(LQVWHLQRX3RLQFDUp "(LQVWHLQELHQV€U HWSHUVRQQHG¶DXWUH

)LQDOHPHQWTXLDGpFRXYHUWOD5HODWLYLWp "

(LQVWHLQRX3RLQFDUp "(LQVWHLQELHQV€U HWSHUVRQQHG¶DXWUH

*

/

)RQGDWLRQ/RXLVGH%URJOLH UXH0DUVRXODQ)3DULV

(Q SDUWDQW GDQV FH WLWUH G¶XQ MXJHPHQW DXVVL SpUHPSWRLUH MH PH VHQV REOLJpGHFRPPHQFHUSDUGLUHFHTXHMHSHQVHGH3RLQFDUp

+HQUL3RLQFDUpDIIHFWLRQQDLWODSK\VLTXHPDWKpPDWLTXHGRQWLOQ¶KpVLWDLW SDV j GLUH TX¶HOOH pWDLW XQH PqUH QRXUULFLqUH GHV PDWKpPDWLTXHV ,O OXL FRQVDFUDXQTXDUWGHVHVWUDYDX[FDULOIDXWFRPSWHUGHX[WRPHVVXUGL[GH VHV°XYUHVFRPSOqWHVRO¶RQWURXYHQRWDPPHQWO¶pOHFWURPDJQpWLVPHHWOHV GLVFLSOLQHVTXLV¶\UDWWDFKHQWPDLVG¶RHVWDEVHQWHODPpFDQLTXHGLVFLSOLQH UHLQHGHODSK\VLTXHTXLHVWFODVVpHDLOOHXUV2U3RLQFDUppWDLWSDVVpPDvWUH HQPpFDQLTXHHWOXLDFRQVDFUpRXWUHGHQRPEUHX[PpPRLUHVO¶XQGHVWURLV SOXV JUDQGV OLYUHV GH O¶KLVWRLUH GH OD 0pFDQLTXH SDUXV FKDTXH IRLV j XQ VLqFOH G¶LQWHUYDOOH OHV 3ULQFLSLD GH 1HZWRQ OD 0pFDQLTXH DQDO\WLTXH GH /DJUDQJH , HW OHV0pWKRGHV QRXYHOOHV GH OD PpFDQLTXH FpOHVWHGH3RLQFDUp

2QSHXWGLUHG¶+HQUL3RLQFDUpHWDYHFSOXVGHIRUFHHQFRUHFHTXHOH SKLORVRSKH (PLOH 0H\HUVRQ D GLW DYHF XQH VXEWLOH QXDQFH GH /RXLV GH

%URJOLH © 1RQVHXOHPHQWLODGXJpQLHPDLVLOHVWWUqVLQWHOOLJHQW ª-HGLUDL PrPH HQ PH SHUPHWWDQW XQH SHWLWH RXWUHFXLGDQFH TXH 3RLQFDUp pWDLW VL SURGLJLHXVHPHQW LQWHOOLJHQW TX¶LO GRQQDLW GDQV WRXV OHV GRPDLQHV

1'/5 $UWLFOHpFULWjO¶DLPDEOHLQYLWDWLRQGHOH5HYXHGHO¶pOHFWULFLWpHWGH O¶pOHFWURQLTXHHWSDUXGDQVOHQXPpURPDLS

O¶LPSUHVVLRQGXJpQLHDORUVTXHVRQJpQLHYpULWDEOHpWDLWTXDQGPrPHDYDQW WRXW HQ PDWKpPDWLTXH (W FRPPH LO pWDLW GRXp G¶XQH FXULRVLWp TXDVLPHQW XQLYHUVHOOHVRQLQWHOOLJHQFHV¶H[HUoDLWGDQVOHVGRPDLQHVOHVSOXVGLYHUV-H FURLV TXH V¶LO V¶pWDLW LQWpUHVVp DX SUREOqPH GHV VDXWHUHOOHV HQ $IULTXH LO DXUDLWGLWTXHOTXHFKRVHG¶LQWpUHVVDQW

8QH[HPSOHGHFHWWHpWRQQDQWHSpQpWUDWLRQG¶HVSULWQRXVHVWGRQQpSDUVD FRQWULEXWLRQ© LQFRQVFLHQWH ªjODWKpRULHGXPRQRS{OHPDJQpWLTXH&¶pWDLW GHX[DQVDSUqVTXH3LHUUH&XULHHQHXWSUpYXO¶H[LVWHQFHPDLV3RLQFDUpQH O¶DYDLWV€UHPHQWSDVOXHWQHSRXYDLWIDLUHOHOLHQDYHFVRQSURSRVTXHYRLFL 8Q SK\VLFLHQ VXLVVH %LUNHODQG DYDLW FRQVWDWp TX¶HQ LQWURGXLVDQW GDQV XQ WXEH GH &URRNHV XQ S{OH G¶DLPDQW LO IDLVDLW FRQYHUJHU OHV UD\RQV FDWKRGLTXHV 3RXU H[SOLTXHU OH SKpQRPqQH 3RLQFDUp pFULYLW OD SUHPLqUH pTXDWLRQGXPRXYHPHQWG¶XQHFKDUJHpOHFWULTXHGRQWO¶H[LVWHQFHQ¶pWDLWSDV HQFRUH SURXYpH VRXV O¶HIIHW GH OD IRUFH GH /RUHQW] G¶XQ S{OH PDJQpWLTXH DORUVTXHODIRUFHGH/RUHQW]YHQDLWG¶rWUHGpILQLH&HWWHpTXDWLRQpWDLWQRQ OLQpDLUHPDLVTX¶HVWFHTX¶XQHpTXDWLRQQRQOLQpDLUHSRXU3RLQFDUp ",OQ¶HQ ILW TX¶XQH ERXFKpH GDQV XQ EUHI IHX G¶DUWLILFH G¶LQWpJUDOHV SUHPLqUHV GH JpRPpWULH GLIIpUHQWLHOOH HW G¶DVWXFHV DOJpEULTXHV HW JpRPpWULTXHV /D 1RWH V¶LQWLWXODLW PRGHVWHPHQW © 5HPDUTXHV VXU XQH H[SpULHQFH GH 0

%LUNHODQG ª PDLV 3RLQFDUp WLUD GH VRQpTXDWLRQODGHVFULSWLRQJpRPpWULTXH GX SKpQRPqQH REVHUYp HW O¶LQFOXDLW DLQVL GDQV O¶pOHFWURPDJQpWLVPH GH 0D[ZHOO/RUHQW]

&HTXH3RLQFDUpQHSRXYDLWSDVUHPDUTXHUF¶HVWTX¶LOGpFULYDLWDLQVLOH PRXYHPHQW G¶XQH FKDUJH pOHFWULTXH GDQV OH FKDPS G¶XQ PRQRS{OH PDJQpWLTXHORXUGVLPSOHFKDQJHPHQWGHODQJDJHRXHQFRUHOHPRXYHPHQW G¶XQPRQRS{OHOpJHUGDQVOHFKDPSG¶XQHFKDUJHpOHFWULTXHORXUGHVLPSOH FKDQJHPHQW GH SRLQW GH YXH -¶HQ SXLV WpPRLJQHU SUqV G¶XQ VLqFOH SOXV WDUG M¶DL pFULW O¶pTXDWLRQ G¶XQ PRQRS{OH PDJQpWLTXH HQ LQWURGXLVDQW XQH MDXJH QRQ DEpOLHQQH GDQV O¶pTXDWLRQ GH 'LUDF &HOD VHPEOH WUqV ORLQ GH 3RLQFDUp 0DLV HQ FKHUFKDQW FH TX¶RQ DSSHOOH OD OLPLWH GH O¶RSWLTXH JpRPpWULTXH M¶DL WURXYp TX¶HOOH Q¶pWDLW DXWUH TXH O¶pTXDWLRQ GH 3RLQFDUp

&¶pWDLW XQ FHUFOH TXL VH UHIHUPDLW SUHVTXH j PRQ LQVX HW OH GpEXW G¶XQ

¯XYUHVFRPSOqWHVW;S&RPSWHVUHQGXVGHO¶$FDGpPLHGHV6FLHQFHVW S3LHUUH&XULH-RXUQDOGH3K\VLTXH^HVpULHW,,,S UHSURGXLWGDQV

$QQDOHVGHOD)RQGDWLRQ/RXLVGH%URJOLHS

UDWWDFKHPHQW j O¶H[SpULHQFH SXLVTXH O¶pTXDWLRQ GH 3RLQFDUp HVW H[SpULPHQWDOHPHQWFRQILUPpHSDUO¶HIIHW%LUNHODQG

&RPPHWRXWFHTXH3RLQFDUpDIDLWHQSK\VLTXHFHWWHWKpRULHSRUWDLWOD PDUTXH GH VRQ DXGDFH GH VD SpQpWUDWLRQ G¶HVSULW HW GH VD GRPLQDWLRQ PDWKpPDWLTXH0DLVFRQVFLHQWGHVOLPLWHVGHOD6FLHQFHLOGHYDLWpFULUHXQ MRXU

© /HV SRqWHV O¶HPSRUWHQW VXU QRXV /H KDVDUG G¶XQH ULPH IDLW VRUWLU XQ V\VWqPHGHO¶RPEUH ª

2UF¶HVWHQPDWKpPDWLTXHVTX¶LOpWDLWXQSRqWH/HJpQLHF¶HVWGHVDYRLU DYDQWGHFRPSUHQGUH&¶HVWVDYRLUG¶LQVWLQFWTXHF¶HVWOjTX¶LOIDXWSRVHUWHOOH SLHUUHFDULOV¶\pOqYHUDXQHFDWKpGUDOHHWTX¶LOQHIDXWSDVODSODFHUDLOOHXUV RXHQPHWWUHXQHDXWUH/HJpQLHHVWXQHGLYLQHVLPSOLFLWpTXLG¶XQFRXSIDLW HQWUHYRLUXQPRQGHRXTXLXQLWHQXQPrPHV\VWqPHGHVGRPDLQHVHQWLHUV GHODSHQVpHDXWRXUG¶XQVHXOSULQFLSH/HJpQLHF¶HVWDSHUFHYRLUOHGHGDQV GHVFKRVHVTXDQGWRXWOHPRQGHQ¶HQYRLWTXHODVXUIDFH

2QUHVSLUHFHODjFKDTXHOLJQHGDQVOHVPDWKpPDWLTXHVGH3RLQFDUp2Q FURLUDLWTXHOHVUpVXOWDWVOXLFRXOHQWHQWUHOHVGRLJWVFRPPHGHO¶HDXFODLUHHW O¶RQ VH GHPDQGH V¶LO FRQQDLVVDLW YUDLPHQW OHV PDWKpPDWLTXHV RX V¶LO OHV UpLQYHQWDLWjFKDTXHLQVWDQW6HVUDLVRQQHPHQWVpWRQQHQWSDUOHXUSURIRQGHXU HW OHXU DSSDUHQWH VLPSOLFLWp $LQVL ORUVTX¶LO GLW HQ FRPPHQoDQW XQH GpPRQVWUDWLRQ © 6LO¶RQVDYDLWWHOOHFKRVHOHWKpRUqPHVHUDLWpYLGHQW(WLO PRQWUHTXHF¶HVWOHFDV2UFHWWHFKRVHOjVHUDLWYUDLHVLWHOOHDXWUHO¶pWDLW

&H TX¶LO SURXYH HQ TXHOTXHV OLJQHV (W FHWWH GHUQLqUH VHUDLW YUDLH VL WHOOH DXWUH pWDLW SURXYpH ª ,O GpPRQWUH FH SRLQW HW OH WKpRUqPH WRPEH ,O Q¶DWWDTXHSDVXQHIDODLVHHQUHJDUGDQWOHEDVPDLVOHKDXWLOQHFKHUFKHSDV ODSUHPLqUHSULVHPDLVODGHUQLqUHTX¶LODSHUoRLWDXORLQSXLVFHOOHG¶RRQ SHXWO¶DWWHLQGUHHWHQUHGHVFHQGDQWDLQVLSDUOHUHJDUGWRXWHODYRLHGHYLHQW pYLGHQWH

-HQ¶DLMDPDLVVLELHQFRPSULVOHJpQLHGH 3RLQFDUpTXHJUkFHjXQHSHWLWH HUUHXUGHGDWHGH5HQp7KRPTXLP¶H[SULPDXQMRXUVRQDGPLUDWLRQSRXUOHV FpOqEUHV PpPRLUHV GH 3RLQFDUp6XU OHV FRXUEHV GpILQLHV SDU XQH pTXDWLRQ GLIIpUHQWLHOOH&HVPpPRLUHVFKHUFKHQWFHTXHO¶RQSHXWFRPSUHQGUHSDUGHV UDLVRQQHPHQWV JpQpUDX[ GH QDWXUH DQDO\WLTXH JpRPpWULTXH HW WRSRORJLTXH VXUOHVFRXUEHVGpILQLHVSDUXQHpTXDWLRQTX¶RQQHVDLWSDVUpVRXGUHFHTXL HVWOHFDVGHO¶LPPHQVHPDMRULWpGHVpTXDWLRQV

7KRP YR\DLW GDQV FHV PpPRLUHV O¶DFFRPSOLVVHPHQW GX JpQLDO PDWKpPDWLFLHQjODILQGHVDFDUULqUHDSUqVDYRLUH[SORUpWRXWFHTXLSRXYDLW

O¶rWUH© 0DLVQRQOXLGLV MHYRXVQ¶DYH]SDVYXODGDWH LODYDLWYLQJWFLQT DQV ª7KRP QH P¶DSDVFUXHWYRXOXWYpULILHU6WXSpIDLWLODUHFRQQXVRQ HUUHXUTXHOTXHVMRXUVSOXVWDUG

&¶HVW FHOD OH JpQLH GH 3RLQFDUp 0DLV MH YRXGUDLV SRXU WHUPLQHU GLUH IUDQFKHPHQWHQQHOXLUHWLUDQWULHQGHPRQDGPLUDWLRQ\FRPSULVSRXUVRQ

°XYUH HQ SK\VLTXH TXH MH QH FURLV SDV TXH GDQV FH GRPDLQH LO DLW IDLW SUHXYHG¶XQJpQLHpJDO2QSHXWSHQVHUTXHV¶LOHVWSDUIRLVXQSHXORXUGHW GLIILFLOH j VXLYUH F¶HVW TX¶LO VH VHUW GH QRWDWLRQV DQFLHQQHV TXL VH VRQW FRQGHQVpHVSDUODVXLWHVRXVXQHIRUPHTXLQRXVHVWGHYHQXHIDPLOLqUH0DLV LOHQHVWGHPrPHHQPDWKpPDWLTXHVHWRQOHOXLSDUGRQQHYRORQWLHUVDXQRP GHVRQJpQLH

1RQjYUDLGLUHV¶LOHVWSOXVORXUGHQSK\VLTXHTX¶HQPDWKpPDWLTXHF¶HVW TX¶LOQHUHWURXYHSDVHQSK\VLTXHVDOpJqUHWpG¶HOIHFHOOHGXJpQLH(LQVWHLQ DGLWXQMRXUTXHORUVTX¶LOpWDLWMHXQHLOVHVHQWDLWDXVVLIRUWHQPDWKpPDWLTXH TX¶HQSK\VLTXHPDLVTX¶LOV¶HVWDSHUoXTX¶HQPDWKpPDWLTXHLOQHVDYDLWTXH UDLVRQQHU GDQV GHV GRPDLQHV GpMj FRQQXV DORUV TX¶HQ SK\VLTXH LO DYDLW O¶LPSUHVVLRQ{FRPELHQFRQILUPpHSDUODVXLWH TX¶LOpWDLWFDSDEOHG¶LGpHV RULJLQDOHV-HSHQVHTXHO¶LQYHUVHSHXWVHGLUHGH3RLQFDUp

3RLQFDUpHW(LQVWHLQO¶XQFRPPHO¶DXWUHQRXVPRQWUHQWFKDFXQGDQVVRQ GRPDLQHFHTX¶HVWOHJpQLH (LQVWHLQDYDLWHQSK\VLTXHODPrPHVLPSOLFLWp ODPrPHpYLGHQFHGHUDLVRQQHPHQWODPrPHODUJHXUGHYXHTXH3RLQFDUpHQ PDWKpPDWLTXHV (Q PDWKpPDWLTXHV (LQVWHLQ SRXYDLW rWUH H[WUrPHPHQW KDELOH HW SURIRQG PDLV LO Q¶\ D MDPDLV RXYHUW GH EUDQFKH QRXYHOOH QL GpPRQWUp GH WKpRUqPH WUqV JpQpUDO 3DV SOXV TXH 3RLQFDUp Q¶HVW O¶DXWHXU G¶DXFXQHJUDQGHWKpRULHSK\VLTXH$ORUVRQREMHFWH ODUHODWLYLWp

-HSHQVHTXH3RLQFDUpDpWpDXVVLORLQHQUHODWLYLWpTXHSRXYDLWDOOHUXQ HVSULWVXSpULHXUHPHQWLQWHOOLJHQW0DLVODUHODWLYLWpF¶HVW(LQVWHLQHWOXLVHXO SRXUXQHUDLVRQWUqVVLPSOH&¶HVWTXHODUHODWLYLWpHVWXQHQRXYHOOHWKpRULH GH O¶HVSDFH HW GX WHPSV(WF¶HVWOXLTXLO¶DYX3HUVRQQHG¶DXWUH2QHQD PDLQWHSUHXYH

1L /RUHQW] QL 3RLQFDUp Q¶RQW GpGXLW OHV WUDQVIRUPDWLRQV GH /RUHQW] GH SULQFLSHV JpQpUDX[ /RUHQW] OHV D SRVpHVD SULRUL HW D PRQWUp TX¶HOOHV FRQVHUYHQW OD IRUPH GHV pTXDWLRQV GH 0D[ZHOO 3RLQFDUp OHV D SULVHV FKH]

/RUHQW]HWOHVFRQVLGqUHFRPPHGRQQpHV,OOHVUDWWDFKHFRPPH/RUHQW]DX[

PrPHVpTXDWLRQVGH0D[ZHOO

$X FRQWUDLUH (LQVWHLQ QH SDUW SDV GHV pTXDWLRQV GH 0D[ZHOO PDLV XQLTXHPHQWGHV GHX[SULQFLSHVGHUHODWLYLWpHWG¶LQYDULDQFHGHODYLWHVVHGH

OD OXPLqUHHW LO HQGpGXLW OHVWUDQVIRUPDWLRQV GH O¶HVSDFH HW GX WHPSVTXL GRLYHQW VH VXEVWLWXHU GDQV WRXWH OD SK\VLTXH DX[ WUDQVIRUPDWLRQV KDELWXHOOHVFRQQXHVHQPpFDQLTXH

&¶HVWjFHWHQGURLWSUpFLVTX¶RQFKDQJHGHSK\VLTXH3RLQFDUpSDUODLWGH SULQFLSHGHUHODWLYLWpHWOHFRQVLGpUDLWFRPPHLQpYLWDEOHPDLV(LQVWHLQVHXO V¶HQVHUYDLWGDQVOHVFDOFXOV3RLQFDUpFDOFXODLWGHIDFWRFRPPHVLODYLWHVVH GHODOXPLqUHpWDLWLQYDULDQWHDORUVTX¶(LQVWHLQOHSRVHHQORLIRQGDPHQWDOH HW V¶HQ VHUW H[SOLFLWHPHQW (WVXUWRXW(LQVWHLQFRQVWUXLWVDWKpRULHQRQSDV SRXULQWHUSUpWHUO¶H[SpULHQFHGH0LFKHOVRQPDLVSRXUFRPSUHQGUHODPHVXUH GHO¶HVSDFHHWGXWHPSV

&KH] 3RLQFDUp FRPPH FKH] /RUHQW] WRXW UHSRVH VXU OHV ORLV GH O¶pOHFWURPDJQpWLVPH /H IDPHX[ JURXSH GH /RUHQW] Q¶HVW TX¶XQH ORL GH WUDQVIRUPDWLRQTXLFRQVHUYHODIRUPHGHVpTXDWLRQVGH0D[ZHOOHWFHWWHORL HVWGHYLQpHSOXVTXHGpPRQWUpH

$XFRQWUDLUHFKH](LQVWHLQODWUDQVIRUPDWLRQGH/RUHQW] HVWGpPRQWUpHj SDUWLUGHVSULQFLSHVJpQpUDX[GHUHODWLYLWpHWG¶LQYDULDQFHGHODYLWHVVHGHOD OXPLqUH ,O HVW VHXO j pQRQFHU FH GHUQLHU SULQFLSH HW UHPDUTXH VXU XQ WRQ G¶pYLGHQFHTX¶LOHVWHQDSSDUHQFHFRQWUDLUHDXSULQFLSHGHUHODWLYLWp

/DFRQVWDQWHTXH3RLQFDUpGpVLJQHSDUHSVLORQHWTXLV¶LQWURGXLWGDQVOD WUDQVIRUPDWLRQ GH /RUHQW] HVW UHJDUGp SDU FHV GHX[ DXWHXUV FRPPH XQH FRQVWDQWHDUELWUDLUHGRQWO¶XQLTXHSURSULpWpHVWG¶rWUHLQIpULHXUHjO¶XQLWp

$X FRQWUDLUH FKH] (LQVWHLQ FHWWH FRQVWDQWH D XQH H[SUHVVLRQ SUpFLVHHW XQH VLJQLILFDWLRQ SK\VLTXH F¶HVW OH TXRWLHQWYF GH OD YLWHVVHYGX PRELOH SDUUDSSRUWjO¶REVHUYDWHXUSDUODYLWHVVHFGHODOXPLqUHGDQVOHYLGH

&HWWH GLIIpUHQFH HQWUH (LQVWHLQ G¶XQH SDUW HW /RUHQW] HW 3RLQFDUp GH O¶DXWUH HVW FDSLWDOH FDU HOOH SURYLHQW GX IDLW TXH SRXU (LQVWHLQ OD WUDQVIRUPDWLRQ GH /RUHQW] Q¶HVW SDV VHXOHPHQW XQH ORL G¶LQYDULDQFH GHV pTXDWLRQVGH0D[ZHOOGRQWLOQHSDUOHPrPHSDVjFHWHQGURLW F¶HVWXQH FRQVpTXHQFHGHVDFRQFHSWLRQJpQpUDOHGHO¶HVSDFHHWGXWHPSVGDQVODTXHOOH OHVpTXDWLRQVGH0D[ZHOOV¶LQVpUHURQWSDUODVXLWH

$XWUHPHQWGLWF¶HVWXQQRXYHDXFDGUHGRQQpjWRXWHODSK\VLTXHHWQRQ SDVXQHSURSULpWpGHWHOOHWKpRULHSDUWLFXOLqUH

2QSHXWHQGLUHDXWDQWGHODFRQWUDFWLRQGH/RUHQW]F¶HVWjGLUHGXIDLW TXH OD QRXYHOOH ORL GH WUDQVIRUPDWLRQ GH O¶HVSDFH HW GX WHPSV D SRXU FRQVpTXHQFH TX¶XQ REVHUYDWHXU HQ PRXYHPHQW UHFWLOLJQH HW XQLIRUPH

SDUDOOqOHPHQWjXQHUqJOHULJLGHYHUUDFHWWHUqJOHSOXVFRXUWHTXHVLFHOOHFL UHVWDLWLPPRELOHSDUUDSSRUWjO¶REVHUYDWHXU

&HWWHFRQWUDFWLRQHVWPLVDXFHQWUHGHODWKpRULHSDU/RUHQW]HW3RLQFDUp TXL OD WUDLWHQW FRPPH V¶LO V¶DJLVVDLW G¶XQH FRPSUHVVLRQ SK\VLTXH GXH j TXHOTXH IRUFH H[WpULHXUH $X FRQWUDLUH FKH] (LQVWHLQ FHWWH FRQWUDFWLRQ HVW VLJQDOpHDXSDVVDJHFRPPHXQVLPSOHHIIHWFLQpPDWLTXH

(QWUHOHVGHX[SRLQWVGHYXHLO\DODPrPHGLIIpUHQFHTX¶HQWUHO¶LGpHGH WUDLWHU OD UpGXFWLRQ DSSDUHQWH GHV REMHWV ORLQWDLQV FRPPH XQH GLPLQXWLRQ YpULWDEOHGHOHXUVGLPHQVLRQVHWOHIDLWGHQ¶\YRLUTX¶XQVLPSOHUpVXOWDWGHOD SHUVSHFWLYHGRQFG¶XQHSURSULpWpJpRPpWULTXHHWQRQG¶XQHPRGLILFDWLRQGH O¶REMHWREVHUYp

1RWRQV pJDOHPHQW TXH OD UHODWLYLWp GRQF OD WUDQVIRUPDWLRQ GH /RUHQW]

HQWUDvQHTXHVLXQREMHWVHGpSODFHSDUUDSSRUWjXQREMHWTXLOXLPrPHVH GpSODFH SDU UDSSRUW j XQ DXWUH DYHF XQH YLWHVVH SDUDOOqOH j OD SUHPLqUH OD YLWHVVHGXSUHPLHUREMHWSDUUDSSRUWDXWURLVLqPHQHVHUDSOXVODVRPPHRXOD GLIIpUHQFH GHV YLWHVVHV SUpFpGHQWHV FRPPH QRXV \ VRPPHV DFFRXWXPpV

&¶HVW XQH H[SUHVVLRQ EHDXFRXS SOXV FRPSOLTXpH TX¶RQ DSSHOOH OD © ORL GH FRPSRVLWLRQUHODWLYLVWHGHVYLWHVVHV ª

&H UpVXOWDW VH WURXYH GDQV OH IDPHX[ DUWLFOH G¶(LQVWHLQ GH 2Q SUpWHQG TX¶LO VH WURXYH DXVVL FKH] 3RLQFDUp OD PrPH DQQpH 0DLV F¶HVW FRPSOqWHPHQW IDX[ FDU V¶LO HVW YUDL TXH 3RLQFDUp WURXYH XQH IRUPXOH PDWKpPDWLTXHPHQW DQDORJXH LO V¶DJLW VHXOHPHQW GX FDOFXO GH OD FRQVWDQWH HSVLORQGRQWQRXVSDUOLRQVSOXVKDXWTXLV¶LQWURGXLWHQO¶RFFXUUHQFHGDQV XQH WUDQVIRUPDWLRQ GH /RUHQW] UpVXOWDQW GH GHX[ WUDQVIRUPDWLRQV VXFFHVVLYHV OH HSVLORQ FKHUFKp HVW XQH IRQFWLRQ GHV GHX[ HSVLORQV SUpFpGHQWVHWODIRUPXOHHVWFHOOHOjPrPHTX¶REWLHQW(LQVWHLQSRXUODYLWHVVH UpVXOWDQWHGXGHUQLHUREVHUYDWHXUSDUUDSSRUWDXSUHPLHUHQWHQDQWFRPSWHGH O¶REVHUYDWHXULQWHUPpGLDLUH

0DLVLO\DXQHGLIIpUHQFHUDGLFDOHHQWUHOHUpVXOWDWG¶(LQVWHLQHWFHOXLGH 3RLQFDUp SRXU OH SUHPLHU LO V¶DJLW GH OD FRPSRVLWLRQ GH GHX[ YLWHVVHV UHODWLYHV WDQGLV TXH SRXU OH VHFRQG LO V¶DJLW VHXOHPHQW GX FDOFXO G¶XQ SDUDPqWUH DEVWUDLW VDQV VLJQLILFDWLRQ SK\VLTXH j SDUWLU GH GHX[DXWUHVWRXW DXVVLDEVWUDLWV

&HWWHGLIIpUHQFHV¶DFFXVHHQFRUHGXIDLWTXHFKH]3RLQFDUpFRPPHFKH]

/RUHQW]O¶pWKHUHVWFRQVHUYpHQDUULqUHSODQGHODWKpRULHWDQGLVTX¶(LQVWHLQ OH VXSSULPH GqV OH GpEXW HW VXSSULPH SDU Oj PrPH WRXWH SRVVLELOLWp GH PRXYHPHQW DEVROX &KH] OXL VHXOV OHV PRXYHPHQWV UHODWLIV GHPHXUHQW 2Q

SHXWYUDLPHQWGLUHTXHF¶HVWDYHFOXLTXHODUHODWLYLWpFRPPHQFHHWQRQDYHF 3RLQFDUpTXLFHUWHVHQSDUOHPDLVQ¶\YRLWTX¶XQHVSRLUORLQWDLQ

(WF¶HVWSRXUFHWWHUDLVRQOjTXHGHX[DQVSOXVWDUG(LQVWHLQpWDLWGpMj ODQFp GDQV OD UHODWLYLWp JpQpUDOH ELHQ TX¶LO Q¶\ I€W HQFRUH TXHVWLRQ QL G¶HVSDFH GH 5LHPDQQ QL GH WHQVHXU QL G¶LQYDULDQW PDLV VHXOHPHQW G¶LQWXLWLRQV SK\VLTXHV 6HV SULQFLSDOHV UpIOH[LRQV SRUWDLHQW VXU GHV PRXYHPHQWV UHODWLIV PDLV FHWWH IRLVFL QRQ XQLIRUPHV HW GRQF DYHF GHV YLWHVVHVHWpYHQWXHOOHPHQWGHVRULHQWDWLRQVYDULDEOHV

,O UpIOpFKLVVDLW HQ RXWUH VXU OHV FRQGLWLRQV GH PRXYHPHQW j O¶LQWpULHXU G¶XQHFDELQHG¶DVFHQVHXUHQFKXWHOLEUHFHTXHQRXVDSSHORQVPDLQWHQDQWj O¶qUH GH O¶DVWURQDXWLTXH XQ PRXYHPHQW HQ © DSHVDQWHXU ª 'H PrPH LO UpIOpFKLVVDLWVXUODPDQLqUHGRQWOHVYR\DJHXUVVHVHQWHQWSURMHWpVG¶DYDQWHQ DUULqUH RX VXU OH F{Wp GDQV XQH YRLWXUH TXL IUHLQH DFFpOqUH RX WRXUQH ,O D FRPSULV TXH OHV IRUFHV TXL DSSDUDLVVHQW Oj VRQW G¶XQH QDWXUH WRXW j IDLW GLIIpUHQWHGHVIRUFHVPpFDQLTXHVRXpOHFWURPDJQpWLTXHVFRPPHO¶pWDLHQWOHV IRUFHVTXLDYDLHQWGpMjDWWLUpO¶DWWHQWLRQGH1HZWRQORUVTX¶RQIDLWWRXUQHUVXU OXLPrPHXQVHDXG¶HDXGRQWODVXUIDFHGXOLTXLGHVHFUHXVH RQOHVDSSHOOH GHV IRUFHV G¶LQHUWLH HW (LQVWHLQ D FRPSULV TX¶HOOHV IDLVDLHQW OH OLHQ DYHF OD IRUFHGHJUDYLWDWLRQ

1RXV Q¶LURQV SDV SOXV ORLQ PDLV RQ DSHUoRLW GpMj TXH FH VRQW GHV UpIOH[LRQV SK\VLTXHV SURIRQGHV VXU GHV SKpQRPqQHV IDPLOLHUV HW QRQ GHV GpYHORSSHPHQWV PDWKpPDWLTXHV DEVWUDLWV TXL RQW FRQGXLW (LQVWHLQ j OD GpFRXYHUWHGHOD5HODWLYLWp\FRPSULVJpQpUDOH