6%DUW &RPSOLFDWLRQVGHODVRQGHjGHPHXUH

3URJUqVHQXURORJLH

‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

&$6&/,1,48(1ƒ

&RPSOLFDWLRQVGHODVRQGHjGHPHXUH

6%DUW

6HUYLFHG·XURORJLH&HQWUHKRVSLWDOLHU5HQp'XERVDYHQXHGHO·,OHGH)UDQFH

&HUJ\3RQWRLVH)UDQFH

&DVFOLQLTXH

0RWLIVGHFRQVXOWDWLRQ

8QHSDWLHQWHGHDQVHVWKRVSLWDOLVpHHQXUJHQFHGDQVYRWUH VHUYLFHGDQVOHFDGUHG·XQV\QGURPHIpEULOHDVVRFLpjGHV GRXOHXUVORPEDLUHV(OOHHVWVRQGpHjGHPHXUHGHSXLVXQH TXLQ]DLQHG·DQQpHV­O·DUULYpHODSRFKHjXULQHVSUpVHQWDLW GHVXULQHVSXUXOHQWHV/DVRQGHYpVLFDOHDpWpFKDQJpH

8QH[DPHQF\WREDFWpULRORJLTXHVGHVXULQHV(&%8DpWp UpDOLVpHWXQHDQWLELRWKpUDSLHSDUURFpSKLQHJHQWDP\FLQH LQWUDYHLQHXVHGpPDUUpH/HELODQELRORJLTXHUHWURXYDLWXQH K\SHUOHXFRF\WRVHjSRO\QXFOpDLUHVQHXWURSKLOHVXQH&53j PJ/HWXQHFUpDWLQLQpPLHjõPROHV/

/·pFKRJUDSKLHUpQDOHQHUHWURXYDLWSDVGHGLODWDWLRQGHV FDYLWpVS\pORFDOLFLHOOHVXQHYHVVLHYLGHDYHFXQEDOORQQHWHQ SODFH/·$63QHUHWURXYDLWSDVGHFDOFLÀFDWLRQLQWUDYpVLFDOH

$QDPQqVH

'DQVVHVDQWpFpGHQWVXQHSDUDSOpJLTXHSRVWWUDXPDWLTXH /GHSXLVDQVXQH+7$WUDLWpHSDUDPORGLSLQHEpVLODWH GHVHVFDUUHVHQSKDVHDLJXsGHSDUDSOpJLHXQHFKLUXUJLH UDFKLGLHQQHGHVLQIHFWLRQVXULQDLUHVUpSpWpHVXQ,0&j

NJPSRLGVNJWDLOOHP

4XHVWLRQV

TXHVWLRQ

4XHOOHVVRQWOHVFRPSOLFDWLRQVOLpHVDXVRQGDJHjGHPHXUH"

&RUUHVSRQGDQFH

$GUHVVHHPDLOVWHSKDQHEDUW#FKSRQWRLVHIU6%DUW

TXHVWLRQ

­GLVWDQFHGHO·pSLVRGHLQIHFWLHX[FRPPHQWHQYLVDJH]YRXV ODGpPDUFKHQHXURXURORJLTXH"

TXHVWLRQ

&RPPHQWpYDOXH]YRXVODIRQFWLRQUpQDOHGHFHWWHSDWLHQWH"

TXHVWLRQ

(OOHUHIXVHWRXWFKDQJHPHQWGHPRGHPLFWLRQQHOHWSUpIqUH ODVRQGHjGHPHXUHPDOJUpYRVH[SOLFDWLRQVVXUOHVULVTXHVj PR\HQHWORQJWHUPHVDLQVLTXHOHVDXWUHVPRGHVPLFWLRQ QHOV(OOHYRXVUHYRLWHQXUJHQFHGDQVOHFDGUHG·XQpSLVRGH G·KpPDWXULHPDFURVFRSLTXHSHUVLVWDQWDSUqVOHFKDQJHPHQW GHODVRQGHYpVLFDOHSDUO·LQÀUPLqUHjGRPLFLOH

4XHIDLWHVYRXV"

TXHVWLRQ

(QFDVGHWXPHXUGHYHVVLHTXHOOHHVWYRWUHFRQGXLWH jWHQLU"

TXHVWLRQ

4XHOOHWKpUDSHXWLTXHHQYLVDJH]YRXV"

TXHVWLRQ

4XHOOHHVWODIUpTXHQFHGHFHWWHFRPSOLFDWLRQWDUGLYH"

6%DUW

TXHVWLRQ

4XHOOHHVWODQDWXUHKLVWRORJLTXHGHODWXPHXUODSOXVIUp TXHPPHQWUHWURXYpH"

5pSRQVHV 5pSRQVH

/HVFRPSOLFDWLRQVOLpHVDXVRQGDJHjGHPHXUHVRQWOHV VXLYDQWHV

‡ LQIHFWLRQIpEULOHVXUVRQGHRUFKLpSLGLG\PLWHSURVWDWLWH FKH]O·KRPPHS\pORQpSKULWHFKH]ODIHPPH

‡ VRQGHERXFKpHS\XULHIXLWHVDXWRXUGHODVRQGH

‡ K\SRVSDGLDVFKH]O·KRPPH

‡ EpDQFHFHUYLFRXUpWUDOHFKH]ODIHPPHDYHFIXLWHVHW H[SXOVLRQGHVRQGHEDOORQQHWJRQÁp

‡ KpPDWXULH

‡ FDOFXOYpVLFDO

‡ LQÁDPPDWLRQYpVLFDOHFKURQLTXHHWULVTXHGHFDQFHUGH YHVVLHjORQJWHUPH

5pSRQVH

/DGpPDUFKHQHXURXURORJLTXHGRLWSUHQGUHHQFRPSWH OHVpOpPHQWVVXLYDQWV

‡ OHELODQUpQDOpFKRJUDSKLH²OLWKLDVHVHWRXGLODWDWLRQ² FUpDWLQLQpPLHHWFODLUDQFHGHODFUpDWLQLQH

‡ OHELODQYpVLFDOpFKRJUDSKLHGHPHVXUHGXUpVLGXSRVW PLFWLRQQHOHWXUpWURF\VWRVFRSLH

‡ OHELODQXUpWUDOXUpWURF\VWRJUDSKLHHWXUpWURF\VWRVFRSLH

‡ OHELODQGHO·pTXLOLEUHYpVLFRVSKLQFWpULHQpWXGHXURG\

QDPLTXHYRLUHYLGpRXURG\QDPLTXH

‡ OHELODQPRUSKRORJLTXHGXEDVDSSDUHLOXULQDLUHF\VWR JUDSKLHUpWURJUDGHHW©PLFWLRQQHOOHª

‡ OH ELODQ G·XQH G\VUpIOH[LH DXWRQRPH SDWKRORJLH PpGXOODLUH

‡ OHELODQGHODVWDWLTXHSHOYLHQQHFKH]ODIHPPHH[DPHQ XURJ\QpFRORJLTXH

‡ OHGpSLVWDJHGHVULVTXHVFDUFLQRORJLTXHVVSpFLÀTXHVRX QRQYHVVLHHWSURVWDWH

(QSUDWLTXHjGLVWDQFHGHO·pSLVRGHLQIHFWLHX[LOHVW QpFHVVDLUHGHSUpYRLUXQHpYDOXDWLRQGXKDXWDSSDUHLOVXU OHSODQPRUSKRORJLTXHHWIRQFWLRQQHOXQHpFKRJUDSKLH UpQDOHDpWpUpDOLVpHXQ$63SRXUUDrWUHDVVRFLpDÀQGH UHFKHUFKHUGHVFDOFXOV8QH7'0DEGRPLQRSHOYLHQQHORZ GRVHSRXUUDLWrWUHUpDOLVpHDÀQG·REWHQLUXQ©LQVWDQWDQpª GHODPRUSKRORJLHGHO·DSSDUHLOXULQDLUH/·DQDO\VHGHOD IRQFWLRQUpQDOHSDVVHSDUODPHVXUHGHODFODLUDQFHGHOD FUpDWLQLQpPLHVXUOHVXULQHVGHVKHXUHV

/·pYDOXDWLRQGXIRQFWLRQQHPHQWGXEDVDSSDUHLOXULQDLUH SHXWV·HIIHFWXHUGHODPDQLqUHVXLYDQWHLOHVWLPSpUDWLI FRPSWHWHQXGHVRQQLYHDXGHSDUDSOpJLHGHYpULÀHUOD FDSDFLWpG·DSSUHQWLVVDJHGHVDXWRVRQGDJHVFHTXLGHYUDLW rWUH OH FDV HW GH FKDQJHU GH PRGH PLFWLRQQHO DYDQW G·HQYLVDJHUXQHF\VWRVFRSLHSRXUDQDO\VHUODPRUSKRORJLH YpVLFDOHVpGLPHQWVFDOFXOYpVLFDOWXPHXUSXLVXQELODQ XURG\QDPLTXH/HELODQG·XQWURXEOHGHODVWDWLTXHSHO YLHQQHSRXUUDrWUHpYDOXpORUVGHO·H[DPHQF\VWRVFRSLTXH HWRXXURG\QDPLTXH

5pSRQVH

/DIRQFWLRQUpQDOHG·XQSDWLHQWSDUDSOpJLTXHHWHQIDXWHXLO GHSXLVGHQRPEUHXVHVDQQpHVQHSHXWrWUHpYDOXpHSDUXQ GRVDJHVLPSOHGHODFUpDWLQLQpPLHSODVPDWLTXHODPDVVH PXVFXODLUHpWDQWIDLEOHFKH]FHVSDWLHQWV8QHPHVXUHGH ODFODLUDQFHGHVXULQHVVXUOHVKHXUHVHVWQpFHVVDLUHDYHF OHFDOFXOGHODIRUPXOH&ODLUDQFH 8938FUpDWLQLQXULH 9YROXPHXULQDLUHVXUKHXUHV3FUpDWLQLQpPLH

1%/DFODLUDQFHG·XQHVXEVWDQFHpOLPLQpHSDUOHUHLQHVW OHYROXPHGHSODVPDpSXUpWRWDOHPHQWGHFHWWHVXEVWDQFH GDQVO·XQLWpGHWHPSV3OXVXQHFODLUDQFHHVWpOHYpHSOXVOH SRXYRLUG·pSXUDWLRQSRXUFHWWHVXEVWDQFHO·HVWpJDOHPHQW /D FUpDWLQLQH pWDQW pOLPLQpH XQLTXHPHQW SDU ÀOWUDWLRQ JORPpUXODLUHODPHVXUHGHVDFODLUDQFHSHUPHWG·pYDOXHU ODYLWHVVHGHÀOWUDWLRQJORPpUXODLUH&·HVWGRQFXQLQVWUXPHQW XWLOHSRXUDSSUpFLHUOHVIRQFWLRQVGHÀOWUDWLRQUpQDOHV

5pSRQVH

(QFDVG·KpPDWXULHLOSHXWrWUHQpFHVVDLUHG·HIIHFWXHUXQ GpFDLOORWDJHDVVRFLpjXQODYDJHYpVLFDO,OHVWLPSpUDWLIGHUpD OLVHUXQHÀEURVFRSLHGDQVFHFRQWH[WHGHVRQGDJHjGHPHXUH DXORQJFRXUVFDUOHULVTXHWXPRUDOHVWpOHYp8QHUpVHFWLRQGH WXPHXUGHYHVVLHRXGHVELRSVLHVjO·DQVHGH]RQHVVXVSHFWHV VHUDUpDOLVpHHQIRQFWLRQGHVUpVXOWDWVGHODÀEURVFRSLH

5pSRQVH

,OHVWQpFHVVDLUHGHUpDOLVHUXQHUpVHFWLRQHQGRVFRSLTXHGH WXPHXUGHODYHVVLHODSOXVFRPSOqWHSRVVLEOHHQUpVpTXDQW ODUJHPHQWGXPXVFOHDÀQGHYpULÀHUO·DEVHQFHG·LQÀOWUDWLRQ

5pSRQVH

(QFDVGHWXPHXUVXSHUÀFLHOOHLOQ·H[LVWHSDVGHUHFRPPDQ GDWLRQVSUpFLVHVVSpFLÀTXHVDX[SDWLHQWVQHXURORJLTXHVPDLV LOVHUDQpFHVVDLUHGHGLVFXWHUHQUpXQLRQGHFRQFHUWDWLRQ SOXULGLVFLSOLQDLUHRQFRORJLTXHO·RSSRUWXQLWpG·LQVWLOODWLRQV HQGRYpVLFDOHVDÀQGHGLPLQXHUOHULVTXHGHUpFLGLYHHWGH SURSRVHUXQFKDQJHPHQWGHPRGHPLFWLRQQHOOHSOXVORJLTXH HVWODUpDOLVDWLRQG·DXWRVRQGDJHV

(Q FDV GH WXPHXU LQILOWUDQWH XQ ELODQ G·H[WHQVLRQ V·LPSRVHDYHFXQH7'0WKRUDFRDEGRPLQRSHOYLHQQHHWXQH VFLQWLJUDSKLHRVVHXVH(QO·DEVHQFHG·H[WHQVLRQORFRUpJLRQDOH RXJpQpUDOHXQHF\VWHFWRPLH%ULFNHUVHUDUpDOLVpH

5pSRQVH

/DSUpYDOHQFHGHVWXPHXUVGHYHVVLHHVWGHO·RUGUHGHHW VXUGHVVpULHVUpWURVSHFWLYHVGHSOXVGHSDWLHQWV QHXURORJLTXHV /HV WXPHXUV GH YHVVLH QH VRQW GRQF SDV EHDXFRXSSOXVIUpTXHQWHVTXHGDQVODSRSXODWLRQJpQpUDOH /·LQFLGHQFHEUXWHGHVWXPHXUVGHODYHVVLHHQpWDLWGH FKH]O·KRPPHHWFKH]ODIHPPH

5pSRQVH

/·H[LVWHQFH G·XQ W\SH GH FDQFHU VSpFLÀTXH DX[ YHVVLHV QHXURORJLTXHV HVW UpHOOH /D SURSRUWLRQ GH FDUFLQRPH

&DVFOLQLTXHQƒ&RPSOLFDWLRQVGHODVRQGHjGHPHXUH

pSLGHUPRwGHHVWWUqVLPSRUWDQWHYDULDQWHQWUHHW VHORQOHVVpULHVDORUVTXHODIUpTXHQFHGDQVODSRSXODWLRQ JpQpUDOHHVWGHjHQGHKRUVGHV]RQHVG·HQGpPLH ELOKDU]LHQQH>@

&RPPHQWDLUHVG·H[SHUW'U%DUW

/HVUHFRPPDQGDWLRQVGX*(18/)FRQFHUQDQWFHV SDWLHQWVWUDXPDWLVpVPpGXOODLUHVVRQWOHVVXLYDQWHV/D VXUYHLOODQFHVHEDVHVXUO·DVVRFLDWLRQGHODF\VWRVFRSLH DVVRFLpH j GHVELRSVLHVDX PRLQGUH GRXWH FRPSOpWpH SDU F\WRORJLH XULQDLUH 0DOJUp O·DEVHQFH GH SUHXYH G·XQHHIÀFDFLWpGHVSURJUDPPHVGHGpSLVWDJHGDQVOHV SRSXODWLRQVjULVTXHLODSSDUDvWORJLTXHGHSURSRVHUFHV H[DPHQVGHIDoRQDQQXHOOHFKH]OHVSDWLHQWVD\DQWXQ RXSOXVLHXUVGHVIDFWHXUVGHULVTXHVXLYDQWVWDEDJLVPH HWkJH!DQVHQWpURF\VWRSODVWLHRXDJUDQGLVVHPHQW YpVLFDO GHSXLV SOXV GH DQV QHXURYHVVLH pYROXDQW GHSXLVSOXVGHDQV>@

/HPRGHOHSOXVIUpTXHQWGHGLDJQRVWLFUHVWHODVXUYHQXH G·XQHKpPDWXULHPDFURVFRSLTXH/HSRLQWOHSOXVLPSRUWDQW HVWHQÀQOHIDLWTXHOHGLDJQRVWLFHVWIUpTXHPPHQWWDUGLI DPHQDQWjODGpFRXYHUWHGHWXPHXUVLQÀOWUDQWHVUHQGDQW GLIÀFLOH OD PLVH HQ SODFH G·XQ WUDLWHPHQW FXUDWLI /H IDFWHXUGHULVTXHOHSOXVLPSRUWDQWGDQVOHXUpWXGHpWDLW O·H[LVWHQFHG·XQFDWKpWHUSHUPDQHQWGDQVODYHVVLHGHSXLV SOXVGHDQV/HVIDFWHXUVGHULVTXHVHFRQGDLUHVpWDLHQW ODFRQVRPPDWLRQGHWDEDFSOXVGHSDTXHWVDQQpH O·H[LVWHQFH G·XQ FDOFXO GH YHVVLH SOXV GH pSLVRGHV G·LQIHFWLRQXULQDLUHSDUDQXQHFRQVRPPDWLRQGHSOXVGH WDVVHVGHFDIpSDUDQ>@

/H U\WKPH HW OD PpWKRGH GH VXLYL GHV SDWLHQWV QHXURORJLTXHV QH VRQW SDV FRQVHQVXHOV SRXU DXWDQW HW GHPHXUHQWWUqVKpWpURJqQHV

/LHQVG·LQWpUrWV

/·DXWHXUDGpFODUpQ·DYRLUDXFXQOLHQG·LQWpUrWVSRXUFHW DUWLFOH

5pIpUHQFHV

>@ 5XIÀRQ$GH6q]H0'HQ\V33HUURXLQ9HUEH%&KDUWLHU .DVWOHU ( HW OHV PHPEUHV GX *(18/) 5HFRPPDQGDWLRQV GX*URXSHG·eWXGHVGH1HXUR8URORJLHGH/DQJXH)UDQoDLVH

*(18/)SRXUOHVXLYLGXEOHVVpPpGXOODLUHHWGXSDWLHQWVSLQD ELÀGD3URJ8URO

>@ 5XIÀRQ$&RPSHUDW(5RXSUHW0&KDUWLHU.DVWOHU(&DQFHU GHYHVVLHHWYHVVLHQHXURORJLTXH3URJ8URO

>@ 3DUUD-'URXLQ6&RPSHUDW(0LVUDw99DQ*ODEHNH(5LFKDUG )HWDO&DQFHUVGHODYHVVLHFKH]OHVSDWLHQWVQHXURORJLTXHV DQDO\VHG·XQHVpULHPRQRFHQWULTXH3URJ8URO