• Aucun résultat trouvé

Les troubles cognitifs du patient parkinsonien : évaluation à partir d'une batterie de tests

N/A
N/A
Protected

Academic year: 2021

Partager "Les troubles cognitifs du patient parkinsonien : évaluation à partir d'une batterie de tests"

Copied!
181
0
0

Texte intégral

(1)Les troubles cognitifs du patient parkinsonien : évaluation à partir d’une batterie de tests Valérie Bordes. To cite this version: Valérie Bordes. Les troubles cognitifs du patient parkinsonien : évaluation à partir d’une batterie de tests. Médecine humaine et pathologie. 2011. �dumas-01515367�. HAL Id: dumas-01515367 https://dumas.ccsd.cnrs.fr/dumas-01515367 Submitted on 27 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) 81,9(56,7('(1,&(623+,$$17,32/,6 )$&8/7('(0('(&,1( (&2/('¶257+23+21,(    0pPRLUHSUpVHQWpHQYXHGHO¶REWHQWLRQGXFHUWLILFDWGHFDSDFLWpG¶RUWKRSKRQLVWH  .    . /(67528%/(6&2*1,7,)6'83$7,(17 3$5.,1621,(1 (9$/8$7,21$3$57,5'¶81(%$77(5,('(7(676.      9$/(5,(%25'(6 1pHOHDR€W $7RXORXVH           'LUHFWHXU'U3KLOLSSH%$55(61HXURORJXH  . 1,&(. . .

(3)                            . . .

(4)          -HWLHQVjUHPHUFLHUWRXWHVOHVSHUVRQQHVTXLRQWFRQWULEXpGHSOXVRXPRLQVSUqVj O¶pODERUDWLRQGHPRQPpPRLUH  (Q SUHPLHU OLHX OH GRFWHXU 3KLOLSSH %$55(6 SRXU VHV REVHUYDWLRQV WRXMRXUV SHUWLQHQWHVDLQVLTXHSRXUVRQDLGHHWVRQVRXWLHQ  0RQVLHXU&ODXGH%$8'8SRXUVDJUDQGHGLVSRQLELOLWpHWVHVFRQVHLOVDYLVpV  0DGDPH 9(5128;9,9(6 SRXU O¶LQWpUrW SRUWp j FH PpPRLUH HW VD YLVLRQ G¶RUWKRSKRQLVWH  0RQVLHXU/DXUHQW/$/28;HW0DGDPH6DQGULQH/(/,(95(DLQVLTXHWRXWHO¶pTXLSH GX FHQWUH PpPRLUH GH OD FOLQLTXH GHV 6RXUFHV SRXU OHXU DLGH HW OHXUV UHPDUTXHV pFODLUpHV  /HVSDWLHQWVSRXUOHXUJHQWLOOHVVHHWOHXUVHQVGHO¶DFFXHLO  /¶DVVRFLDWLRQ GX *3$0 *URXSH GHV 3DUNLQVRQLHQV GHV $OSHV 0DULWLPHV

(5) TXLP¶D VL JHQWLPHQWRXYHUWVHVSRUWHV  -¶DGUHVVHpJDOHPHQWXQPHUFLWRXWSDUWLFXOLHUjPDIDPLOOHTXLP¶DVRXWHQXHWRXWDX ORQJGHPRQFXUVXVXQLYHUVLWDLUHPHUFLSRXUYRWUHSDWLHQFHSRXUYRWUHDLGHHWYRWUH VRXWLHQLQFRQGLWLRQQHOV0HUFLjWRXVOHVTXDWUHG¶DYRLUWRXMRXUVpWpSUpVHQWV  (QILQMHJDUGHXQHSHQVpHSRXUPHVFRSLQHVGHSURPRHWIXWXUHVFROOqJXHVPHUFLj $XGUH\ &OpPHQFH HW 0DULRQ SRXU OHXU VRXWLHQ GDQV OHV PRPHQWV GH GRXWHV OHXU SUpVHQFHHWQRVIRXVULUHVVLQRPEUHX[. . .

(6)  6200$,5(   ,1752'8&7,21  $66,6(67+(25,48(6  ,/(352),/&2*1,7,)'83$7,(173$5.,1621,(1   $/¶HIILFLHQFHJOREDOH  %/HUDOHQWLVVHPHQWFRJQLWLI  &/HVWURXEOHVGHVIRQFWLRQVH[pFXWLYHV  /¶pODERUDWLRQG¶XQSODQG¶DFWLRQRXG¶XQFRQFHSW  )OH[LELOLWpFRJQLWLYH  5pVLVWDQFHjO¶LQWHUIpUHQFH  &RRUGLQDWLRQGHO¶DFWLRQ  '7URXEOHVPQpVLTXHV  /DPpPRLUHGHWUDYDLO  /DPpPRLUHpSLVRGLTXH  /DPpPRLUHSURFpGXUDOH  (/¶DWWHLQWHGHVIRQFWLRQVLQVWUXPHQWDOHV. . .

(7)  /HVWURXEOHVYLVXRVSDWLDX[  D3UD[LHVFRQVWUXFWLYHV E$WWHQWLRQVSDWLDOH F$QDO\VHHWV\QWKqVHYLVXHOOHV  /HVWURXEOHVSUD[LTXHV  /HODQJDJH  )/HGpILFLWDWWHQWLRQQHO   ,, $3352&+(6 1(85236<&+2/2*,48(6 '( &(57$,16 352&(6686 &2*1,7,)6 3(5785%(6'$16/$0$/$',('(3$5.,1621  $/HVIRQFWLRQVH[pFXWLYHVFDGUHFRQFHSWXHO  /¶DSSURFKHQHXURSV\FKRORJLTXHFODVVLTXH  D 'HV SUHPLqUHV K\SRWKqVHV DQDWRPRFOLQLTXHV DX[ HVVDLV GH FODVVLILFDWLRQ GXFRQWU{OHH[pFXWLI E'HVFULSWLRQHWDPpOLRUDWLRQGHVPRGqOHV  (WDWVGHVOLHX[GHVPRGqOHVDFWXHOVGHUpIpUHQFH  D'LYHUVPRGqOHVHQFRQVWDQWHpYROXWLRQ E8QFRQVHQVXVVXUOHFDUDFWqUHVXSUDPRGDOLWDLUHGXIRQFWLRQQHPHQWH[pFXWLI F/HVIRQFWLRQVH[pFXWLYHVXQHFRQFHSWLRQXQLWDLUH"  %/¶$3352&+('(0,<$.(  /HVWURLVIRQFWLRQVH[pFXWLYHV  D6KLIWLQJ E0LVHjMRXU. . .

(8) FLQKLELWLRQ  5pVXOWDWVHWGLVFXVVLRQ  (78'(35$7,48(  ,0pWKRGRORJLH  $3RSXODWLRQ  &ULWqUHGHUHFUXWHPHQW  &ULWqUHG¶LQFOXVLRQ  %3URWRFROH  ,,5pVXOWDWVHWDQDO\VHV  ',6&866,21  ,6\QWKqVHGHVUpVXOWDWV  ,,&ULWLTXHV  . &21&/86,21  $QQH[HV  %LEOLRJUDSKLH  . . .

(9) ,1752'8&7,21  /D PDODGLH GH 3DUNLQVRQ FRQVWLWXH DXMRXUG¶KXL OD GHX[LqPH DIIHFWLRQ QHXURGpJpQpUDWLYHODSOXVIUpTXHQWHDSUqVODPDODGLHG¶$O]KHLPHU /HGLDJQRVWLFHVWDYDQWWRXWEDVpVXUOHUHSpUDJHGHVLJQHVFOLQLTXHVPRWHXUV (JDOHPHQW DSSHOpV WULDGH V\PSWRPDWLTXH OHV WURLV VLJQHV FDUGLQDX[ GH OD PDODGLH FRUUHVSRQGHQW j XQ WUHPEOHPHQW GH UHSRV XQH DNLQpVLH HW XQH K\SHUWRQLH GLWH H[WUDS\UDPLGDOH RXULJLGLWpSODVWLTXH

(10)   $XGHOjGHFHWDVSHFWPRWHXUGHQRPEUHX[DXWUHVV\PSW{PHVVRXYHQWUHOpJXpVDX VHFRQG SODQ V¶DUWLFXOHQW DX WDEOHDX FOLQLTXH GH FHWWH SDWKRORJLH QRWDPPHQW GHV WURXEOHV FRJQLWLIV /¶DSSDULWLRQ HW O¶H[LVWHQFH DYpUpH GH FHV GHUQLHUV DX FRXUV GH O¶pYROXWLRQ GH OD PDODGLH GH 3DUNLQVRQ QH V¶HVW SDV LPSRVpH G¶HPEOpH GDQV OHV SUHPLHUV WDEOHDX[ FOLQLTXHV GUHVVpV %HQMDPLQ %DOO HQ  HVW OH SUHPLHU j pYRTXHU TXH ©GDQVTXHOTXHV FDV F¶HVW XQ pWDW GH GpPHQFHHWGHGHPLVWXSHXUTXLSUpGRPLQHªHQDMRXWDQWTXH©OHVWURXEOHVSV\FKLTXHVVRQW SUHVTXHWRXMRXUVLQWHUPLWWHQWVªHWTX¶©LOVSDUDLVVHQWV¶DJJUDYHUSDUDOOqOHPHQWDX[WURXEOHV GHODPRWLOLWpª $O¶KHXUHDFWXHOOHLOH[LVWHXQUpHOFRQVHQVXVjFHVXMHWGDQVODOLWWpUDWXUHHWWRXWHV OHV pWXGHV V¶DFFRUGHQW j UHQGUH FRPSWH GH OD SUpVHQFH GH GpILFLWV FRJQLWLIV IUpTXHQWV DWWHLJQDQWQRWDPPHQWOHVIRQFWLRQVYLVXRVSDWLDOHVPQpVLTXHVHWH[pFXWLYHV  &HSHQGDQWGHYDQWODSDOHWWHpWHQGXHGHWHVWVpYDOXDQWFHVIRQFWLRQVOHWKpUDSHXWH SHXW YLWH VH WURXYHU GpPXQL IDFH DX FKRL[ GHV pSUHXYHV PHWWDQW DX PLHX[ HQ pYLGHQFH OHV DWWHLQWHV FRJQLWLYHV VSpFLILTXHV j OD PDODGLH /¶REMHW GH FH PpPRLUH UpVLGH HQ FH SRLQW SUpFLVSHXWRQPHWWUHDXSRLQWXQHEDWWHULHGHWHVWVXWLOLVDEOHHQSUDWLTXHFOLQLTXH UHQGDQW FRPSWHGHVDOWpUDWLRQVFRJQLWLYHVVSpFLILTXHVGXSDWLHQWSDUNLQVRQLHQ"  '¶XQSRLQWGHYXHWKpRULTXHHWGDQVXQSUHPLHUWHPSVXQSRUWUDLWGXSURILOFRJQLWLIGX SDWLHQW SDUNLQVRQLHQ VHUD G¶DERUG GUHVVp UHFHQVDQW OHV UpVXOWDWV HW OHV REVHUYDWLRQV GHV GLIIpUHQWHVpWXGHVPHQpHVGXUDQWFHVGHUQLqUHVDQQpHV $SUqV TXRL OHV GLIIpUHQWHV DSSURFKHV QHXURSV\FKRORJLTXHV GH FHUWDLQV SURFHVVXV FRJQLWLIVSHUWXUEpVGDQVODPDODGLHVHURQWGpYHORSSpHV/HFDGUHFRQFHSWXHOGHVIRQFWLRQV H[pFXWLYHV VHUD H[SRVp 3DUPL OHV QRPEUHX[ PRGqOHV SURSRVpV O¶DSSURFKH GH 0,<$.( MXJpHSDUWLFXOLqUHPHQWLQWpUHVVDQWHVHYHUUDODUJHPHQWGpWDLOOpH '¶XQ SRLQW GH YXH SUDWLTXH HW GDQV XQ VHFRQG WHPSV OH SURWRFROH FRQVWLWXp GH OD EDWWHULHGHWHVWVH[SpULPHQWDOHFHQVpHH[SORUHUOHVIRQFWLRQVFRJQLWLYHVVHUDSUpVHQWp. . .

(11) 6RXPLV j XQ pFKDQWLOORQ GH SDUNLQVRQLHQV OHV UpVXOWDWV REWHQXV SDU OHV SDWLHQWV VHURQW DQDO\VpV TXDOLWDWLYHPHQW DLQVL TXH TXDQWLWDWLYHPHQW

(12)  HW HQILQ GLVFXWpV HQ OHV FRQIURQWDQWDX[GRQQpHVWKpRULTXHVUDVVHPEOpHV     . . .

(13)       . $VVLVHV 7KpRULTXHV        . . .

(14) &¶HVWHQTXH6LU-DPHV3DUNLQVRQGpFULWSRXUODSUHPLqUHIRLVVRXVOHQRPGH ©7KH6KDNLQJ3DOV\ª WUDGXFWLRQOLWWpUDOH©SDUDO\VLHDJLWDQWHª

(15) ODPDODGLHTXLSRUWHUDVRQ QRP (Q )UDQFH DYHF SUqV GH  SHUVRQQHV DWWHLQWHV HW  QRXYHDX[ FDV SDU DQ HOOH FRQVWLWXH OD GHX[LqPH DIIHFWLRQ QHXURGpJpQpUDWLYH OD SOXV IUpTXHQWH DSUqV OD PDODGLH G¶$O]KHLPHU HW WRXFKH HQYLURQ  GHV SHUVRQQHV GH SOXV GH  DQV HQ (XURSH &H SRXUFHQWDJH DXJPHQWDQW DYHF O¶kJH RQ SHXW SUpYRLU TX¶DYHF OH YLHLOOLVVHPHQW GH OD SRSXODWLRQ OHV QRPEUHV GH QRXYHDX[ FDV QH FHVVHURQW G¶DXJPHQWHU GDQV OHV DQQpHV IXWXUHV 3DU DLOOHXUV OD PDODGLH WRXFKHUDLW GDYDQWDJH OHV KRPPHV TXH OHV IHPPHV HOOH DSSDUDvWFODVVLTXHPHQWHQWUHHWDQVPrPHV¶LOH[LVWHGHVIRUPHVMXYpQLOHVHWVpQLOHV  $XSUHPLHUSODQGHODPDODGLHGH3DUNLQVRQVHGLVWLQJXHXQHWULDGHV\PSWRPDWLTXH FDUDFWpULVWLTXHXQHDNLQpVLHXQHULJLGLWpDLQVLTX¶XQWUHPEOHPHQWGHUHSRV /¶DNLQpVLHVHPDQLIHVWHSDUXQGpILFLWGHO¶LQLWLDWLYHPRWULFH SUpGRPLQDQWVXUOHVPRXYHPHQWV DXWRPDWLTXHV

(16) HWSDUXQHOHQWHXUHWXQHUDUHWpGHVJHVWHVDIIHFWDQW O¶H[SUHVVLRQIDFLDOH DPLPLH

(17)  OHVPRXYHPHQWVGHODIDFHHWGHV\HX[ UDUHWpGXFOLJQHPHQW

(18)  O¶H[SUHVVLRQJHVWXHOOHDXQLYHDXGHVPHPEUHVVXSpULHXUV  OD PDUFKH HQWUDvQDQW GHV GLIILFXOWpV DX GpPDUUDJH DYHF XQ SLpWLQHPHQW XQH PDUFKH j SHWLWVSDVGHVEORFDJHVORUVG¶XQGHPLWRXURXGXIUDQFKLVVHPHQWG¶XQREVWDFOHDLQVLTX¶XQH SHUWHGXEDOODQWGHVEUDV O¶pFULWXUHDYHFXQHPLFURJUDSKLHHQILQGHOLJQH ODSDUROHODYRL[pWDQWDVVRXUGLHG\VDUWKULTXHPRQRWRQHOHGpELWYHUEDOLUUpJXOLHU /¶DNLQpVLHUHSUpVHQWHGRQFXQV\PSW{PHWUqVLQYDOLGDQWFDUHOOHOLPLWHODSOXSDUWGHVDFWLYLWpV TXRWLGLHQQHV 'H SOXV HOOH HQWUDvQH SRXU OH VXMHW SDUNLQVRQLHQ O¶REOLJDWLRQ GH YRXORLU HW GH SHQVHU FKDFXQ GH VHV JHVWHV HW FKDFXQH GHV DWWLWXGHV SRVWXUDOHV TX¶LOV LPSOLTXHQW UHTXpUDQWXQHDWWHQWLRQGHWRXVOHVLQVWDQWV  /¶K\SHUWRQLH H[WUDS\UDPLGDOH HVW FDUDFWpULVpH SDU XQH UDLGHXU GX FRUSV HOOH HVW GpFULWHFRPPHSODVWLTXHFLUHXVHHQ©WX\DXGHSORPEª FDUOHPHPEUHUHVWHIL[pGDQVOD SRVLWLRQ TX¶RQ YLHQW GH OXL GRQQHU

(19)  FpGDQW SDU SHWLWV jFRXSV SKpQRPqQH GH OD URXH GHQWpH

(20) VHGLVWLQJXDQWGXUHWRXU©pODVWLTXHªGHO¶K\SHUWRQLHS\UDPLGDOH  /H WUHPEOHPHQW SUpVHQW DX UHSRV V¶DWWpQXH ORUV GHV PRXYHPHQWV YRORQWDLUHV HW GLVSDUDvW SHQGDQW OH VRPPHLO 'H IUpTXHQFH IDLEOH LO SUpGRPLQH DX[ H[WUpPLWpV JHVWH G¶pPLHWWHPHQWDX[PHPEUHVVXSpULHXUVEDWODPHVXUHDX[PHPEUHVLQIpULHXUV

(21) UHVSHFWHOH. . .

(22) FRX HW OH FKHI HW HVW DJJUDYp SDU OHV pPRWLRQV DLQVL TXH OHV HIIRUWV LQWHOOHFWXHOV &H V\PSW{PHQ¶HVWSDVREOLJDWRLUH  /H GLDJQRVWLF FOLQLTXH UHSRVH VXU O¶DVVRFLDWLRQ GHV GHX[ SUHPLHUV V\PSW{PHV FDUGLQDX[ DX[TXHOV V¶DMRXWHQW O¶DV\PpWULH GHV V\PSW{PHV O¶DEVHQFH GH VLJQH DW\SLTXH O¶DEVHQFHG¶DXWUHpWLRORJLHHWXQHUpSRQVHPDUTXpHjOD/'23$  (QILQYLHQQHQWV¶DMRXWHUGHVVLJQHVQRQPRWHXUVGHSOXVHQSOXVPHQWLRQQpVGDQVOD OLWWpUDWXUH FRPPH OHV WURXEOHV QHXURYpJpWDWLIV K\SHUVLDORUUKpH VpERUUKpH WURXEOHV GH OD GpJOXWLWLRQ«

(23)  GHV WURXEOHV VHQVLWLIV FUDPSHV HQJRXUGLVVHPHQWV GRXOHXUV

(24)  GHV WURXEOHV DIIHFWLIV WK\PLTXHV HW SV\FKLTXHV XQH K\SHUpPRWLYLWp XQH DSDWKLH XQ PDQTXH GH PRWLYDWLRQ XQH DQ[LpWp SRXYDQW DOOHU MXVTX¶j XQH GpSUHVVLRQ YRLUH GHV WURXEOHV SV\FKRWLTXHV DYHF KDOOXFLQDWLRQV HW LGpHV GpOLUDQWHV

(25)  GHV WURXEOHV GX VRPPHLO SDUDGR[DO DLQVLTXHGHVWURXEOHVFRJQLWLIV FHVGHUQLHUVVHURQWDPSOHPHQWGpYHORSSpVGDQVXQHSDUWLH IXWXUH

(26)   &RQFHUQDQW O¶RULJLQH GH OD PDODGLH GLIIpUHQWHV pWLRORJLHV YLUDOHV RX WR[LTXHV RQW pWp HQYLVDJpHV V¶DVVRFLDQW SUREDEOHPHQW j XQ WHUUDLQ JpQpWLTXH VRXVMDFHQW 'H SOXV UpFHPPHQWOHVSHVWLFLGHVRQWpWpSDUWLFXOLqUHPHQWLQFULPLQpV  'X SRLQW GH YXH SK\VLRSDWKRORJLTXH OD PDODGLH GH 3DUNLQVRQ VH GpILQLW SDU XQH GpJpQpUHVFHQFHGHVFHOOXOHVSLJPHQWpHVGRSDPLQHUJLTXHVGHODVXEVWDQFHQRLUH RXORFXV QLJHU

(27)  &HV QHXURQHV SURGXLVHQW QRUPDOHPHQW OD GRSDPLQH TXL DJLW VXU OHV QR\DX[ GX VWULDWXPGHODEDVHGXFHUYHDXHWIDFLOLWHFKH]OHVXMHWVDLQODUpDOLVDWLRQVpTXHQWLHOOHGHV PRXYHPHQWV /D GpJpQpUHVFHQFH GH FHV QHXURQHV D DLQVL SRXU FRQVpTXHQFH XQ GpILFLW GRSDPLQHUJLTXHFDUDFWpULVWLTXHGHODPDODGLHGH3DUNLQVRQ/DGpSOpWLRQGRSDPLQHUJLTXHHW ODSHUWHQHXURQDOHGDQVODVXEVWDQFHQRLUHVRQWFRUUpOpHVjODVpYpULWpGHVWURXEOHVPRWHXUV QRWDPPHQWO¶DNLQpVLH /DGpJpQpUHVFHQFHGHVQHXURQHVGXPpVHQFpSKDOHSURYRTXHGHVUpSHUFXVVLRQVVXU OHVVLWHVGHSURMHFWLRQGHFHVQHXURQHVDLQVLODGpSOpWLRQGRSDPLQHUJLTXHSUpGRPLQHGDQV OH VWULDWXP 0DLV HQ SOXV GH OD YRLH QLJURVWULpH FHUWDLQHV DXWUHV YRLHV GRSDPLQHUJLTXHV GLYHUJHQWHV SDUWHQW GH QR\DX[ PpVHQFpSKDOLTXHV HW VH SURMHWWHQW VXU O¶HQVHPEOH GX FRUWH[ OLPELTXH HW IURQWDO &¶HVW O¶DWWHLQWH GH FHV YRLHV TXL HQWUDvQHUD OH V\QGURPH VRXVFRUWLFR IURQWDOSUpVHQWGDQVODPDODGLHGH3DUNLQVRQ . . .

(28) &HWWH GpSLJPHQWDWLRQ V¶DFFRPSDJQH pJDOHPHQW G¶XQH DSSDULWLRQ GH FRUSV GH /HZ\ DX VHLQ GHV QHXURQHV TXL VXUYLYHQW GRQW OD SUpVHQFH HVW LQGLVSHQVDEOH DX GLDJQRVWLF QHXURSDWKRORJLTXHGHODPDODGLHGH3DUNLQVRQ 2QQRWHUDpJDOHPHQWTXHOHVFRUSVGH/HZ\VRQWRFFDVLRQQHOOHPHQWSUpVHQWVVHORQ GHVUpSDUWLWLRQVGLIIpUHQWHVGDQVG¶DXWUHVSDWKRORJLHVQHXURGpJpQpUDWLYHVFRPPHODPDODGLH G¶$O]KHLPHUPDLVpJDOHPHQWGDQVOHYLHLOOLVVHPHQWQRUPDO  ,OH[LVWHSOXVLHXUVDOWHUQDWLYHVGHWUDLWHPHQWSRXUOHSDWLHQWSDUNLQVRQLHQ&RQFHUQDQW OHV WKpUDSHXWLTXHV PpGLFDPHQWHXVHV OH WUDLWHPHQW UHVWH V\PSWRPDWLTXH HW UHSRVH SULQFLSDOHPHQW VXU OD SUHVFULSWLRQ GH VXEVWDQFHV GRSDPLQHUJLTXHV TXL Q¶DJLVVHQW QL VXU OD FDXVHQLVXUODSURJUHVVLRQGHODPDODGLH(OOHVRQWSRXUREMHFWLIGHUHVWDXUHUODWUDQVPLVVLRQ GRSDPLQHUJLTXH VWULDWDOH VHORQ WURLV PRGHV G¶DFWLRQ GLIIpUHQWV HQ PDMRUDQW OHV WDX[ GH GRSDPLQH /'23$

(29)  HQ VWLPXODQW GLUHFWHPHQW OHV UpFHSWHXUV  GRSDPLQHUJLTXHV DJRQLVWHV GRSDPLQHUJLTXHV

(30)  HQILQ HQ LQKLEDQW OD GpJUDGDWLRQ GH OD GRSDPLQH LQKLELWHXUV HQ]\PDWLTXHV

(31)   'LYHUVHV WKpUDSHXWLTXHV DGMXYDQWHV VRQW pJDOHPHQW LPSRUWDQWHV j FRQVLGpUHU GRQW QRWDPPHQW OD NLQpVLWKpUDSLH O¶RUWKRSKRQLH PDLV pJDOHPHQW OH WUDLWHPHQW GHV WURXEOHV GpSUHVVLIVPDMHXUV  3DU DLOOHXUV OH WUDLWHPHQW FKLUXUJLFDO j W\SH GH VWLPXODWLRQ j KDXWH IUpTXHQFH GX QR\DX VRXVWKDODPLTXHFRQVWLWXH XQH WKpUDSHXWLTXH HIILFDFH 0DLV FHWWH FKLUXUJLH FR€WHXVH UHVWH UpVHUYpH j GHV SDWLHQWV D\DQW XQH IRUPH pYROXpH GH OD PDODGLH HW FKH] OHVTXHOV OH WUDLWHPHQW PpGLFDPHQWHX[ FODVVLTXH QH SHUPHW  TX¶XQH IDLEOH OLPLWDWLRQ GHV G\VNLQpVLHV HW IOXFWXDWLRQVPRWULFHV  (QILQQRWRQVpJDOHPHQWTXHOHGLDJQRVWLFFOLQLTXHGHODPDODGLHGH3DUNLQVRQUHVWH HQWDFKp SDU GH QRPEUHXVHV HUUHXUV /¶H[DPHQ FOLQLTXH DSSURIRQGL GX SDWLHQW DLQVL TX¶XQ VXLYL GH VD UpDFWLRQ j OD GRSDWKpUDSLH FRQVWLWXHQW GHX[ pWDSHV FDSLWDOHV SRXU LGHQWLILHU OD PDODGLHGH3DUNLQVRQLGLRSDWKLTXHHWODGLIIpUHQFLHUGHVDXWUHVV\QGURPHVSDUNLQVRQLHQV  ,/(352),/&2*1,7,)'83$7,(173$5.,1621,(1  /DPDODGLHGH3DUNLQVRQDpWpGpFULWHSRXUODSUHPLqUHIRLVDXGpEXWGX;,;ƒVLqFOH QpDQPRLQVODGHVFULSWLRQGHWURXEOHVFRJQLWLIVFKH]OHVSDWLHQWVSDUNLQVRQLHQVQRQGpPHQWV DSSDUDvWGDQVODOLWWpUDWXUHGHSXLVTXHOTXHVDQQpHVVHXOHPHQW. . .

(32) $XMRXUG¶KXL ELHQ TXH ORQJWHPSV VRXVHVWLPpV FHV WURXEOHV VRQW DYpUpV DSSDUWLHQQHQW SOHLQHPHQWDXWDEOHDXGHODPDODGLHGH3DUNLQVRQV¶LQVFULYHQWGDQVVDSK\VLRSDWKRORJLHHW LQIOXHQFHQWOHGHJUpGHKDQGLFDSTXLOXLHVWDVVRFLp  /HV SHUWXUEDWLRQV FRJQLWLYHV FKH] OH SDUNLQVRQLHQ SHXYHQW DSSDUDvWUH GqV OHV SUHPLHUV VWDGHV GH OD PDODGLH HW GHYLHQQHQW GH SOXV HQ SOXV SUpJQDQWV DX FRXUV GH VRQ pYROXWLRQ'HIDLWDXFRXUVGHVSUHPLqUHVDQQpHVLOVGHPHXUHQWSHXLQYDOLGDQWVGDQVODYLH TXRWLGLHQQHPDLVDXFRXUVGHODPDODGLHO¶DWWHLQWHFRJQLWLYHV¶DFFHQWXHSHXjSHX 3RXU OHV SDWLHQWV DWWHLQWV GH OD PDODGLH GH 3DUNLQVRQ LGLRSDWKLTXH HW QRQGpPHQWV O¶RULHQWDWLRQ VSDWLRWHPSRUHOOH HVW FRQVHUYpH O¶DXWRQRPLH LQWHOOHFWXHOOH HVW SUpVHUYpH HW OHV IRQFWLRQV LQVWUXPHQWDOHV UHVWHQW SDUWLHOOHPHQW LQWDFWHV $ OD PDODGLH V¶DMRXWHQW FHSHQGDQW GHV WURXEOHV VSpFLILTXHV TXL SUHQQHQW OD IRUPH G¶XQ V\QGURPH VRXVFRUWLFRIURQWDO HW TXH QRXVDOORQVGpWDLOOHUGDQVFHFKDSLWUH  $LQVL HQ GHKRUV GH WRXWH GpWpULRUDWLRQ FRJQLWLYH JOREDOH GpPHQFH

(33)  OHV SDWLHQWV SDUNLQVRQLHQV SUpVHQWHQW GHV GpILFLWV FRJQLWLIV VSpFLILTXHV TXL WRXFKHQW HVVHQWLHOOHPHQW OH WUDLWHPHQW GHV LQIRUPDWLRQV YLVXRVSDWLDOHV OD PpPRLUH O¶DWWHQWLRQ HW OHV IRQFWLRQV H[pFXWLYHV  /HV SDWLHQWV VH SODLJQHQW JpQpUDOHPHQW G¶XQH SHUWH GH UHQGHPHQW LQWHOOHFWXHO VH VHQWHQWUDOHQWLV OD UpIOH[LRQ OHXU GHPDQGH SOXV G¶HIIRUWV HW SOXV GH WHPSV TX¶DXSDUDYDQW HW RQWOHVHQWLPHQWGHPRLQGUHSHUIRUPDQFHGDQVOHVWkFKHVGHODYLHTXRWLGLHQQH(QSUDWLTXH FOLQLTXHRQSDUOHGHEUDG\SKUpQLH  /HUHWHQWLVVHPHQWGHFHVWURXEOHVFRJQLWLIVGDQVODYLHTXRWLGLHQQHHVWWUqVYDULDEOH  3RXU FHUWDLQV PDODGHV  OHV UpSHUFXVVLRQV GDQV OHXU YLH GH WRXV OHV MRXUV UHVWHQW SHQGDQW GH QRPEUHXVHV DQQpHV SHX KDQGLFDSDQWHV Q¶HPSrFKDQW QL OH PDLQWLHQ G¶XQH DGDSWDWLRQSURIHVVLRQQHOOHQLO¶LQWpJUDWLRQIDPLOLDOHHWVRFLDOH 3RXU G¶DXWUHV FHV WURXEOHV SHXYHQW FRQVWLWXHU XQ IUHLQ LPSRUWDQW j XQH DFWLYLWp SURIHVVLRQQHOOH  (QILQLOHVWLPSRUWDQWGHGLVWLQJXHUOHVWURXEOHVFRJQLWLIVOpJHUVGHO¶pWDWGHGpPHQFH TXLQHVXUYLHQWTXHFKH]jGHVSDWLHQWVVHORQOHVpWXGHV. . .

(34) $/¶HIILFLHQFHJOREDOH  /HV pYDOXDWLRQV JOREDOHV RQW pWp OHV SUHPLqUHV SUDWLTXpHV DILQ G¶DSSUpFLHU OH IRQFWLRQQHPHQW LQWHOOHFWXHO GHV SDUNLQVRQLHQV PDLV OHV pWXGHV GH FH W\SH VRQW GHYHQXHV UDUHV FDU OHV WUDYDX[ DFWXHOV VH OLPLWHQW VRXYHQW j XQ DVSHFW FLEOp HW SUpFLV GH O¶DFWLYLWp PHQWDOH 1pDQPRLQV RQ UHWURXYH VRXYHQW GDQV OHV FDUDFWpULVWLTXHV GHVFULSWLYHV GHV SRSXODWLRQV GH PDODGHVpWXGLpHVUpFHPPHQWGHVGRQQpHVTXLIRQWUpIpUHQFHjXQHpYDOXDWLRQJOREDOH>@  /¶pYDOXDWLRQJOREDOHODSOXVFRXUDQWHSDVVHSDUODPHVXUHGXTXRWLHQWLQWHOOHFWXHOHW O¶pFKHOOHG¶LQWHOOLJHQFHODSOXVXWLOLVpHHVWFHOOHGH:(&+6/(5 :$,6

(35)  /¶pYDOXDWLRQQHXURSV\FKRORJLTXHJOREDOHGHVPDODGHVSDUNLQVRQLHQVQ¶HVWFHUWDLQHPHQWSDV VDQVLQWpUrW/DSOXSDUWGHVpWXGHVUpDOLVpHVDXSUqVGHSDWLHQWVSDUNLQVRQLHQVQRQGpPHQWV FRQFOXW j OD GLVFUpWLRQ GH OD GpWpULRUDWLRQ JOREDOH GHV DFWLYLWpV LQWHOOHFWXHOOHV YRLUH j VRQ DEVHQFHUHMRLJQDQWO¶LPSUHVVLRQFOLQLTXHJpQpUDOHGRQQpHSDUFHVPDODGHV/RUVTX¶HOOHHVW DIIHFWpH OD GpWpULRUDWLRQ VH WUDGXLW HVVHQWLHOOHPHQW SDU OD EDLVVH GX TXRWLHQW LQWHOOHFWXHO GH SHUIRUPDQFHWDQGLVTXHOHTXRWLHQWLQWHOOHFWXHOYHUEDOUHVWHSUpVHUYp 2Q QRWHUD SDU DLOOHXUV TXH OHV UpVXOWDWV DX[ WHVWV GH FRPSUpKHQVLRQ GH YRFDEXODLUH HW G¶DULWKPpWLTXHV V¶DYqUHQW LGHQWLTXHV SRXU OHV SDWLHQWV SDUNLQVRQLHQ HW OHV VXMHWV WpPRLQV >@>@ ,OIDXWpJDOHPHQWSUpFLVHUTXHGHQRPEUHXVHpWXGHVH[FOXHQWGHVPDODGHVTXLVDQV rWUHGpPHQWVSUpVHQWHQWGHVDOWpUDWLRQVPHQWDOHVFOLQLTXHPHQWpYLGHQWHVSRXUVHOLPLWHUj O¶pWXGH GH PDODGHV JpQpUDOHPHQW SHX RX PR\HQQHPHQW pYROXpV RX VpOHFWLRQQpV HW QRQ UHSUpVHQWDWLIVGHO¶HQVHPEOHGHVPDODGHV>@  /HVUpVXOWDWVGHFHVpYDOXDWLRQVJOREDOHVFRQWUDVWHQWDYHFOHVGRQQpHVGHVDQDO\VHV QHXURSV\FKRORJLTXHVSOXVGpWDLOOpHVTXLUpYqOHQWGHVSHUWXUEDWLRQVSUpFRFHVGHODPpPRLUH HWVXUWRXWGHVDFWLYLWpVYLVXRVSDWLDOHV   %/HUDOHQWLVVHPHQWFRJQLWLI  /H UDOHQWLVVHPHQW GH OD SHQVpH GDQV OD PDODGLH GH 3DUNLQVRQ UHVWH FRQWURYHUVp PrPHVLVDSUpVHQFHHVWLQGpQLDEOHGDQVOHVGpPHQFHVG¶RULJLQHVRXVFRUWLFDOH /H UDOHQWLVVHPHQW PRWHXU EUDG\NLQpVLH

(36)  FRQVWLWXH HQ HIIHW XQ GHV VLJQHV PDMHXUV GH OD PDODGLH HW PrPH VL OHV SDWLHQWV VH WURXYHQW pJDOHPHQW SOXV OHQWV j UpDJLU RX j UpIOpFKLU LO V¶DYqUHVRXYHQWGpOLFDWGHGLIIpUHQFLHUOHVFRPSRVDQWHVPRWULFHVHWFRJQLWLYHVGHFHGpILFLW. . .

(37)  /¶pYDOXDWLRQ GH FH UDOHQWLVVHPHQW GDQV OHV GLIIpUHQWHV pWXGHV HVW FODVVLTXHPHQW UpDOLVpH DX PR\HQ GH SDUDGLJPHV GH WHPSV GH UpDFWLRQ (OOHV FRPSDUHQW OD SHUIRUPDQFH GHVSDWLHQWVSDUNLQVRQLHQVHWGHVXMHWVWpPRLQVjGHVpSUHXYHVGHWHPSVGHUpDFWLRQjFKRL[ PXOWLSOHVGHGLIILFXOWpFRJQLWLYHFURLVVDQWHWRXWHQPDLQWHQDQWXQHUpSRQVHPRWULFHFRQVWDQWH SHUPHWWDQWGHIDLWGHGLVVRFLHUOHUDOHQWLVVHPHQWFRJQLWLIGXUDOHQWLVVHPHQWVHQVRULPRWHXU $YHF FHWWH pSUHXYH &223(5 HW FROO 

(38)  >@ RQW REVHUYp FKH] OHV SDWLHQWV XQH DXJPHQWDWLRQ GX WHPSV GH UpSRQVH UHODWLYHPHQW FURLVVDQWH HQ IRQFWLRQ GH OD FRPSOH[LILFDWLRQ GH OD GHPDQGH GpPRQWUDQW DLQVL XQ GpILFLW VSpFLILTXH GHV SURFHVVXV GH WUDLWHPHQWFRJQLWLI 'HSOXVRQSHXWUDMRXWHUTXHFHGpILFLWpWDLWSUpVHQWGqVOHVSUHPLHUVVWDGHVGHODPDODGLH V¶DJJUDYDQWSURJUHVVLYHPHQW%LHQTXHQ¶pWDQWSDVDVVRFLpjODSUpVHQFHG¶XQHGpPHQFHLO HVWJpQpUDOHPHQWFRUUpOpjO¶pWDWFRJQLWLIHWjODVpYpULWpGHVVLJQHVPRWHXUV  '¶DXWUHSDUWQRWRQVTXHO¶RULJLQHGHFHUDOHQWLVVHPHQWQ¶HVWWRXMRXUVSDVFODLUHPHQW LGHQWLILpH LO SDUDLW GRQF FDSLWDO GH SUHQGUH HQ FRPSWH OD IRUWH SUpYDOHQFH GH OD GpSUHVVLRQ FKH] OH SDUNLQVRQLHQ FHOOHFL SRXYDQW pJDOHPHQW rWUH VRXUFH G¶XQ UDOHQWLVVHPHQW SV\FKRPRWHXU   &/HVWURXEOHVGHVIRQFWLRQVH[pFXWLYHV  /HV IRQFWLRQV H[pFXWLYHV FRUUHVSRQGHQW j O¶HQVHPEOH GHV SURFHVVXV PHQWDX[ LPSOLTXpV GDQV OD PLVH HQ SODFH GHV FRPSRUWHPHQWV ILQDOLVpV QpFHVVLWDQW XQ FRQWU{OH YRORQWDLUH GH O¶DFWLRQ HW GH OD SHQVpH (OOHV FRQFHUQHQW GRQF OD VpOHFWLRQ G¶XQ EXW O¶pODERUDWLRQ HW OD SODQLILFDWLRQ G¶XQ SODQ G¶DFWLRQ O¶LQLWLDWLRQ HW OH PDLQWLHQ GH O¶H[pFXWLRQ OD JHVWLRQVLPXOWDQpHGHSOXVLHXUVVRXUFHVG¶LQIRUPDWLRQO¶LQKLELWLRQGHVLQWHUIpUHQFHVDLQVLTXH OH FRQWU{OH HW O¶DGDSWDWLRQ GX FRPSRUWHPHQW HQ FRXUV SDU UDSSRUW DX[ FKDQJHPHQWV GH O¶HQYLURQQHPHQWHWDXUpVXOWDWHVFRPSWpFRPPHOHUDSSHOOHQW3,//21HWFROO>@  3OXV JpQpUDOHPHQW HOOHV FRQWU{OHQW YpULWDEOHPHQW OH FRPSRUWHPHQW DX VHQV ODUJH HW SHUPHWWHQWDXVXMHWXQHDGDSWDWLRQFRJQLWLYHVRFLDOHHWDIIHFWLYH 'H QRPEUHXVHV pWXGHV UHQGHQW FRPSWH TXH OHV IRQFWLRQV H[pFXWLYHV VRQW GpSHQGDQWHV GX IRQFWLRQQHPHQW GX FRUWH[ SUpIURQWDO GRUVRODWpUDO HW GX PpVHQFpSKDOH 2U GHV DVVRFLDWLRQV DQDWRPLTXHVQRPEUHXVHVH[LVWHQWHQWUHOHVWULDWXPHWOHFRUWH[IURQWDO&HFLIDLWSHQVHUTXH OHG\VIRQFWLRQQHPHQWGHVUpJLRQVVWULDWDOHV HWQRWDPPHQWOHQR\DXFDXGp

(39) DXUDXQLPSDFW VXUOHVIRQFWLRQVFRJQLWLYHVGpSHQGDQWHVGXFRUWH[SUpIURQWDO. . .

(40)  /¶H[LVWHQFH FKH] GH QRPEUHX[ SDUNLQVRQLHQV G¶XQH GLIILFXOWp j FRQGXLUH FHV SURJUDPPHVFRJQLWLIVDSSDUDvWGDQVODOLWWpUDWXUHGHSXLVXQHYLQJWDLQHG¶DQQpHV /((6 HW 60,7+ >@ VRXOLJQHQW OH FDUDFWqUH SUpFRFH GH FHV WURXEOHV ©IURQWDX[ª TXDQW j &22/6 HW FROO >@ LOV LQVLVWHQW VXU OD SUpVHQFH FKH] OHV SDUNLQVRQLHQV G¶XQ GpILFLW JpQpUDOLVpGHO¶DSWLWXGHDXFKDQJHPHQWG¶DWWLWXGHjODIRLVPRWHXUHWFRJQLWLIHWLQGpSHQGDQW GHVFDUDFWpULVWLTXHVVSpFLILTXHVGHODWkFKH  $LQVLGHQRPEUHX[WUDYDX[IRQWpWDWGHO¶H[LVWHQFHGHFHV\QGURPHG\VH[pFXWLIFKH] OHV SDWLHQWV SDUNLQVRQLHQV HW OHV SODFHQW PrPH DX FHQWUH GHV WURXEOHV FRJQLWLIV SUpVHQWpV SDU OHV SDWLHQWV 3,//21 %2//(5 /(9< HW '8%2,6 >@ SUpVHQWHQW OHV UpVXOWDWV GH FHV WUDYDX[ 3DU H[HPSOH OH © :LVFRQVLQ &DUG 6RUWLQJ 7HVW ª HVW XQ WHVW TXL UHTXLHUW OD SOXSDUW GHV SURFHVVXVH[pFXWLIV(QHIIHWLOH[LJHGHODSDUWGXSDWLHQWODFDSDFLWpjIRUPHUGHVFRQFHSWV HQpODERUDQWGHVFULWqUHVjPDLQWHQLUFHFULWqUHHQLQKLEDQWOHVSRVVLELOLWpVDOWHUQDWLYHVHWj DGRSWHU OHV VWUDWpJLHV HQ IRQFWLRQ GHV FKDQJHPHQWV HQYLURQQHPHQWDX[ H[LJHDQW XQH IOH[LELOLWpFRJQLWLYH  (Q  %RZHQ HW FROO LQ 3,//21 %2//(5 /(9< HW '8%2,6 >@ RQW pWp OHV SUHPLHUV j pWXGLHU OHV UpVXOWDWV GH FH WHVW FKH] GHV SDWLHQWV SDUNLQVRQLHQV 'HSXLV GH QRPEUHXVHV pWXGHV RQW UDSSRUWp GHV SHUIRUPDQFHV GpILFLWDLUHV GHV SDWLHQWV SDUNLQVRQLHQV VXUFHVWURLVSURFHVVXV  $LQVL GDQV OHXU YLH TXRWLGLHQQH OHV SDUNLQVRQLHQV V¶DYqUHQW SOXV VHQVLEOHV j O¶LQWHUIpUHQFH SUpVHQWHQW SOXV GH GLIILFXOWpV j V¶DGDSWHU DX[ FKDQJHPHQWV SRXU LQWpJUHU SOXVLHXUV VRXUFHV G¶LQIRUPDWLRQV HW SRXU DOWHUQHU HQWUH SOXVLHXUV VFKpPDV G¶DFWLRQ (Q GpILQLWLYHLOVRQWGHVGLIILFXOWpVjH[HUFHUXQFRQWU{OHFRJQLWLIDFWLIHWHIILFDFH  &RPPH OD SOXSDUW GHV SURFHVVXV FRJQLWLIV OHV IRQFWLRQV H[pFXWLYHV FRQVWLWXHQW XQ V\VWqPH PXOWLGLPHQVLRQQHO $ SURSRV GH FH GHUQLHU OD OLWWpUDWXUH QH VHPEOH SDV HQFRUH FRQVHQVXHOOH VXU XQ PRGqOH XQLTXH GX FRQWU{OH H[pFXWLI PDLV OHV DXWHXUV V¶DFFRUGHQW.  . 4XDWUHFDUWHVSRUWDQWGHVV\PEROHVGLIIpUHQWVHQQRPEUHFRXOHXURXIRUPHVRQWSODFpHVSDUOHWHVWHXU/HVXMHWGRLWDSSDULHUXQHFDUWHTXL. OXLHVWSUpVHQWpHDYHFO¶XQHGHVTXDWUHGHYDQWOXLVHORQXQFULWqUHVSpFLILTXHTX¶LOSHXWGpWHUPLQHUVHXOHPHQWHQIRQFWLRQGXIHHGEDFNGH O¶H[DPLQDWHXU FRUUHFWRXLQFRUUHFW

(41) &KDTXHFULWqUHHVWPDLQWHQXSHQGDQWSOXVLHXUVFDUWHVFRQVpFXWLYHVSXLVXQQRXYHDXFULWqUHHVWGpWHUPLQp 'DQVFHWHVWSOXVLHXUVSDUDPqWUHVVRQWDORUVpYDOXpVOHQRPEUHGHFULWqUHVpODERUpV WHVWHODFDSDFLWpG¶pODERUDWLRQGHFRQFHSW

(42) OHQRPEUH G¶HUUHXUVGHSHUVpYpUDWLRQ UHQVHLJQHVXUOHVFDSDFLWpVGHIOH[LELOLWpHWG¶LQKLELWLRQGHUpSRQVHVQRQSHUWLQHQWHV

(43) HWOHQRPEUHG¶HUUHXUVGH PDLQWLHQ pYDOXHOHVFDSDFLWpVGHPDLQWLHQDWWHQWLRQQHO. . .

(44) QpDQPRLQVVXUO¶H[LVWHQFHGHGLIIpUHQWHVFRPSRVDQWHVH[pFXWLYHVHWVXUODQpFHVVLWpGHOHV pYDOXHUVSpFLILTXHPHQWHWULJRXUHXVHPHQW  $LQVLGLIIpUHQWHVFRPSRVDQWHVVRQWWRXFKpHVGDQVODPDODGLH   O¶pODERUDWLRQ G¶XQ SODQ G¶DFWLRQ RX G¶XQ FRQFHSW TXL IDLW UpIpUHQFH DX[ FDSDFLWpV GH SODQLILFDWLRQ

(45)    OD IOH[LELOLWp FRJQLWLYH RX OD FDSDFLWp G¶DGDSWHU XQ SODQ G¶DFWLRQ DX[ H[LJHQFHV G¶XQ HQYLURQQHPHQWFKDQJHDQW  ODUpVLVWDQFHjO¶LQWHUIpUHQFHF¶HVWjGLUHODFDSDFLWpjPDLQWHQLUODUHSUpVHQWDWLRQPHQWDOH G¶XQSURJUDPPHG¶DFWLRQHQFRXUVHWG¶LQKLEHUOHVLQIRUPDWLRQVQRQSHUWLQHQWHV   OD FRRUGLQDWLRQ GH O¶DFWLRQ TXL FRQFHUQH OD FDSDFLWp j FRQWU{OHU HW PDQLSXOHU GHV LQIRUPDWLRQVGHVRXUFHVGLYHUVHVSRXUVXVFLWHUXQHUpSRQVHDGDSWpH  /¶pODERUDWLRQG¶XQSODQG¶DFWLRQRXG¶XQFRQFHSW  &HWWH FRPSRVDQWH H[pFXWLYH SHUPHW G¶pODERUHU GHV VWUDWpJLHV DILQ G¶DWWHLQGUH OH EXW SRXUVXLYLHWG¶DQWLFLSHUOHUpVXOWDWGHO¶DFWLRQ  /D SODQLILFDWLRQ GH O¶DFWLRQ HVW FODVVLTXHPHQW pYDOXpH HQ QHXURSV\FKRORJLH SDU O¶pSUHXYH GH OD 7RXU GH /RQGUHV &HWWH pSUHXYH PHVXUH OD FDSDFLWp G¶XQH SHUVRQQH j H[pFXWHUXQHWkFKHYLVXHOOHHWVSDWLDOHFRPSOH[HHQSODQLILDQWXQHVpTXHQFHGHPRXYHPHQWV DYHFGHVERXOHV8QHSHUVRQQHQHSRXYDQWHIIHFWXHUFHWWHWkFKHFRQYHQDEOHPHQWSUpVHQWH XQ WURXEOH GH PpPRLUH YLVXHOOH HW VSDWLDOH XQ SUREOqPH SRXU SODQLILHU RX SUHQGUH XQH GpFLVLRQ /HV pWXGHV GH QHXURLPDJHULH RQW pWDEOL TXH OHV FRUWH[ SUpIURQWDO GRUVRODWpUDO HW SDULpWDOLQIpULHXUDLQVLTXHOHQR\DXFDXGpVRQWDFWLYpVFKH]XQSDUWLFLSDQWHIIHFWXDQWOHWHVW GHOD7RXUGH/RQGUHV.  /D 7RXU GH /RQGUHV HVW XQ WHVW FRQVWLWXp GH SUREOqPHV GH GLIILFXOWp FURLVVDQWH LPSOLTXDQWXQQRPEUHFURLVVDQWGHGpSODFHPHQWVG¶REMHWVjSODQLILHU/ pYDOXDWHXUXWLOLVHXQ DSSDUHLODSSHOp7RXUGH/RQGUHVFRPSUHQDQWXQHEDVHHQERLVVXUODTXHOOHVRQWGLVSRVpV OLQpDLUHPHQW WURLV SLTXHWV G XQH KDXWHXU GLIIpUHQWH 2Q FRPSWH pJDOHPHQW WURLV ERXOHV GH IRUPHVLGHQWLTXHVPDLVGHFRXOHXUVGLIIpUHQWHV URXJHEOHXHHWYHUWH

(46) SRXYDQWV LQVpUHUVXU OHVWURLVSLTXHWV6XUOHSOXVJUDQGSLTXHWRQSHXWLQVpUHUOHVWURLVERXOHVVXUOHPR\HQGHX[. . .

(47) ERXOHVHWVXUOHSHWLWSLTXHWXQHVHXOHERXOH/HVERXOHVSHXYHQWDLQVLrWUHDUUDQJpHVVXUOHV SLTXHWV GH IDoRQ j IRUPHU HQ XWLOLVDQW OH PRLQV GH PRXYHPHQWV SRVVLEOHV GLIIpUHQWV PRGqOHVTXHO¶H[DPLQDWHXUSURSRVHVXUGHVFDUWHV   .  )LJXUH/HWHVWGHOD7RXUGH/RQGUHV  3RXUFHWWHpSUHXYHLODpWpGpPRQWUpTXHOHVVXMHWVSDUNLQVRQLHQVUpXVVLVVHQWOHWHVW FHSHQGDQWLOVREWLHQQHQWGHVWHPSVGHSODQLILFDWLRQHWGHUpVROXWLRQSOXVORQJVTXHOHVVXMHWV WpPRLQV HW RQW EHVRLQ G¶XQ SOXV JUDQG QRPEUH G¶HVVDLV DYDQW GH SDUYHQLU j OD VROXWLRQ GX SUREOqPH '¶DXWUHV pWXGHV RSSRVDQW GHV SDWLHQWV SDUNLQVRQLHQV j GLIIpUHQWV VWDGHV GH OD PDODGLH DYHF GHV SDWLHQWV SUpVHQWDQW GHV OpVLRQV IURQWDOHV RQW PRQWUp TXH VHXOV OHV SDUNLQVRQLHQVOHVSOXVVpYqUHPHQWDWWHLQWVDYDLHQWGHVGLIILFXOWpVFRPSDUDEOHVDX[SDWLHQWV IURQWDX[ OD UpVROXWLRQ GHV SUREOqPHV SDVVDLW V\VWpPDWLTXHPHQW SDU XQ QRPEUH GH GpSODFHPHQWVSOXVpOHYp 'H SOXV j O¶LQYHUVH GHV SDWLHQWV IURQWDX[ OHV SDUNLQVRQLHQV REWHQDLHQW XQ WHPSV LQLWLDO GH GpSODFHPHQW VLJQLILFDWLYHPHQW SURORQJp PDLV SDU OD VXLWH GHV WHPSV FRQVpFXWLIV FRPSDUDEOHV DX[ VXMHWV VDLQV /HV SDUNLQVRQLHQV j O¶LQYHUVH GHV VXMHWV IURQWDX[ VHUDLHQW GRQF FDSDEOHV GH SODQLILHU XQH DFWLRQ $LQVL OH UDOHQWLVVHPHQW REVHUYp SRXUUDLW rWUH LPSXWDEOH j XQH GLIILFXOWp SRXU DOWHUQHU PHQWDOHPHQW HQWUH SOXVLHXUV VFKpPDV G¶DFWLRQ HW VHUDLWGRQFILQDOHPHQWGDYDQWDJHOLpDX[WURXEOHVGHIOH[LELOLWpPHQWDOHTXHGHSODQLILFDWLRQ. . .

(48)  &HSHQGDQW LO V¶DYqUH TXH FHWWH K\SRWKqVH Q¶HVW SDV DSSURXYpH SDU OHV UpFHQWHV pWXGHVUpDOLVpHVHQLPDJHULHFpUpEUDOHG¶DFWLYDWLRQ(QHIIHWFHVGHUQLqUHVUHQGHQWFRPSWH GH O¶LPSOLFDWLRQ VSpFLILTXH GX QR\DX FDXGp GDQV OD SKDVH GH SODQLILFDWLRQ GH O¶DFWLRQ 2U '$*+(5 HW FROO >@ REVHUYHQW XQH DFWLYDWLRQ FRPSDUDEOH GX FRUWH[ SUpIURQWDO FKH] OHV VXMHWV SDUNLQVRQLHQV HWFKH] OHV VXMHWVWpPRLQVDORUVTXH O¶DFWLYDWLRQ GX QR\DX FDXGp Q¶HVW UHWURXYpHTXHFKH]OHVWpPRLQVVDLQV  'HQRPEUHX[DXWUHVWHVWVSHXYHQWrWUHXWLOLVpVFRPPHODJpQpUDWLRQGHVpTXHQFHV VSDWLDOHV TXL GpYRLOH XQ GpILFLW GDQV O¶XWLOLVDWLRQ GHV VWUDWpJLHV G¶RUJDQLVDWLRQ RX FRPPH O¶RUJDQLVDWLRQ GH VFULSWV VpTXHQFHV G¶pYpQHPHQWV IDPLOLHUV FRPPH DOOHU DX UHVWDXUDQW SDU H[HPSOH

(49) TXLSRVHGHVGLIILFXOWpVDX[SDWLHQWV (IIHFWLYHPHQW FHWWH RUJDQLVDWLRQ V¶DYqUH SHUWXUEpH ORUVTX¶LO V¶DJLW GH UHVSHFWHU FHUWDLQHV FRQWUDLQWHVHWORUVTX¶LOQHIDXWSDVSUHQGUHHQFRQVLGpUDWLRQOHVVpTXHQFHVQRQSHUWLQHQWHV SRXU OD UpDOLVDWLRQ GX VFpQDULR 'HV HUUHXUV DSSDUDLVVHQW GDQV OD PLVH HQ VpTXHQFH GHV DFWLRQV HW OHV SDWLHQWV LQVqUHQW GHV DFWLRQV TXL QH VRQW SDV HQ UHODWLRQ DYHF OH VFpQDULR JOREDO 3UpFLVRQV TXH FHV HUUHXUV GLVSDUDLVVHQW ORUVTXH OH SDWLHQW JpQqUH XQ VFpQDULR VSRQWDQpPHQWFHTXLVXJJqUHTXHOHVGLIILFXOWpVGHVSDWLHQWVVXUFHWHVWSHXYHQWrWUHOLpHVj XQ GpIDXW GH SODQLILFDWLRQ SOXW{W TX¶j XQH DWWHLQWH GH OD UHSUpVHQWDWLRQ FRQFHSWXHOOH GH FHV pYqQHPHQWV  3DU DLOOHXUV G¶DXWUHV WHVWV WHQGHQW j PRQWUHU TXH VSRQWDQpPHQW OHV SDWLHQWV Q¶DQWLFLSHQWSDVOHXUVDFWLRQVDXVVLIDFLOHPHQWTXHOHVVXMHWVWpPRLQVFHTXLHQWUDvQHFKH] OHV SDUNLQVRQLHQV GHV GLIILFXOWpV j FRQWU{OHU OHXUV DFWLRQV $LQVL FHV GHUQLHUV DXUDLHQW WHQGDQFHjV¶DWWDFKHUGLUHFWHPHQWDX[LQIRUPDWLRQVVHQVRULHOOHVUpSRQGDQWDX[pYpQHPHQWV DXOLHXGHOHVDQWLFLSHU )/2:(56FLWpSDU3,//21HWFROO>@

(50)   'H IDLW FRPPH O¶LQGLTXH 67(51 

(51)  OD GpSHQGDQFH GX SDUNLQVRQLHQ j VRQ HQYLURQQHPHQW GH PrPH TX¶DX[ VWLPXODWLRQV HQYLURQQHPHQWDOHV SHXW FRQVWLWXHU XQH WHQWDWLYHGHFRPSHQVDWLRQjVRQGpILFLWGHSURJUDPPDWLRQ  &HSHQGDQW FHWWH GpSHQGDQFH j O¶HQYLURQQHPHQW HVW VXVFHSWLEOH G¶LQGXLUH GHV FRQVpTXHQFHV QpIDVWHV SRXU OH SDWLHQW FRPPH O¶LQGLTXHQW SOXVLHXUV FRPSRUWHPHQWV SDWKRORJLTXHV GH SUpKHQVLRQ G¶XWLOLVDWLRQ HW G¶LPLWDWLRQ (Q HIIHW FHV SDWLHQWV SHXYHQW SUpVHQWHU XQH WHQGDQFH VSRQWDQpH j DWWUDSHU HW j PDQLSXOHU OHV REMHWV SUpVHQWpV HQ IDFH G¶HX[jLPLWHUODJHVWXHOOHGHO¶H[DPLQDWHXUHWFHHQO¶DEVHQFHGHWRXWRUGUHGHFHGHUQLHU HQFHVHQV. . .

(52) $LQVL FH V\QGURPH GH GpSHQGDQFH j O¶HQYLURQQHPHQW FDUDFWpULVWLTXH GHV OpVLRQV RX G\VIRQFWLRQVIURQWDOHV /+(50,77(3,//21HW6(5'$58FLWpVSDU3,//21HWFROO >@

(53) SHXWFRQGXLUHjXQHSHUWHG¶DXWRQRPLH  /¶pODERUDWLRQG¶XQSODQG¶DFWLRQSHXWpJDOHPHQWrWUHpYDOXpHDXPR\HQGHVpSUHXYHV GH IOXHQFHV YHUEDOHV DX FRXUV GHVTXHOOHV RQ GHPDQGH DX VXMHW GDQV XQ WHPSV OLPLWp GH FLWHUOHSOXVSRVVLEOHGHPRWVFRPPHQoDQWSDUXQHOHWWUH IOXHQFHVOLWWpUDOHV

(54) RXDSSDUWHQDQW jXQHPrPHFDWpJRULHVpPDQWLTXH IOXHQFHVVpPDQWLTXHV

(55)  &HV pSUHXYHV V¶DYqUHQW VHQVLEOHV DX[ G\VIRQFWLRQQHPHQWV FpUpEUDX[ $LQVL OHV IOXHQFHV OLWWpUDOHVVRQWSOXW{WSHUWXUEpHVHQFDVGHOpVLRQGHVOREHVIURQWDX[WDQGLVTXHOHVIOXHQFHV VpPDQWLTXHV VRQW DIIHFWpHV ORUV GH OpVLRQ GX OREH WHPSRUDO 'H SOXV SUpFLVRQV TXH OHV pSUHXYHV GH IOXHQFHV OLWWpUDOHV H[LJHUDLHQW OH GpSORLHPHQW HW OH PDLQWLHQ GH VWUDWpJLHV GH UpFXSpUDWLRQSOXVLPSRUWDQWTXHFHOOHVGHIOXHQFHVVpPDQWLTXHV  'DQV OD PDODGLH GH 3DUNLQVRQ R OH GpILFLW GHV FLUFXLWV EDVRWKDODPRFRUWLFDX[ SURYRTXHXQHGLIILFXOWpjLQLWLHUHWXWLOLVHUVSRQWDQpPHQWGHWHOOHVVWUDWpJLHVGHUpFXSpUDWLRQ RQ SHXW LPDJLQHU TXH OHV WURXEOHV VHUDLHQW SOXV LPSRUWDQWV SRXU OHV pSUHXYHV GH IOXHQFHV OLWWpUDOHVTXHSRXUFHOOHVGHIOXHQFHVVpPDQWLTXHV 2U GDQV OD UpDOLWp OHV UpVXOWDWV DX[ WHVWV V¶DYqUHQW H[WUrPHPHQW GLYHUJHQWV 6L FHUWDLQV DXWHXUV UDSSRUWHQW GHV GpILFLWV DX[ GHX[ W\SHV G¶pSUHXYHV G¶DXWUHV Q¶HQ REVHUYHQW DXFXQ G¶DXWUHVHQFRUHUHQGHQWFRPSWHG¶XQGpILFLWHQIOXHQFHVOLWWpUDOHVDYHFGHVUpVXOWDWVQRUPDX[ HQIOXHQFHVVpPDQWLTXHVRXOHSURILORSSRVp 'HQRPEUHX[IDFWHXUVSHXYHQWH[SOLTXHUFHVGLIIpUHQFHV SDUH[HPSOHOHVWDWXWFRJQLWLIGHV SDWLHQWV Q¶HVW SDV V\VWpPDWLTXHPHQW SULV HQ FRPSWH RX HQFRUH O¶LQIOXHQFH GHV WUDLWHPHQWV DQWLSDUNLQVRQLHQVQ¶HVWSDVWRXMRXUVFRQWU{OpH

(56)   )DFHjFHWWHLQFRQVWDQFHGHVUpVXOWDWVGHVWUDYDX[UpFHQWVTXLVHVRQWLQWpUHVVpVDX VXMHW RQW YX OH MRXU /HV DXWHXUV VH VRQW SHQFKpV VXU O¶LQWpUrW G¶DXWUHV W\SHV GH IOXHQFHV QRWDPPHQW OHV IOXHQFHV DOWHUQpHV 'DQV FH W\SH G¶pSUHXYH LO HVW GHPDQGp DX SDWLHQW GH SURGXLUHDOWHUQDWLYHPHQWXQPRWG¶XQHFDWpJRULHHWXQPRWG¶XQHDXWUHFDWpJRULH $LQVL/((HWFROO 

(57) RQWFRPSDUpODSHUIRUPDQFHGHSDUNLQVRQLHQVQRQGpPHQWV HWGHVXMHWVWpPRLQVjGHVpSUHXYHVGHIOXHQFHVSKRQpPLTXHVVpPDQWLTXHVHWDOWHUQpHV,OV UHPDUTXHQWXQGpILFLWFRQVWDQWjO¶pSUHXYHGHIOXHQFHVDOWHUQpHVWDQGLVTXHORUVGHVDXWUHV pSUHXYHVO¶DSSDULWLRQG¶XQGpILFLWV¶DYqUHWUqVYDULDEOH $LQVL FH W\SH G¶pSUHXYH SDU O¶LPSOLFDWLRQ GH UHVVRXUFHV GH WUDLWHPHQWV SOXV FRPSOH[HVTX¶HOOHSURYRTXHFRQVWLWXHUDLWGRQFXQW\SHG¶LQGLFDWHXUSOXVILDEOHGHVGLIILFXOWpV GHV SDUNLQVRQLHQV &HSHQGDQW HOOHV IRQW DSSHO HQ SOXV GHV FDSDFLWpV G¶pODERUDWLRQ G¶XQ. . .

(58) SODQG¶DFWLRQjGHVFDSDFLWpVSRXUDOWHUQHUHQWUHGHVFDWpJRULHVGHUpSRQVHVFHTXLUHQGUD SOXVFRPSOH[HO¶LQWHUSUpWDWLRQ  )OH[LELOLWpFRJQLWLYH  /D IOH[LELOLWp PHQWDOH SRVVLEOHPHQW VRXV OD GpSHQGDQFH GLUHFWH GHV SURFHVVXV LQKLELWHXUVFRUUHVSRQGjODFDSDFLWpjSDVVHUG¶XQHUqJOHGHSHQVpHjXQHDXWUHG¶XQSODQ G¶DFWLRQ j XQ DXWUH RX HQFRUH OD FDSDFLWp G¶DGDSWHU VHV FKRL[ DX[ FRQWLQJHQFHV &HWWH FRPSRVDQWHFRQVWLWXHXQSURFHVVXVHVVHQWLHOSRXUXQFRPSRUWHPHQWKXPDLQDGDSWp   &RPPH OH SUpFLVHQW *2'()52< HW FROO 

(59)  >@  FKH] OHV SDWLHQWV IURQWDX[ ©FHVHUUHXUVSHUVpYpUDWLYHVVRQWVRXYHQWDWWULEXpHVjXQGpILFLWGHODIOH[LELOLWpFRQFHSWXHOOH RX FRPPXWDWLRQ ©VKLIWLQJª HQ DQJODLV

(60)  DX PrPH WLWUH TXH OHV HUUHXUV SHUVpYpUDWLYHV REVHUYpHV GXUDQW O¶H[DPHQ FOLQLTXH /H GpILFLW GH IOH[LELOLWp FRQFHSWXHOOH FRQVWLWXH XQH FRQVpTXHQFHELHQpWDEOLHGHODSDWKRORJLHIURQWDOHª  8QWURXEOHGHODIOH[LELOLWpVHWUDGXLWGRQFJpQpUDOHPHQWSDUGHVSHUVpYpUDWLRQVGDQV GHV VWUDWpJLHV SUpFpGHPPHQW XWLOLVpHV DORUV TX¶HOOHV VRQW GHYHQXHV LQHIILFDFHV RX LQDGDSWpHV  /HVFDSDFLWpVGHFKDQJHPHQWGHVWUDWpJLHVSHXYHQWQRWDPPHQWrWUHpWXGLpHVJUkFH DX7UDLO0DNLQJ7HVW'DQVODSDUWLH%OHVXMHWGRLWUHOLHUDOWHUQDWLYHPHQWQRPEUHVHWOHWWUHV 3OXVLHXUVpWXGHVPRQWUHQWTXHOHVSDWLHQWVSDUNLQVRQLHQVpFKRXHQWjFHWH[HUFLFH,OVRQWGX PDOjPRGLILHUODUqJOHSRXUVDWLVIDLUHODFRQVLJQHTXLDFKDQJp SDUUDSSRUWjODSDUWLH$RLO IDOODLWVHXOHPHQWUHOLHUOHVQRPEUHVHQWUHHX[

(61)   &HWWHFRPSRVDQWHGXIRQFWLRQQHPHQWH[pFXWLIV¶DYqUHpJDOHPHQWpYDOXpHSDUOHWHVW G¶DVVRUWLPHQWGHFDUWHVGX:LVFRQVLQ TXHQRXVDYRQVGpMjpYRTXpSUpFpGHPPHQW

(62)  &KH]OHVSDWLHQWVSDUNLQVRQLHQVRQUHOqYHGHVGpILFLWVFDUDFWpULVWLTXHVSRXUFHWHVW GHVGLIILFXOWpVGHFRQFHSWXDOLVDWLRQSHXYHQWJrQHURXUHWDUGHUO¶LGHQWLILFDWLRQGHVUqJOHVGH FODVVHPHQW SURYRTXDQW XQH GLPLQXWLRQ GX QRPEUH GH FDWpJRULHV FRPSOpWpHV HW O¶DSSDULWLRQ G¶HUUHXUVGHIOH[LELOLWp GHVGLIILFXOWpVG¶DOWHUQDQFHHQWUHOHVUqJOHVYRQWSURYRTXHUGHVHUUHXUVSHUVpYpUDWLYHVDLQVL TXHGHVHUUHXUVGHIOH[LELOLWp. . .

(63) GHV GLIILFXOWpV j PDLQWHQLU XQ SURJUDPPH G¶DFWLRQ PHQWDO DXURQW SRXU FRQVpTXHQFHV O¶DSSDULWLRQG¶HUUHXUVGHPDLQWLHQHWVHURQWpJDOHPHQWVXVFHSWLEOHVGHUpGXLUHOHQRPEUHGH FDWpJRULHV  2QQRWHUDG¶DLOOHXUVTXHFHVGLIILFXOWpVjPDLQWHQLUXQSURJUDPPHPHQWDOFRQVWLWXHQW XQHVSpFLILFLWpGXG\VIRQFWLRQQHPHQWVRXVFRUWLFRIURQWDO  /HVWUDYDX[G¶2:(1HWFROO 

(64) >@UHQGHQWFRPSWHFKH]OHSDWLHQWSDUNLQVRQLHQ G¶XQH LQFDSDFLWp j PRELOLVHU HW j RULHQWHU OHV FDSDFLWpV DWWHQWLRQQHOOHV YHUV XQ FULWqUH TXL MXVTXHOjGHYDLWrWUHLJQRUpFHTXLHQWUDvQHXQHLQDGDSWDELOLWpDORUVTX¶LOVQ¶DYDLHQWSDVGH GpILFLWVORUVTXHOHFKDQJHPHQWGHUqJOHQpFHVVLWDLWG¶LJQRUHUXQFULWqUHDXSDUDYDQWSHUWLQHQW 3DUDLOOHXUVOHVREVHUYDWLRQVG¶2:(1HWFROO 

(65) >@RQWpWpFRQILUPpHVSDUXQH pWXGHSOXVUpFHQWHGH%2848(7HWFROO>@PHQpHVXUSDWLHQWVDWWHLQWVGHODPDODGLHGH 3DUNLQVRQLGLRSDWKLTXHHWVXUVXMHWVFRQWU{OHV $LQVL O¶K\SRWKqVH VHORQ ODTXHOOH OHV QR\DX[ JULV FHQWUDX[ LQWHUYLHQGUDLHQW GDQV OD VWDELOLVDWLRQHWOHPDLQWLHQGHVFKpPDVFRJQLWLIVRXPRWHXUVVHPEOHFRQIRUWpHSDUWRXVFHV WUDYDX[ 5pVLVWDQFHjO¶LQWHUIpUHQFH  &HWWH FRPSRVDQWH GHV IRQFWLRQV H[pFXWLYHV FRQFHUQH OHV FDSDFLWpV j PDLQWHQLU OD UHSUpVHQWDWLRQG¶XQSURJUDPPHG¶DFWLRQHQFRXUVHWjLQKLEHUOHVLQIRUPDWLRQVTXLLQWHUIqUHQW /DUpVLVWDQFHjO¶LQWHUIpUHQFHHVWFODVVLTXHPHQWpYDOXpHHQQHXURSV\FKRORJLHDXPR\HQGX WHVWGH6WURRS/DGLIILFXOWpFRQVLVWHGRQFjLQKLEHUODUpSRQVHODSOXVDXWRPDWLTXH TXLHVW GH OLUH OH PRW

(66)  HW GH SURGXLUH XQH UpSRQVH LQKDELWXHOOH F¶HVWjGLUH GRQQHU OD FRXOHXU GH O¶HQFUHDYHFODTXHOOHOHVPRWVRQWpWppFULWV  'DQVFHWHVWSOXVLHXUVSDUDPqWUHVVRQWLQWpUHVVDQWV OHWHPSVPLVSRXUODOHFWXUHGHVPRWV OLVWHGHPRWVLGHQWLILDQWGHVFRXOHXUVPDLVLPSULPpV HQQRLU

(67)  OHWHPSVPLVSRXUODGpQRPLQDWLRQGHODFRXOHXUGHVSRO\JRQHVFRQVWLWXHXQLQGLFDWHXUGHOD YLWHVVHGHWUDLWHPHQWGHO¶LQIRUPDWLRQ.   7kFKHG¶DWWHQWLRQVpOHFWLYHDYHFWURLVFRQGLWLRQVGRQWODFRQGLWLRQG¶LQWHUIpUHQFHGDQVODTXHOOHOHSDWLHQWGRLWGpQRPPHUODFRXOHXUGH O¶HQFUHGHPRWVFHVGHUQLHUVFRUUHVSRQGDQWjGHVQRPVGHFRXOHXUVQRQFRQJUXHQWHVDYHFOHVFRXOHXUVGHO¶HQFUH URXJHpFULWHQEOHXSDU H[HPSOH

(68) /¶LQFRQJUXHQFHHQWUHODOHFWXUHDXWRPDWLTXHGXPRWHWODGpQRPLQDWLRQGHODFRXOHXUGHO¶HQFUHHVWjO¶RULJLQHG¶XQFRQIOLWFRJQLWLI. . .

(69) ODSUpVHQFHG¶HUUHXUVORUVGHFHWWHPrPHGpQRPLQDWLRQLQGLTXHJpQpUDOHPHQWGHVGLIILFXOWpV GHPDLQWLHQGHO¶DWWHQWLRQ OHUDSSRUWHQWUHOHWHPSVPLVSRXUUpDOLVHUOHVGHX[SKDVHVSUpFpGHQWHVFRQVWLWXHXQLQGLFH G¶LQWHUIpUHQFHTXLWUDGXLWOHFR€WFRJQLWLILQGXLWSDUODVLWXDWLRQG¶LQWHUIpUHQFH HQILQ OH QRPEUH G¶HUUHXUV ORUV GH OD GpQRPLQDWLRQ GH OD FRXOHXU GHV PRWV OLVWH GH PRWV LGHQWLILDQWGHVFRXOHXUVHWLPSULPpVGDQVGHVFRXOHXUVGLIIpUHQWHVGHFHOOHVTX LOVLGHQWLILHQW SDU H[HPSOH OH PRW EOHX pWDLW LPSULPp HQ URXJH

(70)  UHQVHLJQH VXU OHV GLIILFXOWpV G¶LQKLELWLRQ G¶XQHUpSRQVHDXWRPDWLTXHDLQVLTXHVXUOHVGpILFLWVGHUpVLVWDQFHjO¶LQWHUIpUHQFH  '()(%95( HW '8-$5',1 >@ GpFULYHQW QRWDPPHQW XQ UDOHQWLVVHPHQW GH OD YLWHVVH GH WUDLWHPHQW GH O¶LQIRUPDWLRQ &RPPH SRXU OHV DXWUHV GpILFLWV SDUNLQVRQLHQV LO HVW JpQpUDOHPHQWPRGpUpHQGpEXWGHPDODGLHSRXUV¶DJJUDYHUDYHFO¶pYROXWLRQ 3DUDLOOHXUVFKH]OHVSDWLHQWVSDUNLQVRQLHQVOHVHUUHXUVORUVGHODGpQRPLQDWLRQGHOD FRXOHXU GHV SRO\JRQHV V¶DYqUHQW H[WUrPHPHQW UDUHV FH TXL VLJQLILH TX¶LO Q¶\ SDV GH GpILFLW PDQLIHVWHSRXUOHPDLQWLHQGHO¶DWWHQWLRQ (Q UHYDQFKH OH FR€W FRJQLWLI LQGXLW SDU OD VLWXDWLRQ G¶LQWHUIpUHQFHV SHXW rWUH LPSRUWDQW HQ HIIHW OH WHPSV PLV HQ VLWXDWLRQ G¶LQIpUHQFH SHXW IDFLOHPHQW rWUH GHX[ j WURLV IRLV SOXV pOHYp SRXU XQ VXMHW SDUNLQVRQLHQ TXH SRXU OHV VXMHWV FRQWU{OHV '¶DXWUH SDUW OH QRPEUH G¶HUUHXUV DXJPHQWH pJDOHPHQW FH TXL VRXOLJQH OHV GLIILFXOWpV GH PDLQWLHQ G¶XQ SURJUDPPHPHQWDOHWGHUpVLVWDQFHjO¶LQWHUIpUHQFH    &RRUGLQDWLRQGHO¶DFWLRQ  8QH PpWKRGH FODVVLTXH SRXU pYDOXHU O¶HIILFLHQFH GHV UHVVRXUFHV GH WUDLWHPHQW GX V\VWqPH VXSHUYLVHXUDWWHQWLRQQHO SURFHVVHXUFHQWUDOjFDSDFLWpOLPLWpH

(71) HVWGHSODFHUOHVVXMHWVGDQV XQH VLWXDWLRQ GH GRXEOH WkFKH &HOOHFL OHXU GHPDQGHUD GH FRQWU{OHU HW GH PDQLSXOHU VLPXOWDQpPHQWGHVLQIRUPDWLRQVGHVRXUFHVGLYHUVHV$LQVLVLOHVGHPDQGHVHQUHVVRXUFHV DWWHQWLRQQHOOHV GH GHX[ WkFKHV FRPELQpHV H[FqGHQW OHV UHVVRXUFHV GLVSRQLEOHV FHOD LPSOLTXHUDLWODGLPLQXWLRQGHODSHUIRUPDQFHjO¶XQHGHFHVGHX[WkFKHV  2U OHV WUDYDX[ GH %52:1 HW 0$56'(1 >@ UHQGHQW FRPSWH G¶XQ LPSRUWDQW DOORQJHPHQW GHV WHPSV GH UpSRQVHV SRXU OHV SDWLHQWV SDUNLQVRQLHQV j FH W\SH G¶pSUHXYH PDLV QH PRQWUHQWSDVG¶DXJPHQWDWLRQVLJQLILFDWLYHGXQRPEUHG¶HUUHXUVGHVSDUNLQVRQLHQVSDUUDSSRUW j XQH SRSXODWLRQ WpPRLQ 3DU FRQVpTXHQW %52:1 HW 0$56'(1 FRQFOXHQW TXH FHV UpVXOWDWV QH VRQW SDV HQ IDYHXU G¶XQH EDLVVH JpQpUDOH GHV UHVVRXUFHV GH WUDLWHPHQW GX. . .

(72) V\VWqPHVXSHUYLVHXUDWWHQWLRQQHOPDLVVRXOLJQHQWSOXW{WO¶H[LVWHQFHFKH]HX[GHGLIILFXOWpVj UpSDUWLUFHVUHVVRXUFHVHQWUHOHVGLYHUVHVWkFKHV  '¶DXWUHV pWXGHV FRPPH FHOOH GH 0$/$3$1, HW FROO GpFULYHQW pJDOHPHQW TX¶HQ VLWXDWLRQ GH GRXEOH WkFKH OHV SDWLHQWV SDUNLQVRQLHQV UHQFRQWUHQW GHV GLIILFXOWpV j GLVWULEXHU GHIDoRQVWUDWpJLTXHHWDGDSWpHOHXUVUHVVRXUFHVGHWUDLWHPHQWFHVGHUQLHUVRQWGXPDOj FRRUGRQQHU GHX[ WkFKHV HW j GpYHORSSHU GHV VWUDWpJLHV HIILFDFHV GH SDUWDJH GH FHV UHVVRXUFHVGHWUDLWHPHQWPrPHORUVTXHOHVWkFKHVVRQWSHXFRPSOH[HV  (Q GpILQLWLYH OHV SDWLHQWV LQWqJUHQW GLIILFLOHPHQW OHV LQIRUPDWLRQV HQ SURYHQDQFH GH VRXUFHVGLYHUVHVHWRSWHQWSRXUXQHVWUDWpJLHGHWUDLWHPHQWVpTXHQWLHOSOXW{WTXHSRXUXQH VWUDWpJLHGHWUDLWHPHQWSDUDOOqOHFHTXLUpGXLWOHXUVFDSDFLWpVjUpDOLVHUVLPXOWDQpPHQWGHX[ WkFKHV    '7URXEOHVPQpVLTXHV  /D SODLQWH PQpVLTXH FKH] OH SDWLHQW SDUNLQVRQLHQ V¶DYqUH IUpTXHQWH HW VRXYHQW SUpFRFH HW O¶RQ FRQVWDWH TXH OD VpYpULWp GHV WURXEOHV GH PpPRLUH HVW HQ UHODWLRQ DYHF OH GHJUpG¶DWWHLQWHGHODPDODGLH  &HSHQGDQWOHVDFWLYLWpVPQpVLTXHVQHVRQWSDVWRXFKpHVGHPDQLqUHXQLIRUPHDLQVL OD PDODGLH GH 3DUNLQVRQ DIIHFWH SOXV SDUWLFXOLqUHPHQW OD PpPRLUH GH WUDYDLO OD PpPRLUH pSLVRGLTXHHWODPpPRLUHSURFpGXUDOH  3DU DLOOHXUV DXMRXUG¶KXL OHV GRQQpHV GH OD OLWWpUDWXUH FRQFRXUHQW j PRQWUHU GHV DOWpUDWLRQVPQpVLTXHV GH QDWXUH ©IURQWDOHª HW©VRXVFRUWLFDOHª SOXW{W TXH GH QDWXUH GLWH KLSSRFDPSLTXH RXWHPSRUDOHLQWHUQHFRPPHGDQVODPDODGLHG¶$O]KHLPHU

(73)   /DPpPRLUHGHWUDYDLO  /D PpPRLUH GH WUDYDLO GpFULWH SDU %$''(/(< 

(74)  GpFULW XQ HVSDFH GH WUDYDLO GHVWLQpDXPDLQWLHQWHPSRUDLUHHWjODPDQLSXODWLRQG¶LQIRUPDWLRQVHWGHFRQFHSWVSHQGDQWOD UpDOLVDWLRQ GH WkFKHV FRJQLWLYHV FRPSOH[HV GH FRPSUpKHQVLRQ GH UDLVRQQHPHQW RX GH UpVROXWLRQGHSUREOqPHV

(75)  . . .

(76) /¶pOpPHQW FHQWUDO GH FH V\VWqPH HVW O¶DGPLQLVWUDWHXU FHQWUDO  TXL DJLW FRPPH OH VXSHUYLVHXU GHV GHX[ DXWUHV pOpPHQWV  OH FDOHSLQ YLVXRVSDWLDO VWRFNDJH WHPSRUDLUH GHV LQIRUPDWLRQV YLVXHOOHV HW VSDWLDOHV

(77)  HW OD ERXFOH SKRQRORJLTXH VWRFNDJH WHPSRUDLUH GHV LQIRUPDWLRQVYHUEDOHV

(78)   /¶DGPLQLVWUDWHXUFHQWUDOLQWqJUHOHVLQIRUPDWLRQVTXLSURYLHQQHQWGHVRXUFHVGLYHUVHV HWVpOHFWLRQQHOHVVWUDWpJLHVGHUpSRQVHVOHVSOXVDSSURSULpHV&¶HVWXQV\VWqPHjFDSDFLWp OLPLWpHTXLSHUPHWGHSURFpGHUjGHVRSpUDWLRQVVXUXQHSHWLWHTXDQWLWpG¶LQIRUPDWLRQVWRXW HQGLVWULEXDQWGHO¶pQHUJLHDWWHQWLRQQHOOHDX[V\VWqPHVVDWHOOLWHV,OQ¶LQWHUYLHQGUDLWTXHGDQV OHV VLWXDWLRQV H[LJHDQW G¶LPSRUWDQWHV UHVVRXUFHV DWWHQWLRQQHOOHV FRPPH OHV VLWXDWLRQV LPSOLTXDQW XQH SODQLILFDWLRQ GH O¶DFWLRQ XQH SULVH GH GpFLVLRQ OHV WkFKHV TXL QH SRVVqGHQW SDV HQFRUH GH VFKpPD G¶DFWLRQ SUpSURJUDPPp RX HQFRUH OHV VLWXDWLRQV TXL QpFHVVLWHQW O¶DEDQGRQGHUpSRQVHVDXWRPDWLVpHV  /D PpPRLUH GH WUDYDLO VHPEOH GRQF IDLUH DSSHO j GHV SURFHVVXV H[pFXWLIV HW SHXW GRQFrWUHFRQVLGpUpHFRPPHDSSDUWHQDQWDX[IRQFWLRQVH[pFXWLYHV  &KH] OH SDUNLQVRQLHQ OHV GLIILFXOWpV DSSDUDLVVHQW ORUV GH WkFKHV SOXV FRPSOH[HV GH PpPRLUH GH WUDYDLO IDLVDQW DSSHO j OD PDQLSXODWLRQ GH O¶LQIRUPDWLRQ RX j OD JHVWLRQ GH O¶LQWURGXFWLRQGHWkFKHVLQWHUIpUHQWHV>@   /DPpPRLUHpSLVRGLTXH  &HWWH PpPRLUH GpFULWH SDU 78/9,1* 

(79)  V¶DSSDUHQWH j XQ V\VWqPH j FDSDFLWp LOOLPLWpH GHVWLQp j O¶HQUHJLVWUHPHQW HQFRGDJH

(80)  DX PDLQWLHQ VWRFNDJH

(81)  HW j OD UpFXSpUDWLRQ G¶LQIRUPDWLRQV DFTXLVHV GDQV XQ FDGUH VSDWLRWHPSRUHO SUpFLV LQIRUPDWLRQV YpFXHV DXWRELRJUDSKLTXHV

(82)   'HVWUDYDX[RQWPRQWUpTXHOHVUpJLRQVIURQWDOHVVRQWLPSOLTXpHVGDQVOHVRSpUDWLRQV G¶HQFRGDJH HW GH UpFXSpUDWLRQ GHV LQIRUPDWLRQV 3DU H[HPSOH OH PRGqOH +(5$ +HPLVSKHULF (QFRGLQJ 5HWULHYDO $V\PHWU\

(83)  pODERUp JUkFH j O¶LPDJHULH IRQFWLRQQHOOH FKH] GHVVXMHWVVDLQVSDU78/9,1*HW&ROOpYRTXHO¶LPSOLFDWLRQGXFRUWH[SUpIRQWDOGRUVRODWpUDO QRWDPPHQW SHQGDQW O¶HQFRGDJH FRUWH[ SUpIURQWDO JDXFKH

(84)  HW OD UpFXSpUDWLRQ G¶LQIRUPDWLRQV pSLVRGLTXHV FRUWH[SUpIURQWDOGURLW

(85)  . . .

(86) '()(%95( (7 9(5,1 >@ H[SOLTXHQW TXH FKH] OH SDUNLQVRQLHQ O¶DWWHLQWH GH OD PpPRLUH pSLVRGLTXH SRUWH SOXV SUpFLVpPHQW VXU OD UpFXSpUDWLRQ GHV LQIRUPDWLRQV VDQV SHUWXUEDWLRQGHVRSpUDWLRQVG¶HQFRGDJHGHFRQVROLGDWLRQHWGHVWRFNDJH 'DQV OD YLH GH WRXV OHV MRXUV FH WURXEOH VH WUDGXLW SDU XQ PDQTXH GX PRW XQH GLIILFXOWpjUHWURXYHUOHVQRPVSURSUHVRXGHOLHX[RXHQFRUHSDUXQHGLIILFXOWpjVHUDSSHOHU OHFRQWH[WHVRXUFHGHO¶HQFRGDJHGHVGRQQpHV '¶DLOOHXUV FH WURXEOH GH OD UpFXSpUDWLRQ DSSDUDvW QHWWHPHQW j O¶pSUHXYH GH *5g%(5 HW %86&+.( R O¶RQ FRQVWDWH XQ QHW FRQWUDVWH HQWUH OHV GLIILFXOWpV DX[ pSUHXYHV GH UDSSHO OLEUHHWO¶DPpOLRUDWLRQGHVFDSDFLWpVORUVGHVpSUHXYHVGHUDSSHOLQGLFp &HVUpVXOWDWVYRQWGRQFHQIDYHXUG¶XQWURXEOHG¶RULJLQHIURQWDOH SOXW{WTXHPQpVLTXH SURSUHPHQWGLW

(87) OHV\QGURPHG\VH[pFXWLIHQWUDvQHGHVGLIILFXOWpVjRUJDQLVHUOHVGRQQpHVGH PDQLqUH SHUWLQHQWH O¶LQIRUPDWLRQ j UHWHQLU PRLQV ELHQ RUJDQLVpH ODLVVH XQH WUDFH PRLQV SUpJQDQWHHQPpPRLUHjORQJWHUPHHWGHYLHQWGHIDLWSOXVGLIILFLOHjUpFXSpUHU(QGpILQLWLYH OHV SDWLHQWV DXUDLHQW SHUGX OD FDSDFLWp j JpQpUHU VSRQWDQpPHQW GHV VWUDWpJLHV LQWHUQHV G¶HQFRGDJHHWGHUHFKHUFKHDFWLYHGHVLQIRUPDWLRQVHQPpPRLUH  '¶DXWUHV WUDYDX[ UHFHQVHQW pJDOHPHQW SRXU GHV pSUHXYHV FODVVLTXHV GH PpPRLUH pSLVRGLTXH GHV SHUIRUPDQFHV G¶HQFRGDJH FKXWpHV FKH] OH SDUNLQVRQLHQ 2Q QRWH SDU H[HPSOH GHV GLIILFXOWpVSRXU ODUpSpWLWLRQ LPPpGLDWH GH OLVWHV GH PRWV LO DUULYH TXH OH VXMHW VRLWLQFDSDEOHG¶HQUHGRQQHUFHUWDLQV &HSHQGDQW PrPH VL O¶HQFRGDJH LQFLGHQW HVW GpILFLWDLUH O¶DSSUHQWLVVDJH LQWHQWLRQQHO UHVWH QRUPDO FHV REVHUYDWLRQV YRQW GDQV OH VHQV G¶XQ WURXEOH G¶RULJLQH IURQWDOH O¶HQFRGDJH V¶DYqUHGpILFLHQWHQUDLVRQG¶XQHIDLEOHVVHDWWHQWLRQQHOOHFKH]OHSDWLHQW 3DU FRQVpTXHQW DX YX GHV GLIILFXOWpV DWWHQWLRQQHOOHV LO HVW GRQF WUqV LPSRUWDQW ORUV GHV pSUHXYHV GH W\SHV *5g%(5 HW %86&+.( GH YHLOOHU DX ERQ HQFRGDJH GHV VWLPXOL VL O¶RQ YHXWJDUDQWLUODYDOLGLWpGXWHVW  /DPpPRLUHSURFpGXUDOH  /¶DSSUHQWLVVDJHSURFpGXUDOFRQVWLWXHODFDSDFLWpjDFTXpULUGHVKDELOHWpVSHUFHSWLYHV PRWULFHVRXFRJQLWLYHVSDUH[SRVLWLRQUpSpWpHjXQHPrPHDFWLYLWpREpLVVDQWjGHV UqJOHV LQYDULDEOHV &HV DFTXLVLWLRQV VRQW LPSOLFLWHV HW OHV VWUDWpJLHV LPSOLTXpHV QH VRQW SDV YHUEDOLVDEOHV GH IDoRQFRQVFLHQWH(OOHVVHPDQLIHVWHQWSDUXQHUpGXFWLRQVLJQLILFDWLYHGXWHPSVGHUpSRQVH HWGXQRPEUHG¶HUUHXUVjFHUWDLQVWHVWV . . .

(88) /HV UpJLRQV QHXURDQDWRPLTXHV LPSOLTXpHV GDQV FHV DSSUHQWLVVDJHV QH VRQW SDV HQFRUH FODLUHPHQW LGHQWLILpHV &HSHQGDQW OHV VWUXFWXUHV VRXVFRUWLFDOHV SULQFLSDOHPHQW OH VWULDWXPHWOHQR\DXFDXGpMRXHQWWUqVFHUWDLQHPHQWXQU{OHFOp3DUFRQVpTXHQWLOH[LVWHXQ WURXEOH GH O¶DSSUHQWLVVDJH SURFpGXUDO GDQV OHV PDODGLHV GpJpQpUDWLYHV GHV QR\DX[ JULV FHQWUDX[  /D PpPRLUH SURFpGXUDOH LQWHUYLHQW GDQV GHV pSUHXYHV WHOOHV TXH OD UpSpWLWLRQ GH VpTXHQFHV PRWULFHV OD OHFWXUH HQ PLURLU OD SRXUVXLWH GH FLEOHV HQ PRXYHPHQW HW VH FDUDFWpULVHSDUO¶DPpOLRUDWLRQSURJUHVVLYHGHVSHUIRUPDQFHVORUVGHVHVVDLVVXFFHVVLIV 8QGpILFLWGHO¶DSSUHQWLVVDJHSURFpGXUDODpWpUDSSRUWpFKH]OHVSDWLHQWVSDUNLQVRQLHQVQRQ GpPHQWV QRWDPPHQWGDQVSOXVLHXUVpWXGHVWHOOHVTXHOHSDUDGLJPHGHVWHPSVGHUpDFWLRQ VpULHOVSDU.1230$1HW1,66(0

(89) VHWUDGXLVDQWSDUXQDSSUHQWLVVDJHSOXVOHQWTXHFKH]OHV QRQSDUNLQVRQLHQV  3DU DLOOHXUV LO HVW ERQ GH SUpFLVHU TXH OD PDMRULWp GHV WUDYDX[ SRUWDQW VXU OHV FDSDFLWpV G¶DSSUHQWLVVDJH SURFpGXUDO FKH] OH SDUNLQVRQLHQ XWLOLVHQW GHV WkFKHV j IRUWH FRPSRVDQWHPRWULFHUHQGDQWO¶LQWHUSUpWDWLRQGHVUpVXOWDWVGpOLFDWH &HSHQGDQW XQ WUDYDLO UpFHQW HIIHFWXp SDU '(5.,1'(5(1 >@ PRQWUH O¶H[LVWHQFH G¶XQH DWWHLQWH GH O¶DSSUHQWLVVDJH SURFpGXUDO FKH] OHV SDWLHQWV SDUNLQVRQLHQV VDQV DXFXQH FRUUpODWLRQDYHFO¶DWWHLQWHPRWULFH  /HGpILFLWG¶DSSUHQWLVVDJHSURFpGXUDOGDQVODPDODGLHGH3DUNLQVRQV¶DYqUHGRQFWUqV FRQWURYHUVp WDQW LO VHPEOH GpFRXOHU GH PXOWLSOHV IDFWHXUV j VDYRLU OH W\SH GH WkFKH XWLOLVp PRWULFHRXQRQ

(90) HWVDFRPSOH[LWpODIRUPHFOLQLTXHGHODPDODGLHDLQVLTXHODVpYpULWpGHV V\PSW{PHVPRWHXUV  (/¶DWWHLQWHGHVIRQFWLRQVLQVWUXPHQWDOHV  /HVWURXEOHVYLVXRVSDWLDX[  /HV IRQFWLRQV YLVXRVSDWLDOHV UHJURXSHQW O¶HQVHPEOH GHV FDSDFLWpV SHUPHWWDQW OD SHUFHSWLRQ O¶DQDO\VH HW OD WUDQVIRUPDWLRQ GHV LQIRUPDWLRQV YLVXHOOHV DLQVL TXH OHXU RUJDQLVDWLRQGDQVO¶HVSDFH(OOHVVRQWGRQFQpFHVVDLUHVjO¶pYDOXDWLRQGHODSRVLWLRQUHODWLYH GHV REMHWV GDQV O¶HVSDFH O¶LQWpJUDWLRQ GH FHV REMHWV GDQV XQ VFKpPD VSDWLDO JOREDO HW OD UpDOLVDWLRQG¶RSpUDWLRQVPHQWDOHVVXUGHVLWHPVYLVXRVSDWLDX[ . . .

(91) /HV pWXGHV UDSSRUWDQW O¶H[LVWHQFH GH WURXEOHV YLVXRVSDWLDX[ SUpFRFHV FKH] OHV SDUNLQVRQLHQVRFFXSHQWXQHSODFHLPSRUWDQWHGDQVODOLWWpUDWXUHFRQVDFUpHDX[SHUWXUEDWLRQV QHXURSV\FKRORJLTXHVGHFHVPDODGHV/HXUQDWXUHOHXUIUpTXHQFHOHXULQWHQVLWpGHPHXUHQW XQ VXMHW GH GLVFXVVLRQ SUREDEOHPHQW SDUFH TXH OH WHUPH GH YLVXRVSDWLDO HVW HPSOR\p GH PDQLqUHWURSJpQpULTXHHWTXHOHVpSUHXYHVXWLOLVpHVQHVRQWSDVWRXMRXUVSHUWLQHQWHV>@ /DVRXUFHHVVHQWLHOOHGHPDOHQWHQGXWLHQWFHUWDLQHPHQWjODGpILQLWLRQTXHO¶RQGRQQH DXWHUPHYLVXRVSDWLDO(QUpDOLWpRQVHUpIqUHOHSOXVVRXYHQWjXQHVpULHGHFRPSRUWHPHQWV HW GH WkFKHV JpQpUDOHPHQW WUqV pORLJQpV OHV XQV GHV DXWUHV SOXW{W TX¶j XQ FRQFHSW VRXV WHQGXSDUGHVEDVHVDQDWRPRSK\VLRORJLTXHVFpUpEUDOHV  /HVpSUHXYHVXWLOLVpHVVRQWGLYHUVHV  MXJHPHQWGHYHUWLFDOLWpYLVXHOOHHWSRVWXUDOH RULHQWDWLRQVXUOHFRUSV GLVFULPLQDWLRQVG¶RULHQWDWLRQGHOLJQHVVXUXQHVXUIDFHSODQH DVVHPEODJHGHFXEHVHWGHSX]]OHV OHFWXUHG¶XQSODQRXG¶XQHFDUWH WHVWGHGLVFULPLQDWLRQYLVXHOOHGHILJXUHVVXSHUSRVpHV RULHQWDWLRQVSDWLDOH RULHQWDWLRQGHOLJQHVGDQVO¶HVSDFHWULGLPHQVLRQQHO SUpGLFWLRQVSDWLDOH URWDWLRQPHQWDOH   'HPDQLqUHJpQpUDOHRQUHWLHQGUDGHVpWXGHVGRQWOHVUpVXOWDWVVRQWGDQVOHGpWDLO DVVH] GLVSDUDWHV TXH FKH] OH SDUNLQVRQLHQ UHVWHQW SUpVHUYpHV OHV JQRVLHV YLVXHOOHV OD ORFDOLVDWLRQ G¶REMHWV OD URWDWLRQ PHQWDOH DLQVL TXH OD GLVFULPLQDWLRQ GH SRVLWLRQV RX HQFRUH O¶RULHQWDWLRQVSDWLDOH  'HV GpILFLWV YLVXRVSDWLDX[ VRQW FODVVLTXHPHQW LQFOXV GDQV OH WDEOHDX FRJQLWLI GH OD PDODGLH GH 3DUNLQVRQ 7RXWHIRLV LO VXEVLVWH XQH GLVFXVVLRQ FRQFHUQDQW OH FDUDFWqUH JpQpUDOLVp GH FHV WURXEOHV HW OHV PpFDQLVPHV VRXVMDFHQWV LPSOLTXpV (Q HIIHW FKH] OHV SDWLHQWVSDUNLQVRQLHQVQRQGpPHQWVGHVGpILFLWVRQWpWpUDSSRUWpVGDQVGHVWkFKHVFRPPH OD GLVFULPLQDWLRQ G¶RULHQWDWLRQ GH OLJQHV >@ O¶DSSDULHPHQW G¶DQJOHV OD UHSURGXFWLRQ GH GHVVLQV HQ WURLV GLPHQVLRQV HW OD GLVFULPLQDWLRQ GH ILJXUHV LPEULTXpHV 3RXU O¶pSUHXYH GH UHSURGXFWLRQ GH GHVVLQV FRPSOH[HV FRPPH OD ILJXUH GH 5H\ RQ GpFULW GHV GpILFLWV G¶RUJDQLVDWLRQYLVXRVSDWLDOH. . .

(92)  1pDQPRLQV G¶DXWUHV WUDYDX[ pWDEOLVVHQW TXH GDQV OD PDODGLH GH 3DUNLQVRQ OHV FDSDFLWpV YLVXRVSDWLDOHV VHUDLHQW SUpVHUYpHV FKH] OH QRQGpPHQW DORUV TXH OHV SDWLHQWV GpPHQWVSUpVHQWHUDLHQWXQGpILFLWJpQpUDOLVpGXWUDLWHPHQWGHFHVLQIRUPDWLRQV  ,OHVWFHUWDLQTXHODULFKHVVHGHVpWXGHVVLJQDODQWGHVGpVRUGUHVYLVXRVSDWLDX[FKH] OHVSDUNLQVRQLHQVFRQWUDVWHDYHFOHVIDLEOHVUHWHQWLVVHPHQWVDSSDUHQWVGHWHOVGpILFLWVGDQV ODYLHTXRWLGLHQQHGHVSDWLHQWV&HODQ¶HVWSDVWRXMRXUVYUDLFHSHQGDQWFDUFHUWDLQVPDODGHV RX OHXUV SURFKHVSHXYHQW VH SODLQGUH GH GLIILFXOWpV GH FHW RUGUH 3RXU FHUWDLQV DXWHXUV OHV WURXEOHVYLVXRVSDWLDX[SRXUUDLHQWH[SOLTXHUFHUWDLQHVFKXWHVSURYRTXpHVSDUXQHPDXYDLVH DSSUpFLDWLRQGHVGLVWDQFHVHWGHVUHODWLRQVVSDWLDOHVFHUWDLQVLQFLGHQWVVXUYHQDQWORUVGHOD FRQGXLWH G¶XQ YpKLFXOH >@ GHV GLIILFXOWpV G¶RULHQWDWLRQ GDQV OHV OLHX[ QRXYHDX[ PDLV pJDOHPHQWVXUGHVLWLQpUDLUHVELHQFRQQXV>@  /D VSpFLILFLWp GHV WURXEOHV YLVXRVSDWLDX[ GH OD PDODGLH GH 3DUNLQVRQ HVW FRQWURYHUVpH HWPLVH HQ GRXWH GDQV GH QRPEUHXVHV pWXGHV (Q HIIHW FHV GLIILFXOWpV YLVXR VSDWLDOHVSHXYHQWrWUHFRQVLGpUpHVFRPPHO¶H[SUHVVLRQGXV\QGURPHG\VH[pFXWLIFDUFHOOHV FLQ¶DSSDUDLVVHQWTXHORUVGHVpSUHXYHVIDLVDQWLQWHUYHQLUODIOH[LELOLWpFRJQLWLYHOHVFDSDFLWpV GHVVWUDWpJLHVG¶H[SORUDWLRQGHVVWLPXOLSUpVHQWpVRXOHVFDSDFLWpVG¶LQKLELWLRQG¶XQHUpSRQVH QRQDSSURSULpH  $LQVL OH WUDLWHPHQW GHV LQIRUPDWLRQV YLVXRVSDWLDOHV VHUDLW FRQVHUYp PDLV F¶HVW O¶XWLOLVDWLRQGHFHVGRQQpHVSRXUpODERUHUXQHUpSRQVHTXLVHUDLWSHUWXUEpH'HIDLWFHVHUDLW GRQF OD FRPSRVDQWH H[pFXWLYH GHV WkFKHV TXL VHUDLW DOWpUpH HW QRQ OD GLPHQVLRQ YLVXR VSDWLDOH 'DQVFHWRUGUHG¶LGpHVVHVLWXHOHWUDYDLOGH5$6.,1HWFROO>@ 3RXU FHV WUDYDX[ OHV pSUHXYHV QHXURSV\FKRORJLTXHV SURSRVpHV VRQW GH GHX[ W\SHV FHUWDLQHVpYDOXHQWO¶RULHQWDWLRQVSDWLDOHSHUVRQQHOOHHWH[WUDSHUVRQQHOOHODGLVWLQFWLRQGURLWH JDXFKH HW OD FDSDFLWp j UpDOLVHU GHV URWDWLRQV PHQWDOHV  WDQGLV TXH G¶DXWUHV pYDOXHQW OD FDSDFLWpjUpDOLVHUGHVFKDQJHPHQWVG¶DWWLWXGHPHQWDOH IOXHQFHYHUEDOHDOWHUQpHUpSpWLWLRQ GHFKLIIUHVHQRUGUHGLUHFWHWLQYHUVHWkFKHGHW\SHJRQRJRLQVSLUpHGH/85,$

(93)  /¶LQWpUrW GH OD SURFpGXUH XWLOLVpH WLHQW j FH TXH OHV pSUHXYHV VSDWLDOHV Q¶RQW SDV GH FRPSRVDQWH ©FKDQJHPHQW G¶DWWLWXGH PHQWDOHª HW OHV pSUHXYHV pYDOXDQW OD IOH[LELOLWp PHQWDOHSDVGHFRPSRVDQWHVSDWLDOH /¶DQDO\VH GHV UpVXOWDWV PRQWUH TXH VL OHV SDUNLQVRQLHQV GLIIqUHQW GHV WpPRLQV GDQV OHV pSUHXYHVGHIOH[LELOLWpPHQWDOHLOVQHSUpVHQWHQWSDVGHGpILFLWVGDQVOHVpSUHXYHVVSDWLDOHV SURSRVpHV. . .

(94)  &HWWH GLVVRFLDWLRQ HVW LQWpUHVVDQWH FDU HOOH DUJXPHQWH O¶LGpH TXH G¶XQH SDUW OHV WURXEOHVYLVXRVSDWLDX[GHVSDUNLQVRQLHQVQHVRQWSDVJpQpUDOLVpVHWQ¶DOWqUHQWSDVGHIDoRQ JOREDOH XQH SUpWHQGXH IRQFWLRQ VSDWLDOH G¶DXWUH SDUW O¶H[LVWHQFH FRQFRPLWDQWH GH WURXEOHV G¶DOOXUHIURQWDOHQHV¶H[SULPHSDVLSVRIDFWRGDQVWRXWHVOHVFRQGXLWHVVSDWLDOHV   3DUDLOOHXUVLOHVWLPSRUWDQWGHVRXOLJQHUODSUpVHQFHGHWURXEOHVVHQVRULHOVGDQV OD PDODGLH GH SDUNLQVRQ FRPPH O¶DWWHLQWH UpWLQLHQQH D\DQW SRXU FRQVpTXHQFH OD EDLVVH GH O¶DFXLWpYLVXHOOHHWHQJHQGUDQWGHVWURXEOHVSHUFHSWLIV 2Q QRWHUD pJDOHPHQW XQH DWWHLQWH GH OD YRLH YLVXHOOH PDJQRFHOOXODLUH

(95)  FKDUJpH GX WUDLWHPHQW GHV LQIRUPDWLRQV HQ OLHQ DX PRXYHPHQW HW j OD SHUFHSWLRQ GH O¶HVSDFH WULGLPHQVLRQQHO  (QILQ GH QRPEUHX[ WUDYDX[ UHODWHQW SDU DLOOHXUV XQ GpILFLW GH OD VHQVLELOLWp DX[ FRQWUDVWHVFKH]OHSDWLHQWSDUNLQVRQLHQ 3DUFRQVpTXHQWRQJDUGHUDHQPpPRLUHTXHWRXVFHVWURXEOHVVHQVRULHOVSUpVHQWVGDQVOD PDODGLHGH3DUNLQVRQSHXYHQWSRWHQWLHOOHPHQWPDMRUHUOHVGpILFLWVYLVXRVSDWLDX[  D3UD[LHVFRQVWUXFWLYHV  /HWHUPHGHSUD[LHVFRQVWUXFWLYHVVHUpIqUHjOD FDSDFLWpGHFRQVWUXLUHXQHHQWLWpj SDUWLU G¶pOpPHQWV TXH O¶RQ GRLW DVVHPEOHU SDU H[HPSOH SRXU OD FRQVWUXFWLRQ GH SX]]OHV GH S\UDPLGH GH FXEHV RX OD UHSURGXFWLRQ G XQ GHVVLQ

(96)  /¶DFWLYLWp FRQVWUXFWLYH UpDOLVH W\SLTXHPHQW XQH DFWLYLWp FRPSOH[H TXL QH IDLW SDV LQWHUYHQLU XQLTXHPHQW GHV ©FRPSRUWHPHQWVYLVXRVSDWLDX[ª  'H QRPEUHX[ DXWHXUV V¶DFFRUGHQW SRXU VRXOLJQHU OD IDLEOHVVH UHODWLYH GHV VFRUHV REWHQXV SDU OHV SDUNLQVRQLHQV GDQV OD PHVXUH GX TXRWLHQW LQWHOOHFWXHO SHUIRUPDQFH j OD :$,6 /D GLIILFXOWp UHQFRQWUpH GDQV OHV VXEWHVWV IDLVDQW LQWHUYHQLU GHV DFWLYLWpV FRQVWUXFWLYHV HQ SDUWLFXOLHU O¶pSUHXYH GHV FXEHV HW FHOOH GH O¶DVVHPEODJH G¶REMHWV

(97)  >@ FRQVWLWXHXQHGHVFDXVHVGHFHGpILFLW /HVSDUNLQVRQLHQVVRQWLQIpULHXUVDX[WpPRLQVELHQTX¶DSSDUDLVVHXQHIIHWGHODJUDYLWpGHOD PDODGLH OHV SDWLHQWV ©OpJHUVª VH VLWXHQW VHQVLEOHPHQW DX QLYHDX GHV WpPRLQV DORUV TXH OHV©PR\HQVªHWOHV©JUDYHVªOHXUVRQWLQIpULHXUV . . .

(98) /D FRSLH GH GHVVLQV HW GH ILJXUHV VL VRXYHQW XWLOLVpH HQ QHXURSV\FKRORJLH GDQV G¶DXWUHVFRQWH[WHVO¶HVWEHDXFRXSPRLQVFKH]OHVSDUNLQVRQLHQVHQUDLVRQGHOHXUVGLIILFXOWpV JUDSKLTXHV &HUWDLQV DXWHXUV FRQFOXHQW j O¶H[LVWHQFH G¶XQH ©DSUD[LH FRQVWUXFWLYHª HQ DQDO\VDQWOHVSHUIRUPDQFHVREWHQXHVHQFRSLHGHILJXUHVJpRPpWULTXHVWDQGLVTXHG¶DXWUHV QHFRQVWDWHQWDXFXQHGLIILFXOWpVSpFLILTXHSRXUGHVWkFKHVGXPrPHRUGUH   E$WWHQWLRQVSDWLDOH  /¶DWWHQWLRQ VSDWLDOH LQWHUYLHQW GDQV GLYHUVHV WkFKHV TXL QpFHVVLWHQW OH VRXWLHQ GH O¶DWWHQWLRQ YLVXHOOH O¶H[SORUDWLRQ HW OD SRXUVXLWH 3DU DLOOHXUV OH IDLW TXH OHV OpVLRQV VRXV FRUWLFDOHVVRQWVXVFHSWLEOHVG¶LQGXLUHGHVFRPSRUWHPHQWVG¶KpPLQpJOLJHQFHVSDWLDOHFRQGXLW GRQFjSHQVHUTXHGHVSHUWXUEDWLRQVVHPEODEOHVSRXUUDLHQWH[LVWHUDXFRXUVGHODPDODGLH GH3DUNLQVRQ>@  &RQFHUQDQW OD SK\VLRSDWKRORJLH OHV WUDYDX[ GH +(,/0$1 HW FROO >@ LPSOLTXHQW GH IDoRQSUpIpUHQWLHOOHOHVVWUXFWXUHVFRUWLFDOHVUpWURURODQGLTXHVGURLWHVOHVVWUXFWXUHVOLPELTXHV HWODIRUPDWLRQUpWLFXOpHGDQVOHVSURFHVVXVDWWHQWLRQQHOV'$0$6,2HWFROO>@SRXUOHXU SDUW LQWqJUHQW pJDOHPHQW GDQV FHV VWUXFWXUHV OHV QR\DX[ JULV FHQWUDX[ DLQVL TXH OH FRUWH[ IURQWDO  &HUWDLQHVpWXGHVFRQFOXHQWjO¶DOWpUDWLRQGHO¶DWWHQWLRQVSDWLDOHDXFRXUVGHODPDODGLH GH3DUNLQVRQ>@WDQGLVTXHG¶DXWUHVDIILUPHQWVRQLQWpJULWp>@  'DQV XQH pSUHXYH GH FRPSOpWLRQ GH SDWWHUQV YLVXHOV GH FRPSOH[LWp FURLVVDQWH 67(51HWFROO>@UHQGHQWFRPSWHG¶XQGpILFLWFRUUpOpDXQLYHDXGHVpYpULWpGHVV\PSW{PHV PRWHXUVFKH]OHVVXMHWVSDUNLQVRQLHQV1pDQPRLQVOHVDXWHXUVQ¶DWWULEXHQWSDVOHVGLIILFXOWpV GHV PDODGHV j XQH QpJOLJHQFH SHUFHSWLYH PDLV SOXW{W j XQ WURXEOH GH OD SODQLILFDWLRQ GH OD UpSRQVHPRWULFH  4XDQW j 6+$53( >@ TXL pWXGLH XQ JURXSH GH SDUNLQVRQLHQV DX VWDGH  RX  GH +2(1HW<$5+,OGpPRQWUHXQHLQWpJULWpGHO¶RULHQWDWLRQGHO¶DWWHQWLRQYLVXHOOHELHQTXHOHV PDODGHV VRLHQW SOXV OHQWV j SUHQGUH OHV GpFLVLRQV GH UpSRQVH PRWULFH GDQV OHV WkFKHV SURSRVpHV .  . . .

(99)      5DSSHORQVTXHODFODVVLILFDWLRQGH+2(+1HW<$+5GHODPDODGLHGH3DUNLQVRQFRPSRUWH FLQTVWDGHV  x 6WDGH   6\PSW{PHV FDUDFWpULVWLTXHV GH OD PDODGLH VXU XQ VHXO GHV F{WpV GX SDWLHQW . . 6\PSW{PHVJrQDQWVPDLVQRQLQYDOLGDQWV. . . 6RXYHQWDFFRPSDJQpVGHWUHPEOHPHQWVG¶XQPHPEUH. . .  /HV SURFKHV GX SDWLHQW UHPDUTXHQW GHV WURXEOHV GH OD SRVWXUH GH OD. PDUFKHHWGHO¶H[SUHVVLRQGXYLVDJH  x 6WDGH0DQLIHVWDWLRQELODWpUDOHGHVV\PSW{PHV ,QYDOLGLWpSDUWLHOOH 7URXEOHVGHODSRVWXUHHWGHODPDUFKH  x 6WDGH5DOHQWLVVHPHQWLPSRUWDQWGHVPRXYHPHQWVGXSDWLHQW 7URXEOHVGHO¶pTXLOLEUHORUVGHODPDUFKHRXHQSRVLWLRQGHERXW '\VIRQFWLRQQHPHQWJpQpUDOLVpQRWRLUH  x 6WDGH0DQLIHVWDWLRQDJJUDYpHGHVV\PSW{PHV /HSDWLHQWPDUFKHDYHFGHJUDQGHVGLIILFXOWpV 5DLGHXUHWEUDG\NLQpVLH 3HUWHG¶DXWRQRPLHOHSDWLHQWQHSHXWSOXVYLYUHVHXO $WWpQXDWLRQSRVVLEOHGHVWUHPEOHPHQWV  x 6WDGH3KDVHFDFKHFWLTXH ,QYDOLGLWpWRWDOH /HSDWLHQWQHSHXWSOXVPDUFKHUQLVHWHQLUGHERXW 1pFHVVLWpG¶XQHDVVLVWDQFHPpGLFDOHHQSHUPDQHQFH .  . . .

(100)  (QILQ TXHOTXHV WUDYDX[ IRQW pWDW GH GLVFUHWV SKpQRPqQHV GH QpJOLJHQFH YLVXHOOH XQLODWpUDOH JDXFKH QRWDPPHQW GDQV OHV pSUHXYHV GH EDUUDJHV GH OLJQHV 2Q QRWHUD pJDOHPHQW TXH OHV SDWLHQWV GRQW OHV WURXEOHV PRWHXUV SUpGRPLQHQW VXU O¶KpPLFRUSV JDXFKH DLQVLTXHFHX[GRQWO¶DWWHLQWHPRWULFHV¶DYqUHELODWpUDOHSUpVHQWHQWGHVVLJQHVGHQpJOLJHQFH JDXFKHWDQGLVTXHFHX[GRQWOHVWURXEOHVPRWHXUVSUpGRPLQHQWSRXUO¶KpPLFRUSVGURLWQ¶HQ PDQLIHVWHQW SDV &HWWH DV\PpWULH SHXW V¶H[SOLTXHU SRXU OHV DXWHXUV SDU OD GRPLQDQFH GHV VWUXFWXUHVFpUpEUDOHVGURLWHVGDQVOHVSKpQRPqQHVDWWHQWLRQQHOV   F$QDO\VHHWV\QWKqVHYLVXHOOHV  2QFRQVLGpUHUDLFLGHVDFWLYLWpVSHUPHWWDQWSDUH[HPSOHGHGLVFULPLQHUGHVGpWDLOVj O¶LQWpULHXU G¶XQ HQVHPEOH GH GLVWLQJXHU OHIRQG GH OD IRUPH GHUpXQLU GHV pOpPHQWV HQ GHV WRXWV VLJQLILDQWV G¶DQDO\VHU OHV UHODWLRQV GHV pOpPHQWV GH O¶HVSDFH HQWUH HX[ HW SDUUDSSRUW DXVXMHW  /HVpWXGHVGH9,//$5',7$HWFROO>@REMHFWLYHQWFKH]OHSDUNLQVRQLHQXQGpILFLWGDQVOHV TXDWUHpSUHXYHVVXLYDQWHVGLVWLQFWLRQILJXUHIRQG . . . DQDO\VHGHVSRVLWLRQVGDQVO¶HVSDFH. . . . DQDO\VHGHVYROXPHVHWGHVIRUPHV. . . . DQDO\VHGHVUHODWLRQVVSDWLDOHV. 3DUDLOOHXUVRQQRWHUDTX¶LOH[LVWHXQHGLIIpUHQFHHQWUHOHJURXSHGHSDWLHQWVQRQGpPHQWVHW OHJURXSHGHSDWLHQWVGpPHQWVOHVDXWHXUVFRQFOXDQWTXHVLOHVGpILFLWVYLVXRVSDWLDX[VRQW DJJUDYpV SDU O¶DSSDULWLRQ G¶XQ pWDW GpPHQWLHO LOV Q¶HQ pWDLHQW SDV PRLQV SUpVHQWV DYDQW OD GpWpULRUDWLRQPHQWDOHJOREDOH  '¶DXWUHSDUW3,52=2//2HWFROO>@UHQGHQWFRPSWHGHVGLIILFXOWpVjDVVRFLHUGHX[ ILJXUHVLGHQWLTXHVSDUPLXQFKRL[GHTXDWUHILJXUHV   (Q GpILQLWLYH LO SDUDvW LPSRVVLEOH GH GpJDJHU XQ FRQVHQVXV FRQFHUQDQW OHV WURXEOHV YLVXRVSDWLDX[FKH]OHSDUNLQVRQLHQ5DSLGHPHQWFHUWDLQVGHVWUDYDX[LQLWLDX[RQWpWpUHPLV HQ FDXVH j O¶DLGH G¶pWXGHV UHSRVDQW VXU XQH PpWKRGRORJLH H[SpULPHQWDOH SOXV ULJRXUHXVH DLQVLTXHVXUXQHVpOHFWLRQSOXVVWULFWHGHVSRSXODWLRQVpWXGLpHV$FWXHOOHPHQWODWHQGDQFH UHVVRUWDQWGHODOLWWpUDWXUHVHUDLWjODQpJDWLRQGHOHXUVSpFLILFLWpFHTXLDERXWLWjOHVLQFOXUH GDQVOHFDGUHGHGLIILFXOWpVFRJQLWLYHVJpQpUDOHVFHVGHUQLqUHVWURXYDQWOHXURULJLQHGDQVOH. . .

(101) G\VIRQFWLRQQHPHQW VRXVFRUWLFRIURQWDO 7RXWHIRLV FHWWH DSSURFKH QH SHXW rWUH FRQVLGpUpH FRPPH WRWDOHPHQW DFTXLVH HW OD TXHVWLRQ GH WURXEOHV YLVXRVSDWLDX[ VSpFLILTXHV FKH] OH SDUNLQVRQLHQUHVWHSRVpH   /HVWURXEOHVSUD[LTXHV  'DQV OD OLWWpUDWXUH FRQFHUQDQW OD PDODGLH GH 3DUNLQVRQ O¶H[LVWHQFH IRUPHOOH GH WURXEOHVGHVSUD[LHVJHVWXHOOHVQ¶HVWSDVGpPRQWUpH (QSULQFLSHGRQFOHVSDWLHQWVQHPDQLIHVWHQWSDVGHGLIILFXOWpVjXWLOLVHUOHVREMHWVFRXUDQWV RXjV¶KDELOOHUHWV¶LOVHQUHQFRQWUHQWSRXUOHVDXWHXUVHOOHVV¶DYqUHQWGDYDQWDJHLPSXWDEOHV DX[ GLIILFXOWpV PRWULFHV DNLQpVLH HW K\SHUWRQLH

(102)  RX G\VH[pFXWLYHV TX¶j O¶DWWHLQWH GHV UHSUpVHQWDWLRQVJHVWXHOOHV  &HSHQGDQWXQHpWXGHSRUWDQWVXUOHVWURXEOHVSUD[LTXHVFKH]OHSDWLHQWSDUNLQVRQLHQ UpDOLVpH SDU %(//,(552%/27 >@ GDQV OH FDGUH G¶XQ PpPRLUH G¶RUWKRSKRQLH HQ  VRXVODGLUHFWLRQGXGRFWHXU3%DUUqVYDSUpFLVpPHQWjO¶HQFRQWUHGHFHVREVHUYDWLRQV  (Q HIIHW O¶pWXGH PHQpH VXU YLQJW SDWLHQWV DWWHLQWV G¶XQH PDODGLH GH 3DUNLQVRQ LGLRSDWKLTXHFRQFOXDLWjO¶H[LVWHQFHG¶XQHDSUD[LHJHVWXHOOHSRXUODWRWDOLWpGHO¶pFKDQWLOORQ $LQVL LO VHPEOHUDLW GRQF TX¶LO \ DLW GH IDoRQ KDELWXHOOH GDQV OD PDODGLH GH 3DUNLQVRQ LGLRSDWKLTXH XQH DWWHLQWH VLPXOWDQpH GH OD PRWULFLWp H[WUDS\UDPLGDOH HW GH O¶RUJDQLVDWLRQ FHQWUDOHGXPRXYHPHQWHQJUDQGHSDUWLHVRXVGpSHQGDQFHFRUWLFDOH  /HODQJDJH  'DQV OD PDODGLH GH 3DUNLQVRQ OHV GLIILFXOWpV GH FRPPXQLFDWLRQ JHVWXHOOH RUDOH G\VDUWKULH

(103)  RX pFULWH PLFURJUDSKLH

(104)  DXMRXUG¶KXL ELHQ FRQQXHV VRQW QRPEUHXVHV HW SDUWLFLSHQWGHPDQLqUHLPSRUWDQWHjO¶LVROHPHQWVRFLDOSURJUHVVLIGXSDWLHQWSDUNLQVRQLHQ 0DLV OD PDODGLH GH 3DUNLQVRQ DIIHFWHWHOOH OH ODQJDJH" ,O \ D TXHOTXHV DQQpHV O¶pYLGHQFH FOLQLTXHDLQVLTXHOHVUpVXOWDWVGHQRPEUHXVHVpWXGHVFRQGXLVDLHQWjSHQVHUTXHOHODQJDJH GHVSDUNLQVRQLHQVQHVHPEODLWSDVDOWpUpGHIDoRQVLJQLILFDWLYH 1pDQPRLQV FRPPH OH PRQWUHQW GHV pWXGHV SOXV UpFHQWHV QRWDPPHQW XQH pWXGH VXU OHV WURXEOHV GH OD SUDJPDWLTXH FKH] OH SDWLHQW SDUNLQVRQLHQ UpDOLVpH SDU /(6$*( >@ GDQV OH FDGUHG¶XQPpPRLUHG¶RUWKRSKRQLHOHODQJDJHSHXWVHPEOHUSUpVHUYpPDLVXQHDQDO\VHSOXV ILQHSOXVGpWDLOOpHPHWHQpYLGHQFHFKH]FHVSHUVRQQHVGHVGLIILFXOWpVG¶RUGUHSUDJPDWLTXH QRWDPPHQW. . .

(105)  3DUH[HPSOHHQXWLOLVDQWXQHEDWWHULHGHWHVWV%(5*HWFROORQWUHQGXFRPSWH TXHOHVSDWLHQWVSDUNLQVRQLHQVSUpVHQWHQWGHVDOWpUDWLRQVGXODQJDJHpODERUpDIIHFWDQWOHXUV FDSDFLWpVjJpQpUHUGHVLQIpUHQFHVjUHFUpHUGHVSKUDVHVHWjFRPSUHQGUHOHVDPELJXwWpV HWOHVIRUPHVODQJDJLqUHVQRQKDELWXHOOHV  3DUDLOOHXUV021(77$DUpDOLVpSOXVLHXUVpWXGHVTXLDYDLHQWSRXUEXWG¶pYDOXHUOHV KDELOHWpVSUDJPDWLTXHVFKH]OHVLQGLYLGXVDWWHLQWVGHODPDODGLHGH3DUNLQVRQDLQVLTXHOHV FRUUpODWLRQV HQWUH G¶pYHQWXHOV WURXEOHV SUDJPDWLTXHV HW OHV UHVVRXUFHV H[pFXWLYHV HW PQpVLTXHV QRWDPPHQWGHPpPRLUHGHWUDYDLO

(106) GHFHVSDWLHQWV  /¶XQHGHFHVpWXGHVDYDLWSRXUREMHFWLIG¶pYDOXHUOHVFDSDFLWpVGHFRPSUpKHQVLRQGX ODQJDJHQRQOLWWpUDOGHVSDWLHQWVjWUDYHUVXQHpSUHXYHG¶H[SOLFDWLRQGHPpWDSKRUHV /HV UpVXOWDWV RQW PRQWUp TXH OHV SDWLHQWV SRXYDLHQW pSURXYHU GHV GLIILFXOWpV SRXU OD FRPSUpKHQVLRQ GX ODQJDJH PpWDSKRULTXH VXSSRVDQW TXH OH SURFHVVXVWUDLWDQW GHV IRUPHV FRPSOH[HVGXODQJDJHWHOOHVTXHO¶LQWHUSUpWDWLRQGHVPpWDSKRUHVGpSHQGGXV\VWqPHIURQWR VWULDWDOHWG¶XQHGHVHVFRPSRVDQWHVSOXVSDUWLFXOLqUHPHQWODPpPRLUHGHWUDYDLO5DSSHORQV TXHFHV\VWqPHHVWVRXYHQWDOWpUpGqVOHVVWDGHVSUpFRFHVGHODPDODGLH  8QHDXWUHpWXGHWRXMRXUVLQLWLpHSDU021(77$>@REMHFWLYHTXHVHXOOHVRXVJURXSH GHVSDWLHQWVSDUNLQVRQLHQVTXLSUpVHQWDLHQWGHVWURXEOHVGHODPpPRLUHGHWUDYDLODREWHQX GHVUpVXOWDWVVLJQLILFDWLYHPHQWLQIpULHXUVjFHX[REWHQXVSDUOHJURXSHWpPRLQ&HVSDWLHQWV UHQFRQWUHQW SOXV GH GLIILFXOWpV j UpFXSpUHU OHV LQIpUHQFHV SOXV SDUWLFXOLqUHPHQW FHOOHV TXL SRUWDLHQWVXUOHVGpWDLOVGHO¶KLVWRLUH2UXQGHVSURFHVVXVQpFHVVDLUHVjODFRPSUpKHQVLRQ FRPSOqWHG¶XQWH[WHRXG¶XQHKLVWRLUHUpVLGHHQODFDSDFLWpGXVXMHWjH[WUDLUHOHVLQIpUHQFHV XQHUHSUpVHQWDWLRQFRKpUHQWHGXWH[WHSDVVHSDUODJpQpUDWLRQG¶LQIpUHQFHV  &HV REVHUYDWLRQV VRXOLJQHQW TXH OHV DOWpUDWLRQV GX V\VWqPH IURQWRVWULDWDO HW VXEVpTXHPPHQW O¶DOWpUDWLRQ GHV FDSDFLWpV GH OD PpPRLUH GH WUDYDLO

(107)  FRQVWLWXH XQH VRXUFH LPSRUWDQWHGHVGpILFLWVGHODSUDJPDWLTXHGXODQJDJHFKH]OHVSDWLHQWVSDUNLQVRQLHQV $LQVL O¶LPSOLFDWLRQ GX G\VIRQFWLRQQHPHQW IURQWDO FKH] OHV SDWLHQWV SDUNLQVRQLHQV HVW VRXUFH G¶XQHDOWpUDWLRQGHODPpPRLUHGHWUDYDLOHWGHO¶DWWULEXWLRQGHVpWDWVPHQWDX[HWGHGpILFLWVGH ODSUDJPDWLTXHGXODQJDJH  3OXVJpQpUDOHPHQWLOUHVVRUWGDQVGHSOXVHQSOXVG¶pWXGHV FRPPHFHOOHVGH%(5*. %-2515$0 +$57(/,86 /$$.62 HW -2+1(/6 UHSULVHV SDU 021(77$ HW FROO

(108)  TXHODPDODGLHGH3DUNLQVRQV¶DYqUHDVVRFLpHjGHVDOWpUDWLRQVGHVSURFHVVXVODQJDJLHUVHW. . .

Références

Documents relatifs

'DQVXQGRFXPHQWGHOD6RFLpWpFDQDGLHQQHGHSpGLDWULH.DXIPDQFRQVLGqUHTXHOHV VWDWLVWLTXHV FDQDGLHQQHV OHV SOXV ILDEOHV DX VXMHW GH ORULHQWDWLRQ VH[XHOOH FKH] OHV

Troubles cognitifs mis en évidence lors des épisodes de manie et de dépression mais persistance de certains de ces troubles en phase euthymique. Dans l’idéal évaluation lors d

[r]

&amp;RORSODVW :HOOVSHFW $VWHOODV $OOHUJDQ ,QWHUYHQWLRQV SRQFWXHOOHV UDSSRUWV G·H[SHUWLVH &amp;RORSODVW :HOOVSHFW ,QWHUYHQWLRQV SRQFWXHOOHV DFWLYLWpV GH FRQVHLO

Montrer que l’ordre d’un élément de S n est le ppcm des longueurs des cycles dans une décomposition en produit de cycles à support

‡ ,O IDXW pYDOXHU O¶LQWpUrW UHODWLI SRXU OD VDQWp GDQV OH PRQGH GHV SURJUqV GH OD JpQRPLTXH DX QLYHDX GH OD SUDWLTXH HW GH OD SUHVWDWLRQ GHV VRLQV SDU UDSSRUW DX FR€W HW j

[r]

[r]