Compte-rendu de : Hommage à Annie Caubet. Actes du colloque international " Chypre et la côte du Levant aux IIe et Ier millénaires " Paris, 14-16 juin 2007 (Cahier du Centre d'Études Chypriotes 37, 2007)

HAL Id: hal-00946843

https://hal.archives-ouvertes.fr/hal-00946843

Submitted on 14 Feb 2014

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.

Compte-rendu de : Hommage à Annie Caubet. Actes du colloque international ” Chypre et la côte du Levant aux IIe et Ier millénaires ” Paris, 14-16 juin 2007 (Cahier du

Centre d’Études Chypriotes 37, 2007)

Anna Cannavò

To cite this version:

Anna Cannavò. Compte-rendu de : Hommage à Annie Caubet. Actes du colloque international ”

Chypre et la côte du Levant aux IIe et Ier millénaires ” Paris, 14-16 juin 2007 (Cahier du Centre

d’Études Chypriotes 37, 2007). 2009. �hal-00946843�

9ROXPH

25,(172&&,'(17

&RPLWpGH5pGDFWLRQDX

-HDQ$

0DULH)UDQoRLVH%

5RODQGe

$OH[DQGUH)

,DQ0

*HRUJHV5

-HDQ)UDQoRLV6

&DWKHULQH9

5HVSRQVDEOHGHOD5pGDFWLRQ0DULH)UDQoRLVH%

$GMRLQW-HDQ%DSWLVWH<

0DLVRQGHO·2ULHQW0pGLWHUUDQpHQ³-HDQ3RXLOORX[

UXH5DXOLQ)/

0DULH)UDQFRLVH%RXVVDF#PRPIU ZZZWRSRLPRPIU

7UDLWHPHQW GH O·LPDJH $QQH )

+LVWRLUH HW 6RXUFHV GHV 0RQGHV

$QWLTXHV

'LIIXVLRQ'H%RFFDUGeGLWLRQ'LIIXVLRQUXHGH0pGLFLV3

7RSRL2ULHQW2FFLGHQW/\RQ

,661

,OOXVWUDWLRQGHFRXYHUWXUH&DUWHGHO·2FpDQ,QGLHQ$UDELH,QGHDWODVSRUWXJDLV GLW©$WODV0LOOHUªLPDJH%1)FRWH*(''5(6

2XYUDJHSXEOLpDYHFOHFRQFRXUV

GHOD6RFLpWpGHV$PLVGHOD%LEOLRWKqTXH6DORPRQ5HLQDFK

HWGX&HQWUHQDWLRQDOGXOLYUH

7RSRL S

6200$,5(

)DVFLFXOH

6RPPDLUH

&KURQLTXH$FKpPpQLGHV

5%

©4XHOTXHVRXYUDJHVVXUO·DUWHWO·DUFKpRORJLHDFKpPpQLGHVª

&KURQLTXH&LWpVJUHFTXHVjO·pSRTXHKHOOpQLVWLTXH 3+

©'pPRFUDWLHVJUHFTXHVDSUqV$OH[DQGUH­SURSRV

GHWURLVRXYUDJHVUpFHQWVª

&KURQLTXHeSLJUDPPHVHWFROOHFWLRQV

*6

©­SURSRVGHeYHO\QH3ULRX[3HWLWVPXVpHVHQYHUVeSLJUDPPH

HWGLVFRXUVVXUOHVFROOHFWLRQVDQWLTXHVª

&RPSWHVUHQGXVG·RXYUDJHV

6$

/%RGLRX')UqUHHW90HKOGLU3DUIXPVHWRGHXUV GDQVO·$QWLTXLWp$9HUEDQFN3LpUDUG10DVVDU')UqUHpGV

3DUIXPVGHO·$QWLTXLWp/DURVHHWO·HQFHQVHQ0pGLWHUUDQpH 6$

$'XUDQGpG3ODQWHVH[SORLWpHVSODQWHVFXOWLYpHV

&XOWXUHVWHFKQLTXHVHWGLVFRXUV

3%

6W*HRUJRXGL5.RFK3LHWWUHHW)U6FKPLGWpGV/DFXLVLQHHW

O·DXWHO/HVVDFULÀFHVHQTXHVWLRQV

9'

$&RKHQHW-%5XWWHUpGV&RQVWUXFWLRQVRI&KLOGKRRG

LQ$QFLHQW*UHHFHDQG,WDO\+HVSHULD6XSSOHPHQW

5e

5'HVFDWpG$SSURFKHVGHO·pFRQRPLHKHOOpQLVWLTXH

)U4

36FKXOW]5YRQGHQ+RIIpGV(DUO\+HOOHQLVWLF3RUWUDLWXUH

,PDJH6W\OH&RQWH[W

)UGH&

.'DKPHQ7KH/HJHQGRI$OH[DQGHUWKH*UHDW

RQ*UHHNDQG5RPDQ&RLQV

06

6)ROOHWpG/·KHOOpQLVPHG·pSRTXHURPDLQH

1RXYHDX[GRFXPHQWVQRXYHOOHVDSSURFKHV

1/

-6FKHLGpG3RXUXQHDUFKpRORJLHGXULWH1RXYHOOHV

SHUVSHFWLYHVGHO·DUFKpRORJLHIXQpUDLUH

9*

00DODLVH3RXUXQHWHUPLQRORJLHHWXQHDQDO\VH

GHVFXOWHVLVLDTXHV

5e

)U4

HW%5

07UPSHU'LH¶$JRUD

GHV,WDOLHQV·LQ'HORV

-&K0

0&6WXUJHRQ&RULQWK,;LLL6FXOSWXUHWKH$VVHPEODJH

IURPWKH7KHDWHU

-&K0

)U6HDU5RPDQ7KHDWUHV$Q$UFKLWHFWXUDO6WXG\

'.

%&]XUGD5XWK+DQJKDXVLQ(SKHVRV'LH*OlVHU

,UDQ$VLHFHQWUDOH

5%

((UULQJWRQDQG96DUNKRVK&XUWLV)URP3HUVHSROLV

WRWKH3XQMDE([SORULQJDQFLHQW,UDQ$IJKDQLVWDQDQG3DNLVWDQ 5%

3&DOOLHUL/·DUFKpRORJLHGX)ăUVjO·pSRTXHKHOOpQLVWLTXH

4XDWUHOHoRQVDX&ROOqJHGH)UDQFH

&K%

&K/HURXJH/·LPDJHGHV3DUWKHVGDQVOHPRQGHJUpFRURPDLQ 'XGpEXWGX

VLqFOHDY-&MXVTX·jODÀQGX+DXW(PSLUHURPDLQ /0

6

-&ULEE*+HUUPDQQpGV$IWHU$OH[DQGHU&HQWUDO$VLD

EHIRUH,VODP3URFHHGLQJVRIWKH%ULWLVK$FDGHP\

3URFKH2ULHQW&K\SUH

$&

+RPPDJHj$QQLH&DXEHW&DKLHUVGX&HQWUH

G·eWXGHV&K\SULRWHV

.%

*0&RKHQ7KH+HOOHQLVWLF6HWWOHPHQWVLQ6\ULD

WKH5HG6HD%DVLQDQG1RUWK$IULFD

2'+

/&DSGHWUH\/HSRXYRLUVpOHXFLGH7HUULWRLUHDGPLQLVWUDWLRQ

ÀQDQFHVG·XQUR\DXPHKHOOpQLVWLTXH

)UGH&

2'+RRYHU&RLQVRIWKH6HOHXFLG(PSLUHIURP

WKH&ROOHFWLRQRI$UWKXU+RXJKWRQ3DUW,,

-%<

5$6WXFN\HWDOLL'DV(VFKPXQ+HLOLJWXPYRQ6LGRQ

$UFKLWHNWXUXQG,QVFKULIWHQ$QWLNH.XQVW%HLKHIW

-%<

7.DL]HUpG7KH9DULHW\RI/RFDO5HOLJLRXV/LIHLQWKH1HDU(DVW

LQWKH+HOOHQLVWLFDQG5RPDQ3HULRGV

*%

-$OLTXRW,*/6;,0RQW+HUPRQ/LEDQHW6\ULH

eJ\SWH

'5

&$GDPV/DQG7UDQVSRUWLQ5RPDQ(J\SW$6WXG\

RI(FRQRPLFVDQG$GPLQLVWUDWLRQLQD5RPDQ3URYLQFH

0'

%

/DXUHQV(7DFRPD)UDJLOH+LHUDUFKLHV7KH8UEDQ(OLWHV

RI7KLUG&HQWXU\5RPDQ(J\SW

5%

-*DVFRX)LVFDOLWpHWVRFLpWpHQeJ\SWHE\]DQWLQH

*5

36DUULV(FRQRP\DQG6RFLHW\LQWKH$JHRI-XVWLQLDQ

0pGLWHUUDQpH0HUURXJH*ROIHHW2FpDQLQGLHQ

)'

5

©=DYRUUDHFRPPHUFLR¶WULDQJRODUH·QHOO·RFHDQR,QGLDQR

DSURSRVLWRGLXQOLEURUHFHQWHª )'

5

57-&DSSHUV5RPDQ)RRGSULQWVDW%HUHQLNH

$UFKDHRERWDQLFDO(YLGHQFHRI6XEVLVWHQFHDQG7UDGH«

)'

5

+&XYLJQ\2VWUDFDGH.URNRGLO{2.URN

3UDHVLGLDGXGpVHUWGH%pUpQLFH,,

)'

5

'3HDFRFN/%OXHHGV0\RV+RUPRV4XVHLUDO4DGLP

5RPDQDQG,VODPLF3RUWVRQWKH5HG6HD9ROXPH

07

5(0DUJDULWL$GHQDQGWKH,QGLDQ2FHDQ7UDGH

<HDUVLQWKH/LIHRID0HGLHYDO$UDELDQ3RUW

e9

6'*RLWHLQHW0$)ULHGPDQ,QGLD7UDGHUVRIWKH0LGGOH$JHV

'RFXPHQWVIURPWKH&DLUR*HQL]D©,QGLD%RRNª

7RSRL S

&RPSWHUHQGX

+RPPDJHj$QQLH&DXEHW$FWHVGXFROORTXHLQWHUQDWLRQDO©&K\SUHHWODF{WH GX/HYDQWDX[,,

HW,

PLOOpQDLUHVª3DULVMXLQ&DKLHUVGX&HQWUH G·eWXGHV&K\SULRWHV3DULVeGLWLRQV'LIIXVLRQ'H%RFFDUGS ÀJGRQWHQFRXOHXUV

/HFROORTXHUDVVHPEODLWGHVVSpFLDOLVWHVHXURSpHQVHWDPpULFDLQVGHO·KLVWRLUH HWO·DUFKpRORJLHGH&K\SUHHWGX/HYDQWDYHFXQHDWWHQWLRQSDUWLFXOLqUHSRUWpHj O·KLVWRLUHGHVIRXLOOHVHWGHVFROOHFWLRQVIUDQoDLVHVG·DQWLTXLWpVFK\SULRWHV/HV FRQWULEXWLRQVVRQWSUpFpGpHVSDUXQH©%LEOLRJUDSKLHFK\SULRWHªG·$QQLH&DXEHW MXVTX·DX

MXLQS6XLYHQWWURLVFRPSWHVUHQGXVG·RXYUDJHVS /·±XYUHG·$QQLH&DXEHWFRQVDFUpHj&K\SUHHWDX/HYDQWV·DUWLFXOHDXWRXU GHGHX[SRLQWVIRQGDPHQWDX[GHVDFDUULqUHVFLHQWLÀTXHVRQDFWLYLWpHQWDQWTXH

&RQVHUYDWHXU DX 'pSDUWHPHQW GHV $QWLTXLWpV 2ULHQWDOHV GX 0XVpH GX /RXYUH GHSXLVHWGHSXLVMXVTX·jVDUHWUDLWHHQHQWDQWTXH'LUHFWHXUGX PrPHGpSDUWHPHQWVDSDUWLFLSDWLRQDX[IRXLOOHVVXUSOXVLHXUVFKDQWLHUVHQ2ULHQW HWHQSDUWLFXOLHUHQ6\ULH(PDU2XJDULWGHSXLVHWj&K\SUH 6DODPLQH.LWLRQ%DPERXODGHSXLV$QQLH&DXEHWDWRXMRXUV SODFp&K\SUHHQUDSSRUWDYHFOHPRQGHSURFKHRULHQWDODXVHQVODUJHHWGDQVOD UpRUJDQLVDWLRQGHVFROOHFWLRQVGX/RXYUHHWGDQVVRQ±XYUHVFLHQWLÀTXHFHTXL MXVWLÀH SOHLQHPHQW OH WKqPH GX FROORTXH R GHV QRXYHDX[ UpVXOWDWV GDQV OHV UHFKHUFKHVVXUO·KLVWRLUHHWO·DUFKpRORJLHGH&K\SUHVRQWLQVpUpVGDQVOHFDGUHGH UpIpUHQFHGHOD0pGLWHUUDQpHRULHQWDOHDX,,

HW,

PLOOpQDLUHDY-&

'HX[ FRQIpUHQFHV GH 0DUJXHULWH <RQ HW GH 9DVVRV .DUDJHRUJKLV RXYUHQW O·RXYUDJH0DUJXHULWH<RQDYHFTXL$QQLH&DXEHWDFROODERUpHWFROODERUHWRXMRXUV HQ6\ULHj2XJDULWHWj&K\SUHj.LWLRQWUDLWHOHVUDSSRUWVHQWUH2XJDULWHW

&K\SUHjWUDYHUVOHVGRFXPHQWVpFULWVHWOHVREMHWV©$XURLG·$ODVLDPRQSqUHª S,OV·DJLWG·XQHPLVHjSRLQWVXUODGRFXPHQWDWLRQGHO·kJHGX%URQ]H UpFHQWHQULFKLHSDUOHVQRXYHOOHVGpFRXYHUWHV

/HV WH[WHV SURYHQDQW G·2XJDULW SOXV QRPEUHX[ VRQW G·DERUG SDVVpV HQ UHYXH O·RQRPDVWLTXH PDLV DXVVL OHV GRQQpHV KLVWRULTXHV HW pFRQRPLTXHV FRQVWLWXHQW O·LQWpUrW SULQFLSDOGHFHVGRFXPHQWV(QUHYDQFKHOHVUDUHVWH[WHVFK\SULRWHVHQpFULWXUHFK\SUR PLQRHQQHGpFRXYHUWVj2XJDULWUHVWHQWPXHWVSRXUQRXV/HVWH[WHVRXJDULWLTXHVj&K\SUH VHUpGXLVHQWjXQVHXOH[HPSODLUHELHQFRQQXOHEROHQDUJHQWG·+DOD6XOWDQ7HNNHLQVFULW HQDOSKDEHWRXJDULWLTXH/HUpFLWGXYR\DJHGH:HQ$PRXQHVWPHQWLRQQpHQÀQHQWDQWTXH VRXUFHVXSSOpPHQWDLUHVXUO·pWDWGHVFRPPXQLFDWLRQVHQ0pGLWHUUDQpHRULHQWDOHDXGpEXWGX

;,^H

V'DQVO·H[DPHQGHVWpPRLJQDJHVDUFKpRORJLTXHVOHVGRQQpHVGHVpSDYHVVSHFWDFXODLUHV

GX FDS *HOLGRQ\D HW G·8OXEXUXQ VRQW SULVHV HQ FRPSWH 3DUPL OHV REMHWV FK\SULRWHV j

2XJDULWRQUHWURXYHXQHYDVWHJDPPHGHSURGXFWLRQVDUWLVDQDOHVW\SLTXHVGHO·vOHGXPpWDO

VRXV IRUPH GH OLQJRWV PDLV DXVVL VRXV IRUPH G·REMHWV ÀQLV WUpSLHGV GH OD FpUDPLTXH

GHSURGXFWLRQFK\SULRWH:KLWH6OLS5HG/XVWURXV%DVH5LQJ :KLWH6KDYHGHWFK\SUR P\FpQLHQQH5XGH6W\OH

­SDUWLUGHWRXVFHVpOpPHQWVO·DXWHXUSURSRVHXQHVpULHGHUDSSURFKHPHQWV HWHOOHPHWHQpYLGHQFHXQHSDUHQWpFXOWXUHOOHHWDUWLVWLTXHGHVUHVVHPEODQFHVHQ DUFKLWHFWXUHFLYLOHHWUHOLJLHXVHGHVSRLQWVGHFRQWDFWDXQLYHDXGHVSURGXFWLRQV DUWLVDQDOHVGHOX[HLYRLUHVIDwHQFHVGHVSDUHQWpVpYLGHQWHVGDQVO·LFRQRJUDSKLH UHOLJLHXVHSDUPLOHVTXHOOHVOHFDVGX©GLHXFRPEDWWDQWªRXVPLWLQJJRGFRQQX j2XJDULWHWj(QNRPLHVWOHSOXVFpOqEUH

9DVVRV.DUDJHRUJKLVOXLDXVVLDFKRLVLGHV·LQWpUHVVHUjXQFDVGHFRQWDFWV HQWUH&K\SUHHWODF{WHOHYDQWLQHSOXVSUpFLVpPHQWHQWUHO·vOHHW6LGRQGHO·kJH GX%URQ]HPR\HQjODÀQGHODSpULRGHDUFKDwTXHHQV·DSSX\DQWVXUWRXWVXUOHV GpFRXYHUWHVUpFHQWHVGHVIRXLOOHVDQJODLVHVDX©VLWHGX&ROOqJHªj6LGRQ©&\SUXV DQG6LGRQ7ZR7KRXVDQGV<HDUVRI,QWHUFRQQHFWLRQVªS

&HVLWHTXLSUpVHQWHXQHVWUDWLJUDSKLHFRQWLQXHHWELHQFRQVHUYpHDOLYUpGHODFpUDPLTXH FK\SULRWHjSDUWLUGX

V&K\SULRWH0R\HQ,,,DVVRFLpHjGHODFpUDPLTXHP\FpQLHQQH /DVLWXDWLRQHVWWRXWjIDLWFRPSDUDEOHjFHOOHTX·RQSHXWREVHUYHUj2XJDULWHWGDQVOHUHVWH GX/HYDQWFHTXLVXJJqUHXQLQWHUPpGLDLUHFK\SULRWHDXPRLQVSDUWLHOGDQVODFLUFXODWLRQ GHVSURGXLWVP\FpQLHQV­SDUWLUGXGpEXWGHO·kJHGX%URQ]HUpFHQW&K\SULRWH5pFHQW, ODFpUDPLTXHGHSURGXFWLRQFK\SULRWHHVWSUpVHQWHHQJUDQGHVTXDQWLWpVj6LGRQWRXMRXUVHQ DVVRFLDWLRQDYHFGXPDWpULHOP\FpQLHQSDUPLOHTXHOLOIDXWPHQWLRQQHUOHVU\WKRQVFRQLTXHV HWOHVNHUQRLjXVDJHFXOWXHOHWXQIUDJPHQWGHMDUUHjpWULHUGX0\FpQLHQ5pFHQW,,,LQVFULW DYHFGHVVLJQHVHQ/LQpDLUH%4XHOTXHVVLqFOHVSOXVWDUG

V&K\SUR$UFKDwTXH,, OHVWHUUHFXLWHVHWOHVVFXOSWXUHVHQFDOFDLUHGHVW\OHpJ\SWLVDQWVRQWOHVSURGXLWVFK\SULRWHVOHV SOXVUpSDQGXVj6LGRQFRPPHOHGpPRQWUHOHVLWHGXWHPSOHG·(VKPRXQRGHVLPLWDWLRQV ORFDOHVRQWDXVVLpWpUHWURXYpHV3RXUO·pWXGHGHODVFXOSWXUHpJ\SWLVDQWHFK\SULRWH9DVVRV .DUDJHRUJKLVVHUpIqUHjODWKqVHGH)DQQL)DHJHUVWHQS

$SUqVFHVGHX[FRQIpUHQFHVXQHSHWLWHVHFWLRQHVWFRQVDFUpHjO·KLVWRLUHGHV FROOHFWLRQVFK\SULRWHVIUDQoDLVHVQRWDPPHQWFHOOHGX/RXYUHGRQWO·RUJDQLVDWLRQ DFWXHOOHGRLWEHDXFRXSjO·DFWLYLWpG·$QQLH&DXEHW

eOLVDEHWK)RQWDQ©&K\SUHDX/RXYUH3UpVHQWDWLRQGHVFROOHFWLRQVGDQVOHV JDOHULHVGXPXVpHªSEURVVHO·KLVWRLUHGX'pSDUWHPHQWGHV$QWLTXLWpV 2ULHQWDOHVGRQWOHVDQWLTXLWpVFK\SULRWHVVRQWSDUWLHFRQVWLWXDQWHGqVO·RULJLQH

1pFRPPH0XVpH$VV\ULHQHQHWGHYHQX'pSDUWHPHQWGHV$QWLTXLWpV2ULHQWDOHV VHXOHPHQW HQ LO FRPSUHQDLW GqV OH GpEXW XQH SHWLWH FROOHFWLRQ FK\SULRWH GRQW OHV H[HPSODLUHOHVSOXVLPSRUWDQWVpWDLHQWOHVFRXSHVHQDUJHQWHWRUG·,GDOLRQ$2HW HQULFKLHDXFRXUVGHVDQQpHVSDUSOXVLHXUVDUULYpHVHWHQSDUWLFXOLHUSDUOH JUDQGYDVHG·$PDWKRQWH$2

$QQ(OL]DEHWK 'XQQ9DWXUL © /H UpFROHPHQW GHV DQWLTXLWpV FK\SULRWHV GDQV OHV FROOHFWLRQV IUDQoDLVHV 1RXYHOOHV SHUVSHFWLYHV« ª S RIIUH XQ QpFHVVDLUHSHQGDQWjODSUpVHQWDWLRQG·eOLVDEHWK)RQWDQ

))

7KH(J\SWLDQL]LQJ0DOH/LPHVWRQH6WDWXDU\IURP&\SUXV$6WXG\RI

DFURVVFXOWXUDO(DVWHUQ0HGLWHUUDQHDQYRWLYHW\SH/XQG

&2037(

/·LQWpUrWGHFHWWHEUqYHSDUWLHFRQVDFUpHjODSUpVHQFHGH&K\SUHGDQVOHV PXVpHVIUDQoDLVHVWGHPHWWUHHQpYLGHQFHODVSpFLÀFLWpGHVFROOHFWLRQVFK\SULRWHV IUDQoDLVHV SDU UDSSRUW j FHOOHV GHV DXWUHV SD\V *UDQGH%UHWDJQH eWDWV8QLV

$OOHPDJQH R &K\SUH FRQVWLWXH WRXMRXUV XQH VHFWLRQ GHV 'pSDUWHPHQWV GHV DQWLTXLWpVFODVVLTXHV$XFRQWUDLUHOHUDWWDFKHPHQWGH&K\SUHDX3URFKH2ULHQW TX·RQWURXYHDX/RXYUHHWTXLDPDUTXpGqVOHGpEXWODFDUULqUHG·$QQLH&DXEHW UHSUpVHQWHXQHH[FHSWLRQIUDQoDLVHTXLWURXYHVDMXVWLÀFDWLRQQRQVHXOHPHQWGDQV O·KLVWRLUHGHVFROOHFWLRQVFRPPHOHGpPRQWUHeOLVDEHWK)RQWDQPDLVDXVVLGDQV ODUpDOLWpGHO·DUFKpRORJLHGHOD0pGLWHUUDQpHRULHQWDOHFHTXLFRQVWLWXHOHWKqPH GHO·RXYUDJH

/DVHFWLRQVXLYDQWHFRQVDFUpHDX[©5HODWLRQVHWpFKDQJHVHQWUH&K\SUHHW OH/HYDQWªV·LQWpUHVVHHQSDUWLFXOLHUjODF{WHOHYDQWLQHjWUDYHUVOHWpPRLJQDJHGH ODFpUDPLTXH5REHUW0HUULOOHHV3DXOcVWU|PGHODJO\SWLTXH6RSKLH&OX]DQ 'RPLQLTXH&ROORQGHODVFXOSWXUHHWGHO·DUWLVDQDWGHOX[H(ULF*XEHO$QWRLQH +HUPDU\

5REHUW0HUULOOHHV©7KH(WKQLF,PSOLFDWLRQVRIWKH7HOO(O<DKXGL\HK:DUH IRUWKH+LVWRU\RIWKH0LGGOHWR/DWH%URQ]H$JHLQ&\SUXVªSDERUGH ODTXHVWLRQGXFRPPHQFHPHQWGHVFRQWDFWVHQWUH&K\SUHHWOH/HYDQWDX

V F·HVWjGLUHDXPRPHQWGHODÀQGX&K\SULRWH0R\HQ,,,HWGXGpEXWGX&K\SULRWH 5pFHQW,$

/DFpUDPLTXHGXVW\OH7HOO(O<DKXGL\HKHVWXQVLJQHpYLGHQWGHVFKDQJHPHQWVHQ FRXUVHOOHDpWpUHWURXYpHVXUWRXWj(QNRPL$\LRV,DNRYRV HWHOOHDpWpLQWHUSUpWpHSDU (PLOLD0DVVRQFRPPHLQGLFHG·XQHSpQpWUDWLRQKRXUULWHj&K\SUHDXGpEXWGX&K\SULRWH 5pFHQW&HWWHFRQWULEXWLRQYLVHjGpPRQWUHUTXHODFpUDPLTXHGXVW\OH7HOO(O<DKXGL\HKHVW DXFRQWUDLUHOHUpVXOWDWG·pFKDQJHVGLUHFWVHQWUH&K\SUHHWO·eJ\SWHVDQVDXFXQEHVRLQGX SULQFLSHGHSOXVHQSOXVFRQWHVWpGHO·pTXLYDOHQFHHQWUHFpUDPLTXHHWJURXSHHWKQLTXHOH FpOqEUH©SRWVHTXDOVSHRSOHª/·DXWHXUUHSUHQGGRQFODFODVVLÀFDWLRQIDLWHSDU0DQIULHG

%LHWDNGHODFpUDPLTXHGXVW\OH7HOO(O<DKXGL\HKHQWURLVJURXSHVOHJURXSHSDOHVWLQLHQ HQYOHJURXSHV\URpJ\SWLHQHQYOHJURXSHpJ\SWLHQ HQYHWGpPRQWUHTXHOHVH[HPSODLUHVUHWURXYpVj&K\SUHFRXYUHQWO·KRUL]RQFKURQRORJLTXH GX&K\SULRWH5pFHQW,$HWDSSDUWLHQQHQWDXJURXSHpJ\SWLHQ)DXWHG·DXWUHVpOpPHQWVLO Q·\DGRQFDXFXQHUDLVRQSRXUQHSDVOHVFRQVLGpUHUFRPPHOHIUXLWG·pFKDQJHVGLUHFWVHQWUH

&K\SUHHWO·eJ\SWHGHOD;9

G\QDVWLH

/HUHJUHWWp3DXOcVWU|PGDQVVDFRPPXQLFDWLRQ©:KLWH3DLQWHG9(\H 3LWFKHUVLQ&\SUXVDQGWKH/HYDQWªSUHSUHQGVRQFRUSXVGHVH\HSLWFKHUV FUXFKHVHQFpUDPLTXH:KLWH3DLQWHG9jRXYHUWXUHSLQFpHGpFRUpHGHGHX[\HX[

SXEOLpLO\DFLQTXDQWHDQVGDQVVDGLVVHUWDWLRQ7KH0LGGOH&\SULRWH%URQ]H$JH /XQG

HW\DMRXWHGHVH[HPSODLUHVLQpGLWVRXSXEOLpVUpFHPPHQW

/HFRUSXVFRPSUHQGPDLQWHQDQWYDVHVSURYHQDQWGHODSDUWLHRULHQWDOHGHO·vOHGX QRUGGHOD3DOHVWLQHHWGH5DV6KDPUDLOVGDWHQWGX

GpEXWGX

VDY-&F·HVWj 3DUXHHQVXLWHHQFRPPH7KH6ZHGLVK&\SUXV([SHGLWLRQ9RO,93DUW%7KH

0LGGOH&\SULRWH%URQ]H$JH/XQG

GLUHHQWHUPHVDUFKpRORJLTXHVGHODÀQGX&K\SULRWH0R\HQ,,,²&K\SULRWH5pFHQW,$,OV pWDLHQWSUREDEOHPHQWXQHSURGXFWLRQW\SLTXHGH.DORSVLGKDIDLWHjSDUWLUGHPRGqOHVV\ULHQV HWLOVpWDLHQWHQVXLWHH[SRUWpVDX/HYDQWVXUWRXWj5DV6KDPUD3DUPLOHVDGGLWLRQVUpFHQWHV XQHFUXFKHGH*ODVJRZGpFRUpHG·XQPRWLIGHVHUSHQWPpULWHG·rWUHPHQWLRQQpHQž

$YHF6RSKLH&OX]DQ©/DSUpVHQFHERYLQHGDQVODJO\SWLTXHG·2XJDULWHW G·(QNRPLªSRQDERUGHODTXHVWLRQGHODJO\SWLTXHDX%URQ]H5pFHQW WRXMRXUV GDQV XQH SHUVSHFWLYH GH FRPSDUDLVRQ HQWUH &K\SUH HW OH /HYDQW HQ SDUWLFXOLHU2XJDULW

/HU{OHGHVERYLQVGDQVOHVGHX[FLYLOLVDWLRQVHQGLVFXVVLRQHVWG·DERUGUDSSHOpRQ FRQQDvWO·XWLOLVDWLRQGXWDXUHDXFRPPHWLWUHGHFHUWDLQHVGLYLQLWpVG·2XJDULW(O%D¶DOSRXU HQVRXOLJQHUOHVTXDOLWpVGHIHUWLOLWpHWGHSXLVVDQFHSRXU(QNRPLHQSOXVGXWpPRLJQDJH DVVH]pORTXHQWGX©6DQFWXDLUHDX[EXFUDQHVªOHVGLIIpUHQWHVUHSUpVHQWDWLRQVGHGLYLQLWpVj FRUQHVERYLQHVGRLYHQWrWUHPHQWLRQQpHV3RXUFHTXLFRQFHUQHVSpFLÀTXHPHQWODJO\SWLTXH O·DQDO\VHGXFRUSXVG·2XJDULWH[DPLQpjSDUWLUGHVSXEOLFDWLRQVGH&6FKDHIIHUHW3$PLHW

HWGHFHOXLG·(QNRPLUDVVHPEOpjSDUWLUGHSXEOLFDWLRQVGLVSHUVpHVGRQQHGHVUpVXOWDWV GLIIpUHQWVj2XJDULWOHVFDSULQVVRQWUHSUpVHQWpVSOXVVRXYHQWTXHOHVERYLQVHWOHVEXFUDQHV HQSDUWLFXOLHUVRQWQRUPDOHPHQWG·RULJLQHFK\SURpJpHQQHj(QNRPLHQUHYDQFKHOHV ERYLQVVRQWSOXVUHSUpVHQWpVSDUUDSSRUWDX[FDSULQV'DQVFHWH[DPHQQpDQPRLQVLOQHIDXW SDVRXEOLHUTXHO·DWWULEXWLRQjFKDTXHVFHDXG·XQOLHXG·RULJLQHHWG·XQHFKURQRORJLHSUpFLVH HVWVRXYHQWLPSRVVLEOHHQUDLVRQGXFRVPRSROLWLVPHTXLFDUDFWpULVHOHVUpJLRQVHQTXHVWLRQ HWGHODORQJpYLWpHWGHODPRELOLWpTXLVRQWSURSUHVjFHJHQUHG·REMHWVWRXWHFRQFOXVLRQ GRQFGRLWWHQLUFRPSWHGHFHVpOpPHQWVG·LQFHUWLWXGH)LQDOHPHQWO·DVVRFLDWLRQHQWUHOHV ERYLQVHWOHVDVWUHVVXUWRXWOHFURLVVDQWOXQDLUHHWHQWUHOHVERYLQVHWODYpJpWDWLRQHQWDQW TXHV\PEROHGHIHUWLOLWpHVWpYRTXpHHWOHVOLHQVDYHFOHVGRQQpHVGLVSRQLEOHVVXUODOLWXUJLH GHVVDFULÀFHVVRQWVRXOLJQpV

'RPLQLTXH &ROORQ © /H VFHDX G·8OXEXUXQ .: ´3HWLW SULQFHµ RX

´*UDQGURLµ"ªSSRXUVXLWFHSDUFRXUVG·DQDO\VHLFRQRJUDSKLTXHGH ODJO\SWLTXHGX%URQ]H5pFHQWHQpWXGLDQWXQVFHDXF\OLQGUHSURYHQDQWGHO·pSDYH G·8OXEXUXQ

&HWWHpSDYHGHODÀQGX

VDY-&GpFRXYHUWHHQHWIRXLOOpHHQWUH HWSDUXQHPLVVLRQWXUFRDPpULFDLQHDOLYUpDXWRWDOQHXIVFHDX[/HVFHDX.:

HVWWUqVSHWLWÀQHPHQWWUDYDLOOpHWPRQWpVXURUGHX[SHUVRQQDJHVHWXQHFKqYUH\VRQW UHSUpVHQWpV3OXVLHXUVLQWHUSUpWDWLRQVVRQWSRVVLEOHVLOSRXUUDLWV·DJLUG·XQUHSUpVHQWDWLRQ GHPDULDJHGHVXFFHVVLRQUR\DOHRXPrPHG·DOOLDQFHHQWUHGHX[URLVVHORQO·H[HPSOHGHOD VWqOH©GHO·DOOLDQFHªG·2XJDULW

(ULF*XEHO©4XHOTXHVDVSHFWVGHO·LQWHUDFWLRQFXOWXUHOOHHQWUH&K\SUHHWOD 3KpQLFLHªSH[DPLQHWURLVFODVVHVGHPDWpULHODVVH]GLIIpUHQWHVSLHUUHV WUDYDLOOpHV ÀJXULQHV HQ WHUUH FXLWH FRXSHV HQ PpWDO SUpFLHX[ j OD UHFKHUFKH G·DXWUHVÀOVTXLUHOLHQW&K\SUHHWOH/HYDQW

,OV·LQWpUHVVHG·DERUGDX[©SLHUUHVjFXSXOHVªHQPHQWLRQQDQWXQH[HPSOHGpFRXYHUW

UpFHPPHQW j 7HOO .D]HO HW LO VRXOLJQH OHV GLIÀFXOWpV G·LQWHUSUpWDWLRQ TXL VXEVLVWHQW

&)$ 6

&RUSXV , GHV F\OLQGUHVVFHDX[ GH 5DV 6KDPUD8JDULW HW

G·(QNRPL$ODVLD 3DULV3$

&RUSXVGHVF\OLQGUHVGH5DV6KDPUD

2XJDULW,,6FHDX[F\OLQGUHVHQKpPDWLWHHWSLHUUHVGLYHUVHV3DULV

&2037(

FRQFHUQDQWFHVREMHWVpQLJPDWLTXHVSHXWrWUHWDEOHVGHMHX[SHXWrWUHDFFHVVRLUHVFXOWXHOV GRQW RQ D GHV H[HPSOHV j &K\SUH HW HQ 3KpQLFLH 'X PrPH VDQFWXDLUH GH 7HOO .D]HO SURYLHQQHQWTXHOTXHVWrWHVGHSUrWUHVVHVHQWHUUHFXLWHDYHFGHVFRXURQQHVGHW\SHSRORV HOOHVFRQVWLWXHQWXQHSURGXFWLRQW\SLTXHGHODSODLQHGX$NNDUF±XUGXUR\DXPHG·$PXUUX HWHOOHVRQWSHXWrWUHLQÁXHQFpFHUWDLQVPRWLIVFK\SULRWHVOHVGLDGqPHVjURVDFHV(QÀQ OHVFRXSHVFK\SURSKpQLFLHQQHVSURYHQDQWG·,GDOLRQHWFRQVHUYpHVDX/RXYUH$2HW VRQWH[DPLQpHVO·pWXGHGHVSRLQoRQVVXJJqUHXQHRULJLQHNRXULHQQHGHFHVREMHWV HWODFRPSDUDLVRQDYHFODFRXSHG·$NHVWRUFRQVHUYpHj1HZ<RUN00$HOOH DXVVLSURYHQDQWGH.RXULRQPRQWUHFRPPHQWODFRQVWUXFWLRQLFRQRJUDSKLTXHGHO·HQVHPEOH VHIRQGHVXUGHVPRWLIVSKpQLFLHQVPDLVFRPELQpVGHPDQLqUHDW\SLTXH

(QFRQFOXVLRQGHFHWWHVHFWLRQ$QWRLQH+HUPDU\©/HVOLHQVHQWUH.LWLRQHW

$PULWDXY

VLqFOHDYDQW-&ªSVHFRQFHQWUHVXUOHVUDSSRUWVHQWUHFHV GHX[YLOOHVHQYLVDJpVjWUDYHUVOHWpPRLJQDJHGHODVFXOSWXUH

/D FRPSDUDLVRQ HQWUH OHV VFXOSWXUHV GX VDQFWXDLUH GX 0D¶DEHG j $PULW HW GHV

±XYUHVFK\SULRWHVFRQWHPSRUDLQHVHQFDOFDLUHFRQGXLWO·DXWHXUjSURSRVHUO·K\SRWKqVHGH O·H[LVWHQFHDX

Vj$PULWG·XQHFRPPXQDXWpFK\SULRWHSOXVSUpFLVpPHQWNLWLHQQH/HV VFXOSWXUHVG·$PULWVRQWpWXGLpHVjSDUWLUGXUpFHQWFDWDORJXHGH.DWMD/HPENH

DXTXHOLO IDXGUDLWDMRXWHUXQJUDQGQRPEUHG·H[HPSODLUHVG·RULJLQHLQFHUWDLQHPDLVTXLYLHQQHQWWUqV SUREDEOHPHQWGHFHVLWHOHVVFXOSWXUHVGH.LWLRQ%DPERXODHQUHYDQFKHQHVRQWSDVELHQ SXEOLpHVHWXQFRUSXVV\VWpPDWLTXHQ·H[LVWHHQFRUHSDV/·DXWHXUGLVWLQJXHGHX[SKDVHV DX

VOHVDQFWXDLUHG·$PULWHVWELHQLQVpUpGDQVOHUpVHDXGHGLIIXVLRQGHVVFXOSWXUHV

©FK\SURLRQLHQQHVªTXLRQWpWpWURXYpHVHQJUDQGQRPEUHVXUOHVLWHj.LWLRQDXFRQWUDLUH SHXGHVFXOSWXUHVRQWpWpUHWURXYpHVHWHOOHVPRQWUHQWGHVLQÁXHQFHVVW\OLVWLTXHVGHOD*UqFH GHO·(VW$X

VODVLWXDWLRQFKDQJHODSURGXFWLRQG·$PULWHWFHOOHGH.LWLRQVHUDSSURFKHQW GHPDQLqUHWUqVFODLUHDYHFO·LQWURGXFWLRQGXSHUVRQQDJHGLYLQTX·RQDSSHOOH©+pUDFOqVªj .LWLRQHW©0DvWUHGHVDQLPDX[ªj$PULW/HVSDUDOOqOHVVW\OLVWLTXHVVRQWWHOOHPHQWQRPEUHX[

HWpWURLWVTXHO·K\SRWKqVHG·XQHSHWLWHFRPPXQDXWpGHPDUFKDQGVGH.LWLRQLQVWDOOpVj$PULW DSSDUDvWFRPPHWRXWjIDLWUDLVRQQDEOH

/·LQWpUrWGHFHWWHVHFWLRQTXLFRXYUHXQDUFFKURQRORJLTXHDVVH]YDVWHGHOD ÀQGX%URQ]H0R\HQjO·pSRTXHFODVVLTXHHVWGHSUpVHQWHUXQHVpULHGHQRXYHDXWpV LVVXHV GHV IRXLOOHV HW GHV SXEOLFDWLRQV UpFHQWHV WRXW HQ IDLVDQW OH SRLQW VXU GHV FDWpJRULHVG·REMHWVSOXVRXPRLQVFRQQXHV/HFDGUHGHVUDSSRUWVHQWUH&K\SUH HWOH/HYDQWHQVRUWHQULFKLGHSOXVLHXUVGpWDLOVHWSDUPLOHVGLIIpUHQWVDVSHFWVTXL pPHUJHQW²ODYLWDOLWpGHVpFKDQJHVFRPPHUFLDX[OHWUDQVIHUWGHPRWLIVDUWLVWLTXHV OHFRVPRSROLWLVPHGHVGLYHUVHVFRPPXQDXWpV²FHOXLGHODSDUHQWpRXVLPLODULWp GHVSUDWLTXHVFXOWXHOOHVHWGHVLFRQRJUDSKLHVUHOLJLHXVHVUHVWHOHSOXVGLIÀFLOHHW VXVFHSWLEOHGHUHSULVHVHWDSSURIRQGLVVHPHQWV

/D WURLVLqPH VHFWLRQ OD SOXV YDVWH DERUGH OD TXHVWLRQ GHV UDSSRUWV HQWUH

&K\SUHHWOD3KpQLFLHGpMjO·REMHWGHVFRPPXQLFDWLRQVG·(ULF*XEHOHW$QWRLQH +HUPDU\DYHFXQHSHUVSHFWLYHFHWWHIRLVHVVHQWLHOOHPHQWLQWHUQHjO·vOHjWUDYHUV O·pWXGHGHTXDWUH]RQHJpRJUDSKLTXHV

. /

'LH 6NXOSWXUHQ DXV GHP 4XHOOKHLOLJWXP YRQ $PULW 6WXGLH ]XU

$NNXOWXUDWLRQLQ3K|QL]LHQ'DPDV]HQHU)RUVFKXQJHQYRO0D\HQFH

6RSKRFOHV +DGMLVDYYDV © 7KH 3KRHQLFLDQ 3HQHWUDWLRQ LQ &\SUXV DV 'RFXPHQWHGLQWKH1HFURSROLVRI.LWLRQªSSURSRVHjWUDYHUVO·pWXGH GHODQpFURSROHSKpQLFLHQQHGH.LWLRQXQWDEOHDXGHODSUpVHQFHGHV3KpQLFLHQV GDQV FHWWH YLOOH WUDGLWLRQQHOOHPHQW FRQQXH FRPPH OHXU LQVWDOODWLRQ SULPDLUH DX

,;^H

VVXUODURXWHYHUVO·2XHVWGHOD0pGLWHUUDQpH

/HVLWHG·$JLRV*HRUJLRVDXOLHXGLW0QHPDWDDOLYUpSOXVLHXUVWRPEHVGRQWO·XQH ODWRPEHGpEXW

VHVWGLVFXWpHHQGpWDLOSDUWLFXODULWpVDUFKLWHFWXUDOHVSUpVHQFH VLPXOWDQpHGHVULWXHOVG·LQFLQpUDWLRQHWG·LQKXPDWLRQGDQVGHX[FKDPEUHVVpSDUpHV8QH GHX[LqPHWRPEHGLWH©WRPEH/HINDULWLVªWRPEHHOOHDXVVLGDWDEOHGX

V HW FRQVWUXLWH HQ WHFKQLTXH © DVKODU ª D OLYUp XQ ULFKH PDWpULHO IXQpUDLUH HW OHV UHVWHV G·LQKXPDWLRQGHTXDGUXSqGHV/·DXWHXUIDLWHQVXLWHXQHUDSLGHPLVHDXSRLQWVXUOHVSUDWLTXHV IXQpUDLUHVSKpQLFLHQQHVjODÀQGHO·pSRTXHDUFKDwTXHHWDXFRXUVGHO·pSRTXHFODVVLTXH WRXWHQVRXOLJQDQWO·LQÁXHQFHJUHFTXHFURLVVDQWHVXUWRXWDWWLTXHTXLpPHUJHGHPDQLqUH pYLGHQWHGHODQpFURSROHG·$JLRV*HRUJLRV

/·LPDJHGH.LWLRQTXLUHVVRUWGHODFRQWULEXWLRQGH0DULD*LXOLD$PDGDVL

©1RWHVG·RQRPDVWLTXHSKpQLFLHQQHj.LWLRQªSHVWFHOOHG·XQHYLOOH FRVPRSROLWH GRQW OHV WUDLWV FXOWXUHOV SKpQLFLHQV UHWLHQQHQW XQ FHUWDLQ QRPEUH G·DVSHFWVW\SLTXHPHQWFK\SULRWHV

/HVWURLVGRFXPHQWVOHVSOXVDQFLHQVXQYDVHHQVWpDWLWHGH1HZ<RUNOHERO5HG 6OLSGH.DWKDULDYHFGpGLFDFHj$VWDUWpOHVFRXSHVHQEURQ]HGH/LPDVVROGpGLpHVSDUOH JRXYHUQHXUGH4DUWKDGDVKWDX%D¶DOGX/LEDQRIIUHQWVHPEOHWLOWpPRLJQDJHGHQRPVQRQ VpPLWLTXHVRXELHQLQFRQQXVPDLVO·LQWHUSUpWDWLRQHVWGDQVOHVWURLVFDVVGRXWHXVH(QVXLWH OHVDQWKURSRQ\PHVFRPSRVpVGHQRPVGHGLYLQLWpVVRQWH[DPLQpVjSDUWOHVFRPSRVpV DYHF%D¶DO(VKPRXQ0LOTDUWRX$VWDUWpFHVGHUQLHUVPRLQVQRPEUHX[TX·RQQHSRXUUDLW FURLUHGHVGLYLQLWpVGRQWOHFXOWHHVWVSpFLÀTXHRXPrPHH[FOXVLIGH&K\SUHVRQWDWWHVWpHV WHOOHV TXH 3XPD\ ¶$QDW RX 5HVKHS 3DUPL OHV QRPV G·pWUDQJHUV GHV HWKQLTXHV FRPPH 356<3HUVHRX./.<&LOLFLHQHWGHVQRPVKpEUHX[FRPSRVpVGH<DKZHKPpULWHQWG·rWUH PHQWLRQQpV)LQDOHPHQWODFRUUHVSRQGDQFHWUDGXFWLRQHQWUHFHUWDLQVQRPVJUHFVHWQRPV SKpQLFLHQVHVWpYRTXpH

/HVGHX[FRQWULEXWLRQVFRQFHUQDQW7DPDVVRVVRQWFRPSOpPHQWDLUHV+DUWPXW 0DWWKlXV©7KH5R\DO7RPEVRI7DPDVVRV%XULDO*LIWV)XQHUDO$UFKLWHFWXUH DQG,GHRORJ\ªSSURSRVHXQHOHFWXUHGHVGRQQpHVLVVXHVGHVIRXLOOHV DOOHPDQGHVGHODQpFURSROHUR\DOHGH7DPDVVRVVLWHGH3ROLWLNR&KRPD]RXGKLD HQWUHSULVHVSDU0D[2KQHIDOVFK5LFKWHUHQHWSRXUVXLYLHVSDU+DQV*QWHU

%XFKKRO]GDQVOHVDQQpHVVRL[DQWHGL[

4XDWUHWRPEHVQžHWRQWpWpIRXLOOpHVHWLGHQWLÀpHVFRPPHVpSXOWXUHV UR\DOHV3DUPLOHVTXDWUHODWRPEHHWVXUWRXWODWRPEHRQWOLYUpGHWUqVULFKHVPRELOLHUV IXQpUDLUHV DUPHV SUpFLHXVHV PDVVH FRXSHV HQ PpWDO HW GH JURV UpFLSLHQWV FKDXGURQV GHVWLQpVDXEDQTXHWREHORLFRXWHDX[PRUWLHUVHWHQFHQVRLUVO·HQVHPEOHGDWHGX&K\SUR

$UFKDwTXH , HW LO pYRTXH GH PDQLqUH pYLGHQWH GHV ULWXHOV HW GHV FRQWH[WHV VRFLDX[ j

FRQQRWDWLRQKRPpULTXHVLWXDWLRQSRXUODTXHOOHRQGLVSRVHGHSDUDOOqOHVGDQVO·vOHGHSXLV

ODSpULRGHJpRPpWULTXH/HGpFRUDUFKLWHFWXUDOFRQWULEXHjSUpFLVHUQRWUHFRQQDLVVDQFHGHV

ULWXHOVIXQpUDLUHVHPSOR\pVj7DPDVVRVOHUHFRXUVjGHVPRGqOHVDUFKLWHFWXUDX[SURSUHV

DX[VDQFWXDLUHVVXJJqUHXQSURFHVVXVG·KpURwVDWLRQGXGpIXQWTXLWURXYHXQHFRPSDUDLVRQ

SRVVLEOHGDQVOHUHOLHIVFXOSWpGXVDUFRSKDJHG·$PDWKRQWH

&2037(

+DQV*QWHU %XFKKRO] © %HPHUNXQJHQ ]X 0 2KQHIDOVFK5LFKWHUV

$XVJUDEXQJHQLQ7DPDVVRVªSpYRTXHjWUDYHUVRQ]HOHWWUHV SURYHQDQWGHVDUFKLYHVG·eWDWGH1LFRVLHUHSURGXLWHVDX[SGLIIpUHQWV DVSHFWVGHVIRXLOOHVG·2KQHIDOVFK5LFKWHUj7DPDVVRV3ROLWLNRHQ

2XWUHFHUWDLQVGpWDLOVVXUODWRSRJUDSKLHGXVLWHHOOHVSUpFLVHQWODSHUVRQQDOLWpGX VDYDQWDOOHPDQGYXHjWUDYHUVOHV\HX[GHVDXWRULWpVEULWDQQLTXHVHWORFDOHVGH1LFRVLH²XQ SHUVRQQDJH2KQHIDOVFK5LFKWHUWRXMRXUVSDUWDJpHQWUHVHVGLIIpUHQWVU{OHVGH©+WHUGHU ,QWHUHVVHQ VHLQHU *HOGJHEHU GHU %HUOLQHHU 0XVHHQ ª © *UQGXQJVPLWJOHLG GHV &\SUXV 0XVHXPª©$QWLNHQKlQGOHUªHW©(KUHQPDQQªS

$YHFO·pWXGHGH6DELQH)RXUULHUHW&DWKHULQH3HWLW$XSHUW©8QVDQFWXDLUH SKpQLFLHQGXUR\DXPHG·$PDWKRQWH$JLRV7\FKRQDV$VYHVWRWRQªS RQSDVVHjXQDXWUHHQGURLWFOpSRXUODSUpVHQFHSKpQLFLHQQHj&K\SUH$PDWKRQWH HWVRQWHUULWRLUH

8QHGHVFULSWLRQGXVLWHLQVpUpHGDQVO·DQDO\VHGXWHUULWRLUHG·$PDWKRQWHHWO·KLVWRLUH GHVRQSHXSOHPHQW&3HWLW$XSHUWHVWVXLYLHG·XQHpWXGHGHVWHUUHVFXLWHVWURXYpHVHQ SURVSHFWLRQ (OOHV ODLVVHQW VXSSRVHU O·H[LVWHQFH G·XQ VDQFWXDLUH UXUDO GH FXOWH SKpQLFLHQ j$JLRV7\FKRQDVjPRLQVGHGHX[NLORPqWUHVGHO·DFURSROHGHODFDSLWDOHGXUR\DXPH 6)RXUULHU/HVLWHGHODYLOOHG·$PDWKRQWHDpWpUpRFFXSpHQWUHOH&K\SUR*pRPpWULTXH ,,, HW OH &K\SUR$UFKDwTXH , DSUqV DYRLU pWp DEDQGRQQp GHSXLV OD ÀQ GX 1pROLWKLTXH

&·HVW GDQV FH FRQWH[WH TXH GHV VDQFWXDLUHV UXUDX[ VRQW LPSODQWpV SDUPL OHVTXHOV FHOXL G·$JLRV 7\FKRQDV$VYHVWRWRQ /HV ÀJXULQHV IUDJPHQWDLUHV WURXYpHV HQ SURVSHFWLRQ VRQW FODLUHPHQWFRPPHOHGpPRQWUH6DELQH)RXUULHUGXPrPHW\SHTXHG·DXWUHVGpFRXYHUWHV FODQGHVWLQHPHQWHWUHWURXYpHVSUqVG·$JLRV7\FKRQDVHQ,OV·DJLWG·XQHSURGXFWLRQ V€UHPHQWORFDOHFRPPHO·LQGLTXHODSkWHOHUpSHUWRLUHGRPLQpSDUOHW\SHGHOD©GpHVVH DX[EUDVOHYpVªWURXYHGHVpOpPHQWVGHFRPSDUDLVRQVHXOHPHQWj/LPDVVRO.RPLVVDULDWR HWj$JLD3K\OD.RXQWRXURV/DWHFKQLTXHDLQVLTXHOHUpSHUWRLUHVRQWV€UHPHQWG·RULJLQH SKpQLFLHQQH HW FHOD SRVH j QRXYHDX OH SUREOqPH GH OD SUpVHQFH j $PDWKRQWH G·XQH FRPPXQDXWpSKpQLFLHQQHDSSDUHPPHQWQRQDVVLPLOpHGLVSRVDQWGHFXOWHVHWGHQpFURSROHV jSDUWODQpFURSROH©WRSKHWªGX)RXU6HDVRQV+RWHOSKpQRPqQHDXWUHPHQWLQFRQQXj

&K\SUHPrPHj.LWLRQ

/DXUHQFH $OSH © /D TXHVWLRQ GX VDQFWXDLUH GH /LPDVVRO.RPLVVDULDWR 0RGDOLWpVGHODSUpVHQFHSKpQLFLHQQHGDQVOHUR\DXPHG·$PDWKRQWHªS FRPSOqWHFHWDEOHDXjWUDYHUVO·DQDO\VHGXPDWpULHOGXVDQFWXDLUHGHODÀQGH O·pSRTXHDUFKDwTXHORFDOLVpj/LPDVVRO.RPLVVDULDWR

&HOLHXGHFXOWHGRQWODORFDOLVDWLRQSDUUDSSRUWj/LPDVVROFHQWUHVHFRQGDLUHGX

UR\DXPHG·$PDWKRQWHSHXWrWUHGpÀQLH©GHSUR[LPLWpªDOLYUpGHQRPEUHXVHVWHUUHV

FXLWHVDQWKURSRPRUSKHVHW]RRPRUSKHVGRQWODIDFWXUHHVWV€UHPHQWORFDOHPDLVGRQWOHV

WUDLWVVW\OLVWLTXHVPRQWUHQWGHFODLUVSDUDOOqOHVDYHFO·DUWSXQLTXH,OV·DJLWGHSURGXFWLRQV

ORFDOHV LVROpHV HW GH FRXUWH GXUpH TXL WpPRLJQHQW G·XQ FXOWH FK\SULRWH GH OD IHUWLOLWp

DYHFGHIRUWHVLQÁXHQFHVSKpQLFRSXQLTXHV/·K\EULGLWpDUWLVWLTXHTXHUHÁqWHQWOHVWHUUHV

FXLWHVGH/LPDVVRO.RPLVVDULDWRHVWFRKpUHQWHDYHFOHFDGUHDUWLVWLTXHGH/LPDVVROROHV

LPSRUWDWLRQVVRQWUDUHVPDLVOHVLQÁXHQFHVSKpQLFLHQQHVGDQVOHUpSHUWRLUHWUqVIRUWHVRQ

SHXWHQGpGXLUHTXHODFRPPXQDXWpSKpQLFLHQQHG·$PDWKRQWHpWDLWpWDEOLHHVVHQWLHOOHPHQW

GDQVODFDSLWDOHG·RGHVLPLWDWLRQVHWGHVSURGXFWLRQVK\EULGHVSRXYDLHQWVHGLIIXVHUGDQV

OHWHUULWRLUHGXUR\DXPHHWrWUHDVVLPLOpHVGDQVOHVFXOWHVHWOHVUpSHUWRLUHVORFDX[

/HV LQÁXHQFHV FXOWXUHOOHV TXL WRXFKHQW OHV FXOWHV SULQFLSDX[ GX UR\DXPH G·$PDWKRQWH VRQW DQDO\VpHV SRXU XQH SpULRGH SOXV WDUGLYH SDU 7KLHUU\ 3HWLW

©0DOLND=HXV0HLOLFKLRVHW=HXV;HQLRVj$PDWKRQWHGH&K\SUHªS /D *UDQG 'LHX G·$PDWKRQWH DX QRP VpPLWLTXH GH 0DOLND GLHX G\QDVWLTXH GLIIpUHPPHQWLGHQWLÀpGDQVOHVVRXUFHVHVWVRXYHQWUHSUpVHQWpFRPPH%qVFRUQXPDvWUHGX OLRQ'HX[pSLFOqVHVGH=HXVVRQWDQDO\VpHVHQVXLWH=HXV;HQLRV2YLGH0pWDPRUSKRVHV

;HWVXUWRXW=HXV0HLOLFKLRV­$PDWKRQWHFHGHUQLHUDSSDUDvWGDQVXQHGpGLFDFH HQJUHFDOSKDEpWLTXHGX

VDY-&6RQLGHQWLÀFDWLRQDYHF0DOLNDSUREDEOHPHQWWDUGLYH pSRTXHKHOOpQLVWLTXHVHMXVWLÀHUDLWSDUO·pW\PRORJLHVpPLWLTXHGHVGHX[QRPVGLYLQVGRQW O·RULJLQHVHORQXQHK\SRWKqVHDYDQFpHHQSDU)RXFDUWVHUDLWjUHFKHUFKHUGDQVOHPRW 0LON©URLª

3DYORV)ORXUHQW]RV©$Q8QNQRZQ*UDHFR5RPDQ7HPSOHIURPWKH/RZHU

&LW\ RI $PDWKRXV ª S SUpVHQWH GHV GRQQpHV UpFHQWHV G·DSUqV OHV IRXLOOHVGHGX'pSDUWHPHQWGHV$QWLTXLWpVGH&K\SUHGDQVODYLOOHEDVVH G·$PDWKRQWHSUqVGHO·DJRUDURPDLQH

/HV UHVWHV G·XQ WHPSOH KHOOpQLVWLTXH RQW pWp UHWURXYpV HW XQH LQVFULSWLRQ LQGLTXH FODLUHPHQWTXHOHWHPSOHpWDLWGpGLpj$UVLQRp3KLODGHOSKHGRQWOHFXOWHpWDLWWUqVSRSXODLUH j&K\SUH­O·pSRTXHURPDLQHODGHVWLQDWLRQGXFXOWHFKDQJHDFRPPHOHPRQWUHQWGHV REMHWVpJ\SWLHQVHWpJ\SWLVDQWVTXLRQWpWpGpFRXYHUWVHWVXUWRXWXQHWrWHHQPDUEUHG·+RUXV +DUSRFUDWHF·pWDLWV€UHPHQWjFHWWHGLYLQLWpHWj,VLVTXHOHWHPSOHpWDLWDORUVGpGLp

(QFRQFOXVLRQGHODVHFWLRQ(XVWDWKLRV5DSWRX©&XOWXUHJUHFTXHHWWUDGLWLRQ RULHQWDOHj3DSKRVªSSUpVHQWHXQELODQVXUOHUR\DXPHGH3DSKRVj WUDYHUVXQHGpFRXYHUWHWUqVUpFHQWHOHVDUFRSKDJHSRO\FKURPHVFXOSWpGH.RXNOLD .DWR$ORQLDUHWURXYpHQ

3DSKRVHVWGpFULWHFRPPHXQHYLOOHGLYLVpHGqVOHGpEXWHQWUHOD*UqFHUHSUpVHQWpH GDQVODWUDGLWLRQSDUO·$UFDGLHQ$JDSHQRUHWO·2ULHQWUHSUpVHQWpSDU.LQ\UDV/DVROLGLWp GHODWUDGLWLRQJUHFTXHHVWQpDQPRLQVVRXOLJQpHSDUOHUDSSHOGHODGpFRXYHUWHj3DSKRV GHODSOXVDQFLHQQHLQVFULSWLRQJUHFTXHGH&K\SUHO·REHORVG·2SKHOWHV

HWO·DWWHVWDWLRQ GHO·XVDJHGHFRXWXPHVIXQpUDLUHV©KRPpULTXHVªGDQVOHVQpFURSROHVGH.RXNOLD3ODNHV .RXNOLD0DYURPDWLV HW .RXNOLD.DWR$ORQLD

'DQV FHWWH GHUQLqUH QpFURSROH GDQV XQH WRPEHYLGpHSDUOHVSLOOHXUVDpWpGpFRXYHUWXQVDUFRSKDJHVFXOSWpGDWDQWGX

VDY-&

GHSURGXFWLRQORFDOH,OHVWGpFRUpVXUOHVTXDWUHF{WpVDYHFGHVUHOLHIVSHLQWVGRQWOHVXMHW HVWWLUpGXUpSHUWRLUHP\WKRORJLTXHJUHFO·DQDO\VHLFRQRJUDSKLTXHWUqVGpWDLOOpHUpYqOHOHV GRXEOHVLQÁXHQFHVJUHFTXHHWRULHQWDOHVXUO·DUWHWVXUODFXOWXUHFK\SULRWHVGHO·pSRTXH /HVSKRWRJUDSKLHVHQFRXOHXUGHVGHX[ORQJVF{WpVGXVDUFRSKDJHUHSURGXLWHVDX[SDJHV ÀJXUHVHWVRQWPDOKHXUHXVHPHQWGHWURSPDXYDLVHTXDOLWpSRXUSHUPHWWUHGH OLUHWRXVOHVGpWDLOV

4XLGRLWrWUHGpVRUPDLVFRQVLGpUpG·DSUqV-32OLYLHUeGLWLRQKROLVWLTXHGHVWH[WHV FK\SURPLQRHQV 3LVH ² 5RPH FRPPH LQVFULW HQ JUHF HQ pFULWXUH FK\SURPLQRHQQH

/DPHQWLRQGH$WK9,HHWGISQjSURSRVGHODULFKHVVHGHV

FRXWXPHVIXQpUDLUHVGHO·pSRTXHJpRPpWULTXHHWDUFKDwTXHHVWXQSHXDQDFKURQLTXH

&2037(

&HWWHORQJXHSDUWLHVXUOHVUDSSRUWVHQWUH&K\SUHHWOH3KpQLFLHQVHVWWUqV LQWpUHVVDQWHPrPHVLODYDOHXUGHVGLIIpUHQWHVFRQWULEXWLRQVHVWLQpJDOH8QHSODFH LPSRUWDQWHHVWFRQVDFUpHjMXVWHWLWUHjO·pWXGHGHODYLOOHHWGXUR\DXPHG·$PDWKRQWH HQUDLVRQGHVGpFRXYHUWHVUpFHQWHV

HWDYHFGHVDQDO\VHVUHQRXYHOpHV

(OOHVHPEOH DYRLUFRQQXXQHIRUWHSUpVHQFHSKpQLFLHQQHDYHFGHVWUDLWVRULJLQDX[VDQVSDUDOOqOH GDQVO·vOH/DYLOOHGH.LWLRQTXLUHVWHO·pWDEOLVVHPHQWSULQFLSDOGHV3KpQLFLHQVj

&K\SUHDXUDLWPpULWpODPrPHDWWHQWLRQDORUVSRXUWDQWTXHSOXVLHXUVSRLQWVREVFXUV VXEVLVWHQW SDU H[HPSOH GDQV TXHOOH PHVXUH DWHOOH pWp XQH YpULWDEOH FRORQLH W\ULHQQH"­TXHOPRPHQWGDWHUODQDLVVDQFHGXUR\DXPHLQGpSHQGDQWGH.LWLRQ

" OD UHPDUTXDEOH FRQWULEXWLRQ GH 0*$PDGDVL SHUPHW j WUDYHUV O·pWXGH GH O·RQRPDVWLTXHG·DYRLUXQHLGpHGHODULFKHVVHHWGHODFRPSOH[LWpGHVLQWHUDFWLRQV FXOWXUHOOHVTXLUHVWHQWGDQVXQHODUJHPHVXUHHQFRUHjH[SORUHU

8QHGHUQLqUHSDUWLHIDLWÀQDOHPHQWOHSRLQWVXUGHVWKqPHVTXLRQWpWpWRXMRXUV SDUWLFXOLqUHPHQWFKHUVj$QQLH&DXEHWODFRURSODVWLTXHODJO\SWLTXHOHVIDwHQFHV O·RUIqYUHULHF·HVWjGLUHOHVDUWVGHOX[HHWO·DUWLVDQDW

-DFTXHOLQH.DUDJHRUJKLV©,QÁXHQFHVRULHQWDOHVVXUODFRURSODVWLTXHFK\SULRWH DX[,,

HW,

PLOOpQDLUHVD&ªSGRQQHXQDSHUoXGHVLQÁXHQFHVGHO·DUW V\UROHYDQWLQVXUODFRURSODVWLTXHFK\SULRWHUpVXOWDWG·XQHLQWHUDFWLRQFRPSOH[H

­ SDUWLU GX GpEXW GX ,,

PLOOpQDLUH DY -& GHV LQÁXHQFHV G·RULJLQH V\ULHQQH GpWHFWDEOHVVXUWRXWGDQVO·LPSRUWDQFHGRQQpHjODUHSUpVHQWDWLRQGHVELMRX[DSSDUDLVVHQW VXUOHVLGROHVSODWHVHQFpUDPLTXHURXJHSROLHGH9RXQRXV0DLVF·HVWVXUWRXWjSDUWLUGX

&K\SULRWH5pFHQW,,TXHOHVUDSSRUWVpWURLWVHQWUH&K\SUHHWOH/HYDQWVHFRQFUpWLVHQWHQ FRURSODVWLTXHjWUDYHUVGHVSURGXFWLRQVTXLLPLWHQWGHSUqVFHOOHVGHODF{WHV\ULHQQHWHOOHV OHVÀJXULQHV©jWrWHG·RLVHDXªTXLWpPRLJQHQWQpDQPRLQVG·XQHLQÁXHQFHP\FpQLHQQH SURJUHVVLYH SHUFHSWLEOH GDQV O·KXPDQLVDWLRQ GHV ÀJXUHV $X ,

PLOOpQDLUH O·DUULYpH GHV3KpQLFLHQVGDQVO·vOHPDUTXHO·LQWURGXFWLRQGHODÀJXUHG·$VWDUWpUHSUpVHQWpHVHORQ GLIIpUHQWVPRGqOHVGRQWO·LQWURGXFWLRQHVWQpDQPRLQVSOXW{WOHQWHj.LWLRQF·HVWSHXW rWUHDYHFODWHFKQLTXHGXPRXOHTXHOHUpSHUWRLUHRULHQWDOHVWLQWURGXLWDXFRXUVGX

V

­$PDWKRQWHTXLDYHF.LWLRQPRQWUHOHVSOXVIRUWHVLQÁXHQFHVRULHQWDOHVGDQVO·vOHOHV UpLQWHUSUpWDWLRQVORFDOHVVRQWQRPEUHXVHVSDUH[HPSOHGDQVOHVPRGqOHVGHQDLVNRL

V RXGDQVOHW\SHGHODMRXHXVHGHWDPERXULQ

-RDQQD66PLWK©7KHPHDQG6W\OHLQ&\SULRW:RRGHQ5ROOHU,PSUHVVLRQVª SV·LQWpUHVVHDX[HPSUHLQWHVIDLWHVSDUGHVURXOHDX[HQERLVVXUOHV SLWKRLGX&K\SULRWH5pFHQW,,&²,,,$

VDY-&

(OOHIDLWWRXWG·DERUGXQHPLVHjSRLQWVXUODYDOHXUHVVHQWLHOOHPHQWEXUHDXFUDWLTXH HWDGPLQLVWUDWLYHGHFHVHPSUHLQWHVHWVXUOHVGLIIpUHQFHVG·XVDJHGHVVFHDX[DX3URFKH 2ULHQWHWGDQVO·eJpHSRXUOHVTXHOOHV&K\SUHDV€UHPHQWFRQVWLWXpXQHpWDSHGHSDVVDJH LPSRUWDQWH /H VW\OH GHV URXOHDX[ HQ ERLV PRQWUH GHV pOpPHQWV GH FRQQH[LRQ DYHF OHV LYRLUHVOHVIDwHQFHVOHVYDVHVHWOHVEURQ]HVO·LFRQRJUDSKLHSULYLOpJLHODUHSUpVHQWDWLRQ 9RLUVXUWRXWODFRQWULEXWLRQGH6)RXUULHUHW&3HWLW$XSHUWPDLVDXVVLODGpFRXYHUWH

VRXYHQWPHQWLRQQpHGX©WRSKHWªGX)RXU6HDVRQV+RWHO

9RLUODFRQWULEXWLRQGH/$OSH

G·DQLPDX[ VXUWRXW E±XIV HW OLRQV GDQV GHV VFqQHV GH FKDVVH RX GH FRPEDW PDLV DXVVL JULIIRQVHWFKqYUHV/HVPHLOOHXUVpOpPHQWVGHFRPSDUDLVRQVHWURXYHQWDX3URFKH2ULHQW GDQVOHVVFHDX[G·$ODODNKG·pSRTXHNDVVLWHRXPpGLRDVV\ULHQQHRXGDQVODWHFKQLTXHHWOHV VW\OHVGHODWDSLVVHULHHWGHO·DUWWH[WLOHV\ULHQV8QFDWDORJXHFRPSOqWHO·pWXGHS

(GJDU 3HOWHQEXUJ © +DWKRU )DLHQFH DQG &RSSHU RQ /DWH %URQ]H $JH

&\SUXVªSSUpVHQWHGHVUpÁH[LRQVVXUOHVLPSOLFDWLRQVGXSRLQWGHYXH GHO·LGpRORJLHHWGHODVRFLpWpGHODFLUFXODWLRQGHVIDwHQFHVpJ\SWLHQQHVj&K\SUH DX

VDY-&

,OGLVWLQJXHOHVREMHWVGHOX[HLVVXVGHODNRLQpDUWLVWLTXHLQWHUQDWLRQDOHHWOHVREMHWV jGpFRUSXUHPHQWpJ\SWLHQEROVGpFRUpVDYHFVFqQHVGHODYLHTXRWLGLHQQHGHO·eJ\SWHGH OD;,;

HW;;

G\QDVWLHUpSDQGXVDX/HYDQWHWUHWURXYpVHQJUDQGQRPEUHj&K\SUH/HV EROVjLPDJHKDWKRULTXHVRQWSDUWLFXOLqUHPHQWIUpTXHQWVFHTXLV·H[SOLTXHSDUXQHUHOHFWXUH FK\SULRWHGXU{OHG·+DWKRUHQWDQWTXHSURWHFWULFHGHVDFWLYLWpVPLQLqUHVHWGXFXLYUH$X FRXUVGX

VXQHUpJLRQDOLVDWLRQFURLVVDQWHGDQVOHUR\DXPHG·$ODVKL\DFRQGXLVLWjOD QDLVVDQFHGHFHQWUHVORFDX[DXWRQRPHVOLpVjO·H[SORLWDWLRQHWjODFRPPHUFLDOLVDWLRQGX FXLYUHFHSKpQRPqQHVHUDLWjO·RULJLQHGHODODUJHFLUFXODWLRQj&K\SUHGHVEROVHQIDwHQFH pJ\SWLHQVGHW\SHFRPPXQGLIIXVpVSDUPLOHVpOLWHVDXGHOjGHVFLUFXLWVUR\DX[

1DWKDOLD'HQQLQJHU©/HVIDwHQFHVGH&K\SUHDXSUHPLHUPLOOpQDLUHjWUDYHUV ODFROOHFWLRQGX/RXYUHªSSRXUVXLWVXUOHPrPHVXMHWHQVHUDWWDFKDQW DX[pWXGHVYRLUFLGHVVXVVXUO·KLVWRLUHGHVFROOHFWLRQVFK\SULRWHV

3DUPLOHVKXLWREMHWVGLYLVpVHQGHX[JURXSHVRQUHPDUTXHXQYDVHVWDWXHWWHHQIRUPH GHMRXHXUGHGRXEOHKDXWERLVDVVLVSHXWrWUHLQWHUSUpWDEOHFRPPHXQVLIÁHWHQUDLVRQGHVD VWUXFWXUHLQWHUQHYLVLEOHjO·DLGHGHUDGLRJUDSKLHVHWFRXSHVWRPRJUDSKLTXHV/DSOXSDUWGH FHVREMHWVVRQWGHVSURGXFWLRQVFK\SULRWHVRXOHYDQWLQHVTXLV·LQVSLUHQWGHPRGqOHVpJ\SWLHQV DYHFO·LQVHUWLRQG·pOpPHQWVG·RULJLQHGLIIpUHQWH

eYDQJpOLQH0DUNRX©/HWpPRLJQDJHGHVPRQQDLHVVXUO·RUIqYUHULHFK\SULRWH FODVVLTXHªSVHIRQGHVXUO·DQDO\VHGHVPRQQDLHVVXUWRXWGX

V UHSUpVHQWDQWGHVWrWHVGHGLHX[HWGpHVVHVRUQpHVGHSDUXUHVGHFROOLHUVHWERXFOHV G·RUHLOOH

/HVUHPDUTXHVÀQDOHVSURQRQFpHVSDU6WXDUW6ZLQ\Q·RQWSDVpWpSXEOLpHVHW O·DEVHQFHG·XQHV\QWKqVHÀQDOHVHIDLWVHQWLUHQUDLVRQGHODULFKHVVHGHODPDWLqUH SUpVHQWpHHWGHVDYDULpWpFKURQRORJLTXHHWJpRJUDSKLTXH

$QQD&

6FXROD1RUPDOH6XSHULRUH3LVD²

8QLYHUVLWp/XPLqUH/\RQ