• Aucun résultat trouvé

Engagement entre rébellion et conformité : le cas of Mary Wollstonecraft and Emmeline Pankhurst

N/A
N/A
Protected

Academic year: 2021

Partager "Engagement entre rébellion et conformité : le cas of Mary Wollstonecraft and Emmeline Pankhurst"

Copied!
505
0
0

Texte intégral

(1)

HAL Id: tel-02929751

https://tel.archives-ouvertes.fr/tel-02929751

Submitted on 3 Sep 2020

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Engagement entre rébellion et conformité : le cas of Mary Wollstonecraft and Emmeline Pankhurst

Amina Kammas

To cite this version:

Amina Kammas. Engagement entre rébellion et conformité : le cas of Mary Wollstonecraft and Em- meline Pankhurst. Littératures. Université Paul Valéry - Montpellier III, 2019. Français. �NNT : 2019MON30061�. �tel-02929751�

(2)

Délivré par L’Université Paul -Valéry Montpellier 3

Préparée au sein de l’école doctorale 58 Langues, Littérature, Cultures et Civilisations

Et de l’unité de recherche Études Montpelliéraines du Monde Anglophone

Spécialité : Études du monde anglophone

Présentée par Amina KAMMAS

Soutenue le 11 Octobre !"#$%devant le jury composé de

Madame MOYA JONES, Professeure, Université Bordeaux Montaigne

Madame ANNE-MARIE MOTARD, Professeure, Université Paul-Valéry Montpellier 3

Monsieur BERNY SÈBE, Senior Lecturer, Université de Birmingham

Directrice

Rapporteur

Monsieur MARC SMYRL, Maître de conférences HDR, Université de Montpellier

Rapporteur

Amid Rebellion and Conformity: The Case of Mary Wollstonecraft and Emmeline

Pankhurst

(3)

“If women understood and exercised their power they could remake the world”

Emily Taft Douglas

(4)

(QWUH5pEHOOLRQHWFRQIRUPLWpOHFDVGH0DU\:ROOVWRQHFUDIWDQG(PPHOLQHSDQNKXUVW

0DU\:ROOVWRQHFUDIWHW(PPHOLQH3DQNKXUVWRQWMRXpXQU{OHLPSRUWDQWGDQVODOXWWH SRXUOHVGURLWVGHVIHPPHV:ROOVWRQHFUDIWDVRXWHQXOHVGURLWVGHVIHPPHVDWUDYHUVVHV pFULWXUHVHW3DQNKXUVWDIDLWGXPLOLWDQWLVPHSROLWLTXHXQPR\HQGHOXWWHFRQWUHOHVLQMXVWLFHV VXELHVSDUOHVIHPPHV1pDQPRLQVOHVGHX[IpPLQLVWHVDYDLHQWGHVREMHFWLYHVVLPLODLUHV DPpOLRUHUOHVFRQGLWLRQVVRFLDOHVpFRQRPLTXHVFXOWXUHOOHVOpJDOHVHWSROLWLTXHVGHVIHPPHV HQ$QJOHWHUUH

3RXUGpIHQGUHOHVGURLWVGHVIHPPHVOHVGHX[IpPLQLVWHV0DU\:ROOVWRQHFUDIWHW (PPHOLQH3DQNKXUVWVHVRQWUHEHOOpHVFRQWUHOHVWDWXWTXRGHVIHPPHVGDQVOHXUVVRFLpWpVj WUDYHUVSOXVLHXUVDFWLRQV'XQHSDUW0DU\:ROOVWRQHFUDIWDFRQWHVWpOHVWDWXWMXULGLTXHGHV IHPPHVOHXUGpSHQGDQFHILQDQFLqUHHWOHXULQIpULRULWpLQWHOOHFWXHOOH(OOHDpJDOHPHQWFULWLTXp HWUHIXVpOHPDULDJHVRXVOHVFRQYHQWLRQVGX;9,,,HVLqFOH'XUDQWVDYLH0DU\

:ROOVWRQHFUDIWVHVWUHEHOOpHFRQWUHOLQVWLWXWLRQGXPDULDJHHWVHVWHQJDJpHjGpIHQGUHOHV UHODWLRQVOLEUHVGRQWGHX[GHVHVUHODWLRQVHQpWDLHQWXQHLOOXVWUDWLRQ

'XQDXWUHF{Wp(PPHOLQH3DQNKXUVWDFRQWHVWpOHVFRQGLWLRQVVRFLRpFRQRPLTXH MXULGLTXHHWSROLWLTXHGHVIHPPHVELHQTXHVRQFRPEDWVHVRLWOLPLWpH[FOXVLYHPHQWj GpQRQFHUODSULYDWLRQGHVGURLWVGHVIHPPHV(OOHpWDLWSHUVXDGpHTXHJDJQHUOHYRWHVXUOD PrPHEDVHTXHOHVKRPPHVSHUPHWWURQWDX[IHPPHVGDPpOLRUHUSOXVHIILFDFHPHQWOHXUV FRQGLWLRQVJpQpUDOHV7RXWHIRLVO¶HVVHQFHGHODUpEHOOLRQGH0PH3DQNKXUVWUpVLGHGDQVVHV PRGHVG¶DFWLRQQRQFRQYHQWLRQQHOV3RXUHOOHODYLROHQFHHVWOHPHLOOHXUPR\HQSRXUREWHQLU OpJDOLWpGHYRWHHQWUHKRPPHVHWIHPPHV/HVSRVLWLRQVGH0DU\:ROOVWRQHFUDIWHW(PPHOLQH 3DQNKXUVWVRQWXQHUpSRQVHjWRXVOHVSUpMXJpVVXVPHQWLRQQpVFRQWUHOHVIHPPHV'DQVVRQ SDPSKOHWSROLWLTXH'pIHQVHGHVGURLWVGHVKRPPHVpFULWHQHWHVVDLIpPLQLVWH'pIHQVH

ϭ

(5)

GHVGURLWVGHODIHPPHSXEOLpHQ0DU\:ROOVWRQHFUDIWDFRQGDPQpOH VWDWXWVRFLDOpGXFDWLIHWMXULGLTXHGHVIHPPHVDX;9,,,HVLqFOH(OOHDpJDOHPHQWpFULW G¶DXWUHVRXYUDJHVWHOVTXH3HQVpHVVXUOpGXFDWLRQGHVILOOHV+LVWRLUHVRULJLQDOHVGHOD YLH/HOHFWHXUIpPLQLQDQG/HWWUHVpFULWHVORUVGXQFRXUWVpMRXUHQ6XqGHHQ 1RUYqJHHWDX'DQHPDUN

(QRXWUH:ROOVWRQHFUDIWDFULWLTXpOHVWDWXWGHVIHPPHVPDULpHVjWUDYHUVVHVGHX[

URPDQV0DU\XQHILFWLRQHW0DULDRXOHPDOKHXUGrWUHIHPPH'DQV0DU\

XQHILFWLRQ:ROOVWRQHFUDIWV¶HVWLQVSLUpHGHVDYLHSHUVRQQHOOHGH:ROOVWRQHFUDIWHQ SDUWLFXOLHUVRQH[SpULHQFHGHOD9LROHQFHFRQMXJDOHHWGLVFULPLQDWLRQHQWUHIUqUHVHWV°XUV GDQVODPrPHPDLVRQ/HGHX[LqPHURPDQDpWpSXEOLpDSUqVODPRUWGH0DU\:ROOVWRQHFUDIW HWpWDLWXQHSURWHVWDWLRQFRXUDJHXVHFRQWUHOLQVWLWXWLRQLQMXVWHGXPDULDJHDX;9,,,HVLqFOH

0DU\:ROOVWRQHFUDIWpWDLWDXVVLXQHKLVWRULHQQHHOOHDpFULW8QHYXHKLVWRULTXHHW PRUDOHGHORULJLQHHWGHVSURJUqVGHOD5pYROXWLRQIUDQoDLVHHWGHVHVHIIHWVHQ(XURSH VRQSUHPLHUHWGHUQLHURXYUDJHG¶KLVWRLUHGDQVODTXHOOHHOOHDUDSSRUWpOHVpYpQHPHQWV GHOD5pYROXWLRQIUDQoDLVHeWDQWj3DULVSHQGDQWOH5pYROXWLRQIUDQoDLVH0DU\

:ROOVWRQHFUDIWpWDLWLQIOXHQFpHSDUOHVSULQFLSHVHWOHVREMHFWLIVGHODUpYROXWLRQ(QHIIHWVRQ RXYUDJH'pIHQVHGHVGURLWVGHVKRPPHVHVWYHQXHQUpSRQVHDX[5pIOH[LRQVVXUOD5pYROXWLRQ HQ)UDQFHG(GPXQG%XUNH&HSDPSKOHWSROLWLTXHODGLVWLQJXDLWHQWDQWTX¶pFULYDLQ WDQGLVTXHVRQ'pIHQVHGHVGURLWVGHODIHPPHODPDUTXpHFRPPHXQDXWHXUIpPLQLVWHHW PRUDO

'pIHQVHGHVGURLWVGHODIHPPHGH:ROOVWRQHFUDIWDDXVVLIDLWpFKRDX5DSSRUWVXU OLQVWUXFWLRQSXEOLTXHjO$VVHPEOpHQDWLRQDOHHQ)UDQFHGH0DXULFH7DOOH\UDQG 3pULJRUGELHQTXHFHUDSSRUWH€WDFFRUGpOHGURLWjOpGXFDWLRQDX[KRPPHVHWDX[IHPPHV :ROOVWRQHFUDIWV¶HVWRSSRVpHDXSODQpGXFDWLITXHOHUDSSRUWPHWHQDYDQW(OOHDpJDOHPHQW

Ϯ

(6)

GLVFUpGLWpGLYHUVG¶DXWUHVpFULYDLQVTXLRQWpFULWVXUOHWKqPHGHO¶pGXFDWLRQGHVILOOHVHQ UpFODPDQWXQHpGXFDWLRQSOXVUDWLRQQHOOHSRXUOHVILOOHV:ROOVWRQHFUDIWDPrPHUHMRLQWOHV UDQJVGHVpFULYDLQVUDGLFDX[SRXUGpIHQGUHOHVLGpDX[GHOD5pYROXWLRQIUDQoDLVHSURFODPDQW DLQVLTXXQFKDQJHPHQWSROLWLTXHHWVRFLDOSRXUUDLWpPHUJHUGHFHWWHUpYROXWLRQ&HSHQGDQWOD FpOpEUDWLRQGHOD5pYROXWLRQIUDQoDLVHSDU0DU\:ROOVWRQHFUDIWHWSDUGDXWUHVpFULYDLQV DQJODLVDpWpFRQVLGpUpHFRPPHXQHWHQWDWLYHGLPSRUWHUOHVLGpDX[GHO$VVHPEOpHQDWLRQDOH HQ*UDQGH%UHWDJQHSDUFHUWDLQVpFULYDLQVFRPPH(GPXQG%XUNH&HSHQGDQWVD

UHYHQGLFDWLRQUDGLFDOHXOWLPHpWDLWVDVXJJHVWLRQTXHOHVIHPPHVGHYUDLHQWDYRLUGHV

UHSUpVHQWDQWVDX3DUOHPHQWHWDLQVLSUHQGUHSDUWDXPrPHWLWUHTXHOHVKRPPHVDX[GpFLVLRQV SROLWLTXHV

3UHVTXHXQVLqFOHDSUqV(PPHOLQH3DQNKXUVWYLHQWFRQWHVWHUOHVWDWXW LQIpULHXUGHVIHPPHVHQ*UDQGH%UHWDJQH6RQUROHGDQVOHFRPLWpH[pFXWLIGHOD6RFLpWp QDWLRQDOHSRXUOHGURLWGHYRWHGHVIHPPHVHWGDQVOHFRPLWpGHVSURSULpWpVGHVIHPPHV PDULpHVOXLSHUPHWWDLWDYHFVRQPDULGHPLOLWHUHQIDYHXUG¶XQHORLVXUODSURSULpWpGHVIHPPHV PDULpHVHWSRXUXQGURLWGHYRWHGHVIHPPHV3DUODVXLWHHOOHUHMRLQWGLYHUVHVVRFLpWpVGH VXIIUDJHWHOOHVTXH/D)DELDQ6RFLHW\HWO¶$VVRFLDWLRQOLEpUDOHGHVIHPPHV(3DQNKXUVW

$XFRXUVGHVHVSUHPLqUHVDQQpHVGDFWLYLVPHSROLWLTXH(PPHOLQH3DQNKXUVWDWUDYDLOOp VRXVODEDQQLqUHGX3DUWLOLEpUDOHWSOXVWDUGDXVHLQGX3DUWLWUDYDLOOLVWH'poXHSDUOHPDQTXH GHPRWLYDWLRQSROLWLTXHGHVSDUWLVSRXUDPpOLRUHUODVLWXDWLRQGHVIHPPHVHOOHGpFLGHGHFUpHU VRQSURSUHXQLRQSROLWLTXHµ8QLRQVRFLDOHHWSROLWLTXHGHVIHPPHV¶:638HQ

'XUDQWVHVSUHPLqUHVDQQpHVOH:638DGRSWHGHVPpWKRGHVSDFLILTXHV63DQNKXUVW ,OYLVDLWjREWHQLUOHVRXWLHQGXSXEOLFHQVHQVLELOLVDQWOHVJHQVjODQpFHVVLWpGXGURLWDX YRWHGHVIHPPHVSRXUIDLUHSUHVVLRQVXUOHVSDUOHPHQWDLUHVHWREWHQLUDLQVLXQVRXWLHQ9HUV LOV¶HVWDYpUpTXHOHPLOLWDQWLVPHSDFLILTXHpWDLWLQHIILFDFHHWOHFKDQJHPHQWGHPpWKRGH GHFRPEDWHVWGHYHQXQpFHVVDLUH/HVPLOLWDQWVFRPPHQoDLHQWSDUKDUFHOHUOHVSROLWLFLHQVHW

ϯ

(7)

LQWHUURPSUHOHXUVUpXQLRQVSROLWLTXHVDYDQWG¶DYRLUjUHFRXULUjGHVPpWKRGHVSOXVUDGLFDOHV (QOHVVXIIUDJHWWHVPHPEUHVGHOD:638RQWEULVpOHVYLWUHVGX3DUOHPHQW&RPPH VLJQHGHSURWHVWDWLRQHOOHVHVRQWHQFKDvQpVDX[PRQXPHQWVKLVWRULTXHVDSUqVDYRLUGpWUXLWGHV SURSULpWpVSULYpHV/HJRXYHUQHPHQWDUpDJLSDUOHPSULVRQQHPHQWGHVUHVSRQVDEOHVGHVDFWHV GHYDQGDOLVPH/HVVXIIUDJHWWHVTXLDYDLHQWHQWDPpXQHJUqYHGHODIDLPRQWVXELXQJDYDJH IRUFp&HSHQGDQWODSUHVVHQHSRXYDLWSOXVFRQWLQXHUjLJQRUHUO¶DFWLYLVPHIpPLQLVWH%LHQTXH FHVUpDFWLRQVpWDLHQWSULQFLSDOHPHQWQpJDWLYHVHOOHDQpDQPRLQVUDYLYpODFDXVHDWWLUHUO¶LQWpUrW GXSXEOLF&3DQNKXUVW

'HQRPEUHX[KLVWRULHQVVHVRQWIRFDOLVpVXUOHXUVPpWKRGHVYLROHQWHVGHPLOLWDQWLVPH SRXUHQIDLUHG¶HOOHVGHVUHEHOOHV'HQRPEUHX[KLVWRULHQVWHOVTXH0LULDP%URG\(OL]D/\QQ /LQWRQHW3DXOD%DUWOH\RQWFRQVLGpUpOHVGHX[IpPLQLVWHVFRPPHUHEHOOHVHWPrPHUDGLFDX[

:ROOVWRQHFUDIWpWDLWFRQVLGpUpHFRPPHXQDXWHXUUDGLFDOHWUpYROXWLRQQDLUHHQUDLVRQGHVD SURSRVLWLRQGHPHWWUHHQSODFHXQV\VWqPHpGXFDWLIXQLILpSRXUOHVJDUoRQVHWOHVILOOHVGHVD GpIHQVHGXQHQRUPHGHPRUDOLWpXQLTXHSRXUOHVGHX[VH[HVHWGHVDYLHSULYpHTXLpWDLW FRQVLGpUpHFRPPHVFDQGDOHXVHSDUUDSSRUWDX[QRUPHVGX;9,,,HVLqFOH'HVRQFRWp (PPHOLQH3DQNKXUVWpWDLWSHUoXHFRPPHXQHUHEHOOHHQUDLVRQGHVHVWDFWLTXHVPLOLWDQWHV YLROHQWHV6RQPLOLWDQWLVPHDpWpORQJWHPSVFRQVLGpUpFRPPHXQHPpWKRGHUDGLFDOHHW LQQRYDQWHSRXUUpFODPHUOHGURLWDXYRWH&HSHQGDQWVHVWDFWLTXHVH[WUrPHVHWUDGLFDOHVRQW pFOLSVpVRQUHFRXUVjGDXWUHVPpWKRGHVGDQVVDTXrWHGXVXIIUDJHIpPLQLQ

&RQWUDLUHPHQWjODSOXSDUWGHVKLVWRULHQVTXLVHVRQWFRQFHQWUpVVXUOHVUHYHQGLFDWLRQV UpYROXWLRQQDLUHVSRUWpHVSDU0DU\:ROOVWRQHFUDIWHW(PPHOLQH3DQNKXUVWFHWUDYDLOGH UHFKHUFKHDSRXUGHVVHLQG¶H[SORUHUOHXUVPpWKRGHVGHFRPEDWHWSULQFLSDOHPHQWOHXU XWLOLVDWLRQGHOD©ௗFRQIRUPLWpVWUDWpJLTXHௗªSRXUIDLUHDYDQFHUOHXUVUHYHQGLFDWLRQV

pPDQFLSDWULFHV,OV¶DJLWG¶H[DPLQHUODPDQLqUHGRQWOHVGHX[IpPLQLVWHVVHVRQWFRQIRUPpHV GHPDQLqUHVWUDWpJLTXHjFHUWDLQHVQRWLRQVGHPRUDOLWpGHVWDWXWPDWULPRQLDOGHPDWHUQLWpHW

ϰ

(8)

GHIpPLQLWpDILQG¶DWWpQXHUOHUDGLFDOLVPHGHOHXUVUHYHQGLFDWLRQVHWGHOHXUVDFWLRQVHWDLQVL GLVFUpGLWHUOHVDFFXVDWLRQVGHOHXUVFULWLTXHV&HWWHUHFKHUFKHYLVHSDUDLOOHXUVjpYDOXHU O¶HIILFDFLWpGHODFRQIRUPLWpFRPPHPR\HQGHOXWWHpPDQFLSDWULFHGHVGHX[IpPLQLVWHVHWj GpPRQWUHUTXHODFRQIRUPLWpVWUDWpJLTXHFRQVWLWXHXQLQVWUXPHQWSROLWLTXHWRXWDXVVLLPSRUWDQW TXHODUpEHOOLRQ

&HWWHUHFKHUFKHYLVHjpWXGLHUODFRQIRUPLWpQRQSDVFRPPHXQHPpWKRGH

GDFTXLHVFHPHQWPDLVSOXW{WFRPPHXQLQVWUXPHQWGHFKDQJHPHQWGDQVODYLHGHVIHPPHV VXERUGRQQpHV¬FHWWHILQMHPHVXLVODUJHPHQWDSSX\pVXUGHVpWXGHVGHFRQIRUPLWpDX 0R\HQ2ULHQWFRPPHFHOOHGH-DQLFH%RGG\-DQLFH%RGG\SDUH[HPSOHTXLDH[SOLTXp FRPPHQWOHVIHPPHVGXQRUGGX6RXGDQOHVIHPPHV+RIUL\DWLRQWUpXVVLjWUDQVIRUPHUOHXU UDQJLQIpULHXUGDQVODVRFLpWpJUkFHjOHXUFRQIRUPLWpDX[QRUPHVVRFLDOHVWHOOHVTXHOD FLUFRQFLVLRQSKDUDRQLTXHOHGpFRUXPODEVWLQHQFHHWODSUpVHUYDWLRQGHODGURLWXUHGDQVVHV GLIIpUHQWVPRGHVDLQVLTX¶DFFHSWHUFHUWDLQHVFUR\DQFHVWHOOHVTXHOHVFKDUPHVpURWLTXHVTXL pWDLHQWFHQVpVrWUHSOXVUpSDQGXVFKH]OHVIHPPHVTXHOHVKRPPHV

$LQVLLOVRQWQpJRFLpOHXUVWDWXWLQIpULHXUQRQSDVHQVHUHEHOODQWFRQWUHOHVSDUDGLJPHV TXLOHVSURPHXYHQWPDLVHQOHVWUDQVFHQGDQW(QRXWUHOHVIHPPHV+RIUL\DWLRQWH[SORLWpFH TXHOHVXQLYHUVLWDLUHVRFFLGHQWDX[DSSHOOHQW©GHVRXWLOVGHVXERUGLQDWLRQªFRPPHXQH PpWKRGHSRXUSURFODPHUOHXULPSRUWDQFHHWOHXUYDOHXUHQWDQWTXHJURXSHGDQVOHVUpXQLRQV ULWXHOOHVTXHOOHVRUJDQLVHQWHQWDQWTXLQGLYLGXVSDUOHPDULDJHHWSDUOHXUJUDQGH

SHUVpYpUDQFHGDQVOHXUUHODWLRQUpFLSURTXHDFWLYHDYHFOHVKRPPHV/¶DGRSWLRQVWUDWpJLTXH GHVQRUPHVFXOWXUHOOHVTXLOHVRSSULPDLHQWSRXUDIIDLEOLUO¶DXWRULWpPDVFXOLQHHVWXQH[HPSOH GHODUpVLVWDQFHGHVIHPPHVjODGRPLQDWLRQPDVFXOLQH

3DUFRQVpTXHQWODFRQIRUPLWpDX[QRUPHVVRFLDOHVHWDX[SUDWLTXHVFXOWXUHOOHVSHXW rWUHXQDVSHFWLPSRUWDQWGHUpVLVWDQFHGHVIHPPHVjODXWRULWpPDVFXOLQH&HFLGLWO¶XWLOLVDWLRQ

ϱ

(9)

GHODFRQIRUPLWpWHOOHTXHO¶DGRSWLRQGXYRLOHSRXUDSSRUWHUGHVFKDQJHPHQWVVRFLDX[HVWXQH TXHVWLRQTXLDpWpODUJHPHQWGpEDWWXHDX0R\HQ2ULHQW/¶pWXGHELEOLRJUDSKLTXHDSHUPLVGH PRQWUHUTXHOHVIHPPHVDXUDLHQWQpJRFLpOHSRXYRLUHWVHUYLOHXUELHQrWUHSDUOHXU

FRPSRUWHPHQWFRQIRUPLVWHOHXUWHQXHOHXUDFWLYLWpVH[XHOOHOHXUUHSURGXFWLRQHWOHXUFKRL[

GXSDUWHQDLUHª$EX5DELD4XHGHU&HVpWXGHVVRXOLJQHQWTXHOHUHVSHFWGX©YRLOHª FRPPHFRGHYHVWLPHQWDLUHSDUOHVIHPPHVSDUH[HPSOHHVWXQHPpWKRGH©PDQLSXODWULFHª GHUpVLVWDQFHLQDFWLYHYLVDQWjFUpHUXQHUpIRUPHVRFLDOHGDQVOHXUYLH

'DQVFHWWHUHFKHUFKHMDLVRXWHQXTXH0DU\:ROOVWRQHFUDIWjWUDYHUVVHVpFULWVHW (PPHOLQH3DQNKXUVWjWUDYHUVVRQOHDGHUVKLSjO8QLRQVRFLDOHHWSROLWLTXHGHVIHPPHVRQW HVVD\pGHUpVLVWHUjODXWRULWpPDVFXOLQHHWPrPHDX[FULWLTXHVIpPLQLQHV(OOHVRQWDFFHSWpOH U{OHWUDGLWLRQQHOGHVIHPPHVHQWDQWTXpSRXVHVHWPqUHVHWRQWGpIHQGXODPRUDOHHWOHUHVSHFW GHVLGpDX[GHODIpPLQLWp/¶REMHWGHFHWWHUHFKHUFKHYLVHjGpWHUPLQHUOHXUVPRWLYDWLRQVHW H[SOLTXHUOHXUUHFRXUVjODFRQIRUPLWpFRPPHPR\HQGHFRPEDW/DUpSRQVHVHWURXYHGDQVOD SHUFHSWLRQGXFDUDFWqUHGHODFRQGXLWHHWGHVU{OHVGHVIHPPHVGXUDQWOH;9,,,HHWOH;,;H VLqFOH

6HORQGLYHUVOLYUHVGHFRQGXLWHHWUHYXHVGHSUHVVHGX;9,,,HVLqFOHOHVpSRXVHVHWOHV PqUHVLGpDOHVpWDLHQWGHVIHPPHVDXIR\HUUHVSHFWXHXVHVGHOHXUVPDULVHWGHOHXUVHQIDQWV2Q DWWHQGDLWGHVIHPPHVTXHOOHVHQWUHWLHQQHQWOHXUSURJpQLWXUHTXHOOHVVXUYHLOOHQWOHVIHPPHVGH FKDPEUHHWTXHOOHVVHFRQIRUPHQWDX[VRXKDLWVGHOHXUPDUL(OOHVGHYDLHQWpJDOHPHQWrWUH REpLVVDQWHVGpYRXpHVGHERQQHVJHVWLRQQDLUHVGHOpFRQRPLHGHODPDLVRQUpVHUYpH KRQRUDEOHVJpQpUHXVHHWDWWHQWLYHVDX[SULYDWLRQVGDXWUXL'HSOXVOHVIHPPHVPDULpHV pWDLHQWLQYLWpHVjrWUHREpLVVDQWHVHWDJUpDEOHVHQYHUVOHXUVPDULVTXHOOHTXHVRLWODFROqUHHW OLUULWDELOLWpGHFHVGHUQLHUV(QRXWUHHOOHVRQWpWpODUJHPHQWFRQVLGpUpHVFRPPHUHVSRQVDEOHV GHODUpXVVLWHRXGHOpFKHFGHOHXUPDULDJH

ϲ

(10)

&HSHQGDQWDX;,;HVLqFOHHWHQSDUWLFXOLHUjOpSRTXHYLFWRULHQQHOHVIHPPHVHWOHV PqUHVGHIDPLOOHpWDLHQWFRQVLGpUpHVFRPPHXQHDFTXLVLWLRQYRXpHrWUHVIHPPHVDXIR\HU

$LQVLOHVOLYUHVGHFRQGXLWHOHVFRQVHLOODLHQWGHFRQVHUYHUOHXUVSKqUHVDFUpHGHOD©PDLVRQª (QIDLWOLPDJHGHIHPPHLGpDOHHQSDUWLFXOLHUOHVIHPPHVGHFODVVHVPR\HQQHVHW

VXSpULHXUHVpWDLHQWpWURLWHPHQWDVVRFLpHVjODPDLVRQ/pWKLTXHGRPHVWLTXHGX;,;HVLqFOHD GLVWLQJXpOHVPqUHVHWOHVpSRXVHVHQWDQWTXHJDUGLHQQHVGHODIDPLOOHHWGHODPRUDOHGHOD VRFLpWp

6DUDK6WLFNQH\(OOLVFpOqEUHpFULYDLQHGHOLYUHVGHFRQGXLWHDX;,;HVLqFOHDDIILUPp TXHOHVIHPPHV©SUpVLGDLHQWªOHXUVSKqUHGRPHVWLTXH&HSHQGDQWHOOHDUDVVXUpOHVKRPPHV TXHOHWHUPH©SUpVLGHUªpWDLWGHVWLQpjRULHQWHUOHVIHPPHVYHUVOHXUVUHVSRQVDELOLWpVIDPLOLDOHV DILQGHGHYHQLU©GHPHLOOHXUHVpSRXVHVILOOHVHWPqUHVSOXVXWLOHVHQWDQWTX¶H[HPSOHVHOOHV OpJXHURQWXQKpULWDJHULFKHjFHOOHVTXLDOODLHQWVXLYUHOHXUVSDVª(QUqJOHJpQpUDOHOHV pSRXVHVHWOHVPqUHVLGpDOHVDX[;9,,,HHW;,;HVLqFOHVpWDLHQWGHVIHPPHVDXIR\HU

UHVSHFWXHXVHVGHOHXUVPDULVHWGHOHXUVHQIDQWV(OOHVGHYDLHQWVRFFXSHUGHOpGXFDWLRQ PRUDOHHWUHOLJLHXVHGHVHQIDQWV

3DUDLOOHXUVOHVIHPPHVGHYDLHQWrWUHIpPLQLQHVHQG¶DXWUHVPRWVSULQFLSDOHPHQW PRGHVWHVGRXFHVHWDIIHFWXHXVHV&RQFHUQDQWOHVYrWHPHQWVIpPLQLQV'U-DPHV)RUG\FHXQ pFULYDLQGX;9,,,HVLqFOHDGpFULWODUREHLGpDOHGXQHIHPPHFRPPHVLPSOHPDLV

LQFUR\DEOHPHQWDWWUD\DQWHHWEHOOH&HWWHUREHGRLWUHSUpVHQWHUODVROHQQLWpGHODSHUVRQQH/D VROHQQLWpHVWXQFRVWXPHGLYLQGpSRXUYXGH[SRVLWLRQVDPSOHIDLWPDLVRQHWUpVLVWDQW,O GHYUDLWrWUHGHVWLQpjSUpVHUYHUOHVIHPPHVGHVPpIDLWVGXPRQGHHWjFDFKHUODQXGLWpGHVRQ kPH/DUREHGRLWrWUHDSSURSULpHSRXUXQXVDJHTXRWLGLHQPRGHVWHHWWUqVEHOOH

$X;,;HVLqFOHODIpPLQLWppWDLWXQHQVHPEOHGHP°XUVHWGHTXDOLWpVTXHOHVIHPPHV pWDLHQWFHQVpHVSRVVpGHU3DUH[HPSOHrWUHXQHERQQHFRPSDWLVVDQWHHWYHUWXHXVHIHPPHRX

ϳ

(11)

PqUHpWDLHQWOHVTXDOLWpVGXQHIHPPHIpPLQLQHVHORQOHVOLYUHVGHFRQGXLWHGX;,;HVLqFOH 6DUDK6WLFNQH\(OOLVDDIILUPpTXHODTXDOLWpSULQFLSDOHTXLFRXURQQHOHSHUVRQQDJHIpPLQLQ HVWODGpOLFDWHVVHHWSDUWLFXOLqUHPHQWODGpOLFDWHVVHDXWKHQWLTXH(OOHUHMHWWHDLQVLWRXVW\SHVGH IDXVVHVGpOLFDWHVVHVTXLYLVHQWXQLTXHPHQWjLPSUHVVLRQQHUOHVKRPPHVHQVLPXODQWOD

PRGHVWLHHWODWLPLGLWp1pDQPRLQVORUVTXXQHIHPPHQHSRVVqGHSDVQDWXUHOOHPHQWOD GpOLFDWHVVHHOOHGRLWODSSUHQGUH(QGDXWUHVWHUPHV(OOLVVXJJpUDLWTXHQODEVHQFHGXQH GpOLFDWHVVHDXWKHQWLTXHHWQDWXUHOOHOHVIHPPHVGHYUDLHQWWRXMRXUVIDLUHVHPEODQWHWVLPXOHUOD GpOLFDWHVVH

(QGHKRUVGHODGpOLFDWHVVHODUREHIpPLQLQHpWDLWODSULQFLSDOHPDQLIHVWDWLRQGXQH IHPPHIpPLQLQH/DUREHIpPLQLQHDX;,;HVLqFOHpWDLWFRQoXHSDUODPRGHGRQFHOOHpWDLWHQ FRQVWDQWHpYROXWLRQ6HORQ&DUROLQH*ROGWKRUSHWRXWDXORQJGX;,;HVLqFOHODPRGH

DQJODLVHVHVWFRQVLGpUDEOHPHQWLQVSLUpHGHODIUDQoDLVHUHQGDQWDLQVLODUREHjODPRGHXQ SKpQRPqQHLQWHUQDWLRQDOH'HjOHVIHPPHVjODPRGHGHYDLHQWJDUGHUXQH

VLOKRXHWWHDUWLILFLHOOHIDoRQQpHSDUGLIIpUHQWVVRXVYrWHPHQWV&HVVRXVYrWHPHQWVRQWpWpFUppV SRXUIRXUQLUXQYROXPHVXSSOpPHQWDLUHjXQHSDUWLHGXFRUSVRXSRXUFRQGHQVHUODPSOLWXGH LQGpVLUDEOHGDQVXQHDXWUH*ROGWKRUSH

/HFRUVHWHVWXQH[HPSOHGHVVRXVYrWHPHQWVTXLRQWSHUPLVDX[IHPPHVG¶REWHQLUXQH VLOKRXHWWHjODPRGHHWIpPLQLQH0DOJUpTXHOHVODFHWVVHUUpVpWDLHQWDFFXVpVGXWLOLVHUOH FRUVHWSRXUSURYRTXHUGHVDSSHOVVH[XHOVQHSDVXWLOLVHUGHFRUVHWSHXWUHQGUHXQHIHPPH VXVSHFWHGHUHOkFKHPHQWVH[XHORXGHFOpPHQFHPRUDOH.RUWVFK(QIDLW3DWULFLD$

&XQQLQJKDPDDIILUPpTXHFHODSRXUUDLWPrPHVXJJpUHUTXXQHIHPPHVDQVFRUVHWpWDLWXQH SURVWLWXpHTXLWHQWHGDWWLUHUGHQRXYHDX[FOLHQWV1pDQPRLQVXQHIRLVDWWDFKpjOD GLPHQVLRQ©DSSURSULpHªOHFRUVHWLQFDUQDLWOHUDIILQHPHQWHWODFRQYHQDQFH&HSHQGDQW O¶XWLOLVDWLRQLQLWLDOHGXFRUVHWpWDLWGHGpFULUHHWG¶H[SRVHU©/DIRUPHIpPLQLQHDXSOXVJUDQG DYDQWDJHª.RUWVFK

ϴ

(12)

&HSHQGDQWXQHUREHIpPLQLQHQpWDLWMDPDLVFRPSOqWHVDQVFKDSHOOHULH$XGpEXWGH OpSRTXHYLFWRULHQQHWRXWHVOHVIHPPHVULFKHVRXSDXYUHVSRUWDLHQWXQFKDSHDXDYDQWGH TXLWWHUOHXU0DLVRQV(QIDLWODSOXSDUWGHVIHPPHVSRUWDLHQWXQERQQHWGHOLQRXGH PRXVVHOLQHOLVVHjODPDLVRQ1pDQPRLQVVRLUpHVRIILFLHOOHVOHVIHPPHVULFKHVSUpIqUHQW JpQpUDOHPHQWUHPSODFHUOHVFKDSHDX[SDUGDXWUHVFKHYHX[DFFHVVRLUHVWHOVTXH©SOXPHV IOHXUVUXEDQVSHLJQHVGpFRUDWLIVª%L[6HORQODUpGDFWULFHGHOLYUHVGHFRQGXLWH6DUDK 6WLFNQH\(OOLVOHVIHPPHVGHYUDLHQWDVSLUHUjGHYHQLUSOXVDWWUD\DQWHVHWDJUpDEOHVHWQRQ VLPSOHPHQW©YLVLEOHVHWSHUFHSWLEOHVªWRXWHQFKRLVLVVDQWOHXUUREH(OOLVDDIILUPpODQpFHVVLWp GHVHFRQIRUPHUjODPRGHGDQVXQHFHUWDLQHPHVXUH7RXWHIRLVOHVIHPPHVGRLYHQWWRXMRXUV rWUHVpOHFWLYHVTXDQWDXW\SHGHUREHjODPRGHTXHOOHVFKRLVLVVHQWDILQGHQHSDV

FRPSURPHWWUHOHXUPRGHVWLHRXOHXUUDIILQHPHQW

(QRXWUHOHVIHPPHVGHYDLHQWDYRLUGHVQRUPHVGHTXDOLWpVPRUDOHVVXSpULHXUHV/D PRUDOLWpGHVIHPPHVWHOOHTXHSURSRVpHGDQVOHVOLYUHVGHFRQGXLWHGX;9,,,HVLqFOHVRQW FODVVpHVHORQXQFHUWDLQQRPEUHGHTXDOLWpVWHOOHVTXHODPRGHVWLHODPDvWULVHGHVRLOD GRFLOLWpO¶REpLVVDQFHHWODGpOLFDWHVVHHWVXUWRXWOD©FKDVWHWpª(Q'DQVXQHOHWWUH G¶pORJHHWGHFRQVHLOVPRUDX[jXQHMHXQHIHPPH:HWHQKDOO:LONHVUDSSHOOHTXHODFKDVWHWp HVWGLIIpUHQWHGHVDXWUHVYHUWXVFDUHOOHDOHSRXYRLUGHPHWWUHHQYDOHXUWRXWHVOHVDXWUHVYHUWXV GHOrWUHKXPDLQHWGHOLEpUHUWRXWHVOHVQREOHVGRWDWLRQV(QG¶DXWUHVPRWVODFKDVWHWpHVW pWURLWHPHQWOLpHjOKRQQHXUGXQHIHPPH3DUFRQVpTXHQWOHPRLQGUHGpIDXWVXUOKRQQHXU GXQHIHPPHpWDLWLPSDUGRQQDEOH&HVWFHWWHTXDOLWpGHODFKDVWHWpTXLDLQFLWpOHVH[H

PDVFXOLQjFRQVLGpUHUOHVH[HIpPLQLQHWjODSSUpFLHU:LONHVH[SOLTXpTXHODFKDVWHWpHVWXQH VHQVDWLRQUDSLGHHWVXEWLOVGDQVOHVSULWTXLUHQGXQHIHPPHUDWDWLQpHHWODSRXVVHjpYLWHUWRXW FHTXLHVWLPPRUDORXPDOYHLOODQW3DUDLOOHXUVODPRGHVWLHHVWXQDXWUHDVSHFWFHQWUDOGH ODPRUDOHXQFULWqUHTXHOHVIHPPHVGHYDLHQWUHVSHFWHUGDQVOHXUTXrWHGHORXDQJHVHW

GDGRUDWLRQGHVKRPPHV

ϵ

(13)

$X;,;HVLqFOHOHVpFULYDLQVPRUDX[IDLVDLHQWFODLUHPHQWFRQILDQFHjODVXSpULRULWp PRUDOHGHVIHPPHVHWODWHQDLHQWSRXUDFTXLVH/HVOLYUHVGHFRQGXLWHQHVHFRQFHQWUDLHQWSOXV VXUOHIDLWGHFRQVHLOOHUOHVIHPPHVGrWUHPRGHVWHVHWPRUDOHVHOOHVVXSSRVDLHQWVLPSOHPHQW TXHOOHVOpWDLHQW,OVRQWFKHUFKpjWHQLUOHVIHPPHVUHVSRQVDEOHVGHODPRUDOLWpGHOHXUIR\HU GHOHXUVPDULVHWGHOHXUVHQIDQWV,OVYLVDLHQWjDVVRFLHUOHVIHPPHVjODVSKqUHIDPLOLDOHHQ UDLVRQGHOHXUPRUDOLWpVXSpULHXUH'¶XQHSDUWOHIDLWGHJDUGHUOHVIHPPHVGDQVOH©IR\HUª OHXUSHUPHWWDLWGHSURWpJHUODPRUDOLWpGHOHXUIR\HU'¶XQDXWUHF{WpOHVIHPPHVVRQWPLHX[

SURWpJpHVGDQVOHXU©VSKqUHSULYpHªGXPRQGHH[WpULHXULPPRUDODLQVLULHQQHSRXYDLWWHUQLU OHXUUpSXWDWLRQ

'HSOXVOHVpFULYDLQVIpPLQLQVGHV;9,,HHW;9,,,HVLqFOHVQpWDLHQWFpOpEUpVTXH ORUVTXHOOHVIDLVDLHQWSUHXYHGHELHQVpDQFHGHUpVHUYHGHPRGHVWLHHWGHVWLPHGHVRL/HV pFULYDLQVTXLVHVRQWpFDUWpVGHFHPRGqOHRQWpWpFULWLTXpVHWOHXUV°XYUHVRQWpWpDXPLHX[

LJQRUpHV/HVIHPPHVpFULYDLQVTXLRQWLJQRUpODWWLWXGHPRUDOLVWHSUHVFULWHRQWpWp

SDUWLFXOLqUHPHQWFHQVXUpHV(QRXWUHOHVIHPPHVpFULYDLQVpWDLHQWpJDOHPHQWSOXVVXMHWWHVjOD FULWLTXHTXHOHXUVKRPRORJXHVPDVFXOLQV&HFLH[SOLTXHHQSDUWLHSRXUTXRLXQHIHPPHTXL SU{QDLWXQFKDQJHPHQWUpYROXWLRQQDLUHGXVWDWXWGHVIHPPHVFRPPH0DU\:ROOVWRQHFUDIWD WHQWpGHVHFRQIRUPHUDX[LGpDX[PRUDX[HWDXU{OHWUDGLWLRQQHOGHVIHPPHVGDQVVHV°XYUHV :ROOVWRQHFUDIWVHPRQWUDLWUpVHUYpHjO¶LGpHGDOLpQHUFRPSOqWHPHQWVHVOHFWHXUVHWDHVVD\p G¶DWWpQXHUWRXWHSUpWHQWLRQUDGLFDOHTXHOOHSUpVHQWDLWGDQVVHV°XYUHVJUkFHjVDFRQIRUPLWp

2QSHXWGLUHODPrPHFKRVHG¶(PPHOLQH3DQNKXUVWTXLDYHFGDXWUHVVXIIUDJHWWHVRQW pWpDFFXVpGHQHSDVWHQLUFRPSWHGHODGRPHVWLFLWpGHODPDVFXOLQLWpHWGXPDQTXHGH

GpOLFDWHVVHHWG¶pOpJDQFH&HVDOOpJDWLRQVRQWpWpSULQFLSDOHPHQWSURSDJpHVSDUODSUHVVHHWOHV VRFLpWpVDQWLVXIIUDJH(PPHOLQHHWOHUHVWHGHVGLULJHDQWHVGHO:638RQWHVWLPpTXHOHXU PLOLWDQWLVPHpWDLWGpMjVXIILVDPPHQWH[WUrPH3DUFRQVpTXHQWLOQ\DYDLWSDVEHVRLQGH UDGLFDOLVPHRXGHQRQFRQIRUPLWpLQXWLOH$LQVLHOOHVRQWWHQWpGHVHFRQIRUPHUDX[

ϭϬ

(14)

FRQYHQWLRQVDILQGHQHSDVDOLpQHUXQSXEOLFTXLpWDLWGpMjDOLpQpSDUOHVYLROHQWVDFWHV PLOLWDQWVGHVVXIIUDJHWWHV(QRXWUHHOOHVVRXKDLWDLHQWGLVFUpGLWHUOHVDFFXVDWLRQVGHOD PDVFXOLQLWpHWGHODUpEHOOLRQFRQWUHODGRPHVWLFLWp(QFRQVpTXHQFHOHVGHX[IpPLQLVWHVVH FRQIRUPDLHQWjFHUWDLQHVQRWLRQVGHPRUDOLWpGHPDWHUQLWpHWGHIpPLQLWp

/HFKDSLWUH©'pIHQGUHODPRUDOHªMHPHWO¶DFFHQWVXUFHUWDLQHVQRWLRQVPRUDOHVGHOD FRQIRUPLWpGH0DU\:ROOVWRQHFUDIWHW&KULVWDEHO3DQNKXUVWjOHXUVVRFLpWpV-¶H[SOLTXHTXH 0DU\:ROOVWRQHFUDIWHWODGLUHFWLRQGHOD:638GDQVVRQHQVHPEOHVHFRQIRUPDLHQWjOD PRUDOHDILQGHIDLUHDYDQFHUOHXUVUHYHQGLFDWLRQVpPDQFLSDWULFHV-¶DLFKRLVLGHFRPSDUHUOHV SUpWHQWLRQVPRUDOHVGH:ROOVWRQHFUDIWGDQVVRQ'pIHQVHGHVGURLWVGHODIHPPHjFHOOHVGH

&KULVWDEHO3DQNKXUVWGDQVVRQ'HVIDLWVFODLUVVXUXQJUDQGPDOSRXUWHQWHUG¶DSSRUWHUSOXVGH OXPLqUHVXUODTXHVWLRQGHODFRQIRUPLWpHWOHPLOLWDQWLVPHIpPLQLQ/HOLYUHGH3DQNKXUVWHVW XQUHFXHLOGDUWLFOHVTXLRQWpWpSXEOLpVSRXUODSUHPLqUHIRLVGDQVOHMRXUQDOGHO¶:638LOIDLW GRQFSDUWLHGHODSURSDJDQGHGHOD:638'DQVXQSUHPLHUWHPSVMHGpWHUPLQHODPDQLqUH GRQW0DU\:ROOVWRQHFUDIWHW&KULVWDEHO3DQNKXUVWRQWXWLOLVpODPRUDOLWpSRXUIDLUHDYDQFHU OHXUFDXVH'DQVXQVHFRQGWHPSVM¶H[DPLQpODUpFHSWLRQFRQWHPSRUDLQH'HVGURLWVGHOD IHPPHGH0DU\:ROOVWRQHFUDIWHWGH'HVIDLWVFODLUVGH&KULVWDEHO3DQNKXUVW

%LHQTXHODPRUDOLWpGHVIHPPHVDpWpGpEDWWXHSDUODSDUWGHVpFULYDLQVPRUDX[GX

;9,,,HWGL[QHXYLqPHVLqFOHVFHWWHUHFKHUFKHVHIRFDOLVHVXUXQQRXYHDXRQJOHGHUHFKHUFKH

&HGHUQLHUHVWOLpDXIDLWTXH0DU\:ROOVWRQHFUDIWHW&KULVWDEHO3DQNKXUVWRQWXWLOLVp VWUDWpJLTXHPHQWFHUWDLQHVQRWLRQVPRUDOHVSRXUIDLUHYDORLUOHXUVUHYHQGLFDWLRQV pPDQFLSDWULFHV-HVWLPHTXHOHVGHX[IpPLQLVWHVpWDLHQWFRQIRUPHVjODPRUDOHDILQGH

VRXWHQLUOHXUVUHYHQGLFDWLRQVG¶pPDQFLSDWLRQOHVUHQGDQWPRLQVUDGLFDX[HWSOXVHQFRQIRUPLWp DYHFOLPDJHSUpH[LVWDQWHGHVIHPPHVPRUDOHV1pDQPRLQV-HYRXGUDLVSUpFLVHUTXHGDQVOH FDVGH0DU\:ROOVWRQHFUDIWODFRQIRUPLWpjODPRUDOHQHIXWDIILFKpHGDQVVHVpFULWVDORUVTXH

ϭϭ

(15)

VDYLHSHUVRQQHOOHUpYpOpHDSUqVVDPRUWDGpPRQWUpXQHPRUDOHGLIIpUHQWHGDQVOHTXHO :ROOVWRQHFUDIWVHVWUHEHOOpFRQWUHOHVYDOHXUVPRUDOHVGX;9,,,HVLqFOH

3RXUDWWHLQGUHOHXUVREMHFWLIVOHVGHX[IpPLQLVWHVRQWSUrFKpODPRUDOHGDQVOHXUV pFULWV'DQVVDMXVWLILFDWLRQGHVGURLWVGHODIHPPH0DU\:ROOVWRQHFUDIWDDIILUPpTXHOD SUppPLQHQFHGHVKRPPHVVXUOHVDQLPDX[pWDLWGXHjODUDLVRQWDQGLVTXHODYHUWXpWDLWOD TXDOLWpTXLpOHYDLWXQrWUHKXPDLQDXGHVVXVG¶XQDXWUH:ROOVWRQHFUDIWDpJDOHPHQWIDLWYDORLU TXHOHVrWUHVKXPDLQVRQWSDUWDJpGHVSDVVLRQVDILQG¶DSSUHQGUHFRPPHQWOHVUpVLVWHUHW DWWHLQGUHXQQLYHDXGHFRQQDLVVDQFHTXHOHVDQLPDX[QHSRXUUDLHQWSDVDWWHLQGUH3DU FRQVpTXHQWODUDLVRQODYHUWXHWODFRQQDLVVDQFHpWDLHQWOHVTXDOLWpVVHORQOHVTXHOOHVOD SHUIHFWLRQKXPDLQHHWODFDSDFLWpGXERQKHXUGRLWrWUHMXJp

:ROOVWRQHFUDIWUHPHWWDLWHQTXHVWLRQOpWDWGLJQRUDQFHGRQWVRXIIUDLHQWOHVIHPPHV VRXVSUpWH[WHGHPDLQWHQLUOHXU©LQQRFHQFHª/HVIHPPHVVHVRQWYXUHIXVHUOHSRXYRLUGLUHFW HWHQUDLVRQGXW\SHG¶pGXFDWLRQTX¶HOOHVRQWUHoXHOOHVRQWGRQFHXUHFRXUVjGHVPR\HQVGH SRXYRLUWHOVTXHOREpLVVDQFHUXVpHHWH[WpULHXUH'HFHIDLW:ROOVWRQHFUDIWDHVWLPpTXHOH PDLQWLHQGHVIHPPHVGDQVXQpWDWGLJQRUDQFHQHSUpVHUYHUDLWSDVOHXULQQRFHQFHHWOHXUERQWp PDLVTX¶LOQXLUDLWFHUWDLQHPHQWjOHXUPRUDOHSXLVTXHOHXULJQRUDQFHOHVLQFLWHUDLWjrWUHUXVpHV HWPDQLSXODWULFHV'¶XQDXWUHFRWpVLOHVIHPPHVQ¶pWDLHQWGRWpHVTXHGHFKDUPHVOHVKRPPHV FKHUFKHUDLHQWjWURXYHUOHXUSODLVLUDYHFSOXVLHXUVIHPPHV)LQDOHPHQWOHVPDULVDGXOWqUHV LQFLWHUDLHQWOHXUVIHPPHVjODGXOWqUH1pDQPRLQV:ROOVWRQHFUDIWDHVWLPpTXHFHVIHPPHV pWDLHQWSDUGRQQDEOHVjFDXVHGHOpGXFDWLRQTXHOOHVRQWUHoXHFDUHOOHVQ¶RQWSDVDSSULVj YpQpUHUO¶LQWpUrWSXEOLFRXOHVGURLWVFLYLOVDGPLVHWGHFHIDLWpWDLHQWFRQGXLWjVHIDLUHMXVWLFH SDUODYHQJHDQFH[L[LL

6HORQ:ROOVWRQHFUDIWODPRGHVWLHODWHPSpUDQFHHWODEQpJDWLRQVRQWOHVFRQVpTXHQFHV GHODVDJHVVHHWGHODUDLVRQ&HSHQGDQWHQSUpVHQFHGXQHpGXFDWLRQTXLIDLWGHODVHQVLELOLWp

ϭϮ

(16)

XQHSULRULWpSOXW{WTXHODUDLVRQ/DYLHGHVIHPPHVPRGHVWHVHVWGHYHQXHXQHOXWWHFRQVWDQWH FDUODPRGHVWLHDFHVVpGrWUHXQHTXDOLWpQDWXUHOOHFKH]OHVIHPPHV(OOHHVWGHYHQXHXQ FRPSRUWHPHQWLQFLWpSDUGHVUqJOHVGHFRQGXLWHDUWLILFLHOOHV7RXWHIRLVVLOHVIHPPHV DYDLHQWODSRVVLELOLWpGDFTXpULUGHVFRQQDLVVDQFHVLQWHOOHFWXHOOHV©GHVSDVVLRQVHWGHVPRWLIV SOXVQREOHVUpJLURQWOHXUVDSSpWLWVHWOHXUVVHQWLPHQWVª:ROOVWRQHFUDIW

(QGHKRUVGHODVHQVLELOLWp:ROOVWRQHFUDIWDFULWLTXpODFRQGXLWHVXSHUILFLHOOHTXL SU{QDLWVRLGLVDQWODERQQHUpSXWDWLRQGXQHIHPPH'DQVVRQKXLWLqPHFKDSLWUH/D PRUDOLWpPLQpHSDUOHVQRWLRQVVH[XHOOHVGHOLPSRUWDQFHGXQHERQQHUpSXWDWLRQ

:ROOVWRQHFUDIWGpFODUHTXHOLQVWUXFWLRQGRQQpHDX[IHPPHVGHVHFRPSRUWHUGXQHFHUWDLQH PDQLqUHGDQVOHEXWGrWUHELHQUpSXWpHpWDLWXQV\VWqPHGHPRUDOLWpDUWLILFLHOTXL

HPSRLVRQQHUDLWODPRUDOHHWGpWUXLUDLWVD©VXEVWDQFHª

:ROOVWRQHFUDIWFUR\DLWTXHODFDXVHLQLWLDOHGHODGpJUDGDWLRQPRUDOHGHVIHPPHVpWDLW GHVKRPPHVVHQVXHOVTXLHVVD\DLHQWGHVpGXLUHOHVIHPPHVHWOHVIHPPHVDSSUHQDQWjSODLUH GHYLQUHQWWRXWDXVVLVHQVXHOOHV(QUpVXPp:ROOVWRQHFUDIWDIDLWYDORLUTXH©OHVGHX[VH[HVVH FRUURPSHQWPXWXHOOHPHQWHWVDPpOLRUHQWPXWXHOOHPHQWª(QRXWUH:ROOVWRQHFUDIWD H[KRUWpOHVKRPPHVjGpIHQGUHOHVIHPPHVTXLOVRQWWHQWpHV(OOHDVXJJpUpTX¶XQPR\HQV€U G¶DPpOLRUHUODPRUDOLWpIpPLQLQHVHUDLWGHIRXUQLUDX[IHPPHVGpVKRQRUpHVXQVXEVWLWXWjOD SURVWLWXWLRQSRXUDLQVLVHGpEDUUDVVHUG¶XQYLFHGpVDVWUHX[WDQWSRXUOHVSHUVRQQHVTXHSRXUOD PRUDOLWp

'HPrPH&KULVWDEHO3DQNKXUVWDDIILUPpTXHOHVIHPPHVpWDLHQWSOXVFKDVWHVTXHOHV KRPPHV(OOHVRXWHQDLWTXHORUVTXXQHIHPPHQpWDLWSDVFKDVWHHOOHpWDLWFRQVLGpUpHFRPPH XQHIHPPH©GpFKXHªHWUHMHWpSDUODVRFLpWpGLVWLQJXpH&HSHQGDQWOHVKRPPHVLPSXGLTXHV pWDLHQWFRQVLGpUpVFRPPHVRXPLVjOHXU©QDWXUHKXPDLQHªHWLOVQHGHYDLHQWSDVrWUH

FRQVLGpUpVFRPPHQRQFKDVWHVHQSUHPLHUOLHX(WDQWGRQQpODORJLTXHPDVFXOLQHXQHIHPPH

ϭϯ

(17)

TXLDFRPPLVODGXOWqUHVHWURPSDLWJUDYHPHQWTXHVRQPDULSRXUUDLWODGLYRUFHU(OOHQH SRXYDLWSDVXWLOLVHUOHPRWLIGHOD©QDWXUHKXPDLQHªSRXUVHGpIHQGUH1pDQPRLQVOHV

KRPPHVTXLYLVLWDLHQWIUpTXHPPHQWGHVSURVWLWXpHVWRXWDXORQJGHOHXUPDULDJHQHVXLYDLHQW TXHOHXUQDWXUHKXPDLQHHWQHPpULWDLHQWDXFXQHSXQLWLRQVHORQOHXUORJLTXHPDVFXOLQH3DU FRQVpTXHQW&KULVWDEHODFRQFOXTXHVHORQODYLVLRQTXHOHVKRPPHVDYDLHQWGHX[PrPHV©

/DQDWXUHKXPDLQHGHVIHPPHVHVWTXHOTXHFKRVHGHEHDXFRXSSOXVSURSUHSOXVIRUWª

(QRXWUH0OOH3DQNKXUVWDLQVLVWpGDQVVRQOLYUH'HVIDLWVVLPSOHVTXHOHVGHX[

PDODGLHVVH[XHOOHVWHOOHVTXHODJRQRUUKpHHWODV\SKLOLVpWDLHQW©OHVSUHPLqUHVFDXVHVGHOD GpJpQpUHVFHQFHSK\VLTXHPHQWDOHHWPRUDOHHWGXVXLFLGHUDFLDO&RPPHHOOHVVRQWWUqV UpSDQGXVGHjGHVKRPPHVLQIHFWpVSDUODJRQRUUKpHHWXQSRXUFHQWDJHFRQVLGpUDEOH GLIILFLOHjGpWHUPLQHUDYHFSUpFLVLRQLQIHFWpVSDUODV\SKLOLVOHSUREOqPHHVWGXQHDPSOHXU pSRXYDQWDEOHª'HSOXVHOOHDVXSSRVpTXHGDQVO¶HQVHPEOHOHVFRQMRLQWVLQIHFWpVpWDLHQW LJQRUDQWGHODPDODGLHTXLOVRQWFRQWUDFWpH/HVKRPPHVTXLRQWpYLWpGHGLUHOHVWHUPHV V\SKLOLVHWJRQRUUKpHGHYDQWOHXUVIHPPHVjFDXVHGHOHXUGpOLFDWHVVHQRQWSDVWURXYp LQGpOLFDWGHOHVFRQWDPLQHUDYHFOHVPDODGLHVWHUULEOHVSRXUSRUWDLHQWFHVQRPV%LHQ pYLGHPPHQWOHVVWDWLVWLTXHVDYDQFpVSDU3DQNKXUVWVHPEOHQWH[DJpUpHV1pDQPRLQVHOOHDYDLW SRXUREMHFWLYHGHSUpVHQWHUOHVIHPPHVFRPPHGHVpSRXVHVLQQRFHQWHVFKDVWHVHWSXUHVTXL pWDLHQWPDULpHVjGHVKRPPHVYLFLHX[LPPRUDX[HWLQFRQVLGpUpVTXLQKpVLWHUDLHQWSDVjOHV LQIHFWHUDYHFGHVPDODGLHVDXVVLKRUULEOHV

(QRXWUH0OOH3DQNKXUVWDUpIXWpOHVDIILUPDWLRQVGHVKRPPHVVHORQOHVTXHOOHVOD SURVWLWXWLRQpWDLWLQpYLWDEOHHWDDWWULEXpXQHWHOOHDIILUPDWLRQDXPDQTXHGHFRQQDLVVDQFHVHW GHVRSKLVPHGHVKRPPHV5HODWLRQGLVVROXHDYHFOHVSURVWLWXpHVFRPPHOHVKRPPHVRQW FKRLVLGHODSSHOHUOH[HUFLFHGHOHXUVIRQFWLRQVQDWXUHOOHVpWDLWODUDLVRQTXHOHVFDPSDJQHV FRQWUHODSURVWLWXWLRQpWDLHQWFRQVLGpUpHVFRPPHGHVFDPSDJQHVFRQWUHODQDWXUHKXPDLQH3DU DLOOHXUVOHVREVHUYDWHXUVTXLRQWIDLWYDORLUTXHOLPPRUDOLWpVH[XHOOHpWDLWGXHjGHVFDXVHV

ϭϰ

(18)

pFRQRPLTXHVHWTXHORUVTXHOHVKRPPHVSRXYDLHQWVHPDULHUODSURVWLWXWLRQGLVSDUDLVVDLWVH WURPSDLHQWSRXUGHX[UDLVRQV3UHPLqUHPHQWOHVKRPPHVULFKHVTXLSRXYDLHQWIDFLOHPHQWVH PDULHUpWDLHQWSUHVTXHDXVVLFRUURPSXVTXHOHVKRPPHVSDXYUHV'HX[LqPHPHQWOHV KRPPHVPDULpVHWOHVKRPPHVFpOLEDWDLUHVpWDLHQWDFFRPSDJQpVGHSURVWLWXpHV

(QILQGHFRPSWHOHVGHX[IpPLQLVWHVRQWDSSHOpOHVKRPPHVjrWUHSOXVYHUWXHX[HW FKDVWHV:ROOVWRQHFUDIWH[SOLTXH©4XHOHVKRPPHVGHYLHQQHQWSOXVFKDVWHVHWPRGHVWHVHWVL OHVIHPPHVQHGHYLHQQHQWSDVSOXVVDJHVGDQVOHPrPHUDSSRUWLOVHUDFODLUTXHOOHVRQWXQH FRPSUpKHQVLRQSOXVIDLEOHª:ROOVWRQHFUDIWHVWDOOpHSOXVORLQGDQVVDUpIOH[LRQHQ DIILUPDQWTXHVLOHVKRPPHVGHYHQDLHQWSOXVFKDVWHVOHVIHPPHVFHVVHUDLHQWG¶rWUHV©UXVHVª SRXUPDLQWHQLUHWJRXYHUQHUOHXUVKRPPHVOLEHUWLQV&HSHQGDQWODGHPDQGHGH0DU\

:ROOVWRQHFUDIWDX[KRPPHVG¶rWUHFKDVWHVDpWpODUJHPHQWGpSDVVpHSDUODGHPDQGHUDGLFDOH GH&KULVWDEHO3DQNKXUVW$SUqVDYRLUIDLWYDORLUGLYHUVHVRSLQLRQVGHPpGHFLQVRSLQLRQVTXL VRXWHQDLHQWVDSUpWHQWLRQTXHOHVPDODGLHVVH[XHOOHVpWDLHQWXQIOpDXLPSRUWDQW3DQNKXUVWD DSSHOpOHVIHPPHVjVDEVWHQLUGHVHPDULHUMXVTXjFHTXHOHVKRPPHVGHYLHQQHQWYHUWXHX[

(OOHDIDLWYDORLUTXHOHVVWDWLVWLTXHVTXHOOHDSUpVHQWpHVVXUODJRQRUUKpHHWODV\SKLOLV pWDLHQWXQHDOHUWHSRXUTXHOHVKRPPHVVDEVWLHQQHQWGHVHSURVWLWXHUF¶pWDLWXQ©

DYHUWLVVHPHQWDX[IHPPHVGXJUDYHGDQJHUGXPDULDJHWDQWTXHOHVQRUPHVPRUDOHVGHV KRPPHVFRQWLQXHQWGrWUHLQIpULHXUHVDX[OHXUVª$SSDUHPPHQW3DQNKXUVWDXWLOLVpOHV QRWLRQVYLFWRULHQQHVGHODPRUDOLWpGHVIHPPHVFRPPHDUPHFRQWUHOHVKRPPHV3XLVTXHOHV IHPPHVGHYDLHQWrWUHYHUWXHXVHVHWKRQRUDEOHVOHVKRPPHVGHYDLHQWrWUHpJDOHPHQWYHUWXHX[

HWKRQRUDEOHVVLOVYRXODLHQWOHVpSRXVHU/HVKRPPHVLPSXGLTXHVVRQWWRXWVLPSOHPHQWXQ GDQJHUSRXUODPRUDOLWpHWODVDQWpGHVIHPPHV

$SUqVVrWUHLPSRVpHVFRPPHSURIHVVHXUVGHPRUDOH0DU\:ROOVWRQHFUDIWHW

&KULVWDEHO3DQNKXUVWRQWODQFpXQDSSHOSRXUO¶pPDQFLSDWLRQGHVIHPPHVSRXUXQHPHLOOHXUH

ϭϱ

(19)

PRUDOLWp3RXUFRPPHQFHU:ROOVWRQHFUDIWHW3DQNKXUVWRQWFRQGDPQpODGRXEOHPRUDOHTXL H[LVWDLWDX[VHLQVGHOHXUVVRFLpWpVHWSODLGDLWSRXUXQHPRUDOHXQLTXHSRXUOHVKRPPHVHWOHV IHPPHV:ROOVWRQHFUDIWDSURSKpWLVpTXXQHIRLVTXXQHVHXOHPRUDOHpWDLWSDUWDJpSDUOHVGHX[

VH[HVOHVIHPPHVVHUpYpOHUDLHQWVRLWFRPPHFRPSDJQRQVGHVKRPPHVVRLWFRPPHOHXUV VXERUGRQQpHV:ROOVWRQHFUDIWDVRXKDLWpTXHOHVKRPPHVPHWWHQWOHVIHPPHVjOpSUHXYHHQ OHXUIRXUQLVVDQWXQHpGXFDWLRQORJLTXHHWUDWLRQQHOOHFRPPHFHOOHGHVKRPPHVHWQHMXJHU DORUVTXHOHUpVXOWDW

&HFLGLW0DU\:ROOVWRQHFUDIWDDSSHOpOHVKRPPHVjpGXTXHUOHVIHPPHVHWj DPpOLRUHUOHXUVFDSDFLWpVGHUpIOH[LRQORUVTXLOVFRQVWDWHQWOHXUUDWLRQDOLWp/HVKRPPHV GHYUDLHQWpJDOHPHQWIRXUQLUDX[IHPPHVODUHWHQXHFRQVWUXFWLYHHWpGLILDQWHGHODUDLVRQHW OHXUSHUPHWWUHGDWWHLQGUHXQUHVSHFWGHVRLSUpPpGLWpHQFUR\DQWTXHOOHVFRPSWHQW

XQLTXHPHQWVXU'LHX/HVIHPPHVGHYUDLHQWrWUHpGXTXpHVDYHFOHVKRPPHVjFHTXHOOHV GHYUDLHQWDFFpGHUjGHVUHVSRQVDELOLWpVSOXW{WTXHGHWHQWHUGHOHVUHQGUHSOXVDJUpDEOHVHQ

©GRQQDQW>«@XQVH[HjODPRUDOHª3OXVLPSRUWDQWHQFRUH:ROOVWRQHFUDIWDDSSHOpjXQH

©UpYROXWLRQGDQVOHVP°XUVGHVIHPPHVªjWUDYHUVXQHUHFRQVWUXFWLRQGDQVOpGXFDWLRQGHV ILOOHV/HVIHPPHVGHYUDLHQWDSSUHQGUHjIDLUHODGLVWLQFWLRQHQWUHODPRUDOHGHORQJXHGDWHHW ODPRUDOHIL[HHWHQWUHOHVFRPSRUWHPHQWVSUHVFULWVSDUODVRFLpWpFHVWjGLUHTXHOHVP°XUV GHVIHPPHVGHYUDLHQWrWUHIRQGpHVVXUXQHYpULWDEOHFRPSUpKHQVLRQGHODPRUDOHIL[HHWQRQ VXUXQHVLPSOHUpIOH[LRQGHVSURWRFROHVVRFLDX[GHFRPSRUWHPHQW8QHWHOOHSHUVSHFWLYHQH SRXUUDLWrWUHUpDOLVpHTXHSDUXQHpGXFDWLRQTXLFLEOHUDLWOHVIDFXOWpVGHUpIOH[LRQGHVIHPPHV SOXW{WTXHOHXUVVHQVLELOLWpV

1pDQPRLQV:ROOVWRQHFUDIWHVWDOOpHQFRUHSOXVORLQHQGRQQDQWXQSURJUDPPHGpWDLOOp GHVDYLVLRQGHOpGXFDWLRQ'¶DSUqVHOOHSRXUDPpOLRUHUOHFDUDFWqUHGHVKRPPHVHWGHV IHPPHVOHVJDUoRQVHWOHVILOOHVGRLYHQWrWUHVFRODULVpVHQVHPEOH(OOHDIDLWYDORLUTXHOHV JDUoRQVHWOHVILOOHVGHYUDLHQWrWUHDXWRULVpVjVXLYUHOHPrPHSURJUDPPH/RUVTXHFHODVH

ϭϲ

(20)

SURGXLWOHVGHX[VH[HVDSSUHQQHQWWUqVW{WODGpFHQFHJUDFLHXVHTXLJpQqUHODSXGHXU'HSOXV LOQ\DXUDLWSDVEHVRLQGLQVWUXFWLRQVVXUODSROLWHVVHHWOHGpFRUXPFDUHOOHVVHUDLHQW

UHPSODFpHVSDUXQHFRQGXLWHKDELWXHOOH

(QHIIHWOHVVXIIUDJHWWHVRQWpWpDFFXVpVGHFKHUFKHUODOLEHUWpVH[XHOOH6HORQGH QRPEUHX[FULWLTXHVOHYRWHSRXUOHVIHPPHVQ¶pWDLWSDVGHVWLQpjDPpOLRUHUODPRUDOLWpGHV KRPPHVPDLVjDEDLVVHUODPRUDOLWpGHVIHPPHV$FHWDUJXPHQW&KULVWDEHO3DQNKXUVWDpWp IRUWHPHQWRSSRVp(OOHDDIILUPpTXHOHVIHPPHVYRQWFHUWDLQHPHQWJDJQHUOHYRWHjFH PRPHQWOjOHVIHPPHVVHURQW©SOXVHWSDVPRLQVRSSRVpVTXHPDLQWHQDQWjIDLUHXQMRXHWGH VH[HHWGHQWUHUSDUKDVDUGGDQVODUHODWLRQVH[XHOOHª3DQNKXUVWDGpFODUpTXHOHV FRQVpTXHQFHVGXQHXQLRQVH[XHOOHVRQWVLLPSRUWDQWHVVLpWHQGXHVHWVLGXUDEOHVTXHOHV IHPPHVLQWHOOLJHQWHVHWLQGpSHQGDQWHVQHQWUHURQWGDQVXQHWHOOHXQLRQTXDSUqVP€UH UpIOH[LRQHWVHXOHPHQWHQSUpVHQFHGXQJUDQGDPRXUHWGXQHJUDQGHFRQILDQFH

/HVGLULJHDQWVHWPHPEUHVGHODVXIIUDJHWWHRQWSURPLVGHFRPEDWWUHOHVPDX[PRUDX[

DYHFOHXUERQQHPRUDOLWp&HSHQGDQWOHVFULWLTXHVPDVFXOLQVRQWUpSRQGXDX[DIILUPDWLRQV PRUDOHVGHVVXIIUDJHWWHVHQIDLVDQWYDORLUTXHVLOHVIHPPHVVHQJDJHDLHQWGDQVODSROLWLTXH OHXUPRUDOLWpVHUDLWFRUURPSXHjFDXVHGXGRPDLQHSROLWLTXHFRUURPSXHWQRXVSUpIpUHULRQV TXHQRVIHPPHVUHVWHQWWHOOHVTXHOOHVVRQW¬FHWDUJXPHQWOHVVXIIUDJHWWHVRQWUpSRQGXHQ DIILUPDQWTXHOHVSULQFLSHVPRUDX[GHVIHPPHVGDQVOHFRPPHUFHHWODSROLWLTXHVHUDLHQW FHUWDLQHPHQWGLIIpUHQWVGHFHX[GHVKRPPHV)3HWKLFN/DZUHQFH

,OIDXWGLUHTXH0DU\:ROOVWRQHFUDIWHW(PPHOLQH3DQNKXUVWVHFRQIRUPDLHQWDXU{OH WUDGLWLRQQHOGHVIHPPHVHQWDQWTX¶pSRXVHHWPqUH'DQVOHFKDSLWUH©ÇWUHGHERQQHVpSRXVHV HWGHVPqUHVFRPSDWLVVDQWHVªMHPHWVHQDYDQWOHIDLWTXH0DU\:ROOVWRQHFUDIWHW(PPHOLQH 3DQNKXUVWpWDLHQWFRQIRUPHVjFHUWDLQHVYDOHXUVGHPDWHUQLWpFHSHQGDQWGDQVOHFDV

G(PPHOLQH3DQNKXUVW-DLpWHQGXFHWDUJXPHQWSRXUWRXWHODSURSDJDQGHGX:6383RXU

ϭϳ

(21)

VRXWHQLUPRQDUJXPHQWDWLRQMDLH[SOLTXpFRPPHQWOHVGHX[IpPLQLVWHVGpIHQGDLHQWOHV IHPPHVPDULpVHWOHVPqUHVGDQVOHFDGUHGHOHXUFRQIRUPLWpVWUDWpJLTXH-¶DLpJDOHPHQW VRXOLJQpOHXUSURPRWLRQGHO¶pPDQFLSDWLRQGHVIHPPHVSRXUXQHPHLOOHXUHUHODWLRQPDULWDOHHW XQHPHLOOHXUHPDWHUQLWp)LQDOHPHQWMDLGpPRQWUpFRPPHQWOHVGHX[IpPLQLVWHVVHVRQW SUpVHQWpHVFRPPHXQH[HPSOHGHERQQHVpSRXVHVHWGHPqUHVFRPSDWLVVDQWHV

'DQVODVHFWLRQLQWLWXOpH©'pIHQGUHOHVpSRXVHVHWOHVPqUHVGHODQDWLRQªMDLVRXWHQX TXH0DU\:ROOVWRQHFUDIWVHFRQIRUPDLWDXU{OHG¶pSRXVHHWGHPqUHSDUVDGpIHQVHGHV pSRXVHVHWGHVPqUHVFRQWUHODFULWLTXHGX;9,,,HVLqFOH:ROOVWRQHFUDIWVHVWFRQFHQWUpHQ JUDQGHSDUWLHVXUODFULWLTXHGHVpFULYDLQVGXGL[KXLWLqPHVLqFOH6DGpIHQVHQHYLVDLWSDVj YDOLGHUHWjVRXWHQLUOHVHUUHXUVHWOHVGpIDXWVGHVpSRXVHVHWGHVPqUHVGHOpSRTXHPDLVYLVDLW jH[SOLTXHUMXVWLILHUHWUDWLRQDOLVHUOHXUVGpIDXWV(QSDUWLFXOLHU:ROOVWRQHFUDIWDIDLWYDORLU TXHOHVIDXWHVGHVpSRXVHVHWGHVPqUHVSRXYDLHQWWRXWHVrWUHDWWULEXpHVDXW\SHGpGXFDWLRQ TXHOOHVUHFHYDLHQWHWTXHOOHVSRXYDLHQWGRQFrWUHMXVWLILpHVHWH[FXVpHV:ROOVWRQHFUDIWD DIILUPpTXHOHVFRPSRUWHPHQWVHWOHVDWWLWXGHVGHVIHPPHVGpPRQWUDLHQWYLVLEOHPHQWTXHOHXU pWDWGHVSULWpWDLWGpIHFWXHX[8QWHOpWDWG¶HVSULWpWDLWG€DXV\VWqPHG¶pGXFDWLRQIDOODFLHX[TXL H[LVWDLWDX;9,,,HVLqFOHFRQoXVHORQOHSRLQWGHYXHGHVpFULYDLQV(OOHDVRXWHQXTXHFHV GHUQLHUVpFULYDLQVFRQVLGpUDLHQWOHVIHPPHVFRPPHXQVH[HSDVFRPPHGHVrWUHVKXPDLQV

&HVpFULYDLQVDWHOOHDIILUPp©RQWpWpSOXVVRXFLHX[GHQIDLUHGHVPDvWUHVVHVVpGXLVDQWHVTXH GHVpSRXVHVDIIHFWXHXVHVHWGHVPqUHVUDWLRQQHOOHVHWODFRPSUpKHQVLRQGXVH[HDpWpVL ERXLOORQQpHSDUFHWKRPPDJHVSpFLHX[ª

0DU\:ROOVWRQHFUDIWDpJDOHPHQWIDLWYDORLUTXHOHVKRPPHVQHGHYUDLHQWSDVDQWLFLSHU XQHFRPSDVVLRQQDWXUHOOHGHODSDUWGHVIHPPHVTXLSRXUUDLWOHVUHQGUHpSRXVHVHWPqUHV FRPSDWLVVDQWHVMXVTXjFHTXHOHVIHPPHVUHQRQFHQWjOHXUGpSHQGDQFHjOpJDUGGHVKRPPHV GDQVXQHFHUWDLQHPHVXUH7DQWTXHOHVIHPPHVGpSHQGUDLHQWFRPSOqWHPHQWGHOHXUFRQMRLQW HOOHVVHUDLHQWVRXUQRLVHVDVWXFLHXVHVHWpJRFHQWULTXHV>@/DFULWLTXHGH

ϭϴ

(22)

:ROOVWRQHFUDIWGHODGpSHQGDQFHGHVIHPPHVjOpJDUGGHVKRPPHVIDLVDLWSDUWLHGHVRQ UHSURFKHGHOpGXFDWLRQGHVIHPPHVDX;9,,,HVLqFOHTXLPHWWDLWODFFHQWVXUODGpSHQGDQFH QDWXUHOOHGHVIHPPHVjOpJDUGGHVKRPPHV'HSOXV:ROOVWRQHFUDIWDDIILUPpTXHOHVIHPPHV pWDQWVRXYHQWYLFWLPHVGHSUpMXJpVHOOHVUHVVHQWDLHQWUDUHPHQWXQDPRXUPDWHUQHOUDWLRQQHO (OOHVRQWPrPHLJQRUpOHXUSURJpQLWXUHRXVHVRQWOLYUpVjHX[DYHFXQHFOpPHQFHH[FHVVLYH

'DQVO¶HQVHPEOH0DU\:ROOVWRQHFUDIWGpIHQGDLWOHVpSRXVHVHWOHVPqUHVFRQWUHOHV FULWLTXHVGHVpFULYDLQVGX;9,,,HVLqFOHVXUODQRQGRPHVWLFDWLRQHWODQpJOLJHQFHHQYHUVOHXUV PDULVHWOHXUVHQIDQWVHOOHDWWULEXHOHVODFXQHVGHVIHPPHVjO¶pGXFDWLRQGpILFLHQWHGXGL[

KXLWLqPHVLqFOHTXLJrQHSOXW{WTX¶HQFRXUDJHODERQQHpSRXVHHWODPDWHUQLWp

'HPrPH(PPHOLQH3DQNKXUVWHQSDUWLFXOLHUHWOHVVXIIUDJHWWHVHQJpQpUDOVH

FRQIRUPDLHQWDXU{OHGHVpSRXVHVHWGHVPqUHVSDUOHXUGpIHQVHGHVpSRXVHVHWGHVPqUHV$X GL[QHXYLqPHVLqFOHOHVIHPPHVQHSRVVpGDLHQWSDVEHDXFRXSGHGURLWVHWHQFRUHPRLQV OpJDOLWpGHVGURLWVDYHFOHVKRPPHVHWSDUFRQVpTXHQWOHVVXIIUDJHWWHVMXJHDLHQWQpFHVVDLUHGH GpIHQGUHOHVGURLWVHWSULYLOqJHVTXHOHVpSRXVHVHWOHVPqUHVGH*UDQGH%UHWDJQHOHXUDYDLHQW pWpUHIXVpV

/HMRXUQDO:638DSURSDJpTXHOHVSUREOqPHVJUDYHVGHODSROLWLTXHEULWDQQLTXHQH SRXYDLHQWSDVrWUHUpVROXVGHPDQLqUHDSSURSULpHWDQWTXHOHSRLQWGHYXHGHVIHPPHVpWDLW LJQRUp&HVSUREOqPHVFRPSUHQQHQWODPRUWDOLWpLQIDQWLOHODGLVVLSDWLRQGHODYLHLQIDQWLOHOH WUDYDLOGHVIHPPHVPDULpHVOHFK{PDJHHWO¶HQWUHWLHQGHVSHUVRQQHVkJpHV(QRXWUHOD MRXUQDODIILUPDLWTXHOHVIHPPHVYHXOHQWOHYRWHFDUWDQWTXHODPDMRULWpGHVIHPPHVHQ

*UDQGH%UHWDJQHUHVWHURQWHQGHKRUVGHODUqQHSROLWLTXHHOOHVQHSRXUURQWSDVHQVHLJQHUDX[

HQIDQWVGHODQDWLRQOLPSRUWDQFHGHODOXWWHSRXUODOLEHUWpSDUFRQVpTXHQWOHVHQIDQWVGH FKDTXHJpQpUDWLRQRQWG€FRPSUHQGUHOHPrPHLGpDOSDUXQHGXUHH[SpULHQFH

ϭϵ

(23)

'HSOXVOHMRXUQDODDIILUPpTXHOHVVXIIUDJHWWHVYRXODLHQWOHYRWHSDUFHTXHOOHVpWDLHQW SDUWLFXOLqUHPHQWLQWpUHVVpVSDUOHQIDQFH3OXVSUpFLVpPHQWOHVVXIIUDJHWWHVVRXKDLWDLHQW PRGLILHUOHVUpJOHPHQWDWLRQVDIIHFWDQWOHPSORLGHVHQIDQWV(QRXWUHODFRQGLWLRQGHVpSRXVHV HWGHVPqUHVpWDLWWUqVLPSRUWDQWHSRXUOHPRXYHPHQWGHVVXIIUDJHWWHVQRWDPPHQWODVLWXDWLRQ ILQDQFLqUHGHVIHPPHVPDULpHV/HMRXUQDODVRXOLJQpODQpFHVVLWpGHSUHQGUHGHVPHVXUHV SRXUDPpOLRUHUODVLWXDWLRQILQDQFLqUHGHVIHPPHVGHODFODVVHRXYULqUHDLQVLTXHGHVIHPPHV GHODFODVVHPR\HQQH,ODIILUPDLWTXHOHVIHPPHVPDULpHVpWDLHQWOHVVHXOHVRXYULqUHVGRQWOH WUDYDLOH[WUrPHPHQWQpFHVVDLUHQpWDLWSDVUpPXQpUpHWHOOHFRQVLGpUDLWFHVWDWXWFRPPHXQH VRUWHGH©VHUYDJHª

2XWUHODGpIHQVHGHVGURLWVGHVpSRXVHVHWGHVPqUHV0DU\:ROOVWRQHFUDIWHWOHV GLULJHDQWVGHO:638RQWVXJJpUpXQHVROXWLRQHIILFDFHSRXUDPpOLRUHUODFRQGLWLRQGHV IHPPHVO¶pPDQFLSDWLRQ3OXVOHVIHPPHVpWDLHQWpPDQFLSpHVSOXVHOOHVVHUDLHQWPHLOOHXUHV pSRXVHVHWPqUHV&HUWHV:ROOVWRQHFUDIWDODUJHPHQWSUpFRQLVpO¶pPDQFLSDWLRQGHVIHPPHV SRXUXQHDPpOLRUDWLRQGHODPDWHUQLWp(OOHDDIILUPpTXHVLODOLEHUWpQHIDYRULVDLWSDV OLQWHOOHFWGHVIHPPHVOHVIHPPHVQHVHUDLHQWSDVHQPHVXUHGHFRPSUHQGUHOHXUV

UHVSRQVDELOLWpVHWGHSHUFHYRLUOHXULPSRUWDQFH'HSOXVjPRLQVTXHOHVIHPPHVQHVRLHQWGHV SDWULRWHVOHXUSURJpQLWXUHQ¶DSSUHQGUDSDVjFRPSUHQGUHODYpULWDEOHYDOHXUGXSDWULRWLVPH 3OXVLPSRUWDQWHQFRUHDXVVLORQJWHPSVTXHOHVIHPPHVRQWpWpSULYpHVGHOHXUVGURLWVFLYLTXHV HWMXULGLTXHVHOOHVQHVHUDLHQWSDVHQPHVXUHGHQVHLJQHUjOHXUVHQIDQWVODPRXUGHOKXPDQLWp L[

8QHIHPPHQRQpPDQFLSpHQHSRXUUDLWQRQVHXOHPHQWSDVrWUHXQHERQQHpSRXVHPDLV DXVVLHOOHQHGHYLHQGUDLWSDVXQHERQQHPqUH(QHIIHW:ROOVWRQHFUDIWDDIILUPpTXXQHIHPPH TXLDpWpLQVWUXLWHSRXUrWUHDJUpDEOHDX[\HX[GHVKRPPHVQHVHUDLWSDVXQHERQQHpSRXVH 8QHIRLVFHWWHIHPPHPDULpHHOOHGpFRXYULUDDXVVLW{WTXHOHFKDUPHHWO¶DWWLUDQFHSK\VLTXH TXHOOHDXUDLWHXVVXUVRQPDULVHVWRPSHQWUDSLGHPHQWHWTXHOOHQDXUDSOXVGHU{OHjMRXHU

ϮϬ

(24)

3DUFRQVpTXHQWFHWWHIHPPHDXUDVRLWVXIILVDPPHQWGHIRUFHSRXUFRQVLGpUHUVRQSURSUHELHQ rWUHHWSURPRXYRLUFHVFDSDFLWpVGHUpIOH[LRQTXHOOHDQpJOLJpVRXELHQHOOHSUDWLTXHUDLWODUW GHVpGXLUHGLIIpUHQWVKRPPHVDILQG¶RXEOLHUVDSDVVLRQHWVDYDQLWpTXLRQWpWpEOHVVpHV

$XVVL:ROOVWRQHFUDIWDVROOLFLWpOHVKRPPHVjDLGHUOHVIHPPHVGDQVOHXUTXrWHGH OpPDQFLSDWLRQHWjOHXUSHUPHWWUHGrWUHOHXUVFDPDUDGHVHWDVVRFLpV(OOHDDMRXWp©

6LOHVKRPPHVURPSDLHQWJpQpUHXVHPHQWQRVFKDvQHVHWVHFRQWHQWDLHQWGXQHFRPPXQLRQ UDWLRQQHOOHDXOLHXGXQHREpLVVDQFHVHUYLOHLOVQRXVWURXYHUDLHQWGHVILOOHVSOXV

REVHUYDWULFHVGHVV°XUVSOXVDIIHFWXHXVHVGHVpSRXVHVSOXVILGqOHVGHVPqUHVSOXV UDLVRQQDEOHVHQXQPRWGHPHLOOHXUHVFLWR\HQQHV$ORUVQRXVOHVDLPHULRQVDYHFXQH JUDQGHDIIHFWLRQFDUQRXVGHYURQVDSSUHQGUHjQRXVUHVSHFWHUHWXQKRPPHGLJQHQH VHUDLWSDVGpUDQJpSDUODYDQLWpRLVLYHGHVDIHPPHQLSDUVHVEpEpVHQYR\pVVHQLFKHU GDQVXQVHLQpWUDQJHQD\DQWMDPDLVWURXYpG¶DEULFKH]OHXUPqUHª

$LQVL:ROOVWRQHFUDIWDDSSHOpOHVKRPPHVjFRQWULEXHUjOpPDQFLSDWLRQGHVIHPPHV

'HPrPHOHVGLULJHDQWVGHOD:638RQWVRXWHQXOpPDQFLSDWLRQGHVIHPPHVSRXUXQ PHLOOHXUOLHQPDWHUQHOHWXQHPHLOOHXUHYLHFRQMXJDOH(QIDLWOD:638D\DQWUDVVXUpOHV SDUWLVDQVHWOHVRSSRVDQWVDIILUPHTXXQHIRLVOHVIHPPHVGHYHQXHVDIIUDQFKLHVODPDWHUQLWp HWODYLHFRQMXJDOHQHVHUDLHQWSDVOHPRLQGUHPHQDFpHV3DUWLFXOLqUHPHQWOHMRXUQDOGHOD :638DVRXOLJQpTXHOHVIR\HUVQHVHUDLHQWSDVQpJOLJpVjYUDLGLUH©/HVIHPPHVRQWGpMj REWHQXGHVYRL[PXQLFLSDOHVFHTXLQ¶DFRQGXLWjDXFXQHQpJOLJHQFHGHIR\HUV

(QRXWUH&KULVWDEHO3DQNKXUVWDVROOLFLWpOHVKRPPHVjILQG¶DLGHUOHVIHPPHVj

UHPSRUWHUGHVVXIIUDJHVSRXUSOXVLHXUVUDLVRQV3UHPLqUHPHQWOHVKRPPHVTXLVRQWSDUHQWVHW pSRX[GHYUDLHQWDVSLUHUjGHPHLOOHXUHVFRQGLWLRQVSRXUOHXUVIHPPHV'HX[LqPHPHQWOHV VDODLUHVEDVSHUoXVSDUOHVIHPPHVFRPSURPHWWDLHQWOHPSORLGHVKRPPHV7URLVLqPHPHQWOHV KRPPHVGHYUDLHQWYRXORLUTXHOHVIHPPHVUHPSRUWHQWOHYRWHVLOD*UDQGH%UHWDJQHGHYDLW

Ϯϭ

(25)

SRVVpGHUGHVKRPPHVVROLGHHWLQWHOOLJHQWLOGRLWrWUHpYLGHQWTXDXFXQHIIRUWQHVWMDPDLVIDLW SRXUIUHLQHUOHVSURJUqVGHVPqUHV(QRXWUHUHQGUHOHVIHPPHVSROLWLTXHPHQWUHVSRQVDEOHV OHVSODFHUDLHQWGDQVXQHPHLOOHXUHSRVLWLRQSRXUDSSUHQGUHjOHXUVHQIDQWVjrWUHGHVFLWR\HQV GLJQHVGHFHWWHJUDQGHQDWLRQª4XHOTXHVTXHVWLRQV

OD:638DVRXYHQWUpSpWpTXHOHPRXYHPHQWGHVVXIIUDJHWWHVQHYRXODLWSDVTXHOHV IHPPHVVRLHQWpJDOHVDX[KRPPHVTXHOOHVDEDQGRQQHQWOHXUU{OHWUDGLWLRQQHOGpSRXVHVHWGH PqUHVRXTXHOOHVUHQRQFHQWjOHXUIpPLQLWp'DQVXQDUWLFOHSXEOLpGDQV9RWHVIRU:RPHQ OpFULYDLQDLQFLWpOHVIHPPHVjUHMRLQGUHOHPRXYHPHQWGHVVXIIUDJHWWHVHQDIILUPDQWTXHOOHV QHUHQRQFHUDLHQWSRLQWjOHXUIpPLQLWpELHQH[LJpHSRXUOHVPHPEUHVGHFHPRXYHPHQW /DXWHXUDDMRXWp

1HODLVVH]SDVYRWUHILOOHYRWUHV°XURXYRWUHIHPPHGHUULqUHYRXVORUVTXHYRXVHQWUH]

GDQVFHPRXYHPHQW&HQHVWSDVXQHFURLVDGHDQWLKRPPHOHVIHPPHVTXLGHYLHQQHQW PHPEUHVVHEDWWHQWSRXUOHXUVSqUHVOHXUVPDULVHWOHXUVIUqUHVDLQVLTXHSRXUHOOHV PrPHVFDUFHVHUDEpQpILTXHDXVVLELHQSRXUOHVKRPPHVTXHSRXUOHVIHPPHVORUVTXH OHXUVSRLQWVGHYXHPXWXHOVVHURQWUHFRQQXVGDQVOHVFRQVHLOVGHOeWDW

$LQVLQRQVHXOHPHQWOHPRXYHPHQWGHVVXIIUDJHWWHVDQLpWRXWHDIILUPDWLRQVHORQODTXHOOH OHVpOHFWLRQVHQWUDvQHUDLHQWODQpJOLJHQFHGHVIHPPHVGHOHXUU{OHWUDGLWLRQQHOGpSRXVHVHWGH PqUHVPDLVLODpJDOHPHQWXWLOLVpFHVGHUQLqUHVQRWLRQVSRXUMXVWLILHUODQpFHVVLWpGHYRWH

3DUFRQVpTXHQWM¶DWWHVWHTXHOHVGHX[IpPLQLVWHVRQWWHQWpGHPHWWUHHQDYDQWOHXULPDJH GpSRXVHVHWGHPqUHVDILQGHUHQIRUFHUOHXUWKqVHODUHQGDQWSOXVFRQYDLQFDQWHHWDWWUD\DQWH 'DQVVHVOHWWUHVpFULWHVHQ6XqGHHQ1RUYqJHHWDX'DQHPDUN0DU\:ROOVWRQHFUDIWD UpYpOpGHSUqVVRQDIIHFWLRQHWVRQGpYRXHPHQWHQWDQWTXpSRXVH3RXUFHWWHUDLVRQOHVOHWWUHV TXHOOHDpFULWHVORUVGHVDYLVLWHHQ6FDQGLQDYLHTXLVRQWOHVSULQFLSDOHVOHWWUHVGXOLYUH pWDLHQWGHVWLQpHVjVRQPDUL*LOEHUW,POD\3RXUXQHDXWUHUDLVRQODYLVLWHGH:ROOVWRQHFUDIW

ϮϮ

(26)

HQ6FDQGLQDYLHYLVDLWjVDXYHUOHQWUHSULVHGHVRQPDUL%UHNNHHW0HH[LY

:ROOVWRQHFUDIWDSURXYpTXHOOHpWDLWXQHpSRXVHWUqVDIIHFWXHXVH&pWDLWXQHIHPPHSUrWHj YR\DJHUMXVTXHQ6FDQGLQDYLHSRXUUpJOHUOHVSUREOqPHVFRPPHUFLDX[GHVRQPDUL'HSOXV 0DU\:ROOVWRQHFUDIWDGpPRQWUpVRQDIIHFWLRQSOXVSURIRQGpPHQWGDQVVHVOHWWUHV(OOHD UpXVVLjFRQYDLQFUHVHVOHFWHXUVTX,POD\pWDLWEHOHWELHQVRQPDUL(QUpDOLWp:ROOVWRQHFUDIW DYDLWXQHUHODWLRQOLEUHDYHF,POD\HWQpWDLWMDPDLVPDULpHDYHFOXL%LHQTX,POD\DLWGHPDQGp VDPDLQHOOHDUHIXVpFDULODYDLWXQVWDWXWILQDQFLHULQIpULHXUDXVLHQHWHOOHQHVRXKDLWDLWSDV TXLOVRLWH[SRVpjODGpFRQYHQXHGHVDIDPLOOH(QRXWUHHOOHQHVRXKDLWDLWSDVTXLOGHYLHQQH UHVSRQVDEOHGHO¶pWDWILQDQFLHUTXHOOHDYDLWjOpSRTXH*RGZLQ

'HPrPH:ROOVWRQHFUDIWDWHQWpGHWUDQVPHWWUHVRQDIIHFWLRQPDWHUQHOOHjVHVOHFWHXUV 'DQVVHV/HWWUHVpFULWHVHQ6XqGH:ROOVWRQHFUDIWDPHQWLRQQpjSOXVLHXUVUHSULVHVVRQ

DWWHQWLRQVRQDIIHFWLRQHWVRQDPRXUHQYHUVVDILOOHGHPRLV)DQQ\7RXWHQFRQWHPSODQWOD EHDXWpGHOD6XqGHSDUH[HPSOH:ROOVWRQHFUDIWpWDLWIDVFLQpHSDUOHVSHQVpHVVDXYDJHVHWVRQ HVSULWLPPpGLDWHPHQWWRXUQDLWHQWUHpPRWLRQVHWSUpPRQLWLRQV3RXUWDQWWRXWDpWpLQWHUURPSX TXDQGHOOHDYXOH[FLWDWLRQGHVDSHWLWHILOOHjODUHFKHUFKHGHVIUDLVHVVDXYDJHV

:ROOVWRQHFUDIWDFRPPHQWp©/DMRLHGHPRQEpEppWDLWLQpJDOHLQGpSHQGDPPHQWGHV

SUpVDJHVRXGHVVHQWLPHQWVHOOHDWURXYpTXHOTXHVIUDLVHVVDXYDJHVSOXVLQWpUHVVDQWHVTXHGHV IOHXUVRXGHVIDQWDLVLHVª3DUFRQVpTXHQW:ROOVWRQHFUDIWDVXJJpUpTXHWRXWHVVHV

IDQWDLVLHVHWSHQVpHVGpFULYDLQpWDLHQWVXVSHQGXHVjODYXHGHFHWWHMRLH(QGDXWUHVWHUPHV HOOHDVXJJpUpTXHVRQDIIHFWLRQPDWHUQHOOHHWVRQLGHQWLWpGHPqUHpWDLHQWSOXVLPSRUWDQWHV TXHVRQLGHQWLWpGpFULYDLQ$LQVLVHVOHFWHXUVGHYDLHQWVHFRQWHQWHUTXHOHXUpFULYDLQpWDLW GDERUGXQHIHPPHHWXQHPqUHHWHQVXLWHXQpFULYDLQ

'HPrPH(PPHOLQH3DQNKXUVWpWDLWXQH[FHOOHQWH[HPSOHGXQHERQQHHWDIIHFWXHXVH pSRXVH0DLVFRQWUDLUHPHQWj:ROOVWRQHFUDIWOLPDJHGHOpSRXVHGH0PH3DQNKXUVWpWDLWSOXV YXHTXHQWHQGXH$XFRXUVGHVSUHPLqUHVDQQpHVGHVRQDFWLYLVPHSROLWLTXH0PH3DQNKXUVWD

Ϯϯ

(27)

ODUJHPHQWVRXWHQXVRQPDULµ5LFKDUG3DQNKXUVW¶GDQVVHVFDPSDJQHVSROLWLTXHV'HSOXV 0PH3DQNKXUVWpWDLWLPSDWLHQWHGHQYR\HUXQPHVVDJHVLJQLILFDWLIjVHVSDUWLVDQVHWjVHV GpWUDFWHXUVTXHOOHQpWDLWQXOOHPHQWRSSRVpHDXPDULDJHHWjODPDWHUQLWp(QUpDOLWp0PH 3DQNKXUVWDULGLFXOLVpORSLQLRQGHVFULWLTXHVVHORQODTXHOOHOHVVXIIUDJHWWHVXWLOLVDLHQWOH PLOLWDQWLVPHFRPPHFDQDOSRXUOHXUVYLHVPLVpUDEOHVHWGpSULPpHV$XOLHXGHFHODHOOHD VRXWHQXTXHFHSRLQWGHYXHQpWDLWSDVYUDLSRXUODSOXSDUWGHVVXIIUDJHWWHVHWFHUWDLQHPHQWSDV YUDLSRXUHOOH'DQVVRQ0DSURSUHKLVWRLUHHOOHSDUOHGHVDYLHGRPHVWLTXH SDUIDLWHSURFODPDQW

0DYLHGHIDPLOOHHWPHVUHODWLRQVRQWpWpDXVVLLGpDOHVTXHSRVVLEOHVGDQVFHWLPSDUIDLW PRQGH(QYLURQXQDQDSUqVPRQPDULDJHPDILOOH&KULVWDEHOHVWQpHHWjHQFRUHGL[

KXLWPRLVPDGHX[LqPHILOOH6\OYLDHVWYHQXHDXPRQGH'HX[DXWUHVHQIDQWV

UDSSURFKpHVHWHQTXHOTXHVDQQpHVMpWDLVSOXW{WSURIRQGpPHQWLPSOLTXpHGDQVPDYLH GRPHVWLTXH

$LQVL(PPHOLQH3DQNKXUVWDRXYHUWHPHQWPLVDXSRLQWVDYLHGRPHVWLTXHLGpDOHHWVD FDSDFLWpG¶rWUHXQHERQQHpSRXVHHWERQQHPqUH

1pDQPRLQVFRQFHUQDQWODFRQIRUPLWpGH0DU\:ROOVWRQHFUDIWHW(PPHOLQH3DQNKXUVW DX[LGpDX[GHODIpPLQLWpM¶DIILUPHTXHVL(PPHOLQH3DQNKXUVWVHFRQIRUPDLWODUJHPHQWj O¶DSSDUHQFHIpPLQLQH:ROOVWRQHFUDIWVHVWSUHVTXHFRPSOqWHPHQWUHEHOOpFRQWUHHOOH6XUOH SODQSHUVRQQHO:ROOVWRQHFUDIWSRUWDLWGHVYrWHPHQWVIpPLQLQVGX;9,,,HVLqFOH&HSHQGDQW HOOHDFULWLTXpOHVFRQVWUXFWLRQVGHODIpPLQLWpDX;9,,,HVLqFOHGDQVVHV'URLWVGHODIHPPH :ROOVWRQHFUDIWFUR\DLWTXHOHVLGpDX[GHODIpPLQLWpQXLVDLHQWDXFDUDFWqUHGHVIHPPHVHW YLVDLHQWVLPSOHPHQWjDJJUDYHUODGRPLQDWLRQGHVIHPPHVSDUOHVKRPPHV6DSRVLWLRQ SRXYDLWrWUHIDFLOHPHQWFRPSULVHHOOHVRXKDLWDLWVLPSOHPHQWTXHOHVIHPPHVGHYLHQQHQWSOXV UDWLRQQHOOHVTXHVHQVLEOHVHWSHUFHYDLWOHVLGpDX[GHODIpPLQLWpFRPPHXQREVWDFOHjOD

Ϯϰ

(28)

UpDOLVDWLRQGHFHWREMHFWLI$XFRQWUDLUH(PPHOLQH3DQNKXUVWYLVDLWjGLVFUpGLWHUODFFXVDWLRQ GHPDVFXOLQLWpODQFpHSDUVHVGpWUDFWHXUVHQPRQWUDQWVDIpPLQLWp

/¶KDELOOHPHQWOHVRLQG¶DSSDUHQFHODGpOLFDWHVVHHWODVHQVLELOLWpVRQWOHVQRWLRQVGH IpPLQLWpGLVFXWpHVSDU0DU\:ROOVWRQHFUDIW6XUOHSODQSHUVRQQHO0DU\:ROOVWRQHFUDIWVH FRQIRUPDLWDXFRGHYHVWLPHQWDLUHGX;9,,,HVLqFOHHWVRQVW\OHQpWDLWSDVGLIIpUHQWGHFHOXL GHVIHPPHVGHODFODVVHPR\HQQHGHOpSRTXH0DOJUpVHVHIIRUWVFRQIRUPLVWHVHOOHQpWDLWSDV ODPRLQVVDWLVIDLWHGHVLGpDX[GHIpPLQLWpGDQVVDVRFLpWp(QIDLW:ROOVWRQHFUDIWDFULWLTXpOHV VW\OHVYHVWLPHQWDLUHVGHOpSRTXHHWHVSpUDLWXQFKDQJHPHQWGHPRGH(QHIIHWGDQVVRQ 'URLWVGHODIHPPH:ROOVWRQHFUDIWDFRQGDPQpO¶DFFHQWPLVSDUOHVOLYUHVGHFRQGXLWHVXU O¶KDELOOHPHQWHWV¶HVWODUJHPHQWRSSRVpjOHXUVLGpDX[GHIpPLQLWp3DUFRQVpTXHQW

:ROOVWRQHFUDIWDWHQWpGHUpIRUPHUOHVQRWLRQVGHIpPLQLWpGX;9,,,HVLqFOHDXOLHXGHV\

FRQIRUPHU&HSHQGDQWMHFRQWLQXHUDLGDQDO\VHUVHVGpFODUDWLRQVVXUODIpPLQLWpHWGH FRPSDUHUVDSRVLWLRQDYHFFHOOHG(PPHOLQH3DQNKXUVW

6HORQ:ROOVWRQHFUDIWOLJQRUDQFHHVWODUDLVRQXOWLPHGHJR€W©VDXYDJHªGHVIHPPHV SRXUOHVUREHV:ROOVWRQHFUDIWVRXKDLWDLWSUpVHUYHUOHVMHXQHVIHPPHVGHODWWDFKHPHQW FRQWDJLHX[jODUREH(QSDUWLFXOLHUOHVIHPPHVIDLEOHVpWDLHQWSOXVVXVFHSWLEOHVGrWUH DVVHUYLHVSDUOHXUDGRUDWLRQGHODEHDXWpH[WpULHXUH/HVIHPPHVTXLFKHUFKDLHQWjSODLUHHQ XWLOLVDQWXQLTXHPHQWOHXUVFKDUPHVSK\VLTXHVHWQpJOLJHDLHQWDLQVLODWWUDLWLQWHOOHFWXHOpWDLHQW VDQVDXFXQGRXWHGHVIHPPHVIDLEOHV/HVIHPPHVGHYUDLHQWSRVVpGHU©ODUWPRUDOGHSODLUHª TXLQHSRXYDLWSURYHQLUTXHGXUHMHWGHOLJQRUDQFHHWGHODSUDWLTXHGHOHXUUDLVRQHWGHOHXUV FDSDFLWpVLQWHOOHFWXHOOHVDDIILUPp:ROOVWRQHFUDIW

'HSOXVDORUVTXHOHVKRPPHVWHQWHQWGHPHWWUHODFFHQWVXUOHXULQWHOOLJHQFHHWOHXUV FRQQDLVVDQFHVGDQVOHVUDVVHPEOHPHQWVOHVIHPPHVWHQWHQWGHPRQWUHUOHXUIpPLQLWpHWOHXU EHDXWp3DUFRQVpTXHQWOHVKRPPHVFRQVLGqUHQWTXHOHXUSULQFLSDODWRXWHVWOHXULQWHOOLJHQFH

Ϯϱ

(29)

WDQGLVTXHFHOXLGHVIHPPHVHVWODEHDXWp3DUFRQVpTXHQWOHVIHPPHVVRQWSOXVVRXFLHXVHVGH OHXUDSSDUHQFHSOXW{WTXHGHGpYHORSSHUOHXUVFDSDFLWpVLQWHOOHFWXHOOHV:ROOVWRQHFUDIW

3DUFRQVpTXHQW:ROOVWRQHFUDIWDUHMHWpWRXWHVOHVH[SUHVVLRQVIpPLQLQHVXWLOLVpHVSDUOHV KRPPHVSRXUDWWpQXHUO¶pWDWGHGpSHQGDQFHGHVIHPPHV(QRXWUHHOOHGpWHVWDLWODIDLEOH GpOLFDWHVVHGHOHVSULWODVHQVLELOLWpDGPLUDEOHHWODGRXFHXUGHFRPSRUWHPHQWTXLpWDLHQW WRXWHVFRQVLGpUpHVFRPPHGHVWUDLWVIpPLQLQVRXGHV©FDUDFWpULVWLTXHVVH[XHOOHVGXVH[H IDLEOHª:ROOVWRQHFUDIWDDIILUPpTXHODGpOLFDWHVVHpWDLWVXERUGRQQpHDX[YHUWXVHWTXH OXOWLPHHWORXDEOHDVSLUDWLRQGHYUDLWrWUHGDFTXpULUXQ©FDUDFWqUHHQWDQWTXrWUHKXPDLQ TXHOOHTXHVRLWODGLVWLQFWLRQGHVH[Hª

(QRXWUHO¶XQGHVLQFRQYpQLHQWVGHODVRXPLVVLRQGHVIHPPHVjXQIDX[V\VWqPHGH IpPLQLWpHVWODWHQGDQFHGHFHUWDLQHVIHPPHVjW\UDQQLVHUHWjGHYHQLUUXVpHV:ROOVWRQHFUDIWD DIILUPpTXHOHPEHOOLVVHPHQWGHVIHPPHVDYHFGHIDX[FKDUPHVOHVDLQFLWpHVjGHYHQLUGHV GHVSRWHVSHQGDQWXQFHUWDLQWHPSV&HODpWDLWG€DXIDLWTXHODSODFHGHWRXVOHVGpVLUVOHVSOXV ILQVpWDLWVDLVLHSDUODPRXU/HVRXFLSDUWLFXOLHUGHVIHPPHVpWDLWGHSDUDvWUHEHOOHVG¶LQVSLUHU GHVVHQWLPHQWVSOXW{WTXHGHO¶HVWLPHHWFHWWHWHQGDQFHLJQREOHDUXLQpOHXUFDUDFWqUHHWO¶D DIIDLEOL

1pDQPRLQVLOHVWLPSRUWDQWGHVRXOLJQHUTXH0DU\:ROOVWRQHFUDIWQHV¶RSSRVHSDVj O¶LQWpUrWQDWXUHOGHVIHPPHVSRXUODWHQXHYHVWLPHQWDLUHHOOHV¶RSSRVHVLPSOHPHQWjWRXW H[FqVOLpjFHWWHTXHVWLRQ(QRXWUHHOOHGpSORUDLWOHVYrWHPHQWVSRXUIHPPHVHWOHXUIpPLQLWp JOREDOHTXLDYDLHQWSOXVGLPSRUWDQFHTXHOHXUIDFXOWpGHFRPSUpKHQVLRQ&HSHQGDQWHOOH DGPLUDLWOHVIHPPHVGLVWLQJXpHVTXLVHSORQJHDLHQWUDUHPHQWGDQVODFRXWXUHHWQXWLOLVDLHQW TXHOHXUJR€W&RPPHFHVIHPPHVV¶LQWpUHVVDLHQWPRLQVDX[UREHVHOOHVSDVVDLHQWPRLQVGH WHPSVGHYDQWOHPLURLU'HSOXVXQHIRLVTXHOOHDLHQWILQLGHVHSUpSDUHUHOOHVV¶RFFXSDLHQW G¶DXWUHVDIIDLUHVVDQVWURSVHVRXFLHUGHOHXUDSSDUHQFH

Ϯϲ

(30)

&HSHQGDQWGDQVOHFDVG(PPHOLQH3DQNKXUVWODSSDUHQFHIpPLQLQHpWDLWOHSULQFLSDO DVSHFWGHODIpPLQLWpDXTXHOOHVGLULJHDQWVGHOD:638GDQVOHXUHQVHPEOHRQWWHQWpGHVH FRQIRUPHU(QSDUWLFXOLHU(PPHOLQH3DQNKXUVWpWDLWODPHLOOHXUHUHSUpVHQWDWLRQGHODUREHHW GHODSSDUHQFHIpPLQLQHV/HMRXUQDOGHOD:638pWDLWUHPSOLGHVHVSKRWRVHWGHFHOOHV GDXWUHVGLULJHDQWVGHOD:638WHOVTXH&KULVWDEHO3DQNKXUVWHW(PPHOLQH3HWKLFN/DZUHQFH SRUWDQWGHVYrWHPHQWVWUqVUDIILQpVHWIpPLQLQVTXLRQWDFFHQWXpOHXUORRNHWOHXUVLOKRXHWWH JOREDOHPHQWDWWLUDQWH'HSOXVOHMRXUQDO:638IDLVDLWGHJUDQGHVSXEOLFLWpVGHYrWHPHQWV IpPLQLQVjODPRGH(QIDLWOHMRXUQDODDQQRQFpjVHVSDUWLVDQVODFROOHFWLRQGHELMRX[

VXIIUDJHWWHGH0DSSLQJ :HEEDLQVLTXHG¶DXWUHVYrWHPHQWVpOpJDQWVTXLSRUWDLHQWOHV FRXOHXUVGHVVXIIUDJHWWHVYLROHWYHUWHWEODQF(QRXWUHGHVPDQWHDX[WHQGDQFHHW pOpJDQWVRQWpWpFRPPHUFLDOLVpV/HVPDQQHTXLQVVXUFHVSXEOLFLWpVSRUWDLHQWWRXMRXUVGHV FKDSHDX[jSOXPHVHWVHPEODLHQWWRXWHVEUDQFKpHVHWIpPLQLQHV(OOHVRQWpJDOHPHQWPLVjOD SRUWpHGXSXEOLFXQW\SHGHFRUVHWVSUDWLTXHVTXLDYDLHQWVFXOSWpOHFRUSVGHODIHPPHHQXQH VLOKRXHWWHSOXVDWWUD\DQWHHWIpPLQLQHVDQVUHVVHQWLUO¶LQFRQIRUWKDELWXHOGHVFRUVHWV9RWHV SRXU)HPPHV

3DUDLOOHXUVOHMRXUQDORIILFLHOGHOD:638DSURSDJpODIpPLQLWpGHVHVGLULJHDQWVHQ SDUWLFXOLHUFHOOHG(PPHOLQH3DQNKXUVW'DQVXQHpGLWLRQGH0PH3DQNKXUVWXQDUWLFOHSXEOLp GDQV9RWHVIRU:RPHQ(PPHOLQH3DQNKXUVWDpWpGpFULWHFRPPHXQH©MRXUQpHGpWpªHQ UDLVRQGHVDSHUVRQQDOLWpWHQGUHSDVVLRQQpHHWFRQYDLQFDQWH0PH3DQNKXUVWpWDLWpJDOHPHQW DGPLUpHSDUFHX[TXLO¶RQWFRQQXGHSUqVSRXUVDJUkFHHWVRQUDIILQHPHQW(QRXWUHO¶KDELOHWp HWODUDSLGLWppWDLHQWGHJUDQGVDWRXWVSRXU0PH3DQNKXUVW$SUqVXQORQJYR\DJHHOOHVH SUpSDUDLWUDSLGHPHQWHWVRUWDLWGXWUDLQ©DYHFXQHDSSDUHQFHLUUpSURFKDEOHHWELHQDGPLUDEOHª 'HSOXVVDUpDFWLRQGpWHQGXHIDFHjGHVSHUWHVUpFXUUHQWHVGXQFROLVRXGXQ

SDUDSOXLHVRQHVSULWSUDJPDWLTXHHWOHVDQJIURLGDYHFOHTXHOHOOHWUDLWHGHVSUREOqPHV PLQHXUVIRQWGHOOHXQHFRPSDJQHYUDLPHQWH[FHSWLRQQHOOH

Ϯϳ

(31)

3RXUFRQFOXUHODUWLFOHDIILUPDLWTX(PPHOLQH3DQNKXUVW©SRVVqGHODTXDOLWpOpJHQGDLUH FHVWjGLUHVRQPDJQpWLVPHSHUVRQQHOjOpFKHOOHKpURwTXHHVWLQFRQWHVWDEOHª(Q FRQVpTXHQFH0PH3DQNKXUVWDpWpSUpVHQWpHSDUOHMRXUQDO:638FRPPHXQPRGqOHLGpDOGH IpPLQLWp&HODJUkFHjODFFHQWPLVSDUOHMRXUQDOVXUODSUpRFFXSDWLRQG(PPHOLQH3DQNKXUVWD HXHSRXUODSSDUHQFHIpPLQLQHVHVPDQLqUHVUDIILQpHVHWVDSHUVRQQDOLWpLUUpVLVWLEOH

1pDQPRLQVODUREHIpPLQLQHQpWDLWSDVH[FOXVLYHDX[GLULJHDQWVGHOD:638HOOHGHYDLW pJDOHPHQWrWUHSDUWDJpHSDUOHVPHPEUHVGHO:638/HV3DQNKXUVWVRQWHQFRXUDJpOHV VXIIUDJHWWHVjVKDELOOHUGHPDQLqUHIpPLQLQHSRXUGLVFUpGLWHUWRXWHDOOpJDWLRQGHPDVFXOLQLWp 4XDQWjODUpDFWLRQGH0PH3DQNKXUVWjGHVVW\OHVYHVWLPHQWDLUHVTXLQHFRUUHVSRQGDLHQWSDV jVHVJR€WVXQPHPEUHGHO:638*UDFH5RHDGpFULWFRPPHQWHOOHGpVDSSURXYDLWODIDoRQ GRQWTXHOTXXQVKDELOOHHWHOOHGLWQRQQRQSDVGXWRXWHWHOOHVHUHWRXUQHUDLW,QWHUURJpVXU OHVW\OHGHYrWHPHQWVTXH0PH3DQNKXUVWQDSDUWLFXOLqUHPHQWSDVDLPp5RHDUpSRQGX TXHOOHQDLPDLWSDVOHVSXOOVHQSDUWLFXOLHUFHX[TXLpWDLHQWGpFROOHWpV'HWRXWHpYLGHQFH 0PH3DQNKXUVWpWDLWWUqVFRQVHUYDWULFHGDQVVRQJR€WSRXUODUREH(QIDLW5RHODGpFULW FRPPH©H[WUrPHPHQWYLFWRULHQQHªXQHGHVFULSWLRQTXHMHQDWWULEXHUDLVSDVjVDFRQIRUPLWp VWUDWpJLTXH1pDQPRLQVMHGLUDLVWRXMRXUVTXHODGLUHFWLRQGHOD:638YRXODLWSDUWDJHUVRQ JR€WFRQYHQWLRQQHOHWIpPLQLQSRXUODUREHDYHFOHUHVWHGHVPHPEUHVGHOD:638,OVRQW HQFRXUDJpHWLQVSLUpOHVVXIIUDJHWWHVjELHQVKDELOOHUHWjIDLUHGHOHXUPLHX[SRXUGLVFUpGLWHU OHXUVDGYHUVDLUHV6HORQ5RH©XQHVXIIUDJHWWHTXLVDLWFHTXHOOHIDLWHWF«VHUDODSHUVRQQHOD PLHX[KDELOOpHGHWRXWHODSLqFHSDVIRUFpPHQWGDQVGHVYrWHPHQWVFKHUVPDLVHOOHVDXUDELHQ VKDELOOHUª

'DQVFHWWHLQYHVWLJDWLRQMHYLVDLVjpYDOXHUOHVXFFqVGHOHXUVWUDWpJLHGHFRQIRUPLWp 3RXU\SDUYHQLUM¶DLpWXGLpODUpFHSWLRQFRQWHPSRUDLQHGHODFRQIRUPLWpGHVGHX[IpPLQLVWHV 'DQVOHFDVGH0DU\:ROOVWRQHFUDIWOHVUHYXHVGHSUHVVHRQWpWpJpQpUDOHPHQWSRVLWLYHVVXU VRQ°XYUHODSOXVUpYROXWLRQQDLUH'pIHQVHGHVGURLWVGHODIHPPH%LHQTXHODSOXSDUWGHV

Ϯϴ

(32)

FULWLTXHVDLHQWGHVUpVHUYHVVXUFHUWDLQHVGHVUHYHQGLFDWLRQVGH:ROOVWRQHFUDIWHOOHV

DSSUpFLHQWWRXMRXUVOHWUDYDLOGDQVVRQHQVHPEOH/H&ULWLFDO5HYLHZHVWOHVHXOPDJD]LQHTXL VHPEODLWVDLVLUOHVLQVLQXDWLRQVUDGLFDOHVGH:ROOVWRQHFUDIWDORUVTXHOHVDXWUHVPDJD]LQHVQH VHPEODLHQWSDVUHFRQQDvWUHODUDGLFDOLWpGHVRQWUDYDLO

1pDQPRLQVDSUqVODPRUWGH0DU\:ROOVWRQHFUDIWOHVHSWHPEUHVRQPDUL :LOOLDP*RGZLQSXEOLDVHVVRXYHQLUVGDQV6RXYHQLUVGHODXWHXUGHOD'pIHQVHGHVGURLWVGH ODIHPPH&HVVRXYHQLUVRQWUpYpOpOHVUHODWLRQVQRQFRQYHQWLRQQHOOHVGH:ROOVWRQHFUDIWHW O¶LOOpJLWLPLWpGHVRQHQIDQW'HSXLVVHV°XYUHVRQWpWpOXHVjODOXPLqUHGHVDYLHSHUVRQQHOOH HWO¶KpULWDJHTX¶HOOHDODLVVpDpWpFRQGDPQpSDUOHVFULWLTXHVGX;9,,,HVLqFOH&HSHQGDQWLO HVWLPSRUWDQWGHQRWHUTXHOHUHMHWXOWpULHXUGH:ROOVWRQHFUDIWDSUqVTXHVDYLHSULYpHDLWpWp H[SRVpHSURXYHTX¶HOOHDUpXVVLGDQVVDFRQIRUPLWp(OOHDUpXVVLjPDVTXHUVHV

UHYHQGLFDWLRQVUDGLFDOHVDYHFGHVUHYHQGLFDWLRQVFRQIRUPLVWHVSRXUUHFHYRLUGHVFULWLTXHV SRVLWLYHVSRXUVRQWUDYDLO1pDQPRLQVORUVTXHVDYLHDPRXUHXVHQRQFRQYHQWLRQQHOOHDpWp UpYpOpHOHVFULWLTXHVRQWVRXGDLQHPHQWUHPDUTXpVHVDIILUPDWLRQVUDGLFDOHV'¶XQDXWUHF{Wp /HVIDLWVVLPSOHVGH&KULVWDEHO3DQNKXUVWRQWpWpUHoXVQpJDWLYHPHQW&HSHQGDQWODFFXHLO QpJDWLIHVWYHQXSULQFLSDOHPHQWGHIpPLQLVWHVUDGLFDOHVTXLVHVRQWUHEHOOpHVFRQWUHOHVQRUPHV PRUDOHVGX;,;HVLqFOHWHOOHVTXH'RUD0DUVGHQHW5%.HUU&pWDLWXQHLQGLFDWLRQTXHVRQ OLYUHpWDLWFRQVHUYDWHXUHWFRQYHQWLRQQHO

(QRXWUHODIIHFWLRQPDWHUQHOOHHWIpPLQLQHGH0DU\:ROOVWRQHFUDIWDpWppYDOXpHSDUOD

%ULWLVK&ULWLFTXLDGpFULWVRQDIIHFWLRQSRXU,POD\FRPPH©OHFRXSGDIIHFWLRQGpSODFpH LQIOLJpHSDUXQPDULªTWGLQ/HWWHUV[[LY&HWWHUHYXHPRQWUHTXH:ROOVWRQHFUDIWDUpXVVLj WURPSHUVHVOHFWHXUVVXUODYpULWDEOHLGHQWLWpGH*LOEHUW,POD\7RXWHIRLVOHGpYRXHPHQW PDWHUQHOG(PPHOLQH3DQNKXUVWDpWpSULQFLSDOHPHQWVDOXpSDUVHVILOOHVFHTXLUHVWHVXEMHFWLI

Ϯϵ

(33)

3RXUWDQW0PH3DQNKXUVWpWDLWWUqVDSSUpFLpHSRXUVDFRQIRUPLWpjODIpPLQLWp1RQVHXOHPHQW (PPHOLQH3DQNKXUVWDYDLWUpXVVLjLQFLWHUVHVSDUWLVDQVjrWUHIpPLQLQHVPDLVHOOHDYDLW pJDOHPHQWLQVSLUpXQFHUWDLQQRPEUHGHIHPPHVjUHMRLQGUHVRQV\QGLFDW0PH3DQNKXUVWD PrPHUpXVVLjLPSUHVVLRQQHUFHUWDLQVGHVHVDGYHUVDLUHVWHOVTXH5HEHFFD:HVWTXLDIDLW VDYRLU©TX¶LOQ\DHXDXFXQHDXWUHIHPPHFRPPH(PPHOLQH3DQNKXUVW(OOHpWDLWEHOOH6RQ YLVDJHSkOHDYHFVDGpOLFDWHPkFKRLUHFDUUpHHWVHVWHPSHVDUURQGLHVUDSSHODLWODSHQVpHSDU VDIRUPHHWXQHVRUWHGHIOHXUYHORXWpHVXUOH[SUHVVLRQª'HSOXV5HEHFFDDDYRXpTXH0PH 3DQNKXUVWDYDLWUpXVVLjKDELOOHUVRQSHWLWFRUSVDYHFOpOpJDQFHGXQHIUDQoDLVHHWODJUkFH GXQHUHOLJLHXVH'HPrPH7HUHVD%LOOLQJWRQ*UHLJXQHDQFLHQQHVXIIUDJHWWHDWURXYp (PPHOLQH3DQNKXUVWXQHIHPPHLGpDOHLQFUR\DEOHPHQWEHOOHWUqVJHQWLOOHHWLQIOXHQWH

-HFURLVTXHFHWWHWKqVHDXVXMHWGHODFRQIRUPLWpHWODUpEHOOLRQHVWSOXVTXHOD UHFKHUFKHWKpRULTXHDXFRQWUDLUHLOSHXWGRQQHUXQDSHUoXSUDWLTXHHWGDQVOHPRQGHUpHO 3RXUGRQQHUXQH[HPSOHSOXVSUDWLTXHOHVPRXYHPHQWVIpPLQLVWHVEDVpVVXUXQPRGqOH RFFLGHQWDOGpJDOLWpHQWUHOHVKRPPHVHWOHVIHPPHVGDQVOHPRQGHDUDEHVRQWIDFLOHPHQW LJQRUpVHQIDYHXUGHVPRXYHPHQWVLVODPLVWHVIpPLQLVWHV%LHQTXHOHXUVREMHFWLIVHWOHXUV UHYHQGLFDWLRQVVRLHQWJpQpUDOHPHQWOHVPrPHVOHIDLWTXHOHVPRXYHPHQWVIpPLQLVWHV LVODPLTXHVSUpWHQGHQWWLUHUOHXUPRGqOHGHMXVWLFHGHODUHOLJLRQUHQGOHPRXYHPHQWSOXV DWWUD\DQWSRXUOHVKRPPHVHWOHVIHPPHV&HVWWRXWVLPSOHPHQWSDUFHTXHOHPRXYHPHQW DIILUPHVDFRQIRUPLWpDX[YDOHXUVUHOLJLHXVHVSUpH[LVWDQWHV,OVRXOLJQHTXHFHVWODFXOWXUHTXL VXEMXJXHOHVIHPPHVGDQVOHPRQGHDUDEHHWQRQODUHOLJLRQSDUFRQVpTXHQWOHV

UHYHQGLFDWLRQVUHOLJLHXVHVVRQWDYDQFpHVSRXUpUDGLTXHUOHVSUDWLTXHVFXOWXUHOOHVSOXV GRPLQDQWHVHWRSSUHVVLYHVTXLHQWUDYHQWOpPDQFLSDWLRQGHVIHPPHV

ϯϬ

(34)

1

Acknowledgements

First of all, I would like to express my deepest regards and appreciation to my supervisor Pr. Anne-Marie Motard for her guidance, support and encouragement throughout the last six years. I have been truly blessed to have a supervisor who provided me with all the support I could ever hope for. I would also like to thank all the members of EMMA,

particularly Mrs. Christine Reynier and Mrs. Isabelle Ronzetti who were always present when needed.

I am very grateful to my friend Fatima and her husband for their endless support and help. Thank you very much Fatima and Lounes, I am really overwhelmed with your

generosity! I am also grateful to my friend Selma with whom I shared all the good and bad moments of this thesis.

Besides, I would like to thank my family who provided me with all the stamina that

kept me going. I particularly thank my mother who always made me want to study harder just

to make her happier. Last but not least, I am very grateful to my husband and soulmate

Chaker for his relentless support and patience over the last six years. I really could not have

done it without you! Special thanks to my baby boy who woke me up daily at 3:00 AM to

study.

(35)

2

Abbreviations

Rights of Woman: A Vindication of the Rights of Woman Rights of Men: A Vindication of the Rights of Men

Letters Written in Sweden: Letters Written in Sweden, Norway, and Denmark An Historical and Moral View: An Historical and Moral View of the Origin and Progress of the French Revolution.

The Education of Daughters: Thoughts on the Education of Daughters: With Reflections on Female Conduct, in the more important Duties of Life.

Reflections: Reflections on the Revolution in France and on the Proceeding of Certain Societies in London Relative to that Event.

Rights of Men: Rights of Men: Being an Answer to Mr. Burke's Attack on the French Revolution.

Plain Facts: Plain Facts about a Great Evil

WSPU: The Women’s Social and Political Union

NUWSS: The National Union of Women's Suffrage Societies WFL: The Women’s Freedom League

LNA: The Ladies National Association

ODNB: The Oxford Dictionary of National Biography

(36)

3

Contents

Acknowledgements ... 1

Abbreviations... 2

Contents ... 3

Introduction ... 6

PART I: HISTORICAL AND THEORETICAL PERSPECTIVES OF THE RESEARCH ... 35

Chapter 1: Women in English Society from 1780 to 1928 ... 36 1. Class System, Social and Intellectual Status of Women... 37 2. Industrial Britain and Women’s Employment ... 50 3. Legal Status of Women ... 67 Chapter 2: Theoretical Framework ... 87 1. Feminism: Definitions, History and Theories ... 87 2. Radicalism: Notions and Contexts ... 109 3. Conformity: Concepts and Studies ... 117

PART II: MARY WOLLSTONECRAFT AND EMMELINE PANKHURST IN THEIR OWN TIMES ... 129

Chapter 1: Mary Wollstonecraft: The Life of a Rebel ... 130

1. The Outbreak of the French Revolution ... 140

(37)

4

2. The Impact of the French Revolution on Britain ... 144 3. A Revolutionary Writer ... 155 4. A Woman’s Rights Campaigner ... 165 5. A Rebel in Love ... 175 Chapter 2: Emmeline Pankhurst’s Struggle for the Vote ... 188

1. The Making of a Rebel ... 194 2. Suffrage Societies and Women’s Political Organizations ... 198 3. Disillusionment with Political Parties ... 201 4. ‘Actions Speak Louder than Words’! ... 205

PART III: CONFORMING TO WOMEN’S TRADITIONAL IMAGE ... 232

Chapter 1: Being Good Wives and Compassionate Mothers ... 247 1. The Perception of Women as Wives and Mothers in the Eighteenth and

Nineteenth Centuries ... 247 2. Defending the Wives and Mothers of the Nation ... 256 3. Emancipation for Better Wifehood and Motherhood ... 270 4. Mary Wollstonecraft and Emmeline Pankhurst as Wives and Mothers ... 283 Chapter 2: Dressed in Conformity ... 297 1. Ideals of Femininity in Eighteenth and Nineteenth Century Britain ... 297 2. The Elegant, Delicate and Genteel ‘Emmeline Pankhurst’ ... 313

PART IV: CONFORMITY IN RHETORIC AND PRACTICE, A

PRECARIOUS BALANCE?... 320

(38)

5

Chapter 1: Defending Morality... 321 1. Morality in the Georgian and Victorian Age ... 321 2. Conforming to Morality ... 329 3. Contemporary Reception ... 362 Chapter 2: Rebellion or Conformity? ... 381 1. Practicing Conformity ... 381 2. Conformity in the Light of Recent Historical Studies ... 390 3. Rebellion vs. Conformity ... 406 Conclusion ... 411

Appendix ... 421

Bibliography ... 431

Primary sources ... 431

Secondary Sources ... 444

Index ... 470

Résumé ... 472

(39)

6

Introduction

Both in the eighteenth and nineteenth centuries, women were socially, intellectually, financially, legally and politically inferior to men. Socially, married women were mainly supposed to preserve the home, take good care of their husbands and raise their children properly. Their intellect was considered deficient or at best different from that of men.

Consequently, they were to have different intellectual pursuits and their education was adopted to their feminine traits. On the economic level, working-class women did not enjoy equal pay with men while married middle-class women had access to very few careers in the eighteenth century and early nineteenth century. Legally, married women had no legal

existence of their own and were dependent on their husbands while unmarried women had no particular privileges in comparison. Politically, women were not represented, could not vote and could not be Members of Parliament.

Enraged by the political inequality and the social, economic and legal prejudices

experienced by women in the eighteenth century, Mary Wollstonecraft used her writing to

revolt against the degrading status of women. Likewise, Emmeline Pankhurst took a leading

role in the fight for women’s suffrage in the late nineteenth century and early twentieth

century through political activism. Mary Wollstonecraft’s claims for women’s emancipation

and Emmeline Pankhurst’s campaign for suffrage were often described as revolutionary and

radical. Regardless of Wollstonecraft and Pankhurst’s distinct modes of expression, different

demands and strength of argument, both aimed to enhance the condition of women in their

societies.

(40)

7

In their quest for women’s rights, the two feminists, Mary Wollstonecraft and Emmeline Pankhurst, rebelled against the status quo of women in their societies in various ways. On the one hand, Mary Wollstonecraft contested women’s legal status, financial dependence and intellectual inferiority. She also criticized marriage under eighteenth century conventions and insinuated her refusal to the latter institution. In real life, Mary

Wollstonecraft rebelled against the institution of marriage and engaged in free unions in two of her relationships. On the other hand, Emmeline Pankhurst challenged the social, economic, legal and political status of women. However, instead of campaigning against all the latter conditions, Emmeline Pankhurst preferred to exclusively campaign against the

disenfranchisement of women. Mrs. Pankhurst believed that winning the vote on the same basis as men will allow women to more efficiently enhance their overall status. Nonetheless, the essence of Mrs. Pankhurst’s rebellion lies in her adoption to violent and unconventional methods to winning the vote.

The rebellious nature of Mary Wollstonecraft’s works and Emmeline Pankhurst’s

actions was largely stressed by historians. However, this paper aims to stress not only the

rebellious but also the ‘conformist’ nature of their works and actions. I would argue that

Mary Wollstonecraft and Emmeline Pankhurst used not only rebellion but also conformity to

advance their feminist claims. I would contend that the two feminists attempted to fit some

prevailing views about the role of women. In other words, they endeavored to conform to

women’s traditional roles in their societies. Arguably, Mary Wollstonecraft and Emmeline

Pankhurst used ‘strategic conformity’ as a measure to disguise or at least alleviate their

radical claims and means, and thus indirectly further their revolutionary aims.

(41)

8

From the late eighteenth century until the early twentieth century, the social,

financial, intellectual and legal status of women differed according to their class and marital status. For instance, middle-class married women were expected to fulfill their roles as wives by obeying their husbands, bearing children, managing their homes with all the different chores it entailed, and exhibiting their femininity and gentility (Porter 28). In fact, the existence of two separate spheres largely explained the relationships between men and women, especially in the middle-class. Nevertheless, the system was a flexible one since many upper and middle-class women had access to professions such as writing and teaching.

Nevertheless, the situation of working-class women was rather different. These women had to contribute to the family income so they filled many jobs chiefly in domestic service. In the wake of the Industrial Revolution, women started working in factories. There, women endured dreadful conditions, long working hours and low income. In fact, women received half of men workers used to earn (Spielvogel 436). In general, working-class women filled manual jobs that required effort, time, and were badly paid.

Furthermore, women’s education was lacking in many aspects. While their brothers usually went to universities, many upper and middle-class girls had at best the privilege to join prominent boarding schools. Besides, these girls received a refined and genteel education, one that prepared them for an effective and gracious management of the home once married (Hill 45). Unfortunately, working-class girls were not usually sent to school due to their parents’ inability to pay for their education and the need for the paid work of their children (Porter 165). Moreover, girls’ education was different in nature from that of boys since it was believed that women had inferior and distinct intellectual capacities (Hill 45).

Therefore, girls’ education stressed their sensibilities instead of their logic, considering

(42)

9

women to be more sensitive than rational. Besides, it aimed to make them more suitable for marriage by teaching them homely responsibilities such as cooking and needlework (Hill 45).

In the meantime, women also suffered from an unfair legal system. Once married, women had no property rights because of the law of coverture, a law which made women legally attached to their husbands. The system of coverture almost denied women any legal existence or authority that was not sanctioned by their partners (Blackstone 441). This made separation extremely difficult for women especially as divorce laws were fairly unjust as well (Bristol 92). Moreover, women were denied the right to contribute in the making of their country’s legal system (Hill 108).

Furthermore, women possessed few political rights, if any. Throughout the eighteenth and nineteenth centuries, women regularly paid their taxes but they were still denied

representation. Women could not vote for the candidates they wanted to see in office (Blackstone 445). The question of women’s suffrage became vital by the mid-nineteenth century. The movement for women’s enfranchisement grew steadily with suffragists

1

demanding representation on the same basis as men. Initially, women’s suffrage was largely rejected, essentially on scientific and religious grounds. Scientific claims were founded on the belief that women were physically and mentally inferior to men while religious claims

considered women’s submission a natural phenomenon planned by God and epitomized by the New Testament (Black et al. 96).

Moreover, women were restricted by notions of morality, marriage, child-bearing and femininity. In the eighteenth century, women were urged to commit to certain moral traits of

1 Activists who campaigned for women’s suffrage peacefully; they were non-militant.

(43)

10

modesty, restraint, compliance, gracefulness and chastity. In the nineteenth century, however, women were believed to have already possessed these moral qualities. Women were

celebrated for their exalted morality and were instructed to carefully preserve the home, their holy sphere. Besides, in both centuries, the image of virtuous and good women was directly linked to the home. Women were increasingly expected to be domestic and devoted to their homely responsibilities (Abramovitz 118).

Good wives and mothers were celebrated in both centuries. Yet, eighteenth-century writers seemed to identify two types of wives and mothers. The first was dedicated to her home, husband and children. This was the reasonable and the domestic, one who was

affectionate, kind, compliant and pragmatic. The second was inattentive to her home, spouse and offspring. This was the fashionable and the nondomestic, one who was arrogant,

extravagant, obsessed by her appearance and by the world outside her home (193-4

2

, 126-7

3

).

Likewise, in the nineteenth century, dedicated wives and mothers were largely acclaimed. Women were assumed to be caring wives, affectionate mothers and intelligent managers of the household. The example of the moral, innocent and reputable wife and mother was the one that prevailed in conduct books of the period. These wives and mothers were deemed most suitable to help build a virtuous and wise nation (208

4

). In short,

nineteenth century women were celebrated for being good wives and mothers who preserved their homes in the best way. Nonetheless, conduct books’ counsel for women to uphold their

2 “A Reasonable Woman”. The Town and Country Magazine , Universal Repository of Knowledge, Instruction, and Entertainment. British Periodicals, Apr 1786, pp. 193-4.

3 “Character of the Domestic Woman, and Gadder abroad”. Walker's Hibernian magazine, or Compendium of Entertaining Knowledge, Aug 1790, pp. 126-27.

4 The Western Medical Reformer, Volumes 1 à 3. Ohio, the Medical Professors of Worthington College, 1837.

Références

Documents relatifs

Indeed, contrary to what has been argued in the political debate of the last twenty years, the ‘right of soil’ or jus soli – which means for those born on national territory

51 Letter from Dittrich to von Burgsdorff 9/23/1913.. national capital for a day, was barely mentioned in journalistic accounts of the day’s events. One can hypothesize that

Marc Renneville. The French Revolution and the Origins of French Criminology. Peter Becker et Robert Wetzell. The Criminal and their Scientists : The History of Criminology

In the Falck case, the far-sighted family champion of change Alberto Falck—with crucial support of the external CEO Achille Colombo—was able to de-escalate the family business

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des

After the failure of the June insurrection, the hegemony of the Constituent Assembly in the political decisions became total, as most forms of popular

Whatever side they were on. Whereas most of the time, we use the informal “tu” pronoun at the Assembly bar or in the lobby but not within committees. There was really a