Quels cheminements vers le langage ? Quatre enfants IMC/IMOC non verbaux découvrent leur outil de communication

Texte intégral

(1)Quels cheminements vers le langage ? Quatre enfants IMC/IMOC non verbaux découvrent leur outil de communication Marianne Lamour. To cite this version: Marianne Lamour. Quels cheminements vers le langage ? Quatre enfants IMC/IMOC non verbaux découvrent leur outil de communication. Médecine humaine et pathologie. 2012. �dumas-01511685�. HAL Id: dumas-01511685 https://dumas.ccsd.cnrs.fr/dumas-01511685 Submitted on 21 Apr 2017. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

(2) )DFXOWpGH0pGHFLQH (&2/('¶257+23+21,( . 0(02,5(SUpVHQWpHQYXHGHO¶REWHQWLRQGX. &(57,),&$7'(&$3$&,7('¶257+23+21,67(. 3DU. /$02850DULDQQH 1pHOHDYULOj5HLPV

(3) . 48(/6&+(0,1(0(1769(56/(/$1*$*(" 48$75((1)$176,0&,02&1219(5%$8; '(&2895(17/(85287,/'( &20081,&$7,21. 'LUHFWHXUGH0pPRLUH9(5128;9,9(66\OYLH. 2UWKRSKRQLVWH &RGLUHFWHXUGH0pPRLUH&277$1HOO\. 2UWKRSKRQLVWH. 1LFH . 8QLYHUVLWp1LFH6RSKLD$QWLSROLV±)DFXOWpGH0pGHFLQH(FROHG¶2UWKRSKRQLH.

(4) . 8QLYHUVLWpGH1LFH6RSKLD$QWLSROLV)DFXOWpGH0pGHFLQH±(FROHG¶RUWKRSKRQLH. 0(02,5(SUpVHQWpHQYXHGHO¶REWHQWLRQGX. &(57,),&$7'(&$3$&,7('¶257+23+21,67(. 3DU. /$02850DULDQQH 1pHOHDYULOj5HLPV

(5) . 48(/6&+(0,1(0(1769(56/(/$1*$*(" 48$75((1)$176,0&,02&1219(5%$8; '(&2895(17/(85287,/'( &20081,&$7,21. 'LUHFWHXUGH0pPRLUH9(5128;9,9(66\OYLH. 2UWKRSKRQLVWH &RGLUHFWHXUGH0pPRLUH&277$1HOO\. 2UWKRSKRQLVWH. 1LFH . .

(6) 5(0(5&,(0(176. 5(0(5&,(0(176 9RXV DYH] DFFHSWp GH GLULJHU FH PpPRLUH 9RXV P¶DYH] JXLGp GDQV O¶pODERUDWLRQ HW OD FRQVWUXFWLRQ GH FH WUDYDLO HW P¶DYH] DFFRPSDJQpH DYHF HQWUDLQHW ELHQYHLOODQFH WRXW DX ORQJGHFHWWHDQQpHGHUpIOH[LRQVHWGHIRUPDWLRQ0HUFL0DGDPH6\OYLH9HUQRX[9LYHV 9RXVDYH]DFFHSWpGHFRGLULJHUFHPpPRLUHPDOJUpODGLVWDQFH9RWUHJUDQGHH[SpULHQFH YRWUHUHFXOHWWRXVYRVFRQVHLOVP¶RQWpWpSUpFLHX[0HUFL0DGDPH1HOO\&RWWD 9RXVP¶DYH]JXLGpHDX[SUpPLFHVGHODFRQVWUXFWLRQGXVXMHWHWDYH]DFFHSWpHQVXLWHGH OLUHFHWUDYDLOHWGHO¶pFODLUHUG¶XQ°LOQHXIHWDYLVp0HUFL0DGDPH6\OYLH%ORQGHW 9RXV P¶DYH] DVVLVWpH j SOXVLHXUV UHSULVHV SRXU PH SHUPHWWUH GH UpDOLVHU FH PpPRLUH 0HUFL0DGDPH/DXUHQFH6LULH\VHW0DGDPH-RsOOH6DQQD 9RXVP¶DYH]DFFXHLOOLHWRXWDXORQJGHO¶DQQpHGDQVYRVORFDX[HWM¶DLpQRUPpPHQWDSSULV GH FHWWH VWUXFWXUH G\QDPLTXH 0HUFL j O¶HQVHPEOH GX SHUVRQQHO HW GHV HQIDQWV GH O¶,(0 5RVVHWWL 9RXV DYH] DFFHSWp GH SDUWLFLSHU j FH WUDYDLO DYHF VRXULUHV ERQQH KXPHXU HW HQWKRXVLDVPH-¶DLEHDXFRXSDSSULVjYRWUHFRQWDFW0HUFL020$0<-$ 9RXVP¶DYH]SHUPLVGHGpFRXYULUODFRPPXQLFDWLRQQRQYHUEDOHHWPrPHO¶RUWKRSKRQLH 0HUFL0DULH$QQH&pFLOH$QQH&DWKHULQH0DXULFHWWHHW1LFRODV 9RXV P¶DYH] SHUPLV GH YLYUH GH ULFKHV PRPHQWV G¶DPLWLp SHQGDQW FHV TXDWUH DQQpHV 0HUFL&KULVWHOOHHWSXLV'DPLHQ 9RXV DYH] SDUWDJp DYHF PRL FHWWH GU{OH GH YLH TX¶HVW FHOOH GHV pWXGHV HQ RUWKRSKRQLH 0HUFLOHVILOOHV 9RXVP¶DYH]VXLYLHHQFKDQVRQV0HUFLODFKRUDOH 9RXVDYH]SURSRVpYRWUHDLGHHWP¶DYH]HQFRXUDJpHjPDLQWHVUHSULVHV0HUFLOHVDPLV 9RXVP¶DYH]DFFRPSDJQpHDXTXRWLGLHQGDQVODMRLHHWODERQQHKXPHXUHVWXQH JUDQGHDQQpHSRXUQRXVWRXV0HUFL3DSD0DPDQ+pOqQH)UDQoRLV-XOLHWWH. .

(7) 6200$,5(. 6200$,5( 5(0(5&,(0(176 6200$,5( ,1752'8&7,21 3$57,(7+(25,48( ,. . . . /¶(1)$17,0&,02& 'pILQLWLRQVHWWHUPLQRORJLH 3UpYDOHQFH 6pPLRORJLH 7DEOHDX[FOLQLTXHV (WLRORJLHV 7URXEOHVDVVRFLpVHWWURXEOHVVHFRQGDLUHV /HVGLIILFXOWpVGHSDUROHHWGHODQJDJH /HVWURXEOHVGHODFRPPXQLFDWLRQ. ,, /('(9(/233(0(17'8/$1*$*(25$/(7'(/$&20081,&$7,21 /¶pPHUJHQFHGHODFRPPXQLFDWLRQ /¶pYROXWLRQGXODQJDJHRUDO ,,, /$&20081,&$7,21$/7(51$7,9((7$8*0(17((28$0(/,25(( &$$

(8) 'pILQLWLRQV /HODQJDJHJHVWXHOHWQRQYHUEDOGHVHQIDQWV,0&,02& /DPLVHHQSODFHG¶XQH&$$ ([HPSOHVGHVXSSRUWVHWG¶RXWLOVXWLOLVpVHQ&$$. 3$57,(35$7,48( ,. . . 352%/(0$7,48((7'(0$5&+( 2EVHUYDWLRQVHWK\SRWKqVHVGHWUDYDLO 'pPDUFKH 3UpVHQWDWLRQGHODSRSXODWLRQ &KRL[GXUpFLW (ODERUDWLRQGHVGLIIpUHQWHVJULOOHVG¶REVHUYDWLRQ 'HVFULSWLRQGHVPRGDOLWpVGHSDVVDWLRQ. ,, (9$/8$7,216(7$1$/<6(6 $QDO\VHGHVSURGXFWLRQVGH0$ $QDO\VHGHVSURGXFWLRQVGH0< $QDO\VHGHVSURGXFWLRQVGH-$ $QDO\VHGHVSURGXFWLRQVGH02 'pSODFHPHQWVDXVHLQGHVJULOOHV ',6&866,21. . ,. 5()/(;,216*(1(5$/(6(735($/$%/(6. ,,. 0$(7-$/¶(&2120,('8*(67(,03/,48(/¶(&2120,('8&+2,;. ,,, 0<(702/(5(728592&$/3(87$,'(5$/¶$335(17,66$*('83,&72*5$00((7'8 &21&(3748,<(67$77$&+(. . ,9 &216(48(1&(6'(&(6',))(5(17(687,/,6$7,216'¶810(0(287,/(73(563(&7,9(6 9. /,0,7(6'(1275((78'(. .

(9) 6200$,5( &21&/86,21 %,%/,2*5$3+,( 7$%/('(6,//8675$7,216 $11(;(6 $11(;(,&253860$. $11(;(,,&253860< 1'(3$66$7,21 (92/87,21. $11(;(,,,&25386-$. $11(;(,9&2538602 (5(3$66$7,21 1'(3$66$7,21 (92/87,21. $11(;(9*5,//(6'(&20081,&$7,210<(702. $11(;(9,*5,//(6'(&20081,&$7,210$(7-$ . .

(10) . ,1752'8&7,21 /HODQJDJHKXPDLQFRQVWLWXHXQV\VWqPHGHFRPPXQLFDWLRQH[WUrPHPHQWULFKHYDULpHW FRPSOH[H ,O V¶DJLW G¶XQ HQVHPEOH GH VLJQHV SHUPHWWDQW O¶pODERUDWLRQ O¶H[SUHVVLRQ HW OD UpFHSWLRQGHPHVVDJHVpPLVGDQVOHEXWGHFRPPXQLTXHU /HVLJQHHVWFRPSRVpGHGHX[XQLWpV /HVLJQLILpG¶XQHSDUWTXLFRUUHVSRQGDXFRQFHSWjODUHSUpVHQWDWLRQPHQWDOHGHFH TXHO¶RQYHXWFRPPXQLTXHU /HVLJQLILDQWHVWODIRUPHXWLOLVpHSRXUH[SULPHUFHFRQFHSW 0rPH VL FHV VLJQHV SHXYHQW rWUH GH GLYHUVHV QDWXUHV YRFDX[ JHVWXHOV JUDSKLTXHV WDFWLOHV«

(11) OH ODQJDJH SDUOp FRQVWLWXH O¶XQ GHV PRGHV GH FRPPXQLFDWLRQ SULYLOpJLp SDU O¶rWUHKXPDLQ/HVLJQLILDQWHVWDORUVODIRUPHDFRXVWLTXHGXPRWGRQQpHSDUODSDUROHGX VXMHWTXLFRPPXQLTXH 'pEXWDQWGqVOHVSUHPLHUVPRLVGHODYLHO¶DFTXLVLWLRQGXODQJDJHHVWXQSURFHVVXVORQJHW FRPSOH[H3DUOHELDLVGXEDLQOLQJXLVWLTXHGDQVOHTXHOHVWSORQJpOHWUqVMHXQHHQIDQWDX FRXUVGHVDYLHTXRWLGLHQQHHWVXUOHTXHOLOSUHQG PRGqOH PDLVpJDOHPHQWDXWUDYHUV GH VLWXDWLRQV G¶DSSUHQWLVVDJH SOXV IRUPHOOHV OHV GLIIpUHQWHV VWUXFWXUHV GX ODQJDJH SDUOp VH PHWWHQWHQSODFHSURJUHVVLYHPHQWHWSHXYHQWVHSHUIHFWLRQQHUMXVTX¶jO¶kJHDGXOWH 3RXU O¶DFTXLVLWLRQ G¶XQ ODQJDJH SDUOp TXL UHPSOLVVH SOHLQHPHQW VD IRQFWLRQ GH FRPPXQLFDWLRQV¶DMRXWHODQpFHVVDLUHPDvWULVHG¶XQHSDUROHDUWLFXOpHVXSSRUWGXPHVVDJH jWUDQVPHWWUH&HWWHDUWLFXODWLRQGHODSDUROHGpSHQGHQWUHDXWUHVQRPEUHX[SDUDPqWUHVGHV FDSDFLWpVYRFDOHVHWDUWLFXODWRLUHVGXVXMHW $X FRXUV GH QRV pWXGHV HW SOXV SDUWLFXOLqUHPHQW ORUV GH QRWUH VWDJH DX VHLQ GH O¶,(0 5RVVHWWL QRXV DYRQV HX O¶RFFDVLRQ GH UHQFRQWUHU GH MHXQHV VXMHWV ,0&,02& SRXU TXL O¶DFFqV j XQ WHO ODQJDJH Q¶HVW SDV SRVVLEOH 2Q GLW DORUV TX¶LOV VRQW ©QRQYHUEDX[ª &HSHQGDQW QRXV DYRQV UDSLGHPHQW FRPSULV TX¶LOV Q¶HQ VRQW SDV PRLQV GHV VXMHWV TXL FRPPXQLTXHQW,OV¶DJLWDORUVGHOHXUSURSRVHUGHVRXWLOVGHFRPPXQLFDWLRQDOWHUQDWLYHHW DXJPHQWpH RX &$$

(12) TXL GHYLHQQHQW OHV VXSSRUWV G¶H[SUHVVLRQ GH OHXUV PHVVDJHV &HUWDLQV GH FHV RXWLOV VRQW SDUWLFXOLqUHPHQW HQ OLHQ DYHF OHV QRXYHOOHV WHFKQRORJLHV HW SHUPHWWHQWODSURGXFWLRQG¶XQHSDUROHV\QWKpWLTXHGLIIXVpHSDUODPDFKLQH .

(13) 1RXV DYRQV GRQF SHQVp TX¶LO VHUDLW LQWpUHVVDQW G¶pWXGLHU FRPPHQW FHV MHXQHV VXMHWV V¶DSSURSULHQW GH WHOV RXWLOV HW OHV XWLOLVHQW SRXU FRQVWUXLUH OHXU ODQJDJH HW DYRQV IDLW GH FHWWHUpIOH[LRQO¶REMHWGHQRWUHWUDYDLO 1RXV QRXV VRPPHV GRQQp SRXU REMHFWLI G¶DQDO\VHU GH PDQLqUH j OD IRLV TXDQWLWDWLYH HW TXDOLWDWLYH OH ODQJDJH G¶HQIDQWV QRQYHUEDX[ HW GpEXWDQW GDQV O¶XWLOLVDWLRQ GH OHXU V\QWKqVHYRFDOH $YDQWGHUHQGUHFRPSWHGHQRVREVHUYDWLRQVQRXVQRXVSURSRVRQVGHIDLUHXQWUDYDLOGH V\QWKqVHFRQFHUQDQWOHVJUDQGVGRPDLQHVGHQRWUHWUDYDLO $LQVLGDQVXQSUHPLHUWHPSVQRXVWHQWHURQVGHSUpVHQWHUOHVSULQFLSDOHVFDUDFWpULVWLTXHV GHO¶LQILUPLWpPRWULFHFpUpEUDOHRXG¶RULJLQHFpUpEUDOH3RXUFHODQRXVSUpVHQWHURQVOHV GLIIpUHQWV SURILOV FOLQLTXHV HW WURXEOHV DVVRFLpV 1RXV FRQVDFUHURQV XQH SDUWLH GH QRWUH GpYHORSSHPHQWjGpWDLOOHUSOXVVSpFLILTXHPHQWOHVWURXEOHVGHODSDUROHHWGXODQJDJHTXH QRXVSRXYRQVUHQFRQWUHUFKH]FHVVXMHWV3OXVJOREDOHPHQWQRXVSUpVHQWHURQVpJDOHPHQW OHVGLIILFXOWpVGHFRPPXQLFDWLRQTXLSHXYHQWV¶\DMRXWHU 1RXV QRXV DWWDFKHURQV HQVXLWH j UHSUHQGUH OHV JUDQGHV pWDSHV GX GpYHORSSHPHQW GX ODQJDJHHWGHODFRPPXQLFDWLRQFKH]O¶HQIDQW (QILQ QRXV HVVD\HURQV GH SUpVHQWHU OD &RPPXQLFDWLRQ $OWHUQDWLYH HW $XJPHQWpH TXL YLVH j SURSRVHU GHV RXWLOV GH FRPPXQLFDWLRQ VSpFLILTXHV ORUVTXH OH ODQJDJH SDUOp HW DUWLFXOpHVWLPSRVVLEOHRXLQVXIILVDQW 'DQVXQVHFRQGWHPSVQRXVH[SRVHURQVQRWUHGpPDUFKHGHWUDYDLOTXLVHUYLUDHQVXLWHGH EDVH j WRXWHV QRV REVHUYDWLRQV 1RXV IHURQV pWDW GHV UpIOH[LRQV TXL QRXV RQW DPHQpH j FRQVWUXLUH QRWUH WUDYDLO SXLV QRXV SUpVHQWHURQV OD FRQVWUXFWLRQ GH QRWUH GpPDUFKH HW GH O¶pSUHXYHjODTXHOOHQRXVDYRQVVRXPLVOHVVXMHWV,0&,02&1RXVIHURQVG¶DLOOHXUVXQH SUpVHQWDWLRQVXFFLQFWHGHFKDFXQG¶HX[SXLVQRXVDQDO\VHURQVVHORQGHVD[HVSUpGpILQLV OHXUVSURGXFWLRQVjTXHOTXHVPRLVG¶LQWHUYDOOH (QILQHQUHFRXSDQWOHVLQIRUPDWLRQVTXHQRXVDXURQVUHOHYpHVHWHQQRXVDSSX\DQWVXUOH FDGUHWKpRULTXHIL[pGDQVODSUHPLqUHSDUWLHGHQRWUHH[SRVpQRXV WHQWHURQV GHGpJDJHU GHVSLVWHVGHUpIOH[LRQHWGHVK\SRWKqVHV .

(14) . 3DUWLH, 3$57,(7+(25,48( . .

(15) 3DUWLH,±3$57,(7+(25,48( . ,. /¶HQIDQW,0&,02&. . 'pILQLWLRQVHWWHUPLQRORJLH. (Q OD UHYXH GH PpGHFLQH 'HYORSPHQWDO 0HGLFLQH DQG &KLOG 1HXURORJ\ SXEOLH XQ DUWLFOH TXL D QRWDPPHQW SRXU EXW GH GRQQHU XQH GpILQLWLRQ FODLUH GX WHUPH GH &HUHEUDO 3DOV\&3 RX3DUDO\VLH&pUpEUDOH3&

(16) 6HORQOHVDXWHXUVOD3&GpVLJQHXQ©HQVHPEOHGH WURXEOHVSHUPDQHQWVGXGpYHORSSHPHQWGXPRXYHPHQWHWGHODSRVWXUHUHVSRQVDEOHVGH OLPLWDWLRQV G¶DFWLYLWp LPSXWDEOHV j GHV DWWHLQWHV QRQ SURJUHVVLYHV VXUYHQXHV VXU OH FHUYHDX HQ GpYHORSSHPHQW GX I°WXV RX GX QRXUULVVRQ /HV WURXEOHV PRWHXUV GH OD SDUDO\VLH FpUpEUDOH VRQW VRXYHQW DFFRPSDJQpV GH WURXEOHV VHQVRULHOV SHUFHSWLIV FRJQLWLIV GH OD FRPPXQLFDWLRQ HW GX FRPSRUWHPHQW SDU XQH pSLOHSVLH HWRX SDU GHV SUREOqPHV PXVFXORVTXHOHWWLTXHV VHFRQGDLUHVª ,O V¶DJLW GH O¶HQVHPEOH GHV WDEOHDX[ FOLQLTXHVTXLVXUYLHQQHQWHQ FRQVpTXHQFHGH OpVLRQ V

(17) FpUpEUDOH V

(18) QRQSURJUHVVLYH V

(19) HW GpILQLWLYH V

(20) VXUYHQXH V

(21) VXU XQ FHUYHDX HQ GpYHORSSHPHQW HW SOXV SUpFLVpPHQW DYDQW O¶kJHGHRXDQV©SpULRGHROHGpYHORSSHPHQWGX61& 6\VWqPH1HUYHX[&HQWUDO

(22) HVW OHSOXVUDSLGHª &HWWH GpILQLWLRQ HVW FHOOH UpJXOLqUHPHQW XWLOLVpH DX QLYHDX LQWHUQDWLRQDO PDLV HQ )UDQFH XQHGLVWLQFWLRQHWXQHVXEGLYLVLRQVRQWpWDEOLHVVHORQTXHO¶RQUHWURXYHRXQRQXQHDWWHLQWH GHVIRQFWLRQVFRJQLWLYHV(QHIIHW*7$5',(8GDQVOHVDQQpHVSURSRVHOHWHUPH G¶,QILUPLWp0RWULFH&pUpEUDOHRX,0&SRXUGpILQLUjO¶LQWpULHXUGXJURXSHGHV3&©XQH FDWpJRULHSDUWLFXOLqUHFHOOHGHVHQIDQWVD\DQWXQWURXEOHPRWHXUG¶RULJLQHFpUpEUDOHHWXQ TXRWLHQWLQWHOOHFWXHOVXSpULHXUjª ,OVHWURXYHTXHO¶,0& SXUHHVWUDUH/HSOXV VRXYHQWOHV VXMHWV SUpVHQWHQWGHVWDEOHDX[ FOLQLTXHVFRPSOH[HVHWYDULpVDOWpUDQWSOXVRXPRLQVOHXUVFDSDFLWpVFRJQLWLYHV2QSDUOH DORUV G¶,QILUPLWp 0RWULFH G¶2ULJLQH &pUpEUDOH RX ,02& &H WHUPH HVW FHOXL OH SOXV VRXYHQWHPSOR\pHQ)UDQFHSRXUUHJURXSHUWRXWHVOHVSDWKRORJLHVG¶RULJLQHSUpSpULRX . . 5RVHQEDXP 3 3DQHWK 1 /HYLWRQ $ *ROGVWHLQ 0 %D[ 0 'DPLDQR ' 'DQ % -DFREVVRQ % 7KH. 'HILQLWLRQDQG&ODVVLILFDWLRQRI&HUHEUDO3DOV\'HY0HG&KLOG1HXURO . &$0,(/7,621/¶LQILUPLWpPRWULFHG¶RULJLQHFpUpEUDOH(GLWLRQV0DVVRQSDJH. . &$0,(/7,621/¶LQILUPLWpPRWULFHG¶RULJLQHFpUpEUDOH0DVVRQ. . .

(23) 3DUWLH,±3$57,(7+(25,48( SRVWQDWDOHV GRQQDQW XQ WURXEOH PRWHXU SOXV RX PRLQV LPSRUWDQW DVVRFLp RX QRQ HW j GLYHUVGHJUpVjGHVWURXEOHVFRJQLWLIV (QILQ ORUVTXH OD GpILFLHQFH PRWULFH HVW DVVRFLpH j ©XQH GpILFLHQFH PHQWDOH VpYqUH RX SURIRQGH HQWUDvQDQW XQH UHVWULFWLRQ H[WUrPH GH O DXWRQRPLHª RQ SDUOH GH SRO\ KDQGLFDS. . 3UpYDOHQFH. &HWWH YDULpWp GHV GpILQLWLRQV H[SOLTXH QRWDPPHQW OD GLIILFXOWp GHV HQTXrWHV pSLGpPLRORJLTXHV /H SOXV VRXYHQW RQ UHWURXYH OH FKLIIUH GH QDLVVDQFHV SRXU HQYLURQ PDLV FHWWH GRQQpH YDULH VHORQ OHV GpILQLWLRQV 2Q SHXW HVWLPHU OH QRPEUH GH SHUVRQQHV YLYDQW DYHF XQH 3& j HQYLURQ HQ )UDQFH HW HQ (XURSH /¶LQFLGHQFHGHFHWWHSDWKRORJLHDSHXYDULpGHSXLVGL[DQV/DSUpYDOHQFHGHO¶,0&GDQV VD IRUPH SXUH HVW TXDQW j HOOH GH SRXU FH TXL VRXOLJQH XQH IRLV GH SOXV VRQ FDUDFWqUHSHXIUpTXHQW. . 6pPLRORJLH. /D 3DUDO\VLH &pUpEUDOH SHXW VH SUpVHQWHU VRXV GLIIpUHQWHV IRUPHV DX QLYHDX GH O¶DWWHLQWH PRWULFH . /DPRQRSOpJLHDWWHLQWHPRWULFHG¶XQVHXOPHPEUHOHSOXVVRXYHQWVXSpULHXU&HWWH. GpILFLHQFHPRWULFHHVWDVVH]UDUH . /¶KpPLSOpJLHDWWHLQWHGHVGHX[PHPEUHVG¶XQPrPHKpPLFRUSV. . /DSDUDSOpJLHDWWHLQWHIRQFWLRQQHOOHGHVGHX[PHPEUHVLQIpULHXUVMXVTX¶DXQLYHDX. GHODWDLOOH . /DWULSOpJLHDWWHLQWHUDUHGHWURLVPHPEUHVOHSOXVVRXYHQWOHVGHX[LQIpULHXUVHWXQ. VXSpULHXU /D TXDGULSOpJLH $SSHOpH pJDOHPHQW WpWUDSOpJLH HOOH UHSUpVHQWH O¶DWWHLQWH PRWULFH. . ODSOXVVpYqUHSXLVTXHO¶HQVHPEOHGHVTXDWUHPHPEUHVHVWWRXFKp . )5(92/FLWDQWXQHGpILQLWLRQGX0LQLVWqUHGHVDIIDLUHVVRFLDOHVHWGHODVROLGDULWpQDWLRQDOHRFWGDQV. O¶DUWLFOHGH5ppGXFDWLRQ2UWKRSKRQLTXHQ/¶LQILUPLWp0RWULFHG¶2ULJLQH&pUpEUDOH0DUVSDJH . . .

(24) 3DUWLH,±3$57,(7+(25,48( . /D GLSOpJLH VSDVWLTXH HW OH V\QGURPH GH /LWWOH $WWHLQWH FDUDFWpULVWLTXH GX. SUpPDWXUp O¶HQVHPEOH GX FRUSV HVW FRQFHUQp DYHF XQH SUpGRPLQDQFH GHV WURXEOHV DX QLYHDXGHVPHPEUHVLQIpULHXUV. . 7DEOHDX[FOLQLTXHV. /H WDEOHDX FOLQLTXH GpSHQG GH OD ORFDOLVDWLRQ HW GH O¶pWHQGXH GH OD OpVLRQ FpUpEUDOH /HV WURXEOHVPRWHXUVVRQWSUpGRPLQDQWVVXUOHVpYHQWXHOVWURXEOHVDVVRFLpV,OVSHXYHQWDYRLU GHVLQFLGHQFHVVXUOHERQGpYHORSSHPHQWGHVSRVWXUHVGHODPDUFKHGHVJHVWHVGHODYLH TXRWLGLHQQHGHODSDUROH«6RXYHQWFRPSOH[HVLOVDVVRFLHQWGHVGLIILFXOWpVjFRPPDQGHU RUJDQLVHU HW FRQWU{OHU OH PRXYHPHQW HW RQ UHWURXYH IUpTXHPPHQW XQH DOWHUQDQFH HQWUH IDLEOHVVHHWUDLGHXUPXVFXODLUH. . /DVSDVWLFLWp. )RUPHODSOXVIUpTXHQWHGHGpVRUGUHPRWHXUHOOHHVWFDUDFWpULVpHSDU©XQHK\SHUWRQLHGH UHSRV XQH DQRPDOLH GH O¶pWLUHPHQW UDSLGH GHV UpIOH[HV RVWpRWHQGLQHX[ H[DJpUpV DYHF SHX RX SDV GH PRXYHPHQWV LQYRORQWDLUHVª HW HVW HQ OLHQ DYHF XQH DWWHLQWH S\UDPLGDOH / pEDXFKHHWODUpDOLVDWLRQGXPRXYHPHQWVRQWSHUWXUEpHV/HVUDLGHXUVUHQGHQWOHVDFWLRQV PRWULFHVGLIILFLOHVHWIDWLJDQWHVHWSHXYHQWFRQGXLUHjGHVGpIRUPDWLRQVRVWpRDUWLFXODLUHV 3DUDOOqOHPHQWjFHVFRQWUDFWLRQVPXVFXODLUHVDXQLYHDXGHVPHPEUHVRQFRQVWDWHVRXYHQW XQHK\SRWRQLHGHVPXVFOHVGXWURQFTXLQHIDFLOLWHSDVOHPDLQWLHQSRVWXUDOGHODWrWHHW GXEXVWH$XQLYHDXIDFLDORQQRWHVRXYHQW©XQHDWRQLHDYHFIDFLqVLQH[SUHVVLIEDYDJH GLIILFXOWpV GDQV OD PRWULFLWp YRORQWDLUH GH OD ERXFKH HW GH OD ODQJXHª TXL SRXUURQW HQWUDvQHUGHVWURXEOHVGHODSDUROH. . /HVG\VNLQpVLHV. 'DQVOHFDGUHGHVG\VNLQpVLHVTXLVRQWGHVDWWHLQWHVGHODYRLHH[WUDS\UDPLGDOHOHWURXEOH GXWRQXVVHWUDGXLWOHSOXVVRXYHQWSDUXQHULJLGLWpH[FHVVLYHUpVLVWDQWHjODPDQLSXODWLRQ TXL©SHXWV¶DFFRPSDJQHUG¶XQHK\SRWRQLHD[LDOHPDMHXUHRXG¶XQHSRVWXUHSHUPDQHQWH. &$0,(/7,621/¶LQILUPLWpPRWULFHFpUpEUDOHSDJH &$0,(/7,621/¶LQILUPLWpPRWULFHG¶RULJLQHFpUpEUDOHSDJH. . .

(25) 3DUWLH,±3$57,(7+(25,48( HQ K\SHUH[WHQVLRQª 'HV PRXYHPHQWV LQYRORQWDLUHV YLHQQHQW SDUDVLWHU XQH PRWULFLWp YRORQWDLUHGpMjUpGXLWH/HVGLIIpUHQWVW\SHVGHG\VNLQpVLHGpSHQGHQWGHODQDWXUHGHFHV PRXYHPHQWVLQYRORQWDLUHV 0RXYHPHQWVUDSLGHVGHVW\OHFKRUpH /HV PRXYHPHQWV LQYRORQWDLUHV VRQW EUXVTXHV ,OV DXJPHQWHQW DX FRXUV GX PRXYHPHQW YRORQWDLUH TX¶LOV YLHQQHQW GRQF SDUDVLWHU 2Q QRWH XQH GLPLQXWLRQ GH FHV PRXYHPHQWV SHQGDQWOHVRPPHLO 0RXYHPHQWVOHQWVGHW\SHDWKpWRVLTXHV /HV PRXYHPHQWV LQYRORQWDLUHV VRQW OHQWV HW GH JUDQGH DPSOLWXGH HW SDUDVLWHQW SDUWLFXOLqUHPHQWOHVSRVLWLRQVGHUHSRV,OVSUpGRPLQHQWDX[H[WUpPLWpVGHVPHPEUHVHWDX QLYHDXGHODIDFH (QILQORUVTX¶LOV¶DJLWGHSRVWXUHVDQRUPDOHVRQSDUOHGHG\VWRQLH /DG\VWRQLHHVWOLpHjXQH©FRQWUDFWLRQPXVFXODLUHVRXWHQXH FRFRQWUDFWLRQVH[FHVVLYHV GHVPXVFOHVDQWDJRQLVWHV

(26) PHWWDQWXQPHPEUHXQVHJPHQWGHPHPEUHGDQVXQHSRVWXUH H[WUrPHª &RQWUDLUHPHQW j OD FKRUpH HOOH HVW SOXW{W HQ OLHQ DYHF GHV PRXYHPHQWV YRORQWDLUHVVSpFLILTXHVHWGRQFSOXVSUpYLVLEOH /HSOXVVRXYHQWG\VWRQLHVHWPRXYHPHQWVDQRUPDX[VRQWDVVRFLpV. . /¶DWD[LH. 5HSUpVHQWDQW GHV ,0&,02& O¶DWD[LH HVW OLpH j XQH DWWHLQWH FpUpEHOOHXVH /H FHUYHOHWFHQWUHGHO¶pTXLOLEUHHVWOpVp/HVFKqPHPRWHXUHVWQRUPDOPDLVODUpDOLVDWLRQ HVW WURXEOpH HW GpVpTXLOLEUpH 2Q QRWH XQH LQFRRUGLQDWLRQ GHV PRXYHPHQWV HW GHV WUHPEOHPHQWV LQWHQWLRQQHOV HQ OLHQ DYHF FH PRXYHPHQW GpVpTXLOLEUp /HV PRXYHPHQWV ILQVVRQWSDUWLFXOLqUHPHQWGLIILFLOHVHWODSKRQDWLRQHVWHQWUDYpHSDUXQHG\VDUWKULH . &$0,(/7,621/¶LQILUPLWpPRWULFHG¶RULJLQHFpUpEUDOHSDJH. . &$0,(/7,621O¶LQILUPLWpPRWULFHG¶RULJLQHFpUpEUDOHSDJH. . .

(27) 3DUWLH,±3$57,(7+(25,48( . /HVIRUPHVPL[WHV. /HVIRUPHVSXUHVGHFHVGLIIpUHQWVWDEOHDX[VRQWUDUHV2QSDUOHDORUVGHWDEOHDX[PL[WHV TXLVRQWOHSOXVVRXYHQWjSUpGRPLQDQFHVSDVWLTXHRXDWKpWRVLTXH. . (WLRORJLHV. /HV pWLRORJLHV GH O¶,0&,02& VRQW QRPEUHXVHV HW SOXV RX PRLQV IUpTXHQWHV (OOHV VXUYLHQQHQW GDQV OD SpULRGH DQWH SpUL SHQGDQW O¶DFFRXFKHPHQW RX OHV SUHPLHUV PRPHQWVGHODQDLVVDQFH

(28) RXSRVWQDWDOHV SHQGDQWOHVGHX[SUHPLqUHVDQQpHV

(29) 0DOJUpOHV DYDQFpHV DFWXHOOHV GH OD PpGHFLQH SOXV GH GHV ,0&,02& UHVWHQW VDQV pWLRORJLH FRQQXH. . /HVFDXVHVDQWpQDWDOHV. 3HQGDQWOHVSpULRGHVI°WDOHHWHPEU\RQQDLUHRQUHWURXYHSOXVLHXUVpWLRORJLHVGHO¶,0& /HVI°WRSDWKLHVLQIHFWLHXVHVSUpFRFHVGXHVSULQFLSDOHPHQWjXQHFRQWUDFWLRQSDUOD PqUH GH OD UXEpROH GH OD WR[RSODVPRVH RX G¶XQH PDODGLH GHV LQFOXVLRQV F\WRPpJDOLTXHV &\WRPpJDORYLUXV

(30) HQWUDvQHQWGHVSDWKRORJLHVFpUpEUDOHVYDULpHV DX[FRQVpTXHQFHVPXOWLSOHV 'HVLQIHFWLRQVEDFWpULHQQHVWUDQVPLVHVSDUODPqUH 8QDFFLGHQWYDVFXODLUHFpUpEUDOLQXWHUR /HV LQWR[LFDWLRQV I°WDOHV GXHV j OD SULVH GH PpGLFDPHQWV SDU OD PqUH RX j XQH DGGLFWLRQPDWHUQHOOHDLQVLTXHG¶pYHQWXHOOHVLUUDGLDWLRQVRXFKLPLRWKpUDSLHVGHOD PqUHDXFRXUVGHODJURVVHVVH. . /HVFDXVHVQpRQDWDOHV. (OOHVUHSUpVHQWHQWGHV,0&,02& 8QH VRXIIUDQFH QpRQDWDOH DX PRPHQW GH O¶DFFRXFKHPHQW SHXW SURYRTXHU GHV OpVLRQV FpUpEUDOHV LPSRUWDQWHV &HWWH VRXIIUDQFH GX QRXYHDXQp SHXW VXUYHQLU HQ OLHQ DYHF XQ . . . 0&$+8=$&/¶HQIDQWLQILUPHPRWHXUG¶RULJLQHFpUpEUDOHSDJH. .

(31) 3DUWLH,±3$57,(7+(25,48( WUDXPDWLVPH REVWpWULFDO RX XQH K\SR YRLUH DQR[LH GLPLQXWLRQ YRLUH VXSSUHVVLRQ GH O¶DSSRUWG¶R[\JqQHDX[]RQHVFpUpEUDOHV

(32) /D SUpPDWXULWp UHSUpVHQWH HQYLURQ GHV ,0&,02& 2Q SDUOH GH SUpPDWXULWp VL OD QDLVVDQFHDOLHXDYDQWVHPDLQHVG¶DPpQRUUKpHVRLWHQYLURQPRLVGHJURVVHVVH0DLV F¶HVWVXUWRXWGDQVOHVFDVGHJUDQGHRXWUqVJUDQGHSUpPDWXULWp VRLWXQHQDLVVDQFHDYDQW VHPDLQHVTXHOHULVTXHGHOpVLRQFpUpEUDOHHVWOHSOXVLPSRUWDQW&HULVTXHDXJPHQWH G¶DXWDQWSOXVTXHOHSRLGVGHQDLVVDQFHHVWIDLEOH (QILQDXFRXUVGHODSpULRGHQpRQDWDOHO¶LFWqUHQXFOpDLUHSHXWpJDOHPHQWrWUHUHVSRQVDEOH G¶XQH,0&,02&/HSOXVVRXYHQWFHWWHFRPSOLFDWLRQGRQQHGHVWDEOHDX[G¶DWKpWRVH 9 /(52<0$/+(5%( UDSSHOOH TXH PrPH VL ©O¶,0&,02& Q¶HVW SDV XQH PDODGLH KpUpGLWDLUH >«@ LO H[LVWH GHV ULVTXHV GH UpFXUUHQFH ORUV GH JURVVHVVHV XOWpULHXUHV VL OD FDXVH GH O¶DFFLGHQW SpULQDWDO HVW OLpH j XQH SDWKRORJLH PDWHUQHOOH QRQ FRQWU{ODEOH 2Q VDLWDXVVLTX¶LOH[LVWHGHVIDPLOOHVGHSUpPDWXUpVGHVIDPLOOHVGHSHWLWSRLGVGHQDLVVDQFH OHULVTXHGHUpFXUUHQFHG¶,0&HVWDORUVGHjª. . /HVFDXVHVSRVWQDWDOHV. (OOHV UHSUpVHQWHQW HQYLURQ GHV pWLRORJLHV G¶,0&,02& ,O SHXW V¶DJLU G¶HQFpSKDOLWHVGHPpQLQJLWHVHWGHWURXEOHVPpWDEROLTXHVTXLHQWUDvQHQWGHVFRQYXOVLRQV HWOpVLRQVFpUpEUDOHV3DUDLOOHXUVHQFDVGHFKLUXUJLHOLpHjO¶DEODWLRQGHWXPHXUFpUpEUDOH RXGHUDGLRWKpUDSLHGHVOpVLRQVVHFRQGDLUHVDX[LQWHUYHQWLRQVSHXYHQWDSSDUDvWUH(QILQ OHVWUDXPDWLVPHVFUkQLHQVVRQWpJDOHPHQWGHVFDXVHVIUpTXHQWHVG¶,0&,02&DFFLGHQW GH OD YRLH SXEOLTXH DFFLGHQW GRPHVWLTXH PDLV pJDOHPHQW OHV FRQVpTXHQFHV GX ©V\QGURPH GX EpEp VHFRXpª RX GX ©V\QGURPH GH 6LOYHUPDQª HQIDQWV YLFWLPHV GH VpYLFHVSURYRTXDQWHQWUHDXWUHVGHVOpVLRQVFpUpEUDOHV

(33) . . 9/(52<0$/+(5%(/¶LQILUPLWpPRWULFHFpUpEUDOHLQ'pILFLWVPRWHXUVHWVLWXDWLRQVGHKDQGLFDSV. pGLWLRQV$3) . . 0&$+8=$&/¶HQIDQWLQILUPHPRWHXUG¶RULJLQHFpUpEUDOHSDJH. .

(34) 3DUWLH,±3$57,(7+(25,48( . 7URXEOHVDVVRFLpVHWWURXEOHVVHFRQGDLUHV. $ FHV WDEOHDX[ PRWHXUV V¶DMRXWHQW GLIIpUHQWV WURXEOHV TXH O¶RQ DSSHOOH ©DVVRFLpVª ORUVTX¶LOVVRQWGLUHFWHPHQWLPSXWDEOHVjODOpVLRQFpUpEUDOHHW©VHFRQGDLUHVªORUVTX¶LOV VRQWODFRQVpTXHQFHGHWURXEOHVGpMjH[LVWDQWV. . 7URXEOHVDVVRFLpV. 7URXEOHVRUJDQLTXHV D /DFRPLWLDOLWp ,O HVW IUpTXHQW GH UHQFRQWUHU GDQV OHV WDEOHDX[ FOLQLTXHV GH O¶,02& GHV FULVHV G¶pSLOHSVLHSOXVRXPRLQVIUpTXHQWHVHWSOXVRXPRLQVLPSRUWDQWHV©(QYLURQXQ,02& VXU TXDWUH HVW WUDLWp SRXU GHV SHUWXUEDWLRQV pOHFWULTXHV j O¶((* HW XQ VXU GL[ IDLW GHV FULVHV G¶pSLOHSVLH PDOJUp OH WUDLWHPHQWª HQWUDYDQW OHV FDSDFLWpV PQpVLTXHV HW DWWHQWLRQQHOOHVQRWDPPHQW. E /HVWURXEOHVSHUFHSWLIV /HVDWWHLQWHVGHVYRLHVSHUFHSWLYHVSHXYHQWWRXFKHUXQRXSOXVLHXUVGHVFLQTVHQVHWGRQF GRQQHUGHVWURXEOHVYLVXHOVDXGLWLIVVRPHVWKpVLTXHVROIDFWLIVRXJXVWDWLIV/HV WURXEOHV DXGLWLIVLQIOXHQWVXUOHGpYHORSSHPHQWGHODSDUROHHWGXODQJDJH. F /HVWURXEOHVUHVSLUDWRLUHV /¶DFWLYLWp UHVSLUDWRLUH pWDQW pWURLWHPHQW OLpH j O¶DFWLYLWp PXVFXODLUH GX GLDSKUDJPH SDUWLFXOLqUHPHQW RQ SHXW UHQFRQWUHU GHV WURXEOHV GH OD FRRUGLQDWLRQ SQHXPRSKRQLTXH XQHSULVHG¶DLU©KDXWHªQRQDEGRPLQDOHVDFFDGpHHWLQVXIILVDQWH'HSOXVXQHDWWHLQWH VHFRQGDLUH GH OD UHVSLUDWLRQ HVW SRVVLEOH (Q HIIHW OD GpIDLOODQFH GHV PXVFOHV EURQFKR SXOPRQDLUHVHWOHVIDXVVHVURXWHVDOLPHQWDLUHVSHXYHQWHQWUDvQHUGHVSQHXPRSDWKLHV. . . ) 5(92/ ,QILUPLWpV PRWULFHV G¶RULJLQH FpUpEUDOH LQ 5ppGXFDWLRQ 2UWKRSKRQLTXH Q 0DUV . SDJH. . .

(35) 3DUWLH,±3$57,(7+(25,48( 7URXEOHVGHVIRQFWLRQVFRJQLWLYHV /HV IRQFWLRQV FRJQLWLYHV QRXV SHUPHWWHQW © GH UHFHYRLU HW LQWHUSUpWHU GHV LQIRUPDWLRQV IRQFWLRQV QHXURYLVXHOOHV

(36) GH IDLUH GHV DSSUHQWLVVDJHV PpPRLUH DWWHQWLRQ FRQFHQWUDWLRQ

(37) G¶RUJDQLVHU QRV FRQQDLVVDQFHV HW QRV DFWLRQV IRQFWLRQV H[pFXWLYHV

(38) G¶DJLU VXU QRWUH HQYLURQQHPHQW IRQFWLRQV JHVWXHOOHV

(39) HW G¶pFKDQJHU DYHF OHV DXWUHV ODQJDJHRUDOHWpFULW

(40) ª&HVDWWHLQWHVGHVIRQFWLRQVVXSpULHXUHVRQWXQGHJUpGHVpYpULWp YDULDEOH G¶XQ LQGLYLGX j O¶DXWUH HW SHXYHQW VH SUpVHQWHU GH PDQLqUH LVROpH RX HQ DVVRFLDWLRQ 2QSHXWWURXYHUGHVWDEOHDX[GHG\VKDUPRQLHFRJQLWLYHTXLVHWUDGXLWSDUXQHGLIIpUHQFH VLJQLILFDWLYH DSSHOpH GLVVRFLDWLRQ

(41) HQWUH OHV FRPSpWHQFHV YHUEDOHV HW FHOOHV GX GRPDLQH GHODSHUIRUPDQFH(OOHHVWJpQpUDOHPHQWPLVHHQpYLGHQFHSDUGHVWHVWVSV\FKRORJLTXHVHW Q¶HVWSDVQpFHVVDLUHPHQWHQOLHQDYHFODJUDYLWpGHO¶DWWHLQWHPRWULFH&HWURXEOHPRWHXU UHQGG¶DLOOHXUVSDUIRLVGLIILFLOHO¶pYDOXDWLRQREMHFWLYHGHFHVIRQFWLRQV. D /HVWURXEOHVQHXURYLVXHOV ,OV VRQW GH GLIIpUHQWH QDWXUH PDXYDLVH VWUDWpJLH YLVXHOOH WURXEOHV RFXORPRWHXUV PDXYDLVH UHFRQQDLVVDQFH GHV LQIRUPDWLRQV YLVXHOOHV &HV GLIIpUHQWV WURXEOHV RQW XQH LQFLGHQFHSOXVRXPRLQVLPSRUWDQWHDXQLYHDXGHO¶RULHQWDWLRQVSDWLDOHGHODVFRODULWpHW GHVGLIIpUHQWVDSSUHQWLVVDJHV &KH]OHVXMHW,0& LOV¶DJLW OHSOXV VRXYHQWGHWURXEOHVGXUHJDUGSOXV TXHGHVWURXEOHV RSKWDOPLTXHV UHQFRQWUpV KDELWXHOOHPHQW &HV GLIIpUHQWHV DWWHLQWHV GX UHJDUG VRXYHQW DVVRFLpHV j XQH G\VSUD[LH YLVXRFRQVWUXFWLYH VH WUDGXLVHQW SDU GHV GLIILFXOWpV G¶RULHQWDWLRQHWGHVWUXFWXUDWLRQVSDWLDOHV QRWDPPHQWDXQLYHDXGHVQRWLRQVGHWRSRORJLH

(42) . E /HVWURXEOHVJQRVLTXHV 6HORQOHGLFWLRQQDLUHG¶RUWKRSKRQLHXQHJQRVLHHVW©ODIDFXOWpSHUPHWWDQWGHUHFRQQDvWUH SDUO¶XQGHVVHQVXQREMHWGHVHOHUHSUpVHQWHUG¶HQVDLVLUO¶XWLOLWpRXODVLJQLILFDWLRQ,O V¶DJLWHQIDLWSRXUOHFHUYHDXG¶LQWpJUHUDYHFFRKpUHQFHOHVVWLPXOLTXLOXLSDUYLHQQHQWHW . . &DURO\Q 0DUTXH] $QQH /LVH 'DO SUD ,QILUPLWp 0RWULFH &pUpEUDOH ,0&

(43) 9LYUH DYHF OHV WURXEOHV FRJQLWLIV$3). . .

(44) 3DUWLH,±3$57,(7+(25,48( G¶HQGpFRGHUODVLJQLILFDWLRQ7RXWHJQRVLHHVWGRQFDFTXLVHSXLVTX¶HOOHHVWOHIUXLWG¶XQH H[SpULHQFHTXLVWLPXOHOHVQHXURQHVFRQFHUQpVªª /HVWURXEOHVJQRVLTXHVVRQWGRQFGHVWURXEOHVGHO¶DVVHPEODJHFRKpUHQWHWVLJQLILDQWGHV LQIRUPDWLRQVYpKLFXOpHVMXVTX¶DX[DLUHVDVVRFLDWLYHVFRPSOH[HVUpSDUWLHVGDQVGHV]RQHV FpUpEUDOHVSDUIRLVpORLJQpHVHWTXLDVVXUHQWFHWWHWkFKH $XQLYHDXYLVXHOOHVWURXEOHVJQRVLTXHVSHXYHQWrWUH 8QHDJQRVLHGHVLPDJHVFKH]HQYLURQGHVVXMHWV,0&,02& 8QHDJQRVLHGHVFRXOHXUV 8QH SURVRSDJQRVLH FRUUHVSRQGDQW j XQH GLIILFXOWp j UHFRQQDvWUH XQH SHUVRQQH FRQQXHVHXOHPHQWSDUOHELDLVGHODSHUFHSWLRQYLVXHOOHGHVRQYLVDJH 3DU DLOOHXUV XQ WURXEOH JQRVLTXH GH O¶DXGLWLRQ HVW SDUIRLV SUpVHQW ,O SHXW FRQFHUQHU OHV VRQVGXODQJDJH RQSDUOHDORUVG¶DJQRVLHDXGLWLYRYHUEDOH

(45) RXODPXVLTXH DPXVLH

(46) SDU H[HPSOH &HVGLIIpUHQWHVDWWHLQWHVJQRVLTXHVFRPPHWRXMRXUVWUqVYDULDEOHVG¶XQWDEOHDXFOLQLTXHj O¶DXWUH VRQW LPSRUWDQWHV j GpFHOHU FDU HOOHV SHXYHQW JUDQGHPHQW LQWHUIpUHU GDQV OD SHUFHSWLRQGXPRQGHHQYLURQQDQWHWOHVGLYHUVDSSUHQWLVVDJHV. F /HVWURXEOHVPQpVLTXHVHWDWWHQWLRQQHOV 2Q UHQFRQWUH FKH] OHV VXMHWV ,0&,02& GH PDQLqUH SOXV IUpTXHQWH TXH FKH] OHV VXMHWV WRXWYHQDQW GHV WURXEOHV DWWHQWLRQQHOV DLQVL TX¶XQH OHQWHXU G¶H[pFXWLRQ HW GH FRPSUpKHQVLRQ $X QLYHDX PQpVLTXH 0 0$=($8 SUpFLVH TXH OHV VXMHWV ,0&,02& VRQW SULQFLSDOHPHQW FRQFHUQpV SDU GHV GLIILFXOWpV DX QLYHDX GH OD PpPRLUH GpFODUDWLYH pSLVRGLTXHHWGHODPpPRLUHGHWUDYDLO /D PpPRLUH GpFODUDWLYH UHOqYH GH SURFHVVXV GH PpPRULVDWLRQ YRORQWDLUH HW FRQFHUQH OHV VRXYHQLUV HW OHV H[SpULHQFHV SHUVRQQHOOHV &H WURXEOH FRQFHUQHUDLW j GHV . . )%5,1HW$O'LFWLRQQDLUHG¶RUWKRSKRQLH2UWKR(GLWLRQSDJH. . )5(92/,QILUPLWpVPRWULFHVG¶RULJLQHFpUpEUDOHLQ5ppGXFDWLRQ2UWKRSKRQLTXHQSDJH. . .

(47) 3DUWLH,±3$57,(7+(25,48( ,0&,02& HW FRQFHUQH SULQFLSDOHPHQW OD PpPRLUH ©GLGDFWLTXHª HQ OLHQ DYHF OHV DSSUHQWLVVDJHV (Q HIIHW GH WHOOHV GLIILFXOWpV QH SHUPHWWHQW SDV OD FRQVWUXFWLRQ HIILFDFH G¶XQ VWRFN OH[LFDO RUWKRJUDSKLTXH HW VH WUDGXLVHQW QRWDPPHQW SDU XQ WURXEOH LVROp GH O¶RUWKRJUDSKH G¶XVDJH 'H PDQLqUH SOXV JpQpUDOH FH WURXEOH GH OD PpPRLUH GLGDFWLTXH HQJHQGUHGLIIpUHQWVRXEOLVRXFRQIXVLRQVGDQVOHVDSSUHQWLVVDJHVVFRODLUHV 3DU DLOOHXUV OD PpPRLUH GH WUDYDLO TXL SHXW HOOH DXVVL rWUH DWWHLQWH FKH] OH VXMHW ,0&,02& HVW XQ V\VWqPH j FDSDFLWp OLPLWpH GHVWLQp DX PDLQWLHQ WHPSRUDLUH HW j OD PDQLSXODWLRQGHO¶LQIRUPDWLRQ(OOHSHUPHWODFRQVWUXFWLRQGXVHQVDXIXUHWjPHVXUHGH O¶DUULYpHGHVGRQQpHV FRQVWUXLVDQWXQ PHVVDJHTX¶LOVRLWYLVXHORXRUDO/D PpPRLUHGH WUDYDLO ©MRXHUDLW GDQV OD OHFWXUH XQ U{OH HVVHQWLHO HQ FH VHQV TX¶HOOH SRXUUDLW rWUH j O¶RULJLQHGHVSURFHVVXVGHFRPSUpKHQVLRQª. /HVWURXEOHVSUD[LTXHV /HWHUPH©SUD[LHªGpVLJQHOD©FRRUGLQDWLRQQRUPDOHGHVPRXYHPHQWVª/HVWURXEOHV SUD[LTXHVDSSHOpVDXVVLG\VSUD[LHVHQVRQWO¶DOWpUDWLRQ&¶HVWODSURJUDPPDWLRQGXJHVWH TXLHVWDOWpUpHLQGpSHQGDPPHQWGHWRXWHGLIILFXOWpPRWULFHLQWULQVqTXH,OH[LVWHJUDQGV W\SHV GH G\VSUD[LHVTXH O¶RQ SHXW UHQFRQWUHU FKH] OH VXMHW ,0&,02& HW TXL V¶DMRXWHQW DX[WURXEOHVPRWHXUVVSpFLILTXHV /D G\VSUD[LH FRQVWUXFWLYH TXL VH WUDGXLW SDU OD SHUWXUEDWLRQ GH WkFKHV PRWULFHV QpFHVVLWDQW ©O¶DVVHPEODJH GH GLIIpUHQWV pOpPHQWVª /HV GLIILFXOWpV PDMHXUHV VH UHWURXYHQW SULQFLSDOHPHQW GDQV O¶pFULWXUH /HV WURXEOHV SUD[LTXHV LQGXLVHQW XQH OHQWHXUHWXQHPDODGUHVVHG¶H[pFXWLRQDXSUL[G¶HIIRUWVLPSRUWDQWVTXLHPSrFKHQW OHVXMHWG¶rWUHFRPSOqWHPHQWDWWHQWLI©DX[pOpPHQWVLQWHOOHFWXHOVHWFRQFHSWXHOVGH O¶pFULWXUHª /DG\VSUD[LHYLVXRVSDWLDOHTXLDVVRFLHGHVWURXEOHVGXUHJDUGjODG\VSUD[LHYLVXR FRQVWUXFWLYH FRQFHUQH SULQFLSDOHPHQW OHV VXMHWV ,0&,02& GH W\SH VSDVWLTXH . 0 0$=($8 '\VSKDVLHV WURXEOHV PQpVLTXHV V\QGURPH IURQWDO FKH] O¶HQIDQW DWWHLQW GH OpVLRQV. FpUpEUDOHVSUpFRFHV3DULV(GLWLRQV0DVVRQ . )%5,1HW$O'LFWLRQQDLUHG¶RUWKRSKRQLH2UWKR(GLWLRQSDJH. . )%5,1HW$O'LFWLRQQDLUHG¶RUWKRSKRQLH2UWKR(GLWLRQSDJH. . 00$=($8'pILFLWVYLVXRVSDWLDX[HWG\VSUD[LTXHVGHO¶HQIDQWSDJH. . 00$=($8'pILFLWVYLVXRVSDWLDX[HWG\VSUD[LTXHVGHO¶HQIDQWSDJH. . .

(48) 3DUWLH,±3$57,(7+(25,48( /HVGLIILFXOWpVVRQWDORUVPDMRUpHVHWHQJHQGUHQWGHVSHUWXUEDWLRQVDXQLYHDXGHV DSSUHQWLVVDJHVVFRODLUHVSOXVRXPRLQVLPSRUWDQWHVHQIRQFWLRQGHOHXULQWHQVLWp (Q HIIHW OD OHFWXUH O¶pFULWXUH O¶DULWKPpWLTXH HW OD JpRPpWULH UHTXLqUHQW XQ WUDLWHPHQWGHVGRQQpHVYLVXHOOHVGHTXDOLWpHWQpFHVVLWHQWXQHFRRUGLQDWLRQHWXQH H[pFXWLRQGHVJHVWHVOHVSOXVSUpFLVHVSRVVLEOHV /D G\VSUD[LH EXFFROLQJXRIDFLDOH HVW IUpTXHPPHQW UHQFRQWUpH FKH] OHV VXMHWV ,0&,02&(OOHDWWHLQW©O¶H[pFXWLRQYRORQWDLUHGHVPRXYHPHQWVGHODERXFKHHW GH OD ODQJXH >«@ DYHF O¶LPSRVVLELOLWp GH UpDOLVHU VXU FRPPDQGH YRORQWDLUH XQ PRXYHPHQWGHGpJOXWLWLRQRXXQHSUD[LHª/HJHVWHDXWRPDWLTXHSHXWrWUHELHQ UpDOLVpFRPPHORUVGXVRXULUHVSRQWDQpRXGXMHX. . 7URXEOHVVHFRQGDLUHV. )DWLJDELOLWp 'H QRPEUHX[ VXMHWV ,0&,02& VRQW SDUWLFXOLqUHPHQW UDSLGHPHQW IDWLJDEOHV (Q HIIHW OHXUVGLIILFXOWpVPRWULFHVOHXUGHPDQGHQWG¶DFFRPSOLUGHVHIIRUWVVRXWHQXVHWTXRWLGLHQV HW OD GpSHQVH G¶pQHUJLH HVW WUqV LPSRUWDQWH &H SDUDPqWUH HVW LPSRUWDQW j SUHQGUH HQ FRPSWHQRWDPPHQWGDQVOHVDFWLYLWpVG¶pYDOXDWLRQHWGHUppGXFDWLRQ. 7URXEOHVSV\FKRDIIHFWLIV 2QQRWHSULQFLSDOHPHQWFKH]OHVHQIDQWV,0&,02&XQWURXEOHGXVFKpPDFRUSRUHOXQ WURXEOHGHO¶LPDJHGXFRUSVHWGHVWURXEOHVSV\FKRORJLTXHV /H WURXEOH GX VFKpPD FRUSRUHO FRUUHVSRQG j ©XQH pODERUDWLRQ PDO VWUXFWXUpH GH OD FRQQDLVVDQFHHWGHO¶XWLOLVDWLRQGXFRUSVSURSUHTXLGpSHQGpWURLWHPHQWGHVH[SpULHQFHV TXH O¶HQIDQW SHXW RX QH SHXW IDLUH DX FRXUV GH VD YLH GH UHODWLRQª /¶HQIDQW HQWUDYp GDQVVHVPRXYHPHQWVSHXWpSURXYHUGHVGLIILFXOWpVjDSSUpKHQGHUOHVGLIIpUHQWHVSDUWLHV GHVRQFRUSVHWOHXUVIRQFWLRQVUHVSHFWLYHV 'H SOXV O¶LPDJH GX FRUSV SHXW HOOH DXVVL rWUH SHUWXUEpH ,FL O¶HQIDQW VRXIIUH G¶XQH PDXYDLVHUHSUpVHQWDWLRQGHOXLPrPH©8QHQIDQWSHXWSRVVpGHUXQHERQQHFRQQDLVVDQFH . . )%5,1HW$O'LFWLRQQDLUHG¶RUWKRSKRQLH2UWKR(GLWLRQSDJH. . $&528$,/HW)0$5(&+$/3ULVHHQFKDUJHJOREDOHGHO¶HQIDQWFpUpEUROpVpSDJH. . .

(49) 3DUWLH,±3$57,(7+(25,48( GHVGLIIpUHQWHVSDUWLHVFRUSRUHOOHVVXUVRLHWVXUDXWUXLPDLVDYRLULQWpJUpXQHLPDJHGH VRL DELPpH GpYDORULVpHª &¶HVW OH FDV ORUVTX¶XQH SDUWLH GX FRUSV HVW SDUWLFXOLqUHPHQW DWWHLQWHGDQVVRQDFWLRQPRWULFH/¶HQIDQWSHXWDORUVVDYRLUTXHFHWWHSDUWLHH[LVWHPDLVOD UHMHWHUGDQVVHVUHSUpVHQWDWLRQV /DGLYHUVLWpGHVWURXEOHVPHQWLRQQpVPDLVDXVVLOHXUVGLYHUVGHJUpVG¶LQWHQVLWpGRQQHQW GHVWDEOHDX[FOLQLTXHVWUqVYDULpV0rPHVLF¶HVWOHWURXEOHPRWHXUTXLGpILQLWHQSUHPLHU OLHXO¶,0&RXO¶,02&LOHVWUDUHPHQWSUpVHQWGHPDQLqUHLVROpH. . /HVGLIILFXOWpVGHSDUROHHWGHODQJDJH. . /HVWURXEOHVGHODSDUROH. /D SURGXFWLRQ GH OD SDUROH QpFHVVLWH OD PRELOLVDWLRQ ILQH GH QRPEUHX[ RUJDQHV 3DUPL HX[RQQRWHFHX[UHVSRQVDEOHVGHO¶H[SLUDWLRQ PXVFOHVUHVSLUDWRLUHV

(50) GHODVRQRULVDWLRQ ODU\Q[ FRUGHV YRFDOHV

(51) OHV FDYLWpV GH UpVRQQDQFH TXH VRQW OH SKDU\Q[ HW OD FDYLWp EXFFDOH HWOHV RUJDQHVGHO¶DUWLFXODWLRQSURSUHPHQWGLWH OqYUHV ODQJXHYRLOHGX SDODLV PD[LOODLUHLQIpULHXU

(52) 'H SOXV XQH ERQQH FRRUGLQDWLRQ HQWUH FHV GLIIpUHQWHV VWUXFWXUHV HVW QpFHVVDLUH SRXU DERXWLU j XQH SDUROH LQWHOOLJLEOH (QILQ OH V\VWqPH QHUYHX[ FHQWUDO SHUPHW OD SURJUDPPDWLRQ O¶LQLWLDWLRQ HW O¶H[pFXWLRQ GHV JHVWHV DUWLFXODWRLUHV DORUV TXH OHV QR\DX[ JULVFHQWUDX[HWOHV\VWqPHFpUpEHOOHX[FRQWU{OHQWOHPRXYHPHQW &HVGLIIpUHQWHVVWUXFWXUHVPXVFXODLUHVRXFpUpEUDOHVSRXYDQWrWUHDWWHLQWHVOHVGLIILFXOWpV GH SKRQDWLRQ HWRX G¶DUWLFXODWLRQ VRQW IUpTXHQWHV FKH] OH VXMHW ,0&,02& (Q HIIHW ' 7586&(//, DIILUPDLW HQ TXH O¶DOWpUDWLRQ GH OD SDUROH WRXFKDLW j GHV HQIDQWV,0&,02& . . . $&528$,/HW)0$5(&+$/3ULVHHQFKDUJHJOREDOHGHO¶HQIDQWFpUpEUROpVpSDJH. .

(53) 3DUWLH,±3$57,(7+(25,48( 0/(0(7$<(5DGpFULWTXDWUHGHJUpVG¶LQWHQVLWpGHVWURXEOHVGHODSDUROHGXVXMHW ,0&,02& . OHGHJUp,OHVWURXEOHVG¶DUWLFXODWLRQUHVWHQWGLVFUHWV. . OHGHJUp,, O¶LQGLYLGX,0&,02& DUWLFXOHDYHFGLIILFXOWp PDLV VRQ LQWHOOLJLELOLWp. HVWSUpVHUYpH . OHGHJUp,,,OHVGLIILFXOWpVG¶DUWLFXODWLRQVRQWWHOOHVTX¶LOQHSHXWrWUHFRPSULVTXH. SDUVRQHQWRXUDJHHWSDUGHVSHUVRQQHVKDELWXpHVjVHVGLIILFXOWpVDUWLFXODWRLUHV . OHGHJUp,9VHVGLIILFXOWpVDUWLFXODWRLUHVO¶HPSrFKHQWGHV¶H[SULPHURUDOHPHQW. /HVWURXEOHVGHODSKRQDWLRQ D 7URXEOHVGHODUHVSLUDWLRQ 8QHLQFRRUGLQDWLRQSQHXPRSKRQLTXHVRXYHQWHQOLHQDYHFOHVPRXYHPHQWVDWKpWRVLTXHV GDQV OHV IRUPHV G\VNLQpWLTXHV SHXW rWUH j O¶RULJLQH G¶XQH DPSOLWXGH UHVSLUDWRLUH LQVXIILVDQWH 'DQV OH FDGUH G¶XQH K\SRWRQLH D[LDOH RQ SHXW QRWHU XQH IDLEOHVVH GH O¶H[SLUDWLRQHWGRQFXQHGLIILFXOWpjPDLQWHQLUOHVRXIIOHYRFDO. E 7URXEOHVGHODYRL[ 'X IDLW GH OD SUpVHQFH GH FHV WURXEOHV GH OD UHVSLUDWLRQ PDLV pJDOHPHQW HQ UDLVRQ GH WURXEOHV PRWHXUV OLpV GLUHFWHPHQW j O¶DSSDUHLO SKRQDWRLUH OD YRL[ GX VXMHW VSDVWLTXH HVW VRXYHQWVHUUpH(OOHSHXWpJDOHPHQWSUpVHQWHUXQHUDXFLWpHQUDLVRQGHVSDVPHVODU\QJpV 'DQVOHVIRUPHVG\VNLQpWLTXHVO¶LQFRRUGLQDWLRQSQHXPRSKRQLTXHSHXWrWUHjO¶RULJLQHGH YDULDWLRQVGHKDXWHXUGHODYRL[(QFDVG¶K\SRWRQLHD[LDOHO¶LQWHQVLWpHVWVRXYHQWIDLEOH HW FKXWH UDSLGHPHQW DSUqV OH GpEXW GHV pQRQFpV (QILQ HQ FDV G¶K\SRWRQLH GHV PXVFOHV YpORSKDU\QJpVOHWLPEUHSHXWrWUHQDVRQQp &HV WURXEOHV GH OD YRL[ TXL RQW pJDOHPHQW XQH LQIOXHQFH VXU OD SURVRGLH OH U\WKPH OH GpELW HW OD PpORGLH GH OD SDUROH SHXYHQW SDUIRLV SUrWHU j O¶pPHWWHXU GX PHVVDJH XQ VHQWLPHQW RX pWDW SV\FKLTXH HUURQp $LQVL OD SKRQDWLRQ HQWUDYpH SDU OHV GLIILFXOWpV PRWULFHVQHWUDGXLWSDVQpFHVVDLUHPHQWO¶pWDWpPRWLRQQHOGXVXMHW . . 0/(0(7$<(55ppGXFDWLRQFpUpEURPRWULFHGXMHXQHHQIDQW(GXFDWLRQWKpUDSHXWLTXHSDJH. .

(54) 3DUWLH,±3$57,(7+(25,48( /HVWURXEOHVGHO¶DUWLFXODWLRQ /¶DUWLFXODWLRQ GpVLJQH ©OH PRXYHPHQW FRPELQp GHV RUJDQHV EXFFRSKRQDWHXUV QpFHVVDLUHVjODUpDOLVDWLRQGHVSKRQqPHVLQWpJUpVGDQVODFKDvQHSDUOpHª /HVXMHW,0&,02&GXIDLWGHGLIILFXOWpVPRWULFHVHWGHFRRUGLQDWLRQSUpVHQWHVRXYHQW GHVWURXEOHVG¶DUWLFXODWLRQ,OSHXWV¶DJLUG¶RPLVVLRQVRXGHVXEVWLWXWLRQVGHSKRQqPHVRX GH GLVWRUVLRQV ORUV GH OD UpDOLVDWLRQ GH FHX[FL RQ SDUOH DORUV SOXW{W GH G\VODOLHV

(55) & &+(95,(08//(5 SUpFLVH TX¶DLQVL GDQV OH FDGUH GH O¶,0&,02& ©OHV WURXEOHV PRWHXUV GDQV OHV DFWLYLWpV SKRQpWLTXHV FUpHQW XQ UHWDUG GH SDUROH RX OD SHUVLVWDQFH G¶pPLVVLRQV pOpPHQWDLUHV KRUV QRUPH RQ HVW ORLQ GHV DQRPDOLHV SDVVDJqUHV GX MHXQH HQIDQWLPPDWXUHª /HVWURXEOHVYDULHQWVHORQOHW\SHG¶DWWHLQWHPRWULFH&RPPHSRXUWRXWHVOHVFRPSRVDQWHV GHO¶,0&,02&GLIIpUHQWHVIRUPHVSHXYHQWrWUHLQWULTXpHVUHQGDQWOHPHVVDJHG¶DXWDQW PRLQVLQWHOOLJLEOH. /HVG\VDUWKULHV /D G\VDUWKULH FRUUHVSRQG j ©O¶HQVHPEOH GH WURXEOHV GH O¶DUWLFXODWLRQ UpVXOWDQW G¶XQH DWWHLQWH GX V\VWqPH QHUYHX[ FHQWUDO RX SpULSKpULTXH RX G¶XQH DWD[LH GHV PXVFOHV GH OD SKRQDWLRQ >«@ /D UHVSLUDWLRQ O¶DUWLFXODWLRQ OD SKRQDWLRQ OH GpELW HWRX OD SURVRGLH SHXYHQW rWUH DIIHFWpVª /HV FDUDFWpULVWLTXHV VRQW VLPLODLUHV DX[ WURXEOHV G¶DUWLFXODWLRQ GpFULWV FLGHVVXV PDLV RQ HPSORLH OH WHUPH GH G\VDUWKULH GDQV OH FDGUH G¶DWWHLQWH SOXV PDVVLYH &KH]OHVXMHW,0&,02&VHORQOHVPpFDQLVPHVQHXURORJLTXHVTXLDIIHFWHQWOHVRUJDQHV EXFFRSKRQDWHXUVRQGLVWLQJXH /HV G\VDUWKULHV SDUDO\WLTXHV TXL FRUUHVSRQGHQW j GHV WURXEOHV GH OD FRPPDQGH PRWULFH DYHF SDUDO\VLHV HW WURXEOHV GX WRQXV (OOHV VH WUDGXLVHQW ©DX QLYHDX GHV . )%5,1HW$O'LFWLRQQDLUHG¶2UWKRSKRQLH2UWKR(GLWLRQSDJH. . & &+(95,(08//(5 HW - 1$5%21$ /H ODQJDJH GH O¶HQIDQW DVSHFWV QRUPDX[ HW SDWKRORJLTXHV. SDJH . . )%5,1HW$O'LFWLRQQDLUHG¶2UWKRSKRQLH2UWKR(GLWLRQSDJH. .

(56) 3DUWLH,±3$57,(7+(25,48( RUJDQHV SKRQDWHXUV SDU XQH FRPPDQGH LQVXIILVDQWH YRLUH QXOOH VXU FHUWDLQV PXVFOHVDORUVTXHVXUG¶DXWUHVF¶HVWO¶K\SHUWRQLHTXLFRQVWLWXHODJrQHHVVHQWLHOOH DYHF PrPH SRXU FHUWDLQV JURXSHV PXVFXODLUHV GHV ULVTXHV GH UpWUDFWLRQ TX¶LO IDXGUDFRPEDWWUH HQSDUWLFXOLHUO¶RUELFXODLUHGHVOqYUHV

(57) ª2QUHWURXYHGDQVOD SDUROHGHFHVVXMHWVGHVVLPSOLILFDWLRQVGHVRPLVVLRQVGHVpOLVLRQVPDLVDXVVLXQH LQGLIIpUHQFLDWLRQ DUWLFXODWRLUH /HV GpIRUPDWLRQV VRQW FRQVWDQWHV LQYDULDEOHV HW SUpGLFWLEOHVSHUPHWWDQWDXVXMHWG¶rWUHSDUIRLVFRPSULVSDUVRQHQWRXUDJHSURFKH 0DLVODFRPPXQLFDWLRQSOXVJpQpUDOHUHVWHWUqVGLIILFLOH /HV G\VDUWKULHV DWKpWRVLTXHV VHFRQGDLUHV j GHV OpVLRQV GHV QR\DX[ JULV FHQWUDX[ VRQW FDUDFWpULVpHV SDU GHV PRXYHPHQWV DQRUPDX[ WRXFKDQW OD VSKqUH RUDOH /HV VXMHWV DWKpWRVLTXHV RX G\VWRQLTXHV VRQW OHV SOXV FRQFHUQpV &HV PRXYHPHQWV LQYRORQWDLUHVSHXYHQWV¶pWHQGUHORUVGHODSDUROHDX[PXVFOHVGHODWrWHGHODIDFH HWGXFRX (QILQRQUHWURXYHOHVG\VDUWKULHVGLWHVFpUpEHOOHXVHVFDUDFWpULVpHVSDUGHVWURXEOHV GX FRQWU{OH LQWHQVLWp DPSOLWXGH

(58) HW GH OD UpJXODWLRQ SQHXPRSKRQLTXH HQ OLHQ DYHFXQHOpVLRQGHODUpJLRQGXFHUYHOHW/HVRXIIOHPDOFRRUGRQQpUHQGGLIILFLOH O¶pPLVVLRQGHSKUDVHV 'DQV WRXV OHV FDV HW SDUWLFXOLqUHPHQW GDQV OHV IRUPHV DWKpWRVLTXHV HW FpUpEHOOHXVHV O¶LQWHOOLJLELOLWp SHXW rWUH ORXUGHPHQW HQWUDYpH HW GDQV OH PrPH WHPSV OHV UHODWLRQV VRFLDOHV/DPLVHHQSODFHG¶XQPR\HQDOWHUQDWLIGHFRPPXQLFDWLRQTXHQRXVDERUGHURQV GDQV XQ FKDSLWUH XOWpULHXU SHXW DORUV rWUH LQGLTXpH PDLV FHWWH LQGLFDWLRQ TXL UpVXOWH G¶XQH pYDOXDWLRQ HW G¶XQH SULVH HQ FKDUJH JOREDOH GX VXMHW HW GH VHV WURXEOHV QH SHXW GpSHQGUHXQLTXHPHQWGHFHSDUDPqWUH

(59) . . /HVWURXEOHVGXODQJDJH. -XVTX¶jXQHpSRTXHWUqVUpFHQWHO¶pWXGHGHVWURXEOHVGXODQJDJHGHO¶HQIDQW,0&,02& pWDLWUDUH521'$/HW6(521RQWVLJQDOpGDQVOHVDQQpHVODSUpVHQFHGHWURXEOHV GX GpYHORSSHPHQW SKRQRORJLTXH ©V¶LO HVW pWDEOL TXH FH GpYHORSSHPHQW WRXW HQ pWDQW. . 1 '(&21,1&. 1HXURDQDWRPLH GHV WURXEOHV DUWLFXODWRLUHV FKH] O¶HQIDQW ,02& LQ 5ppGXFDWLRQ. 2UWKRSKRQLTXHQ©/HVGpVRUGUHVSKRQRDUWLFXODWRLUHVFKH]O¶HQIDQWHWO¶DGXOWHª0DUVSDJH. . .

(60) 3DUWLH,±3$57,(7+(25,48( UHWDUGp VXLW OD SURJUHVVLRQ UHQFRQWUpH FKH] OHV VXMHWV QRUPDX[ LO V¶DJLW Oj GH OD VHXOH FRQFOXVLRQGRQWRQGLVSRVHª '¶DXWUHSDUWO¶LQWULFDWLRQGHVWURXEOHVGXODQJDJHHWGHVWURXEOHVGHODFRPPXQLFDWLRQHVW pYLGHQWHHWQHIDFLOLWHSDVOHXUpYDOXDWLRQSUpFLVH &HSHQGDQW00$=($8SUpVHQWHXQHpWXGHSRXVVpHGHVWURXEOHVGXODQJDJHUHQFRQWUpV FKH] OH VXMHW ,0&,02& HW HOOH pWDEOLW XQH FODVVLILFDWLRQ GH FHV WURXEOHV HQ SUHQDQW DSSXLVXUOHVWKpRULHVGHODQHXURSV\FKRORJLHFRJQLWLYH/DSULQFLSDOHQRXYHDXWpGHVHV REVHUYDWLRQV UpVLGH GDQV OH IDLW G¶HPSOR\HU OH WHUPH GH G\VSKDVLH SRXU TXDOLILHU OHV WURXEOHV GX ODQJDJH GH O¶,0&,02& (OOH IDLW UHPDUTXHU pJDOHPHQW O¶LQWULFDWLRQ GHV WURXEOHV GX ODQJDJH DYHF G¶DXWUHV WURXEOHV FRJQLWLIV WHOV TXH OHV WURXEOHV PQpVLTXHV pYRTXpVSOXVKDXW /D G\VSKDVLH GpVLJQH ©WRXW GpVRUGUH ODQJDJLHU HQ OLHQ DYHF XQ G\VIRQFWLRQQHPHQW VHFRQGDLUH j XQH OpVLRQ RX QRQ

(61) GHV VWUXFWXUHV FpUpEUDOHV VSpFLILTXHPHQW PLVHV HQ MHX ORUV GX WUDLWHPHQW GH O¶LQIRUPDWLRQ ODQJDJLqUHª (Q RSSRVLWLRQ j O¶DSKDVLH HOOH FRQFHUQH OHV SDWKRORJLHV LQLWLDOHV GX ODQJDJH VXUYHQXHV WUqV SUpFRFHPHQW GDQV OH GpYHORSSHPHQW 'DQV OD GpILQLWLRQ FODVVLTXH OH WHUPH G\VSKDVLH DORUV TXDOLILpH GH ©GpYHORSSHPHQWDOHª QH SHXW FRQFHUQHU TXH OHV HQIDQWV ©QRQ GpILFLHQWV LQWHOOHFWXHOV QRQ GpILFLHQWV DXGLWLIV QRQ VRXVpGXTXpV QRQ YLFWLPHV GH WURXEOHV GH OD UHODWLRQ HW LQGHPQHVGHWRXWHOpVLRQFpUpEUDOHª 6L O¶RQ HQ UHVWH j FHWWH GpILQLWLRQ TXL IRQFWLRQQH GRQF SDU H[FOXVLRQ O¶,0& QH SHXW SUpVHQWHUFHW\SHGHWURXEOHGXODQJDJH 2UPDOJUpODSUpVHQFHGHFHWWHOpVLRQFpUpEUDOHFHVWURXEOHVQHSHXYHQWSDVDSSDUWHQLUj O¶DSKDVLHSXLVTX¶LOVVXUYLHQQHQWG¶HPEOpHDORUVTXHO¶HQIDQWQ¶DSDVHQFRUHFRQVWLWXpGH ODQJDJH . . - 521'$/ HW 6(521 7URXEOHV GX ODQJDJH EDVHV WKpRULTXHV GLDJQRVWLF HW UppGXFDWLRQ (GLWLRQV. 6SULPRQW . 0 0$=($8 '\VSKDVLHV WURXEOHV PQpVLTXHV HW V\QGURPH IURQWDO FKH] O¶HQIDQW DWWHLQW GH OpVLRQV. FpUpEUDOHVSUpFRFHV0DVVRQ . 0 0$=($8 '\VSKDVLHV WURXEOHV PQpVLTXHV HW V\QGURPH IURQWDO FKH] O¶HQIDQW DWWHLQW GH OpVLRQV. FpUpEUDOHVSUpFRFHV0DVVRQSDJH . 0 0$=($8 '\VSKDVLHV WURXEOHV PQpVLTXHV HW V\QGURPH IURQWDO FKH] O¶HQIDQW DWWHLQW GH OpVLRQV. FpUpEUDOHVSUpFRFHV0DVVRQ. . .

(62) 3DUWLH,±3$57,(7+(25,48( ,O FRQYLHQW GRQF VHORQ 0 0$=($8 GH FUpHU OH YRFDEOH GH ©G\VSKDVLH OpVLRQQHOOHª TXL SHUPHW GH FRQVLGpUHU OD OpVLRQ FpUpEUDOH SUpFRFH FRPPH O¶pWLRORJLH GHV WURXEOHV GX ODQJDJH&HODSHUPHWpJDOHPHQWVHORQHOOHGHSUpFLVHUXQGLDJQRVWLFVRXYHQWIORXHWTXL HQ O¶DEVHQFH G¶DXWUH WHUPH DSSURSULp j OD VLWXDWLRQ HVW VRXYHQW UpGXLW j ©UHWDUG GH ODQJDJHªTXLQHSUHQGSDVHQFRPSWHWRXWHODFRPSOH[LWpGXODQJDJHSDWKRORJLTXHTXH SHXWSUpVHQWHUOHVXMHW 3DU DLOOHXUV SRXU SHUPHWWUH XQH GpILQLWLRQ OD SOXV MXVWH SRVVLEOH GDQV OH FDGUH GH O¶,0&,02& LO HVW QpFHVVDLUH GH SUHQGUH HQ FRPSWH O¶LQWULFDWLRQ IUpTXHQWH GH GpILFLW LQWHOOHFWXHOHWGHWURXEOHVGXODQJDJH(QHIIHWQRXVSRXYRQVDYRLUDIIDLUHGDQVFHFDGUHj GHVSRSXODWLRQVWUqVGLIIpUHQWHV /RUVTXH OHV VXMHWV ©RQW GHV FRPSpWHQFHV ODQJDJLqUHV JOREDOHPHQW FRQFRUGDQWHV DYHF O¶HQVHPEOH GH OHXUV SHUIRUPDQFHV DX[ WHVWV QRQ ODQJDJLHUVª RQ QH SDUOHUD SDV GH G\VSKDVLH (Q UHYDQFKH ORUVTXH OH ©GpILFLW ODQJDJLHU HVW EHDXFRXS SOXV VpYqUH VXU OHV SODQV TXDQWLWDWLI HW TXDOLWDWLI TXH FHOXL DWWHQGX GX VHXO IDLW GH OD GpILFLHQFH LQWHOOHFWXHOOHªRQSHXWHPSOR\HUOHWHUPHGHG\VSKDVLHVHORQ00$=($8(OOHSDUOH DORUV GH G\VSKDVLH UHODWLYH ORUVTX¶HOOH VH PDQLIHVWH GDQV XQ WDEOHDX GH GpILFLHQFH LQWHOOHFWXHOOH. . /HVWURXEOHVGHODFRPPXQLFDWLRQ. &RQMRLQWHPHQW DX[ GLIILFXOWpV GH SDUROH RX GH ODQJDJH FHUWDLQV VXMHWV ,0&,02& pSURXYHQW GHV GLIILFXOWpV GH FRPPXQLFDWLRQ &HV GLIILFXOWpV VRQW GH QDWXUH GLYHUVHV HW VRQWjPHWWUHHQOLHQDYHF /DSUpVHQFHGHVWURXEOHV PRWHXUV (QHIIHWOHV PRXYHPHQWVYRORQWDLUHV GLIILFLOHV OHVPRXYHPHQWVSDUDVLWHVOHPDQTXHGHFRQWU{OHSRVWXUDOOHVWURXEOHVGXUHJDUG HW pYHQWXHOOHPHQW O¶DEVHQFH G¶DXWRQRPLH SHXYHQW HQWUH DXWUHV LQWHUIpUHU GDQV OD UHODWLRQ QDWXUHOOH GH FRPPXQLFDWLRQ TXH OH VXMHW ,0&,02& LQVWDXUH DYHF VRQ LQWHUORFXWHXU /HV WURXEOHV SV\FKRORJLTXHV RX FRPSRUWHPHQWDX[ TXL SHXYHQW HQWUDYHU OHV SURFHVVXVQDWXUHOVGHFRPPXQLFDWLRQ . 0 0$=($8 '\VSKDVLHV WURXEOHV PQpVLTXHV HW V\QGURPH IURQWDO FKH] O¶HQIDQW DWWHLQW GH OpVLRQV. FpUpEUDOHVSUpFRFHV0DVVRQSDJH. . .

(63) 3DUWLH,±3$57,(7+(25,48( 8Q GpILFLW DX QLYHDX GH OD SUDJPDWLTXH GH OD FRPPXQLFDWLRQ GLIILFXOWpV G¶RUJDQLVDWLRQ GX GLVFRXUV G¶LQKLELWLRQ GH SHQVpHV SDUDVLWHV TXL YLHQQHQW LQWHUIpUHU GDQV OD FRQYHUVDWLRQ GLJUHVVLRQV FKDQJHPHQW GH VXMHWV PDQTXH GX PRWSpULSKUDVHVKpVLWDWLRQVJHVWHVHWPLPLTXHVSHXQRPEUHX[« 3DUIRLV OHV GLIILFXOWpV VRQW WHOOHV TX¶RQ SHXW GLUH GH FHUWDLQV VXMHWV TX¶LOV VRQW VDQV FRPPXQLFDWLRQRUDOHRX©QRQYHUEDX[ª &HWWH LQFDSDFLWp j XWLOLVHU OD SDUROH HVW GXH j OD SUpVHQFH GH WURXEOHV PRWHXUV HWRX DUWKULTXHV LQYDOLGDQWV FRUUHVSRQGDQW DX[ WDEOHDX[ OHV SOXV VpYqUHV GHV G\VDUWKULHV SUpVHQWpHV SUpFpGHPPHQW 6RXYHQW FHV WDEOHDX[ GH G\VDUWKULH PDVVLYH VRQW DVVRFLpV j XQHDSUD[LHEXFFRIDFLDOHHWRXjXQHG\VSKDVLHFHTXLPDMRUHOHVGLIILFXOWpVG¶H[SUHVVLRQ RUDOH 'DQVFHFDVLOFRQYLHQWGHSURSRVHUjFHVVXMHWVGHVPR\HQVGHFRPPXQLFDWLRQDOWHUQDWLYHHW DXJPHQWpHRXDPpOLRUpH &$$

(64) TXHQRXVSUpVHQWHURQVHWGpWDLOOHURQVXOWpULHXUHPHQW. 6XU OH SODQ SUDWLTXH QRXV WHQWHURQV G¶pWXGLHU GH PDQLqUH j OD IRLV TXDQWLWDWLYH HW TXDOLWDWLYH OH ODQJDJH GH GLIIpUHQWV VXMHWV ,0&,02& TXL XWLOLVHQW GHV PR\HQV GH FRPPXQLFDWLRQDOWHUQDWLYH. ,,. /HGpYHORSSHPHQWGXODQJDJHRUDOHWGHODFRPPXQLFDWLRQ. « Si l'homme a besoin du langage, ce n'est pas seulement pour communiquer du sens, c'est en même temps pour écouter et reconnaître son existence. » *DR;LQJMLDQ([WUDLWGXGLVFRXUVGH5pFHSWLRQGX3UL[1REHO'pFHPEUH /HGLFWLRQQDLUHG¶RUWKRSKRQLHGpILQLWOHODQJDJHFRPPH©XQV\VWqPHGHVLJQHVSURSUHj IDYRULVHU OD FRPPXQLFDWLRQ HQWUH OHV rWUHV /D UpDOLWp GH FHWWH GpILQLWLRQ HVW HQ IDLW WUqV FRPSOH[H SXLVTX¶HOOH FRQFHUQH GHV GLVFLSOLQHV YDULpHV F¶HVW XQ DFWH SK\VLRORJLTXH UpDOLVp SDU GLIIpUHQWV RUJDQHV GX FRUSV KXPDLQ

(65) SV\FKRORJLTXH VXSSRVDQW O¶DFWLYLWp YRORQWDLUHGHODSHQVpH

(66) VRFLDO SHUPHWWDQWODFRPPXQLFDWLRQHQWUHOHVKRPPHV

(67) ª . . $*$*/,2 &RPSDUDLVRQ GH OD SUDJPDWLTXH GX ODQJDJH HQWUH GHV DGROHVFHQWV ,0&,02& YHUEDX[ HW. QRQYHUEDX[0LVHHQSODFHG¶XQHJULOOHG¶pYDOXDWLRQ0pPRLUHG¶RUWKRSKRQLH1LFH . . )%5,1HWDO'LFWLRQQDLUHG¶2UWKRSKRQLHSDJH. .

(68) 3DUWLH,±3$57,(7+(25,48( . /¶pPHUJHQFHGHODFRPPXQLFDWLRQ. /H EpEp GH TXHOTXHV PRLV HQWUH HQ FRPPXQLFDWLRQ DYHF VRQ HQWRXUDJH SDU VRQ FRUSV PRXYHPHQWV HW RULHQWDWLRQV EDELOV HW H[SUHVVLRQV JURJQHPHQWV HW SOHXUV 7RXV FHV VLJQDX[VRQWLQWHUFHSWpVHWLQWHUSUpWpV$FHVWDGHOHVLQWHUORFXWHXUVPHWWHQWGXVHQVGDQV GHV FRPSRUWHPHQWV LQLWLDOHPHQW DUFKDwTXHV HW SK\VLRORJLTXHV &HV VLJQDX[ QH VRQW SDV LQWHQWLRQQHOV PDLV LQWHUSUpWpV SDU GHV ©GHVWLQDWDLUHV QRXUULFLHUVª &¶HVW ©O¶LOOXVLRQ DQWLFLSDWULFHª SUpVHQWpH SDU 5 ',$7.,1( TXL SHUPHW OH GpYHORSSHPHQW GH OD FRPPXQLFDWLRQ /H FDUDFWqUH UpIOH[H GHV FRPSRUWHPHQWV HVW HW D XQ FDUDFWqUH VRFLDO IRQGDPHQWDO 'DQVOHV SUHPLqUHV VHPDLQHVOHV SUHPLqUHV UqJOHVGXGLDORJXHVH PHWWHQWHQSODFHVRXV IRUPH GH MHX[ GH PLURLUV HW GH YRFDOLVDWLRQV R FKDFXQ SUHQG VRQ WRXU SUpPLFHV GHV IXWXUV WRXUV GH SDUROH GH OD FRQYHUVDWLRQ &HV pFKDQJHV IDYRULVHQW OD VWUXFWXUDWLRQ WHPSRUHOOHGHODFRQYHUVDWLRQHWODFRQVWUXFWLRQGHO¶LQWHQWLRQQDOLWp 3URJUHVVLYHPHQW OH MHXQH HQIDQW PRQWUH VHV LQWHQWLRQV SUpFLVH VHV PRXYHPHQWV G¶RULHQWDWLRQ GH SUpKHQVLRQ GH GpVLJQDWLRQ HW HVW DWWLUp SDU OHV JHVWHV HW PLPLTXHV G¶DXWUXL©&HVSUHPLHUVJHVWHVSHUPHWWHQWjO¶HQIDQWG¶H[SULPHUGDYDQWDJHTX¶LOQHSHXW YHUEDOLVHUª 'qV PRLV LO GpVLJQH GHV REMHWV SRLQWH GX GRLJW QRWDPPHQW SRXU H[SULPHU XQH GHPDQGH&HSRLQWDJHGLW©SURWRLPSpUDWLIªHVWXQH©IDoRQGHVHVHUYLUG¶XQREMHWGHOD UpDOLWpSUpVHQWHSRXURUJDQLVHUDYHFO¶DXWUHXQWKqPHG¶pFKDQJHHWGHGLDORJXH/¶REMHW SRLQWpVHWUDQVIRUPHDORUVHQVLJQHª /HEDLQGHODQJDJHSHUPDQHQWOHVDFWLYLWpVSDUWDJpHVDYHFO¶DGXOWHO¶H[SpULPHQWDWLRQGH QRPEUHXVHV VLWXDWLRQV DIIHFWLYHV HW FRPPXQLFDWLYHV YDORULVDQWHV ULFKHV YDULpHV UpSpWLWLYHV SHUPHWWHQW O¶DFTXLVLWLRQ SURJUHVVLYH GHV UqJOHV GH FRPPXQLFDWLRQ HW GH ODQJDJH /¶pWD\DJH PRGpOLVDWHXU GH O¶DGXOWH HVW WRXMRXUV SUpVHQW HW PXOWLIDFWRULHO YHUEDOLVDWLRQVLPLWDWLRQVYDORULVDWLRQGHVSURGXFWLRQVGXEpEp1RXVDFFRPSDJQRQVQRV . . -0 &2//(77$ 3UHPLqUHV YHUEDOLVDWLRQV JHVWXDOLWp HW FRQGXLWHV ELPRGDOHV LQ 5ppGXFDWLRQ. 2UWKRSKRQLTXH0DUV . . /'$121%2,/($8$X[RULJLQHVGHVODQJXHVHWGXODQJDJH. .

(69) 3DUWLH,±3$57,(7+(25,48( SDUROHVGHGpVLJQDWLRQVHQSURSRVDQWGHVHQULFKLVVHPHQWVVpPDQWLTXHVHWGHVH[SDQVLRQV V\QWD[LTXHV. . /¶pYROXWLRQGXODQJDJHRUDO. . /DSpULRGHSUpOLQJXLVWLTXH. /HV FULV GX QRXUULVVRQ TXL GXUHQW OHV SUHPLHUV PRLV GH OD YLH VRQW OD SUHPLqUH PDQLIHVWDWLRQ SUpOLQJXLVWLTXH (Q UHODWLRQ DYHF O¶pWDW GH FRQIRUW RX G¶LQFRQIRUW GH O¶HQIDQWFHVRQWGHVSURGXFWLRQVVRQRUHVXQLTXHPHQWYRFDOLTXHV&¶HVW ODUpSRQVHGH OD PqUH RX GH O¶HQWRXUDJH j FHV FULV TXL WUDQVIRUPHQW DORUV FHV VRQV HQ OD WUDGXFWLRQ GHV SUHPLHUVEHVRLQV 9HUVODGHX[LqPHVHPDLQHGHYLHGHQRXYHOOHVV\OODEHVVRQWSURGXLWHV &¶HVWOHSUHPLHU MHXGHO¶HQIDQWDYHFVHVRUJDQHVSKRQDWHXUVRQHQWUHGDQVOHVWDGHGHODODOODWLRQ $XWRXUGXGHX[LqPHPRLVOHVSURGXFWLRQVGHO¶HQIDQWpYROXHQWYHUVOHMDVLVTXLPDUTXHOH SDVVDJHGHODODOODWLRQDXEDELO/ HQIDQWSURGXLWDORUVGHSOXVHQSOXVGHVRQVV\OODEpV &¶HVWOHGpEXWG¶XQHYpULWDEOHFRPPXQLFDWLRQYHUEDOH/HVSUHPLHUVpFKDQJHVYRFDX[RQW OLHXHWXQSUHPLHUGLDORJXHV¶LQVWDOOHPrPHHQO¶DEVHQFHGHFRQWDFWYLVXHO (QWUH WURLV PRLV HW XQ DQ F¶HVW OH VWDGH GX EDELOODJH /D YDULpWp GHV V\OODEHV SURGXLWHV V¶DFFURLW PrPH VL O¶DUWLFXODWLRQ UHVWH UHOkFKpH HW OHV SURGXFWLRQV GLIILFLOHPHQW LGHQWLILDEOHV &¶HVW OH EDELOODJH UXGLPHQWDLUH $XWRXU GH VL[ PRLV OHV YR\HOOHV HW OHV FRQVRQQHVFRPPHQFHQWjVHFRPELQHUSOXVDLVpPHQW'DQVOHPrPHWHPSVODUpSRQVHSDU OH VRXULUH DSSDUDvW VWUXFWXUDQW HQFRUH XQ SHX SOXV OH GLDORJXH 3DU DLOOHXUV O¶HQIDQW WUDQVIRUPH SURJUHVVLYHPHQW FH EDELOODJH HQ DFWLYLWp OXGLTXH LO H[SORUH VHV FDSDFLWpV YRFDOHVHWSUHQGSODLVLUjMRXHUDYHFOHVVRQVDIILQDQWGDQVOHPrPHWHPSVVDSKRQDWLRQ ,OFRPPHQFHjSDUYHQLUjLPLWHUOHODQJDJHTX¶LOSHUoRLWPrPHGHPDQLqUHUXGLPHQWDLUH 3URJUHVVLYHPHQW LO HQWUH GDQV OD SpULRGH GH UHVWULFWLRQ SKRQRORJLTXH EDSWLVpH DLQVL SDU 5 -$.2%621 SDUFH TX¶HOOH FRUUHVSRQG DX PRPHQW R O¶HQIDQW SHUG OD SRVVLELOLWp GH UpDOLVHU WRXV OHV VRQV SRXU QH FRQVHUYHU TXH FHX[ XWLOHV j OD SUDWLTXH GH OD ODQJXH TX¶LO F{WRLHSHUoRLWHWLPLWH/HEDELOGHYLHQWDORUVEDELOODJHFDQRQLTXH *.RQRSF]\QVNLSKRQpWLFLHQQH. . . .

(70) 3DUWLH,±3$57,(7+(25,48( . /DSpULRGHOLQJXLVWLTXH. /DSpULRGHOLQJXLVWLTXH PDUTXHO¶HQWUpHGDQVOD FRPPXQLFDWLRQ(QWUH HW PRLVOHV SUHPLHUVPRWVDSSDUDLVVHQW/HVSURGXFWLRQVVRQWVLPSOHVHWUpSpWLWLYHV(OOHVVHGpJDJHQW GXUHVWHGXODQJDJHHWVRQWOLpHVjXQpWDWRXXQREMHW/¶DGXOWHYDVWUXFWXUHUFHVpPLVVLRQV HQ OHXU GRQQDQW GX VHQV HW HQ UHIRUPXODQW SRXU GRQQHU XQ PRGqOH DGpTXDW (OOHV RQW G¶DERUG SRXU WKqPH OHV REMHWV HW VLWXDWLRQV GH OD YLH TXRWLGLHQQH (OOHV V¶HQULFKLVVHQW G¶DXWDQW SOXV UDSLGHPHQW TXH O¶DFTXLVLWLRQ GH OD PDUFKH GDQV OH PrPH WHPSV IDYRULVH O¶DXWRQRPLHHWO¶H[SORUDWLRQGHO¶HQYLURQQHPHQW /HVLQWHUDFWLRQVDYHFDXWUXLVRQWWUqVLPSRUWDQWHVSRXUOHGpYHORSSHPHQWGXODQJDJH. . . - %581(5 D GpILQL TXDWUH ©IRUPDWVª TXDWUH W\SHV G¶LQWHUDFWLRQV HQWUH O¶HQIDQW TXL FRQVWUXLWVRQODQJDJHHWO¶DXWUHO¶HQWRXUDJHTXLOXLUpSRQG O¶DWWHQWLRQFRQMRLQWHTXLFRQVLVWHjLQGLTXHUjO DXWUHFHTXHO RQYHXWTX LOREVHUYH HOOHSUHQGDORUVODIRUPHG¶XQJHVWHGHGpVLJQDWLRQSDUO¶LQGH[DXWRXUGHO¶kJHGH PRLV

(71) O¶DFWLRQ FRQMRLQWH FRUUHVSRQGDQW DX[ VLWXDWLRQV QRWDPPHQW GH MHX R OHV GHX[ SDUWHQDLUHVHIIHFWXHQWGHVDFWLRQVGLULJpHVYHUVO¶DXWUH MHXGHEDOOH

(72) OHVLQWHUDFWLRQVVRFLDOHV OHVMHX[GHILFWLRQHWG¶LPLWDWLRQ 3RXUWRXWHVFHVDFWLYLWpVHWGHPDQLqUHJpQpUDOHSRXUO¶pPHUJHQFHGXSUHPLHUPRWHWGRQF GXODQJDJHOHJHVWHHVWLQGLVSHQVDEOHHWHQOLHQpWURLWDYHFODSDUROH/RUVTXHO¶RQPRQWUH GpVLJQHSRLQWHRQPRQWUHTXHO¶RQGRQQHGXVHQVjXQREMHWSUpFXUVHXUGXVLJQHGDQVOD SDUROH ,O \ D G¶DLOOHXUV XQH UHODWLRQ HQWUH OD SURGXFWLRQ JHVWXHOOH HW OD FRPSUpKHQVLRQ SOXVOHEpEpSURGXLWGHVJHVWHVSOXVLOFRPSUHQGOHVpQRQFpV. . /DSpULRGHORFXWRLUH. &HWWHSpULRGHORFXWRLUHGpEXWHGqVOHGRX]LqPHPRLV/HEpEpYHUEDOLVHFHTX¶LOIDLWHWOH ODQJDJHV¶DSSXLHVXUO¶DFWLRQVHFRQVWUXLWSHQGDQWO¶DFWLRQ,ODSSDUDvWjO¶RFFDVLRQG¶XQ JHVWH G¶XQH pPRWLRQ /j HQFRUH OD PRWULFLWp HVW HQ OLHQ pWURLW DYHF OD FRQVWUXFWLRQ GX . . -%581(5FLWpGDQV/HODQJDJHGHO¶HQIDQWDVSHFWVQRUPDX[HWSDWKRORJLTXHVSDJHV. .

(73) 3DUWLH,±3$57,(7+(25,48( ODQJDJH 'XUDQW FHWWH SpULRGH RQ SDUOH GH VWDGH KRORSKUDVWLTXH OH ODQJDJH HVW SRO\VpPLTXHOHVPRWVVRQWXWLOLVpVDYHFGHVVLJQLILFDWLRQVpODUJLHVHWSRO\YDOHQWHV0rPH V¶LOHQUpVXOWHTXHOHYRFDEXODLUHUHVWHSDXYUHHWSHXSUpFLVFHODFRUUHVSRQGDXVVLjXQH SKDVH GH FUpDWLYLWp (Q HIIHW O¶HQIDQW IDLW VXELU GHV WUDQVIRUPDWLRQV DX ODQJDJH SRXU HQ FRPSUHQGUHOHIRQFWLRQQHPHQWHWQRUPDOLVHUSURJUHVVLYHPHQWVHVSURGXFWLRQV /¶pYROXWLRQOH[LFDOHQ¶HVWSDVOLQpDLUH-XVTX¶jPRLVO¶pYROXWLRQHVWOHQWHOHVPRWVQH VRQWXWLOLVpVTXHGDQVGHVFRQWH[WHVSHUVRQQHOVVSpFLILTXHVHWGRQFOLPLWpV2QGLWTX¶LOV VRQW XWLOLVpV GH IDoRQ LGLRV\QFUDVLTXH -XVTX¶j PRLV OH OH[LTXH FRPSUHQG XQH FLQTXDQWDLQHGHPRWV3XLVF¶HVWO¶H[SORVLRQOH[LFDOHVHORQ1(/621FHVRQWTXDWUHj GL[ QRXYHDX[ PRWV TXL VRQW SURGXLWV FKDTXH MRXU &H QRXYHDX OH[LTXH HVW HPSOR\p GH PDQLqUH FRQYHQWLRQQHOOH HW FDWpJRULHOOH HW SHUPHW O¶pPHUJHQFHGH OD V\QWD[H -XVTX¶j DQVFHOOHFLQHFHVVHUDGHVHSHUIHFWLRQQHU. . /DSpULRGHGpORFXWLYH. $SDUWLUGHPRLVO¶HQIDQWFRPPHQFHjMX[WDSRVHUGHX[PRWV&¶HVWODSUHPLqUHSKUDVH IDLW GH GHX[ PRWV SURFKHV GpVLJQDQW GHV SHUVRQQHV GHV VLWXDWLRQV FRQFUqWHV GHV REMHWV IDPLOLHUV'DQVO¶RUGUHFHVRQWG¶DERUGOHVVXEVWDQWLIVTXLVRQWHPSOR\pVSXLVOHVYHUEHV jO¶LQILQLWLISXLVDXSDUWLFLSHSDVVp

(74) OHVSUpSRVLWLRQVOHVSURQRPVOHVDGYHUEHV/¶HQIDQW H[SULPH OD SRVVHVVLRQ SXLV OH GpVLU OD ORFDOLVDWLRQ HW OD TXDOLWp G¶XQ REMHW RX G¶XQH SHUVRQQH&HVSUHPLqUHVpEDXFKHVGHSKUDVHVSHXYHQWrWUHFRPSULVHVGLIIpUHPPHQWVHORQ OH FRQWH[WH HW O¶LQWHUORFXWHXU (OOHV FRPSRUWHQW GHX[ PRWV SOHLQV QRP ± QRP YHUEH ± QRP

(75) RXXQPRWSOHLQHWXQPRWIRQFWLRQQHO SDUH[HPSOH©SDVGRGRª

(76) . . /HODQJDJHFRQVWLWXp. &HWWH SpULRGH GpEXWH j O kJH GH GHX[ DQV /¶HQIDQW XWLOLVH DORUV WURLV SURFHVVXV GH VLPSOLILFDWLRQ GpFULWV SDU ' ,1*5$0 OHV SUHPLHUV PRWV GH O HQIDQW SDU UDSSRUW j FHX[GHO DGXOWHYRQWFRPSRUWHUGHVVHJPHQWVVXSSULPpVRXRPLVG DXWUHVUHPSODFpVRX GHVV\OODEHVVXSSULPpHVYRLUHGXSOLTXpHV/ HQIDQWQHVHUDSDVFRPSULVjFKDTXHIRLV&HV LPSUpFLVLRQV SKRQRORJLTXHV QH VRQW SDV VDQV LPSRUWDQFH SXLVTXH9,17(5 D PRQWUp HQ. . . . ',1*5$0FLWpSDU0/025($8GDQV/¶DFTXLVLWLRQGXODQJDJH(GLWLRQV0DUGDJD. .

(77) 3DUWLH,±3$57,(7+(25,48( TXH OHV FDSDFLWpV OH[LFDOHV pWDLHQW HQ OLHQ DYHF OHV FDSDFLWpV SKRQpWLTXHV HW SKRQRORJLTXHV $LQVL PHLOOHXUH HVW O¶DUWLFXODWLRQ PHLOOHXUH GHYUDLW rWUH O¶DFTXLVLWLRQ GX OH[LTXH $ O¶kJH GH GHX[ DQV O HQIDQW FRPSUHQG O HVVHQWLHO GX ODQJDJH XWLOLVp GDQV OD YLH TXRWLGLHQQHHWLOPDvWULVHO XVDJHGHVSURQRPV 3XLVHQWUHGHX[DQVHWGHX[DQVHWGHPLLOYDDSSUHQGUHO¶XWLOLVDWLRQGX©MHªHWGX©WXª $LQVL LO YD VH UHFRQQDvWUH FRPPH LGHQWLTXH HW GLVWLQFW GH WRXW VXMHW SDUODQW © MH VXLV LGHQWLTXHFDUMHGLV©MHªPDLVMHVXLVGLIIpUHQWFDUMHWHQRPPH©WXªª

(78) 'DQVOHPrPHWHPSVHQFDWpJRULVDQWHWHQpWLTXHWDQWVRQHQYLURQQHPHQWLOGpFRXYUHTXH WRXWDXQQRP&¶HVWOHGpEXWGXODQJDJHVRFLDOLVp$ SDUWLUGHOjLOSRXUUDDFTXpULUOHV SDLUHV RSSRVLWLRQQHOOHV (Q HIIHW 5 -$.2%621 D PRQWUp TXH O¶HQIDQW VWUXFWXUH VRQ OH[LTXH HQ VH IRQGDQW VXU OD UHODWLRQ GH FRQWUDULpWp ,O QH SHXW DFTXpULU XQ WHUPH V¶LO Q¶DFTXLHUW SDV VRQ FRQWUDLUH GDQV OH PrPH WHPSV &¶HVW SDUFH TX¶LO FRQQDvW O¶XQ TX¶LO SRXUUDFRQQDvWUHO¶DXWUH,OYDDFTXpULUHQSUHPLHUFHTXLOXLSDUDLWSRVLWLI'XUDQWFHWWH SpULRGHRQQRWHXQHLPSRUWDQWHDXJPHQWDWLRQTXDQWLWDWLYHHWTXDOLWDWLYHGXOH[LTXH 3DUDLOOHXUVOHVQRWLRQV DEVWUDLWHVFRPPHQFHQWjrWUH LQWpJUpHVHQWUHGHX[HW WURLVDQVj O¶LPDJH GX YHUEH ©SHQVHUª RX GH O¶H[SUHVVLRQ GH OD VXSSRVLWLRQ ,O SHXW DORUV IDLUH OD GLIIpUHQFHHQWUHOHUpHOHWOHGpVLUp $YHFFHWWHH[SORVLRQOH[LFDOHOHFDUDFWqUHSRO\VpPLTXHGXODQJDJHHQIDQWLQTXLGRPLQDLW MXVTXHOjYDGLVSDUDvWUHSURJUHVVLYHPHQW,ODGHSOXVHQSOXVGHWHUPHVjVDGLVSRVLWLRQHW Q¶D SOXV EHVRLQ GH UHFRXYULU SOXVLHXUV QRWLRQV VRXV OH PrPH PRW /D V\QWD[H VH FRPSOH[LILHOHVVWUXFWXUHVJUDPPDWLFDOHVTXLpWDLHQWpEDXFKpHVYRQWVHSUpFLVHUHWO HQIDQW HPSORLHGHVSKUDVHVRO RUJDQLVDWLRQJUDPPDWLFDOHHVWGHSOXVHQSOXVFRUUHFWH $ WURLV DQVO HQIDQW XWLOLVHGH PLHX[HQ PLHX[OHVSULQFLSDX[PRGqOHVGHSKUDVHV HWOHV RXWLOV JUDPPDWLFDX[ ,O D DFTXLV XQ ODQJDJH RUJDQLVp HW OHV HUUHXUV HW PDODGUHVVHV UHVWDQWHVVHFRUULJHURQWVSRQWDQpPHQWjODVXLWHG¶HVVDLVHUUHXUVHWLPLWDWLRQVGXPRGqOH GH O¶DGXOWH &HWWH SpULRGH GH WUDQVLWLRQ R FRKDELWHQW OH ODQJDJH HQIDQWLQ HW OH ODQJDJH KDELWXHOGHO¶DGXOWHQ¶HVWSDVV\VWpPDWLTXHPHQWSUpVHQWHFKH]WRXVOHVHQIDQWV . . 9LQWHU6

(79) /HVKDELOHWpVSKRQRORJLTXHVFKH]O¶HQIDQWGHGHX[DQV*ORVVD . . .

(80) 3DUWLH,±3$57,(7+(25,48( 'qVWURLVDQVO pYROXWLRQGXODQJDJHQHFRUUHVSRQGSOXVTX¶jXQSHUIHFWLRQQHPHQWSDUXQ HQULFKLVVHPHQWGXOH[LTXHHWXQHPHLOOHXUHPDvWULVHHWDQDO\VHGHVRXWLOVJUDPPDWLFDX[ 'HSOXVjWURLVDQVG XQSRLQWGHYXHSKRQpWLTXH O HQVHPEOHGXV\VWqPHSKRQRORJLTXH GRLWrWUHJOREDOHPHQWHQSODFH/ DUWLFXODWLRQHVWPDvWULVpHPrPHVLTXHOTXHVDMXVWHPHQWV VRQWHQFRUHQpFHVVDLUHV (QWUHWURLVHWTXDWUHDQVO HQIDQWVHTXHVWLRQQHEHDXFRXS,OV LQWpUHVVHDX[REMHWVjOHXU QDWXUHjOHXUOLHQSXLV DX[QRWLRQV GHFDXVDOLWpHWGHWHPSV,OFRPPHQFHjXWLOLVHU OHV DGYHUEHV LQWHUURJDWLIV 2 " 4XDQG " 3RXUTXRL " 0DLV FHOD QH YHXW SDV GLUH TX¶LO D DFTXLV WRXWHV FHV QRWLRQV ,O D WRXMRXUV XQH SHQVpH ULJLGH HW Q¶D SDV HQFRUH DVVLPLOp OH FDUDFWqUHGHUpYHUVLELOLWpGHVDFWLRQV 3RXUDXWDQWPDOJUpXQODQJDJHFRQVWLWXpOHVGLIIpUHQWHVIRQFWLRQVGXODQJDJHQHVRQWSDV HQFRUHHPSOR\pHV/¶HQIDQWpSURXYHGHVGLIILFXOWpVSRXUVHSODFHUGDQVODSRVLWLRQGHVRQ LQWHUORFXWHXU&¶HVWOHODQJDJHpJRFHQWULTXHGpFULWSDU3,$*(7GRQWO¶HQIDQWQHVRUWTXH YHUVO¶kJHGHDQV/HODQJDJHGHYLHQWDORUVUpHOOHPHQWXQPR\HQGHFRPPXQLTXHUDYHF HWYHUVO¶DXWUH. . /RUVTX¶LO\DWURXEOHGHODFRPPXQLFDWLRQ. (QSUpVHQFHGHGLIILFXOWpVGHGpYHORSSHPHQWWHOOHVTXHO¶RQHQUHQFRQWUH FKH]OHVVXMHWV ,0&,02&ODFRPSUpKHQVLRQWUqVSUpFRFHGXPRQGHTXLSDVVHSDUOHFRUSVHWOHVJHVWHV SHXW rWUH DOWpUpH 'HV SUREOqPHV G¶DQDO\VH HW GH PDQLSXODWLRQ GHV FRGHV GH IDoRQ JpQpUDOH DLQVL TX¶XQH GLIILFXOWp j UpDOLVHU HQ WHPSV UpHO GHV DFWLRQV LQWHQWLRQQHOOHV LPSRUWDQWHV FRPPH OH SRLQWDJH RX GHV JHVWHV G¶RULHQWDWLRQ GX FRUSV HW GH OD WrWH HQWUDYHQWO¶DFTXLVLWLRQGHVUqJOHVGHIRQFWLRQQHPHQWGHODFRPPXQLFDWLRQ/HVUpSRQVHV DX[ VROOLFLWDWLRQV GH O¶DGXOWH QH VRQW SDV DGpTXDWHV HW j O¶LQYHUVH O¶H[SUHVVLRQ GHV SUHPLHUVPHVVDJHVTXLSDVVHQWG¶RUGLQDLUHSDUGHVUpDOLVDWLRQVPRWULFHVHVWGLIILFLOH &¶HVWjFHPRPHQWOjHWGRQFGHPDQLqUHODSOXVSUpFRFHSRVVLEOHTXHGHVDMXVWHPHQWVHW DGDSWDWLRQVGHO¶HQWRXUDJHHWGHO¶HQYLURQQHPHQWVHURQWQpFHVVDLUHV(QHIIHWO¶pWD\DJHGH O¶DGXOWHGHYUDGDQVFHVVLWXDWLRQVrWUHG¶DXWDQWSOXVPDUTXpHWSRVLWLI3DUH[HPSOHSDUOHU jO¶HQIDQWPrPHHQO¶DEVHQFHGHUpSRQVHGHVDSDUWYHUEDOLVHUHWGpFULUHjKDXWHYRL[VHV DFWLRQVO¶DLGHUjPDLQWHQLUVDWrWHSRXUVRXWHQLUO¶DWWHQWLRQFRQMRLQWHVHSODFHUELHQIDFHj. . .

(81) 3DUWLH,±3$57,(7+(25,48( OXL SRXU OXL pYLWHU XQH GpSHQVH G¶pQHUJLH WURS LPSRUWDQWH IDYRULVHU OHV FRPSRUWHPHQWV G¶LPLWDWLRQSRXUUHQIRUFHUG¶pYHQWXHOOHVpEDXFKHVG¶H[SUHVVLRQ. ,,,. /DFRPPXQLFDWLRQDOWHUQDWLYHHWDXJPHQWpHRXDPpOLRUpH &$$

(82) . . 'pILQLWLRQV. /HWHUPH&RPPXQLFDWLRQ$OWHUQDWLYHHW$PpOLRUpH RX$XJPHQWpH