• Aucun résultat trouvé

CHANGEMENTS ORGANISATIONNELS

Dans le document L'impartition municipale : l'argumentaire (Page 21-54)

Qualité Efficacité Équité Imputabilité Objectifs:

Recours aux partenariats Désengagement

- Contrats de service: sous-traitance - Contrats de gérance

- Affermage (dont BOL)

- Concession (dont BOT, BOOT) - SEM avec contrôle public - SEM avec contrôle privé - Entreprise publique

- Entreprise privée réglementée - Privatisation

- Retrait progressif d’activités périphériques

Planification et gestion de la transition

/25*$1,6$7,21237,0$/('(6$&7,9,7e6(7/(&+2,;',03$57,5

8QJRXYHUQHPHQWPXQLFLSDOGRLW YHLOOHU j FH TXH VRLHQW IRXUQLV SOXVLHXUV ELHQV HW VHUYLFHV GRQW OD SURGXFWLRQ LPSOLTXH XQ UHJURXSHPHQW GH SOXVLHXUV DFWLYLWpV 3DU H[HPSOH OD YLOOH GRLW QRQ VHXOHPHQW GpWHUPLQHUFRPELHQHWRGpYHORSSHUGHVHVSDFHVYHUWVPDLVpJDOHPHQWGpWHUPLQHUOHVpTXLSHPHQWVTX=RQ\

UHWURXYHUDGpWHUPLQHUODIUpTXHQFHGHQWUHWLHQGHFHVHVSDFHVSUpYRLUFRPELHQGHEDQFVHWSRXEHOOHVUpSDUWLU DXWRXUGXQSDUFHWF/RUVTXRQSDUOHGLPSDUWLWLRQRQGRLWGRQFVHSHQFKHUVXUODQDWXUHGHFHVDFWLYLWpVFDU HOOHHVWVXVFHSWLEOHGLQIOXHQFHUOHFKRL[GLPSDUWLURXQRQ

/DGpFLVLRQGLPSDUWLURXQRQFHUWDLQHVDFWLYLWpVGRLWUpSRQGUHjGHVFULWqUHVGRUGUHRUJDQLVDWLRQQHOHW G=RUGUHVWUDWpJLTXH1RXVGpYHORSSHURQVODQDO\VHVHORQFHVFULWqUHVTXLELHQTXHFUXFLDX[VRQWVRXYHQWQpJOLJpV GDQVOHWUDLWHPHQWGHOLPSDUWLWLRQ/HVFULWqUHVRUJDQLVDWLRQQHOVVHUDSSRUWHQWDX[FDUDFWpULVWLTXHVGHO=DFWLYLWp FRQVLGpUpH/HVFULWqUHVVWUDWpJLTXHVRQWWUDLWDX[FRPSRUWHPHQWVGHVLQWHUYHQDQWVDXVHLQGHODUHODWLRQGH SURGXFWLRQGHO=DFWLYLWp

$YDQWGHSDVVHUjO=pWXGHGHVFULWqUHVRUJDQLVDWLRQQHOVHWVWUDWpJLTXHVLOLPSRUWHGHGLVFXWHUGHVFULWqUHV GHQDWXUHILQDQFLqUHTXLVRQWVRXYHQWLQYRTXpVGDQVOHVGLVFXVVLRQVVXUO=LPSDUWLWLRQ2QLQYRTXHVRXYHQWOHV GpILFLWVSXEOLFVpOHYpVSRXUMXVWLILHUO=LPSDUWLWLRQG=DFWLYLWpVYHUVOHVHFWHXUSULYp2UO=LPSDUWLWLRQHQVRLQH FRQVWLWXHXQHpFRQRPLHTXHVLHOOHJpQqUHGHVJDLQVILVFDX[RXGHVJDLQVG=HIILFDFLWpRXGHSURGXFWLYLWpTXLQH VHUDLHQWTXHGLIILFLOHPHQWUpDOLVDEOHVSDUXQHJHVWLRQLQWHUQH/HSRWHQWLHOSRXUODUpDOLVDWLRQGHFHVJDLQVGpSHQG GHV FDUDFWpULVWLTXHV PrPHV GH O=DFWLYLWp HW FH VRQW FHV FDUDFWpULVWLTXHV TXL VRQW PLVHV HQ UHODWLRQ DYHF O=HQYLURQQHPHQWRUJDQLVDWLRQQHOHWVWUDWpJLTXHGDQVOHVSURFKDLQVSDUDJUDSKHV/=DUJXPHQWUHOLDQWLPSDUWLWLRQ HWFRQWU{OHGHVGpILFLWVSXEOLFVHVWHQERQQHSDUWLHIDOODFLHX[/HVSUREOqPHVTXHSRVHQWOHVGpILFLWVSXEOLFV YLHQQHQWGHODVRXUFHUDLVRQVGHFHVGpILFLWVHWQRQSDVGHOHXUH[LVWHQFHSHUVH/HVGpILFLWVSXEOLFVVRQW DFFHSWDEOHVHWSURILWDEOHVV=LOVVRQWHQFRXUXVSRXUGHVUDLVRQVG=LQYHVWLVVHPHQWVSURGXFWLIVHWUHQWDEOHVPDLVVRQW LQDFFHSWDEOHVHWQRQSURILWDEOHVV=LOVVRQWHQFRXUXVSRXUGHVUDLVRQVGHGpSHQVHVFRXUDQWHVUpFXUUHQWHVHWQRQ FRQMRQFWXUHOOHVRXSRXUGHVUDLVRQVG=LQYHVWLVVHPHQWVQRQSURGXFWLIVHWQRQUHQWDEOHV'HSOXVLOHVWLPSRUWDQW GHQHSDVFRQIRQGUHGDQVXQHVWUDWpJLHGHUpGXFWLRQGXGpILFLWSXEOLFLPSDUWLWLRQHWWDULILFDWLRQGHVVHUYLFHV SXEOLFV6LFHVGHX[FRQFHSWVVHWHQGHQWSDUIRLVODPDLQLOVUHSUpVHQWHQWQpDQPRLQVGHVLGpHVGLIIpUHQWHV /=LPSDUWLWLRQSHXWFRQGXLUHjXQHWDULILFDWLRQGHVVHUYLFHVSXEOLFVPDLVSDVQpFHVVDLUHPHQW3DUDLOOHXUVRQSHXW LPSODQWHUXQHWDULILFDWLRQGHVHUYLFHVSXEOLFVVDQVHQLPSDUWLUODJHVWLRQ

&ULWqUHVRUJDQLVDWLRQQHOV

1RXVQRXVSHQFKRQVPDLQWHQDQWVXUOHVFULWqUHVRUJDQLVDWLRQQHOVTXLVRQWGpWHUPLQDQWVQRQVHXOHPHQW GHODGpFLVLRQG=LPSDUWLUPDLVpJDOHPHQWGHODIDoRQG=LPSDUWLU/DGpFLVLRQG=LPSDUWLURXQRQGRLWWHQLUFRPSWH GXSDUWDJHGHVULVTXHVDVVRFLpVjO=DFWLYLWpO=XWLOLVDWLRQHWODFRRUGLQDWLRQGHVLQIRUPDWLRQVGLVSRQLEOHVOD IRXUQLWXUHG=LQYHVWLVVHPHQWVVSpFLILTXHVHWODSUpVHQFHG=LUUpYHUVLELOLWpGDQVOHFKRL[RUJDQLVDWLRQQHO

/HSDUWDJHGHVULVTXHVHWOHVVDODLUHVFRQWUDWVGHWUDYDLOVYVFRQWUDWVFRPPHUFLDX[

/DGHPDQGHSRXUGHVDFWLYLWpVFRPPHOHGpQHLJHPHQWGHVUXHVOHQHWWR\DJHGHVSDUFVHWGHVHVSDFHV YHUWVHWOHQWUHWLHQGHVpGLILFHVHVWVRXYHQWDOpDWRLUHRXGXPRLQVF\FOLTXHRXVDLVRQQLqUH(PEDXFKHUGHV WUDYDLOOHXUVSRXUHIIHFWXHUFHWUDYDLOjODSLqFHOHVIRUFHUDLWjVXELUGLPSRUWDQWHVYDULDWLRQVGDQVOHXUVUHYHQXV 3XLVTXLOHVWVRXYHQWGLIILFLOHSRXUFHVWUDYDLOOHXUVGHVDVVXUHUVXUOHVPDUFKpVILQDQFLHUVFRQWUHFHVYDULDWLRQV O=DGPLQLVWUDWLRQPXQLFLSDOHSHXWRIIULULPSOLFLWHPHQWXQHWHOOHDVVXUDQFHHQHPEDXFKDQWFHVWUDYDLOOHXUVVXUXQH EDVHDQQXHOOH/HFRQWUDWLPSOLFLWHGHPSORLFRQWLHQWDORUVQRQVHXOHPHQWXQVDODLUHPDLVDXVVLXQHSURPHVVH GHSHUPDQHQFHTXLUpSRQGDX[EHVRLQVG=DVVXUDQFHGXWUDYDLOOHXU3DUH[HPSOHOHIDLWTXHO=DGPLQLVWUDWLRQ PXQLFLSDOHIRXUQLVVHHOOHPrPHOHVDFWLYLWpVGHGpQHLJHPHQWGHVUXHVSHUPHWjVHVFROVEOHXVGHWRXFKHUXQ VDODLUHUHODWLYHPHQWIL[HTXLOQHLJHEHDXFRXSRXSHX'HSOXVFHVPrPHVHPSOR\pVSHXYHQWWUDYDLOOHUjGDXWUHV WkFKHVSHQGDQWODVDLVRQHVWLYDOHDILQGHPDLQWHQLUXQQLYHDXVDODULDOFRQVWDQWWRXWDXORQJGHODQQpH'DQVFH FDVO=DGPLQLVWUDWLRQPXQLFLSDOHMRXHXQU{OHGDVVXUHXURXGHEDQTXLHUIDFHjVHVHPSOR\pV(OOHOHXUSHUPHW GXQLIRUPLVHUGDQVOHWHPSVOHXUVDODLUHHWOHXUVFRQGLWLRQVGHPSORL&HWWHXQLIRUPLVDWLRQHVWFRQVHQWLHDX[

WUDYDLOOHXUVHQpFKDQJHG=XQVDODLUHLQIpULHXUjFHOXLTXLSUpYDXGUDLWVLOHVWUDYDLOOHXUVpWDLHQWHPEDXFKpVjOD SLqFH'DQVGHWHOVFDVODSURGXFWLRQjOLQWHUQHSDURSSRVLWLRQjO=LPSDUWLWLRQFRQVWLWXHXQHUpSRQVHHIILFDFH DXSUREOqPHGDVVXUDQFHFRQIURQWDQWOHVWUDYDLOOHXUV

4XHOVVRQWHQJpQpUDOOHVIDFWHXUVVXVFHSWLEOHVGDIIHFWHUODGHPDQGHSRXUXQHDFWLYLWp"2QDGpMj PHQWLRQQpOH[HPSOHGXGpQHLJHPHQWSRXUOHTXHOODGHPDQGHGpSHQGQDWXUHOOHPHQWGHVFRQGLWLRQVFOLPDWLTXHV LPSUpYLVLEOHV2QSRXUUDLWSDUOHUGXQHPSOR\pGHQWUHWLHQTXLGRLWUpSRQGUHjGHVVLWXDWLRQVGXUJHQFHFRPPH OHVEULVGHPDFKLQHVRXGXQHPSOR\pGHEXUHDXTXLWUDLWHGHVGRFXPHQWVHQSOXVRXPRLQVJUDQGQRPEUH 'DQVFHVH[HPSOHVOHVYDULDWLRQVVRQWGHQDWXUHAPLFURpFRQRPLTXH@GDQVODPHVXUHRHOOHVQDIIHFWHQWTXHOHV HPSOR\pV GH O=DGPLQLVWUDWLRQ PXQLFLSDOH ,O H[LVWH DXVVL GHV YDULDWLRQVAPDFURpFRQRPLTXHV@ DIIHFWDQW OHV

FRQGLWLRQVJOREDOHVGXPDUFKpGHOHPSORL3DUH[HPSOHOLPPLJUDWLRQHWORXYHUWXUHODPRQGLDOLVDWLRQGHV PDUFKpVRQWUpGXLWODSURGXFWLYLWpUHODWLYHGHVWUDYDLOOHXUVQRQTXDOLILpVFDQDGLHQVSDUUDSSRUWDX[WUDYDLOOHXUV pWUDQJHUV7RXWHIRLVFHQHVWSDVWDQWOHFDUDFWqUHPLFURRXPDFURpFRQRPLTXHGHVYDULDWLRQVGHODSURGXFWLYLWp TXLLPSRUWHPDLVSOXW{WOHXUFDUDFWqUHSHUPDQHQWRXWHPSRUDLUH

6LOHVYDULDWLRQVVRQWWHPSRUDLUHVOHFRQWUDWGHWUDYDLOSHUPHWG=XQLIRUPLVHUOHVVDODLUHVVDQVLPSDFWVXU OHORQJWHUPH4XHVHSDVVHWLOVLOHVYDULDWLRQVVRQWGHQDWXUHSHUPDQHQWH",OHVWFODLUTXXQOLHQGHPSORLFRPPH FHOXLGpFULWSOXVKDXWQHSRXUUDLWSHUVLVWHUVLSDUH[HPSOHLOFHVVDLWGHQHLJHUSRXUWRXMRXUVj0RQWUpDO /=DGPLQLVWUDWLRQPXQLFLSDOHQHSRXUUDLWSD\HUpWHUQHOOHPHQWWRXVVHVHPSOR\pVHPEDXFKpVSRXUOHGpQHLJHPHQW ,OVGHYUDLHQWVRLWrWUHFRQJpGLpVVRLWrWUHDIIHFWpVjGDXWUHVWkFKHV%LHQTXHFHWH[HPSOHSDUDLVVHVLPSOLVWHHW H[WUrPHLOSHUPHWGHFRPSUHQGUHFHTXLVHVWSDVVpOHQWHPHQWPDLVV€UHPHQWGHSXLVYLQJWDQVDX&DQDGD 'LPSRUWDQWVFKDQJHPHQWVSHUPDQHQWVVRQWYHQXVPRGLILHUOHPDUFKpGHODPDLQG°XYUHQRQTXDOLILpHDX

&DQDGD(QHIIHWRQREVHUYHTXHGHSXLVHQYLURQYLQJWDQVO=RIIUHUHODWLYHGHPDLQG°XYUHQRQTXDOLILpHD DXJPHQWpGHIDoRQWUqVLPSRUWDQWHSDUUDSSRUWjFHOOHGHODPDLQG°XYUHTXDOLILpH/HVpFRQRPLVWHVDWWULEXHQW ODSOXVJUDQGHSDUWGHFHWDFFURLVVHPHQWjODJOREDOLVDWLRQSURJUHVVLYHGHVPDUFKpVLQWHUQDWLRQDX[/HVFRQWUDWV GHWUDYDLOMRXDQWOHU{OHG=DVVXUHXUFRQWUHGHVIOXFWXDWLRQVGHODGHPDQGHQRQWSDVSXWHQLUFRPSWHGHO=LPSDFW GHFHWWHRIIUHDFFUXHVXUOHQLYHDXJpQpUDOGHVVDODLUHVDYHFODFRQVpTXHQFHTXHOHVVDODLUHVFRQWUDFWXHOVRQW GLIILFLOHPHQWSXVDMXVWHUDX[QRXYHOOHVFRQGLWLRQVGXPDUFKp(QHIIHWOHVFRQYHQWLRQVFROOHFWLYHVRQWWRXMRXUV YLVpjPDLQWHQLUOHQLYHDXGHQULFKLVVHPHQWOHV©DFTXLVªGHVWUDYDLOOHXUV&HWpWDWGHIDLWDGXUpSHQGDQW SOXVLHXUVDQQpHV$XERXWGXQPRPHQWSDUFRQWUHOpFDUWHQWUHODSURGXFWLYLWpHWOHVVDODLUHVSD\pVHVWGHYHQX VLJUDQGTXHOHVHPSOR\HXUVRQWFRPPHQFpjSDUOHUGLPSDUWLWLRQ&HSKpQRPqQHVHUHWURXYDLWWDQWGDQVOH VHFWHXUSULYpTXHSXEOLF,OHVWDSSDUXXQSHXSOXVWDUGGDQVOHVHFWHXUSXEOLFSDUFHTXHOHVRUJDQLVPHVSXEOLFV FRPPHOHVDGPLQLVWUDWLRQVPXQLFLSDOHVQHVXELVVHQWSDVOHVPrPHVSUHVVLRQVFRQFXUUHQWLHOOHVTXHOHVHQWUHSULVHV SULYpHV

4XHOHVWDORUVOHU{OHGHOLPSDUWLWLRQGDQVFHFRQWH[WH"/RUJDQLVDWLRQRSWLPDOHGXWUDYDLOHQSUpVHQFH GHFKDQJHPHQWVVWUXFWXUHOVLPSRUWDQWVVXUOHPDUFKpGHOHPSORLUHTXLHUWTXHOHVVDODLUHVVRLHQWIOH[LEOHVjOD EDLVVHSRXUUHIOpWHUODFKXWHGDQVOHVDODLUHGHPDUFKpDOWHUQDWLIGHFHUWDLQVHPSOR\pV'DQVOHVLQGXVWULHV FRQFXUUHQWLHOOHVOHVSUHVVLRQVGHILUPHVULYDOHVSDUIRLVpWUDQJqUHVHWHPSOR\DQWXQHPDLQG°XYUHPRLQV FR€WHXVHRQWIRUFpHQWUHSULVHVHWV\QGLFDWVjVDMXVWHU'HYDQWODPHQDFHGHYRLUOHXUVHPSORLVGLVSDUDvWUHOHV V\QGLFDWVRQWGpPRQWUpXQHFHUWDLQHVRXSOHVVHHWIOH[LELOLWpGDQVO=pWDEOLVVHPHQWGHVFRQGLWLRQVGHWUDYDLOGHOHXUV PHPEUHV3DUFRQWUHGDQVOHVHFWHXUSXEOLFFHVSUHVVLRQVFRQFXUUHQWLHOOHVVRQWDEVHQWHV/HVFRQGLWLRQVGH

WUDYDLOVHVRQWPDLQWHQXHVRXDPpOLRUpHVDYHFSRXUFRQVpTXHQFHTXHSOXVLHXUVJURXSHVGHPSOR\pVVRQW PDLQWHQDQWUpPXQpUpVDXGHVVXVGHODYDOHXUFRQFXUUHQWLHOOHGHOHXUWUDYDLO2QDVVLVWHGRQFjXQWUDQVIHUWGH ULFKHVVHGHVSD\HXUVGHWD[HVYHUVFHVHPSOR\pV2UUpFHPPHQWODSUHVVLRQHVWYHQXHGHVPDUFKpVILQDQFLHUVTXL H[LJHQW TXH OHV JRXYHUQHPHQWV DVVDLQLVVHQW OHXU VLWXDWLRQ ILQDQFLqUH 'HYDQW FHV SUHVVLRQV OHV DXWRULWpV SXEOLTXHVRQWVHQWLOHEHVRLQGDPpOLRUHUODJHVWLRQGHOHXUVSROLWLTXHVVDODULDOHVDILQGHFRQWULEXHUjOHIIRUW GDXVWpULWp RX SOXW{W DILQ GH UDWLRQDOLVHU FHV SROLWLTXHV 'HYDQW OHV UpVLVWDQFHV V\QGLFDOHV OLPSDUWLWLRQ HVW GHYHQXHOHPR\HQSULYLOpJLpGHUpGXLUHOHVFR€WVGHPDLQG°XYUH(OOHSHUPHWGDQVFHUWDLQVFDVGHVXEVWLWXHU GHODPDLQG°XYUHGHVVHFWHXUVFRQFXUUHQWLHOVjGHODPDLQG°XYUHUHODWLYHPHQWFR€WHXVHHWGDQVG=DXWUHVFDV GHVRXPHWWUHODPDLQG=°XYUHAPXQLFLSDOH@DX[SUHVVLRQVGHODFRQFXUUHQFH

3RXUTXRLOLPSDUWLWLRQIRQFWLRQQHWHOOH"(QSUpVHQFHGHFKDQJHPHQWVSHUPDQHQWVDXVDODLUHGHPDUFKp OHVVDODLUHVFRQWUDFWXHOVGRLYHQWrWUHUHODWLYHPHQWIOH[LEOHVSRXUUHIOpWHUWRXWHQRXYHOOHFRQGLWLRQ8QHHQWUHSULVH JRXYHUQHPHQWDOHQHVWSDVVRXPLVHDX[SUHVVLRQVFRQFXUUHQWLHOOHVTXLJpQqUHQWODIOH[LELOLWpQpFHVVDLUHDX[

DMXVWHPHQWV 6XSSRVRQV TXH ODFWLYLWp VRLW LPSDUWLH j XQH HQWUHSULVH SULYpH TXL pYROXH VXU XQ PDUFKp FRQFXUUHQWLHO&HVHUDQRWDPPHQWOHFDVVLOH[LVWHGpMjXQPDUFKpSRXUFHVDFWLYLWpV&HWWHHQWUHSULVHVHUDDORUV VRXPLVHDX[SUHVVLRQVFRQFXUUHQWLHOOHVQpFHVVDLUHVSRXUTXHOHVVDODLUHVVXLYHQWGHSOXVSUqVOHVIOXFWXDWLRQV SHUPDQHQWHVGXVDODLUHGHPDUFKp/LPSDUWLWLRQVHUDDORUVXQHVROXWLRQRSWLPDOHHQUpSRQVHDXPDQTXHGH IOH[LELOLWpGHVVDODLUHVGHVWUDYDLOOHXUVPXQLFLSDX[3DUFRQWUHVLOHVHUYLFHLPSDUWLQHVWSDVGpMjRIIHUWVXUXQ PDUFKpFRQFXUUHQWLHODORUVLOHVWSRVVLEOHTXHOLPSDUWLWLRQQHUpDOLVHSDVjORQJWHUPHOHVpFRQRPLHVVRXKDLWpHV 8QIDFWHXULPSRUWDQWVHUDDORUVODIDFLOLWpDYHFODTXHOOHRQSHXWFKDQJHUGHSDUWHQDLUH6LOHVLQYHVWLVVHPHQWV LQLWLDX[ QH VRQW SDV WURS LPSRUWDQWV RX VSpFLILTXHV DORUV RQ SHXW VXSSRVHU TXH OHQWUpH GH QRXYHDX[

FRQFXUUHQWVHVWUHODWLYHPHQWIDFLOH&HWWHPHQDFHGHQWUpHVHUDHQJpQpUDOVXIILVDQWHSRXUDVVXUHUODIOH[LELOLWp GHVFRQGLWLRQVGHPSORL6LSDUFRQWUHOHQWUpHHVWGLIILFLOHjFDXVHGLPSRUWDQWVLQYHVWLVVHPHQWVVSpFLILTXHV DORUVOLPSDUWLWLRQQHUHSUpVHQWHQWSDVQpFHVVDLUHPHQWOD ERQQH VROXWLRQ 2Q SHXW SHQVHU TXH OHV PrPHV SUREOqPHVGHIOH[LELOLWpTXLRQWVXUJLDXVHLQGHORUJDQLVDWLRQPXQLFLSDOHVHUHSURGXLURQWDXVHLQGXSDUWHQDLUH

6LRQGpFLGHG=LPSDUWLUTXHOVHUDDORUVOHW\SHG=LPSDUWLWLRQSULYLOpJLp"&HV SUREOqPHV GH EDLVVHV SHUPDQHQWHVGXVDODLUHGHPDUFKpVHVRQWSRVpVSRXUOHFDVGHODPDLQG=°XYUHQRQTXDOLILpH&HWWHPDLQ G=°XYUHDFFRPSOLWW\SLTXHPHQWGHVWkFKHVVHFRQGDLUHVSRXUOHVTXHOOHVRQUHWURXYHJpQpUDOHPHQWGHVPDUFKpV FRQFXUUHQWLHOV/DVRXVWUDLWDQFHGHFHVWkFKHVVHUDDORUVOHPRGHG=LPSDUWLWLRQSULYLOpJLp(OOHSHUPHWGHGpOpJXHU GHVWkFKHVVHFRQGDLUHVSRXUOHVTXHOOHVOHVEHVRLQVGHFRRUGLQDWLRQDYHFG=DXWUHVDFWLYLWpVVRQWIDLEOHV'HSOXV

ODGXUpHOLPLWpHGHVFRQWUDWVGHVRXVWUDLWDQFHSHUPHWGHPDLQWHQLUXQQLYHDXGHFRQFXUUHQFHQpFHVVDLUHjOD PLQLPLVDWLRQGHVFR€WVGHSURGXFWLRQGHFHVWkFKHV

'DQVOHFDVGXSDUWDJHGHVULVTXHVHWGHVVDODLUHVOHVpOpPHQWVLPSRUWDQWVjUHWHQLUVRQW

O=LPSDUWLWLRQVHUDRSWLPDOHVLO=RUJDQLVDWLRQLQWHUQHGXWUDYDLOQHSHUPHWSDVODIOH[LELOLWpQpFHVVDLUHSRXU V=DMXVWHUDX[FKDQJHPHQWVSHUPDQHQWVGXVDODLUHGHPDUFKp

O=LPSDUWLWLRQDXUDSOXVGHVXFFqVVLO=DFWLYLWpLPSDUWLHHVWRIIHUWHSDUXQHILUPHFRQFXUUHQWLHOOH

O=LPSDUWLWLRQjXQPRQRSROHRO=HQWUpHHVWGLIILFLOHQHUpJOHUDSDVQpFHVVDLUHPHQWOHVSUREOqPHVGH IOH[LELOLWpGHVFRQGLWLRQVGHWUDYDLO

ODVRXVWUDLWDQFHUHSUpVHQWHOHPRGHG=LPSDUWLWLRQSULYLOpJLp

/HVpFRQRPLHVG=pFKHOOHHWG=HQYHUJXUHHWOHVFRPSpWHQFHVPXQLFLSDOHVUpJLRQDOHVQDWLRQDOHVHWLQWHUQDWLRQDOHV 'DQVWRXWHGpFLVLRQGHIDLUHjO=LQWHUQHRXGHIDLUHIDLUHjO=H[WHUQHVHSRVHOHSUREOqPHGHVFR€WV1RXV DYRQV GLVFXWp GDQV OD VHFWLRQ SUpFpGHQWH GHV FR€WV UHOLpV DX WUDYDLO HQ SDUWLFXOLHU GDQV OHXU GLPHQVLRQ

©DVVXUDQFHªHW©IOH[LELOLWpªGHVVDODLUHVHQIRQFWLRQGHODYDOHXUDOWHUQDWLYHGXWUDYDLO1RXVDYRQVFRQFOXTX=j GpIDXWGHSRXYRLUFUpGLEOHPHQWJpQpUHUjO=LQWHUQHOHQLYHDXGHIOH[LELOLWpSHUPHWWDQWG=DUULPHUVDODLUHVHW FRQGLWLRQVGHWUDYDLOjOHXUQLYHDXFRQFXUUHQWLHOGDQVODVRFLpWpHQYLURQQDQWHLOIDOODLWSOXW{WUHFRXULUjGHV PRGHV GH VRXVWUDLWDQFH HW G=LPSDUWLWLRQ TXL DVVXUHUDLHQW TXH OHV FLWR\HQV SURILWHQW GH ELHQV HW VHUYLFHV PXQLFLSDX[jGHVFR€WVFRQFXUUHQWLHOV

8QGHX[LqPHYROHWGHODSURGXFWLRQHWGHODGLVWULEXWLRQGHVELHQVHWVHUYLFHVPXQLFLSDX[DX[PHLOOHXUV FR€WVSRVVLEOHVGRLWIDLUHLQWHUYHQLUODWDLOOHHWO=HQYHUJXUHGHVDFWLYLWpV,OHVWSRVVLEOHTXHODWDLOOHHWO=HQYHUJXUH O=HQVHPEOHGHWRXWHVOHVDFWLYLWpVGHVDFWLYLWpVGHSURGXFWLRQHWGHGLVWULEXWLRQGHVELHQVHWVHUYLFHVPXQLFLSDX[

VRLHQWWURSIDLEOHVSRXUSURILWHUSOHLQHPHQWGHVpFRQRPLHVGHFR€WVEDLVVHGHVFR€WVPR\HQVTXHSHUPHWWUDLHQW XQHWDLOOHHWXQHHQYHUJXUHVLJQLILFDWLYHPHQWSOXVJUDQGHV$ILQGHIDLUHSURILWHUOHVFLWR\HQVGHFHVpFRQRPLHV G=pFKHOOHHWG=HQYHUJXUHLOVHUDLWQpFHVVDLUHGXUHJURXSHUOHVDFWLYLWpVGHSURGXFWLRQHWGHGLVWULEXWLRQPXQLFLSDOH DYHFFHOOHVG=DXWUHVPXQLFLSDOLWpVRXHQFRUHDYHFGHVDFWLYLWpVFRPSDWLEOHVGHSURGXFWHXUVSULYpV

/HV ORLV HW UqJOHPHQWV UpJLVVDQW OHV PXQLFLSDOLWpV LQWHUGLVHQW GH PDQLqUH JpQpUDOH j FHV GHUQLqUHV

G=XWLOLVHUGHODPDLQG=°XYUHHWGHVpTXLSHPHQWVPXQLFLSDX[jGHVILQVSULYpVHQFRPPHUFLDOLVDQWOHVVHUYLFHV GHODPXQLFLSDOLWp&HVORLVHWUqJOHPHQWVRQWpWpLPSRVpVDX[PXQLFLSDOLWpVSRXUpYLWHUOHVGDQJHUVpYLGHQWVGH IDYRULWLVPHGHFRUUXSWLRQHWGHFRQFXUUHQFHGpOR\DOHDX[TXHOVSRXYDLWPHQHUXQHFRPPHUFLDOLVDWLRQGHV FDSDFLWpVSURGXFWLYHVPXQLFLSDOHV0DLVO=LQYHUVHQ=HVWSDVYUDL/D9LOOHSRXUUDLWWUqVELHQFRPPDQGHUjXQH HQWUHSULVHSULYpHXQHQVHPEOHGHELHQVHWVHUYLFHVjXQFR€WFRQFXUUHQWLHOPrPHVLFHWWHHQWUHSULVHXWLOLVHOD PrPHPDLQG=°XYUHHWOHVPrPHVpTXLSHPHQWVSRXUVDWLVIDLUHSDUDLOOHXUVGHVGHPDQGHVGHELHQVHWVHUYLFHV VLPLODLUHVRXFRQQH[HVSURYHQDQWGXVHFWHXUSULYpRXG=DXWUHVJRXYHUQHPHQWV&=HVWOjXQHSUDWLTXHFRXUDQWH GDQVXQQRPEUHpOHYpGHVLWXDWLRQV8QHUpIOH[LRQVXUO=LPSDUWLWLRQGHO=DPSOHXUGHFHOOHHQFRXUVjOD9LOOHGH 0RQWUpDOGRLWYLVHUHQWUHDXWUHVILQVjpWXGLHUOHVSRVVLELOLWpVG=pWHQGUHSURILWDEOHPHQWFHWWHSUDWLTXHDX[DFWLYLWpV GHSURGXFWLRQHWGHGLVWULEXWLRQDFWXHOOHPHQWDVVXPpHVjO=LQWHUQH,OHVWSRVVLEOHTXHSOXVLHXUVGHFHVDFWLYLWpV SRXUUDLHQWrWUHDLQVLFRQILpHVjGHVLPSDUWLWHXUVDXEpQpILFHGHVFLWR\HQV

&RQVLGpURQVWURLVH[HPSOHV/=HQWUHWLHQGHVSDUFVRXGHVpGLILFHVPXQLFLSDX[ODYpULILFDWLRQLQWHUQH RXODJHVWLRQILQDQFLqUHHWODJHVWLRQGHVHDX[1RXVVXSSRVHURQVSRXUOHVEHVRLQVGHQRWUHSURSRVTXHFHV DFWLYLWpVSRXUUDLHQWrWUHSURGXLWHVjPRLQGUHVFR€WVV=LOpWDLWSRVVLEOHGHOHVUHJURXSHURXGHOHVSURGXLUH FRQMRLQWHPHQWDYHFGHVDFWLYLWpVVLPLODLUHVHWFRPSDWLEOHVGDQVOHVHFWHXUSULYpRXGDQVOHVHFWHXUSXEOLF

'DQVOHFDVGHO=HQWUHWLHQGHVSDUFVRQSRXUUDLWWUqVELHQO=DVVXUHUSDUO=LQWHUPpGLDLUHG=HQWUHSULVHVTXL DXUDLHQWpJDOHPHQWODUHVSRQVDELOLWpGHO=HQWUHWLHQGHVWHUUDLQVSULYpVGDQVOHYRLVLQDJHG=XQSDUFGRQQp,O\D SOXVLHXUVUDLVRQVGHFURLUHTXHFHVGHX[DFWLYLWpVWRXWjIDLWFRPSDWLEOHVSRXUUDLHQWrWUHSURGXLWHVjGHVFR€WV SOXVIDLEOHVVLHOOHVpWDLHQWFRRUGRQQpHVDXVHLQG=HQWUHSULVHVSULYpHVPXQLFLSDOHVRXUpJLRQDOHVJUkFHjXQXVDJH SOXVHIILFDFHSDUWDJpGHVpTXLSHPHQWVHWGHVUHVVRXUFHVKXPDLQHV8QFDVVLPLODLUHHVWFHOXLGHO=HQWUHWLHQGHV pGLILFHV PXQLFLSDX[ /D UpDOLVDWLRQ GHV pFRQRPLHV G=pFKHOOH HW G=HQYHUJXUH SRVVLEOHV GDQV FHV DFWLYLWpV SHUPHWWUDLHQWDX[FLWR\HQVGHSURILWHUGHVHUYLFHVGHPHLOOHXUHTXDOLWpjGHVFR€WVPRLQGUHV'HSOXVO=DOORFDWLRQ GHVFRQWUDWVVXUODEDVHGHVTXDUWLHUVDYHFFHUWDLQHVFRQWUDLQWHVVXUOHQRPEUHG=HQWUHSULVHVLQGpSHQGDQWHV LPSOLTXpHVSHUPHWWUDLWjO=DGPLQLVWUDWLRQPXQLFLSDOHGHPHWWUHjSURILWGHVEDOLVHVEHQFKPDUNLQJIDYRULVDQWOD FRQFXUUHQFHHQWUHLPSDUWLWHXUV

'DQVOHFDVGHODYpULILFDWLRQLQWHUQHXQHVLWXDWLRQVLPLODLUHSRXUUDLWrWUHHQYLVDJpH8QHHQWUHSULVH SULYpHUpJLRQDOHRXQDWLRQDOHGHYpULILFDWLRQFRPSWDEOHSRXUUDLWWUqVELHQDVVXUHUODYpULILFDWLRQLQWHUQHGHWRXV OHVFRPSWHVHWEXGJHWVGHODPXQLFLSDOLWpVDQVPRGLILFDWLRQDX[SURFpGXUHVGHYpULILFDWLRQH[WHUQHSDUXQH HQWUHSULVHGHYpULILFDWHXUVLQGpSHQGDQWVFRPPHF=HVWOHFDVDFWXHOOHPHQW/HUHJURXSHPHQWGHODYpULILFDWLRQ

LQWHUQHGHOD9LOOHGDQVXQHRXGHVILUPHVVSpFLDOLVpHVSRXUUDLWIDLUHEpQpILFLHUOHVFLWR\HQVG=XQHEDLVVHGHFR€W SRWHQWLHOOHPHQWVXEVWDQWLHOOHJUkFHDX[pFRQRPLHVG=pFKHOOHHWG=HQYHUJXUHTXHSHUPHWWUDLWFHUHJURXSHPHQWGH FRPSpWHQFHV8QDXWUHH[HPSOHGXPrPHW\SHSRXUUDLWrWUHODJHVWLRQILQDQFLqUH

'DQVO=H[HPSOHGHODSURGXFWLRQHWGHODGLVWULEXWLRQGHO=HDXSRWDEOHHWGHO=DVVDLQLVVHPHQWGHVHDX[

XVpHVQRXVDYRQVQpFHVVDLUHPHQWXQHVLWXDWLRQGHPRQRSROHQDWXUHOORFDOGXPRLQVGDQVODGLVWULEXWLRQLO VHUDLWLQHIILFDFHG=DYRLUGHX[GLVWULEXWHXUVG=HDXSRWDEOHFKDFXQDYHFVRQSURSUHUpVHDXGDQVXQPrPHTXDUWLHU /H UHJURXSHPHQW GH FHV DFWLYLWpV DX VHLQ G=HQWUHSULVHV QDWLRQDOHV RX LQWHUQDWLRQDOHV VSpFLDOLVpHV GDQV OH WUDLWHPHQW HW O=DVVDLQLVVHPHQW GHV HDX[ SRXUUDLW SHUPHWWUH DX[ FLWR\HQV GH SURILWHU G=XQH H[SHUWLVH SOXV LPSRUWDQWHGHUpVXOWDWVGHSURJUDPPHVGH5 'TX=LOVHUDLWWURSFR€WHX[GHGpYHORSSHUWRXWVHXOHWG=DGRSWLRQ HWG=DGDSWDWLRQSOXVUDSLGHVGHWHFKQRORJLHVGHSRLQWHJUkFHDX[pFRQRPLHVG=pFKHOOHSRWHQWLHOOHVGXUpVHDXWDJH LQWHUQDWLRQDOGDQVOHVDFWLYLWpVFRQFHUQpHV

&HV pFRQRPLHV G=pFKHOOH HW G=HQYHUJXUH GRLYHQW rWUH pYDOXpHV FDV SDU FDV PDLV HOOHV VRQW D SULRUL VXIILVDPPHQWLPSRUWDQWHVSRXUTX=RQ\FRQVDFUHOHVUHVVRXUFHVQpFHVVDLUHV(OOHVIDYRULVHUDLHQWGHPDQLqUH JpQpUDOHXQHIRUPHSOXVRXPRLQVDYDQFpHG=LPSDUWLWLRQ

/HVDV\PpWULHVGLQIRUPDWLRQ

6LOHSDUWDJHGHVULVTXHVHWO=LQIOH[LELOLWpGRLYHQWrWUHFRQVLGpUpVGDQVOHVGpFLVLRQVG=LPSDUWLWLRQFHQH VRQW SDV OHV VHXOV FULWqUHV j SUHQGUH HQ FRPSWH /HV FULWqUHV LQIRUPDWLRQQHOV VRQW VRXYHQW DX FHQWUH GHV SUpRFFXSDWLRQV

8QHDFWLYLWpW\SLTXHLPSOLTXHSOXVLHXUVLQWHUYHQDQWVFKDFXQGpWHQDQWGHVLQIRUPDWLRQVFOpVGRQW O=XWLOLVDWLRQHVWQpFHVVDLUHDXVXFFqVGHO=DFWLYLWp'DQVSOXVLHXUVFDVFHVLQIRUPDWLRQVFOpVVRQWGpWHQXHVGHIDoRQ

©SULYpHªSDUOHVLQWHUYHQDQWVF=HVWjGLUHTX=XQLQWHUYHQDQWSRVVqGHXQHLQIRUPDWLRQFOpTXLQHSHXWrWUH GLUHFWHPHQWYpULILpHSDUOHVDXWUHVLQWHUYHQDQWV'DQVFHFDVXQLQWHUYHQDQWSRXUUDLWQHSDVDYRLUWRXWHVOHV LQFLWDWLRQVjUpYpOHUVRQLQIRUPDWLRQDX[DXWUHVLQWHUYHQDQWV3DUH[HPSOHXQGLUHFWHXUGHGpSDUWHPHQWSRXUUDLW YRXORLUH[DJpUHUOHFR€WGHVDFWLYLWpVGRQWLOHVWUHVSRQVDEOHDILQGREWHQLUXQILQDQFHPHQWSOXVJpQpUHX[SRXU VRQGpSDUWHPHQWFUR\DQWTXHFHVUHVVRXUFHVVHURQWGHWRXWHIDoRQPLHX[XWLOLVpHVGDQVVRQGpSDUWHPHQWTXH

GDQVFHX[GHVHVFROOqJXHV/DSULVHHQFRPSWHGHWHOOHVLQFLWDWLRQVHVWGRQFQpFHVVDLUHORUVGHODSULVHGH GpFLVLRQWHOOHODWWULEXWLRQGHEXGJHWODGpFLVLRQG=LPSDUWLUHWF

'DQVODSUDWLTXHjTXRLUHFRQQDvWRQOLQIRUPDWLRQSULYpH"8QHLQIRUPDWLRQHVWGLWHSULYpHORUVTXH GXQH SDUW HOOH HVW SHUWLQHQWH SRXU OD GpFLVLRQ j SUHQGUH HW GDXWUH SDUW HOOH QHVW GpWHQXH TXH SDU XQ LQWHUYHQDQWRXXQVRXVHQVHPEOHGHVLQWHUYHQDQWVGDQVODSULVHGHGpFLVLRQ3UHQRQVFRPPHH[HPSOHOHVHUYLFH GHVHDX[3XLVTXHOHDXQHVWSDVYHQGXHOHVUHVVRXUFHVGRQWOHGLUHFWHXUGHFHVHUYLFHDEHVRLQSRXUPDLQWHQLU VRQ UpVHDX GRLYHQW OXL rWUH IRXUQLHV SDU ODGPLQLVWUDWLRQ PXQLFLSDOH /DGPLQLVWUDWLRQ GRLW GXQH SDUW GpWHUPLQHUOHWDX[GHWD[DWLRQGHFLWR\HQVHWGDXWUHSDUWIDLUHODUELWUDJHHQWUHGLIIpUHQWVVHUYLFHVORUVTXHOH SURGXLWGHODWD[HHVWDOORXp,OHVWpYLGHQWTXHFHVGpFLVLRQVPXQLFLSDOHVGRLYHQWrWUHEDVpHVHQWUHDXWUHVFKRVHV VXUOHFR€WGHSURGXFWLRQGXVHUYLFHGHVHDX[ 2U FHV FR€WV GH SURGXFWLRQ SDV OHV FR€WV FRPSWDEOHV RX FRPSWDELOLVpV PDLV OHV YpULWDEOHV FR€WV LQpYLWDEOHV SRXU DVVXUHU OHV VHUYLFHV GH PrPH TXDOLWp QH VRQW SDV GLUHFWHPHQWREVHUYDEOHVSDUOHVDXWRULWpVPXQLFLSDOHV,OHVWUDLVRQQDEOHGHSHQVHUTXHOHGLUHFWHXUGXVHUYLFH GpWLHQWGHOLQIRUPDWLRQSOXVSUpFLVHVXUOHVFR€WVGHSURGXFWLRQGHVRQVHUYLFHTXHOHVDXWRULWpVPXQLFLSDOHV 2QGLUDDORUVTXHOHGLUHFWHXUGXVHUYLFHGHVHDX[GpWLHQWGHOLQIRUPDWLRQSULYpH

3UHQRQVXQDXWUHH[HPSOH6XSSRVRQVTXHO=DGPLQLVWUDWLRQPXQLFLSDOHIDEULTXHHOOHPrPHOHVEDQFV TXHOOH SODFH GDQV OHV SDUFV 3XLVTXH OH VHUYLFH GHV pTXLSHPHQWV QH YHQG SDV OHV EDQFV TXLO IDEULTXH j O=DGPLQLVWUDWLRQPXQLFLSDOHODWWULEXWLRQGHVRQEXGJHWSRXUFHWWHSURGXFWLRQGpSHQGGXFR€WGHSURGXFWLRQ GHVEDQFV(QFRUHXQHIRLVFHFR€WGHSURGXFWLRQHVWFRQQXGHIDoRQEHDXFRXSSOXVSUpFLVHSDUOHGLUHFWHXUGX VHUYLFH2QGLUDDORUVTXHFHOXLFLGpWLHQWGHOLQIRUPDWLRQSULYpH

6LOHVWXQHFKRVHGHUHFRQQDvWUHTXHFHUWDLQVDJHQWVGpWLHQQHQWGHOLQIRUPDWLRQSULYpHSHUWLQHQWHSRXU XQHGpFLVLRQFHVWIUDQFKLUXQVHXLOTXHGDIILUPHUTXHFHWWHLQIRUPDWLRQMRXHXQU{OHLPSRUWDQWGDQVODOORFDWLRQ GHVUHVVRXUFHV8QHTXHVWLRQLPSRUWDQWHHVWGHVDYRLUVLOLQIRUPDWLRQSULYpHSHXWRXQRQrWUHLQIpUpHSDUOHV LQWHUYHQDQWV QRQ LQIRUPpV 1RXV pYROXRQV GDQV XQH pFRQRPLH GH PDUFKp R OHV SUL[ VXU OHV PDUFKpV FRQFXUUHQWLHOVYpKLFXOHQWEHDXFRXSGLQIRUPDWLRQ/DFRQFXUUHQFHHQWUHOHVSURGXFWHXUVOHVIRUFHjDEDLVVHUOHXU SUL[DXQLYHDXGHOHXUFR€WGHSURGXFWLRQ/HSUL[FRQFXUUHQWLHOGXQSURGXLWRXVHUYLFHUHIOqWHGRQFVRQFR€W PDUJLQDOGHSURGXFWLRQ'DQVODPHVXUHRXQHDFWLYLWpSURGXLWHSDUO=RUJDQLVDWLRQPXQLFLSDOHHVWpJDOHPHQW GLVSRQLEOHVXUOHPDUFKpOLQIRUPDWLRQGpWHQXHSDUOHUHVSRQVDEOHGHFHWWHDFWLYLWpVXUVRQFR€WGHSURGXFWLRQ SHXWrWUHLQIpUpHjSDUWLUGHVSUL[GHPDUFKp'DQVFHFDVRQSHXWDIILUPHUTXHOLQIRUPDWLRQGXGLUHFWHXUGH

VHUYLFHHVWSULYpHHWSHUWLQHQWHSRXUODJHVWLRQHIILFDFHPDLVTXHOHFDUDFWqUHSULYpGHFHWWHLQIRUPDWLRQQHYLHQW SDVHQWUDYHUOHIILFDFLWpGHODJHVWLRQFDUFHWWHLQIRUPDWLRQSHXWrWUHLQIpUpHjSHXGHIUDLVSDUOHVLQWHUYHQDQWV QRQLQIRUPpV

5HYHQRQVDX[GHX[H[HPSOHVGpFULWVSOXVKDXW/HVDFWLYLWpVSURGXLWHVSDUOHVHUYLFHGHVHDX[QHVRQW SDVRIIHUWHVGHIDoRQFRQFXUUHQWLHOOHVXUOHPDUFKp,OHVWGRQFGLIILFLOHSRXUOHVDXWRULWpVPXQLFLSDOHVGH FRQQDvWUHDYHFSUpFLVLRQOHVFR€WVGHSURGXFWLRQGHODOLPHQWDWLRQHQHDX/DSURFpGXUHGDWWULEXWLRQEXGJpWDLUH VHFRPSOLTXHGXIDLWTXHOHGLUHFWHXUGHVHUYLFHSRXUUDLWYRXORLUJRQIOHUSOXVRXPRLQVFRQVFLHPPHQWVHVFR€WV GHSURGXFWLRQDILQGDWWLUHUSOXVGHUHVVRXUFHVDXVHLQGHVRQVHUYLFH&HVLQFLWDWLRQVGHYURQWrWUHSULVHVHQ FRPSWH ORUV GH O=DSSOLFDWLRQ GH OD SURFpGXUH EXGJpWDLUH /H[HPSOH GHV EDQFV GH SDUF HVW SDU FRQWUH VHQVLEOHPHQW GLIIpUHQW 8Q EDQF GH SDUF HVW XQ SURGXLW UHODWLYHPHQW VWDQGDUG TXL HVW SURGXLW GH IDoRQ FRQFXUUHQWLHOOHVXUOHVPDUFKpV6RQFR€WGHSURGXFWLRQSHXWGRQFrWUHLQIpUpHQREVHUYDQWOHSUL[GHYHQWHGXQ SURGXLWVLPLODLUH$VVHUWLHGXQHWHOOHLQIRUPDWLRQRQFRPSUHQGUDTXHODSURFpGXUHGDWWULEXWLRQGHEXGJHWDX VHUYLFHGHVpTXLSHPHQWVGXPRLQVHQFHTXLFRQFHUQHOHVEDQFVGHSDUFSRXUUDLWrWUHHVWJUDQGHPHQWIDFLOLWpH VLO=LQIRUPDWLRQGLVSRQLEOHHVWXWLOLVpH/HPDUFKpGRQQHXQHEDVHGHFRPSDUDLVRQTXLSHUPHWGDOORXHUOHV UHVVRXUFHVGHIDoRQHIILFDFH

/RUVTXXQHDFWLYLWpQHVWSDVRIIHUWHVXUXQPDUFKpFRQFXUUHQWLHOOHFDUDFWqUHSULYpGHOLQIRUPDWLRQMRXH GRQFXQU{OHLPSRUWDQWGDQVOHVGpFLVLRQVjSUHQGUH0DLVTXHOOHVVRQWOHVFDUDFWpULVWLTXHVGHODGpFLVLRQj SUHQGUHTXLVRQWSHUWLQHQWHVSRXUOHPRGHGHJHVWLRQ"&HUWDLQHVGpFLVLRQVVRQWUHODWLYHPHQWFRPSOH[HVHW UHSRVHQWVXUOLQIRUPDWLRQSULYpHGHSOXVLHXUVLQWHUYHQDQWV3UHQRQVFRPPHH[HPSOHODGpFLVLRQGHFRQVWUXLUH XQLQFLQpUDWHXU2QGRLWGDERUGGpFLGHUG=XQHSROLWLTXHJOREDOHGHJHVWLRQGHVGpFKHWVGHODFDSDFLWpGH OLQFLQpUDWHXUVLFHPRGHHVWUHWHQXHWILQDOHPHQWGHVDORFDOLVDWLRQ8QHGpFLVLRQHIILFDFHGRLWUHSRVHUVXUXQH LQIRUPDWLRQSUpFLVHTXDQWDX[GLIIpUHQWHVWHFKQRORJLHVGLVSRQLEOHVOHXUVFR€WVGHFRQVWUXFWLRQHWGRSpUDWLRQ OHSODQGHGpYHORSSHPHQWXUEDLQOHVUqJOHVGH]RQDJHDQWLFLSpHVODUpJOHPHQWDWLRQHQYLURQQHPHQWDOHHWF&HV GLIIpUHQWHV LQIRUPDWLRQV VRQW GpWHQXHV SDU GLIIpUHQWV GLUHFWHXUV GH VHUYLFH DX VHLQ GH ODGPLQLVWUDWLRQ PXQLFLSDOH&KDFXQFRPSUHQGELHQOHVHQMHX[HWFRPPHQWVRQLQIRUPDWLRQSULYpHDIIHFWHUDODGpFLVLRQSULVH ,OHVWIRUWSRVVLEOHTXHFHVGLIIpUHQWVLQWHUYHQDQWVDLHQWGHVSUpIpUHQFHVGLIIpUHQWHVYLVjYLVOHVFKRL[SRVVLEOHV HWTXLOVWHQWHQWGHPDQLSXOHUO=LQIRUPDWLRQSULYpHGRQWLOVGLVSRVHQWDILQGHIDLUHSHQFKHUODEDODQFHGHOHXU F{WpWRXWHQFUR\DQWTXH©OHXUF{WpªHVWFHOXLTXLHVWOHPHLOOHXUSRXUO=RUJDQLVDWLRQPXQLFLSDOH'DQVFHW H[HPSOHRQYRLWTXLOHVWQpFHVVDLUHGHELHQFRRUGRQQHUODGpFLVLRQjSUHQGUHVXUOLQIRUPDWLRQGHWRXVOHV

LQWHUYHQDQWV8QHWHOOHFRRUGLQDWLRQQpFHVVLWHGLQVWDXUHUGHVFDQDX[GHFRPPXQLFDWLRQUHODWLYHPHQWIRUPHOV TXLSHUPHWWURQWDX[DJHQWVGHWUDQVPHWWUHOHXULQIRUPDWLRQ'HSOXVFHVPpFDQLVPHVGHFRPPXQLFDWLRQ GHYURQWrWUHFRXSOpVGHPpFDQLVPHVTXLLQFLWHURQWOHVLQWHUYHQDQWVjQHSDVPDQLSXOHUOHXULQIRUPDWLRQHWjHQ UpYpOHUODYUDLHWHQHXU'RQFLOH[LVWHXQSUHPLHUW\SHGHGpFLVLRQVTXLQpFHVVLWHQWXQHFRRUGLQDWLRQGHSOXVLHXUV LQWHUYHQDQWVSULYpPHQWLQIRUPpV

3RXUXQVHFRQGW\SHGHGpFLVLRQVDXFXQHRXSHXGHFRRUGLQDWLRQQHVWQpFHVVDLUH/DGpFLVLRQHIILFDFH QHUHSRVHTXHVXUOLQIRUPDWLRQGXQLQWHUYHQDQWRXG=XQHQVHPEOHELHQLQWpJUpG=LQWHUYHQDQWV3DUH[HPSOH ODGpFLVLRQGHUpSDUWLWLRQGHO=HIIHFWLISROLFLHUHQWUHGLIIpUHQWVTXDUWLHUVGpSHQGQRQVHXOHPHQWGXWDX[GH FULPLQDOLWpGDQVFKDFXQGHVTXDUWLHUVFRQFHUQpVPDLVpJDOHPHQWGHODSSRUWTX=XQSROLFLHUVXSSOpPHQWDLUHSHXW DSSRUWHUGDQVXQTXDUWLHUGRQQp/DYDOHXUGHFHWDSSRUWHVWGLIILFLOHPHQWREVHUYDEOHSDUO=DGPLQLVWUDWLRQ PXQLFLSDOHDORUVTXHOHGLUHFWHXUGXVHUYLFHGHSROLFHOHFRQQDvWJpQpUDOHPHQWDYHFEHDXFRXSSOXVGHSUpFLVLRQ 'DQVFHFDVODSULQFLSDOHLQIRUPDWLRQSULYpHVXVFHSWLEOHGDIIHFWHUODGpFLVLRQHVWFHOOHGXGLUHFWHXUGXVHUYLFH GHSROLFH$YHFFHWWHLQIRUPDWLRQXQHGpFLVLRQHIILFDFHSRXUUDrWUHSULVH/HVEHVRLQVGHFRRUGLQDWLRQVRQWLFL PLQLPHV

1RXVDOORQVPDLQWHQDQWGpFULUHOHVSULQFLSDOHVGLIIpUHQFHVHQWUHSURGXFWLRQjO=LQWHUQHHWjO=H[WHUQHHW GLVFXWHUOHVPpULWHVUHODWLIVGHFHVGLIIpUHQWVPRGHVGHSURGXFWLRQHQFHTXLDWUDLWDX[GHX[W\SHVGHGpFLVLRQ TXHQRXVYHQRQVGHGpFULUH

/HIRQGHPHQWGXQHRUJDQLVDWLRQHIILFDFHHVWODUHVSRQVDELOLVDWLRQGHVHPSOR\pVFHVWjGLUHDXSUHPLHU FKHIODSUpVHQFHGHPpFDQLVPHVGHUpPXQpUDWLRQTXLVRQWIRQFWLRQGHODSHUIRUPDQFHGHOHPSOR\p1RWRQVLFL TXHORQHQWHQGSDUUpPXQpUDWLRQXQODUJHpYHQWDLOGRXWLOVDOODQWGHODERQLILFDWLRQGXVDODLUHGHOHPSOR\pDX[

FRQGLWLRQV GH WUDYDLO HW DX[ UHVVRXUFHV FRQVDFUpHV j VRQ GpSDUWHPHQW RX VHUYLFH &HV PpFDQLVPHV GH UHVSRQVDELOLVDWLRQ VH EDVHQW VXU OpWDEOLVVHPHQW GH QRUPHV GH SHUIRUPDQFH REMHFWLIV j DWWHLQGUH TXL VRQW REVHUYDEOHVHWVXUOHVTXHOVRQSHXWEDVHUOpYDOXDWLRQ6LHQWKpRULHRQHVWHQGURLWGHVDWWHQGUHjUHWURXYHUFHV PpFDQLVPHVWDQWSRXUOHVDFWLYLWpVSURGXLWHVjOLQWHUQHTXHFHOOHVSURGXLWHVjOH[WHUQHLOHVWVRXYHQWGLIILFLOH GHPDLQWHQLUXQV\VWqPHFUpGLEOHGHPpFDQLVPHVGHUHVSRQVDELOLVDWLRQSRXUOHVDFWLYLWpVSURGXLWHVjOLQWHUQH

/RUVTXXQHDFWLYLWpHVWHIIHFWXpHjOLQWHUQHOHVUDSSRUWVGHSURGXFWLRQVRQWUpJLVSDUGHVUqJOHVSOXVRX PRLQVIRUPHOOHVVXMHWWHVjFKDQJHPHQWHWPDQLSXODEOHVSDUOHVDJHQWVHQSRVWHGDXWRULWp(QFRQVpTXHQFHLO HVWVRXYHQWWUqVGLIILFLOHGHVHQJDJHUGHIDoRQFUpGLEOHORUVTXHORQSHXWPDQLSXOHUOHVUqJOHVLPSXQpPHQW/HV

OLPLWHVDX[SRVVLELOLWpVGHQJDJHPHQWHQWUDYHQWOHERQIRQFWLRQQHPHQWGHVPpFDQLVPHVGHUHVSRQVDELOLVDWLRQ 3DUH[HPSOHRQSHXWSURPHWWUHDXGLUHFWHXUGHODJHVWLRQGHVGpFKHWVTXHORQDXJPHQWHUDOHVUHVVRXUFHVGHVRQ GpSDUWHPHQWSRXUGHQRXYHDX[LQYHVWLVVHPHQWVVLOUpXVVLWjDXJPHQWHUODSURGXFWLYLWpGHVRQVHUYLFH0DLVRQ SHXWLPDJLQHUTXHGXQHSDUWVLOHGLUHFWHXUUpXVVLWOHFRQVHLOPXQLFLSDOSRXUUDLWUHYHQLUVXUVDSDUROHHQ SUpWH[WDQWTXXQHEDLVVHQRQDQWLFLSpHGHVUHYHQXVGHWD[DWLRQOHPSrFKHGHUHPSOLUVDSURPHVVHRXTXH GDXWUHSDUWVLOHGLUHFWHXUpFKRXHODYLOOHSRXUUDLWTXDQGPrPHOXLGRQQHUGHVUHVVRXUFHVVXSSOpPHQWDLUHVSRXU SDOOLHUODIDLEOHSURGXFWLYLWp'DQVOXQRXODXWUHGHVFDVODGLIILFXOWpSRXUOHFRQVHLOPXQLFLSDOGHVHQJDJHUYLHQW UpGXLUHYRLUHDQQXOHUO=HIILFDFLWpGHODUHVSRQVDELOLVDWLRQGXGLUHFWHXUGHODJHVWLRQGHVGpFUHWV&HWWHGLIILFXOWp jSRXYRLUVHQJDJHUGHPDQLqUHFUpGLEOHFRQVWLWXHOHSULQFLSDOGpVDYDQWDJHGHODSURGXFWLRQjO=LQWHUQH

/H SULQFLSDO DYDQWDJH GH OD SURGXFWLRQ j OLQWHUQH SURYLHQW GH OpWDEOLVVHPHQW GH FDQDX[ GH FRPPXQLFDWLRQHIILFDFHVHWUDSLGHV&HVGHUQLHUVVRQWQpFHVVDLUHVORUVTXHORQGRLWFRRUGRQQHUOHVGLIIpUHQWHV LQIRUPDWLRQVSULYpHV&HVFDQDX[GHFRPPXQLFDWLRQVRQWpWDEOLVSDUODIRUPDWLRQGHFRPLWpVG=LQVWDQFHV GpFLVLRQQHOOHV TXL UHJURXSHQW OHV SULQFLSDX[ LQWHUYHQDQWV GpWHQDQW GHV LQIRUPDWLRQVFOpV SHUWLQHQWHV /H SURFHVVXVGpFLVLRQQHODXVHLQGHFHVFRPLWpVGHYUDWHQLUFRPSWHGHVHQMHX[GHFKDFXQ/DPLVHHQSODFHGHWHOOHV LQVWDQFHVHVWIDFLOLWpHORUVTXHOHVLQWHUYHQDQWVDSSDUWLHQQHQWjODPrPHRUJDQLVDWLRQ

/RUVTXXQHDFWLYLWpHVWHQWUHSULVHjOH[WHUQHOHVUDSSRUWVGHSURGXFWLRQVRQWUpJLVSDUGHVFRQWUDWV VSpFLILDQWGHVUqJOHVELHQGpILQLHVYLVDQWjDOLJQHUYHUVXQEXWFRPPXQOHVLQFLWDWLRQVGHWRXVOHVLQWHUYHQDQWV /HUHVSHFWGHFHVFRQWUDWVHVWDVVXUpSDUOH[LVWHQFHGXQV\VWqPHOpJDOTXLDUELWUHOHVGLIIpUHQGV'DQVXQWHO HQYLURQQHPHQWOHVSUREOqPHVOLpVDX[GLIILFXOWpVGHQJDJHPHQWVRQWUpGXLWV(QFRQVpTXHQFHLOHVWSOXVIDFLOH GH IRXUQLU OHV LQFLWDWLRQV DSSURSULpHV DX[ GLIIpUHQWV LQWHUYHQDQWV 2Q SHXW SOXV IDFLOHPHQW UHPSODFHU XQ SDUWHQDLUHQRQSHUIRUPDQWTXLQDXUDLWSDVVDWLVIDLWDX[FODXVHVGXFRQWUDWGDQVXQPRGHGHSURGXFWLRQH[WHUQH TX=LQWHUQH/HVSRVVLELOLWpVGHQJDJHPHQWVRQWGRQFSOXVIRUWHVHWSHUPHWWHQWDLQVLGHGRQQHUOHVLQFLWDWLRQV QpFHVVDLUHVjELHQSHUIRUPHU/HSULQFLSDODYDQWDJHGXPRGHGHSURGXFWLRQjO=H[WHUQHHVWTXHOHVPpFDQLVPHV GHUHVSRQVDELOLVDWLRQVRQWUREXVWHVHWpWDQFKHVDX[SUREOqPHVG=HQJDJHPHQW

/H SULQFLSDO GpVDYDQWDJH GH OD SURGXFWLRQ j OH[WHUQH SURYLHQW GHV GLIILFXOWpV j FRRUGRQQHU OHV LQIRUPDWLRQVHWDFWLYLWpVGHVGLIIpUHQWVLQWHUYHQDQWVV=LOVpYROXHQWDXVHLQGHGLIIpUHQWHVRUJDQLVDWLRQV/HVUqJOHV GH IRQFWLRQQHPHQW G=LQVWDQFHV GpFLVLRQQHOOHV VRQW SOXV GLIILFLOHV j pWDEOLU ORUVTX=HOOHV UHJURXSHQW GHV LQWHUYHQDQWVGRQWOHVUDSSRUWVVRQWUpJLVSDUGHVFRQWUDWVH[SOLFLWHV&HVLQVWDQFHVGRLYHQWIDLUHSUHXYHGH

VRXSOHVVHDILQGHV=DMXVWHUDX[LQIRUPDWLRQVFOpVGHVLQWHUYHQDQWV&HWWHVRXSOHVVHHVWGLIILFLOHPHQWUpDOLVDEOH ORUVTXHGHVFRQWUDWVH[SOLFLWHVGRLYHQWrWUHpFULWV

$\DQWpWDEOLOHVGLIIpUHQFHVHQWUHSURGXFWLRQjO=LQWHUQHHWjO=H[WHUQHQRXVDOORQVPDLQWHQDQWYRLUTXHO PRGHHVWSULYLOpJLpGDQVFKDFXQGHVW\SHVGHGpFLVLRQGpFULWVSOXVKDXWSRXUHQVXLWHGHIDoRQSOXVSUpFLVH pWXGLHUTXHOW\SHG=LPSDUWLWLRQHVWSUpIpUDEOHORUVTX=RQSULYLOpJLHODSURGXFWLRQjO=H[WHUQH

'DQVOHFDVGXQHDFWLYLWpQHUHSRVDQWVXUOLQIRUPDWLRQSULYpHTXHGXQDJHQWRXG=XQJURXSHG=DJHQWV ELHQLQWpJUpVOHVEHVRLQVGHFRRUGLQDWLRQVRQWPLQLPHV/DSURGXFWLRQjOH[WHUQHOLPSDUWLWLRQSHUPHWDORUV GHPHWWUHHQSODFHGHVPpFDQLVPHVGHUHVSRQVDELOLVDWLRQTXLGRQQHURQWOHVLQFLWDWLRQVQpFHVVDLUHVjSHUIRUPHU 3DUH[HPSOHGDQVOHFDVGHOHQWUHWLHQGHVpJRXWVODVHXOHLQIRUPDWLRQSULYpHSHUWLQHQWHHVWFHOOHSURYHQDQWGHV FR€WVGHSURGXFWLRQGHFHWWHDFWLYLWp/=DGPLQLVWUDWLRQPXQLFLSDOHGpFLGHUDGXQLYHDXGHQWUHWLHQUHTXLVHQ IRQFWLRQGHVRQFR€W6LO=DGPLQLVWUDWLRQPXQLFLSDOHGpFLGHGLPSDUWLUFHVHUYLFHDXVHFWHXUSULYpLOIDXGUD GpILQLUGHVREMHFWLIVHWFULWqUHVGHSHUIRUPDQFHGHVPHVXUHVGHODTXDOLWpHWGXQLYHDXG=HQWUHWLHQVXUOHVTXHOV ODUpPXQpUDWLRQGXSDUWHQDLUHVHUDEDVpH&HFLFRQVWLWXHVDQVFRQWUHGLWXQHpWDSHGLIILFLOHPDLVHOOHQHGHYUDLW SDVrWUHHQVRLXQREVWDFOHPDMHXUjODGpFLVLRQGLPSDUWLWLRQFDUFHVREMHFWLIVFULWqUHVHWPHVXUHVIRQWSDUWLH SDUIRLVGHIDoRQLPSOLFLWHGXQHVDLQHJHVWLRQjOLQWHUQH

8QHIRLV FHV FULWqUHV ELHQ GpILQLV LO HVW SRVVLEOH GH UpGLJHU XQ FRQWUDW VSpFLILDQW OHV H[LJHQFHV OD UpPXQpUDWLRQHWOHVSpQDOLWpVVRXVGLYHUVHVFRQWLQJHQFHV3XLVTXHOHSDUWHQDLUHSRVVqGHSOXVGLQIRUPDWLRQVXU VRQFR€WGHSURGXFWLRQRQGHYUDLWOXLODLVVHUODOLEHUWpGHFKRLVLUOHQLYHDXDXTXHOLOHVWSUrWjHIIHFWXHUODFWLYLWp

$ILQGHVDVVXUHUTXLOFKRLVLWFHQLYHDXFRUUHFWHPHQWOHFRQWUDWGHYUDVSpFLILHUXQVFKqPHGHUpPXQpUDWLRQ LQFLWDWLI3RXUFHIDLUHRQGRLWWRXWGDERUGVHIDLUHXQHLGpHGHVQLYHDX[GHFR€WVSRVVLEOHVTXHSRXUUDLWDYRLU OHSDUWHQDLUH,OQHVDJLWSDVLFLGHWHQWHUGHGHYLQHUOHVFR€WVDFWXHOVGXSDUWHQDLUHPDLVSOXW{WGHVHIDLUHXQH LGpHGHVGLIIpUHQWVQLYHDX[GHFR€WVSRVVLEOHV3RXUVLPSOLILHUHWIL[HUOHVLGpHVVXSSRVRQVTXHOHFR€WGX SDUWHQDLUHHVWVRLWIDLEOHVRLWpOHYp6LVRQFR€WpWDLWIDLEOHRQDLPHUDLWXQQLYHDXGHQWUHWLHQVXSpULHXUV=LOpWDLW pOHYp RQ SUpIpUHUDLW XQ HQWUHWLHQ UpGXLW /H SDUWHQDLUH FRQQDvW OHV FR€WV GH VRQ HQWUHSULVH DORUV TXH O=DGPLQLVWUDWLRQPXQLFLSDOHOLJQRUH'DQVFHFDVOHFRQWUDWGRLWVSpFLILHUXQSUL[GHEDVHSRXUUHQWDELOLVHUOHV RSpUDWLRQVGXSDUWHQDLUHV=LO\DXQFR€WpOHYpHQpFKDQJHG=XQHQWUHWLHQGHEDVHHWXQHUpPXQpUDWLRQ©jOD SLqFHªSRXUWRXWDFFURLVVHPHQWDXGHVVXVGXQLYHDXPLQLPDO/HWDX[jODSLqFHGRLWrWUHWHOTXLOVRLWUHQWDEOH SRXUOHSDUWHQDLUHVLVRQFR€WHVWIDLEOHGDFFURvWUHVRQQLYHDXG=HQWUHWLHQHWTXLOVRLWQRQUHQWDEOHSRXUOH

SDUWHQDLUHVLVRQFR€WHVWpOHYpGHIRXUQLUXQHQWUHWLHQDXGHVVXVGXQLYHDXGHEDVHUHTXLV8QWHOVFKqPHGH UpPXQpUDWLRQSHUPHWGHSURGXLUHjXQQLYHDXRSWLPDOWRXWHQGRQQDQWODOLEHUWpDXSDUWHQDLUHGHFKRLVLUOXL PrPHOHQLYHDXGHQWUHWLHQ'DQVFHWH[HPSOHRQYRLWTXHOLPSDUWLWLRQFRXSOpHGXQFRQWUDWLQFLWDWLIDSSURSULp SHUPHW GH SUHQGUH XQH GpFLVLRQ RSWLPDOH /LPSDUWLWLRQ SHUPHW OD PLVH HQ SODFH FUpGLEOH G=XQH UHVSRQVDELOLVDWLRQGHVLQWHUYHQDQWVWDQGLVTXHODVSHFWLQFLWDWLIGXFRQWUDWHPSrFKHODPDQLSXODWLRQLQGXHGH OLQIRUPDWLRQHWSHUPHWGHOXWLOLVHUGHIDoRQRSWLPDOHELHQTX=LQGLUHFWH

'DQVOHVFDVRO=DFWLYLWpQHUHSRVHTXHVXUO=LQIRUPDWLRQSULYpHG=XQDJHQWHWRO=LPSDUWLWLRQHVW SULYLOpJLpHRQGRLWRSWHUSRXUODVRXVWUDLWDQFHRXOHFRQWUDWGHJpUDQFHDVVHUWLG=XQFRQWUDWLQFLWDWLIWHOTXH GpFULWSOXVKDXW/DVRXVWUDLWDQFHLPSDUWLWGHVWkFKHVVHFRQGDLUHVROHVEHVRLQVGHFRRUGLQDWLRQVRQWPLQLPHV 3RXUGHVWkFKHVSOXVFRPSOH[HVOHFRQWUDWGHJpUDQFHHVWFKRLVLORUVTXHOHQLYHDXGHVDFWLIVSXEOLFVGRQWRQ FRQILHODJHVWLRQQHGpSHQGSDVGHO=LQIRUPDWLRQGXJpUDQWGHFHV DFWLIV 3DU H[HPSOH GDQV O=H[HPSOH GH O=HQWUHWLHQGHVpJRXWVODWDLOOHRSWLPDOHGXUpVHDXG=pJRXWVHVWSHXVHQVLEOHDX[FR€WVG=HQWUHWLHQGXUpVHDX/D FRRUGLQDWLRQHQWUHOHVGLIIpUHQWVLQWHUYHQDQWVHVWPLQLPHHWODJHVWLRQGHO=HQWUHWLHQSHXWDORUVrWUHLPSDUWLHSDU OH ELDLV G=XQ FRQWUDW GH JpUDQFH 5DSSHORQV ILQDOHPHQW TX=XQ WHO FRQWUDW Q=HVW YLDEOH TXH VL OH QLYHDX GH SURGXFWLRQG=HQWUHWLHQGDQVQRWUHH[HPSOHHVWREVHUYDEOHHWYpULILDEOHDXTXHOFDVRQSHXWLQFRUSRUHUDX FRQWUDWXQVFKqPHGHUHVSRQVDELOLVDWLRQLQFLWDWLI

'DQVOHFDVGXQHDFWLYLWp UHSRVDQW VXU OLQIRUPDWLRQ SULYpH GH SOXVLHXUV LQWHUYHQDQWV OD GpFLVLRQ GLPSDUWLWLRQHVWFRPSOLTXpHSDUOHIDLWTXHOHQLYHDXRSWLPDOGHODFWLYLWpGRLWUHSRVHUVXUOHVLQIRUPDWLRQVFOpV GH WRXV OHV LQWHUYHQDQWV ,O HVW GRQF QpFHVVDLUH GpWDEOLU GHV FDQDX[ GH FRPPXQLFDWLRQ HIILFDFHV &HWWH FRPPXQLFDWLRQSHXWrWUHUpDOLVpHSDUOHELDLVGHFRPLWpVLQVWDQFHVGpFLVLRQQHOOHVUDSSRUWVHWFTXLDVVXUHURQW ODFRRUGLQDWLRQQpFHVVDLUHGHVLQIRUPDWLRQVSULYpHV'DQVGHWHOOHVFLUFRQVWDQFHVO=LPSDUWLWLRQGHODFWLYLWpHVW ULVTXpHFDUOHVPpFDQLVPHVGHFRPPXQLFDWLRQHQWUHHQWLWpVLQWHUQHVjODGPLQLVWUDWLRQPXQLFLSDOHHWHQWLWpV H[WHUQHVSHXYHQWrWUH©EUXLWpVªHWLQHIILFDFHV&RPPHQRXVO=DYRQVPHQWLRQQpSOXVKDXWOHVFRPLWpVUHJURXSDQW SOXVLHXUVLQWHUYHQDQWVGHGLIIpUHQWHVRUJDQLVDWLRQVQHVRQWSDVHIILFDFHVSRXUSUHQGUHGHVGpFLVLRQVFDUOHV UDSSRUWVHQWUHOHVGLIIpUHQWVLQWHUYHQDQWVVRQWUpJLVSDUGHVFRQWUDWVH[SOLFLWHV,OIDXGUDDORUVIDLUHXQDUELWUDJH HQWUHOLPSRUWDQFHGHODFRRUGLQDWLRQREWHQXHSOXVIDFLOHPHQWSDUJHVWLRQLQWHUQHHWODIRUFHGHVPpFDQLVPHV LQFLWDWLIVGHUHVSRQVDELOLVDWLRQJpQpUpHSOXVFUpGLEOHPHQWSDUOLPSDUWLWLRQRXHQFRUHDVVXUHUO=LPSDUWLWLRQWRWDOH GXUpVHDXG=DFWLYLWpVLQGLTXpHV'DQVFHFDVLOIDXWLGHQWLILHUOHVUpVHDX[2QSRXUUDLWDORUVVHUHQGUHFRPSWH TXHOHVLQWHUUHODWLRQVHQWUHFHVGLIIpUHQWVUpVHDX[HPSrFKHUDLHQWG=LVROHUOHUpVHDXFRQVLGpUp

3RXU OHV DFWLYLWpV R OD FRRUGLQDWLRQ GHV LQIRUPDWLRQVFOpV HVW LPSRUWDQWH RQ FKRLVLUD SDUPL OD SURGXFWLRQjO=LQWHUQHHWOHVW\SHVG=LPSDUWLWLRQTXLpWDEOLVVHQWGHVUHODWLRQVGHORQJWHUPHHQWUHSDUWHQDLUHVWHOV DIIHUPDJH FRQFHVVLRQ RX 6(0 /HV UHODWLRQV GH ORQJ WHUPH IDFLOLWHQW O=pWDEOLVVHPHQW GH FDQDX[ GH FRPPXQLFDWLRQQpFHVVDLUHVjODFRRUGLQDWLRQGHVLQIRUPDWLRQVFOpV'HSOXVFHVW\SHVG=LPSDUWLWLRQSHUPHWWHQW OH GpYHORSSHPHQW G=HIIHWV GH UpSXWDWLRQ VXU OHVTXHOV QRXV UHYLHQGURQV SOXV EDV &RQVLGpURQV OH[HPSOH PHQWLRQQpSOXVKDXWGHODGpWHUPLQDWLRQGXPRGHGHWUDLWHPHQWGHVGpFKHWVGHODYLOOH8QHWHOOHGpFLVLRQ GpSHQGGHOLQIRUPDWLRQSULYpHGHSOXVLHXUVLQWHUYHQDQWV,OHVWGLIILFLOHGLPSDUWLUFHWWHGpFLVLRQVDQVLPSDUWLU OHQVHPEOHGHVDFWLYLWpVLQWLPHPHQWUHOLpHV,OIDXGUDGRQFLGHQWLILHUXQUpVHDXG=DFWLYLWpVHWWRXVOHVLQWHUYHQDQWV LPSOLTXpV/DIRUPDWLRQG=XQFRPLWpUHJURXSDQWFHVLQWHUYHQDQWVIDFLOLWHUDODFRRUGLQDWLRQGHVGpFLVLRQVGH ]RQDJHGpYHORSSHPHQWXUEDLQGHORFDOLVDWLRQGHOXVLQHGHWUDLWHPHQWGHVGpFKHWVGXW\SHGXVLQHLQFLQpUDWHXU HWRXHQIRXLVVHPHQWHWF/RUVTXHFHVGpFLVLRQVVHURQWSULVHVRQSRXUUDDORUVGpOpJXHUODSURGXFWLRQHWJHVWLRQ GHODFWLYLWpVRLWjXQFHQWUHGHFR€WVLQWHUQHjO=DGPLQLVWUDWLRQPXQLFLSDOHVRLWjXQLPSDUWLWHXUXQLTXHTXLVHUD UpPXQpUpVHORQODTXDQWLWpHWTXDOLWpGXVHUYLFHIRXUQL'DQVFHWH[HPSOHRQYRXGUDGpYHORSSHUGHVOLHQV SULYLOpJLpVDYHFOHSDUWHQDLUHTXLVHURQWpWDEOLVSDUOHELDLVG=XQFRQWUDWG=DIIHUPDJHGDQVOHTXHORQORXHUDO=XVLQH GHWUDLWHPHQWDXIHUPLHUH[SORLWDQW

3RXUWHUPLQHUPHQWLRQQRQVTXHFKRLVLUGHJpUHUjOLQWHUQHXQHDFWLYLWpQHVLJQLILHSDVQpFHVVDLUHPHQW TXHORQGRLYHDEDQGRQQHUWRXWHWHQWDWLYHGHUHVSRQVDELOLVDWLRQ&RPPHGDQVOH[HPSOHSUpFpGHQWRQSHXW pWDEOLUGHVFULWqUHVGHSHUIRUPDQFHVHORQOHVTXHOVRQpYDOXHUDOHVHPSOR\pV&HFLV=DFFRPSOLWSDUOpWDEOLVVHPHQW GHFHQWUHVGHSURILWVRXGHFR€WVOLpVjXQHLQVWDQFHGpFLVLRQQHOOHVXSpULHXUHRVpWDEOLUDODFRPPXQLFDWLRQHW ODFRRUGLQDWLRQQpFHVVDLUHV8QHIRLVOHVLQIRUPDWLRQVSHUWLQHQWHVWUDQVPLVHVjFHWWHLQVWDQFHRQSRXUUDGpOpJXHU ODJHVWLRQGHVGLIIpUHQWHVDFWLYLWpVDX[GLYHUVFHQWUHVGHSURILWVRXGHFR€WV/HXU©UpPXQpUDWLRQªVHUDEDVpH GXQHSDUWVXUOHVLQIRUPDWLRQVSUpDODEOHPHQWREWHQXHVTXLGpWHUPLQHQWOHVDWWHQWHVHWGDXWUHSDUWVXUOD SHUIRUPDQFH GX FHQWUH GH SURILWV ,O VHUD DORUV VRXKDLWDEOH GLPLWHU OH FRQWUDW GLPSDUWLWLRQ LQFLWDWLI SRXU GpWHUPLQHUOHVFKqPHGHUpPXQpUDWLRQGXFHQWUHGHSURILWVRXGHFR€WV7RXWHIRLVFRPPHQRXVOHVRXOLJQLRQV SOXVKDXWLOHVWVRXYHQWGLIILFLOHGHGRQQHUDXWDQWGLQFLWDWLRQVFUpGLEOHVDYHFXQHJHVWLRQjOLQWHUQH

4XHIDXWLOUHWHQLUGHWRXWHFHWWHDUJXPHQWDWLRQ"

3UHPLqUHPHQWTXHGHVFRQVLGpUDWLRQVLQIRUPDWLRQQHOOHVSHXYHQWrWUHDXF°XUPrPHGHVGpFLVLRQVVXU OHVPRGHVGHJHVWLRQ

'HX[LqPHPHQWTXHO=LQIRUPDWLRQSULYpHQ=HVWSDVLPSRUWDQWHSRXUODGpFLVLRQG=LPSDUWLUV=LOH[LVWHGHV PDUFKpVFRQFXUUHQWLHOVSHUPHWWDQWG=LQIpUHUFHWWHLQIRUPDWLRQ,OIDXGUDLWDORUVUpPXQpUHUVXUODEDVHGH FHWWHLQIRUPDWLRQ

7URLVLqPHPHQWTXHO=LQIRUPDWLRQSULYpHHVWLPSRUWDQWHHQO=DEVHQFHGHFHVPDUFKpVFRQFXUUHQWLHOV,O IDXW DORUV WURXYHU GHV LQGLFDWHXUV HW PHVXUHV GH SHUIRUPDQFH TXL SHUPHWWHQW GH UHVSRQVDELOLVHU OHV GpFLGHXUV

(WILQDOHPHQWTXHODGpFLVLRQG=LPSDUWLWLRQVHEDVHVXUXQDUELWUDJHjIDLUHHQWUHODFRRUGLQDWLRQGHV LQIRUPDWLRQVSOXVIDFLOHjIDLUHjO=LQWHUQHHWODUHVSRQVDELOLVDWLRQOHVLQFLWDWLRQVSOXVIRUWHHWSOXV FUpGLEOHTXHSHUPHWODJHVWLRQjO=H[WHUQHJUkFHDX[SDUGHVSRVVLELOLWpVG=HQJDJHPHQWDFFUXHV

1RXV DYRQV pWXGLp MXVTX=j PDLQWHQDQW GHX[ FULWqUHV RUJDQLVDWLRQQHOV HQWUDQW GDQV OHV GpFLVLRQV G=LPSDUWLWLRQVRLWOHSDUWDJHGHVULVTXHVHWODSUpVHQFHG=LQIRUPDWLRQSULYpH1RXVSUpVHQWRQVPDLQWHQDQWXQ GHUQLHUFULWqUHRUJDQLVDWLRQQHOGRQWRQGRLWWHQLUFRPSWH

/HVLQYHVWLVVHPHQWVVSpFLILTXHVjODFWLYLWp

&HUWDLQHV DFWLYLWpV SHXYHQW QpFHVVLWHU GLPSRUWDQWV LQYHVWLVVHPHQWV VSpFLILTXHV GH OD SDUW GHV LQWHUYHQDQWVLQWHUQHVRXH[WHUQHV&HVRQWGHVLQYHVWLVVHPHQWVGDQVGHVpTXLSHPHQWVELHQVFDSLWDX[RXFDSLWDO KXPDLQTXLQHFRQVHUYHQWOHXUHQWLqUHYDOHXUTXHGDQVOHXUXVDJHFRXUDQW+RUVGHFHWXVDJHLOVQ=RQWTXHSHX GHYDOHXURXLOVGRLYHQWrWUHDGDSWpVVRXYHQWjJUDQGVIUDLVDILQGHOHVUHQGUHXWLOLVDEOHVjG=DXWUHVILQV7RXW LQYHVWLVVHPHQWVSpFLILTXHFRPSRUWHXQULVTXHGH[SURSULDWLRQFRQWUHOHTXHOOLQYHVWLVVHXUWHQWHGHVHSUpPXQLU

&HFL SDUFH TXH OH GRQQHXU GRUGUHV XQH IRLV OHV LQYHVWLVVHPHQWV UpDOLVpV HVW HQ VLWXDWLRQ GH IRUFH SRXU UHQpJRFLHUjVRQDYDQWDJHOHVFRQGLWLRQVGHOHQWHQWH3DUH[HPSOHODJHVWLRQGHOHDXSRWDEOHQpFHVVLWHGHODSDUW GX©VHUYLFHGHVHDX[ªTX=LOVRLWLQWHUQHRXH[WHUQHGHVLQYHVWLVVHPHQWVLPSRUWDQWVWDQWDXQLYHDXGXFDSLWDO SK\VLTXHTXHGHVUHVVRXUFHVKXPDLQHV&HVLQYHVWLVVHPHQWVVRQWODUJHPHQWVSpFLILTXHVHWQRQWTXHSHXGH YDOHXUKRUVGHO=DFWLYLWpHQTXHVWLRQ6LMDPDLVOHSDUWHQDLUHGHYDLWVHGpSDUWLUGHJUpRXGHIRUFHGXFRQWUDWOH OLDQWjODYLOOHLOSRXUUDLWGLIILFLOHPHQWUpFXSpUHUDXSUqVGHVRQVXFFHVVHXU9LOOHRXDXWUHODYDOHXUpFRQRPLTXH GHFHVLQYHVWLVVHPHQWVHWRXQHSRXUUDLWTXHWUqVSDUWLHOOHPHQWOHVGpSODFHUYHUVVHVDXWUHVDFWLYLWpV&HWWH SRVVLELOLWp G=H[SURSULDWLRQ VXEWLOH GpIDYRULVH OHV LQYHVWLVVHPHQWV VSpFLILTXHV TXL SDU DLOOHXUV SHXYHQW rWUH HVVHQWLHOVjO=HIILFDFLWpGHODUHODWLRQHQWUHOHVSDUWLHV$LQVLLOLPSRUWHGHVHGHPDQGHUTXHOLPSDFWVXUODYDOHXU GHFHVLQYHVWLVVHPHQWVDXUDLWXQHGpFLVLRQpYHQWXHOOHGHO=DGPLQLVWUDWLRQPXQLFLSDOHGHPRGLILHUOHW\SHGH UHODWLRQTXHOOHHQWUHWLHQWDYHFOHVGLIIpUHQWVLQWHUYHQDQWV

&HUWDLQVW\SHVGRUJDQLVDWLRQSHUPHWWHQWSOXVTXHGDXWUHVGHUDVVXUHUOHVDJHQWVGDQVFHFRQWH[WHHOOHV

IDYRULVHQW DLQVL OHV LQYHVWLVVHPHQWV VSpFLILTXHV (VVHQWLHOOHPHQW FHV W\SHV GRUJDQLVDWLRQ GRQQHQW j O=DGPLQLVWUDWLRQPXQLFLSDOHOHVPR\HQVGHVHQJDJHUGHPDQLqUHFUpGLEOHGDQVVDUHODWLRQDYHFOHVLQWHUYHQDQWV FHTXLGRQQHjFHVGHUQLHUVODVVXUDQFHOHXUSHUPHWWDQWGLQYHVWLUGHIDoRQDSSURSULpH/D9LOOHGRLWWRXWHIRLV IDLUHXQDUELWUDJHHQWUHOHQJDJHPHQWIHUPHTXLHQFRXUDJHOHVLQYHVWLVVHPHQWVVSpFLILTXHVHWODIOH[LELOLWpTXDOLWp GHSOXVHQSOXVQpFHVVDLUHGDQVXQPRQGHHQPXWDWLRQ

,GpDOHPHQWOHFRQWUDWFRPPHUFLDOOLDQWODGPLQLVWUDWLRQPXQLFLSDOHDXIRXUQLVVHXUSULYpVHUDLWFRPSOHW FHVWjGLUHTXLOSUpYRLUDLWH[DFWHPHQWODQDWXUHOHYROXPHHWOHVTXDOLWpVGHVELHQVRXVHUYLFHVjrWUHOLYUpVSDU OHIRXUQLVVHXU&HVGLPHQVLRQVGXFRQWUDWVHUDLHQWREVHUYDEOHVHWPHVXUDEOHV/HFRQWUDWSUpYRLUDLWpJDOHPHQW OHVFRPSHQVDWLRQVRXSpQDOLWpVDX[TXHOOHVOHIRXUQLVVHXUVH[SRVHUDLWHQFDVGHQRQUHVSHFWGHFHUWDLQHVFODXVHV

&H W\SH GH FRQWUDW HVW PDOKHXUHXVHPHQW GLIILFLOH j UpDOLVHU YRLUH j LPDJLQHU ELHQ TXH FHUWDLQV FRQWUDWV GLPSDUWLWLRQGHVVHUYLFHVLQIRUPDWLTXHVFRPSUHQQHQWGpMjSOXVLHXUVPLOOLHUVGHSDJHVHWFHSRXUSOXVLHXUV UDLVRQV

3UHPLqUHPHQW LO DUULYH VRXYHQW TXH OHV SURGXLWV RX VHUYLFHV HW OHXU TXDOLWp VH PHVXUHQW PDO RX LPSDUIDLWHPHQW2QSHXWFRQFHYRLUGHVLQVWUXPHQWVGHPHVXUHDVVH]SUpFLVGHODTXDQWLWpGRUGXUHVUHFXHLOOLHV PDLVODTXDOLWpGXQHUpSDUDWLRQHIIHFWXpHRXFHOOHGHODPpQDJHPHQWGXQHVSDFHSXEOLFVRQWSOXVGLIILFLOHVj PHVXUHU/HSUREOqPHHVWHQFRUHSOXVDLJXORUVTXHSOXVLHXUVIRXUQLVVHXUVSXEOLFVRXSULYpVFROODERUHQWjOD UpDOLVDWLRQGXQHWkFKH/LPSXWDELOLWpGXQHIDLEOHSHUIRUPDQFHSRVHDORUVXQSUREOqPHVHPEODEOHjFHOXLTXH UHQFRQWUH XQ HQWUDvQHXU GRQW OpTXLSH YLHQW GH MRXHU XQ SLqWUH PDWFK LO QHVW SDV DLVp GH PHVXUHU OD FRQWULEXWLRQGHFKDFXQeWDQWGRQQpFHVSUREOqPHVGHPHVXUHXQLPSDUWLWHXUYRXGUDVHSURWpJHUHQUpGXLVDQW VHVLQYHVWLVVHPHQWVVSpFLILTXHVHWHQFKHUFKDQWjFDFKHUVDQRQSHUIRUPDQFHGHUULqUHODSHUIRUPDQFHGXJURXSH

8QH GHX[LqPH UDLVRQ WLHQW j OD UHQFRQWUH GH OD FRPSOH[LWp HW GH OLQFHUWLWXGH &HFL D SRXU FRQVpTXHQFHVLTXLOHVWLPSRVVLEOHGHGUHVVHUXQHOLVWHGHWRXWHVOHVpYHQWXDOLWpVSDUH[HPSOHGHSUpYRLUWRXV OHVVFpQDULRVGHGHPDQGHHWGHPRGLILFDWLRQVpYHQWXHOOHVjDSSRUWHUjODJHVWLRQGHVLQIUDVWUXFWXUHVSRXUOHVGL[

SURFKDLQHVDQQpHVLLTXLOHVWGLIILFLOHGpYDOXHUODYUDLVHPEODQFHGHVGLIIpUHQWVVFpQDULRVHWGRQFGHVHQWHQGUH VXUOHVSpQDOLWpVRXOHVLQYHVWLVVHPHQWVTXHODGPLQLVWUDWLRQPXQLFLSDOHHWVHVIRXUQLVVHXUVVHQJDJHQWjUpDOLVHU GDQVFKDFXQGHVVFpQDULRVHWLLLTXLOHVWKDVDUGHX[GHYpULILHUHWGHFRQWU{OHUOHVDFWLRQVGHVSDUWLHVDXFRXUV HWjOH[SLUDWLRQGXFRQWUDWUHQGDQWSDUWLFXOLqUHPHQWDUGXHVHWFR€WHXVHVOHVWHQWDWLYHVGHFRQYDLQFUHXQWULEXQDO TXHWHOSDUWHQDLUHQDSDVUHPSOLWHOOHREOLJDWLRQ

'DQVFHVFRQGLWLRQVSOXVLHXUVRSWLRQVVRIIUHQWjODGPLQLVWUDWLRQDVHFRQFHQWUHUVXUOHVFpQDULROH SOXVSUREDEOHHWDFFHSWHUGHYLYUHDYHFOHVFRQVpTXHQFHVGHFHWWHGpFLVLRQFHVWSRVVLEOHPHQWDLQVLTXHORQ FKRLVLW XQH GDWH OLPLWH SRXU OH GpQHLJHPHQW GHV UXHV SDU H[HPSOHE VDGDSWHU HQ QpJRFLDQW XQH VpULH GHQWHQWHVjFRXUWWHUPHFHTXLUHYLHQWjQpJRFLHUOHVDMXVWHPHQWVjIDLUHORUVTXHOLQIRUPDWLRQSHUWLQHQWHVHUD FRQQXHHWFSUHQGUHHQFKDUJHOHVRSpUDWLRQVHWRSWHUSRXUXQHIRUPXOHSXEOLTXH

/DVROXWLRQGHVFRQWUDWVVpTXHQWLHOVTXLGLVSHQVHOHVSDUWLHVGDQWLFLSHUODYHQLUHWGHVHQWHQGUHVXUOHV REOLJDWLRQV HW GURLWV GH FKDFXQ H[ DQWH H[SRVH OH FRQVHLO PXQLFLSDO HW VHV SDUWHQDLUHV DX[ ULVTXHV GH FRPSRUWHPHQWVRSSRUWXQLVWHVGHSDUWHWGDXWUHjPRLQVTXHGDXWUHVDVSHFWVGHOHQYLURQQHPHQWFRQWUDFWXHO FRPPH OD UpSXWDWLRQ GHV SDUWLHV OD FRQILDQFH RX OHV VDQFWLRQV VRFLDOHV QDVVXUHQW OD FRRUGLQDWLRQ GHV FRPSRUWHPHQWVHWODFRRSpUDWLRQGHVSDUWLHV'DQVFHFRQWH[WHFKDFXQHGHVSDUWLHVKpVLWHUDGRQFVRXYHQWj HQJDJHU GHV UHVVRXUFHV TXL RQW SHX GH YDOHXU DOWHUQDWLYH GDQV OD UHODWLRQ FDU HOOH FUDLQGUD GrWUH REOLJpH GDFFHSWHUGHVFRQGLWLRQVGpVDYDQWDJHXVHVGDQVOHIXWXU(QODEVHQFHGHJDUDQWLHVSDUH[HPSOHXQSDUWHQDLUH KpVLWHUD j IDLUH GHV LQYHVWLVVHPHQWV LPSRUWDQWV GDQV OHQWUHWLHQ GHV LQIUDVWUXFWXUHV SXEOLTXHV XQH IRLV OHV GpSHQVHV GHQWUHWLHQ UpDOLVpHV LO GHYLHQGUDLW SDUWLHOOHPHQW SULVRQQLHU GH VD UHODWLRQ DYHF O=DGPLQLVWUDWLRQ PXQLFLSDOHSXLVTXLOQHSRXUUDLWUpFXSpUHUDXWUHPHQWODYDOHXUGHVRQLQYHVWLVVHPHQW

(QVRPPHODGPLQLVWUDWLRQPXQLFLSDOHSRXUUDFRQWU{OHUSOXVHIIHFWLYHPHQWORSSRUWXQLVPHHWVHUDSDU FRQVpTXHQWWHQWpHGHFRQILHUGDYDQWDJHGHPDQGDWVDXVHFWHXUSULYpTXDQG

HOOHDODSRVVLELOLWpGHQpJRFLHUGHVFRQWUDWVFRPSOHWVRXGpWDLOOpV

XQJUDQGQRPEUHGDJHQWVSULYpVVHOLYUHQWFRQFXUUHQFHFHWWHFRQFXUUHQFHDEDLVVDQWOHSUL[HWODPHQDFH GHWUDQVIHUWGHFOLHQWqOHOLPLWDQWORSSRUWXQLVPHGXSDUWHQDLUH

LOHVWLPSRVVLEOHGHFRQFOXUHGHVFRQWUDWVFRPSOHWVPDLVOHVSUREOqPHVGHPHVXUHVRQWSHXLPSRUWDQWV HWODSURGXFWLRQHQpTXLSHHVWOLPLWpHFHVWOHFDVSDUH[HPSOHGXGpQHLJHPHQWRXGHODFROOHFWHGHV RUGXUHVPpQDJqUHV

OHVDFWLIVVSpFLILTXHVjODWUDQVDFWLRQVRQWSHXLPSRUWDQWVFDUODSUpVHQFHGDFWLIVVSpFLILTXHVLPSRUWDQWV HQWUDvQHODSRVVLELOLWpGrWUHSULVHQRWDJHSRVVLELOLWpFRQWUHODTXHOOHOHVGHX[SDUWLHVYRXGURQWVH SUpPXQLU

O=DGPLQLVWUDWLRQPXQLFLSDOHQDDXFXQPRWLIGHVHVRXFLHUGHFRPPHQWODJHQWV\SUHQGUDSRXUVDWLVIDLUH VHVREOLJDWLRQV

ODUpSXWDWLRQGXSDUWHQDLUHHVWXQDFWLILQWDQJLEOHPDMHXU

/HW\SHG=LPSDUWLWLRQFKRLVLGpSHQGGHO=LPSRUWDQFHGHVLQYHVWLVVHPHQWVVSpFLILTXHVHWGHVULVTXHV G=H[SURSULDWLRQ /H FRQWUDW G=DIIHUPDJH HVW SUpIpUDEOH VL OHV LQYHVWLVVHPHQWV VRQW FRQVLGpUDEOHV SXLVTXH O=DGPLQLVWUDWLRQPXQLFLSDOHMRXLWJpQpUDOHPHQWGHPHLOOHXUHVFRQGLWLRQVGHILQDQFHPHQW,OVHUDDXVVLSULYLOpJLp VLOHVLQYHVWLVVHPHQWVVSpFLILTXHVGXSDUWHQDLUHVRQWIDLEOHVFDUOHVULVTXHVG=H[SURSULDWLRQVRQWpOHYpVGDQVFH W\SHGHFRQWUDW'DQVOHFDVROHVLQYHVWLVVHPHQWVVSpFLILTXHVGXSDUWHQDLUHVRQWLPSRUWDQWVRQRSWHUDSRXU ODFRQFHVVLRQTXLWUDQVIHUWOHVGURLWVGHSURSULpWpDXSDUWHQDLUHOLPLWDQWDLQVLOHVULVTXHVG=H[SURSULDWLRQGHOD SDUWGHO=DGPLQLVWUDWLRQPXQLFLSDOH)LQDOHPHQWOD6(0SHUPHWGHOLPLWHUOHVULVTXHVG=H[SURSULDWLRQGHVGHX[

SDUWLHVORUVTXHWRXWHVGHX[GRLYHQWIRXUQLUGHVLQYHVWLVVHPHQWVVSpFLILTXHVLPSRUWDQWV

/DOWHUQDWLYHjOLPSDUWLWLRQHVWELHQV€UOLQWpJUDWLRQGHODFWLYLWpDXVHLQGHO=DGPLQLVWUDWLRQPXQLFLSDOH /RSSRUWXQLVPHGXWUDYDLOOHXUTXLHVWDORUVODFRQWUHSDUWLHGXSDUWHQDLUHHVWOLPLWpSDUOHFRQWU{OHKLpUDUFKLTXH TXLUHSRVHVXUOREVHUYDWLRQGXFRPSRUWHPHQWSOXW{WTXHVXUFHOOHGHODSHUIRUPDQFHVXUXQHVWUXFWXUH LQFLWDWLYHGHOHQWUHSULVHERQXVSODQGHFDUULqUHSUHVVLRQVRFLDOHHWSDUODSRVVLEOHFRQJUXHQFHGHVREMHFWLIVGXH DXOHDGHUVKLSjODFXOWXUHRUJDQLVDWLRQQHOOHHWDX[VHQWLPHQWVG=DSSDUWHQDQFHSURSUHVjORUJDQLVDWLRQ3OXVIRUWV VRQW FHV PR\HQV GH FRQWU{OH SOXV DWWUD\DQWH HVW ORSWLRQ GHV FRQWUDWV GH WUDYDLO SDU UDSSRUW j FHOOH GH OLPSDUWLWLRQ

/DVROXWLRQKLpUDUFKLTXHFRPSRUWHpYLGHPPHQWGHVGpVDYDQWDJHV/HSULQFLSDOHVWYUDLVHPEODEOHPHQW ODIIDLEOLVVHPHQWGHOH[LJHQFHGHUpVXOWDWRXGHODGLVFLSOLQHGXPDUFKp/DYpULILDELOLWpGHODSHUIRUPDQFHGHV XQLWpVHWVRXVXQLWpVGHYLHQWWUqVGLIILFLOHHWOHVDJHQWVGpYHORSSHQWVRXYHQWGHVREMHFWLIVORFDX['HSOXV ORUJDQLVDWLRQKLpUDUFKLTXHQpYLWHSDVODGLIILFXOWpGpOLFLWHUOLQIRUPDWLRQSULYpHGHVDJHQWV&HVWOHSUREOqPH FODVVLTXH GH OD EXUHDXFUDWLVDWLRQ OHV GpFLGHXUV VRQW pORLJQpV GHV H[pFXWDQWV TXL QRQW DXFXQH UDLVRQ GH FRPPXQLTXHUOHVLQIRUPDWLRQVSULYpHVTXLOVSRVVqGHQW

(1%5()/$775$,75(/$7,)'8&2175$7'(75$9$,/$8*0(17(

DYHFOHEHVRLQGHUpYLVHUjFDXVHGHOLQFHUWLWXGHOHVWkFKHVjDFFRPSOLU TXDQGOHVSUREOqPHVGHYpULILDELOLWpGHODSHUIRUPDQFHGHVDJHQWVVRQWJUDQGV

TXDQGO=DGPLQLVWUDWLRQPXQLFLSDOHSHXWHIIHFWLYHPHQWFRQWU{OHUOHVFRPSRUWHPHQWVGHVHVDJHQWV

DYHFOLPSRUWDQFHTXHODGPLQLVWUDWLRQDFFRUGHDX[PR\HQVXWLOLVpVSDUUDSSRUWDX[ILQV

DYHFOLPSRUWDQFHGHVLQYHVWLVVHPHQWVVSpFLILTXHVHWGHVHQJDJHPHQWVPXWXHOVTXLVRQWUHTXLVGHVGHX[

SDUWLHVGDQVXQFRQWH[WHGLQFHUWLWXGH

/DQDWXUHGHVLQYHVWLVVHPHQWVHWOHXUGHJUpGLUUpYHUVLELOLWp

3DUPLOHVFR€WVHWDYDQWDJHVGHOLPSDUWLWLRQLOHQHVWTXLQHVRQWSDVVRXYHQWPHQWLRQQpVFHVRQWOHV FR€WVHWDYDQWDJHVUpVXOWDQWGHOLUUpYHUVLELOLWpGXQHGpFLVLRQHWjORSSRVpOHVFR€WVHWDYDQWDJHVUpVXOWDQWGXQ JDLQGHIOH[LELOLWp1RXVVRXKDLWRQVFRPEOHUFHWWHODFXQHFDUFHVFR€WVVRQWLPSRUWDQWVHWSHXYHQWPLOLWHUHQ IDYHXUGXQUHSRUWGHFHUWDLQHVGpFLVLRQVGLPSDUWLWLRQ

/HV FR€WV GLUUpYHUVLELOLWp VRQW VRXYHQW OLpV j ODUULYpH GLQIRUPDWLRQV QRXYHOOHV VLO \ D EHDXFRXS GLQFHUWLWXGHVXUOHVDYDQWDJHVGHODGpFLVLRQLUUpYHUVLEOHHWTXHFHVDYDQWDJHVGHYLHQQHQWPLHX[FRQQXVDXIXU HWjPHVXUHTXHOHWHPSVSDVVHRQH[LJHUDGXSURMHWSRXUOHQWUHSUHQGUHTXLOIDVVHPLHX[TXHVLPSOHPHQW FRXYULUVHVFR€WV'DQVOHFDVGHOLPSDUWLWLRQFHODVLJQLILHTXHODGpFLVLRQQHVHUDSULVHTXHVLFRPSWHWHQXGHV LQIRUPDWLRQVGLVSRQLEOHVDXPRPHQWGHODGpFLVLRQORQSHXWHQDWWHQGUHXQHpFRQRPLHGHFR€WVVLJQLILFDWLYH (QHIIHWVXSSRVRQVTXHODGpFLVLRQGLPSDUWLUHVWSULVHHQXQHGDWHGRQQpHHWTXHORQDSSUHQGXOWpULHXUHPHQW TXHVHVDYDQWDJHVVRQWPRLQVLPSRUWDQWVTXRQQHODYDLWG=DERUGVXSSRVpjWHOSRLQW TXH VL OD GpFLVLRQ GLPSDUWLWLRQSRXYDLWPDLQWHQDQWrWUHSULVHRQFKRLVLUDLWOHVWDWXTXR'XIDLWTXHODGpFLVLRQHVWLUUpYHUVLEOH OHGpFLGHXUVHVWSULYpHQDJLVVDQWW{WGHORSWLRQGXWLOLVHUOLQIRUPDWLRQTXLDOODLWDUULYHUDX[GDWHVXOWpULHXUHV ,ODUHQRQFpjODSRVVLELOLWpGpYLWHUXQHHUUHXUMXJHDQWVDQVGRXWHTXHODSUREDELOLWpGHVHUHWURXYHUGDQVFHWWH VLWXDWLRQpWDLWVXIILVDPPHQWIDLEOH&HWDEDQGRQGXQHRSWLRQSDUOHGpFLGHXUGRLWrWUHSULVHQFRPSWHGDQVOHV FR€WVGHODGpFLVLRQHWH[SOLTXHTXHOHFULWqUHVWDQGDUGGpYDOXDWLRQGHSURMHWVYDOHXUDFWXHOOHQHWWHQRQQpJDWLYH VRLWLQYDOLGpLOQHVXIILWSDVTXHOHVUHYHQXVDFWXDOLVpVFRXYUHQWOHVFR€WVDFWXDOLVpVGXSURMHWLOIDXWTXLOV FRXYUHQWFHVFR€WVDXJPHQWpVGXFR€WGHUHQRQFHUjORSWLRQGXWLOLVHUOLQIRUPDWLRQTXLFRQWLQXHUDGDUULYHU GDQVOHIXWXU/HFR€WGHUHQRQFHUjORSWLRQVpYDOXHFRPPHODYDOHXUGHFHWWHRSWLRQ

4XHOOHVVRQWOHVLUUpYHUVLELOLWpVHQFDXVHORUVTXLOVDJLWGLPSDUWLWLRQ"(OOHVSHXYHQWWRXFKHUGXFDSLWDO SK\VLTXHHWGXFDSLWDOLQWDQJLEOHFRPPHGHVFRPSpWHQFHVWHFKQLTXHVHWGHVFRPSpWHQFHVRUJDQLVDWLRQQHOOHV 5DSSHORQVTXXQHGpFLVLRQHVWLUUpYHUVLEOHSDUWLHOOHPHQWRXFRPSOqWHPHQWORUVTXHOOHQHSHXWrWUHUHQYHUVpH

VDQV HQFRXULU DX FR€W SURKLELWLI $LQVL OD VXSSUHVVLRQ GHV VHUYLFHV GH GpQHLJHPHQW DYHF OD YHQWH GHV pTXLSHPHQWVHWOHOLFHQFLHPHQWRXODUpDIIHFWDWLRQGHVHPSOR\pVFRQVWLWXHUDLWXQDFWHSDUWLHOOHPHQWLUUpYHUVLEOH SDUFH TXH O=DGPLQLVWUDWLRQ PXQLFLSDOH HQFRXUUDLW GHV SHUWHV VL HOOH YRXODLW UHYHQLU VXU FHWWH DFWLRQ $XWUH H[HPSOHOHGpPDQWqOHPHQWGXQHpTXLSHGDUFKLWHFWHVHWGXUEDQLVWHVHVWXQDFWHSDUWLHOOHPHQWLUUpYHUVLEOHSDUFH TXHOHVSHUVRQQHVFRQFHUQpHVQHVHUDLHQWSUREDEOHPHQWSDVHQPHVXUHGHUpLQWpJUHUOpTXLSHVLO=DGPLQLVWUDWLRQ PXQLFLSDOHOHOHXUGHPDQGDLW0rPHVLHOOHVpWDLHQWSUrWHVjOHIDLUHOHXUOR\DXWpYLVjYLVGHOHXUHPSOR\HXU DXUDLW pWp DIIHFWpH VL ELHQ TXH OD VLWXDWLRQ DQWpULHXUH QH SRXUUDLW SDV rWUH UHFRQVWLWXpH VDQV FR€WV VXSSOpPHQWDLUHV

/HVpOpPHQWVTXLUHQGHQWXQHGpFLVLRQLUUpYHUVLEOHSHXYHQWrWUHGHGLIIpUHQWHVQDWXUHV/RUVTXHOD GpFLVLRQSRUWHVXUGXFDSLWDOSK\VLTXHOLUUpYHUVLELOLWpHVWOHSOXVVRXYHQWGHQDWXUHWHFKQRORJLTXH/HFDSLWDO HVWVRXYHQWDXPRLQVSDUWLHOOHPHQWVSpFLILTXHjODFWLYLWpjODTXHOOHLOHVWGHVWLQp2QQHSHXWOHOLTXLGHUDXSUL[

TXLOHQFR€WHUDLWSRXUODFTXpULUjODPrPHILQ/RUVTXHODGpFLVLRQSRUWHVXUGXFDSLWDOLQWDQJLEOHFRPPHGX FDSLWDOKXPDLQGHVFRPSpWHQFHVLO\DLUUpYHUVLELOLWpVLODIRUPDWLRQHWOHVFRQQDLVVDQFHVVRQWVSpFLILTXHVj ODFWLYLWpVXSSULPpH/RUVTXHGHVSHUVRQQHVVHGLVSHUVHQWHWSUHQQHQWGDXWUHVIRQFWLRQVHOOHVHPSRUWHQWDYHF HOOHVOHXUFRPSpWHQFHVSpFLILTXHTXLQHSRXUUDrWUHUHFRQVWLWXpHTXHVLFHVPrPHVSHUVRQQHVVRQWUpHPEDXFKpHV RXVLOHVQRXYHDX[HPEDXFKpVVXELVVHQWXQHIRUPDWLRQDSSURSULpHFR€WHXVH'DQVOHVFDVH[WUrPHVLOSHXW PrPH DUULYHU TXH OHV FRQQDLVVDQFHV VH SHUGHQW /H FDGUH MXULGLTXH HW OHV LQVWLWXWLRQV SHXYHQW pJDOHPHQW FRQWULEXHU j UHQGUH LUUpYHUVLEOHV FHUWDLQHV DFWLRQV 3DU H[HPSOH VL OD GpFLVLRQ IDLW OREMHW GXQ UqJOHPHQW PXQLFLSDOLOHVWEHDXFRXSSOXVGLIILFLOHGHODUHQYHUVHU(QILQEHDXFRXSGHGpFLVLRQVVRQWUHQGXHVLUUpYHUVLEOHV SDUGHVFRQVLGpUDWLRQVVWUDWpJLTXHV/RUVTXXQHDGPLQLVWUDWLRQPXQLFLSDOHSUHQGXQHGpFLVLRQLPSRUWDQWHOH VXFFqVGHORSpUDWLRQYDVRXYHQWGpSHQGUHGHODFUpGLELOLWpGHFHWWHGpFLVLRQDXSUqVGHVLQWHUYHQDQWVFRQFHUQpV 6LO=DGPLQLVWUDWLRQPXQLFLSDOHYHXWJDUGHUVDUpSXWDWLRQHOOHSHXWrWUHDPHQpHjQHSDVUHQYHUVHUXQHGpFLVLRQ DORUVTX=HOOHSUpIpUHUDLWIDLUHPDUFKHDUULqUHHQODEVHQFHGHFRQVLGpUDWLRQVGHFUpGLELOLWp

(QVRPPHODSUpVHQFHGLUUpYHUVLELOLWpVLPSOLTXHTXHWRXWHGpFLVLRQGLPSDUWLWLRQGRLWrWUHFODLUHPHQW EpQpILTXHDYDQWGrWUHDGRSWpHDXVHQVRODYDOHXUG=RSWLRQG=DWWHQGUHHVWFRPSWDELOLVpH&HWWHFRQFOXVLRQHVW UHQIRUFpHSDUGHX[UHPDUTXHVFRPSOpPHQWDLUHV/XQHHVWTXXQHRSpUDWLRQGLPSDUWLWLRQUpXVVLUDPLHX[VL O=DGPLQLVWUDWLRQPXQLFLSDOHHVWFUpGLEOHXQHSURFpGXUHSURJUHVVLYHFRPPHQoDQWSDUGHVRSpUDWLRQVVLPSOHV DX VXFFqV YUDLVHPEODEOH SHUPHWWUD GDVVHRLU OD UpSXWDWLRQ GH O=DGPLQLVWUDWLRQ PXQLFLSDOH j FHW pJDUG /D GHX[LqPHUHPDUTXHHVWTXHODFRRUGLQDWLRQGDFWLYLWpVLPSDUWLHVH[LJHGHVFRPSpWHQFHVTXHO=DGPLQLVWUDWLRQ

PXQLFLSDOHSRXUUDPLHX[DFTXpULUHQSURFpGDQWGHIDoRQSURJUHVVLYHHWXQFDGUHLQVWLWXWLRQQHOTXLQHSRXUUD rWUHpWDEOLTXHSHXjSHX

/HVFULWqUHVVWUDWpJLTXHV

4XH O=RQ FKRLVLVVH O=LPSDUWLWLRQ RX OD SURGXFWLRQ j O=LQWHUQH OH GpURXOHPHQW GH OD UHODWLRQ HQWUH LQWHUYHQDQWVJpQqUHGHVFRPSRUWHPHQWVVWUDWpJLTXHVTX=LOFRQYLHQWGHSUpVHQWHU 1RXV GLVFXWHURQV LFL GHV SUREOqPHVG=HQJDJHPHQWGXUDQWODUHODWLRQGXUHQRXYHOOHPHQWGHVHQWHQWHVHQWUHLQWHUYHQDQWVHWGXPDLQWLHQ GHVFRPSpWHQFHVVSpFLILTXHV

3UREOqPHVG=HQJDJHPHQWHWUHQpJRFLDWLRQ

/DGLVFXVVLRQMXVTX=jPDLQWHQDQWDIDLWDEVWUDFWLRQGHVDVSHFWVG\QDPLTXHVGHODJHVWLRQGHVDFWLYLWpV WDQWjO=LQWHUQHTX=jO=H[WHUQH&HWWHDEVWUDFWLRQDSHUPLVGHGpJDJHUFHUWDLQVSULQFLSHVJpQpUDX[TXDQWDX[

GpFLVLRQVG=LPSDUWLWLRQ

&HSHQGDQW VL O=RQ YHXW HQWUHU GDQV OHV GpWDLOV GH OD FRQGXLWH GHV UHODWLRQV LO LPSRUWH GH ELHQ FRPSUHQGUHOHVDVSHFWVLQWHUWHPSRUHOVDVVRFLpVjODSURGXFWLRQGHVDFWLYLWpVFRQVLGpUpHV'DQVXQHSUHPLqUH pWDSHQRXVYHUURQVTXHOOHVVRQWOHVFRPSOH[LWpVHQJHQGUpHVSDUO=DVSHFWG\QDPLTXHGHVUHODWLRQV(QVXLWHQRXV YHUURQVTXHFHVFRPSOH[LWpVVHUHWURXYHQWSDUIRLVVRXVGHVIRUPHVGLIIpUHQWHVWDQWjO=LQWHUQHTX=jO=H[WHUQH )LQDOHPHQWQRXVYHUURQVHQTXRLOHVGHX[PRGHVGHJHVWLRQGLIIqUHQWGDQVODUpVROXWLRQGHFHVFRPSOH[LWpV

1RXVDYRQVYXSOXVKDXWTX=LO\DYDLWWURLVpOpPHQWVPDMHXUVjFRQVLGpUHUOHSDUWDJHGHVULVTXHV O=LQIRUPDWLRQSULYpHHWOHVLQYHVWLVVHPHQWVVSpFLILTXHVjODUHODWLRQ 3RXU FKDFXQ GH FHV pOpPHQWV O=DVSHFW G\QDPLTXHHQJHQGUHGHVGLIILFXOWpVTX=LOLPSRUWHLFLGHGpFULUH

'DQVOHVUHODWLRQVPRWLYpHVSDUOHSDUWDJHGHVULVTXHVXQKRUL]RQGHORQJWHUPHSHUPHWDX[SDUWLHVGH PDLQWHQLU XQH UHODWLRQ GH FRQILDQFH HW GH GpYHORSSHU GH SDUW HW G=DXWUH XQH UpSXWDWLRQ GH OR\DXWp 6DQV SURPHVVHGXQHFHUWDLQHSHUPDQHQFHGDQVOHPSORLOHPSOR\HXUSRXUUDLWDYRLULQWpUrWjFRQJpGLHUXQWUDYDLOOHXU

GqVTXXQFKDQJHPHQWPrPHWHPSRUDLUHYLHQGUDLWUpGXLUHOHVDODLUHGHPDUFKp'HODPrPHIDoRQXQ WUDYDLOOHXUDXUDLWDYDQWDJHjTXLWWHUVRQHPSORLGqVTXHOHVDODLUHGHPDUFKpDXJPHQWHUDLW6HXOO=pWDEOLVVHPHQW G=XQHUpSXWDWLRQGHOR\DXWpGHODSDUWGHVSDUWHQDLUHVSHUPHWG=pYLWHUFHVFRPSRUWHPHQWVRSSRUWXQLVWHV/HV HIIHWVGHUpSXWDWLRQMRXHQWGRQFXQU{OHFUXFLDOLFLHQUHQGDQWFUpGLEOHOHVYRORQWpVG=HQJDJHPHQWGDQVOD UHODWLRQ,OIDXWTXHGHSDUWHWGDXWUHVpWDEOLVVHXQHUHODWLRQGHFRQILDQFHEDVpHVXUOHUHVSHFWPXWXHOGH OHQWHQWHQpJRFLpH

1RXVDYRQVYXSOXVKDXWTXHODSUpVHQFHGHFKDQJHPHQWVSHUPDQHQWVSHXWHQJHQGUHUGHVIULFWLRQVHW FRQIOLWVDXVHLQGHODUHODWLRQHWTXXQHFHUWDLQHGRVHGHFRQFXUUHQFHSHXWFRQWULEXHUjDSSRUWHUjODUHODWLRQ ODIOH[LELOLWpQpFHVVDLUH6LOLPSDUWLWLRQGHPHXUHDORUVXQPR\HQSULYLOpJLpG=DSSRUWHUFHWWHIOH[LELOLWpFHQHVW SDVOHVHXOPpFDQLVPHVXVFHSWLEOHGHOHIDLUH/HFRQWUDWGHWUDYDLOSRXUUDLWSDUH[HPSOHVSpFLILHUTXHOHVDODLUH QpJRFLpVRLWIRQFWLRQGXVDODLUHGHPDUFKpLOSRXUUDLWVHVLWXHUGDQVXQHIRXUFKHWWHSUpGpWHUPLQpHGHOD PR\HQQHKLVWRULTXHGXVDODLUHGHPDUFKp&HFLSHUPHWWUDLWGHVDMXVWHUDX[FKDQJHPHQWVSHUPDQHQWVDXVDODLUH GHPDUFKp&HFLQHYLHQGUDLWSDVjO=HQFRQWUHGXPDLQWLHQG=XQHIRUWHSURGXFWLYLWpGHODPDLQG=°XYUHTXL SRXUUDLWrWUHDVVXUpHSDUOHVSROLWLTXHVG=HPEDXFKHHWGHPLVHjSLHG/DTXHVWLRQTX=LOIDXWDORUVVHSRVHUHVW GHVDYRLUODTXHOOHGHO=LPSDUWLWLRQRXODSURGXFWLRQjO=LQWHUQHIDYRULVHOHSOXVO=pPHUJHQFHG=HIIHWVGHUpSXWDWLRQ VXVFHSWLEOHVGHVXSSRUWHUXQSDUWDJHRSWLPDOGHVULVTXHVWHPSRUDLUHV(QJpQpUDOO=DGPLQLVWUDWLRQPXQLFLSDOH GHSDUVDWDLOOHHWODGLYHUVLWpGHVHVRSpUDWLRQVSHXWGpYHORSSHUXQHUpSXWDWLRQOXLSHUPHWWDQWGHIRXUQLU O=DVVXUDQFHQpFHVVDLUH&HSHQGDQWVLOHSDUWHQDLUHHVWXQHILUPHLPSRUWDQWHRIIUDQWVHVVHUYLFHVjSOXVLHXUV DGPLQLVWUDWLRQVPXQLFLSDOHVSDUH[HPSOHDORUVVDVSKqUHG=DFWLYLWpVHVWVDQVGRXWHVXIILVDPPHQWGLYHUVLILpH SRXUSRXYRLUPDLQWHQLUOHVHIIHWVGHUpSXWDWLRQHWRIIULUO=DVVXUDQFHUHTXLVH

'DQVOHVUHODWLRQVRO=LQIRUPDWLRQSULYpHHVWLPSRUWDQWHFHWWHLQIRUPDWLRQHVWVRXYHQWSHUVLVWDQWH F=HVWjGLUH TX=HOOH GHPHXUH SHUWLQHQWH VXU XQ KRUL]RQ UHODWLYHPHQW ORQJ 1RXV DYRQV YX TX=HQ SUpVHQFH G=LQIRUPDWLRQSULYpHLOHVWSUpIpUDEOHGHIDLUHDSSHOjGHVPpFDQLVPHVGHUHVSRQVDELOLVDWLRQTXLLQFLWHQWOHV DJHQWVjQHSDVPDQLSXOHUGHIDoRQLQGXHOHXULQIRUPDWLRQFOp2UVLOHVDJHQWVSUpYRLHQWTXHO=LQIRUPDWLRQHW ODUHODWLRQV=pWHQGURQWVXUXQKRUL]RQUHODWLYHPHQWORQJDORUVOHXUVDFWLRQVWLHQGURQWFRPSWHQRQVHXOHPHQW GHVLPSDFWVDXMRXUG=KXLPDLVpJDOHPHQWFHX[TX=HOOHVDXURQWGDQVOHIXWXU/HVPpFDQLVPHVGHUHVSRQVDELOLVDWLRQ GRLYHQWGRQFWHQLUFRPSWHGHFHVOLHQVLQWHUWHPSRUHOV

/DVROXWLRQjFHSUREOqPHFRQVLVWHjPDLQWHQLUOHVLQFLWDWLRQVVXUODWRWDOLWpGHO=KRUL]RQSHUWLQHQW3DU FRQWUHOHVSUREOqPHVG=HQJDJHPHQWSHXYHQWYHQLUPLQHUFHWWHYRORQWp3DUH[HPSOHLOSHXWrWUHRSWLPDOGH

SURPHWWUHGHSDUWDJHUOHVJDLQVGHSURGXFWLYLWpDX[LQWHUYHQDQWVTXLVHVRQWUpYpOpVHIILFDFHVF=HVWjGLUHjFHX[

TXLRQWVXPDLQWHQLUGHVFR€WVGHSURGXFWLRQIDLEOHV/HPDLQWLHQGHVLQFLWDWLRQVUHTXLHUWGHPDLQWHQLUFH SDUWDJHjWRXWHVOHVSpULRGHV2UXQHIRLVTXHORQVDLWTXHOLQWHUYHQDQWHVWHIILFDFHHWDGHVFR€WVIDLEOHVOD WHQWDWLRQHVWIRUWHGHFRXSHUFRXUWjFHSDUWDJHWRXWHQFRQWLQXDQWGH[LJHUXQHKDXWHSHUIRUPDQFHGHODJHQW 8QDJHQWUDWLRQQHODQWLFLSHUDFHVWHQWDWLRQVHWKpVLWHUDjIRXUQLUXQHKDXWHSHUIRUPDQFHDXGpEXWGHODUHODWLRQ

&HVW FH TXRQ DSSHOOH OHIIHW GH FOLTXHW &HW HIIHW YLHQW H[DFHUEHU OHV SUREOqPHV GLQFLWDWLRQV DX VHLQ GHV RUJDQLVDWLRQV6LOHVSDUWHQDLUHVQHSHXYHQWVHQJDJHUjSDUWDJHUOHVJDLQVGHSURGXFWLYLWpWRXWDXORQJGHOD UHODWLRQDORUVLOGHYLHQWSOXVGLIILFLOHGHPDLQWHQLUOHVLQFLWDWLRQVjrWUHSOXVSURGXFWLI&HVWPDOKHXUHXVHPHQW XQ SUREOqPH GLIILFLOH j pYLWHU HW GRQW LO IDXW WHQLU FRPSWH ORUVTXH ORQ IDoRQQH OHV PpFDQLVPHV GH UHVSRQVDELOLVDWLRQLQFLWDWLIV8QHVROXWLRQHVWGHFRQIpUHUHQFRUHSOXVGDYDQWDJHVRXGHERQLVSRXUXQHERQQH SHUIRUPDQFHDILQGHUpFRPSHQVHUODJHQWTXDQGFHGHUQLHUVDLWTXHFHWWHUpFRPSHQVHQHGXUHUDSDV

'DQV OHV UHODWLRQV R OHV LQYHVWLVVHPHQWV VSpFLILTXHV VRQW LPSRUWDQWV LO YD VDQV GLUH TXH ODVSHFW G\QDPLTXHUHYrWXQHJUDQGHLPSRUWDQFH/HVULVTXHVGH[SURSULDWLRQGHFHVLQYHVWLVVHPHQWVFRQWULEXHQWj UpGXLUH OHV LQFLWDWLRQV SUHPLqUHV j LQYHVWLU HW DLQVL UpGXLVHQW OHIILFDFLWp GH OD UHODWLRQ /HV SUREOqPHV GRSSRUWXQLVPHGH[SURSULDWLRQHWGHQJDJHPHQWVRQWWRXVOLpVjODVSHFWG\QDPLTXHGHVUHODWLRQVHWLOVVH UHWURXYHQWWDQWSRXUOHVPRGHVGHJHVWLRQjOLQWHUQHTXHSRXUOHVPRGHVGHJHVWLRQjOH[WHUQH3DUH[HPSOHOD WHQWDWLRQGHUpYLVHUOHVVWDQGDUGVGHSURGXFWLRQORUVTXHORQDSXLQIpUHUOHIILFDFLWpGXSDUWHQDLUHRXORUVTXH FHOXLFLDLQYHVWLGHIDoRQVSpFLILTXHVHUHWURXYHGDQVOHVGHX[PRGHVGHJHVWLRQ¬OLQWHUQHO=DGPLQLVWUDWLRQ PXQLFLSDOHSHXWDYRLULQWpUrWjUpGXLUHOHVUHVVRXUFHVFRQVDFUpHVjXQVHUYLFHXQHIRLVTXLOVHVWUHQGXFRPSWH TXHFHVHUYLFHTXLDVXELHQV=RUJDQLVHUHWrWUHHIILFDFHQDSDVEHVRLQGDXWDQWGHUHVVRXUFHVTXLOOHFUR\DLW LQLWLDOHPHQW/HGLUHFWHXUGXVHUYLFHSUpYR\DQWYRXGUDSHXWrWUHQHSDVrWUHDXVVLHIILFDFHDILQGHVDVVXUHUGHV UHVVRXUFHVVXSSOpPHQWDLUHVGDQVOHIXWXU¬OH[WHUQHO=DGPLQLVWUDWLRQPXQLFLSDOHRXOHFRQVHLOPXQLFLSDO SRXUUDLWDYRLUOHVPrPHVLQWpUrWVjODUHQpJRFLDWLRQGXFRQWUDWVLOVDSHUoRLWTXHOHSDUWHQDLUHHPSRFKHGHV SURILWV LPSRUWDQWV ©VXU VRQ GRVª RX VLPSOHPHQW JUkFH j VHV HIIRUWV G=RUJDQLVDWLRQ G=DFFURLVVHPHQW GH SURGXFWLYLWpHWG=LQQRYDWLRQVWDQWRUJDQLVDWLRQQHOOHVTXHWHFKQRORJLTXHV'RQFODGLIILFXOWpSRVpHSDUFHV SUREOqPHVHVWSUpVHQWHTXHOTXHVRLWOHPRGHRUJDQLVDWLRQQHO,OIDXWHQWHQLUFRPSWHORUVGXGHVLJQGHVHQWHQWHV

4XHOVVRQWOHVGLIIpUHQFHVHQWUHOHVGHX[PRGHVGHJHVWLRQTXDQWjODVSHFWG\QDPLTXHGHODUHODWLRQ"

1RXVLGHQWLILRQVLFL GHX[ GLIIpUHQFHV PDMHXUHV 3UHPLqUHPHQW XQ PRGH GH JHVWLRQ j OH[WHUQH SHUPHW GH PDLQWHQLU OD FRQFXUUHQFH GX PRLQV SRWHQWLHOOH WRXW DX ORQJ GH OD UHODWLRQ 3DUPL OHV DYDQWDJHV GH FHWWH FRQFXUUHQFH RQ FRPSWH OD IOH[LELOLWp DFFUXH SRXU VDMXVWHU j XQ HQYLURQQHPHQW WRXMRXUV FKDQJHDQW /D

FRQFXUUHQFH SHUPHW pJDOHPHQW GH GpILQLU GHV PHVXUHV FRPSDUDWLYHV GH SHUIRUPDQFH VXU OHVTXHOOHV OD UpPXQpUDWLRQGXSDUWHQDLUHSHXWrWUHEDVpH3DUH[HPSOHRQSHXWREVHUYHUOHVSUL[GDXWUHVILUPHVDILQGLQIpUHU VLORQSDLHWURSFKHUSRXUOHVVHUYLFHVGXSDUWHQDLUH'HSOXVDXUHQRXYHOOHPHQWGHOHQWHQWHLOHVWWRXMRXUV SRVVLEOHGHVROOLFLWHUGHVRIIUHVGDXWUHVILUPHVDILQGHYRLUVLOHSDUWHQDLUHDFWXHOHVWFRQFXUUHQWLHO6LFHWWH FRQFXUUHQFHDGHVDYDQWDJHVHOOHFRPSRUWHpJDOHPHQWGHVFR€WV8QHWHOOHFRQFXUUHQFHUpGXLWJpQpUDOHPHQWOHV SRVVLELOLWpVGHQJDJHPHQWTXLVRQWWUqVXWLOHVGDQVOHVFDVROHSDUWDJHGHULVTXHHWRXOHVLQYHVWLVVHPHQWV VSpFLILTXHVVRQWDXF°XUGXSUREOqPH)LQDOHPHQWODFRQFXUUHQFHSHUPHWQRQVHXOHPHQWjO=DGPLQLVWUDWLRQ PXQLFLSDOHGHFKDQJHUGHSDUWHQDLUHPDLVpJDOHPHQWjFHGHUQLHUGDOOHUYRLUDLOOHXUV&HFLSHXWDPSOLILHUOHV ULVTXHVGH[SURSULDWLRQGHVLQYHVWLVVHPHQWVVSpFLILTXHVGHSDUWHWGDXWUH

&RPPHQWDORUVIDLUHODUELWUDJHHQWUHFHVEpQpILFHVHWFR€WV"6LORQGpFLGHGRSWHUSRXUOLPSDUWLWLRQ RQGHYUDIDoRQQHUOHGpURXOHPHQWGHODUHODWLRQGHIDoRQjPLQLPLVHUOHVFR€WVWRXWHQPD[LPLVDQWOHVDYDQWDJHV GHODFRQFXUUHQFH&HFLYHXWGLUHTXLOIDXWWURXYHUGHVPHVXUHVGHSHUIRUPDQFHVXUOHPDUFKpHWEDVHUOD UpPXQpUDWLRQGXSDUWHQDLUHVXUFHVPHVXUHV,OHVWDORUVLPSRUWDQWGHGpILQLUGHIDoRQH[SOLFLWHFHVPHVXUHVHW IRUPXOHV SRXU QH SDV FUpHU GH VXUSULVH 2Q SRXUUDLW pJDOHPHQW VH VHUYLU GH OD GXUpH GH OHQWHQWH FRPPH PpFDQLVPHGHQJDJHPHQW/DGXUpHGHOHQWHQWHGRLWrWUHDOLJQpHDYHFODGXUpHGHYLHXWLOHGHOLQIRUPDWLRQ SULYpHRXGHVLQYHVWLVVHPHQWVVSpFLILTXHV&HFLUpGXLWORSSRUWXQLVPHH[SRVWHWOH[SURSULDWLRQ3DUFRQWUHFHFL QHVWSDVWRXMRXUVXQHVROXWLRQjWRXWHpSUHXYHFDUOHVSDUWLHVSHXYHQWrWUHWHQWpHVGHUHQpJRFLHUOHQWHQWHHQ FRXUVGHURXWH

8QH VHFRQGH GLIIpUHQFH LPSRUWDQWH HQWUH JHVWLRQ j OLQWHUQH HW H[WHUQH VH VLWXH DX QLYHDX GHV RSSRUWXQLWpVILQDQFLqUHVH[WHUQHV,OHVWHQJpQpUDOEHDXFRXSSOXVIDFLOHSRXUXQHILUPHLQGpSHQGDQWHGHUpGXLUH VHV FR€WV HW GH WUDQVIpUHU GHV UHVVRXUFHV G=XQ H[HUFLFH ILQDQFLHU j O=DXWUH TXH SRXU XQ VHUYLFH DX VHLQ GH ODGPLQLVWUDWLRQPXQLFLSDOH&HWWHSRVVLELOLWpG=DSSURSULDWLRQGHVJDLQVGHSURGXFWLYLWpSHUPHWGHGRQQHUOHV ERQQHVLQFLWDWLRQVjODPLQLPLVDWLRQGHVFR€WVFDUOHVLQWHUYHQDQWVVDYHQWTXLOVQHSHUGURQWSDVOHXUVUHVVRXUFHV VLOVQHOHVFRQVRPPHQWSDVWRXWHVLPPpGLDWHPHQW(OOHIDFLOLWHpJDOHPHQWXQSROLWLTXHGLQYHVWLVVHPHQWRSWLPDOH HQSHUPHWWDQWDX[DJHQWVGDJLUDXERQPRPHQWVDQVFUDLQWHTXHOHVUHVVRXUFHVQHVRLHQWSOXVGLVSRQLEOHV&HW DYDQWDJHGHODJHVWLRQjOH[WHUQHHVWQRQQpJOLJHDEOHHWGRLWrWUHSULVHQFRPSWHVXUWRXWGDQVOHVHQYLURQQHPHQWV R OH ULVTXH HVW pOHYp FHVWjGLUH R OHQYLURQQHPHQW HVW FKDQJHDQW (QFRUH XQH IRLV OHV SRVVLELOLWpV GDSSURSULDWLRQGHVJDLQVGHSURGXFWLYLWpSHXYHQWrWUHSHUPLVHVGDQVXQPRGHGHJHVWLRQjOLQWHUQH&HSHQGDQW OHVSRVVLELOLWpVGHQJDJHPHQWVRQWOLPLWpHV5LHQQHPSrFKHOHFRQVHLOPXQLFLSDOGHVDLVLUOHVpSDUJQHVGXQ

VHUYLFHHQ©WHPSVGHFULVHª&HFLOLPLWHGRQFOHVLQFLWDWLRQVjOpSDUJQHHWjO=HIIRUW

/DGLVSRQLELOLWpDFWXHOOHHWIXWXUHGHVDJHQWV

/RUVGHODUHFKHUFKHLQLWLDOHG=XQSDUWHQDLUHRQYRXGUDSURFpGHUSDUDSSHOG=RIIUHVDILQGHIDLUHMRXHU ODFRQFXUUHQFHHWDLQVLVpOHFWLRQQHUFHOXLTXLRIIUHOHPHLOOHXUVHUYLFHjPRLQGUHFR€W&HQ=HVWSDVWRXMRXUVXQH WkFKHpYLGHQWHSXLVTXHO=DFWLYLWpLPSDUWLHFRPSRUWHJpQpUDOHPHQWSOXVLHXUVGLPHQVLRQVHQWUHOHVTXHOOHVLOIDXGUD IDLUH O=DUELWUDJH ¬ FHWWH pWDSH OD UpSXWDWLRQ GX SDUWHQDLUH SRWHQWLHO SHXW MRXHU XQ U{OH LPSRUWDQW &HWWH UpSXWDWLRQDXUDSOXVGHYDOHXUGDQVODPHVXUHRODSHUIRUPDQFHGXSDUWHQDLUHDLOOHXUVHVWIDFLOHPHQWREVHUYDEOH HWROHVHQMHX[VRQWLPSRUWDQWV6LOHSDUWHQDLUHHVWLPSOLTXpjIRQGGDQVODPrPHDFWLYLWpDLOOHXUVLODXUDJUDQG LQWpUrWjPDLQWHQLUVDUpSXWDWLRQ

$XUHQRXYHOOHPHQWGXFRQWUDWRQYRXGUDHQFRUHXQHIRLVVROOLFLWHUGHVFRQFXUUHQWVDILQGHQHSDV GRQQHUXQSRXYRLUGHPDUFKDQGDJHWURSpOHYpDXSDUWHQDLUHHQSODFH&HSHQGDQWOHUHPSODFHPHQWGHFH GHUQLHU SDU XQ QRXYHDX SDUWHQDLUH SHXW rWUH YX FRPPH XQH WHQWDWLYH G=H[SURSULDWLRQ G=LQYHVWLVVHPHQWV VSpFLILTXHV'DQVFHFDVODGXUpHGXFRQWUDWSHUPHWWUDGHIDLUHOHERQDUELWUDJHHQWUHOHVVWLPXOLFRQFXUUHQWLHOV HWO=HQJDJHPHQWjODQRQH[SURSULDWLRQGHVLQYHVWLVVHPHQWVVSpFLILTXHV

/HPDLQWLHQGHVFRPSpWHQFHV

/DFWLYLWp HQ TXHVWLRQ HW VRQ RUJDQLVDWLRQ H[LJHQW GH OD SDUW GH O=DGPLQLVWUDWLRQ PXQLFLSDOH OH GpSORLHPHQWGHFHUWDLQHVFRPSpWHQFHV6LRQFKRLVLWGLPSDUWLUSDUH[HPSOHLOIDXGUDVDVVXUHUGHSRVVpGHUHW GH FRQVHUYHU OHV FRPSpWHQFHV QpFHVVDLUHV j OD FRQFHSWLRQ j OD QpJRFLDWLRQ HW j OD JHVWLRQ GHV FRQWUDWV GLPSDUWLWLRQ'DQVOHFDVFRQWUDLUHLOIDXGUDPDLQWHQLUGHVFRPSpWHQFHVSRXUODJHVWLRQGHVUHODWLRQVGHWUDYDLO ,OIDXWYHLOOHUjFHTXHORUJDQLVDWLRQFKRLVLHLQWHUQHRXJHVWLRQGpOpJXpHPDLQWLHQQHOHVFRPSpWHQFHVQpFHVVDLUHV jVDSURSUHVXUYLH

/LPSDUWLWLRQQLPSOLTXHSDVVHXOHPHQWTXHGHVFRPSpWHQFHVTXLpWDLHQWGLVSRQLEOHVjOLQWHUQHOHVRLHQW jOH[WHUQH/LPSDUWLWLRQH[LJHpJDOHPHQWGHVFRPSpWHQFHVGLIIpUHQWHVTXHODYLOOHGRLWDYRLURXDFTXpULUDYDQW

RXDSUqVVDUpRUJDQLVDWLRQFDSDFLWpGHFRQFHYRLUQpJRFLHUHWVLJQHUGHVFRQWUDWVDXPHLOOHXUSUL[FDSDFLWpGH FRQWU{OHFDSDFLWpGHFRRUGLQDWLRQ/DFRPSpWHQFHQpFHVVDLUHjODJHVWLRQGHOLPSDUWLWLRQHVWXQHFRPSpWHQFH QRXYHOOH6LOHVWYUDLTXHFHUWDLQHVUHVVRXUFHVH[LVWDQWHVSRXUURQW\rWUHFRQVDFUpHVLOGHPHXUHTXHORUJDQLVDWLRQ GHFHVUHVVRXUFHVGHYUDrWUHUHYXHHWTXHFHVUHVVRXUFHVGHYURQWrWUHFRPSOpWpHVSDUGHQRXYHOOHVUHVVRXUFHV

,O VDJLW Oj GXQ LQYHVWLVVHPHQW HQ FDSDFLWp RUJDQLVDWLRQQHOOH FRPSRUWDQW FHUWDLQHV LQFHUWLWXGHV HW VXVFHSWLEOH GH SUHQGUH GX WHPSV 3RXU FHWWH UDLVRQ LO VHUD SHXWrWUH QpFHVVDLUH GH QH SURFpGHU TXH SURJUHVVLYHPHQWjOLPSDUWLWLRQGHVDFWLYLWpVHWIRQFWLRQVTXLV\SUrWHQW3DUPLOHVPR\HQVGHYDORULVDWLRQGX FDSLWDO DUFKLWHFWXUDO GXQH YLOOH OHV IRQFWLRQV GH UpJOHPHQWDWLRQ GH ]RQDJH GH FRQWU{OH GH SODQLILFDWLRQ WD[DWLRQHWFH[LJHQWWRXWHVGHVFRPSpWHQFHVGRQWO=DGPLQLVWUDWLRQPXQLFLSDOHGHYUDGpFLGHUVLOFRQYLHQWGH OHVSRVVpGHUjOLQWHUQHRXG\UHFRXULUSDUYRLHGLPSDUWLWLRQ(WDQWGRQQpODGpIDLOODQFHGHVPDUFKpVSRXU DVVXUHU FHWWH FRRUGLQDWLRQ O=DGPLQLVWUDWLRQ PXQLFLSDOH QH SRXUUD YUDLVHPEODEOHPHQW SDV LPSDUWLU OD UHVSRQVDELOLWpGHODFRRUGLQDWLRQ(OOHSRXUUDFHSHQGDQWUHFRXULUDXVHFWHXUSULYpSRXUO\DVVLVWHUpWXGHV FRQVXOWDWLRQGXUEDQLVWHVHWF'DQVFHFDVDYDQWGLPSDUWLUO=DGPLQLVWUDWLRQPXQLFLSDOHGHYUDVDVVXUHUTXHOHV

,O VDJLW Oj GXQ LQYHVWLVVHPHQW HQ FDSDFLWp RUJDQLVDWLRQQHOOH FRPSRUWDQW FHUWDLQHV LQFHUWLWXGHV HW VXVFHSWLEOH GH SUHQGUH GX WHPSV 3RXU FHWWH UDLVRQ LO VHUD SHXWrWUH QpFHVVDLUH GH QH SURFpGHU TXH SURJUHVVLYHPHQWjOLPSDUWLWLRQGHVDFWLYLWpVHWIRQFWLRQVTXLV\SUrWHQW3DUPLOHVPR\HQVGHYDORULVDWLRQGX FDSLWDO DUFKLWHFWXUDO GXQH YLOOH OHV IRQFWLRQV GH UpJOHPHQWDWLRQ GH ]RQDJH GH FRQWU{OH GH SODQLILFDWLRQ WD[DWLRQHWFH[LJHQWWRXWHVGHVFRPSpWHQFHVGRQWO=DGPLQLVWUDWLRQPXQLFLSDOHGHYUDGpFLGHUVLOFRQYLHQWGH OHVSRVVpGHUjOLQWHUQHRXG\UHFRXULUSDUYRLHGLPSDUWLWLRQ(WDQWGRQQpODGpIDLOODQFHGHVPDUFKpVSRXU DVVXUHU FHWWH FRRUGLQDWLRQ O=DGPLQLVWUDWLRQ PXQLFLSDOH QH SRXUUD YUDLVHPEODEOHPHQW SDV LPSDUWLU OD UHVSRQVDELOLWpGHODFRRUGLQDWLRQ(OOHSRXUUDFHSHQGDQWUHFRXULUDXVHFWHXUSULYpSRXUO\DVVLVWHUpWXGHV FRQVXOWDWLRQGXUEDQLVWHVHWF'DQVFHFDVDYDQWGLPSDUWLUO=DGPLQLVWUDWLRQPXQLFLSDOHGHYUDVDVVXUHUTXHOHV

Dans le document L'impartition municipale : l'argumentaire (Page 21-54)

Documents relatifs