6rppdluh - cnudst · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘...

106
75$’8&7,21)5$1d$,6(3285,1)250$7,21 6RPPDLUH /RLV /RLRUJDQLTXH Q GX MXLOOHW pWHQGDQW j OD FKDPEUH GHV FRQVHLOOHUV O¶DSSOLFDWLRQGHFHUWDLQHVGLVSRVLWLRQVGHODORLRUJDQLTXHQGXPDUV UHODWLYHDXFRQVHLOpFRQRPLTXHHWVRFLDO««««««««««««««««««« /RLQGXMXLOOHWSRUWDQWDSSUREDWLRQGXFRQWUDWGHFDXWLRQQHPHQWFRQFOX OH GpFHPEUH HQWUH OD 5pSXEOLTXH 7XQLVLHQQH HW OD EDQTXH HXURSpHQQH G¶LQYHVWLVVHPHQWHWUHODWLIDXSUrWJOREDODFFRUGpjODFDLVVHGHVSUrWVHWGHVRXWLHQ DX[FROOHFWLYLWpVORFDOHV««««««««««««««««««««««««««« /RLQGXMXLOOHWpWHQGDQWOHVUpJLPHVVSpFLDX[DSSOLFDEOHVDX[PHPEUHV GHODFKDPEUHGHVGpSXWpVDX[PHPEUHVGHODFKDPEUHGHVFRQVHLOOHUV««««« /RLQGXMXLOOHW SRUWDQWDOORFDWLRQG¶DYDQWDJHVHQQDWXUHDX[3UHPLHUV PLQLVWUHV DX[ SUpVLGHQWV GH OD FKDPEUH GHV GpSXWpV HW DX[ SUpVLGHQWV GH OD FKDPEUHGHVFRQVHLOOHUVORUVGHOHXUPLVHjODUHWUDLWHHWPRGLILDQWOHVDUWLFOHVHW GHODORLGHILQDQFHVSRXUO¶DQQpH««««««««««««««««««« /RLQGXMXLOOHWUHODWLYHjO¶HVVDLPDJHGHVHQWUHSULVHVpFRQRPLTXHV«« /RL Q GX MXLOOHW UHODWLYH DX[ FHQWUHV G¶DIIDLUHV G¶LQWpUrW SXEOLF pFRQRPLTXH«««««««««««««««««««««««««««««««« /RLQGXMXLOOHWUHODWLYHDX[IRQGVG¶DPRUoDJH««««««««««« /RLQGXMXLOOHWSRUWDQWGLVSRVLWLRQVILVFDOHVWHQGDQWjO¶HQFRXUDJHPHQWj ODFUpDWLRQGHVIRQGVG¶DPRUoDJH«««««««««««««««««««««« /RLQGXMXLOOHW PRGLILDQWHWFRPSOpWDQWODORLQGXMXLOOHW UHODWLYHjODFRQFXUUHQFHHWDX[SUL[««««««««««««««««««««« /RLQGXMXLOOHWSRUWDQWUqJOHPHQWGXEXGJHWGHO(WDWGHODJHVWLRQ«« 0DUGLMRXPDGD,,–MXLOOHW DQQpH 1

Upload: truongtuong

Post on 13-Sep-2018

217 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

75$'8&7,21�)5$1d$,6(�3285�,1)250$7,21�

��

6RPPDLUH��

�/RLV�

/RL�RUJDQLTXH� Q�� �������� GX� ��� MXLOOHW� ������ pWHQGDQW� j� OD� FKDPEUH� GHV� FRQVHLOOHUV�

O¶DSSOLFDWLRQ�GH�FHUWDLQHV�GLVSRVLWLRQV�GH� OD� ORL�RUJDQLTXH�Q��������GX���PDUV������

UHODWLYH�DX�FRQVHLO�pFRQRPLTXH�HW�VRFLDO«««««««««««««««««««����

/RL�Q����������GX����MXLOOHW�������SRUWDQW�DSSUREDWLRQ�GX�FRQWUDW�GH�FDXWLRQQHPHQW�FRQFOX�

OH� �� GpFHPEUH� ����� HQWUH� � OD� 5pSXEOLTXH� 7XQLVLHQQH� HW� OD� EDQTXH� HXURSpHQQH�

G¶LQYHVWLVVHPHQW�HW�UHODWLI�DX�SUrW�JOREDO�DFFRUGp�j�OD�FDLVVH�GHV�SUrWV�HW�GH�VRXWLHQ�

DX[�FROOHFWLYLWpV�ORFDOHV«««««««««««««««««««««««««««�

/RL�Q����������GX����MXLOOHW�������pWHQGDQW�OHV�UpJLPHV�VSpFLDX[�DSSOLFDEOHV�DX[�PHPEUHV�

GH�OD�FKDPEUH�GHV�GpSXWpV��DX[�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV«««««��

/RL�Q����������GX����MXLOOHW�������SRUWDQW�DOORFDWLRQ�G¶DYDQWDJHV�HQ�QDWXUH�DX[�3UHPLHUV�

PLQLVWUHV�� DX[� SUpVLGHQWV� GH� OD� FKDPEUH� GHV� GpSXWpV� HW� DX[� SUpVLGHQWV� GH� OD�

FKDPEUH�GHV�FRQVHLOOHUV�ORUV�GH�OHXU�PLVH�j�OD�UHWUDLWH�HW�PRGLILDQW�OHV�DUWLFOHV����HW�

���GH�OD�ORL�GH�ILQDQFHV�SRXU�O¶DQQpH�����«««««««««««««««««««�

/RL�Q����������GX����MXLOOHW�������UHODWLYH�j�O¶HVVDLPDJH�GHV�HQWUHSULVHV�pFRQRPLTXHV««�

/RL� Q�� �������� GX� ��� MXLOOHW� ������ UHODWLYH� DX[� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�

pFRQRPLTXH««««««««««««««««««««««««««««««««�

/RL�Q����������GX����MXLOOHW�������UHODWLYH�DX[�IRQGV�G¶DPRUoDJH«««««««««««���

/RL�Q����������GX����MXLOOHW�������SRUWDQW�GLVSRVLWLRQV�ILVFDOHV�WHQGDQW�j�O¶HQFRXUDJHPHQW�j�

OD�FUpDWLRQ�GHV�IRQGV�G¶DPRUoDJH««««««««««««««««««««««���

/RL�Q����������GX����MXLOOHW�������PRGLILDQW�HW�FRPSOpWDQW�OD�ORL�Q��������GX����MXLOOHW������

UHODWLYH�j�OD�FRQFXUUHQFH�HW�DX[�SUL[«««««««««««««««««««««���

/RL�Q����������GX����MXLOOHW�������SRUWDQW�UqJOHPHQW�GX�EXGJHW�GH�O(WDW�GH�OD�JHVWLRQ�����««��

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

0DUGL����MRXPDGD�,,������±����MXLOOHW������ ���qPH�DQQpH� 1�����

Page 2: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

&RQVHLO�&RQVWLWXWLRQQHO��

$YLV� Q�� �������� GX� FRQVHLO� FRQVWLWXWLRQQHO�� FRQFHUQDQW� XQ� SURMHW� GH� ORL� PRGLILDQW� HW�

FRPSOpWDQW�OD�ORL�Q��������GX����MXLOOHW�������UHODWLYH�j�OD�FRQFXUUHQFH�HW�DX[�SUL[««�

$YLV� Q�� �������� GX� FRQVHLO� FRQVWLWXWLRQQHO�� FRQFHUQDQW� XQ� SURMHW� GH� ORL� RUJDQLTXH�

pWHQGDQW�j�OD�FKDPEUH�GHV�FRQVHLOOHUV�O¶DSSOLFDWLRQ�GH�FHUWDLQHV�GLVSRVLWLRQV�GH�OD�ORL�

RUJDQLTXH�Q��������GX���PDUV�������UHODWLYH�DX�FRQVHLO�pFRQRPLTXH�HW�VRFLDO«««��

$YLV� Q�� �������� GX� FRQVHLO� FRQVWLWXWLRQQHO�� FRQFHUQDQW� XQ� SURMHW� GH� ORL� pWHQGDQW� OHV�

UpJLPHV� VSpFLDX[� DSSOLFDEOHV� DX[� PHPEUHV� GH� OD� FKDPEUH� GHV� GpSXWpV�� DX[�

PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV«««««««««««««««««««���

$YLV�Q����������GX�FRQVHLO�FRQVWLWXWLRQQHO��FRQFHUQDQW�XQ�SURMHW�GH�ORL�UHODWLI�DX[�FHQWUHV�

G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH««««««««««««««««««««����

$YLV�Q����������GX�FRQVHLO�FRQVWLWXWLRQQHO��FRQFHUQDQW�XQ�SURMHW�GH�ORL�SRUWDQW�DOORFDWLRQ�

G¶DYDQWDJHV� HQ� QDWXUH� DX[� SUHPLHUV�PLQLVWUHV�� DX[� SUpVLGHQWV� GH� OD� FKDPEUH� GHV�

GpSXWpV� HW� DX[� SUpVLGHQWV� GH� OD� FKDPEUH� GHV� FRQVHLOOHUV� ORUV� GH� OHXU� PLVH� j� OD�

UHWUDLWH�HW�PRGLILDQW�OHV�DUWLFOHV����HW����GH�OD�ORL�GH�ILQDQFHV�SRXU�O¶DQQpH�����««���

$YLV�Q����������GX�FRQVHLO�FRQVWLWXWLRQQHO��FRQFHUQDQW�XQ�SURMHW�GH�ORL�UHODWLI�DX[�IRQGV�

G¶DPRUoDJH««««««««««««««««««««««««««««««««�

$YLV� Q�� �������� GX� FRQVHLO� FRQVWLWXWLRQQHO�� FRQFHUQDQW� XQ� SURMHW� GH� ORL� SRUWDQW�

GLVSRVLWLRQV�ILVFDOHV�WHQGDQW�j�O¶HQFRXUDJHPHQW�j�OD�FUpDWLRQ�GHV�IRQGV�G¶DPRUoDJH���

$YLV� Q�� �������� GX� FRQVHLO� FRQVWLWXWLRQQHO�� FRQFHUQDQW� XQ� SURMHW� GH� ORL� UHODWLI� j�

O¶HVVDLPDJH�GHV�HQWUHSULVHV�pFRQRPLTXHV««««««««««««««««««���

'pFUHWV�HW�$UUrWpV��

&KDPEUH�GHV�'pSXWpV�

0DLQWLHQ�HQ�DFWLYLWp�GDQV�OH�VHFWHXU�SXEOLF««««««««««««««««««����

0LQLVWqUH�GHV�$IIDLUHV�(WUDQJqUHV�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW� UDWLILFDWLRQ� GXQ� SURJUDPPH�

H[pFXWLI� GH� FRRSpUDWLRQ� GDQV� OH� GRPDLQH� GHV� DIIDLUHV� UHOLJLHXVHV� HQWUH� OH�

JRXYHUQHPHQW�GH�OD�5pSXEOLTXH�7XQLVLHQQH�HW�OH�JRXYHUQHPHQW�GH�OD�5pSXEOLTXH�GX�

<HPHQ�SRXU�OHV�DQQpHV����������«««««««««««««««««««««���

/LVWH�GH�SURPRWLRQ�DX�JUDGH�GH�FRQVHLOOHU�GHV�DIIDLUHV�pWUDQJqUHV�DX�WLWUH�GH�O¶DQQpH�

����«««««««««««««««««««««««««««««««««««�

0LQLVWqUH�GH�OD�'pIHQVH�1DWLRQDOH��

/LVWH�GH�SURPRWLRQ�DX�FKRL[�DX�JUDGH�G¶LQILUPLHU�PDMRU�DX�WLWUH�GH�O¶DQQpH�����««���

0LQLVWqUH�GHV�)LQDQFHV��

'pFUHW� Q�� ����������GX� ��� MXLOOHW� ������SRUWDQW�PRGLILFDWLRQ� GX� GpFUHW� Q�� �����

�����GX����VHSWHPEUH�������SRUWDQW�DSSOLFDWLRQ�GHV�GLVSRVLWLRQV�GHV�DUWLFOHV���������

�������HW����GX�FRGH��GHV�RUJDQLVPHV�GH�SODFHPHQW�FROOHFWLI��SURPXOJXp�SDU� OD� ORL�

Q����������GX����MXLOOHW�����«««««««««««««««««««««««�������

'pFUHW�Q������������GX����MXLOOHW�������SRUWDQW�PRGLILFDWLRQ�GX�GpFUHW�Q����������GX�

���GpFHPEUH�������SRUWDQW�IL[DWLRQ�GHV�FRQGLWLRQV�GRXYHUWXUH�GHV�©�FRPSWHV�pSDUJQH�

HQ�DFWLRQV�ª��GHV�FRQGLWLRQV�GH�OHXU�JHVWLRQ�HW�GH�OXWLOLVDWLRQ�GHV�VRPPHV�HW�WLWUHV�TXL�\�

VRQW�GpSRVpV��WHO�TXH�PRGLILp�SDU�OH�GpFUHW�Q������������GX����MXLOOHW�����««««««�

$WWULEXWLRQ�GH�OD�FODVVH�H[FHSWLRQQHOOH�j�O¶HPSORL�GH�GLUHFWHXU««««««««««���

1RPLQDWLRQ�G¶XQ�FKHI�GH�VHUYLFH«««««««««««««««««««««««�

$UUrWp�GX�PLQLVWUH�GHV�ILQDQFHV�GX����MXLOOHW�������IL[DQW�OHV�PRGDOLWpV�G¶RUJDQLVDWLRQ�

GH�O¶H[DPHQ�SURIHVVLRQQHO�VXU�pSUHXYHV�SRXU�OD�WLWXODULVDWLRQ�GHV�DJHQWV�WHPSRUDLUHV�

GH�OD�FDWpJRULH�©�%�ª�GDQV�OH�JUDGH�GH�FRQWU{OHXU�GHV�VHUYLFHV�ILQDQFLHUV�j�OD�UpJLH�

QDWLRQDOH�GHV�WDEDFV�HW�GHV�DOOXPHWWHV��PLQLVWqUH�GHV�ILQDQFHV�«««««««««��

0LQLVWqUH�GHV�'RPDLQHV�GH�O(WDW�HW�GHV�$IIDLUHV�)RQFLqUHV��

'pFUHW�Q������������GX����MXLOOHW�������SRUWDQW�H[SURSULDWLRQ��SRXU�FDXVH�GXWLOLWp�

SXEOLTXH�� GH� GHX[� SDUFHOOHV� GH� WHUUDLQ� VLVHV� j� 0RQDVWLU�� QpFHVVDLUHV� j� OD�

FRQVWUXFWLRQ�GX�FHQWUH�GH�PDWHUQLWp�HW�GH�QpRQDWDORJLH«««««««««««««��

��

�������

�������

������

��������

������

������

������

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

Page 3: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

'pFUHWV�Q������������HW�Q������������GX����MXLOOHW�������SRUWDQW�KRPRORJDWLRQ�GHV�

SURFqV�YHUEDX[� GHV� FRPPLVVLRQV� GH� UHFRQQDLVVDQFH� HW� GH� GpOLPLWDWLRQ� GHV� WHUUDLQV�

UHOHYDQW�GX�GRPDLQH�SULYp�GH�O(WDW�GHV�JRXYHUQRUDWV�GH�-HQGRXED�HW�.DVVHULQH««««�

0LQLVWqUH�GH�O$JULFXOWXUH��GH�O(QYLURQQHPHQW�HW�GHV�5HVVRXUFHV�+\GUDXOLTXHV�

'pFUHW�Q������������GX����MXLOOHW�������IL[DQW�OH�SUL[�HW�OHV�PRGDOLWpV�GH�SDLHPHQW��

GH�VWRFNDJH�HW�GH�UpWURFHVVLRQ�GHV�FpUpDOHV�SRXU�OD�FDPSDJQH����������««««��

0DLQWLHQ�HQ�DFWLYLWp�GDQV�OH�VHFWHXU�SXEOLF««««««««««««««««««����

$UUrWp�GX�PLQLVWUH�GH� O¶DJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�GX���MXLOOHW�������

SRUWDQW�DSSUREDWLRQ�GX�FDKLHU�GHV�FKDUJHV�W\SHV�GH�OD�SURGXFWLRQ�DQLPDOH�VHORQ�OH�

PRGH�ELRORJLTXH««««««««««««««««««««««««««««««�

$UUrWp�GX�PLQLVWUH�GH�O¶DJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�GX����MXLOOHW�������

SRUWDQW�RXYHUWXUH�G¶XQ�FRQFRXUV�LQWHUQH�VXU�pSUHXYHV�SRXU�OD�SURPRWLRQ�DX�JUDGH�GH�

VHFUpWDLUH�G¶DGPLQLVWUDWLRQ«««««««««««««««««««««««««���

$UUrWp�GX�PLQLVWUH�GH�O¶DJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�GX����MXLOOHW�������

SRUWDQW�RXYHUWXUH�G¶XQ�FRQFRXUV�LQWHUQH�VXU�pSUHXYHV�SRXU�OD�SURPRWLRQ�DX�JUDGH�GH�

VHFUpWDLUH�GDFW\ORJUDSKH««««««««««««««««««««««««««��

0LQLVWqUH�GH�O(QYLURQQHPHQW�HW�GX�'pYHORSSHPHQW�'XUDEOH�

'pFUHW� Q� ���������� GX� ��� MXLOOHW� ������ UHODWLI� j� O¶pWXGH� G¶LPSDFW� VXU�

O¶HQYLURQQHPHQW� HW� IL[DQW� OHV� FDWpJRULHV� G¶XQLWpV� VRXPLVHV� j� O¶pWXGH� G¶LPSDFW� VXU�

O¶HQYLURQQHPHQW�HW�OHV�FDWpJRULHV�G¶XQLWpV�VRXPLVHV�DX[�FDKLHUV�GHV�FKDUJHV«««��

0LQLVWqUH�GH�O(TXLSHPHQW��GH�O+DELWDW�HW�GH�O$PpQDJHPHQW�GX�7HUULWRLUH��

'pFUHW�Q������������GX����MXLOOHW�������SRUWDQW�FUpDWLRQ�GXQH�XQLWp�GH�JHVWLRQ�SDU�

REMHFWLIV�SRXU�ODFKqYHPHQW�GH�OD�UpDOLVDWLRQ�GX�SURMHW�GH�FRQVWUXFWLRQ�GH�OD�FLWp�GH�OD�

FXOWXUH�GH�7XQLV�HW�IL[DQW�VRQ�RUJDQLVDWLRQ�HW�OHV�PRGDOLWpV�GH�VRQ�IRQFWLRQQHPHQW«�

'pFUHW�Q������������GX����MXLOOHW�������SRUWDQW�FKDQJHPHQW�GH�OD�YRFDWLRQ�GXQH�

SDUFHOOH�GH�WHUUDLQ�VLVH�j�.VDU�6DwG��GpOpJDWLRQ�GH�'HQGHQ�GH�]RQH�YHUWH�pTXLSpH�HQ�

]RQH�GpTXLSHPHQW�FROOHFWLI«««««««««««««««««««««««««��

1RPLQDWLRQ�G¶LQJpQLHXUV�HQ�FKHI«««««««««««««««««««««««�

0DLQWLHQ�HQ�DFWLYLWp�GDQV�OH�VHFWHXU�SXEOLF««««««««««««««««««����

0LQLVWqUH�GX�&RPPHUFH�HW�GH�O$UWLVDQDW�

'pFUHW� Q�� ����������GX���� MXLOOHW� ������ IL[DQW� OHV� SURFpGXUHV� GH� UpDOLVDWLRQ� GHV�

YHQWHV� HW� GHV� SUHVWDWLRQV� GH� VHUYLFHV� VXU� OH� PDUFKp� ORFDO� SRXU� OHV� HQWUHSULVHV�

WRWDOHPHQW�H[SRUWDWULFHV««««««««««««««««««««««««««���

0LQLVWqUH�GX�7RXULVPH��

1RPLQDWLRQ�GXQ�FKDUJp�GH�PLVVLRQ«««««««««««««««««««««����

0LQLVWqUH�GHV�7HFKQRORJLHV�GH�OD�&RPPXQLFDWLRQ�

1RPLQDWLRQ�GXQH�FKDUJpH�GH�PLVVLRQ««««««««««««««««««««���

0LQLVWqUH� GHV� $IIDLUHV� GH� OD� )HPPH�� GH� OD� )DPLOOH�� GH� O(QIDQFH� HW� GHV

3HUVRQQHV�$JpHV��

1RPLQDWLRQ�GXQ�GLUHFWHXU««««««««««««««««««««««««««�

0LQLVWqUH�GH�OD�6DQWp�3XEOLTXH��

1RPLQDWLRQ�GXQ�FKHI�GH�VHUYLFH�KRVSLWDOR�VDQLWDLUH««««««««««««««����

0DLQWLHQ�HQ�DFWLYLWp�GDQV�OH�VHFWHXU�SXEOLF««««««««««««««««««����

$UUrWp� GX�PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ��� MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ�

FRQFRXUV� LQWHUQH� VXU� pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GLQVSHFWHXU� GH�

OHQVHLJQHPHQW�SDUD�PpGLFDO««««««««««««««««««««««««���

$UUrWp� GX�PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ��� MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ�

FRQFRXUV� LQWHUQH�VXU�GRVVLHUV�SRXU� OD�SURPRWLRQ�DX�JUDGH�GH� WHFKQLFLHQ�VXSpULHXU�

SULQFLSDO�GH�OD�VDQWp�SXEOLTXH««««««««««««««««««««««««��

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

�����

Page 4: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

$UUrWp� GX�PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ��� MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ�

FRQFRXUV� LQWHUQH� VXU� GRVVLHUV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GLQILUPLHU� PDMRU� GH� OD�

VDQWp�SXEOLTXH««««««««««««««««««««««««««««««����

0LQLVWqUH�GH�O(GXFDWLRQ�HW�GH�OD�)RUPDWLRQ��

$UUrWp� GX� PLQLVWUH� GH� O¶pGXFDWLRQ� HW� GH� OD� IRUPDWLRQ� GX� ��� MXLOOHW� ������ SRUWDQW�

UpYLVLRQ�GH�OD�OLVWH�GHV�LPSULPpV�DGPLQLVWUDWLIV�VSpFLILTXHV�DX[�VHUYLFHV�GX�PLQLVWqUH�

GH� O¶pGXFDWLRQ� HW� GH� OD� IRUPDWLRQ� HW� DX[� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH�

DGPLQLVWUDWLI�VRXV�VD�WXWHOOH«««««««««««««««««««««««««��

0LQLVWqUH�GH�O(QVHLJQHPHQW�6XSpULHXU�

0DLQWLHQ�HQ�DFWLYLWp�GDQV�OH�VHFWHXU�SXEOLF««««««««««««««««««����

�$YLV�HW�&RPPXQLFDWLRQV�

0LQLVWqUH�GH�O,QWpULHXU�HW�GX�'pYHORSSHPHQW�/RFDO�

3URFODPDWLRQ�GHV�UpVXOWDWV�GH�O¶pOHFWLRQ�GHV�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV««�

�����

�����

�����

�����

Page 5: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

/RL�RUJDQLTXH� Q�� �������� GX� ��� MXLOOHW� ������pWHQGDQW� j� OD� FKDPEUH� GHV� FRQVHLOOHUV�O¶DSSOLFDWLRQ� GH� FHUWDLQHV� GLVSRVLWLRQV� GH� OD� ORL�RUJDQLTXH� Q�� ������ GX� �� PDUV� ����� UHODWLYH� DX�FRQVHLO�pFRQRPLTXH�HW�VRFLDO������

$X�QRP�GX�SHXSOH�� �

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H� 3UpVLGHQW� GH� OD� 5pSXEOLTXH� SURPXOJXH� OD� ORL�RUJDQLTXH�GRQW�OD�WHQHXU�VXLW���

$UWLFOH�XQLTXH�� ��/HV�GLVSRVLWLRQV�GHV�DUWLFOHV���������HW����GH�OD�ORL�RUJDQLTXH�Q��������GX���PDUV�������UHODWLYH�DX�FRQVHLO� pFRQRPLTXH� HW� VRFLDO� VRQW� pWHQGXHV� DX[� UHODWLRQV�GXGLW�FRQVHLO�DYHF�OD�FKDPEUH�GHV�FRQVHLOOHUV��

/D� SUpVHQWH� ORL� RUJDQLTXH� VHUD� SXEOLpH� DX� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW������� �

=LQH�(O�$ELGLQH�%HQ�$OL�

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

/RL� Q�� �������� GX� ��� MXLOOHW� ������ SRUWDQW�DSSUREDWLRQ�GX�FRQWUDW�GH�FDXWLRQQHPHQW�FRQFOX��OH� �� GpFHPEUH� ������ HQWUH� � OD� 5pSXEOLTXH�7XQLVLHQQH� HW� OD� EDQTXH� HXURSpHQQH�G¶LQYHVWLVVHPHQW�HW�UHODWLI�DX�SUrW�JOREDO�DFFRUGp�j�OD�FDLVVH�GHV�SUrWV�HW�GH�VRXWLHQ�DX[�FROOHFWLYLWpV�ORFDOHV��

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

$UWLFOH�XQLTXH����(VW�DSSURXYp��OH�FRQWUDW�GH�FDXWLRQQHPHQW�DQQH[p�j�OD�SUpVHQWH�ORL��FRQFOX�j�7XQLV��OH���GpFHPEUH�������HQWUH� OD� 5pSXEOLTXH� 7XQLVLHQQH� HW� OD� EDQTXH� HXURSpHQQH�G¶LQYHVWLVVHPHQW� HW� UHODWLI� DX� SUrW� JOREDO� REMHW� GX� FRQWUDW� GH�ILQDQFHPHQW�DQQH[p�j�OD�SUpVHQWH�ORL�HW�FRQFOX�HQWUH�OD�FDLVVH�GHV�SUrWV�HW�GH�VRXWLHQ�DX[�FROOHFWLYLWpV�ORFDOHV�HW�OD�%(,��G¶XQ�PRQWDQW� GH� YLQJW� FLQT� PLOOLRQV� ������������� HXURV� SRXU� OD�FRQWULEXWLRQ� DX� ILQDQFHPHQW� GX� WURLVLqPH� SURMHW� GH�GpYHORSSHPHQW�PXQLFLSDO��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

/RL� Q�� �������� GX� ��� MXLOOHW� ������ pWHQGDQW� OHV�UpJLPHV�VSpFLDX[�DSSOLFDEOHV�DX[�PHPEUHV�GH�OD�FKDPEUH� GHV� GpSXWpV�� DX[� PHPEUHV� GH� OD�FKDPEUH�GHV�FRQVHLOOHUV������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

$UWLFOH� SUHPLHU�� �� � 6RQW� pWHQGXHV� DX� SUpVLGHQW� HW� DX[�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV��OHV�GLVSRVLWLRQV�GHV�DUWLFOHV����HW����GH� OD� ORL�Q�����O���GX����GpFHPEUH�������SRUWDQW�ORL�GH�ILQDQFHV�SRXU�OD�JHVWLRQ������HW�UHODWLYHV�DX[�LQGHPQLWpV� SDUOHPHQWDLUHV� DOORXpHV� DX[� SUpVLGHQW� HW�PHPEUHV�GH�OD�FKDPEUH�GHV�GpSXWpV��

$UW�������6RQW�pWHQGXHV�DX[�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV�� OHV� GLVSRVLWLRQV� GH� OD� ORL� Q�� ������ GX� �� PDUV�������IL[DQW�OH�UpJLPH�GH�UHWUDLWH�GHV�GpSXWpV��

$UW�������6RQW�pWHQGXHV�DX[�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV�� GXUDQW� OHXU� PDQGDW� j� ODGLWH� FKDPEUH�� OHV�GLVSRVLWLRQV� UHODWLYHV� j� OD� PLVH� HQ� GLVSRQLELOLWp� VSpFLDOH�SUpYXH�SDU� OD� ORL�Q���������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�DJHQWV�GH� O¶(WDW��GHV�FROOHFWLYLWpV� ORFDOHV�HW�GHV�pWDEOLVVHPHQWV�SXEOLFV�j�FDUDFWqUH�DGPLQLVWUDWLI�HW� OD�ORL� Q�� ������ GX� �� DR�W� ������ SRUWDQW� VWDWXW� JpQpUDO� GHV�DJHQWV� GHV� RIILFHV� HW� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH�LQGXVWULHO� HW� FRPPHUFLDO� HW� GHV� VRFLpWpV� GRQW� OH� FDSLWDO� HVW�GpWHQX� GLUHFWHPHQW� HW� HQWLqUHPHQW� SDU� O¶(WDW� RX� OHV�FROOHFWLYLWpV�SXEOLTXHV�ORFDOHV��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW������� �

=LQH�(O�$ELGLQH�%HQ�$OL�

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

/RL�Q����������GX����MXLOOHW�������SRUWDQW�DOORFDWLRQ�G¶DYDQWDJHV� HQ� QDWXUH� DX[� 3UHPLHUV� PLQLVWUHV��DX[�SUpVLGHQWV�GH�OD�FKDPEUH�GHV�GpSXWpV�HW�DX[�SUpVLGHQWV�GH� OD�FKDPEUH�GHV�FRQVHLOOHUV� ORUV�GH�OHXU�PLVH�j�OD�UHWUDLWH�HW�PRGLILDQW�OHV�DUWLFOHV����HW����GH�OD�ORL�GH�ILQDQFHV�SRXU�O¶DQQpH�����������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW������� �

ORLV�

Page 6: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

$UWLFOH�SUHPLHU����/HV�3UHPLHUV�PLQLVWUHV�TXL�RQW�H[HUFp�OHXUV� IRQFWLRQV� SHQGDQW� XQH� SpULRGH�PLQLPXP�GH� VHSW� DQV�EpQpILFLHQW�G¶DYDQWDJHV�HQ�QDWXUH�SRUWDQW�VXU�OHV�PR\HQV�GH�WUDQVSRUW�HW�OD�VpFXULWp��HW�FH��GqV�OHXU�PLVH�j�OD�UHWUDLWH��

$UW�������/HV�SUpVLGHQWV�GH�OD�FKDPEUH�GHV�GpSXWpV�HW�OHV�SUpVLGHQWV� GH� OD� FKDPEUH� GHV� FRQVHLOOHUV�� TXL� RQW� H[HUFp�OHXUV� IRQFWLRQV�SHQGDQW�XQH�SpULRGH�PLQLPXP�GH�VHSW�DQV��EpQpILFLHQW�G¶DYDQWDJHV�HQ�QDWXUH�SRUWDQW�VXU�OHV�PR\HQV�GH�WUDQVSRUW��HW�FH��GqV�OHXU�PLVH�j�OD�UHWUDLWH��

$UW�������/HV�DYDQWDJHV�HQ�QDWXUH�YLVpV�DX[�DUWLFOHV���HW���GH�OD�SUpVHQWH�ORL�VHURQW�IL[pV�SDU�GpFUHW��

$UW�� ��� �� /HV� GpSHQVHV� UHODWLYHV� j� FHV� DYDQWDJHV� HQ�QDWXUH�VRQW�LPSXWpHV�VXU�OHV�FUpGLWV�GX�3UHPLHU�PLQLVWqUH��

$UW����� ��(Q�FH�TXL�FRQFHUQH� OHV�3UHPLHUV�PLQLVWUHV�� OHV�SUpVLGHQWV�GH� OD�FKDPEUH�GHV�GpSXWpV�HW�GH�OD�FKDPEUH�GHV�FRQVHLOOHXUV��OD�MRXLVVDQFH�GHV�DYDQWDJHV�HQ�QDWXUH�YLVpV�DX[�DUWLFOHV������HW���GH�OD�SUpVHQWH�ORL�HVW�VXVSHQGXH�GDQV�OH�FDV�R�� LOV� VRQW� QRPPpV� RX� pOXV� SRXU� H[HUFHU� GHV� IRQFWLRQV�SXEOLTXHV�RX�ORUVTX¶LO�HVW�pWDEOL�TX¶LOV�H[HUFHQW�XQH�DFWLYLWp�SURIHVVLRQQHOOH�OXFUDWLYH��

$UW�������/HV�GLVSRVLWLRQV�GHV�VRXV�SDUDJUDSKHV�F�HW�G�GX��qPH� SDUDJUDSKH� GH� O¶DUWLFOH� ���� DLQVL� TXH� OHV� GLVSRVLWLRQV�GHV�VRXV�SDUDJUDSKHV�E�HW�F�GX��qPH�SDUDJUDSKH�GH� O¶DUWLFOH����GH�OD�ORL�Q��������GX����GpFHPEUH�������UHODWLYH�j�OD�ORL�GH�ILQDQFHV�SRXU�O¶DQQpH�������VRQW�DEURJpHV�HW�UHPSODFpHV�SDU�OHV�GLVSRVLWLRQV�VXLYDQWHV���

$UWLFOH������

3DUDJUDSKH�����

F����QRXYHDX����/HV�PR\HQV�GH�WUDQVSRUWV�LQGLVSHQVDEOHV�IL[pV�SDU�GpFUHW��

G����QRXYHDX����/HV�FKDXIIHXUV��OHV�JHQV�GH�PDLVRQ�HW�OH�SHUVRQQHO� GH� VpFXULWp�� &HW� DYDQWDJH� HQ� QDWXUH� HVW� IL[p� SDU�GpFUHW��

$UWLFOH������

3DUDJUDSKH�����

E����QRXYHDX����/HV�PR\HQV�GH�WUDQVSRUWV�LQGLVSHQVDEOHV�IL[pV�SDU�GpFUHW��

F����QRXYHDX����/HV�FKDXIIHXUV��OHV�JHQV�GH�PDLVRQ�HW�OH�SHUVRQQHO� GH� VpFXULWp�� &HW� DYDQWDJH� HQ� QDWXUH� HVW� IL[p� SDU�GpFUHW��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

/RL� Q�� �������� GX� ��� MXLOOHW� ������ UHODWLYH� j�O¶HVVDLPDJH�GHV�HQWUHSULVHV�pFRQRPLTXHV������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW�������

$UWLFOH� SUHPLHU�� �� /¶HVVDLPDJH� HVW� WRXW� HQFRXUDJHPHQW�RX� DVVLVWDQFH�TX¶XQH� HQWUHSULVH� pFRQRPLTXH� DFFRUGH� j� GHV�SURPRWHXUV�LVVXV�GH�VRQ�SHUVRQQHO�RX�YHQDQW�GH�O¶H[WpULHXU�SRXU� OHV� LQFLWHU� j� FUpHU� GHV� HQWUHSULVHV� LQGpSHQGDQWHV�RX�j�SRXUVXLYUH� XQH� DFWLYLWp� TX¶HOOH� H[HUoDLW� HOOH�PrPH�DXSDUDYDQW��

$UW�� ��� �� /¶HQWUHSULVH� TXL� DGRSWH� OD� WHFKQLTXH� GH�O¶HVVDLPDJH� V¶HQJDJH� j� HQFDGUHU� OHV� SURPRWHXUV� GDQV� OD�PDWpULDOLVDWLRQ�GHV�LGpHV�GH�SURMHWV��O¶pODERUDWLRQ�GHV�pWXGHV�\� DIIpUHQWHV�� OD� ILQDOLVDWLRQ� GX� VFKpPD� GH� ILQDQFHPHQW��O¶REWHQWLRQ�GHV�SULPHV�HW�GHV�DYDQWDJHV�HW�OD�FRQFUpWLVDWLRQ�GH� SURMHW�� HW� FH�� GXUDQW� OHV� SUHPLqUHV� DQQpHV� GH� VRQ�ODQFHPHQW��

/H� VXLYL� GH� O¶RSpUDWLRQ� G¶HVVDLPDJH� HVW� DVVXUp� SDU� XQH�GHV�VWUXFWXUHV�GH�O¶HQWUHSULVH�UHFRXUDQW�j�O¶HVVDLPDJH�TXL�VH�FKDUJH� G¶DFFRUGHU� WRXWH� IRUPH� G¶DVVLVWDQFH� WHFKQLTXH� HW�ORJLVWLTXH�SRXU�OD�UpDOLVDWLRQ�GHV�SURMHWV�HW� OHXU�VXLYL�DSUqV�ODQFHPHQW��

/HV�GpSHQVHV�QpFHVVDLUHV�j�O¶RSpUDWLRQ�G¶HVVDLPDJH�VRQW�HQUHJLVWUpHV�GDQV�XQ�pWDW�GpWDLOOp�TXL�VHUD�DQQH[p�DX[�pWDWV�ILQDQFLHUV�GH�O¶HQWUHSULVH��

$UW�� ��� �� /HV� SURMHWV� VRQW� UpDOLVpV� GDQV� OH� FDGUH� G¶XQH�FRQYHQWLRQ� FRQFOXH� HQWUH� O¶HQWUHSULVH� HW� OH� SURPRWHXU� TXL�GpILQLW� OH� FRQWHQX� GX� SURMHW� HW� OHV� HQJDJHPHQWV� GHV� GHX[�SDUWLHV�FRQIRUPpPHQW�j�XQH�FRQYHQWLRQ�W\SH�DSSURXYpH�SDU�DUUrWp� GX� PLQLVWUH� FKDUJp� GHV� SHWLWHV� HW� PR\HQQHV�HQWUHSULVHV��

$UW�� ��� �� /H� SURPRWHXU� GX� SURMHW� G¶HVVDLPDJH� SHXW�

EpQpILFLHU� GX� UpJLPH� GH� FRQJp� SRXU� OD� FUpDWLRQ� G¶XQH�

HQWUHSULVH� RX� GX� UpJLPH� GH� OD� GpOpJDWLRQ� HW� GH� OD�

PRELOLVDWLRQ� DLQVL� TXH� GX� UpJLPH� GH� GLVWULEXWLRQ� GHV�

UHYHQXV� G¶H[SORLWDWLRQ� GHV� EUHYHWV� GH� GpFRXYHUWH� RX�

G¶LQYHQWLRQ�FRQIRUPpPHQW�j�OD�OpJLVODWLRQ�HQ�YLJXHXU��

$UW�� ��� �� ,O� HVW� DMRXWp� DX� FRGH�GH� O¶LPS{W� VXU� OH� UHYHQX�

GHV� SHUVRQQHV� SK\VLTXHV� HW� GH� O¶LPS{W� VXU� OHV� VRFLpWpV� XQ�

DUWLFOH����WHU�DLQVL�OLEHOOp���

$UWLFOH� ��� WHU�� �� /HV� HQWUHSULVHV� TXL� IRQW� UHFRXUV� j� OD�

WHFKQLTXH� GH� �¶HVVDLPDJH�� WHOOH� TXH� GpILQLH� SDU� OD�

OpJLVODWLRQ� HQ� YLJXHXU�� SHXYHQW� GpGXLUH� OHV� GpSHQVHV�

HQJDJpHV� SRXU� OD� UpDOLVDWLRQ� GH� O¶RSpUDWLRQ� G¶HVVDLPDJH� j�

O¶DVVLHWWH� GH� O¶LPS{W� GH� O¶DQQpH� DX� WLWUH� GH� ODTXHOOH� OHV�

GpSHQVHV�RQW� pWp� HQJDJpHV�� HW�FH��GDQV�GHV� OLPLWHV�HW� VHORQ�

GHV�FRQGLWLRQV�TXL�VHURQW�IL[pHV�SDU�GpFUHW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

/RL� Q�� �������� GX� ��� MXLOOHW� ������ UHODWLYH� DX[�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV���

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

Page 7: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

7LWUH�SUHPLHU�±�'LVSRVLWLRQV�JpQpUDOHV�

$UWLFOH�SUHPLHU����/HV�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH� VRQW� GHV� SHUVRQQHV� PRUDOHV� GRWpHV� GH� OD�SHUVRQQDOLWp� MXULGLTXH� HW� GH� O¶DXWRQRPLH� ILQDQFLqUH� TXL�RIIUHQW�DX[�SURPRWHXUV�HW�LQYHVWLVVHXUV�GHV�VHUYLFHV�YLVDQW�j�LPSXOVHU�O¶LQLWLDWLYH�SULYpH�GDQV�OHV�UpJLRQV�FRQFHUQpHV�SDU�OHXUV�DFWLYLWpV��

$UW�������/HV�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH�VRQW� FUppV� HQ� YHUWX� G¶XQ� FRQWUDW� FRQVWLWXWLI� SDVVp� HQWUH� OHV�RUJDQLVDWLRQV�SURIHVVLRQQHOOHV��OHV�VWUXFWXUHV�SXEOLTXHV�G¶DSSXL�DX� GpYHORSSHPHQW� HW� OHV� SHUVRQQHV� SK\VLTXHV� HW� PRUDOHV�H[HUoDQW�GHV�DFWLYLWpV�pFRQRPLTXHV�HW�ILQDQFLqUHV��&HW�DFWH�HVW�DSSURXYp�SDU�DUUrWp�GX�PLQLVWUH�FKDUJp�GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV�� /¶DUUrWp� G¶DSSUREDWLRQ� IL[H� OH� GRPDLQH�G¶LQWHUYHQWLRQ�WHUULWRULDO�GH�FKDTXH�FHQWUH��

$UW�������/HV�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH�VRQW� FUppV� VDQV� FDSLWDO� HW� QH� SHXYHQW� DYRLU� SRXU� EXW� OD�UpDOLVDWLRQ�GH�EpQpILFHV��/HV�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH�VRQW�VRXPLV��GDQV�O¶H[HUFLFH�GH�OHXU�DFWLYLWp��DX[�GLVSRVLWLRQV� GX� FRGH� GH� FRPPHUFH� j� O¶H[FHSWLRQ� GH� FHOOHV�FRQWUDLUHV�j�OD�SUpVHQWH�ORL��

(Q�RXWUH��OHV�FHQWUHV�G¶DIIDLUHV�G¶LQWpUrW�SXEOLF�pFRQRPLTXH�VRQW� VRXPLV� j� O¶REOLJDWLRQ� G¶LQVFULSWLRQ� DX� UHJLVWUH� GX�FRPPHUFH��

7LWUH�,,���/HV�DWWULEXWLRQV�

$UW�� ��� �� /HV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH�H[HUFHQW�OHV�DFWLYLWpV�D\DQW�SRXU�EXW�GH�IDFLOLWHU�OD� UpDOLVDWLRQ�GHV�SURMHWV�HW�G¶RIIULU� OHV�VHUYLFHV�QpFHVVDLUHV�DX[� SURPRWHXUV� HW� LQYHVWLVVHXUV� SRXU� OH� ODQFHPHQW� RX� OH�GpYHORSSHPHQW�GH�OHXUV�SURMHWV�HW�QRWDPPHQW���

��UHQVHLJQHU�OHV�SRUWHXUV�G¶LGpHV�GH�SURMHWV��OHV�SURPRWHXUV�HW�OHV�LQYHVWLVVHXUV�VXU�OHV�SURFpGXUHV�GH�FUpDWLRQ�G¶HQWUHSULVHV��OHV� DYDQWDJHV� HW� LQFLWDWLRQV� TXL� OHXU� VRQW� GHVWLQpV�� OHV� VLWHV�G¶LQVWDOODWLRQ� SRVVLEOHV� HW� OHV� RSSRUWXQLWpV� SURPHWWHXVHV�G¶LQYHVWLVVHPHQW�HW�GH�SDUWHQDULDW��

�� DFFRPSDJQHU� OHV� SURPRWHXUV� GDQV� OHV� GLIIpUHQWHV�SKDVHV� GH� GpPDUUDJH� HW� GH� VXLYL� GH� OD� UpDOLVDWLRQ� GH� OHXUV�SURMHWV�HW�QRWDPPHQW�GDQV�OD�SKDVH�G¶pODERUDWLRQ�GHV�pWXGHV�GH� IDLVDELOLWp� HW� GH� OD� ILQDOLVDWLRQ� GX� VFKpPD� GH�ILQDQFHPHQW��

�� PHWWUH�� OH� FDV� pFKpDQW� HW� j� WLWUH� RQpUHX[�� j� OD�GLVSRVLWLRQ� GHV� SURPRWHXUV� HW� LQYHVWLVVHXUV� GHV� EXUHDX[�pTXLSpV� GH� PR\HQV� GH� FRPPXQLFDWLRQ� HW� OHXU� DVVXUHU� OHV�VHUYLFHV�GH�EDVH��

��RUJDQLVHU�DX�SURILW�GHV�SURPRWHXUV�HW�LQYHVWLVVHXUV�GHV�VpPLQDLUHV� HQ� YXH� GH� OHV� LQIRUPHU� VXU� OHV� DYDQWDJHV�FRPSDUDWLIV�GH�OD�UpJLRQ��

7LWUH�,,,���/¶RUJDQLVDWLRQ�

$UW�������/¶RUJDQLVDWLRQ�HW�OHV�PRGHV�GH�IRQFWLRQQHPHQW�HW� GH� JHVWLRQ� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH� GRLYHQW� rWUH� FRQIRUPHV� j� GHV� VWDWXWV�W\SHV�DSSURXYpV�SDU�GpFUHW��

$UW�� ��� �� /H� FHQWUH� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH�HVW�GLULJp�SDU�XQ�FRQVHLO�G¶RULHQWDWLRQ�FRQVWLWXp�GH� VHSW� j� GL[� PHPEUHV� GpVLJQpV� SDU� DUUrWp� GX� PLQLVWUH�FKDUJp� GHV� SHWLWHV� HW� PR\HQQHV� HQWUHSULVHV� SDUPL� OHV�UHSUpVHQWDQWV� GHV� VLJQDWDLUHV� GX� FRQWUDW� FRQVWLWXWLI� HW� VXU�OHXUV� SURSRVLWLRQV�� /¶DUUrWp� GpVLJQH�� HQ� RXWUH�� O¶XQ� G¶HQWUH�HX[�SUpVLGHQW�GX�FRQVHLO��

/H� FRQVHLO� G¶RULHQWDWLRQ� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW�SXEOLF� pFRQRPLTXH� IL[H� OH� SURJUDPPH� GH� WUDYDLO� HW� OH�EXGJHW�DQQXHOV��

$UW�� ��� �� /D� JHVWLRQ� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW�SXEOLF� pFRQRPLTXH� DLQVL� TXH� O¶H[pFXWLRQ� GHV� PLVVLRQV�SUpYXHV�j�O¶DUWLFOH���GH�OD�SUpVHQWH�ORL�SHXYHQW�rWUH�FRQILpHV�j� O¶XQ� GHV� RUJDQLVPHV� SXEOLFV� G¶DSSXL� DX� GpYHORSSHPHQW�GDQV� OD� UpJLRQ� RX� j� O¶XQH� GHV� SHUVRQQHV�PRUDOHV� G¶LQWpUrW�SXEOLF� HQ� YHUWX� G¶XQ� FRQWUDW� FRQFOX� SRXU� XQH� SpULRGH�GpWHUPLQpH� HQWUH� OH� SUpVLGHQW� GX� FRQVHLO� G¶RULHQWDWLRQ� HW�O¶RUJDQLVPH�FRQFHUQp�HW�VRXPLV�j�O¶DSSUREDWLRQ�GX�PLQLVWUH�FKDUJp�GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV��

/H� FRQWUDW� SUpYRLW�� HQ� RXWUH�� OD� GpVLJQDWLRQ� GX�UHVSRQVDEOH� GX� IRQFWLRQQHPHQW� HW� VHV� SUpURJDWLYHV� HQ�PDWLqUH� GH� JHVWLRQ� DGPLQLVWUDWLYH� HW� GH� SHUVRQQHO� HW� OHV�DXWUHV�REOLJDWLRQV�PLVHV�j�OD�FKDUJH�GHV�GHX[�SDUWLHV��

7LWUH�,9���'LVSRVLWLRQV�ILQDQFLqUHV�HW�ILVFDOHV�

$UW�� ��� �� /HV� UHVVRXUFHV� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW�SXEOLF�pFRQRPLTXH�VRQW�FRQVWLWXpHV�GHV�UHYHQXV�SURYHQDQW�GHV�SUHVWDWLRQV�GH�VHUYLFHV�TX¶LOV�UHQGHQW��GHV�VXEYHQWLRQV�DOORXpHV�SDU� O¶(WDW�RX� OHV�SHUVRQQHV�SXEOLTXHV�RX�SULYpHV�RX�SDU� WRXV�DXWUHV�RUJDQLVPHV�HW�RUJDQLVDWLRQV�HW�GHV�GRQV�HW�OHJV��

$UW�� ��� �� /HV� FRPSWHV� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW�SXEOLF� pFRQRPLTXH� VRQW� VRXPLV�j�XQ�DXGLW�DQQXHO�HIIHFWXp�SDU� XQ� H[SHUW� FRPSWDEOH� LQVFULW� j� O¶RUGUH� WXQLVLHQ� GHV�H[SHUWV� FRPSWDEOHV� FRQIRUPpPHQW� j� OD� OpJLVODWLRQ� HQ�YLJXHXU��/H�UDSSRUW�G¶DXGLW�HVW� WUDQVPLV�DX�PLQLVWUH�FKDUJp�GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV��

$UW�� ���� �� /HV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH� VRQW� UpJLV� SDU� OH� UpJLPH� ILVFDO� DSSOLFDEOH� DX[�pWDEOLVVHPHQWV�SXEOLFV�j�FDUDFWqUH�DGPLQLVWUDWLI��

7LWUH�9���'LVSRVLWLRQV�GLYHUVHV�

$UW�� ���� �� /HV� GLVSRVLWLRQV� UHODWLYHV� j� OD� IDLOOLWH� HW� DX[�SURFpGXUHV� GH� UHGUHVVHPHQW� DPLDEOH� HW� MXGLFLDLUH� QH�V¶DSSOLTXHQW� SDV� DX[� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH��

/D� GLVVROXWLRQ� GHV� FHQWUHV� G¶DIIDLUHV� G¶LQWpUrW� SXEOLF�pFRQRPLTXH�HVW�SURQRQFpH�SDU�DUUrWp�GX�PLQLVWUH�FKDUJp�GHV�SHWLWHV� HW�PR\HQQHV� HQWUHSULVHV�� /HXUV� GURLWV� HW� ELHQV� IRQW�UHWRXU� j� O¶(WDW� TXL� H[pFXWH� WRXV� HQJDJHPHQWV� SULV� SDU� OH�FHQWUH��

$UW��������/HV�FHQWUHV�G¶DIIDLUHV�FUppV�SDU�GHV�SHUVRQQHV�SK\VLTXHV� RX� VRXV� IRUPH� GH� VRFLpWpV� FRPPHUFLDOHV� RX�FLYLOHV�GHPHXUHQW�UpJLV�SDU�OD�OpJLVODWLRQ�HQ�YLJXHXU��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

/RL�Q����������GX����MXLOOHW�������UHODWLYH�DX[�IRQGV�G¶DPRUoDJH������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

Page 8: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

$UWLFOH�SUHPLHU��±�/HV�IRQGV�G¶DPRUoDJH�VRQW�GHV�IRQGV�FRPPXQV� GH� SODFHPHQW� HQ� YDOHXUV� PRELOLqUHV� D\DQW� SRXU�REMHW� OH� UHQIRUFHPHQW� GHV� IRQGV� SURSUHV� GHV� SURMHWV�LQQRYDQWV� DYDQW� OD� SKDVH� GH� GpPDUUDJH� HIIHFWLI��&HV� IRQGV�LQWHUYLHQQHQW�HVVHQWLHOOHPHQW�SRXU�DLGHU�OHV�SURPRWHXUV�j���

��H[SORLWHU�OHV�EUHYHWV�G¶LQYHQWLRQ��

��DFKHYHU�O¶pWXGH�WHFKQLTXH�HW�pFRQRPLTXH�GX�SURMHW��

�� GpYHORSSHU� OH� SURFHVVXV� WHFKQRORJLTXH� GX� SURGXLW�DYDQW�OD�SKDVH�GH�OD�FRPPHUFLDOLVDWLRQ��

��DFKHYHU�OH�VFKpPD�GH�ILQDQFHPHQW��

/HV�IRQGV�G¶DPRUoDJH�VRQW�UpJLV�SDU�OHV�GLVSRVLWLRQV�GX�FKDSLWUH�,,�HW�GHV�DUWLFOHV����������������������������HW����GX�FKDSLWUH� ,,,� HW� GHV� GLVSRVLWLRQV� GX� WLWUH� ,,,� GX� FRGH� GHV�RUJDQLVPHV� GH� SODFHPHQW� FROOHFWLI� SURPXOJXp� SDU� OD� ORL��Q����������GX����MXLOOHW������WDQW�TX¶LO�Q¶\�HVW�SDV�GpURJp�SDU�OD�SUpVHQWH�ORL��

$UW�� ��� ±� /HV� IRQGV� G¶DPRUoDJH� V¶HQJDJHQW� j� HPSOR\HU�OHXUV�DFWLIV�GDQV�OD�SDUWLFLSDWLRQ�DX�FDSLWDO�GHV�HQWUHSULVHV�TXL�V¶HQJDJHQW�j�UpDOLVHU�OHV�SURMHWV�SUpYXV�SDU�O¶DUWLFOH�SUHPLHU�GH�OD�SUpVHQWH�ORL�RX�GDQV�OHV�WLWUHV�GRQQDQW�DFFqV�j�OHXUV�FDSLWDX[��DLQVL�TXH�VRXV�IRUPH�G¶DYDQFH�HQ�FRPSWH�FRXUDQW�DVVRFLpV��

/HV� PRGDOLWpV� G¶DSSOLFDWLRQ� GX� SUpVHQW� DUWLFOH� VRQW�IL[pHV�SDU�GpFUHW��

$UW�����±�/HV�SRUWHXUV�GH�SDUWV�GH�IRQGV�G¶DPRUoDJH�QH�SHXYHQW� GHPDQGHU� OH� UDFKDW� GH� FHOOHV�FL� DYDQW� O¶H[SLUDWLRQ�GH� OD�SpULRGH� IL[pH�GDQV� OH� UqJOHPHQW� LQWpULHXU�GX� IRQGV�HW�DX�WHUPH�GH�FH�GpODL��OHV�SRUWHXUV�GH�SDUWV�SHXYHQW�H[LJHU�OD�OLTXLGDWLRQ�GX�IRQGV�VL� OHXUV�GHPDQGHV�GH�UDFKDW��GpSRVpHV�DXSUqV� GX� JHVWLRQQDLUHV� GX� IRQGV� SUpYX� j� O¶DUWLFOH� �� GH� OD�SUpVHQWH� ORL�� Q¶RQW� SDV� pWp� VDWLVIDLWHV� GDQV� XQ� GpODL� G¶XQH�DQQpH�j�FRPSWHU�GH�OD�GDWH�GH�GpS{W��

$UW�����±�/H�JHVWLRQQDLUH�G¶XQ�IRQGV�G¶DPRUoDJH�HVW�VRLW�XQH� EDQTXH� RX� XQ� LQWHUPpGLDLUH� HQ� ERXUVH� D\DQW� OD� IRUPH�G¶XQH�VRFLpWp�DQRQ\PH�RX�XQH�VRFLpWp�KDELOLWpH�OpJDOHPHQW�j� JpUHU� GHV� SRUWHIHXLOOHV� HQ� YDOHXUV� PRELOLqUHV� SRXU� OH�FRPSWH�GHV�WLHUV��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW������� �

=LQH�(O�$ELGLQH�%HQ�$OL�

/RL� Q�� �������� GX� ��� MXLOOHW� ������ SRUWDQW�GLVSRVLWLRQV�ILVFDOHV�WHQGDQW�j�O¶HQFRXUDJHPHQW�j�OD�FUpDWLRQ�GHV�IRQGV�G¶DPRUoDJH������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

$UWLFOH�SUHPLHU����(VW�DMRXWp�DX�SDUDJUDSKH�,�GH�O¶DUWLFOH����GX�FRGH�GH�O¶LPS{W�VXU�OH�UHYHQX�GHV�SHUVRQQHV�SK\VLTXHV�HW�GH�O¶LPS{W�VXU�OHV�VRFLpWpV��XQ�DOLQpD�DLQVL�OLEHOOp���

1H� IDLW� SDV� pJDOHPHQW� SDUWLH� GHV� EpQpILFHV� VRXPLV� j�O¶LPS{W��OD�SOXV�YDOXH�SURYHQDQW�GH�OD�FHVVLRQ�GHV�SDUWV�GHV�IRQGV�G¶DPRUoDJH�SUpYXV�SDU�OD�OpJLVODWLRQ�OHV�UpJLVVDQW��

$UW�������(VW�DMRXWp�DX�SDUDJUDSKH�,,�ELV�GH�O¶DUWLFOH����GX�FRGH�GH�O¶LPS{W�VXU�OH�UHYHQX�GHV�SHUVRQQHV�SK\VLTXHV�HW�GH�O¶LPS{W�VXU�OHV�VRFLpWpV��FH�TXL�VXLW���

HW� OHV� IRQGV� G¶DPRUoDJH� SUpYXV� SDU� OD� OpJLVODWLRQ� OHV�UpJLVVDQW��

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�

VpDQFH�GX����MXLOOHW������� �

$UW�������(VW�DMRXWp�DX�FRGH�GH�O¶LPS{W�VXU�OH�UHYHQX�GHV�SHUVRQQHV� SK\VLTXHV� HW� GH� O¶LPS{W� VXU� OHV� VRFLpWpV�� XQ�DUWLFOH����WHU�DLQVL�OLEHOOp���

$UWLFOH����WHU��±�1RQREVWDQW�OHV�GLVSRVLWLRQV�GH�O¶DUWLFOH���� ELV� GH� OD� ORL� Q�� ������� GX� ��� GpFHPEUH� ������ SRUWDQW�SURPXOJDWLRQ� GX� FRGH� GH� O¶LPS{W� VXU� OH� UHYHQX� GHV�SHUVRQQHV� SK\VLTXHV� HW� GH� O¶LPS{W� VXU� OHV� VRFLpWpV�� VRQW�GpGXFWLEOHV� GH� O¶DVVLHWWH� GH� O¶LPS{W�� OHV� UHYHQXV� UpLQYHVWLV�GDQV�O¶DFTXLVLWLRQ�GHV�SDUWV�GH�IRQGV�G¶DPRUoDJH�SUpYXV�SDU�OD�OpJLVODWLRQ�OHV�UpJLVVDQW��

/D�GpGXFWLRQ�HVW�VXERUGRQQpH�j���

�� OD� WHQXH� G¶XQH� FRPSWDELOLWp� FRQIRUPH�j� OD� OpJLVODWLRQ�FRPSWDEOH� GHV� HQWUHSULVHV� SRXU� OHV� SHUVRQQHV� TXL� H[HUFHQW�XQH� DFWLYLWp� FRPPHUFLDOH� RX� XQH� SURIHVVLRQ� QRQ�FRPPHUFLDOH��WHOOH�TXH�GpILQLH�SDU�OH�SUpVHQW�FRGH��

�� OD�SUpVHQWDWLRQ�j�O¶DSSXL�GH�OD�GpFODUDWLRQ�DQQXHOOH�GH�O¶LPS{W� VXU� OH� UHYHQX� GH� O¶DQQpH� GH� OD� GpGXFWLRQ� G¶XQH�DWWHVWDWLRQ�GH�VRXVFULSWLRQ�HW�GH�SDLHPHQW�GHV�SDUWV�GpOLYUpH�SDU�OH�JHVWLRQQDLUH�GX�IRQGV�G¶DPRUoDJH��

(Q� FDV� GH� QRQ�XWLOLVDWLRQ� GHV� DFWLIV� GX� IRQGV� DX[� ILQV�SUpYXHV�SDU�OD�OpJLVODWLRQ�VXVYLVpH�UHODWLYH�DX[GLWV�IRQGV��GDQV�OHV� GpODLV� HW� VHORQ� OHV� FRQGLWLRQV� IL[pHV� SDU� OD� OpJLVODWLRQ� HQ�YLJXHXU��OH�EpQpILFLDLUH�GH�OD�GpGXFWLRQ�VHUD�WHQX�VROLGDLUHPHQW�DYHF� OH� JHVWLRQQDLUH� GX� IRQGV� GX� SDLHPHQW� GH� O¶LPS{W� VXU� OH�UHYHQX�DX� WLWUH�GHV�PRQWDQWV�UpLQYHVWLV�GDQV� O¶DFTXLVLWLRQ�GHV�SDUWV�GX�IRQGV�TXL�Q¶D�SDV�pWp�SD\p�HQ�YHUWX�GHV�GLVSRVLWLRQV�GX�SUpVHQW� SDUDJUDSKH� PDMRUp� GHV� SpQDOLWpV� GH� UHWDUG� H[LJLEOHV�FRQIRUPpPHQW�j�OD�OpJLVODWLRQ�HQ�YLJXHXU��

$UW�����±�(VW�DMRXWp�j�O¶DUWLFOH����GX�FRGH�GH�O¶LPS{W�VXU�OH� UHYHQX� GHV� SHUVRQQHV� SK\VLTXHV� HW� GH� O¶LPS{W� VXU� OHV�VRFLpWpV��XQ�SDUDJUDSKH�9,,�GXRYLFLHV�DLQVL�OLEHOOp���

9,,�GXRYLFLHV���1RQREVWDQW�OHV�GLVSRVLWLRQV�GH�O¶DUWLFOH����GH�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�SURPXOJDWLRQ�GX�FRGH�GH�O¶LPS{W�VXU�OH�UHYHQX�GHV�SHUVRQQHV�SK\VLTXHV�HW�GH�O¶LPS{W� VXU� OHV� VRFLpWpV�� VRQW� GpGXFWLEOHV� GH� O¶DVVLHWWH� GH�O¶LPS{W��OHV�EpQpILFHV�UpLQYHVWLV�GDQV�O¶DFTXLVLWLRQ�GHV�SDUWV�GX�IRQGV�G¶DPRUoDJH�SUpYXV�SDU�OD�OpJLVODWLRQ�OHV�UpJLVVDQW��

/D�GpGXFWLRQ�HVW�VXERUGRQQpH�j���

�� OD� WHQXH� G¶XQH� FRPSWDELOLWp� FRQIRUPH�j� OD� OpJLVODWLRQ�FRPSWDEOH�GHV�HQWUHSULVHV��

�� OD� SURGXFWLRQ� j� O¶DSSXL� GH� OD� GpFODUDWLRQ� DQQXHOOH� GH�O¶LPS{W� VXU� OHV� VRFLpWpV� GH� O¶DQQpH� GH� OD� GpGXFWLRQ�� G¶XQH�DWWHVWDWLRQ�GH�VRXVFULSWLRQ�HW�GH�SDLHPHQW�GHV�SDUWV�GpOLYUpH�SDU�OH�JHVWLRQQDLUH�GX�IRQGV�G¶DPRUoDJH��

(Q� FDV� GH� QRQ�XWLOLVDWLRQ� GHV� DFWLIV� GX� IRQGV� DX[� ILQV�SUpYXHV�SDU�OD�OpJLVODWLRQ�VXVYLVpH�UHODWLYH�DX[GLWV�IRQGV��GDQV�OHV� GpODLV� HW� VHORQ� OHV� FRQGLWLRQV� IL[pHV� SDU� OD� OpJLVODWLRQ� HQ�YLJXHXU��OH�EpQpILFLDLUH�GH�OD�GpGXFWLRQ�VHUD�WHQX�VROLGDLUHPHQW�DYHF� OH�JHVWLRQQDLUH�GX�IRQGV�GX�SDLHPHQW�GH� O¶LPS{W�VXU�OHV�VRFLpWpV�DX�WLWUH�GHV�PRQWDQWV�UpLQYHVWLV�GDQV�O¶DFTXLVLWLRQ�GHV�SDUWV�GX�IRQGV�TXL�Q¶D�SDV�pWp�SD\p�HQ�YHUWX�GHV�GLVSRVLWLRQV�GX�SUpVHQW� SDUDJUDSKH� PDMRUp� GHV� SpQDOLWpV� GH� UHWDUG� H[LJLEOHV�FRQIRUPpPHQW�j�OD�OpJLVODWLRQ�HQ�YLJXHXU��

$UW�����±�(VW� DMRXWp�j� O¶DOLQpD�SUHPLHU�GX�SDUDJUDSKH���GX� SDUDJUDSKH� ,,� GH� O¶DUWLFOH� ��� GX� FRGH� GH� O¶LPS{W� VXU� OH�UHYHQX� GHV� SHUVRQQHV� SK\VLTXHV� HW� GH� O¶LPS{W� VXU� OHV�VRFLpWpV��FH�TXL�VXLW���

/HV�GLVSRVLWLRQV�GX�SUpVHQW�SDUDJUDSKH�V¶DSSOLTXHQW�DX[�UHYHQXV� GH� FDSLWDX[� PRELOLHUV� UpDOLVpV� SDU� OHV� IRQGV�G¶DPRUoDJH�SUpYXV�SDU�OD�OpJLVODWLRQ�OHV�UpJLVVDQW��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW������� �

=LQH�(O�$ELGLQH�%HQ�$OL�

Page 9: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

/RL� Q�� �������� GX� ��� MXLOOHW� ������ PRGLILDQW� HW�FRPSOpWDQW�OD�ORL�Q��������GX����MXLOOHW������UHODWLYH�j�OD�FRQFXUUHQFH�HW�DX[�SUL[��

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

$UWLFOH�SUHPLHU����/HV�GLVSRVLWLRQV�GHV�SDUDJUDSKHV���HW��� GH� O¶DUWLFOH� ��� GX� SDUDJUDSKH� �� GH� O¶DUWLFOH� ��� GHV�SDUDJUDSKHV���HW���GH� O¶DUWLFOH����GH� O¶DUWLFOH����GHV�DOLQpDV�GHX[LqPHPHQW� HW� WURLVLqPHPHQW� GH� O¶DUWLFOH� ���� GHV�SDUDJUDSKHV� �� HW� �� GH� O¶DUWLFOH� ���� GH� O¶DUWLFOH� ���� GHV�SDUDJUDSKHV� �� HW� �� GH� O¶DUWLFOH� ���� GX� GHX[LqPH� WLUHW� GX�SDUDJUDSKH���GH�O¶DUWLFOH����HW�GH�O¶DUWLFOH����GH�OD�ORL�Q��������GX����MXLOOHW�������UHODWLYH�j�OD�FRQFXUUHQFH�HW�DX[�SUL[��VRQW�DEURJpHV�HW�UHPSODFpHV�SDU�OHV�GLVSRVLWLRQV�FL�DSUqV���

$UWLFOH���SDUDJUDSKH����QRXYHDX�����6RQW�SURKLEpHV�� OHV�

DFWLRQV� FRQFHUWpHV�� OHV� FROOXVLRQV� HW� OHV� HQWHQWHV� H[SUHVVHV�

RX� WDFLWHV� D\DQW� XQ� REMHW� RX� XQ� HIIHW� DQWLFRQFXUUHQWLHO�� HW�

ORUVTX¶HOOHV�YLVHQW�j���

���IDLUH�REVWDFOH�j�OD�IL[DWLRQ�GHV�SUL[�SDU�OH�OLEUH�MHX�GH�O¶RIIUH�HW�GH�OD�GHPDQGH��

���OLPLWHU�O¶DFFqV�DX�PDUFKp�j�G¶DXWUHV�HQWUHSULVHV�RX�OH�OLEUH�H[HUFLFH�GH�OD�FRQFXUUHQFH��

���OLPLWHU�RX�FRQWU{OHU�OD�SURGXFWLRQ��OHV�GpERXFKpV��OHV�LQYHVWLVVHPHQWV��RX�OH�SURJUqV�WHFKQLTXH��

��� UpSDUWLU� OHV� PDUFKpV� RX� OHV� VRXUFHV�G¶DSSURYLVLRQQHPHQW��

3DUDJUDSKH��� �QRXYHDX���� ��(VW�QXO��GH�SOHLQ�GURLW�� WRXW�

HQJDJHPHQW�� FRQYHQWLRQ� RX� FODXVH� FRQWUDFWXHOOH� VH�

UDSSRUWDQW� j� O¶XQH� GHV� SUDWLTXHV� SURKLEpHV� HQ� YHUWX� GHV�

SDUDJUDSKHV���HW���GX�SUpVHQW�DUWLFOH��

$UWLFOH���SDUDJUDSKH����QRXYHDX�����/HV�GLVSRVLWLRQV�GH�O¶DOLQpD� SUpFpGHQW� V¶DSSOLTXHQW� j� WRXWHV� OHV� HQWUHSULVHV�FRQFHUQpHV� SDU� O¶RSpUDWLRQ� GH� FRQFHQWUDWLRQ� TX¶HOOHV� HQ�VRLHQW�SDUWLHV�RX�REMHW�DLQVL�TX¶DX[�HQWUHSULVHV�TXL�OHXU�VRQW�pFRQRPLTXHPHQW� OLpHV�� HW� FH�� VRXV� O¶XQH� GHV� GHX[�FRQGLWLRQV�VXLYDQWHV���

$UWLFOH���SDUDJUDSKH����QRXYHDX�����/H�VLOHQFH�JDUGp�SDU�

OH�PLQLVWUH�FKDUJp�GX�FRPPHUFH�SHQGDQW�VL[�PRLV�j�FRPSWHU�

GH� VD� VDLVLH� YDXW� DFFHSWDWLRQ� WDFLWH� GX� SURMHW� GH�

FRQFHQWUDWLRQ� RX� GH� OD� FRQFHQWUDWLRQ� DLQVL� TXH� GHV�

HQJDJHPHQWV�TXL�\�VRQW�MRLQWV��

3DUDJUDSKH� �� �QRXYHDX��� �� (Q� FDV� GH� QRWLILFDWLRQ� DX�

PLQLVWUH�FKDUJp�GX�FRPPHUFH�GH�WRXW�SURMHW�RX�RSpUDWLRQ�GH�

FRQFHQWUDWLRQ�� LO� LQFRPEH� DX[� SDUWLHV� GH� SUpVHQWHU� XQ�

GRVVLHU��HQ�GHX[�H[HPSODLUHV��FRPSUHQDQW���

3DUDJUDSKH����QRXYHDX�����,O�HVW�LQVWLWXp�XQH�FRPPLVVLRQ�

GpQRPPpH� FRQVHLO� GH� OD� FRQFXUUHQFH�� TXL� MRXLW� GH� OD�

SHUVRQQDOLWp�PRUDOH�HW�GH�O¶DXWRQRPLH�ILQDQFLqUH�HW�GRQW�OH�

EXGJHW� HVW� UDWWDFKp� SRXU� RUGUH� DX� EXGJHW� GX� PLQLVWqUH�

FKDUJp�GX�FRPPHUFH��VRQ�VLqJH�HVW�j�7XQLV��

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ� HW� DGRSWLRQ� SDU� OD� FKDPEUH� GHV� GpSXWpV� GDQV� VD�VpDQFH�GX����MXLOOHW��������

/H�FRQVHLO�GH�OD�FRQFXUUHQFH�HVW�DSSHOp�j�FRQQDvWUH�GHV�UHTXrWHV�DIIpUHQWHV�DX[�SUDWLTXHV�DQWLFRQFXUUHQWLHOOHV� WHOOHV�TXH�SUpYXHV�SDU�O¶DUWLFOH���GH�OD�SUpVHQWH�ORL�HW�j�GRQQHU�GHV�DYLV�VXU�OHV�GHPDQGHV�GH�FRQVXOWDWLRQ��

/H�PLQLVWUH�FKDUJp�GX�FRPPHUFH�SHXW�VRXPHWWUH�j�O¶DYLV�GX� FRQVHLO� OHV� SURMHWV� GH� WH[WHV� OpJLVODWLIV� HW� WRXWHV� OHV�TXHVWLRQV�DIIpUHQWHV�DX�GRPDLQH�GH�OD�FRQFXUUHQFH��

/H� FRQVHLO� HVW� REOLJDWRLUHPHQW� FRQVXOWp� SDU� OH�JRXYHUQHPHQW� VXU� OHV� SURMHWV� GH� WH[WHV� UpJOHPHQWDLUHV�WHQGDQW� j� LPSRVHU� GHV� FRQGLWLRQV� SDUWLFXOLqUHV� SRXU�O¶H[HUFLFH� G¶XQH� DFWLYLWp� pFRQRPLTXH� RX� G¶XQH� SURIHVVLRQ�RX� j� pWDEOLU� GHV� UHVWULFWLRQV� SRXYDQW� HQWUDYHU� O¶DFFqV� DX�PDUFKp��

/HV� PRGDOLWpV� GH� FHWWH� FRQVXOWDWLRQ� VRQW� IL[pHV� SDU�GpFUHW��

/HV� RUJDQLVDWLRQV� SURIHVVLRQQHOOHV� HW� V\QGLFDOHV�� OHV�RUJDQLVPHV�RX�JURXSHPHQWV�GH�FRQVRPPDWHXUV� OpJDOHPHQW�pWDEOLV�HW�OHV�FKDPEUHV�GH�FRPPHUFH�HW�G¶LQGXVWULH�SHXYHQW�pJDOHPHQW� UHTXpULU� O¶DYLV�GX�FRQVHLO�SDU� O¶LQWHUPpGLDLUH�GX�PLQLVWUH� FKDUJp� GX� FRPPHUFH� VXU� OHV� TXHVWLRQV� GH�FRQFXUUHQFH�GDQV�OHV�VHFWHXUV�UHOHYDQW�GH�OHXU�UHVVRUW��

/HV� DXWRULWpV� GH� UpJXODWLRQ� VHFWRULHOOHV� SHXYHQW�VRXPHWWUH� j� O¶DYLV� GX� FRQVHLO� OHV� TXHVWLRQV� DIIpUHQWHV� DX�GRPDLQH�GH�OD�FRQFXUUHQFH��

/H�PLQLVWUH�FKDUJp�GX�FRPPHUFH�VRXPHW� WRXW�SURMHW�GH�FRQFHQWUDWLRQ� RX� WRXWH� RSpUDWLRQ� GH� FRQFHQWUDWLRQ� YLVp� j�O¶DUWLFOH���GH�OD�SUpVHQWH�ORL�DX�FRQVHLO�GH�OD�FRQFXUUHQFH�TXL�GRLW� GRQQHU� VRQ� DYLV� GDQV� XQ� GpODL� QH� GpSDVVDQW� SDV� WURLV�PRLV��

$UWLFOH����

3DUDJUDSKH�����QRXYHDX�����'HX[�YLFH�SUpVLGHQWV���

�� XQ� FRQVHLOOHU� DX� WULEXQDO� DGPLQLVWUDWLI� D\DQW� XQH�

DQFLHQQHWp�GH�FLQT�DQV�DX�PRLQV�GDQV� OH�JUDGH�HQ�WDQW�TXH�

SUHPLHU�YLFH�SUpVLGHQW�H[HUoDQW�VHV�IRQFWLRQV�j�SOHLQ�WHPSV��

�� XQ� FRQVHLOOHU� DXSUqV� GH� O¶XQH� GHV� GHX[� FKDPEUHV�

FKDUJpHV�GX�FRQWU{OH�GHV�HQWUHSULVHV�SXEOLTXHV�j�OD�FRXU�GHV�

FRPSWHV�D\DQW�XQH�DQFLHQQHWp�GH�FLQT�DQV�DX�PRLQV�GDQV�OH�

JUDGH� HQ� WDQW� TXH� GHX[LqPH� YLFH�SUpVLGHQW� H[HUoDQW� VHV�

IRQFWLRQV�j�SOHLQ�WHPSV��

/HV� GHX[� YLFH�SUpVLGHQWV� VRQW� QRPPpV� SRXU� XQH� GXUpH�GH�FLQT�DQV�UHQRXYHODEOH��

3DUDJUDSKH� ��� �QRXYHDX��� �� 4XDWUH� PDJLVWUDWV� GH�

GHX[LqPH�JUDGH�DX�PRLQV��QRPPpV�SRXU�XQH�GXUpH�GH�FLQT�

DQV�UHQRXYHODEOH�XQH�VHXOH�IRLV��

$UWLFOH����

3DUDJUDSKH� �� �QRXYHDX��� �� /HV� UHTXrWHV� VRQW� SRUWpHV�GHYDQW�OH�FRQVHLO�GH�OD�FRQFXUUHQFH�SDU���

�� OH� PLQLVWUH� FKDUJp� GX� FRPPHUFH� RX� WRXWH� SHUVRQQH�D\DQW�GpOpJDWLRQ�j�FHW�HIIHW��

��OHV�HQWUHSULVHV�pFRQRPLTXHV��

��OHV�RUJDQLVDWLRQV�SURIHVVLRQQHOOHV�HW�V\QGLFDOHV��

�� OHV� RUJDQLVPHV� RX� JURXSHPHQWV� GH� FRQVRPPDWHXUV�OpJDOHPHQW�pWDEOLV��

��OHV�FKDPEUHV�GH�FRPPHUFH�HW�G¶LQGXVWULH��

��OHV�DXWRULWpV�GH�UpJXODWLRQ��

��OHV�FROOHFWLYLWpV�ORFDOHV��

Page 10: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

3DUDJUDSKH����QRXYHDX�����/H�FRQVHLO�GH�OD�FRQFXUUHQFH�SHXW�� VXU� UDSSRUW� GX� UDSSRUWHXU� JpQpUDO� HW� DSUqV� DYRLU�HQWHQGX�OH�FRPPLVVDLUH�GX�JRXYHUQHPHQW��VH�VDLVLU�G¶RIILFH�GHV� SUDWLTXHV� DQWLFRQFXUUHQWLHOOHV� VXU� OH� PDUFKp�� 'DQV� FH�FDV� OH� SUpVLGHQW� GX� FRQVHLO� LQIRUPH� OH� PLQLVWUH� FKDUJp� GX�FRPPHUFH� HW�� OH� FDV� pFKpDQW�� OHV� DXWRULWpV� GH� UpJXODWLRQ�FRQFHUQpHV� GH� FHWWH� DXWR�VDLVLQH�� /H� PLQLVWUH� FKDUJp� GX�FRPPHUFH� LQIRUPH� OH� FRQVHLO� GHV� HQTXrWHV� HQ� FRXUV� GH�UpDOLVDWLRQ�SDU�OHV�VHUYLFHV�GX�PLQLVWqUH��

$UWLFOH� ��� �QRXYHDX��� �� /H� UDSSRUWHXU� JpQpUDO�� OH�UDSSRUWHXU� DLQVL� TXH� OH� VHFUpWDLUH� SHUPDQHQW� DVVLVWHQW� DX[�VpDQFHV� GX� FRQVHLO� GH� OD� FRQFXUUHQFH� j� O¶H[FHSWLRQ� GH� OD�VpDQFH�GH�GpOLEpUDWLRQ��

$UWLFOH����

3DUDJUDSKH����QRXYHDX�����/HV�GpFLVLRQV�UHQGXHV�SDU� OH�

FRQVHLO�GH� OD� FRQFXUUHQFH� VRQW� VXVFHSWLEOHV�G¶DSSHO�GHYDQW�

OH�WULEXQDO�DGPLQLVWUDWLI�FRQIRUPpPHQW�j�OD�ORL�Q��������GX�

�HU� MXLQ� ����� UHODWLYH� DX� WULEXQDO� DGPLQLVWUDWLI�� /H� FRQVHLO�

SHXW��OH�FDV�pFKpDQW��RUGRQQHU�O¶H[pFXWLRQ�SURYLVRLUH�GH�VHV�

GpFLVLRQV��

3DUDJUDSKH����QRXYHDX�� ��/H�SUpVLGHQW�GX�FRQVHLO�GH� OD�FRQFXUUHQFH� RX�� OH� FDV� pFKpDQW�� O¶XQ� GHV� YLFH�SUpVLGHQWV��UHYrW�GH� OD� IRUPXOH�H[pFXWRLUH� OHV�GpFLVLRQV�GX�FRQVHLO�TXL�VRQW� GHYHQXHV� QRQ� VXVFHSWLEOHV� GH� UHFRXUV� RX� FHOOHV�DVVRUWLHV� GH� O¶H[pFXWLRQ� SURYLVRLUH�� FRQIRUPpPHQW� DX[�GLVSRVLWLRQV�GX�FRGH�GH�SURFpGXUH�FLYLOH�HW�FRPPHUFLDOH��

$UWLFOH����

3DUDJUDSKH� �� GHX[LqPH� WLUHW� �QRXYHDX��� �� OH� GpIDXW� GH�IDFWXUDWLRQ�� RX� GpIDXW� GH� GpOLYUDQFH� GH� IDFWXUHV� RX�GpOLYUDQFH� GH� IDFWXUHV� LOOpJDOHV� RX� OD� QRQ� SUpVHQWDWLRQ� GHV�IDFWXUHV� j� OD� SUHPLqUH� GHPDQGH� DLQVL� TXH� OH� QRQ�pWDEOLVVHPHQW�RX� OD�QRQ�FRPPXQLFDWLRQ�GX�EDUqPH�GH�SUL[�HW�GHV�FRQGLWLRQV�GH�YHQWH�RX�OD�QRQ�GpWHQWLRQ�G¶XQ�FRQWUDW�pFULW� FRPSRUWDQW� OHV� SULPHV� HW� OHV� DYDQWDJHV� DFFRUGpV�� WHOV�TXH� SUpYXV� UHVSHFWLYHPHQW� DX[� DUWLFOHV� ��� HW� ��� GH� OD�SUpVHQWH�ORL��

$UWLFOH�����QRXYHDX�����/D�UHYHQWH�j�SHUWH�� O¶RIIUH�GH�OD�UHYHQWH� j� SHUWH�� OD� SXEOLFLWp� GH� OD� UHYHQWH� j� SHUWH��O¶LPSRVLWLRQ�G¶XQ�SUL[�PLQLPXP�GH�UHYHQWH�HW�OD�SUDWLTXH�GH�FRQGLWLRQV� GH� YHQWH� GLVFULPLQDWRLUHV� DLQVL� TXH� O¶REWHQWLRQ�RX� OD� WHQWDWLYH� G¶REWHQWLRQ� G¶XQ� DYDQWDJH� FRPPHUFLDO� QH�FRUUHVSRQGDQW� SDV� j� OD� YDOHXU� GX� VHUYLFH� FRPPHUFLDO�HIIHFWLYHPHQW� UHQGX� WHOOHV� TXH� SUpYXHV� UHVSHFWLYHPHQW� SDU�OHV�DUWLFOHV��������HW����GH�OD�SUpVHQWH�ORL��VRQW�SXQLHV�G¶XQH�DPHQGH�DOODQW�GH�����j��������GLQDUV��

$UW�������6RQW�DMRXWpV�DX[�DUWLFOHV�������������������HW����GH� OD� ORL� Q�� ������ GX� ��� MXLOOHW� ������ UHODWLYH� j� OD�FRQFXUUHQFH�HW�DX[�SUL[��OHV�SDUDJUDSKHV�VXLYDQWV���

$UWLFOH���

'HUQLHU� SDUDJUDSKH�� �� (VW� pJDOHPHQW� SURKLEpH�� WRXWH�RIIUH� GH� SUL[� RX� SUDWLTXH� GH� SUL[� DEXVLYHPHQW� EDV�VXVFHSWLEOH� GH� PHQDFHU� O¶pTXLOLEUH� G¶XQH� DFWLYLWp�pFRQRPLTXH�HW�OD�OR\DXWp�GH�OD�FRQFXUUHQFH�VXU�OH�PDUFKp��

$UWLFOH����

3DUDJUDSKH� ��� �� /H� FRQVHLO� GH� OD� FRQFXUUHQFH� GRLW��pJDOHPHQW�� GHPDQGHU� O¶DYLV� WHFKQLTXH� GHV� DXWRULWpV� GH�UpJXODWLRQ�ORUV�GH�O¶H[DPHQ�GHV�UHTXrWHV��GRQW�LO�HVW�VDLVL��HW�TXL�VRQW�DIIpUHQWHV�DX[�VHFWHXUV�UHOHYDQW�GH�OHXU�UHVVRUW��

'HUQLHU�SDUDJUDSKH����/H�FRQVHLO�GH�OD�FRQFXUUHQFH�SHXW��HQ� FDV� G¶XUJHQFH�� HW� DSUqV� DYRLU� HQWHQGX� OHV� SDUWLHV� HW� OH�FRPPLVVDLUH� GX� JRXYHUQHPHQW�� RUGRQQHU� OHV� PHVXUHV�SURYLVRLUHV�QpFHVVDLUHV�HW�VXVFHSWLEOHV�G¶pYLWHU�XQ�SUpMXGLFH�LPPLQHQW� HW� LUUpSDUDEOH� SRXYDQW� DIIHFWHU� O¶LQWpUrW�pFRQRPLTXH� JpQpUDO� RX� OHV� VHFWHXUV� FRQFHUQpV� RX� O¶LQWpUrW�GX� FRQVRPPDWHXU� RX� FHOXL� GH� O¶XQH� GHV� SDUWLHV�� HW� FH��MXVTX¶j�FH�TX¶LO�VWDWXH�VXU�OH�IRQG�GX�OLWLJH��

$UWLFOH����

'HUQLHU�SDUDJUDSKH����/H�FRQVHLO�GH�OD�FRQFXUUHQFH�SHXW�RUGRQQHU�OD�SXEOLFDWLRQ�GH�VHV�GpFLVLRQV�RX�G¶XQ�H[WUDLW�GH�FHOOHV�FL�GDQV�OHV�MRXUQDX[�TX¶LO�GpVLJQH��HW�FH��DX[�IUDLV�GX�FRQGDPQp��

$UWLFOH����

3DUDJUDSKH���� ��/HV�VHUYLFHV�GH�FRRSpUDWLRQ�FRPPHUFLDOH�IRXUQLV� SDU� OH� GpWDLOODQW� RX� OH� SUHVWDWDLUH� GH� VHUYLFHV� DX�IRXUQLVVHXU� GRLYHQW� IDLUH� O¶REMHW� G¶XQ� FRQWUDW� pFULW�� UpGLJp� HQ�GHX[� H[HPSODLUHV� HW� GpWHQX� SDU� OHV� GHX[� SDUWLHV�� FRPSRUWDQW�SDUWLFXOLqUHPHQW� OHV� FRQGLWLRQV� UHODWLYHV� j� OD� SULPH� RX� OHV�DYDQWDJHV�DFFRUGpV�HQ�FRQWUH�SDUWLH�GH�FHV�VHUYLFHV��

$UWLFOH����

3DUDJUDSKH� ��� �� G¶REWHQLU� RX� GH� WHQWHU� G¶REWHQLU�� G¶XQ�SDUWHQDLUH� FRPPHUFLDO�� XQ� DYDQWDJH� QRQ� MXVWLILp� SDU� XQ�VHUYLFH� FRPPHUFLDO� HIIHFWLI� RX� QH� FRUUHVSRQGDQW� SDV� j� OD�YDOHXU� UpHOOH�GX�VHUYLFH� UHQGX��&HW�DYDQWDJH�SHXW�FRQVLVWHU�HQ� XQH� SDUWLFLSDWLRQ� DX� ILQDQFHPHQW� GHV� RSpUDWLRQV�G¶DQLPDWLRQ� FRPPHUFLDOH� RX� XQ� LQYHVWLVVHPHQW� GDQV�O¶pTXLSHPHQW� GHV� ORFDX[� FRPPHUFLDX[�� HW� FH�� VDQV�O¶H[LVWHQFH�G¶XQ�LQWpUrW�FRPPXQ��

$UWLFOH����

3DUDJUDSKH������(VW�SXQL�pJDOHPHQW��GH�OD�PrPH�DPHQGH�SUpYXH� SDU� OHV� SDUDJUDSKHV� �� HW� �� GX� SUpVHQW� DUWLFOH� WRXWH�SHUVRQQH� QH� UHVSHFWDQW� SDV� O¶H[pFXWLRQ� GHV� PHVXUHV�SURYLVRLUHV� RX� OHV� LQMRQFWLRQV� SUpYXHV� SDU� OHV� DUWLFOHV� ����QRXYHDX��HW�����QRXYHDX��GH�OD�SUpVHQWH�ORL��

$UW�������6RQW�DMRXWpV�j�OD�ORL�Q��������GX����MXLOOHW�������UHODWLYH�j�OD�FRQFXUUHQFH�HW�DX[�SUL[��OHV�DUWLFOHV����ELV�HW����ELV�OLEHOOpV�FRPPH�VXLW���

$UWLFOH� ��� ELV�� �� /HV� VHUYLFHV� DGPLQLVWUDWLIV� HW� OHV�DXWRULWpV�GH�UpJXODWLRQ�VRQW�WHQXV�G¶LQIRUPHU�OHV�VHUYLFHV�GX�PLQLVWqUH�FKDUJp�GX�FRPPHUFH�GH�WRXW�LQGLFH�GRQW�LOV�RQW�HX�FRQQDLVVDQFH� HW� UHODWLI� j� GHV� SUDWLTXHV� DQWLFRQFXUUHQWLHOOHV�RX�j�GHV�RSpUDWLRQV�GH�FRQFHQWUDWLRQ�pFRQRPLTXH�WHOOHV�TXH�GpILQLHV�DX[�DUWLFOHV���HW���GH�OD�SUpVHQWH�ORL��

$UWLFOH����ELV����6RXV�UpVHUYH�GX�SULQFLSH�GH�UpFLSURFLWp�HW� GDQV� OH� FDGUH�G¶DFFRUGV�GH�FRRSpUDWLRQ�� OH� FRQVHLO�GH� OD�FRQFXUUHQFH�RX�OHV�VHUYLFHV�FRPSpWHQWV�GX�PLQLVWqUH�FKDUJp�GX� FRPPHUFH� SHXYHQW�� GDQV� OHV� OLPLWHV� GH� OHXUV�FRPSpWHQFHV� HW� DSUqV� QRWLILFDWLRQ� GX� PLQLVWUH� FKDUJp� GX�FRPPHUFH�� SURFpGHU� j� O¶pFKDQJH� DYHF� GHV� LQVWLWXWLRQV�pWUDQJqUHV� KRPRORJXHV�� GHV� H[SpULHQFHV�� GHV� LQIRUPDWLRQV�HW� GHV� SLqFHV� UHODWLYHV� j� O¶LQVWUXFWLRQ� GHV� DIIDLUHV� GH�FRQFXUUHQFH�� HW� FH�� j� FRQGLWLRQ� G¶DVVXUHU� OD� FRQILGHQWLDOLWp�GHV�LQIRUPDWLRQV�pFKDQJpHV��

$UW�������6RQW�DEURJpHV��OHV�GLVSRVLWLRQV�GX�SDUDJUDSKH���GH�O¶DUWLFOH���GH�OD�ORL�Q��������GX����MXLOOHW�������UHODWLYH�j�OD� FRQFXUUHQFH� HW� DX[� SUL[�� HW� SDU� FRQVpTXHQW�� OHV�SDUDJUDSKHV�GH�FHW�DUWLFOH�VRQW�UpRUGRQQpV��

/D� SUpVHQWH� ORL� VHUD� SXEOLpH� DX� -RXUQDO� 2IILFLHO� GH� OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

Page 11: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

/RL�Q����������GX����MXLOOHW�������SRUWDQW�UqJOHPHQW�GX�EXGJHW�GH�O(WDW�GH�OD�JHVWLRQ�����������

$X�QRP�GX�SHXSOH��

/D�FKDPEUH�GHV�GpSXWpV�D\DQW�DGRSWp��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH�SURPXOJXH�OD�ORL�GRQW�OD�WHQHXU�VXLW���

$UWLFOH�SUHPLHU����/HV�UHFHWWHV�EXGJpWDLUHV�SURYHQDQW�GHV�LPS{WV��WD[HV��UHGHYDQFHV��FRQWULEXWLRQV��GLYHUV�UHYHQXV�HW�SUrWV�VH�VRQW�pOHYpHV�GXUDQW�OD�JHVWLRQ�������GXQ�PRQWDQW�WRWDO�GH��������������������GLQDUV�UpSDUWLV�FRPPH�VXLW���

��5HFHWWHV�GX�WLWUH�,��� � ��������������������GLQDUV�

��5HFHWWHV�GX�WLWUH�,,��� � ��������������������GLQDUV�

��5HFHWWHV�GHV�IRQGV�GX�WUpVRU��� � ��������������������GLQDUV�

5HFHWWHV�GHV�IRQGV�VSpFLDX[��� ��������������������GLQDUV�

5HFHWWHV�GHV�IRQGV�GH�FRQFRXUV��� ���������������������GLQDUV�

&HV�UHFHWWHV�VRQW�UpSDUWLHV�FRQIRUPpPHQW�DX�WDEOHDX�Q����FL�MRLQW��

$UW�������/H�PRQWDQW�GHV�GpSHQVHV�RUGRQQDQFpHV�GXUDQW�OD�JHVWLRQ������D�DWWHLQW�������������������'�UpSDUWLV�SDU�SDUWLHV�FRPPH�VXLW���

3UHPLqUH�SDUWLH���5pPXQpUDWLRQV�SXEOLTXHV��� ����������� � � � ��������������������GLQDUV�

'HX[LqPH�SDUWLH���0R\HQV�GHV�VHUYLFHV��� � � � � ���������������������GLQDUV�

7URLVLqPH�SDUWLH���,QWHUYHQWLRQV�SXEOLTXHV��� � � � � ��������������������GLQDUV�

4XDWULqPH�SDUWLH���'pSHQVHV�GH�JHVWLRQ�LPSUpYXHV��� � � � � ���

&LQTXLqPH�SDUWLH���,QWpUrWV�GH�OD�GHWWH�SXEOLTXH��� � � � � ��������������������GLQDUV�

6L[LqPH�SDUWLH���,QYHVWLVVHPHQWV�GLUHFWV��� � � � � ��������������������GLQDUV�

6HSWLqPH�SDUWLH���)LQDQFHPHQW�SXEOLF��� � � � � ��������������������GLQDUV�

+XLWLqPH�SDUWLH���'pSHQVHV�GH�GpYHORSSHPHQW��LPSUpYXHV���� ��� � � ���

1HXYLqPH�SDUWLH���'pSHQVHV�GH�GpYHORSSHPHQW�VXU�UHVVRXUFHV�H[WpULHXUHV�DIIHFWpHV�������������������������GLQDUV�

'L[LqPH�SDUWLH���5HPERXUVHPHQW�GX�SULQFLSDO�GH�OD�GHWWH�SXEOLTXH��� � ���������������������������������GLQDUV�

2Q]LqPH�SDUWLH���'pSHQVHV�GHV�IRQGV��VSpFLDX[�GX�WUpVRU���� � � � �������������������GLQDUV�

'RX]LqPH�SDUWLH����'pSHQVHV�GHV�IRQGV�GH�FRQFRXUV��� � � � ��������������������GLQDUV�

&HV�GpSHQVHV�VRQW�UpSDUWLHV�FRQIRUPpPHQW�DX�WDEOHDX�Q����FL�MRLQW��

$UW�������/H[pFXWLRQ�GX�EXGJHW�GH�O(WDW�D�HQWUDLQp���

��&UpGLWV�QRQ�HPSOR\pV�VpOHYDQW�j���� � � ����������������GLQDUV�

���j�DQQXOHU�FRQIRUPpPHQW�DX�WDEOHDX�Q�����FL�MRLQW��

��([FpGHQW�GHV�GpSHQVHV�VXU�OHV�UHFHWWHV�GHV�WLWUHV�SUHPLHU�HW�GHX[�GXQ�PRQWDQW�GH������������������GLQDUV�j�UHYHUVHU�DX�FRPSWH�SHUPDQHQW�GHV�GpFRXYHUWV�GX�WUpVRU��

([FpGHQW�GHV� UHFHWWHV� VXU� OHV�GpSHQVHV�GHV� IRQGV�GX� WUpVRU�GXQ�PRQWDQW�GH�������������������GLQDUV�� FRQIRUPpPHQW�DX�WDEOHDX� Q�� �� FL�MRLQW�� GRQW� ���������������� GLQDUV� j� UHYHUVHU� DX� FRPSWH� SHUPDQHQW� GHV� GpFRXYHUWV� GX� WUpVRU� HW� OH� UHOLTXDW�VpOHYDQW��j�����������������GLQDUV�j�UHSRUWHU�j�ODQQpH������FRQIRUPpPHQW�DX�WDEOHDX�Q����ELV�FL�MRLQW��

$UW�� ��� �� /H� PRQWDQW� GHV� UHFHWWHV� GX� WLWUH� SUHPLHU� GHV� SRVWHV� GLSORPDWLTXHV� � HW� FRQVXODLUHV� j� OpWUDQJHU� HVW� DUUrWp� j����������������GLQDUV��

��/H�PRQWDQW�GHV�GpSHQVHV�GX�PrPH�WLWUH�HVW�DUUrWp�j�����������������GLQDUV��FH�TXL�D�HQWUDLQp�XQ�H[FpGHQW�GHV�UHFHWWHV�VXU�OHV��GpSHQVHV�GXQ�PRQWDQW�GH���������������GLQDUV�j�UHYHUVHU�DX��FRPSWH��SHUPDQHQW�GHV�GpFRXYHUWV�GX�WUpVRU�FRQIRUPpPHQW�DX�WDEOHDX�Q����FL�MRLQW��

$UW�������/H�PRQWDQW�GHV�UHFHWWHV�GX�WLWUH�SUHPLHU�GHV�pWDEOLVVHPHQWV�SXEOLFV�GRQW��OHV�EXGJHWV�VRQW�UDWWDFKpV�SRXU�RUGUH�DX�EXGJHW�GH�O(WDW�GXUDQW�ODQQpH�������HVW��DUUrWp�j�����������������GLQDUV��

��/H�PRQWDQW� WRWDO� GHV� GpSHQVHV� GX� WLWUH� SUHPLHU� RUGRQQDQFpHV� HVW� DUUrWp� j� ����������������GLQDUV� FH�TXL� D� HQWUDLQp�XQ�H[FpGHQW�GHV�UHFHWWHV�VXU�OHV�GpSHQVHV�GXQ�PRQWDQW�GH����������������GLQDUV��

�/HV�FUpGLWV�QRQ�HPSOR\pV�HW�DUUrWpV�j�XQ�PRQWDQW�WRWDO�GH�����������������GLQDUV��VRQW�DQQXOpV�FRQIRUPpPHQW�DX�WDEOHDX�Q����FL��MRLQW��

/D�SUpVHQWH�ORL�VHUD�SXEOLpH�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�HW�H[pFXWpH�FRPPH�ORL�GH�O(WDW��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

BBBBBBBBBBBB�� �

����7UDYDX[�SUpSDUDWRLUHV�� �

'LVFXVVLRQ�HW�DGRSWLRQ�SDU�OD�FKDPEUH�GHV�GpSXWpV�GDQV�VD�VpDQFH�GX����MXLOOHW������ �

Page 12: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 13: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 14: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 15: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 16: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 17: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 18: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 19: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 20: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 21: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 22: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 23: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 24: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

&216(,/�&2167,787,211(/�

� �

Page 25: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 26: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 27: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 28: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 29: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 30: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 31: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 32: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 33: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 34: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 35: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 36: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 37: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 38: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 39: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 40: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 41: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 42: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 43: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 44: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 45: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 46: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 47: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

&+$0%5(�'(6�'(387(6�

0$,17,(1�(1�$&7,9,7(�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 1RXUHGGLQH� $\DGL�� FRQVHLOOHU� GHV� VHUYLFHV�

SXEOLFV�� HVW� PDLQWHQX� HQ� DFWLYLWp� SRXU� XQH� SpULRGH� GXQH�

DQQpH��j�FRPSWHU�GX��HU�VHSWHPEUH�������

0,1,67(5(�'(6�$))$,5(6��

(75$1*(5(6�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�

UDWLILFDWLRQ� GXQ� SURJUDPPH� H[pFXWLI� GH�

FRRSpUDWLRQ� GDQV� OH� GRPDLQH� GHV� DIIDLUHV�

UHOLJLHXVHV� HQWUH� OH� JRXYHUQHPHQW� GH� OD�

5pSXEOLTXH� 7XQLVLHQQH� HW� OH� JRXYHUQHPHQW� GH� OD�

5pSXEOLTXH�GX�<HPHQ�SRXU�OHV�DQQpHV�������������

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH���

9X�OD�FRQVWLWXWLRQ�HW�QRWDPPHQW�VRQ�DUWLFOH�����

9X� OH� SURJUDPPH� H[pFXWLI� GH� FRRSpUDWLRQ� GDQV� OH�

GRPDLQH� GHV� DIIDLUHV� UHOLJLHXVHV� HQWUH� OH� JRXYHUQHPHQW� GH�

OD� 5pSXEOLTXH� 7XQLVLHQQH� � HW� OH� JRXYHUQHPHQW� GH� OD�

5pSXEOLTXH�GX�<HPHQ�SRXU�OHV�DQQpHV������������FRQFOX�j�

6DQkD�OH���DYULO�������

'pFUqWH���

$UWLFOH�SUHPLHU�� ��(VW� UDWLILp�� OH�SURJUDPPH�H[pFXWLI�GH�

FRRSpUDWLRQ�GDQV�OH�GRPDLQH�GHV�DIIDLUHV�UHOLJLHXVHV�HQWUH�OH�

JRXYHUQHPHQW� GH� OD� 5pSXEOLTXH� 7XQLVLHQQH� HW� OH�

JRXYHUQHPHQW�GH�OD�5pSXEOLTXH�GX�<HPHQ�SRXU�OHV�DQQpHV�

�����������FRQFOX�j�6DQkD�OH���DYULO�������

$UW���������/H�PLQLVWUH�GHV�DIIDLUHV�pWUDQJqUHV�HVW�FKDUJp�

GH� OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL� VHUD�SXEOLp�DX�-RXUQDO�

2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL���

/LVWH�GHV�DJHQWV�j�SURPRXYRLU�DX�JUDGH�GH�

FRQVHLOOHU�GHV�DIIDLUHV�pWUDQJqUHV�DX�WLWUH�GH�

ODQQpH������

��0RKDPHG�5DIHGK�+DVVHQ��

��0RXQLUD�5DKRXL��

0,1,67(5(�'(�/$�'()(16(�1$7,21$/(�

��

/LVWH�GHV�LQILUPLHUV�SULQFLSDX[�j�SURPRXYRLU��

DX�JUDGH�GLQILUPLHU�PDMRU�DX�FKRL[��

DX�WLWUH�GH�ODQQpH������

��0DGDPH�6DwGD�*KDRXL��

0,1,67(5(�'(6�),1$1&(6�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�

PRGLILFDWLRQ� GX� GpFUHW� Q�� ���������� GX� ���

VHSWHPEUH� ������ SRUWDQW� DSSOLFDWLRQ� GHV�

GLVSRVLWLRQV� GHV� DUWLFOHV� ���� ���� ���� ��� HW� ��� GX�

FRGH� � GHV� RUJDQLVPHV� GH� SODFHPHQW� FROOHFWLI��

SURPXOJXp�SDU�OD�ORL�Q����������GX����MXLOOHW���������

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH���

6XU�SURSRVLWLRQ�GX�PLQLVWUH�GHV�ILQDQFHV��

9X� OD� ORL� Q�� ������� GX� ��� QRYHPEUH� ������ SRUWDQW�UpRUJDQLVDWLRQ� GX�PDUFKp� ILQDQFLHU�� WHOOH� TXH�PRGLILpH� SDU�OD� ORL� Q�� ������ GX� ��� DR�W� ������ UHODWLYH� j� OD� UHODQFH� GX�PDUFKp�ILQDQFLHU��

9X� OH� FRGH� GHV� RUJDQLVPHV� GH� SODFHPHQW� FROOHFWLI�SURPXOJXp�SDU�OD�ORL�Q����������GX����MXLOOHW�������

9X� OH� GpFUHW� Q�� ���������� GX� ��� VHSWHPEUH� ������SRUWDQW�DSSOLFDWLRQ�GHV�GLVSRVLWLRQV�GHV�DUWLFOHV����������������HW����GX�FRGH�GHV�RUJDQLVPHV�GH�SODFHPHQW�FROOHFWLI���WHO�TXH�FRPSOpWp�SDU�OH�GpFUHW�Q������������GX����MXLOOHW������HW�QRWDPPHQW�VRQ�DUWLFOH�SUHPLHU��

9X� OH� GpFUHW� Q�� ������� GX� ��� PDL� ������ IL[DQW� OHV�

DWWULEXWLRQV�GX�PLQLVWqUH�GHV�ILQDQFHV��

9X�ODYLV�GX�WULEXQDO�DGPLQLVWUDWLI����

'pFUqWH���

$UWLFOH�SUHPLHU����(VW�DEURJp��ODUWLFOH�SUHPLHU�GX�GpFUHW�

Q�� ���������� VXVYLVp� HW� UHPSODFp� SDU� OHV� GLVSRVLWLRQV�

VXLYDQWHV���

$UWLFOH� SUHPLHU� �QRXYHDX�� �� /H� IRQGV� FRPPXQ� GH�

SODFHPHQW� HQ� YDOHXUV� PRELOLqUHV� QH� SHXW� SOXV� pPHWWUH� GHV�

SDUWV�QRXYHOOHV�GqV�ORUV�TXH�OD�YDOHXU�GRULJLQH�GHV�SDUWV�HQ�

FLUFXODWLRQ��SUpYXH�SDU� ODUWLFOH����GX�FRGH�GHV�RUJDQLVPHV�

GH� SODFHPHQW� FROOHFWLI�� DWWHLJQH� FLQTXDQWH� PLOOLRQV� GH�

GLQDUV��

$UW�� ��� �� /H� PLQLVWUH� GHV� ILQDQFHV� HVW� FKDUJp� GH�

OH[pFXWLRQ� GX� SUpVHQW� GpFUHW� TXL� VHUD� SXEOLp� DX� -RXUQDO�

2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL���

GpFUHWV�HW�DUUrWpV�

Page 48: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�

PRGLILFDWLRQ�GX�GpFUHW�Q�� ��������GX����GpFHPEUH�

������SRUWDQW�IL[DWLRQ�GHV�FRQGLWLRQV�GRXYHUWXUH�GHV�

©�FRPSWHV�pSDUJQH�HQ�DFWLRQV�ª��GHV�FRQGLWLRQV�GH�

OHXU�JHVWLRQ�HW�GH� OXWLOLVDWLRQ�GHV�VRPPHV�HW�WLWUHV�

TXL� \� VRQW� GpSRVpV�� WHO� TXH� PRGLILp� SDU� OH� GpFUHW��

Q������������GX����MXLOOHW��������

/H�SUpVLGHQW�GH�OD�5pSXEOLTXH���

6XU�SURSRVLWLRQ�GX�PLQLVWUH�GHV�ILQDQFHV��

9X� OH� FRGH� GH� OLPS{W� VXU� OH� UHYHQX� GHV� SHUVRQQHV�SK\VLTXHV�HW�GH�OLPS{W�VXU�OHV�VRFLpWpV��SURPXOJXp�SDU�OD�ORL�Q�� ������� GX� ��� GpFHPEUH� ����� HW� QRWDPPHQW� VRQ� DUWLFOH�����WHO�TXH�PRGLILp�SDU�OHV�WH[WHV�VXEVpTXHQWV�HW�QRWDPPHQW�SDU� ODUWLFOH����GH� OD� ORL�Q����������GX����GpFHPEUH�������SRUWDQW�ORL�GH�ILQDQFHV�SRXU�ODQQpH���������

9X� OD� ORL� Q�� ������� GX� ��� QRYHPEUH� ������ SRUWDQW�UpRUJDQLVDWLRQ� GX�PDUFKp� ILQDQFLHU�� WHOOH� TXH�PRGLILpH� SDU�OD� ORL� Q�� ������ GX� ��� DR�W� ������ UHODWLYH� j� OD� UHODQFH� GX�PDUFKp�ILQDQFLHU��

9X� OH�GpFUHW�Q����������GX����GpFHPEUH�������SRUWDQW�

IL[DWLRQ� GHV� FRQGLWLRQV� GRXYHUWXUH� GHV� �� FRPSWHV� pSDUJQH�

HQ�DFWLRQV���GHV�FRQGLWLRQV�GH�OHXU�JHVWLRQ�HW�GH�OXWLOLVDWLRQ�

GHV�VRPPHV�HW�WLWUHV�TXL�\�VRQW�GpSRVpV��WHO�TXH�PRGLILp�SDU�

OH�GpFUHW�Q������������GX����MXLOOHW������HW�QRWDPPHQW�VRQ�

DUWLFOH����

9X� OH� GpFUHW� Q�� ������� GX� ��� PDL� ������ IL[DQW� OHV�

DWWULEXWLRQV�GX�PLQLVWqUH�GHV�ILQDQFHV��

9X�ODYLV�GX�WULEXQDO�DGPLQLVWUDWLI����

'pFUqWH���

$UWLFOH�SUHPLHU����(VW�DEURJp��OH�SUHPLHU�SDUDJUDSKH��GH�

ODUWLFOH���GX�GpFUHW�Q����������VXVYLVp�HW�UHPSODFp�SDU�OHV�

GLVSRVLWLRQV�VXLYDQWHV���

$UWLFOH����SDUDJUDSKH�SUHPLHU�QRXYHDX����7RXWH�VRPPH�

YHUVpH�GDQV�XQ�FRPSWH�pSDUJQH�HQ�DFWLRQV�GRLW�rWUH�XWLOLVpH�

GDQV�XQ�GpODL�QH�GpSDVVDQW�SDV����MRXUV�GH�ERXUVH�j�FRPSWHU�

GX� MRXU� GH� ERXUVH� VXLYDQW� OD� GDWH�GH� VRQ�GpS{W��7RXWHIRLV��

OHV�VRPPHV�QRQ�XWLOLVpHV��j�OLVVXH�GH�OD�SpULRGH�GH����MRXUV�

GH� ERXUVHV� j� SDUWLU� GH� OD� GDWH� GH� OHXU� GpS{W� HQ� FRPSWH��

GRLYHQW� rWUH� SODFpHV� WHPSRUDLUHPHQW� GDQV� ODFTXLVLWLRQ�

GDFWLRQV� RX� SDUWV� GRUJDQLVPHV� GH� SODFHPHQW� FROOHFWLI� HQ�

YDOHXUV�PRELOLqUHV�GXUDQW�OD�SpULRGH�UHVWDQWH����

$UW�� ��� �� /H� PLQLVWUH� GHV� ILQDQFHV� HVW� FKDUJp� GH�

OH[pFXWLRQ� GX� SUpVHQW� GpFUHW� TXL� VHUD� SXEOLp� DX� -RXUQDO�

2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL���

120,1$7,216�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

/D� FODVVH� H[FHSWLRQQHOOH� j� OHPSORL� GH� GLUHFWHXU�

GDGPLQLVWUDWLRQ� FHQWUDOH� HVW� DFFRUGpH� j�0RQVLHXU� /DPLQH�

0RXODKL�� LQVSHFWHXU�HQ�FKHI�GHV�VHUYLFHV�ILQDQFLHUV��FKDUJp�

GHV�IRQFWLRQV�GDGPLQLVWUDWHXU�GX�EXGJHW�GH�O(WDW�GH��qPH�

FDWpJRULH� DX� FRPLWp� JpQpUDO� GDGPLQLVWUDWLRQ� GX� EXGJHW� GH�

O(WDW�DX�PLQLVWqUH�GHV�ILQDQFHV��

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� $VVDG� (O� .KDOLO�� DQDO\VWH� DX� PLQLVWqUH� GHV�ILQDQFHV��HVW�QRPPp�FKHI�GH�VHUYLFH�GHV�FRQVRPPDEOHV�j�OD�GLUHFWLRQ�JpQpUDOH�GHV�GpSHQVHV�GH�IRQFWLRQQHPHQW��

$UUrWp�GX�PLQLVWUH�GHV�ILQDQFHV�GX����MXLOOHW�������IL[DQW� OHV� PRGDOLWpV� G¶RUJDQLVDWLRQ� GH� O¶H[DPHQ�SURIHVVLRQQHO� VXU� pSUHXYHV� SRXU� OD� WLWXODULVDWLRQ�GHV�DJHQWV�WHPSRUDLUHV�GH�OD�FDWpJRULH�©�%�ª�GDQV�OH�JUDGH�GH�FRQWU{OHXU�GHV�VHUYLFHV�ILQDQFLHUV�j�OD�UpJLH� QDWLRQDOH� GHV� WDEDFV� HW� GHV� DOOXPHWWHV��PLQLVWqUH�GHV�ILQDQFHV����

/H�PLQLVWUH�GHV�ILQDQFHV���

9X�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�VWDWXW�

JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�

GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��

HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�

QRWDPPHQW� OD� ORL� Q� ������ GX� ��� GpFHPEUH� ����� HW� OD� ORL�

Q����������GX����PDUV�������

�9X� OH� GpFUHW� Q� �������� GX� �� RFWREUH� ������ IL[DQW� OH�VWDWXW� SDUWLFXOLHU� GHV� DJHQWV� WHPSRUDLUHV� GH� O¶(WDW�� GHV�FROOHFWLYLWpV� ORFDOHV� HW� GHV� pWDEOLVVHPHQWV� SXEOLFV� j�FDUDFWqUH�DGPLQLVWUDWLI��

9X� OH� GpFUHW� Q� ������� GX� ��� IpYULHU� ������ IL[DQW� OH�VWDWXW�SDUWLFXOLHU� DX[�SHUVRQQHOV�GX�FRUSV�GX�PLQLVWqUH�GHV�ILQDQFHV��

$UUrWH���

$UWLFOH�SUHPLHU����/¶H[DPHQ�SURIHVVLRQQHO�VXU�pSUHXYHV��SRXU�OD�WLWXODULVDWLRQ�GHV�DJHQWV�WHPSRUDLUHV�GH�OD�FDWpJRULH�©%�ª�GDQV�OH�JUDGH�GH�FRQWU{OHXU�GHV�VHUYLFHV�ILQDQFLHUV�j�OD�UpJLH� QDWLRQDOH� GHV� WDEDFV� HW� GHV� DOOXPHWWHV� �PLQLVWqUH� GHV�ILQDQFHV��� HVW� RUJDQLVp� FRQIRUPpPHQW� DX[� GLVSRVLWLRQV� GX�SUpVHQW�DUUrWp��

$UW�� ��� �� /¶H[DPHQ� SURIHVVLRQQHO� VXU� pSUHXYHV� VXVYLVp�HVW� RXYHUW� SDU� DUUrWp� GX� PLQLVWUH� GHV� ILQDQFHV�� &HW� DUUrWp�IL[p���

��OH�QRPEUH�G¶HPSORLV�PLV�j�O¶H[DPHQ��

��OD�GDWH�GH�FO{WXUH�GH�OD�OLVWH�GHV�FDQGLGDWXUHV��

��OD�GDWH�GX�GpURXOHPHQW�GH�O¶H[DPHQ�SURIHVVLRQQHO��

$UW�� ��� �� /¶H[DPHQ� SURIHVVLRQQHO� VXU� pSUHXYHV� VXVYLVp�HVW� VXSHUYLVp�SDU�XQ� MXU\�GRQW� OD�FRPSRVLWLRQ�HVW� IL[pH�SDU�DUUrWp�GX�3UHPLHU�PLQLVWUH��

/H�MXU\�HVW�FKDUJp�SULQFLSDOHPHQW�GH���

�� SURSRVHU� OD� OLVWH� GHV� FDQGLGDWV� DXWRULVpV� j� SDVVHU�O¶H[DPHQ�SURIHVVLRQQHO�VXVYLVp��

�� VXSHUYLVHU� OH� GpURXOHPHQW� GHV� pSUHXYHV� HW� OHXU�FRUUHFWLRQ��

��FODVVHU�OHV�FDQGLGDWV�SDU�RUGUH�GH�PpULWH��

��SURSRVHU�OHV�FDQGLGDWV�VXVFHSWLEOHV�G¶rWUH�DGPLV��

$UW�� ��� �� /¶H[DPHQ� SURIHVVLRQQHO� VXU� pSUHXYHV� VXVYLVp�HVW� RXYHUW� DX[� DJHQWV� WHPSRUDLUHV� GH� OD� FDWpJRULH� ©�%�ª�RFFXSDQW� O¶HPSORL� GH� FRQWU{OHXU� GHV� VHUYLFHV� ILQDQFLHUV��H[HUoDQW� j� OD� UpJLH� QDWLRQDOH� GHV� WDEDFV� HW� GHV� DOOXPHWWHV��PLQLVWqUH�GHV�ILQDQFHV��HW�MXVWLILDQW�G¶DX�PRLQV�FLQT�����DQV�G¶DQFLHQQHWp� GDQV� OD� FDWpJRULH� j� OD� GDWH� GH� FO{WXUH� GHV�FDQGLGDWXUHV��

Page 49: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

$UW�������/HV�FDQGLGDWV�j�O¶H[DPHQ�SURIHVVLRQQHO�VXVYLVp�GRLYHQW�DGUHVVHU�OHXUV�GHPDQGHV�GH�FDQGLGDWXUH�SDU�OD�YRLH�KLpUDUFKLTXH��

&HV�GHPDQGHV�GRLYHQW�rWUH�REOLJDWRLUHPHQW�HQUHJLVWUpHV�DX� EXUHDX� G¶RUGUH� GH� OD� UpJLH� QDWLRQDOHV� GHV� WDEDFV� HW� GHV�DOOXPHWWHV�HW�DFFRPSDJQpHV�GHV�SLqFHV�VXLYDQWHV���

��� XQH� DWWHVWDWLRQ� FHUWLILDQW� TXH� OH�GRVVLHU� DGPLQLVWUDWLI�GX� FDQGLGDW� FRQWLHQW� OHV� SLqFHV� SUpYXHV� j� O¶DUWLFOH� ��� GX�VWDWXW�JpQpUDO�GH�OD�IRQFWLRQ�SXEOLTXH��

��� XQ� UHOHYp� GpWDLOOp� DYHF� SLqFHV� MXVWLILFDWLYHV� GHV�VHUYLFHV� FLYLOV� RX� pYHQWXHOOHPHQW� PLOLWDLUHV� DFFRPSOLV� SDU�O¶LQWpUHVVp�� &H� UHOHYp� GRLW� rWUH� FHUWLILp� SDU� OH� FKHI� GH�O¶DGPLQLVWUDWLRQ��

���XQH�DPSOLDWLRQ�G�PHQW�FHUWLILpH�FRQIRUPH�GH�O¶DUUrWp�GH�UHFUXWHPHQW�GH�O¶LQWpUHVVp�HQ�TXDOLWp�G¶DJHQW�WHPSRUDLUH�GH�OD�FDWpJRULH�©%�ª��

��� XQH� DPSOLDWLRQ� G�PHQW� FHUWLILpH� FRQIRUPH� j� O¶DFWH�IL[DQW�OD�GHUQLqUH�VLWXDWLRQ�DGPLQLVWUDWLYH�GH�O¶LQWpUHVVp��

$UW�� ��� �� (VW� UHMHWpH�� WRXWH� FDQGLGDWXUH� HQUHJLVWUpH� DX�EXUHDX�G¶RUGUH�DSUqV�OD�FO{WXUH�GH�OD�OLVWH�GHV�FDQGLGDWXUHV��

$UW�� ��� �� /D� OLVWH� GHV� FDQGLGDWV� DGPLV� j� SDUWLFLSHU� j�O¶H[DPHQ� SURIHVVLRQQHO� HVW� DUUrWpH� SDU� OH� PLQLVWUH� GHV�ILQDQFHV��

$UW�� ��� �� /¶H[DPHQ� SURIHVVLRQQHO� VXU� pSUHXYHV� VXVYLVp�FRPSRUWH�GHX[�pSUHXYHV�pFULWHV���

��XQH�pSUHXYH�SURIHVVLRQQHOOH��

��XQH�pSUHXYH�SRUWDQW�VXU�O¶DGPLQLVWUDWLRQ�WXQLVLHQQH��

/H�SURJUDPPH�GH�FHV�GHX[�pSUHXYHV�HVW�IL[p�HQ�DQQH[H�FL�MRLQWH��

/D�GXUpH�HW� OHV�FRHIILFLHQWV�DSSOLTXpV�j�FKDTXH�pSUHXYH�VRQW�GpILQLV�FRPPH�VXLW���

1DWXUH�GH�O¶pSUHXYH� 'XUpH� &RHIILFLHQW�

���(SUHXYH�SURIHVVLRQQHOOH� ��KHXUHV� ����

��� (SUHXYH� SRUWDQW� VXU�

O¶DGPLQLVWUDWLRQ�WXQLVLHQQH��

��KHXUHV� ����

$UW�� ��� �� /¶pSUHXYH� SRUWDQW� VXU� O¶DGPLQLVWUDWLRQ�WXQLVLHQQH� D� OLHX� REOLJDWRLUHPHQW� HQ� ODQJXH� DUDEH� HW�O¶pSUHXYH� SURIHVVLRQQHOOH� D� OLHX� LQGLIIpUHPPHQW� HQ� ODQJXH�DUDEH�RX�HQ�ODQJXH�IUDQoDLVH�VHORQ�OH�FKRL[�GX�FDQGLGDW��

&KDTXH�pSUHXYH�D�OLHX�HQ�TXDWUH�����SDJHV�DX�PD[LPXP��1H�VRQW�SDV�SULVHV�HQ�FRQVLGpUDWLRQ�� OHV�SDJHV�GpSDVVDQW� OH�QRPEUH�PD[LPXP�SUpFLWp��

$UW��������/HV�FDQGLGDWV�QH�SHXYHQW�GLVSRVHU�SHQGDQW�OD�GXUpH�GHV�GHX[�pSUHXYHV�QL�GH�OLYUHV��QL�GH�EURFKXUHV��QL�GH�QRWHV��QL�GH� WRXW�DXWUH�GRFXPHQW�GH�TXHOTXH�QDWXUH�TXH�FH�VRLW��

$UW�� ���� �� 1RQREVWDQW� OHV� SRXUVXLWHV� SpQDOHV� GH� GURLW�FRPPXQ�� WRXWH� IUDXGH� RX� WHQWDWLYH� GH� IUDXGH� G�PHQW�FRQVWDWpH�HQWUDvQH� O¶H[FOXVLRQ� LPPpGLDWH�GX�FDQGLGDW�GH� OD�VDOOH� G¶H[DPHQ�� O¶DQQXODWLRQ� GH� O¶pSUHXYH� TX¶LO� D� VXELH� HW�O¶LQWHUGLFWLRQ� GH� SDUWLFLSHU� SHQGDQW� FLQT� ���� DQV� j� WRXW�FRQFRXUV�RX�H[DPHQ�DGPLQLVWUDWLIV�XOWpULHXUV��

&HWWH� LQWHUGLFWLRQ�VHUD�SURQRQFpH�SDU�DUUrWp�GX�PLQLVWUH�GHV�ILQDQFHV��

7RXWH� IUDXGH� RX� WHQWDWLYH� GH� IUDXGH� GRLW� IDLUH� O¶REMHW�

G¶XQ� UDSSRUW� FLUFRQVWDQFLp� GX� VXUYHLOODQW� RX� GH�

O¶H[DPLQDWHXU�TXL�O¶D�FRQVWDWpH��

$UW��������/HV�GHX[�pSUHXYHV�VRQW�VRXPLVHV�j�XQH�GRXEOH�

FRUUHFWLRQ�� ,O� HVW� DWWULEXp�j� FKDFXQH�GHV� pSUHXYHV�XQH�QRWH�

H[SULPpH� HQ� FKLIIUHV� YDULDQW� GH� ]pUR� ���� j� YLQJW� ������ /D�

QRWH�GpILQLWLYH�HVW� pJDOH� j� OD�PR\HQQH�DULWKPpWLTXH�GH�FHV�

GHX[������QRWHV��

$X�FDV�R��O¶pFDUW�HQWUH�OHV�GHX[�QRWHV�DWWULEXpHV�SDU�OHV�

GHX[�FRUUHFWHXUV�HVW�VXSpULHXU�j�TXDWUH�����SRLQWV��O¶pSUHXYH�

HVW�VRXPLVH�j�O¶DSSUpFLDWLRQ�GH�GHX[�DXWUHV�FRUUHFWHXUV�SRXU�

XQH� QRXYHOOH� FRUUHFWLRQ�� /D�QRWH� GpILQLWLYH� HVW� pJDOH� j� OD�

PR\HQQH�DULWKPpWLTXH�GHV�GHX[�GHUQLqUHV�QRWHV��

$UW��������7RXWH�QRWH�LQIpULHXUH�j�VL[�VXU�YLQJW��������HVW�

pOLPLQDWRLUH��

$UW��������1XO�QH�SHXW�rWUH�GpFODUp�DGPLV�V¶LO�Q¶D�REWHQX�

XQ�WRWDO�GH�WUHQWH������SRLQWV�DX�PRLQV�DX[�GHX[�pSUHXYHV��

6L� SOXVLHXUV� FDQGLGDWV� RQW� REWHQX� OH�PrPH� QRPEUH� GH�

SRLQWV� DX[� GHX[� pSUHXYHV�� OD� SULRULWp� HVW� DFFRUGpH� DX� SOXV�

DQFLHQ�GDQV�OD�FDWpJRULH�HW�VL�FHWWH�DQFLHQQHWp�HVW�OD�PrPH��

OD�SULRULWp�HVW�DFFRUGpH�DX�SOXV�kJp��

$UW�� ���� �� /D� OLVWH� GHV� FDQGLGDWV� DGPLV� j� O¶H[DPHQ�

SURIHVVLRQQHO� VXU� pSUHXYHV� VXVYLVp� HVW� DUUrWpH� SDU� OH�

PLQLVWUH�GHV�ILQDQFHV��

$UW�� ���� �� /H� SUpVHQW� DUUrWp� VHUD� SXEOLp� DX� -RXUQDO�

2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GHV�ILQDQFHV�

0RKDPHG�5DFKLG�.HFKLFKH�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

��

$11(;(�

3URJUDPPH�GH�O¶H[DPHQ�SURIHVVLRQQHO�SRXU�OD�

WLWXODULVDWLRQ�GHV�DJHQWV�WHPSRUDLUHV�GH�OD�

FDWpJRULH�©�%�ª�GDQV�OH�JUDGH�GH�FRQWU{OHXU�GHV�

VHUYLFHV�ILQDQFLHUV�j�OD�UpJLH�QDWLRQDOH�GHV�WDEDFV�

HW�GHV�DOOXPHWWHV�

�PLQLVWqUH�GHV�ILQDQFHV��

,��3URJUDPPH�GH�O¶pSUHXYH�SURIHVVLRQQHOOH��

��/H�VWDWXW�JpQpUDO�GHV�DJHQWV�GH�OD�IRQFWLRQ�SXEOLTXH��

�� 2UJDQLVDWLRQ� DGPLQLVWUDWLYH� HW� ILQDQFLqUH� GH� OD� UpJLH�

QDWLRQDOH�GHV�WDEDFV�HW�GHV�DOOXPHWWHV��

�� 6WDWXW� SDUWLFXOLHU� GX� FRUSV�GX� SHUVRQQHO� GX�PLQLVWqUH�

GHV�ILQDQFHV��

,,�� 3URJUDPPH� GH� O¶pSUHXYH� SRUWDQW� VXU�

O¶DGPLQLVWUDWLRQ�WXQLVLHQQH���

��$WWULEXWLRQV�GHV�GLIIpUHQWV�PLQLVWqUHV��

��/H�FRQVHLO�UpJLRQDO��

��$WWULEXWLRQV�GH�OD�FRPPXQH��

Page 50: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH �²�����MXLOOHW������ 1�����3DJH������

0,1,67(5(�'(6�'20$,1(6�'(�/(7$7�

(7�'(6�$))$,5(6�)21&,(5(6�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�H[SURSULDWLRQ�� SRXU� FDXVH� GXWLOLWp� SXEOLTXH�� GH�GHX[� SDUFHOOHV� GH� WHUUDLQ� VLVHV� j� 0RQDVWLU��QpFHVVDLUHV� j� OD� FRQVWUXFWLRQ� GX� FHQWUH� GH�PDWHUQLWp�HW�GH�QpRQDWDORJLH���

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH���

6XU� SURSRVLWLRQ� GX� PLQLVWUH� GHV� GRPDLQHV� GH� O(WDW� HW�GHV�DIIDLUHV�IRQFLqUHV��

9X�OD�ORL�Q��������GX����DR�W�������SRUWDQW�UHIRQWH�GH�OD�OpJLVODWLRQ� UHODWLYH� j� OH[SURSULDWLRQ� SRXU� FDXVH� GXWLOLWp�SXEOLTXH��PRGLILpH�HW�FRPSOpWpH�SDU�OD�ORL�Q����������GX����DYULO�������

9X� OH� GpFUHW� Q�� ���������� GX� �� MXLOOHW� ������ IL[DQW� OD�FRPSRVLWLRQ�� OHV� DWWULEXWLRQV� HW� OHV� PRGDOLWpV� GH�IRQFWLRQQHPHQW� GH� OD� FRPPLVVLRQ� GH� UHFRQQDLVVDQFH� HW� GH�FRQFLOLDWLRQ�HQ�PDWLqUH�GH[SURSULDWLRQ��

9X� ODYLV� GHV� PLQLVWUHV� GH� OLQWpULHXU� HW� GX�

GpYHORSSHPHQW�ORFDO�HW�GH�OD�VDQWp�SXEOLTXH��

9X�OH�UDSSRUW�GH�OD�FRPPLVVLRQ�GH�UHFRQQDLVVDQFH�HW�GH�

FRQFLOLDWLRQ�GX�JRXYHUQRUDW�GH�0RQDVWLU��

&RQVLGpUDQW� TXH� OHV� GLVSRVLWLRQV� GH� ODUWLFOH� ���

�QRXYHDX�� GH� OD� ORL� Q�� ������ GX� ��� DR�W� ������ SRUWDQW�

UHIRQWH�GH�OD�OpJLVODWLRQ�UHODWLYH�j�OH[SURSULDWLRQ�SRXU�FDXVH�

GXWLOLWp�SXEOLTXH��PRGLILpH�HW�FRPSOpWpH�SDU�OD�ORL�Q�������

��� GX� ��� DYULO� ������ FL�GHVVXV� PHQWLRQQpH�� RQW� pWp�

DFFRPSOLHV��

'pFUqWH���

$UWLFOH� SUHPLHU�� �� 6RQW� H[SURSULpHV�� SRXU� FDXVH� GXWLOLWp�

SXEOLTXH�� DX� SURILW� GH� O(WDW�� HQ� YXH� GrWUH� LQFRUSRUpHV� DX�

GRPDLQH� SULYp� GH� O(WDW�� SRXU� rWUH�PLVHV� j� OD� GLVSRVLWLRQ� GX�

PLQLVWqUH�GH�OD�VDQWp�SXEOLTXH��GHX[�SDUFHOOHV�GH�WHUUDLQ�VLVHV�j�

0RQDVWLU��QpFHVVDLUHV�j�OD�FRQVWUXFWLRQ�GX�FHQWUH�GH�PDWHUQLWp�

HW� GH� QpRQDWDORJLH�� HQWRXUpHV� GXQ� OLVHUp� URXJH� VXU� OH� SODQ�

DQQH[p�DX�SUpVHQW�GpFUHW�HW�SUpVHQWpHV�DX�WDEOHDX�FL�DSUqV���

1��GH�OD�SDUFHOOH�

VXU�OH�SODQ�1��GX�WLWUH�IRQFLHU�

6XSHUILFLH�WRWDOH�GH�

OLPPHXEOH�6XSHUILFLH�H[SURSULpH� 1RP�GHV�SURSULpWDLUHV�

�����

�����

������

0RQDVWLU�

��KD��D��FD� /D�WRWDOLWp�GH�OLPPHXEOH� &RRSpUDWLYH�GH�VHPHQFHV�HW�SODQWHV�

VpOHFWLRQQpHV�

$UW�� �� ��� �� 6RQW� pJDOHPHQW� H[SURSULpV�� WRXV� OHV� GURLWV�

PRELOLHUV� HW� LPPRELOLHUV� TXL� JUqYHQW� RX� SRXUUDLHQW� JUHYHU�

OHVGLWHV�SDUFHOOHV��

$UW�������/HV�PLQLVWUHV�GH�OLQWpULHXU�HW�GX�GpYHORSSHPHQW�

ORFDO��GHV�GRPDLQHV�GH� O(WDW�HW�GHV�DIIDLUHV�IRQFLqUHV�HW�GH�

OD� VDQWp� SXEOLTXH� VRQW� FKDUJpV�� FKDFXQ� HQ� FH� TXL� OH�

FRQFHUQH��GH�OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�

-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH���

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL��

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�

KRPRORJDWLRQ� GHV� SURFqV�YHUEDX[� GH� OD�

FRPPLVVLRQ�GH�UHFRQQDLVVDQFH�HW�GH�GpOLPLWDWLRQ�

GHV�WHUUDLQV�UHOHYDQW�GX�GRPDLQH�SULYp�GH�O(WDW�GX�

JRXYHUQRUDW� GH� -HQGRXED� �GpOpJDWLRQV� GH�

*KDUGLPDRX��$wQ�'UDKDP��%DOWD�%RX�$RXDQH��%RX�

6DOHP��HW�2XHG�0¶OL]����

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH���

6XU� SURSRVLWLRQ� GX� PLQLVWUH� GHV� GRPDLQHV� GH� O(WDW� HW�

GHV�DIIDLUHV�IRQFLqUHV��

9X� OH� GpFUHW� GX� ��� MXLQ� ������ UHODWLI� j� OD� JHVWLRQ� HW� j�

ODOLpQDWLRQ� GX� GRPDLQH� SULYp� LPPRELOLHU� GH� O(WDW� HW�

QRWDPPHQW�VHV�DUWLFOHV��HU��SDUDJUDSKH���GH�ODOLQpD����HW�GH�

��j�����

9X� OD� ORL� Q�� ����� GX� ��� IpYULHU� ������ SRUWDQW�SURPXOJDWLRQ�GX�FRGH�GHV�GURLWV�UpHOV��PRGLILpH�HW�FRPSOpWpH�SDU�OD�ORL�Q��������GX���PDL�������SDU�OD�ORL�Q��������GX����RFWREUH� ����� HW� SDU� OD� ORL� Q�� �������� GX� ��� DYULO� ����� HW�QRWDPPHQW�OHV�DUWLFOHV��������������������HW������

9X� OD� ORL� Q�� ������GX���PDL� ������ SRUWDQW� WUDQVIHUW� GH�FHUWDLQHV� DWWULEXWLRQV� GHV� PLQLVWUHV� GHV� ILQDQFHV� HW� GH�ODJULFXOWXUH� DX� PLQLVWUH� FKDUJp� GHV� GRPDLQHV� GH� O(WDW� HW�GHV�DIIDLUHV�IRQFLqUHV��

9X� OH� GpFUHW� Q�� ������� GX� ��� MXLQ� ������ IL[DQW� OHV�DWWULEXWLRQV� GX� PLQLVWqUH� GHV� GRPDLQHV� GH� O(WDW� HW� GHV�DIIDLUHV�IRQFLqUHV��

9X� OH� GpFUHW� Q�� �������� GX� ��� DR�W� ������ UHODWLI� j� OD�GpOLPLWDWLRQ�GHV�WHUUDLQV�UHOHYDQW�GX�GRPDLQH�SULYp�GH�O(WDW�GDQV�OHV�GpOpJDWLRQV�GX�JRXYHUQRUDW�GH�-HQGRXED��

9X� OH� GpFUHW� Q�� ������ GX� ��� MDQYLHU� ������ UHODWLI� DX�UHSRUW� GHV� RSpUDWLRQV� GH� UHFRQQDLVVDQFH� HW� GH� GpOLPLWDWLRQ�GX�JRXYHUQRUDW�GH�-HQGRXED��

9X� OHV� SURFqV�YHUEDX[� UHODWLIV� DX[� WUDYDX[� GH� OD�FRPPLVVLRQ� GH� UHFRQQDLVVDQFH� HW� GH� GpOLPLWDWLRQ� GHV�WHUUDLQV� UHOHYDQW� GX� GRPDLQH� SULYp� GH� O(WDW�� VLV� DX�JRXYHUQRUDW�GH�-HQGRXED��GX���MDQYLHU�������

'pFUqWH�����

$UWLFOH�SUHPLHU����6RQW�KRPRORJXpV�� OHV�SURFqV�YHUEDX[�VXVYLVpV��FL�MRLQWV��GpWHUPLQDQW�OD�FRQVLVWDQFH�HW�OD�VLWXDWLRQ�MXULGLTXH� GHV� LPPHXEOHV� UHOHYDQW� GX� GRPDLQH� SULYp� GH�O(WDW�� VLV� DX� JRXYHUQRUDW� GH� -HQGRXED� �GpOpJDWLRQV� GH�*KDUGLPDRX��$wQ�'UDKDP��%DOWD�%RX�$RXDQH��%RX�6DOHP�HW� 2XHG� 0¶OL]�� LQGLTXpV� DX[� SODQV� DQQH[pV� DX� SUpVHQW�GpFUHW�HW�DX�WDEOHDX�FL�DSUqV���

Page 51: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

1��

GRUGUH�

1RP�GH�OLPPHXEOH�FRPSRUWDQW�GHV�

FRQVWUXFWLRQV�RX�GH�OD�SDUFHOOH�GH�WHUUH�/RFDOLVDWLRQ�

6XSHUILFLH��HQ�

P��

1��

7�3�'�

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

�� $wQ�ERX�0HUFKHQH� 6HFWHXU�GH�$wQ�'UDKDP�9LOOH�

'pOpJDWLRQ�GH�$wQ�'UDKHP�

���� ������

�� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

��� $EUHXYRLU�GH�*KDUGLPDRX� 6HFWHXU�GH�*KDUGLPDRX�

'pOpJDWLRQ�GH�*KDUGLPDRX�

���� ������

��� (O�*XH]PLULD� 6HFWHXU�GH�%DOWD�%RX�$RXDQH�

GpOpJDWLRQ�GH�%DOWD�%RX�$RXDQH�

������� ������

��� &LWp�GH�OK{SLWDO� 6HFWHXU�GH�%RX�6DOHP�1RUG�

'pOpJDWLRQ�GH�%RX�6DOHP�

����� ������

��� (]]DkWULD� 6HFWHXU�G2XHG�0OL]�2XHVW�

'pOpJDWLRQ�G2XHV�0OL]�

������ ������

��� (O�.KDGKNKDGKD� 6HFWHXU�GH�%DOWD�%RX�$RXDQH�

'pOpJDWLRQ�GH�%DOWD�%RX�$RXDQH�

������� ������

��� (O�+RPUL�HW�(UUHPDO� 6HFWHXU�G(GGNKDwOOLD�

'pOpJDWLRQ�GH�2XHG�0¶OL]�

������ ������

��� (O�+RPUL� 6HFWHXU�G(GGNKDwOLD�

'pOpJDWLRQ�GH�2XHG�0¶OL]�

����� ������

��� 7DEEHW�(O�.DODWRXVVD� 6HFWHXU�G(GGNKDwOLD�

'pOpJDWLRQ�GH�2XHG�0¶OL]�

����� ������

��� (UUDPRXO� 6HFWHXU�G(GGNKDwOLD�

'pOpJDWLRQ�GH�2XHG�0¶OL]�

������ ������

��� (O�0ULUD� 6HFWHXU�G2XHG�0¶OL]�2XHVW�

'pOpJDWLRQ�G2XHG�0¶OL]�

������� ������

���

$UW�������/H�PLQLVWUH�GHV�GRPDLQHV�GH� O(WDW� �HW�GHV�DIIDLUHV� IRQFLqUHV�HVW�FKDUJp�GH�OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

Page 52: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH �²�����MXLOOHW������ 1�����3DJH������

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW� KRPRORJDWLRQ� GHV� SURFqV�YHUEDX[� GH� OD� FRPPLVVLRQ� GH�UHFRQQDLVVDQFH� HW� GH� GpOLPLWDWLRQ� GHV� WHUUDLQV� UHOHYDQW� GX� GRPDLQH� SULYp� GH� O(WDW� GX� JRXYHUQRUDW� GH�.DVVHULQH��GpOpJDWLRQ�GH�'MHGOLDQH��7DOD��)RXVVDQD�HW�6EHwWOD���

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH���

6XU�SURSRVLWLRQ�GX�PLQLVWUH�GHV�GRPDLQHV�GH�O(WDW�HW�GHV�DIIDLUHV�IRQFLqUHV��

9X�OH�GpFUHW�GX����MXLQ�������UHODWLI�j�OD�JHVWLRQ�HW�j�ODOLpQDWLRQ�GX�GRPDLQH�SULYp�LPPRELOLHU�GH�O(WDW�HW�QRWDPPHQW�VHV�DUWLFOHV��HU��SDUDJUDSKH���GH�ODOLQpD����HW�GH���j�����

9X�OD�ORL�Q�������GX����IpYULHU�������SRUWDQW�SURPXOJDWLRQ�GX�FRGH�GHV�GURLWV�UpHOV�PRGLILpH�HW�FRPSOpWpH�SDU�OD�ORL�Q��������GX���PDL�������SDU�OD�ORL�Q��������GX����RFWREUH������HW�SDU�OD�ORL�Q����������GX����DYULO�������HW�QRWDPPHQW�OHV�DUWLFOHV��������������������HW������

9X�OD�ORL�Q��������GX���PDL�������SRUWDQW�WUDQVIHUW�GH�FHUWDLQHV�DWWULEXWLRQV�GHV�PLQLVWUHV�GHV�ILQDQFHV�HW�GH�ODJULFXOWXUH�DX�PLQLVWUH�FKDUJp�GHV�GRPDLQHV�GH�O(WDW�HW�GHV�DIIDLUHV�IRQFLqUHV��

9X�OH�GpFUHW�Q���������GX����MXLQ�������IL[DQW�OHV�DWWULEXWLRQV�GX�PLQLVWqUH�GHV�GRPDLQHV�GH�O(WDW�HW�GHV�DIIDLUHV�IRQFLqUHV��

9X�OH�GpFUHW�Q����������GX����DR�W�������UHODWLI�j�OD�GpOLPLWDWLRQ�GHV�WHUUDLQV�UHOHYDQW�GX�GRPDLQH�SULYp�GH�O(WDW�GDQV�OHV�GpOpJDWLRQV�GX�JRXYHUQRUDW�GH�.DVVHULQH��

9X� OH� GpFUHW� Q�� ������ GX� ��� MDQYLHU� ������ UHODWLI� DX� UHSRUW� GHV� RSpUDWLRQV� GH� UHFRQQDLVVDQFH� HW� GH� GpOLPLWDWLRQ� GX�JRXYHUQRUDW�GH�.DVVHULQH��

9X�OHV�SURFqV�YHUEDX[�UHODWLIV�DX[�WUDYDX[�GH�OD�FRPPLVVLRQ�GH�UHFRQQDLVVDQFH�HW�GH�GpOLPLWDWLRQ�GHV�WHUUDLQV�UHOHYDQW�GX�GRPDLQH�SULYp�GH�O(WDW��VLV�DX�JRXYHUQRUDW�GH�.DVVHULQH��GX����HW����PDUV�HW����������������HW����DYULO�������

'pFUqWH�����

$UWLFOH� SUHPLHU�� �� 6RQW� KRPRORJXpV�� OHV� SURFqV�YHUEDX[� VXVYLVpV�� FL�MRLQWV�� GpWHUPLQDQW� OD� FRQVLVWDQFH� HW� OD� VLWXDWLRQ�MXULGLTXH�GHV�LPPHXEOHV�UHOHYDQW�GX�GRPDLQH�SULYp�GH�O¶(WDW�VLV�DX�JRXYHUQRUDW�GH�.DVVHULQH��GpOpJDWLRQ�GH�'MHGOLDQH��7DOD��)RXVVDQD��HW�6EHwWOD��LQGLTXpV�DX[�SODQV�DQQH[pV�DX�SUpVHQW�GpFUHW�HW�DX�WDEOHDX�FL�DSUqV����

1��

GRUGUH�

1RP�GH�OLPPHXEOH�FRPSRUWDQW�GHV�

FRQVWUXFWLRQV�RX�GH�OD�SDUFHOOH�GH�WHUUH�/RFDOLVDWLRQ�

6XSHUILFLH��HQ�

P��

1��

7�3�'�

�� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������ ������

�� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������ ������

�� 6DQV�QRP� 6HFWHXU�GH�6LGL�0¶KDPPHG�

'pOpJDWLRQ�GH�7DOD�

������� ������

�� 6DQV�QRP� 6HFWHXU�GH�$wQ�+¶PDGQD�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

�� 6DQV�QRP� 6HFWHXU�GH�)HGM�7HUEHK�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

�� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

�� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������ ������

�� 6DQV�QRP� 6HFWHXU�GH�$wQ�+¶PDGQD�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

�� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

�������� ������

��� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

��� 6DQV�QRP� 6HFWHXU�GH�$IUDQH�

'pOpJDWLRQ�GH�)RXVVDQD�

������� ������

Page 53: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

1��

GRUGUH�

1RP�GH�OLPPHXEOH�FRPSRUWDQW�GHV�

FRQVWUXFWLRQV�RX�GH�OD�SDUFHOOH�GH�WHUUH�/RFDOLVDWLRQ�

6XSHUILFLH��HQ�

P��

1��

7�3�'�

��� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

��� 6DQV�QRP� 6HFWHXU�GH�0HKUH]D�

'pOpJDWLRQ�GH�'MHGOLDQH�

������� ������

��� 6DQV�QRP� 6HFWHXU�G¶(MMRXD�

'pOpJDWLRQ�GH�7DOD�

������� ������

��� 6DQV�QRP� 6HFWHXU�G¶(MMRXD�

'pOpJDWLRQ�GH�7DOD�

������� ������

��� 6DQV�QRP� 6HFWHXU�7DOD�(VW�

'pOpJDWLRQ�GH�7DOD�

������ ������

��� 6DQV�QRP� 6HFWHXU�GH�&KHIDw�

'pOpJDWLRQ�GH�7DOD�

������� ������

��� 6DQV�QRP� 6HFWHXU�G¶(O�+PDG�

'pOpJDWLRQ�GH�7DOD�

������� ������

��� +HQFKLU�6EHwWOD� 6HFWHXU�G¶(O�.KDGKUD�

'pOpJDWLRQ�GH�6EHwWOD�

�������� ������

��� 6DQV�QRP� 6HFWHXU�G¶(MMRXD�

'pOpJDWLRQ�GH�7DOD�

������� ������

$UW�� ��� �� /H� PLQLVWUH� GHV� GRPDLQHV� GH� O(WDW� � HW� GHV�

DIIDLUHV� IRQFLqUHV� HVW� FKDUJp� GH� OH[pFXWLRQ� GX� SUpVHQW�

GpFUHW�TXL�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�

7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

0,1,67(5(�'(�/$*5,&8/785(�

(7�'(6�5(66285&(6�+<'5$8/,48(6�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ IL[DQW� OH�

SUL[�HW�OHV�PRGDOLWpV�GH�SDLHPHQW��GH�VWRFNDJH�HW�

GH� UpWURFHVVLRQ� GHV� FpUpDOHV� SRXU� OD� FDPSDJQH�

�����������

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH��

6XU� SURSRVLWLRQ� GX� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV�

UHVVRXUFHV�K\GUDXOLTXHV��

9X� OH� GpFUHW� GX� ��� MXLQ� ������ SRUWDQW�PRGLILFDWLRQ� HW�

FRGLILFDWLRQ� GHV� WH[WHV� UHODWLIV� j� OD� FDLVVH� JpQpUDOH� GH�

FRPSHQVDWLRQ�� PRGLILp� HW� FRPSOpWp� OH� GpFUHW� GX� ��� MXLQ�

�����HW�QRWDPPHQW�VRQ�DUWLFOH����

9X� OH� GpFUHW� GX� ��� PDL� ������ UHODWLI� DX[� PHVXUHV�

SURSUHV� j� DVVXUHU� O¶pTXLOLEUH� ILQDQFLHU� GX� FKHPLQ� GH� IHU��

WUDQVSRUWV�GHV�FpUpDOHV�HW�GHV�SURGXLWV�GH�PLQRWHULH�PRGLILp�

SDU�OD�ORL�Q��������GX����MXLQ�������

9X� OH� GpFUHW�ORL� Q�� ������ GX� �� DYULO� ������ SRUWDQW�FUpDWLRQ� G¶XQ� RIILFH� GHV� FpUpDOHV�� OpJXPLQHXVHV�DOLPHQWDLUHV� HW� DXWUHV� SURGXLWV� DJULFROHV�� PRGLILp� HW�FRPSOpWp�SDU� OH�GpFUHW�ORL�Q�������GX����VHSWHPEUH�������UHVSHFWLYHPHQW� UDWLILpV� SDU� OHV� ORLV� Q�� ������ GX� ��� PDL������ HW� Q�� ������ GX� ��� QRYHPEUH� ������ WHO� TXH�PRGLILp�SDU�OD�ORL�Q�������GX����MXLOOHW�������

9X�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�ORL�GHV� ILQDQFHV� SRXU� OD� JHVWLRQ� ����� HW� QRWDPPHQW� VRQ�DUWLFOH�����

9X� OD� ORL� Q�� ������ GX� ��� MXLOOHW� ������ UHODWLYH� j� OD�FRQFXUUHQFH� HW� DX[� SUL[�� O¶HQVHPEOH� GHV� WH[WHV� TXL� O¶RQW�PRGLILpH�RX�FRPSOpWpH�HW�QRWDPPHQW�OD�ORL�Q��������GX����PDL�������

9X�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�ORL�GHV�ILQDQFHV�SRXU�O¶DQQpH������HW�QRWDPPHQW�VRQ�DUWLFOH�����

9X� OH� GpFUHW� Q�� �������� GX� ��� MXLQ� ������ SRUWDQW�RUJDQLVDWLRQ�GH�O¶DFWLYLWp�GHV�FROOHFWHXUV�GHV�FpUpDOHV��

9X� OH� GpFUHW� Q�� ��������� GX� ��� DYULO� ���O�� IL[DQW� OH�SUL[� � HW� OHV� PRGDOLWpV� GH� SDLHPHQW�� GH� VWRFNDJH� HW� GH�UpWURFHVVLRQ�GHV�FpUpDOHV�SRXU�OD�FDPSDJQH������������

9X�O¶DYLV�GX�PLQLVWUH�GX�FRPPHUFH�HW�GH�O¶DUWLVDQDW��GX�PLQLVWUH� GHV� ILQDQFHV� HW� GX�PLQLVWUH� GX�GpYHORSSHPHQW�HW�GH�OD�FRRSpUDWLRQ�LQWHUQDWLRQDOH��

9X�O¶DYLV�GX�WULEXQDO�DGPLQLVWUDWLI��

'pFUqWH����

$UWLFOH�SUHPLHU����/HV�SUL[�GH�EDVH�j�OD�SURGXFWLRQ�GHV�FpUpDOHV� VDLQHV�� OR\DOHV� HW� PDUFKDQGHV� GH� OD� UpFROWH� GH�O¶DQQpH������VRQW�IL[HV�FRPPH�VXLW���

��EOp�GXU���������'�T/��

Page 54: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

��EOp�WHQGUH����������'�T/��

��WULWLFDOH����������'�T/��

/D�FRPPHUFLDOLVDWLRQ�GH�O¶RUJH�HVW� OLEUH��7RXWHIRLV��XQ�SUL[�G¶LQWHUYHQWLRQ�IL[p�j��������'�T/�HVW�DSSOLTXp�SDU�OHV�RUJDQLVPHV�FROOHFWHXUV�HW�VWRFNHXUV�DX�WLWUH�GH�O¶DFTXLVLWLRQ�G¶RUJH�TXL�OHXU�VHUD�OLYUp��SDU�OHV�SURGXFWHXUV��

$UW�������/HV�SUL[�QRUPDX[�GH�UpWURFHVVLRQ�GHV�FpUpDOHV�VRQW�IL[pV�FRPPH�VXLW���

��EOp�GXU���������'�T/�

��EOp�WHQGUH����������'��T/�

��RUJH���������'��T/�

��WULWLFDOH���������'��T/�

$UW�������6RQW�DSSOLTXpHV�SRXU�OD�FDPSDJQH�����������OHV� GLVSRVLWLRQV� GX� GpFUHW� Q�� ��������� GX� ��� DYULO� ������IL[DQW�OH�SUL[�HW� OHV�PRGDOLWpV�GH�SDLHPHQW��GH�VWRFNDJH�HW�GH�UpWURFHVVLRQ�GHV�FpUpDOHV�SRXU�OD�FDPSDJQH�����������j�O¶H[FHSWLRQ� GHV� GLVSRVLWLRQV� GH� O¶DUWLFOH� SUHPLHU� HW� GX�GHUQLHU�SDUDJUDSKH�GH�O¶DUWLFOH���GXGLW�GpFUHW��

$UW�� ��� �� 6RQW� DSSOLTXpHV� SRXU� OHV� FDPSDJQHV� ���O������� ���������� HW� ���������� HW� ����������� OHV�GLVSRVLWLRQV� GX� GpFUHW� � Q�� ��������� GX� ��� DYULO� �����VXVYLVp��

$UW����� ��/H�PLQLVWUH�GH� O¶DJULFXOWXUH�HW�GHV� UHVVRXUFHV�K\GUDXOLTXHV��OH�PLQLVWUH�GX�FRPPHUFH�HW�GH�O¶DUWLVDQDW��OH�PLQLVWUH�GpYHORSSHPHQW�HW�GH�OD�FRRSpUDWLRQ�LQWHUQDWLRQDOH�HW� OH�PLQLVWUH�GHV�ILQDQFHV�VRQW�FKDUJpV��FKDFXQ�HQ�FH�TXL�OH� FRQFHUQH�� GH� O¶H[pFXWLRQ� GX� SUpVHQW� GpFUHW� TXL� VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

0$,17,(1�(1�$&7,9,7(�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� /RWIL� %DKUL�� SURIHVVHXU� KRVSLWDOR�XQLYHUVLWDLUH� HQ� PpGHFLQH� YpWpULQDLUHV� DX� PLQLVWqUH� GH�O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�SpULRGH�G¶XQH�DQQpH��j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� $EGHUUD]DN� 'DkORXO�� SURIHVVHXU� GH�

O¶HQVHLJQHPHQW� VXSpULHXU� DJULFROH� DX� PLQLVWqUH� GH�

O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� HVW�PDLQWHQX�

HQ� DFWLYLWp� SRXU� XQH� GHX[LqPH� DQQpH�� j� FRPSWHU� GX� �HU�

RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RKDPHG� +DGM� $OL� 6DOHP�� SURIHVVHXU� GH�

O¶HQVHLJQHPHQW� VXSpULHXU� DX� PLQLVWqUH� GH� O¶DJULFXOWXUH� HW�

GHV�UHVVRXUFHV�K\GUDXOLTXHV��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�

XQH�TXDWULqPH�DQQpH��j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RKDPHG� %RXVODPD�� SURIHVVHXU� GH�O¶HQVHLJQHPHQW� VXSpULHXU� DJULFROH� DX� PLQLVWqUH� GH�O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�SpULRGH�G¶XQH�DQQpH��j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� $OL� 'DKPDQ�� SURIHVVHXU� GH� O¶HQVHLJQHPHQW�VXSpULHXU� DJULFROH� DX� PLQLVWqUH� GH� O¶DJULFXOWXUH� HW� GHV�UHVVRXUFHV�K\GUDXOLTXHV��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�FLQTXLqPH�DQQpH��j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RKVHQ� 6HOPL�� PDvWUH� GH� FRQIpUHQFHV� GH�O¶HQVHLJQHPHQW� VXSpULHXU� DJULFROH� DX� PLQLVWqUH� GH�O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� HVW�PDLQWHQX�HQ� DFWLYLWp� SRXU� XQH� GHX[LqPH� DQQpH�� j� FRPSWHU� GX� �HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RKDPHG� *XHEODRXL�� DVVLVWDQW� GH�

O¶HQVHLJQHPHQW� VXSpULHXU� DX� PLQLVWqUH� GH� O¶DJULFXOWXUH� HW�

GHV�UHVVRXUFHV�K\GUDXOLTXHV��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�

XQH�SpULRGH�G¶XQH�DQQpH��j�FRPSWHU�GX��HU�DR�W�������

$UUrWp� GX� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV�UHVVRXUFHV�K\GUDXOLTXHV�GX���MXLOOHW�������SRUWDQW�DSSUREDWLRQ� GX� FDKLHU� GHV� FKDUJHV� W\SHV� GH� OD�SURGXFWLRQ�DQLPDOH�VHORQ�OH�PRGH�ELRORJLTXH���

/H� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV�K\GUDXOLTXHV��

9X� OD� ORL� Q�� ������ GX� �� DYULO� ������ UHODWLYH� j�O¶DJULFXOWXUH�ELRORJLTXH�HW�QRWDPPHQW�VRQ�DUWLFOH����

9X� OH� GpFUHW� Q�� �������� GX� ��� PDL� ������ IL[DQW� OD�FRPSRVLWLRQ� HW� OHV� PRGDOLWpV� GH� IRQFWLRQQHPHQW� GH� OD�FRPPLVVLRQ�QDWLRQDOH�GH�O¶DJULFXOWXUH�ELRORJLTXH��PRGLILp�SDU�OH�GpFUHW�Q������������GX���RFWREUH�������

9X� O¶DYLV� GH� OD� FRPPLVVLRQ� QDWLRQDOH� GH� O¶DJULFXOWXUH�ELRORJLTXH�GX����IpYULHU�������

$UUrWH����

$UWLFOH� XQLTXH�� ±� (VW� DSSURXYp�� OH� FDKLHU� GHV� FKDUJHV�W\SH� GH� OD� SURGXFWLRQ� DQLPDOH� VHORQ� OH� PRGH� ELRORJLTXH�DQQH[p�DX�SUpVHQW�DUUrWp��

7XQLV��OH���MXLOOHW�������

/H�PLQLVWUH�GH�ODJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�

0RKDPHG�+DELE�+DGGDG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

Page 55: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 56: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 57: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 58: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 59: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 60: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 61: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 62: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 63: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 64: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 65: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 66: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 67: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 68: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 69: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 70: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 71: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 72: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 73: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 74: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 75: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 76: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 77: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

&+$3,75(�752,6�

',6326,7,216�3$57,&8/,(5(6�

$UWLFOH�����

/HV� FDGDYUHV� GHV� DQLPDX[� GRLYHQW� rWUH� HQWHUUpV� GDQV� XQH� SURIRQGHXU� DX�PRLQV� G¶XQ� PqWUH� HW� HQWUH� GHX[� FRXFKHV� GH� FKDX[� G¶DX� PRLQV� ��� FP� G¶pSDLVVHXU�FKDFXQH��

Page 78: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 79: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 80: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 81: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 82: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 83: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 84: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 85: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 86: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 87: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 88: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 89: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 90: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

$UUrWp� GX� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV�UHVVRXUFHV� K\GUDXOLTXHV� GX� ��� MXLOOHW� ������SRUWDQW� RXYHUWXUH� G¶XQ� FRQFRXUV� LQWHUQH� VXU�pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GH�VHFUpWDLUH�G¶DGPLQLVWUDWLRQ���

/H� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV�K\GUDXOLTXHV��

9X�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW� OD� ORL�Q��������GX����GpFHPEUH������HW� OD� ORL�Q����������GX����PDUV�������

9X�OH�GpFUHW�Q���������GX����DYULO�������IL[DQW�OH�VWDWXW�SDUWLFXOLHU� DX� FRUSV� DGPLQLVWUDWLI� FRPPXQ� GHV�DGPLQLVWUDWLRQV� SXEOLTXHV�� HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW�PRGLILpH�RX�FRPSOpWpH�HW�QRWDPPHQW�OH�GpFUHW�Q����������GX����DR�W������HW�OH�GpFUHW�Q���������GX���PDUV�������

9X� O¶DUUrWp� GX� 3UHPLHU� PLQLVWUH� GX� ��� MDQYLHU� ������IL[DQW�OHV�PRGDOLWpV�G¶RUJDQLVDWLRQ�GX�FRQFRXUV�LQWHUQH�VXU�pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GH� VHFUpWDLUH�G¶DGPLQLVWUDWLRQ� DX� FRUSV� DGPLQLVWUDWLI� FRPPXQ� GHV�DGPLQLVWUDWLRQV� SXEOLTXHV�� WHO� TX¶LO� D� pWp� PRGLILp� SDU�O¶DUUrWp�GX����PDUV�������

$UUrWH����

$UWLFOH� SUHPLHU�� �� (VW� RXYHUW� DX� PLQLVWqUH� GH�O¶DJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV��OH���GpFHPEUH������ HW� MRXUV� VXLYDQWV�� XQ� FRQFRXUV� LQWHUQH� VXU� pSUHXYHV�SRXU� OD�SURPRWLRQ�DX�JUDGH�GH�VHFUpWDLUH�G¶DGPLQLVWUDWLRQ�FRQIRUPpPHQW�j�O¶DUUrWp�GX����MDQYLHU������VXVYLVp��

$UW�������/H�QRPEUH�GH�SRVWHV�j�SRXUYRLU�HVW�IL[p�j�YLQJW�GHX[������SRVWHV��

$UW�� ��� �� /D� OLVWH� G¶LQVFULSWLRQ� GHV� FDQGLGDWXUHV� VHUD�FORVH�OH���QRYHPEUH�������

7XQLV��OH����MXLOOHW�������/H�PLQLVWUH�GH�ODJULFXOWXUH�

HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�

0RKDPHG�+DELE�+DGGDG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

$UUrWp� GX� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV�UHVVRXUFHV� K\GUDXOLTXHV� GX� ��� MXLOOHW� ������SRUWDQW� RXYHUWXUH� G¶XQ� FRQFRXUV� LQWHUQH� VXU�pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GH�VHFUpWDLUH�GDFW\ORJUDSKH���

/H� PLQLVWUH� GH� O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV�K\GUDXOLTXHV��

9X�OD�ORL�Q���������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI�HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW� OD� ORL�Q��������GX����GpFHPEUH������HW� OD� ORL�Q����������GX����PDUV�������

9X�OH�GpFUHW�Q���������GX����DYULO�������IL[DQW�OH�VWDWXW�SDUWLFXOLHU� DX� FRUSV� DGPLQLVWUDWLI� FRPPXQ� GHV�DGPLQLVWUDWLRQV� SXEOLTXHV�� HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW�PRGLILpH�RX�FRPSOpWpH�HW�QRWDPPHQW�OH�GpFUHW�Q����������GX����DR�W������HW�OH�GpFUHW�Q���������GX���PDUV�������

9X� O¶DUUrWp� GX� 3UHPLHU� PLQLVWUH� GX� ��� MDQYLHU� ������

IL[DQW�OHV�PRGDOLWpV�G¶RUJDQLVDWLRQ�GX�FRQFRXUV�LQWHUQH�VXU�

pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GH� VHFUpWDLUH�

GDFW\ORJUDSKH� DX� FRUSV� DGPLQLVWUDWLI� FRPPXQ� GHV�

DGPLQLVWUDWLRQV� SXEOLTXHV�� WHO� TX¶LO� D� pWp� PRGLILp� SDU�

O¶DUUrWp�GX����PDUV�������

$UUrWH����

$UWLFOH� SUHPLHU�� �� (VW� RXYHUW� DX� PLQLVWqUH� GH�O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� OH� ���GpFHPEUH������ HW� MRXUV� VXLYDQWV�� XQ� FRQFRXUV� LQWHUQH� VXU�pSUHXYHV� SRXU� OD� SURPRWLRQ� DX� JUDGH� GH� VHFUpWDLUH�GDFW\ORJUDSKH�FRQIRUPpPHQW�j�O¶DUUrWp�GX����MDQYLHU������VXVYLVp��

$UW�������/H�QRPEUH�GH�SRVWHV�j�SRXYRLU�HVW�IL[p�j�WUHL]H�SRVWHV��

$UW�� ��� �� /D� OLVWH� G¶LQVFULSWLRQ� GHV� FDQGLGDWXUHV� VHUD�FORVH�OH����QRYHPEUH�������

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GH�ODJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�

0RKDPHG�+DELE�+DGGDG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

0,1,67(5(�'(�/(19,5211(0(17�

(7�'8�'(9(/233(0(17�'85$%/(�

'pFUHW� Q� ���������� GX� ��� MXLOOHW� ������ UHODWLI� j�O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�HW�IL[DQW�OHV�FDWpJRULHV� G¶XQLWpV� VRXPLVHV� j� O¶pWXGH� G¶LPSDFW�VXU� O¶HQYLURQQHPHQW� HW� OHV� FDWpJRULHV� G¶XQLWpV�VRXPLVHV�DX[�FDKLHUV�GHV�FKDUJHV��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH��

6XU� SURSRVLWLRQ� GX�PLQLVWUH� GH� O¶HQYLURQQHPHQW� HW� GX�

GpYHORSSHPHQW�GXUDEOH��

9X�OH�FRGH�GX�WUDYDLO�SURPXOJXp�SDU�OD�ORL�Q� ������GX�

��� DYULO� ������ HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILp� RX�

FRPSOpWp�HW�QRWDPPHQW�OD�ORL�Q��������GX����MXLOOHW�������

9X�OH�FRGH�GHV�HDX[�SURPXOJXp�SDU�OD� ORL�Q��������GX���� PDUV� ������ HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILp� RX�FRPSOpWp�HW�QRWDPPHQW�OD�ORL�Q�����������GX����QRYHPEUH�������

9X� OD� ORL� Q�� ��� ���� GX� ��� MXLQ� ������ UHODWLYH� DX[�

WUDYDX[� G¶pWDEOLVVHPHQW�� j� OD� SRVH� HW� j� O¶H[SORLWDWLRQ� GHV�

FDQDOLVDWLRQV� G¶LQWpUrW� SXEOLF� GHVWLQpHV� DX� WUDQVSRUW�

G¶K\GURFDUEXUHV� JD]HX[�� OLTXLGHV� RX� OLTXpILpV� WHOOH� TXH�

PRGLILpH�HW�FRPSOpWpH�SDU�OD�ORL�Q����������GX����MXLQ�������

9X�OH�FRGH�IRUHVWLHU�SURPXOJXp�SDU�OD�ORL�Q���������GX�

���DYULO�������WHOOH�TXH�PRGLILpH�SDU�OD�ORL�Q�����������GX�

��� PDUV� ����� SRUWDQW� VLPSOLILFDWLRQ� GHV� SURFpGXUHV�

DGPLQLVWUDWLYHV� GDQV� OHV� VHFWHXUV� GH� O¶DJULFXOWXUH� HW� GH� OD�

SrFKH��

Page 91: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

9X� OD� ORL� Q�� ������ GX� �� DR�W� ������ SRUWDQW� FUpDWLRQ�G¶XQH� DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH� O¶HQYLURQQHPHQW�WHOOH�TXH�PRGLILpH�SDU�OD�ORL��������GX����QRYHPEUH������HW� OD� ORL� Q� �������� GX� ��� MDQYLHU� ������ SRUWDQW�VLPSOLILFDWLRQ�GHV�SURFpGXUHV�DGPLQLVWUDWLYHV�UHODWLYHV�DX[�DXWRULVDWLRQV�GpOLYUpHV�SDU�OH�PLQLVWqUH�GH�O¶HQYLURQQHPHQW�HW�GH�O¶DPpQDJHPHQW�GX�WHUULWRLUH�GDQV�OHV�GRPDLQHV�GH�VD�FRPSpWHQFH�HW�QRWDPPHQW�O¶DUWLFOH�SUHPLHU��

9X� OD� ORL� Q�� ������ GX� ��� IpYULHU� ������ UHODWLYH� j�O¶H[SORLWDWLRQ�GHV�FDUULqUHV�WHOOH�TXH�FRPSOpWpH�SDU�OD�ORL�Q��������GX����QRYHPEUH�����HW�SDU�OD�ORL�Q�����������GX����QRYHPEUH�������

9X� OH� FRGH� GH� O¶DPpQDJHPHQW� GX� WHUULWRLUH� HW� GH�O¶XUEDQLVPH� SURPXOJXp� SDU� OD� ORL� Q�� ������� GX� ���QRYHPEUH�������WHOOH�TXH�PRGLILp�HW�FRPSOpWp�SDU�OD�ORL�Q����������GX����GpFHPEUH�������

9X�OD�ORL�Q� ������GX����MXLQ�������UHODWLYH�DX[�GpFKHWV�HW� DX� FRQWU{OH� GH� OHXU� JHVWLRQ� HW� GH� OHXU� pOLPLQDWLRQ� WHOOH�TXH� PRGLILpH� HW� FRPSOpWpH� SDU� OD� ORL� Q�� �������� GX� ���MDQYLHU� ����� SRUWDQW� VLPSOLILFDWLRQ� GHV� SURFpGXUHV�DGPLQLVWUDWLYHV� UHODWLYHV�DX[�DXWRULVDWLRQV�GpOLYUpHV�SDU� OH�PLQLVWqUH� GH� O¶HQYLURQQHPHQW� HW� GH� O¶DPpQDJHPHQW� GX�WHUULWRLUH� GDQV� OHV� GRPDLQHV� GH� VD� FRPSpWHQFH� HW�QRWDPPHQW�O¶DUWLFOH����

9X� OH� FRGH�GHV�K\GURFDUEXUHV�SURPXOJXp�SDU� OD� ORL�Q��������GX����DR�W�������WHOOH�TXH�PRGLILp�HW�FRPSOpWp�SDU�OD�ORL�Q� �������GX����IpYULHU�������

9X�OH�FRGH�PLQLHU�SURPXOJXp�SDU�OD� ORL�Q� ��������GX����DYULO�������

9X� OH� GpFUHW� Q�� ������ GX� ��� PDUV� ������ UHODWLI� DX[�pWDEOLVVHPHQWV�GDQJHUHX[��LQVDOXEUHV�HW�LQFRPPRGHV��

9X� OH�GpFUHW�Q�����������GX����PDUV������ UHODWLI�DX[�pWXGHV�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW��

9X� OH� GpFUHW� Q�� ���������� GX� ��� QRYHPEUH� ������SRUWDQW�QRPLQDWLRQ�GHV�PHPEUHV�GX�JRXYHUQHPHQW��

9X� O¶DYLV� GX� PLQLVWUH� GH� OD� GpIHQVH� QDWLRQDOH�� GX�PLQLVWUH� GX� FRPPHUFH� HW� GH� O¶DUWLVDQDW�� GX� PLQLVWUH� GH�O¶LQWpULHXU� HW� GX� GpYHORSSHPHQW� ORFDO�� GX� PLQLVWUH� GH�O¶DJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV��GX�PLQLVWUH�GH�O¶pTXLSHPHQW� GH� O¶KDELWDW� HW� GH� O¶DPpQDJHPHQW� GX�WHUULWRLUH��GX�PLQLVWUH�GHV�DIIDLUHV�VRFLDOHV��GH�OD�VROLGDULWp�HW�GHV�7XQLVLHQV�j�O¶pWUDQJHU��GX�PLQLVWUH�GH�OD�FXOWXUH�HW�GH�OD� VDXYHJDUGH�GX�SDWULPRLQH��GX�PLQLVWUH�GX� WRXULVPH��GX�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH��GX�PLQLVWUH�GH�O¶LQGXVWULH��GH�O¶pQHUJLH�HW�GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV��

9X�O¶DYLV�GX�WULEXQDO�DGPLQLVWUDWLI��

'pFUqWH���

$UWLFOH�SUHPLHU����$X�VHQV�GX�SUpVHQW�GpFUHW�RQ�HQWHQG�SDU�OHV�WHUPHV�FL�DSUqV���

���/¶XQLWp� ��7RXW� pTXLSHPHQW�RX� WRXW�SURMHW� LQGXVWULHO��DJULFROH� RX� FRPPHUFLDO� GRQW� O¶DFWLYLWp� HVW� JpQpUDWULFH� GH�SROOXWLRQ�RX�GH�GpJUDGDWLRQ�GH�O¶HQYLURQQHPHQW���������

��� (WXGH� G¶LPSDFW� VXU� O¶HQYLURQQHPHQW� �� /¶pWXGH� TXL�SHUPHW� G¶DSSUpFLHU�� G¶pYDOXHU� HW� GH� PHVXUHU� OHV� HIIHWV�GLUHFWV� HW� LQGLUHFWV�� j� FRXUW�� PR\HQ� HW� ORQJ� WHUPH� GH� OD�UpDOLVDWLRQ� GH� O¶XQLWp� VXU� O¶HQYLURQQHPHQW� HW� TXL� GRLW� rWUH�SUpVHQWpH� j� O¶DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH�O¶HQYLURQQHPHQW� SRXU� DYLV� DYDQW� O¶REWHQWLRQ� GH� WRXWHV�DXWRULVDWLRQV� DGPLQLVWUDWLYHV� UHODWLYHV� j� OD� UpDOLVDWLRQ� GH�O¶XQLWp��

��� /HV� WHUPHV� GH� UpIpUHQFHV� VHFWRULHOV��'HV� WHUPHV� GH�UpIpUHQFHV� JpQpUDOHV� UHODWLIV� DX[� VHFWHXUV� FRQFHUQpV� SDU�O¶DQQH[H� �� GX� SUpVHQW� GpFUHW�� pODERUpV� SDU� O¶DJHQFH�QDWLRQDOH�GH�SURWHFWLRQ�GH�O¶HQYLURQQHPHQW�DILQ�G¶rWUH�SULV�HQ� FRQVLGpUDWLRQ� SDU� OH� PDvWUH� GH� O¶RXYUDJH� RX� OH�SpWLWLRQQDLUH�� DX� FRXUV� GH� OD� SUpSDUDWLRQ� GH� O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW��

$UW�� ��� �� 6RQW� REOLJDWRLUHPHQW� VRXPLVHV� j� O¶pWXGH�G¶LPSDFW� VXU� O¶HQYLURQQHPHQW� OHV� XQLWpV� pQXPpUpHV� j�O¶DQQH[H���GX�SUpVHQW�GpFUHW��

/¶pWXGH� G¶LPSDFW� VXU� O¶HQYLURQQHPHQW� GRLW� rWUH�pODERUpH� SDU� GHV� EXUHDX[� G¶pWXGHV� RX� GHV� H[SHUWV�VSpFLDOLVpV�GDQV�OH�GRPDLQH��

$UW�������/HV�XQLWpV�pQXPpUpHV�j�O¶DQQH[H���GX�SUpVHQW�GpFUHW�VRQW�VRXPLVHV�j�XQ�FDKLHU�GHV�FKDUJHV�DSSURXYp�SDU�DUUrWp�GX�PLQLVWUH�FKDUJp�GH�O¶HQYLURQQHPHQW�HW�TXL�IL[HQW�OHV�PHVXUHV�HQYLURQQHPHQWDOHV�TXH�OH�PDvWUH�GH�O¶RXYUDJH�RX�OH�SpWLWLRQQDLUH�GRLW�UHVSHFWHU��

$UW�� ��� �� /¶DFWLYLWp� GH� O¶XQLWp� VRXPLVH� j� O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�RX�DX�FDKLHU�GHV�FKDUJHV�GRLW�rWUH�FRQIRUPH�j�OD�YRFDWLRQ�GH�OD�]RQH�G¶LPSODQWDWLRQ��DX[�SODQV�G¶DPpQDJHPHQW�HW�DX[�QRUPHV�HQ�YLJXHXU�UHODWLYHV�j�OD�SURWHFWLRQ�GH�O¶HQYLURQQHPHQW��

$UW�� ��� �� /¶DXWRULWp� RX� OHV� DXWRULWpV� FRPSpWHQWHV� FL��GHVVXV� YLVpHV� QH� SHXYHQW� GpOLYUHU� O¶DXWRULVDWLRQ� SRXU� OD�UpDOLVDWLRQ� GH� O¶XQLWp� VRXPLVH� j� O¶pWXGH� G¶LPSDFW� VXU�O¶HQYLURQQHPHQW� TX¶DSUqV� DYRLU� FRQVWDWp� TXH� O¶DJHQFH�QDWLRQDOH� GH� SURWHFWLRQ� GH� O¶HQYLURQQHPHQW� QH� V¶RSSRVH�SDV� j� VD� UpDOLVDWLRQ� RX� DSUqV� UpFHSWLRQ� GX� FDKLHU� GHV�FKDUJHV� VLJQp� HW� OpJDOLVp� FRQIRUPpPHQW� DX� PRGqOH�DSSURXYp�SDU�OH�PLQLVWUH�FKDUJp�GH�O¶HQYLURQQHPHQW��

/H�PDvWUH� GH� O¶RXYUDJH� RX� OH� SpWLWLRQQDLUH� QH� SHXW� VH�SUpYDORLU�G¶XQH�DXWRULVDWLRQ�DGPLQLVWUDWLYH�QRQ�FRQIRUPH�j�FHV�GLVSRVLWLRQV��

/¶DXWRULVDWLRQ� GH� UpDOLVDWLRQ� GpOLYUpH� j� FKDTXH� XQLWp�

VRXPLVH�j�O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�RX�DX�FDKLHU�

GHV� FKDUJHV�GRLW� FRPSRUWHU�SDUPL� VHV�YLVDV� OH� UHVSHFW� HW� OD�

PLVH�HQ�RHXYUH�GHV�PHVXUHV�FLWpHV�GDQV�O¶pWXGH�G¶LPSDFW�VXU�

O¶HQYLURQQHPHQW�RX�GDQV�OH�FDKLHU�GHV�FKDUJHV��

$UW�� ��� �� /H� FRQWHQX� GH� O¶pWXGH� G¶LPSDFW� VXU�O¶HQYLURQQHPHQW� GRLW� UHIOpWHU� O¶LQFLGHQFH� SUpYLVLEOH� GH�O¶XQLWp� VXU� O¶HQYLURQQHPHQW� HW� GRLW� FRPSUHQGUH� DX�PLQLPXP�OHV�pOpPHQWV�VXLYDQWV���

���'HVFULSWLRQ�GpWDLOOpH�GH�O¶XQLWp��

��� $QDO\VH� GH� O¶pWDW� LQLWLDO� GX� VLWH� HW� GH� VRQ�HQYLURQQHPHQW�SRUWDQW��QRWDPPHQW�VXU� OHV�pOpPHQWV�HW� OHV�UHVVRXUFHV� QDWXUHOOHV� VXVFHSWLEOHV� G¶rWUH� DIIHFWpHV� SDU� OD�UpDOLVDWLRQ�GH�O¶XQLWp��

���8QH� DQDO\VH� GHV� FRQVpTXHQFHV� SUpYLVLEOHV�� GLUHFWHV�HW� LQGLUHFWHV�� GH� O¶XQLWp� VXU� O¶HQYLURQQHPHQW�� HW� HQ�SDUWLFXOLHU�OHV�UHVVRXUFHV�QDWXUHOOHV��OHV�GLIIpUHQWHV�HVSqFHV�GH� OD� IDXQH� HW� GH� OD� IORUH� HW� OHV� ]RQHV� EpQpILFLDQW� G¶XQH�SURWHFWLRQ�MXULGLTXH��QRWDPPHQW�OHV�IRUrWV��OHV�]RQHV�HW�OHV�SD\VDJHV� QDWXUHOV� RX� KLVWRULTXHV�� OHV� ]RQHV� VHQVLEOHV�� OHV�HVSDFHV�SURWpJpV��OHV�SDUFV�QDWLRQDX[�OHV�SDUFV�XUEDLQV��

��� /HV�PHVXUHV�HQYLVDJpHV�SDU�OH�PDvWUH�GH�O¶RXYUDJH�RX�OH�SpWLWLRQQDLUH�SRXU�pOLPLQHU�RX�UpGXLUH�HW��VL�SRVVLEOH��FRPSHQVHU� OHV�FRQVpTXHQFHV�GRPPDJHDEOHV�GH�O¶XQLWp�VXU�O¶HQYLURQQHPHQW�HW�O¶HVWLPDWLRQ�GHV�FR�WV�FRUUHVSRQGDQWV��

Page 92: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

��� 8Q� SODQ� GpWDLOOp� GH� JHVWLRQ� HQYLURQQHPHQWDOH� GH�

O¶XQLWp��

/H� GpWDLO� GHV� pOpPHQWV� UHTXLV� DX� WHUPH� GX� SUpVHQW�

DUWLFOH� HVW� GpILQL� GDQV� GHV� WHUPHV� GH� UpIpUHQFHV� VHFWRULHOV�

pODERUpV� SDU� O¶DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH�

O¶HQYLURQQHPHQW��

$UW�������/H�PDvWUH�GH�O¶RXYUDJH�RX�OH�SpWLWLRQQDLUH�GRLW�

pODERUHU�O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�GH�VRQ�XQLWp�

HQ� VH� EDVDQW� VXU� OHV� WHUPHV� GH� UpIpUHQFHV� VHFWRULHOV�

PHQWLRQQpV�DX�GHUQLHU�SDUDJUDSKH�GH�O¶DUWLFOH���GX�SUpVHQW�

GpFUHW��

/HV� IUDLV� GH� OD� UpDOLVDWLRQ� GH� O¶pWXGH� G¶LPSDFW� VXU�

O¶HQYLURQQHPHQW�VRQW�j�OD�FKDUJH�GX�PDvWUH�GH�O¶RXYUDJH�RX�

GX�SpWLWLRQQDLUH��

$UW�������/H�PDvWUH�GH�O¶RXYUDJH�RX�OH�SpWLWLRQQDLUH�GRLW�

GpSRVHU� WURLV� H[HPSODLUHV� ���� GH� O¶pWXGH� G¶LPSDFW� VXU�

O¶HQYLURQQHPHQW� RX� XQ� H[HPSODLUH� ���� GX� FDKLHU� GHV�

FKDUJHV� VLJQp� HW� OpJDOLVp� DXSUqV� GH� O¶DJHQFH� QDWLRQDOH� GH�

SURWHFWLRQ� GH� O¶HQYLURQQHPHQW� HW� HQ� XQ� H[HPSODLUH� ����

DXSUqV� GH� FKDTXH� PLQLVWqUH� KDELOLWp� j� LQWHUYHQLU� GDQV�

O¶RFWURL�GH�O¶DXWRULVDWLRQ��

$UW�� ��� �� /¶DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH�

O¶HQYLURQQHPHQW� GLVSRVH� G¶XQ� GpODL� GH� YLQJW� HW� XQ� MRXUV�

RXYUDEOHV� ���� MRXUV�� j� FRPSWHU� GH� OD� UpFHSWLRQ�GH� O¶pWXGH�

G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�SRXU�OHV�XQLWpV�pQXPpUpHV�j�

OD� FDWpJRULH� $� GH� O¶DQQH[H� �� GX� SUpVHQW� GpFUHW�� HW� G¶XQ�

GpODL� GH� WURLV� PRLV� RXYUDEOHV� ��� PRLV�� SRXU� OHV� XQLWpV�

pQXPpUpHV�j�OD�FDWpJRULH�%�GH�O¶DQQH[H���GX�SUpVHQW�GpFUHW�

SRXU� QRWLILHU� VD� GpFLVLRQ� G¶RSSRVLWLRQ� j� OD� UpDOLVDWLRQ� GH�

O¶XQLWp�� HW� j� O¶H[SLUDWLRQ� GH� FHV� GpODLV�� O¶DFFRUG� HVW�

FRQVLGpUp�WDFLWH�SRXU�OD�UpDOLVDWLRQ�GH�O¶XQLWp��

/H� GpODL� GH� YLQJW� HW� XQ� MRXUV� RXYUDEOHV� ���� MRXUV�� HVW�

SURORQJp� j� WURLV�PRLV� RXYUDEOHV� ���PRLV�� SRXU� OHV� XQLWpV�

pQXPpUpHV�j�OD�FDWpJRULH�$�GH�O¶DQQH[H���GX�SUpVHQW�GpFUHW�

HW�TXL�SHXYHQW�DYRLU�GHV�LPSDFWV�VXU� OHV�]RQHV�EpQpILFLDQW�

G¶XQH�SURWHFWLRQ�MXULGLTXH��QRWDPPHQW�OHV�IRUrWV��OHV�]RQHV�

HW�OHV�SD\VDJHV�QDWXUHOV�RX�KLVWRULTXHV��OHV�]RQHV�VHQVLEOHV��

OHV�HVSDFHV�SURWpJpV��OHV�SDUFV�QDWLRQDX[��OHV�SDUFV�XUEDLQV�

HW�OHV�GLIIpUHQWHV�HVSqFHV�GH�OD�IDXQH�HW�GH�OD�IORUH��

$UW�� ���� �� /RUVTXH� O¶XQLWp� SHXW� DYRLU� XQ� HIIHW� VXU� OHV�]RQHV� EpQpILFLDQW� G¶XQH� SURWHFWLRQ� MXULGLTXH�� QRWDPPHQW�OHV�IRUrWV��OHV�]RQHV�HW�OHV�SD\VDJHV�QDWXUHOV�RX�KLVWRULTXHV��OHV� ]RQHV� VHQVLEOHV�� OHV� HVSDFHV� SURWpJpV�� OHV� SDUFV�QDWLRQDX[��OHV�SDUFV�XUEDLQV�HW�OHV�GLIIpUHQWHV�HVSqFHV�GH�OD�IDXQH� HW� GH� OD� IORUH�� O¶DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH�O¶HQYLURQQHPHQW� GHPDQGH� O¶DYLV� GX� JHVWLRQQDLUH� GH� FHV�]RQHV�RX�FHV�HVSDFHV�SRXU�OD�UpDOLVDWLRQ�GH�O¶XQLWp��

/H�JHVWLRQQDLUH�GH�FHV�]RQHV�RX�FHV�HVSDFHV�GRLW� IDLUH�FRQQDvWUH� VRQ� DYLV� j� O¶DJHQFH� QDWLRQDOH� GH� SURWHFWLRQ� GH�O¶HQYLURQQHPHQW� GDQV� XQ� GpODL�PD[LPXP�GH� TXLQ]H� MRXUV�RXYUDEOHV� ���� MRXUV�� j� FRPSWHU� GH� VD� QRWLILFDWLRQ�� $�O¶H[SLUDWLRQ�GH�FH�GpODL�� O¶DFFRUG�HVW�FRQVLGpUp� WDFLWH�SRXU�OD�UpDOLVDWLRQ�GH�O¶XQLWp��

$UW�� ��� �� $X� FDV� R�� OHV� PHVXUHV� PHQWLRQQpHV� GDQV�O¶pWXGH�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW�RX�GDQV�OH�FDKLHU�GHV�FKDUJHV�Q¶RQW�SDV�pWp�UHVSHFWpHV��O¶DXWRULVDWLRQ�VHUD�UHWLUpH�SDU�O¶DXWRULWp�RX�OHV�DXWRULWpV�FRPSpWHQWHV�FRQFpGDQWHV��

$UW�� ��� �� /HV� GLVSRVLWLRQV� GX� SUpVHQW� GpFUHW�V¶DSSOLTXHQW� DX[� QRXYHDX[� pTXLSHPHQWV� RX� SURMHWV�LQGXVWULHOV�� DJULFROHV� RX� FRPPHUFLDX[� DLQVL� TX¶DX[�pTXLSHPHQWV� RX� SURMHWV� LQGXVWULHOV�� DJULFROHV� RX�FRPPHUFLDX[� H[LVWDQWV� TXL� IRQW� O¶REMHW� G¶H[WHQVLRQ�� GH�WUDQVIRUPDWLRQ� RX� GH� FKDQJHPHQW� GH� OHXUV� SURFpGpV� GH�IDEULFDWLRQ��FLWpV�DX[�GHX[�DQQH[HV�GX�SUpVHQW�GpFUHW��

$UW�� ��� �� 6RQW� DEURJpHV�� OHV� GLVSRVLWLRQV� GX� GpFUHW����������Q� �������GX����PDUV�������UHODWLI�DX[�pWXGHV�G¶LPSDFW�VXU�O¶HQYLURQQHPHQW��

$UW�� ��� �� /H� PLQLVWUH� GH� O¶HQYLURQQHPHQW� HW� GX�GpYHORSSHPHQW�GXUDEOH��OH�PLQLVWUH�GH�OD�GpIHQVH�QDWLRQDOH��OH�PLQLVWUH� GX� FRPPHUFH� HW� GH� O¶DUWLVDQDW�� OH� PLQLVWUH� GH�O¶LQWpULHXU� HW� GX� GpYHORSSHPHQW� ORFDO�� OH� PLQLVWUH� GH�O¶DJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� OH� PLQLVWUH� GH�O¶pTXLSHPHQW��GH�O¶KDELWDW�HW�GH�O¶DPpQDJHPHQW�GX�WHUULWRLUH��OH� PLQLVWUH� GHV� DIIDLUHV� VRFLDOHV�� GH� OD� VROLGDULWp� HW� GHV�7XQLVLHQV� j� O¶pWUDQJHU�� OH� PLQLVWUH� GH� OD� FXOWXUH� HW� GH� OD�VDXYHJDUGH�GX�SDWULPRLQH��OH�PLQLVWUH�GX�WRXULVPH��OH�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH�HW�OH�PLQLVWUH�GH�O¶LQGXVWULH��GH�O¶pQHUJLH�HW�GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV�VRQW�FKDUJpV��FKDFXQ�HQ�FH�TXL�OH�FRQFHUQH��GH�O¶H[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

Page 93: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 94: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 95: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 96: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 97: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

0,1,67(5(�'(�/(48,3(0(17��

'(�/+$%,7$7�(7�'(�/$0(1$*(0(17�

'8�7(55,72,5(�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�FUpDWLRQ�GXQH�XQLWp�GH�JHVWLRQ�SDU�REMHFWLIV�SRXU�ODFKqYHPHQW� GH� OD� UpDOLVDWLRQ� GX� SURMHW� GH�FRQVWUXFWLRQ� GH� OD� FLWp� GH� OD� FXOWXUH� GH� 7XQLV� HW�IL[DQW� VRQ� RUJDQLVDWLRQ� HW� OHV� PRGDOLWpV� GH� VRQ�IRQFWLRQQHPHQW��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH��

6XU� SURSRVLWLRQ� GH� OD� PLQLVWUH� GH� OpTXLSHPHQW�� GH�OKDELWDW�HW�GH�ODPpQDJHPHQW�GX�WHUULWRLUH��

9X�OD�ORL�Q� �������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW� OD� ORL� Q�� ������ GX� ��� RFWREUH� ������ OD� ORL��Q��������GX����GpFHPEUH������HW� OD� ORL�Q����������GX����PDUV�������

9X� OH� GpFUHW� Q�� ������ GX� ��� IpYULHU� ������ IL[DQW� OHV�DWWULEXWLRQV� GX� PLQLVWqUH� GH� OpTXLSHPHQW�� WHO� TXLO� D� pWp�PRGLILp� HW� FRPSOpWp� SDU� OH� GpFUHW� Q�� ������� GX� �� IpYULHU�������

9X�OH�GpFUHW�Q� �������GX����IpYULHU�������UpJOHPHQWDQW�OHV� FRQGLWLRQV� G¶DWWULEXWLRQ� HW� GH� UHWUDLW� GHV� HPSORLV�IRQFWLRQQHOV� G¶DGPLQLVWUDWLRQ� FHQWUDOH�� WHO� TXH� PRGLILp� HW�FRPSOpWp�SDU�OH�GpFUHW�Q� ��������GX����VHSWHPEUH������HW�OH�GpFUHW�Q�������������GX����QRYHPEUH�������

9X� OH� GpFUHW� Q�� �������� GX� ��� MXLOOHW� ������ SRUWDQW�RUJDQLVDWLRQ�GX�PLQLVWqUH�GH�OpTXLSHPHQW�HW�GH�OKDELWDW��WHO�TXLO�D�pWp�PRGLILp�HW�FRPSOpWp�SDU�OH�GpFUHW�Q���������GX���IpYULHU�������

9X� OH�GpFUHW�Q����������GX����GpFHPEUH�������SRUWDQW�UpJOHPHQWDWLRQ�GH�OD�FRQVWUXFWLRQ�GHV�EkWLPHQWV�FLYLOV��

9X� OH� GpFUHW� Q�� ������ GX� ��� MDQYLHU� ������ IL[DQW� OHV�SODQV�GH�PLVH�j�QLYHDX�GH� ODGPLQLVWUDWLRQ�HW� OHV�PRGDOLWpV�GH�OHXU�pODERUDWLRQ��UpDOLVDWLRQ�HW�VXLYL��

9X� OH� GpFUHW� Q�� �������� GX� �� MXLOOHW� ������ SRUWDQW�FUpDWLRQ�GHV�XQLWpV�GH�JHVWLRQ�SDU�REMHFWLIV��

9X� OH� GpFUHW� Q�� ���������� GX� ��� QRYHPEUH� ������SRUWDQW�QRPLQDWLRQ�GHV�PHPEUHV�GX�JRXYHUQHPHQW��

9X�ODYLV�GX�PLQLVWUH�GHV�ILQDQFHV��

9X�ODYLV�GX�WULEXQDO�DGPLQLVWUDWLI��

'pFUqWH���

$UWLFOH� SUHPLHU�� �� ,O� HVW� FUpp� DX� VHLQ� GX� PLQLVWqUH� GH�OpTXLSHPHQW��GH�OKDELWDW�HW�GH�ODPpQDJHPHQW�GX�WHUULWRLUH��XQH� XQLWp� GH�JHVWLRQ�SDU� REMHFWLIV� SRXU� ODFKqYHPHQW� GH� OD�UpDOLVDWLRQ�GX�SURMHW�GH�FRQVWUXFWLRQ�GH�OD�FLWp�GH�OD�FXOWXUH�GH� 7XQLV� SODFpH� VRXV� ODXWRULWp� GX� GLUHFWHXU� JpQpUDO� GHV�EkWLPHQWV�FLYLOV��

$UW�������/HV�PLVVLRQV�GH�OXQLWp�GH�JHVWLRQ�SDU�REMHFWLIV�SRXU� ODFKqYHPHQW� GH� OD� UpDOLVDWLRQ� GX� SURMHW� GH�FRQVWUXFWLRQ�GH�OD�FLWp�GH�OD�FXOWXUH�GH�7XQLV��FRQVLVWHQW�HQ�FH�TXL�VXLW���

��YHLOOHU�j�OH[pFXWLRQ�GHV�GLIIpUHQWHV�RSpUDWLRQV�UHQWUDQW�GDQV�OH�FDGUH�GX�SURMHW��

��FRRUGRQQHU�OHV�SKDVHV�GH�UpDOLVDWLRQ�HIIHFWLYH�GX�SURMHW�HQ�YXH�GDVVXUHU�OHXU�KDUPRQLVDWLRQ�DYHF�OHV�REMHFWLIV�IL[pV��

�� SUHQGUH� OHV� GpFLVLRQV� DGpTXDWHV� HQ� WHPSV� RSSRUWXQ�SRXU�UpDMXVWHU�OD�PDUFKH�GX�SURMHW��

(W�GXQH�PDQLqUH�JpQpUDOH��DVVXUHU�WRXWH�PLVVLRQ�UHQWUDQW�GDQV�OH�FDGUH�GX�SURMHW�TXL�OXL�VHUD�FRQILpH�SDU�ODXWRULWp�GH�WXWHOOH��

$UW�������/D�GXUpH�GH�UpDOLVDWLRQ�GHV�WUDYDX[�UHVWDQW�GDQV�OH�FDGUH�GXGLW�SURMHW�HVW� IL[pH�j�TXDWUH�DQV�j�FRPSWHU�GH�OD�GDWH� GHQWUpH� HQ� YLJXHXU� GX� SUpVHQW� GpFUHW� HW� FRPSRUWHUD�WURLV�pWDSHV���

�� OD� SUHPLqUH� pWDSH� HVW� OLPLWpH� j� YLQJW� VHSW� PRLV� j�FRPSWHU�GH�OD�GDWH�GHQWUpH�HQ�YLJXHXU�GX�SUpVHQW�GpFUHW�HW�GXUDQW�FHWWH�SpULRGH��OXQLWp�GH�JHVWLRQ�VHUD�FKDUJpH�GX�VXLYL�HW�GX�FRQWU{OH�GH�OD�UpDOLVDWLRQ�GHV�WUDYDX[�VXU�OH�WHUUDLQ��

��OD�GHX[LqPH�pWDSH�HVW�OLPLWpH�j�VL[�PRLV�j�FRPSWHU�GH�OD� GDWH� GH� OD� ILQ� GH� OD� SUHPLqUH� pWDSH� HW� FRQFHUQH� OHV�SUpSDUDWLRQV�QpFHVVDLUHV�j�OD�UpFHSWLRQ�SURYLVRLUH��

��OD�WURLVLqPH�pWDSH�HVW�OLPLWpH�j�TXLQ]H�PRLV�j�FRPSWHU�GH� OD� GDWH� GH� OD� ILQ� GH� OD� GHX[LqPH� pWDSH� HW� FRQFHUQH� OHV�SUpSDUDWLRQV� QpFHVVDLUHV� j� OD� UpFHSWLRQ� GpILQLWLYH� GHV�WUDYDX[� HW� OD� FRRUGLQDWLRQ� HQWUH� OHV� GLIIpUHQWHV� SDUWLHV�LQWHUYHQDQWHV� SRXU� OpODERUDWLRQ� GpILQLWLYH� GHV� GRVVLHUV�FRPSWDEOHV� HW� OHXU� SUpVHQWDWLRQ� j� OD� FRPPLVVLRQ� GHV�PDUFKpV�FRQFHUQpH�SRXU�DSSUREDWLRQ��

$UW�� ��� �� /HV� UpVXOWDWV� GX� SURMHW� VRQW� pYDOXpV�FRQIRUPpPHQW�DX[�FULWqUHV�VXLYDQWV���

��OH�GHJUp�GH�UHVSHFW�GHV�GpODLV�GH[pFXWLRQ�GX�SURMHW��GH�OHXUV�pWDSHV�HW�OHV�HIIRUWV�HQWUHSULV�SRXU�OHV�UpGXLUH��

�� OD� UpDOLVDWLRQ� GHV� REMHFWLIV� HVFRPSWpV� GX�SURMHW� HW� OHV�PHVXUHV�SULVHV�SRXU�DXJPHQWHU�OHXU�UHQWDELOLWp��

��OH�FR�W�GX�SURMHW�HW�OHV�HIIRUWV�HQWUHSULV�SRXU�OH�UpGXLUH��

�� OHV� GLIILFXOWpV� UHQFRQWUpHV� ORUV� GH� OD� UpDOLVDWLRQ� GX�

SURMHW�HW�OD�PDQLqUH�GH�OHV�VXUPRQWHU��

�� OH� V\VWqPH� GH� VXLYL� HW� GpYDOXDWLRQ� SURSUH� j� OXQLWp� GH�JHVWLRQ�HW� VRQ�GHJUp�GHIILFDFLWp�TXDQW�j� OD�GpWHUPLQDWLRQ�GHV�GRQQpHV�UHODWLYHV�j�ODYDQFHPHQW�GH�OD�UpDOLVDWLRQ�GX�SURMHW��

�� OHIILFDFLWp� GLQWHUYHQWLRQ� SRXU� UpDMXVWHU� OD�PDUFKH� GX�SURMHW��

$UW�� ��� �� /XQLWp� GH� JHVWLRQ� SDU� REMHFWLIV� SRXU�ODFKqYHPHQW�GH� OD� UpDOLVDWLRQ�GX�SURMHW�GH�FRQVWUXFWLRQ�GH�OD� FLWp� GH� OD� FXOWXUH� GH� 7XQLV�� FRPSUHQG� OHV� HPSORLV�IRQFWLRQQHOV�VXLYDQWV���

� OH� FKHI�GH� OXQLWp� DYHF� UDQJ�HW�DYDQWDJHV�GH�GLUHFWHXU�GDGPLQLVWUDWLRQ�FHQWUDOH��FKDUJp���

���GH�OD�GLUHFWLRQ�GX�SURMHW��

��� GH� YHLOOHU� j� OD� UpDOLVDWLRQ� GHV� PLVVLRQV� DWWULEXpHV� j�OXQLWp��

���GX�VXLYL�DGPLQLVWUDWLI�HW�ILQDQFLHU�GX�SURMHW��

� XQ� VRXV�GLUHFWHXU� DYHF� UDQJ� HW� DYDQWDJHV� GH� VRXV�GLUHFWHXU�GDGPLQLVWUDWLRQ�FHQWUDOH�FKDUJp�GH�OD�FRRUGLQDWLRQ�HQWUH�OHV�GLIIpUHQWHV�SDUWLHV�LQWHUYHQDQWHV��

�XQ�FKHI�GH�VHUYLFH�DYHF�UDQJ�HW�DYDQWDJHV�GH�FKHI�GH�VHUYLFH� GDGPLQLVWUDWLRQ� FHQWUDOH� FKDUJp� GX� VXLYL� HW� GX�FRQWU{OH�GHV�WUDYDX[��ORW�JpQLH�FLYLO���

�XQ�FKHI�GH�VHUYLFH�DYHF�UDQJ�HW�DYDQWDJHV�GH�FKHI�GH�VHUYLFH� GDGPLQLVWUDWLRQ� FHQWUDOH� FKDUJp� GX� VXLYL� HW� GX�FRQWU{OH�GHV�WUDYDX[��ORWV�VSpFLDX[���

Page 98: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

� XQ� FKHI� GH� VHUYLFH� DYHF� UDQJ� HW� DYDQWDJHV� GH� FKHI� GH�VHUYLFH�GDGPLQLVWUDWLRQ�FHQWUDOH�FKDUJp�GX�VXLYL�HW�GX�FRQWU{OH�GHV�WUDYDX[��ORWV�GHV�pTXLSHPHQWV�GH�OLVRODWLRQ�VRQRUH���

$UW�������,O�HVW�FUpp�DX�VHLQ�GX�PLQLVWqUH�GH�OpTXLSHPHQW��GH� OKDELWDW� HW� GH� ODPpQDJHPHQW� GX� WHUULWRLUH�� XQH�FRPPLVVLRQ� SUpVLGpH� SDU� OD� PLQLVWUH� GH� OpTXLSHPHQW�� GH�OKDELWDW� HW� GH� ODPpQDJHPHQW� GX� WHUULWRLUH� RX� VRQ�UHSUpVHQWDQW�� FKDUJpH� GH[DPLQHU� WRXWHV� OHV� TXHVWLRQV�UHODWLYHV� DX� VXLYL� HW� j� OpYDOXDWLRQ� GHV�PLVVLRQV� FRQILpHV� j�OXQLWp�GH�JHVWLRQ�SDU�REMHFWLIV�FL�GHVVXV� LQGLTXpH�VHORQ�OHV�FULWqUHV�IL[pV�j�ODUWLFOH���GX�SUpVHQW�GpFUHW��

/HV� PHPEUHV� GH� ODGLWH� FRPPLVVLRQ� VRQW� GpVLJQpV� SDU�DUUrWp�GX�3UHPLHU�PLQLVWUH�VXU�SURSRVLWLRQ�GH�OD�PLQLVWUH�GH�OpTXLSHPHQW��GH�OKDELWDW�HW�GH�ODPpQDJHPHQW�GX�WHUULWRLUH��

/D�GLUHFWLRQ�JpQpUDOH� GHV� EkWLPHQWV� FLYLOV�GX�PLQLVWqUH�GH� OpTXLSHPHQW�� GH� OKDELWDW� HW� GH� ODPpQDJHPHQW� GX�WHUULWRLUH�HVW�FKDUJpH�GX�VHFUpWDULDW�GH�ODGLWH�FRPPLVVLRQ��

/D� FRPPLVVLRQ� VH� UpXQLW� VXU� FRQYRFDWLRQ� GH� VRQ�SUpVLGHQW�XQH�IRLV�WRXV�OHV�VL[�PRLV�DX�PRLQV�HW�FKDTXH�IRLV�TXH� OD�QpFHVVLWp� OH[LJH��(OOH�QH�SHXW�GpOLEpUHU�YDODEOHPHQW�TXHQ�SUpVHQFH�GH�OD�PRLWLp�DX�PRLQV�GH�VHV�PHPEUHV��

/HV�GpFLVLRQV�GH�OD�FRPPLVVLRQ�VRQW�SULVHV�j�OD�PDMRULWp�GHV� YRL[� GH� VHV�PHPEUHV� SUpVHQWV� HW� HQ� FDV� GH�SDUWDJH�� OD�YRL[�GX�SUpVLGHQW�HVW�SUpSRQGpUDQWH��

$UW�������/D�PLQLVWqUH�GH�OpTXLSHPHQW��GH�OKDELWDW�HW�GH�ODPpQDJHPHQW� GX� WHUULWRLUH� VRXPHW� XQ� UDSSRUW� DQQXHO� DX�3UHPLHU� PLQLVWUH� VXU� ODFWLYLWp� GH� OXQLWp� GH� JHVWLRQ� SDU�REMHFWLIV� SRXU� ODFKqYHPHQW� GH� OD� UpDOLVDWLRQ� GX� SURMHW� GH�FRQVWUXFWLRQ�GH�OD�FLWp�GH�OD�FXOWXUH�GH�7XQLV��FRQIRUPpPHQW�DX[� GLVSRVLWLRQV� GH� ODUWLFOH� �� GX� GpFUHW� Q�� �������� GX� ��MXLOOHW������VXVYLVp��

$UW�������/H�3UHPLHU�PLQLVWUH��OH�PLQLVWUH�GHV�ILQDQFHV�HW�OD� PLQLVWUH� GH� OpTXLSHPHQW�� GH� OKDELWDW� HW� GH�ODPpQDJHPHQW�GX� WHUULWRLUH�VRQW�FKDUJpV��FKDFXQ�HQ�FH�TXL�OH�FRQFHUQH��GH�OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ SRUWDQW�FKDQJHPHQW�GH�YRFDWLRQ�GXQH�SDUFHOOH�GH�WHUUDLQ�VLVH� j� .VDU� 6DwG�� GpOpJDWLRQ� GH� 'HQGHQ� GH� ]RQH�YHUWH�pTXLSpH�HQ�]RQH�GpTXLSHPHQW�FROOHFWLI��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH��

6XU� SURSRVLWLRQ� GH� OD� PLQLVWUH� GH� OpTXLSHPHQW�� GH�OKDELWDW�HW�GH�ODPpQDJHPHQW�GX�WHUULWRLUH��

9X�OD�ORL�Q� ������GX����PDL�������SRUWDQW�SURPXOJDWLRQ�

GH�OD� ORL�RUJDQLTXH�GHV�FRPPXQHV��HQVHPEOH�OHV�WH[WHV�TXL�

ORQW�PRGLILpH� RX� FRPSOpWpH� HW� QRWDPPHQW� OD� ORL� Q�� ������

GX����MXLOOHW�������

9X� OH� FRGH� GH� ODPpQDJHPHQW� GX� WHUULWRLUH� HW� GH�

OXUEDQLVPH�SURPXOJXp�SDU�OD�ORL�Q���������GX����QRYHPEUH�

������WHO�TXH�PRGLILp�HW�FRPSOpWp�SDU�OD�ORL�Q����������GX�

���GpFHPEUH������HW�QRWDPPHQW�VRQ�DUWLFOH�����

9X� OH� GpFUHW� Q�� ������ GX� ��� IpYULHU� ������ IL[DQW� OHV�

DWWULEXWLRQV�GX�PLQLVWqUH�GH�OpTXLSHPHQW��WHO�TXLO�D�pWp�PRGLILp�

HW�FRPSOpWp�SDU�OH�GpFUHW�Q���������GX���IpYULHU�������

9X� OH� GpFUHW� Q�� ������� GX� �� IpYULHU� ������ SRUWDQW�FUpDWLRQ�GH�OD�FRPPXQH�GH�'HQGHQ��

9X� OH� SODQ� GDPpQDJHPHQW� XUEDLQ� GH� OD� FRPPXQH� GH�'HQGHQ� DSSURXYp� SDU� ODUUrWp� GX� JRXYHUQHXU� GH�0DQRXED�GX����PDL�������

9X� OHV� GpOLEpUDWLRQV� GX� FRQVHLO� PXQLFLSDO� GH� 'HQGHQ�UpXQL�OH���MXLOOHW�������

9X� ODYLV� GX� PLQLVWUH� GH� OHQYLURQQHPHQW� HW� GX�GpYHORSSHPHQW�GXUDEOH��

9X�ODYLV�GX�WULEXQDO�DGPLQLVWUDWLI��

'pFUqWH���

$UWLFOH� SUHPLHU�� �� /D� YRFDWLRQ� GH� OD� SDUFHOOH� GH� WHUUDLQ�

Q�� �� GX� WLWUH� IRQFLHU� Q�� ���������� VLVH� j� .VDU� 6DwG��

GpOpJDWLRQ�GH�'HQGHQ��GXQH�VXSHUILFLH�GH����K����D����FD��

HW�GpOLPLWpH�SDU�XQ�OLVHUp�YHUW�VXU�OH�SODQ�DQQH[p�DX�SUpVHQW�

GpFUHW�� HVW� FKDQJpH� GH� ]RQH� YHUWH� pTXLSpH� HQ� ]RQH�

GpTXLSHPHQWV�FROOHFWLIV��

$UW�������/HV�PLQLVWUHV�GH�OpTXLSHPHQW��GH�OKDELWDW�HW�GH�

ODPpQDJHPHQW� GX� WHUULWRLUH� HW� GH� OHQYLURQQHPHQW� HW� GX�

GpYHORSSHPHQW� GXUDEOH� VRQW� FKDUJpV�� FKDFXQ� HQ� FH� TXL� OH�

FRQFHUQH��GH�OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�

-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

120,1$7,216�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

/HV� LQJpQLHXUV� SULQFLSDX[�� GRQW� OHV� QRPV� VXLYHQW�� VRQW�

QRPPpV�DX�JUDGH�GLQJpQLHXU�HQ�FKHI���

��0RQVLHXU�-HQ]HUL�0RQJL��

��0RQVLHXU�%ULNL�$EGHOPDMLG��

0$,17,(1�(1�$&7,9,7(�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� )DUKDW� 0HGLQL�� DGPLQLVWUDWHXU� JpQpUDO��SUpVLGHQW�GLUHFWHXU� JpQpUDO� GH� ODJHQFH� IRQFLqUH�GKDELWDWLRQ��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�SpULRGH�GXQH�DQQpH� GDQV� OH� VHFWHXU� SXEOLF�� HW� FH�� j� FRPSWHU� GX� �

HU

�QRYHPEUH�������

0,1,67(5(�'8�&200(5&(��

(7�'(�/$57,6$1$7�

'pFUHW� Q�� ���������� GX� ��� MXLOOHW� ������ IL[DQW� OHV�SURFpGXUHV� GH� UpDOLVDWLRQ� GHV� YHQWHV� HW� GHV�SUHVWDWLRQV� GH� VHUYLFHV� VXU� OH�PDUFKp� ORFDO� SRXU�OHV�HQWUHSULVHV�WRWDOHPHQW�H[SRUWDWULFHV��

/H�3UpVLGHQW�GH�OD�5pSXEOLTXH��

6XU�SURSRVLWLRQ�GX�PLQLVWUH�FRPPHUFH�HW�GH�ODUWLVDQDW��

9X�OH�FRGH�GHV�GRXDQHV�SURPXOJXp�SDU�OH�GpFUHW�EH\OLFDO�GX����GpFHPEUH�������SRUWDQW� UHIRQWH�HW�FRGLILFDWLRQ�GH� OD�OpJLVODWLRQ� GRXDQLqUH�� WHO� TXH� PRGLILp� HW� FRPSOpWp�QRWDPPHQW�SDU�OD�ORL�Q����������GX���DR�W�������

Page 99: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

9X� OH� FRGH� GLQFLWDWLRQ� DX[� LQYHVWLVVHPHQWV� SURPXOJXp�SDU� OD� ORL� Q�� ������� GX� ��� GpFHPEUH� ������ WHOOH� TXH�PRGLILpH� HW� FRPSOpWpH�QRWDPPHQW�SDU� OHV� DUWLFOHV����HW����GH�OD�ORL�Q����������UHODWLYH�j�OD�ORL�GHV�ILQDQFHV�������

9X� OH� GpFUHW� Q�� ������� GX� �� IpYULHU� ������ IL[DQW� OHV�FRQGLWLRQV�GHV�YHQWHV�SRXYDQW�rWUH�HIIHFWXpHV�HQ�7XQLVLH�SDU�OHV�HQWUHSULVHV�WRWDOHPHQW�H[SRUWDWULFHV��

9X� ODYLV� GX� PLQLVWUH� GHV� ILQDQFHV�� GX� PLQLVWUH� GH�OLQGXVWULH�� GH� OpQHUJLH� HW� GHV� SHWLWHV� HW� PR\HQQHV�HQWUHSULVHV�� GX� PLQLVWUH� GX� GpYHORSSHPHQW� HW� GH� OD�FRRSpUDWLRQ� LQWHUQDWLRQDOH�HW�GX�PLQLVWUH�GH� ODJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV��

9X�ODYLV�GX�WULEXQDO�DGPLQLVWUDWLI��

'pFUqWH���

$UWLFOH� SUHPLHU�� �� /HV� HQWUHSULVHV� WRWDOHPHQW�

H[SRUWDWULFHV�SHXYHQW�pFRXOHU�VXU�OH�PDUFKp�ORFDO�XQH�SDUWLH�

GH� OHXU� SURGXFWLRQ� RX� OD� SUHVWDWLRQ� GXQH� SDUWLH� GH� OHXUV�

VHUYLFHV� FRQIRUPpPHQW� DX[� DUWLFOHV� ��� HW� ��� GX� FRGH�

GLQFLWDWLRQ� DX[� LQYHVWLVVHPHQWV�� HW� FH�� GDQV� XQH� OLPLWH� QH�

GpSDVVDQW�SDV�����GH���

�� OHXU� FKLIIUH�GDIIDLUHV�j� OH[SRUWDWLRQ�� HQ�DSSOLTXDQW� OH�

SUL[� GpSDUW� XVLQH�� UpDOLVp� GXUDQW� ODQQpH� FDOHQGDLUH�

SUpFpGHQWH�SRXU�OHV�HQWUHSULVHV�LQGXVWULHOOHV��

�� OHXU� FKLIIUH� GDIIDLUHV� j� OH[SRUWDWLRQ� UpDOLVp� GXUDQW�ODQQpH� FDOHQGDLUH� SUpFpGHQWH� SRXU� OHV� HQWUHSULVHV� RSpUDQW�GDQV�OH�VHFWHXU�GHV�VHUYLFHV��

��OHXU�YDOHXU�WRWDOH�GH�SURGXFWLRQ�UpDOLVpH�GXUDQW�ODQQpH�FDOHQGDLUH� SUpFpGHQWH� j� FRQGLWLRQ� GHQ� H[SRUWHU� ���� DX�PRLQV�SRXU�OHV�HQWUHSULVHV�DJULFROHV�HW�GH�SrFKH��7RXWHIRLV��OHV� HQWUHSULVHV� GDTXDFXOWXUH�� OH� WDX[� GpFRXOHPHQW� VXU� OH�PDUFKp� ORFDO�DXWRULVp�HVW�FDOFXOp�VXU� OD�EDVH�GH� OD�TXDQWLWp�GH�SURGXFWLRQ�UpDOLVpH�GXUDQW�ODQQpH�FDOHQGDLUH�SUpFpGHQWH��

6RXV�UpVHUYH�GHV�GLVSRVLWLRQV�GX�SDUDJUDSKH�SUHPLHU�GX�SUpVHQW� DUWLFOH�� OHV� HQWUHSULVHV� WRWDOHPHQW� H[SRUWDWULFHV�QRXYHOOHPHQW� pWDEOLHV� RX� QRXYHOOHPHQW� HQWUpHV� HQ� DFWLYLWp�SHXYHQW�YHQGUH�XQH�SDUWLH�GH�OHXU�SURGXFWLRQ�FDOFXOpH�VXU�OD�EDVH� GH� OHXU� FKLIIUH� GDIIDLUHV� j� OH[SRUWDWLRQ� UpDOLVp� GqV� OH�GpEXW�GH�ODFWLYLWp�SRXU�OHV�HQWUHSULVHV�LQGXVWULHOOHV�HW�FHOOHV�RSpUDQW�GDQV�OH�VHFWHXU�GHV�VHUYLFHV��RX�GH�OD�YDOHXU�JOREDOH�GH�OD�SURGXFWLRQ�RX�GH�OD�TXDQWLWp�GH�OD�SURGXFWLRQ�UpDOLVpH�GqV�OH�GpEXW�GH�ODFWLYLWp�UHVSHFWLYHPHQW�SRXU�OHV�HQWUHSULVHV�DJULFROHV�HW�OHV�HQWUHSULVHV�GH�SrFKH��

$UW�������/HV�HQWUHSULVHV�WRWDOHPHQW�H[SRUWDWULFHV�RSpUDQW�GDQV�OH�VHFWHXU�LQGXVWULHO��GpVLUDQW�pFRXOHU�XQH�SDUWLH�GH�OHXU�SURGXFWLRQ�VXU�OH�PDUFKp�ORFDO��VRQW�WHQXHV�GH�SUpVHQWHU�XQH�GHPDQGH� DX[� VHUYLFHV� GH� OD� GRXDQH� GRQW� HOOHV� UHOqYHQW��FRPSRUWDQW� OHXU� FKLIIUH� GDIIDLUHV� j� OH[SRUWDWLRQ� UpDOLVp�GXUDQW� ODQQpH� FDOHQGDLUH� SUpFpGHQWH� RX� GqV� OHXU� HQWUpH� HQ�DFWLYLWp� DFFRPSDJQpH�� j� OH[FHSWLRQ� GHV� HQWUHSULVHV�QRXYHOOHPHQW� pWDEOLHV�RX�QRXYHOOHPHQW�HQWUpHV�HQ�DFWLYLWp��GX�ELODQ�GH�OHQWUHSULVH�UHODWLI�j�ODQQpH�SUpFpGHQWH��

/HV�HQWUHSULVHV�RSpUDQW�GDQV�OH�VHFWHXU�DJULFROH�HW�GH�SrFKH�GpVLUDQW� pFRXOHU� XQH� SDUWLH� GH� OHXU� SURGXFWLRQ� VXU� OH�PDUFKp�ORFDO��VRQW�WHQXHV�GH�SUpVHQWHU�XQH�GHPDQGH�DX[�VHUYLFHV�GH�OD�GRXDQH�GRQW�HOOHV�UHOqYHQW��FRPSRUWDQW�OD�YDOHXU�JOREDOH�HW�OD�TXDQWLWp�GH� OHXU�SURGXFWLRQ� UpDOLVpH�GXUDQW� ODQQpH�FDOHQGDLUH�SUpFpGHQWH�� RX� UpDOLVpH� GqV� OHXU� HQWUpH� HQ� DFWLYLWp� SRXU� OHV�HQWUHSULVHV�QRXYHOOHPHQW�pWDEOLHV�RX�QRXYHOOHPHQW�HQWUpHV�HQ�DFWLYLWp��DLQVL�TXH�OHXU�FKLIIUH�GDIIDLUHV�j�OH[SRUWDWLRQ�SRXU�OD�PrPH� SpULRGH�� &HWWH� GHPDQGH� GRLW� rWUH� DFFRPSDJQpH� GXQH�

DWWHVWDWLRQ�GpOLYUpH�SDU�OHV�VHUYLFHV�FRPSpWHQWV�GX�PLQLVWqUH�GH�ODJULFXOWXUH� HW� GHV� UHVVRXUFHV� K\GUDXOLTXHV�� FRPSRUWDQW� OD�TXDQWLWp� HW� OD� YDOHXU� GH� OD� SURGXFWLRQ� GH� OHQWUHSULVH� UpDOLVpH�GXUDQW� ODQQpH� FDOHQGDLUH� SUpFpGHQWH� RX� GqV� VRQ� HQWUpH� HQ�SURGXFWLRQ� SRXU� OHV� HQWUHSULVHV� QRXYHOOHPHQW� pWDEOLHV� RX�QRXYHOOHPHQW�HQWUpHV�HQ�DFWLYLWp��

/HV�HQWUHSULVHV�RSpUDQW�GDQV�OH�VHFWHXU�GH�VHUYLFHV�HW�TXL�GpVLUHQW�pFRXOHU�XQH�SDUWLH�GH�OHXU�SURGXFWLRQ�VXU�OH�PDUFKp�ORFDO� VRQ� WHQXHV� GLQIRUPHU� OH� EXUHDX� GH� FRQWU{OH� GLPS{W�GRQW� HOOHV� UHOqYHQW�� j� OH[FHSWLRQ� GHV� HQWUHSULVHV� GRQW�ODFWLYLWp� QpFHVVLWH� OLPSRUWDWLRQ� GLQWUDQWV� HW� GH� PDWLqUHV�SUHPLqUHV� HW� TXL� GHPHXUHQW� VRXPLVHV� DX[� GLVSRVLWLRQV� GX�SDUDJUDSKH�SUHPLHU�GX�SUpVHQW�DUWLFOH��

$UW�������/HV�YHQWHV�YLVpHV�j�ODUWLFOH�SUHPLHU��j�OH[FHSWLRQ�GHV�YHQWHV�GHV�SURGXLWV�GH�ODJULFXOWXUH�HW�GH�SrFKH�SURGXLWV�HQ�7XQLVLH��VRQW�VRXPLVHV�j�WRXWHV�OHV�SURFpGXUHV�HW�UqJOHPHQWV�HQ�YLJXHXU�DSSOLFDEOHV�j�OLPSRUWDWLRQ��

$UW�� ��� �� /HV� YHQWHV� GHV� HQWUHSULVHV� WRWDOHPHQW�H[SRUWDWULFHV�VXU�OH�PDUFKp�ORFDO�VRQW�VRXPLVHV�DX�SDLHPHQW�GHV� WD[HV� HW� GHV� GURLWV� GH� GRXDQH� GXV� j� OLPSRUWDWLRQ� GHV�LQWUDQWV� HQWUDQW� GDQV� OD� SURGXFWLRQ� GX� SURGXLW� ILQDO� pFRXOp�ORFDOHPHQW��HW�FH��GDQV�OD�OLPLWH�GHV�TXDQWLWpV�XWLOLVpHV�SRXU�VD� SURGXFWLRQ�� VXU� OD� EDVH� pYHQWXHOOHPHQW� GXQH� ILFKH�WHFKQLTXH�GpOLYUpH�j�OHQWUHSULVH�VXU�VD�GHPDQGH�HW�YLVpH�SDU�OHV�VHUYLFHV�FRPSpWHQWV�GX�PLQLVWqUH�GRQW�UHOqYH�OH�VHFWHXU��/D�ILFKH�WHFKQLTXH�IDLW�DSSDUDvWUH�DYHF�SUpFLVLRQ�OH�W\SH�GX�SURGXLW�HW�GHV�LQWUDQWV�XWLOLVpV�SRXU�VD�SURGXFWLRQ��

/HV� WD[HV� HW� GURLWV� GH� GRXDQH� GXV� DX� WLWUH� GHV�LPSRUWDWLRQV� GHV� LQWUDQWV� HQWUDQW� GDQV� OD� IDEULFDWLRQ� GX�SURGXLW� ILQDO� pFRXOp� ORFDOHPHQW�� VRQW� FDOFXOpV� VHORQ� OHXU�YDOHXU�j�OLPSRUWDWLRQ�HW�VHORQ�OHV�WDX[�GHV�WD[HV�HW�GURLWV�GH�GRXDQH�GXV�j�OD�GDWH�GH�OD�PLVH�j�OD�FRQVRPPDWLRQ��

$UW�� ��� �� 6RXV� UpVHUYH� GHV� FRQGLWLRQV� GDWWULEXWLRQ� GHV�DYDQWDJHV�ILVFDX[�SUpYXV�SDU�OHV�FRQYHQWLRQV�FRQFOXHV�HQWUH�OD�7XQLVLH�HW� OHV�DXWUHV�SD\V�HW�GH�OD�OpJLVODWLRQ�HQ�YLJXHXU��OHV�LQWUDQWV�LPSRUWpHV�HQWUDQW�GDQV�OD�IDEULFDWLRQ�GX�SURGXLW�pFRXOp�ORFDOHPHQW�EpQpILFLHQW�GHV�DYDQWDJHV�ILVFDX[�SUpYXV�SDU�OHVGLWHV�FRQYHQWLRQV�HW�OpJLVODWLRQ�HQ�YLJXHXU��

$UW�������6RQW�DEURJpHV��WRXWHV�OHV�GLVSRVLWLRQV�DQWpULHXUHV�FRQWUDLUHV�DX�SUpVHQW�GpFUHW�HW�QRWDPPHQW�OH�GpFUHW�Q���������GX���IpYULHU�������

$UW�������/H�PLQLVWUH�GHV�ILQDQFHV��OH�PLQLVWUH�GX�FRPPHUFH�HW� GH� ODUWLVDQDW�� OH�PLQLVWUH� GH� OLQGXVWULH�� GH� OpQHUJLH� HW� GHV�SHWLWHV�HW�PR\HQQHV�HQWUHSULVHV��OH�PLQLVWUH�GX�GpYHORSSHPHQW�HW�GH�OD�FRRSpUDWLRQ�LQWHUQDWLRQDOH�HW�OH�PLQLVWUH�GH�ODJULFXOWXUH�HW�GHV�UHVVRXUFHV�K\GUDXOLTXHV�VRQW�FKDUJpV��FKDFXQ�HQ�FH�TXL�OH�FRQFHUQH��GH�OH[pFXWLRQ�GX�SUpVHQW�GpFUHW�TXL�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

=LQH�(O�$ELGLQH�%HQ�$OL�

0,1,67(5(�'8�7285,60(�

120,1$7,21�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU�0RXOGL�0KHGEL�HVW�QRPPp�FKDUJp�GH�PLVVLRQ�SRXU� RFFXSHU� O¶HPSORL� GH� FKHI� GH� FDELQHW� GX� PLQLVWUH� GX�WRXULVPH��

Page 100: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

0,1,67(5(�'(6�7(&+12/2*,(6�

'(�/$�&20081,&$7,21�

120,1$7,21�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0DGDPH�)DL]D�$]]RX]��FRQVHLOOHU�GH�IRUPDWLRQ�HQ�FKHI��HVW� QRPPpH� FKDUJpH� GH� PLVVLRQ� DXSUqV� GX� PLQLVWUH� GHV�WHFKQRORJLHV�GH�OD�FRPPXQLFDWLRQ��

0,1,67(5(�'(6�$))$,5(6�'(�/$�)(00(���

'(�/$�)$0,//(��'(�/(1)$1&(�

(7�'(6�3(56211(6�$*((6�

120,1$7,21�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RQFHI� (VVLG�� SURIHVVHXU� SULQFLSDO� GH�OHQVHLJQHPHQW� VHFRQGDLUH�� HVW� FKDUJp� GHV� IRQFWLRQV� GH�GLUHFWHXU� GH� OD� SURPRWLRQ� GH� OD� IDPLOOH� j� OD� GLUHFWLRQ�JpQpUDOH� GHV� SURJUDPPHV�� GH� OD� SODQLILFDWLRQ� HW� GX�GpYHORSSHPHQW� GHV� UHVVRXUFHV� KXPDLQHV� DX� PLQLVWqUH� GHV�DIIDLUHV� GH� OD� IHPPH�� GH� OD� IDPLOOH�� GH� OHQIDQFH� HW� GHV�SHUVRQQHV�kJpHV��

0,1,67(5(�'(�/$�6$17(�38%/,48(�

120,1$7,21�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

/H�GRFWHXU�%HQ�0DKPRXG�$KPHG��PpGHFLQ�PDMRU�GH�OD�VDQWp�SXEOLTXH��HVW�FKDUJp�GHV�IRQFWLRQV�GH�FKHI�GH�VHUYLFH�KRVSLWDOR�VDQLWDLUH�DX�JURXSHPHQW�GH�VDQWp�GH�EDVH�GH�%HQ�$URXV��VHUYLFH�GH�OD�FRRUGLQDWLRQ�PpGLFDOH���

0$,17,(1�(1�$&7,9,7(�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

/H� GRFWHXU� .KURXI� 1DwPD�� SURIHVVHXU� KRVSLWDOR�XQLYHUVLWDLUH�HQ�PpGHFLQH�FKDUJpH�GHV�IRQFWLRQV�GH�FKHI�GH�VHUYLFH�DX�FHQWUH�GH�PDWHUQLWp�HW�GH�QpRQDWRORJLH�GH�7XQLV��HVW� PDLQWHQXH� HQ� DFWLYLWp� SRXU� XQH� SpULRGH� GXQH� DQQpH� j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

/H� GRFWHXU� 'DRXG� $EGHOPDMLG�� SURIHVVHXU� KRVSLWDOR�XQLYHUVLWDLUH�HQ�PpGHFLQH��FKDUJp�GHV�IRQFWLRQV�GH�FKHI�GH�VHUYLFH�j�OK{SLWDO�&KDUOHV�1LFROOH��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU� XQH� SpULRGH� GXQH� DQQpH� j� FRPSWHU� GX� �HU� RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU�7LMDQL�%HQ�+DGM�6DODK�� LQILUPLHU�PDMRU�GH� OD�VDQWp�SXEOLTXH��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�TXDWULqPH�SpULRGH�GXQH�DQQpH�j�FRPSWHU�GX��HU�VHSWHPEUH�������

$UUrWp� GX� PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ���MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ� FRQFRXUV�LQWHUQH� VXU� pSUHXYHV�SRXU� OD�SURPRWLRQ�DX�JUDGH�GLQVSHFWHXU�GH�OHQVHLJQHPHQW�SDUD�PpGLFDO��

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH��

9X�OD�ORL�Q� �������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW�OD�ORL�Q����������GX����PDUV�������

9X�OH�GpFUHW�Q����������GX����QRYHPEUH�������IL[DQW�OH�VWDWXW�SDUWLFXOLHU�GX�SHUVRQQHO�GHV�LQVWLWXWLRQV�GH�IRUPDWLRQ�GX�PLQLVWqUH�GH�OD�VDQWp�SXEOLTXH��WHO�TXLO�D�pWp�PRGLILp�SDU�OH�GpFUHW�Q����������GX����QRYHPEUH������HW� OH�GpFUHW�Q����������GX����RFWREUH�������

9X� ODUUrWp� GX� �� MXLOOHW� ������ IL[DQW� OH� UqJOHPHQW� HW� OH�SURJUDPPH� GX� FRQFRXUV� GH� UHFUXWHPHQW� GLQVSHFWHXUV�GHQVHLJQHPHQW�SDUD�PpGLFDO��

$UUrWH���

$UWLFOH�SUHPLHU����8Q�FRQFRXUV�LQWHUQH�VXU�pSUHXYHV�SRXU�OD� SURPRWLRQ� GH� �� SURIHVVHXUV� GH� OHQVHLJQHPHQW� SDUD�PpGLFDO� DX� JUDGH� GLQVSHFWHXU� GH� OHQVHLJQHPHQW� SDUD�PpGLFDO� HVW� RXYHUW� DX�PLQLVWqUH�GH� OD� VDQWp�SXEOLTXH� OH����VHSWHPEUH������HW�MRXUV�VXLYDQWV��

$UW����� ��/D�GDWH�GH�FO{WXUH�GX�UHJLVWUH�GLQVFULSWLRQ�HVW�IL[pH�DX����DR�W�������

$UW�������/H�SUpVHQW�DUUrWp�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH�

0RKDPHG�5LGKD�.HFKULG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

$UUrWp� GX� PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ���MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ� FRQFRXUV�LQWHUQH� VXU� GRVVLHUV� SRXU� OD� SURPRWLRQ� DX� JUDGH�GH� WHFKQLFLHQ� VXSpULHXU� SULQFLSDO� GH� OD� VDQWp�SXEOLTXH��

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH��

9X�OD�ORL�Q� �������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW�OD�ORL�Q����������GX����PDUV�������

9X�OH�GpFUHW�Q������������GX���� MXLOOHW�������IL[DQW�OH�VWDWXW� SDUWLFXOLHU� GX� FRUSV� FRPPXQ� GHV� WHFKQLFLHQV�VXSpULHXUV�GH�OD�VDQWp�SXEOLTXH��

9X� ODUUrWp� GX� ��� MXLOOHW� ������ IL[DQW� OHV� PRGDOLWpV�GRUJDQLVDWLRQ� GX� FRQFRXUV� LQWHUQH� VXU� GRVVLHUV� SRXU� OD�SURPRWLRQ�DX�JUDGH�GH� WHFKQLFLHQ�VXSpULHXU�SULQFLSDO�GH� OD�VDQWp�SXEOLTXH��

$UUrWH���

$UWLFOH� SUHPLHU�� �� (VW� RXYHUW� DX� PLQLVWqUH� GH� OD� VDQWp�SXEOLTXH�� OH� VDPHGL� �HU� RFWREUH� ����� HW� MRXUV� VXLYDQWV�� XQ�FRQFRXUV�LQWHUQH�VXU�GRVVLHUV�SRXU�OD�SURPRWLRQ�DX�JUDGH�GH�WHFKQLFLHQ�VXSpULHXU�SULQFLSDO�GH�OD�VDQWp�SXEOLTXH��

Page 101: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

$UW�������/H�QRPEUH�GH�SRVWHV�j�SRXUYRLU�HVW�IL[p�j�����SRVWHV��

$UW�������/D�GDWH�GH�FO{WXUH�GHV�LQVFULSWLRQV�HVW�IL[pH�DX�MHXGL��HU�VHSWHPEUH�������

$UW�������/H�SUpVHQW�DUUrWp�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH�

0RKDPHG�5LGKD�.HFKULG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

$UUrWp� GX� PLQLVWUH� GH� OD� VDQWp� SXEOLTXH� GX� ���MXLOOHW� ������ SRUWDQW� RXYHUWXUH� GXQ� FRQFRXUV�LQWHUQH� VXU� GRVVLHUV� SRXU� OD� SURPRWLRQ� DX� JUDGH�GLQILUPLHU�PDMRU�GH�OD�VDQWp�SXEOLTXH��

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH��

9X�OD�ORL�Q� �������GX����GpFHPEUH�������SRUWDQW�VWDWXW�JpQpUDO�GHV�SHUVRQQHOV�GH�O¶(WDW��GHV�FROOHFWLYLWpV�ORFDOHV�HW�GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH� DGPLQLVWUDWLI��HQVHPEOH� OHV� WH[WHV� TXL� O¶RQW� PRGLILpH� RX� FRPSOpWpH� HW�QRWDPPHQW�OD�ORL�Q����������GX����PDUV�������

9X�OH�GpFUHW�Q������������GX���� MXLOOHW�������IL[DQW�OH�VWDWXW� SDUWLFXOLHU� GX� FRUSV� GHV� LQILUPLHUV� GH� OD� VDQWp�SXEOLTXH��

9X� ODUUrWp� GX� ��� MXLOOHW� ������ IL[DQW� OHV� PRGDOLWpV�GRUJDQLVDWLRQ� GX� FRQFRXUV� LQWHUQH� VXU� GRVVLHUV� SRXU� OD�SURPRWLRQ�DX�JUDGH�GLQILUPLHU�PDMRU�GH�OD�VDQWp�SXEOLTXH��

$UUrWH���

$UWLFOH� SUHPLHU�� �� (VW� RXYHUW� DX� PLQLVWqUH� GH� OD� VDQWp�SXEOLTXH�� OH� ��� VHSWHPEUH� ����� HW� MRXUV� VXLYDQWV�� XQ�FRQFRXUV� LQWHUQH� VXU� GRVVLHUV� SRXU� OD� SURPRWLRQ� DX� JUDGH�GLQILUPLHU�PDMRU�GH�OD�VDQWp�SXEOLTXH��

$UW�������/H�QRPEUH�GH�SRVWHV�j�SRXUYRLU�HVW�IL[p�j�����SRVWHV��

$UW�������/D�GDWH�GH�FO{WXUH�GHV�LQVFULSWLRQV�HVW�IL[pH�DX����DR�W�������

$UW�������/H�SUpVHQW�DUUrWp�VHUD�SXEOLp�DX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GH�OD�VDQWp�SXEOLTXH�

0RKDPHG�5LGKD�.HFKULG�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

0,1,67(5(�'(�/('8&$7,21�(7�'(�

/$�)250$7,21�

$UUrWp� GX� PLQLVWUH� GH� O¶pGXFDWLRQ� HW� GH� OD�IRUPDWLRQ�GX����MXLOOHW�������SRUWDQW�UpYLVLRQ�GH�OD�OLVWH�GHV� LPSULPpV�DGPLQLVWUDWLIV�VSpFLILTXHV�DX[�VHUYLFHV� GX� PLQLVWqUH� GH� O¶pGXFDWLRQ� HW� GH� OD�IRUPDWLRQ� HW� DX[� pWDEOLVVHPHQWV� SXEOLFV� j�FDUDFWqUH�DGPLQLVWUDWLI�VRXV�VD�WXWHOOH��

/H�PLQLVWUH�GH�O¶pGXFDWLRQ�HW�GH�OD�IRUPDWLRQ��

9X� OH� GpFUHW� Q� �������� GX� �� DR�W� ������ UHODWLI� DX[�

LPSULPpV�DGPLQLVWUDWLIV�HW�QRWDPPHQW�VRQ�DUWLFOH�����

9X� OH� GpFUHW� Q� ������ GX� ��� MDQYLHU� ������ IL[DQW� OH�

FRQWHQX� GHV� SODQV� GH�PLVH� j� QLYHDX� GH� O¶DGPLQLVWUDWLRQ� HW�

OHV�PRGDOLWpV�GH�OHXU�pODERUDWLRQ��UpDOLVDWLRQ�HW�VXLYL��

9X�OH�GpFUHW�Q� ��������GX����VHSWHPEUH�������SRUWDQW�

RUJDQLVDWLRQ�GX�PLQLVWqUH�GH�OpGXFDWLRQ��

9X� OH� GpFUHW� Q� ���������� GX� ��� VHSWHPEUH� ������

SRUWDQW�UDWWDFKHPHQW�GH�VWUXFWXUHV�UHOHYDQW�GH�O¶H[�PLQLVWqUH�

GH�OD�IRUPDWLRQ�SURIHVVLRQQHOOH�HW�GH�O¶HPSORL�DX�PLQLVWqUH�

GH��¶pGXFDWLRQ�HW�GH�OD�IRUPDWLRQ��

9X�OH�GpFUHW�Q� ����������GX����QRYHPEUH�������IL[DQW�OHV� DWWULEXWLRQV� GX� PLQLVWqUH� GH� O¶pGXFDWLRQ� HW� GH� OD�IRUPDWLRQ��

9X� O¶DUUrWp� GX� ��� PDL� ������ IL[DQW� OH� SODQ� GH� PLVH� j�QLYHDX� GX�PLQLVWqUH� GH� O¶pGXFDWLRQ� WHO� TX¶LO� D� pWp�PRGLILp�SDU�O¶DUUrWp�GX���PDL�������

9X� O¶DUUrWp� GX� ��PDL� ������ SRUWDQW� UpYLVLRQ� GH� OD� OLVWH�GHV� LPSULPpV� DGPLQLVWUDWLIV� XWLOLVpV� SDU� OHV� VHUYLFHV� GX�PLQLVWqUH� GH� O¶pGXFDWLRQ� HW� GHV� pWDEOLVVHPHQWV� SXEOLFV� j�FDUDFWqUH�DGPLQLVWUDWLI�VRXV�VD�WXWHOOH��

9X� O¶DUUrWp� GX� �� PDUV� ������ UHODWLI� j� OD� UpYLVLRQ� GHV�PRGqOHV� GHV� LPSULPpV� DGPLQLVWUDWLIV� VSpFLILTXHV� DX[�VHUYLFHV�GX�PLQLVWqUH�GH� OD�IRUPDWLRQ�SURIHVVLRQQHOOH�HW�GH�O¶HPSORL� HW� GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH�DGPLQLVWUDWLI�VRXV�VD�WXWHOOH��

9X� O¶DYLV� GH� OD� FRPPLVVLRQ� QDWLRQDOH� GHV� LPSULPpV�DGPLQLVWUDWLIV��

$UUrWH����

$UWLFOH� SUHPLHU� �� /D� OLVWH� GHV� LPSULPpV� DGPLQLVWUDWLIV�VSpFLILTXHV�DX[�VHUYLFHV�GX�PLQLVWqUH�GH�O¶pGXFDWLRQ�HW�GH�OD�IRUPDWLRQ� HW� GHV� pWDEOLVVHPHQWV� SXEOLFV� j� FDUDFWqUH�DGPLQLVWUDWLI�VRXV�VD�WXWHOOH��WHOOH�TXH�IL[pH�SDU�O¶DUUrWp�GX���PDL� ����� HW� O¶DUUrWp� GX� �� PDUV� ����� VXVYLVpV� HVW� UpYLVpH�FRPPH�VXLW���

Page 102: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 103: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

Page 104: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 1�����3DJH������

Page 105: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

1����� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�²�����MXLOOHW������ 3DJH������

$UW����� ��6RQW�DEURJpHV�� WRXWHV�GLVSRVLWLRQV�DQWpULHXUHV�FRQWUDLUHV�DX�SUpVHQW�DUUrWp��

$UW�� ��� �� /H� SUpVHQW� DUUrWp� VHUD� SXEOLp� DX� -RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH��

7XQLV��OH����MXLOOHW�������

/H�PLQLVWUH�GH�OpGXFDWLRQ�

HW�GH�OD�IRUPDWLRQ�

0RKDPHG�5DRXI�1DMMDU�

9X�

/H�3UHPLHU�PLQLVWUH�

0RKDPHG�*KDQQRXFKL�

0,1,67(5(�'(�/(16(,*1(0(17��

683(5,(85�

0$,17,(1�(1�$&7,9,7(�

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0RKDPHG� 0RQFHI� (O� *DLHG�� SURIHVVHXU� GH�OHQVHLJQHPHQW�VXSpULHXU��FKDUJp�GHV�IRQFWLRQV�GH�GLUHFWHXU�JpQpUDO� GH� OD� UHFKHUFKH� VFLHQWLILTXH� HW� GH� OD� UpQRYDWLRQ�

WHFKQRORJLTXH� DX� PLQLVWqUH� GH� OHQVHLJQHPHQW� VXSpULHXU��HVW�PDLQWHQX� HQ� DFWLYLWp� SRXU�XQH� DQQpH� j� FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� $EGDOODK� &KpULI�� SURIHVVHXU� GH�OHQVHLJQHPHQW�VXSpULHXU��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�DQQpH�j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 6OLP� 5LGqQH�� SURIHVVHXU� GH� OHQVHLJQHPHQW�VXSpULHXU�� HVW� PDLQWHQX� HQ� DFWLYLWp� SRXU� XQH� DQQpH� j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU�6DGRN�.KRXQL��SURIHVVHXU�GH�OHQVHLJQHPHQW�VXSpULHXU�� HVW� PDLQWHQX� HQ� DFWLYLWp� SRXU� XQH� DQQpH� j�FRPSWHU�GX��HU�RFWREUH�������

3DU�GpFUHW�Q������������GX����MXLOOHW�������

0RQVLHXU� 0XVWDSKD� )LODOL�� SURIHVVHXU� GH�OHQVHLJQHPHQW�VXSpULHXU��HVW�PDLQWHQX�HQ�DFWLYLWp�SRXU�XQH�DQQpH�j�FRPSWHU�GX��HU�RFWREUH�������

Page 106: 6RPPDLUH - CNUDST · 75$’8&7,21)5$1d$,6(3285,1)250$7,21 6rppdluh /rlv /rl rujdqltxh q… ˘ ˘ gx ˙ mxloohw ˘ pwhqgdqw j od fkdpeuh ghv frqvhloohuv o¶dssolfdwlrqghfhuwdlqhvglvsrvlwlrqvghodorlrujdqltxhq…˙˙

DYLV�HW�FRPPXQLFDWLRQV�

0,1,67(5(�'(�/,17(5,(85�

(7�'8�'(9(/233(0(17�/2&$/�

3URFODPDWLRQ�GHV�UpVXOWDWV�GH�O¶pOHFWLRQ�GHV�PHPEUHV�GH�OD�FKDPEUH�GHV�FRQVHLOOHUV����� ��

�BBBBBBBBBBBBBBB

� � �/H�WH[WH�HVW�SXEOLp�XQLTXHPHQW�HQ�ODQJXH�DUDEH���

3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH � OH SUpVLGHQW GH OD PXQLFLSDOLWp ,661���������� &HUWLILp FRQIRUPH � OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O,�2�5�7

�&H�QXPpUR�GX�-RXUQDO�2IILFLHO�GH�OD�5pSXEOLTXH�7XQLVLHQQH�D�pWp�GpSRVp�DX�VLqJH�GX�JRXYHUQRUDW�GH�7XQLV�OH����MXLOOHW��������