&RQVHUYH]OHVXSSRUWGHIL[DWLRQHQERLVHWVHVYLVSRXUOHVUpLQVWDOOHUSOXVWDUG1HOHVMHWH]SDV 0HVXUH]ODGLVWDQFHYRXOXHHQWUHOHGHVVRXVGHODKRWWHHWODVXUIDFHGHFXLVVRQF·HVWjGLUHHQWUHFP SR HWFP SR 6LYRXVXWLOLVH]OHFRXYUHFRQGXLWGpFRUDWLIUHSRUWH]YRXVjODSDJHSUpFpGHQWH O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHKRUL]RQWDOHSRXUPDUTXHUO·HPSODFHPHQWGXGHVVRXVGHODKRWWH O·DLGHG·XQQLYHDXWUDFH]XQHOLJQHFRUUHVSRQGDQWDXFHQWUHGHODVXUIDFHGHFXLVVRQ FP SR DXGHVVXVGHODOLJQHKRUL]RQWDOHFRUUHVSRQGDQWDXGHVVRXVGHODKRWWHWUDFH]XQHDXWUHOLJQHKRUL]RQWDOH FP SR DXGHVVXVGHODOLJQHFRUUHVSRQGDQWDXGHVVRXVGHODKRWWHWUDFH]XQHDXWUHOLJQHKRUL]RQWDOHSRXULQGLTXHUOHGHVVXVGHODKRWWH328581&21'8,79(57,&$/ GURLW 6LOHFRQGXLWSDVVHjWUDYHUVOHSODIRQGSURORQJH]ODOLJQHFHQWUDOHMXVTX·DXSODIRQGFP SR GHODFORLVRQVqFKHPDUTXH]O·HPSODFHPHQWGXFHQWUHGHO·RULILFHGHFP SR GHGLDPqWUHSRXUOHSDVVDJHGXFRQGXLW,6·LOQ·\DSDVHQFRUHGHFORLVRQVqFKHDXPXUDMRXWH]O·pSDLVVHXUGHODFORLVRQVqFKHjODPHVXUHGHFPSR (PSODFHPHQWGXFkEODJHGHODUpVLGHQFH /DERvWHGHMRQFWLRQHVWIL[pHjODSDURLDUULqUHGHODKRWWHGXF{WpGURLW3RXUFRQQDvWUHO·HPSODFHPHQWGHVHQWUpHVGpIRQoDEOHVUHSRUWH]YRXVDX[LOOXVWUDWLRQV5HPDUTXH/DERvWHGHMRQFWLRQSHXWrWUHLQVWDOOpHjO·LQWpULHXUGHODKRWWHjODSDUWLHVXSpULHXUH9RXVSRXYH]IDLUHHQWUHUOHFkEODJHGHODUpVLGHQFHGDQVODERvWHGHMRQFWLRQSDUO·DUULqUHRXOHKDXWGHODKRWWHGXF{WpGURLW3RXUDFKHPLQHUOHFkEODJHSDUOHSODIRQGRXODUHWRPEpHGHSODIRQG² 3HUFH]XQWURXG·HQYLURQFP SR GHGLDPqWUHjFP SR GXPXUjFP SR jGURLWHGHODOLJQHFHQWUDOHGDQVOHFDVG·XQPRGqOHGHFP SR RXjFP SR jGURLWHGHODOLJQHFHQWUDOHSRXUXQPRGqOHGHFP SR 3RXUDFKHPLQHUOHFkEODJHSDUOHPXU² 3HUFH]XQWURXG·HQYLURQFP SR GHGLDPqWUHjFP SR GXGHVVXVGHODKRWWHjFPSR jGURLWHGHODOLJQHFHQWUDOHGDQVOHFDVG·XQPRGqOHGHFP SR RXjFP SR jGURLWHGHODOLJQHFHQWUDOHSRXUXQPRGqOHGHFPSR (QOHYH]O·HQWUpHGpIRQoDEOHVXSpULHXUHRXDUULqUHVHORQYRWUHLQVWDOODWLRQ ,QVWDOOH]OHVHUUHFkEOHVXUODSDURLDUULqUHRXVXUOHGHVVXVGHODKRWWH&RQGXLWjWUDYHUVXQHUHWRPEpHGHSODIRQGRXXQHDUPRLUHVXSpULHXUH 6XLYH]ODSURFpGXUHLQGLTXpHSRXUO·LQVWDOODWLRQGXFRQGXLWGDQVOHSODIRQGSRXUSUDWLTXHUXQRULILFHGHFPSR GHGLDPqWUHjWUDYHUVODUHWRPEpHGHSODIRQGRXO·DUPRLUH 5HSRUWH]YRXVjO·pWDSHGHODSDJHSRXUSUDWLTXHUO·RXYHUWXUHSRXUOHFRQGXLWGHWUDQVLWLRQe9$&8$7,2175$9(56/(085$55,Ê5( 0HVXUH]ODORQJXHXUGXFRQGXLWGHWUDQVLWLRQIRXUQLHWGHWRXVOHVFRQGXLWVXWLOLVpVSOXVODKDXWHXUGXFRXGHGH7UDFH]VXUOHPXUXQHOLJQHKRUL]RQWDOHFURLVDQWODOLJQHFHQWUDOH(03/$&(0(17'(/$+277('8&21'8,7(7'8&Æ%/$*(FP SR HQWUHOHPXUHWODOLJQHFHQWUDOHe9$&8$7,2175$9(56/(3/$)21'e9$&8$7,2175$9(56/(0852ULILFHGHFPSR GHGLDPqWUH&kEODJHpOHFWULTXH&kEODJHpOHFWULTXH'HVVXVGHODKRWWH/LJQHFHQWUDOHDXPRLQVFP SR DXGHVVXVGXGHVVXVGHODKRWWHFPSR6XSSRUWHQERLV FPSRFP SRFP SR(PSODFHPHQWGHVHQWUpHVGpIRQoDEOHVFP SR SRXUOHVPRGqOHVGHFP SR FP SR SRXUOHVPRGqOHVGHFP SRFP SR SRXUOHVPRGqOHVGHFP SRFP SR SRXUOHVPRGqOHVGHFP SR'HVVRXVGHODKRWWH'LUHFWLYHVG·LQVWDOODWLRQ