L’adolescence et le renouveau du roman français (1911-1929)

 /¶$'2/(6&(1&((7/(5(1289($8'8520$1)5$1d$,6       SDU  $JQqV'RPDQVNL  'pSDUWHPHQWGHVOLWWpUDWXUHVGHODQJXHIUDQoDLVHGHWUDGXFWLRQHWGHFUpDWLRQ 8QLYHUVLWp0F*LOO0RQWUpDO       7KqVHVRXPLVHjO¶8QLYHUVLWp0F*LOO HQYXHGHO¶REWHQWLRQGXJUDGHGH3K'HQODQJXHHWOLWWpUDWXUHIUDQoDLVHV       $R€W          ‹$JQqV'RPDQVNL

LL 5e680e



&HWWHWKqVHH[DPLQHOHOLHQHQWUHO¶LQYHQWLRQGHO¶DGROHVFHQFHDX;,;H_{VLqFOHO¶DYqQHPHQW} GX SHUVRQQDJH DGROHVFHQW HW OH UHQRXYHOOHPHQW GH OD IRUPH URPDQHVTXH GDQV OHV SUHPLqUHV GpFHQQLHVGX;;H_{VLqFOH'HjOHVUpIRUPHVGXV\VWqPHVFRODLUHODQDLVVDQFHG¶XQH} QRXYHOOHVFLHQFHODSV\FKRORJLHHWG¶DXWUHVIDFWHXUVGHQDWXUHVFLHQWLILTXHHWVRFLDOHIDYRULVHQW O¶pPHUJHQFH GX FRQFHSW G¶DGROHVFHQFH /¶DWWHQWLRQ SRUWpH j FHWWH SpULRGH G¶HQWUHGHX[ HW GH IRUPDWLRQ PHW HQ OXPLqUH OHV DVSHFWV ODELOHV LQFHUWDLQV FRQWUDGLFWRLUHV RX LUUDLVRQQpV GH OD SHUVRQQH $ORUVTXHOHV URPDQFLHUVQDWXUDOLVWHVV¶LQWpUHVVDLHQWGpMj jO¶DGROHVFHQFHQRWDPPHQW SRXUVHVDVSHFWVSK\VLRORJLTXHVHWVRFLRORJLTXHVDXGpEXWGX;;H_{VLqFOHO¶DGROHVFHQFHGHYLHQW} SRXUFHUWDLQVpFULYDLQVOHYHFWHXUG¶XQHUpIOH[LRQVXUODSRpWLTXHURPDQHVTXH

&RPSRVpGHVL[°XYUHVQRWUHFRUSXVVHGLVWULEXHGHSDUWHWG¶DXWUHGHOD*UDQGH*XHUUH 'DQV OHV WURLV URPDQV pFULWV DYDQW OD 3UHPLqUH *XHUUH PRQGLDOH )HUPLQD 0iUTXH]  GH 9DOHU\/DUEDXG/H*UDQG0HDXOQHVG¶$ODLQ)RXUQLHUHW¬ODUHFKHUFKHGXWHPSVSHUGX GH0DUFHO3URXVWOHFKRL[GHUDFRQWHUO¶KLVWRLUHG¶XQSHUVRQQDJHDGROHVFHQWGpILQL SDUVRQLQDFKqYHPHQWHWVRQLQGpWHUPLQDWLRQVHUWjERXOHYHUVHUODORJLTXHQDUUDWLYHGHIDoRQjOD OLEpUHUGHO¶H[LJHQFHG¶REMHFWLYLWpHWG¶HQFKDvQHPHQWOLQpDLUHTXLFDUDFWpULVDLWOHURPDQUpDOLVWHHW QDWXUDOLVWH&HVURPDQVpSRXVHQWOHPRXYHPHQWGHODVXEMHFWLYLWpGXKpURVWURXYDQWHQHOOHXQH VRXUFH GH SpULSpWLHV /HV °XYUHV pFULWHV GDQV O¶HQWUHGHX[JXHUUHV /HV )DX[0RQQD\HXUV G¶$QGUp*LGH/H'LDEOHDXFRUSVGH5D\PRQG5DGLJXHWHW/HV(QIDQWVWHUULEOHV GH-HDQ&RFWHDXLQWHUURJHQWOHVFRQVpTXHQFHVGHFHWWHGpFRXYHUWHGHODVXEMHFWLYLWpSRXU O¶LQVHUWLRQGHO¶LQGLYLGXGDQVODVRFLpWp

/HV pFULWV QRQ URPDQHVTXHV FRUUHVSRQGDQFHV HVVDLV DUWLFOHV MRXUQDX[ GH FHV DXWHXUV UpYqOHQWTXHO¶pFULWXUHGXURPDQHVWSRXUHX[XQHSUDWLTXHH[SpULPHQWDOHHPSOR\pHjUHWURXYHUOD © 9LH ªF¶HVWjGLUHO¶LQWHQVLWpLUUpGXFWLEOHGXUHVVHQWL&HWLQWpUrWLQpGLWSRXUODUpDOLWpVHQVLEOHHW O¶pPRWLRQV¶DFFRUGHDYHFO¶H[LJHQFHFODVVLTXHGHVLQFpULWpHQYRJXHjFHWWHpSRTXH/HSHUVRQQDJH DGROHVFHQW SHUPHW DORUV GH FUHXVHU O¶pFDUW HQWUH OD YLH WHOOH TX¶HOOH HVW SHUoXH GH O¶H[WpULHXU ² FRPPRGpPHQWPRGpOLVDEOHVHODLVVDQWUpVXPHUHQTXHOTXHVOLJQHVGXSRLQWGHYXHGH© O¶DSUqV ª ² HW OD 9LHYXH GH O¶LQWpULHXU GDQV O¶LJQRUDQFH GH O¶DYHQLU IDLWH GH VXVSHQV GH KDVDUG HW GH GpPHVXUH YpFXH FRPPH DYHQWXUH &¶HVW GDQV FHW pFDUW TXH OH URPDQ WURXYH OHV PR\HQV G¶XQ UHQRXYHOOHPHQWGHVDPDWLqUHHWGHVDIRUPH                

LLL $%675$&7  7KLVGLVVHUWDWLRQH[DPLQHVWKHOLQNEHWZHHQWKHLQYHQWLRQRIDGROHVFHQFHLQWKHWK_FHQWXU\ WKHDGYHQWRIWKHDGROHVFHQWFKDUDFWHUDQGWKHUHQHZDORIWKH)UHQFKQRYHOLQWKHILUVWGHFDGHVRI WKHWK_{FHQWXU\%HWZHHQDQGWKHHPHUJHQFHRIWKHFRQFHSWRIDGROHVFHQFHGXHWR} IDFWRUV RI D OHJLVODWLYH VFLHQWLILF DQG VRFLRHFRQRPLF QDWXUH FUHDWHV D QHZ LQWHUHVW IRU WKH XQFHUWDLQPDOOHDEOHXQGHILQHGDQGLUUDWLRQDODVSHFWVRISHUVRQDOLW\:KLOHQDWXUDOLVWQRYHOLVWVKDG DOUHDG\ORRNHGDWDGROHVFHQFHWKURXJKDSK\VLRORJLFDODQGVRFLRORJLFDOOHQVIRUVRPHHDUO\WK_ FHQWXU\ZULWHUVDGROHVFHQFHEHFRPHVDPHDQVIRUUHWKLQNLQJWKHQRYHODVDIRUP

7KLV VWXG\ ORRNV DW VL[ QRYHOV VSDQQLQJ WKH GHFDGHV SUHFHGLQJ DQG IROORZLQJ WKH )LUVW :RUOG:DU,QWKHQRYHOVZULWWHQEHIRUHWKHZDU9DOHU\/DUEDXG¶V)HUPLQD0iUTXH]$ODLQ )RXUQLHU¶V/H*UDQG0HDXOQHVDQG0DUFHO3URXVW¶V¬ODUHFKHUFKHGXWHPSVSHUGX  WKH FKRLFH RI DGROHVFHQW FKDUDFWHUV GHILQHG E\ WKHLU ODFN RI FRPSOHWHQHVV DQG WKHLU PXWDELOLW\XSHQGVQDUUDWLYHORJLF)UHHLQJWKHQDUUDWLYHIURPWKHUHTXLUHPHQWRIREMHFWLYLW\DQGRI OLQHDULW\WKDWKDGGHILQHGUHDOLVWDQGQDWXUDOLVWSORWVWKHVHQRYHOVILQGDQHQGOHVVVRXUFHRIQDUUDWLYH GHYHORSPHQWVLQWKHLUFKDUDFWHUV¶VXEMHFWLYLW\7KHZRUNVZULWWHQLQWKHLQWHUZDUSHULRG$QGUp *LGH¶V /HV )DX[0RQQD\HXUV  5D\PRQG 5DGLJXHW¶V /H 'LDEOH DX FRUSV  DQG -HDQ &RFWHDX¶V/HV(QIDQWVWHUULEOHVH[DPLQHZKDWUHSHUFXVVLRQVWKHGLVFRYHU\RIWKHGRPLQDQW UROH RI VXEMHFWLYLW\ UDWKHU WKDQ UHDVRQ RU KHUHGLWDU\ DQG VRFLDO IDFWRUV KDV RQ WKH LQGLYLGXDO¶V DELOLW\WROLYHLQVRFLHW\

,Q WKHLU QRQILFWLRQDO ZULWLQJV OHWWHUV DUWLFOHV HVVD\V GLDULHV WKH DXWKRUV WKDW DUH WKH VXEMHFWVRIWKLVVWXG\VHHQRYHOZULWLQJDVDQH[SHULPHQWDOSUDFWLFHPHDQWWRFDSWXUHZKDWWKH\FDOO ³/LIH´³OD9LH´WKDWLVWKHVLQJXODUDQGRYHUZKHOPLQJH[SHULHQFHRIIHHOLQJ7KHLULQWHUHVWLQWKH UHDOPVRIHPRWLRQSHUFHSWLRQDQGVHQVXDOLW\LVLQOLQHZLWKWKHSHULRG¶VYRJXHRIWKHFODVVLFDO LGHDORIVLQFHULW\7KHDGROHVFHQWFKDUDFWHUUHYHDOVWKHJDSEHWZHHQOLIHDVVHHQIURPDQRXWVLGH SRLQW RI YLHZ EDQDOO\ VXPPHG XS LQ D IHZ NH\ HYHQWV DQG ³/LIH´ VHHQ IURP ZLWKLQ DW HDFK PRPHQWEOLQGWRZKDWWKHIXWXUHPLJKWEULQJGHILQHGE\FKDQFHH[FHVVDQGVXVSHQVHLHOLIH OLYHGDVDGYHQWXUH,WLVLQWKLVJDSWKDWWKHQRYHOILQGVWKHPHDQVRIDUHQHZDORILWVFRQWHQWDQGLWV IRUP                  

LY 5(0(5&,(0(176   0HUFLG¶DERUGjPDGLUHFWULFHGHWKqVH,VDEHOOH'DXQDLVSRXUVDSDWLHQFHVDGLVSRQLELOLWpHWVD JpQpURVLWp*UkFHjVRQDFFRPSDJQHPHQWDXVVLULJRXUHX[TXHGLVFUHWGHSXLVOHGpEXWGHPHVpWXGHV GH PDvWULVH M¶DL SX PH UHQGUH MXVTX¶DX ERXW GH O¶DYHQWXUH TX¶HVW OD WKqVH -¶DL VRXYHQW HX O¶LPSUHVVLRQDSUqVFRXSTX¶HOOHDYDLWVXORQJWHPSVDYDQWPRLRV¶HQDOODLWPDUpIOH[LRQ(OOHD OHGRQGHYRXVUHQGUHWUDQVSDUHQWHYRWUHSURSUHSHQVpHHQWRXWHOpJqUHWpVDQVODFKDQJHU  0HUFLDX[SURIHVVHXUV.DWHULQH*RVVHOLQ0LFKHO%LURQ)UpGHULF&KDUERQQHDX'LDQH'HVURVLHUV HW9pURQLTXH&QRFNDHUWSRXUOHXUOHFWXUHHWOHXUVFRPPHQWDLUHVSUpFLHX[ 

0HUFL j PHV SDUHQWV (ZD HW 0DFLHN GH P¶DYRLU GRQQp O¶DPRXU GH OD OHFWXUH HW GH P¶DYRLU LQIDLOOLEOHPHQWHQFRXUDJpHjSRXUVXLYUHODUpGDFWLRQVDQVMDPDLVPHIDLUHFURLUHTX¶LOVHUDLWSOXV MXGLFLHX[G¶HQWUHUGDQVOHPRQGHGHVDGXOWHV  0HUFLjPDSHWLWHV°XU9HURQLNDTXLDpWpXQHGHVVRXUFHVG¶LQVSLUDWLRQGHFHSURMHW  0HUFLjPRQFRPSDJQRQ-RVKSRXUVDWHQGUHVVHVRQDPLWLpVDSUpVHQFH  0HUFLjPHVDPLV/XED0DUWKDHW&DPSRXUOHXUVRXWLHQHWSRXUOHXUHQFRXUDJHPHQW 

&HWWH UHFKHUFKH D pWp UHQGXH SRVVLEOH JUkFH DX VRXWLHQ ILQDQFLHU GX &RQVHLO GH UHFKHUFKHV HQ VFLHQFHVKXPDLQHV&56+GX'pSDUWHPHQWGHVOLWWpUDWXUHVGHODQJXHIUDQoDLVHGHWUDGXFWLRQHW GH FUpDWLRQ GH O¶8QLYHUVLWp 0F*LOO HW GX JURXSH GH UHFKHUFKH 7UDYDX[ VXU OHV DUWV GX URPDQ 76$5                    

Y 7$%/('(60$7,Ê5(6  5pVXPpLLL $EVWUDFWLLL 5HPHUFLHPHQWVLY 7DEOHGHVPDWLqUHVY  ,QWURGXFWLRQ /D© YDOHXUDGROHVFHQFH ª 8QURPDQGH© l’aGROHVFHQFHSRXUO¶DGROHVFHQFH » 6WUXFWXUHGHODWKqVH  &KDSLWUH/¶DGROHVFHQFHHWOHURPDQHQ)UDQFH 8QkJHjLQYHQWHU 1DLVVDQFHGXSHUVRQQDJHDGROHVFHQW /¶DGROHVFHQFHXQHDIIDLUHGH© jeXQHKRPPH ª /¶DGROHVFHQFHSHQVpHSDUOHVSpGDJRJXHVHWOHVSV\FKRORJXHVXQHFULVHIpFRQGH /HURPDQGHO¶DGROHVFHQWXQQRXYHDXJHQUH " /HVXVDJHVGHODMHXQHVVHUpIOH[LRQVXUOHFRUSXV  &KDSLWUH'XFpOLEDWDLUHjO¶DGROHVFHQW 'XGpFDGHQWDXGpEXWDQW /HWHPSVpJRFHQWULTXH /HVOLHX[XQHJpRJUDSKLHVHQWLPHQWDOH /¶°XYUHGHODPpPRLUH /HYLHX[MHXQHHWOHWHPSVGHO¶DSUqV /DYDOHXUMHXQHVVH /¶DGROHVFHQWKRPPHpWHUQHO  &KDSLWUH/HURPDQHWOD9LH 5RPDQHWVHQVGHODYLH /DFRUUHVSRQGDQFHG¶$ODLQ)RXUQLHUHWGH-DFTXHV5LYLqUHO¶DGLHXDXV\PEROLVPH &RFWHDXHWOD© poésieGHURPDn » 5HWURXYHUODYLHUHWURXYHUOHURPDQ /HFODVVLFLVPHPRGHUQHHWO¶H[LJHQFHGHVLQFpULWp /DVHQVLELOLWpFRPPHPDWpULDXURPDQHVTXH /DTXrWHJLGLHQQHURPDQSXUURPDQLQIRUPH /DGLVWDQFHLQWpULHXUH  &KDSLWUH/¶DGROHVFHQFHRXODYLHFRPPHDYHQWXUH )HUPLQD0iUTXH] /H*UDQG0HDXOQHV ¬ODUHFKHUFKHGXWHPSVSHUGX /HV)DX[0RQQD\HXUV /HV(QIDQWVWHUULEOHV /H'LDEOHDXFRUSV  &RQFOXVLRQ %LEOLRJUDSKLH

  ,1752'8&7,21    &HWWHWKqVHDSRXUREMHWO¶H[DPHQGXOLHQHQWUHODSUROLIpUDWLRQGHKpURVDGROHVFHQWVGDQVOHVURPDQV IUDQoDLVGXGpEXWGX;;H_{ VLqFOHHWODUHPLVHHQTXHVWLRQGXJHQUHURPDQHVTXHTXLV¶RSqUHjOD} PrPH pSRTXH &RPPH O¶RQW UHPDUTXp SOXVLHXUV FKHUFKHXUV OHV SHUVRQQDJHV G¶HQIDQWV HW G¶DGROHVFHQWVRQWXQHSUpVHQFHUHODWLYHPHQWPDUJLQDOH²DXWDQWGXSRLQWGHYXHGXQRPEUHTXH GHFHX[GHOHXUSODFHGDQVO¶LQWULJXHHWGHODFRPSOH[LWpGHOHXUSV\FKRORJLH²GDQVODOLWWpUDWXUH IUDQoDLVH G¶DYDQW  HQYLURQ_{ &HSHQGDQW XQ VXUYRO PrPH WUqV VRPPDLUH GHV QRXYHOOHV} SDUXWLRQVHQWUHHWjO¶H[FOXVLRQGHVDQQpHVpWDQWGRQQpOHUDOHQWLVVHPHQW DPHQpGDQVOHGRPDLQHGHO¶pGLWLRQSDUODJXHUUHSHUPHWGHFRQVWDWHUTXHO¶RQSXEOLHHQ)UDQFHHQ PR\HQQHGHX[RXWURLVURPDQVSDUDQQpHTXLGpYHORSSHQWXQHWKpPDWLTXHDGROHVFHQWH_3DUPLOHV WLWUHVTXLRQWFRQQXXQUHWHQWLVVHPHQWILJXUHQWOHV°XYUHVUHWHQXHVGDQVQRWUHFRUSXV)HUPLQD 0iUTXH]GH9DOHU\/DUEDXG/H*UDQG0HDXOQHVG¶$ODLQ)RXUQLHU¬ODUHFKHUFKH GXWHPSVSHUGXGH0DUFHO3URXVW/H'LDEOHDXFRUSVGH5D\PRQG5DGLJXHW /HV)DX[PRQQD\HXUVG¶$QGUp*LGHHW/HV(QIDQWVWHUULEOHVGH-HDQ&RFWHDX

/¶LQWpUrW GX URPDQ SRXU OHV SHUVRQQDJHV MXYpQLOHV V¶H[SOLTXH HQ SDUWLH SDU FHUWDLQHV WUDQVIRUPDWLRQV VRFLDOHV LPSRUWDQWHV TXL j SDUWLU GH OD VHFRQGH PRLWLp GX ;,;H VLqFOH UHQGHQW



_{9RLUeOLVDEHWK5DYRX[5DOOR,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;}H_{VLqFOH3DULVeGLWLRQV} -RVp&RUWL%HWK:*DOH $:RUOG$SDUW)HPDOH$GROHVFHQFHLQWKH)UHQFK1RYHO /HZLVEXUJ %XFNQHOO 8QLYHUVLW\ 3UHVV  *XLOOHPHWWH 7LVRQ 8QH 0RVDwTXH G¶HQIDQWV O¶HQIDQW HW O¶DGROHVFHQWGDQVOHURPDQIUDQoDLV$UUDV$UWRLV3UHVVHV8QLYHUVLWp

_{-RKQ 1HXEDXHU HW -XVWLQ 2¶%ULHQ IRXUQLVVHQW HQ DQQH[H GH OHXUV RXYUDJHV XQH OLVWH GHV URPDQV GH}

O¶DGROHVFHQFHSRXUOHVDQQpHVHWUHVSHFWLYHPHQW9RLU-RKQ1HXEDXHU7KH)LQGH 6LqFOH&XOWXUHRI$GROHVFHQFH1HZ+DYHQ<DOH8QLYHUVLW\3UHVVSHW-XVWLQ2¶%ULHQ7KH 1RYHORI$GROHVFHQFHLQ)UDQFH7KH6WXG\RI$/LWHUDU\7KHPH1HZ<RUN&ROXPELD8QLYHUVLW\3UHVV S

 O¶HQIDQWEHDXFRXSSOXVYLVLEOHTX¶LOQHO¶pWDLWDXSDUDYDQWHWGHSDLUDYHFO¶LQIOXHQFHGHVVFLHQFHV HW GH OD SpGDJRJLH UHFRQQDLVVHQW O¶H[LVWHQFH G¶XQH SpULRGH WUDQVLWRLUH HQWUH O¶HQIDQFH HW OD YLH DGXOWHO¶DGROHVFHQFH(QHIIHWVLFRPPHO¶DPRQWUp3KLOLSSH$ULqVGDQVVRQFpOqEUHRXYUDJHOD FRQFHSWLRQPRGHUQHGHO¶HQIDQWVHGpYHORSSHYHUVOHPLOLHXGX;9,,,H_VLqFOH_{O¶DGROHVFHQWHVWXQH} FRQVWUXFWLRQSOXVWDUGLYH*XLOOHPHWWH7LVRQVRXOLJQHQRWDPPHQWO¶HIIHWGHVUpIRUPHVVFRODLUHVTXL RQWMDORQQpOH;,;H_{VLqFOHVXUOHSURORQJHPHQWGHO¶HQIDQFHHWVRQLUUXSWLRQGDQVOHGpEDWSROLWLTXH} HWVRFLDO_{$JQqV7KLHUFpGDQVVRQ+LVWRLUHGHO¶DGROHVFHQFHDIILUPHTXH© lDVHFRQGH} PRLWLp GX ;,;H_{ VLqFOH GRQQH j O¶DGROHVFHQFH VD VLJQLILFDWLRQ PRGHUQH HW IRUJH OD FODVVH G¶kJH} DGROHVFHQWH_{ª(OOHOLHO¶pFORVLRQGHO¶LQWpUrWSRXUO¶DGROHVFHQFHjODSUpRFFXSDWLRQDYHFO¶HQIDQFH} HQJpQpUDOTXLDPDUTXpOH;,;HVLqFOHREVHUYDEOHQRWDPPHQWjWUDYHUVOHVQRPEUHXVHVUpIRUPHV OpJLVODWLYHVFLEODQWOHELHQrWUHHWO¶pGXFDWLRQGHVHQIDQWV_{DLQVLTX¶jODYDORULVDWLRQGHODMHXQHVVH} SDUO¶pSRTXHURPDQWLTXHTXLDVVRFLHODMHXQHVVHDX[SDVVLRQVHWjODFUpDWLRQDUWLVWLTXHeOLVDEHWK 5DYRX[5DOOR OLH TXDQW j HOOH © l’invHQWLon ª GH O¶DGROHVFHQFH DX WRXUQDQW GX ;;H_{ VLqFOH DX[} GpYHORSSHPHQWVHQPpGHFLQHHQSV\FKRORJLHHWHQSV\FKDQDO\VHDLQVLTX¶jO¶HVVRUGH© nouvHOOHV SKLORVRSKLHV UHPHWWDQW HQ TXHVWLRQ OD VRFLpWp GHV DGXOWHV FHOOH GH 1LHW]VFKH SDU H[HPSOH RX SRUWDQWWRXWHOHXUDWWHQWLRQVXUOHGHYHQLUHWODPpPRLUHHQUDSSRUWDYHFO¶LPDJLQDWLRQFUpDWULFH FRPPHFHOOHGH%HUJVRQ ª-RKQ1HXEDXHUTXLVHSHQFKHVXUO¶DGROHVFHQFHGDQVODSHUVSHFWLYH ODUJHGHVFXOWXUDOVWXGLHVO¶DERUGHDXWDQWjWUDYHUVVHVUHSUpVHQWDWLRQVGDQVODSURGXFWLRQOLWWpUDLUH



_{9RLU 3KLOLSSH $ULqV /¶(QIDQW HW OD YLH IDPLOLDOH VRXV O¶$QFLHQ UpJLPH 3DULV 6HXLO FROO © 8QLYHUV}

KLVWRULque »

_{*XLOOHPHWWH 7LVRQ 8QH 0RVDwTXH G¶HQIDQWV O¶HQIDQW HW O¶DGROHVFHQW GDQV OH URPDQ IUDQoDLV }

S

 _{$JQqV 7KLHUFp +LVWRLUH GH O¶DGROHVFHQFH  3DULV %HOLQ FROO © +LVWRLUH GH}

O¶pGXFDWLRn ªS

_{,ELGS} _,ELG

 HWDUWLVWLTXHHWGDQVOHVGLVFRXUVWKpRULTXHVTXHSDUOHSULVPHGHVPRXYHPHQWVVRFLDX[HWSROLWLTXHV TXLV¶LQWpUHVVHQWjHOOH,OSURSRVHTXHO¶LQWpUrWH[WUDRUGLQDLUHSRUWpjO¶DGROHVFHQFH²RQSRXUUDLW LGHQWLILHUFURLWLOXQHYpULWDEOH© FXOWXUHGHO¶DGROHVFHQFH ªjOD%HOOHpSRTXH²V¶H[SOLTXHSDUOH IDLWTXHO¶pSRTXHHVWHOOHPrPHHQFULVH© thH>ILQGHVLqFOH@DJHIRFXVHGRQDGROHVFHQFHEHFDXVH LWIRXQGWKHUHLQDPLUURURILWVRZQXQHDVLQHVVZLWKLWVKHULWDJHLWVFULVLVRILGHQWLW\DQGLWVJURSLQJ IRU D QHZ RQH_{ª $LQVL OHV DGROHVFHQWV QRXYHDX JURXSH VRFLDO j FRPSUHQGUH j HQFDGUHU j} UHSUpVHQWHUGHYLHQQHQWDXVVLOHOLHXG¶XQHUpIOH[LRQVXUOHVWUDQVIRUPDWLRQVTXHYLWODFLYLOLVDWLRQ HXURSpHQQHVXUOHSODQGHVP°XUVFRPPHVXUFHOXLGHVVDYRLUVRXGHODSURGXFWLRQDUWLVWLTXH 1RXVSURSRVRQVHQVXLYDQWODGLUHFWLRQLQGLTXpHSDU1HXEDXHUTXHFHWkJHGHO¶HQWUHGHX[ HWGHO¶LQDFKqYHPHQWDVVRFLpGDQVOHVGLVFRXUVGHO¶pSRTXHjO¶H[SpULPHQWDWLRQjODVSRQWDQpLWpHW jODFUpDWLYLWp_{HVWDSSDUXDX[pFULYDLQVFRPPHXQWKqPHIHUWLOHjH[SORUHUjXQHpSRTXHROH} URPDQVHFKHUFKHGHQRXYHOOHVYRLHVXQHpSRTXHRLOVHPEOHFODLUFRPPHO¶pFULYDLW-DFTXHV 5LYLqUHTX¶© XQH°XYUHYLYDQWHQHSHXWSOXVQDvWUHDXMRXUG¶KXLTXHG¶XQHGpFRXYHUWHQHSHXWSOXV FRQVLVWHUTX¶HQXQHGpFRXYHUWH_{ª0LFKHO5DLPRQGDGRFXPHQWpOHVUpIOH[LRQVHWOHVUHFKHUFKHV} IRUPHOOHVTXLYLVHQWj© EULVHUOHVFDGUHVWRXWIDLWV>j@OLEpUHUOHURPDQGHVHVFRQWUDLQWHV ªDX WRXUQDQW GX ;;H_{ VLqFOH &HWWH UHPLVH HQ TXHVWLRQ GX JHQUH TXL UpVXOWH G¶XQ © éSXLVHment ª GX} URPDQQDWXUDOLVWHDPqQHXQHUHFRQILJXUDWLRQUDGLFDOHTXH5DLPRQGUpVXPHDLQVL >2QSDVVHUD@GH=RODj$ODLQ)RXUQLHUGH%RXUJHWj*LGHGH%DO]DFj3URXVWGXUpFLW REMHFWLIDXPRQRORJXHLQWpULHXUGXURPDQpFULWSDUXQDXWHXURPQLVFLHQWDXUpFLWGLVORTXp RO¶pYpQHPHQWHVWVXFFHVVLYHPHQWYpFXGDQVODFRQVFLHQFHGHFKDTXHSHUVRQQDJHGX URPDQIRQGpVXUO¶DJHQFHPHQWG¶XQHLQWULJXHDXURPDQTXLV¶DSSOLTXHUDjPRGXOHUGHV  _{-RKQ1HXEDXHU7KH)LQGH6LqFOH&XOWXUHRI$GROHVFHQFHS} _{,ELGS}

 _{-DFTXHV 5LYLqUH © /D FULVH GX FRQFHSW GH OLWWpUDWXUe » 1RXYHOOH 5HYXH IUDQoDLVH QR}

IpYULHUS UHSURGXLW GDQV )DEXOD /LWWpUDWXUH KLVWRLUH WKpRULH© 7RPEHDX[ GH OD OLWWpUDWXUe »PDLZZZIDEXODRUJSDJHFRQVXOWpHOHMXLOOHW

_{0LFKHO5DLPRQG/D&ULVHGXURPDQ'HVOHQGHPDLQVGX1DWXUDOLVPHDX[DQQpHVYLQJW3DULVeGLWLRQV}

 WKqPHVGXURPDQUHPSOLGHSHUVRQQDJHVLGpDOLVpVDXURPDQTXLUHQRQFHjODUDLGHXUGH O¶KRPRILFWXVSRXUUHMRLQGUHODJURXLOODQWHSpQRPEUHG¶XQHkPHYLYDQWH

,O HVW IUDSSDQW GH UHPDUTXHU TXH OHV URPDQFLHUV FLWpV SDU 5DLPRQG FRPPH ILJXUHV SKDUHV GX © QRXYHDXURPDn ªTXLVHIDLWMRXUDX[DOHQWRXUVGHOD*UDQGH*XHUUHRQWWRXVFRQVDFUpXQH°XYUH PDMHXUHVLQRQOHXU°XYUHXQLTXHjO¶DGROHVFHQFH<DWLOXQUDSSRUWHQWUHO¶H[SORUDWLRQGHFHWWH WKpPDWLTXHSDUOHVURPDQFLHUVHWOHVLQQRYDWLRQVIRUPHOOHVTXLUHIRQGHQW OHJHQUHURPDQHVTXH " 6HORQ eOLVDEHWK 5DYRX[5DOOR HQ HIIHW O¶DGROHVFHQFH DXUDLW pWp © XQH QRXYHOOH VRXUFH G¶LQVSLUDWLon ªSRXUOHURPDQHOOHDXUDLWFRQWULEXpHQIDYRULVDQWXQ© reQRXYHOOHPHQWGHO¶DQDO\VH GHVVRXYHQLUV>HW@XQHQRXYHOOHYLVLRQGXPRQGHV¶LQVFULYDQW>«@GDQVXQHUHPLVHHQFDXVHGHV YDOHXUVGXPRQGHRFFLGHQWDO_{ªjVRUWLUOHURPDQGHO¶pSXLVHPHQWGXQDWXUDOLVPH}

 /¶K\SRWKqVHTXLVRXVWHQGQRWUHWUDYDLOHVWFHOOHOjPrPHSURSRVpHSDU 5DYRX[5DOORHW IRUPXOpH GH GLIIpUHQWHV IDoRQV SDU OHV FRPPHQWDWHXUV TXL VH VRQW LQWpUHVVpV DX[ SHUVRQQDJHV DGROHVFHQWVGDQVOHURPDQIUDQoDLVVDQVWRXWHIRLVHQIDLUHO¶REMHWG¶XQHHQTXrWHSOXVSRXVVpH(Q HIIHWGHQRPEUHX[FKHUFKHXUVVHVRQWSHQFKpVVXUOHSKpQRPqQHGHO¶LQWpUrWFURLVVDQWGXURPDQ IUDQoDLVSRXUO¶HQIDQFHGDQVODGHX[LqPHPRLWLpGX;,;H_VLqFOH_{/HWLWUHG¶XQRXYUDJHFROOHFWLI} GLULJp SDU $ODLQ 6FKDIIQHU VXJJqUH PrPH TXH OD )UDQFH HVW HQWUpH GHSXLV  O¶DQQpH GH



_{,ELGS}

_{eOLVDEHWK5DYRX[5DOOR,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;}H_{VLqFOHS}

_{*XLOOHPHWWH 7LVRQ 8QH 0RVDwTXH G¶HQIDQWV O¶HQIDQW HW O¶DGROHVFHQW GDQV OH URPDQ IUDQoDLV }

-RKQ1HXEDXHU7KH)LQGH6LqFOH&XOWXUHRI$GROHVFHQFHHW5RVHPDU\/OR\G7KH/DQGRI/RVW &RQWHQW&KLOGUHQDQG&KLOGKRRGLQ1LQHWHHQWK&HQWXU\)UHQFK/LWHUDWXUH2[IRUG&ODUHQGRQ3UHVV IRUPXOHQWGHVK\SRWKqVHVVLPLODLUHV

_{9RLUQRWDPPHQW6X]DQQH/DIRQWGLU5pFLWVHWGLVSRVLWLIVG¶HQIDQFH;,;}H_;;,H_{VLqFOHV1RUPDQ} %XIRUG 7KH &KLOG LQ )UHQFK DQG )UDQFRSKRQH /LWHUDWXUH  5RVHPDU\ /OR\G 7KH /DQG RI /RVW &RQWHQW&KLOGUHQDQG&KLOGKRRGLQ1LQHWHHQWK&HQWXU\)UHQFK/LWHUDWXUH0DULQD%HWKOHQIDOYD\ /HV 9LVDJHV GH O¶HQIDQW GDQV OD OLWWpUDWXUH IUDQoDLVH GX ;,;H_{ VLqFOH HVTXLVVH G¶XQH W\SRORJLH } -HDQ&DOYHW/¶(QIDQWGDQVODOLWWpUDWXUHIUDQoDLVHYRO,,GHjQRVMRXUV9LFWRU7RXUVFK /¶(QIDQWIUDQoDLVjODILQGX;,;H_{VLqFOHG¶DSUqVVHVSULQFLSDX[URPDQFLHUV/HUpFLWG¶HQIDQFHD} DXVVLpWpO¶REMHWG¶pWXGHVHQOLHQDYHFO¶pFULWXUHDXWRELRJUDSKLTXH3KLOLSSH/HMHXQH/H5pFLWG¶HQIDQFHHQ TXHVWLRQ  5LFKDUG 1 &RH :KHQ WKH *UDVV ZDV 7DOOHU $XWRELRJUDSK\ DQG WKH ([SpULHQFH RI &KLOGKRRG/HVUpIpUHQFHVFRPSOqWHVVHWURXYHQWGDQVODELEOLRJUDSKLH

 SXEOLFDWLRQ GH /¶(QIDQW GH -XOHV 9DOOqV GDQV © l’qUH GX UpFLW G¶HQIDQFH_{ª /¶DGROHVFHQFH} WRXWHIRLV D MXVTX¶j SUpVHQW pWp SHX pWXGLpH GDQV XQH SHUVSHFWLYH GH SRpWLTXH URPDQHVTXH 2U DGROHVFHQFHHWHQIDQFHELHQHQWHQGXQHV¶pTXLYDOHQWSDVVLHOOHHVWLGHQWLILpHGDQVVRQVHQVOH SOXVpWURLWDX[FKDQJHPHQWVSK\VLRORJLTXHVGHODSXEHUWp0LNKDLO&VLNV]HQWPLKDO\LDIILUPHTXH © GDQVOHVVRFLpWpVFRQWHPSRUDLQHVGpYHORSSpHVO¶DGROHVFHQFHHVWHQYLVDJpHVHORQXQHSHUVSHFWLYH SOXV ORQJXH TXL HQJOREH QRQ VHXOHPHQW OD PDWXUDWLRQ SK\VLTXH PDLV DXVVL OHV DVSHFWV SV\FKRORJLTXHV VRFLDX[ HW pGXFDWLIV GH FHWWH pYROXWLRQ _{ª eWDW SDUDGR[DO GLIILFLOHPHQW} VDLVLVVDEOHO¶DGROHVFHQFHVHGpILQLWVHORQOHVWHUPHVGH© mDWXUDWLon ªHWG¶© pYROXWion ªHOOHHVW XQpWDWGHPXWDWLRQGHWUDQVLWLRQG¶© eQWUHGHX[ »SDUH[FHOOHQFH&¶HVWFHTX¶LQGLTXHOHWLWUHGH O¶RXYUDJHG¶$ODLQ%UDFRQQLHUHWGH'DQLHO0DUFHOOL/¶$GROHVFHQFHDX[PLOOHYLVDJHVDLQVLTXHOD GLYLVLRQ TX¶LO RSqUH j O¶LQWpULHXU GH O¶DGROHVFHQFH HQWUH OHV SpULRGHV GH © l¶DWWHnte ª GX © FKDQJHment ªHWGHOD© déFRXYHUWH ª

/a « vaOHXUDGROHVFHQFH » 

-RKQ1HXEDXHUDWWULEXHO¶HQJRXHPHQWSRXUO¶DGROHVFHQFHHQ(XURSHHWHQ$PpULTXHHQWUHHW HQYLURQDXIDLWTXHO¶DGROHVFHQFH\HVWDVVRFLpHjODFUpDWLYLWpHWjODUrYHULH/¶LPSXOVLRQ GRQQpH j O¶pWXGH GH O¶kJH LQJUDW SDU OD GLVFLSOLQH QDLVVDQWH GH OD SV\FKRORJLH GDQV FHV DQQpHV V¶DFFRPSDJQH G¶XQ GpSODFHPHQW GX FHQWUH GH JUDYLWp GH O¶DGROHVFHQFH SXLVTX¶RQ V¶LQWpUHVVH



_{© /D SpULRGH V¶RXYUDQW YHUV  >«@ YRLW OH UpFLW G¶HQIDQFH SUHQGUH HQ )UDQFH XQH LPSRUWDQFH VDQV}

SUpFpGHQWDFFpGHUjO¶DXWRQRPLHSDUUDSSRUWDXUpFLWGHYLHHWHQJHQGUHUXQHVpULHG¶RXYUDJHVTXLQHVHPEOH SDVV¶rWUHLQWHUURPSXH>«@'HSXLV9DOOqVWRXVOHVJUDQGVpFULYDLQVRXSUHVTXHRQWHXjF°XUGHUDFRQWHU OHXUHQIDQFHRXDXPRLQVXQHHQIDQFH ª9RLU$ODLQ6FKDIIQHU© eFULUHO¶HQIDQFe »/¶ÊUHGXUpFLWG¶HQIDQFH HQ)UDQFHGHSXLVVRXVODGLUHFWLRQG¶$ODLQ6FKDIIQHU$UUDVFROO© eWXGHVOLWWpUDLUHs »$UWRLV3UHVVHV 8QLYHUVLWpS

_{0LKDO\L &VLNV]HQWPLKDO\L © $GROHVFHQFe ª (QF\FORSDHGLD 8QLYHUVDOLV HQ OLJQH ZZZXQLYHUVDOLV}

HGXFRPHQF\FORSHGLHDGROHVFHQFHSDJHFRQVXOWpHOHMXLQ

 _{$ODLQ %UDFRQQLHU HW 'DQLHO 0DUFHOOL /¶$GROHVFHQFH DX[ PLOOH YLVDJHV 3DULV eGLWLRQV}

XQLYHUVLWDLUHVS

 PDLQWHQDQWjHOOHHQWDQWTXHSKpQRPqQHSV\FKRORJLTXHSOXW{WTX¶XQLTXHPHQWSK\VLRORJLTXH3RXU 3LHUUH0HQGRXVVHIRQGDWHXUGHODSV\FKRORJLHGHO¶DGROHVFHQWHQ)UDQFHGDQVOHVSUHPLqUHVDQQpHV GX;;H_{VLqFOHO¶kPHDGROHVFHQWHHVWHQJDJpHGDQVXQWLUDLOOHPHQWIRUPDWHXUHQWUHOHVHQVORJLTXH} HWO¶LPDJLQDWLRQRFHWWHGHUQLqUHIRXUQLWXQSDOOLDWLIVDOXWDLUHDX[ODFXQHVGXSUHPLHU_(QSOXV GHVHVXEVWLWXHUjODUpDOLWpDILQGHODUHQGUHLQWHOOLJLEOHjO¶HVSULWDGROHVFHQWTXLQ¶DSDVHQFRUHGH SULVHVXUOHVREMHWVGXPRQGHUpHOODUrYHULHHVW DXVVLHVVHQWLHOOHDX[DQQpHVGHMHXQHVVHSDUFH TX¶HOOHGpYHORSSHOHVIDFXOWpVFUpDWLYHVGXIXWXUDGXOWH_{ÇWUHLPPDWXUHTXLQ¶DSDVHQFRUHDWWHLQW} VRQSOHLQSRWHQWLHOO¶DGROHVFHQWGHPHXUHLQIpULHXUjO¶DGXOWHELHQTX¶LOVRLWFXULHX[GXPRQGHHW GHV LGpHV IULDQG GH QRXYHOOHV H[SpULHQFHV VHV DSWLWXGHV LQWHOOHFWXHOOHV HW DUWLVWLTXHV GHPHXUHQW SULPLWLYHV HW VRQW FLUFRQVFULWHV SDU VRQ pJRwVPH VL ELHQ TX¶LO HVW LQFDSDEOH GH FUpHU GHV REMHWV DUWLVWLTXHVRXLQWHOOHFWXHOVGHYDOHXUUpHOOH_{&HSHQGDQWIRQFLqUHPHQWLQVWDEOHLOHVWGDQVXQpWDW} GH© disSRQLELOLté ªHWHQFHVHQVLQFDUQHODFUpDWLYLWp

 1HXEDXHU VXJJqUH TX¶LO \ DXUDLW XQ OLHQ j IDLUH HQWUH G¶XQH SDUW O¶DXWRQRPLVDWLRQ GH O¶DGROHVFHQFHHQWDQWTX¶kJHGHODYLHGDQVOHVDQQpHVO¶DSSUpFLDWLRQGRQWHOOHHVWO¶REMHW DLQVLTXHOHSOXVJUDQG GHJUpGHOLEHUWpTX¶RQOXLDFFRUGHVXEVpTXHPPHQWSRXUHQFRXUDJHUVRQ pSDQRXLVVHPHQWSDURSSRVLWLRQjO¶DSSURFKHULJRULVWHPRUDOLVDQWHTXLSULPDLWDYDQWHQYLURQ HWG¶DXWUHSDUWO¶LGpDOPRGHUQLVWHGH© O¶DUWSRXUO¶Drt ªTXLSUHQGGHO¶DPSOHXUjFHWWHpSRTXH 7KHFDVHIRUHPDQFLSDWLRQ>RIDGROHVFHQFH@ZDVDHVWKHWLF>«@EHFDXVHLWGHPDQGHGWKDW DGROHVFHQFHEHJLYHQDXWRQRP\IUHHGRPWRH[SHULPHQWDQGDPRUDWRULXPRQFRQWULEXWLQJ WRVRFLHW\7KHVDPH FULWHULDRIDXWRQRP\IUHHGRPDQGSXUSRVHOHVVQHVV ZHUH JHQHUDOO\ FRQVLGHUHGFHQWUDOIHDWXUHVRIDHVWKHWLFREMHFWV_



 _{9RLU 3LHUUH 0HQGRXVVH /¶ÆPH GH O¶DGROHVFHQW GHX[LqPH pGLWLRQ 3DULV /LEUDLULH )pOL[}

$OFDQ>@ S &LWp SDU -RKQ 1HXEDXHU GDQV 7KH )LQGH6LqFOH &XOWXUH RI $GROHVFHQFH S

_,ELG _,ELG

 'H QRQGLW SXLV G¶LQpYLWDELOLWp SK\VLRORJLTXH KRQWHXVH HW HPEDUUDVVDQWH YRLUH LJQREOH RX GDQJHUHXVHO¶DGROHVFHQFHVHUDLWGHYHQXHDXWRXUQDQWGX;;H_{VLqFOHXQSKpQRPqQH© QDWXUHl ª} QRQ VHXOHPHQW VDLQ PDLV PrPH VRXKDLWDEOH XQH SpULRGH SULYLOpJLpH GH OD YLH j ODTXHOOH RQ UHFRQQDvWFRPPH jO¶DUWXQHYDOHXULQWULQVqTXH8QHWHOOHYDORULVDWLRQGH © O¶DGROHVFHQFH SRXU O¶DGROHVFHQFH ª DXUDLW SDUWLH OLpH DYHF OHV SURSRVLWLRQV GHV SV\FKRORJXHV HW SKLORVRSKHV GH OD SpGDJRJLH GH OXL ODLVVHU UHODWLYHPHQW GDQV OD PHVXUH R HOOH QH V¶DYHQWXUH SDV GX F{Wp GX SDWKRORJLTXH OLEUH FRXUV DILQ GH OXL SHUPHWWUH GH V¶pSDQRXLU VDQV OH SRLGV GHV DWWHQWHV HW GHV FRQWUDLQWHVVRFLDOHV  6HORQ1HXEDXHUO¶LQWpUrWSRXUO¶DGROHVFHQFHGDQVOHVDQQpHVV¶H[SOLTXHUDLWSDU ODFULVHGHVYDOHXUVHWGHVVDYRLUVSURYRTXpHSDUOHVpFULWVGH1LHW]VFKHGH'RVWRwHYVNLHWGH)UHXG O¶DGROHVFHQFHVHSUpVHQWHFRPPHXQHVRUWHGHPpWDSKRUHSRXUXQHVRFLpWpHQFULVHXQHVRFLpWpTXL HOOHDXVVLVHFKHUFKHVXLWHDX[UHPLVHVHQTXHVWLRQIRQGDPHQWDOHVRSpUpHVSDUFHVSHQVHXUVGDQV OHVGRPDLQHVGHODPRUDOHHWGHODFRQQDLVVDQFHGHODSV\FKpeOLVDEHWK5DYRX[5DOORDERQGHGDQV OH PrPH VHQV ORUVTX¶HOOH PHW HQ UDSSRUW OD WKpRULVDWLRQ GH O¶DGROHVFHQFH HW O¶pPHUJHQFH HW OD YDORULVDWLRQGHODQRWLRQG¶LQDFKqYHPHQWjODPrPHpSRTXHGDQVODSHQVpHGH1LHW]VFKHGH)UHXG HWGH%HUJVRQDLQVLTXHGDQVOHGRPDLQHGHVVFLHQFHVQDWXUHOOHV_{/DSV\FKDQDO\VHHQHIIHWYRLW} GDQVODFULVHSXEHUWDLUHHWGDQVOHFRQIOLWGHJpQpUDWLRQVOHUHMHWGHVYDOHXUV© DGXOWHs ªTX¶HOOH SURYRTXHXQVWDGHHVVHQWLHOHWSURGXFWLIGXGpYHORSSHPHQWQRQVHXOHPHQWGHO¶LQGLYLGXPDLVDXVVL GHODVRFLpWp_{'DQVO¶°XYUHGH1LHW]VFKHO¶RSSRVLWLRQHQWUHO¶LQGLYLGXVRXYHUDLQHWO¶HVFODYHVH} GpFOLQHjSOXVLHXUVpJDUGVVHORQXQHRSSRVLWLRQHQWUHOHVYDOHXUVGHO¶rWUHLPPDWXUH²O¶HQIDQW O¶DUWLVWHPDLVDXVVLOHUrYHHWO¶LYUHVVHODFRQVFLHQFHODOpJqUHWpOHMHX²HWFHOOHVGHO¶DGXOWH²  _{9RLUeOLVDEHWK5DYRX[5DOOR,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;}H_{VLqFOHS6XU} ODQRWLRQGHO¶LQDFKqYHPHQWYRLUDXVVL&ODXGH/RULQ/¶,QDFKHYp3DULV*UDVVHW _{eOLVDEHWK5DYRX[5DOOR,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;}H_{VLqFOHS}

 O¶DFFXVDWLRQODFXOSDELOLWpOHUHVVHQWLPHQWODPDXYDLVHFRQVFLHQFHO¶DVFpWLVPHODORXUGHXUHWF /¶KRPPH GX UHVVHQWLPHQW HVW DXVVL O¶KRPPH GX SURILW VD PRUDOH FHOOH GH O¶XWLOLWp DORUV TXH O¶KRPPHVRXYHUDLQHVWGXF{WpGHVYDOHXUVHWGHO¶DUW(QILQODSKLORVRSKLHGH%HUJVRQTXLFRQQDvW XQHJUDQGHSRSXODULWpjSDUWLUGHSURSRVHXQPRGqOHGHO¶rWUHKXPDLQFRPPHGHYHQLUHWGH ODYLHFRPPH© pODQFUpDWHur ªHWGXUpHRSpUDQWSDUOjXQUHQYHUVHPHQWGHYDOHXUVO¶LQDFKqYHPHQW O¶LQWXLWLRQO¶LPSUpYXO¶HQWUHGHX[\SULPHQWVXUO¶DFKqYHPHQWO¶LQWHOOLJHQFHOHV\VWqPHUDWLRQQHO HWF

 &HUWHV FRPPH OH QRWH 1HXEDXHU OD QRXYHOOH FRQFHSWLRQ GH O¶DGROHVFHQFH DYHF VHV SULQFLSHVGHOLEHUWpHWG¶DXWRQRPLHUHVWHODUJHPHQWWKpRULTXHHQSUDWLTXHGHIDoRQJpQpUDOHOHV pGXFDWHXUV HW OHV SDUHQWV VRQW UpWLFHQWV j HQFRXUDJHU FKH] OHV MHXQHV © O¶H[SpULPHQWDWLRQ SRXU O¶H[SpULPHntation ª /D SpGDJRJLH PrPH FKH] OHV WHQDQWV GH OD QRXYHOOH SV\FKRORJLH TXL SUpWHQGHQWUHMHWHUOHVIRUPXOHVUHVWULFWLYHVHWSU{QHQWXQHDSSURFKHTXLSHUPHWWUDLWjO¶DGROHVFHQW GHVHGpYHORSSHUOLEUHPHQWVHORQVDSHQWHQDWXUHOOHGHPHXUHRULHQWpHYHUVODIRUPDWLRQGHO¶DGXOWH GDQV OH EXW GH OXL IDLUH LQWpJUHU OH PLOLHX VRFLDO HW pFRQRPLTXH_{ 0DOJUp OHV SUpWHQWLRQV} G¶LPSDUWLDOLWp HPSLULTXH GH OD QRXYHOOH VFLHQFH OD WKpRULH SpGDJRJLTXH UHVWH DXVVL HQ SDUWLH LQIOXHQFpH SDU O¶LGpRORJLH OHV QRUPHV VRFLDOHV RX HQFRUH OHV SUpMXJpV SHUVRQQHOV GHV VDYDQWV_ $XWUHPHQWGLWODFRQVWLWXWLRQGHODGLVSRQLELOLWpDGROHVFHQWHHQYDOHXUQHYDSDVMXVTX¶jDXWRULVHU XQDQWLFRQIRUPLVPHTXLULVTXHUDLWGHSRUWHUUpHOOHPHQWDWWHLQWHjO¶RUGUHpWDEOL

 1pDQPRLQVODQRXYHOOH© vaOHXUDGROHVFHQFH ªDXUDLWSHUPLVDX[SV\FKRORJXHVPDLVDXVVL DX[DUWLVWHVHWDX[pFULYDLQVVHORQ1HXEDXHUOHVpFULYDLQVHWOHVSHLQWUHVGHUHSHQVHUFHWRUGUH GDQVODIRXOpHGHV UHPLVHVHQTXHVWLRQGHO¶pSRTXH /HSOXVLPSRUWDQWGHFHVTXHVWLRQQHPHQWV VHORQ 1HXEDXHU HVW FHOXL GH O¶LGHQWLWp GDQV FH TX¶HOOH VH UpYqOH DYRLU GH SUREOpPDWLTXH 

_{-RKQ1HXEDXHU7KH)LQGH6LqFOH&XOWXUHRI$GROHVFHQFHS} _,ELG

 /¶DGROHVFHQFHSDUVRQLQVWDELOLWpHWVDPDOOpDELOLWpSURSRVHXQPRGqOHSRXUUHSHQVHUO¶LGHQWLWp ORUVTXHODQRWLRQGXVXMHWFRPPHHQWLWpVWDEOHHWDXWRQRPHHVWPLVHHQGRXWHSDUODVFLHQFHOD SKLORVRSKLH HW OD OLWWpUDWXUH © liWHUDU\ DGROHVFHQFH DQG OLWHUDU\ PRGHUQLVP GHYHORSHG LQ D V\PELRWLFUHODWLRQVKLSIRUFKDUDFWHULVWLFWUDLWVRIDGROHVFHQFHVXFKDVWKHEOXUULQJRILGHQWLW\UDSLG UROHFKDQJLQJDQGWKHPHUJLQJRIWKHLQGLYLGXDOLQWRDJURXSFDQRQO\EHUHSUHVHQWHGE\PHDQVRI WKRVH VKLIWLQJ QDUUDWLYH SHUVSHFWLYHV WKDW OLWHUDWXUH KDG EHHQ GHYHORSLQJ VLQFH )ODXEHUW 7KHVH EHFDPHDKDOOPDUNRIOLWHUDU\PRGHUQLVPEURXJKWWRDSHDNLQ*LGH¶V/HV)DX[0RQQD\HXUV_ª /¶LGpHQRXYHOOHPHQW© FUppH ªGHO¶DGROHVFHQFHLQWpUHVVHO¶pSRTXHSDUFHTX¶HOOHUHIOqWHHWSHUPHW XQHUpIOH[LRQVXUGHVTXHVWLRQVHWGHVPDODLVHVTXLO¶DJLWHQW

 -XVWLQ 2¶%ULHQ SUpVHQWH XQH K\SRWKqVH DQDORJXH GDQV VRQ 7KH 1RYHO RI $GROHVFHQFH LQ )UDQFH 7KH 6WXG\ RI D /LWHUDU\ 7KHPH SDUX HQ  ORUVTX¶LO H[SOLTXH O¶LQWpUrW SRXU O¶DGROHVFHQFH²GHODVRFLpWpHQJpQpUDOHWGHVpFULYDLQVHQSDUWLFXOLHU²SDUFHUWDLQVSKpQRPqQHV GHODSHQVpHTXLHXUHQWXQHLQIOXHQFHGpWHUPLQDQWHVXUODVRFLpWpIUDQoDLVHGHVDQQpHV VRLWO¶LQWHOOHFWXDOLVPHTXLVXLWODGpIDLWHGHO¶LQIOXHQFHGHODSKLORVRSKLHG¶+HQUL%HUJVRQHW OHGpYHORSSHPHQWGHODSV\FKDQDO\VHVRXVODSOXPHGH)UHXG&HVWURLVSKpQRPqQHVVRXOLJQH 2¶%ULHQ ELHQ TX¶LOV SXLVVHQW VHPEOHU WUqV GLIIpUHQWV RQW HQ SDUWDJH GH VH UDSSRUWHU j OD YLH LQWpULHXUH /D WHQGDQFH LQWHOOHFWXDOLVWH TXL VH PDQLIHVWH DSUqV OD JXHUUH IUDQFRSUXVVLHQQH HVW OH SHQGDQW GX VHQWLPHQW G¶LPSXLVVDQFH GHV MHXQHV )UDQoDLV VXLWH j OD GpIDLWH GH OHXU SD\V 1RQ VHXOHPHQWHOOHIDYRULVHXQUHSOLYHUVODYLHSV\FKLTXHPDLVOHFRQIOLWHQWUHODSHQVpHHWO¶DFWLRQ pWDQW O¶XQ GHV SULQFLSDX[ FDUDFWqUHV GH O¶DGROHVFHQFH VD JpQpUDOLVDWLRQ SDUWLFLSH DXVVL DX SURORQJHPHQWGHFHWkJHSRXUODJpQpUDWLRQGHMHXQHVKRPPHVFRQFHUQpV/HEHUJVRQLVPHTXLSDU VDYDORULVDWLRQGHVDIIHFWVHWGHO¶LQWXLWLRQV¶RSSRVHDXFRXUDQWLQWHOOHFWXDOLVWHHQPrPHWHPSV 

_{,ELGS}

 TX¶LOSHUPHWGHVRUWLUGHO¶LPSDVVHGHFHGHUQLHUO¶pQHUJLHYLWDOHQHGHYDQWSOXVREOLJDWRLUHPHQW rWUH GpSHQVpH HQ DFWHV GDQV OH GRPDLQH GX TXRWLGLHQ SRXUVXLW SRXUWDQW OH PRXYHPHQW YHUV O¶LQWpULHXUWRXWHQO¶pORLJQDQWGHO¶DQDO\VHHWHQO¶LQIOpFKLVVDQWYHUVOHVHQWLPHQW(QILQGDQVOHV DQQpHVTXLVXLYHQWOD*UDQGH*XHUUHOD© GRFWULQHW\SLTXHPHQWPRGHUQH_{ªGH)UHXGSURORQJHj} VRQ WRXU OH EHUJVRQLVPH WRXW HQ OH WUDQVSRVDQW GDQV GHV WHUPHV TXL VLWXHQW VHV QRWLRQV SOXV SUpFLVpPHQWGDQVOHGRPDLQHGHODSV\FKRORJLHO¶pODQYLWDOEHUJVRQLHQGHYLHQWODOLELGRO¶LQWpUrW SRXU OHV pWDWV G¶kPH HVW GpVRUPDLV OLp j OD QRWLRQ G¶LQFRQVFLHQW TXL UpYqOH VRQ SRXYRLU KpJpPRQLTXHVXUODSHUVRQQDOLWpHWODWKpRULHIUHXGLHQQHSDUODSODFHFHQWUDOHTX¶HOOHDFFRUGHDX[ FRQILWVHWDX[FRPSOH[HVSV\FKLTXHVQDWXUDOLVHO¶LGpHVHORQODTXHOOHO¶KXPDLQQ¶HVWSDVrWUHGH UDLVRQHWG¶KDUPRQLHPDLVSOXW{WGHSDUDGR[HHWGHGLVFRUGH

8QURPDQGH « l¶DGROHVFHQFHSRXUO¶DGROHVFHQFH » 

1RWUHpWXGHLQWHUURJHjO¶LQWpULHXUGXFRUSXVGHVURPDQVGHO¶DGROHVFHQFHGXSUHPLHU;;HVLqFOH XQ QRPEUH SOXV UHVWUHLQW G¶°XYUHV GDQV XQH SHUVSHFWLYH GH SRpWLTXH URPDQHVTXH HW SOXV SUpFLVpPHQW GH UHQRXYHOOHPHQW GH OD SRpWLTXH URPDQHVTXH GDQV OH FRQWH[WH GH OD FULVH GX QDWXUDOLVPH/¶K\SRWKqVHTXLVRXVWHQGQRWUHUHFKHUFKHHVWTXHSRXUOHVpFULYDLQVGHQRWUHFRUSXV TXLWRXVVHGRQQHQWSRXUREMHFWLIGHIDoRQSOXVRXPRLQVH[SOLFLWHODUHFKHUFKHG¶XQHHVWKpWLTXH URPDQHVTXHQRXYHOOHO¶DGROHVFHQFHVHSUpVHQWHFRPPHXQWHUUDLQSURSLFHjO¶H[SpULPHQWDWLRQXQ FKDPSRSDUFHTXHVHVFRQWRXUVQHVRQWSDVWRXWjIDLWIL[pVSDUFHTXHOHVXVDJHV \IOXFWXHQW HQFRUHHWSDUFHTX¶LOQRXUULWFHUWDLQHVYDOHXUVTXLVHSUrWHQWSDUWLFXOLqUHPHQWELHQjODUpIOH[LRQ HVWKpWLTXHLOHVWDLVpG¶pFKDSSHUDX[IDoRQVGHIDLUHFRQYHQWLRQQHOOHV  2QSHQVHjFHWpJDUGjODUHPDUTXHG¶$QGUp*LGHORXDQWOHFDUDFWqUHFRPSOH[HMXVTX¶jrWUH SUREOpPDWLTXHGHVSRUWUDLWVSV\FKRORJLTXHVGHVSHUVRQQDJHVGH'RVWRwHYVNL© FHTX¶RQDVRXYHQW  _{,ELGS}

 UHSURFKpj'RVWRwHYVNL>«@F¶HVW>«@OHFDUDFWqUHLUUDLVRQQpLUUpVROXHWVRXYHQWLUUHVSRQVDEOHGH VHVSHUVRQQDJHs ªFRPSOH[LWpTX¶LOYRXGUDLWYRLUGpYHORSSpHGDQVODOLWWpUDWXUHIUDQoDLVH 1RXVWURXYRQVGDQVWRXWHODOLWWpUDWXUHIUDQoDLVHXQHKRUUHXUGHO¶LQIRUPHTXLYDMXVTX¶j XQHFHUWDLQHJrQHGHYDQWFHTXLQ¶HVWSDVHQFRUHIRUPp(WF¶HVWDLQVLTXHMHP¶H[SOLTXHOH SHXGHSODFHTXHWLHQWO¶HQIDQWGDQVOHURPDQIUDQoDLV>«@'DQVO¶°XYUHGH'RVWRwHYVNL DX FRQWUDLUH OHV HQIDQWV DERQGHQW PrPH LO HVW j UHPDUTXHU TXH OD SOXSDUW GH VHV SHUVRQQDJHVHWGHVSOXVLPSRUWDQWVVRQWGHVrWUHVHQFRUHMHXQHVjSHLQHIRUPpV,OVHPEOH TXHFHTXLO¶LQWpUHVVHVXUWRXWFHVRLWODJHQqVHGHVVHQWLPHQWV_

&HWWHRSSRVLWLRQHQWUH© IRUPp ªHW© inIRUme ªVXJJqUHXQSUHPLHUSRLQWGHUHSqUHGDQVOHFKDPS G¶LQYHVWLJDWLRQTXLV¶RXYUHGHYDQWQRXV/HURPDQUpDOLVWHHVWSRXUDLQVLGLUHOHPRQGHGHO¶DGXOWH VHV SUREOqPHV VRQW FHX[ © spULHX[ ª GHV FODVVHV pFRQRPLTXHV HW VRFLDOHV GH OD SROLWLTXH GHV LPEULFDWLRQVVRFLRORJLTXHV/HURPDQGHO¶DGROHVFHQW²FKRL[SOXVDWWUD\DQWSRXUOHVURPDQFLHUV TXH FHOXL GH O¶HQIDQW SRXU OD UDLVRQ pYLGHQWH GH O¶DXWRQRPLH GX SHUVRQQDJH HW GH VD QDWXUH SV\FKRORJLTXHFRQIOLFWXHOOH²HVWFHOXLGHODJHQqVHGHVVHQWLPHQWVHWGHIDoRQSOXVJpQpUDOHGH ODOLEHUWpRIIHUWHSDUXQKpURVGRQWOHVSRWHQWLDOLWpVQRQVHXOHPHQWUHVWHQWUHODWLYHPHQWLQH[SORUpHV PDLVGXIDLWGHVRQFDUDFWqUHLUUDLVRQQpLUUpVROXLUUHVSRQVDEOHSUpVHQWHQWXQFHUWDLQQRPEUHGH FRPELQDLVRQVGHGpWRXUVHWG¶DFFLGHQWVTXLFRQWUHGLVHQWODFRQVWUXFWLRQUDLVRQQpHGHVSHUVRQQDJHV DGXOWHVHWODUHODWLYHOLQpDULWpGHOHXUVSpULSpWLHV  4X¶HVWFHTXLIDLWODVSpFLILFLWpGHV°XYUHVTXHQRXVDYRQVUHWHQXHVHQUHJDUGGXFRUSXV SOXVODUJHGHVURPDQVG¶DGROHVFHQFH ?,OV¶DJLWWRXWG¶DERUGGHURPDQVTXLUpSRQGHQWDXFULWqUHGH -XVWLQ 2¶%ULHQ YRXODQW TXH O¶DGROHVFHQFH \ MRXH XQ U{OH GH SUHPLHU SODQ /HV SHUVRQQDJHV SULQFLSDX[GH)HUPLQD0iUTXH]GX*UDQG0HDXOQHVGX'LDEOHDXFRUSVGHV)DX[0RQQD\HXUV HWGHV(QIDQWVWHUULEOHV VRQWGHVDGROHVFHQWVHW OHXU DGROHVFHQFHHVWFRQVLGpUpHQRQ FRPPHXQ PRPHQW GDQV OHXU FKHPLQHPHQW YHUV O¶kJH DGXOWH PDLV FRPPH OHXU FDUDFWpULVWLTXH SUHPLqUH HW HVVHQWLHOOH,OQHQRXVHVWSDVGRQQpOHSOXVVRXYHQWGHFRQQDvWUHFHVKpURVDXGHOjGHO¶kJHLQJUDW 

 RXELHQOHUpFLWVHWHUPLQH/H'LDEOHDXFRUSV/H*UDQG0HDXOQHV/HV)DX[0RQQD\HXUVRX ELHQ OH SHUVRQQDJH PHXUW /HV (QIDQWV WHUULEOHV /D EUqYH DSSDULWLRQ GX QDUUDWHXU DGXOWH GH )HUPLQD0iUTXH]jODILQGXUpFLWDXQHTXDOLWpVSHFWUDOHTXLWRXWHQGRQQDQWO¶LPSUHVVLRQG¶XQ DEvPHLQIUDQFKLVVDEOHHQWUHOHWHPSVGHODQDUUDWLRQHWOHWHPSVGHO¶KLVWRLUHQHIDLWTXHUHQIRUFHU O¶pFODWGHFHWWHGHUQLqUH²FRPPHVLVHXOHPHQWOHWHPSVGHO¶DGROHVFHQFHFRPSWDLW4XDQWj/D 5HFKHUFKHGXWHPSVSHUGXELHQTXHOHQDUUDWHXUVHORQODFKURQRORJLHTXHO¶RQSHXWpWDEOLUVXLYDQW OHVpYpQHPHQWVGXUpFLW_{VRLWSUREDEOHPHQWGDQVODYLQJWDLQHGDQV$OEHUWLQHGLVSDUXHHWDXPRLQV} GDQVODTXDUDQWDLQHGDQV/H7HPSVUHWURXYpVRQkJHHVWOHOLHXG¶XQHIIHWGHEURXLOODJHTXLSURORQJH pWUDQJHPHQW VRQ DGROHVFHQFH GH VRUWH TX¶LO VH PDLQWLHQW GDQV O¶pWDW G¶LPPDWXULWp SUDWLTXHPHQW MXVTX¶DX PRPHQW GH VRQ pSLSKDQLH ILQDOH 3DU DLOOHXUV FRPPH QRXV DOORQV OH PRQWUHU F¶HVW SUpFLVpPHQWO¶DGROHVFHQFHpWDWG¶LJQRUDQFHGHGLVSRQLELOLWpHWG¶LQDFKqYHPHQWTXLIRXUQLWODFOp GHODSRpWLTXHSURXVWLHQQHHWGHFHOOHTXHUHFKHUFKHOHQDUUDWHXUSURXVWLHQ  (QFHVHQVOD5HFKHUFKHVHSUpVHQWHFRPPHO¶H[HPSOHOHSOXVOLPSLGHGHODSDUWLFXODULWp SDUODTXHOOHVHGpPDUTXHQWQRV°XYUHVO¶DGROHVFHQFH\HVWXQHYDOHXUHQVRL1RXVHQWHQGRQVSDU OjTX¶HOOHQ¶\HVWSDVGpFULWHGDQVO¶LQWpUrWG¶XQSDQRUDPDVRFLDOG¶XQHHQTXrWHVXUOHVkJHVGHOD YLHVXUOHVFRQGLWLRQVGDQVOHVpFROHVRXVXUXQSUREOqPHVRFLDOSDUWLFXOLHUQRQSOXVTX¶DXVHUYLFH G¶XQHFDXVHSpGDJRJLTXHRXLGpRORJLTXH(OOHHVWDERUGpHHQWDQWTXHVXMHWjYDOHXULQWULQVqTXHHW TXLSOXVHVWjYDOHXUH[SORUDWRLUHRXH[SpULPHQWDOH/DVXSSRVLWLRQG¶eOLVDEHWK5DYRX[5DOORVHORQ ODTXHOOHO¶DGROHVFHQFHHVWXQVXMHWDWWUD\DQWSRXUOHVpFULYDLQVSDUFHTX¶HOOHOHXUSHUPHWGHUHYLYUH OHXUSDVVpFHPRPHQW© Epni ªRO¶RQD© O¶DSSDUHQFHG¶XQDGXOWHHWHQFRUHWRXWHVOHVYLUWXDOLWpV  _{8QHWHOOHFKURQRORJLHDpWppWDEOLHQRWDPPHQWSDU*DUHWK+6WHHOGDQV7LPHDQG&KURQRORJ\LQ¬OD} UHFKHUFKHGXWHPSVSHUGX*HQqYH'UR] _{/HVSUpPLVVHVGHFHWWHUHFKHUFKHRQWpWpSRVpHVGDQVQRWUHPpPRLUHGHPDvWULVH9RLU$JQqV'RPDQVNL} « 4XDQGODFKDLUFRPPHXQHSkWHSUpFLHXVHWUDYDLOOHHQFRUe »LPPDWXULWpHWSRpWLTXHURPDQHVTXHGDQV¬ ODUHFKHUFKHGXWHPSVSHUGXPpPRLUHGHPDvWULVH0RQWUpDO8QLYHUVLWp0F*LOO

 GHO¶HQIDQFH ªSDOOLDQWODVRXIIUDQFHRFFDVLRQQpHSDUODSULVHGHFRQVFLHQFHGXSDVVDJHLQH[RUDEOH GXWHPSV_{Q¶HVWVDQVGRXWHSDVIDXVVH0DLVQRXVVRXKDLWRQVSURSRVHUTX¶DXGHOjGHFHWWHUDLVRQ} OHVURPDQFLHUVGHQRWUHFRUSXVV¶LQWpUHVVHQWjO¶DGROHVFHQFHSDUFHTXHHQWDQWTXHWHUUDLQYLHUJH ²OLEUHGHVWUXFWXUHVSUpH[LVWDQWHVTXLLPSRVHUDLHQWXQPRGHGHGpSODFHPHQWRXXQHGLUHFWLRQ² HOOH SUpVHQWH GRXEOHPHQW DX QLYHDX WKpPDWLTXH HW DX QLYHDX IRUPHO OHV FDUDFWpULVWLTXHV GH O¶LQGpWHUPLQDWLRQ HW GH O¶LQDFKqYHPHQW /H SHUVRQQDJH HW OH UpFLW GH O¶DGROHVFHQW Q¶RQW SDV OHV OLJQHVWUDFpHVHWOHVHQFKDvQHPHQWVGHO¶DGXOWHWRXWHPSrWUpGDQVOHPRGHUpDOLVWHG¶DSSUpKHQVLRQ HWGHUHSUpVHQWDWLRQGXPRQGH$XWUHPHQWGLWO¶DGROHVFHQFHHVWXQHSRUWHTXLRXYUHVXUXQHVSDFH DXWUHXQHVSDFHRO¶RQSHXWUpIOpFKLUDX[SRVVLELOLWpVHWDX[PR\HQVGHODIRUPHURPDQHVTXH PrPH(WjO¶pSRTXHRDLQVLTXHO¶pFULW:LOOLDP0DU[© la SHUWHGXVHQWLPHQWGHODWUDQVSDUHQFH GHODWUDQVLWLYLWpGXODQJDJHDXWUHPHQWGLWGHODFUR\DQFHVHORQODTXHOOHFHOXLFLSRXUUDLWQRXVIDLUH DFFpGHUGLUHFWHPHQWDXUpHO ªSURYRTXHXQHUHPLVHHQTXHVWLRQGHVUDSSRUWVHQWUHOLWWpUDWXUHHW UpDOLWpHQJpQpUDOOHIDLWTXHOHUpFLWDGROHVFHQWVHVLWXHjODOLVLqUHGHO¶DXWRELRJUDSKLHQHSHXWTXH FRQYHQLUjODWHQGDQFHGHVpFULYDLQVjVHUHSOLHUVXUOHFKDPSFLUFRQVFULWGHO¶H[SpULHQFHVXEMHFWLYH  1RWUHFRUSXVVHFRPSRVHGRQFG¶°XYUHVTXLHPSORLHQWO¶DGROHVFHQFHHQSUHPLHUOLHXSRXU ODUHFKHUFKHG¶XQHHVWKpWLTXHURPDQHVTXHQRXYHOOHpFDUWDQWRXVXERUGRQQDQWjFHWWHUHFKHUFKHOHV FRQVLGpUDWLRQVG¶RUGUHVRFLDOLGpRORJLTXHRXPRUDO2QSRXUUDLWPrPHDOOHUSOXVORLQHQSURSRVDQW TX¶j XQH pSRTXH R O¶RQ SULYLOpJLH OHV TXDOLWpV IRUPHOOHV GH O¶°XYUH G¶DUW j VRQ FRQWHQX O¶DGROHVFHQFHHVWDWWUD\DQWHSDUFHTX¶HOOHVHSUpVHQWHFRPPHXQVXMHWGHPLQFHFRQVLVWDQFHYRLUH FRPPHXQQRQVXMHW6HORQOHVDXWHXUVGX5RPDQFpOLEDWDLUHG¶¬5HERXUVj3DOXGHVO¶XQHGHV UpSRQVHVSURSRVpHVSDUODSURGXFWLRQURPDQHVTXHGHO¶pSRTXHGpFDGHQWHHWV\PEROLVWHjODTXHVWLRQ  _{eOLVDEHWK5DYRX[5DOOR,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;}H_{VLqFOHS} _{:LOOLDP0DU[1DLVVDQFHGHODFULWLTXHPRGHUQH/DOLWWpUDWXUHVHORQ(OLRWHW9DOpU\$UUDV} $UWRLV3UHVVHV8QLYHUVLWpFROO© eWXGHVOLWWpUDLUHVHWOLQJXLVWLTXHV ªS

 TXL OD PRWLYH © cRPPHQW IDLUH GX URPDQ DSUqV =ola ? _{ª HVW OH FKRL[ G¶XQ© pURMHW QDUUDWLI} PLQLPDOLVWH_{ª1DQF\%ODNHGDQVVRQDUWLFOHVXUOH© nouveDXURPDn ªGHDIILUPHTX¶© XQH} SUpRFFXSDWLRQ GX VW\OH HQWUDvQH >«@ XQ FHUWDLQ PpSULV GX VXMHW GDQV OH VHQV GH O¶LQWULJXH FRQYHQWLRQQHOOHGXURPDQ_{ª/¶°XYUHGH*XVWDYH)ODXEHUWIRXUQLWOHPRGqOHSXLVVDQWG¶XQHSURVH} ROHVW\OHSUHQGOHSDV VXUOHVXMHWSRXUGHYHQLUODUDLVRQG¶rWUHGXURPDQ&HSURMHW)ODXEHUW O¶DYDLWIRUPXOpGHIDoRQFpOqEUHGDQVVDOHWWUHGXMDQYLHUj/RXLVH&ROHW

&H TXH MH YRXGUDLV IDLUH F¶HVW XQ OLYUH VXU ULHQ XQ OLYUH VDQV DWWDFKH H[WpULHXUH TXL VH WLHQGUDLWGHOXLPrPHSDUODIRUFHLQWHUQHGHVRQVW\OH>«@XQOLYUHTXLQ¶DXUDLWSUHVTXHSDV GHVXMHWRXGXPRLQVROHVXMHWVHUDLWSUHVTXHLQYLVLEOHVLFHODVHSHXW >«@,OQ¶\DQL EHDX[QLYLODLQVVXMHWVHW>«@RQSRXUUDLWSUHVTXHpWDEOLUFRPPHD[LRPHHQVHSODoDQWDX SRLQWGHYXHGHO¶$UWSXUTX¶LOQ¶\HQDDXFXQOHVW\OHpWDQWjOXLVHXOXQHPDQLqUHDEVROXH GHYRLUOHVFKRVHV_ $XSUREOqPHPDMHXUTXLVHSRVHjXQWHOSURMHW²TXHTXHOTXHFKRVHGRLWTXDQGPrPHWHQLUOLHX GHVXSSRUWDXVW\OH²)ODXEHUWWURXYHFRPPHVROXWLRQGHUHPSOLUOHURPDQG¶XQHOX[XULDQFHLQILQLH G¶pOpPHQWVGHFKRVHVHWGHGpWDLOVOHXULQVLJQLILDQFHpJDOHVLJQDODQWO¶LQVLJQLILDQFHHWODSODWLWXGH GH O¶H[LVWHQFH TX¶LOV FRPSRVHQW /HV pFULYDLQV GH OD ILQ GX VLqFOH TXL UpDJLVVHQW FRQWUH OH QDWXUDOLVPH]ROLHQFKHUFKHQWjOHXUPDQLqUHjGRQQHUVXLWHjO¶KpULWDJHIODXEHUWLHQ/HXUHVWKpWLTXH © FpOLEDWDLUH ªDPLQFLWGpYLGHOD© PDWLqUH ªURPDQHVTXHXQSHUVRQQDJHVROLWDLUHVRXYHQWPDODGLI FH TXL VXJJqUH OD VWpULOLWp XQ QRPEUH OLPLWp GH OLHX[ VRXYHQW FORV pWRXIIDQWV XQ PLQLPXP G¶pYpQHPHQWVHWF/HWUDYDLOGHODODQJXHHWO¶DXWRUpIOH[LYLWpGRLYHQWFRPEOHUOHYLGHODLVVpSDU



_{-HDQ3LHUUH %HUWUDQG 0LFKHO %LURQ -DFTXHV 'XERLV HW -HDQQLQH 3kTXH /H 5RPDQ FpOLEDWDLUH G¶¬}

5HERXUVj3DOXGHV3DULV-RVp&RUWLS _{,ELGS} _{1DQF\%ODNH© /H³QRXYHDXURPDQ´GH%DUUqV'XMDUGLQ*LGHHW*RXUPRQW ª$JHQFHUXQXQLYHUV} QRXYHDXWH[WHVUpXQLVSDU/RXLV)RUHVWLHU3DULV/HWWUHVPRGHUQHVFROO© ,FRVDWKqTXH ªS _{*XVWDYH)ODXEHUW&RUUHVSRQGDQFHWpGLWLRQpWDEOLHSUpVHQWpHHWDQQRWpHSDU-HDQ%UXQHDX3DULV} *DOOLPDUGFROO© %LEOLRWKqTXHGHOD3OpLDGH ªS

 O¶LQWULJXHDLQVLTXHOHGLW6RSKLH7KRUHO&DLOOHWHDX© le livreVXUULHQHVWQpFHVVDLUHPHQWOLYUHVXU OHOLYUHVXUULHQ_ª

/HVURPDQVGHQRWUHFRUSXVVRXOqYHQWDXVVLjOHXUPDQLqUHFHWWHSUREOpPDWLTXH&HSHQGDQW QRXV KDVDUGRQV O¶K\SRWKqVH TXH O¶pYLQFHPHQW GH OD PDWLqUH URPDQHVTXH Q¶\ HVW SDV XQ SRLQW G¶DERXWLVVHPHQWPDLVGHGpSDUWLOQHV¶DJLWSOXVWDQWG¶pSXLVHUXQJHQUHGHPHQHUVRQHVWKpWLTXH DXSDUR[\VPHTXHGHYRLUFHTXLHVWGpVRUPDLVSHUPLVGDQVOHVHVSDFHVDpUpVSDUFHWpSXLVHPHQW &H TXL IUDSSH j OD OHFWXUH GH QRV URPDQV F¶HVW OH PDQTXH G¶LQWULJXH OH SHX G¶LPSRUWDQFH GHV pYpQHPHQWVUHODWpVHWO¶LQFRQJUXLWpGHODSHUFHSWLRQTX¶HQRQWOHVSHUVRQQDJHV'HVpYpQHPHQWV SDUIDLWHPHQWEDQDOVSUHQQHQWXQHGLPHQVLRQGpPHVXUpHGDQVO¶HVSULWGHVKpURV¬ODUHFKHUFKHGX WHPSVSHUGX/H*UDQG0HDXOQHV)HUPLQD0iUTXH]GHVDFWHVLPPRUDX[YRLUHPRQVWUXHX[VRQW FRPPLVVDQVVRXFL/HV)DX[0RQQD\HXUV/H'LDEOHDXFRUSV/HV(QIDQWVWHUULEOHV/¶KLVWRLUH UDFRQWpHHVWFHOOHGHO¶pFULWXUHGXURPDQ¬ODUHFKHUFKHGXWHPSVSHUGX/HV)DX[0RQQD\HXUV FHOOHG¶XQHDYHQWXUHDPRXUHXVHTXLQ¶DMDPDLVHXOLHX/H*UDQG0HDXOQHV)HUPLQD0iUTXH]RX HQFRUHFHOOHGHGpOLWVFRPPLVDYHFVDQJIURLGPDLVTXLUHVWHQWSOXVRXPRLQVVDQVLQFLGHQFHVXUOH KpURV/H'LDEOHDXFRUSVRXTXLSDUOHXUDEVXUGHH[FqVQ¶RQWULHQjDSSUHQGUHDXOHFWHXU/HV (QIDQWVWHUULEOHV/HUpFLWGHO¶DGROHVFHQFHYLHQWERXVFXOHUOHVH[LJHQFHVGHO¶LQWULJXHVHORQOH URPDQUpDOLVWHOD© FRQVLVWDQFH ªGHODPDWLqUHHWO¶HQFKDvQHPHQWSODXVLEOHGHVFDXVHVHWGHVHIIHWV PDLVLOOHXUVXEVWLWXHXQHQRXYHOOHORJLTXH/HFKRL[OHSRLGVHWO¶RUGUHGHVpYpQHPHQWVUDFRQWpV VRQWGpVRUPDLVGpWHUPLQpVjO¶DXQHGHODVXEMHFWLYLWpGHVSHUVRQQDJHV    _{6RSKLH7KRUHO&DLOOHWHDX/D7HQWDWLRQGXOLYUHVXUULHQ1DWXUDOLVPHHWGpFDGHQFH0RQWGH0DUVDQ} eGLWLRQV,QWHUXQLYHUVLWDLUHVS

 6WUXFWXUHGHODWKqVH

6LQRXVGpILQLVVLRQVQRWUHFRUSXVVHORQGHVFULWqUHVGLIIpUHQWVGHVRXYUDJHVpFULWVMXVTX¶jSUpVHQW VXUO¶DGROHVFHQFHGDQVOHURPDQHQQRXVOLPLWDQWDX[URPDQVRO¶DGROHVFHQFHHVWWUDLWpHFRPPH XQHYDOHXUHQVRLF¶HVWjGLUHRHOOHHVWGpOHVWpHDXWDQWGXGpQRXHPHQWGDQVO¶kJHDGXOWHTXHGH O¶DPELWLRQ GH WpPRLJQHU G¶XQH UpDOLWp VRFLDOH RX GX SDVVp LQWLPH GX URPDQFLHU QRWUH pWXGH VH GLVWLQJXHDXVVLSDUVRQDSSURFKH&RPPHQRXVO¶DYRQVYXOHVWUDYDX[SRUWDQWVXUO¶pSRTXHTXL QRXVLQWpUHVVHSULYLOpJLHQWVXUWRXWO¶DSSURFKHGHVFXOWXUDOVWXGLHV-XVWLQ2¶%ULHQ-RKQ1HXEDXHU %HWK *DOH 2Q WURXYH DXVVL SRXU OHV URPDQFLHUV GH QRWUH FRUSXV GHV pWXGHV UHOHYDQW G¶XQH DSSURFKH SV\FKDQDO\WLTXH &¶HVW OH FDV GH OD WKqVH G¶$OEHUWD /DEXGD VXU /HV 7KqPHV GH O¶DGROHVFHQFHGDQVO¶°XYUHG¶$QGUp*LGHHWGHO¶HVVDLG¶$QGUp$JDUG0DUpFKDOVXU/H*UDQG 0HDXOQHV/D1pFHVVLWpGXFKDJULQG¶DPRXU$ODLQ)RXUQLHURXO¶LQYHQWLRQGHO¶DGROHVFHQFH_ &HVWUDYDX[V¶LQWpUHVVHQWVXUWRXWDXU{OHMRXpSDUO¶DGROHVFHQFHGDQVOHGpYHORSSHPHQWSHUVRQQHO HWDUWLVWLTXHGHFHVpFULYDLQVPHWWDQWVRXYHQWHQUDSSRUWO¶H[SpULHQFHSHUVRQQHOOHGHFHVGHUQLHUV HWOHVWKqPHVSUpVHQWVGDQVOHXUV°XYUHV,PDJHVGHO¶DGROHVFHQFHGDQVTXHOTXHVUpFLWVGX;;H_ VLqFOHG¶eOLVDEHWK5DYRX[5DOORIDLWH[FHSWLRQO¶DGROHVFHQFH\HVWDQDO\VpHFRPPHWKqPHGDQV TXDWUHURPDQVGRQW/H*UDQG0HDXOQHVHW/H'LDEOHDXFRUSV/¶K\SRWKqVHSULQFLSDOHGH5DYRX[ 5DOORHVWTXHOHUpFLWGHO¶DGROHVFHQFHSHUPHWDX[pFULYDLQVXQUHWRXUYHUVXQSDVVpTXLSDUDvW© SOXV ULFKHSOXVGHQVHSOXVSUpVHQWTXHOHSUpVHQWGXQDUUDWHXUGHYHQXDGXOWH ªVRLWSRXUOHUHWURXYHU VRLWSRXUV¶HQGpIDLUH_{(OOHVHSHQFKHVXUWRXWVXUOHVWKqPHVGXUHJUHWGHODFXOSDELOLWpGHOD} GpVLOOXVLRQHWGHO¶pFKHF 

_{$OEHUWD /DEXGD /HV 7KqPHV GH O¶DGROHVFHQFH GDQV O¶°XYUH G¶$QGUp *LGH 3R]QDĔ 3DĔVWZRZH}

:\GDZQLFWZR1DXNRZH²2GG]LDáZ3R]QDQLX

 _{$QGUp $JDUG0DUpFKDO /D 1pFHVVLWp GX FKDJULQ G¶DPRXU $ODLQ)RXUQLHU RX O¶LQYHQWLRQ GH}

O¶DGROHVFHQFH3DULV(SHOFROO© 7UDFHV ª

  'DQV QRWUH SURSUH UHFKHUFKH SOXW{W TXH G¶LGHQWLILHU O¶DGROHVFHQFH FRPPH XQ WKqPH GH SUpGLOHFWLRQ GDQV OHV URPDQV HW G¶pWDEOLU GHV FRUUHVSRQGDQFHV HQWUH VHV UHSUpVHQWDWLRQV HW OH FRQWH[WH VRFLRKLVWRULTXH GH O¶pSRTXH QRXV H[DPLQHURQV OD TXHVWLRQ GDQV XQH SHUVSHFWLYH GH SRpWLTXHURPDQHVTXHTX¶HVWFHTXLIDLWGHO¶DGROHVFHQFHXQVXMHWGHFRPSRVLWLRQLQWpUHVVDQWSRXU OHVURPDQFLHUVDXWRXUQDQWGX;;HVLqFle ?4XHOU{OHO¶DGROHVFHQFHHWVHVYDOHXUVMRXHQWHOOHVRX LOOXVWUHQWHOOHV GDQV O¶HQWUHSULVH GH PRGHUQLVDWLRQ GX JHQUH WHOOH TX¶HOOH VH YRLW SUREOpPDWLVpH j FHWWH pSRTXH ? 1RXV QH SUpWHQGRQV SDV TXH OH UHQRXYHOOHPHQW GX JHQUH URPDQHVTXH SDVVH XQLTXHPHQWSDUO¶pFULWXUHGHO¶DGROHVFHQFH0DLVFHWkJHRXSOXW{WO¶pWDWG¶HVSULWTXLOHFDUDFWpULVH QRXV SDUDvW GDQV VD VSpFLILFLWp VH SUrWHU GH PDQLqUH SDUWLFXOLqUHPHQW IpFRQGH j O¶H[SORUDWLRQ G¶DXWUHVDVSHFWVGHO¶H[SpULHQFHKXPDLQHHWOHIDLUHSDUG¶DXWUHVPR\HQVTXHFHX[SHUPLVSDUOD SRpWLTXHGXFRXUDQWUpDOLVWHRXQDWXUDOLVWH/DUHPLVHHQTXHVWLRQGHFHWWHSRpWLTXHIRQGpHVXUGHV SULQFLSHV SRVLWLYLVWHV D SRXU FRUROODLUH O¶H[SORUDWLRQ GHV DVSHFWV LQFRQVFLHQWV LQFHUWDLQV LQFRKpUHQWVHWLUUDWLRQQHOVGHO¶H[SpULHQFHKXPDLQH/¶DGROHVFHQFHDYHFVHVpPRWLRQVH[FHVVLYHV HWFRQWUDGLFWRLUHVVHVFRXSVGHWrWHVHVLQFHUWLWXGHVVRQFDUDFWqUH© SURWpLIRUPH_{ªHWLQDFKHYp} VXEOLPHHQTXHOTXHVRUWHFH© QRXYHl ªDVSHFWGHO¶H[LVWHQFH  1RXVFRPPHQFHURQVSDUWUDFHUGDQVOHSUHPLHUFKDSLWUHOHSDQRUDPDGHO¶LQYHQWLRQHWGH O¶pYROXWLRQGHO¶LGpHGHO¶DGROHVFHQFHGDQVOHVGHUQLqUHVGpFHQQLHVGX;,;HVLqFOHHWOHVSUHPLqUHV GX;;H_{HQOLHQQRWDPPHQWDYHFODQDLVVDQFHG¶XQHQRXYHOOHVFLHQFHODSV\FKRORJLHDLQVLTX¶DYHF} FHUWDLQVERXOHYHUVHPHQWVpFRQRPLTXHVHWOpJLVODWLIVTXLWUDQVIRUPHQWODVRFLpWpHWUHFRQILJXUHQWOD IDoRQGRQWO¶LQGLYLGXMHXQHV¶LQVqUHGDQVFHWWHVRFLpWp&HWWHHVTXLVVHGXFRQWH[WHKLVWRULTXHQ¶D SDVSRXUREMHWGHVHUYLUjO¶LQGHQWLILFDWLRQGHFRUUHVSRQGDQFHVHQWUHO¶XQLYHUVUHSUpVHQWpGDQVOHV URPDQVGH/DUEDXG$ODLQ)RXUQLHU3URXVW*LGH&RFWHDXHW5DGLJXHWHWOHFRQWH[WHVRFLDOGDQV  _{,ELGS}

 OHTXHOFHV°XYUHVQDLVVHQW&RPPHQRXVO¶DYRQVGpMjLQGLTXpQRWUHWKqVHV¶LQWpUHVVHHQSUHPLHU OLHX QRQ SDV DX WpPRLJQDJH TXH FHV URPDQV IRXUQLVVHQW VXU OH FRQWH[WH VRFLDO ELHQ TX¶LOV HQ IRXUQLVVHQW XQ VDQV QXO GRXWH PDLV DX[ LQWHUURJDWLRQV TX¶LOV SRVHQW VXU OHV SRWHQWLDOLWpV GH OD IRUPH URPDQHVTXH &HSHQGDQW FRPPH OH UDSSHOOH$ODLQ 9DLOODQW GDQV VD V\QWKqVH UpFHQWH GHV WKpRULHV HW SUDWLTXHV GH O¶KLVWRLUH OLWWpUDLUH O¶°XYUH OLWWpUDLUH © SDUOH WRXMRXUV GH TXHOTXH FKRVH 7RXW WH[WH LQGLIIpUHPPHQW GH VD QDWXUH JpQpULTXH HQJDJH XQH YLVLRQ GX PRQGH LPSOLTXH XQ GLVFRXUVVXUOHUpHO²XQGLVFRXUVTXLVHQRXUULWGHWRXVOHVGLVFRXUVDPELDQWVPDLVTXLSRUWHDXVVL ODPDUTXHGHODVXEMHFWLYLWpDXFWRULDOH_{ª6LELHQTX¶XQHWHQWDWLYHGHGHVFULSWLRQTXLQHWLHQGUDLW} SDVFRPSWHGHOD© GRXEOHGLPHQVLRQLQWHUVXEMHFWLYHHWVLJQLILDQWHGHODFRPPXQLFDWLRQOLWWpUDLUH TXLUHSODFHO¶KRPPHDYHFVDFRPSOH[LWpHWVRQLPSUpYLVLELOLWpGDQVOHVPpFDQLVPHVKLVWRULTXHV GHODOLWWpUDWXUH_{ªVHUDLWYRXpHVHORQ9DLOODQWjXQVFKpPDWLVPHUpGXFWHXU3OXW{WTXHGHYRLUOHV} °XYUHVFRPPHV¶LQVFULYDQWGDQVXQH© sucFHVVLRQDEVWUDLWHGHFKRL[HVWKpWLTXHVRXG¶HQJDJHPHQWV LQWHOOHFtuels ª LO VHUDLW © indiVSHQVDble ª GH SUHQGUH DFWH QRWDPPHQW GHV JUDQGV GpEDWV VFLHQWLILTXHVRXLQWHOOHFWXHOVTXLRQWDQLPpO¶pSRTXH_{1RWUHHVTXLVVHGXFRQWH[WHVFLHQWLILTXHHW} LQWHOOHFWXHOUHODWLIjO¶DGROHVFHQFHVHUYLUDDXVVLjGRQQHUXQDSHUoXGXWUDLWHPHQWGHFHWKqPHGDQV ODOLWWpUDWXUHGHO¶pSRTXHjWUDYHUVOHVWUDYDX[GHVSULQFLSDX[FKHUFKHXUVD\DQWWUDYDLOOpVXUFHWWH TXHVWLRQ(OOHSHUPHWWUDHQILQG¶LGHQWLILHUGLIIpUHQWVFRUSXVFRQQH[HVHWFHIDLVDQWGHGpOLPLWHU SOXVDYDQWOHQ{WUH

 'DQV OH GHX[LqPH FKDSLWUH QRXV DSSURIRQGLURQV QRWUH K\SRWKqVH G¶XQ OLHQ HQWUH OH UHQRXYHOOHPHQWGHODIRUPHURPDQHVTXHHWO¶DYqQHPHQWG¶XQSHUVRQQDJHQRXYHDX&HSDULIDLWpFKR jODWKqVHGH0LFKHO=pUDIIDVHORQODTXHOOHWRXWURPDQH[SULPHUDLW© XQHFRQFHSWLRQGHODSHUVRQQH 

_{$ODLQ 9DLOODQW /¶+LVWRLUH OLWWpUDLUH GHX[LqPH pGLWLRQ UHYXH HW DXJPHQWpH 3DULV $UPDQG &ROLQ}

FROO© 8 ªS

_{,ELGS} _{,ELG}

 TXLGLFWHjO¶pFULYDLQGHFKRLVLUFHUWDLQHVIRUPHVHWFRQIqUHjO¶°XYUHVRQVHQVOHSOXVODUJHHWOH SOXVSURIRQG_{ª=pUDIIDSURSRVHTXHVLOHVDQQpHVFHVRQWOHVEDOLVHVWHPSRUHOOHVGH} VRQ pWXGH DFFRPSOLVVHQW © unH UpYROXWLRQ GDQV O¶DUW GX URPDQ FRPPH GDQV O¶H[SUHVVLRQ URPDQHVTXH GH OD SHUVRQQH ª F¶HVW j WUDYHUV XQH UpIOH[LRQ TXL D SRXU QR\DX XQ © VRXSoRQ GX SHUVRQQDJHRXGXPRLQVGXW\SH ªFRQFXUUHPPHQWjXQHDFFXPXODWLRQVDQVSUpFpGHQWG¶°XYUHV URPDQHVTXHV j SDUWLU GX GpEXW GX ;;H_{ VLqFOH}_{ /D FRQWHVWDWLRQ GX SHUVRQQDJHW\SH GX URPDQ} UpDOLVWHV¶DUWLFXOHjXQHUHPLVHHQTXHVWLRQGHODQRWLRQTX¶XQLQGLYLGXSXLVVHrWUHGpILQLSDUVD IRQFWLRQVRFLDOH6LDYDQFH=pUDIIDOHVURPDQFLHUVGHVDQQpHVYLQJWV¶HPSORLHQWjGpWUXLUHRXj ERXVFXOHUSURIRQGpPHQWGHVpOpPHQWVTXLDYDLHQWMXVTXHOjFRQVWLWXpO¶DUPDWXUHGXURPDQF¶HVW jGLUHODOLQpDULWpGXUpFLWHWODUHSUpVHQWDWLYLWpGXSHUVRQQDJHF¶HVWTX¶LOV

UHIXVHQWGHIDLUHFUpGLWDX SHUVRQQDJHFRPPH jXQHIRUPHVXVFHSWLEOHGHFRQWHQLUHWGH UHSUpVHQWHUO¶KRPPHGDQVVHVDXWKHQWLTXHVYpULWpHWWRWDOLWp/HURPDQDDXFRQWUDLUHSRXU PLVVLRQGHUpYpOHUFRPELHQOH-HGDQVODILQLWXGHGHVRQDSSDUHQFHHVWGLVSURSRUWLRQQpj O¶LPPHQVLWpGX0RLHWVXUWRXWTX¶XQHLQGLYLGXDOLWpQHV\QWKpWLVHMDPDLVXQHFRQVFLHQFH_ 1RWUHDQDO\VHGHVLQFLSLWVGHVWURLVSUHPLHUVURPDQVDXUHJDUGGHODFKURQRORJLHGHQRWUHFRUSXV )HUPLQD0iUTXH]/H*UDQG0HDXOQHVHW¬ODUHFKHUFKHGXWHPSVSHUGXPHWWUDHQOXPLqUHOHXU FRQWHVWDWLRQIRQGDPHQWDOHGHWURLVpOpPHQWVFRQVWLWXWLIVGXURPDQUpDOLVWHOHWHPSVGHVKRUORJHV ODJpRJUDSKLHREMHFWLYHHWODOLQpDULWpGXUpFLW&HWWHFRQWHVWDWLRQSURSRVRQVQRXVGpFRXOHG¶XQH UHIRQWHGHODIRUPHURPDQHVTXHTXLIDLWpSRXVHUjODQDUUDWLRQOHVFRQWRXUVGHODFRQVFLHQFHGX QDUUDWHXU1RXVUDWWDFKHURQVOHSHUVRQQDJHDGROHVFHQWjGHX[W\SHVOLPLWURSKHVOHFpOLEDWDLUHHWOH MHXQHKRPPHGHVURPDQFLHUVPRUDOLVWHVGXGpEXWGX;;H_{VLqFOHSRXUPRQWUHUTXHO¶DGROHVFHQW} GRQWOHVTXDOLWpVV¶DOLJQHQWVXUODFRQWHVWDWLRQYLWDOLVWHGXSRVLWLYLVPHjFHWWHpSRTXHHVWSRUWHXU 

_{0LFKHO =pUDIID 3HUVRQQH HW SHUVRQQDJH /H URPDQHVTXH GHV DQQpHV DX[ DQQpHV 3DULV}

.OLQFNVLHFN© &ROOHFWLRQG¶HVWKpWLTXe »S

_{,ELGS} _{,ELGS}

 G¶XQH QRXYHOOH FRQFHSWLRQ GH OD SHUVRQQH &HWWH QRXYHOOH FRQFHSWLRQ DSSUpKHQGH OD SHUVRQQH GHO¶LQWpULHXUHWODSHQVHHQWHUPHVG¶XQHVXLWHLQDFKHYpHGHYLUWXDOLWpV

 /RUVTXH -DFTXHV 5LYLqUH LPDJLQH GDQV VRQ 5RPDQ G¶DYHQWXUH O¶pFULYDLQ TX¶DWWHQG OD OLWWpUDWXUHHQLOOHFRQoRLWFRPPH© naWXUHOOHPHQWRULHQWpGDQVOHVHQVGHODYLHF¶HVWjGLUH OHYLVDJHWRXUQpYHUVFHTXLQ¶HVWSDVHQFRUH ª4XHVLJQLILHrWUH© RULHQWpGDQVOHVHQVGHODYLH ª HWTX¶HVWFHDXMXVWHTXH© ODYLH ª ?<DWLOOLHXGHYRLUGDQVFHVIRUPXODWLRQVO¶H[SUHVVLRQG¶XQ VHQWLPHQW G¶LPPLQHQFH TXL DXUDLW SDUWLFXOLqUHPHQW PDUTXp O¶pSRTXH FRPPH OH IDLW 0DULHOOH 0DFp_{"'DQVOHFKDSLWUHWURLVQRXVQRXVSHQFKHURQVVXUOHVpFULWVQRQURPDQHVTXHVGHVDXWHXUV} GHQRWUHFRUSXVSRXUWHQWHUGHFRPSUHQGUHFHTXHUHSUpVHQWHSRXUHX[OD© vie ªTX¶LOVWHQWHQWGH VDLVLUSDUOHELDLVGHO¶pFULWXUHURPDQHVTXH8QWHOWUDYDLOV¶LQVFULWGDQVO¶DSSURFKHGXJURXSHGH UHFKHUFKH7UDYDX[VXUOHVDUWVGXURPDQ76$5TXLV¶LQWpUHVVHjODUpIOH[LRQFULWLTXHVXUO¶DUW URPDQHVTXHSRXUVXLYLHSDUOHVpFULYDLQVGDQVOHXUVHVVDLVMRXUQDX[FRUUHVSRQGDQFHVHQWUHWLHQV HWF /HV HQTXrWHV GH FH JURXSH FRPPH OD Q{WUH GDQV FHWWH WKqVH QH YLVHQW SDV j LGHQWLILHU XQ SURJUDPPH G¶pFULWXUH DXTXHO LO VHUDLW SRVVLEOH GH UDSSRUWHU GH IDoRQ LPPpGLDWH O¶°XYUH URPDQHVTXHG¶XQDXWHXUXQH© intHQWLon ªjODTXHOOHRQSRXUUDLWODUDPHQHUGDQVVHVYLVpHVHWVHV ILQDOLWpV_{(OOHVRQWSRXUEXWGHSURILOHUOHVFRQWRXUVG¶XQHSHQVpHURPDQHVTXHVHORQOHSULQFLSH} 

_{-DFTXHV5LYLqUH/H5RPDQG¶DYHQWXUH3DULV6\UWHVS}

_{3RXU 0DULHOOH 0DFp O¶pSRTXH GH 3URXVW 5LYLqUH HW %HUJVRQ DXUDLW pWp FHOOH © GH O¶LPPLQHQFH GH OD}

SURMHFWLRQHWGHODSURVSHFWLRQGHO¶DWWHQWHG¶XQpYpQHPHQWTXLV¶DSSUrWDLWGHSXLVO¶DYHQLUjERQGLUVXUOH SUpVHQW ª9RLU© ³/HUpHOjO¶pWDWSDVVp´3DVVLRQGHO¶DUFKLYHHWUHIOX[GXUpFLW ª 3URWpHYROQR KLYHUSKWWSVZZZHUXGLWRUJHQMRXUQDOVSUYQSUDUSDJHFRQVXOWpH OHHU_{DR€W} _{/HJURXSH7UDYDX[VXUOHVDUWVGXURPDQ76$51RYHOLVWVRQWKH$UWRIWKH1RYHO129$129GLULJp} SDU,VDEHOOH'DXQDLVUpXQLWGHVFKHUFKHXUVGX'pSDUWHPHQWGHOLWWpUDWXUHVGHODQJXHIUDQoDLVHGHWUDGXFWLRQ HWGHFUpDWLRQGX'pSDUWHPHQWG¶DQJODLVHWGX'pSDUWHPHQWGHODQJXHVOLWWpUDWXUHHWFXOWXUHVGHO¶8QLYHUVLWp 0F*LOODLQVLTXHGX'pSDUWHPHQWGHVOHWWUHVHWKXPDQLWpVGHO¶8QLYHUVLWpGX4XpEHFj5LPRXVNL,OHVW SRVVLEOHGHFRQVXOWHUVDELEOLRJUDSKLHFRQVWLWXpHG¶XQHEDQTXHGHFLWDWLRQVOLpHVjODUpIOH[LRQVXUOHURPDQ G¶pFULYDLQV GX ;9,,,H_{ DX ;;,}H_{ VLqFOH DLQVL TXH GH WH[WHV GH SUpVHQWDWLRQ DX OLHQ VXLYDQW}

KWWSVPFJLOOFDWVDUIUELEOLRJUDSKLH

_{$QWRLQH &RPSDJQRQ PRQWUH TXH OHV GHX[ S{OHV GX GpEDW VXU O¶LQWHQWLRQ G¶DXWHXU ² O¶DSSURFKH}

 TXHOHURPDQVHUDLW© un PRGHPDMHXUGHFRQQDLVVDQFHHWG¶H[SORUDWLRQGXPRQGH_{ª'DQVOHFDV} GHVDXWHXUVGHQRWUHFRUSXVLOV¶DJLUDGHGpJDJHUOHVLQWHUURJDWLRQVTXLDLJXLOORQQHQWOHXUTXrWHGX URPDQDILQGHSUpSDUHUOHVDQDO\VHVTXLFRPSRVHQWOHTXDWULqPHHWGHUQLHUFKDSLWUHGHQRWUHpWXGH HW TXL V¶LQWpUHVVHQW j OD PDQLqUH GRQW O¶HPSORL G¶XQ KpURV DGROHVFHQW SHUPHW G¶DSSURIRQGLU FHV LQWHUURJDWLRQVGDQVOHURPDQ

 'DQV FHV DQDO\VHV QRXV IHURQV DSSHO DX[ QRWLRQV G¶DYHQWXUH HW GH URPDQHVTXH SRXU YpULILHUO¶K\SRWKqVHVHORQODTXHOOHOHVURPDQVGXGpEXWGX;;H_{VLqFOHFKHUFKHQWjFUHXVHUO¶pFDUW} HQWUHODYLHRUGLQDLUHHWODYLHSRVVLEOHGRQWVHQRXUULWODILFWLRQHQUpDJLVVDQWjODUpGXFWLRQGHFHW pFDUWDFFRPSOLHSDUOHURPDQGX;,;H_{VLqFOH1RXVSURSRVRQVTX¶DORUVTXHO¶H[LVWHQFHGHVKpURV} DGROHVFHQWVGHPHXUHDEVROXPHQWEDQDOHGXSRLQWGHYXHGHFHTXLHVWREVHUYDEOHGHO¶H[WpULHXU F¶HVWjGLUH TX¶HOOH DGKqUH GH SUqV j OD VXUIDFH SODQH GH OD YLH RUGLQDLUH OHXU YLH LQWpULHXUH DFFLGHQWpH HWLPSUpYLVLEOHHVWSUpFLVpPHQWOHOLHXGHWHOVpFDUWV /HVUHERQGLVVHPHQWVGHODYLH VHQVLEOH GHYLHQQHQW DORUV OHV SULQFLSDX[ pOpPHQWV G¶XQH ILFWLRQ TXL VH QRXUULW G¶XQ QRXYHDX URPDQHVTXH   GHOD© PRUWGHO¶DXWHXU ª²VRQWLQWHQDEOHVHWDYDQFHTXH© O¶LQWHQWLRQHVWELHQOHVHXOFULWqUHGHYDOLGLWpGH O¶LQWHUSUpWDWLon ªHQSUpFLVDQWTX¶LOQHIDXWSDVO¶LGHQWLILHUjODSUpPpGLWDWLRQ9RLU/H'pPRQGHODWKpRULH OLWWpUDWXUHHWVHQVFRPPXQ3DULV6HXLOS _{7UDYDX[VXUOHVDUWVGXURPDQ76$5© 3URMHWJpQpUDO ªKWWSVPFJLOOFDWVDUIUSURMHWVSDJHFRQVXOWpH} OHDR€W

 &+$3,75(/¶DGROHVFHQFHHWOHURPDQHQ)UDQFH    2QDVDQVGRXWHWRXMRXUVUHFRQQXOHIDLWG¶XQHSpULRGHGHWUDQVLWLRQHQWUHO¶HQIDQFHHWODPDWXULWp 0DLVODVSpFLILFLWpGHO¶DGROHVFHQFHSDUUDSSRUWjO¶HQIDQFHFRPPHQFHjVHIDLUHMRXUSOXVRXPRLQV DXPrPHPRPHQWRVHORQODFULWLTXHOHVURPDQFLHUVIUDQoDLVFRPPHQFHQWjV¶LQWpUHVVHUGHIDoRQ LQpGLWHjO¶HQIDQW/HVpWXGHVUpXQLHVGDQVOHYROXPH+LVWRLUHGHVMHXQHVHQ2FFLGHQWPRQWUHQWTXH GHVVRFLpWpVDXVVLpORLJQpHVGDQVOHWHPSVTXHOD*UqFHDQWLTXHRXO¶,WDOLHPpGLpYDOHPDUTXDLHQWOD VSpFLILFLWp GH OD MHXQHVVH HQ WDQW TXH © UpDOLWp FXOWXUHOOH ORXUGH GH YDOHXUV HW G¶XVDJHV V\PEROLTXHV_{ª SDUGHV DVVRFLDWLRQV HW GHV ULWXHOV SURSUHV &RPPH OH QRWHQW OHV pGLWHXUV GDQV} O¶LQWURGXFWLRQ O¶DSSURFKH DGRSWpH SDU FH FROOHFWLI VH IRQGH VXU O¶LGpH TXH OD MHXQHVVH HVW © XQH FRQVWUXFWLRQ VRFLDOH HW FXOWXUHOOH ª TXL VL HOOH HVW ILJXUpH GLIIpUHPPHQW VHORQ OHV FXOWXUHV VH GLVWLQJXHHQSUHPLHUOLHXSDUVRQ© cDUDFWqUHGHOLPLQDOLté ª© plusTXHGHWHOOHRXWHOOHpYROXWLRQ SK\VLRORJLTXHHOOHGpSHQGGHGpWHUPLQDWLRQVFXOWXUHOOHVTXLGLIIqUHQWVHORQOHVVRFLpWpVKXPDLQHV HWOHVpSRTXHVFKDFXQHLPSRVDQWjVDPDQLqUHXQRUGUHHWXQVHQVjFHTXLSDUDvWWUDQVLWRLUHYRLUH GpVRUGRQQp HW FKDRWLTXH  ª $ODLQ 5RJHU DERQGH GDQV OH PrPH VHQV ORUVTX¶LO QRWH TXH O¶DGROHVFHQFHHVW© VDQVGRXWHPRLQVXQHUpDOLWpELRORJLTXHTX¶XQHLQVWLWXWLRQFXOWXUHOOHPRGXODEOH HWPRGHODEOHjYRORQWpRXSUHVTXH ª

 $LQVLWRXWHVOHVVRFLpWpVRQWOHXUV© jHXQHs ªFHX[TXLQHVRQWSDVHQFRUHGHVPHPEUHV SDUIDLWHPHQWDXWRQRPHVGXJURXSHRXHQFRUHFHTXLHVWSHXWrWUHSOXVMXVWHFHX[TXLGpSHQGHQW 

_{*LRYDQQL /HYL HW -HDQ&ODXGH 6FKPLWW GLU +LVWRLUH GHV MHXQHV HQ 2FFLGHQW YRO FROO © 8QLYHUV}

KLVWRULque »3DULV6HXLOS

_{,ELGS}

_{$ODLQ5RJHU© 1DLVVDQFHGHO¶DGROHVFHQFH'HO¶kJHLQJUDWjO¶pWDWGHJUkFe »/¶,PDJLQDLUHGHVkJHVGH}

 RXVRQWVXERUGRQQpVjG¶DXWUHVPHPEUHV © DGXOWHs ª © 2QHVWWRXMRXUVOHYLHX[RXOHMHXQHGH TXHOTX¶un ªUDSSHODLW3LHUUH%RXUGLHXGDQVXQHQWUHWLHQRLOSURSRVDLWTXHOHVFDWpJRULHVG¶kJH DYHFOHXUVFDUDFWpULVDWLRQVSURSUHVVRQWDUELWUDLUHVHWOHVIURQWLqUHVHQWUHOHVkJHVO¶HQMHXGHOXWWHV © ODUHSUpVHQWDWLRQLGpRORJLTXHGHODGLYLVLRQHQWUHMHXQHVHWYLHX[DFFRUGHDX[SOXVMHXQHVGHV FKRVHV TXL IRQW TX¶HQ FRQWUHSDUWLH LOV ODLVVHQW GHV WDV GH FKRVHV DX[ SOXV YLHX[ >«@ /HV FODVVLILFDWLRQVSDUkJHPDLVDXVVLSDUVH[HRXELHQV€USDUFODVVH«UHYLHQQHQWWRXMRXUVjLPSRVHU GHVOLPLWHVHWjSURGXLUHXQRUGUH>«@GDQVOHTXHOFKDFXQGRLWVHWHQLUjVDSODFH_{ª2QSHXWSHQVHU} jFHWpJDUGDXIDLWTXHGDQVGHQRPEUHXVHVVRFLpWpVUpYROXHVYRLUHGDQVFHUWDLQHVVRFLpWpVHQFRUH DXMRXUG¶KXL OHV IHPPHV pWDLHQW PLQHXUHV DX[ \HX[ GH OD ORL 4XL SOXV HVW QRQ VHXOHPHQW OD MHXQHVVH HVW XQH FDWpJRULH VRFLDOH FXOWXUHOOHPHQW FRQGLWLRQQpH GRQW OHV GpOLPLWDWLRQV OHV FDUDFWpULVWLTXHVOHVGURLWVHWOHVXVYDULHQWGHVRFLpWpHQVRFLpWpHWG¶pSRTXHHQpSRTXHPDLVPrPH jXQPRPHQWHWGDQVXQHVRFLpWpGRQQpVODMHXQHVVHELHQSOXVTX¶XQHFDWpJRULHTXLFRQWLHQGUDLW WRXVOHVLQGLYLGXVG¶XQPrPHkJHVHGpFRPSRVHVHORQOHVPLOLHX[HQGLIIpUHQWHVMHXQHVVHVGRQW FKDFXQHVHFRQVWUXLWjVDIDoRQ_

 'DQVOHSUpVHQWFKDSLWUHQRXVUHWUDFHURQVO¶pPHUJHQFHGHODQRWLRQGHO¶DGROHVFHQFHGDQV OH FRQWH[WH GX ;,;H_{ VLqFOH IUDQoDLV DLQVL TXH OHV PXWDWLRQV TX¶HOOH VXELW VRXV O¶LPSXOVLRQ GHV} GLIIpUHQWHV GLVFLSOLQHV TXL FRQWULEXHQW j VD GpILQLWLRQ VRLW OD SpGDJRJLH OD SK\VLRORJLH HW OD SV\FKRORJLH1RXVYHUURQVFRPPHQWGDQVOHVWURLVGHUQLqUHVGpFHQQLHVGXVLqFOHO¶DGROHVFHQWVH



 _{3LHUUH %RXUGLHX © /D ³MHXQHVVH´ Q¶HVW TX¶XQ PRW ª 4XHVWLRQV GH VRFLRORJLH 3DULV}

0LQXLW>@S

_{9RLUSDUH[HPSOHOHFDKLHUGH5H0L[UHYXHHQOLJQHGHO¶2EVHUYDWRLUHGHO¶LPDJLQDLUHFRQWHPSRUDLQ}

FRQVDFUpjODILJXUHGXMHXQHKRPPHHQ)UDQFHDX;,;H_{VLqFOHOHVpWXGHVTXL\VRQWUpXQLHVPRQWUHQWTXH}

OH MHXQH KRPPH VH GpPXOWLSOLH HQ SOXVLHXUV © W\SHV ª GRQW FKDFXQ D VHV © PpFDQLVPHV GH FRQVWUXFWLRQ VRFLDOHHWLGHQWLWDLUe »SURSUHV9RLU9pURQLTXH&QRFNDHUW1DWKDQDsO3RQRHW6ROqQH7KRPDVGLU© /H MHXQH KRPPH HQ )UDQFH DX ;,;H_{ VLqFOH FRQWRXUV HW PXWDWLRQV G¶XQH ILJXUe » &DKLHU 5H0L[ QR}

0RQWUpDO8QLYHUVLWpGX4XpEHFj0RQWUpDO)LJXUDOH&HQWUHGHUHFKHUFKHVXUOHWH[WHHWO¶LPDJLQDLUH KWWSRLFXTDPFDIUUHPL[OHMHXQHKRPPHHQIUDQFHDX[L[HVLHFOHFRQWRXUVHWPXWDWLRQVGXQHILJXUH !SDJHFRQVXOWpHOHMXLOOHW