%8//(7,12)),&,(/ $UWLFOH /RUVTXH O DXWHXU GH O XQH GHV LQIUDFWLRQV SUpYXHV HW VDQFWLRQQpHVDXWLWUHGXSUpVHQWFKDSLWUHHVWXQHSHUVRQQHPRUDOH HW VDQV SUpMXGLFH GHV SHLQHV TXL SHXYHQW rWUH DSSOLTXpHV j VHV GLULJHDQWVDXWHXUVGHO XQHGHVLQIUDFWLRQVSUpYXHVFLGHVVXVOHV SHLQHVG DPHQGHVRQWSRUWpHVDXGRXEOH (Q RXWUH OD SHUVRQQH PRUDOH SHXW rWUH SXQLH GH O XQH GHV SHLQHVVXLYDQWHV ±ODFRQILVFDWLRQSDUWLHOOHGHVHVELHQV ±ODFRQILVFDWLRQSUpYXHjO DUWLFOHGXFRGHSpQDO ±OD IHUPHWXUH GX RX GHV pWDEOLVVHPHQWV GH OD SHUVRQQH PRUDOHRO LQIUDFWLRQDpWpFRPPLVH $UWLFOH (QFDVGHUpFLGLYHOHVVDQFWLRQVSUpYXHVDXSUpVHQWFKDSLWUH VRQWSRUWpHVDXGRXEOH (VWHQpWDWGHUpFLGLYHWRXWHSHUVRQQHD\DQWpWpFRQGDPQpH SDU GpFLVLRQ GH MXVWLFH GHYHQXH LUUpYRFDEOH SRXU O XQH GHV LQIUDFWLRQV SUpYXHV DX SUpVHQW FKDSLWUH D FRPPLV XQH LQIUDFWLRQ GH PrPH QDWXUH GDQV O DQQpH TXL VXLW OH SURQRQFp G XQH WHOOH GpFLVLRQ $UWLFOH 2XWUH OHV RIILFLHUV GH SROLFH MXGLFLDLUH  OHV DJHQWV GH OD &RPPLVVLRQ QDWLRQDOH VSpFLDOHPHQW FRPPLVVLRQQpV j FHW HIIHW SDUOHSUpVLGHQWHWDVVHUPHQWpVGDQVOHVIRUPHVGXGURLWFRPPXQ SHXYHQWUHFKHUFKHUHWFRQVWDWHUSDUSURFqVYHUEDOOHVLQIUDFWLRQV DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ DSSOLFDWLRQ/HXUVSURFqVYHUEDX[VRQWDGUHVVpVDXSURFXUHXUGX 5RLGDQVOHVFLQTMRXUVVXLYDQWOHVRSpUDWLRQVGHUHFKHUFKHHWGH FRQVWDWDWLRQ &KDSLWUH9,,, 'LVSRVLWLRQVWUDQVLWRLUHV $UWLFOH /HV SHUVRQQHV SK\VLTXHV RX PRUDOHV GRQW O DFWLYLWp FRQVLVWDLW DYDQW OD GDWH GH SXEOLFDWLRQ GH OD SUpVHQWH ORL DX %XOOHWLQ RIILFLHO j HIIHFWXHU j WLWUH SULQFLSDO RX DFFHVVRLUH GHV WUDLWHPHQWV GH GRQQpHV j FDUDFWqUH SHUVRQQHO UpSRQGDQW j OD GpILQLWLRQ SUpYXH j O DUWLFOH SUHPLHU FLGHVVXV GLVSRVHQW G XQ GpODL PD[LPXP GH GHX[ DQV FRXUDQW j FRPSWHU GH OD GDWH G LQVWDOODWLRQ GH OD &RPPLVVLRQ QDWLRQDOH TXL VHUD FRQVWDWpH SDU XQDFWHDGPLQLVWUDWLISXEOLpDX%XOOHWLQRIILFLHO SRXU UpJXODULVHU OHXU VLWXDWLRQ HQ FRQIRUPLWpDYHFOHV GLVSRVLWLRQV GHODSUpVHQWH ORL $GpIDXWGHFHWWHUpJXODULVDWLRQGDQVOHGpODLSUpFLWpOHXUV DFWLYLWpV VRQW UpSXWpHV rWUH H[HUFpHV VDQV GpFODUDWLRQ RX VDQV DXWRULVDWLRQ/HFRQWUHYHQDQWV H[SRVHGDQVFHFDVDX[VDQFWLRQV SUpYXHVSDUODSUpVHQWHORL BBBBBB /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX ©%XOOHWLQRIILFLHOªQƒGXVDIDU IpYULHU  1ƒ±UDELL,  'DKLU Qƒ GX   VDIDU    IpYULHU   SRUWDQW SURPXOJDWLRQ GH OD ORL Qƒ  SRUWDQW FUpDWLRQ GH O¶$JHQFHSRXUOHGpYHORSSHPHQWDJULFROH BBBBBBBBBB /28$1*($',(86(8/ *UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, 4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW HQIRUWLILHUODWHQHXU 4XH1RWUH0DMHVWp&KpULILHQQH 9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW $'e&,'e&(48,68,7 (VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH GX SUpVHQW GDKLU OD ORL Qƒ   SRUWDQW FUpDWLRQ GH O¶$JHQFH SRXUOHGpYHORSSHPHQWDJULFROHWHOOHTX¶DGRSWpHSDUOD&KDPEUH GHVUHSUpVHQWDQWVHWOD&KDPEUHGHVFRQVHLOOHUV )DLWj)qVOHVDIDU IpYULHU  3RXUFRQWUHVHLQJ /H3UHPLHUPLQLVWUH $%%$6(/)$66,  /RLQƒ SRUWDQWFUpDWLRQ GHO¶$JHQFHSRXUOHGpYHORSSHPHQWDJULFROH ±±±±±±±±± &KDSLWUHSUHPLHU 'pQRPLQDWLRQHWREMHW $UWLFOHSUHPLHU ,O HVW FUpp VRXV OD GpQRPLQDWLRQ ©$JHQFH SRXU OH GpYHORSSHPHQW DJULFROH  $'$ ª XQ pWDEOLVVHPHQW SXEOLF GRWp GH OD SHUVRQQDOLWp PRUDOH HW GH O DXWRQRPLH ILQDQFLqUH FLDSUqV GpVLJQpSDUO¶$JHQFH / $JHQFHHVWSODFpHVRXVODWXWHOOHGHO (WDWODTXHOOHDSRXU REMHWGHIDLUHUHVSHFWHUSDUOHVRUJDQHVFRPSpWHQWVGHO $JHQFH OHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HQ SDUWLFXOLHU FHOOHV UHODWLYHV DX[ PLVVLRQV TXL OXL VRQW LPSDUWLHV HW GH PDQLqUH JpQpUDOH GH YHLOOHU j O DSSOLFDWLRQ GH OD OpJLVODWLRQ HW GH OD UpJOHPHQWDWLRQ FRQFHUQDQWOHVpWDEOLVVHPHQWVSXEOLFV / $JHQFH HVW pJDOHPHQW VRXPLVH DX FRQWU{OH ILQDQFLHU GH O (WDWDSSOLFDEOHDX[pWDEOLVVHPHQWVSXEOLFVHWDXWUHVRUJDQLVPHV FRQIRUPpPHQWjODOpJLVODWLRQHQYLJXHXU $UWLFOH / $JHQFHDSRXUPLVVLRQGHSDUWLFLSHUjODPLVHHQ°XYUHGH OD VWUDWpJLH DGRSWpH SDU OH JRXYHUQHPHQW HQ PDWLqUH GH GpYHORSSHPHQWDJULFROH