• Aucun résultat trouvé

L'effacement progressif des terrains agricoles dans le péri-urbain toulousain

N/A
N/A
Protected

Academic year: 2021

Partager "L'effacement progressif des terrains agricoles dans le péri-urbain toulousain"

Copied!
83
0
0

Texte intégral

(1)L’effacement progressif des terrains agricoles dans le péri-urbain toulousain Nina Henry. To cite this version: Nina Henry. L’effacement progressif des terrains agricoles dans le péri-urbain toulousain. Architecture, aménagement de l’espace. 2017. �dumas-01807676�. HAL Id: dumas-01807676 https://dumas.ccsd.cnrs.fr/dumas-01807676 Submitted on 5 Jun 2018. HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Copyright.

(2)  eFROHQDWLRQDOH6XSpULHXUHG $UFKLWHFWXUHGH7RXORXVH 6pPLQDLUH$UFKLWHFWXUH(QYLURQQHPHQWHW3D\VDJH6(3. U SE. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . O. 0pPRLUHGH0DVWHU. U LO. . L'EFFACEMENT PROGRESSIF DES TERRAINS AGRICOLES DANS LE PÉRIURBAIN TOULOUSAIN . EC O. LE. N. AT. IO. / H[HPSOHGHODFRPPXQHGH9HUIHLO. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1LQD+HQU\ 0pPRLUHUpDOLVpVRXVODGLUHFWLRQGH&DWKHULQH$YHQWLQ $QQpHXQLYHUVLWDLUH 'DWHGHGpS{W'pFHPEUH. .

(3) eWXGLDQWH+HQU\1LQD 'LUHFWULFHG pWXGH$YHQWLQ&DWKHULQH 7LWUHGXPpPRLUH/ HIIDFHPHQWSURJUHVVLIGHVWHUUDLQVDJULFROHVHWQDWXUHOVGDQVOHSpULXUEDLQWRXORXVDLQ  0RWVFOpV. U LO. U SE. 3pULXUEDLQXUEDQLVDWLRQDLUHXUEDLQHDJULFXOWXUHSD\VDJHGRFXPHQWVG XUEDQLVPHDUFKLWHFWXUH   . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. )UDQoDLV. O. 5pVXPp.  / DXJPHQWDWLRQGHODSRSXODWLRQPRQGLDOHDXQIRUWLPSDFWVXUOHVJUDQGHVPpWURSROHV7RXORXVH HVW GH FH IDLW VXMHWWH j FHWWH SUREOpPDWLTXH / pWDOHPHQW XUEDLQ HVW DLQVL XQH GHV VROXWLRQV TX j FKRLVL 7RXORXVH SRXU DFFXHLOOLU GH QRXYHDX[ KDELWDQWV ' DQQpHV HQ DQQpHV OH SD\VDJH DJULFROH HW QDWXUHO GLVSDUDLW SURJUHVVLYHPHQW DX SURILWG XQ SD\VDJH XUEDLQ /D TXHVWLRQ GHO LPSRUWDQFH HW GH OD QpFHVVLWp GX IRQFLHU DJULFROH SRXU OD JRXYHUQDQFH ORFDOH HVW DLQVL SRVpH & HVW SRXU FHOD TXH GHV SROLWLTXHV OpJLVODWLYHVGHPDQGHQWDXMRXUG KXLGHPHWWUHHQ°XYUHHWG LQWpJUHUGDQVOHXUVGRFXPHQWVG XUEDQLVPHOD JHVWLRQGHODWHUUHDJULFROH'HSOXVOHWHUULWRLUHYDVWHGHODPpWURSROHWRXORXVDLQHSUHQGHQFRPSWHGH QRPEUHXVHVFROOHFWLYLWpVFDUDFWpULVpHVGH FRPPXQHVSpULXUEDLQHV(QHIIHWFHVGHUQLqUHVVRQWVLWXpHV GDQV OD FRXURQQH SpULSKpULTXH j 7RXORXVH (OOHV VRQW DLQVL SDUWDJpHV HQWUH OH FDUDFWqUH XUEDLQ OLp j 7RXORXVHHWOHFDUDFWqUHUXUDODXGHOjGHFHFRQWRXULQYLVLEOH(OOHVRQWXQHSRVLWLRQWUDQVLWRLUHHQWUHOD YLOOH HW OD FDPSDJQH 9HUIHLO SRXUWDQW VLWXpH j O H[WpULHXU GH O DXUpROH SpULXUEDLQH GLVSRVH DXVVL GH FDUDFWpULVWLTXHV VHPEODEOHV DX[ FRPPXQHV pQRQFpHV SUpFpGHPPHQW /H SD\VDJH UXUDO GH FHWWH FRPPXQH VH WUDQVIRUPH SURJUHVVLYHPHQW HQ SD\VDJH SpULXUEDLQ PDOJUp VD SRVLWLRQ FHQWUDOH GDQV XQ WHUULWRLUH GH QDWXUH j SUR[LPLWp GX 7DUQ / XUEDQLVDWLRQ IXWXUH GH 9HUIHLO HW VD SRVLWLRQ SDU UDSSRUW j OD PpWURSROHPpULWHDLQVLUp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

(4) ,QWURGXFWLRQ 6XMHWG pWXGH 3UREOpPDWLTXHG pWXGH 0pWKRGHGHWUDYDLO ,/DUpJLRQWRXORXVDLQHXQWHUULWRLUHFRPSRVLWH. U LO. U SE. $/DFRQVWUXFWLRQGHODYLOOH  'HO DQWLTXLWpDX[DQQpHV  $QQpHV7RXORXVHFRPPHFDSLWDOHGHUpJLRQ.   . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. %8QWHUULWRLUHGLYHUVLILp 4XDWUHJUDQGHVXQLWpVSD\VDJqUHVDJULFROHV   / DQDO\VHDJULFROHGX*UDQG7RXORXVH   &/HVIDFWHXUVGHODFRQVRPPDWLRQG HVSDFHVDJULFROHVDXMRXUG KXL  8QHJpRJUDSKLHIDYRULVDQWO XUEDQLVDWLRQ 8QHFURLVVDQFHGpPRJUDSKLHFRQVWDQWHGHSXLVDQV )XLUODYLOOHSRXUODFDPSDJQHSKpQRPqQHIDYRUDEOHDXGpYHORSSHPHQWGHODPDLVRQLQGLYLGXHOOH /HPRQGHDJULFROHHQEDLVVH. '8QSURMHWGHJHVWLRQGHODWHUUHDJULFROHHQpPHUJHQFH  'HVpYROXWLRQVOpJLVODWLYHVUpFHQWHV  . 8QHGpPDUFKHSDUWHQDULDOHHQJDJpHGHSXLV 4XHOTXHVRXWLOVHWDFWHXUVLVVXVGHODSODQLILFDWLRQHWHVVHQWLHOVjODFRRUGLQDWLRQGHODFKDUWH. ,,9HUIHLOXQERXUJHQPXWDWLRQ $8QHORFDOLVDWLRQDXF°XUG XQWHUULWRLUHGHQDWXUH    . 6LWXDWLRQJpRJUDSKLTXH +LVWRLUHHWXUEDQLVDWLRQ /DVWUXFWXUHGHODSRSXODWLRQ / DJULFXOWXUHHWOD9DOOpHGX*LURX. %8QHFRPPXQHVDQVUpHOOHLGHQWLWp   . (QWUHYLOOHHWFDPSDJQH 8QHXUEDQLVDWLRQKpWpURJqQHHWGLIIXVH . &8QHPXQLFLSDOLWpHQWUH&RWHDX[GX*LURXHW7RXORXVH0pWURSROH 8QHJHVWLRQGXWHUULWRLUHSDUWDJpH 'HVSURMHWVYHFWHXUVGHWUDQVIRUPDWLRQV. AT. . IO.   . N. ,,,9HUVXQHUpDIILUPDWLRQGXSD\VDJHDJULFROHSpULXUEDLQWRXORXVDLQ. EC O. LE. $8QHTXHVWLRQG DYHQLUDXF°XUGHVSURMHWVGHWHUULWRLUH 'HVFROOHFWLYLWpVUpXQLHVSRXUFRQVWLWXHUXQHGpPDUFKHFRPPXQH  . 'HVRUJDQLVDWLRQVLQGpSHQGDQWHVWUqVDFWLYHV. %9HUVGHQRXYHOOHVVWUDWpJLHVGHJHVWLRQHWGHFRQVRPPDWLRQGHO HVSDFHDJULFROH    . 5HWURXYHUXQHYLVLRQFROOHFWLYHFRKpUHQWH $JLUVXUOHSDUFGHORJHPHQWH[LVWDQW 'HQVLILHUOHVF°XUVG LORW 'pYHORSSHUOHPDUDLFKDJH.  . .

(5) &RQFOXVLRQ $QQH[HV (QWUHWLHQUpDOLVpDYHF0PH6DOYLUHVSRQVDEOHGXVHUYLFH%LRGLYHUVLWpj7RXORXVH0pWURSROH DYULO /HVVL[IDPLOOHVG HQMHX[UHWHQXHVSDUOH*UDQG7RXORXVH (QWUHWLHQUpDOLVpDYHF05XIILHUVDODULpGHO DVVRFLDWLRQ7HUUHVGH/LHQVDYULO (QWUHWLHQVUpDOLVpVDYHFOHVKDELWDQWVGH9HUIHLOPDUVjPDL (QWUHWLHQUpDOLVpDYHF0PH/DIOHXUUHVSRQVDEOHGXVHUYLFHXUEDQLVPHGH9HUIHLO QRYHPEUH 3ODQORFDOG XUEDQLVPHGH9HUIHLOIRXUQLSDU0PH/DIOHXUQRYHPEUH 6FKpPDVGXV\QGLFDWGX6&27GXQRUGWRXORXVDLQLVVXVG XQGRVVLHUHQOLJQH ([WHQVLRQPXOWLSRODLUHGHODPpWURSROHWRXORXVDLQHHQWUHHW0PH%RQKRPPH. O. U LO. U SE.          . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. %LEOLRJUDSKLH 7DEOHGHVLOOXVWUDWLRQV            . AT. LE. . N. . IO. . EC O.      . .

(6) ,QWURGXFWLRQ . O. U LO. U SE.  7RXORXVH VL[LqPH XQLWp XUEDLQH IUDQoDLVH FRPPH PpWURSROH VH SODFH DX SUHPLHU UDQJ GHV JUDQGHV YLOOHV HQ PDWLqUH G¶DFFURLVVHPHQW GpPRJUDSKLTXH WDQW SRXU OD YLOOHFHQWUH TXH SRXU O¶DJJORPpUDWLRQ 7RXORXVH G\QDPLVH WRXWH OD UpJLRQ 0LGL3\UpQpHV /DQJXHGRF 5RXVVLOORQ GRQW O DLUH  XUEDLQHWRXORXVDLQH' DSUqVO ,16(( ODYLOOHDXQHFURLVVDQFHGpPRJUDSKLTXHSOXVUDSLGHTXHFHOOHGHV DLUHVXUEDLQHVGHSOXVGHKDELWDQWVHQ/DUpSRQVHjFHWWHIRUWHSRXVVpHGpPRJUDSKLTXH D pWp HW HVW HQFRUH O pWDOHPHQW XUEDLQ j WHO SRLQW TXH FHWWH H[WHQVLRQ GpERUGH VXU OHV DLUHV XUEDLQHV YRLVLQHV 0RQWDXEDQ $OEL 6DLQW*DXGHQV 3DPLHUV HWF

(7)  2U FHWWH XUEDQLVDWLRQ HVW DX GpWULPHQW GH WHUUDLQVDJULFROHVSRXUODSOXSDUWGHWUqVERQQHTXDOLWp. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T.  &HWWH HQYLH G DSSURIRQGLU OD TXHVWLRQ GH O pYROXWLRQ GHV WHUUDLQV DJULFROHV YLHQW GX IDLW TXH M DL JUDQGLGDQVODFDPSDJQHWDUQDLVHDX[F{WpVGHPHVSDUHQWVDJULFXOWHXUVPDUDLFKHUV- DLXQHWUqVIRUWH UHODWLRQDXSD\VDJHDJULFROHOLHXRODVHXOHDIIHFWDWLRQHVWOHSDVVDJHGXWUDFWHXUIDPLOLDOSRXUODERXUHU HWRLOQ DMDPDLVpWpTXHVWLRQGHSURGXLWFKLPLTXH$XVVLSOXVO RQVHUDSSURFKHGHODYLOOHHWPRLQVFHV HVSDFHV FXOWLYpV PH VHPEOHQW JpQpUHX[ /D YLOOH JULJQRWH HW FRQVRPPH SHWLW j SHWLW OD FDPSDJQH HQ XUEDQLVDQWFHVWHUUHV'HSOXVGHVFKLIIUHVSDUXVGDQVXQMRXUQDORQWDWWLUpPRQDWWHQWLRQO pTXLYDOHQW  G XQGpSDUWHPHQWIUDQoDLVPR\HQGLVSDUDLWWRXVOHVDQVVRLWKHFWDUHVSDUMRXU   ¬WUDYHUVO H[HPSOHGHODFRPPXQHGH9HUIHLOjODOLPLWHGHOD+DXWH*DURQQHHWGX7DUQQRXV QRXVLQWpUHVVHURQVjO pYROXWLRQGXSD\VDJHDJULFROHTXLGLVSDUDLWDXSURILWGHO KDELWDWSDYLOORQQDLUHpWDOp &HWWH pWXGH GH FDV V LQVFULW SDU OD PrPH RFFDVLRQ GDQV OD FRQWLQXLWp GH  O HQVHLJQHPHQW GHV SURMHWV VXLYL HQ PDVWHU (Q HIIHW QRXV DYRQV WUDYDLOOp HQ PDVWHU   VXU O DPpQDJHPHQW XUEDLQ HW DUFKLWHFWXUDO GH /DEDVWLGH5RXDLURX[ XQH FRPPXQH GX 7DUQ 'H QRPEUHX[ ORJHPHQWV GX FHQWUHERXUJ VRQW YDFDQWV HWOH YLOODJH WHQGj VRPEUHU FDULO V DSSXLH HVVHQWLHOOHPHQW VXU VRQ SDVVp LQGXVWULHO DXMRXUG KXL GLVSDUX 1RXV DYRQV GRQF UpIOpFKL j UpDPpQDJHU OH FHQWUHERXUJ j OH UHQGUHSOXVG\QDPLTXHVDQVSRXUDXWDQWDOOHUFRQVRPPHUOHVWHUUHVDJULFROHVTXLO HQWRXUH(QPDVWHU DWHOLHUGDQVOHTXHOMHSDUWLFLSHDFWXHOOHPHQWQRXVDYRQVFRPPHFRPPXQH/DXQDJXHWVLWXpHDXQRUGGH 7RXORXVHHWSUpVHQWDQWGHQRPEUHX[DWRXWV GXjODSUpVHQFHG XQH]RQHLQRQGDEOHLPSRUWDQWHDXERUG GH O +HUV &H SpULPqWUH OLPLWH YRLUH LQWHUGLW DLQVL OHV FRQVWUXFWLRQV FH TXL SHUPHW j /DXQDJXHW GH EpQpILFLHU GH ODUJHV pWHQGXHV DJULFROHV SRXU OHV FXOWXUHV 1RXV DYRQV GRQF DERUGp GHV VLWXDWLRQV YLOODJHRLVHV SURFKHV GH FHOOH GH 9HUIHLO HW UpIOpFKL j GHV SURMHWV OLPLWDQW OHXUV LPSDFWV VXU OHV WHUUHV DJULFROHVFHTXLQ HVWSDVWRXMRXUVOHFDVGDQVFHVFRPPXQHVHQSpULSKpULHGH7RXORXVH . AT. EC O. LE. . N. . IO. . . 1. )5e1276SRXUO ,16((MDQYLHU0RWHXUGHODIRUWHSRXVVpHGpPRJUDSKLTXHHQ0LGL3\UpQpHVSDJHVGH O ,16((QƒZZZWDUEHVLQIRVFRP,0*SGIUHFHQVHPHQWB0LGL3\UHQHHVSGI>DUWLFOHHQOLJQHFRQVXOWpHQPDL @  $JUHVWH3ULPHXUMXLOOHW/ XWLOLVDWLRQGXWHUULWRLUHHQWUHHW/ DUWLILFLDOLVDWLRQDWWHLQWGXWHUULWRLUH HQ ZZZDJUHVWHDJULFXOWXUHJRXYIU,0*SGIBSULPHXUSGI>3')HQOLJQHFRQVXOWpHQQRYHPEUH@  $WHOLHU7HUULWRLUHVGHQDWXUHGLULJpSDU0&DQL]DUqVIpYULHUjMXLQ  $WHOLHU5HVVRXUFHV/RFDOHVGLULJpSDU0+DOLRXDQHVHSWHPEUHjMDQYLHU .

(8) 6XMHWG pWXGH . . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  )DFH j O DXJPHQWDWLRQ GH OD SRSXODWLRQ PRQGLDOH  PLOOLDUGV G KDELWDQWV HQ  GRQW   VHURQWXUEDLQVHQ

(9) HWjO pWDOHPHQWXUEDLQO DYHQLUGHVWHUUDLQVDJULFROHVHWGRQFGHODSURGXFWLRQGH QRXUULWXUH SRXU OHV SRSXODWLRQV HVW G DFWXDOLWp 2Q HQWHQG VRXYHQW SURGXLUH ORFDO PDQJHU ORFDO PDLV HQFRUH IDXWLO DYRLU GHV WHUUDLQV YLDEOHV /HV YLOOHV QH FHVVHQW GH V pWHQGUH WUDQVIRUPHQW OHXUV WHUUDLQV DJULFROHV HQ WHUUDLQV FRQVWUXFWLEOHV HIIDFHQW OHXUV  WHUUHV IHUWLOHV DX SURILW GX IRQFLHU j EkWLU VDQV VH VRXFLHU TXH VDQV DJULFXOWXUH LO Q \ D SDV GH YLH & HVW SDUDGR[DO FDU G XQ F{Wp RQ GRLW UpSRQGUH j OD GHPDQGH GH ORJHPHQWV WRXW HQ GHYDQW FRQVHUYHU GX VRO ,O IDXW SHQVHU JOREDO HW WURXYHU XQ FRPSURPLV SRXUVDWLVIDLUHOHVGHX[FDPSV,O\DDQVSHUVRQQHQHVHPEODLWVHVRXFLHUGHO DYHQLUGHVWHUULWRLUHV DJULFROHV 3HX j SHX OD OpJLVODWLRQ HW OHV PHQWDOLWpV RQW pYROXp ¬ WUDYHUV OD SODQLILFDWLRQ HW OH ]RQDJH FKDTXH FRPPXQH HVW GRUpQDYDQW  WHQXH G¶DWWHLQGUH OHV REMHFWLIV IL[pV GDQV OH 6FKpPD GH &RKpUHQFH 7HUULWRULDOH 6&27

(10)  SDU OHV RULHQWDWLRQV G¶DPpQDJHPHQW GH VRQ 3ODQ /RFDO G 8UEDQLVPH 3/8

(11)  HQ PDWLqUHGHODJHVWLRQGHVWHUUHVDJULFROHV  ¬ WUDYHUV FH FRQVWDW LO HVW LPSRUWDQW GH SUpFLVHU TXH QRPEUH GH QRWLRQV VH UDSSURFKHQW DXMRXUG KXL G XQH DJULFXOWXUH WUqV PpGLDWLVpH GLWH DJULFXOWXUH XUEDLQH (Q HIIHW OD PRGH HVW DX GpYHORSSHPHQW GH QRPEUHX[ FRXUDQWV YRXODQW FUpHU GHV HVSDFHV HQ YLOOH SRXU SURGXLUH XQH FHUWDLQH DJULFXOWXUH  IHUPHV XUEDLQHV IULFKHVHQ UHFRQYHUVLRQ WRLWXUHV FXOWLYpHV RXHQFRUH EDOFRQV YpJpWDOLVpV 0DLVFHVLQWHQWLRQVVRQWGHO RUGUHGHO DJULFXOWXUH jSHWLWHpFKHOOHDXVHLQGHVYLOOHVHWQHSRVHQWSDVOD TXHVWLRQGHVWHUUHVDJULFROHVH[LVWDQWHVH[SORLWpHVRXHQSpULOHQSpULSKpULHGHVDJJORPpUDWLRQVWHOOHTXH 7RXORXVH2QSHXWDLQVLVHGHPDQGHUSRXUTXRLFUpHUGHQRXYHDX[HVSDFHVjFXOWLYHUDYDQWGHSUpVHUYHU FHX[GpMjH[LVWDQWV  'HSOXVFHPpPRLUHV DWWDFKHjWUDYDLOOHU jSDUWLUGHODOLWWpUDWXUHVFLHQWLILTXHSRXUSUpFLVHUOHV WHUPHVDERUGpV3DUFRQVpTXHQWTXDWUHQRWLRQVHVVHQWLHOOHVVWUXFWXUHQWOHPpPRLUH (IIDFHPHQW'LVSDULWLRQSURJUHVVLYHG XQWUDFpRXG XQHPDUTXHSRXUIDLUHSODFHjDXWUHFKRVH 7HUUDLQDJULFROH3HUPHWG DEULWHUXQHH[SORLWDWLRQDJULFROHYLVDQWjODSURGXFWLRQjODYHQWHHWRXjOD GLVWULEXWLRQ 7HUUDLQQDWXUHO&RPSUHQGGHV]RQHVTXLQHVRQWSDVOHSURGXLWGHO KRPPH HVSDFHVERLVpVSUDLULHV HWF

(12) . AT. IO.  3pULXUEDLQ  6LWXp GDQV OHV HQYLURQV LPPpGLDWV G XQH YLOOH 2Q SHXW SDUOHU GH SpULXUEDLQ j SDUWLU GX PRPHQWRO HVSDFHQRQEkWLSUpGRPLQHVXUO HVSDFHEkWL/HJpRJUDSKH$XJXVWLQ%HUTXHOHGpILQLSDUOH  PRW9LOOHFDPSDJQH HQQRWDQWOHFDUDFWqUHG\QDPLTXHXUEDLQGDQVOHTXHOXQHIRUPHG KDELWDWGHW\SH UXUDOULFKHHQHVSDFHHWSURFKHGHODQDWXUHHVWUHFKHUFKp. EC O. LE. N.  $XWUDYHUVGHYR\DJHVHWGHVHQVDWLRQVSHUVRQQHOOHVRQDDLQVLHVVD\HUGHFODVVHUOHVW\SHVGH SD\VDJHV G XQ SRLQW GH YXH DJULFROH 7URLV JUDQGHV FDWpJRULHV VH GLVFHUQHQW /HV SD\VDJHV DJULFROHV VRQWGLYHUVLILpVHWKpWpURJqQHVVHORQOHVUpJLRQV&HODGpSHQGGHO KLVWRLUHGXFOLPDWGHODJpRJUDSKLH GHOD JpRORJLH GHO K\GURJUDSKLH HWF  3DUDJULFROHRQ HQWHQG jOD IRLVOD SURGXFWLRQ GH SODQWHV HW GH OpJXPHVPDLVDXVVLO pOHYDJH/HVDFWHXUVSHXYHQWrWUHSURIHVVLRQQHOVRXDPDWHXUV. . 'pILQLWLRQVLQVSLUpHVGXGLFWLRQQDLUHOHWUpVRUGHODODQJXHIUDQoDLVHLQIRUPDWLVpKWWSDWLOIDWLOIIUWOIKWP >FRQVXOWpHQPDUV@ 6 6$/2021&$9,1-/DYLOOHFDPSDJQHYLOOHLQVRXWHQDEOH" SS

(13)  1DWXUHV6FLHQFHV6RFLpWpVYROZZZFDLUQLQIRUHYXHQDWXUHVVFLHQFHVVRFLHWHVSDJHKWP >3')HQOLJQHFRQVXOWpHQPDUV@. .

(14) /HSD\VDJHDJULFROHGHSODLQHHWGHPRQWDJQHSUpVHQFHG XQUHOLHISOXVRXPRLQVSURQRQFpDYHFOD SUpVHQFH GH O KRPPH SOXV RX PRLQV IUpTXHQWH KDPHDX[ YLOODJHV FXOWXUHV PDLVRQV LVROpHV

(15)  /D SOXV JUDQGHPDMRULWpGHO HVSDFHHVWFRQVWLWXpGHSUpVFKDPSVIRUrWVERLVRXERVTXHWV/DQDWXUHV H[SULPH GHPDQLqUHSOXVRXPRLQVQDWXUHOOHVHORQO DFWLYLWpDJULFROHSUpVHQWH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. . )LJXUH0DVVLIGH0RQWFDOP$X]DW$ULqJH1RYHPEUH. /D SUpVHQFH GHV PRQWDJQHV WRXW DXWRXU GH QRXV GRQQH XQH LPSUHVVLRQ GH UHPSDUWV TXH O RQ VRLW DX SRLQWKDXWRXGDQVODSODLQH/HYLOODJHG $X]DWV HVWDLQVLGpYHORSSpHWpWHQGXGDQVFHOOHFL/HVPRQWV VRQWFRQVWLWXpVGHIRUrWVGHQVHVFRQWUDLUHPHQWDX[VRPPHWVTXLRQWpWpSHQGDQWGHVVLqFOHVH[SORLWpV SDUO KRPPH GpIRUHVWDWLRQSkWXUDJHVGHVDQLPDX[HWF

(16) . LE. N. AT. IO. . . )LJXUH&XOWXUHGHWRXUQHVROV/DYDXU7DUQ0DL. EC O. &HWWHSKRWRJUDSKLHPHWHQpYLGHQFHODSUpVHQFHG XQHH[SORLWDWLRQDJULFROHjWRXVOHVSODQV FXOWXUHVGH WRXUQHVRO GH PDLV

(17)  &HUWDLQV FKDPSV GLVSRVHQW HQFRUH G XQH WUDPH ERFDJqUH PDLV GH QRPEUHX[ RQW DXVVLpWpUHPHPEUpVDILQGHUHQGUHSRVVLEOHO DFFqVGHVHQJLQVPpFDQLTXHV 'HVHQWLWpVEkWLHVSURSUHV DXPRQGHDJULFROHYLHQQHQWSRQFWXHUOHSD\VDJH IHUPHVKDQJDUVJUDQJHV

(18)   . .

(19) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. /HSD\VDJHDJULFROHSpULXUEDLQFRH[LVWHQFHG HVSDFHVDJULFROHVHQWUHPrOpVjODEDQOLHXHSDYLOORQQDLUH / KRPPHDXQHSODFHLPSRUWDQWHLOFRQVRPPHGHIDoRQSOXVRXPRLQVUDSLGHOHVHVSDFHVDJULFROHVRX QDWXUHOVDILQGHOHVXUEDQLVHU. . )LJXUH7HUUDLQVDJULFROHVHWQRXYHDXTXDUWLHU/LVOHVXU7DUQ7DUQPDUV. N. AT. IO. 2QDSHUFRLWDX[GHX[SUHPLHUVSODQVGHVFKDPSVDJULFROHVH[SORLWpVVpSDUpVSDUXQHWUDPHERFDJqUH 8QH =$& =RQH G $PpQDJHPHQW &RQFHUWpH

(20)  HVW HQ FRQVWUXFWLRQ YHQDQW VH JUHIIHU DX[ SURSULpWpV DJULFROHV 'HV JrQHV ROIDFWLYHV HW DFFHVVRLUHV YpFXHV j OD IRLV SDUOHV KDELWDQWV HW SDUOHV DJULFXOWHXUV UHQGHQWGLIILFLOHODFRKDELWDWLRQ. )LJXUH%kWLVVHDJULFROHPrOpHjOD=$&G $QGURPqGH%ODJQDFPDUV. EC O. LE. )LGHOOHDXSDVVpDJUDLUHGHODFRPPXQHGH%ODJQDFDXQRUGGH7RXORXVHOHSDUFGHOD=$&$QGURPqGH D FRQVHUYp XQH DQFLHQQH GHPHXUH DJULFROHHW VRQ FRXYHUW /D SDUWLHEkWLHGHYUDLW G DLOOHXUV DFFXHLOOLU OD PDLVRQ GHV DVVRFLDWLRQV 2Q GpFRXYUH DLQVL XQ EDVVLQ GH YHUGXUH DX PLOLHX GHV KDELWDWV GHQVHV GX SURMHWSUpVHQWVjGURLWHGHODSKRWRJUDSKLH   . .

(21) /HSD\VDJHDJULFROHXUEDLQ/DSUpVHQFHGHQDWXUHHVWIDLEOHYRLUHQXOOH/HSD\VDJHHVWWUqVIRUWHPHQW PDUTXpSDUODSUpVHQFHGHO KRPPHVHXOVTXHOTXHVHVSDFHVVXEVLVWHQW GXVDX[UpVLVWDQFHVGXPRQGH DJULFROHRXSRXUGRQQHUXQHDXWUHLPDJHHWXQHKLVWRLUHjODYLOOH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. . )LJXUH9XHDpULHQQHGHO DJJORPpUDWLRQWRXORXVDLQHZZZDFWXFRWHWRXORXVHIUGpFHPEUH. IO. . EC O. LE. N. AT.  /H PDLOODJH GHQVH GH O DJJORPpUDWLRQ WRXORXVDLQH HVW DLQVL WUqV YLVLEOH DXFXQH DJULFXOWXUH GH WDLOOHLPSRUWDQWHQ HVWLQFOXVHGDQVODYLOOH1pDQPRLQVODSUpVHQFHGHOD*DURQQHHWGHQRPEUHX[SDUFV SXEOLFV DWWpQXHQW FHWWH VHQVDWLRQ GH PpWURSROH LQWHQVH /HV 3\UpQpHV HQ DUULqUHSODQ HW G DLOOHXUV YLVLEOHVGHSXLVFHUWDLQVOLHX[GHODYLOOHSHUPHWWHQWGHGRQQHUXQHQRWLRQpFKHOOHjODYLOOH. .

(22) 3UREOpPDWLTXHG pWXGH  . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  / DJJORPpUDWLRQ GH 7RXORXVH QH FHVVH GH V pWHQGUH DX GHOj GHV OLPLWHV pWDEOLHV SDU 7RXORXVH 0pWURSROH 'H QRPEUHXVHV YLOOHV SpULSKpULTXHV VRQW GH FH IDLW VXMHWWHV DX SKpQRPqQH G XUEDQLVDWLRQ 1RWUHSUREOpPDWLTXHDXWUDYHUVGHO pWXGHGHODFRPPXQHGH9HUIHLOOLPLWURSKHDYHFOHGpSDUWHPHQWGX 7DUQV DWWDFKHUDjO DQDO\VHGHODSRVLWLRQGHODYLOOHSDUUDSSRUWjODPpWURSROHDLQVLTX jVDSROLWLTXHGH JHVWLRQ GH VHV WHUUHV DJULFROHV HQFRUH IRUWHPHQW FXOWLYpHV &RPPHQW OD SRVLWLRQ GH 9HUIHLO IDFH j OD PpWURSROHOXLDSHUPLVGHV pWHQGUH"6XLYDQWTXHOOHVORJLTXHVODYLOOHV HVWHOOHDJUDQGLH"/DFRPPXQH V HVWHOOH SUpPXQLH IDFH j OD PRQWpH UDSLGH GX QRPEUH G KDELWDQWV FRQVWLWXWLRQ G XQ 3/8 VROLGH

(23)  " 4XHOVVRQWOHVSRLQWVGHYXHGHVKDELWDQWVIDFHjFHWWHXUEDQLVDWLRQUDSLGH"&RPPHQWOHVDJULFXOWHXUV YRLHQWLOVOHXUDYHQLU"<DWLOXQHSHQVpHDQWLFLSDWULFHFRQFHUQDQWO DIIOX[GHWRXORXVDLQVYRXODQWUpVLGHUj 9HUIHLOOHVSURFKDLQHVDQQpHV"            . AT. LE. . N. . IO. . EC O.      . .

(24) 0pWKRGHGHWUDYDLO . U SE.  'DQV XQ SUHPLHU WHPSV FH WUDYDLO D IDLW O REMHW G XQH LPSRUWDQWH pWXGH VXU OH WHUULWRLUH DJULFROH WRXORXVDLQ DXWDQW VXU O KLVWRLUH GH OD FRQVWUXFWLRQ GH OD YLOOH TXH VXU OHV IDFWHXUV GH OD FRQVRPPDWLRQ G HVSDFHV DJULFROHV DXMRXUG KXL &HWWH SUHPLqUH DSSURFKH pWDLW HVVHQWLHOOH DILQ GH FRPSUHQGUH OHV FRPSRVDQWHV IRQGDPHQWDOHV GH O pWHQGXH GH OD PpWURSROH WRXORXVDLQH DYDQW G pWXGLHU OD FRPPXQH GH 9HUIHLOHWOHVQRXYHOOHVIRUPHVGXSD\VDJHDJULFROHGHODUpJLRQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO.  /HWUDYDLOG DQDO\VHDpWpPHQpVHORQWURLVD[HV / KLVWRLUHHWO pYROXWLRQGXWHUULWRLUHDJULFROHWRXORXVDLQ / pWXGHGHFDVVXUXQHFRPPXQHGHO DLUHXUEDLQH 9HUIHLO

(25)  8QHHQTXrWHDXSUqVG DXWUHVFRPPXQHVHQJDJpHVGDQVOHSURFHVVXVGHSUpVHUYDWLRQGHVWHUUHVDLQVL TX XQHYLVpHSURVSHFWLYHVXUO DYHQLUGHFHVWHUULWRLUHV.  3RXUVHIDLUHDYDQWPrPHG DYRLUGpILQLOHVXMHWG pWXGHMHSXUHQFRQWUHUODIRQGDWULFHGXUpVHDX $0$3 $VVRFLDWLRQSRXUOH0DLQWLHQWGX$JULFXOWXUH3D\VDQQH

(26) HQ0LGL3\UpQpHV$QQLH:HLGNQQHWSDU OH ELDLV GH PRQ SqUH DJULFXOWHXU DGKqUHQW - HX GH FH IDLW GHV LQIRUPDWLRQV GLYHUVHV VXU OH FRQWH[WH JpQpUDO GH PHV UpIOH[LRQV OLpHV j O DYHQLU GHV WHUUHV DJULFROHV HQ SpULXUEDLQ - DL SDU OD VXLWH IDLW GH QRPEUHXVHVUHFKHUFKHVGRFXPHQWDLUHVVXUOHVDFWHXUVHWOHVDFWLRQVGHODPpWURSROHWRXORXVDLQH'HX[ HQWUHWLHQVVHVRQWDLQVLVXFFpGpV0PH6DOYLUHVSRQVDEOHGXVHUYLFH%LRGLYHUVLWpj7RXORXVH0pWURSROH D SX PH SUpVHQWHU OHV UpIOH[LRQV HW OHV GpFLVLRQV TX LOV RSqUHQW DXSUqV GHV pOXV GHV FROOHFWLYLWpV GHV KDELWDQWV HW GHV DJULFXOWHXUV 0 5XIILHU VDODULp GH O DVVRFLDWLRQ 7HUUH GH /LHQV P D H[SRVp OHV HQJDJHPHQWV PLOLWDQWV VRXWLHQ DXSUqV GHV MHXQHV DJULFXOWHXUV SURWpJHU OHV WHUUHV DJULFROHV IDFH DX[ SURMHWV LPPRELOLHUV HWF

(27)  GH FHWWH FROODERUDWLRQ DVVRFLDWLYH - DL DLQVL SX FURLVHU GHX[ UHJDUGV G DFWHXUV SDUIRLVGLYHUJHQWVPDLVTXLRQWSRXUWDQWOHVPrPHVDVSLUDWLRQV. LE. N. AT. IO.  'DQV XQ GHX[LqPH WHPSV HW VXLWH DX[ HQWUHWLHQV ULFKHV HQ H[HPSOHV FRQFUHWV MH VRXKDLWDL DQDO\VHU XQH FRPPXQH VLWXpH GDQV OH SpULXUEDLQ WRXORXVDLQ GHYDQW LOOXVWUHU PD SUREOpPDWLTXH 9HUIHLO TXHMHWUDYHUVHGHSXLVGHQRPEUHXVHVDQQpHVSRXUUHQGUHYLVLWHjPDIDPLOOHGDQVOH7DUQHWTXLPHUHQG WRXMRXUV SHUSOH[H P HVW DSSDUX FRPPH XQH pYLGHQFH ,O pWDLW QpFHVVDLUH GH UpDOLVHU GHV UHFKHUFKHV FRQFHUQDQW O KLVWRLUH GH VRQ XUEDQLVDWLRQ HW GH VD SRVLWLRQ JpRJUDSKLTXH SDU UDSSRUW j 7RXORXVH &RQQDLVVDQW GHV 9HUIHLOORLV MH SX WUDQVPHWWUH XQH JULOOH G HQWUHWLHQ SDU PDLO

(28)  TXL I€W GLVWULEXpH j XQH GL]DLQHG KDELWDQWV-HYRXODLVHQVXLWHUpDOLVHUXQHpWXGHSKRWRJUDSKLTXHDYDQWDXMRXUG KXLPDLVFRPSWH WHQXGHO DEVHQFHGHSKRWRJUDSKLHVRXGHFDUWHVSRVWDOHVVXUOHVYHUVDQWVDOHQWRXUVMHSULVFRPPHEDVH OHV SULVHV GH YXHV HW SKRWRV DpULHQQHV GH *RRJOH 0DSV VXU GLIIpUHQWHV SpULRGHV 'H SOXV MH PH VXLV HQWUHWHQXH DYHF 0PH /DIOHXU UHVSRQVDEOH GX VHUYLFH XUEDQLVPH GH OD PDLULH TXL SX P LQIRUPHU GHV SURMHWVHQFRXUVGHVSURFpGXUHVGHWUDLWHPHQWGHVSHUPLVGHFRQVWUXLUHHWF /DUHQFRQWUHG pOXVORFDX[ QH SX VH IDLUH FRPSWH WHQX GH OD VLWXDWLRQ SROLWLTXH LQVWDEOH GX PRPHQW 4XDQW DX[ DJULFXOWHXUV M DL XQLTXHPHQWFRQWDFWpXQHDVVRFLDWLRQG DJULFXOWHXUVGXFDQWRQPDLVO HQWUHWLHQQ DSDVpWpFRQFOXDQWGDQV OH VHQV TXH SHX G DFWLRQV QL SURMHW VRQW HQ FRXUV VXU OD FRPPXQH HW TXH SRXU HX[ 9HUIHLO Q HVW SDV HQFRUHGDQVXQHVLWXDWLRQEDQFDOH-HQ DLDLQVLSDVFKHUFKpjFRQWDFWHUG DXWUHVH[SORLWDQWV. EC O.  'DQV XQ WURLVLqPH WHPSV O DQDO\VH SUpFLVH GH 9HUIHLO P D DPHQp j OH PHWWUH HQ UHODWLRQ SDU UDSSRUW j G DXWUHV FRPPXQHV GH O DJJORPpUDWLRQ WRXORXVDLQH /HV HQWUHYXHV UpDOLVpHV HQ DPRQW RQW EHDXFRXSFRQWULEXpHVjFHWWHSDUWLH'HVUHFKHUFKHVVXSSOpPHQWDLUHVRQWGXrWUHDSSRUWpHVjSDUWLUGH VLWHV LQWHUQHW HW GH EURFKXUHV 3RXU DOLPHQWHU FHWWH RXYHUWXUH QRXV DYRQV HQYLVDJp GHV VFpQDULRV SRVVLEOHVSRXUPpQDJHUOHVWHUUHVDJULFROHV  . .

(29) ,/DUpJLRQWRXORXVDLQHXQWHUULWRLUHFRPSRVLWH $/DFRQVWUXFWLRQGHODYLOOH. . 'HO DQWLTXLWpDX[DQQpHV. . U SE.  (QVHEDVDQWVXUSOXVLHXUVGRFXPHQWVG DUFKLYHVPXQLFLSDOHVGH7RXORXVHHWGHVVLWHVHQOLJQH RQSHXWDSSUpKHQGHUO KLVWRLUHGH7RXORXVH. U LO.  7RXORXVHGXODWLQ7RORVDIXWFRQVWUXLWHHWKDELWpHGqVOH,,,HVLqFOHDYDQW-& /HVRFFXSDWLRQV VHWRXUQDLHQWWRXMRXUVYHUVOD*DURQQHHWOHVFRQIOXHQWVGHO +HUV&RPPHRQSHXWOHYRLUVXUOHEODVRQGH ODYLOOHOHVUHPSDUWVGHODYLOOHHQJOREDLHQWXQHFLWpGHSUqVGHKHFWDUHV. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O.  /D YLOOH pWDLW GHSXLV VHV GpEXWV ERQQH FRPPHUoDQWH ' DERUG DYHF GX YLQ G ,WDOLH SXLV GHV SURGXLWV GH OX[H RX HQFRUH GHV SURGXLWV DJULFROHV JUkFH DX IOHXYH FRPPH PR\HQ GH WUDQVSRUW (OOH D FRQQX XQHLPSXOVLRQ GpFLVLYH HWXQ HVVRU XUEDLQ GX IDLW GHO kJH G RU GXSDVWHO GqVOH ;9,H &H GHUQLHU pWDLWDLQVLFXOWLYpGDQVOHVWHUUHVGX/DXUDJXDLV/DSXLVVDQFHGHODULFKHVVHpWDLWWHOOHTXH7RXORXVHHVW GHYHQXH OD YLOOH GRPLQDQWH GH OD SURYLQFH GX /DQJXHGRF /D SOXSDUW GHV K{WHOV SDUWLFXOLHUV SUpVHQWV HQFRUHDXMRXUG KXLUHSRVHQWVXUGHVIRUWXQHVSDVWHOLqUHVWHOTXHO K{WHOG $VVp]DW 0DOJUpOHVJXHUUHVGH UHOLJLRQ HQWUH FDWKROLTXHV HW SURWHVWDQWV DLQVL TXH O DUULYpH G XQ SURGXLW WURSLFDO O LQGLJR

(30)  UXLQDQW OD ULFKHVVH GH 7RXORXVH FHOOHFL UpVLVWD WRXWHIRLV JUkFH j VRQ DJULFXOWXUH /HV FRPPXQHV pWDLHQW HQWLqUHPHQW GpGLpHV DX PDUDLFKDJH JUkFH j O HDX GH OD *DURQQH HW GHV DOOXYLRQV O ,OH GH 7RXQLV SDU H[HPSOH

(31) /DFXOWXUHGXEOpTXLGRPLQDLWGDQVODUpJLRQWRXORXVDLQHpWDLWDXVVLDVVH]SHUIRUPDQWHSRXU SHUPHWWUH O¶H[SRUWDWLRQ GH OD SUpFLHXVH FpUpDOH GDQV OHV UpJLRQV GpILFLWDLUHV $X[ DOHQWRXUV OHV FRPPXQHVFRPPH%ODJQDF%DOPDRXHQFRUH%RUGHURXJHDYDLHQWGHQRPEUHXVHVSURSULpWpVDJULFROHV (QHIIHWFKDFXQSRVVpGDLWVRQKHFWDUHGHWHUUHSRXU\FXOWLYHU XQHDJULFXOWXUHPDUDLFKqUHIDPLOLDOHVXU GHV WHUUHV WUqV IHUWLOHV &HUWDLQHV IDPLOOHV DPHQDLHQW OHXUV PDUFKDQGLVHV DX PDUFKp GH JURV DQFLHQQHPHQWVLWXpj7RXORXVHGDQVOHTXDUWLHU$UQDXG%HUQDUG HWH[SRUWpVDXVVLYHUV%p]LHUVWHOOHPHQW  ODSURGXFWLRQpWDLWFRQVpTXHQWH

(32) . AT. IO.  *UkFH DX FKHPLQ GH IHU FRQVWUXLW HQ  GH QRPEUHX[ LQYHVWLVVHXUV GX 1RUG YLQUHQW LQVWDOOHU OHXUV EDQTXHV FRPSDJQLHV G DVVXUDQFH HW JUDQGV PDJDVLQV 7RXORXVH IXW DLQVL FRPPH 3DULV WUDQVIRUPpHSDUOHSHUFHPHQWGHJUDQGVERXOHYDUGVFRPPHODUXH G¶$OVDFH/RUUDLQHHWODUXHGH0HW] 3OXVWDUGORUVGHOD3UHPLqUHJXHUUHPRQGLDOH7RXORXVHVHGRWDG XQHSRXGUHULHODSOXVYDVWH GHYDVWHTXLV pWHQGDLWG (PSDORWj%UDTXHYLOOHDLQVLTX XQDWHOLHUGHIDEULFDWLRQG DUWLOOHULHDILQGHYHQLUHQ DLGH DX[ FRQWUpHV YRLVLQHV 1pDQPRLQV 7RXORXVH D\DQW XQ PRQGH UXUDO WUqV LPSRUWDQW FH VRQW OHV DJULFXOWHXUVTXLIXUHQWOHVSUHPLHUVGpIHQVHXUVGXSD\VGRQWSHXVRQWVRUWLVLQGHPQHVGHVEDWDLOOHV$X OHQGHPDLQ GH OD JXHUUH 7RXORXVH UHFRQYHUWLH O LPPHQVH SRXGUHULH HQ XVLQH G HQJUDLV FH TXLOXL SHUPLW  G DVVHRLU VRQ GHVWLQ pFRQRPLTXH  PDLV DXVVL GH GpYHORSSHU XQH LQGXVWULH QpIDVWH HW D\DQW GHV UpSHUFXVVLRQVVXUOHVPpWKRGHVGHSURGXFWLRQDJULFROHV. EC O. LE. N.  3RXU FRPSHQVHU OH QRPEUH GH GpFqV GHV GLIIpUHQWV FRQIOLWV HW IDLUH UHSDUWLU O pFRQRPLH O eWDW IDYRULVDLWO LPPLJUDWLRQ 7URLVLPSRUWDQWHV PLJUDWLRQV HVSDJQROHV SHQGDQWOD SUHPLqUH JXHUUH PRQGLDOH DYDQW OD GHX[LqPH JXHUUH PRQGLDOH HW GDQV OHV DQQpHV 

(33)  SHUPLUHQW j OD )UDQFH GH UHODQFHU O pFRQRPLHDJULFROHHWDUWLVDQDOH'HODPrPHIDoRQGHQRPEUHX[LWDOLHQVHWDOJpULHQVV LQVWDOOqUHQWHQ )UDQFHHQWUHHW. . 3$,//(5-07RORVD1RXYHOOHVUHFKHUFKHVVXU7RXORXVHHWVRQWHUULWRLUHGDQVO¶$QWLTXLWp&ROOHFWLRQGHO¶eFROH IUDQoDLVHGH5RPH±7RXORXVH  2'2/-5HYXHJpRJUDSKLTXHGHV3\UpQpHVHWGX6XGRXHVW9ROXPHS >FRQVXOWpHQPDUV@  $UFKLYHVPXQLFLSDOHVGH7RXORXVH7RXORXVHHWODJXHUUHZZZDUFKLYHVWRXORXVHIU>DUWLFOHHQOLJQH FRQVXOWpHQ1RYHPEUH@  0XVpHGHO KLVWRLUHGHO LPPLJUDWLRQ/ LPPLJUDWLRQDOJpULHQQHHQ)UDQFH ZZZKLVWRLUHLPPLJUDWLRQIU>FRQVXOWpHQRFWREUH@ .

(34) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(35) U LO. U SE. . $QQpHV7RXORXVHFRPPHFDSLWDOHGHUpJLRQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . O. )LJXUH)HUPHIDPLOLDOHjJDXFKHHWEkWLVVHLQWpJUpHDXSDUFSXEOLFGHOD=$&$QGURPqGHjGURLWH %ODJQDFPDUV.  'DQV XQ VRXFL GH PXWXDOLVDWLRQ HW G DFTXLVLWLRQV GH QRXYHOOHV FRPSpWHQFHV OD QRWLRQ GH 0pWURSROH D GpEXWp GqV  DYHF WUHL]H FRPPXQHV WHOV TXH %DOPD &RORPLHUV / 8QLRQ RX HQFRUH %ODJQDFHQVHQRPPDQW'LVWULFWGX*UDQG7RXORXVH(QOH*UDQG7RXORXVHV HVWpODUJLHjYLQJWHW XQHFRPPXQHVHQVHQRPPDQW &RPPXQDXWpG DJJORPpUDWLRQGX*UDQG7RXORXVH/H*UDQG7RXORXVH GHYLHQW OD &RPPXQDXWp XUEDLQH GX *UDQG 7RXORXVH HQ  ,O pYROXD HQ SUHQDQW GH QRXYHOOHV UHVSRQVDELOLWpV/DSULQFLSDOHQRXYHDXWpHVWTX LOV RXYUHDXSXEOLFHQSURSRVDQWSDUH[HPSOHGHVS{OHV GHSUR[LPLWpTXLOXLSHUPHWWHQWG¶LQVWDXUHUXQFRQWDFWGLUHFWDYHFOHVKDELWDQWV3RXUDSSX\HUVRQDPELWLRQ PpWURSROLWDLQH HQ  HOOH GHYLHQW &RPPXQDXWp XUEDLQH 7RXORXVH 0pWURSROH 'HSXLV OH HU -DQYLHU  OD &RPPXQDXWp XUEDLQH HVW GHYHQXH 0pWURSROH (OOH FRPSWH DXMRXUG KXL  FRPPXQHV (OOH HVW  G DLOOHXUV VDQV FHVVH HQ DXJPHQWDWLRQ ' DSUqV O $8$7  HQWUH  HW  OH S{OH XUEDLQ JDJQH FKDTXH DQQpH   KDELWDQWV /D SDUWLFXODULWp GH FHWWH PpWURSROH HVW TX HOOH DFFXHLOOHXQH YDULpWp GH WHUULWRLUHV3DUH[HPSOHOHVGHUQLqUHVFRPPXQHVLQFOXVHVjO HVWGHODPpWURSROHVRQWHVVHQWLHOOHPHQW UXUDOHV &HOD GRQQH DLQVL j O DJJORPpUDWLRQ WRXORXVDLQH XQH RIIUH GH ORJHPHQWV HW GH ORLVLUV ULFKH HW YDULpH . . . . .   . EC O. LE. N. AT. IO.   . )LJXUH,OOXVWUDWLRQGHVWHUPHVFRPSRVDQWO $LUHXUEDLQHJUDSKLVPHEDVpVXUOHVFKpPDGHO ,16((IUZLNLSHGLDRUJ >FRQVXOWpHQMXLOOHW@ . $JHQFHG 8UEDQLVPHHWG $PpQDJHPHQWGX7HUULWRLUHMDQYLHU /DFURLVVDQFHGpPRJUDSKLTXHGHO¶DLUHXUEDLQHGH7RXORXVHGHVpTXLOLEUHVWHUULWRULDX[UpLQWHUURJpV ZZZDXDWRXORXVHRUJVSLSSKS"DUWLFOH>DUWLFOHHQOLJQHFRQVXOWpHQRFWREUH@ .

(36) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(37) %8QWHUULWRLUHGLYHUVLILp 4XDWUHJUDQGHVXQLWpVSD\VDJqUHVDJULFROHV.  . . U SE. . U LO. . O. . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T.      .   .  . . )LJXUH$QDO\VHSK\VLTXHHWSD\VDJqUHGHO DJULFXOWXUHSpULXUEDLQH5HJLVWUHSDUFHOODLUH JUDSKLTXH3RWHQWLDOLWpVDJURQRPLTXHV. IO. . /HVFRWHDX[GHO HVWWRXORXVDLQ. N. . AT. /HVSD\VDJHVGHO DJJORPpUDWLRQWRXORXVDLQHVRQWPXOWLSOHV2QHQGLVWLQJXHTXDWUH. EC O. LE. /HV FRWHDX[ WRXORXVDLQ VH VLWXH j OD OLPLWH GX )URQWRQQDLV j O HVW 3URFKH GHV WHUULWRLUHV YLWLFROHV OHV WHUUHV DJULFROHV VRQW XWLOLVpHV SRXU OHV JUDQGHV FXOWXUHV $X VXG GH FHWWH ]RQH FH VRQW GHV SD\VDJHV FDUDFWpULVWLTXHVGX/DXUDJXDLV/HUHOLHIHVWYDOORQQpHWOHVSHUVSHFWLYHVYLVXHOOHVGRQQHQWXQHYLVLRQWUqV ORLQWDLQH& HVWDLQVLGHJUDQGHVFXOWXUHV FpUpDOHVHWROpDSURWpDJLQHX[

(38) TXLGRPLQHQWVXUOHPDUDLFKDJH /HV PXOWLSOHV UHPDQLHPHQWV GX SDUFHOODLUH RQW GRQQp j FH SD\VDJH GH JUDQGHV VXUIDFHV GH FKDPSV RXYHUWVVXUSDUIRLVWRXWXQYHUVDQW/DVXSSUHVVLRQGHVKDLHVVXUWDOXVSRVHQWOHSUREOqPHGHO pURVLRQ GHV VROV DXMRXUG KXL 0rPH VL O pWDOHPHQW SDYLOORQQDLUH GHVORWLVVHPHQWV LQGLYLGXHOV HVW GH SOXV HQSOXV SUpVHQWLOH[LVWHHQFRUHXQKDELWDWGLVSHUVp IHUPHVHWGHPHXUHVERXUJHRLVHV

(39) FDUDFWpULVWLTXHVGXSD\V  GX /DXUDJXDLV /DXQDJXHW SDU H[HPSOH TXH O RQ pWXGLH FH VHPHVWUH  GLVSRVH G XQH LPSRUWDQWH ]RQH  . &RPPXQDXWp8UEDLQH*UDQG7RXORXVH'LDJQRVWLFDJULFROHGXWHUULWRLUH $WHOLHU5HVVRXUFHV/RFDOHVGLULJpSDU0+DOLRXDQHVHSWHPEUHjMDQYLHU .

(40) LQRQGDEOH j SUR[LPLWp GH O +HUV FH TXL UHQG GLIILFLOH O XUEDQLVDWLRQ 'H FH IDLW OD FRPPXQH GLVSRVH GH QRPEUHX[HVSDFHVGHJUDQGHVFXOWXUHVPDLVDXVVLGH]RQHVGHPDUDLFKDJH . /HVWHUUDVVHVHQULYHJDXFKHGH*DURQQH. . /DSODLQHDOOXYLDOHGH*DURQQH. U LO. U SE. /H SD\VDJH GH FHWWH HQWLWp QH SRVVqGH TXH WUqV SHX GH UHOLHI FRQWUDLUHPHQW DX[ SD\VDJHV GX /DXUDJXDLV /D FpUpDOLFXOWXUH LQWHQVLYH SUpGRPLQH DVVRFLpH

(41)  O LUULJDWLRQ /D IRUrW GH %RXFRQQH HVW FDUDFWpULVWLTXHGHFHSD\VDJH FDUHOOHVHVLWXHVXUODSOXVKDXWHWHUUDVVH DYHFGHVERLVHPHQWVSOXVRX PRLQV FRQWLQXV VXU OHV WHUUDVVHV LQIpULHXUHV 1pDQPRLQV FHV WHUUDVVHV ODUJHPHQW SODQHV UHQGHQW SRVVLEOHO XUEDQLVDWLRQ H[HPSOHOD=$&GH&RUQHEDUULHX

(42) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. 'XIDLWGHVDSUR[LPLWpDXIOHXYHGHQRPEUHX[PDUDLFKHUVVRQWLQVWDOOpVGDQVFHWWHSODLQH DXQRUGVXU OHV FRPPXQHV GH %ODJQDF )HQRXLOOHW HW HQ ULYH GURLWH GH 6DLQW -RU\

(43)  VXU GHV WHUUHV WUqV IHUWLOHV /D SOXSDUWGHVODQLqUHVGHWHUUHVDJULFROHVVRQWHQFRUHDVVRFLpHVDX[DQFLHQQHVPDLVRQVPDUDLFKqUHV/D SUHVVLRQIRQFLqUHPHQDoDQWFHVSD\VDJHVSDUO H[WHQVLRQFURLVVDQWHLOVVHUHWURXYHQWFRLQFpVGDQVGHV LQWHUVWLFHVGHODYLOOH . /DEDVVHWHUUDVVHHWSODLQHGXVXGRXHVW. (VVHQWLHOOHPHQW pWDOp HW QH EpQpILFLDQW SDV GH ERQQH YDOHXU DJURQRPLTXH QL G HVSDFHV QDWXUHOV UHPDUTXDEOHVFHSD\VDJHQ H[LVWHSUDWLTXHPHQWSOXV2QUHWURXYHTXHOTXHVSDUFHOOHVSRXUODSOXSDUWHQ IULFKHFRPSWHWHQXGHOHXULVROHPHQWHWGHOHXUSUR[LPLWpLPPpGLDWHDXEkWL .  2Q V DSHUoRLW DLQVL TXH FKDFXQH GHV XQLWpV SD\VDJqUHV HVW FDUDFWpULVpH PDMRULWDLUHPHQW HQ VXUIDFHSDUXQHDJULFXOWXUHFpUpDOLqUHLQWHQVLYH/HVFRWHDX[OD*DURQQHHWO +HUVSHUPHWWHQWG pYLWHUj O HVW HW OH ORQJ GHV OLWV GHV IOHXYHV XQH SDUWLH GH O XUEDQLVDWLRQ 1pDQPRLQV OH PLWDJH QH FHVVH GH V pWHQGUHGDQVOHVDXWUHVW\SRORJLHVDXWRXUGHODSODLQHHWGHVWHUUDVVHVjO RXHVW    . / DQDO\VHDJULFROHGX*UDQG7RXORXVH. EC O. LE. N. AT. IO. /HUDSSRUWpWDEOLSDU7RXORXVH0pWURSROHGpWDLOOHSOXVILQHPHQWOHVHQWLWpVDJULFROHVHQSDUWDQWGHVXQLWpV SD\VDJqUHVGpFULWHVFLGHVVXV$LQVLOHVFRWHDX[GHO HVWWRXORXVDLQVHGLYLVHQWHQWURLVHQWLWpVODSODLQH GH O +HUV QRUG OHV SUHPLHUV FRWHDX[ HVW WRXORXVDLQV HW OD SODLQH HW FRWHDX[ VXG /HV DXWUHV XQLWpV SD\VDJqUHV UHVWHQW XQLIRUPHV 1RXV DYRQV DLQVL XQH XQLWp SD\VDJqUH SRXU XQH HQWLWp DJULFROH 4XDQWjO DJULFXOWXUHLQWUDXUEDLQHHOOHUHSUHQG7RXORXVHHWGHVFRPPXQHVDOHQWRXUVDX[FDUDFWpULVWLTXHV VLPLODLUHV  . . . .

(44) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . )LJXUH(QWLWpVDJULFROHV5HJLVWUH3DUFHOODLUH*UDSKLTXH3RWHQWLDOLWpVDJURQRPLTXHV.  . LE. . N. . AT. IO.  'H PDQLqUH JpQpUDOH RQ SHXW HVWLPHU DXMRXUG KXL TXH   GX WHUULWRLUH GH O DJJORPpUDWLRQ WRXORXVDLQH HVW DJULFROH VRLW O pTXLYDOHQW GH   KHFWDUHV GH VXUIDFH DJULFROH XWLOLVpH 6$8

(45)  G H[SORLWDWLRQVSRXUH[SORLWDWLRQVDJULFROHV6XUFHVFKLIIUHVFRUUHVSRQGDX[JUDQGHVFXOWXUHV  HWOHVUHVWDQWVDXPDUDLFKDJH . EC O.    . . &RPPXQDXWpXUEDLQHGX*UDQG7RXORXVHHWOD&KDPEUHG $JULFXOWXUHGHOD+DXWH*DURQQH &KDUWHSRXUXQHDJULFXOWXUHGXUDEOHHQWHUULWRLUHVSpULXUEDLQV .

(46) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(47) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  ' DSUqV O ,16((  O HVVHQWLHO GH OD FURLVVDQFH GpPRJUDSKLTXH GH 0LGL3\UpQpHV UpVXOWH GH O DSSRUWPLJUDWRLUHF HVWjGLUHTX LO\DEHDXFRXSSOXVG DUULYpHVTXHGHGpSDUWV' DLOOHXUVOHPHQVXHO pFRQRPLTXHHWILQDQFLHU&KDOOHQJHVDDWWULEXpj7RXORXVHHQ-XLQOHSDOPDUqVGHODPpWURSROHOD SOXV G\QDPLTXH GH )UDQFH /HDGHU HXURSpHQ GH O DpURQDXWLTXH HW GX VHFWHXU VSDWLDO HW O DWWUDFWLYLWp XQLYHUVLWDLUHVRQWHQHIIHWXQHIRUFHjO DJJORPpUDWLRQ&HVQRXYHDX[KDELWDQWVV LQVWDOOHQWGHPDQLqUH JpQpUDOH GDQV WRXV OHV GpSDUWHPHQWV GH 0LGL3\UpQpHV PDLV F HVW 7RXORXVH TXL HQ HVW OH PRWHXU &KDTXHDQQpHLO\DSOXVGHQRXYHDX[KDELWDQWVLQWUDPXURV&RPPHRQSHXWOHYRLUVXUOHVFDUWHV FLGHVVXV OH QRPEUH G KDELWDQW DX NPð DXJPHQWH FRQVWDPPHQW PrPH VL 7RXORXVH D OD FDUDFWpULVWLTXH G rWUHXQHYLOOHpWDOpHFRQWUDLUHPHQWj/\RQTXLHVWWURLVIRLVSOXVGHQVHHQFHQWUHYLOOHSDU H[HPSOH'H SRWHQWLHOOHV FRXURQQHV SpULXUEDLQHV VH GHVVLQHQW DLQVL /D SUHPLqUH FRXURQQH SHXW DWWHLQGUH MXVTX j   KDELWDQWV DX NPð JULV IRQFp

(48)  OD GHX[LqPH MXVTX j  KDELWDQWV DX NPð JULV FODLU

(49)  HW OD WURLVLqPH FRXURQQHPRLQVYLVLEOHGDQVXQHWUDQFKHHQWUHHWKDELWDQWVDXNPð / LQVWLWXWSUpYRLWG DLOOHXUVXQH DXJPHQWDWLRQGHGHSRSXODWLRQG LFL   . )XLUODYLOOHSRXUODFDPSDJQHSKpQRPqQHIDYRUDEOHDXGpYHORSSHPHQW GHODPDLVRQLQGLYLGXHOOH.  / H[RGHXUEDLQWRXFKHOD)UDQFHGHSXLVOHVDQQpHVDSUqVOHSKpQRPqQHFRQWUDLUHG H[RGH UXUDO,OFRQVLVWHDXGpSODFHPHQWGHVSRSXODWLRQVGHODYLOOHYHUVOHV]RQHVSpULXUEDLQHVHWOHVFDPSDJQHV HQYLURQQDQWHV 'H  j  SDU H[HPSOH G DSUqV O ,16(( OHV FHQWUHVYLOOHV GH 0LGL3\UpQpHV RQW SHUGXFKDTXHDQQpHGHOHXUVKDELWDQWV / HVSDFHUXUDOHVWG DXWDQWSOXVHQDXJPHQWDWLRQGHSXLV  GXjO H[WHQVLRQQRWDEOHHWDX[FRXUDQWVPLJUDWRLUHVGHODPpWURSROH  /HV ]RQHV SpULSKpULTXHV GHYLHQQHQW WRXV OHV DQV SOXV DFWULFHV GH O H[RGH XUEDLQ %HDXFRXS GH FRPPXQHVFRQVLGpUpHVFRPPHUXUDOHVVRQWGRUpQDYDQWHQSKDVHGHSpULXUEDQLVDWLRQ/DQRWLRQG DLUH XUEDLQH YX SUpFpGHPPHQW D DLQVL SHUPLV GH PLHX[ LGHQWLILHU FHV FRPPXQHV SDUIRLV GLIILFLOHV j GpILQLU 1RVWDOJLH FDPSDJQDUGH HQYLURQQHPHQW QDWXUHO HVSULW GH YLOODJH HW HVSDFH GH O HQWUHVRL IRQW SDUWL GHV WHUPHV XWLOLVpV SRXU SURPRXYRLU FH PRGH GH YLH 6HORQ *X\ 7DSLH VRFLRORJXH F HVW O HQJRXHPHQW GHV  PpQDJHV SRXU XQH LPDJH GH OLEHUWp XQ WULSW\TXH PDLVRQMDUGLQORWLVVHPHQW LQGpPRGDEOH  $YRLU VRQ MDUGLQ WRXW DXWRXU GH OD PDLVRQ VD FO{WXUH VRQ FKLHQ HW VRQ KDELWDWLRQ DX FHQWUH HVW SRXU XQH JUDQGH PDMRULWpGHODSRSXODWLRQXQUrYH3OXVLHXUVDLGHVOHXUVSHUPHWWHQWGHSRXYRLUFRQVWUXLUH/HVSUrWVDLGpV G DFFHVVLRQjODSURSULpWp 3$3

(50) IXUHQWFUpHVHQPrPHWHPSVTXHOH&$8(3ROLWLTXHTXLSXWJXLGHUHW DLGHUWRXVOHVQRXYHDX[FRQVWUXFWHXUV. . N. AT. IO.  1pDQPRLQVODPDLVRQLQGLYLGXHOOHPXOWLSOLpHjO LQILQLUHQGOHSpULXUEDLQWUqVGLIIXVHWDVVRFLpj O H[WHQVLRQGHVVHUYLFHVXUEDLQVDXJPHQWHOHVVXUIDFHVDUWLILFLDOLVpHVHWODSROOXWLRQGHVVROV/ RXYUDJH  /D PDLVRQ LQGLYLGXHOOH  YHUV GHV SD\VDJHV VRXWHQDEOHV "  pFULW SDU GHV VRFLRORJXHV SD\VDJLVWHV. 6LWHGHO ,QVHHZZZLQVHHIU>FRQVXOWpHQIpYULHU@ &+(9$/,(535HYXH5HOLHIGX&(5(4(PSORLFRPSpWHQFHVHWWHUULWRLUHQƒ0LJUDWLRQHWFUpDWLRQ G¶DFWLYLWpVHQPLOLHXUXUDOSS  7$3,(*0DLVRQLQGLYLGXHOOHDUFKLWHFWXUHXUEDQLWp/D7RXUG $LJXHVpGLWRQVGHO $XEH>UpVXPpHQOLJQH ZZZDPD]RQIU0DLVRQLQGLYLGXHOOHDUFKLWHFWXUHXUEDQLW&$7DSLHGS;FRQVXOWpHQMXLQ@  &RQVHLOVG DUFKLWHFWXUHG XUEDQLVPHHWGHO HQYLURQQHPHQWDLGHDX[SDUWLFXOLHUVHWDX[FROOHFWLYLWpV ZZZFDXHPSIU  0$5&21,65'RVVLHU8UEDQLVDWLRQHWXUEDQLVPHHQ)UDQFH/HVPpWURSROHVGHSURYLQFHQƒ /D'RFXPHQWDWLRQIUDQoDLVH3DULV>WH[WHLPSULPpHQOLJQHFRQVXOWpHQDYULO@. EC O. LE. . .  1866$80( < 3(5<6,1$., $ 6(5< -  /D PDLVRQ LQGLYLGXHOOH  YHUV GHV SD\VDJHV VRXWHQDEOHV " (GLWLRQGHOD9LOOHWWH3DULV. .

(51) XUEDQLVWHV HW DUFKLWHFWHV UHPHW UpHOOHPHQW HQ FDXVH FHWWH VXUFRQVRPPDWLRQ G HVSDFHV HW SURSRVH G RULHQWHUOHVSROLWLTXHVYHUVGHVVROXWLRQVG KDELWDWVVHPLFROOHFWLIV /HPRQGHDJULFROHHQEDLVVH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. . )LJXUH1RPEUHGHFKHIVG H[SORLWDWLRQHWFRH[SORLWDQWVGHO HQVHPEOHGHODUpJLRQ0LGL3\UpQpHV$JUHVWH0LGL3\UpQpHV >3')HQOLJQHFRQVXOWpHQRFWREUHKWWSZZZDJUHVWHDJULFXOWXUHJRXYIU,0*SGIB55$SGI@. .  6HORQOHUHFHQVHPHQWJpQpUDODJULFROHUpDOLVp SDUOHPLQLVWqUHGHO DJULFXOWXUHGH0LGL3\UpQpHV RQ SHXW FRQVWDWHU TXH OH QRPEUH G H[SORLWDWLRQV D FRQVLGpUDEOHPHQW GLPLQXp (QWUH  HW  HQ +DXWH*DURQQH   FKHIV HW FRH[SORLWDQWV Q RQW SDV SRXUVXLYLV OHXU DFWLYLWp /H YLHLOOLVVHPHQW GH OD SRSXODWLRQDJULFROHDXWDQWjO pFKHOOHQDWLRQDOHTXHGpSDUWHPHQWDOHHVWXQHGHVSUHPLqUHVFDXVHVGHOD EDLVVH GX QRPEUH G H[SORLWDWLRQV /HV TXHVWLRQV GH VXFFHVVLRQV HW OHV FRQGLWLRQV GH UHSULVH GHV H[SORLWDWLRQV YLHLOOLVVDQWHV VRQW DXVVL SUREOpPDWLTXH DXMRXUG KXL /HV WHUUHV DJULFROHV IRQW O REMHW GH  VSpFXODWLRQVIRQFLqUHVWUqVLPSRUWDQWHV(QHIIHWG DSUqVOD6DIHU HQ+DXWH*DURQQHOHSUL[PR\HQSDU KHFWDUHVGHVWHUUHVGHSOXVGHDUHVDTXDVLPHQWGRXEOpHQDQVSDVVDQWGHHXURVKHFWDUHVj HXURVKHFWDUHV/HVMHXQHVDJULFXOWHXUVQ D\DQWSDVGHIRQGVILQDQFLHUVRXG KpULWDJHDJULFROHRQW GHFHIDLWEHDXFRXSGHPDOjWURXYHUGHVWHUUDLQV . LE. . N. AT. IO.  1pDQPRLQVO DVVRFLDWLRQ7HUUHGH/LHQV DFFRPSDJQHOHVDJULFXOWHXUVYRXODQWV LQVWDOOHUGDQVOD UpJLRQHQOHXUSURSRVDQWVRLWXQHORFDWLRQG XQWHUUDLQGRQWO DVVRFLDWLRQHVWSURSULpWDLUH VRLWSDUOHELDLV GH PXQLFLSDOLWpV HQJDJpHV GDQV OD TXHVWLRQ TXL GLVSRVHQW GH WHUUDLQV OLEUHV / DVVRFLDWLRQ UHoRLW SOXV G XQHGHPDQGHG DJULFXOWHXUSDUMRXUPDLVLOOHXUHVWLPSRVVLEOHG \UpSRQGUHFRPSWHWHQXGHODSUHVVLRQ IRQFLqUHRPQLSUpVHQWHUHQGDQWOHVWHUUHVDJULFROHVGHSOXVHQSOXVUDUHVHWGHSOXVHQSOXVFKqUHV. EC O.   . . 6RFLpWpG¶DPpQDJHPHQWIRQFLHUHWG¶pWDEOLVVHPHQWUXUDOTXLSHUPHWjWRXWSRUWHXUGHSURMHWYLDEOHHWUDLVRQQpGH WRXWRUGUHGHV LQVWDOOHUHQPLOLHXUXUDOZZZVDIHUIU  $VVRFLDWLRQ7HUUHGH/LHQVUpVHDXDVVRFLDWLIHQJDJpGDQVOHVSUREOpPDWLTXHVDJULFROHVDFWXHOOHVHWOHVUHODWLRQV DJULFXOWHXUVFLWR\HQVZZZWHUUHGHOLHQVRUJHQWUHWLHQHQDQQH[H .

(52) '8QSURMHWGHJHVWLRQGHODWHUUHDJULFROHHQpPHUJHQFH 6XLWHDX[HQWUHWLHQVUpDOLVpVDYHFODUHVSRQVDEOH FKDUJpHGHPLVVLRQ1DWXUHHW$JULFXOWXUHHQYLOOHSRXU 7RXORXVH 0pWURSROH DLQVL TX DYHF OH IRQGDWHXU GH O DVVRFLDWLRQ 7HUUH GH /LHQV 0LGL3\UpQpHV QRXV SRXYRQV PLHX[ DSSUpKHQGHU OHV GLIIpUHQWHV pFKHOOHV G DFWHXUV HW G RXWLOV TXH QRXV SUpVHQWHURQV GDQV FHWWHGHUQLqUHSDUWLH 'HVpYROXWLRQVOpJLVODWLYHVUpFHQWHV. U SE. . O. U LO.  3OXVLHXUV ORLV UpFHQWHV FRQFRXUHQW j SUpVHUYHU OHV HVSDFHV DJULFROHV HW QDWXUHOV (OOHV SRVHQW GHV REMHFWLIV GH UpGXFWLRQ GX U\WKPH GH FRQVRPPDWLRQ GHV WHUUHV DJULFROHV G LFL  HW UpDIILUPHQW OH U{OHDOLPHQWDLUHGXVHFWHXUDJULFROH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. /RLVROLGDULWpHWUHQRXYHOOHPHQWXUEDLQ 

(53)   /RLVXUOHGpYHORSSHPHQWGHVWHUULWRLUHVUXUDX[ 

(54)  /RLG RULHQWDWLRQDJULFROH 

(55)  /RLV*UHQHOOH,HW,, 

(56)  /RLGHPRGHUQLVDWLRQDJULFROH 

(57)  /RLGHUpGXFWLRQGHODFRQVRPPDWLRQGHVXUIDFHVDJULFROHVj 

(58)  3URMHWGHORLSRXUODUHFRQTXrWHGHODELRGLYHUVLWpGHODQDWXUHHWGHVSD\VDJHV 

(59) . 'HSOXVOHPLQLVWqUHGHO HQYLURQQHPHQW GRQQHXQHFHUWDLQHLPSRUWDQWHDXYHUGLVVHPHQWGHODSROLWLTXH DJULFROHFRPPXQH 3$&

(60) (QHIIHWjO RULJLQHOD3$&pWDLWIRQGpHVXUGHVPHVXUHVGHFRQWU{OHGHVSUL[ HWGHVXEYHQWLRQQHPHQWV6XLWHjGHQRPEUHX[DEXVGHSXLV O eWDWFKHUFKHDDLGHUVHXOHPHQWOHV H[SORLWDQWV TXL UHVSHFWHQW OHV H[LJHQFHV IL[pHV DX WUDYHUV GX SULQFLSH GH FRQGLWLRQQDOLWp GHV DLGHV 'HSXLVHWMXVTX HQOHSUHPLHUSLOLHUFRQVLVWHjXQHQRXYHOOHGLVSRVLWLRQGHSDLHPHQWYHUWDILQ GH IDYRULVHU GHV SUDWLTXHV DJULFROHV UHVSHFWXHXVHV GH O HQYLURQQHPHQW PDLQWLHQ GH SUDLULHV SHUPDQHQWHVGLYHUVLILFDWLRQGHVFXOWXUHVRXHQFRUHSUpVHUYDWLRQGHVXUIDFHVERLVpHVMDFKqUHVRXKDLHV DXVHLQGHVWHUUHVFXOWLYDEOHV

(61) /HGHX[LqPH SLOLHUSUHQGHQFRPSWHOHYRORQWDULDWGHVH[SORLWDQWV&HOXL TXL VRXKDLWH FRQWULEXHU GH IDoRQ SOXV SURQRQFpH j O DJULFXOWXUH ELRORJLTXH DXUD GHV DLGHV VXSSOpPHQWDLUHV  . 8QHGpPDUFKHSDUWHQDULDOHHQJDJpHGHSXLV. AT. IO. / DFWXHOOH PpWURSROH WRXORXVDLQH D FRPPHQFp j UpIOpFKLU j O LPSRUWDQFH GHV WHUUHV DJULFROHV j SDUWLU GH O DQQpHSUpFLVpPHQW(OOHQ DYDLWDORUVTXHFRPPXQHVDXWRXUG HOOH(OOHDWURXYpQpFHVVDLUHGH V DVVRFLHU DYHF OD &KDPEUH G $JULFXOWXUH 0LGL3\UpQpHV DILQ GH PXWXDOLVHU OHV WUDYDX[ (QVHPEOHV OHV DFWHXUVGHODPpWURSROHHWGHODFKDPEUHG DJULFXOWXUHRQWFRPPHQFpjLGHQWLILHUOHV]RQHVVWUDWpJLTXHV VXUOHSODQDJULFROHGDQVO REMHFWLIGHUpDOLVHUXQSUHPLHUGLDJQRVWLFVXUOHVSDUWLHVG HQMHX[DJULFROHV. EC O. LE. N. (QLOVDGKqUHQWFRQMRLQWHPHQWjO DVVRFLDWLRQIUDQoDLVH7HUUHVHQ9LOOHV&HWWHGHUQLqUHIRQGpHHQ SHUPHWGHUpXQLUGHVDFWHXUVORFDX[DXWRXUGHODGXUDELOLWpGHO DJULFXOWXUHHWGHVWHUULWRLUHVXUEDLQV HW SpULXUEDLQV / HQJDJHPHQW j O RUJDQLVPH SUHQG HQ FRPSWH XQH FKDUWH FHQWUpH VXU OHGpYHORSSHPHQW GXUDEOHGHVWHUULWRLUHV/DUHODWLRQ9LOOH$JULFXOWXUHHVWYRORQWDLUHPHQWSURQRQFpHDILQGHPHWWUHHQSODFH GHVSROLWLTXHVDJULFROHVHWIRUHVWLqUHVSpULXUEDLQHV YRLWUpHOOHPHQWpPHUJHUXQHGpPDUFKHGHWUDYDLOSDUWDJpVXUO pODERUDWLRQG XQH&KDUWHG $JULFXOWXUH 3pULXUEDLQH'HQRPEUHXVHVFRPPLVVLRQVGHOD&RPPXQDXWp8UEDLQHVHVRQWDLQVLMRLQWHVDXSURMHW. . 6LWHGXPLQLVWqUHGHO HQYLURQQHPHQWGHO pQHUJLHHWGHODPHU  ZZZGHYHORSSHPHQWGXUDEOHJRXYIU3ROLWLTXHHXURSHHQQHHWKWPO>FRQVXOWpHQGpFHPEUH@ .

(62) /HVVHUYLFHV'pYHORSSHPHQWHWHPSORL8UEDQLVPHHWSURMHWVXUEDLQV$PpQDJHPHQWHWSROLWLTXH IRQFLqUH+DELWDWHWFRKpVLRQVRFLDOH / pWDEOLVVHPHQWSXEOLFIRQFLHUORFDOGX*UDQG7RXORXVH (3)/

(63)  /DVRFLpWpG pFRQRPLHPL[WH 6(0

(64) GX0DUFKpG ,QWpUrWQDWLRQDO 0,1

(65) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. 8QDQHWGHPLSOXVWDUGOHFRQWHQXGHODFKDUWHpWDLWVWDELOLVp¬FHVWDGHGXWUDYDLOOHVGRQQpHVpWDLHQW VRPPDLUHV 2Q VDYDLW FRPELHQLO \ DYDLW G H[SORLWDWLRQVSDU FRPPXQHV SDU H[HPSOH PDLV VDQVSRXYRLU OHV ORFDOLVHU SUpFLVpPHQW /D GLPHQVLRQ pFRQRPLTXH DVVRFLpH j WRXV OHV EpQpILFHV GHV HVSDFHV QDWXUHOV pWDLW XQH GH OHXU IRUWH SUpRFFXSDWLRQ DILQ G LQWHUSHOHU OHV pOXV ORFDX[ /D IRUFH GH WUDYDLO GHV FKDUJpVGHPLVVLRQpWDLWG DJLUGDQVXQSUHPLHUWHPSVVXUOHWHUUDLQSDUGHVDFWLRQVSLORWHVFRQFUqWHVj O pFKHOOH GHO H[SORLWDWLRQ 3DUH[HPSOHOHV DGPLQLVWUDWHXUV VRQW YHQXV HQ DLGH j XQH H[SORLWDWLRQ HQ ILQ G DFWLYLWp HQ ]RQH XUEDLQH DX[ ,]DUGV SRXU TX HOOH VRLW PLVH j GLVSRVLWLRQ G DJULFXOWHXUV YRXODQW V LQVWDOOHU' DXWUHVRUJDQLVPHVVRQWLQWHUYHQXVFRPPHO eWDEOLVVHPHQWGH3RUWDJH)RQFLHU (3)/

(66) 'DQV XQ DXWUH WHPSV LOVLQWHUYLHQQHQW jO pFKHOOH GH VHFWHXUV DJULFROHV FRPPH SDU H[HPSOH HQ VRXWHQDQWOH SURMHWGH3DUF1DWXUHOSRUWpSDUODFRPPXQHGH3LQ%DOPDRXHQFRUHHQILQDQoDQWXQHpWXGHD\DQWSRXU EXWODFRQVWLWXWLRQG XQVFKpPDGLUHFWHXUG XQVHFWHXUPDUDLFKHUHQGpSULVH 'HSXLV SOXV G XQ DQ OD GpPDUFKH GH SURMHW GHV PHPEUHV GH OD FRPPXQDXWp XUEDLQH YD SOXV ORLQ ,OV WUDYDLOOHQW GRUpQDYDQW VXU XQ SURMHW DJULFROH 0pWURSROLWDLQ j SDUWLU GHV  IDPLOOHV G HQMHX[ GpWDLOOpV HQ DQQH[HHWUpSHUWRULpVFLGHVVRXV 3ODQLILFDWLRQXUEDLQH 3ROLWLTXHIRQFLqUH eFRQRPLHHWDOLPHQWDWLRQ 3ROLWLTXHVRFLDOH (QMHX[ELRORJLTXHVHWSD\VDJHUV (QMHX[FOLPDWLTXHVHWpQHUJpWLTXHV     . IO. . N. . AT. . EC O. LE.    . .

(67) . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. 3DUPLOHVHQMHX[IRQFLHUVFHGRFXPHQWFLGHVVRXVIRXUQLSDU0PH6DOYL GXVHUYLFH8UEDQLVPHGHOD PpWURSROHPRQWUHO LPSRUWDQFHGHFHFURLVVDQWDJULFROHG HVWHQRXHVW,OYDSHUPHWWUHG DVVHRLUDXSUqV GHVpOXVODVWUXFWXUHHWOHPDLOODJHGHFHWWHDJULFXOWXUH'HFHIDLWFHWWHFDUWHGRLWJXLGHUOHVpOXVGDQVOHV SURMHWVG DPpQDJHPHQWVXUEDLQVjYHQLUWRXWHQJDUGDQWO REMHFWLIGHUpGXFWLRQGHGHODVXUIDFHj FRQVRPPHUHQWHUUDLQVDJULFROHV. )LJXUH7\SRORJLHGHVHVSDFHVFXOWLYpVVXU7RXORXVH0pWURSROH7RXORXVH0pWURSROHRFWREUH. . . . IO. 4XHOTXHVRXWLOVHWDFWHXUVLVVXVGHODSODQLILFDWLRQHWHVVHQWLHOVjODFRRUGLQDWLRQGHODFKDUWH. EC O. LE. N. AT.  /HGHYHQLUGHVHVSDFHVDJULFROHVSDVVHIRUFpPHQWSDUODSODQLILFDWLRQ'HVRXWLOV UpJOHPHQWDLUHV VRQWDLQVLQpFHVVDLUHVjPHWWUHHQ°XYUHDILQGHIL[HUGHVUqJOHVGHVREMHFWLIVRXSOXVFRQFUqWHPHQWGHV HVSDFHV j LGHQWLILHU HW j SUpVHUYHU /H 6FKpPD GH &RKpUHQFH 7HUULWRULDOH 6&27

(68)  HW OH 3ODQ /RFDO G 8UEDQLVPH 3/8

(69)  VRQW OHV GHX[ SLOLHUV DGPLQLVWUDWLIV LQWHUFRPPXQDX[ /H 6&27 LQWHUYLHQW j O pFKHOOH LQWHUFRPPXQDOHFRPPHRXWLOGHFRQFHSWLRQHWGHPLVHHQ°XYUHG XQHSODQLILFDWLRQGDQVOHFDGUHG XQ  3URMHWG¶$PpQDJHPHQWHWGH'pYHORSSHPHQW'XUDEOH 3$''

(70) ,OSHUPHWDLQVLSDUGLIIpUHQWHVSROLWLTXHV VHFWRULHOOHV G DVVXUHU OD FRKpUHQFH GHV DXWUHV GRFXPHQWV LQWHUFRPPXQDX[ WHOV TXH OH 3/8 RX 3/8L 3ODQ /RFDO G 8UEDQLVPH ,QWHUFRPPXQDO

(71)  &HV SLqFHV DGPLQLVWUDWLYHV VXLYHQW DLQVL OHV RULHQWDWLRQV GX 6&27 HW FRUUHVSRQGHQW DX SULQFLSDO GRFXPHQW G XUEDQLVPH UpJL SDU GHV GLVSRVLWLRQV GX FRGH GH O XUEDQLVPH. . (QWUHWLHQDYHF0PH6DOYLUHVSRQVDEOHGXVHUYLFH(FRORJLH8UEDLQHGH7RXORXVH0pWURSROHHWFKDUJpHGH PLVVLRQV1DWXUHHW$JULFXOWXUHUHQFRQWUpORUVG XQHQWUHWLHQOHDYULO HQDQQH[H

(72)   6LWHGXPLQLVWqUHGXORJHPHQWHWGHO KDELWDWGXUDEOHZZZORJHPHQWJRXYIU>FRQVXOWpHQIpYULHU@ .

(73) U LO. U SE.  &HV RXWLOV SHUPHWWHQW HQVXLWH G DYRLU GHV SLqFHV FRQVWLWXWLYHV DILQ G pWDEOLU GHV VWUDWpJLHV FRQFUqWHV DSSOLFDEOHV VXU OH WHUUDLQ 3DU H[HPSOH VXLWH DX SURMHW GH FKDUWH G DJULFXOWXUH SpULXUEDLQH pQRQFp FLGHVVXV OHV DFWHXUV GH O DJJORPpUDWLRQ RQW SRXU REMHFWLIV GH GpYHORSSHU GHV 2ULHQWDWLRQV G¶DPpQDJHPHQWHW GH SURJUDPPDWLRQ 2$3

(74)  (OOHV SHUPHWWURQW G H[SRVHU OD PDQLqUH GRQW OD FROOHFWLYLWp VRXKDLWHPHWWUHHQYDOHXUHWVWUXFWXUHUVRQWHUULWRLUH/HV3pULPqWUHVGHSURWHFWLRQGHVHVSDFHVDJULFROHV HWQDWXUHOVSpULXUEDLQV 3$(1

(75) HWOHV=RQHVDJULFROHVSURWpJpHV =$3

(76) VRQWDXVVLHQFRXUVGHUpIOH[LRQ DILQG LGHQWLILHUGHVWHUUDLQVDJULFROHVSRWHQWLHOVRLOHVWQpFHVVDLUHTX LOVVRLHQWSUpVHUYpVSRXUGHVILQV DJULFROHV UpFUpDWLYHV GH ORLVLUV HW GH ELRGLYHUVLWp ¬ FH MRXU DXFXQH ]RQH Q HVW UHFRQQXH SDU FHV GpQRPLQDWLRQV(QHIIHWFHVRQWGHORXUGHVGpPDUFKHVjPHWWUHHQSODFH/DGpFLVLRQG XQHWHOOHDPSOHXU GRLW rWUH ORQJXHPHQW UpIOpFKLH FDU XQH IRLV TX XQH ]RQH HVW GpILQLH HOOH HVW JHOpH HW LO HVW LPSRVVLEOH TX HOOHUHSUHQQHVRQVWDWXWDQWpULHXUXUEDQLVDEOH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. &RPPH YX SUpFpGHPPHQW 7RXORXVH 0pWURSROH FRRSqUH DX[ F{WpV GH OD &KDPEUH G DJULFXOWXUH GHSXLV  HW VRQW DGKpUHQWHV HQVHPEOH j 7HUUHV HQ 9LOOHV (Q HIIHW FH VRQW GHV HQJDJHPHQWV SROLWLTXHV FRPPXQV HW XQH YRORQWp SDUWDJpH TXL OHV D UpXQL 1pDQPRLQV O DJJORPpUDWLRQ HQWUHWLHQW GHV UHODWLRQV SOXV RX PRLQV GLUHFWHV DYHF G DXWUHV RUJDQLVPHV GHV SHUVRQQHV UHVVRXUFHV HW GHV SDUWHQDLUHV LQVWLWXWLRQQHOVWHOVTXH 6RODJUREXUHDXG pWXGH HQWUHSULVHDVVRFLDWLYHPLOLWDQWH

(77) WRXORXVDLQUpDOLVDQWGHVpWXGHVHWO DVVLVWDQFH jPDvWULVHG RXYUDJHGRQWOHFRQVHLOG DGPLQLVWUDWLRQUpXQLWFKHUFKHXUVDJULFXOWHXUVHWSURIHVVLRQQHOV  /H&RQVHLOG¶$UFKLWHFWXUHG¶8UEDQLVPHHWGHO¶(QYLURQQHPHQW &$8(

(78) DVVRFLDWLRQUpJLRQDOHjEXWQRQ OXFUDWLISRXUODSURPRWLRQDUFKLWHFWXUDOHXUEDLQHHWSD\VDJqUHLQYHVWLHG XQHPLVVLRQGHVHUYLFHSXEOLF / eFROHQDWLRQDOHVXSpULHXUHGHIRUPDWLRQGHO¶HQVHLJQHPHQWDJULFROH (1)$

(79) HVWFKDUJpHGHOD IRUPDWLRQGHVSURIHVVHXUVGHO\FpHVDJULFROHV /D)pGpUDWLRQ1DWLRQDOHGHO¶$JULFXOWXUH%LRORJLTXH )1$%

(80) HWOD)pGpUDWLRQ5pJLRQDOHGHV$JULFXOWHXUV %LRORJLTXHV )5$%

(81) UHSUpVHQWHQWHWDFFRPSDJQHQWOHVDJULFXOWHXUVHQJDJpVHQELRHWIpGqUHQWOHV DWWHQWHVGHVFRQVRPPDWHXUVHWGHWRXVOHVDFWHXUVGHODILOLqUHELRDX[pFKHOOHVQDWLRQDOHHWUpJLRQDOH eUDEOHVPHPEUHGXUpVHDX)1$%HVWO DVVRFLDWLRQDXQLYHDXGHOD+DXWH*DURQQH. IO. 'HVFRQYHQWLRQVOLHQWDXVVLO DJJORPpUDWLRQDYHF /H0DUFKpG ,QWpUrW1DWLRQDO 0,1

(82)  /D'LUHFWLRQ'pSDUWHPHQWDOHGHV7HUULWRLUHV ''7

(83) DYHFOH3/8 /D6RFLpWpG¶DPpQDJHPHQWIRQFLHUHWG¶pWDEOLVVHPHQWUXUDO 6$)(5

(84)  / eWDEOLVVHPHQWSXEOLFIRQFLHUORFDOGX*UDQG7RXORXVH (3)/

(85)  /H&RQVHLOGHGpYHORSSHPHQW &2'(9

(86) UDVVHPEOHGHQRPEUHX[DFWHXUVGHODPpWURSROHWRXORXVDLQHHW FRQVWLWXHXQHLQWHUIDFHHQWUH7RXORXVH0pWURSROHHWODVRFLpWpFLYLOHORFDOH /HVFRPPXQDXWpVGHFRPPXQHVHQSDUWDJHDQWOHXUDGKpVLRQj7HUUHVHQ9LOOH / DVVRFLDWLRQ7HUUHGH/LHQV . EC O. LE. N. AT. &H GHUQLHU DFWHXU O DVVRFLDWLRQ 7HUUH GH /LHQV VH SUpVHQWH VXU VRQ VLWH  FRPPH XQ UpVHDX DVVRFLDWLI QDWLRQDO GpFRPSRVp HQ  DVVRFLDWLRQV UpJLRQDOHV GRQW XQH VLqJH j 7RXORXVH (OOH FRPSWH DXVVL XQH pFRQRPLHVROLGDLUHjWUDYHUV/DIRQFLqUHTXLSHUPHWG DFKHWHUGHVIHUPHV HWRXGHVWHUUHVSRXUHQUD\HU OD GLVSDULWLRQ GH WHUUDLQV HW UpGXLUH OHV GLIILFXOWpV G DFFqV DX IRQFLHU DJULFROH 7URLVLqPH HW GHUQLqUH FRPSRVDQWHO DVVRFLDWLRQSURSRVHDX[SHUVRQQHVHWDX[FROOHFWLYLWpVG DGKpUHUjODIRQGDWLRQGHIDoRQj UHFHYRLU GHV OHJV HW GHV GRQV SRXU SRXYRLU DFKHWHU HQ DQWLFLSDQW OHV GHPDQGHV GH WHUUDLQV DJULFROHV &RQWUDLUHPHQW j 7RXORXVH 0pWURSROH TXL HQWUHWLHQW GHV OLHQV SOXW{W DYHF GHV SDUWHQDLUHVLQVWLWXWLRQQHOV 7HUUH GH /LHQV SDU XQ PRXYHPHQW GH FLWR\HQV EpQpYROHV WUqV HQJDJpV UpIOpFKLW HW DJLW GLUHFWHPHQW j O pFKHOOHFLWR\HQQH QpJRFLDWLRQVHWDFKDWVGHWHUUDLQVDJULFROHVPRQWDJHVGHSURMHWVDJULFROHVDYHFOHV DJULFXOWHXUVHWOHVPXQLFLSDOLWpVHWF

(87)  . . 5pVHDX7HUUHGHOLHQVZZZWHUUHGHOLHQVRUJ .

(88) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(89) . AT. IO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. /HVKRPPHVDJULFXOWHXUVSULQFLSDOHPHQWSDUWLUHQWDXFRPEDWHWQHUHYLQUHQWMDPDLV&HSHQGDQWODYLOOH D\DQWXQHULFKHVVHDJULFROHLPSRUWDQWHGHVDJULFXOWHXUVLWDOLHQVDUULYqUHQWHQPDVVHDILQGHUHFRQVWLWXHU OHVH[SORLWDWLRQVDJULFROHVOLEUHVHWGHIDLUHUHSDUWLUODYLHGXYLOODJH. LE. N. )LJXUH &DUWHGHVeWDWVPDMRUV 

(90) VRXUFHZZZLJQIU>FRQVXOWpHQIpYULHU@. EC O.  &RPSWHWHQXGHO LPSRUWDQWHVXSHUILFLHGHODFRPPXQHQRXVQRXVLQWpUHVVHURQVSDUODVXLWHTX j ODSDUWLHFRQVWLWXDQWOHF°XUGXYLOODJHjVDYRLURVLqJHQWODPDLULHO pJOLVHOHVFRPPHUFHVOHFHQWUH ERXUJGHQVHKLVWRULTXHDLQVLTXHO XUEDQLVDWLRQUpFHQWH. . .

(91) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(92) LE. EC O. O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. IO. AT. N. U SE. U LO.

(93) /DVWUXFWXUHGHODSRSXODWLRQ  9HUIHLOFRPPXQHSpULXUEDLQH DFFXHLOOHXQHSRSXODWLRQGDQVO HQVHPEOHpTXLOLEUpHFRPSRVpHj GHPpQDJHVDYHFIDPLOOHVVXUXQWRWDOGHKDELWDQWVHQ . U SE. . U LO. .  . . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . . )LJXUH3RSXODWLRQSDUWUDQFKHVG kJHV,16((.  GHVPpQDJHVVRQWDFWLIVHWRQWXQHPSORL' DSUqVOHVVWDWLVWLTXHVGHO ,16((DLQVLTXHOHV  HQWUHWLHQV UpDOLVpV DXSUqV GHV KDELWDQWV  RQ SHXW REVHUYHU TX XQH JUDQGH SDUWLH GHV 9HUIHLOORLV   SHUVRQQHV VRLW HQYLURQ   GH O HQVHPEOH

(94)  WUDYDLOOHQW GDQV XQH FRPPXQH DXWUH TXH OHXU FRPPXQH GH UpVLGHQFH &HWWH REVHUYDWLRQ HVW j PHWWUH GLUHFWHPHQW HQ UHODWLRQDYHFOHVGpSODFHPHQWV (QHIIHWSHXG RIIUHGHWUDQVSRUWVHQFRPPXQVQ HVWSUpVHQWHVXUODFRPPXQH/DSOXSDUWGHVSHUVRQQHV XWLOLVHQW OHXU DXWRPRELOH SRXU VH UHQGUH DX WUDYDLO   HQ  G DSUqV O ,16((

(95)   . / DJULFXOWXUHHWOD9DOOpHGX*LURX. N. AT. IO.  /DYDOOpHGX*LURXIDLVDQWGHQRPEUHX[YLUDJHV G ROHWHUPH *LURX

(96) HVWVRXPLVHjGHVFUXHV IUpTXHQWHV /¶DFWLYLWpDJULFROH DWRXMRXUV pWpSUpVHQWHDXWRXUGHOD IRUWHUHVVH GH 9HUIHLO(OOH JDUGH XQH SODFH HQFRUH UHODWLYHPHQW LPSRUWDQWH GDQV O¶DFWLYLWp pFRQRPLTXH GH OD FRPPXQH (OOH D PrPH DXJPHQWpH HQWUH  HW  SDVVDQW GH  j  DJULFXOWHXUV (Q HIIHW HQ pWXGLDQW OH UHJLVWUH SDUFHOODLUHHQWUHHW FDUWHFLGHVVRXV

(97) RQFRQVWDWHTXHGHPXOWLSOHVVXUIDFHVDJULFROHVRQWpWp FUppHV HVVHQWLHOOHPHQW VXU OD SDUWLH FHQWUHRXHVW GH OD FRPPXQH HQ SpULSKpULH GX FHQWUH KLVWRULTXH 1pDQPRLQVRQUHPDUTXHDXVVLTXHGHQRPEUHX[WHUUDLQVRQWpWpHIIDFpVGDQVODFRXURQQHDXWRXUGHOD PDVVHEkWLHRXGDQVOHVGHQWVFUHXVHV. EC O. LE.  / DJULFXOWXUH \ HVW SULQFLSDOHPHQW LQWHQVLYH UHSRVDQW HVVHQWLHOOHPHQW VXU OD FpUpDOLFXOWXUH DYHF GHVVWUXFWXUHVG H[SORLWDWLRQVLPSRUWDQWHV&HVGHUQLqUHVRQWEpQpILFLpG LQYHVWLVVHPHQWV HQLUULJDWLRQHW  HQGUDLQDJHJUkFHjODYDOOpHGX*LURX . . . G DSUqVO ,16((53HW53H[SORLWDWLRQVSULQFLSDOHVHWFRPSOpPHQWDLUHV &IDQQH[HJULOOHVG HQWUHWLHQVGHVKDELWDQWVGH9HUIHLOGHPDUVjPDL  3ODQORFDOG XUEDQLVPH'LDJQRVWLF&RPPXQHGH9HUIHLOQRYHPEUH . .

(98) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. EC O. LE. N. AT. IO. )LJXUH&DUWRJUDSKLHGHO pYROXWLRQGXUHJLVWUHSDUFHOODLUHHQWUHHWEDVH53*HW53* ZZZJHRSRUWDLOJRXYIU>FRQVXOWpHQVHSWHPEUH@.  .

(99) %8QHFRPPXQHVDQVUpHOOHLGHQWLWp  . (QWUHYLOOHHWFDPSDJQH. U LO O. -HVXLVUHYHQXP¶LQVWDOOHUj9HUIHLOFDUM¶DLPHOD FDPSDJQH - DLFKRLVL9HUIHLOSRXUVDSUR[LPLWpGH/DYDXUSRXUOD IDPLOOHHWj7RXORXVHSRXUOHWUDYDLODLQVLTXHOD WUDQTXLOOLWpjODFDPSDJQHHWODWDLOOHGHODYLOOH -HVXLVQpj9HUIHLOHW\DLWRXMRXUVYpFX. U SE. . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T.   )RUW HVW GH OH FRQVWDWHU FHUWDLQV KDELWDQWV DSSUpFLHQWUpHOOHPHQW9HUIHLOSRXUVRQFDUDFWqUHUXUDOHW FDPSDJQDUG 9LOODJH SOXV MHXQH DXMRXUG KXL OD FRPPXQH D JDUGp XQH JUDQGH SDUWLH G KDELWDQWV QDWLIV GX IDLW GX ERQYLYUH HW GH O DWWDFKH TX LOV HQ RQW /D FRXYHUWXUH G XQH PRQRJUDSKLH GH  PRQWUH ELHQ O LPDJH V\PEROLTXH TXH UHSUpVHQWDLW 9HUIHLO SRXU 6DEDWKLHU XQ YLOODJH EkWL VXU OH SURPRQWRLUH G XQH FROOLQHDYHFTXHOTXHVEkWLVVHVGHIHUPHHQFRQWUHEDV. )LJXUH9HUIHLOLOOXVWUDWLRQGHODPRQRJUDSKLHFRPPXQDOHSDU6DEDWKLHU VLWHGHV$UFKLYHV'pSDUWHPHQWDOHV ZZZDUFKLYHVKDXWHJDURQQHIU>FRQVXOWpHQVHSWHPEUH@.  . AT. IO. 0RQYLOODJHQDWDODELHQpYROXp-H SDUOHUDLSOXW{WG¶XQHSHWLWHYLOOHjOD FDPSDJQH & HVWXQJURVYLOODJH. EC O. LE. N. 9HUIHLOpYROXHHWV¶DJUDQGLWLODWWLUHGX PRQGH0DLVLOQHIDXGUDLWSDVTXHFHOD VHIDVVHWURSUDSLGHPHQWRX H[FHVVLYHPHQWFDUGDQVFHFDVFHOD SRXUUDLWDYRLUGHVUpSHUFXVVLRQV QpJDWLYHVVXUOHYLOODJHTXLSHUGUDLWGH VRQFDUDFWqUH. . )LJXUH5RXWHGH7RXORXVHHQWUpH6XG *RRJOH0DSVZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@.   . 3URSRVLVVXVGHVHQWUHWLHQVUpDOLVpVDYHFGHVKDELWDQWVGXYLOODJHHQWUHDYULOHWPDL HQDQQH[H

(100)  .

(101) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE.  / LPDJHTXHVHIDLVDLW6DEDWKLHUDFKDQJpDXMRXUG KXL(QHIIHWO LPDJHFLGHVVXVFRUUHVSRQGj O HQWUpH GH YLOOH VXG / KDELWDWLRQ TXH O RQ YRLW VXU OD PRQRJUDSKLH HQ EDV GH O DOOpH HVW SUpVHQWH VXU OD SKRWRJUDSKLHDXWURLVLqPHSODQjJDXFKH'HVHQVHLJQHV FRPPHUFLDOHVFRPPH5HQDXOWRX*DPP9HUW VHVRQWLPSODQWpHVDXQLYHDXGHFHWWHHQWUpHGHYLOOHFKDQJHDQWOHFDUDFWqUHUXUDOGHODFRPPXQH'H SOXVODSRVLWLRQYLVjYLVGHODPpWURSROHWRXORXVDLQHUHQGGLIILFLOHXQHUpHOOHQHXWUDOLWp(QHIIHWDXVHQV VWULFW9HUIHLOVHVLWXHGDQVODWURLVLqPHFRXURQQHGXSpULXUEDLQWRXORXVDLQHWIDLWSDUWLHGHO DLUHXUEDLQH 'H FH IDLW OD SUR[LPLWp j 7RXORXVH FRQWUDLQW OD FRPPXQH j DFFXHLOOLU XQH SRSXODWLRQ FLWDGLQH YRXODQW V LPSODQWHUGDQVGHV]RQHVSOXVUXUDOHV'HSOXV9HUIHLORIIUHSHXGHVHUYLFHVHWG DFWLYLWpV/HPDUFKp GHSOHLQYHQWSDUH[HPSOHTXLSHUPHWGHIDLUHVHUHQFRQWUHUDQFLHQVQRXYHDX[KDELWDQWVHWDJULFXOWHXUV ORFDX[ HVW XQ ERQ PR\HQ GH V DQFUHU GDQV XQ WHUULWRLUH UXUDO HW GH FUpHU XQH YpULWDEOH YLH GH YLOODJH FRPPXQDXWDLUH &HSHQGDQW OH PDUFKp SUpVHQW j 9HUIHLO OH PDUGL HW OH GLPDQFKH PDWLQ Q HVW SDV FRQVpTXHQWHWDFFXHLOOHSHXGHSURGXFWHXUVORFDX[GXjO DEVHQFHGHPDUDLFKDJHVXUODFRPPXQH /HV QRXYHDX[DUULYDQWVSRXUODSOXSDUWDQFLHQVFLWDGLQVRQWDLQVLGXPDOjV LQWpJUHUHWOHSKpQRPqQHGHYLOOH GRUWRLUVHGpYHORSSH            . IO. . N. . AT. . EC O. LE.       . .

(102) . 8QHXUEDQLVDWLRQKpWpURJqQHHWGLIIXVH  9HUIHLOFKDQJH GHSXLVHQYLURQDQVHWGHSXLVOHGpYHORSSHPHQWLQWHQVLIGHVORWLVVHPHQWV 

(103)  /HVQRXYHDX[YHUVDQWVPHFKRTXHQWVRQWWURSFKDUJpVHWLQWHQVLIVLO\DXQPDQTXHG KRPRJpQpLWp  /HYLOODJHDFKDQJpDFFURLVVHPHQWGXQRPEUHG¶KDELWDQWVQRXYHOOHVFRQVWUXFWLRQV ,OpWDLWWUqVUXUDOLO\DDQV. U LO. U SE.  'HSXLV  DQV OD SRSXODWLRQ GH 9HUIHLO QH FHVVH G DXJPHQWHU FKDTXH DQQpH HW HVW SDVVpH GH  KDELWDQWVjKDELWDQWVHQWUHHW &HODHQJHQGUHDLQVLXQEHVRLQGHORJHPHQWVGH SOXV HQ SOXV LPSRUWDQW / XUEDQLVDWLRQ HVW SOXV RX PRLQV PDUTXpH VHORQ OHV YHUVDQWVHW VH VWUXFWXUH HQ WkFKHG KXLOHjSUR[LPLWpGHVD[HVGHFLUFXODWLRQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. (QVHUpIpUDQWjODFDUWH 9HUIHLOGHVDFRQVWUXFWLRQjQRVMRXUV

(104) GHODFRQVWUXFWLRQGXYLOODJHDXVRPPHW GX SURPRQWRLUH DLQVL TX j VRQ UHOLHI YDOORQQp QRXV DYRQV SX DSSUpKHQGHU HQ SDUWLH O pYROXWLRQ GH VRQ XUEDQLVDWLRQHQSODQ0DLVLOpWDLWQpFHVVDLUHGHUpDOLVHUGHVIRFDOHVVXUGHVOLHX[WUqVFDUDFWpULVWLTXHVGH UpFHQWHXUEDQLVDWLRQDXWUDYHUVG pWXGHVSD\VDJqUHV. EC O. LE. N. AT. IO. . )LJXUH/RFDOLVDWLRQGHVOLHX[GHVpWXGHVSD\VDJqUHV*RRJOH0DSV ZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@.  .  . . ,16((5pVLGHQFHVSULQFLSDOHV 53

(105) jGpQRPEUHPHQWV53HW53H[SORLWDWLRQVSULQFLSDOHV .

(106) eWXGH     . U SE. . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. .               . AT. IO. )LJXUHV3KRWRJUDSKLHVGH HQKDXW

(107) HWGH HQEDV

(108) URXWHGH7RXORXVH *RRJOH0DSV6WUHHW9LHZZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@. . EC O. LE. N. 3UHPLqUHSRUWHG HQWUpHDXVXGGH9HUIHLOGHSXLV7RXORXVHFHYHUVDQW DQFLHQQHPHQWDJULFROH

(109) DFRQQX XQHpYROXWLRQVSHFWDFXODLUHHQDQV/DGpSDUWHPHQWDOHDFRQVHUYpHVRQPDLOG DUEUHVGpMjSUpVHQWVXU O RHXYUH GH 6DEDWKLHU SUpVHQWpH SOXV KDXW HW HQ FRQWUHEDV HVW YHQX V LPSODQWHU GDQV OH OpJHU GpQLYHOp GHV PDLVRQV LQGLYLGXHOOHV /D GLVWDQFH SDU UDSSRUW j OD URXWH HVW FODLUHPHQW YLVLEOH FKDTXH KDELWDWLRQ EpQpILFLHDLQVLG XQMDUGLQHQIRQGGHSDUFHOOHDVVRFLpjXQHFORWXUHHQWRXUDQWO HQVHPEOH.  7RXV OHV ORJHPHQWV VH UHVVHPEOHQW HQ SDUWLH SDU OHXU KDXWHXU IL[pH GDQV OH 3/8 j XQ UH]GH FKDXVVpHPDLVDXVVLSDUODFRPSRVLWLRQGHVPpQDJHVKDELWDQW9HUIHLO(QHIIHWVXU9HUIHLOORLVHQ    IRQW SDUWL GH PpQDJHV DYHF IDPLOOH HW SDUPLV HX[   UHSUpVHQWHQW GHV FRXSOHV DYHF  HQIDQW V

(110)

(111) . . ' DSUqVO ,16((53HW53H[SORLWDWLRQVIDPLOLDOHV .

(112) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. eWXGH. N. . AT. IO. )LJXUHV3KRWRJUDSKLHVGH HQKDXW

(113) HWGH HQEDV

(114) &DUGDLOKDF *RRJOH0DSV6WUHHW9LHZZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@. EC O. LE.  6LWXpHQWUHOD]RQHG DFWLYLWp3LRVVDQHXQH]RQHQDWXUHOOHHWOD]RQHSURWpJpHGXHDX[FUXHVGX *LURX OH TXDUWLHU &RXUEHQDXVH GpWLHQW OHV WHUUDLQV OHV SOXV SODWV GH 9HUIHLO $X IXU HW j PHVXUH FHW HVSDFHVHGHQVLILHDILQG DFFXHLOOLUGHQRXYHOOHVPDLVRQVLQGLYLGXHOOHVPDLVDXVVLGHVPDLVRQVHQEDQGH /HV PDLVRQV LQGLYLGXHOOHV VRQW GX PrPH RUGUH TXH FHOOHV URXWH GH 7RXORXVH OH MDUGLQ HQWRXUDQW O HQVHPEOHGHO KDELWDWLRQ     .

(115) AT. IO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. eWXGH. LE. N. )LJXUHV3KRWRJUDSKLHVGH HQKDXW

(116) HWGH HQEDV

(117) DYHQXHGHVpFROHV *RRJOH0DSV6WUHHW9LHZZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@. EC O.  3HUFHSWLEOH GH GLYHUVHQGURLWVOH TXDUWLHU (Q 6LJDXGqV , HW ,, G XQH WUqV JUDQGH VXSHUILFLH HVW j O LPDJH GH OD WUDQVIRUPDWLRQ GH 9HUIHLO (Q HIIHW FH SHQFKDQW D VXELW GH QRPEUHXVHV RSpUDWLRQV GH GpFRXSDJHSDUFHOODLUHVXLWHjODYHQWHGHVWHUUDLQVDJULFROHVHWQDWXUHOVSDUGHVH[SORLWDQWVDJULFROHVRX GHV GHVFHQGDQWV GH FHV GHUQLHUV GqV OHV DQQpHV  'H FH IDLW FH SD\VDJH HVW HQ pWHUQHO FKDQJHPHQWGXDX[FRQVWUXFWLRQVTXLV pWDOHQWVXUSOXVLHXUVpFKpDQFHV/HTXDUWLHUHVWHQFRUHHQWRXUp GH QRPEUHX[ FKDPSV DJULFROHV FRPPH RQ SHXW OH YRLU VXU OHV SKRWRJUDKLHV HQ SUHPLHU SODQ &HV  FKDPSVVRQWG DLOOHXUVSURWpJpVHQ]RQHQDWXUHOOHGDQVOH3/8 .  . 3ODQORFDOG XUEDQLVPHGH9HUIHLODYULOSUpVHQWHQDQQH[H .

(118) D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. eWXGH. N. AT. IO. )LJXUHV3KRWRJUDSKLHVGH HQKDXW

(119) HWGH HQEDV

(120) UXH/RXLV0DJRX[ *RRJOH0DSV6WUHHW9LHZZZZJRRJOHIUPDSV>FRQVXOWpHQRFWREUH@. EC O. LE.  6LWXp DX F°XU GH OD SUHPLqUH SKDVH GX ORWLVVHPHQW (Q 6LJDXGqV HW DSHUFHYDQW DX ORLQ OD IRUWHUHVVH GX ERXUJ HW OH PDLO GH OD GpSDUWHPHQWDOH PHQDQW j /DYDXU 

(121)  RQ UHPDUTXH O LPSRUWDQWH GpFOLYLWp SUpVHQWH VXU FH YHUVDQW 'H SOXV GH SDUW OD SKRWRJUDSKLH GH  RQ VH UHQG FRPSWH GH O pWHQGXHGHVLQIUDVWUXFWXUHVURXWLqUHVHWGHUpVHDX[QpFHVVDLUHVjODFUpDWLRQGHFHVORWLVVHPHQWV$XVVL ODIRUWHSHQWHDQpFHVVLWpGHUHPRGHOHUOHWHUUDLQDILQGHFUpHUXQTXDUWLHUHQWHUUDVVH'HFHIDLWFKDTXH KDELWDWLRQGLVSRVHG XQMDUGLQKDXWHWG XQMDUGLQEDVHWSHXWV DXWRULVHUGHX[QLYHDX[  8QH IRLV GH SOXV RQ UHWURXYH OD PrPH W\SRORJLH GH PDLVRQ LQGLYLGXHOOH TXH GDQV OHV DXWUHV HVSDFHV XUEDQLVpV GH 9HUIHLO (QWUH DXWUH XQ FRQVWUXFWHXU WRXORXVDLQ GH PDLVRQV LQGLYLGXHOOHV QRPQp $FFHVVLV

Références

Documents relatifs

0DLVHOOHGHPDQGHXQHSRVWXUHSDUWLFXOLqUHGHODSDUWGHVGLUHFWLRQV/¶LGpHDpWpDYDQFpHj SOXVLHXUV UHSULVHV GXUDQW QRV HQWUHWLHQV DYHF OHV H[SHUWV G¶2PpJD ,O

&amp;HVW VHXOHPHQW GDQV OH VHJPHQW © OHV *pUDWV&amp;RO GH OD *OD FLqUH ª GRQF VXU XQH GLVWDQFH GH SUqV GH NP TXRQ FRQVWDWH OH FKHYDXFKHPHQW GH O8UJRQLHQ /DYDQFpH HVW GH j PqWUHV

/H FRQWDFW GLUHFW GHV PDUQHV KHOYpWLHQQHV HW GH O2OLJRFqQH QRXV HPSrFKH GH FRQVLGpUHU FHWWH VpULH FRPPH XQH VLPSOH VpULH UHQYHUVpH (Q HIIHW LO PDQTXHUDLW HQWUH O+HOYpWLHQ HW

j XQH pWXGH GHV YDUYHV HW SRXUUDLW VHUYLU GH SRLQW GH GpSDUW SRXU XQ HVVDL GH V\QFKURQLVDWLRQ GHV SKDVHV GH UHWUDLW GX JODFLHU GX 5K{QH ZXUPLHQ DYHF OHV GHUQLqUHV IOXFWXDWLRQV

'DQV FHWWH IRUPDWLRQ MDL GpFRXYHUW GHV JOLVVHPHQWV VRXV PDULQV /HV PHLOOHXUV DIIOHXUHPHQWV VH WURXYHQW GDQV OD JRUJH GH OD 9Lq]H OXQ GHX[ HVW j P j ODYDO GX SRQW GX 'LDEOH ULYH

/RUVTXXQ QHUI HVW VHFWLRQQp DSUqV XQH SpULRGH GH ODWHQFH YDULDEOH VXLYDQW OHVSqFH DQLPDOH OkJH HW OD QDWXUH GHV ILEUHV QHUYHXVHV FHV GHUQLqUHV GX PRPHQW TXHOOHV QH VRQW SDV VpSD UpHV

/H 'RPpULHQ GpEXWH SDU XQH EUqFKH GH EDVH j pOpPHQWV GRORPLWLTXHV SUpGRPLQDQWV GLDP PD[ GHV JDOHWV FP 2Q UHQFRQWUH DXVVL GHV JDOHWV GH /LDV GH VFKLVWHV YHUWV WULDVLTXHV FP HW

H 3WL7LHFbLH© ² 1RXV DYRQV GpQRPEUp GDQV FHWWH VpULH QLYHDX[ FRQWHQDQW GHV JDOHWV GH FDOFDLUHV VDSURSpOLHQV QRLUV GRQW FRUUHVSRQGHQW j GHV FRQJORPpUDWV FDOFDLUHV GRQW OHV