el pèsol negre núm. 1

5(9,67$ //,%(57$5,$ '(/ %(5*8('¬

,1)250$&,Ï &5Ë7,&$ 3(16$0(17 +8025 '(1Ò1&,$ &5($&,Ï

*).947.&1

eSRFD ,, 1RYHPEUH 'HVHPEUH GH

'

1~P

HVSUpV G¶XQD OODUJD HVSHUD HO 3qVRO 1HJUH WRUQD D HVWDU DPE YRVDOWUHV DPE x /OLEHUWDW VHQVH VRFLDOLVPH O¶LQWHQFLy GH FRQWLQXDU DPE OD OLQHD UHLYLQGLFDWLYD L DPHQD DQWHULRU SHUz pV SULYLOHJL LQMXVWLFLD DPE HO FRPSURPtV G¶HQFHWDU XQD QRYD HWDSD GH FRQVWjQFLD L SHULRGLFLWDW VRFLDOLVPH VHQVH OOLEHUWDW &RQVLGHUHP TXH pV GH YLWDO LPSRUWjQFLD OD SXEOLFDFLy G¶XQ PLWMj GH pV HVFDOYLWXG L EUXWDOLWDW ´ FRQWUDLQIRUPDFLy D QLYHOO ORFDO RQ KL KDJL FDEXGD D OD UHIOH[Ly L DOV SXQWV GH YLVWD GLVFUHSDQWV DPE HO SHQVDPHQW ~QLF L LPSHUDQW 0LMiLO %DNXQLQ 0HQWUH HOV PLWMDQV GH PDQLSXODFLy QR SDULQ GH ERPEDUGHMDU QRV DPE OHV VHYHV x /D GHVREHGLHQFLD HV OD PHQWLGHV PROGHMDGHV SHO SRGHU L SHQVDGHV SHU DQXOÂODU HO OOLXUH SHQVDPHQW L OD YHUGDGHUD EDVH GH OD FUtWLFD SHUVRQDO pV WDVFD GH WRWV L WRWHV FUHDU [DU[HV G¶LQIRUPDFLy DOWHUQDWLYHV L OLEHUWDG /RV REHGLHQWHV SODWDIRUPHV GH OOLXUH H[SUHVVLy L SHQVDPHQW VRQ SRU IXHU]D HVFODYRV (O QRVWUH REMHFWLX SULQFLSDO pV GRQDU ³YHX DOV VHQVH YHX´ pV D GLU VRP XQD SXEOLFDFLy REHUWD D WRWKRP RQ FDGDVF~ SRW RSLQDU VREUH HO WHPD TXH FUHJXL +HQU\ 'DYLG 7KRUHDX FRQYHQLHQW L VL KL YHX QHFHVVDUL DSRUWDU XQ QRX FULWHUL GH YLVWD VHQVH TXH VLJXL FHQVXUDW R DGXOWHUDW 'RQFV MD KR VDEHX SHQ\D VL YROHX HQYLDU QRV FROÂODERUDFLRQV GH WRW WLSXV FULWLTXHV HWF HVWHP D 3qVRO 1HJUH DWHQHX OOLEHUWDUL GHO %HUJXHGj F SLQVDQLD V Q &DO &RUQHWD EDL[RV %HUJD .&1 L ³SD ORV PRGHUQLOORV´ SHVROQHJUH#PL[PDLO FRP

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

&(9:&1.9&9

4

3(752/, 3(752/2580 XL FRQWUROD HO QHJRFL GHO SHWUROL" $TXHVWV pV OD SUHJXQWD TXH P¶DJUDGDULD UHVROGUH DO OODUJ G¶DTXHVW DUWLFOH GRQDGD OD [DU[D G¶HVSHFXODGRUV TXH HQYROWHQ DTXHVW QHJRFL HQFDUD GXEWR GH SRGHU UHVSRQGUH¶P OD T HVWLy (Q SULPHU OORF HP FHQWUDUp DPE OHV HPSUHVHV TXH FRQWUROHQ HO PHUFDW D O¶ (VWDW (VSDQ\RO DTXHVWHV HPSUHVHV VyQ 5HSVRO \SI &HSVD L %ULWLVK 3HWUROHP %3 WHQHQ HO GHO PHUFDW GHOV FRPEXVWLEOHV G¶DXWRPRFLy L FRQWUROHQ HO GH OHV EHQ]LQHUHV L VyQ SURSLHWjULHV GHO GHO FUX H[LVWHQW D O¶HVWDW 4XH pV GH O¶HPSUHVD &/+ TXH GLULJHL[ 0LJXHO %R\HU H[PLQLVWUH G¶KLVHQGD MD WLQF VRVSLWRVRV $TXHVWHV HPSUHVHV EDVHQ HO VHX GRPLQL HQ O¶HVWUXFWXUD KHUHWDGD GHO IUDQTXLVPH L DGDSWDGD DOV LQWHUHVVRV GHO 362( L 33 6yQ DTXHVWHV HPSUHVHV OHV TXH SDFWHQ HOV SUHXV L OHV SXMDGH V GHO SHWUROL

3HU z GH IHW HO JUDQ VHFUHW GHOV HQRUP HV EHQHIL FLV G¶DTX HVWHV HPSUH VHV pV HO IHW GH TXH FRQWUROHQ WRWHV OHV IDVHV GHO QHJRFL GHV GH O¶H[WUDFFLy OHV UHILQHULHV HO WUDQVSRUW L OD YHQGD ILQDO $UULEDWV D DTXHVW SXQW MD FRPHQoR D WHQLU FODU TXL FRQWUROD HO SHWUROL , TXH SDVVD DPE HOV SDwVRV SURGXFWRUV" /D PDMRULD VyQ LQFORVRV HQ HO TXH GLXHQ WHUFHU PyQ L HVWDQ PDQDWV HQ PROWV FDVRV SHU FDFLFV jUDEV L GLFWDGRUV DL[z YRO GLU TXH HO SREOH QR V¶HQ EHQHILFLD HQ DEVROXW

8

, QRVDOWUHV" -R WDPEp HP SXF FRQVLGHUDU SDUW GHO SREOH $ O¶DOWUH EDQGD GH WRW HO FDSLWDO KL KD OHV YLFWLPLOOHV GH WRW HO QHJRFL GHO SHWUROL WDQ VH YDO TXH VLJXLV SDUW GH OD SREODFLy FRQVXPLGRUD R VLJXLV SDUW GHOV VHFWRUV HFRQzPLFV DIHFWDWV $OV SDJHVRV GHV GH O¶ GH JHQHU GHO ILQV DO VHWHPEUH GHO HO SUHX GHO JDVRLO KD SDVVDW GH SWV / D SWV / $OV SHVFDGRUV HQ HO PDWHL[ SHUtRGH HO JDVRLO TXH XWLOLW]HQ KD SDVVDW GH SWV / D SWV / 6yQ VHFWRUV MXQW DPE HOV WUDQVSRUWLVWHV GLUHFWDPHQW DIHFWDWV SHO FRQWURO GHO PHUFDW G¶DTXHVWHV ~QLTXHV HPSUHVHV TXH FDGD FRS FROOHQ PpV IRUW /HV VHYHV UHLYLQGLFDFLRQV VyQ EHQ OHJLWLPHV /D VHYD UHVSRVWD EORTXHMDQW OHV SODQWHV GH &/+ KD HVWDW SURSRUFLRQDO D O¶DJUHVVLy TXH SDWHL[HQ (O JRYHUQ FHQWUDO L OD JHQHUDOLWDW KDQ SHUGXW PROW DYLDW OD FDSDFLWDW QHJRFLDGRUD L HOV KL KD HQYLDW HOV DQWLDYDORWV DPE OHV WULVWDPHQW FRQHJXGHV FDUUHJXHV LQGLVFULPLQDGHV $PE WRWHV DTXHVWHV UHVSRVWHV SRSXODUV HO 33 HVWj WHVWDQW OD PHGLFLQD FRQWUD OD SUHSRWqQFLD SHUz HQFDUD FUHX TXH HOV PDOV GHOV SDwVRV V¶DUUHJOHQ D FRS GH SRUUD (YLGHQWPHQW V¶HTXLYRFD L SDJDUj HO VHX HUURU $ FDGD SRUF OL DUULED HO VHX VDQW 0DUWt 7RUQHP D OHV GDGHV HQWUH HO L HO GHOV GLQHUV TXH SDJXHP DO SRVDU EHQ]LQD YDQ D SDUDU GLUHFWDPHQW DO PLQLVWHUL G¶KLVHQGD PLWMDQoDQW LPSRVWRV HVSHFLDOV L ,9$ PpV GHO TXHGD SHU OD SHWUROHUD L HQWUH HO L HO SHU DO GLVWULEXwGRU ILQDO $PE WRWHV DTXHVWHV GDGHV P¶KD TXHGDW EHQ FODU TXL FRQWUROD HO QHJRFL GHO SHWUROL &RP VHPSUH HOV PDWHL[RV JRVVRV DPE GLIHUHQW FROODU 3HU DFDEDU V¶HP DFXW XQ WURo G¶XQD FDQoy G¶XQ JUXS TXH GLX DL[t ³TXLHUR YHU VX FDUD JDVROLQD WLUDGD SRU HO VXHOR \ VXV ERQLWDV FDVDV DUGLHQGR FRQ VX IXHJR VXV FRFKHV WDQ OXMRVRV FKRFDGRV HQWUH Vt L VX SXWR GLQHUR YRODU OHMRV GH DTXt´ 3HULFX

6$/8' , $17,&$3,7$/

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

&(9:&1.9&9

62%5( /$ 5()250$ '( /$ //(, '¶$32/2*,$ $/ 7(5525,60( (Q HOV GDUUHUV WHPSV HVWHP VHQW WHVWLPRQLV G¶XQD EUXWDO RIHQVLYD SROtWLFR PHGLjWLFD SHU SDUW GHO 3 3 FRQWUD WRWD YHX GLVVLGHQW YHUV O¶DFWXDO RUGHQDPHQW SROtWLFR WHUULWRULDO EDVDW QRYDPHQW HQ HO YHOO L UDQFL GLVFXUV GH OD XQLWDW LQGLYLVLEOH GH OD ³SjWULD´ L HFRQyPLFR VRFLDO RQ WRW JLUD HQWRUQ GHOV SULQFLSLV QHROLEHUDOLVWHV GH OOLXUH FRPSHWqQFLD FRQFHQWUDFLy GH FDSLWDOV SULYDWLW]DFLRQV UHWDOOV VRFLDOV (O FRORIy D DTXHVWD WHQGqQFLD UHSUHVVLYD DJXGLW]DGD GHVGH OHV ~OWLPHV HOHFFLRQV JHQHUDOV RQ OD GUHWD QHRIUDQTXLVWD DFRQVHJXt OD PDMRULD DEVROXWD pV OD SUHVHQWDFLy G¶XQD VqULH GH UHIRUPHV OHJLVODWLYHV SHU ³IHU PpV HIHFWLYD OD OOXLWD FRQWUD HO WHUURULVPH´ R GLW G¶XQD DOWUD PDQHUD DQDU DGHTXDQW HO PDUF GHOLPLWDW SHU ³O¶HVWDW GH GUHW´ DOV VHXV SURSzVLWV DXWRULWDULV L SROLFLDOV FRQWUD TXDOVHYRO TXH SRVVL HQ GXEWH HOV IRQDPHQWV GH O¶DFWXDO ³VWDWXV TXR´ /D SULPHUD UHIRUPD HQ PDWqULD GH OHJLVODFLy SHQDO pV OD FUHDFLy G¶XQD QRYD GHILQLFLy GH ³WHUURULVPH´ TXH HOV SHUPHW DPSOLDU HO YHQWDOO G¶DFFLRQV FRQVLGHUDGHV FRP D WDO ,QFORX WDQ DFWHV GH YLROqQFLD DO FDUUHU HQFDUD TXH QRPpV VLJXLQ GLULJLWV FRQWUD EpQV LPPREOHV FRP DFWHV GH FRDFFLy LQVXOWV DPHQDFHV FRQWUD HOV DQRPHQDWV ³GHPzFUDWHV´

7DPEp FDO GHVWDFDU OD FUHDFLy GHO GHOLFWH G¶([DOWDFLy GHO 7HUURULVPH TXH SHQDOLW]D OHV FRQGXFWHV TXH SXJXLQ MXVWLILFDU VXSRVDWV GHOLFWHV R D OHV SHUVRQHV TXH KDJLQ SDUWLFLSDW HQ DTXHVWV DL[DIDQW DL[t HO GUHW D OD OOLEHUWDW G¶H[SUHVVLy L D OD UHIOH[Ly OOLXUH L SHUVRQDO VREUH OD QHFHVVLWDW R QR GH SUDFWLFDU OD OOXLWD DUPDGD HQ XQ FRQWH[W GHWHUPLQDW

3HU DOWUD EDQGD OD UHIRUPD GH O¶DUWLFOH GHO &RGL 3HQDO FRPSRUWD D OD SUjFWLFD HO UHVWDEOLPHQW GH O¶DQWLF &RGL 3HQDO GHO TXH WLSLILFD HO GHOLFWH G¶$SRORJLD GHO 7HUURULVPH FRP D TXDOVHYRO PDQLIHVWDFLy GH VXSRUW D VXSRVDGHV FRQGXFWHV FULPLQDOV DL[t FRP OD LQFLWDFLy D OD UHDOLW]DFLy G¶DFWHV GHOLFWLXV eV D GLU HO IHW G¶HVFULXUH XQD SLQWDGD FRP ³&UHPD (77¶V´ R ³/D LQIDQWD &ULVWLQD D OD JXLOORWLQD´ SRW VHU TXDOLILFDW FRP $SRORJLD GHO 7HUURULVPH L SHU WDQW FRPSHWqQFLD GH O¶$XGLqQFLD 1DFLRQDO DVVHJXUDQW VH G¶DTXHVWD PDQHUD XQ FRQWURO GLUHFWH L WRWDO HQ OHV UHVROXFLRQV MXGLFLDOV 3HU ~OWLP FDO IHU HVPHQW GH OD PRGLILFDFLy GH OD OOHL GHO PHQRU MD TXH HO 3 3 SUHWpQ TXH HOV MRYHV HQWUH L DQ\V TXH WLQJXLQ DOJXQ WLSXV GH SDUWLFLSDFLy HQ DFWHV WHUURULVWHV HQ DTXHVW FDV VHPEOD TXH VROV H[WHQVLEOH DOV FDVRV ORFDOLW]DWV D (XVNDO +HUULD R UHFRO]LQ HO VHX ³DPELHQW´ TXHGLQ H[FORVRV G¶DTXHVWD OOHL L VLJXLQ MXWMDWV SHU O¶$XGLqQFLD 1DFLRQDO G¶DFRUG DPE HO TXH GLVSRVD OD OHJLVODFLy SHQDO RUGLQjULD G¶HQWUH L DQ\V GH SUHVy SHU DTXHVW WLSXV GH GHOLFWH /$ 5(35(66,Ï 12 e6 /$ 62/8&,Ï

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

&(9:&1.9&9

)

(/6 .85'6 D PHVRV TXH HOV PLWMDQV GH PDQLSXODFLy QR HV VHQW D GLU UHV VREUH HO SREOH NXUG 4Xq V¶KD IHW G¶2FKDODQ" HO OtGHU GHO 3.. FDSWXUDW L HPSUHVRQDW TXH KD SDVVDW DPE OD UHYROWD NXUGD GH ID DQ\ L PLJ DSUR[LPDGDPHQW" (OV NXUGV VyQ XQ SREOH GH WUHQWD PLOORQV GH SHUVRQHV VHQVH WHUUD VHQVH OODU SHUVHJXLW L PDUJLQDW DUUHX 1R VH¶OV DFFHSWD QL D ,UDN QL D 6tULD QL D 7XUTXLD QL ³OD EHOOD L EHQHVWDQW´ (XURSD WROHUD XQD JHQW TXH IXLJ GH WRW DUUHX (OV NXUGV FRP HOV SDOHVWLQV L DOWUHV SREOHV VLPSOHPHQW OOXLWHQ SHU XQ GUHW WDQ SULPRUGLDO FRP HO GH SRGHU WHQLU XQD WHUUD RQ YLXUH

, FRP WRWV DTXHOOV TXH QR WHQHQ UHV QL UHV D SHUGUH OOXLWHQ ILQV D OHV ~OWLPHV FRQVHT qQFLHV PRULQW PDWDQW DXWROHVLRQDQW VH L FUHPDQW VH GDYDQW HPEDL[DGHV HXURSHHV GDYDQW OD PLUDGD DWzQLWD GHOV YLDQDQWV GDYDQW OHV FjPHUHV GH OD KLSzFULWD WHOHYLVLy SHU WDO GH SRGHU GHQXQFLDU OD VHYD LPSRWHQW VLWXDFLy , GHVSUpV MXWJHP R FULWLTXHP O¶~V GH OHV DUPHV FRP D IRUPD GH OOXLWD TXH HPSUD HO 3.. 4XLQ DEVXUG SULQFLSL PRUDO HVWHP MXWMDQW VL HOV ~QLFV YLROHQWV VyQ DTXHOOV TXH QR GHL[HQ TXH OHV SHUVRQHV L HOV SREOHV V DXWRGHWHUPLQLQ FRP DOOz TXH VyQ L TXH VHQWHQ"" (OL

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

-.89¶7.&

/¶(,1$ '(/ 5(&25' &RP HQV UHFRUGDYD HQ *DOHDQR UHFRUG Yp GHO OODWt UHFRUGLV WRUQDU D SDVDU SHO FRU DOOz DEDQV YLVFXW (O VHJXHQW DUWLFOH UHDOLW]DW SHU 5DPRQ &DVDOV L 2UULROV ³5DPRQHW ;LF´ YD DSDUHL[HU DO Q GHO ³%XWOOHWt G¶LQIRUPDFLy´ GH O¶$JUXSDFLy GH %HUJXHGDQV D O¶([LOL GHO IHEUHU GH 6L SHU XQD EDQGD DTXHVW WH[W HQV DMXGD D HQWHQGUH HO FRQWH[W KLVWzULF HQ TXH HVWj HVFULW WDPEp Wp XQD OHFWXUD GHO WRW YLJHQW TXH pV HO UHFRUG GHO SDVVDW ±VRYLQW WHUJLYHUVVDW R DPDJDW L OD UHLYLQGLFDFLy GHO GH -XOLRO SHU WDO GH OOXLWDU TXRWLGLDQDPHQW L DFRQVHJXLU XQ SUHVHQW L XQ IXWXU MXVW L OOLXUH 5DPRQ &DVDOV DPE DQ\V VHJXHL[ OOLXUH L DPE JDQHV GH YLXUH D (UU )UDQoD

3HS &DUD

(

0(6 '( 0$,* '(

O PHV GH 0DLJ UHSUHVHQWD OD YHULWDEOH MRYHQWXW GH O¶DQ\ /D PDJQLILFqQFLD DPE TXH pV YHVWHL[ OD QDWXUD HQ DTXHVWD pSRFD GH O¶DQ\ HQV ID YLXUH XQD HPRFLy SOHQD GH MRLD L G¶HVSHUDQoD (OV QRVWUHV FRUV UHQRYHQ OD YLGD L SHU OHV QRVWUHV YHQHV FLUFXOD YLULO HO SUHFLyV OLTXLG FRORU URLJ (O PLUDFOH GH OD SULPDYHUD HV ID VHQWLU HQ HOV QRVWUHV FRUV /HV OOjJULPHV YHUVDGHV SHOV VRIULPHQWV G¶XQ OODUJ KLYHUQ G¶HVFODYDWJH VRFLDO KD HVWDW O¶DLJXD TXH KD UHJDW OHV SODQWHV GH OHV QRVWUHV LO OXVLRQV /HV ULDOOHV H[SUHVVHQ OD MRLD GH VHQWLU QRV UHQRYDWV SHU OHV GRFWULQHV GH UHGHPSFLy KXPDQD &RP OHV RUHQHWHV VHQWLP JDQHV GH FULGDU D SOp SXOPy 6RP OOLXUHV L YROHP YLXUH (O PHV GH 0DLJ GH pV PDUFDW FRP XQD GDWD KLVWzULFD SHOV QRVWUHV REUHUV GH %HUJD 9D pVVHU HQ DTXHVWD qSRFD TXH HO PRYLPHQW REUHU EHUJXHGj YD VHQWLU OD SULPDYHUD GHOV LGHDOV UHQRYDGRUV L MD PDMRU G¶HGDW ID HQWUHJUDGD HQ OHV JUDQV OOXLWHV VRFLDOV DPE XQD YDJD JHQHUDO /HV T HVWLRQV PDWHULDOV HO SUHRFXSHQ SRF VHQW SULQFLSDOPHQW OD QHFHVVLWDW G¶DILUPDU HO VHX HOHYDW VHQWLPHQW GH VROLGDULWDW KXPDQD 7RWV HOV JUDQV LGHDOV G¶HPDQFLSDFLy VRFLDO V¶DILUPDUHQ SHU SULPHUD YHJDGD pV YHULWDW TXH WHQHQ IRUPD LPSUHFLVD SHUz OD VHYD H[SUHVVLy pV FRP OHV IORUV HO IUXLW YLQGUj GHVSUpV G¶XQ JUDQ SURFpV GH PDGXUDFLy L HV GLUj GH -XOLRO )D MXVWDPHQW DQ\V TXH HOV QRVWUHV REUHUV HQ XQD JHVWD PDJQtILFD IqUHQ WURQWROODU WRW O¶DUPDWRVW GH O¶DXWRULWDW ORFDO UHJHQWDGD SHOV KRPHV GH OD ³8QLRQ 3DWULyWLFD´ /¶HPSUHVRQDPHQW GHO FRPLWp GH YDJD YD pVVHU OD FULGD DO FRPEDW L D OD VROLGDULWDW GH WRWV HOV REUHUV L KRPHV OOLEHUDOV LQFO~V

8

HOV FRPHUFLDQWV HV YDUHQ IHU VROLGDULV GHOV YDJXLVWHV (OV REUHUV HQ DTXHOOD JHVWD DILUPDYHQ OD VHYD PDGXUHVD SROtWLFD L VRFLDO /HV QRVWUHV GRQHV WDPEp MXJDUHQ XQ SDSHU PROW LPSRUWDQW /D PDMRU SDUW G¶HOOHV GH SURQXQFLDGD HGXFDFLy UHOLJLRVD FRPSUHQJXHUHQ TXH HOV VHQWLPHQWV FULVWLDQV WUREHQ OD VHYD YHULWDEOH H[SUHVVLy SUDFWLFDQW OD VROLGDULWDW KXPDQD L QR OD FDULWDW GHQLJUDQW )RUHQ HOOHV OHV TXH SUHQJXHUHQ OD SDUW PpV

DFWLYD 1R SXF UHFRUGDU HO VHX H[HPSOH VHQVH TXH O¶HPRFLy P¶HVWUHQ\L HO FRU /D QLW HQWUDGD L TXDQ OD IRVFD IHLDT VXSRVDU TXH VHULD DSURILWDGD SHU GHSRUWDU FDS D %DUFHORQD HO QRVWUH YDOHQW FRPLWp GH YDJD HO FULW G¶DOHUWD OODQoDW SHU OHV QRVWUHV GRQHV /D YHX GHO FRU HUD O¶~QLF FRPDQGDPHQW pV GRQFV DPE DTXHVWD DUPD TXH OHV YDOHQWHV REUHUHV JXDQ\DUHQ OD EDWDOOD 1LW L GLD O¶KHURLF SLTXHW GH JXjUGLD IRUPDYD GDYDQW OHV SRUWHV GH OD SUHVy XQ VRO FULW VHX KDXULD HVWDW VXILFLHQW SHU PRELOLW]DU WRW %HUJD QLQJ~ UHYLVWD OOLEHUWjULD GHO EHUJXHGj

-.89¶7.&

GRUPLD OHV QRVWUHV GRQHV HV VHQWLHQ HQFRUDWMDGHV SHU OD VLPSDWLD L DSURYDFLy GH WRWV HOV REUHUV L KRPHV OOLEHUDOV /¶DPELHQW HUD PDJQtILF OD ³EHQHPHULWD´ FRPSUHQJXp TXH OD VHYD VLWXDFLy HUD GLItFLO 'DYDQW O¶HQqUJLFD SURWHVWD GH OD JUDQ PDMRULD GH OD SREODFLy OHV DXWRULWDWV ORFDOV L HO VHX FDS UHVLGHQW D %DUFHORQD HO JHQHUDO 0LODQV GHO %RVFK GHVSUpV GH WUHV GLHV GH WLWjQLFD OOXLWD QR WLQJXHUHQ DOWUH VRUWLGD TXH REULU OHV SRUWHV GH OD SUHVy (OV KRPHV GH OD GLFWDGXUD WLQJXHUHQ TXH VXSRUWDU OD YHUJRQ\D GH OD GHUURWD (OV REUHUV L KRPHV OOLEHUDOV GH %HUJD JXDQ\DYHQ OD SULPHUD EDWDOOD (O IURQW GH OD OOLEHUWDW L OD MXVWLFLD VRFLDO HUD XQ IHW 7RWV HOV KRPHV TXH HVWLPHQ OD GHPRFUjFLD L HO SURJUpV PDU[DULHQ MXQWV DO JUDQ FRPEDW HO GH MXOLRO 6RP GHOV TXH QR HQV KHP VHQWLW PDL YHQoXWV SHUTXq WHQLP Ip HQ HOV QRVWHV LGHDOV GH MXVWtFLD VRFLDO 1R KHP GHVHUWDW QL GHVHUWDUHP PDL GH OD QRVWUD FRQGLFLy GH PLOLWDQWV REUHUV /D QRVWUD FRQILFDQoD HQ OHV JUDQV DFFLRQV REUHUHV pV VLQFHUD L OOHDO (VWHP FRQYHQoXWV TXH SHU LPSXOVDU HO SURJUpV pV LQGLVSHQVDEOH OD LQWHUYHQFLy GH O¶DQLPD SRSXODU L DPE HOOD HQV KL VHQWLHP FRPSHQHWUDWV /HV WLUDQLHV VLJXLQ GHO FRORU TXH VLJXLQ QR VyQ HWHUQHV L PHQ\V HQ HOV QRVWUHV GLHV RQ OD PDMRU SDUW GHOV SDwVRV GHO PyQ HV UHVSLUHQ DLUHV GH OOLEHUWDW 3HU PpV TXH pV UHVLVWHL[L HO UqJLP IUDQTXLVWD QR SRGUj VXSRUWDU OHV IRUWHV HPEUDQ]LGHV GHO SURJUpV (VSDQ\D QR VHUj XQD H[FHSFLy (O UqJLP IUDQTXLVWD KD HVWDW FRQGHPQDW PLO YHJDGHV SHU WRWV HOV HVWDWV OOLXUHV GHO PyQ DUULEDUj XQ GLD TXH DOV WLUDQV GHOV SREOHV KLVSjQLFV VH¶OV IDUj LQVRSRUWDEOH WDQWD DVIL[LD L OODYRUV HO SREOH TXH DYXL VRIUHL[ L OOXLWD GRQDUj HO FRS GHFLVVLX L KL MXJDUj HO SDSHU PpV LPSRUWDQW %HUJD DUULEDGD O¶KRUD GH O¶DOOLEHUDFLy VDEUj GLU 3UHVHQW (O UHFRUG GHO PHV GH PDLJ GH HQV ID VHQWLU HWHUQDPHQW MRYHV HQ OHV QRVWUHV FRQYLFFLRQV L HQ HOV QRVWUHV LGHDOV pV SHU DL[z TXH UHFRUGDQW HO SDVVDW VDEUHP VHJXLU PLOORU HO FDPt GHO GHPj 5DPRQ &DVDOV L 2UULROV

8

$

(OV )HWV GH 0DLJ YXL HQ GLD HQFDUD HQV SUHJXQWHP HOV SHQRVRV VXFFHVVRV TXH YDQ VDFVHMDU %DUFHORQD GXUDQW HOV GLHV L GH PDLJ GHO TXH SUDFWLFDPHQW VXSRVDUHQ HO FDPt FDS D OD GHVIHWD HQ OD JXHUUD FLYLO /¶DL[HFDPHQW GH EDUULFDGHV YD VXSRVDU GXUV HQIURQWDPHQWV HQWUH SDUWLWV L VLQGLFDWV GHO EjQGRO DQWLIHL[LVWD TXH WHQ\LUHQ GH VDQJ HOV FDUUHUV GH OD FDSLWDO FDWDODQD /HV GLVFUHSjQFLHV LGHROzJLTXHV HQWUH HOV GRV EjQGROV &17 )$, L 3280 HQYHUV HO 368& (5& L 8*7 YD VXSRVDU TXH D OD PtQLPD HVSXUQD HVFODWpV O¶HQIURQWDPHQW HQWUH HOV GRV /HV GLIHUqQFLHV EjVLTXHV TXH KL KDYLD HQWUH HOV EjQGROV HQIURQWDWV HUHQ SHU XQD SDUW OD &17 )$, L HO

3280 TXH GHIHQVDYHQ OD JXHUUD L OD UHYROXFLy DOKRUD L SHU O¶DOWUH HO 368& L (5& TXH FRQWURODYHQ OD *HQHUDOLWDW L OD 8*7 TXH GHIHQLHQ IHU QRPpV OD JXHUUD L GHVSUpV MD SDUODULHQ GH IHU OD UHYROXFLy &DO WHQLU HQ FRPSWH OD JUDQ ULYDOLWDW HQWUH OHV GXHV RUJDQLW]DFLRQV FRPXQLVWHV HO 3280 GH WHQGqQFLD WURWVNLVWD L HO 368& FODUDPHQW VWDOLQLVWD DTXHVWD ULYDOLWDW YHQLD GRQDGD SHU HO SURFpV TXH V¶HVWDYD SRUWDQW D WHUPH D O¶8566 FRQWUD O¶DQRPHQDW ³&HQWUH DQWLVRYLqWLF WURWVNLVWD´ HQ TXH 6WDOLQ DSOLFj XQD GXUD UHSUHVVLy HQYHUV HOV GLULJHQWV WURWVNLVWHV /¶HVSXUQD TXH YD IHU HVFODWDU HOV HQIURQWDPHQWV IRX O¶LQWHQW G¶RFXSDFLy GH O¶HGLILFL GH 7HOHIzQLFD GH %DUFHORQD HQ PDQV GH OD &17 SHU SDUW GH JXjUGLHV UHYLVWD OOLEHUWjULD GHO EHUJXHGj

-.89¶7.&

G¶DVVDOW FRPPDQGDWV SHU 5RGUtJXH] 6DODV HQ DTXHOO PRPHQW PLOLWDQW GHO 368& L &RPLVVDUL G¶2UGUH 3~EOLF $TXHVW DWDF VRUSUHVD L VHQVH QHJRFLDFLy SUqYLD YD PRELOLW]DU WRWHV OHV 3DWUXOOHV GH &RQWURO GH OD &17 )$, ),-/ L GHO 3280 DPE XQD JUDQ FDSDFLWDW GH IRF $TXHVW VXFFpV YD IHU DL[HFDU OHV EDUULFDGHV D %DUFHORQD HQWUH HOV GLHV L GH PDLJ (QPLJ G¶DTXHVW GHVJDYHOO HV YD IRUPDU XQ QRX JRYHUQ GH OD *HQHUDOLWDW DPE FRQVHOOHUV GH OD &17 8*7 (5& L 85 8QLy GH 5DEDVVDLUHV (OV HQIURQWDPHQWV DUULEDUHQ D OD VHYD IL TXDQ HO JRYHUQ FHQWUDO UHSXEOLFj HQYLj JXjUGLHV G¶DVVDOW D %DUFHORQD TXH D OD IRUoD YDQ IHU UHWRUQDU OD WUDQTXLO OLWDW DOV FDUUHUV /HV FRQVHT qQFLHV G¶DTXHVWV HQIURQWDPHQWV IRUHQ SULPRUGLDOPHQW HO JUDQ QRPEUH GH YtFWLPHV

','¬&7,&$

&RQIRUPLVPH XQ IUH FDS D OD OOLEHUWDW )D XQV DQ\V TXH OHV QRVWUHV JHQHUDFLRQV SDVVDGHV YDQ DMRUQDU XQD UHYROXFLy TXH QR YDQ SRJXHU GXU D WHUPH HQ OD VHYD WRWDOLWDW $L[t GRQFV HQV KDXULD GH WRFDU D QRVDOWUHV FRQWLQXDU HO FDPt FDS D OD OOLEHUWDW SHUz RQ VRQ HOV VHQWLPHQWV TXH WHQLD HO SREOH HVSDQ\RO FDS D OD VHYD FODVVH VRFLDO" 3RWVHU HV TXH DQ\V GH GLFWDGXUD L IRVFD GHPRFUjWLFD HQV HOV KDQ ERUUDW" (O FDSLWDO HVWDW HVWD JXDQ\DQW OD EDWDOOD /D EHQD TXH HQV KD ILFDW DOV XOOV HV PDVVD IHL[XJD SHU WUHXUH OD L PROWHV YHJDGHV HQV VHPEOD TXH QR HQV UHVXOWD QHFHVVDUL L TXH QR HQV HQ UHVXOWDUj PDL &ODUD PRVWUD TXH HO FDSLWDO HVWDW V¶HVWj VRUWLQW DPE OD

8

L HQ FRQVHT qQFLD GH WRWD DTXHVWD FULVL HV YD SURGXwU XQ WHPSV PpV WDUG OD FDLJXGD GHO JRYHUQ GH /DUJR &DEDOOHUR $L[z VXSRVj XQD QRYD IRUPDFLy GH JRYHUQ SUHVLGLW SHU -XDQ 1HJUtQ DPE JUDQV LQIOXqQFLHV GHO 3&( L 368& TXH PRVWUDUHQ FODUDPHQW OD UHSUHVVLy VWDOLQLVWD XQ FODU H[HPSOH pV O¶DVVDVVLQDW GH $QGUHX 1LQ HO PHPEUH PpV GHVWDFDW GHO 3280 HQWUH DOWUHV GLULJHQWV QR IDYRUDEOHV DO JRYHUQ GH 1HJUtQ &DO GHVWDFDU WDPEp OD SDUWLFLSDFLy GHOV HVFDPRWV G¶(VWDW &DWDOj TXH HVWLJXHUHQ DO FRVWDW GHO 368& (5& L FRPSDQ\LD (Q IL SRGHP FRQFORXUH TXH PHQWUH HO SREOH HVWDYD OOXLWDQW SHU YqQFHU HO IHL[LVPH DO IURQW HOV VWDOLQLVWHV L HOV EXUzFUDWHV GH OD 5HS~EOLFD DWDFDUHQ D OD UHWDJXDUGD L WUDLUHQ D OD XQLy GHO SUROHWDULDW

VHYD HV TXH OD JHQW QR HV ILFD HQ SROtWLFD GH PDQHUD REHUWD OHV LGHRORJLHV HVWDQ VHQW DVVDVVLQDGHV L VHPEOD VHU TXH O¶~QLF PRGHO SRVVLEOH HV OD GHPRFUjFLD EXUJHVD L HO FDSLWDOLVPH (OV MRYHV HVWDQ FRPSOHWDPHQW GHVLQIRUPDWV SHOV 0DVV PHGLD L QR PRXHQ XQ GLW SHU PLOORUDU ILQV KL WRW OD FODVVH REUHUD V¶HVWj DEXUJHVDQW G¶XQD

DO ILQDO FHGHL[HQ D HVFROWDU OD OD WLWOOHQ G¶LUUHDOLW]DEOH R XWzSLFD (O SUREOHPD HV TXH QR YHXHQ VHXV QL HOV DFWHV GH SHUVRQHV TXH IDQ FRVHV SHU OD VHYD FODVVH HQ JHQHUDO L WHQHQ HO VHQWLPHQW TXH HOV PDQFD D HOOV DL[z MD HV SDWqWLF TXH GHPRVWUD XQD IDOWD GH SHUVRQDOLWDW H[RUELWDQW L XQ FRQIRUPLVPH TXH QRPpV ID TXH HOV PDWHL[RV GH VHPSUH GRPLQLQ HO MRF DUD OODYRUV OD SHQD FDS D QHQV R QHQHV GHO WHUFHU R TXDUW PRQ FDS D JHQW TXH YLX VRWD XQ SRQW FDS D LPPLJUDQWV LOÂOHJDOV VL QR PDQHUD SURJUHVVLYD L HO VHQWLPHQW V¶pV XQ UDFLVWD GHVFHUHEUDW

GH FODVVH HVWj VHQW DVVDVVLQDW SHU DWXUDWV GLVPLQXwWV HWF HV EHVWLDO KRPHV DPE PDOHWt L FRUEDWD WDQ L GRQFV GRQDQW ; GLQHUV QR IDV UHV LPSRUWDQW HV OD PDQLSXODFLy TXH PHV TXH UHQWDUWH OD FRQVFLqQFLD L GHURJXHQ TXDOVHYRO LGHRORJLD TXH GRQFV HQ PHV GH ILFDU KL SRPDGD QR VLJXL OD YLJHQW VHQVH KDYHUVH OD QR VHULD PLOORU DUUHQFDU HO WXPRU" T HVWLRQDW QL WDQ VROV HVFROWDW VL (V YHX TXH QL DL[z HV YHX UHYLVWD OOLEHUWjULD GHO EHUJXHGj

).) (9.(&

HO FRQIRUPLVPH HV XQD PDWDQoD LQGLUHFWD +L GRQFV FRP HV TXH ID DQ\V XQ UHFRQHL[LD REHUWDPHQW TXH HUD ILOO G¶REUHUV L DUD FRVWD WDQW" 6HPEOD VHU TXH HV WHQGHL[ D YROHU VHU EXUJqV D WHQLU GLQHUV VDOXW L HO TXH YXOJXLV DIHJLU VHQVH YHXUH OD UHDOLWDW TXH UHDOPHQW HOV HQYROWD SHUz WRW L D[LV QR YDJLV D OD PDQL VL QR V¶HW PDUTXHQ OHV FRVWHOOHV TXLQD HVWXSLGHVD $PE HOV VHQWLPHQWV DFWXDOV OD FODVVH WUHEDOODGRUD QR HVWD SUHSDUDGD SHU DVVROLU PLOORUHV FRP OHV TXH KD DFRQVHJXLW DO OODUJ GH O¶KLVWRULD 6L UHFRUGHP OD FqOHEUH IUDVH GH 0DULR %HQHGHWWL SRGHP YHXUH TXH HV WRWDOPHQW FHUWD HQ O¶jPELW TXH HV FULWLTXHQ OHV ³XWRSLHV´ TXH KDFHU HQ XQD VRFLHGDG WDQ FtQLFD H KLSzFULWD HQ TXH VH FULWLFD WDQWR HQ FRQWUD GH ODV XWRStDV FXDQGR JUDFLDV D HOODV KD DYDQ]DGR OD KXPDQLGDG" 'RQGH HVWDQ ORV XWRSLFRV GH KR\" (O FDSLWDO MD QR Wp SRU GHO VRFLDOLVPH GLD D GLD HQV HVWHP DFRVWDQW DO FDSLWDOLVPH VDOYDWJH G¶(VWDWV 8QLWV TXH DFDEDUj DPE O¶HVWDW GHO EHQHVWDU FRP HVWj VXFFHLQW DO SDtV \DQN\ (OV VLQGLFDWV DFWXDOV HVWDQ FRPSOHWDPHQW EXURFUDWLW]DWV L QR GHIHQVHQ DO SREOH PHV TXH HQ OD SDUDXOD HV SDUOD G¶DWXU L GH PDUJLQDFLy SHUz VHPEOD TXH DL[z QR LPSRUWD ILQV TXH KL HWV WX D OD FXD GH O¶LQHP /D VRFLHWDW FUHD HOV ³PRQVWUHV´ L QRVDOWUHV HQV HVJDUULIHP TXH SXJXL KDYHU JHQW D[LV SHUz QR T HVWLRQHP HO VLVWHPD QL HQ HO PHV PtQLP GHWDOO MD TXH ³QR HQV LQWHUHVVD OD

8

SROtWLFD´ L QRPpV IHP TXH TXHL[DU QRV GH TXH OD SROLFLD QR KDJL DUULEDW DEDQV $L[z HV OD UXWLQD L HO TXH HV VHQW D WRW L DUUHX SHUz Ep VHPEOD TXH ILQV TXH O¶HVWDW GHO EHQHVWDU FDLJXL IHW D WURFHWV R XQ KXUDFj HQV GHL[L D OD PLVHULD ³QR HQV LQWHUHVVDUj OD SROtWLFD´ (OV TXH V¶LQWHUHVVHQ HV

LQWHUHVVDU D JHQW ULFD FRVD TXH QR EHQHILFLD D OHV SHUVRQHV GHO IURQW $GHPHV VL OD LQGHSHQGqQFLD HV IHV XQD UHDOLWDW L QHL[HV XQ HVWDW QRX G¶HFRQRPLD FDSLWDOLVWD VHULD SHUTXq D OD EXUJHVLD LQWHUHVVD SHUTXq HOV HVWDWV SHWLWV VRQ PHV IjFLOV GH GRPLQDU D DL[z FDO VXPDU KL TXH HO VHQWLPHQW QDFLRQDOLVWD HQ TXH OD FODVVH VRFLDO QR HV Wp HQ FRPWH EHQHILFLD DO FDSLWDOLVWD MD TXH DFWXD FRP D DQHVWHVL DO VHQWLPHQW GH FODVVH $GHPqV WRWKRP HVWj ILFDGD HQ SROtWLFD QR GLHQW UHV HVWj DO FDQWy GHO VLVWHPD DFWXDO HW WUREHV DPE OD WtSLFD JHQW TXH HW GLX TXH OOXLWDU FRQWUD HO VLVWHPD HV XQD ERJHULD SHUz FRP YD GLU 0XPLD $EX MDPDO OD ERJHULD QR HV OOXLWDU FRQWUD HO VLVWHPD VLQy UHVSHFWDU OR 3HUz WDQWD LQGLIHUqQFLD DO FDSLWDO HVWDW MD OL YD EH MD TXH D[LV SRW FRQWLQXDU O¶H[SORWDFLy GH O¶KRPH SHU GHFDQWHQ FDS D XQ FDQWy GH O¶KRPH L DXJPHQWDU HO VHX FDSLWDO QDFLRQDOLVPH H[WUHP TXH QR Wp HQ GH PDQHUD YHUWLJLQRVD D[LV OHV FRPSWH OD FODVVH VRFLDO FRQYHUWLQW GLIHUHQFLHV HQWUH ULF SREUH DTXHVW XOWUDQDFLRQDOLVPH DPE XQ V¶DFFHQWXHQ GLD D GLD IHL[LVPH GHVFDUDW QR YHXHQ $GHPqV FDO UHFRUGDU TXH DTXHVWV TXH HO QDFLRQDOLVPH QR O¶LQGLIHUHQFLDW GHPRVWUD XQD W¶DMXGDUj D YLXUH PLOORU QL TXH HO LJQRUjQFLD LPSRUWDQW L XQD TXH UHDOPHQW HW FRQGLFLRQD OD SHUVRQDOLWDW PROW OLPLWDGD YLGD HV OD FODVVH VRFLDO QR YHXHQ QRUPDOPHQW OLPLWDGD SHO IXWERO L TXH OOXLWDU SHU XQHV IURQWHUHV HV OD OHV WHOHQRYHOHV

FRVD PHV HVW~SLGD TXH KL SRW (O IHW HV TXH OD JHQW QR HV PRX KDYHU QRPpV SHU VHQWLU O¶RUJXOO FDO TXH YHJLV OD UHDOLWDW REUH HOV GH VHU GH SXUD UDoD R SHU KDYHU XOOV DSDJD OD WHOH HQFpQ OD PHQW DGMXQWDW WRWV HOV WHUULWRULV TXH GHVSHUWDW SHUTXq VL QR QR OOXLWHV MD SDUOLQ HO PDWHL[ LGLRPD DTXt KL KDV SHUGXW L D WRWV HOV TXH XV HQFORXUtHP HVFROHV GH SROtWLFV L DL[HTXHX GHO VRIj SHU EXVFDU XQD SDUWLWV DPE LQWHQFLRQV YLGD PLOORU GRQFV VDOXW L FDSLWDOLVWHV (VWj FODU TXH OHV UHYROXFLy JXHUUHV SHU IURQWHUHV HV SURGXHL[HQ SHUTXq SRGHQ 55,.

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

*89:).&39.1

1,&27,1$ 352+,%,'$ 6DOXW FRPSDQ\V (Q DTXHVWD VHFFLy WUDFWDUHP O¶DFWXDOLWDW GH OD FRPDUFD FHQWUDQW QRV DTXHVW FRS HQ O¶LQVWLWXW GH %HUJD ,(6 *XLOOHP GH %HUJXHGj

(O WHPD TXH WUDFWDUHP HV HO GH OD SURKLELFLy GHO WDEDF GLQV HO FHQWUH FRQFUHWDPHQW D OHV DXOHV GHO FRO OHJL GH VDQWD HXODOLD RQ HV FXUVHQ SULPHU L VHJRQ GH EDW[LOOHUDW TXH FRP HV EHQ VDEXW QR IRUPD SDUW GH O¶HGXFDFLy REOLJDWRULD (O WDEDF DO FHQWUH HV XQ WHPD SROHPLF GHV GHO SULQFLSL GHO FXUV DFDGHPLF -D HO SULPHU GtD HV YD SURKLELU GH IXPDU D GLQFV GHO UHFLQWH GH O¶LQVWLWXW (O SHUFHQWDWJH GH SURIHVVRUV IXPDGRUV SHUR VHJXLD IXPDQW SODFLGDPHQW D OD VDOD GH SURIHVVRUV $OJXQV DOXPQHV YDQ SURWHVWDU L SUHJXQWDU SHUTXH HOV SURIHVVRUV VHJXLHQ IXPDQW MD TXH QR KR FRQVLGHUDEHQ MXVW L YDQ UHEUH XQD UHVSRVWD FODUDPHQW DXWRULWDULD ³QR TXHVWLRQHX O¶LQTXHVWLRQDEOH ´ 4XH VLJQLILFD DL[R" 3HU D PL HV XQD FODUD GHPRVWUDFLy GH OD MHUDUTXLD H[LVWHQW D O¶LQVWLWXW $TXHVWD UHVSRVWD HV PpV TXH XQD FODUD LQVLQXDFLy GH TXH HOV SURIHVVRUV HVWjQ SHU VREUH GHOV DOXPQHV L SHU WDQW WHQHQ XQV SULYLOHJLV TXH HOV DOXPQHV QR WHQHQ /D UHDFFLy GHOV DOXPQHV IXPDGRUV YD VHU VHQ]LOOD 9DQ VHJXLU IXPDQW G¶DPDJDW DOV ODYDERV R EH IRUD GHO FHQWUH (O SDVVDW G¶RFWXEUH YDQ DSDUHL[H XQV IXOOV LQIRUPDWLXV SHQMDWV D OD SRUWD GHOV ODYDERV TXH WDPEp YDQ VHU UHSDUWLWV D DOJXQHV FODVVHV (Q HOV HVPHQWDWV IXOOV HV UHFRUGD TXH OD OOHL SURKLEHL[ HO FRQVXP GH WDEDF DOV FHQWUHV GRFHQWV GH TXDOVHYRO QLYHOO $TXHVWD QRUPD GLX TXH HV SURKLEHL[ D WRWD SHUVRQD TXH HVWLJXL GLQV HO FHQWUH GH IXPDU MD VLJXL DOXPQH SURIHVVRU R SHUVRQDO QR GRFHQW /D SDUW PHV DPELJXD GH OD OOHL YH DUD WH[WXDOPHQW DTXHVW IUDJPHQW GLX ³(O FRQVHOO HVFRODU D SURSRVWD GHO GLUHFWRU D KD GH UHVHUYDU jUHHV EHQ GHOLPLWDGHV SHU D IXPDGRUV L VHQ\DOLW]DU OHV DGHTXDGDPHQW OHV TXDOV QR SRGUDQ FRUUHVSRQGUH D ]RQHV RQ HV SURGXHL[L OD FRQYLYHQFLD DPE HOV DOXPQHV ´ (Q FDS PRPHQW GLX FODUDPHQW TXH HOV DOXPQHV QR WLQJXLQ GUHW D XQD VDOD GH IXPDGRUV (O FHQWUH KD GHFLGLW LPSRVDU OHV VHJXHQWV VDQFLRQV DSURYDGHV SHO FRQVHOO HVFRODU ³6L XQ DOXPQH pV YLVW IXPDQW GLQV GHO UHFLQWH HVFRODU VHUDQ DYLVDWV HOV VHXV SDUHV VL HV WRUQD D UHSHWLU OD IDOWD O¶DOXPQH YHXUj VXVSqV HO VHX GUHW G¶DVVLVWHQFLD DO FHQWUH SHO SHUtRGH GH GRV GLHV OHFWLXV ´ /D OOHL GLX TXH OD QRUPDWLYD DIHFWD D WRWKRP SHUR HQ OHV SRVVLEOHV VDQFLRQV D IXPDGRUV QRPpV HV YHX DIHFWDW O¶DOXPQH VL HQV DWHQHP DO IXOO LQIRUPDWLX GHO FHQWUH /HV VDQFLRQV V¶KDQ LPSRVDW DOHJDQW TXH ³XQ JUXS G¶DOXPQHV WUDQVJUHVVRUV G¶DTXHVWD QRUPDWLYD KD HVWDW SURGXLQW SUREOHPHV JUHXV L FRQWLQXDWV FRP HPEUXWDU G¶XQD IRUPD WRWDOPHQW LUUDFLRQDO HOV ODYDERV GHO FHQWUH HPEXVVDU GHVDLJ HV HPEUXWDU HO SDWL FUHPDU PDWHULDO DPE OHV FLJDUUHWHV DUULEDU WDUG D FODVVH L VREUHWRW IHU TXH VLJXL LPSRVVLEOH OD XWLOLW]DFLy GHOV ODYDERV SHU D OD UHVWD G¶DOXPQHV ´ (OV SURIHVVRUV KDQ HVWDW WUDQVJUHGLQW DTXHVWD OOHL DO LJXDO TXH HOV DOXPQHV MD TXH FDO GLU TXH ILQV OD GDWD G¶DYXL KDQ HVWDW IXPDQW SODFLGDPHQW D OD VDOD GH SURIHVVRUV TXH QR HV SRW FRQVLGHUDU XQD VDOD GH IXPDGRUV MD TXH QR KL KD FDS VHQ\DO TXH KR LQGLTXL 4XDQ SDUOHQ GH OD PDQHUD LUUDFLRQDO HQ TXH HOV DOXPQHV HPEUXWDEHQ L HPERVVDEHQ HOV ZDWHUV HV UHIHUHL[HQ D OHV FROLOOHV GH WDEDF TXH HV OODQoDYHQ D WHUUD R DOV ZDWHUV 6L QR YROHQ DTXHVWD ³LUUDFLRQDOLWDW´ MR KR DQRPHQDUtD UHVLVWHQFLD DO VHX DXWRULWDULVPH L DOV VHXV HVW~SLGV YDORUV MHUDUTXLFV´ TXH KDELOLWLQ G¶XQD SXQ\HWHUD YHJDGD XQD VDOD GH IXPDGRUV SHU D TXH HOV DOXPQHV IXPDGRUV SXJXLQ WDPEp H[HUFLU HO VHX GUHW D IXPDU , VL QR KR IDQ DTXHVWD ³LUUDFLRQDOLWDW´ VXSRVDGD GH OD TXH SDUOHQ KDXUj GH VHJXLU L SRWVHU G¶DXJPHQWDQW ILQV TXH V¶DGRQLQ TXH HO UHDOPHQW HVW~SLG LQM~VW L SRWVHU ³LUUDFLRQDO´ pV HO TXH KDQ HVWDW IHQW HOOV ILQV DUD 'DYLG

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

&,*3)& 7*(42&3&(.438 $*(1'$ GH QRYHPEUH &RQFHUW GH 0DORV 9LFLRV $UULVNYD & 7 & D OHV K D OD VDOD 1RPRQ 5RFN &OXE 0ROOHUXVVD %R G¶DMXW SWV RUJ $7 OOLEHUWDUL 6DOYDGRU 6HJXt $WHQHX OOLEHUWDUL 'LXPHQJHV WHPjWLFV SURMHFFLy GH GRFXPHQWDOV

GH QRYHPEUH 'HOJDGR L *UDQDGRV 8Q FULPHQ OHJDO GH QRYHPEUH (O PDTXLV D &DWDOXQ\D GH QRYHPEUH 6DOYDGRU SXLJ DQWLFK PLOLWDQW GHO 0,/ GH GHVHPEUH &ROÂOHFWLXV OOLEHUWDULV GHOV GH GHVHPEUH (GXFDFLy 1R VH[LVWD GH GHVHPEUH 0,5$'25 HO PRYLPLHQWR RNXSD GH GHVHPEUH ,, MRUQDGHV DQWLFRQVWLWXFLRQDOV &DGD GLPHFUHV D OHV K WDPEp D W¶DWHQHX &LQHPD SRSXODU

FRQWUDLQIRUPDWLXV OOLEUHV IDQ]LQHV P~VLFD

/(6 -251$'(6 $17,55$&,67(6 (O FDS GH VHWPDQD L G¶RFWXEUH HV FHOHEUDYHQ D O¶$WHQHX OHV , MRUQDGHV QWLUUDFLVWHV (QWUH HOV DFWHV FDO GHVWDFDU OD [HUUDGD D FjUUHF GHO FROÂOHFWLX $(1$ DO HQHPLJR QL DJXD VREUH OD SUREOHPjWLFD GHO WUHEDOODGRU LPPLJUDQW L OD SLQWDGD GHO PXUDO 7DPEp HV YDQ IHU GRV PHQMDUV SRSXODUV L XQD VHVVLy GH P~VLFD SHUFXVLy HQ OD TXH LQWHUYLQJXHUHQ P~VLFV PDUURTXLQV TXH GRQDUHQ XQ DLUH GLIHUHQW DPE ULWPHV DIULFDQV (QFDUD TXH GRQHP FRP D SRVLWLYD O¶DIOXqQFLD GH JHQW SHQVHP TXH YD PDQFDU OD JHQW UHDOPHQW YLQFXODGD DPE HO SUREOHPD %p MD VDEHP TXH O¶LQWHJUDFLy QR pV IjFLO SHUz VHJXLUHP OOXLWDQW SHU HUDGLFDU HO SUREOHPD 6DOXW L DQWLUUDFLVPH 5(&20$1$&,216 (Q DTXHVW HVSDL YROHP GRQDU D FRQHL[HU WRW WLSXV GH SXEOLFDFLRQV L PDWHULDO GLYHUV DOWHUQDWLX R QR FRP DUD

$L[t FRP D VXEFULSFLRQV DGUHFHV HWF SHU VL XV LQWHUHVVD WHQLU FRQHL[HPHQW GHOV IHWV TXH SDVHQ GLD D GLD GHV G¶DOWUHV SXQWV GH YLVWD $5', %(/7=$ $UGL %HOW]D pV XQD UHYLVWD PHQVXDO GLULJLGD SHU 3HSH 5H\ WRW O¶HTXLS G¶LQYHVWLJDFLy SHULRGtVWLFD GH O¶HPEOHPjWLF GLDUL (*,1 $FWXDOPHQW $UGL %HOW]D HV SXEOLFD HQ HXVNHUD L FDVWHOOj WRW L TXH HQ XQ IXWXU QR JDLUH OOXQ\j KL KDXUj XQD HGLFLy DGDSWDGD D OD UHDOLWDW GHOV SDwVRV FDWDODQV /D UHYLVWD HV GLYLGHL[ HQ JUDQV EORFV WHPjWLFV LQYHVWLJDFLy RSLQLy SRGHU L FRUUXSFLy 'HQXQFLD 6RFLDO L FXOWXUD L FRPXQLFDFLy HOV WHPHV VyQ WUDFWDWV DPE XQD JUDQ ULJRURVLWDW SHU SDUW GHOV QRPEURVRV FRO ODERUDGRUV GH OD PDWHL[D

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj

43 *38 54)*: 974'&7 7276 (/6 ',//816 $ /(6 + /·$7(1(8 //,%(57$5, '(/ %(5*8('­ 5($/,7=$ /$ 6(9$ $66(0%/($ 3(16$ , $&78$ 3$57,&,3$

/¶$66(0%/($ 5('$&725$ '(/ 3Ê62/ 1(*5( (6 5(81(,; (/6 ',-286 $ /(6 +25(6 $ /¶$7(1(8 //,%(57$5, '(/ %(5*8('3(5 326$5 7( (1 &217$&7( $0% 126$/75(6 3$57,&,3$5 (1 (/ 3Ë62/ 2 )(5 126 $55,%$5 75(%$//6 3276 9(1,5 $ /·$66(0%/($ '(/ 3Ë62/ )(5 6(59,5 /·$3$57$7 '( &255(86 '( %(5*$ 2 (19,$5 +2 $ /·$7(1(8 //,%(57$5, & 3,16$1,$ 6 1

,1',&$17 ´3Ë62/ 1(*5(µ $/ 62%5( 7$0%e 3276 )(5 6(59,5 (/ &255(8 (/(&75Ò1,&

SHVROQHJUH#PL[PDLO FRP

/·$66(0%/($ '(/ &(175( '·(678',6 -26(3 (67(5 %255­6 (6 '88 $ 7(50( (/ ',9(1'5(6 $ /(6 + $/ %$5 (6&$& /$ &8/785$ (16 )$5­ //,85(6 3$57,&,3$ 6·(67$ )250$17 81$ & &22 223 3(5$7,9$ $ ' '( ( & &21680,'256 '( 352'8&7(6 %,2/Ó*,&6 2 1 3(5 81 &21680 0(6 5(63216$%/( ,17(17$17 &217$&7$5 $0% 0$-25,67(6 , 352'8&7256 '·$48(67 7,386 '( 352'8&7(

6, (67(8 ,17(5(66$76 3$6(8 3(5 /¶$7(1(8 //,%(57$5, '(/ %(5*8('¬ & 3,16$1,$ 6 1 &$/ &251(7$ %$,;26 35(*817$5 3(5 &5,6 2 ;$9,

Ò/7,0$ +25$ (O SDVVDW GLD G¶RFWXEUH YDQ LQWHQWDU FUHPDU O¶$WHQHX 3RSXODU )HUURND GH 6DOOHQW $UUHO G¶DTXHVW DWHPSWDW FRQWUD O¶$WHQHX UHXQLWV HQ DVVHPEOHD HOV PHPEUHV L VLPSDWLW]DQWV GH )HUURND YDQ GHFLGLU UHYLWDOLW]DU O¶DFWLYLWDW GH O¶$WHQHX TXH HVWDYD XQD PLFD SDUDGD 'H PRPHQW SHO GLPDUWV GH QRYHPEUH KL KD SUHYLVWD XQD FDVWDQ\DGD eV ER VDEHU TXH DTXHVWD DJUHVVLy D O¶$WHQHX OOXQ\ GH IHU GHVLVWLU DOV FRPSDQ\V GH 6DOOHQW HOV KD IHW UHDFFLRQDU HQ SRVLWLX ¬QLPV GRQFV HQ DTXHVWD QRYD HPEUDQ]LGD OOLEHUWDULD 6DOXW L DFWLYLWDW 3HS L WX

8

UHYLVWD OOLEHUWjULD GHO EHUJXHGj