• Aucun résultat trouvé

Scepticisme et politesse dans l'œuvre de David Hume

N/A
N/A
Protected

Academic year: 2021

Partager "Scepticisme et politesse dans l'œuvre de David Hume"

Copied!
428
0
0

Texte intégral

(1)Scepticisme et politesse dans l’œuvre de David Hume Alexandre Simon. To cite this version: Alexandre Simon. Scepticisme et politesse dans l’œuvre de David Hume. Philosophie. Université de Franche-Comté, 2016. Français. �NNT : 2016BESA1005�. �tel-01413330�. HAL Id: tel-01413330 https://tel.archives-ouvertes.fr/tel-01413330 Submitted on 9 Dec 2016. 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(56,7e'()5$1&+(&207e e&2/('2&725$/( ©/$1*$*(6(63$&(67(03662&,e7e6ª 7KqVHHQYXHGHO¶REWHQWLRQGXWLWUHGHGRFWHXUHQ 3+,/2623+,(. 6&(37,&,60((732/,7(66('$16/¶¯895('('$9,'+80(. 3UpVHQWpHHWVRXWHQXHSXEOLTXHPHQWSDU. $OH[DQGUH6,021 /HMDQYLHU 6RXVODGLUHFWLRQGH0OH3URIHVVHXU)UpGpULF%5$+$0,. 0HPEUHVGXMXU\ )UpGpULF%5$+$0,'LUHFWHXUG¶pWXGHVjO¶eFROHGHV+DXWHVeWXGHVHQ6FLHQFHV6RFLDOHV 'LGLHU'(/(8/(3URIHVVHXUpPpULWHGHO¶XQLYHUVLWpGH3DULV; &ODXGH*$87,(53URIHVVHXUjO¶eFROH1RUPDOH6XSpULHXUHGH/\RQ5DSSRUWHXU (OpRQRUH/(-$//e0DvWUHGHFRQIpUHQFHVjO¶XQLYHUVLWpGH/LOOH5DSSRUWHXU 7KLHUU\0$57,13URIHVVHXUjO¶XQLYHUVLWpGH)UDQFKH&RPWp &pOLQH63(&7253URIHVVHXUjO¶XQLYHUVLWp%RUGHDX[0RQWDLJQH.

(3)  . .  .

(4) 5pVXPp  &HWUDYDLOpWXGLHODUHODWLRQHQWUHVFHSWLFLVPHHWSROLWHVVHGDQVO¶°XYUHGH'DYLG+XPHDILQ GH FRQWULEXHU j OD FRPSUpKHQVLRQ SKLORVRSKLTXH GH O¶DUW G¶pFULUH GH +XPH HW GH VRQ pYROXWLRQ'X7UDLWpGHODQDWXUHKXPDLQH 

(5) DX[°XYUHVVXLYDQWHV OHV(VVDLV OHV GHX[ (QTXrWHV OHV )RXU 'LVVHUWDWLRQV HW OHV 'LDORJXHV VXU OD UHOLJLRQ QDWXUHOOH

(6)  RQ REVHUYH XQ LQFRQWHVWDEOH FKDQJHPHQW GDQV OD PDQLqUH GH FRPPXQLTXHU OD VFLHQFH GH O¶KRPPH DX SXEOLF GX ;9,,,H VLqFOH ,QVSLUp HQ SDUWLH GX MRXUQDOLVPH SKLORVRSKLTXH G¶$GGLVRQHWGH6WHHOHHWGHVWLQpjUHQGUHODSKLORVRSKLHDEVWUDLWHDFFHVVLEOHDXSXEOLFGHOD FRQYHUVDWLRQO¶DUWG¶pFULUHGH+XPHWpPRLJQHG¶XQHLQWpJUDWLRQSURJUHVVLYHGHODFXOWXUH GH OD SROLWHVVH DX VFHSWLFLVPH PLWLJp HW j VRQ H[SUHVVLRQ 0DLV FHOD VLJQLILH WRXW VDXI XQ UHQRQFHPHQWDX[DPELWLRQVVSpFXODWLYHVGX7UDLWpTXH+XPHDXUDLWDEDQGRQQpHVSRXUOD UHFKHUFKH G¶XQH JORLUH PRQGDLQH $X FRQWUDLUH FRPPH H[SUHVVLRQ GH OD ERQQH KXPHXU FDUDFWpULVWLTXHGX©YUDLVFHSWLTXHªHWFRPPHSUpSDUDWLRQOLWWpUDLUHGHODUpFHSWLRQFULWLTXH GH OD SKLORVRSKLH DX VHLQ GH OD 5pSXEOLTXH GHV /HWWUHV O¶DUW G¶pFULUH GH +XPH FKHUFKH j GRQQHUjFHWWHVFLHQFHVFHSWLTXH ± HW VFLHQFHQRXYHOOH ± TX¶HVW ODVFLHQFHGHO¶KRPPHOH SXEOLF GRQW HOOH D EHVRLQ SRXU DVVXUHU VD IRQGDWLRQ /H VFHSWLFLVPH PLWLJp DSSDUDvW DORUV FRPPH pWDQW HVVHQWLHOOHPHQW XQ VFHSWLFLVPH SROLFp F¶HVWjGLUH FRPPH OD PHLOOHXUH PDQLqUHGHIDLUHHQWUHUOD©PpWDSK\VLTXHªGDQVODYRLHV€UHGHODFLYLOLVDWLRQ. . .  .

(7)       . 6FHSWLFLVPDQGSROLWHQHVVLQWKHZRUNVRI'DYLG+XPH. . .  .

(8) $EVWUDFW  7KLV VWXG\ GHDOV ZLWK WKH UHODWLRQVKLS EHWZHHQ VFHSWLFLVP DQG SROLWHQHVV LQ WKH ZRUNV RI 'DYLG+XPHLQRUGHUWRFRQWULEXWHWRWKHXQGHUVWDQGLQJRI+XPH¶VDUWRIZULWLQJIURPD SKLORVRSKLFDO SRLQWRIYLHZ )URPWKH 7UHDWLVHRI KXPDQQDWXUH 

(9) WR WKHODWHU ZRUNV WKH(VVD\VWKHWZR(QTXLULHVWKH)RXUGLVVHUWDWLRQVDQGWKH'LDORJXHVFRQFHUQLQJ QDWXUDOUHOLJLRQ

(10) RQHFDQREVHUYHDQREYLRXVFKDQJHLQWKHPDQQHURIFRPPXQLFDWLQJWKH VFLHQFHRIPDQWRWKHSXEOLFRIWKHHLJKWHHQWKFHQWXU\3DUWO\LQVSLUHGE\WKHSKLORVRSKLFDO MRXUQDOLVPRI$GGLVRQDQG6WHHOHDQGGHVLJQHGWRPDNHDEVWUDFWSKLORVRSK\DFFHVVLEOHWR WKH SXEOLF RI FRQYHUVDWLRQ +XPH¶V DUW RI ZULWLQJ VKRZV D SURJUHVVLYH LQWHJUDWLRQ RI WKH FXOWXUHRISROLWHQHVVZLWKVFHSWLFLVPDQGLWVH[SUHVVLRQ%XWWKLVFHUWDLQO\GRHVQRWPHDQ WKDW+XPHZRXOGKDYHOHIWWKHVSHFXODWLYHDPELWLRQVRIWKH 7UHDWLVHIRUZRUOGO\VXFFHVV 2Q WKH FRQWUDU\ DV DQ H[SUHVVLRQ RI WKH JRRG KXPRXU ZKLFK FKDUDFWHUL]HV WKH ©WUXH VFHSWLFª DV ZHOO DV D OLWHUDU\ SUHSDUDWLRQ RI WKH FULWLFDO UHFHSWLRQ RI SKLORVRSK\ LQ WKH 5HSXEOLFRI/HWWHUV+XPH¶VDUWRIZULWLQJWULHVWRJLYHWRWKHVFLHQFHRIPDQFRQVLGHUHGDV DVFHSWLFDO±DQGQHZ±VFLHQFHWKHSXEOLFWKDWLWQHHGVIRULWVIRXQGDWLRQ+HQFHPLWLJDWHG VFHSWLFLVPDSSHDUVHVVHQWLDOO\DV DSROLWHVFHSWLFLVP WKHEHVW ZD\IRU ©PHWDSK\VLFVª WR HQWHUXSRQWKHVHFXUHSDWKRIFLYLOL]DWLRQ. . .  .

(11) 0RWV FOpV DLVDQFH DUW G¶pFULUH DXWHXU DXWRULWpFDUDFWqUHV  FODUWp  FRQYHUVDWLRQ FULWLTXH FUR\DQFH FXULRVLWp GLDORJXH GLVFXVVLRQ pOLWLVPH HPSLULVPH pPXODWLRQ HQWKRXVLDVPH HVWKpWLTXH pWKLTXH H[SpULHQFH JR€W KLVWRLUH KLVWRLUH QDWXUHOOH KXPHXU. LPSDUWLDOLWp. PpODQFROLH. PpWKRGHH[SpULPHQWDOH. QDWXUH. KXPDLQH. QHZWRQLVPH SDVVLRQV SKLORVRSKLH DEVWUDLWH SKLORVRSKLH IDFLOH SKLORVRSKLH PRUDOH SROLWHVVHSURJUqVSXEOLFS\UUKRQLVPHUDLVRQUpFHSWLRQUHOLJLRQUHOLJLRQQDWXUHOOH UpVHUYH VFHSWLFLVPH VFHSWLFLVPH PLWLJp VHQV VRFLDELOLWp VRFLpWp VW\OH V\PSDWKLH WHVWYpULWp. . .  .

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

(13)     /DERUDWRLUH/RJLTXHVGHO¶$JLU UXH&KLIIOHWj%HVDQoRQ. . .  .

(14)  -HGRLVEHDXFRXSj)UpGpULF%UDKDPL3DUOHVRXWLHQTX¶LODDSSRUWpjPDFDQGLGDWXUHj XQ SRVWH G¶$OORFDWDLUH GH 5HFKHUFKH j O¶8QLYHUVLWp GH )UDQFKH&RPWp LO P¶D SHUPLV GH GpFRXYULU OH GRPDLQH GH OD UHFKHUFKH XQLYHUVLWDLUH 3DU VHV SURSRVLWLRQV GH OHFWXUH VHV FRQVHLOV GH PpWKRGH VHV UHPDUTXHV FULWLTXHV HW OD UHIRUPXODWLRQ H[SHUWH TX¶LO D WRXMRXUV VX IDLUHGHPHVSURSUHVLGpHVLOP¶DGRQQpGHUHYHQLUVXUOHVQRPEUHXVHVODFXQHVDIIHFWDQWPRQ WUDYDLOSHUVRQQHO3DUVHVHQFRXUDJHPHQWVFRQVWDQWVLOP¶DHQILQDLGpjWUDYHUVHUOHVPRPHQWV GHGRXWHTXLQHPDQTXqUHQWSDVGHMDORQQHUFHWUDYDLO'HWRXWFHODMHOXLVXLVSURIRQGpPHQW UHFRQQDLVVDQW -H WLHQV HQVXLWH j UHPHUFLHU O¶eFROH 'RFWRUDOH /(76 HW VRQ H[GLUHFWHXU 0 -HDQ &ODXGH 'DXPDV G¶DYRLU SURSRVp PD FDQGLGDWXUH j XQ SRVWH G¶$OORFDWDLUH GH 5HFKHUFKH HW O¶8QLYHUVLWpGH)UDQFKH&RPWpGHO¶DYRLUDFFHSWpH-HVXLVWRXWSDUWLFXOLqUHPHQWUHGHYDEOHj 0 7KLHUU\ 0DUWLQ GLUHFWHXU GH O¶eFROH 'RFWRUDOH /(76 GRQW OD ELHQYHLOODQFH HW OHV HQFRXUDJHPHQWVUpJXOLHUVP¶RQWDXVVLSHUPLVGHPHQHUjELHQODUpGDFWLRQGHFHWWHWKqVH -H UHPHUFLH DXVVL 6pEDVWLHQ &KDUOHV 3OtQLR -XQTXHLUD 6PLWK eOpRQRUH /H -DOOp HW 3KLOLSSH 6DOWHO GH P¶DYRLU LQYLWp j SDUWLFLSHU DX[ FROORTXHV RX VpPLQDLUHV GRQW LOV pWDLHQW UHVSRQVDEOHVHWORUVGHVTXHOVM¶DLSXDYRLUGHIUXFWXHX[pFKDQJHVDYHFGLYHUVVSpFLDOLVWHVGH +XPHHWGXVFHSWLFLVPHPDLVDXVVLDYHFGHVpWXGLDQWVWUqVDYLVpV 0HVUHPHUFLHPHQWVYRQWHQFRUHDX/DERUDWRLUH/RJLTXHVGHO¶$JLUjVRQGLUHFWHXU0 7KLHUU\0DUWLQHWjVHVPHPEUHVTXLP¶RQWRIIHUWXQFDGUHGHWUDYDLODFFXHLOODQWHWVWLPXODQW (W FRPPH ©OHV YHUGLFWV UpXQLV GHV PHLOOHXUV MXJHVª SRXU UHSUHQGUH OHV PRWV GH +XPH FRQVWLWXHQW SRXU XQ GRFWRUDQW OH PHLOOHXU HQVHLJQHPHQW TX¶LO SXLVVH UHFHYRLU VXU OD YDOHXUGHVRQWUDYDLOMHUHPHUFLH'LGLHU'HOHXOH&ODXGH*DXWLHU(OpRQRUH/H-DOOp7KLHUU\ 0DUWLQ&pOLQH6SHFWRUHW)UpGpULF%UDKDPLGHP¶DYRLUGRQQpHQWDQWTXHPHPEUHVGXMXU\ FHWLQGLVSHQVDEOHpFODLUDJH $XVVLVDQVOHVRXWLHQLQGpIHFWLEOHHWOHVHQFRXUDJHPHQWVUpJXOLHUVGHVPHPEUHVGHPD IDPLOOHGHPHVDPLVHWGHPHVFROOqJXHVGHO\FpHFHWUDYDLOQ¶DXUDLWVDQVGRXWHSDVDERXWL-H UHPHUFLHHQSDUWLFXOLHUPDPqUHSRXUDYRLUHIIHFWXpOHVGHUQLqUHVYpULILFDWLRQVHWPHVIUqUHV LPSULPHXUVSRXUDYRLUDVVXUpO¶LPSUHVVLRQGHFHWWHWKqVH WRXWHLPSHUIHFWLRQUHVWDQWHP¶pWDQW LPSXWDEOH

(15) FHODPDOJUpOHVTXHOTXHGL[PLOOHVNLORPqWUHVGHGLVWDQFHHWOHVGpODLVWUqVFRXUWV TXHMHOHXUDLODLVVpV¬WRXVMHYHX[H[SULPHULFLPDSURIRQGHUHFRQQDLVVDQFH 0DLV MHQHODGLUDL MDPDLV DVVH] j 6LX <XHQPRQpSRXVH TXL D SDUWDJp DYHFPRLDX TXRWLGLHQOHVFRQWUDLQWHVOLpHVjODUpGDFWLRQG¶XQHWKqVHVDQVUHFHYRLUHQUHWRXUODVDWLVIDFWLRQ LQWHOOHFWXHOOHTXHFHJHQUHGHWUDYDLOSURFXUHKDELWXHOOHPHQWjVRQDXWHXU. . .

(16)                    .                          .      . . .  .

(17)       ¬*X\-DFTXHPRWHW'DQLHO/LPDW PHVSUHPLHUVSURIHVVHXUVGHSKLORVRSKLH. . .  .

(18) . .  .

(19)       ©7KHPLVIRUWXQHRIDERRNVD\V%RLOHDX LVQRWWKHEHLQJLOOVSRNHRI EXWWKHQRWEHLQJVSRNHQRIDWDOOª 7RWKH(DUORI%DOFDUUHV'HFHPEHU

(20) .  7KH /HWWHUV RI 'DYLG +XPH HG - < 7 *UHLJ 2[IRUG &ODUHQGRQ 3UHVV  YRO  S  %RLOHDX eSvWUHV;j;,,3UpIDFH 

(21) ©>/D@SOXVJUDQGHGLVJUkFHTXLSXLVVHDUULYHUjXQpFULWTX¶RQPHWDXMRXU FHQ¶HVWSDVTXHEHDXFRXSGHJHQVHQGLVHQWGXPDOF¶HVWTXHSHUVRQQHQ¶HQGLVHULHQª     .

(22) . . .  .

(23) . 7DEOHGHVPDWLqUHV.  .  /LVWHGHVSULQFLSDOHVDEUpYLDWLRQV ,QWURGXFWLRQ 3UHPLqUHSDUWLH/¶KXPHXUVFHSWLTXH«««««««««««««««««« &KDSLWUH9HUVXQHKLVWRLUHQDWXUHOOHGHODSKLORVRSKLH 

(24)  $+LVWRLUHQDWXUHOOHGHODUHOLJLRQHWKLVWRLUHQDWXUHOOHGHODSKLORVRSKLH %©8QHVRUWHG¶KLVWRLUHGHPDYLHª /HWWUHj$UEXWKQRW

(25)  &/HVOHoRQVGHO¶KLVWRLUHGHODSKLORVRSKLH 'HO¶pFKHFGHODPpWDSK\VLTXHDXSURMHWG¶XQHVFLHQFHGHO¶KRPPHIRQGpHVXUO¶H[SpULHQFHHW O¶REVHUYDWLRQ«««««««««««««««««««««««««««««« /HVGRFWHVHWOHVPRQGDLQVKLVWRLUHG¶XQGLYRUFHHWG¶XQHUpFRQFLOLDWLRQ«««««««« . '/H/LYUH,GX7UDLWpRXODSUHPLqUHKLVWRLUHGHODSKLORVRSKLHGH'DYLG+XPH ©'XVFHSWLFLVPHjO¶pJDUGGHODUDLVRQª 7UDLWp

(26) «««««««««««««««« ©'XVFHSWLFLVPHjO¶pJDUGGHVVHQVª 7UDLWp

(27) ««««««««««««««««« 8QQHZWRQLVPHGRJPDWLTXH««««««««««««««««««««««««««« /DFULVHVFHSWLTXHGX7UDLWp 7UDLWp

(28) «««««««««««««««««« . &KDSLWUH/¶KLVWRLUHQDWXUHOOHGHODSKLORVRSKLH 

(29) ODSKLORVRSKLHFRPPH REMHWGHODVFLHQFHGHO¶KRPPH $/DUHFKHUFKHGXERQKHXU ©7KH(SLFXUHDQªRXOHPRPHQWGXGLYHUWLVVHPHQW««««««««««««««««« ©7KH6WRLFªRXOHPRPHQWGHODYLHDFWLYHHWVRFLDOH«««««««««««««««« ©7KH3ODWRQLVWªRXOHUHWRXUjODYLHVSpFXODWLYH«««««««««««««««««« ©7KH6FHSWLFªRXODFRPSRVLWLRQGHODERQQHKXPHXU««««««««««««««« . %/DUHFKHUFKHGHODYpULWp &KDSLWUH/DSROLWHVVHFRPPHFULWqUHVFHSWLTXH $+LVWRLUHQDWXUHOOHHWFULWLTXH %8QHFDUDFWpULRORJLHSKLORVRSKLTXH. . .  .

(30) /¶DPRXUHX[GHODYpULWp«««««««««««««««««««««««««««« ©/HFDUDFWqUHOHSOXVSDUIDLWª«««««««««««««««««««««««« ©7KH(SLFXUHDQª©7KH6WRLFª©7KH3ODWRQLVWªHW©7KH6FHSWLFª«««««««« /¶DXWRSRUWUDLWGH+XPH««««««««««««««««««««««««««« /HVSHUVRQQDJHVGHV'LDORJXHV«««««««««««««««««««««««« . &/HGLVFRXUVPpGLFDO+XPHHWOD©PDODGLHDQJODLVHª . 'HX[LqPHSDUWLH/DVFLHQFHGHO¶KRPPHHWVRQSXEOLF &KDSLWUH+XPHHWOHSXEOLF $©/¶KLVWRLUHGHPHVpFULWVªRXODGHX[LqPHKLVWRLUHGHODSKLORVRSKLHGH'DYLG +XPH ©0\2ZQ/LIHª

(31)  %/HFDUDFWqUHH[SpULPHQWDOGX7UDLWp &/¶$EUpJpGX7UDLWp '+XPHHWOHSXEOLFVDYDQW &KDSLWUH6FHSWLFLVPHHWUpFHSWLRQFULWLTXHGHODVFLHQFHGHO¶KRPPH $eTXLYRFLWpGXVFHSWLFLVPHPLWLJpHWFRPSRVLWLRQGXSXEOLFSKLORVRSKLTXH /HGRXEOHSXEOLFGHODVFLHQFHGHO¶KRPPHOHVGRFWHVHWOHVPRQGDLQV««««««««« /D©FRQYHUVDWLRQªXQWHVWGHVHQV««««««««««««««««««««««« /DFULWLTXHVDYDQWHXQWHVWGHYpULWp«««««««««««««««««««««« . %/DFUpGLELOLWpGHODSKLORVRSKLH 7HVWGHVHQVHWWKpRULHVFHSWLTXHGHODFUR\DQFH«««««««««««««««««« 7HVWGHYpULWpHWWKpRULHVFHSWLTXHGHODFUR\DQFH«««««««««««««««««« . . D&UR\DQFHHWV\PSDWKLH«««««««««««««««««««««««««. . . E/¶DOJpEULVWHHWOHPRQGHVDYDQW««««««««««««««««««««« F/HVFHSWLTXHHWOHPRQGHVDYDQW««««««««««««««««««««« G&UR\DQFHHWSROLWHVVHGDQVOH7UDLWp«««««««««««««««««««« . &KDSLWUH9DOHXUGHODFULWLTXHHWDXWRULWpGXSXEOLF $/DVFLHQFHGHO¶KRPPHXQHVFLHQFHVDQVSXEOLF" %/¶pWKLTXHGHODGLVFXVVLRQVHORQ+XPHLPSDUWLDOLWpHWpOLWLVPH ,PSDUWLDOLWpHWSROLWHVVH«««««««««««««««««««««««««««« (PSLULVPHHWREMHFWLYLWp«««««««««««««««««««««««««««« /¶LPSDUWLDOLWpFRPPHYHUWXLQWHOOHFWXHOOH«««««««««««««««««««««. . .  .

(32) . . D,PSDUWLDOLWpHWREMHFWLYLWpGHODFULWLTXHSKLORVRSKLTXH««««««««««««. . . E8QHFRQWUHpSUHXYHOD/HWWUHjXQDPL««««««««««««««««««. . . F/¶LQGpSHQGDQFHGXVFHSWLTXH«««««««««««««««««««««. . . G/DUpSXWDWLRQPRUDOHGXVFHSWLTXH««««««««««««««««««««. /¶pOLWLVPHLQWHOOHFWXHOGH+XPH««««««««««««««««««««««««« . 7URLVLqPH3DUWLH$YDQFHPHQWGXVDYRLUHWJORLUHGXSKLORVRSKH &KDSLWUH)pFRQGLWpGHODFULWLTXHHWSURJUqVGXVDYRLU $©9HULWDVILOLDWHPSRULVªRXYHUWXUHGHODVFLHQFHGHO¶KRPPHVXUOHVVDYRLUVGH O¶KLVWRLUH %3URJUqVGXVDYRLUSDUpPXODWLRQ &KDSLWUH/¶DPRXUGHODJORLUHOLWWpUDLUH $8QHSDVVLRQPRQGDLQHPDLVVFHSWLTXH %8QHSDVVLRQVRFLDEOHPDLVVpOHFWLYH &8QHSDVVLRQPRWULFH '$XWRULWpGXSXEOLFHWDXWRULWpGXSKLORVRSKH (+XPHHWODFULWLTXH &KDSLWUH/DSROLWHVVHGHO¶pFULWXUHVFHSWLTXH $ 5pIRUPHUOHJR€WGXSXEOLF % 5HSURGXLUHOHWHVWGHUpFHSWLRQ /DFODUWpVFHSWLTXH««««««««««««««««««««««««««««« /DUpVHUYHVFHSWLTXH««««««««««««««««««««««««««« . & +XPHHWO¶DUWGXGLDORJXH . &RQFOXVLRQ $QQH[H/DVFLHQFHGHO¶KRPPHHWOHSXEOLFVDYDQWGDQVODFRUUHVSRQGDQFHGH +XPH««««««««««««««««««««««««««««««« %LEOLRJUDSKLH ,6RXUFHVELRJUDSKLTXHVHWELEOLRJUDSKLTXHV $6RXUFHVELRJUDSKLTXHV %6RXUFHVELEOLRJUDSKLTXHV . .  .

(33) ,,/LWWpUDWXUHSULPDLUH $7H[WHVGH+XPH 7H[WHVRULJLQDX[««««««««««««««««««««««««««««««« 7UDGXFWLRQVIUDQoDLVHV«««««««««««««««««««««««««««« . %3KLORVRSKLHHWOLWWpUDWXUHEULWDQQLTXHV &$XWUHV ,,,/LWWpUDWXUHVHFRQGDLUH $+XPH 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . %6FHSWLFLVPHDQFLHQHWPRGHUQH 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . &3ROLWHVVHHWVRFLDELOLWpVDYDQWH 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . '$UWG¶pFULUHHWSKLORVRSKLH 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . (/XPLqUHV 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . )+LVWRLUHGHODSHQVpHEULWDQQLTXH 2XYUDJHV««««««««««««««««««««««««««««««««« $UWLFOHV««««««««««««««««««««««««««« . ,QGH[ . . . .  .

(34) Liste des principales abréviations   7UDLWp7UDLWpGHODQDWXUHKXPDLQH/HWLWUHHVWVXLYLGHO¶LQGLFDWLRQGX/LYUHGHOD3DUWLH HWGHOD6HFWLRQSXLVGHODSDJHGDQVO¶pGLWLRQDQJODLVH YRO

(35) GH')1RUWRQHW0- 1RUWRQ 2[IRUG&ODUHQGRQ3UHVV

(36) HQILQGHODSDJHGDQVODWUDGXFWLRQGH3%DUDQJHU HW36DOWHO /LYUH,

(37) -3&OpUR /LYUH,,

(38) HW36DOWHO /LYUH,,,

(39)  3DULV*))ODPPDULRQ 

(40)   $EUpJp $EUpJp GX 7UDLWp GH OD QDWXUH KXPDLQH /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GX SDUDJUDSKH HW GH OD SDJH GDQV O¶pGLWLRQ DQJODLVH GX 7UDLWp YRO 

(41)  PHQWLRQQpH FLGHVVXV SXLVGHODSDJHGHODWUDGXFWLRQGH''HOHXOH 3DULV$XELHU0RQWDLJQH

(42)   (VVDLV (VVDLV PRUDX[ SROLWLTXHV HW OLWWpUDLUHV /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GH OD 3DUWLHGXQXPpURGHO¶HVVDLHWGHODSDJHGDQVO¶pGLWLRQDQJODLVHG¶()0LOOHU UHYHG ,QGLDQDSROLV/LEHUW\)XQG

(43) SXLVGXQXPpURGHYROXPHHWGXQXPpURGHODSDJHGHOD WUDGXFWLRQSDU00DOKHUEHGHV(VVDLVHWWUDLWpVVXUSOXVLHXUVVXMHWVGRQWOHVYROXPHV,HW ,, 3DULV9ULQHW

(44) FRQWLHQQHQWUHVSHFWLYHPHQWOD3UHPLqUHHWOD'HX[LqPH3DUWLH GHV(VVDLVPRUDX[SROLWLTXHVHWOLWWpUDLUHV  /HWWUH j XQ DPL /HWWUH G¶XQ JHQWLOKRPPH j VRQ DPL G¶(GLPERXUJ /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GX SDUDJUDSKH HW GH OD SDJH GDQV O¶pGLWLRQ DQJODLVH GX 7UDLWp YRO 

(45)  PHQWLRQQpH FLGHVVXV SXLV GH OD SDJH GH OD WUDGXFWLRQ GH ' 'HOHXOH 3DULV OHV %HOOHV OHWWUHV$QQDOHVOLWWpUDLUHVGHO¶8QLYHUVLWpGH%HVDQoRQQƒ

(46)   ((+(QTXrWHVXUO¶HQWHQGHPHQWKXPDLQ/HWLWUHHVWVXLYLGHO¶LQGLFDWLRQGHODVHFWLRQGX SDUDJUDSKHHWGHODSDJHGDQVO¶pGLWLRQDQJODLVHGH7/%HDXFKDPS 2[IRUG&ODUHQGRQ 3UHVVUHSU

(47) SXLVGHODSDJHGHODWUDGXFWLRQUHYXHHWFRUULJpHSDU''HOHXOH 3DULV /H/LYUHGH3RFKH

(48)   (30 (QTXrWH VXU OHV SULQFLSHV GH OD PRUDOH /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GH OD VHFWLRQGXSDUDJUDSKHHWGHODSDJHGDQVO¶pGLWLRQDQJODLVHGH7/%HDXFKDPS 2[IRUG &ODUHQGRQ 3UHVV 

(49)  SXLV GH OD SDJH GH OD WUDGXFWLRQ SDU 0 0DOKHUEH GHV (VVDLV HW. . .  .

(50) WUDLWpVVXUSOXVLHXUVVXMHWVGRQWOHYROXPH,9 3DULV9ULQ

(51) FRQWLHQWXQHWUDGXFWLRQGH O¶(QTXrWHVXUOHVSULQFLSHVGHODPRUDOH  +LVWRU\7KH+LVWRU\RI(QJODQG/HWLWUHHVWVXLYLGHO¶LQGLFDWLRQGXYROXPHGXFKDSLWUH HWGHODSDJHGHO¶pGLWLRQDQJODLVHGH:%7RGG ,QGLDQDSROLV/LEHUW\)XQG

(52)   +LVWRLUHQDWXUHOOH/¶KLVWRLUHQDWXUHOOHGHODUHOLJLRQ/HWLWUHHVWVXLYLGHO¶LQGLFDWLRQGHOD VHFWLRQ GX SDUDJUDSKH HW GH OD SDJH GH O¶pGLWLRQ DQJODLVH GH 7 / %HDXFKDPS 2[IRUG &ODUHQGRQ 3UHVV 

(53)  SXLV GH OD SDJH GH OD WUDGXFWLRQ GH 0 0DOKHUEH GHV (VVDLV HW WUDLWpVVXUSOXVLHXUVVXMHWVGRQWOHYROXPH,9 3DULV9ULQ

(54) FRQWLHQWXQHWUDGXFWLRQGH /¶KLVWRLUHQDWXUHOOHGHODUHOLJLRQ  'LVVHUWDWLRQ'LVVHUWDWLRQVXUOHVSDVVLRQV/HWLWUHHVWVXLYLGHO¶LQGLFDWLRQGHODVHFWLRQ GXSDUDJUDSKH HQVXLYDQWODQXPpURWDWLRQGHO¶pGLWHXUHWQRQFHOOHGH+XPH

(55) HWGHODSDJH GHO¶pGLWLRQDQJODLVHGH7/%HDXFKDPS 2[IRUG&ODUHQGRQ3UHVV

(56) SXLVGHODSDJH GHODWUDGXFWLRQSDU00DOKHUEHGHV(VVDLVHWWUDLWpVVXUSOXVLHXUVVXMHWVGRQWOHYROXPH ,,, 3DULV9ULQ

(57) FRQWLHQWXQHWUDGXFWLRQGHOD'LVVHUWDWLRQVXUOHVSDVVLRQV  'LDORJXHV 'LDORJXHV VXU OD UHOLJLRQ QDWXUHOOH /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GH OD 3DUWLH GX SDUDJUDSKH HW GH OD SDJH GDQV O¶pGLWLRQ DQJODLVH GH 1 . 6PLWK (GLQEXUJK 7KRPDV1HOVRQDQG6RQV

(58) SXLVGHODSDJHGDQVODWUDGXFWLRQGH00DOKHUEH HpG 3DULV9ULQ

(59)   /HWWHUV 7KH /HWWHUV RI 'DYLG +XPH /H WLWUH HVW VXLYL GH O¶LQGLFDWLRQ GX YROXPH GX QXPpURGHODOHWWUHHWGHODSDJHGDQVO¶pGLWLRQGH-<7*UHLJ 2[IRUG&ODUHQGRQ3UHVV UHSUYRO

(60)   1HZ/HWWHUV1HZ/HWWHUVRI'DYLG+XPH/HWLWUHHVWVXLYLGXQXPpURGHODOHWWUHSXLVGH FHOXLODSDJHGDQVO¶pGLWLRQGH5.OLQEDQVN\HW(&0RVVQHU 2[IRUG&ODUHQGRQ3UHVV 

(61) . . .  .

(62)   . . .  .

(63)     . . .  .

(64)  . ,QWURGXFWLRQ  .  /RUVTX¶RQ SRUWH XQ UHJDUG G¶HQVHPEOH VXU O¶°XYUH SKLORVRSKLTXH GH +XPH HQ VXLYDQWO¶RUGUHFKURQRORJLTXHGHVSXEOLFDWLRQVRQSHXWDYRLUXQHLPSUHVVLRQGHGpVRUGUH RXG¶LQFRKpUHQFHTXHQHVXIILWSDVjHIIDFHUOHUHJURXSHPHQWRUGRQQpGHODSOXSDUWGHFHV °XYUHVjSDUWLUGHGDQVOHV(VVDLVHWWUDLWpVVXUSOXVLHXUVVXMHWV&HWWHLQFRKpUHQFH Q¶DSSDUDvWFHUWHVSDVVXUOHSODQGRFWULQDOFRPPHV¶LO\DYDLWFRQWUDGLFWLRQHQWUHOHVWKqVHV VRXWHQXHVG¶XQOLYUHjO¶DXWUHPDLVTXDQWjODPLVHHQ°XYUHGXSURMHWSKLORVRSKLTXHLQLWLDO GH+XPHWHOTX¶LOVHWURXYHH[SRVpGDQVO¶,QWURGXFWLRQGX 7UDLWpGHODQDWXUHKXPDLQH ©HQ SUpWHQGDQW H[SOLTXHU OHV SULQFLSHV GH OD QDWXUH KXPDLQH QRXV SURSRVRQV HQ IDLW XQ V\VWqPHFRPSOHWGHVVFLHQFHVEkWLVXUXQIRQGHPHQWSUHVTXHHQWLqUHPHQWQRXYHDXOHVHXO VXUOHTXHOHOOHVSXLVVHQWV¶pWDEOLUDYHFTXHOTXHVpFXULWpª'HTXRLFHV\VWqPHFRPSOHWGHV VFLHQFHV HVWLO IDLW" /¶$YHUWLVVHPHQW SXEOLp HQ  DYHF OHV GHX[ SUHPLHUV /LYUHV GX 7UDLWp O¶LQGLTXHFODLUHPHQW  ©/H GHVVHLQ TXH MH SRXUVXLV GDQV OH SUpVHQW RXYUDJH HVW VXIILVDPPHQW H[SOLTXp GDQV O ,QWURGXFWLRQ /H OHFWHXU GRLW VHXOHPHQW QRWHU TXH OHV VXMHWV TXH MH P \ VXLV SURSRVpV QH VRQW SDV WRXV 7UDLWpV GDQV FHV GHX[ YROXPHV /HV VXMHWV GH O HQWHQGHPHQWHWGHVSDVVLRQVIRUPHQWjHX[VHXOVXQHFKDvQHFRPSOqWHGHUDLVRQQHPHQWHW M DL YRXOX SURILWHU GH FHWWH GLYLVLRQ QDWXUHOOH SRXU DIIURQWHU OH JR€W GX SXEOLF 6L M DL OD ERQQHIRUWXQHGHUHQFRQWUHUOHVXFFqVMHSDVVHUDLjO H[DPHQGHODPRUDOHGHODSROLWLTXHHW GH OD FULWLTXH FH TXL FRPSOpWHUD FH 7UDLWp GH OD QDWXUH KXPDLQHª   2Q SHXW GRQF UDLVRQQDEOHPHQWSUpVXPHUTXHOH7UDLWpGHODQDWXUHKXPDLQHDYDLWLQLWLDOHPHQWpWpFRQoX SDU +XPH FRPPH GHYDQW FRPSRUWHU QRQ SDV WURLV PDLV FLQT OLYUHV GRQW FKDFXQ VHUDLW FRQVDFUp j O¶XQH GHV TXDWUH VFLHQFHV TXL FRPSRVHQW OD VFLHQFH GH O¶KRPPH FRPPH   0DOJUpOHXUWLWUHTXLIDLWPHQWLRQGH©WUDLWpVªOHV(VVDLVHWWUDLWpVVXUSOXVLHXUVVXMHWVQHFRQWLHQQHQWSDV OH7UDLWpGH ODQDWXUHKXPDLQHQLG¶DLOOHXUVDXFXQH °XYUH SURSUHPHQWLQWLWXOpH©WUDLWpª$XVVLO¶RUGUHGHV OLYUHVDWLOGHTXRLVXUSUHQGUHjSUHPLqUHYXHSXLVTX¶LOQHFRUUHVSRQGSDUIDLWHPHQWQLjO¶RUGUHGHVVFLHQFHV SUpYXSDUOH7UDLWp O¶pFRQRPLHODSROLWLTXHHWO¶HVWKpWLTXHYHQDQWGDQVOHV(VVDLVHWWUDLWpVDYDQWODORJLTXH OHVSDVVLRQVHWODPRUDOH

(65) QLjO¶RUGUHFKURQRORJLTXHGHSXEOLFDWLRQVpSDUpHGHV°XYUHV OD 'LVVHUWDWLRQVXU OHVSDVVLRQVSXEOLpHG¶DERUGGDQVOHV)RXU'LVVHUWDWLRQVGHYHQDQWDYDQWO¶(QTXrWHVXUOHVSULQFLSHV GHODPRUDOHSXEOLpHVL[DQVSOXVW{W

(66) /¶RUGUHGHV(VVDLVHW7UDLWpVPrOHRUGUHFKURQROJLTXHGHVSXEOLFDWLRQV HWRUGUHORJLTXHGHVVFLHQFHV  7UDLWp,QWURGXFWLRQ  7UDLWp $YHUWLVVHPHQW GH   &H SURJUDPPH FRUUHVSRQG j OD GLYLVLRQ GHV VFLHQFHV RSpUpH GDQV O¶,QWURGXFWLRQ OH VHXO VXMHW GHV SDVVLRQV QH WURXYDQW SDV GH VFLHQFH RX GH QRP GH VFLHQFH TXL OXL FRUUHVSRQGH©&HVTXDWUHVFLHQFHVODORJLTXHODPRUDOHODFULWLTXHHWODSROLWLTXHFRQWLHQQHQWSUHVTXHWRXW FHTX¶LOSHXWG¶XQHPDQLqUH RXG¶XQHDXWUHQRXVLPSRUWHUGHFRQQDvWUHRXSUHVTXH WRXWFHTXLSHXWWHQGUH VRLWDXSURJUqVVRLWjO¶HPEHOOLVVHPHQWGHO¶HVSULWKXPDLQª 7UDLWp,QWURGXFWLRQ

(67)     .

(68) ©V\VWqPHFRPSOHWGHVVFLHQFHVªHWDX[TXHOOHVLOIDXWDMRXWHUO¶pWXGHGHVSDVVLRQV$SUqVOD SXEOLFDWLRQ GHV /LYUHV , ,, HW ,,, UHVSHFWLYHPHQW FRQVDFUpV j OD ORJLTXH O¶pWXGH GH O¶HQWHQGHPHQW

(69) DX[SDVVLRQVHWjODPRUDOHOHOHFWHXUGHO¶pSRTXHSRXYDLWGRQFV¶DWWHQGUH jODSXEOLFDWLRQG¶XQ/LYUH,9VXUODSROLWLTXHHWG¶XQ/LYUH9VXUODFULWLTXH O¶HVWKpWLTXH

(70)  $XOLHXGHFHOD+XPHSXEOLHjSDUWLUGHGHV(VVDLVPRUDX[HWSROLWLTXHV TXLHQ GHYLHQGURQWOHV(VVDLVPRUDX[SROLWLTXHVHWOLWWpUDLUHV

(71) OHVTXHOVFHUWHVFRPSOqWHQWjOHXU PDQLqUH OH SURJUDPPH GX 7UDLWp PDLV GDQV XQH YRORQWp PDQLIHVWH GH URPSUH MXVWHPHQW DYHFOD©PDQLqUHªVLQRQDYHFOD©PDWLqUHªGHFHWWHSUHPLqUH°XYUH0DLVFKRVHSHXW rWUHSOXVVXUSUHQDQWHHQFRUHjSUHPLqUHYXH+XPHUHSUHQGGHSXLVOHGpEXWOHSURJUDPPH GX7UDLWpHQSXEOLDQWHQGHV3KLORVRSKLFDO(VVD\VFRQFHUQLQJ+XPDQ8QGHUVWDQGLQJ (QTXrWH VXU O¶HQWHQGHPHQW KXPDLQ j SDUWLU GH 

(72)  HW HQ  XQH (QTXrWH VXU OHV SULQFLSHV GH OD PRUDOH TXL DYHF OD 'LVVHUWDWLRQ VXU OHV SDVVLRQV GH  V¶DSSDUHQWHQW FODLUHPHQW j XQH UppFULWXUH GHV /LYUHV , ,,, HW ,, GX 7UDLWp UHVSHFWLYHPHQW 0LHX[ OH SURJUDPPHLQLWLDOFHOXLGX7UDLWpV¶pODUJLWDXGRPDLQHGHODUHOLJLRQDERUGpTXLSOXVHVW GH PDQLqUH DSSDUHPPHQW KpWpURJqQH GDQV XQH GLVVHUWDWLRQ /¶KLVWRLUH QDWXUHOOH GH OD UHOLJLRQ SXEOLpH G¶DERUG GDQV OHV )RXU 'LVVHUWDWLRQV GH 

(73)  SXLV GDQV GHV GLDORJXHV OHV'LDORJXHVVXUODUHOLJLRQQDWXUHOOH SXEOLpVHQWURLVDQVDSUqVODPRUWGH+XPH

(74)  ¬ FHWWH LPSUHVVLRQ GH GpVRUGUH V¶DMRXWH XQH LPSUHVVLRQ GH ELJDUUXUH DX YX GH OD GLYHUVLWpGHVIRUPHVOLWWpUDLUHVVXFFHVVLYHPHQWDGRSWpHVSDU+XPHDXFRXUVGHVDFDUULqUH G¶DXWHXU WUDLWp HVVDLV HQTXrWHV GLVFRXUV GLVVHUWDWLRQV GLDORJXHV HW PrPH DEUpJp HW OHWWUH O¶$EUpJp GX 7UDLWp HW OD /HWWUH G¶XQ JHQWLOKRPPH j VRQ DPL G¶(GLPERXUJ

(75)  0DLV WRXWHV FHV IRUPHV QH SHXYHQW MXVWHPHQW SDV rWUH PLVHV VXU OH PrPH SODQ SXLVTXH F¶HVW O¶DEDQGRQGHODIRUPHOLWWpUDLUHGXWUDLWpTXLVHPEOHELHQDYRLUPRWLYpO¶DGRSWLRQGHVDXWUHV IRUPHV OLWWpUDLUHV 6DQV HQWUHU WRXW GH VXLWH GDQV XQH DQDO\VH GpWDLOOpH RQ SHXW GLUH TXH FHOOHVFLRQWHQFRPPXQG¶rWUHjODIRLVSOXVEUqYHVHWSOXVDWWUD\DQWHVTXHFHOOHG¶XQWUDLWp IRUPH WUqV DFDGpPLTXH /¶°XYUH GH +XPH HVW GRQF FODLUHPHQW PDUTXpH SDU XQH UXSWXUH   2QQRWHUDWRXWHIRLVTXHOHVXMHWGHODSROLWLTXHHVWGpMjODUJHPHQWDERUGpGDQVOD'HX[LqPH3DUWLHGX/LYUH ,,, LQWLWXOpVLPSOHPHQW©2IPRUDOVª

(76) HQSDUWLFXOLHUDX[VHFWLRQV9,,j;,  ©-¶DYDLVWRXMRXUVQRXUULO¶LGpHTXHPRQPDQTXHGHVXFFqVjODSXEOLFDWLRQGX7UDLWpGHODQDWXUHKXPDLQH pWDLWG€SOXVjODPDQLqUHTX¶jODPDWLqUHHWTXHMHP¶pWDLVUHQGXFRXSDEOHG¶XQHLPSUXGHQFHWUqVRUGLQDLUHHQ OHIDLVDQWLPSULPHUWURSW{Wª ©0\2ZQ/LIHªGDQV(VVDLVHWWUDLWpVVXUSOXVLHXUVVXMHWVWUDG00DOKHUEH 3DULV9ULQYRO 

(77) SSRXUODWUDGXFWLRQIUDQoDLVHHWGDQV(VVD\VPRUDOSROLWLFDODQGOLWHUDU\HG ()0LOOHUUHYHG,QGLDQDSROLV/LEHUW\)XQGS[[[YSRXUOHWH[WHRULJLQDO/DUHIHUHQFH j©0\ 2ZQ/LIHªVHIHUDGpVRUPDLVDYHFO¶LQGLFDWLRQGHODSDJHGHO¶pGLWLRQGH0LOOHUSXLVGHODWUDGXFWLRQGH0 0DOKHUEH

(78)   /¶,QWURGXFWLRQ GX 7UDLWp IDLVDLW FHUWHV PHQWLRQ GH OD UHOLJLRQ QDWXUHOOH 7UDLWp ,QWURGXFWLRQ  

(79)  HW OH VXMHWGHODUHOLJLRQHVWRPQLSUpVHQWGDQVOHVWURLV/LYUHVGX7UDLWpPDLVODUHOLJLRQQHGHYDLWSDVG¶DSUqVOH SURJUDPPHGX7UDLWpIDLUHHQHOOHPrPHO¶REMHWG¶XQOLYUHRXG¶XQHVFLHQFHFRPSRVDQWOH©V\VWqPHFRPSOHW GHVVFLHQFHVª    .

(80) GDQV OD PDQLqUH GRQW VRQ DXWHXU V¶\ HVW SULV SRXU FRPPXQLTXHU VD SHQVpH DX SXEOLF GX ;9,,,ᵉVLqFOH &HTXLIDLWDORUVSUREOqPHVHPEOHWLOF¶HVWO¶XQLWpHWODFRKpUHQFHGHO¶°XYUHGH +XPH&DUODUXSWXUHOLWWpUDLUHGRQWHOOHWpPRLJQHHVWWHOOHTX¶RQDSX\YRLUOHVLJQHG¶XQH FRQYHUVLRQSKLORVRSKLTXHGH+XPHRXSOXW{WG¶XQHFRQYHUVLRQLQWHOOHFWXHOOHSDUODTXHOOH +XPHDXUDLWUHQRQFpjWRXWHHQWUHSULVHSKLORVRSKLTXHIRQGDPHQWDOHSRXUVHIDLUHHVVD\LVWH PRUDOLVWHpFULYDLQSROLWLTXHHWKLVWRULHQDXWUHPHQWGLWTX¶LO\DXUDLWHXGHX[+XPHFHOXL GX 7UDLWp HW FHOXL GHV °XYUHV SRVWpULHXUHV O¶XQ DXWKHQWLTXHPHQW VRXFLHX[ GH YpULWp SKLORVRSKLTXH O¶DXWUH GDYDQWDJH SUpRFFXSp GH JORLUH OLWWpUDLUH   )RUFH HVW SRXUWDQW GH FRQVWDWHUTXHGXSRLQWGHYXHGXFRQWHQXO¶°XYUHGH+XPHSUpVHQWHXQHSURIRQGHXQLWp GDQVODPHVXUHRODSKLORVRSKLHHPSLULVWHHWVFHSWLTXHGX7UDLWpORLQG¶rWUHGpPHQWLHSDU OHV °XYUHV SRVWpULHXUHV HQ pFODLUH DX FRQWUDLUH OD VLJQLILFDWLRQ /D VFLHQFH OD PRUDOH OH GURLW O¶pFRQRPLH OD SROLWLTXH OD FULWLTXH OLWWpUDLUH HW OD UHOLJLRQ QH UHSRVHQW SDV IRQGDPHQWDOHPHQW VXU OD UDLVRQ PDLV VXU OH VHQVLEOH F¶HVWjGLUH VXU O¶LPDJLQDWLRQ OD FUR\DQFHHWOHVSDVVLRQVYRLOjHQVRPPHFHTXHPRQWUDLWOH7UDLWpYRLOjFHTXHPRQWUHQW DXVVL OHV (VVDLV OHV (QTXrWHV OHV 'LVVHUWDWLRQV HW OHV 'LDORJXHV °XYUHV GRQW OD WHQHXU VSpFXODWLYH HW VFHSWLTXH QH OH FqGH HQ ULHQ j OD SKLORVRSKLH GX 7UDLWp VL O¶RQ YLHQW ELHQ H[FHSWHU TXHOTXHV PRUFHDX[ FRQWHQXV GDQV OHV (VVDLV TXH +XPH ILQLW SDU UHWLUHU GH OD SXEOLFDWLRQ'HFHSRLQWGHYXHOjDXPRLQVWRXWLQGLTXHTXH+XPHHVWUHVWpILGqOHjOXL PrPH ,OQ¶HQGHPHXUHSDVPRLQVTXHODUXSWXUHOLWWpUDLUHTXLLQWHUYLHQWHQWUHOH 7UDLWpHW OHV (VVDLV HVW ELHQ UpHOOH HW TX¶HOOH SRVH SUREOqPH (OOH HVW SUREOpPDWLTXH SDUFH TX¶HOOH SRXUUDLWODLVVHUSHQVHUTXHGDQVO¶°XYUHGH+XPHODIRUPHHVWjSHXSUqVLQGLIIpUHQWHDX FRQWHQXTXHODUHODWLRQHQWUHOD©PDWLqUHªHWOD©PDQLqUHªHVWSXUHPHQWFRQWLQJHQWHHW TXH+XPHO¶pFULYDLQSROLFpHW+XPHOHSKLORVRSKHVFHSWLTXHVRQWGHX[(VWFHVLPSOHPHQW SDUGLYHUWLVVHPHQWOLWWpUDLUH±SRXUSODLUHDXSXEOLFGHO¶pSRTXHHWULYDOLVHUHQPrPHWHPSV DYHFVHVPRGqOHVOLWWpUDLUHV±TXH+XPHGpODLVVDODIRUPHGX7UDLWpSRXUDGRSWHUFHOOHVGH O¶HVVDL GH O¶HQTXrWH GH OD GLVVHUWDWLRQ HW GX GLDORJXH" 6¶LO Q¶\ D SDV HX GHX[ +XPH j WUDYHUVOHWHPSVXQ+XPHSKLORVRSKHSXLVXQ+XPHPRUDOLVWHHVVD\LVWHHWKLVWRULHQPDLV ELHQXQ+XPHSKLORVRSKHQ¶\DXUDLWLOSDVHXFHSHQGDQWGHX[+XPHHQPrPHWHPSVO¶XQ SKLORVRSKHHWO¶DXWUHpFULYDLQ"6LO¶RQUHIXVHGHO¶DGPHWWUHRQGHYUDGRQFFRQYHQLUTXHOH  9RLUSDUH[HPSOHOHMXJHPHQWGH/6WHSKHQ©+XPHHQHIIHWSHXWrWUHDFFXVpGH V¶rWUHpFDUWpGXGURLW FKHPLQVRXVO¶LQIOXHQFHGHODJORULROHOLWWpUDLUHª +LVWRU\RI(QJOLVK7KRXJKWLQ(LJKWHHQWK&HQWXU\/RQGRQ  UGHG

(81) YROS&HMXJHPHQWV¶LQVqUHGDQVXQHORQJXHWUDGLWLRQTXHUDSSHOOH1.HPS6PLWKGDQV 7KH3KLORVRSK\RI'DYLG+XPH$FULWLFDOVWXG\RILWVRULJLQVDQGFHQWUDOGRFWULQHV1HZ<RUN0DFPLOODQ  VWHG/RQGRQ

(82) SS     .

(83) SKLORVRSKH HW O¶pFULYDLQ QH IRQW TX¶XQ HW TXH OD UHODWLRQ HQWUH OD IRUPH HW OH FRQWHQX GH O¶°XYUHQ¶HVWSDVDFFLGHQWHOOHPDLVSKLORVRSKLTXHPHQWIRQGpH 0DLV FHWWH UHODWLRQ QH ODLVVH SDV G¶rWUH SUREOpPDWLTXH FDU QXOOH SDUW +XPH Q¶HQ GRQQHH[SOLFLWHPHQWODFOpGHFRPSUpKHQVLRQ&HVHUDLWOHFDVVLVRQ°XYUHFRQWHQDLWXQH SRpWLTXH GH OD SKLORVRSKLH VFHSWLTXH ODTXHOOH GLUDLW HQ TXRL FRQVLVWH XQ DUW G¶pFULUH VFHSWLTXH 2Q WURXYH FHUWHV XQH SRpWLTXH VRXV OD SOXPH GH +XPH PDLV F¶HVW HVVHQWLHOOHPHQW XQHSRpWLTXHGHOD OLWWpUDWXUHHW QRQXQHSRpWLTXHGHOD SKLORVRSKLHHW GH VRQH[SUHVVLRQ(WVLO¶RQWURXYHoDHWOjTXHOTXHVH[SOLFDWLRQVFRQFHUQDQWO¶DGRSWLRQGH WHOOH RX WHOOH IRUPH OLWWpUDLUH SDUWLFXOLqUH FRPPH SRXU OHV (VVDLV HW OHV 'LDORJXHV FH QH VRQW TXH GHV H[SOLFDWLRQV SDUWLHOOHV TXL QH SHUPHWWHQW SDV GH FRPSUHQGUH O¶DUWLFXODWLRQ HQWUH OD SHQVpH HW O¶DUW G¶pFULUH GH +XPH DX QLYHDX GH O¶HQVHPEOH GH VRQ °XYUH   $XWUHPHQW GLW VL +XPH D SULV VRLQ GH VRQ pFULWXUH LO Q¶D SDV SULV VRLQ GH GLUH SRXUTXRL O¶H[SUHVVLRQ OLWWpUDLUH GH VD SHQVpH OXL LPSRUWDLW WDQW QL FRPPHQW LO FRQFHYDLW O¶pFULWXUH VFHSWLTXH < DWLO GRQF XQ TXHOFRQTXH UDSSRUW SKLORVRSKLTXHPHQW IRQGp HQWUH OH VFHSWLFLVPHGH+XPHHWVRQDUWG¶pFULUH" 2QDFHUWHVTXHOTXHVUDLVRQVG¶HQGRXWHU+XPHDWRXMRXUVDIILUPpVRQDPRXUSRXU OD OLWWpUDWXUH HW Q¶D MDPDLV FDFKp VRQ DPELWLRQ SURSUHPHQW OLWWpUDLUH /RUVTX¶HQ  LO SXEOLH OH SUHPLHU YROXPH GHV (VVDLV LO SUpVHQWH FHX[FL FRPPH GHV ©EDJDWHOOHVª TX¶LO GpOLYUHDXSXEOLFSRXU©HVVD\HU>VHV@WDOHQWVOLWWpUDLUHVªHWFRPPHSRXUULYDOLVHUDYHFOHV DXWHXUVGX6SHFWDWRUHWGX&UDIWVPDQ(WORUVTX¶jODILQGHVDYLHLOIDLWVRQDXWRSRUWUDLW F¶HVW VRQ ©DPRXU GH OD JORLUH OLWWpUDLUHª TX¶LO SUpVHQWH FRPPH D\DQW pWp VD ©SDVVLRQ GRPLQDQWHª&HVRQWGHVDIILUPDWLRQVGHFHJHQUHTXLSULVHVDXSLHGGHODOHWWUHHWLVROpHV GH OHXU FRQWH[WH SRXUUDLW DOLPHQWHU OD WKqVH G¶XQH UHFRQYHUVLRQ GH +XPH SKLORVRSKH VFHSWLTXHHQVLPSOHHVVD\LVWH ,OIDXWGLUHDXVVLTXHO¶pWDWGHODOLWWpUDWXUHVHFRQGDLUHSRXUUDLWODLVVHUFURLUHTXHOH UDSSRUW HQWUH OH VFHSWLFLVPH GH +XPH HW VRQ DUW G¶pFULUH HVW ODUJHPHQW DFFLGHQWHO '¶XQ F{Wp O¶DERQGDQWH OLWWpUDWXUH FRQVDFUpH j O¶LQWHUSUpWDWLRQ GX VFHSWLFLVPH GH +XPH QH FRQWLHQWDXFXQpWXGHG¶HQVHPEOHFRQVDFUpHjODUHODWLRQHQWUHOHVFHSWLFLVPHHWO¶pFULWXUHGH +XPH FRPPH VL +XPH OH SKLORVRSKH VFHSWLTXH DYDLW pWp j SHX SUqV LQGLIIpUHQW j +XPH O¶pFULYDLQ '¶XQ DXWUH F{Wp OHV UDUHV pWXGHV GpYROXHV j O¶DUW G¶pFULUH GH +XPH VL HOOHV   ¬FHWWHSRpWLTXHOLWWpUDLUHDSSDUWLHQQHQWOHVHVVDLVUHJURXSpVWUDGXLWVHWSUpVHQWpVSDU5%RXYHUHVVHGDQVXQ UHFXHLOLQWLWXOp(VVDLVHVWKpWLTXHV 3DULV)ODPPDULRQ

(84)   ,OV¶DJLWSRXUOHV'LDORJXHVGXSUpDPEXOHLQWLWXOp©3DPSKLOHj+HUPLSSHªHWSRXUOHV(VVDLVGHFHWWH VRUWHG¶LQWURGXFWLRQjO¶pGLWLRQGXYROXPHTXHFRQVWLWXDLW©2I(VVD\:ULWLQJª  (VVDLVPRUDX[SROLWLTXHVHWOLWWpUDLUHVHWDXWUHV(VVDLVWUDG*5REHO3DULV38)©3UpIDFHGHOD SUHPLqUHpGLWLRQGHV(VVDLVªSS  ©0\2ZQ/LIHª[O    .

(85) FRQWLHQQHQW GHSUpFLHXVHV DQDO\VHV QHVRQWSDV SOHLQHPHQWVDWLVIDLVDQWHV GDQV O¶pFODLUDJH TX¶HOOHVDSSRUWHQWVXUOHOLHQHQWUHFHVGHX[DVSHFWVGHO¶°XYUHGH+XPH 3DUPLHOOHVILJXUHFHOOHGH0$%R[ 7KH6XDVLYH$UWRI'DYLG+XPH3ULQFHWRQ 3ULQFHWRQ8QLYHUVLW\3UHVV

(86) 6RQSULQFLSDOPpULWHHVWGHPRQWUHUjSDUWLUGXFRQWH[WH OLWWpUDLUHGHO¶pSRTXHHW GHODSULVHHQFRPSWHGHVPRGqOHVOLWWpUDLUHVGH+XPH $GGLVRQ 6WHHOH 6ZLIW 3RSH HWF

(87)  FRPPHQW O¶pFULWXUH GH +XPH pYROXD HQWUH OH 7UDLWp HW OD GHX[LqPH (QTXrWH YHUV GDYDQWDJH GH FODUWp GH FRQFLVLRQ GH UpVHUYH G¶REMHFWLYLWp HW G¶DLVDQFH O¶HDVLQHVV GRQW O¶LPSRUWDQFH HVW FDSLWDOH SRXU OD FRPSUpKHQVLRQ GX UDSSRUW HQWUH OH VFHSWLFLVPH HW O¶DUW G¶pFULUH GH +XPH

(88)  &HV DQDO\VHV SURSUHPHQW VW\OLVWLTXHV FRQVWLWXHQW XQ SRLQW GH GpSDUW LQGLVSHQVDEOH j O¶LQWHUSUpWDWLRQ SKLORVRSKLTXH GX UDSSRUW HQWUH OH VFHSWLFLVPH GH +XPH HW VRQ DUW G¶pFULUH 0DLV SUpFLVpPHQW SDUFH TXH OH OLYUH GH %R[ VH SUpVHQWH FRPPH XQH pWXGH OLWWpUDLUH HW QRQ FRPPH XQ FRPPHQWDLUH SURSUHPHQW SKLORVRSKLTXHLOODLVVHGDQVO¶RPEUHODUHODWLRQHQWUHO¶DUWG¶pFULUHGH+XPHHWVD SHQVpH VFHSWLTXH &HUWHV %R[ PRQWUH ELHQ FRPPHQW OD SUHPLqUH (QTXrWH SDUYLHQW j FODULILHU OD VLJQLILFDWLRQ GX VFHSWLFLVPH GH +XPH OHTXHO pWDLW DSSDUX REVFXU j ELHQ GHV OHFWHXUV GX 7UDLWpRXDYDLWIDLWO¶REMHWG¶LQWHUSUpWDWLRQVHUURQpHV0DLVFHQ¶HVWOjTX¶XQHDQDO\VHWUqV SDUWLHOOH GH OD UHODWLRQ TXL XQLW VFHSWLFLVPH HW DUW G¶pFULUH FKH] +XPH FRPPH VL OH VFHSWLFLVPH Q¶DYDLW pWp SRXU +XPH TX¶XQ REMHW OLWWpUDLUHPHQW SUREOpPDWLTXH SDUPL G¶DXWUHVFRPPHODPRUDOHODSROLWLTXHRXODUHOLJLRQ/DTXHVWLRQGHPHXUHGRQFGHVDYRLU GDQVTXHOOHPHVXUHO¶DUWG¶pFULUHGH+XPHWRXWHQWLHUHWQRQVHXOHPHQWWHOOHRXWHOOHGHVHV PDQLIHVWDWLRQV IXW FRPPDQGp SDU VRQ VFHSWLFLVPH (Q UHSODoDQW FHW DUW G¶pFULUH GDQV OH FRQWH[WHOLWWpUDLUHGHODSUHPLqUHPRLWLpGX;9,,Iᵉ VLqFOH%R[HVWQDWXUHOOHPHQWFRQGXLWj H[SOLTXHUOHVpYROXWLRQVGHFHWDUWG¶pFULUHGDYDQWDJHSDUOHVLQIOXHQFHVOLWWpUDLUHVGH+XPH TXHSDUVDSURSUHSHQVpH2QQRWHUDHQILQTXHOHOLYUHGH%R[QHFRQVLGqUHSDVO¶°XYUHGH +XPHGDQVVDWRWDOLWpPDLVHQSDUWLHVHXOHPHQWSXLVTX¶LOV¶HQWLHQWDX7UDLWpDX[(VVDLVHW DX[GHX[(QTXrWHVODLVVDQWGHF{WpQRWDPPHQWOHV'LDORJXHVSRXUOHVTXHOOHVODTXHVWLRQ GHO¶pFULWXUHVHSRVHWRXWSDUWLFXOLqUHPHQW 8QH GHX[LqPH pWXGH G¶HQYHUJXUH FRQVDFUpH j OD FDUULqUH GH +XPH FRPPH SKLORVRSKH HW FRPPH pFULYDLQ HVW FHOOH - &KULVWHQVHQ 3UDFWLFLQJ (QOLJKWHQPHQW +XPH   &HWWHUpVHUYHQHSRUWHTXHVXUOHVRXYUDJHVFDULOIDXWPHQWLRQQHULFLOHVDUWLFOHVWUqVpFODLUDQWVGH0%L]LRX ³/H V\VWqPH FKH] +XPH  XQH pFULWXUH VWUDWpJLTXH HW WKpkWUDOH´ 5HYXH 3KLORVRSKLTXH GH OD )UDQFH HW GH O¶pWUDQJHU 

(89) SS

(90) GH00DOKHUEH ³+XPHDQGWKH$UWRI'LDORJXH´GDQV0$6WHZDUW DQG-3:ULJKW HGV

(91)  +XPH DQG+XPH¶V&RQQH[LRQV(GLQEXUJK(GLQEXUJK8QLYHUVLW\3UHVVSS 

(92) HWGH)%UDKDPL ³/HVpFULWXUHVSKLORVRSKLTXHVGH+XPH´GDQV%&XUDWRORHW-3RLULHU GLU

(93) /H 6W\OH GHV 3KLORVRSKHV /HV &DKLHUV GH OD 06+ /HGRX[ eGLWLRQV XQLYHUVLWDLUHV GH 'LMRQ HW 3UHVVHV XQLYHUVLWDLUHV GH )UDQFKH&RPWp  S 

(94)  DLQVL TXH OHV LQWURGXFWLRQV GH 0 0DOKHUEH DX[ 'LDORJXHV VXU OD UHOLJLRQ QDWXUHOOH 3DULV 9ULQ 

(95)  HW DX[ TXDWUH YROXPHV GHV (VVDLV HW WUDLWpV VXU SOXVLHXUVVXMHWV 3DULV9ULQ

(96)     .

(97) DQG WKH )RUPDWLRQ RI D /LWHUDU\ &DUHHU 0DGLVRQ 7KH 8QLYHUVLW\ RI :LVFRQVLQ 3UHVV 

(98)  &HWWH pWXGH HVW LQWpUHVVDQWH j SOXV G¶XQ WLWUH (Q SUHQDQW WUqV DX VpULHX[ OHV DPELWLRQVSURSUHPHQWOLWWpUDLUHVGH+XPHHOOHSUHQGOHFRQWUHSLHGGHVLQWHUSUpWDWLRQVTXL QH YR\DLHQW GDQV FHV DPELWLRQV TX¶XQ UHQRQFHPHQW DX[ LQWpUrWV MXJpV SOXV VpULHX[ GH OD VFLHQFHSKLORVRSKLTXH&HIDLVDQWHOOHFRQVLGqUHO¶HQVHPEOHGHODFDUULqUHGH+XPHHWQRQ SDVVHXOHPHQWXQHSDUWLHGHVRQ°XYUH0DLVVXUWRXWHOOHYRLWGDQVOHGpURXOHPHQWGHFHWWH FDUULqUHXQSURFHVVXVGHPDWXUDWLRQTXLHVWFHOOHGH+XPHHQWDQWTX¶DXWHXUHWFRQGXLWj VRXOHYHUjSURSRVGH+XPHODTXHVWLRQTXH/-DIIURVRXOHYDLWjSURSRVG¶$QWKRQ\$VKOH\ &RRSHU WURLVLqPH FRPWH GH 6KDIWHVEXU\ GRQW O¶LQIOXHQFH VXU +XPH Q¶HVW SOXV j GpPRQWUHU TX¶HVWFH TXH GHYHQLU DXWHXU SRXU XQ SKLORVRSKH  " 0DLV SOXV HQFRUH TXH %R[ &KULVWHQVHQ RFFXOWH OD TXHVWLRQ GX UDSSRUW HQWUH OH VFHSWLFLVPH GH +XPH HW VRQ DUW G¶pFULUH GDQV OD PHVXUH R LO IDLW UHSRVHU VRQ DQDO\VH VXU GHV SULQFLSHV G¶LQWHUSUpWDWLRQ PDU[LVWHV TXL OH FRQGXLVHQW j YRLU GDQV OD FDUULqUH GH +XPH XQH VWUDWpJLH GH GRPLQDWLRQ LGpRORJLTXHHWVRFLDOHGHO¶KRPPHGHOHWWUHVHWGHVDFODVVHGRQWQRQVHXOHPHQWO¶pFULWXUH PDLVODSKLORVRSKLHHOOHPrPHGH+XPHVHUDLHQWOHVDUPHVSULQFLSDOHV6L&KULVWHQVHQSDUW GX SULQFLSH FHUWHV UHFHYDEOH TXH OD YLH GH +XPH SHXW rWUH XWLOHPHQW pWXGLpH GDQV OHV WHUPHVPrPHGHVHVpFULWVHWGRQFGHVDSKLORVRSKLHODPLVHHQ°XYUHGHFHSURJUDPPH SUpVHQWHO¶LQFRQYpQLHQWGHUHSRVHUHQGHUQLqUHDQDO\VHVXUXQHLQWHUSUpWDWLRQGHVpFULWVGH +XPH FRPPH pWDQW OH UHIOHW LGpRORJLTXH GH OD VRFLpWp GX ;9,,,ᵉ VLqFOH &¶HVW VRQ GURLW PDLV FHOD Q¶pFODLUH SDV EHDXFRXS OD PDQLqUH GRQW +XPH OXLPrPH SHQVDLW O¶DUWLFXODWLRQ HQWUH VD SHQVpH VFHSWLTXH HW VRQ PpWLHU G¶pFULYDLQ &KULVWHQVHQ IDLVDQW G¶DLOOHXUV SHX GH SODFHjODFRQVLGpUDWLRQGXVFHSWLFLVPHGH+XPHGDQVVRQOLYUH'HFHSRLQWGHYXHLOHVW GRQF SUpIpUDEOH GH SDUWLU GX SULQFLSH TXH O¶pFULWXUH GH +XPH SHXW XWLOHPHQW rWUH pWXGLpH GDQVOHVWHUPHVGHVDSHQVpHHWjSDUWLUGHOjGHVHGHPDQGHUHQTXRLSHXWELHQFRQVLVWHU XQ DUW G¶pFULUH SURSUHPHQW VFHSWLTXH 2Q pYLWHUD DLQVL GH SURMHWHU DUELWUDLUHPHQW VXU O¶°XYUH GH +XPH XQ SULQFLSH G¶LQWHUSUpWDWLRQ TXL OXL HVW pWUDQJHU SRXU QH SDV GLUH DQWLWKpWLTXH 0DLVLOUHYLHQWj-93ULFHG¶DYRLUOHSUHPLHUpWXGLpODTXHVWLRQGHO¶DUWG¶pFULUHGH +XPHGHPDQLqUHDSSURIRQGLHGDQVXQOLYUHTXLHVWGHYHQXXQFODVVLTXH7KH,URQLF+XPH $XVWLQ 8QLYHUVLW\ RI 7H[DV 3UHVV 

(99)  &¶HVW DXVVL O¶pWXGH TXL DUWLFXOH OH SOXV pWURLWHPHQW DUW G¶pFULUH HW VFHSWLFLVPH FKH] +XPH 6HORQ 3ULFH +XPH DXUDLW WURXYp GDQV O¶LURQLHSURFpGpOLWWpUDLUHHQYRJXHjO¶pSRTXHXQHPDQLqUHG¶pFULUHWRXWSDUWLFXOLqUHPHQW DGDSWpHjO¶H[SUHVVLRQGHVDSHQVpHVFHSWLTXHHQUDLVRQGXGRXEOHQLYHDXGHVLJQLILFDWLRQ   /-DIIUReWKLTXHGHODFRPPXQLFDWLRQHWDUWG¶pFULUH6KDIWHVEXU\HWOHV/XPLqUHVDQJODLVHV3DULV38) STXLUHQYRLHjO¶RXYUDJHGH-&KULVWHQVHQ    .

(100) LPSOLTXp GDQV O¶LURQLH XQ QLYHDX OLWWpUDO HW XQ QLYHDX V\PEROLTXH ¬ XQH pSRTXH R OH VFHSWLFLVPH ULVTXDLW WRXMRXUV G¶rWUH DVVLPLOp j GH O¶DWKpLVPH RX GX OLEHUWLQDJH SDU OHV DXWRULWpVUHOLJLHXVHVLOSRXYDLWrWUHRSSRUWXQGHUHFRXULUjO¶LURQLHFRPPHjXQPDVTXHHW XQ PDVTXH VXIILVDPPHQW VXEWLOH SRXU IDLUH FRPSUHQGUH VD SHQVpH DX[ OHFWHXUV DYLVpV HW WURPSHUHQPrPHWHPSVOHVHVSULWVPRLQVFDSDEOHVGHILQHVVH0DLVLOHVWpYLGHQWTXHFHWWH IRQFWLRQ GH O¶LURQLH OD GLVVLPXODWLRQ GRLW UHVWHU WUqV OLPLWpH SXLVTXH O¶LURQLH SRXU rWUH LGHQWLILpHHWFRPSULVHLPSOLTXHSDUGpILQLWLRQTXHO¶DXWHXUTXLHQIDLWXVDJHHQGRQQHODFOp DXOHFWHXUHQSDUODQWRXYHUWHPHQWSDUDLOOHXUV2UGHFHSRLQWGHYXHO¶LURQLHHVWGRQFELHQ XQ LQVWUXPHQW G¶H[SUHVVLRQ RXYHUWH YRLUH SURYRFDWULFH GH OD FULWLTXH VFHSWLTXH HW QRQ O¶LQVWUXPHQWGHVDGLVVLPXODWLRQODVLJQLILFDWLRQV\PEROLTXHGXGLVFRXUVLURQLTXHD\DQWj FKDUJH G¶H[SULPHU OHV GRXWHV GH O¶DXWHXU OHVTXHOV SRUWHQW VXU OD VLJQLILFDWLRQ OLWWpUDOH GX GLVFRXUV&HSULQFLSHGHOHFWXUHSHUPHWDORUVj3ULFHGHPHWWUHHQpYLGHQFHXQHpYROXWLRQ GDQVO¶DUWG¶pFULUHGH+XPHTXLVHUDLWDOOpGDQVOHVHQVG¶XQHPDvWULVHWRXMRXUVSOXVJUDQGH GHO¶LURQLHFRPPHSURFpGpOLWWpUDLUHSULYLOpJLpGXSKLORVRSKHVFHSWLTXHGRQWO¶DUWG¶pFULUH DXUDLWFXOPLQpGDQVODFRPSRVLWLRQGHV'LDORJXHVVXUODUHOLJLRQQDWXUHOOH(WF¶HVWGHFH SRLQW GH YXH FHOXL G¶XQH pFULWXUH LURQLTXH SULQFLSDOHPHQW FRPPDQGp SDU XQ VFHSWLFLVPH UHOLJLHX[ TXH 3ULFH SURSRVH GH VDLVLU O¶XQLWp GH OD SHQVpH HW GH O¶°XYUH GH +XPH 6L O¶LURQLH IXW OD FDUDFWpULVWLTXH SULQFLSDOH GX VW\OH GH +XPH F¶HVW SDUFH TX¶HOOH VHUW HVVHQWLHOOHPHQWO¶H[SUHVVLRQGXVFHSWLFLVPHGH+XPHHQPDWLqUHGHUHOLJLRQHWTXHF¶HVWFH VFHSWLFLVPH UHOLJLHX[ TXL VHUDLW j O¶RULJLQH GH OD SKLORVRSKLH GH +XPH WRXW HQWLqUH &HWWH OHFWXUHHIILFDFHHWFRQYDLQFDQWHDFHSHQGDQWHOOHDXVVLVHVOLPLWHV&HQ¶HVWSDVTXH3ULFH VXUHVWLPHODSODFHGHO¶LURQLHGDQVO¶pFULWXUHGH+XPHPDLVLOVHPEOHTXHO¶LURQLHDVSHFW FHUWHV PDMHXU GH FHWWH pFULWXUH Q¶HQ VRLW FHSHQGDQW TX¶XQ DVSHFW SDUWLFXOLHU OH SULQFLSH IRQGDPHQWDO GH O¶DUW G¶pFULUH GH +XPH pWDQW j FKHUFKHU DLOOHXUV   0DLV VXUWRXW O¶LURQLH pWDQWXQHFDUDFWpULVWLTXHGLIIXVHHWSHUPDQHQWHGXVW\OHGH+XPHTXLQHIDLWTXHV¶DIILUPHU HW V¶DIILQHU SURJUHVVLYHPHQW G¶XQ OLYUH j O¶DXWUH HW HQ SDUWLFXOLHU HQWUH OH 7UDLWp HW OHV (VVDLVQHSHUPHWSDVGHUHQGUHFRPSWHGHODUXSWXUHOLWWpUDLUHTXLV¶RSqUHHQWUHOH7UDLWpHW OHV°XYUHVSRVWpULHXUHV3RXUTXRL+XPHDSUqVDYRLUSXEOLpOHVWURLV/LYUHVGX7UDLWp±RQ VHUDLW WHQWp GH GLUH OHV WURLV ©SUHPLHUVª OLYUHV HQ WHQDQW FRPSWH GX SURMHW LQLWLDO TXL VHPEODLWELHQHQSUpYRLUFLQTSRXUTXRL+XPHGpODLVVHWLOFHWWHIRUPHOLWWpUDLUHSRXUpFULUH VRXV IRUPHG¶(VVDLVG¶(QTXrWHVGH 'LVVHUWDWLRQV HW GH 'LDORJXHV"3RXUTXRL HQOLHX HW SODFHGHVK\SRWKpWLTXHVOLYUHV,9HW9GX7UDLWpVXUODSROLWLTXHHWODFULWLTXHGRQQHWLODX SXEOLF GHV (VVDLV PRUDX[ HW SROLWLTXHV TXL WUDLWHQW HIIHFWLYHPHQW GH TXHVWLRQV QRQ   /¶pWXGHGH%R[TXLHOOHDXVVLIDLWSODFHjO¶LURQLHQHOXLUpVHUYHFHSHQGDQWTX¶XQVRXVFKDSLWUH VRXVOHWLWUH ©,URQLF&R\QHVVªSS

(101)     .

(102) VHXOHPHQW PRUDOHV PDLV DXVVL SROLWLTXHV HW OLWWpUDLUHV" (W SRXUTXRL DSUqV DYRLU WUDLWp OD ORJLTXHOHVSDVVLRQVHWODPRUDOHGDQVOHVWURLVOLYUHVGX7UDLWpUHSUHQGLOFHVVXMHWVGDQV OHV GHX[ (QTXrWHV HW OD 'LVVHUWDWLRQ VXU OHV SDVVLRQV" ,O HVW pYLGHQW TX¶XQ SRLQW GH YXH DXVVL SDUWLFXOLHU TXH FHOXL GH O¶LURQLH QH SHUPHW SDV GH UpSRQGUH j FHV TXHVWLRQV 'H OD PrPH IDoRQ LO VHPEOH TXH OH VFHSWLFLVPH UHOLJLHX[ GH +XPH GRQW 3ULFH PRQWUH ELHQ O¶DIILQLWpTXLOHOLHjO¶LURQLHFRPPHSURFpGpOLWWpUDLUHVRLWXQDVSHFWWURSSDUWLFXOLHUGHVD SHQVpH SRXU SHUPHWWUH G¶HQ VDLVLU O¶XQLWp &DU FH VFHSWLFLVPH UHOLJLHX[ VL PDUTXp VRLWLO GDQV O¶°XYUH GH +XPH Q¶HVW HQFRUH TX¶XQ DVSHFW SDUWLFXOLHU GH VRQ VFHSWLFLVPH GRQW O¶DVVLVH IRQGDPHQWDOH HVW GDQV OD FRQYLFWLRQ TXH OD QDWXUH KXPDLQH HVW JRXYHUQpH SDU OH VHQVLEOHGDYDQWDJHTXHSDUODUDLVRQHQUHOLJLRQFRPPHDLOOHXUV 3RXU FRPSUHQGUH OH UDSSRUW HQWUH OH VFHSWLFLVPH HW O¶DUW G¶pFULUH GH +XPH HQYLVDJpV O¶XQ FRPPH O¶DXWUH GDQV WRXWH OHXU H[WHQVLRQ LO IDXW GRQF FKHUFKHU OHXU FDUDFWpULVWLTXH FRPPXQH OD SOXV JpQpUDOH 2U LO VHPEOH TXH FHOOHFL SXLVVH rWUH WURXYpH GDQV FH TXL IDLVDQW SDUWLH GH O¶HVSULW GHV /XPLqUHV pFRVVDLVHV WUDYHUVH HQ PrPH WHPSV O¶°XYUH GH +XPH WRXW HQWLqUH OD SROLWHVVH SROLWHQHVV

(103)  /D SROLWHVVH HVW GDQV O¶°XYUH GH +XPHOHPR\HQWHUPHHQWUHVFHSWLFLVPHHWDUWG¶pFULUH/HVFHSWLFLVPHGH+XPHFRPPH VFHSWLFLVPHPLWLJpRXPRGpUpHVWHVVHQWLHOOHPHQWXQVFHSWLFLVPHSROLFp/¶DUWG¶pFULUHGH +XPHTXLGRLWEHDXFRXSjFHVpFULYDLQVSROLVTX¶pWDLHQW6KDIWHVEXU\6ZLIW6WHHOH3RSH HW %ROLQJEURNH HVW j VRQ WRXU XQ DUW G¶pFULUH SROLFp 0DLV V¶LO O¶HVW FH Q¶HVW SDV SDU LPLWDWLRQ VHUYLOH GH FHV PRGqOHV OLWWpUDLUHV F¶HVW IRQGDPHQWDOHPHQW SDUFH TXH OH VFHSWLFLVPH GH +XPH HVW OXLPrPH PDUTXpH DX VFHDX GH OD SROLWHVVH HW TXH VHXOH XQH pFULWXUHSROLFpHFRQYLHQWjO¶H[SUHVVLRQGHFHVFHSWLFLVPH6LGRQFO¶DUWG¶pFULUHGH+XPH IXWPDUTXpSDUO¶pYROXWLRQTX¶RQOXLFRQQDvWF¶HVWSDUFHTX¶LOWpPRLJQHG¶XQHLQWpJUDWLRQ SURJUHVVLYHGHODSROLWHVVHDXVFHSWLFLVPHGH+XPHHWjVRQH[SUHVVLRQODTXHOOHWpPRLJQH j VRQ WRXU G¶XQH SULVH GH FRQVFLHQFH SURJUHVVLYH FKH] +XPH GH OD QDWXUH PrPH GH VRQ VFHSWLFLVPHHWGHODPHLOOHXUHIDoRQGHOHFRPPXQLTXHUDXSXEOLF &¶HVW GRQF GH FH SRLQW GH YXH FHOXL G¶XQH SROLWHVVH DIIHFWDQW OH VFHSWLFLVPH GH +XPHHWVRQH[SUHVVLRQOLWWpUDLUHTX¶LOFRQYLHQWGHVHSODFHUSRXUVDLVLUO¶XQLWpGHO¶°XYUH GH+XPHjWUDYHUVVRQpYROXWLRQ,OYDVDQVGLUHTX¶LOV¶DJLWQRQSDVGHO¶XQLWpDEVWUDLWHHW ILJpHG¶XQ©V\VWqPHªDXPDXYDLVVHQVGXWHUPHFHOXLG¶XQSURGXLWDUWLILFLHOGHO¶HVSULWGH V\VWqPH PDLV G¶XQH XQLWp G\QDPLTXH TXL VH GRQQH j YRLU GDQV XQ PRXYHPHQW OH PRXYHPHQWGHSROLVVDJHGHODSHQVpHVFHSWLTXHHWGHVRQH[SUHVVLRQHWGDQVOHTXHOLOIDXW YRLU XQ PRXYHPHQW GH FLYLOLVDWLRQ GH OD SKLORVRSKLH HW GH VRQ pFULWXUH 0DLV HQYLVDJHU O¶°XYUHGH+XPHGXSRLQWGHYXHGHODSROLWHVVHF¶HVWDXVVLELHQO¶HQYLVDJHUGXSRLQWGH. . .  .

(104) YXH G¶XQH SHQVpH GH OD VRFLDELOLWp HW HQ SDUWLFXOLHU GH OD VRFLDELOLWp LQWHOOHFWXHOOH FDUDFWpULVWLTXHGHO¶pSRTXHGHV/XPLqUHV&DUGDQVO¶DQWKURSRORJLHGH+XPHFRPPHGDQV ODFXOWXUHGHODSROLWHVVHTXLPDUTXHOHV/XPLqUHVpFRVVDLVHVF¶HVWELHQODVRFLDELOLWpTXL VRXV OD IRUPH SULYLOpJLpH GH OD FRQYHUVDWLRQ HVW OH SULQFLSDO IDFWHXU GH SROLVVDJH GHV P°XUV GHV PDQLqUHV GHV JR€WV GHV RSLQLRQV HW GHV GLVFRXUV &¶HVW GRQF OD SULVH HQ FRPSWHGHFHWWHVRFLDELOLWpHQSDUWLFXOLHUVRXV ODIRUPHG¶XQFRPPHUFH HQWUHOHV HVSULWV TXLjODIRLVGRQQHDXVFHSWLFLVPHGH+XPHVRQ FDUDFWqUHPRGpUpH[SOLTXHO¶LPSRUWDQFH TXH+XPHDFFRUGDLWjODPDQLqUHGHFRPPXQLTXHUFHOXLFLDXSXEOLFGHO¶pSRTXHHWIDLWGH +XPHXQSKLORVRSKHGHV/XPLqUHVPDOJUpVRQVFHSWLFLVPH 3RXU OH FRPSUHQGUH LO IDXW FRPPHQFHU SDU VH GHPDQGHU FH TXH F¶HVW TXH OD SROLWHVVHHQeFRVVHDX;9,,,ᵉVLqFOHHWVRXVODSOXPHGH+XPHHQSDUWLFXOLHU'¶XQSRLQW GHYXHKLVWRULTXHHWVRFLRORJLTXHODSROLWHVVHHVWXQHFHUWDLQHFXOWXUHFHOOHTXLjSDUWLUGH OD5HVWDXUDWLRQPDLVSOXVHQFRUHjFRPSWHUGHOD*ORULHXVH5pYROXWLRQHWWRXWDXORQJGX ;9,,,ᵉ VLqFOH FDUDFWpULVH HQ SURSUH O¶pOLWH EULWDQQLTXH &¶HVW FHWWH pOLWH TXL HQ VXELVVDQW XQH WUDQVIRUPDWLRQ FXOWXUHOOH VXU OD SpULRGH FRQVLGpUpH HW HQ VH IDLVDQW O¶KpULWLqUH GH OD 5pYROXWLRQ GH  MRXHUD XQ U{OH PRWHXU GDQV OHV /XPLqUHV EULWDQQLTXHV O¶(QOLJKWHQPHQW

(105)  SDU VD SURPRWLRQ G¶XQH QRXYHOOH PDQLqUH GH FXOWLYHU OH VDYRLU SOXV SURFKHGHODVRFLpWp/DWUDQVIRUPDWLRQFXOWXUHOOHGHFHWWHpOLWHFRQVLVWHSULQFLSDOHPHQWHQ XQFKDQJHPHQWG¶DWWLWXGHjO¶pJDUGGXVDYRLUHWGHVpFROHV$ORUVTX¶HQWUHOHVDQQpHV HW  HQYLURQ XQ QRPEUH FURLVVDQW G¶DULVWRFUDWHV HW GH JHQWOHPHQ IUpTXHQWH OHV XQLYHUVLWpVDQJODLVHVOHPRXYHPHQWLQYHUVHVHSURGXLWjSDUWLUGHHWMXVTX¶jODILQGX ;9,,,ᵉVLqFOHO¶pOLWHVHUHWLUDQWPDVVLYHPHQWGHVXQLYHUVLWpV&RPPHQWH[SOLTXHUXQHWHOOH GpVDIIHFWLRQ",OVHPEOHTXHO¶pOLWHQ¶DLWSDVWURXYpGDQVOHVpFROHVFHTX¶HOOHpWDLWYHQXH\ FKHUFKHUjVDYRLUXQHLQVWUXFWLRQFHUWHVPDLVXQHLQVWUXFWLRQUpSRQGDQWDX[EHVRLQVGHOD YLH VRFLDOH HW SOXV SUpFLVpPHQW GH OD YLH DX VHLQ GH OD SROLWH VRFLHW\ 6L GRQF O¶pOLWH EULWDQQLTXH WRXUQD OH GRV SURJUHVVLYHPHQW DX[ XQLYHUVLWpV F¶HVW TX¶HOOH SULW SHX j SHX FRQVFLHQFH G¶HOOHPrPH HW GH O¶LQDGpTXDWLRQ HQWUH OD FXOWXUH DFDGpPLTXH HW VHV SURSUHV DWWHQWHVHQPDWLqUHG¶LQVWUXFWLRQ&¶HVWSRXUTXRLDXVVLHOOHVHGpWRXUQDGHVXQLYHUVLWpVSRXU VHWRXUQHUYHUVOD ©FRQYHUVDWLRQªTX¶HOOH FRQVLGpUDLWGpVRUPDLV FRPPH ©OH JUDQGOLYUH GX PRQGHª VHORQ XQH PD[LPH GH O¶pSRTXH /H FDUDFWqUH PDJLVWUDO GH O¶HQVHLJQHPHQW XQLYHUVLWDLUH TX¶HOOH SHUFHYDLW FRPPH GH OD SpGDQWHULH pWDLW j VHV \HX[ XQH GLVSRVLWLRQ LQVRFLDEOH FDUDFWpULVpH SDU OH SUpMXJp OHV PDXYDLVHV PDQLqUHV LOO PDQQHUV

(106)  O¶RUJXHLO HW O¶DIIHFWDWLRQ &H FKDQJHPHQW G¶DWWLWXGH j O¶pJDUG GHV pFROHV V¶DFFRPSDJQDLW GX UHMHW GH O¶pUXGLWLRQDFDGpPLTXHHWOLYUHVTXHDXSURILWGHQRXYHDX[VDYRLUVUHJURXSpVVRXVOHWLWUHGH. . .  .

(107) SROLWH OHDUQLQJ /¶KLVWRULRJUDSKLH OHV DQWLTXLWpV OD JpQpDORJLH OH GURLW OD WKpRORJLH O¶KLVWRLUH QDWXUHOOH HW OD SKLORVRSKLH QDWXUHOOH VRQW VXSSODQWpV SDU OD SRpVLH OHV EHOOHV OHWWUHVODFULWLTXHOLWWpUDLUHHWXQHKLVWRLUHSOXVPRGHUQHHWSOXVOLWWpUDLUH8QDXWUHDVSHFW GH OD WUDQVIRUPDWLRQ FXOWXUHOOH GH O¶pOLWH EULWDQQLTXH DX WRXUQDQW GHV ;9,,ᵉ HW ;9,,,ᵉ VLqFOHV HQ OLHQ DYHF OHV SUpFpGHQWV HVW O¶XUEDQLVDWLRQ FURLVVDQWH GH VHV PHPEUHV HW OHXU FRQYHUJHQFHYHUVXQPLOLHXXUEDLQVSpFLILTXH©WKH7RZQª'LVWLQFWHGHOD©&LW\ª©WKH 7RZQª FRUUHVSRQG j GHV QRXYHDX[ TXDUWLHUV TXL HVVDLPHQW j OD SpULSKpULH GHV YLOOHV DQJODLVHVDX[;9,,ᵉHW;9,,,ᵉVLqFOHVHWTXLVRQWGHVWLQpVjDFFXHLOOLUXQHSHWLWHQREOHVVHGH SURSULpWDLUHVIRQFLHUV ODJHQWU\

(108) &¶HVWOHPRQGHGHIUpTXHQWDWLRQHWG¶H[SORUDWLRQG¶,VDDF %LFNHUVWDIIOHQDUUDWHXUHWSHUVRQQDJHILFWLIGX7DWOHUPDLVDXVVLFHOXLGDQVXQHPRLQGUH PHVXUH GX 6SHFWDWRU VDORQV FDIpV FRIIHHKRXVHV

(109)  WDYHUQHV WKpkWUHV MDUGLQV HW SDUFV SXEOLFV /D SROLWHVVH HVW GRQF OD FXOWXUH SURSDJpH DX GpEXW GX VLqFOH SDU OH MRXUQDOLVPH SKLORVRSKLTXHG¶$GGLVRQGH6WHHOHGH3RSHGH6ZLIWHWGH%ROLQJEURNHHWUHOD\pHSDUOHV FOXEVHWVRFLpWpVOLWWpUDLUHVTXLHVVDLPHQWGDQVWRXWHO¶eFRVVHGHV/XPLqUHV 2UO¶°XYUHGH+XPHHVWSURIRQGpPHQWPDUTXpHSDUFHWWHFXOWXUH/DSROLWHVVHQ¶HVW SDV VLPSOHPHQW XQ WKqPH GH OD SHQVpH GH +XPH FRPPH OD FDXVDOLWp OH VHQV PRUDO OD UqJOHGXJR€WODVXSHUVWLWLRQRXODUHOLJLRQQDWXUHOOH(OOHHVWSRXUDLQVLGLUHO¶pOpPHQWGDQV OHTXHO VH PHXW FHWWH SHQVpH (W FHSHQGDQW IDXWLO UHPDUTXHU TX¶HOOH QH V¶\ PHXW SDV GH PDQLqUH LQFRQVFLHQWH VDQV MDPDLV rWUH FDSDEOH GH O¶REMHFWLYHU &DU QRQ VHXOHPHQW +XPH SULWTXHOTXHVGLVWDQFHVQRQQpJOLJHDEOHVDYHFFHWWHFXOWXUHG¶pSRTXHPDLVLOHQUpIOpFKLW OHVFRQGLWLRQVDQWKURSRORJLTXHVHWFHIDLVDQWpODERUDVDSURSUHFRQFHSWLRQGHODSROLWHVVH DXWUHPHQWGLWVDFRQFHSWLRQGHOD©YUDLHªSROLWHVVHGDQVXQpFDUWVHQVLEOHYLVjYLVGHOD FXOWXUHGHODSROLWHVVHWHOOHTX¶HOOHH[LVWDLWGDQVOHVVSKqUHVGHVRFLDELOLWpLQWHOOHFWXHOOHHW PRQGDLQHGHO¶eFRVVHGX;9,,,ᵉVLqFOHHWWHOOHTX¶HOOHpWDLWUHSUpVHQWpHGDQVOHMRXUQDOLVPH SKLORVRSKLTXHGXGpEXWGXVLqFOH(QHIIHWODSRVLWLRQGH+XPHjO¶pJDUGGHFHWWHFXOWXUH GH OD SROLWHVVH HVW DPELYDOHQWH (OOH HVW IDLWH j OD IRLV GH UHMHW HW G¶DFFHSWDWLRQ '¶DFFHSWDWLRQWRXWG¶DERUGFDUODSROLWHVVHHVWDX[\HX[GH+XPHO¶LQJUpGLHQWQpFHVVDLUH G¶XQHFXOWXUHFLYLOLVpHGHODSKLORVRSKLHSDURSSRVLWLRQjODTXHOOHODPDQLqUHVFRODVWLTXH RX©PpWDSK\VLFLHQQHªGHFXOWLYHUODSKLORVRSKLH±©PpWDSK\VLFLHQQHªDXVHQVSpMRUDWLI GXPRW±IDLWILJXUHGHEDUEDULHLQWHOOHFWXHOOH'HUHMHWFHSHQGDQWFDUGDQVVDUpDFWLRQjOD   6XU WRXW FHFL YRLU / ( .OHLQ ³7KH 3ROLWLFDO 6LJQLILFDQFH RI ʻ3ROLWHQHVV  LQ (DUO\ (LJKWHHQWK &HQWXU\ %ULWDLQ´ LQ 6FKRFKHW * - HG

(110)  3ROLWLFV SROLWHQHVV DQG SDWULRWLVP :DVKLQJWRQ '& 7KH )ROJHU 6KDNHVSHDUH ,QVWLWXWH  SS   HW $ %RQ\ -RVHSK $GGLVRQ 5LFKDUG 6WHHOH  7KH 6SHFWDWRU HW O HVVDLSpULRGLTXH3DULV'LGLHUpUXGLWLRQ  ©3DUUDLVRQQHPHQWVPpWDSK\VLTXHVLOVQ¶HQWHQGHQWSDVFHX[TXLSRUWHQWVXUXQHEUDQFKHSDUWLFXOLqUHGHOD VFLHQFH PDLV WRXWH DUJXPHQWDWLRQ TXL HVW G¶XQH PDQLqUH RX G¶XQH DXWUH DEVWUXVH HW TXL QpFHVVLWH XQH FHUWDLQHDWWHQWLRQSRXUrWUHFRPSULVHª 7UDLWp,QWURGXFWLRQ

(111)     .

(112) FXOWXUH DFDGpPLTXH OD SROLWHVVH YHUVH WURS VRXYHQW GDQV O¶H[FqV LQYHUVH TXL FRQVLVWH j GpQLJUHUWRXWHUpIOH[LRQSKLORVRSKLTXHIRQGDPHQWDOHWRXWH©PpWDSK\VLTXHªHQFHVHQVOj 2UFHTXLSHUPHWj+XPHGHVHSRVLWLRQQHUOLEUHPHQWjO¶pJDUGGHODFXOWXUHGHODSROLWHVVH HWG¶HQPHVXUHUOHVDYDQWDJHVHWOHVLQFRQYpQLHQWVSRXUODFXOWXUHGHODSKLORVRSKLHF¶HVW O¶DSSURSULDWLRQ SKLORVRSKLTXH TX¶LO HQ IDLW GDQV OH FDGUH GH VD VFLHQFH GH O¶KRPPH DSSURSULDWLRQTXLDSRXUFRQGLWLRQHWSRXUHIIHWXQHPLVHjGLVWDQFHFULWLTXHGHODSROLWHVVH FRPPHSKpQRPqQHKLVWRULTXHHWFXOWXUHO0LOLHXFXOWXUHOGDQVOHTXHOVHPHXWODSHQVpHGH +XPHODSROLWHVVHGHYLHQWDORUVXQREMHWRXWKqPHGHUpIOH[LRQjSDUWHQWLqUH 4X¶HVWFH GRQF TXH OD SROLWHVVH GDQV OD SHQVpH GH +XPH" ,O IDXW WRXW GH VXLWH SUpFLVHU TX¶LO V¶DJLW G¶XQH QRWLRQ pTXLYRTXH GRQW OHV GHX[ VLJQLILFDWLRQV VHPEOHQW DVVH] pORLJQpHV O¶XQH GH O¶DXWUH j SUHPLqUH YXH (Q HIIHW OD SROLWHVVH UHQYRLH G¶XQH SDUW DX UDIILQHPHQWGHVPDQLqUHV PDQQHUV

(113) SDURSSRVLWLRQjOHXUUXVWLFLWpRXOHXUpWDWJURVVLHUHW G¶DXWUH SDUW DX GpYHORSSHPHQW GHV DUWV GHV VFLHQFHV HW GHV OHWWUHV DX VHLQ G¶XQH QDWLRQ SDUWLFXOLqUH HW j XQH pSRTXH GpWHUPLQpH SDU RSSRVLWLRQ j XQ pWDW DQWpULHXU GH EDUEDULH HW G¶LJQRUDQFHGDQVO¶KLVWRLUHGHFHWWHQDWLRQ&RPPHUDIILQHPHQWGHVPDQLqUHVODSROLWHVVH HVWFHWWH©GpIpUHQFHPXWXHOOHRXFHWWHFLYLOLWp FLYLOLW\

Références

Documents relatifs

/¶RSpUDWHXU DSUqV DYRLU DFFURFKp OHV SLqFHV j WUDLWHU VXU OH FDGUH VLWXp DX SRLQW GH FKDUJHPHQW HQ SRVLWLRQ EDVVH GRQQH O¶LQIRUPDWLRQ GpSDUW F\FOH GF\ /H FKDULRW DXWRPRWHXU &amp;0

D TXH VLJDQ FRQFHGLHQGR DOWD SULRULGDG DO FRQWURO GH OD WULSDQRVRPLDVLV DIULFDQD KXPDQD.

8QH pWXGH UpWURVSHFWLYH SDU HQWUHWLHQ WpOpSKRQLTXH DpWXGLpODVDWLVIDFWLRQjORQJWHUPHGHVSDWLHQWHVD\DQW

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

/·pYDOXDWLRQGXIRQFWLRQQHPHQWGXEDVDSSDUHLOXULQDLUH SHXWV·HIIHFWXHUGHODPDQLqUHVXLYDQWHLOHVWLPSpUDWLI

[r]

[r]

5pVXPp ± /H VLWH GH .DIU µ$TDE GDQV OH 0DVVLI &amp;DOFDLUH HQ 6\ULH GX 1RUG GDQV OD SDUWLH VHSWHQWULRQDOH GX