&RPPHQWDLUHVG·H[SHUW&6DXVVLQH 30RXUDFDGH 6\QGURPHGHGRXOHXUYpVLFDOH

3URJUqVHQXURORJLH

‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

&$6&/,1,48(1ƒ

6\QGURPHGHGRXOHXUYpVLFDOH

30RXUDFDGH

6HUYLFHGH&KLUXUJLHXURORJLTXH1RXYHO+{SLWDO&LYLOSODFHGHO·+{SLWDO%3 6WUDVERXUJ&HGH[)UDQFH

&RPPHQWDLUHVG·H[SHUW&6DXVVLQH

6HUYLFHGHFKLUXUJLHXURORJLTXH1RXYHO+{SLWDO&LYLOSODFHGHO·+{SLWDO%3 6WUDVERXUJ&HGH[)UDQFH

&DVFOLQLTXH

$QDPQqVH

'DQVVHVDQWpFpGHQWVPpGLFDX[YRXVUHWURXYH]XQHÀEUR P\DOJLH­O·LQWHUURJDWRLUHYRXVUHWURXYH]XQHSROODNLXULH XQHQ\FWXULHHWGHVGRXOHXUVH[DFHUEpHVSDUOHVUDSSRUWV VH[XHOVPDLVVRXODJpHVSDUOHVPLFWLRQV/DSDWLHQWHYRXV UDFRQWHTX·HOOHDGpMjHXUHFRXUVjSOXVLHXUVVSpFLDOLVWHVHW SOXVLHXUVWUDLWHPHQWVPpGLFDPHQWHX[GHW\SHDQWDOJLTXH DQWLELRWLTXHRXDQWLLQÁDPPDWRLUHPDLVVDQVDPpOLRUDWLRQ (OOHYRXVPRQWUHGHVUpVXOWDWVG·H[DPHQF\WREDFWpULRORJLTXH GHVXULQHV(&%8UpDOLVpORUVGHVFULVHVGRXORXUHXVHVTXLVRQW QpJDWLIV9RXVUpDOLVH]XQH[DPHQFOLQLTXHTXLQHUHWURXYH DXFXQHDQRPDOLHHQGHKRUVG·XQSURÀOSV\FKRORJLTXHDQ[LHX[

/DEDQGHOHWWHXULQDLUHUpDOLVpHHQFRQVXOWDWLRQHVWQRUPDOH

0RWLIGHFRQVXOWDWLRQ

3DWLHQWHkJpHGHDQVTXLYLHQWFRQVXOWHUSRXUXQHJrQH HWGHVGRXOHXUVYpVLFDOHVHWSHOYLHQQHVDVVRFLpHVjGHVHQYLHV PLFWLRQQHOOHVpYROXDQWGHSXLVSOXVLHXUVDQQpHV

$XWHXUFRUUHVSRQGDQW

$GUHVVHHPDLOSDVFDOPRXUDFDGH#FKUXVWUDVERXUJIU30RXUDFDGH

4XHVWLRQV

TXHVWLRQ

4XHOVVRQWOHVpOpPHQWVGXWDEOHDXFOLQLTXHTXLIRQWpYR TXHUXQWDEOHDXGHV\QGURPHGHODGRXOHXUYpVLFDOHF\VWLWH LQWHUVWLWLHOOH6'9&,"

TXHVWLRQ

4XHOOHHVWODGpÀQLWLRQGX6'9&,"

TXHVWLRQ

4XHOVVRQWOHVFULWqUHVGLDJQRVWLTXHVGX6'9&,"

TXHVWLRQ

4XHOVVRQWOHVGLDJQRVWLFVGLIIpUHQWLHOVjH[FOXUHGHYDQWXQH VXVSLFLRQGH6'9&,"

TXHVWLRQ

< DWLO XQH LQGLFDWLRQ j UpDOLVHU XQH K\GURGLVWHQWLRQ YpVLFDOH"

30RXUDFDGHHWDO

TXHVWLRQ

4XHOOHHVWODSODFHGHVH[DPHQVFRPSOpPHQWDLUHVWHOVTXH OHELODQXURG\QDPLTXH%8'OHWHVWDX.&ORXOHVTXHVWLRQ QDLUHVGHV\PSW{PHJrQHFKH]FHWWHSDWLHQWH"

TXHVWLRQ

9RXVDYH]SRVpOHGLDJQRVWLFGH6'9&,FKH]FHWWHIHPPH 4XHOOHVVRQWOHVPRGDOLWpVGHWUDLWHPHQWSRVVLEOHV"

TXHVWLRQ

4XHOVVRQWOHVWUDLWHPHQWVRUDX[HWLQWUDYpVLFDX[TXLSHX YHQWrWUHSURSRVpV"

TXHVWLRQ

4XHOVVRQWOHVWUDLWHPHQWVFKLUXUJLFDX[TXLSHXYHQWrWUH SURSRVpVGHYDQWO·pFKHFGHVWUDLWHPHQWVSUpFpGHQWV"

5pSRQVHV 5pSRQVH

‡ 3DWLHQWGHVH[HIpPLQLQjFDVVXU

‡ 8QHJrQHRXGRXOHXUFKURQLTXHK\SRJDVWULTXHHWSHOYLHQQH DVVRFLpHDX[PLFWLRQVpYROXDQWGHSXLVSOXVGHPRLV

‡ 3ROODNLXULHGRQWXQHQ\FWXULHDYHFDXPRLQVXQOHYHU ODQXLW

‡ *rQHSHOYLHQQHG\VSDUHXQLHGRXOHXUYpVLFDOH

‡ 6RXODJHPHQWGHVGRXOHXUVHWGXEHVRLQSDUOHVPLFWLRQV

‡ $EVHQFHGHEU€OXUHVPLFWLRQQHOOHV

‡ (&%8VWpULOHV

‡ ,QHIÀFDFLWpGHVWUDLWHPHQWVDQWLELRWLTXHDQWLLQÁDPPD WRLUHDQWLFKROLQHUJLTXH

‡ $VVRFLDWLRQjG·DXWUHVV\QGURPHVFRPPHODÀEURP\DOJLH OHV\QGURPHGH6M|JUHQRXOHV\QGURPHGXF{ORQLUULWDEOH

‡ ([DPHQFOLQLTXHQRUPDO

5pSRQVH

/H6'9GpVLJQHSUpFLVpPHQWXQHGRXOHXUSHOYLHQQHXQH SUHVVLRQRXXQLQFRQIRUWFKURQLTXHpYROXDQWGHSXLVSOXVGH PRLVSHUoXVFRPPHpWDQWHQUHODWLRQDYHFODYHVVLHHW DFFRPSDJQpVDXPRLQVSDUXQGHVV\PSW{PHVXULQDLUHVWHOV TXHODSROODNLXULHRXXQHHQYLHPLFWLRQQHOOHSHUPDQHQWH 7RXVOHVV\PSW{PHVDVVRFLpVGRLYHQWrWUHUHFKHUFKpVHWOHV DXWUHVGLDJQRVWLFVGLIIpUHQWLHOVGRLYHQWrWUHH[FOXV

5pSRQVH

8QLQWHUURJDWRLUHTXLUHWURXYHXQHGRXOHXUSHOYLHQQHXQH SUHVVLRQRXXQLQFRQIRUWFKURQLTXHpYROXDQWGHSXLVSOXVGH PRLVSHUoXVFRPPHpWDQWHQUHODWLRQDYHFODYHVVLHHW DFFRPSDJQpVDXPRLQVSDUXQGHVV\PSW{PHVXULQDLUHVWHOV TXHODSROODNLXULHRXXQHHQYLHPLFWLRQQHOOHSHUPDQHQWH GRLWSRVHUOHGLDJQRVWLFjFRQGLWLRQG·DYRLUpOLPLQpWRXVOHV DXWUHVGLDJQRVWLFVGLIIpUHQWLHOV

/D V\PSWRPDWRORJLH GX 6'9&, HVW VRXYHQW ULFKH /HV V\PSW{PHV SRXU OHVTXHOV OHV SDWLHQWHV FRQVXOWHQW

FRPSUHQQHQWODSROODNLXULHLPSRUWDQWHDYHFHQPR\HQQH PLFWLRQVSDUMRXUODQ\FWXULHODGRXOHXUSHOYLHQQH ODJrQHSHOYLHQQHOHVVSDVPHVYpVLFDX[ODG\VSDUHXQLH /·XUJHQWXULH RXXUJHQF\GHV$QJOR6D[RQV QH IDLW SDV SDUWLHjQRWUHDYLVGHVV\PSW{PHVGX6'9&,FRQWUDLUHPHQW DX[GHVFULSWLRQVQRUGDPpULFDLQHV$XOLHXG·XUJHQWXULHOHV SDWLHQWHVDWWHLQWHVGH6'9&,GpFULYHQWSOXW{WXQHHQYLH PLFWLRQQHOOHTXDVLSHUPDQHQWHDOODQWGHODVLPSOHJrQH jXQHYpULWDEOHGRXOHXUTXLHVWVRXODJpHSDUODPLFWLRQ

&HVRXODJHPHQWSDUODPLFWLRQSDUIRLVIXJDFHHWUDUHPHQW SURORQJpHH[SOLTXHO·HPSUHVVHPHQWGHFHVSDWLHQWHVjYLGHU OHXUYHVVLHFHTXLHQWUDvQHODFRQIXVLRQDYHFO·XUJHQWXULH TXLHVWSOXW{WOHVLJQHHPEOpPDWLTXHGHO·K\SHUDFWLYLWp YpVLFDOH

/H VLqJH GH OD GRXOHXU HVW OH SOXV VRXYHQW OD UpJLRQ VXVSXELHQQHFHTXLODUDWWDFKHDSULRULjODYHVVLH0DLV SRXUFRQÀUPHUVRQRULJLQHYpVLFDOHLOIDXWV·DVVXUHUSDU GHVTXHVWLRQVSUpFLVHVTXHFHWWHGRXOHXUDXJPHQWHORUVGX UHPSOLVVDJHYpVLFDOHWV·DPpOLRUHDSUqVYLGDQJHGHODYHVVLH /DGRXOHXUSHXWDYRLUG·DXWUHVORFDOLVDWLRQVWRXWHQUHVWDQW OLpHDXF\FOHUHPSOLVVDJHYLGDQJHGHODYHVVLH6RQWDLQVL SDUIRLVUHVVHQWLVFRPPHpWDQWGRXORXUHX[OHYDJLQO·XUqWUH RXOHSpULQpH%HDXFRXSGHV\PSW{PHVHWHQSUHPLHUOLHX ODGRXOHXUVRQWDJJUDYpVSDUODPHQVWUXDWLRQHWOHVUDSSRUWV VH[XHOVFHTXLFRQGXLWOHVSDWLHQWHVjOHVUDUpÀHUYRLUHOHV LQWHUURPSUHGpÀQLWLYHPHQW

5pSRQVH

8QHIRLVOHGLDJQRVWLFGH6'9&,SRVpOHWHVWG·K\GURGLVWHQ VLRQYpVLFDOHDYHFELRSVLHVYpVLFDOHVGHYLHQWLQGLVSHQVDEOH SRXUFODVVHUOHVSDWLHQWHVHQVRXVJURXSHVGX6'9&,VHORQ OHVUpVXOWDWVREWHQXV7DEOHDX&HWWHFODVVLÀFDWLRQSHUPHW GHPLHX[FRPSDUHUOHVSDWLHQWHV

/HWHVWG·K\GURGLVWHQVLRQYpVLFDOHUpDOLVpREOLJDWRL UHPHQW VRXV DQHVWKpVLH JpQpUDOH FRPPHQFH SDU XQH H[SORUDWLRQF\VWRVFRSLTXHSXLVFRQVLVWHjUHPSOLUODYHVVLH DYHFGXVpUXPSK\VLRORJLTXHRXGHO·HDXDYHFXQHSUHVVLRQ GHFP+2MXVTX·jFHTXHOHGpELWGHUHPSOLVVDJHFHVVH SDUpTXLOLEUDWLRQGHVSUHVVLRQV/DGLVWHQVLRQYpVLFDOHGRLW rWUH PDLQWHQXH GHj PLQXWHV /RUVGXUHPSOLVVDJH SXLVDSUqVODYLGDQJHYpVLFDOHODYHVVLHHVWH[SORUpHj ODUHFKHUFKHGHSpWpFKLHVJORPpUXODWLRQVRXG·XOFqUHV GH+QQHU­FHVWDGHHWMDPDLVDYDQWODGLVWHQVLRQGHV ELRSVLHVYpVLFDOHVSURIRQGHVLQFOXDQWOHPXVFOHGpWUXVRU VRQWUpDOLVpHVVXUOHV]RQHVOHVSOXVSHUWXUEpHVDXPRLQV DXQRPEUHGHWURLV

5pSRQVH

/HV DXWUHV H[DPHQV FRPSOpPHQWDLUHV WHOV TXH OH ELODQ XURG\QDPLTXH OH WHVW DX .&O HW OHV TXHVWLRQQDLUHV Q·LQWHUYLHQQHQWSOXVGLUHFWHPHQWGDQVOHGLDJQRVWLFGH 6'9&,(QHIIHWFHVH[DPHQVVRQWSHXVSpFLÀTXHV­

WLWUHG·H[HPSOHODUpGXFWLRQGHODFDSDFLWpYpVLFDOHHW OD SUpVHQFH G·XQ SUHPLHU EHVRLQ PLFWLRQQHO SUpFRFH UHFKHUFKpHVSDUOHELODQXURG\QDPLTXHUHÁpWDLHQWXQH PDODGLHDYDQFpHPDLVO·DEVHQFHGHFHVVLJQHVQ·H[FOXDLW SDVOHGLDJQRVWLF(QUHYDQFKHFHWH[DPHQUHVWHLQGLTXp SRXUpOLPLQHUG·DXWUHVSDWKRORJLHVFRPPHXQHREVWUXFWLRQ VRXVYpVLFDOHRXXQHK\SHUDFWLYLWpGXGpWUXVRU/HWHVWDX

&DVFOLQLTXHQƒ6\QGURPHGHGRXOHXUYpVLFDOH

5pSRQVH

7DEOHDX'LDJQRVWLFGLIIpUHQWLHOGHYDQWXQ6'9&,

'LDJQRVWLFGLIIpUHQWLHO 'LDJQRVWLTXHURXpOLPLQHUSDU

&DUFLQRPHLQVLWX &\VWRVFRSLHDYHFELRSVLHYpVLFDOH

,QIHFWLRQXULQDLUHEDQDOH (&%8

,QIHFWLRQXULQDLUHSDUJHUPHVDW\SLTXHV&KODP\GLD WUDFKRPDWLV8UHDSODVPDXUHDO\WLFXP0\FRSODVPD KRPLQLV0\FRSODVPDJHQLWDOLXP&RU\QHEDFWHULXP XUHDO\WLFXP&DQGLGD

&XOWXUHVSpFLÀTXHjFKDTXHJHUPH

0\FREDFWHULXPWXEHUFXORVLV ­VXVSHFWHUVLS\XULHHW(&%8VWpULOH

&XOWXUHVSpFLÀTXHRX3&5

+HUSqVJpQLWDO+69HW+XPDQ3DSLOORPD9LUXV+39 ([DPHQFOLQLTXHjODUHFKHUFKHGHVOpVLRQVKHUSpWLTXHVRXGHV FRQG\ORPHVDXQLYHDXGHVYXOYHVGXYDJLQRXGXFROXWpULQRX GHO·XUqWUH

&\VWLWHUDGLTXH $QWpFpGHQWVGHUDGLRWKpUDSLH

&\VWLWHPpGLFDPHQWHXVHF\FORSKRVSKDPLGH $QWpFpGHQWVGHWUDLWHPHQWVSDUF\FORSKRVSKDPLGH 8QHREVWUXFWLRQVRXVYpVLFDOH 'pELWPpWULHHWPHVXUHGXUpVLGXSRVWPLFWLRQQHO

XUpWURF\VWRVFRSLH

/LWKLDVHYpVLFDOH (FKRJUDSKLHRXF\VWRVFRSLH

'LYHUWLFXOHXUpWUDO ([DPHQFOLQLTXHpFKRJUDSKLHHQGRYDJLQDOH

(QGRPpWULRVHSHOYLHQQHRXYpVLFDOH +LVWRLUHFOLQLTXH,50SHOYLHQQHF\VWRVFRSLHHWELRSVLHGH QRGXOHEOHXWp

&DQFHUYDJLQDOGXFROXWpULQRXGHO·XWpUXV ([DPHQFOLQLTXHFRQVXOWDWLRQJ\QpFRORJLTXHELRSVLH pFKRJUDSKLHSHOYLHQQH

+\SHUDFWLYLWpYpVLFDOH &OLQLTXHELODQXURG\QDPLTXHVLVXVSLFLRQ

&DQFHUSURVWDWLTXH 7RXFKHUUHFWDO36$HWELRSVLH +\SHUWURSKLHSURVWDWLTXH 'pELWPpWULHpWXGHSUHVVLRQGpELW 3URVWDWLWHFKURQLTXH +LVWRLUHFOLQLTXH(&%8

1pYUDOJLHSXGHQGDOH &OLQLTXHEORFDQHVWKpVLTXHGXWURQFGXQHUISXGHQGDOSRVLWLI

7DEOHDX1RXYHOOHFODVVLÀFDWLRQSRXUODVWDQGDUGLVDWLRQGHOD6'9&,

&\VWRVFRSLHDYHFK\GURGLVWHQVLRQ

1RQUpDOLVpH 1RUPDOH *ORPpUXODWLRQV /pVLRQVGH+QQHU

%LRSVLH 1RQUpDOLVpH ;; ; ; ;

1RUPDOH ;$ $ $ $

1RQFRQWULEXWLYH ;% % % %

3RVLWLYH ;& & & &

.&OHVWDVVRFLpjGHVIDX[QpJDWLIVDLQVLTXHGHVIDX[

SRVLWLIVHWVDUpDOLVDWLRQGDQVOHFDGUHG·XQELODQGH 6'9&,UHVWHRSWLRQQHOOH/HVTXHVWLRQQDLUHVUHVWHQWXWLOHV SRXUOHVXLYLGHVSDWLHQWHVDSUqVWUDLWHPHQW

5pSRQVH

3DUPLOHVGLIIpUHQWVWUDLWHPHQWVRQGLVWLQJXHFHX[DGPLQLV WUpVSDUYRLHRUDOHFHX[DGPLQLVWUpVSDUYRLHLQWUDYpVLFDOH HWOHVWUDLWHPHQWVFKLUXUJLFDX[

30RXUDFDGHHWDO

5pSRQVH

9RLU7DEOHDX

5pSRQVH

‡ 7UDLWHPHQWFKLUXUJLFDORXHQGRVFRSLTXH

‡ +\GURGLVWHQVLRQYpVLFDOHjYLVpHWKpUDSHXWLTXH

‡ 7R[LQHERWXOLTXHHQLQWUDYpVLFDO

‡ 1HXURPRGXODWLRQ

‡ &\VWHFWRPLHVXSUDWULJRQDOHHWDJUDQGLVVHPHQW

‡ &\VWHFWRPLHDYHFGpULYDWLRQXULQDLUH

&RPPHQWDLUHVG·H[SHUW3U6DXVVLQH

/H6'9&,UHVWHXQGLDJQRVWLFG·pOLPLQDWLRQ/·LPSRUWDQW HVW G·\ SHQVHU IDFH j XQH SROODNLXULH GRXORXUHXVH LQH[SOLTXpH /HV DXWRTXHVWLRQQDLUHV QH SHUPHWWHQW SDV GH IDLUH OH GLDJQRVWLF GH 6'9&, PDLV VRQW XWLOHV SRXU VXLYUH OHV SDWLHQWHV HW DSSUpFLHU OHV UpSRQVHV DX WUDLWHPHQW

/LHQVG·LQWpUrWV

30RXUDFDGHDGpFODUpQ·DYRLUDXFXQOLHQG·LQWpUrWVSRXU FHWDUWLFOH

&6DXVVLQH(VVDLVFOLQLTXHVHQTXDOLWpG·LQYHVWLJDWHXU SULQFLSDO FRRUGRQQDWHXU RX H[SpULPHQWDWHXU SULQFLSDO

&RXVLQ$VSLGH0HGLFDO(VVDLVFOLQLTXHVHQTXDOLWpGHFR LQYHVWLJDWHXUH[SpULPHQWDWHXUQRQSULQFLSDOFROODERUDWHXUj O·pWXGH$06('$35DSSRUWVG·H[SHUWLVHVH[SHUWGHODFRXU G·DSSHOGH&ROPDU$FWLYLWpVSRQFWXHOOHVGHFRQVHLO$OOHUJDQ

$06&RORSODVW*6.,QYLWDWLRQVjGHVFRQIpUHQFHVHQTXDOLWp G·DXGLWHXU²IUDLVGHGpSODFHPHQWHWG·KpEHUJHPHQWSULVHQ FKDUJHSDUXQHHQWUHSULVH3LHUUH)DEUH

5pIpUHQFHV

>@ 0RXUDFDGH36DXVVLQH&,QWHUVWLWLDOF\VWLWLV3URJ8URO

>@ 0RXUDFDGH36DXVVLQH&6\QGURPHGHODGRXOHXUYpVLFDOH F\VWLWHLQWHUVWLWLHOOHSK\VLRSDWKRORJLHGLDJQRVWLFHWWUDLWH PHQW(0&$

7DEOHDX7UDLWHPHQWSURSRVpVGDQVOH6'9&,

0pGLFDPHQW 'RVDJH

3HQWRVDQSRO\VXOIDWHGHVRGLXP PJùM

$PLWULSW\OLQH jPJSDUMRXUKDYDQWOHFRXFKHU

)OXR[HWLQH jPJSDUMRXU

*DEDSHQWLQH PJùM

&\FORVSRULQH$ PJNJùM

+\GUR[\]LQH jPJDXFRXFKHU

&LPpWLGLQH PJùM

'LPpWK\OVXOIR[LGH'062LQWUDYpVLFDO FFGH'062j

+pSDULQHLQWUDYpVLFDO j8,G·KpSDULQHGLOXpHGDQVFF

+\DOXURQDWHGHVRGLXPLQWUDYpVLFDO PJPO

/DUpVLQLIpUDWR[LQH57;LQWUDYpVLFDOH POG·XQHVROXWLRQGHõ0