beta 0 50 0 100 275 25 0 15 0 (,1%$8%$&.
&KqUH FOLHQWH FKHU FOLHQW 1RXV YRXV UHPHUFLRQV G·DYRLU FKRLVL XQ IRXU 7KHUPD $YHF FH FKRL[ YRXV DYH] PLVp VXU OD TXDOLWp HW OD GXUD ELOLWp &H PRGH G·HPSORL YRXV SHUPHW GH IDLUH FRQQDLVVDQFH SDV j SDV DYHF YRWUH IRXU HW G·HQ XWLOLVHU WRXWHV OHV SRV VLELOLWpV GH PDQLqUH RSWLPDOH $YDQW OD SUHPLqUH PLVH HQ VHUYLFH QRXV YRXV SULRQV GH OLUH DWWHQWLYHPHQW OH FKDSLWUH ©&RQVLJQHV GH VpFXULWpª 1RXV YRXV UHFRP PDQGRQV GH FRQVHUYHU OH PRGH G·HPSORL j SUR[LPLWp GH O·DSSDUHLO GH VRUWH TXH YRXV O·D\H] LPPpGLDWHP
7DEOH GHV PDWLqUHV 5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp /H IRXU HQFDVWUp $YDQW OD SUHPLqUH PLVH HQ VHUYLFH /HV FRPPXWDWHXUV SRXU OH IRXU
5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp /LVH] VRLJQHXVHPHQW FH PRGH G·HPSORL DYDQW G·XWLOL VHU YRWUH DSSDUHLO )DLWHV VSpFLDOHPHQW DWWHQWLRQ DX[ SUHVFULSWLRQV GH VpFXULWp PDUTXpHV SDU XQ WULDQJOH G·DYHUWLVVHPHQW 9RXV pYLWHUH] DLQVL GH FDXVHU GHV GRPPDJHV FRUSR UHOV RX PDWpULHOV &RQVHUYH] SUpFLHXVHPHQW FH PRGH G·HPSORL HW 7UDQVPHWWH] OH j WRXW XWLOLVDWHXU QRXYHDX &HW DSSDUHLO QH GRLW rWUH XWLOLVp TXH SRXU OHV EHVRLQV PpQDJHUV HW GDQV GHV EXWV ELHQ SUpFLV ,O HVW FRQIRUPH DX[ SUHVFULSWLRQV LQWHUQDW
/H IRXU HQFDVWUp 9XH GH O·DSSDUHLO beta 7DEOHDX V\QRSWLTXH DYHF pOpPHQW GH FRPPDQGH 0 50 0 100 275 25 0 200 15 0 C C 3RLJQpH GH OD SRUWH GX IRXU 3RUWH GX IRXU DYHF YLWUH IURQWDOH HQWLqUHPHQW HQ YHUUH HW IHQrWUH GH FRQWU{OH 7LURLU j DSSDUHLO 7DEOHDX V\QRSWLTXH beta 0 50 0 100 275 25 0 200 15 0 C C 1 2 3 4 /DPSH GH FRQWU{OH IRQFWLRQQHPHQW GX IRXU /DPSH GH FRQWU{OH GH OD WHPSpUDWXUH GX IRXU 6pOHFWHXU GH IRQFWLRQ GX IRXU 6pOHFWHXU GH WHPSpUDWXUH GX IRXU 7LURLU j DSSDUH
$YDQW OD SUHPLqUH PLVH HQ VHUYLFH 1HWWR\DJH LQLWLDO /H IRXU GRLW rWUH QHWWR\p DYDQW OD SUHPLqUH XWLOLVDWLRQ DILQ G·pOLPLQHU WRXWH WUDFH SRVVLEOH ODLVVpH SDU OD IDEUL FDWLRQ (QOHYH] VRLJQHXVHPHQW OHV pWLTXHWWHV TXL V·\ WURXYHQW HQFRUH DLQVL TXH OHV IHXLOOHV GH SURWHFWLRQ $WWHQWLRQ GH QH SDV HQOHYHU OD SODTXH VLJQDOpWLTXH GH O·DSSDUHLO /H WDEOHDX V\QRSWLTXH HW OD SRUWH GX IRXU GRLYHQW rWUH ODYpV j O·HDX FKDXGH FRQWHQDQW XQ GpWHUJHQW SXLV Vp FKpV (QOHYHU GX IRXU WRXV OHV REMHWV TX·LO FRQWLHQW j O·H[FHS
/HV FRPPXWDWHXUV SRXU OH IRXU &RPPXWDWHXUV GH IRQFWLRQ GX IRXU /H FRPPXWDWHXU GH IRQFWLRQ SHXW rWUH SRVLWLRQQp HQ OH WRXUQDQW VRLW YHUV OD GURLWH VRLW YHUV OD JDXFKH /·pFODLUDJH GX IRXU HVW HQFOHQFKp DYHF Q·LPSRUWH TXHOOH IRQFWLRQ DXWUH TXH ]pUR eFODLUDJH HQFOHQFKp SRXU FKDTXH IRQFWLRQ 0 &LUFXODWLRQ G·DLU FKDXIIDJH HQ KDXW HW HQ EDV HQFOHQFKp DLQVL TXH OH YHQWLODWHXU GX IRXU *ULO j LQIUDURXJH FRUSV GH FKDXIIH GXU JULO *ULO j JUDQGH VXUIDFH FKDXIIDJH HQ KDXW HW FRUSV GH FKDXIIH GX JULO HQFOHQFK
/H IRXU $ % 5DLQXUHV GH JXLGDJH GH SODTXH j SkWLVVHULH &RUSV GH FKDXIIH LQIpULHXU & &RUSV GH FKDXIIH GX JULO ' &RUSV GH FKDXIIH VXSpULHXU ' * & ' *ULO j JUDQGH VXUIDFH ( + eFODLUDJH GX IRXU ) )LOWUH j PDLOOH ILQH * 9HQWLODWLRQ GX IRXU - 5pFLSLHQW UpIOpFKLVVDQW *XLGHV GH SODTXHV UDLQXUHV & ( ) + $ $ % - - $FFHVVRLUHV GX IRXU $ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD WHPSpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRP PDQGD
$SSOLFDWLRQV GHV IRQFWLRQV GX IRXU &KDXIIDJH VXSpULHXU HW LQIpULHXU /H FKDXIIDJH VLPXOWDQp HQ KDXW HW HQ EDV FRQVWLWXH OH IRQFWLRQQHPHQW QRUPDO GX IRXU /HV FRUSV GH FKDXIIH VLWXpV DX SODQFKHU HW DX SODIRQG GH O·HQFHLQWH FKDXI IDQWH WUDQVPHWWHQW OHXU FKDOHXU DX[ GHQUpHV j FXLUH /D WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH HW & /H U{WLVVDJH HW OD FXLVVRQ SDU FKDXIIDJH HQ KDXW HW HQ EDV QH VRQW SRVVLEOHV TXH VXU XQ VHXO QLYHDX PHWWUH OHV JkWHDX[ SODWV HW OD SkWLVVHULH VXU OD SODTXH DX[ QLYHDX[ RX
*ULO j LQIUDURXJH 3RXU GH SHWLWHV TXDQWLWpV GH JULOODGHV GH WUDQFKHV SOD WHV DLQVL TXH SRXU OHV GHPL SRXOHWV OH JULO j LQIUDURXJH HVW SDUWLFXOLqUHPHQW ELHQ LQGLTXp /H GRPDLQH GH WHP SpUDWXUH VH VLWXH HQWUH HW & *ULO j JUDQGH VXUIDFH &HWWH IRQFWLRQ SHUPHW GH JULOOHU GHV WUDQFKHV SODWHV RX GHV GHPL SRXOHWV VXU WRXWH OD VXUIDFH GH OD SODTXH /D FRQMRQFWLRQ GX JULO j LQIUDURXJH HW GX FKDXIIDJH VXSp ULHXU SHUPHW GH PDLQWHQLU XQH WHPSpUDWXUH UpJODEOH HQWUH HW & /HV GHX[ IRQFWLRQV GH JULO
,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ 5{WLVVDJH DYHF O·DLU FLUFXODQW HW FKDXIIDJH HQ KDXW HW HQ EDV &KRL[ GH OD WHPSpUDWXUH /H WHPSV GH U{WLVVDJH GpSHQG GX JHQUH GX U{WL FKRLVL GH VRQ SRLGV HW GH VD KDXWHXU /·XVDJH HVW GH FDOFXOHU OH WHPSV QpFHVVDLUH SDU FHQWL PqWUH GH KDXWHXU /H IRQFWLRQQHPHQW j DLU FKDXG DFFpOqUH OD WUDQVPLV VLRQ GH OD FKDOHXU j OD SLqFH j FXLUH SDU UDSSRUW j OD Pp WKRGH FRQYHQWLRQQHOOH /D WHPSpUDWXUH LQGLTXpH GDQV OD UHFHWWH SRXU OH FKDXIIDJH XQLTXHPHQW HQ KDXW
1HWWR\DJH HW HQWUHWLHQ /RUV GX QHWWR\DJH DXFXQ FRUSV GH FKDXIIH QH GRLW rWUH HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW VXIILVDPPHQW UH IURLGL SRXU TXH YRXV SXLVVLH] WRXFKHU VDQV GDQJHU OHV RUJDQHV LQWHUQHV 6HXO O·pFODLUDJH GX IRXU SHXW UHVWHU HQ IRQFWLRQ /·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHV VLRQ SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH 1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV JUDLVV
0RQWDJH HW GpPRQWDJH GHV JXLGHV GH SODTXHV 3RXU IDFLOLWHU OH QHWWR\DJH GHV JXLGHV GH SODTXHV RQ SHXW OHV VRUWLU GX IRXU $ OD KDXWHXU GH OD SRVLWLRQ OHV VXSSRUWV SHXYHQW rWUH UHWLUpV GH OD SDURL SDU O·DYDQW SXLV RQ GpJDJH O·DUULqUH HW RQ SHXW VRUWLU OH VXSSRUW SDU O·DYDQW GX IRXU 3RXU UHPRQWHU OH VXSSRUW LO VXIILW GH OH VXVSHQGUH SDU O·DUULqUH SXLV G·LQWURGXLUH OHV FURFKHWV GH OD SDUWLH DYDQW GDQV OHV WURXV GH OD SDURL HW G·HQIRQFHU OH VXS SRUW GDQV VD SRVLWLRQ QRUPDOH 5pFLSLHQW UpIOpFKLVVDQW 1·XW
/·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV 6723 $YDQW GH IDLUH O·pFKDQJH LO IDXW REOLJDWRLUH PHQW GpFRQQHFWHU O·DOLPHQWDWLRQ pOHFWULTXH GH WRXW O·DSSDUHLO HQ HQOHYDQW OHV IXVLEOHV ,O HVW SRVVLEOH GH UHPSODFHU VRL PrPH OHV DPSRXOHV GpIHFWXHXVHV /D QRXYHOOH DPSRXOH GH ZDWWV j YROWV DYHF XQ FXORW ( GRLW SRXYRLU UpVLVWHU j XQH WHPSp UDWXUH GH & 9RXV SRXYH] O·REWHQLU DXSUqV GH QR WUH PDJDVLQ FHQWUDO GH SLqFHV GH UHFKDQJH RX FKH] XQ pOHFWULFLHQ VSpFLDOLVp /D ODPSH HQ KDXW j GURL
&RQVHLO SUDWLTXHV XWLOHV 3UREOqPH &DXVH SUREDEOH 6ROXWLRQV /H U{WL RX OH VRXIIOp QH PRQWH SDV VXIILVDPPHQW (UUHXU GH WHPSpUDWXUH FKRLVLH &RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV /H U{WL QH EUXQLW SDV 7HPSpUDWXUH WURS pOHYpH eOHYHU OD WHPSpUDWXUH YpULILHU O·HWDW GH FXLVVRQ V·LO OH IDXW UDFFRXUFLU OH WHPSV 3RXU FKDOHXU KDXW HW EDV XWLOLVHU XQ PRXOH IRQFp 0DXYDLV PRXOH XWLOLVp /H U{WL EUXQLW WURS 7HPSpUDWXUH WURS pOHYpH &RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV GLPLQXHU OD WHPSpUDWXUH HW UDFFRXU FLU OH W
,QVWUXFWLRQ GH PRQWDJH IRXU j HQFDVWUHU ODUJHXU PP 9 9 0RQWDJH 6RUWLU OH WLURLU G·XVWHQVLOHV SRXU FH IDLUH SRXVVHU OH SDQQHDX GH WLURLU GHSXLV OH PLOLHX YHUV O·LQWp ULHXU MXVTX·j FH TXH OH WLURLU VH GpEORTXH GX OR TXHW 7LUHU OH WLURLU MXVTX·j OD EXWpH ILQDOH HW OH VRXOHYHU *OLVVHU OH IRXU GDQV OD QLFKH GH IDoRQ j REWHQLU XQ PRQWDJH DIIOHXUp )L[HU OH IRXU ODWpUDOHPHQW GHV GHX[ F{WpV j O·DLGH GHV YLV GpWDLO $ $ $ $ 3ODTXHWWH VLJQDOpWLTXH $ $ $ &RQQH[LRQ pOHFWULTX
'RQQpHV WHFKQLTXH %2 % 'LPHQVLRQV H[WpULHXUHV +DXWHXU FP /DUJHXU FP 3URIRQGHXU FP 3URIRQGHXU PD[ DYHF SRUWH RXYHUWH FP 'LPHQVLRQV LQWpULHXUHV GX IRXU +DXWHXU FP /DUJHXU FP 3URIRQGHXU FP 9ROXPH O 3RLGV WRWDO QHWWR NJ &RQVRPPDWLRQ pOHFWULTXH &KDXIIDJH VXSpULHXU : &KDXIIDJH LQIpULHXU : *ULO j LQIUDURXJH : *ULO j JUDQGH VXUIDFH : 7XUERJULO : 9HXLOOH] LQVFULUH GDQV FH FDGUH OHV GRQQpHV GH OD SODTXH VLJQDOpWLTXH
/HV WHPSV GH FXLVVRQ LQGLTXpV VRQW GHV YDOHXUV DSSUR[LPDWLYHV /HV PpWKRGHV UHFRPPDQGpHV GH FXLVVRQ OHV WHPSpUDWXUHV HW OHV WHPSV GH FXLVVRQ HW GH U{WLVVDJH DLQVL TXH OHV QLYHDX[ G·HQILODJH VRQW LPSULPpV HQ FDUDFWqUHV JUDV /HV LQGLFDWLRQV GH WHPSpUDWXUH TXL VRQW PXQLHV G·XQ DVWpULVTXH QpFHVVLWHQW XQ SUpFKDXIIDJH j OD WHPSpUDWXUH LQGLTXpH &XLVVRQ DX IRXU 7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX &KDXIIDJH GH VXSpULHXU HW IRXU $LU WRXUQDQWH $7 LQIpULHXU 7HPS 7HPSV & PLQ 5DLQXUH 7HPS 7HPSV
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU &XLVVRQ DX IRXU &KDXIIDJH GH VXSpULHXU HW $LU WRXUQDQWH $7 $7 LQIpULHXU 7HPS 7HPSV & PLQ 5DLQXUH 7HPS 7HPSV & PLQ 3kWH OHYpH JkWHDX[ WUHVVHV SDLQ HW SL]]DV 5DLQXUH QLYHDX[ VDQV ILOWUH j JUDLVVH GH YLDQGH &RXURQQH EULRFKpH 1LG G·DEHLOOH SODTXH VSpFLDOH SURIRQGH *RXJHOKRSI 7UHVVH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU &XLVVRQ DX IRXU &KDXIIDJH GH VXSpULHXU HW $LU WRXUQDQWH $7 $7 LQIpULHXU 7HPS 7HPSV & PLQ 5DLQXUH 7HPS 7HPSV & PLQ 7RDVW HW *UDWLQV 5DLQXUH QLYHDX[ VDQV ILOWUH j JUDLVVH GH YLDQGH 7RDVW +DZDLL 7RDVW &KDPSLJQRQV *UDWLQ GH QRXLOOHV *UDWLQ GH SRPPH GH WHUUH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU &XLVVRQ DX IRXU &KDXIIDJH GH VXSpULHXU HW $LU WRXUQDQWH $7 $7 LQIpULHXU 7HPS 7HPSV & PLQ 5DLQXUH 7HPS 7HPSV & PLQ 5DLQXUH QLYHDX[ 5{WL j EDVVH WHPSpUDWXUH DYHF ILOWUH j JUDLVVH GH YLDQGH j SUpFXLUH GDQV OD SRrOH DYDQW OH U{WLVVDJH 5RDVWEHHI NJ SUpFKDXIIHU FXLUH 5{WL GH YHDX NJ SUpFKDXIIHU FXLUH &DUUp GH SRUF NJ SUpFKDXIIHU FXLUH &XULRVLWpV GX
7XUER JULO 7HPSpUDWXUH & 7HPSV GH FXLVVRQ HQ PLQXWHV 5DLQXUH *UDWLQ GH QRXLOOHV *UDWLQ GH SRPPH GH WHUUH 3RXOHW J 5RXODGH GH SRUF JDUQLH J 7HPSpUDWXUH & 7HPSV GH FXLVVRQ HQ PLQXWHV 3RXU WRXWHV YLDQGHV DYHF ILOWUH j JUDLVVH GH YLDQGH 3RXU WRXWHV YLDQGHV VXU OH JULO SODTXH VXUOD UDLQXUH &RPPXWDWHXU GH IRQFWLRQ 5HWRXUQHU OD YLDQGH j OD PRLWLp GX WHPSV
7DEOH GH VWpULOLVDWLRQ 6HXOHPHQW DYHF FKDXIIDJH LQIpULHXU VXU OD UDLQXUH LQIpULHXUH /HV ERFDX[ QH GRLYHQW SDV VH WRXFKHU 6WpULOLVHU MXVTX·j 7HPSpUDWXUH FH TXH OH OLTXLGH & SHUOH 7HPSV PLQ &RQWLQXHU GH VWpULOLVHU 7HPSV PLQ /DLVVHU UHSRVHU GDQV OH IRXU pWHLQW 7HPSV PLQ %DLHV )UDLVHV 0\UWLOOHV &DURWWHV &KDPSLJQRQV 0L[HG 3LFNOHV
.XQGHQGLHQVW 6HUYLFH DSUqV YHQWH 6HUYL]LR GRSR YHQGLWD =ULFK 0lJHQZLO 3UpYHUHQJHV ,QGXVWULHVWUDVVH /H 7UpVL *UDQFLD =RQD ,QGXVWULDOH ( 7HO 7pO 7HO )D[ )D[ )D[ :LQWHUWKXU 5pFK\ %UJOLVWUDVVH 5RXWH GH *U{QH 7HO 7pO )D[ )D[ 6FKlQLV %LOWHQHUVWDVVH 7HO )D[
7KHUPD3KRQ 'HU WHOHIRQLVFKH %HUDWXQJVGLHQVW GHU 7KHUPD /H VHUYLFH G·LQIRU PDWLRQ WpOpSKRQL TXH GH 7KHUPD ,O VHUYL]LR GL FRQ VXOHQ]D WHOHIRQLFD GHOOD 7KHUPD 0RQWDJ ELV )UHLWDJ 8KU /XQGL j YHQGUHGL GH 8KU /XQHGL YHQHUGL GDVVH RUH 8KU )U $XVNQIWH 5DWVFKOlJH XQG 7LSV UXQG XP GLH $QZHQGXQJ YRQ +DXVKDOWDSSDUDWHQ 3RXU UHQVHLJQHPHQWV FRQVHLOV HW ©DVWXFHVª FRQFHUQDQW O·XWLOLVD WLRQ GH YRV DSSDUHLOV PpQDJHUV 3HU LQIRUPD]LRQL VXJJHULPHQW
$ 7 +DXVJHUlWH $* %DGHQHUVWUDVVH =ULFK 7HOHIRQ 7HOHID[ $ 7 $SSDUHLOV 0pQDJHUV 6$ /H 7UpVL 3UpYHUHQJHV 7pOpSKRQH 7pOpID[ $ 7 $SSDUHFFKL &DVDOLQJKL 6$ &HQWUR 0RQWDQD /RVRQH 7HOHIRQR 7HOHID[ $ 7 $SSDUHFFKL &DVDOLQJKL 6$ 9LD DOOD )RFH 0X]]DQR 3LRGHOOD 7HOHIRQR 7HOHID[