! " # $# % $ & #' ( ) ! " # $ !% ! & $ ' ' ($ ' # % % ) % * % ' $ ' + " % & ' !# $, ( $ - . / 0 . - . . 01 ! 2 - . - % - . . % - - . . . /1 - % % % 3% % % 4 -1 . 5 6 5 - 4 . 01. . - - . . 4 . - - 7 $$$ 8 9 : . -. . ;& )*<7 +) =>?%@@AAA& % " 9 B * & 6 7C 1 D 7 7C 1 D>EAF;& )*<7 +) "G 2 . . & >EAF ,QWURGXFWLRQHWVRPPDLUH /HV H[HUFLFHV SUpVHQWpV GDQV FHW RXYUDJH RQW pWp FUppV FRPPH VXSSRUW GLGDFWLTXH j XQ FRXUV WKpRULTXH HW SUDWLTXH GH *pQLH JpQpWLTXH HW %LRWHFKQRORJLH GLVSHQVp HQ qPH DQQpH GX JUDGH GH %DFKHOLHU HQ 6FLHQFHV %LRPpGLFDOHVjOD)DFXOWpGH0pGHFLQHGHO¶8QLYHUVLWp/LEUHGH%UX[HOOHV,OV RQW SRXU EXW GH GpYHORSSHU XQH ERQQH PDvWULVH FRQFHSWXHOOH GHV PpFDQLVPHVPROpFXODLUHVLPSOLTXpVGDQVTXHOTXHVSULQFLSDOHVWHFKQLTXHVGH EDVH GH ELRORJLH PROpFXODLUH HW G¶DFTXpULU GHV SULQFLSHV GH UDLVRQQHPHQW XWLOHV GDQV OD SUDWLTXH GH FHV PpWKRGHV H[SpULPHQWDOHV /HXU UpVROXWLRQ LPSRVHUD pYLGHPPHQW GH GLVSRVHU DX GpSDUW GHV FRQQDLVVDQFHV WKpRULTXHV UHTXLVHV OHVTXHOOHV QH IRQW SDV O¶REMHW GX SUpVHQW RXYUDJH /HV H[HUFLFHV SUpVHQWpVLFLSHXYHQWGRQFrWUHXWLOLVpVDXVVLFRPPHXQRXWLOG¶pYDOXDWLRQGH FHWWHPDvWULVHFRQFHSWXHOOH ,O HVW j QRWHU TXH OD UpVROXWLRQ GH FHV H[HUFLFHV GHPDQGHUD DYDQW WRXW GH GLVSRVHU G¶XQ UDLVRQQHPHQW j OD IRLV ULJRXUHX[ HW LQYHQWLI /HV EDVHV WKpRULTXHV UHTXLVHV VRQW SDUIRLV SHX LPSRUWDQWHV $LQVL SDU H[HPSOH O¶pWDEOLVVHPHQWG¶XQHFDUWHGHUHVWULFWLRQG¶XQ$'1SODVPLGLTXHWHOTX¶DERUGp GDQVOHFKDSLWUH,,,SHXWrWUHSUpVHQWpFRPPHXQVLPSOHMHXGHUDLVRQQHPHQW GDQV OHTXHO LO V¶DJLW GH SRVLWLRQQHU VXU XQ FHUFOH OHV SRLQWV GH FRXSXUHV GH GLIIpUHQWVDFWHXUV OHVGLIIpUHQWVHQ]\PHVGHUHVWULFWLRQ UHODWLYHPHQWOHVXQV SDUUDSSRUWDX[DXWUHVHQGLVSRVDQWGXQRPEUHHWGHVWDLOOHVGHVIUDJPHQWV GXFHUFOHUpVXOWDQWGHODFRXSXUH SDUFKDFXQGHFHVDFWHXUVSULVLVROpPHQW RXHQFRXSOHV /HVGLIIpUHQWVW\SHVG¶H[HUFLFHVVRQWSUpVHQWpVVXFFHVVLYHPHQWGDQVO¶RUGUH UHSULVFLDSUqV$FKDTXHIRLVXQRXTXHOTXHVH[HPSOHVVRQWUpVROXVHWXQH VpULHG¶H[HUFLFHVIDLVDQWLQWHUYHQLUOHVPrPHVSULQFLSHVGHUDLVRQQHPHQWVRQW SURSRVpVDFFRPSDJQpVVHXOHPHQWGHOHXUVROXWLRQILQDOH ϭ ,&DOFXOVGHFRQFHQWUDWLRQVG¶$'1HWGHYDOHXUGH'2 S ,,5pDFWLRQVHQ]\PDWLTXHVLPSOLTXDQWO¶$'1UHVWULFWLRQHW SRO\PpULVDWLRQ S ,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHSDUODVHXOHDQDO\VHGX SURGXLWGHVDGLJHVWLRQjO¶DLGHG¶HQ]\PHVGHUHVWULFWLRQ S ,95pDFWLRQGHSRO\PpULVDWLRQHQFKDvQH 3&5 S 9/LJDWLRQG¶$'1HWWUDQVIRUPDWLRQGHEDFWpULHV S 9,+\EULGDWLRQG¶$'1WHFKQLTXHGH©6RXWKHUQEORWWLQJª S 9,,$QDO\VHJpQpWLTXHG¶$'1JpQRPLTXHKXPDLQ S 9,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHVXUEDVHGHGRQQpHV PXOWLSOHV S Ϯ $EUpYLDWLRQVGpILQLWLRQVHWYDOHXUVFOpV $'1J$'1JpQRPLTXH,OV¶DJLWLFLG¶$'1JpQRPLTXHKXPDLQ/¶$'1JG¶XQH IHPPH HVW FRQVWLWXp GH JpQRPHV KDSORwGHV ; WDQGLV TXH O¶$'1J G¶XQLQGLYLGXPDVFXOLQHVWXQPpODQJHGHJpQRPHVKDSORwGHV;HWGH JpQRPHVKDSORwGHV<2QXWLOLVHUDODYDOHXUPR\HQQHDSSUR[LPDWLYH GH PLOOLDUGV GH SDLUHV GH EDVHV SRXU OD WDLOOH GX JpQRPH KDSORwGHTX¶LOVRLW;RX< $73$GpQRVLQHWULSKRVSKDWH EEDVHGDQVO¶$'1VLPSOHEULQ2QXWLOLVHUDODYDOHXUGHJPROHFRPPH YDOHXUPR\HQQHDSSUR[LPDWLYHGHODPDVVHPRODLUHG¶XQHEDVH G173 GpVR[\QXFOpRWLGH V WULSKRVSKDWH V $X SOXULHO LO VLJQLILH XQ PpODQJH HQ TXDQWLWpV pJDOHV GHV GpVR[\QXFOpRWLGHV WULSKRVSKDWHVG$73G&73G*73HWG773 '2GHQVLWpRSWLTXHjXQHORQJXHXUG¶RQGHGHQP'DQVOHFDVG¶XQ FKHPLQRSWLTXHFODVVLTXHGHFPXQHYDOHXUGH'2pJDOHj FRUUHVSRQGjXQHFRQFHQWUDWLRQHQ$'1 GRXEOHEULQ GHJP/ ',*GLJR[\JpQLQH0ROpFXOHTXLSHXWrWUHLQFRUSRUpHGDQVO¶$'1DILQGHOH PDUTXHUSHUPHWWDQWDLQVLGHOHGLVWLQJXHUDXVHLQG¶XQPpODQJHG¶$'1 ϯ PDUTXp HW G¶$'1 QRQ PDUTXp2Q XWLOLVHUDOD YDOHXU DSSUR[LPDWLYH GH JPROHSRXUODPDVVHPRODLUHGHOD',* SE SDLUH GH EDVHV 2Q XWLOLVHUD OD YDOHXU GH JPROH FRPPH YDOHXU PR\HQQHDSSUR[LPDWLYHGHODPDVVHPRODLUHG¶XQHSDLUHGHEDVHV 3&5 UpDFWLRQ GH SRO\PpULVDWLRQ HQ FKDvQH 6DXI LQGLFDWLRQ FRQWUDLUH RQ FRQVLGqUHUD TXH O¶HIILFLHQFH UpDFWLRQQHOOH HVW RSWLPDOH HW TXH OD TXDQWLWp G¶DPSOLFRQ G¶$'1 HVW GRXEOpH j O¶LVVXH GH FKDTXH F\FOH j SDUWLUGXqPHF\FOHGHODUpDFWLRQ 5+' JqQH FRGDQW O¶DQWLJqQH ' 5K' SUpVHQW FKH] XQ LQGLYLGX 5KpVXV SRVLWLI 5K' 5+&( JqQH FRGDQW OHV DQWLJqQHV & 5K& HW ( 5K( GX JURXSH VDQJXLQ 5KpVXV =);JqQHVHWURXYDQWVXUOHFKURPRVRPH;KXPDLQFRGDQWOD©=LQFILQJHU ;FKURPRVRPDOSURWHLQª =)<JqQHVHWURXYDQWVXUOHFKURPRVRPH<KXPDLQFRGDQWOD©=LQFILQJHU <FKURPRVRPDOSURWHLQª ϰ ,&DOFXOVGHFRQFHQWUDWLRQVG¶$'1HWGHYDOHXUGH'2GH VROXWLRQVG¶$'1 /DUpVROXWLRQGHVH[HUFLFHVGHFHFKDSLWUHYDGHPDQGHUGHMRQJOHUDYHFOHV QRWLRQV GH TXDQWLWp GH VROXWp GH FRQFHQWUDWLRQ GH GLOXWLRQ GH PDVVH PRODLUHGHPRODULWpGHUHODWLRQHQWUHODFRQFHQWUDWLRQHQ$'1G¶XQHVROXWLRQ HWVD'2HWGHVWUXFWXUHPROpFXODLUHGHO¶$'1 /HVYDOHXUVFOpVjJDUGHUjO¶HVSULWSRXUFHWWHSDUWLHVRQWOHVVXLYDQWHV ORUVTX¶XQHVROXWLRQG¶$'1SUpVHQWHXQH'2pJDOHjVDFRQFHQWUDWLRQ HQ$'1HVWGHJSDUP/ ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVHVWGHJSDUPROH ([HUFLFHUpVROX ([HUFLFH /DPHVXUHGHODGHQVLWpRSWLTXHjQP '2 G XQHVROXWLRQQ0G XQ $'1SODVPLGLTXHGRQQHODYDOHXU'pGXLVH]HQODWDLOOHH[SULPpHHQSE GXSODVPLGHXWLOLVp 5pVROXWLRQ 6LOD'2YDXWODFRQFHQWUDWLRQHQ$'1HVWpJDOHj[JP/ VRLWJP/ 8QHVROXWLRQQ0FRQWLHQWSLFRPROHVGHSODVPLGHSDUP/'RQFOHV JG¶$'1FRQWHQXGDQVP/GHODVROXWLRQFRUUHVSRQGHQWjSLFRPROHVGX SODVPLGHVRLW PROHV 8QH PROHGH SODVPLGH DXUDGRQFXQH PDVVH GH [JVRLW[J&KDTXHPROHGHSDLUHVGHEDVHFRPSWDQW SRXUJOHSODVPLGHFRQWLHQW[SDLUHVGHEDVHF¶HVWjGLUH SE ϱ ([HUFLFHVSURSRVpV ([HUFLFH 8Q $'1 SODVPLGLTXH G XQH WDLOOH GH SE HVW PLV HQ VROXWLRQ GDQV XQ YROXPH GH / 8QH DOLTXRWH GH / GH FHWWH VROXWLRQ SRUWpH j / PRQWUHXQH'2GHD GpWHUPLQH]ODTXDQWLWpG $'1TXLDpWpPLVH HQVROXWLRQDXGpSDUWE FDOFXOH]ODFRQFHQWUDWLRQPRODLUHGHFHWWHVROXWLRQ LQLWLDOHG¶$'1SODVPLGLTXH ([HUFLFH 8QHDOLTXRWHGH/G¶XQHVROXWLRQ0G¶XQ$'1SODVPLGLTXHG¶XQHWDLOOH GHSEHVWSRUWpHj/4XHOOHYDOHXUGHYUDLWrWUHREWHQXHORUVGHOD PHVXUHGHOD'2GHFHWWHGLOXWLRQ" ([HUFLFH 4XHOOH YDOHXU GRQQHUD OD PHVXUH GH OD '2 GH P/ G¶XQH VROXWLRQ FRQWHQDQWSLFRPROHVG¶XQSODVPLGHGHSE" ([HUFLFH /DPHVXUHGHOD'2G¶XQHVROXWLRQQ0G¶XQ$'1SODVPLGLTXHGRQQHOD YDOHXU'pGXLVH]HQODWDLOOHH[SULPpHHQSEGXSODVPLGHHQVROXWLRQ ([HUFLFH 4XHOOH HVW OD FRQFHQWUDWLRQ PRODLUH G¶XQH VROXWLRQ G¶$'1 SODVPLGLTXH GH SESUpVHQWDQWXQH'2GH" ϲ 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHD JE 0 ([HUFLFH ([HUFLFH ([HUFLFHSE ([HUFLFHQ0 ϳ ,,5pDFWLRQVHQ]\PDWLTXHVLPSOLTXDQWO¶$'1UHVWULFWLRQHW SRO\PpULVDWLRQ /HV H[HUFLFHV FRQWHQXV GDQV FHWWH VHFWLRQ YRQW SHUPHWWUH G¶DSSURIRQGLU OD UpIOH[LRQ VXU OHV PpFDQLVPHV UpDFWLRQQHOV LPSOLTXpV HW GpYHORSSHU GHV SUDWLTXHVGHUDLVRQQHPHQWHQUDSSRUWDYHFFHX[FL/HVFRQFHSWVTXLVHURQW SULQFLSDOHPHQWPDQLSXOpVDXFRXUVGHFHVUDLVRQQHPHQWVVRQWOHVVXLYDQWV /DFRXSXUHGHO¶$'1SDUXQHHQ]\PHGHUHVWULFWLRQFRQVLVWHHQO¶K\GURO\VH GXOLHQSKRVSKRGLHVWHUHQWUHGHX[EDVHVVXUFKDFXQGHVGHX[EULQVG¶$'1 6LXQIUDJPHQW G¶$'1FRQWLHQWXQEULQGRQWO¶H[WUpPLWp¶HVWHQUHWUDLWSDU UDSSRUW j O¶H[WUpPLWp ¶ GX EULQ FRPSOpPHQWDLUH OD SUpVHQFH GH SRO\PpUDVH G¶$'1 HW GH QXFOpRWLGHV WULSKRVSKDWHV YD HQWUDvQHU XQH UpDFWLRQ GH UpSOLFDWLRQ GH O¶$'1 DX GpSDUW GH FHWWH O¶H[WUpPLWp ¶ MXVTX¶j FH TX¶HOOH V¶DOLJQHVXUO¶H[WUpPLWp¶GXEULQFRPSOpPHQWDLUH /HVYDOHXUVFOpVjJDUGHUjO¶HVSULWVRQWWRXMRXUV ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVHVWGHJSDUPROH ORUVTX¶XQHVROXWLRQG¶$'1SUpVHQWHXQH'2pJDOHjVDFRQFHQWUDWLRQ HQ$'1HVWGHJSDUP/ 'DQV OH FDV GH O¶$'1 JpQRPLTXH RQ FRQVLGqUHUD TXH OHV EDVHV VRQW SUpVHQWHVHQTXDQWLWpVpJDOHVHWVRQWUpSDUWLHVGHPDQLqUHKRPRJqQHGDQV OD VpTXHQFH G¶$'1 /D WDLOOH PR\HQQH DSSUR[LPDWLYH GH [ SE VHUD XWLOLVpH SRXU OH JpQRPH KXPDLQ KDSORwGH /D PDVVH PRODLUH GX JpQRPH KDSORwGHVHUDGRQFGH[[JPROHVRLW[JPROH 6XLYDQWOHQRPEUHGHGpFLPDOHVTXLVHURQWSULVHVHQFRPSWHGDQVOHV GLIIpUHQWVFDOFXOVODYDOHXUGHODVROXWLRQILQDOHSRXUUDLWGLIIpUHUOpJqUHPHQWGH FHOOHSUpVHQWpHLFLVDQVWRXWHIRLVGpSDVVHUXQpFDUWFRUUHVSRQGDQWjO¶DUURQGL GHGpFLPDOHV ϴ ([HUFLFHVUpVROXV ([HUFLFH QJ G XQ $'1 SODVPLGLTXH GH SE FRQWHQDQW VLWHV GH UHVWULFWLRQ SRXU O HQ]\PH 3VW, VRQW GLJpUpV FRPSOqWHPHQW SDU FHW HQ]\PH 2Q YRXV GHPDQGH GH FDOFXOHU OD TXDQWLWp PDVVH G HDX TXL VHUD FRQVRPPpH GDQV FHWWHUpDFWLRQ 5pVROXWLRQ /DPDVVHPRODLUHGXSODVPLGHYDXW[JPROHVRLW[JPROH /HVQJG¶$'1FRUUHVSRQGHQWGRQFjSLFRPROHVGHSODVPLGH/RUVGH FKDTXHFRXSXUHGHO¶$'1SDUO¶HQ]\PH3VW,XQHPROpFXOHG¶HDXVHUDXWLOLVpH SRXU K\GURO\VHU OH OLHQ SKRVKRGLHVWHU HQWUH EDVHV VXU FKDFXQ GHV GHX[ EULQV 'RQF FKDTXH FRXSXUH GH O¶$'1 FRQVRPPHUD PROpFXOHV G¶HDX &RPPH LO \ D VLWHV GH FRXSXUH GDQV FKDTXH PROpFXOH GH SODVPLGH OD GLJHVWLRQFRPSOqWHGHO¶$'1FRQVRPPHUD[SLFRPROHVF¶HVWjGLUH SLFRPROHVG¶HDX(WDQWGRQQpTXHODPDVVHPRODLUHGHO¶HDXYDXWJPROH FHVSLFRPROHVFRUUHVSRQGURQWjXQHPDVVHGHSJG¶HDX ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH GH SE VRQW GLJpUpV SDU O¶HQ]\PH GH UHVWULFWLRQ %DP+, GRQW OH VLWH GH FOLYDJH HVW ¶*_*$7&&¶ /¶$'1 GLJpUp HVW HQVXLWHLQFXEpHQSUpVHQFHGHSRO\PpUDVHG¶$'1HWGHG173$XFRXUVGH ODUpDFWLRQRQFRQVRPPHSLFRPROHVGHFKDTXHG1732QYRXVGHPDQGH G¶HQGpGXLUHOHQRPEUHGHVLWHVGHUHVWULFWLRQ%DP+,SUpVHQWVGDQVFHW$'1 ϵ 5pVROXWLRQ /DPDVVHPRODLUHGXSODVPLGHYDXW[JPROHVRLW[JPROH /HVQJFRUUHVSRQGHQWGRQFjSLFRPROHVGHSODVPLGH/DFRXSXUHGH O¶$'1 SDU O¶HQ]\PH GH UHVWULFWLRQ %DP+, YD SURGXLUH GHV H[WUpPLWpV G¶$'1 SUpVHQWDQWODVWUXFWXUHVXLYDQWH ¶ ¶ *¶ &&7$*¶ /DSUpVHQFHGHSRO\PpUDVHG¶$'1HWGHVG173YDSHUPHWWUHODUpSOLFDWLRQ GX EULQ LQIpULHXU FH TXL GRQQHUD OHV EDVHV DMRXWpHV DSSDUDLVVHQW HQ FDUDFWqUHVJUDV ¶ ¶ **$7&¶ &&7$*¶ $ FKDFXQH GHV H[WUpPLWpV G¶$'1 FHWWH UpSOLFDWLRQ YD FRQVRPPHU XQH PROpFXOH GH FKDFXQ GHV G173 /D FRXSXUH SDU O¶HQ]\PH SURGXLVDQW H[WUpPLWpV G¶$'1 LGHQWLTXHV PROpFXOHV GH FKDTXH G173 VHURQW XWLOLVpHV ORUV GH OD SRO\PpULVDWLRQ /H UDSSRUW HQWUH OH QRPEUH GH PROHV GH G173 FRQVRPPpHV SLFRPROHV HW OH QRPEUH GH PROHV GH SODVPLGH SLFRPROHV pWDQW GH FHOD VLJQLILH TXH OH SODVPLGH FRQWHQDLW VLWHV GH FRXSXUHSRXUO¶HQ]\PH%DP+, ([HUFLFH 4XHOOH VHUD OD WDLOOH PR\HQQH GHV IUDJPHQWV G¶$'1 UpVXOWDQW GH OD GRXEOH GLJHVWLRQ G¶$'1 JpQRPLTXH KXPDLQ SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ 0ER, UHFRQQDLVVDQW OD VpTXHQFH ¶ *$7&¶ HW %DP+, UHFRQQDLVVDQW OD VpTXHQFH ¶**$7&&¶" FRQVLGpUH] TXH OHV EDVHV VRQW SUpVHQWHVHQTXDQWLWpVpJDOHVHWVRQWUpSDUWLHVGHPDQLqUHKRPRJqQHGDQV O¶$'1GXJpQRPH ϭϬ 5pVROXWLRQ 2Q UHPDUTXHUD TXH FKDTXH VLWH GH UHVWULFWLRQ %DP+, FRQWLHQW DXVVL XQ VLWH GH UHVWULFWLRQ 0ER, FDUDFWqUHV HQ JUDV GDQV OD VpTXHQFH ¶**$7&&¶ UHFRQQXH SDU O¶HQ]\PH %DP+, ,O VXIILW GRQF GH FRQVLGpUHU OHV VLWHV GH FOLYDJH SDU O¶HQ]\PH 0ER, 3XLVTXH OD VpTXHQFH G¶$'1 UHFRQQXH SDU FHW HQ]\PHFRPSRUWHSDLUHVGHEDVHVODIUpTXHQFHjODTXHOOHRQUHWURXYHUDOD VpTXHQFH¶*$7&¶GDQVXQHVpTXHQFHG¶$'1DOpDWRLUHHVWGH F¶HVWj GLUH/DGLJHVWLRQGHO¶$'1JpQRPLTXHSDUO¶HQ]\PHYDGRQFSURGXLUH GHVIUDJPHQWVG¶$'1G¶XQHWDLOOHPR\HQQHGHSE ([HUFLFHVSURSRVpV ([HUFLFH J G¶XQ $'1 SODVPLGLTXH GH SE HVW VRXPLV j XQH GLJHVWLRQ SDU O¶HQ]\PH GH UHVWULFWLRQ (FR5, GRQW OH VLWH GH FOLYDJH HVW ¶*/$$77&¶ /HV H[WUpPLWpV G¶$'1 DLQVL SURGXLWHV VRQW HQVXLWH UHQGXHV UDVHV SDU LQFXEDWLRQ HQ SUpVHQFH G¶$'1 SRO\PpUDVH HW GHV G173 6DFKDQW TXH OH SODVPLGH FRQWLHQW VLWHV GH UHVWULFWLRQ (FR5, HW TXH OD UpDFWLRQ GH SRO\PpULVDWLRQ VH IDLW GDQV XQ YROXPH GH / FRQWHQDQW OHV G173 j XQH FRQFHQWUDWLRQ LQLWLDOH GH 0 RQ YRXV GHPDQGH GH FDOFXOHU OD FRQFHQWUDWLRQ ILQDOH GH FKDTXHG173jO¶LVVXHGHFHWWHUpDFWLRQ ([HUFLFH 8Q$'1SODVPLGLTXHGHSEHVWVRXPLVjXQHGLJHVWLRQSDUO¶HQ]\PHGH UHVWULFWLRQ +LQG,,, HW RQ REVHUYH OD IRUPDWLRQ GH GHX[ IUDJPHQWV G¶$'1 GH SE HW SE UHVSHFWLYHPHQW 4XHO QRPEUH GH PROHV G¶HDX VHURQW FRQVRPPpHVDXFRXUVG¶XQHGLJHVWLRQFRPSOqWHGHJGHFHSODVPLGHSDU O¶HQ]\PH+LQG,,," ϭϭ ([HUFLFH QJG¶XQ$'1SODVPLGLTXHFRQWHQDQWVLWHVGHUHVWULFWLRQ%DP+, VLWHGH FOLYDJH ¶*_*$7&&¶ VRQW VRXPLV j XQH GLJHVWLRQ SDU FHW HQ]\PH /¶$'1 FOLYpHVWHQVXLWHLQFXEpHQSUpVHQFHGHSRO\PpUDVHG¶$'1HWGHG173$X FRXUVGHODUpDFWLRQRQFRQVRPPHSLFRPROHVGHFKDTXHG1732QYRXV GHPDQGHG¶HQGpGXLUHODWDLOOHGHFHW$'1 ([HUFLFH /H FOLYDJH SDU O¶HQ]\PH GH UHVWULFWLRQ (FR5, G¶XQ SODVPLGH GH SE FRQWHQDQW VLWHV GH UHVWULFWLRQ (FR5, FRQVRPPH SLFRPROHV G¶HDX 'pGXLVH]HQODTXDQWLWpGHSODVPLGHHQJDJpHGDQVFHWWHUpDFWLRQ ([HUFLFH $XFRXUVGHODGLJHVWLRQFRPSOqWHGHJG¶XQ$'1SODVPLGLTXHGHSE SDUO¶HQ]\PH3VW,RQFRQVWDWHTXHSLFRPROHVG¶HDXVRQWFRQVRPPpHV2Q YRXVGHPDQGHG¶HQGpGXLUHOHQRPEUHGHVLWHV3VW,FRQWHQXVGDQVO¶$'1GH GpSDUW ([HUFLFH QJ G¶$'1 JpQRPLTXH KXPDLQ VRQW GLJpUpV SDU O¶HQ]\PH 0ER, TXL UHFRQQDvW OD VpTXHQFH G¶$'1 ¶*$7&¶ 2Q YRXV GHPDQGH GH FDOFXOHU OD PDVVHDSSUR[LPDWLYHG¶HDXTXLVHUDFRQVRPPpHDXFRXUVGHFHWWHUpDFWLRQ ([HUFLFH / G¶XQH VROXWLRQ G¶$'1 JpQRPLTXH VRQW HQJDJpV GDQV XQH UpDFWLRQ GH UHVWULFWLRQ HQ SUpVHQFH G¶XQ H[FqV GH O¶HQ]\PH 0ER, TXL UHFRQQDvW OD VpTXHQFH ¶*$7&¶ 2Q YRXV GHPDQGH GH FDOFXOHU OD PDVVH DSSUR[LPDWLYH G¶HDX TXL VHUD FRQVRPPpH DX FRXUV GH FHWWH UpDFWLRQ VDFKDQW TXH ORUVTXH ϭϮ / GH OD VROXWLRQ G¶$'1 JpQRPLTXH VRQW SRUWpV j / RQ REWLHQW XQH VROXWLRQPRQWUDQWXQH'2GH ([HUFLFH 8Q$'1SODVPLGLTXHGHSEFRQWHQDQWXQVLWHGHUHVWULFWLRQ3VW,HVWPLV HQ VROXWLRQ j XQH FRQFHQWUDWLRQ ILQDOH GH 0 2Q YRXV GHPDQGH D TXHOOHVHUDOD'2G¶XQHGLOXWLRQGHFHWWHVROXWLRQ" E TXHOOH TXDQWLWp G¶HDX HQ PROHV VHUD FRQVRPPpH ORUV GH OD GLJHVWLRQ FRPSOqWH GH O¶$'1 FRQWHQX GDQV / GH OD VROXWLRQ 0 GX SODVPLGH SDU O¶HQ]\PH3VW," ([HUFLFH /HVHQ]\PHVGHUHVWULFWLRQ0ER,HW%DP+,UHFRQQDLVVHQWUHVSHFWLYHPHQWOHV VpTXHQFHV G¶$'1 VXLYDQWHV ¶*$7&¶ HW ¶**$7&&¶ 4XHO HVW OH QRPEUH PR\HQ GH FRXSXUHV TXH FKDFXQH GH FHV GHX[ HQ]\PHV LQWURGXLUD GDQV O¶$'1 JpQRPLTXH FRQWHQX GDQV XQH FHOOXOH KXPDLQH QRUPDOH GLSORwGH " UDSSHO FRQVLGpUH] TXH OHV EDVHV VRQW SUpVHQWHV HQ TXDQWLWpV pJDOHV HW VRQWUpSDUWLHVGHPDQLqUHKRPRJqQHGDQVO¶$'1GXJpQRPH ϭϯ 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHG$73HWG7730G&73HWG*730 ([HUFLFH[PROHVVRLWSLFRPROHV ([HUFLFHSE ([HUFLFHQJ ([HUFLFHVLWHVGHUHVWULFWLRQ3VW, ([HUFLFHSJ ([HUFLFHQJ ([HUFLFHD E SLFRPROHV ([HUFLFH0ER,[FRXSXUHV%DP+,[FRXSXUHV ϭϰ ,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHSDUODVHXOH DQDO\VHGXSURGXLWGHVDGLJHVWLRQjO¶DLGHG¶HQ]\PHVGH UHVWULFWLRQ 'DQVFHW\SHG¶H[HUFLFHO¶pQRQFpGRQQHUDOHVWDLOOHVGHVGLIIpUHQWVIUDJPHQWV G¶$'1SURGXLWVORUVGHODGLJHVWLRQGXSODVPLGHSDUO¶HQ]\PHRXOHPpODQJH G¶HQ]\PHVWHOVTX¶LOVDSSDUDLVVHQWORUVGHO¶DQDO\VHGXUpVXOWDWGHODUpDFWLRQ GH UHVWULFWLRQ SDU pOHFWURSKRUqVH HQ JHO G¶DJDURVH HQ RUGUH GH WDLOOHV GpFURLVVDQWHV 3RXU FRQVWUXLUH OD FDUWH GH UHVWULFWLRQ GX SODVPLGH RQ WLHQGUD FRPSWH GX QRPEUHGHIUDJPHQWVG¶$'1SURGXLWGDQVFKDTXHUpDFWLRQHWGHOHXUVWDLOOHV UHVSHFWLYHV8QH[HPSOHG¶H[HUFLFHUpVROXHVWGRQQpFLDSUqV H[HUFLFH 'DQV FHUWDLQV FDV OD UpDFWLRQ GH UHVWULFWLRQ SHXW rWUH LQWHUURPSXH DYDQW WHUPH2Q SDUOHUDDORUV GHUHVWULFWLRQLQFRPSOqWH /¶LQWpUrW UpVLGH LFL GDQV OH IDLWTXHFHUWDLQVIUDJPHQWVDXURQWXQHWDLOOHTXLFRUUHVSRQGUDjODVRPPHGHV WDLOOHV G¶DXWUHV IUDJPHQWV SDUFH TXH O¶HQ]\PH Q¶D SDV FOLYp FHUWDLQHV PROpFXOHV G¶$'1 j WRXV OHV HQGURLWV SRVVLEOHV /D SUpVHQFH GH GHX[ RX SOXVLHXUV IUDJPHQWV G¶$'1 REWHQXV DSUqV XQH GLJHVWLRQ FRPSOqWH DX VHLQ G¶XQ PrPH SURGXLW GH UHVWULFWLRQ LQFRPSOqWH LQGLTXH TXH FHV IUDJPHQWV G¶$'1VRQWYRLVLQVGDQVOHSODVPLGHGHGpSDUW8QH[HPSOHG¶H[HUFLFHUpVROX XWLOLVDQWGHVGRQQpHVGHUHVWULFWLRQSDUWLHOOHDSSDUDvWDXVVLFLDSUqV H[HUFLFH /DVROXWLRQGHFHVH[HUFLFHVHVWXQJUDSKLTXHROHSODVPLGHVHUDUHSUpVHQWp SDUXQFHUFOHHWOHVVLWHVGHFRXSXUHVGHVGLIIpUHQWHVHQ]\PHVGHUHVWULFWLRQ VHURQW SRVLWLRQQpV VXU FH FHUFOH HQ IRQFWLRQ GHV GLVWDQFHV HQ SE TXL OHV VpSDUHQWOHVXQVGHVDXWUHV/HJUDSKLTXHHWVRQLPDJHGDQVXQPLURLUVHURQW FRQVLGpUpVLGHQWLTXHPHQWYDODEOHV 3RXU OHV H[HUFLFHV GH FH FKDSLWUH LO HVW DLVp GH YpULILHU SDU VRLPrPH VL OD FDUWHGHUHVWULFWLRQTXLDpWpFRQVWUXLWHVXUEDVHGHVGRQQpHVGHO¶pQRQFpHVW ϭϱ FRUUHFWH(QHIIHWVLODFRQILJXUDWLRQGHODFDUWHREWHQXHSHUPHWG¶H[SOLTXHUOD IRUPDWLRQGHWRXVOHVIUDJPHQWVG¶$'1UHSULVGDQVO¶pQRQFpHOOHFRQVWLWXHOD ERQQHVROXWLRQGHO¶H[HUFLFH ([HUFLFHVUpVROXV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSE SLVWH%DP+,(FR5,EDQGHODUJHjSEEDQGHjSEHW EDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHj SE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV 5pVROXWLRQ /DWDLOOHGHO¶XQLTXHIUDJPHQWG¶$'1UpVXOWDQWGHODGLJHVWLRQGXSODVPLGHSDU O¶HQ]\PHGHUHVWULFWLRQ+LQG,,,FRUUHVSRQGjODWDLOOHGXSODVPLGHHQWLHU SE ϭϲ /¶H[LVWHQFH GH GHX[ IUDJPHQWV G¶$'1 VXLWH j OD GLJHVWLRQ GH O¶$'1 SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, HW (FR5, LQGLTXH TX¶LO \ D GHX[ VLWHV GH FRXSXUHV GDQV OHSODVPLGH SRXU FKDFXQH GHFHV HQ]\PHV 'DQV OHUpVXOWDW GH OD GRXEOH UHVWULFWLRQ %DP+, (FR5, OD EDQGH ©ODUJHª VLJQLILH TX¶LO \ SURGXFWLRQGHGHX[IUDJPHQWVGHSE RQSHXWDXVVLV¶HQDSHUFHYRLUHQ YpULILDQWTXHODVRPPHGHVWDLOOHVGHVIUDJPHQWVSURGXLWVGDQVFKDFXQHGHV UpDFWLRQVGHUHVWULFWLRQHVWELHQpJDOHjODWDLOOHGXSODVPLGHGHGpSDUW 2Q FRPPHQFHUD SDU SODFHU OHV VLWHV GH FRXSXUH G¶XQH GHV GHX[ HQ]\PHV SURGXLVDQWGHX[FRXSXUHVGDQVO¶$'1GXSODVPLGH SDUH[HPSOH%DP+,/D GLJHVWLRQ GX SODVPLGH SDU FHW HQ]\PH SURGXLVDQW GHV IUDJPHQWV GH SE HW SE RQ SODFHUD GHX[ VLWHV %DP+, VXU OH FHUFOH VpSDUpV UHVSHFWLYHPHQWSDUSEHWSEFRPPHVXLW RXFRPPHO¶LPDJHGDQV XQPLURLUGXGHVVLQFLGHVVRXV %DP+, %DP+, SE SE ES ϭϳ %DP+, %DP+, SE 2Q SODFHUD HQVXLWH OH VLWH GH FRXSXUH GH O¶HQ]\PH TXL QH SURGXLW TX¶XQH VHXOH FRXSXUH GDQV FHW $'1 HQ O¶RFFXUUHQFH +LQG,,, 6L O¶RQ UHJDUGH OH UpVXOWDWGHODGRXEOHGLJHVWLRQ%DP+,+LQG,,,RQFRQVWDWHTX¶RQ\UHWURXYH OH IUDJPHQW %DP+,%DP+, GH SE LQWDFW HW TXH OH IUDJPHQW %DP+, %DP+, GH SE HVW FOLYp HQ GHX[ SE SE 6XU EDVH GH O¶H[LVWHQFH G¶XQ IUDJPHQW %DP+,+LQG,,, GH SE RQ SODFHUD GRQF OH VLWH +LQG,,, j SE G¶XQ GHV GHX[ VLWHV %DP+, SDU H[HPSOH GH OD IDoRQ VXLYDQWH %DP+, %DP+, SE SE ES SE +LQG,,, +LQG,,, SE %DP+, %DP+, 2QSODFHUDHQVXLWHXQGHVGHX[VLWHVGHFRXSXUHGHO¶HQ]\PHGHUHVWULFWLRQ (FR5,6XUEDVHGHO¶H[LVWHQFHG¶XQIUDJPHQW+LQG,,,(FR5,GHSERQ ϭϴ SODFHUDGRQFXQVLWH(FR5,VRLWjJDXFKHVRLWjGURLWHGXVLWHXQLTXH+LQG,,, 8QHVHXOHGHFHVGHX[FRQILJXUDWLRQVVHUDFRUUHFWH/DVpOHFWLRQGHODERQQH FRQILJXUDWLRQVHIHUDHQWHQDQWFRPSWHGHODWDLOOHGHVIUDJPHQWVGHODGRXEOH UHVWULFWLRQ (FR5, %DP+, $LQVL OD FRQILJXUDWLRQ VXLYDQWH LPSOLTXHUDLW O¶H[LVWHQFH G¶XQ IUDJPHQW (FR5,%DP+, GH SE TXL Q¶HVW SDV REVHUYp HQWRXUpG¶XQWUDLWJUDVGDQVODILJXUHFLDSUqV %DP+, %DP+, SE SE SE ES +LQG,,, %DP+, +LQG,,, (FR5, (FR5, %DP+, SE SE 3DUFRQWUHO¶DUUDQJHPHQWTXLVXLWLPSOLTXHO¶H[LVWHQFHG¶XQIUDJPHQW(FR5, %DP+,GHSETXLHVWELHQREVHUYp ϭϵ %DP+, %DP+, SE SE SE ES (FR5, (FR5, SE +LQG,,, +LQG,,, SE %DP+, %DP+, SE 2QSODFHUDDORUVOHVHFRQGVLWHGHFRXSXUH(FR5,SDUUDSSRUWjFHOXLTXHO¶RQ YLHQW GH SODFHU HQ WHQDQW FRPSWH GHV GLVWDQFHV TXL OHV VpSDUHQW HW GHV pOpPHQWVVXLYDQWV OHIUDJPHQWGHUHVWULFWLRQ(FR5,GHSEQHFRQWLHQWSDVOHVLWH+LQG,,, FDU LO VH UHWURXYH LQWDFW GDQV OH UpVXOWDW GH OD GRXEOH UHVWULFWLRQ (FR5, +LQG,,, OD SURGXFWLRQ GHV IUDJPHQWV GH SE HW GH SE DSUqV XQH GRXEOH UHVWULFWLRQ (FR5, +LQG,,, LQGLTXH TXH OH IUDJPHQW GH UHVWULFWLRQ (FR5, GH SEFRQWLHQWOHVLWH+LQG,,, &HFLFRQGXLWGRQFjpWDEOLUODFDUWHGHUHVWULFWLRQFLDSUqV ϮϬ SE %DP+, %DP+, SE SE SE ES (FR5, (FR5, (FR5, (FR5, SE +LQG,,, +LQG,,, SE SE %DP+, %DP+, SE &RPPHGLWSOXVKDXWLOHVWDLVpGHYpULILHUTXHFHFLFRQVWLWXHELHQODFDUWHGH UHVWULFWLRQGXSODVPLGHHQDSSOLTXDQWVXUFHOOHFLOHVGLIIpUHQWHVUpDFWLRQVGH UHVWULFWLRQ ILJXUDQW GDQV O¶pQRQFp HW HQ YpULILDQW TXH OH UpVXOWDW DWWHQGX HQ WHUPHVGHQRPEUHHWGHWDLOOHVGHVGLIIpUHQWVIUDJPHQWVG¶$'1GRQWRQSUpGLW DLQVLODSURGXFWLRQFRUUHVSRQGH[DFWHPHQWjFHTXLHVWGpFULWGDQVO¶pQRQFp Ϯϭ ([HUFLFH /D GLJHVWLRQ FRPSOqWH G¶XQ $'1 SODVPLGLTXH SDU O¶HQ]\PH GH UHVWULFWLRQ +LQG,,,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDUpOHFWURSKRUqVHHQ JHO G¶DJDURVH GHV EDQGHV FRUUHVSRQGDQW DX[ WDLOOHV VXLYDQWHV SE SE SE HW SE /D GLJHVWLRQ LQFRPSOqWH GH FH PrPH $'1 SODVPLGLTXH SDU OD PrPH HQ]\PH GH UHVWULFWLRQ GRQQH GDQV OHV PrPHV FRQGLWLRQVG¶DQDO\VHGHVEDQGHVFRUUHVSRQGDQWDX[WDLOOHVVXLYDQWHV SESESESESESESESE SESESESEHWSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV 5pVROXWLRQ /D SURGXFWLRQ GH IUDJPHQWV G¶$'1 ORUV GH OD GLJHVWLRQ FRPSOqWH GX SODVPLGH SDU O¶HQ]\PH LQGLTXH OD SUpVHQFH GH VLWHV GH UHVWULFWLRQ /D VRPPHGHOHXUVWDLOOHVGRQQHODWDLOOHGXSODVPLGHHQO¶RFFXUUHQFHSE 3OXVLHXUVFRQILJXUDWLRQVVRQWSRVVLEOHVVLO¶RQFRQVLGqUHVHXOHPHQWOHUpVXOWDW GH OD UHVWULFWLRQ FRPSOqWH 0DLV HQQRWDQWOD SUpVHQFH G¶XQ IUDJPHQW G¶$'1 GH SE GDQV OH UpVXOWDW GH OD UHVWULFWLRQ SDUWLHOOH RQ HQ GpGXLW TXH OHV IUDJPHQWV GH UHVWULFWLRQ FRPSOqWH GH SE HW GH SE VRQW GLUHFWHPHQW YRLVLQV 'H PrPH O¶H[LVWHQFH G¶XQ IUDJPHQW GH UHVWULFWLRQ SDUWLHOOH GH SELQGLTXHTXHOHVIUDJPHQWVGHUHVWULFWLRQFRPSOqWHGHSEHWGHSE VRQW DXVVL DFFROpV &HFL VXIILW SRXU SRXYRLU pWDEOLU OD FDUWH GH UHVWULFWLRQ GX SODVPLGH TXL DSSDUDvW FLDSUqV &HWWH FRQILJXUDWLRQ SHUPHW G¶H[SOLTXHU OD SURGXFWLRQGHWRXVOHVIUDJPHQWVREVHUYpVGDQVOHVUpDFWLRQVGHUHVWULFWLRQ FRPSOqWHHWLQFRPSOqWH ϮϮ +LQG,,, +LQG,,, SE SE ES SE +LQG,,, +LQG,,, SE +LQG,,, +LQG,,, +LQG,,, +LQG,,, SE ([HUFLFHVSURSRVpV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE Ϯϯ SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHj SE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEEDQGHjSEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /DGLJHVWLRQG¶XQ$'1SODVPLGLTXHSDUOHVHQ]\PHVGHUHVWULFWLRQ%DP+, (FR5,HW+LQG,,,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH(FR5,GHVEDQGHVjSEjSEHWjSE SLVWH+LQG,,,EDQGHjSE SLVWH%DP+,GHVEDQGHVjSEHWjSE SLVWH%DP+,(FR5,GHVEDQGHVjSEjSEjSEjSE Ϯϰ HWjSE SLVWH(FR5,+LQG,,,GHVEDQGHVjSEjSEjSEHWj SE SLVWH%DP+,+LQG,,,GHVEDQGHVjSEjSEHWjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSE SLVWH(FR5,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH(FR5,EDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH%DP+,EDQGHjSEHWEDQGHjSE Ϯϱ SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH(FR5,+LQG,,,EDQGHODUJHjSEHWEDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHODUJHjSEHW EDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /DGLJHVWLRQG¶XQ$'1SODVPLGLTXHSDUOHVHQ]\PHVGHUHVWULFWLRQ%DP+, (FR5,HW+LQG,,,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSE SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHODUJHjSEEDQGH jSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, +LQG,,, HW 3VW, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW Ϯϲ SLVWH%DP+,EDQGHjSE SLVWH(FR5,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSE SLVWH3VW,EDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH%DP+,3VW,EDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH(FR5,3VW,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH+LQG,,,3VW,EDQGHjSEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ$'1 SODVPLGLTXHSDU OHV HQ]\PHV GH UHVWULFWLRQ(FR5,HW +LQG,,,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDUpOHFWURSKRUqVHHQ JHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEEDQGHjSEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV Ϯϳ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSE SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEEDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ FRPSOqWH G¶XQ $'1 SODVPLGLTXH SDU O¶HQ]\PH GH UHVWULFWLRQ %DP+, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVH HQJHOG¶DJDURVHOHUpVXOWDWVXLYDQWEDQGHjSEEDQGHjSE EDQGHjSEHWEDQGHODUJHjSE/DGLJHVWLRQLQFRPSOqWHGHFH PrPH$'1SODVPLGLTXHSDUOHPrPHHQ]\PHGHUHVWULFWLRQGRQQHGDQVOHV PrPHV FRQGLWLRQV G¶DQDO\VH GHV EDQGHV FRUUHVSRQGDQW DX[ WDLOOHV VXLYDQWHVSESESESESESESE SESEHWSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV Ϯϴ 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFH SE %DP+, %DP+, SE +LQG,,, +LQG,,, (FR5, (FR5, SE SE ES SE +LQG,,, +LQG,,, SE %DP+, %DP+, ([HUFLFH +LQG,,, +LQG,,, SE SE %DP+, %DP+, (FR5, (FR5, SE SE ES SE +LQG,,, +LQG,,, (FR5, (FR5, SE +LQG,,, +LQG,,, Ϯϵ SE ([HUFLFH (FR5, (FR5, SE %DP+, %DP+, SE (FR5, (FR5, SE SE +LQG,,, +LQG,,, SE %DP+, %DP+, ES S SE SE (FR5, (FR5, ([HUFLFH SE %DP+, %DP+, (FR5, (FR5, SE SE SE ES +LQG,,, +LQG,,, SE (FR5, (FR5, (FR5, (FR5, SE ϯϬ ([HUFLFH (FR5, (FR5, SE SE %DP+, %DP+, SE +LQG,,, +LQG,,, %DP+, %DP+, SE ES SE SE +LQG,,, +LQG,,, ([HUFLFH +LQG,,, +LQG,,, SE %DP+, %DP+, SE SE ES SE +LQG,,, +LQG,,, SE %DP+, %DP+, (FR5, +LQG,,, SE +LQG,,, , SE ϯϭ (FR5, ([HUFLFH SE (FR5, (FR5, %DP+, %DP+, SE SE SE ES SE (FR5, (FR5, SE +LQG,,, +LQG,,, (FR5, (FR5, SE 3VW,3VW, ([HUFLFH SE +LQG,,, +LQG,,, SE (FR5, (FR5, (FR5, (FR5, SE ES SE +LQG,,, +LQG,,, SE +LQG,,, +LQG,,, ϯϮ SE ([HUFLFH +LQG,,, +LQG,,, , (FR5, (FR5, %DP+, %DP+, SE SE SE SE ES SE +LQG,,, +LQG,,, %DP+, %DP+, SE SE +LQG,,, +LQG,,, ([HUFLFH SE %DP+, %DP+, %DP+, % +, SE %DP+, %DP+, %DP+, SE SE ES SE %DP+, %DP+, %DP+, %DP+, ϯϯ SE ,95pDFWLRQGHSRO\PpULVDWLRQHQFKDvQH 3&5 /D UpVROXWLRQ GHV H[HUFLFHV FRQWHQXV GDQV FH FKDSLWUH YD GHPDQGHU XQH PDQLSXODWLRQ DLVpH GHV FRQFHSWV PpFDQLVWLTXHV GH OD 3&5 'DQV FHUWDLQV H[HUFLFHVLOVHUDIDLWDSSHODXPpFDQLVPHGpWDLOOpGHODUpSOLFDWLRQGHO¶$'1 QRWDPPHQW DX UHODUJDJH G¶XQ JURXSHPHQW S\URSKRVSKDWH ORUV GH FKDTXH LQFRUSRUDWLRQG¶XQG173VRXVIRUPHGHEDVHGDQVO¶$'1 6DXI LQGLFDWLRQ FRQWUDLUH OD VpTXHQFH G¶$'1 VHUD FRQVLGpUpH FRPPH FRPSRVpHG¶XQQRPEUHpJDOGHFKDFXQHGHVEDVHVF¶HVWjGLUHSUpVHQWDQW XQFRQWHQX*& FRQWHQXHQEDVHV*HW& GH /H IDFWHXU G¶DPSOLILFDWLRQ G¶XQH 3&5 HVW OH UDSSRUW HQWUH OD TXDQWLWp G¶DPSOLFRQ G¶$'1 SUpVHQWH j O¶LVVXH GH OD UpDFWLRQ HW OD TXDQWLWp G¶$'1 FRUUHVSRQGDQWjO¶DPSOLFRQTXLDpWpHQJDJpHDXGpSDUW /HVYDOHXUVFOpVjJDUGHUjO¶HVSULWVRQWLFL OHQRPEUHG¶$YRJDGURGRQWODYDOHXUVHUDDUURQGLHj[ ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVTXLHVWGHJSDUPROH ORUVTX¶XQHVROXWLRQG¶$'1SUpVHQWHXQH'2pJDOHjVDFRQFHQWUDWLRQ HQ$'1HVWGHJSDUP/ (Q IRQFWLRQ GX QRPEUH GH GpFLPDOHV TXL VHURQW SULVHV HQ FRPSWH GDQV OHV GLIIpUHQWVFDOFXOVODYDOHXUGHODVROXWLRQILQDOHSRXUUDLWGLIIpUHUOpJqUHPHQWGH FHOOHSUpVHQWpHLFLVDQVWRXWHIRLVGpSDVVHUXQpFDUWFRUUHVSRQGDQWjO¶DUURQGL GHGpFLPDOHV (QILQ GDQV FHUWDLQV FDV SOXVLHXUV PRGHV GH UDLVRQQHPHQW SRXUURQW rWUH VXLYLVSRXUSDUYHQLUjODVROXWLRQGXSUREOqPH/DSRVVLELOLWpG¶XWLOLVHUXQW\SH GH UDLVRQQHPHQW DOWHUQDWLI SOXV VLPSOH pYLWDQW OH FDOFXO GHV TXDQWLWpV PRODLUHVHQXWLOLVDQWODQRWLRQGHSURSRUWLRQQDOLWpHQWUHODPDVVHPRODLUHG¶XQ $'1 HW VD WDLOOH HQ SDLUHV GH EDVHV VHUD LQGLTXpH SDU OD SUpVHQFH G¶XQ DVWpULVTXH DX QLYHDX GH O¶pQRQFp /¶H[HUFLFH FLGHVVRXV HQ FRQVWLWXH XQ H[HPSOH ϯϰ ([HUFLFHVUpVROXV ([HUFLFH 8QHVROXWLRQFRQWHQDQWXQSODVPLGHGHSESUpVHQWHXQH'2GH &HWWHVROXWLRQHVWGLOXpHIRLVHW/GHODGLOXWLRQHVWHQJDJpGDQVXQH UpDFWLRQ 3&5 TXL SURGXLW J G¶XQ IUDJPHQW G¶$'1 GH SE 2Q YRXV GHPDQGHGHFDOFXOHUOHIDFWHXUG¶DPSOLILFDWLRQREWHQX 5pVROXWLRQ /D'2YDODQWODFRQFHQWUDWLRQHQ$'1HVWGH[JP/VRLW JP/&RPPHFHWWHVROXWLRQHVWGLOXpHIRLVODFRQFHQWUDWLRQHQSODVPLGH GDQVODVROXWLRQHQJDJpHGDQVOD3&5HVWGHJP/'DQV/GHFHWWH VROXWLRQ LO \ DXUD GRQF QJ G¶$'1 SODVPLGLTXH 3XLVTXH OD WDLOOH GX SODVPLGH HVW GH SE HW FHOOH GH O¶DPSOLFRQ GH SE VHXOHPHQW OD TXDQWLWp G¶$'1 FRUUHVSRQGDQW j O¶DPSOLFRQ SUpVHQWH DX GpSDUW HVW GRQF GH qPH GH OD TXDQWLWp GH SODVPLGH HQJDJpH QJ F¶HVWjGLUH QJ /D TXDQWLWpG¶DPSOLFRQSURGXLWHpWDQWGHJOHIDFWHXUG¶DPSOLILFDWLRQHVW QJQJGRQF ([HUFLFH 8QH UpDFWLRQ 3&5 HIIHFWXpH DX GpSDUW GH QJ G XQ $'1 SODVPLGLTXH GH SEDSURGXLWXQIUDJPHQWG $'1GHSE/HPLOLHXUpDFWLRQQHOGH /FRQWHQDLWDXGpSDUWQJGHFKDFXQHGHVGHX[DPRUFHV ORQJXHXU EDVHVFKDFXQH HWGHFHWWHTXDQWLWpDpWpFRQVRPPpHDXFRXUVGHOD UpDFWLRQ2QYRXVGHPDQGHG HQGpGXLUHODTXDQWLWpGHIUDJPHQWGHSE SURGXLWGDQVODUpDFWLRQ ϯϱ 5pVROXWLRQ /D PDVVH PRODLUH G¶XQH DPRUFH GH EDVHV YDODQW [ JPROH VRLW JPROH OHV QJ FRQVRPPpV GDQV OD UpDFWLRQ GH QJ FRUUHVSRQGHQW j SLFRPROHV G¶DPRUFH &KDTXH DPRUFH FRQVRPPpH D\DQWFRQGXLWjODSURGXFWLRQG¶XQEULQG¶DPSOLFRQLO\DGRQFSLFRPROHV G¶DPSOLFRQ j O¶LVVXH GH OD UpDFWLRQ /D PDVVH PRODLUH G¶XQ $'1 GH SE pWDQWGH[JPROHF¶HVWjGLUH[JPROHOHVSLFRPROHV G¶DPSOLFRQFRUUHVSRQGHQWjXQHPDVVHGHJG¶$'1 5pVROXWLRQVLPSOLILpH 0rPHVLOHVDPRUFHVQHVRQWSDVPXWXHOOHPHQWFRPSOpPHQWDLUHVOHV[ QJ G¶DPRUFHV FRQVRPPpHV GH QJ SRXU FKDTXH DPRUFH FRQVWLWXHQW XQH PDVVH G¶$'1 GH QJ FRUUHVSRQGDQW j ©SDLUHV GH EDVHVª [ EDVHV GH O¶DPSOLFRQ /DWDLOOH WRWDOH GHO¶DPSOLFRQ SE pWDQW[SOXVpOHYpHODPDVVHG¶$'1FRUUHVSRQGDQWHVHUDDXVVL[SOXV LPSRUWDQWHHQO¶RFFXUUHQFH[QJFHTXLIDLWJ ([HUFLFH $XFRXUVG¶XQH3&5UpDOLVpHGDQVXQYROXPHGH/RQSURGXLWJG¶XQ DPSOLFRQGHSEjO¶DLGHG¶XQFRXSOHG¶DPRUFHVGHEDVHVFKDFXQH6L OH PLOLHX UpDFWLRQQHO FRQWHQDLW OHV G173 j XQH FRQFHQWUDWLRQ LQLWLDOH GH 0TXHOOHIUDFWLRQ HQ GHODTXDQWLWpGHG173HQJDJpHHVWFRQVRPPpHj O¶LVVXHGHODUpDFWLRQ" ϯϲ 5pVROXWLRQ /D FRQFHQWUDWLRQ LQLWLDOH GHV G173 GDQV OH PLOLHX UpDFWLRQQHO pWDQW GH 0 LO \ D GRQF QDQRPROHV GH FKDTXH G173 GDQV OHV / /D WDLOOH GH O¶DPSOLFRQpWDQWGHSDLUHVGHEDVHVHWFHOOHGHVDPRUFHVGHEDVHV FKDFXQH LO \ DXUD SRO\PpULVDWLRQ GH EDVHV G¶$'1 SRXU IRUPHU FKDTXH EULQ G¶DPSOLFRQ DX FRXUV GH OD UpDFWLRQ &HFL FRUUHVSRQG GRQF j OD SRO\PpULVDWLRQ GH EDVHV G¶$'1 SRXU FKDTXH DPSOLFRQ GRXEOHEULQ &RQVLGpUDQWTXHOHVEDVHVVRQWHQTXDQWLWpVpJDOHVGDQVFHW$'1 FRQWHQX *& GH FHOD VLJQLILH TX¶LO \ DXUD SRO\PpULVDWLRQ GH XQLWpV GH FKDFXQHGHVEDVHVHWGRQFODFRQVRPPDWLRQGHPROpFXOHVGHFKDTXH G173 SRXU SURGXLUH XQH PROpFXOH G¶DPSOLFRQ /D PDVVH PRODLUH G¶XQ $'1 GHSEYDODQW[JPROHVRLW[JPROHODTXDQWLWpG¶$'1 G¶DPSOLFRQ SUpVHQWH j O¶LVVXH GH OD UpDFWLRQ J FRUUHVSRQG j SLFRPROHVG¶DPSOLFRQ3RXUSURGXLUHFHVSLFRPROHVRQDXUDFRQVRPPp [ SLFRPROHV F¶HVWjGLUH SLFRPROHV GH FKDTXH G173 &HWWH TXDQWLWp pTXLYDXW j GH OD TXDQWLWp LQLWLDOH GH FKDTXH G173 SLFRPROHVSLFRPROHV[ ([HUFLFH 8QH UpDFWLRQ 3&5 HIIHFWXpH DX GpSDUW GH QJ G¶XQ $'1 SODVPLGLTXH GH SE j O¶DLGH G¶XQ FRXSOH G¶DPRUFHV GH EDVHV FKDFXQH SURGXLW XQ IUDJPHQW G¶$'1 GH SE $X FRXUV GH FHWWH UpDFWLRQ RQ REVHUYH OD SURGXFWLRQGHQDQRPROHVG¶LRQS\URSKRVSKDWHGDQVOHPLOLHXUpDFWLRQQHO 'pGXLVH]HQODTXDQWLWp PDVVH GHIUDJPHQWGH SEREWHQXHDXWHUPH GHODUpDFWLRQ ϯϳ 5pVROXWLRQ /¶DPSOLFRQ FRQWHQDQW SE HW OHV DPRUFHV pWDQW G¶XQH ORQJXHXU GH EDVHV FKDFXQH OD V\QWKqVH G¶XQ DPSOLFRQ LPSOLTXH OD SRO\PpULVDWLRQ GH EDVHV EDVHV SRXU FKDFXQ GHV EULQV GH O¶DPSOLFRQ /HV QDQRPROHV G¶LRQ S\URSKRVSKDWH OLEpUpV GDQV OH PLOLHX UpDFWLRQQHO FRUUHVSRQGHQWGRQFjODV\QWKqVHGHQDQRPROHVG¶DPSOLFRQF¶HVW jGLUH SLFRPROHV G¶DPSOLFRQ /D PDVVH PRODLUH G¶XQ $'1 GH SE pWDQWGHJPROHFHVSLFRPROHVFRUUHVSRQGHQWjXQHPDVVHGH QJ ([HUFLFH $XGpSDUWGHQJG¶XQ$'1SODVPLGLTXHGHSERQREWLHQWDSUqV F\FOHV GH 3&5 QJ G¶XQ DPSOLFRQ GH SE 4XHO HVW OH UHQGHPHQW G¶DPSOLILFDWLRQ GH FHWWH UpDFWLRQ SDU UDSSRUW j OD YDOHXU WKpRULTXH G¶DPSOLILFDWLRQDWWHQGXH" 5pVROXWLRQ /DPDVVHGHODVpTXHQFHDPSOLILpHSUpVHQWHDXGpSDUWpWDLWGH QJ[ SESE VRLWQJ &RPPHODTXDQWLWpILQDOHG¶DPSOLFRQHVWGHQJOHIDFWHXUG¶DPSOLILFDWLRQ GHFHWWHUpDFWLRQHVWGHQJQJF¶HVWjGLUH 3RXUXQH3&5FRPSRUWDQWF\FOHVOHIDFWHXUG¶DPSOLILFDWLRQWKpRULTXHHVW GHRX[ WHQDQWFRPSWHGXIDLWTXHO¶DPSOLFRQQ¶HVWSURGXLWTX¶j SDUWLUGX qPHF\FOH UpDFWLRQQHO /H UHQGHPHQW UpHO SDU UDSSRUWjFH IDFWHXU G¶DPSOLILFDWLRQ WKpRULTXH HVW GH [ VRLW [ FH TXL FRUUHVSRQGj[ ϯϴ ([HUFLFHSURSRVpV ([HUFLFH 2QHQJDJHQJG¶XQ$'1SODVPLGLTXHGHSEGDQVXQHUpDFWLRQ3&5 HQSUpVHQFHGHQJGHFKDTXHDPRUFHG¶XQHORQJXHXUGHEDVHV FKDFXQH$XFRXUVGHODUpDFWLRQRQDPSOLILHIRLVXQIUDJPHQWG¶$'1 G¶XQHWDLOOHGHSE&DOFXOH]OHVUDSSRUWVPRODLUHVHQWUHOHVDPRUFHVHW OHXUVVpTXHQFHVFLEOHVDXGpSDUWHWjO¶LVVXHGHODUpDFWLRQ ([HUFLFH 'HX[ DPRUFHV GH PrPH WDLOOH VRQW XWLOLVpHV SRXU SURGXLUH SDU 3&5 QJ G¶XQ DPSOLFRQ GH SE 2Q YRXV GHPDQGH GH FDOFXOHU OD WDLOOH GH FHV DPRUFHV VDFKDQW TXH QJ GH FKDFXQH G¶HOOHV RQW pWp HQJDJpV GDQV OD 3&5 HW TXH OD TXDQWLWp FRQVRPPpH GDQV OD UpDFWLRQ V¶pOqYH j GH OD TXDQWLWpGHGpSDUW ([HUFLFH $X FRXUV G XQH UpDFWLRQ 3&5 HIIHFWXpH GDQV XQ YROXPH ILQDO GH / FRQWHQDQWDXGpSDUWOHVG173jXQHFRQFHQWUDWLRQGH0FKDFXQHWXQ FRXSOHG DPRUFHVGHEDVHVFKDFXQHRQSURGXLWQJG XQDPSOLFRQGH SESUpVHQWDQWXQFRQWHQX*&GH2QYRXVGHPDQGHGHFDOFXOHUOD FRQFHQWUDWLRQILQDOHGHVG173GDQVOHPLOLHXjO LVVXHGHODUpDFWLRQ ([HUFLFH $XFRXUVG¶XQH3&5RQSURGXLWJG¶XQDPSOLFRQGHSE6LOHPLOLHX UpDFWLRQQHOFRQWHQDLWDXGpSDUWQJGHFKDTXHDPRUFHG¶XQHORQJXHXUGH ϯϵ EDVHVFKDFXQHTXHOOHIUDFWLRQ HQ GHODTXDQWLWpLQLWLDOHG¶DPRUFHHVW FRQVRPPpHjO¶LVVXHGHODUpDFWLRQ" ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH GH SE HW GHV DPRUFHV GH EDVHV FKDFXQH VRQW HQJDJpV GDQV XQH UpDFWLRQ 3&5 G¶XQ YROXPH ILQDO GH / FRQWHQDQWDXGpSDUWOHVG173jXQHFRQFHQWUDWLRQGH0FKDFXQ$X FRXUVGHFHWWHUpDFWLRQRQSURGXLWJG¶XQDPSOLFRQGHSE$O¶LVVXH GH OD UpDFWLRQ OHV FRQFHQWUDWLRQV HQ G173 VRQW OHV VXLYDQWHV G$73 HW G7730G&73HWG*7302QYRXVGHPDQGHG¶HQGpGXLUH OHFRQWHQX*& SRXUFHQWDJHGHEDVHV*HW& GHO¶DPSOLFRQSURGXLW ([HUFLFH QJG¶$'1SODVPLGLTXHVRQWHQJDJpVGDQVXQHUpDFWLRQ3&5jO¶LVVXHGH ODTXHOOH RQ REWLHQW QJ G¶XQ IUDJPHQW G¶$'1 GH SE 6L FHFL FRUUHVSRQGjXQHDPSOLILFDWLRQGHIRLVGXIUDJPHQWG¶$'1TXHOOHHVWOD WDLOOHGXSODVPLGHHQJDJpDXGpSDUWGDQVODUpDFWLRQ" ([HUFLFH 8QHUpDFWLRQ3&5PHWWDQWHQMHXQJG¶XQ$'1SODVPLGLTXHGHSEHW GHX[DPRUFHVGHEDVHVFKDFXQHIRXUQLWJG¶XQIUDJPHQWG¶$'16L FHWWH TXDQWLWpFRUUHVSRQG j XQ IDFWHXU G¶DPSOLILFDWLRQ GH TXHOOH HVWOD WDLOOHGXIUDJPHQWG¶$'1DPSOLILp" ([HUFLFH $X FRXUV G¶XQH 3&5 UpDOLVpH GDQV XQ YROXPH ILQDO GH / RQ SURGXLW XQ DPSOLFRQGHSEjO¶DLGHG¶XQFRXSOHG¶DPRUFHVGHEDVHVFKDFXQH6L ODFRQFHQWUDWLRQLQLWLDOHGHFKDFXQHGHVDPRUFHVHVWGH0TXHOOHHVWOD ϰϬ TXDQWLWpPD[LPDOH PDVVH WKpRULTXHG¶DPSOLFRQTXLSRXUUDLWrWUHSURGXLWHDX FRXUV GH FHWWH UpDFWLRQ" OHV G173 HW OD SRO\PpUDVH pWDQW SUpVHQWV HQ TXDQWLWpVQRQOLPLWDQWHV ([HUFLFH $XFRXUVG¶XQHUpDFWLRQ3&5RQSURGXLWQJG¶XQDPSOLFRQGHSEHQ XWLOLVDQWXQFRXSOHG¶DPRUFHVGHEDVHVFKDFXQH6LODTXDQWLWpLQLWLDOHGH FKDTXH DPRUFH GDQV OH PLOLHX UpDFWLRQQHO HVW GH QJ TXHOOH VHUD OD TXDQWLWpUpVLGXHOOHGHFKDTXHDPRUFHjO¶LVVXHGHODUpDFWLRQ" ([HUFLFH $X FRXUV G¶XQH 3&5 UpDOLVpH GDQV XQ YROXPH GH / HW FRQWHQDQW DX GpSDUW OHV G173 j XQH FRQFHQWUDWLRQ GH 0 RQ SURGXLW j O¶DLGH G¶XQ FRXSOHG¶DPRUFHVGHEDVHVFKDFXQHXQDPSOLFRQGHSESUpVHQWDQWXQ FRQWHQX *& GH 6L GH OD TXDQWLWp LQLWLDOH GH G173 HVW FRQVRPPpH j O¶LVVXH GH OD UpDFWLRQ TXHOOH VHUD OD PDVVH G¶DPSOLFRQ REWHQXH" ([HUFLFH $X GpSDUW GH QJ G¶XQ SODVPLGH GH SE RQ SURGXLW DX FRXUV G¶XQH UpDFWLRQ3&5HIIHFWXpHGDQVXQYROXPHGH/XQDPSOLFRQGHSEHQ XWLOLVDQWGHV DPRUFHV GH EDVHVFKDFXQH 6L OHIDFWHXU G¶DPSOLILFDWLRQ HVW GHTXHOOHVHUDODFRQFHQWUDWLRQ PRODULWp HQLRQS\URSKRVSKDWHGDQVOH PLOLHXUpDFWLRQQHOjO¶LVVXHGHODUpDFWLRQ" ([HUFLFH 8QHUpDFWLRQ3&5DIRXUQLQJG¶XQIUDJPHQWG¶$'1GHSE6DFKDQW TXH OH PLOLHX UpDFWLRQQHO GH / FRQWHQDLW DX GpSDUW QJ GH FKDFXQH ϰϭ GHV GHX[ DPRUFHV GH EDVHV FKDFXQH TXHOOH IUDFWLRQ GH OD TXDQWLWp G¶DPRUFHVLQLWLDOHPHQWSUpVHQWHDpWpFRQVRPPpHGDQVODUpDFWLRQ" ([HUFLFH $XFRXUVG¶XQHUpDFWLRQ3&5HIIHFWXpHGDQVXQYROXPHGH/RQSURGXLW QJ G¶XQ DPSOLFRQ GH SE SUpVHQWDQW XQ FRQWHQX *& GH HQ XWLOLVDQW XQ FRXSOH G¶DPRUFHV GH EDVHV FKDFXQH 6DFKDQW TXH OD FRQFHQWUDWLRQLQLWLDOHGHFKDTXHG173pWDLWGH0RQYRXVGHPDQGHGH FDOFXOHUODFRQFHQWUDWLRQUpVLGXHOOHGHFKDTXHG173jO¶LVVXHGHODUpDFWLRQ ([HUFLFH 'DQVXQHUpDFWLRQ3&5RQSURGXLWQJG¶XQIUDJPHQWG¶$'1DXGpSDUWGH QJ G¶XQ $'1 SODVPLGLTXH GH SE 6L FHFL FRUUHVSRQG j XQH DPSOLILFDWLRQGHIRLVGXIUDJPHQWG¶$'1TXHOOHHVWVDWDLOOH" ([HUFLFH $XFRXUVG¶XQHUpDFWLRQ3&5HIIHFWXpHGDQVXQYROXPHGH/RQSURGXLW QJ G¶XQ DPSOLFRQ GH SE SUpVHQWDQW XQ FRQWHQX *& GH 6DFKDQWTXHOHVFRQFHQWUDWLRQVLQLWLDOHHWILQDOHHQG173VRQWUHVSHFWLYHPHQW GH 0 HW 0 HW TXH OHV GHX[ DPRUFHV XWLOLVpHV VRQW GH PrPH ORQJXHXURQYRXVGHPDQGHG¶HQGpGXLUHODWDLOOH QRPEUHGHEDVHV GHFHV DPRUFHV ([HUFLFH 2Q GLVSRVH G¶XQH VROXWLRQ G¶$'1 SODVPLGLTXH SUpVHQWDQW XQH '2 GH 2QGLOXH/GHFHWWHVROXWLRQGDQVP/G¶HDXHWRQHQJDJH/GH FHWWHGLOXWLRQGDQVXQHUpDFWLRQ3&5$XFRXUVGHFHOOHFLRQSURGXLWQJ ϰϮ G¶XQ DPSOLFRQ GH SE 6L OH IDFWHXU G¶DPSOLILFDWLRQ REWHQX HVW GH TXHOOHHVWODWDLOOHGXSODVPLGHGHGpSDUW" ([HUFLFH $X FRXUV G XQH UpDFWLRQ 3&5 HIIHFWXpH DX GpSDUW GH QJ G XQ $'1 SODVPLGLTXH GH SE RQ SURGXLW J G XQ IUDJPHQW G $'1 /H PLOLHX UpDFWLRQQHO GH / FRQWHQDLW DX GpSDUW QJ GH FKDFXQH GHV GHX[ DPRUFHV ORQJXHXU EDVHV FKDFXQH HW GH FHWWH TXDQWLWp D pWp FRQVRPPpHDXFRXUVGHODUpDFWLRQ2QYRXVGHPDQGHG HQGpGXLUHODWDLOOH GXIUDJPHQWG $'1SURGXLWGDQVODUpDFWLRQ ([HUFLFH 8QH VROXWLRQ G¶XQ $'1 SODVPLGLTXH GH SE SUpVHQWH XQH '2 GH 2Q SUpOqYH XQH DOLTXRWH GH FHWWH VROXWLRQ TXH O¶RQ SRUWH j P/ /RUVTXH / GH FHWWH GLOXWLRQ VRQW HQJDJpV GDQV XQH 3&5 SURGXLVDQW QJ G¶XQ DPSOLFRQ GH SE FHFL FRUUHVSRQG j XQH DPSOLILFDWLRQ GH [IRLVGHODVpTXHQFHFLEOpH2QYRXVGHPDQGHG¶HQGpGXLUHOHYROXPH GHVROXWLRQLQLWLDOHGHSODVPLGHTXLDpWpGLOXp ([HUFLFH $X FRXUV G¶XQH 3&5 UpDOLVpH GDQV XQ YROXPH GH / RQ SURGXLW QJ G¶XQDPSOLFRQGHSESUpVHQWDQWXQFRQWHQX*&GH6DFKDQWTXH OD FRQFHQWUDWLRQ LQLWLDOH HQ G173 pWDLW GH 0 HW TXH OD FRQFHQWUDWLRQ ILQDOHHQG&73HVWGH0GpGXLVH]HQODWDLOOHGHVDPRUFHV LGHQWLTXH SRXUOHVGHX[DPRUFHV XWLOLVpHVGDQVFHWWHUpDFWLRQ ϰϯ ([HUFLFH QJG¶XQDPSOLFRQGHSEVRQWSURGXLWjO¶DLGHG¶XQFRXSOHG¶DPRUFHV GHEDVHVFKDFXQH6LQJGHFKDFXQHGHFHVDPRUFHVVRQWHQJDJpV DXGpSDUWGDQVOD3&5TXHOOHIUDFWLRQ SRXUFHQWDJH GHFHWWHTXDQWLWpDXUD pWpFRQVRPPpHDXFRXUVGHODUpDFWLRQ" ([HUFLFH $X FRXUV G¶XQH UpDFWLRQ 3&5 UpDOLVpH GDQV XQ YROXPH ILQDO GH / RQ SURGXLWQJG¶XQDPSOLFRQGHSESUpVHQWDQWXQFRQWHQX*&GH /HV DPRUFHV XWLOLVpHV RQW XQH ORQJXHXU GH EDVHV FKDFXQH HW OD FRQFHQWUDWLRQLQLWLDOHHQG173HVWGH02QYRXVGHPDQGHGHFDOFXOHU ODFRQFHQWUDWLRQPRODLUHUpVLGXHOOHHQG&73jO¶LVVXHGHODUpDFWLRQ ([HUFLFH 8QHUpDFWLRQ3&5PHWWDQWHQMHXQJG¶XQ$'1SODVPLGLTXHGHSEHW GHX[DPRUFHVGHEDVHVFKDFXQHIRXUQLWJG¶DPSOLFRQ6LFHWWH TXDQWLWpFRUUHVSRQGjXQIDFWHXUG¶DPSOLILFDWLRQGHTXHOOHHVWODWDLOOH GHFHWDPSOLFRQ" ([HUFLFH 8Q $'1 SODVPLGLTXH GH SE HVW HQJDJp GDQV XQH UpDFWLRQ 3&5 DX FRXUVGHODTXHOOHRQSURGXLWJG¶XQDPSOLFRQGHSE&HFLFRUUHVSRQG j XQ IDFWHXU G¶DPSOLILFDWLRQ GH 2Q YRXV GHPDQGH G¶HQ GpGXLUH OD TXDQWLWp PDVVH GHSODVPLGHHQJDJpHGDQVFHWWHUpDFWLRQ ϰϰ ([HUFLFH 'DQVXQH3&5RQSURGXLWXQDPSOLFRQGHSEG¶XQFRQWHQX*&GHj O¶DLGHG¶XQFRXSOHG¶DPRUFHVGHEDVHVFKDFXQH/HYROXPHUpDFWLRQQHOHVW GH / HW OD FRQFHQWUDWLRQ LQLWLDOH HQ G173 HVW GH 0 2Q YRXV GHPDQGHGHFDOFXOHUODPDVVHG¶DPSOLFRQTXLVHUDSURGXLWHORUVTXHqPHGH ODTXDQWLWpLQLWLDOHGHG173DXUDpWpFRQVRPPpH ([HUFLFH 6L DX GpSDUW GH QJ G¶XQ SODVPLGH GH SE RQ SURGXLW QJ G¶XQ DPSOLFRQGHSETXHOHVWOHIDFWHXUG¶DPSOLILFDWLRQREWHQX" 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHDXGpSDUWSLFRPROHVG¶DPRUFHVHWSLFRPROHVGH SODVPLGHVRLWXQUDSSRUWGH[ jO¶LVVXHGHOD3&5SLFRPROHVG¶DPRUFHVHW SLFRPROHVG¶DPSOLFRQVRLWXQUDSSRUWGH ([HUFLFHEDVHV ([HUFLFH0 ([HUFLFH ([HUFLFH ([HUFLFHSE ([HUFLFHSE ϰϱ ([HUFLFHJ ([HUFLFHQJ ([HUFLFHJ ([HUFLFH0 ([HUFLFH ([HUFLFHG$73HWG7730G&73HWG*730 ([HUFLFHSE ([HUFLFHEDVHV ([HUFLFHSE ([HUFLFHSE ([HUFLFH/ ([HUFLFHEDVHV ([HUFLFH ([HUFLFH0 ([HUFLFHSE ([HUFLFHQJ ([HUFLFHJ ([HUFLFH ϰϲ 9/LJDWLRQG¶$'1HWWUDQVIRUPDWLRQGHEDFWpULHV 'HX[ FRQFHSWV HVVHQWLHOV LQWHUYLHQGURQW LFL 'DQV OH FDV GH OD OLJDWLRQ G¶H[WUpPLWpV G¶$'1 OD IRUPDWLRQ GX OLHQ SKRVSKRGLHVWHU QpFHVVLWHUD O¶K\GURO\VHG¶$73HQ$'3/DOLJDWLRQHQWUHHOOHVGHGHX[H[WUpPLWpVG¶$'1 FRQVRPPHUDGHX[PROpFXOHVG¶$73 XQHSRXUOLJXHUFKDFXQGHVGHX[EULQV 3RXU O¶pWDSH GH WUDQVIRUPDWLRQ GHV EDFWpULHV RQ FRQVLGqUHUD TX¶XQ pYpQHPHQW GH WUDQVIRUPDWLRQ FRQVLVWH HQ O¶DFTXLVLWLRQ SDU XQH FHOOXOH EDFWpULHQQH G¶XQH XQLTXH PROpFXOH GH SODVPLGH /¶HIILFLHQFH GH WUDQVIRUPDWLRQHVWH[SULPpHHQQRPEUHGHFRORQLHVEDFWpULHQQHVREWHQXHSDU JG¶$'1SODVPLGLTXHHQJDJpGDQVODWUDQVIRUPDWLRQ 'DQV TXHOTXHV H[HUFLFHV LQWHUYLHQGUD DXVVL OD QRWLRQ GH UHQGHPHQW G¶H[WUDFWLRQ G¶$'1 VRLW SRXU XQ IUDJPHQW G¶$'1 TXH O¶RQ H[WUDLW G¶XQ JHO DSUqV XQH VpSDUDWLRQ SDU pOHFWURSKRUqVH VRLW SRXU XQ SODVPLGH TXH O¶RQ H[WUDLWGHEDFWpULHV'DQVFHGHUQLHUFDVRQFRQVLGqUHUDTXHFKDTXHEDFWpULH FRQWLHQW XQ QRPEUH GH PROpFXOHV GH SODVPLGH pJDO DX QRPEUH PR\HQ GH FRSLHVGXSODVPLGHSDUEDFWpULH /HVYDOHXUVFOpVjJDUGHUjO¶HVSULWVRQW OHQRPEUHG¶$YRJDGURGRQWODYDOHXUDUURQGLHHVW[ ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVTXLHVWGHJSDUPROH &RPPHSUpFpGHPPHQWVXLYDQWOHQRPEUHGHGpFLPDOHVTXLVHURQWSULVHVHQ FRPSWH GDQV OHV GLIIpUHQWV FDOFXOV OD YDOHXU GH OD VROXWLRQ ILQDOH SRXUUDLW GLIIpUHU OpJqUHPHQW GH FHOOH SUpVHQWpH LFL VDQV WRXWHIRLV GpSDVVHU XQ pFDUW FRUUHVSRQGDQWjO¶DUURQGLGHGpFLPDOHV(QILQODSRVVLELOLWpG¶XWLOLVHUXQW\SH GH UDLVRQQHPHQW DOWHUQDWLI SOXV VLPSOH pYLWDQW OH FDOFXO GHV TXDQWLWpV PRODLUHVHQXWLOLVDQWODQRWLRQGHSURSRUWLRQQDOLWpHQWUHODPDVVHPRODLUHG¶XQ $'1 HW VD WDLOOH HQ SDLUHV GH EDVHV VHUD LQGLTXpH SDU OD SUpVHQFH G¶XQ DVWpULVTXHDXQLYHDXGHO¶pQRQFp ϰϳ ([HUFLFHVUpVROXV ([HUFLFH 2QHQJDJHGDQVXQHUpDFWLRQGHOLJDWLRQQJG¶XQ$'1YHFWHXUOLQpDULVpGH SEHWQJG¶XQIUDJPHQWG¶$'1GHSE6LSLFRPROHVG¶$73 VRQWFRQVRPPpHVDXFRXUVGHODUpDFWLRQTXHOHVWOHUHQGHPHQWGHOLJDWLRQ REWHQX" 5pVROXWLRQ /D PDVVH PRODLUH G¶XQ $'1 GH SE pWDQW GH [ JPROH VRLW [JPROHOHVQJGHFHW$'1FRUUHVSRQGHQWjSLFRPROHV &RPPH FKDTXH PROpFXOH GH FHW $'1 SUpVHQWH GHX[ H[WUpPLWpV FHFL FRUUHVSRQGGRQFjSLFRPROHVG¶H[WUpPLWpVG¶$'1 3RXU O¶$'1 GH SE OD PDVVH PRODLUHHVW GH [ JPROH VRLW [ JPROH HW OHV QJ FRUUHVSRQGHQW GRQF j SLFRPROHV GH IUDJPHQWG¶$'1HWGRQFjSLFRPROHVG¶H[WUpPLWpVG¶$'1 >1RWH] TX¶RQ SHXW DXVVL FDOFXOHU OH UDSSRUW PRODLUH UDSSRUW GHV YDOHXUV PDVVHSE HQWUH OD TXDQWLWp GH IUDJPHQW GH SE HW OD TXDQWLWp GH IUDJPHQWGHSE2QREWLHQWSRXUOHIUDJPHQWYHFWHXUQJSE QJSE HW SRXU O¶DXWUH IUDJPHQW QJ SE QJSE /H UDSSRUWPRQWUHTX¶LO\DXQH[FqVPRODLUHGXIUDJPHQWGHSESDUUDSSRUW DXIUDJPHQWGHSEpJDOj ,O\DGRQFIRLVSOXV G¶H[WUpPLWpV GH IUDJPHQW GH SE TXH G¶H[WUpPLWpV GH IUDJPHQW GH SEF¶HVWjGLUHSLFRPROHV[ SLFRPROHV@ ,O \ D GRQF DX WRWDO SLFRPROHV G¶H[WUpPLWpV G¶$'1 HQJDJpHV GDQV OD UpDFWLRQ GH OLJDWLRQ &RPPH SLFRPROHV G¶$73 RQW pWp XWLOLVpHV GDQV OD UpDFWLRQ LO \ D HX OLJDWLRQ GH SLFRPROHV G¶H[WUpPLWpVG¶$'1/HUHQGHPHQWGHODOLJDWLRQ QRPEUHG¶H[WUpPLWpVOLJXpHV ϰϴ SDUUDSSRUWDXQRPEUHWRWDOG¶H[WUpPLWpVSUpVHQWHV HVWGHF¶HVW jGLUH ([HUFLFH 6L O¶HIILFLHQFH GH WUDQVIRUPDWLRQ REWHQXH HQ XWLOLVDQW FRPPH $'1 XQ SODVPLGH GH SE HVW GH [ FRORQLHV SDU J G¶$'1 TXHO HVW OH SRXUFHQWDJHGHPROpFXOHVG¶$'1TXLRQWWUDQVIRUPpGHVEDFWpULHV" 5pVROXWLRQ /DPDVVHPRODLUHG¶XQSODVPLGHGHSEHVWGH[JPROHF¶HVW jGLUH[JPROHHWGRQFJGHFHW$'1FRUUHVSRQGHQWj SLFRPROHVGHSODVPLGHVRLW [ [ [ [PROpFXOHV GHFHSODVPLGH/HV[FRORQLHVEDFWpULHQQHVREWHQXHVUpVXOWDQW FKDFXQHGHO¶LQJHVWLRQSDUXQHEDFWpULHG¶XQHVHXOHPROpFXOHGHSODVPLGHOD IUDFWLRQGHPROpFXOHVG¶$'1TXLRQWWUDQVIRUPpGHVEDFWpULHVHVWGH [ [ [F¶HVWjGLUH ([HUFLFH 8QH SUpSDUDWLRQ G¶$'1 SODVPLGLTXH UpDOLVpH DX GpSDUW GH P/ G¶XQH FXOWXUH VDWXUpH GH EDFWpULHV EDFWpULHV SDU P/ D IRXUQL J G¶XQ SODVPLGH GH SE 6DFKDQW TXH FHFL FRUUHVSRQG j XQ UHQGHPHQW G¶H[WUDFWLRQGHO¶$'1SODVPLGLTXHGHGpGXLVH]HQOHQRPEUHPR\HQGH FRSLHVGXSODVPLGHLQLWLDOHPHQWSUpVHQWGDQVFKDTXHEDFWpULH ϰϵ 5pVROXWLRQ /HV P/ GH FXOWXUH EDFWpULHQQH j EDFWpULHV SDU P/ FRQWLHQQHQW XQ WRWDOGH[EDFWpULHV/DPDVVHPRODLUHG¶XQSODVPLGHGHSEHVW GH [ JPROH VRLW [ JPROH /H J G¶$'1 H[WUDLW FRUUHVSRQGDQW j GX WRWDO FRQWHQX GDQV OHV EDFWpULHV LO \ D J G¶$'1 SODVPLGLTXH F¶HVWjGLUH SLFRPROH GH SODVPLGH GDQV OHV [ EDFWpULHV&HWWHSLFRPROHGHSODVPLGHFRUUHVSRQGj [ [ VRLW [PROpFXOHVG¶$'1&KDTXHEDFWpULHFRQWLHQWGRQFHQPR\HQQH [ [ FRSLHVGXSODVPLGH ([HUFLFHVSURSRVpV ([HUFLFH 8Q $'1 SODVPLGLTXH GH SE OLQpDULVp SDU GLJHVWLRQ DYHF O¶HQ]\PH GH UHVWULFWLRQ+LQG,,,HVWLQFXEpHQSUpVHQFHGHOLJDVHG¶$'1HWG¶$73GDQVXQ YROXPH ILQDO GH / 2Q REVHUYH TXH OD UHFLUFXODULVDWLRQ GH WRXW O¶$'1 OLQpDULVp FRQVRPPH GH O¶$73 LQLWLDOHPHQW SUpVHQW GDQV OH PLOLHX UpDFWLRQQHO 6DFKDQW TXH OD FRQFHQWUDWLRQ LQLWLDOH G¶$73 pWDLW GH P0 RQ YRXVGHPDQGHG¶HQGpGXLUHODTXDQWLWp PDVVH G¶$'1SODVPLGLTXHTXLDpWp HQJDJpHGDQVODUpDFWLRQ ([HUFLFH /RUVTX¶RQ REWLHQW XQH HIILFLHQFH GH WUDQVIRUPDWLRQ GH FRORQLHV SDU J G¶$'1 HQ XWLOLVDQW XQ $'1 SODVPLGLTXH GH SE TXHOOH IUDFWLRQ HQ GHVPROpFXOHVGHSODVPLGHHQJDJpHVWUDQVIRUPHOHVEDFWpULHV" ϱϬ ([HUFLFH $X GpSDUW GH P/ G¶XQH FXOWXUH VDWXUpH GH EDFWpULHV EDFWpULHV SDU P/ FRQWHQDQWFKDFXQHHQPR\HQQHFRSLHVG¶XQSODVPLGHRQLVROHJ G¶$'1SODVPLGLTXH6LFHFLFRUUHVSRQGjXQUHQGHPHQWG¶H[WUDFWLRQGH TXHOOHHVWDSSUR[LPDWLYHPHQWODWDLOOHGHFHSODVPLGH" ([HUFLFH 8QIUDJPHQWG¶$'1GHSEHVWH[FLVpG¶XQSODVPLGHG¶XQHWDLOOHLQLWLDOH GH SE j O¶DLGH GH O¶HQ]\PH GH UHVWULFWLRQ (FR 5, $SUqV LVROHPHQW RQ REWLHQW QJ GX IUDJPHQW H[FLVp 6L FHFL FRUUHVSRQG j XQ UHQGHPHQW GH TXHOOHHVWODPDVVHGHSODVPLGHTXLDpWpHQJDJpHDXGpSDUWGDQVOD UpDFWLRQGHUHVWULFWLRQ" ([HUFLFH J G¶XQ $'1 SODVPLGLTXH GH SE OLQpDULVp DSUqV GLJHVWLRQ SDU O¶HQ]\PH GH UHVWULFWLRQ (FR5, VRQW HQWLqUHPHQW UHFLUFXODULVpV SDU OLJDWLRQ GDQV XQ YROXPH UpDFWLRQQHO GH / 2Q YRXV GHPDQGH GH FDOFXOHU OD IUDFWLRQ SRXUFHQWDJH GHO¶$73SUpVHQWDXGpSDUWTXLVHUDFRQVRPPpGDQV FHWWH UpDFWLRQ VDFKDQW TXH OH PLOLHX GH OLJDWLRQ FRQWLHQW GH O¶$73 j XQH FRQFHQWUDWLRQLQLWLDOHGHP0 ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH GH SE OLQpDULVp SDU GLJHVWLRQ DYHF O¶HQ]\PHGHUHVWULFWLRQ(FR5,VRQWLQFXEpVHQSUpVHQFHGHOLJDVHG¶$'16L OD UpDFWLRQ FRQVRPPH SLFRPROHV G¶$73 TXHO HVW OH UHQGHPHQW GH OLJDWLRQREWHQX" ϱϭ ([HUFLFH 8Q$'1SODVPLGLTXHGHSEHVWGLJpUpSDUXQPpODQJHGHVHQ]\PHVGH UHVWULFWLRQ (FR5, HW 3VW, HW XQ IUDJPHQW G¶$'1 GH NE HVW LVROp SDU pOHFWURSKRUqVH HQ JHO G¶DJDURVH $ O¶LVVXH GH O¶H[WUDFWLRQ GH O¶$'1 GX PRUFHDXGHJHOG¶DJDURVHRQREWLHQWQJGHIUDJPHQWGHNE6LFHFL FRUUHVSRQG j XQ UHQGHPHQW GH TXHOOH HVW OD TXDQWLWp PDVVH GH SODVPLGH GH SE HQJDJpH DX GpSDUW GDQV OD UpDFWLRQ GH UHVWULFWLRQ SDU (FR5,HW3VW," ([HUFLFH J G¶XQ $'1 SODVPLGLTXH OLQpDULVp SDU GLJHVWLRQ DYHF O¶HQ]\PH GH UHVWULFWLRQ 3VW, HVW LQFXEp HQ SUpVHQFH GH OLJDVH G¶$'1 HW G¶$73 GDQV XQ YROXPH ILQDO GH / 2Q REVHUYH TXH OD UHFLUFXODULVDWLRQ GH WRXW O¶$'1 OLQpDULVp FRQVRPPH GH O¶$73 LQLWLDOHPHQW SUpVHQW GDQV OH PLOLHX UpDFWLRQQHO 6DFKDQW TXH OD FRQFHQWUDWLRQ LQLWLDOH G¶$73 pWDLW GH P0 RQ YRXVGHPDQGHG¶HQGpGXLUHODWDLOOHGHO¶$'1SODVPLGLTXHTXLDpWpHQJDJp GDQVODUpDFWLRQ ([HUFLFH 6L O¶RQ HQJDJH GDQV XQH UpDFWLRQ GH OLJDWLRQ QJ G¶$'1 YHFWHXU OLQpDULVp G¶XQHWDLOOHGHSEHWXQH[FqVPRODLUHGHIRLVG¶XQIUDJPHQWG¶$'1GH SETXHOHVWOHQRPEUHWRWDOG¶H[WUpPLWpVG¶$'1TXLSRXUURQWSDUWLFLSHUj ODUpDFWLRQ" ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH OLQpDULVp SDU GLJHVWLRQ DYHF O¶HQ]\PH GH UHVWULFWLRQ 3VW , VRQW HQJDJpV GDQV XQH UpDFWLRQ GH OLJDWLRQ /D UHFLUFXODULVDWLRQ GX SODVPLGH VH IDLW DYHF XQ UHQGHPHQW GH HW ϱϮ FRQVRPPHSPROHVG¶$732QYRXVGHPDQGHG¶HQGpGXLUHODWDLOOHGH FHSODVPLGH ([HUFLFH /RUV G¶XQH WUDQVIRUPDWLRQ EDFWpULHQQH GHV PROpFXOHV G¶XQ $'1 SODVPLGLTXH GH SE HQJDJpHV WUDQVIRUPHQW GHV EDFWpULHV 'pGXLVH]HQ O¶HIILFLHQFH GH FHWWH WUDQVIRUPDWLRQ H[SULPpH HQ QRPEUH GH FRORQLHV EDFWpULHQQHVSDUJG¶$'1HQJDJp ([HUFLFH $X FRXUV G¶XQH WUDQVIRUPDWLRQ GH EDFWpULHV GHV PROpFXOHV G¶$'1 GH SODVPLGH HQJDJpHV GDQV O¶RSpUDWLRQ RQW WUDQVIRUPp GHV EDFWpULHV HW FHFL D GRQQpXQHHIILFLHQFHGHWUDQVIRUPDWLRQGH[FRORQLHVSDUJG¶$'1 'pGXLVH]HQODWDLOOHGXSODVPLGHXWLOLVp ([HUFLFH 2QHQJDJHXQ$'1SODVPLGLTXHGHSEGDQVXQHUpDFWLRQGHUHVWULFWLRQ DYHFO¶HQ]\PH%DP+,8QIUDJPHQWG¶$'1GHSEHVWLVROpHWVHUHWURXYH GDQVXQYROXPHGH/jXQHFRQFHQWUDWLRQGHJP/6LGHOD TXDQWLWp GH IUDJPHQW GH SE SURGXLWH LQLWLDOHPHQW D DLQVL pWp UpFXSpUpH FRPELHQGHPROHVGHSODVPLGHRQWpWpHQJDJpHVDXGpSDUW" ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH GH SE OLQpDULVp SDU O¶HQ]\PH GH UHVWULFWLRQ%DP+,VRQWWRWDOHPHQWUHFLUFXODULVpVHQSUpVHQFHGHOLJDVHG¶$'1 HWG¶$73GDQVXQYROXPHILQDOGH/&HWWHUpDFWLRQFRQVRPPH GHODTXDQWLWpG¶$73SUpVHQWHDXGpSDUWGDQVOHPLOLHXUpDFWLRQQHO2QYRXV GHPDQGHG¶HQGpGXLUHODFRQFHQWUDWLRQPRODLUHLQLWLDOHG¶$73GDQVFHPLOLHX UpDFWLRQQHO ϱϯ ([HUFLFH J G¶XQ $'1 SODVPLGLTXH GH SE VRQW GLJpUpV SDU O¶HQ]\PH GH UHVWULFWLRQ+LQG,,,SURGXLVDQWGHVIUDJPHQWVGHSESESEHW SE UHVSHFWLYHPHQW &HV GHUQLHUV VRQW VpSDUpV SDU pOHFWURSKRUqVH HQ JHOG¶DJDURVHHWOHVEDQGHVGHJHOFRQWHQDQWOHVIUDJPHQWVGHSEHWGH SE VRQW LVROpHV /¶$'1 HVW H[WUDLW GH FHV IUDJPHQWV GH JHO HW UHSULV VpSDUpPHQWGDQVXQYROXPHGH/SRXUFKDFXQ'HVDOLTXRWHVGH/GH FKDFXQH GHV VROXWLRQV G¶$'1 VRQW XWLOLVpHV SRXU PHVXUHU OHV TXDQWLWpV G¶$'1REWHQXHV&HOOHVFLVRQWUHVSHFWLYHPHQWGHQJSRXUOHIUDJPHQWGH SE HW GH QJ SRXU OH IUDJPHQW GH SE 2Q YRXV GHPDQGH GH FDOFXOHUOHVUHQGHPHQWVG¶H[WUDFWLRQGHFHVIUDJPHQWVG¶$'1 ([HUFLFH 8QHSUpSDUDWLRQG¶$'1SODVPLGLTXHHVWUpDOLVpHDXGpSDUWGHP/G¶XQH FXOWXUHVDWXUpHGHEDFWpULHV EDFWpULHVSDUP/ FRQWHQDQWXQSODVPLGHGH SE 4XHO HVW OH UHQGHPHQW GH FHWWH SUpSDUDWLRQ VL OH SODVPLGH HVW LQLWLDOHPHQWSUpVHQWjUDLVRQGHFRSLHVSDUEDFWpULHHQPR\HQQHHWTXH O¶RQREWLHQWDXILQDOJG¶$'1" 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHJ ([HUFLFH ([HUFLFHSE ϱϰ ([HUFLFHJ ([HUFLFH ([HUFLFH ([HUFLFHQJ ([HUFLFHSE ([HUFLFH[ ([HUFLFHSE ([HUFLFH[FRORQLHVJG¶$'1 ([HUFLFHSE ([HUFLFHSLFRPROHV ([HUFLFHP0 ([HUFLFHSRXUOHIUDJPHQWG¶$'1GHSEHWSRXUOH IUDJPHQWG¶$'1GHSE ([HUFLFH ϱϱ 9,+\EULGDWLRQG¶$'1WHFKQLTXHGH©6RXWKHUQEORWWLQJª 'DQVFHWWHSDUWLHQRXVDERUGHURQVOHPDUTXDJHG¶$'1SDUO¶LQFRUSRUDWLRQGH UpVLGXVGpVR[\XULGLQHFRXSOpVjODGLJR[\JpQLQH ',*G873 DXFRXUVG¶XQH 3&5 HW O¶K\EULGDWLRQ GHV EULQV GH FHW $'1 PDUTXp j GHV EULQV G¶$'1 QRQ PDUTXpLPPRELOLVpVVXUXQHPHPEUDQH WHFKQLTXHGH©6RXWKHUQEORWWLQJª 2Q FRQVLGqUHUD LFL TXH OHV EULQV G¶$'1 HQJDJpV GDQV OD 3&5 HW OHV EULQV G¶DPSOLFRQSURGXLWVUHVWHQWLQWDFWVGDQVO¶HQVHPEOHGHVpWDSHV /RUVTXH OD 3&5 HVW XWLOLVpH SRXU SURGXLUH XQ DPSOLFRQ G¶$'1 PDUTXp j OD GLJR[\JpQLQHGX',*G873VHUDDMRXWpDX[G173/RUVGHODUpSOLFDWLRQOH ',*G873 SHXW rWUH LQFRUSRUp GDQV O¶$'1 j OD SODFH GX G773 j XQH IUpTXHQFH TXL GpSHQGUD GHV TXDQWLWpV UHODWLYHV GH ',*G873 HW GH G773 GDQV OH PLOLHX UpDFWLRQQHO RQ FRQVLGqUHUD LFL TXH OH ',*G873 HW OH G773 VRQWXWLOLVpVSDUODSRO\PpUDVHG¶$'1DYHFXQHPrPHHIILFDFLWpDXFRXUVGH ODUpSOLFDWLRQGHO¶$'1 4XHOTXHV H[HUFLFHV VXU OH SULQFLSH G¶K\EULGDWLRQ PROpFXODLUH HQWUH GHV VpTXHQFHV G¶$'1 SRVVpGDQW HQ WRXW RX HQ SDUWLH GHV VpTXHQFHV PXWXHOOHPHQW FRPSOpPHQWDLUH IHURQW DXVVL LQWHUYHQLU O¶pWDEOLVVHPHQW G¶XQH FDUWHGHUHVWULFWLRQG¶XQSODVPLGHFRPPHGpWDLOOpGDQVOHFKDSLWUH,,, /HVYDOHXUVFOpVjJDUGHUHQWrWHVRQW OHQRPEUHG¶$YRJDGURGRQWODYDOHXUDUURQGLHHVW[ ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVTXLHVWGHJSDUPROH ODPDVVHPRODLUHGHODGLJR[\JpQLQH ',* JSDUPROH ,FLHQFRUHVXLYDQWOHQRPEUHGHGpFLPDOHVTXLVHURQWSULVHVHQFRPSWHGDQV OHVGLIIpUHQWVFDOFXOVODYDOHXUGHODVROXWLRQILQDOHSRXUUDLWGLIIpUHU OpJqUHPHQWGHFHOOHSUpVHQWpHVDQVWRXWHIRLVGpSDVVHUXQpFDUW FRUUHVSRQGDQWjO¶DUURQGLGHGpFLPDOHV'DQVFHWWHSDUWLHFHSHQGDQW O¶RPLVVLRQGHSUHQGUHHQFRPSWHODSUpVHQFHGHVUpVLGXV',*GDQVOHFDOFXO GHODPDVVHPRODLUHG¶XQDPSOLFRQPDUTXpSHXWDXVVLFRQGXLUHjXQHYDOHXU ϱϲ ILQDOHTXLV¶pFDUWHPDUJLQDOHPHQWGHFHOOHSUpVHQWpHLFL(QFDVG¶pFDUWLO LPSRUWHGRQFGHYpULILHUFHSRLQWGDQVOHUDLVRQQHPHQW ([HUFLFHVUpVROXV ([HUFLFH 8Q DPSOLFRQ GH SE PDUTXp j OD GLJR[\JpQLQH HVW SURGXLW DX GpSDUW GH SJ G¶XQ $'1 SODVPLGLTXH GH SE /D 3&5 HVW UpDOLVpH GDQV XQ YROXPHWRWDOGH/FRQWHQDQWGXG7730GX',*G8730HW OHVG$73G&73HWG*730FKDFXQ/HVDPRUFHVXWLOLVpHVVRQWG¶XQH ORQJXHXUGHEDVHVFKDFXQH D 6LjO¶LVVXHGHODUpDFWLRQODFRQFHQWUDWLRQUpVLGXHOOHHQ',*G873HVWGH 0TXHOOHPDVVHG¶DPSOLFRQDpWpSURGXLWH" E 6LOHPLOLHXUpDFWLRQQHOHVWHQJDJpDSUqVGpQDWXUDWLRQGHO¶$'1GDQVXQH K\EULGDWLRQDYHFGHO¶$'1GpQDWXUpLPPRELOLVpVXUPHPEUDQHHW TXHQJ GH GLJR[\JpQLQH VRQW FRQWHQXV GDQV OHV $'1 K\EULGpV VXU OD PHPEUDQH TXHOOH PDVVH G¶$'1 QRQ PDUTXp V¶HVW K\EULGp j O¶$'1 LPPRELOLVp VXU OD PHPEUDQH" 5pVROXWLRQ D /¶DPSOLFRQD\DQWXQHWDLOOHGHSEHWOHVDPRUFHVXQHORQJXHXUGH EDVHVFKDFXQHEDVHVVRQWSRO\PpULVpHVORUVGHODV\QWKqVHGHFKDTXH EULQ G¶DPSOLFRQ 7HQDQW FRPSWH GX UDSSRUW GHV FRQFHQWUDWLRQV LQLWLDOHV HQ G773 0 HW',*G873 0 FKDTXHSDUWLHG¶DPSOLFRQV\QWKpWLVpH FRQWLHQGUD HQ PR\HQQH EDVHV 7 HW EDVHV ',*G8 DLQVL TXH XQLWpVGHFKDFXQHGHVDXWUHVEDVHVSRXUDWWHLQGUHXQWRWDOGHEDVHV SRXUOHVSESRO\PpULVpHV 3XLVTXHOHYROXPHUpDFWLRQQHOHVWGH/HW ϱϳ OD FRQFHQWUDWLRQ LQLWLDOH HQ ',*G873 GH 0 LO \ D DX GpSDUW SLFRPROHVGH',*G873GDQVOHPLOLHX/DFRQFHQWUDWLRQUpVLGXHOOHjO¶LVVXH GHODUpDFWLRQpWDQWGH0FHODVLJQLILHTXHGHFHVSLFRPROHV RQWpWpLQFRUSRUpHVGDQVO¶$'1UpSOLTXpF¶HVWjGLUHSLFRPROHV&RPPH FKDTXH PROpFXOH G¶DPSOLFRQ FRQWLHQW HQ PR\HQQH UpVLGXV ',*G8 FHV SLFRPROHVGH',*G873FRQVRPPpHVFRUUHVSRQGHQWjODV\QWKqVHGH SLFRPROHVG¶DPSOLFRQ/DPDVVHPRODLUHG¶XQDPSOLFRQGHSEFRQWHQDQW UpVLGXV',*HVWGH [JPROH [JPROH VRLW JPROH /HV SLFRPROHV GH FHW DPSOLFRQ FRUUHVSRQGHQW GRQF j XQH PDVVH GHJG¶$'1 E /DPDVVHPRODLUHGHODGLJR[\JpQLQHpWDQWGHJPROHQJGH',* FRUUHVSRQGHQWjSLFRPROHVGH',*&RPPHFKDTXHPROpFXOHG¶DPSOLFRQ FRQWLHQW HQ PR\HQQH UpVLGXV ',* FHV SLFRPROHV GH ',* FRUUHVRQGHQW GRQF j SLFRPROHV G¶DPSOLFRQ 3XLVTX¶LO \ DYDLW DX GpSDUW SLFRPROHV G¶DPSOLFRQ FHV SLFRPROHV G¶DPSOLFRQ LPPRELOLVpHV VXU OD PHPEUDQH SDU K\EULGDWLRQ FRUUHVSRQGHQW j GH OD TXDQWLWp WRWDOH G¶DPSOLFRQ /¶$'1 QRQ PDUTXp HQJDJp DX GpSDUW GDQV OD 3&5 D\DQW DXVVL SDUWLFLSpjO¶K\EULGDWLRQDYHFO¶$'1LPPRELOLVpVXUODPHPEUDQHGHVD PDVVH VH UHWURXYHURQW GRQF DXVVL VRXV IRUPH G¶K\EULGHV VXU OD PHPEUDQH VRLWSJ GHSJ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE ϱϴ SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGHj SE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEEDQGHjSEHWEDQGHjSE D (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQW OHV GLVWDQFHV VpSDUDQW OHV GLIIpUHQWV VLWHV GH FRXSXUHV E 2Q UpDOLVH XQH H[SpULHQFH GH 6RXWKHUQ EORW VXU OHV SLVWHV GpFULWHV FL GHVVXVHQXWLOLVDQWFRPPHVRQGHOHIUDJPHQWG¶$'1GHSESURGXLWORUV GH OD GLJHVWLRQ GX SODVPLGH SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ %DP+,HW(FR5,4XHOVVRQWOHVIUDJPHQWVG¶$'1TXLVHURQWUpYpOpVGDQVOHV GLIIpUHQWHVSLVWHVjO¶LVVXHGHFHWWHH[SpULHQFH" 5pVROXWLRQ D (Q SURFpGDQW FRPPH GpFULW SUpFpGHPPHQW DX FKDSLWUH ,,, RQ REWLHQW OD FDUWHGHUHVWULFWLRQVXLYDQWH SE +LQG,,, +LQG,,, SE VRQ GH (FR5, (FR5, SE SE ES SE +LQG,,, +LQG,,, (FR5, (FR5, SE SE +LQG,,, +LQG,,, + ϱϵ %DP+, %DP+, E &RQVLGpUDQWGDQVODFDUWHFLGHVVXVOHVIUDJPHQWVTXLVRQWFKHYDXFKpVHQ WRXWRXHQSDUWLHSDUOHIUDJPHQW©VRQGHªRQREWLHQW SLVWH%DP+,ODEDQGHjSE SLVWH(FR5,ODEDQGHjSE SLVWH+LQG,,,OHVEDQGHVjSEHWjSE SLVWH%DP+,(FR5,ODEDQGHjSE SLVWH%DP+,+LQG,,,OHVEDQGHVjSEHWjSE SLVWH(FR5,+LQG,,,OHVEDQGHVjSEHWjSE ([HUFLFHVSURSRVpV ([HUFLFH SJG¶XQ$'1SODVPLGLTXHGHSERQWpWpHQJDJpVGDQVXQH3&5TXL DSURGXLWJG¶XQIUDJPHQWG¶$'1GHSEPDUTXpjODGLJR[\JpQLQH SUpVHQWDQWXQFRQWHQX*&GH/HVGHX[DPRUFHVXWLOLVpHVDYDLHQWXQH WDLOOHGHEDVHVFKDFXQHHWOHVFRQFHQWUDWLRQVLQLWLDOHVHQG173pWDLHQWOHV VXLYDQWHV0GHG$73G&73HWG*730GHG773HW0GH ',*G873GDQVXQYROXPHUpDFWLRQQHOILQDOGH/ D 4XHOOHVVHURQWOHVFRQFHQWUDWLRQV PRODULWpV UpVLGXHOOHVHQG773HW',* G873jO¶LVVXHGHODUpDFWLRQ" E 6LOHPLOLHXUpDFWLRQQHOHVWDSUqVGpQDWXUDWLRQGHO¶$'1HQJDJpGDQVXQH UpDFWLRQ G¶K\EULGDWLRQ DYHF XQ $'1 VLPSOHEULQ LPPRELOLVp HW TXH QJ G¶$'1 PDUTXp j OD GLJR[\JpQLQH V¶K\EULGHQW j FHW $'1 LPPRELOLVp TXHOOH VHUD OD TXDQWLWp PDVVH GH GLJR[\JpQLQH TXL VH UHWURXYHUD GDQV O¶$'1 K\EULGp" ϲϬ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, +LQG,,, HW 3VW, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSE SLVWH3VW,EDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEHWEDQGH ODUJHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH%DP+,3VW,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH(FR5,3VW,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH+LQG,,,3VW,EDQGHjSEHWEDQGHjSE D (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV E 2Q UpDOLVH XQH H[SpULHQFH GH 6RXWKHUQ EORW VXU OHV SLVWHV GpFULWHV FL GHVVXVHQXWLOLVDQWFRPPHVRQGHOHIUDJPHQWG¶$'1GHSESURGXLWORUV GH OD GLJHVWLRQ GX SODVPLGH SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ (FR5, HW 3VW, 4XHOV VRQW OHV IUDJPHQWV G¶$'1 TXL VHURQW UpYpOpV GDQV OHV GLIIpUHQWHVSLVWHVjO¶LVVXHGHFHWWHH[SpULHQFH" ϲϭ ([HUFLFH 8QIUDJPHQWGXSODVPLGHGRQWODFDUWHGHUHVWULFWLRQDSSDUDvWFLGHVVRXVHVW XWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQEORWVXUOHUpVXOWDWGH OD GLJHVWLRQ GX SODVPLGH SDU OHV GLIIpUHQWHV HQ]\PHV GH UHVWULFWLRQ /HV IUDJPHQWV VXLYDQWV VRQW UpYpOpV %DP+, SE (FR5, SE +LQG,,, SE 3VW, SE 'pGXLVH]HQ O¶LGHQWLWp GX IUDJPHQW XWLOLVp FRPPHVRQGHGDQVFHWWHH[SpULHQFH %DP+, , SE SE % %DP+, 3VW, 3VW, 3VW, 3 W, 3VW, SE SE +LQG,,, +LQG,,, +LQG,,, +LQG,,, SE ES SE SE (FR5, (FR5, SE (FR5, (FR5, %DP+, %DP+, SE SE +LQG,,, +LQG,,, ([HUFLFH $X GpSDUW GH SJ G¶XQ $'1 SODVPLGLTXH GH SE HW G¶XQ FRXSOH G¶DPRUFHV GH EDVHV FKDFXQH RQ SURGXLW GDQV XQH 3&5 XQ DPSOLFRQ GH SEG¶XQFRQWHQX*&GHDYHFXQIDFWHXUG¶DPSOLILFDWLRQGH[ /¶DPSOLFRQHVWPDUTXpjODGLJR[\JpQLQHGHWHOOHVRUWHTX¶XQHEDVH7VXU VRLW UHPSODFpH SDU XQ ',*G8 HQ PR\HQQH 6L j O¶LVVXH G¶XQH K\EULGDWLRQ DYHF XQ $'1 LPPRELOLVp VXU PHPEUDQH GHV EULQV G¶DPSOLFRQ VRQW ϲϮ UHWHQXVVXUODPHPEUDQHTXHOOHVHUDODPDVVHGHGLJR[\JpQLQHSUpVHQWHVXU FHWWHPHPEUDQH" ([HUFLFH 8Q DPSOLFRQ GH SE G¶XQ FRQWHQX *& GH SURGXLW j O¶DLGH G¶XQ FRXSOH G¶DPRUFHV GH EDVHV FKDFXQH HVW PDUTXp j OD GLJR[\JpQLQH GH PDQLqUHjFHTX¶XQHEDVH7VXUVRLWUHPSODFpHSDUXQ',*G8/RUVTXH FHW DPSOLFRQ HVW XWLOLVp FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQ EORWWLQJRQREVHUYHTXHO¶K\EULGDWLRQGHGHVEULQVG¶DPSOLFRQFRQGXLWj ODUpWHQWLRQGHQJGHGLJR[\JpQLQHVXUODPHPEUDQH2QYRXVGHPDQGH G¶HQGpGXLUHODTXDQWLWp PDVVH G¶DPSOLFRQHQJDJpHGDQVO¶K\EULGDWLRQ ([HUFLFH 8Q DPSOLFRQ GH SE G¶XQ FRQWHQX *& GH SURGXLW j O¶DLGH G¶XQ FRXSOH G¶DPRUFHV GH EDVHV FKDFXQH HW PDUTXp j OD GLJR[\JpQLQH HVW XWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQEORWWLQJ$O¶LVVXHGH O¶K\EULGDWLRQ QJ GH GLJR[\JpQLQH VRQW UHWHQXV VXU OD PHPEUDQH FH TXL FRUUHVSRQG j SLFRPROH G¶DPSOLFRQ 2Q YRXV GHPDQGH G¶HQ GpGXLUH OD SURSRUWLRQHQWUHUpVLGXV7HW',*G8GDQVO¶DPSOLFRQXWLOLVp ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, +LQG,,, HW 3VW, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE ϲϯ SLVWH3VW,EDQGHjSE SLVWH%DP+,(FR5,EDQGHODUJHjSEEDQGHjSEHW EDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGH ODUJHjSE SLVWH%DP+,3VW,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH(FR5,3VW,EDQGHjSEEDQGHjSEHWEDQGH jSE SLVWH+LQG,,,3VW,EDQGHjSEEDQGHjSEHWEDQGH jSE D (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV E 4XHOV VHURQW OHV IUDJPHQWV G¶$'1 UpYpOpV GDQV FHV GLIIpUHQWHV SLVWHV VL XQHH[SpULHQFHGH6RXWKHUQEORWWLQJHVWUpDOLVpHHQXWLOLVDQWFRPPHVRQGHOH IUDJPHQW(FR5,+LQG,,,GHSE" ([HUFLFH QJ G¶XQ $'1 SODVPLGLTXH GH SE VRQW VRXPLV j XQH GLJHVWLRQ SDU O¶HQ]\PHGHUHVWULFWLRQ+LQG,,,SURGXLVDQWGHVIUDJPHQWVGHSESE SEHWSE&HVIUDJPHQWVG¶$'1VRQWVpSDUpVSDUpOHFWURSKRUqVHHQ JHOG¶DJDURVHGpQDWXUpVHWWUDQVIpUpVVXUXQHPHPEUDQHDYHFXQUHQGHPHQW GH /D PHPEUDQH HVW HQVXLWH LQFXEpH GDQV XQ PLOLHX G¶K\EULGDWLRQ FRQWHQDQWSLFRPROHVG¶XQDPSOLFRQGHSEGpQDWXUpGRQWODVpTXHQFH G¶$'1HVWFRQWHQXHHQSDUWLHGDQVOHVIUDJPHQWVGHSEHWGHSE SURGXLWV DX FRXUV GH OD GLJHVWLRQ GX SODVPLGH /¶DPSOLFRQ XWLOLVp FRPPH ϲϰ VRQGHHVWPDUTXpjODGLJR[\JpQLQHEDVH7VXUpWDQWUHPSODFpHSDUXQ UpVLGX',*G8HQPR\HQQH6LO¶HIILFLHQFHG¶K\EULGDWLRQHVWGHTXHOOH TXDQWLWpWRWDOH PDVVH GHGLJR[\JpQLQHVHUDUHWHQXHVXUODPHPEUDQH" ([HUFLFH SJG¶XQ$'1SODVPLGLTXHGHSERQWpWpHQJDJpVGDQVXQH3&5TXL DSURGXLWJG¶XQIUDJPHQWG¶$'1GHSEPDUTXpjODGLJR[\JpQLQH /HV GHX[ DPRUFHV XWLOLVpHV DYDLHQW XQH WDLOOH GH EDVHV FKDFXQH HW OHV FRQFHQWUDWLRQV LQLWLDOHV HQ G173 pWDLHQW OHV VXLYDQWHV 0 GH G$73 G&73 HW G*73 0 GH G773 HW 0 GH ',*G873 GDQV XQ YROXPH UpDFWLRQQHOILQDOGH/ D 4XHOOHHVWODFRQFHQWUDWLRQ PRODULWp UpVLGXHOOHHQ',*G873jO¶LVVXHGH ODUpDFWLRQ" E 6LOHPLOLHXUpDFWLRQQHOHVWDSUqVGpQDWXUDWLRQGHO¶$'1HQJDJpGDQVXQH UpDFWLRQ G¶K\EULGDWLRQ DYHF XQ $'1 VLPSOHEULQ LPPRELOLVp HW TXH J G¶$'1 PDUTXp j OD GLJR[\JpQLQH V¶K\EULGHQW j FHW $'1 LPPRELOLVp TXHOOH VHUDODTXDQWLWp PDVVH DSSUR[LPDWLYHG¶$'1QRQPDUTXpTXLVHUHWURXYHUD DXVVLK\EULGpjFHPrPH$'1" ([HUFLFH /¶$'1SODVPLGLTXHGRQWODFDUWHGHUHVWULFWLRQDSSDUDvWFLDSUqVHVWVRXPLVj XQH GLJHVWLRQ SDU XQ H[FqV G¶HQ]\PH +LQG,,, HW XQH TXDQWLWp OLPLWDQWH G¶HQ]\PH (FR5, FRQGXLVDQW DX FOLYDJH GH VHXOHPHQW GHV VLWHV GH UHVWULFWLRQ(FR5,2QYRXVGHPDQGH D G¶pWDEOLUODOLVWHGHVIUDJPHQWVG¶$'1TXLVHURQWGpWHFWpVDSUqVVpSDUDWLRQ SDUpOHFWURSKRUqVHHQJHOG¶DJDURVH ϲϱ E G¶LGHQWLILHUSDUPLFHX[FLOHVIUDJPHQWVG¶$'1TXLVHURQWUpYpOpVGDQVXQH H[SpULHQFH GH 6RXWKHUQ EORW HQ XWLOLVDQW FRPPH VRQGH OH IUDJPHQW G¶$'1 (FR5,(FR5,GHSE SE SE ES SE +LQG,,, +LQG,,, +LQG,,, +LQG,,, SE ϲϲ (FR5, (FR5, SE SE V GH (FR5, (FR5, RQ +LQG,,, ,, +LQG,,, SE (FR5, (FR5, ( 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHD 0G773HW0',*G873E QJ ([HUFLFHD 3VW, 3VW, SE (FR5, (FR5, SE VR QG H %DP+, %DP+, SE +LQG,,, +LQG,,, SE (FR5, (FR5, SE ES SE SE %DP+, %DP+, E SLVWH%DP+,ODEDQGHjSE SLVWH(FR5,ODEDQGHjSE SLVWH+LQG,,,ODEDQGHjSE SLVWH3VW,ODEDQGHjSE SLVWH%DP+,(FR5,ODEDQGHjSE SLVWH%DP+,+LQG,,,ODEDQGHjSE SLVWH%DP+,3VW,ODEDQGHjSE SLVWH(FR5,+LQG,,,ODEDQGHjSE SLVWH(FR5,3VW,ODEDQGHjSE SLVWH+LQG,,,3VW,ODEDQGHjSE ϲϳ ([HUFLFHOHIUDJPHQW3VW,%DP+,GHSE ([HUFLFHQJ ([HUFLFHJ ([HUFLFHLO\DIRLVSOXVGHUpVLGXV7TXHGHUpVLGXV',*G8 XQ UpVLGX7VXUHVWUHPSODFpSDUXQUpVLGX',*G8 ([HUFLFHD (FR5, (FR5, SE SE 3VW, 3VW, +LQG,,, +LQG,,, SE SE ES SE VR +LQG,,, +LQG,,, SE %DP+, %DP+, (FR5, (FR5, ( FR SE % SE %DP+, %DP+, +, E SLVWH%DP+,ODEDQGHjSE SLVWH(FR5,ODEDQGHjSE SLVWH+LQG,,,ODEDQGHjSE ϲϴ QG H SLVWH3VW,ODEDQGHjSE SLVWH%DP+,(FR5,ODEDQGHjSE SLVWH%DP+,+LQG,,,ODEDQGHjSE SLVWH%DP+,3VW,ODEDQGHjSE SLVWH(FR5,+LQG,,,ODEDQGHjSE SLVWH(FR5,3VW,ODEDQGHjSE SLVWH+LQG,,,3VW,ODEDQGHjSE ([HUFLFHQJ ([HUFLFHD 0E SJ ([HUFLFHD SESESESESESE SESESESE E SESESESE ϲϵ 9,,$QDO\VHJpQpWLTXHG¶$'1JpQRPLTXHKXPDLQ 'HX[ H[HPSOHV G¶DQDO\VHV JpQpWLTXHV VHURQW FRQVLGpUpV GDQV FH FKDSLWUH '¶XQHSDUWO¶LGHQWLILFDWLRQGXJpQRW\SHGXIDFWHXU5KpVXV DQWLJqQH5K' SDU DPSOLILFDWLRQGDQVXQHUpDFWLRQ3&5G XQHUpJLRQG $'1FRQVHUYpHGDQVOHV JqQHV5+&(HW5+'/HJqQH5+&(HVWQRUPDOHPHQWFRQWHQXGDQVFKDTXH JpQRPH KDSORwGH WDQGLV TXH OH JqQH 5+' FRGDQW O¶DQWLJqQH 5K' QH VHUD SUpVHQWTXHGDQVOHJpQRPHG¶XQLQGLYLGX5KpVXV 5K' /HVIUDJPHQWV G $'1DPSOLILpVDXGpSDUWGHVGHX[JqQHVSUpVHQWHQWGHVWDLOOHVGLIIpUHQWHV SE SRXU 5+&( SE SRXU 5+' FH TXL SHUPHW GH GLVWLQJXHU XQ JpQRW\SH 5K' SUpVHQFH GHV GHX[ IUDJPHQWV G XQ JpQRW\SH 5K' SUpVHQFHGXIUDJPHQWGHSEVHXOHPHQWUpIpUHQFH /¶LQGLYLGX5K' SHXW pYLGHPPHQW rWUH KRPR]\JRWH RX KpWpUR]\JRWH HQ FH TXL FRQFHUQH OH JqQH5K' '¶DXWUHSDUWO¶LGHQWLILFDWLRQGHVFKURPRVRPHVVH[XHOVSDUDPSOLILFDWLRQGDQV XQH UpDFWLRQ 3&5 G XQH UpJLRQ LQWURQLTXH GHV JqQHV =); HW =)< JqQHV KRPRORJXHVGHVFKURPRVRPHV;HW<UHVSHFWLYHPHQW/HVIUDJPHQWVG $'1 DPSOLILpV DX GpSDUW GHV GHX[ JqQHV SUpVHQWHQW GHV WDLOOHV GLIIpUHQWHV SE SRXU =); SE SRXU =)< FH TXL SHUPHW GH GLVWLQJXHU XQ FDU\RW\SH;; SUpVHQFHGXIUDJPHQWGHSEVHXOHPHQW G XQFDU\RW\SH ;< SUpVHQFHGHVGHX[IUDJPHQWVUpIpUHQFH /HVYDOHXUVFOpVHVVHQWLHOOHVSRXUFHWWHSDUWLHVRQWOHVVXLYDQWHV ODWDLOOHPR\HQQHGXJpQRPHKXPDLQKDSORwGHHVWGH[SE OHQRPEUHG¶$YRJDGURGRQWODYDOHXUDUURQGLHHVW[ ODPDVVHPRODLUHG¶XQHSDLUHGHEDVHVTXLHVWGHJSDUPROH ORUVTX¶XQHVROXWLRQG¶$'1SUpVHQWHXQH'2pJDOHjVDFRQFHQWUDWLRQ HQ$'1HVWGHJSDUP/ 5DSSHORQV DXVVL LFL TXH OH IDFWHXU G¶DPSOLILFDWLRQ G¶XQH 3&5 HVW OH UDSSRUW HQWUH OD TXDQWLWp G¶DPSOLFRQ G¶$'1 SUpVHQWH j O¶LVVXH GH OD UpDFWLRQ HW OD ϳϬ TXDQWLWpG¶$'1FRUUHVSRQGDQWjO¶DPSOLFRQTXLDpWpHQJDJpHDXGpSDUW6DXI LQGLFDWLRQFRQWUDLUH RQFRQVLGqUHUDTXH OH IDFWHXU G¶DPSOLILFDWLRQ GH OD 3&5 HVW LGHQWLTXH SRXU OHV GLIIpUHQWV DPSOLFRQV SURGXLWV DX FRXUV GH OD PrPH UpDFWLRQ (Q IRQFWLRQ GX QRPEUH GH GpFLPDOHV TXL VHURQW SULVHV HQ FRPSWH GDQV OHV GLIIpUHQWVFDOFXOVODYDOHXUGHODVROXWLRQILQDOHSRXUUDLWGLIIpUHUOpJqUHPHQWGH FHOOHSUpVHQWpHLFLVDQVWRXWHIRLVGpSDVVHUXQpFDUWFRUUHVSRQGDQWjO¶DUURQGL GHGpFLPDOHV (QILQ GDQV FHUWDLQV FDV SOXVLHXUV PRGHV GH UDLVRQQHPHQW SRXUURQW rWUH VXLYLVSRXUSDUYHQLUjODVROXWLRQGXSUREOqPH/DSRVVLELOLWpG¶XWLOLVHUXQW\SH GH UDLVRQQHPHQW DOWHUQDWLI SOXV VLPSOH pYLWDQW OH FDOFXO GHV TXDQWLWpV PRODLUHVHQXWLOLVDQWODQRWLRQGHSURSRUWLRQQDOLWpHQWUHODPDVVHPRODLUHG¶XQ $'1 HW VD WDLOOH HQ SDLUHV GH EDVHV VHUD LQGLTXpH SDU OD SUpVHQFH G¶XQ DVWpULVTXHDXQLYHDXGHO¶pQRQFp/HVH[HUFLFHVUpVROXVHWFLGHVVRXV HQFRQVWLWXHQWGHVH[HPSOHV ([HUFLFHVUpVROXV ([HUFLFH 8QHDQDO\VHJpQpWLTXHSDU3&5HVWUpDOLVpHVXUQJG¶$'1JpQRPLTXH &DOFXOH] HQ IRQFWLRQ GHV GLIIpUHQWV JpQRW\SHV SRVVLEOHV OHV QRPEUHV GH FRSLHV HQJDJpHV DX GpSDUW SRXU FKDFXQH GHV VpTXHQFHV DPSOLILpHV VXLYDQWHVJqQH5+&(JqQH5+'JqQH=);HWJqQH=)< ϳϭ 5pVROXWLRQ /D WDLOOH GX JpQRPH KDSORwGH pWDQW GH [ SE VD PDVVH PRODLUH YDXW [ [JPROHVRLW[JPROH/HVQJG¶$'1JpQRPLTXH FRUUHVSRQGHQWGqVORUVjHQYLURQ[PROHVGHJpQRPHKDSORwGHHWGRQF jHQYLURQ [ [ [ PROpFXOHVF¶HVWjGLUHHQYLURQ[FRSLHV GH JpQRPH KDSORwGH 3RXU OH JqQH 5+&( TXL HVW FRQWHQX GDQV FKDTXH FRSLH GX JpQRPH KDSORwGH RQ HQJDJH GRQF [ FRSLHV ,O \ D SRVVLELOLWpVGDQVOHFDVGXJqQH5+'O¶LQGLYLGX5K'HWO¶LQGLYLGX5K'TXL SHXWrWUHVRLWKRPR]\JRWHVRLWKpWpUR]\JRWHSRXUOHJqQH5+''DQVOHFDV GH O¶LQGLYLGX 5K' O¶$'1 HQJDJp QH FRQWLHQW pYLGHPPHQW DXFXQH FRSLH GX JqQH 3RXU XQ LQGLYLGX 5K' KRPR]\JRWH RX KpWpUR]\JRWH O¶$'1 HQJDJp FRQWLHQW UHVSHFWLYHPHQW [ RX [ FRSLHV GX JqQH 5+' 3RXU OH JqQH=);RQDXUDUHVSHFWLYHPHQW[RX[ FRSLHVVXLYDQWTX¶LO V¶DJLWG¶$'1JpQRPLTXHSURYHQDQWG¶XQLQGLYLGXGHVH[HIpPLQLQ FDU\RW\SH ;; RX G¶XQ LQGLYLGX GH VH[H PDVFXOLQ FDU\RW\SH ;< (QILQ SRXU OH JqQH =)< O¶$'1 HQJDJp QH FRQWLHQGUD DXFXQH FRSLH GX JqQH GDQV OH FDV G¶XQ LQGLYLGXGHVH[HIpPLQLQ FDU\RW\SH;; RX[ FRSLHVGXJqQHGDQVOH FDVG¶XQLQGLYLGXGHVH[HPDVFXOLQ FDU\RW\SH;< ([HUFLFH 2Q GLVSRVH G¶XQH VROXWLRQ FRQWHQDQW XQ PpODQJH j SDUWV pJDOHV GH GHX[ $'1 JpQRPLTXHV SURYHQDQW G¶LQGLYLGXV GLIIpUHQWV /RUVTXH / GH FHWWH VROXWLRQVRQWSRUWpVj/RQREWLHQWXQH'2GH8QH3&5GDQV ODTXHOOH RQ HQJDJH / GH OD VROXWLRQ GH GpSDUW SURGXLW QJ G¶DPSOLFRQ =); G¶XQH WDLOOH GH SE HW QJ G¶DPSOLFRQ =)< G¶XQH WDLOOH GH SE 6L FHFL FRUUHVSRQG j XQ IDFWHXU G¶DPSOLILFDWLRQ GH TX¶HQ FRQFOXH]YRXVVXUODQDWXUHGHVGHX[$'1JpQRPLTXHVFRQWHQXVGDQVFHWWH VROXWLRQ" ϳϮ 5pVROXWLRQ 8QH '2 pJDOH j FRUUHVSRQG j XQH FRQFHQWUDWLRQ HQ $'1 GH J SDU P/ 7HQDQW FRPSWH GH OD GLOXWLRQ HIIHFWXpH / SRUWpV j / OD FRQFHQWUDWLRQHQ$'1GHODVROXWLRQGHGpSDUWHVWGHJP//HV/GH FHWWH VROXWLRQ HQJDJpV GDQV OD 3&5 FRQWHQDLHQW GRQF QJ G¶$'1 JpQRPLTXH3XLVTXHOHIDFWHXUG¶DPSOLILFDWLRQGHOD3&5HVWGHLO\DYDLW DXGpSDUW[QJGHO¶DPSOLFRQ=);HW[QJGHO¶DPSOLFRQ=)< GDQVO¶$'1JpQRPLTXHHQJDJp/DPDVVHPRODLUHGHO¶DPSOLFRQ=);HVWGH [JPROHVRLW[JPROH/HV[QJG¶DPSOLFRQ=); SUpVHQWVDXGpSDUWFRUUHVSRQGHQWGRQFj[PROHVG¶DPSOLFRQ=); /D PDVVH PRODLUH GH O¶DPSOLFRQ =)< HVW GH [ JPROH F¶HVWjGLUH [ JPROH /HV [ QJ G¶DPSOLFRQ =)< SUpVHQWV DX GpSDUW FRUUHVSRQGHQWGRQFj[PROHVG¶DPSOLFRQ=)</¶$'1JpQRPLTXH HQJDJpDXGpSDUWFRQWHQDLWGRQFOHVVpTXHQFHV=);HW=)<GDQVXQUDSSRUW PRODLUHGHj ,OV¶DJLVVDLWGqVORUVG¶XQPpODQJHjSDUWVpJDOHV G¶$'1 SURYHQDQW G¶XQ LQGLYLGX GH VH[H IpPLQLQ FDU\RW\SH ;; HW G¶XQ LQGLYLGXGHVH[HPDVFXOLQ FDU\RW\SH;< 5pVROXWLRQVLPSOLILpH /HV QJ G¶DPSOLFRQ =); GLYLVpV SDU OD WDLOOH GH SE GH FHW DPSOLFRQ GRQQHQW QJSE 3RXU O¶DPSOLFRQ =)< RQ REWLHQW QJ SEVRLW QJSE/HUDSSRUWPRODLUHHQWUHOHVDPSOLFRQV=);HW=)<HVWGRQFGH jFHTXLFRUUHVSRQGjXQPpODQJH jSDUWVpJDOHVG¶$'1JpQRPLTXHVGH FDU\RW\SH;; LQGLYLGXGHVH[HIpPLQLQ HWGHFDU\RW\SH;< LQGLYLGXGHVH[H PDVFXOLQ ([HUFLFH $X GpSDUW G¶XQH PrPH TXDQWLWp G¶$'1 JpQRPLTXH RQ SURGXLW DX FRXUV GH UpDFWLRQV 3&5 QJ G¶DPSOLFRQ GH SE GX JqQH 5+&( QJ ϳϯ G¶DPSOLFRQ GH SE GX JqQH 5+' HW QJ G¶DPSOLFRQ GH SE GX JqQH =); &RQVLGpUDQW TXH OHV IDFWHXUV G¶DPSOLILFDWLRQ GH FHV 3&5 VRQW LGHQWLTXHV GpGXLVH]HQ OH JpQRW\SH 5KpVXV HW OH VH[H GH O¶LQGLYLGX GRQW SURYLHQWO¶$'1JpQRPLTXHXWLOLVp 5pVROXWLRQVLPSOLILpH 7RXW LQGLYLGX pWDQW QRUPDOHPHQW KRPR]\JRWH SRXU OH JqQH 5+&( RQ YD FDOFXOHU OHV pTXLYDOHQWV PRODLUHV SRXU OHV DPSOLFRQV 5+' HW =); DILQ GH GpWHUPLQHUVLO¶LQGLYLGXHQTXHVWLRQHVWKRPR]\JRWHRXKpWpUR]\JRWHSRXUOHV JqQHV5+'HW=);/DPDVVHG¶DPSOLFRQ5+'FRUUHVSRQGDQWjO¶pTXLYDOHQW PRODLUHGHVQJG¶DPSOLFRQ5+&(HVW QJSE [SEVRLW QJ&RPPHVHXOHPHQWQJGHFHWDPSOLFRQVRQWREWHQXVF¶HVWjGLUH ODPRLWLpGHFHVQJO¶LQGLYLGXHVWKpWpUR]\JRWHSRXUOHJqQH5+''DQVOH FDV GH O¶DPSOLFRQ=); RQ REWLHQW QJ SE [ SE QJ /HV QJ REWHQXV FRUUHVSRQGDQW DXVVL j OD PRLWLp GH O¶pTXLYDOHQW PRODLUH GH O¶DPSOLFRQ 5+&( O¶LQGLYLGX HVW DXVVL KpWpUR]\JRWH SRXU OH JqQH =); ,O V¶DJLWGRQFG¶XQLQGLYLGXGHVH[HPDVFXOLQ5K'KpWpUR]\JRWH ([HUFLFHVSURSRVpV ([HUFLFH 'H O $'1 JpQRPLTXH SURYHQDQW G XQ LQGLYLGX GH VH[H IpPLQLQ D pWp HQJDJp GDQV XQH UpDFWLRQ 3&5 HW XQH UpJLRQ LQWURQLTXH GX JqQH =); XQ JqQH ORFDOLVp VXU OH FKURPRVRPH ; D pWp DPSOLILpH QJ GX IUDJPHQW GH SE DWWHQGX RQW pWp SURGXLWV HW FHFL FRUUHVSRQG j XQ IDFWHXU ϳϰ G DPSOLILFDWLRQGH[2QYRXVGHPDQGHG HQGpGXLUHODTXDQWLWp PDVVH G $'1JpQRPLTXHTXLDpWpHQJDJpHGDQVODUpDFWLRQ3&5 ([HUFLFH 8QH UpDFWLRQ 3&5 XWLOLVDQW GH O¶$'1 JpQRPLTXH SURYHQDQW G¶XQ LQGLYLGX GH VH[HPDVFXOLQDIRXUQLQJGHO¶DPSOLFRQGHSESURYHQDQWGXJqQH =); FHFL FRUUHVSRQGDQW j XQ IDFWHXU G¶DPSOLILFDWLRQ GH 6L OH IDFWHXU G¶DPSOLILFDWLRQ GH O¶DPSOLFRQ GH SE SURYHQDQW GX JqQH =)< HVW GH [ TXHOOH HVW OD TXDQWLWp PDVVH GH FHW DPSOLFRQ SURGXLWH GDQV OD UpDFWLRQ" ([HUFLFH 2Q GLVSRVH G¶XQH VROXWLRQ G¶$'1 JpQRPLTXH SURYHQDQW G¶XQ LQGLYLGX 5K' KpWpUR]\JRWH /D '2 G¶XQH DOLTXRWH GH / GH FHWWH VROXWLRQ G¶$'1 SRUWpHj/HVWGH2QHQJDJH/GHODVROXWLRQG¶$'1GHGpSDUW GDQV XQH UpDFWLRQ 3&5 R O¶RQ SURGXLW OHV DPSOLFRQV GH SE GX JqQH 5+&( HW GH SE GX JqQH 5+' 6L QJ GH FKDFXQ GH FHV GHX[ DPSOLFRQVVRQWSURGXLWVTXHOVVRQWOHVIDFWHXUVG¶DPSOLILFDWLRQREWHQXV" ([HUFLFH 'HO $'1JpQRPLTXHSURYHQDQWG XQLQGLYLGXGHVH[HPDVFXOLQDpWpHQJDJp GDQV XQH UpDFWLRQ 3&5 HW XQH UpJLRQ LQWURQLTXH GX JqQH =); XQ JqQH ORFDOLVp VXU OH FKURPRVRPH ; D pWp DPSOLILpH QJ GX IUDJPHQW GH SE DWWHQGX RQW pWp SURGXLWV HW FHFL FRUUHVSRQG j XQ IDFWHXU G DPSOLILFDWLRQGH[2QYRXVGHPDQGHG HQGpGXLUHODTXDQWLWp PDVVH G $'1JpQRPLTXHTXLDpWpHQJDJpHGDQVODUpDFWLRQ3&5 ϳϱ ([HUFLFH $X GpSDUW GH QJ G¶$'1 JpQRPLTXH SURYHQDQW G¶XQ LQGLYLGX GH VH[H PDVFXOLQ RQ SURGXLW DX FRXUV G¶XQH UpDFWLRQ 3&5 QJ GX IUDJPHQW GH SE SURYHQDQW GX JqQH =)< XQ JqQH ORFDOLVp VXU OH FKURPRVRPH < 4XHOOH TXDQWLWp PDVVH GHIUDJPHQWGH SE SURYHQDQW GX JqQH 5+&( GHYUDLWRQREWHQLUVLODPrPHTXDQWLWpG¶$'1JpQRPLTXHHVWHQJDJpHGDQVOD 3&5HWVLOHIDFWHXUG¶DPSOLILFDWLRQREWHQXHVWLGHQWLTXH" ([HUFLFH /D'2G¶XQHDOLTXRWHGH/G¶XQHVROXWLRQG¶$'1JpQRPLTXHKXPDLQ SRUWpHj/HVWGH2QHQJDJH/GHODVROXWLRQG¶$'1JpQRPLTXH GHGpSDUWGDQVXQHUpDFWLRQ3&5RO¶RQDPSOLILHXQIUDJPHQWGHSEGX JqQH=);XQJqQHORFDOLVpVXUOHFKURPRVRPH;/DUpDFWLRQSURGXLWQJ G¶DPSOLFRQ FH TXL FRUUHVSRQG j XQ IDFWHXU G¶DPSOLILFDWLRQ GH [ 2Q YRXV GHPDQGH G¶HQ GpGXLUH OH VH[H GH O¶LQGLYLGX GRQW HVW LVVX O¶$'1 JpQRPLTXHGHGpSDUW ([HUFLFH $XGpSDUWGH/G¶XQHVROXWLRQG¶$'1JpQRPLTXHSURYHQDQWG¶XQLQGLYLGX GH VH[H PDVFXOLQ RQ SURGXLW SDU 3&5 QJ GH O¶DPSOLFRQ GH SE GX JqQH =); XQ JqQH ORFDOLVp VXU OH FKURPRVRPH ; 6DFKDQW TXH OH IDFWHXU G¶DPSOLILFDWLRQGXIUDJPHQWGXJqQH=);HVWGH[FDOFXOH]OD'2GH ODVROXWLRQG¶$'1JpQRPLTXHGHGpSDUW ([HUFLFH 6DFKDQW TXH OH FKURPRVRPH ; D XQH WDLOOH PR\HQQH GH 0E HW OH FKURPRVRPH < XQH WDLOOH PR\HQQH GH 0E HW FRQVLGpUDQW TX¶XQ FRUSV KXPDLQ HVW FRQVWLWXp G¶HQYLURQ FHOOXOHV GLSORwGHV FDOFXOH] OD GLIIpUHQFH DSSUR[LPDWLYHGHFRQWHQXHQPDVVHG¶$'1HQWUHXQKRPPHHWXQHIHPPH ϳϲ ([HUFLFH $X GpSDUW G¶XQH PrPH TXDQWLWp G¶$'1 JpQRPLTXH RQ SURGXLW DX FRXUV GH UpDFWLRQV 3&5 QJ G¶DPSOLFRQ GH SE GX JqQH 5+&( QJ G¶DPSOLFRQ GH SE GX JqQH 5+' HW QJ G¶DPSOLFRQ GH SE GX JqQH =); &RQVLGpUDQW TXH OHV IDFWHXUV G¶DPSOLILFDWLRQ GH FHV 3&5 VRQW LGHQWLTXHV GpGXLVH]HQ OH JpQRW\SH 5KpVXV HW OH VH[H GH O¶LQGLYLGX GRQW SURYLHQWO¶$'1JpQRPLTXHXWLOLVp ([HUFLFH $XGpSDUWGH/G¶XQHVROXWLRQG¶$'1JpQRPLTXH SURYHQDQWG¶XQLQGLYLGX GH VH[H IpPLQLQ RQ SURGXLW DX FRXUV G¶XQH UpDFWLRQ 3&5 QJ G¶XQ DPSOLFRQ GH SE FRUUHVSRQGDQW j XQH SDUWLH GX JqQH =); XQ JqQH ORFDOLVpVXU OHFKURPRVRPH;6DFKDQW TXH OHIDFWHXU G¶DPSOLILFDWLRQ HVW GH [ RQ YRXV GHPDQGH GH FDOFXOHU OD YDOHXU GH OD '2 TXL VHUDLW REWHQXH ORUV G¶XQH PHVXUH VXU XQH DOLTXRWH GH / GH OD VROXWLRQ G¶$'1 JpQRPLTXHSRUWpHj/ ([HUFLFH 'HO¶$'1JpQRPLTXHHVWLVROpDXGpSDUWGHVDQJSURYHQDQWG¶XQLQGLYLGXGH VH[H PDVFXOLQ /D '2 G¶XQH DOLTXRWH GH / GH OD VROXWLRQ G¶$'1 JpQRPLTXH GH GpSDUW SRUWpH j / HVW GH 2Q HQJDJH / GH OD VROXWLRQG¶$'1JpQRPLTXHGHGpSDUWGDQVXQHUpDFWLRQ3&5RO¶RQDPSOLILH XQIUDJPHQWGHSEGXJqQH=)<XQJqQHORFDOLVpVXUOHFKURPRVRPH< 2Q YRXV GHPDQGH OD TXDQWLWp PDVVH G¶DPSOLFRQ GH SE SURGXLWH DX FRXUVGHFHWWHUpDFWLRQVLOHIDFWHXUG¶DPSOLILFDWLRQHVWGH ([HUFLFH $XGpSDUWGH/G¶XQHVROXWLRQG¶$'1JpQRPLTXHSURYHQDQWG¶XQLQGLYLGX GH VH[H PDVFXOLQRQ SURGXLW SDU 3&5 QJ G¶XQ IUDJPHQW GH SE GX ϳϳ JqQH =); XQ JqQH ORFDOLVp VXU OH FKURPRVRPH ; 6DFKDQW TXH OH IDFWHXU G¶DPSOLILFDWLRQGXIUDJPHQWGXJqQH=);HVWGH[FDOFXOH]OD'2GH ODVROXWLRQG¶$'1JpQRPLTXHGHGpSDUW ([HUFLFH $X GpSDUW G¶XQH PrPH TXDQWLWp G¶$'1 JpQRPLTXH RQ SURGXLW DX FRXUV GH UpDFWLRQV 3&5 QJ G¶DPSOLFRQ GH SE GX JqQH 5+&( QJ G¶DPSOLFRQ GH SE GX JqQH 5+' HW QJ G¶DPSOLFRQ GH SE GX JqQH =); &RQVLGpUDQW TXH OHV IDFWHXUV G¶DPSOLILFDWLRQ GH FHV 3&5 VRQW LGHQWLTXHV GpGXLVH]HQ OH JpQRW\SH 5KpVXV HW OH VH[H GH O¶LQGLYLGX GRQW SURYLHQWO¶$'1JpQRPLTXHXWLOLVp ([HUFLFH $X GpSDUW GH QJ G¶$'1 JpQRPLTXH G¶XQ LQGLYLGX 5KpVXV SRVLWLI KpWpUR]\JRWHRQSURGXLWDXFRXUVG¶XQHUpDFWLRQ3&5QJG¶XQDPSOLFRQ GHSEFRUUHVSRQGDQWjXQHSDUWLHGXJqQH5+'2QYRXVGHPDQGHGH FDOFXOHUOHIDFWHXUG¶DPSOLILFDWLRQREWHQX ([HUFLFH 'HO¶$'1JpQRPLTXHHVWLVROpDXGpSDUWGHVDQJSURYHQDQWG¶XQLQGLYLGXGH VH[H PDVFXOLQ /D '2 G¶XQH DOLTXRWH GH / GH OD VROXWLRQ G¶$'1 REWHQXHSRUWpHj/HVWGH2QHQJDJH/GHODVROXWLRQG¶$'1GH GpSDUWGDQVXQHUpDFWLRQ3&5RO¶RQSURGXLWOHVDPSOLFRQVGHVJqQHV=); SE HW =)< SE JqQHV VLWXpV UHVSHFWLYHPHQW VXU OHV FKURPRVRPHV;HW< D 6LSRXUFKDFXQGHVDPSOLFRQVSURGXLWVOHIDFWHXUG¶DPSOLILFDWLRQDWWHLQWDX WHUPH GH OD UpDFWLRQ HVW GH [ TXHOOHV VHURQW OHV TXDQWLWpV PDVVHV G¶$'1REWHQXHV" ϳϴ E 4XHOOHV VHUDLHQW OHV TXDQWLWpV PDVVHV G¶DPSOLFRQV SURGXLWHV GDQV OHV PrPHVFRQGLWLRQVVLO¶LQGLYLGXGHGpSDUWpWDLWGHVH[HIpPLQLQ" ([HUFLFH /D'2G XQHDOLTXRWHGH/G¶XQHVROXWLRQG $'1JpQRPLTXHKXPDLQ SRUWpHj/HVWGH2QHQJDJH/GHODVROXWLRQG $'1JpQRPLTXH GHGpSDUWGDQVXQHUpDFWLRQ3&5RO¶RQDPSOLILHXQIUDJPHQWGHSEGX JqQH=);XQJqQHVLWXpVXUOHFKURPRVRPH;/DUpDFWLRQSURGXLWQJ G¶DPSOLFRQFHTXLFRUUHVSRQGjXQIDFWHXUG¶DPSOLILFDWLRQGH[2Q YRXVGHPDQGHG¶HQGpGXLUHOHVH[HGHO¶LQGLYLGXGRQWHVWLVVXO¶$'1 JpQRPLTXHGHGpSDUW ([HUFLFH 2Q GLVSRVH G¶XQH VROXWLRQ FRQWHQDQW XQ PpODQJH j SDUWV pJDOHV GH GHX[ $'1 JpQRPLTXHV SURYHQDQW G¶LQGLYLGXV GLIIpUHQWV /RUVTXH / GH FHWWH VROXWLRQVRQWSRUWpVj/RQREWLHQWXQH'2GH8QH3&5GDQV ODTXHOOH RQ HQJDJH / GH OD VROXWLRQ GH GpSDUW SURGXLW QJ G¶DPSOLFRQ =); G¶XQH WDLOOH GH SE HW QJ G¶DPSOLFRQ =)< G¶XQH WDLOOH GH SE 6L FHFL FRUUHVSRQG j XQ IDFWHXU G¶DPSOLILFDWLRQ GH TX¶HQ FRQFOXH]YRXVVXUODQDWXUHGHVGHX[$'1JpQRPLTXHVFRQWHQXVGDQVFHWWH VROXWLRQ" ([HUFLFH $X GpSDUW G¶XQH PrPH TXDQWLWp G¶$'1 JpQRPLTXH RQ SURGXLW DX FRXUV GH UpDFWLRQV 3&5 QJ G¶DPSOLFRQ GH SE GX JqQH 5+&( QJ G¶DPSOLFRQ GH SE GX JqQH 5+' HW QJ G¶DPSOLFRQ GH SE GX JqQH =); &RQVLGpUDQW TXH OHV IDFWHXUV G¶DPSOLILFDWLRQ GH FHV 3&5 VRQW LGHQWLTXHV GpGXLVH]HQ OH JpQRW\SH 5KpVXV HW OH VH[H GH O¶LQGLYLGX GRQW SURYLHQWO¶$'1JpQRPLTXHXWLOLVp ϳϵ ([HUFLFH 2QGLVSRVHG¶XQHVROXWLRQG¶$'1JpQRPLTXHSURYHQDQWG¶XQLQGLYLGXGHVH[H PDVFXOLQ /D '2 G¶XQH DOLTXRWH GH / GH FHWWH VROXWLRQ SRUWpH j /HVWGH2QHQJDJH/GHODVROXWLRQG¶$'1GHGpSDUWGDQVXQH 3&5RO¶RQSURGXLWXQDPSOLFRQGHSEGXJqQH=)<XQJqQHVLWXpVXUOH FKURPRVRPH<2QYRXVGHPDQGHGHFDOFXOHUODTXDQWLWp PDVVH G¶DPSOLFRQ TXLVHUDSURGXLWHVLOHIDFWHXUG¶DPSOLILFDWLRQHVWGH 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFHQJ ([HUFLFHQJ ([HUFLFH[SRXUO¶DPSOLFRQ5+&(HW[SRXUO¶DPSOLFRQ 5+' ([HUFLFHQJ ([HUFLFHQJ ([HUFLFHLOV¶DJLWG¶XQLQGLYLGXGHVH[HPDVFXOLQ ([HUFLFH'2 ϴϬ ([HUFLFHPJ ([HUFLFHLOV¶DJLWG¶XQLQGLYLGXGHVH[HIpPLQLQ5K'KpWpUR]\JRWH ([HUFLFH'2 ([HUFLFHQJ ([HUFLFH'2 ([HUFLFHLOV¶DJLWG¶XQLQGLYLGXGHVH[HPDVFXOLQ5K'KRPR]\JRWH ([HUFLFH[ ([HUFLFHD DPSOLFRQ=);QJDPSOLFRQ=)<QJ E DPSOLFRQ=);QJSDVG¶DPSOLFRQ=)< ([HUFLFHLOV¶DJLWG¶XQLQGLYLGXGHVH[HPDVFXOLQ ([HUFLFHLOV¶DJLWG¶XQPpODQJHjSDUWVpJDOHVG¶$'1JpQRPLTXHVGH GHX[LQGLYLGXVGHVH[HPDVFXOLQ ([HUFLFHLOV¶DJLWG¶XQLQGLYLGXGHVH[HIpPLQLQ5K'KRPR]\JRWH ([HUFLFHQJ ϴϭ 9,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHVXUEDVHGH GRQQpHVPXOWLSOHV 'DQV FHWWH SDUWLH LO V¶DJLUD G¶pWDEOLU OD FDUWH GH UHVWULFWLRQ G¶XQ SODVPLGH DX GpSDUWGHGRQQpHVLQFRPSOqWHVHQFHTXLFRQFHUQHOHUpVXOWDWGHVRQFOLYDJH SDU OHV GLIIpUHQWHV HQ]\PHV GH UHVWULFWLRQ &HFL VHUD SRVVLEOH HQ XWLOLVDQW G¶DXWUHV GRQQpHV IRXUQLHV GDQV O¶pQRQFp GRQQpHV TXL VHURQW GX W\SH GH FHOOHVDERUGpHVSUpFpGHPPHQWGDQVOHVFKDSLWUHV,,9HW9, ([HUFLFHVUpVROXV ([HUFLFH /D GLJHVWLRQ G¶XQ SODVPLGH GH SE SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ%DP+, HW +LQG,,, GRQQH DSUqVVpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVH HQ JHO G¶DJDURVH GHV EDQGHV j SE HW SE HW XQH EDQGH ODUJH j SE /D GLJHVWLRQ FRPSOqWH G¶XQH SLFRPROH GH FH SODVPLGH SDU O¶HQ]\PH GH UHVWULFWLRQ %DP+, FRQVRPPH SJ G¶HDX /¶XWLOLVDWLRQ G¶XQ IUDJPHQW GH SE SURYHQDQW GH FHWWH GLJHVWLRQ FRPPH VRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQEORWVXUOHUpVXOWDWGHODGLJHVWLRQGX SODVPLGHSDUOHPpODQJHG¶HQ]\PHV%DP+,HW+LQG,,,UpYqOHODEDQGHODUJHj SE'pGXLVH]HQODFDUWHGHUHVWULFWLRQGXSODVPLGH ϴϮ 5pVROXWLRQ /D SURGXFWLRQ GH IUDJPHQWV G¶$'1 SE SE HW IUDJPHQWV GH SE VXLWHjODUHVWULFWLRQGXSODVPLGHSDUOHPpODQJHG¶HQ]\PHV%DP+,HW +LQG,,,LQGLTXHODSUpVHQFHGHVLWHVGHFRXSXUHDXWRWDO/DGLJHVWLRQG¶XQH SLFRPROHGHSODVPLGHSDUO¶HQ]\PH%DP+,VHXOFRQVRPPHSJG¶HDXFH TXL WHQDQW FRPSWH G¶XQH PDVVH PRODLUH GH JPROH FRUUHVSRQG j SLFRPROHV G¶HDX HW GRQF j OD SUpVHQFH GH VLWHV GH FRXSXUHV SRXU FHW HQ]\PH /HV FRXSXUHV DGGLWLRQQHOOHV REVHUYpHV ORUVTX¶RQ XWLOLVH OH PpODQJHG¶HQ]\PHV%DP+,HW+LQG,,,LQGLTXHQWGRQFO¶H[LVWHQFHGHVLWHVGH UHVWULFWLRQ +LQG,,, pJDOHPHQW '¶DXWUH SDUW OD GLJHVWLRQ GX SODVPLGH SDU O¶HQ]\PH %DP+, VHXO SURGXLW QRWDPPHQW XQ IUDJPHQW GH SE GRQW OH UpVXOWDW GH O¶H[SpULHQFH GH 6RXWKHUQ EORWWLQJ PRQWUH TX¶LO FKHYDXFKH OHV IUDJPHQWVGHSE2QpWDEOLWDLQVLODFDUWHGHUHVWULFWLRQVXLYDQWH RXVRQ LPDJHGDQVXQPLURLU SE %DP+, %DP+, +LQG,,, +LQG,,, SE VRQGH %DP+, %DP+, SE ES SE SE +LQG,,, +LQG,,, ϴϯ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEEDQGHj SEEDQGHjSEHWEDQGHjSE /RUVTX¶XQIUDJPHQWGHSESURYHQDQWGHODGLJHVWLRQSDUXQPpODQJHGH %DP+,HW+LQG,,,HVWXWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQ EORWWLQJVXUOHVGLJHVWLRQVSUpFLWpHVLOUpYqOHOHVIUDJPHQWVVXLYDQWV SLVWH%DP+,ODEDQGHjSE SLVWH(FR5,ODEDQGHjSE SLVWH+LQG,,,ODEDQGHjSE SLVWH%DP+,(FR5,ODEDQGHjSE (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV 5pVROXWLRQ 2Q FRPPHQFHUD SDU SODFHU SDU H[HPSOH OHV VLWHV %DP+, FRPPH VXLW RX FRPPHO¶LPDJHGDQVXQPLURLUGXGHVVLQFLDSUqV ϴϰ %DP+, %DP+, SE SE ES S %DP+, %DP+, SE (QVXLWH RQ WLHQGUD FRPSWH GHV pOpPHQWV VXLYDQWV SRXU SRXUVXLYUH O¶pWDEOLVVHPHQWGHODFDUWHGHUHVWULFWLRQ XQH GLJHVWLRQ GH O¶$'1 SDU XQ PpODQJH GHV HQ]\PHV %DP+, HW +LQG,,, SURGXLWQRWDPPHQWXQIUDJPHQWGHSE,O\DGRQFXQVLWHGHUHVWULFWLRQ +LQG,,,VLWXpjSEG¶XQGHVVLWHV%DP+, VHORQOHVGRQQpHVGHO¶H[SpULHQFHGH6RXWKHUQEORWWLQJFHIUDJPHQW%DP+, +LQG,,,GHSEFKHYDXFKHOHIUDJPHQWGHUHVWULFWLRQ(FR5,GHSEHWOH IUDJPHQWGHODGRXEOHUHVWULFWLRQ%DP+,(FR5,GHSE3DUFRQWUHLOQH FKHYDXFKHSDVOHIUDJPHQWGHUHVWULFWLRQ+LQG,,,GHSE 2QDERXWLWDLQVLjODFRQILJXUDWLRQVXLYDQWH ϴϱ %DP+, %DP+, SE (FR5, (FR5, SE SE ES VR QGH SE %DP+, %DP+, SE +LQG,,, +LQG,,, SE +LQG,,, +LQG,,, SE (FR5, (FR5, SE SE SE ,O UHVWH HQILQ j SODFHU OH VHFRQG VLWH GH UHVWULFWLRQ (FR5, HQ WHQDQW FRPSWH GHVpOpPHQWVVXLYDQWV ODGLJHVWLRQGXSODVPLGHSDU(FR5,VHXOGRQQHGHVIUDJPHQWVGHSEHW GHSE OHIUDJPHQWGHSEpWDQWGpMjSODFp ODGRXEOHUHVWULFWLRQ%DP+,(FR5,IRXUQLWGHVIUDJPHQWVGH SEGH SE HW GH SE OHV IUDJPHQWV GH SE HW GH SE pWDQW GpMj SODFpV OH IUDJPHQW GH SE pWDQW DXVVL SURGXLW SDU GLJHVWLRQ DYHF (FR5,VHXO &HFLFRQGXLWjpWDEOLUODFDUWHGHUHVWULFWLRQFLDSUqV ϴϲ SE %DP+, %DP+, SE SE VR SE ES (FR5, (FR5, QGH (FR5, (FR5, SE SE %DP+, %DP+, SE +LQG,,, +LQG,,, SE +LQG,,, +LQG,,, SE (FR5, (FR5, SE ([HUFLFHVSURSRVpV ([HUFLFH /DGLJHVWLRQG¶XQ$'1SODVPLGLTXHGHSESDUOHVHQ]\PHVGHUHVWULFWLRQ +LQG ,,, +LQG ,,, %DP+, HW +LQG,,, (FR5, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWVREWHQXVSDUpOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH+LQG,,,EDQGHjSEEDQGHjSEHWEDQGHjSE SLVWH+LQG,,,%DP+,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHODUJHjSE ϴϳ SLVWH+LQG,,,(FR5,EDQGHjSEEDQGHjSEEDQGHODUJH jSEHWEDQGHjSE /RUVTX¶XQ IUDJPHQW GH SE SURYHQDQW GH OD GLJHVWLRQ GX SODVPLGH SDU O¶HQ]\PH%DP+,HVWXWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQ EORWWLQJ VXU OH UpVXOWDW GH OD GLJHVWLRQ GH O¶$'1 SDU +LQG,,, LO UpYqOH OHV IUDJPHQWVGHSEHWSE/RUVTX¶XQIUDJPHQWGHSESURYHQDQW GH OD GLJHVWLRQ GX SODVPLGH SDU O¶HQ]\PH (FR5, HVW XWLOLVp FRPPH VRQGH GDQV OHV PrPHV FRQGLWLRQV LO UpYqOH OHV IUDJPHQWV GH SE HW SE (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ SODVPLGH GH SE SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ(FR5,HW3VW,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDU pOHFWURSKRUqVHHQJHOG¶DJDURVHXQHEDQGHODUJHjSEHWGHVEDQGHVj SEHWjSE/RUVTXHJGHFHW$'1SODVPLGLTXHVRQWGLJpUpV SDUO¶HQ]\PH(FR5, VLWHGHFRXSXUH ¶*/$$77&¶ HWLQFXEpVHQSUpVHQFH G¶$'1 SRO\PpUDVH HW GH G173 RQ FRQVWDWH OD SURGXFWLRQ GH SLFRPROHV G¶LRQVS\URSKRVSKDWHGDQVOHPLOLHXUpDFWLRQQHO/¶XWLOLVDWLRQG¶XQIUDJPHQWGH SE SURYHQDQW GH OD GLJHVWLRQ GX SODVPLGH SDU (FR5, FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQ EORW VXU OH UpVXOWDW GH OD UHVWULFWLRQ GX SODVPLGH SDU OH PpODQJH (FR 5, 3VW , UpYqOH OHV IUDJPHQWV GH SE HW GHSE'pGXLVH]HQODFDUWHGHUHVWULFWLRQGXSODVPLGH ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, +LQG,,, HW 3VW, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW ϴϴ SLVWH%DP+,EDQGHjSEHWEDQGHjSE SLVWH(FR5,EDQGHjSEHWEDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH3VW,EDQGHjSEHWEDQGHjSE SLVWH%DP+,(FR5,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH(FR5,3VW,EDQGHjSEEDQGHjSEEDQGHj SEHWEDQGHjSE SLVWH+LQG,,,3VW,EDQGHjSEEDQGHjSEHWEDQGHODUJH jSE /RUVTXHOHIUDJPHQWGHSESURYHQDQWGHODGLJHVWLRQSDUXQPpODQJHGH %DP+,HW(FR5,HVWXWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQ EORWWLQJVXUOHVGLJHVWLRQVSUpFLWpHVLOUpYqOHOHVIUDJPHQWVVXLYDQWV SLVWH%DP+,ODEDQGHjSE SLVWH(FR5,ODEDQGHjSE SLVWH+LQG,,,ODEDQGHjSE SLVWH3VW,ODEDQGHjSE SLVWH%DP+,(FR5,ODEDQGHjSE SLVWH%DP+,+LQG,,,ODEDQGHjSE SLVWH(FR5,3VW,ODEDQGHjSE SLVWH+LQG,,,3VW,ODEDQGHjSE (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ϴϵ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ (FR5, +LQG,,, HW 3VW, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH(FR5,EDQGHjSEEDQGHjSEEDQGHjSEHW EDQGHjSE SLVWH+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEEDQGHjSEEDQGHODUJHj SEEDQGHjSEHWEDQGHjSE SLVWH+LQG,,,3VW,EDQGHjSEEDQGHjSEHWEDQGHj SE /D GLJHVWLRQ LQFRPSOqWH GX SODVPLGH SDU O¶HQ]\PH (FR5, SURGXLW OHV IUDJPHQWVVXLYDQWVSESESESESESE SESESESESEHWSE /RUVTXH OH IUDJPHQW GH SE REWHQX SDU GLJHVWLRQ GX SODVPLGH DYHF OHV HQ]\PHV +LQG,,, HW 3VW, HVW XWLOLVp FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQ EORWWLQJ VXU OHV UpVXOWDWV GH OD GLJHVWLRQ GX SODVPLGH SDU O¶HQ]\PH (FR5,G¶XQHSDUWHWSDUO¶HQ]\PH+LQG,,,G¶DXWUHSDUWLOUpYqOHUHVSHFWLYHPHQW GHVIUDJPHQWVGHSEHWGHSE D (WDEOLVVH] OD FDUWH GH UHVWULFWLRQ GX SODVPLGH SRXU FHV HQ]\PHV HQ LQGLTXDQWOHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV E 6L OH IUDJPHQW GH SE REWHQX SDU GLJHVWLRQ GX SODVPLGH DYHF OHV HQ]\PHV +LQG,,, HW 3VW, HVW XWLOLVp FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQEORWWLQJVXUOHVUpVXOWDWVGHODGLJHVWLRQLQFRPSOqWHGXSODVPLGHSDU O¶HQ]\PH(FR5,TXHOVVHURQWOHVIUDJPHQWVG¶$'1UpYpOpV" ϵϬ ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU GHV HQ]\PHV GH UHVWULFWLRQ GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVH HQ JHO G¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH%DP+,+LQG,,,EDQGHjSEHWEDQGHjSE SLVWH(FR5,+LQG,,,EDQGHjSEHWEDQGHjSE 2QREVHUYHTXHODGLJHVWLRQFRPSOqWHGHJGHFHW$'1SDUO¶HQ]\PHGH UHVWULFWLRQ3VW,FRQVRPPHSLFRPROHVG¶HDX /RUVTX¶XQIUDJPHQWG¶$'1GHSESURYHQDQWGHODGLJHVWLRQGXSODVPLGH SDU XQ PpODQJH GH +LQG,,, HW 3VW, HVW XWLOLVp FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQ EORWWLQJ LO UpYqOH OH IUDJPHQW G¶$'1 GH SE UpVXOWDQW GH OD GLJHVWLRQ GX SODVPLGH SDU %DP+, HW +LQG,,, /RUVTX¶XQIUDJPHQWG¶$'1GHSESURYHQDQWGHODGLJHVWLRQGXSODVPLGH SDU XQ PpODQJH GH %DP+, HW (FR5, HVW XWLOLVp FRPPH VRQGH GDQV XQH H[SpULHQFH GH 6RXWKHUQ EORWWLQJ LO UpYqOH XQ IUDJPHQW G¶$'1 GH SE UpVXOWDQW GH OD GLJHVWLRQ GX SODVPLGH SDU (FR5, HW 3VW, (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ $'1 SODVPLGLTXH SDU OHV HQ]\PHV GH UHVWULFWLRQ %DP+, (FR5, HW +LQG,,, GRQQH DSUqV VpSDUDWLRQ GHV IUDJPHQWV REWHQXV SDU pOHFWURSKRUqVHHQJHOG¶DJDURVHOHUpVXOWDWVXLYDQW SLVWH(FR5,EDQGHjSE SLVWH%DP+,+LQG,,,EDQGHjSEEDQGHjSEHWEDQGH jSE /RUVTXH QJ G¶$'1 SODVPLGLTXH GLJpUpV SDU +LQG,,, VRQW LQFXEpV HQ SUpVHQFH GH OLJDVH G¶$'1 RQ FRQVWDWH TXH SLFRPROHV G¶$73 RQW pWp FRQVRPPpHV ORUVTXH WRXWHV OHV H[WUpPLWpV G¶$'1 RQW pWp MRLQWHV ϵϭ /RUVTXHOHIUDJPHQWGHSEREWHQXSDUGLJHVWLRQGXSODVPLGHjO¶DLGHGHV HQ]\PHV%DP+,HW+LQG,,,HVWXWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH 6RXWKHUQEORWWLQJVXUOHUpVXOWDWGHODGLJHVWLRQGXSODVPLGHSDUOHVHQ]\PHV (FR5,HW+LQG,,,LOUpYqOHXQIUDJPHQWGHSE /RUVTX¶XQIUDJPHQWGHSEREWHQXSDUGLJHVWLRQGXSODVPLGHjO¶DLGHGHV HQ]\PHV%DP+,HW(FR5,HVWXWLOLVpFRPPHVRQGHGDQVXQHH[SpULHQFHGH 6RXWKHUQEORWWLQJVXUOHUpVXOWDWGHFHWWHPrPHGLJHVWLRQGXSODVPLGHSDUOHV HQ]\PHV(FR5,HW+LQG,,,LOUpYqOHpJDOHPHQWXQIUDJPHQWGHSE (WDEOLVVH]ODFDUWHGHUHVWULFWLRQGXSODVPLGHSRXUFHVHQ]\PHVHQLQGLTXDQW OHVGLVWDQFHVVpSDUDQWOHVGLIIpUHQWVVLWHVGHFRXSXUHV ([HUFLFH /D GLJHVWLRQ G¶XQ SODVPLGH GH SE SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ(FR5,HW3VW,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDU pOHFWURSKRUqVHHQJHOG¶DJDURVHXQHEDQGHODUJHjSEHWGHVEDQGHV jSEHWjSE/RUVTXHJGHFHW$'1SODVPLGLTXHGLJpUpVSDU O¶HQ]\PH(FR5,VRQWLQFXEpVHQSUpVHQFHGHOLJDVHG¶$'1ODUHFRPELQDLVRQ GHWRXWHVOHVH[WUpPLWpVG¶$'1UHTXLHUWSLFRPROHVG¶$73/¶XWLOLVDWLRQG¶XQ IUDJPHQWGHSESURYHQDQWGHODGLJHVWLRQGXSODVPLGHSDU3VW,FRPPH VRQGHGDQVXQHH[SpULHQFHGH6RXWKHUQEORWVXUOHUpVXOWDWGHODGLJHVWLRQGX SODVPLGHSDUOHPpODQJH(FR5,3VW,UpYqOHOHVIUDJPHQWVGHSEHW GH SE'pGXLVH]HQODFDUWHGHUHVWULFWLRQGXSODVPLGH ([HUFLFH /D GLJHVWLRQ G¶XQ SODVPLGH GH SE SDU XQ PpODQJH GHV HQ]\PHV GH UHVWULFWLRQ(FR5,HW3VW,GRQQHDSUqVVpSDUDWLRQGHVIUDJPHQWVREWHQXVSDU pOHFWURSKRUqVHHQJHOG¶DJDURVHXQHEDQGHODUJHjSEHWGHVEDQGHV jSEHWjSE/DGLJHVWLRQFRPSOqWHG¶XQHSLFRPROHGHFHSODVPLGH SDUO¶HQ]\PHGHUHVWULFWLRQ(FR5,FRQVRPPHSJG¶HDX/¶XWLOLVDWLRQG¶XQ ϵϮ IUDJPHQW GH SE SURYHQDQW GH FHWWH GLJHVWLRQ FRPPH VRQGH GDQV XQH H[SpULHQFHGH6RXWKHUQEORWVXUOHUpVXOWDWGHODGLJHVWLRQGXSODVPLGHSDUOH PpODQJH G¶HQ]\PHV (FR5, HW 3VW, UpYqOH OHV IUDJPHQWV GH SE HW GH SE'pGXLVH]HQODFDUWHGHUHVWULFWLRQGXSODVPLGH 6ROXWLRQVGHVH[HUFLFHVSURSRVpV ([HUFLFH SE +LQG,,, +LQG,,, SE %DP+, %DP+, %DP+, %DP+, VRQGH SE SE ES SE QG VR +LQG,,, +LQG,,, ϵϯ SE +LQG,,, +LQG,,, SE (FR5, (FR5, H SE (FR5, (FR5, ([HUFLFH SE 3VW, W, SE 3VW, (FR5, (FR5, ( VRQ (FR5, (FR5, GH SE ES SE SE 3VW, 3VW, ([HUFLFH 3VW, 3VW, +LQG,,, +LQG,,, SE SE %DP+, %DP+, SE SE 3VW, 3VW, (FR5, (FR5, SE %DP+, %DP+, H QG VR SE +LQG,,, +LQG,,, ϵϰ SE E ES (FR5, SE (FR5, ([HUFLFHD +LQG,,, +LQG,,, SE SE (FR5, (FR5, SE +LQG,,, +LQG,,, QGH SE ES (FR5, (FR5, SE VR SE 3VW, 3VW, SE (FR5, (FR5, (FR5,, ( (FR5, E SESESESESEHWSE ([HUFLFH 3VW, 3VW, +LQG,,, +LQG,,, SE VRQGH SE QGH VR ES S SE (FR5, (FR5, SE 3VW, 3VW, SE ϵϱ %DP+, %DP+, ([HUFLFH (FR5, (FR5, SE %DP+, %DP+, VRQG H SE SE ES VR %DP+, %DP+, QG SE SE H +LQG,,, +LQG,,, ([HUFLFH SE 3VW, 3VW, (FR5, (FR5, 3VW, 3VW, VRQGH SE ES SE 3VW, 3VW, ϵϲ SE ([HUFLFH 3VW,3VW, SE VR (FR5, (FR5, (FR5, (FR5, QGH ES SE SE (FR5, (FR5, ϵϳ SE %LEOLRJUDSKLH 5pIpUHQFH$UFHHWDO%ORRG YROSS 5pIpUHQFH:LOVRQHW(UODQGVVRQ%LRORJLFDO&KHPLVWU\ YRO SS ϵϴ 7DEOHGHVPDWLqUHV ,QWURGXFWLRQHWVRPPDLUH««««««««««««««««««««S $EUpYLDWLRQVGpILQLWLRQVHWYDOHXUVFOpV«««««««««««««««S ,&DOFXOVGHFRQFHQWUDWLRQVG¶$'1HWGHYDOHXUGH'2GH VROXWLRQVG¶$'1««««««««««««««««««««S ,,5pDFWLRQVHQ]\PDWLTXHVLPSOLTXDQWO¶$'1UHVWULFWLRQHW SRO\PpULVDWLRQ««««««««««««««««««««S ,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHSDUODVHXOHDQDO\VHGX SURGXLWGHVDGLJHVWLRQjO¶DLGHG¶HQ]\PHVGHUHVWULFWLRQ««S ,95pDFWLRQGHSRO\PpULVDWLRQHQFKDvQH 3&5 «««««««««S 9/LJDWLRQG¶$'1HWWUDQVIRUPDWLRQGHEDFWpULHVS 9,+\EULGDWLRQG¶$'1WHFKQLTXHGH©6RXWKHUQEORWWLQJª««««S 9,,$QDO\VHJpQpWLTXHG¶$'1JpQRPLTXHKXPDLQ««««««««S 9,,,(WDEOLUODFDUWHGHUHVWULFWLRQG¶XQSODVPLGHVXUEDVHGHGRQQpHV PXOWLSOHV««««««««««««««««««««««S %LEOLRJUDSKLH«««««««««««««««««««««««««S ϵϵ ϭϬϬ 5HPHUFLHPHQWV -H UHPHUFLH PRQ pSRXVH &KULVWLDQH &+5,6723+(+2%(5786 SRXU VD SDUWLFLSDWLRQ j O¶pODERUDWLRQ GH OD PDWLqUH GH FHW RXYUDJH 0HUFL DXVVL j O¶8QLYHUVLWp /LEUH GH %UX[HOOHV HW SOXV SDUWLFXOLqUHPHQW j VRQ ,QVWLWXW GH 5HFKHUFKH,QWHUGLVFLSOLQDLUHHQ%LRORJLH+XPDLQHHW0ROpFXODLUH ,5,%+0 HW DX)RQGV1DWLRQDOGHOD5HFKHUFKH6FLHQWLILTXH )156 TXLP¶RQWSHUPLVGH GpYHORSSHU DX FRXUV GH PD FDUULqUH GH FKHUFKHXUHQVHLJQDQW OH FRQWHQX H[SRVpLFL /HV JUDSKLTXHV GHV FDUWHV GH UHVWULFWLRQ GHV SODVPLGHV TXL DSSDUDLVVHQW GDQV FHW RXYUDJH RQW pWp UpDOLVpHV DX GpSDUW GHV LPDJHV REWHQXHV HQ XWLOLVDQWODYHUVLRQHQOLEUHDFFqVGXORJLFLHOS'5$: $FD&ORQHVRIWZDUH KWWSDFDFORQHFRP ϭϬϭ