3/$7Ï(/0,7('(/$ &$9(51$ 5DPRQ$/&2%(552 (/0,7('(/$&$9(51$ (OPLWHGHODFDYHUQDpVXQGHOVQXFOLVGHOSODWRQLVPH(VWUREDDO¶LQLFLGHOOOLEUH9,, GHOD5HS~EOLFD3ODWyHQVQDUUDODSHQRVDVLWXDFLyG XQVSUHVRQHUVOOLJDWVGHSHXV GHPDQVLGHFROOWDQFDWVHQXQDFRYDLREOLJDWVDPLUDUFRQVWDQWPHQWDXQDSDUHW GHOIRQVRQQRPpVGHWDQWHQWDQWHVSURMHFWDYHQOHVRPEUHVG¶XQHVSHUVRQHVTXH SDVVDYHQLO OXPLQDGHVSHUXQSHWLWIRFLSURMHFWDGHVDWUDYpVG¶XQDPDPSDUDFRPOD GHOVWLWHOODLUHV(OVSUHVRQHUVWDQFDWVDODFDYHUQDDFDEHQWHQLQWXQDYLVLyLQFRUUHFWD GHODUHDOLWDWLFRQIRQHQWHOPyQGHOHVRPEUHVDPEODUHDOLWDW 8Q GLD XQ G¶DTXHVWV SUHVRQHUV pV DOOLEHUDW L DFRQVHJXHL[ VRUWLU GH OD FDYHUQD D WUDYpVG¶XQSURFpVJUDGXDOLGRORUyVDSUqQDGLVWLQJLUHQWUHOHVRPEUHVLHOVREMHFWHV TXHOHVSURYRTXHQ )LQDOPHQWDTXHVWSUHVRQHUSRWDFDEDUVRUWLQWDO¶H[WHULRULFRQWHPSODTXHDIRUDGH ODFRYDKLKDXQDOWUHPyQPROWPpVSOHLGRPLQDWSHUODOOXPGHO6ROLQILQLWDPHQW PpVSRWHQWTXHODSHWLWDOOXPGHOIRFTXHLO OXPLQDYDODFRYD $PE DTXHVW PLWH 3ODWy HQV YRO H[SOLFDU HO SURFpV GH GLDOqFWLFD DVFHQGHQW HQ HO FRQHL[HPHQW ILQV D DUULEDU D OD LGHD GH %p OD OOXP GHO 6RO L HO SDV GHV GHO PyQ VHQVLEOH SOH G¶HUUDGHV PyQ GH OD FDYHUQD DO PyQ LQWHO OLJLEOH PyQ GH SHUIHFFLy PyQH[WHULRU $PE HO PLWH GH OD FDYHUQD 3ODWy HVWj IHQW XQD UHIOH[Ly VREUH TXLQ KD GH VHU HO SDSHUGHOILOzVRI/DYHULWDWGHOFRQHL[HPHQWQRGHSqQGHODVHQVDFLy OHVRPEUHVGH ODFDYHUQD VLQyGHO¶HVIRUoGHFRQHL[HPHQWLQWHO OHFWXDOTXHHQVSRUWDDEXVFDUHO 6RO LGHDGH%p 3XULILFDUO¶jQLPDSHUDUULEDUDOPyQGHOHV,GHHVLDODLGHDGH%pPDUFDHOVHQWLWGH O¶DFWLYLWDW UDFLRQDO / DXWqQWLF VDYL ILOzVRI pV HO TXH D WUDYpV G¶XQ SURFpV GLItFLO L GRORUyV DEDQGRQD O¶RSLQLy PyQ VHQVLEOH RPEUHV L V¶DGUHoD D OD LGHD GHO %p VLPEROLW]DGDSHO6RO 3HUzHOPLWHQRDFDEDDTXt/ KRPHTXHKDYLVWODOOXPGHO6RO TXHKDFRQHJXWOHV ,GHHV QR HV OLPLWD D FRQWHPSODUOHV SDVVLYDPHQW VLQy TXH YRO WUDQVPHWUH DTXHVW FRQHL[HPHQW L GLYXOJDUOR HQWUH HOV KRPHV TXH HQFDUD UHVWHQ D OD IRVFRU GH OD FDYHUQD 9ROHQIHUDWRWKRPSDUWtFLSGHODLGHDGHEppVXQVtPEROG¶DXWqQWLFILOzVRI3HUDL[z DTXHVW KRPH TXH KD FRQHJXW OHV ,GHHV WRUQD D OD FRYD SHUz HOV LQGLYLGXV HVFODYLW]DWV HQ OHV RPEUHV QR SRGHQ FUHXUH TXH H[LVWHL[L XQ PyQ VXSHULRU L ILQDOPHQWHOPDWHQeVSRVVLEOHTXHDPEDTXHVWPLWHHVYXOJXLH[SOLFDU H[SUHVVDU O¶DFWLWXGGHUHFHUFDGHODYHULWDWTXHYDDFDEDUSURYRFDQWODPRUWGH6zFUDWHV3HU WDQWHQHOPLWHGHODFDYHUQDWHQLPGXHVPHQHVG¶LQWHUSUHWDFLRQV /D7HRULDGHOFRQHL[HPHQWRGLDOqFWLFDDVFHQGHQWILQVDUULEDUDODLGHDGH%p ZZZDOFREHUURLQIR 8QDLQWHUSUHWDFLyDQWURSROzJLFDLSROtWLFDVREUHHOSDSHUGHOVDYL $/*8166Ë0%2/6'(/0,7('(/$&$9(51$ (OV PLWHV VyQ DPELJXV SHU GHILQLFLy SHUz XQD OODUJD WUDGLFLy WHQGHL[ D LGHQWLILFDU DOJXQV GHOV VtPEROV GHO PLWH GH OD FDYHUQD DPE HOHPHQWV GH OD WHRULD GHO FRQHL[HPHQW2IHULPDTXtXQDSHWLWDVtQWHVLG¶DOJXQVG¶DTXHVWVWzSLFVFXOWXUDOV (OVSUHVRQHUVVRPWRWVQRVDOWUHVHQODPHVXUDTXHYLYLPHPSUHVRQDWVHQHO PyQ VHQVLEOH HQ OD PDWqULD L TXH QR KHP HVWDW HGXFDWV HQ HO FRQHL[HPHQW GH OD LGHDGH%p$OOtPLWHOVSUHVRQHUVVyQHOVTXLYLXHQHQJDQ\DWVSHUOD6RItVWLFDHQOD SXUDRSLQLy /HVRPEUHVGHOIRQVODFDYHUQDOHVFRQMHFWXUHVHOFRQHL[HPHQWRULJLQDWHQ HOVVHQWLWVSXUDPHQWPDWHULDOGHOTXDQQRHQVSRGHPUHILDU /D OOXP GHO IRF GH OD FDYHUQD OHV FUHHQFHV IHEOHV HQJDQ\RVHV L LQFRPSDUDEOHVDPEHO6RO /¶DOOLEHUDPHQWGHOSUHVRQHUO¶LQLFLGHOSURFpVG¶DOOLEHUDPHQWGHO¶jQLPD /HV FDGHQHV OD LJQRUjQFLD TXH HOV KXPDQV TXH YLXHQ HQ O¶RSLQLy WHQHQ UHVSHFWHO¶DXWqQWLFVDEHUHOVSUHMXGLFLVTXHHQVYLQFXOHQDOPyQPDWHULDOVHQVLEOH /D VRUWLGD DO PyQ H[WHULRU O¶HVIRUo GLDOqFWLF GH FRQHL[HPHQW GH OHV ,GHHV GHPDQDILDUQRVGHODUDy /HVFRVHVH[WHULRUVODOOXQDLHOVREMHFWHVFHOHVWLDOVFRQHJXWVHQODQLW OHVLGHHVVXSHULRUVDGTXLULGHVSHUODLQWHO OLJqQFLD (O6ROODLGHDGH%pHOFRQHL[HPHQWSHUIHFWHTXHKRLO OXPLQDWRW (O UHWRUQ D OD FDYHUQD OD IXQFLy GHO ILOzVRI FRP D HGXFDGRU GH OD FLXWDW 'H YHJDGHVV¶LGHQWLILFDDPEHOSDSHUGHOILOzVRIUHL /DPRUWGHOSUHVRQHUUHWRUQDWDODFDYHUQDHOGHVWtVRFUjWLFGHODILORVRILD ZZZDOFREHUURLQIR