• Aucun résultat trouvé

Le chien de montagne des Pyrénées : aptitudes et utilisations

N/A
N/A
Protected

Academic year: 2021

Partager "Le chien de montagne des Pyrénées : aptitudes et utilisations"

Copied!
77
0
0

Texte intégral

(1) . .

(2)                                                       . . .

(3)  . .

(4) $1275(35(6,'(17 '(7+(6(.            0/H3URIHVVHXU'$%(51$7 3URIHVVHXUGHV8QLYHUVLWpV 3UDWLFLHQKRVSLWDOLHU %DFWpULRORJLH±9LURORJLH        4XLQRXVDIDLWO¶KRQQHXUG¶DFFHSWHU ODSUpVLGHQFHGHQRWUHMXU\          +RPPDJHVUHVSHFWXHX[              . . .

(5) $1275(-85< '(7+(6(.          0OH3URIHVVHXU%2',1 3URIHVVHXUjO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH 3DWKRORJLHJpQpUDOH0LFURELRORJLH,PPXQRORJLH   TXLDELHQYRXOXDFFHSWHUQRWUHWUDYDLO   +RPPDJHVUHVSHFWXHX[          0OH3URIHVVHXU((&.+2877( 3URIHVVHXUjO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH +\JLqQHHW,QGXVWULHGHV'HQUpHV$OLPHQWDLUHVG¶2ULJLQH$QLPDOH   +RPPDJHVUHVSHFWXHX[               . . .

(6) $0(63$5(176   3RXUYRWUHFRQILDQFHHWYRWUHVRXWLHQGHSXLVWRXMRXUV   0HVSOXVVLQFqUHVUHPHUFLHPHQWV          $0$)(00(   4XLDFUXHQPRLHWP¶DDLGpGDQVOHVPRPHQWVOHVSOXVGLIILFLOHV   0RQDPRXUpWHUQHO          $0(6$0,6   3RXUOHXUVRXWLHQ  0HUFL. . .

(7) . .

(8) /(&+,(1'(0217$*1('(63<5(1((6 $37,78'(6(787,/,6$7,216 ,1752'8&7,21   ,. /$5$&(  . $ 2ULJLQHVHW+LVWRULTXH   2ULJLQHVGHODUDFH   +LVWRULTXH   % 6WDQGDUG   /HVWDQGDUGIUDQoDLV    &RPPHQWDLUHV  & 3DUWLFXODULWpV   &DUDFWqUH  D

(9)  7rWX  E

(10)  ,QGpSHQGDQW   F

(11)  3URWHFWHXU   G

(12)  0pILDQW    /¶H[SUHVVLRQS\UpQpHQQH  ' 3DWKRORJLH   'HODFURLVVDQFH  D

(13)  6\QGURPHGXFKLRWQDJHXU VZLQQ\SXSS\V\QGURP

(14)   E

(15)  /HPpJD°VRSKDJH   

(16)  6LJQHVFOLQLTXHV  

(17)  (WLRORJLH   

(18)  'LDJQRVWLF  

(19)  7UDLWHPHQW   

(20)  3URQRVWLF  F

(21)  $IIHFWLRQVPpWDEROLTXHV  

(22)  2VWpRILEURVH   

(23)  2VWpRG\VWURSKLHK\SHUWURSKLTXH   G

(24)  $IIHFWLRQVGXVTXHOHWWH  

(25)  2VWpRFKRQGULWHGLVVpFDQWH   

(26)  /DG\VSODVLHGHODKDQFKH  D

(27)  (WLRORJLH   E

(28)  'LDJQRVWLF  F

(29)  7UDLWHPHQW   

(30)  /X[DWLRQURWXOLHQQHODWpUDOH   D

(31)  (WLRORJLH   E

(32)  6LJQHVFOLQLTXH   F

(33)  7UDLWHPHQW   G

(34)  3URQRVWLF  H

(35)  $IIHFWLRQVGHVSDXSLqUHV   . .

(36) . $GXOWH   D

(37)  6HQVLELOLWpDX[DQHVWKpVLTXHV   E

(38)  6XUGLWp   F

(39)  &DOORVLWpV   G

(40)  6\QGURPHGLODWDWLRQWRUVLRQGHO¶HVWRPDF  

(41)  (WLRORJLH   

(42)  3DWKRJpQLH   

(43)  'LDJQRVWLF  

(44)  7UDLWHPHQW   

(45)  3URQRVWLF  

(46)  3URSK\OD[LH . ,, /(0217$*1('(63<5(1((681*$5',(1'(75283($8   $ /DYLHSDVWRUDOH   KLVWRULTXH   /¶pOHYDJH  D

(47)  8QV\VWqPHSDUWLFXOLHU  E

(48)  /DWUDQVKXPDQFH   F

(49)  /DYLHHQHVWLYH   /DILQG¶XQHpSRTXH  % $SWLWXGHVHQWDQWTXHFKLHQGHEHUJHU   5XVWLFLWp   &DSDFLWpV   D

(50)  /DIRUFHWUDQTXLOOH   E

(51)  $XWRQRPH   F

(52)  &RXUDJHX[   G

(53)  ,QVWLQFWLI   & (GXFDWLRQ    8QDSSUHQWLVVDJHVSpFLILTXH   8WLOLVDWLRQ   ' 5pLQWURGXFWLRQGXORXSHWGHO¶RXUV   +LVWRULTXH   D

(54)  /HORXSGDQVOHSDUFGX0HUFDQWRXU  E

(55)  /¶RXUVGDQVOHV+DXWHV3\UpQpHV   /HSRLQWGHYXHGHVGpIHQVHXUVGHODQDWXUH   /HSRLQWGHYXHGHVEHUJHUV   /H0RQWDJQHGHV3\UpQpHV8QHVROXWLRQSRXUXQHFRKDELWDWLRQSDFLILTXH   ,,, /(0217$*1('(63<5(1((681&+,(1$8;08/7,3/(6 )$&(77(6  $ *DUGLHQGHFKkWHDX[HWGHSURSULpWpV   *DUGLHQGHSULVRQ    *DUGLHQGHFKkWHDX[    *DUGLHQGHSURSULpWp . . .

(56) % 8QFKLHQGHFRPSDJQLH    $SWLWXGHV   D

(57)  (VWKpWLTXH   E

(58)  $IIHFWXHX[  F

(59)  3URWHFWHXU    (GXFDWLRQ   ([SRVLWLRQV   & $XWUHVXWLOLVDWLRQV   &KLHQGHWUDLW    &KLHQSRUWHXU  D

(60)  'HFRQWUHEDQGH  E

(61)  'HPDWpULHOPLOLWDLUH   &KLHQG¶DYDODQFKH   &21&/86,21   '2&80(176$11(;(6    /(67$1'$5'%5,7$11,48(    /(67$1'$5'125'$0(5,&$,1   *5,//('(&27$7,21'(6*(1,7(856$33/,&$%/('(38,6/( -$19,(5   %,%/,2*5$3+,(   7$%/('(6,//8675$7,216 .             . . .

(62)                                             . . . . . . .

(63) ,QWURGXFWLRQ /HFKLHQGHPRQWDJQHGHV3\UpQpHVDVRXYHQWUHoXOHQRPGH³VHLJQHXUGHVPRQWDJQHV´ F¶HVWXQTXDOLILFDWLITXLOXLFRQYLHQWSDUIDLWHPHQW&RPPHWRXWVHLJQHXULOSRVVqGHXQHRULJLQH DQFHVWUDOHTXLUHPRQWHFKH]OXLV€UHPHQWDXVVLORLQTXHODGRPHVWLFDWLRQSDUO¶KRPPHGHV DQLPDX[GRQWLODODFKDUJHLODVXSUpVHUYHUVRQW\SHRULJLQHOHWJDUGHUWUqVPDUTXpGDQVVRQ SDWULPRLQHJpQpWLTXHO¶LQVWLQFWGHVHVDQFrWUHV0DOJUpTXHOTXHVHVFDSDGHVjODFRXUGHVURLV GH)UDQFHF¶HVWGDQVVDUpJLRQG¶RULJLQHTX¶RQOHUHWURXYHOHSOXVVRXYHQWLOV¶\HVWLPSRVp FRPPHOHSURWHFWHXUGHVSOXVIDLEOHVIDFHDX[GDQJHUVGHWRXWHVVRUWHVHWVXUWRXWFHOXLGHV JUDQGVSUpGDWHXUVTXLpWDLHQWDXWUHIRLVQRPEUHX[GDQVOHV]RQHVPRQWDJQHXVHV/HORXSHW O¶RXUVVRQWGHYHQXVVHVHQQHPLVKpUpGLWDLUHVMXVTX¶jDXMRXUG¶KXLODOXWWHFRQWLQXHHWGDQVOHV 3\UpQpHVRQWHQWHQGHQFRUHSDUIRLVFHGLFWRQ©4XHOHFKLHQDLWQRPODEULWRXSDWRXOH WURXSHDXHVWELHQJDUGpª,OHVWVRXYHQWDFFRPSDJQpGHVRQDFRO\WHOHEHUJHUGHV3\UpQpHV RX/DEULWSHWLWFKLHQKLUVXWHFKDUJpGHPHQHUOHWURXSHDXDYHFTXLRQOHFRQIRQGVRXYHQWFDU LOVRQWGHVQRPVDVVH]SURFKHV 6HLJQHXULOO¶HVWDXVVLGDQVVRQFDUDFWqUHFHQ¶HVWSDVXQVHUYLWHXUVRXPLVLODFRPPHOHV SOXVJUDQGVO¶HVSULWG¶LQGpSHQGDQFHHWQ¶KpVLWHSDVjVHUpYROWHUVLQpFHVVDLUH(QILQVRQDOOXUH PDMHVWXHXVHHWVDIRXUUXUHGLJQHGHVSOXVEHOOHVSDUXUHVSURYRTXHO¶DGPLUDWLRQGHWRXV ,OIXWPrPHjO¶RULJLQHGHFHUWDLQHVUDFHVGHO¶DYHXGHVPRLQHVGHO¶DEED\HGH6DLQW%HUQDUG OHXUFKLHQDYHFOHTXHOLOHVWSDUIRLVFRQIRQGXIXWREWHQXSDUOHFURLVHPHQWG¶XQJUDQGGRJXH HWG¶XQHFKLHQQHS\UpQpHQQH/RUVGHO¶LQVWDOODWLRQGHVEULWDQQLTXHVVXUO¶vOHGH7HUUH1HXYH LOVDPHQqUHQWDYHFHX[GHVFKLHQVGHV3\UpQpHVTX¶LOVFURLVqUHQWDYHFGHVUHWULHYHUVIRUPDQW DLQVLXQHUDFHORFDOHDXMRXUG¶KXLELHQFRQQXH &HWWHpWXGHSHUPHWWUDDSUqVXQHGHVFULSWLRQGpWDLOOpHGHVRQKLVWRLUHHWGHVHVFDUDFWpULVWLTXHV QpFHVVDLUHSRXUDSSUpFLHUVHVDSWLWXGHVQDWXUHOOHVGHGpFRXYULUO¶pWHQGXHGHVWDOHQWVGHFH FKLHQDXWUDYHUVGHVPXOWLSOHVXWLOLVDWLRQVGRQWLODpWpO¶REMHW2QGpFRXYULUDTXHRXWUHVRQ U{OHSULQFLSDOGHJDUGLHQGHWURXSHDXLODpWpGDQVGHQRPEUHXVHVRFFDVLRQVXQDX[LOLDLUH LPSRUWDQWHWWUqVXWLOHjO¶KXPDQLWp ,ODXQHDIIHFWLRQWRXWHSDUWLFXOLqUHSRXUOHVKXPDLQVHWDXMRXUG¶KXLFRPPHRQOHUHWURXYH SULQFLSDOHPHQWFRPPHFKLHQGHFRPSDJQLHLOSURILWHGHVDWWHQWLRQVWRXWHVSDUWLFXOLqUHVTXH OXLSURGLJXHQWVHVPDvWUHV,OHVWIULDQGGHVPDUTXHVG¶DIIHFWLRQTX¶RQSHXWOXLSURFXUHUSHXW rWUHSDUFHTX¶LOHQDpWpSULYpSHQGDQWGHQRPEUHXVHVDQQpHVWURSRFFXSpSDUWRXVOHVWHPSV HWGDQVGHVFRQGLWLRQVELHQVRXYHQWGLIILFLOHVjSURWpJHUOHVELHQVHWOHWURXSHDXGHVRQPDvWUH 0HQDFpG¶H[WLQFWLRQDXGpEXWGXƒVLqFOHFDULOpWDLWGHYHQXLQXWLOHLODVXVFLWpXQUHJDLQ. . .

(64) G¶LQWpUrWjODILQGHFHVLqFOHG¶XQHSDUWJUkFHDXGpYHORSSHPHQWGHODF\QRSKLOLHTXLDSHUPLV jTXHOTXHVSDVVLRQQpVFRPPH%HUQDUG6pQDF/DJUDQJHGHSURPRXYRLUFHWWHUDFHDXSUqVGX JUDQGSXEOLFHWGHODJDUGHUDXVVLEHOOHTX¶HOOHO¶pWDLWjO¶RULJLQH '¶DXWUHSDUWJUkFHjODUpLQWURGXFWLRQGHVJUDQGVSUpGDWHXUVHQ(XURSHRLOUHWURXYHXQH FHUWDLQHXWLOLWpDXSUqVGHVEHUJHUVTXLO¶DYDLHQWDEDQGRQQpHWQRWDPPHQWHQ)UDQFHFHTXL Q¶HVWSDVVDQVSRVHUTXHOTXHVSUREOqPHV 7URXYHUDWLOVDSODFHDXƒVLqFOHMHOHVRXKDLWHHWM¶HVSqUHTXHFHTXLVXLWSURXYHUDWRXWH O¶LPSRUWDQFHTX¶LO\DjSUpVHUYHUXQHDXVVLEHOOHUDFHGHFKLHQHPEOqPHGHWRXWHO¶KLVWRLUH G¶XQHUpJLRQHWG¶XQPRGHGHYLHTXLWHQGDXMRXUG¶KXLjGLVSDUDvWUH                          . .

(65) , /DUDFH $2ULJLQHVHW+LVWRULTXH  2ULJLQHVGHODUDFH 

(66)  6LRQLQWHUURJHOHVEHUJHUVFHWWHUDFHVHUDLWLPSODQWpHGDQVOHV3\UpQpHVGHSXLVWRXMRXUV GHSXLVGHVJpQpUDWLRQVHOOHDOLPHQWHOHIRONORUHS\UpQpHQHWOHVGLVFXVVLRQVDXFRLQGXIHX &HSHQGDQWO¶DEVHQFHGHWUDFHVGX0RQWDJQHGHV3\UpQpHVGDQVOHVGpS{WVIRVVLOLIqUHV DQWpULHXUVjO¶kJHGHEURQ]HSHUPHWGHVLWXHUDYHFFHUWLWXGHVRQRULJLQHKRUVGHQRV PRQWDJQHVHWPrPHKRUVG¶(XURSH/¶K\SRWKqVHSULYLOpJLpHHVWTXHVRQDQFrWUHVHUDLWLVVXGHV KDXWVSODWHDX[G¶$VLHHWVHUDLWDVVH]SURFKHPRUSKRORJLTXHPHQWGHQRWUHDFWXHO'RJXHGX 7LEHW0LOOHDQVDYDQW-pVXV&KULVWXQFRPPHQWDWHXUGH0DUFR3RORIDLWPHQWLRQG¶XQJUDQG FKLHQGX7LEHWKDXWGHTXDWUHSLHGV P

(67) RQREVHUYHHQVXLWHVXUXQEDVUHOLHIGDWDQWGH DYDQW-pVXV&KULVWHWLVVXGHVUXLQHVGH%DE\ORQHXQFKLHQUHVVHPEODQWEHDXFRXSjFH PrPHGRJXHGX7LEHW'¶DSUqV3OLQHO¶DQFLHQ$OH[DQGUHOH*UDQGVHYLWRIIULUGHX[pQRUPHV FKLHQVSRXUFRPEDWWUHOHVRXUVHWOHVOLRQVHWLOHVWGLWTXHO¶XQG¶HX[DIIURQWDXQpOpSKDQWHWOH WXD(QVXLWHOHV*UHFVVHVHUYLUHQWGHWHOVFKLHQVSRXUJDUGHUOHXUVDQLPDX[GRPHVWLTXHVOHV URPDLQVOHVXWLOLVqUHQWGDQVOHVMHX[GXFLUTXHSRXUFRPEDWWUHOHVOLRQVHWOHVRXUV &¶HVWGHFHWDQFLHQFKLHQRULHQWDOTXHGHVFHQGLUHQWOHVGHX[SULQFLSDOHVVRXFKHVGH PRORVVRwGHV/H&DQLVSXJQDWLFHVWUDSXDXSRLOHWPXVHDXFRXUWTXLDGRQQpQRVDFWXHOV GRJXHVHWOH&DQLVSDVWRUDOLVSOXVILQDXPXVHDXHWDXSRLOSOXVORQJGRQWVRQWLVVXVOHV FKLHQVGHPRQWDJQH &HVFKLHQVIXUHQWLQWURGXLWVGDQVQRVPRQWDJQHVSDUOHVSHXSODGHV$U\HQQHVTXLPLJUqUHQW GHVKDXWVSODWHDX[G¶$VLHYHUVO¶RXHVWHWTXLVHIL[qUHQWGDQVGHVFRQWUpHVDXFOLPDWHWjOD JpRJUDSKLHSURFKHGHFHOOHG¶RLOVYHQDLHQWF¶HVWjGLUHGDQVGHVUpJLRQVPRQWDJQHXVHV FRPPHODFKDvQHS\UpQpHQQH&HVWULEXVDYDLHQWXQHWUDGLWLRQGHEHUJHUVPDLVDXVVLGHIpURFHV JXHUULHUVLOOHXUIDOODLWXQFKLHQSRXYDQWUpSRQGUHjWRXVOHXUVEHVRLQVF¶HVWFHGRQWpWDLHQW FDSDEOHVFHVFKLHQVGHPRQWDJQHTXLpWDLHQWDSSUpFLpVSRXUOHXUIpURFLWpOHXUIRUFHHWOHXU TXDOLWpGHJDUGLHQGHPDLVRQVHWGHWURXSHDX[6HORQOHV]RQHVJpRJUDSKLTXHVOHVFOLPDWVHW OHVFRQGLWLRQVHQYLURQQHPHQWDOHVGLIIpUHQWHVLOVRQWpYROXpDXFRXUVGXWHPSVOHXU PRUSKRORJLHHWOHXUSHODJHRQWFKDQJp,OHVWSUREDEOHTXHYLYDQWGDQVOHVPRQWDJQHVLOVVH VRLHQWDXVVLDFFRXSOpVDYHFGHVORXSVDIILQDQWDLQVLXQSHXOHXUVLOKRXHWWHSDUUDSSRUWjFHOOH. . .

(68)  5RXWHGHVJUDQGHVPLJUDWLRQV$U\HQQHV    7LEHW'RJXHGX7LEHW  5XVVLH2XDYFKDUND  3RORJQH7DWUD 1L]LQQ\

(69)   7FKpFRVORYDTXLH7FKRXYDWFK  +RQJULH.XYDW] 3XOL

(70)   <RXJRVODYLH&KDUSODQLQDW]  7XUTXLH.DUDEDVKG¶$QDWROLH  ,WDOLH0DUHQQHV$EUX]]HV %HUJHUGH%HUJDPPH

(71)   $OOHPDJQH/pRQEHUJHW+RYDZDUW )UDQFH0RQWDJQHGHV3\UpQpHV %HUJHUGHV3\UpQpHV

(72)  (VSDJQH0kWLQGHV3\UpQpHV %HUJHU&DWDODQ

(73)  0DURF$wGLGHO¶$WODV $IJKDQLVWDQ $UDELH5DFHVORFDOHV ,UDN  )LJXUH5pSDUWLWLRQJpRJUDSKLTXHGHVSULQFLSDOHVUDFHVGHFKLHQVGHPRQWDJQH /H FKLHQGH0RQWDJQHGHV3\UpQpHV±%ROODFKH-

(74) >@ . .

(75) GXGRJXHGX7LEHWSDUWLFXOLqUHPHQWDXQLYHDXGHODWrWH2QUHWURXYHDLQVLOHORQJGHOHXU WUDMHWSOXVLHXUVUDFHVGHFKLHQVGHPRQWDJQHD\DQWWRXWHVGHVVLPLOLWXGHVSK\VLTXHVPDLVDXVVL FRPSRUWHPHQWDOHVOH.XYDW]HQ+RQJULHOH&KDUSODQLQDW]HQ<RXJRVODYLHOH7DWUDHQ 3RORJQHOH/pRQEHUJHQ$OOHPDJQHOH0DUHQQHV$EUX]]HVHQ,WDOLHHWELHQG¶DXWUHVHQFRUH GRQWRQSHXWSHQVHUTX¶LOVRQWWRXVXQHRULJLQHFRPPXQH/DUHVVHPEODQFHTXLH[LVWHHQWUH FHVUDFHVGHFKLHQGHPRQWDJQHHVWSUREDEOHPHQWGXHjOHXUXWLOLVDWLRQVLPLODLUHGHODSDUWGHV GLIIpUHQWHVSHXSODGHVLOVOHVRQWGRQFVpOHFWLRQQpVHORQOHVPrPHVFULWqUHVOHVGLIIpUHQFHV Q¶DSSDUDLVVDQWTXHVRXVO¶HIIHWGHVIDFWHXUVHQYLURQQHPHQWDX[2QSHXWSRXVVHUFHWWH UHVVHPEODQFHXQSHXSOXVORLQHQREVHUYDQWTXHFHVFKLHQVGHPRQWDJQHVRQWVRXYHQWXWLOLVpV GHSDLUHDYHFXQSHWLWFKLHQGHFRQGXLWHSURFKHGX%HUJHUGHV3\UpQpHVTXLDFFRPSDJQHOH 0RQWDJQHGHV3\UpQpHVRQSHXWFLWHUSDUH[HPSOHOH1L]LQQ\HQ3RORJQHOH3XOLHQ+RQJULH OHEHUJHUFDWDODQ *RVG¶$WXUD

(76) HQ(VSDJQHRXOH%HUJHUGH%HUJDPHHQ,WDOLH.  +LVWRULTXH 

(77)  $XPR\HQ$JHOH0RQWDJQHGHV3\UpQpHVVHGLVWLQJXHHQJDUGDQWOHVFKkWHDX[GH)RL[ SURSULpWpVDORUVGXFRPWH*DVWRQ3K°EXVTXLGDQVVRQOLYUHGHFKDVVHOHVGpFULW©GHVPDWLQV JDUGLHQVGHEHVWLDX[HWGHO¶+{WHOGHOHXUPDvWUHFKLHQVjSRLOORQJHWGHPLORQJDYHFXQ PDQWHDXEUXQVXUOHGHVVXVPpODQJpGHEODQFHWjODTXHXHIRXUQLHGHSRLOHWUHOHYpHQDUFOH GHVVXVGURLWODFURXSHOpJqUHPHQWREOLTXHOHIODQFSHXGHVFHQGXODWrWHSOXVJURVVHTXHFHOOH GHVDXWUHVDYHFOHVRUHLOOHVGURLWHVVDQVFDVVXUHHQWUHOHIURQWHWOHQH]&HVFKLHQVSRUWDLHQW GHVFROOLHUVDYHFSRLQWHVDFpUpHVHQIHUSRXUVHGpIHQGUHFRQWUHOHVORXSVª 

(78) 2QREVHUYH HQVXLWHGDQVODOLWWpUDWXUHGLIIpUHQWHVDOOXVLRQVDX[FKLHQVGHPRQWDJQH(Q2OLYLHUGH 6HUUHVGDQVVRQOLYUH³7KpkWUHG¶DJULFXOWXUHHWPHVVDJHVGHVFKDPSV´SDUOHGHGHX[YDULpWpV GHFKLHQVGHPRQWDJQHOHVXQVGHFRXOHXUQRLUHjSRLOUDVSRXUODJDUGHGHVWURXSHDX[OHV DXWUHVEODQFVjSRLOIRXUQL³EDUEHW´ SRLOORQJHWIULVp

(79) SRXUODJDUGHGHODPDLVRQ,OLQVLVWH GpMjVXUOHXUDSWLWXGHjODJDUGHGHVWURXSHDX[HWjODGpIHQVHFRQWUHOHVSUpGDWHXUVRXUVHW ORXSVTXLpWDLHQWQRPEUHX[jO¶pSRTXH3XLVDX;9,,pPHVLqFOH%XIIRQGpFULWXQFKLHQGHWUqV JUDQGHWDLOOHWRXWEODQFG¶XQQDWXUHOGRX[HWWUDQTXLOOH (QOHMHXQHGDXSKLQGH)UDQFHDFFRPSDJQpGH0DGDPHGH0DLQWHQRQVHUHQGLWj %DUqJHVHQFXUH,O\UHQFRQWUDXQ3DWRXGHKXLWPRLVHWOHVGHX[DPLVGHYLQUHQWYLWH LQVpSDUDEOHVVLELHQTX¶LOOHUDPHQDDYHFOXLDX/RXYUH/HVQREOHVGHO¶pSRTXHHXUHQWYLWH IDLWGHO¶DGRSWHUSRXUJDUGHUOHXUVFKkWHDX[PDLVDXVVLSHXWrWUHSOXVSDUVQRELVPHSRXU LPLWHUOHURLTXHSDUUpHOOHXWLOLWpGHX[DQVSOXVWDUGOHPDUTXLVGH/RXYRLVDFKHWDj%HWSRXH\ XQLQGLYLGXUHPDUTXDEOHTXLILWO¶DGPLUDWLRQGHODFRXU . .

(80) &¶HVWHQJUkFHj/DERXOLQLqUHTX¶LOVHYRLWDSSHOHUSRXUODSUHPLqUHIRLVFKLHQGHV 3\UpQpHVGDQVO¶DQQXDLUHVWDWLVWLTXHVXUOHGpSDUWHPHQWGHV+DXWHV3\UpQpHV ,OIXWHQVXLWHOHIUXLWG¶XQFRPPHUFHLPSRUWDQWGHODSDUWGHVEHUJHUVTXLYR\DLHQWHQOXL O¶DXEDLQHG¶DPpOLRUHUOHXUTXRWLGLHQTXLpWDLWDORUVELHQIDGH2VFDU&RPPHWWDQWFLWpSDU %HQRvW&RFNHQSRWUHODWHHQ©8QHGHVFXULRVLWpVGH&DXWHUHWVF¶HVWOHPDUFKpDX[ FKLHQVTXLVHWLHQWWRXVOHVGLPDQFKHVVXUODSODFH/HVSDVWHXUVTXLRQWGHVFKLHQVjYHQGUH GHVFHQGHQWFHMRXUOjj&DXWHUHWVHWLOVVRQWELHQV€UVGHQHSDVUHPRQWHUOHVSRFKHVYLGHVVL OHVFKLHQVTX¶LOVDSSRUWHQWDXPDUFKpVRQWGHUDFHSXUHª 

(81)  $XGpEXWGXƒVLqFOHJUkFHDX[URPDQWLTXHVOH0RQWDJQHGHV3\UpQpHVYRLWVDSRSXODULWp VHGpYHORSSHUjQRXYHDXDLGpHQFHODSDUO¶DSSDULWLRQGXFKHPLQGHIHUHWGXWRXULVPHTXL O¶DFFRPSDJQHHWVXUWRXWSDUXQFRPPHUFHIUXFWXHX[TXLV¶LQVWDOOHVXUOHVPDUFKpVGDQVOHV YLOODJHVS\UpQpHQVFRPPHQRXVO¶DYRQVYXSUpFpGHPPHQWj&DXWHUHWV6DQRWRULpWpV¶DFFURvW PrPHDXGHOjGHQRVIURQWLqUHVHWLOQ¶HVWDORUVSOXVFRXUWLVpSRXUVHVWDOHQWVGHJDUGLHQPDLV ELHQSRXUVDEHDXWpHWVHVTXDOLWpVHVWKpWLTXHV .  SKRWR&DUWHSRVWDOHUHSUpVHQWDQWOHPDUFKpGH&DXWHUHWV /HFKLHQGHPRQWDJQHGHV 3\UpQpHV±/XTXHW0

(82) >@  &HFLDFRQWULEXpjGLVSHUVHUODUDFHGDQVGHVUpJLRQVROHVUHSURGXFWHXUVSRXYDLHQWPDQTXHU DLQVLTX¶jO¶pWUDQJHUHQ$PpULTXHHQ$QJOHWHUUHHWPrPHHQ$VLH(QVXLWHOHVSUpGDWHXUV YHQDQWjGLVSDUDvWUHVXLWHDX[FDPSDJQHVG¶H[WHUPLQDWLRQTXLIXUHQWPHQpHVjO¶pSRTXHOHV. . .

(83) EHUJHUVTXLMXVTX¶DORUVpWDLHQWOHVSULQFLSDX[jGpYHORSSHUODUDFHVHVRQWGpVLQWpUHVVpVGH OHXUDQFLHQFRPSDJQRQ $XGpEXWGXVLqFOHGHUQLHULOGHYHQDLWQpFHVVDLUHGHFUpHUXQHVWUXFWXUHDILQGHVDXYHJDUGHU OHVFDUDFWpULVWLTXHVGHFHWWHUDFH (Q00OH'RFWHXU0RXORQJXHW-&DPDMRX%6pQDF/DJUDQJHIRQGHQWOH©3DVWRXU &OXEªVRXVODSUpVLGHQFHGXEDURQ$GHOD&KHYUHOLqUH,OVSXEOLHQWDXVVLOHSUHPLHUVWDQGDUG GX0RQWDJQHGHV3\UpQpHV /DPrPHDQQpH0(%\DVVRQFUpHOH©&OXEGX&KLHQGHV3\UpQpHVªHQFRPSDJQLHGH00 /H&RPWHGH%\ODQGWHW7K'UHW]HQ7KpRGRUH'UHW]HQILOVGX'UYpWpULQDLUH3LHUUH0pJQLQ UHVSRQVDEOHG¶XQHFODVVLILFDWLRQGHVGLIIpUHQWHVUDFHVFDQLQHVSRVVpGDLWXQFKHQLOGDQVVD SURSULpWpGH&RORPEHVG¶XQHJUDQGHPRGHUQLWpSRXUO¶pSRTXH,O\pOHYDLWGHV0RQWDJQHGHV 3\UpQpHVG¶XQHJUDQGHTXDOLWpHWTXLpWDLHQWLVVXVG¶LQGLYLGXVTX¶LODYDLWUDPHQpVG¶XQYR\DJH HIIHFWXpGDQVOHV3\UpQpHVHQFRPSDJQLHGX&RPWHGH%\ODQGW 0DLVODSUHPLqUHJXHUUHPRQGLDOHHXWUDLVRQGHFHVGHX[DVVRFLDWLRQVDLQVLTXHGHQRPEUHX[ VXMHWVFHX[TXLVXUYpFXUHQWIXUHQWGDQVXQELHQSLqWUHpWDWjODVRUWLHGXFRQIOLWjFDXVHGHOD SpQXULHDOLPHQWDLUH(OOHODLVVDODUDFHFRPPHGHQRPEUHXVHVDXWUHVGDQVXQpWDWGHSDXYUHWp VDQVSUpFpGHQWVVHXOVYLQJWFKLHQVIXUHQWHQUHJLVWUpVDX/2)HQGL[DQVHWWRXVVDQVRULJLQH (Q%6pQDF/DJUDQJHTXLIRQGDOD5pXQLRQGHV$PDWHXUVGH&KLHQVGHV3\UpQpHV 5$&3

(84) DYHFTXHOTXHVpOHYHXUVV¶DIILOLDjOD6RFLpWp&HQWUDOH&DQLQHHWSXEOLDXQVWDQGDUG RIILFLHODVVH]SURFKHGHFHOXLTXHQRXVFRQQDLVVRQVDFWXHOOHPHQW(OOHFRQWULEXDIRUWHPHQWj O¶pYROXWLRQGX0RQWDJQHGHV3\UpQpHVDXFRXUVGXqPHVLqFOHHWSHUPLWGHVDXYHJDUGHUHWGH IL[HUOHVFDUDFWpULVWLTXHVGHFHWWHUDFHDLQVLTX¶jREWHQLUHQXQVWDQGDUGGpILQLWLI $XMRXUG¶KXLHQFRUHHOOHLQWHUYLHQWPRLQVSRXUIL[HUOHW\SH©OHW\SHGXPRQWDJQHGHV 3\UpQpHVHVWDFWXHOOHPHQWELHQIL[pWURSEHDXSRXUHVVD\HUGHOHPRGLILHULOVXIILWGHV¶HQ WHQLUDX[SULQFLSHVGXVWDQGDUGpWDEOLVRLJQHXVHPHQWHWjOHUHVSHFWHUª 

(85) PDLVSOXW{WSRXU SURPRXYRLUODUDFHHWIDFLOLWHUVDUpLQWURGXFWLRQHQWDQWTXHFKLHQGHEHUJHUGDQVQRV PRQWDJQHV(OOHLQWHUYLHQWSDUH[HPSOHDXF{WpGHO¶DVVRFLDWLRQ$UWXVGDQVOHV3\UpQpHVSRXU SURWpJHUOHVWURXSHDX[GHO¶RXUVEUXQHWSXEOLHGHSXLVGHQRPEUHXVHVDQQpHVXQEXOOHWLQ PHQVXHOTXLIDLWUpIpUHQFH3OXVUpFHPPHQWHOOHV¶HVWGRWpHG¶XQVLWHLQWHUQHW KWWSZZZFKLHQVGHVS\UHQHHVFRP

(86)    . . .

(87) %6WDQGDUG 

(88)  /H0RQWDJQHGHV3\UpQpHVVHFODVVHGDQV  JURXSH&KLHQVGHW\SH3LQVFKHUHW6FKQDX]HU0RORVVRwGHVHWFKLHQVGHPRQWDJQH HWERXYLHUVVXLVVHV  VHFWLRQ0RORVVRwGHVW\SHPRQWDJQH 6DQVpSUHXYHGHWUDYDLO.  SKRWR&HODGRQG HOLVVDFLOLR3URGXFWHXUM*RXUOH\SURSULpWDLUH(OHYDJHGHO0XVLQp *XDUGDPDJQD$

(89) >@.  /HVWDQGDUGIUDQoDLV 

(90)   $63(&7*e1e5$/ &KLHQGHJUDQGHWDLOOHLPSRVDQWHWIRUWHPHQWFKDUSHQWpPDLVQRQGpSRXUYXG XQHFHUWDLQH pOpJDQFH 3523257,216,03257$17(6 /DODUJHXUPD[LPDOHGXFUkQHHVWpJDOHjVDORQJXHXU /HPXVHDXHVWOpJqUHPHQWSOXVFRXUWTXHOHFUkQH /DORQJXHXUGXFRUSVGHODSRLQWHGHO pSDXOHjODSRLQWHGHODIHVVHHVWOpJqUHPHQWVXSpULHXUH. . .

(91) jODKDXWHXUGXFKLHQDXJDUURW /DKDXWHXUGHODSRLWULQHHVWpJDOHjODPRLWLpGHODKDXWHXUDXJDUURWRXOpJqUHPHQW LQIpULHXUH &203257(0(17&$5$&7Ê5( 8WLOLVpSRXUDVVXUHUVHXOODSURWHFWLRQGHVWURXSHDX[FRQWUHOHVDWWDTXHVGHVSUpGDWHXUVVD VpOHFWLRQDUHSRVpVXUVHVDSWLWXGHVjODJDUGHHWjODGLVVXDVLRQDXWDQWTXHVXUVRQ DWWDFKHPHQWDXWURXSHDX/HVSULQFLSDOHVTXDOLWpVTXLHQUpVXOWHQWVRQWODIRUFHHWO DJLOLWpDLQVL TXHODGRXFHXUHWO DWWDFKHPHQWjFHX[TX LOSURWqJH&HFKLHQGHSURWHFWLRQDXQHSURSHQVLRQj O LQGpSHQGDQFHHWXQVHQVGHO LQLWLDWLYHTXLUHTXLqUHQWGHODSDUWGHVRQPDvWUHXQHFHUWDLQH DXWRULWp 7Ç7( 3DVWURSIRUWHHQFRPSDUDLVRQGHODWDLOOH6HVF{WpVVRQWDVVH]SODWV.  )LJXUH/DWrWHGX0RQWDJQHGHV3\UpQpHV /HFKLHQGHPRQWDJQHGHV3\UpQpHV *XDUGDPDJQD$

(92) >@  5pJLRQFUkQLHQQH &UkQH /DODUJHXUPD[LPDOHGXFUkQHHVWpJDOHjVDORQJXHXU,OHVWOpJqUHPHQWERPEpGXIDLWGHOD FUrWHVDJLWWDOHSHUFHSWLEOHDXWRXFKHU/DSURWXEpUDQFHRFFLSLWDOHpWDQWDSSDUHQWHOHFUkQHHQ VDSDUWLHSRVWpULHXUHDXQHIRUPHRJLYDOH/HVDUFDGHVVRXUFLOLqUHVQHVRQWSDVPDUTXpHVOH VLOORQPpGLDQHVWjSHLQHSHUFHSWLEOHDXWRXFKHUHQWUHOHV\HX[. . .

(93) 6WRS ,OHVWHQSHQWHGRXFH 5pJLRQIDFLDOH 7UXIIH (OOHHVWHQWLqUHPHQWQRLUH 0XVHDX ,OHVWODUJHOpJqUHPHQWSOXVFRXUWTXHOHFUkQHV DPHQXLVDQWSURJUHVVLYHPHQWYHUVVRQ H[WUpPLWp9XGHGHVVXVLODODIRUPHG XQ9jODSRLQWHWURQTXpH,OHVWELHQUHPSOLVRXVOHV \HX[ /qYUHV (OOHVVRQWSHXWRPEDQWHVHWUHFRXYUHQWMXVWHODPkFKRLUHLQIpULHXUH(OOHVVRQWQRLUHVRXWUqV IRUWHPHQWPDUTXpHVGHQRLUDLQVLTXHOHSDODLV 0kFKRLUHVGHQWV /DGHQWXUHGRLWrWUHFRPSOqWHOHVGHQWVVDLQHVHWEODQFKHV/ DUWLFXOpHVWHQFLVHDX[ OHV LQFLVLYHVVXSpULHXUHVUHFRXYUHQWOHVLQFLVLYHVLQIpULHXUHVVDQVSHUWHGHFRQWDFW

(94) / DUWLFXOpHQ WHQDLOOHDLQVLTXHOHVGHX[SLQFHVLQIpULHXUHVEDVFXOpHVYHUVO DYDQWVRQWDGPLV <HX[ ,OVVRQWSOXW{WSHWLWVHQDPDQGHOpJqUHPHQWREOLTXHVG H[SUHVVLRQLQWHOOLJHQWHHW FRQWHPSODWLYHHWGHFRXOHXUEUXQDPEUp/HVSDXSLqUHVQHVRQWMDPDLVOkFKHVHOOHVVRQW ERUGpHVGHQRLU/HUHJDUGHVWGRX[HWUrYHXU 2UHLOOHV (OOHVVRQWSODFpHVjKDXWHXUGHO¶°LODVVH]SHWLWHVGHIRUPHWULDQJXODLUHHWV DUURQGLVVHQWj OHXUH[WUpPLWp(OOHVWRPEHQWjSODWFRQWUHODWrWHHWVRQWSRUWpHVXQSHXSOXVKDXWORUVTXHOH FKLHQHVWHQpYHLO &RX ,OHVWIRUWDVVH]FRXUWDYHFGHVIDQRQVSHXGpYHORSSpV &RUSV /DORQJXHXUGXFRUSVGHODSRLQWHGHO pSDXOHjODSRLQWHGHODIHVVHHVWOpJqUHPHQWVXSpULHXUH jODKDXWHXUGXFKLHQDXJDUURW 'HVVXV ,OHVWELHQVRXWHQX *DUURW ,OHVWODUJH  . .

(95) 'RV ,OHVWGHERQQHORQJXHXUVROLGH 5HLQ ,OHVWGHORQJXHXUPR\HQQH &URXSH (OOHHVWOpJqUHPHQWREOLTXHDYHFGHVKDQFKHVDVVH]VDLOODQWHV )ODQF ,OHVWSHXGHVFHQGX 3RLWULQH (OOHQ HVWSDVWURSGHVFHQGXHPDLVODUJHHWORQJXH(OOHGHVFHQGDXQLYHDXGXFRXGHSDVSOXV EDVVDKDXWHXUHVWpJDOHRXOpJqUHPHQWLQIpULHXUHjODPRLWLpGHODKDXWHXUGXFKLHQDXJDUURW /HVF{WHVVRQWOpJqUHPHQWDUURQGLHV/HYLGHVRXVVWHUQDOHVWDXPRLQVpJDOjODPRLWLpGHOD KDXWHXUGXFKLHQDXJDUURW 4XHXH (OOHGHVFHQGDXPRLQVjODSRLQWHGXMDUUHW(OOHHVWWRXIIXHHWIRUPHSDQDFKHHOOHHVWSRUWpH EDVVHDXUHSRVDYHFVRQH[WUpPLWpIRUPDQWFURFKHWGHSUpIpUHQFH(OOHVHUHOqYHVXUOHGRVHQ V DUURQGLVVDQWIRUWHPHQWVHXOHVRQH[WUpPLWpWRXFKDQWOHUHLQ HQIDLVDQWODURXH©DUURXQGHUD ªVHORQO H[SUHVVLRQGHV0RQWDJQDUGVS\UpQpHQV

(96) TXDQGOHFKLHQHVWHQpYHLO 0HPEUHV 0HPEUHVDQWpULHXUV ,OVVRQWG DSORPEIRUWV eSDXOH (OOHHVWPR\HQQHPHQWREOLTXH %UDV ,OHVWPXVFOpGHORQJXHXUPR\HQQH $YDQWEUDV ,OHVWGURLWIRUWHWELHQIUDQJp &DUSH /HSRLJQHWHVWGDQVOHSURORQJHPHQWGHO DYDQWEUDV 0pWDFDUSH ,OHVWOpJqUHPHQWREOLTXH 3LHG ,OHVWSHXDOORQJpFRPSDFWDYHFOHVGRLJWVXQSHXFDPEUpV  . .

(97) 0HPEUHVSRVWpULHXUV /HVSRVWpULHXUVSUpVHQWHQWGHVIUDQJHVSOXVORQJXHVHWSOXVIRXUQLHVTXHOHVDQWpULHXUV9XGH GHUULqUHLOVVRQWSHUSHQGLFXODLUHVDXVRO &XLVVH (OOHHVWELHQPXVFOpHSDVWUqVORQJXHHWPR\HQQHPHQWREOLTXH©JLJRWpHª *UDVVHW ,OHVWPR\HQQHPHQWDQJXOpHWGDQVO D[HGXFRUSV -DPEH (OOHHVWGHORQJXHXUPR\HQQHHWIRUWH -DUUHW ,OHVWODUJHVHFPR\HQQHPHQWFRXGp 3LHG ,OHVWSHXDOORQJpFRPSDFWDYHFOHVGRLJWVXQSHXFDPEUpV (UJRWV /HVPHPEUHVSRVWpULHXUVSRUWHQWFKDFXQGHVHUJRWVGRXEOHVHWELHQFRQVWLWXpV/HVPHPEUHV DQWpULHXUVSRUWHQWSDUIRLVGHVHUJRWVVLPSOHVRXGRXEOHV $OOXUH /DGpPDUFKHGXFKLHQGHPRQWDJQHGHV3\UpQpHVHVWSXLVVDQWHHWDLVpHMDPDLVHPSUHLQWHGH ORXUGHXUOHPRXYHPHQWHVWSOXVDPSOHTXHUDSLGHHWQRQGpQXpG XQHFHUWDLQHVRXSOHVVHQL G XQHFHUWDLQHpOpJDQFH/HVDQJXODWLRQVGHFHFKLHQOXLSHUPHWWHQWGHVDOOXUHVVRXWHQXHV 3HDX (SDLVVHHWVRXSOHHOOHSUpVHQWHVRXYHQWGHVWDFKHVGHSLJPHQWDWLRQVXUWRXWOHFRUSV 5REH 3RLO ,OHVWELHQIRXUQLSODWDVVH]ORQJHWVRXSOHDVVH]FULVVDQWVXUOHVpSDXOHVHWOHGRVSOXVORQJj ODTXHXHHWDXWRXUGXFRXRLOSHXWRQGXOHUOpJqUHPHQW/HSRLOGHODFXORWWHSOXVILQHWSOXV ODLQHX[HVWWUqVIRXUQL/HVRXVSRLOHVWpJDOHPHQWELHQIRXUQL &RXOHXU (OOHHVWEODQFKHRXEODQFKHDYHFGHVWDFKHVG DSSDUHQFHJULVH SRLOGHEODLUHDXRXORXYHW

(98) RX MDXQHSkOHRXRUDQJH ©DUURX\Hª

(99) HQWrWHDX[RUHLOOHVHWjODQDLVVDQFHGHODTXHXHHW SDUIRLVVXUOHFRUSV/HVWDFKHVSRLOGHEODLUHDXVRQWOHVSOXVDSSUpFLpHV 7DLOOH . 0kOHjFP)HPHOOHjFP. 8QHWROpUDQFHGHFPDXGHVVXVHVWDGPLVHSRXUOHVVXMHWVSDUIDLWHPHQWW\SpV . .

(100) 3RLGV 0kOHHQYLURQNJ )HPHOOHHQYLURQNJ 'pIDXWV 7RXWpFDUWSDUUDSSRUWjFHTXLSUpFqGHGRLWrWUHFRQVLGpUpFRPPHXQGpIDXWTXLVHUDSpQDOLVp HQIRQFWLRQGHVDJUDYLWp $VSHFWJpQpUDO $VSHFWJpQpUDOGRQQDQWXQHLPSUHVVLRQGHORXUGHXUVDQVGLVWLQFWLRQ&KLHQJUDVPRX O\PSKDWLTXH 7rWH 7URSORXUGHGHIRUPHUHFWDQJXODLUH &UkQHWURSODUJHIURQWERPEp 6WRSWURSPDUTXpRXLQH[LVWDQW /qYUHVWURSGHVFHQGXHVIRUPDQWEDELQH 3LJPHQWDWLRQLQVXIILVDQWHGHODWUXIIHGXERUGGHVSDXSLqUHVHWGHVOqYUHV <HX[ . . . 5RQGVFODLUVHQIRQFpVRXSURpPLQHQWVWURSJUDQGVRXWURSSHWLWVWURSUDSSURFKpVRXWURS pFDUWpV7URLVLqPHSDXSLqUHYLVLEOH([SUHVVLRQGXUH 2UHLOOHV /DUJHVORQJXHVSDSLOORWpHVSOLVVpHVSRUWpHVUHMHWpHVHQDUULqUHDWWDFKpHVKDXW &RX *UrOHXQSHXORQJRXDXFRQWUDLUHWURSFRXUWGRQQDQWO LPSUHVVLRQTXHODWrWHHVWGDQVOHV pSDXOHV)DQRQWURSSURQRQFp &RUSV 'HVVXVHQVHOOpRXYRXVVpSORQJHDQWYHQWUHOHYUHWWpRXWRPEDQW 3RLWULQH 3RLWUDLOWURSODUJHRXWURSpWURLWF{WHSODWHRXDXFRQWUDLUHHQWRQQHDX 4XHXH 3HXIRXUQLHRXPDOSRUWpHWURSFRXUWHRXWURSORQJXHVDQVSDQDFKHQHIDLVDQWSDVODURXHHQ DFWLRQRXODIDLVDQWFRQWLQXHOOHPHQWPrPHDXUHSRV 0HPEUHVDQWpULHXUV 3DQDUGVRXFDJQHX[ $QJOHVFDSXORKXPpUDOWURSRXYHUW  . .

(101) 0HPEUHVSRVWpULHXUV 3DQDUGVRXFDJQHX[ -DUUHWGURLWRXH[FHVVLYHPHQWDQJXOp 3LHGV /RQJVSODWV 3RLO &RXUWRXIULVpVR\HX[PRXDEVHQFHGHVRXVSRLO 'pIDXWVpOLPLQDWRLUHV &RXOHXU $XWUHVFRXOHXUVTXHFHOOHVLQGLTXpHVGDQVOHVWDQGDUG 7UXIIH ' XQHFRXOHXUDXWUHTX DEVROXPHQWQRLUH 0kFKRLUHV 3URJQDWKLVPHVXSpULHXURXLQIpULHXURXWRXWHPDOIRUPDWLRQGHVPkFKRLUHV \HX[ /DGUHDX[SDXSLqUHVRHLOMDXQH (UJRWV $EVHQFHG HUJRWVHUJRWVLPSOHRXHUJRWGRXEOHDWURSKLpDX[SRVWpULHXUV.  )LJXUH'RXEOHVHUJRWVHWDQRPDOLHV /H0RQWDJQHGHV3\UpQpHV±&RFNHQSRW%

(102)  

(103)  7DLOOH (QGHKRUVGHVOLPLWHV 1%OHVPkOHVGRLYHQWDYRLUGHX[WHVWLFXOHVG DSSDUHQFHQRUPDOHFRPSOqWHPHQWGHVFHQGXV GDQVOHVFURWXP  . .

(104)  &RPPHQWDLUHV 

(105)  DSSDUHQFHJpQpUDOH /HIDLWG rWUHXQJpDQWGHO HVSqFHQHGRLWDEVROXPHQWSDVVHWUDQVIRUPHUHQH[FqVGHSRLGV FRQVpFXWLIjXQHVXUDOLPHQWDWLRQ'HPrPHOHIDLWG rWUHXQUHGRXWDEOHJDUGLHQQ LPSOLTXH SDVHWPrPHH[FOXWWRXWHPpFKDQFHWp/ pOpJDQFHJpQpUDOHUHVWHOHEXWUHFKHUFKpHQ)UDQFH FHTXLQ HVWSDVWRXMRXUVOHFDVKRUVGHQRVIURQWLqUHV WDLOOHHWSRLGV /HVWDLOOHVSUpYXHVODLVVHQWXQHIRXUFKHWWHVXIILVDQWHHQWUHPLQLPDHWPD[LPD8QHWDLOOHQRQ FRPSULVHGDQVFHVOLPLWHVHQWUDvQHXQHQRQFRQILUPDWLRQOHVPD[LPDSRXYDQWrWUHGpSDVVpVj FRQGLWLRQTXHOHVDQLPDX[UHVWHQWKDUPRQLHX[HWTXHOHVIHPHOOHVFRQVHUYHQWXQHDSSDUHQFH IpPLQLQH 4XDQWDXSRLGVOHVFKLIIUHVVRQWSXUHPHQWLQGLFDWLIVODEDODQFHQ pWDQWJXqUHXWLOLVpHGDQVOHV MXJHPHQWV&HSHQGDQWO LPSRUWDQFHGRQQpHjO pOpJDQFHHWjO KDUPRQLHLPSRVH DXWRPDWLTXHPHQWXQSRLGVRSWLPXPSRXUFKDTXHVXMHW WrWH 6RPPDLUHPHQWORQJXHXUGXFUkQHODUJHXUGXFUDQHHWORQJXHXUGXFKDQIUHLQVRQWpJDOHV,O DSSDUDvWpYLGHQWTX XQHEDELQHVXSpULHXUHWURSSHQGDQWHGRQQHUDLWjODWrWHXQHDOOXUHORXUGHHW PDQTXDQWG pOpJDQFH/ DWWHQWLRQHVWSRUWpHVXUODSLJPHQWDWLRQGHODWUXIIHHWGHVSDXSLqUHV HQHIIHWVXUXQFKLHQEODQFXQHGpSLJPHQWDWLRQH[FHVVLYHSRXUUDLWFRQGXLUHjDGPHWWUH O DOELQLVPH'HSOXVXQWHOGpIDXWHVWVRXYHQWPDUTXHXUGHWDUHVEHDXFRXSSOXVJUDYHV &HSHQGDQWODFRXOHXUGHODWUXIIHSHXWVXELUGHVYDULDWLRQVFKH]FHUWDLQVVXMHWVFKH]OHPkOH DXFRXUVGHODPXHHWFKH]ODIHPHOOHORUVGHPDQLIHVWDWLRQVVH[XHOOHVWHOOHVTXHO¶°VWUXVOD JHVWDWLRQRXO DOODLWHPHQW&HVGpFRORUDWLRQVQHFRQFHUQHQWJpQpUDOHPHQWTXHOHFHQWUHGHOD WUXIIHHWVRQWWUDQVLWRLUHV8QHWHOOHGpSLJPHQWDWLRQHVWG RULJLQHSK\VLRORJLTXHHWQRQ JpQpWLTXHHOOHQHVDXUDLWrWUHpOLPLQDWRLUHPDLVLOHVWUHFRPPDQGpDX[SURSULpWDLUHVGHQHSDV SUpVHQWHUGHVFKLHQVGDQVXQWHOpWDW \HX[ /DFRORUDWLRQEUXQDPEUpH[FOXWWRXWHFRXOHXUMDXQHFODLUTXLFKH]XQFKLHQPDVTXpGH VRPEUHGRQQHXQUHJDUGIL[HYRLUHKDJDUG8QWHOUHJDUGHVWLQFRPSDWLEOHDYHFO H[SUHVVLRQ UHFKHUFKpH RUHLOOHV ,OIDXWpYLWHUTXHOHFKLHQQHGUHVVHOHVRUHLOOHVFHTXLQXLWjO H[SUHVVLRQJpQpUDOH . . .

(106) GHQWV / DEVHQFHG XQHGHQWHWOHEDVFXOHPHQWYHUVO DYDQWGHVGHX[LQFLVLYHVPLWR\HQQHVLQIpULHXUHV VRQWWROpUpV FRUSV /HGRVV HQVHOOHIDFLOHPHQWVRXVO HIIHWG XQH[FqVGHSRLGVFHTXLH[SOLTXHO DMRXUQHPHQWGHV FKLHQVWURSJUDV PHPEUHV %LHQTXHGURLWVOHVDQWpULHXUVGRLYHQWFRQVHUYHUXQHFHUWDLQHDQJXODWLRQDXQLYHDXGXFDUSH DQJXODWLRQTXLGRLWUHVWHUGDQVGHVOLPLWHVDFFHSWDEOHVGHIDoRQjQHSDVQXLUHjO pOpJDQFHGX PRXYHPHQW3RXUOHVSRVWpULHXUVLOIDXWFRPEDWWUHODWHQGDQFHDXMDUUHWGURLW DQJOHGX MDUUHWWURSRXYHUW

(107) TXLSURYRTXHUDLGHXUGDQVODGpPDUFKHFURXSHVXUpOHYpHHWGRVSORQJHDQW (QFHTXLFRQFHUQHODSUpVHQFHGHVGRXEOHVHUJRWVFDUDFWpULVWLTXHFRPPXQHjTXHOTXHV YLHLOOHVUDFHVIUDQoDLVHV 0RQWDJQHGHV3\UpQpHV%HUJHUGH%HDXFH%HUJHUGH%ULH

(108) LO FRQYLHQWGHV DSSOLTXHUjODPDLQWHQLU 5HPDUTXHWRXWWURXEOHGHODGpPDUFKHDXQLYHDXGHVSRVWpULHXUVHQWUDvQHDXWRPDWLTXHPHQW O DMRXUQHPHQWGXVXMHWHWO REOLJDWLRQSRXUVRQSURSULpWDLUHG HIIHFWXHUGHVH[DPHQV UDGLRORJLTXHV&HWWHGpFLVLRQMXGLFLHXVHYLVHjSUpVHUYHUODUDFHFRQWUHODG\VSODVLHGHOD KDQFKHDIIHFWLRQKHXUHXVHPHQWUDUHFKH]OH0RQWDJQHGHV3\UpQpHV TXHXH (QSUDWLTXHVHXOHVOHVPDOIRUPDWLRQVVRQWVDQFWLRQQpHV DOOXUHV /HFKLHQGH0RQWDJQHGHV3\UpQpHVDGRSWHYRORQWLHUVO DPEOHDOOXUHMXJpHGLVJUDFLHXVH  (QFRQFOXVLRQLOH[LVWHXQHpFKHOOHGHSRLQWDJHGRQQDQWXQHYDOHXULQGLFDWLYHGHVSRLQWVj DWWULEXHU. . . FUkQHHWPXVHDX WUXIIHOqYUHVPkFKRLUHV

(109) «««« \HX[««««««««««««««««««« RUHLOOHV«««««««««««««««««« FRXGRVUHLQVFURXSH««««««««««« pSDXOHSRLWULQHF{WHVIODQFV««««««««« PHPEUHVHWSLHGV«««««««««««««« TXHXHHWSRUWGHTXHXH«««««««««««« SRLOFRXOHXUSLJPHQWDWLRQ«««««««««« DSSDUHQFHJpQpUDOH««««««««««««« 727$/««««««««««««««««« . . .

(110) /DVRPPHGHVSRLQWVDWWULEXpVjODWrWHDXSRLOjODUREHjO H[SUHVVLRQHWjO DOOXUHUHSUpVHQWH VRL[DQWHSRXUFHQWGXWRWDO& HVWjGLUHTXHFRQWUDLUHPHQWjQRPEUHG DXWUHVUDFHVODSXUHWp GXW\SHO HPSRUWHODUJHPHQWVXUOHVTXDOLWpVDQDWRPLTXHV ,OHVWjQRWHUDXVVLTX¶LOH[LVWHGHVVWDQGDUGVDQJORVD[RQVOpJqUHPHQWGLIIpUHQWVGHFHOXLFLFH TXLVHPEOHXQHDEHUUDWLRQFDURIILFLHOOHPHQWOHVWDQGDUGHVWFHOXLGXSD\VG¶RULJLQH/H VWDQGDUGDPpULFDLQHVWDVVH]LPSUpFLVHWODLVVHXQHJUDQGHOLEHUWpjO¶DSSUpFLDWLRQGHVMXJHV /DIRXUFKHWWHGHWDLOOHHVWLPSRUWDQWHDYHFGHVPLQLPDIDLEOHV jFPSRXUOHVPkOHV HWjFPSRXUOHVIHPHOOHV

(111) OHSRLGVHVWLQIpULHXUjFHOXLGXVWDQGDUGIUDQoDLV j NJSRXUOHVPkOHVHWjNJSRXUOHVIHPHOOHV

(112) 2QQ¶\PHQWLRQQHSDVO¶H[SUHVVLRQ S\UpQpHQQHTXLHVWHQ)UDQFHXQFULWqUHWUqVLPSRUWDQWSRXUODUDFH/HVWDQGDUGEULWDQQLTXH SRVVqGHTXDQWjOXLGHVPLQLPDpOHYpVSRXUODWDLOOHHWQ¶LQGLTXHSDVGHPD[LPXP FP SRXUOHVPkOHVHWFPSRXUOHVIHPHOOHV

(113) LOH[LVWHXQSRLGVPLQLPXP NJSRXUOHVPkOHV HWNJSRXUOHVIHPHOOHV

(114) /HVGHX[VWDQGDUGVSRUWHQWDXVVLPRLQVG¶DWWHQWLRQjODWrWHFHTXL QRXVO¶DYRQVYXHVWG¶XQHH[WUrPHLPSRUWDQFHSRXUREWHQLUO¶H[SUHVVLRQUHFKHUFKpHGDQVFHWWH UDFH. &3DUWLFXODULWpV  &DUDFWqUH &RPPHQWWUDLWHUGX0RQWDJQHGHV3\UpQpHVVDQVpYRTXHUVRQFDUDFWqUHTXLHVWjPRQDYLVXQ GHVSULQFLSDX[WUDLWVGHVDSHUVRQQDOLWp3DUDGR[DOHPHQWFHVWUDLWVGHFDUDFWqUHVSHXYHQW V¶DYpUHUrWUHGHVDWRXWVPDMHXUVSRXUFHUWDLQHVXWLOLVDWLRQVQRWDPPHQWFHOOHGHJDUGLHQGH WURXSHDX,OVVHURQWDORUVUHFKHUFKpVHWHQFRXUDJpVPDLVSDUIRLVLOVSHXYHQWrWUHGLIILFLOHVj JpUHUDXTXRWLGLHQSRXUVRQSURSULpWDLUHTXLOXLWURXYHUDDORUVG¶DXWUHVTXDOLWpV. D

(115)  7rWX 

(116)  6RXVVRQDSSDUHQFHGpERQQDLUHVHFDFKHXQHVSULWYLIHWLQGpSHQGDQW6RQHQWrWHPHQWHVW OpJHQGDLUHFHTXLSHXWrWUHDGPLUDEOHGDQVFHUWDLQVFDV$LQVLHQ)UDQoRLV%D\p3RXH\ GDQV©/¶RXUVHQYDOOpHG¶$VSHªFLWpSDU-DFTXHV&RO\QRXVHQFRQWHXQH[HPSOH©8QEHDX VRLUOHVVRQQDLOOHVGXWURXSHDXV¶DJLWHQWHWOHVEUHELVQHIRQWSOXVTX¶XQHPDVVHWHUULEOHPHQW VHUUpH/HEHUJHUVRUWFULHHWYRLWDXFODLUGHOXQHO¶RXUVDYHFXQHEUHELVVRXVOHEUDV/H YRLOjTXLV¶HQYD(WOHSDVWRXSDUWjVDVXLWH(WOHSDVWRXG¶DER\HUGHUULqUHO¶RXUV(WOH EHUJHUGHFULHU³3DVWRXWp3DVWRXWp´FDUFHQ¶pWDLWSOXVODSHLQHTXHOHFKLHQFRXUUHOH PDOpWDLWIDLW0DLV3DVWRXQHYRXODLWULHQVDYRLULOSDUWLWGHUULqUHO¶RXUVHQGLUHFWLRQGHOD. . .

(117) IRUrW/HOHQGHPDLQPDWLQjODSRLQWHGXMRXUOHSDVWRXpWDLWGHUHWRXU,OQ¶pWDLWSOXVEODQF LOpWDLWURXJHGHVDQJGpFKLUpGHSDUWRXWPDLVLOUDPHQDLWODEUHELV«(OOHpWDLWPRUWHPDLVLO O¶DYDLWDUUDFKpHjO¶RXUVª 

(118) &HWWHDQHFGRWHPRQWUHWRXWOHSDUDGR[HG¶XQWHOFKLHQFH FDUDFWqUHVLSDUWLFXOLHUTXLSHXWOHSRXVVHUDX[DFWHVOHVSOXVKpURwTXHVSHXWV¶DYpUHUSDUIRLV XQGpIDXWPDMHXUHWOXLIDLUHSHUGUHWRXWFUpGLWDXSUqVG¶XQHSHUVRQQHKDELWXpHjGHVUDFHVSOXV VRXPLVHV. E

(119)  ,QGpSHQGDQW 

(120)  ,OHVWUDUHPHQWREpLVVDQWHWUHIXVHWRXWHGLVFLSOLQHPDLVVRXYHQWDXVVLLOIHUDODVRXUGHRUHLOOH DX[RUGUHVTXHYRXVOXLODQFHUH]MXJHDQWSOXVDSSURSULpGHYDTXHUjVHVRFFXSDWLRQVjWHO SRLQWTX¶jXQHpSRTXHRQSHQVDLWTXHFHUWDLQVLQGLYLGXVpWDLHQWDWWHLQWVG¶XQHWDUHJpQpWLTXH SURYRTXDQWFKH]HX[XQHEDLVVHGHO¶DXGLWLRQ &¶HVWXQLQGpSHQGDQWPDLVLODSSUpFLHIRUWHPHQWOHFRQWDFWGHO¶KRPPH,ODSSUpFLHQHWWHPHQW PRLQVFHOXLGHVHVFRQJpQqUHVVXUWRXWV¶LOVVRQWjSHXSUpVGHVDWDLOOH(QHIIHWDXWDQWLO SUrWHUDSHXG¶DWWHQWLRQDX[DERLHPHQWVG¶XQ<RUNVKLUHDXWDQWO¶DSSURFKHG¶XQEHUJHU DOOHPDQGVHUDVXUYHLOOpHDYHFDWWHQWLRQHWLOQ¶KpVLWHUDSDVjO¶DIIURQWHUVLFHODHVWQpFHVVDLUH SHXWrWUHHQUDLVRQGHVDUHVVHPEODQFHDYHFOHORXS6RQWHPSpUDPHQWLQGpSHQGDQWOHSRXVVH DXVVLjH[SORUHUOHVHVSDFHVTXLO¶HQWRXUHQWHWLOVHUDDORUVYRORQWLHUVIXJXHXUSDUWDQWSDUIRLV PrPHSOXVLHXUVMRXUVPDLVVRQVHQVGHO¶RULHQWDWLRQLQQpOHUDPqQHUDWRXMRXUVjVRQSRLQWGH GpSDUW/HGDQJHUTXDQGOH0RQWDJQHGHV3\UpQpHVUpVLGHHQYLOOHYLHQWSOXW{WGHVDXWUHVFDU V¶LOIXJXHLOSHXWHIIUD\HUSOXVG¶XQHSHUVRQQHHWrWUHVRXUFHG¶DFFLGHQWVRXGHEDJDUUHVDYHF G¶DXWUHVFKLHQV. F

(121)  3URWHFWHXU 

(122)  &¶HVWXQSURWHFWHXUQpFHWWHSDUWLFXODULWpPLVHjSURILWGDQVVRQU{OHGHFKLHQGHWUDYDLOYLHQW VDQVGRXWHGHVDSWLWXGHVVRFLDOHVGXFKLHQGRPLQDQWDXVHLQGHODPHXWHTXLSURWqJHVHV FRQJpQqUHVG¶pYHQWXHOVSUpGDWHXUV&HWWHSDUWLFXODULWpDpWpHQFRXUDJpHSDUODVpOHFWLRQ HIIHFWXpHDXFRXUVGXWHPSVDILQGHIDYRULVHUXQDWWDFKHPHQWLQWHUHVSqFHDYHFOHVDQLPDX[ GRQWLODODJDUGH&HWDWWDFKHPHQWVHPDQLIHVWHDXVVLTXDQGLOHVWFKLHQGHFRPSDJQLHHWVRQ DIIHFWLRQVHWUDQVIHUWDORUVYHUVOHVPHPEUHVGHODIDPLOOHSRXUOHVTXHOVLOIDLWSUHXYHG¶XQH pQRUPHV\PSDWKLHPDLVLOIDXGUDYHLOOHUVRXVSHLQHGHFRPSOLFDWLRQVjFHTX¶LOUHVWHjVD SODFHGHFKLHQHWVRQPDvWUHGRLWrWUHOHVHXOjRFFXSHUFHOOHGHFKHIGHPHXWH 6RQF{WpQDWXUHOGHGRPLQDWHXUDYLWHIDLWVLRQQ¶\SUHQGJDUGHGHSUHQGUHOHGHVVXVF¶HVW SRXUTXRLO¶pGXFDWLRQGXFKLRWGRLWrWUHIDLWHGHPDLQGHPDvWUHSDUO¶HQVHPEOHGHODIDPLOOHHW. . .

(123) WRXWDXORQJGHVDYLH3RXUVRQpTXLOLEUHHWOHELHQrWUHGHODPDLVRQQpHOHFKLHQGRLWRFFXSHU ODSODFHTXLOXLHVWUpVHUYpHHWQRQTXHOTXHVRLWO¶DPRXUTXHYRXVOXLSRUWH]FHOOHG¶XQHQIDQW RXG¶XQDXWUHPHPEUHGHODIDPLOOH. G

(124)  0pILDQW 

(125)  ,OQHIDXWSDVRXEOLHUTXHVRQU{OHGHJDUGLHQDpWpOHVHXOSHQGDQWGHQRPEUHXVHVDQQpHVHW FHODHVWLQVFULWSURIRQGpPHQWGDQVVHVJrQHVLOIDXWGRQFHQWHQLUFRPSWHTXDQGRQSpQqWUH GDQVXQHQGURLWTXLHVWVRXVVRQFRQWU{OH ,OV¶DYqUHrWUHPpILDQWYLVjYLVGHVLQFRQQXVHWQHVHODLVVHSDVDSSURFKHUVSRQWDQpPHQWFDULO FRQVLGqUHWRXVOHVpWUDQJHUVFRPPHXQGDQJHUSRWHQWLHOLOIDXWOHODLVVHUDSSURFKHUDILQTX¶LO SUHQQHFRQQDLVVDQFHGHYRVLQWHQWLRQVVLFHOOHVFLVRQWERQQHVRXVLYRXVDYH]pWpLQWURGXLW FKH]OXLDYHFODEpQpGLFWLRQGHVRQPDvWUHLOQHPDQTXHUDSDVGHYRXVIDLUHXQDFFXHLO FKDOHXUHX[0DLVVLYRXVLQVLVWH]SRXUO¶DSSURFKHUHQHVVD\DQWGHOXLSODFHUODPDLQVXUODWrWH FHODVHUDSULVSDUOXLSRXUXQVLJQHGHVRXPLVVLRQTX¶LOUHIXVHUDYLYHPHQWSDUIRLVPrPHGH IDoRQDJUHVVLYH.  /¶H[SUHVVLRQS\UpQpHQQH 

(126)  &HWWHH[SUHVVLRQS\UpQpHQQHHVWXQFULWqUHGHVpOHFWLRQSURSUHDX0RQWDJQHGHV3\UpQpHVHOOH HVWXQHGHVFDUDFWpULVWLTXHVSULQFLSDOHVjUHFKHUFKHUFKH]XQLQGLYLGX(OOHQpFHVVLWHWURLV IDFWHXUVG¶DSUqVFHUWDLQVMXJHV  O¶REOLTXLWpHWODIRUPHDVLDWLTXHGHO¶°LO  /¶RUHLOOHDWWDFKpHEDV  /DOLJQHFUDQLRQDVDOHHQSHQWHGRXFHHWVDQVFDVVXUH.  )LJXUH/LJQHGHO¶°LOFKH]OHPRQWDJQHGHV3\UpQpHV /HFKLHQGHPRQWDJQHGHV 3\UpQpHV±/XTXHW0

(127) >@. . .

(128) 0DLVHOOHUHVWHXQFULWqUHDVVH]SHXGpILQLVVDEOHSDUGHVPRWVRQSHXWFRPPHGDQVOHVWDQGDUG SDUOHUGHUHJDUGGRX[HWUrYHXUG¶H[SUHVVLRQLQWHOOLJHQWHHWFRQWHPSODWLYH2QSHXWO¶LPDJLQHU VFUXWDQWO¶KRUL]RQGDQVVHVPRQWDJQHVQDWDOHVVHVVHQVHQpYHLOSUrWjpSLHUOHPRLQGUH PRXYHPHQWDOHQWRXU0DLVVHXOHO¶REVHUYDWLRQGHFHWWHH[SUHVVLRQFDUDFWpULVWLTXHGX 0RQWDJQHGHV3\UpQpHVSHUPHWGHODUHFRQQDvWUHTXDQGHOOHHVWSUpVHQWHFKH]XQLQGLYLGX (OOHDpWpPDLQWHQXHHWUHFKHUFKpHGHWRXWWHPSVSDUOHVEHUJHUVS\UpQpHQVTXLYR\DLHQWHQ FHODXQFULWqUHGHSXUHWpGHODUDFHHWGHTXDOLWpGHJDUGLHQPDLVDXVVLSHXWrWUHSDUFHTX¶LOV pWDLHQWDORUVILHUVGHSRVVpGHUXQDQLPDOD\DQWFHUHJDUGGHVHLJQHXUYHLOODQWVXUOHWURXSHDXHW PHWWDQWDORUVVRQSURSULpWDLUHHQYDOHXU. '3DWKRORJLH ,OHVWLPSRVVLEOHHWIDVWLGLHX[GHIDLUHXQFDWDORJXHFRPSOHWGHVGLIIpUHQWHVSDWKRORJLHV WRXFKDQWOH0RQWDJQHGHV3\UpQpHVGHSOXVDXFXQHQHOXLHVWSURSUHPHQWUpVHUYpHPDLVLOOHV SDUWDJHELHQVRXYHQWDYHFOHVDXWUHVJpDQWVGHO¶HVSqFHFDQLQH1RXVDOORQVGRQFQRXVDWWDFKHU GDQVFHWWHpWXGHjTXHOTXHVDIIHFWLRQVVpOHFWLRQQpHVSRXUOHXUIUpTXHQFHRXOHXUJUDYLWpDLQVL TXHFHOOHVFRQVLGpUpHVFRPPHGHVYLFHVUpGKLELWRLUHVSDUOHVWDQGDUGRIILFLHO.  'HODFURLVVDQFH. D

(129)  6\QGURPHGXFKLRWQDJHXU VZLQQ\SXSS\V\QGURP

(130)  

(131)  0DODGLHFRQJpQLWDOHSURSUHjFHUWDLQHVUDFHV 0RQWDJQHGHV3\UpQpHV6HWWHU,UODQGDLV /DEUDGRU

(132) SRUWpHSDUXQJqQHDXWRVRPDOUpFHVVLI(OOHFRUUHVSRQGjXQGpIDXWGHPDWXUDWLRQ GXV\VWqPHQHXURPXVFXODLUH/HFKLRWHVWDWWHLQWGDQVOHVWURLVSUHPLHUVMRXUVGHVDYLHLOQH SHXWVHPHWWUHGHERXWHWQDJHVXUOHVRO /HWUDLWHPHQWFRQVLVWHHQXQHUppGXFDWLRQIRQFWLRQQHOOHLOIDXWVRXOHYHUO¶DQLPDOSRXUOXL SHUPHWWUHGHWURXYHUO¶pTXLOLEUHVXUVHVSDWWHVHWOXLIRXUQLUXQVROQRQOLVVHFHODGHPDQGHGX WHPSVPDLVOHVUpVXOWDWVVRQWERQV. E

(133)  /HPpJD°VRSKDJH 

(134)  $IIHFWLRQFDUDFWpULVpHSDUXQHGLODWDWLRQRHVRSKDJLHQQHVRXYHQWSHUPDQHQWHHWLUUpYHUVLEOH FRQFHUQDQWWRXWRXSDUWLHGHO¶°VRSKDJH(OOHIDLWVXLWHOHSOXVVRXYHQWjXQHSDUDO\VLHPRWULFH GHO¶°VRSKDJH . . .

(135) 

(136) 6LJQHVFOLQLTXHV (OOHVHPDQLIHVWHSDUGHVUpJXUJLWDWLRQVHWSDUIRLVGHVYRPLVVHPHQWVOHFKLHQHVWLQFDSDEOH G¶DYDOHUODQRXUULWXUHHWDWHQGDQFHjPDLJULUGHIDoRQH[FHVVLYH/HVFRPSOLFDWLRQVVRQW IUpTXHQWHVVXUWRXWGHVEURQFKRSQHXPRQLHVSDUIDXVVHVGpJOXWLWLRQV. 

(137) (WLRORJLH (OOHHVWOHSOXVVRXYHQWFRQJpQLWDOHWUDQVPLVHGHPDQLqUHJpQpWLTXHHWVHPDQLIHVWHHQWUH O¶kJHGHPRLVHWDQPDLVHOOHSHXWrWUHDXVVLDFTXLVH WpWDQRVK\SRWK\URwGLH K\SRFRUWLVVLVPHK\SRNDOLpPLHLQWR[LFDWLRQDXSORPEOXSXVPHGLDVWLQLWH

(138) . 

(139) 'LDJQRVWLF /HGLDJQRVWLFHVWFRQILUPpSDUUDGLRJUDSKLHVDQVHWDYHFSURGXLWGHFRQWUDVWHTXLSHUPHWGH YLVXDOLVHUODGLODWDWLRQGHO¶°VRSKDJH.  SKRWR0pJDRHVRSKDJH5DGLRVDQVSUpSDUDWLRQ /HPpJDRHVRSKDJHGXFKLHQ 'DUJHQW)±$GUHVVH85/KWWSZZZRPQLYHWRUJVLWHFDUQHWFDQLQHPHJDRHVRSKDJH KWPO. 

(140) 7UDLWHPHQW /HWUDLWHPHQWHVWFHOXLGHODPDODGLHHQFDXVHVLRQODFRQQDvWDLQVLTXHFHOXLGHVpYHQWXHOOHV FRPSOLFDWLRQV,OIDXWPHWWUHHQ°XYUHGHVPHVXUHVK\JLpQLTXHVDILQG¶DPpOLRUHUOHFRQIRUWGH O¶DQLPDO GRQQHUXQDOLPHQWKXPLGHIDLUHPDQJHUDYHFODWrWHHQKDXWHXUQHSDVGRQQHUGH PpGLFDPHQWVSDUYRLHRUDOH

(141) 2QSHXWXWLOLVHUGHVVWLPXODQWVGHODPRWULFLWpRHVRSKDJLHQQH FRPPHOHPHWRFORSUDPLGH 3ULPSpULGŠ

(142) RXOHFLVDSULGH 3UHSXOVLGŠ

(143) RXGHVLQKLELWHXUVGHV FDQDX[FDOFLTXHV. . .

(144) 

(145) 3URQRVWLF 0DLVPDOKHXUHXVHPHQWOHWUDLWHPHQWHVWELHQVRXYHQWLQHIILFDFHHWO¶pWDWJpQpUDOGHO¶DQLPDO TXLVHGpJUDGHSRXVVHIUpTXHPPHQWOHVSURSULpWDLUHVjGHPDQGHUO¶HXWKDQDVLHGHO¶DQLPDO ,OQHIDXWSDVFRQIRQGUHFHWWHDIIHFWLRQDYHFOHMDERW°VRSKDJLHQTXLHQFDVGHGH[WURSRVLWLRQ GHO¶DRUWHHVWG€jXQHVWUDQJXODWLRQGHO¶°VRSKDJHHQWUHODEDVHGXF°XUO¶DUWqUHSXOPRQDLUH OHOLJDPHQWDUWpULHOHWO¶DRUWH/HVV\PSW{PHVVRQWFRPSDUDEOHVPDLVOHWUDLWHPHQWTXLFRQVLVWH jVHFWLRQQHUOHOLJDPHQWDUWpULHOGHIDoRQFKLUXUJLFDOHHVWLFLELHQSOXVHIILFDFH. F

(146)  $IIHFWLRQVPpWDEROLTXHV /H0RQWDJQHGHV3\UpQpHVFRPPHWRXVOHVJpDQWVGHO¶HVSqFHFDQLQHSRVVqGHXQHFURLVVDQFH WUqVUDSLGH,OYDHQO¶HVSDFHGHTXHOTXHVPRLVPXOWLSOLHUVRQSRLGVSDURQFRPSUHQGDORUV DLVpPHQWOHU{OHTXHMRXHO¶DOLPHQWDWLRQSHQGDQWFHWWHSpULRGHHWVXUWRXWO¶DSSRUW YLWDPLQRFDOFLTXH/DPRLQGUHHUUHXUVHUDWUqVYLWHVDQFWLRQQpHHWOHVFRQVpTXHQFHVVXUOH VTXHOHWWHSRXUURQWV¶DYpUHUH[WUrPHPHQWJUDYHV,OH[LVWHDXVVLGHVFRQVpTXHQFHVGLUHFWHVG¶XQ GpVpTXLOLEUHDOLPHQWDLUHTXLRQWWHQGDQFHjGLVSDUDvWUHDYHFO¶XWLOLVDWLRQSOXVIUpTXHQWHGHV DOLPHQWVGXFRPPHUFH.  3RLGVHQNJ.   . PkOHV. . IHPHOOHV.    . . . . $JHHQPRLV.  JUDSKLTXH&RXUEHVGHFURLVVDQFH /HFKLHQGHPRQWDJQHGHV3\UpQpHV±%ROODFKH-

(147) >@. 

(148) 2VWpRILEURVH 

(149)  $IIHFWLRQGRQWVRQWDWWHLQWVOHVFKLRWVGHJUDQGHUDFHUHFHYDQWXQDSSRUWFDOFLTXHLQVXIILVDQW HVVHQWLHOOHPHQWORUVGHUpJLPHH[FOXVLYHPHQWFRQVWLWXpGHYLDQGH /HVV\PSW{PHVVRQWGHO¶DQ[LpWpGHO¶DQRUH[LHGHVGLDUUKpHVGHVGRXOHXUVXQHGpIRUPDWLRQ GXVTXHOHWWHGHVERLWHULHVGHVDSORPEVDQRUPDX[DYHFXQHWHQGDQFHjODSODQWLJUDGLHHWGH JUDQGVULVTXHVGHIUDFWXUHVHQERLVYHUWV . .

(150) /HWUDLWHPHQWSDVVHSDUXQUppTXLOLEUDJHGXUpJLPHDOLPHQWDLUHPDLVGHVVpTXHOOHVSHXYHQW SHUVLVWHU. 

(151) 2VWpRG\VWURSKLHK\SHUWURSKLTXH 

(152)  $IIHFWLRQG¶RULJLQHPXOWLIDFWRULHOOHG€HjXQHK\SRYLWDPLQRVH&HWXQHK\SHUYLWDPLQRVH' DVVRFLpHVjXQH[FqVG¶DSSRUWSKRVSKRFDOFLTXHTXLDWWHLQWOHVFKLHQVGHJUDQGHUDFHHQWUHO¶kJH GHjPRLV (OOHSURYRTXHXQGpIDXWGHV\QWKqVHRVWpREODVWLTXHGHVKpPRUUDJLHVVRXVHWH[WUDSpULRVWpHV HWXQUHWDUGGHFKRQGURO\VH /HVV\PSW{PHVVRQWXQHDOWpUDWLRQGHO¶pWDWJpQpUDOGHO¶K\SHUWKHUPLHHWGHVERLWHULHVDYHF K\SHUWURSKLHPpWDSK\VDLUHGHVRVORQJV /HGLDJQRVWLFHVWUDGLRORJLTXHHWPRQWUHXQHPpWDSK\VHpODUJLHUDGLRRSDTXHDYHFDXWRXUGHV GpS{WVRVVHX[HQPDQFKRQ /HWUDLWHPHQWVHIDLWSDUFRUUHFWLRQGHODUDWLRQDOLPHQWDLUHHWVXSSOpPHQWDWLRQHQYLWDPLQH&  jPJNJM

(153)  /HSURQRVWLFHVWDVVH]ERQFDUELHQVRXYHQWODJXpULVRQHVWVSRQWDQpH. G

(154)  $IIHFWLRQVGXVTXHOHWWH 

(155) 2VWpRFKRQGULWHGLVVpFDQWH 

(156)  &HWWHDIIHFWLRQWRXFKHOHVDQLPDX[GRQWOHSRLGVDGXOWHHVWVXSpULHXUjNJHWVHPEOH G¶RULJLQHSOXULIDFWRULHOOH QXWULWLRQQHOOHKRUPRQDOHJpQpWLTXHRXWUDXPDWLTXH

(157) (OOHHVW SURYRTXpHSDUODOLEpUDWLRQG¶XQYROHWFDUWLODJLQHX[TXLVHPLQpUDOLVHGDQVO¶DUWLFXODWLRQGH O¶pSDXOHjFDXVHG¶XQWURXEOHGHO¶RVVLILFDWLRQHQGRFKRQGUDOHHWGHPLFURWUDXPDWLVPHV&H IUDJPHQWPLJUHHWYDVHORJHUGDQVODFRXOLVVHELFLSLWDOHRQSDUOHDORUVGHVRXULVDUWLFXODLUH (OOHVHPDQLIHVWHSDUXQHERLWHULHG¶DSSXLG¶LQWHQVLWpYDULDEOHV¶H[DFHUEDQWjFKDXG /¶H[DPHQPRQWUHXQHDP\RWURSKLHGHVPXVFOHVVXVHWVRXVpSLQHX[ORUVG¶DWWHLQWHDQFLHQQH XQHSDOSDWLRQGRXORXUHXVHGHO¶DUWLFXODWLRQXQHGRXOHXUjODPRELOLVDWLRQHWGHVGpIRUPDWLRQV /HGLDJQRVWLTXHVHIDLWSDUODUDGLRJUDSKLHGXPHPEUHHQH[WHQVLRQOHIUDJPHQWHVWYLVLEOHHW LOH[LVWHHQXQSRLQWXQGpIDXWG¶RVVRXVFKRQGUDOH . . .

(158)  SKRWR5DGLRGHO pSDXOHFKH]XQPRQWDJQHGHV3\UpQpHVGHPRLVPRQWUDQWXQ GpFROOHPHQWGXFDUWLODJHDUWLFXODLUH KWWSSHUVRZDQDGRRIUJRGDWYHWRHSDXOHKWPO

(159)   /HWUDLWHPHQWHVWOHFRQILQHPHQWSRXUGHVOpVLRQVGpEXWDQWHVDILQG¶pYLWHUXQHDJJUDYDWLRQLO HVWFKLUXUJLFDOVLOHVOpVLRQVVRQWSOXVDYDQFpHV,OYLVHDORUVjUHWLUHUOHIUDJPHQWGH O¶DUWLFXODWLRQ/HSURQRVWLFGpSHQGGXGHJUpG¶DYDQFHPHQWGHVOpVLRQVDLQVLTXHGHOD SUpFRFLWpGHPLVHHQ°XYUHGXWUDLWHPHQW. 

(160) /DG\VSODVLHGHODKDQFKH 

(161)  $QRPDOLHGHO¶DUWLFXODWLRQFR[RIpPRUDOHGDQVODTXHOOHLO\DVXEOX[DWLRQGHODWrWHGXIpPXU TXLSURYRTXHXQHpURVLRQGHODFDYLWpDUWLFXODLUHFHFLDERXWLWjXQHERLWHULHGXSRVWpULHXUGHV GRXOHXUVHWXQHOLPLWDWLRQGHVPRXYHPHQWV D

(162)  (WLRORJLH. 0DOJUpXQHRULJLQHJpQpWLTXHSUREDEOHPHQWSRO\JpQLTXHGpPRQWUpRQV¶DFFRUGHVXUOHIDLW TXHFHUWDLQHVUDFHVGHSDUOHXUFRQIRUPDWLRQVHPEOHQW\rWUHSUpGLVSRVpHV'HSOXVOH GpYHORSSHPHQWWUqVUDSLGHGX0RQWDJQHGHV3\UpQpHVH[HUFHXQHLQIOXHQFHQpJDWLYHHQ VRXPHWWDQWXQHDUWLFXODWLRQHQIRUPDWLRQjGHVFRQWUDLQWHVWUqVLPSRUWDQWHV E

(163)  'LDJQRVWLF. /¶H[DPHQUDGLRORJLTXHVRXVDQHVWKpVLHJpQpUDOHHVWODVHXOHPpWKRGHSRXUGpWHFWHUOHV LQGLYLGXVSRUWHXUVGHODPDODGLHHOOHSHUPHWG¶REWHQLUGHVFOLFKpVVHORQXQHSRVLWLRQ SUpGpILQLHDYHFXQHGpFRQWUDFWLRQPXVFXODLUHWRWDOH2QUDQJHDORUVOHVLQGLYLGXVHQFLQT FODVVHVVHORQODFRQJUXHQFHGHO¶DUWLFXODWLRQHWODYDOHXUGHO¶DQJOHGH1RUEHUJ2OVRQ DQJOH . .

(164) GpWHUPLQpSDUXQHGURLWHTXLSDVVHSDUOHFHQWUHGHVGHX[WrWHVIpPRUDOHVHWXQHGURLWHTXLSDUW GHFKDTXHFHQWUHIpPRUDOYHUVOHERUGFUDQLDOGHO¶DFpWDEXOXP

(165) TXLHVWSK\VLRORJLTXHPHQW VXSpULHXURXpJDOjƒ.  )LJXUH6WDGHVGHODG\VSODVLHGHODKDQFKH 0DQXDORIVPDOODQLPDOGLDJQRVWLF LPDJLQJ±5RELQ/HH

(166) >@  2QSHXWDOOHUGHODFODVVH$LQGHPQHGHG\VSODVLHDYHFXQHFRQJUXHQFHSDUIDLWHHQWUHOH FRW\OHHWODWrWHIpPRUDOHHWXQDQJOHGH1RUEUJ2OVRQVXSpULHXUQRUPDOjODFODVVH( G\VSODVLHVpYqUHDYHFXQDQJOHLQIpULHXUjƒXQHVXEOX[DWLRQYRLUOX[DWLRQGHODKDQFKHGHV RVWpRSK\WRVHPDVVLYHHWXQDSODWLVVHPHQWWRWDOGXFRW\OH . .

(167) F

(168)  7UDLWHPHQW. /HWUDLWHPHQWGpSHQGGHO¶pWDWG¶DYDQFHPHQWGHODPDODGLHHWSHXWDOOHUG¶XQVLPSOH WUDLWHPHQWDQWLLQIODPPDWRLUHDILQG¶DWWpQXHUODGRXOHXUDYHFXQHPLVHDXUHSRVGH O¶DUWLFXODWLRQjXQHRSpUDWLRQFKLUXUJLFDOH P\HFWRPLHGXPXVFOHSHFWLQpRVWpRWRPLHGHOD WrWHIpPRUDOHWULSOHRVWpRWRPLHGXEDVVLQSURWKqVHGHKDQFKH

(169) 0DLVRQREVHUYHTXHGDQVOD PDMHXUHSDUWLHGHVFDVFHWWHDIIHFWLRQUHVWHORQJWHPSVDV\PSWRPDWLTXHJUkFHDX[PXVFOHVGH ODFHLQWXUHSHOYLHQQHTXLSHUPHWWHQWXQERQPDLQWLHQGHO¶DUWLFXODWLRQHWQHQpFHVVLWHDORUV DXFXQWUDLWHPHQW ,OIDXWFHSHQGDQWHQUDLVRQGHVRQFDUDFWqUHJpQpWLTXHVRXPHWWUHOHVUHSURGXFWHXUVjXQ H[DPHQUDGLRORJLTXHHWpFDUWHUGHODUHSURGXFWLRQOHVLQGLYLGXVVXVFHSWLEOHVGHWUDQVPHWWUHOD PDODGLH6RQWUHFRQQXVH[HPSWGHG\VSODVLHOHVVXMHWVDX[VWDGHV$RX%HWSHXYHQWDORUVrWUH FODVVpVUHFRPPDQGpGDQVODJULOOHGHFRWDWLRQGHVJpQLWHXUV,OH[LVWHGHSOXVXQHFKDUWH G¶pOHYDJHGHOD5pXQLRQGHV$PDWHXUVGH&KLHQV3\UpQpHQVSDUODTXHOOHOHVpOHYHXUV V¶HQJDJHQWYRORQWDLUHPHQWjQHSDVIDLUHUHSURGXLUHGHFKLHQVDWWHLQWVGXVWDGH&. 

(170) /X[DWLRQURWXOLHQQHODWpUDOH 

(171)  D

(172)  (WLRORJLH. &HWWHDIIHFWLRQHVWSUHVTXHH[FOXVLYHPHQWFRQQXHFKH]OHVUDFHVJpDQWHV(OOHHVWKpUpGLWDLUH PDLVWRXVOHVDQLPDX[G¶XQHPrPHSRUWpHQHYRQWSDVrWUHDWWHLQWVDYHFODPrPHJUDYLWpGH SOXVOHVIDFWHXUVHQYLURQQHPHQWDX[MRXHQWXQU{OHORUVGXSDVVDJHjO¶H[SUHVVLRQFOLQLTXH VXUDOLPHQWDWLRQYLWDPLQRFDOFLTXHHWSURWpLTXHH[HUFLFHSK\VLTXHWURSLQWHQVHGpVpTXLOLEUH KRUPRQDO

(173)  E

(174)  6LJQHVFOLQLTXHV. ,OH[LVWHTXDWUHVWDGHVGHJUDYLWpVHORQODFODVVLILFDWLRQGH3XWPDQ6LQJOHWRQGLIIpUHQFLpV HVVHQWLHOOHPHQWSDUODSHUPDQHQFHGHODOX[DWLRQHWVDUpGXFWLELOLWp/HVWDGH,9SHXWOXLPrPH rWUHVXEGLYLVpHQWURLVFDWpJRULHVVHORQOHQRPEUHGHPHPEUHVWRXFKpVOHVGpIRUPDWLRQV PXVFXORVTXHOHWWLTXHVHWODSUpVHQFHRXQRQG¶XQHG\VSODVLHGHODKDQFKH (OOHDSSDUDvWHQWUHO¶kJHGHWURLVHWVL[PRLVHWVHPDQLIHVWHSDUGHVDQRPDOLHVGHOD GpPDUFKHGHVERLWHULHVGHVGpIRUPDWLRQVGXRXGHVPHPEUHVSRVWpULHXUVYRLUGHV LQFDSDFLWpVjVHPRXYRLU/DPDQLSXODWLRQGHVJHQRX[HWODSDOSDWLRQGHVPDVVHVPXVFXODLUHV GHODMDPEHVRXYHQWDWURSKLpHVVRQWGRXORXUHXVHV6XUOHVUDGLRJUDSKLHVOHVOpVLRQVVRQW YDULDEOHVHWSDVWRXMRXUVYLVLEOHV. . .

(175) F

(176)  7UDLWHPHQW. /HWUDLWHPHQWHVWXQLTXHPHQWFKLUXUJLFDOHWYLVHjUpWDEOLUXQD[HUHFWLOLJQHTXDGULFHSVURWXOH FUrWHWLELDOHFHQWUpVXUODWURFKOpHHWXQHDUWLFXODWLRQGXJHQRXIRQFWLRQQHOOH/HVPHLOOHXUHV WHFKQLTXHVVHPEOHQWrWUHOHUHFRXYUHPHQWUpWLQDFXODLUHHWFDSVXODLUHPpGLDOODGHVPRWRPLH ODWpUDOHODVXOFRSODVWLHSDUHQIRQFHPHQWDYHFH[pUqVHG¶XQHODPHG¶RVDXQLYHDXGHODOqYUH WURFKOpDLUHODWpUDOHODWUDQVSRVLWLRQGHODFUrWHPpGLDOHVHXOHVRXDVVRFLpHV,OSHXWDXVVLrWUH QpFHVVDLUHGHWUDLWHUODG\VSODVLHGHODKDQFKHSRXUOHVFDVOHVSOXVJUDYHVSDUOHVWHFKQLTXHV FKLUXUJLFDOHVKDELWXHOOHV WULSOHRVWpRWRPLHGXEDVVLQRVWpRWRPLHGHODWrWHIpPRUDOHSURWKqVH GHKDQFKHSHFWLQHFWRPLHDVVRFLpHjXQHLOLRSVRDVWpQRWRPLH«

(177) /HWUDLWHPHQWGRLWVHIDLUHVXU OHVGHX[JHQRX[HQPrPHWHPSVSRXUpYLWHUTXHO¶DQLPDOQHUHSRUWHVRQSRLGVVXUOHPHPEUH QRQRSpUp G

(178)  3URQRVWLF. /HSURQRVWLFGpSHQGTXDQWjOXLHVVHQWLHOOHPHQWGHO¶kJHGXFKLHQFDUGDQVXQHSUHPLqUH SKDVHGLWHG\QDPLTXHOHMHXQHFKLHQSRVVqGHXQHRVVDWXUHHQFRUHVXIILVDPPHQWSODVWLTXHHW OHVGpIRUPDWLRQVVRQWPRLQVLPSRUWDQWHVTXHGDQVODVHFRQGHSKDVHGLWHVWDWLTXHROHVOpVLRQV VRQWGpMjLQVWDOOpHV. H

(179)  $IIHFWLRQVGHVSDXSLqUHV 

(180)  1RXVDYRQVYXGDQVOHVWDQGDUGTXHOHV\HX[GRLYHQWrWUHLGpDOHPHQWHQDPDQGHHQFKkVVpV GDQVGHVSDXSLqUHVVHUUpHVHWERUGpHVGHQRLU&HUWDLQVLQGLYLGXVSUpVHQWHQWXQUHWRXUQHPHQW GHODSDXSLqUHYHUVO¶LQWpULHXUDSSHOpHQWURSLRQRXYHUVO¶H[WpULHXUDSSHOpHFWURSLRQTXLVRQWOH SOXVVRXYHQWWUDQVPLVKpUpGLWDLUHPHQWPDLVTXLSHXYHQWDXVVLrWUHDFTXLVSDUH[HPSOHVXLWHj XQWUDXPDWLVPH &KH]OH0RQWDJQHGHV3\UpQpHVRQREVHUYHOHSOXVIUpTXHPPHQWVRLWXQHQWURSLRQGLW FRPSOH[HDYHFO¶©°LOGLDPDQWªRX°LOHQORVDQJHTXLHVWHQIDLWXQHQWURSLRQjGHPLPpGLDO DVVRFLpjXQHFWURSLRQjGHPLODWpUDOHWjXQHIIRQGUHPHQWGXFDQWKXVODWpUDOVRLWXQHQWURSLRQ DVVRFLpjXQGLVWLFKLDVLV&HVGHX[DIIHFWLRQVSURYRTXHQWXQHLUULWDWLRQGHO¶°LOSOXV LPSRUWDQWHSRXUO¶HQWURSLRQDYHFGLVWLFKLDVLVROHVFLOVYLHQQHQWLUULWHUODFRUQpHHWSHXYHQW PrPHSURYRTXHUGHVXOFqUHVVXUFHOOHFL. . .

(181)  &RUUHFWLRQGHO¶HQWURSLRQLQIpURODWpUDO&RUUHFWLRQGHO¶HQWURSLRQVXSpURODWpUDO )LJXUH&RUUHFWLRQGHO HQWURSLRQ 3DWKRORJLHGHVSDXSLqUHV±6FKPLGW0RUDQG

(182) >@ /HWUDLWHPHQWIDLWUHFRXUVjODFKLUXUJLHDILQGHUHQGUHDX[SDXSLqUHVXQHFRQIRUPDWLRQSURFKH GHODQRUPDOHSRXUFHODRQSUDWLTXHGHVUpVHFWLRQVGHODPEHDX[FXWDQpVDXQLYHDXGHOD SDXSLqUHGHIRUPHVGLIIpUHQWHVVHORQODFRUUHFWLRQjDSSRUWHU/DOLJQHG¶LQFLVLRQFRQFHUQHOH FDQWKXVHQURXOpSRXUOHGpSOLHUHWOHUHSRVLWLRQQHU 'XIDLWGHOHXUDVSHFWWUqVSHXHVWKpWLTXHHWGHOHXUFDUDFWqUHKpUpGLWDLUHFHVDIIHFWLRQV FRQVWLWXHQWXQGpIDXWjO¶pJDUGGXVWDQGDUGRIILFLHO.  $GXOWH. D

(183)  6HQVLELOLWpDX[DQHVWKpVLTXHV 

(184)  /HVPRORVVRwGHVGRQWIDLWSDUWLHOH0RQWDJQHGHV3\UpQpHVVRQWGHVDQLPDX[DVVH]GLIILFLOHVj JpUHUVXUOHSODQGHVSURWRFROHVDQHVWKpVLTXHVG¶XQHSDUWjFDXVHGHOHXUSRLGVpOHYpTXL LPSRVHGHJURVVHVGRVHVG¶DXWUHSDUWjFDXVHGHSDUWLFXODULWpVSK\VLRORJLTXHV(QHIIHWLOV VRQWSOXVVHQVLEOHVDX[GURJXHVXWLOLVpHVPDLVSRVVqGHQWDXVVLXQHUpSRQVHYDJDOHVXSpULHXUHj FHOOHGHVDXWUHVUDFHVHWXQU\WKPHFDUGLDTXHELHQSOXVOHQW,OIDXWGRQFDMXVWHUODGRVHDILQGH SURYRTXHUXQHDQDOJpVLHVXIILVDQWHSRXUpYLWHUXQHEUDG\FDUGLHSRXYDQWrWUHPRUWHOOHPDLV DXVVLQHSDVSORQJHUO¶DQLPDOGDQVXQVRPPHLOWURSSURIRQGVRXVSHLQHGHQHSDVSRXYRLUOH UpYHLOOHU. E

(185)  6XUGLWp 

(186)  'HSDUVDFRXOHXUEODQFKHOH0RQWDJQHGHV3\UpQpHVHVWVRXSoRQQpGHWDUHVJpQpWLTXHV DVVRFLpHVjO¶DOELQLVPHSRXYDQWHQWUDvQHUXQGpIDXWGHVHVFDSDFLWpVDXGLWLYHV'¶RUGLQDLUHLO . .

(187) SRVVqGHXQHRXwHWUqVILQHPDLVLODUULYHTX¶RQSXLVVHFURLUHjXQHpYHQWXHOOHVXUGLWpTXLQH VHUDLWHQUpDOLWpTX¶XQHYRORQWpGpOLEpUpHGHIDLUHODVRXUGHRUHLOOH&¶HVWFHTXLDHQWUHWHQX G¶DSUqVPRLFHWWHUXPHXUFDUDXFXQHpWXGHQ¶DFRQILUPpFHWWHK\SRWKqVH. F

(188)  &DOORVLWpV 

(189)  &HVRQWGHVOpVLRQVG¶K\SHUNpUDWRVHSUpVHQWHVOHSOXVIUpTXHPPHQWVXUOHVFRXGHVHWODSRLQWH GXMDUUHW(OOHVVRQWSURYRTXpHVSDUOHVSUHVVLRQVH[HUFpHVDYHFOHVROVXUFHVSDUWLHV DFFHQWXpHVSDUOHSRLGVGXFKLHQTXLSURYRTXHQWXQGpIDXWG¶LUULJDWLRQDXQLYHDXGHVFHOOXOHV FXWDQpHV (OOHVVRQWELHQVRXYHQWVDQVGDQJHUHWV¶DSSDUHQWHQWXQSHXDX[HVFDUWVGHGpFXELWXV2XWUHOH SUpMXGLFHHVWKpWLTXHHOOHVSHXYHQWSUpVHQWHUGHVFRPSOLFDWLRQVORUVTX¶LO\DXQHSODLHTXLD YLWHIDLWGHVHVXULQIHFWHU,OIDXWDORUVDYRLUUHFRXUVjODFKLUXUJLHSRXU{WHUFHWWHSDUWLHHW VXWXUHUODSODLHODFLFDWULVDWLRQHVWODSDUWLHODSOXVGpOLFDWHFDUHOOHVHIDLWVXUXQH]RQHGH FRQWDFWOHVpFKHFVVRQWQRPEUHX[&HWWHLQWHUYHQWLRQQHGHYUDrWUHHQYLVDJpHTX¶HQFDVGH QpFHVVLWpDEVROXH 3RXUpYLWHUFHODLOVXIILWG¶DSSRUWHUDX0RQWDJQHGHV3\UpQpHVXQOLHXGHFRXFKDJH VXIILVDPPHQWVRXSOHGXW\SHPDWHODVGHPRXVVHRXOLWLqUHGHSDLOOH. G

(190)  6\QGURPHGLODWDWLRQWRUVLRQGHO¶HVWRPDF 

(191)  

(192) (WLRORJLH %LHQTXHQ¶pWDQWSDVVSpFLILTXHDX0RQWDJQHGHV3\UpQpHVFHWWHDIIHFWLRQDXQHSOXVJUDQGH SUpYDOHQFHGDQVOHVJUDQGHVUDFHVHWYXVRQLVVXHTXLHVWJpQpUDOHPHQWIDWDOHHOOHPpULWH QRWUHDWWHQWLRQ (OOHWRXFKHVXUWRXWOHVLQGLYLGXVDGXOWHV SOXVGHGHX[DQV

(193) VDQVLQFLGHQFHGXVH[H (OOHHVWIDYRULVpHSDUO¶LQJHVWLRQUDSLGHG¶XQUHSDVYROXPLQHX[VXLYLG¶XQH[HUFLFHRXG¶XQ VWUHVV(OOHVHPEOHrWUHSOXVIUpTXHQWHGHSXLVTXHOTXHVWHPSVGXIDLWGHODPHLOOHXUHDSSpWHQFH GHVDOLPHQWVGXFRPPHUFHHWGRQFG¶XQFRPSRUWHPHQWSOXVJORXWRQGHODSDUWGHVFKLHQV. 

(194) 3DWKRJpQLH (OOHVHPDQLIHVWHGDQVXQSUHPLHUWHPSVSDUXQHQHUYRVLWpGHO¶DQLPDOGHVWHQWDWLYHVGH YRPLVVHPHQWSXLVXQJRQIOHPHQWGHO¶DEGRPHQTXLGHYLHQWWHQGXHWSURGXLWjODSHUFXVVLRQ XQVRQW\PSDQLTXHF¶HVWODSKDVHGHGLODWDWLRQORUVGHODTXHOOHGXJD]HWGXOLTXLGH V¶DFFXPXOHGDQVO¶HVWRPDFO¶DQLPDOQHSHXWDORUVSOXVQLYRPLUQLpUXFWHU'XUDQWFHWWH. . .

Références

Documents relatifs

ne d’un cerne double est, pour la majorité des individus (80 %), supérieure à l’épaisseur moyenne du cerne calcu- lée sur les années sans cerne double (figure

L'Educateur - et Coo pération Pédagogique pour des problèmes plus restreints - sont des organes d'échanges et de mise au point, Il serait intéressant de connaître

Cela nous à permis de voir qu'ils se trouvaient dans le spectre de la lumière blanche après le rouge et, grâce à l'étude de la télécommande nous avons également pu comprendre

Couleur de la robe : on appelle robe une robe l’ensemble des poiles qui recouvre le corps de l’animal, les extrémités sont représentées par le bout des oreilles, les membres,

&amp;RGHU OH QRPEUH GpFLPDO HQ ELQDLUH RFWDO HW KH[DGpFLPDO. GpFRGHU OHV QRPEUHV ELQDLUH KH[DGpFLPDO HW

On nous explique l’évolution du frêne à Villelongue principalement par des emplacements, des formes du frêne (il a été d’ailleurs très vite nécessaire que nous soyons au fait

Exploiter les propriétés du produit vectoriel dans l’espace pour calculer des grandeurs, déterminer des lieux géométriques et étudier des configurations géométriques.... Ainsi

Bien que les quatre phases distinctes de la courbe semblent universelles, leur durée et leurs contributions à la survie sont modifiées par des facteurs locaux (tels que le climat,