• Aucun résultat trouvé

/HV VLWXDWLRQVGH YLHFRPPH

Dans le document 36<&+2/2*<3('$*2*<  (Page 116-133)

RESEARCH LABORATORY/ LABORATOIRE DE RECHERCHE

/HV VLWXDWLRQVGH YLHFRPPH

7DEOHDX'HVFULSWLRQHQVHLJQDQWHGHVVLWXDWLRQVGHYLHFRPPHSURFpGp pGXFDWLIHWWUDQVFULSWLRQGLGDFWLTXHULVTXpV

&DWpJRULHV

WKpPDWLTXHV 7HQGDQFHGHV FRPPHQWDLUHV

/HVVLWXDWLRQVGH YLHFRPPH /¶$3&FRPPH XQHDSSURFKH ,QWHUSHOODWLRQj ODSUXGHQFH GDQVO¶pODERUDWLRQ GHVVLWXDWLRQV YLH TXH YRXV XWLOLVH] SRXU LQWURGXLUH YRVFRXUVª

©6L O¶$3& HVW IDLW SRXU SLpJHU OHV HQVHLJQDQWVRQUHQRQFHjFHODª

©*HVWDSRTXDQGWXQRXVWLHQVª

©$IIDLUH VLWXDWLRQ SUREOqPH -¶HQVHLJQHUDLGpVRUPDLVVDQVVLWXDWLRQ SUREOqPH VDQV VLWXDWLRQ GH YLH /H GHKRUVHVWULVTXpª

©/¶$3&HVWGHYHQXHULVTXpHª

©/HVVLWXDWLRQVSUREOqPHVFUpHQWGHV SUREOqPHVª

©3OXV MDPDLV GH VLWXDWLRQ SUREOqPH SDUFH TXH oD DPqQH GHV SUREOqPHV FKH] O¶DXWHXU DX OLHX G¶pFODLUHU OHV DSSUHQDQWVª

©/¶$3&HVWXQSLqJHª

©9UDLPHQW $IIDLUH GH VLWXDWLRQ SUREOqPHOjPrPH7VXLSª

©1HIDLVRQVSOXVGHVLWXDWLRQGHYLHRQ YDGLUHFWHPHQWjODMXVWLILFDWLRQ6LXQ LQVSHFWHXU QRXV IDLW GHV UHSURFKHV GHVVXVRQOXLGLWTX¶RQpYLWHODSULVRQª

©-HQHJqUHPrPHSDVFHVErWLVHVGH VLWXDWLRQGHYLH(VWFHTXHoDFKDQJH ODYLH"ª

(QDQDO\VDQWOHVPXOWLSOHVRSLQLRQVDVVRFLpHVjGLIIpUHQWHVSXEOLFDWLRQVGDQV ODSODWHIRUPHDXUHJDUGGHFHWDEOHDXUHSUHQDQWOHVFRPPHQWDLUHVTXLGRQQHQWOHV VLWXDWLRQVGHYLHQRQFRQVHLOOpHVLOQRXVDpWpGRQQpGHFRQVWDWHUWURLVJUDQGHV WHQGDQFHVGDQVOHVFRPPHQWDLUHVGHVVXMHWVSDUWLFLSDQWDX[GpEDWVHWGLVFXVVLRQV HQOLJQH

/HV VLWXDWLRQV GH YLH FRPPH SURFpGpV pGXFDWLIV HW UHVVRXUFHV SUREOpPDWLTXHV

/¶$3& FRPPH XQH DSSURFKH ULVTXpH GX IDLW GHV GpULYHV HW VXUYHLOODQFHV TX¶HOOHYpKLFXOH

/¶LQWHUSHOODWLRQjODSUXGHQFHGDQVO¶pODERUDWLRQGHVVLWXDWLRQVGHYLHFRPPH GLVSRVLWLIG¶HQVHLJQHPHQWDSSUHQWLVVDJHjO¶DGUHVVHGHVpOqYHV

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

/DSUHPLqUHWHQGDQFHGHVFRPPHQWDLUHVHVWH[SULPpHSDUGHVRSLQLRQVWHOOHV TXH©3OXVMDPDLVGHVLWXDWLRQSUREOqPHSDUFHTXHoDDPqQHGHVSUREOqPHVFKH]

O¶DXWHXU DX OLHX G¶pFODLUHU OHV DSSUHQDQWVª(QV)%2S©OHV VLWXDWLRQV SUREOqPHVFUpHQWGHVSUREOqPHVª(QV)%2SRXHQFRUHFHOOHGHFHVXMHWTXL GpFODUH ©DIIDLUH VLWXDWLRQ SUREOqPH -¶HQVHLJQHUDL GpVRUPDLV VDQV VLWXDWLRQ SUREOqPHVDQVVLWXDWLRQGHYLH/HGHKRUVHVWULVTXpª(QV)%2S'HWHOOHV FRQVLGpUDWLRQVVRQWjVLWXHUGDQVXQFRQWH[WHVRFLRSROLWLTXHWHQGXDYHFO¶DUUHVWDWLRQ G¶XQHQVHLJQDQWG¶+LVWRLUH*pRJUDSKLHSRXUDYRLUVHPEOHWLOXWLOLVpODFULVHGLWH DQJORSKRQHFRPPHVLWXDWLRQGHYLHWHOTX¶LOUHVVRUWGDQVODWURLVLqPHSXEOLFDWLRQGX VHSWHPEUHGpEDWWXHGDQVODSODWHIRUPH&I,PDJH

/DGHX[LqPHWHQGDQFHVHSDUWLFXODULVHSDUGHVRSLQLRQVIDLVDQWDOOXVLRQVjOD GpULYH HW OD VXUYHLOODQFH GDQV O¶$3&(69 TXL SRXVVHQW QRV VXMHWV j SRVHU TXH

©O¶$3&HVWXQSLqJHª(QV)%2S$XVVLVRXWLHQQHQWQRVVXMHWV©VLO¶$3&

HVW IDLW SRXU SLpJHU OHV HQVHLJQDQWV RQ UHQRQFH j FHODª (QV)%2S &H OHLWPRWLYGHODUHQRQFLDWLRQRXGXUHQRQFHPHQWSHUPHWGHPLHX[VDLVLUODSRUWpHGHV LQWHUSHOODWLRQVLQWHUSURIHVVLRQQHOOHVjODSUXGHQFHIDFHjFHVSURFpGpV

/DWURLVLqPHWHQGDQFHGHVFRPPHQWDLUHVHVWSDUH[HPSOHUHSUpVHQWpHSDUOHV SURSRVVXLYDQWV©-HP¶DGUHVVHDX[SURIVG¶+*(&0)DLWHVWUqVDWWHQWLRQDX[

VLWXDWLRQVGHYLHTXHYRXVXWLOLVH]SRXULQWURGXLUHYRVFRXUVª(QV)%2S'H WHOOHV UHFRPPDQGDWLRQV RQW SX rWUH FRQVWDWpHV GDQV OD ILOH GHV FRPPHQWDLUHV DX FRXUVGHQRVLQYHVWLJDWLRQV(OOHVVHVLWXHQWGDQVODSHUVSHFWLYHGHVLQWHUSHOODWLRQVj OD SUXGHQFH YRLUH DX SURIHVVLRQQDOLVPH &HOD GDQV XQ FRQWH[WH GH GpULYHV HW GH FRQIXVLRQV JpQpUDOLVpHV GDQV OHTXHO O¶LQWHUSUpWDWLRQ HW O¶DSSOLFDWLRQ GH O¶$3& QH V¶DSSXLHQW SDV WRXMRXUV VXU XQ DPpQDJHPHQW SpGDJRJLTXH pSLVWpPRORJLTXH PpWKRGRORJLTXHHWWKpRULTXHFRKpUHQW

'LVFXVVLRQV

/DFULVHGHO¶$3&DXGHOjG¶XQHDSSURFKHORJLVWLFRTXDQWLWDWLYHGDQV OHV\VWqPHpGXFDWLIFDPHURXQDLV

&HWWHUHFKHUFKHV¶LQVFULWGDQVO¶DFWXDOLWpGHO¶pGXFDWLRQDX&DPHURXQ&HODGDQV OD PHVXUH R FH SD\V FRPPH EHDXFRXS G¶DXWUHV SD\V DIULFDLQV VXELW GHSXLV XQH GL]DLQH G¶DQQpHV OD UpIRUPH GDQV VRQ V\VWqPH pGXFDWLI (YRXQD &H TXL VH WUDGXLWSDUODUppFULWXUHGXFXUULFXOXP$ZRXQGMDHWGHVSURJUDPPHVG¶pWXGHV HQIRQFWLRQGHFHWWHDSSURFKHGRQWO¶DSSOLFDWLRQíHQLPSOLTXDQWXQFKDQJHPHQWGH SDUDGLJPH HW GH QRXYHOOHV UHODWLRQV SpGDJRJLTXHV í SUHQG OH VHQV G¶XQH YpULWDEOH JDJHXUH FKH] OHV SUDWLFLHQV /¶$3& GDQV VD YDULDQWH FDPHURXQDLVH HQWUpH SDU OHV VLWXDWLRQVGHYLHVXSSODQWHSOXVLHXUVDSSURFKHVQRWDPPHQWOD3pGDJRJLHSDUREMHFWLI j ODTXHOOH OD SOXSDUW GHV HQVHLJQDQWV HQ DFWLYLWp RQW SRXUWDQW pWp IRUPpV 0ED HW 'MLDIHXD 7RXWHV FKRVHV TXL UHQGHQW OD WUDQVLWLRQ GLIILFLOH HW GRQQHQW j FHWWH DSSURFKH OD IRUPH G¶XQH pSUHXYH SURIHVVLRQQHOOH $LQVL WUDLWHU GH O¶$3& GDQV OH FRQWH[WHVRFLRpGXFDWLIFDPHURXQDLVLPSOLTXHGHV¶LQWpUHVVHUDX[SUpRFFXSDWLRQVTXL HQWUHQWDXF°XUGHVPDODLVHVHQVHLJQDQWV%DUUqUH3HULHU

/¶LQWpUrWSRXUOHVVLWXDWLRQVGHYLHSHUPHWG¶pODUJLUFHWWHSUREOpPDWLTXHGHV GLIILFXOWpVHWGHVpSUHXYHVHQVHLJQDQWHVDXGRPDLQHGHO¶$3&(69DX&DPHURXQ

$XVVLOHVGLIIpUHQWHVUpYpODWLRQVDXWRXUGHVGLIILFXOWpVSURYRTXpHVSDUFHVSURFpGpV pGXFDWLIVSHUPHWWHQWGHUHFHQWUHUOHSUREOqPHGHO¶$3&DYDQWWRXWVXUO¶LQJpQLHULH

&RPPH WHO FHWWH UHFKHUFKH SHUPHW G¶HQULFKLU OH GpEDW GHOD FULVH GH O¶$3& DX

&DPHURXQ(YRXQDVDQVWRXWHIRLVV¶DWWDUGHUVXUOHVSUREOqPHVORJLVWLTXHVRX TXDQWLILDEOHV WRXMRXUV DPELDQWV GDQV OHV WUDYDX[ TXL DERUGHQW FHWWH SROLWLTXH pGXFDWLYHHQ$IULTXH7KLDPHW&KQDQH'DYLQ(OOHVHSRVHDLQVLFRPPHXQ GpSDVVHPHQWGHFHVFULVSDWLRQVDQDO\WLTXHVUpFXUUHQWHV&¶HVWSRXUTXRLSRXUVDLVLU LQWpJUDOHPHQW OD FULVH GH O¶$3& DX &DPHURXQ LO IDXW DQDO\VHU OHV IDLEOHVVHV PDWpULHOOHVREMHFWLYHVHWTXDQWLILDEOHVGHVRQV\VWqPHVFRODLUHHWSOXVHQFRUHOHV GHJUpV GH IDPLOLDULWp HW GH FRPSpWHQFHV GHV DFWHXUV DYHF OHV IDFWHXUV G¶RUGUH pSLVWpPRORJLTXHPpWKRGRORJLTXHWKpRULTXHHWG¶LQJpQLHULHGLGDFWLTXHGHVUpIRUPHV GXV\VWqPHpGXFDWLI

'HVRSLQLRQVUpYpODWULFHVG¶XQHFRQGXLWHGHO¶$3&GDQVODFRQIXVLRQ HWO¶DEVHQFHG¶XQHGpPDUFKHFRKpUHQWH

$YHF XQH DSSURFKH GLVFXUVLYRFHQWUpH EDVpH VXU OD SULVH HQ FRPSWH GHV RSLQLRQVFRQVLJQpHVHQOLJQHFHWWHUHFKHUFKHFRQILUPHOHSRLQWGHYXHJpQpULTXH TXH©ODFRQQDLVVDQFHGHORSLQLRQGXQSHXSOHFRQVWLWXHODPHLOOHXUHLQWURGXFWLRQ TXLVRLWjODFRQQDLVVDQFHPrPHGHFHSHXSOHª1JD1GRQJR(QLQVLVWDQW GDYDQWDJHVXUFHTXHOHVDFWHXUVVRFLDX[GLVHQWHWSHQVHQWjSURSRVGHWHORXWHOVXMHW /DEDULHW0DUFODUHFKHUFKHVRFLDOHSHUPHWWUqVVRXYHQWG¶DERXWLUDX©QR\DX FHQWUDOª$EULFGHVYDULDWLRQVGLVFXUVLYHVVXUOHSKpQRPqQHpWXGLp'DQVOH FDV GH FHWWH UHFKHUFKH IRQGpH VXU O¶LGpH TXH OHV RSLQLRQV VRQW ©OHV IRUFHV FRQVWLWXWLYHV HW IRQFWLRQQHOOHV GHV VRFLpWpVª 7DUGH OHV GLIIpUHQWV UpVXOWDWVSHUPHWWHQWDLQVLGHSRVHUOHVVLWXDWLRQVGHYLHFRPPHXQFODLUREVFXUXQ FDV SDUPL WDQW G¶DXWUHV GHV GLIILFXOWpV HQVHLJQDQWHV VXU O¶$3& XQH LQJpQLHULH LQLQWHOOLJLEOH FRQGXLWH GDQV OD FRQIXVLRQ HW FRPPH XQH WUDQVSRVLWLRQ GLGDFWLTXH ULVTXpH&HTXLSHUPHWGRQFG¶DSSRUWHUODSUHXYHGHODFULVHGHO¶$3&DX&DPHURXQ VXUXQSDQGLVFUHWGHFHWWHDSSURFKHpGXFDWLYH2QFRQYLHQWGRQFTXHODSDUROHGHV LQGLYLGXVTXLFRQVWLWXHQWO¶HVSDFHVRFLDOHVWFHQWUDOH&RWWLHUHW&KRTXHW

/¶H[SOLFDWLRQSULQFLSDOHGHFHWWHFULVHGHO¶$3&G¶XQHSDUWHWGHVGLIIpUHQWHV IRUPHVGHGLIILFXOWpVGDQVODPLVHHQ°XYUHGHVSURFpGpVpGXFDWLIVGpFULWVG¶DXWUH SDUWHVWOLpHjODFRQGXLWHGHVPpWKRGHVHWRXWLOVGHFHWWHDSSURFKH$3&DLQVLTXH VD YHUVLRQ FKRLVLH SDU OH &DPHURXQ HQWUpH SDU OHV VLWXDWLRQV GH YLH GDQV OD FRQIXVLRQO¶LQFHUWLWXGHOHVEULFRODJHVSpGDJRJLTXHVHWO¶DEVHQFHG¶XQHGpPDUFKH FRKpUHQWH $LQVL OHV GLIILFXOWpV HQVHLJQDQWHV j FDXVH GHV VLWXDWLRQV GH YLH VH UDSSRUWHQW j OD FRPSOH[LWp GH O¶$3& GRQW OHV FRQWRXUV SHLQHQW j rWUH WRWDOHPHQW FHUQpVSDUOHVDFWHXUVLPSOLTXpVTXLSRXUODSOXSDUWG¶HQWUHHX[HQDFWLYLWpRQWpWp IRUPpVGDQVOD3pGDJRJLHSDUREMHFWLI

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

2SLQLRQVHQOLJQHXQPDWpULDXG¶DQDO\VHLQH[SORUpGDQVOHGRPDLQH GHVGLIILFXOWpVHQVHLJQDQWHV

4XRLTXH GH QRPEUHX[ DXWHXUV UHFRQQDLVVHQW TXH©OH :HE FRQVWLWXH XQ WHUUDLQSURSLFHDX[pWXGHVG¶RSLQLRQª%DGRXDUGODSULVHHQFRPSWHGHV RSLQLRQVHQOLJQHFRPPHPDWpULDXG¶DQDO\VHUHVWHHQFRUHXQWHUUDLQLQH[SORUpGDQV OHVWUDYDX[VXUOHVGLIILFXOWpVHQVHLJQDQWHV&HOOHVFLUHVWHQWGRPLQpHVSDUO¶HPSULVH GHVUDSSRUWVDXPLOLHXVFRODLUHHWHVSDFHVSK\VLTXHVGHWUDYDLOHQVHLJQDQWV

$XVVLOHVGLIIpUHQWHVSUREOpPDWLVDWLRQVG¶DXWHXUVQHVRUWHQWTXHWUqVSHXGHFH FDGUHWUDGLWLRQQHO&HODPrPHVLGHSOXVHQSOXVO¶HVSDFHVRFLRQXPpULTXHFRQVWLWXH XQH RSSRUWXQLWp KHXULVWLTXH j SDUWLU GH ODTXHOOH VH UHQRXYHOOHQW SOXVLHXUV SUREOpPDWLTXHVVFLHQWLILTXHVHQVFLHQFHVVRFLDOHVHWHQpGXFDWLRQ)HUUDU\

RXHQFRUHHQGpSLWGXIDLWTXHODFRPPXQLFDWLRQHWOHVLQWHUDFWLRQVpGXFDWLYHVGDQV OHV HQYLURQQHPHQWV HQ OLJQH FRQVWLWXHQW GHV D[HV UpFXUUHQWV GDQV O¶DQDO\VH GHV G\QDPLTXHV GH WUDYDLO HQVHLJQDQW 'DQV XQ FRQWH[WH FRPPH OH &DPHURXQ OD SUpVHQFH H[SRQHQWLHOOH GHV HVSDFHV VRFLRQXPpULTXHV GH GLVFXVVLRQV G¶pFKDQJHV G¶H[SpULHQFHV HW GH UHQIRUFHPHQW GX WUDYDLO G¶LQWHUFRPSUpKHQVLRQ FROOHFWLYH GHV GLIILFXOWpV HQVHLJQDQWHV SRQFWXpH SDU O¶REVHUYDWLRQ HW OD UpJXODULWp GH FHWWH FRPPXQDXWp SURIHVVLRQQHOOH HQ OLJQH VH SUpVHQWH SRXUWDQW j SDUWLU GH FHWWH UHFKHUFKHFRPPHXQHRSSRUWXQLWpGHPHVXUHGHO¶RSLQLRQ%DGRXDUG

6LFRPPHQRXVOHSHQVRQVLOIDXWVXLYUHODSLVWHGHVHVSDFHVVRFLRQXPpULTXHV LQWHUSURIHVVLRQQHOVHWUHFRXSHUGDQVOHVRSLQLRQVHQOLJQHFHTX¶LO\DGHGLIILFLOH GDQVOHXUUDSSRUWDXWUDYDLORQSHXWGDYDQWDJHRULHQWHUO¶DQDO\VHVFLHQWLILTXHYHUV XQHFRQMRQFWLRQGDSSURFKHVFHOOHWHOOXULTXHHWFHOOHVRFLRQXPpULTXHSRXUXQH PHVXUH KROLVWLTXH GHV V\VWqPH G¶RSLQLRQV VXU OHV GLIILFXOWpV HQVHLJQDQWHV GDQV OH

&DPHURXQFRQWHPSRUDLQ &RQFOXVLRQ

/H SRLQW GH GpSDUW GH FHWWH UHFKHUFKH UHSRVDLW VXU OH FRQVWDW TXH GDQV OH FRQWH[WHFDPHURXQDLVOHVSUREOpPDWLTXHVpGXFDWLYHVVHWUDQVSRUWHQWGDQVOHVHVSDFHV VRFLRQXPpULTXHV$XVVLDWRQSULVHQFKDUJHO¶H[SRVLWLRQHWOHVGpEDWVDXWRXUGHV

©VLWXDWLRQV GH YLHª GDQV OD SODWHIRUPH/HV (QVHLJQDQWV GX &DPHURXQ GDQV O¶REMHFWLI G¶HQ IRUPDOLVHU OHV GLIIpUHQWHV GLIILFXOWpV HQVHLJQDQWHV TXL pPHUJHQW GH O¶H[LJHQFH GX UHFRXUV j FHV SURFpGpV GDQV OHV DFWLYLWpV G¶HQVHLJQHPHQW DSSUHQWLVVDJHHQPLOLHXVFRODLUH&HTXLQRXVDVLWXpGDQVOHFDGUHGHVG\QDPLTXHV GH IRUPDWLRQ UDWWDFKpHV j O¶$3&(69 &RQFUqWHPHQW O¶DQDO\VH V¶HVW RUJDQLVpH DXWRXUGHODTXHVWLRQFHQWUDOHTXHOOHVVRQWOHVGLIILFXOWpVDX[TXHOOHVVRQWFRQIURQWpV OHV HQVHLJQDQWV j FDXVH GH O¶HQWUpH SDU OHV VLWXDWLRQV GH YLH j OD OXPLqUH GHV SXEOLFDWLRQVH[SRVpHVHWGpEDWWXHVSDUFHVDFWHXUVGDQVODSODWHIRUPHQXPpULTXH"

/¶LQWpUrWG¶DYRLUWHQWpG¶\UpSRQGUHUHOqYHGHWURLVRUGUHVLOSHUPHWG¶DERUGGHSRVHU OHSUREOqPHGHO¶$3&DXGHOjG¶XQHDSSURFKHORJLVWLFRTXDQWLWDWLYHGDQVOHV\VWqPH pGXFDWLI FDPHURXQDLV HQVXLWH GH PRQWUHU TXH OHV RSLQLRQV GHV LQGLYLGXV TXL FRQVWLWXHQWO¶HVSDFHVRFLDOVRQWFHQWUDOHVHWUHVWHQWOHVLQVWDQFHVHVVHQWLHOOHVSRXU GpFULUHOHVGLIILFXOWpVHQILQGHGpILQLUOHVRSLQLRQVHQOLJQHFRPPHXQHRSSRUWXQLWp IDFH j OD SUpVHQFH H[SRQHQWLHOOH GHV HVSDFHV VRFLRQXPpULTXHV GH GLVFXVVLRQV

G¶pFKDQJHV G¶H[SpULHQFHV HW GH UHQIRUFHPHQW GX WUDYDLO G¶LQWHUFRPSUpKHQVLRQ FROOHFWLYHGHVGLIILFXOWpVHQVHLJQDQWHV¬FHSRLQWHQUHVWDQWFHQWUpVVXUO¶HQWUpHSDU OHVVLWXDWLRQVGHYLHOHVUpVXOWDWVSUpVHQWHQWFHVGLVSRVLWLIVpGXFDWLIVFRPPHXQFODLU REVFXUXQHVRXUFHGHGLIILFXOWpVGDQVODPLVHHQ°XYUHGHO¶$3&XQHLQJpQLHULH LQLQWHOOLJLEOH HW XQH WUDQVSRVLWLRQ GLGDFWLTXH ULVTXpH FKH] OHV HQVHLJQDQWV FDPHURXQDLV &HV UpVXOWDWV VRQW OD WUDGXFWLRQ G¶XQH FRQGXLWH GH O¶$3& GDQV OD FRQIXVLRQ O¶LQFRPSUpKHQVLRQ JpQpUDOLVpH O¶LQFHUWLWXGH OHV EULFRODJHV SpGDJRJLTXHVHWO¶DEVHQFHG¶XQHGpPDUFKHFRKpUHQWH'qVORUVTX¶LOV¶DJLVVHGH O¶pFROHGHVFRPSpWHQFHVRXGHWRXWDXWUHDSSURFKHRQQHSHXWSURSRVHUXQV\VWqPH pGXFDWLIHWG¶DSSOLFDWLRQGHVUpIRUPHVpGXFDWLYHVVDQVWHQLUFRPSWHQLGHODUpDOLWp VRFLRFXOWXUHOOHG¶XQSD\VQLGXGHJUpIDPLOLDULWpHWGHFRPSpWHQFHHQLQJpQLHULH GLGDFWLTXHGHVHQVHLJQDQWV

5()(5(1&(6%,%/,2*5$3+,48(6

$EULF-&3UDWLTXHVVRFLDOHVHWUHSUpVHQWDWLRQV3DULV38) $ZRXQGMD&0,/¶DSSURSULDWLRQGHO¶$3&SDUOHVPDLOORQVGHOD

FKDvQHSpGDJRJLTXHDX0LQLVWqUHGHV(QVHLJQHPHQWV6HFRQGDLUHVXQVRXFL SHUPDQHQW6\OODEXV5HYLHZ

%DUUqUH$$XF°XUGHVPDODLVHVHQVHLJQDQWV3DULV)ODPPDULRQ %pFKp(/HU{OHGHO¶XVDJHGHO¶RUGLQDWHXUGDQVOHWUDYDLOVFRODLUH

GHVDSSUHQDQWV2SLQLRQVGHVpOqYHVGHVO\FpHV*pQpUDO/HFOHUFHWELOLQJXH GH <DRXQGp &DPHURXQ ,Q & 'LOL 3DOw eG /DQJDJHV /LWWpUDWXUH HW eGXFDWLRQ 'H OD SRpWLTXH GHV VDYRLUV HQGRJqQHV DX[ PXWDWLRQV VRFLDOH 3DULV/¶+DUPDWWDQ

%ODVH-$VRFLDOSV\FKRORJLFDOJURXQGHGWKHRU\RIWHDFKHUVWUHVV DQGEXUQRXW(GXFDWLRQDO$GPLQLVWUDWLRQ4XDUWHUO\Ǧ

%RGRXDUG 5 &RPPXQDXWp HQ OLJQH HW PHVXUH GH O¶RSLQLRQ

&RPPXQLFDWLRQ &RQVXOWp OH RFWREUH 5HSpUp j KWWSVGRLRUJFRPPXQLFDWLRQ

&KHYDOODUG < /¶DQDO\VH GHV SUDWLTXHV HQVHLJQDQWHV HQ WKpRULH DQWKURSRORJLTXHGXGLGDFWLTXH5HFKHUFKHVHQGLGDFWLTXHGHVPDWKpPDWLTXHV &ORW</DIRQFWLRQSV\FKRORJLTXHGXWUDYDLO3DULV38)Ǧ

&RWWLHU3&KRTXHW&'HO¶XVDJHUFRQVWUXLWjO¶XVDJHUSDUWLFLSDQW (QYLURQQHPHQWV,QIRUPDWLTXHVSRXUO¶$SSUHQWLVVDJH+XPDLQ (YRXQD - /¶eFROH GHV FRPSpWHQFHV OH GpIL GH O¶DPpQDJHPHQW

SpGDJRJLTXH3DULV&RQQDLVVDQFHV VDYRLUV

)HUUDU\ 0 '\QDPLTXH GHV UpVHDX[ VRFLDX[ HW VWUDWpJLHV G¶HQFDVWUHPHQWVRFLDO5HYXHGeFRQRPLH,QGXVWULHOOH5HSpUpj KWWSUHLUHYXHVRUJ

+DUJUHDYHV$7KHHPRWLRQDOSUDFWLFHRIWHDFKLQJ7HDFKLQJDQG 7HDFKHU(GXFDWLRQǦ

.DW] ( /¶KpULWDJH GH *DEULHO 7DUGH 8Q SDUDGLJPH SRXU OD UHFKHUFKHVXUORSLQLRQHWODFRPPXQLFDWLRQ+(50Ê6

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

/DUDEL;0DUF%(QTXrWHG¶RSLQLRQV/HVRQGDJHFRPSURPLV HQWUH SUDWLFLHQV HW SXEOLFV ,Q ; 0DUF - ) 7FKHUQLD 'LUeWXGLHU O¶RSLQLRQSS*UHQREOH38*

/H%RWHUI*'pYHORSSHUHWPHWWUHHQ°XYUHODFRPSpWHQFH3DULV (\UROOHV

/HSODW-+RF-07kFKHHWDFWLYLWpGDQVO¶DQDO\VHSV\FKRORJLTXH GHVVLWXDWLRQV&DKLHUVGH3V\FKRORJLH&RJQLWLYHǦ

/RUWLH'&6FKRROWHDFKHUDVRFLRORJLFDOVWXG\&KLFDJR/RQGRQ 8QLYHUVLW\RI&KLFDJR3UHVV

0ED*'MLDIHXD3&RPSUHQGUHHWDSSOLTXHUO¶DSSURFKHSDUOHV FRPSpWHQFHV HQ FODVVH GH /DQJXHV HW &XOWXUHV QDWLRQDOHV DX &DPHURXQ 6\OODEXV5HYLHZ

0JEZD90DWRXZp$1GRXQJPR,$SSURSULDWLRQGH/¶$3&SDU OHV$FWHXUV(QWUH/pJLPDWLRQHW5pVLVWDQFH6\OODEXV5HYLHZ 0XULOOR$4XHOVFKDQJHPHQWVGDQVOHVGLIILFXOWpVSHUoXHVSDUOHV HQVHLJQDQWVGHSXLVOHXUHQWUpHGDQVOHPpWLHUௗ",Q$FWHVGX;9,,HFRQJUqVGH O¶$06(5HLPV

0XULOOR$HW1XxH]0RVFRVR-D/HVSDUDGLJPHVGHUHFKHUFKHVXU OHVGLIILFXOWpVGDQVOHWUDYDLOHQVHLJQDQWeGXFDWLRQHWVRFLDOLVDWLRQ 0XULOOR$1XxH]0RVFRVR-E/HVUHFKHUFKHVVXUOHVGLIILFXOWpV GDQVOHWUDYDLOHQVHLJQDQWDSSURFKHVHWUpVXOWDWV&DUUHIRXUVGHO¶pGXFDWLRQ 1JD1GRQJR9 /2SLQLRQ FDPHURXQDLVH 7 3UREOpPDWLTXH GH ORSLQLRQHQ$IULTXHQRLUH7KqVHGHGRFWRUDWGeWDWqV/HWWUHVHW6FLHQFHV +XPDLQHV3DULV8QLYHUVLWp3DULV;1DQWHUUH

1XQH]0RVFRVR - 0XULOOR $ /D GLIILFXOWp GDQV OH WUDYDLO HQVHLJQDQWௗXQWKqPHGHUHFKHUFKHDX[REMHWVSOXULHOV3HQVHUO¶pGXFDWLRQ 3HUH]5RX[7$FFRPSDJQHUXQFKDQJHPHQWGHIRQFWLRQjSDUWLUǦ G¶XQ GLVSRVLWLI UpIOH[LI O¶DQDO\VH GH SUDWLTXHV FRPPH OLHX G¶pPHUJHQFH G¶XQJHQUHSURIHVVLRQQHO"4XHVWLRQV9LYHV

3pULHU33URIHVVHXUVGpEXWDQWV/HVpSUHXYHVGHO¶HQVHLJQHPHQW 3DULV38)

5RJHU-/HWDO'HO¶DFWLRQjODWUDQVIRUPDWLRQGXPpWLHUO¶DFWLYLWp HQVHLJQDQWHDXTXRWLGLHQeGXFDWLRQHW6RFLpWpV

7DUGH*/¶RSLQLRQHWODIRXOH3DULV38)

7KLDP2&KQDQH'DYLQ)/¶DSSURFKHSDUFRPSpWHQFHVSHXWHOOH rWUH HIILFDFH VXU Q¶LPSRUWH TXHO WHUUDLQ"&DKLHUV GH OD UHFKHUFKH VXU O¶pGXFDWLRQHWOHVVDYRLUV

/(6,17(5$&7,216'$16/(6(0,66,216 5$',23+21,48(6

+LQG$$5$%

5pVXPp

/DUDGLRGLIIXVLRQHVWO¶XQGHVPR\HQVPpGLDWLTXHVOHVSOXVSXLVVDQWV(OOHPHW HQSHUVSHFWLYHXQHFRQVWUXFWLRQFRPPXQLFDWLRQQHOOHHQWUHOHVLQGLYLGXVHWOHVPpGLDV GH PDVVH &H PpGLD RUDO UHSUpVHQWH XQH SODWHIRUPH VXUGLPHQVLRQQpH SHUPHWWDQW G¶HPEOpH OD GLIIXVLRQ GH PHVVDJHV WLVVpV DILQ G¶rWUH GpFRGpV VHORQ OD OXFLGLWp GH FKDTXH XVDJHU /D TXHVWLRQ VXU O¶LQWHUDFWLRQ GHV DXGLWHXUV GDQV OHV pPLVVLRQV UDGLRSKRQLTXHVGHSUR[LPLWpV¶LQVFULWGDQVXQHUpIOH[LRQDXWRXUGXU{OHGHO¶pFKDQJH FRQYHUVDWLRQQHOGDQVODJHQqVHGHODPDWULFHVRFLRFXOWXUHOOHHQUHFURLVDQWOHVYDOHXUV GHVGLVFRXUVPpGLDWLTXHVDYHFOHVHIIHWVGHO¶LQGXVWULDOLVDWLRQGHVPDVVPHGLD

/DUDGLRHVWXQPR\HQPpGLDWLTXHSHUWLQHQWGDQVOHFKDPSGHO¶DXGLRYLVXHO DX0DURFRIIUHXQHODUJHDFFHVVLELOLWpjO¶HQVHPEOHGHODSRSXODWLRQ1RWUHpWXGH SRUWHVXUODTXHVWLRQGHO¶LQWHUDFWLRQGHVDXGLWHXUVGDQVOHVpPLVVLRQVGHSUR[LPLWp HQSUpVHQWDQWXQHUpIOH[LRQVXUOHU{OHGHFHPpGLDGDQVO¶LQWHUDFWLRQGLUHFWHVXU O¶DQWHQQH'DQVFHWHVSULWQRXVLQWHUURJHRQVO¶LGpHVXUFHVXSSRUWPpGLDWLTXHTXLHVW XQPR\HQGHFRPPXQLFDWLRQGHFRQWLJXwWpSDUH[FHOOHQFH

/D UDGLRGLIIXVLRQ HVW XQ V\VWqPH H[SHUW SRXU VRXOHYHU HW DERUGHU GHV WKpPDWLTXHV GLYHUVLILpHVUHODWLYHPHQW j SOXVLHXUV GRVVLHUV TXL FRQFHUQHQW OD YLH SUDWLTXH GH WRXW LQGLYLGX G¶DXWDQW SOXV TXH OD FRXYHUWXUH GX UpVHDX QDWLRQDO PDURFDLQIDLWGHOXLXQVHUYLFHWUqVDYDQWDJHX[HQWHUPHGHSUR[LPLWpHWHQWHUPHGH FR€WPLVjSDUWODIUDFWXUHQXPpULTXHHQUHJLVWUpHGDQVOHVUpJLRQVGXUR\DXPH&H SRWHQWLHOV¶LQVWUXPHQWDOLVHjWUDYHUVXQFDQDOGHWUDQVPLVVLRQOLEpUDOLVpTXLSURSXOVH OHV LQWURVSHFWLRQV HW FUpH OH GLDORJXH GDQV XQ FRQWH[WH GHV WHFKQRORJLHV GH O¶LQIRUPDWLRQHWGHODFRPPXQLFDWLRQ

0RWVFOpV 5DGLRGLIIXVLRQ ,QWHUDFWLRQ &RPPXQLFDWLRQ PpGLDWLTXH 0pGLDGHPDVVH.

,17(5$&7,216,15$',2%52$'&$676

$EVWUDFW

%URDGFDVWLQJ LV RQH RI WKH PRVW UHOHYDQW PHGLD ,W SXWV LQWR SHUVSHFWLYH D FRPPXQLFDWLRQDO FRQVWUXFWLRQ EHWZHHQ LQGLYLGXDOV :KHQ WKH VSHHFKHV RI VRPH PLQJOHZLWKWKHIUHHGRPRIVSHHFKRIRWKHUVEURDGFDVWLQJUHSUHVHQWVDQRYHUVL]HG SODWIRUPDOORZLQJWKHLPPHGLDWHGLIIXVLRQRIZRYHQPHVVDJHVVRDVWREHGHFRGHG DFFRUGLQJWRWKHOXFLGLW\RIHDFKXVHU7KHTXHVWLRQRQWKHLQWHUDFWLRQRIDQRQ\PRXV OLVWHQHUVLQORFDOUDGLREURDGFDVWVLVSDUWRIDUHIOHFWLRQRQWKHUROHRIDQRQ\PLW\LQ 'RFWRUDQWH8QLYHUVLWp,EQ=RKU$JDGLU0DURF&RXUULHOKLQGDDUDE#JPDLOFRP

WKHJHQHVLVRIWKHVRFLRFXOWXUDOPDWUL[E\FURVVLQJWKHYDOXHVRIPHGLDGLVFRXUVH ZLWKWKHHIIHFWVRILQGXVWULDOL]DWLRQPDVVPHGLD

5DGLRLVDUHOHYDQWPHGLDPHGLXPLQWKHDXGLRYLVXDOILHOGLQ0RURFFRRIIHUV ZLGHDFFHVVLELOLW\WRWKHHQWLUHSRSXODWLRQ2XUVWXG\IRFXVHVRQWKHTXHVWLRQRIWKH LQWHUDFWLRQRIOLVWHQHUVLQORFDOEURDGFDVWVE\SUHVHQWLQJDUHIOHFWLRQRQWKHUROHRI WKLVPHGLDLQGLUHFWLQWHUDFWLRQRQWKHDQWHQQD:LWKWKLVLQPLQGZHTXHVWLRQWKH LGHDRIWKLVPHGLDPHGLXPZKLFKLVDPHDQVRIFRPPXQLFDWLRQRIFRQWLJXLW\SDU H[FHOOHQFH

%URDGFDVWLQJLVDQH[SHUWV\VWHPIRUUDLVLQJDQGDGGUHVVLQJGLYHUVHWKHPHV UHODWLQJWRVHYHUDOLVVXHVWKDWFRQFHUQWKHSUDFWLFDOOLIHRIDQ\LQGLYLGXDOHVSHFLDOO\

VLQFHWKHFRYHUDJHRIWKH0RURFFDQQDWLRQDOQHWZRUNPDNHVLWDYHU\DGYDQWDJHRXV VHUYLFHLQWHUPVRISUR[LPLW\DQGWHUPRIFRVWDSDUWIURPWKHGLJLWDOGLYLGHUHFRUGHG LQWKHUHJLRQVRIWKHNLQJGRP7KLVSRWHQWLDOLVLQVWUXPHQWDOL]HGWKURXJKDOLEHUDOL]HG WUDQVPLVVLRQFKDQQHOWKDWSURSHOVLQWURVSHFWLRQVDQGFUHDWHVGLDORJXHLQWKHFRQWH[W RILQIRUPDWLRQDQGFRPPXQLFDWLRQWHFKQRORJLHV

.H\ZRUGV%URDGFDVWLQJ ,QWHUDFWLRQ $QRQ\PLW\ 0HGLD FRPPXQLFDWLRQ 0DVVPHGLD.

,QWURGXFWLRQ

/DUDGLRGLIIXVLRQpYROXHGDQVOHPRQGHIRLVRQQDQWGHVPpGLDVGHPDVVHHQ HQUHJLVWUDQW GHV P\ULDGHV GH PXWDWLRQV H[SRQHQWLHOOHV HOOHV VRQW DFFRPSDJQpHV G¶XQHSDUWG¶XQHJUDQGHUpYROXWLRQGDQVOHVUHODWLRQVKXPDLQHVHWG¶DXWUHSDUWOD SURJUHVVLRQ GHV QRXYHOOHV WHFKQRORJLHV GH FRPPXQLFDWLRQ IDLVDQW SDUW j OD TXLQWHVVHQFHG¶XQHVRFLpWpGHFRQVRPPDWLRQDYHUWLH

3OXVLHXUV WKpRULHV RQW SULV SDUW j OD SURJUHVVLRQ GHV VFLHQFHV GX ODQJDJH PDUTXDQW DLQVL XQH PRXYDQFH H[SRQHQWLHOOH GDQV OD FLUFXODWLRQ GH O¶LQIRUPDWLRQ PpGLDWLTXH HW GH VD FKDUJH UpIOH[LYH GDQV OD VSKqUH FXOWXUHOOH (Q WDQW TXH FDQDO SHUWLQHQWGDQVO¶LQWHUIpUHQFHGHVDXGLWHXUVHQJpQpUDOGHODYLOOHG¶$JDGLUDX0DURF QRWUHUpIOH[LRQVHWUDGXLUDLWSDUGHVLQWHUURJDWLRQVUHODWLYHPHQWjO¶LQWHUDFWLRQYHUEDOH GDQVODUDGLRGLIIXVLRQDXSUqVGHVDXGLWHXUVHWDXGLWULFHVPDURFDLQV

/¶REMHFWLIGHQRWUHDUWLFOHHVWG¶H[DPLQHUOHVWKpRULHVTXLRQWUHGLPHQVLRQQpV ODUDGLRGLIIXVLRQGHUHWUDFHUOHVVSpFLILFLWpVGHVWKpRULHVTXLRUQHQWOHFKHPLQHPHQW GH OD FRPPXQLFDWLRQ HW G¶HQ GpPDUTXHU OHV DWWLWXGHV FRQWULEXDQW j OD OLEHUWp G¶H[SUHVVLRQHWjODSULVHGHODSDUROHDXSUqVGHO¶DXGLWHXUHWDXGLWULFH

,OV¶DYqUHTXHODUDGLRGLIIXVLRQRIIULUDLWjFKDTXHLQGLYLGXODPEGDXQHOLEHUWp GHODSDUROHHQGpEDWWDQWOHVVXMHWVOHVSOXVVHQVLEOHVVDQVDXFXQHSHXUGHWUDQVJUHVVHU OHVFRGHVSUppWDEOLVSDUODVRFLpWp

,O VHPEOHUDLW TXH O¶LQGLYLGX V¶H[SULPH PLHX[ GDQV XQ HQYLURQQHPHQW PXOWLFXOWXUHO/DSOXSDUWGHVDXGLWHXUVHWDXGLWULFHVGHODYLOOHG¶$JDGLUVHVHQWHQW SOXV j O¶DLVH HQ GpEDWWDQW OHV VXMHWV OHV SOXV VHQVLEOHV UHVSHFWDQW DLQVL OHV FRGHV VRFLRFXOWXUHOV HW O¶DVSHFW UHOLJLHX[ 'RPLQLTXH :ROWRQ SUpFLVH TXH ©/HV rWUHV KXPDLQV VRXKDLWHQW FRPPXQLTXHU SRXU WURLV UDLVRQV 3DUWDJHU &RQYDLQFUH

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

6pGXLUH (W VRXYHQWSRXU OHV WURLV VLPXOWDQpPHQWª :ROWRQ' 3DU FHWWHFLWDWLRQO¶DXWHXU DIILUPHTXHO¶DFWLRQGHFRPPXQLTXHUHVWSULQFLSDOHPHQWOH SDUWDJHGHVFKRVHVTXHOHVSHUVRQQHVRQWHQFRPPXQGRQWODYDOHXUHVWPHLOOHXUH TXHODJHVWLRQGHVGLIIpUHQFHVTXLQXLVHQWjFHVGHUQLHUVHWILQLVVHQWSDUOHVGpVXQLU GDQVXQHVSDFHTXLFRQQDvWG¶RUHVHWGpMjXQHDIIOXHQFHG¶DOWpULWpKXPDLQH

/DFRPPXQLFDWLRQPpGLDWLTXH

/DFRPPXQLFDWLRQPpGLDWLTXHFKHUFKHjVHUpLWpUHUGDQVO¶D[HGXWHPSVSRXU DFFRPSDJQHUO¶pYROXWLRQGHO¶LQGLYLGXDXVHLQGHVRQHQYLURQQHPHQWVRFLRFXOWXUHO HQOXLpSDUJQDQWDLQVLG¶rWUHXQFRQVRPPDWHXUODPEGDSDVVLI

©/D FRPPXQLFDWLRQ HVW XQ REMHW UHODWLYHPHQW QHXI (OOH VHUDLW SOXW{W XQH VFLHQFHFRQVWLWXpHHQGLVFLSOLQHDXWRQRPHTXLQ¶DQLKLVWRLUHQLpSLVWpPRORJLH/D VFLHQFHGHFHQRXYHOREMHWHVWHQFRUHYLUWXHOOH0DLVWRXWHVWHQFRUHSRVVLEOHª%

%RXORXL]S

7RXWHIRLVFHWWHFRPPXQLFDWLRQDSXDFFpGHUjXQQRXYHOKRUL]RQGqVO¶DUULYpH GHV LQJpQLHULHV GHV UpVHDX[ GH OD WpOpFRPPXQLFDWLRQ GHV PXOWLPpGLDV HW GH O¶LQIRUPDWLTXH (OOH VH EDVH HVVHQWLHOOHPHQW VXU OHV DSSRUWV GHV UHFKHUFKHV GH OD F\EHUQpWLTXHHWGHVDXWRURXWHVGHVWHFKQRORJLHVGHO¶LQIRUPDWLRQ0DLVHQFRUHHOOH SHXW GpFHOHU PRXOW FRQVpTXHQFHV IkFKHXVHV GDQV OD VRFLpWp TXL SRXUUDLHQW pYHQWXHOOHPHQWQXLUHDX[LQGLYLGXVHWjOHXUHQYLURQQHPHQWVRFLRFXOWXUHO

,OVHPEOHUDLWTXHGDQVOHPRGqOHGH6WLPXOLVUpSRQVHO¶KRPPHSDVVLIHVW FRQGLWLRQQpSDUGHVVWLPXOLTXLLPSOLTXHUDLHQWGHVUpDFWLRQVDWWHQGXHVHQUHWRXU

$LQVL OD UHODWLRQ GH O¶LQGLYLGX DYHF OH PRQGH H[WpULHXU VH EDVHUDLW VXU GHV VROOLFLWDWLRQTXLVHUHIOqWHQWVXUVRQFRQVWUXLWGRQWOHVYDOHXUVHWOHVSHUFHSWLRQVQH VRQWV€UHPHQWSDVREMHFWLIV

'DQVOHVDQQpHVWUHQWH+DUROG/DVVZHODIILUPHTXHOHVPDVVPpGLDVLQMHFWHQW OHXUVPHVVDJHVHWOHXUVGRFWULQHVGDQVOHFRUSVVRFLDOFRPPHOHIHUDLWXQHSLT€UHGDQV XQYUDLFRUSVKXPDLQ,OV¶DJLWGH©ODVHULQJXHK\SRGHUPLTXHªK\SRGHUPLFQHHGOH

&HWWHGHUQLqUHDJLUDLWVXUOHFHUYHDXGXUpFHSWHXUDYHFXQHVRUWHG¶K\SQRWLVPHTXL O¶LQWHUGLW GH SRXVVHU OD UpIOH[LRQ G¶DYRLU VD SURSUH LQWHUSUpWDWLRQ FH TXL YD VH UpSHUFXWHUVXUVRQFRPSRUWHPHQWSV\FKRORJLTXH

3DUDLOOHXUVOHPRGqOH/DVVZHOGHPHXUHO¶XQGHVSULQFLSDX[PRGqOHVjDYRLU GpFRXYHUWODFRPPXQLFDWLRQGHPDVVH'DQVVRQRXYUDJH©3URSDJDQGDWHFKQLTXHV LQWKHZRUOGZDUª(QHIIHWFHPrPHPRGqOHSHUPHWG¶pWXGLHUODFRPPXQLFDWLRQ SXEOLFLWDLUHDLQVLTXHODFRPPXQLFDWLRQGHODSURSDJDQGHVXUXQSXEOLFDSULRULSDVVLI ,QIRUPHUQ¶HVWSDVFRPPXQLTXHUS

/¶H[SpULHQFHSDYORYLHQQHEDVpHVXUO¶DVVRFLDWLRQGXVWLPXOXVHQYLURQQHPHQWDOHW VXUOHVUpDFWLRQVGHO¶LQGLYLGX

2XYUDJHGXFKHUFKHXUDPpULFDLQ+DUROG/$66:(/DSSDUXWHQH[SOLFLWDQWODWKpRULH GX%HKDYLRULVPHHWO¶HPSULVHGXJRXYHUQHPHQWVXUODUDGLRODWpOpYLVLRQHWODSUHVVHpFULWH /HFKHUFKHXUDPpULFDLQSUpVXPHTXHWRXWHFRPPXQLFDWLRQPpGLDWLTXHHVWXQSURFHVVXV G¶LQIOXHQFHFRPSOH[HGRQWODWHFKQLFLWpSUHQGIRUPHGDQVOHVSURGXFWLRQVFRPPHOHVILOPV FLQpPDWRJUDSKLTXHVOHVDIILFKHVSXEOLFLWDLUHVOHVRQGHVG¶XQHUDGLRHWFGRQWOHUpVXOWDW GpPRQWUHXQHDSDWKLHGDQVOHFRPSRUWHPHQWFKH]OHUpFHSWHXU

VXU OH SODQ SV\FKRORJLTXH GRQW OH UpVXOWDW GpPRQWUH XQH DSDWKLH GDQV OH FRPSRUWHPHQWFKH]OHUpFHSWHXU

/¶eFROHGH)UDQFIRUW

'DQV OHV DQQpHV WUHQWH O¶eFROH GH )UDQFIRUW TXL SDU VHV UHFKHUFKHV VXU O¶LQGXVWULHFXOWXUHOOHDSXGpYRLOHUG¶LPSRUWDQWHVpWXGHVVXUODEDVHGHVTXHOOHVQRXV SRXYRQV DUJXPHQWHU QRWUH UpIOH[LRQ /¶eFROH UHJURXSDLW XQH FRQVWHOODWLRQ GH FKHUFKHXUV 7KpRGRUH $GRUQR 0D[ +RUNKHLPHU HW +HUEHUW 0DUFXVH TXL RQW WUDYDLOOpVXUO¶pWXGHFULWLTXHGHVSKpQRPqQHVVRFLDX[HWVXUO¶DQDO\VHGHO¶HIIHWGHV PpGLDVVXUODVRFLpWpWHQWDQWG¶pFKDSSHUDXFORLVRQQHPHQWGHVSRWLTXHGHVOHDGHUV G¶RSLQLRQ/¶pFROHLQWURGXLWODQRWLRQG¶©,QGXVWULH&XOWXUHOOHª.XOWXULQGXVWULHTXL HVWXQHIRUPHGHFULWLTXHGHO¶LQGXVWULDOLVDWLRQGHODFXOWXUHSDUOHVPpGLDV

/HV WKpRULHV GH OD UpFHSWLRQ GpPRQWUHQW TXH OH GHVWLQDWDLUH LQWHUDJLW DX PHVVDJH HQ VH FRQIRUPDQW j VHV SURSUHV FRPSpWHQFHV SV\FKRORJLTXHV /HV WHFKQLTXHVGHPpGLDWLVDWLRQHWOHVLQIOXHQFHVGXSRXYRLUVRQWELHQSUpVHQWHVPDLV VHXOHPHQWVL OHUpFHSWHXU QHVHFRQWHQWHSOXVGHFURLUH PDFKLQDOHPHQWjWRXVOHV PHVVDJHV TX¶LOV OXL VRQW DGPLQLVWUpV %LHQ DX FRQWUDLUH OH GHVWLQDWDLUH SDUWLFLSH DXVVLW{WDXGpFRGDJHGHFHTXHO¶DSSDUHLOPpGLDWLTXHWHQWHGHOXLWUDQVPHWWUH

©/H FRXUDQW YRLW GDQV O¶pPHWWHXU OH VXUKRPPH GDQV OH UpFHSWHXU OH WURXSHDXODVXUYLYDQFHG¶XQHSHXUGLVVpPLQpHSDUOHQD]LVPH$YHFO¶qUHGHODUDGLR WRXWHVWFRQWU{OH/¶pPHWWHXUUHVWHIRUWHWOHUpFHSWHXUSDVVLI/DUpFHSWLRQXQHFLEOH IDFLOHLQFDSDEOHGHUpDFWLRQ&HWWHYLVLRQGRLWEHDXFRXSjVRQpSRTXHHWDXPRQVWUH TXLODGRPLQDODSHUVpFXWLRQQD]LHª%RXFKUD%RXORXL]

/DUXSWXUHGHVOLHQVVRFLDX[DGRQQpYLHj©O¶KRPPHGHPDVVHªOLYUpjOXL PrPHGDQVXQHVRFLpWpDWRPLVpHHQpWDWG¶rWUHIRUWHPHQWPDQLSXOpSDUGHVIRUFHVTXL JRXYHUQHQWVDFRPPXQDXWpSOXVSDUWLFXOLqUHPHQWSDUOHVPpGLDVGHPDVVHDX[TXHOV LOHVWFRQIURQWpTXRWLGLHQQHPHQW

3DXO/D]DUVIHOGHW(OLKX.DW]IRQWSDUWLHGHODGHX[LqPHJpQpUDWLRQGHO¶eFROH GH)UDQFIRUWHQLOVRQWFRQoXjSDUWLUGHO¶DQDO\VHGHVFDPSDJQHVpOHFWRUDOHV DX[ eWDWV 8QLV G¶$PpULTXH OD WKpRULH GH OD ©FRPPXQLFDWLRQ HQ GHX[

pWDJHVªRXWZRVWHSIORZFRPPXQLFDWLRQ/¶HPSULVHGHVPpGLDVGHPDVVHV¶RSqUH VHORQ XQ PRGH FRPPXWDWHXU FUpDQW XQ UpVHDX G¶LQIOXHQFH VH UpSHUFXWDQW VXU OHV JURXSHVGHUpIpUHQFH

6XLYDQW OD WKpRULH GH © OD FRPPXQLFDWLRQ HQ GHX[ pWDJHV ª OHV PpGLDV FRPPXQLTXHQWXQHLQIRUPDWLRQTXLDXVVLW{WUpFHSWLRQQpHVHUDWUDLWpHG¶DERUGSDU OHVOHDGHUVG¶RSLQLRQSDUODVXLWHHOOHVHUDGLIIXVpHjOHXUHQWRXUDJHUHVSHFWLISXLV jODVSKqUHSXEOLTXH

&HPRGqOHSUpVHQWHXQFLUFXLWGHGLIIXVLRQG¶LQIRUPDWLRQVHQWUHOHVOHDGHUV G¶RSLQLRQHWOHVJURXSHVGHUpIpUHQFHVHORQGHX[SDOLHUV/HSUHPLHUSDOLHUFRQFHUQH

/¶XQHGHVFDPSDJQHVGHSURSDJDQGHVOHVSOXVLPSRUWDQWHVpWDLWFHOOHGHO¶HPSLUHQD]LH H[HUFpHVXUOHSHXSOHJHUPDQLTXHVXUXQHGXUpHGHSOXVGHWUHQWHDQVXQHSURSDJDQGHEDVpH VXUOHQDWLRQDOLVPHH[WUpPLVWHVXUO¶REpLVVDQFHDYHXJOHDX[OHDGHUVGHVSRWLTXHV

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

OHV LQGLYLGXV DYHUWLV OLpV GLUHFWHPHQW DX[ PpGLDV HW TXL REWLHQQHQW HX[PrPHV O¶LQIRUPDWLRQjGLIIXVHU

/HVHFRQGSDOLHUIDLWUpIpUHQFHDX[LQGLYLGXVQRQDYHUWLVTXLRQWUHFRXUVDX[

DXWUHVSRXUO¶REWHQWLRQGHO¶LQIRUPDWLRQ3DUFRQVpTXHQWQRXVREWHQRQVXQHVSKqUH PpGLDWLTXHVFLQGpHHQGHX[FDWpJRULHV VRFLDOHVOHVOHDGHUVG¶RSLQLRQSHUVRQQHV DFWLYHVHWOHVVXLYHXUVOHVSHUVRQQHVSDVVLYHV

/D WKpRULH GHV XVDJHV HW JUDWLILFDWLRQV8VHV *UDWLILFDWLRQVVWLSXOH TXH O¶LQGLYLGXFKRLVLWOXLPrPHOHPpGLDHWVRQFRQWHQXVHORQVHVSURSUHVEHVRLQV1RXV MXJHRQVTXHODWKpRULHGHV©XVDJHVHWJUDWLILFDWLRQVªHWODWKpRULHODSOXVDGDSWpHj QRWUH FDV G¶pWXGH &HWWH WKpRULH VWLSXOH TXH O¶KRPPH Q¶HVW SDV XQ VLPSOH FRQVRPPDWHXUDFFHSWDQWSDUGpIDXWWRXWFHTXHOHVPpGLDVSHXYHQWOXLLQMHFWHUPDLV DXFRQWUDLUHLOV¶DJLWG¶XQFRQVRPPDWHXUDYHUWLTXLFRQWU{OHVHVSURSUHVEHVRLQVG¶R

OHFKRL[GHO¶XVDJHDGpTXDWGHVPpGLDV7RXWHIRLVODJUDWLILFDWLRQVHORQ(OXKL.DW]

VLJQLILH OD VDWLVIDFWLRQ TXH WLUH OH UpFHSWHXU DSUqV DYRLU VXEL O¶HIIHW GHV XVDJHV PpGLDWLTXHV /HV LQGLYLGXV RQW UHFRXUV DX[ PpGLDV DILQ GH JDJQHU HQ UHWRXU XQH LQIRUPDWLRQXQGLYHUWLVVHPHQWEUHIXQHVDWLVIDFWLRQ

3DU DLOOHXUV OD UDGLRGLIIXVLRQ RSqUH GDQV XQ V\VWqPH R O¶LQIRUPDWLRQ VH WUDQVPHWHWSURJUHVVHG¶HOOHPrPHHWSDUHOOHPrPH&RPPHO¶DXUDLWGpYHORSSpHOD F\EHUQpWLTXHFHWWHGHUQLqUHFRQVWLWXHXQPRGqOHV\VWpPLTXHUHSRVDQWjODEDVHVXU ODFLUFXODWLRQGHO¶LQIRUPDWLRQGDQVOHVVWUXFWXUHVDXWRUpJXOpHVHWJpQpUDQWDLQVLXQ IHHGEDFNG¶RODFDXVDOLWpFLUFXODLUH$LQVLLOV¶DJLWG¶XQHDSSURFKHTXLDQDO\VHOD IRQFWLRQGHO¶LQIRUPDWLRQGDQVVRQFRQWH[WHHQWUHOHVLQIRVpPHWWHXUVHWOHVLQIRV UpFHSWHXUV /H SULQFLSH GHV WUDYDX[ GH 1RUEHUW :LHQHU PHW HQ YDOHXU OH PpFDQLVPHFLUFXODLUHUpVLGDQWGDQVOHV\VWqPHTXLUHFRXYUHO¶pPHWWHXUOHUpFHSWHXU HWODUpWURDFWLRQGDQVXQHORJLTXHG¶DXWRUpJXODWLRQQRQOLQpDLUH

/DUDGLRHWOHVPDVVPpGLDV

/HVPpGLDVGHPDVVHGHPHXUHQWXQLQVWUXPHQWTXLSDUYLHQWjDLJXLOORQQHUXQ ODUJHSXEOLF/¶RULJLQHGHFHFRQFHSWYLHQWjSDUWLUGXSULQFLSHGX3XVKSRXVVHU O¶LQIRUPDWLRQGHSXLVOHGHVWLQDWDLUHYHUVOHUpFHSWHXU(Q00F/XKDQDVX GRQQHUSOXVGHGLPHQVLRQDXPpGLXP©/HPHVVDJHF¶HVWOHPpGLXPªGpMjSUpVHQW GDQVOHVFKpPDGH+/DVVZHO©6DWKpRULHPRQRFDXVDOHDIILUPHTXHOHVPR\HQVGH FRPPXQLFDWLRQ HQWHQGXV GDQV OH VHQV OH SOXV ODUJH GHV WUDQVSRUWV DX[ DUWV VWUXFWXUHQWOHVVRFLpWpVQRQSRXUGHVPRWLIVpFRQRPLTXHVPDLVVHQVRULHOVª

,O D IDLW OD GLVWLQFWLRQ HQWUH PpGLXP FKDXG HW PpGLXP IURLG /H PpGLXP FKDXGVHGpILQLWSDUVDJpQpURVLWpRIIUDQWSHXGHSODFHjVRQXWLOLVDWHXUH[HPSOHGH ODUDGLRLQFLWHO¶XWLOLVDWHXUjUHVWHULPPRELOH/HPpGLXPIURLGVHFDUDFWpULVHSDUVD IDLEOHVVH HQ DSSRUW RIIUDQW PRLQV G¶LQIRUPDWLRQV FH TXL GHPDQGH XQH IRUWH

/¶pOLWLVPH RSqUH GDQV XQ V\VWqPH GH UHODLV FRQYHQWLRQQHO GDQV OD PHVXUH R LO V¶DJLW VHXOHPHQWG¶XQSDQG¶XQHVRFLpWpTXLRQWOHSULYLOqJHGHIDLUHSDUWLHGHODFODVVHG¶pOLWHV&HV GHUQLHUVH[HUFHQWOHXUSRXYRLUGHSHUVXDVLRQVXUOHVLQGLYLGXVVDQVYRL[FRQVWLWXDQWDLQVLOD PLQRULWp

(ULF0DLJUHW6RFLRORJLHGHODFRPPXQLFDWLRQHWGHVPpGLDV$UPDQGFROLQ

SDUWLFLSDWLRQGHODSDUWGHVRQXWLOLVDWHXUH[HPSOHGHODWpOpYLVLRQREOLJHODSHUVRQQH jV¶LPSOLTXHUHWjPHQHUXQGpEDW

$XGpEXWGX;;,VLqFOHODSUHVVHWUDGLWLRQQHOOHSUHQGGXUHFXOHWODLVVHSODFH jODWHFKQRORJLHHWODFULWLTXHGHVPpGLDVDLQVLODQRWLRQGHPpGLDUHYrWXQDVSHFW SOXULGLVFLSOLQDLUH OHV PpGLDV DXWRQRPHVOH OLYUH HW OH MRXUQDO OHV PpGLDV GH GLIIXVLRQODUDGLRHWODWpOpYLVLRQHWOHVPpGLDVGHFRPPXQLFDWLRQOHWpOpSKRQHHW O¶LQWHUQHW

/DWKpRULHGH©ODVSLUDOHGXVLOHQFHªpODERUpHHQSDUODVRFLRORJXH (OL]DEHWK 1 1HXPDQQ DSSXLH DYHF IHUYHXU OD WKpRULH GH 3DXO /D]DUVIHOG VXU O¶RSLQLRQSXEOLTXHHWOHXULPSDFWVXUOHVPpGLDV/¶KRPPHHVWWUqVVXVFHSWLEOHGDQV VRQHVSDFHFRPPXQDXWDLUHGDQVFHVHQVO¶DXWHXUDIILUPHTXH

©/¶LQGLYLGXSHXWVHWURXYHUG¶DFFRUGDYHFOHSRLQWGHYXHGRPLQDQW&HOD UHQIRUFHVDFRQILDQFHHQVRLHWOXLSHUPHWGHV¶H[SULPHUVDQV UpWLFHQFH HW VDQV ULVTXHU G¶rWUH LVROp IDFH j FHX[ TXL VRXWLHQQHQW GHV SRLQWV GH YXH GLIIpUHQWVª /¶LQGLYLGX D SHXU GH VH UHWURXYHU PDUJLQDOLVp GDQV VD VSKqUH VRFLDOH GH FRPPXQLTXHU VRQ YpULWDEOH DYLV LO RSWHUD SDU FRQVpTXHQW SRXU OH VLOHQFH HW VH IRQGHUD V\VWpPDWLTXHPHQW GDQV OD PDVVH 3DU DLOOHXUV OD SURGXFWLRQ FXOWXUHOOH VXELUDLW GHV FKDQJHPHQWV GDQV OD UpFHSWLRQ HW O¶XVDJH GX FRQWHQX GHV PpGLDV GH PDVVH

©&HUWDLQV VRFLRORJXHV FRPPH (GJDU 0RULQ >@ SDU H[HPSOH PHWWHQW SULQFLSDOHPHQW O¶DFFHQW VXU OH PRGH GH SURGXFWLRQ GH FHWWH FXOWXUH>«@/D

©SURGXFWLRQªWHQGjVXSSODQWHUOD©FUpDWLRQª&HSHQGDQWODPDMRULWpGHVDXWHXUV FRQVDFUHQW O¶HVVHQWLHO GH OHXUV DQDO\VHV j OD TXHVWLRQ GH OD FRQVRPPDWLRQGHOD FXOWXUHSURGXLWHSDUOHVPDVPpGLDVª'&XFKH

/HV PpGLDV H[HUFHQW XQ SRXYRLU G¶DOLpQDWLRQ FXOWXUHOOH XQH IRUPH G¶DQpDQWLVVHPHQWSV\FKRORJLTXHHQYHUVOHVFRPSpWHQFHVSHUVRQQHOOHV/DFUpDWLYLWp GXFRQVRPPDWHXUHVWDORUVFRQGLWLRQQpHSDUXQKDUFqOHPHQWPpGLDWLTXHFRQWLQX

/¶LQWHUDFWLRQGDQVODUDGLRGLIIXVLRQ

'DQVOHSD\VDJHGHODUDGLRSKRQLHXQHIRLVjO¶DQWHQQHOHVDXGLWHXUVSHXYHQW UpDJLUGDQVGHVpPLVVLRQVGHSUR[LPLWpHQVHSURFXUDQWXQIDX[QRPGDQVO¶LQWHQWLRQ GHV¶H[SULPHUOLEUHPHQWVDQVrWUHUHFRQQXV©&¶HVWORUVTX¶LOSDUOHHQVRQQRPTXH 'DQV VRQ OLYUH /D FXOWXUH GX SDXYUH 5 +RJJDUW PqQH XQH UpIOH[LRQ VXU OHV FRPSRUWHPHQWVFXOWXUHOVGHVWUDYDLOOHXUVOHVMRXUQpHVGHODFODVVHRXYULqUHVRQWFRQQXHVSRXU rWUH GHV MRXUV SpQLEOHV FHV WHPSV GXUV SHXYHQW VH UpSHUFXWHU VXU OH IRQFWLRQQHPHQW FRPSRUWHPHQWDOGHODSRSXODWLRQ'¶ROHU{OHLQIOXHQWGHVPpGLDVGHPDVVHQRXUULUOHV TXRWLGLHQVIRLVRQQDQWVGHVRXYULHUVHQV¶LQVFULYDQWGDQVXQHV\PEROLTXHGHUHJRUJHPHQWGH SODLVLUOHVLQFLWDQWjVHUHQGUHGDQVOHXUVIR\HUVFRQVLGpUpVFRPPHGHVPLOLHX[VDLQVGHV OLHX[KDUPRQLHX[HWIDPLOLDX[VRXUFHGHGpYRWLRQ©ODYDOHXUVXSUrPHHVWFHOOHGXIR\HUOH TXDUWLHUHWOHORJHPHQWIRUPHQWGHVVDQFWXDLUHVIDFHVDX[PHQDFHVH[WHUQHVª

eOL]DEHWK1RsOOH1HXPDQQSURIHVVHXUpPpULWHDOOHPDQGHjO¶XQLYHUVLWpGH 0D\HQFHpFULWHQ©7KHVSLUDORI6LOHQFHª

'HQ\V &XFKH SURIHVVHXU pPpULWH GH VRFLRORJLH HW G¶DQWKURSRORJLH j 6RUERQQH 3DULV 'HVFDUWHV ± 8QLYHUVLWp 6RUERQQH 3DULV &LWp ©/D QRWLRQ GH FXOWXUH GDQV OHV VFLHQFHV VRFLDOHVªqPHpGLWLRQ(GLWLRQV/D'pFRXYHUWHS

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

O¶KRPPHHVWOHPRLQVOXLPrPH'RQQH]OXLXQPDVTXHHWLOYRXVGLUDODYpULWpª 2VFDU:LOGH

&¶HVWXQHIDoRQGHIDLUHXQHUXSWXUHHQWUHODSHUVRQQDOLWpSXEOLTXHHWODYLH SULYpHGHODSHUVRQQH

/¶LQWHUDFWLRQjODUDGLRVHUpJpQqUHJpQpUDOHPHQWJUkFHjODSHUWLQHQFHGXVXMHW VXMHWVG¶DFWXDOLWpDXWDOHQWGHVSUpVHQWDWHXUVHWjODFKDUJHTXHSRUWHOHWKqPH FKRLVL 'H SOXV OHV UpDFWLRQV GHV LQYLWpV j FKDXG VXU OHV SODWHDX[ DLQVL TXH OHV LQWHUYHQWLRQV GHV DXGLWHXUV VXU OHV RQGHV IRQW GH OD UDGLRGLIIXVLRQ XQ PR\HQ GH FRPPXQLFDWLRQSDUOHTXHOO¶LQGLYLGXV¶H[SULPHV¶LQIRUPHHWVHGLYHUWLW/¶DQRQ\PDW RIIULUDLW j WRXW LQGLYLGX XQH OLEHUWp GDQV OD SDUROH HQ WUDLWDQW OHV VXMHWV OHV SOXV VHQVLEOHVVDQVUpVHUYHUHOLJLRQVDQWpVH[HSROLWLTXH

'DQVODPrPHSHUVSHFWLYHSRXUPHQHUjELHQQRWUHLQYHVWLJDWLRQQRXVDYRQV WUDYDLOOpVHORQXQHGpPDUFKHGpGXFWLYH&RQFHUQDQWO¶pWXGHTXDQWLWDWLYHQRXVDYRQV PHQpXQHHQTXrWHDXSUqVGHVDXGLWHXUVHWDXGLWULFHVGHODYLOOHG¶$JDGLUDX0DURF HQ (OOH V¶HVW YpULILpH VXU XQH PpWKRGRORJLH ELHQ LQVWUXPHQWDOLVpH GDQV OD PHVXUHRQRXVDYRQVWUDYDLOOpVXUXQpFKDQWLOORQXQVRXVHQVHPEOHUHSUpVHQWDWLI GHODSRSXODWLRQGHODYLOOH

3RXU UpDOLVHU QRWUH HQTXrWH QRXV DYRQV SURFpGp HQ SUHPLHU OLHX j XQH GpWHUPLQDWLRQGXQRPEUHWRWDOGHODSRSXODWLRQGHODYLOOHG¶$JDGLU&HWWHSURFpGXUH QRXVDSHUPLVGHVRXWLUHUOHFKLIIUHH[DFWGHODSRSXODWLRQUHSUpVHQWDWLYHGHODYLOOH HQSUHQDQWHQFRQVLGpUDWLRQGHVSDUDPqWUHVHVVHQWLHOVjO¶REWHQWLRQGHFHWWHWDLOOHGH O¶pFKDQWLOORQTXHQRXVUHFKHUFKRQV

1RXV DYRQV IRUPXOp XQ TXHVWLRQQDLUH SUHQDQW HQ FRQVLGpUDWLRQ WRXWHV OHV YDULDEOHV DSSURSULpHV DX VXMHW 'DQV OH EXW G¶REWHQLU XQ JUDQG SDQHO G¶RSLQLRQV GLYHUVLILpVTXLQRXVSHUPHWWUDLWG¶DYRLUXQHUHSUpVHQWDWLYLWpWUqVFODLUHQRXVDYRQV SURFpGp j XQH VHJPHQWDWLRQ GH WHUUDLQ /D SUHPLqUH ]RQH G¶LQYHVWLJDWLRQ ©/HV DPLFDOHVª HVW XQ TXDUWLHU SRSXODLUH UHJURXSDQW SOXV GH PpQDJHV HW XQH SRSXODWLRQ GH HQ . /D VHFRQGH ]RQHG¶LQYHVWLJDWLRQ ©TXDUWLHU

%HQVHUJDRªTXLVHFRPSRVHGHSOXVGHPpQDJHVHWSOXVGHG¶KDELWDQWV VHORQOHVVWDWLVWLTXHVSXEOLpHVHQ

5HODWLYHPHQWjODTXHVWLRQVXUODIUpTXHQFHG¶pFRXWHGHODUDGLRSDUJHQUHOHV VWDWLVWLTXHVRQWPRQWUpTXHOHVFLWR\HQQHVGHODYLOOHG¶$JDGLURFFXSHQWODSUHPLqUH SODFHHOOHVUHSUpVHQWHQWIDFHjGHVFLWR\HQV&HVGRQQpHVUHSUpVHQWHQW OHV IHPPHV DX[ IR\HUV TXL pFRXWHQW OD UDGLR HW OHV IHPPHV HQ GHKRUV GH OHXUV GRPLFLOHVpFRXWDQWIUpTXHPPHQWODUDGLRHQYRLWXUHTXDQGHOOHVVRQWHQURXWHYHUVOH 2VFDU:LOGpFULYDLQHWGUDPDWXUJHEULWDQQLTXHIXWOHWKpRULFLHQGHO¶$UW

SRXUO¶$UW

/DWDLOOHGHO¶pFKDQWLOORQHVWGHSHUVRQQHVFHSDUDPqWUHUHSUpVHQWHOHQRPEUHGHV UpSRQVHVREWHQXHVGHO¶LQYHVWLJDWLRQWUDGXLVDQWODWDLOOHUpHOOHGHO¶pFKDQWLOORQ

/DWDLOOHGHODSRSXODWLRQHVWGHSHUVRQQHV

/DPDUJHG¶HUUHXUHVWGHLOOXVWUHOHSRXUFHQWDJHTXLWUDGXLWO¶H[DFWLWXGHGHODUpSRQVH SDUUDSSRUWjODYDOHXUUpHOOHGDQVODSRSXODWLRQ

3RSXODWLRQVHWPpQDJHVVHORQOHVTXDUWLHUVGHODYLOOHG¶$JDGLU(VWLPDWLRQEDVpHVXUOHV WUDYDX[FDUWRJUDSKLTXHVWUDYDX[SUpSDUDWRLUHVGXUHFHQVHPHQW

OLHX GH WUDYDLO &HWWH FDWpJRULH V¶LQWpUHVVH HVVHQWLHOOHPHQW DX[ pPLVVLRQV VRFLR FXOWXUHOOHV DYHF XQ WDX[ GH FH TXL HVW WRXW j IDLW ORJLTXH SXLVTXH FHV pPLVVLRQVGHSUR[LPLWpUpSRQGHQWjOHXUVDWWHQWHVTXRWLGLHQQHVHQWHUPHGHELHQrWUH GXVDYRLUYLYUHGHO¶pGXFDWLRQGHVHQIDQWVHWGHVUHODWLRQVIDPLOLDOHV

/DUpSRQVHjODTXHVWLRQVXUO¶LQWHUDFWLRQGHVDXGLWHXUVHWGHVDXGLWULFHVVXUOHV RQGHV GH OD UDGLR UpYqOH TXH OHV KRPPHV GpSDVVHQW OHV IHPPHV DYHF XQ pFDUW LPSRUWDQWFRQFHUQDQWO¶LQWHUDFWLRQGDQVGHVpPLVVLRQVUDGLRSKRQLTXHVGDQVOHVHQV ROHVKRPPHVUHSUpVHQWHQWFRQWUHSRXUOHVIHPPHV/HVDXGLWHXUV DUULYHQWIDFLOHPHQWjUpDJLUGDQVGHVpPLVVLRQVWUDQVPLVHVHQGLUHFWVDQVWLPLGLWp FRQWUDLUHPHQWDX[IHPPHVTXLWURXYHQWWRXMRXUVXQHFHUWDLQHKpVLWDWLRQHWXQHKRQWH jSUHQGUHODSDUROH

'¶HPEOpH QRXV SRXYRQV QRWHU TXH OHV IHPPHV DX 0DURF V¶H[SULPHQW OLEUHPHQWGDQVOHXUVLQWHUYHQWLRQVjODUDGLRGDQVODPrPHOLJQpHTXHOHVKRPPHV FHTXLSHXWrWUHSHUoXFRPPHXQHpYROXWLRQQRWRLUHGDQVODSDULWpVRFLDOHGXSD\V 8QSRXUFHQWDJHGHLQGLTXHTXHOHVLQWHUORFXWULFHVSUpIqUHQWLQWHUDJLUGDQVOHV VXMHWVWDERXVGHVDXGLWULFHVSUpIqUHQWLQWHUYHQLUGDQVOHVVXMHWVUHODWLIVjOD SROLWLTXHHWODUHOLJLRQHWVHXOHPHQWLQWHUDJLVVHQWDX[VXMHWVG¶RUGUHVRFLDO 4XDQWDX[LQWHUORFXWHXUVG¶DSUqVOHVFKLIIUHVIRXUQLVSDUQRWUHpWXGHSOXV LQWHUDJLVVHQWGDQVOHVpPLVVLRQVWUDLWDQWOHVVXMHWVWDERXVHWVHXOHPHQWG¶HQWUH HX[LQWHUYLHQQHQWGDQVOHVpPLVVLRQVG¶RUGUHVRFLDORXpFRQRPLTXH

7RXWHIRLVO¶LPSDFWGHO¶DQRQ\PDWVHUHVVHQWVXUWRXWORUVGHVLQWHUYHQWLRQVGHV DXGLWHXUVVXUOHVVXMHWVWDERXVVH[HDGGLFWLRQGpOLQTXDQFH/HVFKLIIUHVWUDGXLVHQW OH U{OH GH O¶DQRQ\PDW HW VRQ LPSDFW VXU OD OLEUH H[SUHVVLRQ 8Q WDX[ GH G¶DXGLWULFHVDIILUPHQWV¶H[SULPHUOLEUHPHQWGDQVO¶DQRQ\PDWTXDQWDX[DXGLWHXUV LOVUHSUpVHQWHQWXQSRXUFHQWDJHGH

7RXMRXUVGDQVOHPrPHD[HGpGLpjO¶DQRQ\PDWQRXVQRWRQVTXHSOXVGH GHVDXGLWHXUVGpFODUHQWTXHODSHXUGHWUDQVJUHVVHUOHVFRGHVGHODVRFLpWpHVWOD UDLVRQSULQFLSDOHTXLHQWUDYHODOLEHUWpG¶H[SUHVVLRQ'HSOXVQRXVFRQVWDWRQVTXH GHV KRPPHV DIILUPHQW TXH OD SHXU GH V¶H[SRVHU ILJXUH SDUPL OHV UDLVRQV HVVHQWLHOOHVTXLIUHLQHQWODOLEHUWpGHFRPPXQLTXHU6HXOHPHQWGHVDXGLWHXUV SHQVHQW TXH OH UHJDUG GH O¶DXWUH HW O¶LQIOXHQFH GH O¶HQYLURQQHPHQW LQWHUFXOWXUHO GHPHXUHQWGHVFDXVHVLPSRUWDQWHVGDQVO¶DEVHQFHGHODOLEHUWpG¶H[SUHVVLRQ4XDQW DX[DXGLWULFHVDIILUPHQWjKDXWHXUGHDYRLUSHXUGHWUDQVJUHVVHUOHVFRGHVGH ODVRFLpWpG¶HQWUHHOOHVUpDJLVVHQWVRXVO¶LQIOXHQFHGHOHXUHQYLURQQHPHQW LQWHUFXOWXUHOHWXQSRXUFHQWDJHGHGHVIHPPHVIXLHQWOHUHJDUGGHO¶DXWUHHW VHXOHVG¶HQWUHFHOOHVFLDYRXHQWDYRLUXQVHQWLPHQWGHSHXUGHWUDQVJUHVVHU OHVFRGHVWUDFpHVSDUODVRFLpWp

/H SURJUDPPH GHV pPLVVLRQV UDGLRSKRQLTXHV LQYLWH SULQFLSDOHPHQW OHV DXGLWULFHV j LQWHUDJLU j pFKDQJHU OHXUV LGpHV HW SDUWDJHU OHXUV H[SpULHQFHV GH IHPPHV PDURFDLQHV G¶DXWDQWSOXVTXHODIHPPHPDURFDLQHGLVSRVHSHXGHWULEXQHVSRXUV¶H[SULPHU

(QJpQpUDOO¶LQWHUDFWLRQUHTXLqUHXQH]RQHGHFRQILDQFHSRXUSHUPHWWUHjO¶LQGLYLGXGH V¶H[SULPHUOLEUHPHQWHWGHSDUWDJHUVHVLGpHVFKRVHTXLIDLWHQFRUHGpIDXWGDQVOHVHVSDFHV SXEOLFV GRPLQpV TXDVLPHQW SDU OHV KRPPHV RSSULPDQW SDU FRQVpTXHQW OD YRL[ HW OD SUpVHQFHGHODIHPPH

$11$/62)7+(81,9(56,7<2)&5$,29$3V\FKRORJ\3HGDJRJ\\HDU;,;QR

&RQFOXVLRQ

(QJXLVHGHFRQFOXVLRQQRXVSRXYRQVDYDQFHUTXHOHFODVVHPHQWGHVPRWLIV OHVSOXVIUpTXHQWVTXLHQWUDYHQWODFRPPXQLFDWLRQPpGLDWLTXHHVWFRPPHVXLW

D/DSHXUGHV¶H[SRVHU

E/DSHXUGHWUDQVJUHVVHUOHVFRGHVGHODVRFLpWp F/HUHJDUGGHO¶DXWUH

G/DGLVORFDWLRQGHODFRPPXQLFDWLRQ

H/¶LQIOXHQFHGHO¶HQYLURQQHPHQWLQWHUFXOWXUHO

&HUWHVOHVUpVXOWDWVDSSXLHQWQRWUHSUREOpPDWLTXHpPLVHDXGpSDUWGHQRWUH WUDYDLOYpULILDQWOHU{OHGHODUDGLRGLIIXVLRQGDQVODFRPPXQLFDWLRQjWUDYHUVOHV RQGHVKHUW]LHQQHV/DPDWULFHGHQRWUHWUDYDLOHVWGpWHUPLQpHSDUOHVGRQQpHVGHV UpVXOWDWVREWHQXVGDQVQRWUHUHFKHUFKHDIILUPDQWTXHO¶LQWHUDFWLRQYHUEDOHORUVGHV HQWUHWLHQVUDGLRSKRQLTXHVSHUPHWGHGpEDWWUHGHVVXMHWVGDQVWRXVOHVGRPDLQHV FRQIRQGXV

/D UDGLRGLIIXVLRQ GHPHXUH OH FDQDO OH SOXV SHUWLQHQW GDQV OH FKDPS GH O¶DXGLRYLVXHO FHFL JUkFH j VD QRWRULpWp HW VD ODUJH FRXYHUWXUH HQ UpVHDX UDGLRSKRQLTXH(OOHRIIUHGRQFWRXWXQSDQHOGLYHUVLILpGHSURJUDPPHVWUDQVPLVjVHV XVDJHUVUHVSHFWDQWOHXUVEHVRLQVOHXUVFKRL[WKpPDWLTXHVVHORQGHVDSSURFKHVVRFLR SROLWLTXHV pFRQRPLTXHV UHOLJLHXVHV RX FXOWXUHOOHV /H FRQWH[WH LQWHUFXOWXUHO GHPHXUH XQ IDFWHXU HVVHQWLHO GDQV OD VWUDWpJLH HQWUHSULVH SDU OH SD\V WRXFKDQW OH SDQRUDPDDXGLRYLVXHO$LQVLO¶KHXUHPpGLDWLTXHHVWGLIIXVpHGHVRUWHTXHODPDMRULWp GH OD SRSXODWLRQ GH OD YLOOH G¶$JDGLU SXLVVH EpQpILFLHU G¶XQH TXDOLWp PHLOOHXU UHODWLYHPHQW DX[ WKpPDWLTXHV SURJUDPPpHV /D JRXYHUQDQFH GHV UpVHDX[ GH GLIIXVLRQjWUDYHUVOHVVWDWLRQVGHUDGLRQDWLRQDOHVFRQQDvWXQHpPHUJHQFHDXSUqVGHV DXGLWHXUVDXQLYHDXGHO¶XVDJHHWODTXDOLWpGXSURGXLWjGLIIXVHU&HFLGLWO¶DQRQ\PDW HVWXQUpHOFDWDO\VHXUSRXUFRPPXQLTXHURXYHUWHPHQWjODUDGLRHQFRXUDJHDQWOHV XVDJHUVGHFHPHGLXPjV¶H[SULPHUGHERQJUpGDQVODVSKqUHSXEOLTXH

5e)e5(1&(6%,%/,2*5$3+,48(6

$EULF -& 3UDWLTXHV VRFLDOHV HW UHSUpVHQWDWLRQV 3DULV 3UHVVHV 8QLYHUVLWDLUHVGH)UDQFH

%RXORXL] % +LVWRLUH GHV 8WRSLHV HW GHV 7KpRULHV GH OD

&RPPXQLFDWLRQ j O¶KHXUH GH OD FRPPXQLFDWLRQ JOREDOH 0DURF $IULTXH 2ULHQW

&XFKH ' /D QRWLRQ GH FXOWXUH GDQV OHV VFLHQFHV VRFLDOHV 3DULV eGLWLRQV/D'pFRXYHUWH

eULF 0 6RFLRORJLH GH OD FRPPXQLFDWLRQ HW GHV PpGLDV 3DULV

$UPDQG&ROLQ

0DUF(3LFDUG'5HODWLRQVHWFRPPXQLFDWLRQVLQWHUSHUVRQQHOOHV 3DULV'XQRG

*RIIPDQ ( /D PLVH HQ VFqQH GH OD YLH TXRWLGLHQQH 3DULV /HV

*RIIPDQ ( /D PLVH HQ VFqQH GH OD YLH TXRWLGLHQQH 3DULV /HV

Dans le document 36<&+2/2*<3('$*2*<  (Page 116-133)