• Aucun résultat trouvé

2SHUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQHW DOJqEUHVGH&OLIIRUG

N/A
N/A
Protected

Academic year: 2022

Partager "2SHUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQHW DOJqEUHVGH&OLIIRUG"

Copied!
25
0
0

Texte intégral

(1)

2SHUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQHW DOJqEUHVGH&OLIIRUG

3,(55($1*/(6(75(1(/28,6&/(5&

8QLYHUVLWp3DXO6DEDWLHU7RXORXVH SDQJOHV#FLFWIU

FOHUF#FLFWIU

5(680( 'DQVFHWDUWLFOHRQVHSURSRVHG¶XWLOLVHUOHIRUPDOLVPHGHVRSpUD WHXUV GH FUpDWLRQ HW G¶DQQLKLODWLRQ ELHQ FRQQX SDU DLOOHXUV VRLW HQ

© VWDWLVWLTXHVGH%RVH(LQVWHLQ ªSDUOHVUHODWLRQVGHFRPPXWDWLRQVRLWSDU OHVUHODWLRQVG¶DQWLFRPPXWDWLRQGDQVOHV© VWDWLVWLTXHVGH)HUPL'LUDF ª2Q UDSSHOOH WRXW G¶DERUG OHV GpILQLWLRQV HW SURSULpWpV GHV DOJqEUHV GH &OLIIRUG G¶HVSDFHVTXDGUDWLTXHV'DQVXQHSUHPLqUHSDUWLHRQpWXGLHODFRQVWUXFWLRQ GHV DOJqEUHV GH &OLIIRUG&UV HW &UV GHV HVSDFHV TXDGUDWLTXHV SVHXGR HXFOLGLHQVVWDQGDUGVHWODSpULRGLFLWpPRGXORDIIpUHQWHSXLVFHOOHGHVDOJq EUHV GH &OLIIRUG GHV HVSDFHV TXDGUDWLTXHV UpJXOLHUV VXU&HW OD SpULRGLFLWp PRGXORDVVRFLpH'DQVXQHVHFRQGHSDUWLHOHIRUPDOLVPHDOJpEULTXHGHV RSpUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQHVWXWLOLVpSRXUO¶pWXGHGHODVLPSOLFL WpGHVDOJqEUHVGH&OLIIRUGGHVHVSDFHVTXDGUDWLTXHVUpJXOLHUVUpHOVRXFRP SOH[HV(QILQRQLQGLTXHFRPPHQWFHVSURSULpWpVVRQWUpFHPPHQWXWLOLVpHV SRXUGLVFXWHUOHVVXSHUV\PpWULHVSHUPLVHVGDQVGLYHUVHVGLPHQVLRQVVXSHU JURXSHVGH3RLQFDUpSRXUO¶pWXGHGHVFKDPSVTXDQWLTXHVHWGHVFRUGHV

$%675$&7 7KLV SDSHU VHOIFRQWDLQHG GHDOV ZLWK &OLIIRUG DOJHEUDV LQ WHUPVRIDQQLKLODWLRQDQGFUHDWLRQRSHUDWRUV%HIRUHDOOZHUHFDOOWKHFODVVL FDOGHILQLWLRQVDQGSURSHUWLHVFRQFHUQLQJ&OLIIRUGDOJHEUDV7KHQLQDILUVW SDUWZHVWXG\WKHFRQVWUXFWLRQRIWKH&OLIIRUGDOJHEUDV&UV DQGHYHQ&OLI IRUGDOJHEUDV&UVRITXDGUDWLFVWDQGDUGUHJXODUVSDFHV(UV 5UV HQGRZHG ZLWKDTXDGUDWLFIRUPRIVLJQDWXUHUVDFFRUGLQJWRWKHFODVVLFDOPRGXOR SHULRGLFLW\DQGWKDWRI&OLIIRUGDOJHEUDVIRUVWDQGDUGUHJXODUVSDFHVRYHU&

DFFRUGLQJWRWKHFODVVLFDOPRGXORSHULRGLFLW\7KHQLQDVHFRQGSDUWZH XVHWKHDOJHEUDLFZHOONQRZQIRUPDOLVPRIFUHDWLRQDQGDQQLKLODWLRQRSHUD WRUV WR VWXG\ WKH VLPSOLFLW\ RI&OLIIRUGDOJHEUDVIRUVWDQGDUGUHJXODUTXDG UDWLFVSDFHVRYHU5RU&7KHQLWLVVKRZQKRZVXFKSURSHUWLHVDUHUHFHQWO\

XVHGWRGLVFXVVWKHSRVVLEOHVXSHUV\PPHWULHVLQYDULRXVGLPHQVLRQVVXSHU 3RLQFDUpJURXSVLQWKHVWXG\RITXDQWXPILHOGVDQGVWULQJV

(2)

3UpDPEXOH

1RXVIDLVRQVSDUWLHGHFHX[TXLRQWDERUGpSXLVFRPPHQFpjDLPHUOHFRX SOHLQIHUQDO5HODWLYLWp4XDQWDjODOHFWXUHGHOD© &RQWULEXWLRQjO¶pWXGHGHOD WKpRULH GH O¶pOHFWURQ GH 'LUDF ª > D@ OD SDVVLRQQDQWH WKqVH GH 2&RVWDGH

%HDXUHJDUG /¶XQ GH QRXV \ D ODUJHPHQW SXLVp GDQV VRQ FKDSLWUH © 7KpRULH GHV PLOLHX[ FRQWLQXV GRXpV G¶XQH GHQVLWp GH PRPHQW FLQpWLTXH SURSUH HQ 5HODWLYLWp5HVWUHLQWH ªHWVXUWRXWGDQVOHU{OHIRQGDPHQWDOTX¶LOIDLWMRXHUDX WHQVHXU GH 7pWURGH O¶LGpH GH GpSDUW GH VD SURSUH WKqVH >@ 1RXV \ DYRQV DXVVLIDLWQRVSUHPLHUVSDVDYHFOHVVSLQHXUVGH'LUDFFHTXLQRXVDFRQGXLW XQSHXSOXVWDUGDX[DOJqEUHVGH&OLIIRUGHWDXWUHVRSpUDWHXUVGHFUpDWLRQHW G¶DQQLKLODWLRQ&RPPHQWDXVVLQHSDV\UHOHYHUXQHSHWLWHSKUDVHSURSKpWLTXH YRLU OHV WUDYDX[ UpFHQWV GH 1*LVLQ GX JURXSH GH SK\VLTXH DSSOLTXpH GH O¶8QLYHUVLWpGH*HQqYHHWGH$6XDUH]GXFHQWUHGHSKLORVRSKLHTXDQWLTXHGH

=XULFK © LO IDXGUDLW HQ FRQFOXUH TXH O¶pOHFWURQ GH 'LUDF SULV HQ OXLPrPH LJQRUHOHWHPSV ª>D@FKDS,S"

,QWURGXFWLRQ

/HGpYHORSSHPHQWGHODPpFDQLTXHTXDQWLTXH>FG@DPLVO¶DFFHQWVXU O¶LPSRUWDQFHGHVUHSUpVHQWDWLRQVGHJURXSHVGH/LHHQSK\VLTXHWKpRULTXHHW GHJURXSHVILQLVHQFKLPLHWKpRULTXH'DQVO¶pODERUDWLRQG¶XQHWKpRULHFRYD ULDQWH OD UHFKHUFKH G¶XQ JURXSHGH/LHDGpTXDW*SRXUWHQWHUG¶pGLILHUGHV WKpRULHVXQLWDLUHVHQJOREDQWJUDYLWDWLRQHWFKDPSpOHFWURPDJQpWLTXHUHVWHO¶XQ GHV REMHFWLIV GHV SK\VLFLHQV /D WKpRULH FODVVLTXH GH O¶pOHFWURPDJQpWLVPH PRQWUHG¶DLOOHXUVFRPPHQWO¶LQWHUYHQWLRQGXJURXSHFRQIRUPH62>

D E F@ JURXSH PD[LPDO G¶LQYDULDQFH GHV pTXDWLRQV GH 0D[ZHOO SOXVSHWLW JURXSH VHPLVLPSOH FRQWHQDQW OH JURXSH GH 3RLQFDUp RX LQKRPRJqQH GH /RUHQW]DSSDUDvWWRXWHQDWXUHOOH'HSOXV62GHIDoRQLQGpSHQGDQWH DpWpXWLOLVpFRPPHJURXSHG\QDPLTXHGHVLQWHUDFWLRQVIRUWHV

2Q FRQQDvW OH VXFFqV GH OD WKpRULH GHV WZLVWHXUV GH 5 3HQURVH >@ SRXU IRQGHU XQH QRXYHOOH FRVPRORJLH /D VWUXFWXUH GH 62 DYDLW GpMj pWp pWXGLpH SDU(&DUWDQ>@TXLDYDLWPRQWUpO¶LGHQWLWpGHVDOJqEUHVGH/LHGH 62HWGH68/DFOpGHYR€WHGHODWKpRULHGH53HQURVHHVWOD UHFRQQDLVVDQFH TXH 68 HVWXQUHYrWHPHQWG¶RUGUHGHODFRPSRVDQWH FRQQH[HGHO¶pOpPHQWQHXWUH GH628QWZLVWHXUDSSDUDvWDORUVFRPPH XQ YHFWHXU GH O¶HVSDFH YHFWRULHO& GRWp GH OD IRUPH SVHXGRKHUPLWLHQQH VWDQGDUGGHVLJQDWXUHHWODVRXVYDULpWpGHODJUDVVPDQQLHQQHGHVSODQV FRPSOH[HV GH& TXH IRUPHQW OHV SODQV WRWDOHPHQW LVRWURSHV V¶LGHQWLILH DX FRPSDFWLILpFRQIRUPHGHO¶HVSDFHGH0LQNRZVNL&RPPH53HQURVH>@OH UHFRQQDvWOXLPrPH© OHVWZLVWHXUVVRQWGHVVSLQHXUVGRQWRQHVWHQFRUHELHQ

(3)

ORLQG¶DYRLUHQWUHYXODVLJQLILFDWLRQFRPSOqWHGDQVODFRPSUpKHQVLRQGHVORLV SK\VLTXHVTXLUpJLVVHQWQRWUHXQLYHUV ª

$FKDTXHHVSDFHTXDGUDWLTXH(GHGLPHQVLRQQFRUUHVSRQGGHIDoRQFD QRQLTXH VRQ DOJqEUH GH &OLIIRUG DOJqEUH DVVRFLDWLYH &( DYHF XQLWp GH GLPHQVLRQQ

+LVWRULTXHPHQW >@ OD QRWLRQ G¶DOJqEUH GH &OLIIRUG HVW DSSDUXHGHIDoRQ QDWXUHOOHSDUGHVYRLHVGLYHUVHV0DLVVRQLQWURGXFWLRQODSOXVIUDSSDQWHHVWOD VROXWLRQGRQQpHSDU3$0'LUDF>@DXSUREOqPHGHO¶pTXDWLRQUHODWLYLVWHGH O¶pOHFWURQ

/DQRWLRQGHVSLQHXUDpWpGpFRXYHUWHSDU(&DUWDQHQGDQVVHVUH FKHUFKHV VXU OD GpWHUPLQDWLRQ GHV UHSUpVHQWDWLRQV OLQpDLUHV LUUpGXFWLEOHV GX JURXSHRUWKRJRQDOSURSUHRXGHO¶DOJqEUHGH/LHFRUUHVSRQGDQWH/HVVSLQHXUV IXUHQWHQVXLWHpWXGLpVSDU%/9DQGHU:DHUGHQ5%UDXHU+:H\O>@HW ( &DUWDQ >@ OXLPrPH 9RXODQW EkWLU VD WKpRULH GH O¶pOHFWURQ HW SDVVHU GH O¶pTXDWLRQ UHODWLYLVWH GH 6FKU|GLQJHU DX[ pTXDWLRQV GX SUHPLHU RUGUH TXL SRUWHQWVRQQRP3$0'LUDF>@DpWpFRQGXLWjUHWURXYHULQGpSHQGDP PHQWODPrPHQRWLRQUHODWLYHFHWWHIRLVDXJURXSHGH/RUHQW]/D UHSUpVHQWD WLRQDOJpEULTXHGHODWKpRULHGHVVSLQHXUVDpWpGpYHORSSpHHQSUHPLHUOLHXSDU

& &KHYDOOH\ >@ SXLV SDU GLYHUV DXWHXUV GRQW $ &UXPH\UROOH >@ HW 5 'HKHXYHOV >@ 6XLYDQW FHWWH GLUHFWLRQ O¶XQ G¶HQWUH QRXV D IRXUQL XQH Pp WKRGHQDWXUHOOHGHFRQVWUXFWLRQGHVDOJqEUHVGH&OLIIRUGDVVRFLpHVDX[JURX SHV XQLWDLUHV GH IRUPHV SVHXGRHXFOLGLHQQHV SVHXGRXQLWDLUHV RX SVHXGR KHUPLWLHQQHV>HIKL@

3DUDLOOHXUVODWKpRULHDOJpEULTXHGHVIRUPHVTXDGUDWLTXHVHWGHVDOJqEUHV GH &OLIIRUG GHV PRGXOHV SURMHFWLIV GH W\SH ILQL R LQWHUYLHQW OH JURXSH GH

*URWKHQGLHFNDpWpIDLWHSDU$0LFDOLHW2(9LOODPD\RU>@/HVUDSSRUWV HQWUHDOJqEUHVGH&OLIIRUGHW.±WKpRULHRQWpWpDSSURIRQGLVSDU0.DURXEL

>@ , 6DWDNH V¶HVW ODUJHPHQW VHUYL GX ODQJDJH DOJpEULTXH SURSRVp SDU FHV VWUXFWXUHVGDQVXQOLYUHLPSRUWDQW>@

/HWUDYDLOTXLVXLWDSRXUREMHWG¶pWXGLHUODVLPSOLFLWpGHVDOJqEUHVGH&OLI IRUGGHVHVSDFHVTXDGUDWLTXHVVWDQGDUGVUpJXOLHUVUpHOVRXFRPSOH[HVSDUOH ELDLVGHVRSpUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQ

(4)

$OJqEUHVGH&OLIIRUGG¶XQHVSDFHTXDGUDWLTXH>@>@>@>@

>@>@

/DPpWKRGHGH3$0'LUDF

3$0'LUDFLQWURGXLWOHVVSLQHXUVGDQVO¶HVSDFH±WHPSVGH0LQNRZVNL HQFKHUFKDQWjOLQpDULVHUO¶RSpUDWHXUGH.OHLQ±*RUGRQTXLHVWODIRUPHUHODWL YLVWHUHVWUHLQWH>E@GHO¶RSpUDWHXUGH6FKU|GLQJHU

wwWww[ww\ww]P<

R<GpVLJQHXQHIRQFWLRQG¶RQGHHWPXQQRPEUHUpHOSRVLWLI

/¶LQWHUSUpWDWLRQSK\VLTXHGH<HQGpVDFFRUGDYHFODSUpVHQFHGHODGpULYpH VHFRQGHWHPSRUHOOHFRQGXLW'LUDFjUHPSODFHUO¶RSpUDWHXUSUpFpGHQWSDU JDEDE UHSUpVHQWDQWOD© PpWULTXH ªGHO¶HVSDFH±WHPSVXQSURGXLW G¶RSpUDWHXUVGXSUHPLHUGHJUp

JDEww[Dw[EP JDww[DPJEww[EP 2QREWLHQGUDLWDORUV JDE JDJEJEJDFHTXLHVWFRQWUDGLFWRLUHFDUOHWHQ VHXUGXSUHPLHUPHPEUHHVWGHUDQJHWFHOXLGXVHFRQGPHPEUHGHUDQJ TXHOTXHVRLWOHYHFWHXUJD3DUFRQWUHVLOHVJDDXOLHXG¶rWUHGHVQRPEUHVVRQW GHV pOpPHQWV G¶XQH DOJqEUH$ QRQFRPPXWDWLYHV¶LOVFRPPXWDLHQWRQGH YUDLWDYRLUJDJE DzERQSHXWREWHQLUOHVpJDOLWpV

JDJEJEJD JDEHRHHVWO¶pOpPHQWXQLWpGH$

2QFKRLVLWKDELWXHOOHPHQWSRXU$XQHDOJqEUHG¶RSpUDWHXUVVXUXQHVSDFH YHFWRULHO6VXUOHFRUSVGHVFRPSOH[HV/¶LQFRQQXHXGHO¶pTXDWLRQGH'LUDF

JDwXw[D± PHX HVWXQHDSSOLFDWLRQGHO¶HVSDFH±WHPSVGH0LQNRZVNL(GHVLJQDWXUH LFLGDQV6DSSHOpHFKDPSGHVSLQHXUV/¶pTXDWLRQDpWppFULWHGDQV XQHEDVHRUWKRQRUPDOHGH(6LO¶RQXWLOLVHXQHWUDQVIRUPDWLRQGH/RUHQW]/

2HWVLO¶RQSRVH[O /OD[DV¶pFULW

JDwXw[O/OD±PHX TXHO¶RQSHXWHQFRUHpFULUHHQSRVDQWX¶ /X X¶pWDQWOHFKDPSGHVSLQHXUVFRUUHVSRQGDQWjXGDQVOHVQRXYHOOHVFRRUGRQ QpHV JDwXw[D±PHX¶ VRXVODFRQGLWLRQTXHODPDWULFHUpJXOLqUH/

YpULILHOHVpTXDWLRQVPDWULFLHOOHV /JD/ JO/DO

(5)

5HPDUTXHO¶LGpHIRQGDPHQWDOHGH'LUDFUHYLHQWjH[SULPHUODIRUPHTXD GUDWLTXHGH/RUHQW]GpILQLHVXU5 TP W± [± \± ]DYHFP W[\

] FRPPH OH FDUUp G¶XQH IRUPH OLQpDLUH T P DW E[J\G]

/¶LGHQWLILFDWLRQFRQGXLWjGHVpTXDWLRQVGRQWXQHVROXWLRQQHSHXWrWUHDWWHQ GXH TXH VL OHV FRHIILFLHQWV DEJG VRQW GHV pOpPHQWV G¶XQH DOJqEUH QRQ FRPPXWDWLYH FH TXL SHXW rWUH UpDOLVp HQ FKRLVLVVDQW SRXU FHV GHUQLHUV GHV PDWULFHV FRPSOH[HV G¶RUGUH OHV PDWULFHV GH 'LUDF TXL HQ D GpFULW O¶LQWHUSUpWDWLRQ PDWKpPDWLTXH HW SK\VLTXH &HV PDWULFHV VRQW DWWDFKpHV j XQ GHJUpGHOLEHUWpLQWHUQH OHVSLQTXLGHYLHQWXQHQpFHVVLWpPDWKpPDWLTXHHQ PpFDQLTXHUHODWLYLVWHSRXUOHVSDUWLFXOHVpOpPHQWDLUHVSRXUOHVTXHOOHVLOGH YLHQWXQH© FDUDFWpULVDWLRQJpRPpWULTXH ª>@7RXWHFHWWHQpFHVVDLUHLQWURGXF WLRQGHFHVPDWULFHVHVWGpFULWHGDQVODWKqVH>D@GH2&RVWDGH%HDXUHJDUG

&HWWHLGpHG¶REWHQLUXQHUDFLQHFDUUpH G¶XQHIRUPHTXDGUDWLTXHYDMXVWL ILHUODFRQVWUXFWLRQTXLVXLWG¶XQHDOJqEUHGH&OLIIRUGHWG¶XQHDSSOLFDWLRQGH

&OLIIRUG

$OJqEUHGH&OLIIRUG>@>@>@>@>@

'pILQLWLRQV

6RLW(TQRWp(XQHVSDFHTXDGUDWLTXHVXUOHFRUSV.$XQHDOJqEUHDV VRFLDWLYHVXU.SRVVpGDQWXQHXQLWp$

2Q DSSHOOH DSSOLFDWLRQ GH &OLIIRUG GH ( GDQV $ WRXWH DSSOLFDWLRQ OL QpDLUHMGH(GDQV$WHOOHTXHSRXUWRXW[(M[ T[$

2QDSSHOOHDOJqEUH GH&OLIIRUGQRWpH&(T &GHOHVSDFHTXDGUD WLTXH ( WRXWH VROXWLRQ GX SUREOqPH XQLYHUVHO SRVp SDU OHV DSSOLFDWLRQV GH

&OLIIRUGGHODFDWpJRULHGHVHVSDFHVTXDGUDWLTXHVVXU.GDQVODFDWpJRULHGHV DOJqEUHVDVVRFLpHVDYHFXQLWpVXU.

HVWpTXLYDOHQWj

,OH[LVWHXQHDSSOLFDWLRQGH&OLIIRUGMFGH(GDQV&

/¶XQLWpFGH&HWO¶LPDJHMF(HQJHQGUHQWO¶DOJqEUH&

3RXU WRXWH DSSOLFDWLRQ GH &OLIIRUGM GH ( GDQV $ LOH[LVWHXQKR PRPRUSKLVPHG¶DOJqEUHVDYHFXQLWpIGH&GDQV$ WHOTXHM I

$

MF

&HWKRPRPRUSKLVPHHVWXQLTXHG¶DSUqV

± 3URSULpWpVLPPpGLDWHV

6L$ HVWXQHDOJqEUHGHPDWULFHVGHW\SHPPHWVL; M[HVWOD PDWULFHLPDJHGH[(ODSURSULpWpGH&OLIIRUG; T[,LPSOLTXHTXHGHW

; T[P

3DUSRODULVDWLRQO¶pJDOLWpM[ T[$HQWUDvQHTXHUHPSODFHU[

SDU[\M[M\M\M[ J[\$RJHVWODIRUPHELOLQpDLUH V\PpWULTXHDVVRFLpHjODIRUPHTXDGUDWLTXHT

(6)

/¶RUWKRJRQDOLWp GH [ HW GH \J[ \ HVW DLQVL pTXLYDOHQWH j O¶DQWL FRPPXWDWLYLWpGHOHXUVLPDJHVM[HWM\HWLPSRVHjO¶DOJqEUH$GHQHSDV rWUHFRPPXWDWLYHGqVTXHGLP(t

'HSOXVM[ HQWUDvQHJ[\ SRXUWRXW\(6LJHVWQRQGpJpQp UpHMHVWGRQFQpFHVVDLUHPHQWLQMHFWLYH

([HPSOHVG¶DSSOLFDWLRQVGH&OLIIRUG>EH@

(QYLVDJHRQVOHFRUSV&GHVQRPEUHVFRPSOH[HV FRQVLGpUpFRPPHDOJq EUHUpHOOHHWGpILQLVVRQVO¶DSSOLFDWLRQGH&OLIIRUGMGH5PXQLGHODIRUPH TXDGUDWLTXHDQWLHXFOLGLHQQHGpILQLHSDUT[ [GDQV&WHOOHTXHSRXU WRXW[5M[ L[

3OXVJpQpUDOHPHQWFRQVLGpURQVODGURLWHYHFWRULHOOH.PXQLHGHODIRUPH TXDGUDWLTXHTGpILQLHSDUTO ODRD.,QWURGXLVRQVO¶DSSOLFDWLRQM GH.GDQVO¶DOJqEUHVXU.GHVPDWULFHVG¶RUGUHVXU.GpWHUPLQpSDUM 7 »

¼

« º

¬ ª

D MHVWXQHDSSOLFDWLRQGH&OLIIRUGGH.GDQVP&FDU7 M D, T,

&KRLVLVVRQVSRXUHVSDFHTXDGUDWLTXH(O¶HVSDFHHXFOLGLHQUpHOVWDQGDUG HW FRQVLGpURQV P & O¶DOJqEUHUpHOOH GHV PDWULFHV FRPSOH[HV G¶RUGUH 6RLWH HHHXQHEDVHRUWKRQRUPDOHGH(SRXUP [H\H]H SRVRQVMP »

¼

« º

¬ ª

] L\

[

L\

[

] 2QYpULILHLPPpGLDWHPHQWTXHMP [\], TP,

0pWKRGHVWDQGDUGGHFRQVWUXFWLRQG¶XQHDSSOLFDWLRQGH&OLIIRUG

&HWWHPpWKRGHDpWpPLVHDXSRLQWSRXUOHFDVQHXWUHSDU&&KHYDOOH\>@

VWUXFWXUpHSDU1%RXUEDNL>@HWUHPDQLpHSDU5'HKHXYHOV>@

6RLW(XQHVSDFHTXDGUDWLTXHVWDQGDUGJGpVLJQHODIRUPHELOLQpDLUHV\Pp WULTXH DVVRFLpH 6HORQ XQ UpVXOWDW FODVVLTXH G¶DOJqEUH H[WpULHXUH YRLU SDU H[HPSOH>E@SWRXWHIRUPHD(GpWHUPLQHXQHDQWLGpULYDWLRQ GDGHGHJUpGHO¶DOJqEUH/(GHFDUUpQXOGD

$FKDTXHYHFWHXU[GH(FRUUHVSRQGQDWXUHOOHPHQWODIRUPHOLQpDLUHQRWpH U[TXLOXLHVWDVVRFLpHSDUJ SRXUWRXV[\( J[\ U[\!HWSDU VXLWHXQHGpULYDWLRQQRWpHG[GH/š(GpILQLHSRXUXQSYHFWHXUGpFRPSRVDEOH SDU

(7)

G[\š\š«š\S 6LLJ[\L\š«š\ÖLš«š\S

ROHALQGLTXHFODVVLTXHPHQWXQWHUPHPDQTXDQW6L[HVWRUWKRJRQDOj FKDTXH\LRQDG[\š\š«š\S

,QWURGXLVRQV/[RSpUDWHXUOLQpDLUHGH/(WHOTXH/[W [šW/[HVWGH FDUUpQXO2QYDPRQWUHUTXHO¶DSSOLFDWLRQMVXLYDQWHHVWXQHDSSOLFDWLRQGH

&OLIIRUG GHVRSpUDWHXUVOLQpDLUHVGH/(

M[(ÆM[ G[/[//(

6LX/(M[X G[X[šXHWGRQFM[ X G[XJ[[X±

[šG[X[šG[X[š[šX T[XHWDLQVLM[ T[, 3URSRVLWLRQ>E@SHWS

6RLWMXQHDSSOLFDWLRQGH&OLIIRUGGH(GDQVO¶DOJqEUHDVVRFLDWLYHXQLWDLUH

$ /D VRXVDOJqEUH HQJHQGUpH SDU $ HWM( HVW GH GLPHQVLRQ ILQLH LQIp ULHXUHRXpJDOHjQRQ GLP(

/¶LGpHGHODGpPRQVWUDWLRQFRQVLVWHHQSDUWDQWG¶XQHEDVHH H«HQ RUWKRJRQDOHGH(HWG¶XQpOpPHQWXGH$GHODIRUPHX MHLMHLM HLQ j FKHUFKHU jUHWURXYHU O¶RUGUH QDWXUHO SRXU OHV LQGLFHV HW j XWLOLVHU O¶DQWLFRPPXWDWLYLWp GHM HL HW GHM HM SRXU LzM HQ GLVWLQJXDQW OHV GHX[

FDVVRLWLN !LNVRLWLN LN2QYpULILHLPPpGLDWHPHQWDLQVLTXHWRXWpOp PHQWGHODVRXVDOJqEUHGH$HQJHQGUpHSDUO¶XQLWp$HWM(HVWXQHFRP ELQDLVRQOLQpDLUHGHQpOpPHQWV^$MH-`R- ^dMM«MSdN``

HVWXQHVXLWHVWULFWHPHQWFURLVVDQWHTXLSHXWrWUHYLGH 7KpRUqPH>E@S>@>@S

7RXWHVSDFHTXDGUDWLTXH(TQRWp(SRVVqGHXQHDOJqEUHGH&OLIIRUG

&(TTXLSHXWrWUHGpILQLHFRPPHOHTXRWLHQWGHO¶DOJqEUHWHQVRULHOOH…( SDUO¶LGpDOELODWqUH4HQJHQGUpSDUOHVWHQVHXUVV\PpWULTXHVGHODIRUPH[…[

± T[[(

/¶DSSOLFDWLRQM&GH(GDQV&(THVWDORUVODFRPSRVpHGHO¶LQMHFWLRQGH (GDQV…(HWGHODSURMHFWLRQGH…(VXUVRQTXRWLHQW6L(HVWGHGLPHQVLRQ Q&(THVWGHGLPHQVLRQQ6LH H«HQHVWXQHEDVHRUWKRJRQDOHGH (OHVQpOpPHQWV&H, HL HL«HLS DYHFdLL«LSdQIRU PHQWXQHEDVHGH&(TM&HVWLQMHFWLYHFHTXLSHUPHWGHSORQJHU(GDQV

&(THWGHO¶LGHQWLILHUjVRQLPDJHM&(

(8)

6L/HVWXQVXUFRUSVFRPPXWDWLIGH.HW Ta O¶H[WHQVLRQGHTj(…/DORUV O¶DOJqEUHGH&OLIIRUG&(…./ TaHVWpYLGHPPHQW&(T…./

&DVSDUWLFXOLHU. 5/ &&(…5&Ta |&(T…5&2QSHXW pFULUH HQ DEUpJp &(¶T¶ | &(T¶ R OH ¶ HVW UHODWLI j OD

© FRPSOH[LILFDWLRQ ª

/DGpPRQVWUDWLRQGHFHWKpRUqPHHVWFODVVLTXH QRXVUHQYR\RQVDX[UpIp UHQFHVLQGLTXpHV

&RQVpTXHQFHGpWHUPLQDWLRQSUDWLTXHGHQRPEUHXVHVDOJqEUHVGH&OLIIRUG 6RLW(TXQHVSDFHTXDGUDWLTXHGRQWH H«HQHVWXQHEDVHRUWKR JRQDOHHWVRLWM XQHDSSOLFDWLRQGH&OLIIRUGGH(GDQVO¶DOJqEUHDVVRFLDWLYH XQLWDLUH$6LODVRXVDOJqEUH& GH$HQJHQGUpHSDU$HWM(HVWGHGL PHQVLRQQ&HVWXQHDOJqEUHGH&OLIIRUGGH&(TLVRPRUSKHj&

([HPSOHV>EH@

$ 6LODIRUPHTXDGUDWLTXHHVW QXOOHWRXWHDSSOLFDWLRQGH&OLIIRUGHVWDO WHUQpHHWO¶DOJqEUHGH&OLIIRUGV¶LGHQWLILHjO¶DOJqEUHH[WpULHXUH/(

% 5HSUHQRQVO¶H[HPSOHGXSDUDJUDSKHSUpFpGHQWFRQFHUQDQWOD GURLWH YHFWRULHOOH . PXQLH GH OD IRUPH TXDGUDWLTXH T DYHF T D. HW 7 »

¼

« º

¬ ª

D M/DVRXVDOJqEUH&GHP.TXHIRUPHQWOHVFRPELQDL VRQVOLQpDLUHVO,P7ROP .HVWXQHDOJqEUHGH&OLIIRUGFRPPXWDWLYH

D6LD TQ¶HVWSDVXQFDUUpGDQV.FRPPHO,P7O,P7 O P D , Q¶HVW MDPDLV QXO VDXI SRXUO P WRXW pOpPHQW QRQ QXO GH & HVW LQYHUVLEOH &HVWXQFRUSV(QSDUWLFXOLHU&5T[ [ &

E6LD THVWXQFDUUpGDQV.HWDzVRLW—DXQHUDFLQHFDUUpHGHDHW VRLHQWH ,—D7H , —D7H HW HIRUPHQWXQHEDVHGH

& H HH HHH &HVWVRPPHGLUHFWHGHGHX[DOJqEUHVLVRPRU SKHVj.O¶XQHG¶XQLWpHO¶DXWUHG¶XQLWpH& .†.

FD T &HVWO¶DOJqEUHGLWHGHVQRPEUHVGXDX[VXU.2QYpULILH TXHO,P7O¶,P¶7 OO¶,OP¶O¶P7FDU7

& 2QDSSHOOHDOJqEUHGHTXDWHUQLRQVWRXWHDOJqEUHGH&OLIIRUGG¶XQHV SDFHTXDGUDWLTXHUpJXOLHUGHGLPHQVLRQ8QHWHOOHDOJqEUHHVWGHGLPHQVLRQ VXU.HWVHVpOpPHQWVVRQWDSSHOpVGHVTXDWHUQLRQV6LO¶RQFRQVLGqUH(T DE!RTH DTH EHHWHpWDQWXQHEDVHGH(RQQRWHXVXHOOH PHQW .

E

D O¶DOJqEUHGH&OLIIRUG&(T 5

HVWDLQVLO¶DOJqEUHXVXHOOH +GHVTXDWHUQLRQVGH+DPLOWRQ RQUHQYRLHLFLj> E@SSRXUXQH

(9)

pWXGH GpWDLOOpH /D UHSUpVHQWDWLRQ KDELWXHOOH GH+ DXPR\HQGHPDWULFHVGH P&HVWODVXLYDQWH RQQRWHH HHODEDVHFDQRQLTXHGH5 HWRQ GpVLJQHSDU(UHVSHFWLYHPHQW(OHVPDWULFHVLPDJHVGHHUHVSHFWLYHPHQW HRQQRWH(OHSURGXLW((2QDH H HH HHHH HHH HHH HH HH H'qVORUVRQGpILQLWODUHSUp VHQWDWLRQPDWULFLHOOHG¶XQpOpPHQWGH+SDU

K D,E(J(G( »

¼

« º

¬ ª

Y X Y

X HW+V¶LGHQWLILHjODVRXVDOJqEUHUp

HOOHGHGLPHQVLRQGHP&IRUPpHSDUOHVPDWULFHVK »

¼

« º

¬ ª

Y X Y

X RC]

HVWOHFRPSOH[HFRQMXJXpGH]HWO¶DSSOLFDWLRQGH&OLIIRUGGH5PXQLGHOD IRUPH TXDGUDWLTXH TX TEHJ H E JGDQV+P&V¶pFULW DORUV

X EHJHÆ »

¼

« º

¬ ª

J E

J E L

L MX

WHOTXH MX EJ, TX,

5HPDUTXHFHWWHDSSOLFDWLRQGpILQLWDXVVLXQHDSSOLFDWLRQGH&OLIIRUGGXSODQ FRPSOH[H&PXQLGHODIRUPHTXDGUDWLTXHT[H\H [\FRPSOH[L ILpGXSODQDQWLHXFOLGLHQ5SUpFpGHQWGDQVP&2QSHXWPRQWUHUDORUV TXHO¶DOJqEUHGHVTXDWHUQLRQVFRPSOH[HVHVWLVRPRUSKHjP&

' $OJqEUH GH &OLIIRUG GH O¶HVSDFH HXFOLGLHQ VWDQGDUG ( FRQVLGpURQV P&FRPPHDOJqEUHUpHOOHGHPDWULFHVFRPSOH[HVG¶RUGUHHWFRPPHFL GHVVXVDXSDUDJUDSKHSUpFpGHQWSRVRQVMP »

¼

« º

¬ ª

] L\

[

L\

[

] SRXUP [H\H]HHHH HpWDQWXQHEDVHRUWKRQRUPDOHGH(M(

HVWO¶HVSDFHUpHOGHVPDWULFHVKHUPLWLHQQHVGHWUDFHQXOOHHWWHOOHVTXHWMP CMP GH P& /HV PDWULFHVV MH »

¼

« º

¬ ª

V MH

»¼

« º

¬

ª

L

L V MH »

¼

« º

¬ ª

VRQWDYHFV ,OHVPDWULFHVGH3DXOL 3OXVJpQpUDOHPHQWRQSHXWDSSHOHUPDWULFHVGH3DXOLWRXWHQVHPEOHGHWURLV PDWULFHVVVVFRPSOH[HVGHW\SHYpULILDQWOHVUHODWLRQVVM ,VN

(10)

VMVMVN SRXUWRXWNzM NM^`HWVVV L,,OHQUpVXOWHVV LVVV LVVV LV/HVKXLWPDWULFHVVVVVVVVV VVVVV VRQW OLQpDLUHPHQW LQGpSHQGDQWHV VXU5 (Q YHUWX GH OD FRQVp TXHQFH GX SDUDJUDSKH SUpFpGHQW O¶DOJqEUH UpHOOH P& HVW GRQF XQH DOJqEUHGH&OLIIRUGGHO¶HVSDFHHXFOLGLHQGHGLPHQVLRQ

( $OJqEUH GH&OLIIRUGGHO¶HVSDFHDQWLHXFOLGLHQ(5PXQLGHTGp ILQLHSDUTH[H[H[ ± [± [± [&HWWHDOJqEUH&(

HVWGHGLPHQVLRQVXU5,QWURGXLVRQVO¶DOJqEUHUpHOOHGHVPDWULFHVTXDWHU QLRQLHQQHVP+G¶RUGUHjFRHIILFLHQWVGDQV+6RLW;O¶DSSOLFDWLRQGpIL QLHSDU;X ;H[H[H[ ([([([ROHV(LVRQWOHV PDWULFHVGXSDUDJUDSKH&SUpFpGHQW

2QQRWHGRQF;X ;([([([ »

¼

« º

¬ ª

L[

L[

[

L[

[

L[

,OHVWLPPpGLDWTXH;X >± [± [± [@, TX,;HVWXQH DSSOLFDWLRQGH&OLIIRUGGH( GDQV+PDLVODFRQVLGpUDWLRQGHVGLPHQVLRQV QpFHVVLWH O¶LQWURGXFWLRQ GH O¶DSSOLFDWLRQ \ [ ( Æ \[

»¼

« º

¬ ª

[

;

[

; P+ GH GLPHQVLRQ VXU + HW GRQF GH GLPHQVLRQ

UpHOOHWKpRUqPHGH:HGGHUEXUQFI2QPRQWUHTXHODPDWULFHXQLWp ,HW\(HQJHQGUHQWXQHVRXVDOJqEUHGHGLPHQVLRQGHP+LVRPRU SKHj+†+

) $OJqEUHGH&OLIIRUGGHO¶HVSDFHGH0LQNRZVNL(>EH@

/¶HVSDFHGH0LQNRZVNLHVWO¶HVSDFHYHFWRULHOUpHO5PXQLGHODIRUPHTXD GUDWLTXHTX TH[H[H[H[ [± [± [± [ DYHFSRXUDOJqEUHGH&OLIIRUG&( XQHDOJqEUHUpHOOHGHGLPHQVLRQ 2QpFULWX H [ [DYHF[( HWGRQFQDWXUHOOHPHQWRQLQWURGXLW O¶H[WHQVLRQGHO¶DSSOLFDWLRQGH&OLIIRUGSUpFpGHQWH

\X \H[[

»»

¼ º

««

¬ ª

+

+ [

[

\[

»»

¼ º

««

¬ ª

+

+ [ [

;

[

; [

HWO¶RQYpULILHDORUVTXH&( HVWLVRPRUSKHjO¶DOJqEUHUpHOOHP+

2Q SHXW YpULILHU TXH O¶DOJqEUH UpHOOH P+ HVW XQH IRUPH UpHOOH GH O¶DOJqEUHFRPSOH[HP&P& P+†LP+HWRQSHXWO¶\

SORQJHUFHTXLFRQGXLWjODUHFKHUFKHGHVDSSOLFDWLRQVGH&OLIIRUGGH(

GDQVP&8QHWHOOHDSSOLFDWLRQHVWGpWHUPLQpHSDUOHVLPDJHVJJJ

(11)

JGHVYHFWHXUVGHODEDVHFDQRQLTXHGH( FHTXLFRQGXLWjODGpILQLWLRQ VXLYDQWH

'pILQLWLRQ

2QDSSHOOHPDWULFHVGH'LUDFWRXWHQVHPEOHGHPDWULFHVFRPSOH[HV[

QRWpHVJJJJTXLDQWLFRPPXWHQWGHX[jGHX[HWVDWLVIRQWDX[UHODWLRQV J ,J J J ,2QSUHQGKDELWXHOOHPHQWSRXUJVRLW

»¼

« º

¬ ª

, ,

VRLW »

¼

« º

¬ ª

,

, HW JM

»»

¼ º

««

¬ ª

M V M

V

RVMM VRQWOHVPDWULFHVGH3DXOL

2Q YRLW GpMj GDQV FHV H[HPSOHV O¶LQWpUrW GH OD UHSUpVHQWDWLRQ GHV pOp PHQWVG¶XQHDOJqEUHGH&OLIIRUG&SDUGHVPDWULFHV&HSRLQWGHYXHVHUD V\VWpPDWLTXHPHQWH[SORLWpGDQVODSDUWLHTXLVXLW

/DFRQVWUXFWLRQGH%UDXHU:H\O>@>H@

,OV¶DJLWG¶XQHJpQpUDOLVDWLRQGHODFRQVWUXFWLRQGHO¶DOJqEUHGH&OLIIRUG

&( GH O¶HVSDFH HXFOLGLHQ VWDQGDUG DYHF OHV PDWULFHV GH 3DXOL ,QWURGXL VRQV O¶HVSDFH TXDGUDWLTXH FRPSOH[H VWDQGDUGGHGLPHQVLRQQGHEDVHRU WKRQRUPDOHH H«HQDYHFT[

¦

Q

M

[M

6LQ URXUVRLW$

P&…P&…«…P&OHSURGXLWWHQVRULHOGHUDOJqEUHVFRP SOH[HV $ V¶LGHQWLILH j PU& 2Q GpILQLW S (Æ $ 3RXU dMdU LO YLHQW

HMÆSM

…

˜˜

˜ …

M

V

V … …V

, …

˜˜

˜ … ,

U

HUMÆSUM

…

˜˜

˜ …

M

V

V … …V

, …

˜˜

˜ … ,

U

HWSRXUQ UHQ HUÆSU

U

V

V …˜ ˜˜…

2QPRQWUHTX¶LOV¶DJLWG¶XQHDSSOLFDWLRQGH&OLIIRUGSN HWSRXUNzM SNSM SMSNHWTXHOHVSMHQJHQGUHQWWRXWHO¶DOJqEUH$6LQHVWSDLUQ U

&(U PU& VLQHVWLPSDLUQ U&(U PU&†PU&

(12)

/HVDOJqEUHVGH&OLIIRUGGHVHVSDFHVTXDGUDWLTXHVUpJXOLHUVVWDQ GDUGVUpHOVRXFRPSOH[HV

/HVDOJqEUHVGH&OLIIRUG&UVHW&UV >DEH@>HI@>@>@

6RLW9 (UV O¶HVSDFHSVHXGRHXFOLGLHQVWDQGDUGGHGLPHQVLRQP UV GHW\SHUVUDSSRUWpjXQHEDVHRUWKRQRUPDOHH HH«HP

3RVRQV [

¦

P

L

[L

H

L\

¦

P

M

\M

H

M

HWQRWRQV [_\ [\««[U\U± [U\U « [UV\UV

VRQ SURGXLW VFDODLUH &9 &U VGpVLJQH O¶DOJqEUH GH &OLIIRUGTXRWLHQWGH …(UVSDUO¶LGpDOELODWqUHHQJHQGUpSDUOHVpOpPHQWV^[…[± [_[[9`

2Q XWLOLVH LFL OHV QRWDWLRQV GH > E H@ &9 HVW XQH DOJqEUH DVVRFLDWLYH XQLWDLUHGHGLPHQVLRQPVXU53GpVLJQHO¶LQYROXWLRQQDWXUHOOHGH&9W O¶DQWLDXWRPRUSKLVPHSULQFLSDOGH&9XQLTXHDQWLDXWRPRUSKLVPHGH&9 ODLVVDQW LQYDULDQWV OHV pOpPHQWV GH 9 W HVW HQFRUH XQH DQWLLQYROXWLRQ GH O¶DOJqEUH&9Q 3

$

W W

$

3HVWODFRQMXJDLVRQGH&9&UV &

9HVWODVRXVDOJqEUHGHVpOpPHQWVSDLUVGH&9GHGLPHQVLRQPVXU5

&RPPHGDQV>@RQFRQYLHQWG¶DSSHOHUJURXSHGH&OLIIRUGGH9RXHQFRUH VHORQ>@JURXSHGH&OLIIRUGUpJXOLHUGH9OHJURXSHQRWp*TXHIRUPHQW DYHF O¶XQLWp &9 GH O¶DOJqEUH &9 SRXU OD PXOWLSOLFDWLRQ OHV SURGXLWV GH YHFWHXUVQRQLVRWURSHVGH9&¶HVWDXVVLOHJURXSHTXHIRUPHQWSRXUODPXOWL SOLFDWLRQOHVpOpPHQWVLQYHUVLEOHVJGHO¶DOJqEUHGH&OLIIRUG&9TXLVDWLV IRQWjODFRQGLWLRQ SRXUWRXW[93J[J± \91UHVSHFWLYHPHQW 1¶GpVLJQHODQRUPHVSLQRULHOOHRUGLQDLUHUHVSHFWLYHPHQWQRUPHVSLQRULHOOH JUDGXpHGpILQLHVUHVSHFWLYHPHQWSRXUWRXWpOpPHQWJGXJURXSHGH&OLIIRUG*

UpJXOLHUSDU WJJ JWJ 1J&9HWSDUQJJ JQJ 1¶J &9 1 HW 1¶ VRQW GHV KRPRPRUSKLVPHV GX JURXSH GH &OLIIRUG UpJXOLHU GDQVOHJURXSHPXOWLSOLFDWLI5TXLDSSOLTXHQWVXU5OHFHQWUH5&9 GXJURXSHGH&OLIIRUGUpJXOLHU3RXUJ [[«[SSURGXLWGHYHFWHXUVUpJX OLHUVGH9

1¶J S1JHWJ±

J 1

JW

J 1

JQ

(13)

2QGpVLJQHSDU6SLQ9OHQR\DXGHODUHVWULFWLRQGH1j* &9ˆ* IRUPpSDUOHVJ*TXLVRQWSURGXLWVG¶XQQRPEUHSDLUGHYHFWHXUVUpJXOLHUV GH93RXUP!FHJURXSH6SLQ9OHJURXSHVSLQRULHOGH9HVWFRQQH[HHW FRQWHQXGDQV*JURXSHTXHIRUPHQWOHVJ*TXLVRQWSURGXLWVG¶XQQRP EUHSDLUGH© YHFWHXUVSRVLWLIV ªHWG¶XQQRPEUHSDLUGH© YHFWHXUVQpJDWLIV ª /H JURXSH 6SLQ 9 HQJHQGUH OLQpDLUHPHQW & 9 &U V VRXVDOJqEUH GHV pOpPHQWVSDLUVGDQVODTXHOOHLOHVWSORQJp1RXVDOORQVPDLQWHQDQWpWXGLHU GHIDoRQSUpFLVHODVWUXFWXUHGHVDOJqEUHV&UVHWFHOOHGHV&UV

&ODVVLILFDWLRQGHVDOJqEUHVGH&OLIIRUG&UV &9>GH@

&RPPHLOHVWQRWpGDQV> EH@VLXHVWXQYHFWHXUGH9WHOTXHX_X H

r

O¶DSSOLFDWLRQMGHXA GDQV&9 \XA ÆX\ M\HVWWHOOH TXHM \ X_X \_\ H \_\ HW UHSUpVHQWH &9 FRPPHO¶DOJqEUHGH

&OLIIRUGGHO¶HVSDFHYHFWRULHOXA PXQLGHODIRUPHTXDGUDWLTXHLQGXLWHGH FHOOHGH9PXOWLSOLpHSDUHGRQFGHVLJQDWXUHUVVLH RXVUVL H 7RXWHVFHVVWUXFWXUHVG¶DOJqEUHVGH&OLIIRUGVXU&9FRUUHVSRQGDQW DX[GLIIpUHQWVFKRL[GHXGpILQLVVHQWODPrPHDQWLLQYROXWLRQGHFRQMXJDLVRQ TXLFRwQFLGHDYHFODUHVWULFWLRQGHWj&9

2QSHXWpWDEOLUODWDEOHIRQGDPHQWDOHVXLYDQWHODSUHPLqUHFRORQQHGRQQH P UVPRGXORODVHFRQGHFRORQQHGRQQHG UVPRGXORTXLGRQQH H[SOLFLWHPHQWODFODVVLILFDWLRQGHVDOJqEUHVGH&OLIIRUG&UVHW&UVVXLYDQW ODFRQJUXHQFHPRGXORGHU± V&HUpVXOWDWHVWOLpjODQDWXUHGXJURXSHGH

%UDXHU:DOOGH5%:5 ==FRPPHO¶DPRQWUp&7&:DOO>@

>@FKDS†S2QQRWHPQ)O¶DOJqEUHUpHOOHGHVPDWULFHVQ[Q VXUOHFRUSV) 5&RX+FRUSVXVXHOGHVTXDWHUQLRQV

3UHXYH5DSSHORQVG¶DERUGOHVUpVXOWDWVFODVVLTXHVVXLYDQWV

&UV…&|&UVRQSHXWPrPHFRQVLGpUHUXQSURGXLWWHQVRULHOG¶DOJqEUHV

=± JUDGXpHV

&UV…& |&VU&|5†5&|&

&UV…& |&VU& |& |P5 &|+ PQ5…PP5|PQP5&…&|&†&

PQ5…5 |PQ5

PQ5…& |PQ&>@ƒH[SRVpSHWFKDS9,,, PQ5…+ |PQ+ +…&|P& + … + | P5

&Q|&Q…&& | P5GRQWLOUpVXOWHTXHVL

&Q

|

PN)R)HVWOHFRUSV5&RX+RQREWLHQW

&Q

|

PN)FHTXLSHUPHWG¶pWDEOLUODWDEOHVXLYDQWHWDEOHGRQ QpHG¶DERUGGDQV>@SSXLVGDQV> @S

(14)

7DEOHIRQGDPHQWDOH >N@GpVLJQHODSDUWLHHQWLqUHGHN P G &UV &UV

P> P@5†P>P @5 PP5

PP5 P> P @5†

P> P @5 P> P@& PP5

P

P

+ P > @ P &

P > @

P +†P > @

P + PP+

P

P

+ P > @

P

P > @

P +

P> P@&

P

P

+ PP5

P > @ P &

$LQVL&|P+FDU{PRGXORHW& | P+

&RPPH&UV…&|&UVHQVXSSRVDQWU!VRQREWLHQW

&UV…

V

&

&…˜ ˜˜… |&UV HWGHSOXV&

|

P5G¶R

(15)

&UV

|

&UV…PV5HWVL&UVHVWLVRPRUSKHjPP)RQWURXYHTXH

&U V |PP)…PV)|PVQ)FHTXLQRXVFRQGXLWjXQFDVSUpFp GHPPHQWpWXGLp

6LU VRQUDPqQHO¶pWXGHGH&UVjFHOOHGH&VUHWODFODVVLILFDWLRQVHIDLWGH PrPH

7DEOH

Q &Q &Q &

&

Q &Q…&|&Q…&

5†5 & &†&

P5 + P&

P& +†+ P&†P&

P+ P+ P&

P+†P+ P& P&†P&

P+ P5 P&

P& P5†P5 P&†P&

P5 P5 P&

3RXUREWHQLUODQDWXUHGHV&UVLOVXIILWGHQRWHUTXHFHVRQW GHVDOJqEUHVGH

&OLIIRUGGHO¶HVSDFHTXDGUDWLTXHXAPXQLGHODIRUPHTXDGUDWLTXHGHW\SH UVVLH RXVUVLH SRXUH X_X

r

3DUH[HPSOHODVWUXFWXUHGH&HVWFHOOHGHP+FDU±{{PRGX ORHWFHOOHGH&HVWP+†P+

(16)

5HPDUTXHV2QUHWURXYHDLQVLVLPSOHPHQWOHUpVXOWDWJpQpUDOIDLVDQWO¶REMHW GHODSURSRVLWLRQGH>@FKDSSHWFHOXLGH>@S/D WDEOHIRQGDPHQWDOHGRQQpHLFLJpQpUDOLVHFHOOHGRQQpHSRXUOHFDVHXFOLGLHQ GDQV>@/HoRQS3RXUpYLWHUODPDQLSXODWLRQG¶DOJqEUHVGH PDWULFHVjFRHIILFLHQWVGDQV+RQFRPSOH[LILHOHVHVSDFHVTXDGUDWLTXHVUpHOV FHTXLMXVWLILHDXVVLO¶pWXGHSRXUHOOHPrPHGHVDOJqEUHVGH&OLIIRUGGHVHVSD FHVTXDGUDWLTXHVUpJXOLHUVFRPSOH[HV

/HV DOJqEUHV GH &OLIIRUG GHV HVSDFHV TXDGUDWLTXHV UpJXOLHUV VWDQGDUGV FRPSOH[HV

6RLW (QO¶HVSDFH TXDGUDWLTXH FRPSOH[H VWDQGDUG GH GLPHQVLRQ Q 2Q VDLW GpMjTXH&(U|PU&HWTXH&(U|PU&†PU&6LO¶RQ FRQYLHQW VXLYDQW XQH LGpH GH &&KHYDOOH\ >@ GH QRWHU SDU GHV ¶ OD FRP SOH[LILFDWLRQRQDYXTXH&T¶ &¶T2QSHXWUHWURXYHULFLUDSLGH PHQWFHUpVXOWDW1RWRQV&(¶Q &¶QHWREVHUYRQVSDUH[DPHQGLUHFWTXH

&¶ &†&RQDGpMjYXTXH&¶ 5†5 GHSOXV&¶U &UU…&

|PU5&|PU&VXLYDQWODWDEOHIRQGDPHQWDOHGX2QXWLOLVH DORUVOHOHPPHVXLYDQW

/HPPH &¶S|&¶…&¶S

,O VXIILW G¶LQWURGXLUH XQ HVSDFH FRPSOH[H (¶S GH GLPHQVLRQ S VXU &

VRPPH GLUHFWHRUWKRJRQDOHGH(¶SHWG¶XQHGURLWHYHFWRULHOOHFRPSOH[H(¶

PXQL GH OD IRUPH TXDGUDWLTXH VWDQGDUG HW G¶HQYLVDJHU O¶DSSOLFDWLRQ GH&OLI IRUGVXLYDQWH&RPPHWRXWYHFWHXU[S GH(¶SV¶pFULW[S [S[R[S

(¶SHW[(¶O¶DSSOLFDWLRQMGH(¶SGDQV&¶…&¶SGpILQLHSDU[

[S [ Æ M[ [S… …[ HVW ELHQ XQH DSSOLFDWLRQ GH &OLIIRUG FDU M[ [S……[[S……[ [S…[S…[± […[S…[ T¶[ST¶[… T¶[(OOHVHSURORQJHHQXQKRPRPRUSKLVPH G¶DOJqEUH)GH&¶SGDQV&¶…&¶STXLHQUDLVRQGHVGLPHQVLRQVHVW XQLVRPRUSKLVPH'qVORUV&¶U| &¶U†&¶U PU&†PU

&&HUpVXOWDWHVWOLpjODQDWXUHGXJURXSHGH%UDXHU:DOOGH&%:& =

=>@

(WXGHGHODVLPSOLFLWpGHVDOJqEUHVGH&OLIIRUG

/¶pWXGHGHODVLPSOLFLWpGHVDOJqEUHVGH&OLIIRUGHVWIDLWHGDQV>@>@

>@ 5DSSHORQV VLPSOHPHQW GDQV OH FDGUH GH FH WUDYDLO TXHOTXH UpVXOWDWV JpQpUDX[ YDODEOHV SRXU XQH FODVVH G¶DOJqEUHV DYHFXQLWpGHGLPHQVLRQILQLH TXLFRQWLHQWOHVDOJqEUHVGH&OLIIRUGGHVHVSDFHVTXDGUDWLTXHVUpJXOLHUV

(17)

'pILQLWLRQV

8QH DOJqEUHVLPSOH HVW XQH DOJqEUH$ DYHF XQLWp GH GLPHQVLRQ ILQLH TXL Q¶DGPHWG¶DXWUHLGpDOELODWqUHTXH^`HW$2QDSSHOOHDOJqEUHVHPLVLPSOH WRXWHDOJqEUHFRPSRVpHGLUHFWHG¶XQQRPEUHILQLG¶DOJqEUHVVLPSOHV$LFHTXL WUDGXLWOHIDLWTXHFKDTXH$LHVWXQLGpDOELODWqUHGH$HWTXH$HVWODVRPPH GLUHFWH GHV HVSDFHV YHFWRULHOV$L 8QH UHSUpVHQWDWLRQ OLQpDLUH GH$ GDQV XQ HVSDFH YHFWRULHO0 VXU OH PrPH FRUSV . TXH$ HVW XQ KRPRPRUSKLVPHU G¶DOJqEUHVDYHFXQLWpGH$GDQVO¶DOJqEUH/.0GHVHQGRPRUSKLVPHVGH 0/DUHSUpVHQWDWLRQHVWGLWHILGqOHVLUHVW LQMHFWLI2QQRWHVLPSOHPHQWD P O¶pOpPHQWUDPRD $HWP 00XQLGHVRSpUDWHXUVUD0HVWDSSHOp XQ0PRGXOH/¶DOJqEUH/$0GHVHQGRPRUSKLVPHVGX$PRGXOH0HVWOD VRXVDOJqEUHGH/.0TXHIRUPHQWOHVHQGRPRUSKLVPHVOLQpDLUHVIWHOVTXH ID P DIPD$P0 VRLWI$UD UD$I/ $0FRQWLHQW OHVPXOWLSOHVVFDODLUHVGHO¶DXWRPRUSKLVPHLGHQWLTXHGH0$LQVL/$0HVW XQH .DOJqEUH XQLWp TXLV¶LGHQWLILHDXFHQWUDOLVDWHXURXFRPPXWDQWGHUD GDQV/.0 HW RQ O¶DSSHOOH OH FRPPXWDQW GX PRGXOH0 2Q PRQWUH

> E H@

3URSRVLWLRQVLOH$PRGXOHHVWVLPSOHO¶DOJqEUH/$0HVWXQFRUSV TXLSHXWrWUHQRQFRPPXWDWLIH[WHQVLRQGH.2QREWLHQWDORUVOHWKpR UqPHGHVWUXFWXUHGH:HGGHUEXUQ

7KpRUqPH WRXWHDOJqEUHVLPSOH$HVWLVRPRUSKHjO¶DOJqEUHGHVHQGR PRUSKLVPHVGXQHVSDFHYHFWRULHOjGURLWH0VXUXQFRUSV* QRQQp FHVVDLUHPHQWFRPPXWDWLIH[WHQVLRQGXFRUSV.GH$DXWUHPHQWGLW$HVW LVRPRUSKHjO¶DOJqEUHGHVPDWULFHVS[SS GLP*0VXUOHFRUSV* ,OHQUpVXOWHTXHGLP. $ S GLP. *5DSSHORQVDXVVLOHWKpRUqPH FODVVLTXHVXLYDQW

7KpRUqPH >@>@>@>@>@ VLODGLPHQVLRQGH(HVWSDLUH O¶DOJqEUH GH &OLIIRUG & G¶XQ HVSDFH TXDGUDWLTXH UpJXOLHU HVW FHQWUDOH VLPSOH VLODGLPHQVLRQGH(HVWLPSDLUHHWVLX H«HQ RH«HQ HVW XQH EDVH RUWKRJRQDOH GH ( Q¶HVW SDV OH FDUUp G¶XQ VFDODLUH & HVW DORUV XQH DOJqEUH VXU OH FRUSV .aTXH IRUPH VRQ FHQWUH HW FRQVLGpUpH FRPPHDOJqEUHVXU .a&HVWFHQWUDOHVLPSOH VLODGLPHQVLRQGH(HVW LPSDLUHHWVLX H«HQHVWOHFDUUpG¶XQVFDODLUH&HVWFRPSRVpHGL UHFWH GH GHX[ VRXVDOJqEUHV LVRPRUSKHV j VD VRXVDOJqEUH SDLUH &HW

(18)

GRQF FRPSRVpH GLUHFWHGHGHX[DOJqEUHVFHQWUDOHVVLPSOHVLVRPRUSKHV 2QSHXWPRQWUHU>DH@TXHO¶DOJqEUHGH&OLIIRUGG¶XQHVSDFHTXDGUD WLTXHSRVVqGHXQPRGXOHILGqOHPLQLPDOXQLTXH6(TTXLHVWVLPSOHRX VRPPHGLUHFWHGHGHX[PRGXOHVVLPSOHVVXLYDQWTXH&(THVWVLPSOHRX QRQ /RUVTXH 6( T HVW VRPPH GLUHFWH GH GHX[ VRXVPRGXOHV VLPSOHV QRQLVRPRUSKHVFHVVRXVPRGXOHVVRQWDSSHOpVHVSDFHVGHVHPLVSLQHXUV /HVRSpUDWHXUVGHFUpDWLRQHWG¶DQQLKLODWLRQHWOHVDOJqEUHVGH&OLIIRUG

>@

$(WXGHGXFDVSDLUQ U

2Q YD XWLOLVHU OH IRUPDOLVPH ELHQ FRQQX GHV RSpUDWHXUV GH FUpDWLRQ HW G¶DQQLKLODWLRQSRXUFRQVWUXLUHGDQVOHFDVSDLUXQHUHSUpVHQWDWLRQILGqOHLUUp GXFWLEOHGH&(THWFRQFOXUH

5DSSHOV >EH@>@ VRLW(XQ.HVSDFHYHFWRULHOSDVIRUFpPHQWGH GLPHQVLRQILQLHFRPPHGDQVOHVH[HPSOHV.pWDQWXQFRUSVGHFDUDFWpULVWL TXHQXOOHGDQVOHVDSSOLFDWLRQV. 5RX&DYHF(VRQGXDO,QWURGXLVRQV O¶DOJqEUHH[WpULHXUH/( VRLWY(HWDY/(Æ/(O¶DSSOLFDWLRQGpILQLH SRXUXQMYHFWHXUGpFRPSRVDEOHSDUDYYš«šYM —MYšY š«šYM pWHQGXHSDUOLQpDULWpSRXUWRXVY«YM(M1DYHVWXQpOpPHQWGH/ /( TXL YpULILH SRXU WRXW M1DY /M ( M/( DSSHOpRSpUDWHXU GH FUpDWLRQDVVRFLpDXYHFWHXUY'HPrPHVRLWT(HWFRQVLGpURQVDT/(

Æ/(WHOOHTXHDT/$ ( HWDT/MM/(SRXUWRXWM1 DYHFDTYš«šYM M

¦

N N TYNYššYÖNššYMHW HQ pWHQGDQW FHWWH GpILQLWLRQ SDU OLQpDULWpD T DSSOLFDWLRQ OLQpDLUH GH/(

GDQV/(HVWO¶RSpUDWHXU G¶DQQLKLODWLRQGpILQLSDUT

5HPDUTXH IRQGDPHQWDOH UHSUHQRQV O¶HVSDFH TXDGUDWLTXH ( T HW QRWRQV FRPPHDXJODIRUPHELOLQpDLUHV\PpWULTXHDVVRFLpHjTHWMODSSOLFDWLRQ GpILQLHSRXU[( SDUM[ G[/[/[HVWFODLUHPHQWORSpUDWHXUGHFUpD WLRQD[HWG[ HVWDTRTHVWODIRUPHOLQpDLUHQRWpHSUpFpGHPPHQWU[

DVVRFLpHjODIRUPHELOLQpDLUHJSRXUWRXV[\(J[\ U[\! U[

\/DGpPRQVWUDWLRQGRQQpHDXQRXVDVVXUHGpMjTXHM[HVWXQHDSSOL FDWLRQGH&OLIIRUGGH(GDQVODOJqEUHGHVRSpUDWHXUVOLQpDLUHVGH/(1RXV DOORQVLFLSURFpGHUGHPDQLqUHGLIIpUHQWH

(19)

&RQVWUXFWLRQ HIIHFWLYH GXQH UHSUpVHQWDWLRQ ILGqOH LUUpGXFWLEOH GH &

Q UGRQQRQVGDERUGGHX[OHPPHV

/HPPH6RLHQW(THW(TGHX[HVSDFHVTXDGUDWLTXHVUpJXOLHUV FRPSOH[HVGHPrPHGLPHQVLRQ6RLHQWJHWJOHVIRUPHVELOLQpDLUHVV\PpWUL TXHVFRPSOH[HVDVVRFLpHVUHVSHFWLYHPHQWjTHWT$ORUV(THW(T VRQWLVRPpWULTXHVFHVWjGLUHTXLOH[LVWHXQ&LVRPRUSKLVPHKGH(GDQV (WHOTXHSRXUWRXV[\(JK[K\ J[\

/D GpPRQVWUDWLRQ HVW LPPpGLDWH HQ FKRLVLVVDQW GHX[ EDVHV RUWKRJRQDOHV HMHWHMDYHFdMdQ UHVSHFWLYHPHQWSRXUJHWSRXUJHQSRVDQWKHM HM SXLVHQpWHQGDQWSDUOLQpDULWp

/HPPH VRLW $ XQH DOJqEUH UpHOOH DVVRFLDWLYH DYHF XQLWp WHOOH TXH

$& $

…5&VRLWVLPSOHFRPPHDOJqEUHFRPSOH[H$ORUV$HVWVLPSOH ,OVXIILWGDSSOLTXHUODGpILQLWLRQHQUDLVRQQDQWSDUODEVXUGH

3URSRVLWLRQVRLW(THWVRLW(†( )(HVWVXSSRVpGHGLPHQVLRQILQLH Q U'pILQLVVRQVXQHIRUPHELOLQpDLUHV\PpWULTXHIVXU)HQSRVDQWSRXU[

\(TF(I[†T\†F T\F[HWHQOpWHQGDQWSDUOLQpDULWp6RLW 4ODIRUPHTXDGUDWLTXHDVVRFLpHjI

$ORUVU)!//( GpILQLHSDUU[†T D[DTSRXU[(

T( HVW XQH UHSUpVHQWDWLRQ OLQpDLUH LUUpGXFWLEOH GH ODOJqEUH GH &OLIIRUG

&)4GDQV/ /(

3UHXYHRQQRWHWRXWGDERUGTXHSRXUWRXW] [T)] [T) U]U]U]U] I]]$LQVLUSHUPHWGHGpILQLUXQHUHSUpVHQWD WLRQOLQpDLUHGH&)4GDQV//( 0RQWURQVTXHFHWWHUHSUpVHQWDWLRQHVW ILGqOHLUUpGXFWLEOHSDUXQDUJXPHQWLQGLUHFWGLPHQVLRQQHO2QREVHUYHGDERUG TXHGLP) QGLP&)4 Q QGLP/( QGLP//( Q GRQFGLP&)4 GLP//( ,OVXIILWDORUVGHPRQWUHUTXHUHVWLQMHFWLI RXTXHVRQQR\DXNHUUHVWUpGXLWj

6RLWDORUVP&)4WHOTXHUP LOHVWLPPpGLDWFRQVLGpUHUXQHEDVH GH &) 4 TXHUP SHXW VpFULUH FRPPH XQ SRO\Q{PH HQ RSpUDWHXUV GH FUpDWLRQHWGDQQLKLODWLRQGpILQLVFLGHVVXV$LQVLUP FHTXLLPSOLTXH TXHVRLWUPGRLWFRQWHQLUGHVRSpUDWHXUVGDQQLKLODWLRQVRLWP &RPPHGH SOXVUP( ^`VLPzFKDTXHWHUPHGHUPGRLWFRQWHQLUGHX[RXSOXV RSpUDWHXUVGDQQLKLODWLRQ(QFRQWLQXDQWGHFHWWHIDoRQRQH[SULPHTXH

UP/M ( ^`SRXUWRXWMHWRQFRQFOXHHQILQTXHP 2QSHXWGRQFpQRQFHU

(20)

7KpRUqPHVRLW(TXQHVSDFHTXDGUDWLTXHVWDQGDUGUpJXOLHUGHGLPHQ VLRQSDLUHQ UVXU5RX&/DOJqEUHGH&OLIIRUG&(THVWVLPSOH

'pPRQVWUDWLRQVXSSRVRQVGDERUGTXHOHFRUSV. &(HVWGRQFXQ&

HVSDFHYHFWRULHOGHGLPHQVLRQSDLUHQ U6RLWDORUV(XQHVSDFHYHFWRULHO FRPSOH[HGHGLPHQVLRQU VRLWDXVVL) (†(FRPPHGDQVODSURSRVLWLRQ SUpFpGHQWH HW VRLW I HW 4 UHVSHFWLYHPHQW OD IRUPH ELOLQpDLUH V\PpWULTXH FRPSOH[H HW OD IRUPH TXDGUDWLTXH DVVRFLpHV FRPPH FLGHVVXV (Q YHUWX GX OHPPH ( HW ) VRQW GHX[ HVSDFHV TXDGUDWLTXHV UpJXOLHUV FRPSOH[HV GH PrPHGLPHQVLRQ© LVRPpWULTXHV ªHWGRQF&(T| &)40DLV&) 4 HVW XQH DOJqEUH DVVRFLDWLYH DYHF XQLWp TXL DGPHW XQH UHSUpVHQWDWLRQ OL QpDLUHILGqOHLUUpGXFWLEOHPLQLPDOHHWHOOHHVWGRQFVLPSOH3DUVXLWH&(T TXLOXLHVWLVRPRUSKHHVWDXVVLVLPSOH6XSSRVRQVPDLQWHQDQWTXH. 5 HQ FRPSOH[LILDQWSURGXLWWHQVRULHOSDU&FRPPHRQYLHQWGHOHYRLUO¶DOJqEUH GH&OLIIRUGFRPSOH[LILpH FRPSWHWHQXGXFDVSDUWLFXOLHUGX HVWVLPSOHHW G¶DSUqVOHOHPPH&(THVWVLPSOH

5HPDUTXH© ªFRPPHpOpPHQWGH/(HVWVRXYHQWQRWp_!GDQVODOLWWp UDWXUH HW DSSHOp O¶pWDW GH EDVH /HV pOpPHQWV GH ( V¶DSSHOOHQW OHV pWDWV GHV SDUWLFXOHVVLPSOHV

%(WXGHGXFDVLPSDLUQ U

6XSSRVRQVG¶DERUG. 56RLW&(TO¶DOJqEUHGH&OLIIRUGGHO¶HVSDFH TXDGUDWLTXHVWDQGDUGUpJXOLHUUpHO(T,QWURGXLVRQVDORUVODVRXVDOJqEUH SDLUH&(TUpDOLVpHFI FRPPHO¶DOJqEUHGH&OLIIRUGGHXA RX( JX_X H

r

PXQLHGHODIRUPHTXDGUDWLTXHVWDQGDUGGHVLJQDWXUHST VLH RXTSVLH DOJqEUHGH&OLIIRUGG¶XQHVSDFHGHGLPHQVLRQ SDLUHSRXUOHTXHOOHUpVXOWDWSUpFpGHQWV¶DSSOLTXH&(THVWGRQFVLPSOH

&RPPH O¶RQ VDLW FI TXH &( T HVW FRPSRVpH GLUHFWH GH GHX[ VRXV DOJqEUHVLVRPRUSKHVjXQHVRXVDOJqEUHSDLUHTXLHVWVLPSOHFRPPHRQYLHQW GHOHYRLULOHQUpVXOWHTXH&(THVWVHPLVLPSOH

6XSSRVRQVPDLQWHQDQW. &2QSHXWWRXMRXUVUpDOLVHU&(TFRPPH O¶DOJqEUHGH&OLIIRUGGH(TR(HVWO¶RUWKRJRQDOGHHWHOTXHTHz HWRTHVWGpILQLHSRXU\(SDUT\ THT\HWUHSUHQGUHOHUDLVRQ QHPHQWSUpFpGHQWSRXUFRQFOXUHjODVHPLVLPSOLFLWpGH&(T

&RQFOXVLRQTXHOTXHVDSSOLFDWLRQV

/¶RSpUDWHXUGH'LUDFGHO¶HVSDFHGH0LQNRZVNL

&RPPH OH QRWH 5'HKHXYHOV > H@ S © GH OD PrPH IDoRQ TXH O¶DSSOLFDWLRQ GH &OLIIRUG SHUPHW G¶REWHQLU XQHUDFLQH FDUUpH GH OD IRUPH

(21)

TXDGUDWLTXHTHOOHSHUPHWGDQVOHFDVG¶XQHVSDFHSVHXGRHXFOLGLHQG¶REWHQLU XQRSpUDWHXUGLIIpUHQWLHO' UDFLQHFDUUpHGXODSODFLHQ' ª6RLWH H« HP XQH EDVH RWKRJRQDOH GH (U V 9 P UV,GHQWLILRQVOHVHNjOHXUV LPDJHVGDQV&9,OHQUpVXOWHTXHH[H[«HP[P T[&9 2QSHXWDORUVGpILQLUO¶RSpUDWHXUGH'LUDF' FRPPHO¶RSpUDWHXUGLIIpUHQWLHO OLQpDLUH' H ww[H ww[«HP ww[PjFRHIILFLHQWVGDQV&9 2Q YpULILH DORUV TXH' HVW LQGpSHQGDQW GXFKRL[GHODEDVHRUWKRJRQDOH,O RSqUHVXUOHVFKDPSVGLIIpUHQWLHOVGHVSLQHXUVGpILQLVFIIRQFWLRQVGLIIp UHQWLDEOHVGH(UVjYDOHXUVGDQVXQHVSDFHGHVSLQHXUV6GH(UVSDUGpULYDWLRQ HWSURGXLWSDUGHVpOpPHQWVGH&9RXVXUOHVIRQFWLRQVGLIIpUHQWLDEOHVGH(U

VjYDOHXUVGDQV&(UV &9

/HFDUUp' ' HVWXQRSpUDWHXUVFDODLUHRXGLDJRQDO OHODSODFLHQGH(U

V6LO¶RQFKRLVLWXQHUHSUpVHQWDWLRQQDWXUHOOH GH&(UVFIRQREWLHQWDXVVL XQH UHSUpVHQWDWLRQ QDWXUHOOH GH' 'DQVOHFDVGH&( P+SRXU OHTXHO &( …& P & FI RQ XWLOLVH SDUWLHOOHPHQW O¶RSpUDWHXU GH 'LUDF FRPSOH[H FH TXL FRQGXLW j FKRLVLU SRXU 6 O¶HVSDFH YHFWRULHO & /D VRXVDOJqEUHSDLUH&( V¶LGHQWLILHjP&FIHWHVWFRQVWLWXpHGHV PDWULFHV »

¼

« º

¬ ª

Da D

P&FI>E@SHWRDP&HWDÆ

Da W DQ HVW O¶DXWRPRUSKLVPH 3 GH &( DVVRFLp j OD V\PpWULH G¶HVSDFH (

/HJURXSHFRQIRUPHGHO¶HVSDFHGH0LQNRZVNL>DEF@>D@>@

6RLW9 (UVO¶HVSDFHSVHXGRHXFOLGLHQVWDQGDUGGHW\SHUVHWGHGLPHQ VLRQP UV/HF{QHLVRWURSH4GH 9pSRLQWpHVWXQHVRXVYDULpWpGLIIpUHQ WLDEOHVLQJXOLqUHGH96L3GpVLJQHODSURMHFWLRQGH9± ^`VXUVRQHVSDFH SURMHFWLI394Ö 4Ö (UV 34± ^`HVWQDWXUHOOHPHQWPXQLG¶XQHVWUXF WXUHSVHXGRULHPDQQLHQQHFRQIRUPHGHW\SHUV2QLQWURGXLW) 9†+

R+HVWOHSODQK\SHUEROLTXHUpHOUDSSRUWpjXQHEDVHLVRWURSH)HVWDLQVLXQ HVSDFHSVHXGRHXFOLGLHQVWDQGDUGUpJXOLHUGHW\SHUV4)GHGLPHQ VLRQPGpVLJQHVRQF{QHLVRWURSH0 34) ± ^`LPDJHGDQV3)GX F{QHLVRWURSHpSRLQWpGH)HVWGHGLPHQVLRQPHWHVWDSSHOpOHFRPSDFWLILp FRQIRUPHGH9 (UVHWV¶LGHQWLILHjO¶HVSDFHKRPRJqQH32)69TXRWLHQW GX JURXSH FRQIRUPH 32) 2U V= SDU OH JURXSH GHV VLPLOLWXGHV 69GH90HVWKRPpRPRUSKHj6U u6V=/LRXYLOOHDFRQVLGpUpOHSODQ HXFOLGLHQ5>@HWpWXGLpOHVDSSOLFDWLRQVFRQWLQ€PHQWGLIIpUHQWLDEOHVG¶XQ RXYHUWT GH5GDQV5+DDQWMHV>@DpWHQGXOHVUpVXOWDWVGH/LRXYLOOHDX[

(22)

HVSDFHV SVHXGRHXFOLGLHQV HW PRQWUp TXH SRXU UV! OHV VHXOHV WUDQVIRUPD WLRQV FRQIRUPHV GH (U V VRQW OHV SURGXLWV GH VLPLOLWXGHV DIILQHV HW G¶LQYHUVLRQV32)RSqUHGDQVO¶HVSDFHSURMHFWLI3Q5GHGLPHQVLRQP

&¶HVWXQVRXVJURXSHGH3*/PTXLRSqUHVXU 0FRPSDFWLILpFRQIRUPH GH9TXDGULTXHSURMHFWLYH32)DPPSDUDPqWUHVHWVRQDOJqEUH GH/LHHVWLVRPRUSKHj/62UV'DQVOHFDVXVXHOU V RQ UHWURXYHELHQO¶DOJqEUHGH/LHFRQIRUPH/62H[SORLWpHSDU(&DUWDQ 3$0'LUDF:$+HSQHU<0XUDw,6HJDOHWG¶DXWUHV

/HVVXSHUJURXSHV

'DQVXQOLYUHUpFHQW>@OHVUpVXOWDWVFODVVLTXHVSUpFpGHQWVVRQWpWHQGXVj O¶pWXGHGHVVXSHUJURXSHVHWGHVVXSHUV\PpWULHV2Q\FRQVLGqUHQRWDPPHQW OHV JURXSHV 6SLQ Q GLWV /RUHQW]LHQV GRQW OHV UHSUpVHQWDWLRQV UpHOOHV FRQGXLVHQWDX[VXSHUJURXSHVGH3RLQFDUp2Q\PRQWUHTX¶RQWURXYHSRXUQ TXHOHJURXSHVSLQRULHO/RUHQW]LHQHVW6/)R) 5&+HWTXH O¶DOJqEUH2GHVRFWDYHVGH&D\OH\'LFNVRQLQWHUYLHQWSRXUQ OHJURXSH VSLQRULHOpWDQWDORUV6/22Q\PHWDXVVLODFFHQWVXUOLPSRUWDQFHGHFH IRUPDOLVPH SRXU OD SUpVHQWDWLRQ PDWKpPDWLTXH GHV FKDPSV TXDQWLTXHV GHV FRUGHVHWGHVVXSHUFRUGHV

5pIpUHQFHV

>@ Costa de Beauregard O.,

a- Contribution à l’étude de la théorie de l’électron de Dirac, Thèse, Paris (1943).

b- La relativité restreinte et la première mécanique broglienne, Gauthier- Villars, Paris (1943).

c- Précis de mécanique quantique, Dunod, Paris (1967).

d- CPT invariance and interpretation of quantum mechanics, Found. Phys.

Vol. 10, Nos. 7/8, 513-530 (1980).

>@ Clerc R. L.,

a- Sur un schéma géométrique à tenseur impulsion-énergie asymétrique. Ap- plication à l’étude relativiste des fluides à spin, Thèse, Toulouse (1972).

b- Ann. I.H.P., Vol. XVII, n° 3, 227-257 et Vol. XVII, n° 3, 259-290 (1972).

>@ Anglès P.,

a- Construction de revêtements du groupe conforme d’un espace vectoriel muni d’une métrique de type (p,q), Annales de l’I.H.P., Section A. vol.

XXXIII n°1, 33-51 (1980).

(23)

b- Géométrie spinorielle conforme orthogonale triviale et groupes de spinoria- lité conforme, Report HTKK Mat A 195, Helsinky University of Technolo- gy, 1-36 (1982).

c- Real conformal spin structures, Scientiarum Mathematicarum Hungarica, vol. 23, Budapest, 115-139 (1988).

d- Construction de revêtements du groupe symplectique réel CSp(2r, R).

Géométrie conforme symplectique réelle. Définition des structures spino- rielles conformes symplectiques réelles. Simon Stevin, Gand (Belgique), vol. 60, n° 1, 57-82 (1986).

e- Algèbres de Clifford C +r, sdes espaces quadratiques pseudo-euclidiens stan- dards E r, set structures correspondantes sur les espaces de spineurs associés.

Plongement naturel des quadratiques projectives 4a

(E r, s) associées aux es- paces E r, s. Nato ASI Séries vol. 183, 79-81, Clifford Algebras édité par J.S.R. Chisholm et A.K. Common, D. Reidel Publishing Company (1986).

f- Groupes spinoriels des espaces pseudo-euclidiens standards et quadratiques projectives réelles associées, vol. 63 n° 1, 3-44, Simon Stevin : a quaterly Journal of pure and applied mathematics, Gand (Belgique) (1989).

g- Etude de la trialité en signature (r, s) quelconque pour les espaces vectoriels réels standards de dimension m=r+s=2k, vol. 14, 1-42, Journal of Natural Geometry, The Mathematical Research Unit, London (1998).

h- Pseudo-unitary conformal groups and Clifford algebras for standard pseudo-hermitian spaces, preprint 1-29, Actes du 6° Congrès Int. sur les Algèbres de Clifford, Cookeville (USA) (2002).

i- Spin structures over n-dimensional skew-hermitian H-spaces, preprint 1-22, Actes du 6° Congrès Int. sur les Algèbres de Clifford, Cookeville (USA) (2002).

>@ Cartan E., Annales de l’ E.N.S. (31), p. 263-355 (1914).

>@ Penrose R., Twistor algebra, J. of Math. Physcis, vol. 8 n° 2 (1967); Spinors and twistors in general relativity, Found of Physics, 13 , 325-331 (1983).

>@ Clifford W. K., Mathematical papers, edité par Mac Millan (1876).

>@ Dirac P. A. M. , Proceedings of the Royal Society, vol. 117, p. 610 (1927) et vol. 118, p.351 (1928).

>@ Brauer R. et Weyl H., American J. of Math., 57, 425 (1935).

>@ Cartan E., Leçons sur la théorie des spineurs, Hermann, Paris (1938).

>@ Dirac P. A. M. , Annals Mathematics, 37-429 (1936).

>@ Chevalley C., The algebraic theory of spinors, Columbia University Press, New York (1954).

>@ Crumeyrolle A.,

>@ Structures spinorielles, Ann. I. H.P., Sect. A (N.S.) 11, 19-55 (1964).

a- Groupes de spinorialité, Ann. I.H.P., Sect. A (N.S.) 14, 309-323 (1971).

(24)

b- Cours et séminaires du départ. de Math. de l’université Toulouse III, Algè- bres de Clifford et spineurs (1974).

>@ Deheuvels R.

a- Groupes conformes et algèbres de Clifford , Rend. Sem. Mat. Univers.

Politech. Torino, vol. 43, 2, 205-226 (1985).

b- Formes quadratiques et groupes classiques, P.U.F., Paris (1981).

c- Les structures exceptionnelles en algèbre et géométrie, preprint Paris, 1-24 (1980).

d- Cours de 3° cycle à l’école polytechnique, Paris (1966-1967).

e- Tenseurs et spineurs, P.U.F., Paris (1993).

>@ Micali A. et Villamayor O. E., Sur les algèbres de Clifford, Annales Scientifi- ques de l’E.N.S., 4° série, tome 1, p ; 271-304 (1968).

>@ Karoubi M., Algèbres de Clifford et K–théorie, Annales Scientifiques de l’E.N.S., 4° série, tome 1, p.14-270 (1968).

>@ Satake I., Algebraic structures of symmetric domains, Iwanomi Shoten publish- ers and Princeton University Press (1981).

>@ Lichnerowicz A.,

a- Champs spinoriels et propagateurs en relativité générale, Bull. Soc. Math.

France 92, 11-100 (1964).

b- Champ de Dirac, champ du neutrino et transformation C.P.T. sur un es- pace-temps courbe, Ann. I.H.P. Sect. A (N.S.) 1, 233-290 (1964).

>@ Lounesto P., Clifford algebras and spinors, Cambridge University Press (2000).

>@ Choquet-Bruhat Y., Géométrie différentielle et systèmes extérieurs, Dunod (1968).

>@ Hermann R., Spinors, Clifford and Cayley algebras, Interdisciplinary Mathe- matics, vol VII, Math. Sci. Trees Brookline (1974).

>@ Bourbaki N., Algèbre chapitre 9, Formes sesquilinéaires et quadratiques, Her- mann, Paris (1959).

>@ Postnikov M., Leçons de géométries- Groupes et algèbres de Lie, Trad. Fran- çaise, Ed. Mir, Moscou (1985).

>@ Wall C.T.C., Graded algebras anti-involutions, simple groups and symmetric spaces, Bull. Am. Math. Soc. 74, 198-202 (1968).

>@ Serre J.P., Applications algébriques de la cohomologie des groupes, II. Théorie des algèbres simples, Séminaire H.Cartan, E.N.S., 2 exposés 6.01, 6.09, 7.01, 7.11 (1950-1951).

>@ Atiyah M.F., Bott R., Shapiro A., Clifford modules Topology, vol. 3 suppl. 1, 3-38 (1964).

>@ Lam T.Y., The algebraic theory of quadratic forms, W.A. Benjamin. Inc.

(1973).

>@ Kastler D., Introduction à l’électrodynamique quantique, Dunod, Paris (1964).

>@ Lounesto P., Latvamaa E., Conformal transformations and Clifford algebras, Proc. Amer. Math. Soc. 79, 533-538 (1980).

(25)

>@ Liouville J., Extension au cas de 3 dimensions de la question du traçé géogra- phique.. Application de l’analyse à la géométrie, C. Monge, Paris, 609-616 (1850).

>@ Haantjes, Conformal representations, Nederl. Akad. Wetensch. Proc. 40, 700- 705 (1937).

>@ Deligne P., Kazhdan D., Etingof P., Morgan J.W., Freed D.S., Morrison D.R., Jeffrey L.C., Witten E., Quantum fields and strings: a course for mathemati- cians, vol. 1 et vol.2, Ed. American Math. Soc., Institute for advanced study, (2000).

>@ Husemoller D., Fiber bundles, Mc. Graw Inc. (1966).

0DQXVFULWUHoXOHMDQYLHU

Références

Documents relatifs

• 50% of undergraduate students solved the comprehensive problem C2.2; almost all who attempted could solve the

• Some students did not complete the integration required in P4.7 to find

• Some students attempted to solve P3.61 by using a CV that cuts the two jets (inlet and outlet) instead of using the following:. • Several students wrote wrongly the

• 82% of undergraduate students solved the comprehensive problem C3.3; almost all who attempted could solve the

• 56% of undergraduate students solved the comprehensive problem C3.3; many who attempted could solve the

• 63% of undergraduate students solved the comprehensive problem C5.5; almost all who attempted could solve the

In order for the physics of the problem to be meaningful, the friction loss should be a positive value (zero if the assumption of frictionless flow is applied). • Few students did

• 37% of undergraduate students attempted to solve the comprehensive