Evaluation et gestion du risque lié à l'ingestion de produits de la mer contaminés par le cadmium

Texte intégral

(1) . . $QQpH7+(6(728. (9$/8$7,21(7*(67,21'85,648(/,(¬ /¶,1*(67,21'(352'8,76'(/$0(5 &217$0,1(63$5/(&$'0,80 BBBBBBBBBBBBBBBBBBBB 7+(6( 3RXUREWHQLUOHJUDGHGH '2&7(859(7(5,1$,5( ',3/20('¶(7$7 3UpVHQWpHHWVRXWHQXHSXEOLTXHPHQWHQ 'HYDQWO¶8QLYHUVLWp3DXO6DEDWLHUGH7RXORXVH SDU *UpJRLUH*DEULHO9(5*( 1pOHVHSWHPEUHj%HDXPRQW 3X\GH'{PH

(2) BBBBBBBBBBB 'LUHFWHXUGH7KqVH0OH3URIHVVHXU&ODXGH3(7,7 BBBBBBBBBBB -85< . 35(6,'(17 0&KULVWLDQ9LUHQTXH3URIHVVHXUjO¶XQLYHUVLWp3DXO6DEDWLHUGH7RXORXVH $66(66(85 0&ODXGH3(7,73URIHVVHXUjO¶pFROHQDWLRQDOHYpWpULQDLUHGH7RXORXVH 0-HDQ3LHUUH%5$813URIHVVHXUjO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH .

(3) 7RXORXVH 1209(5*(. . . . . . . 3UpQRP*UpJRLUH. 7,75( (9$/8$7,21(7*(67,21'85,648(/,(¬/¶,1*(67,21'( 352'8,76'(/$0(5&217$0,1(63$5/(&$'0,80. 5pVXPp $SUqVDYRLUSUpVHQWpOHVGLIIpUHQWHVVRXUFHVGHSROOXWLRQSDUOHFDGPLXPO¶DXWHXU PRQWUH TXH OHV HVWXDLUHV HW OHV ]RQHV SRUWXDLUHV VRQW OHV ORFDOLVDWLRQV OHV SOXV SROOXpHV /D FRQWDPLQDWLRQ GHV RUJDQLVPHV HVW OD SOXV JUDQGH GDQV OHV ELYDOYHV HW OHVFUXVWDFpV6HXOHO¶LQJHVWLRQG¶KXvWUHVSUpVHQWHXQULVTXHG¶LQWR[LFDWLRQFKURQLTXH FKH] O¶KRPPH &H ULVTXH HVW HQ IDLW UHODWLYHPHQW IDLEOH HW HQ GLPLQXWLRQ FRQVWDQWH FRPSWHWHQXGHVPHVXUHVUqJOHPHQWDLUHVYLVDQWjOLPLWHUOHVUHMHWVGHFDGPLXPGDQV O¶HQYLURQQHPHQWHWOHVWHQHXUVGHFHWR[LTXHGDQVOHVSURGXLWVDOLPHQWDLUHV 0RWVFOpV &DGPLXP±PROOXVTXH±FUXVWDFp±SRLVVRQ±OLWWRUDOIUDQoDLV±ULVTXHDOLPHQWDLUH± pYDOXDWLRQ±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±PROOXVF±VKHOOILVK±ILVK±)UHQFKFRDVWV±IRRGULVN±HVWLPDWHFRQWURO . . .

(4)

(5)

(6) . . $QRWUHSUpVLGHQWGHWKqVH /HSURIHVVHXU&KULVWLDQ9,5(148(GHO¶XQLYHUVLWp3DXO6DEDWLHUGH7RXORXVH 4XLQRXVDIDLWO¶KRQQHXUG¶DFFHSWHUODSUpVLGHQFHGHFHMXU\GHWKqVH+RPPDJHV UHVSHFWXHX[. $QRWUHMXU\GHWKqVH /HSURIHVVHXU&ODXGH3(7,7GHO¶pFROHQDWLRQDOHYpWpULQDLUHGH7RXORXVH &KDLUHGHSKDUPDFRORJLHWR[LFRORJLH 4XLP¶DIDLWO¶KRQQHXUG¶DFFHSWHUODGLUHFWLRQGHFHWUDYDLO0HUFLSRXUVHVFRQVHLOV VRQVRXWLHQHWVDSDWLHQFHTXLRQWDFFRPSDJQpVODUpGDFWLRQGHFHWWHWKqVH /HSURIHVVHXU-HDQ3LHUUH%5$81GHO¶pFROHQDWLRQDOHYpWpULQDLUHGH7RXORXVH &KDLUHGHELRFKLPLH 4XLP¶DIDLWO¶KRQQHXUG¶rWUHO¶DVVHVVHXUGHFHWWHWKqVH0HUFLSRXUODTXDOLWpGHVRQ HQVHLJQHPHQWGRQWOHVDFTXLVDFFRPSDJQHQWPDSUDWLTXHTXRWLGLHQQH . . .

(7) $X[GRFWHXUV+8*211$5'%8%/27&$'25(9,*8,(5*28-21HW3,1SRXU OHXUHQVHLJQHPHQWHWOHXUDSSURFKHGHODSUDWLTXHTXRWLGLHQQH $X[GRFWHXUV'(&$53(175,()/(&.(167(,17(//,(56$*(&2/20% 0$7+27HW%$55$8'SRXUOHXUVFRQVHLOVOHXUSpGDJRJLHHWSRXUFHVDJUpDEOHV PRPHQWVSDVVpVHQOHXUFRPSDJQLH0HUFLGHP¶DYRLUIDLWSDUWDJHUYRWUHH[SpULHQFH . . .

(8) $PHVSDUHQWVHWjWRXWHPDIDPLOOHSRXUOHXUVRXWLHQLQGpIHFWLEOH $PRQJUDQGSqUH $*DEULHOOH $WRXVPHVDPLV $.ULVWHOOHQUHPHUFLHPHQWSRXUVRQHQVHLJQHPHQWGHODFDUWRJUDSKLH . . .

(9) 3ODQ. . ,QWURGXFWLRQ . 3UHPLqUHSDUWLHODSROOXWLRQSDUOHFDGPLXP . . . . . ,3UpVHQWDWLRQGXFDGPLXP +LVWRULTXH 'HVFULSWLRQ 3URGXFWLRQ 8WLOLVDWLRQ ,,6RXUFHVGHODSROOXWLRQSDUOHFDGPLXP 6RXUFHVQDWXUHOOHV /LWKRVSKqUH $WPRVSKqUH +\GURVSKqUH 6RXUFHV,QGXVWULHOOHV ,,,5pSDUWLWLRQGXFDGPLXPHQPLOLHXPDULQ 6SpFLDWLRQGXFDGPLXP /HFDGPLXPGLVVRXV /HFDGPLXPSDUWLFXODLUH 'LVWULEXWLRQGXFDGPLXPHQWUHOHVFRPSDUWLPHQWVGXPLOLHXPDULQ /D]RQHSpODJLTXH /HVHDX[F{WLqUHVHWHVWXDULHQQHV /HVHDX[LQWHUVWLWLHOOHV /DSKDVHVROLGH /DPDWLqUHYLYDQWH ,9&\FOHGXFDGPLXPGDQVODELRVSKqUHPDULWLPH *pQpUDOLWpV ([HPSOHGHO¶HVWXDLUHGHOD6HLQH. 'HX[LqPHSDUWLHFRQWDPLQDWLRQGHODIDXQHPDULWLPHGXOLWWRUDO IUDQoDLV ,7R[LFRFLQpWLTXH ,,&DUWRJUDSKLHGHODSROOXWLRQSDUOHFDGPLXP 0pWKRGHVGHSUpOqYHPHQWHWGHGRVDJHV 3UpVHQWDWLRQGHVVLWHVGHSUpOqYHPHQW 'LVWULEXWLRQGHODSROOXWLRQ $QDO\VH. . .

(10) . ,,,&KDvQHDOLPHQWDLUHHWFKRL[GHVHVSqFHVpWXGLpHV %LRDFFXPXODWLRQHWELRPDJQLILFDWLRQ &KRL[GHVHVSqFHVpWXGLpHV ,9(YDOXDWLRQGHODFRQWDPLQDWLRQGHVSURGXLWVPDULQV 0pWKRGHVGHSUpOqYHPHQWHWGHGRVDJH &DUWRJUDSKLH . 7URLVLqPHSDUWLHVDQWpKXPDLQHHWSUpYHQWLRQGHVULVTXHV DOLPHQWDLUHV . . . ,7R[LFLWpGXFDGPLXP (IIHWVVXEFHOOXODLUHV $FWLRQVXUOHVV\VWqPHVFHOOXODLUHV 5pSRQVHFHOOXODLUH (IIHWVJpQRWR[LTXHV $FWLRQVXUOHVDFLGHVQXFOpLTXHV (IIHWVXUOHVFKURPRVRPHV (IIHWPXWDJqQH (IIHWVWR[LTXHVPDMHXUVGXFDGPLXP (IIHWQpSKURWR[LTXH (IIHWVXUOHV\VWqPHFDUGLRYDVFXODLUH (IIHWRVWpRWR[LTXH (IIHWVXUODUHSURGXFWLRQHWOHGpYHORSSHPHQW (IIHWFDQFpURJqQH (VWLPDWLRQGHVGRVHVWROpUDEOHVGHFDGPLXPHQFDVG¶LQJHVWLRQ ,,(YDOXDWLRQGXULVTXHOLpjO¶LQJHVWLRQGHSURGXLWVGHODPHU 'pWHUPLQDWLRQGHVTXDQWLWpVOLPLWHVSRXUFKDTXHHVSqFH $SSOLFDWLRQjODFRQVRPPDWLRQPR\HQQHGHV)UDQoDLV ,,,*HVWLRQGXULVTXHOLpjO¶LQJHVWLRQGHSURGXLWVPDULQV *HVWLRQJOREDOHGXULVTXHDOLPHQWDLUH 0HVXUHVFRQFHUQDQWOHVUHMHWVGHFDGPLXPGDQVO¶HQYLURQQHPHQW 0HVXUHVFRQFHUQDQWOHVDSSRUWVDOLPHQWDLUHV. ,9'LVFXVVLRQ /LPLWHVGHFHWWHpWXGH (YROXWLRQGXULVTXHGDQVOHWHPSV $XWUHVDSSRUWVHQFDGPLXP. &RQFOXVLRQ. . . .

(11) ,QWURGXFWLRQ 'H QRV MRXUV OHV ULVTXHV VDQLWDLUHV OLpV j O¶DOLPHQWDWLRQ VRQW PLV HQ DYDQW HQ UDLVRQ GHV FULVHV UpFHQWHV WHOOHV TXH O¶(6% RX OD OLVWpULRVH 'HYDQW FHWWH DWWHQWH JUDQGLVVDQWH GHV FRQVRPPDWHXUV GpVLUDQW XQH DOLPHQWDWLRQ GH TXDOLWp OHV YpWpULQDLUHV RQW XQ JUDQG U{OH j MRXHU FDU LOV VRQW UHVSRQVDEOHV GH OD VpFXULWp VDQLWDLUHGHVDOLPHQWVG¶RULJLQHDQLPDOH/HFDGPLXPHVWXQWR[LTXHLPSRUWDQWTXLHVW UHMHWp GDQV O¶HQYLURQQHPHQW HW TXL HVW GRQF VXVFHSWLEOH GH FRQWDPLQHU OHV RUJDQLVPHV PDULQV &HWWH pWXGH D SRXU EXW GH UHQVHLJQHU VXU OH ULVTXH OLp j O¶LQJHVWLRQ GH SURGXLWV GH OD PHU FRQWDPLQpV SDU OH FDGPLXP VXU OH OLWWRUDO IUDQoDLV 3RXUpYDOXHUFHULVTXHLOIDXWWRXWG¶DERUGGpILQLUFHTX¶HVWOHFDGPLXPFRPPHQWLO VH UHWURXYH GDQV O¶HQYLURQQHPHQW HW GDQV OHV SURGXLWV GH OD PHU TXHOV VRQW OHV RUJDQLVPHV PDULQV FRQFHUQpV HW GDQV TXHOOH PHVXUH LOV VRQW FRQWDPLQpV SDU FH WR[LTXH 8QH IRLV OH ULVTXH pYDOXp QRXV YHUURQV OHV PHVXUHV GpMj SULVHV HW j YHQLU SRXUJpUHUFHSUREOqPH. . .

(12) . 3UHPLqUHSDUWLH /DSROOXWLRQSDUOH FDGPLXP. . .

(13) ,3UpVHQWDWLRQGXFDGPLXP

(14) +LVWRULTXH /H QRP GpULYH GX JUHF NDGPHLD RX GX ODWLQ FDGPLD O DQFLHQ QRP SRXU FDODPLQH RX JDOPHL XQ PLQHUDL GH ]LQF H[WUDLW GDQV OHV HQYLURQV GH OD YLOOH GH 7KqEHVFUppHSDU.DGPRV&HQRPVHUHWURXYHpJDOHPHQWGDQVOD&DODPLQHXQH FRPPXQHEHOJHGDQVODTXHOOHRQH[SORLWDLWDXSDUDYDQWGXPLQHUDLGH]LQF . . )LJXUH©/DFDODPLQHªH[WUDFWLRQGX]LQF. & HVWGDQVOHPLQHUDLGH]LQFTXHO RQDWURXYpGXFDGPLXPSRXUODSUHPLqUHIRLV /H FDGPLXP D pWp GpFRXYHUW HQ SDU OH SURIHVVHXU GH PpWDOOXUJLH )ULHGULFK 6WURPHLMHU

(15) GDQV OH PLQHUDL GH FDODPLQH pJDOHPHQW DSSHOp FDGPLD j FHWWH pSRTXH

(16) (WDQW GRQQp OD FRXOHXU DW\SLTXH GH FHUWDLQV FULVWDX[ MDXQH FODLU DXOLHXGHEODQF

(17) RQDpPLVO K\SRWKqVHGHODSUpVHQFHGHWUDFHVGHIHU/ DQDO\VH PRQWUDDORUVTXHOHPLQpUDOQHFRQWHQDLWSDVGHIHUPDLVTX LOV DJLVVDLWG XQpOpPHQW LQFRQQX MXVTX DORUV

(18) 6WURPHLMHU EDSWLVD OH PpWDO ©FDGPLXPª SDU FRQWUDFWLRQ &DGPLDIRUQDFXP QpGXFDGPLD

(19) . .

(20)

(21) 'HVFULSWLRQ /HFDGPLXPHVWXQPpWDOEODQFKkWUHDUJHQWpSUpVHQWDQWGHVUHIOHWVEOHXSDOH,O HVWPRXHWGXFWLOH&¶HVWXQpOpPHQWGHWUDQVLWLRQGXJURXSH,,%GHODFODVVLILFDWLRQ SpULRGLTXHGHVpOpPHQWVHQWUHOH]LQFHWOHPHUFXUHPDLVVRQQXPpURDWRPLTXHOH VLWXH HQWUH O¶DUJHQW HW O¶LULGLXP

(22) 6D PDVVH DWRPLTXH HVW GH OH FDGPLXP pWDQW FRPSRVp GH KXLW LVRWRSHV VWDEOHV GRQW OHV PDVVHV DWRPLTXHV VRQW FRPSULVHVHQWUHHW6DPDVVHYROXPLTXHQ¶HVWTXHGHJFPñHWVRQSRLQW GHIXVLRQ &

(23) HVWFRPSDUDEOHjFHOXLGXSORPE . . )LJXUH$VSHFWGXFDGPLXPVROLGH. $O¶pWDWQDWXUHOVHVFRPSRVpVVWDEOHVVRQWGLYDOHQWVHWQHIRUPHQWSDVGHOLDLVRQ VWDEOHDYHFOHFDUERQHPDLVLOSHXWrWUHLQWpJUpGDQVGHVFRPSOH[HVVWDEOHVDYHFGHV FRPSRVpV RUJDQLTXHV FRPPH OHV F\DQXUHV HW OHV DPLQHV

(24) (Q HIIHW VHORQ 3HDUVRQFHWLRQ&GHVWXQDFFHSWHXULQWHUPpGLDLUHSRXYDQWIRUPHUGHVFRPSOH[HV VWDEOHVDYHFGHVEDVHVGH/HZLVDYHFXQHDIILQLWpSOXVIRUWHSRXUOHVRXIUHTXHSRXU O¶D]RWHHWO¶R[\JqQH

(25)

(26) 3URGXFWLRQ /HFDGPLXPHVWJpRFKLPLTXHPHQWOLpDX]LQFGDQVOHVPLQpUDX[jUDLVRQGH j VRXV IRUPH G¶LPSXUHWpV

(27) ,O Q¶H[LVWH SDV GH PLQHUDL XWLOLVDEOH LQGXVWULHOOHPHQW SRXU O¶H[WUDFWLRQ GX FDGPLXP HQ IDLW OH FDGPLXP SHXW rWUH FRQVLGpUp FRPPH XQ VRXVSURGXLW GH O¶H[WUDFWLRQ GH PLQHUDLV GH ]LQF GH SORPE HW DFFHVVRLUHPHQW GH FXLYUH

(28) /H FDGPLXP HVW SDU LPSRUWDQFH OH qPH pOpPHQW FRQVWLWXDQW O pFRUFH WHUUHVWUH FHOOHFL HQ FRQWLHQW MXVTX j XQH. . .

(29) SURIRQGHXUGHNP/HVPLQpUDX[OHVSOXVLPSRUWDQWVVRQWODJUHHQRFNLWH &G6

(30) HW O RWDYLWH &G&2

(31)

(32) . . )LJXUH*UHHQRFNLWHRXVXOIXUHGHFDGPLXP . 2QSUpSDUHOHFDGPLXPjSDUWLUGHPLQHUDLVGH]LQFDSUqVFDOFLQDWLRQRQSRUWH HQIXVLRQODVXEVWDQFHREWHQXHHWRQVpSDUHOHVFRPSRVpVGHFDGPLXPHWGH]LQF 2QREWLHQWOHFDGPLXPSDUpOHFWURO\VHGHVXOIDWHGHFDGPLXPGLVVRXVGDQVGHO DFLGH VXOIXULTXHDYHFXQHDQRGHHQSORPEHWXQHFDWKRGHURWDWLYHHQDOXPLQLXP

(33) 6DSURGXFWLRQjO¶pFKHOOHLQGXVWULHOOHGpEXWDYHUV&HSHQGDQWFHPpWDOQH IXWYpULWDEOHPHQWXWLOLVpGDQVO¶LQGXVWULHTX¶jSDUWLUGH6DSURGXFWLRQPRQGLDOH HVWSDVVpHGHWRQQHVSDUDQDYDQWODSUHPLqUHJXHUUHPRQGLDOHjSUqVGH WRQQHVjODILQGHVDQQpHVHWHOOHHVWVWDEOHGHSXLV

(34) /HV UpJLRQV G H[SORLWDWLRQ OHV SOXV LPSRUWDQWHV VH VLWXHQW HQ 5XVVLH DX .D]DNKVWDQ HQ &KLQH DX -DSRQ HQ 1DPLELH DX &DQDGD DX 0H[LTXH HW HQ $XVWUDOLH (Q $OOHPDJQH HW HQ )UDQFH RQ SURGXLW pJDOHPHQW GX FDGPLXP j XQH pFKHOOH WUqV PRGHVWH WHO pWDLW pJDOHPHQW OH FDV HQ %HOJLTXH GDQV OH FDGUH GH O H[SORLWDWLRQGXPLQHUDLGH]LQF

(35)

(36) 8WLOLVDWLRQ 'qVOHGpEXWGXVLqFOHOHFDGPLXPIXWXWLOLVpFRPPHSLJPHQWVGDQVOHVSHLQWXUHV LQGXVWULHOOHVRXDUWLVWLTXHV3DUODVXLWHVRQXVDJHV¶pWHQGDX[WUDLWHPHQWVGHVXUIDFH GHV PpWDX[ HW j VRQ LQWpJUDWLRQ GDQV GH QRXYHDX[ DOOLDJHV 6D ERQQH FRQGXFWLYLWp pOHFWULTXH OXL YDXW G¶rWUH XWLOLVp GDQV O¶LQGXVWULH pOHFWURQLTXH $ O¶KHXUH DFWXHOOH OH. . .

(37) FDGPLXP HVW ODUJHPHQW XWLOLVp GDQV OHV WUDLWHPHQWV GH VXUIDFH OHV SLJPHQWV OHV DFFXPXODWHXUVHWOHVVWDELOLVDQWVHQUDLVRQGHVRQSUL[GHUHYLHQWLQWpUHVVDQWHWGHOD PDvWULVHGHVDWHFKQRORJLH

(38) x /H WUDLWHPHQW GH VXUIDFH G¶DXWUHV PpWDX[ HVW LQWpUHVVDQW FDU OH SODFDJH GH FDGPLXP FRQIqUH j O¶HQVHPEOH XQH ERQQH UpVLVWDQFH j OD FRUURVLRQ &H SURFpGpSHXWV¶HIIHFWXHUSDUpOHFWURO\VHSDUGpS{WVRXVYLGHRXSDUWUHPSDJH PDLVODJDOYDQRSODVWLHHVWODPpWKRGHODSOXVXWLOLVpHFDUHOOHSHUPHWGHWUDLWHU GHVREMHWVGHIRUPHHWGHWDLOOHWUqVYDULDEOHV

(39) x /H VXOIXUH GH FDGPLXP Į &G6

(40) HVW XQ SLJPHQW MDXQH ,O PDQLIHVWH XQH VWDELOLWp pOHYpH YLVjYLV GH OD OXPLqUH ,O SHXW rWUH PpODQJp GDQV GLYHUVHV SURSRUWLRQV DYHF GX VpOpQLXUH GH FDGPLXP &G6H URXJH

(41) 2Q XWLOLVH FHV SLJPHQWVGDQVODSHLQWXUHOHYHUUH SDUH[HPSOHGDQVGHVIHX[GHFLUFXODWLRQ

(42) OHV WH[WLOHV OH SDSLHU OH FDRXWFKRXF OHVPDWLqUHV V\QWKpWLTXHV SDU H[HPSOH SRXUGHVYHVWHVGHVXUYLHHWGHVFDVTXHVGHWUDYDLO

(43) O pPDLOHWODFpUDPLTXH (Q UDLVRQ GHV H[LJHQFHV HQYLURQQHPHQWDOHV OH GRPDLQH G XWLOLVDWLRQ GH FHV SLJPHQWVQHFHVVHQpDQPRLQVGHGLPLQXHU3RXUOHYHUUHHWODSRUFHODLQHRQ XWLOLVHpJDOHPHQWGXQLWUDWHGHFDGPLXPRXGHO R[\GHGHFDGPLXP

(44) x /H FDGPLXP LQWHUYLHQW DXVVL HQ WDQW TXH VWDELOLVDQW SRXU OHV PDWLqUHV SODVWLTXHV VRXV IRUPH GH FRPSOH[H RUJDQRSKRVSKDWLTXH LO DVVXUH XQH PHLOOHXUH ORQJpYLWp HW SODVWLFLWp GX SRO\FKORURY\QLOH 39&

(45) (Q UDLVRQ GH OD IRUWH SURGXFWLRQ PRQGLDOH FHWWH XWLOLVDWLRQ UHSUpVHQWH SUqV GH GH OD FRQVRPPDWLRQPRQGLDOHGHFDGPLXP

(46) x 'HQRPEUHX[DFFXPXODWHXUVXWLOLVHQWOHFRXSOHQLFNHOFDGPLXPFDULOVSHXYHQW rWUH UHFKDUJpV HW SUpVHQWHQW GH ERQQHV TXDOLWpV QRWDPPHQW HQ WHUPH GH ORQJpYLWp

(47) /DEDWWHULHODSOXVFRQQXHHVWODSLOHDXQLFNHOFDGPLXP'DQV FHWWH SLOH TXL FRQWLHQW GH O¶K\GUR[LGH GH SRWDVVLXP FRPPH pOHFWURO\WH VH WURXYHXQHpOHFWURGHGHQLFNHOSRVVpGDQWXQHPLQFHFRXFKHGH1L22+HWXQH pOHFWURGH GH FDGPLXP /D GLVWULEXWLRQ GH FRXUDQW D OLHX FRQIRUPpPHQW j OD UpDFWLRQFLDSUqV &G1L2 2+

(48) +2 !&G 2+

(49) 1L 2+

(50) GDQVGH.2+

(51) . .

(52) /DWHQVLRQV pOqYHjHQYLURQ9/DSLOHSHXWrWUHUHFKDUJpHHQYLURQ IRLV HW HVW XWLOLVpH HQWUH DXWUHV GDQV GHV PDFKLQHV j FDOFXOHU GHV SHWLWV DSSDUHLOV pOHFWURQLTXHV WHOV TXH GHV EDODGHXUV GHV MRXHWV GHV UDVRLUV HW GX PDWpULHO pOHFWULTXH (WDQWGRQQp TXH O RQSHXW FRQVHUYHU ORQJWHPSV GHV SLOHV DXQLFNHOFDGPLXPjO pWDWGHUHSRVRQOHVXWLOLVHpJDOHPHQWGDQVGHVDYLRQV GHV SRVWHV WpOpSKRQLTXHV HW GHV SRVWHV GH UDGDUV GDQV GHV RUGLQDWHXUV HW GHV ODPSHV j pFODLUV ,O H[LVWH pJDOHPHQW GHV EDWWHULHV UHFKDUJHDEOHV DX FDGPLXPDUJHQWGHODTXDQWLWpGHFDGPLXPSURGXLWHVRQWXWLOLVpVGDQV GHVEDWWHULHVUHFKDUJHDEOHV

(53) &HWWHXWLOLVDWLRQV¶HVWFRQVLGpUDEOHPHQWGpYHORSSpHGDQVOHVDQQpHV HQ UDLVRQ GH OD SUROLIpUDWLRQ GHV DSSDUHLOV pOHFWURQLTXHV SRUWDEOHV PDLV WHQG DFWXHOOHPHQW j GLPLQXHU GX IDLW GH OD GpPRFUDWLVDWLRQ GHV EDWWHULHV GH W\SH OLWKLXPLRQHWQLFNHO±K\EULGHTXLSUpVHQWHQWXQHPHLOOHXUHFDSDFLWp x /HVDOOLDJHVGHFDGPLXPVRQWXWLOLVpVHQUDLVRQGXSRLQWGHIXVLRQWUqVEDVGX FDGPLXP &

(54) HW GH OHXU ERQQH FRQGXFWLRQ pOHFWULTXH / DGGLWLRQ GH FDGPLXP j FRQFXUUHQFH G HQYLURQ j GX FXLYUH DPpOLRUH OHV SURSULpWpV PpFDQLTXHVHQWUHDXWUHVGRXEOHODUpVLVWDQFHjODUXSWXUHVDQVGLPLQXHUOD FRQGXFWLELOLWp&HWWHFDUDFWpULVWLTXHHVWXWLOLVpHSRXUODUpDOLVDWLRQGHFkEODJHV QRWDPPHQWWpOpSKRQLTXHV

(55) x &HUWDLQV DOOLDJHV SHXYHQW rWUH XWLOLVpV FRPPH DEVRUEHXUV GH QHXWURQV GDQV OHV EDUUHV GH FRQWU{OHV GH FHUWDLQV UpDFWHXUV QXFOpDLUHV FLYLOV HQ HIIHW OH FDGPLXP &G

(56) SRVVqGH XQ ERQ SRXYRLU G DGVRUSWLRQ SRXU OHV QHXWURQV HW HVWSDUFRQVpTXHQWjO pWDWDOOLpDYHFG DXWUHVPpWDX[HQWUHDXWUHVO LQGLXP O DUJHQWHWOHVpOpQLXPDSSURSULpSRXUFHWXVDJH2QXWLOLVHpJDOHPHQWjFHW HIIHWGHVEDUUHVGHIOXRUXUHGHFDGPLXP &G)

(57)

(58) x 5pFHPPHQWOHFDGPLXPDYXVRQXWLOLVDWLRQDXJPHQWHUHQpOHFWURQLTXHJUkFH j VRQ LQWpJUDWLRQ GDQV OHV pFUDQV LQIRUPDWLTXHV =Q&G6H URXJH

(59) GDQV OHV V\VWqPHV SKRWRYROWDwTXHV HW SKRWRVHQVLEOHV &G GDQV GHV VHPL FRQGXFWHXUVGHGpWHFWHXUVSRXUODIOXRUHVFHQFHGHVUD\RQV;

(60)

(61) 'DQVOHV . .

(62) SKRWRPqWUHV RQ XWLOLVH XQ PDWpULDX j SDUWLU GXTXHO VRXV O LQIOXHQFH GH OD OXPLqUH LQFLGHQWH GHV pOHFWURQV VRQW OLEpUpV RX ELHQ XQ PDWpULDX GRQW OD UpVLVWDQFHVHPRGLILH/HVXOIXUHGHFDGPLXP &G6

(63) OHVpOpQLXUHGHFDGPLXP &G6H

(64) HW OH WHOOXULGH GH FDGPLXP &G7H

(65) VRQW DSSURSULpV j FHW HIIHW VRXV IRUPH GH PDWpULDX VHPLFRQGXFWHXU

(66) &H GHUQLHU HVW pJDOHPHQW XWLOLVp GDQVOHVGpWHFWHXUVXOWUDVHQVLEOHVGHUD\RQV;HWJDPPD6DSURGXFWLRQHQ PLFURJUDYLWpJUDFHjODPpWKRGH0DUNRYHVWHQYLVDJpHSDUO¶DJHQFHVSDWLDOH HXURSpHQQH(6$ x 3DU DLOOHXUV RQ QRWH GHV XWLOLVDWLRQV PDUJLQDOHV FRPPH OD SUpSDUDWLRQ G¶DPDOJDPHV GHQWDLUHV HQ DVVRFLDWLRQ DYHF GX PHUFXUH GDQV OHV UpVHDX[ G H[WLQFWLRQ SDU SXOYpULVDWLRQ G HDX HQ DOOLDJH DYHF GX ELVPXWK RX FRPPH FDWDO\VHXUSRXUO K\GURJpQDWLRQGHJUDLVVHVQRQVDWXUpHV

(67) /H FDUDFWqUH GDQJHUHX[ HW SROOXDQW GX FDGPLXP VHUD YUDLVHPEODEOHPHQW UHVSRQVDEOH DX FRXUV GHV DQQpHV j YHQLU G¶XQH GLPLQXWLRQ GH VRQ XWLOLVDWLRQ (Q HIIHWOH3DUOHPHQW(XURSpHQV¶HVWHPSOR\pjLQWHUGLUHO¶XWLOLVDWLRQGHFDGPLXPGDQV OHV pTXLSHPHQWV pOHFWULTXHV HW pOHFWURQLTXHV j FRPSWHU GX HU MDQYLHU

(68) ,O YLVH pJDOHPHQW j UHPSODFHU OH FDGPLXP SDU GHV pTXLYDOHQWV QRQ GDQJHUHX[ QRWDPPHQWHQFHTXLFRQFHUQHOHVDOOLDJHVOHWUDLWHPHQWGHVXUIDFHGHVPpWDX[DLQVL TXHGDQVOHVSURFpGpVGHVWDELOLVDWLRQGHVSODVWLTXHV

(69) . ,,6RXUFHVGHODSROOXWLRQSDUOHFDGPLXP .

(70) 6RXUFHVQDWXUHOOHV x /LWKRVSKqUH /HFDGPLXPHVWJpRFKLPLTXHPHQWOLpDX]LQFGDQVOHVPLQpUDX[jUDLVRQGH j

(71) &¶HVWSRXUTXRLLOHVWSOXVSUpVHQWGDQVOHVVROVULFKHVHQPLQHUDLVGH]LQF /D FURWH FRQWLQHQWDOH UHSUpVHQWH j FH WLWUH OH UpVHUYRLU OH SOXV LPSRUWDQW DYHF XQH TXDQWLWpHVWLPpHGHAWRQQHV

(72) . .

(73) x $WPRVSKqUH /¶DSSRUW QDWXUHO SULQFLSDO HQ FDGPLXP GDQV O¶DWPRVSKqUH HVW G DX YROFDQLVPH TXLUHSUpVHQWHPRLQVGHWRQQHV

(74) ,OHVWGLIILFLOHG¶pYDOXHUFHVDSSRUWVWDQW OHVDSSRUWVDQWKURSRJpQLTXHVVRQWLPSRUWDQWV&HSHQGDQWFHVDSSRUWVQHVRQWSDV QpJOLJHDEOHV j OD 5pXQLRQ R OH YROFDQLVPH HVW LPSRUWDQW OD FRQFHQWUDWLRQ GH FDGPLXPGDQVO¶DLUHVWSUqVGHGHX[IRLVVXSpULHXUHjFHTX¶HOOHHVWHQPpWURSROH . )LJXUH'LVWULEXWLRQPRQGLDOHGXFDGPLXP. . x +\GURVSKqUH /HV TXDQWLWpV GH FDGPLXP VH GpSRVDQW GDQV O¶K\GURVSKqUH j SDUWLU GH O¶DWPRVSKqUH VRQW WUqV YDULDEOHV HW GLIILFLOHV j pYDOXHU HQ UDLVRQ GH OD SROOXWLRQ G¶RULJLQH KXPDLQH RX GHV W\SHV GH VROV WUDYHUVpV 'H SOXV OD SROOXWLRQ DWPRVSKpULTXH DQWKURSLTXH ELDLVH FHV PHVXUHV (Q PR\HQQHV FHV GHUQLqUHV PRQWUHQW TXH O¶DSSRUW HQ FDGPLXP GH O¶DWPRVSKqUH YHUV O¶K\GURVSKqUH YDULH HQWUH HW WRQQHV SDU DQ

(75) 'H SOXV OD FRQWDPLQDWLRQ GHV VROV HVW DXVVL XQ IDFWHXUjSUHQGUHHQFRQVLGpUDWLRQGXIDLWGXGUDLQDJHGHVWHUUDLQVERUGDQWOHVFRXUV G¶HDXFRPPHFHIXWOHFDVGHODFRQWDPLQDWLRQGHO¶HVWXDLUHGHOD6HLQHjSDUWLUGX GUDLQDJHGXEDVVLQYHUVDQWDEULWDQWO¶LQGXVWULHGHWUDLWHPHQWGHVSKRVSKDWHV /HVIOHXYHV UHSUpVHQWHQW ODSULQFLSDOH VRXUFH GH FDGPLXP SRXU OHV RFpDQV OHV DSSRUWVHQFDGPLXPVRXVIRUPHGLVVRXWHYDULHQWGHjWRQQHVSDUDQDORUV TXHOHVDSSRUWVVRXVIRUPHSDUWLFXODLUHV¶pOqYHQWjSUqVGHWRQQHVSDUDQ

(76) FHSHQGDQWLOH[LVWHXQHWUqVJUDQGHYDULDWLRQHQWUHOHVIOHXYHVHQUDLVRQGXGHJUp GHFRQWDPLQDWLRQGXIOHXYHGHVRQGpELWRXGHODJpRPRUSKRORJLHGXEDVVLQYHUVDQW. . .

(77)

(78) 'H SOXV LO H[LVWH GH IRUWHV YDULDWLRQV VDLVRQQLqUHV TXL VRQW GLIILFLOHV j DSSUpKHQGHU

(79) 3DU H[HPSOH VHORQ O¶,)5(0(5 OD 6HLQH HVW UHVSRQVDEOH G¶XQ DSSRUWDQQXHOGHjWRQQHVGDQVOHPLOLHXPDULQDORUVTXHOH5K{QHDSSRUWHOH GRXEOH HQ 'H SOXV OH FDGPLXP HVW UpSDUWL HQWUH OHV RFpDQV PLOOLRQV GH WRQQHV

(80) OHV VpGLPHQWV WRQQHV

(81) HW OHV HDX[ LQWHUVWLWLHOOHV WRQQHV

(82)

(83) .

(84) 6RXUFHV,QGXVWULHOOHV $ORUV TXH O¶XVDJHGH FHPpWDO HVW WUqV LPSRUWDQW VHXOHPHQW GH OD TXDQWLWp UHMHWpHHVWUHF\FOpHFKDTXHDQQpHPDOJUpOHUHF\FODJHGHVDFFXPXODWHXUV1LFNHO &DGPLXP FH TXL H[SOLTXH O¶LPSRUWDQFH GHV DSSRUWV DQWKURSLTXHV GDQV O¶HQYLURQQHPHQW

(85) /HV pPLVVLRQV DWPRVSKpULTXHV LPSXWDEOHV j O¶KRPPH WRQQHV SDU DQ GDQV OH PRQGH

(86) SHXYHQW rWUH MXVTX¶j GL[ IRLV VXSpULHXUHV DX[ pPLVVLRQV QDWXUHOOHV

(87) /D OpJLVODWLRQ IUDQoDLVH HW HXURSpHQQH WHQG WRXWHIRLV j pWHQGUHODSDUWGXUHF\FODJHGHFHWR[LTXH GpFUHWGXPDLPRGLILp

(88) /D PDMHXUH SDUWLH GH OD FRQWDPLQDWLRQ GHV VROV SDU OH FDGPLXP UpVXOWH GH O¶DFWLYLWp KXPDLQH (Q HIIHW GDQV OD FRPPXQDXWp HXURSpHQQH OH WUDLWHPHQW GHV RUGXUHVUHSUpVHQWHXQDSSRUWVXSpULHXUjFHX[GXVjODPpWDOOXUJLHjO¶XWLOLVDWLRQGH SKRVSKDWHV HW DX[ LQFLQpUDWHXUV

(89) 3DUPL OHV GpFKHWV LQFLQpUpV FH VRQW OHV SODVWLTXHV TXL UHSUpVHQWHQW OH SOXV JURV ULVTXH HQ HIIHW YHUUHV HW PpWDX[ FRQWLHQQHQW GX FDGPLXP PDLV LO VRQW UHF\FOpV HQ O¶pWDW DORUV TXH OHV PDWLqUHV SODVWLTXH VRQW LQFLQpUpHV HW OLEqUHQW DORUV GX FDGPLXP GDQV O¶DWPRVSKqUH

(90) /H FDGPLXPpPLVVHUpSDUWLWSRXUVRXVIRUPHJD]HXVHGDQVOHVJD]GHFRPEXVWLRQ HWSRXUOHUHVWHVRXVIRUPHGHFHQGUHVHWGHPkFKHIHUTXLSHXYHQWrWUHpSDQGXV/H WUDLWHPHQW GHV RUGXUHV SUpVHQWH GX FRXS OH GRXEOH ULVTXH GH SROOXHU OHV VROV GLUHFWHPHQW HW LQGLUHFWHPHQW /HV UpVLGXV SHXYHQW FRQWDPLQHU GLUHFWHPHQW OHV VROV PDLVRQDpJDOHPHQWXQHFRQWDPLQDWLRQDWPRVSKpULTXHSDUpPLVVLRQGHSRXVVLqUHV TXLSHXYHQWHQVHGpSRVDQWFRQWDPLQHUOHPLOLHX 6L OHV DSSRUWV UHODWLIV VHPEOHQW GLIILFLOHV j TXDQWLILHU GX IDLW GH FHV QRPEUHX[ IDFWHXUVLOVHPEOHWRXWGHPrPHTXHODSROOXWLRQIOXYLDWLOHPDMHXUHDLWSRXURULJLQHOHV. . .

(91) GpFKDUJHVODSURGXFWLRQHWO¶XWLOLVDWLRQG¶HQJUDLVSKRVSKDWpVDLQVLTXHO¶LQGXVWULHGH SURGXFWLRQHWGHWUDLWHPHQWGX]LQF

(92) 'HSOXVOHWUDLWHPHQWHQVWDWLRQG¶pSXUDWLRQ QHSHUPHWSDVGHUpGXLUHODSROOXWLRQSDUFHFRQWDPLQDQWHQHIIHWOHVERXHVFDSWHQW XQH SDUWLH GX FDGPLXP PDLV HOOHV VRQW pSDQGXHV FKDXOpHV RX FRPSRVWpHV XOWpULHXUHPHQW,OQ¶DGRQFTX¶XQHGLOXWLRQORFDOHGHODFRQWDPLQDWLRQSDUGUDLQDJH OD PrPH TXDQWLWp HVW GUDLQpH YHUV OHV IOHXYHV HW GRQF YHUV OH FRPSDUWLPHQW PDULQ

(93) 'H SOXV OH UpVHDX URXWLHU UHSUpVHQWH XQH VRXUFH LPSRUWDQWH HQ HIIHW SDU OHVVLYDJH GHV YRLHV GH FLUFXODWLRQ HW GHV YpKLFXOHV HX[PrPHV OHV VROV HW HDX[ ERUGDQWFHVD[HVVHFRQWDPLQHQWHQFDGPLXPVHORQGHVFRQFHQWUDWLRQVDOODQWGHj IRLV OHXU QLYHDX[ LQLWLDX[ DYDQW LPSODQWDWLRQ GHV YRLHV

(94) /HV WHQHXUV HQ FDGPLXP GLPLQXHQW UDSLGHPHQW DYHF OD GLVWDQFH SDU UDSSRUW j O¶D[H j PHVXUH TXH O¶pOpPHQWHVWpFKDQJpGDQVOHPLOLHXOLTXLGH

(95) /¶DWPRVSKqUH HVW TXDQW j HOOH SROOXpH SDU OD PpWDOOXUJLH PDLV DXVVL SDU O¶LQFLQpUDWLRQGHSODVWLTXHVHWDXWUHVGpFKHWVGRPHVWLTXHV

(96) /RFDOHPHQWXQH FRQWDPLQDWLRQ SHXW rWUH GXH j OD GLVVpPLQDWLRQ GH SRXVVLqUHV HQ SURYHQDQFH GH GpFKDUJHV HQ SOHLQ DLU

(97) &HSHQGDQWGDQV OH FDGUH GX SURWRFROH G¶$DUKXV VLJQp SDU OD )UDQFH OHV pPLVVLRQV GH FDGPLXP GDQV O¶DWPRVSKqUH RQW GLPLQXp GH HQWUHHW(OOHVVRQWDXMRXUG¶KXLHVWLPpHVjWRQQHVSDUDQHWVRQWGXHV SRXUG¶HQWUHHOOHVjO¶LQFLQpUDWLRQGHGpFKHWVPpQDJHUV

(98) . . )LJXUH(PLVVLRQVGHFDGPLXPHQ HQJNPðDQ

(99) . 7RXWHIRLV OD FRQWDPLQDWLRQ DWPRVSKpULTXH SHXW rWUH OLpH j XQ WUDQVSRUW HQ SURYHQDQFHGHSD\VWLHUV(QHIIHWO¶(VSDJQHO¶,WDOLHHWOD6XLVVHVRQWUHVSRQVDEOHV. . .

(100) GH GH OD SROOXWLRQ DWPRVSKpULTXH HQ FDGPLXP VXU OH WHUULWRLUH IUDQoDLV PpWURSROLWDLQ

(101) 'H PrPH GHV pPLVVLRQV DWPRVSKpULTXHV VH GpSRVHQW HQ GHKRUVGXWHUULWRLUH&HWUDQVSRUWDpULHQH[SOLTXHpJDOHPHQWODSROOXWLRQPDULWLPHHW IOXYLDOH j GLVWDQFH GHV VRXUFHV GH FRQWDPLQDWLRQ /H GpS{W PDULQ GH FDGPLXP DWPRVSKpULTXH pPLV HQ (XURSH D pWp pYDOXp j SDU O¶(0(3 SRXU OD SpULRGH OHUHVWHVHGpSRVDQWVXUOHVWHUUHV . . )LJXUH'pS{WGHFDGPLXPYHQDQWGHO¶DWPRVSKqUHHQ HQJNPðDQ

(102) . /HV VRXUFHV LQGXVWULHOOHV SROOXHQW GRQF O¶DWPRVSKqUH GH PDQLqUH GLUHFWH HW OH FRPSDUWLPHQWIOXYLDOHWPDULQGHPDQLqUHPL[WHGLUHFWHPHQWSDUOHVVLYDJHRXUHMHWHW LQGLUHFWHPHQWSDUWUDQVSRUWDpULHQ/¶K\GURVSKqUHHVWDORUVSROOXpHSDUOHVVLYDJHGH VROV FRQWDPLQpV SDU GpS{W GH SDUWLFXOHV DpULHQQHV RX SDU UHMHW GLUHFW O¶LQGXVWULH PLQLqUH SURGXFWULFH GH ]LQF HW GH SRWDVVH HVW UHVSRQVDEOH GH OD PDMRULWp GHV SROOXWLRQVSDUOHVVLYDJHDORUVTXHOHVUHMHWVGLUHFWVVRQWGXVjGHVSUDWLTXHVLOOpJDOHV GHODSDUWGHVLQGXVWULHVGHWUDLWHPHQWGHVPpWDX[

(103) &HSHQGDQWOHOHVVLYDJHHVW G j XQ SURFHVVXV GH WUDQVIHUW GHV FRQWDPLQDQWV GHSXLV OH VRO YHUV O¶HDX &H SURFHVVXVGpSHQGEHDXFRXSGHODQDWXUHGHVVROVHWQRWDPPHQWGHO¶DFLGLWpFDUHOOH FRQGLWLRQQH OD VROXELOLVDWLRQ GX FDGPLXP &¶HVW SRXUTXRL FHV WUDQVIHUWV VRQW GLIILFLOHPHQWFRPSDUDEOHVG¶XQEDVVLQPLQLHUjO¶DXWUH. . .

(104) . ,,,5pSDUWLWLRQGXFDGPLXPHQPLOLHXPDULQ .

(105) 6SpFLDWLRQGXFDGPLXP 2Q D YX SUpFpGHPPHQW TXH O¶RFpDQ UHFHYDLW GHV DSSRUWV HQ FDGPLXP SDU O¶DWPRVSKqUH HW SDU O¶K\GURVSKqUH &HSHQGDQW O¶DSSRUW SDU OHV IOHXYHV SHXW VH IDLUH VRLWSDUYRLHGLVVRXWHVRLWSDUYRLHSDUWLFXODLUH(QHIIHWPrPHV¶LOHVWSURXYpTXHOH FDGPLXPSHXWIRUPHUGHVFROORwGHV LQWHUPpGLDLUHHQWUHODIRUPHGLVVRXWHHWODIRUPH SDUWLFXODLUH

(106) DYHF GHV PROpFXOHV GH KDXW SRLGV PROpFXODLUH WHOOHV TXH OHV DFLGHV KXPLTXHV RX OHV SRO\VDFFKDULGHV OD IRUPDWLRQ GH WHOOHV VWUXFWXUHV HQ PLOLHX PDULQ HVWWUqVGLIILFLOH

(107) 'HSOXVSHXG¶pWXGHVRQWpWpUpDOLVpHVVXUOHVXMHWHWODSOXSDUW VRQW FRQWUDGLFWRLUHV FH TXL HQ UHYLHQW j VH OLPLWHU DX[ VHXOHV IRUPHV GLVVRXWH HW SDUWLFXODLUHGXFDGPLXP . . )LJXUH6SpFLDWLRQGXFDGPLXPHQIRQFWLRQGHODWDLOOHGHVSDUWLFXOHV. /HFDGPLXPGLVVRXV /H FDGPLXP GLVVRXV HVW UHSUpVHQWp SDU GHV HVSqFHV OLEUHV &G

(108) RX SDU GHV DVVRFLDWLRQVDYHFGHVFRPSRVpVPLQpUDX[RXRUJDQLTXHV x )RUPHVLQRUJDQLTXHV (Q HDX GRXFH OH FDGPLXP HVW SULQFLSDOHPHQW GLVVRFLp j XQ S+ LQIpULHXU j HW SUpFLSLWH DYHF OHV FDUERQDWHV j XQ S+ VXSpULHXU j

(109) (Q ]RQH F{WLqUH OH FDGPLXPIRUPHGHVFRPSOH[HVWUqVVWDEOHVDYHFOHVLRQVFKORUXUHV6LODVDOLQLWpHVW IDLEOH OHV HVSqFHV &G&O GRPLQHURQW DORUV TXH VL OD VDOLQLWp HVW IRUWH O¶HVSqFH PDMRULWDLUHVHUD&G&O'¶DXWUHVFRPSOH[HVVWDEOHVVRQWSRVVLEOHVFRPPH&G&ORX. . .

(110) &G6PDLVOHXUHIIHWVHXOQHVXIILWSDVjH[SOLTXHUOHVWHQHXUVHQFDGPLXPPHVXUpHV

(111) (Q HIIHW OD GLVWULEXWLRQ GX FDGPLXP GLVVRXV YDULH VHORQ OD VDOLQLWp OD FRQFHQWUDWLRQ GH FDGPLXP DXJPHQWH DYHF OD VDOLQLWp MXVTX¶j FH TXH FHWWH GHUQLqUH DWWHLJQH j $SUqV FH VHXLO OD FRQFHQWUDWLRQ HQ FDGPLXP GLVVRXV GpFURvW OLQpDLUHPHQWjPHVXUHTXHODVDOLQLWpDXJPHQWH&HWWHUHODWLRQVHUHWURXYHTXHOTXH VRLWOHIOX[PHVXUp

(112) . . )LJXUH(YROXWLRQGHODFRQFHQWUDWLRQHQ&GGLVVRXVHQIRQFWLRQGHODVDOLQLWp. x )RUPHVRUJDQLTXHV /H FDGPLXP VH FRPSOH[H EHDXFRXS PRLQV ELHQ DYHF GHV DFLGHV FDUER[\OLTXHV RX GHV DFLGHV DPLQpV TX¶DYHF GHV FRPSRVpV GH W\SH 17$ RX ('7$

(113) PDLV FHWWH FDUDFWpULVWLTXHHVWjSRQGpUHUFDUFHWWHFRPSOH[DWLRQGpSHQGGHODFRQFHQWUDWLRQGH FHV FRPSRVpV TXL SHXW rWUH WUqV YDULDEOH 'H SOXV FHWWH DVVRFLDWLRQ HVW GLIILFLOH HQ PLOLHX PDULQ GX IDLW GH OD IDLEOH FRQFHQWUDWLRQ HQ DJHQWV KXPLTXHV HW GH OD IRUWH WHQHXU HQ FKORUXUHV FH TXL WHQG j GpSODFHUO¶pTXLOLEUH YHUV GHVIRUPHV LQRUJDQLTXHV

(114) /HFDGPLXPSDUWLFXODLUH /HFDGPLXPSDUWLFXODLUHLVVXGHVFRQWLQHQWVDUULYHHQPLOLHXHVWXDULHQDVVRFLpj GLIIpUHQWHV SKDVHV G¶RULJLQH GpWULWLTXHV 6RQ FRPSRUWHPHQW HW VD UHPRELOLVDWLRQ GpSHQGHQWGHODIRUPHVRXVODTXHOOHOHFDGPLXPHVWDVVRFLpjODSKDVHVROLGH'DQV . .

(115) OHV PDWLqUHV HQ VXVSHQVLRQ HW GDQV OHV VpGLPHQWV LO HVW OLp j GHV PLQpUDX[ FRQWLQHQWDX[LVVXVGHO¶pURVLRQjGHVGpFKHWVRUJDQLTXHVjGHVSKDVHVUpVXOWDQWGH OD GLDJHQqVH F HVWjGLUH GH OD WUDQVIRUPDWLRQ GH VpGLPHQWV HQ URFKH

(116) RX j GHV PLQpUDX[IRUPpVGDQVODFRORQQHG¶HDX

(117) /¶DVVRFLDWLRQ TXL OLH OH FDGPLXP DX[ SDUWLFXOHV SHXW rWUH WUqV GLYHUVH

(118) OH PpWDOSHXWrWUHLQWpJUpGDQVODVWUXFWXUHFULVWDOOLQHGHPLQpUDX[GpWULWLTXHVOLpjXQH HVSqFHRUJDQLTXHSUpFLSLWpDYHFGHVIUDFWLRQVPLQpUDOHVRXDGVRUEpVXUGHVDUJLOHV GH OD PDWLqUH RUJDQLTXH RX GHV R[\GHV PpWDOOLTXHV &HWWH DGVRUSWLRQ UHSUpVHQWH OD IRUPH OD SOXV UpDFWLYH

(119) /¶DVVRFLDWLRQ GX FDGPLXP DYHF OD PDWLqUH RUJDQLTXH VHUDLW VHORQ %R\OH HW %UXODQG OH UpVXOWDW GH SKpQRPqQHV ELRORJLTXHV HW QRQ VLPSOHPHQWG¶XQHDGVRUSWLRQ /D FRQFHQWUDWLRQ HQ FDGPLXP GDQV OHV RFpDQV VHPEOH FHSHQGDQW UpJLH SDU OHV SKpQRPqQHVG¶DGVRUSWLRQHWGHGpVRUSWLRQELHQTXH&G&OVRLWO¶HVSqFHPDMRULWDLUH HQPLOLHXRFpDQLTXH .

(120) 'LVWULEXWLRQ GX FDGPLXP HQWUH OHV FRPSDUWLPHQWV GX PLOLHXPDULQ /HVHDX[GXODUJH 'DQV OHV HDX[ GH VXUIDFH OHV FRQFHQWUDWLRQV HQ FDGPLXP VRQW SOXV IDLEOHV HQ UDLVRQ GH OD FRQVRPPDWLRQ SK\WRSODQFWRQLTXH

(121) (Q HIIHW PrPH VL VRQ U{OH ELRORJLTXHFKH]FHVDOJXHVHVWSHXFRQQXOHPpWDOSHXWVHVXEVWLWXHUDX]LQFGDQV FHUWDLQHVPDFURPROpFXOHVGHFHOOXOHVSK\WRSODQFWRQLTXHV (Q SURIRQGHXU OD PLQpUDOLVDWLRQ GHV PDWLqUHV RUJDQLTXHV HQWUDvQH DX FRQWUDLUH XQH DXJPHQWDWLRQ GH OD WHQHXU HQ FDGPLXP &HSHQGDQW GDQV FHV GHX[ W\SHV G¶HDX[ OHV FRQFHQWUDWLRQV HQ FDGPLXP GLVVRXV VRQW YDULDEOHV VHORQ OH WHPSV GH UpVLGHQFHGHVHDX[O¶LPSRUWDQFHGHODSURGXFWLRQSULPDLUH UHVSRQVDEOHGHODKDXWH WHQHXU GDQV OHV HDX[ DUFWLTXHV

(122) RX O¶LQGXVWULDOLVDWLRQ GHV SD\V ERUGDQW FHV PHUV HW RFpDQV

(123) . .

(124) /HVHDX[F{WLqUHVHWHVWXDULHQQHV 'H PDQLqUH JpQpUDOH OHV FRQFHQWUDWLRQV HQ FDGPLXP VRQW SOXV IRUWHV GDQV OHV HDX[F{WLqUHVTX¶DXODUJHHQUDLVRQGHVDSSRUWVFRQWLQHQWDX[TX¶LOVVRLHQWQDWXUHOVRX DQWKURSLTXHV&HVWHQHXUVVRQWWUqVYDULDEOHVVHORQODQDWXUHGHVEDVVLQVYHUVDQWVHW O¶LPSRUWDQFH GHV DSSRUWV

(125) ,O HVW DORUV WUqV GLIILFLOH GH FRPSDUHU SOXVLHXUV HVWXDLUHV FDU OHV IOX[ GH FDGPLXP GpSHQGHQW SRXU EHDXFRXS GHV FDUDFWpULVWLTXHV GHVPDWLqUHVHQVXVSHQVLRQHWQRQGHVVHXOVIOX[G¶DSSRUW . )LJXUH(YROXWLRQGHVIRUPHVGXFDGPLXPGDQVXQHVWXDLUH. . /HV LRQV &GFRQVWLWXHQW OD IRUPH SUpGRPLQDQWH GX FDGPLXP GLVVRXV HQ HDX GRXFH 'qV TXH OD VDOLQLWp DXJPHQWH OHV FKORURFRPSOH[HV GHYLHQQHQW UDSLGHPHQW OHV HVSqFHV GRPLQDQWHV /H FRPSRUWHPHQW WUqV GLIIpUHQW GH FHV GHX[ HVSqFHV FKLPLTXHV YLV j YLV GHV SDUWLFXOHV HQ VXVSHQVLRQ H[SOLTXH HQ JUDQGH SDUWLH OHV SURSRUWLRQV GH FDGPLXP GLVVRXV RX SDUWLFXODLUH TXH O RQ SHXW UHQFRQWUHU VHORQ OHV ]RQHV FRQVLGpUpHV 'DQV OHV ULYLqUHV GX FDGPLXP VHUDLW VRXV IRUPH SDUWLFXODLUHFHWWHSURSRUWLRQV LQYHUVHORUVTXHODVDOLQLWpDWWHLQWj (Q HVWXDLUH OD UHSUpVHQWDWLRQ GHV FRQFHQWUDWLRQV HQ FDGPLXP GLVVRXV HQ IRQFWLRQGHODVDOLQLWpSUHQGODIRUPHG XQHFRXUEHHQFORFKHFDUDFWpULVWLTXH

(126) 'H SOXV RQ D XQH GpVRUSWLRQ SURJUHVVLYH GX FDGPLXP SDUWLFXODLUH j O¶HQWUpH HQ HVWXDLUH GX IDLW GX GpSODFHPHQW GH O¶pTXLOLEUH SDU OD IRUPDWLRQ GH FKORURFRPSOH[HV WUqVVWDEOHV

(127) &HSHQGDQWFHVWHQGDQFHVVRQWjSRQGpUHUFDUFHVpYROXWLRQVVRQW LQIOXHQFpHVSDUODQDWXUHHWODFRPSRVLWLRQGHVSDUWLFXOHV . .

(128) /HVHDX[LQWHUVWLWLHOOHV 'HODPrPHIDoRQTXHSUpFpGHPPHQWOHVWHQHXUVVRQWWUqVYDULDEOHVPDLVHOOHV SHXYHQWWRXWHIRLVDWWHLQGUHSOXVLHXUVFHQWDLQHVGHQDQRJUDPPHVSDUOLWUH

(129) /DSKDVHVROLGH &RPPH LO D pWp YX SUpFpGHPPHQW OD WHQHXU HQ FDGPLXP GpSHQG GH OD QDWXUH GHV VpGLPHQWV PDLV DXVVL GHV DSSRUWV LQGXVWULHOV (Q HIIHW FHV FRQFHQWUDWLRQV SHXYHQWrWUHDXJPHQWpHVGDQVOHVEDVVLQVWUqVSROOXpVFRPPHF¶HVWOHFDVHQEDLH GH0DUHQQHV2OpURQDYHFMXVTX¶jJSDUJUDPPHGHPDWLqUHVROLGH/DPDWLqUH HQVXVSHQVLRQSUpVHQWHGHVWHQHXUVpOHYpHVGXPrPHRUGUHGHJUDQGHXUHWVHORQ GHVYDULDWLRQVVLPLODLUHV

(130) /DPDWLqUHYLYDQWH /HVWHQHXUVVRQWH[WUrPHPHQWYDULDEOHVG¶XQLQGLYLGXjXQDXWUHPrPHDXVHLQ G¶XQH HVSqFH HQ IRQFWLRQ GX F\FOH VDLVRQQLHU GH O¶DJH HW GH O¶pWDW GH SROOXWLRQ GH O¶HQYLURQQHPHQW6LOHFDGPLXPHVWELRFRQFHQWUpGXUDQWODYLHG¶XQLQGLYLGXFHPpWDO Q¶HVWSRXUWDQWSDVELRPDJQLILpF HVWjGLUHTXHVDFRQFHQWUDWLRQQ¶DXJPHQWHSDVDX IXUHWjPHVXUHTXHO¶RQSDVVHG¶XQPDLOORQWURSKLTXHjXQDXWUH/HIDFWHXUOHSOXV LPSRUWDQW HVW OD ELRGLVSRQLELOLWp PHVXUH GDQV ODTXHOOH XQH VXEVWDQFH SHXW rWUH DEVRUEpH SDU OHV WLVVXV GHV RUJDQLVPHV

(131) FDU HOOH UpJLW O¶HQWUpH GXFDGPLXPGDQV OD FKDvQHDOLPHQWDLUH(QHIIHWXQHIRLVOHFDGPLXPLQWpJUpGDQVODEDVHGHODFKDvQH DOLPHQWDLUH OH SK\WRSODQFWRQ

(132) OHV IDFWHXUV GX PLOLHX RQW SHX G¶LQIOXHQFH VXU OD FRQWDPLQDWLRQ GHV RUJDQLVPHV VXSpULHXUV (OOH GpSHQG VXUWRXW GH OD VROXELOLWp GX FDGPLXP GDQV O HDX PDLV DXVVL GHV KDELWDWV GHV RUJDQLVPHV HQ FDXVH /H SK\WRSODQFWRQpWDQWSUpVHQWGDQVOHVHDX[VXSHUILFLHOOHVLOVHUDH[SRVpDXFDGPLXP GLVVRXV GDQV FH FRPSDUWLPHQW /HV ELYDOYHV HW FUXVWDFpV YLYDQWV j SUR[LPLWpV GHV VpGLPHQWV VRQW TXDQW j HX[ H[SRVpV j XQH FRQWDPLQDWLRQ SURYHQDQW GX FDGPLXP GLVVRXVPDLVDXVVLGXFDGPLXPSDUWLFXODLUH. . .

(133) ,9&\FOHGXFDGPLXPGDQVODELRVSKqUHPDULQH x *pQpUDOLWpV (WXGLpVSUpFpGHPPHQWOHVDSSRUWVIOXYLDWLOHVVRQWOHVSOXVLPSRUWDQWVDYHFSUqV GHWRQQHVSDUDQVRXVIRUPHGLVVRXWHHWWRQQHVVRXVIRUPHSDUWLFXODLUH HQ PR\HQQH /HV DSSRUWV DWPRVSKpULTXHV QH VRQW FRPSULV TX¶HQWUH HW WRQQHV SDU DQ &HV IDLWV VRQW FRUURERUpV SDU GHV PHVXUHV GH IOX[ GH FDGPLXP HQ ]RQHF{WLqUHGDQVOHFDGUHGXSURJUDPPH312&HQ%RXWLHUPRQWUDDLQVLTXH OD FRQWDPLQDWLRQ GHV KXvWUHV GH 0DUHQQHV 2OpURQ pWDLW HVVHQWLHOOHPHQW GXH DX[ DSSRUWVGHOD*LURQGH . )LJXUH&\FOHJpQpUDOGXFDGPLXPHQWUHODOLWKRVSKqUHO¶DWPRVSKqUHHWO¶K\GURVSKqUH. . ,O HVW IRQGDPHQWDO GH QRWHU TX¶DX VHLQ GH FH V\VWqPH H[LVWHQW GLYHUV FRPSDUWLPHQWVD\DQWGHVpFKDQJHVHQWUHHX[(QHIIHWRQDYXTXHODFRQFHQWUDWLRQ HQ FDGPLXP pWDLW SOXV IRUWH GDQV OD SKDVH VROLGH TXH GDQV O¶HDX 'H FH IDLW OD VpGLPHQWDWLRQGHVSDUWLFXOHVUHSUpVHQWHXQIOX[WUqVLPSRUWDQWGHFDGPLXPGHSXLVOD FRORQQHG¶HDXYHUVOHVVpGLPHQWVVRLWSUqVGHWRQQHVSDUDQ

(134) 3DUDLOOHXUV HQ PLOLHX UpGXFWHXU FH IOX[ SHXW rWUH DXJPHQWp SDU XQH SUpFLSLWDWLRQ GH VXOIXUH GH FDGPLXP

(135) /HIOX[ LQYHUVH GHSXLV OHV VpGLPHQWV YHUV OD FRORQQH G¶HDX HVW SOXVPRGpUp HW UpVXOWH TXDQW j OXL GH OD GLIIXVLRQ GX FDGPLXP GDQV OHV SUHPLHUV PLOOLPqWUHV GH OD FRORQQHVpGLPHQWDLUH HQ]RQHR[LTXH

(136) ORUVGHODGLDJHQqVHHWGHODGpJUDGDWLRQGHV. . .

(137) PDWLqUHV RUJDQLTXHV /H JUDGLHQW GH FRQFHQWUDWLRQ HQ FDGPLXP VHUD DORUV GpFURLVVDQWGHSXLVOHVVpGLPHQWVYHUVO¶HDXOLEUH

(138) . )LJXUH&\FOHGXFDGPLXPGDQVOHPLOLHXPDULQ. . &HVGHX[IOX[VRQWWUqVYDULDEOHVHQUDLVRQGHODIRUWHGLVSDULWpG¶DSSRUWVpYRTXpV SUpFpGHPPHQWDLQVLTXHGHVFRQGLWLRQVSK\VLFRFKLPLTXHVGXPLOLHX3DUDLOOHXUVDX VHLQ PrPH GHV HDX[ HVWXDULHQQHV H[LVWH GHV IOX[ HQWUH OH FDGPLXP GLVVRXV HW OH FDGPLXPSDUWLFXODLUHO¶DXJPHQWDWLRQGHODVDOLQLWpWHQGjIDYRULVHUODGpVRUSWLRQGX FDGPLXP SDUWLFXODLUH SDU GpSODFHPHQW GH O¶pTXLOLEUH GX IDLW GH OD IRUPDWLRQ GH FKORURFRPSOH[HVVWDEOHV'HFHIDLWOHVIOX[GLVVRXVVRUWDQWVRQWJpQpUDOHPHQWSOXV LPSRUWDQWVTXHOHVIOX[GLVVRXVHQWUDQWGDQVXQUDSSRUWGHj

(139) &RPPH RQ O¶D YX SUpFpGHPPHQW FHV IOX[ GLVVRXV HW SDUWLFXODLUH LQWpUHVVH GLIIpUHPPHQW OD ELRVSKqUH OH SODQFWRQ HVW FRQWDPLQp j SDUWLU GX FDGPLXP GLVVRXV DORUV TXH ELYDOYHV YHUV HW FUXVWDFpV VRQW DWWHLQWV WDQW SDU OH FDGPLXP GLVVRXV TXH SDU OH FDGPLXPOLpjGHILQHVSDUWLFXOHV /D VDLVRQQDOLWp HVW XQH YDULDEOH LPSRUWDQWH j SUHQGUH HQ FRQVLGpUDWLRQ GDQV FH F\FOH(QHIIHWVLOHVIOX[GHFDGPLXPSHXYHQWrWUHFRQVLGpUpVFRPPHFRQVWDQWVWRXW DX ORQJ GH O¶DQQpH

(140) OHV GpELWV IOXYLDX[ HW OD VDOLQLWp YDULHQW IRUWHPHQW $LQVL OD. . .

(141) FRQFHQWUDWLRQHQFDGPLXPGLVVRXVHVWJpQpUDOHPHQWIDLEOHORUVGHFUXHVRXGHIRUWV GpELWVFRPPHDXSULQWHPSVDORUVTX¶HOOHDXJPHQWHjO¶pWLDJH'HSOXVODFURLVVDQFH SODQFWRQLTXH HVW j SUHQGUH HQ FRPSWH ORUV GH IRUWH FURLVVDQFH RQ D XQH IRUWH FDSWDWLRQ GX FDGPLXP GLVVRXV HW GRQF XQ GpSODFHPHQW GH O¶pTXLOLEUH H[LVWDQW HQWUH OHVVHFWHXUVVROLGHVHWODSKDVHGLVVRXWH . . )LJXUH7HQHXUVHQFDGPLXPGDQVOHSODQFWRQHQIRQFWLRQGHODVDLVRQ. /H FDGPLXP HVW HQVXLWH WUDQVIpUp OH ORQJ GH OD FKDvQH DOLPHQWDLUH ORUV GHV pFKDQJHVWURSKLTXHV8QUHWRXUGXFDGPLXPYHUVODSKDVHVROLGHVHSURGXLWORUVGH ODPRUWGHVDQLPDX[. &HV PRGqOHV VRQW DVVH] GLIILFLOHV j SUpFLVHU FDU PDOJUp O¶DFFHVVLELOLWp GX PLOLHX PDULQ SRXU HIIHFWXHU GHV PHVXUHV LO HVW GLIILFLOH G¶DSSUpFLHU WRXV OHV IDFWHXUV LQWHUYHQDQWVDLQVLTXHOHVYDULDEOHVG¶DFFRPSDJQHPHQWWHOOHVTXHODWHPSpUDWXUHOH S+ 3DU DLOOHXUV PHVXUHU OD FRQFHQWUDWLRQ G¶XQ pOpPHQW QH UHQVHLJQH SDV VXU OHV GLIIpUHQWHV HVSqFHV FKLPLTXHV SUpVHQWHV

(142) ,O HVW DORUV GpOLFDW GH JpQpUDOLVHU OHV UpVXOWDWV HQ UDLVRQ GH OD IRUWH YDULDELOLWp VSDWLDOH HW WHPSRUHOOH GHV SURFHVVXV ELRORJLTXHHWSK\VLFRFKLPLTXHV x ([HPSOHGHO¶HVWXDLUHGHOD6HLQH /¶HVWXDLUHGHOD6HLQHHVWFDUDFWpULVWLTXHGHODFRPSOH[LWpGHFHVIOX[OHORQJGHV F{WHV G¶XQ SD\V LQGXVWULDOLVp FRPPH OD )UDQFH /H SURJUDPPH VFLHQWLILTXH 6HLQH $YDOGHO¶,)5(0(5DPRQWUpTXHFHWHVWXDLUHpWDLWO¶XQGHVSOXVFRQWDPLQpVSDUOH FDGPLXPGDQVOHPRQGHFHTXLHQIDLWXQPRGqOHG¶pWXGH/HVFRQFHQWUDWLRQVGHFH. . .

(143) PpWDO VRQW WUqV YDULDEOHV GDQV O¶HVSDFH HW OH WHPSV GX IDLW GH OD VROXELOLVDWLRQ GX FDGPLXP SDU GHV SURFHVVXV QDWXUHOV RX GHV UHMHWV G¶RULJLQH LQGXVWULHOOH YRLUH GHV GUDLQDJHVGHVROVFRQWDPLQpVFRPPHF¶HVWOHFDVGDQVOHEDVVLQYHUVDQWGHOD6HLQH DYHF OD SUpVHQFH GH QRPEUHXVHV XVLQHV GpVDIIHFWpHV 'H SOXV OD YDULDELOLWp WHPSRUHOOHHVW DXJPHQWpH SDU O¶H[LVWHQFHGH FUXHVGUDLQDQW GHVVpGLPHQWVSDXYUHV HQ FDGPLXP HW DSSRUWDQW GH O¶HDX GRXFH TXL GLOXH OHV TXDQWLWpV GH FH PpWDO QRUPDOHPHQWDSSRUWpHVHQDPRQW /HV DSSRUWV HQ FDGPLXP SURYLHQQHQW PDMRULWDLUHPHQW GH O¶DPRQW HW LOV VRQW DWWULEXpV HQ PDMHXUH SDUWLH DX[ UHMHWV GH O¶DJJORPpUDWLRQ SDULVLHQQH /HV UqJOHPHQWDWLRQVYLVDQWjOLPLWHUOHVUHMHWVIRQWDXVVLYDULHUFHVTXDQWLWpVO¶DUUrWGHV UHMHWVGHSKRVSKRJ\SVHVVRXVSURGXLWVGHO¶LQGXVWULHGHO¶DFLGHSKRVSKRULTXHGDQV ODUpJLRQGX+DYUHDHQWUDvQpXQHEDLVVHGHVWHQHXUVHQFDGPLXPGLVVRXV/HVIOX[ VRUWDQWVHQFDGPLXPGLVVRXVVRQWSOXVLPSRUWDQWVTXHOHVIOX[HQWUDQWVGXIDLWGHOD UHPRELOLVDWLRQ VHXOHPHQW GX FDGPLXP WRWDO HQWUH GDQV O¶HVWXDLUH GH OD 6HLQH VRXVIRUPHGLVVRXWHPDLVSUqVGHHQVRUWVRXVFHWWHIRUPH

(144) &HWRUGUHGHJUDQGHXUGHODUHPRELOLVDWLRQHVWFRQIRUPHjFHTX¶LOVHSURGXLWGDQV G¶DXWUHV HVWXDLUHV FRPPH FHOXL GH OD *LURQGH 7RXWHIRLV OHV DSSRUWV GRLYHQW rWUH SRQGpUpV SDU OH GpELW GX IOHXYH HQ HIIHW O¶$PD]RQH DSSRUWH IRLV SOXV GH FDGPLXPjO¶RFpDQTXHOD6HLQHELHQTXHOHVFRQFHQWUDWLRQVPR\HQQHVHQFHPpWDO VRLHQWGHX[jWURLVIRLVPRLQGUHTXHGDQVOHIOHXYHIUDQoDLV 'DQV OD ]RQH GH PpODQJH GHV HDX[ GRXFHV HW VDOpHV RQ DVVLVWH j XQ HQULFKLVVHPHQW GH ODSKDVH GLVVRXWHSDUIRUPDWLRQ GH FKORURFRPSOH[HV VWDEOHV 'H SOXV LO \ D GLIIXVLRQ GX FDGPLXP HQWUH OHV HDX[ IOXYLDOHV FRQFHQWUpHV HW OHV HDX[ RFpDQLTXHVSDXYUHVHQFHPpWDO&HWWHUHPRELOLVDWLRQGXFDGPLXPHVWJpQpUDOHPHQW FRQVWDWpH GDQV OHV HVWXDLUHV

(145) 7RXWHIRLV FH SKpQRPqQH SHXW rWUH RFFXOWp VL OD WXUELGLWpGHO¶HDXHVWWURSIDLEOH HWGRQFTXHODIRUPHSDUWLFXODLUHGXFDGPLXPVRLWHQ WURSIDLEOHTXDQWLWp

(146) &HWWHYDVWHpWXGHDPRQWUppJDOHPHQWTXHOHFDGPLXPFROORwGDO VXLYDLW XQH GLVWULEXWLRQ WUqV G\QDPLTXH TXL DYDLW WHQGDQFH j GLVSDUDvWUH SDU FRDJXODWLRQHWIORFXODWLRQ&RQWUDLUHPHQWjG¶DXWUHVHVWXDLUHVODTXDQWLWpGHFDGPLXP FROORwGDOSHXWrWUHFRQVLGpUpHFRPPHQpJOLJHDEOHDORUVTXHG¶DXWUHVPpWDX[WHOVTXH OHIHUSHXYHQW\rWUHLQWpJUpjUDLVRQGH. . .

(147) 'DQV OHV UpVHDX[ WURSKLTXHV LO VHPEOH \ DYRLU XQH ELRDFFXPXODWLRQ GDQV OHV RUJDQLVPHVPDLVSDVGHELRPDJQLILFDWLRQOHORQJGHODFKDvQHDOLPHQWDLUHRQDXQH DFFXPXODWLRQ GH FDGPLXP GDQV OHV WLVVXV DYHF OH WHPSV PDLV RQ Q¶D SDV G¶DXJPHQWDWLRQGHFHWWHFRQFHQWUDWLRQDXIXUHWjPHVXUHTXHO¶RQUHPRQWHODFKDvQH DOLPHQWDLUH /HV SUpGDWHXUV QH FRQFHQWUHQW DLQVL SDV SOXV OH FDGPLXP TXH OHXUV SURLHV 'H PDQLqUH JpQpUDOH OHV FRQFHQWUDWLRQV HQ FDGPLXP GLPLQXHQW GHSXLV OD EDVH GXUpVHDXWURSKLTXH FRQVWLWXpHGHSK\WRSODQFWRQ

(148) MXVTX¶DXEDUVHWDXIOHWVSRLVVRQV FDUQLYRUHV DX VRPPHW GH OD S\UDPLGH DOLPHQWDLUH GH O¶pFRV\VWqPH QDWXUHO GH O¶HVWXDLUHGHOD6HLQH . )LJXUH7HQHXUVHQFDGPLXP ȝJJ

(149) FKH]GLIIpUHQWHVHVSqFHVGDQVO¶HVWXDLUHGHODVHLQH. . &HWWH REVHUYDWLRQ PRQWUH TXH OH U{OH GX FRPSDUWLPHQW ELRORJLTXH GDQV OH F\FOH GX FDGPLXP HVW SULQFLSDOHPHQW MRXp SDU OHV RUJDQLVPHV j OD EDVH GH OD FKDvQH DOLPHQWDLUH FDU LOV IL[HQW OH SOXV GH FDGPLXP &HV RUJDQLVPHV SODQFWRQLTXHV HW VXSUDEHQWKLTXHV SHXYHQW ELRDFFXPXOHU OH FDGPLXP F HVWjGLUH TX¶LOV SHXYHQW OH FRQFHQWUHU GDQV OHXU RUJDQLVPH j GHV FRQFHQWUDWLRQV VXSpULHXUHV j FHOOH GH OHXU HQYLURQQHPHQW. . .

(150) 'XIDLWGHO¶LPSRUWDQFHGHODELRPDVVHGDQVOD]RQHROLJRKDOLQHOHVTXDQWLWpVGH FDGPLXPIL[pHVVRQWVXSpULHXUHVjFHOOHVGHOD]RQHKDOLQH0DLVFHWWHIL[DWLRQQ¶HVW pTXLYDOHQWH TX¶j HQ PR\HQQH GX FDGPLXP IL[p VXU OHV VpGLPHQWV HW VXU OHV PDWLqUHVHQVXVSHQVLRQ &HVREVHUYDWLRQVQHFRQFHUQHQWTXHO¶HVWXDLUHGHOD6HLQHF¶HVWSRXUTXRLLOIDXW SURFpGHU j XQH pWXGH GH OD FRQWDPLQDWLRQ GX PLOLHX HW GHV RUJDQLVPHV GH OD ELRVSKqUHPDULQHVXUWRXWOHOLWWRUDO'HFHIDLWGHVSROOXWLRQVLPSRUWDQWHVGXPLOLHX SRXUURQWrWUHORFDOLVpHVHWRQSRXUUDDLQVLREVHUYHUOHXUVHIIHWVVXUODELRVSKqUH. . .

(151) . 'HX[LqPHSDUWLH &RQWDPLQDWLRQGH ODIDXQHPDULWLPH GXOLWWRUDOIUDQoDLV . .

(152) ,7R[LFRFLQpWLTXH $YDQW G¶pWXGLHU OD SUpVHQFH GH FDGPLXP GDQV OHV RUJDQLVPHV PDULQV LO IDXW FRPSUHQGUH FRPPHQW FH PpWDO SHXW rWUH DEVRUEp SDU OHV DQLPDX[ HW FRPPHQW LO \ HVW VWRFNp (Q HIIHW OH FDGPLXP SHXW rWUH SXLVp GLUHFWHPHQW GH O¶HDX GH PHU RX DVVLPLOp DYHF GH OD QRXUULWXUH FRQWDPLQpH FRPPH F¶HVW OH FDV GHV SUpGDWHXUV &RPPHQRXVO¶DYRQVYXSUpFpGHPPHQWOHFDGPLXPHVWSOXVDVVLPLODEOHVRXVIRUPH LRQLTXH OLEUH TXH VRXV IRUPH FRPSOH[pH DYHF GHV FKORUXUHV RX GHV PROpFXOHV RUJDQLTXHV

(153) /HV FRPSOH[HV IDLVDQW LQWHUYHQLU GH JURVVHV PROpFXOHV WHOOHV OHVDFLGHVKXPLTXHVQHVRQWSDVGXWRXWDEVRUEpHVPDLVOHVFRPSOH[HVGHEDVSRLGV PROpFXODLUHSHXYHQWrWUHDEVRUEpVPDLVGDQVGHELHQPRLQGUHVSURSRUWLRQVTXHOHV IRUPHVOLEUHV

(154) (QPLOLHXROLJRKDOLQFRPPHF¶HVWOHFDVDXGpEXWGHVHVWXDLUHV OHVRUJDQLVPHVSXLVHQWOHFDGPLXPGDQVO¶HDXDORUVTX¶HQHDXVDOpHOHFDGPLXPHVW FRPSOH[p HW GRQF PRLQV GLVSRQLEOH OH FDGPLXP HVW DORUV VXUWRXW DSSRUWp SDU YRLH DOLPHQWDLUH

(155) $EVRUSWLRQGXFDGPLXP /HV PRGDOLWpV G¶DSSRUW GLIIqUHQW VHORQ OHV RUJDQLVPHV &KH] OHV PLFUR RUJDQLVPHVOHFDGPLXPHQWUHHQFRPSpWLWLRQDYHFOHPDQJDQqVHSULQFLSDOHPHQWHW GDQV XQH PRLQGUH PHVXUH GDQV G¶DXWUHV LRQV GLYDOHQWV WHOV TXH OH FXLYUH OH PRO\EGqQH

(156) &KH] OHV PROOXVTXHV HW QRWDPPHQW OHV ELYDOYHV OH FDGPLXP HVW SULQFLSDOHPHQW DSSRUWp GLUHFWHPHQW SDU O¶HDX GH PHU (Q HIIHW OHV ELYDOYHV QH UHWLHQQHQWTXHGXFDGPLXPFRQWHQXGDQVOHSK\WRSODQFWRQ&HWWHDEVRUSWLRQ YDULHHQIRQFWLRQGHVVDLVRQHQpWpTXDQGO¶HDXVHUpFKDXIIHHWTXHOHPpWDEROLVPH GHV PROOXVTXHV DXJPHQWH O¶DEVRUSWLRQ HVW MXVTX¶j GHX[ IRLV VXSpULHXUH j FHOOH G¶KLYHU

(157) /¶DEVRUSWLRQGXFDGPLXPFKH]OHVFUXVWDFpVVHPEOHVHIDLUHjSDUWLUGXFDGPLXP GLVVRXV VDQV UpJXODWLRQ

(158) PDLV RQ REVHUYH WRXWHIRLV XQH FRPSpWLWLRQ DYHF O¶DEVRUSWLRQ GH ]LQF

(159) &HV WUDQVIHUW SDVVLIV VH IRQW WRXWHIRLV GDQV GLYHUVHV SURSRUWLRQVHQWUHOHVHVSqFHVODSHUPpDELOLWpGHODFXWLFXOHVHPEOHrWUHOHSULQFLSDO IDFWHXUOLPLWDQW . .

(160) &KH]OHVYHUVPDULQVTX¶LOVVRLHQWHQIRXLVRXQRQO¶DSSRUWVHIDLWSULQFLSDOHPHQW jSDUWLUGHO¶HDXLQWHUVWLWLHOOH(QHIIHWOHFDGPLXPSDUWLFXODLUHHVWXWLOLVpjIRLV PRLQV TXH OD IRUPH GLVVRXWH

(161) &HWWH SDUWLFXODULWp HVW LPSRUWDQWH j SUHQGUH HQ FRPSWH FHV RUJDQLVPHV DX FRQWDFW GHV VpGLPHQWV QH VRQW FRQWDPLQpV TXH SDU OH FDGPLXPGLVVRXV /HVPRGDOLWpVG¶DSSRUWVHWG¶DEVRUSWLRQVRQWSOXVFRPSOH[HVFKH]OHVSRLVVRQV HQ HIIHW LO VHPEOH TXH O¶DFWLYLWp PpWDEROLTXH GX SRLVVRQ FRQGLWLRQQH O¶DSSRUW &H GHUQLHU DXJPHQWH DYHF O¶DFWLYLWp PpWDEROLTXH (Q HIIHW O¶DSSRUW GH FDGPLXP DXJPHQWH DYHF OD WHPSpUDWXUH /D WDLOOH MRXH pJDOHPHQW XQ JUDQG U{OH SOXV HOOH DXJPHQWH SOXV O¶DSSRUW DXJPHQWH WRXWHVSURSRUWLRQV JDUGpHV

(162) 4XRLTX¶LO HQ VRLW OD YRLH G¶DSSRUW PDMHXUH HVW O¶DOLPHQWDWLRQ

(163) 7RXWHIRLV FHW DSSRUW SHXW rWUH PRGXOpSDUO¶LPSRUWDQFHGHODFRQWDPLQDWLRQGHVSURLHVPDLVpJDOHPHQWSDUOHGHJUp GH FRPSOH[DWLRQ GX FDGPLXP GLVVRXV (Q HIIHW HQ ]RQH KDOLQH OH FDGPLXP HVW IRUWHPHQWFRPSOH[pSDUGHVFKORUXUHVFHTXLGLPLQXHVDELRGLVSRQLELOLWpO¶DSSRUWSDU YRLHDOLPHQWDLUHDXJPHQWHG¶DXWDQWSOXV &HV SDUWLFXODULWpVVRQW FDSLWDOHV FDU HOOHV LQGLTXHQW TXH OH FDGPLXP VRXVIRUPH SDUWLFXODLUH Q¶HVW SDV DEVRUEp SDU OHV RUJDQLVPHV PDULQV /D FRQFHQWUDWLRQ HQ FDGPLXPGLVVRXVFRQGLWLRQQHODFRQWDPLQDWLRQGHVRUJDQLVPHVLQIpULHXUVHWGRQFYLD O¶DOLPHQWDWLRQFHOOHGHVSRLVVRQV7RXWHIRLVFRPPHQRXVO¶DYRQVYXSUpFpGHPPHQW LOH[LVWHXQpTXLOLEUHHQWUHOHVIRUPHVGLVVRXWHVHWSDUWLFXODLUHV,OIDXWGRQFGUHVVHU XQH FDUWRJUDSKLH GH OD SROOXWLRQ SDU OH FDGPLXP VRXV IRUPH GLVVRXWH FDU HOOH SHUPHWWUD GH GpWHUPLQHU OHV ]RQHV JpRJUDSKLTXHV R OD IDXQH HVW SRWHQWLHOOHPHQW FRQWDPLQpH

(164) 'LVWULEXWLRQGXFDGPLXP /DGLVWULEXWLRQHWOHVWRFNDJHVHPEOHQWIDLUHLQWHUYHQLUXQHPpWDOORWKLRQHLQHFKH] OHV ELYDOYHV HW XQH ELQGLQJSURWHLQ VSpFLILTXH GX FDGPLXP D pWp PLVH HQ pYLGHQFH FKH] FHUWDLQV JDVWpURSRGHV PDULQV

(165) /H FDGPLXP VHPEOH VH GLVWULEXHU SUpIpUHQWLHOOHPHQWGDQVOHVEUDQFKLHVGHVLQYHUWpEUpVTXLVRQWOHXUOLHXG¶DEVRUSWLRQ. . .

(166) PDMHXU/HV\VWqPHFLUFXODWRLUHHWO¶KpSDWRSDQFUpDVRQWXQHWHQHXUpJDOHPHQWpOHYpH HQ FDGPLXP DORUV TXH OHV PXVFOHV RQW XQH WHQHXU ELHQ PRLQGUH /¶H[RVTXHOHWWH SUpVHQWHXQHFRQFHQWUDWLRQH[WUrPHPHQWIDLEOHSDUUDSSRUWDXUHVWHGHO¶RUJDQLVPH &RPPH LO Q¶HVW GH WRXWH IDoRQ SDV LQJpUp SDU O¶KRPPH LO VHUD QpJOLJp GDQV FHWWH pWXGH

(167) &KH]OHVSRLVVRQVOHVEUDQFKLHVSUpVHQWHQWXQHIRUWHFRQFHQWUDWLRQGHFDGPLXP /HFDGPLXPVHGLVWULEXHSULQFLSDOHPHQWGDQVOHIRLHHWOHVUHLQVHWGDQVXQHPRLQGUH PHVXUHGDQVODPDVVHYLVFpUDOH/HVPXVFOHVSUpVHQWHQWXQHWHQHXUELHQSOXVIDLEOH

(168) /HFDGPLXPHVWVWRFNpGDQVOHVPLWRFKRQGULHVHWOHQR\DXRLOSHXWVHOLHUj O¶$'1'DQVOHF\WRSODVPHOHFDGPLXPHVWSULVHQFKDUJHSDUGHVPpWDOORWKLRQpLQHV TXLVRQWGHVSURWpLQHVULFKHVHQDFLGHVDPLQpVVRXIUpVHWSDXYUHVHQDFLGHVDPLQpV DURPDWLTXHV(OOHVSHUPHWWHQWXQHOLDLVRQVWDEOHDYHFOHVLRQV&G

(169) . . )LJXUH&DGPLXPLRQLTXHOLpjXQHPpWDOORWKLRQpLQH.

(170) (OLPLQDWLRQGXFDGPLXP &KH] OHV RUJDQLVPHV PDULQV LQIpULHXUV O¶pOLPLQDWLRQ GX FDGPLXP HVW PLQHXUH YRLUHQpJOLJHDEOHHQUDSSRUWDYHFVRQDSSRUW

(171) &HWWHFDUDFWpULVWLTXHFRQGXLWj XQH ELRFRQFHQWUDWLRQ WUqV LPSRUWDQWH GDQV OHV WLVVXV HW QRWDPPHQW GDQV O¶KpSDWRSDQFUpDV

(172) &KH]OHVSRLVVRQVODYRLHPDMHXUHG¶pOLPLQDWLRQHVWO¶H[FUpWLRQUpQDOH

(173) &HWWH pOLPLQDWLRQ QH VHPEOH GpSHQGUH TXH GH O¶LQWHQVLWp GH O¶H[SRVLWLRQ (Q HIIHW HOOH HVW LQGpSHQGDQWHGHO¶DFWLYLWpPpWDEROLTXHRXGHODWDLOOHGHO¶LQGLYLGX . . .

(174) &HV GLIIpUHQFHV G¶pOLPLQDWLRQ FRQGXLVHQW j GHV ELRDFFXPXODWLRQV GLIIpUHQWHV VHORQ OHV HVSqFHV LO QRXV IDXGUD OHV SUpFLVHU SRXU GpWHUPLQHU OHV HVSqFHV G¶RUJDQLVPHVjpWXGLHUHQSULRULWp . ,,&DUWRJUDSKLHGHODSROOXWLRQSDUOHFDGPLXP ,O HVW LPSRUWDQW GH SURFpGHU j XQH pWXGH GH OD GLVWULEXWLRQ GH OD SROOXWLRQ SDU OH FDGPLXPDYDQWG¶HQYLVDJHUO¶pWXGHGHODFRQWDPLQDWLRQFKH]OHVRUJDQLVPHVPDULQV (QHIIHWOHEXWHVWGHGpILQLUOHV]RQHVFULWLTXHVRODSROOXWLRQHVWODSOXVIRUWH%LHQ TXHO¶K\SRWKqVHG¶XQHFRUUpODWLRQSDUIDLWHHQWUHOHQLYHDXGHSROOXWLRQGXPLOLHXHWOD FRQWDPLQDWLRQ G¶XQ WLVVX G¶XQ RUJDQLVPH PDULQ VRLW FRQWURYHUVpH HW DERQGDPPHQW GLVFXWpH GDQV OD OLWWpUDWXUH LO HVW DGPLV TXH OD FRQFHQWUDWLRQ HQ FDGPLXP GDQV OHV WLVVXVPRXVGHVELYDOYHVHWGDQVOHIRLHGHVSRLVVRQVSODWVVRLWIRUWHPHQWFRUUpOpHj ODSROOXWLRQGXPLOLHX

(175) &HVRUJDQLVPHVUHSUpVHQWDQWGHVSURGXLWVFRQVRPPDEOHV PDMHXUVLOHVWLQWpUHVVDQWGHORFDOLVHUOHV]RQHVjULVTXHHWGRQFOHV]RQHVOHVSOXV SROOXpHV 7RXWHIRLV LO IDXW WRXMRXUV UHVWHU WUqV SUXGHQW GDQV OD FRPSDUDLVRQ G¶XQ VLWH j O¶DXWUH (Q HIIHW OHV pWXGHV SHXYHQW DYRLU pWp PHQpHV j GHV VDLVRQV GLIIpUHQWHV FH TXL LQIOXH VXU OD SURSRUWLRQ GH FDGPLXP GLVVRXV SDU UDSSRUW DX FDGPLXP WRWDO 'H SOXV OHV FUXHV GHV IOHXYHV SHXYHQW DYRLU SRXU FRQVpTXHQFH GH GLOXHU OH FDGPLXP GLVVRXVGDQVOHVHVWXDLUHVHQDSSRUWDQWGXPDWpULHOSDUWLFXODLUHSDXYUHHQFDGPLXP RX HQ SHUWXUEDQW OHV SURSRUWLRQV KDELWXHOOH GH SDUWLFXOHV GpSODoDQW DLQVL O¶pTXLOLEUH HQWUHFDGPLXPGLVVRXVHWFDGPLXPSDUWLFXODLUH

(176) 'HSOXVODQDWXUHGHVSDUWLFXOHV RX GH OD VDOLQLWp GHV OLHX[ GH SUpOqYHPHQWV SHXW GRQQHU GH IDXVVHV LQWHUSUpWDWLRQV 3DUH[HPSOHOHVSDUWLFXOHVGHOD6HLQHVRQWEHDXFRXSSOXVULFKHVHQFDUERQDWHVHW HQPDWLqUHVRUJDQLTXHVTXHFHOOHVGHOD*LURQGHTXLVRQWDUJLOHXVHV

(177) 'HFHIDLW ODFRPSOH[DWLRQGHFDGPLXPQHVHUDSDVODPrPHGDQVOHVGHX[FHTXLHQWUDvQHUD GHV GLIIpUHQFHV GH VSpFLDWLRQ 'H SOXV j FRQFHQWUDWLRQ pJDOH XQ pFKDQWLOORQ SUpVHQWDQW XQH JUDQXORPpWULH SOXV LPSRUWDQWH WpPRLJQH G¶XQH SROOXWLRQ SOXV LPSRUWDQWH(QRXWUHLOH[LVWHXQHVROXELOLVDWLRQQDWXUHOOHGXFDGPLXPGDQVOD]RQH GH PpODQJH HQWUH OHV HDX[ GRXFHV HW OHV HDX[ VDOpHV FHWWH DXJPHQWDWLRQ GH. . .

(178) FRQFHQWUDWLRQ VRXV IRUPH VROXELOLVpH SHXW SUrWHU j FRQIXVLRQ DYHF XQH SROOXWLRQ G¶RULJLQHDQWKURSLTXH /HVWHFKQLTXHVSHXYHQWpJDOHPHQWrWUHGLIIpUHQWHVDYHFGHVOLPLWHVGHGpWHFWLRQ HW GHV SUpFLVLRQV DVVH] YDULDEOHV 7RXWHIRLV XQH UpSDUWLWLRQ GH OD SROOXWLRQ SDU OH FDGPLXP SHXW rWUH HQYLVDJpH j FRQGLWLRQ G¶KRPRJpQpLVHU OHV SURWRFROHV HW SUpOqYHPHQWHWGHGRVDJH,OIDXWpJDOHPHQWYHLOOHUjPXOWLSOLHUOHVGRVDJHVGDQVOH WHPSV VXU FKDTXH VLWH SRXU OLPLWHU OHV ELDLV GXV j OD VDLVRQQDOLWp RX DX[ YDULDWLRQV G¶DSSRUWVIOXYLDWLOHV 3RXUFHVPXOWLSOHVUDLVRQVO¶DQDO\VHGHFHWWHFDUWRJUDSKLHUHVWHGHVFULSWLYHXQH pWXGHVWDWLVWLTXHDQDO\WLTXHVHUDLWELDLVpHSDUFHVDOpDVK\GURJpRORJLTXHV

(179) 0pWKRGHVGHSUpOqYHPHQWHWGHGRVDJH &HV DQDO\VHV VRQW WUqV GLIILFLOHV j PHWWUH HQ °XYUH GX IDLW GHV IDLEOHV FRQFHQWUDWLRQV HQ FDGPLXP GDQV OHV SUpOqYHPHQWV &HV FRQFHQWUDWLRQV DXVVL DSSHOpHV WUDFHV GH O¶RUGUH GX JNJ

(180) SHXYHQW rWUH IDFLOHPHQW ELDLVpHV SDU GHV FRQWDPLQDWLRQVGXHVjGHVHUUHXUVGHPDQLSXODWLRQRXjXQPDWpULHOLQDGDSWp (Q HIIHW RQ D YX HQ SUHPLqUH SDUWLH TXH OH FDGPLXP HVW SUpVHQW GDQV GH QRPEUHX[DOOLDJHVPpWDOOLTXHVHWGDQVOHVSODVWLTXHV'HFHIDLWLOFRQYLHQWG¶XWLOLVHU GHV LQVWUXPHQWV GH SUpOqYHPHQW GH VWRFNDJH HW G¶DQDO\VH JDUDQWLV VDQV FDGPLXP (QILQOHVFRQFHQWUDWLRQVDYRLVLQDQWSDUIRLVOHVOLPLWHVGHGpWHFWLRQGHVPpWKRGHVGH GRVDJH XQH DXWUH GLIILFXOWp YLHQW GHV SUREOqPHV GH FDOLEUDJH GHV DSSDUHLOV GH PHVXUH /D FRORULPpWULH D ORQJWHPSV pWp FRQVLGpUpH FRPPH OD PpWKRGH FODVVLTXH PDLV HOOHHVWDXMRXUG¶KXLGpVXqWHGXIDLWGHVRQPDQTXHGHVHQVLELOLWp

(181) 'HPrPHOD VSHFWURPpWULHG¶pPLVVLRQEDVpHVXUO¶pPLVVLRQG¶XQHUDGLDWLRQFDUDFWpULVWLTXHSDUXQ DWRPHH[FLWpSqFKHSDUXQHPpGLRFUHOLPLWHGHGpWHFWLRQGHO¶RUGUHGHPJNJFH TXLODUHQGLQDSSURSULpHSRXUODGpWHFWLRQGHWUDFHV

(182) . . .

(183) /¶DEVRUSWLRQ DWRPLTXH HVW GH ORLQ OD PpWKRGH OD SOXV XWLOLVpH DFWXHOOHPHQW /D VSHFWURPpWULH G¶DEVRUSWLRQ DWRPLTXH FRQVLVWH j DWRPLVHU OHV pOpPHQWV GDQV XQH IODPPHG¶XQPpODQJHjEDVHG¶DFpW\OqQH&HWWHWHFKQLTXHSUpVHQWHO¶LQFRQYpQLHQWGH VRXVHVWLPHU OHV FRQFHQWUDWLRQV UpHOOHV GX IDLW GH SHUWHV OLpHV j O¶DEVRUSWLRQ HW j O¶DWRPLVDWLRQGHVpOpPHQWV /HUHQGHPHQWG¶DWRPLVDWLRQSHXWWRXWHIRLVrWUHDPpOLRUpSDUO¶XWLOLVDWLRQGHWRUFKH j SODVPD HQ UDLVRQ GHV IRUWHV WHPSpUDWXUHV DWWHLQWHV & FRQWUH & SRXU XQHIODPPHFODVVLTXH

(184) PDLVVDQVSRXUWDQWDPpOLRUHUODOLPLWHGHGpWHFWLRQ &H SUREOqPH SHXW rWUH VXUPRQWp JUkFH j O¶XWLOLVDWLRQ GH VSHFWURPpWULH G¶DEVRUSWLRQDWRPLTXHVDQVIODPPHTXLHVWEDVpHVXUOHSULQFLSHG¶XQIRXUjJUDSKLWH FKDXIIp pOHFWULTXHPHQW HW VRXPLV j XQ FKDPS PDJQpWLTXH

(185) &HWWH GHUQLqUH PpWKRGHSHUPHWG¶REWHQLUGHVOLPLWHVGHGpWHFWLRQ HQWUHHWJ/VHORQ OHV ODERUDWRLUHV

(186) FRPSDWLEOHV DYHF OHV IDLEOHV FRQFHQWUDWLRQV GH FDGPLXP GDQV OHV SUpOqYHPHQWV

(187) /D PpWKRGH OD SOXV HIILFDFH HVW O¶,&30DVV (OOH FRQVLVWH j FRXSOHU XQ VSHFWURPqWUH GH PDVVH DYHF XQH WRUFKH j SODVPD SDU O¶LQWHUPpGLDLUH G¶XQ FKDPS PDJQpWLTXH LQWHQVH &HWWH WHFKQLTXH HQ SOHLQ HVVRU HVW LQWpUHVVDQWH FDU HOOH SHXW rWUH FRXSOpH j GLYHUV V\VWqPHV G¶LQWURGXFWLRQ GX SUpOqYHPHQW ODVHU RX IRXU

(188) HW SHUPHW G¶REWHQLU OD FODVVLILFDWLRQ pOpPHQWDLUH HQ XQ WHPSV WUqV FRXUW FH TXL HVW LQWpUHVVDQW SRXU O¶DXWRPDWLVDWLRQ GHV GRVDJHV

(189) 'H SOXV HOOH SHUPHW G¶REWHQLU XQHERQQHOLPLWHGHGpWHFWLRQHQFHTXLFRQFHUQHOHGRVDJHGXFDGPLXPGHO¶RUGUH GHJ/

(190) &HSHQGDQWFHVPpWKRGHVGHGRVDJHVQHSHXYHQWSURGXLUHGHVUpVXOWDWVYDOLGHV HWH[SORLWDEOHVTXHVLOHVSUpOqYHPHQWVHWOHVSURWRFROHVGHGRVDJHVYLVHQWjpYLWHU WRXWH FRQWDPLQDWLRQ HW WRXWH HUUHXU GH PDQLSXODWLRQ 3RXU FH IDLUH LO IDXW XWLOLVHU GX PDWpULHO JDUDQWL VDQV FDGPLXP HW QHWWR\p VRLJQHXVHPHQW &H QHWWR\DJH GRLW rWUH YpULILp HQ UpDOLVDQW GHV pSUHXYHV GH EODQFV 'H SOXV FHV PDWpULHOV GRLYHQW rWUH HQ ERQpWDWDILQGHOLPLWHUOHVSURFHVVXVG¶DEVRUSWLRQGHVpOpPHQWVVXUOHVVXUIDFHV/HV UpFLSLHQWV GRLYHQW rWUH FORV HW LO IDXW OLPLWHU DX SRVVLEOH OHV WUDQVYDVHPHQWV /HV. . .

(191) UpDFWLIV GRLYHQW pJDOHPHQW rWUH G¶XQH JUDQGH SXUHWp HW OHV PpWKRGHV GH GRVDJHV GRLYHQWpWDORQQpHVDYHFGHVpFKDQWLOORQVGHUpIpUHQFH

(192) . . )LJXUH6\VWqPHGHSUpOqYHPHQWGHVpFKDQWLOORQV. /HV YDOHXUV XWLOLVpHV GDQV FHWWH pWXGH UpWURVSHFWLYH RQW pWp REWHQXHV DYHF GHV PpWKRGHVG¶DEVRUSWLRQDWRPLTXH%LHQTX¶LOQHVRLWSDVDFFHVVLEOHGHYpULILHUWRXVOHV SURWRFROHV H[SpULPHQWDX[ RQ FRQVLGpUHUD LFL TXH FRPSWH WHQX GX VpULHX[ GHV RUJDQLVPHV 512,)5(0(5(3(&

(193) D\DQWGLULJpFHVpWXGHVWRXWHVOHVSUpFDXWLRQV HQ WHUPH GH FRQWDPLQDWLRQ LDWURJqQH GHV SUpOqYHPHQWV RQW pWp DSSRUWpHV &¶HVW SRXUTXRL RQ IHUD O¶DSSUR[LPDWLRQ TXH FHV SURWRFROHV VRQW pTXLYDOHQWV HW GRQF TXH OHXUV UpVXOWDWV SHXYHQW rWUH FRPSDUpV &HSHQGDQW FRPSWH WHQX GHV GLIIpUHQFHV GH OLPLWHV GH GpWHFWLRQ SUpFpGHPPHQW pYRTXpHV RQ QH SUHQGUD SDV HQ FRPSWH GHV YDOHXUVLQIpULHXUHVjJ/TXLHVWODOLPLWHGHGpWHFWLRQODSOXVpOHYpHSRVVLEOH DYHFOHVWHFKQLTXHVXWLOLVpHVSDUFHVRUJDQLVPHV

(194) 3UpVHQWDWLRQGHVVLWHVGHSUpOqYHPHQW &RPPHRQO¶DYXGDQVODSUHPLqUHSDUWLHOHVVLWHVOHVSOXVLQWpUHVVDQWVVRQWOHV HVWXDLUHV FDU OD GLVWULEXWLRQ GX FDGPLXP \ HVW OD SOXV FRPSOH[H HQ HIIHW LO HVW GLIILFLOHG¶H[WUDSROHUG¶XQHVWXDLUHjO¶DXWUHHQUDLVRQGHVPXOWLSOHVELDLVGpMjSUpFLVpV ,O IDXW GRQF GpWHUPLQHU OHV FRQFHQWUDWLRQV GH FDGPLXP OLEUH HW OLp DX[ SDUWLFXOHV HW VpGLPHQWVGDQVOHVSULQFLSDX[HVWXDLUHV . . .

(195) /HVSULQFLSDX[HVWXDLUHVVRQWFHX[GHOD*LURQGH

(196) GHOD/RLUH

(197) GHOD6HLQH

(198) HW GX 5K{QH

(199) ,OV SUpVHQWHQW WRXV GHV FDUDFWpULVWLTXHV GLIIpUHQWHV QRWDPPHQW HQUDLVRQGHVGpELWVHWWHQHXUVHQSDUWLFXOHVGHVIOHXYHVTXLOHVDOLPHQWHQW . )LJXUH5pVHDXK\GURJUDSKLTXHSULQFLSDO. 3DUDLOOHXUVRQDYXTXHODWHQHXUHQFDGPLXPOLEUHGpSHQGDLWGHODVDOLQLWpGX PLOLHX LO IDXW GRQF IDLUH GHV PHVXUHV DX ODUJH GDQV O¶2FpDQ $WODQWLTXH GDQV OD 0DQFKHHWGDQVODPHU0pGLWHUUDQpHHQUDLVRQGHOHXUVVDOLQLWpVGLIIpUHQWHV

(200) 'LVWULEXWLRQGHODSROOXWLRQ $ILQ GH OLPLWHU OHV ELDLV GXV j OD VDLVRQQDOLWp HW DX[ YDULDWLRQV WHPSRUHOOHV G¶DSSRUWGHSDUWLFXOHVLODSSDUDvWFRPPHMXGLFLHX[GHWUDYDLOOHUVXUGHVLQWHUYDOOHVGH FRQFHQWUDWLRQV PHVXUpHV SOXW{W TXH VXU GHV PHVXUHV SRQFWXHOOHV DQQH[H

(201) &RPPHQRXVWUDYDLOORQVVXUGHVLQWHUYDOOHVQRXVUHSUpVHQWRQVODGLVWULEXWLRQGH OD SROOXWLRQ VHORQ GHV FODVVHV GH FRQFHQWUDWLRQV EDVpHV VXU OD GLVWULEXWLRQ GHV YDOHXUVPHVXUpHV . . .

(202) &ODVVHV&GGLVVRXV QJJ

(203) . &ODVVHV&GVpGLPHQWV QJJ

(204) . . . . . . . !. ! 7DEOHDX&ODVVHVGHFRQFHQWUDWLRQHQFDGPLXP. . )LJXUH&RQFHQWUDWLRQVHQFDGPLXPGLVVRXV. . . &¶HVW GDQV OHV HVWXDLUHV TX¶RQ QRWH OD SOXV IRUWH FRQFHQWUDWLRQ GH FDGPLXP GLVVRXV/¶HVWXDLUHGX5K{QHVHPEOHUHQIHUPHUXQHWHQHXUPRLQVpOHYpHPDLVVDQV FRQQDvWUHH[DFWHPHQWOHVW\SHVGHVpGLPHQWVFKDUULpVLOHVWGLIILFLOHGHFRQFOXUH . . .

(205) )LJXUH&RQFHQWUDWLRQHQFDGPLXPGDQVOHVVpGLPHQWV. . /HVYDOHXUVOHVSOXVIRUWHVRQWpWpPHVXUpHVGDQVO¶HVWXDLUHGHOD6HLQHGDQVOD EDLHGH0DUVHLOOHPDLVDXVVLGDQVO¶pWDQJGH7KDX/HVDXWUHVHVWXDLUHVSUpVHQWHQW GHVYDOHXUVHQGHojPDLVHQFRUHXQHIRLVDXFXQHFRPSDUDLVRQQHSHXWrWUHIDLWHHQ UDLVRQGHVGLIIpUHQFHVGHQDWXUHHWGHJUDQXORPpWULHGHVVpGLPHQWV

(206) $QDO\VH 4X¶LO V¶DJLVVH GX GRVDJH GX FDGPLXP GLVVRXV RX GX FDGPLXP GDQV OHV VpGLPHQWV IRUFH HVW GH FRQVWDWHU TX¶XQ EUXLW GH IRQG PDULWLPH HVW SUpVHQW &H GHUQLHUFRUUHVSRQGjODWHQHXUPR\HQQHHQFDGPLXPGDQVOD0HU0pGLWHUUDQpHGH O¶2FpDQ$WODQWLTXHHWGHOD0DQFKH&HWWHFRQFHQWUDWLRQIDLEOHPDLVUpHOOHV¶H[SOLTXH SDU OD GpSRVLWLRQ GH FDGPLXP DWPRVSKpULTXH TX¶LO VRLW G¶RULJLQH DQWKURSLTXH RX QDWXUHOOH /HVHVWXDLUHVSULQFLSDX[SUpFpGHPPHQWVpOHFWLRQQpVUpYqOHQWWRXVGHVYDOHXUV pOHYpHV PDLV LO HVW LPSRVVLEOH GH OHV FRPSDUHU HQWUH HX[ 2Q FRQVWDWH pJDOHPHQW TXHGHIRUWHVYDOHXUVRQWpWpPHVXUpHVjSUR[LPLWpGHJUDQGHVYLOOHVSRUWXDLUHVWHOOHV. . .

(207) TXH 1LFH 0DUVHLOOH RX OH +DYUH &HV DJJORPpUDWLRQV HW OHXUV LQGXVWULHV VRQW UHVSRQVDEOHVGHODSROOXWLRQFDUHOOHHVWWUqVORFDOLVpHj&DQQHVODSROOXWLRQHVWWUqV IDLEOH DORUV TXH FHWWH YLOOH HVW UHODWLYHPHQW SURFKH GH 1LFH FH TXL LQGLTXH TXH OD SROOXWLRQ HVW GXHj O¶DJJORPpUDWLRQQLoRLVHHW QRQj XQHSROOXWLRQJOREDOH GX OLWWRUDO 'DQV OH FDV GX +DYUH FHWWH FDXVDOLWp SHXW rWUH GLVFXWpH FRPSWH WHQX GH O¶DSSRUW PDMHXUHQFDGPLXPSDUOHVHDX[GHOD6HLQH /DSROOXWLRQpWDQWpOHYpHGDQVOHVHVWXDLUHVHWjSUR[LPLWpGHVYLOOHVSRUWXDLUHVLO FRQYLHQW GH UpDOLVHU GHV SUpOqYHPHQWV FKH] OHV HVSqFHV DQLPDOHV PDULQHV YLYDQW GDQVFHVHDX[LOIDXWGRQFFKRLVLUGHVHVSqFHVHVWXDULHQQHVWDQWVXSUDEHQWKLTXHV TXHSpODJLTXHVPDLVDXVVLGHVHVSqFHVYLYDQWHQSOHLQHPHUSRXUGpWHUPLQHUWRXV OHVGHJUpVGHFRQWDPLQDWLRQ 'HIRUWHVYDOHXUVVHUHWURXYHQWpJDOHPHQWGDQVOHEDVVLQGH0DUHQQHV±2OpURQ FHV YDOHXUV V¶H[SOLTXHQW SDU OHV FRXUDQWV TXL H[LVWHQW HQWUH O¶vOH G¶2OpURQ HW OH FRQWLQHQW XQ PRXYHPHQW GH UHIOX[ OLPLWH OH UHQRXYHOOHPHQW GHV HDX[ HW DXJPHQWH DLQVLO¶DFFXPXODWLRQGHSROOXDQWV . ,,,&KDvQHDOLPHQWDLUHHWFKRL[GHVHVSqFHVpWXGLpHV $YDQWGHVpOHFWLRQQHUOHVHVSqFHVFLEOHVLOIDXWGpWHUPLQHUTXHOOHHVWODWHQGDQFH GHO¶DFFXPXODWLRQFKH]OHVRUJDQLVPHVFRQVWLWXWLIVGHODFKDvQHDOLPHQWDLUHHQPLOLHX PDULQ(QHIIHWPRQWUHUGDQVTXHOOHPHVXUHOHVRUJDQLVPHVDFFXPXOHQWOHFDGPLXP OHVXQVSDUUDSSRUWDX[DXWUHVSHUPHWGHFKRLVLUXQHHVSqFHHQSULRULWpRXQRQ

(208) %LRDFFXPXODWLRQHWELRPDJQLILFDWLRQ /D ELRDFFXPXODWLRQ HVW O¶HQULFKLVVHPHQW G¶XQH VXEVWDQFH GDQV OHV WLVVXV G¶XQ RUJDQLVPH & HVWjGLUH TXH OD FRQFHQWUDWLRQ GX SURGXLW GDQV OHV WLVVXV HVW VXSpULHXUH j FHOOH FRQVWDWpH GDQV OH PLOLHX (OOH HVW H[SULPpH SDU XQ FRHIILFLHQW PHWWDQWHQUDSSRUWODFRQFHQWUDWLRQGDQVOHVWLVVXVHWFHOOHGXPLOLHX&HFRHIILFLHQW SHXWDWWHLQGUHSRXUOHVDOJXHVSK\WRSODQFWRQLTXHV

(209) . .

(210) ,O HVW pJDOHPHQW pOHYp FKH] OHV ELYDOYHV MXVTX¶j VXU H[WUDLW VHF G¶KXvWUH

(211) PDLV Q¶HVW TXH GH FKH] OHV FUHYHWWHV GH FKH] OH FUDEH HW G¶XQH YLQJWDLQH FKH]OHEDU

(212) &HVYDOHXUVVHPEOHQWDXJPHQWHUDYHFOHWHPSVG¶H[SRVLWLRQFHTXL YDGDQVOHVHQVGHODWR[LFRFLQpWLTXHSUpFpGHPPHQWGpFULWH7RXWHIRLVOHFRHIILFLHQW GHELRDFFXPXODWLRQQ¶HVWSDVFRQVWDQWGDQVWRXVOHVRUJDQHVSDUH[HPSOHFKH]OHV SRLVVRQVLOHVWGHGDQVOHVEUDQFKLHVGHGDQVOHIRLHGHGDQVOHVUHLQVHWGH VHXOHPHQWGDQVOHVPXVFOHV

(213) $YHFXQHPrPHH[SRVLWLRQOHVRUJDQHVQ¶DXURQW GRQFSDVODPrPHFRQFHQWUDWLRQHQFDGPLXPLOIDXWGRQFGpWHUPLQHUTXHOVVRQWOHV SDUWLHV LQJpUpHV SDU O¶KRPPH SRXU IDLUH SRUWHU O¶pWXGH GHVVXV (Q HIIHW QL OHV EUDQFKLHV QL OD PDVVH YLVFpUDOH Q¶HVW FRQVRPPpH GRVHU OH FDGPLXP GDQV OH SRLVVRQHQWLHUFRQGXLUDLWjVXUHVWLPHUODTXDQWLWpGHWR[LTXHUpHOOHPHQWLQJpUpH 0rPH V¶LO VHUDLW KDVDUGHX[ GH FRPSDUHU GHV FRHIILFLHQWV GH ELRDFFXPXODWLRQ HQWUH GHV RUJDQLVPHV Q¶D\DQW SDV OHV PrPHV PpFDQLVPHV G¶DEVRUSWLRQ HW G¶pOLPLQDWLRQ RQ SHXW GpMj UHOHYHU TXH FHUWDLQV DQLPDX[ HW QRWDPPHQW OHV SOXV VLPSOHV FRQFHQWUHQW OH FDGPLXP GDQV GH JUDQGHV SURSRUWLRQV HW VRQW GRQF GHV UpVHUYRLUVSRWHQWLHOVGHFRQWDPLQDWLRQGHODFKDvQHDOLPHQWDLUH 8QH WHOOH FRQWDPLQDWLRQ HVW pYDOXpH SDU OD ELRPDJQLILFDWLRQ HOOH PHVXUH O¶DXJPHQWDWLRQGHODWHQHXUG¶XQHVXEVWDQFHGDQVOHVRUJDQLVPHVDXIXUHWjPHVXUH TXH O¶RQ SURJUHVVH GDQV OD FKDvQH DOLPHQWDLUH 6L XQ WUDQVIHUW GH FDGPLXP D pWp GpPRQWUpOHORQJGHODFKDvQHDOLPHQWDLUHSDUUDGLRWUDoDJHLOQ¶DSDVGHSUHXYHGH ELRPDJQLILFDWLRQDYpUpH