/77TE! >A! #9	(!$#!3@$>&>@99#6! <@44#! '9! M'&'6! @3;6?&#'6! 3@$$>5A#! $'6!A#! 4?6<=;!<=>9@>$L!
C@'6! <#! M?>6#E! >A! >9F#$&>&! (?9$! A?! <@99?>$$?9<#! (#! AD;F@A'&>@9! (#$! 9@64#$! (#!
&;A;<@44'9><?&>@9$!<=>9@>$#$!#&!$D>9$<6>&!(?9$!'9#!3#6$3#<&>F#!(#!<@1(;F#A@33#4#9&!?F#<!
(#$! >9('$&6>#A$! 9?&>@9?'P! &6O$! 3'>$$?9&$L! ,A! <6;#! ?>9$>! A#$! <@9(>&>@9$! (D?<<O$! J! '9!
#9F>6@99#4#9&! (#! 4?6<=;! G'>! 9D#$&! <@9&6?>9&! 9>! 3?6! A#$! <@9F#9&>@9$! (#! A?! &#<=9@A@H>#!
#P>$&?9&#E! 9>! 3?6! A#$! 4@(OA#$! &6?(>&>@99#A$! ('! 4?6<=;L! )#$! (#'P! <?6?<&;6>$&>G'#$! $@9&!
$'33@$;#$!<@9&6>5'#6!J!>9$&?'6#6!'9!<A>4?&!M?F@6?5A#!J!AD>99@F?&>@9L!
!
!
!
Opportunités,(risques,(incertitudes!
!
!
!!!`6E!G'#AA#$!G'#!$@>#9&!A#$!6?>$@9$!(#!$@9!>43A?9&?&>@9E!&@'&!F?!&6O$!F>&#!3@'6!'9#!#9&6#36>$#!
G'>!$D>9$&?AA#!#9! )=>9#L!C6@M>!(#!A?!M@6&#!<6@>$$?9<#!(#!AD;<@9@4>#!<=>9@>$#!$'33@$#!(#!
36#9(6#!6?3>(#4#9&!3@$>&>@9!$'6!A#$!4?6<=;$L!Z?>$!A?!M@6&#!?&&6?<&>F>&;!(#!<#$!(#69>#6$!?!3@'6!
<@6@AA?>6#! '9#! 36>$#! (#! 6>$G'#! 3?6&><'A>O6#4#9&! ;A#F;#L! ZQ4#! $>! A#! ('43>9HE! M@6#9&!
(;F#A@33;E!@MM6#!A?!3#6$3#<&>F#!(#!36@M>&$!$'5$&?9&>#A$!(?9$!'9!3?K$!@e!A#!$K$&O4#!5?9<?>6#!
9#! 6;H'A#! 3?$! AD;<@9@4>#E! 5#?'<@'3! (D#9&6#36>$#$! <=>9@>$#$! $#6?>#9&! (#! M?>&! #9! M?>AA>&#!
F>6&'#AA#L!N?9$!'9!&#A!<@9&#P&#E!AD>43A?9&?&>@9!#9!)=>9#!9D#$&!3?$!'9>G'#4#9&!H'>(;#!3?6!'9!
<?A<'A!(#!6#9&?5>A>&;!>44;(>?&#!a!6#9&?5>A>&;!G'>E!(D?>AA#'6$E!$#!M?>&!$@'F#9&!?&	(6#L!X!AD>9$&?6!
(#! AD#9H@'#4#9&! (#$! ?99;#$! .227! 3@'6! A?! 5'AA#! ,9E#&E! AD>43@6&?9&! #$&! c!(DK! Q&6#!d!^! A#!
6>$G'#! #$&! 5>#9! 3A'$! H6?9(! (#! $#! &6@'F#6! 4?6H>9?A>$;! (?9$! $@9! 36@36#! $#<&#'6! 3@'6! ?F@>6!
6#M'$;! (#! $D>9$<6>6#! (?9$! ADc!@6>#9&?A>$?&>@9!d! (#$! ?MM?>6#$L! X! <#A?! $D?I@'	&! A#$! 4'A&>3A#$!
3?6?4O&6#$!#9F>6@99#4#9&?'P!G'#!AD@9!(;<@'F6#!?'!M'6!#&!J!4#$'6#L!
!!!"#$! #9&6#36>$#$! @<<>(#9&?A#$! #P3;6>4#9	&! AD@49>36;$#9<#! (#! AD*&?&! #&! ?336#99#9&! 9@9!
$?9$!(>MM><'A&;!J!<@H;6#6!(#$!joint-ventures!?F#<!$#$!6#36;$#9&?9&$L!`3?<>&;!(#!AD>9M@64?&>@9E!
<@9MA>&$! (#! F>$>@9! $'6! A?! 3A?<#! ('! 4?9?H#4#9&! #&! (#$! 6#$$@'6<#$! ='4?>9#$E! 36>4?'&;! ('!
<@'6&! @#! $'6! A#$! (;4?6<=#$! (#! 36@I#&…! N?9$! A#$! $#<&#'6$! 6;<#44#9&! A>5;6?A>$;$E! A#$!
#9&6#36>$#$!@<<>(#9&?A#$!36;MO6#9&!A#$!>9F#$&>$$#4#9&$!(?9$!A#$G'#A$!#AA#$!$@9&!4?I@6>&?>6#$!a
!A#$!c!o=@AAK!@p9#(!M@6#>H9!#9ɼ>$#$!d!Uo`[*VL!Z?>$!AD*&?&!<@9&6qA#!;H?A#4#9&!A#$!,N*!J!
&6?F#6$!$?!3@A>&>G'#!(D?4;9?H#4#9&!('!B>&@>6#L!"#!H@'F#69#4#9&!F>#9&!?>9$>!(D#9H?H#6!'9#!
3@A>&>G'#!(#!6?&&6?3?H#!;<@9@4>G'#!(?9$!A#$!6;H>@9$!('!)#9&6#!#&!('!-@6(1*$&E!@e!>A!F@>&!(#$!
6;$#6F#$! (#! <6@>$$?9<#E! G'>! 3#'&! <@9&6?6>#6! A#$! 36@I#&$! (D>43A?9&?&>@9! (#! H6?9($! H6@'3#$!
@<<>(#9&?'PL!
!!!"#$!#9&6#36>$#$!(;<@'F6#9&!?'$$>!A#$!(>$3?6>&;$!;<@9@4>G'#$!#&!$@<>?A#$!6;H>@9?A#$L!*AA#$!$#!
$@9&! 36>@6>&?>6#4#9&! #&! 4?$$>F#4#9&! >9$&?AA;#$! $'6! A?! M?k?(#! 4?6>&>4#! *$&E! @e! #$&! 9;! A#!
c!4>6?<A#! ;<@9@4>G'#!d! <=>9@>$8L! "#$! 	$>@9$! ('! 4?6<=;! ('! &6?F?>A! K! $@9&! &6O$! M@6&#$E! A#$!
&'69@F#6$!F#6&>H>9#'PE!A#$!$?A?>6#$!3?6&><'A>O6#4#9&!;A#F;$L!*9!(;3A?k?9&!A#'6$!>43A?9&?&>@9$!
F#6$! AD>9&;6>#'6! ('! 3?K$E! #AA#$! #$3O6#9&! &6@'F#6! (#$! <@9(>&>@9$! (#! (;F#A@33#4#9&! 3A'$!
$&?5A#$…!3@'6!?'&?9&!G'D#AA#$!$D>9$<6>F#9&!(?9$!A#$!36@I#&$!(D?4;9?H#4#9&!(#!AD*&?&!<=>9@>$L!
!!!)#$! 	$>@9$! $@9&! A>;#$! 9@&?44#9&! J! A?! 36;$#9<#! (#$! 4>H6?9&$E! G'>! <@9$&>&'#9&! '9#! 3?6&!
>43@6&?9&#! (#! A?! 3@3'A?&>@9! ?<&>F#! (#! A?! )=>9#!^! .RT!4>AA>@9$! (#! 3#6$@99#$! @9&! ?>9$>! ;&;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!8!"#!&?'P!(#!<6@>$$?9<#!(#!A?!6;H>@9!(#!B=?9H=?>!;&?>&!#9!/77R!(#!.T!SL!