/ ,QVWDQFH GRLW UHQGUH VD GpFLVLRQ GDQV XQ GpODL GH GL[ MRXUVjFRPSWHUGHODGDWHGHVDVDLVLQH 6HFWLRQ,,,'HVGURLWVGHODSHUVRQQHFRQFHUQpH 6RXVVHFWLRQ,'XFRQVHQWHPHQW $UW$O H[FOXVLRQGHVFDVSUpYXVSDUODSUpVHQWHORL RXOHVORLVHQYLJXHXUOHWUDLWHPHQWGHVGRQQpHVjFDUDFWqUH SHUVRQQHO QH SHXW rWUH HIIHFWXp TX DYHF OH FRQVHQWHPHQW H[SUqVHWpFULWGHODSHUVRQQHFRQFHUQpHVLFHOOHFLHVWXQH SHUVRQQH LQFDSDEOH RX LQWHUGLWH RX LQFDSDEOH GH VLJQHU OH FRQVHQWHPHQWHVWUpJLSDUOHVUqJOHVJpQpUDOHVGHGURLW /D SHUVRQQH FRQFHUQpH RX VRQ WXWHXU SHXW j WRXW PRPHQWVHUpWUDFWHU $UW /H WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO TXL FRQFHUQH XQ HQIDQW QH SHXW V HIIHFWXHU TX DSUqV O REWHQWLRQ GX FRQVHQWHPHQW GH VRQ WXWHXU HW GH O DXWRULVDWLRQGXMXJHGHODIDPLOOH /HMXJHGHODIDPLOOHSHXWRUGRQQHUOHWUDLWHPHQWPrPH VDQVOHFRQVHQWHPHQWGXWXWHXUORUVTXHO LQWpUrWVXSpULHXUGH O HQIDQWO H[LJH /H MXJH GH OD IDPLOOH SHXW j WRXW PRPHQW UHYHQLU VXU VRQDXWRULVDWLRQ $UW /H WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHOQ HVWSDVVRXPLVDXFRQVHQWHPHQWGHODSHUVRQQH FRQFHUQpHORUVTX LOV DYqUHPDQLIHVWHPHQWTXHFHWUDLWHPHQW HVW HIIHFWXp GDQV VRQ LQWpUrW HW TXH VRQ FRQWDFW VH UpYqOH LPSRVVLEOH RX ORUVTXH O REWHQWLRQ GH VRQ FRQVHQWHPHQW LPSOLTXH GHV HIIRUWV GLVSURSRUWLRQQpV RX VL OH WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO HVW SUpYX SDU OD ORL RX XQH FRQYHQWLRQ GDQV ODTXHOOH OD SHUVRQQH FRQFHUQpH HVW SDUWLH $UW/HFRQVHQWHPHQWDXWUDLWHPHQWGHVGRQQpHVj FDUDFWqUHSHUVRQQHOVRXVXQHIRUPHGpWHUPLQpHRXSRXUXQH ILQDOLWp GpWHUPLQpH QH V DSSOLTXH SDV DX[ DXWUHV IRUPHV RX ILQDOLWpV ,O HVW LQWHUGLW G XWLOLVHU OH WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO j GHV ILQV SXEOLFLWDLUHV VDXI FRQVHQWHPHQW H[SUqV HW SDUWLFXOLHU GH OD SHUVRQQH FRQFHUQpH GH VHV KpULWLHUV RX GH VRQ WXWHXU /H FRQVHQWHPHQWjFHWpJDUGHVWVRXPLVDX[UqJOHVJpQpUDOHVGH GURLW /RUVTXH OD SHUVRQQH FRQFHUQpH HVW XQ HQIDQW OHV GLVSRVLWLRQVGHO DUWLFOHGHODSUpVHQWHORLV DSSOLTXHQW $UW$SUqVO H[SLUDWLRQGXGpODLIL[pSDUO DUWLFOH GH OD SUpVHQWH ORL SRXU O RSSRVLWLRQ GH O ,QVWDQFH LO IDXW LQIRUPHU DX SUpDODEOH HWSDUQ LPSRUWHTXHOPR\HQODLVVDQW XQHWUDFHpFULWHOHVSHUVRQQHVFRQFHUQpHVSDUODFROOHFWHGHV GRQQpHVjFDUDFWqUHSHUVRQQHOGHFHTXLVXLW ODQDWXUHGHVGRQQpHVjFDUDFWqUHSHUVRQQHOFRQFHUQpHV SDUOHWUDLWHPHQW OHV ILQDOLWpV GX WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO OHFDUDFWqUHREOLJDWRLUHRXIDFXOWDWLIGHOHXUUpSRQVH OHVFRQVpTXHQFHVGXGpIDXWGHUpSRQVH OHQRPGHODSHUVRQQHSK\VLTXHRXPRUDOHEpQpILFLDLUH GHVGRQQpHVRXGHFHOXLTXLGLVSRVHGXGURLWG DFFqVHWVRQ GRPLFLOH 1 OH QRPHWSUpQRPGXUHVSRQVDEOHGXWUDLWHPHQWRXVD GpQRPLQDWLRQVRFLDOHHWOHFDVpFKpDQWVRQUHSUpVHQWDQWHW VRQGRPLFLOH OHXUGURLWG DFFqVDX[GRQQpHVOHVFRQFHUQDQW OHXU GURLW GH UHYHQLU jWRXWPRPHQWVXUO DFFHSWDWLRQ GXWUDLWHPHQW OHXUGURLWGHV RSSRVHUDXWUDLWHPHQWGHOHXUVGRQQpHVj FDUDFWqUHSHUVRQQHO OD GXUpH GH FRQVHUYDWLRQ GHV GRQQpHV j FDUDFWqUH SHUVRQQHO XQHGHVFULSWLRQVRPPDLUHGHVPHVXUHVPLVHVHQ°XYUH SRXUJDUDQWLUODVpFXULWpGHVGRQQpHVjFDUDFWqUHSHUVRQQHO OHSD\VYHUVOHTXHOOHUHVSRQVDEOHGXWUDLWHPHQWHQWHQG OHFDVpFKpDQWWUDQVIpUHUOHVGRQQpHVjFDUDFWqUHSHUVRQQHO /D QRWLILFDWLRQ V HIIHFWXH SDU OHWWUH UHFRPPDQGpH DYHF DFFXVp GH UpFHSWLRQ RX SDU Q LPSRUWH TXHO PR\HQ ODLVVDQW XQH WUDFH pFULWH GDQV XQGpODLG XQPRLVDXPRLQVDYDQWOD GDWH IL[pH SRXU OH WUDLWHPHQW GHV GRQQpHV j FDUDFWqUH SHUVRQQHO 6RXVVHFWLRQ,,/HGURLWG DFFqV $UW$XVHQVGHODSUpVHQWHORLRQHQWHQGSDUGURLW G DFFqV OH GURLW GH OD SHUVRQQH FRQFHUQpH GH VHV KpULWLHUV RXGHVRQWXWHXUGHFRQVXOWHUWRXWHVOHVGRQQpHVjFDUDFWqUH SHUVRQQHO OD FRQFHUQDQW DLQVL TXH OH GURLW GH OHV FRUULJHU FRPSOpWHU UHFWLILHU PHWWUH j MRXU PRGLILHU FODULILHU RX HIIDFHU ORUVTX HOOHV V DYqUHQW LQH[DFWHVpTXLYRTXHVRXTXH OHXUWUDLWHPHQWHVWLQWHUGLW /HGURLWG DFFqVFRXYUHpJDOHPHQWOHGURLWG REWHQLUXQH FRSLH GHV GRQQpHV GDQV XQH ODQJXH FODLUH HW FRQIRUPH DX FRQWHQXGHVHQUHJLVWUHPHQWVHWVRXVXQHIRUPHLQWHOOLJLEOH ORUVTX HOOHVVRQWWUDLWpHVjO DLGHGHSURFpGpVDXWRPDWLVpV $UW 2Q QH SHXW SUpDODEOHPHQW UHQRQFHU DX GURLW G DFFqV $UW /H GURLW G DFFqV HVW H[HUFp SDU OD SHUVRQQH FRQFHUQpH VHV KpULWLHUV RX VRQ WXWHXU j GHV LQWHUYDOOHV UDLVRQQDEOHVHWGHIDoRQQRQH[FHVVLYH $UW /D OLPLWDWLRQ GX GURLW G DFFqV GH OD SHUVRQQH FRQFHUQpH GH VHV KpULWLHUV RX GH VRQ WXWHXU DX[ GRQQpHVj FDUDFWqUHSHUVRQQHOODFRQFHUQDQWQ HVWSRVVLEOHTXHGDQVOHV FDVVXLYDQWV ORUVTXHOHWUDLWHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHO HVW HIIHFWXp j GHV ILQV VFLHQWLILTXHV HW j FRQGLWLRQ TXH FHV GRQQpHV Q DIIHFWHQW OD YLH SULYpH GH OD SHUVRQQH FRQFHUQpH TXHG XQHIDoRQOLPLWpH VLOHPRWLIUHFKHUFKpSDUODOLPLWDWLRQGXGURLWG DFFqV HVWODSURWHFWLRQGHODSHUVRQQHFRQFHUQpHHOOHPrPHRXGHV WLHUV $UW /RUVTX LO \ D SOXVLHXUV UHVSRQVDEOHV GX WUDLWHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHORXORUVTXHOH WUDLWHPHQW HVW HIIHFWXp SDU XQ VRXVWUDLWDQW OH GURLW G DFFqV HVWH[HUFpDXSUqVGHFKDFXQG HX[ $UW /H UHVSRQVDEOH GX WUDLWHPHQW DXWRPDWLVp GHV GRQQpHV j FDUDFWqUH SHUVRQQHO HW OH VRXVWUDLWDQW GRLYHQW PHWWUH HQ °XYUH OHV PR\HQV WHFKQLTXHV QpFHVVDLUHV SRXU SHUPHWWUHjODSHUVRQQHFRQFHUQpHjVHVKpULWLHUVRXjVRQ WXWHXU O HQYRL SDU YRLH pOHFWURQLTXH GH VD GHPDQGH GH UHFWLILFDWLRQ GH PRGLILFDWLRQ GH FRUUHFWLRQ RX G HIIDFHPHQWGHVGRQQpHVjFDUDFWqUHSHUVRQQHO -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²MXLOOHW 3DJH