWLRQV�GH�FRQWLQXLWp���UXSWXUH�GDQV�OpFKDQJH����� VDYRLU�FUpHU�GH�/,1&(57,78'(���FKDQJHPHQW�GH�U\WKPH��SODFHPHQW�GH EDOOHV��HIIHWV������� VDYRLU�6$'$37(5�j�ODGYHUVDLUH�HW�PRGXOHU�VRQ�SURMHW�GDFWLRQ���IRUFHV� IDLEOHVVHV���� VDYRLU�$1$/<6(5 OH�UDSSRUW�GH�IRUFHV���GLIIpUHQFLHU�OD�VLWXDWLRQ�R��ORQ�HVW GRPLQp���GRPLQDQW� ��HQ�pTXLOLEUH���SRXU�52035(�OpFKDQJH�GLUHFWHPHQW�RX�LQGLUHFWHPHQW SOXV�WDUG���� RX�&217,18(5��35(1'5(�'(6�'e&,6,216���� 5e$/,6(5 ��FRQQDLVVDQFHV�WHFKQLTXHV�HW�WDFWLTXHV�� HQULFKLU�OH�UpSHUWRLUH�PRWHXU��� VDYRLU�WHQLU�VD�UDTXHWWH��� FRQWDFW�EDOOH���UDTXHWWH���VDYRLU�FRRUGRQQHU�OH�SODQ�GX�FRUSV��GH�OD�UDTXHWWH�HW�GH�OD�EDOOH�

�SURGXLUH�GHV�WUDMHFWRLUHV�GH�EDOOHV�YDULpHV���VDYRLU�JpUHU�OHVSDFH����VDYRLU�VH�GpSODFHU��VH�UHSODFHU���VDYRLU�JpUHU�OH�WHPSV����VpTXLOLEUHU��FRQVWUXLUH�GHV�V\VWqPHV�GDWWDTXH��HQ�UpVXPp��VH�FRQVWUXLUH�XQ�EDJDJH�WHFKQLTXH���FRXS�GURLW���UHYHUV��HIIHWV��YLWHVVH��SODFHPHQW��FRXSV�IRUWV��VHUYLFHV���������� *(5(5���FRQQDLVVDQFHV�VXU�VRL�HW�VDYRLU�IDLUH�VRFLDX[�� VDYRLU�IRUPXOHU�XQ�352-(7�'$&7,21��� VDYRLU�DVVXPHU�OHV�GLIIpUHQWV�U{OHV��MRXHXU�DUELWUH�©PDQDJHXU ª���REVHUYDWHXU��MXJH�DUELWUH���� DFFHSWHU�OD�GpIDLWH�HW�OD�UHQGUH�FRQVWUXFWLYH��VDYRLU�JpUHU�OpFKHF���UHVSHFWHU�OHV�UqJOHV����VDYRLU�JpUHU�OD�VpFXULWp�HW�OH�ULVTXH���35(1'5(�'(6�5,648(6�&$/&8/(6��� VDYRLU�VH�FRQFHQWUHU�HW�UHVWHU�FDOPH�

,,��$1$/<6(�+,6725,48(��0$7(5,(//(�(7�5(*/(0(17$,5(�'8�7(11,6�'(�7$%/(�/pYROXWLRQ�GX�MHX�HVW�GLUHFWHPHQW�OLpH�j�OpYROXWLRQ�GHV�UqJOHPHQWV��GHV�PDWpULDX[�HW�GHV�WHFKQLTXHV�TXL�HX[�PrPHV�VRQW�OLpV�j�OpYROXWLRQ�GHV�UDSSRUWV�GH�IRUFHV��HW�UpFLSURTXHPHQW���$��$1$/<6(�+,6725,48($X�GHOj�GXQH�VLPSOH�QDUUDWLRQ�KLVWRULTXH��QRXV�WHQWHURQV�LFL�GDQDOYVHU�OHV�D�PRPHQWVFOHI�ª�GH�OpYROXWLRQ�GX�77�HW�GHV�MRXHXUV�SRXU FRPSUHQGUH�OpYROXWLRQ�GHV�pOqYHV�FRQIURQWpV�j�ODFWLYLWp�HW�OHXU�SURSRVHU�GHV�VLWXDWLRQV�EDVpHV�VXU�GHV�DPpQDJHPHQWV�PDWpULHOV��UpJOHPHQWDLUHV�HW�WHFKQLTXHV�OHXU�SHUPHWWDQW�GH�SURJUHVVHU��/HV�PRPHQWV�FOHI����������RIILFLDOLVDWLRQ�GX�77������XWLOLVDWLRQ GH�OD�EDOOH�HQ�&HOOXORwG���!�&HV�GpFRXYHUWHV�SHUPHWWHQW�GDGDSWHU�OH�MHX�GH�WHQQLV�j�GHV�HVSDFHV�SOXV�UHVWUHLQWV��OD�WDEOH�TXL�VH�GLIIpUHQFLH�GH�ODLUH�GH�MHX�����������$SSDULWLRQ�GHV�UHYrWHPHQWV�HQ�FDRXWFKRXF�/H�ILOHW�HVW�HQFRUH�XQH�SODQFKH�UXGLPHQWDLUH�VpSDUDQW���WHUULWRLUHV��!�&HW�HQVHPEOH�UXGLPHQWDLUH�SURYRTXH�XQ�EUXLW�FDUDFWpULVWLTXH�SURGXLW�SDU�OH�FRQWDFW�VXFFHVVLI�GH�FHWWH�EDOOH�DYHF�OD�UDTXHWWH�HW�OD�WDEOH��'R��OH�VXUQRP�GH�©�SLQJ�SRQJ�ª�����������&H�MHX��JUkFH�j�OD�IHUYHXU�SRSXODLUH��VH�FRQVWLWXH�YpULWDEOHPHQW�HQ�VSRUW���!$�FHWWH�GDWH�GpEXWHQW�OHV�SUHPLHUV�WRXUQRLV�HW�FKDPSLRQQDWV�QDWLRQDX[�HW�LQWHUQDWLRQDX[�������FUpDWLRQ�GH�O,77)�������FUpDWLRQ�GH�OD�))77��!�/H��HU�VRXFL�GH�O,77)�I�W�GXQLILHU�OHV�UqJOHV�GX�MHX�'qV�FHWWH�GDWH��QRXV�YR\RQV�TXH�OH�SURJUqV�JpQpUDO�GX�MHX�HVW�VRXYHQW�G��j�OpYROXWLRQ�GHV�UqJOHPHQWV�

'qV������FHWWH�pYROXWLRQ�GHV�UqJOHPHQWV�D�SHUPLV�GHQUD\HU�OH�MHX�SDVVLI�����UHFRUGV�VLJQLILFDWLIV�j�FH�VXMHW� 3UDJXH��������+$*8(1$/,(5�IU���FRQWUH�*2,�'%(5*,�5�URX���MRXqUHQWGXUDQW��+���/H�MXU\�LQWHUURPSLW�OH�MHX�HW�GpVLJQD�OH�YDLQTXHXU�SDU�WLUDJH�DXVRUW����OH�5RXPDLQ�JDJQD��� 3UDJXH�WRXMRXUV���)$1(7+�URX���HW�(,�,5,�,&���SRO���WRWDOLVqUHQW��+���SRXUPDUTXHU� ��SRLQW��� /,77)�GLPLQXD�OD�GXUpH�PD[LPXP�GHV�PDQFKHV�HW�DEDLVVD�OD�KDXWHXU�GX�ILOHW�/H�MHX�RIIHQVLI�IvW�GHV�SURJUqV�HW�OHV�MRXHXUV�XWLOLVDQW�OD�SULVH�©�SRUWH�SOXPH�ª�D\DQW�XQ�MHX�HVVHQWLHOOHPHQW�EDVp�VXU�OH�OLIW�GX�&'�IXUHQW�UHPDUTXpV�0HLOOHXUV�MRXHXUV�GH�OpSRTXH���MHX�G\QDPLTXH�EDVp�VXU�XQH�GpIHQVH�UDVDQWH�HW YDULpH�HW�GHV�OLIWV�GX�&'�SHUPHWWDQW�GH�SUpSDUHU�OH�FRXS�WHUPLQDO����������/,77)�OLPLWH�OD�GXUpH�GHV�PDQFKHV�j����PXV��UqJOH�GDFFpOpUDWLRQ�����!/H�QRXYHDX�UqJOHPHQW�HW�ODSSDULWLRQ�GHV�UDTXHWWHV�FRXYHUWHV�GH�PRXVVH�RULHQWHQW�OH�MHX�GH�SOXV�HQ�SOXV�YHUV�ODWWDTXH��OD�FRQWUH�DWWDTXH�HW�OHV�URWDWLRQV�GH�EDOOH����$QQpHV������OH�WRS�VSLQ�LPSRUWp�SDU�OHV��MDSRQDLV�TXL�SHUPHW�GLPSULPHU�XQH�WUqV�JUDQGH�URWDWLRQ�j�OD�EDOOH�YD�5(92/87,211(5�OH�WHQQLV�GH�WDEOH�HW�DVVXUHU�OD�VXSUpPDWLH�GHV�MRXHXUV�RIIHQVLIV�/H�GXHO�SHUPDQHQW�HQWUH�(XURSpHQV�HW�$VLDWLTXHV�FRQWULEXH�DX�SHUIHFWLRQQHPHQW�SHUPDQHQW�GX�MHX��3DUDOOqOHPHQW��O,77)�WHQWH�GH�IDYRULVHU�OpYROXWLRQ�GX�MHX�YHUV�XQ�VSRUW�WRXMRXUV�SOXV�DWWUDFWLI�HW�PpGLDWLTXH�HQ�DXWRULVDQW�OHV�IpGpUDWLRQV�QDWLRQDOHV�j�PHQHU�GHV�H[SpULHQFHV�HW�HQ�DGDSWDQW�OHV�UqJOHPHQWV�j�OpYROXWLRQ�FRQVWDQWH�GHV�PDWpULDX[�XWLOLVpV�/H�77�D�EHDXFRXS�pYROXp�GHSXLV�FHV����GHUQLqUHV�DQQpHV�HW�VXUWRXW�GHSXLV�OH�©ERRP�PpGLDWLTXH�ª��OH�77�VH�WURXYH�UHOD\p�SDU�GH�QRPEUHX[�VXSSRUWV�PpGLDWLTXHV���,O�IDXW�VLJQDOHU�TXH�OD�)UDQFH�QH�UHPSOLW�SDV�HQFRUH�WRWDOHPHQW�VRQ�U{OH����!�&HV�pYROXWLRQV�HQWUDvQHQW�GHV�FRQVpTXHQFHV�VXU�OH�PDWpULHO�TXH�WRXWHV�OHV�IpGpUDWLRQV�QDWLRQDOHV�GRLYHQW�HQWpULQHU� FRXOHXU�GHV�WDEOHV��GH�OD�EDOOH�HW�GH�ODLUH�GXH���$SUqV�GHV�pWXGHV��DX�QLYHDX�YLVXHO�OD�WDEOH�EOHXH�VXU�VRO�URXJH�HW�OXWLOLVDWLRQ�GH�OD�EDOOH�MDXQH�VHPEOHQW�SOXV�DGDSWpV�j�FHV�YLWHVVHV�GH�MHX��� GLDPqWUH�GH�OD�EDOOH���$SUqV�6\GQH\��OD�EDOOH�XWLOLVpH�GRLW�IDLUH����PP�GH�GLDPqWUH��DX�OLHX�GH����PP�����)8785���$SUqV�OHV EDOOHV�SOXV�JURVVHV��O,77)�SURMHWWH�GH�UHPRQWHU�OH�ILOHW��GH�������j���������GH�UDFFRXUFLU�OHV�PDQFKHV�����RX����SRLQWV�DX�OLHX�GH����SRLQWV��SRXU�UDOHQWLU�OD�YLWHVVH�GHV�pFKDQJHV�HW�PHWWUH�HQ�YDOHXU�OH�FLWp�VSHFWDFXODLUH�GX�77��OD�UDSLGLWp�DFWXHOOH�GHV�pFKDQJHV�IUXVWUH�GH�QRPEUHX[�VSHFWDWHXUV��/HV�MRXHXUV�VRSSRVHQW�j�FHV�FKDQJHPHQWV�FDU�FHFL�HQWUDvQH�GHV�FKDQJHPHQWV�UDGLFDX[�GDQV�OD�PDQLqUH�GpMRXHU��GDQV�OHV�DXWRPDWLVPHV�FUppV�HW�ERXVFXOH�OHV�UHSqUHV�GHV�MRXHXUV��HQ�SDUWLFXOLHU��OD�EDOOH�HVW�IUHLQpH�j�FDXVH�GH�OD�UpVLVWDQFH�GH�ODLU�HW�GRQF�GpWRXUQpH�GH�VD�WUDMHFWRLUH���&HFL�ULVTXH�GH�SURGXLUH�XQ�FKDQJHPHQW�LPSRUWDQW�GDQV�OD�KLpUDUFKLH�GHV�MRXHXUV�!�3$5$'2;(�$&78(/��$SUqV�DYRLU�YRXOX�DFFpOpUHU�OH�MHX�SHQGDQW�GHV�DQQpHV��KDXWHXU�GX�ILOHW�DEDLVVpH�UqJOHGDFFpOpUDWLRQ���PDWpULDX[�WRXMRXUV�SOXV�UDSLGHV��FROOH�REOLJDWLRQ�GH�UDTXHWWHV�ELFRORUHV�HW�FRXOHXU�GX�PDWpULHO�SRXU�IDFLOLWHU�OLQIRUPDWLRQ���RQ�FKHUFKH�j�OH�UDOHQWLU�

/HV�PDWpULDX[�HQ�YLJXHXU�DFWXHOOHPHQW�VRQW�SOXV�DYDQWDJHX[�SRXU�OHV�DWWDTXDQWV��'HSXLV�TXH�OHV�GpIHQVHXUV�VRQW�REOLJpV�GH�MRXHU�DYHF���FRXOHXUV�GH�UHYrWHPHQW��LOV�QH�SHXYHQW�FDPRXIOHU�OHXUV�HIIHWV�FRPPH�DYDQW�HW�OD�SUDWLTXH�GH�FH�V\VWqPH�GH�MHX�D�VXEL�XQH�UpJUHVVLRQ��0DLV��LO�HVW�SRVVLEOH�TXH�OHV�UHFKHUFKHV�WHFKQRORJLTXHV�DFWXHOOHV�HW�OHV�FKDQJHPHQWV�GH�UqJOHPHQWV�IDYRULVHQW�OH�UHWRXU�GHV�GpIHQVHXUV�DX�QLYHDX�PRQGLDO��(Q�FRQFOXVLRQ��QRXV�FRQVWDWRQV�TXH�OD�SUDWLTXH�GX�WHQQLV�GH�WDEOH�D�pYROXpH�SDU�GHV�FKDQJHPHQWV�GDQV�OHVTXHOV�pYROXWLRQV�GHV�UqJOHPHQWV��GHV�PDWpULDX[��GHV�WHFKQLTXHV�HW�GHV�V\VWqPHV�GH�MHX�VRQW�LQWLPHPHQW�OLpV�HW�LQGLVVRFLDEOHV�0DOJUp�FHV�pYROXWLRQV��OD�FRQWLQXLWp�GX�MHX�D�pWp�SUpVHUYpH�HW�OH�FDUDFWqUH�HVVHQWLHO�GH�ODFWLYLWp�QD�MDPDLV�pWp�GpQDWXUp�PrPH�VL��j�SDUWLU�GH�FHV�UqJOHV�FRQVWLWXWLYHV�GH�ODFWLYLWp��OHV�MRXHXUV�RQW XWLOLVp�GHV�WHFKQLTXHV�HW�pODERUp�GHV�WDFWLTXHV�HW�VWUDWpJLHV�GLIIpUHQWHV�SRXU�JDJQHU�OH�SRLQW��OD�PDQFKH��OH�PDWFK��OD�UHQFRQWUH��(Q�FRQVpTXHQFHV��ODQDO\VH�HW�OD�FRPSUpKHQVLRQ�GH�FHV�pYROXWLRQV�KLVWRULTXHV�SRXUURQW�QRXV�DLGHU��QRXV��HQVHLJQDQWV�G(36�j $QDO\VHU�HW�FRPSUHQGUH�OpYROXWLRQ�GHV�pOqYHV�FRQIURQWpV�j�FHWWH�DFWLYLWp�(Q�HIIHW��OHV�pWDSHV�GH�ODSSUHQWLVVDJH�GH�OpOqYH�VRQW�OHV�PrPHV�TXH�FHOOHV�TXH�OHV�MRXHXUV�RQW�HPSUXQWp�DX�ILO�GH�OKLVWRLUH�GX�WHQQLV�GH�WDEOH��UDSSRUWV�HQWUH�SK\ORJHQqVH�HW�RQWRJHQqVH����SDVVHU�GXQ�UHQYRL�SDVVLI�j�XQ�MHX�EDVp�VXU�ODWWDTXH�RX�PrPH�VXU�OD�GpIHQVH�PDLV�GH�IDoRQ�LQWHQWLRQQHOOH5(*8/$5,7( �UHQYR\HU���IRLV�GH�SOXV����!�3/$&(0(17 HW�RX�60$6+ �!�())(76 SRXU�FDVVHU�OH�MHX��FRXSpV��RX�SUpSDUHU�OH�FRXS�WHUPLQDO��OLIW��HW DXJPHQWHU�OHV�LQFHUWLWXGHV�� 8WLOLVHU�GHV�UqJOHPHQWV�HW�GHV�PDWpULDX[�DGDSWpV�DX�QLYHDX�GH�MHX�GHV�pOqYHV�([���VHUYLFHV�DPpQDJpV���EDOOHV�HW�UDTXHWWHV�DGDSWpHV��FRQWU{OH���YLWHVVH���DGKpUHQFH��� )DLUH�YDULHU�PDWpULDX[��UqJOHPHQWV��FRXSV�WHFKQLTXHV�HW�VWUDWpJLHV�XWLOLVpV�SRXU�TXH�OHV�pOqYHV�pYROXHQW�HW�VDGDSWHQW�HQ�SHUPDQHQFH�� 1RXV�VHUYLU�j�LQYHQWRULHU�HW�FRQVWUXLUH�GHV�VLWXDWLRQV�GLGDFWLTXHV�YDULpHV)DLUH�YDULHU�OH�WHPSV�U\WKPH�GpFKDQJH����� W{W�DSUqV�OH�UHERQG��GXUpH��QRPEUH�GpFKDQJHV��IUpTXHQFH��QRPEUH�GpFKDQJHV�WHPSV�GRQQp��WHPSV�SRXU�JDJQHU�OH�SRLQW���XWLOLVHU�OD UqJOH�GDFFpOpUDWLRQ�ª���PDUTXHU�HQ�PD[LPXP���WRXFKHV�GH�EDOOHV�OH�PDWFK���HQ����SRLQWV���PRQWpHV�GHVFHQWHV)DLUH�YDULHU�OH�UDSSRUW�GH�IRUFHV ��IRUPH�GRSSRVLWLRQ��SDV�OH�GURLW�RX�REOLJDWLRQ�GDWWDTXHU��5DSSRUW�GH�IRUFHV�pTXLOLEUp�RX�QRQ��PDWFKV�j�KDQGLFDS��&RRSpUDWLRQ���RSSRVLWLRQ�FRQFLOLDQWH���RSSRVLWLRQ�PD[LPDOH)DLUH�YDULHU�OHV�FRXSV�WHFKQLTXHV�XWLOLVp ��&'�UHYHUV�&'�GH�OD�SRVLWLRQ�UHYHUV�&RXSp�OLIW�VPDVK)DLUH�ODOWHUQDWLYH���VLWXDWLRQ�IHUPpH�VHPL�RXYHUWH�RXYHUWH�)DLUH�YDULHU�OHV�SODFHPHQWV�ODWpUDX[���VXU�&'�VXU�UHYHUV�PLOLHX�GH�WDEOH�YHQWUH�SRQJLVWH�HQ�SURIRQGHXU���FRXUW�ORQJ)DLUH�YDULHU�OHV�IRUPHV�GH�FRPSWDJH ��SRLQWV�FRPSWHQW�GRXEOH��VHUYLFH���SODFHPHQW���IUDSSH���OLIW���FRXSp��2EOLJDWLRQ�GH�PDUTXHU�VHORQ�FRQVLJQHV�SDUWLFXOLqUHV�&RPSWDJH�VW\OH�WHQQLV�RX�YROOH\�RX�EDGPLQWRQ)DLUH�YDULHU�OH�UqJOHPHQW���YRLU���ORLQ�DX�FKDSLWUH�©�5(*/(0(176�ª�%��$1$/<6(�0$7(5,(//(��� /D�UDTXHWWH����H[LVWH���W\SHV�GH�UHYrWHPHQWV�GH�UDTXHWWH �!�62)7���SLFRWV�GLULJpV�YHUV�OH[WpULHXU��DYHF�RX�VDQV�PRXVVH� �!�2EM����PHLOOHXU�FRQWU{OH�� %$&.6,'(���SLFRWV�GLULJpV�YHUV�OLQWpULHXU��!2EM���PHLOOHXUH�DGKpUHQFH�!$17,�723���SDV�GDGKpUHQFH�

�!�2EM����QH�SDV�VHQWLU�OHV�HIIHWV�DGYHUVHV�HW�OHV�XWLOLVHU HQ�OHV�LQYHUVDQW��SDV�GDGKpUHQFH���5qJOHPHQW� OpSDLVVHXU�WRWDOH�PRXVVH�UHYrWHPHQW�QH�SHXW�GpSDVVHU���PP�� OD�SDOHWWH�GRLW�rWUH�HQ�ERLV�� OD�UDTXHWWH�SHXW�DYRLU�GHV�GLPHQVLRQV��XQH�IRUPH�HW�XQ�SRLGV�TXHOFRQTXH� VLPSOHPHQW�WHLQWpH�RX�SHLQWH��PDLV�LO�VHUD�LQWHUGLW�GH�IUDSSHU�OD�EDOOH�DYHF�FHWWH�IDFH�3pGDJRJLH���$WWHQWLRQ�DX�FKRL[�GH�OD�UDTXHWWH3OXV�OH�ERLV�HVW�GXU��SOXV�LO�HVW�UDSLGH���SOXV�LO�HVW�PRX��SOXV�LO�HVW�OHQW��OD�WHQGUHVVH�DPRUWLW�OD�EDOOH�HW�OH�FRQWDFW�%�5�HVW���ORQJ���3OXV�OH�ERLV�D�GH�SOLV��SOXV�LO�HVW�UDSLGH�/HV�UHYrWHPHQWV�VRQW�FRPSRVpV�GXQ�PpODQJH�GH�FDRXWFKRXFV��'H�FH�PpODQJH�GpSHQGHQW�OHV�SURSULpWpV�GDGKpUHQFH��URWDWLRQV���GH�YLWHVVH��IUDSSHV�HW�URWDWLRQV��HW�GH�FRQWU{OH�GH�OD�UDTXHWWH��SODFHPHQW��3OXV�OD�PRXVVH�HVW�pSDLVVH��SOXV OD�UDTXHWWH�HVW�UDSLGH�PDLV�PRLQV�HOOH�D�GH�FRQWU{OH�� &HVW�OD�UDTXHWWH�j�SLFRWV�TXL�FRQYLHQW�OH�PLHX[�j�XQ�OHC�F\FOH�PHLOOHXU�FRQWU{OH�PDLV�SHX�GH�YLWHVVH��� &HVW�OD�UDTXHWWH�DSSHOpH���EDFNVLGH����SLFRWV�j�OLQWpULHXU���TXL�FRQYLHQW��H�PLHX[�SRXU�OHV F\FOHV�VXLYDQWV��SOXV�GH�YLWHVVH�GH�EDOOH�HW�SOXV�GDGKpUHQFH�SRXU�OLQLWLDWLRQ�DX[�URWDWLRQV�GH�EDOOH��$ILQ�GDERUGHU�OHV�URWDWLRQV�GH�EDOOH��HOOH�GHYUD�DYRLU�XQH�ERQQH�TXDOLWp�GDGKpUHQFH�$ILQ�GH�IDFLOLWHU�OXWLOLVDWLRQ�GH�OD�UDTXHWWH��FKRLVLU�GHV�UHYrWHPHQWV�D\DQW�EHDXFRXS�GH�FRQWU{OH�HW�XQH�UDSLGLWp�PR\HQQH��3UHQGUH�XQH�pSDLVVHXU�GH�PRXVVH�PR\HQQH����j�����PP���$�O$6��FRQVHLOOHU�OpOqYH�HQ�IRQFWLRQ�GH�VRQ�VW\OH�GH�MHX���� /D�EDOOH5qJOHPHQW� HOOH�HVW�VSKpULTXH��HQ�&HOOXORwG�RX�PDWLqUH�SODVWLTXH�DQDORJXH�� HOOH�HVW�EODQFKH�RX�MDXQH�HW�PDWH�� VRQ�GLDPqWUH�HVW�GH����PP��DSUqV�OHV�-�2��GH�6\GQH\��HW�VRQ� SRLGV�GH�����J�� VHXOH�XQH�PDUTXH�DJUppH�SDU�OD�))77�SHXW�rWUH�XWLOLVpH�HQ� FRPSpWLWLRQ�3pGDJRJLH� XWLOLVHU�GHV�EDOOHV�GHQWUDvQHPHQW��GRXEOH�FHUFOH��GRXEOH�IOVK��� QH�SDV�DFKHWHU�GHV�EDOOHV�GRQW�OKpPLVSKqUH�HVW�HQ�FUHX[���ORXUGHV�HW�SHX�UpVLVWDQWHV���� DFKHWHU�GHV���JURVVHV���GH�EDOOHV���SDFN�GH�����EDOOHV���$YHF�XQ�QRPEUH�GH�EDOOHV�LPSRUWDQW��RQ�SHXW�XWLOLVHU�OD�WHFKQLTXH�DSSHOpH���SDQLHU�GH�EDOOHV���

DYDQWDJHV���HVVDLV�SOXV�QRPEUHX[��JDLQ�GH�WHPSV����/HQIDQW�SHXW�UHFRPPHQFHU�SOXVLHXUV�IRLV�HW�LPPpGLDWHPHQW�OH[HUFLFH�PrPH�VLO�VH�WURXYH�HQ�VLWXDWLRQ�GpFKHF�UHODWLI��/HV�H[SpULHQFHV�VXFFHVVLYHV�SHUPHWWHQW�GH�SUHQGUH�HQ�FRPSWH�OH�UpVXOWDW�GH�VRQ�DFWLRQ�SRXU�DMXVWHU�OH�FRPSRUWHPHQW�PRWHXU�GqV�ODFWLRQ�VXLYDQWH�&DUDFWpULVWLTXHV�GH�OD�EDOOH���6D�YLWHVVH�SHXW�DWWHLQGUH�����NPV��K�(OOH�SHXW�WRXUQHU�MXVTXj������WUV��PQ�(OOH�SHXW�VH�GpIRUPHU�MXVTXj�����GH�VRQ�GLDPqWUH�/H�FKRL[�GHV�EDOOHV�HVW�LPSRUWDQW�OD�EDOOH�HVW���� UDSLGH����!VHORQ�VD�WDLOOH�����HOOH�HVW�JURVVH����HOOH�HVW�OHQWH��VHORQ�VRQ�SRLGV�����HOOH�HVW�OpJqUH����HOOH�HVW�OHQWH���OD�EDOOH�HVW�OHQWH����OHV�pFKDQJHV�VRQW�UDOHQWLV�HW���� OH�MRXHXU�D�OH�WHPSV�GH�SUHQGUH�GHV�LQIRUPDWLRQV� GH�VH�GpSODFHU�HW�VH�SODFHU�HW�GH�VRUJDQLVHU�HQ�FRQVpTXHQFH��FKRL[�HW�FRXS�WHFKQLTXH�XWLOLVp���&HFL�IDFLOLWH�GRQF�OHV�DSSUHQWLVVDJHV���� /D�WDEOH/D�VXUIDFH�GH�MHX� FHVW�OD�SDUWLH�VXSpULHXUH�GH�OD�WDEOH��������[�������FP���j����FP�GX�VRO�� HOOH�GRLW�rWUH�GH�FRXOHXU�IRQFpH�HW�PDWH�� HOOH�HVW�OLPLWpH�HQ�VHV���FRWpV�SDU�XQH�EDQGH�EODQFKH�GH���FP�GH�ODUJH� TXL�PDWpULDOLVH�OH�UHFWDQJOH�� XQH�OLJQH�EODQFKH�GH���PP�GH�ODUJH�GLYLVH�FKDTXH�FDPS�HQ�GHX[�GHPL� FDPSV�pJDX[���HOOH�HVW�QpFHVVDLUH�SRXU�OHV�SDUWLHV�GH�GRXEOH�� OpSDLVVHXU�GX�SODWHDX�QH�IDLW�SDV�SDUWLH�GH�OD�VXUIDFH�GH�MHX��/HV�DUrWHV�� HOOHV��IRQW�SDUWLH�GX�MHX�3pGDJRJLH� QH�SDV�DFKHWHU��OH�WDEOHV�GDQV�OHV�VXSHUPDUFKpV����PrPHV�VL�HOOH�VRQW�HQ� SURPRWLRQ���� SUHPLHU�FULWqUH�GDFKDW���/$�52%867(66(�� SHQVH]�DX�VHUYLFH�DSUqV�YHQWH�� &RPPH�OD�WDEOH�HVW�XQH�VXUIDFH�HW�QRQ�XQ�YROXPH��VL�OD�EDOOH�UHERQGLW�VXU�ODUUrWH��HOOH�HVW�©ERQQH�ª��REV����HOOH�PRQWH����VL�HOOH�UHERQGLW�VXU�OH�F{Wp��HOOH�HVW©IDXWH�ª��REV���HOOH�GHVFHQG��&��$1$/<6(�5(*/(0(17$,5(���5qJOHPHQW�HW�GLGDFWLTXH/RELHFWLI�GH�FHWWH�DQDO\VH�HVW�GH�PRQWUHU�FRPPHQW�QRXV�SRXYRQV�DGDSWHU�OH�UqJOHPHQW�DX�QLYHDX�GHV�pOqYHV�HW�XWLOLVHU�FHOXL�FL�j�GHV�ILQV�GLGDFWLTXHV�

'HSXLV�OD�FUpDWLRQ�GX�WHQQLV�GH�WDEOH��OH�UqJOHPHQW�D�pYROXp�PDLV�QRXV�SRXYRQV�QRWHU�XQH�FRQWLQXLWp�GDQV�OHVSULW�GX�MHX��/KLVWRLUH�QRXV�PRQWUH�TXH�OHV�WHFKQLTXHV�VRQW�OH�UpVXOWDW�GXQH�pYROXWLRQ�TXL�D�SRXU�REMHW�GH�SUpVHUYHU�OHVVHQFH�GX�MHX�HW�GHQJDJHU�OHV�MRXHXUV�YHUV�OD�UHFKHUFKH�GH�QRXYHOOHV�VROXWLRQV�&RPPH�OH�VRXOLJQH�0(8/(5��UHYXH�(36�Q�����HW������©OKLVWRLUH�GHV�WHFKQLTXHV�HVW�LQWLPHPHQW�OLpH�j�OKLVWRLUH�GHV�UqJOHPHQWV��&HX[�FL�VSpFLILHQW�SDU�XQ�HQVHPEOH�GH�UqJOHV�OHV�UDSSRUWV�GHV�LQGLYLGXV�DX�PDWpULHO�DLQVL�TXDX[�DXWUHV�LQGLYLGXV�HW�GpWHUPLQHQW�OH�FDGUH�GDQV�OHTXHO�ODIIURQWHPHQW�VSRUWLI�VH�GpURXOH��&H�UqJOHPHQW�HVW�pYROXWLI�ª��(Q�HIIHW��OHV�PRGLILFDWLRQV�UpJOHPHQWDLUHV�HW�PDWpULHOOHV�VRQW�VRXYHQW�GXHV�j�GHV�IDFWHXUV�LQWHUQHV�DX�MHX��DGDSWDWLRQ�GHV�MRXHXUV��FRQWRXUQHPHQW�GX�UqJOHPHQW��GpYHORSSHPHQW�GHV�WHFKQLTXHV�HW�WDFWLTXHV��PDLV�DXVVL�j�GHV�IDFWHXUV�H[WHUQHV��FRPPH�OHV�FRQWUDLQWHV�WpOpYLVXHOOHV��'H�SOXV��OH�UqJOHPHQW�UHSUpVHQWH�SRXU�OHQVHLJQDQW�XQ�RXWLO�HVVHQWLHO�FDU�WRXWH�PRGLILFDWLRQ�GH�FHOXL�FL�HQWUDvQH�FKH]�OpOqYH�GHV�FKDQJHPHQWV�GH�UHSUpVHQWDWLRQ�HW�GH�FRPSRUWHPHQW��/HQVHLJQDQW�SHXW�GRQF�PRGLILHU�OHV�UqJOHV��OHV�VLPSOLILHU�RX�OHV�FRPSOH[LILHU�j�FRQGLWLRQ�TXLO�QH�GpQDWXUH�SDV�OH�MHX�(Q�WHQQLV�GH�WDEOH��QRXV�SRXYRQV�QRWHU���JUDQG���GRPDLQHV�GpYROXWLRQ�GX�UqJOHPHQW��(YROXWLRQ�GH�OHVSDFH�GH�MHX���JUDQGHXU�GH�OD�WDEOH�YDULDEOH�PDLV�VpSDUpH�HQ���SDUWLHV�pJDOHV�SDU�XQ�REVWDFOH�KDXWHXU�YDULDEOH���$LUH�GH�MHX�YDULDEOH���(YROXWLRQ�PDWpULHOOH�GX�MHX���DYHF�EDOOH�HW�UDTXHWWHV��FRQVLVWDQFH��SRLGV��ULJLGLWp��YDULDEOHV��SHUPHWWDQW�GH�IDLUH�YDULHU���RX�� OD�YLWHVVH��OH�FRQWU{OH�HW�OHV�HIIHWV�GH�EDOOH���(YROXWLRQ�GHV�UqJOHV�GLW�VFRUH���DYHF�XQ�GpFRPSWH�GH�SRLQWV�OLPLWp�RX�QRQ�GDQV�OH�WHPSV�HQWUH���RX���MRXHXUV�(Q�UHJDUG�GH�FHV�pYROXWLRQV�GHV�UqJOHPHQWV��OHQVHLJQDQW�SRXUUD�MRXHU�VXU�OHV�©YDULDEOHV�GLGDFWLTXHV�ª�WHOOHV�TXH JUDQGHXU�GH�OD�VXUIDFH�GH�WDEOH�j�XWLOLVHU��PDVTXHU�DYHF�GHV�WLVVXV���PHWWUH�GHV�FLEOHV��MRXUQDX[���DJUDQGLU�RX�GLPLQXHU�� KDXWHXU�GH�OREVWDFOH��UDMRXWHU�XQ�VXU�ILOHW��pODVWLTXH����

WDLOOH�GH�ODLUH�GH�MHX��XWLOLVHU�OHV�VpSDUDWLRQV��OHV�SORWV�OHV�URQGV�GH�FDRXWFKRXF�DX�VRO�� WDLOOH��FRXOHXU��SRLGV�GHV�EDOOHV�����RX����PP��XOWUD�OpJqUHV��PDUTXHU�OHV�ODWLWXGHV���SDQLHU�GH�EDOOHV� W\SH�GH�UDTXHWWHV��SLFRWV�VDQV�PRXVVH�RX�UHYrWHPHQWV�GLIIpUHQWV���FRQWU{OH��DGKpUHQFH���UDSLGLWp��� QRPEUH�GH�MRXHXUV����RX�����WRXUQDQWH�����GLVWULEXWHXU�FRQWUH���RX���UHODQFHXUV�� FRQGLWLRQV�GHQYRL���UHQYRL�GH�OD�EDOOH�VHUYLFH ��UHODQFH����PDWFKHV�j�KDQGLFDSV��SRLQWV��WHUUDLQ��WHFKQLTXH��PDWpULHO��� IDoRQ�GH�JDJQHU�OH�PDWFK��DX�WHPSV��DX�VFRUH��IRUPH�GH�FRPSWDJH��W\SH�WHQQLV�RX�YROOH\��

�IDoRQ�GH�JDJQHU�OD�UHQFRQWUH���PRQWpHV���GHVFHQWHV�� SRXOHV��WDEOHDX[�IRUPXOHV��*HQWOHPHQ�URQGH�LWDOLHQQH���JUDQG�SRLQW���PDWFK��GpIL�SDU�pTXLSHV����� 3UpFLVLRQV�UpJOHPHQWDLUHV$�� 5HQYRL/D�EDOOH�HVW�IUDSSpH�GH�IDoRQ�WHOOH�TXHOOH�SDVVH�DX�GHVVXV�GX�ILOHW�RX�OH�FRQWRXUQH��$X�GHVVRXV�RX�DXWRXU�GH�OD�SDUWLH�GX�ILOHW�HW�GH�VHV�VXSSRUWV�HQ�GHKRUV�GH�OD�WDEOH��SXLV�WRXFKH�GLUHFWHPHQW�OH�FDPS�DGYHUVH��6L�OD�EDOOH�UHYLHQW�GHOOH�PrPH��HOOH�SHXW�rWUH�IUDSSpH�SHQGDQW�TXHOOH�HVW�HQFRUH�HQMHX�%�� )UDSSH�GH�OD�EDOOH&HOD�VLJQLILH�OD�WRXFKHU�DYHF�OD�UDTXHWWH�RX�OD�PDLQ�GH�OD�UDTXHWWH��IDLW�SDUWLH�GH�OD�UDTXHWWH�MXVTXDX�SRLJQHW���8Q�UHQYRL�HIIHFWXp�VHXOHPHQW�DYHF�OD�PDLQ�D\DQW�OkFKp�OD�UDTXHWWH�RX�DYHF�OD�UDTXHWWH�D\DQW�TXLWWp�OD�PDLQ�QHVW�SDV�UpJXOLHU��8Q�MRXHXU�SHXW�IDLUH�SDVVHU�VD�UDTXHWWH�GXQH�PDLQ�GDQV�ODXWUH�SHQGDQW�OpFKDQJH�&�� 2EVWUXFWLRQ4XDQG�XQ�MRXHXU�RX�WRXWH�FKRVH�TXLO�SRUWH�RX�WLHQW�WRXFKH�OD�EDOOH�DYDQW�TXHOOH�DLW�ILQL�GHVXUYROHU�VRQ�FDPS��F�j�G��DYDQW�TXHOOH�DLW�IUDQFKL�OH�SURORQJHPHQW�GH�OD�OLJQH�GH�IRQG��DORUV�TXHOOH�QD�SDV�HQFRUH�WRXFKp�OD�WDEOH�

/H�77�'(�&203e7,7,21�(1���5(*/(6�� /H�FKRL[�LQLWLDO�

'qV�TXH�OHV�MRXHXUV�DUULYHQW�j�OD�WDEOH��RQ�HIIHFWXH�OH�WLUDJH�DX�VRUW��XQ�MRXHXU�FKRLVLW�OD�FRXOHXU�GX�MHWRQ��RQ�OH�ODQFH��OH�JDJQDQW�GX�WLUDJH�D���FKRL[��-H�VHUV��LO�UHODQFH�HW�SHXW�GRQF�FKRLVLU�OH�F{Wp��-H�UHODQFH��LO�VHUW�HW�SHXW�GRQF�FKRLVLU�OH�F{Wp��-H�SUHQGV�OH�F{Wp��LO�GRLW�VRLW�VHUYLU��VRLW�UHODQFHU

�� 3pULRGH�GDGDSWDWLRQ�$SUqV�OH�WLUDJH��RQ�DQQRQFH�DX[���MRXHXUV�TXLOV�RQW���GDGDSWDWLRQ��RQ�DQQRQFH�HQVXLWH�OH�VHUYHXU�GH�OD�SUHPLqUH�PDQFKH�HW�SDU�OD�VXLWH�OH�VFRUH�GX�VHUYHXU�HQ�SUHPLHU�

�� 2UGUH�GX�VHUYLFH��(Q�VLPSOH��RQ�FKDQJH�GH�VHUYHXU�WRXV�OHV���SRLQWV��/H�PDWFK�HVW�JDJQp�ORUVTXLO�\�D����DYHF���SRLQWV�GpFDUW��6L�RQ�HVW�j��������LO�\�D�FKDQJHPHQW�GH�VHUYHXU�j�WRXV�OHV�SRLQWV�MXVTXj�TXLO�\�DLW���SWV�GpFDUW��$�OD�EHOOH��GqV�TXXQ�MRXHXU�DUULYH�j����SWV��RQ�WRXUQH�HQ�FKDQJHDQW�GH�F{Wp���(Q�GRXEOH��RQ�VHUW�WRXMRXUV�HQ�GLDJRQDOH�GURLWH��/D�EDOOH�WRXFKH�GDERUG�OH�=�FDPS�GURLW�GX�VHUYHXU��RX�OD�OLJQH�FHQWUDOH��HW�WRXFKH�HQVXLWH�OH�����FDPS�GURLW�GX�UHODQFHXU��RX�OD�OLJQH FHQWUDOH����&KRL[��/D�SDLUH�TXL�VHUW�FKRLVLW�VRQ�VHUYHXU�j�FKDTXH�PDQFKH��/RUV�GH�OD��HUH PDQFKH��OD�SDLUH�TXL�UHoRLW�FKRLVLW�VRQ�UHODQFHXU�WDQGLV�TXH�GDQV�OHV�PDQFKHV�VXLYDQWHV��OH�OH UHODQFHXU�HVW�GpWHUPLQp�DXWRPDWLTXHPHQW�SRXU�FRUUHVSRQGUH�DX�FKRL[�GX�VHUYHXU�SDU�OD�SDLUH�DGYHUVH�SRXU�TXH�OH�OHC�UHODQFHXU�GH�OD�PDQFKH�SUpFpGHQWH�VHUYH�VXU�OH����VHUYHXU�GH�OD�PDQFKH�SUpFpGHQWH��4XDQG�RQ�D�ILQL�GH�VHUYLU��RQ�GRQQH�OD�EDOOH�DX�UpFHSWLRQQHXU�DGYHUVH�TXL�GHYLHQW�VHUYHXU�HW�RQ�WRXUQH�DYHF�VRQ�SDUWHQDLUH�TXL GHYLHQW�UpFHSWLRQQHXU��$�OD�EHOOH��RQ�WRXUQH�j����SRLQWV�HQ�FKDQJHDQW�GH�F{Wp�HW�HQ�FKDQJHDQW�ORUGUH�GHV�UHODQFHXUV����/H�VHUYLFH

��0DLQ�j�SODW��SRXFH�pFDUWp�SRXU�pYLWHU�GH�GRQQHU�GH�OD�URWDWLRQ��'HUULqUH�OD�WDEOH��QL�DX�GHVVXV��QL�DX�GHVVRXV��/DQFHU�OD�EDOOH�YHUWLFDOHPHQW�YHUV�OH�KDXW�GDX�PRLQV����FP��7RXFKHU�OD�EDOOH�GDQV�VD�SKDVH�GHVFHQGDQWH��%DOOH�HW�UDTXHWWH�YLVLEOHV�GH�ODGYHUVDLUH�DX�GpSDUW�HW�DX�PRPHQW�GX�FRQWDFW��,O�\�D�EDOOH�j�UHPHWWUH���� VL�HOOH�WRXFKH�OH�ILOHW�� VLO�\�D�REVWUXFWLRQ�� OH�MHX��,O�GRLW�rWUH�FRQWLQX��VDQV�SHUWH�GH�WHPSV�YRORQWDLUH��$UUrWV�DXWRULVpV��(Q�FDV�GH�EOHVVXUH�����GH�UHSRV�PD[LPXP��OD�FUDPSH�QHQWUDvQH�SDV�GDUUrW���(Q�FDV�GH�SDQQH�GH�OXPLqUH��$X�FKDQJHPHQW�GH�VHUYLFH�SRXU�VHVVX\HU��%DOOHV�j�UHPHWWUH��6L���EDOOHV�VH�WURXYHQW�GDQV�ODLUH�GH�MHX��6L�OD�EDOOH�RX�OD�UDTXHWWH�VH�FDVVHQW��2Q�EpQpILFLH�GH�TXHOTXHV�pFKDQJHV�QRQ�FRPSWDELOLVpV��/RUVTXXQ�EUXLW�WUqV�IRUW�UHWHQWLW�GDQV�OD�VDOOH��ORUV�GXQ�IODVK��VL�OH�IOHW�FDVVH�RX�TXH�OHV�VpSDUDWLRQV�WRPEHQW����/D WHQXH���/D�WHQXH�H[LJpH�FRPSRUWH�XQ�VKRUW�HW�XQ�WHH�VKLUW�LGHQWLTXHV��SRXU�OHV�pTXLSHV��6L�OD�EDOOH�HVW�EODQFKH��OD�WHQXH�GRLW�rWUH�GH�FRXOHXU��VL�HOOH�HVW�MDXQH��HOOH�GRLW�rWUH�GXQH�WRXWH�DXWUH�FRXOHXU�TXH�OH�MDXQH�/HV�LGpHV�IDXVVHV �$�����RX�j����� OH�VHW�QHVW�SDV�SHUGX��,O�IDXW�DWWHQGUH�����SRLQWV�DYHF���SRLQWV�GpFDUW� �/H�VHUYLFH� ���QHVW�SDV�SHUGX�VLO�HVW�j�UHPHWWUH���IRLV�GH�VXLWH�HW�SOXV�� /H�VHUYLFH�SHXW��DSUqV�VRQ�UHERQG�VXU�OD�GHPL�WDEOH�DGYHUVH��VRUWLU�VXU�XQ�F{Wp�GH�OD�WDEOH�� /H��qPH�UHERQG�GX�VHUYLFH�QH�GRLW�SDV�REOLJDWRLUHPHQW�VRUWLU�GH�OD�OLJQH�GH�IRQG�GH�ODGHPL�WDEOH�DGYHUVH���VL�OD�EDOOH�UHERQGLW�SOXVLHXUV�IRLV�FKH]�OH�MRXHXU�DGYHUVH��FHVW�FHOXL�FL�TXL�SHUG�OH�SRLQW�� /H�VHUYHXU�QH�SHXW�IUDSSHU�OD�EDOOH�HQ�DYDQW�GH�OD�OLJQH GH�IRQG�GH�VD�GHPL�WDEOH�PDLV�SHXW��VLO�UHVWH�HQ�DUULqUH�GH�OD�OLJQH�GH�IRQG��VH[FHQWUHU�VXU�XQ�F{Wp�GH�OD�WDEOH�SRXU�VHUYLU��32,176�3(5'86

��6L�OD�UDTXHWWH�WRXFKH���IRLV�OD�EDOOH�FRQVpFXWLYHPHQW���6L�OD�EDOOH�WRXFKH���IRLV�VRQ�FDPS�FRQVpFXWLYHPHQW���6L�OD�EDOOH�QH�WRXFKH�SDV�OH���FDPS�DGYHUVH���6L�RQ�H[pFXWH�OH�UHQYRL�DYDQW�TXH�OD�EDOOH�QDLW�UHERQGLW�GDQV�VRQ�FDPS���4XDQG�OD�EDOOH�HVW�PDXYDLVH���4XDQG�LO�\�D�REVWUXFWLRQ�VXU�OD�VXUIDFH�GX�MHX���4XDQG�LO�VH�SURGXLW�GHV�FULV�RX�SDUROHV���6L�RQ�SRVH�OD�PDLQ�VXU�OD�WDEOH���6L�RQ�GpSODFH�OD�WDEOH���6L�RQ�WRXFKH�OH�ILOHW1289($8���6L�OH�MRXHXU�GRQQH�XQ�FRXS�GH�SLHG�GDQV�OD�WDEOH�RX�WDSH�OD�UDTXHWWHVXU�OD�WDEOH���RQ�GRQQH�XQ�FDUWRQ�MDXQH�DYHF�DYHUWLVVHPHQW�RUDO��VLOFRQWLQXH��RQ�OXL�GRQQH�XQ�FDUWRQ�URXJH�DYHF�XQH�SpQDOLWp�GXQ�SRLQW��VLO�UpFLGLYH��XQ��qPH�FDUWRQ�URXJH�DYHF�XQH�SpQDOLWp�GH���SRLQWV�3XLV��VLO�SHUVLVWH��RQ�OH�VLJQDOH�DX�MXJH�DUELWUH�TXL�OXL�DWWULEXH�XQHPDQFKH�GH�SpQDOLWp�%$//(6�%211(6�ERQQH��FDU�HOOH�WRXFKH�OH�KDXW�GH�OD�WDEOH��RQ�OH YRLW�FDU�OD�EDOOH�GpYLH�XQ�SHX�GH�VD�WUDMHFWRLUH�PDXYDLVH��FDU�HOOH�WRXFKH�OH�F{Wp�VDQV�GpYLHU�6,/�<�$�81(�'DQV�ORUGUH�GX�VHUYLFH��RQ�JDUGH�OH�VFRUH�DFTXLV��HW�RQ�UHGRQQH�OD(55(85 EDOOH�DX�ERQ�VHUYHXU��5(*/(�'$&&(/(5$7,21��$ILQ�TXH�OHV�PDQFKHV�QH�VH�SURORQJHQW�SDV�LQGpILQLPHQW�����5qJOH�GHV����UHQYRLV��6L�OD�PDQFKH��XQ�VHW��GXUH�SOXV�GH�,6�PLQXWHV��RQ�DSSOLTXH�OD�UqJOH�GDFFpOpUDWLRQ��2Q�VHUW�DORUV�FKDFXQ�VRQ�WRXU��HW�OH�UHODQFHXU��VLO�UHPHW����IRLV�OD�EDOOH�ERQQH�VXU�OD�WDEOH��JDJQH�OH�SRLQW��6L RQ�DUULYH�j�XQ�VFRUH�GH�������RX�SOXV��OD�UqJOH�GDFFpOpUDWLRQ�QHVW�SDV�DSSOLTXpH�/(;,48(�j�UHPHWWUH��HW�QRQ�1(7�RX�/(7�UHODQFHXU�HW�VHUYHXU��FHOXL�TXL�PHW�OD�EDOOH�HQ�MHX�HVW�OH�VHUYHXU��FHOXL�TXL�OD�UHFRLW�OH�UHODQFHXU����FDPS�VHUYHXU������FDPS�UHODQFHXU��GDQV�OH�GRXEOH�21�',7���� DYHUWLVVHPHQW�RUDO���FDUWRQ�MDXQH�SRLQW�SHUGX�FDUWRQ�URXJH��q�FDUWRQ�URXJH�GHX[�SRLQWV�SHUGXV� XQH�SDUWLH��HW�QRQ�XQ�PDWFK���VH�GpURXOH�HQ���PDQFKHV�JDJQDQWHV��HW�QRQ���VHWV�� SpULRGH�GDGDSWDWLRQ�GH���PLQXWHV��HW�QRQ�GpFKDXIIHPHQW�

,,,�� $63(&76�675$7(*,48(6��7$&7,48(6�(7�7(&+1,48(6�'8�7(11,6�'(�7$%/(�$��/HV���W\SHV�GLQFHUWLWXGHV�XWLOLVpHV�HQ�WHQQLV�GH�WDEOH&RPPH�QRXV�ODYRQV�YX��SRXU�PDUTXHU�OH�SRLQW��OH�MRXHXU��WRXW�HQ�UHVSHFWDQW�OH UqJOHPHQW��GRLW�DPHQHU�ODGYHUVDLUH�GDQV�OLPSRVVLELOLWp�GH�UHQYR\HU�OD�EDOOH�VXU�OD�����WDEOH�DGYHUVH�VSDWLDOH3RXU�FHOD��LO�YD�XWLOLVHU���7<3(6�',1&(57,78'(6���WHPSRUHOOH�pYpQHPHQWLHOOH��� /LQFHUWLWXGH�VSDWLDOH�HVW�FUppH�SDU�OD�SUR[LPLWp�GH�OD�&,%/( j�DWWHLQGUH� SHUPHW�XQH�JUDQGH�SUpFLVLRQ�GHV�3/$&(,9,,176�GH�EDOOH���� /LQFHUWLWXGH�WHPSRUHOOH�HVW�GXH�j�OD�OpJqUHWp�GH�OD�%$//(� SHUPHW�XQH�JUDQGH�YDULDWLRQ�GHV�9,7(66(6�GH�EDOOH��� /LQFHUWLWXGH�pYpQHPHQWLHOOH�HVW�FUppH�JUkFH�j�ODGKpUHQFH�GH�OD�5$48(77(� SHUPHW�OD�SURGXFWLRQ�GH�527$7,216�YDULpHV�HW�LPSRUWDQWHV��OHV�HIIHWV�GH�EDOOH���/HV�W\SHV�GH�SUREOqPHV�j�UpVRXGUH�YRQW�rWUH�GH����VRUWHV��� &RPELQHU�OHV�GLIIpUHQWHV�LQFHUWLWXGHV�SRXU�PDUTXHU�SOXV�GH�SRLQWV�TXH�ODGYHUVDLUH���� 3UHQGUH�GHV�LQIRUPDWLRQV�VXU�ODGYHUVDLUH�SRXU�GLPLQXHU�OHV�LQFHUWLWXGHV�FRQFHUQDQW�OD�EDOOH�TXL�DUULYH�&2175(�OLQFHUWLWXGH�VSDWLDOH��UHJDUGHU�ORULHQWDWLRQ�JpQpUDOH�GX�JHVWH�HW�GH�OD�UDTXHWWH�DGYHUVH��',5(&7,21&2175(�OLQFHUWLWXGH�WHPSRUHOOH���UHJDUGHU�OpQHUJLH�GX�JHVWH�HW�OH�PRPHQW�GX�FRQWDFW�EDOOH���UDTXHWWH��UHERQG�����9,7(66(&2175(�OLQFHUWLWXGH�pYpQHPHQWLHOOH���UHJDUGHU�OHV�VSpFLILFLWpV�GX�FRQWDFW�EDOOH���UDTXHWWH��EDOOH�IUDSSpH��IURWWpH��FRPPHQW��527$7,21/D�UHFKHUFKH�GH�JDLQ�GH�SRLQWV�YD�GRQF�VH�IDLUH��HQ�UHVSHFWDQW�OHUqJOHPHQW��VHORQ���$;(6$;(�7$&7,48(���&RPPHQW�SODQLILHU�OHV�DFWLRQV�SRXU�DPHQHU�OD�IDXWH�GH�ODGYHUVDLUH�"�!�&RPSUHQGUH�HW�UpDOLVHU�OD�FRQVWUXFWLRQ�GX�SRLQW�/LQWHUDFWLRQ�HQWUH���MRXHXUV�VLJQLILH�TXLO�IDXW�$�/$�)2,6�DWWDTXHU��GpIHQGUH�HW�SUHQGUH�GHV�LQIRUPDWLRQV�$;(�7(&+1,48(���4XHOOHV�VRQW�OHV�KDELOHWpV�PRWULFHV�GRQW�MH�GLVSRVH�SRXU�UpDOLVHU�HIILFDFHPHQW�PHV�SODQV�G�DFWLRQV�"�a�&RPSUHQGUH�OHV�IRQGDPHQWDX[�HW�PDvWULVHU�OHV�FRXSV�WHFKQLTXHV�GX�WHQQLV�GH�WDEOH�$;(�e027,211(/���&RPPHQW�UpJXOHU�OHV�GpVpTXLOLEUHV�HQWUH�GpSHQVH�DWWHQWLRQQHOOH�HW�GpSHQVH�pQHUJpWLTXH�SRXU�QH�SDV�rWUH�HQ�pWDW�GK\SHU�H[FLWDWLRQ�C����!�&RQQDvWUH�VHV�UHVVRXUFHV�HW�PDvWULVHU�VHV�UpDFWLRQV

%��/(6�287,/6�$8�6(59,&(�'8�-28(85/(�6(59,&(D��(QMHX[�IRQGDPHQWDX[�GX�VHUYLFH�+LVWRULTXHPHQW��OH�VHUYLFH�HVW�UHVWp�ORQJWHPSV�XQ�SURFpGp�WHFKQLTXH�VHUYDQW�XQLTXHPHQW�j�PHWWUH�OD�EDOOH�HQMHX���LO�HQ�HVW�GH�PrPH�SRXU�OH�GpEXWDQW��3XLV��OHV�MRXHXUV�VH�VRQW�VHUYLV�GH�OHXUV�GRLWV�SRXU�LPSULPHU�XQH�URWDWLRQ�LQLWLDOH�j�OD�EDOOH��0rPH�VL�OH�UqJOHPHQW�9D�HQVXLWH�SURVFULW��FHOD�D�SHUPLV�GH�UpYpOHU�OLQWpUrW�VWUDWpJLTXH�GX�VHUYLFH��!,��IDXW�GRQF�IDLUH�FRPSUHQGUH�j�OpOqYH�TXH�OH�VHUYLFH�HVW�OD��HUH $50(�2))(16,9(��'DQV�XQ��HU WHPSV��OH�VHUYLFH�VHUD�XQ�KDQGLFDS��'DQV�XQ��qPH�WHPSV��OpOqYH�REVHUYHUD�YLWH�TXLO�SHXW�PDUTXHU�GHV�SRLQWV�GLUHFWHPHQW�VXU�VRQ�VHUYLFH��'DQV�XQ��q WHPSV��OD�UHPLVH�GH�VHUYLFH��UHODQFH��VH�SHUIHFWLRQQDQW��O¶REMHFWLI�GX�VHUYHXU�QH�VHUD�SOXV�GH�PDUTXHU�GLUHFWHPHQW�PDLV�GRULHQWHU�OpFKDQJH�HW�SUHQGUH�OLQLWLDWLYH�GX�MHX�JUkFH�j�FHOXL�FL���SUpSDUDWLRQ�GX��H FRXS%�&DUDFWpULVWLTXHV�GHV�VHUYLFHV6HORQ�OHV�WUDYDX[�GH�)U��25)(8,/��j�XQ�FHUWDLQ�QLYHDX������GHV�SRLQWV�VRQW�PDUTXpV�VXU�VHUYLFH�HW�����HQ��H EDOOH�������GHV�SRLQWV�GpSHQGHQW�GRQF�GX�VHUYLFH��/HV�VHUYLFHV�VH�FDUDFWpULVHQW�SDU�OHXU�JUDQGH�YDULpWp�WDQW�HQ�FH�TXL�FRQFHUQH ��3/$&(0(17�9,7(66(�527$7,21��/H�MRXHXU�GHYUD�GRQF�HVVD\HU�GDXJPHQWHU�OpYHQWDLO�GH�VRQ�UpSHUWRLUH�PRWHXU�HQ�MRXDQW�VXU�FHV���IDFWHXUV�HW�HQ�OHV�FRPELQDQW��/H�VHUYLFH�HVW�OD�VHXOH�KDELOHWp�IHUPpH�GX�WHQQLV�GH�WDEOH��,O�HVW�GRQF�SOXV�IDFLOH�j�PDLWULVHU�TXH�OHV�DXWUHV�FRXSV�WHFKQLTXHV�FDU�LO�QH�GpSHQG�SDV�GH�OD�SULVH�HQ�FRPSWH�GX�W\SH�GH�EDOOH�DGYHUVH�TXL�DUULYH��/DSSURFKH��O¶DSSUHQWLVVDJH�HW�OD�FODVVLILFDWLRQ�GHV�VHUYLFHV�VH�IHURQW�HQ�IRQFWLRQ�GH�FHV�FDUDFWpULVWLTXHV�SULQFLSDOHV �� 7\SH�GHIIHW�LPSULPp�j�OD�EDOOH���VDQV�HIIHW�FRXSp�OLIWp�ODWpUDO��FRPKLQp��� 7UDMHFWRLUH�GRQQpH�j�OD�EDOOH���VHUYLFH�FRXUW���UHERUGV�ORQJ�� 3RVLWLRQ�GX�VHUYHXU���F{Wp�UHYHUV�OLJQH�PpGLDQH�F{Wp�&,���� (QGURLW�R��HVW�HQYR\p�OD�EDOOH���VXU�OH�UHYHUV�VXU�OH�YHQWUH�VXU�OH�&'�/D�YLWHVVH�G�H[pFXWLRQ��XQ�FKDQJHPHQW�GH�GLUHFWLRQ�VXELW��XQH�PRGLILFDWLRQ�GH�OLQFOLQDLVRQ�GH�OD�UDTXHWWH��SHXW�75203(5�O¶DGYHUVDLUH�VXU�OD�TXDOLWp�GH OHIIHW�TXL�SUpGRPLQH�HW�SURYRTXH�XQH�KpVLWDWLRQ�HW�XQH�LQVpFXULWp�SHUPDQHQWH��FRQWUHV�LQIRUPDWLRQV�FDPRXIODJHV���SURGXLUH�GLIIpUHQWV�HIIHWV�j�SDUWLU�GXQ�PrPH�JHVWH�WRXFKHU�OD�EDOOH�j�GLIIpUHQWV�HQGURLWV�MRXHU�VXU�ODFFpOpUDWLRQ��OH�IDLUH�DYDQW�RX�DSUqV�OLPSDFW��FDFKHU�DYHF�XQH�SDUWLH�GX�FRUSV����!*UkFH�DX�VHUYLFH��OHQVHLJQDQW�SRXUUD�DERUGHU��HQ�VLWXDWLRQ�IDFLOLWDQWH��WRXV�OHV�RXWLOV�GX�WHQQLV��OH�WDEOH��/HV�VLWXDWLRQV�GDSSUHQWLVVDJH�FRQVWUXLWHV�j�SDUWLU�GX�VHUYLFH�MDORQQHURQW�WRXWHV�OHV�SKDVHV�GH�ODSSUHQWLVVDJH��(Q�IRQFWLRQ�GH�OREMHFWLI�VSpFLILTXH�GH�VpDQFH��OHQVHLJQDQW�SURSRVHUD�GHV�VLWXDWLRQV�GH�VHUYLFH�YDULpHV�([HPSOHV���6DYRLU�SODFHU�OHV�EDOOHV��!�VHUYLFHV�SODFpV���FLEOHV�MHX�GH�IRLH6DYRLU�WDSHU�IRUW�aVHUYLFH�ERPEH���JREHOHWV�j�YLVHU��]RQHV�pORLJQpHV�GDQV�IDLUH�GH�MHX�j�DWWHLQGUH�6DYRLU�SURGXLUH�GHV�HIIHWV�� !VHO�? VHUYLFH�FRXSp�VHUYLFH�ODWpUDO6DYRLU�FRQVWUXLUH�OH�SRLQW�!OHV�VFKpPDV�WDFWLTXHV�j�SDUWLU�GX�VHUYLFH6DYRLU�SUHQGUH�HQ�FRPSWH�O¶DGYHUVDLUH�aVHUYLU�HQ�IRQFWLRQ�GHV�SRVLWLRQV�FDUDFWpULVWLTXHV�GX�UHODQFHXU�

&��([HPSOHV�GH�VHUYLFHV�DERUGpV�HQ�IRQFWLRQ�GHV�QLYHDX[6(59,&(6�3/$&(6�/H�VHUYLFH�FRXUW���2EL��-DGYHUVDLUH�QH�SHXW�SDV�SUHQGUH�OLQLWLDWLYH�RX�OD�SUHQG�GDQV�GH�PDXYDLVHV�FRQGLWLRQV���IOLS���3ULQFLSHV���$FFpOpUDWLRQ�GX�SRLJQHW�ILQHVVH�GX�WRXFKHU��SHX�GH�SXLVVDQFH��L����UHERQG�SUqV�GX�ILOHW��,,�SHXW�rWUH�FRXSp���OLIWp���ODWpUDO���GpYLp��/H�VHUYLFH���UHERQGV���2EM���ODLVVHU�FURLUH�TXH�OH�VHUYLFH�HVW�ORQJ�SRXU�TXH�ODGYHUVDLUH�VH�SUpSDUH�j�GpPDUUHU�HW�TXLO�FKDQJH�VD�VWUDWpJLH�HQ�FDWDVWURSKH��3ULQFLSHV���/H��H�UHERQG�VH�IDLW�VXU�OH�F{Wp�RX�VXU�OD�OLJQH�GH�IRQG��,PSRUWDQFH�GH�OD�SUpFLVLRQ�GX�SODFHPHQW�GH�EDOOH�GRVHU�OD�IRUFH�WRXFKHU�GH�EDOOH�ILQ���,O�SHXW�rWUH�FRXSp���OLIWp�ODWpUDO��,,�HVW�LQWHUPpGLDLUH�HQWUH�VHUYLFH�FRXUW�HW�ORQJ��/H�VHUYLFH�ERPEH���2EM����VXUSUHQGUH�SDU�OD�YLWHVVH��3UpYRLU�OH�UHWRXU��OH�UHWRXU�VH�IDLW�VXU�OH�PrPH�D[H�FO���9(521(6,����3ULQFLSHV���VHUYLFH�ORQJ��WUqV�UDSLGH���EDOOH�IUDSSpH�DYHF�IRUFH��WHQLU�IHUPHPHQW�OD�UDTXHWWH���SULVH�OH��� EDV�SRVVLEOH��/H����UHERQG�VH�IDLW�SUqV�GH�OD�OLJQH�GH�IRQG��/H�VHUYLFH�ORQJ���2E�M��VXUSUHQGUH�ODGYHUVDLUH�HW�OLW@�GRQQHU�O¶LQLWLDWLYH�GDQV�GHV�FRQGLWLRQV�GLIILFLOHV��3ULQFLSHV��FRPSURPLV�HQWUH�YLWHVVH�HW�HIIHW��EHDXFRXS�GHIIHW�IUHLQH�OD�YLWHVVH���,PSRUWDQFH�GX�SODFHPHQW���DQJOHV RX�SHWLWV�F{WpV�SRXU�GpSRUWHU�O¶DGYHUVDLUH��9HQWUH�SRQJLVWH��/H�VHUYLFH�ODQFp���HQ�&'���SHUPHW�GH�GRQQHU�XQH�YLWHVVH�LQLWLDOH�j�OD�EDOOH�HW�GH�FDFKHU�FHOOH�FL��6(59,&(6�$�())(76�/H�VHUYLFH�ODWpUDO�GURLW���SHUPHW�GH�FUpHU�GH�OD�URWDWLRQ�ODWpUDOH�j�SDUWLU �OH�OD�IDFH�UHYHUV�3ULQFLSHV���PRXYHPHQW�GH�JDXFKH�j�GURLWH��5DTXHWWH�SDUDOOqOH�DX�EOHW�/H�VHUYLFH�PDUWHDX���SHUPHW�GH�GRQQHU�XQ�HIIHW�ODWpUDO�GURLW�DYHF�OD�IDFH�&'�GH�,/,�UDTXHWWH��3ULQFLSH���UDTXHWWH�SHUSHQGLFXODLUH�j�OD�WDEOH��'RQQH�EHDXFRXS�GH�URWDWLRQ��/H�VHUYLFH�©HVVXLH�JODFH�ª���SHUPHW�GH�FUpHU�GH�OD�URWDWLRQ�ODWpUDOH�JDXFKH�DYHF�OD�IDFH������UDTXHWWH�SDUDOOqOH�j�OD�WDEOH�HW�GH�FDPRXIOHU�OHV�HIIHW�'��&ULWqUHV�GH�UpDOLVDWLRQ�GHV�VHUYLFHV� 3ULVH�GH�UDTXHWWH���WHQLU�OD�UDTXHWWH�VRXSOHPHQW�HQWUH�OH SRXFH�HW�O¶LQGH[��OHV DXWUHV�GRLJWV�VH�UHSOLHQW�DXWRXU�GX�PDQFKH�VDQV�OH�VHUUHU��� 3ODFHPHQW�GX��H�UHERQG���SRXU�XQ�VHUYLFH�ORQJ��IDLUH�OH��H�UHERQG�OH�� SUqV�SRVVLEOH�GH�OH[WUpPLWp�GH�VD�ò�WDEOH��3RXU�XQ�VHUYLFH�FRXUW���IDLUH�OH����UHERQG�SUqV�GX�ILOHW���HPH������GH�OD�WDEOH��� (QHUJLH�GX�JHVWH���JHVWH�GRX[�SRXU�XQ�VHUYLFH�FRXUW��*HVWH�VHF�SRXU�XQ�VHUYLFH UDSLGH�� 3ULVH�GH�EDOOH�OH���EDV�SRVVLEOH�� $XWUHV���WUDYDLO�GX�SRLJQHW��PDLQ��SULPRUGLDO���JHVWH�FRXUW�PDLV�UDSLGH��LPSULPHU���RX�� GHIIHW�HQ�IRQFWLRQ�GH�ODFFpOpUDWLRQ�GX�JHVWH�'pIDXWV��� LQGH[�VXU�OD�SDOHWWH��3ULVH PDUWHDX�GRLJWV�DXWRXU�GX�PDQFKH����GRLJWV�VXU�OD�SDOHWWH�F{Wp�UHYHUV�� OD�EDOOH�QHVW�SDV�ODQFpH�SRXU�pYLWHU�OHV�SUREOqPHV�OLpV�DX[�WjFKHV�G¶DQWLFLSDWLRQ�FRwQFLGHQFH� �XWLOLVHU�OH�VHUYLFH�DPpQDJp���� �OD�EDOOH�HVW�IUDSSpH�DYHF�IRUFH��VDQV�FRQWU{OH�DX�GHVVXV�GH�OD�WDEOH���FHFL�HQWUDLQH�XQH�WUDMHFWRLUH�VRUWDQWH�RX�KDXWH�DSUqV�OH�UHERQG�(��$VSHFWV�WDFWLTXHV�GX�VHUYLFH�

3RXU�rWUH�HIILFDFH��OH�VHUYLFH�GRLW�REpLU�j�XQH�VpULH�GH�UqJOHV� (PSrFKHU�ODGYHUVDLUH�GH�SUHQGUH�OLQLWLDWLYH�� /REOLJHU�j�UHODQFHU�XQH�EDOOH�TXL�OXL�HVW�GpIDYRUDEOH�� (QYR\HU�OD�EDOOH�j�XQ�HQGURLW�YXOQpUDEOH�FKH]��ODGYHUVDLUH�� 3RVVpGHU�XQ�HIIHW��XQH�YLWHVVH�HW�XQ�SODFHPHQW�YDULpV�SRXU�PDLQWHQLU�XQ�HWLFW�GH�VXUSULVH�FKH]�ODGYHUVDLUH�/HQGURLW�GR��HVW�H[pFXWp�OH�VHUYLFH�D�XQH�JUDQGH�LPSRUWDQFH�WDFWLTXH $�SDUWLU�GX�FRLQ�UHYHUV�SRVLWLRQ�SLYRW���VHUYLU�&'��RX�59�2EMHFWLI�����6H�FUpHU�XQ�DQJOH��OH�UHQYRL�IDYRUDEOH�9DULHU�OH�SODFHPHQW�GH�EDOOH�VXU�WRXWH�OD�VXUIDFH�GH�OD�WDEOH�([FHQWUHU�VRQ�VHUYLFH�����JUDQGH�GLDJRQDOH�HQ�UHYHUV��&RQWU{OHU�XQH���JUDQGH�SDUWLH�GH�OD�WDEOH�HQ�UHWRXU�SRXU�OLEpUHU�VRW��FRXSIRUW�HQ�SULQFLSH�OH�&'�� /H�VHUYLFH�GH�OD�OLJQH�PpGLDQH�HVW�XWLOLVp�SDU�OH�MRXHXU�FRPSOHW�GpPDUUDQW�&'�HW�5Y� 'X�F{Wp�&'��OH�VHUYLFH�VH�IDLW�FUL�&'�SRXU�QH�SDV�RXYULU�XQ�DQJOH�WURS�LPSRUWDQW��(Q�GRXEOH��OD�SRVLWLRQ�GX�VHUYHXU�GRLW�rWUH�WHOOH�TXH�VRQ�SDUWHQDLUH�SXLVVH�REVHUYHU�OH�GpURXOHPHQW�GX MHX�HW�XWLOLVHU�VRQ�SRLQW�IRUW��6L�OH�SDUWHQDLUH�HVW�GURLWLHU�HW�D�XQH�ERQQH�DWWDTXH�GX�&'��OH�VHUYHXU�VHUYLUD�j�GURLWH�GX�&'�RX�GX�UHYHUV�HW�VRQ�SDUWHQDLUH�VH�SODFHUD�GHUULqUH�OXL�HW�j�VD�JDXFKH��6L�OH�SDUWHQDLUH�HVW�JDXFKHU��LO�VHUYLUD�GX�&'�SURFKH�GH�OD�OLJQH�PpGLDQH�HW�OH�SDUWHQDLUH�VH�SODFHUD�j�VD�GURLWH�)��/D�UHODQFH��UHPLVH�GH�VHUYLFH�� /D�SRVLWLRQ�GDWWHQWH�GpSHQG�VXUWRXW�GX�V\VWqPH�GH�MHX�HW�GHV�LQWHQWLRQV�WDFWLTXHV�GX�MRXHXU����� SUqV����H[FHQWUp���(Q�UqJOH�JpQpUDOH��VH�SODFHU�DVVH]�SUqV�SRXU�rWUH�UDSLGH���HW�HIILFDFH��DVVH]�ORLQ�SRXU�QH�SDV�rWUH�VXUSULV�'pIDXWV���(OqYH�FROOp�j�OD�WDEOH��!�,O�HVW�VXUSULV�SDU�OD�EDOOH� ,O�SUHQG�OD�EDOOH�WURS�W{W�HW�PDQTXH�GH�FRQWU{OH�,O�VH�GpVpTXLOLEUH�YHUV�O¶DUULqUH�(OqYH�ORLQ�GH�OD�WDEOH����!�,,�SUHQG�OD�EDOOH�HQ�SKDVH�GHVFHQGDQWH�HW�OD�VRXOqYH��,,�SHUG�GX�WHPSV�HW�QH�SHXW�SDV�FUpHU�OD�VXUSULVH�FKH]�ODGYHUVDLUH�(Q�XQ PLQLPXP�GH�WHPSV��OH�MRXHXU�GRLW���� /,5(�OH�VHUYLFH�DGYHUVH�HIIHW�YLWHVVH�WUDMHFWRLUH��� '(&,'(5�GH�OD�UpSRQVH�OD�SOXV�DGDSWpH��� /D�WHQGDQFH�DFWXHOOH�FRQVLVWH�j�SUHQGUH�OLQLWLDWLYH�SDU�XQ�UHWRXU�DFWLI�PDLV�FHFL�HVW�WUqV�GLIILFLOH�,O�HVW�FRQVHLOOp�GH SUHQGUH�OLQLWLDWLYH�VXU�VHUYLFH�IDFLOH��ORQJ�HW�OHQW��FRXUW�HW�KDXWaHQ�PLOLHX�GH�WDEOH���� pYLWHU�OD�IDXWH�HW�SODFHU�OD�EDOOH�VL�OH�VHUYLFH�HVW�GLIILFLOH�SRXU�TXH�OH�VHUYHXU�QXWLOLVH�SDV�VRQ�FRXS�IRUW�VXU�OH�UHWRXU��� FKHUFKHU�j�LQYHUVHU�OH�UDSSRUW�GH�IRUFHV�HQ�UHODQoDQW�VDQV�KpVLWDWLRQ�VDQV�VH�ODLVVHU�LPSUHVVLRQQHU�SDU�OH�VHUYHXU�

(Q GRXEOH��OD�SRVLWLRQ�GRLW�SHUPHWWUH�DX�UHODQFHXU�GH�SUHQGUH�OLQLWLDWLYH�PDLV�DXVVL�j�VRQ�SDUWHQDLUH�GH�SRXUVXLYUH�ODFWLRQ�GDQV�GHV�FRQGLWLRQV�RSWLPDOHV��,,�HVW�FRQVHLOOp�GH�VH�SODFHU�DX�FHQWUH�GX���a�FDPS�R��DUULYH�OH�VHUYLFH��OH�SDUWHQDLUH�pWDQW�SODFp�FUL�DUULqUH�HW�j�JDXFKH�GX�UHODQFHXU�([HPSOHV�GH�UHODQFHV��VXU�VHUYLFH�FRXUW�FRXSp���UHPHWWUH�HQ�SRXVVHWWH�FRXSpH�HQ�SUHQDQW�OD�EDOOH�OH���W{W�SRVVLEOH��8WLOLVHU�GH�IDoRQ�SULYLOpJLpH�OH�SRLJQHW�W�� DFWLYHPHQW���VXU�EDOOH���ORQJXH���GpPDUUHU�HQ�WRS�VSLQ��,� UDSLGH�HW���� W{W���/H�SODFHPHQW�3RXU�FHOD��� $SSURIRQGLU�OHV�QRWLRQV� G$FFRPSDJQHPHQW�DOOHU�GRXFHPHQW�HW�DFFRPSDJQHU�OD�EDOOH� � GH�3RXVVHU���YLWH�VXU�OD�EDOOH�SRXU�OHQYR\HU��v� ORLQ� G2ULHQWDWLRQ�GH�OD�UDTXHWWH�SRXU�YDULHU�KDXWHXU�HW�GLUHFWLRQ�GH�OD�WUDMHFWRLUH�GH�EDOOH�SDOHWWH�RXYHUWH��IHUPpH��SHUSHQGLFXODLUH�� G2ULHQWDWLRQ�GH�OD�OLJQH�GHV�pSDXOHV $YRLU�GHV�LQWHQWLRQV�GH�MHX��WDFWLTXH���MRXHU�FRXUW�ORQJ��MRXHU�j�GURLWH���j�JDXFKH� MRXHU�OHV�SODFHPHQWV�VWUDWpJLTXHV���YHQWUH�SRQJLVWH�� HVSDFHV�OLEUHV���FRQWUH�SLHG����/$�9,7(66(���&HVW�ODUPH�OD���HIILFDFH�GX�WHQQLV�GH�WDEOH�PRGHUQH�2EMHFWLI��SUHQGUH�ODGYHUVDLUH�GH�YLWHVVH��GRPLQDQW���FDVVHU�OH�U\WKPH��GRPLQp��HW�DPRUWLU�/D�YLWHVVH�VH�PDQLIHVWH�VRXV�GLIIpUHQWHV�IRUPHV�HQ�WHQQLV�GH�WDEOH���LWFVVH�GH�GpSODFHPHQW��GH�UpDFWLRQ��GH�GpFLVLRQ��GH[pFXWLRQ��GH�UpSpWLWLRQ�3ULQFLSHV�IRQGDPHQWDX[�SRXU�MRXHU�VXU�OH�IDFWHXU�©YLWHVVH�ª�/D�YLWHVVH�GRQQpH�j�OD�EDOOH�GpSHQG�GH���IDFWHXUV �� 0RPHQW��OH�SULVH�GH�EDOOH�GXUDQW�VD�WUDMHFWRLUH�� 9LWHVVH�GH�OD�UDTXHWWH�DX�PRPHQW�GX�FRQWDFW�DYHF�OD EDO�OH�DFFpOpUDWLRQ���/H�PRPHQW�GH�OD�SULVH�GH�EDOOH�LQIOXHQFH�OH�WHPSV�DFFRUGp�j�OADGYHUVDLUH�SRXI�MRXHU�&RXSV�WHFKQLTXHV�DVVRFLpV�DX�IDFWHXU�©YLWHVVHVPDVK��YLWHVVH�SXUH���� WRS�VSLQ�IUDSSH��YLWHVVH�URWDWLRQ��� DPRUWL��HPPDJDVLQHU�OpQHUJLH�3RXU�FHOD�OpOqYH�GRLW� GLIIpUHQFLHU�SRXVVHU��IUDSSHU�7URWWHU��0RGXOHU�OHV�YLWHVVHV�G¶HQYRL��GRVDJH�� SUHQGUH�OD�EDOOH���� WÐW�DSUqV�OH�UHERQG�� DQWLFLSHU�VHV�UpSRQVHV�HW�GpSODFHPHQWV�FLO�IRQFWLRQ�GH�VD�SULVH�GLQIRUPDWLRQ�SUpDODEOH�� XWLOLVHU�OD�YLWHVVH�DX�VHUYLFH�GXQ�SURMHW�WDFWLTXH��IUDSSH��DPRUWL������

���/$�527$7,218QH�GHV�VSpFLILFLWpV�GX�WHQQLV�GH�WDEOH�HVW�GH�SRXYRLU�GRQQHU�GHV�HIIHW��j�OD�EDOOH��$X�QLYHDX�KLVWRULTXH��OH�SHUIHFWLRQQHPHQW�FRQWLQX�GHV�URWDWLRQV�GH�EDOOHV�D�UpYROXWLRQQp�FHOXL�FL��,O�HQ�VHUD�GH�PrPH�DX�QLYHDX�GHV�DSSUHQWLVVDJHV�'DQV�XQ���a�WHPSV��FHV�HIIHWV�SHUPHWWHQW�GH�VXUSUHQGUH�ODGYHUVDLUH�LQFHUWLWXGH�pYpQHPHQWLHOOH��HW�GH�JDJQHU�OH�SRLQW�GLUHFWHPHQW�'DQV�XQ������WHPSV��LOV�SHUPHWWHQW�GRULHQWHU�OH�MHX�SRXU�SUpSDUHU�OH�FRXS�WHUPLQDO�VL�RQ�HVW�HQ�VLWXDWLRQ�GH�GRPLQDQW�RX�GpTXLOLEUH�RX�GH�UHWRXUQHU�OD�VLWXDWLRQ�VL�RQ�HVW�FLO�VLWXDWLRQ�GH�GRPLQp��SULVH�GLQLWLDWLYH�PDLQWLHQ�GH�OpFKDQJH�RX�FRQWUH�LQLWLDWLYH OXWWH�FRQWUH�OD�SULVH�GLQLWLDWLYH��(Q�(36��ODSSUHQWLVVDJH�GHV�HIIHWV�SHUPHW�GH�GpYHORSSHU�FKH]�OHV�pOqYHV�GHV�KDELOHWpV�PRWULFHV�ILQHV�HW�GHV�KDELOHWpV�FRJQLWLYHV��FRPSUpKHQVLRQ�GHV�SULQFLSHV�SKYVLTXHV��WUDLWHPHQW�GH�OLQIRUPDWLRQ�D� /HV�SULQFLSHV�IRQGDPHQWDX[�GH�OD�URWDWLRQ�GH�EDOOH�/D�URWDWLRQ�VDQDO\VH�VHORQ���FULWqUHV� VRQ�VHQV���� URWDWLRQ�DYDQW���DUULqUH � URWDWLRQV�ODWpUDOHV���6$0�RX�VHQV�LQYHUVH � FRPELQDLVRQ�GH�FHV�URWDWLRQV� VD�YLWHVVH�E��)DFWHXUV�GpWHUPLQDQW�OD�URWDWLRQ�GH�EDOOH/H�FRHIILFLHQW�GDGKpUHQFH�GX�UHYrWHPHQW�GH�OD�UDTXHWWH�/LQFOLQDLVRQ�GH�OD�UDTXHWWH���SRXU�WUDQVPHWWUH�XQH�URWDWLRQ��OD�EDOOH�GRLW�rWUH�IURWWpH�WDQJHQWLHOOHPHQW��/D�GLUHFWLRQ�HW�OD�YLWHVVH�GH�OD�UDTXHWWH�DYDQW�HW�DX�PRPHQW�GX�FRQWDFW ����OD�UDTXHWWH�YD�YLWH���OD�EDOOH�WRXUQH��/D�URWDWLRQ�GH�OD�EDOOH�DGYHUVH���RQ�DUULYH�j�DXJPHQWHU�OD�URWDWLRQ�HQ�H[pFXWDQW�XQ�PRXYHPHQW�GDQV�OD�PrPH�GLUHFWLRQ�TXH�FHOOH�FL��H[���7RS�VXU�EDOOH�j�URWDWLRQ�DUULqUH�FRXSp���HW�LQYHUVHPHQW��RQ�GLPLQXH�OHIIHW�HQ�H[pFXWDQW�XQ�PRXYHPHQW�LQYHUVH�j�OD�URWDWLRQ�GH�OD�EDOOH��([���7RS�VXU�URWDWLRQ�DYDQW�WRS��PDLV�OH�FRQWU{OH�HVW�SOXV�GLIILFLOH��5pVXPp���3RXU�REWHQLU�XQ�PD[LPXP�GH�YLWHVVH��LO�IDXGUDLW�IUDSSHU�OD�EDOOH�j�OpTXDWHXU��3RXU�REWHQLU�XQ�PD[LPXP�GH�URWDWLRQ��LO�IDXGUDLW�IURWWHU�OD�EDOOH�DX�S{OH�6XG��URWDWLRQ�DUULqUH��RX�DX�S{OH�1RUG��URWDWLRQ�DYDQW���'DQV�OD�SUDWLTXH��OHV�]RQHV�XWLOHV�VH�VLWXHQW�HQWUH OH�S{OH�HW�OpTXDWHXUF� /HV�FRXSV�WHFKQLTXHV�DVVRFLpV�5RWDWLRQ�DUULqUH���OH�FRXSp��GpIHQVH�FRXSpH��SRXVVHWWH�FRXSpH��FRQWUH�FRXSp��5RWDWLRQ�DYDQW���OH�OLIWp��WRS�VSLQ�HQ�URWDWLRQ���WRS�IUDSSp��5RWDWLRQ�ODWpUDOH��OH�VLGH�VSLQ�GpIHQVH�ODWpUDOH�G��,QWpUrW�GHV�GLIIpUHQWV�W\SHV�GH�URWDWLRQV���OD�WUDMHFWRLUH�VH�GpIRUPH�DYDQW�HW�DSUqV�VRQ�UHERQG�VXU�OD�a�WDEOH�DGYHUVH�SXLV�HQVXLWH�DSUqV�OH�UHERQG�VXU�OD�UDTXHWWH�DGYHUVH�6$16�())(7�/D�EDOOH�GpFULW�XQLH�WUDMHFWRLUH�QRUPDOH��SDUDEROLTXH���HOOH�GHVFHQG�j�PHVXUH�TXH�VD�YLWHVVH�GLPLQXH���$X�FRQWDFW�DYHF�OD�����WDEOH�DGYHUVH���OHV���DQJOHV�VRQW�pJDX[�

$X�FRQWDFW�EDOOH�UDTXHWWH�DGYHUVH���OHV���DQJOHV�VRQW�pJDX[��3RVVLELOLWp�VLPSOH�GH�UHQYRL��SRVLWLRQ�GH�OD�UDTXHWWH����1(875(��EORF�DWWDTXH�SRXVVHWWH��())(7�&283(�/D�EDOOH�SODQH��HIIHW�0$*186���G��j�XQH�VXUSUHVVLRQ�GH�ODLU�HQ�KDXW�GH�OD�EDOOH���$X�FRQWDFW�DYHF�OD�����WDEOH�DGYHUVH���ODQJOH�GX�UHERQG�HVW�VXSpULHXU�j�ODQJOH�GDUULYpH��!�OD�EDOOH�UHPRQWH��OD�WUDMHFWRLUH�HVW�UDFFRXUFLH��$X�FRQWDFW�EDOOH�UDTXHWWH�DGYHUVH���OD�EDOOH�GHVFHQG�3RVVLELOLWp�VLPSOH�GH�UHQYRL��SRVLWLRQ�/LH�OD�UDTXHWWH����RXYULU�OD�UDTXHWWH�SRXU�IDLUH�PRQWHU�OD�EDOOH��4XDQG�OH�MHX�DFFpOqUH��LO�IDXW�TXH�OpOqYH�DFTXLqUW�GHV�VWUDWpJLHV�SRXU�JrQHU�ODWWDTXH�DGYHUVH��OHIIHW�FRXSp�HVW�XQ�GH�FHV�PR\HQV��())(7�/,)7(���/D�EDOOH�D�XQH�WUDMHFWRLUH�FRXUEH��HIIHW�0$*186��$X�FRQWDFW�DYHF�OD�����WDEOH�DGYHUVH���ODQJOH�GX�UHERQG�HVW�LQIpULHXU�j�ODQJOH�GDUULYpH���OD�WUDMHFWRLUH�VDSODQLW���!�OD�EDOOH�OLVVH��$X�FRQWDFW�EDOOH�UDTXHWWH�DGYHUVH���OD�EDOOH�PRQWH��3RVVLELOLWp�VLPSOH�GH�UHQYRL��SRVLWLRQ�GH�OD�UDTXHWWH����IHUPHU�OD�UDTXHWWH�SRXU�IDLUH�GHVFHQGUH�OD�EDOOH��4XDQG�OH�MRXHXU�YHXW�WHUPLQHU�OpFKDQJH��LO�YD�DYRLU�OLQWHQWLRQ�GH�IDLUH�PRQWHU�OD�EDOOH�SRXU�WHUPLQHU�SDU�XQH�IUDSSH��,,�XWLOLVH�OHIIHW�OLIWp��())(7�/$7(5$/(IIHW�ODWpUDO�GURLW���$X�FRQWDFW�DYHF�OD�����WDEOH�DGYHUVH�OD�WUDMHFWRLUH�V¶DFFHQWXH�VXU�OD�JDXFKH�GX�VHUYHXU�PDLV�OHV�DQJOHV�VRQW�pJDX[��&HFL�DXJPHQWH�DSUqV�OH�UHERQG��$X�FRQWDFW�EDOOH�UDTXHWWH�DGYHUVH���OD�EDOOH�SDUW�YHUV�OD�GURLWH�GX�VHUYHXU��3RVVLELOLWp�VLPSOH�GH�UHQYRL��SRVLWLRQ�GH�OD�UDTXHWWH����GLULJHU�OD�UDTXHWWH�GDQV�OD�GLUHFWLRQ�R��D�GpEXWp�OHPRXYHPHQW�GH�OD�UDTXHWWH�DGYHUVH��&�HVW�OLQYHUVH�SRXU�OHIIHW�ODWpUDO�JDXFKH�(Q�(36�FHW�HIIHW�HVW�VXUWRXW�XWLOLVp�DX�VHUYLFH�H��/HV���UqJOHV�HVVHQWLHOOHV�j�UHVSHFWHU�SRXU�IDLUH�WRXUQHU�OD�EDOOH�1H�SDV�IUDSSHU�PDLV�)5277(5�OD�EDOOH��LPDJH���URXH�GH�YpOR�VXVSHQGXH�j�XQ�D[H���VL�RQ�IUDSSH��HOOH�QH�WRXUQH�SDV��VL�RQ�OD�IURWWH�WDQJHQWLHOOHPHQW�HOOH�WRXUQH������LPSRUWDQFH�DFFRUGpH�DX�%58,7�ORUV�GX�FRQWDFW�EDOOH�UDTXHWWH��$&&(/(5(5�DX�PRPHQW�GH�OLPSDFW�EDOOH�UDTXHWWH��,PSRUWDQFH�DFFRUGpH�j�OD�FLQpWLTXH�GX�PRXYHPHQW�DYDQW�SHQGDQW�DSUqV�OH�FRQWDFW�EDOOH�UDTXHWWH�

�� /(6�3/$&(0(176���'(3/$&(0(176���5(3/$&(0(176/HV�DSSXLV�VRQW�GpWHUPLQDQW HQ�WHQQLV�GH�WDEOH��3RXU�FHOD��LO�IDXW�VH�SODFHU���GpSODFHU���UHSODFHU�SRXU�rWUH�pTXLOLEUp HW�VWDEOH�ORUV�GX�FRQWDFW�EDOOH��UDTXHWWH�SRXU��� rWUH�SUpFLV�HW�YLVHU�MXVWH�

� rWUH�HIILFDFH�ORUV�GHV�IUDSSHV��SXLVVDQFH��HW�GHV�URWDWLRQV���HOOHV�VRQW�DPpOLRUpHV�JUkFH�j�OD�SDUWLFLSDWLRQ�GHV�MDPEHV�HW�GH�WRXW�OH�FRUSV�SDU�ODGGLWLRQ�GHV�OHYLHUV�VXFFHVVLIV�HW�GH�OHXU�DFFpOpUDWLRQ��2U��OH�GpVpTXLOLEUH�HQWUDvQH�XQH�SHUWH�GpQHUJLH�� rWUH�LPPpGLDWHPHQW�GLVSRQLEOH�SRXU�VH�UHSODFHU���GpVpTXLOLEUH�� SHUWH�GH�WHPSV��/H�MHX�GH�GRXEOH HVW�SDUWLFXOLqUHPHQW�LQWpUHVVDQW�SRXU�WUDYDLOOHU�OHV�GpSODFHPHQWV��SODFHPHQWV��UHSODFHPHQWV��,FL�LOV�VRQW�SULPRUGLDX[��GRLYHQW�rWUH�UDSLGHV��DGDSWpV��RULHQWpV�YHUV�OH�FRLQ�GH�OD�WDEOH�TXL�JrQH�OH�PRLQV�OH�SDUWHQDLUH�HW�SHUPHWWUH�XQ�UHWRXU�UDSLGH�DX�FHQWUH�GHV�SRVVLELOLWpV�GH�ULSRVWH�GH�O¶DGYHUVDLUH��3ULQFLSHV�GH�OD�PRELOLVDWLRQ�GHV�DSSXLV�� UpSDUWLU�OH�SRLGV�GX�FRUSV�HQWUH�OHV ��DSSXLV�� rWUH�VXU�OD�SODQWH�GHV�SLHGV��SRLGV�GX�FRUSV�YHUV�ODYDQW�� SRXVVHU�VXU�XQ�SLHG�HW�ODQFHU�ODXWUH�� DEDLVVHU�OH�FHQWUH�GH�JUDYLWp�/HV�GLIIpUHQWV�W\SHV�GH�GpSODFHPHQWV �,OV�SHXYHQW�rWUH�ODWpUDX[��FRXUWV�ORQJV���HQ�SURIRQGHXU���DYDQW�DUULqUH��HW�FRPELQpV��/HV�DSSXLV�VLPXOWDQpV���SDV�VDXWpV��UHERQG��FUL�UDSSRUW�DYHF�OH�U\WKPH�GH�OD�EDOOH��4XDOLWpV���G\QDPLVPH���WRQLFLWp�SODQWDLUH���pTXLOLEUH��JDLQDJH��OLJQH�GHV�pSDXOHV�KRUL]RQWDOH���3DV�VLPSOH��DSSXLV�GpFDOpV����VH�IDLW�VXU�EDOOH�FRXUWH��3ULQFLSH���DYDQFHU�OH�SLHG�HQ�GLUHFWLRQ�GH�OD�EDOOH�j�MRXHU��OD�MDPEH�SDVVDQW�VRXV�OD�WDEOH��MHX�j�ODPEOH��3LYRW���VH�IDLW�TXDQG�OD�EDOOH�DUULYH�GH�IDFH��JpQpUDOHPHQW�VXU�OH�FRLQ�UHYHUV��SRXU�MRXHU HQ�&,���FRXS�IRUW���3ULQFLSH���SRXVVHU�VXU�OH�SLHG�GURLW�SRXU�GpFDOHU�OH�SLHG�JDXFKH�HW�SLYRWHU��SXLV�GpSODFHU�OH�SLHG�GURLW�SRXU�MRXHU�HQ�&'��'pSODFHPHQWV�ORQJV�±3DV�JOLVVpV���VXU�EDOOH�H[FHQWUpH�3DV�FRXUXV�HW�SDV�FURLVpV���XWLOLVpV�ORLQ�GH�OD�WDEOH�4XDOLWpV���G\QDPLVPH���pTXLOLEUH���pSDXOHV�RULHQWpHV�YHUV�OD�EDOOH�/HV�UHSODFHPHQWV��2EMHFWLI���DSUqV�DYRLU�MRXp�OD�EDOOH��VH�UHSODFHU�ODWpUDOHPHQW�HW�HQ�SURIRQGHXU�SRXU�SRXYRLU�UHSDUWLU�VXU�OD�EDOOH�TXL�VXLW��,O�VH�IDLW�HQ�IRQFWLRQ� GHV�LQWHQWLRQV�GH�MHX�� GH�OD�QDWXUH�GH�OD�EDOOH�HQYR\pH�j�ODGYHUVDLUH��B3ULQFLSHV���XQ�MRXHXU�SULYLOpJLDQW�VRQ�&'�D�WHQGDQFH�j�VH�UHSODFHU�SRXU�FRXYULU�OHV�����GH�OD�WDEOH�DYHF�VRQ�&'�&H�SULQFLSH�HVW�PRGXOp�HQ�IRQFWLRQ�GH�OHQGURLW�R��LO�D�HQYR\p�OD�EDOOH�F�j�G��HQ�IRQFWLRQ�GH�ODQJOH�RXYHUW�j�O¶DGYHUVDLUH �7KpRULH�GHV�DQJOHV3ODFHPHQW�ODWpUDO���6L�OH�MRXHXU�MRXH�VXU�OH�&'�GH�O¶DGYHUVDLUH��LO�RXYUH j�ODGYHUVDLUH�GHV�SRVVLELOLWpVGH�MHX�VXU�VRQ�&'��LGHP�HQ�UHYHUV���

6LO�D�MRXp�HQ�PLOLHX�GH�WDEOH��/¶DQJOH�RXYHUW�HVW�LGHQWLTXH�VXU�VRQ�&'�HW�VXU�VRQ�UHYHUV��3ODFHPHQW�HQ�3URIRQGHXU���/HV�ORQJXHXUV�GH�UHERQG�HQWUH�OD�UDTXHWWH�HW�OD�WDEOH�VRQW�pJDOHV�VXU�FRQWDFW�QHXWUH�6L�OH�MRXHXU�MRXH�ORQJ��OH�UHWRXU�GH�O¶DGYHUVDLUH�D�SOXV�GH�FKDQFH�GH�UHYHQLU�ORQJ��GLIILFLOH�GDPRUWLU�XQH�EDOOH�ORQJXH���6L�OH�MRXHXU�MRXH�FRXUW��LO�RXYUH�j�O¶DGYHUVDLUH�WRXWH�OD�SURIRQGHXU�GH�OD�WDEOH��SRVVLELOLWp�GDFFpOpUHU��6H�UHSODFHU�WRXMRXUV�OpSDXOH�DX�PLOLHX�GH�OH�ODQJOH�RXYHUW��DQWLFLSHU��'pIDXWV� 8QH�MDPEH�GDSSXL�SUpIpUHQWLHOOH��SRLGV�GX�FRUSV�GHVVXV��QH�SHUPHWWDQW�SDV�OH�GpSODFHPHQW�� /D�UDTXHWWH�GHYDQFH�OHV�MDPEHV���OH�MRXHXU�HVW�GpVpTXLOLEUp�� 'pVpTXLOLEUH�DUULqUH���SRLGV�GX�FRUSV�VXU�OHV�WDORQV��SHUWH�GH�WHPSV�� IDXWH�GH�UHSODFHPHQW���DSUqV�DYRLU�HIIHFWXp�OH�FRXS��OF�MRXHXU�UHJDUGH�OH UpVXOWDW�GH�VRQ�DFWLRQ�HW�RXEOLH�GH�VH�UHSODFHU��&HFL�HQWUDLQH�HQVXLWH�XQ�GpSODFHPHQW�LPSRUWDQW�HW�UXW�UHWDUG�� 3RXVVpH�GpIHFWXHXVH�/LH�OD�MDPEH�GDSSXL�� 5DLGHXU��OHV�MDPEHV���FHFL�HQWUDvQH�GpVpTXLOLEUH��PDXYDLVH�SRXVVpH�HW�UpFHSWLRQ��HW�GLPLQXH�YLWHVVH�HW�SXLVVDQFH�� IL[DWLRQ�GXQ�DSSXL���OD�MDPEH�GDSSXL�SRXVVH�HW�UHVWH�OLpH��OH�MRXHXU�VH�UHWURXYH�HQ�pFDUW�HW�D�GRQF�XQH�DFWLRQ��HIILFDFH��

&��/(6�)21'$0(17$8;�7$&7,48(6 SRXU�FRQVWUXLUH�OH�SRLQW�8Q�SRLQW�VH�FRQVWUXLW�WRXMRXUV�j�SDUWLU�GX�6(59,&(��/H MRXHXU�XWLOLVH�HQVXLWH���3/$&(0(17�9,7(66(�)25&(�527$7,21�5(*8/$5,7((Q�WHQQLV�GH�WDEOH�FRPPH�GDQV�WRXWH�DFWLYLWp�GXHOOH OH�MRXHXU��DYDQW�GDJLU� GHYUD�DQDO\VHU�OH�UDSSRUW�GH�IRUFHV��,O�GHYUD�GLIIpUHQFLHU�OD�VLWXDWLRQ�HW�VDYRLU�VLO�HVW�HQ�SRVLWLRQ GH�GRPLQp��GRPLQDQW��pTXLOLEUH�SRXU�SUHQGUH�XQH�GpFLVLRQ�HW�FKRLVLU�HQWUH�URPSUH�OpFKDQJH�GLUHFWHPHQW��FRQFOXUH��RX�SOXV�WDUG��SUpSDUDWLRQ�GH�ODWWDTXH��RX�FRQWLQXHO�6,78$7,21�'(48,/,%5(����ORXHU�OD�VpFXULWp�2EMHFWLIV���� QH�SDV�SUHQGUH�GH�ULVTXHV � QH�SDV�FRPPHWWUH�GH�IDXWHV�&RXSV�WHFKQLTXHV���SRXVVHWWH���SRXVVHWWH�FRXSpH���IUDSSH�'RPLQDQWH���SODFHPHQW�GH�EDOOH35(3$5(5�/$77$48(�2EMHFWLIV���

�GpSODFHU�ODGYHUVDLUH�� OH�GpVWDELOLVHU�� SURYRTXHU�OD�IDXWH&RXSV�WHFKQLTXHV ��WRS�VSLQ�URWDWLRQ��IOLS��VLGH�VSLQ'RPLQDQWH���URWDWLRQ1(875$/,6(5�/(�-(82EMHFWLIV ��HPSrFKHU�ODGY��GH�VH�PHWWUH�HQ VLWXDWLRQ�IDYRUDEOH��MRXHU�VXU�OH�SRLQW�IDLEOH�GH�O¶DGYHUVDLUH��UHYHUV��YHQWUH�SRQJLVWH�&RXSV�WHFKQLTXHV ��EORF�SRXVVHWWH�FRXUWH�FRQWUHV�'RPLQDQWH ��SODFHPHQW�YLWHVVH6,78$7,21�'(�'20,1$17 ��&RQFOXUH2EMHFWLI ���SUHQGUH�GH�YLWHVVH�O¶DGYHUVDLUH�3ODFHPHQW�GX�FRXS�WHUPLQDO&RXSV�WHFKQLTXHV ��VPDVK�WRS�IUDSSp�IOLS�WDSp'RPLQDQWH ��YLWHVVH6,78$7,21�'(�'20,1( ��'pIHQGUH2EMHFWLI �UHSUHQGUH�O¶DWWDTXHUHPHWWUH�XQH�EDOOH�GpIDYRUDEOH&RXSV�WHFKQLTXHV ��GpIHQVH�FRXSpH�KDXWH�ODWpUDOH�DPRUWLH�EORF'RPLQDQWH ��SODFHPHQW�URWDWLRQ�YLWHVVH

'��/(6�)21'$0(17$8;�7(&+1,48(6�(7�&2836�7(&+1,48(6�&255(6321'$17$&7,21�685�/$�%$//( )21'$0(17$8; &2836�&255(6321'$176 5(0$548(6

32866(5�'$16�/$�%$//(��32866(5�XQ�SRLGV�WUqV�ORXUG�DYHF�OH�SLHG�SRXU�OH�IDLUH�URXOHU�DX�VRO��

��&2//(5���OD�UDTXHWWH�j�OD�EDOOH�SXLV�SURSXOVHU�OD�EDOOH�$FFpOpUHU�ORUV�GX�FRQWDFW�EDOOH��UDTXHWWH��3RVVLELOLWp�GLPSDFW�EDOOH�UDTXHWWH�GLIIpUHQW)OLS3RXVVHWWH&RQWUH�HQ�FRQWU{OH�DFWLI)DX[�7RS�6SLQ'pIHQVH�PROOH

8WLOLVDWLRQ�SULYLOpJLpH�GX�SRLJQHW

7$3(5�GDQV�OD�EDOOH�(QIRQFHU�XQ�FORX�DYHF�XQ�PDUWHDX�

3(5&87(5�$&&(/(5(5�,PSDFW�IUDQF�HQWUH�OD�UDTXHWWH�HW�OD�EDOOH��"�9LWHVVH�LPSRUWDQWH�GH�OD�UDTXHWWH�MXVWH�DYDQW OLPSDFW��3RLJQHW�VROLGH�6HUUHU���OD�UDTXHWWH�SRXU�MRXHU

)UDSSH�HQ�&')UDSSH�HQ�5Y)OLS�7DSH7RS�6SLQ�IUDSSH6HUYLFH�%RPEH$PSOLWXGH�FRXUWH�GX�JHVWH

)DLUH�72851(5�/$�%$//(�9(56�/$55,(5(�)DLUH�WRXUQHU�XQH�URXH�YHUV�ODUULqUH�

)5277(5�$&&(/(5(�SDU�GHVVRXV�HW�HQ�DUULqUH��8WLOLVHU�OD�UDTXHWWH�FRPPH�XQH�JRPPH6XLYDQW�OD�EDOOH�TXL�YLHQW�IURWWHU�HQWUH�OpTXDWHXU�HW�OH�S{OH�6XG�9LWHVVH�LPSRUWDQWH�GH�OD�UDTXHWWH�SRXU�XQH�URWDWLRQ�LPSRUWDQWH

3RXVVHWWH�FRXSpH'pIHQVH�FRXSpH&RQWUH�FRXSp6HUYLFHV

8WLOLVDWLRQ�GX SRLJQHW$PSOLWXGH�FRXUWH�GX�JHVWH�SRXU�XQ�PD[LPXP�GH�SUpFLVLRQ$XJPHQWHU�OD�YLWHVVH�HQ�WRXFKDQW�OD�EDOOH�DYHF�OH[WUpPLWp�GH�OD�UDTXHWWH)DLUH�72851(5�/$�%$//(�9(56�/$9$17�)DLUH�WRXUQHU�XQH�URXH�YHUV�ODYDQW�

)5277(5�(7�$&&(/(5(5�3$5�'(6686�HW�HQ�$55,(5(LGHP�URWDWLRQ�DUULqUH,PSDFW�HQWUH�pTXDWHXU�HW�S{OH�QRUG7RS�6SLQ�HQ�URWDWLRQ)OLS�5RWDWLRQ'pIHQVH�KDXWH6HUYLFHV LGHP�URWDWLRQ�DUULqUH

)DLUH�72851(5�/$�%$//(�685�/(�&27(�OD�WRXSLH�

)5277(5�(7�$&&(/(5(5�(1�$55,(5(�'(�/$�%$//( 6LGH�6SLQ'pIHQVH�ODWpUDOH6HUYLFHV LGHP$0257,5�81(�%$//(�3RLGV�VHQIRQFDQW�GDQV�XQ�PDWHODV�

(00$*$6,1(5�/(1(5*,(�'(�/$�%$//(/pJHU�UHFXO�GH�OD�UDTXHWWH�j�OLPSDFW &RQWUH�DPRUWL'pIHQVH�DPRUWLH DYRLU�EHDXFRXS�GH�UHOkFKHPHQW

(���&5,7(5(6�'(�5($/,6$7,21�$�'211(5�$8;�(/(9(6���� 1LYHDX�GpEXWDQW�� $SUqV���+�GH�SUDWLTXH��"x 'RVHU�OpQHUJLH�GX�JHVWH���/D�EDOOH�HVW�SRXVVpH�JUkFH�XQ�JHVWH�GRX[�HW�DPSOH�x 2ULHQWHU�OD�UDTXHWWH��/H�JHVWH�VHIIHFWXH�GDUULqUH�HQ�DYDQW��OpJqUHPHQW�YHUV�OH�KDXW�UDTXHWWH�QHXWUH�x 2ULHQWHU�OH�JHVWH���(Q�&'� OD�EDOOH�HVW�WRXFKpH�j�GURLWH�GX�FRUSV��(Q�5Y��OD�EDOOH�HVW�WRXFKpH�GHYDQW�OH�FRUSV��DX�QLYHDX�GH�OD�YHUWLFDOH�GH�OpSDXOH�JDXFKH���/H�JHVWH�VH�WHUPLQH�GDQV�OD�GLUHFWLRQ�R��ORQ�YHXW�UHQYR\HU�OD�EDOOH�x 2ULHQWHU�VRQ�FRUSV���(Q�&'��OHV�DSSXLV�VRQW�REOLTXHV�SDU�UDSSRUW�j�OD�WDEOH��(Q�5Y��OHV�DSSXLV�VRQW�SDUDOOqOHV�j�OD�WDEOH��5HJDUGHU�HQWUH�FKDTXH�7%�OD�UDTXHWWH�GH�ODGYHUVDLUH��VRQ�SODFHPHQW�HW�OD�EDOOH��x 6H�GpSODFHU���1H�SDV�PRELOLVHU�VHXOHPHQW�OH�EUDV��PDLV�GDERUG�OHV�MDPEHV�HW�OH�WURQF�x )UDSSHU�OD�EDOOH� ,GHP�QLDLV���1H�SDV�VH�SUpFLSLWHU�/D�UDTXHWWH�HVW�OpJqUHPHQW�IHUPpH�HW�WHUPLQH�YHUV�OH�ILOHW�%DOOH�IUDSSpH�j�KDXWHXU�GHV�pSDXOHV��DX�VRPPHW�GH�VD�WUDMHFWRLUH�RX�HQ�SKDVH�GHVFHQGDQWH�VXU�EDOOH�KDXWH��/H�JHVWH�HVW�DFFpOpUp�DX�PRPHQW�GX�FRQWDFW�EDOOH���UDTXHWWH���EUXLW�VHF��%58,7���9,7(66(�'(�%$//(x &KRLVLU���6L�OD�EDOOH�HVW�KDXWH�HW�TXH�MH�VXLV�ELHQ�SODFp�"�DORUV�MH�WUDSSH���5837,�$5(�6L�OD�EDOOH�HVW�EDVVH�HW���RX�TXH�MH�VXLV�PDO�SODFp�"�DORUV�MH�UHQYRLH�&217,18,7(��� 1LYHDX�GpEURXLOOp���DSUqV����K�GH�SUDWLTXH�x /H�VHUYLFH���*HVWH�RULHQWp�YHUV�ODYDQW�HW�OpJqUHPHQW�YHUV�OH�EDV��/D�EDOOH�HVW�WRXFKpH�OH���SUqV�SRVVLEOH�GH�OD�VXUIDFH�GH�MHX��'RVHU�OpQHUJLH�GX�JHVWH���3RXU�XQ�VHUYLFH�ORQJ�HW�UDSLGH�&217$&7�)5$1&�HW�UDSLGH�GHUULqUH�OD�EDOOH��3RXU�XQ�VHUYLFH�FRXUW���&217$&7�'28;��x /D�FRQWUH�� DWWDTXH���$YDQFHU�VXU�OD�EDOOH��3UHQGUH�OD�EDOOH�DX�VRPPHW�GX�UHERQG��$FFpOpUHU�OpJqUHPHQW�DX�PRPHQW�GX�FRQWDFW�%,5��*HVWH�YHUV�ODYDQW�HW�OpJqUHPHQW�YHUV�OH�KDXW��)LQLU�OH�JHVWH�GDQV�OD�GLUHFWLRQ�RX�MH�YHX[�HQYR\HU�PD�EDOOH�x /H�SODFHPHQW�GH�EDOOH�HW�VD�SRVLWLRQ�GH�MHX���OHV�SODQV�GH�IUDSSH����0RGLILHU�OD�SRVLWLRQ�GHV�DSSXLV�HW�ORULHQWDWLRQ�GH�PRQ�JHVWH�HQ�IRQFWLRQ�GH�PD�SRVLWLRQ�SDU�UDSSRUW�j�OD�WDEOH�HW�GH�OHQGURLW�R��MH�YHX[�HQYR\HU�PD�EDOOH�x /H�GpSODFHPHQW6H�GpSODFHU W{W�SRXU�MRXHU�OD�EDOOH��0HV�MDPEHV�VH�GpSODFHQW�DYDQW�PRQ�EUDV��(WUH�G\QDPLTXH�HW�IOpFKL�VXU�OD�SODQWH�GH�SLHGV��6H�UHSODFHU�DSUqV�FKDTXH�IUDSSH��/HV�SODFHPHQWV�GH�EDOOH�pWDQW���YDULpV��OHV�GpSODFHPHQW�GH�MDPEHV�HW�UHSODFHPHQWV�VRQW�IRQGDPHQWDX[��x /D�IUDSSH�&'���/D�IRUPH�JOREDOH�GX�JHVWH�HVW�OD�PrPH��-H�WLHQV�IHUPHPHQW�OD�UDTXHWWH��-H�SUHQGV�SOXV�GpODQ��-DFFpOqUH�SOXV�OH�PRXYHPHQW�ORUV�GX�FRQWDFW�EDOOH�UDTXHWWH�x )DLUH�GHV�FKRL[���)DFH�j�XQ�DGYHUVDLUH�FROOp�j�OD�WDEOH�"�-H�MRXH�ORQJ�)DFH�j�XQ�DGYHUVDLUH�pORLJQp�"!�-H�MRXH�FRXUW�)DFH�j�XQ�DGYHUVDLUH�H[FHQWUp�-H�MRXH�GDQV�OHVSDFH�OLEUH�)DFH�j�XQ�DGYHUVDLUH�HQ�GpSODFHPHQW�-H�MRXH�OH�FRQWUH�SLHG�6L�MH�MRXH�ORQJ�HW�UDSLGH�HQ�GLDJRQDOH�"�/D�EDOOH�YD�UHYHQLU�ORQJ�HW�UDSLGH�HQ�GLDJRQDOH4XDQG�OD�EDOOH�HVW�KDXWH�"!�-H�IUDSSH�4XDQG�OD�EDOOH�HVW�EDVVH�"�-H�SODFH�4XDQG�OD�EDOOH�HVW�QHXWUH�"�MDFFpOqUH�OH�U\WKPH�SRXU�SUpSDUHU�OD�IUDSSH���� 1LYHDX�FRQILUPp�� DSUqV���K�GH�SUDWLTXH$��3RXU�JrQHU�RX�HPSrFKHU�ODWWDTXH�GH�PRQ�DGYHUVDLUH "!�-XWLOLVH�OHIIHW�FRXSp�3RXUTXRL� "� 8Q� HIIHW� FRXSp� YD� SHUPHWWUH� GH� FUpHU� XQH� URWDWLRQ� DUULqUH� j� EDOOH� SDU� UDSSRUW� j� VHQV� GH�GpSODFHPHQW�(IIHW� GH� FHWWH� URWDWLRQ� DUULqUH� "� 4XDQG� FHWWH� EDOOH� DUULYH� DX� FRQWDFW� G/LQ� VROLGH�� HOOH� GpYLH� HQVXLWH� GH� VD�WUDMHFWRLUH�QRUPDOH��6RQ�DQJOH� GH GpSDUW� HVW�DORUV� VXSpULHXU�j� VRQ� DQJOH� GDUULYpH��$X� FRQWDFW�DYHF� OD�����WDEOH� DGYHUVH�� OD� EDOOH� j� WHQGDQFH� j� UHYHQLU� YHUV� OH� ILOHW�� $X� FRQWDFW� DYHF� OD� UDTXHWWH� DGYHUVH�� OD� EDOOH� j�WHQGDQFH�j�GHVFHQGUH�HW�UDOHQWLU�,QWpUrW�VWUDWpJLTXH���/DGYHUVDLUH�VHUD VXUSULV��/�DGYHUVDLUH�DXUD�WHQGDQFH�j�DYDQFHU�j�OD�WDEOH��6D�EDOOH�DXUD�WHQGDQFH�j�DOOHU�GDQV�OH�ILOHW��3RXU�FRPEDWWUH�OLQFHUWLWXGH��LO�GHYUD�UpIOpFKLU�HW�SHUGUD�GX�WHPSV��GH�SOXV��FHW�HIIHW�OLPLWHUD�VD�UpSRQVH��,,�QH�SRXUUD�SDV�DWWDTXHU�RX�PHWWUD�OD�EDOOH�GDQV�OH�ILOHW�VLO�QH�YRLW�SDV�OHIIHW��RX�RXYULUD�VD�UDTXHWWH�DX�GHUQLHU�PRPHPQW�HW�PRQWHUD�OD�EDOOH�&RPPHQW�IDLUH�"�7URLV�UqJOHV�GDFWLRQ��)URWWHU�HQ�DUULqUH�HW�SDU�GHVVRXV�JUkFH�j�XQ�JHVWH�GDUULqUH�HQ�DYDQW�HW�GH�KDXW�HQ�EDV��7URLV� UqJOHV�SRXU�UpXVVLU�

2XYULU�VD�UDTXHWWH�SRXU�IURWWHU�OD�EDOOH�HQWUH�OpTXDWHXU�HW�OH�S{OH�VXG��)URWWHU�OD�EDOOH�SRXU�DWWpQXHU�OH�FKRF��FRQWDFW�ILQ��JRPPHU��!�EUXLW�$FFpOpUHU�DX�PRPHQW�GX�FRQWDFW�EDOOH�UDTXHWWH�&RPPHQW�FRPEDWWUH�OD�URWDWLRQ�DUULqUH�"6H�FRQWHQWHU�GH�FRQWUHU�OHIIHW��RXYULU���JHVWH�HQ�KDXW�HW�HQ�DYDQW���5pDOLVHU�XQ�HIIHW�FRXSp���DWWHQGUH�OD�SKDVH�GHVFHQGDQWH�SRXU�GLPLQXHU�OHIIHW���5pDOLVHU�XQ�/LIW�%��3RXU�SUHQGUH�OLQLWLDWLYH�!�MXWLOLVH�OHIIHW�/,)7(�3RXUTXRL�"�/HIIHW�OLIWp�YD�SHUPHWWUH�GH�FUpHU�XQH�URWDWLRQ�DYDQW�j�OD�EDOOH�,QWpUrW��OHIIHW�GH�OD�URWDWLRQ�DYDQW����4XDQG�OD�EDOOH�DUULYH�DX�FRQWDFW�GH�OD�����WDEOH�DGYHUVH��VD�WUDMHFWRLUH�VDSODWLW�HW�VD�YLWHVVH�DXJPHQWH��4XDQG�OD�EDOOH�DUULYH�DX�FRQWDFW�GH�OD�UDTXHWWH�DGYHUVH�OD�EDOOH�j�WHQGDQFH�j�PRQWHU�,QWpUrW� VWUDWpJLTXH� "�� /DGYHUVDLUH� HVW� VXUSULV� �� ,,� DXUD� WHQGDQFH� j� UHFXOHU�HW� VD�EDOOH� j�PRQWHU�� /H� MRXHXU�SRXUUD�DORUV�IUDSSHU�OD�EDOOH�HQ�UHWRXU�&RPPHQW�IDLUH�"���)URWWHU�HQ�DUULqUH�HW�SDU�GHVVXV�SDU�XQ�JHVWH�GX�EDV�YHUV�OH�KDXW�7URLV�UqJOHV�GDFWLRQ�SRXU�UpXVVLU���)HUPHU�VD�UDTXHWWH�SRXU�SUHQGUH�OD�EDOOH�HQ�DUULqUH�HW�HQ�GHVVXV��)URWWHU�OD�EDOOH�SRXU�DWWpQXHU�OH�FKRF��FRQWDFW�OLQ��JRPPHU��EUXLW���$FFpOpUHU�DX�PRPHQW�GX�FRQWDFW�EDOOH�UDTXHWWH�&RPPHQW�FRPEDWWUH�OD�URWDWLRQ�DYDQW�"-H�GRLV�IHUPHU�OD�UDTXHWWH�SRXU�FRPSHQVHU�OHIIHW�OLIWp�OH�EORF���JHVWH�FRXUW��YHUV�ODYDQW��OpJqUHPHQW�YHUV�OH�KDXW��HQ�SKDVH�PRQWDQWH�-H�GRLV�IDLUH�XQ�OLIW��DWWHQGUH�OD�SKDVH�GHVFHQGDQWH���&�� 3RXU�RULHQWHU�OH�MHX�GqV�PRQ�VHUYLFH�"�-XWLOLVH�OH�VHUYLFH�&283(��OH�VHUYLFH�/,)7(��OH�VHUYLFH�/$7e5$/�RX�OHV�GHX[�HIIHWV�FRPELQpV�/HIIHW�ODWpUDO�8Q�JHVWH�GH�OD�JDXFKH�YHUV�OD�GURLWH�!�SURGXLW�XQ�HIIHW�ODWpUDO�GURLW���HW�LQYHUVHPHQW���3RXU�TXRL�IDLUH"�6L�MH�YHX[�RULHQWHU�OH�UHWRXU�GH�VHUYLFH��MXWLOLVH�OHIIHW�ODWpUDO�,QWpUrW�GH�FHWWH�URWDWLRQ�"(IIHW� SURGXLW� �� $X� FRQWDFW� GH� OD� ���� WDEOH� DGYHUVH�� FH� VHUYLFH� H[FHQWUH� PRQ� DGYHUVDLUH� VXU� OD� GURLWH�$X�FRQWDFW�GH�OD�UDTXHWWH�DGYHUVH��FH�VHUYLFH�UHYLHQW�VXU�PRQ�FRWp�GURLW�,QWpUrW�VWUDWpJLTXH���/DGYHUVDLUH�VH�GpSRUWH�VXU�OD�GURLWH�HW�OLEqUH�GRQF�VRQ�FRWp�UHYHUV��,O�PH�UHQYRLH�OD�EDOOH�VXU�PRQ�&�'�FH�TXH�MDL�SUpYX�j�ODYDQFH��-H�SHX[�GRQF�DQWLFLSHU�PRQ�FRXS�HW�WHUPLQHU�GDQV�OHVSDFH�OLEUH��VLO�QHVW�SDV�UHYHQX�RX�VXU�OH�FRQWUH�SLHG��VLO�UHYLHQW�&RPPHQW�IDLUH�"���(IIHFWXHU�XQ�JHVWH� ODWpUDO�SRXU�WRXFKHU�OD�EDOOH�GDQV�VD�SDUWLH�SRVWpULHXUH��DX�QLYHDX�GH�OpTXDWHXU�GH�OD�UDTXHWWH��UDTXHWWH�SHUSHQGLFXODLUH�DX�VRO��)URWWHU�$FFpOpUHU&RPPHQW�FRQWUHU�OHIIHW"���(Q�LQFOLQDQW�VD�UDTXHWWH�j�ORSSRVp�GH�OD�GpYLDWLRQ�GH�OD�EDOOH��2ULHQWHU�OD�UDTXHWWH�HQ� YLVDQW� OHQGURLW� GR�� D� FRPPHQFp� OH� JHVWH� GX� VHUYHXU��'LIIpUHQFLHU� OHV� GHX[� DFWLRQV� �� )URWWHU� �� JHVWH� j�GRPLQDQWH�YHUV�OH�KDXW�RX�YHUV�OH�EDV�)UDSSHU���JHVWH�j�GRPLQDQWH�YHUV�ODYDQW�� 3HUFXVVLRQ����%58,7��ORUV�GX�FRQWDFW�EDOOH�UDTXHWWH�'�� 3UHQGUH�GHV�LQIRUPDWLRQV�HW�DQDO\VHU�OH�MHX�2EVHUYHU�OH�MHX�DGYHUVH���3RLQWV�IRUWV���SRLQWV�IDLEOH�&RQQDvWUH�VHV�SRLQWV�IRUWV�HW�VHV�SRLQWV�IDLEOHV�5HJDUGHU�OH�JHVWH�GH�ODGYHUVDLUH�(�� 'pSODFHPHQWV���3ODFHPHQWV���5HSODFHPHQWV��&RQQDvWUH� OD�WKpRULH�GHV�DQJOHV���&RQQDvWUH�OD�QRWLRQ�GH�WULDQJOH�GRU���]RQH�GLQWHUYHQWLRQ�GX�MRXHXU���EDOOH�+DXWHXU��D[H�YHUWLFDO�0LVH�j�GLVWDQFH��D[H�KRUL]RQWDO��GLVWDQFH�FRUSV���EDOOH���3ODQ�GH�IUDSSH��D[H�VDJLWWDO��RULHQWDWLRQ�GX�FRUSV���/D[H�GHV�pSDXOHV�GX�MRXHXU�HW�OH�SRLQW�YLUWXHO�GH�FHV���D[HV�IRUPHQW�XQ�WULDQJOH��6DYRLU�TXXQH�EDOOH�UDSLGH�UHYLHQW�VXU�OH�PrPH�D[H�

/HV�1,9($8;�'(�-(8�� /(6�(9$/8$7,216�/HV���QLYHDX[�GH�MHX�HQ�UHODWLRQ�DYHF�OHV�FRPSpWHQFHV�DFTXLVHV�HW�j�DFTXpULU

1,9($8; ,QWHQWLRQV�WDFWLTXHV 3ULVHV�GLQIRUPDWLRQ 3ODFHPHQWVGpSODFHPHQWVUHSODFHPHQWV1pDQW

1LYHDX���/283(85�

� 7RXFKHU�OD�EDOOH � ,QGLIIpUHQFLpHV��FRQIXVHV��WDUGLYHV�� 9RLW�OD�EDOOH�DX�GHUQLHU�PRPHQW � &RUSV�UDLGH��FROOp�j�OD�WDEOH��SDV�PRELOH� 1DUULYH�SDV��RX�PDO��j�HQWUHU�HQ�FRQWDFW�DYHF�OD�EDOOH�

$SUqV�����VpDQFHV1LYHDX��

5(192<(85� 5HQYR\HU�OD�EDOOH�VXU�OD�GHPL�WDEOH�DGYHUVH� 'pIHQGUH�VRQ�FDPS��5pDJLW�EDOOH�SDU�EDOOH

� &HQWUDWLRQ�VXU�OD�EDOOH�HW�VXU�OD�FLEOH� � &RUSV�GURLW��SHX�PRELOH��HQ�UHWDUG� $OORQJH�OH�EUDV���3DV�GH�PLVH�j�GLVWDQFH�$SUqV����j���K

1LYHDX����3/$&(85�HW�RX

�)5$33(85�

� 5RPSUH�OpFKDQJH�HQ�SODoDQW�HW��RX�IUDSSDQW�OD�EDOOH�IDYRUDEOH�� -RXH�WRXMRXUV�EDOOH�SDU�EDOOH� 3OXV�W{W�VXU�OD�WUDMHFWRLUH�GH�OD�EDOOH��IRUPH��GLUHFWLRQ��YLWHVVH� � 3OXV�IOpFKL��GpSODFHPHQWV�ODWpUDX[�&RXUWV� 'pEXW�GH�PLVH�j�GLVWDQFH���3ODQ�GH�IUDSSH�

$SUqV���j���K1LYHDX����&216758&7(85�

� &UpHU�OD�UXSWXUH�HQ�SODoDQW�HW�RX�DFFpOpUDQW�SRXU�REWHQLU�OD�ERQQH�IUDSSH���3UpYRLW�XQ�HQFKDvQHPHQW�GDFWLRQV��� 3OXV�YDULpHV��SULVH HQ�FRPSWH�DXVVL�GH�ODGYHUVDLUH�SODFHPHQWV�GpSODFHPHQWV�

� 6XU�SODQWH�GHV�SLHGV���3UrW�j�DJLU�� /pJqUHPHQW�GpFDOp�F{Wp�59������������ &RPELQH�OHV�GpSODFHPHQWV�ODWpUDX[�HW�SLYRW$SUqV����j���K

1LYHDX���,1,7,$7,9(/XWWH�FRQWUH�/,1,7,$7,9(�JUkFH�DX[�())(76

� 5HFKHUFKHU�OD�SULVH�GLQLWLDWLYH�RX�OXWWHU�FRQWUH�OD�SULVH�GLQLWLDWLYH�JUkFH�j�OXWLOLVDWLRQ�GHV�HIIHWV�� 3OXV�W{W��SOXV�SUpFLVHV��RULHQWpHV�VXU�ODGYHUVDLUH��VXU�OH�FRQWDFW�EDOOH�UDTXHWWH� 3RLQWV�IRUWV�IDLEOHV�HW�FRXSV�SUpIpUHQWLHOV�

� 3OXV�GH�YLWHVVH�GH�GpSODFHPHQW�� 'LIIpUHQFLDWLRQ�GHV�GpSODFHPHQWV��FRXUW�ORQJ��GURLW�JDXFKH��DYDQW�DUULqUH��FRPELQpV�$SUqV����j���K�1LYHDX���6<67(0(6�'(�-(8�VSpFLILTXHV�RX�DGDSWDWLRQ

3,�RX�&�,�HQ�IRQFWLRQ�GH�VRQ�V\VWqPH�GH�MHX�HW�GH�OD�VLWXDWLRQ� 3OXV�SUpFLVHV�HW�SHUWLQHQWHV� $QWLFLSDWLRQ � $QWLFLSDWLRQ�GHV�SODF�GpSO�UHSODFHPHQW�7KpRULHV�GHV�DQJOHV�&KRLVLW�XQH�GLVWDQFH�GH�MHX�SUpIpUHQWLHOOH�

1,9($8; 7\SHV�GDFWLRQ�VXU�OD�EDOOH 7UDMHFWRLUHV�GH�EDOOH�SURGXLWHV(VSDFH�GH�MHX�� (FKDQJHV

)RUPHV�GH�VLWXDWLRQV�SURSRVpHV1pDQW�1LYHDX��/283(85

� *HVWH�H[SORVLI��SDV�GH�GRVDJH�GpQHUJLH�� *HVWH�QRQ�RULHQWp��SDV�GH�GLVVRFLDWLRQ�GX�FRUSV� 3ULVH�GH�UDTXHWWH��SRrOH��WDSHWWH

� 7UDMHFWRLUHV�DOpDWRLUHV��LPSUpYLVLEOH� +RUV�GH�OD�WDEOH

� 3HX�RX�SDV�GpFKDQJHV�RX DSUqV�SOXVLHXUV�UHERQGV

� 6HQWLU�OH�PDWpULHO� �$PpOLRUDWLRQ�FRQWDFW�EDOOH�UDTXHWWH��GRVDJH

� &RQWLQXLWp�GHV�DFWLRQV$SUqV�����VpDQFHV1LYHDX���5(192<(85

� 3ULVH�GH�EDOOH�WDUGLYH� $OLJQHPHQW�RHLO�UDTXHWWH�EDOOH�FLEOH� *HVWH�HQ�SLVWRQ� 3RXVVH�HW�VRXOqYH� )DYRULVH�XQ�FRXS��&'�RX�59� 6HUYLFH��VLPSOH�PLVH�HQMHX

� 7UDMHFWRLUHV�HQ�FORFKH��OHQWHV� $[H�FHQWUDO� /HV�pFKDQJHV�GXUHQW� 'LIIpUHQFLHU�HQYRL�UHQYRL� 'pFRXYHUWH�GHV�IUDSSHV� ,GHQWLILHU�OD�ERQQH�IUDSSH� -HX[�DPpQDJpV

$SUqV����j����K1LYHDX��

3/$&(85�HW�RX�)5$33(85

� 3ULVH�GH�EDOOH�DX�VRPPHW�GX�UHERQG� *HVWH�GDUULqUH�HQ�DYDQW� 8WLOLVH�&'�HW�59� 'LIIpUHQFLH�VHV�DFWLRQV�GH�SRXVVHU�HW�IUDSSHU� 6HUYLFH�UpJOHPHQWDLUH

� 7UDMHFWRLUHV�KDXWHV�GDQV�OpFKDQJH�WHQGXHV�GDQV�OHV�IUDSSHV� HVSDFH�GH�MHX�FHQWUDO�HW�VJUDUDQGLW� 'LDJRQDOH�&'SULYLOpJLpH�FDU�IUDSSHV

� 0LVH�j�GLVWDQFH���DXWRPDWLVDWLRQ� 3UpFLVLRQV�GHV�DFWLRQV� 6FKpPDV�WDFWLTXHV��IUDSSHV

$SUqV���j����K1LYHDX��

&216758&7(85� $PpOLRUDWLRQ�GHV�DFWLRQV�GH�IUDSSH� 9DULDWLRQ�GH�UYWKQLH��SULVH�GH�EDOOH�SOXV�RX�PRLQV�WÐW�� VHUYLFH��YDULDWLRQ�GHV�SODFHPHQWV�HW�GH�OD�YLWHVVH� VFKpPDV�WDFWLTXHV�VLPSOHV

� 7UDMHFWRLUHV�SODQHV��DWWDTXHV�HW�FRQWUH�DWWDTXHV�� 'LIIpUHQFLDWLRQ�GHV���]RQHV��ODWpUDOHV��SURIRQGHXU�� 3ULVH�HQ�FRPSWH�GHV�SODFHPHQWV�GH�ODGYHUVDLUH

� 'pFRXYHUWH�GHV�URWDWLRQV� (QFKDvQHPHQW�GDFWLRQV� 6HWV�j�WKqPHV��SULVH�GH�ULVTXH��VHQV�WDFWLTXH��LQWHQWLRQQDOLWp$SUqV����j��2K1LYHDX��

,1,7,$7,9(�/XWWH�FRQWUH�/,1,7,$7,9(OHV�HIIHWV

� 'LIIpUHQFLH�OHV�DFWLRQV��SRXVVHU�IUDSSHU�IURWWHU� 6HUYLFHV� SODFHPHQWV�HIIHWV�HW�YLWHVVHV� 6FKHPDV�WDFWLTXHV��W�SDUWLU�GHV�VHUYLFHV�j�HIIHWV�

� 7UDMHFWRLUHV�GLYHUVHV��HIIHWV� 8WLOLVDWLRQ�GH�WRXWH�OD�WDEOH���PDLV�GLIILFXOWpV�j�DVVRFLHU�YLWHVVH�HW�SODFHPHQW�DYHF�OHV�HOOHW6�� -HX�VXU�SRLQWV�WDOEOHV�DGYHUVHV���YHQWUH�SRQJLVWH

�&RPELQDLVRQ��GLYHUVLILFDWLRQ�GHV�DIWLRQV�5HSpUDJH�GHV�SRLQWV�IRUWV�HW�IDLEOHV�GH�OXL�HW�GH�VHV�DGYHUVDLUHV$SUqV����j����+

1LYHDX��6\VWqPH�GH�MHX

'LYHUVLILH�VHV�DFWLRQV6HUYLYHV�FRPELQpV�HW�YDULpV��DVVRFLpV�j�XQ�VSpFLDO'LYHUVLILFDWLRQ�GHV�WUDMHFWRLUHV3UpFLVLRQ�GHV�SODFHPHQWV�GH�EDOOH�DVVRFLp�DX[�FRXSV�WHFKQLTXHV�YDULpV

-RXHU�YLWH��DGDSWp��YDULp7UDYDLO�GHV�FRXSV�HW�HQFKDvQHPHQWV�FRPSOH[HV

1LYHDX����(Q�GpEXW�GH�F\FOH�OHV�SRLQWV�PDUTXpV�UpVXOWHQW�GH�IDXWHV�WHFKQLTXHV�QRQ�UHFKHUFKpHV�SDU ODGYHUVDLUH��/HV�pOqYHV�RQW�GHV�GLIILFXOWpV�SRXU����'RVHU�OpQHUJLH�GX�JHVWH��2ULHQWHU�OD�UDTXHWWH��6H�SODFHU�FRUUHFWHPHQW�SDU�UDSSRUW�j�OD�EDOOH��3HUFHYRLU�HW�DQWLFLSHU�OHV�WUDMHFWRLUHV'XUpH�GH�IRUPDWLRQ����VpDQFHV�GH���K���VRLW���� ���K�GH�SUDWLTXH�HIIHFWLYH�2EMHFWLI��FRQVWUXLUH�OH�GXHO��FHVW�k�GLUH�OLQWHQWLRQQDOLWp�&RPSpWHQFHV�SURSUHV�DX�JURXSHPHQW

©�3RXU�UpVRXGUH�OHV�SUREOqPHV�ª7\SH�GH�SUREOqPH�j�UpVRXGUH

1RWLRQV�RX�FRQQDLVVDQFHV�j�FRQVWUXLUH&RQWHQXV

&RPSpWHQFHV�VSpFLILTXHV([HPSOHV

,'(17,),(5

� ,GHQWLILHU�OD�WUDMHFWRLUH�GH�EDOOH���IRUPH��YLWHVVH��GLUHFWLRQ�� ,GHQWLILHU�OH6�GLIIpUHQWHV�]RQHV�GH�OD�WDEOH� ,GHQWLILHU�OHV�FRXSV�WHFKQLTXHV��&'���5��HQ�IRQFWLRQ�GHV�SODFHPHQWV�GH�OD�EDOOH��

� &RQVWUXLUH�OD�IRUPH�GH�OD�WUDMHFWRLUH��DQWLFLSDWLRQ�FRvQFLGHQFH�&RQVWUXLUH�OD�FLEOH����IDEOH�DGYHUVDLUH�� 'pWHUPLQHU�OHV�IRUPHV�HW�OHV�QRP��GHV�JHVWHV�GH�IUDSSH�&��

$VVXUHUOD�

FRQWLQXLWp�GX�MHX

5($/,6(5

� 6RUJDQLVHU�SRXU�IUDSSHU� 6H�GpSODFHU�SRXU�LQWHUFHSWHU� 0DvWULVHU�OH�FRQWDFW�EDOOH��UDTXHWWH� 0DvWULVHU�ORULHQWDWLRQ�GX�JHVWH�HW�GH�OD�UDTXHWWH� 6H�UHSODFHU�DSUqV�OD�IUDSSH

� 6H�PHWWUH�j�GLVWDQFH��DGDSWDWLRQ�GHV�GpSODFHPHQWV�� &RQVWUXLUH�OD�IUDSSH�VXU�OH�F{Wp��VH�GF�FHQWUHU�� 'LIIpUHQFLHU�OHV�IUDSSHV�HQ�XWLOLVDQW�GHV�SDUDPqWUHV�VLPSOHV��IRUFH��YLWHVVH��GLUHFWLRQ�� &RQWU{OHU�OHV�GpVpTXLOLEUHV�HW�OpQHUJLH

� 5HQYR\HU�OD�EDOOH�VXU�OD�����WDEOH�DGYHUVH�HQ�GLIIpUHQFLDQW�]RQHV�GH�&'�HW�59

� 6H�GpSODFHU�GH�IDoRQ�DSSURSULpH�SRXU�UHQYR\HU�OD�KDOOH�VXU�XQH�SDUWLH�FLEOpH�GH�OD�WDEOH

,'(17,),(5

� ,GHQWLILHU�XQH�VLWXDWLRQ�IDYRUDEOH� ,GHQWLILHU��OD�FLEOH��OD�PDUTXH��OHV�UqJOHV�IRQGDPHQWDOHV� &RQVWUXLUH�OH�VHQV�GH�ODFWLYLWp� 9RLU�OHV�FRQGLWLRQV�IDYRUDEOHV�GH�OD�UXSWXUH�� &DUDFWpULVWLTXHV�GHV�WUDMHFWRLUHV�GH�EDOOH��GLUHFWLRQ��KDXWHXU��ORQJXHXU��YLWHVVH� &DUDFWpULVWLTXHV�GX�SODFHPHQW�GH�ODGYHUVDLUH� &DUDFWpULVWLTXHV�GH�VRQ�SURSUH�SODFHPHQW

&��&RQVWUXLUH�OD�UXSWXUH�HQ�FRQGLWLRQV�IDYRUDEOHV0DUTXHU�OH�SRLQW�HQ�MRXDQW�VXU��OD�GLYHUVLWp

� 'DQV�OHVSDFH�OLEUH�RX�VXU�ODGYHUVDLUH�5($/,6(5

� ([SORLWHU�OHV�VLWXDWLRQV�IDYRUDEOHV�GH�IDoRQ�DGDSWpH � (QFKDvQHU�OHV�DFWLRQV�GH�IUDSSH�HW�GH�UHQYRL� 6H�SODFHU�HW�VH�UHSODFHU� &RPELQHU�GHX[�SDUDPqWUHV�GH�OD�WUDMHFWRLUH�SRXU�PDUTXHU

� 'pFRXYULU�ODFWLRQ�GH�IUDSSHU�IRUW� 5HSpUHU�OHV�RSSRUWXQLWpV�SRXU�IUDSSHU� &RQFOXUH�OH�SRLQW�SDU�XQH�EDOOH�IUDSSpH�HW�RX�SODFpH

1LYHDX����(Q�GpEXW�GH�F\FOH�OHV�pOqYHV�DWWHQGHQW�XQH�EDOOH�IDYRUDEOH�SRXU�FRQFOXUH�OH�SRLQW��&HOXL �FL�HVW�FRQFOX�SDU�GHV�

��(QFKDvQHU�GHX[�DFWLRQV�GLIIpUHQWHV��UHQY RL�HW�IUDSSH'XUpH�GH�IRUPDWLRQ����F\FOHV�GH���VpDQFHV�GH���K���VRLW��� � ��K�GH�SUDWLTXH�HIIHFWLYH�

2EMHFWLI��FRQVWUXLUH�OH�SRLQW��GXQ�MHX�HQ�UpDFWLRQ�j�XQ�MHX�HQ�LQWHQWLRQ�&RPSpWHQFHV�SURSUHV�DX�JURXSHPHQW

©�3RXU�UpVRXGUH�OHV�SUREOqPHVª�7\SH�GH�SUREOqPH�j�UpVRXGUH1RWLRQV�RX�FRQQDLVVDQFHV�j�FRQVWUXLUH�&RQWHQXV

&RPSpWHQFHV�VSpFLILTXHV�([HPSOHV,'(17,),(5�

� 'LIIpUHQFLHU�OD�EDOOH�TXL�YLHQW�GH�OD�EDOOH�TXL�YD��SODQV�GH�IUDSSH�� ,GHQWLILHU�GHV�WUDMHFWRLUHV�GH�EDOOH�GDQV�XQ�MHX�SOXV�UDSLGH���&RQWUH�DWWDTXH�HQ�WUDMHFWRLUHV�WHQGXHV�

� 9DULHU�OHV�WUDMHFWRLUHV�HQ�FRPELQDQW�OHV�GLIIpUHQWV�SDUDPqWUHV��KDXWHXU��DQJOH��pPLVVLRQ��UHFHSWLRQ�YHUWLFDO��&��� 3HUIHFWLRQQHU�OHV�DFTXLV�SRXU�OHV�LQWpJUHU�GDQV�GHV�SODQLILFDWLRQV�GDFWLRQ� &RPELQHU���SDUDPqWUHV�VLPSOHV�GHV�WUDMHFWRLUHV�GDQV�VHV�IUDSSHV 5($

/,6(5

� 3URGXLUH�GHV�IUDSSHV�GLIIHUHQWHV�HW�DGDSWpHV�� 3URGXLUH�GHV�VHUYLFHV�YDULpV� 6H�GpSODFHU�HQWUH�OHV�WRXFKH��rWUH�VWDEOH�ORUV�GHV�WRXFKHV�GH�EDOOH

&KRL[�GHV�IUDSSHV/H�VHUYLFH���UpJOHPHQWDLUH����qUH�DUPH�WDFWLTXH�VHUYLFH�ERPEH�� VHUYLFH�SODFp

� 'LIIpUHQFLHU�GHV�SRVLWLRQV�GX�MRXHXU�HW�GHV�GpSODFHPHQWV�GH�EDOOH�DYHF�OD�FRQWUH�DWWDTXH�HQ�&'� $VVRFLHU�GHV�SHWLWV�HW�GHV�JUDQGV�GpSODFHPHQWV�ODWpUDX[� 3URGXLUH�GHV�WUDMHFWRLUHV�PRQWDQWHV�RX�GHVFHQGDQWHV��IUHLQpHV�RX�DFFpOpUpHV�� $PpOLRUHU�OH�UHSODFHPHQW�HQWUH�FKDTXH�WRXFKH�GH�EDOOH,'(17,),(5

� ,GHQWLILHU�VRQ�VWDWXW�GDQV�OH�MHX��GRPLQDQW�GRPLQp� 5HFRQQDvWUH�OHV�FDUDFWHULVWLTXHV�HVVHQWLHOOHV�GX�MHX�DGYHUVH� /LUH�OHV�WUDMHFWRLUHV�GH�EDOOH�HW�OHXUV�SDUDPqWUHV�SRXU�VDGDSWHU�j�OD�VLWXDWLRQ�� 3UHQGUH�HQ�FRPSWH�ODGYHUVDLUH���VHV�SRLQWV�IRUWV��VHV�SRLQWV�IDLEOHV

&�3URGXLUH�GHV�WUDMHFWRLUHV�SRXU�VDGDSWHU�j�OD�VLWXDWLRQ�GH�MHX����DWWDTXH�GpIHQVH�3RXVVHU�ODGYHUVDLUH�j�OD�IDXWH ,�

(� 3ODQLILHU�GHV�DFWLRQV�j�FRXUW�WHUPH�3URGXLUH�GHV�IUDSSHV�GLIIpUHQWHV�HQ�IRQFWLRQ�GH�OD�VLWXDWLRQ�$GDSWHU�XQ�UHSODFHPHQW�WDFWLTXH���RIIHQVLI�GpIHQVLI�QHXWUH

�6FKpPDV�WDFWLTXHV�VLPSOHV�j�SDUWLU�GH�VHUYLFHV�&RQGLWLRQV�GH�OD�FUpDWLRQ�GHV�WUDMHFWRLUHV�RIIHQVLYHV�HW�GpIHQVLYHV���UXSWXUH�FRQWLQXwWp�/HV�]RQHV�GH�UHSODFHPHQW

� (Q�VLWXDWLRQ�GH�MHX��JpUHU�OD SULVH�GH�ULVTXH�ORUV�GH�OD�UpDOLVDWLRQ�GXQH�IUDSSH� 6HUYLU�SRXU�H[SORLWHU�XQH�IDXWH�GH�SODFHPHQW�GH�ODGYHUVDLUH

1LYHDX����(Q�GpEXW�GH�F\FOH�OpOqYH�HVVDLH�GH�PHWWUH� HQ�SODFH�VHV�LQWHQWLRQV�WDFWLTXHV��PDLV�QHVVDLH�SDV�GH�FRQWUDULHU�FHOOHV�GH�VRQ�DGYHUVDLUH��,��HVW�FDSDEOH�

��'H�SODFHU�HW�IUDSSHU�GHV�EDOOHV��'rWUH�PRELOH�VXU�SODQWHV�GHV�SLHGV���$YDQW�HW�LQWpULHXU�'HV�GLIILFXOWpV�VXEVLVWHQW�DX�QLYHDX�GLW�SRXUFHQWDJH�GH�UpXVVLWH�

'XUpH�GH�IRUPDWLRQ����IRLV���VpDQFHV�GH��K���VRLW��� � ��K�GH�SUDWLTXH�HIIHFWLYH��2EMHFWLI��FRQVWUXLUH�OH�PDWFK�SDU�OH�SDVVDJH�GXQ�MHX�V\VWpPDWLTXH�j�XQ�MHX�R��OH�MRXHXU�VDGDSWH�j�OpYROXWLRQ�GX�UDSSRUW�GRSSRVLWLRQ�

&RPSpWHQFHV�SURSUHV�DX�JURXSHPHQW�3RXU�UpVRXGUH�OHV�SUREOqPHV�7\SH�GH�SUREOqPH�j�UpVRXGUH

1RWLRQV�RX�FRQQDLVVDQFHV�j�FRQVWUXLUH&RQWHQXV

&RPSpWHQFHV�VSpFLILTXHV([HPSOHV

,'(17,),(5

� 'LIIpUHQFLHU�OHV�DFWLRQV�GH�IUDSSH�HW�GH�IURWWHPHQW� $SSUpFLHU�OHV�SURGXFWLRQV�GLQFHUWLWXGH�FKH]�ODGYHUVDLUH� /HV�HIIHWV� /HV�FKDQJHPHQWV�GH�U\WKPH�&RPSOH[LILHU�FHV�GLIIpUHQWV�SRLQWV

&�&UpHU�GHV�LQFHUWLWXGHV�GH���RUGUHV��VSDWLDOHV��WHPSRUHOOHV��rYHPHQWLHOOHV�SRXU�DXJPHQWHU�VRQ�HIILFDFLWp HW�JrQHU�ODGYHUVDLUH

5($/,6(5

� (QFKDvQHU�OHV�DFWLRQV�GH��IURWWpª�HW�GH�©�IUDSSp�ª� &RQVWUXLUH�OpFKDQJH�HQ�XWLOLVDQW�OHV�GLIIpUHQWV�W\SHV�GLQFHUWLWXGH��OHV�HIIHWV

� /HV�VFKpPDV�WDFWLTXHV�j�SDUWLU�GXQ�VHUYLFH�DYHF��HIIHW�ª� /HV�URWDWLRQV�DUULqUHV� /HV�URWDWLRQV�DYDQW

� $PpOLRUHU�OD�SURGXFWLRQGHV�HIIHWV�FRXSpV� SUHQGUH�OLQLWLDWLYH�VXU�XQH�EDOOH�FRXSpH� *qQHU�OD�SULVH�GLQLWLDWLYH�GH�ODGYHUVDLUH� (QFKDvQHU�XQH�IUDSSH�DSUqV�XQ�OLIW

,'(17,),(5

� ,GHQWLILHU�OHV�FRPSRVDQWV�GX�MHX�DGYHUVH�HW�SHUFHYRLU�VHV�pYROXWLRQV� 3URGXLUH�GH�OD�IDXVVH�HW�FRQWUH�FRPPXQLFDWLRQ� /DGYHUVDLUH�x VHV�SRVWXUHVx VHV�VFKpPDV�WDFWLTXHVx VHV�SRLQWV�IRUWV�HW�IDLEOHV

&�5pDOLVHU�XQ�SURMHW�VWUDWpJLTXH�HW�ODGDSWHU�HQ�IRQFWLRQ�GX�UDSSRUW�GH�IRUFH

5($/,6(5

� 8WLOLVHU�GHV�WUDMHFWRLUHV�HW�GHV�HIIHWV�YDULpV�SRXU�GpVpTXLOLEUHU�ODGYHUVDLUH�HW�FRQFUpWLVHU�OD�UXSWXUH� $GDSWHU�VRQ�UHSODFHPHQW�j�VHV�LQWHQWLRQV�VWUDWpJLTXHV

� /HV�PR\HQV�GH�GpVWDELOLVHU�ODGYHUVDLUH��x (VSDFHV�OLEUHV��FRQWUH�SLHG��VXU��MRXHXUx 'LIIpUHQWHV�LQFHUWLWXGH�x &KDQJHPHQWV�GH�U\WKPH

� $SUqV�XQ�WHPSV�GH�MHX��pODERUHU�XQ�SURMHW�VWUDWpJLTXH�TXL�VDSSXLH VXU�ODQDO\VH�GX�MHX�DGYHUVH� 9DULHU�VHV�VHUYLFHV��YLWHVVH��HIIHWV�SODFHPHQWV�SRXU�REWHQLU�GHV�IDXWHV�GLUHFWHV�RX�FUpHU�GH�OLQFHUWLWXGH�� $GDSWHU�VRQ�V\VWqPH�GH�MHX�SRXU�H[SORLWHU�XQ�GpFRPSWH�SDUWLFXOLHU�GH�SRLQWV���VHWV�j�WKqPHV��

(9$/8$7,21�'(6�(/(9(6�/pYDOXDWLRQ�VHIIHFWXH�GDQV�OH�FDGUH� GXQ�WRXUQRL�GDQV�OHTXHO�OH�UDSSRUW�GH�IRUFHV�HVW�pTXLOLEUp�DX�GpSDUW��/D�FRQVWLWXWLRQ�GHV�SRXOHV�VH�IXLW�j�OLVVXH�GH�PRQWpHV�GHVFHQWHV��RUJDQLVpHV�UpJXOLqUHPHQW�ORUV�GX�F\FOH���/pOqYH�HIIHFWXH�DX�PLQLPXP���PDWFKHV��SRXOH�GH���MRXHXUV��HQ���PDQFKHV�JDJQDQWHV�GH����SWV��RX����SWV��/pOqYH�GRLW�DYRLU�OH�WHPSV�GH�VRUJDQLVHU�HW�DYRLU�ORFFDVLRQ�GH�UHQYHUVHU�OH�UDSSRUW�GH�IRUFHV�j�ORFFDVLRQ�GXQH����H�,QDQFO OH��/pOqYH�D�OD�SRVVLELOLWp�GrWUH�FRQVHLOOp�SDU�XQ�DXWUH�MRXHXU�HQWUH�OHV�PDQFKHV�HW�OHV�QODWFOLV��ILFKHV�GH�FR�pYDOXDWLRQ��FI�ILQ�GH�GRFXPHQW���/D�QRWH�VH�GpFRPSRVH�HQ�XQH�QRWH�GH�PDvWULVH�VXU����SWV��FI��JULOOH�FULWpULpH��HW�XQH�QRWH�GH�SHUIRUPDQFH�VXU���SWV��FODVVHPHQW�GH�OpOqYH�j�OLVVXH�GX�WRXUQRL�SRQGpUp�SDU�VRQ�QLYHDX�GHIILFDFLWp��/H�FXUVHXU�GH�QRWDWLRQ�VH�GpSODFH�VXU�OD�JULOOH�HQ�IRQFWLRQ�GHV�FRQWHQXV�DERUGpV�ORUV�GX�F\FOH�1RWHV 6HUYLFH 0RELOLWp���3�'�5 &RXSV�WHFKQLTXHV &KRL[�WDFWLTXHV�� GLIILFXOWpV�GH�UpDOLVDWLRQ 6WDWLTXH�UDLGH�FROOp�j�OD�WDEOH�VDQV�GpSODFHPHQW 5DWH�OD�EDOOH��-RXH�HQSLVWRQ��/RXSHXU�

QLYHDX���0LVH�HQ�MHX�VLPSOH�VDQV�LQWHQWLRQ�GH�JHQHU�ODGYHUVDLUH'pSODFHPHQWV�WDUGLIV��HQ�UpDFWLRQ��VDQV�UHSODFHPHQW

8WLOLVDWLRQ�G8Q�VHXO�&RXS 5HQYR\HXU���VDQV�LQWHQWLRQ1LYHDX� �HUH�DUPH�RIIHQVLYH�PDLV�VWpUpRW\SpH 'pEXW�GH�UHSODFHPHQWV�ODWpUDX[�HW�HQ�SURIRQGHXU

'LIIpUHQFLDWLRQ�FRXS�GURLW�UHYHUV�HQ�IRQFWLRQ�GH�OD�WUDMHFWRLUH�GH�OD�EDOOH6WpUpRW\Sp�UHFHUFKH�WRXMRXUV�OD�UXSWXUH�GH�OD�PrPH�PDQLqUH���UpJXOLHU�SODFp�IRUFH

QLYHDX�� ,GHP��PDLV�YDULH�SODFHPHQW�YLWHVVH 5HSODFHPHQW�FHQWUDO�HW�GpSODFHPHQWV�HQ�IRQFWLRQ�GH�OD�EDOOH�TXL�DUULYH&RXSV�WHFKQLTXHV���YDULpV���FRQWUH�DWWDTXH�VLPSOH�VPDVKHV3ULVHV�GH�EDOOH���� W{W��DFFpOpUDWLRQV�

2SSRUWXQLVWH���PDUTXH�VXU�OD�EDOOH�IDYRUDEOH�QRQ�SURYRTXpH�HQ�SODoDQW�RX�IUDSSDQWQLYHDX���,G��DYHF�SULVH�HQ�FRPSWH�GH ODGYHUVDLUH

'pEXW�GHIIHWV5�'�V\VWpPDWLTXHV�HW�SUpSDUDWLRQ�GX�FRXS�VXLYDQW

'pEXW�GHV�URWDWLRQV���$UULqUHV��SRXVVHWWHV�$YDQWV����OLIWV�

,G��HW�XWLOLVH�TXHOTXHV�VFKpPDV�WDFWLTXHV�j�SDUWLU�GX�VHUYLFH��HQFKDvQHPHQWV�1LYHDX�� YDULpWp�HW�YDULDWLRQ�VXU�HIIHWV�YLWHVVH�SODFHPHQW�HQ�IRQFWLRQ�GH�VRQ�MHX�HW�GH�FHOXL�GH�ODGYHUVDLUH

5�'�3�HQ�IRQFWLRQ�GH�OD�GHUQLqUH�EDOOH�MRXpH &KRL[�DSSURSULHV�GHV�FRXSV�HQ�IRQFWLRQ�GH�OD�VLWXDWLRQ&XPXO�GHV�SDUDPrWUHV���IUDSSp�SODFp�YLWH�DYHF�HIIHW

&RQVWUXFWHXU���FUpH�OD�EDOOH�IDYRUDEOH�SRXU�FRQVWUXLUH�HW�FRQFOXUH�OH�SRLQW