,3ULPHW''DUS\ )LFKHQ

),&+(1&5((5810$648('(6$,6,()86,211(5'(6),&+,(56&UpHUXQPDVTXHGHVDLVLH6XUORQJOHW$IILFKDJHGHVYDULDEOHVVpOHFWLRQQHU)LFKLHU 1RXYHDX

GRQQHUXQQRP jODYDULDEOHFDUDFWqUHVPD[LPXPVDQVDFFHQWQLVHXOVOHVBVRQWDFFHSWpV GpILQLUOHW\SH GHODYDULDEOH(QUqJOHJpQpUDOHRQSHXWODLVVHUFHTXLHVWVpOHFWLRQQpSDUGpIDXW

VDXIVLORQDXQHTXHVWLRQRXYHUWHGRQWOHVUpSRQVHVQHVRQWSDVSUpFRGpHV'DQVFHFDVGHILJXUHRQFRFKHUD&KDvQHGHFDUDFWqUHVHWRQDXJPHQWHUDODODUJHXUSDUH[HPSOHHQPHWWDQWGHIDoRQjSRXYRLUVDLVLUTXHOTXHVPRWV /DLVVHUH[FHSWLRQFIVXSUD 1RPEUHGHGpFLPDOHV SRVVLEOHV /pWLTXHWWH SHUPHWGHWDSHUXQWH[WHSOXVH[SOLFLWHTXHOHVFDUDFWqUHVGXQRPGHODYDULDEOH

,O HVW UHFRPPDQGp GH UHQWUHU OH OLEHOOp GH OD TXHVWLRQ FRUUHVSRQGDQW j OD YDULDEOH FRGpH DILQ GHSRXYRLUV\UHWURXYHUIDFLOHPHQW /HV pWLTXHWWHV GH YDOHXU SHUPHWWHQW GH UHQGUH OHV WDEOHDX[ GH UpVXOWDWV SOXV OLVLEOHV HW SOXVH[SOLFLWHV

/HV YDOHXUVPDQTXDQWHV SHUPHWWHQW GH WUDLWHU OH FDV R XQ UpSRQGDQW QD SDV UpSRQGX j XQHTXHVWLRQ 3DU FRQYHQWLRQ RQ XWLOLVH OD YDOHXU SRXU GpILQLU OHV YDOHXUV PDQTXDQWHV /RUVTXH DSSDUWLHQWjOHVSDFHGHVUpSRQVHVSRVVLEOHVRQUHWLHQGUDODYDOHXURXHWF

,3ULPHW''DUS\ )LFKHQ

5HPDUTXH OHVTXHVWLRQQDLUHV SUpVHQWHQW VRXYHQW ODPRGDOLWp QH VDLV SDV QRQ FRQFHUQp&HWWHPRGDOLWp HVW WUDLWpH GH IDoRQ VLPLODLUH j XQH YDOHXUPDQTXDQWH HQ DGRSWDQW SDU H[HPSOH OH PrPHSULQFLSHPDLVDYHFGHV /DUJHXU GDIILFKDJH GH OD FRORQQH 3HUPHW GpODUJLU XQH FRORQQH GH GRQQpHV GH IDoRQ j YRLUOHQVHPEOHGHVGRQQpHVVDLVLHV&HWWHIRQFWLRQHVWXWLOHORUVTXHOHVYDOHXUVQXPpULTXHVHQWUpHVVRQWWUqVJUDQGHVRXORUVTXHORQHQWUHGHVGRQQpHVGHQDWXUHTXDOLWDWLYHFKDvQHVGHFDUDFWqUHV $OLJQHU jGURLWHDXFHQWUHRXjJDXFKHOHVYDOHXUVGDQVOHILFKLHUGHGRQQpHV 0HVXUH SHUPHWGHVpOHFWLRQQHUOHW\SHGHPHVXUHFRUUHVSRQGDQWjODQDWXUHGHODYDULDEOH (FKHOOH 2UGLQDOH 1RPLQDOH 2QFKRLVLUD(FKHOOH ORUVTXH OHVGRQQpHVVRQWGHQDWXUHPpWULTXH UDWLRRX LQWHUYDOOHFHVWjGLUH OD SOXSDUW GHV RXWLOV GH PHVXUHV SV\FKRPpWULTXHV pFKHOOH GDWWLWXGHGLQWHQWLRQGDFKDWGLPSOLFDWLRQHWF 2QFKRLVLUD2UGLQDOH ORUVTXHOHVGRQQpHVVRQWUDQJpHVSDURUGUHVDQVTXHOLQWHUYDOOHHQWUHFKDTXHQLYHDXGHODYDULDEOHVRLWFRQVWDQW&HVWWUqVVRXYHQWOHFDVGpFKHOOHjSRLQWV /D GpFLVLRQ HQWUH (FKHOOH RX 2UGLQDOH GpSHQG JUDQGHPHQW GX FKRL[ GHVDQDO\VHVGHGRQQpHVTXLVHURQWXOWpULHXUHPHQWHIIHFWXpHV 2QFKRLVLUD1RPLQDOH ORUVTXHOHVGRQQpHVSHUPHWWHQWGHVFODVVLILFDWLRQVVDQVUHODWLRQGRUGUH 3DU H[HPSOH OH VH[H +RPPH )HPPH OH OLHX GKDELWDW 3DULV 3URYLQFH%DQOLHXH(WUDQJHU ODFKDW RX OHQRQDFKDW/HVPRGDOLWpV SHXYHQW rWUH ELQDLUHV RXPXOWLSOHV)XVLRQQHUGHVILFKLHUV,OH[LVWHGHX[VRUWHVGHIXVLRQGHILFKLHUV $MRXWHU GHV REVHUYDWLRQV SDU H[HPSOH ORUVTXH GHX[SHUVRQQHV RQW VDLVL FKDFXQH XQHSDUWLH GHVGRQQpHVGXQHPrPHHQTXrWH $MRXWHU GHV YDULDEOHV SDU H[HPSOH ORUVTXXQH HQTXrWH HVW UpDOLVpH HQ SOXVLHXUV IRLV DXSUqV GHVPrPHVLQGLYLGXV

3DUGpIDXW6366QHGpILQLWDXFXQHYDOHXUPDQTXDQWH&RQVHLOWRXMRXUVXWLOLVHUOHPrPHW\SHGHYDOHXUPDQTXDQWHGHIDoRQjVLPSOLILHUODVDLVLHGHVTXHVWLRQQDLUHV

,3ULPHW''DUS\ )LFKHQ

$-287(5'(62%6(59$7,2166pOHFWLRQQHU'RQQpHV!)XVLRQQHUGHVILFKLHUV!$MRXWHUGHVREVHUYDWLRQV

$-287(5'(69$5,$%/(66pOHFWLRQQHU'RQQpHV!)XVLRQQHUGHVILFKLHUV!$MRXWHUGHVYDULDEOHV

&HWWHYDULDEOHHVWFRPPXQHDX[ILFKLHUVIXVLRQQpV

6366IXVLRQQHDXWRPDWLTXHPHQWOHQVHPEOHGHVYDULDEOHVPDLVRQSHXWHQH[FOXUHGXILFKLHUIXVLRQQp/DFOpGDSSDULHPHQWVHUWjUHJURXSHUOHVYDULDEOHVUHODWLYHVjXQPrPHLQGLYLGXORUVTXHORQIDLWGHVFROOHFWHVVXFFHVVLYHVDXSUqVGXPrPHpFKDQWLOORQ'ROLPSRUWDQFHGHGpILQLUXQFRGHGHVDLVLHSRXUFKDFXQGHVLQGLYLGXVVLOVUpSRQGHQWjGHVTXHVWLRQQDLUHVVXFFHVVLIV

/DERvWHGHGLDORJXHPHQWLRQQHOHVGLIIpUHQFHVHQWUHOHVGHX[PDVTXHVGHVDLVLHVLOHQH[LVWH'DQVFHWH[HPSOHOHVGHX[ILFKLHUVQRQWDXFXQHYDULDEOHHQFRPPXQ/DIXVLRQQHVWSDVSRVVLEOH