{"id":5183,"date":"2013-10-24T10:07:10","date_gmt":"2013-10-24T10:07:10","guid":{"rendered":"http:\/\/localhost:8080\/?p=5183"},"modified":"2013-10-24T10:07:10","modified_gmt":"2013-10-24T10:07:10","slug":"compte-rendu-du-cs-d-evolutis-du-14-octobre-2013","status":"publish","type":"post","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/2013\/10\/24\/compte-rendu-du-cs-d-evolutis-du-14-octobre-2013\/","title":{"rendered":"Compte rendu du CS d&rsquo;Evolutis du 14 octobre 2013"},"content":{"rendered":"<p align=\"center\">Compte-rendu de la r\u00e9union du 14 octobre 2013<\/p>\n<p align=\"center\">du Conseil de surveillance Evolutis<\/p>\n<p>ordre du jour&nbsp;:<\/p>\n<p>1) Approbation du compte rendu du Conseil pr\u00e9c\u00e9dent du 22 avril 2013<\/p>\n<p>2) Rappel des modalit\u00e9s concernant l\u2019\u00e9lection de l\u2019administrateur repr\u00e9sentant les actionnaires salari\u00e9s<\/p>\n<p>3) Point macro \u00e9conomique par Amundi<\/p>\n<p>4) Revue des poches actions et obligations par Amundi (y compris intervention du g\u00e9rant d\u2019Amundi International Sicav)<\/p>\n<p>5\/ Divers&nbsp;<\/p>\n<p>&nbsp;&nbsp; &#8211; donn\u00e9es de synth\u00e8se des placements 2013 participation + int\u00e9ressement<\/p>\n<p>&nbsp;&nbsp; &#8211; bilan des 2 derni\u00e8res p\u00e9riodes d\u2019arbitrage du PEG<\/p>\n<p>&nbsp;&nbsp; &#8211; avancement des d\u00e9blocages Hollande<\/p>\n<p>&nbsp;&nbsp; &#8211; point communication \u00e9pargne salariale<\/p>\n<p><!--more--><\/p>\n<p style=\"page-break-after: avoid; line-height: normal; margin: 0cm 0cm 0pt;\">&nbsp;Liste des participants :<\/p>\n<ul>\n<li>Sophie NACHMAN-GHNASSIA (CFE-CGC), Pr\u00e9sidente du Conseil de Surveillance<\/li>\n<li>Louis GIBAULT (CFE-CGC)<\/li>\n<\/ul>\n<p>Direction<\/p>\n<ul>\n<li>Bertrand DERONCHAINE<\/li>\n<li>Marie-Claire POUTREL<\/li>\n<li>David WEJNBERG<\/li>\n<li>Philippe COUZINOU<\/li>\n<li>Jean HETROY<\/li>\n<li>Jean-Philippe ROULET<\/li>\n<\/ul>\n<p>&nbsp;Pouvoirs&nbsp;:<\/p>\n<ul>\n<li>Sylvie CHARPENTIER-KOWARSKY a donn\u00e9 pouvoir \u00e0 Jean HETROY aux fins de la repr\u00e9senter<\/li>\n<li>Laurent de MAGNIENVILLE a donn\u00e9 pouvoir \u00e0 David WEJNBERG aux fins de le repr\u00e9senter<\/li>\n<li>Christophe LESOBRE a donn\u00e9 pouvoir \u00e0 David WEJNBERG aux fins de le repr\u00e9senter<\/li>\n<li>Clothilde PETIT a donn\u00e9 pouvoir \u00e0 David WEJNBERG aux fins de le repr\u00e9senter<\/li>\n<\/ul>\n<p>Suppl\u00e9ant pr\u00e9sent en m\u00eame temps que le titulaire<\/p>\n<ul>\n<li>C\u00e9dric TESTUT<\/li>\n<\/ul>\n<p>Avec 18 membres pr\u00e9sents ou repr\u00e9sent\u00e9s sur 20, le quorum est atteint (8 OS, 10 Direction)<\/p>\n<p>Amundi AM: Amaury PELTIER (responsable grand compte), Nicolas PICARD et Anthony LAPEYRE (g\u00e9rants allocataires), Fr\u00e9d\u00e9ric LE MEAUX (gestion poche actions), J\u00e9r\u00f4me LELEU (gestion poche obligataire, Jan Vormoor (g\u00e9rant actions sur Amundi International Sicav)<\/p>\n<p>Le quorum \u00e9tant constitu\u00e9, la s\u00e9ance du Conseil de surveillance Evolutis est ouverte \u00e0 14h10<\/p>\n<p>1) Approbation du compte rendu du Conseil de Surveillance Evolutis du 22 avril 2013<\/p>\n<p>La Pr\u00e9sidente demande si un membre souhaite faire des remarques sur le projet de compte rendu du Conseil du 22 avril 20132 transmis aux membres pr\u00e9alablement \u00e0 la tenue de ce Conseil de surveillance.<\/p>\n<p>En l\u2019absence de remarques, la Pr\u00e9sidente fait proc\u00e9der au vote&nbsp;:<\/p>\n<p>&#8211; pour&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; : 18<\/p>\n<p>&#8211; contre &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; : 0<\/p>\n<p>&#8211; abstention&nbsp;: 0<\/p>\n<p>Le compte-rendu du Conseil du 22 avril 2013 est approuv\u00e9.<\/p>\n<p>2) Rappel des modalit\u00e9s concernant l\u2019\u00e9lection de l\u2019administrateur repr\u00e9sentant les actionnaires salari\u00e9s<\/p>\n<p>C\u00e9dric TESTUT (Direction) rappelle que le mandat de l\u2019administrateur repr\u00e9sentant les actionnaires salari\u00e9s arrive \u00e0 \u00e9ch\u00e9ance lors de la prochaine assembl\u00e9e g\u00e9n\u00e9rale en 2014.<\/p>\n<p>Cet administrateur est \u00e9lu en assembl\u00e9e g\u00e9n\u00e9rale sur proposition de candidats par les salari\u00e9s actionnaires pour un mandat de 4 ans.<\/p>\n<p>Cette d\u00e9signation de candidats par les salari\u00e9s actionnaires s\u2019op\u00e8re sous la forme d\u2019un vote, pr\u00e9alablement \u00e0 l\u2019assembl\u00e9e g\u00e9n\u00e9rale, des Conseils de surveillance Orange des FCPE d\u00e9tenant des titres de l\u2019entreprise.<\/p>\n<p>Il convient donc d\u2019organiser cette d\u00e9signation de candidats avec les Conseils de surveillance Orange Actions et Evolutis pour que ces candidats puissent \u00eatre propos\u00e9s au vote de l\u2019assembl\u00e9e g\u00e9n\u00e9rale 2014.<\/p>\n<p>Il est pr\u00e9cis\u00e9 que la modification op\u00e9r\u00e9e en 2013 de l\u2019article 13.3 des statuts d\u2019Orange SA autorise d\u00e9sormais des candidatures d\u2019administrateurs et de rempla\u00e7ants n\u2019appartenant pas n\u00e9cessairement au m\u00eame Conseil de surveillance des deux FCPE concern\u00e9s.<\/p>\n<p>La Direction ne pr\u00e9sentera pas de candidat.<\/p>\n<p>Une proc\u00e9dure \u00e9lectorale doit \u00eatre \u00e9tablie et propos\u00e9e au CGRSE puis au Conseil d\u2019administration qui donnera d\u00e9l\u00e9gation au Pr\u00e9sident avec facult\u00e9 de subd\u00e9l\u00e9gation pour mettre en \u0153uvre les modalit\u00e9s op\u00e9rationnelles de l\u2019\u00e9lection.<\/p>\n<p>Les rendez-vous suivants sont pris avec le Conseil de surveillance&nbsp;:<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mardi 28 janvier 2014 \u00e0 14h&nbsp;: conf\u00e9rence t\u00e9l\u00e9phonique commune avec les membres du Conseil de surveillance Orange Actions pour expos\u00e9 par la direction juridique des modalit\u00e9s du r\u00e8glement \u00e9lectoral<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mardi 11 mars 2014 \u00e0 14h&nbsp;: Conseil de surveillance extraordinaire du fonds Evolutis pour proc\u00e9der \u00e0 la d\u00e9signation des candidats au poste d\u2019administrateur puis de leurs rempla\u00e7ants<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mercredi 16 avril 2014 \u00e0 14h&nbsp;: Conseil de surveillance du fonds Evolutis qui notamment proc\u00e9dera au vote sur l\u2019ensemble des r\u00e9solutions pr\u00e9sent\u00e9es \u00e0 l\u2019assembl\u00e9e g\u00e9n\u00e9rale 2014<\/p>\n<p>3) Point macro \u00e9conomique par Amundi<\/p>\n<p>Nicolas PICARD (Amundi) fait un point sur la situation macro \u00e9conomique (d\u00e9taill\u00e9 en pages 4 \u00e0 37 du document envoy\u00e9 pr\u00e9alablement aux membres du Conseil)<\/p>\n<p>En synth\u00e8se, le scenario macro \u00e9conomique d\u2019Amundi repose sur les inputs suivants&nbsp;:<\/p>\n<ul>\n<li>Une l\u00e9g\u00e8re acc\u00e9l\u00e9ration de la croissance mondiale&nbsp;: 3,1% en 2013 et 3,5% en 2014 tir\u00e9e par une croissance des pays industrialis\u00e9s (1% en 2013 et 1,9% en 2014) et une stagnation de la croissance des \u00e9mergents (5,1% en 2013 et en 2014)<\/li>\n<li>Zone euro&nbsp;: de la r\u00e9cession \u00e0 la croissance lente<\/li>\n<li>le rebond du T2 2013 doit \u00eatre relativis\u00e9<\/li>\n<li>signes d\u2019am\u00e9lioration dans l\u2019industrie et ventes au d\u00e9tail<\/li>\n<li>les d\u00e9ficits courants ont presque disparu au sein de la zone Euro<\/li>\n<li>la demande interne priv\u00e9e reste n\u00e9anmoins dans le rouge dans les pays p\u00e9riph\u00e9riques<\/li>\n<li>des ajustements sont en cours dans les d\u00e9penses publiques<\/li>\n<li>le cr\u00e9dit bancaire en zone euro reste tr\u00e8s fragment\u00e9<\/li>\n<li>les taux d\u2019int\u00e9r\u00eats restent trop \u00e9lev\u00e9s pour les PME en Europe du Sud<\/li>\n<li>des pressions d\u00e9sinflationnistes, voire d\u00e9flationnistes<\/li>\n<li>Etats-Unis<\/li>\n<\/ul>\n<ol>\n<li>la demande priv\u00e9e rebondit avec une inflation qui reste faible<\/li>\n<li>l\u2019am\u00e9lioration du march\u00e9 de l\u2019emploi se poursuit<\/li>\n<li>les m\u00e9nages am\u00e9ricains poursuivent leur d\u00e9sendettement<\/li>\n<li>n\u00e9anmoins malgr\u00e9 les cr\u00e9ations d\u2019emplois, le march\u00e9 du travail reste d\u00e9grad\u00e9<\/li>\n<li>et l\u2019industrie et la consommation peinent \u00e0 acc\u00e9l\u00e9rer<\/li>\n<\/ol>\n<ul>\n<li>Pays \u00e9mergents<\/li>\n<li>BRICs&nbsp;: d\u00e9gradation des indices PMI mais rebond de la Chine<\/li>\n<li>Chine&nbsp;: rebond des exportations et l\u2019inflation reste mod\u00e9r\u00e9e<\/li>\n<li>Strat\u00e9gies d\u2019investissement<\/li>\n<li>politiques mon\u00e9taires&nbsp;: vers une r\u00e9duction des achats de la FED&nbsp;?<\/li>\n<li>remont\u00e9e des taux aux US, en Allemagne et en France<\/li>\n<\/ul>\n<p>4) Revue des poches actions et obligations du fonds<\/p>\n<p>Performance du fonds<\/p>\n<p>Depuis d\u00e9but 2013, Evolutis affiche une performance de +3,65% au 11 octobre 2013, contre +1,84% pour son indice de r\u00e9f\u00e9rence.Sophie NACHMAN-GHNASSIA (CFE-CGE) juge qu\u2019il s\u2019agit d\u2019une bonne performance et ce malgr\u00e9 le contexte difficile sur l\u2019obligataire.Allocation<\/p>\n<p>Au 30 septembre 2013 le portefeuille Evolutis est compos\u00e9 de&nbsp;:<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211; 69,7% de titres obligataires vifs<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;&nbsp;&nbsp; 5,8% de diversification en FCPE de taux<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211; 19,5% d\u2019actions en titres vifs<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211;&nbsp;&nbsp; 4,9% de diversification en FCPE actions<br \/>Poche Obligataire<br \/>L\u2019\u00e9volution de la poche obligataire affiche un r\u00e9sultat de -0,98% au 26 septembre depuis d\u00e9but 2013, contre -1,62% pour son indice de r\u00e9f\u00e9rence.Le g\u00e9rant pr\u00e9cise que les primes de risque sur les taux en zone euro entre les pays core et les pays p\u00e9riph\u00e9riques tendent progressivement \u00e0 converger.<br \/>A noter que les performances sont moindres sur les pays les mieux not\u00e9s \u00e0 contrario des pays p\u00e9riph\u00e9riques qui ont le plus perform\u00e9s.<\/p>\n<p>En terme de strat\u00e9gie&nbsp;:<br \/>Sensibilit\u00e9 au risque de taux : la poche obligations est pass\u00e9e d\u2019une quasi neutralit\u00e9 \u00e0 une sous exposition pour se pr\u00e9munir d\u2019une remont\u00e9e des taux suite aux discours de Bernanke.<br \/>Cette sous exposition a oscill\u00e9e entre -50 et -100bp sans \u00eatre accentu\u00e9e pour ne pas souffrir dans un contexte de retour de l\u2019aversion au risque (incertitudes politiques en Italie et au Portugal, \u00e9lection allemande, question \u00e9pineuse de la dette et du budget aux Etats-Unis\u2026).<\/p>\n<p>Evolutions des strat\u00e9gies \u00e0 la recherche de rendement dans un contexte de taux tr\u00e8s bas&nbsp;:<\/p>\n<ul>\n<li>forte sous-pond\u00e9ration des pays c\u0153urs de la zone \u20ac (les \u2018AAA\u2019 : Allemagne, Autriche, Pays-Bas et Finlande)<\/li>\n<li>neutre \u00e0 sur-pond\u00e9ration sur la France et la Belgique<\/li>\n<li>sur-pond\u00e9ration en obligations cr\u00e9dits et s\u00e9curis\u00e9es<\/li>\n<\/ul>\n<p>Question \u00e0 Amundi sur le type d\u2019obligations s\u00e9curis\u00e9es d\u00e9tenues dans le fonds.<br \/>Le g\u00e9rant pr\u00e9cise qu\u2019il s\u2019agit de Proxy, des obligations s\u00e9curis\u00e9es d\u00e9tenues \u00e0 hauteur de 14,2% dans le portefeuille. Il s\u2019agit notamment d\u2019obligations bien not\u00e9s (ex. Unedic\u2026) ou d\u2019obligations \u00e9mises par <br \/>une banque prot\u00e9g\u00e9e par un pool d\u2019actif.<\/p>\n<p>Poche actions&nbsp;:<\/p>\n<p>Fr\u00e9d\u00e9ric LE MEAUX (Amundi), pr\u00e9sente l\u2019\u00e9volution de la poche actions qui affiche un r\u00e9sultat de +17,05% au 26 septembre depuis d\u00e9but 2013, contre +14,79% pour son indice de r\u00e9f\u00e9rence.Les march\u00e9s actions sont port\u00e9s par l\u2019am\u00e9lioration de la croissance \u00e9conomique et les indicateurs avanc\u00e9s, ainsi que l\u2019inaction de la r\u00e9serve f\u00e9d\u00e9rale.Principales surpond\u00e9rations&nbsp;: valeurs cycliques, bancaires et t\u00e9l\u00e9coms.<br \/>Principales sous-pond\u00e9rations&nbsp;: valeurs Energie, Industrie et Sant\u00e9.<\/p>\n<p>Sophie NACHMAN-GHNASSIA (CFE-CGE) demande au g\u00e9rant les motifs du renforcement de la ligne Orange (achat de 25&nbsp;574 actions depuis le 22 avril 2013). Le g\u00e9rant pr\u00e9cise que&nbsp;la valorisation boursi\u00e8re est tr\u00e8s int\u00e9ressante, l\u2019environnement se normalise, les pressions r\u00e8glementaires sont moins contraignantes et que les r\u00e9sultats sur le march\u00e9 fran\u00e7ais sont jug\u00e9s corrects.<\/p>\n<p>Pr\u00e9sentation du fonds Amundi International Sicav par son g\u00e9rant Jan Vormoor&nbsp;: cette pr\u00e9sentation est reprise en pages 95 \u00e0 116 du document d\u2019Amundi<\/p>\n<p>Divers&nbsp;<\/p>\n<p>&nbsp;&nbsp; &#8211; donn\u00e9es de synth\u00e8se des placements 2013 participation + int\u00e9ressement<\/p>\n<p>Marie-Claire POUTREL (Direction) commente le tableau de synth\u00e8se des placements de l\u2019int\u00e9ressement et de la participation 2013 remis en s\u00e9ance.<\/p>\n<p>La proportion de cash demand\u00e9 participation+int\u00e9ressement reste la m\u00eame entre 2012 et 2013 (51%)<\/p>\n<p>Le PERCO passe entre 2012 et 2013 de 23% \u00e0 27% des choix pour la participation seule , de 10% \u00e0 12% des choix pour l\u2019int\u00e9ressement seul, et de 17% \u00e0 18% des choix pour participation+int\u00e9ressement.<\/p>\n<p>A noter que le Perco Int\u00e9gral confirme son attractivit\u00e9&nbsp;: autant d\u2019investissements collect\u00e9s en 2013 qu\u2019en 2012 (13 millions d\u2019euros)<\/p>\n<p>Evolutis passe de 11% des choix en 2012 \u00e0 12% des choix en 2013.<\/p>\n<p>&nbsp;&nbsp; &#8211; bilan des 2 derni\u00e8res p\u00e9riodes d\u2019arbitrage du PEG<\/p>\n<table style=\"margin: auto auto auto -0.75pt; width: 100%; border-collapse: collapse;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr style=\"height: 15.75pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 431pt; padding-right: 3.5pt; background: white; height: 15.75pt; padding-top: 0cm; border: #f0f0f0;\" colspan=\"4\" valign=\"bottom\" nowrap=\"nowrap\" width=\"575\">\n<p style=\"line-height: normal; margin: 0cm 0cm 0pt;\"><strong>arbitrages du 9 au 22 septembre 2013 (en montant)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; padding-top: 0cm; border: windowtext 1pt solid;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>sortie<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>entree<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>solde<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Evolutis<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1 025 743<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">4 592 215<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">3 566 472<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Equilibris<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1 592 069<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1 831 052<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">238 983<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Orange Actions<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">4 881 205<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1 045 513<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-3 835 692<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Solocal Actions<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">52 768<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">0<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-52 768<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Dynamis solidaire<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">213 384<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">296 389<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">83 006<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\"><\/td>\n<\/tr>\n<tr style=\"height: 13.5pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: #eeece1; height: 13.5pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"line-height: normal; margin: 0cm 0cm 0pt;\"><strong>2 628 instructions<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">7 765 170<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">7 765 170<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Le nombre d\u2019instructions reste assez \u00e9lev\u00e9 avec une hausse de 36% (pp \u00e0 sept. 2012 et mai 2013).<br \/>Les arbitrages se font comme d\u2019habitude au d\u00e9triment du fonds Orange Actions et au profit du fonds Evolutis,<\/p>\n<table style=\"margin: auto auto auto -0.75pt; width: 100%; border-collapse: collapse;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr style=\"height: 15.75pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 431pt; padding-right: 3.5pt; background: white; height: 15.75pt; padding-top: 0cm; border: #f0f0f0;\" colspan=\"4\" valign=\"bottom\" nowrap=\"nowrap\" width=\"575\">\n<p style=\"line-height: normal; margin: 0cm 0cm 0pt;\"><strong>arbitrages du 6 au 19 mai 2013 (en montant)<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; padding-top: 0cm; border: windowtext 1pt solid;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>sortie<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>entr\u00e9e<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: #ffcc99; height: 12.75pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>solde<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>&nbsp;<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Evolutis<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">528 049<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">4&nbsp;541 516<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">4&nbsp;013 467<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Equilibris<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1&nbsp;599 426<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1&nbsp;257 802<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-341 625<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Orange Actions<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">3&nbsp;743 017<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">277 342<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-3&nbsp;465 675<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">PJA<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">70 674<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">0<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-70 674<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Dynamis solidaire<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">260 676<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">125 182<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">-135 494<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 12.75pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\"><\/td>\n<\/tr>\n<tr style=\"height: 13.5pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 160.45pt; padding-right: 3.5pt; background: #eeece1; height: 13.5pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"214\">\n<p style=\"line-height: normal; margin: 0cm 0cm 0pt;\"><strong>1 929 instructions<\/strong><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">6&nbsp;201 842<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 88.05pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"117\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">6&nbsp;201 842<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 94.45pt; padding-right: 3.5pt; background: white; height: 13.5pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"126\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>David WEJNBERG (Direction) indique les 2 prochaines p\u00e9riodes d\u2019arbitrage<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; du 10 mars au 23 mars 2014<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; du 5 mai au 18 mai 2014<\/p>\n<p>&nbsp;&nbsp; &#8211; avancement des d\u00e9blocages Hollande (10\/07 au 04\/10 sauf Orange Actions. d\u00e9but 16\/09)<\/p>\n<table style=\"margin: auto auto auto 2.75pt; width: 100%; border-collapse: collapse;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr style=\"height: 12.75pt;\">\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"padding-bottom: 0cm; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; background: #fabf8f; height: 14.25pt; padding-top: 0cm; border: windowtext 1pt solid;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\"><\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; background: #fabf8f; height: 14.25pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Evolutis<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #fabf8f; height: 14.25pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Equilibris<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #fabf8f; height: 14.25pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Orange Actions<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #fabf8f; height: 14.25pt; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">Total<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 15pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\">\n<p style=\"text-align: right; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"right\">rachats M\u20ac au 04\/10<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">6,9<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">5,1<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">2<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>14,0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 14.25pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; background: white; height: 14.25pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\">\n<p style=\"text-align: right; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"right\">encours M\u20ac (2014 \u00e0 2017) *<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; height: 14.25pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">224<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 14.25pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">138<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 14.25pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">157<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: white; height: 14.25pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">519<\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 15pt;\">\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0cm; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\">\n<p style=\"text-align: right; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"right\">rachats en % de l&rsquo;encours<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">3,08%<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">3,70%<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\">1,27%<\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: #f0f0f0; padding-bottom: 0cm; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; background: #eeece1; height: 15pt; border-top: #f0f0f0; border-right: windowtext 1pt solid; padding-top: 0cm;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\">\n<p style=\"text-align: center; line-height: normal; margin: 0cm 0cm 0pt;\" align=\"center\"><strong>2,70%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr style=\"height: 12.75pt;\">\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 156.7pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"209\">\n<p style=\"line-height: normal; margin: 0cm 0cm 0pt;\">* donn\u00e9es au 30\/06\/2013<\/p>\n<\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 68.3pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"91\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<td style=\"padding-bottom: 0cm; background-color: transparent; padding-left: 3.5pt; width: 83pt; padding-right: 3.5pt; height: 12.75pt; padding-top: 0cm; border: #f0f0f0;\" valign=\"bottom\" nowrap=\"nowrap\" width=\"111\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Le montant global d\u00e9bloqu\u00e9 est de 14 millions d\u2019euros pour 3 300 personnes, soit un montant moyen d\u2019environ 4 200 \u20ac\/demande.<\/p>\n<p>&nbsp;&nbsp; &#8211; point communication \u00e9pargne salariale<\/p>\n<p>David WEJNBERG (Direction) aborde les points suivant<\/p>\n<p>Les modules e-learning&nbsp;: <br \/>Mise en ligne tous les fin de mois (d\u2019octobre \u00e0 f\u00e9vrier 2014)&nbsp;de modules e-learning p\u00e9dagogiques (max 3 mn) r\u00e9alis\u00e9es avec l\u2019\u00e9cole de la Bourse avec comme sujet&nbsp;:<\/p>\n<ul>\n<li>La retraite et l\u2019\u00e9pargne salariale<\/li>\n<li>le dividende<\/li>\n<li>les obligations<\/li>\n<li>le reporting<\/li>\n<li>le fonds solidaire<\/li>\n<\/ul>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp; La formation des membres des Conseils de surveillance&nbsp;: <\/p>\n<p>Comme chaque ann\u00e9e, anim\u00e9 en mars par l\u2019Ecole de la Bourse.<\/p>\n<p>Sujets pressentis<\/p>\n<p>Macro \u00e9conomie<\/p>\n<ul>\n<li>Quels sont les moteurs de la reprise \u00e9conomique en Europe ?<\/li>\n<\/ul>\n<p>Gestion des portefeuilles :<\/p>\n<ul>\n<li>Quelles sont les cons\u00e9quences de la remont\u00e9e des taux sur le march\u00e9 obligataire ?<\/li>\n<\/ul>\n<p>Les membres du Conseil sont invit\u00e9s \u00e0 communiquer par mail \u00e0 David Wejnberg toute autre proposition de th\u00e8me qu\u2019ils souhaiteraient voir traiter<\/p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211; prochaines r\u00e9unions&nbsp;<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mardi 28 janvier 2014 \u00e0 14h&nbsp;: conf\u00e9rence t\u00e9l\u00e9phonique commune avec les membres du Conseil de surveillance Orange Actions pour expos\u00e9 par la direction juridique des modalit\u00e9s du r\u00e8glement \u00e9lectoral de l\u2019administrateur repr\u00e9sentant les actionnaires salari\u00e9s<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mardi 11 mars 2014 \u00e0 14h&nbsp;: Conseil de surveillance extraordinaire du fonds Evolutis pour proc\u00e9der \u00e0 la d\u00e9signation des candidats au poste d\u2019administrateur puis de leurs rempla\u00e7ants<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vendredi 28 mars 2014 \u00e0 10h&nbsp;: conf\u00e9rence t\u00e9l\u00e9phonique commune avec les membres du Conseil de surveillance Orange Actions pour explication par la Direction juridique des projets de r\u00e9solutions d\u2019entreprise \u00e0 pr\u00e9senter \u00e0 l\u2019assembl\u00e9e g\u00e9n\u00e9rale 2014<\/p>\n<p>&#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mercredi 16 avril 2014 \u00e0 14h&nbsp;: Conseil de surveillance du fonds Evolutis qui notamment proc\u00e9dera au vote sur l\u2019ensemble des r\u00e9solutions pr\u00e9sent\u00e9es \u00e0 l\u2019assembl\u00e9e g\u00e9n\u00e9rale 2014<\/p>\n<p>L\u2019ordre du jour \u00e9tant \u00e9puis\u00e9, le Conseil est lev\u00e9 \u00e0 18h.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compte-rendu de la r\u00e9union du 14 octobre 2013 du Conseil de surveillance Evolutis ordre du jour&nbsp;: 1) Approbation du compte rendu du Conseil pr\u00e9c\u00e9dent du 22 avril 2013 2) Rappel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-5183","post","type-post","status-publish","format-standard","hentry","category-participation-interessement-et-actionnariat"],"blog_post_layout_featured_media_urls":{"thumbnail":"","full":""},"categories_names":{"49":{"name":"Participation, Int\u00e9ressement et Actionnariat","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/category\/cit\/pouvoir-d-achat\/participation-interessement-et-actionnariat\/"}},"tags_names":[],"comments_number":"0","wpmagazine_modules_featured_media_urls":{"thumbnail":"","cvmm-medium":"","cvmm-medium-plus":"","cvmm-portrait":"","cvmm-medium-square":"","cvmm-large":"","cvmm-small":"","full":""},"_links":{"self":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/5183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/comments?post=5183"}],"version-history":[{"count":0,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/5183\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/media?parent=5183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/categories?post=5183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/tags?post=5183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}