&RPPHQWDLUH ,O VDJLW GXQ kJH GH FULVWDOOLVDWLRQ FRUUHVSRQGDQW SHXWrWUH DX GpEXW GX PpWDPRUSKLVPH DOSLQ GqV OH 0pVR]RwTXH 'DQV FHWWH K\SRWKqVH OHV UHoXV WDOOLVDWLRQV FRPPHQFHUDLHQW DX PRLQV DX &UpWDFp HW VH SRXUVXLYUDLHQW MXVTXH GDQV OH 7HUWLDLUH VRLW GXQH IDoRQ LQLQWHUURPSXH VRLW VRXV IRUPH GH SXOVDWLRQV
3D\V ,WDOLH 3LpPRQW 6 $ ²
6LWXDWLRQ 0DVVLIV LQWHUQHV 'RUD0DLUD YDOOpH GH OD 9DUDwOD SUqV GH %URVVDVFR
)RUPDWLRQ 3HJPDWLWH HQ SHWLWV ILORQV pFK Q '6
0pWKRGH "!²6U 0LQpUDO PXVFRYLWH 0
5pI
9LDOHWWH
< OLPHV &HUªR0&RPPHQWDLUH )LORQ SRVWSHUPLHQ GRQW OHV PLFDV LQGLTXHQW XQ kJH DOSLQ
3D\V 6XLVVH 7HVVLQ $²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG =RQH GH *XVSLV &LPD GL 5RGRQW )RUPDWLRQ $PSKLEROLWH j ELRWLWH pFK Q +EO
0pWKRGH $7² 0LQpUDO KRUQEOHQGH 0
5pI 6WHLJHU 5 + *HR $FV
&RPPHQWDLUH &HWWH XQLWp JpRORJLTXH HVW RULHQWpH 16 FRPPH OD OLQpDWLRQ /HV KRUQEOHQGHV DSSDUWLHQQHQW GRQF j OD VHFRQGH JpQpUDWLRQ GH PLQpUDX[ (OOHV GRLYHQW GDWHU GH OD GHUQLqUH SpULRGH LPSRUWDQWH RX OkJH PLQLPXP GH OD SKDVH WHFWRQLTXH SULQFLSDOH GH ORURJHQqVH DOSLQH
3D\V 6XLVVH 7HVVLQ 79 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG ]RQH GH &RUDQGRQL 6FKHQDGXL )RUPDWLRQ 6FKLVWHV j KRUQEOHQGH pFK Q +EO
0pWKRGH $² 0LQpUDO KRUQEOHQGH $
5pI 6WHLJHU 5+ *HRSL $UD
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ 9²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG ]RQH GH &RUDQGRQL 3LDQR GL 3RUFL )RUPDWLRQ 6FKLVWHV j ELRWLWH HW KRUQEOHQGH pFK Q +EO 6
0pWKRGH $²OU 0LQpUDO KRUQEOHQGH $7
5pI 6WHLJHU 5 + *HRL $FV
&RPPHQWDLUH LO \ D FHUWDLQHPHQW HX GLIIXVLRQ G$U UDG
3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD *UDVVR GL )URQGD )RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO
0pWKRGH $ ² 0LQpUDO KRUQEOHQGH
$75pI 6WHLJHU 5 + *HRL $FV
&RPPHQWDLUH &HWWH KRUQEOHQGH HVW SHXWrWUH OD UHOLTXH GXQ PpWDPRUSKLVPH DQWp DOSLQ TXL D pWp SUpVHUYp GDQV XQH URFKH SDUWLFXOLqUHPHQW PDVVLYH 'H FHWWH IDoRQ HOOH QD SDV pWp HQWLqUHPHQW H[SRVpH j OD SKDVH WHFWRQLTXH DOSLQH SULQFLSDOH GRQF HOOH QD SHUGX TXXQH SDUWLH GH VRQ DUJRQ
3D\V 6XLVVH 7HVVLQ
$
²6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD WXQQHO GH &DUHJQD j P GX SRUWDLO 6
)RUPDWLRQ *QHLVV DOELWLTXH j KRUQEOHQGH pFK Q +EO
0pWKRGH $²OU 0LQpUDO KRUQEOHQGH $7
5pI 6WHLJHU 5 + *HR! $FV
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH7UHPROD WXQQHO GH *DUHJQDj P GX SRUWDLO 6
)RUPDWLRQ *QHLVV DOELWLTXH j ELRWLWH HW KRUQEOHQGH pFK Q +EO
0pWKRGH $²,U 0LQpUDO KRUQEOHQGH $
5pI 6WHLJHU 5 + *HR" $©
&RPPHQWDLUH /HV KRUQEOHQGHV QH VRQW SDV RULHQWpHV HW GRLYHQW GRQF IDLUH SDUWLH GH OD WURLVLqPH JpQpUDWLRQ GH PLQpUDX[ (OOHV RQW G VH IRUPHU SHQGDQW OD SKDVH
WKHUPLTXH SULQFLSDOH GX PpWDPRUSKLVPH DOSLQ /HV kJHV UHSUpVHQWHQW OpSRTXH R OD WHPSpUDWXUH HVW WRPEpH DXGHVVRXV GH OD YDOHXU R GH
O$U
SHXW HQFRUH GLIIXVHU3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD WXQQHO GH *DUHJQD P GX SRUWDLO 6
)RUPDWLRQ *QHLVV j KRUQEOHQGH pFK Q +EO
0pWKRGH $7²U 0LQpUDO KRUQEOHQGH I
5pI 6WHLJHU 5 + *HR" $©
&RPPHQWDLUH &HW kJH DSSDUHQW GH 0$ LQGLTXH TXH OD KRUQEOHQGH HVW SOXV DQFLHQQH TXH OD SKDVH WHFWRQLTXH DOSLQH SULQFLSDOH
3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD WXQQHO GH *DUHJQD j P GX SRUWDLO 6
)RUPDWLRQ *QHLVV pFK Q +EO
0pWKRGH $L²OU 0LQpUDO KRUQEOHQGH
5pI 6WHLJHU 5 + *HR" $H?o
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ 9²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD *UDVVR GL 'HQWUR )RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO 6
0pWKRGH $²,U 0LQpUDO KRUQEOHQGH
5pI 6WHLJHU 5 + &HR" $FW
&RPPHQWDLUH ,O \ D HX SHUWH
GIU
UDGLRJpQLTXH SHQGDQW OD SKDVH WKHUPLTXH GH ORURJHQqVH DOSLQH FDU FHWWH URFKH HVW WUqV FHUWDLQHPHQW SOXV DQFLHQQH3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD *UDVVR GL 'HQWUR )RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO 6
0pWKRGH $²
OU
0LQpUDO KRUQEOHQGH5pI 6WHLJHU 5 + *HR" $FW
&RPPHQWDLUH +RUQEOHQGH D\DQW SDUWLHOOHPHQW UHFULVWDOOLVp HW VpWDQW RULHQWpH SHQ GDQV OD SKDVH WHFWRQLTXH SULQFLSDOH /D SHUWH
GOU
D SX DYRLU OLHX j FHWWH pSRTXH RX GXUDQW OD SKDVH WKHUPLTXH3D\V 6XLVVH 7HVVLQ $ ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD WXQQHO GH /XFHQGUR
j P GX SRUWDLO 1
)RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO /X
0pWKRGH $² 0LQpUDO KRUQEOHQGH $0
5pI 6WHLJHU 5 + *HRS WHV
&RPPHQWDLUH 'LIIXVLRQ
GOU
UDG ORUV GH ORURJHQqVH DOSLQH3D\V 6XLVVH 7HVVLQ $ ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD 2UHOOR )RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO
0pWKRGH $²]WH 0LQpUDO KRUQEOHQGH $
5pI 6WHLJHU 5 + *HR$ $FV
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ $ ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD 6DVVR 5RVVR
)RUPDWLRQ 6FKLVWH FKORULWHX[ j KRUQEOHQGH pFK Q +EO
0pWKRGH $²7U 0LQpUDO KRUQEOHQGH $7
5pI 6WHLJHU 5 + *HR $FV
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ $ ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD 6WXHL )RUPDWLRQ 6FKLVWH j KRUQEOHQGH pFK Q +EO
0pWKRGH $²7U 0LQpUDO KRUQEOHQGH $0
5pI 6WHLJHU 5 + *HRª $©
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH 7HVVLQ $
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG ]RQH PpVR]RwTXH GH 3LRUD )URGDOHUD )RUPDWLRQ *QHLVV j KRUQEOHQGH pFK Q +EO 6
0pWKRGH $²]OU 0LQpUDO KRUQEOHQGH $0
5pI 6WHLJHU 5 + *HR $FV
&RPPHQWDLUH &HW kJH WUqV SHX GLIIpUHQW GH FHX[ WURXYpV GDQV OD VpULH GH 7UHPROD /D URFKH VpGLPHQWDLUH PpVR]RwTXH D pWp DIIHFWpH SDU OH PpWDPRUSKLVPH DOSLQ XQLTXHPHQW
3D\V 6XLVVH 7HVVLQ 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG 3HQQLTXH 'URV DX 6 GX ODF 5LWRP )RUPDWLRQ 6FKLVWH j KRUQEOHQGH HW JUHQDW pFK Q +EO D
0pWKRGH $² 0LQpUDO KRUQEOHQGH - $0
5pI 6WHLJHU 5 + *HR WHM
&RPPHQWDLUH 5RFKH FHUWDLQHPHQW SOXV DQFLHQQH OkJH DSSDUHQW HVW G j OD GLI7X VLRQ
GIU
UDG3D\V 6XLVVH 7HVVLQ $²
6LWXDWLRQ 0DVVLIV H[WHUQHV *RWKDUG VpULHV GH 7UHPROD 6WXHL )RUPDWLRQ *QHLVV j KRUQEOHQGH pFK Q +EO 6
0pWKRGH I²U 0LQpUDO KRUQEOHQGH - $0
5pI 6WHLJHU 5 + - *HR" WHV
&RPPHQWDLUH 9 I ²
3D\V 6XLVVH %HUQH $²
6LWXDWLRQ 0DVVLIV H[WHUQHV $DU pSDXOHPHQW : GX EDUUDJH GX *ULPVHO )RUPDWLRQ *UDQLWH j ELRWLWH pFK Q .$:
0pWKRGH 3$ LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 36$3
&RPPHQWDLUH /kJH KHUF\QLHQ GH FHWWH URFKHHVW FRQILUPp $JH 0$
0$ 0$
3D\V 6XLVVH %HUQH 9 ²
6LWXDWLRQ 0DVVLIV H[WHUQHV $DU 5WHULFKVERGHQVHH URXWH GX *ULPVHO )RUPDWLRQ *UDQLWH WUqV P\ORQLWLVp pFK Q .$:
0pWKRGH 3$ LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 66$3
&RPPHQWDLUH 0DOJUp GHV SHUWHV GH 3$ OkJH KHUF\QLHQ GH FHWWH URFKH HVW ELHQ SLRXYp SDU OHV UpVXOWDWV GRQQpV SDU DXWHXU $JH ² 0$
a 0$
3D\V 6XLVVH %HUQH $ ²
-6LWXDWLRQ 0DVVLIV H[WHUQHV $DU 0LWWDJIOXKJUDQLW 7VFKLQJHOEUFNH NP DX 6 GH
*XWWDQQHQ
)RUPDWLRQ *UDQLWH XQ SHX P\ORQLWLVp pFK Q .$:
0pWKRGH 3$ LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 3603
&RPPHQWDLUH $JH KHUF\QLHQ DYHF GDVVH] IRUWHV SHUWHV GH 3$ UDGLRJpQLTXH $JH
0$
0$ HW 0$3D\V ,WDOLH 3LpPRQW 1 $ ²
6LWXDWLRQ %DYHQR P j O( GH OD FKDSHOOH GH 0DGRQQD GpOLD 6FDUSLD URXWH
%DYHQR*UDYHOORQD 7RFH
)RUPDWLRQ *UDQLWH EODQF pFK Q 3D HW 0pWKRGH 3! LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 3603
&RPPHQWDLUH /D FRQFRUGDQFH GHV UpVXOWDWV $²A ""²U HW 3 LVRWRSLTXH HVW H[FHOOHQWH /kJH
9
37ARV HVW FHSHQGDQW WURS pOHYp GDQV OH FDV GH 0RQWH2UIDQR ILFKH ² SHXW rWUH j FDXVH GH OD SUpVHQFH GH ]LUFRQV DQFLHQV
,O SHXW \ DYRLU HX SHUWH GH 3 UDG j XQ PRPHQW TXHOFRQTXH DSUqV OD PLVH HQ
SODFH GX JUDQLWH $JH
0$
0$
HW 0$
3D\V ,WDOLH 3LpPRQW 1 79 ²
6LWXDWLRQ 0RQWH 2UIDQR URXWH 3DOODQ]D*UDYHOORQD 7RFH j NP GH *UDYHOORQD )RUPDWLRQ *UDQLWH EODQF pFK Q 3D
0pWKRGH 3 LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 603
&RPPHQWDLUH 9 I ² $JH
0$
0$
0$
3D\V 6XLVVH %HUQH \9
6LWXDWLRQ 3UpDOSHV EORFV H[RWLTXHV +DENHUQ )RUVW SUqV GH 7KRXQH )RUPDWLRQ *UDQLWH pFK Q .$:
0pWKRGH 3 LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 36$3
&RPPHQWDLUH $JH KHUF\QLHQ /H ]LUFRQ D PDQLIHVWHPHQW SHUGX GX 3 PDOJUp ODEVHQFH GH PpWDPRUSKLVPH $JH
0$
0$
0$
3D\V 6XLVVH *ULVRQV 79 ²
6LWXDWLRQ $XVWURDOSLQ VXSpULHXU QDSSH GH OD 6LOYUHWWD FRO GH OD )OLLHOD PRUDLQH GH 0HKONDVWHQ
)RUPDWLRQ 2UWKRJQHLVV JUDQLWLTXH W\SH )OHOD pFK Q .$:
0pWKRGH 3! LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 33$3
&RPPHQWDLUH /D PLVH HQ SODFH GX JQHLVV VHVW HIIHFWXpH DX SDOpR]RwTXH PDLV DYDQW
OH PpWDPRUSKLVPH KHUF\QLHQ 4XHOOH TXH VRLW OH[SOLFDWLRQ GH OD GLVFRUGDQFH GkJH OLQWUXVLRQ GH OD URFKH SHXW rWUH GDWpH HQWUH HW 0$ ,O \ D HX
SHUWH GH 3! $JH 0$ 0$ 0$
3D\V 6XLVVH *ULVRQV 79 ²
6LWXDWLRQ $XVWURDOSLQ VXSpULHXU QDSSH GH OD 6LOYUHWWD 5DG|QW 6: GX FRO GH OD )OHOD
$UFKLYHV GHV 6FLHQFHV 9RO IDVF
)RUPDWLRQ 3DUDJQHLVV j JUDLQ ILQ pFK Q .$:
0pWKRGH )" LVRWRSLTXH 0LQpUDO ]LUFRQ
5pI 3DVWHHOV 3 6$)
&RPPHQWDLUH /HV ]LUFRQV VRQW GpWULWLTXHV HQ WRXW RX HQ SDUWLH /D GLVFRUGDQFH GHV kJHV VH[SOLTXH SDU XQH SHUWH GH ) UDGLRJpQLTXH 8QH SDUWLH GHV ]LUFRQV GRLW SURYHQLU GXQH URFKH SOXV DQFLHQQH TXH 0$ $JH 0$
0$
0$3D\V )UDQFH $OSHV 6 $ ²
6LWXDWLRQ 0DVVLI GH O$UJHQWHUD JDOHULH GH *RUGRODVTXH P GH OHQWUpH )RUPDWLRQ )LORQ PLQpUDOLVp GDQV OHV FRQJORPpUDWV SHUPLHQV VpULH GX %pMR 0pWKRGH )$ LVRWRSLTXH 0LQpUDO SHFKEOHQGH