1ƒ±UDELL,  %8//(7,12)),&,(/  $UWLFOH $UWLFOH (VW SXQL G XQH DPHQGH GH  j  '+ SDU LQIUDFWLRQWRXWUHVSRQVDEOHGHWUDLWHPHQWGHGRQQpHVjFDUDFWqUH SHUVRQQHO UHIXVDQW OHV GURLWV G DFFqV GH UHFWLILFDWLRQ RX G RSSRVLWLRQSUpYXVDX[DUWLFOHVHWFLGHVVXV (VWSXQLG XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQW TXLFRQTXH SURFqGH j XQ WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO FRQFHUQDQW XQH SHUVRQQH SK\VLTXH PDOJUp O RSSRVLWLRQGHFHWWHSHUVRQQHORUVTXHFHWWHRSSRVLWLRQHVWIRQGpH VXU GHV PRWLIV OpJLWLPHV RX ORUVTXH FH WUDLWHPHQW UpSRQG j GHV ILQVGHSURVSHFWLRQQRWDPPHQWFRPPHUFLDOHWHOTXHPHQWLRQQp jO DUWLFOHRXSDUYRLHpOHFWURQLTXHWHOTXHSUpYXjO¶DUWLFOH GHODSUpVHQWHORL $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQWTXLFRQTXHHQYLRODWLRQGHVD E HWF GHO DUWLFOHGH ODSUpVHQWHORLFROOHFWHGHVGRQQpHVjFDUDFWqUHSHUVRQQHOSDUXQ PR\HQ IUDXGXOHX[ GpOR\DO RX LOOLFLWH PHW HQ RHXYUH XQ WUDLWHPHQWjGHVILQVDXWUHVTXHFHOOHVGpFODUpHVRXDXWRULVpHVRX VRXPHW OHV GRQQpHV SUpFLWpHV j XQ WUDLWHPHQW XOWpULHXU LQFRPSDWLEOHDYHFOHVILQDOLWpVGpFODUpHVRXDXWRULVpHV $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQWTXLFRQTXH ±FRQVHUYHGHVGRQQpHVjFDUDFWqUHSHUVRQQHODXGHOjGHOD GXUpHSUpYXHSDUODOpJLVODWLRQHQYLJXHXURXFHOOHSUpYXH GDQVODGpFODUDWLRQRXO DXWRULVDWLRQ ±FRQVHUYH OHV GRQQpHV SUpFLWpHV HQ YLRODWLRQ GHV GLVSRVLWLRQVGXH GHO DUWLFOHGHODSUpVHQWHORL (VWSXQLGHVPrPHVSHLQHVOHIDLWGHWUDLWHUjGHVILQVDXWUHV TX KLVWRULTXHV VWDWLVWLTXHV RX VFLHQWLILTXHV GHV GRQQpHV j FDUDFWqUH SHUVRQQHO FRQVHUYpHV DXGHOj GH OD GXUpH PHQWLRQQpH DXSUHPLHUDOLQpDFLGHVVXV $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQW TXLFRQTXH SURFqGH j XQ WUDLWHPHQW GH GRQQpHV j FDUDFWqUH SHUVRQQHO HQ YLRODWLRQ GHV GLVSRVLWLRQV GH O DUWLFOH  FLGHVVXV $UWLFOH (VW SXQL G XQ HPSULVRQQHPHQW GH VL[ PRLV j GHX[  DQV HW G XQHDPHQGHGHj'+RXGHO XQHGHFHVGHX[ SHLQHV VHXOHPHQW TXLFRQTXH SURFqGH VDQV OH FRQVHQWHPHQW H[SUqV GHV SHUVRQQHV LQWpUHVVpHV DX WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO TXL GLUHFWHPHQW RX LQGLUHFWHPHQW IRQW DSSDUDvWUH OHV RULJLQHV UDFLDOHV RX HWKQLTXHV OHV RSLQLRQV SROLWLTXHV SKLORVRSKLTXHV RX UHOLJLHXVHV OHV DSSDUWHQDQFHV V\QGLFDOHV GHV SHUVRQQHV RX TXL VRQW UHODWLYHV j OD VDQWp GH FHOOHVFL (VW SXQL GHV PrPHV SHLQHV TXLFRQTXH SURFqGH DX WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO FRQFHUQDQW GHV LQIUDFWLRQVGHVFRQGDPQDWLRQVRXGHVPHVXUHVGHV€UHWp $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHWURLVPRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQW TXLFRQTXH DXUD SURFpGp RX IDLW SURFpGHU j XQ WUDLWHPHQWGHGRQQpHVjFDUDFWqUHSHUVRQQHOVDQVPHWWUHHQ°XYUH OHV PHVXUHV YLVDQW j SUpVHUYHU OD VpFXULWp GHV GRQQpHV SUpYXHV DX[DUWLFOHVHWFLGHVVXV $UWLFOH (VW SXQL G XQ HPSULVRQQHPHQW GH WURLV PRLV j XQ DQ HW G¶XQHDPHQGHGHj'+RXGHO XQHGHFHVGHX[ SHLQHV VHXOHPHQW TXLFRQTXH HIIHFWXH XQ WUDQVIHUW GH GRQQpHV j FDUDFWqUH SHUVRQQHO YHUV XQ (WDW pWUDQJHU HQ YLRODWLRQ GHV GLVSRVLWLRQVGHVDUWLFOHVHWGHODSUpVHQWHORL $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHVL[PRLVjXQDQHWG XQH DPHQGHGHj'+RXGHO XQHGHFHVGHX[SHLQHV VHXOHPHQW WRXW UHVSRQVDEOH GH WUDLWHPHQW WRXW VRXVWUDLWDQW HW WRXWHSHUVRQQHTXLHQUDLVRQGHVHVIRQFWLRQVHVWFKDUJp H GH WUDLWHU GHV GRQQpHV j FDUDFWqUH SHUVRQQHO HW TXL PrPH SDU QpJOLJHQFH FDXVH RX IDFLOLWH O XVDJH DEXVLI RX IUDXGXOHX[ GHV GRQQpHV WUDLWpHV RX UHoXHV RX OHV FRPPXQLTXH j GHV WLHUV QRQ KDELOLWpV /HWULEXQDOSRXUUDHQRXWUHSURQRQFHUODVDLVLHGXPDWpULHO D\DQWVHUYLjFRPPHWWUHO LQIUDFWLRQDLQVLTXHO HIIDFHPHQWGHWRXW RX SDUWLH GHV GRQQpHV j FDUDFWqUH SHUVRQQHO IDLVDQW O REMHW GX WUDLWHPHQWD\DQWGRQQpOLHXjO LQIUDFWLRQ $UWLFOH (VWSXQLG XQHPSULVRQQHPHQWGHWURLVjVL[PRLVHWG XQH DPHQGH GH  j  '+ RX GH O XQH GH FHV GHX[ SHLQHV VHXOHPHQWTXLFRQTXH ±HQWUDYH O H[HUFLFH GHV PLVVLRQV GH FRQWU{OH GH OD &RPPLVVLRQQDWLRQDOH ±UHIXVHGHUHFHYRLUOHVFRQWU{OHXUVHWGHOHVODLVVHUUHPSOLU OHXUVFRPPLVVLRQV ±UHIXVHG¶HQYR\HUOHVGRFXPHQWVRXLQIRUPDWLRQVGHPDQGp H V ±UHIXVHGHWUDQVPHWWUHOHVGRFXPHQWVSUpYXVSDUODORL $UWLFOH 7RXW UHVSRQVDEOH TXL UHIXVH G DSSOLTXHU OHV GpFLVLRQV GH OD &RPPLVVLRQQDWLRQDOHHVWSDVVLEOHG XQHPSULVRQQHPHQWGHWURLV PRLV j XQ DQ HW G XQH DPHQGH GH  j  '+ RX GH O XQHGHFHVGHX[SHLQHVVHXOHPHQW