:RUN&HQWUH 3UR *XLGH GH O¶XWLOLVDWHXU 3 3UpSDUp HW WUDGXLW SDU 7KH 'RFXPHQW &RPSDQ\ ;HUR[ *./6 (XURSHDQ 2SHUDWLRQV %HVVHPHU 5RDG :HOZ\Q *DUGHQ &LW\ +HUWIRUGVKLUH $/ +( $1*/(7(55( ;HUR[ &RUSRUDWLRQ 7RXV GURLWV UpVHUYpV /D SURWHFWLRQ GHV GURLWV GH UHSURGXFWLRQ V¶DSSOLTXH j O¶HQVHPEOH GHV LQIRUPDWLRQV HW GRFXPHQWV SUpYXV DX[ WHUPHV GH OD ORL TXHOV TXH VRLHQW OHXU IRUPH HW OHXU FRQWHQX \ FRPSULV DX[ GRQQpHV JpQpUpHV SDU OHV ORJLFLHOV HW TXL V¶DIILFKHQW j O¶pFUDQ SURILOV SLFWRJUDPPHV pFUDQV LF{QHV HWF ;HUR[ 7KH 'RFXPHQW &RPSDQ\ OH ; VW\OLVp HW WRXV OHV SURGXLWV ;HUR[ PHQWLRQQpV GDQV FH GRFXPHQW VRQW GHV PDUTXHV GH ;HUR[ &RUSRUDWLRQ /HV QRPV GH SURGXLW HW PDUTXHV G¶DXWUHV VRFLpWpV VRQW pJDOHPHQW UHFRQQXV /H SUpVHQW GRFXPHQW HVW UpJXOLqUHPHQW PRGLILp /HV PLVHV j MRXU WHFKQLTXHV HW OHV FRUUHFWLRQV W\SRJUDSKLTXHV VHURQW DSSRUWpHV GDQV OHV YHUVLRQV XOWpULHXUHV ¬ SURSRV GH FH JXLGH 6WUXFWXUH GX JXLGH $VVLVWDQFH FOLHQW &RQYHQWLRQV 2ULHQWDWLRQ 7H[WH HQWUH FURFKHWV 7H[WH HQ LWDOLTXH $LGHPpPRLUH 5HPDUTXHV &RQVHLOV $WWHQWLRQ $YHUWLVVHPHQWV $XWUHV VRXUFHV G LQIRUPDWLRQ 3UpVHQWDWLRQ GX SURGXLW 'pEDOODJH ,GHQWLILFDWLRQ GHV FRPSRVDQWV GH OD PDFKLQH 9XH DYDQW 9XH DUULqUH &RPSRVDQWV HW WRXFKHV GX SDQQHDX GH FRPPDQGH 8WLOLVDWLRQ GX SDYp QXPpULTXH &RQQH[LRQV ,QVWDOODWLRQ GHV FDUWRXFKHV G¶LPSUHVVLRQ HW GH WRQHU 0LVH HQ SODFH GX SDSLHU 6pOHFWLRQ GH OD ODQJXH &RQILJXUDWLRQ GH O¶,' ORFDOH HW GX QRP 5pJODJH GH OD GDWH HW GH O¶KHXUH ,QVWDOODWLRQ GX ORJLFLHO &RSLH 3URFpGXUH GH FRSLH $SSX\HU VXU OD WRXFKH &RSLHU7pOpFRSLHU1XPpULVHU YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà v 7DEOH GHV PDWLqUHV 7DEOH GHV PDWLqUHV 6pOHFWLRQQHU OH VXSSRUW 0HWWUH HQ SODFH OHV GRFXPHQWV 6pOHFWLRQQHU OHV IRQFWLRQV GH FRSLH (QWUHU OD TXDQWLWp $SSX\HU VXU 0DUFKH )RQFWLRQV GH FRSLH VWDQGDUG eFODLUFLU)RQFHU 7\SH GH GRFXPHQW 5HFWR YHUVR 5pGXLUH$JUDQGLU 5pFHSWLRQ 5pWDEOLVVHPHQW GHV YDOHXUV SDU GpIDXW )RQFWLRQV GH FRSLH VSpFLDOHV $XWR &ORQH ,PSUHVVLRQ ,PSUHVVLRQ G¶XQ GRFXPHQW GHSXLV XQH DSSOLFDWLRQ 5pJODJHV GH O¶LPSULPDQWH $FFqV DX[ UpJODJHV G¶LPSULPDQWH 2QJOHWV GH OD IHQrWUH 3URSULpWpV GH O¶LPSULPDQWH 7pOpFRSLH 3URFpGXUH GH WpOpFRSLH 0HWWUH HQ SODFH OHV GRFXPHQWV $SSX\HU VXU OD WRXFKH &RSLHU7pOpFRSLHU1XPpULVHU 6pOHFWLRQQHU OHV IRQFWLRQV GH WpOpFRSLH (QWUHU OH QXPpUR GH ID[ $SSX\HU VXU 0DUFKH *HVWLRQ GHV WpOpFRSLHV 0pWKRGHV GH FRPSRVLWLRQ &RPSRVLWLRQ FODYLHU &RPSRVLWLRQ DEUpJpH &RPSRVLWLRQ GH JURXSH SRXU OD WUDQVPLVVLRQ YHUV SOXVLHXUV DGUHVVHV (QYRL JURXSH PDQXHO &RPSRVLWLRQ PDQXHOOH 5HFRPSRVLWLRQ (QYRL G¶XQH WpOpFRSLH DSUqV FRQYHUVDWLRQ 5pFHSWLRQ G¶XQH WpOpFRSLH 0RGHV GH UpFHSWLRQ vv ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà )RQFWLRQV GH WpOpFRSLH DYDQFpHV (QYRL G¶XQH WpOpFRSLH HQ FRXOHXU (QYRL GLIIpUp (QYRL SULRULWDLUH ,QWHUURJDWLRQ $QQXODWLRQ G¶XQH RSpUDWLRQ SURJUDPPpH 5HOHYpV 1XPpULVDWLRQ 3URJUDPPH GH QXPpULVDWLRQ 7:$,1 SRXU OH :RUN&HQWUH 3UR 3URFpGXUH GH QXPpULVDWLRQ 0HWWUH HQ SODFH OHV GRFXPHQWV ([pFXWHU OH SURJUDPPH 1XPpULVHU YHUV 3& $SSX\HU VXU OD WRXFKH &RSLHU7pOpFRSLHU1XPpULVHU 6pOHFWLRQQHU OHV IRQFWLRQV GH QXPpULVDWLRQ $SSX\HU VXU 0DUFKH &RQILJXUDWLRQ GH O¶DSSOLFDWLRQ GH QXPpULVDWLRQ SDU GpIDXW )RQFWLRQV GH QXPpULVDWLRQ VWDQGDUG 5pVROXWLRQ 2SWLRQV GH QXPpULVDWLRQ 7\SH GH GRFXPHQW eFODLUFLU)RQFHU 5pGXLUH$JUDQGLU 5pWDEOLVVHPHQW GHV YDOHXUV SDU GpIDXW GHV IRQFWLRQV GH QXPpULVDWLRQ 1XPpULVDWLRQ DYDQFpH 0DLQWHQDQFH GX SURGXLW 1HWWR\DJH 1HWWR\DJH GX :RUN&HQWUH 3UR 1HWWR\DJH GH OD JODFH G¶H[SRVLWLRQ HW GX FDFKHGRFXPHQW 3DQQHDX GH FRPPDQGH HW pFUDQ G¶DIILFKDJH &KDUJHXU GH GRFXPHQWV HW EDF UpFHSWHXU &RPPDQGH GH FRQVRPPDEOHV 8QLWpV UHPSODoDEOHV SDU OH FOLHQW YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà vvv 7DEOH GHV PDWLqUHV )RQFWLRQV GH WpOpFRSLH VWDQGDUG 5pVROXWLRQ 2SWLRQV GH QXPpULVDWLRQ 7\SH GH GRFXPHQW eFODLUFLU)RQFHU 5pWDEOLVVHPHQW GHV YDOHXUV SDU GpIDXW GHV IRQFWLRQV GH WpOpFRSLH &DUWRXFKH GH WRQHU &DUWRXFKH G¶LPSUHVVLRQ 0LVH HQ SODFH GHV VXSSRUWV 8WLOLVDWLRQ GX PDJDVLQ 8WLOLVDWLRQ GX GpSDUW PDQXHO &RQVHLOV SRXU OHV VXSSRUWV G¶LPSUHVVLRQ 5pVROXWLRQ GHV LQFLGHQWV GH EDVH ,QFLGHQWV FKDUJHXU )DX[ GpSDUW HQWUpH )DX[ GpSDUW VRUWLH )DX[ GpSDUW URXOHDX ,QFLGHQWV SDSLHU =RQH GH GpSDUW SDSLHU =RQH GH IRXU =RQH GH VRUWLH ,QFLGHQW UHFWR YHUVR ,QFLGHQW GpSDUW PDQXHO &RQWDFWHU OH &HQWUH 6HUYLFHV ;HUR[ 1XPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ 0HVVDJHV G¶HUUHXU 5pVROXWLRQ GHV SUREOqPHV 3UREOqPHV GH FRSLH 3UREOqPHV G¶LPSUHVVLRQ 3UREOqPHV GH WpOpFRSLH 5pLQLWLDOLVDWLRQ GH OD PDFKLQH &RQILJXUDWLRQ GX V\VWqPH 5pJODJH GX V\VWqPH 2SWLRQV GH UpJODJH V\VWqPH 0RGLILFDWLRQ GHV RSWLRQV GH UpJODJH GX V\VWqPH 5pJODJH GX YROXPH GX KDXWSDUOHXU 5pJODJH GHV GRQQpHV V\VWqPH 2SWLRQV GHV GRQQpHV V\VWqPH 5pJODJH GHV RSWLRQV GHV GRQQpHV V\VWqPH 5HOHYpV 1HWWR\DJH GH OD PpPRLUH &RQWURO&HQWUH ,QVWDOODWLRQ GH &RQWURO&HQWUH v ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà $QQH[H $ &RQVLJQHV GH VpFXULWp $ 1RUPHV GH VpFXULWp $ ,QIRUPDWLRQV UpJOHPHQWDLUHV $ 6pFXULWp GX ODVHU $ &HUWLILFDWLRQ &( $ 5pJOHPHQWDWLRQ )&& $ +RPRORJDWLRQ SRXU OH &DQDGD $ &RQIRUPLWp j O¶HQYLURQQHPHQW $ (QHUJ\ 6WDU $ $QQH[H % &DUDFWpULVWLTXHV WHFKQLTXHV % &DUDFWpULVWLTXHV GH O¶LPSULPDQWH % &DUDFWpULVWLTXHV GX WpOpFRSLHXU % &DUDFWpULVWLTXHV GX VFDQQHXU HW GX FRSLHXU % &DUDFWpULVWLTXHV JpQpUDOHV % &DUDFWpULVWLTXHV GHV VXSSRUWV % ,QGH[ ,QGH[L YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà 7DEOH GHV PDWLqUHV ([pFXWLRQ GH &RQWURO&HQWUH 8WLOLVDWLRQ GH &RQWURO&HQWUH v ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà %LHQ TXH OH V\VWqPH :RUN&HQWUH 3UR VRLW VLPSOH G¶XWLOLVDWLRQ QRXV YRXV UHFRPPDQGRQV GH SUHQGUH OH WHPSV GH OLUH OD GRFXPHQWDWLRQ XWLOLVDWHXU DILQ G¶HQ WLUHU OH PHLOOHXU SDUWL YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà Qhtrà ¬ SURSRV GH FH JXLGH ¬ SURSRV GH FH JXLGH 6WUXFWXUH GX JXLGH /H JXLGH GH O¶XWLOLVDWHXU FRQWLHQW OHV VHFWLRQV VXLYDQWHV 7DEOH GHV PDWLqUHV 9RXV SHUPHW GH WURXYHU OHV LQIRUPDWLRQV IDFLOHPHQW ¬ SURSRV GH FH JXLGH &KDSLWUH 'pFULW OHV LQIRUPDWLRQV FRQWHQXHV GDQV FH JXLGH 3UpVHQWDWLRQ GX SURGXLW &KDSLWUH 'pFULW OHV IRQFWLRQV ORJLFLHOOHV HW PDWpULHOOHV GH OD PDFKLQH HW IRXUQLW GHV LQVWUXFWLRQV SRXU OH GpEDOODJH HW O¶LQVWDOODWLRQ GH OD PDFKLQH &RSLH &KDSLWUH 'pFULW OHV SURFpGXUHV GH PLVH HQ SODFH HW GH FRSLH GHV GRFXPHQWV &H FKDSLWUH FRQWLHQW pJDOHPHQW OHV LQVWUXFWLRQV G XWLOLVDWLRQ GHV IRQFWLRQV GH FRSLH GLVSRQLEOHV ,PSUHVVLRQ &KDSLWUH 'pFULW OD SURFpGXUH G LPSUHVVLRQ j SDUWLU G XQ 3& HW SUpVHQWH OHV GLIIpUHQWHV IRQFWLRQV GX SLORWH 7pOpFRSLH &KDSLWUH 'pFULW OHV SURFpGXUHV G HQYRL HW GH UpFHSWLRQ GHV WpOpFRSLHV &H FKDSLWUH FRQWLHQW pJDOHPHQW GHV LQVWUXFWLRQV SRXU O XWLOLVDWLRQ GHV IRQFWLRQV GH WpOpFRSLH GLVSRQLEOHV 1XPpULVDWLRQ &KDSLWUH 'pFULW OHV SURFpGXUHV G¶XWLOLVDWLRQ GH OD IRQFWLRQ GH QXPpULVDWLRQ GLVSRQLEOH VXU OD PDFKLQH 0DLQWHQDQFH GX SURGXLW &KDSLWUH 'pFULW OHV SURFpGXUHV GH PDLQWHQDQFH HW GH QHWWR\DJH QpFHVVDLUHV SRXU REWHQLU GHV SHUIRUPDQFHV RSWLPDOHV &H FKDSLWUH FRQWLHQW pJDOHPHQW GHV LQVWUXFWLRQV SRXU OD FRPPDQGH HW OH UHPSODFHPHQW GHV FRQVRPPDEOHV 5pVROXWLRQ GHV LQFLGHQWV &KDSLWUH $LGH O¶XWLOLVDWHXU j UpVRXGUH FHUWDLQV SUREOqPHV HW IRXUQLW XQH OLVWH GH PHVVDJHV G¶HUUHXUV HW G¶DFWLRQV FRUUHFWLYHV Qhtrà ! ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà &RQWLHQW GHV LQVWUXFWLRQV SRXU OD SURJUDPPDWLRQ GHV YDOHXUV SDU GpIDXW GHV UpJODJHV GLVSRQLEOHV VXU OD PDFKLQH )RXUQLW pJDOHPHQW GHV LQIRUPDWLRQV VXU OD FRQILJXUDWLRQ HW O¶XWLOLVDWLRQ GH &RQWURO&HQWUH &RQVLJQHV GH VpFXULWp $QQH[H $ &RQWLHQW OHV SURFpGXUHV GH VpFXULWp HW GHV LQIRUPDWLRQV UHODWLYHV j OD FRQIRUPLWp GX SURGXLW &DUDFWpULVWLTXHV WHFKQLTXHV $QQH[H % &RQWLHQW GHV LQIRUPDWLRQV UHODWLYHV DX[ FDUDFWpULVWLTXHV GH OD PDFKLQH &HWWH DQQH[H SHUPHW GH YpULILHU OD FRQIRUPLWp GX PDWpULHO XWLOLVp DX[ VSpFLILFDWLRQV pWDEOLHV ,QGH[ 3HUPHW GH WURXYHU GHV LQIRUPDWLRQV VSpFLILTXHV YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà Qhtrà " ¬ SURSRV GH FH JXLGH &RQILJXUDWLRQ GX V\VWqPH &KDSLWUH $VVLVWDQFH FOLHQW 3RXU WRXWH DLGH DSUqV O¶LQVWDOODWLRQ GX SURGXLW FRQWDFWH] QRWUH &HQWUH 6HUYLFHV ;HUR[ $YDQW GH WpOpSKRQHU LO HVW LPSRUWDQW GH FRQQDvWUH OH QXPpUR GH VpULH GH YRWUH PDFKLQH LO YRXV VHUD GHPDQGp 8WLOLVH] O¶HVSDFH FLGHVVRXV SRXU OH QRWHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /H QXPpUR GH VpULH ILJXUH GHUULqUH OH SDQQHDX DYDQW 3RXU \ DFFpGHU RXYUH] OH SDQQHDX ODWpUDO j O¶DLGH GX OHYLHU GH GpYHUURXLOODJH SXLV RXYUH] OH SDQQHDX DYDQW FLGHVVRXV SRXU UpIpUHQFH /H QXPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ HVW IRXUQL ORUV GH O LQVWDOODWLRQ GX :RUN&HQWUH 3UR 1RWH]OH GDQV O¶HVSDFH 1XPpUR GH WpOpSKRQH GX &HQWUH 6HUYLFHV ;HUR[ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Qhtrà # ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà /HV WHUPHV FLDSUqV XWLOLVpV WRXW DX ORQJ GH FH PDQXHO GH O XWLOLVDWHXU VRQW V\QRQ\PHV ½ ½ :RUN&HQWUH 3UR HVW V\QRQ\PH GH OD PDFKLQH O¶pTXLSHPHQW )D[ HVW V\QRQ\PH GH WpOpFRSLHXU WpOpFRSLH 2ULHQWDWLRQ &H PDQXHO IDLW UpIpUHQFH j GHX[ W\SHV G RULHQWDWLRQ RULHQWDWLRQ GH O LPDJH HW RULHQWDWLRQ GH O DOLPHQWDWLRQ 2ULHQWDWLRQ GH O LPDJH / RULHQWDWLRQ GH O LPDJH IDLW UpIpUHQFH j VD SRVLWLRQ VXU OD SDJH ,O \ D GHX[ W\SHV G RULHQWDWLRQ GH O LPDJH 3RUWUDLW $ / LPDJH HVW HQ RULHQWDWLRQ 3RUWUDLW ORUVTX HOOH V DOLJQH YHUWLFDOHPHQW VXU OH JUDQG F{Wp 3D\VDJH $ / LPDJH HVW HQ RULHQWDWLRQ 3D\VDJH ORUVTX HOOH V DOLJQH YHUWLFDOHPHQW VXU OH SHWLW F{Wp YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà Qhtrà $ ¬ SURSRV GH FH JXLGH &RQYHQWLRQV 2ULHQWDWLRQ GH O DOLPHQWDWLRQ / RULHQWDWLRQ GH O DOLPHQWDWLRQ GpFULW OH VHQV GDQV OHTXHO OHV GRFXPHQWV HW OHV VXSSRUWV VRQW LQWURGXLWV GDQV OD PDFKLQH ,O HVW FRQVHLOOp GH SODFHU OHV GRFXPHQWV HW OHV VXSSRUWV GDQV OH PrPH VHQV ,O H[LVWH GHX[ VHQV GH PLVH HQ SODFH 'pSDUW JUDQG F{Wp '*& (Q VH VLWXDQW IDFH j OD PDFKLQH OHV GRFXPHQWV VRQW SODFpV GH WHOOH VRUWH TXH OH JUDQG F{Wp WRXFKH j JDXFKH HW j GURLWH OH FKDUJHXU GH GRFXPHQWV RX OH PDJDVLQ 2ULHQWDWLRQ '*& $ $ !ÃÃBvqrÃqrÃy¶vyvhrà $ 6HQV GH FKDUJHPHQW GX GRFXPHQWVXSSRUW 'pSDUW SHWLW F{Wp '3& (Q VH VLWXDQW IDFH j OD PDFKLQH OHV GRFXPHQWV VRQW SODFpV GH WHOOH VRUWH TXH OH SHWLW F{Wp WRXFKH j JDXFKH HW j GURLWH OH FKDUJHXU GH GRFXPHQWV RX OH PDJDVLQ 2ULHQWDWLRQ '3& $ 6HQV GH FKDUJHPHQW GX GRFXPHQWVXSSRUW Qhtrà % ÃYrÃXx8rrÃQÃ# /H >WH[WH HQWUH FURFKHWV@ VHUW j PHWWUH HQ pYLGHQFH OD VpOHFWLRQ G XQH IRQFWLRQ RX G XQH WRXFKH 3DU H[HPSOH ½ ½ $SSX\H] VXU >5pGXLUH$JUDQGLU@ VXU OH SDQQHDX GH FRPPDQGH MXVTX¶j FH TXH µ5('8,5($*5$1',5¶ V¶DIILFKH (QWUH] OH SRXUFHQWDJH UHTXLV j O¶DLGH GX SDYp QXPpULTXH 6L YRXV DSSX\H] VXU >(IIDFHU(IIDFHU WRXW@ OH SRXUFHQWDJH VpOHFWLRQQp HVW 7H[WH HQ LWDOLTXH /H WH[WH HQ LWDOLTXH HVW XWLOLVp SRXU PHWWUH HQ pYLGHQFH XQ PRW RX XQH H[SUHVVLRQ 6XLYH] WRXMRXUV OHV FRQVLJQHV GH VpFXULWp ORUVTXH YRXV XWLOLVH] FHW pTXLSHPHQW ,O H[LVWH SOXVLHXUV PpWKRGHV GH FRPSRVLWLRQ GH ID[ VXU OH :RUN&HQWUH 3UR $LGHPpPRLUH $LGHPpPRLUH ½$SSX\HU VXU OD WRXFKH ½6pOHFWLRQQHU OD VRXUFH ½&KDUJHU OHV GRFXPHQWV ½6pOHFWLRQQHU OHV IRQFWLRQV ½(QWUHU OD TXDQWLWp UHTXLVH ½$SSX\HU VXU >0DUFKH@ GH FRSLH UHTXLVHV SDSLHU &RSLHU7pOpFRSLHU 1XPpULVHU 2XWUH OHV LQVWUXFWLRQV GpWDLOOpHV IRXUQLHV GDQV FH PDQXHO XQ DLGH PpPRLUH HVW SURSRVp DX GpEXW GH FKDTXH FKDSLWUH RX VHFWLRQ &HOXLFL FRQWLHQW XQH V\QWKqVH GH OD SURFpGXUH j VXLYUH $SUqV DYRLU OX OHV LQVWUXFWLRQV FRPSOqWHV YRXV SRXYH] YRXV \ UpIpUHU SRXU DFFpGHU UDSLGHPHQW j XQH IRQFWLRQ SDUWLFXOLqUH YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà Qhtrà & ¬ SURSRV GH FH JXLGH 7H[WH HQWUH FURFKHWV 5HPDUTXHV /HV UHPDUTXHV FRQWLHQQHQW GHV LQIRUPDWLRQV VXSSOpPHQWDLUHV 3DU H[HPSOH 5(0$548( ,O HVW LPSRVVLEOH G¶LQFOXUH XQ QXPpUR GH FRPSRVLWLRQ JURXSH GDQV XQ DXWUH QXPpUR GH FRPSRVLWLRQ JURXSH &RQVHLOV /D PHQWLRQ &RQVHLO LQGLTXH GHV LQIRUPDWLRQV UHODWLYHV j O H[pFXWLRQ G XQH WkFKH 3DU H[HPSOH &216(,/ 3RXU SOXV G¶LQIRUPDWLRQV VXU OHV PpWKRGHV GH FRPSRVLWLRQ GLVSRQLEOHV UHSRUWH]YRXV j OD VHFWLRQ ³0pWKRGHV GH FRPSRVLWLRQ´ SDJH $WWHQWLRQ /D PHQWLRQ $WWHQWLRQ GpVLJQH WRXWH DFWLRQ SRXYDQW HQWUDvQHU GHV GRPPDJHV PDWpULHOV 3DU H[HPSOH $77(17,21 3RXU QHWWR\HU OH :RUN&HQWUH 3UR Q¶XWLOLVH] QL VROYDQWV RUJDQLTXHV QL DpURVROV $YHUWLVVHPHQWV /D PHQWLRQ $YHUWLVVHPHQW YLVH j SUpYHQLU O XWLOLVDWHXU GX ULVTXH GH EOHVVXUH 3DU H[HPSOH $9(57,66(0(17 &H SURGXLW GRLW rWUH UHOLp j XQ FLUFXLW GH WHUUH SURWpJp Qhtrà ' ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà /D GRFXPHQWDWLRQ VXLYDQWH HVW GLVSRQLEOH SRXU OH :RUN&HQWUH 3UR /H SUpVHQW *XLGH GH O¶XWLOLVDWHXU /H *XLGH G¶LQLWLDWLRQ /D IHXLOOH G¶LQVWDOODWLRQ /H &' 'RFXPHQWDWLRQ FOLHQW YrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà Qhtrà ( ¬ SURSRV GH FH JXLGH $XWUHV VRXUFHV G LQIRUPDWLRQ Qhtrà ÃYrÃXx8rrÃQÃ# !ÃÃBvqrÃqrÃy¶vyvhrà /H V\VWqPH :RUN&HQWUH 3UR SURSRVH GHV IRQFWLRQV G¶LPSUHVVLRQ GH FRSLH GH WpOpFRSLH HW GH QXPpULVDWLRQ &H FKDSLWUH SUpVHQWH OH :RUN&HQWUH 3UR HW IRXUQLW GHV LQVWUXFWLRQV GpWDLOOpH ...