$QQDOHVGHGHUPDWRORJLH  VXSSOpPHQW66

4XRLGHQHXIHQGHUPDWRORJLHFOLQLTXH" :KDW·VQHZLQFOLQLFDOGHUPDWRORJ\"

$%DUEDXG 'pSDUWHPHQWGHGHUPDWRORJLHHWDOOHUJRORJLHEkWLPHQWGHVVSpFLDOLWpVPpGLFDOHV K{SLWDX[GH%UDERLVFHQWUHKRVSLWDORXQLYHUVLWDLUHGH1DQF\9DQG±XYUHOHV 1DQF\)UDQFH

0276&/e6 3VRULDVLV 3HPSKLJRwGH +LGUDGpQLWH VXSSXUDWLYH 8UWLFDLUHFKURQLTXH 7R[LGHUPLHV *pQpWLTXH 0pWK\OLVRWKLD]ROLQRQH 3DUYRYLUXV 'pPRGpFLH

5pVXPp 'HVGHUPDWRVHVVRQWPLHX[FDUDFWpULVpHVFRPPHOHYLWLOLJRK\SRFKURPHGXVXMHWjSHDX IRQFpHRXO·RQJOHHQUDTXHWWHDFTXLVDVVRFLpjXQHK\SHUSDUDWK\URwGLH/HSRO\QXFOpDLUH QHXWURSKLOHHVWDXFHQWUHGHODQRXYHOOHFODVVLÀFDWLRQGHVPDODGLHVDXWRLQÁDPPDWRLUHV GHV GHUPDWRVHV QHXWURSKLOLTXHV XUWLFDLUHV RX SVHXGRXUWLFDLUHV QHXWURSKLOLTXHV /HV FRPRUELGLWpV FDUGLRYDVFXODLUHV GX SVRULDVLV GLJHVWLYHV GH O·KLGUDGpQLWH VXSSXUpH HW QHXURORJLTXHV GH OD SHPSKLJRwGH RQW pWp DQDO\VpHV /HV DXWRDQWLFRUSV DQWL SHDX QH IRQW SDV OH GLDJQRVWLF GH SHPSKLJRwGH FXWDQpH OD SHPSKLJRwGH SHXW rWUH LQGXLWH SDU OHV PpGLFDPHQWV HQ SDUWLFXOLHU OHV JOLSWLQHV /HV SUpGLVSRVLWLRQV JpQpWLTXHV VRQW DQDO\VpHVGDQVOHVPDODGLHVDXWRLQÁDPPDWRLUHVOHSVRULDVLV +/$ OHVWR[LGHUPLHV +/$ RX F\WRNLQHV  /H WpODSUpYLU LQGXLW VRXYHQW GHV pUXSWLRQV FXWDQpHV GRQW FHUWDLQHV VRQW JUDYHV PDLV OHV DXWUHV WUDLWHPHQWV GH O·KpSDWLWH & FRPPH O·LQWHUIpURQ SHXYHQW DXVVL LQGXLUH GHV H[DQWKqPHV LQYDOLGDQWV FHUWDLQV SRXYDQW EpQpÀFLHU G·XQH LQGXFWLRQ GH WROpUDQFH PpGLFDPHQWHXVH /·XUWLFDLUH FKURQLTXH VSRQWDQpH DIDLWO·REMHWGHQRXYHOOHV UHFRPPDQGDWLRQVG·H[SORUDWLRQHWSULVHHQFKDUJH /HV WR[LGHUPLHV SHXYHQW rWUH DVVRFLpHV j GHV VLJQHV V\VWpPLTXHV JUDYHV FRPPH OHV DWWHLQWHVYLVFpUDOHVGDQVOD3($*RXODVXUYHQXHG·XQFKRFGDQVOHV'5(661RXVDVVLVWRQV j XQH pSLGpPLH G·DOOHUJLH GH FRQWDFW j OD PpWK\OLVRWKLD]ROLQRQH 0,7  FRQWHQXH GDQV OHVFRVPpWLTXHVOHVOLQJHWWHVQHWWR\DQWHVPDLVDXVVLGDQVOHVSHLQWXUHV/D0,7GRLWrWUH WHVWpHjSSP\FRPSULVFKH]OHVHQIDQWVGHYDQWWRXWHF]pPDGXYLVDJHGHVPDLQV DpURSRUWpRXJpQpUDOLVp 3DUPL OHV PDODGLHV LQIHFWLHXVHV OHV PDQLIHVWDWLRQV FXWDQpHV GXHV DX SDUYRYLUXV RQW pWp SUpFLVpHVXQH[DQWKqPHIpEULOHGRLWIDLUHpYRTXHUXQHGHQJXHRXXQHLQIHFWLRQjYLUXV=LND ‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

&RUUHVSRQGDQFH  $GUHVVHHPDLODEDUEDXG#FKXQDQF\IU ‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

6

.(@ 'DQV  FDV OD ELRSVLH pWDLW pYRFDWULFHGH13)HWGDQVOHVFDVODVHQVLELOLWpDXIURLG pWDLWSHUWXUEpHVXUOH467/DELRSVLHFXWDQpHSRXUUDLWrWUH XQHDOWHUQDWLYHSOXVDLVpHjPHWWUHHQ±XYUHQRQVXEMHFWLYH HWPRLQVFR€WHXVHTXHOH467

2QJOHV /·RQJOHHQUDTXHWWHDFTXLVGpIRUPDWLRQDERXWLVVDQWjXQ RQJOHFRXUWODUJHHWSODWHVWXQVLJQHGHV\SKLOLVFRQJpQLWDOH '·DSUqVXQFDVOHVDXWHXUVVRXOLJQHQWTXHFHWWHDQRPDOLH GRLW DXVVL IDLUH UHFKHUFKHU XQH K\SHUSDUDWK\URwGLH VRXV MDFHQWH DYHF DQRPDOLHV UDGLRORJLTXHV  GpPLQpUDOLVDWLRQ VRXVSpULRVWpHHWjGHVVWDGHVSOXVpYROXpVUpVRUSWLRQGHV GHUQLqUHV SKDODQJHV HW XQH DFURRVWpRO\VH >@ 'HYDQW XQ RQJOHHQUDTXHWWHDFTXLVLOIDXWGRQFGRVHUSDUDWKRUPRQH HWK\GUR[\YLWDPLQH'

,QIHFWLRORJLH 0DQLIHVWDWLRQVGHVLQIHFWLRQVj3DUYRYLUXV% GDQVGHVVHUYLFHVGHGHUPDWRORJLH 'DQVVHUYLFHVGHGHUPDWRORJLHIUDQoDLVSDWLHQWV YXV GH  j  DYDLHQW GHV OpVLRQV pU\WKpPDWHXVHV GDQV   GHV FDV HW VRXYHQW SXUSXULTXHV    DYHF SUXULWGDQV>@/·pUXSWLRQSUpGRPLQDLWVXUOHVMDPEHV HWOHWURQFHWQ·DWWHLJQDLWOHYLVDJHTXHGDQVGHVFDV /HVW\SHVpWDLHQWO·H[DQWKqPH  pYRFDWHXUVLUpWLFXOp RXDQQXODLUHHQJDQWVHWFKDXVVHWWHV  XQHDWWHLQWH GHVSOLVDYHFUHQIRUFHPHQWSpULÁH[XUDO  HWSXUSXUD SDOSDEOH    &HWWH pWXGH UpWURVSHFWLYH PRQWUH TXH OHVGHUPDWRVHVVRQWYDULpHVPDLVOHGLDJQRVWLFGRLWrWUH pYRTXpGHYDQWXQpU\WKqPHUpWLFXOpRXDQQXODLUHRXXQ pU\WKqPHDFUDORXSpULÁH[XUDODYHFXQHWRSRJUDSKLHGH SVHXGRV\QGURPH%DERXLQ

6

(VFDUUHGXFXLUFKHYHOXDYHFDGpQRSDWKLHV FHUYLFDOHVWUDQVPLVHSDUPRUVXUHGHWLTXHV /HV\QGURPH6(1/$7 6FDOS(VFKDUDVVRFLDWHGZLWKQHFN O\PSKDGHQRSDWK\DIWHUDWLFNELWH IDLWVXLWHjXQHPRUVXUH GH'HUPDFHQWRUPDUJLQDWXVHWH[FHSWLRQQHOOHPHQW,[RGHV ULFLQXV'DQVFDVGLIIpUHQWHVEDFWpULHVLQRFXOpHVpWDLHQW UHVSRQVDEOHV>@/DSOXSDUWGHVFDVjDJHQWLGHQWLÀppWDLW GXVDX[5LFNHWWVLDVXUWRXWVORYDFD  SDUIRLVDVVRFLpHV jUDRXOWLLRX5LFNHWWVLDVLELULFDPRQJROLWLPRQDH/HVDXWUHV DJHQWV pWDLHQW &DQGLGDWXV 5 ULRMD &R[LHOOD EXUQHWLL RX %RUUHOLDEXUJGRUIHUL/·HVFDUUHHVWVRXYHQWOLpHj5LFNHWWVLD VORYDFD WUDQVPLVH SDU 'HUPDFHQWRU PDLV FHWWH pWXGH GpPRQWUHTXHF·HVWDYDQWWRXWXQV\PSW{PHGHVXULQIHFWLRQ EDFWpULHQQHQRQVSpFLÀTXHG·XQJHUPHLQRFXOpSDUPRUVXUH GHWLTXHHWVDQVVSpFLÀFLWpGXYHFWHXU

([DQWKqPHIpEULOHDXUHWRXUGX3DFLÀTXH GHQJXHRX9LUXV=LND =,.9 /DGHQJXHSHXWrWUHLPSRUWpHPDLVGDQVOH9DUHQDR€W HW VHSWHPEUH   FDV DXWRFKWRQHV RQW pWp UHFHQVpV 8QHPpWDDQDO\VHGHpWXGHVPRQWUDLWTXHV\PSW{PHV pWDLHQW SUpGLFWLIV G·XQH DWWHLQWH pYROXWLYH GH GHQJXH RX GH IRUPH VpYqUH  YRPLVVHPHQWVQDXVpHV GRXOHXUV DEGR PLQDOHVVDLJQHPHQWVKpSDWRPpJDOLHPDLVDXVVLO·pUXSWLRQ FXWDQpH 25 ,& >@ /HYLUXV=LND =,.9 XQ)ODYLYLULGDHHVWWUDQVPLVSDUOHV PRXVWLTXHV $HGHVDHJ\SWLRU$H$OERSLFWXV 'HSXLV XQHpSLGpPLHVpYLWGDQVOH3DFLÀTXHDYHFXQHDPSOLÀFDWLRQ HQHQ3RO\QpVLHIUDQoDLVH/HWDEOHDXHVWSURFKH GH FHOXL GH OD GHQJXH DYHF H[DQWKqPH IpEULOH  GRXOHXUV DUWLFXODLUHVP\DOJLHVHWFpSKDOpHV'HVFDVG·LPSRUWDWLRQ DX UHWRXU GH ]RQH G·HQGpPLH H[LVWHQW /D WKURPERSpQLH DVVRFLpH HVW pYRFDWULFH PDLV LQFRQVWDQWH 'DQV XQ FDV HQ 1RUYqJH O·H[DQWKqPH IpEULOH VXUYHQDLW  VHPDLQHV DSUqV OHUHWRXUGH7DKLWLHWOHGLDJQRVWLFpWDLWIDLWSDUUHDOWLPH 3&5>@8QHVpURFRQYHUVLRQDpWpQRWpHMRXUVDSUqVOHV SUHPLHUVVLJQHV'HYDQWXQH[DQWKqPHIpEULOHDSUqVYR\DJH HQ$VLHGX6XG(VWRXGDQVOH3DFLÀTXHLOIDXWUpSpWHUOD VpURORJLHRXREWHQLUXQH573&5SRXUFRQÀUPHUOHGLDJQRVWLF

/qSUH 8Q FDV GH OqSUH PLPDQW XQH VFOpURGHUPLH UDSSHOOH OD GLYHUVLWpGHVPDQLIHVWDWLRQVFOLQLTXHVHWODSODFHGXGHUPD WRORJXH>@8QSDWLHQWFRUpHQGHDQVpWDLWVXLYLGHSXLV DQVSRXUGHVXOFpUDWLRQVGLJLWDOHVpYRFDWULFHVGHPDODGLHGH %XUJHUDYHFK\SRHVWKpVLHGLVWDOH8QDQDYDQWOHGLDJQRVWLF LO GpYHORSSDLW XQ V\QGURPH GH 5D\QDXG SXLV GHV SODTXHV VFOpURGHUPLIRUPHVGHVH[WUpPLWpV/DOqSUHSHXWVLPXOHUGHV PDODGLHVDXWRLPPXQHVODELRSVLHFXWDQpHGRLWrWUHIDLWH GqVTX·LOH[LVWHGHVWURXEOHVGHODVHQVLELOLWpVXSHUÀFLHOOH

&ODVVLÀFDWLRQDFWXDOLVpHGHVGpPRGpFLGRVHV RXGpPRGpFLHV 'HPRGH[ HVW XQH DUDFKQLGH GX JURXSH GHV DFDULHQV 8QHUHYXHGHODOLWWpUDWXUHVRXOLJQHOHVGLIÀFXOWpVG·DQDO\VH

6

HW OHV DXWHXUV SURSRVHQW GH OHV FODVVHU HQ VHFRQGDLUHV HW SULPDLUHV>@ /HV VHFRQGDLUHV VRQW GHV GHUPDWRVHV FRORQLVpHV SDU 'HPRGH[ VDQV TX·RQ HQ FRQQDLVVH OH U{OH SDWKRJqQH  GHUPDWRVHV LQÁDPPDWRLUHV GHUPDWLWH SpULRUDOH URVDFpH SDSXORSXVWXOHXVH GHUPDWLWH VpERUUKpLTXH  GHUPDWRVHV LQGXLWHVSDUGHVWUDLWHPHQWV GHUPLWHFRUWLVRQpHOLpHDX[ DQWLHSLGHUPDOJURZWKIDFWRURXjODSKRWRWKpUDSLH DVVR FLDWLRQjGHVWXPHXUV QDHYXV&%&GHVSDXSLqUHVP\FRVLV IRQJRwGH HWLQVXIÀVDQFHUpQDOHFKURQLTXH /HV DXWHXUV SURSRVHQW G·KDUPRQLVHU OHV GpPRGpFLHV SULPDLUHV ‡ GpPRGpFLHVSLFXOpHOpVLRQVVSLFXOpHVEODQFMDXQHGHVIRO OLFXOHVSHXLQÁDPPDWRLUHVDYHFSHXRXSDVG·pU\WKqPH ‡ GpPRGpFLHV SDSXORSXVWXOHXVHV  SDSXORSXVWXOHV SUp GRPLQDQW DX YLVDJH SULPLWLYHV VDQV GHUPDWRVH LQÁDP PDWRLUH SUpH[LVWDQWH HW VHFRQGDLUHV j XQH URVDFpH RX jXQHGHUPDWLWHSpULRUDOHOHVSRXVVpHVLQÁDPPDWRLUHV SUpGRPLQHQWGDQVOHVUpJLRQVSpULRUDOHVSpULRUELWDLUHVHW SpULDXULFXODLUHV ‡ GpPRGpFLH FRQJOREDWD RX QRGXORN\VWLTXH  UpDFWLRQ LPPXQLWDLUH VHFRQGDLUH j OD SUROLIpUDWLRQ GH 'HPRGH[ DVVRFLDQWGHVSXVWXOHVjGHVN\VWHVSXUXOHQWV

'HUPDWRVFRSLHHWGHUPDWRVHV LQÁDPPDWRLUHVGXYLVDJH /·DQDO\VH G·LPDJHV GHUPDWRVFRSLTXHV pWDLW IDLWH FKH]  SDWLHQWV kJH PR\HQ  DQV  WRXV D\DQW XQH FRQÀU PDWLRQ KLVWRORJLTXH HW XQ GLDJQRVWLF VDQV DPELJXwWp >@ /·pYDOXDWLRQDpWpUpDOLVpHVXUSKRWRVSDUGHX[GHUPRVFR SLVWHVLQGpSHQGDQWVDYHFXQHJULOOHGHOHFWXUHGHLWHPV 'DQVODGHUPDWLWHVpERUUKpWLTXH '6 YDLVVHDX[HQSRLQ WLOOpV  YVGDQVOHVQRQ'6 HWVTXDPHVMDXQHV   YV   GDQV OHV QRQ'6  /·RUJDQLVDWLRQ OLQpDLUH GHVYDLVVHDX[HQSRO\JRQHpWDLWH[FOXVLYHPHQWDVVRFLpHjOD URVDFpH FDV =RQHVRUDQJHVGDQVGHVVDUFRwGRVHVHW JOREXOHVMDXQHVGDQVGHVOXSXVYXOJDLUHVPDLVFHVDVSHFWV Q·pWDLHQWSDVVSpFLÀTXHVHWWURXYpVDXVVLGDQVOD'6RXODURVD FpH'HVDQRPDOLHVIROOLFXODLUHV GLODWDWLRQK\SHUNpUDWRVH KDOR EODQF SpULIROOLFXODLUH  H[LVWDLHQW GDQV   GHV OXSXV pU\WKpPDWHX[GLVFRwGHVVDQVHQrWUHVSpFLÀTXHV *OREXOHVMDXQHRUDQJHHWYDLVVHDX[jUDPLÀFDWLRQOLQpDLUH pWDLHQWOHVDVSHFWVOHVSOXVFDUDFWpULVWLTXHVGHVDUFRwGRVHHW OXSXVYXOJDLUH PDLVQRQVSpFLÀTXHV 'HV]RQHVMDXQHRUDQJH pWDLHQWREVHUYpHVGDQVOFDVGHURVDFpHJUDQXORPDWHXVH 8QPDWpULHODPRUSKHIROOLFXODLUHEODQFKkWUHFDUDFWpULVDLWOD SUpVHQFHGH'HPRGH[

3HPSKLJRwGH EXOOHXVH FXWDQpH )DFWHXUVFOLQLTXHVHWLPPXQRORJLTXHV GHULVTXHGHUHFKXWHSUpFRFHGHSHPSKLJRwGH eWXGHSURVSHFWLYHPXOWLFHQWULTXHGHSDWLHQWVDYHF SUHPLHUWUDLWHPHQWGpEXWpGDQVVHUYLFHVGHGHUPDWRORJLH

$%DUEDXG

IUDQoDLV>@/HVSDWLHQWVjHVSpUDQFHGHYLHGHPRLQVGH PRLVSRXUDXWUHFDXVHHWFHX[HQUHFKXWHpWDLHQWH[FOXV /HV SDWLHQWV UDWLR )0   HW kJH PR\HQ  DQV  DYDLHQW FRPPH WUDLWHPHQWV  GHUPRFRUWLFRwGHV SXLVVDQWV VHXOV  FDV  DYHF PpWKRWUH[DWH  FDV  HW DYHF DXWUHV LPPXQRVXSUHVVHXUV  FDV  'DQV O·DQQpH GH VXLYL SDWLHQWVVRQWGpFpGpV  H[FOXVRXSHUGXVGH YXHSDWLHQWV  HQUHFKXWHGDQVXQGpODLPR\HQ GHMRXUV MRXUV 7UHQWHGHVSDWLHQWVpWDLHQW WRXMRXUVWUDLWpVDXPRPHQWGHOHXUUHFKXWH ,OQ·\DYDLWSDVGHOLHQHQWUHOHWDX[G·DQWL%31&D RX G·DQWL%3 HW UHFKXWH (Q DQDO\VH PXOWLYDULpH OHV IDFWHXUVLQGpSHQGDQWVDVVRFLpVjODUHFKXWHpWDLHQWO·DWWHLQWH H[WHQVLYHjO·LQFOXVLRQ +5 ,& HWXQH GpPHQFH +5 ,& SDWLHQWVDYDLHQW XQHGpPHQFHWRXVDYHFDQWL%3/·pWXGHVXJJqUHTXHOHV PDODGLHVQHXURORJLTXHVMRXHQWXQU{OHSUpGLVSRVDQWPDMHXU PDLVVRQWDXVVLXQIDFWHXUGHSURQRVWLFSpMRUDWLI /HV FRUWLFRwGHV WRSLTXHV SXLVVDQWV FKH]  SDWLHQWV HQWUDLQDLHQWXQHGLPLQXWLRQSUpFRFHHWPDUTXpHGXWDX[GHV DQWL%3HWDQWL%3/·HIÀFDFLWpGHVGHUPRFRUWLFRwGHV pWDLWFRQÀUPpHDYHFGLPLQXWLRQGHVDQWL%3SDUDOOqOHj ODTXDQWLWpGHFRUWLFRwGHV,OVVRQWGRQFELHQOHWUDLWHPHQW GHSUHPLqUHOLJQHUHFRPPDQGpGDQVODSHPSKLJRwGH /D GLPLQXWLRQ GHV WDX[ GHV DXWR$& HQWUH - HW - pWDLWSOXVIDLEOHHQFDVGHUHFKXWHTX·HQFDVGHUpPLVVLRQ DQWL%3²YV² S GLPLQXWLRQGXWDX[ G·DQWL%3GH²HW² S  ­-XQWDX[ G·DXWR$&VXSpULHXUj8POpWDLWSUpGLFWLIG·XQHUHFKXWH j-HW- VHQVLELOLWpVSpFLÀFLWpYDOHXU SUpGLFWLYHSRVLWLYHHWYDOHXUSUpGLFWLYHQpJDWLYH 

0DODGLHVQHXURORJLTXHVHWSHPSKLJRwGH 8QHpWXGHFDVFRQWU{OHGHSDWLHQWVDYHF3%FRQÀUPDLW O·DVVRFLDWLRQGHOD3%jGHVWURXEOHVQHXURORJLTXHV>@'DQV OD3%RQDYDLWSOXVG·DWWHLQWHVQHXURORJLTXHV 25  ,&      HQ SDUWLFXOLHU G·$9& HW G·$,7 25 ,& GHGpPHQFH 25  ,& HWGHPDODGLHGH3DUNLQVRQ 25  ,&  8QH pWXGH UpWURVSHFWLYH VXU GRVVLHUV GH  3% HW WpPRLQVDSSDULpV VH[HkJHHWSULVHHQFKDUJHKRVSL WDOLqUHRXDPEXODWRLUH pYDOXDLWOHVFRPRUELGLWpVOLpHVjOD 3%>@PDODGLHQHXURORJLTXHGDQVGHV3%YV GHVWpPRLQV S $9&GDQVGHV3%YV 25   HWQRPEUHDFFUXGHGpPHQFH YV25   HWGH3DUNLQVRQ YV 25   $YHF XQ SURWRFROH FRPSDUDEOH FKH]  $PpULFDLQV DYHF 3% HW  WpPRLQV OHV DQWpFpGHQWV QHXURORJLTXHV 25 ,&S RXGHGpPHQFH ,&S  pWDLHQWDVVRFLpV j OD 3% >@ 'H SOXV OH ULVTXH WRXV SUREOqPHV QHXUR ORJLTXHV FRQIRQGXV ORUV GX VXLYL DSUqV GLDJQRVWLF GH 3% pWDLWVXSpULHXUDX[WpPRLQV +D]DUGUDWLR ,& S   'DQVFDVGH3%DYHFWURXEOHVQHXURORJLTXHVHW VDQVHWDQDO\VHSDULPPXQREORWWLQJHW(/,6$OHVSURÀOVGHV $&DQWL%3HWDQWL%3VRQWLGHQWLTXHVTX·LO\DLWRX QRQDWWHLQWHQHXURORJLTXH

4XRLGHQHXIHQGHUPDWRORJLHFOLQLTXH"

/HVSDWLHQWVDWWHLQWVGHSHPSKLJRwGH RQWLOXQULVTXHDFFUXGHPRUWDOLWp" /D PRUWDOLWp GH  SDWLHQWV GH 6LQJDSRXU VXLYLV VXU  DQV DYHF 3% G·kJH    DQV pWDLW pWXGLpH SDU PpWKRGHGXUDWLRQRUPDOLVpGHPRUWDOLWp UHJLVWUHLQIRUPD WLVpGHVGpFqVDMXVWHPHQWHQVH[HHWkJHjODSRSXODWLRQ JpQpUDOH >@­VLJQDOHUGHGpPHQFHHWGH 3DUNLQVRQ/DPRUWDOLWppWDLWGH ,&  GDQVODUHDQQpHDSUqVGLDJQRVWLF ,&  GDQVOHVDQVHWGH  ,&  GDQVOHV DQVOHUDWLRGHPRUWDOLWppWDQWGH/DPRUWDOLWpGDQV ODUHDQQpHpWDLWSOXVEDVVHTX·HQ(XURSH   (QDQDO\VHXQLYDULpHODPRUWDOLWpGHV3%pWDLWDXJPHQWpH HQFDVG·LQVXIÀVDQFHFDUGLDTXH +5 ,&  HQDQDO\VHPXOWLYDULpHPRUWDOLWpDFFUXHHQFDVGH 3DUNLQVRQ +5 ,& HWG·LQVXIÀVDQFH UpQDOHFKURQLTXH +5 ,&²  &DXVHV GH GpFqV  LQIHFWLRQV    HQ SDUWLFXOLHU SQHXPRQLHV  PDODGLHVFDUGLRYDVFXODLUHV  HW$9&   $YHF XQH GRVH IDLEOH j PRGpUpH GH FRUWLFRwGHV V\VWp PLTXHV OD PRUWDOLWp pWDLW UpGXLWH +5   ,&     YVWUDLWHPHQWSDUGR[\F\FOLQHHWRXQLFRWLQDPLGH

3UXULWHWSHPSKLJRwGH %DNNHUVLJQDOHTXHGDQVFDVGH3%VRXIIUDLHQWGH SUXULWVDQVGHUPDWRVHDVVRFLpHDYHFUHFXOG·DXPRLQVDQV DYDLHQWXQH,)'SRVLWLYHXQH,),VXUSHDXVSOLWWpHSRVLWLYH HWGHV$&FLUFXODQWV (/,6$RXLPPXQREORWW >@,OFRQFOXW TXHOHSUXULWFKH]XQVXMHWkJpHVWXQHPDQLIHVWDWLRQGH3% %RUUDGRULHW-RO\SURSRVHQWTXHOHVSDWLHQWVDYHFSUXULW VDQVEXOOHPDLV,)FRPSDWLEOHDYHFXQH3%VRLHQWFODVVpVHQ ©SHPSKLJRwGHSUXULJLQHXVHQRQEXOOHXVHªHWTXHOD3%VRLW UHEDSWLVpH © SHPSKLJRwGH FXWDQpH ª VLJQLÀDQW TX·HQ FDV G·DWWHLQWHPXTXHXVHDVVRFLpHF·HVWO·DWWHLQWHFXWDQpHTXL SUpGRPLQH>@3HPSKLJRwGHGpULYDQWG·XQWHUPHJUHFVLJQL ÀDQWIRUPHGHEXOOHO·DGMHFWLI©EXOOHXVHªHVWVXSHUIpWDWRLUH 'DQVXQHUHYXH6FKPLGWHWDOVRXOLJQHQWTXHOHVWDX[ G·,J*DQWL%3HWRXDQWL%3VRQWSOXVpOHYpVGDQVOHV GHUPDWRVHVSUXULJLQHXVHVFHTXLVXJJqUHXQHUHODWLRQHQWUH SUXULWHW$&DQWLPHPEUDQHEDVDOH>@/HSUXULWIDFLOLWDQW O·H[SUHVVLRQ G·DXWRDQWLJqQHV HW O·LPPXQRVpQHVFHQFH SRXUUDLHQWFRQWULEXHUjO·DSSDULWLRQGHV$&/HU{OHGHV,J* DQWLPHPEUDQHEDVDOHpSLGHUPLTXHGDQVOHGpFOHQFKHPHQW GXSUXULWGXVXMHWkJpQ·HVWSDVFRQQX

6

FRQIRQGDQWVFODVVLTXHVGHOD3%OH+D]DUGUDWLR +5 GH3% GXJURXSH©VFDELRVHªpWDLWGH S 0rPHHQ pOLPLQDQWOHV3%GLDJQRVWLTXpHVGDQVOHVPRLVDSUqVODJDOH FRQIXVLRQ SRVVLEOH DYHF XQH 3%  OH +5 DMXVWp GHPHXUDLW VLJQLÀFDWLIj ,&S  &HWWHpWXGHPRQWUHTXHOHVSDWLHQWVD\DQWXQHJDOHRQW XQULVTXHDFFUXGH3%&KH]OHVVXMHWVD\DQWGHVDQWpFpGHQWV GHJDOHDWWHQWLRQjOD3%SUHQGUHGHVPHVXUHVVWULFWHVSRXU pYLWHURXOLPLWHUXQHpSLGpPLHGDQVOHVPLOLHX[DFFXHLOODQW GHVSHUVRQQHVkJpHV

3HPSKLJRwGHVLQGXLWHVSDUOHVPpGLFDPHQWV 8QHUHYXHVXUOHV3%LQGXLWHVDpWpSXEOLpH>@/HVVLJQHV pYRTXDQWXQH3%LQGXLWHVRQW3%GXVXMHWMHXQHVLJQHGH 1LNROVN\EXOOHVHQSHDXVDLQHSUpGRPLQDQFHVXUOHVMDPEHV HWDVVRFLDWLRQDYHFOpVLRQVHQFLEOHGHVSDXPHVSODQWHVHW DWWHLQWHPXTXHXVH+LVWRORJLTXHPHQWLQÀOWUDWpRVLQRSKL OLTXH GHQVH YpVLFXOHV LQWUDpSLGHUPLTXHV NpUDWLQRF\WHV QpFURWLTXHV HW WKURPEXV  pRVLQRSKLOLH VpULTXH PDUTXpH eYROXWLRQDPpOLRUDWLRQVRXVFRUWLFRwGHVV\VWpPLTXHVDSUqV O·DUUrWGXPpGLFDPHQWHWIDLEOHWDX[GHUpFLGLYH/HVDXWHXUV RQWUHFHQVpXQH FLQTXDQWDLQH GHPpGLFDPHQWVLQGXFWHXUV SRVVLEOHVHWGpWDLOOHQWOHVFDVOLpVDX[DQWL71)DOSKDYDF FLQVJOLSWLQHVHWQHXUROHSWLTXHV 3OXVLHXUVFDVGH3%VRXVLQKLELWHXUVGHGLSHSWLG\OSHSWL GDVH,9 '33,9 RX©JOLSWLQHVªRQWpWpUDSSRUWpVGRQWFDV VRXVYLGDJOLSWLQH>@$WWDZD\HWDOGpWDLOOHQWOHVFDUDFWpULV WLTXHVGHFDVGH3%VRXVJOLSWLQHVFDVDYHFYLOGDJOLSWLQH HWVRXVVLWDJOLSWLQHkJH²DQVGpODLDSUqVOHGpEXW GHVJOLSWLQHVPRLV j DPpOLRUDWLRQUDSLGH SDUIRLVHQ TTMRXUV RXOHQWHHQPRLVDSUqVDUUrWGHVJOLSWLQHVPDLVVRX YHQWDYHFFRUWLFRwGHVWRSLTXHVRXV\VWpPLTXHVDVVRFLpV>@ 3RXUWDQWGDQVFDVUpIUDFWDLUHVO·DPpOLRUDWLRQGHOD3%QH VXUYHQDLWTX·DSUqVDUUrWGHVJOLSWLQHV'DQVODSOXSDUWGHV FDVOHVSDWLHQWVSUHQDLHQWGHODPHWIRUPLQHHQPrPHWHPSV /D ''3,9 &'   HVW XQH SURWpLQH PHPEUDQDLUH j IRQFWLRQ HQ]\PDWLTXH /H OLHQ HQWUH VRQ EORFDJH SDU OHV JOLSWLQHVHW3%Q·HVWSDVpOXFLGp/HVK\SRWKqVHVVRXOHYpHV VRQWDFWLYDWLRQGHVpRVLQRSKLOHVPpGLpSDU&&/H[RWD[LQ DXJPHQWDWLRQ LQGXLWH GH7*) ErWD DXJPHQWp GDQV OH VHUXPHWOHVEXOOHVGH3% RXG\VUpJXODWLRQGHO·LPPXQLWp 7KROHUpFHSWHXUj''3,9MRXHSK\VLRORJLTXHPHQWXQU{OH

3HPSKLJRwGHJHVWDWLRQLV 3*

*DOHHWSHPSKLJRwGH eWXGH UpWURVSHFWLYH HQ FRKRUWH DSSDULpH GDQV OD EDVH GHO·DVVXUDQFHGHVDQWpWDLZDQDLVHFRQWHQDQWGHVGRQQpHV GHGHVPLOOLRQVG·KDELWDQWV SDUVXLYLVXUDQVGH DGXOWHVDWWHLQWVGHJDOHVDQVGLDJQRVWLFDQWpULHXUGH 3%YVVXMHWVWpPRLQVDSSDULpVHQVH[HHWkJH>@ 3DUPLOHVVXMHWV  GpYHORSSDLHQWXQH3%   D\DQWHXXQHVFDELRVHHW  FKH]OHV WpPRLQV/·LQFLGHQFHGHOD3%pWDLWGHSHUVRQQHV DQ ,& HQFDVGHJDOHHW ,&  FKH]OHVWpPRLQV$SUqVDMXVWHPHQWGHVIDFWHXUV

/HV FDUDFWpULVWLTXHV VRQW GpWHUPLQpHV j SDUWLU GH  FDV MDSRQDLV  3* SOXV SUpFRFHV FKH] OHV PXOWLJHVWHV  VHPDLQHV  TXH OHV SULPLSDUHV   S     EXOOHVGHjFP  SVHXGRpU\WKqPHSRO\PRUSKH  pU\WKqPH  SDSXOHVXUWLFDULHQQHV FDV  EXOOHVRXVpSLGHUPLTXH  EXOOHLQWUDpSLGHUPLTXH GDQV  FDV  GpS{WVGH& j OD-'(GDQV WRXVOHV FDV,J* DQWLPHPEUDQHEDVDOHFLUFXODQWHVHQ,),VXUSHDXQRUPDOHRX VSOLWWpHGDQVGHVFDV/DUHFKHUFKHGHGpS{WVGH&jOD -'(SDU,),HVWGLIÀFLOHPDLVLQWpUHVVDQWHFDUVXUSHDXVSOLWWpH GX&UpDJLVVDLWDYHFOHYHUVDQWpSLGHUPLTXHGDQVWRXVOHV

6

FDV >@ 8Q PDUTXDJH LQKDELWXHO j OD VXUIDFH FHOOXODLUH GHVLJQLÀFDWLRQLQFRQQXHSHXWrWUHREVHUYp GDQVFDVGH O·pWXGH /DUHFKHUFKHG·DQWL%3FLUFXODQWVpWDLWSRVLWLYH GDQVGHVFDVSDULPPXQREORWHWSDU(/,6$XWLOLVDQW OHGRPDLQH%31&DSDUFRQWUHVHXOHPHQWSDWLHQWV DYDLHQWGHVDQWL%3HQ(/,6$/·HFWRGRPDLQH1&DHVW OH GRPDLQH LPPXQRGRPLQDQW GH %3 (Q LPPXQREORW GHVDQWL1&DpWDLHQWGpWHFWpVFKH]  SDWLHQWV GHV DQWLGRPDLQHV &WHUPLQDO GH %3 FKH]     HW SDWLHQWV  DYDLHQWGHVDQWLN'D/$' 'RQFODUHFKHUFKHG·$&DQWLGRPDLQH1&DGH%3HVW XQHPpWKRGHVHQVLEOHGDQVOD3*3DUFRQWUHOHVSDWLHQWHV UpDJLVVHQWSHXDYHFOD%3FHTXLVXJJqUHGHVPpFDQLVPHV GLIIpUHQWVGDQVOD3*HWOD3%

3VRULDVLV @ SDUPLSDWLHQWVDYHFSVRULDVLV kJHPR\HQDQV GHIHPPHV   DYDLHQWXQUKXPDWLVPHSVRULDVLTXH

4XRLGHQHXIHQGHUPDWRORJLHFOLQLTXH"

/HVIDFWHXUVSUpGLFWLIVGHUKXPDWLVPHSVRULDVLTXHOHVSOXV VROLGHVpWDLHQWO·DWWHLQWHXQJXpDOH 25 ,& S HWOHIDLWG·rWUHKRVSLWDOLVpSRXUWUDLWHPHQWGX SVRULDVLV 25 ,&S 

(QWKpVLWHGXWHQGRQG·$FKLOOH &KH]  FDV GH SVRULDVLV HQ SODTXHV  IHPPHV  KRPPHV kJH  “  DQV 3$6,  j   HW  FRQWU{OHV XUWLFDULHQV GHUPDWLWH DWRSLTXH FDQFHU FXWDQp  DSSDULpV XQH pFKRJUDSKLH GX WHQGRQ G·$FKLOOH pWDLW SUDWLTXpH DYHF pYDOXDWLRQ GX VFRUH *8(66 >@ /·pSDLVVLVVHPHQWGXWHQGRQG·$FKLOOH !PP DVVRFLpj GHVLUUpJXODULWpVGHVWUXFWXUHWHQGLQHXVHpWDLWREVHUYpFKH]   D\DQW G·DXWUHV DQRPDOLHV FRPPH GHV pURVLRQV SpULWHQGLQLWHEXUVLWH FDV HWFDOFLÀFDWLRQV&HWWHpWXGH FRQÀUPH OHV UpVXOWDWV GH *LVRQGL HW DO  O·pSDLVVLVVHPHQW GXWHQGRQG·$FKLOOHSRXUUDLWrWUHXQPDUTXHXUGHULVTXHGH UKXPDWLVPHSVRULDVLTXHOHUHFXOPDQTXDQWSRXUDIÀUPHUVRQ LQWpUrWSURQRVWLTXH>@/HVSULVHVPpGLFDPHQWHXVHV SDU H[HPSOHGHVWDWLQH Q·pWDLWSDVDQDO\VpHVGDQVFHWWHpWXGH

+LGUDGpQLWHVXSSXUpH /HV FRPRUELGLWpV pWDLHQW pYDOXpHV FKH]  SDWLHQWV DYHF IRUPHV PRGpUpHV RX VpYqUHV LQFOXV GDQV XQ HVVDL VXU O·DGDOLPXPDE >@ ,O \ DYDLW   GH IXPHXUV DFWLIV     REqVHV DYHF ,0& •  DYHF K\SHUOLSLGpPLH RX FKROHVWpUROWRWDO •PJG/FKH]SDWLHQWV  HW +7$GDQVGHVFDV 8QHpWXGHUpWURVSHFWLYHGHVFRPRUELGLWpVGHO·+6pWDLW IDLWHFKH]SDWLHQWVDYHF+6HWWpPRLQV FKpORwGHV YHUUXHV YXOJDLUH  DSSDULpV HQ kJH HWKQLH HW VH[H >@ 3DUPL OHV  FDV G·+6 G·kJH PR\HQ  DQV   pWDLHQW GHVIHPPHV8QHSURSRUWLRQVLJQLÀFDWLYHPHQWSOXVpOHYpH GHVSDWLHQWVDWWHLQWVG·+6DYDLWXQV\QGURPHPpWDEROLTXH SDUUDSSRUWDX[WpPRLQV UHVSHFWLYHPHQWYV S 25  ,& (QFRPSDUDQWOHV SDWLHQWVDYHF+6HWOHVWpPRLQVLO\DYDLWUHVSHFWLYHPHQW SOXVG·REqVHVSDUPLOHVSDWLHQWV YVS 25   ,&      SOXV G·K\SHUWULJO\FpULGpPLHV YVS25 ,& HW SOXVG·LQWROpUDQWVDXJOXFRVH YVS 25 ,&  8QH pTXLSH D\DQW PRQWUp   G·+6 HQ FDV GH 0,&, D SRXUVXLYL FKH]   SDWLHQWV DYHF 0,&, LQWHUURJpV SDU TXHVWLRQQDLUHGLDJQRVWLFG·+6VLDQWpFpGHQWVGHQRGXOHV GRXORXUHX[D[LOODLUHVRXGHO·DLQHSXLVJUDYLWpDXWRpYDOXpH SDUSKRWRJUDSKLHVHWTXHVWLRQV>@ ,O\DYDLWSDWLHQWVVXSSRVpVDYRLUXQH+6   GHVFDVDYHFXQ&URKQHWGHVFDVDYHFXQH5&+SDUPL FHVSDWLHQWVGHIHPPHV,0&PR\HQGHHWOD SOXSDUW  QHIXPDLHQWSDV /HV  TXHVWLRQV OHV SOXV LPSRUWDQWHV VXU OHVTXHOOHV GHYUDLHQWVHIRFDOLVHUOHVpWXGHVGDQVO·+6RQWpWpGpJDJpHVSDU ©pWDEOLVVHPHQWGHVSULRULWpVSDUSDUWHQDULDWª 363 LPSOLTXDQW GHVSDWLHQWVGHVVRLJQDQWVHWGHVFOLQLFLHQV 7DEOHDX >@

6

7DEOHDX4XHVWLRQVVXUOHVTXHOOHVGHYUDLHQW VHIRFDOLVHUOHVpWXGHVSRUWDQWVXUO·KLGURVDGpQLWH VXSSXUpH ²4XHOHVWOHJURXSHGHWUDLWHPHQWVSHURVOHSOXV HIÀFDFHHWOHSOXVGpQXpG·HIIHWVVHFRQGDLUHV SRXUWUDLWHUO·+6" DQWLELRWLTXHVWUDLWHPHQWV KRUPRQDX[UpWLQRwGHVLPPXQRVXSSUHVVHXUV PHWIRUPLQHFRUWLFRwGHV ²4XHOOHHVWODPHLOOHXUHSULVHHQFKDUJHG·XQH SRXVVpHDLJXs" ²4XHOHVWO·LPSDFWGHO·+6HWGHVWUDLWHPHQWVVXUOHV SDWLHQWV SK\VLTXHSV\FKRORJLTXHÀQDQFLHUVRFLDO TXDOLWpGHYLH " ²4XHOOHHVWO·HIÀFDFLWpGHVELRWKpUDSLHV pWDQHUFHSW DGDOLPXPDELQÁL[LPDEXVWHNLQXPDE GDQVOH WUDLWHPHQWGHO·+6" ²(VWFHTX·XQGLDJQRVWLFHWXQWUDLWHPHQWSXLVVDQW SUpFRFHVRQWXQHLQÁXHQFHVXUO·pYROXWLRQGHO·+6" ²4XHOOHHVWODPHLOOHXUHSURFpGXUHFKLUXUJLFDOH jSURSRVHUGDQVOHWUDLWHPHQWGHO·+6 LQFLVLRQHW GUDLQDJHH[FLVLRQORFDOLVpHH[FLVLRQODUJH" ²4XHOVVRQWOHVIDFWHXUVSURQRVWLTXHVSRXUpYDOXHU ODSURJUHVVLRQGHODPDODGLH" ²4XHOOHHVWODPHLOOHXUHPpWKRGHGHWUDLWHPHQW GHVSODLHVDSUqVLQWHUYHQWLRQFKLUXUJLFDOHRXSRXVVpH GHODPDODGLH" JUHIIHVGHSHDXSDQVHPHQWV" ²'DQVTXHOOHPHVXUHGHVIDFWHXUVJpQpWLTXHVVRQWLOV HQFDXVHGDQVO·+6" ²4XHOHVWOHPHLOOHXUWUDLWHPHQWGHODGRXOHXU DVVRFLpHjO·+6"

'HUPDWRVHVQHXWURSKLOLTXHV QRXYHOOHVDSSHOODWLRQVHWFODVVLÀFDWLRQ HWOHXUUHODWLRQDYHFOHVPDODGLHV DXWRLQÁDPPDWRLUHV /HVSUHPLqUHVPDODGLHVDXWRLQÁDPPDWRLUHVLQGLYLGXD OLVpHVVRQWODÀqYUHPpGLWHUUDQpHQQHIDPLOLDOH JqQH)0)  OH V\QGURPH GH %ODX OD ÀqYUH SpULRGLTXH DYHF GpÀFLW HQ PpYDORQDWHNLQDVH JqQH09. OHV\QGURPHG·K\SHULPPX QRJOREXOLQpPLH ' +,'6  OH V\QGURPH SpULRGLTXH DVVRFLp DX UpFHSWHXU GX71) RX75$36 HW OD PDODGLH SpULRGLTXH DVVRFLpHDX[FU\RS\ULQHV &$36 /DGpÀQLWLRQDpWppODUJLH jGHVPDODGLHVPXOWLIDFWRULHOOHVFRPPHOHVV\QGURPHV3$3$ $UWKULWHS\RJpQLTXHDYHFS\RGHUPDJDQJUHQRVXPHWDFQp  GpÀFLWHQDQWDJRQLVWHGXUpFHSWHXUjO·,/RX',5$ 'HÀFLHQF\ RI,/5HFHSWRU$QWDJRQLVW ODPDODGLHGH6WLOORXDUWKULWH MXYpQLOH LGLRSDWKLTXH OH V\QGURPH DGpQLWH HW SKDU\QJLWH 3)$3$ 3HULRGLF )HYHU $SKWRXV VWRPDWLWLV 3KDU\QJLWLV $GHQLWLV  OD PDODGLH GH %HKoHW OD PDODGLH GH &URKQ HW OH V\QGURPH GH 6FKQLW]OHU >@ %HDXFRXS GH PDODGLHV DXWRLQÁDPPDWRLUHV VRQW VHQVLEOHV DX[ DQWL,/ FRPPH OD &$36 RX OH ',5$ FHUWDLQV SURSRVDQW G·HQ IDLUH XQ FULWqUH GHGLDJQRVWLF

6

/H QHXWURSKLOH HW O·LQÁDPPDVRPH VRQW DX F±XU G·XQH QRXYHOOH FODVVLILFDWLRQ GHV GHUPDWRVHV QHXWURSKLOLTXHV '1 VLRQOHVLQWqJUHDX[PDODGLHVDXWRLQÁDPPDWRLUHV O·HIÀFDFLWpGHVDQWL,/GHYUDLWrWUHH[SORUpHFDUHOOHQ·HVW SDVFRQVWDQWHGDQVOHV'1 3UDW HW DO UDSSHOOHQW OD QRXYHOOH FODVVLÀFDWLRQ HW OD WHUPLQRORJLHGHV'1TXLVRQWFDUDFWpULVpHVSDUXQLQÀOWUDW GHQHXWURSKLOHVQRUPDX[GHVIRUPHVGHFKHYDXFKHPHQWGHV DVVRFLDWLRQVjGHVPDODGLHVH[WUDFXWDQpHVRXGHVPDODGLHV V\WpPLTXHV>@ /HV '1 GHUPLTXHV RX HQ SODTXH FRPSUHQQHQW  OD GHUPDWRVHDLJXsIpEULOHQHXWURSKLOLTXH $)1'DFXWHIHEULOH QHXWURSKLOLF GHUPDWRVLV DQWpULHXUHPHQW V\QGURPH GH 6ZHHW O·HU\WKHPDHOHYDWXPGLXWLQXP ((' HWO·KLGUDGpQLWH HFFULQHQHXWURSKLOLTXH +(1  /HV'1GHUPLTXHVHWK\SRGHUPLTXHVFRPSUHQQHQWOH S\RGHUPDJDQJUHQRVXPODSDQQLFXOLWHQHXWURSKLOLTXHHWOHV DEFqVDVHSWLTXHVFXWDQpVVRXYHQWDVVRFLpVDX&URKQ /HV'1VXSHUÀFLHOOHVRXpSLGHUPLTXHVFRPSUHQQHQWOD SXVWXORVHVRXVFRUQpH DQFLHQQHPHQWGH6QHGGRQ:LONLQVRQ  HWOHSHPSKLJXVj,J$ /HVDWWHLQWHVYLVFpUDOHVGHODPDODGLHQHXWURSKLOLTXHVRQW OHVEURQFKRSQHXPRSDWKLHVSDUIRLVDEFpGpHVO·RVWpRP\pOLWH PXOWLIRFDOH UpFXUUHQWH FKURQLTXH GH O·HQIDQW &502  TXL SRXUUDLWrWUHODIRUPHSpGLDWULTXHGX6$3+2 V\QRYLWHDFQp SXVWXORVHK\SHURVWRVHHWRVWpLWH OHVWURLVW\SHVG·DUWKULWH SRO\DUWKULWHGHVWUXFWULFHVpURQpJDWLYHD[LDOHHWRXSpULSKp ULTXHSRO\DUWKULWHQRQGHVWUXFWULFHVpURQpJDWLYHpYROXDQW HQSDUDOOqOHGHVSRXVVpHVFXWDQpHVRXODV\QRYLWHDLJXsUpFL GLYDQWHPRQRDUWLFXODLUH /HVPDQLIHVWDWLRQVQHXURORJLTXHV jW\SHG·HQFpSKDOLWHSV\FKLDWULTXHVP\DOJLHVRXP\RVLWH LQÁDPPDWLRQRFXODLUHHWO·DWWHLQWHUpQDOHVRQWSOXVUDUHV /HV'1SHXYHQWUpYpOHUGHVPDODGLHVFRPPHGHVKpPR SDWKLHV OHXFpPLHDLJXsP\pOREODVWLTXHDXWUHVOHXFpPLHV O\PSKRPHVKRGJNLQLHQVRXQRQKRGJNLQLHQVJDPPDSDWKLHV DYHFRXVDQVP\pORPHj,J$RXj,J*RXV\QGURPHVP\pOR G\VSODVLTXHV  GHV 0,&, HW GHV UKXPDWLVPHV SRO\DUWKULWH UKXPDWRwGHVSRQG\ODUWKULWHDQN\ORVDQWH  ,OH[LVWHGHVDVVRFLDWLRQVGHPDODGLHVDXWRLQÁDPPDWRLUHV j GHV '1  S\RGHUPD JDQJUHQRVXP DVVRFLp j O·DFQp HW j O·DUWKULWHVWpULOHS\RJpQLTXH V\QGURPH3$3$DYHFPXWDWLRQ GH 3673,3   3* DFQp HW KLGURVDGpQLWH V\QGURPH 3$6+ VDQVPXWDWLRQVSpFLÀTXH $)1'HW&502 0DMHHGV\QGURPH DYHFPXWDWLRQGH/3,1 /DPDODGLHGH&URKQDVVRFLpHjXQH PXWDWLRQGH12'&$5'HVWVRXYHQWDVVRFLpHjGHV'1

8UWLFDLUHFKURQLTXHHWGHUPDWRVHV XUWLFDULHQQHV 'HUPDWRVHVXUWLFDULHQQHVXUWLFDLUHV HWSVHXGRXUWLFDLUHVQHXWURSKLOLTXHV (Q  HVW LQGLYLGXDOLVpH OD GHUPDWRVH XUWLFDULHQQH QHXWURSKLOLTXH '81 >@(QLO\DUHPLVHHQTXHVWLRQ GHOD'81SRXUO·LQWpJUHUGDQVXQJURXSHSOXVODUJHGH'1OD 186, QHXWURSKLOLFXUWLFDULDZLWKV\VWHPLFLQÁDPPDWLRQ >@

$%DUEDXG

)LQ/LSVNHUSUpFLVDLWTXHO·LQÁDPPDWLRQV\VWpPLTXHD pWpQRWpHGDQVOHVFDVSULQFHSVHWTXHODUpSRQVHDX[DQWL,/ pWDLWGpMjVXJJpUpH(Q+DUWLJHWDORQWFRQÀUPpTXH OD186,pWDLWODPrPHFKRVHTXHOD'81TX·RQSHXWWUDLWHU DYHFVXFFqVUDSLGHSDUDQWLLQWHUOHXNLQH DQDNLQUD FRPPH GDQVXQFDVGH'81HWPDODGLHGH6WLOO>@(QOD186, DGLVSDUXVHXOHOD'81SHUVLVWHO·DPpOLRUDWLRQVRXVDQWL,/ UHVWHjFRQÀUPHUVXUGHSOXVODUJHVVpULHVDYDQWGHFODVVHU OD'81GDQVOHVGHUPDWRVHVOLpHVjXQHG\VUpJXODWLRQG·,O /HYHQGHUHWDOSURSRVHQWG·LQGLYLGXDOLVHUODSVHXGR'81 DYHF JDPPDSDWKLH j ,J$ RX © 8UWLFDULDOLNH QHXWURSKLOLF GHUPDWRVLV LQ DVVRFLDWLRQ ZLWK ,J$ JDPPRSDWK\ ª VXU OHV pOpPHQWVVXLYDQWV  OpVLRQVXUWLFDULHQQHVHQSODTXHGXWURQFTXLSHUVLVWHQW SOXVLHXUVMRXUVpYROXDQWSDUIRLVYHUVO·K\SHUSLJPHQWDWLRQ  VXUODELRSVLHFXWDQpHLQÀOWUDWLQWHUVWLWLHOQHXWURSKLOLTXH PRGpUp HW JDPPDSDWKLHPRQRFORQDOHj,J$>@

8UWLFDLUHFKURQLTXHVSRQWDQpHOHVQRXYHOOHV UHFRPPDQGDWLRQVHXURSpHQQHVGHO·(XURSHDQ $FDGHP\RI$OOHUJ\DQG&OLQLFDO,PPXQRORJ\ /DFRQIpUHQFHGHFRQVHQVXVVXUO·XUWLFDLUHFKURQLTXHHVW EDVpHVXUXQHDQDO\VHGHODOLWWpUDWXUHHWO·DYLVGHVSpFLD OLVWHVHXURSpHQVXQHKDUPRQLVDWLRQGHODSULVHHQFKDUJH GHO·XUWLFDLUHFKURQLTXHVSRQWDQpH 8&6 HVWSURSRVpH>@ ,OHVWFRQVHLOOpG·pYDOXHUODTXDOLWpGHYLHVHORQOH&KURQLF 8UWLFDULD4XDOLW\RI/LIH4XHVWLRQQDLUH &84R/ /HVFRUH G·DFWLYLWp GH O·8&6 SURSRVp HVW OH 6FRUH 8$6 8UWLFDULD $FWLYLW\ 6FRUH UHOHYp GXUDQW  MRXUV FRQVpFXWLIV DYHF XQ VFRUH TXRWLGLHQ GH  j  7DEOHDX   /D SULVH HQ FKDUJH UHSRVHVXUTXHVWLRQV 7DEOHDX HWXQH[DPHQFOLQLTXH FRPSOHWSRXUOHELODQFRPSOpPHQWDLUHXOWpULHXUHWODFODV VLÀFDWLRQGHO·8&6 /H ELODQ FRPSOpPHQWDLUH V\VWpPDWLTXH FRPSUHQG 1)6 HW96RX&53GRQFSOXVOLPLWpTXHGDQVODFRQIpUHQFHGH FRQVHQVXVIUDQoDLVH,OIDXWUHFKHUFKHUSRXUpYLFWLRQpYHQ WXHOOHGHVPpGLFDPHQWVLQGXFWHXUV $,16  7RXV OHV DXWUHV ELODQV VRQW JXLGpV SDU O·RULHQWDWLRQ FOLQLTXH$XFXQH UHFKHUFKH GH FDXVHV LQIHFWLHXVHV Q·HVW REOLJDWRLUHPDLVFHFLUHVWHjSUpFLVHU'DQVOHVSD\VROD FRQVRPPDWLRQGHSRLVVRQFUXHVWIUpTXHQWHLOIDXWUHFKHU FKHU G·XQH LQIHFWLRQ SDU $QLVDNLV VLPSOH[ SDUDVLWH GHV SRLVVRQVGHPHUGHYDQWXQHXUWLFDLUHDLJXsUpFLGLYDQWH 'LVFXVVLRQ VXU OH WHVW DX VpUXP DXWRORJXH $667   OD VSpFLÀFLWpHVWGLVFXWpH SRVLWLIFKH]jGHVSDWLHQWV D\DQWGHVSUREOqPHVUHVSLUDWRLUHVQRQXUWLFDULHQVHWPrPH FKH] GHV WpPRLQV VDLQV  &HUWDLQV FHQWUHV UHFRPPDQGHQW XQWHVWLQYLWURGHOLEpUDWLRQG·KLVWDPLQHSDUOHVEDVRSKLOHV GRQWODVSpFLÀFLWpQ·HVWSDVFRQQXH /HVXUWLFDLUHVLQGXFWLEOHVUHJURXSHQWOHGHUPRJUDSKLVPH V\PSWRPDWLTXHOHVXUWLFDLUHVDXIURLGUHWDUGpHjODSUHV VLRQVRODLUHjODFKDOHXUFKROLQHUJLTXHRXDTXDJpQLTXH O·DQJLRHGqPH YLEUDWRLUH HW O·XUWLFDLUH GH FRQWDFW 'H FR€WHX[pTXLSHPHQWVVRQWUHFRPPDQGpVSRXUOHVH[SORUHU /·DUWLFOHSURSRVHDXVVLGHVUHFRPPDQGDWLRQVWKpUDSHXWLTXHV GHO·8&6

4XRLGHQHXIHQGHUPDWRORJLHFOLQLTXH"

7DEOHDX6FRUH8$6GHO·XUWLFDLUHFKURQLTXH VSRQWDQpH6RPPHGXVFRUHSDUMRXUUHOHYp GXUDQWMRXUV PD[LPXP  6FRUH

3DSXOHV

3UXULW



$XFXQH

$XFXQ



/pJqUHV SDSXOHVK

/pJHU SUpVHQW PDLVSDVJrQDQWRX SHUWXUEDQW



0RGpUpHV  SDSXOHVK

0RGpUp JrQDQWPDLV Q·LQWHUIqUHSDVDYHF O·DFWLYLWpQRUPDOHRX OHVRPPHLOTXRWLGLHQ



,QWHQVHV !SDSXOHVK RXODUJHV]RQHV FRQÁXHQWHV SDSXOHXVHV

,QWHQVH SUXULW VpYqUHVXIÀVDPPHQW SHUWXUEDQWSRXU LQWHUIpUHUDYHF O·DFWLYLWpTXRWLGLHQQH RXOHVRPPHLO QRUPDX[

7R[LGHUPLHV 7R[LGHUPLHVHWSUpGLVSRVLWLRQVJpQpWLTXHV 8QH UHYXH &RFKUDQH D DQDO\Vp OHV SRO\PRUSKLVPHV GHV JqQHV+/$GDQVOHVWR[LGHUPLHVTXLYDULHQWHQIRQFWLRQGX PpGLFDPHQWGXW\SHGHWR[LGHUPLHHWGHO·HWKQLH>@'DQV OHV'5(66jO·DEDFDYLUXQHPRGLÀFDWLRQGHFRQIRUPDWLRQGX SHSWLGHGXVRLDVVRFLpHjODPROpFXOH+/$% TXLHVWHQ FDXVH/HVDOOqOHVSUpGLVSRVDQWVVRQWSRXUOHVWR[LGHUPLHVjOD FDUEDPD]HSLQH+/$% FKH]OHV&KLQRLV+DQVPDLV+/$ $ FKH]OHV-DSRQDLVSRXUO·DOORSXULQROF·HVWOH+/$%  FKH]OHV&KLQRLV+DQV %DUEDXGHWDOPRQWUHQWGHVYDULDQWHVJpQpWLTXHVFKH] OHV SDWLHQWV DWWHLQWV GH '5(66 >@ /HV SRO\PRUSKLVPHV G·,/FOXVWHU HW O·DOOqOH G·,/$ pWDLHQW REVHUYpV HQ /RUUDLQHGHIDoRQIUpTXHQWHFHVDQRPDOLHVpWDQWDEVHQWHV FKH]WpPRLQVFDVH[DQWKqPHVPDFXORSDSXOHX[HW  XUWLFDLUHV GXHV DX[ PpGLFDPHQWV &HV SRO\PRUSKLVPHV GLPLQXHQW OD WROpUDQFH GHV PpGLFDPHQWV HW IDYRULVHQW OD UpDFWLYDWLRQGHVYLUXVGHODIDPLOOHGHVKHUSHV/HGRVDJH HQSRXVVpHGH'5(66GHO·,/HVWLQXWLOHFDUOHVYLUXVGX JURXSHKHUSHVSURGXLVHQWXQDQDORJXHG·,/

7UDLWHPHQWVGHO·KpSDWLWH&HWWR[LGHUPLHV

6

7DEOHDX4XHVWLRQQDLUHGDQVO·XUWLFDLUHFKURQLTXH VSRQWDQpH ²+RUDLUHGHVXUYHQXHGHVSRXVVpHV ²)UpTXHQFHGXUpHHWOHVIDFWHXUVGpFOHQFKDQWV GHVSDSXOHV ²9DULDWLRQGLXUQH ²3UpVHQFHSDUUDSSRUWDX[ZHHNHQGVYDFDQFHV HWYR\DJHpWUDQJHUV ²)RUPHWDLOOHHWGLVWULEXWLRQGHVSDSXOHV ²2HGqPHGH4XLQFNHDVVRFLp ²6\PSW{PHVVXEMHFWLIVDVVRFLpVDX[OpVLRQV SDUH[HPSOHSUXULWGRXOHXU ²$QWpFpGHQWVSHUVRQQHOVHWIDPLOLDX[G·XUWLFDLUH RXDWRSLTXHV ²$OOHUJLHVSDVVpHVRXDFWXHOOHVLQIHFWLRQVPDODGLHV JpQpUDOHVRXG·DXWUHVFDXVHVSRVVLEOHV ²0DODGLHVSV\FKRVRPDWLTXHVHWSV\FKLDWULTXHV ²,PSODQWVFKLUXUJLFDX[HWpYqQHPHQWVVXUYHQXV DXFRXUVG·XQHFKLUXUJLHSDUH[HPSOHDSUqVXQH DQHVWKpVLHORFDOH ²3UREOqPHVJDVWULTXHVLQWHVWLQDX[ ²'pFOHQFKHPHQWSDUGHVDJHQWVSK\VLTXHV RXO·H[HUFLFH ²8WLOLVDWLRQGHPpGLFDPHQWV SDUH[HPSOH PpGLFDPHQWVDQWLLQÁDPPDWRLUHVQRQVWpURwGLHQV $,16 LQMHFWLRQVYDFFLQDWLRQVKRUPRQHVOD[DWLIV VXSSRVLWRLUHVGHVJRXWWHVDXULFXODLUHVFROO\UHVHW UHPqGHVDOWHUQDWLIV ²&RUUpODWLRQREVHUYpHDYHFOHVDOLPHQWV ²5HODWLRQDYHFOHF\FOHPHQVWUXHO ²)XPHXU VXUWRXWFRQVRPPDWHXUVGHSURGXLWV GXWDEDFSDUIXPpVRXGHFDQQDELV ²3URIHVVLRQW\SHGHWUDYDLO ²/RLVLUV ²/HVWUHVV ²4XDOLWpGHYLHOLpHjO·XUWLFDLUHHWVRQLPSDFW pPRWLRQQHO ²7UDLWHPHQWVDQWpULHXUVHWOHXUHIÀFDFLWp ²3UpFpGHQWVH[DPHQVFRPSOpPHQWDLUHVUpDOLVpV HWOHXUVUpVXOWDWV

PDFXORSDSXOHX[GHVFDVSVRULDVLIRUPHVGDQVFDV OLFKpQRwGH GDQV  FDV HW SRO\PRUSKH GDQV  FDV  DYHF FRFDUGHVDW\SLTXHVGDQVGHVFDV+XLWSDWLHQWVDYDLHQW GHVIRUPHVSOXVJUDYHVGRQW'5(66SRVVLEOHVDYDLHQW XQH pRVLQRSKLOLH !  PLFUR/ VDQV 3&5 SRVLWLYH SRXU ++9(%9RX&09UpJUHVVLRQGHODWR[LGHUPLHHQSOXVGH VHPDLQHVGDQVFDVDSUqVO·DUUrWGXWpODSUpYLUPDLVDXVVL GDQVFDVjO·DUUrWGHWKpUDSHXWLTXHVDVVRFLpHV

7R[LGHUPLHVHWWpODSUpYLU

7R[LGHUPLHVHWDXWUHVWUDLWHPHQWVDQWLKpSDWLWH&

/H WpODSUpYLU HVW XQH 16$$ SURWpDVH XWLOLVpH GDQV O·KpSDWLWH&DYHFO·LQWHUIpURQ ,)1 DOSKDHWODULEDYLULQH>@ 6XU pWXGH GHVFULSWLYH GH  FDV UHFHQVpV OHV FDUDFWpULV WLTXHV GHV pUXSWLRQV VRXV WpODSUpYLU pWDLHQW XQH VXUYHQXH  MRXUV ²  MRXUV DSUqV OH GpEXW GX WUDLWHPHQW GRQW FDVSHXJUDYHV HF]pPDWLIRUPHGHVFDVH[DQWKqPH

3DUPLSDWLHQWVWUDLWpVSDU,)1,)1SpJ\OpSOXVULED YLULQH  GpYHORSSDLHQWXQHWR[LGHUPLH>@8Q FDVG·pU\WKqPHDQQXODLUHFHQWULIXJHVRXVULEDYLULQHHW,)1 DOSKDSpJ\OpDpWpUDSSRUWp>@ /HVpUXSWLRQVJpQpUDOLVpHVGXHVj,)1SRXUKpSDWLWH&RX VFOpURVHHQSODTXHSHXYHQWFRQGXLUHjO·DUUrWGXWUDLWHPHQW

6

'DQVXQHpWXGHGHFDVGHWR[LGHUPLHJpQpUDOLVpH kJH PR\HQDQVDYHF,)1α FDVHW,)1β FDV OHV UpDFWLRQVFURLVpHVHQWUHSHJ,)1αDHWSHJ,)1αEpWDLHQW IUpTXHQWHV  >@/HVDXWHXUVVRXOLJQHQWO·LQWpUrWGHV ,'5SHUPHWWDQWSDUIRLVGHWURXYHUXQ,)1GHVXEVWLWXWLRQ SpJ\OpRXQRQ/RUVTXHO·pUXSWLRQSHUVLVWHPDOJUpXQWUDL WHPHQWWRSLTXH FRUWLFRwGHVWDFUROLPXVSKRWRWKpUDSLH HW TX·DXFXQ,)1GHVXEVWLWXWLRQQ·HVWWROpUpXQHLQGXFWLRQGH WROpUDQFHHQSDOLHUVSHXWrWUHSURSRVpHFHTXLDSHUPLV GDQVFDVUpIUDFWDLUHVG·DFKHYHUOHWUDLWHPHQWDYHFXQH ERQQHWROpUDQFHHWQpJDWLYDWLRQGHODFKDUJHYLUDOH

/D3($*SHXWrWUHDVVRFLpHjGHVDWWHLQWHV V\VWpPLTXHV 'HVpWXGHVVLJQDOHQWTXHGHV3($*RQWXQHDWWHLQWH V\VWpPLTXH/·pTXLSHGH&UpWHLODIDLWXQHpWXGHUpWURVSHF WLYHGH3($*GLDJQRVWLTXpHVGHj>@6XUFDV RQWpWpH[FOXVGRQWVFRUHV5HJLVFDU©SRVVLEOH3($*ª 3DUPLOHV3($*LQFOXVHVOHVVFRUHVpWDLHQWGH©SUR EDEOHVªHW©FHUWDLQHVª/HVPpGLFDPHQWVHQFDXVHpWDLHQW EpWDODFWDPLQHV FDV SULVWLQDP\FLQH  GLOWLD]HP   K\GUR[\FKORURTXLQH  'DQVFDVSOXVLHXUVPpGLFDPHQWV SRXYDLHQWrWUHHQFDXVHHWGDQVFDVDXFXQPpGLFDPHQW LGHQWLÀp3DUPLOHVFDVDWWHLQWHVKpSDWLTXHV FDV  UpQDOHV   SXOPRQDLUHV   HW DJUDQXORF\WRVH   /·kJH Q·pWDLWSDVXQIDFWHXUG·DWWHLQWHV\VWpPLTXH/HVIDFWHXUV DVVRFLpV pWDLHQW  VXUYHQXH GH 3($* j OD UpLQWURGXFWLRQ G·DPR[LFLOOLQHWDX[GHQHXWURSKLOHV S  HWWDX[GH OD3&5 S  

$WWHQWLRQDX[FKRFVGDQVOH'5(66 8QHpWXGHGHFDVFRQÀUPpVGH'5(66 VXUVXVSHFWpV  GDQVVHUYLFHVGHUpDQLPDWLRQIUDQoDLVDVRXOLJQpODJUDQGH IUpTXHQFH GHV GpIDLOODQFHV KpPRG\QDPLTXHV  FDV  GpWUHVVHUHVSLUDWRLUH  DWWHLQWHKpSDWLTXH   LQVXIÀVDQFH UpQDOH   DFLGRVH PpWDEROLTXH   PDLV SDV G·LQIHFWLRQ EDFWpULHQQH DVVRFLpH QL G\VIRQFWLRQ P\RFDUGLTXH>@/HPpFDQLVPHGXFKRFHVWPDOFRQQXLO SRXUUDLWrWUHOLpDXUHODUJDJHPDVVLIGHF\WRNLQHVPLPDQW XQFKRFVHSWLTXH/DVXUYHLOODQFHGRLWrWUHIDLWHGDQVGHV FHQWUHVVSpFLDOLVpVHWSRXYDQWWUDQVIpUHUGDQVGHVVHUYLFHV GHUpDQLPDWLRQFRQQDLVVDQWELHQFHWWHWR[LGHUPLH

7R[LGHUPLHVJUDYHVHWSK\WRWKpUDSLH +XLOHVHVVHQWLHOOHVHWV\QGURPHGH/\HOO 8QHpWXGHSRUWDQWVXUFDVGpFODUpVGHSKDUPD FRYLJLODQFHWKDwHPRQWUHTXHOHUHSRUWLQJRGGVUDWLRDMXVWp 525D G·LQGXFWLRQGHV\QGURPHGH6WHYHQV-RKQVRQ/\HOOHVW GH  SRXUXQHSUpSDUDWLRQGHSK\WRWKpUDSLH KXLOH HVVHQWLHOOHGH3DWFKRXOLLQGRQpVLHQKXLOHGHVRSKRUDH[LJXD HWPXVFDGH DORUVTXHOH525DGXFRWULPR[D]ROHHVWGH ,& GHO·DOORSXULQRO ,& HW GHODFDUEDPD]pSLQH  >@8QHOpJXPLQHXVHOH 'HUULVVFDQGHQV 5R[E %HQWKDYDLWXQ525DGH ,&

$%DUEDXG

 GDQVO·LQGXFWLRQG·XQDQJLRHGqPHHWO·$QGURJUDSKLV SDQLFXODWD FKLUHWWHYHUWH DYDLWXQ525DGH ,&  GDQVOHGpFOHQFKHPHQWGHFKRFDQDSK\ODFWLTXH

/·KXLOHGH1LJHOOHDPLHRXHQQHPLHGHODSHDX" ,O H[LVWH GHV GHUPDWRVHV EXOOHXVHV JUDYHV LQGXLWHV SHU RV HW SDU DSSOLFDWLRQ G·KXLOH HVVHQWLHOOH GH 1LJHOOH >@ 1LJHOODVDWLYD IDPLOOHGHV5DQXQFXODFHDH RXFXPLQQRLU HVWVXSSRVpHDYRLUGHQRPEUHXVHVYHUWXVGRQWFHOOHGHJXpULU O·HF]pPD8QHpWXGHHQGRXEOHDYHXJOHHQJURXSHVSDUDOOqOHV GH  SDWLHQWV D PRQWUp XQH HIÀFDFLWp FRPSDUDEOH HQWUH O·KXLOHGH1LJHOOHjHWODEpWDPpWKDVRQHj>@

$OOHUJLHGHFRQWDFWHWFRQVHUYDWHXUV 0pWK\OLVRWKL]ROLQRQH /DPpWK\OLVRWKLD]ROLQRQH 0,7 HVWHQXQHIRLVGH SOXVO·DOOHUJqQHGHFRQWDFWGHO·DQQpH(Q)UDQFHXQHpWXGH GHSDWLHQWVWHVWpVDYHFOD0,7jVHXOHPHQWSSP DVRXOLJQpO·DXJPHQWDWLRQVLJQLÀFDWLYH S GHVFDV GHHQjHQHWHQ>@(Q %HOJLTXHRQHVWSDVVpGHHQjHQ>@ HQ)LQODQGHGHHQjHQ>@HWHQ 6XqGHSDUPLFDVGHHQjHQ>@ /D0,7GRLWrWUHDMRXWpHjODEDWWHULHVWDQGDUGFDUWHVWHU DYHFOHPpODQJHPpWK\OFKORURLVRWKLD]ROLQRQH 0&, 0,7HVW LQVXIÀVDQW  OD 0&, pWDQW LQVXIÀVDPPHQW FRQFHQWUpH OH GLDJQRVWLF SHXW rWUH UDWp ,O IDXW PRGLÀHU OH PpODQJH HW SDVVHUjSSP0rPHjSSPOD0,7HQWUDvQHGHVIDX[ QpJDWLIVXQHUHFRPPDQGDWLRQUpFHQWHSUpFRQLVHGHWHVWHUj SSPHQFRQWU{ODQWOHYROXPHSRXUOLPLWHUO·LQGXFWLRQ GHVHQVLELOLVDWLRQPLFUROLWUHVDYHFFXSXOHV)LQQ&KDPEHUV HWPLFUROLWUHVDYHFOHVFKDPEUHV,4>@ $FWXHOOHPHQW OD 0,7 SHXW rWUH XWLOLVpH GDQV OHV FRV PpWLTXHV j  SSP 8QH UHFRPPDQGDWLRQ HXURSpHQQH D SUpFRQLVpGHVXSSULPHUOD0,7GDQVOHVFRVPpWLTXHVODLVVpV HQSODFHHWGHOLPLWHUjSSPGDQVOHVSURGXLWVULQFpV)LQ LOQ·\DSDVGHWH[WHRIÀFLHOG·DSSOLFDWLRQ/HVHFRQG SRLQWLQTXLpWDQWHVWTXHOD0,7HOOHHVWWUqVXELTXLWDLUHGDQV OHVOLQJHWWHVQHWWR\DQWHVOHVSURGXLWVPpQDJHUVHWOHVSUR GXLWVG·HQWUHWLHQGXFXLUSRXYDQWHQWUDvQHUXQHGHUPDWLWHGX VRIDOHVSHLQWXUHVjO·HDXOHVPDVWLFVHWHQGXLWVHWFHUWDLQV SURGXLWVG·HQFROODJHGHVUHYrWHPHQWVSRXUVRO>@/D0,7 HVWGRQFDXVVLXQDOOHUJqQHGHO·HQYLURQQHPHQWLQWpULHXU ,OH[LVWHGLIIpUHQWHVLVRWKLD]ROLQRQHV DYHFUpDFWLRQVFURL VpHVDOOHUJLTXHVSRVVLEOHV 8QHpWXGHDX'DQHPDUNWURXYDLW VXUOHPDUFKpGHODEHQ]LVRWKLD]ROLQRQHGDQVSURGXLWV OHPpODQJH0&,0,GDQV SHLQWXUHVHWYHUQLVSURGXLWVGH QHWWR\DJHFLUHV jGHVFRQFHQWUDWLRQVGHSSPjHW GHOD0,7GDQV SHLQWXUHVYHUQLVSURGXLWVGHQHWWR\DJH HWGHOHVVLYHHWELRFLGHVLQGXVWULHOV jGHVFRQFHQWUDWLRQVGH SSPj>@ /·H[SRVLWLRQDpURSRUWpHDGHVSUpVHQWDWLRQVWUqVYDULpHV DOOHUJLHV GH FRQWDFW GX YLVDJH RX GHV PDLQV PDLV DXVVL HF]pPDVGHVSDUWLHVGpFRXYHUWHVRXPLPDQWXQHGHUPDWLWH

4XRLGHQHXIHQGHUPDWRORJLHFOLQLTXH"

DWRSLTXH GHV GHUPDWLWHV V\VWpPLTXHV JpQpUDOLVpHV RX XQ DVWKPH $XWUHIDLWLPSRUWDQWHQGHPXOWLSOHVSXEOLFDWLRQV VRXOLJQDQWODVHQVLELOLVDWLRQFKH]GHMHXQHVHQIDQWV>@ SULQFLSDOHPHQW j W\SH G·HF]pPD GX YLVDJH HW GX VLqJH GpFOHQFKpVSDUGHVOLQJHWWHVQHWWR\DQWHVDYHFSDUIRLVXQH UpDFWLYDWLRQ ORUV GH O·H[SRVLWLRQ DpURSRUWpH j OD 0,7 GHV SHLQWXUHVjO·HDXPXUDOHV>@

$XWUHVFRQVHUYDWHXUV 8Q QRXYHDX FRQVHUYDWHXU SHXW LQGXLUH GHV VHQVLELOL VDWLRQ  O·KH[DPpWK\OqQH ELJXDQLGH DSSHOp DXVVL 3$3% RX 3+0%RXSRO\KH[DQLGHTX·RQSHXWWHVWHUGHjGDQV O·HDX,OH[LVWHGHVUpDFWLRQVFURLVpHVDYHFODFKORUKH[LGLQH HWO·KH[DPLGLQH>@/·KH[DPpWK\OqQHELJXDQLGHSHXWrWUH WURXYpGDQVGHVWRQLTXHVHWVROXWLRQVQHWWR\DQWHVGXYLVDJH VSUD\V FDSLOODLUHV GpRGRUDQWV VROXWLRQV GH QHWWR\DJH GHV OHQWLOOHV GH FRQWDFW SURGXLWV SRXU QHWWR\HU OHV SODLHV HW GpVLQIHFWDQWVSRXUSLVFLQH>@

%DWWHULHVWDQGDUG /D SUHPLqUH pWXGH IUDQFREHOJH GX 5HYLGDO*(5'$ D PRQWUp TX·HQ  SDUPL   SDWLHQWV OHV WDX[ GH VHQVLELOLVDWLRQpWDLHQWGHSRXUOHVXOIDWHGHQLFNHO SRXUOHIUDJUDQFHPL[GHSRXUOH0\UR[\ORQ SHUHLUDH %DXPHGX3pURX HWGHSRXUOHELFKURPDWHGH SRWDVVLXPFRPPHGDQVG·DXWUHVSD\VHXURSpHQV>@&HWWH pWXGHSUpFRQLVHGHWHVWHUV\VWpPDWLTXHPHQWO·$PHUFKRO/ GpULYp GHV DOFRROV GH ODLQH  j   GDQV OD YDVHOLQH OH FKORUXUHGHEHQ]DONRQLXPjGDQVODYDVHOLQHOHGLVSHUVH EOXH FRORUDQWYHVWLPHQWDLUH jGDQVODYDVHOLQHOH ODXU\OJOXFRVLGHHQSOXVELHQV€UGHOD0,7

6

>@

>@

>@

>@

>@

>@ >@

>@

>@

>@

>@

/LHQVG·LQWpUrWV

>@

/·DXWHXUGpFODUHQHSDVDYRLUGHFRQÁLWG·LQWpUrWVUHODWLI jFHWDUWLFOH

>@

5pIpUHQFHV >@ (]]HGLQH.0DKp$YDQ*HHO1&DUGRW/HFFLD1*DXWKLHU(SXEDKHDGRI[email protected] >@ 0LVHU\/%RGHUH&*HQHVWHW6=DJQROL)0DUFRUHOOHV36PDOO ÀEUHQHXURSDWKLHVDQGVNLQQHZVDQGSHUVSHFWLYHVIRUGHUPD WRORJLVWV(XU-'HUPDWRO >@ 0LVHU\/3DY\/H7UDRQ$*HQHVWHW6/H%HF50DUFRUHOOHV3 'LDJQRVLVRIVPDOOÀEUHQHXURSDWKLHVFRPSDULVRQEHWZHHQTXDQ WLWDWLYHVHQVRU\WHVWLQJDQGWKHPHDVXUHPHQWRILQWUDHSLGHUPDO QHUYHÀEUHGHQVLW\-(XU$FDG'HUPDWRO9HQHUHRO >@ %DUDQ57XUNPDQL0*0XEN7$FTXLUHGUDFTXHWQDLOVDXVH IXOVLJQRIK\SHUSDUDWK\URLGLVP$FTXLUHGUDFTXHWQDLOVDXVH

>@

>@

>@

>@

>@

IXOVLJQRIK\SHUSDUDWK\URLGLVP-(XU$FDG'HUPDWRO9HQHUHRO 0D\GRLMGY>(SXEDKHDGRI[email protected] 0DJH 9 /LSVNHU ' %DUEDURW 6 %HVVLV ' &KRVLGRZ 2 'HO *LXGLFH3HWDO'LIIHUHQWSDWWHUQVRIVNLQPDQLIHVWDWLRQVDVVR FLDWHGZLWKSDUYRYLUXV%SULPDU\LQIHFWLRQLQDGXOWV-$P $FDG'HUPDWRO 'XERXUJ*6RFRORYVFKL&'HO*LXGLFH3)RXUQLHU3(5DRXOW' 6FDOS HVFKDU DQG QHFN O\PSKDGHQRSDWK\ DIWHU WLFN ELWH DQ HPHUJLQJV\QGURPHZLWKPXOWLSOHFDXVHV(XU-&OLQ0LFURELRO ,QIHFW'LV =KDQJ+=KRX(SXEDKHDGRI[email protected] 7HL[HLUD 9% &DEUDO 5 %ULWHV 00 9LHLUD 5 )LJXHLUHGR$ %XOORXV SHPSKLJRLG DQG FRPRUELGLWLHV D FDVHFRQWURO VWXG\ LQ3RUWXJXHVHSDWLHQWV$Q%UDV'HUPDWRO %ULFN .( :HDYHU &+ 6DYLFD 5 /RKVH &0 3LWWHONRZ 05 %RHYH%)HWDO$SRSXODWLRQEDVHGVWXG\RIWKHDVVRFLDWLRQ EHWZHHQEXOORXVSHPSKLJRLGDQGQHXURORJLFGLVRUGHUV-$P $FDG'HUPDWRO$XJSLL6  GRL MMDDG>(SXEDKHDGRI[email protected] 7DJKLSRXU . &KL && %KRJDO % *URYHV 5: 9HQQLQJ 9 :RMQDURZVND),PPXQRSDWKRORJLFDOFKDUDFWHULVWLFVRISDWLHQWV ZLWKEXOORXVSHPSKLJRLGDQGQHXURORJLFDOGLVHDVH-(XU$FDG 'HUPDWRO9HQHUHRO &DL6&$OOHQ-&/LP@ %pQp--DFREVRRQH$&RXSH3$XIIUHW0%DEDL6+LOODLUH %X\V 'HW DO %XOORXV SHPSKLJRLG LQGXFHG E\ YLOGDJOLSWLQ D UHSRUWRIWKUHHFDVHV)XQGDP&OLQ3KDUPDFRO0D\ GRLIFS>(SXEDKHDGRI[email protected] >@ $WWDZD\$0HUVIHOGHU7/9DLVKQDY6%DNHU-.%XOORXVSHP SKLJRLGDVVRFLDWHGZLWKGLSHSWLG\OSHSWLGDVH,9LQKLELWRUV$ FDVH UHSRUW DQG UHYLHZ RI OLWHUDWXUH - 'HUPDWRO &DVH 5HS  >@ 7DQL1.LPXUD@ /\QGH&:3RXOLQ@ 3LFDUG'%pQLFKRX-6LQ&$EDVT&+RXLYHW(.RQLQJ5HWDO ,QFUHDVHG SUHYDOHQFH RI SVRULDVLV LQ SDWLHQWV ZLWK FRURQDU\ DUWHU\GLVHDVHUHVXOWVIURPDFDVHFRQWUROVWXG\%U-'HUPDWRO -XQGRLEMG>(SXEDKHDGRI[email protected] >@ YDQ GHU 9RRUW ($ .RHKOHU (0 'RZODWVKDKL ($ +RIPDQ$ 6WULFNHU%+-DQVVHQ+/HWDO3VRULDVLVLVLQGHSHQGHQWO\DVVR FLDWHGZLWKQRQDOFRKROLFIDWW\OLYHUGLVHDVHLQSDWLHQWV\HDUV ROGRUROGHU5HVXOWVIURPDSRSXODWLRQEDVHGVWXG\-$P$FDG 'HUPDWRO >@ /DQJHQEUXFK$ 5DGWNH 0$ .UHQVHO 0 -DFREL$ 5HLFK . $XJXVWLQ 0 1DLO LQYROYHPHQW DV D SUHGLFWRU RI FRQFRPLWDQW SVRULDWLF DUWKULWLV LQ SDWLHQWV ZLWK SVRULDVLV %U - 'HUPDWRO -XOGRLEMG>(SXEDKHDGRI[email protected] >@ 3LVWRQH*/D9HFFKLD03LVWRQH$%RQJLRUQR05$FKLOOHVWHQ GRQ XOWUDVRQRJUDSK\ PD\ GHWHFW HDUO\ IHDWXUHV RI SVRULDWLF DUWKURSDWK\LQWKRVHZLWKFXWDQHRXVSVRULDVLV%U-'HUPDWRO 0D\GRLEMG>(SXEDKHDGRI[email protected] >@ *LVRQGL37LQD]]L,(O'DODWL**DOOR0%LDVL'%DUEDUD/0HW DO/RZHUOLPEHQWKHVRSDWK\LQSDWLHQWVZLWKSVRULDVLVZLWKRXW FOLQLFDO VLJQV RI DUWKURSDWK\ D KRVSLWDOEDVHG FDVHFRQWURO VWXG\$QQ5KHXP'LV >@ &URZOH\--0HNNHV-5=RXERXOLV&&6FKHLQIHOG1.LPEDOO$ 6XQGDUDP 0 HW DO$VVRFLDWLRQ RI KLGUDGHQLWLV VXSSXUDWLYD GLVHDVHVHYHULW\ZLWKLQFUHDVHGULVNIRUV\VWHPLFFRPRUELGL WLHV%U-'HUPDWRO0D\GRLEMG>(SXE DKHDGRI[email protected] >@ *ROG'$5HHGHU9-0DKDQ0*+DP]DYL,+7KHSUHYDOHQFH RIPHWDEROLFV\QGURPHLQSDWLHQWVZLWKKLGUDGHQLWLVVXSSXUD WLYD-$P$FDG'HUPDWRO >@ YDQGHU=HH++GH:LQWHU.YDQGHU:RXGH&-3UHQV(37KH SUHYDOHQFHRIKLGUDGHQLWLVVXSSXUDWLYDLQSDWLHQWVZLWK LQÁDPPDWRU\ERZHOGLVHDVH%U-'HUPDWRO0DUGRL EMG>(SXEDKHDGRI[email protected] >@ ,QJUDP-5$EERWW5*KD]DYL0$OH[DQGURII$%0F3KHH0 %XUWRQ7HWDO7KHKLGUDGHQLWLVVXSSXUDWLYDSULRULW\VHWWLQJ SDUWQHUVKLS%U-'HUPDWRO-XQGRLEMG >(SXEDKHDGRI[email protected] >@ &LFFDUHOOL)'H0DUWLQLV0*LQDOGL/$QXSGDWHRQDXWRLQÁDP PDWRU\GLVHDVHV&XUU0HG&KHP >@ 3UDW/%RXD]L]-':DOODFK'9LJQRQ3HQQDPHQ0'%DJRW0 1HXWURSKLOLFGHUPDWRVHVDVV\VWHPLFGLVHDVHV&OLQ'HUPDWRO 

$%DUEDXG

>@ .LHIIHU&&ULELHU%/LSVNHU'1HXWURSKLOLFXUWLFDULDOGHUPDWR VLVDYDULDQWRIQHXWURSKLOLFXUWLFDULDVWURQJO\DVVRFLDWHGZLWK V\VWHPLFGLVHDVHUHSRUWRIQHZFDVHVDQGUHYLHZRIWKHOLWH UDWXUH0HGLFLQH %DOWLPRUH  >@ %HODQL+*HQVOHU/%DMSDL80HLQKDUGW(*UDI-3LQFXV/ HWDO1HXWURSKLOLFXUWLFDULDZLWKV\VWHPLFLQÁDPPDWLRQDFDVH VHULHV-$0$'HUPDWRO >@ +DUWLJ,6FKURHGHU-20URZLHW]81HXWURSKLOLFXUWLFDULDOGHU PDWRVLV 18' LQSUREDEOHDGXOWRQVHWVWLOOGLVHDVHUHVSRQGLQJ WRDQDNLQUD-&OLQ5KHXPDWRO >@ /HYHQGHU006LOYHUV'1*URVVPDQ0(8UWLFDULDOLNHQHXWUR SKLOLFGHUPDWRVLVLQDVVRFLDWLRQZLWK,J$JDPPRSDWK\DQHZ HQWLW\%U-'HUPDWRO >@ =XEHUELHU7$EHUHU:$VHUR5%LQGVOHY-HQVHQ&%U]R]D= &DQRQLFD*:HWDO0HWKRGVUHSRUWRQWKHGHYHORSPHQWRIWKH UHYLVLRQDQGXSGDWHRIWKH($$&,*$/(1('):$2JXL GHOLQHIRUWKHGHÀQLWLRQFODVVLÀ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email protected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jO·KXLOHGH1LJHOODVDWLYD $QQ'HUPDWRO9HQHUHRO >@ (SXEDKHDGRI[email protected] %UX]H0*RRVVHQV$,VDNVVRQ05HFRPPHQGDWLRQWRLQFUHDVH WKHWHVWFRQFHQWUDWLRQRIPHWK\OFKORURLVRWKLD]ROLQRQHPHWK\ OLVRWKLD]ROLQRQHLQWKH(XURSHDQEDVHOLQHSDWFKWHVWVHULHVRQ EHKDOIRIWKH(XURSHDQ6RFLHW\RI&RQWDFW'HUPDWLWLVDQGWKH (XURSHDQ (QYLURQPHQWDO DQG &RQWDFW 'HUPDWLWLV 5HVHDUFK *URXS&RQWDFW'HUPDWLWLV 9DQGHYHQQH$9DQGHQ%URHFNH.*RRVVHQV$6RIDGHUPDWL WLVFDXVHGE\PHWK\OLVRWKLD]ROLQRQHLQDOHDWKHUFDUHSURGXFW &RQWDFW'HUPDWLWLV )ULLV8)0HQQp7)O\YKROP0$%RQGH-3/HSRLWWHYLQ-3/H &R]&-HWDO,VRWKLD]ROLQRQHVLQFRPPHUFLDOSURGXFWVDW'DQLVK ZRUNSODFHV&RQWDFW'HUPDWLWLV

6

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email protected] >@ &DVWHODLQ0$VVLHU+%DHFN0%DUD&%DUEDXG$&DVWHODLQ) HWDO7KH(XURSHDQ6WDQGDUG6HULHVDQGLWVDGGLWLRQVDUHWKH\ RIDQ\XVHLQ"(XU-'HUPDWRO

[What's new in clinical dermatology?].

Dermatoses have been better characterized as hypochromic vitiligo in subjects with dark skin or the acquired racquet nails associated with hyperparath...
415KB Sizes 0 Downloads 14 Views