$UWLFOH 'pFLVLRQ
/D GpFLVLRQ GH SULVH HQ FKDUJH HVW HIIHFWXpH SDU OH 3UpVLGHQW GX &RQVHLO GpSDUWHPHQWDO RX
VRQ UHSUpVHQWDQW VXU OD EDVH G¶XQH GHPDQGH pFULWH GX MHXQH HW G¶XQ UDSSRUW MXVWLILDQW FHWWH
DLGH DSUqV DYLV GH OD &RPPLVVLRQ MHXQH PDMHXUV &-0 GHYDQW ODTXHOOH OH MHXQH YLHQW
SUpVHQWHU VD GHPDQGH
$UWLFOH 9RLHV GH UHFRXUV
&I WLWUH , DUWLFOH
,9 &RPPLVVLRQV ORFDOHV G¶DWWULEXWLRQ &/$ LQVWDQFHV GH
GpFLVLRQV GHV DLGHV ILQDQFLqUHV GHV IRQGV SDUWHQDULDX[ )RQGV GH
VROLGDULWp SRXU OH ORJHPHQW )6/ HW )RQGV G¶DLGH DX[ MHXQHV )$-
$UWLFOH 3UpVHQWDWLRQ
/HV &RPPLVVLRQV ORFDOHV G¶DWWULEXWLRQ &/$ VRQW LQVWLWXpHV GHSXLV
SRXU OD PLVH HQ
°XYUH GH OD ORL Q
GX DRW
FRQILDQW OD JHVWLRQ GHV IRQGV SDUWHQDULDX[
)6/ )RQGV VROLGDULWp SRXU OH ORJHPHQW HW )$- )RQGV G¶DLGH DX[ MHXQHV DX[ &RQVHLOV
JpQpUDX[
/HV &/$ VRQW FRPSpWHQWHV SRXU DFFRUGHU GHV DLGHV LQGLYLGXHOOHV VRXV IRUPH GH JDUDQWLHV
RX GH VXEYHQWLRQV DX[ GHPDQGHXUV pOLJLEOHV DX[ GLVSRVLWLIV
/HV DLGHV VRQW DFFRUGpHV HQ DSSOLFDWLRQ GHV GLVSRVLWLRQV GHV UqJOHPHQWV LQWpULHXUV GHV
IRQGV FRQFHUQpV (OOHV Q¶RQW DXFXQ FDUDFWqUH REOLJDWRLUH HW VRQW VXERUGRQQpHV DX[
FULWqUHV G¶pOLJLELOLWp HW DX[ GpFLVLRQV GH OD &/$ TXL HQ GpWHUPLQH O¶RFWURL HW OH PRQWDQW
$UWLFOH 2UJDQLVDWLRQ
/H &RQVHLO GpSDUWHPHQWDO HVW UHVSRQVDEOH GH O¶RUJDQLVDWLRQ HW GH O¶DQLPDWLRQ GHV &/$
/H 'LUHFWHXU GH 0'' HQ DVVXUH OH VHFUpWDULDW LO HVW JDUDQW GH O¶DWWULEXWLRQ GHV DLGHV GDQV
OH UHVSHFW GHV UqJOHPHQWV LQWpULHXUV GHV IRQGV ,O V¶DVVXUH GH O¶H[pFXWLRQ GHV GpFLVLRQV
3UpVLGpHV SDU GHV pOXV GpSDUWHPHQWDX[ OHV &/$ VH UpXQLVVHQW DX PRLQV XQH IRLV SDU
PRLV HOOHV H[DPLQHQW OHV GHPDQGHV G¶DLGHV IRUPXOpHV DXSUqV GHV IRQGV SDUWHQDULDX[
)6/ )$- DSUqV YpULILFDWLRQ GH O¶pOLJLELOLWp GHV GRVVLHUV
&KDTXH &/$ UHJURXSH OHV UHSUpVHQWDQWV DX QLYHDX ORFDO GHV ILQDQFHXUV GX IRQGV RX OHV
SDUWHQDLUHV LQVWLWXWLRQQHOV GRQW OD SULVH GH GpFLVLRQV G¶DLGH HQ VpDQFH SHXW SHUPHWWUH
O¶DPpOLRUDWLRQ RX OH UqJOHPHQW G¶XQH VLWXDWLRQ SUpVHQWpH
$UWLFOH )RQFWLRQQHPHQW
/D JHVWLRQ DGPLQLVWUDWLYH GHV GHPDQGHV G¶DLGHV ILQDQFLqUHV HVW FRQILpH DX[ 0'' OHV
SURSRVLWLRQV G¶LQWHUYHQWLRQ VRQW H[DPLQpHV DX VHLQ GHV &/$
3RXU rWUH H[DPLQpHV SDU OD &/$ OHV GHPDQGHV G¶DLGH GRLYHQW rWUH pOLJLEOHV DX GLVSRVLWLI
)$- )6/ HW FRPSOqWHV F¶HVW j GLUH LQFOXUH O¶LPSULPp XQLTXH HW O¶DWWHVWDWLRQ GH GpS{W GH
OD GHPDQGH FR VLJQpV SDU OH WUDYDLOOHXU VRFLDO HW OH GHPDQGHXU DLQVL TXH OHV SLqFHV
FRPSOpPHQWDLUHV QpFHVVDLUHV j OHXU LQVWUXFWLRQ DGGLWLI VSpFLILTXH DX W\SH G¶DLGH
VROOLFLWp
3DU GpOpJDWLRQ GX 3UpVLGHQW GX &RQVHLO GpSDUWHPHQWDO OHV SURSRVLWLRQV G¶LQWHUYHQWLRQ
VRQW YDOLGpHV HQ VpDQFH GDQV OH UHVSHFW GHV UqJOHPHQWV LQWpULHXU GHV IRQGV