Breves EQL 49 N°15 - · PDF filewhqx ghv fdsulfhv gh od /rluh hq fuxh /j dxvvl xq...

Post on 15-Mar-2018

215 views 0 download

Transcript of Breves EQL 49 N°15 - · PDF filewhqx ghv fdsulfhv gh od /rluh hq fuxh /j dxvvl xq...

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

/HV�%UqYHV�G¶(TXL/LEHUWp���

1��� -DQYLHU ����

/H�PRW �GX�3UpVLGHQW

�����DXUD� pWp�XQH� DQQpH�ELHQ�UHPSOLH� HW� WUqV� IUXFWXHXVH� SRXU�(TXLOLEHUWp�� �� HQ� HIIHW� DSUqV� OD�FRQILUPDWLRQ� GX� VXFFqV� WRXMRXUV�JUDQGLVVDQW� GHV� �� UDQGRQQpHV� RHQR±WRXULVWLTXHV� RUJDQLVpHV� HQ� VXG� 0DLQH� HW/RLUH �7UDQVOD\RQ�5DQG¶$XEDQFH�(TXLYLQL��HW� XQH� EHOOH� SDUWLFLSDWLRQ� j� OD� UDQGRQQpH�GHV�EpQpYROHV�DX�GpSDUW�GH�OD�SURSULpWp�GH�&KULVWLDQ�0LFKHO�SUqV�GH�&KDPS�VXU�/D\RQ�1RWUH� HQJDJHPHQW� GDQV� OH� GpYHORSSHPHQW�GX�WRXULVPH�pTXHVWUH�GDQV� OH�GpSDUWHPHQW�QRXV� D� YDOX� G¶rWUH� SDUWHQDLUH� GX� �HU VDORQ�GX�FKHYDO�G¶$QJHUV�TXL�D�HX� OLHX� OHV�������HW����QRYHPEUH������DYHF� OD�UpXVVLWH�TXH�FKDFXQ�VDLW�/RUV� GH� FH� VDORQ� QRXV� DYLRQV� GpFLGp� GH�SDUWDJHU XQ� VWDQG� DYHF� (TXL/LEHUWp�QDWLRQDO�� HW� SRXU� O¶RFFDVLRQ�� (TXL/LEHUWp���DYDLW� pGLWp� XQ� GpSOLDQW� SURPRWLRQQHO� GH�O¶HQVHPEOH�GHV�FLUFXLWV�TXH�QRXV�SURSRVRQV�DX� VXG� GX� GpSDUWHPHQW�� HW� GHV�KpEHUJHPHQWV� DFFXHLOODQW� OHV� FKHYDX[� HWTXL�SRQFWXHQW�FHV�FLUFXLWV�&H� GRFXPHQW�� DYHF� O¶DSSOLFDWLRQ� 45� FRGHV�SHUPHW� DX[� UDQGRQQHXUV� G¶DYRLU� XQ� DFFqV�GLUHFW� DX� WUDFp� *3;� HW� ./0� GH� FKDTXH�FLUFXLW�YLD�OH�VLWH�(TXLFKHPLQV�)RUW�GX�VXFFqV�GH�FH�GRFXPHQW��QRXV�DYRQV�SX�� OH� ��� QRYHPEUH� GHUQLHU�� SURSRVHUO¶HQVHPEOH�GH�QRV�FLUFXLWV�j�O¶LQVFULSWLRQ�DX�3',35� DYHF O¶HQJDJHPHQW GX

GpSDUWHPHQW� GH� GpJDJHU� OHV� PR\HQV�QpFHVVDLUHV�j�O¶DERXWLVVHPHQW�GH�FH�SURMHW�3DUDGR[DOHPHQW� QRWUH� VLWH� ,QWHUQHW� pWDQW�HQ� VWDQGE\� GHSXLV� TXHOTXHV� PRLV�� Q¶D� SX�UHOD\HU� FHV� VXFFqV�� 7RXWHIRLV� XQ� QRXYHDX�VLWH� (TXL/LEHUWp��� HVW� HQ� FRQVWUXFWLRQ� HW�GHYUDLW�rWUH�RSpUDWLRQQHO�HQ�IpYULHU������8QH� SDJH� )DFHERRN� (TXLOLEHUWp��� D� pWp�FUppH� SRXU� SDOLHU� SDUWLHOOHPHQW� j� FH�PDQTXH�0DLQWHQDQW��LO�HVW�YHQX�SRXU�PRL�OH�PRPHQW�GH� WRXUQHU� OD� SDJH� HW� TXLWWHU� PD� IRQFWLRQ�GH� 3UpVLGHQW� XQH� IRQFWLRQ� TXL�� GXUDQW� ��DQQpHV�� P¶D� GRQQpH� WDQW� GH� VDWLVIDFWLRQV��HW�HQ�SDUWLFXOLHU�FHOOHV�G¶DYRLU�FUpp�HW�DQLPp�QRV� UDQGRQQpHV�RHQRWRXULVWLTXHV�DYHF�XQH�pTXLSH�GH�EpQpYROHV�H[FHSWLRQQHOV�-H�UHVWHUDLV�ELHQ�pYLGHPPHQW�GDQV�OH�VLOORQ�GX� QRXYHDX� 3UpVLGHQW�� SRXU� OXL� DSSRUWHU�WRXW� PRQ� VRXWLHQ�� VDFKDQW� TX¶DXMRXUG¶KXL�(TXLOLEHUWp��� D� HQFRUH� XQ� ORQJ� FKHPLQ� j�SDUFRXULU� GDQV� OH� GpYHORSSHPHQW� GH� OD�UDQGRQQpH�pTXHVWUH�GDQV�OH�GpSDUWHPHQW�-H� YRXV� VRXKDLWH� j� WRXWHV� HW� WRXV�� PHV�Y°X[� OHV�SOXV�VLQFqUHV�SRXU�FHWWH�QRXYHOOH�DQQpH�HW�j�WUqV�ELHQW{W�VXU�QRV�FKHPLQV�

0LFKHO�+8$57�

6RPPDLUH

/H�PRW�GX�3UpVLGHQW��««««««««««««��««�SDJH��/D�7UDQV/D\RQ��������«««�«��«««««««««� SDJH��5DQG·$XEDQFH��������««««««��«�«�«««««SDJH �6DLQW�$LJXOLQ�«««««««««««««««««««��SDJH��(TXLYLQL������««««««««««««««««««��SDJH��6DORQ�GX�&KHYDO�G·$QJHUV�««««««««««««�SDJH��&DOHQGULHU�GHV PDQLIHVWDWLRQV� �««««««««���SDJH �

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

/D 5DQGR GHV &{WHDX[GH O ¶+\U{PH

�����F¶HVW�OH�QRPEUH�GH�SDUWLFLSDQWV�j�FHWWH��qPH�5DQGR�GHV�&{WHDX[�GH�O¶+\U{PH�/H�UHFRUG�GH�SDUWLFLSDWLRQ�D�pWp�EDWWX��LO�HVW�YUDL�TX¶LO�IDLVDLW�XQ�WHPSV�PDJQLILTXH�

&¶HVW� XQH� JUDQGH� MRLH� GH� YRXV� DYRLU� UHoXVWRXWHV� HW� WRXV� � GDQV� QRWUH� EHOOH� UpJLRQ��YRWUH�ERQQH�KXPHXU�HW� OH�SODLVLU�TXH�YRXV�DYH]�HX�j�FKHYDXFKHU�WRXW�DX�ORQJ�GH�FHWWH�PDWLQpH��VRQW�QRWUH�SOXV�EHOOH�UpFRPSHQVH�7RXWH�O¶pTXLSH�GHV�%pQpYROHV�HW�(TXL/LEHUWp����YRXV�HQ�UHPHUFLHQW�

9RXV� UHWURXYHUH]� FH� SDUFRXUV� VXU� OH� VLWH�(48,&+(0,16�� HW� ELHQ� G¶DXWUHV� HQ� 0DLQH�HW�/RLUH��HQYLURQV����NP�&HWWH� PDJQLILTXH� MRXUQpH�� F¶HVW� WHUPLQpH�SDU�XQ�UHSDV�RX� OD�FRQYLYLDOLWp�HW� OD�ERQQH�KXPHXU�UpJQDLHQW�0HUFL� pJDOHPHQW� DX� VRXWLHQ� ORJLVWLTXH� GX�&RPLWp�GHV�)rWHV�GH�&KDQ]HDX[�$ORUV� HQFRUH� PHUFL� HW� D� ELHQW{W� VXU� QRV�FKHPLQV�

&KULVWLDQ

/$�75$16/$<21�����

3HWLW�UHWRXU�VXU� OD��qPH�7UDQV/D\RQ��HW�HQ�SDUWLFXOLHU� OD�JUDQGH�GHVFHQWH�GX�OD\RQ�TXL�DYDLW�OLHX�OHV����± ���HW����MXLQ�������DYHF�1XHLO� VXU� /D\RQ� FRPPH� YLOODJH� GpSDUW����� FDYDOLHUV� HW� PHQHXUV� V¶pWDLHQW� GRQQp�UHQGH]�YRXV�GqV� OH� MHXGL� �� j� SUR[LPLWp�GX�FRPSOH[H�VSRUWLI�HW�DX�ERUG�GX�/D\RQ�ELHQ�HQWHQGX �

$SUqV� XQH� VRLUpH� G¶DFFXHLO� SDUWLFX±OLqUHPHQW� IHVWLYH�� DX� SHWLW� PDWLQ�FDYDOLHUV�HW�PHQHXUV�V¶pODQoDLHQW�VXU�OH�VXSHUEH�FLUFXLW�SUpSDUp�SDU�0DUF�&OX]HO�HW�*X\�+XPHDX�$X�FRXUV�GH�FHWWH�MRXUQpH��WURLV SDXVHV�RQW�pWp� SDUWLFXOLqUHPHQW� DSSUpFLpHV � OH� PDWLQDX�GRPDLQH�GHV�© FRWHDX[�GH�WHUUH�QRLUH ª�SXLV� j� O¶DSpUR�� DX� © FKkWHDX� GH� %URVVD\ ª�HW�HQILQ�DX�GpMHXQHU�DX�© GRPDLQH�GX�SHWLW�FORFKHU ª�

&¶HVW� $XELJQp� VXU� /D\RQ� TXL� pWDLW� YLOODJH�pWDSH� GX� YHQGUHGL� VRLU�� DYHF� XQH� EHOOH�DPELDQFH�� DVVXUpH�SDU� O¶KDUPRQLH� GH� )D\H�G¶$QMRX�� GXUDQW� OH� GLQHU�� TXL� VH� GpURXODLW�DXWRXU�GH�OD�IRQWDLQH�j�/D\RQ��VXU� OD�SODFH�GH�O¶pJOLVH��DPpQDJpH�SRXU�OD�FLUFRQVWDQFH�

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

/H�FLUFXLW�GX� VDPHGL� DYDLW�pWp�SUpSDUp�SDU�0DGHOHLQH� *DOOp� DYHF� O¶DLGH� GH� &ODXGH�'DYLDX��/LRQHO�%UHWDXGHDX�HW�/RwF�&KDUJp�

/j�HQFRUH��OHV�SDXVHV��OH�PDWLQ�DX�GRPDLQH�GH� © *DWLQHV ª� HW� OH� PLGL� DX� FKkWHDX� GH�0DUWLJQp�%ULDQG��RQW�EHDXFRXS�SOX�(QILQ�� F¶HVW� j� OD� 3RVVRQQLqUHV� HW� SOXV�SDUWLFXOLqUHPHQW� VXU� OH� WHUUDLQ� GH� IRRW��DQQH[H� TXH� OHV� SDUWLFLSDQWV� V¶pWDLHQW�LQVWDOOpV� SRXU� OH� GHUQLHU� ELYRXDF�� FRPSWH�WHQX�GHV�FDSULFHV�GH�OD�/RLUH�HQ�FUXH�

/j� DXVVL�� XQ� WUqV� EHDX� FLUFXLW� SURSRVp� SDU�(PPDQXHOOH� HW� )UHG� QRXV� D� FRQGXLW� j� 6W�0DUWLQ�GX�)RXLOORX[�SRXU�OD�SDXVH�GX�PDWLQ�HW� j� 6DYHQQLqUHV�� DX� GRPDLQH� © 'DPLHQ�/DXUHDX ª� SRXU� OD� SDXVH� GpMHXQHU�� DYHF�O¶DUULYpH� DX� SRUW� GH� OD� 3RVVRQQLqUH� HQPrPH� WHPSV� TXH� OD� IORWWLOOH� GH� OD� /RLUH��SDUWLH� GH� %RXFKHPDLQH� HW� TXL� DPHQDLW� OD�WUDGLWLRQQHO� EDUULTXH� GH� /D\RQ� SRXU�O¶DQLPDWLRQ�ILQDOH�8Q� JUDQG� PHUFL� j� WRXV� OHV� EpQpYROHV� TXL�RQW� °XYUp� SRXU� OD� UpXVVLWH� GH� FHWWH�PDQLIHVWDWLRQ�/¶pGLWLRQ������VH�GpURXOHUD�GX���DX����MXLQ�

SURFKDLQ� VDFKDQW� TXH� OHV� LQVFULSWLRQV� VRQW�FORVHV�GHSXLV��ORQJWHPSV�GpMj�������������������

5DQG¶$XEDQFH

3RXU�O¶pGLWLRQ������UHQGH]�YRXV�VXU �

UDQGDXEDQFH���ZRUGSUHVV�FRP

/H����pWDLW �SUpVHQW �DX�UDVVHPEOHPHQWGH �6DLQW �$LJXOLQ

0LFKHO�� -HDQ� <YHV�� -HDQ� 0DUF�� )DELHQQH��0DULH� 9LRODLQH�� HW� )UDQoRLVH� VRQW� SDUWLV� j�FKHYDO�� OH� ��� MXLQ� GH� &KDPSDJQROOHV� HQ�JLURQGH� SRXU� UHMRLQGUH� 6DLQW� $LJXOLQ� � HQ�&KDUHQWHV� R�� DYDLW� OLHX� OH� UDVVHPEOHPHQW�QDWLRQDO��(TXLOLEHUWp�OHV�������HW����MXLOOHW��� pWDSHV�� � j� WUDYHUV� OD� +DXWH� 6DLQWRQJH��pWDLHQW�QpFHVVDLUHV�SRXU�FRXYULU�OHV�����NP�TXL�QRXV�VpSDUDLHQW�GH�6DLQW�$LJXOLQ�

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

&HV���pWDSHV��DXURQW�ODLVVpHV�GH�QRPEUHX[�VRXYHQLUV� j� QRV� UDQGRQQHXUV�� TXH� FH� VRLW�OHV� SD\VDJHV�� OHV� SDXVHV� RX� OHV� DFFXHLOV��GRQW�FHUWDLQV�RQW�pWp�H[FHSWLRQQHOV�� PDLV�DXVVL� OD�FKDOHXU�FHUWDLQV�MRXUV��HW�TXL�QRXV�RQW� IDLW� DSSUpFLHU� SDUWLFXOLqUHPHQW� QRWUH�DVVLVWDQFH�© -HDQ�0DUF ª�

(QILQ�� QRXV� DYRQV� UHMRLQW� 6DLQW� $LJXOLQ�FRPPH� SUpYX� OH� MHXGL� ��� MXLOOHW� RX� QRXV�DYRQV� UHWURXYp� VXU� OH� VLWH� � QRV� DPLV�&RULQQH��<DQLFN�HW�*pUDUG�SXLV�VRQW�DUULYpV�&KULVWLDQ��$QWRLQH��HW�OHXUV�FRPSDJQRQV�TXL�HX[� YHQDLHQW� GH� IDLUH� ���� NP� SRXU�UHMRLQGUH�OH�UDVVHPEOHPHQW��/H����pWDLW��DORUV�DX�FRPSOHW��

/D 5DQGRGHV %pQpYROHV

&¶HVW� OH� �� VHSWHPEUH� TXH� QRXV� DYLRQV�GRQQp�UHQGH]�YRXV�j�WRXV�OHV�EpQpYROHV�TXL�WRXW�DX� ORQJ�GH� O¶DQQpH�V¶LQYHVWLVVHQW�GDQV�O¶RUJDQLVDWLRQ� GHV� PDQLIHVWDWLRQV�G¶(TXLOLEHUWp����HW�F¶HVW�VXU� OD�SURSULpWp�GH�&KULVWLDQ� 0LFKHO� j� &KDPS� VXU� /D\RQ� DX�

OLHX�GLW� 'UHXLOOp� TXH� QRXV� QRXV� VRPPHV�UHWURXYpV�� FDYDOLHUV�� PHQHXUV�� 9pWpWLVWHV��PDUFKHXUV� HW� OHV� DXWUHV� SXLVTXH� DX� WHUPH�GH� FHWWH� UDQGRQQpH�� F¶HVW� XQ� V\PSDWKLTXH�GpMHXQHU� TXL� QRXV� DWWHQGDLW�� � DUURVp� ELHQ�pYLGHPPHQW�SDU�OHV�YLQV�GH�3DXOR��YLJQREOH�*UpJRLUH�j�9DODQMRX���

/RUV� GH� OD� UDQGRQQpH�� 0LFKHO� 0DQFHDX��%pQpYROH� LQFRQWRXUQDEOH�GH� OD�7UDQV/D\RQ��QRXV�DYDLW� GRQQp� UHQGH]�YRXV�j� OD� VRFLpWp�GH� &KDQ]HDX[� SRXU� XQH� SDXVH� TXL� IXW� OD�ELHQYHQXH� SRXU� OHV� FDYDOLHUV� PDLV� DXVVL�SRXU� OHV� PRQWXUHV�� FRPSWH� WHQX� GH� OD�WHPSpUDWXUH�DPELDQWH��0HUFL� j� &KULVWLDQ� HW� VRQ� pTXLSH� SRXU�O¶RUJDQLVDWLRQ� LUUpSURFKDEOH� GH� FHWWH� EHOOH�PDQLIHVWDWLRQ�

(48,9,1, �����HQ�SKRWRV

/¶pGLWLRQ��������OHV���HW����VHSWHPEUH���DX�GpSDUW� GH� 7XUTXDQW�� D� FRQILUPp� WRXV� QRV�HVSRLUV�/H� FRPLWp� G¶RUJDQLVDWLRQ� GHV� pYqQHPHQWV�YLWLFROHV� 6DXPXURLV�� DYHF� O¶DSSXL�G¶(TXLOLEHUWp����HW�VHV�EpQpYROHV��HW�ELHQ�

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

pYLGHPPHQW� /DXUH� HW� 0DULH�$QQH� DX[�FRPPDQGHV�� RQW� IDLW� GH� O¶pGLWLRQ� ����� XQ��JUDQG�FUX�'HV� FUXV�� OHV� ��� SDUWLFLSDQWV� RQW� SX� HQ�GpJXVWHU�G¶H[FHOOHQWV��DX FRXUV�GH�FHV�GHX[�MRXUV�GH� UDQGRQQpHV��DYHF�SDXVH�GpMHXQHU�GDQV�O¶HQFHLQWH�GX�FKkWHDX�GH�6DXPXU�SRXU�OH�SUHPLHU�MRXU�HW�DX�WHUUDLQ��GH�VSRUWV�GH�)RQWHYUDXG� � SRXU� OD� GHX[LqPH� MRXUQpH�

/RUV� GH� FHV� GHX[� UDQGRQQpHV� GH�QRPEUHXVHV� YLVLWHV� GH� GRPDLQHV� OHV� SOXV�PDJQLILTXHV� OHV� XQV� TXH� OHV� DXWUHV� DYHF�GpJXVWDWLRQV�GH�SURGXLWV�GX�WHUURLU�SRXU� OH�SODLVLU�GH�WRXV��/H� WRXW� DYHF� OD� GpFRXYHUWH� GH� YXHV�H[FHSWLRQQHOOHV� GH� OD� /RLUH� HW� GX� YLJQREOH�6DXPXURLV�

/D� SURFKDLQH� pGLWLRQ�� FH� VHUD� OHV� �� HW� ��VHSWHPEUH�������HW�SRXU�YRXV�LQVFULUH �KWWS���ZZZ�IHVWLYLQL�FRP�SDJHV�HTXLYLQL�VDXPXU

6DORQ�GX�&KHYDOj �$QJHUV

(TXL/LEHUWp� ���� SURPRWHXU� LQFRQWRXUQDEOH�GX� WRXULVPH�pTXHVWUH�HQ�$QMRX��SDUWHQDLUH�GHV� FROOHFWLYLWpV� HQ� WDQW� TXH� PHPEUH� GHV�FRPPLVVLRQV� 3',35� HW� &'(6,�� DFWHXU�SULQFLSDO� GDQV� O¶RUJDQLVDWLRQ� GH� OD�7UDQV/D\RQ� HW� (TXLYLQL� �UDQGRQQpHV�°XQRWRXULVWLTXHV� j� JUDQG� VXFFqV�� HW�VRXWLHQ� DFWLI� GH� OD� 5DQG¶$XEDQFH�� VH� YRLW�SURSRVHU� ORUV� G¶XQH� UpXQLRQ�� OH� ���GpFHPEUH� ������ G¶rWUH� SDUWHQDLUH� GDQV�O¶RUJDQLVDWLRQ� G¶XQ� 6DORQ� GX� &KHYDO� TXL�DXUDLW�OLHX�j�$QJHUV�GX����DX����QRYHPEUH������� HQ� WDQW� TXH� UHSUpVHQWDQW� GX�WRXULVPH�pTXHVWUH�DX[�F{WpV�GX�&'7(�HW�GX�&57(�)LHUV� GH� FHWWH� FRQILDQFH�� QRXV� SURSRVRQV�LPPpGLDWHPHQW�j�(TXL/LEHUWp�1DWLRQDO��SDU�O¶LQWHUPpGLDLUH� GH� VRQ� SUpVLGHQW� 0LFKHO�%D]LQ� �DXVVL� PHPEUH� GX� &'� G¶(TXL/LEHUWp������GH�SDUWLFLSHU�j�FHW�pYqQHPHQW�/RUV�GH�OD�UpXQLRQ�VXLYDQWH��(TXL/LEHUWp�����VH�YR\DLW�SURSRVHU�GH�WUDQVPHWWUH�VRQ�ORJR��TXL� SDUDvWUD� GqV� ORUV� VXU� OHV� GRFXPHQWV�SURPRWLRQQHOV�� HQ� WDQW� TXH� SDUWHQDLUH� GX�VDORQ�/RUV�GH�OD�UpXQLRQ�GH�SUpSDUDWLRQ�j�ODTXHOOH�pWDLW� FRQYLpH� 0DU\VH� 'XFURW�� HQ� WDQW� TXH�YRLVLQH�� PHPEUH� GX� &$� QDWLRQDO� HW�UHVSRQVDEOH� FRPPXQLFDWLRQ�� 0LFKHO� %D]LQ�QRXV� DQQRQFH� XQH� SDUWLFLSDWLRQ� ILQDQFLqUH����¼� DOORXpH� SDU� OH� QRXYHO�DVVXUHXU (TXLWDQHW�� HW� OH� SUrW� GX� PDWpULHO�GH�VDORQ�

3DJH�Q���

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB)pGpUDWLRQ�'pSDUWHPHQWDOH�GHV�5DQGRQQHXUV�(TXHVWUHV�GX�0DLQH�HW�/RLUH

KWWS���ZZZ�HTXLOLEHUWH���IU

¬� OD� YHLOOH� GX� VDORQ�� QRXV� DFTXLHVoRQV�� ,O�VHUD�LQGLVSHQVDEOH��SDU�OD�VXLWH��GH�IL[HU�OHV�PRGDOLWpV� GH� SDUWLFLSDWLRQ� �ILQDQFLqUH��PDWpULHOOH� HW� KXPDLQH�� G¶(TXL/LEHUWp�1DWLRQDO� ORUV� GH� VDORQV� LQLWLpV� VRLW� SDU� GHV�GpSDUWHPHQWV� VWUXFWXUpV� VRLW� SDU� GHV�DVVRFLDWLRQV�ORFDOHV�

$ILQ� G¶pWRIIHU� OH� PRELOLHU�� QRXV� GpFLGRQV�G¶LQYHVWLU�GDQV�XQ�pFUDQ�TXL�QRXV�SHUPHWWUD�GH� GLIIXVHU� OH� GHUQLHU� ILOP� SURPRWLRQQHO�UpDOLVp� SDU� 0RQLTXH� %HQRLVWRQ�� DLQVL� TXH�GDQV� XQ� GpSOLDQW� SXEOLFLWDLUH� UHSUpVHQWDWLI�GH� O¶DFWLYLWp�GX�����(Q� UHSUHQDQW� OHV�EDVHV�G¶(TXL/LEHUWp�� FH� GRFXPHQW�� j� O¶DLGH� GH�O¶DSSOLFDWLRQ� 45� FRGH�� IDLW� OH� OLHQ� GLUHFW�HQWUH� QRV� FLUFXLWV� HW� DFFXHLOV� pTXHVWUHV�DYHF� OHV� GRQQpHV� G¶(TXLFKHPLQV�� &H�GRFXPHQW� D\DQW� pWp� PLV� HQ� IRUPH� SDU�0DQRQ�5REHUW��MHXQH�GLSO{PpH�GH�WRXULVPH�HW�EpQpYROH�DXSUqV�G¶(TXL/LEHUWp����GHSXLV�QRWUH� GHUQLqUH� $*�� &¶HVW� &KULVWLDQ� 0LFKHO��PHPEUH� GH� QRWUH� &'� HW� SURIHVVLRQQHO� GH�O¶pGLWLRQ�� TXL� HQFDGUH� WHFKQLTXHPHQW� OH�SURMHW�1RXV�YRLOj�j�OD�YHLOOH�GX�VDORQ��XQ�SODQQLQJ�HVW� pWDEOL� HW� TXL� HQJDJH� FKDFXQ� GHV�PHPEUHV� GH� QRWUH� &RPLWp� 'LUHFWHXU�� VRLW���� SHUVRQQHV� SOXV� 0DU\VH� 'XFURW�� 0LFKHO�%D]LQ��)ORUH�&KkWHOHW�HW�)UDQoRLV�%ULVRW�TXL�UHSUpVHQWHQW�(TXL/LEHUWp�1DWLRQDO�&KDFXQ�DXUD�GRQQp�VDQV�FRPSWHU��G¶DXWDQW�TXH� OH� VDORQ� V¶HVW� DYpUp� rWUH� XQH� WRWDOH�UpXVVLWH�� SXLVTXH� FH� Q¶HVW� SDV� PRLQV� GH��� ���� YLVLWHXUV� TXL�� VXU� �� MRXUV�� DXURQW�YLVLWp�OH��HU 6DORQ�GX�&KHYDO�G¶$QJHUV�3HWLW�VDORQ�SDU�OH�QRPEUH�G¶H[SRVDQWV��WRXW�OH�PRQGH�Q¶\�FUR\DLW�SDV��PDLV�JUDQG�VDORQ�SDU�OH�QRPEUH�GH�YLVLWHXUV�HW�SDU�OD�TXDOLWp�GH� OD� SURJUDPPDWLRQ� �FKHYDO� FRQQHFWp� ±VSHFWDFOH� H[FHSWLRQQHO�� � 4XDQW� j� O¶DFWLYLWp�WRXULVPH�� QRXV� DYRQV� HX� OD� SUHXYH� GH�

O¶DWWUDLW� GX� JUDQG� RXHVW� SRXU� OH� WRXULVPH�pTXHVWUH� HW� HQ� SDUWLFXOLHU� SRXU� QRWUH� ]RQH�G¶LQIOXHQFH�� OH� VXG� /RLUH�� 1RWUH� VWDQG� Q¶D�SUDWLTXHPHQW� SDV� GpVHPSOL� GXUDQW� FHV� ��MRXUV�� HW� O¶DWWUDLW� SRXU�QRWUH� GRFXPHQW�����DQQRQoDQW� ���� NP� GH� FLUFXLWV� DXMRXUG¶KXL�GLVSRQLEOHV�� QRXV� FRQIRUWH� GDQV� QRWUH�GpPDUFKH�3RLQW� G¶RUJXHV� SRXU� (TXL/LEHUWp� �� ��O¶DSpULWLI� GX�GLPDQFKH�DXTXHO�pWDLW� FRQYLpH�OD�SUHVVH�-H� YRXGUDLV� UDSSHOHU� TXH�� KRUPLV� OD�FRPPXQLFDWLRQ�VXU�O¶LQWHQVH�DFWLYLWp�GX�����O¶HVVHQWLHO� GH� QRWUH� DQLPDWLRQ� D� pWp� GH�SURPRXYRLU� (TXL/LEHUWp� HW� VHV� YDOHXUV�� 'H�FH� F{Wp� DXVVL�� FH� VDORQ DXUD� pWp� WUqV�SURGXFWLI� SDU� OHV� H[FHOOHQWV� FRQWDFWV� SULV�TXL� ODLVVHQW� DXJXUHU� G¶XQH� EHOOH�PDUJH� GH�SURJUHVVLRQ� DX� PRPHQW� R�� QRV� DPLV� GX�&'7(� HW� GX� &57(� QH� VDYHQW� SDV� j� TXHO�VDLQW� VH� YRXHU�� 1RXV� FRPSDWLVVRQV�VLQFqUHPHQW� j� OHXU� GpVDUURL� HW� HVSpURQV�UDSLGHPHQW� OHV� UHWURXYHU� VXU� GHV� SURMHWV�FRPPXQV�

(QILQ�� MH� YRXGUDLV� UDSSHOHU� TXH� FHWWH�UpXVVLWH� HVW� G¶DERUG� FHOOH� GHV� WUqV�QRPEUHX[� EpQpYROHV� TXL� � °XYUHQW� GHSXLV�ORQJWHPSV� VXU� OH� WHUUDLQ�� VRLW� HQ�DQLPDWHXUV�GH�QRV�PDQLIHVWDWLRQV�VRLW�GDQV�O¶HQFDGUHPHQW� GH� QRV IpGpUDWLRQV�QDWLRQDOHV�PDLV�VXUWRXW�GpSDUWHPHQWDOHV�

0LFKHO�+8$57

3UpVLGHQW�G¶(TXL/LEHUWp���