• Aucun résultat trouvé

6HFWLRQ,,$V\PpWULHGHVFRQIOLWVDUPpV

% 7HQWDWLYHG·H[SOLFDWLRQ

/·H[SOLFDWLRQMXULGLTXHODSOXVjPrPHGHVRXWHQLUFHFRQVWDWGHODUDUpIDFWLRQ GHV FRQIOLWV DUPpV LQWHUpWDWLTXHV HVW O·LQWHUGLFWLRQ IDLWH DX[ eWDWV G·XWLOLVHU OD IRUFHDUPpHFRQWUHXQDXWUHRXG·DXWUHVeWDWVGDQVOHFDGUHGHOD&KDUWHGHV 1DWLRQV8QLHV8QHWHOOHUqJOHQ·H[LVWHSDVHQFHTXLFRQFHUQHO·XWLOLVDWLRQGH ODIRUFHDUPpHjO·pJDUGG·HQWLWpV©LQIUDpWDWLTXHVªFRPPHOHV*$1(&HWWH SURVFULSWLRQGHVFRQIOLWVDUPpVHQWUHeWDWVYDGDQVODORJLTXHTXLDPHQpjOD FUpDWLRQGHO·218(QHIIHWFHWWHGHUQLqUHYRXHVRQDFWLRQjODUHFKHUFKHGHOD SDL[HWGDQVFHVHQVODSDL[FRQVWLWXHSRXUHOOHOH©EXWGHVEXWVª

4XHO HVW O·HIIHW UpHO GH FHWWH LQWHUGLFWLRQ EDVH GH WRXW OH UpJLPH PLV HQ SODFH HQ IDYHXU GH O·218 SRXU OH PDLQWLHQ GH OD SDL[ HW GH OD VpFXULWp LQWHUQDWLRQDOHV" 8QH pWXGH WUqV GpWDLOOpH HVW QpFHVVDLUH DILQ GH SHUFHYRLU FHW HIIHW VXU OHV LQWHQWLRQV EHOOLFLVWHV GHV eWDWV GHSXLV 7RXWHIRLV RQ SHXW DIILUPHUTXHOHVHXOIDLWTXHODUqJOHIDVVHSDUWLHGXGURLWSRVLWLIVDQVTXHOD GpVXpWXGH QH O·DWWHLJQH SURGXLW XQ HIIHW VXU OH FRPSRUWHPHQW GHV eWDWV 'HSXLV GHV eWDWV VH VRQW DIIURQWpV PLOLWDLUHPHQW URPSDQW DLQVL OD SDL[

LQWHUQDWLRQDOHHQVHMXVWLILDQWVXUOD EDVHGXGURLWSRVLWLI&HODpTXLYDXWjQH SDVQLHUO·LQWHUGLFWLRQGXUHFRXUVjODIRUFHDUPpH'HSXLVOH&RQVHLOGH VpFXULWpGHO·218HQUDLVRQGXU{OHSUHPLHUTXLOXLDpWpFRQILpHQPDWLqUHGH PDLQWLHQGHODSDL[HWGHODVpFXULWpLQWHUQDWLRQDOHVDXQRPGHWRXVOHVeWDWV PHPEUHV Q·D FHVVp YDULDEOHPHQW VHORQ OHV pSRTXHV HW VHORQ VHV PR\HQV GH YHLOOHU j FH TXH VD PLVVLRQ GH SDL[ PRQGLDOH VRLW UpDOLVpH j WUDYHUV OHV SRVVLELOLWpV G·DFWLRQV TXL VRQW OHV VLHQQHV ,O HVW DLQVL pWDEOL TX·j F{Wp GH OD VLPSOH H[LVWHQFH GH OD UqJOH VXUYLW XQH FRQVFLHQFH GHV eWDWV VHORQ ODTXHOOH WRXWHDJUHVVLRQDUPpHGHOHXUSDUWQHPDQTXHUDSDVGHVXVFLWHUGHV©HIIHWVª

/D&RXULQWHUQDWLRQDOHGHMXVWLFHDHXSDUH[HPSOHjGLUHGDQVXQHDIIDLUHRSSRVDQWOD5pSXEOLTXH GpPRFUDWLTXH GX &RQJR HW O¶2XJDQGD TXH ©>«@ O¶2XJDQGD D YLROp OD VRXYHUDLQHWp DLQVL TXH O¶LQWpJULWpWHUULWRULDOHGHOD5'&/HVDFWHVGHO¶2XJDQGDRQWpJDOHPHQWFRQVWLWXpXQHLQJpUHQFHGDQV OHVDIIDLUHVLQWpULHXUHVGHOD5'&HWGDQVODJXHUUHFLYLOHTXL\IDLVDLWUDJH/¶LQWHUYHQWLRQPLOLWDLUH LOOLFLWHGHO¶2XJDQGDDpWpG¶XQHDPSOHXUHWG¶XQHGXUpHWHOOHVTXHOD&RXUODFRQVLGqUHFRPPHXQH YLRODWLRQJUDYHGHO¶LQWHUGLFWLRQGHO¶HPSORLGHODIRUFHpQRQFpHDXSDUDJUDSKHGHO¶DUWLFOHGHOD

&KDUWH GHV 1DWLRQV 8QLHVª$IIDLUH GHV DFWLYLWpV DUPpHV VXU OH WHUULWRLUH GX &RQJR 5pSXEOLTXH GpPRFUDWLTXH GX &RQJR F 2XJDQGD &,- DUUrW GX GpFHPEUH SDUDJUDSKH KWWSZZZLFMFLMRUJGRFNHWILOHVSGIMXLQ

$UWLFOH3DUDJUDSKHGHOD&KDUWHGHO¶218

9RLULQIUD&KDSLWUH&URLVHPHQWVGXMXVLQEHOORHWGXMXVDGEHOOXP

-HDQ3LHUUH &27 $ODLQ 3(//(7 HW 0DWKLDV )257($8 VRXV OD GLUHFWLRQ/D &KDUWH GHV 1DWLRQV 8QLHV&RPPHQWDLUHDUWLFOHSDUDUWLFOH3DULVeFRQRPLFDHpGLWLRQS

9RLUOHVGLVSRVLWLRQVSHUWLQHQWHVGHOD&KDUWHGHO¶218VXUWRXWOH&KDSLWUH9,,GHODGLWH&KDUWH

$UWLFOHGHOD&KDUWHGHO¶218

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

DX QLYHDX GHV SDLUV HQ JpQpUDO HW GX &RQVHLO GH VpFXULWp HQ SDUWLFXOLHU &HOD DPqQH j FURLUH TXH OD QDLVVDQFH GH O·218 DYHF VRQ V\VWqPH GH VpFXULWp FROOHFWLYH Q·D SDV PDQTXp G·DYRLU XQ LPSDFW HQ IDYHXU GH OD UDUpIDFWLRQ GHV FRQIOLWVDUPpVLQWHUpWDWLTXHV

$XGHOj GH FHW DUJXPHQW GH QDWXUH MXULGLTXH FHUWDLQV DXWHXUV pYRTXHQW G·DXWUHVUDLVRQVH[SOLTXDQWODGLVSDULWLRQSURJUHVVLYHGHVFRQIOLWVDUPpVHQWUH GHVeWDWV&HVUDLVRQVVRQWOLpHVjO·©LPSRVVLELOLWpªPrPHGHO·LGpHGHJXHUUHj O·pSRTXHDFWXHOOHRXDXPDQTXHG·DWWUDLWGHFHWWHLGpHOj8QHUDLVRQLQYRTXpH D WUDLW j O·H[LVWHQFH DX VHLQ GH FHUWDLQV eWDWV GH O·DUPH QXFOpDLUH VXUWRXW SHQGDQW OD *XHUUH IURLGH /·HIIHW GLVVXDVLI GH FHWWH DUPH D IDYRULVp OD SDL[

HQWUHOHV3XLVVDQFHVDSSDUWHQDQWDX[GHX[EORFVRSSRVpVORUVGHFHWWH*XHUUH IURLGH 8QH DXWUH H[SOLFDWLRQ FRQVLVWH j GLUH TXH OD SXLVVDQFH PLOLWDLUH Q·HVW DFWXHOOHPHQW SOXV XQ IDFWHXU GpFLVLI GH OD SROLWLTXH PRQGLDOH /·LVVXH GHV HQMHX[ HQWUH eWDWV ² pWHQGXH GX WHUULWRLUH SRVVHVVLRQV FRORQLDOHV FDSDFLWp G·LPSRVHU OHXU YRORQWp j G·DXWUHV ² GpSHQGDLW HQ JUDQGH SDUWLH GH OHXU SXLVVDQFHPLOLWDLUH/HVREMHFWLIVSULQFLSDX[GHVeWDWVVHPEOHQWDYRLUFKDQJpHW DYHFHX[OHVPR\HQVXWLOLVpVSRXUOHVSRXUVXLYUH,ODUULYHTXHO·RQGLYLVHOH PRQGH HQ ]RQH GH SDL[ HW HQ ]RQH GH JXHUUH /D ]RQH GH SDL[ FRQWLHQW O·(XURSH RFFLGHQWDOH OHV eWDWV8QLV OH &DQDGD OH -DSRQ O·$XVWUDOLH OD 1RXYHOOH=pODQGH(OOHHVWFRQIRQGXHjODGpPRFUDWLHVHMXVWLILHSDUHOOHHWOD SURVSpULWp JUkFH DX OLEUH pFKDQJH /H UHVWH GX PRQGH KpULWH GH IDLW GHV TXDOLILFDWLRQV RSSRVpHV HW HVW VXSSRVp DX YX GH VHV FDUDFWpULVWLTXHV HQFRUH VRXV OD GRPLQDWLRQ GHV FRQIOLWV DUPpV DXVVL ELHQ LQWHUpWDWLTXHV TX·LQIUD pWDWLTXHV 2Q VXSSRVH HQ UHYDQFKH TXH GDQV OD ]RQH GH SDL[ OH PRQGH

©GpYHORSSpª OD JXHUUH UHoRLW XQ UHIXV JpQpUDO FDU HOOH VHUDLW REVROqWH HQ UDLVRQ GH VRQ FDUDFWqUH LQFRQFHYDEOH SDU QDWXUH VDQV rWUH PDWpULHOOHPHQW LPSRVVLEOHRXFRPSOqWHPHQWpUDGLTXpH

'DULR%$77,67(//$©$YDQWSURSRVªRSFLWQRWHQƒS

(YDQ /8$5' ©7KH %OXQWHG 6ZRUG 7KH HURVLRQ RI 0LOLWDU\ 3RZHU LQ 0RGHUQ :RUG 3ROLWLFVª LQ 'DULR %$77,67(//$ GRVVLHU FRQVWLWXp SDU*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH 3UREOqPHV SROLWLTXHV HW VRFLDX[ GRVVLHU G¶DFWXDOLWp PRQGLDOH 'RFXPHQWDWLRQ IUDQoDLVH 3DULV Qƒ

PDUVSS

0D[6,1*(5$DURQ:,/'$96.<©=RQHGHSDL[]RQHGHWURXEOHªLQ'DULR%$77,67(//$GRVVLHU FRQVWLWXp SDU*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH 3UREOqPHV SROLWLTXHV HW VRFLDX[

GRVVLHUG¶DFWXDOLWpPRQGLDOH'RFXPHQWDWLRQIUDQoDLVH3DULVQƒPDUVSS

%UXFH5866(77©/DSDL[GpPRFUDWLTXHªLQ'DULR%$77,67(//$GRVVLHUFRQVWLWXpSDU*XHUUHV HWFRQIOLWVGDQVO¶DSUqVJXHUUHIURLGH3UREOqPHVSROLWLTXHVHWVRFLDX[GRVVLHUG¶DFWXDOLWpPRQGLDOH 'RFXPHQWDWLRQIUDQoDLVH3DULVQƒPDUVSS

(ULFK:(('(©/HOLEUHpFKDQJHDXVHUYLFHGHODSDL[ªLQ'DULR%$77,67(//$GRVVLHUFRQVWLWXp SDU*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH 3UREOqPHV SROLWLTXHV HW VRFLDX[ GRVVLHU G¶DFWXDOLWpPRQGLDOH'RFXPHQWDWLRQIUDQoDLVH3DULVQƒPDUVSS

-RKQ08(//(5©5HWUHDWIURP'RRPVGD\ªRSFLWQRWHQƒS

†,,3UpVHQFHGHVFRQIOLWVDUPpVLQIUDpWDWLTXHV

/·pYDQHVFHQFHGHVFRQIOLWVLQWHUpWDWLTXHVQ·DIDLWTX·DQQRQFHUODUHFUXGHVFHQFH GHVFRQIOLWVLQIUDpWDWLTXHV&HWWHUHFUXGHVFHQFHV·REVHUYHjSDUWLUGHODILQGH OD6HFRQGH*XHUUHPRQGLDOH0DLVRQSDUOHGHSOXVHQSOXVjFHVXMHWGHODILQ GHOD*XHUUHIURLGH

$ 1XLVDQFHGHVFRQIOLWVDUPpVLQIUDpWDWLTXHV

<DWLOGHERQVFRQIOLWVDUPpV"8QHUpSRQVHDIILUPDWLYHjFHWWHTXHVWLRQUHVWH GLIILFLOHPHQW VRXWHQDEOH /D SUpFLVLRQ GX FDUDFWqUH LQWHUQH DX[ eWDWV GH FHV FRQIOLWV DUPpV Q·D DXFXQ HIIHW GH FKDQJHPHQW VXU OD UpSRQVH QpJDWLYH j DSSRUWHU j FHWWH TXHVWLRQ %LHQ DX FRQWUDLUH /HV FRQIOLWV LQIUDpWDWLTXHV TXL VHUDLHQW DSSDUXV DYDQW OHV FRQIOLWV LQWHUpWDWLTXHV HW TXL RQW JDUGp OHXU SUpVHQFH j WUDYHUV O·KLVWRLUH RQW XQ LPSDFW QpJDWLI SOXV SURQRQFp VXU OHV VRFLpWpVTXLHQVRQWGLUHFWHPHQWRXLQGLUHFWHPHQWYLFWLPHV,ODpWpFRQVWDWp SDU H[HPSOH TXH GXUDQW OHV DQQpHV OHV FRQIOLWV DUPpV RQW IDLW YLFWLPHV GRQW LPSXWDEOHV j GHV FRQIOLWV LQIUDpWDWLTXHV /HV YLFWLPHV GH FHVFRQIOLWVVRQWjGHVSHUVRQQHVFLYLOHV3RXUOHVHXOFRQWLQHQWDIULFDLQ RQHVWLPHTXHGHX[jWURLVPLOOLRQVGHSHUVRQQHVFLYLOHVVRQWPRUWHVHQUDLVRQ GHVFRQIOLWVDUPpVLQIUDpWDWLTXHVGDQVODGpFHQQLH/HORXUGWULEXWSD\p HQYLHVKXPDLQHVVDQVLJQRUHUOHVDXWUHVW\SHVGHSHUWHVQHVHGpPHQWSDVHQ FH TXL FRQFHUQH OHV FRQIOLWV DUPpV LQIUDpWDWLTXHV UpFHQWV DX UHJDUG GH OHXU IUpTXHQFHHWGHOHXUH[WUrPHYLROHQFH/HFRQIOLWLQIUDpWDWLTXHPHWDX[SULVHV GHVJURXSHVDSSDUWHQDQWjXQPrPH FRUSV VRFLDO,ORSSRVHGHVJURXSHVTXL RQWYpFXHQVHPEOHHWTXLQHYHXOHQWSOXVRXQHSHXYHQWSOXVSRXUGLYHUVHV UDLVRQV YLYUH HQVHPEOH HQ SDUWLFXOLHU GDQV OHV FRQGLWLRQV D\DQW SUpFpGp OH FRQIOLWDUPp,OIDLWGXYRLVLQOHERXUUHDXRXODYLFWLPH,OH[SULPHSDUOjVRQ FDUDFWqUH DERPLQDEOH TXL OXL IDLW ©SUpIpUHUª OH FRQIOLW LQWHUpWDWLTXH 6XU FH SRLQW 0217$,*1( WURXYH HQ HIIHW ©>TX·XQH@ JXHUUH pWUDQJqUH HVW XQ PDO

9RLUVXSUDFH&KDSLWUHS

*HRUJHV$%,6$$%©&RQIOLWVDUPpVQRQLQWHUQDWLRQDX[ªRSFLWQRWHQƒS

9LFWRU<YHV *+(%$/, ©/HV JXHUUHV FLYLOHV GH OD SRVWELSRODULWp QRXYHDX[ DFWHXUV HW QRXYHDX[

REMHFWLIVª5HODWLRQVLQWHUQDWLRQDOHVQƒSULQWHPSVSSHWVXLYDQWHV

.DOHYL - +2/67, ©7KH 6WDWH :DU DQG WKH 6WDWH RI :DUª LQ 'DULR %$77,67(//$ GRVVLHU FRQVWLWXp SDU*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH 3UREOqPHV SROLWLTXHV HW VRFLDX[

GRVVLHU G¶DFWXDOLWp PRQGLDOH 'RFXPHQWDWLRQ IUDQoDLVH 3DULV Qƒ PDUV S

&DWKHULQH 025$1' ©/D SUROLIpUDWLRQ GHV PLOLFHV DUPpHV HQ $IULTXH QRLUHª LQ*XHUUH FLYLOH JXpULOODWHUURULVPHHQWUHKLHUHWDYHQLU$FWHVGXV\PSRVLXPGX&HQWUHG¶KLVWRLUHHWGHSURVSHFWLYH PLOLWDLUHV3XOO\6XLVVHS

.DOHYL-+2/67,LGHPS

+pOqQH *5$1'92,11(7 HW +DUWPXW 6&+1(,'(5 ©$PpOLRUHU O¶DQDO\VH HW O¶DFWLRQª LQ +pOqQH

*5$1'92,11(7 HW +DUWPXW 6&+1(,'(5/D JHVWLRQ GH FRQIOLWV HQ $IULTXH XQ GpIL SHUPDQHQW 3DULVS

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

ELHQSOXVGRX[TXHODJXHUUHFLYLOHª(QSDUWDQWGHO·LGpHG·$5,6727(IDLVDQW GHO·KRPPHXQDQLPDOSROLWLTXHF·HVWjGLUHG·rWUHSDUQDWXUHIDLWSRXUYLYUH HQSROLV 9LFWRU<YHV *+(%$/, DUULYH j OD FRQFOXVLRQ TXH OD JXHUUH FLYLOH UDYDOHO·KRPPHDXUDQJG·DQLPDOWRXWFRXUWHQGpWUXLVDQWOHVUDLVRQVPrPHV GHFHTXLO·DPHQDLWjYLYUHHQVRFLpWp/DVRFLpWpGpFKLUpHSDUXQFRQIOLWLQIUD pWDWLTXHGpYHORSSHGHVEOHVVXUHVTXLRQWGXPDOjJXpULUHQUDLVRQGHODQDWXUH GRPHVWLTXH GHV SUREOqPHV HW GH OD SURPLVFXLWp GHV JURXSHV HQQHPLV $LQVL MXJHWRQ TXH©>«@ O·DQWLSDWKLH TXL VpSDUH OHV eWDWV HVW VXMHWWH j XQ HIIHW GH GLVWDQFHHWQ·HVWSDVVRXPLVHjXQUHQIRUFHPHQWFRQWLQXHOUpVLVWDQWjO·pURVLRQ WHPSRUHOOH3RXUDSSUpFLHUSOHLQHPHQWFHIDLWLOVXIILWGHFRPSDUHUFRPPHQW O·KRVWLOLWp GX PRQGH OLEUH HQYHUV O·$OOHPDJQH HW OH -DSRQ DX FRXUV GH OD 6HFRQGH *XHUUH PRQGLDOH D SX FKDQJHU GDQV OHV TXDUDQWH GHUQLqUHV DQQpHV WDQGLVTX·HQ<RXJRVODYLHO·DQLPRVLWpRSLQLkWUHHWFRQVWDQWHGHV6HUEHVHQYHUV OHXUVFRQFLWR\HQV&URDWHVQ·DSDVFHVVp(QG·DXWUHVWHUPHVLOHVWSOXVIDFLOHj G·DQFLHQVHQQHPLVLPSOLTXpVGDQVGHVJXHUUHVG·eWDWjeWDWGHUHSDUWLUVXUGHV EDVHV QRXYHOOHV GDQV XQ QRXYHDX FRQWH[WH FRQVWLWXWLRQQHO TXH GH VH UpFRQFLOLHU SRXU GHV SHXSOHV HQJDJpV GHSXLV ORQJWHPSV GDQV XQ FRQIOLW GRPHVWLTXHª

% ,PSRUWDQFHQXPpULTXHGHVFRQIOLWVDUPpVLQIUDpWDWLTXHVHWGH OHXUVDFWHXUV

/HJUDSKLTXHTXLVXLWHVWLVVXGHVWUDYDX[GX*URXSHGHSHUVRQQDOLWpVGHKDXW QLYHDXVXUOHVPHQDFHVOHVGpILVHWOHFKDQJHPHQWPLVHQSODFHSDUOHV1DWLRQV 8QLHV,OLOOXVWUHODJUDQGHSUpVHQFHGHVFRQIOLWVFRQFHUQDQWOHV*$1(

9LFWRU<YHV *+(%$/, ©5HPDUTXHV SROLWLFRKLVWRULTXHV VXU O¶pWLRORJLH GHV JXHUUHV FLYLOHVª LQ /¶RUGUH MXULGLTXH LQWHUQDWLRQDO XQ V\VWqPH HQ TXrWH G¶pTXLWp HW G¶XQLYHUVDOLWp /LEHU DPLFRUXP

*HRUJHV$%,6$$%7KH+DJXH01LMKRIIS

,GHPS

-DPHV 526(1$8 ©/HV FRQVWLWXWLRQV GDQV XQ PRQGH HQ SURLH DX[ WXUEXOHQFHVª LQ/HV FRQIOLWV

DSUqVODELSRODULWpQƒ3DULV/¶+DUPDWWDQSS

5DSSRUWGX*URXSHGHSHUVRQQDOLWpVGHKDXWQLYHDXVXUOHVPHQDFHVOHVGpILVHWOHFKDQJHPHQWGX GpFHPEUH'RF18$KWWSZZZXQRUJIUHQFKVHFXUHZRUOGMXLQ

$LQVLOHV*$1(RQWILQLSDUPHQHUHQQRPEUHSDUPLOHVHQWLWpVSUpVHQWHV GDQVOHVFRQIOLWVDUPpVFRPPHFHODVHFRQVWDWHGDQVOHJUDSKLTXHFLGHVVRXV SUpVHQWp &HOXLFL PRQWUH TXH OHV JRXYHUQHPHQWV HQ FRQIOLW VRQW PRLQV QRPEUHX[TXHOHVJURXSHVDUPpV&HODVLJQLILHVXUWRXWTXHGDQVODSOXSDUWGHV FDV SOXVLHXUV JURXSHV DUPpV VRQW DFWLIV DX VHLQ G·XQ VHXO (WDW TXL SDU GpILQLWLRQQ·DTX·XQVHXOJRXYHUQHPHQWGRWpGHVRQDUPpH

6RXUFH8SSVDOD&RQIOLFW'DWD3URJUDP KWWSZZZXFGSXXVHJSGDWDEDVHVHDUFKSKSMXLQ

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

/HV GLIIpUHQWHV UpJLRQV GX PRQGH QH FRQQDLVVHQW SDV OD PrPH GHQVLWp HQ FH TXL FRQFHUQH O·DFWLYLWp GX *$1( 8QH UpSDUWLWLRQ SRXUUDLW VH SUpVHQWHU FRPPHVXLW

- $VLH 7DGMLNLVWDQ $IJKDQLVWDQ 6UL /DQND HQ SOXV GHODVLWXDWLRQJOREDOHDX3URFKH2ULHQWVRXVO·DQJOHGHVJURXSHVDUPpV 3DOHVWLQH/LEDQ

- $PpULTXH+DwWL0H[LTXH&RORPELH

- &DXFDVH 1DJRUQ\.DUDEDN $]HUEDwGMDQ 2VVpWLH GX 6XG

*pRUJLH$ENKD]LH*pRUJLH7FKpWFKpQLH5XVVLH - (XURSH 7UDQVQLVWULH 0ROGDYLH %RVQLH+HU]pJRYLQH

$OEDQLH.RVRYR6HUELH

- $IULTXH /LEpULD 5ZDQGD 6LHUUD /HRQH 6RPDOLH $OJpULH %XUXQGL 5pSXEOLTXH 'pPRFUDWLTXH GX

&RQJR DYHF GHV DVSHFWV LQWHUQDWLRQDX[ &RQJR &{WH G·,YRLUH 6XG6RXGDQ 2XHVW6RXGDQ 'DUIRXU 6pQpJDO&DVDPDQFH/LE\H

/H FRQWLQHQW DIULFDLQ FRPPH OLHX GH SUHPLHU RUGUH GX GpURXOHPHQW GH O·DFWLYLWpGHV*$1(VHUpYqOHGDQVOHJUDSKLTXHVXLYDQW

6RXUFH8SSVDOD&RQIOLFW'DWD3URJUDPKWWSZZZXFGSXXVHJSGDWDEDVHVHDUFKSKSMXLQ

& 4XHOTXHVSRLQWVGHFRQWURYHUVH

&·HVWOHOLHXGHWUDLWHUHVVHQWLHOOHPHQWGHX[TXHVWLRQV/·XQHHVWUHODWLYHjODILQ GH OD *XHUUH IURLGH GDQV VRQ UDSSRUW DYHF O·RPQLSUpVHQFH GHV FRQIOLWV LQIUD pWDWLTXHV /·DXWUH D WUDLW j OD UpSDUWLWLRQ LQpJDOLWDLUH GHV FRQIOLWV DUPpV LQIUD pWDWLTXHVjWUDYHUVOHPRQGH

3ODFHGHODILQGHOD*XHUUHIURLGHVXUOHVFRQIOLWVLQIUDpWDWLTXHV /DILQGHOD*XHUUHIURLGHHVWOHSKpQRPqQHJpRSROLWLTXHOHSOXVFUXFLDOTXLDLW PDUTXpOHPRQGHVLO·RQFKRLVLWGHFRQVLGpUHUO·LQWHUYDOOHGHVYLQJWGHUQLqUHV DQQpHV ,O VHPEOH TXH O·RQ DYDLW IRUPXOp SHQGDQW FHWWH ©JXHUUHª GHV DWWHQWHVGpPHVXUpHVGHSDL[GDQVODSpULRGHG·DSUqV*XHUUHIURLGHHQDFFXVDQW ODULYDOLWp(VW2XHVWG·rWUHjODEDVHGHWRXVOHVFRQIOLWVHWGHWRXWHVOHVWHQVLRQV GXPRQGH&HSHQGDQWRQHVWGHSXLVUHYHQXGHVLOOXVLRQV/HPRQGHQ·DSDV FRQQXODSDL[HQYLVDJpHORUVTXHOD*XHUUHIURLGHSULWILQ/DGRFWULQHLQWHUSUqWH GLYHUVHPHQWOHVHIIHWVGHODILQGHOD*XHUUHIURLGHVXUODSDL[GXPRQGHHWHQ SDUWLFXOLHU FH TXL HVW OH SOXV LQWpUHVVDQW LFL VXU OHV FRQIOLWV DUPpV LQIUD pWDWLTXHV3OXVLHXUVDXWHXUVVRQWG·DFFRUGSRXUDIILUPHUTXHOHPRQGHQpGHOD ILQGHOD*XHUUHIURLGHQ·HVWQLSOXVLQVWDEOHQLSOXVGDQJHUHX[TXHFHOXLGH

2QDXUDLWSXSDUOHUGHVpYpQHPHQWVGXVHSWHPEUHVLODSpULRGHFRQVLGpUpHV¶DUUrWDLWDX[

GL[GHUQLqUHVDQQpHV

&KDUOHV:LOOLDP 0$<1(6 ©7KH 1HZ 3HVVLPLVPª LQ 'DULR %$77,67(//$ GRVVLHU FRQVWLWXp SDU

*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH 3UREOqPHV SROLWLTXHV HW VRFLDX[ GRVVLHU G¶DFWXDOLWp PRQGLDOH'RFXPHQWDWLRQIUDQoDLVH3DULVQƒPDUVS

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

O·pSRTXHGHOD*XHUUHIURLGH/DGLVVXDVLRQQXFOpDLUHTXLpWDLWGHPLVHORUVGH ODGLWH©JXHUUHªQ·DSDVHPSrFKpO·H[SORVLRQGHFRQIOLWVDUPpVHQWUHGHVeWDWV DXWUHV TXH OHV SULQFLSDX[ SRUWHXUV GH OD ULYDOLWp (VW2XHVW HW DX VHLQ GH QRPEUHX[eWDWVVRXVRXVDQVO·LQIOXHQFHGHFHWWHPrPHULYDOLWp'·DLOOHXUVGH WHOV FRQIOLWV DUPpV IXUHQW OH WKpkWUH GH PXOWLSOHV DWURFLWpV TXL Q·RQW ULHQ j HQYLHU DX[ KRUUHXUV SURGXLWHV DSUqV OD *XHUUH IURLGH 2Q IDLW QRWDPPHQW UpIpUHQFH DX[ WURLV PLOOLRQV GH YLFWLPHV GH OD JXHUUH GH &RUpH DX[ GHX[

PLOOLRQV GH YLFWLPHV GH OD JXHUUH GX 9LHWQDP DX PLOOLRQ GH YLFWLPHV HQ

$IJKDQLVWDQ DX[ GL]DLQHV GH PLOOLRQV GH YLFWLPHV ORUV GH OD JXHUUH FLYLOH HQ

&KLQH DX[ FHQWDLQHV GH PLOOLHUV GH YLFWLPHV GDQV OHV JXHUUHV FLYLOHV G·$PpULTXHODWLQH«8QGpPHQWLHVWDLQVLRSSRVpjO·LGpHGHO·H[LVWHQFHG·XQ kJH G·RU GH SDL[ HW GX GURLW LQWHUQDWLRQDO KXPDQLWDLUH GDQV OD SpULRGH FRQVLGpUpH6DQVYUDLPHQWDIILUPHUTXHODSpULRGHGHOD*XHUUHIURLGHDLWpWp XQHSpULRGHGHSDL[DXVHLQGHVeWDWVG·DXWUHVDXWHXUVPHWWHQWO·DFFHQWVXUOH IDLW TXH OD ILQ GH FHOOHFL D RFFDVLRQQp XQH H[SORVLRQ GH FRQIOLWV LQIUD pWDWLTXHV 2Q D SDU H[HPSOH WURXYp TXH ©OD FKXWH GX FRPPXQLVPH HQ UHOkFKDQW OH FRQWU{OH H[HUFp SDU OHV VXSHUSXLVVDQFHV GDQV OHXUV VSKqUHV G·LQIOXHQFHDOLEpUpGHVIRUFHVFHQWULIXJHV/DGLVVROXWLRQGHO·RUGUHWHUULWRULDO ELSRODLUHDFRQGXLWDXUHWRXUGHVQDWLRQDOLVPHVGHVIDQDWLVPHVUHOLJLHX[HWGHV FRQIOLWV 'HV SHXSOHV OXWWHQW SRXU V·pWDEOLU HQ eWDWV RX SRXU UHJURXSHU OHV PHPEUHVGHOHXUVHWKQLHVGLVSHUVpHVª'RLWRQVXLYUHFHWWHOLJQHTXLH[SOLTXH ODUHFUXGHVFHQFHGHVFRQIOLWVLQIUDpWDWLTXHVSDUODILQGHOD*XHUUHIURLGH"8QH UpSRQVHDIILUPDWLYHH[LJHG·rWUHQXDQFpH(QSUHPLHUOLHXRQSHXWUHPDUTXHU TXHODILQGHOD*XHUUHIURLGHSDUOHIDLWG·DYRLUSULYpFHUWDLQVFRQIOLWVGHOHXU SUpWH[WH LGpRORJLTXH D DX FRQWUDLUH SHUPLV OD UpJUHVVLRQ GHV FRQIOLWV LQWUD pWDWLTXHV &·HVW OH FDV GHV FRQIOLWV GH O·$QJROD GX 0R]DPELTXH RX GH OD 1DPLELH(QVHFRQGOLHXPrPHVLGHQRPEUHX[JURXSHVDYDLHQWGHVUDLVRQV G·HQ GpFRXGUH GHSXLV OD SpULRGH GH OD *XHUUH IURLGH O·RFFDVLRQ OHXU D pWp

'DULR%$77,67(//$©$YDQWSURSRVªRSFLWQRWHQƒSSHWVXLYDQWHV'LGLHU%,*2©/HV FRQIOLWVSRVWELSRODLUHVG\QDPLTXHVHWFDUDFWpULVWLTXHVªLQ/HVFRQIOLWVDSUqVODELSRODULWp3DULV /¶+DUPDWWDQQƒS$QWRLQH6&+h/(©/DSURVSHFWLYHHWOD JXHUUH«ªRSFLW QRWHQƒS

&KDUOHV:LOOLDP0$<1(6©7KH1HZ3HVVLPLVPªRSFLWQRWHQƒS

<YHV6$1'2=©/¶DFWLRQHWOHGURLWKXPDQLWDLUHIDFHDX[FRQIOLWVDFWXHOVªLQ*XHUUHFLYLOHJXpULOOD WHUURULVPH HQWUH KLHU HW DYHQLU $FWHV GX 6\PSRVLXP GX &HQWUH G¶KLVWRLUH HW GH SURVSHFWLYH PLOLWDLUHV3XOO\6XLVVHS

0LFKHO &+$%/2= ©,QWURGXFWLRQªRS FLW QRWH Qƒ S 3LHUUH $(3/, ©'H O¶eWDWQDWLRQ j O¶eWDWPDILHX[«ªRSFLWQRWHQƒS9LFWRU<YHV*+(%$/,©/DSUREOpPDWLTXHGHODJXHUUH FLYLOHGDQVOHPRQGHGHODSRVWELSRODULWpªRSFLWQRWHQƒS

3LHUUH$(3/,©'HO¶eWDWQDWLRQjO¶eWDWPDILHX[«ªRSFLWQRWHQƒS

&DWKHULQH025$1'©/DSUROLIpUDWLRQGHVPLOLFHVDUPpHVHQ$IULTXHQRLUHªRSFLWQRWHQƒS 7HG *855 ©3HRSOHV $JDLQVW 6WDWHV (WKQRSROLWLFDO &RQIOLFW DQG WKH &KDQJLQJ :RUOG 6\VWHPª LQ 'DULR %$77,67(//$ GRVVLHU FRQVWLWXp SDU*XHUUHV HW FRQIOLWV GDQV O¶DSUqVJXHUUH IURLGH3UREOqPHVSROLWLTXHVHWVRFLDX[GRVVLHUG¶DFWXDOLWpPRQGLDOH'RFXPHQWDWLRQIUDQoDLVH3DULV QƒPDUVS

GLUHFWHPHQWGRQQpHQRQSDVORUVGHODILQGHOD*XHUUHIURLGHPDLVjODVXLWH GHODIUDJLOLVDWLRQGHVeWDWV&HWWHIUDJLOLVDWLRQGXHVXUWRXWDX[FKDQJHPHQWV RX DX[ WHQWDWLYHV GH FKDQJHPHQW GH UpJLPHV SROLWLTXHV LQWHUQHV D SHUPLV OD OLEpUDWLRQ GHV SDVVLRQV FRQWHQXHV PRWLYpHV SROLWLTXHPHQW RX pFRQRPLTXHPHQW/DILQGHOD*XHUUHIURLGHQHSHXWDSSDUDvWUHGDQVXQWHO FRQWH[WHTXHVXUXQSODQSOXVUHFXOpHQFHVHQVTX·HOOHDFRQWULEXpRXSDUWLFLSp j XQH UHPLVH HQ TXHVWLRQ GHV UpJLPHV DORUV HQ SODFH GDQV OHV eWDWV GX 6XG VXUWRXW RX GDQV FHUWDLQV eWDWV GX 1RUG FRPPH O·H[ <RXJRVODYLH RX O·H[

8QLRQGHVUpSXEOLTXHVVRFLDOLVWHVVRYLpWLTXHV8566 'LVSHUVLRQLQpJDOLWDLUHGHVFRQIOLWVDUPpV

/DTXHVWLRQVXUODSUpVHQFHGHVFRQIOLWVDUPpVVHUpVXPHj©SRXUTXRLLFLHWSDV OjEDVª3RXUTXRLGDQVFHUWDLQHVUpJLRQVGXPRQGHOHVWHQVLRQVGpJpQqUHQWHQ FRQIOLWDUPpjO·RSSRVpG·DXWUHV]RQHVGXPRQGHROHVWHQVLRQVUHVWHQWSRXU O·LQVWDQW VDQV VXLWH $LQVL GHV eWDWV FRPPH OD %HOJLTXH DYHF OHV FRPPXQDXWpV ZDOORQQH HW IODPDQGH OH &DQDGD OD SDUWLH TXpEpFRLVH HW OH UHVWHGX&DQDGDOD)UDQFHDYHFOHVSDUWLHVGLWHVGHPLQRULWpVUHYHQGLFDWULFHV WHOOHVTXHOH3D\VEDVTXHOD&RUVHO·(VSDJQHRXO·,WDOLH«FRQQDLVVHQWHQOHXU VHLQ GHV WHQVLRQV HQWUH O·eWDW HW GHV ©FRPPXQDXWpVª HVVHQWLHOOHPHQW 2Q D SUpWHQGX TXH OD GpFRPSRVLWLRQ GRQW RQW IDLW SUHXYH O·H[8566 HW O·H[

<RXJRVODYLH Q·DYDLW SDV YRFDWLRQ j VH FLUFRQVFULUH DX[ VHXOV DQFLHQV SD\V VRFLDOLVWHV PDLV DYDLW SRXU GHVVHLQ GH V·pWHQGUH j G·DXWUHV eWDWV R OD FRKDELWDWLRQ GH FRPPXQDXWpV Q·pWDLW SDV H[HPSWH GH WHQVLRQV SHUFHSWLEOHV

&HSHQGDQWOHVeWDWVFLWpVSUHPLqUHPHQW%HOJLTXH&DQDGD)UDQFH(VSDJQH ,WDOLH pFKDSSHQW DX[ FRQIOLWV DUPpV FRQWUDLUHPHQW j G·DXWUHV eWDWV R OHV WHQVLRQV VH WUDQVIRUPHQW UDSLGHPHQW HQ FRQIOLWV DUPpV RQ SDUOHUD DORUV GH ]RQHVGHJXHUUHWHOOHVTXHO·$IULTXHXQHERQQHSDUWLHGHO·$VLHO·$PpULTXH GX6XGWRXWDXPRLQVSHQGDQWXQHJUDQGHSpULRGHGX;;HVLqFOH

3HXWRQ H[SOLTXHU OD QDLVVDQFH GH FRQIOLWV DUPpV GDQV FHV ]RQHV SDU OH PXOWLFXOWXUDOLVPHRXODGLYHUVLWpSROLWLTXH"6LODUpSRQVHjFHWWHTXHVWLRQpWDLW DIILUPDWLYH LO VHUDLW DORUV ORJLTXH GH GLUH TXH WRXV OHV eWDWV FRQVWLWXHQW GH SRWHQWLHOV FKDPSV GH FRQIOLWV LQIUDpWDWLTXHV &H TXL Q·HVW SDV IDX[ GDQV O·DEVROX &HSHQGDQW OD PXOWLSOLFLWp GH FXOWXUHV HW GH YLVLRQV SROLWLTXHV QH VXIILWSDVjMXVWLILHUOHVFRQIOLWVDUPpVFDUGDQVFHFDVWRXVOHVeWDWVGHYDLHQW rWUH HQ FRQIOLW YX TX·DXFXQ eWDW Q·D HQ VRQ VHLQ XQH FXOWXUH YpULWDEOHPHQW XQLWDLUHRXXQHYLVLRQSROLWLTXHXQLTXHHWVDQVGLVVLGHQFHSDFLILTXH0rPHVLj

7HG*855LGHPS

9RLULQIUD&KDSLWUH1RWLRQGX*$1(6HFWLRQ,,&ULWqUHUHODWLIDXEXWSROLWLTXHGX*$1(

/DLGL =$., ©3HQVHU O¶DSUqVJXHUUH IURLGHª LQ/HV FRQIOLWV DSUqV OD ELSRODULWp 3DULV /¶+DUPDWWDQ QƒS

0D[6,1*(5$DURQ:,/'$96.<©=RQHGHSDL[]RQHGHWURXEOHªRSFLWQRWHQƒSS

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

ODFRH[LVWHQFHGHVFRPPXQDXWpVFXOWXUHOOHVRXSROLWLTXHVRQDMRXWHODULYDOLWp HQWUH FHV GLYHUV JURXSHV RQ Q·DERXWLW SDV IRUFpPHQW j GHV FRQIOLWV DUPpV SXLVTXHODULYDOLWpFRQVWLWXHXQFDUDFWqUHQDWXUHOGHODFRH[LVWHQFH3HXWRQHQ UHYDQFKHH[SOLTXHUODGpULYHYHUVOHVFRQIOLWVDUPpVSDUOHVRXVGpYHORSSHPHQW GHV ]RQHV GH FRQIOLWV GDQV OD PHVXUH R FHV ]RQHV VRQW DVVLPLOpHV j OD SDXYUHWpHW DIIXEOpHV GH GLYHUV TXDOLILFDWLIV GpIDYRUDEOHV " /H JUDSKLTXH VXLYDQWSRUWHOHQRPGH©&RUUpODWLRQHQWUHSDXYUHWpHWJXHUUHFLYLOHªGDQVOH UpVXOWDW GHV WUDYDX[ GX *URXSH GH SHUVRQQDOLWpV GH KDXW QLYHDX VXU OHV PHQDFHVOHVGpILVHWOHFKDQJHPHQWPLVHQSODFHSDUOHV1DWLRQV8QLHV

/HJUDSKLTXHSUpWHQGTXHGDQV XQeWDWOD SUREDELOLWpG·XQHJXHUUHFLYLOHHVW G·DXWDQW SOXV pOHYpH TXH OH 3,% HVW IDLEOH ,O \ DXUDLW GRQF XQH FRUUpODWLRQ HQWUH SDXYUHWp HW JXHUUH FLYLOH 6L O·H[SpULHQFH FRQWHPSRUDLQH SHUPHW G·DIILUPHUTXHOHVeWDWVGpYHORSSpVVRQWH[HPSWVSRXUOHPRPHQWGHFRQIOLWV DUPpVLQIUDpWDWLTXHVLOVHUDLWDEXVLIGHGLUHTXHO·DEVHQFHGHGpYHORSSHPHQW HVW V\QRQ\PH GH FRQIOLWV DUPpV 8QH VRFLpWp SDXYUH R LO Q·H[LVWH SDV GH GLVWRUVLRQV VRFLRpFRQRPLTXHV HQWUH OHV JURXSHV TXL OD FRPSRVHQW Q·DXUDLWD SULRUL DXFXQ LQWpUrW j WRPEHU GDQV XQ FRQIOLW DUPp FDU DXFXQ DXWUH UppTXLOLEUDJH VRFLRpFRQRPLTXH Q·HVW HQYLVDJHDEOH HQWUH OHV JURXSHV GH FHWWH

+pOqQH *5$1'92,11(7 HW +DUWPXW 6&+1(,'(5 ©$PpOLRUHU O¶DQDO\VH HW O¶DFWLRQªRS FLW QRWH QƒS

0D[6,1*(5$DURQ:,/'$96.<©=RQHGHSDL[]RQHGHWURXEOHªRSFLWQRWHQƒS

'RFXPHQW$KWWSZZZXQRUJIUHQFKVHFXUHZRUOGMXLQRSFLWQRWHQƒ

VRFLpWp /D VHXOH SRVVLELOLWp GH FRQIOLW V·LQFDUQH GDQV OHV FRQIOLWV GLWV

©FDSULFLHX[ªPHQpVSDUOHVJURXSHVUHVWUHLQWVGDQVOHXUVHXOLQWpUrWHWQRQ GDQVFHOXLGHODVRFLpWpHWFHGDQVOHVHXOEXWGHV·HQULFKLUF·HVWO·H[HPSOHGX UpVXOWDW GH FHUWDLQHV SKDVHV GH GLYHUV FRQIOLWV HQ $IULTXH FRPPH HQ 6LHUUD /HRQH DX /LEpULD HQ 5pSXEOLTXH GpPRFUDWLTXH GX &RQJR /H GpVLU GH V·HQFKpULUVLQpFHVVDLUHSDUOHVDUPHVQ·HVWSDVOHSURSUHGHVSRSXODWLRQVGHV eWDWV VRXVGpYHORSSpV PDLV SHXW pJDOHPHQW VH UHWURXYHU GDQV O·HVSULW GH FHUWDLQHV SRSXODWLRQV GHV eWDWV GpYHORSSpV H[FOXHV GX GpYHORSSHPHQW RX HQYLVDJHDQWXQHSOXVJUDQGHULFKHVVHSHUVRQQHOOH/DPXOWLSOLFLWpFXOWXUHOOHHW SROLWLTXHGHODVRFLpWpHWPrPHO·LQpJDOLWpVRFLRpFRQRPLTXHQ·H[SOLTXHQWSDV ODSUpVHQFHGHFRQIOLWVDUPpVGDQVFHUWDLQHV]RQHVGXPRQGHQLOHXUDEVHQFH GDQVG·DXWUHV&HUWDLQVDXWHXUVWURXYHQWTXHOHVFRQIOLWVGHYLHQQHQWLQpYLWDEOHV GqVTXHGHVDFWLYLVWHVSROLWLTXHVVHVDLVLVVHQWGHVGLIIpUHQFHVHQWUHOHVJURXSHV HWOHVLQVWUXPHQWDOLVHQW&HSHQGDQWDXVVLELHQHQ%HOJLTXHTX·DX4XpEHFRQ WURXYHUD GHV SROLWLTXHV TXL SRUWHQW OD FDXVH GH VpSDUDWLRQ HQWUH :DOORQV HW )ODPDQGVRXHQWUH4XpEpFRLVHWOHVDXWUHV&DQDGLHQV(WO·pSRTXHDFWXHOOHQH OLYUHSDVG·H[HPSOHGHFRQIURQWDWLRQDUPpHSRXUWDQW

7RXV OHV IDFWHXUV pYRTXpV SOXV KDXW VRQW GH QDWXUH j FRQVWLWXHU XQH SUpGLVSRVLWLRQ GHV JURXSHV GH SRSXODWLRQ FRQFHUQpV j HQ GpFRXGUH 0DLV OH FRQIOLW DUPp Q·DSSDUDvWUD TXH VL XQH PDXYDLVH JHVWLRQ GHV DIIDLUHV SXEOLTXHV UqJQHGDQVODVRFLpWpTXLOHVUHJURXSH/DQRWLRQGHERQQHJHVWLRQGHVDIIDLUHV SXEOLTXHV V·HQWHQG LFL GH O·H[LVWHQFH G·XQ eWDW ©IRUWª HW SUpVHQW TXL Q·DEDQGRQQH SDV GHV ]RQHV HW GHV SRSXODWLRQV j HOOHVPrPHV FDU DLQVL LO VH IHUD UHPSODFHU TXL YLVH XQH pTXLWp VRFLRpFRQRPLTXH PrPH GDQV XQ FRQWH[WH JpQpUDO GH SDXYUHWp TXL UDVVXUH OHV GLIIpUHQWV JURXSHV FRQWUH WRXWH pYHQWXHOOH PHQDFH G·DWWDTXH RX GH GLVSDULWLRQ WRXW HQ PDLQWHQDQW OD FRPPXQLFDWLRQHQWUHOHVJURXSHVVLQRQOHJURXSHGLWPHQDFpDXUDOHUHIOH[H G·DWWDTXHUSRXUVHGpIHQGUHTXLpYLWHOXLPrPHG·rWUHXQHPHQDFHSRXUXQH IUDQJHGHVDSRSXODWLRQ/DTXHVWLRQGX©SRXUTXRLLFLHWSDVOjEDVªWURXYHVD UpSRQVH GRQF GDQV O·DEVHQFH G·eWDW FRUUHVSRQGDQW DX[ FULWqUHV j SHLQH FLWpV GDQVOHV]RQHVDFWXHOOHPHQWHQFRQIOLW

'qVjSUpVHQWHWHQYHUWXGHFHTXLSUpFqGHRQFRQVWDWHTXHO·eWDWHVWDX F±XUGHO·DFWLYLWpDVVH]IRXUQLHGX*$1(&HTXLYLHQWG·rWUHGLWUHOqYHGH TXHVWLRQV IDFWXHOOHV 3OXV ORLQ OHV FKDSLWUHV VHURQW FRQVDFUpV DX[ DVSHFWV MXULGLTXHVIUpTXHQWVGHVDFWLYLWpVGX*$1(/·eWDWpWDQWXQHGRQQpHPDMHXUH

+pOqQH *5$1'92,11(7 HW +DUWPXW 6&+1(,'(5 ©$PpOLRUHU O¶DQDO\VH HW O¶DFWLRQªRS FLW QRWH QƒS'DULR%$77,67(//$©$YDQWSURSRVªRSFLWQRWHQƒS

2Q SHQVHUD SRXU OD SpULRGH UpFHQWH j O¶LQVWDOODWLRQ GH GLYHUV JURXSHV DUPpV JpUDQW OD YLH GH FRPPXQDXWpVHQWLqUHVGDQVFHUWDLQHVUpJLRQVGHOD5pSXEOLTXH'pPRFUDWLTXHGX&RQJRRXGDQVOH QRUGGX0DOL6LO¶RQYHXWSDUOHUGHJURXSHWHUURULVWHRQpYRTXHUDOHFDVGHO¶LPSODQWDWLRQG¶$O4DwGD DX0DJKUHELVODPLTXHGDQVOHV]RQHVGpVHUWLTXHVGHVeWDWVGX6DKHO

$FWLYLWpGXJURXSHDUPpQRQpWDWLTXH

GHODTXHVWLRQGX*$1(LOHVWLQGLTXpGHFRQVDFUHUFHUWDLQHVSDJHVVXUOD TXHVWLRQUHODWLYHjVDSODFHGDQVOHGURLWLQWHUQDWLRQDO

&KDSLWUH eWDWLVPHHQGURLWLQWHUQDWLRQDO FRQWHPSRUDLQ

/·RUGUHMXULGLTXHLQWHUQDWLRQDOSUpVHQWHO·eWDWFRPPHO·HQWLWpLQGLVSHQVDEOHj VRQ H[LVWHQFH &HOXLFL VHPEOH FRQVWLWXHU OD VXEGLYLVLRQ UHSUpVHQWDWLYH GX PRQGH,OHVWODYRL[HWO·LPDJHGHFHX[TXLRQWXQOLHQGHQDWLRQDOLWpDYHFOXL ,O HVW OH FRXYHUFOH YLVLEOH VRXV OHTXHO YLYHQW XQ JURXSH KXPDLQ HW FH TXL O·HQWRXUH ,O HVW OH YRLOH GHUULqUH OHTXHO LQFDSDEOHV j O·pJDUG GX GURLW LQWHUQDWLRQDOHWLQDXGLEOHVGHFHOXLFLVHWLHQQHQWOHVVWUXFWXUHVLQIUDpWDWLTXHV TXL IRQW FH TXL HVW O·eWDW /D QpJOLJHDEOH FRQVLGpUDWLRQ GX GURLW LQWHUQDWLRQDO SRXU FH TXL Q·HVW SDV ©eWDWª HVWHOOH XQH PDODGLH VXU ODTXHOOH O·pSUHXYH GX WHPSV HW GH O·pYROXWLRQ GX PRQGH Q·RQW DXFXQH SULVH" ,O QH V·DJLW SDV GH GpQRQFHU OH FDUDFWqUHQRQ VXVFHSWLEOH GX GURLW LQWHUQDWLRQDO j O·pYROXWLRQ /H GURLW LQWHUQDWLRQDO HVW FRQVLGpUp FRPPH XQH EUDQFKH GX GURLW RXYHUWH j O·pYROXWLRQPrPHVLFHWWHpYROXWLRQVHIDLWG·DERUGGDQVO·LQWpUrWGHVeWDWV(W WUDLWHU GX FKDQJHPHQW HQ GURLW LQWHUQDWLRQDO FH Q·HVW SRLQW IDLUH ±XYUH QRXYHOOH&HSHQGDQWLOV·DJLWGHV·LQWpUHVVHUjXQDVSHFWSDUWLFXOLHUGXGURLW LQWHUQDWLRQDO FHOXL GH OD SODFH GH O·eWDW %287526*+$/, IDLW UHPDUTXHU FHFL ©1RXV VDYRQV WRXV SOXV RX PRLQV LPSOLFLWHPHQW TXH O·RUGUH LQWHUQDWLRQDO j YHQLU GHYUD UHSRVHU VXU XQH VRFLpWp TXL GRXWH GH VHV SURSUHV

6HORQ&KULVWLDQ'20,1,&eSDUH[HPSOH©>G@LUHTXHO¶LQGLYLGXQHUHoRLWSDVGXGURLWLQWHUQDWLRQDO SXEOLF OD TXDOLWp GH VXMHW GH GURLW FH Q¶HVW SDV IUHLQHU OH GpYHORSSHPHQW RX OH SURJUqV PDLV VLPSOHPHQWREVHUYHUOHVDUWLFXODWLRQVIRQGDPHQWDOHVGHO¶RUGUHMXULGLTXHLQWHUQDWLRQDOTXLWDQWTX¶LO VHUD VHUD IRQGp VXU OD MX[WDSRVLWLRQ G¶eWDWV VRXYHUDLQVª &KULVWLDQ '20,1,&e ©/¶pPHUJHQFH GH O¶LQGLYLGXHQGURLWLQWHUQDWLRQDOSXEOLFªLQ6RL[DQWHDQVGHUHODWLRQVLQWHUQDWLRQDOHVFRQWUDVWHVHW

SDUDOOqOHV$QQDOHVG¶pWXGHVLQWHUQDWLRQDOHV9ROS

©³&HOXLTXLYRXGUDV¶HQWHQLUDXSUpVHQWjO¶DFWXHOQHFRPSUHQGUDSDVO¶DFWXHO´&HWWHUHPDUTXH GH0LFKHOHWHVWSOHLQHPHQWMXVWLILpHjO¶pJDUGGXGURLWLQWHUQDWLRQDOTXLSOXVTXHWRXWHDXWUHEUDQFKH GXGURLWHVWLQVpSDUDEOHGHVRQKLVWRLUHSDUFHTX¶LOHVWXQGURLWHVVHQWLHOOHPHQWpYROXWLIª3DWULFN '$,//,(5 0DWKLDV )257($8 HW $ODLQ 3(//(7'URLW LQWHUQDWLRQDO SXEOLF 3DULV /*'- H pGLWLRQS

'pMjGDQVOHVDQQpHV0DXULFH%28548,1pFULYDLW©&¶HVWGHYHQXXQHEDQDOLWpGHGLUHTXHOH GURLWLQWHUQDWLRQDOHVWHQSOHLQHWUDQVIRUPDWLRQ1RQVHXOHPHQWVHVHPSULVHVVXUODYLHGHVSHXSOHV VH PXOWLSOLHQW PDLV OHV FRQFHSWLRQV TXL O¶LQVSLUHQW VXELVVHQW XQ SURIRQG UHQRXYHOOHPHQW &HUWDLQV MXULVWHVSDUDWWDFKHPHQWjODWUDGLWLRQV¶HIIRUFHQWjPLQLPLVHUODSRUWpHGHFHPRXYHPHQWGHOH SUpVHQWHUFRPPHXQVLPSOHSURORQJHPHQWGXSDVVpGRQWOHVDVVLVHVUHVWHQWLQWDFWHV$VVXUpPHQW WRXWV¶HQFKDvQHSOXVRXPRLQVGDQVOHGpYHORSSHPHQWGHVVRFLpWpVHWOHVUpYROXWLRQVHOOHVPrPHV PDOJUpFHUWDLQHVDSSDUHQFHVVHVRXGHQWjO¶pWDWGHVFKRVHVTX¶HOOHVDPELWLRQQHQWGHGpWUXLUH0DLV V¶LOQ¶\DSRLQWjYUDLGLUHGHVROXWLRQVGHFRQWLQXLWpLO\DGHV SKDVHVG¶pYROXWLRQUDSLGHROH SD\VDJHDQFLHQVHGpVDJUqJHVRXVOHVUHJDUGVGXVSHFWDWHXUSRXUODLVVHUDSSDUDvWUHO¶pEDXFKHG¶XQ SD\VDJHQRXYHDXGRQWOHWHPSVSUpFLVHUDOHVFRQWRXUVHWTXLILQLUDSDUUpJQHUVDQVSDUWDJH4XH QRXV VR\RQV GDQV XQH WHOOH SpULRGH WURS GH VLJQHV O¶DWWHVWHQW SRXU TX¶LO VRLW SHUPLV G¶HQ GRXWHU

&¶HVWFH TXLIDLWDXMRXUG¶KXLO¶LQWpUrW SDVVLRQQDQWGX GURLWLQWHUQDWLRQDO&¶HVWFH TXLIDLWHQPrPH WHPSV OD GLIILFXOWp GH VRQ pWXGHª 0DXULFH %28548,1 ©5qJOHV JpQpUDOHV GX GURLW GH OD SDL[ª

5&$',S

VWUXFWXUHV HW VLQJXOLqUHPHQW GH OD SUHPLqUH G·HQWUH HOOHV O·eWDWª &HOD UHYLHQW j V·LPPHUJHUGDQV FHWWH ORJLTXH pYROXWLRQQLVWH GX GURLW LQWHUQDWLRQDO DILQ GH VDLVLU OD SRVLWLRQ TX·RFFXSH O·eWDW GDQV FHWWH EUDQFKH MXULGLTXH DORUV TXHOHVVWUXFWXUHVLQIUDpWDWLTXHVVRQWHQFRQWLQXHO©pYHLOª&HWWHSHUVSHFWLYH ODLVVHHQWUHYRLUJOREDOHPHQWGHX[DVSHFWVSHXWrWUHG·pSRTXHVGLIIpUHQWHVGX GURLW LQWHUQDWLRQDO XQ FHUWDLQ DEVROXWLVPH pWDWLTXH GX GURLW LQWHUQDWLRQDO 6HFWLRQ,HWOHVWHQWDWLYHVGHUHPLVHHQFDXVHGHFHWDEVROXWLVPH6HFWLRQ,,