$QQDOHVGHGHUPDWRORJLH VXSSOpPHQW66

4XRLGHQHXIHQGHUPDWRORJLH LQVWUXPHQWDOH" :KDW·VQHZLQLQVWUXPHQWDOGHUPDWRORJ\"

-0$PLFL +{SLWDO6DLQW$QGUp&+8GH%RUGHDX[UXH-HDQ%XUJXHW%RUGHDX[)UDQFH

0276&/e6 %LRSVLH $QWLFRDJXODQW /DPEHDXELOREp &LFDWULVDWLRQ

5pVXPp &HTXRLGHQHXIHQGHUPDWRORJLHLQVWUXPHQWDOHVHIRFDOLVHVXUFKDTXHpWDSHGHODFKLUXUJLH FXWDQpHRQFRORJLTXH3RXUFHIDLUHXQHUHYXHGHODOLWWpUDWXUHDpWpHIIHFWXpH /HV SRLQWV IRUWV FRQFHUQHQW HQ SUHPLHU OLHX OD FDSDFLWp GHV GHUPDWRORJXHV j HIIHFWXHU XQH ERQQH OHFWXUH FDUFLQRORJLTXH GHV WXPHXUV SUpDODEOH LQGLVSHQVDEOH j XQ WUDLWHPHQW FKLUXUJLFDO UDGLFDO $YDQWDJHV HW LQFRQYpQLHQWV GH OD ELRSVLH VRQW DERUGpV /H GHX[LqPH PHVVDJHFRQFHUQHOHVDQWLFRDJXODQWVTXLHQUqJOHJpQpUDOHQHGRLYHQWSDVrWUHLQWHUURPSXV QL PRGLÀpV HQ YXH G·XQH FKLUXUJLH FXWDQpH 0DOJUp GHV UHFRPPDQGDWLRQV pWDEOLHV FHWWH SUDWLTXHQ·HVWSDVVXLYLHGDQVGHVFDVHWLOIDXWLQVLVWHUVXUFHSRLQWFDUOHVFRPSOLFDWLRQV KpPRUUDJLTXHV VRQW EpQLJQHV VDQV FRPPXQH PHVXUH DYHF OD PRUELGLWp GHV DFFLGHQWV WKURPERWLTXHVjO·DUUrWGHFHVPpGLFDWLRQV&RQFHUQDQWOHULVTXHLQIHFWLHX[OHSRUWDJHQDVDO GH6WDSK\ORFRFFXVDXUHXVHVWXQIDFWHXUGHULVTXHG·LQIHFWLRQGXVLWHRSpUDWRLUHODGRXFKH SUpRSpUDWRLUH j OD FKORUKH[LGLQH HW OD GpFRORQLVDWLRQ WRSLTXH SDU PXSLURFLQH UpGXLVHQW FH ULVTXH /HV WHFKQLTXHV FKLUXUJLFDOHV pYROXHQW YHUV OH PLQLPDOLVPH j OD UHFKHUFKH GX PRLQGUHGpFROOHPHQWHWGHODPRLQGUHUDQoRQFLFDWULFLHOOH6XUOHWURQFFHODSDVVHSDUGHV VXWXUHVSURIRQGHVXWLOLVDQWGHVÀOVjUpVRUSWLRQOHQWHDYHFXQLQWpUrWGpPRQWUpjXWLOLVHU HQ FRPSOpPHQW GHV VXWXUHV DGKpVLYHV 6XU OD IDFH OD FKLUXUJLH GX WLHUV LQIHULHXU GX QH] HVWODSOXVGLIÀFLOHFDUjSUR[LPLWpGHVERUGVOLEUHVTXLVRQWGpIRUPDEOHV3RXUFHODRQWpWp GpYHORSSpVGHVODPEHDX[GHWUDQVSRVLWLRQXQLELRXWULOREpVTXLUHVSHFWHQWO·XQLWpHVWKpWLTXH QDVDOHHWQ·H[HUFHQWDXFXQHWHQVLRQQLGpIRUPDWLRQGHVERUGVOLEUHVQDULQDLUHV&RQFHUQDQW O·DFFRPSDJQHPHQW FLFDWULFLHO OD WHQGDQFH j GpYHORSSHU XQH K\SHUWURSKLH FLFDWULFLHOOH SUpFRFH GH FHV ODPEHDX[ HVW PLHX[ GpÀQLH HW XQ WUDLWHPHQW SUpFRFH SDU LQMHFWLRQ GH FRUWLFRwGHUHWDUGFRQVWLWXHXQHVROXWLRQSURPHWWHXVH(QÀQOHVPpFDQLVPHVGHO·HIÀFDFLWpGH ODFRPSUHVVLRQGDQVOHWUDLWHPHQWHWODSUpYHQWLRQGHVFLFDWULFHVG\VWURSKLTXHVV·pFODLUHQW JUkFHjODPLVHHQpYLGHQFHGHYRLHVGHVLJQDOLVDWLRQGHPpFDQRWUDQVGXFWLRQFHOOXODLUHTXL UpJXOHQWODTXDOLWpGHODV\QWKqVHGXFROODJqQHHWO·DJHQFHPHQWGHODÀEURVH ‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

&RUUHVSRQGDQFH  $GUHVVHHPDLOMPDPLFL#JPDLOFRP ‹(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

4XRLGHQHXIHQGHUPDWRORJLHLQVWUXPHQWDOH"

.(@(QÀQOH UHSpUDJHWXPRUDOUHSRVHDYDQWWRXWHFKRVHVXUXQH[DPHQ FOLQLTXHFXWDQpDWWHQWLITXHQRXVGpQRPPRQV©ODOHFWXUH FDUFLQRORJLTXHª

­TXLFRQÀHUODSULVHHQFKDUJH FKLUXUJLFDOHGX&%&" /H WUDLWHPHQW FKLUXUJLFDO GHV &%& HVW XQ GRPDLQH SDUWDJp DYHF OD FKLUXUJLH SODVWLTXH 25/ PD[LOORIDFLDOH HW RFXORSODVWLTXH 8QH pWXGH UpWURVSHFWLYH FRQFHUQDQW &%&SDWLHQWVDpYDOXpOHWDX[G·H[pUqVHLQFRPSOqWH VHORQTXHOH&%&DLWpWpRSpUpSDUGHVGHUPDWRORJXHVRXSDU GLIIpUHQWVFKLUXUJLHQVHWDUHFKHUFKpGHVIDFWHXUVDVVRFLpV DX[ GLIIpUHQFHV HQWUH OHV VSpFLDOLWpV >@ /H WDX[ JOREDO G·H[pUqVHLQFRPSOqWHpWDLWGHVLJQLÀFDWLYHPHQWSOXV EDVFKH]OHVGHUPDWRORJXHV YVOHVDXWUHVVSpFLDOLWpV

6

FKLUXUJLFDOHV /HULVTXHG·H[pUqVHLQFRPSOqWHpWDLW IRLVSOXVpOHYpVLOHFKLUXUJLHQQ·pWDLWSDVGHUPDWRORJXHHW FHLQGpSHQGDPPHQWGHO·kJHGHODORFDOLVDWLRQGHODWDLOOH HWGHO·KLVWRORJLH/DSULQFLSDOHH[SOLFDWLRQGHFHVUpVXOWDWV UHSRVHVXUXQHPHLOOHXUHFRQQDLVVDQFHGHVWXPHXUVFXWDQpHV HWXQHPHLOOHXUHOHFWXUHFDUFLQRORJLTXHGHVGHUPDWRORJXHV 8QHpWXGHSRUWDQWVXUWXPHXUVVDQVELRSVLHSUpDODEOH DpYDOXpFHWWHFDSDFLWpGHGLDJQRVWLFFOLQLTXHSUpRSpUDWRLUH GDQV XQ VHUYLFH GH GHUPDWRORJLH >@ /D 933 JOREDOH GH O·H[DPHQFOLQLTXHSRXUXQHWXPHXUFXWDQpHPDOLJQHpWDLW GHHWYDULDLWVHORQOHW\SHWXPRUDODYHFXQH933j SRXUOHV&%&jSRXUOHVFDUFLQRPHVpSLGHUPRwGHV HWjSRXUOHPpODQRPH

/DGHUPRVFRSLHHVWHOOHXWLOHSRXUODSULVH GHVPDUJHVGHVpFXULWpV" 8QH pWXGH D FRPSDUp O·pYDOXDWLRQ SUpRSpUDWRLUH GHV PDUJHVG·H[pUqVHSDUGHUPRVFRSLHGLJLWDOHHWH[DPHQFOLQLTXH FKH]SDWLHQWVDYHFXQGLDJQRVWLFKLVWRORJLTXHFRQÀUPp GH&%&$SUqVH[DPHQFOLQLTXHGHVH[pUqVHVpWDLHQW KLVWRORJLTXHPHQWLQFRPSOqWHVYVGDQVOHJURXSHpYDOXp SDU GHUPRVFRSLH >@ 'DQV XQH DXWUH pWXGH D\DQW FRPPH REMHFWLIG·pYDOXHUO·XWLOLWpGHODGHUPRVFRSLHSRXUJXLGHUOHV PDUJHVHQFKLUXUJLHPLFURJUDSKLTXHGH0RKVHWUpGXLUHOH WHPSVRSpUDWRLUHODPRUELGLWpHWOHFR€WGHFHWWHWHFKQLTXH OHVFRQFOXVLRQVVRQWGLIIpUHQWHVSDWLHQWVRQWpWpUpSDUWLV HQJURXSHVXQJURXSHFRQWU{OHHWXQJURXSHRSpUpDYHF FRQWU{OHGHUPRVFRSLTXHGHVPDUJHVVDQVDXFXQHGLIIpUHQFH VLJQLÀFDWLYHHQWUHOHVGHX[/DGHUPRVFRSLHQHSDUDvWGRQF SDVDSSRUWHUGHSOXVYDOXHjODWHFKQLTXHGH0RKV>@

4XRLGHQHXIGDQVODJHVWLRQGXULVTXH KpPRUUDJLTXH" (QYLURQXQHSHUVRQQHVXUTXDWUHVXELVVDQWXQHFKLUXUJLH GHUPDWRORJLTXH SUHQG XQ PpGLFDPHQW DQWLWKURPERWLTXH /HXU SRXUVXLWH SHQGDQW XQH FKLUXUJLH FXWDQpH DXJPHQWH OH ULVTXH KpPRUUDJLTXH8QH pWXGH SURVSHFWLYH UpFHQWH SRUWDQW VXU   SDWLHQWV VRXV DQWLFRDJXODQW D pYDOXp OH WDX[ GH FRPSOLFDWLRQV KpPRUUDJLTXHV >@ /H WDX[ OH SOXV pOHYp GH FRPSOLFDWLRQV pWDLW REVHUYp FKH] OHV SDWLHQWV VRXV ZDUIDULQH /·DUUrW GH FHV DQWLFRDJXODQWV DXJPHQWH OH ULVTXH G·pYpQHPHQWV WKURPERWLTXHV JUDYHV HW PDOJUp FH ULVTXH KpPRUUDJLTXH SOXV pOHYp OHV UHFRPPDQGDWLRQV VRQW GH SRXUVXLYUH FHV WUDLWHPHQWV ORUV G·XQH FKLUXUJLH GHUPDWRORJLTXHHQRSWLPLVDQWODWHFKQLTXHG·KpPRVWDVHHW OHVXLYLSRVWRSpUDWRLUH&HSHQGDQWFHVUHFRPPDQGDWLRQV pWDEOLHVQHVRQWSDVLQWpJUpHVjODSUDWLTXHFDUSOXVGH GHVFKLUXUJLHQVGHUPDWRORJLTXHVLQWHUURPSHQWODZDUIDULQH SRXUXQHFKLUXUJLHGHUPDWRORJLTXHDORUVTX·LOFRQYLHQWGH OH SRXUVXLYUH HQ YpULÀDQW OD YHLOOH GH O·LQWHUYHQWLRQ TXH O·,15HVWLQIpULHXUj>@/HVGLIÀFXOWpVjVWDELOLVHUFHW,15 HWVHVÁXFWXDWLRQVRQWFRQGXLWjO·pPHUJHQFHGHQRXYHDX[ DQWLFRDJXODQWVRUDX[ODUJHPHQWSUHVFULWVGDQVODSUpYHQWLRQ

-0$PLFL

GXULVTXHWKURPERWLTXH/·DQWLWKURPELQHIDFWRU,, OHGDEL JDWUDQ3UDGD[DŠ HVWOHSUHPLHUDQWLFRDJXODQWRUDOGHSXLV OD ZDUIDULQH LO \  DQV ,O HVW LQGLTXp GDQV OH WUDLWHPHQW GHODÀEULOODWLRQDXULFXODLUHHWODSUpYHQWLRQGHVDFFLGHQWV YDVFXODLUHVFpUpEUDX[>@/HULYDUR[DEDQ;DOUHOWRŠ HVWXQ LQKLELWHXUGLUHFWGXIDFWHXU;DLQGLTXpGDQVODSUpYHQWLRQ GXULVTXHWKURPERHPEROLTXHORUVGHFKLUXUJLHSURWKpWLTXH GHJHQRX[RXGHKDQFKHHQSUpYHQWLRQGHVDFFLGHQWVYDV FXODLUHVFpUpEUDX[HWGHÀEULOODWLRQDXULFXODLUH0rPHVLOH ULVTXHKpPRUUDJLTXHVRXVFHWWHPROpFXOHVHPEOHSOXVpOHYp LOQ·HVWDFWXHOOHPHQWSDVUHFRPPDQGpGHO·LQWHUURPSUHSRXU ODFKLUXUJLHFXWDQpH>@/HVDQWLDJUpJDQWVSODTXHWWDLUHHQ PRQRRXELWKpUDSLHGRLYHQWrWUHpJDOHPHQWrWUHSRXUVXLYLV HQSDUWLFXOLHUOHFORSLGRJUHOFKH]OHVFRURQDULHQVSRUWHXUV GHVWHQW>@7RXWHIRLVFKH]FHVSDWLHQWVHQFDVGHSODVWLH GH OD IDFH HW GH GpFROOHPHQW FXWDQp WUqV LPSRUWDQW XQ DUUrW GH  MRXUV GX FORSLGRJUHO DYHF SRXUVXLWH GH O·DFLGH DFpW\OVDOLF\OLTXHHVWHQYLVDJHDEOHHQFRQFHUWDWLRQDYHFOH FDUGLRORJXHRXOHSUHVFULSWHXU&HVUHFRPPDQGDWLRQVVRQW HQFRUHWURSSHXDQFUpHVGDQVOHVSUDWLTXHVHWGRLYHQWrWUH GLIIXVpHVHWUHOD\pHV 7URLVFDVGHSVHXGRDQpYU\VPHVVRQWUDSSRUWpVVXUYHQDQW jVHPDLQHVDSUqVFKLUXUJLHFXWDQpHGXIDLWG·XQHEOHVVXUH YDVFXODLUH/DSUpVHQWDWLRQFOLQLTXHHVWXQHPDVVHVRXVFXWD QpHVHQVLEOHHWSXOVDWLOHDSSDUDLVVDQWHQSRVWRSpUDWRLUHVXU OHVLqJHGHODFLFDWULFHUpFHQWH/DORFDOLVDWLRQVXUO·DUWqUH WHPSRUDOHHVWFODVVLTXHHWFHVSVHXGRDQpYU\VPHVVRQWOH SOXV VRXYHQW VHFRQGDLUHV j XQ WUDXPDWLVPH IHUPp 'HX[ ORFDOLVDWLRQVLQKDELWXHOOHVHWUDUHVVRQWGpFULWHVVXUO·DUWqUH DQJXODLUHHWVXVDODLUH>@/HWUDLWHPHQWFRQVLVWHjDERUGHU ODFLFDWULFHHWjSURFpGHUjXQHGRXEOHOLJDWXUHYDVFXODLUH HQ;GHO·DUWqUHOpVpH>@

4XRLGHQHXIGDQVODJHVWLRQGXULVTXH LQIHFWLHX[" 8QHSUHPLqUHpWXGHDFRPSDUpOHULVTXHG·LQIHFWLRQGXVLWH RSpUDWRLUH,62 FKH]OHVSRUWHXUVGH6WDSK\ORFRFFXVDXUHXV LQWUDQDVDOHWOHVQRQSRUWHXUVHWG·pYDOXHUODSHUIRUPDQFH G·XQH GpFRORQLVDWLRQ SDU GRXFKH SUpRSpUDWRLUH j OD FKOR UH[LGLQHHWDSSOLFDWLRQGHPXSLURFLQHSRPPDGHLQWUDQDVDOH  SDWLHQWV RQW pWp pFRXYLOORQQpV SRXU UHFKHUFKH GH 6DXUHXV/HVSRUWHXUVpWDLHQWUDQGRPLVpVDYHFXQEUDVVDQV WUDLWHPHQWHWXQEUDVDYHFGpFRORQLVDWLRQSDUDSSOLFDWLRQ ELTXRWLGLHQQHGHPXSLURFLQHLQWUDQDVDOHXQHWRLOHWWHGHOD IDFHHWXQHGRXFKHjODFKORUH[LGLQHTXRWLGLHQQHSHQGDQW MRXUVSUpRSpUDWRLUHV/HVVXMHWVQRQSRUWHXUVQ·pWDLHQW SDVWUDLWpV/·pYDOXDWLRQVHIDLVDLWVXUOHWDX[G·,62j-VXU ODSUpVHQFHG·XQHLQIHFWLRQFOLQLTXHFRQÀUPpHSDUXQSUp OqYHPHQW EDFWpULRORJLTXH /HV VXMHWV QRQ WUDLWpV SRUWHXUV GH6DXUHXVSUpVHQWDLHQWG·,62OHVWUDLWpVSRUWHXUVGH 6DXUHXVG·,62OHVQRQSRUWHXUVG·,62/DGLIIpUHQFH HQWUHSRUWHXUVHWQRQSRUWHXUVpWDLWVLJQLÀFDWLYHS  /DGLIIpUHQFHHQWUHSRUWHXUVWUDLWpVHWQRQWUDLWpVpWDLWVLJQL ÀFDWLYHS $LQVLOHSRUWDJHQDVDOGH6DXUHXVHVWXQ IDFWHXUGHULVTXHG·,62OHSUpOqYHPHQWSUpRSpUDWRLUHHVWXQ ERQRXWLOGHVWUDWLÀFDWLRQGXULVTXHG·,62HWODGpFRORQLVDWLRQ WRSLTXHSDUPXSLURFLQHUpGXLWOHULVTXHG·,62>@

4XRLGHQHXIHQGHUPDWRORJLHLQVWUXPHQWDOH"

8QHGHX[LqPHpWXGHSURVSHFWLYHGHODPrPHpTXLSHD pWXGLp O·LQWpUrW G·XQ WUDLWHPHQW GX SRUWDJH FKURQLTXH GH 6DXUHXVSDUDQWLELRWKpUDSLHRUDOHYHUVXVDQWLELRWKpUDSLH ORFDOH >@ /HV SDWLHQWV LQFOXV DYDLHQW XQ pFRXYLOORQQDJH QDVDODYDQWXQHFKLUXUJLHPLFURJUDSKLTXHGH0RKV6LXQSRU WDJHpWDLWPLVHQpYLGHQFHOHVSDWLHQWVpWDLHQWUDQGRPLVpV HQJURXSHVDSSOLFDWLRQùMGHPXSLURFLQHWRSLTXHGDQV OHVRULÀFHVQDULQDLUHVDVVRFLpHjXQHGRXFKHTXRWLGLHQQHDYHF XQHVROXWLRQGHFKORUKH[LGLQHjMRXUVGXUDQWDYDQWOH JHVWHRSpUDWRLUHRXFpIDOH[LQHJjPLQXWHVDYDQW O·LQWHUYHQWLRQHWJKHXUHVDSUqV/·pYDOXDWLRQDYDLWOLHX j-VXUODSUpVHQFHG·XQHLQIHFWLRQFOLQLTXHFRQÀUPpHSDU XQSUpOqYHPHQWEDFWpULRORJLTXH6XUOHVSDWLHQWVLQFOXV pWDLHQWSRUWHXUVGH6DXUHXV/HWDX[JOREDOG·,62pWDLW GHGDQVOHJURXSHSRUWHXUVWUDLWpSHURVHWGH GDQVOHJURXSHGHVQRQSRUWHXUV$XFXQH,62Q·pWDLWREVHUYpH GDQVOHJURXSHSRUWHXUVWUDLWpVSDUGpFRORQLVDWLRQWRSLTXH SOXVDQWLVHSVLHFRUSRUHOOHSUpRSpUDWRLUH(QFRQFOXVLRQOH SUpOqYHPHQW QDVDO UHSUpVHQWH XQ RXWLO SUpGLFWLI GX ULVTXH G·,62HQFDVGHSRUWDJHGHVWDSK\ORFRTXHHWO·DQWLELRWKpUDSLH ORFDOHSHUPHWGHUpGXLUHOHULVTXH/·DQWLELRWKpUDSLHRUDOH SUpYHQWLYHQ·DSDVPRQWUpG·LQWpUrW

4XRLGHQHXIHQWHFKQLTXHFKLUXUJLFDOH" 6XWXUHVVRXVWHQVLRQGXWURQF /HVVXWXUHVGXWURQFVRQWVRXPLVHVjGHIRUWHVWHQVLRQVHW OHVFLFDWULFHVFRQWUDLUHPHQWjFHOOHVGXYLVDJHRQWWHQGDQFH jV·pODUJLUVHFRQGDLUHPHQWHWJpQqUHQWXQQLYHDXSOXVpOHYp G·LQVDWLVIDFWLRQ GHV SDWLHQWV 8QH pWXGH PRQRFHQWULTXH SURVSHFWLYH UDQGRPLVpH DYHF pYDOXDWLRQ HQ DYHXJOH V·HVW GRQQpHSRXUREMHFWLISULQFLSDOG·pYDOXHUVLO·XWLOLVDWLRQGH VXWXUHVUpVRUEDEOHVjGXUpHSURORQJpHHWGHUpVRUSWLRQOHQWH SRXYDLWUpGXLUHO·pODUJLVVHPHQWFLFDWULFLHOVHFRQGDLUH>@ 9LQJWFLQTSHUWHVGHVXEVWDQFHVWKRUDFLTXHVFKH]SDWLHQWV RQW pWp VXWXUpHV SDU GHV SRLQWV VRXV FXWDQpV XWLOLVDQW VXU OD PRLWLp GH O·LQFLVLRQ IXVLIRUPH GX ÀO  LQWUDGHUPLTXH SRO\JODFWLQHGHUpVRUSWLRQPR\HQQHPHQWOHQWH HWVXU O·DXWUH PRLWLp XQH VXWXUH UpVRUEDEOH  LQWUDGHUPLTXH DYHFGX3+%GHUpVRUSWLRQOHQWH jWHQXHSURORQJpH8QH GLIIpUHQFH HQ WHUPHV GH ODUJHXU GH FLFDWULFH D pWp PLVH HQ pYLGHQFH HQ IDYHXU GH OD VXWXUH j WHQXH SURORQJpH &HSHQGDQW LO Q·H[LVWDLW FOLQLTXHPHQW SDV GH GLIIpUHQFH VLJQLÀFDWLYHG·DVSHFWHVWKpWLTXH 7RXMRXUVSRXUOXWWHUFRQWUHO·pODUJLVVHPHQWGHVFLFDWULFHV WKRUDFLTXHV VRXV IRUWH WHQVLRQ XQH pWXGH D HX FRPPH REMHFWLIGHGpWHUPLQHUVLOHIDLWGHFROOHUGHVEDQGHOHWWHV DGKpVLYHVHQFRPSOpPHQWGHVVXWXUHVLQÁXDLWVXUO·DVSHFWGHV FLFDWULFHVOHXUODUJHXUHWODVDWLVIDFWLRQGHVSDWLHQWV>@ &HQW TXDWUHYLQJWTXLQ]H SDWLHQWV D\DQW HX GHV H[FLVLRQV FXWDQpHVIXVLIRUPHVGXWKRUD[RQWpWpLQFOXVHWUDQGRPLVpV HQVLPSOHDYHXJOH7RXWHVOHVSODLHVpWDLHQWVXWXUpHVHQGHX[ SODQVDYHFXQÀOUpVRUEDEOHSRXUOHSODQSURIRQGHWQRQ UpVRUEDEOHSRXUOHSODQVXSHUÀFLHO8QEUDVUHFHYDLWGHV EDQGHOHWWHVDGKpVLYHVGHPPGHORQJHWPPGHODUJH DSSOLTXpHV SHUSHQGLFXODLUHPHQW j OD SODLH VXWXUpH DYDQW OH SDQVHPHQW SHQGDQW  VHPDLQHV /·DXWUH EUDV UHFHYDLW

6

OHV VRLQV KDELWXHOV /·pYDOXDWLRQ pWDLW HIIHFWXpH SDU XQ pYDOXDWHXUDYHXJOHjHWPRLV6XUOHVSDUWLFLSDQWV LQFOXVEDQGHOHWWHVDGKpVLYHVFRQWU{OHV RQWSX rWUHpYDOXpVDSUqVPRLVGHVXLYL/·DSSDUHQFHJpQpUDOHGH OD FLFDWULFH pWDLW VLJQLÀFDWLYHPHQW PHLOOHXUH GDQV OH EUDV DYHF EDQGHOHWWHV DGKpVLYHV S    DYHF XQH ODUJHXU PpGLDQHGHODFLFDWULFHUpGXLWHGHPPS  HWDSUqV VWUDWLÀFDWLRQSDUVH[HGHPPFKH]OHVKRPPHVS   HW GH  PP SRXU OHV IHPPHV S    /D VDWLVIDFWLRQ Q·pWDLWFHSHQGDQWSDVDPpOLRUpH

/DPEHDXELOREpjODUHFKHUFKH G·XQPLQLPDOLVPHFKLUXUJLFDO 8Q GHV FKDOOHQJHV PDMHXUV HQ FKLUXUJLH FXWDQpH RQFR ORJLTXH GH OD IDFH HVW GH UHFRQVWUXLUH OD SRLQWH QDVDOH HW O·DLOHQDULQDLUHHQSUpVHUYDQWOHVERUGVOLEUHVODV\PpWULHHW O·DUFKLWHFWXUH>@/HVWHFKQLTXHVFODVVLTXHVVRQWOHODPEHDX GH 5LHJHU SRXU UpSDUHU OHV SHUWHV GH VXEVWDQFH 3'6  GH ODSRLQWHQDVDOHHWOHODPEHDXQDVRJpQLHQSRXUOHVSHUWHV GH VXEVWDQFH GH O·DLOH QDULQDLUH /H ODPEHDX GH 5LHJHU D O·LQFRQYpQLHQW GH UHPRQWHU OD SRLQWH HW OH ODPEHDX QDVR JpQLHQ SHXW JpQpUHU XQH DV\PpWULH &HV GHX[ WHFKQLTXHV XWLOLVHQWODOD[LWpGH]RQHVGRQQHXVHVHQGHKRUVGHO·XQLWp HVWKpWLTXH QDVDOH JODEHOOH HW MRXH  /H ODPEHDX ELOREp SHUPHWSDUXQHGRXEOHURWDWLRQWUDQVSRVLWLRQGHUpSDUHUOHV SHUWHVGHVXEVWDQFHjSUR[LPLWpGHVERUGVOLEUHVQDULQDLUHV HQUHVWDQWGDQVO·XQLWpHVWKpWLTXHGXQH]HQDSSDULDQWDX SOXVSUqVODSHDXGHV]RQHVGRQQHXVHVHWUHFHYHXVHTXLVRQW FRQWLJXsV/HVWHQVLRQVVRQWUHSRUWpHVVXUOD3'6VHFRQGDLUH FHTXLSHUPHWDXODPEHDXGHVHSRVHUVDQVWHQVLRQVVXUOD 3'6jSUR[LPLWpGXERUGOLEUHHWGHQHSDVOHGpIRUPHU>@ 6HORQOHPrPHSULQFLSHOHODPEHDXSHXWrWUHWULOREpORUVTXH FHOD HVW QpFHVVDLUH >@ 3RXU OHV 3'6 GH O·DLOH QDULQDLUH EDVVH OH ODPEHDX UKRPERwGH GH WUDQVSRVLWLRQ KRUL]RQWDO XWLOLVDQW OD ]RQH GRQQHXVH FRQWLJXs GX VLOORQ QDVRJpQLHQ SHUPHWXQHUHFRQVWUXFWLRQIRQFWLRQQHOOHHWHVWKpWLTXH>@ /DUpDOLVDWLRQWHFKQLTXHGHFHVODPEHDX[GHWUDQVSRVLWLRQDX VHLQRXHQGHKRUVGHO·XQLWpHVWKpWLTXHGRLWrWUHWUqVSUpFLVH HWPpWLFXOHXVHFDULOVRQWWHQGDQFHjVHPHWWUHHQERXOH &HWWHFRPSOLFDWLRQFLFDWULFLHOOHDpWpPLVHHQpYLGHQFH GDQVXQHpWXGHD\DQWSRXUREMHFWLIGHGpWHUPLQHUOHVIDFWHXUV SUpGLFWLIVGHFRPSOLFDWLRQVFLFDWULFLHOOHVDSUqVUpSDUDWLRQGHV 3'6WUDLWpHVHQWHFKQLTXHGH0RKVHWQpFHVVLWDQWXQWUDLWH PHQWDGMXYDQW>@/HVGRVVLHUVGHVSDWLHQWVG·XQVHUYLFH KRVSLWDORXQLYHUVLWDLUHGHFKLUXUJLHSODVWLTXHD\DQWHXXQH UpSDUDWLRQGH3'6GXYLVDJHGHjRQWpWpH[DPLQpV /·KLVWRLUHPpGLFDOHOHW\SHGHWXPHXUOHVLWHDQDWRPLTXH GHOD3'6ODWDLOOHODPpWKRGHGHUpSDUDWLRQOHVVpTXHOOHV SRVWRSpUDWRLUHVHWOHVWUDLWHPHQWVDGMXYDQWVRQWpWpUHOHYpV UpSDUDWLRQVGH3'6DSUqVFKLUXUJLHGH0RKVRQWDLQVLpWp DQDO\VpHV 8QH FRPSOLFDWLRQ pWDLW QRWpH GDQV   GHV FDVHWXQHFRUUHFWLRQpWDLWHIIHFWXpHFKH]VHXOHPHQW GHVSDWLHQWV/HVFRPSOLFDWLRQVOHVSOXVIUpTXHQWHVpWDLHQW XQpU\WKqPHFLFDWULFLHOHWXQHPLVHHQERXOHGHVODPEHDX[ SLQFXVKLRQLQJ RX WUDSGRRU GHIRUPLW\  /H VH[H IpPLQLQ XQSKRWRW\SH,,,VHORQ)LW]SDWULFNODORFDOLVDWLRQjODOqYUH VXSpULHXUHpWDLHQWVLJQLÀFDWLYHPHQWDVVRFLpVjODVXUYHQXH G·XQH FRPSOLFDWLRQ FLFDWULFLHOOH /D ORFDOLVDWLRQ QDVDOH HW OHVWHFKQLTXHVGHODPEHDX[GHWUDQVSRVLWLRQUKRPERwGHVRX

6

ELOREpVH[SRVDLHQWGHIDoRQVLJQLÀFDWLYHjXQHPLVHHQERXOH GHODFLFDWULFH8QWUDLWHPHQWDGMXYDQWFKLUXUJLFDOFRUUHFWHXU DpWpUpDOLVpGDQVGHVFDVHWXQWUDLWHPHQWSDUODVHU IUDFWLRQQpGDQVGHVFDV

4XRLGHQHXIGDQVO·DFFRPSDJQHPHQW FLFDWULFLHO" /D©PLVHHQERXOHªHVWXQHFRPSOLFDWLRQUHGRXWpHGHV ODPEHDX[GHWUDQVSRVLWLRQHQSDUWLFXOLHUHQUpJLRQQDVDOHR FHVWHFKQLTXHVVRQWLQGLVSHQVDEOHVDÀQGHUpSDUHUFHUWDLQHV 3'6GHODSRLQWHQDVDOHGHO·DLOHQDULQDLUHRXGXFDQWKXV LQWHUQH8QHpWXGHPRQRFHQWULTXHSURVSHFWLYHRXYHUWHQRQ FRPSDUDWLYHDpYDOXpFKH]SDWLHQWVOHVFDUDFWpULVWLTXHV FOLQLTXHVHWKLVWRORJLTXHVGHFHWWHG\VWURSKLHFLFDWULFLHOOH HW SURSRVp OD GpQRPLQDWLRQ G·K\SHUWURSKLH FLFDWULFLHOOH SUpFRFH+&3 >@&OLQLTXHPHQWO·+&3VHFDUDFWpULVHSDU VRQEUHIGpODLG·DSSDULWLRQGqVOHHMRXUHWVRQDVSHFWHQ G{PHLQGXUpjODSDOSDWLRQQHGpERUGDQWSDVVXUOHVWLVVXV VDLQVDOHQWRXU/·+&3Q·HVWQLSUXULJLQHXVHQLGRXORXUHXVH PDLV SDUIRLV VHQVLEOH j OD SUHVVLRQ /·KLVWRORJLH PRQWUH OD SUpVHQFH GH JURV IDLVFHDX[ GH FROODJqQH GHQVHV GLVSRVpV VHORQXQDJHQFHPHQWSVHXGRFKpORwGLHQ/·REMHFWLIpWDLWpJD OHPHQWG·pYDOXHUO·HIÀFDFLWpG·XQHLQMHFWLRQGHFRUWLFRwGH UHWDUG&5 LQWUDOpVLRQQHOOHGqVOHHMRXUSRVWRSpUDWRLUH pYHQWXHOOHPHQWUHQRXYHOpHj-VHORQO·pYROXWLRQ/HV+&3 pWDLHQWLQMHFWpHVHQLQWUDOpVLRQQHOVWULFWSDUGHO·DFpWDWHGH WULDPFLQRORQHPJPO MXVTX·jO·REWHQWLRQG·XQEODQFKL PHQWGHODFLFDWULFH/DUpJUHVVLRQFRPSOqWHGHO·+&3DpWp REWHQXHGDQVFDVVXUj-8QHUpJUHVVLRQLQFRPSOqWH DpWpREVHUYpHDYHFXQHWUqVQHWWHDPpOLRUDWLRQGDQVOHV GHX[DXWUHV/·LQMHFWLRQSUpFRFHFRQVWDPPHQWHIÀFDFHLFL SRXUUDLWFRQVWLWXHUXQWUDLWHPHQWVLPSOHGHFHWWH+&3pYL WDQWOHUHFRXUVjXQHFRUUHFWLRQFKLUXUJLFDOHGHODFLFDWULFH 3RXUOHYLVDJHSRXUHVSpUHUXQERQUpVXOWDWFLFDWULFLHO LOFRQYLHQWGHSODFHUOHVLQFLVLRQVGDQVOHVOLJQHVGHPRLQGUH WHQVLRQFXWDQpH/07 GDQVOHVSOLVQDWXUHOVRXOHVULGHV (Q HIIHW OD FRQWUDFWLRQ GHV PXVFOHV SHDXFLHUV ORUV GH OD PLPLTXH Q·H[HUFH DLQVL DXFXQH WHQVLRQ SUpMXGLFLDEOH VXU ODFLFDWULFH/HQRQUHVSHFWGHFHWWHUqJOHRXODUpSDUDWLRQ GH SODLHV WUDXPDWLTXHV FRQWUDLUH DX[ /07 H[SRVHQW j XQH G\VWURSKLHFLFDWULFLHOOH8QHpWXGHDpYDOXpVLGHVLQMHFWLRQV GH WR[LQH ERWXOLTXH$ 7%$  LQGXLVDQW XQH LPPRELOLVDWLRQ GHVPXVFOHVSHDXFLHUVSDUSDUDO\VLHWHPSRUDLUHDPpOLRUDLW OD FLFDWULVDWLRQ GHV SODLHV WUDXPDWLTXHV GX YLVDJH >@ 7UHQWHSDWLHQWVSUpVHQWDQWGHVSODLHVIDFLDOHVRQWpWpLQFOXV HWUDQGRPLVpVHQGHX[JURXSHVDYHFRXVDQVLQMHFWLRQGH7%$ GDQVOHVKHXUHVDSUqVO·RSpUDWLRQ/D7%$DpWpLQMHFWpH GDQVOHVPXVFOHVGXYLVDJHGLUHFWHPHQWRXLQGLUHFWHPHQW LPSOLTXpV GDQV O·pODUJLVVHPHQW FLFDWULFLHO /·pYDOXDWLRQ D pWpHIIHFWXpHjDQHQXWLOLVDQWGLIIpUHQWHVpFKHOOHVG·pYD OXDWLRQSDUOHVSDWLHQWVSDUXQpYDOXDWHXULQGpSHQGDQWHW SDU XQ FRQVHLO GH VL[ PpGHFLQV VSpFLDOLVWHV H[SpULPHQWpV XWLOLVDQW XQH pFKHOOH YLVXHOOH DQDORJLTXH (9$  DYHF GHV SKRWRJUDSKLHVVWDQGDUGLVpHV$XFXQHGLIIpUHQFHVLJQLÀFDWLYH Q·DpWpREVHUYpHHQWUHOHVGHX[JURXSHV&HSHQGDQWO·(9$ PpGLDQHpYDOXpHSDUOHVVL[pYDOXDWHXUVpWDLWGHSRXU OHJURXSHWUDLWpSDUOD7%$SDUUDSSRUWjSRXUOHJURXSH

-0$PLFL

WpPRLQ&HUpVXOWDWHVWVWDWLVWLTXHPHQWVLJQLÀFDWLIFHTXL VXJJqUHTXHODFKpPRLPPRELOLVDWLRQSDULQMHFWLRQVGH%7$ SHXW DPpOLRUHU O·DVSHFW HVWKpWLTXH GHV SODLHV GX YLVDJH &HWWH WHFKQLTXH SRXUUDLW rWUH EpQpÀTXH FKH] OHV MHXQHV SUpVHQWDQW GHV SODLHV GX YLVDJH SHUSHQGLFXODLUHV DX[ /07 HWGRQFSURSLFHVjJpQpUHUGHVG\VWURSKLHVFLFDWULFLHOOHVHQ UpGXLVDQWOHVIRUFHVGHWHQVLRQV·H[HUoDQWVXUODFLFDWULFH 'HVpWXGHVDYHFHIIHFWLIVSOXVLPSRUWDQWVGRLYHQWFRQÀUPHU FHVUpVXOWDWVHWODSUXGHQFHUHVWHGHPLVHFDUXQVRXULUH DV\PpWULTXHHWXQHLVFKpPLHGHODPEHDXGDQVOHJURXSH7%$ pWDLHQWREVHUYpV /DSULVHHQFKDUJHGHVFLFDWULFHVFKpORwGHVGXOREHGH O·RUHLOOHHVWGLIÀFLOHHWPDOFRGLÀpH/DOLWWpUDWXUHUDSSRUWH GLIIpUHQWVWUDLWHPHQWVDYHFGHVUpSRQVHVYDULDEOHV/·H[FLVLRQ FKLUXUJLFDOHSDUFKpORwGHFWRPLHDYHFFRQVHUYDWLRQG·XQUDEDW FXWDQpGHFRXYHUWXUHFRPELQpHjO·LQMHFWLRQDGMXYDQWHGH VWpURwGHVLQWUDOpVLRQQHOOHSHURSpUDWRLUHDpWppYDOXpH>@ (QWUHHWFKpORwGHVGXOREHGHO·RUHLOOHRQWpWp WUDLWpHV/HVXLYLFRPSUHQDLWXQHpYDOXDWLRQjVHPDLQHV SRVWRSpUDWRLUHV SXLV WRXV OHV PRLV DYHF VL QpFHVVDLUH GHV LQMHFWLRQVGHVWpURwGHVLQWUDOpVLRQQHOOHV/·pYDOXDWLRQSRUWDLW VXUODUpSRQVHDXWUDLWHPHQWOHVFRPSOLFDWLRQVSRVWRSpUD WRLUHVODUpFLGLYHHWODVDWLVIDFWLRQGHVSDWLHQWV/·HIÀFDFLWp FOLQLTXH pWDLW GH   DYHF XQ GpODL PR\HQ GH VXLYL GH PRLV/HWDX[GHUpFLGLYHLPPpGLDWHpWDLWGH/H WDX[GHVDWLVIDFWLRQGHVSDWLHQWVpWDLWGH 8QHDXWUHpWXGHSURSRVHGHVWDQGDUGLVHUODJHVWLRQGHV FKpORwGHV DXULFXODLUHV HQ DVVRFLDQW O·H[FLVLRQ FKLUXUJLFDOH DYHFFRQVHUYDWLRQG·XQUDEDWFXWDQpO·LQMHFWLRQSHUHWSRVW RSpUDWRLUHLQWUDOpVLRQQHOOHGHVWpURwGHVHWOHSRUWSHUPDQHQW G·XQHSODTXHGHVLOLFRQH6XUFKpORwGHVFKH]SDWLHQWV RQ QRWDLW  UpFLGLYHV j  PRLV HW  VWDELOLVDWLRQV DYHF PRLVGHUHFXO>@8QHQRXYHOOHSLVWHWKpUDSHXWLTXHHVW SURSRVpHGDQVXQHpWXGHUpWURVSHFWLYHpYDOXDQWO·DSSOLFD WLRQG·XQHVROXWLRQGHSKpQROj6XUFKpORwGHVFKH] SDWLHQWVDYHFXQUHFXOGHPRLVXQHUpJUHVVLRQGHV FKpORwGHVpWDLWFRQVWDWpHGDQVGHVFDVDYHFGHVHIIHWV LQGpVLUDEOHVjW\SHGHG\VFKURPLH SUXULWLQIHFWLRQ HWXOFpUDWLRQ &HVUpVXOWDWVGRLYHQWrWUHFRQÀUPpVSDU XQHpWXGHSURVSHFWLYHHWFRPSDUDWLYHDYHFXQHIIHFWLIHWXQ UHFXOSOXVLPSRUWDQWV>@ 2Q FRQQDvW GHSXLV ORQJWHPSV O·LQWpUrW GH OD FRPSUHV VLRQ GDQV OH WUDLWHPHQW HW OD SUpYHQWLRQ GHV FLFDWULFHV G\VWURSKLTXHV 'HV WUDYDX[ GH UHFKHUFKHV SHUPHWWHQW GH FRPSUHQGUHOHOLHQHQWUHOHVIRUFHVPpFDQLTXHVGHVXUIDFH HWODUpSRQVHELRORJLTXHVXUOHVIDFWHXUVGHODFLFDWULVDWLRQ &LQTJUDQGHVYRLHVGHPpFDQRWUDQVGXFWLRQFHOOXODLUHRQWpWp LGHQWLÀpHV /HV IRUFHV PpFDQLTXHV DJLVVHQW SDU GHV YRLHV ELRFKLPLTXHV HW VWUXFWXUHOOHV GH OD FHOOXOH SRXU FRQYHUWLU OHVVLJQDX[SK\VLTXHVHQUpSRQVHVELRORJLTXHVÀEURJpQLTXHV &HVFLQTYRLHVVRQWGHVLQWHUDFWLRQVLQWpJULQHPDWULFHGHV UpSRQVHV GH GpIRUPDWLRQ GX F\WRVTXHOHWWH GHV FDQDX[ LRQLTXHV GHV IRUFHV pODVWLTXHV GH WUDFWLRQ FHOOXODLUH ))& HWGHUpFHSWHXUVjODSURWpLQH*>@&HFKDPSGH OD PpFDQRELRORJLH GHV SODLHV YLVH j PRGXOHU FHV UpVHDX[ GH VLJQDOLVDWLRQ FRPSOH[HV SRXU IDYRULVHU OD UpSDUDWLRQ HW SUpYHQLU OHV FRPSOLFDWLRQV WHOOHV TXH OD IRUPDWLRQ GH FLFDWULFHVG\VWURSKLTXHVK\SHUWURSKLTXHVRXFKpORwGHV8Q VWUHVVPpFDQLTXHSHXWDLQVLPRGLÀHUODQpRYDVFXODULVDWLRQ ODTXDOLWpGHV\QWKqVHGXFROODJqQHHWO·DJHQFHPHQWGHOD ÀEURVHFXWDQpH/HVVWUDWpJLHVSRXUPDQLSXOHUFHVUpVHDX[GH

4XRLGHQHXIHQGHUPDWRORJLHLQVWUXPHQWDOH"

VLJQDOLVDWLRQELRPpFDQLTXHVRQWXQSRWHQWLHOWKpUDSHXWLTXH pQRUPHSRXUUpGXLUHODIRUPDWLRQGHFLFDWULFHVHWIDYRULVHU ODUpJpQpUDWLRQGHODSHDX

&RQFOXVLRQ &H SUHPLHU TXRL GH QHXI HQ GHUPDWRORJLH LQWHUYHQ WLRQQHOOH WpPRLJQH GH OD YRORQWp GH OD 6RFLpWp )UDQoDLVH GH'HUPDWRORJLHG·LQWpJUHUODGHUPDWRORJLHLQVWUXPHQWDOH FRPPHXQGHVFKDPSVLQGLVSHQVDEOHVGHODVSpFLDOLWp/HFRO OqJHGHVHQVHLJQDQWVHQGHUPDWRORJLHGH)UDQFHDVWUXFWXUp GDQVFHGRPDLQHGHVPRGXOHVG·HQVHLJQHPHQWVSpFLÀTXHV SRXUWRXVOHV'(6DXFRXUVGHOHXUIRUPDWLRQDYHFO·DLGHGHV JURXSHVWKpPDWLTXHV

/LHQVG·LQWpUrWV /·DXWHXUGpFODUHQ·DYRLUDXFXQFRQÁLWG·LQWpUrWVUHODWLI jFHWDUWLFOH

5pIpUHQFHV >@ :ROEHULQN($3DVFK0&=HLOHU0YDQ(US(3*HUULWVHQ0- +LJKGLVFRUGDQFHEHWZHHQSXQFKELRSV\DQGH[FLVLRQLQHVWD EOLVKLQJEDVDOFHOOFDUFLQRPDVXEW\SHDQDO\VLVRIFDVHV- (XU$FDG'HUPDWRO9HQHUHRO >@ $ODP0/HH$,EUDKLPL2$.LP1%RUGHDX[-&KHQ.HWDO $PXOWLVWHSDSSURDFKWRLPSURYLQJELRSV\VLWHLGHQWLÀFDWLRQ LQGHUPDWRORJ\SK\VLFLDQVWDIIDQGSDWLHQWUROHVEDVHGRQD 'HOSKL&RQVHQVXV-$0$'HUPDWRO >@ ,EUDKLP6)3UDFWLFHJDSV:URQJ6LWH6XUJHU\LQ'HUPDWRORJ\ -$0$'HUPDWRO >@ %DVVDV3(YDOXDWLRQRIVXUJLFDOPDUJLQVLQ%DVDOFHOOFDUFLQRPD E\VXUJLFDOVSHFLDOW\$FWDV'HUPRVLÀOLRJU >@ $KQOLGH,%MHOOHUXS0$FFXUDF\RIFOLQLFDOVNLQWXPRUGLDJQRVLV LQDGHUPDWRORJLFDOVHWWLQJ$FWD'HUP9HQHUHRO >@ &DUGXFFL 0 %R]]HWWL 0 'H 0DUFR * )RVFROR$0 %HWWL 5 8VHIXOQHVVRIPDUJLQGHWHFWLRQE\GLJLWDOGHUPRVFRS\LQWKH WUDGLWLRQDO VXUJLFDO H[FLVLRQ RI EDVDO FHOO FDUFLQRPDV RI WKH KHDG DQG QHFN LQFOXGLQJ LQÀOWUDWLYHPRUSKHD IRUP W\SH - 'HUPDWRO >@ 6X]XNL +6 6HUDÀQL 6= 6DWR 06 8WLOLW\ RI GHUPRVFRS\ IRU GHPDUFDWLRQ RI VXUJLFDO PDUJLQV LQ 0RKV PLFURJUDSKLF VXU JHU\$Q%UDV'HUPDWRO >@ 2·1HLOO -/7DKHUL$ 6RORPRQ -$ 3HDUFH '- 3RVWRSHUDWLYH KHPRUUKDJH ULVN DIWHU RXWSDWLHQW GHUPDWRORJLF VXUJHU\ SUR FHGXUHV'HUPDWRO6XUJ >@ &DOODKDQ 6 *ROGVEHUU\$ .LP * @ 6KDPRXQ)(0DUWLQ(10RQH\657KHQRYHODQWLFRDJXODQWV 7KHVXUJHRQV·SURVSHFWLYH6XUJHU\ >@ $QWLDJUpJDQWV SODTXHWWDLUHV  SULVH HQ FRPSWH GHV ULVTXHV WKURPERWLTXH HW KpPRUUDJLTXH SRXU OHV JHVWHV SHUFXWDQpV FKH]OHFRURQDULHQ1RYHPEUHKWWSZZZKDVVDQWHIU >@ 'XQEDU6:+XUVW($3VHXGRDQHXU\VPIRUPDWLRQDQGUHSDLU DIWHUPRKVPLFURJUDSKLFVXUJHU\DUHSRUWRIFDVHV-$0$ 'HUPDWRO >@ 6WDSOOHWRQ &- )XVFR 05 7KRPDV $- /HY\ (, 2JLOY\ &6 7UDXPDWLFSVHXGRDQHXU\VPVRIWKHVXSHUÀFLDOWHPSRUDODUWHU\ &DVHVHULHVDQDWRP\DQGPXOWLGLVFLSOLQDU\WUHDWPHQWFRQVL GHUDWLRQV-&OLQ1HXURVFL >@ 7DL @ .LD.)%XUQV099DQGHUJULII7:HLW]XO63UHYHQWLRQRIVFDU VSUHDGRQWUXQNH[FLVLRQV$UDWHUEOLQGHGUDQGRPL]HGFRQWURO OHGWULDO-$0$'HUPDWRO >@ 5RVHQJUHQ+$VNHZ'$+HDO&%XHWWQHU3*+XPSKUH\V:2 6HPPHQV/$'RHVWDSLQJWRUVRVFDUVIROORZLQJGHUPDWRORJLF VXUJHU\ LPSURYH VFDU DSSHDUDQFH" 'HUPDWRO 3UDFW &RQFHSW  >@ +XVVDLQ:1DVDOUHFRQVWUXFWLRQDGHUPDWRORJLFDOVXUJHRQ·V DSSURDFKWRUHFUHDWLQJWKH¶DHVWKHWLFNLQJ·RIWKHFHQWUDOIDFH %-'6XSSO  >@ .LUNODQG (% =LWHOOL -$ 7KH ELOREHG ÁDS YHUVXV WKH$,516 ÁDS IRU UHSDLU RI GLVWDO QRVH GHIHFWV -$P$FDG 'HUPDWRO  >@ 6NDULD$07KHPHGLDOEDVHGELRUWULOREHGÁDSIRUUHSDLURI GLVWDODODUGHIHFWV'HUPDWRORJ\ >@ $PLFL-0&RJUHO2%DLOO\-@ 6FODIDQL$36FODIDQL-$6FODIDQL$06XFFHVVHVUHYLVLRQVDQG SRVWRSHUDWLYHFRPSOLFDWLRQVLQ0RKVGHIHFWUHSDLUV3ODVW 6XUJ)DFLDO >@ $PLFL -0 +\SHUWURSKLH FLFDWULFLHOOH SUpFRFH SRVWFKLUXUJL FDOHGHODUpJLRQQDVDOHLQWpUrWGHVLQMHFWLRQVGHFRUWLFRwGH UHWDUG$QQ'HUPDWRO9HQpUpRO >@ =LDGH0'RPHUJXH6%DWLIRO'-UHLJH56HEEDQH0*RXGRW3 HWDO8VHRIERWXOLQXPWR[LQW\SH$WRLPSURYHWUHDWPHQWRI IDFLDOZRXQGVDSURVSHFWLYHUDQGRPL]HGVWXG\-3ODVW5HFRQVWU $HVWKHW6XUJ >@ $O$UDGL,.$ODZDGKL6$$ONKDZDMD)$$ODUDGL,(DUOREHNHORLGV DSLORWVWXG\RIWKHHIÀFDF\RINHORLGHFWRP\ZLWKFRUHÀOOHW ÁDSDQGDGMXYDQWLQWUDOHVLRQDOFRUWLFRVWHURLGV'HUPDWRO6XUJ  >@ 'H6RXVD5)&KDNUDYDUW\%6KDUPD$3DUZD]0$0DOLN$ (IÀFDF\RIWULSOHWKHUDS\LQDXULFXODUNHORLGV-&XWDQ$HVWKHW 6XUJ >@ 0VHGGL00HVUDWL+.WDDUL6$PRXUL0&KDDEHQ+%RXGD\D6 HWDO/DSKpQROLVDWLRQXQQRXYHDXWUDLWHPHQWGHVFKpORwGHV $QQ'HUPDWRO9HQHUHRO >@ :RQJ 9: /RQJDNHU 07 *XUWQHU *& 6RIW WLVVXH PHFKDQR WUDQVGXFWLRQLQZRXQGKHDOLQJDQGÀEURVLV6HPLQ&HOO'HY%LRO