34
Jack Whalen Don H. Zimmerman Marilyn R. Whalen Social Problems Marc Relieu Louis Quéré 8QH FRQYHUVDWLRQ IDWDOH ,Q 5pVHDX[ YROXPH Q SS 5pVXPp &HW DUWLFOH SUpVHQWH XQH UHFKHUFKH VXU ORUJDQLVDWLRQ VRFLDOH GHV DSSHOV SXEOLFV DX[ VHUYLFHV GXUJHQFH HW VH FRQFHQWUH VXU OD IRQFWLRQ FRQVWLWXWLYH GH OD FRQYHUVDWLRQ DX FRXUV GH O© DSSHO DX VHFRXUV ª /HV DXWHXUV H[DPLQHQW FRPPHQW FHV VXMHWV GH FRQYHUVDWLRQ SHXYHQW HX[PrPHV GHYHQLU SUREOpPDWLTXHV SRXU OHV LQWHUORFXWHXUV /HXU UDSSRUW HVW FHQWUp VXU ODQDO\VH GpWDLOOpH GXQH FRQYHUVDWLRQ SDUWLFXOLqUH HW GpWHUPLQDQWH TXL PRQWUH FRPPHQW XQ pYpQHPHQW DSSDUHPPHQW DEHUUDQW SHXW rWUH FRPSULV HQ WHUPHV GH SUDWLTXHV GX ODQJDJH FRXUDQW &HV SUDWLTXHV SDUWLFLSHQW j OD PLVH HQ VFqQH GH OpYpQHPHQW GH IDoRQ VpTXHQWLHOOH HW FRPPXQH SDU OHV DXWHXUV PrPHV GH ODSSHO /DQDO\VH GH FH FDV SDUWLFXOLHU UpYqOH pJDOHPHQW TXDQG HW FRPPHQW OHV PRWV SHXYHQW © PDQTXHU ª FHVW OH FRQWH[WH VpTXHQWLHO GDQV OHTXHO OHV PRWV VRQW SURGXLWV HW OH WUDLWHPHQW LQWHUDFWLI TXLOV HQ UHoRLYHQW TXL GpFLGHUD GH OHXU LPSRUWDQFH HW GH OHXUV FRQVp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pUp /RXLV 8QH FRQYHUVDWLRQ IDWDOH ,Q 5pVHDX[ YROXPH Q SS http://www.persee.fr/web/revues/home/prescript/article/reso_0751-7971_1992_num_10_55_2036

Une conversation fatale

Embed Size (px)

Citation preview

Jack WhalenDon H. ZimmermanMarilyn R. WhalenSocial ProblemsMarc RelieuLouis Quéré

8QH�FRQYHUVDWLRQ�IDWDOH,Q��5pVHDX[��������YROXPH����Q�����SS����������

5pVXPp&HW�DUWLFOH�SUpVHQWH�XQH�UHFKHUFKH�VXU�ORUJDQLVDWLRQ�VRFLDOH�GHV�DSSHOV�SXEOLFV�DX[�VHUYLFHV�GXUJHQFH�HW�VH�FRQFHQWUH�VXU�ODIRQFWLRQ�FRQVWLWXWLYH�GH�OD�FRQYHUVDWLRQ�DX�FRXUV�GH�O©�DSSHO�DX�VHFRXUV�ª��/HV�DXWHXUV�H[DPLQHQW�FRPPHQW�FHV�VXMHWV�GHFRQYHUVDWLRQ�SHXYHQW�HX[�PrPHV�GHYHQLU�SUREOpPDWLTXHV�SRXU�OHV�LQWHUORFXWHXUV��/HXU�UDSSRUW�HVW�FHQWUp�VXU�ODQDO\VH�GpWDLOOpHGXQH�FRQYHUVDWLRQ�SDUWLFXOLqUH�HW�GpWHUPLQDQWH�TXL�PRQWUH�FRPPHQW�XQ�pYpQHPHQW�DSSDUHPPHQW�DEHUUDQW�SHXW�rWUH�FRPSULV�HQWHUPHV�GH�SUDWLTXHV�GX�ODQJDJH�FRXUDQW��&HV�SUDWLTXHV�SDUWLFLSHQW�j�OD�PLVH�HQ�VFqQH�GH�OpYpQHPHQW�GH�IDoRQ�VpTXHQWLHOOH�HWFRPPXQH�SDU�OHV�DXWHXUV�PrPHV�GH�ODSSHO��/DQDO\VH�GH�FH�FDV�SDUWLFXOLHU�UpYqOH�pJDOHPHQW�TXDQG�HW�FRPPHQW�OHV�PRWVSHXYHQW�©�PDQTXHU�ª���FHVW�OH�FRQWH[WH�VpTXHQWLHO�GDQV�OHTXHO�OHV�PRWV�VRQW�SURGXLWV�HW�OH�WUDLWHPHQW�LQWHUDFWLI�TXLOV�HQ�UHoRLYHQWTXL�GpFLGHUD�GH�OHXU�LPSRUWDQFH�HW�GH�OHXUV�FRQVpTXHQFHV�

$EVWUDFW7KLV�SDSHU�UHSRUWV�RQ�UHVHDUFK�LQWR�WKH�VRFLDO�RUJDQL]DWLRQ�RI�FLWL]HQ�FDOOV�WR�HPHUJHQF\�VHUYLFH�DJHQFLHV��IRFXVLQJ�RQ�WKHFRQVWLWXWLYH�IXQFWLRQ�RI�WDON�LQ�WKH�DFWLYLW\�RI��FDOOLQJ�IRU�KHOS���7KH�DXWKRUV�H[SORUH�KRZ�WKHVH�RFFDVLRQV�RI�WDON�FDQ�WKHPVHOYHVEHFRPH�SUREOHPD���WLF�HYHQWV�IRU�PHPEHUV��7KHLU�UHSRUW�FHQWHUV�RQ�WKH�GHWDLOHG�DQDO\VLV�RI�D�VLQJOH��YHU\�IDWHIXO�FRQYHUVDWLRQ�VKRZLQJ�KRZ�D�VHHPLQJO\�DEHUUDQW�HYHQW�FDQ�EH�XQGHUVWRRG�LQ�WHUPV�RI�WKH�QDWXUDO�ODQJXDJH�SUDFWLFHV�LQYROYHG�LQ�LWV�RUGHUO\�MRLQW�SURGXFWLRQ�E\�WKH�DFWXDO�SDUWLHV�LQ�WKH�FDOO��7KLV�VLQJOH�FDVH�DQDO\VLV�DOVR�UHYHDOV�ZKHQ�DQG�KRZ�ZRUGV�FDQ��IDLO���LW�LV�WKHVHTXHQWLDO�FRQWH[W�ZLWKLQ�ZKLFK�ZRUGV�DUH�SURGXFHG�DQG�WKH�LQWHUDFWLRQDO�WUHDWPHQW�WKH\�WKHUHE\�UHFHLYH�WKDW�LV�FUXFLDO�IRUZKDWHYHU�VWDWXV�DQG�FRQVHTXHQFHV�WKH\�FRPH�WR�KDYH�

&LWHU�FH�GRFXPHQW���&LWH�WKLV�GRFXPHQW��

:KDOHQ�-DFN��=LPPHUPDQ�'RQ�+���:KDOHQ�0DULO\Q�5���6RFLDO�3UREOHPV��5HOLHX�0DUF��4XpUp�/RXLV��8QH�FRQYHUVDWLRQ�IDWDOH��,Q�5pVHDX[��������YROXPH����Q�����SS����������

http://www.persee.fr/web/revues/home/prescript/article/reso_0751-7971_1992_num_10_55_2036

81(�&219(56$7,21�)$7$/(�

-DFN�:+$/(1�'RQ�=,00(50$1�0DULO\Q�5�:$+/(1�

k�5«VHDX[�Qr����&1(7��� �������SRXU�OD�YHUVLRQ�IUDQ©DLVH��

k6RFLDO�3UREOHPV���9RO������1R����2FWREUH��������SRXU�OD�YHUVLRQ�DQJODLVH��&HW�DUWLFOH�D�SDUD�VRXV�OH�WLWUH�RULJLQDO�:KHQ�:RUGV�)DLO�� ��$� 6LQJOH�&DVH�$QDO\VLV���

���� ᒫ�

'DQV�

OHXU�JUDQGH�PDMRULW«�� OHV� «WXGHV�TXL�WUDLWHQW� GHV�SUREOªPHV� VRFLDX[�GX�FULPH�HW� GH� OD�VDQW«� RQW�SRUW«� VXU� OD�PLVH�HQ�RHXYUH�GH�ODVVLVWDQFH�SROLFLªUH�RX�P«GLFDOH�DX[�YLFWLPHV�GH�FULPHV�HW�DX[�L

QGLYLGXV� PDODGHV�RX�EOHVV«V�� /HV� VRFLRORJXHV� TXL� VH� VRQW�SHQFK«V� VXU�OXWLOLVDWLRQ�GH�FHV�W\SHV� GDVVLVWDQFH�RQW� OH�SOXV� VRXYHQW� FRQFHQWU«�OHXUV�HIIRUWV�VXU�OHV�IDFWHXUV�VRFLDX[� TXL�VRLW�SHUWXUEHQW� OHXU�PLVH�HQ�RHXYUH�� VRLW�\� FRQWULEXHQW�� ,OV� RQW� DGRSW«��FRPPH�EDVH�GH� OHXUV� HQTX¬WHV��GHV� VRQGDJHV� RX�GHV�GRQQ«HV�G«PRJUDSKLTXHV��

%LHQ�TXH�FHWWH� VWUDW«JLH�GH�UHFKHUFKH�DLW�SHUPLV� GH�UHFXHLOOLU�XQH�LQIRUPDWLRQ� DERQGDQWH� VXU� OHV� IRUFHV� VRFLDOHV�TXL� DVVXUHQW�ODFFHVVLELOLW«� HW� OXWLOLVDWLRQ�GH� ODVVLVWDQFH��OD�IRXUQLWXUH�U«HOOH�GX�VHUYLFH�DXSUªV�GH� FHX[�TXL�HQ� RQW�EHVRLQ� UHOªYH�W\SLTXHPHQW�GH�OD�SKDVH�XOWLPH� GXQ�SURFHVVXV�VRFLDO� FRPSOLTX«�� 3DU�H[HPSOH�� GDQV� OH�FDV�GHV�XUJHQFHV� P«GLFDOHV�� RQ�DVVLVWH� ¢�OD�PXOWLSOLFDWLRQ�GHV�XQLW«V� GH� �SUHPLHUV� VHFRXUV��� GRQW�OH�SHUVRQQHO� HVW� FRQVWLWX«�GH�SDUDP«GLFDX[�TXL�DFKHPLQHQW�OHV�YLFWLPHV�

YHUV�GHV� FHQWUHV�VS«FLDOLV«V� GXUJHQFH��$YDQW�TXH�ODVVLVWDQFH�SDUDP«GLFDOH� QH�VRLW�G«OLYU«H�� OH�SHUVRQQHO� GRLW� GDERUG�VDVVXUHU�TXH� VHV� VHUYLFHV� VRQW� UHTXLV�� /D�PLVH�HQ�UHODWLRQ�GHV�FLWR\HQV� HW�GHV�SUHVWDWDLUHV�GH�VHUYLFH�QHVW�SDV�LQVWDXU«H�SDU�OHV�IRXUQLVVHXUV� HX[�P¬PHV��PDLV� FRPPHQFH�GªV� ORUV� TXXQ�FLWR\HQ� DSSHOOH�XQ�QXP«UR�W«O«SKRQLTXH�GXUJHQFH�SRXU� VLJQDOHU�XQ�SUREOªPH�HW�GHPDQGHU�GH� ODLGH��%LHQ�V½U��OD�P¬PH�UHPDUTXH�SHXW�¬WUH�IDLWH� DX�VXMHW�GHV� LQWHUYHQWLRQV� SROLFLªUHV��SUHVTXH�����GH� OHQVHPEOH�GHV� SDWURXLOOHV� VRQW�FRQV«FXWLYHV� ¢�GHV�DSSHOV�W«O«SKRQLTXHV� GH� FLWR\HQV� �����

%LHQ�TXH� OHV� �DSSHOV� GHPDQGDQW� GH�ODLGH��HQFOHQFKHQW�QRUPDOHPHQW�OH� SURFHVVXV� GH�SUHVWDWLRQ� GH�VHUYLFH�� ORUJDQLVDWLRQ�VRFLDOH�GH� FHWWH� DFWLYLW«� FRPPXQLFDWLYH�FUXFLDOH� D� «W«� ODUJHPHQW� ODLVV«H� GH�F¶W«�SDU� OHV�FKHUFKHXUV� ����� /DQDO\VH�GH�FHWWH� RUJDQLVDWLRQ�GRLW�FRPPHQFHU�SDU� UHFRQQD°WUH� TXH�OD�WRWDOLW«� GH� ODFWLYLW«� �� GHSXLV� OH� VLJQDOHPHQW� LQLWLDO� GX� SUREOªPH�DX�W«O«SKRQH��MXVTX¢�OD�PRELOLVDWLRQ�GH�ODVVLVWDQFH� GXUJHQFH�SDU� FRPPXQLFDWLRQ� UDGLR� �� HVW�ODUJHPHQW�RUJDQLV«H�¢�WUDYHUV� OH�P«GLXP�GH�OD�SDUROH��FH�TXL�PRQWUH�ELHQ�OH�U¶OH�IRQGDPHQWDO� TXH�OH�ODQJDJH�MRXH�GDQV�OD� JHVWLRQ�GHV� SUREOªPHV�VRFLDX[�� 1RXV�UHQGRQV� FRPSWH� LFL�GHV� DQDO\VHV� GH�OD�IRQFWLRQ�FRQVWLWXWLYH� GH� OD�SDUROH� GDQV�ODFWLYLW«�GH�GHPDQGHU�GH�ODLGH��SOXV�SDUWLFXOLªUHPHQW�� QRXV�H[DPLQRQV�FRPPHQW�GH�WHOV� DSSHOV�SHXYHQW� HX[�P¬PHV�GHYHQLU�GHV�«Y«QHPHQWV�SUREO«PDWLTXHV��

8QH�FRQYHUVDWLRQ�IDWDOH�

/DWWHQWLRQ�GX�SXEOLF�� FRPPH�GHV� FKHUFKHXUV� HQ� VFLHQFHV� VRFLDOHV�� QH� VH�SRUWH�TXH�WUªV� UDUHPHQW� VXU� OHV� DSSHOV� W«O«SKRQLTXHV�YLVDQW�¢�REWHQLU�XQH�DVVLVWDQFH�GXUJHQFH�� 0DLV� OHV� FRQYHUVDWLRQV�GH�FH�W\SH�TXL�GHYLHQQHQW�SDUWLFXOLªUHPHQW� IDWDOHV���TXDQG�GHV�YLHV�VRQW� VDXY«HV�RX�SHUGXHV�

1RXV�UHPHUFLRQV�7XSSHU�+XOO��GX�'DOODV� 7LPHV�+HUDOG�� SRXU� DYRLU�PLV� ¢� QRWUH� GLVSRVLWLRQ�SOXVLHXUV�HQUHJLVWUHPHQWV�VXU�FDVVHWWH�GX�VHUYLFH�GHV� SRPSLHUV�GH�'DOODV��FHOXL�FL�FRPSULV��/HV�QRPV�� DGUHVVHV�� HW� QXP«URV�GH�W«O«SKRQH� GHV�SDUWLFLSDQWV� ¢�FHW� DSSHO�RQW�«W«�PRGLIL«V��P¬PH�ORUVTXH�FHV�LQGLYLGXV�RQW�«W«�LGHQWLIL«V� GDQV�OHV�P«GLDV��&H�IDLVDQW�� QRXV�YRXGULRQV� VRXOLJQHU�TXH�QRWUH� LQW«U¬W�SRUWH� VXU� ORUJDQLVDWLRQ�VRFLDOH�GH�OLQWHUDFWLRQ�� HW� QRQ�VXU�GHV� LQWHUDFWDQWV�SDUWLFXOLHUV����� 5(,66������� HW�:(%67(5����������� 6+($5,1*��������6+$552&.�HW�7851(5��������0((+$1��������%52$'0($'��������

����

HQ�FRQV«TXHQFH�GH�FH�TXL� VHVW�GLW�RX�QH�VHVW�SDV�GLW� DX�W«O«SKRQH���SHXYHQW�GHYHQLU�OREMHW�GXQ�H[DPHQ� SXEOLF�PLQXWLHX[�HW�LQWHQVH��8QH�FRQYHUVDWLRQ�TXL�HXW�OLHX�DX�G«EXW�GH�ODQQ«H� ������¢� 'DOODV�� D� IDLW�OREMHW�GXQH�WHOOH� DWWHQWLRQ�� /HV�SUHPLHUV�DUWLFOHV� GH�MRXUQDX[�FRQVDFU«V� ¢� FHWWH�FRQYHUVDWLRQ�SDUXUHQW�HQ�SUHPLªUH�SDJH�GX�m� 'DOODV�7LPHV� +HUDOG�}�� VRXV� OH� WLWUH��8QH�GLVSXWH�UHWDUGH�XQH�DPEXODQFH���8QH�IHPPH� VH�PHXUW�WDQGLV� TXH�VRQ�JHQGUH�LPSORUH� GX�VHFRXUV�� ��

m�/HV�UHSU«VHQWDQWV�GX�VHUYLFH�GHV�SRPSLHUV� GH�'DOODV�HQTX¬WHQW�DFWXHOOHPHQW�VXU�XQ� LQFLGHQW�DX�FRXUV�GXTXHO�XQH� DPEXODQFH�IXW� UHWDUG«H�GH� VHSW�PLQXWHV� WDQGLV�TXXQ� m� GLVSDWFKHU�}� VH�GLVSXWDLW�DYHF�XQ�KRPPH�GLVDQW�TXH� VD�EHOOH�PªUH�«WDLW� HQ�WUDLQ� GH�PRXULU� FKH]�OXL�� 4XDQG�OHV�SDUDP«GLFDX[� IXUHQW� HQYR\«V�DX� GRPLFLOH�GH�

'DOODV�(VW�� ���PLQXWHV�SOXV�WDUG�� LOV� WURXYªUHQW� OD�IHPPH�PRUWH�� 8Q� SURFªV�HVW�HQJDJ«� SDU�ODSSHODQW�FRQWUH�OD�YLOOH��&H�GHUQLHU� GHPDQGH�����������GH�GRPPDJHV�¢�OD�YLOOH�� HQ�U«SDUDWLRQ�GH� OD�PRUW�GH�VD�EHOOH��PªUH� OH���-DQYLHU�GHUQLHU���� }�����

(WDQW�GRQQ«�TXH�FHW�DSSHO� HVW�OREMHW�SULQFLSDO�GH�QRWUH�DQDO\VH��QRXV�SU«VHQWRQV�OD�WUDQVFULSWLRQ�FRPSOªWH�GH�FHW�«FKDQJH�GH�WURLV�PLQXWHV��

m�'�}� G«VLJQH� OD�VWDQGDUGLVWH�GX� VHUYLFH�GHV�SRPSLHUV��TXL� U«SRQG�OD�SUHPLªUH� DX�W«O«SKRQH�� m� ϒ�}� VH�U«IªUH� ¢� ODSSHODQW��m� 1�}� G«QRWH� OLQILUPLªUH�� FKDUJ«H� GH�U«SDUWLU� OHV� GHPDQGHV�HQWUH� VHUYLFHV�� TXL�SUHQG�OD�VXLWH�GH�ODSSHO��(QILQ�� m�6�}� UHQYRLH� DX�VXS«ULHXU�GH�OLQILUPLªUH��TXL�SDUOH�EULªYHPHQW�DYHF�ODSSHODQW�� ¢� SHX�SUªV� ¢�PL�FKHPLQ�GH�OD�FRQYHUVDWLRQ��

���������������������������������������������������

���������������������

������������

����+8//��

'��

&��

'��&��

'��&��

'��

&��

1��

&��

1��

&��

&��

�������$�

/HV� 3RPSLHUV�������2XL�� MH� YRXGUDLV� XQH� DPEXODQFH� DX� TXDUDQWH� HW� XQ�WUHQWH� QHXI� +DYHUIRUG� VLO�YRXV� SOD°W�������4XHO� HVW� OH� SUREOªPH��� PRQVLHXU"�6L� MH� OH� VDYDLV�� MH� QH� YRXV� DXUDLV� SDV�DSSHO«� GX� WRXW�������(WHV�YRXV� OD� SHUVRQQH� TXL� D�EHVRLQ� GH� FWWH�DPEXODQFH"�1RQ� FH�QHVW�SDV� PRL�� &HVW� PD� PªUH��������/DLVVH]�PRL� SDUOHU� ¢� OLQILUPLªUH�������2K�� PHUGH� DORUV�����������GDQV� OH� IRQG��� ,QILUPLªUH�� OLJQH� XQH� ������LQILUPLªUH�� OLJQH�XQH�������/LQILUPLªUH� GX� VHUYLFH� GHV� SRPSLHUV� ¢� ODSSDUHLO��TXHOOH� HVW� ODGUHVVH"�������4XDUDQWH� HW� XQ� WUHQWH� QHXI� +DYH��� IRUG�������4XDUDQWH� �� ���� HW� XQ� WUHQWHQHXI� TXHOOH� HVW� OD� UXH"�

'ULY� H�������+DYHUI�ϯ��� UG� 'ULYH� �� �SURQRQF«� DYHF� XQ� WRQ� LUULW«����������

ᒫ� ����

�������������������������������������������������������

1�ϒ�

1�

ϒ�

1�

ϒ�

1�ϒ�

��� 1�� +�D�Y�H�� �ϲ��� ϯ�� Ϥ�� G��>�1RQ�� +�D�Y�H����U�I�R�U�G�� 'ULYH� ��WRQ� H[DVS«U«���

������'DFFRUG�FHVW� XQH� YLOOD�RX� XQ� DSSDU�W�HPHQ�W�"�FHVW�FHVW� XQH� PDLV��� VRQ�������4XHOOH� HVW� OD� UXH� TXL� FRXSH� KDYHUIRUG� O¢� DX� FRLQ"�������(XK�� FHVW� OLQFROQ�� YRXV� �FRXS� FRXSH]�� ¢�/LQFROQ�������(W� OH�QXP«UR� GH� W«O«���� SKRQH"�������OH�QXP«UR� GH� W«O«SKRQH�� WURLV� GHX[� QHXI�� WURLV�GHX[� FLQ�D��������(W� FHVW� TXRL� OH� SUREOªPH� LFL"�-H� VDLV�SDV�� VL� MH� OH� VDYDLV� MDXUDLV�SDV� EHVRLQ�GH�W�

��� 1�� 0RQVL�HXU��� -H�� RK�� YRXGULH]�YRXV� U«SRQGUH� ¢�PHV�TXHVWLRQV� VLO�YRXV�SOD°W"�4XHO� HVW� OH��� SUREOªPH"�

>�HOOH� D� GHV�

GLIILFXOW«V� ¢� UHVSLUHU��ᒹ��4XHO� ¤JH� D� FHWWH� SHUVRQQH"�VRL[DQWH� DQV�������2»� HVW�HOOH�PDLQWHQDQW"�������0DLQWHQDQW��� HOOH�HVW� GDQV� OD�FKDPEUH� D� FRXFKHU�������-H� SHX[� OXL� SDUOHU�� VLO�YRXV� SOD°W� "�1RQ�� FHVW� LPSRVVLEOH� HOOH�HVW� �HOOH��� 2Q� GLUDLW�TX�HOOH�HVW��� ����LQFRPSU«KHQVLEOH���������3RXUTXRL� HVW�HOOH� LQFRPSU«KHQVLEOH"�&RPPHQW� ERQ� GLHX� MH� OH� VDXUDLV"�����0RQVLHXU�� UHVWH]� SROL� DYHF� PRL�����0DLV� MHQ�DL�ULHQ� ¢� IDLUH�� YRXV� PH� SRVH]� GHV�TXHVWLRQV� VWXSLGHV� HW� LGLRWHV�������7URXYH]��PRL� TXHOTXXQ� TXL� VDLW�FH� TXLOV� IRQW��SRXUTXRL� HVW�FH� TXH� YRXV� QHQYR\H]� SDV� VLPSOHPHQW�XQH� DPEXODQFH� LFL"�������0RQVLHXU��� QRXV� VRUWRQV� VHXOHPHQW� GDQV� OHV� FDV�GXUDHQ�FH�R»� XQH� YLH� HVW� HQ� GDQJHU� GDFFRUG"�

�������������������������������������������������������������������������

���������

ϒ�

1�ϒ�

1�

ϒ�

1�ϒ�

1�ϒ�

1�

ϒ�

ϒ�

1�

���� ᒫ�

�� ϒ� (W� ELHQ� FHVW� XQH� XUJHQFH� R»� XQH� YLH� HVW� HQ��� GDQJHU� ��� 1� � QH� TXLWWH]� SDV�� PRQVLHXU�� MH�YDLV� YRXV��� ODLVVHU�SDUOHU� ¢�PRQ� VXS�� HXK� UHVSRQVDEOH��� ��������� 6�� $OOJM���� ������ &�� rKK� 2XL��� TXHVW�FH� TXH� MH�GRLV� IDLUH� SRXU� REWHQLU��� XQH� DPEXODQFH� LFL"��� �������� 6�� 9RXV� GHYH]� U«SRQGUH� DX[� TXHVWLRQV� GH�

��LQILUPLªUHA��� &� � 'DFFRUG���� TXHOOHV� VRQW��HOOHV� DYDQW� TXHOOH� PHXUH��� SRXUULH]��� YRXV� VLO�YRXV� SOD°W� PH� GLUH� FH� TXH� YRXV� YRXOH]�

ERQ� GLHX"��� �������� 6�� %RQ�� MH�YDLV� YRXV� OH� GLUH� VL� YRXV� 6L� YRXV� MXUH]��� XQH� IRLV� GH� SOXV� MH�UDFFURFKH� ODSSDUHLO��� &�� -H� YDLV� YRXV� GLUH� FH�TXH�� FH� TXH� VL� F«WDLW�YRWUH��� PªUH� TXL� «WDLW� O¢�HW� QH� SRXYDLW� SOXV� UHVSLUHU�� TXH��� IHULH]��YRXV"��� 6�� �� �XQ� SHX� SOXV� KDXW���� YRXV� U«SRQGH]� DX[� TXHVWLRQV��� GH� FHWWH� LQILUPLªUH�� HW�QRXV� YRXV� HQYHUURQV� GH�

�� �DLGH��� &�� HOOH�D� GHV� GLIILFXOW«V�¢� UHVSLUHU�� (OOH�QH� SHXW���� SDV� SDUOHU�� HOOH� �� ��

��� 6� 'DFFRUG�� HOOH�UHYLHQW�� YRLO¢� HOOH�DUULYH�1H� OXL� GLWHV� SOXV� GH� JURVVLªUHW«V����υ��%RQ�YRXV� PH� OD� SDVVH]� DORUV��GLWHV�� TXRL"�������%RQ�� DORUV�SDVVH]� OD�PRL�������(OOH� HVW� O¢��������0RQVLHXU�� LFL� OLQILUPLªUH�GX� VHUYLFH� GHV�SRPSLHUV�GH� QRXYHDX�������2XL�(VW�FH� TXH� OD�GDPH� D� GHV� DQW«F«GHQWV� P«GLFDX[� GH�PDODGLH� GHV� SRXPRQV"�������1RQ�� HOOH� IDLW� GHV� UKXPDWLVPHV� DUWLFXODLUHV�� XQH�KDQFKH� FDVV«H�HW� XQ� FRXGH� FDVV«��������'DFFRUG�� FRPPHQW� VHVW�HOOH�FDVV«� OD� KDQFKH� HW�OH� FRXGH��� HOOH�HVW� WRP��E«H"�2XL�� FHVW�©D�������

����������������������������������������

������������������������������������������������

ϒ�6�

ϒ�

6�

1�

ϒ�1�

ϒ�

1�

ϒ�

ᒫ� ����

��� 1�� 4XDQG� "���� ��������� ϒ�� 2K�� HQ� $R½W� GH�� DK�� ODQQ«H� GHUQLªUH����� ��������� 1�� 'DFFRUG�� PRQVLHXU�� MDL�WRXMRXUV� EHVRLQ�GH� OXL�

SDUOHU���� 1�� 9RXV� QH� SRXYH]� SDV� HOOH�HVW� LQFRPSU«KHQVLEOH���� ��������� 1�� /DLVVH]� PRL� OXL� SDUOHU� PRQVLHXU���� ��������� &�� OHHH����� ��������� &�� �� �¢� XQH� SHUVRQQH� GDQV� OH� IRQG�� �� 3RXUULH]�YRXV���� VLO�YRXV� SOD°W� OXL� GLUH� TXHOOH� HVW���� LQFRPSU«KHQVLEOH�� TXHOOH�QH� SHXW� SDV� SDUOHU"���� ��������� &�� (OOH�QH� SHXW� SDV� SDUOHU� GX� WRXW�

��� 1�� SRXUTXRL"������ ��������� &�� 0DLV� FRPPHQW� SRXUUDLV��MH� OH� VDYRLU"���� ���� ����� 1�� %RQ� DORUV� GRQQH]� OXL� �� � DSSDUHLO���� ��������� &�� KKKK� KK���� ��������� &� �� �¢� VD� FR�ORFDWDLUH� GDQV� OH� IRQG���� 'RQQH� OXL���� ODSSDUHLO� ��� GRQQH� OXL� ODSSDUHLO� FRPPH� ©D� HOOH���� ������ MH� VDLV� TXHOOH� QH� SHX[� SDUOHU�� PDLV� LOV���� YHXOHQW� OXL� SDUOHU� �� �� �� PDLV� HOOH�QH� SHX[�SDVSDUOHU���� ��������� &�� ��D�OLQILUPLªUH��� (K�� RXEOLH]� ©D�� MH�YDLV� DSSHOHU���� XQ� XQ� KXP� K¶SLWDO� GDQV� OH� FRLQ�� GDFFRUG"���� 1�� 'DFH�� $X� UHYRLU�

/D�U«DFWLRQ�SXEOLTXH�¢�OLQFLGHQW�

&HW�LQFLGHQW�D�IDLW�OREMHW�GXQH�FRXYHUWXUH�FRQVLG«UDEOH�GDQV�OD�SUHVVH�GH�'DOODV��VXU� OHV� WURLV� SURJUDPPHV� QDWLRQDX[�GLQIRUPDWLRQ� W«O«YLV«H�GX�VRLU��DLQVL�TXH�VXU�OD�m�1LJKWOLQH� }�GH�OD�FKD°QH�$%&��/HV�P«GLDV� VDWWDUGªUHQW�VXU� XQH�TXHVWLRQ�GH�EDVH�VHORQ�OHV�PRWV� GH�7HG�.RSSHO� �$%&���m�&RPPHQW� HVW�LO� SRVVLEOH�TXH�FHWWH� VRUWH�GH�FKRVH�SXLVVH�DUULYHU"�&RPPHQW�SHXW�RQ�WURXYHU�XQH�WHOOH�FRQIXVLRQ�ORUV� GXQ�DSSHO�FRPPH� FHOXL�FL� "� }� (Q� U«SRQVH�� OHV� SHUVRQQHV� GRQW�OH�WUDYDLO�FRQVLVWH� ¢� VRFFXSHU�GH�WHOOHV� DIIDLUHV�� FRPPH�OHV�UHVSRQVDEOHV�GH� VHUYLFHV�GXUJHQFH�HW� OHV�SHUVRQQHV� HQ�FKDUJH�GH� VHUYLFHV�GHV�SRPSLHUV�� H[SULPªUHQW�OHXU�G«VRULHQWDWLRQ�� /H�GRFWHXU�-HII�

&ODXVHQ��P«GHFLQ�FKHI�GX�G«SDUWHPHQW�GHV�SRPSLHUV� GH� 6DOW�/DNH�&LW\�� HW� FU«DWHXU�GXQ�GLVSRVLWLI�P«GLFDO� GH� m� ILOWUDJH� GHV�DSSHOV�}� VLPLODLUH�¢�FHOXL�XWLOLV«� ¢�'DOODV�HW�GDQV�TXDWUH�FHQWV� DXWUHV� DJJORP«UDWLRQV��OH[SULPD�GH�FHWWH�PDQLªUH���m� &HWWH� DIIDLUH� HVW�SUDWLTXHPHQW� XQH�«QLJPH�� -H� QH�SHX[�SDV�FRPSUHQGUH� FRPPHQW� FHOD� D�SX�DUULYHU�� 4XDQG�OH�SDWLHQW�RX�ODSSHODQW�LQGLTXH�XQ� V\PSW¶PH�SULRULWDLUH��FRPPH�GHV�GLIILFXOW«V� UHVSLUDWRLUHV�RX�XQH�SHUWH�GH�FRQQDLVVDQFH�GX�SDWLHQW��FHFL�J«QªUH�XQH� U«SRQVH�PD[LPDOH�GDQV�WRXW�V\VWªPH�GH�PD�FRQQDLVVDQFH���� &H�TXH�QRXV� DSSHORQV�XQH� m� U«SRQVH� GH�W\SH��&RUSV� GHV�0DULQHV�� }�� 7RXW�OH�PRQGH�\�YD�ᒫ� ODPEXODQFH�� OH� Y«KLFXOH�GX�G«SDUWHPHQW�SRPSLHUV� OH�SOXV�SURFKH�� HW�OHV�SDUD��

����

P«GLFDX[��3RXUTXRL�FHOD�QH�VHVW�SDV�SURGXLW� "�MH�QH�SXLV�YUDLPHQW�SDV� OH[SOLTXHU��}��1LJKWOLQH�VXU�$%&����0DUV��������

%LHQ� TXH�OHV� DQDO\VWHV� DLHQW�GLULJ«� XQH�SDUWLH�GH� OHXU� DWWHQWLRQ� VXU� OHV� HIIHWV� GX�VWUHVV� VXU� OH�SHUVRQQHO�GHV� VHUYLFHV�GXUJHQFH� HW�VXU�ORSSRUWXQLW«�GXWLOLVHU�GHV�LQILUPLªUHV� SRXU�WULHU�OHV�DSSHOV��HW�ELHQ�TXLO�VRLW� DGPLV�TXH�ORFFXUUHQFH� GXQH�GLVSXWH�LQIOXHQFH� OH�FRXUV�GXQ� DSSHO��XQ�WKªPH�TXH�QRXV�UHWURXYHURQV�SOXV�ORLQ���OD�SOXSDUW�GHV� FRPPHQWDWHXUV� DERQGªUHQW�GDQV� OH�VHQV�GH�&ODXVHQ��/DSSHODQW�DYDLW� DSSRUW«�DVVH]�GLQIRUPDWLRQV� VXU� O«WDW�GH� VDQW«� GH�VD�EHOOH�PªUH�SRXU�MXVWLILHU� OHQYRL�LPP«GLDW�GXQH� DPEXODQFH�� (Q�RXWUH�� LO� HVW�FRQQX�TXH�OHV� m� GLVSDWFKHUV� }� RQW� OKDELWXGH�GDYRLU�DIIDLUH� ¢� GHV�DSSHODQWV� TXL�VRQW�SDUIRLV�K\VW«ULTXHV�RX�EL]DUUHV� �� GH�V«ULHXVHV� HUUHXUV�GH�MXJHPHQW�RQW� HX� OLHX�GDQV�FH�FDV�SDUWLFXOLHU�� 3DU�H[HPSOH��OH�GLUHFWHXU� GX� VHUYLFH�m�SURJUDPPH�GH�ILOWUDJH�GHV� DSSHOV�}� GHV�SRPSLHUV�GH�'DOODV��/DQD��OLH�6WDUNV��GHYDLW�UDSSHOHU�DX�FRXUV�GXQ�LQWHUYLHZ� GRQQ«� VXU�1LJKWOLQH� �/H� ��0DUV��������� m�1RXV�DYRQV�XQH�SROLWLTXH�DSSHO«H�m� SROLWLTXH�GHV�DSSHOV�GXQH�WLHUFH�SHUVRQQH� }�� HW� FHWWH�SROLWLTXH� «WDEOLW�FODLUHPHQW�TXH� ORUVTXH� TXHOTXXQ�DSSHOOH�� HW�TX�LO�HVW� VRLW� WURS�MHXQH�� VRLW� WURS� YLHX[��VRLW� WURS� FRQIXV��LO�SHXW�¬WUH�K\VW«ULTXH� RX�HQ� ODUPHV�� RX�TXH�VDLV�MH� HQFRUH�� "�DORUV�QRXV�GHYRQV�HQYR\HU�XQH� DPEXODQFH�HW�QH�SDV�WHQWHU�GH�ILOWUHU�FHW�DSSHO�SDUWLFXOLHU�}��/HV�UHSURFKHV�HW�OHV�U«FULPLQDWLRQV�FRQFHUQªUHQW�GRQF� HQ� SUHPLHU� OLHX� OHV�HUUHXUV�GLQGLYLGXV�SDUWLFXOLHUV��/HQTX¬WH�VH�VROGD�SDU�OH� OLFHQFLHPHQW�GH�ULQILUPLªUH� TXL�SULW�FHW�DSSHO��HW�SOXVLHXUV�GH�VHV�VXS«ULHXUV�IXUHQW� VDQFWLRQQ«V�RX�U«WURJUDGHV������

8Q�SRLQW�GH�YXH�GDQDO\VH�GH�FRQYHUVDWLRQ�

7RXW�HQ�QH� YRXODQW�DEVROXPHQW�SDV�QLHU�OD�SHUWLQHQFH� GX�WKªPH� GH� OD�SHUIRUPDQFH�SURIHVVLRQQHOOH� HQ� VLWXDWLRQ�GH� VWUHVV�� QRV�

LQW«U¬WV� DQDO\WLTXHV� QRXV�FRQGXLVHQW�GDQV�XQH�WRXW� DXWUH� GLUHFWLRQ�� 1RWUH�EXW� HVW�GXWLOLVHU�OHV� SULQFLSHV� GH�ODQDO\VH�GH�FRQYHUVDWLRQ�SRXU�FRPSUHQGUH�FRPPHQW�OH�G«QRXHPHQW�WUDJLTXH� GH� FHW�«Y«QHPHQW�SURFªGH�GXQ�DFFRPSOLVVHPHQW�HW�FRQVWLWXH�OH�SURGXLW� ILQDO� GXQH�PDFKLQHULH�LQWHUDF��WLRQQHOOH�� G«SOR\«H�SRXU�WUDLWHU�OHV� WKªPHV�TXL�RQW� «PHUJ«�DX�FRXUV� GH� O«FKDQJH�GH�SDUROHV��

/DQDO\VH� GH� FRQYHUVDWLRQ�VDWWDFKH�¢�m�G«WHFWHU�HW�¢� G«FULUH� OHV�SK«QRPªQHV�RUGRQQ«V� TXL� FRPSRVHQW� OD�FRQYHUVDWLRQ�HW�OLQWHUDFWLRQ�}� �����6HV�SUDWLFLHQV�VH� VRQW�OH�SOXV� VRXYHQW�FRQFHQWU«V� VXU� O«WXGH� GHV�SURSUL«W«V�IRUPHOOHV� GH� OLQWHUDFWLRQ�FRQYHUVDWLRQQHOOH��VXU�OHV�SUDWLTXHV�GX� ODQJDJH� QDWXUHO�TXL�VHUYHQW��HQ�WDQW�TXH�P«FDQLVPH� WUDQV�VLWXDWLRQQHO� �� ¢�FRQVWUXLUH� XQ�RUGUH�VRFLDO��&HV�P«FDQLVPHV�GRLYHQW�¬WUH�«JDOHPHQW�VHQVLEOHV� DX[�FRQWH[WHV� HW� DX[�VLWXDWLRQV�VRFLDOHV�SDUWLFXOLªUHV�� DX�VHQV�R»�FHVW�SDU�OHPSORL�GH�WHOOHV� UHVVRXUFHV�IRUPHOOHV� TXH�OHV� «Y«QHPHQWV�U«HOV� HW� VS«FLILTXHV� GH�OD�YLH� VRFLDOH���OHV� m� LQWHUDFWLRQV�LGLRV\QFUDWLTXHV�DQFU«HV� GDQV� XQ� �LFL�HW��PDLQWHQDQW��}� ������VRQW�SURGXLWHV� �����

/DQDO\VH�GXQ�FDV�VLQJXOLHU�

6FKHJORII�SU«VHQWH�XQ�H[HPSOH�Gm� DQDO\VH� GXQ�FDV�XQLTXH�}�� &HW� DXWHXU� FRQVLGªUH�FHWWH� DSSURFKH�FRPPH� XQ� H[HUFLFH�GDQV� OHTXHO� m�OHV� UHVVRXUFHV� GX�WUDYDLO�SDVV«�SRUWDQW� VXU�XQ� HQVHPEOH�GH�SK«QRPªQHV�HW� VXU� OHV� DVSHFWV�GH� ORUJDQLVDWLRQ�GH� OD�SDUROH� VRQW�XWLOLV«HV�SRXU� WUDLWHU�XQ�IUDJPHQW�XQLTXH�G«FKDQJH�FRQYHUVDWLRQQHO�}� �����VRXOLJQ«�GDQV� ORULJLQDO���/H�EXW�GXQH� WHOOH� DQDO\VH�QHVW�SDV�GH�G«FRXYULU�GHV� DVSHFWV�DXSDUDYDQW�LQFRQQXV��PDLV�SOXW¶W�GXWLOLVHU�FH�TXL�HVW�G«M¢�FRQQX�GH�ORUJDQLVDWLRQ� GHV� DFWLYLW«V� FRQYHUVDWLRQQHOOHV�SRXU�DQDO\VHU�GHV�FDV�TXXQ�WHO�VDYRLU�SHXW�«OXFLGHU�� /H� FDUDFWªUH�RUGRQQ«�GXQ� «SLVRGH� LQWHUDFWLRQQHO�HVW�G«FULW�SDU� 6FKHJORII�GDQV�OHV�WHUPHV� VXLYDQWV� ��

��� 5,/(<��� ��������� 6&+(*/2))��������� ����������6&+(*/2))������� �� �������� 6$&.6�HW�DO��� ������� ����6&+(*/2))��������� ������������ 6&+(*/2))������� �� ����

����

m� ���$� ELHQ�GHV�«JDUGV�� ODFWLRQ�VRFLDOH�U«DOLV«H�SDU�OD�SDUROH�HVW�RUJDQLV«H�HW�RUGRQQ«H�� QRQ�SDV�� RX� SDV�XQLTXHPHQW��FRPPH�XQH� DIIDLUH�GH�UªJOH�RX� GH�U«JXODULW«�VWDWLVWLTXH��PDLV�VHORQ�XQH� VXLWH�GDFWLRQV� FRQV«FXWLYHV�� /RUV�GRFFDVLRQV�VLQJXOLªUHV� GLQWHUDFWLRQ�� OHV�SDUWLFLSDQWV�LQWHUYLHQQHQW�GH�PDQLªUH�RUGRQQ«H��RX�� HQ�FDV�G«FKHF�� LOV�VDUUDQJHQW�SRXU�VXUPRQWHU�XQ�PDQTXH�DSSDUHQW�GRUGUH�� VHORQ�GHV�PR\HQV�TXL�SHXYHQW�«JDOHPHQW�¬WUH�PRELOLV«V�HW� DSSOLTX«V� VXU� OD� EDVH�GXQ�FDV�XQLTXH��$� OD�IRLV� OH� WUDYDLO�DQDO\WLTXH�SDVV«�HW�OH[S«ULHQFH�RUGLQDLUH�W«PRLJQHQW�GH�OD�SHUWLQHQFH� GX�FDV�XQLTXH� FRPPH�IR\HU�GRUGUH�}� �����

(Q�SUHQDQW�DSSXL� VXU� OHV� DFTXLV�GH�UHFKHUFKHV� SU«F«GHQWHV�� SRXU�H[DPLQHU�XQ�FDV�SDUWLFXOLHU�GLQWHUDFWLRQ��RQ�SHXW�WHQWHU�GH�FRPSUHQGUH�OHV�SURFHVVXV�RUGRQQ«V�LPSOLTX«V� GDQV�OD�SURGXFWLRQ�FRQMRLQWH�SDU�OHV� SDUWLFLSDQWV�GXQH�FRQYHUVDWLRQ�GXQ�«Y«QHPHQW�DSSDUHPPHQW�DEHUUDQW��

,O� HVW� LPSRUWDQW� GH�UDSSHOHU�TXH� ODQDO\VH�GX� FDV�XQLTXH� SU«VHQW«H�LFL�P¬PH�D� «W«�FRQVWUXLWH� VXU� OD� EDVH�GH�O«WXGH�V\VW«PDWLTXH�GXQ�LPSRUWDQW�FRUSXV�GH�GRQQ«HV��(Q�PHQDQW�XQH�UHFKHUFKH� VXU�OHV�DSSHOV�GXUJHQFH��QRXV�DYRQV�WRXW�GDERUG�UHFXHLOOL� GHV�HQUHJLVWUHPHQWV�GH� TXHOTXH����� DSSHOV�GH� FLWR\HQV� ¢�XQ� QXP«UR�GXUJHQFH� GH�m�0LG�&LW\�}�� XQH�JUDQG�DJJORP«UDWLRQ�XUEDLQH�GX�0LGGOHZHVW�� ,OV�RQW� «W«� VXLYLV� GH� QRPEUHX[� HQUHJLVWUHPHQWV�Ñ�DSSHOV�GXUJHQFH�¢�OLVVXH�SDUWLFXOLªUHPHQW� m� WUDJLTXH� }�� DSSHOV� GLYHUVHPHQW�ORFDOLV«V�VXU� OH�WHUULWRLUH��HW� LQFOXDQW�'DOODV���3OXV� U«FHPPHQW�� QRXV� DYRQV�PHQ«�¢�WHUPH�O«WXGH�HWKQRJUDSKLTXH� �\�FRPSULV� OH�UHFXHLO�GHQYLURQ����� HQUHJLVWUHPHQWV� GDSSHOV� W«O«SKRQLTXHV�UHTX«UDQW�XQH� DVVLVWDQFH��GXQ�FHQWUH� GH� FRPPXQLFDWLRQ�GXUJHQFHV�GH�m�&HQWUDO�&RXQW\�}��VLWX«H�GDQV�ORXHVW� GHV� (WDWV�8QLV�� /HV�VWDQGDUGV� GH�OD�YLOOH�� FRPPH�GX�FKHI�OLHX��UH©RLYHQW�GHV� DSSHOV� SRXU� WRXV� OHV� W\SHV�GXUJHQFH��P«GHFLQ�� SROLFH��HW� SRPSLHU��&HWWH�UHFKHUFKH������IRXUQLW�OHV�UHVVRXUFHV�

DQDO\WLTXHV�TXL�JXLGHQW� QRWUH� WUDYDLO� VXU�ODSSHO�GH�'DOODV��

5HQVHLJQHU�VXU�OH�FDV�

1RXV�FRPPHQ©RQV� QRWUH�DQDO\VH� GH�ODSSHO�GH�'DOODV� HQ� UHSUHQDQW�OD�TXHVWLRQ�VRXOHY«H�SDU�GHV� FRPPHQWDWHXUV�H[SHUWV�FRPPH�OH�'U��&ODXVHQ��OHV�FDUDFW«ULVWLTXHV�GH� OD�SU«VHQWDWLRQ��SDU� ODSSHODQW��GH� O«WDW�GH�VDQW«� GH�VD�EHOOH�PªUH� �FH�TXH�QRXV�SRXUULRQV� DSSHOHU�m� OHV� G«WDLOV� VS«FLILTXHV�}� GH�OD�GHVFULSWLRQ�GRQQ«H�SDU�ODSSHODQW��RX� VRQ��FRPPXQLTX«�� �m� LQIRU��PLQJV� }��� ,O�HVW� SRVVLEOH�GH� SU«VHQWHU�FHV�G«WDLOV�VS«FLILTXHV� VRXV�XQH�IRUPH�DJU«J«H�HQ�H[WUD\DQW�GH�OD�WUDQVFULSWLRQ�WRXW�FH�TXH�ODSSHODQW�D� GLW� DX� VXMHW�GH� O«WDW�GH� VDQW«�GH�VD�EHOOH�PªUH��

&KDTXH�«QRQF«�GH� ODSSHODQW�HVW� LGHQWLIL«�SDU�VRQ�QXP«UR�GH�OLJQH�VXU�OD�WUDQVFULSWLRQ�� HW� GHV�GRXEOHV�SDUHQWKªVHV�VRQW�XWLOLV«HV�SRXU�G«QRWHU�OD�PDQLªUH�GRQW�FHUWDLQV�«QRQF«V�SHXYHQW�¬WUH�HQWHQGXV���

6L�QRXV�WHQWLRQV� GH�SDUDSKUDVHU�FH�TXL�SU«FªGH��QRXV�REWLHQGULRQV�TXHOTXH�FKRVH�GX�JHQUH�� m�PD�PªUH�D�GHV�GLIILFXOW«V�¢�UHVSLUHU�� (OOH�QH� SHXW� SDV�SDUOHU�� HOOH�HVW� LQFRPSU«KHQVLEOH�� &HVW�XQH�XUJHQFH�R»�XQH�YLH� HVW�PHQDF«H��(QYR\H]�TXHOTXXQ�DYDQW�TXHOOH�QH�PHXUH��� }��

,O� HVW� SUHVTXH�FHUWDLQ�TXH�FHV� «QRQF«V�DLQVL� DJU«J«V��GDQV�OD�PHVXUH� R»�LOV� VRQW�FRPSULV�FRPPH� GHV�UHQVHLJQHPHQWV�GRQQ«V�DX�m�GLVSDWFKHU�}�DX�VXMHW�GH� O«WDW�GH�VDQW«�GH�OD�YLFWLPH��MXVWLILHQW�OHQYRL�GXQH�XQLW«� SDUDP«GLFDOH��&RPPH�QRXV� ODYRQV�IDLW�UHPDUTXHU�� OHV� H[SHUWV� TXL� FRPPHQWªUHQW�FHW�LQFLGHQW�LQVLVWªUHQW�WRXV� VXU�OH�IDLW�TXH�SOXVLHXUV� GH� FHV�«QRQF«V� SRXYDLHQW�¬WUH� HQWHQGXV�FRPPH�DXWDQW� GH�SU«VHQWDWLRQV�GH� m� V\PSW¶PHV� SULRULWDLUHV� }� TXL�MXVWLILDLHQW��� HW�P¬PH�H[LJHDLHQW���XQH�m�U«SRQVH�PD[LPDOH�}�� 3ULV� GDQV� OHXU�HQVHPEOH�� HW� YXV�FRPPH�GHV� UDSSRUWV� VXU�O«WDW�GH� VDQW«� GH� OD�YLFWLPH�� FHV� G«WDLOV�UHQGHQW�«QLJPDWLTXH�ODEVHQFH�Ñ�HQYRL�LPP«GLDW�GXQH�DPEXODQFH��

��� 6&+(*/2))������� �� ��������� :+$/(1�HW�=,00(50$11��������

=,00(50$11��������:+$/(1�HW�=,00(50$11��������

����

)LJXUH� �� �� 5HJURXSHPHQW� GHV� mLQIRUPDWLRQV}� GRQQ«HV� SDU� ODSSHODQW�GDQV� ODSSHO� GH� 'DOODV�

/LDQH� 7H[WH�

�� &HVW�PD� PªUH� ��TXL� D�EHVRLQ� GXQH� DPEXODQFH��������� HOOH�D� GHV� GLIILFXOW«V� ¢� UHVSLUHU������� 1RQ�� FHVW� LPSRVVLEOH� ��GH� OXL� SDUOHU��� HOOH�HVW�

���� RQ� GLUDLW�TXHOOH� HVW�LQFRPSU«KHQVLEOH������� &HVW� XQ� FDV� GXUJHQFH� R»� XQH� YLH�HVW�PHQDF«H��� �� �HOOH�SRXUUDLW�PRXULU� VL�YRXV� QH� YRXV� G«S¬FKH]�

SDV���������� �� �HOOH�HVW���� ELHQ� O¢�HW� HOOH�SHXW�SDV� UHVSLUHU�������� HOOH� UHVSLUH� GLIILFLOHPHQW�PDLQWHQDQW�� HOOH�QH�

SHX[� SDV� SDUOHU����� HOOH�HVW� LQFRPSU«KHQVLEOH��������� HOOH�HVW� LQFRPSU«KHQVLEOH� HOOH�QH� SHXW� SDV� SDUOHU����� HOOH�QH� SHXW� SOXV� GX� WRXW� SDUOHU���� HOOH�QH� SHXW� SDV� SDUOHU���� HOOH�QH� SHXW� SDV� SDUOHU�

/H�FRQWH[WH�V«TXHQWLHO�

0DLV�HQ� SURF«GDQW�¢�FHWWH� DEVWUDFWLRQ�HW�¢� FHWWH� DJU«JDWLRQ�GH� G«WDLOV� VS«FLILTXHV���HW�� HQ�SDUWLFXOLHU��HQ�OHV�SDUDSKUDVDQW���QRXV�OHV�DYRQV�H[WUDLWV�GH�OHQYLURQQHPHQW�V«TXHQWLHO��FRQVWLWX«�GH� WRXUV�GH� SDUROH�VXFFHVVLIV��R»� LOV� IXUHQW� SURGXLWV� HW� FRPSULV��8QH� DQDO\VH�GH� OD�VLPSOH� RFFXUUHQFH�GLWHPV� OH[LFDX[��RX�GH� VHJPHQWV�«QRQFLD��WLIV�SOXV�ODUJHV��TXL�LJQRUDLW�OHXU�SODFHPHQW�DX� VHLQ�GH� ORUJDQLVDWLRQ� V«TXHQWLHOOH�GXQH�FRQYHUVDWLRQ�SDUWLFXOLªUH�� SHXW�VH�U«Y«OHU� WRXW�¢� IDLW�WURPSHXVH� ������(Q�ODEVHQFH� GXQH� DWWHQWLRQ� SRUW«H� ¢� OHXU�FRQWH[WH�GDSSDULWLRQ��LO� DSSDUD°W� WRXW�¢�IDLW�SU«PDWXU«�GH� FRQFOXUH��TXH� FHV�«O«PHQWV�VS«FLILTXHV�IRQFWLRQQHQW�FRPPH�DXWDQW� GH�GHVFULSWLRQV�GH�m�V\PSW¶PHV�SULRULWDLUHV�}��TXH�WRXW� DXGLWHXU�FRPS«WHQW� DXUDLW�G½� HQWHQGUH� GH�FHWWH�PDQLªUH��

/D�EDVH�GH�FHV�REVHUYDWLRQV� HVW�OH� SULQFLSH� IRQGDPHQWDO� GH� OD�SULPDXW«� GX�FRQWH[WH� V«TXHQWLHO�� /HV� «QRQF«V� VRQW�

GDERUG�FRPSULV� HQ�U«I«UHQFH� ¢� OHXU�SODFHPHQW�HW�¢�OHXU�SDUWLFLSDWLRQ�¢�GHV� V«TXHQFHV�GDFWLRQ�� HW� FH�VRQW� OHV� V«TXHQFHV�HW� OHV�WRXUV� VLWX«V� ¢� OLQW«ULHXU� GH�FHV�V«TXHQFHV��SOXW¶W�TXH�GHV�SKUDVHV�RX� GHV� «QRQF«V�LVRO«V�� TXL�GRLYHQW�GHYHQLU�OHV� XQLW«V�SULPDLUHV�GH� ODQDO\VH�������'RQF��HQ� H[DPLQDQW�OHV�«QRQF«V� GH� OD�WUDQVFULSWLRQ�SU«VHQW«H� FL��GHVVXV�� LO� HVW�Q«FHVVDLUH�GH� FRQVLG«UHU�TXHO�JHQUH� G«FKDQJH� GH�SDUROHV� �HQWHQGX�FRPPH�XQH�IRUPH�GDFWLRQ�� GRQQH� OLHX� ¢�FHV�«QRQF«V�� FH�TXLOV� IRQW� HX� «JDUG� DX[�«FKDQJHV� GH�SDUROHV� DQW«ULHXUV�� HW� TXHO�JHQUH�G«FKDQJH� LQWHUORFXWRLUH� HVW�RFFDVLRQQ«�� ¢�VRQ� WRXU�� SDU� OHXU� SURGXFWLRQ�� ,O�HVW�FODLU�TXH�FHFL� H[LJHUD�GH�IDLUH�SDWLFXOLª��UHPHQW� DWWHQWLRQ� DX[�G«WDLOV�GH� FH�TXH�OHV�SDUWLFLSDQWV� «WDLHQW� HQ� WUDLQ� GH� IDLUH�� PRPHQW� SDU�PRPHQW�� WRXU� DSUªV� WRXU���FRPPHQW� ODSSHODQW�HW�OLQILUPLªUH��HW�VRQ�VXS«ULHXU�� DMXVWªUHQW�OHXUV� DFWLRQV� FRQYHUVDWLRQQHOOHV� OHV�XQHV� DX[�DXWUHV�� HW� TXHO�VHQV�PDQLIHVWH�LOV�GRQQªUHQW�¢�OHXUV�DFWLRQV�UHVSHFWLYHV���SXLVTXH�FHVW�VHXOHPHQW� DLQVL�

���� 6&+(*/2))��������������� +(5,7$*(�HW�$7.,1621��������� ���

+(5,7$*(�������ϲ��� ��������6&+(*/2))��������:,/621�� ������

����

TXH�QRXV�SRXYRQV�DUULYHU� ¢� FRPSUHQGUH�FRPPHQW� FHW� «SLVRGH�HQ� YLQW� ¢� DGRSWHU� VD�WUDMHFWRLUH��

/DQDO\VH� V«TXHQWLHOOH�HVW� UHQGXH� SRVVLEOH� SDU�OH�FDUDFWªUH�SURIRQG«PHQW�LQWHUDF��WLRQQHO� GH�OD�FRQYHUVDWLRQ��&HV�«QRQF«V�IXUHQW� SURGXLWV� LQWHUDFWLRQQHOOHPHQW�� LQ� VLWX��HW� ILUHQW� OREMHW�GXQH� DQDO\VH� ORFDOH�� LPP«GLDWH�� GHV�SDUWLFLSDQWV�SODF«V�VRXV�OD�FRQWUDLQWH� GH�GHYRLU� HQFKD°QHU�XQH� DFWLRQ�DSSURSUL«H�� (Q�HQFKD°QDQW� OHXUV� U«SRQVHV��OHV� SDUWLFLSDQWV� VH�UHQGHQW�PXWXHOOHPHQW�PDQLIHVWH� OHXU� DQDO\VH���OHXU� FRPSU«KHQVLRQ�GH� ODFWLRQ�U«DOLV«H�SDU� OH� WRXU�SU«F«GHQW��RX�ELHQ� OHV� SURSRV�SU«F«GHQWV�� ���FH�TXL�UHQG�«JDOHPHQW�FHWWH�DQDO\VH�HW�FH�WUDLWHPHQW� DFFHVVLEOHV� DX[�DQDO\VWHV� SURIHVVLRQQHOV�� (Q�WDQW�TXH�WHOV��QRXV�QH� VRPPHV�SDV� DORUV�REOLJ«V�GH�VS«FXOHU�VXU�FH�TXH�OHV�SDUWLFLSDQWV� VRQW� VXSSRV«V�DYRLU� FRPSULV��RX�VXU� OHV� SURF«GXUHV�RX�OHV� FRQWUDLQWHV�GRQW� RQ�SHXW�FRQFHYRLU�TXLOV� DLHQW� WHQX�FRPSWH�� DX�FRQWUDLUH�� QRWUH� DQDO\VH�SHXW�«PHUJHU�GH�OREVHUYDWLRQ�GH�OD�FRQGXLWH�GHV�SDUWHQDLUHV�HX[�P¬PHV�������

/RUJDQLVDWLRQ�DFFRPSOLH�GHV� DSSHOV�GDLGH�

/RUJDQLVDWLRQ�JOREDOH� GHV� DSSHOV� W«O«SKRQLTXHV� DX[� VHUYLFHV� GXUJHQFH�G«WHUPLQH�OH� FRQWH[WH� V«TXHQWLHO�SHUWLQHQW� GDQV�OHTXHO�OLQIRUPDWLRQ� HVW� GRQQ«H�HW� UH©XH��DXWUHPHQW� GLW�OHV�V«TXHQFHV�GDQV�OHVTXHOOHV�ODFWH� GLQIRUPHU�HVW� DFFRPSOL��/HV�DSSHOV�¢�XQ�QXP«UR�GXUJHQFH�PDQLIHVWHQW��DX�VHLQ�GXQ� HQVHPEOH�GH�YDULDWLRQV� RUGRQQ«HV��XQH�RUJDQLVDWLRQ�GLVWLQFWH� GH�V«TXHQFHV���

��� 2XYHUWXUHIOGHQWLILFDWLRQ����� 5HTX¬WH����D��6«ULHV�,QWHUURJDWLYHV����� 5«SRQVH����� &O¶WXUH��/HV� DSSHOV�GXUJHQFH�FRPPHQFHQW��

FRPPH�OHV�DSSHOV�W«O«SKRQLTXHV�RUGLQDLUHV�RX� m�TXRWLGLHQV� }�� SDU�XQH�VHFWLRQ�

WXUH� D[«H� VXU� OH�SUREOªPH� GLGHQWLILFDWLRQ�UHFRQQDLVVDQFH�� (Q� ODEVHQFH�GXQ� DFFªV� YLVXHO�PXWXHO�� OHV�SDUWLFLSDQWV� GRLYHQW�XWLOLVHU�GHV�PR\HQV�YHUEDX[�SRXU�DFFRPSOLU�OD�UHFRQQDLVVDQFH� RX�OLGHQWLILFDWLRQ� ������'DQV�OHV� DSSHOV�GXUJHQFH���HW�� SOXV�J«Q«UDOHPHQW�� GDQV�OHV� DSSHOV�¢� GHV� VHUYLFHV� RX�¢� GHV�SURIHVVLRQQHOV� ��OD�VHFWLRQ� GRXYHUWXUH�HQWUD°QH�QRUPDOHPHQW�XQH� DXWR�LGHQWLILFDWLRQ�FDW«JRULHOOH� �SDU�H[HPSOH�� m�6HUYLFH� GHV� 3RPSLHUV�}��GX�U«SRQGDQW�� HW�XQ�VLJQH� GH�UHFRQQDLVVDQFH� �SDU�H[HPSOH��m� 2XL�}��GH�ODSSHODQW��TXL�VHUW� ¢�FRQILUPHU�TXH� ODSSHODQW�D� DWWHLQW�OH�QXP«UR�YRXOX��

/DFFRPSOLVVHPHQW�U«XVVL� GH�OD�V«TXHQFH�GRXYHUWXUH� SURMHWWH� OH� m� W\SH� GDSSHO�GRQW�LO� VDJLW�}� HW�U«DOLVH�XQ� DOLJQHPHQW�SU«OLPLQDLUH�GHV�LGHQWLW«V� VLWX«HV��� OH� U«SRQGDQW�FRPPH�SUHVWDWDLUH� GH� VHUYLFH�� HW�ODSSHODQW�FRPPH�GHPDQGHXU�GH� VHUYLFH� �������SHUWLQHQW�SRXU� FH� W\SH�GDSSHO��/HV�SDUWLHV� VRQW�PDLQWHQDQW�SU¬WHV� SRXU� WUDLWHU� OHQMHX� GH�ODSSHO��FHVW�¢�GLUH��UHFKHUFKHU�HW� IRXUQLU�GH�ODLGH��/D�UDLVRQ�RUJDQLVDWLRQQHOOHPHQW�SHUWLQHQWH� GH�ODSSHO��XQH� SODLQWH� VH�UDSSRUWDQW�¢� XQ� SUREOªPH�HW�RX� XQH�UHTX¬WH�GDVVLVWDQFH��HVW� RUGLQDLUHPHQW�SU«VHQW«H�FRPPH�OH�VHFRQG�FRPSRVDQW�GX�SUHPLHU� WRXU� GH�ODSSHODQW�� DSUªV�OD�UHFRQQDLVVDQFH�GH�ORXYHUWXUH� FDW«JRULHOOH�GX� U«SRQGDQW�� /D�SURGXFWLRQ� GXQ�WHO� «QRQF«��HQWHQGX� FRPPH�XQH�SODLQWH�RX� XQH�UHTX¬WH�� LQLWLH�OHQMHX�GH�ODSSHO� HQ�P¬PH�WHPSV�TXHOOH�IRXUQLW� OD�SUHXYH�WDQJLEOH� GX�FDUDFWªUH�DSSURSUL«���RX�OH� FDV� «FK«DQW�� VRQ� DEVHQFH���GX� SU«F«GHQW�DOLJQHPHQW�GHV�LGHQWLW«V�� &HWWH� V«TXHQFH�FRQVWLWXH�OD�SUHPLªUH�RSSRUWXQLW«�GH�IRXUQLU�XQH�LQIRUPDWLRQ� FRQFHUQDQW�OH� SUREOªPH��FH�TXL�SHUPHW�¢� ODSSHODQW��FRPPH�GHPDQGHXU�GXQ�VHUYLFH��GH�OH�FDUDFW«ULVHU�VDQV�TXRQ�OH�OXL�GHPDQGH��/D�SU«VHQWDWLRQ�GH�OD� UHTX¬WH�GDLGH�

UHQG�SHUWLQHQWHV�FHUWDLQHV�LGHQWLW«V� FRQYHUVDWLRQQHOOHV� ����� �� ODSSHODQW�HVW� PDLQWHQDQW�GHYHQX�OLQLWLDWHXU�GH� OD�UHTX¬WH��HW�OH�

���� 6$&.6�HW�DO�� ������� �������+(5,7$*(�HW�$7.,1621������� �� �������

���� 6&+(*/2))�������HW� ���������� -())(5621�HW�/((������������ :(67�HW�=,00(50$11������� �� ������

6&+(*/2))������������-())(5621�HW�/((��������

����

U«SRQGDQW�SURPX� U«FHSWHXU�GH� OD�UHTX¬WH��/DSSDUWHQDQFH�¢�OD�FDW«JRULH�GH�U«FHSWHXU�GH� OD� UHTX¬WH�HQWUD°QH� FHUWDLQHV� REOLJDWLRQV��7RXW�GDERUG��XQH�UHTX¬WH�HVW�OD�SUHPLªUH� SDUWLH�GXQH�SDLUH�DGMDFHQWH�� DSSHODQW�XQH� VHFRQGH� SDUWLH� ��XQH�U«SRQVH�DFFHSWDQW�RX�UHIXVDQW� OD�UHTX¬WH����VLWX«H�RUGLQDLUHPHQW�DX�WRXU�GH�SDUROH� VXLYDQW�GX�U«FHSWHXU� ������&HSHQGDQW�� DFFHSWHU�XQH�UHTX¬WH�SHXW�LPSOLTXHU�GDMXVWHU�VHV�FDUDFW«ULVWLTXHV� �GRQW�EHDXFRXS�SHXYHQW�QH� SDV�¬WUH� «YLGHQWHV��DX[�H[LJHQFHV� HW� DX[�UHVVRXUFHV� GX� U«FHSWHXU�� 2Q�SHXW�GRQF� GLII«UHU�XQH� U«SRQVH�HQ� SRVDQW�GHV�TXHVWLRQV�SRXU�G«WHUPLQHU�GHV�«O«PHQWV�GRQW�HOOH�G«SHQGUD� ������&H�TXHVWLRQQHPHQW�SUHQG� OD�IRUPH�GXQH�V«TXHQFH�LQV«U«H�������XQH�V«ULH� LQWHUURJDWLYH�GH�SDLUHV� TXHVWLRQ�U«SRQVH��TXL�LQWHUYLHQQHQW�HQWUH�OD�UHTX¬WH� HW�VD�U«SRQVH�� /HV� V«TXHQFHV�LQV«U«HV�GH� FH�W\SH�DSSDUDLVVHQW�U«JXOLªUHPHQW� DX�FRXUV�GHV�DSSHOV�¢� GHV� VHUYLFHV�GXUJHQFH��HW� ¢�GDXWUHV�DJHQFHV�GH�VHUYLFH��� HOOHV�GLIIªUHQW�KDELWXHOOHPHQW�OD�U«SRQVH��OH�WHPSV�GREWHQLU�τ�LQIRUPDWLRQ�Q«FHVVDLUH�SRXU�G«WHUPLQHU�OH�VHUYLFH��VLO�\�HQ�D�XQ��¢�IRXUQLU��

/RFFXUUHQFH�GXQH� V«ULH� LQWHUURJDWLYH�LPSOLTXH�«YLGHPPHQW�XQ� UHWDUGHPHQW�GX�WRXU�FRQWHQDQW�OD�U«SRQVH� ¢�OD�GHPDQGH�GH�VHFRXUV�� 3RXU�J«UHU�� VDQV� GLIILFXOW«�� XQH�WHOOH� VXVSHQVLRQ�� OD�UHODWLRQ�HQWUH� OD� U«SRQVH� DX[�TXHVWLRQV�HW�OD�U«FHSWLRQ�GX�VHUYLFH� UHTXLV� GRLW� ¬WUH� DX�PRLQV� DXWR�H[SOLFDWLYH��VLQRQ�WUDQVSDUHQWH� ������2EVHUYRQV�TXH�ODSSHODQW�HW�OH�U«SRQGDQW�� DOLJQ«V�� HQ�YHUWX� GH� OD�UHTX¬WH�� VXU� OHV� FDW«JRULHV�FRQYHUVDWLRQQHOOHV� GH� OLQLWLDWHXU�GH� OD�UHTX¬WH� HW� GX�U«FLSLHQGDLUH�GH� OD�UHTX¬WH��GRLYHQW� DORUV� VH� U«DOLJQHU�FRPPH� LQWHUURJDWHXU� HW� LQWHUURJ«�� FHVW�¢�GLUH�� FRPPH�GHV�SDUWLFLSDQWV� TXL�IRXUQLVVHQW� HW� UHFKHUFKHQW�OLQIRUPDWLRQ� �GDQV�FH� FDV�� OLQIRUPDWLRQ� SHUWLQHQWH� SRXU�OD�UHTX¬WH���8Q� WHO�U«DOLJQHPHQW� LPSOLTXH�XQH� FROODERUDWLRQ�SRXU�FKDQJHU�ODOORFDWLRQ�GHV� W\SHV� GH�WRXUV��OLQWHUURJDWHXU�SRVH�GHV� TXHVWLRQV�HW�

OLQWHUURJ«�U«SRQG�� HW�� XQH�IRLV� OD�U«SRQVH�HIIHFWX«H�� FH�GHUQLHU�UHQG� OD�SDUROH�¢�OLQWHUURJDWHXU�� $ORUV�� OLQWHUURJDWHXU�HVW� HQ�PHVXUH�GH� VH� U«DOLJQHU�FRPPH�IRXUQLVVHXU�GDLGH�� HQ� GRQQDQW� XQH�U«SRQVH� ¢�OD�UHTX¬WH� RX�HQ� SRXUVXLYDQW�FRPPH�LQWHUURJDWHXU�������

,O�HVW� SDUWLFXOLªUHPHQW�LPSRUWDQW� GH�QRWHU� LFL�TXH�OHV�V«ULHV�GLQWHUURJDWLRQV�SRXUYRLHQW� ¢� OD� VHFRQGH�ORFDOLVDWLRQ� V«TXHQWLHOOH�GDQV�ODTXHOOH�OLQIRUPDWLRQ� VXU�OH�EXW�GH� ODSSHO�HVW�RUGLQDLUHPHQW�GRQQ«H�� 4XH�OLQIRUPDWLRQ� FRQFHUQDQW�OD�QDWXUH�GX�SUREOªPH� RX�VD�ORFDOLVDWLRQ�VRLW�LQVXIILVDQWH��IORXH�� RX�PDQTXH�FDUU«PHQW� GDQV� OH�SUHPLHU� WRXU� GH� ODSSHODQW��HW� OLQLWLDWLRQ�GHV�V«ULHV� LQWHUURJDWLYHV� �HW� OH�U«DOLJQHPHQW�GHV�SDUWLHV� FRPPH�LQWHUURJDWHXU�LQWHUURJ«��SURFXUH� ORSSRUWXQLW«� VXLYDQWH� SRXU�WUDQVPHWWUH� OLQIRUPDWLRQ�PDQTXDQWH�RX� FRPSO«WHU� XQH� WHOOH�LQIRUPDWLRQ� SDUWLHOOH�� FHWWH�IRLV�FL� VRXV� OD�IRUPH�GH� U«SRQVHV�¢� GHV�TXHVWLRQV��

/D�V«TXHQFH� LQV«U«H�VH�WHUPLQH� SDU� OH�U«DOLJQHPHQW� GH� OLQWHUURJDWHXU�FRPPH�IRXUQLVVHXU�GDLGH��DYHF�XQH�U«SRQVH�¢�OD�UHTX¬WH�GH�VHUYLFH��TXL�SHXW�QH�SDV�¬WUH�XQH�DFFHSWDWLRQ�GH� OD�UHTX¬WH��� HW� SDU� OH�U«DOLJQHPHQW� GH�OLQWHUURJ«�FRPPH�E«Q«ILFLDLUH�HW� U«SRQGDQW�� /DFFHSWDWLRQ�HQWUD°QH�XQ�VLJQH�GDFTXLHVFHPHQW�GH� OD�SDUW�GH� ODSSHODQW�� TXL�VRXOLJQH�VRQ� FDUDFWªUH�DSSURSUL«�SDU�XQ� UHPHUFLHPHQW�� /D�FO¶WXUH�GH�ODSSHO�VXLW� LPP«GLDWHPHQW�FHW�«FKDQJH��TXL�QD�SOXV�GH�UDLVRQ�G¬WUH��

1RXV� SU«VHQWRQV�� ¢�GHV�ILQV� GLOOXVWUDWLRQ��OD�GLVWULEXWLRQ�GHV�FLQT�FRPSRVDQWV�UHS«VHQW«V�FL�GHVVXV� VXU� XQ� DSSHO�U«FODPDQW�XQH�DVVLVWDQFH�SDUDP«GLFDOH���

,FL�� ODSSHODQW��¢�OD�UHFKHUFKH� GXQ�VHUYLFH�� GHPDQGH� XQH� DVVLVWDQFH�SDUDP«GLFDOH�GªV� OD�ILQ� GH� OD�V«TXHQFH�GRXYHUWXUH�HW� GLGHQWLILFDWLRQ�� /H�U«SRQGDQW�� SUHVWDWDLUH�GX� VHUYLFH��LQLWLH� OD�V«ULH�GLQWHUURJDWLRQV��TXL�HVW�EULªYHPHQW�VXVSHQGXH�SDU�ODSSHODQW�LQWHUURJ«�� SHUPHWWDQW� GLGHQWL��

���� 6&+(*/2))HW�6$&.6��������� ������������� /(9,1621������� �� ��������� 6&+(*/2))������������ 32//1(5������������ :,/621��¢�SDUD°WUH��

6$&.6����������������

����

ϵ�ϯ�ϵ�*�¢�ϸ�ᒹϯ��P�J���ᒹϝ�ϵ�ᒹϮ�4��Ѐ�4�ϯ���J�ᦔ+�¯VDW�L�

ϯ�ϸ��A�HV�ϕ�W�

Ϫ�ϯ��+��-����ϩ��+�Ϙ�O��+�����ϊ�4-�+�!��+�8�L�

7L��+�ϕ�FHV�ϊ�ϵ���ϩ�e��ϲϯ�ϕ�S�

ϕ�ϕ��FW¯���ϕ�ϩ���ϲϯ�ϲϯ�ᒹ+����FO�υ���ϩ�Ϙ�FW¯�

�a��-��ώ����L�O���ϲϯ�_���Ϫ��Ϯ�ϲϯ���ϯϨ�ϩ��Ϯ�

��ϲϯ�-��ϡ���ϩ�ϵ�ϲϯ�ϥ���ϳA�Ϫ�ᒹϮ�EHVR�DL�ᒹQ��a@�ᦔϨ�ϵ��Ϯ�ϯ�ϩ�

Ϥϡ�

�Ϯ�Ϫ�ϯ��Ϥώ��-�ϒϏ�ϕ�6�

ᦔ+���Ϫ�ϵ��+�ϵ��4�

ϸϵ�A_�

Ϥώ�ϕ�ϒϏ�Ϫ�ϯ�ϡ��'�&W¯�ϯ��G�ϩ�ᒹϮ��a_�ϯ�ϯ�ϵ�ϥ�ᒹ�ᒹ�5�ϫ�ᒹ�ϯ�

ᦔUL�ϵ�

ϲϭ�Ϫ�ϯ��Ϯ��-�ϒϏ�ϕ�6�m�ϵ�

ϵ�ᦔϩ�RM�ϕ��-�ϒϏ�ϕ�ᦔ+�ϵ�V�ϱ�

ϥ�ϵ�ϵ�υ�Ϗ�ᒹ_ᒫ_�

�-��ώ����Lᒫ�,�ϡ�ϲϯ�ϯ�Lᒫ�L��Ϯ���ϲϯ�XWH�Ϫ�ᒹϮ�J�ϵ�Ϫ�'�ᒹᒹ�ᒹ�ᒹ�0�Ϗ�

ᒹ+�������ϸ�ϳϨ�Ϫ�ϯ�����ϵ�ϲϯ�Ϫ�ϳ���-�ᒹϮ��B��&4�

ϊ�Ϗ��Ϯ��-����ϩ�ᒹϮ�8�,��Ϯ�ϩ���ᒹ�OR"��ᒫ@�ᒹ�Ϥϯ�ᒫ�ᒹϮ�ϯ�ϱ�

ϕ�Ϥ�ϲϭ�Ϫ�ϲ�e�Ϲ�ϵ�J����,ᒫ�,�ϵ�76�ϊ�Ϗ��Ϯ��-��ώ��-�&W¯�Ϗ��ϕ���ᒫ���Ϭ�ϯ�ϩ�Ϗ�ϵ�����ϲϯ�ϕ�ϕ�6�ϯ�Ϥώ����� m�8�Ϗ�

ϲϭ�ϵ�ϲϯ�Ϫ�ϯ�ϡ�ϸϴ�&W¯���ϵ���Ϯ������6��ώ�7��ϵ�����ᦔώ�ϩ�ϲϯ�Ϫ���ϩ�Ϫ�ᦔϮ�7L�Ϫ�HOTX��ϲϯ�Ϫ�ϯ�ϯψ�ϲϯ�M��¤�ϩ�

�Ϭ�ϰ��

Ϥϯ�ϊ�ϯ��Ϯ��B��ϲϯ�ϵ�V�

�-�Ϫ�ϵ��+��-�Ϫ�K�ϕ��+�eB���8��-�ϊ��+���ᒫ�_��������VRQ�&4�LO��ϕ�ϩ����-�&4�ϡ�S�

�-��+�

τϏ�ϕ�ϲϯ�ϊ�D����R�ϲϯ�ϕ�ϩ�m��ᦔ+�­�ϩ�

ϯ�ϡ�

ϵ�Ϫ����Ϥώ��-�ϒϏ�ϕ�6�

Ϗ���-�LPHQ��B����ϵ��ϲϯ�ϱ�ϱ�

���ϵ�ϲϯ�Ϫ�ϣ����FW¯�ϒ�}�&4�ϕ�����Ϥώ��ϒ�ϓ��ϕ�DLUL�6�,�OLE����Ϥώ�����ϒϏ�ϕ���ϩ�

ϵ��0��ϯ�Ϥώ�ϩ�ϵ�Ϥ��Ϫ�Ϗ�ᒹϮ��-�Ϗ�ϵ�ϦϬ�ϵ�ϲϯ�ϊ�ϫ�FW¯�ϩ�όω�ϵ��-�ᒹϤώ���ϒ�_��-�Ϗ�&��ϯψ�4�_�

���LᒫL�Ϫ�OTX�ϵ��ϵ��Ϯ�Ϗ�Ϫ�ϵ�Ђ�ϱ�

ϯ�ϵ�FW¯�ϵ�ϩ�Ϫ�ϯψ�ϒϏ�ϲϯ��Ϯ��G�ϥ�ϥ�Ϗ�ϩ�&W¯�UFL �ϙ�J�ᦔG�ϯ�ϩ�ϩ����ϱ�,,�ϩ�

ϵ�7L�Ϫ��Ϯ�����ϵ�Ϥώ�M��ϩ��Ϯ��-����ϲϩ�ϵ��-��ϯ�ᦔϩ�ϩ��Ϸ�ᒹϮ�ϏρϞ��ϸ����J�,,�ϑ�

����ᒫ�

ILHU� OH�SUREOªPH�HW� VD�ORFDOLVDWLRQ� �� DSUªV�TXRL�� OD�UHTX¬WH� HVW� DFFHSW«H�HW�ODSSHO�U

DSLGHPHQW� FORV��&RPPHQW�OHV�DSSHOV� ¢�GHV�VHUYLFHV�GXU

JHQFH�� HW�¢�GDXWUHV�FHQWUHV�GH� VHUYLFH��SDU��YLHQQHQW�LO�¢�H[KLEHU�FHWWH�RUJDQLVDWLRQ�FDUDFW«ULVWLTXH� "� 1RXV�YRXGULRQV� VRXOLJQHU�LFL�TXXQ�WHO� U«VXOWDW�QHVW�SDV�REWHQX� HQ�VXLYDQW� XQ� IRUPDW� RX�XQ� VFULSW� VS«FLIL«V� ¢�ODYDQFH��/D�QRWLRQ�GRUJDQLVDWLRQ�DFFRPSOLH������ VRXOLJQH�TXH�OD�IRUPH� U«FXUUHQWH�GH�FHV� DSSHOV�HVW�XQ� DFFRPSOLVVHPHQW� VLWX«�� U«DOLV«�WRXU� DSUªV� WRXU�� GH�SDUWLFLSDQWV�HPSOR\DQW�GHV� VDYRLU�IDLUH� LQWHUDFWLRQQHOV�HW�XQ�VDYRLU� VS«FLILTXH�SRUWDQW�VXU� OHV�SUREOªPHV� SRV«V�SDU�OHV�H[LJHQFHV�GH�ODSSHO��/D�IRUPH�GXQ�DSSHO�GRQQ«�YD�YDULHU�HQ�

IRQFWLRQ�GHV� TXHVWLRQV� VRXOHY«HV� SDU�OHV�RS«UDWLRQV�GH�EDVH� �� OLGHQWLILFDWLRQ�� OD�GHPDQGH� GH� VHUYLFH�� OH�WUDLWHPHQW� GHV� SU«DODEOHV� ¢�OD�U«SRQVH��OD�IRUPXODWLRQ�GH�OD�U«SRQVH�� HW� OD�FO¶WXUH��3DU�H[HPSOH� ODSSHO�SDUDP«GLFDO�GH� OH[WUDLW��� FRPSRUWH��XQH�V«TXHQFH�TXL� LPSOLTXH�GH�UHWDUGHU� OD�U«SRQVH� �m�XQH� PLQXWH� VLO�YRXV� SOD°W�}���ODSSHODQW�D\DQW�¢� Y«ULILHU� OLQIRUPDWLRQ�Q«FHVVDLUH� �� HOOH�FRPSRUWH� DXVVL� SOXVLHXUV�Y«ULILFDWLRQV��m�DOO¶�}��VXLYLHV�GH�OD�U«S«WLWLRQ�GH�OD� 4XHVWLRQ� ��� RFFDVLRQQ«H� SDU�ODXGLWLRQ� GXQH�FRQYHUVDWLRQ�GDUULªUH��SODQ�TXL�HVW� LQWHUSU«W«H�SDU� OH� m� GLVSDWFKHU�}� FRPPH�XQ�SUREOªPH�GH�OLDLVRQ�W«O«SKRQLTXH��

'DXWUHV� WUDLWV� V\VW«PDWLTXHV�GH� FHWWH�RUJDQLVDWLRQ�IRQGDPHQWDOH� «PHUJHQW�ORUVTXLO�\�D�GHV�SUREOªPHV�GLGHQWLILFDWLRQ��SDU�H[HPSOH��ORUVTXH� ODSSHODQW�QHVW�SDV�FHUWDLQ�GDYRLU�DWWHLQW� OH�QXP«UR�GX�ERQ�VHUYLFH���RX�HQ�FDV�GH�SUREOªPH�SRV«�SDU�OD�SURGXFWLRQ��ODXGLWLRQ�� HW�OD�FRPSU«KHQVLRQ�G«QRQF«V�FRQVWLWXDQW�XQ� FRPSRVDQW�SDUWLFXOLHU�� 'DQV� OH�SU«F«GHQW�FDV�� RQ�WURXYH�SDU�H[HPSOH�GHV� V«TXHQFHV�VRXV�LQVHU«HV�¢�OLQW«ULHXU�GH�OD�V«ULH� LQWHUURJDWLYH�� FRQFHUQDQW�ODXGLELOLW«� RX�OLQWHOOLJLELOLW«�GH� OD�TXHVWLRQ� SRV«H�SDU� OLQWHUURJDWHXU�������'H�SOXV�� LO� DUULYH� TXH�GHV� G«VDFFRUGV�VH�SURGXLVHQW� VXU� OD�SHUWLQHQFH� GHV� TXHVWLRQV�HOOHV�P¬PHV�� PDLV�LOV� VRQW�«JDOHPHQW�

VHQW«V�VRXV�OD�IRUPH� GH�TXHVWLRQV� �m�-H�GRLV�U«SRQGUH�¢�FHOD�}� "���'RQF��XQH�YDULDWLRQ�GDQV� ORUJDQLVDWLRQ�U«HOOH�GXQ�DSSHO�IRUPH� XQH�U«SRQVH� V\VW«PDWLTXH�� LQWHUDF��WLRQQHOOHPHQW�DFFRPSOLH��DX[�FRQWLQJHQFHV�ORFDOHV��TXH�FHOOHV�FL� VRLHQW�HQGRJªQHV� ¢�OLQWHUDFWLRQ�RX�LVVXHV�GH�VRXUFHV� TXL�� ELHQ�TXH[WHUQHV�¢�ODSSHO�� VH�PDQLIHVWHQW�GH�OLQW«ULHXU�P¬PH� GH� ODSSHO��4XDQG�GH�WHOOHV�YDULDWLRQV�DSSDUDLVVHQW��HOOHV�SHXYHQW�DOW«UHU� ORUJDQLVDWLRQ� V«TXHQWLHOOH�GH�ODSSHO�HW� GRQF�WUDQVIRUPHU� OH�VWDWXW�LQWHUDF��WLRQQHO�GHV�«QRQF«V�GH�ID©RQ�VLJQLILFDWLYH��

81(�$1$/<6(�6�48(17,(//(�'(�/$33(/�'(�'$//$6�

8QH�YXH�GHQVHPEOH�

1RXV�DYRQV�VXJJ«U«�TXH�OH�WUDYDLO�GLQIRUPDWLRQ� DSSDUD°W�QRUPDOHPHQW� VRLW�DX�FRXUV� GX� SUHPLHU� WRXU� GH� ODSSHODQW��ORUVTXLO�XWLOLVH� XQ�IRUPDW� GH� W\SH� m� SU«VHQWDWLRQ� GX�SUREOªPH�}��VHXO�RX�HQ�FRPEL��QD°V¶±7DYHF�GDXWUHV� IRUPDWV��� VRLW� HQ�U«SRQVH� DX[�TXHVWLRQV�GX�m�GLVSDWFKHU�}��OHV�V«ULHV� LQWHUURJDWLYHV���1RXV� SRXYRQV�GRQF�SRVHU�XQH�SUHPLªUH�TXHVWLRQ��� FRPPHQW�FDUDFW«ULVHU� OHV�FRQWH[WHV� V«TXHQWLHOV� DX�VHLQ�GHVTXHOV� FHV� m� LQIRUPDWLRQV� }�DSSDUDLVVHQW�"�

3RXU�OD�FODUW«� GH� OH[SRV«�� QRXV�DYRQV�GLYLV«�OD�WUDQVFULSWLRQ�GH� ODSSHO�GH�'DOODV�HQ�TXDWUH�VHJPHQWV� J«Q«UDX[���

�� OH� VHJPHQW�GRXYHUWXUH��OLJQHV� ��������

�� OH�SUHPLHU�VHJPHQW�� DYHF�τ�LQILUPLªUH��OLJQHV���������TXL�WUDLWH�OHV�TXHVWLRQV�GH�OD�ORFDOLVDWLRQ���������HW� GH� OD�G«ILQLWLRQ� GX�SUREOªPH��OLJQHV�������� �� LO� DERXWLW�¢�XQH�SUHPLªUH�PDQLIHVWDWLRQ� GH�OD�GLVSXWH��OLJQHV�������� TXL�RFFXSH�OD�SOXV�JUDQGH�SDUWLH�GX�UHVWH�GH�ODSSHO��

�� OHV� VHJPHQWV�GX� VXSHUYLVHXU��OLJQHV����������

�� OH� VHFRQG� VHJPHQW�GH� OLQILUPLªUH��TXL�WHUPLQH�ODSSHO��OLJQHV�����������

&HWWH� GLYLVLRQ�UHIOªWH�OH�IDLW� TXH�ODSSHODQW�VDGUHVVH��WRXU�¢�WRXU�� ¢�OD�VWDQGDUGLVWH�

���� 6$&.6��Q�G�O�U���=,00(50$11��������

���� 6&+(*/2))�HW�DO��� ������

����

GX� G«SDUWHPHQW�GHV�SRPSLHUV�� ¢� OLQILUPLªUH��¢� VRQ� VXS«ULHXU�� HW�� HQ� GHUQLHU� OLHX��HQFRUH� ¢� OLQILUPLªUH�� 'H�SOXV�� OHV� SDUWLFLSDQW�PRQWUHQW�� GDQV� FKDFXQ� GH�FHV� VHJPHQWV�� TXLOV�SUHQQHQW�HQ� OLJQH�GH� FRPSWH�¢� OD� IRLV� OLQLWLDWLRQ� GX� VHJPHQW� HW�VD�FRQFOXVLRQ��\�FRPSULV��GDQV�OH�FDV�GHV�WURLV�SUHPLHUV� VHJPHQWV�� OH� IDLW� TXXQ�FKDQJHPHQW�GH�ORFXWHXU�LQWHUYLHQQH�� /D�WUDQVLWLRQ�GH�ORS«UDWULFH�¢�OLQILUPLªUH��SU«VHQWH�GDQV�OHV�GHX[�SUHPLHUV� VHJPHQWV�� UHIOªWH�«JDOHPHQW� XQ� DVSHFW�FO«�GH� ORUJDQLVDWLRQ� GX�FHQWUH� GH�'DOODV��/H� VHUYLFH�GHV�SRPSLHUV�GH�'DOODV�HIIHFWXH�XQ�m�SU«�WULDJH�}�GHV�DSSHOV�� VDQV�GRXWH�SRXU� WUDQVI«UHU� OHV� DSSHODQWV�¢� XQ�m� GLVSDWFKHU�}�DSSURSUL«� �DPEXODQFH�RX�SRPSLHUV���3RXU�'���XQH�TXHVWLRQ�FRPPH�m� 4XHO�HVW� OH�SUREOªPH"� }� VHUW� ¢�G«WHUPLQHU� VL� OHV� DSSHODQWV�GRLYHQW� ¬WUH�WUDQVI«U«V� YHUV�XQ� PHPEUH�GX�SHUVRQQHO�P«GLFDO��XQH� LQILUPLªUH�m�GLVSDWFKHU�}��SRXU� «YDOXDWLRQ�WUL�GHV�XUJHQFHV� UDSSRUW«HV��3DU�FRQV«TXHQW�� QRWUH� VHJPHQWDWLRQ�GH�ODSSHO�QHVW�SDV� HQWLªUHPHQW� DUELWUDLUH��(W�� FRPPH�QRXV�OH�YHUURQV�SDU�OD�VXLWH�� OHV�WUDLWV� LQWHUDFWLRQQHOV� LPSOLTX«V� GDQV�OD�WUDQVLWLRQ� HQWUH� OHV� GLII«UHQWV� ORFXWHXUV� GH�FHV�VHJPHQWV�QH� VRQW�SDV� VDQV�FRQV«TXHQFH�VXU�OH� G«YHORSSHPHQW�GH�ODSSHO��

)DXWH�GHVSDFH��QRXV�QRXV� FRQFHQWUHURQV�GDERUG�VXU�O«WXGH�GHV�GHX[�SUHPLHUV�VHJPHQWV�� HW�QRXV�QRXV�HQ� WLHQGURQV�¢�GHV�UHPDUTXHV�J«Q«UDOHV� VXU� OHV�GHX[�GHUQLHUV��1RWUH�DQDO\VH� VH�FRQFOXHUD� SDU�XQ� EUHI�H[DPHQ�GXQ� VHFRQG�DSSHO�W«O«SKRQLTXH� ¢�XQH� DPEXODQFH� FRQFHUQDQW�OD�P¬PH� YLFWLPH�� XQ� DSSHO�HIIHFWX«� SDU� OD�FRORFDWDLUH�GH�ODSSHODQW�TXHOTXHV�PLQXWHV�DSUªV� OD�ILQ�GH�OD�SUHPLªUH�FRQYHUVDWLRQ��

/H�VHJPHQW�GRXYHUWXUH�

5«VXPRQV� WRXW� GDERUG�OHV� FDUDFW«ULVWLTXHV�JOREDOHV�GX� VHJPHQW�GRXYHUWXUH��OLJQHV� ������� /D�V«TXHQFH� GRXYHUWXUH��LGHQWLILFDWLRQ�VH�G«URXOH�GH�PDQLªUH� URXWLQLªUH� �� ϒ�UHFRQQD°W� OLGHQWLILFDWLRQ� DXWRFDW«JRULHOOH� GH� '��SXLV� GHPDQGH�XQH�DPEXODQFH�� SU«VHQWDQW�XQH�DGUHVVH�VDQV�SRXUWDQW�PHQWLRQQHU� OH�SUREOªPH� �OLJQHV� ������$SUªV�TXRQ�OXL� D� GHPDQG«�GH�SU«FLVHU� OD�QDWXUH� GX�SUREOªPH��ϒ�U«SOLTXH�TXLO�QH� OH�FRQQD°W�SDV��OLJQHV� ������ 'H�SOXV�� LO�

FLVH�TXH�VDWWHQGUH� ¢�FH�TXLO�OH�FRQQDLVVH�HVW��HQ� XQ� VHQV��G«UDLVRQQDEOH��� ¢�HQ�MXJHU�SDU� OH�SKUDV«�GH� OD�U«SOLTXH�GH�ϒ�HW�OH�WRQ�GH� VD�YRL[��TXL�SDUDLW�RIIHQVLI��m�VL�MH�OH�VDYDLV�� MH�QH� VHUDLV�SDV�HQ� WUDLQ�GH�YRXV�DSSHOHU� }���

&HWWH�U«SRQVH� PRQWUH� TXH�OD�SKDVH� GH�SU«VHQWDWLRQ�GX�SUREOªPH� D� «W«� FRQVWUXLWH�GH� PDQLªUH� LQKDELWXHOOH�� (OOH� W«PRLJQH�DXVVL�GXQ�PRXYHPHQW�GRSSRVLWLRQ��1RXV�\�UHYLHQGURQV�SOXV�ORQJXHPHQW�SDU�OD�VXLWH��'RQF��VXU�OHV�GHX[�HQGURLWV�GH�OD�V«TXHQFH��R»� GHV� LQIRUPDWLRQV� VXU� OH� SUREOªPH�SHXYHQW� QRUPDOHPHQW�¬WUH� IRXUQLHV��OH�SUHPLHU�WRXU�GH�ODSSHODQW�HW�OD�U«SRQVH�SODF«H�¢�OD�VXLWH� GH� OD�TXHVWLRQ� GH�'���DXFXQ�QH�FRQWLHQW�XQH�GHVFULSWLRQ�GX�SUREOªPH�SRXU�OHTXHO�XQH�DPEXODQFH�HVW�GHPDQG«H��

'� GHPDQGH�HQVXLWH� ¢� ϒ� VLO�HVW� OXL��P¬PH�FHOXL�TXL�D�EHVRLQ�GXQH�DPEXODQFH��FH�¢�TXRL�ϒ�U«SRQG� TXH�FH�QHVW�SDV�OXL��PDLV�SOXW¶W� VD�PªUH�TXL�HQ�D�EHVRLQ� �OLJQHV���������&HWWH� U«SRQVH�RFFXSH�OH�VLWH� KDELWXHO�GH� ODSSRUW�GLQIRUPDWLRQV� VXU�OH�SUREOªPH�� PDLV� HOOH�QH� FDUDFW«ULVH�SDV�O«WDW�GH� VDQW«�GH� OD�EHOOH�PªUH��)LQDOHPHQW�� DX�PRPHQW�GH�FORUH� FH� VHJPHQW��'�LQIRUPH�ϒ�GX� FKDQJHPHQW� LPPLQHQW�GLQWHUORFXWHXU��OLJQH� ����� FH� ¢� TXRL�ϒ�U«SRQG� �OLJQH� ����SDU�XQH�«YDOXDWLRQ� �� m� 2K��PHUGH� DORUV� �� }��QRWRQV� TXLO�HVW� GLIILFLOH�GH� VDYRLU� VL� '�D�HQWHQGX� OH[SO«WLI�GH� OD�OLJQH� ���� HW�� VL�WHO�HVW� OH�FDV�� VL�HOOH�HQ�D�LQIRUP«�1��DPRU©DQW�GRQF�DLQVL� SUREDEOHPHQW� OH�FRQIOLW�� (WDQW�GRQQ«� TXLO�HVW�VHXOHPHQW� SRVVLEOH�GHQWHQGUH� '�DSSHOHU�1�SRXU�SUHQGUH� OD�FRPPXQLFDWLRQ� �� m� LQILUPLªUH�� OLJQH� �� }��� HW�TXH�1�QH�IDLW�DXFXQH�U«I«UHQFH�¢�OH[SO«WLI��QRXV�GRXWRQV� TXH�� VL�FHOD�I½W� HQWHQGX��1�\�DLW�SU¬W«�DWWHQWLRQ���

1RXV�SU«VHQWRQV� LFL�GHX[�REVHUYDWLRQV��3UHPLªUHPHQW�� DXFXQH�LQIRUPDWLRQ� QHVW�IRXUQLH� VXU�O«WDW�GH� VDQW«� GH� OD�EHOOH�PªUH�GDQV�OH� VHJPHQW�GRXYHUWXUH��(Q�RXWUH��G½�¢�OD�SURF«GXUH�GH�SU«�WUL�PHQWLRQQ«H� FL�GHVVXV��FH� TXH�ϒ�GLW� ¢�'�GHYUD� ¬WUH� GHPDQG«�XQH�DXWUH� IRLV� SDU�1�� SXLVTXH�FHVW�FH�GHUQLHU� TXL�UDVVHPEOH� HW�«YDOXH�OLQIRUPDWLRQ�Q«FHVVDLUH� ¢� OD�G«FLVLRQ�ILQDOH� GH� OHQYRL�GXQH�DPEXODQFH��/H� IDLW�TXH�ϒ�QDSSRUWH�DXFXQH�LQIRUPDWLRQ� ¢�'�DX�VXMHW�GH� O«WDW�GH� VDQW«� GH� VD�EHOOH�PªUH� ¢� FH�PRPHQW�QHVW�SDV�� HQ�OXL�P¬PH��XQ�SRLQW�G«FLVLI��

���� ᒫ�

1RWUH�VHFRQGH�REVHUYDWLRQ� SRUWH� VXU�OH[LVWHQFH�GLQGLFDWLRQV�GH�GLIILFXOW«V�GDQV�OLQWHUDFWLRQ��OH� UHMHW��SDU�&�� GH�OH[SRVLWLRQ�GX� SUREOªPH��DLQVL�TXH�VD�IRUWH� U«DFWLRQ�VXLWH�DX� WUDQVIHUW� GDSSHO��1RXV�FRQVLG«UHURQV�WRXU�¢�WRXU�FKDFXQH�GH�FHV�LQGLFDWLRQV��&RPPH�QRXV�ODYRQV�G«M¢�UHPDUTX«��ϒ�G«FODUH�� DX[�OLJQHV� �� HW���� LJQRUHU�FH� HQ�TXRL�FRQVLVWH�OH�SUREOªPH�� HW� DIILUPH� TXLO�QH�GHYUDLW�SDV�¬WUH� VHQV«� OH�VDYRLU��&HWWH� U«SRQVH� VRXOªYH�SOXVLHXUV� TXHVWLRQV� LQWHUG«SHQGDQWHV�� 3UHPLªUHPHQW�� TXHQ�HVW�LO�GH�OD�TXHVWLRQ�TXL�SURYRTXH�OD�U«SRQVH�GH�ϒ�"�'HX[LªPHPHQW��4XHVW�FH�TXH�ϒ�QHVW�SDV�VHQV«� VDYRLU� "� /«WDW�GH� VDQW«� GH� VD�EHOOH��PªUH� "� 3OXV� ORLQ�� GDQV� ODSSHO��OLJQHV� ��������� LO� IRXUQLW�XQ� H[SRV«� GX�SUREOªPH��m�GHV�GLIILFXOW«V� UHVSLUDWRLUHV� }���TXL� VH�SURGXLW� SRXUWDQW�� FRPPH�QRXV� OH�PRQWUHURQV��GDQV�XQ�HQYLURQQHPHQW�WUªV�VS«FLDO��

1RXV�PHWWRQV� HQ� U«VHUYH� SRXU� OH�PRPHQW� QRV� UHPDUTXHV� SRUWDQW� VXU� FHV�GHX[�TXHVWLRQV�� DILQ� GHQ�SRVHU�XQH� WURLVLªPH� ��&RPPHQW�ϒ� D�W�LO� SX� HQ�YHQLU� ¢� FRPSUHQGUH� OD�GHPDQGH�GH�G«ILQLWLRQ� GX� SUREOªPH� FRPPH�XQH�SUHVVLRQ�¢�IDLUH�«WDW�GXQ�VDYRLU�TXLO�HVW�FHQV«�QH�SDV�SRVV«GHU"�,FL��QRXV�QH�SRXYRQV�TXH�VXJJ«UHU�XQH�SRVVLELOLW«�GH�U«SRQVH��TXL�VDSSXLH�VXU�QRWUH�H[S«ULHQFH� GH�UHFKHUFKH� SRUWDQW�VXU�OHV�WUDQVDFWLRQV� GH�VHUYLFH��&HUWDLQV�SUHVWDWDLUHV�GH�VHUYLFH� �SDU�FRPPRGLW«��QRXV�DSSHOOHURQV�GH�WHOV� VHUYLFHV� GHV�VHUYLFHV�GH�W\SH� ��QH[LJHQW�ULHQ� GH�SOXV�TXXQH�UHTX¬WH�DFFRPSDJQ«H� GXQH�DGUHVVH��SDU�H[HPSOH��SRXU� OLYUHU�XQH�SL]]D��RX�HQYR\HU�XQ� WD[L��3RXU�OHV�IRXUQLVVHXUV�GH�VHUYLFHV�GH�W\SH� ���OH� EHVRLQ�GX� VHUYLFH� �SDU�FRQWUDVWH�DYHF�OH[SUHVVLRQ��H[SULP«H�GDQV� OD�UHTX¬WH��GX�G«VLU�GH�OREWHQLU��QHVW�KDELWXHOOHPHQW�SDV�XQ�SUREOªPH��

$�ORSSRV«�� OH[LVWHQFH�GXQ� EHVRLQ�SULPD�IDFLH�GX�VHUYLFH� HVW�XQ�«O«PHQW�FHQWUDO�¢� FRQVLG«UHU�SRXU� FH�TXH� QRXV� DSSHORQV�OHV� VHUYLFH�GH�7\SH���� SDU�H[HPSOH�FHX[�TXL� VRQW�IRXUQLV� SDU� GHV� VHUYLFHV� SXEOLFV� FRPPH�OD�SROLFH�HW�OHV�SRPSLHUV��/D�JDPPH�GHV� LQFLGHQWV� TXH�OHV�DSSHODQWV�H[SRVHQW� ¢�GH�WHOOHV�DJHQFHV�IDLW�OREMHW��¢�GHV�

GHJU«V�YDUL«V��GXQ�WUL� TXL�DERXWLW�¢�QH� V«OHFWLRQQHU� TXH�OHV�SUREOªPHV�TXL�UHOªYHQW��VHORQ�OHXU�PDQGDW�O«JDO�GH�OD�VHXOH�UHVSRQVDELOLW«� GHV�SUHVWDWDLUHV� ������$�OD�OXPLªUH�GH�FHV�FRQVLG«UDWLRQV�� LO�DSSDUD°W�SRVVLEOH�TXH�ϒ�DLW�FRPPHQF«�¢� GHPDQGHU�XQH�DPEXODQFH� ¢�OLQW«ULHXU�GXQ�FDGUH�GH�7\SH����DORUV�TXH�'��HW�1��WUDLWHQW�OD�UHTX¬WH�¢�OLQW«ULHXU� GXQ�FDGUH�GH�7\SH����

&HWWH�K\SRWKªVH�«WDQW� DYDQF«H���FRPPH�FHOD�GHYLHQGUD�«YLGHQW��&�� LJQRUDQW� OH[LVWHQFH�GXQH�SURF«GXUH�GH�SU«�V«OHFWLRQ� DX�G«EXW�GH�ODSSHO��DXUDLW� YUDLVHPEODEOHPHQW�DQWLFLS«�XQH�U«SRQVH�SU«FLVH�¢�VD�GHPDQGH�GDPEXODQFH�GªV�OH�WRXU�VXLYDQW��(Q�WHUPHV�GDOLJQHPHQW�GHV�LGHQWLW«V� FRQYHUVDWLRQQHOOHV��ϒ�PRGLILH�VRQ�DOLJQHPHQW��GXQH�SRVLWLRQ�GLQLWLDWHXU�GH� OD�UHTX¬WH�YHUV� OD�SRVLWLRQ�GH�E«Q«ILFLDLUH�GX� VHUYLFH�GHPDQG«�� HQ� DQWLFLSDQW�XQH�U«SRQVH� LPP«GLDWH�¢� VD�UHTX¬WH�� '��FHSHQGDQW��GHYLHQW�XQ� LQWHUURJDWHXU�� HW�WHQWH� G«M¢�GH�G«WHUPLQHU�VLO�H[LVWH�XQ�EHVRLQ�DSSURSUL«��DX�W\SH�GH� VHUYLFH���3DU�FRQV«TXHQW�� LO� HVW� «YLGHQW�TXRQ�WURXYH�� GªV�OH� G«EXW�GH� FHW�DSSHO��XQ�SUREOªPH�GDOLJQHPHQW�VLPLODLUH� ¢� FH� TXH�-HIIHUVRQ� HW� /HH� �����RQW� DSSHO«� m� DV\Q��FKURQLH� LQWHUDFWLRQQHOOH� }� �� ϒ�HW� '� VRQW�m� LPSURSUHPHQW� DOLJQ«V�HQ� U«I«UHQFH� DX[�FDW«JRULHV�SHUWLQHQWHV� SRXU�OD�SURJUHVVLRQ�RUGRQQ«H�}� GH�OD�V«TXHQFH�LQWHUURJDWLYH��

/LJQRUDQFH�GH� WRXW�FH�GRQW�G«SHQG� OD�SUHVWDWLRQ�GH� VHUYLFH�QH� G«WHUPLQHUDLW�SDV�SDU� HOOH�P¬PH�XQH�U«SRQVH�GH�ODSSHODQW�¢�OD�GHPDQGH�GH� GHVFULSWLRQ�GX� SUREOªPH��/D�VS«FLILFDWLRQ�GX�SUREOªPH�FRQVWLWXH� OH�SUHPLHU�PHPEUH�GXQH� V«TXHQFH�LQV«U«H�HW�� FRPPH�QRXV�ODYRQV�LQGLTX«�FL�GHVVXV��SODFHU�XQH�TXHVWLRQ� ¢� OD� VXLWH�GXQH�UHTX¬WH� LQYLWH� OH�U«FHSWHXU�¢� DQDO\VHU�OD�SHUWLQHQFH� GH�OD�TXHVWLRQ� �HW� VD�U«SRQVH��UHODWLYHPHQW� ¢�OD�IRUPXODWLRQ� GXQH�U«SRQVH�¢�OD�UHTX¬WH� LQLWLDOH�� (Q�WURXYDQW� HQ� TXRL�OD�TXHVWLRQ�HVW� SHUWLQHQWH�� ODSSHODQW�SHXW� VH�IDLUH�XQH�LG«H�GH�FH�GRQW�G«SHQG�OD�U«SRQVH�¢� VD�GHPDQGH�� 8QH�WHOOH� VRFLDOLVDWLRQ�ORFDOH� SHUPHW� DX[� SDUWLFLSDQWV�GH� VDOLJQHU�VXU�ODFWLYLW«�HQ�FRXUV��SDU�H[HPSOH��OHV�V«ULHV� LQWHUURJDWLYHV��

���� 6+($5,1*������������ -())(5621�HW�/((������� �� �����

-())(5621�HW�/((��������� �������

����

6L�XQ� DSSHODQW�HPSORLH�XQ� FDGUH� GDQV�OHTXHO�OD�U«SRQVH� ¢� VD�GHPDQGH�QHVW�SDV�FRQGLWLRQQ«H� SDU�OH[LVWHQFH�GXQ�EHVRLQ�U«HO�� FRPPH�FHVW�OH�FDV�GHV� VHUYLFHV�GH�7\SH� ��� OH[DPHQ� G«WDLOO«� GX�SUREOªPH�WLHQW�DORUV� HQ� XQH�UHODWLRQ�SDUWLFXOLªUHPHQW�DQRUPDOH�DYHF�OD�UHTX¬WH�� &H�GHUQLHU�SRLQW�GHYLHQW� WUªV� FODLU� VLO�HVW� UDSSURFK«�GXQH�UHTX¬WH�SRXU�OD�G«OLYUDQFH�GXQH�SL]]D��XQ�VHUYLFH�GH�W\SH� ���/HV�TXHVWLRQV�SRUWDQW�VXU�OD� TXDQWLW«�� OH�W\SH�� OD�WDLOOH�� RX� HQFRUH�ODGUHVVH��SDUDLVVHQW�SHUWLQHQWHV� SRXU�FHOXL�TXL�IDLW�OD�FRPPDQGH��6L� ORQ�DSSOLTXDLW�¢�FH�FDV�OH�JHQUH�GH�TXHVWLRQQHPHQW�TXL�SU«YDXW� GDQV�OHV� VHUYLFHV� GH�W\SH� ��� RQ� DXUDLW�TXHOTXH�FKRVH�FRPPH�m� 3RXU�TXRL�YRXOH]��YRXV� �RX� DYH]�YRXV� EHVRLQ� G�� XQH�SL]]D�"}�/H�SUREOªPH�QHVW�SDV�GH� VDYRLU�VL� ODSSHODQW� SRXUUDLW� U«SRQGUH� �SDU�H[HPSOH�m�-DL�IDLP�}���PDLV�ELHQ�SOXW¶W�GH�VDYRLU� FRPPHQW�FRPSUHQGUH�XQH� WHOOH�TXHVWLRQ� HW� \� U«SRQGUH� ¢� OLQW«ULHXU�GXQ�FDGUH�GH�VHUYLFH�GH�W\SH����

5HPDUTXRQV�TXH�GDQV� OH� VHFRQG�«O«PHQW� GH�O«QRQF«�GH�&��GDQV�OHV� OLJQHV��������m� 6L�MH�OH�VDYDLV��MH�QH�YRXV�DXUDLV�SDV�DSSHO«� }� ��� OH�PRW� m� DSSHO«�}� HVW� VRXOLJQ«��/LQVLVWDQFH�GH�ϒ�VXU�FH�PRW� VXJJªUH�TXLO�HVW� HQ� WUDLQ�GH� VH� U«I«UHU� QRQ�SDV�VLPSOHPHQW�¢� ODFWH� GH� IDLUH� XQ� DSSHO� W«O«SKRQLTXH��PDLV�� SOXV�SU«FLV«PHQW�� ¢� ODFWH�GH�GHPDQGHU�GH� ODLGH�SRXU�XQ� SUREOªPH�DXTXHO� LO�QH� SHXW� IDLUH� IDFH��PDLV�TXH�OH�VHUYLFH� GHV� SRPSLHUV� D� OD�FRPS«WHQFH�HW� OD�UHVSRQVDELOLW«�GH�SUHQGUH� HQ�FKDUJH��'RQF��RQ�WURXYH� XQ�«O«PHQW�GH�SODLQWH�GDQV�OD�U«SRQVH� GH�ϒ��� OH�VHUYLFH�GHV�SRPSLHUV�VH�G«EDUUDVVH� GH�VD�UHVSRQVDELOLW«�SDU�UDSSRUW�DX�SUREOªPH� VXU� OH�GRV�GH� ODSSHODQW��6L�ODSSHODQW� VH�U«IªUH�¢�XQ�FDGUH�GH�W\SH����LO�IDXW�FRPSUHQGUH� OD�GHPDQGH�GH�GHVFULSWLRQ�GX�SUREOªPH� FRPPH� �� GLWHV�QRXV� FH� GRQW�VRXIIUH� OD�YLFWLPH� �DX�VHQV�GXQ� GLDJQRVWLF�������� 'R»��OH�m�MH�QH� VDLV�SDV� }� GH�&��HW�OH�m� VL�MH�OH�VDYDLV����}�

$X�GHO¢�GH� OD�VS«FLILFDWLRQ�H[DFWH�GH� OD�PDQLªUH�GRQW�ϒ�D�FRPSULV� OD�GHPDQGH�GH�GHVFULSWLRQ�GX�SUREOªPH��FH�TXL� LPSRUWH�

VXUWRXW� LFL� HVW�OH�IDLW� TXH�ϒ�Q\�D�SDV� U«SRQGX� GH�PDQLªUH�DSSURSUL«H�¢�XQ�FDGUH�GH�W\SH���'H�SOXV��HQ�MXVWLILDQW� VRQ�LQFDSDFLW«�¢�U«SRQGUH�������ϒ�D�UHPLV�HQ�FDXVH�OD�SU«VXSSRVLWLRQ� �TXH�VD�U«SRQVH�UHQG�H[SOLFLWH��VHORQ� ODTXHOOH�LO� DXUDLW�G½� ¬WUH� FDSDEOH�GDSSRUWHU�XQH� WHOOH�U«SRQVH�� ,O� VDJLW�O¢��FRPPH�QRXV� ODYRQV�G«M¢� IDLW� UHPDUTX«��GXQ�PRXYHPHQW�RSSRVLWLRQQHO��

4XH� IDLW� GRQF�'� GH� OD�U«SRQVH�GH� &"�5DSSHORQV�TXH�O«QRQF«�GH�ϒ��OLJQHV������D�GHX[�FRPSRVDQWHV��XQH�UHYHQGLFDWLRQ� UHODWLYH� ¢�XQ� VDYRLU��LO�LJQRUH� OD�QDWXUH�GX�SUREOªPH�� HW�XQ� UHMHW�GH�OLQVSHFWLRQ�P¬PH�GX�SUREOªPH�� /H�WRXU� GH�SDUROH� VXLYDQW� GH�'�DERUGH�QRQ�SDV�OH�UHIXV� GH�ϒ� �FRPPH�OH�IHUD�SOXV� ORLQ�1�DX�FRXUV�GH�ODSSHO��OLJQHV����������PDLV� OD�UHYHQGLFDWLRQ�GH� QRQ�VDYRLU��$XWUHPHQW�GLW� �� FRPPHQW�VH� IDLW�LO�TXH�ϒ�SRXUUDLW�¬WUH� RX�QH� SDV�¬WUH� HQ�PHVXUH� GH� VDYRLU� "� ������ $ORUV� TXH�OHV� SHUVRQQHV� VRQW� RUGLQDLUHPHQW� FU«GLW«HV� �DYHF�GHV� H[FHSWLRQV� «YLGHQWHV�� FRPPH�ORUVTXHOOHV� SDUDLVVHQW�G«VRULHQW«HV��G¬WUH�DX�FRXUDQW�GH�OHXU�SURSUH�«WDW�GH�VDQW«�������HW�GH�SRXYRLU�OH�G«FULUH�� FRQQD°WUH�O«WDW�GH�VDQW«�Ñ�DXWUXL�HVW�XQH�DIIDLUH�TXL�G«SHQG�GH�EHDXFRXS�SOXV�G«O«PHQWV��3DU�H[HPSOH��XQ�DSSHODQW�SHXW� VLPSOHPHQW�WUDQVPHWWUH� OD�GHPDQGH�GH� VHFRXUV�GXQH�DXWUH�SHUVRQQH��VDQV� GLVSRVHU�GXQH�FRQQDLVVDQFH�GH� SUHPLªUH� PDLQ�GX�SUREOªPH��/D�TXHVWLRQ�GH�'�SDUD°W� GRQF� FRQVLG«UHU� OD�UHYHQGLFDWLRQ� GH�ϒ�FRPPH�SRWHQWLHOOHPHQW�UDLVRQQDEOH� �� FH�GHUQLHU�SHXW� WUªV�ELHQ� LJQRUHU� HQ�TXRL�FRQVLVWH�OH�SUREOªPH��'H�SOXV�OD�U«SRQVH�GH�ϒ�U«YªOH�TXLO�D�DSSHO«�DX�QRP�GXQH�WLHUFH�SHUVRQQH�� VD�PªUH��

/H�VLOHQFH�GXQ�SHX�SOXV�GXQH�VHFRQGH��TXL� VXLW�OD�U«SOLTXH�GH�'��VXJJªUH�TXH�'�D�SHXW�¬WUH�P«QDJ«�XQ�HVSDFH�SRXU�ODLVVHU�ϒ�HQ� GLUH� SOXV�� SHXW�¬WUH� SRXU�H[SRVHU� O«WDW�GH�VDQW«�GH�VD�PªUH��$�OD�VXLWH�GH�FHW�LQWHUYDOOH�� '�DQQRQFH�OH�WUDQVIHUW� GH� ODSSHO�YHUV�1��OLJQH� �����HW� ϒ��GXQ� WRQ� HQFRUH�SOXV�H[DVS«U«��SURSRVH�� HQ�OLJQH� ���� O«YDOXDWLRQ� G«M¢�PHQWLRQQ«H�DXSDUDYDQW��� m�2K��PHUGH�DORUV� �� }��

���� 6$&.6��������� ��������� +(5,7$*(������D������������� :+$/(1�HW�=,00(50$1������������ 320(5$17=�������

����

(Q� YHUWX� GX� WUDQVIHUW� DQQRQF«�� ϒ�G«FRXYUH� TXH�'�QH� SHXW�SDV� �RX�QH� YHXW�SDV��IRXUQLU� OH� VHUYLFH�TXLO�UHFKHUFKH���TXH�OH�U«SRQGDQW�QHVW�SDV�OH�SUHVWDWDLUH� GX� VHUYLFH�� 4XLO�VDJLVVH�GXQH�G«FRXYHUWH�� FHOD�VH� YRLW� ¢� OD�IRUPH� GH� OD�U«SRQVH�GH�&�� TXL�FRPSRUWH� XQ� LQGLFH� �m� 2K� }��� KDELWXHOOHPHQW�HPSOR\«�SRXU� LQGLTXHU� OD�U«FHSWLRQ�GXQH�DQQRQFH�� VXLYL� GXQH�«YDOXDWLRQ�GH�OLQIRUPDWLRQ� ������/LQWHQVLW«�GH� OD�IUXVWUDWLRQ� GH�ϒ�IDFH� ¢�FHWWH�QRXYHOOH�HVW� UHIO«W«H�SDU� OD�WHQVLRQ�H[SULP«H�SDU�VD�YRL[� �HQ�FRQWLQXLW«� DYHF� VHV� SU«F«GHQWHV�U«SRQVHV�GHV� OLJQHV����� HW� ���� HW� SDU� OXVDJH�GXQH�JURVVLªUHW«�«YDOXDQW�OH�WUDQVIHUW�LPPLQHQW��

1RXV�SURSRVRQV�GH�FRQVLG«UHU�TXH�OD�U«SRQVH� GH� ϒ�¢� OD�GHPDQGH�GH�SU«VHQWDWLRQ�GX�SUREOªPH�� DLQVL�TXH� VD�IUXVWUDWLRQ� SDWHQWH�� SURYLHQQHQW� GH� OLQFRPSDWLELOLW«�H[LVWDQW�HQWUH� OHV�FDGUHV�GH� W\SH� �� HW� ��DJJUDY«H� GH�SOXV� SDU� OD�SURF«GXUH�GH� SU«V«OHFWLRQ�� TXL�H[LJH�TXH�OHV�DSSHODQWV�VRLHQW�WUDQI«U«V� ¢� XQH�LQILUPLªUH� �GLVSDWFKHU�� VL�OHXU� GHPDQGH�GH�VHUYLFH�FRPSRUWH�XQ�SUREOªPH� P«GLFDO��$X�FRXUV�GH�OD�VHFWLRQ�VXLYDQWH�� QRXV� H[DPLQHURQV� OD�SHUVLVWDQFH� HW�ODJJUDYDWLRQ�GHV�GLIILFXOW«V� J«Q«U«HV�SDU�FHWWH� LQFRPSDWLELOLW«��TXL�DERXWLVVHQW� ¢� OD�FRQWDPLQDWLRQ�GH�ODSSHO�SDU�XQH�GLVSXWH��

/H�3UHPLHU�VHJPHQW�GH�O,QILUPLªUH�

8QH� IRLV� HQ� OLJQH��1� VLGHQWLILH� FRPPH�OLQILUPLªUH�GX� VHUYLFH�GHV�SRPSLHUV��(Q�FRQV«TXHQFH��O«QRQF«�GH�'�LQIRUPDQW�ϒ�GX�WUDQVIHUW�GH� ODSSHO��HW�ODXWR�LGHQWLILFDWLRQ�GH�1�� LQGLTXHQW�H[SOLFLWHPHQW� XQ�FKDQJHPHQW�GH� ORFXWHXUV� HW�PRQWUHQW� TXH�OH�U«SRQGDQW� LQLWLDO�Q«WDLW�SDV�OH� SUHVWDWDLUH�GH�VHUYLFH��&RPPH�PHQWLRQQ«�FL�GHVVXV��FKDTXH�LQIRUPDWLRQ� DSSRUW«H� SDU�ODSSHODQW� ORUV� GX� VHJPHQW�GRXYHUWXUH�VHUD� GH�QRXYHDX� UHFKHUFK«H� SDU� 1�� (Q� FRQV«TXHQFH�� OH�WUDQVIHUW�LQGLTXH�OH�UHG«PDUUDJH�YLUWXHO�GH�OD�UHQFRQWUH��

$X�OLHX�GH� OLQWHUURJHU� VXU� OD�QDWXUH� GX�SUREOªPH��1�FRPPHQFH�SDU�GHPDQGHU�¢�ϒ�VRQ�DGUHVVH��1RXV�DXURQV� ORFFDVLRQ�GH�UHYHQLU� VXU�FH�SRLQW�� /HV�WRXUV� GH�SDUROH�

YDQWV� FRQFHUQHQW�GHV�SUREOªPHV�GH� ORFDOLVDWLRQ� �OLJQHV� ������� �� LOV� PRQWUHQW�FRPPHQW� SURFªGHQW� OHV� V«ULHV� LQWHUURJDWLYHV� ��OH�G«SORLHPHQW� GXQ� HQYLURQQHPHQW� V«TXHQWLHO� RUJDQLV«�SRXU�OH�WUDQVIHUW�GLQIRUPDWLRQ�� &RPPH� GDQV� OHV� SUHPLªUHV� U«SRQVHV� DX� TXHVWLRQQHPHQW� LQLWLDO�� ϒ�PDQLIHVWH�XQH�WHQVLRQ�FRQVLG«UDEOH�GDQV� VD�YRL[� �� VHV�U«SRQVHV� DGRSWHQW�XQ� WRQ� H[DVS«U«�� HW� SDUIRLV� DJUHVVLI�� $�FHW� «JDUG�� OD�PDQLªUH�GRQW� LO� FRUULJH� �OLJQHV� �������O«SHOODWLRQ�SDU�1�GX�QRP�GH�OD�UXH�HVW�SDUWLFXOLªUHPHQW� YLJRXUHXVH��

4XRL� TXLO� HQ� VRLW�� XQ� DXWUH� SUREOªPH��SOXV�J«Q«UDO�� VH�SU«VHQWH� DORUV��&RPPH�QRXV� ODYRQV�QRW«� DXSDUDYDQW�� OD�Q«FHVVLW«�GH�G«WHUPLQHU�OD�QDWXUH� GX�SUREOªPH�HW� VD�ORFDOLVDWLRQ�REOLJH�¢� GLII«UHU�� ¢� XQ� WRXU�GH�SDUROH�XOW«ULHXU�� OD�U«SRQVH�¢� OD�GHPDQGH�GDLGH�GH� ODSSHODQW�� ,O�SHXW� VDY«UHU�Q«FHVVDLUH� GH�FRPSO«WHU�OD�VS«FLILFDWLRQ�GH�OD�QDWXUH�GX� SUREOªPH�SDU� ODMRXW�GDXWUHV�«O«PHQWV��1RWUH� «WXGH�HWKQRJUDSKLTXH�GH�&HQWUDO�&RXQW\� QRXV� D� SHUPLV� GH� FRPSUHQGUH� TXH�OH�WUDYDLO� GH�m�GLVSDWFKLQJ� }�LPSOLTXH�QRQ�VHXOHPHQW�GH�WUDQVPHWWUH�DX[�SDUDP«GLFDX[� �RX�ELHQ�¢�OD�SROLFH�� DX[�SRPSLHUV��XQH�LQIRUPDWLRQ�ILDEOH� VXU�OD�QDWXUH� HW� OD�ORFDOLVDWLRQ�GX�SUREOªPH��PDLV�DXVVL�GH�IRXUQLU�GHV�LQIRUPDWLRQV�GDSSRLQW�FRQFHUQDQW� OD�VLWXDWLRQ� �SDU�H[HPSOH��GH�G«FULUH�GHV� VXVSHFWV��GLGHQWLILHU�GHV� W«PRLQV� RX�GHV� VSHFWDWHXUV�� GLQGLTXHU�VLO�\�D� GHV�DUPHV� RX�QRQ���'DQV�OH�FDV�GHV�XUJHQFHV� P«GLFDOHV��RQ�SHXW�GHPDQGHU�DX[�DSSHODQWV�GHIIHFWXHU�HX[�P¬PHV�FHUWDLQHV�DFWLRQV� �SDU�H[HPSOH�� FRQWU¶OHU� OD�UHVSLUDWLRQ��DGPLQLVWUHU�GHV� VHOV��HWF����3RXU�PDLQWHQLU�ODSSHODQW�HQ�OLJQH��DILQ�GREWHQLU�GHV�LQIRUPDWLRQV�HW� GH�JDUGHU�XQ�PR\HQ�GDJLU�¢� GLVWDQFH��XQH�U«SRQVH�SHXW�¬WUH� UHWHQXH��DORUV�P¬PH�TXH�ODLGH�D�G«M¢�«W«�HQYR\«H��

&H�UHSRUW�VXU�OH�SODQ�GHV� WRXUV�GH�SDUROH�VLJQLILH� «JDOHPHQW�TXH�OD�U«SRQVH�HVW� GLII«U«H�HQ�WHPSV�U«HO��&HOD�SHXW�¬WUH� SDUWLFXOLªUHPHQW�H[DVS«UDQW�ORUVTXH�GHV�YLHV� VRQW�HQ�MHX��$ORUV�OH�WHPSV� DFTXLHUW��SRXU�OHV�SDUWLFLSDQWV�� XQH�LPSRUWDQFH�TXLO�QD�SDV�GDQV�GHV� VLWXDWLRQV�PRLQV�IDWLGLTXHV��(Q� FRQV«TXHQFH�� XQ�ULVTXH�GH� UXSWXUH� IDLW�SDUWLH� GH�

�����+(5,7$*(������E� �� ����

����

OD�VLWXDWLRQ�� /HV�SURIHVVLRQQHOV�TXL� G«FLGHQW�GH�OHQYRL�GH�ODPEXODQFH�SURFªGHQW�¢�OHXUV� LQWHUURJDWLRQV� HQ� WDQW�TXHOOHV� IDFLOLWHQW�OH�FKRL[� GH� ODVVLVWDQFH� DSSURSUL«H��/HV�DSSHODQWV�SHXYHQW�FRQVLG«UHU�OHV� LQWHUURJDWLRQV� GX� m� GLVSDWFKHU� }� FRPPH�

GDQW� ODUULY«H�GH�ODLGH��FDU�LOV�QHQ�UHFRQQDLVVHQW� SDV� OH�EXW� �SRXU�TXHOTXH� UDLVRQ�TXH�FH�VRLW���&RQVLG«URQV� ODSSHO� W«O«SKRQLTXH�VXLYDQW��TXL�HXW�OLHX�GXUDQW�OXQH�GH�QRV� S«ULRGHV� GREVHUYDWLRQ� ¢� &HQWUDO�&RXQW\���

������������������

������������������

���

1HXI� XQ� XQ��

������

���������������

������

'�ϒ�

ϒ�

'�

ϒ�

-��DL� HXK� XQ� &$0%5,2/2(XU��� �� �� $50«� D� XQ� XQ� TXDWUH�/DNH� 9LHZ� ¢� +\3(5LRQ" �

1H� TXLWWH]� SDV � 6LO�YRXV�

SOD°W�HQYR\H]� ��SROLFH� WRXW� GH �VXLWH��'�� DFFRUG YRXV� SRXYH]� �� G«FULUH"�

,O� (67� (1� 75$,1� '(� 328568,95(� 021� 0$5,� (7� /(1)$17�'$16� /$� 58(� $9(&�81� 5(92/9(5��1H� TXLWWH]� SDV ,O�QHVW� SDV� O¢� DYHF� YRXV�PDLQWHQDQW�!'RQF� YRXV� UHVWH]� O¢�DX� W«O«SKRQH� DYHF� PRL� 2N"���� ���LJQHV� QRQ� WUDQVFULWHV����(VW�FH� TXLO�D� XQ� UHYROYHU�� P�GDPH"�28,� ,/� (1�$� 81���� �� �RQ� SHXW� HQWHQGUH� GHV� SHUVRQQHV�SDUOHU� GDQV� OH� IRQG�� ��������81� 81� 48$75(� /$.(� 9,(:� +<3(5,21 (192<(=� /$�32/,&( 9,7(���0�GDPH� LOV� DUULYHQW� VL� YRXV� DUU¬WLH]� GH� FULHU� HW�VL� YRXV� UHVSLULH]� SURIRQG«PPHQW� HW� VL� YRXV� RQ� VH�SDUODLW� XQ� SHX� GDFFRUG�"�

'DFFRUG� KK�

1RXV� DYRQV� G«M¢�YX��GDQV� OH�VHJPHQW�GRXYHUWXUH�GH�ODSSHO�GH�'DOODV��TXHOTXHV��XQHV�GHV�GLIILFXOW«V� TXH�SHXW� HQJHQGUHU� OH�IDLW�GH�QH� SDV�YRLU� OD�SHUWLQHQFH�GXQH�V«TXHQFH� LQV«U«H�� 3DU�OH�WRQ�GH�OHXU� YRL[��RX�OH�FKRL[�GH� OHXUV�PRWV�� OHV�DSSHODQWV�PRQWUHQW� OH�FDUDFWªUH�SUREO«PDWLTXH��� HQ� FH�TXL� OHV�FRQFHUQH�ᒫ� GX�TXHVWLRQQHPHQW� LQWHUSRV«� HQWUH� OHXU�GHPDQGH�XUJHQWH� HW� OD�U«SRQVH�GRQQ«H��'DQV� OD�WUDQVFULSWLRQ�GH�&HQWUDO� &RXQW\�UHSURGXLWH� FL�GHVVXV�� OH�SUHPLHU� WRXU� GH�SDUROH� GH�ϒ��OLJQHV� �����LGHQWLILH� ¢�OD�IRLV�OD�QDWXUH� GX�EHVRLQ�GLQWHUYHQWLRQ� GH�OD�SROLFH�HW� ODGUHVVH��(Q�U«SRQVH� DX�m�1H�TXLWWH]�SDV�}�GH�'��OLJQH�����

HOOH� U«FODPH�GLUHFWHPHQW� XQ� VHFRXUV��m� 6LO�YRXV� SOD°W�HQYR\H]�OSROLFH�WRXW�GH VXLWH�}��� ,QIRUPHU� OD�SROLFH�GXQH�DIIDLUH� TXL� OD�FRQFHUQH� D� OD�IRUFH� GXQH� UHTX¬WH� ������VL�ELHQ�TXH�OXWLOLVDWLRQ�VXSSO«PHQWDLUH� GXQH�IRUPH� H[SOLFLWH�� FRPPH�FHVW�OH� FDV� LFL�� SHXW� ¬WUH� FRQVLG«U«H�FRPPH�XQH� DFFHQWXDWLRQ�� VXJJ«U«H�SHXW��¬WUH� SDU�ODFWLRQ�GH�'�� TXL�OXL� GHPDQGH�GH�UHVWHU�HQ� OLJQH� �FH�TXL�HVW� IDLW�GDQV� OH�EXW��LQFRQQX�GH� ODSSHODQW��GH�GHPDQGHU�¢� XQ�DXWUH�GLVSDWFKHU� GHQYR\HU�GHV�XQLW«V�GH�SDWURXLOOH�VXU�SODFH���

$ORUV�TXH�OH�m�'DFFRUG�}� GH�'��SODF«�DX�G«EXW�GH�VRQ�WRXU�GH�SDUROH� ¢�OD�OLJQH� ���

�����:,/621�������

���� ᒫ�

SRXUUDLW�DSSDUD°WUH� FRPPH�XQ� DFFRUG�SRXU�HQYR\HU�OD�SROLFH�� LO� VRXOLJQH�HQ�IDLW�OD�UHSULVH� GH� ODSSHO� DSUªV� OLQWHUUXSWLRQ�� ,O� HVW�FODLU�TXH�ϒ�QH�OH�FRPSUHQG�SDV�FRPPH�XQH�DFFHSWDWLRQ�GH� VD�UHTX¬WH�� SXLVTXHOOH�FRQWLQXH�GH�UHFKHUFKHU�XQH�U«SRQVH� GDQV�OHV�WRXUV�VXLYDQWV��

&HW� DSSHO�UHQG�GRQF�PDQLIHVWH� TXH�ϒ�YLVH�¢�REWHQLU�XQH�U«SRQVH��GRQW� OH�UHSRUW�SURYRTXH�XQH�GHVFULSWLRQ�SOXV�G«WDLOO«H�GH�OD�VLWXDWLRQ�� 3DU�H[HPSOH�� DX� OLHX� GH� U«SRQGUH� ¢� OD�UHTX¬WH�GH� '�� TXL�SRUWH� VXU�XQH�GHVFULSWLRQ�GX� YROHXU��ϒ�IRXUQLW� XQH�«ODERUDWLRQ�HQFRUH�SOXV�XUJHQWH� �RX�PLVH�¢�MRXU��GH� OD�VLWXDWLRQ� �OLJQHV� ��������6HV�UHTX¬WHV�GLUHFWHV� GDVVLVWDQFH�� DX[�OLJQHV����� HW��������VRQW�H[SOLFLWHPHQW�PDUTX«HV�SDU�OXUJHQFH��m�WRXW�GH� VXLWH�}� �� m�YLWH�}���(W� WDQGLV� TXXQH�TXHVWLRQ�� FRQFHUQDQW�OD�SRVVHVVLRQ�GXQH�DUPH�¢�IHX�SDU�OH�YROHXU��HVW�VXLYLH�GXQH�U«SRQVH�GH�&��FHOOH�FL�HVW�FRQVWUXLWH�GH�PDQLªUH�¢�LQVLVWHU�VXU�OD�JUDYLW«� GH�OD�VLWXDWLRQ�HW�HVW�VXLYLH�GH�OD�U«S«WLWLRQ� GH� ODGUHVVH�HW�GXQH�UHTX¬WH�H[SOLFLWH��/D�U«LW«UDWLRQ�� SDU�OHV� DSSHODQWV��GXQH� GHPDQGH�GH� FRQILUPDWLRQ�GH� OHQYRL�GHV�VHFRXUV��TXH�'�VDWLVIDLW� ¢�OD�OLJQH�����SHXW�GRQF�OHV�HQJDJHU�GDQV� OD�SURGXFWLRQ�GH�FRPSRUWHPHQWV�TXL�SRXUUDLHQW�¬WUH�LQWHUSU«W«V�FRPPH� GHV� DWWLWXGHV� K\VW«ULTXHV�� LPSDWLHQWHV�RX�P¬PH�KRVWLOHV��$X�FRXUV� GH� FHW�DSSHO� ¢�&HQWUDO�&RXQW\�� OH�m�GLVSDWFKHU� }��HQ� HQYR\DQW� VRQ� PHVVDJH�DX[�SDWURXLOOHV�SROLFLªUHV��TXDOLILH� ODSSHODQW�Ñ�m� K\VW«ULTXH�}��

5HWRXU�DX�SUREOªPH�

0DOJU«�OD�WHQVLRQ�SU«VHQWH�GDQV� VD�YRL[�DX�FRXUV� GHV� TXHVWLRQV�GH� ORFDOLVDWLRQ�GH�ODSSHO�GH� 'DOODV��ϒ�DSSRUWH� LPP«GLDWHPHQW�GHV� U«SRQVHV� DX[� TXHVWLRQV�GH� 1��PRQWUDQW� DLQVL�TXLO�DFFHSWH�� DX�PRLQV�GH�PDQLªUH�UXGLPHQWDLUH�� TXH�OH�m� SUREOªPH�GH�OD�ORFDOLVDWLRQ�}�HVW�XQ�«O«PHQW�GRQW�G«SHQG� OD�U«SRQVH�GH� ORUJDQLVDWLRQ�� &HSHQGDQW��DSUªV� TXH�ϒ��OLJQHV��������D�GRQQ«�¢�1�VRQ�QXP«UR�GH� W«O«SKRQH�� 1��OLJQH�����G«SODFH�OH�TXHVWLRQQHPHQW�YHUV� OD�QDWXUH�GX�SUREOªPH�HQ�FDXVH�HQ�FH� OLHX��m�(W�TXHO�HVW� OH�SUREOªPH�O¢� "� }� �TXHVWLRQQHPHQW�SRXUVXLYL�DX� FRXUV�GHV� OLJQHV� �������� ��XQH�TXHVWLRQ�SUDWLTXHPHQW� LGHQWLTXH� ¢�

FHOOH�TXL�D�«W«�SRV«H�SDU�'��OLJQH����GDQV�OH�VHJPHQW�GRXYHUWXUH�GH�ODSSHO��/D�TXHVWLRQ�1�� ¢�OD�OLJQH�����HVW� SU«F«

G«H�GXQH� LQWHUURJDWLRQ�UHODWLYHPHQW�ORQJXH�TXL�WHQWH�GREWHQLU�XQH� LQIRUPDWLRQ�VXU� OD�ORFDOLVDWLRQ� GH�&�� HW�TXL� FRPPHQFH� LPP«GLDWHPHQW� DSUªV�OH�WUDQVIHUW�¢�1��6L�ϒ�VXSSRVDLW�HQ� HIIHW� TXXQH�VLPSOH�GHPDQGH�GDPEXODQFH�«WDLW� VXIILVDQWH�SRXU� TXH�FHOOH�FL� VRLW� HQYR\«H�� LO�Q«WDLW�SDV�SOXV�SU«SDU«� ¢� U«SRQGUH� ¢� FHWWH�TXHVWLRQ�¢�FH�PRPHQW�TXLO�QH� O«WDLW�ORUV�GX�VHJPHQW�GH�ORXYHUWXUH��HW�SHXW�¬WUH�P¬PH�τ�«WDLW�LO�PRLQV�� $ORUV�TXH� OHV�DFWLRQV� U«SDUDWULFHV� VRQW� KDELWXHOOHPHQW�LQLWL«HV�GDQV� OH�WRXU� VXLYDQW�� OH�UHMHW�� SDU�&��GH� OD�TXHVWLRQ�GDQV� OHV� OLJQHV����� GX� VHJPHQW�GRXYHUWXUH��QH�FRQVWLWXH� SDV�� FRPPH�QRXV�ODYRQV�QRW«��OREMHW�GH�OD�U«SRQVH�GH�'��(W��ORUVTXH�1�DUULYH� HQ� OLJQH�� VD�TXHVWLRQ�FRQFHUQH�OD� ORFDOLVDWLRQ��HW� QRQ� OH�SUREOªPH��ϒ�DXUDLW�ELHQ�SX� VXSSRVHU�TXH�OHV�TXHVWLRQV�DERUG«HV�GDQV�OH[DPHQ�GX�SUREOªPH�DYDLHQW�«W«� U«JO«HV�¢�OD�IRLV� SDU�VRQ�UHMHW�� HW� SDU�ODEVHQFH�GH� WRXWH� DWWHQWLRQ�U«SDUDWULFH�¢�FH�UHMHW��

3RXUWDQW�� OLQVSHFWLRQ�GX�SUREOªPH� U«DSSDUD°W� TXHOTXHV� WRXUV� DSUªV� OD�UHTX¬WH�LQLWLDOH�GH� &��SURMHWDQW�XQ� UHSRUW� VXSSO«PHQWDLUH� GH� OD�U«SRQVH�� /D�U«SRQVH�GH�1��OLJQHV��������VH�SRODULVH�VXU� OH�UHMHW�GH�OD�TXHVWLRQ�SDU�&�� RX�� SOXV�IRQGDPHQWDOHPHQW��VXU� VRQ�UHIXV� GDGRSWHU��GH�PDQLªUH�FRRS«UDWLYH��OD�SRVLWLRQ�GH�OLQWHUURJ«��6RQ�«QRQF«�LQWHUURPSW� EUXVTXHPHQW� OD�ILQ� GH�OH[SOLFDWLRQ�GH�&��HW� DERUGH�� ¢� ODLGH�GH�WURLV� FRPSRVDQWV�� OD�TXHVWLRQ�GH� ODOLJQHPHQW�GH�&�� RX�OD�SRVWXUH� LQWHUDFWLRQQHOOH�TXLO�D�DGRSW«H�IDFH�¢�VD�TXHVWLRQ��

/H�SUHPLHU�GH�FHV�FRPSRVDQWV�� m� 0RQVLHXU�}�� HVW� XQ�WHUPH�GDGUHVVH�LQLWLDQW�XQ�WRXU�GH�SDUROH��TXL�FRQVWLWXH�LFL�XQH�U«FODPDWLRQ� GLUHFWH� VXU� OH�SRVLWLRQQHPHQW�GH�ODSSHODQW�� FHVW�¢� GLUH� VXU�VRQ� REOLJDWLRQ�GDGRSWHU�XQH�SRVWXUH� DSSURSUL«H�DX� UHJDUG� GH� ODFWLYLW«�DORUV�HQ� FRXUV��&HWWH�U«FODPDWLRQ� HVW�DSSX\«H� VXU�GHV� FRQVLG«UDWLRQV�UHODWLYHV� ¢� OD� IRLV� ¢� OD�V«TXHQWLDOLVDWLRQ�HW� ¢�OD� FRQVWUXFWLRQ�GX�WRXU�GH�SDUROH��(OOH�HVW�XWLOLV«�SRXU�UHQWUHU�GDQV�XQ�WRXU�GH�SDUROH�HQ�FRXUV� HQ�OLQWHUURPSDQW�� HW� HOOH�FRQVWLWXH� O«O«PHQW�SULQFLSDO� GX� WRXU� LQWHUUXSWLI�� TXL�FRQWLHQW�

ᒫ� ����

GDXWUHV�«O«PHQWV� GHVWLQ«V� ¢�DPHQHU�OH�GHVWLQDWDLUH� ¢�DEDQGRQQHU�VRQ�FRXUV� GDFWLRQ�DQW«ULHXU�HW�¢�VH�U«DOLJQHU�GXQH�ID©RQ�

SDUWLFXOLªUH��&RQVLG«URQV��SDU� H[HPSOH��OD�V«TXHQFH�VXLYDQWH�GDQV�XQ�DSSHO� ¢�OD�SROLFH� GH�FHQWUDO�&RXQW\���

���������

���

���������������

'�

ϒ�

'�

ϒ�'�

ϒ�

'DFH�� HVW�FH� TXLO�D� SULV� TXHOTXH� FKRVH"�������/D� W«O«YLVLRQ� HVW� SDUWLH� GH� QRWUH� FKDPEUH�������� PD� IHPPH� ���� MHWWH� XQ� FRXS� GRHLO��'DFFRUG ,O� «WDLW� GDQV� OD�PDLVRQ� TXDQG� YRXV� ¬WHV�UHQWU«V"�������-DYDLV� WRXW� XQ� WDV� GH� PRQQDLH�

0RQVLHXU�� «WDLW�LO� GDQV� OD�PDLVRQ� TXDQG� YRXV� ¬WHV� UHQWU«V"�2XL�PRQVLHXU� LO�\� «WDLW�

$�OD�OLJQH� ��GH� FHWWH� WUDQVFULSWLRQ��ϒ�ϡ�Q«JOLJ«�GH�U«SRQGUH�¢�OD�TXHVWLRQ�GX� m�GLVSDWFKHU� }�SRV«H�HQ� OLJQH� ��� /H�WRXU� GH�'��DX[�OLJQHV� �����HPSORLH�XQ�WHUPH� GDGUHVVH�VDLOODQW�GH�G«EXW�GH� WRXU�� VXLYL�SDU�XQH�U«S«WLWLRQ�HPSKDWLTXH� GH�OD� TXHVWLRQ��GRQW�OH�EXW�HVW�GDWWLUHU� ODWWHQWLRQ�GH�ODSSHODQW� VXU� OD�TXHVWLRQ� HQ�FDXVH�� 'DQV�ODSSHO�GH� 'DOODV�� 1�IDLW� VXLYUH� OH�WHUPH�GDGUHVVH�PDUTXHXU�GX� VWDWXW� GH� GHVWLQDWDLUH�SDU�XQ� VHFRQG�FRPSRVDQW��m�3RXUULH]��YRXV�U«SRQGUH� ¢�PHV�TXHVWLRQV�� VLO�YRXV��SOD°W�"� }���TXL�HVW�XQ�UDSSHO�H[SOLFLWH�GH�FH�TXH�GHYUDLW� ¬WUH� ODOLJQHPHQW�HQWUH� HOOH�HW�&�� LQWHUURJDWHXU� HW� LQWHUURJ«�� 6XLW�XQH�U«S«WLWLRQ� GH� OD�TXHVWLRQ� �m�4XHO�HVW� OH�SUREOªPH� "�}��GDQV�OD�WURLVLªPH�FRPSRVDQWH��

&HWWH� GHUQLªUH� D� FHSHQGDQW�GDXWUHV�LPSOLFDWLRQV� TXH�OD�U«S«WLWLRQ� GH� OD�TXHVWLRQ��(WDQW�GRQQ«�OD� VHFRQGH� FRPSRVDQWH� GH�O«QRQF«�GH�1��LO� HVW� FODLU�TXH�OH� SUREOªPH�SRXU�1�QHVW�SDV� TXH�ϒ�DLW�Q«JOLJ«�GH� U«SRQGUH� ¢�OD�SUHPLªUH� TXHVWLRQ�� LO� FRQFHUQH�SOXW¶W� VRQ� DWWLWXGH� IDFH�¢�OD�TXHVWLRQ��/D�m� U«S«WLWLRQ� }� GH�1�FRUUHVSRQG� ¢� FH�TXH�6FKHJORII� D� DSSHO«� ����� XQH� m� UHLQYLWDWLRQ� }� �� HOOH� LQYLWH�ϒ�¢� VH� U«RULHQWHU�HQ� IRQFWLRQ� GH� OD�TXHVWLRQ� HW�¢� \�U«SRQGUH�GH�PDQLªUH�DSSURSUL«H��

'RQF��OH�WRXU�GH�1�� GDQV� OHV� OLJQHV� �������GH� ODSSHO�GH�'DOODV��HVW� FRQ©X�GH�

QLªUH� ¢� UHFWLILHU� OH� G«IDXW� GDOLJQHPHQW�GH�&�� FRPPH�Y«ULWDEOH� GHVWLQDWDLUH�GH� VHV�TXHVWLRQV�� ,O� SHXW� VHPEOHU�TXH�ϒ�QH�UHIXVH�SDV�RXYHUWHPHQW�GH�U«SRQGUH� ¢� OD�TXHVWLRQ�GH�1��HW��DX�FRQWUDLUH��TXLO�SU«WHQG�VLPSOHPHQW�QH� SDV�SRXYRLU� OH�IDLUH�� HW� TXLO�QH�IDLOOH�SDV� VDWWHQGUH�¢�FH�TXLO�OH�IDVVH��&HSHQGDQW�� FRPPH�QRXV� ODYRQV�QRW«�SOXV�KDXW�� OH�VHFRQG�FRPSRVDQW�GH� O«QRQF«�GH�ϒ��m�VL�MH�VDYDLV����}�� FRQVWLWXH�XQ�PRXYHPHQW�RSSRVLWLRQQHO�� (W�� O«QRQF«� GH�1��m�3RXUULH]�YRXV�U«SRQGUH�¢�PD�TXHVWLRQ��VLO�YRXV�SOD°W�"�}� WUDLWH�VD�U«SOLTXH�FRPPH�XQ� UHIXV� GH� FRRS«UHU�� HW� DLQVL� FRPPH�XQH�YLRODWLRQ�PRWLY«H�GH�OD�ELHQV«DQFH�LQWHUDF��WLRQQHOOH�Q«FHVVDLUH� ¢� ODFFRPSOLVVHPHQW�RUGRQQ«�GXQ�DSSHO�GHPDQGDQW�XQ�VHUYLFH�GXUJHQFH�������

/D�SUHXYH�GH� OD�IRUFH� GH� OD�m� U«�LQYLWDWLRQ�}�GH�1�VH�WURXYH� SHXW�¬WUH�GDQV� OH�IDLW�TXH�ϒ�DSSRUWH�PDLQWHQDQW�XQH�U«SRQVH�YLUWXHOOHPHQW� FDQRQLTXH�DX�FRXUV� GHV�OLJQHV������� �m�GLIILFXOW«V� ¢� UHVSLUHU� }���&H� IDLVDQW�� ϒ�DSSRUWH� XQH�FDUDFW«ULVDWLRQ�FULWLTXH�GH� O«WDW�GH� VDQW«�GH� VD�EHOOH�PªUH�� ¢� XQH�SODFH�ID©RQQ«H�SRXU�GRQQHU� XQH� LQIRUPDWLRQ��(W� OHV� GHX[�TXHVWLRQV� VXLYDQWHV�GH�1�VRQW� VXLYLHV� GH�U«SRQVHV� GH�&�� TXL�QH� PDQLIHVWHQW� DXFXQH�U«SXJQDQFH�QL� U«VLVWDQFH��1«DQPRLQV�� OLQIRUPDWLRQ�IRXUQLH�SDU�ϒ�DSSDUD°W�SUREO«PDWLTXH��FDU�OHV�GHX[�SDLUHV�

���� 6&+(*/2))��������� ����������� *$5),1.(/�� ������+(5,7$*(�������D��� ��������

����

TXHVWLRQ�U«SRQVH� VXLYDQWHV�FRQGXLVHQW�UDSLGHPHQW� ¢� «WDEOLU� XQ� FRQIOLW� V«YªUH� HQWUH�&HW1��

8QH�GLVSXWH�«PHUJH�

/HV�VLJQHV�SU«FXUVHXUV� GH� OD�GLVSXWH��/HV�V«ULHV�GH�WRXUV�VXLYDQW� OD�U«SRQVH�GH�ϒ�DX[�OLJQHV� �������U«YªOHQW� OD�PDQLªUH�GRQW�OLVVXH�GH� ODSSHO� HVW�SURIRQG«PPHQW�ID©RQQ«H� SDU�OHV�DFWLRQV�GHV�SDUWLFLSDQWV� ¢�FH�PRPHQW�GH� OD�FRQYHUVDWLRQ�� $\DQW�REWHQX�XQH�EUªYH�GHVFULSWLRQ�GH� OD�QDWXUH� GX�SUREOªPH� P«GLFDO�GH� OD�YLFWLPH��1�VHQTXLHUW�GH�O¤JH�GH�OD�YLFWLPH��OLJQH������ϒ�DSSRUWH�FHWWH� LQIRUPDWLRQ��OLJQH������1�GHPDQGH�HQVXLWH��OLJQH�����R»�VH�WURXYH� OD�YLFWLPH� ��HOOH�UH©RLW�XQH�U«SRQVH� VDQV�G«WRXUV��OLJQH������/D�TXHVWLRQ�VXLYDQWH�GH�1��OLJQH�����HVW��UHODWLYHPHQW�¢�QRV�LQW«U¬WV�DQDO\WLTXHV��WUªV� LPSRUWDQWH�� HW�SHXW� ¬WUH� HQWHQGXH��U«WURVSHFWLYHPHQW�� FRPPH�m� PRQWU«H� }� RX�SU«ILJXU«H� �����SDU� VHV� TXHVWLRQV� SU«F«GHQWHV�� 1�GHPDQGH�¢� SDUOHU� GLUHFWHPHQW� ¢�OD�YLFWLPH��

5DSSHORQV�TXHOOH�HVW�OD�VWUXFWXUH�GHV� V«ULHV� LQWHUURJDWLYHV� �� VH�SU¬WDQW� ¢�XQ� TXHVWLRQQHPHQW� SDU� OLQWHUURJDWHXU�� OLQWHUURJ«�DSSRUWH�XQH� LQIRUPDWLRQ�SHUWLQHQWH� SRXU�«WD\HU�OD�GHPDQGH�GH� VHUYLFH�� $X�VHLQ� GH�OD�FKD°QH�GHV�SDLUHV� 4�5�� FKDTXH�U«SRQVH�UHWRXUQH�OD�SDUROH�¢�OLQWHUURJDWHXU��HW�FHVW�¢�OLQW«ULHXU� GX�WRXU� VXLYDQW�GH� OLQWHUURJDWHXU�TXH�ODVVLVWDQFH� SHXW� ¬WUH� DFFRUG«H��2U�� O«O«PHQW�TXL�DSSDUD°W�¢� FHW�HQGURLW�GDQV� ODSSHO�QHVW� SDV�VLPSOHPHQW� XQH�DXWUH� TXHVWLRQ�� PDLV�XQH�GHPDQGH� �� FHOOH�GH�SRXYRLU�SDUOHU� ¢� �HW� YUDLVHPEODEOHPHQW�¢�LQWHUURJHU��XQH�DXWUH�SHUVRQQH��

(Q�U«DOLVDQW� VD�GHPDQGH�GDLGH�� HW� OD�MXVWLILDQW� �TXRLTXH� VRXV�XQH�IRUWH� VDQFWLRQ�GH�1���ϒ�D��GDQV�XQH�V«ULH�GH�WRXUV��SULV�XQH�SRVLWLRQ��� VD�EHOOH�PªUH�D�EHVRLQ�GXQH�DPEXODQFH�� (Q�GHPDQGDQW� ¢�SDUOHU� ¢�VD�EHOOH��PªUH��1�DGRSWH� XQH�SRVLWLRQ�RSSRV«H�¢� OD�SRVWXUH�GH�&��HOOH�QH�FRQVHQW�SDV�¢� DFFHSWHU�OLQIRUPDWLRQ�IRXUQLH�SDU� ϒ�FRPPH� VXIILVDQWH� SRXU�IDLUH�HQYR\HU�XQH�DPEXODQFH��

4XHOOHV� FDUDFW«ULVWLTXHV�GH� OD�GHPDQGH�GH� ϒ� �HW�GH� OD�V«TXHQFH� GLQWHUDFWLRQ�R»�

����� 75,33�� ������������

HOOH�HVW� LQV«U«H��SRXUUDLHQW� UHQGUH� FRPSWH�GH�FH�PRXYHPHQW�GH�1�"� 8QH�«YHQWXDOLW«�HVW� TXH� OD�GHVFULSWLRQ�GX�SUREOªPH�SDU� ϒ��m�GHV� GLIILFXOW«V� ¢� UHVSLUHU�}�� D�WRXW� VLPSOHPHQW� «W«�FRPSULVH�SDU�1�FRPPH�LQDG«TXDWH�� %LHQ�TXH�OHV�GLIILFXOW«V�UHVSLUDWRLUHV�IXVVHQW� FDUDFW«ULV«HV� �SDU�OHV� H[SHUWV� TXL�FRPPHQWªUHQW�FHW� LQFLGHQW�� FRPPH�XQ�m� V\PSW¶PH�SULRULWDLUH�}�� TXL�DXUDLW�G½�G«FOHQFKHU� XQH�U«SRQVH�PD[LPDOH��LO�HVW�SRVVLEOH� TXH�OH[SOLFLWDWLRQ��SDU� &��GH� OD�QDWXUH� GX�SUREOªPH�� QDLW�SDV� «W«� DVVH]�G«WDLOO«H�� $X�FRXUV� GX� VHFRQG�DSSHO� GH�'DOODV��YRLU�OH[HPSOH���FL�GHVVRXV���SDVV«�FHWWH�IRLV� SDU�OH� FRPSDJQRQ�GH�&�� HW�R»� OD�P¬PH�1�HQYRLH�XQH� DPEXODQFH�SRXU�OD�EHOOH�PªUH�GH� ϒ�DYDQW�GDSSUHQGUH�TXLO�VDJLW�GH�OD�P¬PH�DIIDLUH��O«WDW�GH�VDQW«�GH�OD�YLFWLPH�HVW�G«FULW� GDQV� GHV� WHUPHV�TXHOTXH�SHX�SOXV� «ODERU«V� �m� ���QRXV�DYRQV�TXHOTXXQ�LFL�TXL����HVW�� ����VRLW�HQ�WUDLQ� GH�UHVSLUHU�WUªV�SHX�RX�����SDV�GX�WRXW����}���

8QH�U«DOLVDWLRQ�PDQTX«H�� 8QH�DXWUH�FDUDFW«ULVWLTXH�GH� OH[SOLFDWLRQ�GH�ϒ�QRXV�VHPEOH� WRXWHIRLV� SOXV� LPSRUWDQWH�SRXU� OH�G«YHORSSHPHQW�GH� OLPSDVVH�PDMHXUH�GH�FHW�DSSHO��OHQYLURQQHPHQW�V«TXHQWLHO�GDQV�OHTXHO�HOOH�D� «W«� REWHQXH� HW� OD�IRUPH� GDQV�ODTXHOOH�HOOH� D� «W«� HPSDTXHW«H�SOXW¶W�TXH�VRQ�FRQWHQX��/«QRQF«�GH�1�� m�3XLV�MH�SDUOHU�DYHF�HOOH��VLO�YRXV�SOD°W� "�}��D�XQH�PRWLYDWLRQ� ORFDOH�FODLUH�GDQV�O«FKDQJH�TXL�FRPPHQFH�DYHF�OD�TXHVWLRQ�GH�1�m�(W�TXHO�HVW� OH�SUREOªPH�LFL"�}� �OLJQH������ 5DSSHORQV�TXH�ϒ�D� GDERUG�SU«WHQGX�TXLO�«WDLW�LQFDSDEOH�GH�U«SRQGUH�¢�FHWWH�TXHVWLRQ�� HW�D�DGRSW«�XQH� SRVWXUH� RSSRVLWLRQHOOH�� /D�U«SRQVH� GH�1�� LPP«GLDWH� HW� IHUPH�� DSSDUD°W�FRQ©XH�SRXU� LQGXLUH� ϒ�¢� VDOLJQHU�OXL��P¬PH�GH� PDQLªUH�DSSURSUL«H�FRPPH�XQ�YUDL�U«FLSLHQGDLUH�GH�VRQ�LQWHUURJDWLRQ��

/RUVTXH�1�U«LQWURGXLW�OD�TXHVWLRQ��ϒ�DSSRUWH� UDSLGHPHQW� �LQWHUURPSDQW� OD�ILQ� GX�WRXU�GH� 1��OLQIRUPDWLRQ� UHTXLVH��8QH� DEVHQFH� GH�FRQMRQFWLRQ�GDQV� OD�FRQYHUVDWLRQ��R»�OHV�SDUWLFLSDQWV� DGRSWHQW�GHV�SRVWXUHV�GLII«UHQWHV� SRXU�U«DOLVHU� OD�GHPDQGH� GDVVLVWDQFH� P«GLFDOH��D�«W«�U«VROXH�SDU�XQ�SDUWLFLSDQW� TXL�VHVW� LPP«GLDWHPHQW�U«DOLJQ«�DYHF�ODXWUH��GªV� ODSSDULWLRQ�GXQ�FRQIOLW��

ᒫ� ����

-XVWH�DSUªV�DYRLU�HQWHQGX�&�SU«WHQGUH�TXLO�QH� FRQQDLVVDLW�SDV�� HW�QH� SRXYDLW�SDV�FRQQD°WUH� OD�QDWXUH� GX�SUREOªPH� �XQH� U«SRQVH� TXHOOH�D� WUDLW«H� FRPPH�QRQ� FRRS«UDWLYH��� 1�OHQWHQG�HQVXLWH� DSSRUWHU�FHWWH�P¬PH� LQIRUPDWLRQ� VDQV�MXVWLILHU� VD�SU«F«GHQWH� SRVWXUH� QL� VRQ�QRXYHO� DOLJQHPHQW��&RPPH�&OD\PDQ� �����OD�REVHUY«��SRXU�VH�U«DOLJQHU��PRGLILHU�XQH�SRVLWLRQ� DQW«ULHXUH�HVW�XQ�DFFRPSOLVVHPHQW�TXL�QH� SHXW�SDV�VH�IDLUH� FRPSOªWHPHQW�DX� KDVDUG� �� XQH� WHOOH�PRGLILFDWLRQ�GRLW� VH�IDLUH�SRXU�XQH� TXHOFRQTXH� UDLVRQ�DWWHVWDEOH�� HW�GRLW� HQ� ILQ�GH�FRPSWH� DSSDUD°WUH� FRK«UHQWH�DYHF�FH�TXL�D�«W«�GLW� DXSDUDYDQW��

(Q�ODEVHQFH�GXQH�TXHOFRQTXH�H[SOLFDWLRQ�YLVDQW�¢�U«GXLUH�O«FDUW�HQWUH� OH�IDLW�GH�PDLQWHQLU� TXLO�QH� FRQQDLVVDLW�SDV� OD�U«SRQVH� HW� ODSSRUW� GXQH�GHVFULSWLRQ�GXQ�V\PSW¶PH�SULRULWDLUH�� OH� VWDWXW� GH� FH� GHUQLHU�� HQ� WDQW�TXH�EDVH�ILDEOH� SRXU�G«FLGHU�OHQYRL�GXQH� DPEXODQFH��VH�YRLW� «EUDQO«��(Q�FRQWLQXDQW�VRQ�TXHVWLRQQHPHQW�SDU�XQH�GHPDQGH�GH� FRQWDFW� DYHF�OD�YLFWLPH�� HW�HQ�HIIHFWXDQW� FHWWH� GHPDQGH�HOOH�P¬PH�� 1�PRQWUH�TXHOOH�UHFKHUFKH�GDXWUHV�LQIRUPDWLRQV�FRQFHUQDQW�O«WDW�GH� VDQW«� GH� OD�YLFWLPH�� 'RQF��OD�SUHPLªUH�m� LQIRUPDWLRQ�}�GH�ϒ�FRQFHUQDQW� O«WDW�GH� VDQW«�GH� VD�EHOOH��PªUH�� ELHQ� TXLQWHUYHQDQW� ¢� XQH�SODFH�V«TXHQWLHOOH� SU«YXH�QRUPDOHPHPHQW�SRXU�DFFXHLOOLU� XQH�WHOOH� LQIRUPDWLRQ�� «FKRXH�¢�IRQFWLRQQHU�FRPPH� m� GHVFULSWLRQ� GXQ�V\PSW¶PH�SULRULWDLUH� }��SDUFH�TXHOOH�QHVW�SDV� m� HQWHQGXH� }�� QL�WUDLW«H� SDU�1�FRPPH�XQH�GHVFULSWLRQ�ELHQ�IRQG«H�HW�ILDEOH��MXVWLILDQW� OHQYRL� GXQH� DPEXODQFH� ¢� FH�PRPHQW� GH�ODSSHO��

/D�GLVSXWH�

$�OD�GHPDQGH�GH�1�GH�SDUOHU� ¢� OD� YLFWLPH�� ϒ�U«SOLTXH� �OLJQH��������m�1RQ�YRXV�QH� SRXYH]�SDV� }�� HW�H[SOLTXH�SRXUTXRL� VD�EHOOH�PªUH� QH�SHXW� SDV�SDUOHU� ¢�1� �� m� HOOH�HVW� ����VHPEOH�FRPPH�VL� HOOH�«WDLW� LQFRPSU«KHQVLEOH� }��ϒ�D�IRXUQL�LFL�FH�TXL�SRXUUDLW�¬WUH�HQWHQGX�FRPPH�OH�VHFRQG�G«WDLO�LQIRU��

PDWLI�SRUWDQW�VXU�O«WDW�GH�VDQW«�GH�VD�EHOOH��PªUH�� /H� FRPSWH�UHQGX�GH� &�� FHSHQGDQW��QH�IRQFWLRQQH�SDV�FRPPH�XQH�SUHXYH�GH�OD�Q«FHVVLW«�GXQH� DPEXODQFH�� ,O� IRQFWLRQQH�SOXW¶W�FRPPH�XQH�H[SOLFDWLRQ�GX�UHIXV��SDU�&�� GH� OD�GHPDQGH�GH� 1��(W�1� �OLJQH�����WUDLWH�FH�VHFRQG�FRPSWH�UHQGX� GH�OD�P¬PH�ID©RQ�TXH�OH�SUHPLHU�� FHVW�¢�GLUH�� FRPPH�XQ� SUREOªPH� DSSHODQW�GDXWUHV� TXHVWLRQV� ��m� 3RXUTXRL�HVW�HOOH� LQFRPSU«KHQVLEOH"� }��QRWHU�ODFFHQWXDWLRQ�GH�m�SRXUTXRL"���

ϒ�U«SRQG�¢�OD�TXHVWLRQ�GH�1�VXU�XQ�WRQ�H[DVS«U«� HW� FRO«UHX[�� m�&RPPHQW� ERQ�'LHX�MH�OH� VDXUDLV�"� }�� ,FL�� OD�U«SRQVH�GH�ϒ�WUDLWH� DSSDUHPPHQW� OD�TXHVWLRQ�GH� 1�FRPPH�� XQH�IRLV� GH� SOXV��XQH� GHPDQGH�m�LUUDLVRQQDEOH� }�GLQIRUPDWLRQV�TXLO�DYDLW�SHX�GH� FKDQFH�GH�G«WHQLU�� /D� FROªUH�GH�ϒ�SDUDLW� ¬WUH� GXH�SRXU�XQH� SDUW� ¢� FH� TXLO�FRPSUHQG� FHWWH� TXHVWLRQ�FRPPH�m� HQFRUH�XQH�DXWUH� }� TXHVWLRQ� m� GX�P¬PH�JHQUH� }��FHVW�¢�GLUH�� LGHQWLTXH�DX[� TXHVWLRQV�TXL�OXL� IXUHQW� SRV«HV� DX[�OLJQHV� �� HW� ����&HSHQGDQW�� TXHOOH�TXH�VRLW�ORULJLQH�GH�VD�FROªUH�� OD�U«SRQVH�GH�ϒ�FRQWULEXH�¢� SRVHU�XQ�DXWUH�WRXU�RSSRVLWLRQQHO�GDQV�OD�V«TXHQFH��

/D�U«SRQVH�GH�1�¢� FHW�«QRQF«�HVW� «JDOHPHQW� YLYH�� (OOH�HPSORLH�HQFRUH��SRXU� LQLWLHU� VRQ�WRXU�� OH�P¬PH�WHUPH�GDGUHVVH�TXH�SU«F«GHPPHQW��RX�LQGLFH�GH�U«FHSWLRQ���UHSªUH� HQVXLWH�XQ�PRW� SDUWLFXOLHU� XWLOLV«�SDU�ϒ� �m�ERQ�'LHX�� }�� HW� SURWHVWH� FRQWUH� FHW�HPSORL�� m�0RQVLHXU��UHVWH]�FRUUHFW�}��'DQV�OD�WHUPLQRORJLH�GH�*RIIPDQ� ������LO� VDJLW�O¢�GXQH�m�U«DFWLRQ� }�GH�1�SOXW¶W�TXH�GXQH�U«SOLTXH� �� HOOH�V«OHFWLRQQH�XQ�DVSHFW�SDUWLFXOLHU� GX�WRXU� SU«F«GHQW� �GDQV�FH� FDV�� VRQ�VWDWXW� FRPPH�XQ�MXURQ��SRXU�\� IDLUH� U«I«UHQFH�� SOXW¶W� TXH�GH�U«SOLTXHU�GLUHFWHPHQW�¢� ODFWLRQ�DFFRPSOLH�SDU� OH�WRXU� SU«F«GHQW��GDQV�FH� FDV�� OH�UHMHW� GH�OD�TXHVWLRQ�SU«F«GHQWH�GH�1���

'DQV�VD�U«SRQVH�¢�&��1�LVROH�XQH�m�RIIHQVH� YLUWXHOOH� }�¢� VD�SHUVRQQH� ������GRQW�HOOH�VH�SODLQW��QRWH]� ODFFHQW�VXU� OH�PRW�m� PRL� }�� (Q�GRQQDQW� ¢� HQWHQGUH�TXH�ϒ�ϡ�YLRO«�OHV�UªJOHV�GH�OD�FRQGXLWH�LQWHUSHUVRQ��QHOOH�������1�VROOLFLWH�GH�ϒ�XQH� FRUUHFWLRQ�

���� &/$<0$1������ �� �������� *2))0$1������������������ *2))0$1���������������HW� ����������������� 0$<1$5'������D���������

����

GH� VRQ� DFWLRQ�SU«F«GHQWH�� 2EVHUYRQV� «JDOHPHQW� TXH�ORIIHQVH� GRQW�1�VH� SODLQW�G«ULYH� GX�UHMHW�� SDU� &�� GH� OD�TXHVWLRQ� GH�1��(Q�HIIHW�� ϒ�D� YLJRXUHXVHPHQW�U«S«W«� ¢�1�TXH� VD�TXHVWLRQ�SU«VXSSRVHUDLW�TXLO�G«WLHQQH� XQ�VDYRLU�TXLO�QH� OXL� «WDLW� SDV� SRVVLEOH� GH�SRVV«GHU��/D�SODLQWH�GH� 1�SURMHWWH� OD�SHUWLQHQFH�

GXQ�«FKDQJH�U«SDUDWHXU� ������XQH�WUDQVDFWLRQ�ULWXHOOH�YLVDQW� ¢� U«SDUHU�OH�GRPPDJH�FDXV«�¢�ORUGUH�GH�OLQWHUDFWLRQ��3RXU�TXH�ϒ�VHQJDJH¤W�GDQV�XQH�WHOOH� U«SDUDWLRQ�� LO� OXL�H½W�IDOOX� SUHQGUH� VHV�GLVWDQFHV�YLV� ¢�YLV� GH�OD�SRVWXUH� VL�YLYHPHQW�«WDEOLH�SDU�VRQ�m�MXURQ� }�� 0DLV�OD�U«SRQVH�GH�U«SDUDWLRQ�QHVW�TXXQH�DOWHUQDWLYH�UHQGXH� VDLOODQWH�SDU�OD�SODLQWH�GH�1��/DXWUH�PHPEUH�GH�ODOWHUQDWLYH�HVW�OH�UHMHW�GH�OD�SODLQWH�HW�OD�SRXUVXLWH�GXQH�FRQWUH�SODLQWH�� &HVW�HQ� IDLW� FH�TXL�DUULYH�� ϒ�U«SRQG�¢�OD�SODLQWH�GH�1�� UHODWLYH�¢� ORIIHQVH�YLUWXHOOH�HQYHUV� VD�SHUVRQQH�� HW�GLULJ«H� LQGLUHFWHPHQW� FRQWUH� OH�UHMHW�GH� VD�TXHVWLRQ�SDU� &�� HQ�SU«FLVDQW�TXLO�QHQ�m�D�ULHQ� ¢� IDLUH� }�� FH�TXL�«WDEOLW� FODLUHPHQW�TXLO�QD�SDV�OLQWHQWLRQ�GH�UHYHQLU� VXU� VD�SRVLWLRQ�SU«F«GHQWH��

(QVXLWH��ϒ�FRQWUH�DWWDTXH�� FULWLTXDQW�1�SRXU�OXL� DYRLU�SRV«� GHV�m�TXHVWLRQV� VWX��SLGHV�HW�LGLRWHV�}��� LO�FRQVLGªUH�TXH�VHV�DFWLRQV�� HW� SDUWLFXOLªUHPHQW� VHV�TXHVWLRQV�FRQFHUQDQW�O«WDW�GH� VDQW«�GH� VD�EHOOH��PªUH�� H[FXVHQW�VD�SURSUH�FROªUH�HW� VRQ�MXURQ�� 6XLW�XQ� VLOHQFH�SURORQJ«�GH� WURLV� VHFRQGHV�� $ORUV� ϒ� UHSUHQG� OD�SDUROH��GXUFLVVDQW�QHWWHPHQW� VRQ� DWWDTXH�HQ� PHWWDQW� HQ� TXHVWLRQ�OD�FRPS«WHQFH� GH�1� ��m� 7URXYH]�PRL� TXHOTXXQ�TXL� VDLW�FH�TXLOV�IRQW�}� �� SXLV�LO�U«LQWURGXLW� LPP«GLDWHPHQW�VD�UHTX¬WH�SULQFLSDOH�� m�3RXUTXRL�QHQYR\H]�YRXV� SDV�VLPSOHPHQW�XQH�DPEXODQFH� LFL"�}�� 'DQV� OHV�WRXUV� VXLYDQWV��OLJQHV��������XQH� Y«ULWDEOH� GLVSXWH�«PHUJH�HQWUH�ϒ�HW�1�� XQH�GLSXWH�TXL�

IHVWH�XQ�FRQIOLW�SRUWDQW�QRQ�VHXOHPHQW� VXU�OD�TXHVWLRQ� GH�OD�QDWXUH� GHV� SUREOªPHV�P«GLFDX[�GH�OD�YLFWLPH� �HW� GRQF�DXVVL�VXU�OH�EHVRLQ�GH� VHUYLFH���PDLV�DXVVL� VXU� OD�FRPS«WHQFH�GHV� LQWHUDFWDQWV� HX[�P¬PHV�HW�GRQF�� VXU�OHXUV� FDUDFW«ULVWLTXHV�SHUVRQQHOOHV��

/H�G«EXW�GH� OD�GLVSXWH� D�XQH� VWUXFWXUH�V«TXHQWLHOOH� TXL�FDUDFW«ULVH�ORUJDQLVDWLRQ�REVHUY«H�¢�ORFFDVLRQ�GHV�UHFKHUFKHV� VXU�OHV�GLVFXVVLRQV�HW� OHV� m�«SLVRGHV� FRQIOLFWXHOV�}�������&RPPH�0D\QDUG������ OD�PRQWU«��WRXW�«QRQF«�RX�DFWLRQ�SHXW�FRQWHQLU�GHV�FDUDFW«ULVWLTXHV�TXL�� SRXU�GHV�UDLVRQV� TXHOFRQTXHV�� VRQW�VXVFHSWLEOHV� GH�FKRTXHU� OH� SDUWLFLSDQW� ¢� XQH� UHQFRQWUH� ������

%LHQ�«YLGHPPHQW��GH�WHOV� «QRQF«V�m�LQDFFHSWDEOHV� }��GH� WHOOHV�m�U«DFWLRQV�GLVFXWDEOHV� }��m� DUJXDEOH�PRYHV� }��QH�GHYLHQQHQW�OH�SUHPLHU� «O«PHQW�GXQ�«SLVRGH�GH�GLVSXWH�TXH� VL� LOV� VRQW� FRQWUHGLWV�SDU�XQ�m�PRXYHPHQW�RSSRVLWLRQQHO�}��'DQV�ODSSHO�GH�'DOODV��SDU�H[HPSOH�� OD�TXHVWLRQ�m�SRXUTXRL�HVW�HOOH�LQFRPSU«KHQVLEOH� "� }��SRV«H�SDU�1�� HVW�FRQVLG«U«H�SDU�ϒ�FRPPH�XQH�TXHVWLRQ�FKRTXDQWH�� FH� TXLQGLTXH�VRQ�HPSORL�GH� OH[SUHVVLRQ�m�ERQ�'LHX�}��6RQ� WRXU�GH� SDUROH�VH�SRVH�DORUV�FRPPH�XQ�PRXYHPHQW�RSSRVLWLRQQHO� �� LO�VRSSRVH�¢�OD� SU«VXSSRVLWLRQ�FRQWHQXH�SDU� OH�WRXU�SU«F«GHQW�GH�1�� FRQFHUQDQW�OD�QDWXUH�GH�OD�FRQQDLVVDQFH�GRQW�ϒ�GLVSRVH�������

0DLV� OXVDJH�P¬PH� GH� m� ERQ� 'LHX� }�GHYLHQW� OD�EDVH�GXQ�FRQWUH�PRXYHPHQW�RSSRVLWLRQQHO�GH� OD�SDUW�GH� 1�� TXL�FRQVLGªUH�TXH�OHPSORL�GXQ�m�MXURQ�}� HVW� LQDGPLVVLEOH� �� HOOH�\� U«SRQG�HQ�WDQW�TXH� WHO��SOXW¶W�TX¢�OD� TXHVWLRQ�GH�VDYRLU�TXHOOH�VRUWH�GH[SOLFDWLRQ�ϒ�GHYUDLW�SRXYRLU�GRQQHU�RX� HQFRUH�¢�OD�SRVWXUH� GRSSRVLWLRQ�TXLO�D�DGRSW«H��/H�UHS«UDJH�GX�MXURQ�SDU�1�� HW�GH� OH[LJHQFH�GH�U«SDUDWLRQ�TXLO�HQ��

���� *2))0$1������������������� (,6(1%(5*�HW�*$59(<��������*22':,1��������0$<1$5'������D�HW�E��*22':,1�HW�*22':,1������������ 0$<1$5'������D� �� ��������� (W�FRPPH�6&+(*/2))�(7�$/���������ORQW�VRXOLJQ«��SUHVTXH�FKDTXH�«QRQF«�GXQH�FRQYHUVDWLRQ�SHXW� ¬WUH�FRQVLG«U«�FRPPH�TXHOTXH�FKRVH�¢�FRUULJHU��3DU�FRQV«TXHQW��OH�SRLQW�GH�G«SDUW� DQDO\WLTXH�GH�O«WXGH�GHV�HUUHXUV� GH�GLVFRXUV�HW� GHV� m� «O«PHQWV� DX[TXHOV�RQ� SHXW� WURXYHU� ¢�UHGLUH� }�ᒫ�m�IDXWDEOHV�}�ᒫ��*2))0$1�� ����� �� ���� QH�SHXW�SDV� ¬WUH�XQ�FRPSRUWHPHQW�YHUEDO�HQ�OXL�P¬PH��PDLV�ELHQ�SOXW¶W�FH� TXL�HVW�WUDLW«�FRPPH�IDXWLI�SDU�OHV� FRQYHUVDQWV�HX[�P¬PHV�GDQV�OHXU�WHQWDWLYH�GH�FRUUHFWLRQ������ 0$<1$5'��������������

����

WUD°QH�� HVW� RSSRVLWLRQQHO�� VRQ� LQLWLDWLRQ�VRSSRVH�¢�OD�SRVLWLRQ��H[SOLFLWH�RX�LPSOLFLWH�� DGRSW«H� SDU� OH� SURGXFWHXU� GH�O«QRQF«�YLV«�������

$ORUV� TXH�OH�SURGXFWHXU�GH� ORULJLQH�GH�OLQFLGHQW�SHXW�VH�OLYUHU� DX�WUDYDLO� GH�U«SDUDWLRQ�� RX�LQGLTXHU� VD�YRORQW«�GH� OH�IDLUH��QRXV� DYRQV�REVHUY«� TXH�WHO� Q«WDLW�SDV�OH�FDV�DX�FRXUV�GH�ODSSHO�GH�'DOODV��ϒ�UHMHWWH�OLQLWLDWLRQ��SDU�1��GX�PRXYHPHQW�GH�U«SDUDWLRQ�� PDLQWHQDQW� DLQVL� OH� FRQIOLW��(Q�RXWUH�� ϒ�FRQWUH�SDU� GHV�PRXYHPHQWV�RSSR��VLWLRQQHOV� VXSSO«PHQWDLUHV��TXL�SDUDLVVHQW�VLPLODLUHV� ¢� FH�TXH�OHV� DQDO\VWHV�GHV� GLVFXVVLRQV� HW�GHV� G«VDFFRUGV�RQW� DSSHO«�GHV�m� UHWRXUV� }��FHVW�¢�GLUH�GHV�PRXYHPHQWV�RSSRVLWLRQQHOV�«TXLYDOHQWV�¢�FHX[�DX[TXHOV�LOV�U«SOLTXHQW�������'H�P¬PH�TXH�O«QRQF«�GH�1�� m� 0RQVLHXU��QH� MXUH]�SDV� }� �m�6LU��GRQW�FXUVH�PH� }��H[SULPDLW�XQ�SRUWUDLW�Q«JDWLI� GH�ϒ��L�H���XQH�SHUVRQQH�TXL�D�FRPPLV�XQ� DFWH�GH�SURIDQDWLRQ��� OD�U«SRQVH�GH� ϒ��OLJQHV�������� DWWDTXH�H[SOLFLWHPHQW� OD�FRPS«WHQFH�HW�OD�SHUVRQQH�GH�1��

8QH�GLVSXWH�D\DQW� «W«� LQLWL«H� SDU�XQH�V«ULH� GH� PRXYHPHQWV�RSSRVLWLRQQHOV�� OD�TXHVWLRQ�TXL�VH� SRVH�DORUV� HVW� GH� VDYRLU� VL�OHV�SDUWLHV� YRQW�PDLQWHQLU�OD�FRQWUDGLFWLRQ�RX�HVVD\HU�GH�OD�U«VRXGUH��/D�ID©RQ�OD�SOXV�XVXHOOH� GH�PDLQWHQLU� OD�FRQWUDGLFWLRQ� WRXW�DX� ORQJ�GH� V«ULHV�«WHQGXHV�GH� WRXUV� GH�SDUROH� HVW�OH�UHF\FODJH� �� FKDTXH�FDPS�RSSRV«�U«SªWH�VD�SRVLWLRQ�SU«F«GHQWH� ������ $�FH�PRPHQW�GH� ODSSHO�GH�'DOODV�� SRXUWDQW��1�HQWUHSUHQG� XQH�DFWLRQ� DOWHUQDWLYH��HVVD\DQW�GH� FORUH� OD�GLVSXWH�HQ�MXVWLILDQW� VRQ�SRLQW�GH� YXH�SDU�XQH� H[SOLFDWLRQ�GH� OD�SRVLWLRQ�TXHOOH�D� DGRSW«H�� ¢� VDYRLU�� TXXQH� DPEXODQFH� QH� SHXW�¬WUH� HQYR\«H�TXm� HQ� FDV�GXUJHQFH�R»� XQH�YLH� HVW�PHQDF«H� }��7DQGLV�TXH�OHV� TXHVWLRQV�SU«F«GHQWHV�SRV«HV�SDU�1��HW� VD�GHPDQGH�GH� SDUOHU� ¢�OD� YLFWLPH�� LPSOLTXDLHQW�ORSLQLRQ�TXLO�PDQTXDLW� OD�SUHXYH� GH� OD�JUDYLW«�GH� O«WDW�GH�VDQW«�GH� OD�YLFWLPH� �� HOOH�IRUPXOH�PDLQWHQDQW�H[SOLFLWHPHQW�FHWWH�SRVWXUH��

%LHQ� TXLO�SXLVVH� ¬WUH� YUDLVHPEODEOH�TXXQH�MXVWLILFDWLRQ�GXQH� DFWLRQ�GLVSXW«H�DLW�m� VLJQLILFDWLYHPHQW�SOXV�GH� FKDQFHV�GH�FRQGXLUH� ¢�OD�FO¶WXUH� }� GXQH�GLVSXWH� ������OD�UHFKHUFKH�SU«VHQW«H�SDU�*RRGZLQ�HW�*RRGZLQ������VXJJªUHQW�TXH�ORSSRV«�SHXW�¬WUH�YUDL�� OHV�H[SOLFDWLRQV� SHXYHQW� HQJHQGUHU�GDXWUHV�GLVSXWHV�� OD�MXVWLILFDWLRQ�GHYHQDQW� OH�FHQWUH� GH� OD�GLVFXVVLRQ�� $XWUHPHQW�GLW��XQH�IRLV�TXH�YRXV�DYH]�HVVD\«�GH�MXVWLILHU� YRWUH�SRVLWLRQ��FHWWH� H[SOLFDWLRQ�SHXW� HOOH�P¬PH�GHYHQLU� OD�EDVH�GXQH�RSSRVLWLRQ�� GXQH�FULWLTXH�� GXQH�UDLOOHULH�� HW�DLQVL�GH�VXLWH��

'DQV�ODSSHO� GH�'DOODV�� FHVW� H[DFWHPHQW�FH�TXL�DUULYH�DYHF�OD�U«SRQVH�IDLWH�SDU�ϒ��OLJQHV��������¢� OH[SOLFDWLRQ�SU«F«GHQWH�GH�1�� LO� XWLOLVH� H[DFWHPHQW� VHV�PRWV�SRXU�UHWRXUQHU�VD�SURSUH�H[SOLFDWLRQ�FRQWUH�HOOH��DIILUPDQW� TXH� OD�VLWXDWLRQ�m� HVW�XQH�XUJHQFH� R»� XQH�YLH� HVW�PHQDF«H�}�� 3DU�FRQV«TXHQW�� HQ� UHQGDQW�H[SOLFLWH� OH�FULWªUH�GH�SUHVWDWLRQ� GX� VHUYLFH�� 1�D� IRXUQL� ¢�OD�IRLV� XQH� RSSRUWXQLW«� HW� XQ�PRGªOH�GH[SUHVVLRQ� FRUUHFWH�� SRXU�TXH�ϒ�SU«WHQGH�TXLO�VDWLVIDLW� ¢� FHV�FULWªUHV�� *RRGZLQ� HW�*RRGZLQ������RQW�DSSHO«�FHOD�m�XQH�OLDLVRQ�GH�IRUPDW� }�� HQ�SURGXLVDQW�XQ�PRXYHPHQW�DUJXPHQWDWLI�XOW«ULHXU�� OHV� SDUWLFLSDQWV�UHOLHQW� OHXU� «QRQF«�QRQ� VHXOHPHQW�DX� W\SH�GDFWLRQ�SURGXLW�SDU� OH� ORFXWHXU�SU«F«GHQW��PDLV�DXVVL� DX[�G«WDLOV�GH� VRQ� H[SUHVVLRQ��U«XWLOLVDQW� DLQVL� OHV�PDW«ULDX[�IRXUQLV� SDU�OH�WRXU�SU«F«GHQW�SRXU�PHWWUH� HQ�IRUPH�XQ�FRQWUH�PRXYHPHQW��

)DPLOLªUHPHQW�� FHFL� SHXW�¬WUH� G«FULW�FRPPH�XQ�W\SH� GH�m�ULSRVWH� }��2EVHUYRQV�«JDOHPHQW�TXH�O«QRQF«�GH�&��DX[�OLJQHV�������� FRQVWLWXH� VD� WURLVLªPH�WHQWDWLYH�Gm�LQIRUPDWLRQ� }� FRQFHUQDQW� O«WDW�GH�VDQW«� GH� VD�EHOOH�PªUH�� VRQ�SUREOªPH�PHQDFH� VD�YLH��3RXUWDQW��1�QHQWHQG�SDV�FHW�«QRQF«�GH� FHWWH�PDQLªUH�� ,O�QHVW�SDV�WUDLW«�FRPPH�XQH� GHVFULSWLRQ�MXVWLILDQW�XQ� VHUYLFH� GXUJHQFH�� $X�OLHX�GH� FHOD�� LO�IRQFWLRQQH� FRPPH�XQH�FRQWUDGLFWLRQ�GH�OD�SU«��

���� 0$<1$5'������D��������� 320(5$17=�� ���������*RRGZLQ�HW�*RRGZLQ������������ ,G������ (,6(1%(5*�HW�*$59(<���������������� *22':,1�HW�*22':,1�� ���������� ,G��

����

F«GHQWH� G«FODUDWLRQ�GH� 1�� $�FH� PRPHQW��HOOH�SDVVH� ϒ�¢� VRQ� FRQWU¶OHXU� �QRWRQV�TXH�ϒ�DYDLW�GLW� �� m� 7URXYH]�TXHOTXXQ�TXL�VDLW�FH�TXLOV�VRQW�HQ�WUDLQ�GH�IDLUH�}���HQ�OXL�GHPDQGDQW� GH�UHVWHU�HQ� OLJQH�SHQGDQW�TXHOOH�HIIHFWXH� OH�WUDQVIHUW�� 'RQF��HQ� UDLVRQ�GH�VRQ�SODFHPHQW�¢� OD�VXLWH� LPP«GLDWH�GH� OD�MXVWLILFDWLRQ�GH�1�� m� OXUJHQFH�PHQD©DQW�XQH�YLH� }� GH� &�� QDFTXLHUW�SDV� OH�VWDWXW�GXQH�LQIRUPDWLRQ� H[LJHDQW� OHQYRL�GXQH�DPEXODQFH�� PDLV�GHYLHQW�SOXW¶W� XQH�FRPSRVDQWH� GXQ�DXWUH�PRXYHPHQW�RSSRVLWLRQ��QHO��

/D�&RQWDPLQDWLRQ�GH�ODFWLYLW«�

,,�GHYUDLW�¬WUH�«YLGHQW�TXH�ORUJDQLVDWLRQ�GH�FHWWH�UHQFRQWUH�QH�SHXW�¬WUH� FDUDFW«ULV«H�TXH�SDU� LQWHUPLWWHQFH� FRPPH�OD�PLVH� HQ�RHXYUH�GH�V«ULHV�LQWHUURJDWLYHV�� 5DSSHORQV�TXH� OD�IRQFWLRQ�GH� FHWWH�LQWHUURJDWLRQ� HVW�GH�IDFLOLWHU�OH�WUDQVIHUW�GH�OLQIRUPDWLRQ�VXU�OH�SUREOªPH�HW�VD�ORFDOLVDWLRQ��GH�PDQLªUH�¢�U«SRQGUH�¢�OD�GHPDQGH�GH� VHUYLFH��(Q�WDQW�TXH�WHOOH�� HOOH�HVW� RUJDQLV«H�SDU�XQH�GLVWULEXWLRQ� SDUWLFXOLªUH� GLGHQWLW«V�GLVFXUVLYHV��R»�ODSSHODQW��TXL�UHFKHUFKH�OH�VHUYLFH��HVW�OLQWHUURJ«�� HW� R»�OH�U«SRQGDQW�TXL� HVW�OH�IRXUQLVVHXU�GX� VHUYLFH�� HVW�OLQWHUURJDWHXU��/«YROXWLRQ�GH� FHWWH� UHODWLRQ�HVW� XQH�EDVH�SRXU�WUDLWHU�OHV�U«SRQVHV�GH� ODSSHODQW�DX[�TXHVWLRQV� GX� U«SRQGDQW� FRPPH� GHV�FRPSWH�UHQGXV��RX�GHV�m�LQIRUPDWLRQV�}��

/D�P«FRPSU«KHQVLRQ��SDU�&�� GX� VHQV�GHV� LQWHUURJDWLRQV�SRUWDQW� VXU�OH�SUREOªPH��HW� OD�SRVWXUH�RSSRVLWLRQQHOOH�TXL� HQ� D�U«VXOW«�� RQW�FRQGXLW�¢�XQH� GLVSXWH� TXL� D�G«VRUJDQLV«�ODFWLYLW«�TXL� VXVFLWH�HW� VRXWLHQW� FHWWH� UHODWLRQ� �FHVW�XQ� H[FHOOHQW�H[HPSOH�GH�OD�PDQLªUH� GRQW�OD� SDUROH�FRQVWLWXH�QRQ� VHXOHPHQW�GHV� DFWLYLW«V�VRFLDOHV� SDUWLFXOLªUHV�� PDLV� «JDOHPHQW�OHV�LGHQWLW«V� UHODWLRQQHOOHV�GHV�PHPEUHV�SU«VHQWV��� &HWWH�GLVSXWH�� DYHF�VHV�DFWLYLW«V�FD

UDFW«ULVWLTXHV� �FRQWUHGLUH�H[SOLTXHU�UHMHWHU���HVW�GHYHQXH�OHQMHX�RIILFLHO�GH�ODSSHO��HW�ODFWLYLW«�TXL�SU«F«GDLW�VRQ� «PHUJHQFH�D�«W«�VXVSHQGXH�SHQGDQW�OH�WHPSV� R»�OHV�SDUWLFLSDQWV� IDLVDLHQW�GXUHU� OD�V«TXHQFH�GH� OD�

GLVSXWH� ������(Q�FH� VHQV��ODFWLYLW«�GLQWHUURJDWLRQ��V

«TXHQWLHOOHPHQW� RUJDQLV«H� GDQV�FH� W\SH�GHQYLURQQHPHQW�FRQYHUVDWLRQQHO�FRPPH�XQH� V«ULH� LQV«U«H�GH�SDLUHV�GH� W\SH�TXHVWLRQ�U«SRQVH�� D�«W«�FRQWDPLQ«H�GDQV�FHW�DSSHO� SDU� XQ� DXWUH� W\SH�GDFWLYLW«�� TXL�PDQLIHVWH�XQ�WUDLWHPHQW�GLII«UHQW�GH�OD�VLWXDWLRQ��XQH�GLVWULEXWLRQ� GLII«UHQWH� GLGHQWLW«V�GLVFXUVLYHV�� HW�XQ�HQVHPEOH�GLII«UHQW�GH�FRPSRVDQWHV� HW�GH� WUDMHFWRLUHV�������&HVW�ODFWLYLW«� GH� OD�GLVSXWH��SOXW¶W� TXH�FHOOH� GH�m�OLQIRUPDWLRQ� }�� TXL�IRXUQLW�PDLQWHQDQW� OH�FRQWH[WH� SHUWLQHQW� DX�VHLQ�GXTXHO� OHV� DFWLRQV� GHV�SDUWLFLSDQWV� VRQW�SURGXLWHV�HW�FRPSULVHV�� /H�SRLQW�SHUWLQHQW� HVW�TXH�OHV�DFWLRQV�TXL� SHXYHQW�¬WUH� YXHV�HW� WUDLW«HV��GDQV�XQ� FHUWDLQ� FRQWH[WH�� FRPPH� XQ�W\SH�SDUWLFXOLHU�GH� WHQWDWLYH�� SHXYHQW�UHFHYRLU�GDQV�XQ� DXWUH� FRQWH[WH�XQ� WUDLWHPHQW� WUªV�GLII«UHQW�� 8Q�SULQFLSH� J«Q«UDO� HVW� ¢�ORHXYUH�LFL� �� OH� G«YHORSSHPHQW�V«TXHQWLHO�GXQH�DFWLYLW«�ODQJDJLªUH�HVW� FULWLTXH�SRXU�OD�G«WHUPLQDWLRQ� GH� VRQ� VWDWXW�HW� GH� VHV�FRQV«TXHQFHV�� SRXU�FH�TXHOOH�HVW��HW�SRXU�OHV� HIIHWV� XOW«ULHXUV�TXHOOH�SURGXLUD�� 3DU�FRQV«TXHQW��GHV�«QRQF«V��TXL�SDUDLVVHQW�LQ��IRUPDWLIV��PDLV�TXL�RQW� OLHX�GDQV�GLII«UHQW�W\SHV� GH�FRQWH[WHV�V«TXHQWLHOV��SHXYHQW�WUªV�ELHQ�QH�SDV�IRQFWLRQQHU�SRXU�OHV�SDUWLFLSDQWV� HQ� SUHPLHU�OLHX� FRPPH� GHV� LQIRUPDWLRQV�� PDLV�FRPPH�GDXWUHV� W\SHV�GDFWLYLW«�� SDU� H[HPSOH� GHV� ULSRVWHV�� GHV�DFFXVDWLRQV��GHV�H[FXVHV��HW�DLQVL�GH�VXLWH��

3DU�H[HPSOH��GHX[�«QRQF«V� VXSSO«PHQWDLUHV�TXL�SRXUUDLHQW� ¬WUH� DQDO\V«V�FRPPH�GHV�LQIRUPDWLRQV� FRQFHUQDQW� OH�SUREOªPH�DSSDUDLVVHQW�GDQV�OH�VHJPHQW�GX� FRQWU¶OHXU��DX[�OLJQHV��������m����DYDQW�TXHOOH�QH�PHXUH���� }��� HW� ������ �m� ���QH� SHXW�UHVSLUHU���}���&HSHQGDQW��FHWWH�V«TXHQFH�HVW�DXVVL�PDUTX«H�SDU�XQH�GLVSXWH��ϒ�HW�OH�VXS«ULHXU� �6��GH�1�SRXUVXLYDQW� OD�GLVFXVVLRQ�VXU�GHV� EDVHV�YLUWXHOOHPHQW� LGHQWLTXHV�� 6�VH�IRFDOLVH� VXU�OH�m�PDQTXH�GH� FRRS«UDWL��YLW«� }� GH�ϒ�HW� VD� m� JURVVLªUHW«� }��WDQGLV�TXH�ϒ�UHOªYH�ODEVHQFH�GH�FODUW«�TXDQW� DX[�FRQGLWLRQV� H[DFWHV�GH�OHQYRL�GXQH�DPEXODQFH��OLJQHV�������� ��������2Q� OXL�HQMRLQW�

���� -())(5621������������ -())(5621�HW�/((�� �������������

����

GH� U«SRQGUH�DX[�TXHVWLRQV� SRV«HV�SDU�1��OLJQHV�������������'H�SOXV�� OD�U«SOLTXH�GH� ϒ��OLJQHV� ����

����� ¢� FHWWH�U«SRQVH��HW� OD�U«SRQVH�GH� 6��OLJQHV����������¢�FHWWH�U«SOLTXH�� DSSRUWHQW�XQH�SUHXYH�HQFRUH�SOXV� VDLVLVVDQWH� GH� OD�FRQWDPLQDWLRQ�GH� ODFWLYLW«�SDU�XQH� GLVSXWH�� ϒ�FRPPHQFH�¢� IRXUQLU� XQH� OLVWH�GH�V\PSW¶PHV�� GRQW� OH�SUHPLHU�UDSSHOOH�TXH�VD�EHOOH�PªUH�m� D� GHV�GLIILFXOW«V� ¢� UHVSLUHU�}�� PDLV�LO� HVW� LQWHUURPSX�SDU� 6�� TXL�QDFFRUGH�DXFXQH�DWWHQWLRQ�DX� VWDWXW�LQIRU��PDWLI�GH�FHV�SU«FLVLRQV�� 6�WUDLWH�FH�WRXU� GH�SDUROH�GH�ϒ�FRPPH�XQH�G«PRQVWUDWLRQ�GH�VD�YRORQW«�GH�FRRS«UHU��HW�WUDQVPHW�GH�QRXYHDX� ODSSHO�¢�1�� FRQVHLOODQW�¢�ϒ�GH� UHVWHU�SROL� DYHF�HOOH��3RXU�6�� ODIIDLUH�¢�U«JOHU�HVW�ELHQ� OD�JURVVLªUHW«�GH�&�� HW�� SOXV�J«Q«UDOHPHQW��OD�GLVSXWH�FRQV«FXWLYH�¢� O«FKHF� GH�ODOLJQHPHQW�FRUUHFW�GH�ϒ�SDU�UDSSRUW� ¢�1��HW�QRQ�SDV�O«WDW�GH� VDQW«� GH� OD�EHOOH�PªUH�GH�ϒ�/HV� WRXUV� GH�SDUROH�TXL� HQFOHQFKHQW�

O«FKDQJH�HQWUH�ϒ�HW�6�VRQW�«JDOHPHQW�GXQ�LQW«U¬W� DQDO\WLTXH�FRQVLG«UDEOH�� FDU�LOV�QRXV� DLGHQW� ¢� FRPSUHQGUH�FRPPHQW� OHXU�«FKDQJH�HQ�YLQW� ¢� VH�IRFDOLVHU�SU«FLV«PHQW�VXU� FH�SRLQW��$ORUV�TXXQ�FKDQJHPHQW�GHV�SDUWLFLSDQWV�¢�XQH�GLVSXWH�RIIUH�XQH�RSSRUWXQLW«�GH� OD�FORUH�� RX�WRXW� DX�PRLQV�GH� OD�VXVSHQGUH��SXLVTXXQ�GHV� GHX[�GLVSXWDQWV�Q\�HVW� SOXV� LPSOLTX«��XQH� WHOOH� LVVXH�G«SHQG� HQ� IDLW� GX�PDLQWLHQ�� SDU� OH�QRXYHDX�SDUWLFLSDQW��GXQH�VWULFWH�QHXWUDOLW«�SDU�UDSSRUW� ¢� OREMHW�GH�OD�GLVSXWH��'DQV�FHW�DSSHO��6� DXUDLW�SX�QH� SDV�VH�m�P¬OHU� }� GH� OD�GLVSXWH� DQW«ULHXUH�� HW� SRXUVXLYH� OLQWHUURJDWLRQ�GH�&�� ,O� DXUDLW�DLQVL�HQWUHSULV�XQ�HIIRUW�LQG«SHQGDQW� SRXU�G«WHUPLQHU�VL� OHQYRL�GXQH�DPEXODQFH�«WDLW�MXVWLIL«��8Q�H[DPHQ�SU«FLV� GHV�SUHPLHUV� WRXUV�GH�SDUROH�PRQWUH�FRPPHQW�HW�SRXUTXRL�FHOD�QH� VHVW�SDV�FHSHQGDQW� SURGXLW��

6�FRPPHQFH�VRQ�«FKDQJH�DYHF�ϒ�SDU�XQ�VLPSOH� m� $OO¶�}��OLJQH� �����TXL�PDQLIHVWH�VD� GLVSRQLELOLW«�SRXU� LQWHUDJLU�� &RPPH�m� DOO¶� }� SHXW� ¬WUH� HQWHQGX�� GDQV� FH�FRQWH[WH�� FRPPH�XQ� «QRQF«�GX�W\SH� m� U«SRQVH� ¢� XQH� VRPPDWLRQ�}�� LO� UHQG� SHUWLQHQWH� XQH� U«SRQVH�GH� ϒ�DX�WRXU� VXLYDQW��TXL�SU«VHQWH�XQH�UDLVRQ�MXVWLILDQW� OD� VRPPDWLRQ� GH�6��3DU�FRQV«TXHQW�� OD�U«SRQVH� ¢�OD�TXHVWLRQ� m�SRXUTXRL�FHWWH�LQWHUDFWLRQ�"�}�

�VRQ�WKªPH� FHQWUDO�� HVW� XQ� LWHP�TXH�ϒ�HVW�VXSSRV«�DSSRUWHU�¢� FH�PRPHQW��8Q�«QRQF«�GRXYHUWXUH�GH� OD�SDUW� GH� 6�� VRXV� OD�IRUPH�Ñ�XQH�TXHVWLRQ�VROOLFLWDQW�GH�OLQIRUPDWLRQ�VXU�OD�UDLVRQ�GH� OXUJHQFH�P«GLFDOH�� DXUDLW�UHQGX� SHUWLQHQWH� XQH�U«SRQVH� GH�ϒ�TXL�VH�VHUDLW�FHQWU«H� VXU�FHWWH� TXHVWLRQ� HW�TXL�DXUDLW� Q«JOLJ«� OD�GLVSXWH�SU«F«GHQWH�� 'H�IDLW�OH�m�$OO¶�}� GH�6�SURFXUH�¢�ϒ�ORSSRUWXQLW«�GLQWURGXLUH� XQH�QRXYHOOH� IRLV� GDQV�OD�FRQYHUVDWLRQ�FHUWDLQV�REMHWV�GH�OD�GLVSXWH��&HVW�MXVWHPHQW� FH� TXL�HVW� IDLW�SDU�

O«QRQF«�GH�ϒ� �� m�4XH�GRLV�MH� IDLUH�SRXU�U«XVVLU� ¢� DYRLU� XQH� DPEXODQFH� LFL"� }��OLJQHV� �������� 3RXU�XQH�SDUW�� ϒ�VH� SODLQW�GHV�DFWLRQV�GH�1�HW�GX�WUDLWHPHQW�DFFRUG«�¢�VD�GHPDQGH�GDLGH�� ,O� U«DIILUPH� DXVVL�LPSOLFLWHPHQW� OD�SRVLWLRQ�SULVH�ORUV�GH� VD�GLVSXWH� DYHF� 1�� (Q� V�RULHQWDQW�GH� FHWWH�PDQLªUH� GDSUªV� OH�SU«F«GHQW�FRQIOLW�� HW� HQ�XWLOLVDQW� GDQV� VRQ�«QRQF«� OH�IRUPDW� GXQH�TXHVWLRQ��TXL�SURMHWWH�� FRPPH�SURFKDLQ�WRXU� SHUWLQHQW��XQH�U«SRQVH� ¢� VD�SODLQWH��ϒ�PDLQWLHQW� OD�GLVSXWH� �� O«QRQF«�VXLYDQW� GH�6��m� YRXV�GHYH]�U«SRQGUH�DX[�TXHVWLRQV�GH�OLQILUPLªUH� }� �OLJQH������U«DIILUPH� H[DFWHPHQW�OD�SRVLWLRQ� DGRSW«H�SDU�1��&�QH� FRRSªUH� SDV��� WRXW�HQ� DGPRQHVWDQW�ϒ�HQ� IDYHXU� GH�OLQILUPLªUH��

/RUVTXH�1�UHYLHQW�HQ�OLJQH� �OLJQH������ ��FHVW�OH� G«EXW�GH�FH�TXH�QRXV�DYRQV�DSSHO«�OH� VHFRQG� VHJPHQW�GH� OLQILUPLªUH��� HOOH�TXHVWLRQQH�ϒ�VXU�OHV�DQW«F«GHQWV�P«GLFDX[�GH�OD�YLFWLPH��OLJQHV�����������HW�OLQWHUDFWLRQ�UHSUHQG� VRXV� OD�IRUPH� GXQH�V«ULH�LQWHUURJDWLYH�� &HSHQGDQW�� FHOOH�FL�VDUU¬WH� ¢�OD�OLJQH� ����� TXDQG�1�U«SªWH� VD�GHPDQGH�GH�SDUOHU� ¢�OD�YLFWLPH�� TXH�UHMHWWH�XQH�QRXYHOOH� IRLV�&�� DX�PRWLI�TXH�VD�EHOOH�PªUH�HVW�LQFRPSU«KHQVLEOH� �OLJQH� ������3RXU�¬WUH�EUHIV�� QRXV� GLURQV� TXH�OD�SRXUVXLWH�GH� OD�GLVSXWH� DERXWLW�¢�XQH�LPSDVVH��HW�TXH�&��DX�YX� GH� VRQ� LQFDSDFLW«�¢� REWHQLU�OHQYRL�GXQH� DPEXODQFH��LQWHUURPSW� ODSSHO�� HQ�LQGLTXDQW� TXLO�YD�FKHUFKHU� GH�ODLGH�DLOOHXUV��&H� VHJPHQW� FRQWLHQW�GHV� «QRQF«V�TXL� U«LWªUHQW� OLQIRUPDWLRQ� VXU� O«WDW�GH�VDQW«�GH� OD�YLFWLPH� �OLJQHV� ����� �������������� ��������� �� PDLV�� GH� P¬PH�TXH� OHV�SU«F«GHQWHV� WHQWDWLYHV�� LOV� DSSDUDLVVHQW�FRPPH�GHV�FRPSRVDQWHV�GXQH� V«TXHQFH�GH� GLVSXWH� GDQV� ODTXHOOH� OHXU�ILDELOLW«��FRPPH�FHOOH�GH� OHXU�«QRQFLDWHXU��HVW� HQ�

���� ᒫ�

MHX��FH� TXL� HPS¬FKH� GH� OHV� HQWHQGUH�FRPPH� GHV�SU«VHQWDWLRQV�GH�m�V\PSW¶PHV�SULRULWDLUHV�}��

'RQF��OD�GLVSXWH�FRQWLQXH�TXL� FDUDFW«ULVH�FHW�DSSHO�QH�SURGXLW�SDV�VHXOHPHQW�XQ�UHWDUG�GDQV�OHQYRL�GH�τ�DPEXODQFH��HQ�PRGLILDQW� OH�FRQWH[WH�V«TXHQWLHO�GH�OD�FRQYHUVDWLRQ��HOOH�FKDQJH�OH�VWDWXW� G«QRQF«V�TXL�DXUDLHQW�SX� DXWUHPHQW� ¬WUH� HQWHQGXV�FRPPH� DXWDQW� GH�SU«VHQWDWLRQV�GXQH�LQIRUPDWLRQ� FULWLTXH� VXU� XQH�XUJHQFH�P«GLFDOH��(Q�RXWUH�� XQH�IRLV� FRPPHQF«H��XQH�GLVSXWH� HVW�VRXPLVH�¢� VD�SURSUH�RUJDQLVDWLRQ�LQWHUQH� �� HOOH�SHXW�DEVRUEHU�WRXWH�ODWWHQWLRQ� HW� O«QHUJLH� GH� VHV� SDUWLFLSDQWV��

FRPSURPHWWDQW�DLQVL�OD�UHSULVH� GH�OD�WUDMHFWRLUH�RUGLQDLUH� GXQ�DSSHO�GXUJHQFH�������

/H�VHFRQG�DSSHO�

8QH�WHOOH� m� WUDMHFWRLUH� RUGLQDLUH�}� HVW�VXLYLH��SRXU�OHVVHQWLHO��SDU� XQ� VHFRQG�DSSHO� U«FODPDQW�XQH� DPEXODQFH�SRXU�OD�P¬PH�YLFWLPH�� HW�WUDLW«� SDU� OH�P¬PH�'�HW�OD� P¬PH� 1�� ,QWHUYHQDQW� VHXOHPHQW�TXHOTXHV�PLQXWHV�DSUªV�OH�SUHPLHU��FH�QRXYHO�DSSHO��SDVV«�SDU�OH� FR�ORFDWDLUH� �5��GH�&��VH�G«URXOH�GH�ID©RQ�URXWLQLªUH�MXVTX¢�FH�TXH�1�G«FRXYUH�TXLO�VDJLW�GH�OD�P¬PH�YLFWLPH���

������������������������

������������������������������������������������������������������������

'������5��

���

1��

6HUYLFH� GHV� SRPSLHUV� GH� 'DOODV�

$OO¶� HXK�� MDL�EHVRLQ�GXQH� DPEXODQFH� �� ��TXHOTXXQ� VHPEOH� DYRLU� SUHVTXH� DUU¬W«� GH�UHVSLUHU"�����'DFFRUG�SRXUULH]�YRXV� H[SOLTXHU� ¢� OLQILUPLªUH�GH�TXHO� SUREOªPH� LO� VDJLW� VLO�YRXV� SOD°W�� HW� HOOH�YD�YRXV� DLGHU�������'��DFFRUG���������!� 1H� TXLWWH]� SDV� ��������$OO¶"��������� �� �

���LQILUPLªUH� GX� VHUYLFH� GHV�SRPSLHUV�� MH�YRXV� «FRXWH"�������2XL�� HXK��� LO�\� D� XQH� SHUVRQQH� LFL�TXL� ����VRLW����� �� UHVSLUH� WUªV� IDLEOHPHQW� RX� ���� �� SDV� GX�WRXW� ������ HW��� QRXV YRXGULRQV� XQH� DPEXODQFH�SRXU� OD�WUDQVSRUWHU�¢� OK¶SLWDO��������$� TXHOOH� DGUHVVH"�������4XDUDQWH� HW� XQ� WUHQWH� QHXI� KD\HUIRUG� GULYH����� +�� D�� Y�� H�� I�� R�� U�� G��������&HVW� GX� F¶W«� GH� �GH:HVWYLHZ�� ������ DSUªV�/LQFROQ� 5RDG��������

�����-())(5621��������� ���������

����

4XHO� HVW� OH�QXP«UR� GH� W«O«SKRQH"�7URLV� GHX[� QHXI�� WURLV� GHX[� GHX[� FLQT��������(OOH�UHVSLUH� IDLEOHPHQW"�������+HX� SUHVTXH� SDV� GX� WRXW��������([FXVH]��PRL"�������MH�QDL�ULHQ� GLW� M«WDLV� HQ� WUDLQ� GH� SDUOHU� ¢� PRQ�FR�ORFDWDLUH� ���� FHVW� VD�PªUH��������(WHV�YRXV� OH� P¬PH� MHXQH� KRPPH� ¢� TXL� MDL�SDUO«�WRXW� ¢� OKHXUH"�(XK�� QRQ� FHVW�PRQ� FR�ORFDWDLUH��������$KDK� ������ 3RXUTXRL�HVW�FH� TXH� MH�QH� SHX[� SDV�SDUOHU�¢� OD� GDPH"�������(OOH�QH� SHXW� SDV� SDUOHU�����3RXUTXRL"�������HOOH�HVW� LQFR�MH�YHX[� GLUH� HOOH� QHVW� !SDV� HQ�«WDW� ��������(Q� IDLW� LO�DUULYH� LFL�� LO�SHQVH� TXHOOH�HVW�PRUWH���4XH� YRXOH]�YRXV� GLUH� SDU� TXHOOH�QH� SHXW� SDV"������� ��� RQ� HQWHQG� ϒ� GDQV� OH� IRQG�� mHOOH�HVW�PRUWH}�� ��,QFRPSU«KHQVLEOH���������GDQV� OH� IRQG�� PDLV� V�DSSURFKDQW� GX� U«FHSWHXU���HOOH�HVW�PRUWH�PDLQWHQDQW�� 0HUFL� P�GDPH�� 3RXUULH]��YRXV� VLO�YRXV� SOD°W� HQYR\HU� XQH� DPEXODQFH"�������

�� ϒ��� �� �HQFRUH�GDQV� OH� IRQG�� PDLV� ¢� F¶W«� GX� U«FHSWHXU������ 3RXUULH]�YRXV� VLO�YRXV� SOD°W� HQYR\HU� XQH�

DPEXODQFH� LFL"�����MH�YHX[�GLUH� VL� TXHOTXXQ� QH� SHXW� SDUOHU�� LO� QH�SHXW� SDUOHU���������-H��

>�2Q� QH� SHXW� SDV� DK� RQ� QH� SHXW� DUULYHU� ¢��DYRLU�

XQH� U«SRQVH�GHOOH��������3RXUULH]�YRXV� VLO�YRXV� SOD°W� HQYR\HU� XQH�DPEXODQFH� DYHF�XQH� DLGH�P«GLFDOH"�������,OV� VRQW� HQ� URXWH��

����������������������������������������������������

������������������

�������������������������������������

1�5�

1�

5�

1�

5�

1�

5�

1�

5�

1�

5�

1�

5�

ϒ�

������

������

������������

������

5�

1�

5�

1�

����

���������

5��������0HUFL����� �G«FRQQH[LRQ����

'DQV� FHW�DSSHO��5�U«FODPH� DXVVL�XQH�DPEXODQFH��PDLV�H[SRVH�O«WDW�GH� VDQW«� GH�OD�YLFWLPH� �OLJQHV�������/RUVTXH�1�SUHQG�ODSSHO��HOOH�FRPPHQFH�SDU�XQH� DXWR�LGHQWLILFDWLRQ�FDW«JRULHOOH� �OLJQH� �����FRPPH�DX�FRXUV�GX�SU«F«GHQW�DSSHO�� &HSHQGDQW��DX�OLHX�GH�GHPDQGHU�ODGUHVVH��HOOH�GLW�m�-H�YRXV�«FRXWH� }�� ¢� TXRL�5�U«SRQG�SDU� XQ�VHFRQG� H[SRV«�GX�SUREOªPH� �OLJQHV���������/HV�TXHVWLRQV� VH�UDSSRUWDQW� ¢�OD� ORFDOLVDWLRQ�GH� OD�VFªQH�HW� ¢� O«WDW�GH� VDQW«�GH� OD�YLFWLPH�VXLYHQW�DORUV� �OLJQHV��������� ,O�UHVVRUW� GH� OLQIRUPDWLRQ� GLYXOJX«H� �����HW�GH�FH�TXH�1�G«FODUH�¢�ϒ��TXL� HVW�UHYHQX�HQ�OLJQH���¢�OD�OLJQH������XQH�DPEXODQFH�HVW�HQ�FKHPLQ��m�LOV� VRQW�HQ�URXWH�}���TXH�ODPEXODQFH�DYDLW�«W«� HQ� IDLW�HQYR\«H� GXUDQW�FHV�TXHVWLRQV��RX�ELHQ� LPP«GLDWHPHQW�DSUªV��&HVW�XQ� SHX�DSUªV� TXH�1�G«FRXYUH�TXLO�VDJLW�GH� OD�P¬PH�YLFWLPH�� HW� GH� OD�P¬PH�ORFDOLVDWLRQ�GH�ODSSHO��OLJQHV���������� HW�OD�GLVSXWH�UHSUHQG�� SUDWLTXHPHQW� DX� PRPHQW�R»�HOOH�DYDLW� «W«� DEDQGRQQ«H� ORUV�GX�SUHPLHU� DSSHO�� 'RQF�� ORUVTXH� OHV� «O«PHQWV�GXQH�GLVSXWH� VRQW�DEVHQWV��HW�TXH�ORUJDQLVDWLRQ�GH�ODSSHO�VH�IDLW�VHORQ�VD�IRUPH�URXWLQLªUH�� XQH�LQIRUPDWLRQ�IRXUQLH� ¢�SHX�SUªV�GDQV� OHV�P¬PHV�WHUPHV� VHUW� HIIHFWLYHPHQW�¢�LQIRUPHU��

'LVFXVVLRQ�

1RXV�DYRQV�G«PRQWU«� FRPPHQW�XQH�LQWHUDFWLRQ� VLQJXOLªUH��SDUWLFXOLªUHPHQW�GUDPDWLTXH�� HQ� HVW� YHQXH�¢� DGRSWHU� OD�WUDMHFWRLUH�HW�OLVVXH�TXL�IXUHQW�OHV� VLHQQHV�� FHVW�¢�GLUH�� FRPPHQW� �SRXU�UHSUHQGUH� OD�TXHVWLRQ�SRV«H�SDU�7HG�.RSSHO�� m� FH�JHQUH�GH�FKRVH�SHXW�DUULYHU�}��&HV�GRQQ«HV�DXUDLHQW�SX�IDLUH� OREMHW�GXQH�DQDO\VH� VDWWDFKDQW�DX[�GLII«UHQWV� FDUDFWªUHV� HW� FDSDFLW«V� GHV�LQGLYLGXV�FRQFHUQ«V�� RX�HQFRUH�GXQH�UHFKHUFKH� SRUWDQW� VXU� OD�G\QDPLTXH�SV\FKRORJLTXH� SOXV� J«Q«UDOH�� HQ� WHUPHV�

WLRQ�� GDJUHVVLRQ��HW� GH�SU«VHUYDWLRQ�GH� OD�IDFH��1RWUH� DQDO\VH� D� VXLYL� XQH�WRXWH�DXWUH�YRLH�� 1RXV�DYRQV� G«IHQGX�OLG«H� TXH�GH�WHOV� LQFLGHQWV�GHYDLHQW�¬WUH� H[DPLQ«V�HQ�WDQW�TX«Y«QHPHQWV�VRFLDX[��HW�TX�HQ�DQDO\VDQW� OH�G«URXOHPHQW�GH�FHV�«Y«QHPHQWV��QRXV� GHYLRQV�QRXV� SHQFKHU��QRQ�SDV��VXU�OHV� LQGLYLGXV� HW� OHXUV� FDUDFWªUHV��PDLV� VXU�OD�PDFKLQHULH�LQWHUDFWLRQQHOOH� �OHV� SUDWLTXHV�� IRUPHOOHV� HW� RUGRQQ«HV�� GHV�«FKDQJHV�GH� SDUROHV� �TXL� SHUPHW� GH�FRQVWXLUH� FHV�«Y«QHPHQWV�� HW�TXL�UHQG� OHXU�VWUXFWXUH�VRFLDOH�REVHUYDEOH��

(Q�FRQFHQWUDQW�QRV�HIIRUWV� VXU�ODQDO\VH�GH� ODSSHO�GH�'DOODV��HW� VXU� VRQ�RUJDQLVDWLRQ�VRFLDOH�VRXV�MDFHQWH��QRXV�DYRQV�FKHUFK«�¢�H[SOLTXHU�FH�TXH�OHV� SDUWLFLSDQWV� ¢�FHW� «FKDQJH� RQW�U«DOLV«� ¢� WUDYHUV� OHXU�FRQYHUVDWLRQ��HW� ¢�DQDO\VHU�FRPPHQW� LOV�ORQW�IDLW�� 1RWUH�DQDO\VH�VHVW�DSSX\«H� VXU�OD�FRPSU«KHQVLRQ�GH� FHW� «SLVRGH�PDQLIHVW«H�SDU�OHV� SDUWLFLSDQWV� �� 1RXV�DYRQV�H[SORU«� HQ� G«WDLO� O«ODERUDWLRQ�GH� OD�WUDMHFWRLUH�GH� OLQWHUDFWLRQ�SDU� OHV�SDUWLFLSDQWV��GRQW�OHV� SRVLWLRQQHPHQWV�RQW� «W«�HX[��P¬PHV�ID©RQQ«V�SDU�FHWWH�WUDMHFWRLUH� ������1RWUH�WUDYDLO� D�PRQWU«� TXH�OHV�SDUWLFLSDQWV�RQW�FRPSULV�WRXW�¢�IDLW�GLII«UHPPHQW�FH�TXL�DUULYDLW�� HW� RQW�QRXUUL�GHV� DWWHQWHV� GLII«UHQWHV� VXU�FH�TXL� «WDLW� VXSSRV«�VH�SDVVHU�GDQV�FHWWH� FRQYHUVDWLRQ��7RXW�DX� ORQJ�GH�OLQWHUDFWLRQ�� OHV�FRQWULEXWLRQV� FRQYHUVDWLRQQHOOHV� GH� ODSSHODQW�HW� GH� OLQILUPLªUH��GLVSDWFKHU��DLQVL�TXH�GH� VRQ�VXS«ULHXU��QRQW�IDLW� TX«WHQGUH�HW� DSSURIRQGLU�FH�QRQ�DOLJQHPHQW�� &HWWH�DEVHQFH�GDOLJQHPHQW�HVW� ¢� ORULJLQH�GH� OD�GLVSXWH� TXL�D�FRQWDPLQ«�HW�WUDQVIRUP«� ODFWLYLW«�GHV�SDUWLFLSDQWV� �� OD�UHFKHUFKH�HW�ODSSRUW� GLQIRUPDWLRQV� VXU�O«WDW�GH�VDQW«� GH�OD�EHOOH�PªUH�GH�ODSSHODQW�RQW�«W«�VXSSODQW«V�SDU�OD�GLVSXWH��

1RXV� DYRQV�PRQWU«� TXDQG�HW� FRPPHQW�OHV�PRWV� SHXYHQW� m� «FKRXHU�}�� QRQ� SDV� DX�

���� +8//������������ 6&+(*/2))�������E��������

����

VHQV� R»� LOV�QRQW�SDV�«W«� HQWHQGXV�RX�FRPSULV��PDLV�DX�VHQV�R»�LOV�QRQW�SDV�U«XVVL� ¢�DFFRPSOLU�OD�m� VLJQLILFDWLRQ� }� TXRQ�DXUDLW�SX� \� YRLU�GXQ�SRLQW�GH�YXH� V«PDQWLTXH��/«O«PHQW�FUXFLDO�TXL�G«FLGH�GX� VWDWXW� GHV�PRWV�HW�GHV�FRQV«TXHQFHV�TXLOV�RQW�GH�IDLW�HVW� OH�FRQWH[WH� V«TXHQWLHO� GDQV� OHTXHO� LOV�VRQW�SURGXLWV�� DLQVL�TXH�OH�WUDLWHPHQW�ORFDO�HW�LQWHUDFWLRQQHO�TXLOV�UH©RLYHQW�GH�FH� IDLW��'DQV�FHW�H[HPSOH��OHV�«O«PHQWV�GLQIRUPDWLRQ�GRQQ«V� SDU�ODSSHODQW�QRQW�SDV�IRQFWLRQQ«� FRPPH�GHV�GHVFULSWLRQV�GH� V\PSW¶PHV� SULRULWDLUHV�� SDUFH� TXLOV� RQW� «W«� HQ�JUDQGH�SDUWLH�LQV«U«V�SODF«V�GDQV�GHV�SRVLWLRQV� V«TXHQWLHOOHV�R»� LOV� RQW� FRQWULEX«� ¢�QRXUULU�XQH�GLVSXWH�RX�XQH�RSSRVLWLRQ� �LOV�RQ�«W«�HQWHQGXV� HW�WUDLW«V� DLQVL�SDU�OHV�SDUWLFLSDQWV��� 'H�SOXV��QRXV�DYRQV�PRQWU«�TXH�O«PHUJHQFH�HW� OH�PDLQWLHQ�GXQH� GLVSXWH��HW� OD�FHVVDWLRQ� GH� ODSSHO�VDQV� HQYRL�GH�ODPEXODQFH�� QH� UHOHYDLHQW�SDV�GH� OD�UHVSRQVDELOLW«� SDUWLFXOLªUH� GXQ�LQGLYLGX��/D�FRQYHUVDWLRQ�� \� FRPSULV� OHV�DSSHOV� ¢� GHV�QXP«URV�GXUJHQFH��HVW�ORFDOHPHQW�RUJDQLV«H��&KDTXH�WRXU� GH�SDUROH� VXFFHVVLI�GXQ�SDUWLFLSDQW�� DX�FRXUV�GH� O«FKDQJH�PHQDQW�¢� OD�GLVSXWH� HW� GDQV� OD�GLVSXWH� HOOH�P¬PH��GRQQDLW�XQH�RSSRUWXQLW«� GH� ODLVVHU�WRPEHU�RX�GH�U«SDUHU� WRXWH� m� RIIHQVH�YLUWXHOOH� }��GDJJUDYHU�RX�GH�PLQLPLVHU� OH�FRQIOLW�� GHV�RXWLOV� «WDQW� GLVSRQLEOHV�SRXU� FKDFXQH�GH�FHV�RSWLRQV���

1RXV�FUR\RQV�TXH� FHWWH� DQDO\VH�D� XQH�SRUW«H�SOXV�J«Q«UDOH� HW�TXHOOH�QRXV� DLGH�¢�FRPSUHQGUH�FRPPHQW� HVW�REWHQXH�ODLGH�GH�VHUYLFHV� GXUJHQFH�P«GLFDX[�HW� GH� OD�SROLFH�� ¢� TXHO�SRLQW� VRQW� YXOQ«UDEOHV� OHV�«FKDQJHV�GH�SDUROHV�¢� WUDYHUV� OHVTXHOV�FH�SURFHVVXV�HVW�U«DOLV«��HW�FRPPHQW�VRQW�RUJDQLV«HV� SOXV� ODUJHPHQW�GHV�DFWLYLW«V�SURIHVVLRQQHOOHV� GRQW�OD�PLVVLRQ�HVW�GH�U«SRQGUH� ¢�GHV�SUREOªPHV� VRFLDX[�RX�G\�UHP«GLHU��&HWWH�DQDO\VH�D�DWWHLQW�FH�EXW�SDU�XQ�H[DPHQ�G«WDLOO«�GXQ�«SLVRGH� LQWHUDFWLRQQHO� VLQJXOLHU��&HV�UHPDUTXHV�QH�YLVHQW�SDV� ¢�DSSRUWHU�GHV� U«VHUYHV� ¢�ODQDO\VH��HQ� VRXOLJQDQW�� SDU�H[HPSOH�� TXLO� VH� SRXUUDLW�TXH�ODSSHO�GH�'DOODV�QH�VRLW�SDV�m� UHSU«VHQWDWLI�}�GH�OHQVHPEOH� GHV� DSSHOV�GDLGH�� FDU�XQH�WHOOH�

VHUYDWLRQ�SDVVHUDLW�WRWDOHPHQW�¢� F¶W«�GH�ODUJXPHQW��1RXV� YRXORQV�SOXW¶W� VRXOLJQHU�FRPPHQW� ODQDO\VH� GH�FDV�VLQJXOLHUV� SHXW�DYRLU�XQH�SRUW«H�SOXV�J«Q«UDOH��

&H�VRQW� ¢� OD�IRLV� ORUJDQLVDWLRQ�HW�OH�FDUDFWªUH� RUGRQQ«�� FODLUHPHQW�SU«VHQWV� GDQV�OHQVHPEOH�GHV� LQWHUDFWLRQV� ODQJDJLªUHV�� HW�OHV� FDUDFW«ULVWLTXHV� LGLRV\QFUDWLTXHV�G«FKDQJHV�GH�SDUROHV�VS«FLILTXHV��TXL�VRQW�DFFRPSOLV�DX�FDV� SDU�FDV� SDU�OHV� SDUWLFLSDQWV�¢� WUDYHUV� OXVDJH�GH�SUDWLTXHV� J«Q«UDOHV� HW� IRUPHOOHV�� &HVW�FH�TXL�IRXUQLW� ¢�FHX[� TXL�«WXGLHQW� ODFWLRQ�VRFLDOH�XQ� HQVHPEOH� GRXWLOV� DQDO\WLTXHV� SXLVVDQWV��'DQV�OD�PHVXUH�R»�QRWUH�LQW«U¬W�� HQ� DQDO\VDQW�XQ� FDV�VS«FLILTXH�� VH�SRUWH� VXU� OD�ID©RQ� GRQW� FHV�UHVVRXUFHV� IRUPHOOHV� RQW� «W«�XWLOLV«HV�SRXU�OXL�GRQQHU�OD�IRUPH�TXLO�YLQW�¢� DYRLU���FH�TXH�QRXV�DSSUHQRQV� D�XQH�SRUW«H�HW� XQH�SHUWLQHQFH� WUªV� J«Q«UDOHV��&DU�QRWUH� FRQQDLVVDQFH� LQFRUSRUH�DORUV� XQH�VHQVLELOLW«�¢�FHV� FDUDFW«ULVWLTXHV�SDUWLFXOLªUHV��FRPPH�¢� OD�PDFKLQHULH� DEVWUDLWH� HW�IRUPHOOH� TXL� OHV�D�SURGXLWHV� �DLQVL�TXH� OH�W\SH� GDFWLYLW«� VRFLDOH�GRQW� HOOHV�IRQW� SDUWLH��� 3DU�H[HPSOH�� ORUVTXH�HQ� SU«VHQFH�GH�FDV�GLQWHUDFWLRQV� TXL� V«FDUWHQW�� GH�TXHOTXH�PDQLªUH�TXH�FH�VRLW�� GH� OD� VWUXFWXUH�RX� GH� OD�WUDMHFWRLUH�KDELWXHOOHV�GH� FH�JHQUH�GHQYLURQQHPHQW�FRQYHUVDWLRQQHO��ODQDO\VH�G«WDLOO«H�GH�FHV�«FDUWV��� FRPPHQW�LOV� IXUHQW�J«Q«U«V�� HW� FRPPHQW� OHV�SDUWLFLSDQWV�\� ILUHQW�IDFH� ��QRXV�GRQQH� ORSSRUWXQLW«�GH�G«FRXYULU�¢�TXHO�SRLQW�FHWWH�RUJDQLVDWLRQ�URXWLQLªUH� HVW� YXOQ«UDEOH� �HOOH�SHXW�¬WUH�FRQWDPLQ«H�HW� GLVORTX«H��HW� GH� VRXOLJQHU�OLPSRUWDQFH�GH�VRQ�PDLQWLHQ� LQWHUDFWLRQQHO� SRXU�ODFFRPSOLVVHPHQW�GHV�W¤FKHV�TXHOOH�HVW� FHQV«H�IDFLOLWHU�� &HVW�DLQVL�TXH�QRWUH� DQDO\VH�GH� OLQFLGHQW�GH�'DOODV�SHXW�QRXV�DLGHU� ¢�FRPSUHQGUH� FRPPHQW�GHV�DSSHOV� W«O«SKRQLTXHV�UHFKHUFKDQW�GH�ODLGH�VH�SDVVHQW� m� ELHQ�}�� HW� FRPPHQW�� GH�ID©RQ�V\VW«PDWLTXH�� RX�SOXW¶W�RUGRQQ«H�� LOV�SHXYHQW� WRXUQHU�m�PDO�}��

7UDGXLW�GH�ODQJODLV�SDU�0DUF�5(/,(8�DYHF�OD�FROODERUDWLRQ�

GH�/RXLV�48(5(�

���� ᒫ�

5()(5(1&(6�

%52$'+($'��5REHUW�6�� ����� �'LUHFWLQJ�LQWHUYHQWLRQ�IURP� DIDU�� WKH� WHOHSKRQH�G\QDPLFV� RI�PDQDJLQJ�DFXWH�SRLVRQLQJV����-RXUQDO� RI�+HDOWK�DQG�6RFLDO�%HKDYLRU�������������

&/$<0$1��6WHYHQ�(������ �0DQDJLQJ�GLVMXQFWXUHV� LQ� FRQYHUVDWLRQ�� WKHLU� DYRLGDQFH� DQG�UHSDLU����8QSXEOLVKHG�PV��

(,6(1%(5*�� $QQ� 5�� DQG� &DWKHULQH�*$59(<� ����� �&KLOGUHQV�XVH� RI�YHUEDO�VWUDWHJLHV� LQ� UHVROYLQJ� FRQIOLFWV���'LVFRXUVH� 3URFHVVHV������������

(59,1�75,33�� 6XVDQ������ �,V�6\ELO�WKHUH� "� 7KH� VWUXFWXUH� RI�VRPH�$PHULFDQ�(QJOLVK�GLUHFWLYHV���� /DQJXDJH� LQ� 6RFLHW\����������

*$5),1.(/�+DUROG� ����� �$� FRQFHSWLRQ�RI�DQG�H[SHULPHQWV� ZLWK� �WUXVW�� DV� D�FRQGLWLRQ�RI�FRQFHUWHG�VWDEOH�DFWLRQ���� 3S���������� LQ� 2��-�� +DUYH\� �«G����0RWLYDWLRQ�DQG�6RFLDO�,QWHUDFWLRQ��1HZ�<RUN�� 5RQDOG�3UHVV��

*2))0$1��(UYLQJ� ����� ,QWHUDFWLRQ�5LWXDO�� *DUGHQ�&LW\��1<��$QFKRU�%RRNV�������5HODWLRQV� LQ� 3XEOLF��1HZ�<RUN�� +DUSHU�DQG�5RZ������� )RUPV�RI�7DON��3KLODGHOSKLD�� 3$��8QLYHUVLW\�RI�3HQQV\OYDQLD�3UHVV��

*22':,1�� 0DUMRULH�+DUNQHVV� ������$JJUDYDWHG�FRUUHFWLRQ� DQG�GLVDJUHHPHQW�LQ� FKLOGUHQ�V� FRQYHUVDWLRQV���� -RXUQDO� RI�3UDJPDWLFV�����������

*22':,1�� 0DUMRULH� +DUNQHVV� DQG�&KDUOHV� *22':,1������ �&KLOGUHQV� DUJXLQJ��� 3S���������LQ�6XVDQ�3KLOLSV�� 6XVDQ�6WHHOH�� DQG�&KULVWLQD�7DQ]� �HGV����/DQJXDJH�� *HQGHU�� DQG� 6H[�LQ� &RPSDUDWLYH�3HUVSHFWLYH��&DPEULGJH�� &DPEULGJH�8QLYHUVLW\� 3UHVV��

+(5,7$*(��-RKQ� ����D�*DUILQNHO� DQG�(WKQRPHWKRGRORJ\��&DPEULGJH�� 3ROLW\�

3UHVV������E� �$�FKDQJH�RI�VWDWH� WRNHQ� DQG� DVSHFWV� RI� LWV� VHTXHQWLDO�SODFHPHQW��� 3S����������LQ� -�� 0D[ZHOO�$WNLQVRQ�DQG�-RKQ�+HULWDJH� �HGV���� 6WUXFWXUHV� RI�6RFLDO�$FWLRQ�� 6WXGLHV�LQ�&RQYHUVDWLRQ�$QDO\VLV��&DPEULGJH��&DPEULGJH�8QLYHUVLW\�3UHVV��

+(5,7$*(��-RKQ� DQG�-�� 0$;:(//�$WNLQVRQ�������,QWURGXFWLRQ���3S�� ����� LQ�-�� 0D[ZHOO� $WNLQVRQ�DQG� -RKQ�+HULWDJH��HGV����6WUXFWXUHV� RI�6RFLDO�$FWLRQ��6WXGLHV�LQ�&RQYHUVDWLRQ�$QDO\VLV�� &DPEULGJH��&DPEULGJH�8QLYHUVLW\�3UHVV��

+8//�� 7XSSHU������ �$UJXPHQW�GHOD\HG�DPEXODQFH����'DOODV�7LPHV�+HUDOG�� 0DUFK�����$��

-())(5621�� *DLO� ����� �6LGH� VHTXHQFHV�� �� 3S�� �������� LQ� 'DYLG�6XGQRZ��«G���� 6WXGLHV� LQ�6RFLDO�,QWHUDFWLRQ�� 1HZ�<RUN��)UHH�3UHVV������� �2Q�H[SRVHG�DQG�HPEHGGHG�FRUUHFWLRQ�LQ� FRQYHUVDWLRQ���3S�� �������LQ� *UDKDP� %XWWRQ�DQG� -RKQ� 5��(�� /HH� �HGV����7DON� DQG�6RFLDO� 2UJDQL]DWLRQ�� &OHYHGRQ��(QJODQG��0XOWLOLQJXDO�0DWWHUV��

-())(5621�� *DLO�DQG�-RKQ� 5�� (�� /((����� �2Q�WKH� VHTXHQWLDO�RUJDQL]DWLRQ�RI�WURXEOHV� WDON� LQ� RUGLQDU\� FRQYHUVDWLRQ����(QG�RI�*UDQG�5HSRUW� WR� WKH� �%ULWLVK�� 6RFLDO� 6FLHQFH� 5HVHDUFK� &RXQFLO�RQ�*UDQW�+5����������7KH�DQDO\VLV�RI�FRQYHUVDWLRQV�LQ� ZKLFK� WURXEOHV� DQG� DQ[LHWLHV� DUH�H[SUHVVHG��� 8QSXEOLVKHG�PV��

���� �7KH� UHMHFWLRQ�RI�DGYLFH��PDQDJLQJ�WKH�SUREOHPDWLF�FRQYHUJHQFH�RI�D�WURXEOHV�WHOOLQJ�DQG�D� VHUYLFH�HQFRXQWHU��� -RXUQDO�RI�3UDJPDWLFV������������

/(9,1621��6WHSKHQ�ϒ������3UDJPDWLFV��&DPEULGJH��&DPEULGJH�8QLYHUVLW\� 3UHVV��

/,77/(��/LQGD� ����� �$PEXODQFH� UHTXHVWV� VFUHHQHG�IRU�UHDO�HPHUJHQFLHV����'DOODV�7LPHV�+HUDOG��0DUFK�����$��

ᒫ� ����

0$<1$5'��'RXJODV�:�� ����D� �+RZ�FKLOGUHQ� VWDUW� DUJXPHQWV���� /DQJXDJH�LQ�6RFLHW\��������������E� �2Q�WKH�IXQFWLRQV� RI�VRFLDO�FRQIOLFW�DPRQJ�FKLOGUHQ����$PHULFDQ� 6RFLRORJLFDO�5HYLHZ������������

0((+$1��$OEHUW�-�� ����� �)RU�WKH� UHFRUG�� LQWHUDFWLRQDO�DQG�RUJDQL]DWLRQDO�SUDFWLFHV�IRU�SURGXFLQJ�SROLFH�UHFRUGV�RQ�MXYHQLOHV����3K��'��GLVV���%RVWRQ�8QLYHUVLW\��32//1(5��0HOYLQ� ����� �([SOLFDWLYH�WUDQVDFWLRQV��PDNLQJ� DQG�PDQDJLQJ�PHDQLQJ� LQ�WUDIILF� FRXUW����3S��������LQ� *HRUJH�3VDWKDV� �«G����(YHU\GD\�/DQJXDJH��6WXGLHV�LQ�(WKQRPHWKRGRORJ\�� %RVWRQ��0$�� ,U��YLQJWRQ��

320(5$17=��$QLWD� ����� �6HFRQG�DVVHVVPHQWV�� D� VWXG\� RI�VRPH�IHDWXUHV�RI�DJUHHPHQWV�GHVDJUHHPHQWV���3K�� '��GLVV���

8QLYHUVLW\�RI�&DOLIRUQLD��,UYLQH������� �7HOOLQJ�P\�VLGH�� OLPLWHG�DFFHVV�DV�D� ILVKLQJ�GHYLFH��� 6RFLRORJLFDO�,QTXLU\����������������� �3UDFWLFHV�RI�DGMXGLFDWLQJ� LQ� VPDOO�FODLPV�FRXUW��� 3S�� ������� LQ� 9�� '8UVR�DQG�3��/HRQDUGL��HGV����'LVFRXUVH�$QDO\VLV�DQG�1DWXUDO�5KHWRULF�� 3DGXD�� ,WDO\��&OHXS�(GLWRUH��

5(,66��$OEHUW� ����� 7KH� 3ROLFH�DQG� WKH�3XEOLF�� 1HZ�+DYHQ��&7��<DOH�8QLYHUVLW\�3UHVV��

5,/(<��5RFKHOOH������ �'LVSDWFK�QXUVH�ILUHG� LQ� DPEXODQFH�SUREH����'DOODV�7LPHV�+HUDOG��0DUFK������$��

6$&.6��+DUYH\�Q�G�� �$VSHFWV�RI�VHTXHQWLDO�RUJDQL]DWLRQ� LQ� FRQYHUVDWLRQ���� 8QSXEOLVKHG� PV��

����� �2Q�WKH� DQDO\]DELOLW\�RI�VWRULHV�E\�FKLOGUHQ����3S��������� LQ� -RKQ�-�� *XPSHU]�DQG�'HOO� +\PHV� �HGV����'LUHFWLRQV� LQ� 6R��FLROLQJXLVWLFV�� 7KH� (WKQRJUDSK\� RI�&RPPXQLFDWLRQ�� 1HZ�<RUN��+ROW��5LQHKDUW�DQG�:LQVWRQ��

����� �<RX� ZDQW� WR�ILQG�RXW� LI�DQ\ERG\�UHDOO\�GRHV�FDUH��� 3S��������� LQ� *UDKDP�%XWWRQ�DQG�-RKQ�5��(��/HH��HGV����7DON�DQG�

6RFLDO�2UJDQL]DWLRQ��&OHYHGRQ�� (QJODQG��0XOWLOLQJXDO�0DWWHUV��

6$&.6��+DUYH\��(PPDQXHO�$��6FKHJORII�DQG�*$,/�-HIIHUVRQ� ����� �$�VLPSOHVW�V\V��WHPDWLFV�IRU�WKH� RUJDQL]DWLRQ� RI�WXUQ�WDNLQJ�IRU�FRQYHUVDWLRQ���� 3S�� ����� LQ� -LP�6FKHQNHLQ� �«G���� 6WXGLHV� LQ� WKH� 2UJDQL]DWLRQ�RI�&RQYHUVDWLRQDO� ,QWHUDFWLRQ��1HZ�<RUN��$FDGHPLF�3UHVV��

6&+(*/2))��(PPDQXHO�$�� ������1RWHV�RQ�D�FRQYHUVDWLRQDO�SUDFWLFH��IRUPXODWLQJ�SODFH����3S���������LQ�'DYLG�6XGQRZ��«G����6WXGLHV� LQ� 6RFLDO� ,QWHUDFWLRQ�� 1HZ�<RUN��)UHH�3UHVV��

����� �,GHQWLILFDWLRQ�DQG�UHFRJQLWLRQ�LQ�WHOHSKRQH� FRQYHUVDWLRQV���� 3S�� ������ LQ�*HRUJH�3VDWKDV��«G����(YHU\GD\�/DQJXDJH��6WXGLHV�LQ� (WKQRPHWKRGRORJ\��%RVWRQ��0$��,UYLQJWRQ��

������2Q�VRPH�TXHVWLRQV�DQG�DPELJXLWLHV�LQ�FRQYHUVDWLRQ����3S��������LQ� -�� 0D[ZHOO�$WNLQVRQ�DQG�-RKQ� +HULWDJH� �HGV����6WUXFWXUHV�RI�6RFLDO�$FWLRQ�� 6WXGLHV�LQ� &RQYHUVDWLRQ�$QDO\VLV�� &DPEULGJH�� &DPEULGJH�8QLYHUVLW\�3UHVV��

���� �7KH� URXWLQH� DV� DFKLHYHPHQW����+XPDQ� 6WXGLHV��������������

���� �$QDO\]LQJ�VLQJOH�HSLVRGH�RI�FRQYHUVDWLRQ��DQ�H[HUFLFH� LQ� FRQYHUVDWLRQ�DQDO\VLV���6RFLDO�3V\FKRORJ\�4XDUWHUO\�������������

����� �5HIOHFWLRQV�RQ�WDON�DQG�VRFLDO�VWUXFWXUH���� SS�� ������'HLUGUH�%RGHQ�DQG�'RQ�+�� =LPPHUPDQ� �HGV����7DON� DQG�6RFLDO�6WUXFWXUH��&DPEULGJH��3ROLW\�3UHVV��

���� �*RIIPDQ� DQG� WKH� DQDO\VLV� RI�FRQYHUVDWLRQ���3S�� ������� LQ�3DXO�'UHZ�

DQG�$QWKRQ\�-�� :RRWWRQ��HGV���� (UYLQJ�*RIIPDQ�� $Q� ,QWHUGLVFLSOLQDU\� $SSUHFLDWLRQ��&DPEULGJH��3ROLW\�3UHVV��

����� �2Q�WKH� RUJDQL]DWLRQ�RI�VHTXHQFHV�DV�D�VRXUFH�RI�FRKHUHQFH� LQ�WDON�LQ�LQWHU��DFWLRQ��� SS�� ������ %UXFH�'RUYDO� �«G����&RQYHUVDWLRQDO� &RKHUHQFH�LQ�'HYHORS��

���� ᒫ�

PHQWDO�3HUVSHFWLYH��1RUZRRG��1-��$EOH[��6FKHJORII��(PDQXHO�$��*DLO�-HIIHUVRQ��DQG�+DUYH\�6DFNV�

���� �7KH�SUHIHUHQFH�IRU�VHOI�FRUUHFWLRQ�LQ�WKH�RUJDQL]DWLRQ�RI�UHSDLU�IRU�FRQYHUVDWLRQ����/DQJXDJH������������

6&+(*/2))��(PPDQXHO�$�� DQG�+DUYH\�6DFNV� ����� �2SHQLQJ�XS�FORVLQJV��� 3S���������LQ� 5R\�7XUQHU� �«G����(WKQRPHWKR��GRORJ\�� +DUPRQGVZRUWK��(QJODQG��3HQJXLQ��

6+$552&.��:��:�� DQG�5R\�7851(5����� �2Q�D�FRQYHUVDWLRQDO� HQYLURQPHQW�IRU�HTXLYRFDOLW\���3S�� ������� LQ�-LP�6FKHQNHLQ� �«G����6WXGLHV� LQ� WKH� 6RFLDO�2UJDQL]DWLRQ� RI�&RQYHUVDWLRQDO�,QWHUDFWLRQ��1HZ�<RUN��$FDGHPLF�3UHVV��

6+($5,1*��&OLIIRUG�'�� ����� �'LDO�D��FRS�� D�VWXG\� RI�SROLFH�PRELOL]DWLRQ��� 3S��������LQ� 5RQDOG�/��$NHUV� DQG�(GZDUG�6DJDULQ� �HGV����&ULPH�3UHYHQWLRQ� DQG�6RFLDO�&RQWURO��1HZ�<RUN��3UDHJHU��

:$7621��'��5�� ������'RLQJ�WKH�RUJDQL]DWLRQV� ZRUN�� DQ� H[DPLQDWLRQ�RI�DVSHFWV�RI�WKH�RSHUDWLRQV�RI�D�FULVLV� LQWHUYHQWLRQ�FHQWHU��� 3S�� ������� LQ� 6XH�)LVKHU�DQG�$OH[DQGUD�7RGG��HGV����'LVFRXUVH�DQG� ,QVWLWXWLRQDO� $XWKRULW\��1RUZRRG��1-��$EOH[��

:(%67(5��-�� $�� ����� �3ROLFH�WDVN�DQG�WLPH�VWXG\����7KH�-RXUQDO� RI�&ULPLQDO�/DZ��

&ULPLQRORJ\��DQG�3ROLFH�6FLHQFH�����������

:(67��&DQGDFH�DQG� 'RQ�+�� =,00(50$1������ �*HQGHU�� ODQJXDJH�� DQG�GLVFRXUVH�� �� 3S�� ������� LQ� 7HXQ�$��YDQ�'LMN��«G���� +DQGERRN�RI�'LVFRXUVH�$QDO\VLV��9RO�����1HZ�<RUN��$FDGHPLF�3UHVV��

:+$/(1��0DULO\Q�5��DQG�'RQ�+��=,00(50$1� ����� �7HOOLQJ�WURXEOH�� FLWL]HQ�FDOOV�WR� WKH�SROLFH����3DSHU�SUHVHQWHG� DW�WKH�DQQXDO�PHHWLQJ� RI� WKH�6RFLHW\� IRU� WKH�6WXG\�RI�6RFLDO�3UREOHPV��'HWURLW��0,��

� ����� �6HTXHQWLDO�DQG� LQVWLWXWLRQDO�FRQWH[WV�LQ�FDOOV�IRU�KHOS���6RFLDO�3V\FKRORJ\�4XDUWHUO\������������

:,/621��7KRPDV�3�� )RUWK�FRPLQJ� �6RFLDO�VWUXFWXUH� DQG�VRFLDO�LQWHUDFWLRQ���� ,Q�'HLUGUH�%RGHQ�DQG�'RQ�+�� =LPPHUPDQ��HGV���� 7DON�DQG� 6RFLDO� 6WUXFWXUH�� &DPEULGJH�� 3ROLW\�3UHVV��

=,00(50$1��'RQ�+�� ����� �7DON�DQG�LWV� RFFDVLRQ� �� WKH� FDVH�RI�FDOOLQJ�WKH�SROLFH��� 3S��������� LQ�'HERUDK�6FKLIIULQ��«G����0HDQLQJ��)RUP��DQG�8VH�LQ�&RQWHVW���/LQJXLVWLF�$SSOLFDWLRQV�� *HRUJH�:DVKLQJWRQ�*HRUJHWRZQ�8QLYHUVLW\�3UHVV��

� ����� �1RWHV� RQ�DQ�DFKLHYHG�RUJDQLVDWLRQ��� FDOOLQJ� WKH�SROLFH�DQG�RWKHU�VHUYLFH�RUJDQLVDWLRQV����3DSHU�SUHVHQWHG�WR�WKH�'HSDUWHPHQW� RI�6SHHFK�&RPPXQLFDWLRQ�� 6DQ�'LHJR�6WDWH�8QLYHUVLW\��

����