13.07.2015 Views

Sommaire - CNUDST

Sommaire - CNUDST

Sommaire - CNUDST

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

75$'8&7,21)5$1d$,6(3285,1)250$7,219HQGUHGLFKDRXHO±GpFHPEUH qPH DQQpH 1ƒ6RPPDLUH'pFUHWVHW$UUrWpV3UHPLHU0LQLVWqUH'pFUHWQƒGXGpFHPEUHSRUWDQWUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFV1RPLQDWLRQGHVRXVGLUHFWHXUV«««««««««««««««««««««««1RPLQDWLRQ GXQ PHPEUH UHSUpVHQWDQW OH PLQLVWqUH GH OLQWpULHXU HW GXGpYHORSSHPHQW ORFDO DX FRQVHLO GDGPLQLVWUDWLRQ GH O,PSULPHULH 2IILFLHOOH GH OD5pSXEOLTXH7XQLVLHQQH0LQLVWqUHGHV$IIDLUHV6RFLDOHVHWGHOD6ROLGDULWp1RPLQDWLRQGXQFKHIGHGLYLVLRQ««««««««««««««««««««««« $UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD VROLGDULWp GX GpFHPEUH SRUWDQWGpWHUPLQDWLRQGHVVLqJHVHWGHVFRPSpWHQFHVWHUULWRULDOHVGHVFRPPLVVLRQV PpGLFDOHV KDELOLWpHV j IL[HU OH WDX[ GLQFDSDFLWp SHUPDQHQWH GH WUDYDLO HW ODQRPLQDWLRQGHOHXUVPHPEUHV«««««««««««««««««««««««« $UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD VROLGDULWp GX GpFHPEUH SRUWDQW DSSUREDWLRQ GH ODYHQDQW Qƒ j OD FRQYHQWLRQ FROOHFWLYH QDWLRQDOH GHOpOHFWULFLWpHWGHOpOHFWURQLTXH««« 0LQLVWqUHGHO,QWpULHXUHWGX'pYHORSSHPHQW/RFDO1RPLQDWLRQGHFKHIVGHGLYLVLRQ««««««««««««««««««««««« 1RPLQDWLRQGXQFKHIGHEXUHDX««««««««««««««««««««««« 1RPLQDWLRQGXQVHFUpWDLUHJpQpUDOGHFRPPXQH««««««««««««««« 1RPLQDWLRQGXQFKHIGHVHUYLFH««««««««««««««««««««««« $UUrWp GX PLQLVWUH GH OLQWpULHXU HW GX GpYHORSSHPHQWORFDOGXQRYHPEUH SRUWDQWRXYHUWXUHGXQH[DPHQSURIHVVLRQQHOVXUGRVVLHUVSRXUODWLWXODULVDWLRQGHVDJHQWV WHPSRUDLUHV GH OD FDWpJRULH $ GDQV OH JUDGH GLQJpQLHXU GHV WUDYDX[ DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DXPLQLVWqUHGHOLQWpULHXUHWGXGpYHORSSHPHQWORFDO«««««««««««««««


LVWHVGHSURPRWLRQDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQW« /LVWHGHSURPRWLRQDXFKRL[DXJUDGHGHVHFUpWDLUHGDGPLQLVWUDWLRQ««««««« 0LQLVWqUHGHO(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH1RPLQDWLRQGHGR\HQVGHIDFXOWpV1RPLQDWLRQGXGLUHFWHXUGHOLQVWLWXWQDWLRQDOGHVVFLHQFHVDSSOLTXpHVHWGHWHFKQRORJLH« 1RPLQDWLRQGHGLUHFWHXUVGLQVWLWXWVVXSpULHXUV««««««««««««««««« 1RPLQDWLRQGHGLUHFWHXUVGLQVWLWXWVGHKDXWHVpWXGHV«««««««««««««« 1RPLQDWLRQGHGLUHFWHXUVGLQVWLWXWVSUpSDUDWRLUHV««««««««««««««« 1RPLQDWLRQGHGLUHFWHXUVGpFROHVQDWLRQDOHVHWVXSpULHXUH««««««««««« 1RPLQDWLRQGHGLUHFWHXUVGHVpWXGHVYLFHGR\HQV««««««««««««««« 1RPLQDWLRQGHGLUHFWHXUV«««««««««««««««««««««««««« 1RPLQDWLRQGHGLUHFWHXUVGHVVWDJHV«««««««««««««« 1RPLQDWLRQGXQGLUHFWHXUGHVpWXGHV1RPLQDWLRQGXQGLUHFWHXUGHVpWXGHVGLUHFWHXUDGMRLQW««««««««««««« 1RPLQDWLRQGHVRXVGLUHFWHXUV««««««««««««««««««««««« 1RPLQDWLRQGHVHFUpWDLUHVJpQpUDX[GpWDEOLVVHPHQWVGHQVHLJQHPHQWVXSpULHXUHW GHUHFKHUFKH««««««««««««««««««««««««««««««« 1RPLQDWLRQGHVHFUpWDLUHVSULQFLSDX[GXQLYHUVLWpV««««««««««««««« 1RPLQDWLRQGHVHFUpWDLUHVSULQFLSDX[GpWDEOLVVHPHQWVGHQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKH««««««««««««««««««««««««««««««« 1RPLQDWLRQGHVHFUpWDLUHVGXQLYHUVLWpV«««««««««««««««««««« 1RPLQDWLRQGHVHFUpWDLUHVGpWDEOLVVHPHQWVGHQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKH«1RPLQDWLRQGHFKHIVGHVHUYLFH«««««««««««««««««««««««$UUrWpGHVPLQLVWUHVGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHHWGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV0LQLVWqUHGHO(GXFDWLRQHWGHOD)RUPDWLRQ0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF««««««««««««««««««0LQLVWqUHGHV'RPDLQHVGHO(WDWHWGHV$IIDLUHV)RQFLqUHV'pFUHW Qƒ GX GpFHPEUH SRUWDQW H[SURSULDWLRQ SRXU FDXVHGXWLOLWpSXEOLTXHGHSDUFHOOHVGHWHUUHVLVHVDX[GpOpJDWLRQVGH0HQ]HO7HPLPHHW+DRXDULD JRXYHUQRUDW GH 1DEHXO HW QpFHVVDLUHV j OD FRQVWUXFWLRQ GXQ EDUUDJHFROOLQDLUHVXU2XHG$NUDQ««««««««««««««««««««««««««0LQLVWqUHGHO,QGXVWULHHWGHO(QHUJLH'pFUHWQƒGXGpFHPEUHUHODWLIjODFRJpQpUDWLRQ««««««GXGpFHPEUHIL[DQWOHUpJLPHGHVpWXGHVHWGHVH[DPHQVGDQVOHVF\FOHVSUpSDUDWRLUHVDX[pWXGHVGLQJpQLHXU««««««««««««««««««««« $UUrWpVGXPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGH ODWHFKQRORJLHGHVHWGpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH«««« 0LQLVWqUHGX7RXULVPHGX&RPPHUFHHWGHO$UWLVDQDW$UUrWpGXPLQLVWUHGXWRXULVPHGXFRPPHUFHHWGHODUWLVDQDWGXGpFHPEUH UHODWLIjODIL[DWLRQGHODGXUpHPD[LPDOHGHORUJDQLVDWLRQGHVMHX[SURPRWLRQQHOVHWODYDOHXUPD[LPDOHGXORWDFFRUGp«««««««««««««««««««««« 0LQLVWqUHGHOD-XVWLFHHWGHV'URLWVGHO+RPPH$WWULEXWLRQGHODQDWLRQDOLWpWXQLVLHQQHSDUYRLHGHQDWXUDOLVDWLRQ««««««««« $UUrWp GX PLQLVWUH GH OD MXVWLFH HW GHV GURLWV GH O+RPPH GX GpFHPEUH UHODWLIjOLPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH««««««««««$UUrWpGXPLQLVWUHGHVGRPDLQHVGHO(WDWHWGHVDIIDLUHVIRQFLqUHVGXGpFHPEUH PRGLILDQW HW FRPSOpWDQW ODUUrWp GX PLQLVWUH GHV GRPDLQHV GH O(WDW HW GHV DIIDLUHV IRQFLqUHV GX RFWREUH IL[DQW OHV PRGDOLWpV GRUJDQLVDWLRQ GXFRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH UHFUXWHPHQW GLQJpQLHXUV SULQFLSDX[ DX PLQLVWqUHGHVGRPDLQHVGHO(WDWHWGHVDIIDLUHVIRQFLqUHV«««««««««««« 0LQLVWqUHGHV)LQDQFHV$UUrWpV GX PLQLVWUH GHV ILQDQFHV GX GpFHPEUH SRUWDQW GpOpJDWLRQ GH VLJQDWXUH««««««««««««««««««««««««««««««««« -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


1RPLQDWLRQGXQDGPLQLVWUDWHXUDXFRQVHLOGDGPLQLVWUDWLRQGHODVRFLpWpQDWLRQDOHGH GLVWULEXWLRQGHVSpWUROHV«««««««««««««««««««««««««« 1RPLQDWLRQGXQDGPLQLVWUDWHXUDXFRQVHLOGDGPLQLVWUDWLRQGHODVRFLpWpWXQLVLHQQHGHVXFUH««««««««««««««««««««««««««««««««« 0LQLVWqUHGHOD&XOWXUHGHOD-HXQHVVHHWGHV/RLVLUV1RPLQDWLRQGXQDWWDFKpGHFDELQHWDXPLQLVWqUHGHODFXOWXUHGHODMHXQHVVHHWGHV ORLVLUV«««««««««««««««««««««««««««««««««« 1RPLQDWLRQGXQGLUHFWHXUGHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHV«««««« 1RPLQDWLRQGXQPDvWUHGHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHV 0LQLVWqUHGHO(TXLSHPHQWGHO+DELWDWHWGHO$PpQDJHPHQWGX7HUULWRLUH 1RPLQDWLRQGXQDGPLQLVWUDWHXUDXFRQVHLOGDGPLQLVWUDWLRQGHODJHQFHIRQFLqUHGHOKDELWDW 1RPLQDWLRQGXQPHPEUHDXFRQVHLOGDGPLQLVWUDWLRQGHORIILFHGHODWRSRJUDSKLHHW GHODFDUWRJUDSKLH««««««««««««««««««««««««««««« 0LQLVWqUHGHOD6DQWp3XEOLTXH0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF«««««««««««««««««« 0LQLVWqUHGX'pYHORSSHPHQWHWGHOD&RRSpUDWLRQ,QWHUQDWLRQDOH'pFUHWQƒGXGpFHPEUHPRGLILDQWHWFRPSOpWDQWOHGpFUHWQƒ GXMXLQUpJOHPHQWDQWOHVFRQGLWLRQVGDWWULEXWLRQHWGHUHWUDLWGHVHPSORLVIRQFWLRQQHOVDXVHLQGHODJHQFHGHSURPRWLRQGHOLQYHVWLVVHPHQWH[WpULHXU«««««« 0LQLVWqUHGHO$JULFXOWXUHGHO(QYLURQQHPHQWHWGHV5HVVRXUFHV+\GUDXOLTXHV'pFUHWQƒGXGpFHPEUHSRUWDQWFUpDWLRQGXQHXQLWpGHJHVWLRQSDU REMHFWLIV SRXU OD UpDOLVDWLRQ GHV EDUUDJHV (O =DUJD (O .pELU (O 0RXOD HW GHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW(O0RXODGXJRXYHUQRUDWGH-HQGRXEDHWIL[DQWVRQRUJDQLVDWLRQHWOHVPRGDOLWpVGHVRQIRQFWLRQQHPHQW««1RPLQDWLRQGXQGLUHFWHXU««««««««««««««««««««««««««1RPLQDWLRQGHFKHIVGHVHUYLFH«««««««««««««««««««««««1RPLQDWLRQGHFKHIVGDUURQGLVVHPHQW««««««««««««««««««««1RPLQDWLRQGHFKHIVGHFHOOXOH«««««««««««««««««««««««$UUrWp GX PLQLVWUH GH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHVGXGpFHPEUHIL[DQWOHVPRGDOLWpVGRUJDQLVDWLRQGXFRQFRXUVH[WHUQHVXUpSUHXYHVSRXUOHUHFUXWHPHQWGHWHFKQLFLHQVGHODERUDWRLUHLQIRUPDWLTXHDSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH OLQIRUPDWLTXH GHVDGPLQLVWUDWLRQVSXEOLTXHV««««««««««««««««««««««««««$UUrWp GX PLQLVWUH GH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHV GX GpFHPEUH SRUWDQW RXYHUWXUH GH OD SURFpGXUH GHUpDPpQDJHPHQWIRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpG(UEDwDGHODGpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH««««««««««««««««««««1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


GpFUHWVHWDUUrWpV35(0,(50,1,67(5('pFUHWQƒGXGpFHPEUHSRUWDQWUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFV/H3UpVLGHQWGHOD5pSXEOLTXH6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH9X OD ORL Qƒ GX PDL SRUWDQWSURPXOJDWLRQ GH OD ORL RUJDQLTXH GHV FRPPXQHV HWOHQVHPEOH GHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQWODORLRUJDQLTXHQƒGXDYULOHWODORLRUJDQLTXHQƒGX-XLOOHW9X OD ORL Qƒ GX PDL SRUWDQW ORLRUJDQLTXH GX EXGJHW GHV FROOHFWLYLWpV SXEOLTXHV ORFDOHVHWOHQVHPEOHGHVWH[WHVTXLORQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLRUJDQLTXHQƒGX0DLHWODORLRUJDQLTXHQƒGX-DQYLHU9XODORLRUJDQLTXHQƒGXIpYULHUUHODWLYHDX[FRQVHLOVUpJLRQDX[WHOOHTXHPRGLILpHHWFRPSOpWpHSDUODORLRUJDQLTXHQƒGXGpFHPEUH9X OD ORL Qƒ GX GpFHPEUH SRUWDQWSURPXOJDWLRQ GX FRGH GH OD FRPSWDELOLWp SXEOLTXH HWQRWDPPHQW VHV DUWLFOHV HW HW OHQVHPEOH GHVWH[WHVTXLORQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLQƒ GX GpFHPEUH OD ORL Qƒ GX 1RYHPEUHHWODORLQƒGXDYULO9X OD ORL Qƒ GX HU IpYULHU UHODWLYH DX[SDUWLFLSDWLRQV HQWUHSULVHV HW pWDEOLVVHPHQWV SXEOLFV HWQRWDPPHQWOHVDUWLFOHVjHWOHQVHPEOHGHVWH[WHVTXLORQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLQƒGX HU DR€WHWODORLQƒGX-XLOOHWHWODORLQƒGXPDLHWORLQƒGXPDUV9X OH GpFUHW Qƒ GX QRYHPEUH SRUWDQWFUpDWLRQ GX SUHPLHU PLQLVWqUH HW IL[DQW OHV DWWULEXWLRQV DX3UHPLHUPLQLVWUH9X OH GpFUHW Qƒ GX DYULO SRUWDQWUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFVWHOTXHPRGLILpSDUOHGpFUHWQƒGXPDUVHWOHGpFUHWQƒGXVHSWHPEUHHWOHGpFUHWQƒGXRFWREUHHWOHGpFUHWQƒGXPDUVHWOHGpFUHWQƒGXPDUVHWOHGpFUHWQƒGXDYULOHWOHGpFUHWQƒGXVHSWHPEUH9XOHGpFUHWQƒGXDYULOSRUWDQWIL[DWLRQGHV PRGDOLWpV HW FRQGLWLRQV GRFWURL GH OD PDUJH GHSUpIpUHQFHDX[SURGXLWVGRULJLQHWXQLVLHQQHGDQVOHFDGUHGHVPDUFKpVSXEOLFV9XODYLVGXPLQLVWUHGHVILQDQFHV9XODYLVGXWULEXQDODGPLQLVWUDWLI'pFUqWH7,75(35(0,(5',6326,7,216*(1(5$/(6&+$3,75(35(0,(5'(),1,7,21'(60$5&+(638%/,&6$UWLFOHSUHPLHU/HVPDUFKpVSXEOLFVVRQWGHVFRQWUDWVpFULWVSDVVpVSDUODFKHWHXUSXEOLFHQYXHGHODUpDOLVDWLRQGHVFRPPDQGHVSXEOLTXHV1H FRQVWLWXHQW SDV GHV PDUFKpV SXEOLFV DX VHQV GXSUpVHQW GpFUHW OHV FRQWUDWV GH FRQFHVVLRQ GH VHUYLFHVSXEOLFVOHVFRQWUDWVGDVVRFLDWLRQGHJURXSHPHQWGHVRXVWUDLWDQFHRXGDVVLVWDQFHFRQFOXVHQWUHODFKHWHXUSXEOLFHWGDXWUHV SDUWHQDLUHV HQ YXH GH OD UpDOLVDWLRQ GXQHFRPPDQGHSXEOLTXHRXSULYpH(VWFRQVLGpUpDFKHWHXUSXEOLFDXVHQVGXSUpVHQWGpFUHWO(WDW OHV FROOHFWLYLWpV ORFDOHV OHV pWDEOLVVHPHQWV SXEOLFVOHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLIHWOHVHQWUHSULVHVSXEOLTXHV6RQW FRQVLGpUpHV FRPPDQGHV SXEOLTXHV OD UpDOLVDWLRQGH WUDYDX[ OD IRXUQLWXUH GH ELHQV RX GH VHUYLFHV HWOpODERUDWLRQGpWXGHVREMHWGXPDUFKp$UW/HSUpVHQWGpFUHWIL[HOHVUqJOHVGHSDVVDWLRQGH[pFXWLRQ GH UqJOHPHQW HW GH FRQWU{OH GHV PDUFKpVSXEOLFV$UW 'RLYHQW IDLUH OREMHW GH PDUFKpV SXEOLFV OHVFRPPDQGHV GH WUDYDX[ GH IRXUQLWXUH GH ELHQV RX GHVHUYLFHV GXQ PRQWDQW VXSpULHXU j WUHQWH PLOOH GLQDUV WRXWHV WD[HV FRPSULVHV HW OHV FRPPDQGHV GpWXGHVGXQ PRQWDQW VXSpULHXU j GL[ PLOOH GLQDUV WRXWHVWD[HVFRPSULVHV'RLYHQW pJDOHPHQW IDLUH OREMHW GH PDUFKpV pFULWV OHVFRPPDQGHV GH O(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHVpWDEOLVVHPHQWV SXEOLFV QRQ OLYUDEOHV LPPpGLDWHPHQW RX jXQHEUqYHpFKpDQFHHWFHFRQIRUPpPHQWDX[GLVSRVLWLRQVGH ODUWLFOH GX FRGH GH OD FRPSWDELOLWp SXEOLTXHHW HQREVHUYDQWOHVGLVSRVLWLRQVSUpYXHVjODUWLFOHGXSUpVHQWGpFUHW7RXWHIRLV HQ FH TXL FRQFHUQH OHV PDUFKpV GHVHQWUHSULVHV SXEOLTXHV OHV FRQVHLOV GDGPLQLVWUDWLRQ RX OHVFRQVHLOV GH VXUYHLOODQFH SHXYHQW GpFLGHU GH UHOHYHU OHPRQWDQW j SDUWLU GXTXHO OHV FRPPDQGHV GH WUDYDX[ GHIRXUQLWXUH GH ELHQV RX GH VHUYLFHV DIIpUHQWHV DX[ DFWLYLWpVGH[SORLWDWLRQ GRLYHQW IDLUH OREMHW GH PDUFKpV pFULWV GDQVXQHOLPLWHQHSRXYDQWGpSDVVHUFHQWPLOOHGLQDUVWRXWHVWD[HVFRPSULVHV/DOLVWHGpWDLOOpHGHFHVSUHVWDWLRQVHVW VRXPLVH j ODYLV SUpDODEOH GH OD FRPPLVVLRQ GHVPDUFKpVGHVHQWUHSULVHV$UW /HQVHPEOH GHV SLqFHV GX PDUFKp GRQW OHVFDKLHUV GHV FKDUJHV YLVpV j ODUWLFOH GX SUpVHQW GpFUHWFRQVWLWXHXQGRFXPHQWXQLTXH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


$UW /H PDUFKp GRLW FRPSRUWHU DX PRLQV OHVPHQWLRQVVXLYDQWHV/HVSDUWLHVFRQWUDFWDQWHV/REMHWGXPDUFKp/DFODXVHGHVRXVWUDLWDQFHQDWLRQDOHSRXUOHVDSSHOVGRIIUHVLQWHUQDWLRQDX[ /pQXPpUDWLRQ SDU RUGUH GH SULRULWp GHV SLqFHVLQFRUSRUpHVGDQVOHPDUFKp /H SUL[ GX PDUFKp DYHF LQGLFDWLRQGHVRQFDUDFWqUHIHUPH RX UpYLVDEOH DLQVL TXH OHV FRQGLWLRQV GH UpYLVLRQFRQIRUPpPHQW DX[ GLVSRVLWLRQV GH ODUWLFOH GX SUpVHQWGpFUHWVLOHSUL[GXPDUFKpHVWUpYLVDEOH/HGpODLGH[pFXWLRQRXGHYDOLGLWpGXPDUFKpHWOHVSpQDOLWpVSRXUUHWDUG /HV FRQGLWLRQV GH OLYUDLVRQ HW GH UpFHSWLRQ GHVSUHVWDWLRQVREMHWGXFRQWUDW/HVFRQGLWLRQVGHUqJOHPHQW/HVFDVGHGpIDLOODQFHHWGHUpVLOLDWLRQ/HUqJOHPHQWGHVOLWLJHV /D GpVLJQDWLRQ GX FRPSWDEOH SXEOLF DVVLJQDWDLUHFKDUJp GX SDLHPHQW ORUVTXH OH PDUFKp HVW SDVVp SRXU OHFRPSWH GH O(WDW GXQH FROOHFWLYLWp ORFDOH RX GXQpWDEOLVVHPHQW SXEOLF RX GH ODJHQW KDELOLWp j FHW HIIHWORUVTXHOHPDUFKpHVWSDVVpSRXUOHFRPSWHGHVHQWUHSULVHVSXEOLTXHV RX GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQDGPLQLVWUDWLI/DGDWHGHODFRQFOXVLRQGXPDUFKp$UW/HPDUFKpQHVWYDODEOHTXDSUqVVDVLJQDWXUHSDUOHVSDUWLHVFRQWUDFWDQWHV&+$3,75(/(635,1&,3(6'(3$66$7,21'(60$5&+(638%/,&6$UW/DSDVVDWLRQGHVPDUFKpVSXEOLFVHVWUpJLHSDUOHVSULQFLSHVVXLYDQWV/pJDOLWpGHVFDQGLGDWVGHYDQWODFRPPDQGHSXEOLTXHHWOpTXLYDOHQFHGHVFKDQFHV/DWUDQVSDUHQFHGHVSURFpGXUHV/HUHFRXUVjODFRQFXUUHQFH&HV SULQFLSHV VRQW FRQVDFUpV j WUDYHUV OH UHVSHFW GHVUqJOHVVXLYDQWHVODQRQGLVFULPLQDWLRQHQWUHOHVFDQGLGDWV OLQGpSHQGDQFH GH ODFKHWHXU SXEOLF FRQIRUPpPHQWDX[GLVSRVLWLRQVGHODUWLFOHGXSUpVHQWGpFUHWOHVXLYLGHSURFpGXUHVFODLUHVHWGpWDLOOpHVGHWRXWHVOHVpWDSHV GH FRQFOXVLRQ GX PDUFKp HW OLQIRUPDWLRQ GHVFDQGLGDWVGHFHVSURFpGXUHVjWHPSVODJpQpUDOLVDWLRQGHODFRPPXQLFDWLRQGHVUpSRQVHVHWH[SOLFDWLRQV TXDQW DX[ REVHUYDWLRQV HW pFODLUFLVVHPHQWVGHPDQGpVSDUOHVFDQGLGDWVGDQVXQGpODLPLQLPXPGHMRXUV DYDQW OH[SLUDWLRQ GH OD GDWH OLPLWH GH UpFHSWLRQ GHVRIIUHV/HV H[FHSWLRQV SUpYXHV SDU OHSUpVHQWGpFUHWGpFRXODQWGHODQDWXUHVSpFLILTXHGHFHUWDLQVPDUFKpVQH[FOXHQWSDVOREVHUYDWLRQ GHV UqJOHV GH FRQFXUUHQFH HW GpJDOLWp HQWUHOHVVRXPLVVLRQQDLUHV/DFKHWHXUSXEOLFGRLWPRWLYHUOHFDUDFWqUHVSpFLILTXHGHOD FRPPDQGH QpFpVVLWDQW ODSSOLFDWLRQ GH SURFpGXUHVH[FHSWLRQQHOOHVSRXUFRQFOXUHXQPDUFKp&HV SURFpGXUHV H[FHSWLRQQHOOHV QH[FOXHQW SDV OHUHFRXUVjODFRQFXUUHQFHGDQVWRXWHODPHVXUHGXSRVVLEOH$UW ,O HVW IRUPHOOHPHQW LQWHUGLW GH IUDFWLRQQHU OHVFRPPDQGHV GH IDoRQ j OHV VRXVWUDLUH j OD SDVVDWLRQ GHPDUFKpV pFULWV RX j OHXU H[DPHQ SDU OD FRPPLVVLRQ GHVPDUFKpVFRPSpWHQWH$UW /HV SUHVWDWLRQV TXL IRQW OREMHW GH PDUFKpVGRLYHQW UpSRQGUH H[FOXVLYHPHQW j OD QDWXUH HW j OpWHQGXHGHV EHVRLQV j VDWLVIDLUH /HXUV VSpFLILFDWLRQV WHFKQLTXHVGRLYHQWrWUHGpWHUPLQpHVDYDQWWRXWDSSHOjODFRQFXUUHQFHRXWRXWHQpJRFLDWLRQ&HV VSpFLILFDWLRQV GRLYHQW rWUH GpILQLHV GH IDoRQ jJDUDQWLU OD TXDOLWp GHV SUHVWDWLRQV REMHW GX PDUFKp HW jSURPRXYRLU OD SURGXFWLRQ QDWLRQDOH DX UHJDUG GHVGLVSRVLWLRQVGXFKDSLWUHGXSUpVHQWWLWUH$UW /HV VSpFLILFDWLRQV WHFKQLTXHV IL[pHV SDU OHVFDKLHUV GHV FKDUJHV QH GRLYHQW DXFXQHPHQW IDYRULVHUFHUWDLQV FDQGLGDWV DERXWLU j UHVWUHLQGUH OD FRQFXUUHQFHQLVH UpIpUHU j GHV PDUTXHV FRPPHUFLDOHV RX j GHVSURGXFWHXUVGpWHUPLQpV7RXW FDQGLGDW pYHQWXHO D\DQW FRQVLGpUp OHVVSpFLILFDWLRQVWHFKQLTXHVPHQWLRQQpHVGDQVOHVFDKLHUVGHVFKDUJHV FRQWUDLUHV DX[ SUHVFULSWLRQV GH FHW DUWLFOH SHXWGDQVXQGpODLGHMRXUVjFRPSWHUGHODGDWHGHSDUXWLRQGH ODYLV GDSSHO GRIIUHV SUpVHQWHU DX FRPLWp GH VXLYL HWGHQTXrWH SUpYX j ODUWLFOH GX SUpVHQW GpFUHW XQUDSSRUW GpWDLOOp HW FLUFRQVWDQFLp DSSX\p GHV MXVWLILFDWLIVQpFHVVDLUHVHWSUpFLVDQWOHVLUUpJXODULWpVRXUHSURFKHV$UW /RUVTXH OD QDWXUH GX PDUFKp QpFHVVLWH GHSURFpGHU j XQ FRQWU{OH GH FRQIRUPLWp GH OD TXDOLWp GHVSUHVWDWLRQV FRPPDQGpHV DX UHJDUG GHV SUHVFULSWLRQVFRQWUDFWXHOOHVDXFRXUVGHVRQH[pFXWLRQRXjODUpFHSWLRQGHVSUHVWDWLRQVOHVFDKLHUVGHVFKDUJHVGRLYHQWSUpYRLUTXHODFKHWHXU SXEOLF VXSSRUWH OHV IUDLV GH PLVVLRQ HW GHWUDQVSRUW GH VHV DJHQWV RX GHV DJHQWV UHOHYDQW GHOpWDEOLVVHPHQW VSpFLDOLVp FKDUJp GX FRQWU{OH GH ODFRQIRUPLWp GH OD SUHVWDWLRQ UHQGXH GXUDQW OD SKDVH GHOH[pFXWLRQ VL OD QDWXUH GX PDUFKp H[LJH XQ WHO FRQWU{OHGDQVGHVORFDX[DXWUHVTXHFHX[GHODFKHWHXUSXEOLF,O HVW IRUPHOOHPHQW LQWHUGLW GH PHQWLRQQHU GDQV OHVFDKLHUVGHVFKDUJHVTXHOHWLWXODLUHGXPDUFKpVXSSRUWHUDHQWRWDOLWpRXHQSDUWLHOHVIUDLVGHPLVVLRQGHWUDQVSRUWRXGHVpMRXUGHVDJHQWVGHODFKHWHXUSXEOLFDXWLWUHGXFRQWU{OHGHFRQIRUPLWp$UW /HV PDUFKpV GRLYHQWrWUHFRQFOXVHWQRWLILpVDYDQWWRXWFRPPHQFHPHQWGHWRXWHH[pFXWLRQ/DQRWLILFDWLRQFRQVLVWHHQOHQYRLGXPDUFKpVLJQpDXWLWXODLUH SDU WRXW PR\HQ SHUPHWWDQW GH OXL FRQIpUHU GDWHFHUWDLQH$UW /HV PDUFKpV QH SHXYHQW rWUH SDVVpV TXDYHFGHV SHUVRQQHV SK\VLTXHV RX PRUDOHV FDSDEOHV GH VREOLJHUHWSUpVHQWDQWOHVJDUDQWLHVHWUpIpUHQFHVQpFHVVDLUHVSRXUODERQQHH[pFXWLRQGHOHXUVREOLJDWLRQV1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW/HVVRXPLVVLRQVRXRIIUHVGRLYHQWrWUHpWDEOLHVFRQIRUPpPHQW DX[ PRGqOHV SUpVHQWpV GDQV OHV FDKLHUV GHVFKDUJHV HW VLJQpHV SDU OHV FDQGLGDWV TXL OHV SUpVHQWHQWGLUHFWHPHQW RX SDU OHXU PDQGDWDLUH G€PHQW KDELOLWpV VDQVTXXQ PrPH PDQGDWDLUH SXLVVH UHSUpVHQWHU SOXV GXQFDQGLGDWGDQVOHFDGUHGXQHPLVHHQFRQFXUUHQFH(OOHV GRLYHQW rWUH DFFRPSDJQpHV GHV GRFXPHQWVVXLYDQWV /DWWHVWDWLRQ ILVFDOH SUpYXH SDU OD OpJLVODWLRQ HQYLJXHXU 8Q FHUWLILFDW GDIILOLDWLRQ j OD FDLVVH QDWLRQDOH GHVpFXULWpVRFLDOH 8Q FHUWLILFDW GH QRQ IDLOOLWH GH UHGUHVVHPHQWMXGLFLDLUHRXWRXWDXWUHGRFXPHQWpTXLYDOHQWSUpYXHSDUOHGURLWGXSD\VGRULJLQHGHVVRXPLVVLRQQDLUHVQRQUpVLGHQWVHQ7XQLVLH 8QH GpFODUDWLRQ VXU OKRQQHXU SUpVHQWpH SDU OHVVRXPLVVLRQQDLUHV GRPLFLOLpV HQ 7XQLVLH TXLOV QH VRQW SDVHQ pWDW GH IDLOOLWH RX HQ UHGUHVVHPHQW MXGLFLDLUHFRQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ YLJXHXU /HVVRXPLVVLRQQDLUHVTXLVRQWHQpWDWGHUHGUHVVHPHQWDPLDEOHVRQWWHQXVGHSUpVHQWHUXQHGpFODUDWLRQjFHWHIIHW 8QH GpFODUDWLRQ VXU OKRQQHXU SUpVHQWpH SDU OHVVRXPLVVLRQQDLUHVVSpFLILDQWOHXUHQJDJHPHQWGHQDYRLUSDVIDLW HW GH QH SDV IDLUH SDU HX[ PrPHV RX SDU SHUVRQQHLQWHUSRVpHGHVSURPHVVHVGHVGRQVRXGHVSUpVHQWVHQYXHGLQIOXHUVXUOHVGLIIpUHQWHVSURFpGXUHVGHFRQFOXVLRQGXQPDUFKpHWGHVpWDSHVGHVRQH[pFXWLRQ7RXWHDXWUHSLqFHH[LJpHSDUOHVFDKLHUVGHVFKDUJHV7RXWHRIIUHQHFRPSRUWDQWSDVOHVSLqFHVVXVFLWpHVDLQVLTXHWRXWHDXWUHSLqFHH[LJpHSDUOHVFDKLHUVGHVFKDUJHVVHUDpOLPLQpHjOH[SLUDWLRQGXGpODLVXSSOpPHQWDLUHSUpYXSDUODUWLFOHGXSUpVHQWGpFUHW$UW/HVFDQGLGDWVGXVHXOIDLWGHODSUpVHQWDWLRQGH OHXU VRXPLVVLRQ VRQW OLpV SDU OHXUV RIIUHV SRXU XQHSpULRGHGHMRXUVjFRPSWHUGXMRXUVXLYDQWODGDWHOLPLWHIL[pH SRXU OD UpFHSWLRQ GHV RIIUHV VDXI VL OHV FDKLHUV GHVFKDUJHVSUpYRLHQWXQDXWUHGpODLTXLQHSHXWrWUHGDQVWRXVOHVFDVVXSpULHXUjMRXUV'X VHXO IDLW GH OD SUpVHQWDWLRQ GH OHXU VRXPLVVLRQ OHVFDQGLGDWVVRQWFHQVpVDYRLUUHFXHLOOLSDUOHXUVSURSUHVVRLQVHWVRXVOHXUHQWLqUHUHVSRQVDELOLWpWRXWUHQVHLJQHPHQWMXJpSDUHX[QpFHVVDLUHjODSUpSDUDWLRQGHOHXUVRIIUHVHWjODSDUIDLWHH[pFXWLRQGHOHXUVREOLJDWLRQV$UW4XHOTXHVRLWOHPRGHGHSDVVDWLRQGXPDUFKpDXFXQ FDQGLGDW pYLQFp TXHOOH TXH VRLW OD SKDVH j ODTXHOOHHVW LQWHUYHQXH VRQ pYLFWLRQ QH SHXW HQ WDQW TXHVRXPLVVLRQQDLUHSUpWHQGUHjGpGRPPDJHPHQW$UW 6DQV SUpMXGLFH GHV GLVSRVLWLRQV SUpYXHV SDUODUWLFOH GX SUpVHQW GpFUHW DFFRUGDQW OD SRVVLELOLWp DX[FDQGLGDWVGHIRUPXOHUGHVREVHUYDWLRQVHWGHGHPDQGHUGHVpFODLUFLVVHPHQWV OHV RIIUHV FRPSRUWDQW GHV UpVHUYHVUHODWLYHV DX[ FODXVHV GHV FDKLHUV GHV FKDUJHV QH VRQW SDVUHWHQXHV HW OHV VRXPLVVLRQQDLUHV FRQFHUQpV VRQW pYLQFpVVLOVQHOqYHQWSDVSDUpFULWOHXUVUpVHUYHVGDQVXQGpODLTXLOHXUHVWIL[pSDUODFKHWHXUSXEOLF&+$3,75(',6326,7,2163$57,&8/,(5(65(/$7,9(6$8;(;,*(1&(6'(48$/,7((7$8;1250(67(&+1,48(6$UW/HVSUHVWDWLRQVREMHWGXPDUFKpGRLYHQWrWUHGpILQLHVFRQIRUPpPHQWjGHVVSpFLILFDWLRQVWHFKQLTXHVSDUUpIpUHQFH j GHV QRUPHV QDWLRQDOHV VDXI LPSRVVLELOLWpGpFRXODQW GH OD QDWXUH GX PDUFKp RX GH OLQH[LVWHQFH GHWHOOHVQRUPHV'DQVFHFDVODFKHWHXUSXEOLFGRLWOLQGLTXHUH[SOLFLWHPHQW ORUV GH OH[DPHQ SUpDODEOH GHV FDKLHUV GHVFKDUJHVSDUODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH$GpIDXWGHQRUPHVQDWLRQDOHVOHVSUHVWDWLRQVSHXYHQWrWUH GpILQLHV SDU UpIpUHQFH j GHV QRUPHV LQWHUQDWLRQDOHVQRPPpPHQW GpVLJQpHV GDQV OHV FDKLHUV GHV FKDUJHV VDQVDXFXQH GLVFULPLQDWLRQ HQWUH OHV QRUPHV pWUDQJqUHVVLPLODLUHV$UW /DFKHWHXU SXEOLF GRLW ORUV GH OpODERUDWLRQGHV FDKLHUV GHV FKDUJHV UHODWLIV DX PDUFKp SUHQGUH HQFRQVLGpUDWLRQ OD FDSDFLWp GHV HQWUHSUHQHXUV GHVSURGXFWHXUV GHV SUHVWDWDLUHV GH VHUYLFHV HW GHV EXUHDX[GpWXGHV/DOORWLVVHPHQW GHV FRPPDQGHV SXEOLTXHV HVWREOLJDWRLUHORUVTXLOHVWGHQDWXUHjIDYRULVHUODSDUWLFLSDWLRQGHV HQWUHSULVHV QDWLRQDOHV RX ORUVTXLO HVW VXVFHSWLEOH GHSUpVHQWHU GHV DYDQWDJHV GRUGUH WHFKQLTXH ILQDQFLHU RXVRFLDO/HV FDKLHUV GHV FKDUJHV SUpFLVHQW OD QDWXUH HWOLPSRUWDQFHGHFKDTXHORW/HVVRXPLVVLRQQDLUHVVRQWDXWRULVpVjSDUWLFLSHUjXQRXSOXVLHXUVORWVHWOHVFDKLHUVGHVFKDUJHVGRLYHQWLQGLTXHUOHQRPEUHPD[LPXPGHORWVSRXYDQWrWUHDWWULEXpVjXQPrPHVRXPLVVLRQQDLUH/RUVTXXQRXSOXVLHXUVORWVQRQWSXrWUHDWWULEXpVXQHQRXYHOOHSURFpGXUHGRLWrWUHHQJDJpHOHGRVVLHUHVWVRXPLVj ODYLV SUpDODEOH GH OD FRPPLVVLRQ GHV PDUFKpV D\DQWH[DPLQpOHGRVVLHULQLWLDO'DQVOHFDVRODFRQVLVWDQFHGHVORWVQRQDWWULEXpVRXFHUWDLQHV FODXVHV GHV FDKLHUV GHV FKDUJHV VRQW PRGLILpHVFHV PRGLILFDWLRQV GRLYHQW rWUH VRXPLVHV j ODYLV SUpDODEOHGH OD FRPPLVVLRQ GHV PDUFKpV D\DQW GpMj H[DPLQp OHGRVVLHULQLWLDO$UW&RPSWHWHQXGHVGLVSRVLWLRQVGHVDUWLFOHVHWGXSUpVHQWGpFUHWHWGDQVOHFDVRLOHVWIDLWUHFRXUVjGHVDSSHOVLQWHUQDWLRQDX[jODFRQFXUUHQFHOHVFDKLHUVGHVFKDUJHV \ DIIpUHQWV GRLYHQW FRPSRUWHU VDXI LPSRVVLELOLWpG€PHQWMXVWLILpHXQHFODXVHGLWHGHVRXVWUDLWDQFHQDWLRQDOHHQYHUWXGHODTXHOOHOHVVRXPLVVLRQQDLUHVpWUDQJHUVGRLYHQWFRQILHUjGHVSUHVWDWDLUHVORFDX[OH[pFXWLRQGXPD[LPXPGHORWVGHODFRPPDQGHGHSURGXLWVGpTXLSHPHQWVRXGHVHUYLFHV GDQV WRXV OHV FDV R OLQGXVWULH HW OHV HQWUHSULVHVORFDOHVVRQWVXVFHSWLEOHVGHUpSRQGUHjXQHSDUWLHGHOREMHWGHODFRPPDQGH/HVVRXPLVVLRQQDLUHVpWUDQJHUVVHURQWLQYLWpVjIRXUQLUjODSSXLGHOHXUVRXPLVVLRQGHVOLVWHVGpWDLOOpHVGHVORWVRXGHVSURGXLWVjFRQILHUjGHVVRXVWUDLWDQWVORFDX[$UW /HV SURGXLWV GRULJLQH WXQLVLHQQH VRQW jTXDOLWppJDOHSUpIpUpVGDQVWRXVOHVPDUFKpVGHIRXUQLWXUHVDX[SURGXLWVGHWRXWHDXWUHRULJLQHGDQVODPHVXUHROHVSUL[ GHV SURGXLWV WXQLVLHQV QH GpSDVVHQW SDV GH SOXVGHOHVSUL[GHVSURGXLWVpWUDQJHUV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


H VRXPLVVLRQQDLUH HVW WHQX GH SUpVHQWHU OH FHUWLILFDWGRULJLQHWXQLVLHQQHGpOLYUpSDUOHVVHUYLFHVFRQFHUQpV3RXU ODSSOLFDWLRQ GH OD PDUJH GH SUpIpUHQFH GHVSURGXLWVGRULJLQHWXQLVLHQQHODFRPSDUDLVRQGHVRIIUHVHVWpWDEOLHFRPSWHWHQXGHVGURLWVGHGRXDQHHWVXUODEDVHGHVSUL[GHYHQWHWRXVGURLWVHWWD[HVFRPSULV$UW 6DXI GLVSRVLWLRQV FRQWUDLUHV GHV FDKLHUV GHVFKDUJHVHWSRXUOHVFRPPDQGHVWHFKQLTXHPHQWFRPSOH[HVDX VHQV GH ODUWLFOH GX SUpVHQW GpFUHW OHVVRXPLVVLRQQDLUHVSHXYHQWSUpVHQWHUXQHRXSOXVLHXUVRIIUHVYDULDQWHV FRPSRUWDQW GHV VSpFLILFDWLRQV WHFKQLTXHV DXWUHVTXH FHOOHV SUpYXHV SDU OD VROXWLRQ GH EDVH j FRQGLWLRQ GHSUpVHQWHU XQH RIIUH VH UDSSRUWDQW j OREMHW GX PDUFKp WHOTXHSUpYXSDUOHVFDKLHUVGHVFKDUJHVHWTXHORIIUHYDULDQWHQHQWUDvQHSDVGHPRGLILFDWLRQVXEVWDQWLHOOHGHVEHVRLQVGHODFKHWHXUSXEOLF/RIIUH UHODWLYH j OD VROXWLRQ YDULDQWH GRLW FRPSRUWHUWRXWHVOHVLQGLFDWLRQVHWSUpFLVLRQVUHODWLYHVjFHWWHYDULDQWHHW GRLW rWUH DSSX\pH GH WRXV GRFXPHQWV XWLOHV SHUPHWWDQWGpYDOXHU FHWWH VROXWLRQ VXU OD EDVH GH OD PrPHPpWKRGRORJLHDQQRQFpHGDQVOHVFDKLHUVGHVFKDUJHV$UW1RQREVWDQWOHVGLVSRVLWLRQVGHODUWLFOHGXSUpVHQWGpFUHWOHVHQWUHSULVHVWXQLVLHQQHVSHXYHQWSUpVHQWHUH[FHSWLRQQHOOHPHQWGHVRIIUHVYDULDQWHVVDQVrWUHWHQXHVGHSUpVHQWHU XQH VROXWLRQ GH EDVH ORUVTXLO VDYqUH TXH OHVFRQGLWLRQV HW OHV VSpFLILFDWLRQV GH OD VROXWLRQ GH EDVH QHSHUPHWWHQW j DXFXQH GH FHV HQWUHSULVHV GH SDUWLFLSHU jODSSHOGRIIUHV/RIIUH YDULDQWH SURSRVpH GRLW UpSRQGUH DX[ EHVRLQV HWREMHFWLIVUHFKHUFKpVGXSRLQWGHYXHGHODTXDOLWpWHFKQLTXHGXFR€WGHODSURFpGXUHHWGHVGpODLVGH[pFXWLRQ$UW4XDQGLOHVWIDLWDSSHOjXQEXUHDXGpWXGHVpWUDQJHU OHV FDKLHUV GHV FKDUJHV GRLYHQW SUpYRLU VDXILPSRVVLELOLWp G€PHQW MXVWLILpH OREOLJDWLRQ GDVVRFLHU XQEXUHDXGpWXGHVWXQLVLHQFKRLVLOHFDVpFKpDQWVXUXQHOLVWHGHEXUHDX[SUpVpOHFWLRQQpVDUUrWpHSDUODFKHWHXUSXEOLFHQIRQFWLRQ GH OD QDWXUH HW GH OREMHW GH OpWXGH &HWWH OLVWHVHUDLQVpUpHGDQVOHVFDKLHUVGHVFKDUJHV/HFRQWUDWjFRQFOXUHDYHFOHEXUHDXGpWXGHVpWUDQJHUGRLW IDLUH DSSDUDvWUH FODLUHPHQW OHV SUHVWDWLRQV FRQILpHV DXEXUHDXWXQLVLHQDVVRFLpHWOHVPRQWDQWV\DIIpUHQWV$UW 'DQVOHFDGUHGHODSURPRWLRQGXVHFWHXUGHOLQIRUPDWLTXH HW GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ HWHQ YXH GH OHQFRXUDJHPHQW GHV HQWUHSULVHV QDWLRQDOHVVSpFLDOLVpHV GDQV FH VHFWHXU OHV SURMHWV GH PDUFKpV V\UDSSRUWDQW SHXYHQW j WLWUH H[FHSWLRQQHO rWUH VRXVWUDLWV GXUHFRXUVREOLJDWRLUHjODSURFpGXUHGHODSSHOGRIIUHVRXYHUWRXDYHFFRQFRXUVRXSUpFpGpGXQHSUpVpOHFWLRQHWVHOLPLWHUjODSURFpGXUHGHQWHQWHGLUHFWHSUpFpGpHGXQHFRQVXOWDWLRQDXSUqV GHV HQWUHSULVHV WXQLVLHQQHV VSpFLDOLVpHV SDUPL XQHOLVWHDUUrWpHSDUGpFLVLRQGXPLQLVWUHFKDUJpGXVHFWHXU/HV FULWqUHV GH FKRL[ GHV HQWUHSULVHV GRLYHQW rWUHDQQRQFpVGDQVOHVFDKLHUVGHVFKDUJHV$UW 3RXUOHVPDUFKpVGpWXGHVRXFHX[DIIpUHQWVDX VHFWHXU GH OLQIRUPDWLRQ HW GHV WHFKQRORJLHV GHFRPPXQLFDWLRQ OHV FDKLHUV GHV FODXVHV SDUWLFXOLqUHV QHGRLYHQWSDVFRPSRUWHUGHVGLVSRVLWLRQVGHQDWXUHjH[FOXUHODSDUWLFLSDWLRQGHVHQWUHSULVHVQDWLRQDOHV6RQW FRQVLGpUpHV GLVSRVLWLRQV pOLPLQDWRLUHV DX VHQV GXSUpVHQW DUWLFOH OH[LJHQFH GH UpIpUHQFHV HQ PDWLqUHGH[pFXWLRQ GH SURMHWV VLPLODLUHV ORUVTXLO VDJLW GH ODUpDOLVDWLRQGHVpWXGHVRXORJLFLHOVRXDSSOLFDWLRQVTXLQRQWSDV pWp DXSDUDYDQW UpDOLVpV SDU GHV pWDEOLVVHPHQWVQDWLRQDX[VDXIFDVH[FHSWLRQQHOVG€PHQWPRWLYpV'DQVFHFDGUHODFKHWHXUSXEOLFHVWWHQXGHUHPSODFHUODFRQGLWLRQGHUpDOLVDWLRQGHSURMHWVVLPLODLUHVSDUGHVFULWqUHVGH FODVVHPHQW SDU EUDQFKH GHV EXUHDX[ GpWXGHVSDUWLFLSDQWV RX SDU OH[SpULHQFH JpQpUDOH GH FHV EXUHDX[GDQV OD UpDOLVDWLRQ GX SURMHW SUpVHQWDQW GHV GLIILFXOWpV ODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWHpPHWVRQDYLVVXUOHVMXVWLILFDWLRQVSUpVHQWpHV7,75(02'(6'(3$66$7,21'(60$5&+(638%/,&6&+$3,75(',6326,7,216*(1(5$/(6$UW/HVPDUFKpVVRQWFRQFOXVHQYXHGHVDWLVIDLUHOHV EHVRLQV DQQXHOV GH FKDTXH DFKHWHXU SXEOLF 7RXWHIRLVORUVTXHOHJURXSHPHQWGHVDFKDWVUHODWLIVjXQRXSOXVLHXUVDFKHWHXUVSXEOLFVHVWVXVFHSWLEOHGHSUpVHQWHUGHVDYDQWDJHVGRUGUHWHFKQLTXHRXILQDQFLHULOHVWSRVVLEOHGHUHFRXULUjXQ PDUFKp FDGUH RX j XQ PDUFKp JpQpUDO HQ YHUWX GHVGLVSRVLWLRQVGHVDUWLFOHVHWGXSUpVHQWGpFUHW/H JURXSHPHQW GHVDFKDWVQH[FOXWSDVOHXUUpSDUWLWLRQHQORWVDILQGHSHUPHWWUHOpODUJLVVHPHQWGHODFRQFXUUHQFH/DUpSDUWLWLRQGHODFRPPDQGHHQORWVGRLWWHQLUFRPSWHGHVPR\HQVGHVSDUWLFLSDQWVSRWHQWLHOVOHXUVFDSDFLWpVDLQVLTXHOHXUVUpIpUHQFHVHWQRWDPPHQWGHFHOOHVGHVSHWLWHVHWPR\HQQHVHQWUHSULVHV$UW /RUVTXH OHV FRPPDQGHV GHPDQGpHV VRQWGHVWLQpHVjODVDWLVIDFWLRQGHEHVRLQVGHPrPHQDWXUHRXGHQDWXUHFRPSOpPHQWDLUHjFDUDFWqUHSHUPDQHQWHWSUpYLVLEOHLOSHXWrWUHSDVVpXQPDUFKpFDGUH/H PDUFKpFDGUH QH IL[H TXH OH PLQLPXP HW OHPD[LPXP GHV FRPPDQGHV DUUrWpHV HQ YDOHXU RX HQTXDQWLWp VXVFHSWLEOHV GrWUH H[pFXWpHV DX FRXUV GH ODSpULRGHFRXYHUWHSDUOHPDUFKp/HVEHVRLQVjVDWLVIDLUHHWOHV TXDQWLWpV j DFTXpULU GRLYHQW rWUH SUpFLVpHV SDUERQGHFRPPDQGH&H PDUFKp GRLW LQGLTXHU OD GXUpH SRXU ODTXHOOH LO HVWFRQFOXLOSHXWFRPSRUWHUXQHFODXVHGHWDFLWHUHFRQGXFWLRQVDQVTXHODGXUpHJOREDOHGXFRQWUDWQHGpSDVVHWURLVDQQpHVHWH[FHSWLRQQHOOHPHQWFLQTDQQpHVSRXUOHVPDUFKpVFDGUHQpFHVVLWDQWODPRELOLVDWLRQGLQYHVWLVVHPHQWVVSpFLILTXHV$UW /HV FRPPDQGHV GH IRXUQLWXUHV GH ELHQVGHVWLQpV j OD VDWLVIDFWLRQ GH EHVRLQV FRPPXQV j XQHQVHPEOHGDFKHWHXUVSXEOLFVSHXYHQWIDLUHOREMHWGXQRXGHSOXVLHXUVPDUFKpVFROOHFWLIVGLWV©PDUFKpVJpQpUDX[ª'DQV FH FDV OHV TXDQWLWpV j FRPPDQGHU SDU FKDTXHDFKHWHXUSXEOLFVRQWIL[pHVHQIRQFWLRQGHVHVEHVRLQVGDQVXQPDUFKpSDUWLFXOLHUFRQFOXFRQIRUPpPHQWDX[FRQGLWLRQVGX©PDUFKpJpQpUDOª&+$3,75(/$33(/'2))5(6$UW /HV PDUFKpV VRQW SDVVpV DSUqV PLVH HQFRQFXUUHQFHSDUYRLHGDSSHOGRIIUHV1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


7RXWHIRLV LO SHXW rWUH SDVVp GHV PDUFKpV SDU HQWHQWHGLUHFWHGDQVOHVFRQGLWLRQVGpILQLHVSDUOHSUpVHQWGpFUHW$UW /DSSHO GRIIUHV SHXW rWUH VRLW RXYHUW VRLWSUpFpGpGXQHSUpVpOHFWLRQ/DSSHOGRIIUHVRXYHUWFRQVLVWHHQXQDSSHOSXEOLFjODFRQFXUUHQFHFRQIRUPpPHQWjODUWLFOHGXSUpVHQWGpFUHW/DSSHO GRIIUHV SUpFpGp GXQH SUpVpOHFWLRQ VH GpURXOHHQGHX[SKDVHV/D SUHPLqUH SKDVH FRQVLVWH HQ XQ DSSHO SXEOLF GHFDQGLGDWXUH RXYHUW VXU OD EDVH GX FDKLHU GHV WHUPHV GHUpIpUHQFH TXL GpWHUPLQHQW OHV FRQGLWLRQV GH SDUWLFLSDWLRQDLQVL TXH OD PpWKRGRORJLH HW OHV FULWqUHV VHUYDQW SRXUSUpVpOHFWLRQQHU OHV FDQGLGDWV DXWRULVpV j SDUWLFLSHU j ODFRQVXOWDWLRQ/HFDKLHUGHVWHUPHVGHUpIpUHQFHHVWVRXPLVjOH[DPHQSUpDODEOHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH/D GHX[LqPH SKDVH FRQVLVWH j LQYLWHU OHV FDQGLGDWVSUpVpOHFWLRQQpVjSUpVHQWHUOHXUVRIIUHV/HUDSSRUWGHSUpVpOHFWLRQHVWVRXPLVjODYLVSUpDODEOHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH&+$3,75(/$33(/'2))5(6$9(&&21&2856$UW 8Q DSSHO GRIIUHV DYHF FRQFRXUV SHXW rWUHRUJDQLVp VXU OD EDVH GXQ SURJUDPPH pWDEOL SDU ODFKHWHXUSXEOLFORUVTXHGHVPRWLIVGRUGUHWHFKQLTXHHVWKpWLTXHRXILQDQFLHU MXVWLILHQW GHV UHFKHUFKHV SDUWLFXOLqUHV RXQpFHVVLWHQW XQH VSpFLDOLVDWLRQ SDUWLFXOLqUH GH OD SDUW GHVSDUWLFLSDQWV/DSSHOGRIIUHVDYHFFRQFRXUVSHXWrWUHRUJDQLVpGDQVOHFDGUHGHOHQFRXUDJHPHQWGHOLQGXVWULHGXFRQWHQXSRXUOHV FRPPDQGHV OLpHV DX[ SURJUDPPHV j FDUDFWqUHGLGDFWLTXHFXOWXUHORXGHIRUPDWLRQPXOWLPpGLDV/H SURJUDPPH GX FRQFRXUV VRXPLV SUpDODEOHPHQW jOH[DPHQ GH OD FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWHSUpFLVH OH FRQWHQX GHV EHVRLQV DX[TXHOV GRLW UpSRQGUH ODFRPPDQGH DLQVL TXH OD PpWKRGRORJLH HW OHV FULWqUHVGpYDOXDWLRQ GHV RIIUHV HW IL[H OH PD[LPXP GH OD GpSHQVHSUpYXSRXUOH[pFXWLRQGXSURMHWREMHWGXFRQFRXUV$UW/HFRQFRXUVSHXWSRUWHUVRLWVXUOpWXGHGXQSURMHWVXUODUpDOLVDWLRQGXQSURMHWSUpDODEOHPHQWpWXGLpVXUOpWXGHGXQSURMHWHWVDUpDOLVDWLRQjODIRLV$UW /DSSHO GRIIUHV DYHF FRQFRXUV SHXW rWUHRXYHUWRXSUpFpGpGXQHSUpVpOHFWLRQ /DSSHO GRIIUHV DYHF FRQFRXUV RXYHUW FRPSRUWH XQDSSHOSXEOLFjODFRQFXUUHQFH /DSSHO GRIIUHV DYHF FRQFRXUV SUpFpGp GXQHSUpVpOHFWLRQ FRPSRUWH XQ DSSHO SXEOLF GH FDQGLGDWXUHSXEOLpFRQIRUPpPHQWDXFDKLHUGHVWHUPHVGHUpIpUHQFHGHODSUpVpOHFWLRQTXLIL[HOREMHWGXFRQFRXUVOHVFRQGLWLRQVGHSDUWLFLSDWLRQHWODPpWKRGRORJLHGHSUpVpOHFWLRQ/HFDKLHUGHVWHUPHVGHUpIpUHQFHHVWVRXPLVjOH[DPHQSUpDODEOHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH6HXOV OHV FDQGLGDWV SUpVpOHFWLRQQpV VRQW DGPLV jSUpVHQWHU GHV RIIUHV DSUqV H[DPHQ GX UDSSRUW GHSUpVpOHFWLRQSDUODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH/HV SURSRVLWLRQV VRQW H[DPLQpHV SDU XQ MXU\ GpVLJQpSDUGpFLVLRQGHODFKHWHXUSXEOLF/HSURMHWGHGpFLVLRQSRUWDQWGpVLJQDWLRQGHVPHPEUHVGX MXU\ TXL IL[H pJDOHPHQW OHV SURFpGXUHV GHIRQFWLRQQHPHQWGXGLWMXU\HVWVRXPLVjOH[DPHQSUpDODEOHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpVSRXUOHVGRVVLHUVTXLUHOqYHQWGHVDFRPSpWHQFH/H MXU\ GH FRQFRXUV FRQVLJQH OD PpWKRGRORJLHGH[DPHQ GHV SURMHWV HW OHV UpVXOWDWV DLQVL TXH VHVSURSRVLWLRQVGDQVXQUDSSRUWVLJQpSDUWRXVOHVPHPEUHVHWFRPSRUWDQWOHFDVpFKpDQWOHXUVUpVHUYHV&H UDSSRUW HVW VRXPLV j OH[DPHQ SUpDODEOH GH ODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH$UW/RUVTXHOHFRQFRXUVQHSRUWHTXHVXUOpWXGHGXQSURMHWOHSURJUDPPHIL[HOHVSULPHVUpFRPSHQVHVRXDYDQWDJHVDOORXpVDX[DXWHXUVGHVSURMHWVOHVPLHX[FODVVpV/HSURJUDPPHGRLWHQRXWUHSUpYRLU6RLWTXHOHVSURMHWVSULPpVGHYLHQGURQWHQWRXWRXHQSDUWLHSURSULpWpGHODFKHWHXUSXEOLF6RLWTXHODFKHWHXUSXEOLFVHUpVHUYHOHGURLWGHIDLUHH[pFXWHU SDU OH SUHVWDWDLUH GH VRQ FKRL[ WRXW RX SDUWLH GHVSURMHWVSULPpVPR\HQQDQWOHYHUVHPHQWGXQPRQWDQWIL[pSDUOHSURJUDPPHGXFRQFRXUVjGpIDXWOHSURJUDPPHHQIL[HOHVEDVHVGHFDOFXO/HSURJUDPPHGXFRQFRXUVGRLWLQGLTXHUVLOHVDXWHXUVGHVSURMHWVVHURQWDSSHOpVjFRRSpUHUjOH[pFXWLRQGHOHXUVSURMHWVSULPpVHWGDQVTXHOOHVFRQGLWLRQV$UW/RUVTXHOHFRQFRXUVSRUWHjODIRLVVXUOpWXGHGX SURMHW HW VRQ H[pFXWLRQ RX XQLTXHPHQW VXU OH[pFXWLRQGXQ SURMHW SUpDODEOHPHQW pWXGLp OH MXU\ SHXW GHPDQGHU jOHQVHPEOH GHV FRQFXUUHQWV RX j OXQ GHQWUH HX[GDSSRUWHUFHUWDLQHVPRGLILFDWLRQVjOHXUVSURSRVLWLRQV/HVSURFpGpVHWOHVSUL[SURSRVpVSDUOHVFRQFXUUHQWVQHSHXYHQWrWUHGLYXOJXpV$UW /HV SULPHV UpFRPSHQVHV RX DYDQWDJHV VRQWDOORXpVSDUODFKHWHXUSXEOLFVXUSURSRVLWLRQGXMXU\,OSHXWrWUHSUpYXODOORFDWLRQGHSULPHVUpFRPSHQVHVRXDYDQWDJHVDX[FRQFXUUHQWVQRQUHWHQXVHWGRQWOHVSURMHWVRQWpWpOHVPLHX[FODVVpV/HV SULPHV UpFRPSHQVHV RX DYDQWDJHV SHXYHQW QH SDVrWUH DFFRUGpV HQ WRXW RX HQ SDUWLH VL OHV SURMHWV UHoXV QHVRQW SDV MXJpV DFFHSWDEOHV ,O QHVW SDV GRQQp VXLWH DXFRQFRXUVVLDXFXQSURMHWQHVWMXJpDFFHSWDEOH'DQVWRXVOHVFDVOHVFRQFXUUHQWVVRQWDYLVpVGHODVXLWHTXLDpWpUpVHUYpHjOHXUSURMHW&+$3,75(/(60$5&+(63$5(17(17(',5(&7($UW /HV PDUFKpV VRQW GLWV SDU HQWHQWH GLUHFWHORUVTXH ODFKHWHXU SXEOLF QREVHUYH SDV LQWpJUDOHPHQW OHVSURFpGXUHVHWOHVPRGDOLWpVGDSSHOGRIIUHV&HV PDUFKpV VRQW SDVVpV VRLW DSUqV FRQVXOWDWLRQ VRLWQpJRFLpV GLUHFWHPHQW DYHF XQ VHXO IRXUQLVVHXUHQWUHSUHQHXU SUHVWDWDLUH GH VHUYLFHV RX EXUHDX GpWXGHVVDQV UHFRXUV OH FDV pFKpDQW j XQH FRQVXOWDWLRQ HW FHFRQIRUPpPHQWDX[DUWLFOHVHWGXSUpVHQWGpFUHW -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


DFKHWHXU SXEOLF GRLW GDQV WRXV OHV FDV R LO HVW IDLWUHFRXUV j OD SURFpGXUH GHQWHQWH GLUHFWH GXQH SUpVpOHFWLRQREVHUYHUDXWDQWTXHSRVVLEOHODSURFpGXUHpFULWHJDUDQWLVVDQWOpJDOLWp GHV SDUWLFLSDQWV OpTXLYDOHQFH GHV FKDQFHV HW ODWUDQVSDUHQFHGDQVOHFKRL[GXWLWXODLUHGXPDUFKp$UW ,O SHXW rWUH SDVVp GHV PDUFKpV SDU HQWHQWHGLUHFWHSUpFpGpVGXQHFRQVXOWDWLRQGDQVOHVFDVFLDSUqVOHVFRPPDQGHVSRXUOHVTXHOOHVLO\DLQWpUrWjFKRLVLUHW DFKHWHU DX[ OLHX[ GH OHXUV SURGXFWLRQV RX VWRFNDJH HQUDLVRQ GH OHXU QDWXUH SDUWLFXOLqUH HW GH OD VSpFLILFLWp GHOHPSORLDXTXHOHOOHVVRQWGHVWLQpHV OHV FRPPDQGHV TXL QH VRQW H[pFXWpHV TXj WLWUH GHUHFKHUFKHGHVVDLVGpWXGHRXGH[SpULPHQWDWLRQOHVFRPPDQGHVTXLD\DQWGRQQpOLHXjXQHSURFpGXUHGDSSHO j OD FRQFXUUHQFH QRQW IDLW OREMHW GDXFXQH RIIUHRX j OpJDUG GHVTXHOOHV LO D pWp SURSRVp GHV RIIUHVLQDFFHSWDEOHVjFRQGLWLRQTXHOHUHFRXUVjOHQWHQWHGLUHFWHSHUPHWWHODSDVVDWLRQGXQPDUFKpGDQVGHVFRQGLWLRQVSOXVDYDQWDJHXVHV'DQVOHFDVGXUJHQFHSRXUOHVFRPPDQGHVGHYDQWrWUH H[pFXWpHV DX[ OLHX HW SODFH GHV HQWUHSUHQHXUV RXIRXUQLVVHXUVGpIDLOODQWV OHV SUHVWDWLRQV GH WUDQVSRUW RX GDVVXUDQFH FRQILpHVDX[HQWUHSULVHVSXEOLTXHVGHWUDQVSRUWRXGDVVXUDQFHV OHV FRPPDQGHV TXL GDQV OHV FDV GXUJHQFHLPSpULHXVH UpVXOWDQW GH FLUFRQVWDQFHV LPSUpYLVLEOHV QHSHXYHQW VXELU OHV GpODLV GXQH SURFpGXUH GDSSHO j ODFRQFXUUHQFH OHV FRPPDQGHV TXH OHV QpFHVVLWpV GH VpFXULWpSXEOLTXH RX GH GpIHQVH QDWLRQDOH HPSrFKHQW GH IDLUHH[pFXWHU SDU YRLH GDSSHO j OD FRQFXUUHQFH RX ORUVTXHOLQWpUrWVXSpULHXUGHO(WDWOH[LJH /HV PDUFKpV GH IRXUQLWXUHV GH ELHQV RX GH VHUYLFHVSDVVpVORFDOHPHQWSDUOHVFRQVHLOVUpJLRQDX[HWPXQLFLSDX[DYHF OHV PLFURHQWUHSULVHV GDQV OH FDGUH GH SURJUDPPHVQDWLRQDX[jFDUDFWqUHVRFLDO/H PRQWDQW GH FHV PDUFKpV QH GRLW SDV H[FpGHUFLQTXDQWH PLOOH GLQDUV GLQDUV WRXWHV WD[HVFRPSULVHV3RXUOHVPDUFKpVFDGUHOHPRQWDQWjSUHQGUHHQFRQVLGpUDWLRQHVWGHFLQTXDQWHPLOOHGLQDUVGLQDUVWRXWHVWD[HVFRPSULVHVSRXUFKDTXHDQQpH /HV FRPPDQGHV GH O(WDW GHV FROOHFWLYLWpV ORFDOHVGHVpWDEOLVVHPHQWVSXEOLFV GRQW OHV PRQWDQWV QH GpSDVVHQWSDVOHVVHXLOVSUpYXVjODUWLFOHDOLQpDSUHPLHUGXSUpVHQWGpFUHW HW TXL VRQW VRXPLV j OREOLJDWLRQ GH SDVVDWLRQ GXQPDUFKp SXEOLF FRQIRUPpPHQW DX FRGH GH OD FRPSWDELOLWpSXEOLTXH /HV FRPPDQGHV GH OLQIRUPDWLTXH HW GHVWHFKQRORJLHV GH OD FRPPXQLFDWLRQ FRQIRUPpPHQW DX[GLVSRVLWLRQVGHODUWLFOHGXSUpVHQWGpFUHW$UW,OSHXWrWUHSDVVpGHVPDUFKpVQpJRFLpVQRQSUpFpGpVGXQHFRQVXOWDWLRQGDQVOHVFDVFLDSUqV 3RXU OHV SUHVWDWLRQV GH VHUYLFHV HW IRXUQLWXUHV GHELHQV TXL QH SHXYHQW rWUH FRPPDQGpHV TXDXSUqV GHVSURSULpWDLUHV GH EUHYHWV GLQYHQWLRQ RX GHV SHUVRQQHVEpQpILFLDQW GXQH OLFHQFH DLQVL TXH SRXU OHV IRXUQLWXUHVWUDYDX[RXVHUYLFHVTXLQHSHXYHQWrWUHREWHQXVTXDXSUqVGXQ VHXO IRXUQLVVHXU HQWUHSUHQHXU RX SUHVWDWDLUH GHVHUYLFHV 3RXU OHV WUDYDX[ IRXUQLWXUHV GH ELHQV RX VHUYLFHVGRQWOH[pFXWLRQQHSHXWHQUDLVRQGHQpFHVVLWpVWHFKQLTXHVrWUH FRQILpV TXj XQ HQWUHSUHQHXU RX IRXUQLVVHXU RXSUHVWDWDLUHGHVHUYLFHVGpWHUPLQp3RXUOHVWUDYDX[IRXUQLWXUHVGHELHQVRXGHVHUYLFHVFRQVLGpUpV FRPPH ODFFHVVRLUH GXQ PDUFKp SULQFLSDO TXLGRLYHQWrWUHH[pFXWpVGDQVODFDGUHGXPrPHSURMHWTXLpWDLHQW LPSUpYXV DX PRPHQW GH OD FRQFOXVLRQ GX PDUFKpLQLWLDOHWGRQWODWWULEXWLRQDXWLWXODLUHGHFHPDUFKpSUpVHQWHXQ LQWpUrW FHUWDLQ GX SRLQW GH YXH ILQDQFLHU RX GX GpODLGH[pFXWLRQ /HV WUDYDX[ IRUHVWLHUV QpFHVVLWDQW GHV PR\HQVGHQFDGUHPHQWHWXQPDWpULHOVLPSOHHWTXLVRQWFRQILpVjXQ JURXSHPHQW GH GpYHORSSHPHQW GDQV OH GRPDLQH GHODJULFXOWXUH HW GH OD SrFKH RX j XQ JURXSHPHQW IRUHVWLHUGLQWpUrW FROOHFWLI j FRQGLWLRQ TXH OD YDOHXU DQQXHOOH GXPDUFKpQHGpSDVVHSDVFLQTXDQWHPLOOHGLQDUVGLQDUVWRXWHVWD[HVFRPSULVHV7,75('(6&$+,(56'(6&+$5*(6&+$3,75(35(0,(5',6326,7,216&20081(6$UW /HV FDKLHUV GHV FKDUJHV SUpFLVHQW OHVFRQGLWLRQV GDQV OHVTXHOOHV OHV PDUFKpV VRQW SDVVpV HWH[pFXWpV,OVFRPSUHQQHQWQRWDPPHQW/HVFDKLHUVGHVFODXVHVDGPLQLVWUDWLYHVJpQpUDOHVTXLIL[HQWOHVGLVSRVLWLRQVDGPLQLVWUDWLYHVDSSOLFDEOHVjWRXVOHVPDUFKpVSRUWDQWVXUXQHPrPHQDWXUHGHFRPPDQGHV /HV FDKLHUV GHV SUHVFULSWLRQV FRPPXQHV TXL IL[HQWHVVHQWLHOOHPHQWOHVGLVSRVLWLRQVWHFKQLTXHVDSSOLFDEOHVjWRXVOHVPDUFKpVSRUWDQWVXUXQHPrPHQDWXUHGHFRPPDQGHV /HV FDKLHUV GHV FODXVHV DGPLQLVWUDWLYHV SDUWLFXOLqUHVTXL IL[HQW OHVFODXVHVDGPLQLVWUDWLYHVVSpFLILTXHVjFKDTXHPDUFKp HW FRPSRUWHQW REOLJDWRLUHPHQW OLQGLFDWLRQ GHVDUWLFOHV GHV FDKLHUV GHV FODXVHV DGPLQLVWUDWLYHV JpQpUDOHVDX[TXHOVLOHVWpYHQWXHOOHPHQWGpURJpRXSRXUOHVTXHOVLOHVWSUpYXGHVGLVSRVLWLRQVFRQWUDLUHV/HVFDKLHUVGHVFODXVHVWHFKQLTXHVSDUWLFXOLqUHVTXLIL[HQWOHVFODXVHVWHFKQLTXHVVSpFLILTXHVjFKDTXHPDUFKpHWTXLFRPSRUWHQWREOLJDWRLUHPHQWOLQGLFDWLRQGHVDUWLFOHVGHVFDKLHUV GHV SUHVFULSWLRQV FRPPXQHV DX[TXHOV LO HVWpYHQWXHOOHPHQW GpURJp RX SRXU OHVTXHOV LO HVW SUpYX GHVGLVSRVLWLRQVFRQWUDLUHV/HVFDKLHUVGHVFODXVHVDGPLQLVWUDWLYHVJpQpUDOHVHWOHVFDKLHUVGHVSUHVFULSWLRQVFRPPXQHVVRQWUHQGXVDSSOLFDEOHVSDU DUUrWp GX 3UHPLHU PLQLVWUH VXU DYLV GH OD FRPPLVVLRQVXSpULHXUHGHVPDUFKpV&+$3,75(35,;'(60$5&+(6$UW /H PDUFKp SHXW FRPSRUWHU XQ SUL[ JOREDOIRUIDLWDLUHSRXUOHQVHPEOHGHODFRPPDQGHXQRXSOXVLHXUVSUL[XQLWDLUHVVXUODEDVHGXTXHORXGHVTXHOVVHUDGpWHUPLQpOHSUL[ GH UqJOHPHQW HQ IRQFWLRQ GH OH[pFXWLRQ UpHOOH GH ODFRPPDQGHRXHQFRUHXQSUL[JOREDOIRUIDLWDLUHSRXUXQHSDUWLHGHODFRPPDQGHHWGHVSUL[XQLWDLUHVSRXUOHUHOLTXDW/HSUL[HVWIHUPHORUVTXLOQHSHXWrWUHPRGLILpHQUDLVRQGHVYDULDWLRQVGHVFRQGLWLRQVpFRQRPLTXHVLOHVWUpYLVDEOHGDQVOHFDVFRQWUDLUH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


6(&7,21/$5(7(18('(*$5$17,($UW/RUVTXHOHVFDKLHUVGHVFKDUJHVSUpYRLHQWXQGpODLGHJDUDQWLHLOSHXWrWUHH[LJpRXWUHOHFDXWLRQQHPHQWGpILQLWLI XQH UHWHQXH TXL VHUD SUpOHYpH VXU OHV SDLHPHQWVGDFRPSWHVHIIHFWXpVHQJDUDQWLHGHODERQQHH[pFXWLRQGXPDUFKpHWGXUHFRXYUHPHQWGHVVRPPHVGRQWOHWLWXODLUHGXPDUFKpVHUDLWUHFRQQXGpELWHXUDXWLWUHGHFHPDUFKp$UW/DUHWHQXHGHJDUDQWLHQHGRLWSDVH[FpGHUGXPRQWDQWGHVDFRPSWHVjSD\HUDXWLWUHGXPDUFKpHWGHVHV DYHQDQWV VDQV TXH OH FXPXO DYHF OH FDXWLRQQHPHQWGpILQLWLIQHGpSDVVHTXLQ]HSRXUFHQWGXPRQWDQWGXPDUFKp$UW/DUHWHQXHGHJDUDQWLHQHVWSD\pHDXWLWXODLUHGX PDUFKp RX OD FDXWLRQ TXL OD UHPSODFH OLEpUpH TXHORUVTXLO DXUDLW MXVWLILp GH ODFFRPSOLVVHPHQW GH WRXWHV OHVREOLJDWLRQV HW DSUqV DYLV GH OD FRPPLVVLRQ GHV PDUFKpVFRPSpWHQWHVXUOHSURMHWGHUqJOHPHQWGpILQLWLI/DFKHWHXU SXEOLF HVW WHQX GH SUpVHQWHU OH SURMHW GHUqJOHPHQW GpILQLWLI j OD FRPPLVVLRQ GHV PDUFKpVFRPSpWHQWH TXL VWDWXH REOLJDWRLUHPHQW GDQV XQ GpODL GXQPRLVjSDUWLUGHODGDWHGHWUDQVPLVVLRQGHWRXWHVOHVSLqFHVUHTXLVHVSRXUOH[DPHQGXGRVVLHU'DQV WRXV OHVFDVODUHWHQXHGHJDUDQWLHRXOHUHOLTXDWDSUqVGpGXFWLRQGHVVRPPHVGXHVHVWUHVWLWXpDXWLWXODLUHGXPDUFKpDSUqVVL[PRLVjFRPSWHUGHODUpFHSWLRQGpILQLWLYHRXGHOH[SLUDWLRQGXGpODLGHJDUDQWLHVDXIGDQVOHFDVROLQWpJUDOLWp GH OD UHWHQXH GH JDUDQWLH HVW DIIHFWpH DX[SDLHPHQWVGHVGpIDLOODQFHVGXWLWXODLUHGXPDUFKpTXLVHUDLWOH FDV pFKpDQW LQIRUPp GHV PRGDOLWpV GH UpJXODULVDWLRQ GHVDVLWXDWLRQ/D FDXWLRQ HVW OLEpUpH GDQV OHV PrPHV GpODLV VDXI VLODFKHWHXU SXEOLF LQIRUPH OH WLWXODLUH SDU OHWWUHUHFRPPDQGpH RX SDU WRXW PR\HQ TXL GRQQH GDWH FHUWDLQHTXLO QD SDV UHPSOL VHV REOLJDWLRQV HW TXH GH FH IDLW ODFDXWLRQQHVHUDSDVOLEpUpH6(&7,21/(6*$5$17,(63(56211(//(6$UW /H FDXWLRQQHPHQW DLQVL TXH OD UHWHQXH GHJDUDQWLH VRQW j OD GHPDQGH GX WLWXODLUH GX PDUFKpUHPSODFpV SDU GHV FDXWLRQV SHUVRQQHOOHV HW VROLGDLUHV GDQVOHVFRQGLWLRQVIL[pHVGDQVODSUpVHQWHVHFWLRQ/DFDXWLRQVHQJDJHDYHFOHWLWXODLUHGXPDUFKpjYHUVHUj OD SUHPLqUH GHPDQGH IRUPXOpH SDU ODFKHWHXU SXEOLF OHVVRPPHV GRQW OH GLW WLWXODLUH VHUDLW UHFRQQX GpELWHXU jFRQFXUUHQFHGXPRQWDQWGXFDXWLRQQHPHQWRXGHODUHWHQXHGHJDUDQWLH/HYHUVHPHQWHVWHIIHFWXpjODSUHPLqUHGHPDQGHpFULWHGH ODFKHWHXU SXEOLF VDQV TXHODFDXWLRQSXLVVHGLIIpUHUOHSDLHPHQW RX VRXOHYHU GH FRQWHVWDWLRQ SRXU TXHOTXH PRWLITXHFHVRLWHWVDQVTXLOVRLWEHVRLQGXQHPLVHHQGHPHXUHRX GXQH TXHOFRQTXH GpPDUFKH DGPLQLVWUDWLYH RXMXGLFLDLUH/HQJDJHPHQWGHODFDXWLRQSHUVRQQHOOHHWVROLGDLUHHVWpWDEOL VHORQ XQ PRGqOH IL[p SDU DUUrWp GX PLQLVWUH FKDUJpGHV)LQDQFHV$UW 1H SRXUURQW rWUH FKRLVLHV TXH OHV FDXWLRQVSHUVRQQHOOHV HW VROLGDLUHV D\DQW UHoX j FHW HIIHW XQ DJUpPHQWVSpFLDOGX0LQLVWUHFKDUJpGHV)LQDQFHVHWDSUqVYHUVHPHQWGXQ FDXWLRQQHPHQW IL[H GH GLQDUV DXSUqV GX WUpVRULHUJpQpUDOHWFHGDQVXQGpODLGHKXLWMRXUVjSDUWLUGHODGDWHGREWHQWLRQGHODJUpPHQW&H FDXWLRQQHPHQW TXL FRQWULEXH j OD FRXYHUWXUH GHWRXWHVOHVREOLJDWLRQVQHSHXWrWUHUHVWLWXpTXHVXUGpFLVLRQGXPLQLVWUHFKDUJpGHV)LQDQFHV$UW/HFDXWLRQQHPHQWYLVpjODUWLFOHGXSUpVHQWGpFUHWDLQVLTXHODFDXWLRQTXLOHUHPSODFHVRQWVRXPLVDX[GLVSRVLWLRQV OpJLVODWLYHV RX UpJOHPHQWDLUHV UHODWLYHV DX[JDUDQWLHV HQ PDWLqUH GHPDUFKpVSXEOLFVDX[RSSRVLWLRQVVXUOHVFDXWLRQQHPHQWVHWDXUHPERXUVHPHQWGHVWLWUHVTXLOHV FRPSRVHQW WDQW TXHOOHV QH VRQW SDV FRQWUDLUHV DX[GLVSRVLWLRQVGHODSUpVHQWHVHFWLRQ$UW/HPLQLVWUHFKDUJpGHV)LQDQFHVSHXWUHWLUHUODJUpPHQW j WRXW PRPHQW 'DQV FH FDV OD GpFLVLRQ HVWQRWLILpH j OLQWpUHVVp DX 7UpVRULHU *pQpUDO DLQVL TXDX[DFKHWHXUVSXEOLFVD\DQWSDVVpGHVPDUFKpVSRXUOHVTXHOVODFDXWLRQUpYRTXpHVHVWSRUWpHJDUDQWH/DFKHWHXU SXEOLF GRLW DORUV LQYLWHU OH WLWXODLUH GXPDUFKpVRLWjSUpVHQWHUXQHQRXYHOOHFDXWLRQGDQVXQGpODLGH GL[ MRXUV VRLW j FRQVWLWXHU GDQV OHV PrPHV GpODLV HWFRQGLWLRQV OH FDXWLRQQHPHQW SUpYX SDU OHV FDKLHUV GHVFKDUJHVRXSDUOHPDUFKpHWjYHUVHUGDQVOHPrPHGpODLOHVUHWHQXHV GH JDUDQWLHV TXL DXUDLHQW GXHV rWUH RSpUpHVSUpFpGHPPHQW/HVSDLHPHQWVGXVDXWLWXODLUHGXPDUFKpVRQWVXVSHQGXVHWODFDXWLRQLQLWLDOHUHVWHWHQXHSDUOHVHQJDJHPHQWVTXHOOHDSULVMXVTXjODFFRPSOLVVHPHQWGHWRXWHVOHVSURFpGXUHVHWODUpJXODULVDWLRQGHODVLWXDWLRQ$UW /DFKHWHXU SXEOLF GLVSRVH GXQH PDUJHGDSSUpFLDWLRQTXDQWjODFFHSWDWLRQRXDXUHMHWGHVFDXWLRQVSURSRVpHV SDU OHV WLWXODLUHV GHV PDUFKpV HW DJUppHV SDU OHPLQLVWUHFKDUJpGHV)LQDQFHVFRPSWHWHQXGHOLPSRUWDQFHGXPDUFKpHWGHVDVSpFLILFLWp1pDQPRLQV ODFKHWHXU SXEOLF GRLW FRQVXOWHUSUpDODEOHPHQW OH PLQLVWUH FKDUJp GHV )LQDQFHV DYDQW GHUHIXVHUGHVFDXWLRQVDJUppHV$UW 'HV SUpOqYHPHQWV VRQW RSpUpV VXU OD FDXWLRQFRQVWLWXpHFRQIRUPpPHQWjODUWLFOHjFRQFXUUHQFHGHVPRQWDQWV IL[pV SDU ODFKHWHXU SXEOLF DX WLWUH GHOLQH[pFXWLRQ SDU OH WLWXODLUH GHV FODXVHV HW FRQGLWLRQV GXPDUFKp/HQJDJHPHQW GH OD FDXWLRQ DFFRPSDJQp GXQ SURFqVYHUEDO FRQVWDWDQW OHV GpIDLOODQFHV GX WLWXODLUH j VHVREOLJDWLRQV FRQWUDFWXHOOHV FRQVWLWXH XQ WLWUH H[pFXWRLUHSHUPHWWDQW GRSpUHU DXWRPDWLTXHPHQW OHV SUpOqYHPHQWVVXVYLVpVDSUqVQRWLILFDWLRQUpJXOLqUHDX[LQWpUHVVpVVHORQODUpJOHPHQWDWLRQHQYLJXHXU$UW/HPLQLVWUHFKDUJpGHV)LQDQFHVSRXUUDjWRXWPRPHQW SUHVFULUH j XQH SHUVRQQH RX j XQ pWDEOLVVHPHQWDJUppGHQHSDVDFFURvWUHRXPrPHGHUpGXLUHOHPRQWDQWGHVHVHQJDJHPHQWV/DUHVWLWXWLRQGHVSURYLVLRQVGpSRVpHVSDUOHVFDXWLRQVDXSUqVGX7UpVRULHU*pQpUDOGH7XQLVLHHQYHUWXGHVWH[WHVHQ YLJXHXU HW GHVWLQpHV DX YHUVHPHQW GX FDXWLRQQHPHQWSURSRUWLRQQHODIIpUHQWjFKDTXHPDUFKpQHSHXWDYRLUOLHXTXHVXUDYLVGHODFKHWHXUSXEOLFHWDSUqVH[WLQFWLRQWRWDOHGHV HQJDJHPHQWV SRXU OHVTXHOV OHVGLWHV SURYLVLRQV RQW pWpFRQVWLWXpHV1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


6(&7,21$875(6*$5$17,(6$UW /HV FDKLHUV GHV FKDUJHV GpWHUPLQHQW OH FDVpFKpDQW OHV JDUDQWLHV DXWUHV TXH OH FDXWLRQQHPHQW HW ODUHWHQXH GH JDUDQWLH TXL SHXYHQW rWUH H[LJpHV j WLWUHH[FHSWLRQQHO GHV WLWXODLUHV GH PDUFKpV SRXU DVVXUHUOH[pFXWLRQGHOHXUVHQJDJHPHQWV,OV SUpFLVHQW DORUV OHV GURLWV TXH ODFKHWHXU SXEOLF SHXWH[HUFHUVXUFHVJDUDQWLHV7,75('(6352&('85(6'(3$66$7,21'(60$5&+(6$UW/HVPDUFKpVVRQWSDVVpVVXLYDQWOHVpWDSHVFLDSUqVODSSHOjODFRQFXUUHQFHORXYHUWXUHGHVSOLVOHGpSRXLOOHPHQWGHVRIIUHV&+$3,75(,/$33(/$/$&21&855(1&($UW /DYLV GDSSHO j OD FRQFXUUHQFH HVW SXEOLpWUHQWH MRXUV DX PRLQV DYDQW OD GDWH OLPLWH IL[pH SRXU ODUpFHSWLRQ GHV RIIUHV SDU YRLH GH SUHVVH HW pYHQWXHOOHPHQWSDU WRXW DXWUH PR\HQ GH SXEOLFLWp PDWpULHO RX LPPDWpULHO/HGpODLSHXWrWUHUDPHQpjTXLQ]HMRXUVHQFDVGXUJHQFHG€PHQWMXVWLILpH&H GpODL HVW IL[p FRPSWH WHQX QRWDPPHQW GHOLPSRUWDQFH HW GH OD FRPSOH[LWp GH OD FRPPDQGH HW GHVpWXGHV LQYHVWLJDWLRQV HW FRQVXOWDWLRQV pYHQWXHOOHV TXHQpFHVVLWHODSUpSDUDWLRQGHVRIIUHV&HWDYLVIHUDFRQQDvWUH/REMHWGXPDUFKp/HOLHXRORQSHXWSUHQGUHFRQQDLVVDQFHGHVFDKLHUVGHVFKDUJHVYLVpVjODUWLFOHGXSUpVHQWGpFUHWHWOHSUL[GHYHQWHOHFDVpFKpDQW/HOLHXHWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHV/HOLHXODGDWHHWOKHXUHGHODWHQXHGHODUpXQLRQGHOD FRPPLVVLRQ GRXYHUWXUH GHV SOLV FRQWHQDQW OHV RIIUHVWHFKQLTXHVVLODVpDQFHHVWSXEOLTXH /H GpODL SHQGDQW OHTXHO OHV FDQGLGDWV UHVWHURQWHQJDJpVSDUOHXUVRIIUHV /HV FULWqUHV GH FKRL[ DXWUHV TXH FHX[ SUpYXV jODUWLFOHGXSUpVHQWGpFUHW/HVMXVWLILFDWLRQVjSURGXLUHFRQFHUQDQWOHVUpIpUHQFHVHW JDUDQWLHV SURIHVVLRQQHOOHV HW ILQDQFLqUHV H[LJpHV GHVVRXPLVVLRQQDLUHV(Q FDV GDSSHO GRIIUHV SUpFpGp GXQH SUpVpOHFWLRQ OHVLQGLFDWLRQVpQXPpUpHVGDQVOHVSDUDJUDSKHVHWFL±GHVVXVGRLYHQWrWUHSRUWpHVjODFRQQDLVVDQFHGHVFDQGLGDWVGDQVOHPrPHGpODLGHIDoRQLQGLYLGXHOOHHWRXYHUWHDX[FDQGLGDWVSUpVpOHFWLRQQpV/DGpWHUPLQDWLRQGXGpODLVpSDUDQWODGDWHGLQYLWDWLRQjVRXPLVVLRQQHUHWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHVREpLWDX[ PrPHV UqJOHV DSSOLFDEOHV HQ PDWLqUH GDSSHO GRIIUHVRXYHUW$UW/RIIUHHVWFRQVWLWXpHGXFDXWLRQQHPHQWSURYLVRLUHGRFXPHQWVHWMXVWLILFDWLIVDFFRPSDJQDQWORIIUHYLVpVSDUODUWLFOHGXSUpVHQWGpFUHWHWOHVFDKLHUVGHVFKDUJHVSDUWLFXOLHUVGHORIIUHWHFKQLTXHGHORIIUHILQDQFLqUH/RIIUHWHFKQLTXHHWORIIUHILQDQFLqUHVRQWSODFpHVGDQVGHX[ HQYHORSSHV VpSDUpHV IHUPpHV HW VFHOOpHV &HV GHX[HQYHORSSHV OH FDXWLRQQHPHQW SURYLVRLUH OHV GRFXPHQWVDGPLQLVWUDWLIVHWOHVMXVWLILFDWLIVDFFRPSDJQDQWORIIUHVHURQWSODFpV GDQV XQH WURLVLqPH HQYHORSSH IHUPpH HW VFHOOpHLQGLTXDQWODUpIpUHQFHGHODSSHOGRIIUHVHWVRQREMHWVDQVSRXUDXWDQWDSSRUWHUGHVLQGLFDWLRQVRXUpIpUHQFHVDXQRPGX VRXPLVVLRQQDLUH TXL GRLW rWUH SRUWp VXU OHV GHX[HQYHORSSHVLQWpULHXUHV7RXWH RIIUH GRQW OHQYHORSSH H[WpULHXUH FRPSRUWH XQHLQGLFDWLRQRXUpIpUHQFHDXQRPGXVRXPLVVLRQQDLUHRXWRXWHRIIUHWHFKQLTXHTXLFRPSRUWHXQHLQGLFDWLRQVXUOHSUL[RXGHVGRQQpHVVXUORIIUHILQDQFLqUHHVWUHMHWpH/HVSOLVFRQWHQDQWOHVVRXPLVVLRQVGRLYHQWrWUHHQYR\pVSDU OD SRVWH HW UHFRPPDQGpV RX SDU UDSLG SRVWH $ OHXUUpFHSWLRQOHVSOLVVRQWHQUHJLVWUpVDXEXUHDXGRUGUHFHQWUDOSXLV XQH GHX[LqPH IRLV VXU XQ UHJLVWUH VSpFLDO GDQV OHXURUGUH GDUULYpH LOV GRLYHQW GHPHXUHU FDFKHWpV MXVTXDXPRPHQWGHOHXURXYHUWXUH&+$3,75(/289(5785('(63/,6$UW ,O HVW FUpp DXSUqV GH FKDTXH DFKHWHXU SXEOLFXQHFRPPLVVLRQSHUPDQHQWHGRXYHUWXUHGHVSOLVFRPSRVpHDX PD[LPXP GH FLQT PHPEUHV \ FRPSULV VRQ SUpVLGHQWGpVLJQpVSDUGpFLVLRQGHODFKHWHXUSXEOLF$ WLWUH H[FHSWLRQQHO LO SHXW rWUH FUpp SOXV GXQHFRPPLVVLRQ GRXYHUWXUH GHV SOLV DXSUqV GXQ DFKHWHXUSXEOLFDSUqVDYLVGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV/D FRPPLVVLRQ GRXYHUWXUH GHV SOLV HVW SUpVLGpH SDU OHFRQWU{OHXUGHVGpSHQVHVSXEOLTXHVSRXUOHVPDUFKpVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFVHWSDUOHFRQWU{OHXUG(WDWSRXUOHVPDUFKpVGHVHQWUHSULVHVSXEOLTXHVHWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI/DFKHWHXUSXEOLFHQFRRUGLQDWLRQDYHFOHSUpVLGHQWGHODFRPPLVVLRQGRLWLQYLWHUOHVPHPEUHVDXPLQLPXPWURLVMRXUV RXYUDEOHV DYDQW OD GDWH GH ORXYHUWXUH GHV SOLV ODFRPPLVVLRQQHSHXWVHUpXQLUTXHQSUpVHQFHGHODPDMRULWpGHVHVPHPEUHVGRQWREOLJDWRLUHPHQWVRQSUpVLGHQW/DFKHWHXUSXEOLFHQFRRUGLQDWLRQDYHFOHSUpVLGHQWGHODFRPPLVVLRQGRLWHQRXWUHpWDEOLU OHV FRUUHVSRQGDQFHV FLWpHV j ODUWLFOH GXSUpVHQWGpFUHWHWOHVDGUHVVHUDX[VRXPLVVLRQQDLUHVLQIRUPHU H[SUHVVpPHQW OHV VRXPLVVLRQQDLUHV GRQW OHVRIIUHVWHFKQLTXHVVRQWDFFHSWpHVGXOLHXGHODGDWHHWGHOKHXUH GH OD WHQXH GH OD UpXQLRQ GH OD FRPPLVVLRQGRXYHUWXUHGHVSOLVFRQWHQDQWOHVRIIUHVILQDQFLqUHVHWFHFRQIRUPpPHQW DX[ GLVSRVLWLRQV GH ODUWLFOH GX SUpVHQWGpFUHW$UW/DFRPPLVVLRQGRXYHUWXUHGHVSOLVVHUpXQLWXQHSUHPLqUHIRLVSRXURXYULUOHVHQYHORSSHVH[WpULHXUHVHWOHVHQYHORSSHVFRQWHQDQWORIIUHWHFKQLTXHHWXQHGHX[LqPHIRLVSRXURXYULUOHVHQYHORSSHVFRQWHQDQWORIIUHILQDQFLqUH/DFKHWHXUSXEOLFIL[HHQFRRUGLQDWLRQDYHFOHSUpVLGHQWGHODFRPPLVVLRQODGDWHGHODSUHPLqUHVpDQFHGRXYHUWXUHGHVSOLVTXLGRLWDYRLUOLHXGDQVXQGpODLPD[LPXPGHFLQTMRXUVRXYUDEOHVVXLYDQWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


$UW/DFRPPLVVLRQGRXYHUWXUHGHVSOLVSHXWOHFDV pFKpDQW LQYLWHU H[SUHVVpPHQW OHV VRXPLVVLRQQDLUHV jIRXUQLU OHV GRFXPHQWV PDQTXDQWV H[LJpV \ FRPSULV OHVSLqFHVDGPLQLVWUDWLYHVSRXUFRPSOpWHUOHXUVRIIUHVGDQVXQGpODL SUHVFULW SDU YRLH SRVWDOH RX GLUHFWHPHQW DX EXUHDXGRUGUH GH ODFKHWHXU SXEOLF VRXV SHLQH GpOLPLQDWLRQ GHOHXUVRIIUHV7RXWHIRLV OD QRQ SUpVHQWDWLRQ GX FDXWLRQQHPHQWSURYLVRLUHFRQVWLWXHXQPRWLIGHUHMHWGRIILFH,OHQHVWGHPrPHGHWRXWGRFXPHQWFRQWHQDQWGHVpOpPHQWVFRQVLGpUpVGDQVOpYDOXDWLRQGHVRIIUHV/D FRPPLVVLRQ GRXYHUWXUH GHV SOLV GRLW LQYLWHUH[SUHVVpPHQWOHVSDUWLFLSDQWVTXLQRQWSDVVLJQpHWSDUDSKpWRXV OHV GRFXPHQWV VHORQ OHV PRGDOLWpV H[LJpHV jOHIDLUHGDQVXQGpODLTXLVHUDGpWHUPLQpSDUODGLWHFRPPLVVLRQ/HV RIIUHV SDUYHQXHV DSUqV OD GDWH OLPLWH GH UpFHSWLRQVHURQW UHVWLWXpHV j OHXU H[SpGLWHXU DFFRPSDJQpHV GXQHFRSLH GH OHQYHORSSH H[WpULHXUH /RULJLQDO pWDQW FRQVHUYpSDUODFKHWHXUSXEOLFHQWDQWTXHPR\HQGHSUHXYH6HURQW pJDOHPHQW UHVWLWXpHV OHV RIIUHV TXL QRQW SDVUHVSHFWp OHV GLVSRVLWLRQV GH ODUWLFOH GX SUpVHQW GpFUHWOHV RIIUHV QRQ DFFRPSDJQpHV GX FDXWLRQQHPHQW SURYLVRLUHRX TXL QRQW SDV pWp FRPSOpWpHV SDU OHV GRFXPHQWVDGPLQLVWUDWLIV PDQTXDQWV RX FHOOHV GRQW OHV FDKLHUV GHVFKDUJHV QRQW SDV pWp VLJQpV HW SDUDSKpV GDQV OHV GpODLVUHTXLVDLQVLTXHOHVRIIUHVUHMHWpHV'DQV WRXV OHV FDV ODFKHWHXU SXEOLF GRLW LQIRUPHU SDUpFULW OHV VRXPLVVLRQQDLUHV TXL OH GHPDQGHQW GHV PRWLIV GHUHMHWGHOHXUVRIIUHV$UW/DFRPPLVVLRQGRXYHUWXUHGHVSOLVVHUpXQLWXQHGHX[LqPH IRLV DSUqV OpWDEOLVVHPHQW GX UDSSRUW GHGpSRXLOOHPHQW GHV RIIUHV WHFKQLTXHV SDU OD FRPPLVVLRQ GHGpSRXLOOHPHQW YLVpH j ODUWLFOH GX SUpVHQW GpFUHW SRXURXYULU OHV SOLV FRQWHQDQW OHV RIIUHV ILQDQFLqUHV GHVVRXPLVVLRQQDLUHVGRQWOHVRIIUHVWHFKQLTXHVRQWpWpDFFHSWpHV/HV SOLV ILQDQFLHUV TXL QRQW SDV pWp RXYHUWV VHURQWUHWRXUQpVjOH[SpGLWHXUDSUqVOHFKRL[GXWLWXODLUH'DQV FH FDV ODFKHWHXU SXEOLF GRLW QRWLILHU SDU pFULW jWRXWVRXPLVVLRQQDLUHTXLOHGHPDQGHOHVPRWLIVGHUHMHWGHVRQRIIUH$UW 6DXI VWLSXODWLRQV FRQWUDLUHV GHV FDKLHUV GHVFKDUJHVODVpDQFHGRXYHUWXUHGHVSOLVFRQWHQDQWOHVRIIUHVHVWSXEOLTXHSRXUOHVPDUFKpVTXLUHOqYHQWGHODFRPSpWHQFHGH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV HW GHVFRPPLVVLRQVGpSDUWHPHQWDOHVGHVPDUFKpV/HV FDQGLGDWV SHXYHQW DVVLVWHU j OD VpDQFH SXEOLTXHGRXYHUWXUH GHV SOLV WHFKQLTXHV DX[ OLHX GDWH HW KHXUHLQGLTXpVGDQVODYLVGDSSHOGRIIUHV7RXWHIRLVVHXOVOHVFDQGLGDWVGRQWOHVRIIUHVWHFKQLTXHVRQW pWp DFFHSWpHV SHXYHQW DVVLVWHU j ORXYHUWXUH GHV SOLVILQDQFLHUV $ FHW HIIHW LOV VHURQW LQIRUPpV SDU pFULW GXOLHXGDWHHWKHXUHGHODUpXQLRQWURLVMRXUVRXYUDEOHVDXPRLQVDYDQWVDWHQXH/D FRPPLVVLRQ GRXYHUWXUH GHV SOLV DQQRQFH j KDXWHYRL[ OHV QRPV GHV SDUWLFLSDQWV /HV SUpVHQWV QH VRQW SDVDXWRULVpVjGHPDQGHURXSUpVHQWHUGHVpFODLUFLVVHPHQWVRXLQIRUPDWLRQV RX H[SOLFDWLRQV RX LQWHUYHQLU VRXV TXHOTXHIRUPH TXH FH VRLW GDQV OH GpURXOHPHQW GHV WUDYDX[ GH ODFRPPLVVLRQGRXYHUWXUHGHVSOLV$UW/DFRPPLVVLRQGRXYHUWXUHGHVSOLVGUHVVHXQSURFqVYHUEDOGRXYHUWXUHGHVSOLVWHFKQLTXHVHWXQSURFqVYHUEDO GRXYHUWXUH GHV SOLV ILQDQFLHUV TXL GRLYHQW rWUHVLJQpVSDUWRXVOHVPHPEUHVSUpVHQWVVpDQFHWHQDQWH/H SURFqVYHUEDO GRLW SUpFLVHU QRWDPPHQW OHV GRQQpHVVXLYDQWHV/HVQXPpURVGRUGUHDWWULEXpVDX[SOLVFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODUWLFOHDLQVLTXHODGDWHGDUULYpHHWOHVQRPVGHVSDUWLFLSDQWV/HVGRFXPHQWVH[LJpVHWDFFRPSDJQDQWOHVRIIUHV/HVGRFXPHQWVH[LJpVHWQRQSUpVHQWpVDYHFOHVRIIUHVRXGRQWODYDOLGLWpDH[SLUp/HVRIIUHVLUUHFHYDEOHVHWOHVPRWLIVGHOHXUUHMHW/HVGpEDWVGHVPHPEUHVGHODFRPPLVVLRQGRXYHUWXUHGHVSOLVHWOHVUpVHUYHVOHFDVpFKpDQW /H GpODL DFFRUGp SRXU FRPSOpWHU OHV GRFXPHQWVPDQTXDQWVHWOHVVLJQDWXUHVH[LJpHVGHVFDKLHUVGHVFKDUJHV/H SURFqVYHUEDO GRXYHUWXUH GHV SOLV ILQDQFLHUV GRLWLQGLTXHU QRWDPPHQW OD OLVWH GHV RIIUHV UHMHWpHV SDU ODFRPPLVVLRQGHGpSRXLOOHPHQWSRXUQRQFRQIRUPLWpjOREMHWRXDX[FRQGLWLRQVGHVFDKLHUVGHVFKDUJHVFHOOHVGRQWOHVRIIUHVWHFKQLTXHVRQWFRPSRUWpGHVLQGLFDWLRQVVXUOHVSUL[RX OHV PRQWDQWV GHV RIIUHV ILQDQFLqUHV HW FHOOHV pOLPLQpHVSRXUGHVPRWLIVWHFKQLTXHV/H SURFqVYHUEDO GRLW LQGLTXHU OD OLVWH GHV RIIUHVDFFHSWpHV OHXUV PRQWDQWV DLQVL TXH WRXWH DXWUH GRQQpHILQDQFLqUH&HV GRFXPHQWV GRLYHQW rWUH SDUDSKpV SDU WRXV OHVPHPEUHVSUpVHQWVGHODFRPPLVVLRQ&+$3,75('(328,//(0(17'(62))5(6$UW /D FRPPLVVLRQ GH GpSRXLOOHPHQW GHV RIIUHVGpVLJQpH SDU GpFLVLRQ GH ODFKHWHXU SXEOLF HIIHFWXH OHGpSRXLOOHPHQWHWODQDO\VHGHVRIIUHV3RXU OHV PDUFKpV UHOHYDQW GH OD FRPSpWHQFH GH ODFRPPLVVLRQ VXSpULHXUH GHV PDUFKpV OD FRPPLVVLRQ GHGpSRXLOOHPHQW VHUD GpVLJQpH DSUqV DYLV GH FHOOHFL HWFRPSUHQGUDGHX[PHPEUHVTXLQHUHOqYHQWSDVGHODFKHWHXUSXEOLFFRQFHUQpSDUOHPDUFKpHWTXLVRQWFKRLVLVSRXUOHXUVTXDOLILFDWLRQV HWOHXUVFRPSpWHQFHVFRPSWHWHQXGHOREMHWGXPDUFKp$UW /HV FRPPDQGHV REMHW GH PDUFKpV VRQWFODVVpHVFRPPHVXLW /HV FRPPDQGHV FRPSOH[HV SRUWDQW VXU GHVpTXLSHPHQWV LPSRUWDQWV WHFKQLTXHPHQW FRPSOH[HV RXGXQHWHFKQRORJLHTXLpYROXHUDSLGHPHQWRXSRUWDQWVXUODUpDOLVDWLRQGHWUDYDX[RXGpWXGHVVSpFLILTXHV'DQV FH FDV OHV FDKLHUV GHV FKDUJHV GRLYHQW LQGLTXHUDYHFSUpFLVLRQODPpWKRGRORJLHTXLGRLWGpWHUPLQHUOHVSOXVYDOXHV WHFKQLTXHV VXSSOpPHQWDLUHV SRXYDQW rWUH SULVHV HQFRPSWHHWODPpWKRGHGpYDOXDWLRQGHOHXULPSDFWILQDQFLHU /HV FRPPDQGHV FRXUDQWHV TXL QH[LJHQW TXH ODFRQIRUPLWp GH ORIIUH DX[ SUHVFULSWLRQV GHV FDKLHUV GHVFKDUJHV &HOOHVFL SHXYHQW FRPSRUWHU RXWUH OHV FRQGLWLRQVGH SDUWLFLSDWLRQ UHODWLYHV DX[ JDUDQWLHV SURIHVVLRQQHOOHV HWILQDQFLqUHVDX[TXHOOHVOHVVRXPLVVLRQQDLUHVVRQWDSSHOpVjVH FRQIRUPHU GHV VSpFLILFDWLRQV GHV QRUPHV HW GHVFRQGLWLRQV WHFKQLTXHV TXL GRLYHQW rWUH GpWHUPLQpHV GHPDQLqUHSUpFLVH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


6RQW FRQVLGpUpHV FRPPDQGHV FRXUDQWHV DX VHQV GXSUpVHQWDUWLFOHOHVFRPPDQGHVGRQWOHVFDKLHUVGHVFKDUJHVQHVSpFLILHQWSDVH[SUHVVpPHQWOHXUFDUDFWqUHFRPSOH[H$UW /D FRPPLVVLRQ GH GpSRXLOOHPHQW SURFqGHGDQV XQH SUHPLqUH SKDVH j OpOLPLQDWLRQ GHV RIIUHV QRQFRQIRUPHVjOREMHWGXPDUFKpRXFHOOHVTXLQHUpSRQGHQWSDVDX[FDUDFWpULVWLTXHVQRUPHVRXFRQGLWLRQVPHQWLRQQpHVGDQV OHV FDKLHUV GHV FKDUJHV RX FHOOHV UHODWLYHV DX[UpIpUHQFHV GX VRXPLVVLRQQDLUH DLQVL TXDX[ JDUDQWLHVSURIHVVLRQQHOOHVHWILQDQFLqUHV&HWWH FRPPLVVLRQ SURFqGH j ODQDO\VH GHV RIIUHVUHVWDQWHVHWSURSRVHORIIUHTXHOOHMXJHODSOXVLQWpUHVVDQWHFRQIRUPpPHQW j OD FODVVLILFDWLRQ GHV FRPPDQGHV SUpYXHSDU ODUWLFOH HW HQ WHQDQW FRPSWH GHV GLVSRVLWLRQV GHVDUWLFOHVHWGXSUpVHQWGpFUHW$UW3RXUOHVFRPPDQGHVFRXUDQWHVOHPDUFKpHVWDWWULEXpDXVRXPLVVLRQQDLUHD\DQWSUpVHQWpORIIUHODPRLQVGLVDQWH SDUPL OHV RIIUHV FRQIRUPHV j OREMHW GX PDUFKp HWDX[FRQGLWLRQVGHVFDKLHUVGHVFKDUJHV$UW3RXUOHVFRPPDQGHVFRPSOH[HVOHPDUFKpHVWDWWULEXpDXVRXPLVVLRQQDLUHD\DQWSUpVHQWpORIIUHODPLHX[GLVDQWHFRPSWHWHQXGXSUL[HWGHODYDOHXUWHFKQLTXH'DQV FH FDV OD FRPPLVVLRQ pWDEOLW GDQV XQH SUHPLqUHpWDSHOHFODVVHPHQWGHVRIIUHVTXLUpSRQGHQWDX[FRQGLWLRQVWHFKQLTXHV PLQLPDOHV SDU ODWWULEXWLRQ GH ERQLILFDWLRQ DXWLWUH GHV SOXV YDOXHV WHFKQLTXHV FRQIRUPpPHQW j XQHPpWKRGRORJLH LQVpUpH GDQV OHV FDKLHUV GHV FKDUJHV HW FHSRXU FKRLVLU GDQV XQH GHX[LqPH pWDSH ORIIUH OD PLHX[GLVDQWH/RUVTXHORIIUHODPLHX[GLVDQWHHVWVXSpULHXUHjORIIUHOD PRLQVGLVDQWH OD FRPPLVVLRQ GH GpSRXLOOHPHQW GRLWMXVWLILHU OH FR€W VXSSOpPHQWDLUH HQ OH FRPSDUDQW DX JDLQILQDQFLHUHVFRPSWpGHVSOXVYDOXHVWHFKQLTXHV$UW/DFRPPLVVLRQGHGpSRXLOOHPHQWDQDO\VHOHVRIIUHV UHODWLYHV DX[ FRPPDQGHV FRXUDQWHV RXWHFKQLTXHPHQW FRPSOH[HV HQ VH UpIpUDQW DX[ FRQGLWLRQVIL[pHVSDUOHVFDKLHUVGHVFKDUJHVHWDX[FULWqUHVVXLYDQWVORULJLQHWXQLVLHQQHRXpWUDQJqUHGXSURGXLW OLPSRUWDQFH GHV ORWV WUDYDX[ SURGXLWV VHUYLFHV HWpWXGHVjVRXVWUDLWHUVXUOHPDUFKpWXQLVLHQ OD YDOHXU WHFKQLTXH GHV RIIUHV HW pYHQWXHOOHPHQWGDXWUHVDYDQWDJHVSDUWLFXOLHUVVXSSOpPHQWDLUHV OH FR€W GH OH[SORLWDWLRQ GHV RXYUDJHV GHVpTXLSHPHQWV RX GHV EUHYHWV SRXU OHV FRPPDQGHVFRPSOH[HVOHFDVpFKpDQWOHVJDUDQWLHVSURIHVVLRQQHOOHVHWILQDQFLqUHVSUpVHQWpHVSDUFKDFXQGHVFDQGLGDWVOHGpODLGH[pFXWLRQOHFDVpFKpDQW'DXWUHVFRQVLGpUDWLRQVSHXYHQWrWUHSULVHVHQFRPSWHjFRQGLWLRQ TXHOOHV VRLHQW VSpFLILpHV GDQV ODYLV GDSSHOGRIIUHV&HVFRQVLGpUDWLRQVGRLYHQWrWUHOLpHVjOREMHWGXPDUFKpHW GRLYHQW SHUPHWWUH OpYDOXDWLRQ GHV DYDQWDJHVVXSSOpPHQWDLUHVFHUWDLQV'DQV WRXV OHV FDV LO QHVW SDV SHUPLV GH SUpYRLU GHVFULWqUHVjFDUDFWqUHGLVFULPLQDWRLUH6RXV UpVHUYH GX UHVSHFW GX SULQFLSH GH OpJDOLWp GHVVRXPLVVLRQQDLUHV ODFKHWHXU SXEOLF SHXW OH FDV pFKpDQWGHPDQGHU SDU pFULW GHV SUpFLVLRQV MXVWLILFDWLRQV HWpFODLUFLVVHPHQWV UHODWLIV j ORIIUH WHFKQLTXH VDQV TXH FHODQDERXWLVVHjXQHPRGLILFDWLRQGHODWHQHXUGHORIIUH$UW/DFRPPLVVLRQGHGpSRXLOOHPHQWpOLPLQHOHVRIIUHV GRQW OHV HQYHORSSHV FRQWHQDQW OHV RIIUHV WHFKQLTXHVFRPSRUWHQW GHV LQGLFDWLRQV VXU OHV SUL[ RX OH PRQWDQW GHORIIUHILQDQFLqUH/H SUpVLGHQW GH ODFRPPLVVLRQGRXYHUWXUHGHVSOLVHQHVW LPPpGLDWHPHQW LQIRUPp HW OHV FRSLHV GHV MXVWLILFDWLRQVOXLVHURQWQRWLILpHV$UW /D FRPPLVVLRQ GH GpSRXLOOHPHQW pWDEOLW XQUDSSRUW WHFKQLTXH GDQV OHTXHO HOOH FRQVLJQH OHV GpWDLOV HWUpVXOWDWVGHVHVWUDYDX[UHODWLIVjFHWWHpWDSH/HV PHPEUHV GH OD FRPPLVVLRQ VLJQHQW OHGLW UDSSRUWGDQV OHTXHO LOV GRLYHQW FRQVLJQHU OHXUV UpVHUYHV OH FDVpFKpDQW'DQV XQH GHX[LqPH pWDSH HW DSUqV ORXYHUWXUH GHVHQYHORSSHVFRQWHQDQWOHVRIIUHVILQDQFLqUHVODFRPPLVVLRQGHGpSRXLOOHPHQWpYDOXHOHVRIIUHVILQDQFLqUHVSRXUUHWHQLUOH WLWXODLUH GX PDUFKpFRQIRUPpPHQWDX[DUWLFOHVHWGXSUpVHQWGpFUHW/D FRPPLVVLRQ GH GpSRXLOOHPHQW FRQVLJQH GDQV XQUDSSRUWOHVGpWDLOVHWOHVUpVXOWDWVGHVHVWUDYDX[DLQVLTXHVDSURSRVLWLRQDXVXMHWGHODWWULEXWLRQGXPDUFKp7RXVOHVPHPEUHVGHODFRPPLVVLRQVLJQHQWOHUDSSRUWGH GpSRXLOOHPHQW GDQV OHTXHO LOV GRLYHQW FRQVLJQHU OHXUVUpVHUYHVOHFDVpFKpDQW$UW/DFKHWHXUSXEOLFGRLWSUpFLVHUH[SUHVVpPHQWGDQV XQ UDSSRUW pFULW GH SUpVHQWDWLRQ GX GRVVLHU j ODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWHVRQDYLVDXVXMHWGXFRQWHQXHWGHVSURSRVLWLRQVTXLOXLVRQWSUpVHQWpHVGDQVOHUDSSRUW GH GpSRXLOOHPHQW HW LO GRLW PRWLYHU OH FKRL[ GXWLWXODLUHVHSURQRQFHUVXUOHFDUDFWqUHGHVSUL[$UW /D FRPPLVVLRQ GH GpSRXLOOHPHQW QHVW SDVKDELOLWpHjGLVFXWHUOHVRIIUHVILQDQFLqUHV'DQV OH FDV R LO VDYqUH TXH ORIIUH MXJpH OD SOXVLQWpUHVVDQWH HVW JOREDOHPHQW DFFHSWDEOH PDLV FRPSRUWHFHUWDLQV SUL[ H[FHVVLIV LO SHXW rWUH DGPLV GH QpJRFLHU FHVSUL[ DSUqV DYLV SUpDODEOH GH OD FRPPLVVLRQ GHV PDUFKpVFRPSpWHQWH$UW'DQVOHFDVRSOXVLHXUVRIIUHVMXJpHVOHVSOXVLQWpUHVVDQWHV VRQW WHQXHV SRXU pTXLYDOHQWHV WRXV pOpPHQWVFRQVLGpUpV ODFKHWHXU SXEOLF SHXW SRXU GpSDUWDJHU OHVFDQGLGDWV GHPDQGHU j FHX[FL GH SUpVHQWHU GH QRXYHOOHVRIIUHVILQDQFLqUHV/D UHFRQVXOWDWLRQ GRLW rWUH IDLWH SDU pFULW VXLYDQW ODSURFpGXUHGpFULWHDX[DUWLFOHVHWGXSUpVHQWGpFUHW$UW /DFKHWHXU SXEOLF DIILFKH OHV UpVXOWDWV GHODSSHOGRIIUHVGDQVXQWDEOHDXGDIILFKDJHHWSUpVHQWHSDUpFULWDX[FDQGLGDWVTXLOHGHPDQGHQWOHVPRWLIVGHUHMHWGHOHXUV RIIUHV GqV TXH OH FKRL[ GX WLWXODLUH GX PDUFKp HVWSURQRQFpRXODSSHOGRIIUHVHVWGpFODUpLQIUXFWXHX[VXLWHjGHVSURSRVLWLRQVMXJpHVLQDFFHSWDEOHVDSUqVDYRLUUHFXHLOOLODYLVGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH'DQVOHFDVGHQWHQWHPDQLIHVWHHQWUHOHVSDUWLFLSDQWVRXFHUWDLQVGHQWUHHX[LO\DOLHXGHGpFODUHULPSpUDWLYHPHQWODSSHO GRIIUHVLQIUXFWXHX[HWGHSURFpGHUjXQHQRXYHOOHPLVHHQFRQFXUUHQFHVDXIFDVGLPSRVVLELOLWpPDWpULHOOHRXGXUJHQFH LPSpULHXVH LO HVW IDLW UHFRXUV j XQ PDUFKp SDU -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


HQWHQWH GLUHFWH SUpFpGp GXQH FRQVXOWDWLRQ HQ YHUWX GHVGLVSRVLWLRQVSUpYXHVSDUODUWLFOHGXSUpVHQWGpFUHW$UW&RQIRUPpPHQWDX[GLVSRVLWLRQVGHODUWLFOHGXSUpVHQWGpFUHWOHVUpVXOWDWVGHFKDTXHDSSHOGRIIUHVVRQWFRQVWDWpV GDQV XQ UDSSRUW GH GpSRXLOOHPHQW UHODWDQW OHVSURFpGXUHVHWFLUFRQVWDQFHVGHGpSRXLOOHPHQWHWMXVWLILDQWODSURSRVLWLRQ GH OD FRPPLVVLRQ GH GpSRXLOOHPHQW TXDQW jORIIUH MXJpH OD SOXV LQWpUHVVDQWH /HQVHPEOH GHV RIIUHV HWGHV FDKLHUV GHV FKDUJHV DFFRPSDJQpV GH FH UDSSRUW HVWWUDQVPLV j OD FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH SRXUH[DPHQHWDYLV7,75(9&21752/(35($/$%/('(60$5&+(6&+$3,75(,/HV&RPPLVVLRQVGHV0DUFKpVFRPSRVLWLRQVHWDWWULEXWLRQV$UW /HV FRPPLVVLRQV GHV PDUFKpV H[DPLQHQW ODUpJXODULWp GHV SURFpGXUHV GH UHFRXUV j OD FRQFXUUHQFHODWWULEXWLRQ GHV PDUFKpV OD VLQFpULWp HW OD WUDQVSDUHQFHGDQVOHVSURFpGXUHVGHSDVVDWLRQGHVPDUFKpVHWVDVVXUHQWGX FDUDFWqUH DFFHSWDEOH GHV FRQGLWLRQV DGPLQLVWUDWLYHVILQDQFLqUHV HW WHFKQLTXHV HW FH j OD OXPLqUH GHV GRQQpHVJpQpUDOHV GX SURMHW GRQW OHV FRPSRVDQWHV VRQW H[pFXWpHVGDQV OH FDGUH GHV PDUFKpV TXL OHXUV VRQW VRXPLV HWQRWDPPHQW OHV pWXGHV GRSSRUWXQLWp OHV FR€WVSUpYLVLRQQHOV OHV PRGDOLWpV GH ILQDQFHPHQW OHV pWDSHVGH[pFXWLRQHWWRXWHVDXWUHVGRQQpHVXWLOHV$UW 6RQW VRXPLV j ODYLV SUpDODEOH GHVFRPPLVVLRQVGHVPDUFKpVDYDQWODSSHOjODFRQFXUUHQFH /HV SURMHWV GHV FDKLHUV GHV FKDUJHV GHV GRVVLHUVUHOHYDQW GH VD FRPSpWHQFH HW UHODWLIV DX[ DSSHOV GRIIUHVRXYHUWV DX[ DSSHOV GRIIUHV DYHF FRQFRXUV HW DX[FRQVXOWDWLRQV /D FRPSRVLWLRQ GX MXU\ HW GHV FRPPLVVLRQV GHGpSRXLOOHPHQW FRQIRUPpPHQW DX[ DUWLFOHV HW GXSUpVHQWGpFUHWSRXUOHVGRVVLHUVUHOHYDQWGHODFRPSpWHQFHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV /HV FDKLHUV GHV WHUPHV GH UpIpUHQFHV DLQVL TXH OHVUDSSRUWV GH SUpVpOHFWLRQ UHODWLIV DX[ DSSHOV GRIIUHVSUpFpGpVGHSUpVpOHFWLRQ$SUqVGpSRXLOOHPHQWGHVRIIUHV/HVUDSSRUWVGHGpSRXLOOHPHQWHWOHVUDSSRUWVGHMXU\GHFRQFRXUV/HVSURMHWVGHFRQWUDWVGHPDUFKpVHQFDVGHUHFRXUVjODSDVVDWLRQGXQPDUFKp SDUHQWHQWHGLUHFWHQRQSUpFpGpVGXQHFRQVXOWDWLRQRXHQFDVGLQVHUWLRQGXQHTXHOFRQTXHPRGLILFDWLRQPrPHSDUWLHOOHGXQHRXGHSOXVLHXUVFODXVHVGXSURMHWGXPDUFKpGRQWOHUDSSRUWGHGpSRXLOOHPHQWDpWpVRXPLVDXSUpDODEOHjOH[DPHQGHODFRPPLVVLRQ$XFRXUVHWDSUqVOH[pFXWLRQGXPDUFKp/HVSURMHWVGDYHQDQWUHODWLIVDX[PDUFKpVUHOHYDQWGHVDFRPSpWHQFHVDXIVLOHPRQWDQWGXPDUFKp\FRPSULVOHVDYHQDQWVGpSDVVHOHVHXLOGHVDFRPSpWHQFH /HV SURMHWV GH UqJOHPHQWV GpILQLWLIV GHV PDUFKpVUHOHYDQW GH VD FRPSpWHQFH DFFRPSDJQpV GXQ UDSSRUWGpWDLOOpVLJQpSDUODFKHWHXUSXEOLFSRUWDQWVXUOpYDOXDWLRQGHVFRQGLWLRQVGH[pFXWLRQGHVSUHVWDWLRQVGRQWQRWDPPHQWODQDO\VH HW ODSSUpFLDWLRQ GHV pFDUWV pYHQWXHOV HQWUH OHVHVWLPDWLRQVLQLWLDOHVHWOHGpFRPSWHGpILQLWLI/HVSURMHWVGHUqJOHPHQWV GpILQLWLIV GRLYHQW rWUH DFFRPSDJQpV GH WRXVGRFXPHQWV HW MXVWLILFDWLIV FRQFHUQDQW OD UpDOLVDWLRQ GXPDUFKpHWODGpWHUPLQDWLRQGHVRQPRQWDQWGpILQLWLI 7RXW SUREOqPH RX OLWLJH UHODWLI j OpODERUDWLRQ ODSDVVDWLRQOH[pFXWLRQHWOHUqJOHPHQWGHVPDUFKpVUHOHYDQWGHVDFRPSpWHQFH /HV DYDQWVPpWUpV HVWLPDWLIV GHV WUDYDX[ UpDOLVpV HQUpJLH/D FRPSpWHQFH GHV FRPPLVVLRQV GHV PDUFKpV HVWGpWHUPLQpH HQ WHQDQW FRPSWH GHV PRQWDQWV WHOV TXHPHQWLRQQpVDX[DUWLFOHVHWGXSUpVHQWGpFUHWHWVRXVUpVHUYH GHV GLVSRVLWLRQV SDUWLFXOLqUHV SUpYXHV SDU OHVDUWLFOHVjGXSUpVHQWGpFUHW$UW ,O HVW LQVWLWXpH OHV FRPPLVVLRQV GHV PDUFKpVVXLYDQWHV /D &RPPLVVLRQ 6XSpULHXUH GHV 0DUFKpV LQVWLWXpHDXSUqV GX 3UHPLHU 0LQLVWUH (OOH FRPSRUWH OHV WURLVFRPPLVVLRQVVSpFLDOLVpHVVXLYDQWHVODFRPPLVVLRQVSpFLDOLVpHGHVPDUFKpVGHEkWLPHQWGHJpQLHFLYLOHWGHVpWXGHV\UDWWDFKpHV OD FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GHVWHFKQRORJLHV GH FRPPXQLFDWLRQ GH OLQIRUPDWLTXH GHOpOHFWULFLWpGHOpOHFWURQLTXHHWOHVpWXGHV\UDWWDFKpHV OD FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV UHODWLIV DX[FRPPDQGHVGLYHUVHV 8QH FRPPLVVLRQ GpSDUWHPHQWDOH LQVWLWXpH DXSUqV GHFKDTXHPLQLVWqUH 8QH FRPPLVVLRQ UpJLRQDOH GHV PDUFKpV LQVWLWXpHDXSUqVGHFKDTXHJRXYHUQRUDW 8QH FRPPLVVLRQ FRPPXQDOH LQVWLWXpH DXSUqV GHFKDTXHPXQLFLSDOLWpORUVTXHOHEXGJHWGHFHOOHFLHVWpJDORX VXSpULHXU j XQ PRQWDQW TXL VHUD IL[p SDU GpFUHW HQDSSOLFDWLRQ GHV GLVSRVLWLRQV GX GHX[LqPH SDUDJUDSKH GHODUWLFOH GH OD ORL RUJDQLTXH Qƒ GX 0DL SRUWDQWORLRUJDQLTXHGXEXGJHWGHVFROOHFWLYLWpVORFDOHV8QHFRPPLVVLRQLQWHUQHGHVPDUFKpVLQVWLWXpHDXSUqVGHFKDTXHHQWUHSULVHSXEOLTXH$UW /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GHEkWLPHQWGHJpQLHFLYLOHWGHVpWXGHV\UDWWDFKpHVSUpVLGpHSDUXQUHSUpVHQWDQWGX3UHPLHU0LQLVWUHHVWFRPSRVpHGHVPHPEUHVVXLYDQWV8QPHPEUHGHOD&RXUGHV&RPSWHV 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV $IIDLUHV(WUDQJqUHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQWHWGHODFRRSpUDWLRQLQWHUQDWLRQDOH8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO,QGXVWULH8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH 8Q UHSUpVHQWDQW GX PLQLVWUH GH OpTXLSHPHQW HW GHOKDELWDWHWGHODPpQDJHPHQWGXWHUULWRLUH8QUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOHGH7XQLVLH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


8Q UHSUpVHQWDQW GX PLQLVWUH GH WXWHOOH SRXU OHVPDUFKpV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQDGPLQLVWUDWLI HW OHV HQWUHSULVHV SXEOLTXHV ORUVTXH OHPLQLVWqUH GH WXWHOOH QHVW SDV UHSUpVHQWp DX VHLQ GH ODFRPPLVVLRQ$UW /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GHVWHFKQRORJLHV GH FRPPXQLFDWLRQ GH OLQIRUPDWLTXH GHOpOHFWULFLWp GH OpOHFWURQLTXH HW OHV pWXGHV \ UDWWDFKpHVSUpVLGpH SDU XQ UHSUpVHQWDQW GX 3UHPLHU 0LQLVWUH HVWFRPSRVpHGHVPHPEUHVVXLYDQWVXQPHPEUHGHOD&RXUGHV&RPSWHV XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV $IIDLUHV(WUDQJqUHVXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQWHWGHODFRRSpUDWLRQLQWHUQDWLRQDOHXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHV)LQDQFHVXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO,QGXVWULHXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFHXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHOpTXLSHPHQWHWGHOKDELWDWHWGHODPpQDJHPHQWGXWHUULWRLUH XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHVGHODFRPPXQLFDWLRQXQUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOHGH7XQLVLHXQUHSUpVHQWDQWGXPLQLVWUHGHWXWHOOHSRXUOHVPDUFKpVGHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ DGPLQLVWUDWLI HWOHV HQWUHSULVHV SXEOLTXHV ORUVTXH OH PLQLVWqUH GH WXWHOOHQHVWSDVUHSUpVHQWpDXVHLQGHODFRPPLVVLRQ$UW /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpVUHODWLIV DX[ FRPPDQGHV GLYHUVHV SUpVLGpH SDU XQUHSUpVHQWDQW GX 3UHPLHU PLQLVWUH HVW FRPSRVpH GHVPHPEUHVVXLYDQWVXQPHPEUHGHOD&RXUGHV&RPSWHV XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV DIIDLUHVpWUDQJqUHVXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQWpFRQRPLTXHHWGHODFRRSpUDWLRQLQWHUQDWLRQDOHXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHVXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHOLQGXVWULHXQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFHXQUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOHGH7XQLVLH 8Q UHSUpVHQWDQW GX PLQLVWUH GH WXWHOOH SRXU OHVPDUFKpV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQDGPLQLVWUDWLI HW OHV HQWUHSULVHV SXEOLTXHV ORUVTXH OH0LQLVWqUH GH WXWHOOH QHVW SDV UHSUpVHQWp DX VHLQ GH ODFRPPLVVLRQ$UW /D FRPPLVVLRQ GpSDUWHPHQWDOH GHV PDUFKpVSUpVLGpH SDU OH PLQLVWUH FRQFHUQp RX VRQ UHSUpVHQWDQW HVWFRPSRVpHGHVPHPEUHVVXLYDQWV/HFRQWU{OHXUGHVGpSHQVHVSXEOLTXHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQWHWGHODFRRSpUDWLRQLQWHUQDWLRQDOH8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHOLQGXVWULH8QUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOHGH7XQLVLH/HGLUHFWHXUGHVDIIDLUHVDGPLQLVWUDWLYHVHWILQDQFLqUHV 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHVGH OD FRPPXQLFDWLRQ SRXU OHV PDUFKpV SRUWDQW VXUODFTXLVLWLRQ GpTXLSHPHQWV LQIRUPDWLTXHV RX GH ORJLFLHOVRXODUpDOLVDWLRQGpWXGHV\UDWWDFKpHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHOpTXLSHPHQWHWGH OKDELWDW HW GH ODPpQDJHPHQW GX WHUULWRLUH SRXU OHVSURMHWVGHEkWLPHQWHWGHJpQLHFLYLOjFRQFOXUHSDUGDXWUHVPLQLVWqUHV/D FRPSRVLWLRQ GH OD FRPPLVVLRQ GpSDUWHPHQWDOHLQVWLWXpH DXSUqV GX PLQLVWqUH GH OD WXWHOOH VHFWRULHOOH HVWUpYLVpH HQ UHPSODoDQW OH GLUHFWHXU GHV DIIDLUHVDGPLQLVWUDWLYHV HW ILQDQFLqUHV SDU OH GLUHFWHXU JpQpUDO GHOpWDEOLVVHPHQW FRQFHUQp HW OH FRQWU{OHXU GHV GpSHQVHVSXEOLTXHVSDUOHFRQWU{OHXUG(WDWORUVTXHOOHH[DPLQHOHVPDUFKpV j FRQFOXUH SRXU OH FRPSWH GHV pWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI$UW /D FRPPLVVLRQ UpJLRQDOH GHV PDUFKpVSUpVLGpH SDU OH JRXYHUQHXU RX VRQ UHSUpVHQWDQW HVWFRPSRVpHGHVPHPEUHVVXLYDQWV/HFRQWU{OHXUUpJLRQDOGHVGpSHQVHVSXEOLTXHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH/HGLUHFWHXUUpJLRQDOGHOpTXLSHPHQWHWGHOKDELWDWHWGHODPpQDJHPHQWGXWHUULWRLUH6DXI FDV GHPSrFKHPHQW G€PHQW MXVWLILp OH FKHI GHODGPLQLVWUDWLRQ RX GH OpWDEOLVVHPHQW SXEOLF FRQFHUQpDVVLVWH j OD UpXQLRQ SRXU SUpVHQWHU VHV GRVVLHUV j ODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH(Q FDV GHPSrFKHPHQW LO SHXW VH IDLUHUHSUpVHQWHUSDUOHVSHUVRQQHVFKDUJpHVGXGRVVLHUTXLOGpVLJQHjFHWHIIHW/HVGLVSRVLWLRQVUHODWLYHVjFHWDUWLFOHVDSSOLTXHQWDX[PDUFKpVjFRQFOXUHSRXUOHFRPSWHGHVFROOHFWLYLWpVORFDOHVHW GHV RUJDQLVPHV DVVLPLOpV VLWXpV GDQV OH JRXYHUQRUDWFRQFHUQp HW DX[ PDUFKpV j FRQFOXUH GDQV OH FDGUH GHVFUpGLWVGpOpJXpVSDUO(WDWDX[JRXYHUQRUDWVHWDX[PDUFKpVGHVpWDEOLVVHPHQWVSXEOLFVVLWXpVGDQVOHJRXYHUQRUDWVRXVUpVHUYH GHV GLVSRVLWLRQV VSpFLILTXHV DSSOLFDEOHV DX[PDUFKpVGHFHUWDLQVpWDEOLVVHPHQWVSXEOLFV5HOqYHQWpJDOHPHQWGHODFRPSpWHQFHGHODFRPPLVVLRQUpJLRQDOH OHV PDUFKpV UHODWLIV DX[ GpSHQVHV j FDUDFWqUHUpJLRQDO WHOOHV TXH VSpFLILpHVSDUGpFUHWTXHOTXHVRLWOHXUPRQWDQW j OH[FHSWLRQ GHV PDUFKpV UHOHYDQW GH ODFRPSpWHQFHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV$UW /D FRPPLVVLRQ FRPPXQDOH GHV PDUFKpV HVWFRPSRVpHGHVPHPEUHVVXLYDQWV/HSUpVLGHQWGXFRQVHLOPXQLFLSDORXVRQUHSUpVHQWDQWSDUPLOHVFRQVHLOOHUVPXQLFLSDX[SUpVLGHQW/HVHFUpWDLUHJpQpUDOGHODFRPPXQH/HFRQWU{OHXUGHVGpSHQVHVGHODFRPPXQH 8Q UHSUpVHQWDQW GH OD GLUHFWLRQ UpJLRQDOH GHOpTXLSHPHQW HW GH OKDELWDW HW GH ODPpQDJHPHQW GXWHUULWRLUH/HUHFHYHXUGHVILQDQFHVFRPSWDEOHGHODFRPPXQH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


D FRPPLVVLRQ FRPPXQDOH GHV PDUFKpV LQVWLWXpHDXSUqV GH OD FRPPXQH GH 7XQLV FRPSUHQG HQ RXWUH OHVPHPEUHVVXLYDQWV8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHVXQUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOHGH7XQLVLH 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHVGHODFRPPXQLFDWLRQHWGXWUDQVSRUWRXGXPLQLVWUHFKDUJpGH OpTXLSHPHQW HW GH OKDELWDW HW GH ODPpQDJHPHQW GXWHUULWRLUHRXGXPLQLVWUHFKDUJpGHOLQGXVWULHHWGHOpQHUJLHVHORQOREMHWGXPDUFKp6RQW PDLQWHQXHV OHV FRPPLVVLRQV FRPPXQDOHV GHVPDUFKpV GpMj LQVWLWXpHV DQWpULHXUHPHQW j OD SDUXWLRQ GXGpFUHW Qƒ GX IpYULHU IL[DQW OHV FRQGLWLRQVGDSSOLFDWLRQGHODUWLFOHGHODORL1ƒGX0DL SRUWDQW ORL RUJDQLTXH GX EXGJHW GHV FROOHFWLYLWpVORFDOHV$UW /D FRPPLVVLRQ LQWHUQH GHV PDUFKpV GHOHQWUHSULVHHVWFRPSRVpHGHVPHPEUHVVXLYDQWV /H SUpVLGHQW GLUHFWHXU JpQpUDOGH OHQWUHSULVHFRQFHUQpHSUpVLGHQW 'HX[ DGPLQLVWUDWHXUV GpVLJQpV SDU OH FRQVHLOGDGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFHPHPEUHV/HFRQWU{OHXUG(WDWPHPEUH(Q FDV GHPSrFKHPHQW GH OXQ GHV GHX[DGPLQLVWUDWHXUV VXVLQGLTXpV FHOXLFL SHXW SDU pFULWGpOpJXHU VHV SRXYRLUV j XQ DXWUH PHPEUH GX FRQVHLOGDGPLQLVWUDWLRQRXGXFRQVHLOGHVXUYHLOODQFHGDQVODOLPLWHGHWURLVIRLVDXFRXUVGHODPrPHDQQpH$XFDVROXQGHVGHX[DGPLQLVWUDWHXUVUHFRXUWjFHWWHSURFpGXUHSOXVGHWURLVIRLVDXFRXUVGHODPrPHDQQpHOHSUpVLGHQW GLUHFWHXU JpQpUDO GRLW DXWRPDWLTXHPHQW HQLQIRUPHU OH FRQVHLO GDGPLQLVWUDWLRQ RX OH FRQVHLO GHVXUYHLOODQFHTXLSHXWGpFLGHUVRQUHPSODFHPHQW/D FRPPLVVLRQ LQWHUQH GHV PDUFKpV GH OHQWUHSULVHFRPSUHQGHQRXWUH8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHOpTXLSHPHQWHWGH OKDELWDW HW GH ODPpQDJHPHQW GX WHUULWRLUH SRXU OHVPDUFKpV GH WUDYDX[ GRQW OHVWLPDWLRQ HVW VXSpULHXUH j XQPLOOLRQGHGLQDUV 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHVGH OD FRPPXQLFDWLRQ SRXU OHV PDUFKpV UHODWLIV jODFTXLVLWLRQ GpTXLSHPHQWV RX PDWpULHOV RX VHUYLFHVLQIRUPDWLTXHV GRQW OHVWLPDWLRQ HVW VXSpULHXUH j GHX[FHQWPLOOHGLQDUVGLQDUV 8Q UHSUpVHQWDQW GX PLQLVWqUH GH WXWHOOH VHFWRULHOOH GHOHQWUHSULVH SRXU OHV PDUFKpV GH IRXUQLWXUHV GH ELHQV HWPDWpULHOV GRQW OHVWLPDWLRQ HVW VXSpULHXUH j XQ PLOOLRQ GHGLQDUV GLQDUV HW SRXU OHV PDUFKpV GpWXGHV GRQWOHVWLPDWLRQHVWVXSpULHXUHjFHQWPLOOHGLQDUVGLQDUV&+$3,75('XIRQFWLRQQHPHQWGHVFRPPLVVLRQVGHVPDUFKpVHWGHODGpWHUPLQDWLRQGXVHXLOGHFRPSpWHQFH$UW/HVPHPEUHVGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV VRQW GpVLJQpV SDU DUUrWp GX 3UHPLHU PLQLVWUH /DFRPPLVVLRQ VH UpXQLW SRXU OH[DPHQ GHV GRVVLHUV GHPDUFKpVUHOHYDQWGHVDFRPSpWHQFHHWjFRQFOXUHSRXUOHFRPSWH GH O(WDW GHV FROOHFWLYLWpV ORFDOHV GHVpWDEOLVVHPHQWV SXEOLFV GHV pWDEOLVVHPHQWV SXEOLFV jFDUDFWqUHQRQDGPLQLVWUDWLIHWGHVHQWUHSULVHVSXEOLTXHV/HV PHPEUHV GHV FRPPLVVLRQV GpSDUWHPHQWDOHVUpJLRQDOHVFRPPXQDOHVHWGHVFRPPLVVLRQVGHVHQWUHSULVHVSXEOLTXHV VRQW GpVLJQpV SDU GpFLVLRQ GX SUpVLGHQW GH ODFRPPLVVLRQ FRQFHUQpH VXUSURSRVLWLRQGHVDGPLQLVWUDWLRQVHW RUJDQLVPHV UHSUpVHQWpV DX VHLQ GH OD FRPPLVVLRQFRQFHUQpH/DGpFLVLRQGXSUpVLGHQWGHODFRPPLVVLRQGHVPDUFKpVLQGLTXH OH VHUYLFH RX ODJHQW FKDUJp GX VHFUpWDULDWSHUPDQHQW GH OD FRPPLVVLRQ /H VHFUpWDULDW SHUPDQHQWDVVXUHODUpFHSWLRQOH[DPHQGHVGRVVLHUVHWORUJDQLVDWLRQGHV WUDYDX[ GH OD FRPPLVVLRQ HQ FH TXL FRQFHUQH ODSURSRVLWLRQGHORUGUHGXMRXUORUJDQLVDWLRQGHVUpXQLRQVOD UpGDFWLRQ HW OD WHQXH GHV SURFqVYHUEDX[ HW OHQYRL GHVDYLVGHODFRPPLVVLRQDX[DFKHWHXUVSXEOLFVFRQFHUQpV/HVHFUpWDULDWSHUPDQHQWGHODFRPPLVVLRQGHVPDUFKpVGHOHQWUHSULVHHVWDVVXUpSDUXQVHUYLFHVSpFLDOLVpUHOHYDQWGHODGLUHFWLRQJpQpUDOHGHOHQWUHSULVH/RUGUHGXMRXUDLQVLTXHOHVGRVVLHUVVRQWHQYR\pVDX[PHPEUHV GH OD FRPPLVVLRQ WURLV MRXUV DX PRLQV DYDQW ODGDWHGHODUpXQLRQ$UW/DFRPPLVVLRQGHVPDUFKpVSHXWHQWHQGUHVXUGHPDQGHGHVRQSUpVLGHQWRXGHOXQGHVPHPEUHVjWLWUHFRQVXOWDWLI HW VXU FRQYRFDWLRQ VSpFLDOH WRXWH SHUVRQQHFRPSpWHQWH GDQV OH GRPDLQH GH OD FRPPDQGH REMHW GXPDUFKp$UW/HVFRPPLVVLRQVGHVPDUFKpVQHSHXYHQWVHUpXQLU TXHQ SUpVHQFH GH OD PDMRULWp GHV PHPEUHV jOH[FHSWLRQ GH OD FRPPLVVLRQ GHV PDUFKpV GH OHQWUHSULVHSXEOLTXH TXL QH SHXW VH UpXQLU TXHQ SUpVHQFH GH WRXV VHVPHPEUHV/H FRQWU{OHXU GHV GpSHQVHV HVW PHPEUH GH GURLW GHVFRPPLVVLRQV GpSDUWHPHQWDOHV UpJLRQDOHV HW FRPPXQDOHVLQVWLWXpHV SDU OH SUpVHQW GpFUHWHW OH FRQWU{OHXU G(WDW HVWPHPEUHGHGURLWGHODFRPPLVVLRQLQWHUQHGHVPDUFKpVGHOHQWUHSULVH SXEOLTXH HW GH OD FRPPLVVLRQ GpSDUWHPHQWDOHORUVTXH FHOOHFL VH UpXQLW SRXU H[DPLQHU OHV GRVVLHUV GHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI/HV DYLV GHV FRPPLVVLRQV GHV PDUFKpV VRQW SULV j ODPDMRULWp GH OHXUV PHPEUHV SUpVHQWV j OH[FHSWLRQ GHV DYLVGHODFRPPLVVLRQGHOHQWUHSULVHSXEOLTXHTXLVRQWSULVjODPDMRULWpGHVYRL[/HV GpOLEpUDWLRQV GHV FRPPLVVLRQV GHV PDUFKpV VRQWFRQVLJQpHV GDQV XQ SURFqVYHUEDO /HXU DYLV GRLYHQW rWUHPRWLYpVHWIRUPXOpVSDUpFULW/HV REVHUYDWLRQV HW UpVHUYHV GRLYHQW rWUH FRQVLJQpHVGDQV OH SURFqVYHUEDO TXL GRLW rWUH VLJQp SDU WRXV OHVPHPEUHVSUpVHQWV$UW/DYLVSUpDODEOHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpVGRLWrWUHFRPPXQLTXpGDQVOHPRLVTXLVXLWODUpFHSWLRQ GX GRVVLHU j FRQGLWLRQ TXLO VRLW FRPSOpWp SDUWRXVOHVGRFXPHQWVQpFHVVDLUHV3DVVp FH GpODL OHQWUHSULVH VRXPHW GLUHFWHPHQW OHGRVVLHUjODSSUREDWLRQGHVRQFRQVHLOGDGPLQLVWUDWLRQRXGHVRQFRQVHLOGHVXUYHLOODQFH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW /H VHXLO GH FRPSpWHQFH GH FKDTXHFRPPLVVLRQGHVPDUFKpVHVWGpWHUPLQpSDUUpIpUHQFHDX &R€W SUpYLVLRQQHO GH OD FRPPDQGH WRXWHV WD[HVFRPSULVHV SRXU OHV GRVVLHUV GDSSHOV GRIIUHV OHVSURJUDPPHV GDSSHO GRIIUHV DYHF FRQFRXUV OHV FDKLHUVGHV WHUPHV GH UpIpUHQFH GH SUpVpOHFWLRQ HW OHV UDSSRUWV GHSUpVpOHFWLRQ /D PR\HQQH GHV RIIUHV ILQDQFLqUHV RXYHUWHV WRXWHVWD[HVFRPSULVHVSRXUOHVUDSSRUWVGHGpSRXLOOHPHQW 0RQWDQW GX PDUFKp WRXWHV WD[HV FRPSULVHV SRXU OHVPDUFKpVGHJUpjJUp2EMHW7UDYDX[)RXUQLWXUHVGHELHQVHWGHVHUYLFHV(WXGHV0DWpULHOVpTXLSHPHQWVHWVHUYLFHVLQIRUPDWLTXHV$YDQWVPpWUpVHVWLPDWLIVGHWUDYDX[HQUpJLH&RPPLVVLRQ/RFDOHGHV0DUFKpV,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV&RPPLVVLRQ5pJLRQDOHGHV0DUFKpV6XSpULHXUHj0LOOLRQGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV6XSpULHXUHj0LOOLRQGHGLQDUVHWLQIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV3RXUOHVGpSHQVHVjFDUDFWqUHUpJLRQDO6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOLRQGHGLQDUV(W,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV3RXUOHVPDUFKpVjFRQFOXUHSDUOHV(QWUHSULVHV3XEOLTXHV2EMHW&RPPLVVLRQGHV0DUFKpVGHO(QWUHSULVH3XEOLTXH/RUVTXHODFRPPDQGHHVWUpSDUWLHHQORWVTXHOTXHVRLWOHPRGHGHSDVVDWLRQGXPDUFKpOHVVHXLOVGHFRPSpWHQFHGHV FRPPLVVLRQV GHV PDUFKpV VRQW GpWHUPLQpV VXU OD EDVHGXFR€WSUpYLVLRQQHOGHOHQVHPEOHGHVORWVDYDQWODSSHOjODFRQFXUUHQFHHWGHODVRPPHGHVPR\HQQHVGHVRIIUHVILQDQFLqUHV RXYHUWHV SRXU OHQVHPEOH GHV ORWV DX VXMHW GHOH[DPHQGHVUDSSRUWVGHGpSRXLOOHPHQW$UW /HV VHXLOV GH FRPSpWHQFH GHV FRPPLVVLRQVGHVPDUFKpVVRQWGpWHUPLQpVFRPPHVXLW SRXU OHV PDUFKpV j FRQFOXUH SRXU O(WDW OHVFROOHFWLYLWpV ORFDOHV OHV pWDEOLVVHPHQWV SXEOLFV HW OHVpWDEOLVVHPHQWSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI&RPPLVVLRQ'pSDUWHPHQWDOHGHV0DUFKpV6XSpULHXUHj0LOOLRQGHGLQDUV(W,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUVHW,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOLRQGHGLQDUV(W,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV&RPPLVVLRQ6XSpULHXUHGHV0DUFKpV6XSpULHXUHj0LOOLRQGHGLQDUV6XSpULHXUHj0LOOLRQGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUV6XSpULHXUHj0LOOLRQGHGLQDUV&RPPLVVLRQ6XSpULHXUHGHV0DUFKpV7UDYDX[ ,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV 6XSpULHXUHj0LOOLRQGHGLQDUV)RXUQLWXUHVGHELHQVHWGHVHUYLFHV ,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV 6XSpULHXUHj0LOOLRQGHGLQDUV(WXGHV ,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV 6XSpULHXUHj0LOOHGHGLQDUV0DWpULHOV (TXLSHPHQWV HW VHUYLFHVLQIRUPDWLTXHV,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV6XSpULHXUHj0LOOHGHGLQDUV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


$UW /DFKHWHXU SXEOLF GRLW VRXPHWWUH j ODFRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH XQ UDSSRUW VSpFLDOFRPSRUWDQWSULQFLSDOHPHQWORUVGHODSUpVHQWDWLRQGHVFDKLHUVGHVFKDUJHV 8QH SUpVHQWDWLRQ JpQpUDOH GH OD FRPPDQGH VRQRSSRUWXQLWp VRQ HIILFDFLWp HW OHV PRGDOLWpV GH VRQILQDQFHPHQW/HVpFODLUFLVVHPHQWVUHODWLIVjODOORWLVVHPHQWSURSRVpGH OD FRPPDQGH FRPSWH WHQX GHV RULHQWDWLRQV IL[pHV jODUWLFOH GX SUpVHQW GpFUHW HW GX QRPEUH PD[LPXP GHORWV SRXYDQW rWUH DWWULEXpV j XQ VHXO FDQGLGDW HW j GpIDXWGDOORWLVVHPHQWH[SRVHUOHVUDLVRQVGHFHWWHGpPDUFKH /HV PRWLIV GH OLQWHUGLFWLRQ GH SUpVHQWHU GHV RIIUHVYDULDQWHVOHFDVpFKpDQW /HV PRWLIV GX PRGH GH FODVVLILFDWLRQ ORUVTXH OHVFRPPDQGHVREMHWGXPDUFKpVRQWFRQVLGpUpHVFRPSOH[HV /HV GRQQpHV SULVHV HQ FRQVLGpUDWLRQ SRXU ODGpWHUPLQDWLRQGXRXGHVGpODLVGH[pFXWLRQFRQIRUPpPHQWjODUWLFOHGXSUpVHQWGpFUHWHWOpYDOXDWLRQGHVRQLPSDFWVXUODFRQFXUUHQFH/HVPRWLIVGHODSURFpGXUHjDGRSWHUSRXUODPLVHHQFRPSpWLWLRQ ORUVTXLO QHVW SDV IDLW UHFRXUV j XQ DSSHOGRIIUHVRXYHUW /HV PRWLIV GH GpWHUPLQDWLRQ GX GpODL GH UHPLVH GHVRIIUHVFRPSWHWHQXGHOLPSRUWDQFHGXPDUFKpHWVRQGHJUpGHFRPSOH[LWp ORUV GH OD SUpVHQWDWLRQ GHV UDSSRUWV GHGpSRXLOOHPHQWGHVRIIUHV /pYDOXDWLRQ GHV UpVXOWDWV GH OD FRQFXUUHQFH SDUUDSSURFKHPHQW GX QRPEUH GHV FDQGLGDWV D\DQW UHWLUp OHVFDKLHUVGHVFKDUJHVDYHFOHQRPEUHHIIHFWLIGHVSDUWLFLSDQWVHWDYHFFHOXLGHVRIIUHVpOLPLQpHVSRXUQRQFRQIRUPLWpDX[FDKLHUVGHVFKDUJHVHWODSSUpFLDWLRQGHVUpVXOWDWVDXUHJDUGGHOpWDWJpQpUDOGHODFRQFXUUHQFHGDQVOHVHFWHXUFRQFHUQpSDUODFRPPDQGHSXEOLTXH/DQDO\VHOHFDVpFKpDQWGHVTXHVWLRQVVRXOHYpHVSDUOHV SDUWLFLSDQWV HW GHV pFODLUFLVVHPHQWV TXL OHXU RQW pWpDSSRUWpV/DMXVWLILFDWLRQGHVGpFLVLRQVGHSURURJDWLRQGHVGpODLVGH UHPLVH GHV RIIUHV HW VHV UpVXOWDWV VXU OH QLYHDX GHSDUWLFLSDWLRQOHFDVpFKpDQW/HVUpVHUYHVHWOHVRSSRVLWLRQVGHVSDUWLFLSDQWVVLO\DOLHX$UW 'DQV WRXV OHV FDV SUpYXV SRXU OD SDVVDWLRQGHV PDUFKpV SDU HQWHQWH GLUHFWH DX VHQV GH ODUWLFOH GXSUpVHQW GpFUHW ODFKHWHXU SXEOLF GRLW GDQV XQ UDSSRUWVSpFLDOSUpFLVHUOHVUDLVRQVGXQRQUHFRXUVjODSURFpGXUHGHPLVHHQFRQFXUUHQFHHWOHVpOpPHQWVSULVHQFRPSWHSRXUODGpWHUPLQDWLRQGHODOLVWHGHVSDUWLFLSDQWVFRQVXOWpVHWGHVSURFpGXUHV VXLYLHV SRXU JDUDQWLU OpJDOLWp HQWUH HX[ HW ODWUDQVSDUHQFH GHV SURFpGXUHV /DFKHWHXU SXEOLF GRLW HQRXWUH SUpFLVHU GDQV WRXV OHV FDV GH UHFRXUV j OHQWHQWHGLUHFWH DX VHQV GH ODUWLFOH GX SUpVHQW GpFUHW OHVGRQQpHV SULVHV HQ FRQVLGpUDWLRQ SRXU OD QpJRFLDWLRQ HW ODGpWHUPLQDWLRQGHVSUL[HWOHVFRQGLWLRQVILQDOHVGXPDUFKp/DFRPPLVVLRQGHVPDUFKpVGRLWpPHWWUHH[SUHVVpPHQWVRQ DYLV DX VXMHW GH WRXV OHV pOpPHQWV LQGLTXpV GDQV FHUDSSRUWVSpFLDO$UW /DYLV GHV FRPPLVVLRQV GHV PDUFKpV GHO(WDW GHV FROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFVHWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLIDIRUFHGHGpFLVLRQjOpJDUGGHVRUGRQQDWHXUVGHVGLUHFWHXUVJpQpUDX[ GHV pWDEOLVVHPHQWV SXEOLFV HW GHV pWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI,OQHSHXWrWUHSDVVpRXWUHFHWDYLVTXHSDUGpFLVLRQGX3UHPLHUPLQLVWUHVXUSURSRVLWLRQGXPLQLVWUHFRQFHUQpRXGX PLQLVWUH FKDUJp GH OD WXWHOOH VHFWRULHOOH GHOpWDEOLVVHPHQW SXEOLF j FDUDFWqUH QRQ DGPLQLVWUDWLIFRQFHUQp$UW3RXUOHVPDUFKpVGHVHQWUHSULVHVSXEOLTXHVODYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV HW GH ODFRPPLVVLRQLQWHUQHGHVPDUFKpVHVWFRQVXOWDWLIHWQHOLHSDVOHFRQVHLOGDGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFH7RXWHIRLVGDQVOHFDVROHFRQVHLOGDGPLQLVWUDWLRQRXOH FRQVHLO GH VXUYHLOODQFH GH OHQWUHSULVH SXEOLTXH SDVVHRXWUH ODYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV RXORUVTXH ODYLV GH OD FRPPLVVLRQ LQWHUQH FRPSRUWH GHVUpVHUYHVRXRSSRVLWLRQVpPLVHVSDUOHFRQWU{OHXUG(WDWOHFRQVHLOGDGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFHGRLWORUV GH ODSSUREDWLRQ GX PDUFKp FLWHU H[SUHVVpPHQW FHVUpVHUYHVHWRSSRVLWLRQVGDQVXQSURFqVYHUEDO'DQVFHFDVOD GpFLVLRQ GH SDVVHU RXWUH GRLW rWUH FRQVLJQpH GDQV OHSURFqV YHUEDO HQ WDQW TXH GpFLVLRQ VSpFLDOH j DSSURXYHUH[SUHVVpPHQWSDUOHPLQLVWUHFKDUJpGHODWXWHOOHVHFWRULHOOH&+$3,75(',6326,7,2163$57,&8/,(5(6$UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpVH[HUFH OHV DWWULEXWLRQV SUpYXHV j ODUWLFOH GX SUpVHQWGpFUHW j OpJDUG GHVPDUFKpVSDVVpVSDUOHVpWDEOLVVHPHQWVSXEOLFV HW RUJDQLVPHV DVVLPLOpVVLWXpVGDQVOHJRXYHUQRUDWGH7XQLVHWUHOHYDQWGHODWXWHOOHGX0LQLVWqUHFRQFHUQpjOH[FHSWLRQ GHV PDUFKpV UHOHYDQW GH OD FRPSpWHQFH GH ODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV$UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpVGXPLQLVWqUHGHOLQWpULHXUHWGXGpYHORSSHPHQWORFDOH[HUFHOHV DWWULEXWLRQV SUpYXHV j ODUWLFOH GX SUpVHQW GpFUHW jOpJDUGGHVPDUFKpVGHVFROOHFWLYLWpVORFDOHVVRXVWXWHOOHjOH[FHSWLRQ GH FHX[ UHOHYDQW GH OD FRPSpWHQFH GHVFRPPLVVLRQV VXSpULHXUH UpJLRQDOH RX FRPPXQDOH GHVPDUFKpV$UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpVGX PLQLVWqUH GH OpTXLSHPHQW HW GH OKDELWDW HW GHODPpQDJHPHQWGXWHUULWRLUHH[HUFHOHVDWWULEXWLRQVSUpYXHVjODUWLFOHGXSUpVHQWGpFUHWjOpJDUGGHVPDUFKpVUHODWLIVDX[EkWLPHQWVFLYLOVHWGRQWODUpDOLVDWLRQOXLHVWDWWULEXpHHQYHUWXGHODUpJOHPHQWDWLRQHQYLJXHXURXOXLHVWFRQILpHHQTXDOLWpGHPDvWUHGRXYUDJHGpOpJXp'DQV FH FDV OD FRPPLVVLRQ GpSDUWHPHQWDOH VLqJH HQSUpVHQFH GXQ UHSUpVHQWDQW GX PLQLVWqUH FRQFHUQp SDU OHSURMHW$UW/RUVTXHODYLVGHODFRPPLVVLRQUpJLRQDOHRXFRPPXQDOH GHV PDUFKpV FRPSRUWH GHV UpVHUYHV RXRSSRVLWLRQVpPLVHVSDUOHFRQWU{OHXUGHVGpSHQVHVSXEOLTXHVFHOOHVFLGRLYHQWrWUHFRQVLJQpHVGDQVOHSURFqVYHUEDOGHODFRPPLVVLRQHWOHGRVVLHUGRLWrWUHVRXPLVjODYLVSUpDODEOHGXJRXYHUQHXUSRXUHQGpFLGHUHQGHUQLHUUHVVRUW1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW 1H VRQW SDV VRXPLV DX FRQWU{OH GHVFRPPLVVLRQV GHV PDUFKpV OHV PDUFKpV LQGLTXpV FLDSUqVTXLGHPHXUHQWFHSHQGDQWVRXPLVDXYLVDGXFRQWU{OHXUGHVGpSHQVHVSXEOLTXHVDYDQWWRXWHDSSUREDWLRQ /HV PDUFKpV SDUWLFXOLHUV GHV PLQLVWqUHV GHVFROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFV HW GHVRUJDQLVPHV DVVLPLOpV SDVVpV GDQV OH FDGUH GXQ PDUFKpJpQpUDO TXL DXUDLW GpMj UHoX ODYLV IDYRUDEOH GH ODFRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH DLQVL TXH OHXUVDYHQDQWV pYHQWXHOV HW OHXUV UqJOHPHQWV GpILQLWLIV WDQW TXLOQ\ HVW SDV GpURJp DX[ VWLSXODWLRQV GX PDUFKp JpQpUDODXTXHOLOVVHUpIqUHQW /HV FRQWUDWV GH ORFDWLRQ GLPPHXEOHV WDQW TXH OHPRQWDQW GX OR\HU \ DIIpUHQW QH GpSDVVH SDV OH PRQWDQWHVWLPpSDUOH[SHUWLVHGHVVHUYLFHVGXPLQLVWqUHGXGRPDLQHGHO(WDWHWGHVDIIDLUHVIRQFLqUHV7,75((;(&87,21'(60$5&+(6&+$3,75(,/$628675$,7$1&($UW /H WLWXODLUH GX PDUFKp GRLW HQ DVVXUHUSHUVRQQHOOHPHQWOH[pFXWLRQ,OQHSHXWQLHQIDLUHDSSRUWjXQHVRFLpWpQLHQFRQILHUVRQH[pFXWLRQjDXWUXL7RXWHIRLVSRXUOHVPDUFKpVGHWUDYDX[RXGHVHUYLFHVOHWLWXODLUH SHXW HQ FRQILHU OH[pFXWLRQ GXQH SDUWLH j XQ RXSOXVLHXUVVRXVWUDLWDQWVDSUqVDXWRULVDWLRQSUpDODEOHpFULWHGHODFKHWHXUSXEOLF$XFDVROHWLWXODLUHGXPDUFKpDVRXVWUDLWpRXDIDLWDSSRUW GX PDUFKp j XQH VRFLpWp VDQV ODXWRULVDWLRQ GHODFKHWHXUSXEOLFLOSHXWrWUHIDLWDSSOLFDWLRQVDQVPLVHHQGHPHXUH SUpDODEOH GHV PHVXUHV SUpYXHV j ODUWLFOH GXSUpVHQWGpFUHW$UW 7RXW FKDQJHPHQW GH VRXVWUDLWDQW GRLW rWUHDJUppSDUpFULWSDUODFKHWHXUSXEOLF/RUVTXHODSSUpFLDWLRQGXQVRXVWUDLWDQWDpWpSULVHHQFRQVLGpUDWLRQGDQVOHFKRL[GXWLWXODLUHFKDTXHFKDQJHPHQWGH VRXVWUDLWDQW GRLW rWUH DJUpp SDU ODFKHWHXU SXEOLF DSUqVDYLVGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH'DQV FH FDV OHV VRXVWUDLWDQWV GRLYHQW UpSRQGUH DX[UpIpUHQFHV HW JDUDQWLHV SURIHVVLRQQHOOHV FLWpHV GDQV OHPDUFKp HW UHTXLVHV GH SDU OD VSpFLILFLWp GHV SDUWLHV GH ODFRPPDQGHREMHWGHODVRXVWUDLWDQFH'DQV WRXV OHV FDV OH WLWXODLUH GX PDUFKp GHPHXUHSHUVRQQHOOHPHQW UHVSRQVDEOH GHV SUHVWDWLRQV H[pFXWpHV SDUOHRXOHVVRXVWUDLWDQWV&+$3,75(,,'(/$,6'(;(&87,21$UW/HVFDKLHUVGHVFKDUJHVGRLYHQWSUpYRLUOHRXOHV GpODLV GH[pFXWLRQ GHV SUHVWDWLRQV REMHW GX PDUFKp7RXWHIRLV HW GDQV GHV FDV G€PHQW MXVWLILpV OHV FDKLHUV GHVFKDUJHV SHXYHQW SUpYRLU TXH OHV VRXPLVVLRQQDLUHVSURSRVHQW j ODSSXL GH OHXUV RIIUHV XQ RX GHV GpODLVGH[pFXWLRQ/H RX OHV GpODLV GH[pFXWLRQ QH SHXYHQW rWUH PRGLILpVTXH SDU DYHQDQW DSUqV DYLV GH OD FRPPLVVLRQ GHVPDUFKpVFRPSpWHQWH&+$3,75(,,,3(1$/,7(6(76$1&7,216),1$1&,(5(6$UW /HV FDKLHUV GHV FKDUJHV SUpYRLHQW OHVSpQDOLWpV SRXU UHWDUG HW OH FDV pFKpDQW OHV VDQFWLRQVILQDQFLqUHV LPSXWDEOHV DX WLWXODLUH GX PDUFKp HWGpWHUPLQHQWOHVPRGDOLWpVGHOHXUDSSOLFDWLRQ/H PRQWDQW GHV SpQDOLWpV SRXU UHWDUGV QH SHXW SDVGpSDVVHU FLQT SRXU FHQW GX PRQWDQW GpILQLWLI GXPDUFKp WDQW TXLO Q\ HVW SDV GpURJp SDU OHV FDKLHUV GHVFKDUJHV&HV SpQDOLWpV HW VDQFWLRQV VDSSOLTXHQW VDQV PLVH HQGHPHXUHSUpDODEOHRXHQJDJHPHQWGHWRXWHDXWUHSURFpGXUHHW VDQV SUpMXGLFH SRXU ODFKHWHXU SXEOLF GH WRXWH DXWUHGHPDQGH HQ GpGRPPDJHPHQW SRXU UHWDUG RX SRXULQREVHUYDWLRQGHVDXWUHVREOLJDWLRQVFRQWUDFWXHOOHV&HV SpQDOLWpV HW VDQFWLRQV ILQDQFLqUHV VRQW DSSOLFDEOHVHQ FDV GH UHWDUG GH[pFXWLRQ RX GH QRQ UHVSHFW GHVREOLJDWLRQV FRQWUDFWXHOOHV UHODWLYHV j ODIIHFWDWLRQ GHVPR\HQV KXPDLQV HW PDWpULHOV QpFHVVDLUHV j OH[pFXWLRQ GXPDUFKp$UW /HV FDKLHUV GHV FKDUJHV SHXYHQW SUpYRLUORFWURL GH SULPH SRXU DYDQFH VXU OH RX OHV GpODLVGH[pFXWLRQFRQWUDFWXHOV&+$3,75(,9/$9$5,$7,21'$16/$0$66((7&+$1*(0(17'$16/$1$785('(635(67$7,216$UW (Q FDV GDXJPHQWDWLRQ RX GH GLPLQXWLRQGDQVODPDVVHGHVSUHVWDWLRQVOHWLWXODLUHGXPDUFKpQHSHXWpOHYHU DXFXQH UpFODPDWLRQ RX UpVHUYH WDQW TXH FHWWHDXJPHQWDWLRQRXGLPLQXWLRQQH[FqGHSDVXQHOLPLWHIL[pHSDUOHVFDKLHUVGHVFKDUJHV)DXWH GH VWLSXODWLRQ SDU OHV FDKLHUV GHV FKDUJHV FHWWHOLPLWH HVW pJDOH j YLQJW SRXU FHQW GX PRQWDQW GXPDUFKp$X FDV R ODXJPHQWDWLRQ GpSDVVH FHWWH OLPLWH OHWLWXODLUH SHXW GHPDQGHU VDQV LQGHPQLWpV OD UpVLOLDWLRQ GHVRQ PDUFKp &HWWH GHPDQGH GRLW rWUH DGUHVVpH SDU pFULW jODFKHWHXUSXEOLFGDQVXQGpODLGHTXDUDQWHFLQTMRXUVj FRPSWHU GH OD UpFHSWLRQ GH ODFWH HQWUDvQDQW ODGLWHDXJPHQWDWLRQ$XFDVRODGLPLQXWLRQGpSDVVHFHWWHOLPLWHOHWLWXODLUHSHXW GHPDQGHU VRLW OD UpVLOLDWLRQ GX PDUFKp GDQV OHVFRQGLWLRQV SUpYXHV FLGHVVXV VRLW UpFODPHU j WLWUH GHGpGRPPDJHPHQW XQH LQGHPQLWp TXL j GpIDXW GHQWHQWHDPLDEOHVHUDGpWHUPLQpHSDUODMXULGLFWLRQFRPSpWHQWH$UW 'DQV WRXV OHV FDV WRXWH YDULDWLRQ GDQV ODPDVVH GpSDVVDQW RX WRXW FKDQJHPHQW GDQV OD QDWXUHGHV SUHVWDWLRQV GRLW rWUH VRXPLV j ODYLV SUpDODEOH GH ODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH&+$3,75(02'$/,7(6'(5(*/(0(17$UW/HVFDKLHUVGHVFKDUJHVSUpFLVHQWVXLYDQWODQDWXUH GX PDUFKp OHV FRQGLWLRQV HW OHV PRGDOLWpV GHUqJOHPHQW QRWDPPHQW HQ FH TXL FRQFHUQH OHV DYDQFHVODFRQVWDWDWLRQHWOpYDOXDWLRQGXVHUYLFHIDLWHWOHVDFRPSWHVOHFDVpFKpDQW -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


HVRSpUDWLRQVHIIHFWXpHVSDUOHWLWXODLUHGXPDUFKpTXLGRQQHQWOLHXjYHUVHPHQWGDFRPSWHVRXjXQSDLHPHQWSRXUVROGHGRLYHQWrWUHFRQVWDWpHVSDUXQSURFqVYHUEDOVLJQpSDUOHVFRQWUDFWDQWV$UW3RXUOHVPDUFKpVGHO(WDWGHVFROOHFWLYLWpVORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV OH PRQWDQW GHVDYDQFHVHWGHVDFRPSWHVHVWGpWHUPLQpVHORQOHVFRQGLWLRQVSUpYXHVSDUODOpJLVODWLRQTXLOHXUHVWSURSUH3RXU OHV PDUFKpV GHV HQWUHSULVHV SXEOLTXHV HW GHVpWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ DGPLQLVWUDWLI OHPRQWDQWGHVDYDQFHVHVWIL[pSDUOHVFDKLHUVGHVFKDUJHVHWQHSHXWH[FpGHUGXPRQWDQWLQLWLDOGXPDUFKpVDXIFDVH[FHSWLRQQHOV SUpYXV SDU OHV FDKLHUV GHV FKDUJHV SRXU GHVUDLVRQV REMHFWLYHV GXPHQW MXVWLILpHV OH PRQWDQW GHVDYDQFHV QH SHXW GpSDVVHU GX PRQWDQW LQLWLDO GXPDUFKp/HWLWXODLUHGXPDUFKpHVWWHQXGHSUpVHQWHUXQHFDXWLRQSHUVRQQHOOH HW VROLGDLUH DSSURXYpH SDU OH PLQLVWUH FKDUJpGHV ILQDQFHV SRXU JDUDQWLU OH UHPERXUVHPHQW GH OD WRWDOLWpGHODYDQFHjODSUHPLqUHGHPDQGHGHODFKHWHXUSXEOLF/HV DFRPSWHV j VHUYLU DX WLWUH GH FHV PDUFKpV SHXYHQWrWUH GpJDOH YDOHXU DX PRQWDQW WRWDO GHV GURLWV FRQVWDWpVUHODWLIVDX[SUHVWDWLRQVH[pFXWpHV/HVDFRPSWHVYHUVpVDXWLWUHGHVDSSURYLVLRQQHPHQWVQHSHXYHQW H[FpGHU GH OD YDOHXU GH FHVDSSURYLVLRQQHPHQWV/HVFDKLHUVGHVFKDUJHVSUpYRLHQWOHVPRGDOLWpV GH OD FRQVWDWDWLRQ HW GH OD FRQVHUYDWLRQ GH FHVDSSURYLVLRQQHPHQWV TXL GHYLHQGURQW DIIHFWpV j ODUpDOLVDWLRQGHODFRPPDQGH,O \ D OLHX GH GpGXLUH OH FDV pFKpDQW GHV DFRPSWHV ODSDUWGHVDYDQFHVHWUHWHQXHVGHJDUDQWLHRXDXWUHVJDUDQWLHVSUpYXHVSDUOHVDUWLFOHVHWGXSUpVHQWGpFUHW$UW /H PDUFKp GRLW SUpFLVHU OHV GpODLV RXYHUWVSRXU SURFpGHU DX[ FRQVWDWDWLRQV RXYUDQW GURLW j DFRPSWHVRXDXSDLHPHQWSRXUVROGH/DFRQVWDWDWLRQVHIDLWVHORQOHVWHUPHVSpULRGLTXHVRXOHWHUPH ILQDO IL[pSDUOHPDUFKp/RUVTXHOHPDUFKpQDSDVIL[p GH WHOV WHUPHV FH GpODL HVW GpFRPSWp j SDUWLU GH ODGHPDQGHGXWLWXODLUHGXPDUFKpDSSX\pHGHVMXVWLILFDWLRQVQpFHVVDLUHV/DEVHQFHGHFRQVWDWDWLRQXQPRLVDSUqVOH[SLUDWLRQGXGpODL FRQWUDFWXHO ORUVTXHOOH HVW LPSXWDEOH j ODFKHWHXUSXEOLFGRQQHOLHXGHSOHLQGURLWjGHVLQWpUrWVPRUDWRLUHVDXSURILW GX WLWXODLUH GX PDUFKp FDOFXOpV j SDUWLU GX MRXU TXLVXLW OH[SLUDWLRQ GX GpODL GXQ PRLV MXVTXj FHOXL GH ODFRQVWDWDWLRQ$UW /H WLWXODLUH GX PDUFKp GRLW rWUH OH FDVpFKpDQW DYLVp GHV PRWLIV SRXU OHVTXHOV OHV SUHVWDWLRQVFRQVWDWpHVQHSHXYHQWIDLUHOREMHWGXQDFRPSWHSDUWLHORXGXQSDLHPHQWSRXUVROGHHWFHGDQVOHGpODLVWLSXOpGDQVOHPDUFKp)DXWHGHFODXVHSDUWLFXOLqUHODQRWLILFDWLRQVHIDLWGDQVOHGpODLGHGHX[PRLVTXLVXLYHQWODFRQVWDWDWLRQ/H UHWDUG GH OD QRWLILFDWLRQ RXYUH GURLW j GHV LQWpUrWVPRUDWRLUHVFDOFXOpVjSDUWLUGXMRXUTXLVXLWOH[SLUDWLRQGXGpODLMXVTXjFHOXLGHODQRWLILFDWLRQ$UW /H PDQGDWHPHQW GHV VRPPHV GXHV DXFUpDQFLHURXOpPLVVLRQGHODFWHTXLHQWLHQWOLHXSRXUOHVHQWUHSULVHV SXEOLTXHV HW OHV pWDEOLVVHPHQWV SXEOLFV jFDUDFWqUHQRQDGPLQLVWUDWLIGRLWLQWHUYHQLUGDQVXQGpODLGHWURLV PRLV VRLW j SDUWLU GH OD GDWH GH OD FRQVWDWDWLRQ GHVGURLWV j DFRPSWH RX SDLHPHQW SRXU VROGH VRLW j SDUWLU GXMRXU R OH FUpDQFLHU D UpJXODULVp VRQ GRVVLHU VXLYDQW ODQRWLILFDWLRQTXLOXLHQDpWpIDLWHGDQVOHVFRQGLWLRQVSUpYXHVjODUWLFOHGXSUpVHQWGpFUHW$GpIDXWOHWLWXODLUHGXPDUFKpEpQpILFLHGHSOHLQGURLWGLQWpUrWV PRUDWRLUHV FDOFXOpV j SDUWLU GX MRXU TXL VXLWOH[SLUDWLRQGHFHGpODL/HVLQWpUrWVPRUDWRLUHVVRQWFDOFXOpVVXUOHPRQWDQWGHVGURLWV j DFRPSWHV RX DX SDLHPHQW SRXU VROGH DX WDX[PR\HQ GX PDUFKp PRQpWDLUH WHOTXHSXEOLpSDUOD%DQTXH&HQWUDOHGH7XQLVLH$UW &KDTXH PDUFKp GRLW IDLUH OREMHW GXQUqJOHPHQWGpILQLWLITXLGRLWrWUHVRXPLVjODFRPPLVVLRQGHVPDUFKpV FRPSpWHQWH GDQV XQ GpODL PD[LPXP GH TXDWUHYLQJW GL[ MRXUV j FRPSWHU GH OD UpFHSWLRQ GpILQLWLYH GHVSUHVWDWLRQVREMHWGXPDUFKp/D FRPPLVVLRQ H[DPLQH OH GRVVLHU GH UqJOHPHQWGpILQLWLI GDQV XQ GpODL GXQ PRLV j FRPSWHU GH OD GDWH GHUpFHSWLRQ GH WRXWHV OHV SLqFHV HW pFODLUFLVVHPHQWV UHTXLVHVSRXUOH[DPHQGXGRVVLHU&+$3,75(5(6,/,$7,21'(60$5&+(6$UW /HV FDKLHUV GHV FKDUJHV GRLYHQW IL[HU ODSURFpGXUH GH UqJOHPHQW GHV OLWLJHV HW LQGLTXHU OHVpYqQHPHQWVRXYUDQWGURLWjODUpVLOLDWLRQDXSURILWGHOXQHRXODXWUHGHVSDUWLHV$GpIDXWGHVWLSXODWLRQVGDQVOHVFDKLHUVGHVFKDUJHVODUpVLOLDWLRQHVWSURQRQFpHGHSOHLQGURLWHQFDVGHGpFqVRXGH IDLOOLWH GX WLWXODLUH GX PDUFKp 7RXWHIRLV ODFKHWHXUSXEOLFSHXWDFFHSWHUOHFDVpFKpDQWGHVRIIUHVTXLSHXYHQWrWUHIDLWHVSDUOHVKpULWLHUVOHVFUpDQFLHUVRXOHOLTXLGDWHXUSRXUODFRQWLQXDWLRQGXPDUFKp/DUpVLOLDWLRQSHXWpJDOHPHQWrWUHSURQRQFpHDXFDVROH WLWXODLUH GXQ PDUFKp QD SDV UHPSOL VHV REOLJDWLRQV/DFKHWHXU SXEOLF OH PHW HQ GHPHXUH SDU OHWWUHUHFRPPDQGpHG\VDWLVIDLUHGDQVXQGpODLGpWHUPLQpTXLQHSHXWrWUHLQIpULHXUjGL[MRXUVjFRPSWHUGHODGDWHGHPLVHHQGHPHXUH3DVVp FH GpODL ODFKHWHXU SXEOLF SRXUUD UpVLOLHUSXUHPHQW HW VLPSOHPHQW OH PDUFKp RX IDLUH H[pFXWHU OHVSUHVWDWLRQV REMHW GH FH PDUFKp VXLYDQW OH SURFpGp TXLOMXJHUDLWXWLOHDX[IUDLVGXWLWXODLUHGXPDUFKp/DFKHWHXUSXEOLFSHXWUpVLOLHUOHPDUFKpVLODpWppWDEOLTXHOHWLWXODLUHGXPDUFKpDIDLOOLjOHQJDJHPHQWREMHWGHODGpFODUDWLRQGHQHSDVIDLUHSDUOXLPrPHRXSDUSHUVRQQHLQWHUSRVpHGHVSURPHVVHVGHVGRQVRXGHVSUpVHQWVHQYXHGLQIOXHUVXUOHVGLIIpUHQWHVSURFpGXUHVGHFRQFOXVLRQGXQPDUFKpHWGHVpWDSHVGHVRQH[pFXWLRQ7,75(5(*/(0(17$0,$%/('(6/,7,*(6$UW,OHVWLQVWLWXpDXSUqVGX3UHPLHU0LQLVWUHXQFRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH GHV OLWLJHV TXL DSRXU PLVVLRQ GH UHFKHUFKHU OHV pOpPHQWV GpTXLWpVXVFHSWLEOHV GrWUH DGRSWpV HQ YXH GXQH VROXWLRQ DPLDEOHGHVOLWLJHVUHODWLIVDX[PDUFKpVSXEOLFV$UW/HFRPLWpFRQVXOWDWLIGHUqJOHPHQWDPLDEOHGHVOLWLJHVVHFRPSRVHFRPPHVXLW1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


8QFRQVHLOOHUDXWULEXQDODGPLQLVWUDWLISUpVLGHQW 8Q UHSUpVHQWDQW GH OD FRPPLVVLRQ VXSpULHXUH GHVPDUFKpVPHPEUH8QUHSUpVHQWDQWGHODSURIHVVLRQjODTXHOOHDSSDUWLHQWOHWLWXODLUHGXPDUFKpPHPEUH/HV PHPEUHV GH FH FRPLWp VRQWGpVLJQpVSDUDUUrWpGX3UHPLHU0LQLVWUHUHVSHFWLYHPHQWVXUSURSRVLWLRQGX3UHPLHU3UpVLGHQW GX 7ULEXQDO DGPLQLVWUDWLI HW GX SUpVLGHQW GH ODIpGpUDWLRQGHODSURIHVVLRQFRQFHUQpH$UW6XUGHPDQGHGHOXQHGHVSDUWLHVLQWpUHVVpHVOH3UHPLHU0LQLVWUHVDLVLWOHFRPLWpFRQVXOWDWLIGHUqJOHPHQWDPLDEOHGXOLWLJHTXLOMXJHXWLOHGHVRXPHWWUHjVRQDYLV/DGHPDQGHSUpVHQWpHSDUOHVSDUWLHVFRQWUDFWDQWHVSRXUVRXPHWWUHOHOLWLJHjODYLVGXFRPLWpQHOHVGLVSHQVHSDVGHSUHQGUH GHYDQW OD MXULGLFWLRQ FRPSpWHQWH OHV PHVXUHVFRQVHUYDWRLUHVQpFHVVDLUHVjODVDXYHJDUGHGHOHXUVGURLWV$UW/HFRPLWpFRQVXOWDWLIGHUqJOHPHQWDPLDEOHGHVOLWLJHVHQWHQGOHVSDUWLHVDXOLWLJHHWSHXWOHXUGHPDQGHUGHSURGXLUHGHVPpPRLUHVpFULWVRXWRXWDXWUHGRFXPHQW/H FRPLWp FRQVXOWDWLI SHXW VH IDLUH DVVLVWHU SDU XQH[SHUWGDQVFHFDVOHVIUDLVGH[SHUWLVHVHURQWSDUWDJpVjpJDOLWpHQWUHOHVSDUWLHV$UW/HFRPLWpFRQVXOWDWLIGHUqJOHPHQWDPLDEOHQH GpOLEqUH YDODEOHPHQW TXHQ SUpVHQFH GH WRXV VHVPHPEUHV 6RQ DYLV HVW SULV j OD PDMRULWp GHV YRL[ ,OGpOLEqUHjKXLVFORV$UW/HFRPLWpFRQVXOWDWLIGHUqJOHPHQWDPLDEOHGHV OLWLJHV GRLW IDLUH FRQQDvWUH VRQ DYLV GDQV XQ GpODL GHWURLVPRLVjFRPSWHUGHODGDWHGHODGpFLVLRQGX3UHPLHU0LQLVWUHGHVDLVLUFHFRPLWp&HGpODLSHXWrWUHSURURJpSDUGpFLVLRQPRWLYpHGX3UpVLGHQWGXFRPLWp$UW /DYLV GX FRPLWp HVW FRQVXOWDWLI HWFRQILGHQWLHO,OQHSHXWrWUHSURGXLWQLXWLOLVpSDUOHVSDUWLHVGHYDQWOHVWULEXQDX[7,75(',6326,7,2163$57,&8/,(5(6$&(57$,160$5&+(6&+$3,75(35(0,(50$5&+(6'(78'(6$UW /DFKHWHXU SXEOLF SHXW UHFRXULU j ODFRQFOXVLRQ GH PDUFKpV GpWXGHV GDQV OHV FDV TXLO MXJHXWLOHV/HV FDKLHUV GHV FKDUJHV GRLYHQW GpILQLU DYHF SUpFLVLRQOREMHW GH OpWXGH HW OHV REMHFWLIV DWWHQGXV HW WRXWHV DXWUHVFRQGLWLRQVOLpHVjVRQH[pFXWLRQ/HV PDUFKpV GpWXGHV UHODWLIV DX[ EkWLPHQWV FLYLOVREpLVVHQWjODUpJOHPHQWDWLRQTXLOHXUHVWSURSUH$UW/HVPDUFKpVGpWXGHVSHXYHQWrWUHSUpFpGpVGH ©PDUFKpV GH GpILQLWLRQª TXL SHUPHWWHQW GH SUpFLVHUOHXUVEXWVHWOHVSHUIRUPDQFHVjDWWHLQGUHOHVWHFKQLTXHVGHEDVHjXWLOLVHUOHVPR\HQVHQSHUVRQQHOHWPDWpULHOjPHWWUHHQ RHXYUH SRXU OD UpDOLVDWLRQ GHV pWXGHV OHV pOpPHQWV GXSUL[ OHV GLIIpUHQWHV SKDVHV TXH SHXYHQW FRPSRUWHU OHVpWXGHV/D SDVVDWLRQ GXQ PDUFKp GH GpILQLWLRQ GRLW rWUHSUpFpGpH GXQ UHFHQVHPHQW GH OHQVHPEOH GHV HQWUHSULVHVRX RUJDQLVPHV TXDOLILpV SRXU SURFpGHU DX[ pWXGHVFRQVLGpUpHV,O SHXW rWUH SDVVp SOXVLHXUV PDUFKpV GH GpILQLWLRQ SRXUXQPrPHREMHW$UW/HFKRL[GXWLWXODLUHGXPDUFKpGHGpILQLWLRQVHIIHFWXH DSUqV PLVH HQ FRQFXUUHQFH FRQIRUPpPHQW DX[GLVSRVLWLRQVGXSUpVHQWGpFUHW/H[pFXWLRQGHOpWXGHGpWDLOOpHQHSHXWrWUHFRQILpHDXEXUHDXD\DQWSUpSDUpOpWXGHGHGpILQLWLRQ7RXWHIRLV SRXU OHV pWXGHV SUpFpGpHV GH SOXVLHXUVPDUFKpVGHGpILQLWLRQD\DQWOHPrPHREMHWDWWULEXpHVGDQVOHVPrPHVFRQGLWLRQVGHPLVHHQFRQFXUUHQFHHWH[pFXWpHVSDUDOOqOHPHQW HW HQ PrPH WHPSV ODFKHWHXU SXEOLF SHXWDWWULEXHU OH PDUFKp GH GpILQLWLRQ j ODXWHXU GHV VROXWLRQVUHWHQXHVDSUqVQpJRFLDWLRQjFRQGLWLRQTXHFHWWHSRVVLELOLWpVRLWSUpYXHGDQVOHVFDKLHUVGHVFKDUJHV6L GHV pOpPHQWV GH SOXVLHXUV VROXWLRQV VRQW UHWHQXVODFKHWHXU SXEOLF SHXW FRQILHU j OHXU DXWHXU OD SDUWLH GHVpWXGHVFRUUHVSRQGDQWjFHVpOpPHQWVGHVROXWLRQV$UW /HV PDUFKpV GpWXGHV VRQW FRQFOXV DSUqVPLVH HQ FRPSpWLWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQV GXSUpVHQW GpFUHW HQ WHQDQW FRPSWH GH OD FRPSpWHQFH GXEXUHDXGpWXGHVDSSUpFLpHSDUWLFXOLqUHPHQWjSDUWLUGHVHVUpIpUHQFHV QRWDPPHQW GDQV OH GRPDLQH GH OpWXGH GHVUpIpUHQFHVHWGHOH[SpULHQFHGHOpTXLSHSURSRVpHHWGHODPpWKRGRORJLHSUpFRQLVpHSRXUOH[pFXWLRQGHOpWXGH/HWLWXODLUHGXPDUFKpQHSHXWPRGLILHUODFRPSRVLWLRQGHOpTXLSHSURSRVpHSRXUOH[pFXWLRQGHOpWXGHRXGHOXQGH VHV PHPEUHV VDXI FDV GH QpFHVVLWp PDMHXUH HW DSUqVDYRLUREWHQXODJUpPHQWGHODFKHWHXUSXEOLFVXUODEDVHGHODYLVFRQIRUPHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWHHWVRXVUpVHUYHTXHOpTXLSHRXOHQRXYHDXH[SHUWUpSRQGHDX[PrPHVFRQGLWLRQVLQLWLDOHVGHFKRL[/H PDUFKp GRLW SUpYRLU OD SRVVLELOLWp GDUUrWHU OpWXGHVRLWjOLVVXHGXQGpODLGpWHUPLQpVRLWORUVTXHOHVGpSHQVHVDWWHLJQHQWXQPRQWDQWIL[p/RUVTXHVDQDWXUHHWVRQLPSRUWDQFHOHMXVWLILHQWOpWXGHHVWVFLQGpHHQSOXVLHXUVSKDVHVFKDFXQHDVVRUWLHGXQSUL[HW GXQ GpODL 'DQV FH FDV OH PDUFKp SHXW SUpYRLU ODSRVVLELOLWpGHODUUrWGHVRQH[pFXWLRQDXWHUPHGHFKDFXQHGHVSKDVHV&+$3,75(352'8,76',03257$7,21$35,;)/8&78$176$UW /HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUHVDSSOLTXHQWDX[PDUFKpVGHVHQWUHSULVHVSXEOLTXHVUHODWLIVj ODFKDW GH SURGXLWV GLPSRUWDWLRQ GRQW OHV SUL[ VRQWVRXPLVjXQHIOXFWXDWLRQUDSLGHHWTXLGHFHIDLWQHSHXYHQWREpLUDX[FRQGLWLRQVQRUPDOHVGHSDVVDWLRQGH[pFXWLRQHWGHFRQWU{OHGHVPDUFKpV$UW /D OLVWH GH FHV SURGXLWVHVWIL[pHSDUDUUrWpFRQMRLQWGX0LQLVWUHFKDUJpGXFRPPHUFHHWGX0LQLVWUHGHWXWHOOHGHOHQWUHSULVHSXEOLTXHFRQFHUQpH$UW /D FRQFOXVLRQ GHV PDUFKpV UHODWLIV j FHVSURGXLWV GRLW rWUH SUpFpGpH GXQH PLVH HQ FRQFXUUHQFH ODSOXVODUJHSRVVLEOH7RXWHIRLVFHVPDUFKpVSHXYHQWrWUHFRQFOXVGHJUpjJUpORUVTXH OH UHFRXUV j FH PRGH GH SDVVDWLRQ HVW SOHLQHPHQWMXVWLILpSDUOXUJHQFHLPSpULHXVHRXSDUGHVFRQVLGpUDWLRQVGRUGUHWHFKQLTXHFRPPHUFLDORXILQDQFLHU -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


$UW'DQVWRXVOHVFDVRLOHVWSURFpGpjXQHPLVHHQFRQFXUUHQFHOHVFRQGLWLRQVGHVRXPLVVLRQHWGH[pFXWLRQVRQWSRUWpHVjODFRQQDLVVDQFHGHVFDQGLGDWV&HVGHUQLHUVGRLYHQWrWUHpJDOHPHQWLQIRUPpVGHWRXWHVOHV SRVVLELOLWpV GH GpURJDWLRQ j FHUWDLQHV RX j WRXWHV OHVFRQGLWLRQV$UW/DFRPPLVVLRQGHVPDUFKpVGHOHQWUHSULVHIL[H OHV FRQGLWLRQV HW SURFpGXUHV GHV PDUFKpV YLVpV jODUWLFOH GX SUpVHQW GpFUHW (OOH H[DPLQH OHV RIIUHV \DIIpUHQWHVHWFKRLVLWSRXUFKDTXHRSpUDWLRQODVRXPLVVLRQjUHWHQLU/RUVTXH OD FRPPLVVLRQ GHV PDUFKpV GH OHQWUHSULVH VHUpXQLW SRXU OH[pFXWLRQ GHV PLVVLRQV GpILQLHV SDU OHVGLVSRVLWLRQVGHODOLQpDSUpFpGHQWGXSUpVHQWDUWLFOHHOOHVHFRPSRVHRXWUHGHVPHPEUHVLQGLTXpVGDQVODUWLFOHGXSUpVHQWGpFUHWGHVPHPEUHVVXLYDQWV8QUHSUpVHQWDQWGX0LQLVWUHFKDUJpGHO,QGXVWULH8QUHSUpVHQWDQWGX0LQLVWUHFKDUJpGX&RPPHUFH 8Q UHSUpVHQWDQW GX 0LQLVWUH GH WXWHOOH SRXU OHGpSDUWHPHQWQRQUHSUpVHQWpDXQLYHDXGHODFRPPLVVLRQ8QUHSUpVHQWDQWGHOD%DQTXH&HQWUDOHGH7XQLVLH(OOHQHSHXWGpOLEpUHUTXHQSUpVHQFHGHODPDMRULWpGHVHVPHPEUHV6HV GpFLVLRQV VRQW SULVHV j OXQDQLPLWp GHV PHPEUHVSUpVHQWV $ GpIDXW GXQDQLPLWp OD FRPPLVVLRQ DGUHVVHLPPpGLDWHPHQWXQUDSSRUWDX0LQLVWUHGHWXWHOOHTXLDUELWUHHQGHUQLHUUHVVRUW6HV GpOLEpUDWLRQV GRLYHQW rWUH FRQVLJQpHV GDQV XQSURFqVYHUEDO UHODWDQW OHV GpEDWV GHV PHPEUHV HW OHVpOpPHQWV GDSSUpFLDWLRQ VXU OHVTXHOV VHVW IRQGpH OHXUGpFLVLRQ$UW'DQVOHEXWGREWHQLUOHVPHLOOHXUHVRIIUHVGHSRLQW GH YXH GH TXDOLWp SUL[ FRQGLWLRQV GH[pFXWLRQ HWJDUDQWLHV OD FRPPLVVLRQ GHV PDUFKpV GH OHQWUHSULVH HVWKDELOLWpH j GpURJHU DX[ UqJOHV QRUPDOHV GH SDVVDWLRQ HWGH[pFXWLRQ GHV PDUFKpV GHV HQWUHSULVHVSXEOLTXHV7RXWHIRLVODSURFpGXUHGRLWGHPHXUHUpFULWH$UW /RUVTXH OD FRPPLVVLRQ GHV PDUFKpV GHOHQWUHSULVHHVWLPHXWLOHGHSURFpGHUjGHVQpJRFLDWLRQVDYHFOHV IRXUQLVVHXUV HOOH \ SURFqGH SDUHOOHPrPHRXGRQQHjFHWHIIHWGpOpJDWLRQjGHX[GHVHVPHPEUHVTXLGRLYHQWOXLUHQGUHFRPSWHDXVXMHWGHVpWDSHVGXGpWDLOHWGHVUpVXOWDWVGHFHVQpJRFLDWLRQV$UW/HVPDUFKpVUpJLVSDUOHSUpVHQWFKDSLWUHVRQWFRQFOXV GDQV OH FDGUH GXQ SURJUDPPH GDFKDWSUpDODEOHPHQW DSSURXYp SDU OH FRQVHLOGDGPLQLVWUDWLRQGHOHQWUHSULVH/RUVTXH OH PRQWDQW GH ODFKDW DWWHLQW OH VHXLO GHFRPSpWHQFH GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV OHGRVVLHU\DIIpUHQWHVWVRXPLVjSRVWHULRULjODYLVGHFHOOHFLGDQVXQGpODLQH[FpGDQWSDVTXLQ]HMRXUVjFRPSWHUGHODGDWH GH OD GpFLVLRQ GH OD FRPPLVVLRQ GHV PDUFKpV GHOHQWUHSULVH DFFRPSDJQp GH WRXWHV OHV MXVWLILFDWLRQV HWDSSX\pGXQUDSSRUWpWDEOLSDUFHWWHGHUQLqUHH[SOLFLWDQWHWMXVWLILDQWOHVPpWKRGHVHWSURFpGXUHVDGRSWpHVDLQVLTXHOHFKRL[DUUrWp/DYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV HVWFRPPXQLTXp DX FRQVHLO GDGPLQLVWUDWLRQ GH OHQWUHSULVHSXEOLTXHFRQFHUQpHHWDX0LQLVWqUHGHWXWHOOH&+$3,75(/(6$&+$76'(6352'8,76'(67,1(6$(75(9(1'86(1/(7$7$UW /HV PDUFKpV GHV HQWUHSULVHV SXEOLTXHVUHODWLIV j ODFKDW GHV SURGXLWV GHVWLQpV j rWUH YHQGXVHQOpWDWRXFRQGLWLRQQpVDXWLWUHGXQHDFWLYLWpFRPPHUFLDOHQHVRQW SDV VRXPLV DX[ SURFpGXUHV GHV PDUFKpV SXEOLFV jOH[FHSWLRQGHVDFKDWVUHODWLIVDX[SURGXLWVjSUL[IOXFWXDQWVUpJLVSDUOHFKDSLWUH&+$3,75(/(6$&+$76'(6(175(35,6(638%/,48(6(92/8$17'$16810,/,(8&21&855(17,(/$UW/HVGLVSRVLWLRQVVSpFLILTXHVGHFHFKDSLWUHQHVDSSOLTXHQW SDV DX[ PDUFKpV GpWXGHV HW DX[ FRPPDQGHVUHODWLYHVjODFTXLVLWLRQGpTXLSHPHQWVRXODUpDOLVDWLRQGHWUDYDX[LQVFULWVDXEXGJHWGLQYHVWLVVHPHQWGHVHQWUHSULVHVSXEOLTXHVFRQFHUQpHV$UW/HVGLVSRVLWLRQVFLDSUqVVRQWDSSOLFDEOHVDX[FRPPDQGHV GH IRXUQLWXUHV GH ELHQV HW GH VHUYLFHV GHVHQWUHSULVHV SXEOLTXHV TXL pYROXHQW GDQV XQ PLOLHXFRQFXUUHQWLHOGRQWODOLVWHHVWIL[pHSDUGpFUHW$UW/HFRQVHLOGDGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFH GH OHQWUHSULVH SXEOLTXH FRQFHUQpH SDU FHVGLVSRVLWLRQVIL[HOHVVHXLOVjSDUWLUGHVTXHOVOHVFRPPDQGHVIRQWOREMHWGXQPDUFKppFULW$UW /HV PDUFKpV DIIpUHQWV j FHV FRPPDQGHVGRLYHQW rWUH FRQFOXV VXU OD EDVH GXQ PDQXHO VSpFLILTXHDSSURXYp SDU OH FRQVHLO GDGPLQLVWUDWLRQ RX OH FRQVHLO GHVXUYHLOODQFH HW ODXWRULWp GH WXWHOOH HQ WHQDQW FRPSWH GHVSULQFLSHV GpJDOLWp GHV FDQGLGDWV GHYDQW OD FRPPDQGHSXEOLTXH GpTXLYDOHQFH GHV FKDQFHV GH WUDQVSDUHQFH GHVSURFpGXUHVHWGHUHFRXUVjODFRQFXUUHQFH$UW/HFRQVHLOGDGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFHGpWHUPLQHOHVFDVTXLQpFHVVLWHQWOHUHFRXUVjODPLVHHQFRQFXUUHQFHSDUYRLHGDSSHOGRIIUHVRXGHQWHQWHGLUHFWHSUpFpGpHGXQHFRQVXOWDWLRQ/HQWUHSULVHSXEOLTXHGRLW REVHUYHU GDQV WRXWH OD PHVXUH GX SRVVLEOH OHVSURFpGXUHVIL[pHVSDUOHSUpVHQWGpFUHW$UW /HV GLVSRVLWLRQV GH ODUWLFOH UHODWLYHVDX[PRGDOLWpV GH SDLHPHQW VDSSOLTXHQW DX[ DFKDWV REMHW GXSUpVHQWWLWUHSRXUFHTXLHVWGHORFWURLGDYDQFHVHWDFRPSWHV$UW /HV PDUFKpV UHODWLIV DX[ FRPPDQGHV UpJLVSDUOHSUpVHQWFKDSLWUHVRQWVRXPLVHQPDWLqUHGHFRQWU{OHj GHV GLVSRVLWLRQV SDUWLFXOLqUHV DUUrWpHV SDU OH FRQVHLOGDGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH GHOHQWUHSULVHSXEOLTXH7,75(1(8)6


GX VXLYL GH OpYROXWLRQ HQUHJLVWUpH FRQFHUQDQW ODFKDWSXEOLF OHV SURFpGXUHV GDFKDWV HW OpYDOXDWLRQ GHVUpSHUFXVVLRQV pFRQRPLTXHV HW VRFLDOHV HW GH SURSRVHU WRXWHPHVXUHVXVFHSWLEOHGDPpOLRUHUOHSODFHPHQWGHVFRPPDQGHV GpWXGLHU HW SURSRVHU WRXWH PHVXUH GH QDWXUH jDPpOLRUHUODUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFVVXUODEDVHQRWDPPHQWGHODMXULVSUXGHQFHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpVGHOHQFDGUHPHQWGHODFKDWSXEOLFHWODPpOLRUDWLRQGHVDUHQWDELOLWpDX[SODQVMXULGLTXHpFRQRPLTXHFRPPHUFLDOHWWHFKQLTXH GH ODVVLVWDQFH GHV DFKHWHXUV SXEOLFV j WUDYHUVOpWDEOLVVHPHQW GHV SURJUDPPHV GH IRUPDWLRQ HW OHVFRQVXOWDWLRQVDLQVLTXHOpWDEOLVVHPHQWGHVGRFXPHQWVW\SHVHW GHV DSSOLFDWLRQV LQIRUPDWLTXHV HW GHV PHVXUHV GDLGHVGLYHUVHVHQYXHGHIDFLOLWHUHWVLPSOLILHUOHXUVDWWULEXWLRQV$UW /REVHUYDWRLUH GHV PDUFKpV SXEOLFV pWDEOLWFKDTXHDQQpHXQUHFHQVHPHQWJpQpUDOGHVPDUFKpVSXEOLFVHW GHV UHFHQVHPHQWV SDUWLHOV FRQFHUQDQW XQ HQVHPEOHGDFKHWHXUVSXEOLFVRXXQHFDWpJRULHGRQQpHGHPDUFKpV/H3UHPLHU0LQLVWUHIL[HODOLVWHGHVGRQQpHVGHPDQGpHVGDQVOHFDGUHGXUHFHQVHPHQWGHVPDUFKpVSXEOLFVDLQVLTXHOHVPRGDOLWpVHWOHVGpODLVGHOHXUFROOHFWH&+$3,75(/(&20,7('(68,9,(7'(148(7($UW ,O HVW FUpH DXSUqV GX 3UHPLHU 0LQLVWUH XQ&RPLWpGH6XLYLHWG(QTXrWH&HFRPLWpGHVXLYLHWGHQTXrWHHVWFRPSRVpFRPPHVXLWXQUHSUpVHQWDQWGX3UHPLHU0LQLVWUH3UpVLGHQWXQPHPEUHGHOD&RXUGHV&RPSWHVPHPEUH XQ UHSUpVHQWDQW GX &RQWU{OH *pQpUDO GHV 6HUYLFHV3XEOLFVPHPEUH XQ UHSUpVHQWDQW GX &RQWU{OH *pQpUDO GHV )LQDQFHVPHPEUH/HV PHPEUHV GH FH FRPLWp VRQWGpVLJQpVSDUDUUrWpGX3UHPLHU0LQLVWUHVXUSURSRVLWLRQGHV0LQLVWUHVFRQFHUQpVHWGX3UHPLHU3UpVLGHQWGHOD&RXUGHV&RPSWHV/DUUrWp GX 3UHPLHU 0LQLVWUH GpVLJQH OH VHFUpWDULDW GXFRPLWp GH VXLYL HW GHQTXrWH /H VHFUpWDULDW DVVXUH ODUpFHSWLRQ OH[DPHQ GHV GRVVLHUV HW GH ORUJDQLVDWLRQ GHVWUDYDX[GXGLWFRPLWp$UW/HFRPLWpGHVXLYLHWGHQTXrWHHVWFKDUJpGH 6XLYUH OH UHVSHFW GHV SULQFLSHV GH EDVH UpJLVVDQWODWWULEXWLRQ GHV PDUFKpV HW QRWDPPHQW OpJDOLWp GHVFDQGLGDWV GHYDQW OD FRPPDQGH SXEOLTXH OD WUDQVSDUHQFHGHVSURFpGXUHVOHUHFRXUVjODFRQFXUUHQFHHWjODSXEOLFLWp/HFRPLWpSHXWH[DPLQHUOHVGRQQpHVUHODWLYHVjOH[pFXWLRQGHVPDUFKpVTXLVRQWGHQDWXUHjDOWpUHUOHVpOpPHQWVD\DQWpWpSULVHQFRPSWHORUVGHODWWULEXWLRQGXPDUFKp(QTXrWHUVXUOHVPDUFKpV\FRPSULVOHVDYHQDQWVHWOHVGRVVLHUVGHUqJOHPHQWVGpILQLWLIVSULQFLSDOHPHQWVXUODEDVHGHV GRQQpHV FROOHFWpHV SDU OREVHUYDWRLUH GHV PDUFKpVSXEOLFVFUppSDUODUWLFOHGXSUpVHQWGpFUHW/H FRPLWp GH VXLYL HW GHQTXrWH HVW HQ RXWUH FKDUJpGH[DPLQHU/HVUHTXrWHVpPDQDQWGHWRXWHSHUVRQQHFRQFHUQpHSDUODWWULEXWLRQ GHV PDUFKpV SXEOLFV HW OH UHVSHFW GHVSURFpGXUHV\DIIpUHQWHV /HV DYHQDQWV DX[ PDUFKpV TXL VRQW GH QDWXUH jHQJHQGUHUXQHDXJPHQWDWLRQGXPRQWDQWJOREDOGXPDUFKpGHSOXVGHFLQTXDQWHSRXUFHQWFRPSWHQRQWHQXGHVDXJPHQWDWLRQVGXHVjODUpYLVLRQGHVSUL[RXOHFDVpFKpDQWDXFKDQJHPHQWGHODYDOHXUGHODPRQQDLHHWFHQRQREVWDQWOHPRQWDQWJOREDOGXPDUFKp 8Q pFKDQWLOORQ GH PDUFKpV FRQFOXV UHSUpVHQWDQW DXPRLQV GL[ SRXU FHQW GX QRPEUH GHV GRVVLHUVH[DPLQpV SDU OHV FRPPLVVLRQV GpSDUWHPHQWDOHV OHVFRPPLVVLRQV UpJLRQDOHV OHV FRPPLVVLRQV GHV HQWUHSULVHVSXEOLTXHV HW OHV FRPPLVVLRQV GHV pWDEOLVVHPHQWV SXEOLFVFUppHVSDUGHVWH[WHVVSpFLDX[DLQVLTXHWRXWGRVVLHUTXHOHFRPLWpMXJHRSSRUWXQGH[DPLQHUSRXUTXHOTXHPRWLITXHFHVRLW/DFKHWHXU SXEOLF GRLW VXU GHPDQGH GX SUpVLGHQW GXFRPLWp SUpVHQWHU WRXWHV OHV SLqFHV UHODWLYHV DX[ GRVVLHUVREMHWGHUpYLVLRQGHVXLYLHWGHQTXrWH$UW/RUVTXHOHVUHTXrWHVFRQFHUQDQWODUpJXODULWpGDWWULEXWLRQ GX PDUFKp VDYqUHQW IRQGpHV OH FRPLWp HQLQIRUPHOH3UHPLHU0LQLVWUHOHVSUpVLGHQWVGHVRUJDQLVPHVSXEOLFVFRQFHUQpVOHVPLQLVWqUHVGHWXWHOOHHWODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH/DYLVGXFRPLWpGHVXLYLHWGHQTXrWHHVWFRQVXOWDWLI$UW 6RQW DEURJpHV WRXWHV OHV GLVSRVLWLRQVDQWpULHXUHV FRQWUDLUHV DX SUpVHQW GpFUHW HW QRWDPPHQW OHGpFUHWQƒGX$YULOWHOTXHPRGLILpSDUOHGpFUHWQƒGX0DUVHWOHGpFUHWQƒGX6HSWHPEUHHWOHGpFUHWQƒGX2FWREUHHWOHGpFUHWQƒGX0DUVHWOHGpFUHWQƒ GX 0DUV HW OH GpFUHW Qƒ GX DYULOHWOHGpFUHWQƒGXVHSWHPEUH$UW/HSUpVHQWGpFUHWHQWUHHQYLJXHXUjSDUWLUGXSUHPLHUPDUV$UW /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HWVHFUpWDLUHV G(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OHFRQFHUQH GH OH[pFXWLRQ GXSUpVHQWGpFUHWTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH=LQH(O$ELGLQH%HQ$OL 120,1$7,2163DUGpFUHWQƒGXGpFHPEUH0RQVLHXU


0,1,67(5('(6$))$,5(662&,$/(6(7'(/$62/,'$5,7(120,1$7,213DUGpFUHWQƒGXGpFHPEUH0RQVLHXU7DKDU/DUDHLGKLQVSHFWHXUFHQWUDOGXWUDYDLOHVW FKDUJp GHV IRQFWLRQV GH FKHI GH OD GLYLVLRQ GHOLQVSHFWLRQ GX WUDYDLO HW GH OD FRQFLOLDWLRQ j OD GLUHFWLRQUpJLRQDOHGHVDIIDLUHVVRFLDOHVGH6LGL%RX]LG(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX IpYULHU OLQWpUHVVp EpQpILFLH GHVLQGHPQLWpV HW DYDQWDJHV DFFRUGpV DX VRXVGLUHFWHXUGDGPLQLVWUDWLRQFHQWUDOH$UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH ODVROLGDULWp GX GpFHPEUH SRUWDQWGpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHVWHUULWRULDOHV GHV FRPPLVVLRQV PpGLFDOHVKDELOLWpHV j IL[HU OH WDX[ GLQFDSDFLWp SHUPDQHQWHGHWUDYDLOHWODQRPLQDWLRQGHOHXUVPHPEUHV/HPLQLVWUHGHVDIIDLUHVVRFLDOHVHWGHODVROLGDULWp9X OD ORL Qƒ GX GpFHPEUH UHODWLYH jORUJDQLVDWLRQGHVUpJLPHVGHVpFXULWpVRFLDOHHQVHPEOHOHVWH[WHVTXLORQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORLQƒGXQRYHPEUH9XODORLQƒGXIpYULHUSRUWDQWUpJLPHGHUpSDUDWLRQGHVSUpMXGLFHVUpVXOWDQWGHVDFFLGHQWVGXWUDYDLOHWGHVPDODGLHVSURIHVVLRQQHOOHVHWQRWDPPHQWVRQDUWLFOH9XOHGpFUHWQƒGXPDLSRUWDQWFRGHGHGpRQWRORJLHPpGLFDOH9X OH GpFUHW Qƒ GX IpYULHU IL[DQW ODFRPSRVLWLRQ HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GHVFRPPLVVLRQV PpGLFDOHV KDELOLWpHV j IL[HU OH WDX[GLQFDSDFLWpGHWUDYDLOHWQRWDPPHQWVRQDUWLFOH9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW9XODUUrWpGXPLQLVWUHGHVDIIDLUHVVRFLDOHVGXQRYHPEUH SRUWDQW GpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHVWHUULWRULDOHV GHV FRPPLVVLRQV PpGLFDOHV KDELOLWpHV j IL[HU OHWDX[ GLQFDSDFLWp SHUPDQHQWH GH WUDYDLO HW OD QRPLQDWLRQ GHOHXUV PHPEUHV WHO TXH PRGLILp SDU ODUUrWp GX PLQLVWUH GHVDIIDLUHVVRFLDOHVGXGpFHPEUH6XUSURSRVLWLRQGHVPLQLVWqUHVHWRUJDQLVPHVFRQFHUQpVPLQLVWqUHGHODVDQWpSXEOLTXHFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOH GLUHFWLRQ GH OLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GHVpFXULWp DX WUDYDLO HW LQVWLWXW GH VDQWp HW GH VpFXULWp DXWUDYDLO$UUrWH$UWLFOH SUHPLHU /H QRPEUH GHV FRPPLVVLRQVPpGLFDOHVKDELOLWpHVjIL[HUOHWDX[GLQFDSDFLWpSHUPDQHQWHGHWUDYDLOUpVXOWDQWGHVDFFLGHQWVGXWUDYDLOHWGHVPDODGLHVSURIHVVLRQQHOOHVSUpYXHVSDUOHGpFUHWVXVYLVpQƒGX IpYULHU HVW IL[p j VHSW VLpJHDQW OD SUHPLqUH j7XQLVODqPHj%HQ$URXVODqPHjO$ULDQDODqPHj6RXVVH OD qPH j 6ID[ OD qPH j *DEqV HW OD qPH j0pWODRXL$UW /D FRPSpWHQFH WHUULWRULDOH GH FKDFXQH GHVFRPPLVVLRQVPpGLFDOHVFLWpHVjODUWLFOHSUHPLHUGXSUpVHQWDUUrWpHVWIL[pHFRPPHVXLW OD FRPPLVVLRQ PpGLFDOH GH 7XQLV FRXYUH OHVJRXYHUQRUDWVGH7XQLV%pMD6LOLDQDOH.HIHW-HQGRXED OD FRPPLVVLRQ PpGLFDOH GH %HQ $URXV FRXYUH OHVJRXYHUQRUDWVGH%HQ$URXV1DEHXOHW=DJKRXDQ OD FRPPLVVLRQ PpGLFDOH GH O$ULDQD FRXYUH OHVJRXYHUQRUDWVGHO$ULDQD0DQRXEDHW%L]HUWH OD FRPPLVVLRQ PpGLFDOH GH 6RXVVH FRXYUH OHVJRXYHUQRUDWVGH6RXVVH.DLURXDQ0RQDVWLUHW0DKGLD OD FRPPLVVLRQ PpGLFDOH GH 6ID[ FRXYUH OHVJRXYHUQRUDWVGH6ID[6LGL%RX]LGHW.DVVHULQH OD FRPPLVVLRQ PpGLFDOH GH *DEqV FRXYUH OHVJRXYHUQRUDWVGH*DEqV0pGHQLQH7DWDRXLQHHW.pELOL OD FRPPLVVLRQ PpGLFDOH GH 0pWODRXL FRXYUH OHVJRXYHUQRUDWVGH*DIVDHW7R]HXU$UW /HV PpGHFLQV FLWpV FLGHVVRXV VRQW QRPPpVPHPEUHVGHVFRPPLVVLRQVPpGLFDOHVSUpFLWpHV&RPPLVVLRQPpGLFDOHGH7XQLVGRFWHXU.DPHO-DkIDUUHSUpVHQWDQWODFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQWGRFWHXU)D\oDO%HQ6DODKUHSUpVHQWDQWOHPLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH GRFWHXU $OL 5HMHE UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO PHPEUH GRFWHXU .LODQL &KDEERXK UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH GRFWHXU +DID\HGK 5DPPHK UHSUpVHQWDQW OLQVWLWXW GHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGH%HQ$URXV GRFWHXU .KDQVD %HQ $PRU UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW GRFWHXU 5DILN *KDUEL UHSUpVHQWDQW OH PLQLVWqUH GH ODVDQWpSXEOLTXHPHPEUH'RFWHXU7DRXILN%RXKRXFKUHSUpVHQWDQWODGLUHFWLRQGHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO PHPEUH GRFWHXU 6DPL $EGHOIDWWDK UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUHGRFWHXU/HLOD'DOLUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGHO$ULDQD GRFWHXU 0XVWDSKD %HQ 5HMHE UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW GRFWHXU $EGHOPDMLG %HQ -PkD UHSUpVHQWDQW OHPLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


GRFWHXU 1DGLD 0ODLNL UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLOPHPEUH GRFWHXU 6DORXD %HQ 6DODK /DNKGDU UHSUpVHQWDQW ODFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUHGRFWHXU6DPLUD0LODGUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGH6RXVVH GRFWHXU +DELE +DGM 6DODK UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQWGRFWHXU1pMLE0UL]HNUHSUpVHQWDQWOHPLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH GRFWHXU $PHXU &KDUUDGD UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO PHPEUH GRFWHXU .DPHO %HQ $EGHOMHOLO UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH3URIHVVHXU0RKDPHG$NURXWUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGH6ID[ GRFWHXU 0RKDPHG %RX]LG UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQWGRFWHXU0RKDPHG(O$UEL0DVPRXGLUHSUpVHQWDQWOHPLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH GRFWHXU $GHO -RPkD UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO PHPEUH GRFWHXU 7DRXILN %HNNDUL UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUHGRFWHXU:LGDG&KHLNK5RXKRX)DNKIDNKUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGH*DEqV GRFWHXU +HFKPL $]RX] UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW GRFWHXU /RWIL $]RX] UHSUpVHQWDQW OH PLQLVWqUH GH ODVDQWpSXEOLTXHPHPEUH GRFWHXU +RXFLQH 5KRXPD UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQPpGLFDOHGXWUDYDLOHWGHVpFXULWpDXWUDYDLOPHPEUH GRFWHXU $GHO %HQ -PkD UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUHGRFWHXU$OH\D%RXOEDEDUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH&RPPLVVLRQPpGLFDOHGH0HWODRXL GRFWHXU (]]HGLQH (O *KDUEL UHSUpVHQWDQW OD FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQWGRFWHXU0DQVRXU+DPKRXPUHSUpVHQWDQWOHPLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH GRFWHXU )pULG +PLGD UHSUpVHQWDQW OD GLUHFWLRQ GHOLQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO PHPEUHGRFWHXU0HKGL%HQ$EGHOIHWDKUHSUpVHQWDQWODFDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUHGRFWHXU+DWHP%HQ0DQVRXUUHSUpVHQWDQWOLQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH$UW 6RQW DEURJpHV OHV GLVSRVLWLRQV GH ODUUrWp GXPLQLVWUHGHVDIIDLUHVVRFLDOHVVXVYLVpGXQRYHPEUHSRUWDQW GpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHVWHUULWRULDOHVGHVFRPPLVVLRQVPpGLFDOHVKDELOLWpHVjIL[HUOHWDX[GLQFDSDFLWpSHUPDQHQWHGHWUDYDLOHWODQRPLQDWLRQGHOHXUVPHPEUHVWHOTXHPRGLILpSDUODUUrWpGXGpFHPEUH7XQLVOHGpFHPEUH/H0LQLVWUHGHV$IIDLUHV6RFLDOHVHWGHOD6ROLGDULWp&KHGO\1HIIDWL9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH ODVROLGDULWp GX GpFHPEUH SRUWDQWDSSUREDWLRQ GH ODYHQDQW Qƒ j OD FRQYHQWLRQFROOHFWLYH QDWLRQDOH GH OpOHFWULFLWp HW GHOpOHFWURQLTXH/H WH[WH GH FHW DYHQDQW HVW SXEOLp XQLTXHPHQW HQODQJXHDUDEH0,1,67(5('(/,17(5,(85(7'8'(9(/233(0(17/2&$/120,1$7,2163DUGpFUHWQƒGXGpFHPEUH0RQVLHXU0RKDPHG1HMLE6DQVDDUFKLWHFWHHQFKHIHVWFKDUJpGHVIRQFWLRQVGHFKHIGHGLYLVLRQGXFRQVHLOUpJLRQDODX JRXYHUQRUDW GH 6LOLDQD DYHF UDQJ HW SUpURJDWLYHV GHGLUHFWHXU GDGPLQLVWUDWLRQ FHQWUDOH HW EpQpILFLH GHVLQGHPQLWpVHWDYDQWDJHVDFFRUGpVjFHGHUQLHU3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $PRU /DMGHO SURIHVVHXU SULQFLSDO GHOHQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHIGH GLYLVLRQ GH OLQIRUPDWLRQ HW GHV FRQIpUHQFHV DXJRXYHUQRUDW GH 6ID[ DYHF UDQJ HW SUpURJDWLYHV GH VRXVGLUHFWHXU GDGPLQLVWUDWLRQ FHQWUDOH HW EpQpILFLH GHVLQGHPQLWpVHWDYDQWDJHVDFFRUGpVjFHGHUQLHU3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 1DELO 6RXGDQL DGPLQLVWUDWHXU FRQVHLOOHU HVWFKDUJp GHV IRQFWLRQV GH FKHI GH EXUHDX j OXQLWpGLQIRUPDWLRQ GRULHQWDWLRQ HW GX VXLYL j OD GLUHFWLRQJpQpUDOHGHVFROOHFWLYLWpVSXEOLTXHVORFDOHVDXPLQLVWqUHGHOLQWpULHXU HW GX GpYHORSSHPHQW ORFDO DYHF UDQJ HWSUpURJDWLYHVGHVRXVGLUHFWHXUGDGPLQLVWUDWLRQFHQWUDOH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $PRU $OODJXL LQJpQLHXU GHV WUDYDX[ HVWFKDUJp GHV IRQFWLRQV GH VHFUpWDLUH JpQpUDO GH GHX[LqPHFODVVHjODFRPPXQHGH&KHEED -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU$EGHONDGHU6KLPLDGPLQLVWUDWHXUHVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGHVDIIDLUHVDGPLQLVWUDWLYHVHWILQDQFLqUHVjODFRPPXQHGH+DPPDP&KDWW$UUrWp GX PLQLVWUH GH OLQWpULHXU HW GXGpYHORSSHPHQW ORFDO GX QRYHPEUH SRUWDQW RXYHUWXUH GXQ H[DPHQ SURIHVVLRQQHO VXUGRVVLHUV SRXU OD WLWXODULVDWLRQ GHV DJHQWVWHPSRUDLUHV GH OD FDWpJRULH $ GDQV OH JUDGHGLQJpQLHXU GHV WUDYDX[ DSSDUWHQDQW DX FRUSVFRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQVSXEOLTXHV DX PLQLVWqUH GH OLQWpULHXU HW GXGpYHORSSHPHQWORFDO/HPLQLVWUHGHOLQWpULHXUHWGXGpYHORSSHPHQWORFDO9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIHQVHPEOHOHVWH[WHVTXLORQWPRGLILpHRXFRPSOpWpH9X OH GpFUHW Qƒ GX RFWREUH IL[DQW OHVWDWXW SDUWLFXOLHU GHV DJHQWV WHPSRUDLUHV GH O(WDW GHVFROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV jFDUDFWqUHDGPLQLVWUDWLI9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXWSDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHVDGPLQLVWUDWLRQV SXEOLTXHV HQVHPEOH OHV WH[WHV TXL ORQWPRGLILpRXFRPSOpWp9X ODUUrWp GX RFWREUH IL[DQW OHV PRGDOLWpVGRUJDQLVDWLRQ GHOH[DPHQ SURIHVVLRQQHO VXU GRVVLHUVSRXUODWLWXODULVDWLRQGHVDJHQWVWHPSRUDLUHVGHODFDWpJRULH$GDQVOHJUDGHGLQJpQLHXUGHVWUDYDX[DSSDUWHQDQWDXFRUSVFRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DXPLQLVWqUHGHOLQWpULHXUHWGXGpYHORSSHPHQWORFDO$UUrWH$UWLFOHSUHPLHU±(VWRXYHUWDXPLQLVWqUHGHOLQWpULHXUHW GX GpYHORSSHPHQW ORFDO OH IpYULHU HW MRXUVVXLYDQWV XQ H[DPHQ SURIHVVLRQQHO VXU GRVVLHUV SRXU ODWLWXODULVDWLRQGHFLQTDJHQWVWHPSRUDLUHVGHODFDWpJRULH$DSSDUWHQDQWDXPLQLVWqUHGDQVOHJUDGHGLQJpQLHXUGHVWUDYDX[ DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHVDGPLQLVWUDWLRQVSXEOLTXHV$UW±/DGDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHVHVWIL[pHDXMDQYLHU7XQLVOHQRYHPEUH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL/H0LQLVWUHGHO,QWpULHXUHWGX'pYHORSSHPHQW/RFDO+pGL0KHQQL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH6RXVVHjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0HVGDPHV+DPLGD.DKELFK/LOLD%HQ+DVVDQ6DPLD$UQD]/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH.VDUjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0RQVLHXU5DFKLG'HUEDOL0DGDPH6RQLD(ODELGL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH0GLOODjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH6DPLD$PDwGLD/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH5HGDwHIjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0RQVLHXU5DFKHG*DPRXGL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH0HWODRXLjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH=HwQHE(UUDGDRXL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH6OLPDQjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0HVGDPHV$]L]D&KRXN1DwPD$\HG/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH'DU&KDkEDQH(O)HKULjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH5DRXGKD.DFHP/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH.RUEDjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH1DMRXD7RXPL1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH%L]HUWHjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH%HQ,VVD$OLD/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH6HMQHQjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH6RXDG5RPGKDQL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH0HQ]HO%RXUJXLEDjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0HVGDPHV&KHULID(O%HMDRXL6LKHP=LWRXQL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH0VDNHQjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH5LP


LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH*DIVDjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH1R]KD*KHGRXDU0RQVLHXU'DRXG0HVVDDL/LVWHGHVDQLPDWHXUVGHMDUGLQVGHQIDQWVH[HUoDQWjODFRPPXQHGH0KHPGLD)RXFKDQDjSURPRXYRLUDXFKRL[DXJUDGHGDQLPDWHXUGDSSOLFDWLRQGHMDUGLQGHQIDQWDXWLWUHGHODQQpH0DGDPH0RQLD&KWLRXL/LVWHGHVFRPPLVGDGPLQLVWUDWLRQjSURPRXYRLUDXFKRL[DXJUDGHGHVHFUpWDLUHGDGPLQLVWUDWLRQDXWLWUHGHODQQpHH[HUoDQWDX[FRPPXQHVGH=DJKRXDQ=ULED(O)DKVHW1DGKRXU0DGDPH 6DwGD +DPPDPL QpH +DGM %RXEDNHUFRPPXQHG(O)DKV0,1,67(5('(/(16(,*1(0(17683(5,(85'(/$5(&+(5&+(6&,(17,),48((7'(/$7(&+12/2*,(120,1$7,2163DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $OL )UHGM PDvWUH DVVLVWDQW GH OHQVHLJQHPHQWVXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH GR\HQ GH OD IDFXOWpGHVVFLHQFHVpFRQRPLTXHVHWGHJHVWLRQGH0DKGLDSRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXPDL3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RKDPHG 6DKEL $OODQL PDvWUH DVVLVWDQW GHOHQVHLJQHPHQWVXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGR\HQGH OD IDFXOWp GHV OHWWUHV HW GHV VFLHQFHV KXPDLQHV GH.DLURXDQjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0HNNL .VRXUL SURIHVVHXU GH OHQVHLJQHPHQWVXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHOLQVWLWXWQDWLRQDOGHVVFLHQFHVDSSOLTXpHVHWGHWHFKQRORJLHSRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RKLHGGLQH (O $ORXL SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHOLQVWLWXWVXSpULHXUGHVVFLHQFHVDSSOLTXpHVHWGHWHFKQRORJLHGH*DEqVjFRPSWHUGXMXLQ3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0DEURXN +DWLUD PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GH OLQVWLWXW VXSpULHXU GHV WHFKQRORJLHV GHOHQYLURQQHPHQWGHOXUEDQLVPHHWGXEkWLPHQWjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU +DFKHPL %DQQRXU PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GH OLQVWLWXW VXSpULHXU GHV pWXGHV DSSOLTXpHV HQKXPDQLWpVGH0DKGLDjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0DGDPH %DVPD +HQWDWL pSRXVH +DFKLFKD PDvWUHDVVLVWDQW GH OHQVHLJQHPHQW VXSpULHXU HVW FKDUJpH GHVIRQFWLRQV GH GLUHFWHXU GH OLQVWLWXW VXSpULHXU GHELRWHFKQRORJLHVGH6ID[jFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RKDPHG =LQHODELGLQH PDvWUH GHFRQIpUHQFHV HVW FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GHOLQVWLWXWVXSpULHXUGHPXVLTXHGH6RXVVHSRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXHUMXLQ3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RXUDG 6LDOD PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GH OLQVWLWXW VXSpULHXU GH PXVLTXH GH 6ID[ SRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXVHSWHPEUH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU


3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU+DELE&KDEFKRXEPDvWUHGHFRQIpUHQFHVHVWFKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OLQVWLWXW VXSpULHXU GHJHVWLRQLQGXVWULHOOHGH6ID[jFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RKDPHG 5D]DN -HGD\ SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GH OLQVWLWXW VXSpULHXU GLQIRUPDWLTXH HW GHPXOWLPpGLDGH*DEqVjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0RKDPHG 0HKGL 0DJGRXG DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHOLQVWLWXWVXSpULHXUGHIRUPDWLRQGHVPDvWUHVGH.DLURXDQjFRPSWHUGXVHSWHPEUH(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX GpFHPEUH UHODWLI j ORUJDQLVDWLRQDGPLQLVWUDWLYH HW ILQDQFLqUH GHV LQVWLWXWV VXSpULHXUV GHIRUPDWLRQGHVPDvWUHVHWDXUpJLPHGHODIRUPDWLRQDX[GLWVLQVWLWXWVHQVHPEOHOHVWH[WHVTXLORQWPRGLILpHWQRWDPPHQWOHGpFUHWQƒGXPDUVOLQWpUHVVpEpQpILFLHGHV LQGHPQLWpV HW DYDQWDJHV DFFRUGpV j XQ VRXVGLUHFWHXUGDGPLQLVWUDWLRQFHQWUDOH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU /RWIL %HOJDFHP PDvWUH GH FRQIpUHQFHV HVWFKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OLQVWLWXW GHV KDXWHVpWXGHVFRPPHUFLDOHVGH6RXVVHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 0RKDPHG *RDwHG SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GH OLQVWLWXW GHV KDXWHV pWXGHV FRPPHUFLDOHV GH&DUWKDJHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU )HWKL /DGKDU PDvWUH GH FRQIpUHQFHV HVWFKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OLQVWLWXW SUpSDUDWRLUHDX[pWXGHVGLQJpQLHXUVj6ID[SRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU %HFKLU %HQ +DVVLQH SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHOLQVWLWXWSUpSDUDWRLUHDX[pWXGHVGLQJpQLHXUVGH0RQDVWLUjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU .KDOHG *KHGLUD PDvWUH GH FRQIpUHQFHV HVWFKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OpFROH QDWLRQDOH GHVVFLHQFHVGHOLQIRUPDWLTXHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $EGHOODWLI *DGUL PDvWUH GH FRQIpUHQFHV HVWFKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH OpFROH QDWLRQDOHGLQJpQLHXUV GH *DEqV SRXU XQH QRXYHOOH SpULRGH jFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 6DVVL %HQ 1DVUDOODK SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHOpFROHQDWLRQDOHGLQJpQLHXUVGH0RQDVWLUSRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXDR€W3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU %RXEDNHU (O (XFK SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHOpFROHQDWLRQDOHGLQJpQLHXUVGH6ID[SRXUXQHQRXYHOOHSpULRGHjFRPSWHUGXMXLOOHW3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU$EGHOKDPLG%HQ


3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $EGHONHULP /RXDWL SURIHVVHXU SULQFLSDO GHOHQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHVVHUYLFHVFRPPXQVjOXQLYHUVLWp(]]LWRXQD3DUGpFUHWQƒGXQRYHPEUH0DGDPH -DPLOD %HQ 0XVWDSKD PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJpH GHV IRQFWLRQV GHGLUHFWHXU GHV VWDJHV j OD IDFXOWp GHV VFLHQFHV KXPDLQHV HWVRFLDOHVGH7XQLV3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0RKDPHG 7DKDU 6IDU SURIHVVHXU KRVSLWDORXQLYHUVLWDLUH HQ PpGHFLQH HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHVVWDJHVjODIDFXOWpGHPpGHFLQHGH0RQDVWLU3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 5LGKD 2XQL PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXUGHVVWDJHVjOLQVWLWXWVXSpULHXUGHFRPSWDELOLWpHWGDGPLQLVWUDWLRQGHVHQWUHSULVHV3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 5LGKD +DPGDQH PDvWUH GH FRQIpUHQFHV HVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHVpWXGHVjODIDFXOWpGHSKDUPDFLHGH0RQDVWLU3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0DKHU 0QLI PDvWUH DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GHGLUHFWHXU GHV pWXGHV GLUHFWHXU DGMRLQW j OLQVWLWXWSUpSDUDWRLUHDX[pWXGHVGLQJpQLHXUVGH6ID[3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0RKDPHG $OL 7RUMPDQH SURIHVVHXU GHOHQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHVRXVGLUHFWHXUGHVpTXLYDOHQFHVjODGLUHFWLRQGHVpTXLYDOHQFHVjOD GLUHFWLRQ JpQpUDOH GH OHQVHLJQHPHQW VXSpULHXU DXPLQLVWqUH GH OHQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU $OL /DE\HGK LQJpQLHXU SULQFLSDO HVW FKDUJpGHV IRQFWLRQV GH VRXVGLUHFWHXU GH OLQIRUPDWLTXH j ODGLUHFWLRQ GH OLQIRUPDWLTXH j OD GLUHFWLRQ JpQpUDOH GHVVHUYLFHVFRPPXQVDXPLQLVWqUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXGpFHPEUH0DGDPH /DWLID 0RXVVD pSRXVH %HQ .DGLGD FRQVHLOOHUGHV VHUYLFHV SXEOLFV HVW FKDUJpH GHV IRQFWLRQV GH VRXVGLUHFWHXU GX SHUVRQQHO HQVHLJQDQW j OD GLUHFWLRQ GHVUHVVRXUFHV KXPDLQHV j OD GLUHFWLRQ JpQpUDOH GHV VHUYLFHVFRPPXQV DX PLQLVWqUH GH OHQVHLJQHPHQW VXSpULHXU GH ODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU0RQFHI.KHPLULFRQVHLOOHUHQLQIRUPDWLRQHWRULHQWDWLRQVFRODLUHHWXQLYHUVLWDLUHHVWFKDUJpGHVIRQFWLRQVGH VRXVGLUHFWHXU GH OLQIRUPDWLRQ XQLYHUVLWDLUH j ODGLUHFWLRQGHORULHQWDWLRQHWGHOLQIRUPDWLRQXQLYHUVLWDLUHVjODGLUHFWLRQJpQpUDOHGHVDIIDLUHVHVWXGLDQWLQHVDXPLQLVWqUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXQRYHPEUH0DGDPH5DRXGKD%HO+DGM+PLGDpSRXVH%RX]JDURXDGPLQLVWUDWHXU HVW FKDUJpH GHV IRQFWLRQV GH VHFUpWDLUHJpQpUDO GpWDEOLVVHPHQW GHQVHLJQHPHQW VXSpULHXU HW GHUHFKHUFKHjODIDFXOWpGHVVFLHQFHVGH0RQDVWLU3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $EGHOKDL 0DQDL SURIHVVHXU SULQFLSDO GHOHQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GHVHFUpWDLUHJpQpUDOGpWDEOLVVHPHQWGHQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKHjOLQVWLWXWVXSpULHXUGHVVFLHQFHVKXPDLQHVGH7XQLV3DUGpFUHWQƒGXQRYHPEUH0DGDPH $ILID %RX]DLHQH pSRXVH +PLGDDGPLQLVWUDWHXU HVW FKDUJpH GHV IRQFWLRQV GH VHFUpWDLUHSULQFLSDO GXQLYHUVLWp SRXU DVVXUHU OD GLUHFWLRQ GH OD VRXVGLUHFWLRQGHVDIIDLUHVILQDQFLqUHVjODGLUHFWLRQGHVVHUYLFHVFRPPXQVjOXQLYHUVLWpGX&HQWUH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU )DRX]L +DFKHP LQJpQLHXU GHV WUDYDX[ HVWFKDUJp GHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO GXQLYHUVLWpSRXUDVVXUHUODGLUHFWLRQGHODVRXVGLUHFWLRQGHVEkWLPHQWVHW GpTXLSHPHQW j OD GLUHFWLRQ GHV VHUYLFHV FRPPXQV jOXQLYHUVLWpGX&HQWUH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU$GHO.HFKLFKHLQJpQLHXUSULQFLSDOHVWFKDUJpGHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO GXQLYHUVLWp SRXUDVVXUHU OD GLUHFWLRQ GH OD VRXVGLUHFWLRQ GHV pWXGHV GH ODSURVSHFWLRQGHOLQIRUPDWLTXHHWGHVQRXYHOOHVWHFKQLTXHVjODGLUHFWLRQGHVVHUYLFHVFRPPXQVjOXQLYHUVLWpGX&HQWUH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU


3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU,PHG6DVVLLQJpQLHXUSULQFLSDOHVWFKDUJpGHVIRQFWLRQV GH VHFUpWDLUH SULQFLSDO GpWDEOLVVHPHQWGHQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j OLQVWLWXWVXSpULHXUGHVpWXGHVWHFKQRORJLTXHVGH1DEHXO3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 1DFHXU $\DUL SURIHVVHXU SULQFLSDO GHOHQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GHVHFUpWDLUH SULQFLSDO GpWDEOLVVHPHQW GHQVHLJQHPHQWVXSpULHXU HW GH UHFKHUFKH j OLQVWLWXW VXSpULHXUGLQIRUPDWLTXHHWGHJHVWLRQGH.DLURXDQ3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU$QLV'DOKRXPLDGPLQLVWUDWHXUFRQVHLOOHUHVWFKDUJpGHVIRQFWLRQVGHVHFUpWDLUHGXQLYHUVLWpSRXUDVVXUHUODGLUHFWLRQGXVHUYLFHGHVUHODWLRQVDYHFOHQYLURQQHPHQWHWOLQWpJUDWLRQSURIHVVLRQQHOOHjODVRXVGLUHFWLRQGHVUHODWLRQVDYHF OHQYLURQQHPHQW OLQWpJUDWLRQ SURIHVVLRQQHOOH HW ODIRUPDWLRQFRQWLQXHjODGLUHFWLRQGHVDIIDLUHVDFDGpPLTXHVHWGXSDUWHQDULDWVFLHQWLILTXHjOXQLYHUVLWpGX&HQWUH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 5LGKD $JKLU LQJpQLHXU GHV WUDYDX[ HVW FKDUJpGHVIRQFWLRQVGHVHFUpWDLUHGXQLYHUVLWpSRXUDVVXUHUODGLUHFWLRQGX VHUYLFH GHV PDWpULHOV GHV pTXLSHPHQWV HW GHQWUHWLHQ j ODVRXVGLUHFWLRQGHVEkWLPHQWVHWGpTXLSHPHQWjODGLUHFWLRQGHVVHUYLFHVFRPPXQVjOXQLYHUVLWpGX&HQWUH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU +DWHP 0VDNQL LQJpQLHXU GHV WUDYDX[ HVWFKDUJpGHVIRQFWLRQVGHVHFUpWDLUHGXQLYHUVLWpSRXUDVVXUHUODGLUHFWLRQGXVHUYLFHGHVpWXGHVWHFKQLTXHVHWGXVXLYLGHVEkWLPHQWVjODVRXVGLUHFWLRQGHVEkWLPHQWVHWGpTXLSHPHQWj OD GLUHFWLRQ GHV VHUYLFHV FRPPXQV j OXQLYHUVLWp GX&HQWUH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU+DIHGK0XIWLLQJpQLHXUSULQFLSDOHVWFKDUJpGHV IRQFWLRQV GH VHFUpWDLUH GpWDEOLVVHPHQW GHQVHLJQHPHQWVXSpULHXU HW GH UHFKHUFKH j OLQVWLWXW VXSpULHXU GHV pWXGHVWHFKQRORJLTXHVj*DIVD3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 1DELO /LRXDQH DGPLQLVWUDWHXU FRQVHLOOHU HVWFKDUJp GHV IRQFWLRQV GH VHFUpWDLUH GpWDEOLVVHPHQWGHQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j OD IDFXOWp GHPpGHFLQHGHQWDLUHGH0RQDVWLU3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU)HWKL%RXJULQHDGPLQLVWUDWHXUFRQVHLOOHUHVWFKDUJp GHV IRQFWLRQV GH VHFUpWDLUH GpWDEOLVVHPHQWGHQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKHjOpFROHQDWLRQDOHGLQJpQLHXUVGH0RQDVWLU3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU6RXKHwO$FKRXUDGPLQLVWUDWHXUFRQVHLOOHUHVWFKDUJp GHV IRQFWLRQV GH VHFUpWDLUH GpWDEOLVVHPHQWGHQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j OD IDFXOWp GHVVFLHQFHVpFRQRPLTXHVHWGHJHVWLRQGH0DKGLD3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU&KLKHE%HQ$OLSURIHVVHXUGHOHQVHLJQHPHQWVHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH VHFUpWDLUHGpWDEOLVVHPHQWGHQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKHjOLQVWLWXW VXSpULHXU GLQIRUPDWLTXH HW GH PDWKpPDWLTXHV GH0RQDVWLU3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0LOHG $EGHOOL DGPLQLVWUDWHXU FRQVHLOOHU HVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGHOKpEHUJHPHQWHWGH OD UHVWDXUDWLRQ j OD VRXVGLUHFWLRQ GHV °XYUHVXQLYHUVLWDLUHV j ORIILFH GHV °XYUHV XQLYHUVLWDLUHV SRXU OH&HQWUH DX PLQLVWqUH GH OHQVHLJQHPHQW VXSpULHXU GH ODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU =RXKDLHU .ULPL LQJpQLHXU SULQFLSDO HVWFKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GHV SURMHWV j ODVRXVGLUHFWLRQ GH OLQIRUPDWLTXH j OD GLUHFWLRQ GHOLQIRUPDWLTXHjODGLUHFWLRQJpQpUDOHGHVVHUYLFHVFRPPXQVDX PLQLVWqUH GH OHQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU &KRNUL $NUHPL LQJpQLHXU GHV WUDYDX[ HVWFKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GDGPLQLVWUDWLRQFHQWUDOH DX EXUHDX GH OD VpFXULWp HW GH OD SHUPDQHQFH DXPLQLVWqUH GH OHQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH$UUrWpGHVPLQLVWUHVGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHHWGH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHVUHVVRXUFHV K\GUDXOLTXHV GX GpFHPEUH IL[DQWOHUpJLPHGHVpWXGHVHWGHVH[DPHQVGDQVOHVF\FOHVSUpSDUDWRLUHVDX[pWXGHVGLQJpQLHXU/HV PLQLVWUHV GH OHQVHLJQHPHQW VXSpULHXU GH ODUHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH HW GHODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHV9X OD ORL Qƒ GX MXLOOHW UHODWLYH jOHQVHLJQHPHQW VXSpULHXU HW j OD UHFKHUFKH VFLHQWLILTXHHQVHPEOH OHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQW OD ORL Qƒ GX MXLOOHW HWQRWDPPHQWVRQDUWLFOH9XOHGpFUHWQƒGXGpFHPEUHSRUWDQWRUJDQLVDWLRQ GHV XQLYHUVLWpV HW GHV pWDEOLVVHPHQWVGHQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH VFLHQWLILTXHHQVHPEOH OHV WH[WHV TXL ORQW PRGLILp RX FRPSOpWp HWQRWDPPHQWOHGpFUHWQƒGXMDQYLHU -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


9X OH GpFUHW Qƒ GX QRYHPEUH IL[DQWODXWRULWpFRPSpWHQWHSRXUVLJQHUOHVGLSO{PHVVFLHQWLILTXHVQDWLRQDX[9XOHGpFUHWQƒGXMDQYLHULQVWLWXDQWHWRUJDQLVDQW GHV FRQFRXUV QDWLRQDX[ GHQWUpH DX[ F\FOHV GHIRUPDWLRQGLQJpQLHXUV9X OH GpFUHW Qƒ GX MXLOOHW IL[DQW ODFRQWULEXWLRQILQDQFLqUHGHVpWXGLDQWVjODYLHXQLYHUVLWDLUHWHOTXHPRGLILpSDUOHGpFUHWQƒGXMXLOOHW9X OH GpFUHW Qƒ GX DR€W IL[DQW OHFDGUHJpQpUDOGXUpJLPHGHVpWXGHVHWGHVH[DPHQVGDQVOHVF\FOHVSUpSDUDWRLUHVDX[pWXGHVGLQJpQLHXU$UUrWHQW$UWLFOH SUHPLHU ± /H SUpVHQW DUUrWp IL[H OH UpJLPH GHVpWXGHV HW GHV H[DPHQV GDQV OHV F\FOHV SUpSDUDWRLUHV DX[pWXGHVGLQJpQLHXUSRXUOHVILOLqUHVVXLYDQWHVPDWKpPDWLTXHVHWSK\VLTXH03SK\VLTXHHWFKLPLH3&WHFKQRORJLH7ELRORJLHHWJpRORJLH%*&+$3,75(35(0,(5'XUpJLPHGHVpWXGHV$UW ± /HV pWXGHV GDQV FKDFXQH GHV ILOLqUHV FLWpHV jODUWLFOHSUHPLHUFLGHVVXVGXUHQWGHX[DQQpHV$UW±/HVHQVHLJQHPHQWVVRQWREOLJDWRLUHVHWDQQXHOV,OV VRQW GLVSHQVpV VRXV IRUPH GH FRXUV &GH WUDYDX[GLULJpV7'HWGHWUDYDX[SUDWLTXHV73$UW ± 3RXU OD ILOLqUH PDWKpPDWLTXHV HW SK\VLTXH03 OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHVGHQVHLJQHPHQWV OHXUV YROXPHV KRUDLUHV KHEGRPDGDLUHVOHXUV FRHIILFLHQWV HW OD GXUpH GH OHXUV pSUHXYHV VRQW IL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV3UHPLqUHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQj+PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ +PQ +PQ0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ 'HX[LqPHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ 0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ /HSUpVLGHQWGHOXQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHOpWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLOVFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU OHQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV jFRQFXUUHQFHGHWUHQWHHWXQHKHXUHVHQSUHPLqUHDQQpHHWWUHQWHKHXUHVHQGHX[LqPHDQQpH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


$UW ± 3RXU OD ILOLqUH SK\VLTXH HW FKLPLH 3& OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHV GHQVHLJQHPHQWV OHXUV YROXPHVKRUDLUHVKHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV0DWLqUHV3UHPLqUHDQQpH9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ +PQ +PQ0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ 'HX[LqPHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ 0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ /HSUpVLGHQWGHOXQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHOpWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLOVFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU OHQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV jFRQFXUUHQFHGHWUHQWHTXDWUHKHXUHVHQSUHPLqUHDQQpHHWWUHQWHWURLVKHXUHVHQGHX[LqPHDQQpH$UW ± 3RXU OD ILOLqUH WHFKQRORJLH 7 OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHV GHQVHLJQHPHQWV OHXUV YROXPHV KRUDLUHVKHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV3UHPLqUHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII 'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ +PQ +PQ0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


'HX[LqPHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ 0pFDQLTXHJpQpUDOH6FLHQFHVHWWHFKQLTXHVGHOLQJpQLHXU+PQ +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ /HSUpVLGHQWGHOXQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHOpWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLOVFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU OHQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV jFRQFXUUHQFHGHWUHQWHTXDWUHKHXUHVHQSUHPLqUHDQQpHHWWUHQWHWURLVKHXUHVHQGHX[LqPHDQQpH$UW±3RXUODILOLqUHELRORJLHHWJpRORJLH%*OHVPDWLqUHVHQVHLJQpHVOHXUVIRUPHVGHQVHLJQHPHQWVOHXUVYROXPHVKRUDLUHVKHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV3UHPLqUHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ +PQ +PQ6FLHQFHVELRORJLTXHVHWJpRORJLTXHV +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ 'HX[LqPHDQQpH0DWLqUHV9ROXPHKRUDLUH )RUPHVGHQVHLJQHPHQWKHEGRPDGDLUH & 7' 73&RHII'XUpHGHVpSUHXYHV0DWKpPDWLTXHV +PQ +PQ +PQ +PQ3K\VLTXH +PQ +PQ +PQ +PQ +PQ&KLPLH +PQ +PQ +PQ +PQ +PQ)UDQoDLV +PQ +PQ +PQ$QJODLV +PQ +PQ +PQ,QIRUPDWLTXH +PQ +PQ %LRFKLPLH +PQ +PQ +PQ +PQ +PQ6FLHQFHVELRORJLTXHVHWJpRORJLTXHV +PQ +PQ +PQ +PQ7RWDO +PQ +PQ +PQ +PQ 1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


H SUpVLGHQW GH OXQLYHUVLWp FRQFHUQpH SHXW VXUSURSRVLWLRQ GX GLUHFWHXU GH OpWDEOLVVHPHQW FRQFHUQp DSUqVDYLV GX FRQVHLO VFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUHKHEGRPDGDLUH JOREDO UpVHUYp SRXU OHQVHPEOH GHVHQVHLJQHPHQWVIL[pVFLGHVVXVjFRQFXUUHQFHGHWUHQWHWURLVKHXUHVHQSUHPLqUHDQQpHHWWUHQWHTXDWUHKHXUHVHQGHX[LqPHDQQpH$UW±$YDQWOHGpEXWGHFKDTXHDQQpHXQLYHUVLWDLUHOHV pWDEOLVVHPHQWV KDELOLWpV j RUJDQLVHU OHV F\FOHVSUpSDUDWRLUHV DX[ pWXGHV GLQJpQLHXU UHQGHQW SXEOLF OHFRQWHQX GHV SURJUDPPHV GHQVHLJQHPHQW GH FKDFXQH GHVPDWLqUHVIL[pHVDX[DUWLFOHVHWGXSUpVHQWDUUrWp&+$3,75(,,'XUpJLPHGHVH[DPHQV$UW ± /HV DSWLWXGHV GHV pWXGLDQWV GHV F\FOHVSUpSDUDWRLUHV HW OHXU DFTXLVLWLRQ GHV FRQQDLVVDQFHV VRQWFRQWU{OpHV GXUDQW FKDTXH WULPHVWUH GH IDoRQ UpJXOLqUH HWFRQWLQXH$UW±3RXUFKDFXQHGHVPDWLqUHVHQVHLJQpHVLOHVWRUJDQLVpDXPRLQVXQWHVWGHFRQWU{OHXQGHYRLUVXUYHLOOpHWXQHLQWHUURJDWLRQRUDOHSDUWULPHVWUHDLQVLTXXQH[DPHQGHILQGHWULPHVWUH/HV HQVHLJQHPHQWV SUDWLTXHV VRQW pYDOXpV VXU OD EDVHGXQFRQWU{OHFRQWLQX$UW±$ODILQGHFKDTXHWULPHVWUHODPR\HQQHGHFKDTXHpWXGLDQWSRXUFKDFXQHGHVPDWLqUHVHQVHLJQpHVHVWFDOFXOpH VXU OD EDVH GHV QRWHV REWHQXHV DX[ GLIIpUHQWHVpSUHXYHVpFULWHVSUDWLTXHVHWRUDOHVVHORQOHVSRXUFHQWDJHVGHSRQGpUDWLRQVXLYDQWHVD 3RXU OHV PDWLqUHV GLVSHQVpHV VRXV IRUPH GH FRXUVWUDYDX[GLULJpVHWWUDYDX[SUDWLTXHVRXVRXVIRUPHGHFRXUVHWWUDYDX[SUDWLTXHVWHVWVGHFRQWU{OHHWRUDOGHYRLUVVXUYHLOOpVWUDYDX[SUDWLTXHVH[DPHQVGHILQGHWULPHVWUHE3RXUOHVPDWLqUHVGLVSHQVpHVVRXVIRUPHGHFRXUVHWWUDYDX[GLULJpVRXVRXVIRUPHGHFRXUVWHVWVGHFRQWU{OHHWRUDOGHYRLUVVXUYHLOOpVH[DPHQVGHILQGHWULPHVWUHF 3RXU OHV PDWLqUHV GLVSHQVpHV VRXV IRUPH GH WUDYDX[SUDWLTXHVFRQWU{OHFRQWLQX$UW ± ,O HVW FDOFXOp SRXU FKDTXH pWXGLDQW XQHPR\HQQHWULPHVWULHOOHVXUODEDVHGHVFRHIILFLHQWVIL[pVSRXUFKDTXHILOLqUHDX[DUWLFOHVHWGXSUpVHQWDUUrWp$UW±/DPR\HQQHDQQXHOOHSRXUFKDFXQHGHVGHX[DQQpHVGHIRUPDWLRQHVWFDOFXOpHHQDIIHFWDQWDX[PR\HQQHVWULPHVWULHOOHV GHV GHX[LqPH HW WURLVLqPH WULPHVWUHV XQFRHIILFLHQW GH SRQGpUDWLRQ GRXEOH GH FHOXL DIIHFWp j ODPR\HQQHGXSUHPLHUWULPHVWUH$UW±/HFRQVHLOGHFODVVHGpFLGHHQIRQFWLRQGHODPR\HQQH DQQXHOOH HW GHV DSWLWXGHV GH OpWXGLDQW HQ FRXUVGDQQpHGXSDVVDJHGHODSUHPLqUHjODGHX[LqPHDQQpHGXF\FOHSUpSDUDWRLUH$UW ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH6DGRN&KDkEDQH/H0LQLVWUHGHO$JULFXOWXUHGHO(QYLURQQHPHQWHWGHV5HVVRXUFHV+\GUDXOLTXHV0RKDPHG+DELE+DGGDG9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$UUrWpGXPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHGXGpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH/HPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIHQVHPEOH OHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQWODORLQƒGXGpFHPEUH9XOHGpFUHWQƒGXMXLQDXWRULVDQWOHVPLQLVWUHVHWVHFUpWDLUHVG(WDWjGpOpJXHUOHXUVLJQDWXUH9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW9XOHGpFUHWQƒGXQRYHPEUHFKDUJHDQW0RQVLHXU6DwG%KLUDDVVLVWDQWGHOHQVHLJQHPHQWVXSpULHXUGHVIRQFWLRQV GH GLUHFWHXU JpQpUDO GH ORIILFH GHV °XYUHVXQLYHUVLWDLUHVSRXUOH1RUGjFRPSWHUGXRFWREUH$UUrWH$UWLFOH SUHPLHU &RQIRUPpPHQW DX[ GLVSRVLWLRQV GXSDUDJUDSKHGHODUWLFOHSUHPLHUGXGpFUHWVXVYLVpQƒGX MXLQ 0RQVLHXU 6DwG %KLUD DVVLVWDQW GHOHQVHLJQHPHQW VXSpULHXU FKDUJp GHV IRQFWLRQV GH GLUHFWHXUJpQpUDOGHORIILFHGHV°XYUHVXQLYHUVLWDLUHVSRXUOH1RUGHVWDXWRULVpjVLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHWRXVOHVDFWHVHQWUDQWGDQVOHFDGUHGHVHVDWWULEXWLRQVjOH[FHSWLRQGHVDFWHVjFDUDFWqUHUpJOHPHQWDLUH$UW/HSUpVHQWDUUrWpSUHQGHIIHWjFRPSWHUGXRFWREUH HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH6DGRN&KDkEDQH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$UUrWp GX PLQLVWUH GH OHQVHLJQHPHQW VXSpULHXU GHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHGXGpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH/HPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHW -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIHQVHPEOH OHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQWODORLQƒGXGpFHPEUH9XOHGpFUHWQƒGXMXLQDXWRULVDQWOHVPLQLVWUHVHWVHFUpWDLUHVG(WDWjGpOpJXHUOHXUVLJQDWXUH9XOHGpFUHWQƒGXGpFHPEUHSRUWDQWRUJDQLVDWLRQ GHV XQLYHUVLWpV HW GHV pWDEOLVVHPHQWVGHQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH VFLHQWLILTXHHQVHPEOH OHV WH[WHV TXL ORQW PRGLILp HW FRPSOpWp HWQRWDPPHQWOHGpFUHWQƒGXMDQYLHU9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGHVPHPEUHVGHJRXYHUQHPHQW9X OH GpFUHW Qƒ GX RFWREUH FKDUJHDQW 0RQVLHXU 0RKDPHG $OL +DP]D SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU GHV IRQFWLRQV GH SUpVLGHQW GHOXQLYHUVLWpGXFHQWUHjFRPSWHUGXVHSWHPEUH$UUrWH$UWLFOH SUHPLHU &RQIRUPpPHQW DX[ GLVSRVLWLRQV GXSDUDJUDSKHGHODUWLFOHSUHPLHUGXGpFUHWVXVYLVpQƒGX MXLQ 0RQVLHXU 0RKDPHG $OL +DP]DSURIHVVHXU GH OHQVHLJQHPHQW VXSpULHXU FKDUJp GHVIRQFWLRQVGHSUpVLGHQWGHOXQLYHUVLWpGXFHQWUHHVWDXWRULVpj VLJQHU SDU GpOpJDWLRQ GX PLQLVWUH GH OHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHOHVRUGUHVGHVPLVVLRQVHIIHFWXpHVSDUOHVHQVHLJQDQWVFKHUFKHXUV UHOHYDQW GHV XQLYHUVLWpV DLQVL TXH OH SHUVRQQHODGPLQLVWUDWLI HW WHFKQLTXH j OH[FHSWLRQ GHV GR\HQV HW GHVGLUHFWHXUV GHV pWDEOLVVHPHQWV GHQVHLJQHPHQW VXSpULHXU HWGHUHFKHUFKHOHVGpFLVLRQVGRFWURLGHVVXEYHQWLRQVGHUHFKHUFKHDXSURILWGHVHQVHLJQDQWVFKHUFKHXUV OHV GpFLVLRQV GRFWURL GHV VXEYHQWLRQV j GLYHUVHVRUJDQLVDWLRQVOHVPpPRLUHVGHUpJXODULVDWLRQGHVRUGUHVGHPLVVLRQ$UW/HSUpVHQWDUUrWpSUHQGHIIHWjFRPSWHUGXVHSWHPEUH HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH6DGRN&KDkEDQH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$UUrWpGXPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHOD UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH GX GpFHPEUH SRUWDQW GpOpJDWLRQ GHVLJQDWXUH/HPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIHQVHPEOH OHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQW OD ORL Qƒ GX GpFHPEUH HWQRWDPPHQWVRQDUWLFOHQRXYHDX9X OD ORL Qƒ GX MXLOOHW UHODWLYH jOHQVHLJQHPHQWVXSpULHXUHWjODUHFKHUFKHVFLHQWLILTXHWHOOHTXH PRGLILpH HW FRPSOpWpH SDU OD ORL Qƒ GX MXLOOHWHWQRWDPPHQWVRQDUWLFOHQRXYHDX9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGHVPHPEUHVGHJRXYHUQHPHQW9X OH GpFUHW Qƒ GX RFWREUH FKDUJHDQW 0RQVLHXU 0RKDPHG $OL +DP]D SURIHVVHXU GHOHQVHLJQHPHQW VXSpULHXU GHV IRQFWLRQV GH SUpVLGHQW GHOXQLYHUVLWpGXFHQWUHjFRPSWHUGXVHSWHPEUH$UUrWH$UWLFOH SUHPLHU &RQIRUPpPHQW DX[ GLVSRVLWLRQV GHODUWLFOH QRXYHDX GH OD ORL Qƒ GX MXLOOHW UHODWLYH j OHQVHLJQHPHQW VXSpULHXU HW j OD UHFKHUFKHVFLHQWLILTXHWHOOHTXHPRGLILpHHWFRPSOpWpHSDUODORLQƒ GX MXLOOHW 0RQVLHXU 0RKDPHG $OL+DP]D SURIHVVHXU GH OHQVHLJQHPHQW VXSpULHXU FKDUJp GHVIRQFWLRQVGHSUpVLGHQWGHOXQLYHUVLWpGXFHQWUHHVWDXWRULVpjVLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHOHQVHLJQHPHQWVXSpULHXUGH OD UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH OHV DUUrWpVUHODWLIV DX[ VDQFWLRQV GLVFLSOLQDLUHV GX SUHPLHU GHJUpFRQFHUQDQWOHSHUVRQQHOGHQVHLJQHPHQWHWGHUHFKHUFKH$UW/HSUpVHQWDUUrWpSUHQGHIIHWjFRPSWHUGXVHSWHPEUH HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH6DGRN&KDkEDQH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL0,1,67(5('87285,60('8&200(5&((7'(/$57,6$1$7$UUrWp GX PLQLVWUH GX WRXULVPH GX FRPPHUFH HWGH ODUWLVDQDW GX GpFHPEUH UHODWLI j ODIL[DWLRQ GH OD GXUpH PD[LPDOH GH ORUJDQLVDWLRQGHV MHX[ SURPRWLRQQHOV HW OD YDOHXU PD[LPDOH GXORWDFFRUGp/HPLQLVWUHGXWRXULVPHGXFRPPHUFHHWGHODUWLVDQDW9XODORLQƒGXMXLOOHWUHODWLYHDX[MHX[SURPRWLRQQHOVHWQRWDPPHQWVRQDUWLFOH$UUrWH$UWLFOH SUHPLHU /D GXUpH PD[LPDOH GH ORUJDQLVDWLRQGXMHXSURPRWLRQQHOHVWIL[pHjTXDWUHYLQWGL[MRXUVMRXUV$UW/DYDOHXUPD[LPDOHGXORWjDWWULEXHUHVWIL[pHjTXLQ]HPLOOHGLQDUVGWRXWHVWD[HVFRPSULVHV$XFDVROHVORWVDFFRUGpVVRQWVRXVIRUPHGHSURGXLWVOHXU YDOHXU HVW IL[pH SDU UpIpUHQFH DX SUL[ GHYHQWHSXEOLFGHVSURGXLWVVLPLODLUHV$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGX7RXULVPHGX&RPPHUFHHWGHO$UWLVDQDW0RQGKHU=HQDwGL9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


0,1,67(5('(/$-867,&((7'(6'52,76'(/+200($775,%87,21'(/$1$7,21$/,7(781,6,(11(3DUGpFUHWQƒGXGpFHPEUH/D QDWLRQDOLWp WXQLVLHQQH HVW DWWULEXpH SDU YRLH GHQDWXUDOLVDWLRQj0RQVLHXUHW0DGDPH1HPHFHNMRKDQQ.DUO%HQ-RKDQQ)UDQ]Qpj9LHQQHOHGpFHPEUH0LORYDQRYLH1DGH]GD%HQW$OHNVDQGHUQpHj%HRJUDGOHQRYHPEUH$UUrWp GX PLQLVWUH GH OD MXVWLFH HW GX GURLW GHO+RPPH GX GpFHPEUH UHODWLI jOLPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH/HPLQLVWUHGHODMXVWLFHHWGXGURLWGHO+RPPH9X OH GpFUHWORL Qƒ GX IpYULHU UHODWLI jOLPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HWFRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQWVRQDUWLFOHQRXYHDX$UUrWH$UWLFOHXQLTXH,OVHUDSURFpGpjFRPSWHUGXHUPDUV SDU OLPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DXUHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQLPPDWULFXOpV HW QRQ EkWLV VLV GDQV OLPDGDW GH©'RXDUDªGpOpJDWLRQGH2P(O$UwDHVJRXYHUQRUDWGH*DIVD7XQLVOHGpFHPEUH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL/H0LQLVWUHGHOD-XVWLFHHWGHV'URLWVGHO+RPPH%pFKLU7HNDUL0,1,67(5('(/('8&$7,21(7'(/$)250$7,210$,17,(1(1$&7,9,7(3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $EGHVVDOHP 'LPDVVL SURIHVVHXU KRUV FODVVHGH OHQVHLJQHPHQW FKDUJp GH PLVVLRQ DX PLQLVWqUH GHOpGXFDWLRQHWGHODIRUPDWLRQHVWPDLQWHQXHQDFWLYLWpSRXUXQHGHX[LqPHDQQpHjFRPSWHUGX HU PDUV0,1,67(5('(6'20$,1(6'(/(7$7(7'(6$))$,5(6)21&,(5(6'pFUHWQƒGXGpFHPEUHSRUWDQWH[SURSULDWLRQ SRXU FDXVH GXWLOLWp SXEOLTXH GHSDUFHOOHVGHWHUUHVLVHVDX[GpOpJDWLRQVGH0HQ]HO7HPLPH HW +DRXDULD JRXYHUQRUDW GH 1DEHXO HWQpFHVVDLUHV j OD FRQVWUXFWLRQ GXQ EDUUDJHFROOLQDLUHVXU2XHG$NUDQ/H3UpVLGHQWGHOD5pSXEOLTXH6XU SURSRVLWLRQ GX PLQLVWUH GHV GRPDLQHV GH O(WDW HWGHVDIIDLUHVIRQFLqUHV9X OD ORL Qƒ GX DR€W SRUWDQW UHIRQWH GH ODOpJLVODWLRQUHODWLYHjOH[SURSULDWLRQSRXUFDXVHGXWLOLWpSXEOLTXH9X ODYLV GHV PLQLVWUHV GH OLQWpULHXU HW GXGpYHORSSHPHQWORFDOHWGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV'pFUqWH$UWLFOH SUHPLHU ± 6RQW H[SURSULpHV SRXU FDXVH GXWLOLWpSXEOLTXHDXSURILWGHO(WDWHQYXHGrWUHLQFRUSRUpHVDXGRPDLQHSXEOLFK\GUDXOLTXHSRXUrWUHPLVHVjODGLVSRVLWLRQGXPLQLVWqUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHVGHV SDUFHOOHV GH WHUUH DJULFROH VLVHV DX[ GpOpJDWLRQV GH 0HQ]HO7HPLPH HW +DRXDULD JRXYHUQRUDW GH 1DEHXO QpFHVVDLUHV j ODFRQVWUXFWLRQGXQEDUUDJHFROOLQDLUHVXU2XHG$NUDQHQWRXUpHVHQOLVHUpVYHUWMDXQHURXJHQRLUYLROHWRUDQJHUPDUURQHWEOHXVXUOHSODQDQQH[pDXSUpVHQWGpFUHWHWLQGLTXpHVDXWDEOHDXFLDSUqV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW ± 6RQW pJDOHPHQW H[SURSULpV WRXV OHV GURLWVPRELOLHUV HW LPPRELOLHUV TXL JUqYHQW RX SRXUUDLHQW JUHYHUOHVGLWHVSDUFHOOHV$UW±/DSUpVHQWHH[SURSULDWLRQHVWGpFODUpHXUJHQWH$UW±/HVPLQLVWUHVGHOLQWpULHXUHWGXGpYHORSSHPHQWORFDO GH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHVHWGHVGRPDLQHVGHO(WDWHWGHVDIIDLUHVIRQFLqUHVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHOH[pFXWLRQGXSUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH=LQH(O$ELGLQH%HQ$OL$UUrWp GX PLQLVWUH GHV GRPDLQHV GH O(WDW HW GHVDIIDLUHV IRQFLqUHV GX GpFHPEUH PRGLILDQWHW FRPSOpWDQW ODUUrWp GX PLQLVWUH GHV GRPDLQHVGH O(WDW HW GHV DIIDLUHV IRQFLqUHV GX RFWREUH IL[DQW OHV PRGDOLWpV GRUJDQLVDWLRQ GXFRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OHUHFUXWHPHQW GLQJpQLHXUV SULQFLSDX[ DX PLQLVWqUHGHVGRPDLQHVGHO(WDWHWGHVDIIDLUHVIRQFLqUHV/H PLQLVWUH GHV GRPDLQHV GH O(WDW HW GHV DIIDLUHVIRQFLqUHV9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLIHQVHPEOH OHV WH[WHV TXL ORQW PRGLILpH RX FRPSOpWpH HWQRWDPPHQWODORLQƒGXGpFHPEUH9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWGLVSRVLWLRQVGpURJDWRLUHVSRXUODSDUWLFLSDWLRQDX[FRQFRXUVGHUHFUXWHPHQWjWLWUHGH[WHUQHWHOTXLODpWpFRPSOpWpSDUOHGpFUHWQƒGXDR€W9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXWSDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHVDGPLQLVWUDWLRQV SXEOLTXHV WHO TXLO D pWp PRGLILp HWFRPSOpWpSDUOHGpFUHWQƒGXHUDR€W9X ODUUrWp GX PLQLVWUH GHV GRPDLQHV GH O(WDW HW GHVDIIDLUHVIRQFLqUHVGXRFWREUHIL[DQWOHVPRGDOLWpVGRUJDQLVDWLRQ GX FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OHUHFUXWHPHQW GLQJpQLHXUV SULQFLSDX[ DX PLQLVWqUH GHVGRPDLQHVGHO(WDWHWGHVDIIDLUHVIRQFLqUHV$UUrWH$UWLFOH SUHPLHU 6RQW DMRXWpHV j ODQQH[H UHODWLYH DXSURJUDPPH GX FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OHUHFUXWHPHQW GLQJpQLHXUV SULQFLSDX[ DX PLQLVWqUH GHVGRPDLQHV GH O(WDW HW GHV DIIDLUHV IRQFLqUHV DQQH[pH jODUUrWp GX PLQLVWqUH GHV GRPDLQHV GH O(WDW HW GHV DIIDLUHVIRQFLqUHV GX RFWREUH VXVYLVp OHV VSpFLDOLWpVVXLYDQWHV9*pQLHDJULFROH6SpFLDOLWp)RUrWV/HUHERLVHPHQWIRUHVWLHU/DFUpDWLRQGHVSpSLQLqUHVIRUHVWLqUHV/DPpQDJHPHQWGHVIRUrWVQDWXUHOOHVHWDUWLILFLHOOHV/LQYHQWDLUHV\OYRSDVWRUDO/HVSURMHWVIRUHVWLHUVLQWpJUpV/HVSURMHWVGDPpOLRUDWLRQGHVSDUFRXUVQDWXUHOV/DPpQDJHPHQWGHVSDUFRXUVQDWXUHOVHWDPpQDJpV/DVWUDWpJLHGHOXWWHFRQWUHODGpVHUWLILFDWLRQx /pFRQRPLH IRUHVWLqUH HW OH[SORLWDWLRQ GHV UHVVRXUFHVIRUHVWLqUHVx/DOpJLVODWLRQIRUHVWLqUHx /D SURWHFWLRQ GHV IRUHWV FRQWUH OHV LQFHQGLHV HW OHVUDYDJHXUVx/HVUpVHUYHVQDWXUHOOHVHWOHVMDUGLQVSXEOLFVx/HVUpJLRQVKXPLGHVx /D WpOpGpWHFWLRQ HW OHV V\VWqPHV G LQIRUPDWLRQJpRJUDSKLTXHV6,*x/HVEULVHVYHQWW\SHVFDUDFWpULVWLTXHVHWPRGDOLWpVGHSURWHFWLRQGHVFXOWXUHV6SpFLDOLWp5HVVRXUFHVHQHDX2SWLRQ+\GURORJLHOHVFDUDFWpULVWLTXHVSK\VLTXHVGXEDVVLQYHUVDQWGXQFRXUVGHDX'LPHQVLRQVHWIRUPH5HOLHI(WXGHGHODSOXYLRPpWULHD0HVXUH$SSDUHLOVGHPHVXUHHWGHQUHJLVWUHPHQW&RQGLWLRQVGLQVWDOODWLRQGHVSRVWHVSOXYLRPpWULTXHV0pWKRGRORJLHGHPHVXUHE,QWHUSUpWDWLRQGHVPHVXUHV&RQWU{OHGHVGRQQpHV$QDO\VHGHVGRQQpHV&DOFXOGHODSOXYLRPpWULHPR\HQQHHQXQHVWDWLRQx0R\HQQHVPHQVXHOOHVHWVDLVRQQLqUHVx0R\HQQHVDQQXHOOHVHWLQWHUDQQXHOOHV&DOFXO GH OD SOXYLRPpWULH PR\HQQH VXU XQ EDVVLQYHUVDQW'LIIpUHQWHV PpWKRGHV GH FDOFXO GH OLQWHQVLWp GXQHDYHUVH7UDFpGXQK\VWRJUDPPH&$QDO\VHVVWDWLVWLTXHVx $MXVWHPHQW GHV ORLV VWDWLVWLTXHV DX[ VpULHVSOXYLRPpWULTXHV,QWHUSUpWDWLRQGHVUpVXOWDWVGHVDMXVWHPHQWV&RXUEHVLQWHQVLWpGXUpHIUpTXHQFH/K\GURpWULHD/DOLPQLPpWULHx /HV VWDWLRQV K\GUDXOLTXHV pTXLSHPHQW FKRL[ GHVVWDWLRQV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


x0HVXUHVGHODOLPQLPpWULHGXQFRXUVGHDXx0HVXUHVGLUHFWHVHWHQUHJLVWUpHVDSSDUHLOVGHPHVXUHVFDUDFWpULVWLTXHVHWSULQFLSHVGHIRQFWLRQQHPHQW%0HVXUHGHVGpELWVGHVFRXUVGHDX'LIIpUHQWVSURFpGpVXWLOLVpVSRXUODPHVXUHGHVGpELWVjSDUWLUGHVYLWHVVHV$XWUHVSURFpGpVXWLOLVpVSRXUODPHVXUHGHV GpELWV FDSDFLWp FKLPLTXH FRXUEHV GpWDORQQDJH GHVVWDWLRQVK\GURPpWULTXHVF,QWHUSUpWDWLRQGHVGRQQpHVK\GURORJLTXHV'pELWVPR\HQVMRXUQDOLHUVPHQVXHOVHWDQQXHOV$SSRUWVpWDJHHWFUXH/HVVWDWLRQVK\GURPpWULTXHVFKRL[GHVVWDWLRQV/DPHGHDXpFRXOpHSDUUDSSRUWDXEDVVLQYHUVDQW&RHIILFLHQWGpFRXOHPHQW'pILFLWGpFRXOHPHQW0R\HQQHGpFRXOHPHQWG(WXGHVGHVFUXHVx+\GURJUDPPHx6pSDUDWLRQGHVpFRXOHPHQWVH$QDO\VHVVWDWLVWLTXHV$MXVWHPHQW GHV ORLV VWDWLVWLTXHV DX[ GRQQpHVK\GURORJLTXHV,QWHUSUpWDWLRQGHVUpVXOWDWVGHVDMXVWHPHQWV&DOFXOGHVGpELWVFDUDFWpULVWLTXHV&RUUpODWLRQVK\GURSOXYLRPpWULTXHV/DPRGpOLVDWLRQGHVSDUDPqWUHVK\GURORJLTXHV/DSSRUWGHOLQIRUPDWLTXHjOK\GURORJLH3ULQFLSHVJpQpUDX[GHODPRGpOLVDWLRQ'LIIpUHQWVW\SHVGHPRGqOHVHQK\GURORJLH/LQWHUSUpWDWLRQGHVUpVXOWDWVGHVPRGqOHV/K\GURORJLHWXQLVLHQQH/HUpVHDXK\GURJUDSKLTXHWXQLVLHQ/HVSUpFLSLWDWLRQVHQ7XQLVLH/HVUpJLPHVK\GURORJLTXHVWXQLVLHQV/DVWUDWpJLHQDWLRQDOHGHGpYHORSSHPHQWGHVUHVVRXUFHVHQHDX2SWLRQ+\GURJpRORJLH/HVFDUDFWpULVWLTXHVGXPLOLHXQDWXUHOGHVDTXLIqUHV*pRORJLHJpQpUDOHHWDSSOLTXpH*pRORJLHGHOD7XQLVLH3ULQFLSHVJpRORJLTXHVHWK\GURORJLTXHV&\FOHGHOHDXGDQVODQDWXUH&DUDFWpULVWLTXHVGHVEDVVLQVK\GURORJLTXHVHQ7XQLVLH 5pSDUWLWLRQ GHV UHVVRXUFHV HQ HDX HW OHXUVFDUDFWpULVWLTXHV&DUDFWpULVWLTXHVK\GURORJLTXHV'LIIpUHQWVW\SHVGHVVRXUFHVHWpPHUJHQFHVjOLJQH/HVLVRWRSHVUDGLRDFWLIVHWOkJHGHVHDX[+\GURG\QDPLTXHGHVHDX[VRXWHUUDLQHV+\GURG\QDPLTXHGHVPLOLHX[FRQWLQXV+\GURG\QDPLTXHGHVPLOLHX[ILVVXUHV3RPSDJHVGHVVDLFRQGLWLRQVHWDQDO\VH/RLGXWDULVVHPHQWHQPLOLHX[SRUHX[HWILVVXUpV([SORUDWLRQHWPRELOLVDWLRQGHVHDX[VRXWHUUDLQHV([SORUDWLRQJpRSK\VLTXH&DUWHVJpRSK\VLTXHV7HFKQLTXHVGXVRQGDJHK\GUDXOLTXHx'pYHORSSHPHQWGHVIRUDJHVx&RPSOpWLRQGHVIRUDJHV&DSWDJHGHVSXLWVHWGHVVRXUFHV&DURWWDJHpOHFWULTXH0pWKRGHVGpYDOXDWLRQGHVUHVVRXUFHVHQHDX ,QYHQWDLUH GHV SRLQWV GHDX HW VWDWLVWLTXHVK\GURJpRORJLTXHV5pVHDX[GHVXUYHLOODQFHK\GURJpRORJLTXH0pWKRGHVGpYDOXDWLRQGHVUHVVRXUFHHQHDX(YDOXDWLRQGHOH[SORLWDWLRQGHVQDSSHV&DUWHVGHVUHVVRXUFHVHQHDX/HVPpWKRGHVQXPpULTXHV6SpFLDOLWp3pGRORJLH)DFWHXUVGHSpGRJpQqVH2UJDQLVDWLRQGHVVROVx'pILQLWLRQx'LIIpUHQWHVpFKHOOHVGRUJDQLVDWLRQ6ROGH7XQLVLHVSpFLDOLWpJpRORJLTXHHWELRFOLPDWLTXHx&DUDFWpULVWLTXHVGHVVROVx6\VWqPHVGHFODVVLILFDWLRQx/HVJUDQGHVXQLWpV0LFURELRORJLHGHVVROV&\FOHGHOD]RWH)L[DWLRQV\PELRWLTXHGHOD]RWHx'pILQLWLRQx0LFURRUJDQLVPHVIL[DWHXUVGD]RWHx(WDSHVGHIL[DWLRQ&KLPLHD5DGLRFKLPLHx,VRWRSHVVWDEOHVHWLVRWRSHVUDGLRDFWLIVx'pILQLWLRQx8QLWpLQVWUXPHQWVx $SSOLFDWLRQV GHV WHFKQLTXHV LVRWRSLTXHV HQIHUWLOLVDWLRQD]RWHSKRVSKRUHE&KLPLHGXVROx 6DWXUH VHV HIIHWV VXU OH VRO VXU OD YpJpWDWLRQ HWPRGDOLWpGHVXLYL1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


x 6DOXUH QLYHDX GDFLGLWp FDOFDLUH HW pOpPHQWV GH EDVHGHODQXWULWLRQGHODYpJpWDWLRQ3K\VLTXHGXVROHDXHWVROD /DWH[WXUHx$QDO\VHJUDQXORPpWULTXHx3ULQFLSHx([SUHVVLRQGHVUpVXOWDWVx,QWHUSUpWDWLRQGHODQDO\VHJUDQXORPpWULTXHE6WUXFWXUHHWFRPSRVLWLRQx'pILQLWLRQx0pFDQLVPHGHVWUXFWXUDWLRQx'\QDPLTXHGHODVWUXFWXUHx'pJUDGDWLRQGHODVWUXFWXUHPpFDQLVPHVx1RWLRQGHODVWDELOLWpVWUXFWXUDOHx$PpOLRUDWLRQGHODVWUXFWXUHF'\QDPLTXHGHOHDXGDQVOHVROxH[SUHVVLRQGHOKXPLGLWpx/HSURILOK\GULTXH +XPLGLWp FDUDFWpULVWLTXH GX VRO QRWLRQ GH UpVHUYHK\GULTXHx1RWLRQGHSRWHQWLHOx5HODWLRQKXPLGLWpSRWHQWLHO0LQpUDORJLHHWJpRORJLH0pWKRGHVGHGpWHUPLQDWLRQGHVPLQpUDX[x3ULQFLSHGHODPpWKRGHx$SSDUHLOODJHHWPRGHVGHFDOFXO3K\ORVLOLFDWHVGpILQLWLRQW\SHV/DIHUWLOLVDWLRQ2EMHFWLIV3ULQFLSHVIRQGDPHQWDX[GHODIHUWLOLVDWLRQHQ7XQLVLH%DVHVGHFDOFXOGHODIHUWLOLVDWLRQHWFKRL[GHVIXPXUHVHQIRQFWLRQGHVVROV&DUWRJUDSKLHGHVVROV3KRWRJUDSKLHDpULHQQHxSKRWRLQWHUSUpWDWLRQx9LVLRQVWpUpRVFRSLTXHSULQFLSHx0R\HQVGH[DPHQGHVSKRWRJUDSKLHVDpULHQQHV/HVOHYpHVGHWHUUDLQSURILOVGHVFULSWLIVSURILOVW\SHV6SpFLDOLWp&RQVHUYDWLRQGHVHDX[HWGXVRO+\GUDXOLTXHK\GURORJLH'pWHUPLQDWLRQ GHV FDUDFWpULVWLTXHV K\GURG\QDPLTXHVGHV pFRXOHPHQWV OLTXLGHV GDQV OH FRXUV GHDX DLQVL TXHOpWXGHGHVLQWHUYHQWLRQVSRXUODFRQVHUYDWLRQGHVHDX[HWGXVRO VHORQ OH WDX[ HW OH GHJUp GH GpWpULRUDWLRQ GX VRO HW OHVULVTXHV SRXU OHQYLURQQHPHQW DJULFROH HW SRXU OpTXLOLEUHpFRORJLTXH LPSDFW VRFLR pFRQRPLTXH GHV SURMHWV GH &(6(YDOXDWLRQVRFLRpFRQRPLTXHGHVSURMHWVGH&(6 /D FROOHFWH HW ODQDO\VH GHV GRQQpHV VRFLRpFRQRPLTXHVUHODWLYHVDX[SURMHWV&(6$PpQDJHPHQWGHVEDVVLQVYHUVDQWV7HFKQLTXHGH&(6XWLOLVpHVHQ7XQLVLH/pODERUDWLRQ GHV SURMHWV GDPpQDJHPHQW GHV EDVVLQVYHUVDQWVSDUOHELDLVGHVWUDYDX[GH&(6/HVDPpQDJHPHQWVDJURSDVWRUDX[GHVEDVVLQVYHUVDQWV6SpFLDOLWp*pQLHUXUDO/pFRXOHPHQWGDQVOHVFDQDOLVDWLRQVHQFKDUJH/HVpFRXOHPHQWVjVXUIDFHOLEUH/K\GUDXOLTXHVRXWHUUDLQH/HV SRPSHV FHQWULIXJHV HW D[LDOHV FDUDFWpULVWLTXHVJpQpUDOHVHWWHFKQRORJLHV/HV SKpQRPqQHV WUDQVLWRLUHV HW OD SURWHFWLRQ GHVLQVWDOODWLRQVK\GUDXOLTXHV/HFDSWDJHODGGXFWLRQHWODGLVWULEXWLRQGHOHDXSRWDEOHHQPLOLHXUXUDO/RSWLPLVDWLRQ GHV UpVHDX[ FROOHFWLIV GLUULJDWLRQ VRXVSUHVVLRQ/DUHODWLRQHDXVROSODQWHOHVSDUDPqWUHVHWOHSLORWDJHGHOLUULJDWLRQ/HVPpWKRGHVGLUULJDWLRQ/DVVDLQLVVHPHQWHWOHGUDLQDJHGHVWHUUHVDJULFROHV/DJHVWLRQGHVV\VWqPHVK\GUDXOLTXHV/HVSULQFLSHVGHFRQFHSWLRQGHVFRQVWUXFWLRQVUXUDOHV/HIILFDFLWp GH OLUULJDWLRQ DX QLYHDX GX UpVHDX HW GXFKDPSV7RSRJUDSKLHJpQpUDOHx /H OHYp WRSRJUDSKLTXH SUpSDUDWLRQ HW H[pFXWLRQGLIIpUHQWVLQVWUXPHQWVXWLOLVpVx /H QLYHOOHPHQW GLIIpUHQWV W\SHV HW SUpFLVLRQ GHFKDFXQGHQWUHHX[LQVWUXPHQWVXWLOLVpV&DUWRJUDSKLH3KRWRJUDSKLHDpULHQQHx3KRWRLQWHUSUpWDWLRQx9LVLRQVWpUpRVFRSLTXHSULQFLSHx0R\HQVGH[DPHQGHVSKRWRJUDSKLHVDpULHQQHV/HVOHYpHVGHWHUUDLQSURILOVGHVFULSWLIVSURILOVW\SHV6SpFLDOLWp0DFKLQLVPHDJULFROH/HV WUDFWHXUV DJULFROHV OH PRWHXU WKHUPLTXH ODWUDQVPLVVLRQ GH SXLVVDQFH OXWLOLVDWLRQ GH OD SXLVVDQFH HQWUDFWLRQOpTXLOLEUHGXWUDFWHXU/H PDWpULHO GX WUDYDLO GX VRO FODVVLILFDWLRQ OHV HIIHWVVXUODVWUXFWXUHGXVROOHVEHVRLQVpQHUJpWLTXHV/H PDWpULHO GpSDQGDJH GHV SURGXLWV HQ DJULFXOWXUH OHVHPLV HW OD SODQWDWLRQ OD IHUWLOLVDWLRQ HW OH WUDLWHPHQWSK\WRVDQLWDLUH/H PDWpULHO GH UpFROWH IRXUUDJH JUDLQV SRPPHV GHWHUUHEHWWHUDYHV/HFKRL[GXPDWpULHODJULFROHWHFKQLTXHpFRQRPLTXHELODQGHWUDFWLRQ/HV HVVDLV GH PDWpULHO DJULFROH GDQV OHV ODERUDWRLUHV HWVXUFKDPSVPRWHXUWUDFWHXUVHPRLUVpSDQGHXUVGHQJUDLVSXOYpULVDWHXUV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


HPDWpULHOGHWHUUDVVHPHQW/H PDWpULHO GLUULJDWLRQ GHVFULSWLRQ SULQFLSHV GHIRQFWLRQQHPHQWHWFRQGLWLRQVGXWLOLVDWLRQ/DPpFDQLVDWLRQLQWHUPpGLDLUHGHODPRWRFXOWXUH/DUpFROWHPpFDQLTXHGHVROLYHV/HVVDOOHVGHODWUDLWHPpFDQLVpH/D PDLQWHQDQFH GX PDWpULHO DJULFROH RUJDQLVDWLRQ HWH[pFXWLRQGXSURJUDPPHGHQWUHWLHQ6SpFLDOLWp3URGXFWLRQYpJpWDOH2SWLRQJUDQGHVFXOWXUHV/HVRO&RPSRVLWLRQHWSURSULpWpFKLPLTXHVGXVRO3URSULpWpVSK\VLTXHVGXVRO'\QDPLTXH GHV SULQFLSDX[ pOpPHQWV QXWULWLIV GX VROSULQFLSHVHWPpWKRGHVGHVWLPDWLRQ/DIHUWLOLVDWLRQGHVJUDQGHVFXOWXUHV3ULQFLSHVHWPpWKRGHV/H WUDYDLO GX VRO OHV GLIIpUHQWHV IDoRQV GpILQLWLRQV HWEXWV/HDXGDQVOHVRO/HELODQK\GULTXH5RWDWLRQVHWDVVROHPHQWV(WXGH GHV FXOWXUHV VXLYDQWHV YDULpWpV WUDYDLO HWSUpSDUDWLRQGXVROVHPLVIHUWLOLVDWLRQWHFKQLTXHVFXOWXUDOHVGHQWUHWLHQWUDLWHPHQWVHWUpFROHV&XOWXUHVFpUpDOLqUHVEOpRUJHDYRLQHPDwVHWWULWLFDOH/pJXPLQHXVHV j JUDLQHV SHWLW SRLV SRLVFKLFKHVIpYHUROHVKDULFRWVOHQWLOOHVHWIqYHV&XOWXUHV LQGXVWULHOOHV WRXUQHVRO EHWWHUDYHV j VXFUHWDEDFVRMDOLQHWFRWRQQLHUV&XOWXUHVIRXUUDJqUHV=RQHVIRXUUDJqUHVHQ7XQLVLH3ULQFLSDOHVFXOWXUHVIRXUUDJqUHVHQ7XQLVLHHQVHFHWHQLUULJXp9HVFH DYRLQH OX]HUQH IpWXTXH EHUVHP PpGLFDJRDQQXHOOHVXOOHHWIORULFH/HVSUDLULHVHWSDUFRXUV/HVUpVHUYHVIRXUUDJqUHVFDFWXVHWF/H IDXFKDJH SUpSDUDWLRQ GX PDWpULHO pSRTXH GH ODIDXFKDLVRQ IHQDLVRQ PXOWLSOLFDWLRQ HW SURGXFWLRQ GHVVHPHQFHVFpUpDOLqUHVVpOHFWLRQQpHVWHFKQLTXHVGHSURGXFWLRQFRQWU{OHFHUWLILFDWLRQFRQGLWLRQQHPHQWVWRFNDJH/pJLVODWLRQ UHODWLYH DX FRQWU{OH GHV VHPHQFHVVpOHFWLRQQpHV/XWLOLVDWLRQGHVHQJUDLV/D OXWWH FRQWUH OHV PDXYDLVHV KHUEHV HW OHV PDODGLHVFKU\SWRJDPLTXHV/LUULJDWLRQ/HVWRFNDJHGHVFpUpDOHV2SWLRQGpIHQVHGHVFXOWXUHV/HV PpWKRGHV GH OXWWH FRQWUH OHV PDODGLHV HW HQQHPLVGHVFXOWXUHVPpWKRGHVFXOWXUDOHVFKLPLTXHVSK\VLTXHVHWELRORJLTXHV/HV DSSDUHLOV GH WUDLWHPHQW OHV SHVWLFLGHV j XVDJHDJULFROH FODVVLILFDWLRQ HQ JURXSHV PRGHV GDFWLRQHIILFDFLWpHWUpPDQHQFHOpJLVODWLRQ/D OXWWH LQWpJUpH GpILQLWLRQ SULQFLSHV HW PpWKRGHVGDFWLRQ0RUSKRORJLH ELRORJLH HW PR\HQV GH OXWWH FRQWUH OHVLQVHFWHV OHV DFDULHQV OHV QpPDWRGHV HW OHV YHUWpEUpVQXLVLEOHV DX[ SODQWHV FXOWLYpHV HW DX[ GHQUpHVHPPDJDVLQpHVF\FOHVELRORJLTXHVV\PSW{PHVHWPR\HQVGHOXWWH FRQWUH OHV PDODGLHV RU\SWRJDPLTXHV GHV SODQWHVFXOWLYpHV/HVSULQFLSDOHVPDLYDLVHVKHUEHVGHVHVSqFHVFXOWLYpHVOHVPR\HQVGHOXWWHFXWOXUDX[FKLPLTXHVHWELRORJLTXHV/HVWUDLWHPHQWVSK\WRVDQLWDLUHVGHVSULQFLSDOHVFXOWXUHV/HVREVHUYDWRLUHVDJULFROHV/HVREMHFWLIVFRQGLWLRQVGLPSURWDWLRQGHVSODQWHVHWGHVSURGXLWV YpJpWDX[ HW SULQFLSDOHV PpWKRGHVGHFRQWU{OHGHVSODQWHVGHVWLQpHVjODPXOWLSOLFDWLRQ/HVPpWKRGHVGHODERUDWRLUHXWLOLVpHVSRXUODGpWHFWLRQGHVIOpDX[GHODJUHOOHOHVYLUXVQpPDWRGHVHWEDFWpULHV2SWLRQDUERULFXOWXUHVIUXLWLqUHV&DUDFWpULVWLTXHV GHV VROV IDYRUDEOHV DX[ SODQWDWLRQVGRQQpHVSK\VLTXHVHWFKLPLTXHV/HVFULWqUHVGXFKRL[GHVHVSqFHVjSODQWHUVROFOLPDWHDXPDWpULHOYpJpWDO/HV PpWKRGHV GDPpOLRUDWLRQ JpQpWLTXH HW VDQLWDLUH GHVHVSqFHVIUXLWLqUHVHWGHODYLJQH/DWDLOOHSULQFLSHVHWPpWKRGHVWHFKQLTXHV(WXGHGHODSSDUHLOYpJpWDWLI(WXGHGHVRUJDQHVSURGXFWHXUVGHIUXLWV'pYHORSSHPHQWHWFURLVVDQFHGHVIUXLWV3ULQFLSHV HW PpWKRGHV GH OD PXOWLSOLFDWLRQ GHV DUEUHVIUXLWLHUVHWGHODYLJQH/HVGLIIpUHQWVPRGHVGHFRQGXLWHGHVDUEUHVIUXLWLHUVHWGHODYLJQH/HV EHVRLQV HQ HDX OHV WHFKQLTXHV HW PpWKRGHVGLUULJDWLRQ(WXGH GHV HVSqFHV VXLYDQWHV H[LJHQFHV pFRORJLTXHVYDULpWpVSRUWHVJUHIIHVSODQWDWLRQVHQWUHWLHQWUDLWHPHQWHWUpFROWH$EULFRWLHU$JUXPHV$PDQGLHU)LJXLHU2OLYLHU3DOPLHUGDWWLHU3rFKLHU3LVWDFKLHU3RPPLHUHWSRLULHU3UXQLHUFHULVLHU1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


9LJQHGHFXYH9LJQHGHWDEOHjVpFKDJH0pWKRGHV HW WHFKQLTXHV GH SURGXFWLRQ GHV SODQWVIUXLWLHUV&RQWU{OHGHVSpSLQLqUHV/HV SLHGVPqUHV HW OHXUV UHODWLRQV DYHF OHV ]RQHVLUULJXpHVHWODSUROLIpUDWLRQ2SWLRQ&XOWXUHVPDUDvFKqUHVHWRURQHPHQWDOHV/HVVROVjYDFDWLRQPDUDvFKqUHV/HVDVVROHPHQWVHQFXOWXUHVPDUDvFKqUHV/D IXQLPH RUJDQLTXH HW QXWULWLRQ PLQpUDOH FKH] OHVHVSqFHVPDUDvFKqUHVHWIORUDOHV5HODWLRQVROSODQWHHDX%HVRLQV HQ HDX LUULJDWLRQ DVSHFWV TXDQWLIDWLIV HWTXDOLWDWLIV0pWKRGHV GDPpOLRUDWLRQ JpQpWLTXH HW VDQLWDLUH GHVHVSqFHVPDUDvFKqUHVHWIORUDOHV,QIOXHQFH GHV IDFWHXUV GX FOLPDW VXU OHPDUDvFKDJHOHVGLIIpUHQWVW\SHVGHFXOWXUHV/DFRUUHFWLRQGHVIDFWHXUVFOLPDWLTXHVOHVFXOWXUHVVRXVDEULV5pFROWH FRPPHUFLDOLVDWLRQ HW WUDQVIRUPDWLRQ GHVSURGXLWVPDUDvFKqUHV(WXGH GHV HVSqFHV PDUDvFKqUHV HW RUQHPHQWDOHVVXLYDQWHVGXSRLQWGHYXHSK\VLRORJLHSUpSDUDWLRQGXVROVHPLV RX PXOWLSOLFDWLRQ YDULpWpV WHFKQLTXHV HW FXOWXUDOHVHQWUHWLHQWUDLWHPHQWHWUpFROWH6RODQDFpHVWRPDWHSLPHQWDXEHUJLQHSRPPHGHWHUUH&XFXUELWDFpHV PHORQ SDVWqTXH FRQFRPEUHFRXUJHWWHV/pJXPHVYLYDFHVDUWLFKDXWIUDLVH/LOLDFpVDLORLJQRQ/pJXPLQHXVHVSHWLWSRLVKDULFRWIqYH/pJXPHVIHXLOOHVODLWXH/pJXPHVUDFLQHVFDURWWHUDGLVQDYHW3ODQWHVIORUDOHVDQQXHOOHV3ODQWHVIORUDOHVELVDQQXHOOHV3ODQWHVGDSSDUWHPHQW,PSRUWDQFH pFRQRPLTXH GHV FXOWXUHV PDUDvFKqUHV HQWXQLVLH6SpFLDOLWp3URGXFWLRQDQLPDOH2SWLRQ UHVVRXUFHV IRXUUDJqUHV HW DOLPHQWDWLRQDQLPDOH/HVDOLPHQWVGHVDQLPDX[HQ7XQLVLHELODQUHVVRXUFHVHPSORLV/HVUHVVRXUFHVIRXUUDJqUHVHQ7XQLVLH/HVFXOWXUHVIRXUUDJqUHVSHUHQQHV/HVFXOWXUHVDQQXHOOHV/HVUpVHUYHVIRXUUDJqUHVHQ7XQLVLH/HVGLIIpUHQWVW\SHVGHSDUFRXUV/HVUpVHUYHVIRXUUDJqUHVVXUSLHGV/H[SORLWDWLRQGHVIRXUUDJHV/HV DOLPHQWV FRQFHQWUpV FRQFHQWUpV LQGXVWULHOV HW VRXVSURGXLWVDJURLQGXVWULHOV/HVFXOWXUHVIRXUUDJqUHVGDXWRPQH/HVFXOWXUHVIRXUUDJqUHVGHSULQWHPSV2SWLRQSHWLWpOHYDJH/LPSRUWDQFH GH OpOHYDJH HW OHV SUREOqPHV GHODYLFXOWXUHLQGXVWULHOOHHQ7XQLVLH/DFRQGXLWHUDWLRQQHOOHGXQpOHYDJHDYLFROH/HV HQFRXUDJHPHQWV GH O(WDW DX[ VHFWHXUV DYLFROHDSLFROHFKHQLFROHSLVLFROH/HVDOLPHQWVFRQFHQWUpVSRXUOHVYRODLOOHV/LPSRUWDQFHOpYROXWLRQHWOHVSUREOqPHVGHODSLFXOWXUHHQ7XQLVLH/HVSURGXFWLRQVDSLFROHV/LPSRUWDQFHHWOHVSUREOqPHVGHODFXQLFXOLFXOWXUH/HVSURGXFWLRQVFKHQLFROHV2SWLRQ(OHYDJHGHVERYLQVRYLQVHWFDSULQV/LPSRUWDQFH OpYROXWLRQ HW OHV SUREOqPHV GH OpOHYDJHERYLQ/LPSRUWDQFH OpYROXWLRQ HW OHV SUREOqPHV GH OpOHYDJHRYLQHWFDSULQHQ7XQLVLH/LPSRUWDQFH OpYROXWLRQ HW OHV SUREOqPHV GH OpOHYDJHERYLQRYLQHWFDSULQ/HVHQFRXUDJHPHQWVGHO(WDWjOpOHYDJHERYLQRYLQHWFDSULQ/HVEHVRLQVQXWULWLIVGHVERYLQVRYLQVHWFDSULQVHWOHXUVUDWLRQQHPHQWV/HV PpWKRGHV GDPpOLRUDWLRQ JpQpWLTXHV GHV ERYLQVRYLQVHWFDSULQV/DFRQGXLWHUDWLRQQHOOHGXQpOHYDJHERYLQODLWLHU/DFRQGXLWHUDWLRQQHOOHGXQpOHYDJHERYLQjYLDQGH/DFRQGXLWHUDWLRQQHOOHGXQpOHYDJHRYLQ/DFRQGXLWHUDWLRQQHOOHGXQpOHYDJHFDSULQ/DSURGXFWLRQODLWLqUHHQ7XQLVLHHWVHVSUREOqPHV/DSURGXFWLRQGHODYLDQGHHQ7XQLVLHHWVHVSUREOqPHV/DSURGXFWLRQGHODODLQHGXSRLOHWGXFXLUHQ7XQLVLH6SpFLDOLWp'pYHORSSHPHQWDJULFROH2SWLRQpFRQRPLHUXUDOH/H U{OH GH ODJULFXOWXUH GDQV OH GpYHORSSHPHQWpFRQRPLTXHHQ7XQLVLH/HVPRGqOHVGHGpYHORSSHPHQWGHODJULFXOWXUH&RPSDUDLVRQ GX PRGqOH GH GpYHORSSHPHQW GHODJULFXOWXUHWXQLVLHQQHDYHFFHUWDLQVPRGqOHVpWUDQJHUV(WXGHGHTXHOTXHVSUREOqPHVVSpFLILTXHVjODJULFXOWXUHWXQLVLHQQH/HVVWUXFWXUHVDJUDLUHV/HVV\VWqPHVGHSURGXFWLRQ/HFUpGLWDJULFROH /D FRPPHUFLDOLVDWLRQ GHV SURGXLWV DJULFROHV HWODSSURYLVLRQQHPHQW GHV DJULFXOWXUHV HQ PR\HQV GHSURGXFWLRQ /HV SUL[ DJULFROHV SUL[ IL[pV SDU O(WDW HW SUL[ GHPDUFKp/HPSORLDJULFROH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


HV LQVWLWXWLRQV DJULFROHV OHV FRRSpUDWLYHVJURXSHPHQWVRXDVVRFLDWLRQV/HV RIILFHV OHXU PLVVLRQ GLIIpUHQFHV HQWUH FHUWDLQVRIILFHVHWJURXSHPHQWVLQWHUSURIHVVLRQQHOV/RUJDQLVDWLRQHWOHVWUDYDX[GHSUpSDUDWLRQGXSODQ/HVRXWLOVGH[pFXWLRQGXSODQOHEXGJHWpFRQRPLTXHHWOHEXGJHWGpTXLSHPHQW/HFKRL[GHVSURMHWV2SWLRQ$JURpFRQRPLH/HV GRQQpV GH EDVH GpILQLWLRQ PpWKRGHV FKDPSVGDSSOLFDWLRQ'RQQpHVGHEDVHHQPDWLqUHDJURpFRQRPLTXH/RUJDQLVDWLRQGHVGRQQpHVGHEDVHDJULFROHVHQ7XQLVLH'LIILFXOWpV UHQFRQWUpHV GDQV OpWDEOLVVHPHQW GH FHVGRQQpHVFKDPSVGDSSOLFDWLRQ3ULQFLSDOHV PpWKRGHV GpWDEOLVVHPHQW GHV GRQQpHV GHEDVHHQPDWLqUHDJURpFRQRPLTXH(YDOXDWLRQGHVUHQGHPHQWVDJULFROHVHQ7XQLVLH(WDWGHVUHFHQVHPHQWVDJULFROHVHQ7XQLVLH/HV pWXGHV DJULFROHV HQ 7XQLVLH PpWKRGRORJLH HWREMHFWLIV'RQQpHV SURVSHFWLYHV JpQpUDOLWpV GLYHUVHVGLVWULEXWLRQVQXPpULTXHVGHVVpULHVGHGRQQpHV,QWURGXFWLRQDXFDOFXOGHVSUREDELOLWpV7KpRULHHWSUDWLTXHGHVVRQGDJHV/HVPpWKRGHVGHVVRQGDJHV'LIIpUHQWHVPpWKRGHVGHWLUDJHDOpDWRLUH$SSUpFLDWLRQVGHVpOpPHQWVGHVVRQGDJHV6RQGDJH DOpDWRLUH j SUREDELOLWpV pJDOHV DYHF HW VDQVUHPLVHGHOXQLWpWLUpH6RQGDJH DOpDWRLUH VLPSOH j SUREDELOLWpV LQpJDOHV DYHFUHPLVHGHOXQLWpWLUpH6RQGDJHVHQJUDSSHV6RQGDJHVVWUDWLILpV$SSOLFDWLRQ GH OD PpWKRGH GHV VRQGDJHV GDQV ODSURVSHFWLRQDJULFROHGHODEDVH2SWLRQ 3ODQLILFDWLRQ GpYHORSSHPHQW HWLQYHVWLVVHPHQWVDJULFROHV6LJQLILFDWLRQ GH FKDFXQ GHV WHUPHV VpFXULWpDOLPHQWDLUHHWDXWRVXIILVDQFHHQSURGXLWVDOLPHQWDLUHV'LIIpUHQFHHQWUHOHVFRQFHSWV&ULWqUHV TXRQ SHXW XWLOLVHU SRXU DQDO\VHU HW pYDOXHU ODFRQWULEXWLRQ GX VHFWHXU DJULFROH GDQV OH GpYHORSSHPHQWpFRQRPLTXHDX[QLYHDX[QDWLRQDOHWUpJLRQDO/HV LQFLWDWLRQV XWLOLVpHV SDU O(WDW SRXU RULHQWHU OHVDJULFXOWHXUV HW OHV SrFKHXUV YHUV OHV SURGXLWV GLQWpUrWQDWLRQDO/HV SULQFLSDX[ SURGXLWV DJULFROHV HW GH OD SrFKH HQ7XQLVLH/HV SURGXLWV DJULFROHV HW GH OD SrFKH TXH OD 7XQLVLHH[SRUWHHWOHVSURGXLWVDOLPHQWDLUHVTXHQRXVLPSRUWRQV/HVUXEULTXHVGHSURGXFWLRQVHWGHFR€WjFDOFXOHUSRXUGpWHUPLQHU OH UHYHQX QHW GXQH H[SORLWDWLRQ DJULFROH HQSUpFLVDQWXQQRPEUHPD[LPXPGpOpPHQWV/HV UXEULTXHV GDIIHFWDWLRQ GX UHYHQX DJULFROH GXQHH[SORLWDWLRQHWOHVSULQFLSDOHVXWLOLVDWLRQV/HU{OHGHORUGLQDWHXUGDQVODPpOLRUDWLRQGXWUDYDLOGHVFDGUHV FKDUJpV GH OD SODQLILFDWLRQ HW GH ODQDO\VHpFRQRPLTXHGXVHFWHXUDJULFROH/LPSDFW GHV VWDWLVWLTXHV HW GHVV\VWqPHVGHFROOHFWHHWGDQDO\VHGHVGRQQpHVVXUOHGpYHORSSHPHQWDJULFROHx 5{OH GHV LQVWDQFHV DGPLQLVWUDWLYHV HQ PDWLqUHGDGRSWLRQ GH OpFRQRPLH GX PDUFKp HW GRXYHUWXUH VXUOH[WpULHXU2SWLRQ*HVWLRQGHVSURMHWVxF\FOHVHWDVSHFWVGHODSUpSDUDWLRQHWGHODQDO\VHGHVSURMHWVx YRLHV HW PR\HQV GH SURPRXYRLU OD SDUWLFLSDWLRQ GHVEpQpILFLDLUHVjODFRQFHSWLRQHWjODJHVWLRQGXSURMHWx$QDO\VHGHODVLWXDWLRQOpWXGHGXFRQWH[WHGXSURMHWRXWLOV LQGLVSHQVDEOHV j OD FROOHFWH GH OLQIRUPDWLRQpWDEOLVVHPHQW GH OD VWUXFWXUH GHV SUREOqPHV HW OHXUVDQDO\VHVx 'pILQLWLRQ GHV REMHFWLIV HW VWUDWpJLHV XWLOLVDQWODSSURFKH SDUWLFLSDWLYH REMHFWLIV HW KLpUDUFKLH GREMHFWLIVDQDO\VHVJUDSKLTXHVGHVREMHFWLIVFDGUHORJLTXHHWF,QVWUXPHQWVGHSODQLILFDWLRQHWGHJHVWLRQGHVSURMHWVx6WUXFWXUHVHWUpVHDX[GHSODQLILFDWLRQGHVLQWHUYHQWLRQVHW GH UpSDUWLWLRQ GHV WkFKHV GLDJUDPPHV HQ EkWRQVGLDJUDPPHVGHJDQWPpWKRGHGXFKHPLQFULWLTXHPpWKRGHGRUGRQQDQFHPHQWGHVRSpUDWLRQVHWGXSHUVRQQHOx 6XLYL HW pYDOXDWLRQ FDGUH FRQFHSWXHO HW UDSSRUWVPpWKRGRORJLH$QDO\VHpFRQRPLTXHHWILQDQFLqUHx&RQFHSWVGHEDVHGHODQDO\VHILQDQFLqUHSUpVHQWDWLRQGHV SULQFLSDX[ RXWLOV GHV DQDO\VHV pFRQRPLTXHV HWILQDQFLqUHVx &RPSWH GH WUpVRUHULH SODQ GH ILQDQFHPHQW DQDO\VHGHVFR€WVHWDYDQWDJHVFULWqUHVGHUHQWDELOLWp0RGHGRUJDQLVDWLRQHWJHVWLRQGHORUJDQLVDWLRQORFDOHGXSURMHW6WUXFWXUHHWPRGHGHIRQFWLRQQHPHQW 3ODQLILFDWLRQ ILQDQFLqUH EXGJpWLVDWLRQ HW FRQWU{OH GXEXGJHW$UW 6RQW VXSSULPpHV OHV PDWLqUHV GHV pSUHXYHVWHFKQLTXHVGDQVODVSpFLDOLWpGHJpQLHLQIRUPDWLTXHFLWpHVDXQƒ ,9 GH ODQQH[H UHODWLYH DX SURJUDPPH GX FRQFRXUVH[WHUQH VXU pSUHXYHV SRXU OH UHFUXWHPHQW GLQJpQLHXUVSULQFLSDX[ DX PLQLVWqUH GHV GRPDLQHV GH O(WDW HW GHVDIIDLUHVIRQFLqUHVVXVYLVpHWUHPSODFpHVSDUFHTXLVXLW,9QRXYHDX*pQLHLQIRUPDWLTXH/HVPpWKRGHVGHFRQFHSWLRQ'RFXPHQWDWLRQHWGRVVLHUVGDQDO\VH/HVHQYLURQQHPHQWVGHGpYHORSSHPHQW1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


HVV\VWqPHVGH[SORLWDWLRQHWGHJHVWLRQGHVEDVHVGHGRQQpHV5pVHDX[HWDUFKLWHFWXUHVGHVV\VWqPHVGLQIRUPDWLRQ$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHV'RPDLQHVGHO(WDWHWGHV$IIDLUHV)RQFLqUHV5LGKD*ULUD9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL0,1,67(5('(6),1$1&(6$UUrWp GX PLQLVWUH GHV ILQDQFHV GX GpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH/HPLQLVWUHGHVILQDQFHV9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI9XOHGpFUHWQƒGXMXLQDXWRULVDQWOHVPLQLVWUHV HW VHFUpWDLUHV G(WDW j GpOpJXHU OHXU VLJQDWXUH HWQRWDPPHQWVRQDUWLFOH†9X OH GpFUHW Qƒ GX DYULO SRUWDQWRUJDQLVDWLRQ GX PLQLVWUH GHV ILQDQFHV HQVHPEOH OHV WH[WHVTXLORQWPRGLILpRXFRPSOpWp9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGXPLQLVWUHGHVILQDQFHV9X OH GpFUHW Qƒ GX RFWREUH QRPPDQW0RQVLHXU0RKDPHG5LGKD&KDOJKRXPGLUHFWHXUJpQpUDOGHVDYDQWDJHVILVFDX[HWILQDQFLHUVDXPLQLVWqUHGHVILQDQFHV$UUrWH$UWLFOH SUHPLHU &RQIRUPpPHQW DX SDUDJUDSKH GHODUWLFOH SUHPLHU GX GpFUHW VXVYLVp Qƒ GX MXLQ 0RQVLHXU 0RKDPHG 5LGKD &KDOJKRXP GLUHFWHXUJpQpUDOGHVDYDQWDJHVILVFDX[HWILQDQFLHUVDXPLQLVWqUHGHVILQDQFHVHVWKDELOLWpjVLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHVILQDQFHV WRXV OHV DFWHV UHQWUDQW GDQV OH FDGUH GH VHVDWWULEXWLRQV j OH[FHSWLRQ GHV WH[WHV j FDUDFWqUHUpJOHPHQWDLUH$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHV)LQDQFHV7DRXILN%DFFDU9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$UUrWp GX PLQLVWUH GHV ILQDQFHV GX GpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH/HPLQLVWUHGHVILQDQFHV9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXWJpQpUDOGHVSHUVRQQHOVGHO(WDWGHVFROOHFWLYLWpVORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI9XOHGpFUHWQƒGXMXLQDXWRULVDQWOHVPLQLVWUHV HW VHFUpWDLUHV G(WDW j GpOpJXHU OHXU VLJQDWXUH HWQRWDPPHQWVRQDUWLFOH†9X OH GpFUHW Qƒ GX DYULO SRUWDQWRUJDQLVDWLRQGXPLQLVWqUHGHVILQDQFHVHQVHPEOHOHVWH[WHVTXLORQWPRGLILpRXFRPSOpWp9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQWQRPLQDWLRQGXPLQLVWUHGHVILQDQFHV9X OH GpFUHW Qƒ GX QRYHPEUH QRPPDQW 0RQVLHXU +pGL %HQ &KHLNK )LWRXUL GLUHFWHXUJpQpUDOGXILQDQFHPHQWDXPLQLVWqUHGHVILQDQFHV$UUrWH$UWLFOH SUHPLHU &RQIRUPpPHQW DX SDUDJUDSKH GHODUWLFOH SUHPLHU GX GpFUHW VXVYLVp Qƒ GX MXLQ0RQVLHXU+pGL%HQ&KHLNK)LWRXULGLUHFWHXUJpQpUDOGX ILQDQFHPHQW DX PLQLVWqUH GHV ILQDQFHV HVW KDELOLWp jVLJQHU SDU GpOpJDWLRQ GX PLQLVWUH GHV ILQDQFHV WRXV OHVDFWHVUHQWUDQWGDQVOHFDGUHGHVHVDWWULEXWLRQVjOH[FHSWLRQGHVWH[WHVjFDUDFWqUHUpJOHPHQWDLUH$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL0,1,67(5('(/,1'8675,((7'(/(1(5*,(/H0LQLVWUHGHV)LQDQFHV7DRXILN%DFFDU'pFUHWQƒGXGpFHPEUHUHODWLIjODFRJpQpUDWLRQ/H3UpVLGHQWGHOD5pSXEOLTXH6XUSURSRVLWLRQGXPLQLVWUHGHOLQGXVWULHHWGHOpQHUJLH9XOHGpFUHWORLQƒGXDYULOSRUWDQWFUpDWLRQHWRUJDQLVDWLRQGHODVRFLpWpWXQLVLHQQHGHOpOHFWULFLWpHWGXJD] UDWLILp SDU OD ORL Qƒ GX PDL WHO TXHPRGLILpHWFRPSOpWpSDUODORLQƒGXGpFHPEUHHWODORLQƒGXHUDYULO9X OD ORL Qƒ GX MXLOOHW UHODWLYH j ODPDvWULVHGHOpQHUJLH9X OH GpFUHW Qƒ GX MDQYLHU SRUWDQWDSSUREDWLRQGXFDKLHUGHVFKDUJHVUHODWLIjODIRXUQLWXUHGHOpQHUJLH pOHFWULTXH VXU OHQVHPEOH GX WHUULWRLUH GH OD5pSXEOLTXH9X OH GpFUHW Qƒ GX MDQYLHU SRUWDQWLQVWLWXWLRQ GH OREOLJDWLRQ GH OD FRQVXOWDWLRQ SUpDODEOH GHODJHQFH GH PDvWULVH GH OpQHUJLH SRXU OHV SURMHWV JUDQGVFRQVRPPDWHXUVGpQHUJLH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


9XODYLVGXPLQLVWUHGHVILQDQFHV9X ODYLV GX PLQLVWUH GX GpYHORSSHPHQW HW GH ODFRRSpUDWLRQLQWHUQDWLRQDOH9XODYLVGXPLQLVWUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV9XODYLVGXWULEXQDODGPLQLVWUDWLI'pFUqWH$UWLFOH SUHPLHU $X[ WHUPHV GX SUpVHQW GpFUHW RQHQWHQG SDU LQVWDOODWLRQ GH FRJpQpUDWLRQ WRXW HQVHPEOHGpTXLSHPHQWVHWGHPDWpULHOVLQVWDOOpGDQVXQpWDEOLVVHPHQWDSSDUWHQDQWDXVHFWHXULQGXVWULHORXDXVHFWHXUWHUWLDLUHHQYXHGHSURGXLUHVLPXOWDQpPHQWGHOpQHUJLHWKHUPLTXHHWGHOpQHUJLHpOHFWULTXHjSDUWLUGpQHUJLHSULPDLUH$UW (VW FRQVLGpUpH pFRQRPH HQ pQHUJLHOLQVWDOODWLRQ GH FRJpQpUDWLRQ TXL UpSRQG DX[ FULWqUHVWHFKQLTXHVVXLYDQWV OH UHQGHPHQW JOREDO DQQXHO FDOFXOp DX PR\HQ GH ODIRUPXOHVXLYDQWHHVWVXSpULHXURXpJDOj& (5J 4 OH UDSSRUW GH UpFXSpUDWLRQ WKHUPLTXH GpILQL SDU ODIRUPXOHVXLYDQWHHVWVXSpULHXURXpJDOj&5U (5JUHQGHPHQWJOREDO5U UDSSRUWGHUpFXSpUDWLRQWKHUPLTXH( pTXLYDOHQW WKHUPLTXH GH OpQHUJLH pOHFWULTXHSURGXLWH&pQHUJLHWKHUPLTXHUpFXSpUpHHWHIIHFWLYHPHQWXWLOLVpH4 pQHUJLHSULPDLUHFRQVRPPpHFDOFXOpHVXUODEDVHGHVSRXYRLUVFDORULILTXHVLQIpULHXUVGHVFRPEXVWLEOHV/HV WHUPHV GHV UDSSRUWV GH FHV GHX[ pTXDWLRQV VRQWH[SULPpVHQWRQQHVGpTXLYDOHQWSpWUROHWHS$FHWWHILQOpTXLYDOHQWWKHUPLTXHGHOpOHFWULFLWpHVWFDOFXOpVXUODEDVHGHWHSSDUPpJDZDWKHXUH$UW/pWDEOLVVHPHQWVpTXLSDQWGXQHLQVWDOODWLRQGHFRJpQpUDWLRQ pFRQRPH HQ pQHUJLH EpQpILFLH GX GURLWGpFRXOHPHQW GH VHV H[FpGHQWV GpQHUJLH pOHFWULTXH VXU OHUpVHDX pOHFWULTXH QDWLRQDO GDQV OHV OLPLWHV VXSpULHXUHVVXLYDQWHVFDOFXOpHVVXUXQHEDVHDQQXHOOHOHVGHX[WLHUVGHOpQHUJLHpOHFWULTXHSURGXLWHSRXUOHVSURMHWVGRQWODSXLVVDQFHpOHFWULTXHLQVWDOOpHHVWLQIpULHXUHjPpJDZDWWV OD PRLWLp GH OpQHUJLH pOHFWULTXH SURGXLWH SRXU OHVSURMHWVGRQWODSXLVVDQFHpOHFWULTXHLQVWDOOpHHVWVXSpULHXUHRXpJDOHjPpJDZDWWV/HVH[FpGHQWVGpQHUJLHpOHFWULTXHGRLYHQWrWUHFpGpVjODVRFLpWpWXQLVLHQQHGHOpOHFWULFLWpHWGXJD]TXLVHQJDJHjOHV DFKHWHU GDQV OH FDGUH GXQ FRQWUDW W\SH DSSURXYp SDUODXWRULWpGHWXWHOOHGXVHFWHXUGHOpQHUJLH$UW /pWDEOLVVHPHQW TXL EpQpILFLH GX GURLWGpFRXOHPHQW GH VHV H[FpGHQWV GpQHUJLH pOHFWULTXHPHQWLRQQpjODUWLFOHGXSUpVHQWGpFUHWSUHQGjVDFKDUJHOHVIUDLVUpVXOWDQWGXUHQIRUFHPHQWGXUpVHDXpOHFWULTXHQDWLRQDOQpFHVVDLUHjOpYDFXDWLRQGHVH[FpGHQWVGpQHUJLHpOHFWULTXHHWGXUDFFRUGHPHQWGHOLQVWDOODWLRQDXUpVHDX\FRPSULVOHVDSSDUHLOVGHPHVXUHVHWGHFRQWU{OH/HGLW pWDEOLVVHPHQW GRLW VH FRQIRUPHU DX[ FRQGLWLRQVWHFKQLTXHV GH UDFFRUGHPHQW HW GpYDFXDWLRQ GH OpQHUJLHpOHFWULTXH WHOOHV TXH GpILQLHV SDU XQ FDKLHU GHV FKDUJHVSXEOLpSDUDUUrWpGXPLQLVWUHFKDUJpGHOpQHUJLH$UW/HVPLQLVWUHVGHVILQDQFHVGHOLQGXVWULHHWGHOpQHUJLH GX GpYHORSSHPHQW HW GH OD FRRSpUDWLRQLQWHUQDWLRQDOHHWGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHV K\GUDXOLTXHV VRQW FKDUJpV FKDFXQ HQ FH TXL OHFRQFHUQHGHOH[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH=LQH(O$ELGLQH%HQ$OL120,1$7,2163DUDUUrWpGXPLQLVWUHGHOLQGXVWULHHWGHOpQHUJLHGXQRYHPEUH0DGDPH %DELD &KLKL HVW QRPPpH DGPLQLVWUDWHXUUHSUpVHQWDQWO(WDWDXFRQVHLOGDGPLQLVWUDWLRQGHODVRFLpWpQDWLRQDOH GH GLVWULEXWLRQ GHV SpWUROHV HW FH HQUHPSODFHPHQWGH0RQVLHXU.KDOHG%HQ&KHwNK3DUDUUrWpGXPLQLVWUHGHOLQGXVWULHHWGHOpQHUJLHGXQRYHPEUH0RQVLHXU 5LGKD +DQEOL %RXWHUDk HVW QRPPpDGPLQLVWUDWHXU UHSUpVHQWDQW O(WDW DX FRQVHLOGDGPLQLVWUDWLRQGHODVRFLpWpWXQLVLHQQHGHVXFUHHWFHHQUHPSODFHPHQWGH0RQVLHXU0RKDPHG)DRX]L%HQ$UDE0,1,67(5('(/$&8/785('(/$-(81(66((7'(6/2,6,56120,1$7,2163DUGpFUHWQƒGXGpFHPEUH0RQVLHXU ,DGK (QQDLIDU DWWDFKp ILQDQFLHU GHV DIIDLUHVpWUDQJqUHVHVWQRPPpDWWDFKpGHFDELQHWDXPLQLVWqUHGHODFXOWXUHGHODMHXQHVVHHWGHVORLVLUV3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU0XVWDSKD.KDQQRXVVLHVWQRPPpGLUHFWHXUGHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHVjOLQVWLWXWQDWLRQDOGXSDWULPRLQHDXPLQLVWqUHGHODFXOWXUHGHODMHXQHVVHHWGHVORLVLUVjFRPSWHUGXMDQYLHU3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $GQHQH /RXKLFKL HVW QRPPp PDvWUH GHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHVjOLQVWLWXWQDWLRQDOGXSDWULPRLQHDXPLQLVWqUHGHODFXOWXUHGHODMHXQHVVHHWGHVORLVLUVjFRPSWHUGXMXLOOHW1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


0,1,67(5('(/(48,3(0(17'(/+$%,7$7(7'(/$0(1$*(0(17'87(55,72,5(120,1$7,2163DUDUUrWpGXPLQLVWUHGHOpTXLSHPHQWGHOKDELWDWHWGHODPpQDJHPHQWGXWHUULWRLUHGXQRYHPEUH0RQVLHXU $EGDOODK +DGURXJ HVW QRPPp PHPEUHUHSUpVHQWDQW OH PLQLVWqUH GHV DIIDLUHV VRFLDOHV HW GH ODVROLGDULWp DX FRQVHLO GDGPLQLVWUDWLRQ GH ODJHQFH IRQFLqUHGKDELWDWLRQ HW FH HQ UHPSODFHPHQW GH 0RQVLHXU %HFKLU%HWKDEHW3DUDUUrWpGXPLQLVWUHGHOpTXLSHPHQWGHOKDELWDWHWGHODPpQDJHPHQWGXWHUULWRLUHGXQRYHPEUH/HFRORQHO1pML)NLKHVWQRPPpPHPEUHUHSUpVHQWDQWOHPLQLVWqUHGHODGpIHQVHQDWLRQDOHDXFRQVHLOGDGPLQLVWUDWLRQGHORIILFHGHODWRSRJUDSKLHHWGHODFDUWRJUDSKLHHWFHHQUHPSODFHPHQWGXFRORQHO6DEHU*XHULUL0,1,67(5('(/$6$17(38%/,48(0$,17,(1(1$&7,9,7(3DUGpFUHWQƒGXGpFHPEUH/H GRFWHXU 0WLPHW 6DGRN SURIHVVHXU KRVSLWDORXQLYHUVLWDLUHHQPpGHFLQFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGX FHQWUH QDWLRQDO GH UDGLRSURWHFWLRQ HVW PDLQWHQX HQDFWLYLWp SRXU XQH SpULRGH GXQH DQQpH j FRPSWHU GX HUIpYULHU0,1,67(5('8'(9(/233(0(17(7'(/$&223(5$7,21,17(51$7,21$/('pFUHW Qƒ GX GpFHPEUH PRGLILDQWHWFRPSOpWDQWOHGpFUHWQƒGXMXLQ UpJOHPHQWDQW OHV FRQGLWLRQVGDWWULEXWLRQHWGHUHWUDLWGHVHPSORLVIRQFWLRQQHOVDX VHLQ GH ODJHQFH GH SURPRWLRQ GHOLQYHVWLVVHPHQWH[WpULHXU/H3UpVLGHQWGHOD5pSXEOLTXH6XUSURSRVLWLRQGXPLQLVWUHGXGpYHORSSHPHQWHWGHODFRRSpUDWLRQLQWHUQDWLRQDOH9XODORLQƒGXDR€WSRUWDQWVWDWXWJpQpUDOGHV DJHQWV GHV RIILFHV GHV pWDEOLVVHPHQWV SXEOLFV jFDUDFWqUH LQGXVWULHO HW FRPPHUFLDO HW GHV VRFLpWpV GRQW OHFDSLWDODSSDUWLHQWGLUHFWHPHQWHWHQWLqUHPHQWjO(WDWRXDX[FROOHFWLYLWpV SXEOLTXHV ORFDOHV WHOOH TXH PRGLILpH HWFRPSOpWpHSDUODORLQƒGXDYULO9X OD ORL Qƒ GX HU IpYULHU UHODWLYH DX[SDUWLFLSDWLRQV pWDEOLVVHPHQWV HW HQWUHSULVHV SXEOLFV WHOOHTXHPRGLILpHHWFRPSOpWpHSDUODORLQƒGXHUDR€WODORLQƒGXMXLOOHWODORLQƒGXPDLHWODORLQƒGXPDUV9XODORLQƒGXIpYULHUSRUWDQWFUpDWLRQGHODJHQFH GH SURPRWLRQ GH OLQYHVWLVVHPHQW H[WpULHXU HWQRWDPPHQWVRQDUWLFOH9X OH GpFUHW Qƒ GX MXLQ IL[DQWORUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH GH ODJHQFH GHSURPRWLRQGHOLQYHVWLVVHPHQWH[WpULHXUWHOTXHPRGLILpSDUOHGpFUHWQƒGXPDUVHWOHGpFUHWQƒGXVHSWHPEUH9X OH GpFUHW Qƒ GX PDUV SRUWDQWIL[DWLRQ GHV DWWULEXWLRQV GHV GLUHFWHXUV JpQpUDX[ HW GHVFRQVHLOVGHQWUHSULVHVGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI9XOHGpFUHWQƒGXMXLQUpJOHPHQWDQWOHV FRQGLWLRQV GDWWULEXWLRQ HW GH UHWUDLW GHV HPSORLVIRQFWLRQQHOV DX VHLQ GH ODJHQFH GH SURPRWLRQ GHOLQYHVWLVVHPHQWH[WpULHXU9X OH GpFUHW Qƒ GX PDL SRUWDQWDSSUREDWLRQGXVWDWXWSDUWLFXOLHUGXSHUVRQQHOGHODJHQFHGHSURPRWLRQGHOLQYHVWLVVHPHQWH[WpULHXU9XOHGpFUHWQƒGXMXLQPRGLILDQWHWFRPSOpWDQW OH GpFUHW Qƒ GX DYULO IL[DQWORUJDQLJUDPPH GH ODJHQFH GH SURPRWLRQ GHOLQYHVWLVVHPHQWH[WpULHXU9XOHGpFUHWQƒGXRFWREUHUHODWLIDX[PRGDOLWpV GH[HUFLFH GH OD WXWHOOH VXU OHV pWDEOLVVHPHQWVSXEOLFVQD\DQWSDVOHFDUDFWqUHDGPLQLVWUDWLIDX[PRGDOLWpVGDSSUREDWLRQ GH OHXUVDFWHVGHJHVWLRQDX[PRGHVHWDX[FRQGLWLRQV GH GpVLJQDWLRQ GHV PHPEUHV GHV FRQVHLOVGpWDEOLVVHPHQWHWjODIL[DWLRQGHVREOLJDWLRQVPLVHVjOHXUFKDUJH9XODYLVGXPLQLVWUHGHVILQDQFHV9XODYLVGXWULEXQDODGPLQLVWUDWLI'pFUqWH$UWLFOH SUHPLHU (VW UHPSODFp OHPSORL IRQFWLRQQHOGH GLUHFWHXU JpQpUDO DGMRLQW SUpYX SDU ODUWLFOH GXGpFUHW Qƒ GX MXLQ SDU OHPSORLIRQFWLRQQHOGHVHFUpWDLUHJpQpUDO/HPSORL IRQFWLRQQHO GH VHFUpWDLUH *pQpUDO HVW DWWULEXpVHORQOXQHGHVFRQGLWLRQVVXLYDQWHV OH FDQGLGDW GRLW rWUH WLWXODLUH GX GLSO{PH GH pPHF\FOHGHOHQVHLJQHPHQWVXSpULHXUDYHFWUHL]HDQVGHVHUYLFHDXPRLQVGDQVOHVHFWHXUSXEOLFOHFDQGLGDWGRLWrWUHWLWXODLUHGXEDFFDODXUpDWRXGXQGLSO{PH pTXLYDOHQW DYHF TXDWUH DQV GpWXGHV VXSpULHXUHVVDQFWLRQQpHV SDU XQ FHUWLILFDW GH UpXVVLWH HW DQV GHVHUYLFHDXPRLQVGDQVOHVHFWHXUSXEOLFOHFDQGLGDWGRLWH[HUFHUODIRQFWLRQGHGLUHFWHXUGDQVOHVHFWHXUSXEOLFRXXQHIRQFWLRQpTXLYDOHQWHSHQGDQWXQHSpULRGHGHFLQTDQV -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


$UW /HV UDQJV IRQFWLRQQHOV GH VRXVGLUHFWHXUSULQFLSDOHWGHGLUHFWHXUSULQFLSDOVRQWDWWULEXpVVXLYDQWXQHDQFLHQQHWp GH WURLV DQV DX PRLQV GDQV OD IRQFWLRQ OLpH jFKDTXHUDQJ/DQRPLQDWLRQjFHVGHX[UDQJVIRQFWLRQQHOVQH GRLW SDV HQJHQGUHU GH YDFDQFH GHPSORL GDQV OHVIRQFWLRQVGHVRXVGLUHFWHXUHWGHGLUHFWHXU$UW /H PLQLVWUH GX GpYHORSSHPHQW HW GH ODFRRSpUDWLRQ LQWHUQDWLRQDOH HVW FKDUJp GH OH[pFXWLRQ GXSUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH=LQH(O$ELGLQH%HQ$OL0,1,67(5('(/$*5,&8/785('(/(19,5211(0(17(7'(65(66285&(6+


ODWURLVLqPHSKDVH(OOH FRQVLVWH GDQV LQVWDOODWLRQ GHV pTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j VHSWPRLVjFRPSWHUGXPRLVGDYULO/DTXDWULqPHSKDVH(OOHFRQVLVWHGDQV OD UpFHSWLRQ SURYLVRLUH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[SODQV HW VSpFLILFLWpV WHFKQLTXHV GX SURMHW OD GpWHFWLRQ GHVGpIDLOODQFHVFRQVWDWpHVVXUOHVFRPSRVDQWHVGXSURMHWSRXUSURFpGHUDX[UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWV OHV pTXLSHPHQWV K\GURPpFDQLTXHV HWpOHFWULTXHV ODPpQDJHPHQW GHV URXWHV GHV SLVWHV HWOpFODLUDJH OD UpFHSWLRQ GpILQLWLYH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHVFRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQSURYLVRLUH HW VDVVXUHU GX ERQ IRQFWLRQQHPHQW GHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHVpTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GXGUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHOHDXLQWHUVWLWLHOOHHWOHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWODQQpH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQjFRPSWHUGXPRLVGHGpFHPEUH,,%DUUDJH(O.pELU/DGXUpHGHUpDOLVDWLRQGXEDUUDJH(O.pELUHVWIL[pHjFLQT DQV HW GHX[ PRLV j FRPSWHU GH OD GDWH GHQWUpH HQYLJXHXUGXSUpVHQWGpFUHW/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLWODSUHPLqUHSKDVH(OOH FRQVLVWH GDQV ODPpQDJHPHQW GX FKDQWLHU ODFRQVWUXFWLRQ GHV KDELWDWLRQV OLQVWDOODWLRQ VXU OHV OLHX[ HWODGGXFWLRQHQpOHFWULFLWpHWHQHDX/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjTXDWUHPRLV j FRPSWHU GH OD GDWH GHQWUpH HQ YLJXHXU GX SUpVHQWGpFUHW/DGHX[LqPHSKDVH(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVjODJDOHULHGHGpULYDWLRQHWODGLJXHWHOVTXHOHVWHUUDVVHPHQWVOH EDWDUGHDX OH EpWRQ OD SDURL PRXOpH HW OHV RSpUDWLRQVGLQMHFWLRQ DLQVL TXH OHV WUDLWHPHQWV WHFKQLTXHVQpFHVVDLUHVDX[IRQGDWLRQV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQHWGHPLjFRPSWHUGHODGDWHGHQWUpHHQYLJXHXUGXSUpVHQWGpFUHW/DWURLVLqPHSKDVH(OOH FRQVLVWH GDQV OLQVWDOODWLRQ GHV pTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQHWKXLWPRLVjFRPSWHUGXPRLVGHPDLODTXDWULqPHSKDVH(OOHFRQVLVWHGDQVODFRQVWUXFWLRQGHVRXYUDJHVLQWpJUpVGHODWRXUGHSULVHGHDXOpYDFXDWHXUHWOHSRQWMRLJQDQWODWRXUDXEDUUDJH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjGHX[DQVHWTXDWUHPRLVjFRPSWHUGXPRLVGHMXLQ±ODFLQTXLqPHSKDVH(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[GHUHPEODLFRQFHUQDQWOHEDUUDJH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQHWGL[PRLVjFRPSWHUGXPRLVGHPDLODVL[LqPHSKDVH(OOHFRQVLVWHGDQV OD UpFHSWLRQ SURYLVRLUH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[SODQV HW VSpFLILFLWpV WHFKQLTXHV GX SURMHW OD GpWHFWLRQ GHVGpIDLOODQFHVFRQVWDWpHVVXUOHVFRPSRVDQWHVGXSURMHWSRXUSURFpGHUDX[UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWV OHV pTXLSHPHQWV K\GURPpFDQLTXHV HWpOHFWULTXHVODPpQDJHPHQWJpQpUDOGHVURXWHVGHVSLVWHVHWOpFODLUDJH OD UpFHSWLRQ GpILQLWLYH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHVFRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQSURYLVRLUH HW VDVVXUHU GX ERQ IRQFWLRQQHPHQW GHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHVpTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GXGUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHOHDXLQWHUVWLWLHOOHHWOHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWODQQpH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQjFRPSWHUGXPRLVGHIpYULHU,,,%DUUDJH(O0RXOD/DGXUpHGHUpDOLVDWLRQGHEDUUDJH(O0RXODHVWIL[pHjWURLVDQVjFRPSWHUGHODGDWHGHQWUpHHQYLJXHXUGXSUpVHQWGpFUHW/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLWODSUHPLqUHSKDVH(OOH FRQVLVWH GDQV ODFKqYHPHQW GHV pWXGHV HW OH FKRL[GHVHQWUHSUHQHXUV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjTXDWUHPRLV j FRPSWHU GH OD GDWH GHQWUpH HQ YLJXHXU GX SUpVHQWGpFUHWODGHX[LqPHSKDVH(OOH FRQVLVWH GDQV ODPpQDJHPHQW GX FKDQWLHU ODFRQVWUXFWLRQ GHV KDELWDWLRQV OLQVWDOODWLRQ VXU OHV OLHX[ HWODGGXFWLRQHQpOHFWULFLWpHWHQHDX/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j VHSWPRLV j FRPSWHU GH OD GDWH GHQWUpH HQ YLJXHXU GX SUpVHQWGpFUHWODWURLVLqPHSKDVH(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVjODJDOHULHGHGpULYDWLRQWHOVTXHOHWHUUDVVHPHQWOHEpWRQHWODGpULYDWLRQGXFRXUVGHORXHG/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVWIL[pHjRQ]HPRLV j FRPSWHU GH OD GDWH GHQWUpH HQ YLJXHXU GX SUpVHQWGpFUHW/DTXDWULqPHSKDVH(OOH FRQVLVWH GDQV OpODERUDWLRQ GH OpWXGH GH ODFRPSRVLWLRQ GX EpWRQ FRPSDFWp DX URXOHDX GX EpWRQFRQYHQWLRQQHO OD UpDOLVDWLRQ GH OD GLJXH FRPSRVpH SDU OH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


EpWRQ FRPSDFWp DX URXOHDX HW OHV WUDYDX[ FRQFHUQDQW ODGLJXHHQWHUUHGHODULYHGURLWHWHOTXHOHVWHUUDVVHPHQWVODSDURLPRXOpHHWOHUHPEODL/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQHWKXLWPRLVjFRPSWHUGXPRLVGHIpYULHUODFLQTXLqPHSKDVH(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVDX[RXYUDJHVGHUHVWLWXWLRQWHOTXHOHEpWRQOHVFRQGXLWHVHWOHVpTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQjFRPSWHUGXPRLVGRFWREUH/DVL[LqPHSKDVH(OOH FRQVLVWH GDQV OD UpDOLVDWLRQ GHV RXYUDJHV GH SULVHGHDX WHOV TXH OHV FRQGXLWHV OHV pTXLSHPHQWVK\GURPpFDQLTXHVHWOHEpWRQFRQYHQWLRQQHO/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j QHXIPRLVjFRPSWHUGXPRLVGHMDQYLHU±ODVHSWLqPHSKDVH(OOHFRQVLVWHGDQVODUpFHSWLRQSURYLVRLUHHOOHFRQVLVWHGDQVODFRQVWDWDWLRQGHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[ SODQV HWVSpFLILFLWpVWHFKQLTXHVGXSURMHWODGpWHFWLRQGHVGpIDLOODQFHVFRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU SURFpGHU DX[UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWVOHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV ODPpQDJHPHQWJpQpUDOGHVURXWHVGHVSLVWHVHWOpFODLUDJH OD UpFHSWLRQ GpILQLWLYH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHVFRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQSURYLVRLUH HW VDVVXUHU GX ERQ IRQFWLRQQHPHQW GHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHVpTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GXGUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHOHDXLQWHUVWLWLHOOHHWOHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWODQQpH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQjFRPSWHUGXPRLVGHGpFHPEUH,9 /HV RXYUDJHV GH GpULYDWLRQ GHV HDX[ GHVEDUUDJHV(O.pELUHW(O0RXOD/DGXUpHGHUpDOLVDWLRQGHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW(O0RXODHVWIL[pHjTXDWUHDQV j FRPSWHU GH OD GDWH GHQWUpH HQ YLJXHXU GX SUpVHQWGpFUHW/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLWODSUHPLqUHSKDVH(OOH FRQVLVWH GDQV OpODERUDWLRQ GHV GRVVLHUV GDSSHOGRIIUHVHWOHFKRL[GHVHQWUHSUHQHXUV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjVHSWPRLVjFRPSWHUGHODGDWHGHQWUpHHQYLJXHXUGXSUpVHQWGpFUHW±ODGHX[LqPHSKDVH(OOH FRQVLVWH GDQV OD UpDOLVDWLRQ GHV WUDYDX[ GH JpQLHFLYLOFRQFHUQDQWOHVFRQGXLWHVWHOVTXHOHVWHUUDVVHPHQWVOHEpWRQ OLQVWDOODWLRQ GHV pTXLSHPHQWV PpWDOOLTXHV VSpFLDX[ODFRQVWUXFWLRQGHVVWDWLRQVGHSRPSDJHHWOLQVWDOODWLRQGHVpTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjGHX[DQVHWQHXIPRLVjFRPSWHUGXPRLVGHMDQYLHUODWURLVLqPHSKDVH(OOH FRQVLVWH GDQV OD FRQVWUXFWLRQ HW OpTXLSHPHQW GXEDVVLQGHSUHVVLRQ/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j KXLWPRLVjFRPSWHUGXPRLVGHIpYULHUODTXDWULqPHSKDVH(OOH FRQVLVWH GDQV OHVVDL GH WRXWHV OHV FRQGXLWHV HW OHVpTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQHWWURLVPRLVjFRPSWHUGXPRLVGHVHSWHPEUHODFLQTXLqPHSKDVH(OOHFRQVLVWHGDQVODUpFHSWLRQSURYLVRLUHHOOHFRQVLVWHGDQVODFRQVWDWDWLRQGHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[ SODQV HWVSpFLILFLWpVWHFKQLTXHVGXSURMHWODGpWHFWLRQGHVGpIDLOODQFHVFRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU SURFpGHU DX[UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWVOHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV ODPpQDJHPHQWJpQpUDOGHVURXWHVGHVSLVWHVHWOpFODLUDJH OD UpFHSWLRQ GpILQLWLYH HOOH FRQVLVWH GDQV ODFRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHVFRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQSURYLVRLUH HW VDVVXUHU GX ERQ IRQFWLRQQHPHQW GHVpTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHVpTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GXGUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHOHDXLQWHUVWLWLHOOHHWOHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWODQQpH/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQjFRPSWHUGXPRLVGHGpFHPEUH$UW /HV UpVXOWDWV GX SURMHW VRQW pYDOXpVFRQIRUPpPHQWDX[FULWqUHVVXLYDQWV OH UHVSHFW GHV GpODLV HW GHV pWDSHV GH[pFXWLRQ GXSURMHWHWOHVHIIRUWVHQWUHSULVSRXUUpGXLUHFHVGpODLV OD UpDOLVDWLRQ GHV REMHFWLIVGXSURMHWHWOHVPHVXUHVSULVHVSRXUDXJPHQWHUVDUHQWDELOLWp OH FR€W GX SURMHW HW OHV HIIRUWV HQUHJLVWUpV SRXU OHPLQLPLVHU OHV GLIILFXOWpV UHQFRQWUpHV GDQV OD UpDOLVDWLRQ GXSURMHWHWOHVDFWLRQVHQWUHSULVHVSRXUOHVVXUPRQWHUOHV\VWqPHGXVXLYLpYDOXDWLRQGHOXQLWpGHJHVWLRQHWVRQ GHJUp GHIILFDFLWp GDQV OD GpWHUPLQDWLRQ GHV GRQQpHVUHODWLYHVjODYDQFHPHQWGHODUpDOLVDWLRQGXSURMHWOHIILFDFLWpGLQWHUYHQWLRQSRXUUpDMXVWHUODPDUFKHGXSURMHW$UW /XQLWp GH JHVWLRQ SDU REMHFWLIV SRXU ODUpDOLVDWLRQGHVEDUUDJHV(O=DUJD(O.pELU(O0RXODHWGHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHVG(O.pELUHW(O 0RXOD GX JRXYHUQRUDW GH -HQGRXED FRPSUHQG OHVHPSORLVIRQFWLRQQHOVVXLYDQWV XQ FKHI GH SURMHW D\DQW UDQJ HW SUpURJDWLYHV GHGLUHFWHXU GDGPLQLVWUDWLRQ FHQWUDOH FKDUJpGHVXSHUYLVHUODUpDOLVDWLRQGHWRXWHVOHVFRPSRVDQWHVGXSURMHW XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GXEDUUDJH (O =DUJD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GXEDUUDJH (O .pELU D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GXEDUUDJH (O 0RXOD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH±XQFKHIGHVHUYLFHFKDUJpGXVXLYLGHVWUDYDX[GHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.HELUHW(O0RXOD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH VHUYLFHGDGPLQLVWUDWLRQFHQWUDOH XQ FKHI GH VHUYLFH GHV DIIDLUHV DGPLQLVWUDWLYHV HWILQDQFLqUHV D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH VHUYLFHGDGPLQLVWUDWLRQFHQWUDOH XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV RSpUDWLRQVGH[SURSULDWLRQ GHV GRPPDJHV HW LQWpUrWV D\DQW UDQJ HWSUpURJDWLYHVGHFKHIGHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH$UW,OHVWFUppXQHFRPPLVVLRQDXVHLQGXPLQLVWqUHGHODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHV SUpVLGpH SDU OH PLQLVWUH GH ODJULFXOWXUH GHOHQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV RX VRQUHSUpVHQWDQWFKDUJpHGXVXLYLHWGHOpYDOXDWLRQGHVPLVVLRQVDWWULEXpHVjOXQLWpGHJHVWLRQSDUREMHFWLIVFRQIRUPpPHQWDX[FULWqUHVIL[pVjODUWLFOHGXSUpVHQWGpFUHW/HV PHPEUHV GH OD FRPPLVVLRQ VHURQW GpVLJQpV SDUDUUrWp GX 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GX PLQLVWUH GHODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHV/HSUpVLGHQWGHODFRPPLVVLRQSHXWIDLUHDSSHOjWRXWHSHUVRQQHGRQWODYLVHVWMXJpXWLOHSRXUDVVLVWHUDX[WUDYDX[GHODFRPPLVVLRQDYHFDYLVFRQVXOWDWLI/D FRPPLVVLRQ VH UpXQLW VXU FRQYRFDWLRQ GH VRQSUpVLGHQW HW FKDTXH IRLV TXH OD QpFHVVLWp OH[LJH (OOH QHSHXW GpOLEpUHU YDODEOHPHQW TXHQ SUpVHQFH GH OD PRLWLp DXPRLQVGHVHVPHPEUHV/HVGpFLVLRQVGHODFRPPLVVLRQVRQWSULVHVjODPDMRULWpGHV YRL[ GH VHV PHPEUHVSUpVHQWVHWHQFDVGHSDUWDJHODYRL[GXSUpVLGHQWHVWSUpSRQGpUDQWH/D GLUHFWLRQ JpQpUDOH GX ILQDQFHPHQW GHVLQYHVWLVVHPHQWVHWGHVRUJDQLVPHVSURIHVVLRQQHOVDVVXUHOHVIRQFWLRQVGXVHFUpWDULDWGHODFRPPLVVLRQ$UW/HPLQLVWUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHV UHVVRXUFHV K\GUDXOLTXHV VRXPHW XQ UDSSRUW DQQXHO DX3UHPLHUPLQLVWUHVXUODFWLYLWpGHOXQLWpGHJHVWLRQSDUREMHFWLIVSRXUODUpDOLVDWLRQGHVEDUUDJHV(O=DUJD(O.pELU(O0RXODHWGHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW(O 0RXOD GX JRXYHUQRUDW GH -HQGRXED FRQIRUPpPHQW DX[GLVSRVLWLRQV GH ODUWLFOH GX GpFUHW Qƒ GX MXLOOHWVXVYLVp$UW/HVPLQLVWUHVGHVILQDQFHVHWGHODJULFXOWXUHGHOHQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV VRQWFKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH OH[pFXWLRQ GXSUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH=LQH(O$ELGLQH%HQ$OL120,1$7,2163DUGpFUHWQƒGXGpFHPEUH0RQVLHXU6DwG+HODOLQJpQLHXUHQFKHIHVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGXGpYHORSSHPHQWVRFLRpFRQRPLTXHGHODSRSXODWLRQIRUHVWLqUHjODGLUHFWLRQJpQpUDOHGHVIRUrWVDX PLQLVWqUH GH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHVUHVVRXUFHVK\GUDXOLTXHV3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0RKDPHG /DPLQH 0QDVUL LQJpQLHXU GHVWUDYDX[ HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH jODUURQGLVVHPHQW GH OD FRQVHUYDWLRQ GHV HDX[ HW GX VRO DXFRPPLVVDULDWUpJLRQDODXGpYHORSSHPHQWDJULFROHGH6LOLDQD3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU $ILI %HQ )UHM LQJpQLHXU GHV WUDYDX[ HVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGXGpYHORSSHPHQWFROOHFWLI HW GH ODQLPDWLRQ UXUDOH j OXQLWp GH JHVWLRQ SDUREMHFWLIV SRXU OD UpDOLVDWLRQ GX SURMHW GH GpYHORSSHPHQWDJULFROHLQWpJUpGXEDVVLQPLQLHUGXJRXYHUQRUDWGH*DIVD3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU +RXFLQH .KDOHG LQJpQLHXU GHV WUDYDX[ HVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHjODUURQGLVVHPHQWGH OD SURGXFWLRQ YpJpWDOH DX FRPPLVVDULDW UpJLRQDO DXGpYHORSSHPHQWDJULFROHGH0pGHQLQH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU /DURXVVL )ULKD DQDO\VWH FHQWUDO HVW FKDUJpGHV IRQFWLRQV GH FKHI GH VHUYLFH LQIRUPDWLTXH HW GHPRGpOLVDWLRQV K\GURORJLTXHV j OD GLUHFWLRQ JpQpUDOH GHVUHVVRXUFHVHQHDX[UHOHYDQWGXPLQLVWqUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU 1DGKHP +RPUL LQJpQLHXU SULQFLSDO HVWFKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGHODPLVHHQYDOHXUHW GX GpYHORSSHPHQW DJULFROH j OXQLWp GH JHVWLRQ SDUREMHFWLIV SRXU OD UpDOLVDWLRQ GX SURMHW GH GpYHORSSHPHQWDJULFROHLQWpJUpGXJRXYHUQRUDWGH.DVVHULQH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU$wID+DPGLLQJpQLHXUGHVWUDYDX[HVWFKDUJpGHVIRQFWLRQVGHFKHIGDUURQGLVVHPHQWGHOH[SORLWDWLRQGHVSpULPqWUHV LUULJXpV DX FRPPLVVDULDW UpJLRQDO DXGpYHORSSHPHQWDJULFROHGH7DWDRXLQH(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX MXLQ OLQWpUHVVp EpQpILFLH GHVDYDQWDJHVGXQFKHIGHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ3DJH


3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU $OL &KDUIHGGLQH LQJpQLHXU GHV WUDYDX[ HVWFKDUJp GHV IRQFWLRQV GH FKHI GDUURQGLVVHPHQW GHVEkWLPHQWV HW GX PDWpULHO DX FRPPLVVDULDW UpJLRQDO DXGpYHORSSHPHQWDJULFROHGH6RXVVH(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX MXLQ OLQWpUHVVp EpQpILFLH GHVDYDQWDJHVGXQFKHIGHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU $OL $ORXL DGPLQLVWUDWHXU FRQVHLOOHU HVWFKDUJpGHVIRQFWLRQVGHFKHIGDUURQGLVVHPHQWGXSHUVRQQHODX FRPPLVVDULDW UpJLRQDO DX GpYHORSSHPHQW DJULFROH GH7DWDRXLQH(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX MXLQ OLQWpUHVVp EpQpILFLH GHVDYDQWDJHVGXQFKHIGHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH3DUGpFUHWQƒGXQRYHPEUH0RQVLHXU 0RKDPHG 7DRXILN (O *KDUEL LQJpQLHXU GHVWUDYDX[ HQVHLJQDQW HVW FKDUJp GHV IRQFWLRQV GH FKHIGDUURQGLVVHPHQW GHV EkWLPHQWV HW GX PDWpULHO DXFRPPLVVDULDW UpJLRQDO DX GpYHORSSHPHQW DJULFROH GH0RQDVWLU(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHODUWLFOHGXGpFUHWQƒ GX MXLQ OLQWpUHVVp EpQpILFLH GHVDYDQWDJHVGXQFKHIGHVHUYLFHGDGPLQLVWUDWLRQFHQWUDOH3DUGpFUHWQƒGXGpFHPEUH0RQVLHXU


$UW /H FRQFRXUV H[WHUQH VXVYLVp HVW RXYHUW SDUDUUrWpGXPLQLVWUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV&HWDUUrWpIL[HOHQRPEUHGHPSORLVPLVHQFRQFRXUVODGDWHGHFO{WXUHGHODOLVWHGLQVFULSWLRQODGDWHHWOHOLHXGXGpURXOHPHQWGHVpSUHXYHV$UW /HV FDQGLGDWV DX FRQFRXUV VXVYLVp GRLYHQWGpSRVHU RX DGUHVVHU SDU OHWWUHUHFRPPDQGpHOHXUVGRVVLHUVGHFDQGLGDWXUHDFFRPSDJQpHVGHVSLqFHVVXLYDQWHV$ /RUVGXGpS{WGHODFDQGLGDWXUHXQHGHPDQGHGHFDQGLGDWXUHXQHSKRWRFRSLHGHODFDUWHGLGHQWLWpQDWLRQDOH XQH SKRWRFRSLH GX GLSO{PH DFFRPSDJQpH HQ FH TXLFRQFHUQHOHVGLSO{PHVpWUDQJHUVGHODWWHVWDWLRQGpTXLYDOHQFH,O QHVW SDV QpFHVVDLUHTXHODVLJQDWXUHVRLWOpJDOLVpHHWTXH OHV SKRWRFRSLHV VRLHQW FHUWLILpHV FRQIRUPHV DX[RULJLQDX[/H FDQGLGDW TXL D GpSDVVp OkJH OpJDO GRLW MRLQGUH DX[SLqFHV VXVpQXPpUpHV XQH DWWHVWDWLRQ MXVWLILDQWODFFRPSOLVVHPHQW GH VHUYLFHV FLYLOV HIIHFWLIV RXOLQVFULSWLRQDXEXUHDXGHOHPSORL% $SUqV ODGPLVVLRQ DX FRQFRXUV HW DYDQWODIIHFWDWLRQDXSRVWHGHWUDYDLO/H FDQGLGDW GRLW FRPSOpWHU OHV SLqFHV HVVHQWLHOOHVQpFHVVDLUHVHWQRWDPPHQW XQ H[WUDLW GX FDVLHU MXGLFLDLUH ORULJLQDO GDWDQW GHPRLQVGXQDQXQH[WUDLWGHQDLVVDQFHGDWDQWGHPRLQVGXQDQ XQ FHUWLILFDW PpGLFDO ORULJLQDO GDWDQW GH PRLQV GHWURLV PRLV DWWHVWDQW TXH OH FDQGLGDW UHPSOLW OHV FRQGLWLRQVGDSWLWXGH SK\VLTXH HW PHQWDOH QpFHVVDLUHV SRXU OH[HUFLFHGHVHVIRQFWLRQVVXUWRXWOHWHUULWRLUHGHOD5pSXEOLTXHXQHFRSLHFHUWLILpHFRQIRUPHjORULJLQDOGXGLSO{PH$UW 7RXWH FDQGLGDWXUH SDUYHQXH DSUqV OD GDWH GHFO{WXUH GH OD OLVWH GLQVFULSWLRQ HVW REOLJDWRLUHPHQW UHMHWpH/HFDFKHWGHODSRVWHRXODGDWHGHQUHJLVWUHPHQWDXEXUHDXGRUGUHFHQWUDOIDLVDQWIRL$UW /D OLVWH GHV FDQGLGDWV DGPLV j FRQFRXULU HVWGpILQLWLYHPHQW DUUrWpH SDU OH PLQLVWUH GH ODJULFXOWXUH GHOHQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV VXLWH DOpWXGHGHVGRVVLHUVGHFDQGLGDWXUHSDUOHMXU\GXFRQFRXUV$UW /H FRQFRXUV H[WHUQH VXVYLVp FRPSRUWH GHX[pSUHXYHVpFULWHVSRXUODGPLVVLELOLWpHWXQHpSUHXYHSUDWLTXHSRXUODGPLVVLRQGpILQLWLYH,/HVpSUHXYHVGDGPLVVLELOLWppSUHXYHpFULWHGHFXOWXUHJpQpUDOHpSUHXYHpFULWHHQLQIRUPDWLTXH,,8QHSUHXYHGDGPLVVLRQGpILQLWLYHpSUHXYHSUDWLTXHVXURUGLQDWHXU/HSURJUDPPHGHVGHX[pSUHXYHVVXVYLVpHVHVWIL[pHQDQQH[HODGXUpHHWOHVFRHIILFLHQWVGHVpSUHXYHVVRQWIL[pVFRPPHVXLW1DWXUHGHOpSUHXYH 'XUpH &RHIILFLHQW, /HV pSUHXYHVGDGPLVVLELOLWp(SUHXYHpFULWHGHFXOWXUHJpQpUDOH (SUHXYH pFULWH HQLQIRUPDWLTXH,,8QHSUHXYHGDGPLVVLRQGpILQLWLYH (SUHXYH SUDWLTXH VXURUGLQDWHXU'HX[KHXUHV'HX[KHXUHV8QHKHXUH OpSUHXYH pFULWH GH FXOWXUH JpQpUDOH HVW UpGLJpHREOLJDWRLUHPHQW HQ ODQJXH DUDEH HQ TXDWUH SDJHV DXPD[LPXP QH VRQW SDV SULVHV HQ FRQVLGpUDWLRQ OHV SDJHVGpSDVVDQWOHQRPEUHPD[LPXPSUpFLWp OpSUHXYH pFULWH HQ LQIRUPDWLTXH HVW UpGLJpHLQGLIIpUHPPHQW HQ ODQJXH DUDEH RX HQ ODQJXH IUDQoDLVHVHORQOHFKRL[GXFDQGLGDW$UW6DXIGpFLVLRQFRQWUDLUHGXMXU\OHVFDQGLGDWVQHSHXYHQW DYRLU j OHXU GLVSRVLWLRQ SHQGDQW OD GXUpH GHVpSUHXYHVQLGHOLYUHVQLGHEURFKXUHVQLGHQRWHVQLGHWRXWDXWUHGRFXPHQWGHTXHOTXHQDWXUHTXHFHVRLW$UW 1RQREVWDQW OHV SRXUVXLWHV SpQDOHV GH GURLWFRPPXQ WRXWH IUDXGH RX WHQWDWLYH GH IUDXGH G€PHQWFRQVWDWpHHQWUDvQHOH[FOXVLRQLPPpGLDWHGXFDQGLGDWGHODVDOOH GH[DPHQ ODQQXODWLRQ GHV pSUHXYHV TXLO D VXELHV HWOLQWHUGLFWLRQ GH SDUWLFLSHU j WRXW FRQFRXUV RX H[DPHQDGPLQLVWUDWLIV XOWpULHXUV SHQGDQW FLQT DQV FHWWHLQWHUGLFWLRQ VHUD SURQRQFpH SDU DUUrWp GX PLQLVWUH GHODJULFXOWXUH GH OHQYLURQQHPHQW HW GHV UHVVRXUFHVK\GUDXOLTXHVVXUSURSRVLWLRQGXMXU\GXFRQFRXUV7RXWHIUDXGHRXWHQWDWLYHGHIUDXGHGRLWIDLUHOREMHWGXQUDSSRUWFLUFRQVWDQFLpGXVXUYHLOODQWRXGHOH[DPLQDWHXUTXLODFRQVWDWpH$UW/HVpSUHXYHVGXFRQFRXUVVRQWDSSUpFLpHVSDUXQMXU\GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHUPLQLVWUH$UW/HVGHX[pSUHXYHVpFULWHVVRQWVRXPLVHVjXQHGRXEOHFRUUHFWLRQ,OHVWDWWULEXpjFKDFXQHGHVpSUHXYHVXQHQRWHYDULDQWGH]pURjYLQJWODQRWHGpILQLWLYHHVWpJDOHjODPR\HQQHDULWKPpWLTXHGHFHVGHX[QRWHV$XFDVROpFDUWHQWUHOHVGHX[QRWHVDWWULEXpHVSDUOHVGHX[FRUUHFWHXUVHVWVXSpULHXUDTXDWUHSRLQWVOpSUHXYHHVWVRXPLVHjODSSUpFLDWLRQGHGHX[DXWUHVFRUUHFWHXUVSRXUXQH QRXYHOOH FRUUHFWLRQ OD QRWH GpILQLWLYH HVW pJDOH j ODPR\HQQHDULWKPpWLTXHGHVGHX[GHUQLqUHVQRWHV$UW7RXWHQRWHLQIpULHXUHjVL[VXUYLQJWHVWpOLPLQDWRLUH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ3DJH


$UW1XOQHSHXWrWUHGpFODUpDGPLVjSDUWLFLSHUjpSUHXYHGDGPLVVLRQVLOQDREWHQXXQPLQLPXPGHWUHQWHSRLQWVSRXUOHVGHX[pSUHXYHV/HV FDQGLGDWV GpFODUpV DGPLVVLEOHV VRQW LQIRUPpV SDUOHWWUHV LQGLYLGXHOOHV RX SDU DIILFKDJH GDQV OHV ORFDX[ GHODGPLQLVWUDWLRQ GX OLHX HW GH OD GDWH GX GpURXOHPHQW GHOpSUHXYHGDGPLVVLRQ$UW1XOQHSHXWrWUHGpFODUpDGPLVVLOQDREWHQXXQPLQLPXPGHFLQTXDQWHSRLQWVSRXUOHQVHPEOHGHVpSUHXYHV6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GHSRLQWVjOHQVHPEOHGHVpSUHXYHVODSULRULWpHVWDFFRUGpHDXSOXVkJp$UW /H MXU\GXFRQFRXUVSURFqGHDXFODVVHPHQWGHVFDQGLGDWVSDURUGUHGHPpULWHHWSURSRVHGHX[OLVWHVGHVFDQGLGDWVSRXYDQWrWUHDGPLVGpILQLWLYHPHQW$/DOLVWHSULQFLSDOH%/DOLVWHFRPSOpPHQWDLUHFHWWHOLVWHHVWpWDEOLHGDQVOD OLPLWH GH DX PD[LPXP GX QRPEUH GHV FDQGLGDWVLQVFULWVVXUODOLVWHSULQFLSDOHHOOHSHUPHWOHFDVpFKpDQWjODGPLQLVWUDWLRQ GH UHPSODFHU OHV FDQGLGDWV LQVFULWV VXU ODOLVWH SULQFLSDOH HW TXL QRQW SDV UHMRLQW OHXUV SRVWHVGDIIHFWDWLRQ$UW/DOLVWHSULQFLSDOHHWODOLVWHFRPSOpPHQWDLUHGHV FDQGLGDWV DGPLV GpILQLWLYHPHQW DX FRQFRXUV H[WHUQHSRXU OH UHFUXWHPHQW GH WHFKQLFLHQV GH ODERUDWRLUHLQIRUPDWLTXH DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHVWHFKQLFLHQVGHOLQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHVVRQWDUUrWpHVGpILQLWLYHPHQWSDUOHPLQLVWUHGHODJULFXOWXUHGHOHQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV$UW/DGPLQLVWUDWLRQSURFODPHODOLVWHSULQFLSDOHHW LQYLWH OHV FDQGLGDWV DGPLV j UHMRLQGUH OHXUV SRVWHVGDIIHFWDWLRQ$XWHUPHGXGpODLPD[LPXPGXQPRLVDSUqVODGDWHGHSURFODPDWLRQ GH OD OLVWH SULQFLSDOH ODGPLQLVWUDWLRQ GRLWPHWWUHHQGHPHXUHSDUOHWWUHUHFRPPDQGpHDYHFDFFXVpGHUpFHSWLRQOHVFDQGLGDWVGpIDLOODQWVHQOHVLQYLWDQWjUHMRLQGUHOHXUVSRVWHVGDQVXQGpODLPD[LPXPGHMRXUVIDXWHGHTXRL LOV VRQW UDGLpV GH OD OLVWH SULQFLSDOH GHV FDQGLGDWVDGPLVDXFRQFRXUVHWUHPSODFpVSDUFHX[LQVFULWVSDURUGUHGHPpULWHVXUODOLVWHFRPSOpPHQWDLUH/HUHFRXUVjODOLVWHFRPSOpPHQWDLUH SUHQG ILQ GDQV XQ GpODL PD[LPXP GH VL[PRLVDSUqVODSURFODPDWLRQGHODOLVWHSULQFLSDOH$UW /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO$JULFXOWXUHGHO(QYLURQQHPHQWHWGHV5HVVRXUFHV+\GUDXOLTXHV0RKDPHG+DELE+DGGDG9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL$11(;(3URJUDPPHGXFRQFRXUVH[WHUQHVXUpSUHXYHVSRXUOHUHFUXWHPHQWGHVWHFKQLFLHQVGHODERUDWRLUHLQIRUPDWLTXH, (SUHXYHpFULWHGHFXOWXUHJpQpUDOHORUJDQLVDWLRQDGPLQLVWUDWLYHGHOD7XQLVLHODGPLQLVWUDWLRQFHQWUDOHODGPLQLVWUDWLRQ5pJLRQDOH ODGPLQLVWUDWLRQ ORFDOH OD PXQLFLSDOLWp OH FRQVHLOUpJLRQDOORUJDQLVDWLRQpFRQRPLTXHHQ7XQLVLHOHEXGJHWSUpSDUDWLRQH[pFXWLRQFRQWU{OHODVRFLpWpGHOLQIRUPDWLRQHWGHVFRPPXQLFDWLRQV,O (SUHXYHpFULWHHQLQIRUPDWLTXH$0LFURRUGLQDWHXUVHWpTXLSHPHQWV FRPSRVDQWHV GHV PLFURRUGLQDWHXUV XQLWp FHQWUDOHGLVTXHVpFUDQFODYLHUHWF pTXLSHPHQWV WHUPLQDX[ LPSULPDQWHV VFDQQHUVpTXLSHPHQWVGHVDXYHJDUGHHWF%/RJLFLHOVGH[SORLWDWLRQHWGHSLORWDJH 6\VWqPH GH[SORLWDWLRQ FDUDFWpULVWLTXHV HW PpWKRGHVGLQVWDOODWLRQ HW GH FRQILJXUDWLRQ GHV V\VWqPHV '26:,1'2:6/,18;81,;HWF /RJLFLHOV GH SLORWDJH GULYHUV FDUDFWpULVWLTXHV HWPpWKRGHVGLQVWDOODWLRQHWGHFRQILJXUDWLRQ ORJLFLHOV GH EXUHDXWLTXH W\SHV HW PpWKRGHVGLQVWDOODWLRQHWGHFRQILJXUDWLRQ& 5pVHDX[GHFRPPXQLFDWLRQ 7\SH HW FDUDFWpULVWLTXHV GHV UpVHDX[ LQIRUPDWLTXHV5pVHDX[/$1:$17&3,3;LQWUDQHWOQWHUQHWHWFFRPSRVDQWHVGHVUpVHDX[LQIRUPDWLTXHVpTXLSHPHQWVDFWLIVHWSDVVLIVGHVUpVHDX[/$1HW:$1 GLIIpUHQWHV FRXFKHV SURWRFROHV HW V\VWqPHVGH[SORLWDWLRQ GHV UpVHDX[ FDUDFWpULVWLTXHV HW PpWKRGHVGLQVWDOODWLRQHWGHFRQILJXUDWLRQUqJOHVpOpPHQWDLUHVGDGPLQLVWUDWLRQHWGHVXSHUYLVLRQGHVUpVHDX[/$1:$1HWLQWHUQHW'0DLQWHQDQFHHWVpFXULWpGHVpTXLSHPHQWVpTXLSHPHQWHWORJLFLHOVGHSURWHFWLRQHWGHVpFXULWpW\SHVGHPDLQWHQDQFHHWOHXUVH[LJHQFHV,O(SUHXYHSUDWLTXHVXURUGLQDWHXU$$UFKLWHFWXUHGHVRUGLQDWHXUV DUFKLWHFWXUH GHV PLQL HW GHV PLFURRUGLQDWHXUVPpPRLUHVYLUWXHOOHVHWPpPRLUHVDX[LOLDLUHV%/RJLFLHOVGHEXUHDXWLTXH:RUG([FHO&6\VWqPHVGH[SORLWDWLRQ7\SHV HW FDUDFWpULVWLTXHV GHV V\VWqPHV GH[SORLWDWLRQ0V'RV8QL[HW:LQGRZV1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UUrWp GX PLQLVWUH GH ODJULFXOWXUH GHOHQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHVGX GpFHPEUH SRUWDQW RXYHUWXUH GH ODSURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OHSpULPqWUH SXEOLF LUULJXp G(UEDwD GH OD GpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH/H PLQLVWUH GH ODJULFXOWXUH GH OHQYLURQQHPHQW HW GHVUHVVRXUFHVK\GUDXOLTXHV9X OD ORL Qƒ GX PDL SRUWDQW UpIRUPHDJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV WHOOH TXHPRGLILpHHWFRPSOpWpHSDUODORLQƒGXIpYULHUHWSDUODORLQƒGXPDUVHWQRWDPPHQWVRQDUWLFOH9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGHODJHQFHIRQFLqUHDJULFROHWHOOHTXHPRGLILpHHWFRPSOpWpHSDU OD ORL Qƒ GX PDUV HW QRWDPPHQW VRQDUWLFOH9XOHGpFUHWQƒGXDR€WPRGLILDQWODGpQRPLQDWLRQ GH ODJHQFH GH OD UpIRUPH DJUDLUH GHVSpULPqWUHVSXEOLFVLUULJXpV9X OH GpFUHW Qƒ GX RFWREUHSRUWDQWFUpDWLRQ GX SpULPqWUH SXEOLF LUULJXp G(UEDwD GH ODGpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH$UUrWH$UWLFOH SUHPLHU /D SURFpGXUH GH UpDPpQDJHPHQWIRQFLHUHVWRXYHUWHjFRPSWHUGHODGDWHGHSXEOLFDWLRQGXSUpVHQWDUUrWpGDQVOHSpULPqWUHSXEOLFLUULJXpG(UEDwDGHOD GpOpJDWLRQ GH 6EHwWOD DX JRXYHUQRUDW GH .DVVHULQHGpOLPLWpSDUXQOLVHUpURXJHVXUOH[WUDLWGHFDUWHDXDQQH[pDXSUpVHQWDUUrWp$UW /H GLUHFWHXU JpQpUDO GH ODJHQFH IRQFLqUHDJULFROHHVWFKDUJpGHOH[pFXWLRQGXSUpVHQWDUUrWpTXLVHUDSXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH7XQLVOHGpFHPEUH/H0LQLVWUHGHO$JULFXOWXUHGHO(QYLURQQHPHQWHWGHV5HVVRXUFHV+\GUDXOLTXHV0RKDPHG+DELE+DGGDG9X/H3UHPLHU0LQLVWUH0RKDPHG*KDQQRXFKL3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH OH SUpVLGHQW GH OD PXQLFLSDOLWp ,661 &HUWLILp FRQIRUPH OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O,257&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHGpFHPEUH

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!