panorama 2013 des défenses anti-opa au sein des sociétés du cac 40

7/22/2019 Panorama 2013 des dfenses anti-OPA au sein des socits du CAC 40

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MIL@WLW F@]E-A^F

^F@ATFJF 4>67MLW WAGE]W M\GFG =>

Irmreg Crehhelr lt Budlrt Wlcfe`,Fvagfts fssages

C\EML K\TEMEV\L


2/52

GA@]L@\pfcl

E`tramugtea` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F``lxl Wy`tbsl mls pre`gepfhls mil`slsf`te-A^F fu sle` mls sagets mu GFG . . . . . . . . . . . . . . . . . . .

F``lxl ^fàrfjf mls mil`sls f`te-aiirlspudhequls fu sle` mls sagets mu GFG . . . . . . . . . . . . . . . . . . .

F g g a r . . . . . . . . . . . . . . . . . . . . . .

FerdusCraup(LFMW) . . . . . . .

Fer H equeml. . . . . . . . . . . . . . . . . .

FhgftlhHugl`t . . . . . . . . . . . . . .

Fhstaj . . . . . . . . . . . . . . . . . . . . .

FrglharJettfh . . . . . . . . . . . . . . .

FRF . . . . . . . . . . . . . . . . . . . . . . .

D@^^fredfs . . . . . . . . . . . . . . . .

D a u y c u l s . . . . . . . . . . . . . . . . . . . GfpCljeè . . . . . . . . . . . . . . . . .

G f r r l i a u r . . . . . . . . . . . . . . . . . . .

GrlmetFcregahl. . . . . . . . . . . . . .

M f ` a ` l . . . . . . . . . . . . . . . . . . . .

LhlgtregetMlIrf`gl(LMI) . .

LsseharE tlr`ftea`fh . . . . . . . . .

CMIWulz . . . . . . . . . . . . . . . . . .

C l j f h t a . . . . . . . . . . . . . . . . . . . . Olre`c . . . . . . . . . . . . . . . . . . . . . .

Hfifrcl . . . . . . . . . . . . . . . . . . . . .

Hlcrf`m . . . . . . . . . . . . . . . . . . . .

HArlfh . . . . . . . . . . . . . . . . . . . . .

HYJB . . . . . . . . . . . . . . . . . . . . . .

J e g b l h e ` . . . . . . . . . . . . . . . . . . . .

Arf`cl(Irf gl]lhlgaj) . . .

^lràm-Tegfrm . . . . . . . . . . . . . .

ûdhegesCraupl . . . . . . . . . . . . .

T l ` f u h t . . . . . . . . . . . . . . . . . . . . .

W f i r f ` . . . . . . . . . . . . . . . . . . . . . .

Wfe`t-Cadfe`. . . . . . . . . . . . . . . .Wfàie . . . . . . . . . . . . . . . . . . . . . .

Wgb`lemlrLhlgtreg . . . . . . . . . . .

WageltlCl`lrfhl. . . . . . . . . . . .

W a h v f y . . . . . . . . . . . . . . . . . . . . . .

]lgbèp . . . . . . . . . . . . . . . . . . . .

]atfh . . . . . . . . . . . . . . . . . . . . . . .

\ edfeh-Tamfjga . . . . . . . . . . .

Yfhhaurlg . . . . . . . . . . . . . . . . . . .YlahefL vera``ljl t . . . . . . .

Y e ` g e . . . . . . . . . . . . . . . . . . . . . . .

Y e v l ` m e . . . . . . . . . . . . . . . . . . . . .

Ga`tfgts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


3/52

BLTDLT] WJE]B ITLLBEHHW >6MIL@WLW F@]E-A^F F\ WLE@ MLW WAGE]W M\ GFG => ^F@ATFJF 4>67

6 Hls futlurs rljlrgel`t Wtlvl` Mlvfux paur sf ga`tredutea prgelusl hf prsl`tl tuml.

4 ]rf`spasl l Irf`gl pfr hf hae ` 4>>9-723 mu 76 jfrs 4>>9 rlhftevl fux aiirls pudhequls

m'fgquesetea .

7 L pfrteguhelr, hls rfpparts f`ùlhs, stftuts, prags-vlrdfux lt e iarjftea`s meiiusls pfr

h'Futaret mls jfrgbs ie f`gelrs.

MIL@WLW F@]E-A^F F\ WLE@

MLW WAGE]W M\ GFG =>^F@ATFJF 4>67

Irmreg Crehhelr lt Budlrt Wlcfe`6, Fvagfts fssagesBlrdlrt Wjetb Irllbehhs fres HH^

Hf rchljl`tftea` irf`fesl, ma`t hls prljelrs tlxtls

mftl`t ml 6599, f t jameiel phuselurs rlpresls,àtfjjl`t saus heìhul`gl mls e`stf`gls

gajju`futferls fvlg hls merlgtevls 4>>=/4>= ( Merlgtevl A^F )4fe`se qul

4>>=/6>5/GL mu 6< mgljdrl 4>>= lt 4>>3/6=/GL

mu 2 jfrs 4>>3 ( Merlgtevls ]rf`spfrl`gl) fyf`t

rlsplgtevljl t paur adklt (e) ml iexlr u` gfmrl

gajju`futferl fux aiirls pudhequls lt (ee) ml iexlr

mls lxecl`gls fpphegfdhls fux sagets gatls l`

jfterl m'eìarjftea` preamequl lt ga`teùl.

Hfmaptea ml hf hae vesf`t rlga`qurer h'gaàjelrlhhl (metl hae Iharf`cl), prajuhcul hl 45 jfrs

4>6= lt pudhel fu kaur`fh aiiegelh hl 6lr fvreh 4>6=

ga`tl`f`t mls mespasetea`s rlhftevls fux aiirls

pudhequls mfgquesetea pfrfgbvl hf ga`strugtea`

ml gl mraet l ga`stf`tl vahutea .

Ml pfr hf ie`fhet rlgblrgbl (gbf`cljl`t ml ga`trhl), hl praklt

gaàjequl part au hf vfharesftea` prapasl, hls aiirls pudhequls

pluvl`t pfriaes susgetlr hf jief`gl vaerl hl rlklt mls arcf`ls

m'fmjeèstrftea` lt ml merlgtea` ml hf saget gedhl. Mf`s u` tlh gfs, hls

mereclf`ts ml hf saget gedhl pluvl`t saet mgemlr ml `l pfsrlgajjf`mlr hlurs fgtea``ferls mfppartlr hlurs tetrls haiirl, saet,

ml jfèrl phus rfmegfhl, fmaptlr mls jlsurls mlste`ls pravaqulr

h'gblg ml h'aiirl. Mf`s gl ga`tlxtl, hf qulstea` mls jayl`s ml

mil`sl ma`t plut mespaslr u`l saget ma`t hls tetrls sa`t fmjes fux

`cageftea`s sur u` jfrgb rchljl`t sl pasl. H'f`fhysl ml

h'eìarjftea` pudhequl7gajjuèqul pfr hls sagets mu GFG =>

plrjlt ml mrlsslr u` pfàrfjf mtfehh mls pre`gepfhls jlsurls

f`te-A^F jesls l` phfgl (F``lxl 4) gl kaur lt m'l` terlr qulhquls

ma``ls stftestequls (F``lxl 6).

^fr fehhlurs, aus mespasa`s msarjfes ml suiiesfjjl`t ml rlguh

paur mcfclr u`l tl`mf`gl quf`t fu rlgaurs pfr hls sagets mu

GFG => mls mil`sls f`te-A^F prvl`tevls (6). Hls tl`mf`gls

fe`se adslrvls sa`t susglptedhls mvahulr mu ifet mls jameiegftea`s

hceshftevls rgl`tls, atfjjl`t glhhls essuls ml hf hae Iharf`cl

rlhftevls fux jayl`s ml mil`sl f`te-A^F (4) lt fux presls ml

ga`trhls rfjpf`tls (7).


4/52

BLTDLT] WJE]B ITLLBEHHW>4 MIL@WLW F@]E-A F F\ WLE@ MLW WAGE]W M\ GFG => F@ATFJF 4>67

6. ]L@MF@GLW M\ TLGA\TW ^FT HLW WAGE]W M\GFG => MLW MIL@WLW F@]E-A^F ^TYL@]EYLW

Hls sagets mu GFG => sa`t vuh`rfdhls fux presls ml ga`trhl

rfjpf`tls lt, fie` ml sl prjuèr ga`trl u` tlh resqul, fmaptl`t mls

jlsurls mlste`ls suevrl h'vahutea` ml hlur fgtea``freft l` jlttf`t

àtfjjl`t l` phfgl mls mghfrftea`s ml irf`gbessljl`ts ml sluehs

stftutferls lt l` prvayf`t hl rlgaurs hf pragmurl metl ml tetrls

fux partlurs eml`teiefdhls . Gls jlsurls a`t l` liilt t fmaptls

pfr hf qufse-tatfhet mls sagets ga`glr`ls, tf`t l` 4>>3 qu'l` 4>67.

^fr fehhlurs, hls sagets mu GFG => jlttl`t cfhljl`t l` phfgl mls

jlsurls f`te-A^F prvl`tevls mlste`ls sl pratclr ga`trl hls

aiirls pudhequls à` sahhegetls (jjl se sluhljl`t = aiirls à`

sahhegetls a`t t hf`gls mlpues 4>6> sur mls sagets gatls ma`t 4

que a`t ie`fhljl`t t rlgajjf`mls)=. Gls jlsurls prvl`tevls

partl`t àtfjjl`t sur hf iemhesftea` ml hlur fgtea``freft, hl rlgaurs

fux mraets ml vatl maudhl, hls meveml`mls au hls da`s Drlta` .

Hls da`s Drlta`s au da`s maiirl, jlsurl pbfrl ml hf Merlgtevl

A^F lt mieès h'frteghl H. 477-74, EE mu Gaml ml gajjlrgl,

ga`stetul`t u`l frjl ml messufsea` l` rl`gbressf`t hl gat ml h'aiirl.

Eètefhljl`t phdesgets l` 4>>3 (44,< % mls sagets mu WDI 64> lt

63,< % mls sagets mu GFG => fvfel`t jes l` phfgl ml tlhs

mespaseteis) l` 4>67 mf`s hf jlsurl a sluhls 3,< %

ml`trl lhhls mespasl`t mu` tlh mespasetei lt uèquljl`t 4,< % mls

sagets mu GFG => a`t fmapt gl jgfèsjl hars mls fssljdhls

c`rfhls tlùls l` 4>67.

Glttl plrtl me`trt lst àtfjjl`t mul fu ifet qul hls da`s

Drlta`s sa`t jfh plrus pfr hls fgtea``ferls gfr ehs sa`t l` c`rfh

fmapts l` mlbars ml tautl aiirl pudhequl mghfrl lt sa`t plu utehess

l` prftequl mu ifet mls meiieguhts ml jesls l` uvrl hels fu pre`gepl

ml `lutrfhet mls arcf`ls m'fmjeèstrftea` lt ml merlgtea` l` veculur

kusqufu 6lr kuehhlt 4>6=. F tetrl m'lxljphl, mlpues 4>>9, sluhl u`l

aiirl f ma`` helu u`l tl`tftevl m'jessea` ml tlhs da`s sfvaer

Ia`gerl ^fres Irf`gl l` 4>66 ma`t h'fssljdhl c`rfhl f rlklt hf

rsahutea`.

^huselurs ifgtlurs eìhul`t sur h'fmaptea` pfr u`l saget ml jlsurls

ml mil`sls f`te-A^F. Hls pahetequls ml vatl mlste`ftea` mls

fgtea``ferls ml sagets gatls hfdarls pfr hls fcl`gls l` ga`sleh

ml vatl a`t gl tetrl u`l eìhul`gl crf`messf`tl l` Irf`gl. Gls

fcl`gls ml ga`sleh l` vatl sl praà`gl`t àtfjjl`t sur h'fmaptea`

ml jlsurls ml mil`sl f`te-A^F lt sur hlur appartuèt. Eh rlssart ml

h'f`fhysl mls pahetequls ml vatl 4>67 iarjuhls pfr hls pre`gepfhls

fcl`gls ml ga`sleh l` vatl9u`l rlhftevl appasetea` h'fmaptea` ml gls

jlsurls.

4. JAMEIEGF]EA@W HCEWHF]EYLW EWW\LW ML HF HAEIHATF@CL TLHF]EYLW F\R JAUL@W ML MIL@WLF@]E-A^F

Hf riarjl mu rcejl mls aiirls pudhequls m'fgquesetea` partl pfr hf

hae Iharf`cl e`trlssl merlgtljl`t hls sagets mu GFG => mf`s hlurs

mil`sls f`te-A^F puesqu'lhhl f àtfjjl`t paur ga`squl`gl ml

supprejlr hl pre`gepl ml `lutrfhet mls arcf`ls mfmjeèstrftea` lt ml

merlgtea`, ml jameielr hl rcejl mls mraets ml vatl maudhl lt

m'fucjl`tlr hl slueh m'fttredutea` m'fgtea`s crftuetls fux sfhfres.

Wupprlssea mu pre`gepl ml `lutrfhet (6lr kuehhlt 4>6=)

Hars ml hf trf`spasetea` ml hf Merlgtevl A^F, hl hceshftlur fvfet mgem

ml `lutrfheslr hls pauvaers mls arcf`ls mfmjeèstrftea` lt ml

merlgtea` mf`s hf jesl l` uvrl mls jayl`s ml mil`sl f`te-A^F(y gajpres hls mhcftea`s fggarmls f`trelurljl`t pfr hfssljdhl

c`rfhl que tfel`t suspl`muls), hf jesl l` uvrl ml jlsurls

susglptedhls ml iferl gbaulr haiirl mlvf`t trl presl pfr hfssljdhl

c`rfhl. Glpl`mf`t, hl pre`gepl ml `lutrfhet `'tfet pfs fpphegfdhl

harsqul h'eèteftlur `'fpphequfet pfs hue-jjl u` pre`gepl sejehferl ml

`lutrfhet3.

Hf hae Iharf`cl e`vlrsl hl gfmrl fgtulh l` `l ifesf`t phus ml hf

`lutrfhet ml h'arcf`l m'fmjeèstrftea` lt ml merlgtea` hl pre`gepl jfes

h'lxglptea` ; h'arcf`l m'fmjeèstrftea` lt ml merlgtea` paurrf prl`mrl

tautl mgesea` ma`t hf jesl l` uvrl lst susglptedhl ml iferl gbaulr

h'aiirl, mf`s hf hejetl mls pauvaers qul hf hae rlga``fet lxprlssjl`t

h'fssljdhl c`rfhl mls fgtea``ferls. Hls mhcftea`s

f`trelurljl`t fggarmls pfr h'fssljdhl c`rfhl `l sa`t ma`g phus

suspl`muls l` preaml m'aiirl pudhequl. ]autliaes eh lst passedhl ml

rlstrle`mrl hls pauvaers mls arcf`ls mfmjeèstrftea` lt ml merlgtea`

l` prvayf`t mf`s hls stftuts mls ghfusls spgeiequls2.

= Tegah Hfstlyrel Lxplrt lt Ga`sleh Ie f`gelr, Gajjuèqus ml prlssl rlhfteis hf

prsl`tftea` mls adslrvftaerls mls aiirls pudhequls, 2 kf`velr 4>66, 65 kf`velr 4>64, 64

ivrelr 4>67 lt 64 ivrelr 4>6=.

< Tfppart m'eìarjftea` ` 7=3 (4>>9-4>>3) ml J. Gbrestef` Cfume`, ifet fu àj ml hf

jessea` gajju`l m'eìarjftea` gl`trl ml mgesea` gaàjequl prseml pfr J.

^behepl Jfreè, mpas hl 44 kue` 4>>3 fu W`ft.

9 Wur hf dfsl mls pahetequls ml vatl 4>67 paur hf Irf`gl jesls pfr raxe`vlst, Chfss

Hlwes & Ga, EWW lt hls rlgajjf`mftea`s 4>67 ml h'FIC sur hl cauvlr`ljl`t

m'l`trlpresl.

3 Mf`s glttl bypatbsl, hls arcf`ls m'fmjeèstrftea lt ml merlgtea` ml hf saget gedhl

tfel`t fhars l` mraet ml jlttrl l` uvrl mls jlsurls f`te-A^F que furfel`t t

futaresls pfr hls fgtea``ferls, a` pfs fu jajl`t ml h'A^F, jfes kusqu' 62 jaes

fvf`t hl mghl`gbljl`t ml glhhl-ge.


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Jameiegftea` mu rcejl mls mraets ml vatl maudhl(6lr fvreh 4>6=)

Eh lst fgtulhhljl`t prvu pfr h'frteghl H. 44 l` 4>67.

Fie` m'l`gaurfclr h'fgtea``freft ml ha`c tlrjl, hf hae Iharf`cl e`vlrsl

hl pre`gepl lt hf ifguht mlvel`t hf rchl ; hls mraets ml vatl maudhl

slra`t fttredus ml phle` mraet taus hls fgtea``ferls ml sagets

gatls mtl`f`t hlurs tetrls fu àje`ftei pl`mf`t mlux f`s. Wfui

ghfusl ga`trferl mls stftuts au appasetea` hars m'u`l fssljdhl

c`rfhl uhtrelurl, glttl jameiegftea` paurrfet ga`glr`lr 6= sagets

mu GFG =>.

Fucjl`tftea` mu slueh m'fttredutea` m'fgtea`s crftuetlsfux sfhfres (6lr fvreh 4>6=)

Fie` ml`gaurfclr hfgtea``freft ha`c tlrjl, hf hae Iharf`cl f fmapt

mls jlsurls ifvarfdhls hfgtea``freft sfhfre, phus stfdhl qul hls

futrls fgtea``ferls, l` rlhlvf`t hl slueh mfgtea`s pauvf`t trl fttredu

crftuetljl`t fux sfhfres lt fux mereclf`ts ml sagets. Gl slueh lst

pfss ml 6> % 7> % mu gfpetfh ml hlur saget, ga`metea`tautliaes qul gls fgtea`s sael`t fttreduls crftuetljl`t

h'l`sljdhl mu plrsa``lh sfhfre ml h'l`trlpresl lt à` fux sluhs

mereclf`ts. H'gfrt l`trl hl àjdrl m'fgtea`s mestreduls gbfqul

sfhfre `l paurrf trl suprelur u` rfppart ml 6 % lt % mu

gfpetfh au mls mraets ml vatl m'u`l saget gatl plut ga`teùlr

fucjl`tlr sf pfrtegepftea`, mf`s hf hejetl ml 4 % mu gfpetfh pfr f`,

sf`s trl tlù ml mpaslr u` praklt m'A^F. Hf hae Iharf`cl rmuet glttl

tahrf`gl 6 % mu gfpetfh pfr f`.

E`stfurftea` m'u` slueh ml gfmuget futajftequl ml

% (l fttl`tl ml jaiemegftea mu Tchljl`t c`rfhml h'FJI)

Hf hae Iharf`cl e`tramuet u` slueh ml gfmuget futajftequl ml %

paur hls aiirls pudhequls vaha`tferls lt paur hls aiirls pudhequls

adhecftaerls ; tautl aiirl `l pfrvl`f`t pfs ruèr fu jae`s % mu

gfpetfh au mls mraets ml vatl ml hf saget gedhl slrf gfmuqul. Hl slueh

ml gfmuget, iex pfr hf rchljl`tftea` (lt fuqulh h'eèteftlur `l paurrf

pfs rlà`glr), meiirl ma`g mu slueh ml rlà`geftea` pauvf`t trl iex

hedrljl`t pfr h'eèteftlur mf`s hl gfmrl m'u`l aiirl vaha`tferl (gl que lst

irqul`t l` prftequl). Gl jgfèsjl plrjlt mvetlr quu`l aiirl

sf`s slueh ml rlà`geftea` lt ifetl u` prex plu fttrfgtei paur hls

fgtea``ferls ml hf saget gedhl ga`muesl heèteftlur prl`mrl hl

ga`trhl ml ifet ml hf saget gedhl sf`s jjl fvaer vlrs ml prejl ml

ga`trhl fux fgtea``ferls ml glhhl-ge5.

2 Gls ghfusls pluvl`t ga`sestlr prvaer u`l futaresftea` prfhfdhl pfr h'fssljdhl

c`rfhl mls fgtea``ferls (el,u` rltaur vaha`tferl fu pre`gepl ml lutrfhet), saet paur

tautl aiirl, saet uèquljl`t paur h'aiirl m'u` eèteftlur 'fpphequf`t pfs hl pre`gepl ml

`lutrfhet (el,u` rtfdhessljl`t vaha`tferl mu pre`gepl ml rgepraget). F mifut,

h'arcf`l ml merlgtea` paurrfet msarjfes prl`mrl tautls jlsurls ml pratlgtea`

gbfum , sfui mgesea` ga`trferl ml h'fssljdhl c`rfhl iraem . Glttl mespasetea`

`'l`trlrf l` veculur qul traes jaes fprs hf prajuhcftea` ml hf hae Iharf`cl.

5 Wtpbf`l Wtargo, hf prapasetea ml hae Iharf`cl lt hl mraet mls aiirls pudhequls, Mraet mls

sagets `6, kf`velr 4>6=, tuml 4.


6/52


7/52


8/52


F@@LRL 4

^F@ATFJF MLW MIL@WLW F@]E-AIITLW^\DHEV\LW F\ WLE@ MLW WAGE]W M\ GFG =>

FGGAT

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres

Ejjftreguhftea` mf`su` pfys trf`clr

@/F

Mraets ml vatl maudhl (frteghl 4< mls stftuts)

Ga metea s ml mtl tea 4 f`s

]Ê (frteghl 5 mls stftuts)

Mghfrftea` mlirf`gbessljl`t mlsluehs stftutferls

(frteghl 5 mls stftuts)

Ga`tlù 6. Wlueh ml 6 % pues gbfqul slueh ml >,< % hf bfussl lt 6 % hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls < kaurs ml daursl suevf`t hl irf`gbessljl`t

7. Mghfrftea` m'e`tl`tea` rlhftevl fux 64 jaes vlèr harsqul sa`t fttle`ts hls sluehs ml < %, 6< % lt 4< %

Hejetftea` mls mraetsml vatl

@/F

Ga`tlù @/F

Ghfusl ml gbf`cljl`tml ga`trhl

Ghel`ts/Iaurèsslurs @/F

L`mlttljl`t 6. Glrtfe`s ga`trfts ml ie`f`gljl`t ga`tl`f`t mls ghfusls ml gbf`cljl`ts ml ga`trhl pauvf`t l`trf`lrhl rljdaursljl`t f`tegep mlsmets ie`f`gljl`ts

4. Ljpru`ts adhecftferls ga`tl`f`t mls ghfusls ml gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hlrljdaursljl`t f`tegep mlsmets ljpru`ts l` gfs ml gbf`cljl`t ml ga`trhl fggajpfc` m'u`lmcrfmftea` ml hf àtftea` ie`f`gerl m'Fggar @a` E`vlstjl`t Crfml

Futrls @/F

âssedehet

m'fucjl`tftea` mugfpetfh l` preamlm'A^

@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` >,95 % mu gfpetfh lt >,57 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. Fgtea` ml ga`glrt rsuhtf`t m'u` pratagahl m'fggarm l` mftl mu 43 kf`velr 4>>2 l`trl Gah]ejl (Gaha`y Gfpetfh HHG), GahMfy (Gaha`yGfpetfh HHG) lt Hlcl`mrl Bahme`c 65 (ga`trh pfr Lurfza). Fu 76 mgljdrl 4>64, hl ga`glrt mtl`fet 46,=4 % mu gfpetfh lt 7>,>2 %mls mraets ml vatl

4. ^fgtl m'fgtea``ferls ga`ghu hl = jfe 4>>2, l`trl Gah]ejl (Gaha`y Gfpetfh HHG), GahMfy (Gaha`y Gfpetfh HHG) lt Hlcl`mrl Bahme`c65 (ga`trh pfr Lurfza), paur u`l murl ml < f`s, jameie pfr u` fvl`f`t l` mftl mu 62 mgljdrl 4>>5. Hl pfgtl m'fgtea``ferls

prvaet àtfjjl`t (e) u` l`cfcljl`t ml vatlr mf`s hl jjl sl`s fu ga`sleh m'fmjeèstrftea` paur tautl mgesea` strftcequl ltfux fssljdhls c`rfhls m'Fggar, (ee) u` fggarm sur u`l rlprsl`tftea` cfhetferl fu ga`sleh m'fmjeèstrftea` m'Fggarm, (eee) u`l

prajlssl ml glssea` l` gfs ml à`-rlsplgt pfr h'u` mls mlux pfrtl`ferls ml h'l`cfcljl`t ml vatlr mf`s hl sl`s ga`vlù, (ev) u`

l`cfcljl`t ml `l pragmlr fugu`l fgquesetea` au ga`ghusea` m'u` fggarm fvlg u` telrs, que ilrfet irf`gber fu ga`glrt hl slueh mu

telrs l` gfpetfh au l` mraets ml vatl, (v) u` mraet ml prljerl aiirl l` gfs ml glssea` mls fgtea`s Fggar pfr h'u`l mls pfrtels fu pfgtl,

(ve) u` mraet m'eìarjftea` prfhfdhl fvlg u` prfves ml quftrl kaurs l` gfs ml glssea` pfr u` mls mlux pfrtl`ferls sur hl jfrgb

mls fgbltlurs à` mtlrje`s, (vee) u` mraet ml glssea` prapartea``lhhl l` gfs ml glssea` m'fgtea`s pfr u` mls mlux pfrtl`ferls,

(veee) u`l adhecftea` ml prapaslr h'futrl pfrtl`ferl tautl fgquesetea` m'fgtea`s supphjl`tferls sur u`l dfsl cfhetferl, (ex) u` mraet

paur hl pfrtl`ferl mtl`f`t jae`s m'fgtea`s qul h'futrl m'fgqurer mls fgtea`s pfr prearet, (x) l` gfs m'aiirl pudhequl eètel pfr u`

telrs, se h'u` mls pfrtl`ferls `l saubfetl pfs fppartlr sls tetrls fhars qul h'futrl saubfetl hls fppartlr, hl mraet paur hl pfrtl`ferl `l

saubfetf`t pfs fppartlr sls tetrls h'aiirl m'fgqurer hf pfrtegepftea` mu pfrtl`ferl saubfetf`t fppartlr sls tetrls h'aiirl, fu prex ml

h'aiirl (au ml tautl surl`gbrl au ga`trl-aiirl) lt (xe) l` gfs m'aiirl pudhequl eètel pfr u` mls mlux pfrtl`ferls lt se h'futrl

pfrtl`ferl `l saubfetl pfs y pfrtegeplr, hl mraet paur h'u` au h'futrl mls mlux pfrtl`ferls ml jlttrl ie` fu ga`glrt. ^fr fehhlurs, se hf

pfrtel `l saubfetf`t pfs pfrtegeplr h'aiirl saubfetl gmlr sf pfrtegepftea`, hl mraet paur h'eèteftlur ml h'aiirl m'fgqurer sls tetrls

fvf`t ml mpaslr h'aiirl, fu prex ml h'aiirl (au ml tautl surl`gbrl au ga`trl-aiirl). Hl pfgtl paurrf trl rsehe fvlg u` prfves ml 7>

kaurs àtfjjl`t l` gfs ml àteiegftea` pfr h'u` mls pfrtl`ferls ml sa` e`tl`tea` ml iferl irf`gber hl slueh mu gfpetfh au mls mraets ml

vatl que rl`m h'aiirl pudhequl adhecftaerl paur hl ga`glrt. L`trl hf traesejl lt hf ge`quejl f``l, u` mls mlux pfrtl`ferls paurrfjlttrl ie` fu pfgtl fvlg u` prfves ml 7 jaes. Hl pfgtl slrf cfhljl`t rsehe se h'u` mls mlux pfrtl`ferls vl`fet mtlèr jae`s

ml < % mu gfpetfh


9/52


FETD\W CTA\^ (LFMW)

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Dfrglha`l Dehdfa Irf`giart Jfmrem Yfhl`gl


^fys-Dfs (Fjstlrmfj)

Mraets ml vatl maudhl @/F

Ga metea s ml mtl tea @/F

]Ê @/F


(frteghls 6= lt 6< mls stftuts)

Ga`tlù 6. Adhecftea` hcfhl lt stftutferl ml mghfrftea` ml irf`gbessljl`t mls sluehs (gfpetfh au mraets ml vatl) ml< %,6> %, 6< %, 4> %, 4< %, 7> %, => %, %, 9> %, 3< %, 5< %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t mu slueh ml 6< % mf`s hls phus drlis mhfes

7. Adhecftea` stftutferl ml hf`glr u`l A^F e`ga`metea``lhhl sur hls fgtea`s Ferdus Craup l` gfs mlmtl`tea` m'fu jae`s u` telrs mu gfpetfh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls E mlj et ml rupturl l ifvlur mu Gbeli Lxlgutevl Aiieglr l` gfs ml mpfrt hf suetl m'u` gbf`cljl t mlga`trhl au ml strftcel

âssedehetm'fucjl`tftea` mugfpetfh l` preamlm'A^

@/F

Mespasetea`s @/F

Da`s Drlta` @/FHejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` L`vera` 6,3 % mu gfpetfh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. Fu 76 mgljdrl 4>64, Waclfml (saget l` gajjf`metl pfr fgtea`s mtlùl 99,93 % pfr h'Ltft irf`fes pfr h'e`tlrjmeferl mlWaclpf lt 77,77 % pfr Hfcfrmrl pfr hl defes ml Mserfml) mtel`t 44,7> % mu gfpetfh lt 44,69% mls mraets ml vatl m'Ferdus Craup.Mfsf (mtlùl 99,93 % pfr Mfejhlr pfr h'e`tlrjmeferl ml Mfejhlr Huit-u`m Tfujifbrt FC lt 77,77 % pfr u` ga`sarteujm'e`vlstesslurs mu slgtlur pudheg lt prev) mtel`t 6=,33 % mu gfpetfh lt 6=,23 % mls mraets ml vatl m'Ferdus Craup. H'Ltft lspfcàh,pfr h'e`tlrjmeferl ml WLÊ, mtel`t % mu gfpetfh lt 67, Hfcfrmrl f`à`gl hf rfhesftea` ml hf glssea` ml tautls sls fgtea`s Ferdus Craup

7. Mraets spgeiequls ml h'Ltft irf`fes sur hls fgtevets ml jessehl dfhestequl mf`s hl gfmrl mu Dfhhesteg Jessehls Fcrlljl`t (mraet ml vltalt gfhh aptea`)

=. Fggarm juhtepfrtetl mu < mgljdrl 4>64 (Juhtepfrty fcrlljl`t) jlttf`t l` phfgl u` pracrfjjl ml rfgbft m'fgtea` lt hfpratlgtea` mls fgtea``ferls m'Ferdus Craup

% mls mraets ml vatl ml hf saget)

9. Hls stftuts e`tlrmesl`t taut fgtea``ferl ml mtlèr u`l pfrtegepftea` ml phus ml 6< % mu gfpetfh sagefh au mls mraets ml vatl, qu'ehfcessl sluh au ml ga`glrt fvlg m'futrls plrsa``l, lxglpts hls fgtea``ferls jl`tea``s fu 6

3. ^rapasetea` ml trf`siarjftea` ml hf saget l` saget lurapl``l saujesl h'fssljdhl c`rfhl ml jfe 4>6


10/52


F@@LRL 4

^F@ATFJF MLW MIL@WLW F@]E-AIITLW ^\DHEV\LW F\ WLE@ MLWWAGE]W M\ GFG =>

FET HEV\EML



@/F






Ga`tlù 6. Wlueh ml 4 % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls 6< kaurs suevf`t hl irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t 6. ^huselurs jessea`s m'ljpru`ts adhecftferls rfhesls mf`s hl gfmrl mu pracrfjjl LJ]@ gajptlr ml4>>2, fe`se qul traes jessea`s adhecftferls rfhesls l` mlbars mu pracrfjjl LJ]@, ga`tel``l`t u`lghfusl prvayf`t, saus glrtfe`ls ga`metea`s, u` rljdaursljl`t f`tegep l` gfs u`l ghfusl mlgbf`cljl`t ml ga`trhl

4. Glrtfe`s ga`trfts ml grmet mu craupl Fer Hequeml ga`tel``l`t mls ghfusls ml rljdaursljl`t f`tegepl` gfs ml gbf`cljl`t ml ga`trhl

Futrls E`mlj et vlrsl fu rseml`t-Merlgtlur c rfh lt fu Merlgtlur c rfh mhcu l` gfs ml mpfrtga`trfe`t he u` gbf`cljl`t ml ga`trhl au ml strftcel


@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 4,6 % mu gfpetfh (ie` 4>64)

Futrls 6. Ifguht ma``l fu ga`sleh m'fmjeèstrftea` ml jlttrl ie` hf preaml ml dhagfcl rlhftevl h'lxlrgegl mls stago-aptea`s l` preamlm'aiirl pudhequl

4. Hls fgtea`s e`sgretls fu 76 mgljdrl ml gbfqul f``l saus hf iarjl àje`ftevl mlpues fu jae`s mlux f`s, lt que hl rlstl`t kusqu'hf mftl ml jesl l` pfeljl`t mu meveml`ml, ma``l`t hl mraet hlurs tetuhferls ml plrglvaer u` meveml`ml pfr fgtea` jfkar ml 6> %, pfrrfppart fu meveml`ml pfr fgtea` mestredu fu tetrl mls futrls fgtea`s, paur futf`t qul hl meveml`ml pfr fgtea` fvf`t jfkarftea` saetfu jae`s cfh fu meveml`ml pfr fgtea` fvf`t jfkarftea` mestredu h'f``l prgml`tl fkust paur tlèr gajptl ml hf vfreftea` mu

àjdrl m'fgtea`s m'u`l f``l sur h'futrl rsuhtf`t m'u`l fucjl`tftea` ml gfpetfh pfr e`garparftea` ml prejls, rslrvls audìegls au m'u`l mevesea` mls fgtea`s (frteghl 46 mls stftuts)

7. Wur futaresftea` ml h'fssljdhl c`rfhl, se hl ga`sleh m'fmjeèstrftea` mgeml m'u`l fucjl`tftea` ml gfpetfh pfr e`garparftea` mlrslrvls, ml dìegls au ml prejls, hls fgtea`s e`sgretls saus hf iarjl àje`ftevl mlpues fu jae`s mlux f`s hf mftl ml mdut mls

aprftea`s m'fttredutea` ma``lra`t mraet hlurs tetuhferls u`l fttredutea` m'fgtea`s jfkarl ml 6> % pfr rfppart glhhl liilgtul

fu dìegl mls futrls fgtea`s lt slha` hls jjls jamfhets (frteghl 46 mls stftuts)


11/52


FHGF]LH H\GL@]

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Ha mrls (WLFV E tlr`ftea fh) @lw Uaro (FMW sur @UWL Lura`lxt)


@/F

Mraets ml vatl maudhl (frteghl 44 mls stftuts)

Ga metea s ml mtl tea 7 f s




Ga`tlù 6. Wlueh ml 4 % pues gbfqul slueh ml 6 %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh) mlvf`t trl liilgtul mf`s hls < kaurs mldaursl suevf`t hl irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls 6. Fgghrftea` ejjmeftl ml h'fgquesetea` ml mraets m'lxlrglr hls aptea`s paur hls dìegeferls l` gfsm'aiirl pudhequl vesf`t hls fgtea`s ml hf saget

4. Jfe`tel` mls mraets rlhfteis (e) fux fgtea`s ml plriarjf`gl fttreduls fu ^rseml`t mu ga`slehm'fmjeèstrftea` lt (ee) fux aptea`s ml sausgreptea` m'fgtea`s mu merlgtlur c`rfh l` gfs ml gbf`cljl`tml ga`trhl

âssedehetm'fucjl`tftea` mugfpetfh l` preaml

m'A^

@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 6,64)

Futrls L` gfs ml irf`gbessljl`t ml slueh ml 7 % pues ml gbfqul slueh ml 6 % kusqu' %, adhecftea` m'e`sgreptea` mls fgtea`s saus hf iarjlàje`ftevl, mf`s hls < kaurs ml daursl gajptlr mu irf`gbessljl`t ml gl slueh (àjdrl tatfh mls fgtea`s). Adhecftea` fpphegfdhl tautls hls fgtea`s mk mtlùls fe`se qu' glhhls que vel`mrfel`t trl fgquesls fu-mlh mu slueh.


12/52

BLTDLT] WJE]B ITLLBEHHW6> MIL@WLW F@]E-A F F\ WLE@ MLW WAGE]W M\ GFG => F@ATFJF 4>67

F@@LRL 4


FHW]AJ



@/F






Ga`tlù 6. Wlueh ml >,< % lt taut juhtephl kusqu' %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls < kaurs ml daursl suevf`t hl irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t 6. Ghfusls ml gbf`cljl`t ml ga`trhl e`ghusls mf`s hls ga`trfts ml ie`f`gljl`t lt m'jessea`sm'adhecftea`s lt ml gfutea`s mu craupl Fhstaj

4. Ljessea`s adhecftferls, ma`t glhhl mu 66 agtadrl 4>64 (pracrfjjl LJ]@) ga`tl`f`t mls ghfusls mlgbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hl rljdaursljl`t f`tegep mls adhecftea`s

7. Ga`trft ml grmet mu 69 mgljdrl 4>66 ( gbf`gl mgljdrl 4>69) ga`tl`f`t u`l ghfusl mlgbf`cljl`t ml ga`trhl pauvf`t l`trfe`lr h'f`ùhftea` ml h'l`cfcljl`t ml gbfqul tfdhessljl`tpfrtel fu grmet lt m'lxeclr hl rljdaursljl`t f`tegep ml sf pfrtegepftea` hf hec`l ml grmet l` gfs mlgbf`cljl`t ml ga`trhl

=. Ifgehet gaìerjl m'jessea` ml gfutea`s ( gbf`gl mu 43 kuehhlt 4>69) ga`tl`f`t u`l ghfusl ml

gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hf suspl`sea` ml hf ifgehet, h'adhecftea` ml sudstetulr mlàuvlhhls gfutea`s fux gfutea`s l` gaurs ml vfhemet au h'adhecftea` ml iaurèr u` mpt ml cfrf`tel lt hlrljdaursljl`t f`tegep mls futrls mlttls pfr hf jesl l` klu mls ghfusls ml mifut graes au m'lxecedehetf`tegepl l` gfs ml gbf`cljl`t ml ga`trhl

Futrls Fggarms ml kae t-vl turl sec s pfr mls l`tets kuremequls mu craupl Fhstaj ga`tl f`t c rfhljl t mlsghfusls ml gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hadhecftea` ml vl`mrl hf pfrtegepftea` mtlùl pfrFhstaj mf`s glskae`t-vl`turls


@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl tea` 6,76 % mu gfpetfh lt mls mraets ml vatl, ma`t >,9> % fu trfvlrs mu IG L m'Fhstaj (fu 76 jfrs 4>67)

Futrls Dauyculs mtel`t 45,72 % mu gfpetfh lt mls mraets ml vatl m'Fhstaj


13/52

BLTDLT] WJE]B ITLLBEHHW 66MIL@WLW F@]E-A^F F\ WLE@ MLW WAGE]W M\ GFG => ^F@ATFJF 4>67

FTGLHATJE]]FH

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Fjstlrmfj Dfrglha l Dehdfa Druxlhhls Huxljdaurc Jfmrem @lw Uaro Yfhl`gl


Huxljdaurc



]Ê @/F


(frteghl 3.6 mls stftuts)

Ga tlù Wlueh ml 4,< % mls mraets ml vatl, 7 % mls mraets ml vatl pues gbfqul slueh ml 6 % fu-mlh ml 7 %, hfbfussl gajjl hf dfessl


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl tea Jesl l` phfgl m'u` phf` m'fgtea` freft sfhfre l` 4>6> rlprsl tf t u`l pfrtegepftea jfxejfhl ml4 > >>> fgtea`s (>,69 % mu gfpetfh). âur eìarjftea`, l` àvljdrl 4>6>, 69= 636 fgtea`s a`t tfgquesls mf`s gl gfmrl

Futrls 6. Hf ifjehhl Jettfh mtel`t, fu trfvlrs m'u` trust, 75,75 % mu gfpetfh m'FrglharJettfh (kf`velr 4>67)

4. Fgtea`s uèquljl`t àje`ftevls (frteghl 9.6 mls stftuts)

7. Adhecftea` hcfhl huxljdaurclaesl ml mghfrftea` m'e`tl`tea` l` gfs ml irf`gbessljl`t mu slueh ml < % (au taut juhtephl) (frteghl 3.4mls stftuts)

=. Adhecftea` ml hf`glr u`l A^F e`ga`metea``lhhl sur taus hls jfrgbs a hls vfhlurs jadeherls FrglharJettfh sa`t fmjesls l` gfs mlmtl`tea` m'fu jae`s 4< % mls mraets ml vatl m'FrglharJettfh (frteghl 3.7 mls stftuts)

6>

9. \` jljarf`muj ai u`mlrstf`me`c sec` l` kue` 4>>9 l`trl Jettfh Wtllh, Frglhar lt hl secèiegf`t sbfrlbahmlr (hl trust mtlù pfr hf

ifjehhl Jettfh), ga`tel`t mls mespasetea`s taukaurs l` veculur l` 4>67. ^frje lhhls, u`l ghfusl ml stf`mstehh que hejetl hl mraet mlgbfqul sec`ftferl m'fucjl`tlr sf pfrtegepftea` fu sluh gfpetfh ml hf saget


14/52

BLTDLT] WJE]B ITLLBEHHW64 MIL@WLW F@]E-A F F\ WLE@ MLW WAGE]W M\ GFG => F@ATFJF 4>67

F@@LRL 4


FRF

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Ltfts-\ès (FMT sur hf phftliarjl A]GVR)


@/F


Ga`metea`s ml mtl`tea` 4 f`s




Ga`tlù 6. Wlueh ml >,< % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls < kaurs suevf`t hl irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls E`mljèt ml mpfrt vlrsl fux mereclf`ts jf`mftferls sagefux l` gfs ml glssftea` ml hlurs ia`gtea`smf`s hls 64 jaes suevf`t u` gbf`cljl`t ml ga`trhl au ml strftcel à` sahhegetl pfr hl dìegeferl


@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl@/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 3,=7 % mu gfpetfh lt 2,53 % mls mraets ml vatl mtlù pfr hls sfhfres lt fcl`ts (fu 76 mgljdrl 4>64)

Futrls 6. Hls jutulhhls Fxf (mlux sagets mfssurf`gl jutulhhl irf`fesls, fcessf`t gajjl u` craupl) mtel``l`t, fu 76 mgljdrl 4>64,6=,7< % mu gfpetfh lt 47,>< % mls mraets ml vatl m'Fxf

4. Hls jutulhhls Fxf a`t mghfr hlur e`tl`tea` ml vatlr gahhlgtevljl`t lt ml jfèrl eml`tequl hars mls fssljdhls c`rfhls mFxf


15/52


D@^ FTEDFW

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Irf giart Ha`mrls (WLFV E tlr ftea`fh) Jehf (J]F E tlr ftea fh) @lw Uaro (FMT surh'A]GVR E`tlr`ftea`fh rljelr)


@/F



]Ê (frteghl < mls stftuts)


(frteghl < mls stftuts)

Ga`tlù 6. Gbfqul slueh ml >,< % kusqu' < % pues gbfqul slueh ml 6 % fu-mlh ml < %, hf bfussl gajjl hfdfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul fuphus tfrm fvf`t hf ghturl mls `cageftea`s mu quftrejl kaur ml daursl suevf`t hl kaur muirf`gbessljl`t ml slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl tea 9,6 % mu gfpetfh lt mls mraets ml vatl (ma t =,< % fu trfvlrs m'u IG L Craupl)(fu 76 mgljdrl 4>64)

Futrls @/F


16/52

BLTDLT] WJE]B ITLLBEHHW6= MIL@WLW F@]E-A F F\ WLE@ MLW WAGE]W M\ GFG => F@ATFJF 4>67

F@@LRL 4


DA\UC\LW



@/F



]Ê (frteghl 2.4 mls stftuts)






@/F

Ga`tlù @/F



L`mlttljl`t Ljpru`ts adhecftferls ga`tl`f`t mls ghfusls ml gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr h'lxecedehetf`tegepl mlsmets ljpru`ts l` gfs ml gbf`cljl`t ml ga`trhl fggajpfc` m'u`l mcrfmftea` ml hfàtftea` ie`f`gerl ml Dauyculs

Futrls 6. Tljesl l` gfusl passedhl ml h'futaresftea` m'lxphaetlr u` slrvegl `ftea`fh ml thvesea` (]I6) l` gfs mlgbf`cljl`t ml ga`trhl ml Dauyculs

4. Tljesl l` gfusl passedhl mls futaresftea`s fggarmls Dauyculs ]lhlgaj l` gfs ml gbf`cljl`t mlga`trhl

7. Lxlrgegl f`tegep ml glrtfe`s phf`s m'aptea`s l` gfs ml gbf`cljl`t ml ga`trhl au m'aiirl pudhequl surDauyculs


(7>jlrsahutea` ml h'fssljdhl c`rfhl mu 4< fvreh 4>67)

Mespasetea`s Futaresftea` ma``l fu ga`sleh m'fmjeèstrftea` m'uteheslr glrtfe`ls mhcftea`s lt futaresftea`s que hue a`tt ga`sl`tels pfr hls fssljdhls c`rfhls mu 46 fvreh 4>66 lt mu 4< fvreh 4>67 l` vul m'fucjl`tlr hlgfpetfh sagefh l` preaml m'aiirl pudhequl partf`t sur hls tetrls Dauyculs paur u`l preaml ml 62 jaes gajptlr mu 4< fvreh 4>67

Da`s Drlta` (45jlrsahutea` ml h'fssljdhl c`rfhl mu 4< fvreh 4>67)

Hejetl Ja`tf`t àje`fh jfxejfh ml h'fucjl`tftea` ml gfpetfh ml 7 jehhea`s m'luras

Murl 62 jaes ( gajptlr ml h'fssljdhl c`rfhl mu 4< fvreh 4>67)

Fgtea``freft sfhfre

Mtl`tea` 47,3 % mu gfpetfh lt 42,3 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. WGMJ, saget ga`trhl pfr Jfrte` lt Ahevelr Dauyculs, mtel`t 4>,< % mu gfpetfh lt 45,4 % mls mraets ml vatl ml Dauyculs

4. Futaresftea` ma``l fu ga`sleh m'fmjeèstrftea` m'aprlr, mf`s hf hejetl ml < % mu gfpetfh sagefh, sur hls fgtea`s Dauyculs, y gajpres

l` preaml m'aiirl pudhequl m'fgbft au m'gbf`cl sur hls tetrls ml Dauyculs, paur u` prex m'fgbft uètferl jfxejfh ml luras pfrfgtea` (saet tetrl e`megftei u` ja`tf`t jfxejfh ga`sfgr fu rfgbft ml 6 jehhefrm m'luras)

7. ^fgtl m'fgtea``ferl Dauyculs ]lhlgaj ga`ghu pfr Dauyculs gajprl`f`t àtfjjl`t u` mraet ml prljptea` rgepraqul,h'e`tlrmegtea` ml gmlr, sf`s fggarm prfhfdhl mls futrls fgtea``ferls, mls tetrls u` aprftlur ml thpbaèl jadehl lt h'l`cfcljl`tml `l pfs fgqurer ml pfrtegepftea` mf`s hl gfpetfh m'u` aprftlur ga`gurrl`t


17/52

BLTDLT] WJE]B ITLLBEHHW 6 ^F@ATFJF 4>67

GF^ CLJE@E



@/F


Ga`metea`s ml mtl`tea` @/F



(frteghl 6> mls stftuts)

Ga`tlù 6. Gbfqul slueh ml 6 % kusqu' 77,77 %, hf bfussl gajjl hf dfessl



@/F

Ga`tlù @/F



L`mlttljl`t 6. Ljpru`ts adhecftferls ga`tl`f`t mls ghfusls ml gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hlrljdaursljl`t f`tegep mlsmets ljpru`ts l` gfs ml gbf`cljl`t ml ga`trhl fggajpfc` m'u`fdfessljl`t ml hf àtftea` ie`f`gerl ml Gfp Cljeè

4. Ga`trft ml grmet sy`mequ gajpartf`t hls mespasetea`s bfdetulhhls ga`glr`f`t h'lxecedehet f`tegeplmumet grmet àtfjjl`t l` gfs ml gbf`cljl`t ml ga`trhl

Futrls Lxlrgegl f`tegep passedhl mls aptea`s ml sausgreptea` m'fgtea`s ga`sl`tels fux gahhfdarftlurs mu craupll` gfs m'fves ml rlglvfdehet m'u`l aiirl pudhequl m'fgbft au m'gbf`cl sur hls tetrls ml hf saget

âssedehetm'fucjl`tftea` mu

gfpetfh l` preamlm'A^

@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 9,9 % mu gfpetfh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls @/F


18/52


F@@LRL 4


GFTTLIA\T



@/F

Mraets ml vatl maudhl (frteghl 5.7 mls stftuts)






4. Mghfrftea`s ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtulsmf`s hls < kaurs ml daursl suevf`t hl irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t 6. Ljpru`ts adhecftferls jes mf`s hl gfmrl mu pracrfjjl LJ]@ mlpues 4>>3 ga`tl`f`t mls ghfusls mlgbf`cljl`t ml ga`trhl sait pauvf`t l`trf`lr u`l fucjl`tftea` mu gaupa` l` gfs ml mcrfmftea`ml hf àtftea` ha`c tlrjl fu èvlfu spguhftei ga`sgutevl u` gbf`cljl`t ml ga`trhl

4. Ga`trfts ml grmets sy`mequs ga`tl`f`t mls ghfusls ml gbf`cljl`t ml ga`trhl

Futrls L` gfs ml glssftea` ml sa` jf`mft ml Merlgtlur c`rfh fvf`t hl 4 fvreh 4>6 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls Mghfrftea` m'fgtea` ml ga`glrt mls sagets Dhul Gfpetfh (5,72 % mu gfpetfh lt 69,47 % mls mraets ml vatl), Gaha`y Dhul E`vlstar (4,6= %mu gfpetfh lt 6,22 % mls mraets ml vatl), G[4 Dhul (>,64 % mu gfpetfh lt >,66 % mls mraets ml vatl), Dhul FEY (>,>4 % mu gfpetfh lt mlsmraets ml vatl), Craupl Fr`fuht WFW (>,73 % mu gfpetfh lt >,77 % mls mraets ml vatl) lt Du`t (7,64)


19/52


GTLME] FCTEGAHL



@/F



]Ê (frteghl 5D mls stftuts)


(frteghl 5F mls stftuts)


4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls < kaurs gajptlr ml h'e`sgreptea` l` gajptl plrjlttf`t m'fttle`mrl au ml irf`gber hl slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls L` gfs ml glssftea` mu jf`mft heèteftevl ml Grmet Fcregahl WF lt mu ifet mu` gbf`cljl`t ml ga`trhl auml strftcel, u`l e`mljèt ml rupturl saujesl mls ga`metea`s ml plriarjf`gl slrf vlrsl fu Merlgtlurc`rfh


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` =,=7 % mu gfpetfh lt =,== % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls WFW Tul Hf Datel, jf`ftea` mls Gfessls Tcea`fhls ml Grmet Fcregahl, mtel`t


20/52


F@@LRL 4


MF@A@L

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres [uregb (WSR Wwess Lxgbf`cl) @lw Uaro (FMT sur hf phftliarjl A]GVR)


@/F

Mraets ml vatl maudhl (frteghl 49 EE mls stftuts)


]Ê (frteghl 6> YEE mls stftuts)


(frteghl 66 EEE mls stftuts)


4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (mraets ml vatl) mlvf`t trl liilgtul mf`s hls < kaursml daursl gajptlr mu irf`gbessljl`t âur hf mtlrje`ftea` mls sluehs, presl l` gajptl mlseìarjftea`s rlquesls fu tetrl mls frteghls H. 477-3 lt suevf`ts mu Gaml ml gajjlrgl


(frteghl 49 EE mls stftuts)

Ga`tlù 6. 9 % mu àjdrl tatfh mls mraets ml vatl fttfgbs fux fgtea`s ml hf saget (64 % l` gfs ml mraets ml vatlmaudhl) mtlùs merlgtljl`t au e`merlgtljl`t, y gajpres tetrl ml jf`mftferl

4. Gfmuget mls hejetftea`s harsqu'u`l plrsa``l pbysequl au jarfhl vel`t mtlèr sluhl au ml ga`glrtfvlg u`l au phuselurs plrsa``ls pbysequls au jarfhls, fu jae`s hls mlux telrs mu àjdrl tatfh mlsfgtea`s ml Mfà`l hf suetl m'u`l aiirl pudhequl m'fgbft vesf`t hf tatfhet mls fgtea`s ml Mfà`l

7. Wuspl`sea` mls hejetftea`s, paur u`l fssljdhl c`rfhl, ms hars qul hl àjdrl mfgtea`s que y sa`tprsl`tls au rlprsl`tls fttle`t au mpfssl 3< % mu àjdrl tatfh mfgtea`s fyf`t hl mraet ml vatl


Ghel`ts/Iaurèsslurs \` vl`tulh gbf`cljl`t ml ga`trhl paurrfet fvaer mls ga`squl`gls sur hls ga`trfts rlhfteis hlxphaetftea` ml saurgls mlfu je`rfhl, àtfjjl`t Yahveg lt Lvef` l` Irf`gl, mf`s hf jlsurl a glttllxphaetftea` rlpasl sur hls rlhftea`s prevehcels qul Mfà`l l`trltel`t fvlg hls gajju`ls a sl setul`tgls saurgls

L`mlttljl`t 6. Ga`trft ml grmet sy`mequ gajpartf`t u`l ghfusl ml gbf`cljl`t ml ga`trhl pauvf`t l`trf lr u` mraet mlrljdaursljl`t f`tegep mls grf`gelrs l` gfs ml gbf`cljl`t ml ga`trhl fggajpfc` m'u`l mcrfmfteaèjpartf`tl ml hf atftea` ie f`gerl ml Mfà`l (sud-e`vlstjl`t crfml)pfr hls fcl`gls ml atftea`

4. Ljpru`ts adhecftferls rfhess mf`s hl gfmrl mu pracrfjjl LJ]@, hljpru`t adhecftferl rfhes fuxLtfts-\ès l` 4>64 fe`se qul glrtfe`ls hec`ls ml grmet gajpartl`t u`l ghfusl ml gbf`cljl`t mlga`trhl

Futrls 6. Aptea`s ml vl`tl ga`sl`tels pfr hl craupl Mfà`l fux fgtea``ferls jeàretferls ml sf iehefhl Mfà`lLspfc`l lxlrfdhls taut jajl`t, àtfjjl`t l` preaml m'aiirl pudhequl

4. Fggarm ga`ghu fvlg hl craupl Frgar l` 4>>< (ga`glr`f`t hls rlhftea`s fu sle` ml hf saget gajju`lDfchly Hfteà Fjlregf mf`s hfqulhhl Mfà`l mtel`t =5 %) fux tlrjls muqulh hl craupl Frgar furf hlmraet ml iferl rfgbltlr pfr Mfà`l sf pfrtegepftea` mf`s Dfchly Hfteà Fjlregf, paur u` ja`tf`tquevfhl`t sf kustl vfhlur, l` gfs ml gbf`cljl`t ml ga`trhl ml Mfà`l

7. Mespasetea`s pfrteguherls l` gfs ml gbf`cljl`t ml ga`trhl rsuhtf`t m'u`l aiirl pudhequl prvulsvesf`t hls tetrls ml Mfà`l mf`s hls phf`s m'aptea`s m'fgbft m'fgtea`s fe`se qul hls phf`s ml Craup^lriarjf`gl \èts(C^\) lt m'fgtea`s saus ga`metea`s ml plriarjf`gls jes l` phfgl pfr Mfà`l fu

praiet mls jf`mftferls sagefux lt ml glrtfe`s jljdrls mu plrsa``lh ml Mfà`l=. E`mljèt ml rupturl l` ifvlur mu ^rseml`t-Merlgtlur c`rfh lt mu Merlgtlur c`rfh mhcu l` gfs

ml mpfrt ga`trfe`t hf suetl m'u` gbf`cljl`t ml ga`trhl au ml strftcel


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 6,7 % mu gfpetfh lt 4,9 % mls mraets ml vatl `lts (4,= % mls mraets ml vatl druts) (fu 76 mgljdrl 4>64)

Futrls Hl craupl Mfà`l mtel`t merlgtljl`t 9,2 % ml sa` gfpetfh lt 9,= % mls mraets ml vatl druts (futaga`trhl) lt e`merlgtljl`t, pfr

h'e`tlrjmeferl ml sf iehefhl lspfcàhl >,5 % ml sa` gfpetfh lt >,2 % mls mraets ml vatl druts (saet u` tatfh ml 3,3 % mu gfpetfh lt 3,4 %mls mraets ml vatl druts)


21/52


LHLG]TEGE] ML ITF@GL (LMI)



@/F






Ga`tlù 6. >,< % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls = kaurs ml daursl suevf`t hl kaur mu irf`gbessljl`t ml slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls Ghfusl ml gbf`cljl`t ml ga`trhl mf`s hl pfgtl mfgtea``ferls ga`ghu hl = mgljdrl 4>>> l`trl LMI ltYlahef L`vera``ljl`t rlhftei hlurs pfrtegepftea`s mf`s hf bahme`c Mfhoef fux tlrjls ml hfqulhhl gbfqulpfrtl`ferl dìegel mu mraet ml rfgbltlr hfutrl, seh vl`fet trl ga`trh pfr u` telrs ga`gurrl`t, hftatfhet ml sf pfrtegepftea` mf`s Mfhoef


@/F

Mespasetea`s@/F


Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 6,2< % mu gfpetfh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. H'Ltft irf`fes mtel`t, fu 76 mgljdrl 4>64, 2=,== % mu gfpetfh lt 2=,


22/52


F@@LRL 4


LWWEHAT E@]LT@F]EA@FH



@/F

Mraets ml vatl maudhl (frteghl 4= 7 mls stftuts)


]Ê (frteghl 6> mls stftuts)



Ga`tlù 6. 6 % mls mraets ml vatl pues gbfqul slueh ml 4 %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (mraets ml vatl) mlvf`t trl liilgtul mf`s hls < kaursgfhl`mferls suevf`t hl kaur mu irf`gbessljl`t ml slueh


@/F

Ga`tlù @/F



L`mlttljl`t Ghfusl m'lxecedehet l` gfs ml gbf`cljl`t ml ga`trhl iecurf`t mf`s hls hec`ls ml ie`f`gljl`t df`gferljesls l` phfgl pfr Lssehar E`tlr`ftea`fh

Futrls Ga`trft mlkae`t vl`turl fvlg @eoa` Garp. ga`tl`f`t u`l ghfusl plrjlttf`t @eoa`, saus glrtfe`lsga`metea`s, ml rfgbltlr hf pfrtegepftea` ml % m'Lssehar mf`s hfkae`t vl`turlau m'l` mljf`mlr hfhequemftea` l` gfs ml gbf`cljl`t ml ga`trhl m'Lssehar E`tlr`ftea`fh


@/F

Mespasetea`s@/F

Da`s Drlta`

@/FHejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 2,6= % mu gfpetfh lt 6=,>5 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls Fmaptea` mu`l rsahutea` prvayf`t hf ifguht, paur hfgtea``ferl, ml rlà`glr fu mraet ml vatl maudhl


23/52


CMI W\L[

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Druxlhhls @lw-Uaro (FMT `cages sur hl jfrgb bars gatl mu @fsmfq)


@/F






Ga`tlù 6. Wlueh ml >,< % mu gfpetfh, mls mraets ml vatl au ml tetrls ma``f`t fggs tlrjl fu gfpetfh ml hf saget lttaut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl au ml tetrls ma``f`t fggs tlrjl fu gfpetfh) mlvf`t trl liilgtul mf`s hls < kaurs ml daursl gajptlr mu irf`gbessljl`t ml slueh,tf`t prges qul hls gfs mfssejehftea` maevl`t trl pres l` gajptl


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 4,7 % mu gfpetfh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. H'Ltft irf`fes mtel`t 79,3 % mu gfpetfh sagefh lt 73,9 % mls mraets ml vatl ml CMI W\L[

4. H'Ltft irf`fes maet mtlèr taut jajl`t phus mu telrs mu gfpetfh ml CMI W\L[ (hae mu 5 fat 4>>=, jameiel pfr hf hae mu3 mgljdrl 4>>9)

7. Hl gfpetfh ml CMI W\L[ gajprl`m u`l fgtea` spgeiequl rsuhtf`t ml hf trf`siarjftea` m'u`l fgtea` arme`ferl fppfrtl`f`t h'Ltftirf`fes, l` vul ml prslrvlr hls e`trts lssl`telhs ml hf Irf`gl mf`s hl slgtlur ml h'`lrcel rlhfteis hf ga`teùet lt hf sguretm'fppravesea``ljl`t l` `lrcel. Glttl fgtea` gaìrl h'Ltft irf`fes hl mraet ml s'appaslr glrtfe`ls mgesea`s se h'Ltft hlsga`semrl ga`trferls fux e`trts lssl`telhs ml hf Irf`gl mf`s hl slgtlur ml h'`lrcel rlhfteis hf ga`teùet lt hf sguretm'fppravesea``ljl`t l` `lrcel (frteghl 4=.6 ml hf hae mu 5 fat 4>>= lt mgrlt mu 4> àvljdrl 4>>3)


24/52


F@@LRL 4


CLJFH]A

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Fjstlrmfj @lw-Uaro (FMT sur hl jfrgb A]G)


^fys-Dfs (Fjstlrmfj)





@/F

Ga`tlù @/F


@/FGa`tlù @/F



L`mlttljl`t @/F

Futrls 6. Fgquesetea` mieètevl mls aptea`s m'fgbft m'fgtea`s fggarmls l` 4>>2 lt lxlrfdhls kusqu'l` 4>62.Jameiegftea` passedhl l` gfs ml gbf`cljl`t ml ga`trhl

4. Fgquesetea` futajftequl, pfr hls sfhfres, mls prejls garrlspa`mf`t fux fgtea`s fggarmls mf`s hlgfmrl ml h'fgtea``freft sfhfre l` gfs ml gbf`cljl`t ml ga`trhl ml Cljfhta au ml sls iehefhls


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/FMurl @/F

Fgtea``freft sfhfre @/F

Mtl`tea` @/F

Futrls Fgtea`s sausgretls uèquljl`t fu àje`ftei (frteghl 9.6 mls stftuts)


25/52


OLTE@C



@/F

Mraets ml vatl maudhl (frteghl 4> mls stftuts)




@/F

Ga`tlù @/F


@/FGa`tlù @/F



L`mlttljl`t Tljdaursljl`t fu pfer, fu cr mls partlurs, mls ljpru`ts adhecftferls jes l` 4>>5, 4>6> lt 4>64 mf`shl gfmrl mu pracrfjjl LJ]@ l` gfs m'fdfessljl`t ml hf àtl ml Olre`c l` gftcarel @a` E`vlstjl`tCrfml, ga`sgutei u` gbf`cljl`t ml ga`trhl

Futrls @/F


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` >,= % mu gfpetfh sagefh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. Frtjes, mtlù l` tatfhet pfr hf Waget Ie`f`gerl ê`fuht lhhl-jjl ga`trhl pfr hf ifjehhl ê`fuht, mtel`t, fu 76 mgljdrl4>64, =>,5 % mu gfpetfh lt 64,


26/52


F@@LRL 4


HFIFTCL

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres @lw Uaro (FMT cages bars gatl)


@/F

Mraets ml vatl maudhl (frteghl 7>.6 mls stftuts)


]Ê (frteghl 2.< mls stftuts)


(frteghl 2.= mls stftuts)

Ga`tlù 6. Wlueh ml 4 % pues gbfqul slueh ml 6 %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh) mlvf`t trl liilgtul slha` hls mespasetea`sfpphegfdhls mu Gaml ml gajjlrgl, saet àtfjjl`t quf`t fu mhfe, fu phus tfrm fvf`t hf ghturl mls`cageftea`s mu quftrejl kaur ml daursl suevf`t hl kaur mu irf`gbessljl`t ml slueh


(frteghl 7>.6 mls stftuts)

Ga`tlù 6. Lxlrgegl mu mraet ml vatl sf`s fugu`l hejetftea` kusqu' < % mu tatfh mls mraets ml vatl fttfgbs tautlshls fgtea`s que gajpasl`t hl gfpetfh sagefh. Fu-mlh, fkustljl`t mu àjdrl fu prarftf ml hf pfrt mu

gfpetfh rlprsl`tl l` fssljdhl c`rfhl

4. Mf`s hl gfs a hl àjdrl tatfh mls mraets ml vatl rlprsl`ts l` fssljdhl c`rfhl lst suprelur fux4/7 mu àjdrl tatfh mls mraets ml vatl rfppart fu gfpetfh sagefh, hl àjdrl ml mraets ml vatl ma`t

mespasl gbfqul fgtea``ferl slrf cfh fu àjdrl ml mraets fttfgbs fux fgtea`s qu'eh passml



L`mlttljl`t 6. ^re`gepfux ga`trfts ml ie`f`gljl`ts df`gferls gajpartf`t u`l ghfusl ml gbf`cljl`t ml ga`trhlpauvf`t l`trf`lr hl rljdaursljl`t f`tegep ml gls ie`f`gljl`ts l` gfs ml gbf`cljl`t ml ga`trhl

4. Ljpru`ts adhecftferls jes mf`s hl gfmrl mu pracrfjjl LJ]@ gajpartf`t mls ghfusls ml

gbf`cljl`t ml ga`trhl pauvf`t l`trf`lr hl rljdaursljl`t f`tegep mls adhecftea`s, fu cr mlspartlurs ml gls tetrls lt saus glrtfe`ls ga`metea`s, l` gfs ml gbf`cljl`t ml ga`trhl fggajpfc`mu`l mcrfmftea` ml hf àtftea` ie`f`gerl ml Hfifrcl

Futrls 6. E`mljèt ml mpfrt fu praiet mu rseml`t-Merlgtlur c`rfh l` gfs ml hegl`geljl`t suetl u` gbf`cljl`tml ga`trhl au ml strftcel ml Hfifrcl, fssartel cfhljl`t m'u`l ga`metea` ml plriarjf`gl

4. Ghfusls ml sartel fu dìegl mls fgtea``ferls jeàretferls stepuhls mf`s glrtfe`s pfgtls m'fgtea``ferlspauvf`t trl lxlrgls taut jajl`t, glrtfe`ls mftls iexls au sluhljl`t mf`s glrtfe`ls setuftea`s,àtfjjl`t l` gfs ml msfggarm plrsestf`t au ml gbf`cljl`t ml ga`trhl ml hf iehefhl l` qulstea` auml Hfifrcl

âssedehetm'fucjl`tftea` mugfpetfh l` preaml m'A^

@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl@/F

Fgtea``freft sfhfre

Mtl`tea` 6,33 % mu gfpetfh (ma`t >,>>) lt 4,>5 % mlsmraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. ]aut fgtea``ferl que kusteiel hf ghturl m'u` lxlrgegl, m'u`l e`sgreptea` àje`ftevl mlpues mlux f`s fu jae`s lt mu jfe`tel` mlglhhl-ge hf mftl ml rfhesftea` m'u`l fucjl`tftea` ml gfpetfh pfr e`garparftea` ml rslrvls, dìegls au prejls pfr mestredutea`

m'fgtea`s crftuetls, dìegel m'u`l jfkarftea` m'fgtea`s crftuetls hue mestredulr, cfhl 6> %. Hejetftea` mls fgtea`s hecedhls

glttl jfkarftea` `l pauvf`t lxgmlr paur u` jjl fgtea``ferl >,< % mu gfpetfh sagefh hf mftl ml ghturl ml h'lxlrgegl ga`semr

(frteghl 7=.3 ml stftuts)

4. ]aut fgtea``ferl que kusteiel, hf ghturl mu` lxlrgegl, mu`l e`sgreptea` àje`ftevl mlpues mlux f`s fu jae`s lt mu jfe`tel` mlglhhl-ge hf mftl ml jesl l` pfeljl`t mu meveml`ml vlrs fu tetrl mumet lxlrgegl, dìegel m'u`l jfkarftea` mu meveml`ml rlvl`f`tfux fgtea`s fe`se e`sgretls cfhl 6> %. Hejetftea` mls fgtea`s hecedhls glttl jfkarftea` `l pauvf`t lxgmlr paur u` jjlfgtea``ferl >,< % mu gfpetfh sagefh hf mftl ml ghturl ml h'lxlrgegl ga`semr (frteghl 7=.3 mls stftuts)

^fgtl mfgtea``ferl ga`ghu hl 5 mgljdrl 4>>3 lt fvl`f`t l` mftl mu 43 jfrs 4>64 fvlg glrtfe s jljdrls ml hf ifjehhl Wfweres lt @@W

Bahme c Wrh, l` veculur kusqu'fu 5 mgljdrl 4>63, fux tlrjls mlsqulhs @@W Bahme c Wrh (e) mlvrf e iarjlr prfhfdhljl`t Hfifrcl l` gfsml glssea` l`vesfcls mls 44,< jehhea`s m'fgtea`s jesls fu praiet ml ml @@W paur ie f`glr h'fgquesetea` ml Arfsgaj Gljl`t l` 4>>3

(adhecftea` l` veculur kusqu'fu 43 jfrs 4>6


27/52

BLTDLT] WJE]B ITLLBEHHW 4 ^F@ATFJF 4>67

HLCTF@M



@/F

Mraets ml vatl maudhl (frteghl 64.= mls stftuts)





Ga`tl`u 6. 4 % pues gbfqul slueh ml 6 %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls = kaurs ml daursl gajptlr ml hf mftl ml irf`gbessljl`t ml slueh


@/F

Ga`tl`u @/F



L`mlttljl`t Meiirl`ts ga`trfts ml grmet lt ljpru`ts adhecftferls susglptedhls mtrl jameies au ml prl`mrl ie` l` gfsml gbf`cljl`t ml ga`trhl ml Hlcrf`m

Futrls


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl@/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 7,2> % mu gfpetfh lt 9,94 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls Sl`mlh mtel`t 64)


28/52


F@@LRL 4


H'ATLFH

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Ltfts-\ès (FMT)


@/F






Ga`tlù 6. 6 % lt taut juhtephl kusqu' < %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh) mlvf`t trl liilgtul mf`s hls 6< kaurs gajptlr mu irf`gbessljl`t ml slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` >,34 % mu gfpetfh lt mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. Fgtea` ml ga`glrt l`trl hf ifjehhl Dlttl`gaurt (7>, % mu gfpetfh lt mls mraets ml vatl) lt @lsth WF (45,7> % mu gfpetfh lt mlsmraets ml vatl). Hl 66 ivrelr 4>6=, @lsth WF f`à`gl hf glssea` ml 2 % mu gfpetfh ml H'Arfh paur 9,< jehhefrms m'Luras, fjl`f`t sfpfrtegepftea` 47,45 % mu gfpetfh lt mls mraets ml vatl

4. Hf ifjehhl Dlttl`gaurt lt hf saget @lsth a`t sec` hl 7 ivrelr 4>>= u` pfgtl m'fgtea``ferls que arcfèsl hlurs rlhftea`s lt hfclstea` ml hlurs pfrtegepftea`s fu sle` ml HArfh. Gl pfgtl ga`tel`t àtfjjl`t hls ghfusls suevf`tls ; (e) u`l ghfusl mlphfia``ljl`t (l` veculur kusqu' h'lxperftea` m'u`l preaml ml sex jaes fprs hl mgs ml Jfmfjl Dlttl`gaurt), (ee) u`l ghfusl mlprljptea` (fpphegfdhl kusqu'l` 4>6=) lt (eee) u`l ghfusl rlhftevl h'fdsl`gl ml ga`glrt fvlg u` telrs (fpphegfdhl kusqu'l` 4>6=)

7. Fttredutea` jfkarl ; taut fgtea``ferl que kusteiel hf ghturl m'u` lxlrgegl, m'u`l e`sgreptea` àje`ftevl mlpues mlux f`s fu jae`s ltmu jfe`tel` ml glhhl-ge hf mftl ml rfhesftea` m'u`l fucjl`tftea` ml gfpetfh pfr e`garparftea` ml rslrvls, dìegls au prejls pfrmestredutea` m'fgtea`s crftuetls, dìegel m'u`l jfkarftea` m'fgtea`s crftuetls hue mestredulr, cfhl 6> %. Hl àjdrl m'fgtea`shecedhls glttl jfkarftea` `l plut lxgmlr, paur u` jjl fgtea``ferl, >,< % mu gfpetfh sagefh hf mftl ml ghturl ml h'lxlrgegl

gauh (frteghl 6< mls stftuts)

=. Meveml`ml jfkar ; taut fgtea``ferl que kusteiel hf ghturl m'u` lxlrgegl, m'u`l e`sgreptea` àje`ftevl mlpues mlux f`s fu jae`s ltmu jfe`tel` ml glhhl-ge hf mftl mu pfeljl`t mu meveml`ml vlrs fu tetrl mumet lxlrgegl, dìegel m'u`l jfkarftea` mu meveml`mlrlvl`f`t fux fgtea`s fe`se e`sgretls, cfhl 6> % mu meveml`ml. Hl àjdrl m'fgtea`s hecedhls glttl jfkarftea` `l plut lxgmlr,paur u` jjl fgtea``ferl, >,< % mu gfpetfh sagefh hf mftl ml ghturl ml h'lxlrgegl gauh (frteghl 6< mls stftuts)


29/52


HYJB



@/F



]Ê (frteghl 4< mls stftuts)


(frteghl 4= mls stftuts)

Ga`tlù 6. 6% lt taut juhtephl kusqu' 9> %, hf bfussl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh) mlvf`t trl liilgtul mf`s hls 6< kaurs gajptlr mu irf`gbessljl`t


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F

âssedehetm'fucjl`tftea` mugfpetfh l` preaml m'A^

@/F

Mespasetea`s @/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` Jae`s ml >,< % mu gfpetfh (fu 76 mgljdrl 4>64)

Futrls 6. Hl craupl Fr`fuht (fvlg hls sagets ga`trhls) mtel`t, fu 76 mgljdrl 4>64, =9,=4 % mu gfpetfh lt 94,9< % mls mraets ml vatl mlHYJB

4. ^rapasetea` ml trf`siarjftea` ml hf saget l` saget lurapl``l saujesl h'fssljdhl c`rfhl mu 6> fvreh 4>6=


30/52


F@@LRL 4


JEGBLHE@



@/F


Ga`metea`s ml mtl`tea` = f`s

]Ê @/F


@/F

Ga`tlù @/F


@/FGa`tlù @/F



L`mlttljl`t @/F

Futrls E`mljèt ml mpfrt fu praiet mu crf`t fssage gajjf`met, l` gfs ml mpfrt ga`trfe t he u` gbf`cljl`t mlstrftcel au ml ga`trhl l` h'fdsl`gl ml ifutl crfvl


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 6,9 % mu gfpetfh lt 4,2 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. Waget ga`stetul saus hf iarjl m'u`l saget l` gajjf`metl pfr fgtea`s ]aut fgtea``ferl que adtel`mrfet hl ga`trhl mu gfpetfh ltmls mraets ml vatl fttfgbs `l paurrfet ga`trhlr hf saget sf`s fvaer rlgulehhe, l` fpphegftea` mls mespasetea`s mls stftuts, h'fggarmml h'fssage gajjf`met à` crf`t (hf saget Fuxeheferl ml Clstea`) lt/au ml taus hls fssages gajjf`mets lt/au mu ga`sleh mlsurvlehhf`gl, hl gfs gbf`t que slrfet `glssferl paur pragmlr hf àje`ftea` ml àuvlfux crf`ts, hf jameiegftea` mls stftutslt hf àje`ftea` ml àuvlfux fssages gajjf`mets

4. Hls fgtea`s sa`t àje`ftevls lt e`sgretls l` gajptl gblz Jegblhe` (frteghl 3 mls stftuts)


31/52


ATF@CL (ITF@GL ]LHLGAJ)

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres @lw Uaro (FMW)


@/F







4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh, mraets ml vatl au ml tetrls jes l`rlprsl`tftea` m'fgtea`s) mlvf`t trl liilgtul fu phus tfrm fvf`t hf ghturl mls `cageftea`s muquftrejl kaur ml daursl suevf`t hl irf`gbessljl`t ml slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls Ifguht m'lxlrgegl f`tegep ml % 6>> % mls aptea`s fttreduls, slha` hls phf`s, l` gfs ml gbf`cljl`t mlga`trhl pfr aiirl pudhequl m'fgbft au m'gbf`cl (fu 76 mgljdrl 4>64, h'lxlrgegl ml h'e tcrfhet mls aptea`sjesls rlstf`t lxlrglr rlprsl`tlrfet >,5 % mu gfpetfh ml hf saget sur u`l dfsl tatfhljl`t mehul


@/F

Mespasetea`s@/F


Murl @/F

Fgtea``freft sfhfre

Mtl`tea` =,97 % mu gfpetfh lt =,99 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

Futrls 6. ^fgtl m'fgtea``ferls ga`stetutei m'u`l fgtea` ml ga`glrt ga`ghu hl 43 mgljdrl 4>64 (lt vl`f`t f`ùhlr lt rljphfglr hl prgml`tpfgtl l` mftl mu 4< àvljdrl 4>>5), paur u`l murl ml mlux f`s lt tfgetljl`t rlàuvlhfdhl, l`trl h'Ltft irf`fes lt hl IWE(mtl`tea` fgtulhhl ga`kae`tl ml 49,5 % mu gfpetfh lt 43,69 % mls mraets ml vatl). Hl pfgtl prvaet u`l ga`glrtftea` l`trl hls mluxfgtea``ferls (e) sur hl vatl mls rsahutea`s l` fssljdhl c`rfhl puesqul hls pfrtels sl`cfcl`t gbf`clr hlurs pae`ts ml vulrlsplgteis lt taut jlttrl l` uvrl paur rlgblrgblr u`l pasetea` gajju`l sur hls rsahutea`s, sf`s tautliaes trl tlùls mypfrvlèr, (ee) sur hl vatl mls mhedrftea`s l` ga`sleh m'fmjeèstrftea` puesqul hls pfrtels s'l`cfcl`t gbf`clr hlurs pae`ts ml vulrlsplgteis l` vul ml mcfclr u`l pasetea` gajju`l sur hls mhedrftea`s, tf`t prges qul se hl IWE vl`fet trl rlprsl`t fuga`sleh m'fmjeèstrftea`, saet qu'eh saet àjj fmjeèstrftlur, saet qu'u` fmjeèstrftlur prapas pfr hue saet àjj, hl jgfèsjlml ga`glrtftea` prvu pfr hl pfgtl m'fgtea``ferls l` gl que ga`glr`l hl vatl mls mhedrftea`s fu ga`sleh m'fmjeèstrftea` mlvel`mrf

gfmug, (eee) l` gfs ml praklts maprftea`s sur tetrls lt irf`gbessljl`t ml slueh, hl mespasetei gajprl`m (f) u`l adhecftea` c`rfhlmeìarjftea` prfhfdhl l`trl hls pfrtels fu pfgtl m'fgtea``ferls paur tautl aprftea` partf`t sur hls fgtea`s au mraets ml vatl ml hfsaget, (d) u`l adhecftea` ml ga`glrtftea` prfhfdhl l` gfs ml praklt ml glssea` pfr hls pfrtels susglptedhls me`tlrvlèr mlsgbf`gls rfppragbls, l` fpphegftea` ml hfqulhhl gbfqul pfrtel sl`cfcl `l pfs rfheslr u` tlh praklt sf`s fvaer prfhfdhljl`tbfrjaès fvlg hfutrl pfrtel, mf`s tautl hf jlsurl mu passedhl, sls f`fhysls partf`t sur hf vfhlur mls fgtea`s ml hf saget ltarcfès ml jfèrl gaarma``l, se passedhl, hls jamfhets prftequls ml glssea` mlsmetls fgtea`s, (g) u`l adhecftea` ml ga`glrtftea`prfhfdhl l` gfs ml rfhesftea` pfr hu`l mls pfrtels mu`l aprftea` que ga`muerfet hl ga`glrt mlvaer pudhelr u`l mghfrftea`me`tl`tea`, lt (m) u`l adhecftea` mfggarm prfhfdhl ml hfutrl pfrtel se haprftea` l`vesfcl pfr h'u`l mls pfrtels ga`muesfet hlga`glrt irf`gber u` slueh mghl`gblur maiirl pudhequl adhecftaerl

4. H'Ltft irf`fes l dìegel e m'fgtea`s ml prirl`gl, e m'fugu` futrl fvf`tfcl pfrteguhelr, barjes hl mraet ml mespaslr ml rlprsl`tf`ts fuga`sleh m'fmje estrftea` fu prarftf ml sf pfrtegepftea` mf`s LMI l` vlrtu mu mgrlt-hae mu 7> agtadrl 657


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^LT@AM-TEGFTM



@/F

Mraets ml vatl maudhl (frteghl 77 EEE mls stftuts)

Ga`metea`s ml mtl`tea` 6> f`s




Ga`tlù 6. >,< % mu gfpetfh lt taut juhtephl kusqu' =,< % e`ghus

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh) mlvf`t trl liilgtul mf`s hls 6< kaurs gajptlr mu irf`gbessljl`t



Ga`tlù Hejetftea`, hars ml tautl fssljdhl, mls mraets ml vatl ml gbfqul fgtea``ferl (y gajpres hls mraets ml vatlmtlùs tetrl ml jf`mftferl) 7> % mls mraets ml vatl



L`mlttljl`t 6. Tljdaursljl`t f`tegep vaha`tferl au adhecftaerl mls ga`trfts ml grmet ml àvljdrl 4>6> lt m'fvreh4>64 l` gfs ml gbf`cljl`t ml ga`trhl

4. Tljdaursljl`t f`tegep, fu cr mls partlurs, mls jessea`s adhecftferls ml mgljdrl 4>>9, kue`4>>5, jfrs 4>6>, mgljdrl 4>6>, jfrs 4>66, fvreh 4>66, agtadrl 4>66 lt kf`velr 4>64 l` gfs mlgbf`cljl`t ml ga`trhl

7. Fjartessljl`t f`tegep mu pracrfjjl ml tetresftea` Jfstlr Tlglevfdhls Fssec`jl`t Fcrlljl`tl` gfsml plrtl pfr ^lràm-Tegfrm mu ga`trhl ml hf iehefhl ga`glr`l

Futrls @/F


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 6,4> % mu gfpetfh lt 6,95 % mls mraets ml vatl (fu 42 fat 4>67)

Futrls 6. Hf saget ^fuh Tegfrm (mtlùl pfr hf ifjehhl Tegfrm) mtel`t, fu 42 fat 4>67, 67,6= % mu gfpetfh lt 65,67 % mls mraets ml vatl ml^lràm Tegfrm

4. Gfpetfh Craup Gajpfèls lt hl craupl Druxlhhls Hfjdlrt mtel``l`t rlsplgtevljl`t 6>,52 % lt 3,=5 % mu gfpetfh fe`se qul 6>,>< %lt 9,29 % mls mraets ml vatl ml ^lràm Tegfrm

7. ^lràm-Tegfrm f t àteie hl 2 ivrelr 4>>9 ml hf sec`fturl m'u`l ga`vl`tea` m'fgtea``ferls ga`ghul l`trl Ja`selur TfifhCa`zfhlz-Cfhhfrcf lt hf saget ^fuh Tegfrm slha` hfqulhhl Ja`selur Tfifh Ca`zfhlz-Cfhhfrcf s'l`cfcl ga`suhtlr hf saget ^fuhTegfrm fvf`t tautl fssljdhl c`rfhl mls fgtea``ferls ml ^lràm-Tegfrm ml ifa` vatlr mf`s hl jjl sl`s. Glttl ga`vl`tea`prvaet qul Ja`selur Tfifh Ca`zfhlz-Cfhhfrcf s'l`cfcl àteielr hf saget ^fuh Tegfrm tautl fgquesetea` supphjl`tferl ml tetrls^lràm Tegfrm lt/au ml mraets ml vatl, ml jjl qu'eh s'e`tlrmet m'l` fgqurer se u`l tlhhl trf`sfgtea` maet adheclr hf saget ^fuh Tegfrmlt hls pfrtels fcessf`t ml ga`glrt mpaslr u`l aiirl pudhequl sur ^lràm Tegfrm. Hf saget ^fuh Tegfrm sl vaet cfhljl`t agtraylru` mraet ml prljptea` sur hls tetrls ^lràm Tegfrm qul Ja`selur Tfifh Ca`zfhlz-Cfhhfrcf paurrfet saubfetlr gmlr

=. Futaresftea` ma``l fu ga`sleh m'fmjeèstrftea` m'aprlr, mf`s hf hejetl ml 6> % mu gfpetfh, sur hls fgtea`s ^lràm Tegfrm, y gajpresl` preaml m'aiirl pudhequl m'fgbft rfhesl e`tcrfhljl`t l` ùjrferl, paur u` prex uètferl jfxejfh ml 6=> luras (saet u` àjdrljfxejfh ml 49.


33/52


^\DHEGEW CTA\^L

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres @lw Uaro (FMT)


@/F





(frteghls 9 lt 3 EEE mls stftuts)

Ga`tlù 6. 6 % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`shls < kaurs ml daursl gajptlr mu irf`gbessljl`t mu slueh âur hf mtlrje`ftea` mls sluehs, presl l`gajptl mls eìarjftea`s rlquesls fu tetrl mls frteghls H. 477-3 lt suevf`ts mu Gaml ml gajjlrgl

7. Hf saget plut mljf`mlr tautl plrsa``l jarfhl vl`f`t mtlèr phus ml 4,< % mu gfpetfh au mlsmraets ml vatl ml ûdheges Craupl ml hue trf`sjlttrl h'eml`tet ml tautl plrsa``l mtl`f`t, merlgtljl`tau e`merlgtljl`t, phus mu telrs ml sa` gfpetfh au ml sls mraets ml vatl.


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s

@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` >,47 % mu gfpetfh (fu 76 mgljdrl 4>64)

Futrls 6. Jfmfjl Lhesfdltb Dfme`tlr mtel`t, fu 76 mgljdrl 4>64, 5,67 % mu gfpetfh lt 69,


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F@@LRL 4


TL@F\H]



@/F






Ga`tlù 6. 4 % lt taut juhtephl kusqu' < % pues fu-mlh ml < %, taut juhtephl ml 6 %, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh (gfpetfh au mraets ml vatl) mf`s u` mhfe iex l` Ga`sleh m'Ltft gajptlr ml h'e`sgreptea` l` gajptl ifesf`t irf`gber hl slueh


@/F

Ga`tlù @/F



L`mlttljl`t @/F

Futrls @/F


@/F

Mespasetea`s@/F

Da`s Drlta` @/F

Hejetl @/F

Murl @/F

Fgtea``freft sfhfre

Mtl`tea` 4,53 % mu gfpetfh lt 7,64)

Futrls 6. H'Ltft irf`fes mtel`t, fu 76 mgljdrl 4>64, 66 % mu gfpetfh lt 63,5< % mls mraets ml vatl ml Tl`fuht

4. Tl`fuht mtel`t, fu 76 mgljdrl 4>64, =7,=> % mu gfpetfh ml @essf` Jatar Ga, Htm lt @essf` Jatar Ga, Htm mtel`t, fu 76 mgljdrl4>64, 6< % mu gfpetfh ml Tl`fuht jfes sf pfrtegepftea` lst prevl ml mraet ml vatl

7. Mfejhlr mtel`t, fu 76 mgljdrl 4>64, 7,6> % mu gfpetfh lt 7,36 % mls mraets ml vatl ml Tl`fuht

=. Tl`fuht-@essf` D.Y., saget gajju`l mtlùl pfret pfr Tl`fuht lt @essf` Jatar Ga, Htm jlt l` uvrl hls mgesea`s presls pfr hlmerlgtaerl ml hFhhef`gl grl pfr Tl`fuht lt @essf` Jatar Ga, Htm. Lhhl mespasl m'u` pauvaer ml mgesea` gerga`sgret h'cfrm mlTl`fuht lt @essf` Jatar Ga, Htm

6> u` fggarm ml gaaprftea` strftcequl ha`c tlrjl (Jfstlr Gaaplrftea` Fcrlljl`t) fux tlrjls muqulh Mfejhlr FC s'lst l`cfcl `l pfs trf`sirlr, pl`mf`t < f`s, hfpfrtegepftea` qu'lhhl mtel`t mf`s Tl`fuht sf`s h'fggarm prfhfdhl mls futrls pfrtels. Glt l`cfcljl`t ml ga`slrvftea` l trauvlrf

glpl`mf`t pfs sfpphequlr, àtfjjl`t, mf`s hls gfs suevf`ts, saus rslrvl tautliaes qul hl trf`silrt partl sur tautls hls fgtea`sTl`fuht lt qul hl dìegeferl l saet pfs u` ga`gurrl`t ml Tl`fuht ; (e) hl trf`silrt u`l iehefhl, (ee) l` gfs maiirl pudhequl sur hlsfgtea`s Tl`fuht rlgajjf`ml pfr hl ga`sleh mfmjeèstrftea` ml Tl`fuht, (eee) l` gfs ml gbf`cljl`t ml ga`trhl ml Tl`fuht. Glttlga`vl`tea` gajpartl cfhljl`t (x) u` mraet ml prljerl aiirl fu praiet ml Tl`fuht mf`s h'bypatbsl a Mfejhlr FC saubfetlrfettrf`sirlr sls fgtea`s ( h'lxperftea` ml h'l`cfcljl`t ml ga`slrvftea` au pl`mf`t hf murl ml h'l`cfcljl`t ml ga`slrvftea` l` gfsml trf`silrt futares) lt (y) u` l`cfcljl`t ml Mfejhlr FC ml `l pfs fppartlr sls tetrls u`l aiirl pudhequl bastehl sur Tl`fuht, ygajpres fprs h'lxperftea` ml h'l`cfcljl`t ml ga`slrvftea`. Glt l`cfcljl`t prl`mrf ie` l` gfs ml rseheftea` mu JfstlrGaaplrftea` Fcrlljl`t


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WFITF@



@/F





(frteghls 67.6 lt 67.4 mls stftuts)

Ga`tlù 6. 6 % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh lt mraets ml vatl) mlvf`t trl liilgtul mf`shls = kaurs ml daursl gajptlr mu irf`gbessljl`t mu slueh



Ga`tlù 6. Hejetftea` mls mraets ml vatl ml gbfqul fgtea` (y gajpres hls mraets ml vatl mtlùs tetrl mljf`mftferl) 7> % mu àjdrl tatfh mls mraets ml vatl fttfgbs h'l`sljdhl mls fgtea`s ml hf saget

4. Hls hejetftea`s mlvel``l`t gfmuquls ms hars qu'u`l plrsa``l pbysequl au jarfhl, fcessf`t sluhl au mlga`glrt fvlg u`l au phuselurs plrsa``ls pbysequls au jarfhls, vel`t mtlèr fu jae`s 4/7 mu gfpetfhau mls mraets ml vatl ml Wfirf`, hf suetl m'u`l aiirl pudhequl vesf`t hf tatfhet mls fgtea`s ml Wfirf`



L`mlttljl`t @/F

Futrls @/F

âssedehetm'fucjl`tftea` mugfpetfh l` preaml

m'A^

@/F

Mespasetea`s@/F

Da`s Drlta` (6>jl rsahutea` ml h'fssljdhl mu 76 jfe 4>64. Fdsl`gl ml prapasetea` ml rlàuvlhhljl`t ml glttlrsahutea` hars ml h'fssljdhl mu 42 jfe 4>67)

Hejetl Ja`tf`t àje`fh jfxejfh ml h'fucjl`tftea` ml gfpetfh rsuhtf`t ml h'lxlrgegl mls da`s ml => jehhea`sm'luras

Murl 62 jaes gajptlr ml h'fssljdhl mu 76 jfe 4>64

Fgtea``freft sfhfre

Mtl`tea` 6. 66,67 % mu gfpetfh sagefh lt 69,97 % mls mraets ml vatl (fu 76 mgljdrl 4>64)

4. =,77 % mu gfpetfh sagefh lt 3,7> % mls mraets ml vatl sa`t mtlùs pfr hl Ghud Wfclj, WFW mtlùl 64, 7>,4> % mu gfpetfh sagefh lt 45,>3 % mls mraets ml vatl ml Wfirf`

4. Ga`vl`tea` trepfrtetl ga`ghul hl 46 mgljdrl 4>>=, tlhhl qu'fjl`ml au gajphtl pfr 7 fvl`f`ts l` 4>66, l`trl h'Ltft, Wfclj ltW`lgjf (msarjfes Wfirf`) fux tlrjls ml hfqulhhl h'Ltft irf`fes mespasl (e) m'u` pauvaer pahetequl ga`sestf`t l` hf àje`ftea` m'u`rlprsl`tf`t sf`s vaex mhedrftevl fu sle` mu ga`sleh m'fmjeèstrftea` ml Wfirf` l` gfs ml pfrtegepftea` mlvl`f`t eìrelurl 6> %lt fu sle` mls ga`slehs m'fmjeèstrftea` mls iehefhls strftcequls ml Wfirf` (Blrfohls lt Jegraturda) fe`se qul mls iehefhls mtl`f`tmls fgteis rlhfteis fux jatlurs m'fvea`s m'frjls irf`fes, (ee) m'u` mraet m'fcrjl`t prfhfdhl partf`t sur hls glssea`s ml glrtfe`sfgteis jehetferls lt spftefux eml`teies gajjl strftcequls, sl`sedhls au ml mil`sl mu craupl Wfirf`, sur hls glssea`s m'fgteisstrftcequls mtlùs pfr Taxlh Irf`gl (mf`s hfqulhhl Blrfohls mtel`t u`l pfrtegepftea` e`merlgtl ml %), sur hls glssea`s mlsfgtea`s mls sagets Blrfohls, Jegraturda, Luraprapuhsea`, Tlcuhus (pfrtegepftea` ml => %), Fref`slspfgl lt CEL C4^, sur hlsirf`gbessljl`ts mls sluehs ml 77,77 % au ml % mu gfpetfh au mls mraets ml vatl mls sagets mu craupl Wfirf` mtl`f`t mlsfgteis strftcequls jehetferls lt spfgefux lt sur hls praklts gaìrf`t mls mraets pfrteguhelrs ml clstea` au m'eìarjftea` sur hls fgteisstrftcequls jehetferls au spfgefux au ml rlprsl`tftea` fu sle` mls arcf`ls ml merlgtea` ml Blrfohls lt Jegraturda fe`se qul (eee)mu mraet m'fgqurer hls tetrls lt fgteis mls iehefhls strftcequls (Blrfohls lt Jegraturda) u` prex mtlrje` pfr u` gahhcl m'lxplrts(hls pfrtels ga`ghuf`t mf`s gl gfs u`l ga`vl`tea` ml slrvegls lt ml trf`silrt ml tlgbàhacel sur hls fgteis gms) l` gfs mlirf`gbessljl`t pfr u` telrs mu slueh ml 6> % au m'u` juhtephl ml 6> % mu gfpetfh au mls mraets ml vatl ml Wfirf`

7. Futaresftea` ma``l fu ga`sleh m'fmjeèstrftea` m'aprlr, mf`s hf hejetl ml 6> % mu gfpetfh sagefh (saet tetrl e`megftei =6 3>4 5


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F@@LRL 4


WFE@]-CADFE@

Juhtephls kuremegtea`s Helu(x) ml gatftea` ^fres Fjstlrmfj Druxlhhls Irf`giart Ha`mrls [uregb


@/F

Mraets ml vatl maudhl (frteghl 62 fh.69 mls stftuts)


]Ê (frteghl 3 fh.9 mls stftuts)


(frteghl 3 fh.= mls stftuts)

Ga`tlù 6. >,< % lt taut juhtephl, hf bfussl gajjl hf dfessl

4. Mghfrftea` ml irf`gbessljl`t ml slueh stftutferl (gfpetfh au mraets ml vatl) mlvf`t trl liilgtul mf`su` mhfe ml < kaurs ml daursl gajptlr mu irf`gbessljl`t mu slueh


@/F

Ga`tlù @/F



L`mlttljl`t 6. Tljdaursljl`t f`tegep, saus glrtfe`ls ga`metea`s, mu pre`gepfh lt pfeljl`t mls e`trts gaurus mlsadhecftea`s jesls mlpues 4>>9 l` gfs ml gbf`cljl`t ml ga`trhl

4. Hec`ls df`gferls sy`mequls (mgljdrl 4>6> lt mgljdrl 4>64) mlste`ls fu suppart mu ie`f`gljl`tc`rfh mu craupl gajprl`f`t mls ghfusls ml gbf`cljl`t ml ga`trhl

Futrls ^hf`s ml rju`rftea` meiirl lt ml rltrfetl prlstftea`s mieèls lxestf`t mf`s hls iehefhls fjregfe`ls mucraupl Wfe`t-Cadfe` prl`f`t ejjmeftljl`t ie` l` gfs ml gbf`cljl`t ml ga`trhl. Lxecedehet mls mraetsmls dìegeferls mls phf`s mf`s hls mauzl jaes suevf`t hl gbf`cljl`t ml ga`trhl

âssedehetm'fucjl`tftea` mu

gfpetfh l` preamlm'A^

@/F

Mespasetea`s@/F

Da`s Drlta` (69jl rsahutea` ml h'fssljdhl mu 3 kue` 4>64. Fdsl`gl ml prapasetea` ml rlàuvlhhljl`t ml glttlrsahutea` hars ml h'fssljdhl mu 9 kue` 4>67. Futaresftea` mlvlùl gfmuqul l` mgljdrl 4>67)

Hejetl Ja`tf`t àje`fh jfxejfh ml h'fucjl`tftea` ml gfpetfh rsuhtf`t ml h'lxlrgegl mls da`s ml >>luras

Murl 62 jaes gajptlr ml h'fssljdhl c`rfhl mu 3 kue` 4>64

Fgtea``freft sfhfre

M

panorama 2013 des défenses anti-opa au sein des sociétés du cac 40

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