Rôle de l'hémostase dans l'inflammation induite par les virus influenza A

HAL Id: tel-01128271

https://tel.archives-ouvertes.fr/tel-01128271

Submitted on 9 Mar 2015

HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

Rôle de l’hémostase dans l’inflammation induite par les

virus influenza A

Fatma Berri

To cite this version:

Fatma Berri. Rôle de l’hémostase dans l’inflammation induite par les virus influenza A. Immunologie. Université Claude Bernard - Lyon I, 2014. Français. �NNT : 2014LYO10351�. �tel-01128271�

81,9(56,7(&/$8'(%(51$5'/<21

(FROHGRFWRUDOH%0,&%LRORJLH0ROpFXODLUH,QWpJUDWLYHHW&HOOXODLUH





'RFWRUDW

3RXUO¶REWHQWLRQGXJUDGHGH'RFWHXUHQ6FLHQFHVGHO¶8QLYHUVLWp

/\RQ

1ƒ





3UpVHQWpHHVWVRXWHQXHSXEOLTXHPHQWOH'pFHPEUH

3DU





)DWPD%(55,





5{OHGHO¶KpPRVWDVHGDQVO¶LQIODPPDWLRQLQGXLWHSDU

OHVYLUXVLQIOXHQ]D$







7KqVHGLULJpHSDUOH'U%pDWULFH5,7($8



/DERUDWRLUH($8QLWp9LU3DWK )DFXOWpGH0pGHFLQHGH/DHQQHF/\RQ)UDQFH





-XU\





3URIHVVHXU%UXQR/,1$   3UpVLGHQW 'RFWHXU1DWKDOLH528$6)5(,66 5DSSRUWHXU 'RFWHXU0XVWDSKD6,7$+$5  5DSSRUWHXU   'RFWHXU0DUWLQH-$1'5273(5586 ([DPLQDWHXU   'RFWHXU-HDQ&ODXGH%25'(7  ([DPLQDWHXU   'RFWHXU%pDWULFH5,7($8   'LUHFWHXUGH7KqVH  

 81,9(56,7(&/$8'(%(51$5'/<21   3UpVLGHQWGHO¶8QLYHUVLWp 9LFHSUpVLGHQWGX&RQVHLOG¶$GPLQLVWUDWLRQ 9LFHSUpVLGHQWGX&RQVHLOGHV(WXGHVHWGHOD9LH8QLYHUVLWDLUH 9LFHSUpVLGHQWGX&RQVHLO6FLHQWLILTXH 'LUHFWHXU*pQpUDOGHV6HUYLFHV 0)UDQoRLV1RsO*,//< 0OH3URIHVVHXU+DPGD%(1+$',' 0OH3URIHVVHXU3KLOLSSH/$//( 0OH3URIHVVHXU*HUPDLQ*,//(7 0$ODLQ+(//(8   &20326$17(66$17(  )DFXOWpGH0pGHFLQH/\RQ(VW±&ODXGH%HUQDUG )DFXOWpGH0pGHFLQHHWGH0DwHXWLTXH/\RQ6XG±&KDUOHV0pULHX[ )DFXOWpG¶2GRQWRORJLH ,QVWLWXWGHV6FLHQFHV3KDUPDFHXWLTXHVHW%LRORJLTXHV ,QVWLWXWGHV6FLHQFHVHW7HFKQLTXHVGHOD5pDGDSWDWLRQ 'pSDUWHPHQWGHIRUPDWLRQHW&HQWUHGH5HFKHUFKHHQ%LRORJLH+XPDLQH 'LUHFWHXU0OH3URIHVVHXU-(7,(11( 'LUHFWHXU0PHOD3URIHVVHXUH&%85,//21 'LUHFWHXU0OH3URIHVVHXU'%285*(2,6 'LUHFWHXU0PHOD3URIHVVHXUH&9,1&,*8(55$ 'LUHFWHXU0OH3URIHVVHXU<0$7,//21 'LUHFWHXU0PHOD3URIHVVHXUH$06&+277  &20326$17(6(7'(3$57(0(176'(6&,(1&(6(77(&+12/2*,( )DFXOWpGHV6FLHQFHVHW7HFKQRORJLHV 'pSDUWHPHQW%LRORJLH 'pSDUWHPHQW&KLPLH%LRFKLPLH 'pSDUWHPHQW*(3 'pSDUWHPHQW,QIRUPDWLTXH 'pSDUWHPHQW0DWKpPDWLTXHV 'pSDUWHPHQW0pFDQLTXH 'pSDUWHPHQW3K\VLTXH 8)56FLHQFHVHW7HFKQLTXHVGHV$FWLYLWpV3K\VLTXHVHW6SRUWLYHV 2EVHUYDWRLUHGHV6FLHQFHVGHO¶8QLYHUVGH/\RQ 3RO\WHFK/\RQ (FROH6XSpULHXUHGH&KLPLH3K\VLTXH(OHFWURQLTXH ,QVWLWXW8QLYHUVLWDLUHGH7HFKQRORJLHGH/\RQ (FROH6XSpULHXUHGX3URIHVVRUDWHWGHO¶(GXFDWLRQ ,QVWLWXWGH6FLHQFH)LQDQFLqUHHWG$VVXUDQFHV 'LUHFWHXU0)'(0$5&+, 'LUHFWHXU0OH3URIHVVHXU))/(85< 'LUHFWHXU0PH&DUROLQH)(/,; 'LUHFWHXU0+DVVDQ+$00285, 'LUHFWHXU0OH3URIHVVHXU6$..28&+( 'LUHFWHXU0OH3URIHVVHXU*HRUJHV720$129 'LUHFWHXU0OH3URIHVVHXU+%(1+$',' 'LUHFWHXU0-HDQ&ODXGH3/(1(7 'LUHFWHXU0<9$1328//( 'LUHFWHXU0%*8,'(5'21, 'LUHFWHXU03)2851,(5 'LUHFWHXU0*3,*1$8/7 'LUHFWHXU0OH3URIHVVHXU&9,721 'LUHFWHXU0OH3URIHVVHXU$028*1,277( 'LUHFWHXU01/(%2,61(











5HPHUFLHPHQWV



3RXUFRPPHQFHUMHWLHQVjUHPHUFLHU0DGDPHOH'RFWHXU1DWKDOLH528$6)5(,66 HW0RQVLHXUOH'RFWHXU0XVWDSKD6,7$+$5TXLP¶RQWIDLWO¶KRQQHXUG¶DFFHSWHUGHMXJHUFH WUDYDLO HW G¶DFFRPSOLU OD ORXUGH WkFKH G¶HQ rWUH OHV UDSSRUWHXUV 0HV UHPHUFLHPHQWV YRQW pJDOHPHQW j 0DGDPH OH 'RFWHXU 0DUWLQH -$1'5273(5586 HW 0RQVLHXU OH 'RFWHXU

-HDQ&ODXGH%25'(7TXLRQWHXODJHQWLOOHVVHGHIDLUHSDUWLHGHFHMXU\9HXLOOH]WURXYHUHQ FHVOLJQHVWRXWHPDUHFRQQDLVVDQFHHWPRQUHVSHFW 8QJUDQGPHUFLj0RQVLHXUOH3URIHVVHXU%UXQR/,1$TXLP¶DDFFXHLOOLHGDQVVRQ ODERUDWRLUHGHSXLV$LQVLTX¶jWRXWHVOHVSHUVRQQHVGHO¶XQLWpDYHFTXLM¶DLHXO¶RFFDVLRQ GHWUDYDLOOHUHWGHF{WR\HUGXUDQWWRXWHFHWWHWKqVH /HVPRWVVRQWMXVWHLQVXIILVDQWVSRXUDVVH]UHPHUFLHUPDGLUHFWULFHGHWKqVH'RFWHXU %pDWULFH5,7($8DYHFTXLM¶DLHXO¶KRQQHXUHWOHSODLVLUGHWUDYDLOOHU-HWLHQVjOXLH[SULPHU WRXWHPDJUDWLWXGH-¶DLEHDXFRXSDSSULVPHUFL-¶DLYUDLPHQWDSSUpFLpOHVPRPHQWVSDVVpVDX VHLQGHO¶pTXLSHHWM¶HQJDUGHUDLTXHGHERQVVRXYHQLUV -HWLHQVpJDOHPHQWjUHPHUFLHUWRXVFHX[TXLRQWFRQWULEXpjO¶pODERUDWLRQGHFHWUDYDLO GHSUqVRXGHORLQPHUFLj0U%D9XRQJ/rDYHFTXLM¶DLSDUWDJpOHEXUHDXHWODSDLOODVVH GXUDQWPDWKqVH*KLQD+$))$50DULH/DXUH)DXFRXOW0DULH'(/(1(0DUMRULH&RPWHHW -XOLH )URXDUG j O¶pTXLSH GX &(&,/  &KDQWDO 7+(9(121 (OLVDEHWK HW WRXWH O¶pTXLSH GH O¶DQLPDOHULH$/(&HWGX3%(6SRXUOHXUJHQWLOOHVVHHWDLGH

-HSDVVHHQVXLWHXQHGpGLFDFHVSpFLDOHjWRXVPHVDPLVHWOHVJHQVTXHM¶DLHXOHSODLVLU GHF{WR\HUSHQGDQWFHVTXDWUHDQQpHVj/\RQjVDYRLU7DWD'MDKLGD%LOODO7KRPDV:DVVLP 'MDPHO6DLGM1DWKDOLH-RVHWWH5DPRXVVH*XLOODXPH /HEHUUH HW VDIHPPH&DUROLQDPHUFL SRXUYRVHQFRXUDJHPHQWV

(W SRXU ILQLU XQH SHQVpH WRXWH SDUWLFXOLqUH j WRXWH PD IDPLOOH TXL QH FHVVH GH P¶HQFRXUDJHUHWGHWRXMRXUVrWUHOjSRXUPRL8QJUDQGPHUFLpJDOHPHQWjODIDPLOOH/HEHUUH HQSDUWLFXOLHU0DU\YRQQHSRXUOHXUDFFXHLOHWDLGH

 



5pVXPp



/DJULSSHHVWXQHPDODGLHUHVSLUDWRLUHDLJHGXHjXQHLQIHFWLRQSDUGHVYLUXVLQIOXHQ]D HWTXLUHSUpVHQWHXQSUREOqPHLPSRUWDQWGHVDQWpSXEOLTXH8QHPHLOOHXUHFRPSUpKHQVLRQGHV LQWHUDFWLRQV HQWUH OH YLUXV LQIOXHQ]D HW VRQ K{WH QRXV SHUPHWWUD GH PLHX[ FRPSUHQGUH OD SK\VLRSDWKRORJLH GH O¶LQIHFWLRQ JULSSDOH HW GRQF j WHUPH GH PLHX[ VH SURWpJHU FRQWUH OD PDODGLH/DPRUELGLWpHWODPRUWDOLWpFDXVpHVSDUOHVLQIHFWLRQVJULSSDOHVVpYqUHVVRQWDVVRFLpHV j XQH GpUpJXODWLRQ GH OD UpSRQVH LPPXQLWDLUH DX QLYHDX SXOPRQDLUH &HWWH LQIODPPDWLRQ GpOpWqUHVHUDLWjO¶RULJLQHGHGRPPDJHVFROODWpUDX[GXSRXPRQHQWUDLQDQWXQHGLPLQXWLRQGH ODFDSDFLWpUHVSLUDWRLUHGXSDWLHQW%LHQTXHOHVPpFDQLVPHVLPSOLTXpVQHVRLHQWSDVWRWDOHPHQW pOXFLGpVGHUpFHQWVWUDYDX[PHWWHQWHQpYLGHQFHXQU{OHFHQWUDOGHVFHOOXOHVHQGRWKpOLDOHVGDQV OD GpUpJXODWLRQ GH OD UpSRQVH GH O¶K{WH IDFH j O¶LQIHFWLRQ JULSSDOH /RUV G¶XQH DJUHVVLRQ GH O¶HQGRWKpOLXPOHSURFHVVXVSK\VLRORJLTXHGHO¶KpPRVWDVHDFWLYDWLRQSODTXHWWDLUHFRDJXODWLRQ HWILEULQRO\VHV¶DFWLYHDILQGHSHUPHWWUHODFLFDWULVDWLRQGHODSODLHHWGHPDLQWHQLUO¶LQWpJULWp GHVYDLVVHDX[VDQJXLQV'DQVGHQRPEUHXVHVPDODGLHVLQIODPPDWRLUHVODVHXOHGpUpJXODWLRQGH O¶KpPRVWDVHHVWGLUHFWHPHQWOLpHjXQHUpSRQVHLQIODPPDWRLUHGpOpWqUH/RUVGHPDWKqVHQRXV DYRQV pPLV O¶K\SRWKqVH TXH O¶KpPRVWDVH SRXYDLW rWUH j O¶RULJLQH GH OD GpUpJXODWLRQ LQIODPPDWRLUHGXUDQWOHVLQIHFWLRQVJULSSDOHV1RVGRQQpHVPRQWUHQWOHU{OHGHGHX[IDFWHXUV IRUWHPHQWLPSOLTXpVGDQVO¶KpPRVWDVHOHUpFHSWHXUDFWLYpSDUODWKURPELQH3$53URWHDVH $FWLYDWHG5HFHSWRUDLQVLTXHOHSODVPLQRJqQHGDQVO¶LQIODPPDWLRQGpOpWqUHGHVSRXPRQVHW GDQVODSDWKRJpQLFLWpGHVYLUXVLQIOXHQ]D2XWUHOHU{OHGHO¶KpPRVWDVHQRXVDYRQVpJDOHPHQW SX PHWWUH HQ pYLGHQFH TXH OH YLUXV LQIOXHQ]D LQFRUSRUH GHV SURWpLQHV FHOOXODLUHV GDQV O¶HQYHORSSH YLUDOH OXL SHUPHWWDQW G¶pFKDSSHU DX V\VWqPH LPPXQLWDLUH FH TXL SRXUUDLW DXVVL FRQWULEXHUjODGpUpJXODWLRQGHODUpSRQVHGHO¶K{WH/¶HQVHPEOHGHVUpVXOWDWVREWHQXVRQWSHUPLV GHPLHX[FRPSUHQGUHOHVPpFDQLVPHVjO¶RULJLQHG¶XQHUpSRQVHLPPXQLWDLUHGpUpJXOpHGDQVOHV LQIHFWLRQV JULSSDOHV HW GH SURSRVHU GH QRXYHOOHV FLEOHV WKpUDSHXWLTXHV SRXU OXWWHU FRQWUH OD PDODGLH



7DEOHGHVPDWLqUHV



 /LVWHGHVWDEOHDX[HWILJXUHV /LVWHG¶DEUpYLDWLRQV  & &KDSLWUH,1752'8&7,21 $ *pQpUDOLWpVVXUOHVYLUXVLQIOXHQ]D  /HYLUXVLQIOXHQ]DGHW\SH$  /HF\FOHYLUDOGHVYLUXVLQIOXHQ]D$  0R\HQVGHSUpYHQWLRQGHVLQIHFWLRQVJULSSDOHV % /DUpSRQVHGHO¶K{WHDX[LQIHFWLRQVSDUOHYLUXVLQIOXHQ]D , 5HFRQQDLVVDQFHGXYLUXVHWUpSRQVHLQIODPPDWRLUH  5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDUOHV7/5V  5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDU5,*  5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDU1/53 ,, 'pUpJXODWLRQGHO¶LQIODPPDWLRQ  ,QIODPPDWLRQH[FHVVLYHGXUDQWOHVJULSSHVVpYqUH  ,QWHQVLWpYHUVXVGXUpHLQIODPPDWRLUH ,,, /¶KpPRVWDVHHWO¶LQIODPPDWLRQ  /¶KpPRVWDVHSULPDLUH  /D&RDJXODWLRQ  /DILEULQRO\VH ,9 /HVUpFHSWHXUVDFWLYpVSDUODWKURPELQHHWOHSODVPLQRJqQHGHVPROpFXOHVDX F°XUGHO¶KpPRVWDVHHWGHO¶LQIODPPDWLRQ /HVUpFHSWHXUVDFWLYpVSDUODWKURPELQH  /HSODVPLQRJqQH & +pPRVWDVHHWYLUXVLQIOXHQ]D

 (WXGHVFOLQLTXHV $FWLYDWLRQGHVFHOOXOHVHQGRWKpOLDOHVSDUOHVYLUXV,QIOXHQ]D$ $FWLYDWLRQGHO¶KpPRVWDVHSDUOHVYLUXVLQIOXHQ]D 2EMHFWLIGHODWKqVH  & &KDSLWUH5(68/7$76 0DQXVFULWQƒ3$5FRQWULEXWHVWRLQIOXHQ]D$YLUXVSDWKRJHQLFLW\LQPLFH 0DQXVFULWQƒ3ODVPLQRJHQ&RQWUROV,QIODPPDWLRQDQG3DWKRJHQHVLVRI,QIOXHQ]D9LUXV ,QIHFWLRQYLD)LEULQRO\VLV 0DQXVFULWQƒ$QQH[LQ9,QFRUSRUDWHGLQWR,QIOXHQ]D9LUXV3DUWLFOHV,QKLELWV*DPPD ,QWHUIHURQ6LJQDOLQJDQG3URPRWHV9LUDOUHSOLFDWLRQ  &KDSLWUH'LVFXVVLRQV &RQFOXVLRQV 3HUVSHFWLYHV $QQH[HV 5pIpUHQFHV









/LVWHGHVWDEOHDX[HWILJXUHV

 7DEOHDX*qQHVHWSURWpLQHVGXYLUXVLQIOXHQ]D$ )LJXUH3UpVHQWDWLRQVFKpPDWLTXHGHVYLUXVLQIOXHQ]D$ )LJXUH&\FOHYLUDOGHVYLUXVLQIOXHQ]D$ )LJXUH5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDUOHV355V )LJXUH'pUpJXODWLRQGHO¶KpPRVWDVH )LJXUH3UpVHQWDWLRQVFKpPDWLTXHGHVpWDSHVGXSURFHVVXVGHO¶KpPRVWDVH )LJXUH3UpVHQWDWLRQVFKpPDWLTXHGHO¶DFWLYDWLRQSODTXHWWDLUH )LJXUH&DVFDGHHQ]\PDWLTXHGHODFRDJXODWLRQLQYLYR )LJXUH$FWLYDWLRQGHV3$5VSDUOHVSURWpDVHVGHFRDJXODWLRQ )LJXUH$FWLYDWLRQGHV3$5VSDUODWKURPELQHHWUpSRQVHFHOOXODLUH )LJXUH/HV3$5VVXUOHVSODTXHWWHVKXPDLQHVHWGHVRXULV )LJXUH5{OHDQWLHWSURLQIODPPDWLRQGH3$5 )LJXUH5HSUpVHQWDWLRQVFKpPDWLTXHGXPRGqOHSURSRVpGHO¶LQWHUDFWLRQHQWUH3/*HW3$5 GDQVODSDWKRJpQLFLWpGHVYLUXVLQIOXHQ]D$







/LVWHG¶DEUpYLDWLRQV



 $$QQH[LQH $'3$GpQRVLQH'LSKRVSKDWH $51F$51FRPSOpPHQWDLUH $51GE$51GRXEOHEULQ $51VE$51VLPSOHEULQ $51Y$51YLUDX[ $6&$SRSWRWLF$VVRFLDWHG6SHFNOLNH3URWHLQFRQWDLQLQJDFDVSDVHUHFUXLWPHQWGRPDLQ $7$QWLWKURPELQH $73$GpQRVLQH7UL3KRVSKDWH &$5',)&$5'$GDSWHU,QGXFLQJLQWHUIHURQȕ (3&5(QGRWKHOLDO3URWHLQ&5HFHSWRU )7)DFWHXU7LVVXODLUH *'3*XDQRVLQH'L3KRVSKDWH *73*XDQRVLQH7UL3KRVSKDWH +$+pPDJJOXWLQLQH ,&$0,QWHU&HOOXODU$GKHVLRQ0ROHFXOH ,)1,QWHUIHURQ ,/,QWHUOHXNLQH ,3,1)ܵLQGXFLEOHSURWHLQ ,36,QWHUIHURQȕ3URPRWHU6WLPXODWRU ,5),QWHUIHURQ5HVSRQVH)DFWRU /%6/\VLQH%LQGLQJ6LWH 00DWULFH

 00DWULFH 0$3.LQDVH0LWRJHQ$FWLYDWHG3URWHLQV.LQDVH  0$960LWRFKRQGULDO$QWLYLUDO6LJQDOLQJ 0&30RQRF\WH&KLPRDWWUDFWDQW3URWHLQ 0,30DFURSKDJH,QIODPPDWRU\3URWHLQ 1$1HXUDPLQLGDVH 1(31XFOHDU([SRUW3URWHLQ 1)N%1XFOHDU)DFWRUN% 1/51RG/LNH5HFHSWRU 120RQR[\GHG¶D]RWH 131XFOpRSURWpLQH 3$3RO\PHUDVH$FLGLF3URWHLQ 3$)3ODWHOHW$FWLYDWLQJ)DFWRU 3$,3ODVPLQRJHQ$FWLYDWRU,QKLELWRU 3$033DWKRJHQ$VVRFLDWHG0ROHFXODU3DWWHUQ 3$53URWHDVH$FWLYDWHG5HFHSWRU 3%3RO\PHUDVH%DVLF3URWHLQ 3%3RO\PHUDVH%DVLF3URWHLQ 3&3URWpLQH& 3&D3URWpLQH&DFWLYH 3')3URGXLWVGHGpJUDGDWLRQGHODILEULQH 3*3URVWDJODQGLQH 3/*3ODVPLQRJqQH 3553DWWHUQ5HFRJQLWLRQ5HFHSWRU 3<&$5'$SRSWRVLVDVVRFLDWHGVSHFNOLNHSURWHLQFRQWDLQLQJD&$5'

 5$17(65HJXODWHGRQ$FWLYDWLRQ1RUPDO7FHOO([SUHVVLRQDQG6HFUHWHG 5,*5HWLQRLFDFLG,QGXFLEOH*HQH 5/55,*OLNHUHFHSWRU 5135LER1XFOpR3URWpLQH 636SKLQJRVLQ3KRVSKDWH 7$77KURPELQHDQWLWKURPELQH 7)3,7LVVXH)DFWRU3DWKZD\,QKLELWRU 7/57ROO/LNH5HFHSWRU 71)7XPRU1HFURVLV)DFWRU W3$WLVVXH3ODVPLQRJHQ$FWLYDWRU 75,)7RRO,/5GRPDLQFRQWDLQLQJDGDSWRULQGXFLQJ,)1ȕ 7;$7KURPER[DQH$ X3$8URNLQDVH3ODVPLQLJHQDFWLYDWRU 9,$9LUXV,QIOXHQ]DGHW\SH$ 9,%9LUXV,QIOXHQ]DGHW\SH% 9,6$9LUXV,QGXFHG6LJQDOLQJ$GDSWRU Y:)9RQ:LOOHEUDQG)DFWRU







   

                    

&

&KDSLWUH,1752'8&7,21







$*pQpUDOLWpVVXUOHVYLUXVLQIOXHQ]D

  /HVYLUXVLQIOXHQ]DIRQWSDUWLHGHODIDPLOOHGHV2UWKRP\[RYLULGHDTXLFRPSRUWHFLQT JHQUHVGHYLUXVj$51OHVWRJRYLUXVLVDYLUXVHWOHVYLUXVLQIOXHQ]DGHW\SH$9,$%9,% HW&/HV9,$DLQVLTXHOHV9,%VRQWjO¶RULJLQHGHVpSLGpPLHVVDLVRQQLqUHVGHJULSSHDQQXHOOHV (QUHYDQFKHOHVYLUXVLQIOXHQ]DGHW\SH&LQIHFWHQWO¶KRPPHPDLVQ¶HQWUDLQHQWQLpSLGpPLHV QLSDQGpPLHV/DJULSSHHVWXQHLQIHFWLRQDLJXsGHVYRLHVUHVSLUDWRLUHV(OOHVHFDUDFWpULVHSDU XQHIRUWHILqYUHXQHWRX[GHVFpSKDOpHVDLQVLTXHGHVGRXOHXUVPXVFXODLUHVHWDUWLFXODLUHV/HV SHUVRQQHV LQIHFWpHV JXpULVVHQW HQ JpQpUDO DSUqV XQH RX GHX[ VHPDLQHV VDQV WUDLWHPHQW PpGLFDO1pDQPRLQVGHVFRPSOLFDWLRQVSHXYHQW VXUYHQLUWHOOHVTXHGHVSQHXPRQLHVRXGHV HQFpSKDOLWHVHQWUDLQDQW GDQVOHVFDVOHVSOXVJUDYHVOHGpFqVGXSDWLHQW.XQLVDNL -DQRII 5XXVNDQHQHWDO

3DUPLOHVYLUXVLQIOXHQ]DOHV9,$VRQWOHVYLUXVOHVSOXVSDWKRJqQHVFKH]O¶KRPPH/HV 9,$ VRQW GLYLVpV HQ VRXVW\SHV VHORQ O¶H[SUHVVLRQ GH GHX[ SURWpLQHV GH VXUIDFH OD +$ +pPDJJOXWLQLQHHWOD1$1HXUDPLQLGDVH/HXUWDLOOHYDULHHQWUHHWQPGHGLDPqWUH $FHMRXU+$HW1$GLIIpUHQWHVRQWpWpGpFULWHV*DUFLD6DVWUH7RQJHWDO 6HORQO¶2UJDQLVDWLRQ0RQGLDOHGHOD6DQWpOHV9,$VRQWUHVSRQVDEOHVFKDTXHDQQpHGHj PLOOLRQVGHFDVJUDYHVG¶LQIHFWLRQVGDQVOHPRQGHHQWUDLQDQWjGpFqV:+2  (Q SOXV GHV JULSSHV VDLVRQQLqUHV OHV 9,$ VRQW pJDOHPHQW j O¶RULJLQH GH SDQGpPLHV /¶RLVHDX VDXYDJH HVW OH UpVHUYRLU QDWXUHO GH FHV YLUXV :HEVWHU  +XOVH  &HSHQGDQW FKDTXH DGDSWDWLRQ G¶XQ VRXVW\SH DYLDLUH RX DQLPDO j O¶HVSqFH KXPDLQH SHXW HQWUDLQHU GHV SDQGpPLHVDYHFGHVFRQVpTXHQFHVLPSRUWDQWHVHQSHUWHVKXPDLQHVHWpFRQRPLTXHV&HFLIXWOH FDVORUVLGHODJULSSHHVSDJQROHRXSDQGpPLHGHTXLIXWSURYRTXpHSDUXQYLUXVDYLDLUH GHVRXVW\SH+1GRQWO¶RULJLQHHVWHQFRUHPDOFRQQXH$QKODQHWDO5HLGHWDO -RKQVRQ 0XHOOHU<HZGHOO *DUFLD6DVWUHLLGHODSDQGpPLHDVLDWLTXHRX SDQGpPLHGHFDXVpHSDUOHYLUXVGHVRXVW\SH+1GRQWO¶RULJLQHHVWDYLDLUHLLLGHOD

 SDQGpPLHGH+RQJ.RQJRXSDQGpPLHGHFDXVpHSDUOHYLUXVGHVRXVW\SH+1TXLHVW XQYLUXVK\EULGHDEULWDQWGHVJqQHVGHYLUXVG¶RULJLQHKXPDLQHHWDYLDLUH7VFKHUQH *DUFLD 6DVWUHHWLYGHODSDQGpPLHGHDSSHOpH©JULSSHSRUFLQHªFDXVpHSDUXQ9,$GH VRXVW\SH+1HWD\DQWUpDVVRUWLSOXVLHXUVJqQHVGHYLUXVG¶RULJLQHSRUFLQHDYLDLUHHWKXPDLQH *DUWHQHWDO'DZRRGHWDO /DQRPHQFODWXUHGHVYLUXVLQIOXHQ]DHVWHQIRQFWLRQGXW\SHGHYLUXV$%RX&GH O¶HVSqFHFKH]ODTXHOOHLODpWpLVROpGHODORFDOLVDWLRQJpRJUDSKLTXHGX QXPpURG¶LVRODWGH O¶DQQpH G¶LVRODWLRQ  HW GDQV OH FDV GHV YLUXV LQIOXHQ]D GH W\SH $ GHV VRXVW\SHV GHV JO\FRSURWpLQHVGHVXUIDFH+$HW1$$LQVLSDUH[HPSOHOHYLUXV+1LVROpFKH]OHSRXOHWj +RQJ .RQJ HQ  SRVVqGH OD QRPHQFODWXUH VXLYDQWH ,QIOXHQ]D $&KLFNHQ+RQJ .RQJ+13DOHVH





 /HYLUXVLQIOXHQ]DGHW\SH$

 /HV9,$VRQWGHVYLUXVHQYHORSSpVGHIRUPHVSKpULTXHRXILODPHQWHXVH&HVRQWGHVYLUXV j$51VLPSOHEULQGHSRODULWpQpJDWLYH/HXUJpQRPHHVWFRQVWLWXpGHKXLWVHJPHQWVG¶$51 FRGDQWSRXUXQHRXSOXVLHXUVSURWpLQHVYLUDOHVD\DQWGHVIRQFWLRQVELHQSUpFLVHV(QSDUWLFXOLHU RQ]HSURWpLQHVRQWpWpLGHQWLILpHVHWOHXUIRQFWLRQELHQpWXGLpHV7VFKHUQH *DUFLD6DVWUH 7DEOHDX   (QSOXVGHFHVSURWpLQHVGHVSURWpLQHVYLUDOHVVXSSOpPHQWDLUHVRQWSOXVUpFHPPHQWpWp GpFRXYHUWHV$LQVLODSURWpLQH3$;HVWLVVXHG¶XQGHX[LqPHFDGUHGHOHFWXUHGXVHJPHQW -DJJHUHWDO3$;UpSULPHO¶H[SUHVVLRQGHVJqQHVGHO¶LQIODPPDWLRQHWGHO¶DSRSWRVHHW

 GLPLQXHODYLUXOHQFHGXYLUXVLQIOXHQ]DFKH]ODVRXULV'HVIRUPHVWURQTXpHVGHODSURWpLQH3$ 3$1HW3$1RQWpJDOHPHQWpWpGpFRXYHUWHV&HVSURWpLQHVQ¶DXUDLHQWSDVG¶DFWLYLWp SRO\PpUDVHPDLVDXUDLHQWXQU{OHGDQVODFDSDFLWpUpSOLFDWLYHGHV9,$0XUDPRWRHWDO 3DUDLOOHXUVOHVHJPHQWFRGHpJDOHPHQWSRXU3%1TXLHVWXQHIRUPHWURQTXpHGH3%HW TXLMRXHXQU{OHGDQVO¶H[SUHVVLRQUHODWLYHGH3%HW3%)PRGXODQWDLQVLODUpSOLFDWLRQGX YLUXV:LVHHWDO/DSURWpLQH0TXDQWjHOOHHVWLVVXHGXVHJPHQWHWSHXWUHPSODFHU ODIRQFWLRQGHODSURWpLQH0HQVRQDEVHQFH:LVHHWDO3RXUWHUPLQHUODSURWpLQH16 LVVXHGXVHJPHQWSRXUUDLWMRXHUXQU{OHGDQVO¶DGDSWDWLRQGHV9,$jODVRXULV0RKDPPHG 6HOPDQ

$ O¶LQWpULHXU GHV YLULRQV )LJXUH  OHV KXLW VHJPHQWV G¶$51 VRQW HQWRXUpV SDU GHV SURWpLQHV YLUDOHV 13 1XFOpR3URWpLQHV HW G¶XQ FRPSOH[H SRO\PpUDVH FRPSRVp GH 3% 3RO\PHUDVH EDVLF SURWHLQ  3% 3RO\PHUDVH EDVLF SURWHLQ HW 3$ 3RO\PHUDVH DFLGLF SURWHLQIRUPDQWDLQVLOHFRPSOH[H5135LER1XFOpR3URWpLTXH1RGDHWDO/HV513V VRQWHQWRXUpVSDUODSURWpLQHGHPDWULFH0PDWULFHTXLFRQVWLWXHODFRXFKHLQWHUQHGXYLUXV /¶HQYHORSSHYLUDOHTXDQWjHOOHHVWXQHELFRXFKHOLSLGLTXHSURYHQDQWGHODFHOOXOHLQIHFWpH GDQV ODTXHOOH VRQW DQFUpH WURLV SURWpLQHV YLUDOHV WUDQVPHPEUDQDLUHV +$ 1$ HW 0 /HV SURWpLQHV+$HW1$VRQWH[SULPpHVGHPDQLqUHPDMRULWDLUHHQFRPSDUDLVRQjODSURWpLQH0 ODSURWpLQH+$pWDQWODSOXVDERQGDQWHDYHFXQUDWLRGHSDUUDSSRUWjOD1$%RXYLHU  3DOHVH  'HV SURWpLQHV 1(3 1XFOHDU ([SRUW 3URWHLQ VRQW pJDOHPHQW UHWURXYpHV j O¶LQWpULHXUGHODSDUWLFXOHYLUDOH7VFKHUQH *DUFLD6DVWUH



 )LJXUH5HSUpVHQWDWLRQVFKpPDWLTXHGHVYLUXVLQIOXHQ]D$

/H YLUXV LQIOXHQ]D GH W\SH $ HVW XQ YLUXV TXL FRPSUHQG XQH HQYHORSSH G¶RULJLQH FHOOXODLUHGDQVODTXHOOHV¶LQVqUHWURLVSURWpLQHVYLUDOHV+$1$HW0/DSURWpLQH 0 WDSLVVH O¶LQWpULHXU GH OD SDUWLFXOH YLUDOH /H JpQRPH YLUDO HVW FRPSRVp GH KXLW VHJPHQWV G¶$51 UHFRXYHUWV GH SURWpLQH 13 IRUPDQW OHV 513 &KDTXH 513 HVW DVVRFLp DX FRPSOH[H SRO\PpUDVH FRPSRVp GHV SURWpLQHV 3% 3% HW 3$ 'HV SURWpLQHV 1(3 VRQWpJDOHPHQW SUpVHQWHV jO¶LQWpULHXU GH OD SDUWLFXOH YLUDOH )LJXUH H[WUDLWHGH7VFKHUQH'0HWDO





 /HF\FOHYLUDOGHVYLUXVLQIOXHQ]D$



/D SUHPLqUH pWDSH GX F\FOH YLUDO GX 9,$ HVW O¶DWWDFKHPHQW GX YLUXV j OD FHOOXOH TXL V¶HIIHFWXH YLD OD UHFRQQDLVVDQFH GH OD SURWpLQH YLUDOH +$ DX[ DFLGHV VLDOLTXHV SUpVHQWV j OD VXUIDFHGHODFHOOXOH)LJXUH/HVDFLGHVVLDOLTXHVSHXYHQWrWUHOLpVDX[FKDLQHVJOXFLGLTXHV SDUGHX[OLDLVRQVXQHOLDLVRQDOSKDRXXQHOLDLVRQDOSKD/HVYLUXVDYLDLUHVUHFRQQDLVVHQW SUpIpUHQWLHOOHPHQWO¶DFLGHVLDOLTXHDOSKDJDODFWRVHDORUVTXHOHVYLUXVKXPDLQVUHFRQQDLVVHQW SUpIpUHQWLHOOHPHQWO¶DFLGHVLDOLTXHDOSKDJDODFWRVH0DWURVRYLFKHWDO6NHKHO :LOH\ 

 6XLWHjO¶DWWDFKHPHQWOHYLUXVHVWLQWHUQDOLVpSDUHQGRF\WRVHDXVHLQG¶XQHYpVLFXOHRX HQGRVRPH6NHKHO :LOH\$O¶LQWpULHXUGHO¶HQGRVRPHGRQWOH3+HVWDFLGHO¶KRPR WpWUDPqUH0IRUPHXQFDQDOjSURWRQVHWSHUPHWO¶DFLGLILFDWLRQGHO¶LQWpULHXUGHODSDUWLFXOH YLUDOHFHTXLLQGXLWODGLVVRFLDWLRQGHV513YLUDX[513YGHODSURWpLQH0&DG\HWDO /H3+DFLGHGHO¶HQGRVRPHSHUPHWpJDOHPHQWjOD+$ORUVTX¶HOOHHVWSUpDODEOHPHQWFOLYpHSDU GHVSURWpDVHVGHO¶K{WHG¶H[SRVHUVRQSHSWLGHGHIXVLRQSHUPHWWDQWODIXVLRQGHODPHPEUDQH GH O¶HQGRVRPH HW GH O¶HQYHORSSH YLUDOH /HV 513Y VRQW DLQVL OLEpUpV GDQV OH F\WRSODVPH HW LPSRUWpVGDQVOHQR\DXSRXUODWUDQVFULSWLRQHWODUpSOLFDWLRQ1HXPDQQHWDO/HV$51 YLUDX[ $51Y QpRV\QWKpWLVpV j O¶LQWpULHXU GX QR\DX VRQW SURGXLWV j SDUWLU GHV $51 FRPSOpPHQWDLUHV GH SRODULWp SRVLWLYH $51F 'DQV OH QR\DX OD SRO\PpUDVH SHUPHW OD WUDQVFULSWLRQGHV$51YHQ$51PTXLPLJUHQWSDUODVXLWHGDQVOHF\WRSODVPHSRXUrWUHWUDGXLW HQSURWpLQHVYLUDOHV/HVSURWpLQHV3%3%3$HW13UHWRXUQHQWHQVXLWHGDQVOHQR\DXSRXU V¶DVVRFLHUDYHFOHV$51YHWIRUPHUOHFRPSOH[H513Y0HW1(3UHWRXUQHQWpJDOHPHQWGDQV OHQR\DXSRXUVHOLHUDX513YHWSHUPHWWUHOHXUWUDQVSRUWGDQVOHF\WRSODVPHDXQLYHDXGXVLWH G¶DVVHPEODJH21HLOOHWDO6KLPL]XHWDO/HVSURWpLQHV+$1$HW0TXDQWj HOOHV VRQW WUDQVSRUWpHV YHUV OD PHPEUDQH SODVPLTXH /HV YLULRQV QRXYHOOHPHQW V\QWKpWLVpV ERXUJHRQQHQW SDU OD VXLWH GDQV GHV UpJLRQV PHPEUDQDLUHV VSpFLILTXHV ULFKHV HQ JO\FRVSKLQJROLSLGHV HW FKROHVWpURO TXH VRQW OHV UDGHDX[ OLSLGLTXHV 1D\DN HW DO  &RQWUDLUHPHQW j OD SURWpLQH 0 OHV SURWpLQHV +$ HW 1$  VRQW  HQULFKLHV GDQV OHV UDGHDX[ OLSLGLTXHVFHTXLSRXUUDLWH[SOLTXHUODPRLQGUHSUpVHQFHGH0GDQVO¶HQYHORSSHYLUDOH/RUV GHOHXUOLEpUDWLRQOHVYLUXVQpRV\QWKpWLVpVVHUpDWWDFKHQWjODFHOOXOHK{WHHWV¶DXWRDJUqJHQW GHSDUWODIRUWHDIILQLWpGHOD+$SRXUOHVDFLGHVVLDOLTXHVSUpVHQWVVXUOHVYLUXVHWVXUOHVFHOOXOHV GH O¶K{WH &¶HVW OD 1$ TXL SDU VRQ DFWLYLWp GH VLDOLGDVH SHUPHW OD OLEpUDWLRQ GHV QRXYHDX[ YLULRQVSDUOHFOLYDJHGHVOLDLVRQVHQWUHOHVDFLGHVVLDOLTXHVHWOHVUpVLGXVJDODFWRVH

 'HPDQLqUHLQWpUHVVDQWHHQSOXV GHVSURWpLQHVYLUDOHV+$1$HW 0GHVSURWpLQHV FHOOXODLUHVVRQWpJDOHPHQWLQFRUSRUpHVGDQVO¶HQYHORSSHYLUDOHORUVGXERXUJHRQQHPHQW$LQVL SURWpLQHVFHOOXODLUHVRQWpWpGpFULWHVGDQVOHV9,$6KDZHWDO/HVSURWpLQHVGHOD IDPLOOHGHVDQQH[LQHVVRQWIRUWHPHQWUHSUpVHQWpHVQRWDPPHQWOHVDQQH[LQHV$$$$HW $&HSHQGDQWOHU{OHGHFHVSURWpLQHVDSHXpWppWXGLpjO¶H[FHSWLRQGXU{OHGHO¶DQQH[LQH (QHIIHWQRWUHpTXLSHDSUpFpGHPPHQWGpPRQWUpTXHO¶DQQH[LQLQFRUSRUpHGDQVOHVSDUWLFXOHV YLUDOHVSHUPHWODWUDQVIRUPDWLRQGX3/*3ODVPLQRJqQHHQSODVPLQHFDSDEOHGHFOLYHUOD+$ HWIDYRULVHDLQVLODUpSOLFDWLRQYLUDOH/H%RXGHUHWDO  )LJXUH&\FOHYLUDOGHVYLUXVLQIOXHQ]D$ $WWDFKHPHQWGXYLUXVVXUODFHOOXOH(QWUpHGXYLUXVGDQVODFHOOXOHK{WHSDU HQGRF\WRVH)XVLRQGHVPHPEUDQHVYLUDOHHWGHO¶HQGRVRPHHWOLEpUDWLRQGHV513Y GDQV OH F\WRSODVPH  7UDQVSRUW GHV 513Y YHUV OH QR\DX  7UDQVFULSWLRQ GHV $51PYLUDX[ 5pSOLFDWLRQGHV$51Y 7UDQVSRUWGHV$51PYLUDX[YHUVOH F\WRSODVPHHWWUDGXFWLRQHQSURWpLQHVYLUDOHV0DWXUDWLRQGHVSURWpLQHV+$1$ HW 0 GDQV O¶DSSDUHLO GH *ROJL HW OHXU LQVHUWLRQ GDQV OD PHPEUDQH FHOOXODLUH  5HWRXUGHVSURWpLQHV3$3%3%131(3HW0GDQVOHQR\DXSRXUODIRUPDWLRQ GHV QRXYHDX[ 513Y  7UDQVORFDWLRQ GHV 513Y QpRV\QWKpWLVpV YHUV OH VLWH G¶DVVHPEODJH JUkFH j OHXU DVVRFLDWLRQ DX[ SURWpLQHV YLUDOH 0 HW 1(3  /LEpUDWLRQ GHV QRXYHDX[ YLULRQV JUkFH j O¶DFWLYLWp VLDOLGDVH GH OD 1$ )LJXUH H[WUDLWHGH%HUUL)HWDO



 0R\HQVGHSUpYHQWLRQGHVLQIHFWLRQVJULSSDOHV



$ O¶KHXUH DFWXHOOH OD PHLOOHXUH IDoRQ GH VH SURWpJHU FRQWUH OD JULSSH UHVWH OD YDFFLQDWLRQ &HSHQGDQW OH YDFFLQ GRLW rWUH DMXVWp FKDTXH DQQpH HQ IRQFWLRQ GHV VRXFKHV FLUFXODQWHV HW Q¶DXUDLW DXFXQH HIILFDFLWp FRQWUH GH QRXYHOOHV VRXFKHV GH 9,$ TXL SRXUUDLHQW pPHUJHUGXUpVHUYRLUDQLPDORXFRQWUHGHVYLUXVDYLDLUHVKDXWHPHQWSDWKRJqQHVFKH]O¶KRPPH WHOVTXHOH+1/HGpODLGHSURGXFWLRQGHYDFFLQVpWDQWGHPRLVPLQLPXPFHFLV¶DYHUHUDLW rWUH XQ SUREOqPH GH VDQWp SXEOLF PDMHXU HQ FDV GH SDQGpPLH TXL QpFHVVLWHUDLW XQH SULVH HQ FKDUJHUDSLGH$LQVLOHGpYHORSSHPHQWGHYDFFLQVXQLYHUVHOVFRQWUHODJULSSHFRQVWLWXHXQUpHO GpILSRXUODUHFKHUFKHDFWXHOOH

2XWUH OD YDFFLQDWLRQ SUpYHQWLYH LO HVW SRVVLEOH GH WUDLWHU OHV SDWLHQWV LQIHFWpV SDU GHV DQWLYLUDX[ VSpFLILTXHV FXUDWLIV &HV GHUQLHUV GLULJpV FRQWUH GHV SURWpLQHV YLUDOHV YLVHQW j GLPLQXHUOHSRXYRLUUpSOLFDWLIGXYLUXVUpGXLVDQWDLQVLO¶LQWHQVLWpGHVV\PSW{PHVODGXUpHGHOD PDODGLHHWOHULVTXHGHFRQWDPLQDWLRQ,OH[LVWHGHX[FODVVHVG¶DQWLYLUDX[OHVLQKLELWHXUVGHOD 1$ TXH VRQW OH ]DQDPLYLU 5HOHQ]DŠ HW O¶RVHOWDPLYLU 7DPLIOXŠ HW OHV LQKLELWHXUV GH OD SURWpLQH0ULPDQWDGLQHHWDPDQWDGLQH&HVGHUQLHUVQHVRQWDFWLIVTXHVXUOHVYLUXVGHW\SH $HWODSOXSDUWGHVYLUXVFLUFXODQWVRQWGHYHQXVUpVLVWDQWVDX[LQKLELWHXUVGH OD0/D1$ TXDQWjHOOHHVWXQHSURWpLQHTXLSUpVHQWHXQIRUWWDX[GHPXWDWLRQFHTXLH[SOLTXHO¶DSSDULWLRQ GHYLUXVUpVLVWDQWVDX[LQKLELWHXUVGHOD1$(VFXUHWHWDO$XGHOjGHVSKpQRPqQHVGH UpVLVWDQFH XQH OLPLWDWLRQ GHV DQWLYLUDX[ DFWXHOOHPHQW VXU OH PDUFKp HVW OD QpFHVVLWp G¶XQH DGPLQLVWUDWLRQ SUpFRFH SRXU rWUH HIILFDFH QRWDPPHQW GDQV OHV K VXLYDQW O¶LQIHFWLRQ 8Q VHFRQG GpIL j UHOHYHU SRXU OXWWHU FRQWUH OD JULSSH HVW GRQF GH WURXYHU GH QRXYHOOHV FLEOHV WKHUDSHXWLTXHVTXLOLPLWHUDLHQWO¶HPHUJHQFHGHYLUXVUHVLVWDQWVHWTXLDXUDLHQWXQHIIHWjODUJH VSHFWUH WRXW HQ D\DQW XQ HIIHW SURWHFWHXU j GHV WHPSV SOXV WDUGLIV G¶DGPLQLVWUDWLRQ DSUqV



%/DUpSRQVHGHO¶K{WHDX[LQIHFWLRQVSDUOHYLUXV

LQIOXHQ]D



, 5HFRQQDLVVDQFHGXYLUXVHWUpSRQVHLQIODPPDWRLUH

 8QHGHVFDUDFWpULVWLTXHVSULQFLSDOHVGXV\VWqPHLPPXQLWDLUHHVWVDFDSDFLWpjUHFRQQDLWUHHW j GpWUXLUH OH YLUXV HW OHV FHOOXOHV LQIHFWpHV SDU OH YLUXV G¶R O¶LPSRUWDQFH FRQVLGpUDEOH GX V\VWqPHLPPXQLWDLUHGDQVOHVGpIHQVHVDQWLJULSSDOHV/HVWURLVpWDSHVFULWLTXHVGHODGpIHQVH LPPXQLWDLUHVRQWLODUHFRQQDLVVDQFHGXSDWKRJqQHLLO¶LQGXFWLRQGHODUpSRQVHLPPXQLWDLUH HW VRQ DPSOLILFDWLRQ HW LLL OD UpVROXWLRQ LQIODPPDWRLUH (Q HIIHW O¶K{WH GRLW WRXW G¶DERUG UHFRQQDLWUH O¶pOpPHQW pWUDQJHU SXLV OHV GpIHQVHV LPPXQLWDLUHV VRQW DFWLYpHV HW ORUVTXH OH SDWKRJqQH HVW pOLPLQp O¶LQIODPPDWLRQ GRLW UHWRXUQHU j O¶pWDW EDVDO /D UpSRQVH LPPXQLWDLUH FRQVLVWH HQ XQH UpSRQVH LPPXQLWDLUH LQQpH QRQ VSpFLILTXH GX SDWKRJqQH HW HQ XQH UpSRQVH DGDSWDWLYH VSpFLILTXH GX SDWKRJqQH 1RXV DOORQV LFL GpYHORSSHU OD UHFRQQDLVVDQFH GX YLUXV LQIOXHQ]DHWO¶LQGXFWLRQGHO¶LQIODPPDWLRQpWDSHLQLWLDOHGHODUpSRQVHLPPXQLWDLUH

/RUV G¶XQH LQIHFWLRQ GHV FHOOXOHV pSLWKpOLDOHV PDLV DXVVL PRQRF\WHV PDFURSKDJHV HW FHOOXOHVGHQGULWLTXHVSDUOH9,$GHVUpFHSWHXUVFHOOXODLUHVWUqVFRQVHUYpVGHO¶LPPXQLWpLQQpH DSSHOpVHQDQJODLV355V3DWWHUQ5HFRJQLWLRQ5HFHSWRUVUHFRQQDLVVHQWOHSDWKRJqQHHWVRQW DFWLYpV&HVUpFHSWHXUVUHFRQQDLVVHQW GHVPRWLIV DVVRFLpVDX[SDWKRJqQHVHQDQJODLV 3$03 3DWKRJHQ $VVRFLDWHG 0ROHFXODU 3DWWHUQ 0HG]KLWRY  &HV 3$03 RQW TXDWUH FDUDFWpULVWLTXHVLLOVVRQWDEVHQWVGHODFHOOXOHGHO¶K{WHLLLOVVRQWFRPPXQVjGHQRPEUHXVHV HVSqFHVGHPLFURRUJDQLVPHVFHTXLSHUPHWGHUHFRQQDLWUHODJUDQGHGLYHUVLWpGHVPLFUREHVSDU XQQRPEUHUHVWUHLQWGHUpFHSWHXUVLLLLOVVRQWHVVHQWLHOVjODVXUYLHGXSDWKRJqQHHWLYLOVVRQW VRLWSUpVHQWVDXQLYHDXGHVSDWKRJqQHVVRLWSURGXLWVGXUDQWO¶LQIHFWLRQ0HG]KLWRY7VDL HWDO

 /HV YLUXV LQIOXHQ]D VRQW UHFRQQXV SDU WURLV 355V GLIIpUHQWV  L OHV 7/5V 7ROO/LNH 5HFHSWRU LL OHV 5,* 5HWLQRLF DFLGH ,QGXFLEOH *HQH HW LLL OHV 1/5V 1RG /LNH5HFHSWRU:XHWDO





5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDUOHV7/5V



/HV 7/5V VRQW OHV SUHPLHUV UpFHSWHXUV GH OD IDPLOOH GHV 355V j GpWHFWHU OHV YLUXV LQIOXHQ]D6HORQOHXUORFDOLVDWLRQOHV7/5VVRQWGLYLVpVHQGHX[JURXSHV/HV7/5V HWVRQWH[SULPpVjODVXUIDFHGHODFHOOXOHHWUHFRQQDLVVHQWGHVVWUXFWXUHVGHODVXUIDFH GHVSDWKRJqQHV/HU{OHGHFHSUHPLHUJURXSHGHUpFHSWHXUVGDQVODUHFRQQDLVVDQFHGHVYLUXV LQIOXHQ]D Q¶HVW SDV HQFRUH ELHQ GRFXPHQWp j O¶H[FHSWLRQ GH 7/5 GRQW OH U{OH HVW WUqV FRQWURYHUVp(QHIIHWDORUVTXHO¶pTXLSHGH9RJHOVXJJqUHTXH7/5HVWGpOpWqUHGXUDQWOHV LQIHFWLRQVJULSSDOHV6KLUH\HWDO$EGXO&DUHHPHWVHVFROOqJXHVDLQVLTXH6KLQ\DHWVHV FROOqJXHVPRQWUHQWDXFRQWUDLUHTXH7/5HVWSURWHFWHXU$EGXO&DUHHPHWDO6KLUH\ HWDO/HGHX[LqPHJURXSHGHUpFHSWHXUV7/5TXDQWjOXLFRPSUHQGOHV7/5HW &HVUpFHSWHXUVVRQWH[SULPpVDXQLYHDXGHODPHPEUDQHGHO¶HQGRVRPHHWUHFRQQDLVVHQWGHV DFLGHV QXFOpLTXHV /D ORFDOLVDWLRQ GH FHV 7/5 DX QLYHDX GH O¶HQGRVRPH IDFLOLWH OD UHFRQQDLVVDQFH GHV YLUXV LQIOXHQ]D TXL HQWUHQW GDQV OD FHOOXOH SDU HQGRF\WRVH /HV 7/5  UHFRQQDLVVHQW GHV $51VE $51 VLPSOH EULQV HW VRQW GH SDUW OH JpQRPH $15VE GHV YLUXV LQIOXHQ]DOHVUpFHSWHXUVSULYLOpJLpVGHFHVYLUXV+HLOHWDO$LQVLODUpSOLFDWLRQGXYLUXV Q¶HVWSDVQpFHVVDLUHHWO¶HQWUpHVHXOHHVWVXIILVDQWHSRXUO¶DFWLYDWLRQGHFHVUpFHSWHXUV:DQJHW DO/DVLJQDOLVDWLRQLQGXLWHSDUO¶DFWLYDWLRQGHV7/5DSUqVLQIHFWLRQSDUOH9,$LQGXLW GHVIDFWHXUVGHWUDQVFULSWLRQTXLVWLPXOHQWO¶H[SUHVVLRQGHJqQHVFRGDQWGHVF\WRNLQHVHWGHV FKLPLRNLQHVYLDOHVLJQDODGDSWDWHXU0<')LJXUH/HVIDFWHXUVGHWUDQVFULSWLRQDFWLYpV SDUOHV7/5VRQW1)N%QXFOHDUIDFWRUN%HW,5),QWHUIHURQ5HVSRQVH)DFWRU

 +RQGDHWDO6DVDLHWDO$SUqVWUDQVORFDWLRQGDQVOHQR\DXODFRDFWLYDWLRQGHOD WUDQVFULSWLRQ GHV JqQHV SDU OHV ,5)V HW 1)N% LQGXLW OD SURGXFWLRQ G¶LQWHUIpURQV ,)1 F\WRNLQHVjSURSULpWpVDQWLYLUDOHV(QUHYDQFKHO¶DFWLYDWLRQGHODWUDQVFULSWLRQGHVJqQHVSDU 1)N%VHXOLQGXLWODSURGXFWLRQGHF\WRNLQHVHWFKLPLRNLQHVSURLQIODPPDWRLUHV7/5TXDQW jOXLUHFRQQDLWGHV$51GE$51GRXEOHEULQV$OH[RSRXORXHWDO%LHQTXHOHYLUXV LQIOXHQ]DQHJpQqUHSDVG¶$51GEDXQLYHDXGHO¶HQGRVRPH7/5MRXHXQU{OHGpOpWqUHGXUDQW OHVLQIHFWLRQVJULSSDOHV/H*RIILFHWDO8QUpFHQWUDSSRUWDFRQILUPpFHU{OHGpOpWqUHGH 7/5GDQVODSDWKRJpQLFLWpGHV9,$ELHQTX¶XQU{OHSURWHFWHXUSXLVVHpJDOHPHQWrWUHREVHUYp G¶XQH PDQLqUH VRXFKH GpSHQGDQWH /HXQJ HW DO  /H PpFDQLVPH G¶DFWLYDWLRQ GH 7/5 VHUDLWXQHUHFRQQDLVVDQFHSDUFHOXLFLG¶XQHVWUXFWXUH$51HQFRUHQRQLGHQWLILpHTXLVHUDLW SUpVHQWHGDQVODFHOOXOHLQIHFWpHSKDJRF\WpH6FKXO]HWDO9LDODPROpFXOHDGDSWDWULFH 75,)7RRO,/5GRPDLQHFRQWDLQLQJDGDSWRULQGXFLQJ,)1EHWDOHVVLJQDX[VXEVpTXHQWVj O¶DFWLYDWLRQGH7/5VRQWHQVXLWHLGHQWLTXHVjFHX[JpQpUpVSDUO¶DFWLYDWLRQGH7/5  

5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDU5,*

  2XWUHOHV7/5VODUHFRQQDLVVDQFHSDU5,*,G¶XQHLQIHFWLRQSDUOH9,$HVWWUqVLPSRUWDQWH .DWR HW DO  $ O¶LQWpULHXU GX F\WRSODVPH GHV FHOOXOHV LQIHFWpHV 5,*, UHFRQQDLW GHV JURXSHPHQWVWULSKRVSKDWHHQ¶GHO¶$51YLUDO3LFKOPDLUHWDO5HKZLQNHOHWDO $SUqVDFWLYDWLRQGXUpFHSWHXUOHGRPDLQHKpOLFDVHGH5,*,OLHXQHPROpFXOHG¶$73$GpQRVLQH WULSKRVSKDWH OXL SHUPHWWDQW GH FKDQJHU GH FRQIRUPDWLRQ HW GH OLHU OD SURWpLQH DGDSWDWULFH 0$96PLWRFKRQGULDODQWLYLUDOVLJQDOLQJ/XR'/DSURWpLQH0$96HVWDXVVLFRQQXH VRXV OH QRP GH 9,6$ YLUXVLQGXFHG VLJQDOLQJ DGDSWHU ,36 LQWHUIHURQEHWD SURPRWHU VWLPXODWRUHW&$5',)&$5'DGDSWHULQGXFLQJLQWHUIHURQEHWD/¶DFWLYDWLRQGHFHVLJQDO LQGXLW O¶DFWLYDWLRQ GH ,5) HW 1)N% FH TXL SHUPHW OD SURGXFWLRQ GH F\WRNLQHV SUR LQIODPPDWRLUHVHWGHV,)1VGHW\SH,/H*RIILFHWDO2SLW]%





5HFRQQDLVVDQFHGHVYLUXVLQIOXHQ]DSDU1/53



(Q SOXV GHV 7/5V HW 5,*, OH 9,$ HVW DXVVL UHFRQQX SDU XQ FRPSOH[H SURWpLTXH F\WRSODVPLTXHDSSHOpLQIODPPDVRPHGRQWO¶DFWLYDWLRQDERXWLWjODSURGXFWLRQGHF\WRNLQHV,/ E HW ,/ ,/ SRXU LQWHUOHXNLQH /H FRPSOH[H LQIODPPDVRPH HVW IRUPp G¶XQ UpFHSWHXU 1/53G¶XQHPROpFXOH$6&DSRSWRWLFDVVRFLDWHGVSHFNOLNHSURWHLQFRQWDLQLQJDFDVSDVH UHFUXWPHQWGRPDLQDXVVLFRQQXHVRXVOHQRPGH3<&$5'DSRSWRVLVDVVRFLDWHGVSHFNOLNH SURWHLQ FRQWDLQLQJ D &$5' HW G¶XQH FDVSDVH LQDFWLYH OD SURFDVSDVH  /D IRUPDWLRQ GX FRPSOH[HLQIODPPDVRPHFRQGXLWjVRQDFWLYDWLRQHWLQGXLWO¶DXWRFOLYDJHGHODSURFDVSDVH HQVDIRUPHDFWLYHTXLjVRQWRXUFOLYHOHVF\WRNLQHVSUR,/ȕHWSUR,/HQ,/ȕHW,/ TXLSHXYHQWrWUHVHFUpWpHV3DQJ,.$LQVLODVpFUpWLRQGHVF\WRNLQHV,/ȕHW,/YLD O¶LQIODPPDVRPHQpFHVVLWHO¶DFWLYDWLRQGHGHX[VLJQDX[/HVLJQDOLQGXLWODV\QWKqVHGHSUR ,/ȕHWSUR,/YLDO¶DFWLYDWLRQGHV7/5VHWOHVLJQDOSHUPHWODIRUPDWLRQGXFRPSOH[H LQIODPPDVRPH©1/53$6&FDVSDVHªSRXUODPDWXUDWLRQGHVF\WRNLQHV,FKLQRKHHWVHV FROODERUDWHXUVRQWGpPRQWUpTXHO¶DFWLYDWLRQGH1/53HWGHO¶LQIODPPDVRPHV¶HIIHFWXHJUkFH DXIOX[GHSURWRQVPpGLpSDUODSURWpLQHYLUDOH0,FKLQRKHHWDO,OHVWjQRWHUTXHFH PpFDQLVPH GH SURGXFWLRQ G¶,/E HW G¶,/ V¶HIIHFWXH DX QLYHDX GHV PDFURSKDJHV HW GHV FHOOXOHVGHQGULWLTXHV/¶DFWLYDWLRQGHO¶LQIODPPDVRPHQ¶HVWSDVQpFHVVDLUHGDQVGHVPRQRF\WHV LQIHFWpVFDUFHVGHUQLHUVH[SULPHQWGHPDQLqUHFRQVWLWXWLYHODFDVSDVHDFWLYpH$LQVLGDQVFHV FHOOXOHVVHXOOHVLJQDOHVWQpFHVVDLUHSRXUODOLEpUDWLRQGHO¶,/ȕHWGHO¶,/1HWHDHWDO 

 

)LJXUH5HFRQQDLVVDQFHGXYLUXVLQIOXHQ]DSDUOHV355V

/HVYLUXVLQIOXHQ]DVRQWUHFRQQXVFRPPHpWUDQJHUSDUGHVUpFHSWHXUVGHO¶LPPXQLWpLQQpHTXHVRQW OHV7/55/5HW1/5/HV7/5HW7/5UHFRQQDLVVHQWGHV$51DXQLYHDXGHO¶HQGRVRPH5,* , UHFRQQDLW OH JURXSHPHQW ¶WULSKRVSKDWH GX JpQRPH YLUDO GDQV OH F\WRSODVPH /D SHUWXUEDWLRQ LRQLTXHYLDODSURWpLQH0LQGXLWO¶DFWLYDWLRQGH1/53/¶DFWLYDWLRQGHV355VLQGXLWODSURGXFWLRQ GHVF\WRNLQHVSURLQIODPPDWRLUHVHWGHVLQWHUIpURQV)LJXUHH[WUDLWHGH%HUUL)HWDO   (QFRQFOXVLRQO¶DFWLYDWLRQGHV355VGpFOHQFKHXQHLQIODPPDWLRQTXLVHWUDGXLWSDUOD SURGXFWLRQLGHF\WRNLQHVWHOOHVTXH,/71)7XPRU1HFURVLV)DFWRU,/,/ȕHW,)1 HW LL GH FKLPLRNLQHV DXVVL GpQRPPpV FKpPRNLQHV WHOOHV TXH 0,3 0DFURSKDJH ,QIODPPDWRU\3URWHLQ0&30RQRF\WH&KLPRDWWUDFWDQW3URWHLQ'HPDQLqUHJpQpUDOH OHVF\WRNLQHVSHUPHWWHQWO¶DPSOLILFDWLRQGHO¶LQIODPPDWLRQOHV,)1LQKLEHQWODUpSOLFDWLRQYLUDOH HW OHV FKLPLRNLQHV SHUPHWWHQW  OH UHFUXWHPHQW GHV FHOOXOHV LPPXQLWDLUHV WHOOHV TXH OHV QHXWURSKLOHV OHV PDFURSKDJHV OHV FHOOXOHV WXHXVHV QDWXUHOOHV HW OHV FHOOXOHV GHQGULWLTXHV DX QLYHDXGXVLWHLQIODPPDWRLUH:XHWDO/¶HQVHPEOHGHFHWWHUpSRQVHLQQpHSHUPHWGH OLPLWHUODUpSOLFDWLRQYLUDOHG¶pOLPLQHUOHVFHOOXOHVLQIHFWpHVHWGHSURWpJHUDLQVLO¶RUJDQLVPH



,,



'pUpJXODWLRQGHO¶LQIODPPDWLRQ

  



,QIODPPDWLRQH[FHVVLYHGXUDQWOHVJULSSHVVpYqUH

 

&RPPH QRXV O¶DYRQV YX VXLWH j O¶LQIHFWLRQ SDU OHV 9,$V XQH UpSRQVH LPPXQLWDLUH VH GpFOHQFKHGDQVOHEXWG¶pOLPLQHUOHYLUXV&HSHQGDQWGDQVOHVFDVSDWKRORJLTXHVODUpSRQVH LPPXQLWDLUHHVWGpUpJXOpHHWH[FHVVLYH.XLNHQHWDO,QILQHODUpSRQVHGHO¶K{WHHVW GpOpWqUHSRXUO¶RUJDQLVPH&HWWHUpDFWLRQGLVSURSRUWLRQQpHGHO¶K{WHHVWFRQQXHVRXVOHQRP G¶RUDJHF\WRNLQLTXHRX©F\WRNLQHVWRUPªHQDQJODLV$LQVLDXFRXUVGHODJULSSHFHUWDLQV DVSHFWV GX SURFHVVXV SK\VLRSDWKRORJLTXH REVHUYp FRUUHVSRQGUDLW j O¶LQGXFWLRQ G¶XQ RUDJH F\WRNLQLTXHGDQVOHSRXPRQ&KHXQJHWDOGH-RQJHWDO/D*UXWDHWDO&HWWH LQIODPPDWLRQ GpUpJXOpH HQWUDLQHUDLW GHV GRPPDJHV FROODWpUDX[ GHV SRXPRQV TXL VHUDLW UHVSRQVDEOHGHODGpIDLOODQFHGHVIRQFWLRQVSXOPRQDLUHVOLPLWDQWOHVFDSDFLWpVUHVSLUDWRLUHVGX SDWLHQWHWHQWUDvQDQWVRQGpFqVGDQVOHVFDVOHVSOXVJUDYHV$FHMRXUOHVFDXVHVH[DFWHVGX QRQFRQWU{OHGHODUpSRQVHGHO¶K{WHDX[LQIHFWLRQVJULSSDOHVVpYqUHVVRQWPDOFRQQXHV8QH PHLOOHXUH FRPSUpKHQVLRQ GHV PpFDQLVPHV PROpFXODLUHV LPSOLTXpV GDQV OD SDWKRJpQLFLWp GHV 9,$ SHUPHWWUDLW GH SURSRVHU GH QRXYHOOHV VWUDWpJLHV WKpUDSHXWLTXHV (Q HIIHW XQH YRLH GH UHFKHUFKH DOWHUQDWLYH SRXU HQUD\HU HIILFDFHPHQW FHV IRUPHV JUDYHV FRQVLVWHUDLW j UpJXOHU O¶LQIODPPDWLRQDILQG¶HQFRQWU{OHUOHVHIIHWVGpOpWqUHV&HWWHVWUDWpJLHTXLFLEOHO¶K{WHHWQRQOH YLUXVDXUDLWOHGRXEOHDYDQWDJHG¶rWUHLQGpSHQGDQWHGHODVRXFKHYLUDOHHWGHOLPLWHUODSUHVVLRQ GHVpOHFWLRQYLUDOHSRXYDQWFRQGXLUHjO¶pPHUJHQFHGHYLUXVUpVLVWDQWVDX[WUDLWHPHQWV





,QWHQVLWpYHUVXVGXUpHLQIODPPDWRLUH





eWDQW GRQQp TXH OH YLUXV HVW UHFRQQX FRPPH pWUDQJHU SDU OHV 355V O¶DPSOLILFDWLRQ GH O¶LQIODPPDWLRQHVWGHFHIDLWGpSHQGDQWHGHODFDSDFLWpUpSOLFDWLYHGXYLUXV&HODGpWHUPLQH O¶LQWHQVLWp GH O¶LQIODPPDWLRQ /RUVTXH OD UpSRQVH LPPXQLWDLUH TXL VXLW FHWWH LQIODPPDWLRQ LQLWLDOHHVWHIILFDFHOHYLUXVHVWpOLPLQpHWV¶HQFOHQFKHDORUVGHPDQLqUHDFWLYHXQHSKDVHGH UpVROXWLRQ GH O¶LQIODPPDWLRQ &HWWH SKDVH GpWHUPLQH HQ SDUWLH OD GXUpH LQIODPPDWRLUH 0F&UDFNHQ $OOHQ/DSOXSDUWGHVpWXGHVD\DQWSRXUREMHFWLIGHPLHX[FRPSUHQGUH OHV PpFDQLVPHV TXL HQJHQGUHQW O¶LQIODPPDWLRQ H[FHVVLYH GHV SRXPRQV ORUV GHV LQIHFWLRQV JULSSDOHVVHVRQWIRFDOLVpHVVXUOHVSKDVHVG¶DFWLYDWLRQHWG¶DPSOLILFDWLRQGHO¶LQIODPPDWLRQ &HSHQGDQW SOXVLHXUV pWXGHV RQW GpPRQWUp TX¶j FKDUJH YLUDOH LGHQWLTXH OHV 9,$V SRXYDLHQW LQGXLUHXQHPDODGLHVpYqUHRXEpQLJQH*DUFLDHWDO7HLMDURHWDO$LQVLOHSRXYRLU SDWKRJqQHGXYLUXVQHVHUDLWSDVXQLTXHPHQWOLpjVRQSRXYRLUUpSOLFDWLI5HSHUDQWHWDO 2XWUHO¶DSRSWRVHGHVFHOOXOHVHW ODSURGXFWLRQGHUpVROYLQHVOLSR[LQHVHW GHPROpFXOHVDQWL LQIODPPDWRLUHV OD UpVROXWLRQ GH O¶LQIODPPDWLRQ HVW pJDOHPHQW LQIOXHQFpH SDU O¶HQGRWKpOLXP YDVFXODLUH.DGO /HLWLQJHU5pFHPPHQWLODpWpGpPRQWUpTXHOHVFHOOXOHVHQGRWKpOLDOHV RUFKHVWUDLHQWO¶DYDODQFKHF\WRNLQLTXHGXUDQWOHVLQIHFWLRQVSDUOHV9,$V7HLMDURHWDO $LQVL LO HVW SRVVLEOH TXH O¶K\SHUF\WRNLQpPLH QH VRLW SDV GXH j XQH LQWHQVLWp LQIODPPDWRLUH DQRUPDOHPHQW pOHYpHPDLVjXQGpIDXWGHVDUpVROXWLRQ /HVGHX[SKpQRPqQHVSRXYDQWrWUH DVVRFLpV&HFLDXJPHQWHUDLWGHPDQLqUHDQRUPDOHODGXUpHGHO¶LQIODPPDWLRQ/¶HQGRWKpOLXP YDVFXODLUHHVWXQHFRXFKHXQLFHOOXODLUHTXLWDSLVVHOHVYDLVVHDX[VDQJXLQVHQFRQWDFWGLUHFWDYHF OHVDQJ/RUVTXHOHVFHOOXOHVHQGRWKpOLDOHVVRQWDFWLYpHVO¶KpPRVWDVHTXLHVWXQPpFDQLVPHGH GpIHQVHGHO¶RUJDQLVPHV¶HQFOHQFKHDILQGHUpSDUHUODOpVLRQ/¶LQIODPPDWLRQHWO¶KpPRVWDVH VRQWGHVSURFHVVXVLQWLPHPHQWOLpV'DQVGHQRPEUHXVHVSDWKRORJLHVLQIODPPDWRLUHVWHOOHVTXH OHVHSVLVSDUH[HPSOHODVHXOHGpUpJXODWLRQGHO¶KpPRVWDVHHVWGLUHFWHPHQWUHVSRQVDEOHG¶XQH LQIODPPDWLRQGpUpJXOpH(QJHOPDQQ 0DVVEHUJ)LJXUH

 



)LJXUH'pUpJXODWLRQGHO¶KpPRVWDVHHWLQIODPPDWLRQ

/DGpUpJXODWLRQGHODEDODQFHKpPRVWDWLTXHHVWGLUHFWHPHQWDVVRFLpHjXQH LQIODPPDWLRQ H[FHVVLYH HVW LQFRQWU{OpH GDQV GH QRPEUHXVHV PDODGLHV LQIODPPDWRLUHV







,,, /¶KpPRVWDVHHWO¶LQIODPPDWLRQ





/¶KpPRVWDVH HVW XQ SURFHVVXV SK\VLRORJLTXH TXL SHUPHW OH PDLQWLHQ GH O¶LQWpJULWp GHV YDLVVHDX[VDQJXLQVORUVG¶XQHDJUHVVLRQYDVFXODLUH/¶KpPRVWDVHSHXWpJDOHPHQWrWUHDFWLYpH HQ YXH GH UpSDUHU GHV OpVLRQV DX QLYHDX GHV FHOOXOHV pSLWKpOLDOHV $ O¶pWDW SK\VLRORJLTXH O¶HQGRWKpOLXP TXL WDSLVVH OH YDLVVHDX VDQJXLQ D GHV SURSULpWpV DQWLSODTXHWWDLUHV HW DQWLFRDJXODQWHVHQVHFUpWDQWGHVPROpFXOHVWHOOHVTXHOD3*SURVWDJODQGLQHOH12PRQR[\GH G¶D]RWHODSURVWDF\FOLQHWO¶HFWR$'3DVH&'-RQHVHWDO/RUVG¶XQHDJUHVVLRQGH O¶HQGRWKpOLXP SDU XQH LQIHFWLRQ GLUHFWH GHV FHOOXOHV HQGRWKpOLDOHV RX VRXV O¶HIIHW G¶XQ HQYLURQQHPHQWLQIODPPDWRLUHOHVFHOOXOHVHQGRWKpOLDOHVH[SULPHQWGHVIDFWHXUVSURFRDJXODQWV jOHXUVXUIDFHHWHQSDUWLFXOLHUOH)7)DFWHXU7LVVXODLUHXQHSURWpLQHFOpGHODFDVFDGHGHOD FRDJXODWLRQ 3DU DLOOHXUV OHV FHOOXOHV HQGRWKpOLDOHV OLEqUHQW GHV PROpFXOHV G¶DFWLYDWLRQ HW G¶DGKpVLRQ GHV SODTXHWWHV HW GHV OHXFRF\WHV WHOOHV TXH GHV ,&$0 ,QWUDFHOOXODU $GKHVLRQ PROHFXOH 3$) 3ODWHOHW $FWLYDWLQJ )DFWRU OH IDFWHXU GH :LOOHUEUDQG Y:) O¶$'3 $GpQRVLQH 'L3KRVSKDWH HW OD WKURPELQH &HFL GpFOHQFKH O¶DFWLYDWLRQ  GX SURFHVVXV GH O¶KpPRVWDVH TXL FRQGXLW j OD IRUPDWLRQ G¶XQ FDLOORW FRQVWLWXp GH SODTXHWWHV DJUpJpHV HW GH ILEULQH 2Q GLVWLQJXH WURLV pWDSHV ORUV GH O¶KpPRVWDVH TXL VRQW DFWLYpHV VLPXOWDQpPHQW L O¶KpPRVWDVHSULPDLUHRXDJUpJDWLRQSODTXHWWDLUHLLODFRDJXODWLRQRXSURGXFWLRQGHWKURPELQH HW IRUPDWLRQ GH ILEULQH HW LLL OD ILEULQRO\VH RX GLVVROXWLRQ GH OD ILEULQH HW GRQF GX FDLOORW )LJXUH

 

)LJXUH5HSUpVHQWDWLRQVFKpPDWLTXHGHVpWDSHVGXSURFHVVXVGHO¶KpPRVWDVH

 /pVLRQ YDVFXODLUH  )RUPDWLRQ GX FORX SODTXHWWDLUH HW WUDQVIRUPDWLRQ GX ILEULQRJqQH HQ

UpVHDX GH ILEULQH FRDJXODWLRQ &HV GHX[ SURFHVVXV VRQW PpGLpV HVVHQWLHOOHPHQW SDU OD WKURPELQH  )LEULQRO\VH RX GpJUDGDWLRQ HQ]\PDWLTXH GH OD ILEULQH SDU OD SODVPLQH  5pSDUDWLRQGHODOpVLRQHWUpWDEOLVVHPHQWGXIOX[VDQJXLQ   

/¶KpPRVWDVHSULPDLUH

  /¶KpPRVWDVHSULPDLUHHVWODSUHPLqUHpWDSHGHUpDFWLRQjO¶DJUHVVLRQGHO¶HQGRWKpOLXP(OOH GpEXWH SDU XQH pWDSH GH FRQWUDFWLRQ YDVFXODLUH RX YDVRFRQVWULFWLRQ PpFDQLVPH UHIOH[H TXL UpGXLW OH IOX[ VDQJXLQ HW SHUPHW OD IRUPDWLRQ G¶XQ WKURPEXV EODQF TXL HVW XQ DJUpJDW GH SODTXHWWHV FHOOXOHV VDQJXLQHV DQXFOppV G¶HQYLURQ —P 0RUUHOO HW DO  $ O¶pWDW SK\VLRORJLTXHOHVSODTXHWWHVFLUFXOHQWGDQVOHVDQJVRXVIRUPHLQDFWLYHV(OOHVSRUWHQWjOHXU VXUIDFH GHV UpFHSWHXUV GRQW OHV SOXV LPSRUWDQWV VRQW  OD JO\FRSURWpLQH *3,E OH FRPSOH[H JO\FRSURWpLTXH *3,,E,,,Ă RX LQWpJULQH ɲ,,ȕ HW GHV UpFHSWHXUV DFWLYpV SDU GHV SURWpDVHV QRWDPPHQWODWKURPELQHRXHQDQJODLV3$53URWHDVHDFWLYDWHGUHFHSWRUVIK

/HGpFOHQFKHPHQWGHO¶DFWLYDWLRQGHVSODTXHWWHVHVWG€jODIL[DWLRQGXY:)DXFROODJqQH GXVRXVHQGRWKpOLXP/HY:)HVWXQHPROpFXOHPXOWLPpULTXHGHWUqVKDXWSRLGVPROpFXODLUH V\QWKpWLVp SDU OD FHOOXOH HQGRWKpOLDOH HW OH PpJDFDU\RF\WH TXL pWDEOLW XQ SRQW HQWUH OHV JO\FRSURWpLQHV ,E SODTXHWWDLUHV HW OH VRXVHQGRWKpOLXP $LQVL XQH SUHPLqUH FRXFKH PRQRFHOOXODLUHGHSODTXHWWHVVHFRQVWLWXH/¶DGKpVLRQSURYRTXHO¶DFWLYDWLRQGHVSODTXHWWHVSDU ODWKURPELQHYLDOHV3$5VHWFHWWHDFWLYDWLRQHVWDPSOLILpHSDUOHFROODJqQHO¶$'3HWOH7;$

 WKURPER[DQH$)LJXUH&HFLVHWUDGXLWSDU8QFKDQJHPHQWGHIRUPHGHVSODTXHWWHV 'H GLVFRwGH HOOHV GHYLHQQHQW VSKpULTXHV pPHWWHQW GHV SVHXGRSRGHV HW VH FRQWUDFWHQW &HFL SHUPHWODFHQWUDOLVDWLRQGHVJUDQXOHVpWDSHLQGLVSHQVDEOHjODGpJUDQXODWLRQ/HVSODTXHWWHV DFWLYpHVOLEqUHQWOHFRQWHQXGHOHXUVJUDQXOHVGHQVHVUpVHUYHG¶$73G¶$'3HWGHVpURWRQLQH FHTXLDPSOLILHO¶DFWLYDWLRQLQLWLDOHGHVSODTXHWWHV(OOHVOLEqUHQWpJDOHPHQWOHFRQWHQXGHOHXUV JUDQXOHVDOSKDTXLFRQWLHQQHQWHQWUHDXWUHODSVpOHFWLQHHWGHVSURWpLQHVGLYHUVHVWHOOHVTXHGHV SURWpLQHVGHODFRDJXODWLRQHWGHODILEULQRO\VHDLQVLTXHGHVF\WRNLQHV0LWVXKDVKLHWDO  /¶DFWLYDWLRQ SODTXHWWDLUH SURYRTXH pJDOHPHQW OH FKDQJHPHQW GH FRQIRUPDWLRQ GHV JO\FRSURWpLQHVD,,EE,,, j OHXU VXUIDFH SHUPHWWDQW OD IL[DWLRQ GX ILEULQRJqQH HQ SUpVHQFH GH

FDOFLXP HW OHXU DJUpJDWLRQ /¶LQWHUDFWLRQ GHV SODTXHWWHV HQWUH HOOH HVW GRQF PpGLpH SDU OH ILEULQRJqQHFHTXLFUpHXQWKURPEXVLQLWLDOOHTXHOVHUDFRQVROLGpHQVXLWHSDUODFRDJXODWLRQHW ODIRUPDWLRQGXUpVHDXGHILEULQH   )LJXUH3UpVHQWDWLRQVFKpPDWLTXHGHO¶DFWLYDWLRQSODTXHWWDLUH /¶DJUHVVLRQGHO¶HQGRWKpOLXPLQGXLWO¶DFWLYDWLRQGXSURFHVVXVGHO¶KpPRVWDVHDILQGH UpSDUHUODOpVLRQ/¶DFWLYDWLRQGHO¶KpPRVWDVHSULPDLUHHWODIRUPDWLRQGXSUHPLHUFORX SODTXHWWDLUHV FRPSUHQG L O¶DGKpVLRQ GHV SODTXHWWHVDX IDFWHXU GH Y:) HW DX VRXV HQGRWKpOLXP YLD *3,E9,; LL O¶DFWLYDWLRQ GHV SODTXHWWHVFH TXL VH WUDGXLW SDU XQ FKDQJHPHQWGHFRQIRUPDWLRQSODTXHWWDLUHO¶DFWLYDWLRQGHO¶LQWpJULQHD,,EE,,,SHUPHWWDQW

O¶DJUpJDWLRQGHVSODTXHWWHVHWO¶DGKpVLRQGHVOHXFRF\WHVLLL/DOLEpUDWLRQGXFRQWHQXGH OHXUJUDQXOHV

 /¶DFWLYDWLRQ GHV SODTXHWWHV MRXHQW XQ U{OH LPSRUWDQW GDQV GH QRPEUHX[ SURFHVVXV LQIODPPDWRLUHV/HVSODTXHWWHVDFWLYpHVFRPPHQRXVO¶DYRQVPHQWLRQQpOLEqUHQWOHFRQWHQX GH OHXUV JUDQXOHV GHQVHV FRQWHQDQW GHV F\WRNLQHV HW FKpPRNLQHV WHOOHV TXH 5$17(6 5HJXODWHGRQ$FWLYDWLRQ1RUPDO7FHOO([SUHVVHGDQG6HFUHWHG,/ɲȕ0&3RX3$) *XDQIDQJ 6KL  'HV PROpFXOHV WHOOHV TXH O¶$'3 OD VpURWRQLQH HW OH 7;$ TXL VRQW OLEpUpHV SDU OHV SODTXHWWHV MRXHQW TXDQW j HOOHV XQ U{OH LPSRUWDQW GDQV OH UHFUXWHPHQW GHV OHXFRF\WHV *DZD] HW DO  3DU DLOOHXUV O¶DGKpVLRQ SULPDLUH GHV QHXWURSKLOHV HW GHV SODTXHWWHV DX VRXVHQGRWKpOLXP IDYRULVH OH UHFUXWHPHQW VHFRQGDLUH GH QRXYHOOHV FHOOXOHV LPPXQLWDLUHV =DUERFN HW DO  'H PDQLqUH LQWpUHVVDQWH OD VWLPXODWLRQ GHV FHOOXOHV HQGRWKpOLDOHVSDUO¶,/HWOH71)LQGXLWO¶H[SUHVVLRQGX)7+DZU\ORZLF]HWDO$LQVL HQ ERXFOH G¶DXWRDPSOLILFDWLRQ O¶LQIODPPDWLRQ DPSOLILH O¶DFWLYDWLRQ GH O¶KpPRVWDVH 'DUERXVVHWHWDO







/D&RDJXODWLRQ

 /DFRDJXODWLRQHVWXQHFDVFDGHG¶DFWLYDWLRQHQ]\PDWLTXHGpFOHQFKpHSDUODPLVHHQFRQWDFW GXVDQJFLUFXODQWDYHFOH)7HWTXLDSRXUREMHFWLIGHFRQVROLGHUOHFORXSODTXHWWDLUHLQLWLDOHQ OLDQW OHV SODTXHWWHV HQWUH HOOHV DYHF XQ UpVHDX GH ILEULQH /H )7 HVW XQH JO\FRSURWpLQH PHPEUDQDLUHDVVRFLpHDX[SKRVSKROLSLGHV&HUWDLQHVFHOOXOHVHQFRQWDFWSHUPDQHQWDYHFOHIOX[ VDQJXLQQ¶H[SULPHQWOH)7TXHORUVTX¶HOOHVVRQWDFWLYpHVFHTXLHVWOHFDVGHVPRQRF\WHVHW GHVFHOOXOHVHQGRWKpOLDOHV,OH[LVWHGHX[W\SHVGH)7OH)7OLpDX[FHOOXOHVHWOH)7VROXEOH/H U{OHELRORJLTXHGX)7VROXEOHHVWPRLQVFRQQXTXHFHOXLGX)7FHOOXODLUH&HSHQGDQWGHVpWXGHV RQWPRQWUpTXHOH)7VROXEOHMRXHDXVVLXQU{OHLPSRUWDQWGDQVO¶LQIODPPDWLRQHWO¶KpPRVWDVH %XVVRHWDO/RUVTXHOH)7VHWURXYHHQFRQWDFWGXVDQJLOIL[HHWDFWLYHOHIDFWHXU9,, )9,, HQ )9,, DFWLYp )9,,D /¶DFWLYDWLRQ GX FRPSOH[H )7)9,,D LQGXLW XQH FDVFDGH

 G¶DFWLYDWLRQGHIDFWHXUVGHODFRDJXODWLRQDERXWLVVDQWjODIRUPDWLRQGHODWKURPELQH)LJXUH &HWWHFDVFDGHHVWODYRLHH[WULQVqTXHGHODFRDJXODWLRQ$XGHOjGHFHWWHYRLHFODVVLTXHXQH VHFRQGHYRLHODYRLHLQWULQVqTXHGHODFRDJXODWLRQDPSOLILHODSURGXFWLRQGHWKURPELQH&HWWH GHUQLqUHHVWXQHVpULQHSURWpDVHTXLDSRXUIRQFWLRQSULQFLSDOHGHWUDQVIRUPHUOHILEULQRJqQH VROXEOHHQUpVHDXGHILEULQHLQVROXEOH$LQVLOHWKURPEXVLQLWLDOHPHQWIRUPpORUVGHO¶KpPRVWDVH SULPDLUHHVWFRQVROLGpSDUOHUpVHDXGHILEULQH  )LJXUH&DVFDGHHQ]\PDWLTXHGHODFRDJXODWLRQ /¶pOpPHQWGpFODQFKDQWODFRDJXODWLRQHVWO¶H[SUHVVLRQGX)7jODVXUIDFHGHV FHOOXOHV/DJpQpUDWLRQGHWKURPELQHSURYLHQWWRXWG¶DERUGG¶XQHYRLHGLUHFWH YRLH H[WULQVqTXH LQLWLpH SDU OH FRPSOH[H )7)9,,D SXLV G¶XQH YRLH G¶DPSOLILFDWLRQYRLHLQWULQVqTXH/DIL[DWLRQGX)7DX)9,,FLUFXODQWIDYRULVH O¶DFWLYDWLRQGX)9,,HQ)9,,DFWLYp)9,,D/HFRPSOH[H)7)9,,DDJLWGH IDoRQ SUpIpUHQWLHOOH VXU OH ); SRXU OH WUDQVIRUPHU HQ );D &H GHUQLHU HQ SUpVHQFHGHVRQFRIDFWHXU)9DFWLYp)9DIRUPHOHFRPSOH[HSURWKURPELQDVH TXLDFWLYH OD SURWKURPELQH HQWKURPELQH /HV SUHPLqUHV WUDFHV GHWKURPELQH DLQVLJpQpUpHSDUODYRLHGLUHFWHYRQWDFWLYHUODYRLHLQWULQVqTXHSHUPHWWDQWDLQVL ODJpQpUDWLRQGHODWKURPELQH)LJXUHH[WUDLWHGH6)+



$ILQG¶HPSrFKHUXQHDFWLYDWLRQH[FHVVLYHHWSRWHQWLHOOHPHQWGDQJHUHXVHGHODFRDJXODWLRQ WHOOHTXHOHVWKURPERVHVYHLQHXVHVOHV\VWqPHGHFRDJXODWLRQHVWUpJXOpSDUGHVLQKLELWHXUVGRQW

 OHVSOXVFRQQXVVRQWLO¶$7DQWLWKURPELQHTXLVHIL[HGLUHFWHPHQWVXUODWKURPELQHHWLQKLEH VRQDFWLRQ/¶DFWLYLWpGHO¶$7HVWDXJPHQWpHSDUODPROpFXOHG¶KpSDUDQHVXOIDWHSUpVHQWHjOD VXUIDFHGHO¶HQGRWKpOLXPRXSDUOHVKpSDULQHVXWLOLVpHVFRPPHPpGLFDPHQWLLO¶LQKLELWHXUGH ODYRLHGXIDFWHXUWLVVXODLUHRXHQDQJODLV7)3,7LVVXH)DFWRU3DWKZD\,QKLELWRUTXLHVWXQ LQKLELWHXUQDWXUHOGHODSKDVHLQLWLDOHGHODFRDJXODWLRQ/H7)3,IRUPHXQFRPSOH[HTXDWHUQDLUH DYHFOH)7)9,,DHW);DOLPLWDQWDLQVLODJpQpUDWLRQGX);DHWGRQFGHODWKURPELQHLLLOH V\VWqPHGHSURWpLQH&SURWpLQH6ODSURWpLQH&3&HVWXQHSURHQ]\PHTXLVHIL[HjODVXUIDFH GHVFHOOXOHVHQGRWKpOLDOHVVXUVRQUpFHSWHXU(3&5(QGRWKHOLDO3URWHLQ&5HFHSWRU/D3&HVW DFWLYpHHQ3&DFWLYH3&DSDUODWKURPELQHSUpDODEOHPHQWIL[pHjODWKURPERPRGXOLQHSURWpLQH UpFHSWHXUHOOHDXVVLH[SULPpHjODVXUIDFHGHVFHOOXOHVHQGRWKpOLDOHV/D3&DHQSUpVHQFHGH VRQFRIDFWHXUSURWpLQH6HVWXQLQKLELWHXUSXLVVDQWGHODJpQpUDWLRQGHWKURPELQH/RUVTXHOH FDLOORWHVWIRUPpODILEULQRO\VHSK\VLRORJLTXHVHUDHQVXLWHDFWLYpHDILQGHUHVWLWXHUODIOXLGLWp VDQJXLQH 

 /D FRDJXODWLRQ HVW XQSURFHVVXVLQWLPHPHQWOLpHjO¶LQIODPPDWLRQ 'qV OHFOLYDJHGX ILEULQRJqQH HQ ILEULQH HW OD IRUPDWLRQ GX FORX SODTXHWWDLUH GHV OHXFRF\WHV VRQW GLUHFWHPHQW UHFUXWpVDXQLYHDXGXVLWHGHOpVLRQHWDGKqUHQWDX[SODTXHWWHVVIK8QHGpUpJXODWLRQGH OD FRDJXODWLRQ DERXWLW j GHV FDV SURWKURPERWLTXHV VpYqUHV JpQpUDOHPHQW DVVRFLpV j XQH LQIODPPDWLRQ GpOpWqUH *DQGR HW DO  /D GpUpJXODWLRQ GX OLHQ HQWUH OD FRDJXODWLRQ HVW O¶LQIODPPDWLRQFRQWULEXHjGHVFDVJUDYHVG¶LQIHFWLRQVWHOVTXHODFRDJXODWLRQLQWUDYDVFXODLUH GLVVpPLQpHJpQpUDOHPHQWDVVRFLpHDX[VHSVLVEDFWpULHQV'HOOLQJHU/¶LQMHFWLRQGLUHFWH GX)7VROXEOHFKH]ODVRXULVLQGXLWXQpWDWLQIODPPDWRLUH%XVVRHWDO3DUDLOOHXUVOHV SURGXLWV GH OD FDVFDGH GH OD FRDJXODWLRQ WHOV TXH OD WKURPELQH HW OD ILEULQH VRQW SUR LQIODPPDWRLUHV-HQVHQHWDO.DSODQVNLHWDO/DILEULQHLQGXLWO¶H[SUHVVLRQGHOD PROpFXOH G¶DGKpVLRQ ,&$0 j OD VXUIDFH GHV FHOOXOHV HQGRWKpOLDOHV FH TXL DXJPHQWH

 O¶DGKpVLRQGHVQHXWURSKLOHV4LHWDO4XDQWjODWKURPELQHHOOHLQGXLWVXUOHVFHOOXOHV HQGRWKpOLDOHVO¶H[SUHVVLRQGHVPROpFXOHVG¶DGKpVLRQ6XJDPDHWDOGHODVpFUpWLRQGH 3$)6KXPDQHWDOHWODSURGXFWLRQGHF\WRNLQHVWHOOHVTXH,O,ORX0&3%DFKOL HWDO.DSODQVNLHWDO/HU{OHGHODWKURPELQHSRXUUDLWrWUHGpSHQGDQWGHO¶DFWLYDWLRQ GHV 3$5V &RXJKOLQ  (Q SDUWLFXOLHU OD WKURPELQH YLD FHV UpFHSWHXUV SURYRTXH O¶DXJPHQWDWLRQGXQLYHDXG¶H[SUHVVLRQGHVJqQHVGHVF\WRNLQHVSURLQIODPPDWRLUHVWHOVTXHOH 71)ĮO¶,/RXO¶,/ȕ$VRNDQDQWKDQHWDO/LQHWDO$LQVLOHV3$5VHQDFWLYDQW OHVSODTXHWWHVHQUpJXODQWODFRDJXODWLRQHWDFWLYDQWODOLEpUDWLRQGHF\WRNLQHVVRQWjO¶LQWHUIDFH HQWUHO¶KpPRVWDVHHWO¶LQIODPPDWLRQ 



/DILEULQRO\VH

 /DILEULQRO\VHHVWXQSURFHVVXVSK\VLRORJLTXHTXLSHUPHWG¶pOLPLQHUSURJUHVVLYHPHQWOH FDLOORWGHILEULQH(QHIIHWOHFDLOORWQHGRLWMRXHUTX¶XQU{OHWHPSRUDLUH/RUVTXHODIRQFWLRQ WLVVXODLUH HVW UHVWDXUpH OH FDLOORW GRLW GLVSDUDLWUH /D GHVWUXFWLRQ GHV SRO\PqUHV GH ILEULQH V¶HIIHFWXHHVVHQWLHOOHPHQWSDUODSODVPLQHTXLSURYLHQWG¶XQSUpFXUVHXUSODVPDWLTXHLQDFWLIOH 3/*8QHIRLVOH3/*DFWLYpHQSODVPLQHFHWWHGHUQLqUHDSRXUU{OHSULQFLSDOGHGpJUDGHUOD ILEULQH HQ SURGXLWV GH GpJUDGDWLRQ GH WDLOOHV YDULDEOHV LGHQWLILpV FRPPH 3') 3URGXLWV GH 'pJUDGDWLRQGHOD)LEULQH/HV3')OHVSOXVFRQQXVVRQWOHV''LPHUTXLVRQWGHVPDUTXHXUV VSpFLILTXHVGHODILEULQRO\VHDORUVTXHG¶DXWUHV3')SHXYHQWpJDOHPHQWSURYHQLUGXFOLYDJHGX ILEULQRJqQH/HV3')HW''LPHUVRQWTXDQWLILDEOHVGDQVOHSODVPDOHXUWDX[HVWDLQVLXQUHIOHW GHO¶DFWLYLWpGHODSODVPLQHHWGHO¶DFWLYDWLRQGHODILEULQRO\VH /DILEULQRO\VHHVWWHPSpUpHSDUGHVLQKLELWHXUVQDWXUHOVTXLFRQWU{OHQWVRQDFWLYDWLRQ &HVLQKLELWHXUVVRQWGHGHX[W\SHVLOHVLQKLELWHXUVGLUHFWVGHODSODVPLQHSULQFLSDOHPHQW O¶ɲDQWLSODVPLQHSODVPDWLTXHPDLVDXVVLO¶ɲPDFURJOREXOLQHLLOHVLQKLELWHXUVLQGLUHFWVGH OD SURGXFWLRQ GH OD SODVPLQH HW QRWDPPHQW OHV 3$, 3ODVPLQRJHQ $FWLYDWRU ,QKLELWRU &HV

 GHUQLHUVLQKLEHQWHQDPRQWOHVDFWLYDWHXUVGHODWUDQVIRUPDWLRQGX3/*HQSODVPLQHOHW3$ 7LVVXH3ODVPLQRJHQ$FWLYDWRUHWO¶X3$8URNLQDVH3ODVPLQRJHQ$FWLYDWRU  /DILEULQRO\VHMRXHXQU{OHLPSRUWDQWVXUO¶pWDWLQIODPPDWRLUH /DSODVPLQHFRQWULEXHGH PDQLqUHFRQVLGpUDEOHjO¶DPSOLILFDWLRQGHO¶LQIODPPDWLRQYLDOHV3')TXLRQWXQHIRUWHDFWLYLWp FKLPLRDWWUDFWDQWH-HQQHZHLQHWDO/HDYHOOHWDO&HWDVSHFWSURLQIODPPDWRLUHVHUD GpYHORSSpGDQVOHFKDSLWUHFRQVDFUpDXSODVPLQRJqQH   



,9 /HVUpFHSWHXUVDFWLYpVSDUODWKURPELQHHWOHSODVPLQRJqQH

GHVPROpFXOHVDXF°XUGHO¶KpPRVWDVHHWGHO¶LQIODPPDWLRQ

  

/HVUpFHSWHXUVDFWLYpVSDUODWKURPELQH



$XGHOj GH FOLYHU OH ILEULQRJqQH HQ ILEULQH ORUV GH OD FRDJXODWLRQ OD WKURPELQH DJLW pJDOHPHQW YLD GHV UpFHSWHXUV FHOOXODLUHV j VHSW GRPDLQHV WUDQVPHPEUDQDLUHV FRXSOpV j GHV SURWpLQHV*TXHVRQWOHVUpFHSWHXUVDFWLYpVSDUOHVSURWpDVHV RX3$59XHWDO&HV UpFHSWHXUVFRPSUHQQHQWPHPEUHV3$5j3$5$O¶H[FHSWLRQGH3$53$53$5 HW3$5VRQWDFWLYpVSDUODWKURPELQH/HVGHX[UpFHSWHXUVSULQFLSDX[GHODWKURPELQHVRQW WRXWHIRLV 3$5 HW 3$5 2XWUH OD WKURPELQH G¶DXWUHV SURWpDVHV JpQpUpHV ORUV GH OD FRDJXODWLRQDFWLYHQWDXVVLFHVPrPHVUpFHSWHXUV)LJXUH/¶HIIHWSULQFLSDOGHO¶DFWLYDWLRQ GHFHVGHUQLHUVHVWXQHPRGXODWLRQGHO¶LQIODPPDWLRQ/HV3$5VVRQWGRQFjO¶LQWHUIDFHHQWUH O¶KpPRVWDVHHWO¶LQIODPPDWLRQ   )LJXUH$FWLYDWLRQGHV3$5VSDUOHVSURWpDVHVGHFRDJXODWLRQ /DFDVFDGHGHODFRDJXODWLRQDERXWLjO¶DFWLYDWLRQGHSOXVLHXUVSURWpDVHVWHOOHVTXHOH IDFWHXU;DOHIDFWHXU9,,DHWODWKURPELQH&HVSURWpDVHVFOLYHQWHWDFWLYHQWGHV3$5V FRQGXLVDQWHQWUHDXWUHjODPRGXODWLRQGHO¶LQIODPPDWLRQ)LJXUHH[WUDLWHGH&LULQR *HWDO 

 /HFOLYDJHGHO¶H[WUpPLWp1WHUPLQDOHH[WUDFHOOXODLUHGXUpFHSWHXUSDUODWKURPELQHJpQqUH XQHQRXYHOOHH[WUpPLWp1WHUPLQDOHTXLGpPDVTXHOHOLJDQGGX3$5&HWWHQRXYHOOHH[WUpPLWp VH IL[H DORUV VXU VRQ VLWH GH OLDLVRQ VXU OH UpFHSWHXU SHUPHWWDQW O¶DFWLYDWLRQ GH FH GHUQLHU /¶DFWLYDWLRQGXUpFHSWHXUSHUPHWO¶DFWLYDWLRQGHVSHWLWHVSURWpLQHV*IRUPpHVGHVVRXVXQLWpV ɲ ɴ HW ܵ *ɲ *ɴ HW *ܵ UHVSHFWLYHPHQW /D FDWDO\VH G¶pFKDQJH GH *'3 *XDQRVLQH GLSKRVSKDWHHQ*73*XDQRVLQHWULSKRVSKDWHDXQLYHDXGHODVRXVXQLWpDOSKDGHODSURWpLQH * HQWUDLQH VD GLVVRFLDWLRQ GX FRPSOH[HEJ$LQVLODIRUPH DFWLYpHGHODVRXVXQLWp DHWOH FRPSOH[HEJVWLPXOHQWGHVYRLHVVLJQDOLVDWLRQVGRQWFHOOHVGHODSKRVSKROLSDVH&,3GLDF\O *O\FHUROHW0$3.LQDVH$URUDHWDOYDQ%LHVHQHWDO&HVYRLHVGHVLJQDOLVDWLRQ VRQW LPSOLTXpHV GDQV OD PRGXODWLRQ GH O¶LQIODPPDWLRQ HW GH O¶KpPRVWDVH &RXJKOLQ  &RXJKOLQ9XHWDO)LJXUH8QHGHVFDUDFWpULVWLTXHVGHFHVUpFHSWHXUVHVWOHXU GpVHQVLELOLVDWLRQDEVHQFHGHUpSRQVHjXQVHFRQGVWLPXOXVFHVUpFHSWHXUVpWDQWUDSLGHPHQW LQWHUQDOLVpVHWGpJUDGpVXQHIRLVDFWLYpV&LULQR 9HUJQROOH    )LJXUH$FWLYDWLRQGH3$5VSDUODWKURPELQHHWUpSRQVHFHOOXODLUH /DWKURPELQHVHOLHHWFOLYHOHUpFHSWHXU3$5DXQLYHDXGHO¶H[WUpPLWp 1WHUPLQDO GX UpFHSWHXU /D QRXYHOOH H[WUpPLWp 1WHUPLQDOH DLQVL JpQpUpHMRXHOHU{OHGHOLJDQGHWVHOLHDXUpFHSWHXUSRXUO¶DFWLYHU&HWWH DFWLYDWLRQ LQGXLW O¶DFWLYDWLRQ GH GLIIpUHQWV PHVVDJHUV LQWUDFHOOXODLUHV YLD OD VLJQDOLVDWLRQ GHV SHWLWHV SURWpLQHV * $X ILQDO FHWWH DFWLYDWLRQ DERXWLWjODPRGXODWLRQGHO¶KpPRVWDVHHWGHO¶LQIODPPDWLRQ

 /HV 3$5V VRQW H[SULPpV GH PDQLqUH XELTXLWDLUH +ROOHQEHUJ  HW LOV MRXHQW XQ U{OH LPSRUWDQW GDQV GLIIpUHQWV SURFHVVXV SK\VLRORJLTXH QRWDPPHQW DX QLYHDX GH O¶DFWLYDWLRQ SODTXHWWDLUH/¶DFWLYDWLRQGHO¶KpPRVWDVHSULPDLUHSDUODWKURPELQHIDLWLQWHUYHQLUHQPRLQV GHX[3$5VGHPDQLqUHGLIIpUHQWLHOOHFKH]O¶KRPPHHWODVRXULV)LJXUH&KH]O¶KRPPH OHVSODTXHWWHVKXPDLQHVVRQWDFWLYpHVSDU3$5HW3$53$5SUpVHQWDQWXQHDIILQLWpSOXV JUDQGH SRXU OD WKURPELQH TXH 3$5 /D GLIIpUHQFH G¶DFWLYDWLRQ GH FHV UpFHSWHXUV SDU OD WKURPELQHHVWGHO¶RUGUHG¶XQIDFWHXU/HVSODTXHWWHVGHVRXULVTXDQWjHOOHVH[SULPHQW 3$5HW3$5PDLVVHXO3$5HVWLPSOLTXpGLUHFWHPHQWGDQVO¶DFWLYDWLRQGHVSODTXHWWHV(Q HIIHWODSUpVHQFHXQLTXHGH3$5HVWLQVXIILVDQWHSRXUO¶DFWLYDWLRQGHVSODTXHWWHV ELHQTXH 3$5MRXHXQU{OHGHFRIDFWHXUSRXU3$5&RXJKOLQ  

)LJXUH   $FWLYDWLRQ GLIIpUHQWLHOOH GHV 3$5V VXU OHV SODTXHWWHV KXPDLQHVHWPXULQHV

3$5HW3$5 VRQWH[SULPpV VXUOHVSODTXHWWHVKXPDLQHVSDQHOGXKDXW 3$5 HW 3$5 VRQW WRXV GHX[ GLUHFWHPHQW DFWLYpV SDU OD WKURPELQH (Q UHYDQFKHFKH]ODVRXULVOHVSODTXHWWHVH[SULPHQW 3$5HW3$5SDQHOGX EDV3$5Q¶HVWSDVDFWLYpSDUODWKURPELQHFHSHQGDQWLOMRXHXQU{OHGH FRIDFWHXUG¶DFWLYDWLRQSRXU3$5)LJXUHH[WUDLWHGH&RXJKOLQ65   /HU{OHGHV3$5VHQUpSRQVHjODWKURPELQHSURYLHQWpJDOHPHQWGHOHXUDFWLYDWLRQVXUOHV FHOOXOHVpSLWKpOLDOHVHWRXHQGRWKpOLDOHV%LHQTXH3$5SXLVVHDYRLUXQU{OHDPELYDOHQWLOD

 SOXW{W pWp GpFULW FRPPH XQ  UpFHSWHXU SURLQIODPPDWRLUH QRWDPPHQW YLD OD SURGXFWLRQ GH F\WRNLQHVHWFKLPLRNLQHVGHO¶H[SUHVVLRQGHVPROpFXOHVG¶DGKpVLRQVHWGHO¶DXJPHQWDWLRQGHOD SHUPpDELOLWpFHOOXODLUH&RXJKOLQ9XHWDO/¶HIIHWSURRXDQWLLQIODPPDWRLUHGH 3$5VHUDLWHQIRQFWLRQGXWDX[GHWKURPELQH:HLOHU$GHIDLEOHVFRQFHQWUDWLRQVGH WKURPELQH 3$5 VHUDLW DFWLYp SDU OH FRPSOH[H $3&(3&5 HW DXUDLW GHV HIIHWV DQWL LQIODPPDWRLUHVYLDO¶DFWLYDWLRQGXUpFHSWHXU63VSKLQJRVLQSKRVSKDWH/¶DFWLYDWLRQGH FH GHUQLHU SHUPHWWUDLW DXVVL OH PDLQWLHQ GH O¶LQWpJULWp GHV YDLVVHDX[ VDQJXLQV )HLVWULW]HU & (QSUpVHQFHGHIRUWHVFRQFHQWUDWLRQVGHWKURPELQH3$5VHUDLWGLUHFWHPHQWDFWLYpSDU ODWKURPELQHHWDXUDLWSOXW{WXQHIIHWSURLQIODPPDWRLUHYLDO¶DFWLYDWLRQGH631LHVVHQHWDO 1LHVVHQHWDO)LJXUH&HVHIIHWVDPELJXVGH3$5VRQWWRXWHIRLVPDOFRPSULV   )LJXUH5{OHSURHWDQWLLQIODPPDWRLUHGH3$5 $GHIDIDLEOHFRQFHQWUDWLRQGHWKURPELQH3$5HVWFOLYpSDUO¶$3&FHTXL LQGXLWXQHFRDFWLYDWLRQGHO¶DFWLYDWLRQGHODYRLHGHVLJQDOLVDWLRQ63HWGRQW OHV HIIHWV VHUDLHQW SURWHFWHXUV (Q UHYDQFKH j GH IRUWH FRQFHQWUDWLRQ GH WKURPELQH3$5HVWGLUHFWHPHQWFOLYpSDUODWKURPELQHHWDXUDLWXQHIIHWSUR FRDJXODQW HW SURLQIODPPDWRLUH YLD 63 1LHVVHQ HW DO  /HV PpFDQLVPHVH[DFWVG¶DFWLYDWLRQGH3$5jGHIDLEOHHWIRUWHFRQFHQWUDWLRQVGH WKURPELQHVRQWHQFRUHPDOpOXFLGpV)LJXUHH[WUDLWHGH)UHLVWULW]HU&HWDO 



ʹǤ /HSODVPLQRJqQH



/H 3/* HVW XQH JO\FRSURWpLQH PRQRFDWpQDLUH SULQFLSDOHPHQW V\QWKpWLVpH SDU OHV KpSDWRF\WHV6HVSURSULpWpVVRQWHVVHQWLHOOHPHQWFRQGLWLRQQpHVSDUVDVWUXFWXUH6RQH[WUpPLWp 1WHUPLQDOHVHFRPSRVHGHFLQTVWUXFWXUHVHQERXFOHTXLSRVVqGHQWGHVVLWHVGHKDXWHDIILQLWp SRXU OD O\VLQH QRPPpV /%6 /\VLQH %LQGLQJ 6LWH &HV VLWHV VRQW GHV VLWHV GH IL[DWLRQ j OD ILEULQH DX[ SURGXLWV GH GpJUDGDWLRQ GH OD ILEULQH j O¶ɲDQWLSODVPLQH HW j GHV SURWpLQHV PDWULFLHOOHV RX FHOOXODLUHV FDSDEOHV G¶H[SRVHU GHV JURXSHPHQWV O\VLQHV /H 3/* HW VRQ DFWLYDWHXUOHW3$SRVVqGHQWXQHJUDQGHDIILQLWpSRXUODILEULQH(QVHIL[DQWVXUFHOOHFLOH3/* HVW FOLYp HQ SODVPLQH DX QLYHDX GH OD OLDLVRQ SHSWLGLTXH $UJ_B9DO_{SHUPHWWDQW DLQVL OH}

GpPDVTXDJH GX VLWH SURWpRO\WLTXH 8Q VHFRQG DFWLYDWHXU GX 3/* HVW O¶X3$ TXL DFWLYH SUpIpUHQWLHOOHPHQWOH3/*jODVXUIDFHGHVFHOOXOHV&ROOHQ)RUVJUHQHWDO/H3/* SHXWVHIL[HUVXUGHVSURWpLQHVFHOOXODLUHVWHOOHVTXHO¶DQQH[LQHRXGHVUpFHSWHXUVWHOVTXHOH 3/*5.7 $QGURQLFRV HW DO /D OLDLVRQ GX 3/*SODVPLQH VXU VRQ UpFHSWHXU LQGXLW

O¶DFWLYDWLRQGHGLIIpUHQWHVYRLHVGHVLJQDOLVDWLRQGRQW1)N%LPSOLTXpHVGDQVO¶H[SUHVVLRQGHV JqQHVGHO¶LQIODPPDWLRQPDLVpJDOHPHQWGHO¶KpPRVWDVHWHOTXHFHODDpWpGpPRQWUpSRXUOH)7 6\URYHWVHWDO'HSOXVODSODVPLQHHVWpJDOHPHQWFDSDEOHG¶DFWLYHUOHUpFHSWHXU3$5 SHUPHWWDQW DLQVL G¶LQGXLUH O¶DJUpJDWLRQ SODTXHWWDLUH $URUD HW DO  '¶XQH PDQLqUH LQWpUHVVDQWHjGHVFRQFHQWUDWLRQVpOHYpHVODSODVPLQHHVWpJDOHPHQWFDSDEOHG¶DFWLYHU3$5 HWG¶LQGXLUHO¶DSRSWRVHGHVFHOOXOHVHQGRWKpOLDOHV/DSODVPLQHHVWpJDOHPHQWLPSOLTXpHGDQVOD GpJUDGDWLRQGHODPDWULFHH[WUDFHOOXODLUHFHTXLLQGXLWO¶DXJPHQWDWLRQGHODSHUPpDELOLWpGHV FHOOXOHV

/H U{OH HVVHQWLHO GH OD SODVPLQH HVW G¶DFWLYHU OD ILEULQRO\VH /H V\VWqPH 3/*SODVPLQH FRQWULEXH pJDOHPHQW G¶XQH PDQLqUH FRQVLGpUDEOH j O¶DPSOLILFDWLRQ GH O¶LQIODPPDWLRQ 7RXW G¶DERUGOH3/*HWODSODVPLQHDXJPHQWHO¶LQILOWUDWLRQGHVFHOOXOHVLPPXQLWDLUHVODSURGXFWLRQ GHF\WRNLQHVORUVG¶XQHOpVLRQWLVVXODLUH*RQJHWDO6\URYHWVHWDO:\JUHFNDHWDO

 $LQVLGHVVRXULVGpILFLHQWHVHQ3/*VRQWSURWpJpHVG¶XQHLQIODPPDWLRQH[FHVVLYHHWGHV OpVLRQVVXEVpTXHQWHVGDQVGLIIpUHQWHVPDODGLHVLQIODPPDWRLUHV/HDYHOOHWDO0RRQVHWDO 2&RQQHOOHWDO3ORSOLVHWDO3DUDLOOHXUVYLDXQHDFWLYDWLRQGHODILEULQRO\VH OHV 3') JpQpUpV DXJPHQWHQW OH UHFUXWHPHQW GHV OHXFRF\WHV QRWDPPHQW OHV QHXWURSKLOHV HW VWLPXOHODOLEpUDWLRQGH F\WRNLQHV HW FKLPLRNLQHV-HQQHZHLQ HW DO  /X HW DO (Q FRQFOXVLRQOHV\VWqPH3/*SODVPLQHHQDFWLYDQWODILEULQRO\VHHWHQPRGXODQWO¶LQIODPPDWLRQ HVWjO¶LQWHUIDFHHQWUHO¶KpPRVWDVHHWO¶LQIODPPDWLRQ





&+pPRVWDVHHWYLUXVLQIOXHQ]D

 

(WXGHVFOLQLTXHV

 

$X QLYHDX FOLQLTXH GH QRPEUHXVHV DQRPDOLHV GH O¶KpPRVWDVH DLQVL TXH GHV FRPSOLFDWLRQVFDUGLRYDVFXODLUHVRQWpWpREVHUYpHVFKH]GHVSDWLHQWVDWWHLQWVGHJULSSHVVpYqUHV 7UDQHWDO:DUUHQ*DVKHWDO:DUUHQ*DVKHWDO$XVVLGHQRPEUHX[FDVGH WKURPERSpQLHVRQWpWpUDSSRUWpV&KRHHWDO&XQKD*DRHWDODLQVLTXHGHV GpUpJXODWLRQVGHODILEULQRO\VH6RHSDQGLHWDO:DQJHWDO%LHQTXHHIIHFWXpVXU GHIDLEOHVJURXSHVLOVHPEOHUDLWTX¶XQHDXJPHQWDWLRQGHO¶DFWLYDWLRQSODTXHWWDLUHFRUUqOHDYHF XQHVpYpULWpGHODPDODGLH5RQGLQDHWDO(QUHYDQFKHODFRDJXODWLRQLQWUDYDVFXODLUH GLVVpPLQpHDUDUHPHQWpWpREVHUYpH.UXPPHO0F&UDFNHQ2KUXLHWDO'HPDQLqUH LQWpUHVVDQWH SDUPL OHV ELRPDUTXHXUV GH VpYpULWp GHV FDV G¶LQIHFWLRQV JULSSDOHV RXWUH OHV F\WRNLQHVGHVpWXGHVYLHQQHQWGHVXJJpUHUTXHGHVPDUTXHXUVGHODFRDJXODWLRQSRXUUDLHQWrWUH XWLOLVpV'DYH\HWDO$O¶LQYHUVHGHVSDWLHQWVSUpVHQWDQWGHVWURXEOHVGHO¶KpPRVWDVHRQW XQHVXVFHSWLELOLWpDFFUXHGHIDLUHGHVLQIHFWLRQVJULSSDOHVVpYqUHV5XSD0DW\VHNHWDO /¶HQVHPEOHGHFHVGpVRUGUHVGHO¶KpPRVWDVHpWDQWH[DFHUEpVSDUOHVVXULQIHFWLRQVEDFWpULHQQHV 1JX\HQHWDOGHVpWXGHVH[SpULPHQWDOHVVRQWGRQFQpFHVVDLUHVDILQGHGpWHUPLQHUOHU{OH SUpFLVGHO¶KpPRVWDVHGXUDQWOHVLQIHFWLRQVJULSSDOHV  



$FWLYDWLRQGHVFHOOXOHVHQGRWKpOLDOHVSDUOHVYLUXV,QIOXHQ]D$

 ,QYLWUROHVFHOOXOHVHQGRWKpOLDOHVSXOPRQDLUHVVRQWVHQVLEOHVDX[LQIHFWLRQVSDUOHVYLUXV GHODJULSSH$UPVWURQJHWDO=HQJHWDO8QHQGRWKpOLRWURSLVPHDpJDOHPHQWpWp REVHUYpGDQVGHVHPEU\RQVGHSRXOHWVHWGHFKDWV)HOGPDQQHWDO5HSHUDQWHWDO $XVVLFKH]ODVRXULVOHVFHOOXOHVHQGRWKpOLDOHVVHPEOHQWrWUHVHQVLEOHVDX[YLUXVGHODJULSSH $UPVWURQJHWDO(QUHYDQFKHSRXUODSUHPLqUHIRLVHQDXQLYHDXH[SpULPHQWDO O¶LPSOLFDWLRQGHO¶HQGRWKpOLXPGDQVO¶DPSOLILFDWLRQGHO¶RUDJHF\WRNLQLTXHLQGXLWSDUOHVYLUXV LQIOXHQ]D$DpWpSURSRVp7HLMDURHWDO6KRUWHWDO/¶HQGRWKpOLXPpWDQWODFRXFKH WDSLVVDQWO¶LQWpULHXUGHVYDLVVHDX[VDQJXLQVXQSUHPLHUSDVYHUVOHU{OHGHO¶KpPRVWDVHGDQVOHV LQIHFWLRQV JULSSDOHV SHXW rWUH DLQVL HQYLVDJp &HSHQGDQW FHWWH pWXGH Q¶D SDV OLp OH U{OH GH O¶HQGRWKpOLXPjXQHGpUpJXODWLRQGHO¶KpPRVWDVHPDLVjXQUHFUXWHPHQWGpUpJXOpGHVOHXFRF\WHV DXQLYHDXGXVLWHLQIHFWLHX['DQVFHWWHpWXGHLODHQHIIHWpWpGpPRQWUpTXHOHV63MRXDLHQW XQU{OHFHQWUDOGDQVODUpJXODWLRQGHO¶RUDJHF\WRNLQLTXH7HLMDURHWDO