L'agriculture urbaine : éveil de l'agriculture pédagogique à Albi

Texte intégral

(1)L’agriculture urbaine : éveil de l’agriculture pédagogique à Albi Arthur Pince. To cite this version: Arthur Pince. L’agriculture urbaine : éveil de l’agriculture pédagogique à Albi. Architecture, aménagement de l’espace. 2017. �dumas-01807021�. HAL Id: dumas-01807021 https://dumas.ccsd.cnrs.fr/dumas-01807021 Submitted on 4 Jun 2018. HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. Copyright.

(2) . U LO. 0pPRLUHGH0DVWHU&XOWLYHUO¶LQDWWHQGX. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. (YHLOG¶XQHDJULFXOWXUHSpGDJRJLTXHj$OEL . EC O. LE. N. AT. IO. . . 0pPRLUHGHUHFKHUFKHSUpSDUpSDU0$UWKXU3,1&( 3DUFRXUV©$UFKLWHFWXUH(QYLURQQHPHQWHW3D\VDJHª 6RXVODGLUHFWLRQGH0PH0DULRQ%RQKRPPH . U SE. .

(3) 7DEOHGHVPDWLqUHV TABLE DES MATIERES ....................................................................................................................................... 2 CONSTAT .......................................................................................................................................................... 4. U SE. SUJET D’ETUDE ................................................................................................................................................. 5. U LO. PROBLEMATIQUE D’ETUDE .............................................................................................................................. 6. O. METHODE DE TRAVAIL ..................................................................................................................................... 6. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. CHAPITRE 1 – AGRICULTURE URBAINE, RAPPORT ENTRE ECOSYSTEME AGRICOLE ET URBAIN ........................ 7 1. DEFINITION DE L’AGRICULTURE URBAINE ................................................................................................................... 7 1.1. Dichotomie entre agriculture et urbain ................................................................................................... 7 1.2. Proximité nécessaire entre agriculture et ville ........................................................................................ 8 1.3. Distinction entre agriculture urbaine et péri-urbaine .............................................................................. 9 1.4. Les formes d’agriculture urbaine ........................................................................................................... 10 2. MULTIFONCTIONNALITE DE L’AGRICULTURE URBAINE ................................................................................................ 12 2.1. Fonction aménagement urbain ............................................................................................................. 13 2.2. Fonction environnement ........................................................................................................................ 14 2.3. Fonction alimentaire et santé ................................................................................................................ 16 2.4. Fonction économique et sociale ............................................................................................................ 18 2.5. Fonction pédagogique et récréative ...................................................................................................... 19 3. SYSTEME ALIMENTAIRE, CARACTERISATION DES PROJETS D’AGRICULTURE URBAINE .......................................................... 21 3.1. Système économique ............................................................................................................................. 22 3.2. Système de distribution ......................................................................................................................... 22 3.3. Système de production .......................................................................................................................... 24 3.4. Les acteurs ............................................................................................................................................. 25. AT. IO. 3.5. Lieux....................................................................................................................................................... 26. N. CHAPITRE 2 – LIEUX ET PRATIQUES DE CULTURES PEDAGOGIQUES INATTENDUES ........................................ 28. LE. 1. LES PROJETS EN PLEINE TERRE ............................................................................................................................... 31. EC O. 1.A. Jardins communautaires, Jardin Châteaufort ....................................................................................... 31 1.B. Jardin pédagogique, edible schoolyard dans le paysage de brooklyn ................................................... 33 1.C. Jardins d’insertions, au centre psychiatrique la souterraine ................................................................. 36. 2. LES PROJETS HORS SOL LOW-TECH ......................................................................................................................... 39 2.D. Jardin expérimental, sur les toits d’AgroParitech .................................................................................. 39 2.F. Myciculture, U-Farm .............................................................................................................................. 44 3. LES PROJETS HORS SOL HIGH-TECH ......................................................................................................................... 46 . .

(4) 3.G. Ferme verticale en aquaponie, Ecosystèmes Alimentaires Urbains ...................................................... 46 3.H. Serre sur les toits en hydroponie, ferme Lufa ........................................................................................ 49 3.I. Ferme sous terre en aéroponie, La Caverne ........................................................................................... 53 CHAPITRE 3 – ETUDE DE CAS : AGRICULTURE URBAINE UN PROJET DE TERRITOIRE A ALBI ............................ 56. U SE. 1. ANALYSE DU PROJET D’AGRICULTURE URBAINE EXISTANT ............................................................................................ 56 1.1. Histoire d’Albi ........................................................................................................................................ 56. U LO. 1.2. Territoire albigeois................................................................................................................................. 58. 1.3. L’autosuffisance alimentaire, un projet… .............................................................................................. 60. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. 1.3.1. politique et économique, autosuffisance alimentaire d’ici 2020 ..................................................................... 60 1.3.2. social, l’association incroyable comestible ...................................................................................................... 63. 1.4. Projets existants .................................................................................................................................... 66 2. ANALYSE DU POTENTIEL URBAIN EN TERMES D’AGRICULTURE URBAINE .......................................................................... 69 2.1. Objectif .................................................................................................................................................. 69 2.2. Tissu urbain ........................................................................................................................................... 70 2.3. Méthodologie, transept urbain ............................................................................................................. 71 2.4. Lieux potentiels ...................................................................................................................................... 73 2.5. Lieux remarquables ............................................................................................................................... 75 2.6. Propositions pour chaque lieu ............................................................................................................... 77 3. DISCUSSION ...................................................................................................................................................... 86 3.1. Analyse des propositions ....................................................................................................................... 86 3.2. Coexistence entre espace urbain et agricole ......................................................................................... 86 3.3. Limites, auto-suffisante à Albi une vaine utopie.................................................................................... 88 3.4. Perspective ............................................................................................................................................ 90 CONCLUSION .................................................................................................................................................. 93 ANNEXES ........................................................................................................................................................ 94. IO. ANNEXE 1 : 10 ENTRETIENS..................................................................................................................................... 94. AT. ANNEXE 2 : FICHE DIFFERENTS TYPES DE CULTURE ...................................................................................................... 103. N. ANNEXE 3 : CONFERENCE AU CCHA ....................................................................................................................... 112. EC O. LE. ANNEXE 4 : FICHES DE LECTURE .............................................................................................................................. 113 ANNEXE 5 : FICHES REFERENCES ............................................................................................................................. 120 ANNEXE 6 : PECHA KUCHA, CULTURE INATTENDUE ..................................................................................................... 124 ANNEXE 7 : EN FRANCE, UNE FERME A REUSSI A POPULARISER LA PERMACULTURE............................................................ 157. TABLE DES REFERENCES................................................................................................................................ 159 TABLE DES ILLUSTRATIONS ........................................................................................................................... 161. . .

(5) &RQVWDW /¶pWXGH©$SSURDFKLQJDVWDWHVKLIWLQ(DUWK¶VELRVSKHUHªSDUXHHQMXLQGDQVXQHUHYXH UpIpUHQFH SDUPL OHV SXEOLFDWLRQV VFLHQWLILTXHV 1DWXUH QRXV VXJJqUH TX¶XQH SDUWLH GH. U SE. O¶KXPDQLWpYLHQGUDLWjGLVSDUDLWUHDYDQWODILQGXVLqFOH. U LO. /HVFKHUFKHXUVDSSDUWHQDQWjXQHTXLQ]DLQHG¶LQVWLWXWLRQVVFLHQWLILTXHVLQWHUQDWLRQDOHVTXL. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. HQSOXVUDSLGHHWXQHDFFpOpUDWLRQGHVFKDQJHPHQWVFOLPDWLTXHVª. O. RQWSDUWLFLSpjO¶pFULWXUHGHO¶DUWLFOHQRXVDODUPHQW ©VXUXQHSHUWHGHODELRGLYHUVLWpGHSOXV. (QHIIHWODYLWHVVHGHVERXOHYHUVHPHQWVTXLDIIHFWHQWODSODQqWHDXMRXUG¶KXLVHGpURXOHQWj XQH YLWHVVH HW XQH DPSOHXU MDPDLV YXHV /¶H[WLQFWLRQ G¶HVSqFHV DQLPDOHV HW YpJpWDOHV Q¶D MDPDLVpWpDXVVLUDSLGHGHSXLVTX¶XQDVWpURwGHDDQpDQWLHOHVGLQRVDXUHV/HVWHPSpUDWXUHV pJDOHPHQWDXJPHQWHQWWHOOHPHQWYLWHTXHQRXVDOORQVDWWHLQGUHGHVWHPSpUDWXUHVG¶LO\D PLOOLRQV G¶DQQpHV ELHQ DYDQW O¶DSSDULWLRQ GH O¶KXPDLQ 'H SOXV OD SRSXODWLRQ PRQGLDOH D H[SORVp PXOWLSOLDQW SDU SOXV GH VRQ QRPEUH HQ PRLQV GH DQV SDVVDQW G¶DSSUR[LPDWLYHPHQWPLOOLDUGVjPLOOLDUGVG¶rWUHVKXPDLQVVXUODSODQqWH(WFHFKLIIUHQH FHVVH G¶DXJPHQWHU FH TXL HQJHQGUH XQ DSSURYLVLRQQHPHQW HQ HDX HW QRXUULWXUH SOXV LPSRUWDQW /D OLPLWDWLRQ GHV UHVVRXUFHV HVW O¶XQ GHV SUREOqPHV FUXFLDX[ VDFKDQW TXH QRXV GpWUXLVRQVODELRGLYHUVLWp. ©& HVW IDVFLQDQW FRPPH QRWUH HVSqFH HVW GRXpH SRXU LPDJLQHU VD SURSUH GLVSDULWLRQ VD SURSUHH[WLQFWLRQª 5RE+RSNLQV )LQDOHPHQW OH FRQVWDW pGLILp SDU FHV FKHUFKHXUV GpPRQWUH TXH OHV pFRV\VWqPHV GH OD SODQqWH SRXUUDLHQW FRQQDvWUH XQ HIIRQGUHPHQW WRWDO HW LUUpYHUVLEOH G¶LFL / XQH GHV UDLVRQV GH FHWWH PLVH HQ SpULO GH OD ELRGLYHUVLWp HVW O DUWLILFLDOLVDWLRQ GHV VROV DVVRFLpH j. IO. O H[SDQVLRQXUEDLQH. AT. 'DQFHFHFRQWH[WHLOVHPEOHQpFHVVDLUHG¶LQWpJUpODELRGLYHUVLWpHQYLOOHSRXUXQHYLOOHSOXV. LE. N. UpVLOLHQWH. EC O. . . . *DUULF$\GUH\/DILQGHODSODQqWHHQ">HQOLJQH@'LVSRQLEOHVXU KWWSHFRORJLHEORJOHPRQGHIUODILQGHODSODQHWHHQ FRQVXOWpOH

(6) ',21&\ULO'HPDLQPLQ . .

(7) 6XMHWG¶pWXGH 'HSXLV VD QDLVVDQFH O¶DJULFXOWXUH HQWUHWLHQW XQ OLHQ pWURLW DYHF O¶KRPPH HW VRQ OLHX GH YLH 0DLVGHSXLVTXHOTXHVGpFHQQLHVGDQVOHVSD\VLQGXVWULDOLVpVFHOLHQDWHQGDQFHjrWUHEULVp. U SE. /HV FXOWXUHV V¶pORLJQHQW GHV YLOOHV HW O¶pFDUW QH FHVVH G¶DXJPHQWHU DX ILO GX WHPSV &HSHQGDQW FHV GHUQLqUHV DQQpHV O¶HQJRXHPHQW FURLVVDQW GHV GLIIpUHQWV DFWHXUV GX SURMHW. U LO. XUEDLQHWODSULVHGHFRQVFLHQFHGHVKDELWDQWVGHVYLOOHVFRQIqUHQWjO¶DJULFXOWXUHXUEDLQHXQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O¶DJULFXOWXUHIDLWVRQJUDQGUHWRXUDXF°XUGHODYLOOH. O. U{OHPDMHXUGDQVOHVUpIOH[LRQVHWLQWHUYHQWLRQVWHUULWRULDOHVXUEDLQHVGHGHPDLQ)LQDOHPHQW. /D YLOOH G¶$OEL UpFHPPHQW HQWUpH DX SDWULPRLQH GH O¶8QHVFR SURFODPH GH SDUYHQLU j O¶DXWRVXIILVDQFH DOLPHQWDLUH G¶LFL O¶KRUL]RQ &¶HVW ILQ TXH OH SURMHW JHUPH GDQV OD WrWH GH GHX[ KRPPHV +HQUL %XUHDX DQFLHQ SUpVLGHQW G¶LQFUR\DEOH FRPHVWLEOH HW -HDQ 0LFKHO%RXDWDGMRLQWDXPDLUHG¶$OEL. /¶LGpHHVWGHSURGXLUHOpJXPHVIUXLWVFpUpDOHVYLDQGHVHQTXDQWLWpVXIILVDQWHDILQGHQRXUULU O¶HQVHPEOH GH OD SRSXODWLRQ DOELJHRLVH (Q OH SURMHW HQJDJp SDU OD PDLULH HW O¶DVVRFLDWLRQ ,QFUR\DEOH FRPHVWLEOHV HVW RIILFLDOLVp 3DU OD VXLWH OD YLOOH G¶$OEL RUJDQLVH OH ZHHNHQG GX HW MDQYLHU GHV ©MRXUQpHV FRPHVWLEOHVª DILQ GH VHQVLELOLVHU OD SRSXODWLRQ VXU OD TXHVWLRQ GH O¶DJULFXOWXUH XUEDLQH '¶DLOOHXUV OD EULWDQQLTXH 3DPHOD FRIRQGDWULFH GX PRXYHPHQW GHV,QFUR\DEOHV FRPHVWLEOHVHVW YHQXH HQ SHUVRQQH IDLUH XQ SHWLWWRXUGDQVOHEXWGHVRXWHQLUFHWWHGpPDUFKHDXGDFLHXVH. 'HTXRLGRQQHUXQMROLFRXSGHSRXFHDXSURMHWFDUGHSXLVSOXVLHXUVPRLVODSUHVVHORFDOH PDLVDXVVLQDWLRQDOHPXOWLSOLHOHVDUWLFOHVVXUO¶DPELWLHX[SURMHWDOELJHRLV. (QFRUH VRXV IRUPH GH MHXQH SRXVVH OH SURMHW Q¶HQ Q¶HVW TX¶j VHV GpEXWV HW OHV KDELWDQWV. IO. DFWHXUVPDMHXUV GH O¶DJULFXOWXUH HQ YLOOH QH VRQW SDV HQFRUH DVVH] VHQVLEOHV DX[ TXHVWLRQV. AT. SRUWpHV j O¶DJULFXOWXUH XUEDLQH &HSHQGDQW OD GLYHUVLWp GX WHUULWRLUH DLQVL TXH FHOOH GH FHV. N. OLHX[LQDWWHQGXVRIIUHQWj$OELDXWDQWGHSRVVLEOHVGHOLHX[LQVRXSoRQQpVSRXUSHUPHWWUHjOD. LE. YLOOHGHVHPHUOHVSUHPLqUHVJUDLQHV. EC O. . . . .

(8) 3UREOpPDWLTXHG¶pWXGH 3HQVHUO¶DJULFXOWXUHSRXUSDQVHUO¶KRPPHHWUHSHQVHUOHVOLHQVVRFLDX[&XOWLYHUODYLOOHG¶$OEL SHXWLO rWUH OH YHFWHXU GH O¶pEUDQOHPHQW GH O¶LQGLYLGXDOLVPH FKURQLTXH TXH VXELW QRV. U SE. FRPPXQHV"5pLQWpJUHUOHWUDYDLOGHODWHUUHGDQVOHTXRWLGLHQGHVDOELJHRLVSRXUUHYHQLUDX IRQGHPHQWPrPHGHO¶DFWHGHVHQRXUULU4XHOOHSODFHSRXUXQHQDWXUHQRXUULFLqUHGDQVVRQ. U LO. FHQWUHKLVWRULTXHVHVSDUFVHWVHVMDUGLQV"&XOWLYHUHWVHFXOWLYHUSRXUFRPSUHQGUHFHTXH. O¶RQPDQJHSRXUFRQVRPPHUODQDWXUHHWODWHUUHDXWUHPHQW&RPPHQWO¶DJULFXOWXUHXUEDLQH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. SHXWHOOHPRGLILHUOHUDSSRUWTX¶RQWOHVKDELWDQWVDYHFOHXUVPRGHVGHYLHGHFRQVRPPDWLRQ HW OHXUV DSSURSULDWLRQV GH OD YLOOH " 6HPHU OHV UXHV OHV SODFHV OHV vORWV SRXU UHQIRUFHU OHV OLHQVHQWUHO¶KRPPHHWODQDWXUH0DLOOHUOHWLVVXSRXUIDoRQQHUGHVSDVVHUHOOHVHQWUHYLOOHHW FDPSDJQH4XHOOHSODFHSRXUOHVDUFKLWHFWHVGDQVODTXHVWLRQGHFXOWLYHUHQFHQWUHERXUJ" (Q TXRL SURGXLUH DXWUHPHQW SHXWLO IDLUH pFORUH XQH YLOOH R O¶KDELWDQW HVW DX F°XU GX SURFHVVXVXUEDLQGHGHPDLQ"4XHOOHDUFKLWHFWXUHSRXUUDLWGRQQHUMRXUjO¶LQWpJUDWLRQGH O¶DJULFXOWXUHGDQVODYLOOHG¶$OEL"$WUDYHUVTXHOVSURJUDPPHV"&RPPHQWO¶DJULFXOWXUH HW OD YLOOH SRXUUDLW FRQWULEXHU O¶XQH j O¶H[LVWHQFH GH O¶DXWUH" $XWDQW GH TXHVWLRQV DX[TXHOOHVLOIDXWUpSRQGUH. 0pWKRGHGHWUDYDLO . /¶HQVHPEOHGHFHWUDYDLOSRUWHUDVXUO¶DJULFXOWXUHGHVSD\VGX1RUGXQLTXHPHQWFDUGDQVOHV SD\V GX QRUG OHV IRQFWLRQV UpFUpDWLYH HW SpGDJRJLTXH VRQW SOXV SURQRQFpHV TXH GDQV OHV SD\V GX VXG 'DQV FKDTXH FKDSLWUH QRXV GpYHORSSHURQV XQH PpWKRGH GH WUDYDLO ELHQ VSpFLILTXH3RXUOH&KDSLWUHSOXW{WWKpRULTXHQRXVQRXVUpIpURQVjGHVOLYUHVGHVH[WUDLWV GHILOPVHWGRFXPHQWDLUHVDILQGHFRPSUHQGUHODQRWLRQG¶DJULFXOWXUHXUEDLQH. IO. /H FKDSLWUH VH UpVXPH j OD UHFKHUFKH G¶H[HPSOHV G¶DJULFXOWXUH SpGDJRJLTXH HQ YLOOH j. AT. WUDYHUV OD OHFWXUH GH GLIIpUHQWV DUWLFOHV VXU LQWHUQHW RX GDQV GHV UHYXHV VSpFLDOLVpHV &HV. LE. N. SURMHWVVHURQWUDQJpVSDUPRGHGHSURGXFWLRQDILQGHELHQGLVFHUQHUOHVGLIIpUHQWHVSUDWLTXHV. EC O. G¶DJULFXOWXUHVSRVVLEOHVGDQVFKDTXHOLHXpWXGLp /H FKDSLWUH HVW XQH DQDO\VH FULWLTXH G¶XQ WUDYDLO GH WHUUDLQ UpDOLVp OH VHPHVWUH GHUQLHU HQ SURMHW G¶DUFKLWHFWXUH 6

(9) VXU OH VXMHW GH O¶DJULFXOWXUH XUEDLQH j $OEL 1RXV QRXV DSSXLHURQV VXU GHV FLWDWLRQV HPSUXQWpHV ORUV G¶LQWHUYLHZV UpDOLVpHV VXU VLWH DXSUqV GHV KDELWDQWV GX PDLUHDGMRLQWG¶$OELHWGHVGLIIpUHQWHVFRQIpUHQFHVVXUOHVXMHWG¶DXWRVXIILVDQFHDOLPHQWDLUH /D PpWKRGH GH ©WUDQVHFW XUEDLQª YD rWUH XWLOLVpH DILQ GH UHSpUHU O¶HQVHPEOH GHV OLHX[ LQDWWHQGXVj$OEL. . . .

(10) &KDSLWUH±$JULFXOWXUHXUEDLQHUDSSRUWHQWUHpFRV\VWqPH DJULFROHHWXUEDLQ $YDQW GH V¶LQWHUURJHU VXU OHV GLIIpUHQWV SURMHWV G¶DJULFXOWXUH XUEDLQH LO HVW LQGLVSHQVDEOH GH. U SE. FRPSUHQGUHFHWWHQRWLRQ'DQVFHFKDSLWUHQRXVDOORQVGpFRUWLTXHUFHFRQFHSWHWDQDO\VHUOD UHODWLRQ TX¶HQWUHWLHQW O¶DJULFXOWXUH DYHF OD YLOOH &H TXL SHUPHWWUD G¶DQDO\VHU SOXV MXVWHPHQW. O. XUEDLQHGDQVFHWWHYLOOH. U LO. GDQV OH FKDSLWUH OH SURMHW G¶$OEL ©G¶DXWRVXIILVDQFH DOLPHQWDLUHª HQ LQWpJUDQW O¶DJULFXOWXUH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . 'pILQLWLRQGHO¶DJULFXOWXUHXUEDLQH 'LFKRWRPLHHQWUHDJULFXOWXUHHWXUEDLQ . 6HORQ$QGUH7RUUHHW/LVH%RXUGHDX/HSDJHO¶DJULFXOWXUHXUEDLQH©VHPEOHrWUHPDLQWHQDQW WHQGDQFHªOD UH

(11) pPHUJHQFHGHODTXHVWLRQGHO¶DJULFXOWXUHXUEDLQHGDQVOHGpEDWSXEOLFHW VFLHQWLILTXH VRXOqYH GH QRPEUHXVHV TXHVWLRQV HW LQWHUURJH VXU OD SODFH GH O¶DJULFXOWXUH HQ YLOOH ,O H[LVWH GH QRPEUHXVHV GpILQLWLRQV GX SKpQRPqQH G¶DJULFXOWXUH XUEDLQH FDU LO HVW PXOWLGLVFLSOLQDLUH HW WRXFKH WRXWHV OHV FODVVHV VRFLDOHV 'H SOXV VH QRXUULU IDLW SDUWLH GHV EHVRLQVQDWXUHOVGHO¶KRPPHHWHVWLQGLVSHQVDEOHSRXUOHPDLQWLHQGHQRWUHHVSqFH0DLVLO HVWSDUIRLVGLIILFLOHGHIDLUHOHOLHQHQWUHSURGXFWLRQDOLPHQWDLUHHWYLOOH3RXUWDQWO¶DJULFXOWXUH XUEDLQH HVW GH SOXV HQ SOXV HPSOR\pH GDQV OH ODQJDJH FRXUDQW GHSXLV SOXVLHXUV GL]DLQHV G¶DQQpHVHWVXVFLWHO¶LQWpUrWGHVSULQFLSDX[DFWHXUVGHQRWUHVRFLpWp. 6LO¶RQGpFRPSRVHO¶H[SUHVVLRQ©DJULFXOWXUHXUEDLQHªRQFRQVWDWHTX¶HOOHHVWFRPSRVpHGH GHX[PRWVjSULRULGLFKRWRPLTXHV. '¶XQH SDUW O¶DJULFXOWXUH VH GpILQLW VHORQ OH GLFWLRQQDLUH GX WUpVRU GH OD ODQJXH IUDQoDLVH. IO. LQIRUPDWLVp &156

(12) FRPPH © XQH DFWLYLWp D\DQW SRXU REMHW SULQFLSDOHPHQW OD FXOWXUH GHV. AT. WHUUHV HQ YXH GH OD SURGXFWLRQ GHV YpJpWDX[ XWLOHV j O KRPPH HW j O pOHYDJH GHV DQLPDX[. LE. N. (QVHPEOHGHVPR\HQVQpFHVVDLUHVjFHWWHSURGXFWLRQª. EC O. 3OXV JpQpUDOHPHQW O¶DJULFXOWXUH HVW OH SURFHVVXV SDU OHTXHO O¶KRPPH DPpQDJH OHV pFRV\VWqPHVSRXUSURGXLUHGHODQRXUULWXUH '¶DXWUHSDUWO¶DGMHFWLI©XUEDLQªGpVLJQHFHTXLHVWUHODWLIjODYLOOHHWVHSODFHSDURSSRVLWLRQ. DX PRQGH UXUDO 2U O¶DJULFXOWXUH HVW FRQVLGpUpH FRPPH XQH DFWLYLWp LQWLPHPHQW OLpH j OD . $QGUp7RUUH /LVH%RXUGHDX/HSDJHSXEOLpOH4XDQGO¶DJULFXOWXUHV¶LQVWDOOHHQYLOOH«GpVLUGH QDWXUHRXFRQWUDLQWHVpFRQRPLTXHV"KWWSZZZPHWURSROLWLTXHVHX4XDQGODJULFXOWXUHVLQVWDOOHHQKWPO>DUWLFOH HQOLJQHFRQVXOWpOH@ 6LWHGHO¶DQDO\VHHWWUDLWHPHQWLQIRUPDWLTXHGHODODQJXHIUDQoDLVHKWWSDWLOIDWLOIIU>FRQVXOWpOH@ . .

(13) FDPSDJQH DORUVTX¶HOOH HVW SHUoXH FRPPH WHPSRUDLUH HW LQDSSURSULpH HQ PLOLHX XUEDLQ 'H QRVMRXUVF¶HVWVRXYHQWHQSpULRGHGHIRUWHFULVHpFRQRPLTXHHWRXVRFLDOHTXHO¶DJULFXOWXUH VH GpYHORSSH HQ YLOOH (W OH FRQWH[WH VRFLRpFRQRPLTXH DFWXHO HQ HVW XQH SUHXYH IRUPHOOH GDQV OHV SD\V LQGXVWULDOLVpV (Q HIIHW GH SOXV HQ SOXV G¶LQLWLDWLYHV pPHUJHQW j WUDYHUV OH. U SE. PRQGH $SUHPLqUHYXHOHVWHUPHVDJULFXOWXUHHWXUEDQLWpVRQWLQFRPSDWLEOHVPDLVVHORQ,UHQH7LQNHU. O. QRXUULWGpMjOHVYLOOHV. U LO. RQ FRQVLGqUH j WRUW TXH O¶H[SUHVVLRQ DJULFXOWXUH XUEDLQH D WRXW G¶XQH GLFKRWRPLH HW TX¶HOOH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. ©0DOJUp OH U{OH SULPRUGLDO TXH MRXH FHWWH DJULFXOWXUH GDQV O DSSURYLVLRQQHPHQW DOLPHQWDLUH GHV YLOOHV GDQV OH PRQGH OHV VSpFLDOLVWHV HW OHV SODQLILFDWHXUV GH O DJULFXOWXUH HQ RQW UHODWLYHPHQW SHX SDUOp $X PLHX[ OHV UHSUpVHQWDQWV JRXYHUQHPHQWDX[ HW OHV GpFLGHXUV \ YRLHQW XQH DFWLYLWpPDUJLQDOH«ª . 6L O¶RQ VH UpIqUH DX[ FKLIIUHV G¶DSUqV 6PLW HW DO

(14) SUqV GH PLOOLRQV GH SHUVRQQHV SUDWLTXHQW O¶DJULFXOWXUH XUEDLQH GDQV OH PRQGH HW FHOOHVFL SURGXLUDLHQW DSSUR[LPDWLYHPHQW GHVGHQUpHVDOLPHQWDLUHVPRQGLDOHV/¶DJULFXOWXUHXUEDLQHHVWXQSKpQRPqQHPRQGLDO TXLH[LVWHGHSXLVO¶DSSDULWLRQGHVYLOOHV . 3UR[LPLWpQpFHVVDLUHHQWUHDJULFXOWXUHHWYLOOH . ©/¶DJULFXOWXUH D WRXMRXUV IDLW SDUWLH GH O¶KLVWRLUH GHV YLOOHV &H TXL YDULH F¶HVWSOXW{WODPDQLqUHSRXUOHVGLIIpUHQWVDFWHXUVTXHVRQWOHVKDELWDQWVOHV. IO. JHVWLRQQDLUHVHWO¶(WDWGHOXLDVVLJQHUXQU{OHª. AT. . N. 'HSXLVODFUpDWLRQGHVSUHPLqUHVYLOOHVLOH[LVWHXQOLHQpWURLWHQWUHDJULFXOWXUHHWXUEDLQ&HWWH. LE. SUR[LPLWpHVWQpFHVVDLUHSRXUQRXUULUODYLOOH$O¶pSRTXHQpROLWKLTXHHWSHQGDQWODSUHPLqUH. EC O. UpYROXWLRQ DJULFROH LO Q¶pWDLW SDV SRVVLEOH GH WUDQVSRUWHU OD QRXUULWXUH j GHV PLOOLHUV GH NLORPqWUHV'¶DLOOHXUVSRXUSUDWLTXHUO¶DJULFXOWXUHLOIDOODLWYLYUHGDQVXQOLHXSUpFLVFHTXLHVW XQH GHV SUHPLqUHV FDXVHV GH OD VpGHQWDULVDWLRQ GH O¶KRPPH & HVW SRXU FHWWH UDLVRQ TXH . . /$*1($8$QWRLQH%$55$0DUF/(&8,5*LOOHV$JULFXOWXUHXUEDLQHYHUVXQHUpFRQFLOLDWLRQYLOOHQDWXUH 3DULV/HSDVVDJHUFODQGHVWLQ3DJH 60,75$77$$1$65-8UEDQ$JULFXOWXUH)RRI-REVDQG6XEVWDLQDEOH&LWLHV1HZ<RUN8QLWHG1DWLRQV 'HYHORSPHQW3URJUDPPH3DJH '21$',(83LHUUH)/(85<$QGUp/ DJULFXOWXUHXQHQDWXUHSRXUODYLOOH"3DJH . .

(15) ©O¶DJULFXOWXUH D pWp FRQVLGpUpH FRPPH O XQ GHV SULQFLSDX[ IDFWHXUV GH OD FLYLOLVDWLRQ KXPDLQHª /H GpYHORSSHPHQW GH O¶DJULFXOWXUH HW OD SURGXFWLRQ DERQGDQWH GH QRXUULWXUH D SHUPLVODIRUWHFRQFHQWUDWLRQGHSRSXODWLRQHWO¶DFFURLVVHPHQWGHVYLOOHV 3OXV OHV YLOOHV JUDQGLVVHQW SOXV LO IDXW DXJPHQWHU O¶DSSURYLVLRQQHPHQW HQ QRXUULWXUH 2U GH. U SE. QRPEUHXVHV FLYLOLVDWLRQV FRPPH OHV PD\DV RQW GLVSDUX j FDXVH GH OD VXUH[SORLWDWLRQ GHV O¶HQVHPEOHGHVDSRSXODWLRQ. U LO. WHUUHV DUDEOHV HW HQ FRQVpTXHQFH XQ DSSURYLVLRQQHPHQW DOLPHQWDLUH LQVXIILVDQW SRXU. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. FLYLOLVDWLRQVSHXYHQWV¶HIIRQGUHUª. O. ©6HORQ OD SOXSDUW GHV H[SHUWV F¶HVW SDU OD QRXUULWXUH TXH OD SOXSDUW GHV . /H PDQTXH GH WHUUH SRXU SURGXLUH GH ODQRXUULWXUHDHQJHQGUp GHVJXHUUHVFLYLOHVFHTXL D FRQGXLWjOHXUDXWRGHVWUXFWLRQ . 'LVWLQFWLRQHQWUHDJULFXOWXUHXUEDLQHHWSpULXUEDLQH . $ILQGHELHQGHELHQGpILQLUOHVXMHWG¶pWXGHQRXVpWDEOLURQVXQHGLVWLQFWLRQHQWUHDJULFXOWXUH XUEDLQH HW SpULXUEDLQH 6HORQ O¶RUJDQLVDWLRQ GHV 1DWLRQV XQLHV SRXU O¶DJULFXOWXUH HW O¶DOLPHQWDWLRQ )$2

(16) QRXVSURSRVHFRPPHGpILQLWLRQ. ©/¶DJULFXOWXUH XUEDLQH HW SpULXUEDLQH $83

(17) VH UpIqUH DX[ SUDWLTXHV DJULFROHV GDQV OHV YLOOHV HW DXWRXU GHV YLOOHV TXL XWLOLVHQW GHV UHVVRXUFHV SRXYDQWpJDOHPHQWVHUYLUjG DXWUHVXVDJHVSRXUVDWLVIDLUHOHVEHVRLQVGH OD SRSXODWLRQ XUEDLQH /¶DJULFXOWXUH XUEDLQH $8

(18) VH UpIqUH j GHV SHWLWHV. IO. VXUIDFHV SDU H[HPSOH WHUUDLQV YDJXHV MDUGLQV YHUJHUV EDOFRQV. AT. UpFLSLHQWVGLYHUV

(19) XWLOLVpHVHQ YLOOHSRXUFXOWLYHUTXHOTXHVSODQWHVHWpOHYHU. LE. N. GH SHWLWV DQLPDX[ HW GHV YDFKHV ODLWLqUHV HQ YXH GH OD FRQVRPPDWLRQ GX PpQDJHRXGHVYHQWHVGHSUR[LPLWpª. EC O. . &HWWHGpILQLWLRQGLIIpUHQFLHELHQODORFDOLVDWLRQGHVSUDWLTXHVDJULFROHVjO¶LQWpULHXUGHODYLOOH HWDXWRXUPDLVQHSUHQGSDVHQFRPSWHQLOHVDFWHXUVFRQFHUQpVQLOHXUVWDWXW3RXUO¶LQVWDQW . . 5$),(,)DWHPHK0pPRLUH/ LQWpJUDWLRQGHO DJULFXOWXUHXUEDLQHjO DUFKLWHFWXUHSRXUODUpDOLVDWLRQG XQHYLOOH YLDEOH0RQWUpDO>VQ@3DJH ',21&\ULO/$85(170pODQLH([WUDLWGXILOP©'HPDLQªVRUWLHQPLQ )$2SKWWSVZZZLQUDIUGSHQYIDRFKWP>FRQVXOWpOH@ . .

(20) LOHVWGLIILFLOHG¶pWDEOLUXQHGpILQLWLRQH[KDXVWLYHGHO¶DJULFXOWXUHXUEDLQHWDQWOHVIRUPHVHWOHV V\VWqPHVPLVHHQMHXVRQWQRPEUHX[HWFRPSOH[HV . /HVIRUPHVG¶DJULFXOWXUHXUEDLQH. U SE. . U LO. $X FRXUV GH O¶KLVWRLUH OHV IRUPHV G¶DSSURSULDWLRQ GH O¶HVSDFH GH O¶DJULFXOWXUH XUEDLQH RQW. EHDXFRXSpYROXpHWSULVGHQRPEUHXVHVIRUPHV&HVHVSDFHVUpDSSURSULpVVRQWGHSOXVHQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. SOXVYDULpVHWVHFRPSOH[LILHQW&HWWHpYROXWLRQUpVXOWHGHVPRGLILFDWLRQVGXPLOLHXXUEDLQHW GHVDVSLUDWLRQVVRFLDOHVGHFKDTXHpSRTXH. . )LJXUH'8&+(0,1(ULF/HVIRUPHVGHO¶DJULFXOWXUHXUEDLQHGDQVOHWHPSV>IULVHFKURQRORJLTXH@,Q '8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH>2XYUDJH@0RQWUpDO9HUWLJ2S. . IO. &H SHWLWJORVVDLUHGHV SULQFLSDOHV IRUPHV GH O¶DJULFXOWXUH XUEDLQH UpDOLVp SDU (ULF 'XFKHPLQ. AT. IDLW OH UDSSURFKHPHQW HQWUH KLVWRLUH HW DJULFXOWXUH HQ YLOOH (Q WHPSV GH JXHUUH OD PLVH HQ. LE. N. FXOWXUH GHV HVSDFHV YHUWV HW WRXW VRO SRWHQWLHOOHPHQW FXOWLYDEOH HVW XQH QpFHVVLWp FDU. EC O. O¶DSSURYLVLRQQHPHQW HQ QRXUULWXUH Q¶HVW SDV VXIILVDQW &HV MDUGLQV GLWV GH ©VLWXDWLRQ GH ULVTXHª RQW SRXU IRQFWLRQ GH SURGXLUH OD QRXUULWXUH GLUHFWHPHQW HQ YLOOH DILQ G¶DOLPHQWHU OHV KDELWDQWV3HQGDQWODVHFRQGHJXHUUHPRQGLDOHOHVMDUGLQVSXEOLFVFRPPHSDUH[HPSOHOH MDUGLQGHV7XLOHULHVVRQWWUDQVIRUPpVHQSRWDJHUV. . .

(21) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. H. 3KRWR$9(17,1&DWKHULQH3RWDJHUDXMDUGLQGHV7XLOHULHVj3DULV>(QOLJQH@7RXORXVH(16$7 DQQpHFRXUV. . /HV©MDUGLQVGH*XHUUHªHW©MDUGLQVGHODYLFWRLUHªQHVRQWSOXVSUpVHQWVGDQVOHSD\VDJH XUEDLQ PDLV LOV QRXV PRQWUHQW OHV SRVVLELOLWpV HW GpILV HQWRXUDQW OH GpYHORSSHPHQW GH O¶DJULFXOWXUHXUEDLQH. /HV©MDUGLQVGHSUR[LPLWpªRQWSHUPLVGHQRXUULUOHVYLOOHV$X0R\HQÆJH©O¶H[LVWHQFHHW O¶HQWUHWLHQGHVMDUGLQVXUEDLQVVRQWOLpVjXQHERQQHVLWXDWLRQpFRQRPLTXHWRXWDXWDQWTX¶jXQ pWDW GpPRJUDSKLTXHª /RUVTXH O¶RQ pWXGLH OHV FDUWHV GX 0R\HQ ÆJH RQ SHXW YRLU GHV MDUGLQVSRWDJHUVDFFROpVDX[KDELWDWLRQV(QWRXUpSDUGHJUDQGHVPXUDLOOHVLOHVWSUpIpUDEOH. IO. GH SURGXLUH VD SURSUH QRXUULWXUH j O¶LQWpULHXU GH O¶HQFHLQWH FDU LO HVW SDUIRLV GDQJHUHX[ GH. AT. VRUWLUGHODFLWpHWLOHVWLPSRVVLEOHGHWUDQVSRUWHUODQRXUULWXUHVXUGHJUDQGHVGLVWDQFHV&HV. LE. N. MDUGLQVVRQWXQERQPR\HQGHV¶DSSURYLVLRQQHUHQQRXUULWXUHHQFDVGHVLqJH. EC O. &HVIRUPHVG¶DJULFXOWXUHXUEDLQHVRQWWUqVSUpVHQWHVHQFRUHDXMRXUG¶KXLGDQVQRVYLOOHVPDLV HOOHVVRQWVRXYHQWpSDUSLOOpHVHWGLIILFLOHVjWURXYHU . . . *(6%(57(OLVH/HVMDUGLQVDX0R\HQÆJHGX;,HDXGpEXWGX;,9HVLqFOH3DJH KWWSZZZSHUVHHIUGRFFFPHGBBBQXPBBB>DUWLFOHHQOLJQHFRQVXOWpOH@ . .

(22) 0XOWLIRQFWLRQQDOLWpGHO¶DJULFXOWXUHXUEDLQH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. . . )LJXUH'8&+(0,1(ULF0XOWLIRQFWLRQQDOLWpGHO¶DJULFXOWXUHXUEDLQHKWWSVYHUWLJRUHYXHVRUJ>6FKpPD@ ,Q'8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH>2XYUDJH@0RQWUpDO9HUWLJ2S. . 3UpVHQWH j WUDYHUV OH PRQGH O¶DJULFXOWXUH XUEDLQH UpYqOH XQH PXOWLIRQFWLRQQDOLWp TXL GLIIqUH VHORQOHSD\VRO¶RQVHVLWXH LQGXVWULDOLVpRXHQYRLHGHGpYHORSSHPHQW

(23) YRLUPrPHjSOXV SHWLWHpFKHOOHVHORQODUpJLRQHWRXYLOOH3DUDLOOHXUVOHVIRQFWLRQVGHO¶DJULFXOWXUHXUEDLQHVRQW H[WUrPHPHQWQRPEUHXVHVFDUHOOHVWRXFKHQWGHQRPEUHX[GRPDLQHVHWGpSHQGHQWGXSURMHW HQJDJp. AT. IO. 3DU H[HPSOH XQ SURMHW G¶DJULFXOWXUH XUEDLQH GDQV XQ K{SLWDO VH GpYHORSSHUD DXWRXU GH OD. N. TXHVWLRQGHODVDQWpDORUVTX¶XQMDUGLQG¶DSSUHQWLVVDJHGDQVXQHpFROHVHUDSOXVWRXUQpYHUV. LE. XQHIRQFWLRQpGXFDWLYH. EC O. '¶DSUqV 'XFKHPLQ HW DO

(24) OHV IRQFWLRQV GH O¶DJULFXOWXUH XUEDLQH VRQW QRPEUHXVHV FDU HOOHV HQJOREHQW OD VDQWp DFWLYLWp SK\VLTXH HW DOLPHQW HQ TXDQWLWp HW TXDOLWp

(25) OHV ORLVLUV HVSDFH GH GpWHQWH HQ FRQWDFW DYHF OD QDWXUH

(26) O¶pFRQRPLH LQVHUWLRQ pFRQRPLTXH HW OXWWH FRQWUH OD SDXYUHWp

(27) O¶pGXFDWLRQ IRUPDWLRQ VHQVLELOLVDWLRQ HW DXWRQRPLH SHUVRQQHOOH

(28) OD VpFXULWp DOLPHQWDLUH DXWRVXIILVDQFH DOLPHQWDLUH

(29) OHV LQWHUDFWLRQV VRFLDOHV O¶HQYLURQQHPHQW vORWVGHFKDOHXUELRGLYHUVLWpXUEDLQHHWIOX[GHPDWLqUHHWG¶pQHUJLHDXVHLQGHO¶pFRV\VWqPH XUEDLQ

(30) O¶DPpQDJHPHQWXUEDLQ VROVFRQWDPLQpVHWDSSURSULDWLRQGHO¶HVSDFHXUEDLQSDUOHV . . .

(31) KDELWDQWV

(32) 7RXVFHVWKqPHVVRQWDXWDQWGHSRVVLELOLWpVGHSURMHWVTXLV¶LQWqJUHQWjXQOLHX SUpFLVDXVHLQGHO¶pFRV\VWqPHXUEDLQ. )RQFWLRQDPpQDJHPHQWXUEDLQ . U SE. /¶DJULFXOWXUHXUEDLQHSHXWMRXHUXQU{OHHVVHQWLHOGDQVO¶DPpQDJHPHQWXUEDLQ(QHIIHWDYHF O¶DXJPHQWDWLRQ GH OD SRSXODWLRQ OHV YLOOHV V¶pWDOHQW HW O¶HVSDFH DJULFROH HVW JULJQRWp SDU. U LO. O¶HVSDFHXUEDLQ)LQDOHPHQWODVXUIDFHKRUWLFROHHVWFRQVLGpUpHFRPPHXQHVLPSOHUpVHUYH. O. IRQFLqUH SRXU O¶H[SDQVLRQ XUEDLQH /¶DJULFXOWXUH XUEDLQH SURSRVH FRPPH VROXWLRQ GH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. UpLQWpJUHUO¶HVSDFHKRUWLFROHGDQVOHSURFHVVXVG¶DPpQDJHPHQWGXWHUULWRLUHHWGHSHQVHUFHV GHX[ W\SHV G¶HVSDFHV DJULFROHV HW XUEDLQV

(33) HQVHPEOH GDQV XQ SURMHW FRPPXQ &HWWH QRXYHOOHJHVWLRQGHO¶HVSDFHSHUPHWWUDLWODSHUPpDELOLVDWLRQGHVXUIDFHVLPSHUPpDEOHVSRXU XQHPHLOOHXUHUpJXODWLRQGHVF\FOHVGHO¶HDX. /¶DJULFXOWXUHXUEDLQHSHXWrWUHpJDOHPHQWXQHUpSRQVHYLVjYLVGHODGHPDQGHJUDQGLVVDQWH GHVKDELWDQWVGHUHWURXYHUXQOLHQDYHFODQDWXUHDXVHLQPrPHGHODYLOOH&HFRQWDFWDYHFOD WHUUH SHUPHW XQH UpDSSURSULDWLRQ GH O¶HVSDFH XUEDLQ SDU OHV FLWR\HQV /¶DVVRFLDWLRQ ©%ULQ G¶*XLOOª RUJDQLVH FKDTXH DQQpH j /\RQ XQH IrWH TXL GRQQH O¶RFFDVLRQ DX[ KDELWDQWV GH. . EC O. LE. N. AT. IO. SODQWHUGDQVOHVUXHVGHOHXUTXDUWLHUGHVPLFURMDUGLQLqUHV. 3KRWR3HWLWVEULQV] XUEDLQV0LFURLPSODQWDWLRQIORUDOH%ULQG¶*XLOO

(34) ,Q%ULQGX*XLOOMDUGLQXUEDLQ QRPDGHV'LVSRQLEOHVXUKWWSZZZEULQGJXLOORUJ FRQVXOWpOH

(35) . . . . '8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH0RQWUpDO9HUWLJ23DJH %ULQGJXLOO/HV3HWLWVEULQV]¶XUEDLQV KWWSZZZEULQGJXLOORUJQRVMDUGLQVOHVSWLWVEULQV]XUEDLQV>DUWLFOHHQOLJQHFRQVXOWpOH@. . . .

(36) /HVKDELWDQWVMDUGLQHQWGpVRUPDLVOHSD\VDJHGHODPpWURSROH/\RQQDLVH'DQVFHWWHRSWLTXH G¶LQWpJUDWLRQ GH OD YpJpWDWLRQ GDQV OH WLVVX XUEDLQ O¶DJULFXOWXUH XUEDLQH HVW FUpDWULFH GH SD\VDJHVFHTXLSHUPHWODWUDQVIRUPDWLRQGHVHVSDFHVXUEDLQVGpODLVVpVHQHVSDFHVYHUWVHW KRUWLFROHV. U SE. . U LO. 2Q FRQVWDWH ELHQ TXH VXU FHV TXHVWLRQV G¶DPpQDJHPHQW GH O¶HVSDFH XUEDLQ O¶DJULFXOWXUH XUEDLQHRIIUHGHQRPEUHXVHVVROXWLRQVDX[SUREOqPHVVRXOHYpVSDUOHFRQWH[WHXUEDLQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . )RQFWLRQHQYLURQQHPHQW . /D ELRGLYHUVLWp HVW PLVH j PDO HQ YLOOH j FDXVH GH TXDWUH IDFWHXUV ©O¶DUWLILFLDOLVDWLRQ GHV VROV OD VXUH[SORLWDWLRQ GHV UHVVRXUFHV QDWXUHOOHV OH FKDQJHPHQW FOLPDWLTXH HW O¶LQWURGXFWLRQ G¶HVSqFH LQYDVLYHVª 'DQV FH FDGUH SHX IDYRUDEOH OHV GLIIpUHQWV SURMHWV G¶DJULFXOWXUH XUEDLQH WHQWHQW GH UpLQWURGXLUHODELRGLYHUVLWpHQYLOOH3DVVHXOHPHQWHOOHFRQWULEXHpJDOHPHQW j OD SUpVHUYHU DYHF SDU H[HPSOH OH SDUWDJH GH VHPHQFHV /¶DVVRFLDWLRQ ©*UDLQH GH 7URFª RUJDQLVH GHV UHSDV HW WDEOHV URQGHV GDQV OH EXW GH VHQVLELOLVHUHWGHSDUWDJHUOHVVHPHQFHVHWOHVDYRLUIDLUH/¶LQWURGXFWLRQGH FHWWHGLYHUVLWpGHSODQWHVHWG¶DUEUHVHQYLOOHSRXUUDLWG¶XQHSDUWFRQWULEXHUj UpGXLUH OHV SRXVVLqUHV HW G¶DXWUH SDUW j DEVRUEHU FHUWDLQV SROOXDQWV GDQV O¶DLU JUkFH j OHXUV IHXLOODJHV HW GDQV OH VRO SDU OH ELDLV GH OHXU V\VWqPH UDFLQDLUH . IO. 'HSOXVODGHQVLILFDWLRQGHODYpJpWDWLRQSHXWDXVVLDXJPHQWHUOHWDX[G¶KXPLGLWp SRXUOHV. AT. FOLPDWV DULGHV

(37) HW SHUPHW GH UpGXLUHO¶HIIHW vORW GHFKDOHXU -XVWHPHQW OH SURMHW (3,&($ D. N. SRXU REMHFWLI GH UpGXLUH O¶LPSDFW GHV vORWV GH FKDOHXU HQ LQWpJUDQW GH OD YpJpWDWLRQ GDQV. LE. O¶DJJORPpUDWLRQSDULVLHQQH/HVUpVXOWDWVGX*UDQG3DULV JURXSH'HVFDUWHV

(38) PRQWUHQWVXUFH. EC O. JUDSKLTXHOHVGLIIpUHQFHVGHWHPSpUDWXUHPRGpOLVpHVHQWUHODYLOOHDFWXHOOH ODFRXUEHYHUWH FODLUH

(39) HWDSUqVYpJpWDOLVDWLRQ ODFRXUEHEOHXH

(40) . . *,//$5'0RUJDQH(FRV\WqPHV%LRGLYHUVLWp(YROXWLRQ>(QOLJQH@6FLHQFHVGHODYLHHWGHO¶HQYLURQQHPHQW 8QLYHUVLWpGH5HQQHVS)RUPDW3')'LVSRQLEOHVXUZZZWKHVHVIU5(13SGI FRQVXOWpOH

(41) *UDLQHGHWURFKWWSJUDLQHVGHWURFIU>FRQVXOWpOH@ 0pWpR)UDQFHKWWSZZZPHWHRIUDQFHIUHVSDFHSUHVVHUHVXOWDWVGXSURMHWHSLFHDLPSDFWGX FKDQJHPHQWFOLPDWLTXHVXUODJJORPHUDWLRQSDULVLHQQHHWVWUDWHJLHVGDGDSWDWLRQ>3')HQOLJQHFRQVXOWpOH @ . .

(42) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . )LJXUH'(63/$7-XOLHQ,PSDFWGHVvORWVGHFKDOHXUXUEDLQ

(43) >JUDSKLTXH@,Q0pWpR)UDQFH'LVSRQLEOH VXU KWWSZZZPHWHRIUDQFHIUFOLPDWSDVVHHWIXWXUGHFU\SWHUOHFOLPDWGHQRVYLOOHVOHVYLOOHVIDFHDX FKDQJHPHQWFOLPDWLTXH. . 'DQVO¶RSWLTXHG¶XQHYLOOHSOXVGXUDEOHOHVDFWHXUVGHO¶DJULFXOWXUHXUEDLQHVHWRXUQHQWYHUV XQH PHLOOHXUH JHVWLRQ GH QRV GpFKHWV DYHF OH FRPSRVWDJH HW OH UHF\FODJH GH OD PDWLqUH RUJDQLTXH/DYLOOHGH6DQ)UDQFLVFRDX[eWDWV8QLVDSRXUDPELWLRQGHSURGXLUH]pURGpFKHW G¶LFL 'DQV FKDTXH IR\HU XQH SRXEHOOH HVW UpVHUYpH SRXU OD PDWLqUH RUJDQLTXH TXL DSUqV rWUH DFKHPLQpH GDQV XQH GpFKHWWHULH HVW SDU OD VXLWH WUDQVIRUPpH HQ HQJUDLV /H FRPSRVW HVW HQVXLWH UHYHQGX DX[ DJULFXOWHXUV GH OD UpJLRQ ©/¶XVLQH GX GpEDUFDGqUH WUDLWHSOXVGHWRQQHVGHGpFKHWVSDVMRXUª$XWDQWGHWRQQHVSRXUFXOWLYHUODYLOOH . . EC O. LE. N. AT. IO. . . .(%$%$XGUH\&KURQLTXHVGH6DQ)UDQFLVFRREMHFWLI]pURGpFKHWjO¶KRUL]RQ KWWSZZZJRPHWFRP]HURGHFKHWVDQIUDQFLVFR>DUWLFOHHQOLJQHFRQVXOWpOH@ . .

(44) )RQFWLRQDOLPHQWDLUHHWVDQWp. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. . . )LJXUH$8%5<&KULVWLQHHW3285,$6-DQQH'HX[SURFHVVXVG DJULFXOWXUHXUEDLQH

(45) >VFKpPD@,Q '8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH>2XYUDJH@0RQWUpDO9HUWLJ2S. . &HWWH FODVVLILFDWLRQ UpDOLVpH SDU &KULVWLQH $XEU\ HW -HDQQH 3RXULDV QRXV UpYqOH GHX[ SURFHVVXVG¶DJULFXOWXUHXUEDLQH . /D SUHPLqUH GLWH ©UpDFWLYHª TXL V¶RUJDQLVH SDU XQ UpVHDX GH JUDQGH GLVWULEXWLRQ SRXU DSSURYLVLRQQHUOHVYLOOHV'DQVFHW\SHGHSURFHVVXVODIRQFWLRQGHO¶DJULFXOWXUHXUEDLQHHVW UHODWLYHjXQEHVRLQGHQRXUULWXUHHWIDLWDSSHOjXQHSURGXFWLRQTXDQWLWDWLYH/DYLOOHGH3DULV QH SRVVqGH TXH WURLV MRXUV GH UpVHUYH DOLPHQWDLUH HW FRPPH O¶HVVHQWLHO GH OD QRXUULWXUH SURYLHQWGHO¶H[WpULHXULOHVWOpJLWLPHGHVHSRVHUODTXHVWLRQ©FRPPHQWSHXWRQVHQRXUULUVL FHWDSSURYLVLRQQHPHQWYHQDLWjGLVSDUDvWUH"ª&HWWHSURGXFWLRQUpDFWLYHUpSRQGHWV¶LQVFULW. IO. FODLUHPHQW GDQV OD OXWWH FRQWUH j O¶LQVpFXULWp DOLPHQWDLUH GHV SRSXODWLRQV GDQV OH EHVRLQ. AT. /¶DXWRSURGXFWLRQDOLPHQWDLUHSHUPHWDX[SHUVRQQHVGpPXQLHVGHUpGXLUHOHVGpSHQVHVOLpHV. LE. N. jODQRXUULWXUHHWSDUWLFLSHjODVpFXULWpDOLPHQWDLUH. EC O. . /DVHFRQGHGLWH©SURDFWLYHªRO¶DJULFXOWXUHXUEDLQHMRXHOHU{OHDOLPHQWDLUHGXSRLQWGHYXH TXDOLWDWLI (Q HIIHW OD SOXSDUW GHV SURMHWV G¶DJULFXOWXUH XUEDLQH Q¶RQW SDV VHXOHPHQW XQH YRFDWLRQjSURGXLUHGHODQRXUULWXUH,OVUpSRQGHQWjXQHGHPDQGHVRFLDOHJUDQGLVVDQWHTXL SU{QHXQHDOLPHQWDWLRQSOXVVDLQHHWUHVSHFWXHXVHGHVRQHQYLURQQHPHQW . $8%5<&KULVWLQHHW3285,$6-HDQQH/¶DJULFXOWXUHXUEDLQHHQTXHVWLRQpSLSKpQRPqQHRXUpYROXWLRQOHQWH" (VSDFHVHWVRFLpWpV3DJH . .

(46) 3DUODSUDWLTXHSK\VLTXHHQSOHLQDLUOHMDUGLQDJHSRXUOHVSHUVRQQHVkJpHVDPpOLRUHOHXUV FRQGLWLRQV SK\VLTXHV HWPHQWDOHV ,O RIIUH XQVHQWLPHQW GH ELHQrWUHHW XQH UHFRQQDLVVDQFH VRFLDOH /H FHQWUH +RVSLWDOLHU 'pSDUWHPHQWDO *HRUJHV 'DXPH]RQ j )OHXU\OHV$XEUDLV /RLUHW

(47) D LQDXJXUp HQ RFWREUH XQ MDUGLQ SDUWDJp GH VRLQ (W VHORQ XQ PpGHFLQ TXL \. U SE. WUDYDLOOH©OHMDUGLQHVWFRQVLGpUpFRPPHXQHDFWLYLWpWKpUDSHXWLTXHª. U LO. . )LQDOHPHQWO¶DJULFXOWXUHXUEDLQHUpDFWLYHVDWLVIDLWXQEHVRLQDOLPHQWDLUHLPPpGLDWDORUV TXH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. ORUVTX¶HOOHHVWSURDFWLYHSHUPHWGHUpSRQGUHjXQHYRORQWpG¶RUGUHVRFLDOHWHQYLURQQHPHQWDO . . EC O. LE. N. AT. IO. . . %28&4,VDEHOOH UHVSRQVDEOHGXEORJ

(48) /HERQKHXUHVWGDQVOHMDUGLQ>(QOLJQH@ GDWHGHPLVHj MRXU

(49) 'LVSRQLEOHVXUKWWSVOHERQKHXUHVWGDQVOHMDUGLQRUJDGDXPH]RQXQMDUGLQSDUWDJHGH VRLQV DUWLFOHHQOLJQHFRQVXOWpOH

(50) . .

(51) )RQFWLRQpFRQRPLTXHHWVRFLDOH /¶DJULFXOWXUH XUEDLQH MRXH XQ U{OH pJDOHPHQW pFRQRPLTXH HW VRFLDO SXLVTXH TX¶HOOH HVW WUqV SHXPpFDQLVpH HW DGRQFEHVRLQGH PDLQG¶°XYUH &UpDWULFHG¶HPSORLV GH PDQLqUH GLUHFWH. U SE. RX LQGLUHFWH HOOH SHUPHW DX[ PpQDJHV O¶DFFqV j XQH QRXUULWXUH PRLQV FKqUH HW GH ERQQH. TXDOLWp FDU OHV SUL[ QH VRQW SDV VRXPLV DX[ IOXFWXDWLRQV GH O¶pFRQRPLH PRQGLDOH &¶HVW. U LO. VRXYHQWHQSpULRGHGHFULVHpFRQRPLTXHHWVRFLDOHTXHVHGpYHORSSHO¶DJULFXOWXUHXUEDLQH. O. 3DU H[HPSOH OD YLOOH GH 'pWURLW D FRQQX VHV SUHPLqUHV H[SpULHQFHV G¶DJULFXOWXUH XUEDLQH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. SHQGDQWODFULVHpFRQRPLTXHGH0DLVF¶HVWjSDUWLUGHTXH'HWURLWDFFXVHXQH IDLOOLWH pFRQRPLTXH GHJUDQGH DPSOHXU MXVTX j DWWHLQGUH PLOOLDUGV GH GROODUV GH GHWWHV HQ

(52) DYHF OD IHUPHWXUH GHV XVLQHV OLpHV j O¶LQGXVWULH DXWRPRELOH /H WDX[ GH FK{PDJH H[SORVH SRXU DWWHLQGUH HW V¶HQVXLW XQH GpVHUWLILFDWLRQ PDVVLYH GH OD YLOOH /HV FRPPHUFHVIHUPHQWHWO¶DSSURYLVLRQQHPHQWHQQRXUULWXUHHVWGHSOXVHQSOXVGLIILFLOHjJpUHU 3RXU QRXUULU OHV FODVVHV SRSXODLUHV TXL Q¶RQW SDV OHV PR\HQV GH TXLWWHU OD YLOOH O¶DVVRFLDWLRQ©0LFKLJDQ 8UEDQ )DUPLQJ ,QLWLDWLYHª ODQFH OH SURMHW $JUL+RRG TXDUWLHU DJULFROH

(53) /HV TXDUWLHUV IDQW{PHV VRQW DORUV WUDQVIRUPpV HQ MDUGLQ FRPPXQDXWDLUH HW SHUPHWWHQWGHOXWWHUFRQWUHO¶LQVpFXULWpDOLPHQWDLUH . ©/¶DJULFXOWXUH XUEDLQH WHUULWRULDOLVH PDLV DXVVL VRFLDOLVH OHV TXHVWLRQV DOLPHQWDLUHV j 'HWURLW OD PDMRULWp GHV DVVRFLDWLRQV UHVSRQVDEOHV GH MDUGLQV FRPPXQDXWDLUHV HW GH IHUPHV XUEDLQHV V¶DGUHVVHQW j GHV SRSXODWLRQV GpIDYRULVpHV HW FKHUFKHQW j UpRULHQWHU OH V\VWqPH DOLPHQWDLUH YHUVXQHSOXVJUDQGHMXVWLFHDOLPHQWDLUHª. IO. . AT. *UkFH HQ SDUWLH j O¶DJULFXOWXUH XUEDLQH OD YLOOH UHQDvW GH VHV FHQGUHV /¶DJULFXOWXUH XUEDLQH. N. SURFXUHGRQFXQFRQWH[WHVRFLDOLQWpUHVVDQWHWIDFLOLWHOHVpFKDQJHQWDXVHLQGXJURXSHPDLV. LE. DXVVL DYHF OH UHVWH GH OD FRPPXQDXWp (OOH WRXFKH WRXWHV OHV FODVVHV GH OD VRFLpWp HW. EC O. UpLQYHQWHGHVHVSDFHVGHYLYUHHQVHPEOH . . 3$''(8)ODPLQLD/¶DJULFXOWXUHXUEDLQHj'HWURLWXQHQMHXGHSURGXFWLRQDOLPHQWDLUHHQWHPSVGHFULVH" 3DULV*5(39RO3DJH . .

(54) U SE U LO D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . 3KRWR(ULF-DUGLQFRPPXQDXWDLUHGX*HRUJLD6WUHHW&RPPXQLW\*DUGHQGDQVO¶(DVW6LGHGH'HWURLW

(55) >SKRWR@,Q)RUWXQH'LVSRQLEOHVXUKWWSIRUWXQHIGHVRXFKHFRPWDJDJULFXOWXUHXUEDLQH FRQVXOWpOH

(56) . . )RQFWLRQSpGDJRJLTXHHWUpFUpDWLYH . &XOWLYHU VRQ MDUGLQ HQ YLOOH ©GDQV FHUWDLQV FDV QRWDPPHQW j 0RQWUpDO HVW XQH IRUPH G¶DFWLYLWpVHWVHYLWFRPPHXQORLVLUª&HPRPHQWGHSDUWDJHGRQQHO¶RFFDVLRQDX[FLWDGLQV GHSUDWLTXHUXQHDFWLYLWpjO¶H[WpULHXUHQFRPPXQDXWpHWHQFRQWDFWDYHFODQDWXUH&RPPH QRXVOHPRQWUHOHWDEOHDXFLGHVVRXVMDUGLQLHUVTXLSUDWLTXHQWO DJULFXOWXUHXUEDLQHGDQV. EC O. LE. N. AT. IO. OHVMDUGLQVFRPPXQDXWDLUHVSHQVHQWTXHF¶HVWDYDQWWRXWSRXUOHSODLVLU. . )LJXUH'XFKHPLQ(ULF

(57) >WDEOHDX@,Q'8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUOD YLOOH0RQWUpDO9HUWLJ25DLVRQSRXUOHVTXHOOHVOHVMDUGLQLHUVSUDWLTXHQWO DJULFXOWXUHXUEDLQHGDQVOHV MDUGLQVFRPPXQDXWDLUHVS. . '8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH0RQWUpDO9HUWLJ23DJH . . .

(58) /¶DJULFXOWXUHXUEDLQHSURSRVHXQHVSDFHpGXFDWLIOLHXGHSDUWDJHGXVDYRLU/DFRQQDLVVDQFH HQPDWLqUHG¶DJULFXOWXUHXUEDLQHQHVHFDQWRQQHSDVVHXOHPHQWjIDLUHSRXVVHUGHVIUXLWVHW OpJXPHV ,O SUHQG HQ FRQVLGpUDWLRQ WRXW OH F\FOH GH O¶DOLPHQW SDVVDQW GH OD SURGXFWLRQ WUDQVIRUPDWLRQ j OD FRQVRPPDWLRQ MXVTX¶DX FRPSRVWDJH &RPPHQW UpFROWHU XQ DOLPHQW" &RPPHQWOHFXLVLQHU"$TXHOOHVDLVRQGRLWRQOHUpFROWHU"DXWDQWGHTXHVWLRQVDX[TXHOOHV. U SE. OHVFLWDGLQVRQWSDUIRLVGXPDOjUpSRQGUH/HPHLOOHXUPR\HQG¶DYRLUGHVUpSRQVHVjWRXWHV. U LO. FHVLQWHUURJDWLRQVHVWGHMDUGLQHU,OHVWQpFHVVDLUHGHSDUWDJHUWRXWHVFHVFRQQDLVVDQFHVHW VDYRLUIDLUHHWSOXVSDUWLFXOLqUHPHQWDXSUqVGHVHQIDQWV. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . . 3KRWR$8*,(56\OYDLQ3RWDJHUGDQVXQHpFROHpOpPHQWDLUHj,VVHO$XGH ) In )RQGV'LSRQLEOHVXU KWWSZZZIRQGVV\OYDLQDXJLHUIU FRQVXOWpOH

(59) . . 'H SOXV HQ SOXV GH SRWDJHUV IRQW OHXU DSSDULWLRQ GDQV OHV FRXUV GHV pFROHV &HWWH VHQVLELOLVDWLRQGqVOHSOXVMHXQHkJHHVWLPSRUWDQWHSRXUQRWUHIXWXUHJpQpUDWLRQGHMDUGLQLHU XUEDLQ /H SURMHW ODQFp SDU $OLFH :DWHUV D SRXU YRORQWp G¶HQVHLJQHU O¶DJULFXOWXUH HW GH. IO. O¶LQWpJUHU DX SURJUDPPH VFRODLUH HQ LQFLWDQW SDU H[HPSOH j FUpHU GHV FODVVHV H[WpULHXUHV. AT. GDQVOHVSRWDJHUVH[SpULPHQWDX[. N. /¶DJULFXOWXUHXUEDLQHHQJDJHGHVSURFHVVXVDX[IRQFWLRQVPXOWLSOHVHWFRPSOpPHQWDLUHVTXL. EC O. LE. HQULFKLVVHQWVDFRPSOH[LWp . . . .

(60) 6\VWqPH DOLPHQWDLUH FDUDFWpULVDWLRQ GHV SURMHWV G¶DJULFXOWXUH XUEDLQH 3RXUUHSUpVHQWHUODGLYHUVLWpHWPLHX[DSSUpKHQGHUODFRPSOH[LWpGHVIRUPHVGHO¶DJULFXOWXUH XUEDLQHGDQVOHPRQGHFHSULVPHG¶DQDO\VHUpYqOHOHVQRPEUHXVHVW\SRORJLHVTXLSHXYHQW. U LO. GLIIpUHQWHVYDULDEOHVTXLFRQGLWLRQQHQWO¶HQVHPEOHGHVSURMHWVG¶DJULFXOWXUHXUEDLQH. U SE. rWUH pODERUpHV /HV WUDYDX[ GH UpSHUWRULVDWLRQ PHQpV SDU 'DQLHO QRXV PRQWUHQW OHV. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . AT. IO. . LE. . N. )LJXUH'8&+(0,1(ULF0XOWLSOLFLWpGHVIRUPHVG¶DJULFXOWXUHVXUEDLQHV

(61) >6FKpPD@,Q'8&+(0,1 (ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH>2XYUDJH@0RQWUpDO9HUWLJ2S. EC O. . . . .

(62) 6\VWqPHpFRQRPLTXH /¶pFRQRPLH OLpH j O¶DJULFXOWXUH XUEDLQH VHORQ OD ILJXUH VXU OD PXOWLSOLFLWp GHV IRUPHV G¶DJULFXOWXUHV XUEDLQHV VH GLYLVH HQ GHX[ V\VWqPHV '¶XQH SDUW O¶pFRQRPLH PDUFKDQGH TXL. U SE. V¶LQVFULWVXUXQHYRORQWpGHUHQWDELOLWpSRXUSURGXLUHOHPD[LPXPGHQRXUULWXUH/DSURGXFWLRQ GHPLOOLHUVGHIUDLVHVVRXVGHVVHUUHVVDODGHVSRXVVDQWHQEDWWHULHWRXWHODVDLVRQGDQVGHV. U LO. LQVWDOODWLRQV DTXDSRQLTXHV KDXWHPHQW SURGXFWLYHV GHV FKDPSLJQRQQLqUHV« DXWDQW. O. G¶H[HPSOHV TXL FRQGXLVHQW O¶DJULFXOWXUH XUEDLQH j MRXHU XQ U{OH PDMHXU GDQV QRWUH. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. DOLPHQWDWLRQ '¶DXWUH SDUW O¶pFRQRPLH QRQPDUFKDQGH TXL FRPPH VRQ QRP O¶LQGLTXH Q¶HVW SDV OLpH j XQH DFWLYLWp FRPPHUFLDOH Q¶HVW SDV SRUWpH VXU OD SURGXFWLRQ GH QRXUULWXUH PDLV SHXW DYRLU XQH IRQFWLRQ SOXV VRFLDOH 'DQV FHUWDLQV SURMHWV OHV GHX[ V\VWqPHV SHXYHQW FRH[LVWHU'¶DSUqV6\OYLD3pUH]9LWRULD ODPDMRULWpGHODSURGXFWLRQHVWDXWRFRQVRPPpH PDLVORUVTXHTX¶LO\DXQVXUSOXVGHSURGXFWLRQFHOOHFLHVWDORUVUHYHQGXHFHTXLFRQVWLWXH XQHpFRQRPLHVXEVLGLDLUH. . 6\VWqPHGHGLVWULEXWLRQ . /H V\VWqPH DOLPHQWDLUH GH O¶pFRV\VWqPH XUEDLQ DFWXHO HVW FRPSOqWHPHQW RXYHUW VXU O¶H[WpULHXUHWHVWIRUWHPHQWGpSHQGDQWGHVpQHUJLHVIRVVLOHV/HFRQFHSW©IRRGPLOHVªPHW HQpYLGHQFHXQSUREOqPHGHIRQGVXUQRWUHPDQLqUHGHSURGXLUHHWG¶DOLPHQWHUOHVYLOOHV(Q HIIHWOHVSURGXLWVSDUFRXUHQWGHSOXVHQSOXVGHNLORPqWUHVDYDQWG¶DWWHLQGUHQRVDVVLHWWHV $X[ (WDWV8QLV SDU H[HPSOH OHV DOLPHQWV DUSHQWHQW ©HQ JpQpUDO HQWUH HW NPª HQWUHOHXUOLHXGHSURGXFWLRQHWOHXUOLHXGHFRQVRPPDWLRQ/DJOREDOLVDWLRQGXFRPPHUFHj. IO. O¶pFKHOOH PRQGLDOH DXJPHQWH FHW pORLJQHPHQW PDLV SDV VHXOHPHQW ©/H VDXPRQ SrFKp HQ. AT. 1RUYqJH HVW VXUJHOp HW H[SpGLp HQ &KLQH SRXU \ rWUH GpFRXSp HPEDOOp HW UpH[SpGLp YHUV. N. VHV FRQVRPPDWHXUV RFFLGHQWDX[«ª $X ILQDO OH SURGXLW FRQVRPPH SOXV G¶pQHUJLH SRXU. EC O. LE. VRQGpSODFHPHQWTX¶LOQ¶HQDSSRUWHjVRQFRQVRPPDWHXU ©'DQV OHV DQQpHV XQ FDPLRQ GHWRPDWHV DTXLWWp OD +ROODQGH SRXU OLYUHUO (VSDJQH'DQVOHPrPHWHPSVXQDXWUHFDPLRQGHWRPDWHVSDUWGH O (VSDJQHSRXUOLYUHUOD+ROODQGH/HVGHX[FDPLRQVRQWILQLSDUVHSHUFXWHU . . 3(5(=9,725$6LOYLD/ DJULFXOWXUHXUEDLQHDOWHUQDWLYHDJULFROHRXDOWHUQDWLYHXUEDLQH">2XYUDJH@>VO@ 5HYXHG¶HWKQRpFRORJLH9RO3DJH ,15$)RRGPLOHV>(QOLJQH@ SXEOLpOHGDWHGHPLVHjMRXU

(63) 'LVSRQLEOHVXU KWWSZZZLQUDIU(QWUHSULVHV0RQGHDJULFROH5HVXOWDWVLQQRYDWLRQWUDQVIHUW7RXWHVOHVDFWXDOLWHV)RRGPLOHV FRQVXOWpOH

(64) KWWSZZZDUWHWYVLWHVIUURELQILOHV)RRG0LOHVSGI . .

(65) VXUXQHURXWHIUDQoDLVH&HWWHDQHFGRWHYUDLHHVWXQHFDULFDWXUHTXLGHYUDLW QRXVIDLUHPpGLWHUVXUO DEVXUGLWpGHQRWUHV\VWqPHª 3LHUUH5DEKL '¶DLOOHXUV FHV WRPDWHV QH VRQW SDV FXHLOOLHV j PDWXULWp FDU LO HVW GLIILFLOH GH GLVWULEXHU XQH. U SE. WRPDWHPUH VDQV O¶DEvPHU SK\VLTXHPHQW )LQDOHPHQW OH FRQVRPPDWHXU HVW GpFRQQHFWpGX. U LO. SURGXFWHXUHWGXOLHXGHSURGXFWLRQGHVDQRXUULWXUH. /H FLUFXLWFRXUW HW OD YHQWH GLUHFWH SHUPHW GH FXHLOOLU XQH WRPDWH TXL D PXUL DX VROHLO &¶HVW. O. SRXUTXRLVDTXDOLWpHQVHUDG¶DXWDQWPHLOOHXUH'HSOXVFHV\VWqPHSHUPHWWUDGHFUpHUGHV. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. OLHQV HQWUH SURGXFWHXU HW FRQVRPPDWHXU &RPPH RQ SHXW OH YRLU VXU ODILJXUHFLGHVVRXV LO H[LVWH XQH TXLQ]DLQH GH W\SH GH YHQWH GLUHFWH &H PRGH GH GLVWULEXWLRQ HVW FRXUDQW HQ )UDQFH(QHIIHWGHVH[SORLWDQWVHQYHQGHQWHQFLUFXLWFRXUW. AT. . IO. )LJXUH08//(5%HQMDPLQ&LUFXLWFRXUWHWYHQWHGLUHFWH

(66) >2UJDQLJUDPH@$JULFXOWXUHXUEDLQHOHVVHUUHV FRPPHUFLDOHVVXUOHVWRLWVS. N. 6LWXp VXU OD FRPPXQH GH/DYHUQRVH/DFDVVH j PLQXWHV DX VXG GH 7RXORXVH. EC O. LE. 7(55$'2& SURSRVH DX FRQVRPPDWHXU GH FXHLOOLU GHV IUDLVHV IOHXUV HW DVSHUJHV GH VDLVRQ&HPRGHGHGLVWULEXWLRQHVWLQWpUHVVDQWFDULOOLPLWHDXPD[LPXPOHVLQWHUPpGLDLUHV HQWUH SURGXFWLRQ HW YHQWH /D FXHLOOHWWH LPSOLTXH OH FLWDGLQ GLUHFWHPHQW GDQV OH V\VWqPH . 5DEKL3LHUUH0DQLIHVWHSRXUOD7HUUHHWO KXPDQLVPH3RXUXQHLQVXUUHFWLRQGHVFRQVFLHQFHV3DULV$FWHV VXG 526(1:$/')DELHQQH8QSURGXFWHXUVXUFLQTYHQGHQFLUFXLWFRXUW$JUHVWH3ULPHXU>(QOLJQH@-DQYLHU &RPPHUFLDOLVDWLRQGHVSURGXLWVDJULFROHVQS'LVSRQLEOHVXU KWWSZZZDJUHVWHDJULFXOWXUHJRXYIU,0*SGIBSULPHXUSGI FRQVXOWpOHDY-&

(67) &XHLOOHWWH/DYHUQRVH&XHLOOHWWHGHIUDLVHV>(QOLJQH@PLVHjMRXU'LVSRQLEOHVXU KWWSZZZFXHLOOHWWHODYHUQRVHIU FRQVXOWpOH

(68) . . .

(69) DOLPHQWDLUHHQOHVHQVLELOLVDQWVXUODSURYHQDQFHGHVSURGXLWV/HVIUDLVHVQHSRXVVHQWSDV GDQV OHV DUEUHV« (Q YLOOH VH GpYHORSSHQW GHV V\VWqPHV GH SURGXFWLRQ GH IUDLVHV HQ K\GURSRQLH,OHVWGLIILFLOHGHPHWWUHHQSODFHFHV\VWqPHGHGLVWULEXWLRQFDUOHFXHLOOHXUXUEDLQ ULVTXH GH PRGLILHU O¶HQYLURQQHPHQW KXPLGLWp SDUDVLWH«

(70) R SRXVVHQW OHV DOLPHQWV 0DLV LO. U SE. H[LVWHG¶DXWUHVPR\HQVGHGLVWULEXWLRQGLUHFWHTXLFRQYLHQQHQWjFHW\SHGHSURGXFWLRQ. 6\VWqPHGHSURGXFWLRQ. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . U LO. . /H SDUDJUDSKH SUpFpGHQW PHW HQ pYLGHQFH JUkFH DX FRQFHSW GX IRRG PLOHV OD FRQVRPPDWLRQ G¶pQHUJLH OLpH DX[ NLORPqWUHV SDUFRXUXV SDU QRV DOLPHQWV 7RXWHIRLV OH WUDQVSRUW GHV SURGXLWV Q¶HVW SDV IRUFpPHQW OH SUHPLHU pOpPHQW j FRQVLGpUHU SDU UDSSRUW j O¶LPSDFW HQYLURQQHPHQWDO ,O IDXW SUHQGUH HQ FRQVLGpUDWLRQ TXH O¶RQ SURGXLW GDQV XQ OLHX SK\VLTXH SUpFLV (Q HIIHW OHV PpWKRGHV HW FRQGLWLRQV GH SURGXFWLRQ VRQW SDUIRLV SOXV GpWHUPLQDQWHV YLVjYLV GHV pPLVVLRQV GH *(6 ©8QH WRPDWH SURGXLWH HQ VHUUH DX 5R\DXPH8QLpPHWNJGH&2SDUWRQQHDORUVTXHFHOOHLPSRUWpHG (VSDJQHQ HQDXUD pPLVTXHNJSDUWRQQHVRLWTXDWUHIRLVPRLQVHWFHPDOJUpOHWUDQVSRUWª3RXUIDLUH SRXVVHUXQHWRPDWHEULWDQQLTXHODVHUUHUHFRQVWLWXHGHVFRQGLWLRQVFOLPDWLTXHVpTXLYDOHQWHV j FHOOH TXH O¶RQ SHXW WURXYHU HQ (VSDJQH &¶HVW SRXUTXRL OHV GLIIpUHQWHV PpWKRGHV GH SURGXFWLRQFRQVRPPHQWSOXVRXPRLQVG¶pQHUJLH(WLOHQYDGHPrPHSRXUOHVFRQGLWLRQVGH SURGXFWLRQ$LQVLSRXUPLHX[FRPSUHQGUHOHUpHOLPSDFWVXUODSODQqWHLO GHYUDLWrWUHLQVFULW VXUO¶pWLTXHWDJHO¶pPLVVLRQHQNJGH&2SDUWRQQHSRXUFKDTXHSURGXLW. /H FRPPHUFH LQWHUQDWLRQDO HVW LQGLVSHQVDEOH DILQ GH V¶DVVXUHU TXH OD SURGXFWLRQ GHV DOLPHQWV VRLW OH SOXV HIILFLHQWH SRVVLEOH ,O HVW QpFHVVDLUH GH SURGXLUH GDQV GHV OLHX[ TXL SRVVqGHQW OHV PHLOOHXUV DYDQWDJHV FOLPDWLTXHV VROV OXPLqUH«

(71) SRXU XQ FHUWDLQ W\SH GH. AT. IO. SURGXFWLRQ. N. 'HODFXOWXUHPDUDvFKqUHHQSOHLQHWHUUHTXLXWLOLVHGHVFRQQDLVVDQFHVHWVDYRLUIDLUHDQFLHQV. LE. MXVTX¶jODVHUUHK\GURSRQLTXHVXUOHVWRLWVRXDXV\VWqPHHQDTXDSRQLHGDQVGHVEDFV«OHV. EC O. V\VWqPHV GH SURGXFWLRQHQ SOHLQH WHUUHRX KRUVVRO VHGLYHUVLILHQW HW SHUPHWWHQW GH FXOWLYHU GDQVGHVOLHX[GHSOXVHQSOXVLPSUREDEOHV ,OVH[LVWHQWWURLVPRGHVGHSURGXFWLRQSRXUFXOWLYHUOHVYpJpWDX[. . . '(652&+(563LHUUH+LURNR6+,0,=8<HVZHKDYHQREDQDQDV$&ULWLTXHRIWKH³)RRG0LOHV´3HUVSHFWLYH >2XYUDJH@1HZ<RUN7KH0HUFDWXV&HQWHU3ROLF\3ULPHU9RO . .

(72) /HV SURMHWV HQ SOHLQH WHUUH ©VH WUDGXLVHQW SDU XQH SURGXFWLRQ DOLPHQWDLUH VXU XQ VRO QRQ LPSHUPpDELOLVp DYHF GHV VXUIDFHV SDUFHOODLUHV WUqV YDULDEOHV DOODQW GH TXHOTXHV PqWUHV FDUUpV SRXU GHV MDUGLQV DVVRFLDWLIV j GH JUDQGHV VXUIDFHV SRXU XQH DFWLYLWp SURIHVVLRQQHOOHª'DQVOHVYLOOHVWUqVGHQVHVORUVTXHO¶RQFXOWLYHHQSOHLQHWHUUHODTXDOLWp GXVROGRLWREOLJDWRLUHPHQWrWUHPLVHHQFDXVH&RPPHSRXUXQSURMHWGHFRQVWUXFWLRQXQH. U SE. DQDO\VHGXVROGRLWDXSUpDODEOHrWUHIDLWHHWGHVPHVXUHVHQIRQFWLRQGHODSROOXWLRQGXVRO G¶DXWUHVV\VWqPHVGHSURGXFWLRQ KRUVVRO

(73) GHVHGpYHORSSHU. U LO. GRLYHQWrWUHSULVHV/DUDUHWpGHVVXUIDFHVHQSOHLQHWHUUHVDLQHVHQPLOLHXXUEDLQDSHUPLVj. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. /HV SURMHWV KRUV VRO ORZWHFKSHUPHWWHQW GH FXOWLYHU GDQV GHV HVSDFHV GLWV ©QRQ FXOWLYDEOHVª3RXUVHIDLUHLOIDXWFUpHUXQVXSSRUW EDFVVDFVJRXWWLqUHV«

(74) SXLV\DMRXWHU XQVXEVWUDWFRPSRVpGHPDWLqUHRUJDQLTXHHWRXPLQpUDOH&HSURFpGpIDFLOLWHO¶LPSODQWDWLRQ GH SURMHWV G¶DJULFXOWXUH XUEDLQH GDQV GHV OLHX[ R LO HVW GLIILFLOH GH FXOWLYHU IDoDGH EDOFRQ WRLWV«

(75) HWHVWXQHVROXWLRQSRXUVHPHUVXUGHVVROVFRQWDPLQpV. /HV SURMHWV KRUV VRO KLJKWHFK FRQWUDLUHPHQW j OD FXOWXUH ORZWHFK GHPDQGHQW XQ FRQWU{OH VWULFWVXUOHVSDUDPqWUHVGHSURGXFWLRQFDUOHV\VWqPHULVTXHGHVHGpVpTXLOLEUHUHWQXLUHjOD FURLVVDQFHGHVSODQWHV/HVWURLVWHFKQLTXHVOHVSOXVXWLOLVpVHQPDWLqUHGHFXOWXUHKRUVVRO KLJKWHFKVRQWODFXOWXUHK\GURSRQLTXHDTXDSRQLTXHHWDpURSRQLTXH YRLUILFKH"HQDQQH[H SRXUSOXVGHGpWDLO

(76) . 3RXU FHVWHFKQLTXHV LO HVWTXDVLPHQW LQGLVSHQVDEOH GH FXOWLYHUVRXV VHUUH DILQ GH FRQWU{OHU OHVFRQGLWLRQVFOLPDWLTXHV WHPSpUDWXUHKXPLGLWp&2«

(77) FHTXLSHUPHWGHV¶DIIUDQFKLUGHV SUREOqPHVOLpVjXQHPpWpRFDSULFLHXVH. &HWWH FODVVLILFDWLRQ VHUD XWLOLVpH GDQV OD GHX[LqPH SDUWLH DILQ GH JURXSHU OHV SURMHWV VHORQ OHXUWHFKQLFLWpHWOHXUORFDOLVDWLRQFDUHOOHVVRQWpWURLWHPHQWOLpHV. IO. . N. LE. . AT. /HVDFWHXUV. EC O. /HV DFWHXUV LPSOLTXpV GDQV OHV SURMHWV VRQW WUqV YDULpV TX¶LOV VRLHQW LVVXV GX PRQGH SURIHVVLRQQHO DJULFXOWHXUVHQWUHSULVHVSULYpHVLQYHVWLVVHXUVDUFKLXUEDQLVWHSD\VDJLVWHV«

(78) RXQRQ KDELWDQWDVVRFLDWLRQV«

(79) &HWWHPXOWLWXGHGHVWDWXWV©WpPRLJQHQWGHODYDULpWpGHV FRQILJXUDWLRQV WHUULWRULDOHV HW VRFLRSROLWLTXHV GHV SURMHWVª /¶DWWUDLW GH GLIIpUHQWV FRUSV GH . . /$*1($8$QWRLQH%$55$0DUF/(&8,5*LOOHV$JULFXOWXUHXUEDLQHYHUVXQHUpFRQFLOLDWLRQYLOOHQDWXUH 3DULV/HSDVVDJHUFODQGHVWLQ3DJH '($//()$&48(=)UDQoRLV/¶DJULFXOWXUHHQYLOOHXQSURMHWXUEDLQFRPPHXQDXWUH1DWXUH V

(80) HQYLOOH 3 . .

(81) PpWLHU DSSRUWH GH QRPEUHX[ DWRXWV DX[ SURMHWV G¶DJULFXOWXUH XUEDLQH GX SRLQW GH YXH WHFKQLTXH DGPLQLVWUDWLI FROODERUDWLI PDUNHWLQJ« 0DLV TXHO U{OH O¶DUFKLWHFWH SHXWLO DYRLU DX PLOLHXGHWRXVFHVDFWHXUVGDQVXQSURMHWG¶DJULFXOWXUHXUEDLQH" /¶DJULFXOWXUHXUEDLQHODYLOOHHWO¶DUFKLWHFWHFXOWLYHQWXQHUHODWLRQLQWHPSRUHOOH9HUVDY-. U SE. &OHVMDUGLQVVXVSHQGXVGH%DE\ORQHWpPRLJQHQWGHFHOLHQ&HWWHFRQVWUXFWLRQK\GUDXOLTXH SHUPHWG¶LUULJXHUHWVWRFNHUO¶HDXDILQGHFXOWLYHUGDQVXQHUpJLRQDULGH3OXVUpFHPPHQW/H. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . O. SOXVWDUGXQYLOODJHFRRSpUDWLI. U LO. &RUEXVLHU HW 1RUEHUW %p]DUG FRQoRLYHQW HQ OHVIHUPHVUDGLHXVHVHW TXHOTXHV DQQpHV. ©/D )HUPH UDGLHXVH MXVWH HW QpFHVVDLUH SHQGDQW GH OD ³9LOOH 5DGLHXVH´ 9RXV Q rWHV SDV SD\VDQ QRXVYRXVPRQWUHURQV FRPPHQW QRXVVRPPHV 9RXVQHFRQQDLVVH]SDVOHWUDYDLOGHODWHUUHYRXVDSSUHQGUH]jVDYRLUGH TXRLLOHVWIDLW& pWDLWXQHWkFKHDQJRLVVDQWHPDLVPDJQLILTXHª . 'HUQLqUHPHQW $QGUp 9LOMRHQ HW.DWULQ %RKQ O¶XQ DUFKLWHFWH HW O¶DXWUH XUEDQLVWH SURSRVHQW GDQVOHXURXYUDJH©6HFRQG1DWXUH8UEDQ$JULFXOWXUHªXQHDQDO\VHVXUODSULVHHQFRPSWH GHO¶DJULFXOWXUHGDQVODSODQLILFDWLRQDUFKLWHFWXUDOHHWXUEDLQH,OVWHQWHQWDYHFFHWWH©VHFRQGH QDWXUHª GH IDYRULVHU O¶LQWpJUDWLRQ HQ YLOOH G¶XQ SD\VDJH SURGXFWLI XQH YLOOH FRPHVWLEOH ,OV SUHQQHQW HQ FRPSWH OHV ORLV GH OD QDWXUH FRPPH XQ PRGqOH GH FRQFHSWLRQ /HV SURMHWV G¶DUFKLWHFWHV TXL LQWqJUHQW FH FRQFHSW G¶DJULFXOWXUH XUEDLQH VRQW HQFRUH WURS UDUHV SRQFWXHOOHV HW WURS VRXYHQW WKpRULTXHV 6HORQ 9LMRHQ HW %RKQ OHV DUFKLWHFWHV XUEDQLVWHV HW SD\VDJLVWHV © GRLYHQW SRUWHU VFLHPPHQW OH UHQIRUFHPHQW GHV SURFHVVXV GH FRQFHSWLRQ GHV SD\VDJHVGHVEkWLPHQWVHWGHVLQIUDVWUXFWXUHVDYHFOHVQRXYHDX[DJULFXOWHXUVXUEDLQVDLQVL TXHOHVEHVRLQVHWGpVLUVGHO¶HQVHPEOHGHODSRSXODWLRQXUEDLQHª. AT. IO. . LE. . N. /LHX[. EC O. &XOWLYHU OD YLOOH SUHQG GHV IRUPHV GH SOXV HQ SOXV YDULpHV HW VH FRPSOH[LILH '¶XQH VLPSOH SODQWDWLRQVXUXQEDOFRQMXVTX¶jO¶DPpQDJHPHQWG¶XQTXDUWLHUOHVpFKHOOHVVRQWPXOWLSOHVHW UpYqOHQW XQH JUDQGH GLYHUVLWp GDQV OHV SUDWLTXHV /HV SURMHWV GH O¶DJULFXOWXUH XUEDLQH . /(&25%86,(5%(=$5'1RUEHUW/D)HUPHUDGLHXVHHWOHFHQWUHFRRSpUDWLI>2XYUDJHFROOHFWLI@>VO@ &HQWUHVG DUWPXVpHVJDOHULHV YDULD -8148(5$5pPL/¶DUFKLWHFWHHWO¶DJULFXOWXUHXUEDLQH>(QOLJQH@$UFKLWHFWXUH(16$0DUVHLOOH SDJHV'LVSRQLEOHVXU KWWSVLVVXXFRPUHPLMXQTXHUDGRFVOBDUFKLWHFWHBHWBOBDJULFXOWXUHBXUEDLBHIEIH FRQVXOWpOH

(82) . .

(83) V¶LQVqUHQWGDQVOHVLQWHUVWLFHVGHODYLOOHSDUFVDQFLHQQHVIULFKHVOLHXGpODLVVpSDUNLQJOHV WRLWVODUXH«WRXVFHVOLHX[GHFXOWXUHLQDWWHQGXHQHFHVVHQWGHVHPXOWLSOLHUDXVHLQGHOD YLOOH GHQVH 'DQV FKDTXH HVSDFH DJULFROH JULJQRWp j O¶HVSDFH XUEDLQ LOHVW QpFHVVDLUH GH SUHQGUHHQFRPSWHO¶pFRV\VWqPHGDQVOHTXHOOHSURMHWV¶LQVqUH'XSRLQWGHYXHGXELRWRSH HQYLURQQHPHQW GLUHFW HW LQGLUHFW

(84) HW GH OD ELRFpQRVH OHV rWUHV YLYDQWV TXL FRKDELWHQW GDQV. U SE. O¶HVSDFH

(85) &HWWHULFKHVVHG¶HVSDFHGpPXOWLSOLHODSUDWLTXHFXOWXUDOHpWURLWHPHQWOLpHjVRQOLHX. U LO. G¶LQWHUYHQWLRQ. O. . D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. . . EC O. LE. N. AT. IO. . . .

(86) &KDSLWUH ± /LHX[ HW SUDWLTXHV GH FXOWXUHV SpGDJRJLTXHV LQDWWHQGXHV 'DQVFHFKDSLWUHQRXVDOORQVFODVVHUHWDQDO\VHUOHVGLIIpUHQWHVLQWHUYHQWLRQVGHO¶DJULFXOWXUH. U SE. XUEDLQH D\DQW XQH IRQFWLRQ SpGDJRJLTXH HW UpFUpDWLYH 8QH VpOHFWLRQ GH SURMHWV SDU UpSDUWLVVHQWGDQVWURLVSD\V)UDQFH&DQDGDeWDWV8QLV. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . U LO. V\VWqPH GH SURGXFWLRQ VHUD DQDO\VpH VHORQ XQ SURWRFROH ELHQ GpILQL /HV SURMHWV VH. . AT. LE. . N. . IO. . . EC O. )LJXUH3,1&($UWKXU&DUWHGHVSURMHWVG¶DJULFXOWXUHXUEDLQHjpWXGLHUjWUDYHUVOHPRQGH(16$7RXORXVH. . . . .

(87) /¶LPSRUWDQFH SRXU FHV GLIIpUHQWHVIRQFWLRQV YDULH VHORQ VL OH SURMHW G¶DJULFXOWXUH XUEDLQH HVW HQSD\VGX6XGRXHQSD\VGX1RUG $XEU\HW3RXULDV

(88) &HVRQWOHVSD\VGXQRUGR OHVIRQFWLRQVUpFUpDWLYHHWSpGDJRJLTXHVRQWOHVSOXVSURQRQFpHVDORUVTXHGDQVOHVSD\VGX VXG O¶LQWpUrW SRUWH VXU O¶DSSURYLVLRQQHPHQW HQ SURGXLWV IUDLV &HV WHQGDQFHV pYROXHQW FHSHQGDQW 'DQV FHUWDLQV SD\V GX 6XG GHV YLOOHV FRPPHQFHQW j SUHQGUH HQ FRPSWH OD. U SE. IRQFWLRQ HQYLURQQHPHQWDOH HW UpFUpDWLYH (Q SD\V GX 1RUG OD IRQFWLRQ DOLPHQWDLUH GH IUDLVHWGLYHUVLWp

(89) TXHTXDQWLWDWLI. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. . U LO. O¶DJULFXOWXUHGHSUR[LPLWpHVWHQPDUFKHPDLVGDYDQWDJHSRXUVRQLQWpUrWTXDOLWDWLI SURGXLWV. . )LJXUH$VVRFLDWLRQIUDQoDLVHDJURQRPLH)RQFWLRQVHWG\QDPLTXHGHO¶DUJLFXOWXUHXUEDLQH

(90) >VFKpPD@,Q $VVRFLDWLRQ)UDQoDLVHG¶$JURQRPLH'LVSRQLEOHVXUKWWSDJURQRPLHDVVRIU FRQVXOWpOH

(91) . EC O. LE. N. AT. IO. . . .

(92) EC O. LE. N. AT. IO. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. U LO. U SE. /HWDEOHDXFLGHVVRXVSHUPHWG¶DYRLUXQHYLVLRQJOREDOHGHO¶HQVHPEOHGHVSURMHWVpWXGLpV. 7DEOHDX3,1&($UWKXU/HVSURMHWVG¶DJULFXOWXUHXUEDLQHjpWXGLHUjWUDYHUVOHPRQGH(16$7RXORXVH . .

(93) /HVSURMHWVHQSOHLQHWHUUH ©/D7HUUH&RPELHQVRPPHVQRXVjFRPSUHQGUHFHWWHJOqEHVLOHQFLHXVH TXHQRXVIRXORQVWRXWHQRWUHYLH"3RXUWDQWF¶HVWHOOHTXLQRXVQRXUULWHOOH. U SE. jTXLQRXVGHYRQVODYLHHWGHYURQVLUUpYRFDEOHPHQWODVXUYLHª . . O. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. $-DUGLQVFRPPXQDXWDLUHV-DUGLQ&KkWHDXIRUW. U LO. 3LHUUH5DEKL. 4X¶HVWFHTX¶XQMDUGLQFRPPXQDXWDLUH". /HV MDUGLQV FRPPXQDXWDLUHV PDUTXHQW OH UHWRXU GH O¶DJULFXOWXUH XUEDLQH HQ YLOOH DSUqV OD VHFRQGH *XHUUH PRQGLDOH (Q HIIHW DYHF OH GpEXW GX SKpQRPqQH G¶XUEDQLVDWLRQ OD SURGXFWLRQDJULFROHHVWUHSRXVVpHHQSpULSKpULHXUEDLQH0DLVF¶HVWDXGpEXWGHVDQQpHV TXH OHV SUHPLHUV MDUGLQV FRPPXQDXWDLUHV VRUWHQW GH WHUUH DX[ (WDWV8QLV HW DX &DQDGD $FWXHOOHPHQW ©OD YLOOH GH 0RQWUpDO HVWLPH TX¶HQYLURQ j FLWR\HQV VRQW LPSOLTXpVGLUHFWHPHQWRXLQGLUHFWHPHQWª$0RQWUpDOFHVMDUGLQVVRQWVHPLDXWRQRPHVHW LOVVRQWJpUpVSDUGHVUHSUpVHQWDQWVORFDX[GHODYLOOHHWXQFRPLWpGHFLWR\HQMDUGLQLHUV/D WkFKH GH FH FRPLWp Q¶HVW SDV VHXOHPHQW GH JpUHU PDLV DXVVL G¶DQLPHU DX TXRWLGLHQ OHV MDUGLQV /LHX. /H MDUGLQ FRPPXQDXWDLUH &KkWHDXIRUWHVW VLWXp DX QLYHDX GH O¶LQWHUVHFWLRQ GH O¶DYHQXH 'DUOLQJWRQHW9DQ+RUQHj0RQWUpDODX4XpEHF&HWHUUDLQDFFROpDXSDUF0DKDWPD*DQGKL HVW FRPPH ERQ QRPEUH GH VXUIDFHV DJULFROHV HQ YLOOH HQFODYp GH SDU VD WRSRJUDSKLH. AT. IO. SDUWLFXOLqUH/DVXUIDFHHVWHQWLqUHPHQWELWXPLQpHHWLODIDOOXFDVVHUODFURXWHGHEpWRQSRXU. N. SRXYRLUDYRLUDFFqVjODWHUUH. EC O. LE. 7HFKQLTXHDJULFROH ,QVSLUpHV GH OD QDWXUH OHV FXOWXUHV VXUpOHYpHV RIIUHQW SOXV GH QXWULPHQWV DX[ SODQWHV HW WLHQQHQW OHXUV UDFLQHV DX FKDXG /D SUHPLqUH DQQpH HOOHV VRQW DGDSWpHV DX[ SODQWHV JRXUPDQGHV HQ D]RWH WRPDWHV FRQFRPEUHV FKRX[ FRXUJHV FRXUJHWWHV

(94) FDU HOOHV IRXUQLVVHQWEHDXFRXSGHQXWULPHQWV . 5$%+,3LHUUH0DQLIHVWHSRXUOD7HUUHHWO KXPDQLVPH3RXUXQHLQVXUUHFWLRQGHVFRQVFLHQFHV>2XYUDJH@ 3DULV$FWHVVXG3 '8&+(0,1(ULF$JULFXOWXUHXUEDLQHDPpQDJHUHWQRXUULUODYLOOH>2XYUDJH@0RQWUpDO9HUWLJ23DJH . .

(95) 'HVFULSWLRQGXSURMHW (Q OH SURJUDPPH GH MDUGLQ FRPPXQDXWDLUH GH OD YLOOH GH 0RQWUpDO V¶pWHQG VXU KHFWDUHVFHTXLUHSUpVHQWHSOXVGHMDUGLQVUpSDUWLVVXUSOXVGHSDUFHOOHV/HMDUGLQ &KkWHDXIRUWHVWTXDQWjOXLFRQVWLWXpGHMDUGLQHWVHQSDUFHOOHGHSHWLWHWDLOOHUpSDUWLVVXU. U SE. XQH VXSHUILFLH GH Pð /D SURGXFWLRQ DOLPHQWDLUH HVW G¶RUGUH SULYpH HW FH VRQW OHV FLWR\HQV GH O¶DUURQGLVVHPHQW TXL FXOWLYHQW &HWWH FXOWXUH PDUDLFKqUH YDULpH OpJXPHV IUXLWV. U LO. ILQHV KHUEHV HWF«

(96) HVW GHVWLQpH DX[ KDELWDQWV GH O¶DUURQGLVVHPHQW /D YLOOH GH 0RQWUpDO H[LJH DX[ PHPEUHV GH OD FRPPXQDXWp GHV IUDLV DQQXHOV GH GROODUV SRXU OD JHVWLRQ GX. D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T. O. MDUGLQ 'H SOXV OHV MDUGLQLHUV GRLYHQW YHUVHU XQH FRWLVDWLRQ j O¶DVVRFLDWLRQ SRXU OHV RXWLOV HW DXWUHVPDWpULHOVDJULFROHV. . 3KRWR%$55$0DUF-DUGLQ&KkWHDXIRUW

(97) >3KRWR@In : /$*1($8$QWRLQH%$55$0DUF/(&8,5*LOOHV $JULFXOWXUHXUEDLQHYHUVXQHUpFRQFLOLDWLRQYLOOHQDWXUH>2XYUDJH@3DULV/HSDVVDJHUFODQGHVWLQS. . &DUDFWpULVWLTXHSpGDJRJLTXH. AT. IO. /¶REMHFWLI GHV MDUGLQV FRPPXQDXWDLUHV HVW G¶LQFLWHU OHV KDELWDQWV GX TXDUWLHU j FXOWLYHU HX[. N. PrPHV XQH SDUWLH GH OHXU DOLPHQWDWLRQ 0DLV SOXV TXH SURGXLUH GH OD QRXUULWXUH FHWWH. LE. LQLWLDWLYHGHVHPHUGDQVGHVOLHX[HQFODYpVGHODYLOOHSHUPHWGHPRQWUHUDX[FLWDGLQVTX¶LOHVW. EC O. SRVVLEOH GH MDUGLQHU HQ YLOOH &HUWDLQV MDUGLQV GRQW FHOXL GH &KkWHDXIRUW FRPSWHQW XQ FRQVHLOOHUKRUWLFROHSRXUDLGHUOHVMDUGLQLHUVGDQVOHXUWUDYDLO&HSDUWDJHGHFRQQDLVVDQFHHVW HVVHQWLHOSRXUOHERQIRQFWLRQQHPHQWHWODGXUDELOLWpGHODFXOWXUH . . .

(98) U SE U LO O D NA O LE C U S M U EN PE T RI SO EU U RE M IS D AU 'AR D CH R IT O E IT C D TU 'A R U E TE D U E R T . )LJXUH%$55$0DUF3ODQGX-DUGLQ&KkWHDXIRUW

(99) >3ODQ@In : /$*1($8$QWRLQH%$55$0DUF /(&8,5*LOOHV$JULFXOWXUHXUEDLQHYHUVXQHUpFRQFLOLDWLRQYLOOHQDWXUH>2XYUDJH@3DULV/HSDVVDJHUFODQGHVWLQ S. . 5HPDUTXH. $YDQW GH VHPHU HQ SOHLQH WHUUH LO HVW QpFHVVDLUH G¶HQ VDYRLU VD FRPSRVLWLRQ (Q HIIHW OH MDUGLQ FRPPXQDXWDLUH GH ©OD 3RLQWHYHUWHª HVW O¶XQ GHV WURLV MDUGLQV GX VXGRXHVW GH 0RQWUpDO TXL D pWp FLEOp SDU OH SODQ GH UpKDELOLWDWLRQ GHV VROV FRQWDPLQpV 3RXU SDOOLHU OD SROOXWLRQGHVROO¶HVSDFHFXOWLYDEOHDpWpVXUpOHYpHWGHODERQQHWHUUH\DpWpDMRXWpH . %-DUGLQSpGDJRJLTXHHGLEOHVFKRRO\DUGGDQVOHSD\VDJHGHEURRNO\Q . AT. IO. 4X¶HVWFHTX¶XQMDUGLQSpGDJRJLTXH". N. $O¶pSRTXHGHV/XPLqUHV qPHVLqFOH

(100) OHVSKLORVRSKHVSDUOHQWGpMjGHODVHQVLELOLVDWLRQGHV. LE. SOXV MHXQHV DX[ DFWLYLWpV GDQV OH MDUGLQ 3OXV JpQpUDOHPHQW DXMRXUG¶KXL OH MDUGLQ. EC O. SpGDJRJLTXHHVWXQHVSDFHGHFXOWXUHDPpQDJpjSUR[LPLWpHWRXGDQVOHVpFROHV&HVOLHX[ SHUPHWWHQW DX[ SURIHVVHXUV G¶HQVHLJQHU O¶DJULFXOWXUH VRXV GLIIpUHQWHV IRUPHV OXGLTXHV ,OV HQJOREHQW OHV HVSDFHV GH MDUGLQV VHUUHV YRLUH PrPH OD VDOOH GH FODVVH HWRX FXLVLQH SpGDJRJLTXH /HV pOqYHQW SHXYHQW DLQVL GpFRXYULU DSSUHQGUH H[SpULPHQWHU FXLVLQHU SUDWLTXHUO¶DJULFXOWXUH . . . .