/¡
 #VMMFUJO
EJOGPSNBUJPO
EF
MB
$PNNJTTJPO
EFT
"õBJSFT ÏUSBOHÒSFT EV $POTFJM OBUJPOBM EF MB 3ÏTJTUBODF JSBOJFOOF 
KVJO


±—‹‘†‡Žƒ‹‰—‡†‡•”‘‹–•†‡Žǯ‘‡ƒ—±ƒ–

Ž‘”‡Ž‡†‘••‹‡”˜‹†‡†—͕͛Œ—‹͖͔͔͗
-B
-%)
BQQFMMF
Ë
MB
DMÙUVSF
EF
DF
EPTTJFS
PV
TPO
SFOWPJ
JNNÏEJBU
EFWBOU
VO
USJCVOBM

-F

KVJO

TPVT
QSÏUFYUF

EF
UFSSPSJTNF
MB
3ÏTJTUBODF

JSBOJFOOF
ÏUBJU
MB
DJCMF
EVOF

BUUBRVF
JOKVTUF
FO
'SBODF

0S
DJOR
BOT
BQSÒT
MF
EPTTJFS

FTU
WJEF
FU
MB
NBSRVF
EF

UFSSPSJTUF
BOOVMÏF
QBS
MB
KVTUJDF

CSJUBOOJRVF
FU
FVSPQÏFOOF

%F
H
Ë
ES

)FOSJ
-FDMFSD
'SBOÎPJT
$PMDPNCFU
EFSSJÒSF

+FBO1JFSSF
%VCPJT
FU
1BUSJDL
#FBVEPJO
-JSF
QBHF


‡•‘ŽŽƒŠ•†‡””‹°”‡ ơ”ƒ›± ’ƒ” Žƒ •‘”–‹‡ †‡ Ž‹•–‡ †‡• ‘—†ŒƒŠ‹†‹‡ †— ’‡—’Ž‡

͔͜Ψ†‡•ƒ––ƒ“—‡•‡ ±Š±”ƒˆƒ‹–’”‡••‹‘•—”Žƒ ”ƒ…‡’‘—”
”ƒ
8QH FRQIpUHQFH GH SUHVVH DX 3DUOHPHQW
EULWDQQLTXH OH  MXLQ D UpYpOp TXH OH UpJLPH
LUDQLHQ pWDLW j O¶RULJLQH GH SOXV GH   GHV
DWWDTXHVHWDWWHQWDWVPHXUWULHUVHQ,UDN(OOHD
SHUPLVGHGpYRLOHUOHVQRPVOHVFDUDFWpULVWLTXHV
‰ƒ”†‡”Žǯ•—”ŽƒŽ‹•–‡‘‹”‡†‡Žǯ
‘—–‡–‡–ƒ–‹˜‡†‡ƒ‹–‡‹”…‡––‡ƒ”“—‡†‡–‡””‘”‹•–‡‡•–‹ŽŽ±‰ƒŽ‡
©/HVFRPSORWVGHVPROODKVSRXUHPSrFKHUO¶DSSOLFDWLRQGHO¶pWDWGHGURLWHQ8QLRQHXURSpHQQHª
YRLOjOHWLWUHG¶XQHFRQIpUHQFHGHSUHVVHj%UX[HOOHVOHMXLQTXLDUpYpOpOHVHIIRUWVHQFRXOLVVHV
HWOHVPpWKRGHVGHUpVHDX[GHWUD¿F G¶DUPHV GXUpJLPHGH7pKpUDQSRXUPDLQWHQLUO¶RUJDQLVDWLRQGHV0RXGMDKLGLQHGXSHXSOHG¶,UDQ203,
GHOD)RUFH4RGVGXUpJLPHLUDQLHQGHVWLQpHVj VXU OD OLVWH GX WHUURULVPH GH O¶8( 7RXW HQ FRQGDPQDQW FHV PDQ°XYUHV OHV SDQHOLVWHV RQW
GHVPLOLFHVWHUURULVWHVHQ,UDN UDSSHOpTX¶DSUqVODGpFLVLRQGHOD&RXUG¶DSSHOGH*UDQGH%UHWDJQHRUGRQQDQWj/RQGUHVGH
/¶pYpQHPHQW pWDLW RUJDQLVp SDU OH %XUHDX 4VJUF
QBHF

GHUHSUpVHQWDWLRQGX&15,DX5R\DXPH8QLHW
SUpVLGpSDU/RUG&RUEHWWRI&DVWOH9DOHSUpVLGHQW
GX&RPLWpSDUOHPHQWDLUHSRXUODOLEHUWpHQ,UDQ
/HV FRQIpUHQFLHUV pWDLHQW /RUG :DGGLQJWRQ
DQFLHQ PLQLVWUH GH O¶,QWpULHXU EULWDQQLTXH HW
+RVVHLQ$EHGLQLGHODFRPPLVVLRQGHVDIIDLUHV
pWUDQJqUHVGX&15,
3RXU/RUG:DGGLQJWRQOHUpJLPHFOpULFDOQH
YHXWSDVG¶XQ,UDNVWDEOHHWIDLWWRXWFHTX¶LOSHXW
SRXUGpVWDELOLVHUOHSD\VDYHFGHVHQYRLVG¶DUPHV
HWSDUWLFXOLqUHPHQWGHVERPEHVGHERUGGHURXWH
()3XWLOLVpHVFRQWUHOHVIRUFHVGHODFRDOLWLRQ
,O D QRWp TXH FH WUDYDLO GH VDSH GH O¶,UDN
DYDQFHHQSDUDOOqOHDYHFVDFRXUVHDX[DUPHV
4VJUF
QBHF
 ‡‰Ǥ†”ǣƒ—Ž‘ƒ•ƒ…ƒǡ
‡ƒǦ‹‡””‡’‹–œ‡”ǡ‘Šƒƒ†‘Šƒ††‡••‹‡‡–‹‹ƒǦ‘‘”ƒƒ—’’‹
 ‘ˆ±”‡…‡ƒ—±ƒ–
‡––”‡Ƥ  —‡ ±‘”‡ ‹Œ—•–‹…‡ ˆƒ‹–‡  Žƒ ±•‹•–ƒ…‡ ‹”ƒ‹‡‡
-B
-JHVF
EFT
%SPJUT
EF
M)PNNF
BQQFMMF
Ë
MB
DMÙUVSF
EF
MBąBJSF EFT SÏGVHJÏT QPMJUJRVFT JSBOJFOT
PV
TPO
SFOWPJ
JNNÏEJBU
EFWBOU
VO
USJCVOBM
& LQT DQV DSUqV OD UDÀH GX  MXLQ
 FRQWUH OHV ORFDX[ GX &15,
j $XYHUVVXU2LVH XQH FRQIpUHQFH
MF
EÏQVUÏ
+FBO
1JFSSF
#SBSE

MF

V¶HVWGpURXOpHDX6pQDWjO¶LQLWLDWLYHGH
OD /LJXH GHV GURLWV GH O¶KRPPH SRXU


IDLUH OH SRLQW VXU OH GRVVLHU MXULGLTXH
RXYHUW j FHWWH pSRTXH HW PDLQWHQX
GHSXLV PDOJUp OH YLGH VLGpUDO TXL OH


FDUDFWpULVH
2XWUH OH SUpVLGHQW GH OD /LJXH
-HDQ3LHUUH 'XERLV TXL SUpVLGDLW OHV
GpEDWV GHV DYRFDWV GX GRVVLHU GHV
SDUOHPHQWDLUHV GHV SHUVRQQDOLWpV
SROLWLTXHVGHVUHSUpVHQWDQWVGX&15,
GHVDVVRFLDWLRQVGHGpIHQVHGHVGURLWV
GH O¶KRPPH HW XQ SXEOLF QRPEUHX[
pWDLWYHQXDVVLVWHUjFHWpYpQHPHQW
&KDFXQ D UHFRQQX OH FDUDFWqUH
pPLQHPPHQW SROLWLTXH GX GRVVLHU HW
OHVPDUFKDQGDJHVVXUOHVTXHOVLODpWp
pWDEOL
'¶DXFXQRQWVRXOLJQpODGpFRQ¿WXUH
G¶XQH LQVWUXFWLRQ TXL YRLW V¶HIIRQGUHU
FRPPHXQFKkWHDXGHFDUWHVVDSURSUH
UDLVRQ G¶rWUH EDVpH VXU O¶LQVFULSWLRQ
GH O¶203, VXU OD OLVWH WHUURULVWH GH
O¶8( (Q HIIHW QRQ VHXOHPHQW OD
&RXU HXURSpHQQH GH MXVWLFH O¶DWHOOH
DQQXOpH HQ GpFHPEUH  PDLV
OD *UDQGH%UHWDJQH j O¶RULJLQH GH
FHWWH LQVFULSWLRQ V¶HVW YX IHUPHPHQW
UDSSHOpH j O¶RUGUH SDU VD SOXV KDXWH
LQVWDQFH MXGLFLDLUH SRXU DQQXOHU FHWWH
GpFLVLRQ ©SHUYHUVHª /H SURFHVVXV
GHUDGLDWLRQGHO¶203,GHODOLVWHQRLUH
EULWDQQLTXHHVWELHQHQJDJpHWHQWUDvQH
ODVRUWLHGHODOLVWHHXURSpHQQH
3RXU -HDQ3LHUUH 'XERLV
SUpVLGHQW GH OD /LJXH GHV GURLWV
GHO·KRPPH©QRXVVRPPHVIDFHj
XQH VLWXDWLRQ MXGLFLDLUH FODUL¿pH VXU OH
SODQ EULWDQQLTXH HW HXURSpHQ 1RXV
HVSpURQV TX¶DXFXQH QpJRFLDWLRQ
GLSORPDWLTXH QH YLHQGUD SHUWXUEHU
OH UHVSHFW GH O¶pWDW GH GURLW HW OH
UpWDEOLVVHPHQWGHODYpULWpWHOOHTX¶HOOH
DpWppWDEOLHMXGLFLDLUHPHQW(Q)UDQFH
QRXV VRPPHV WRXMRXUV IDFH j XQH
SURFpGXUH DEHUUDQWH YLGH HW SRXU
ODTXHOOHQRXVGHPDQGRQVGHSXLVGHV
DQQpHV XQ QRQOLHX 8QH SURFpGXUH
TXH O¶RQ D HVVD\p GH SURORQJHU
DEXVLYHPHQW /D /LJXH GHV GURLWV GH
O¶KRPPH GHPDQGH OH QRQOLHX GDQV
FHWWH DIIDLUH MXGLFLDLUH G¶H[FHSWLRQ
 *3"/
-*#&3"5*0/
ʰ

+6*/

%F
H
Ë
ES

TÏOBUFVS
:WFT

,SBUUJOHFS
"OJTTB

#PVNFEJFOF

KVSJTUF
+FBO1JFSSF

#ÏRVFU
NBJSF

E"VWFSTTVS
0JTF
DEVROXPHQW LQDFFHSWDEOH HQ )UDQFH
HW TXH O¶8( SUHQQH DFWH GX IDLW TXH
FHWWHRUJDQLVDWLRQQ¶DVWULFWHPHQWULHQ
jYRLUDYHFOHWHUURULVPHª
0H3DWULFN%HDXGRXLQSUpVLGHQW
G·KRQQHXU GH OD /'+ D GpQRQFp
XQHJUDQGHLQMXVWLFH©/H¿DVFR pWDLW
SDWHQWGqVOHGpSDUWHWLOQHV¶HVWSDV
GpPHQWL DX ORQJ GH FHV FLQT DQQpHV
pFRXOpHV 2Q D GRQF YX DEDQGRQQHU
O¶LGpH G¶DVVRFLDWLRQ GH PDOIDLWHXUV HQ
UHODWLRQ DYHF XQH HQWUHSULVH WHUURULVWH
SDUFH TX¶LO Q¶\ DYDLW ULHQ GDQV FH
GRVVLHU FRPSOqWHPHQW YLGH 2Q D YX
O¶DFFXVDWLRQ HVVD\HU GH UHSRUWHU OHV
FKDUJHV VXU G¶DXWUHV DVSHFWV 2Q
GHYHQDLWKRUVVXMHWPDLVoDSHUPHWWDLW
GH FRQWLQXHU O¶LQVWUXFWLRQ /H SOXV
VWXSp¿DQW F¶HVW TXH OHV SHUVRQQHV TXL
VRQW WRXMRXUV PLVHV HQ H[DPHQ QH
VRQW SUDWLTXHPHQW MDPDLV LQWHUURJpHV
GHX[ IRLV FKDFXQH HQ FLQT DQV &¶HVW
SURSUHPHQWVFDQGDOHX[4X¶HVWFHTXL
VHFDFKHGHUULqUH"8QHPDLQPLVHGX
SRXYRLUSROLWLTXHHWDXVVLO¶HQWrWHPHQW
G¶XQH LQVWLWXWLRQ MXGLFLDLUH TXL D
EHDXFRXS GH PDO j UHFRQQDvWUH VHV
HUUHXUV&¶HVWHQWRXWFDVLQDFFHSWDEOH
HW LO IDXW OH GpQRQFHU$ORUV R HVW OH
WHUURULVPHDXMRXUG¶KXL"'DQVOHGRVVLHU
LOQ¶\DSDVXQDFWHGHWHUURULVPH(VW
FHTX¶LOQ¶HVWSDVSOXW{WGXF{WpGHO¶(WDW
LUDQLHQ TXL D GHV YLRODWLRQV JUDYHV HW
PDVVLYHV GHV GURLWV GH O¶KRPPH" 2
VH SDVVHQW OHV H[pFXWLRQV \ FRPSULV
GHVPLQHXUV"(Q,UDQ4XHOHVWOHSD\V
TXLSRXUFKDVVHVHVRSSRVDQWVTXLOHV
H[pFXWH"&¶HVWO¶,UDQ4XHOHVWOHSD\V
TXLPHQDFHODVWDELOLWp"&¶HVWO¶,UDQ
1pDQPRLQV ORUVTX¶LO \ D XQ
PRXYHPHQW G¶RSSRVLWLRQ RQ SUpIqUH
F¶HVW SOXV IDFLOH V¶DWWDTXHU j FH
PRXYHPHQW SDU XQH SURFpGXUH DXVVL
VWXSLGH TXH GpVKRQRUDQWH GH O¶(WDW
IUDQoDLVTXHO¶RQPDLQWLHQWFRQWUHYHQWV
HWPDUpHV&¶HVWFRQWUHFHODDXMRXUG¶KXL
TXH QRXV YRXORQV FODPHU TX¶LO HVW
WHPSVTXHFHODFHVVH$O¶pYLGHQFHRQ
SHUVpYqUHGDQVXQHJUDQGHLQMXVWLFH
0H +HQUL /HFOHUF SUpVLGHQW
G·KRQQHXUGHOD/'+V¶HVWDWWDFKpj
GpQRQFHU OHV URXDJHV G¶XQ VFDQGDOH
©/RUVTXH OHV SHUVRQQHV RQW pWp
SUpVHQWpHV GHYDQW 0 %UXJXLqUH LO D
GLWPDLVFHVRQWGHVWHUURULVWHV-HOXL
DLGLWSRXUTXRL"(WLOP¶DGLWSDUFHTX¶LOV
VRQWLQVFULWVVXUODOLVWHHXURSpHQQH,O\
D GDQV FH GRVVLHU HQ FH TXL FRQFHUQH
OH WHUURULVPH ULHQ G¶DXWUH DX IRQG TXH
O¶LQVFULSWLRQVXUODOLVWH1RXVVRPPHVHQ
IDFHGHYpULWDEOHVRXNDVHVGHGpFLVLRQV
MXGLFLDLUHV/DTXHVWLRQSRXUQRXVQ¶HVW
SOXVGHGLUHQRXVH[LJHRQVXQQRQOLHX
PDLV DX PRLQV TXH OH JRXYHUQHPHQW
IUDQoDLVDLWOHFRXUDJHGHIDLUHXQSURFqV
SXEOLF2ULOVDLWWUqVELHQTXHFHVHUDLW
G¶XQH SDUW XQ SURFqV TXL WRXUQHUDLW j
OD GpFRQ¿WXUH GH O¶DFFXVDWLRQ PDLV
TXHG¶DXWUHSDUWVHUDLHQWSXEOLTXHPHQW
GpQRQFpV OHV FRPSRUWHPHQWV GX
JRXYHUQHPHQWLUDQLHQ-HPHGHPDQGH
VLFHVSRXUVXLWHVQHVRQWSDVODUDQoRQ
GH O¶DEVHQFH G¶RSpUDWLRQV WHUURULVWHV
HQ )UDQFH" $X QLYHDX GHV OLEHUWpV
SXEOLTXHVFHSURFqVHVWXQVFDQGDOHª
/H PDJLVWUDW )UDQoRLV &ROFRPEHW
D PLV O¶DFFHQW VXU OD FDPSDJQH GH
GpVLQIRUPDWLRQTXLDHQWRXUpFHGRVVLHU
© /H JRXYHUQHPHQW LUDQLHQ D XWLOLVp
WRXWH VRUWH GH PR\HQV SRXU IUDJLOLVHU
VHV RSSRVDQWV  G¶DERUG OH WHUURULVPH
G¶(WDW %HDXFRXS GH PHPEUHV GH
O¶203, RQW pWp DVVDVVLQpV HW LO \ D GHV
SURFpGXUHV GDQV OHV SD\V RFFLGHQWDX[ TXL
RQW GpPRQWUp TXH GHV PLQLVWUHV RQW pWp
LPSOLTXpV GDQV FHV DIIDLUHV ,O \ D HX XQH
SKpQRPpQDOHHQWUHSULVHGHGpVLQIRUPDWLRQj
O¶pJDUGGHO¶203,XQHRSpUDWLRQTXLUDFRQWDLW
TXHF¶pWDLWXQHVHFWHGHVWHUURULVWHVHWF-¶DL
YXGHVJHQVTXLYHQDLHQWGX0R\HQ2ULHQWHW

KPVS
QPVS
KPVS

TPVT
QSÏUFYUF
EF
UFSSPSJTNF

MB
3ÏTJTUBODF
JSBOJFOOF
ÏUBJU
MB

TXLP¶RQWGLWTX¶LOVVXLYDLHQWDYHFDWWHQWLRQOH
FRPEDWGHO¶203,TX¶LOVFRQVLGqUHQWFRPPH
XQHGHVDOWHUQDWLYHVTXLDX0R\HQ2ULHQWGRLW
SHUPHWWUHGHUHPSODFHUOHUpJLPHLUDQLHQSDU
TXHOTXHFKRVHGHFRQYHQDEOHTXHOHVSD\V

0.1*

TVS
MB
MJTUF
EFT

RFFLGHQWDX[DXUDLHQWWRXWLQWpUrWjVRXWHQLUª
3RXU OH EkWRQQLHU 0DULR 6WDVL © FHWWH

MF
USJCVOBM
EF
QSFNJÒSF
JOTUBODF
EFT
DPNNVOBVUÏT
FVSPQÏFOOFT
B

DIIDLUHHVWDFFDEODQWHSDUFHTXHQRXVDYRQV
YUDLPHQWO¶LPSUHVVLRQTXHFHODDpWpGpFOHQFKp
SRXU GHV UDLVRQV SROLWLTXHV HW TX¶HOOHV
O¶HPSrFKHQWG¶pYROXHU2XLLOIDXWXQSURFqV

MB
$PNNJTTJPO
E"QQFM
EFT
PSHBOJTBUJPOT
QSPTDSJUFT

8QFRPEDWFRPPHFHOXLTXHYRXVPHQH]HW

B
FYBNJOÏ
Ë
DF
TVKFU
VOF
QMBJOUF
EÏQPTÏF
QBS

QBSMFNFOUBJSFT
CSJUBOOJRVFT

XQFRPEDWRFKDTXHSDVHVWLPSRUWDQWPDLV

Z
DPNQSJT
EFT
EPDVNFOUT
DPOmEFOUJFMT
MB 10"$ B
RRQQHVDLWMDPDLVTXDQGRQVRUWLUDGXWXQQHO

-B
$PVS
EBQQFM
EF
(SBOEF#SFUBHOF

1RXVDOORQVFRQWLQXHUGHQRXVEDWWUHO¶pWDSH

HXURSpHQQH HVW PHUYHLOOHXVHPHQW SDVVpH
/DGpFLVLRQHVWYHQXH9RLOjO¶$QJOHWHUUHTXL

MF
NJOJTUSF
EF
M*OUÏSJFVS
B
UJSÏ
MFT
DPOTÏRVFODFT

V¶\ UDQJH )DLVRQV HQ VRUWH HW F¶HVW QRWUH

QSÏTFOUBOU
BV
1BSMFNFOU
VO
EÏDSFU
QPVS
SFUJSFS
M0.1*
EF
MB
MJTUF

UHVSRQVDELOLWpjQRXV)UDQoDLVTXHOD)UDQFH

V¶\UDQJHDXVVLª

MB
EÏDJTJPO
EV
NJOJTUSF
BOHMBJT
EF
M*OUÏSJFVS
RVJ
ÏUBJU
Ë
MB
CBTF
EF
MJOTDSJQUJPO
EF

3RXU &DWKHULQH /HJQD UHSUpVHQWDQWH

B
ÏUÏ
EÏmOJUJWFNFOU BOOVMÏF 1BS DPOTÏRVFOU
GH OD )RQGDWLRQ )UDQFH /LEHUWpV © HQ

FTU
UPUBMFNFOU
EÏQPVSWV
EF

FH TXL FRQFHUQH OH GRVVLHU LUDQLHQ QRXV
FRQWLQXHURQV F¶HVW pYLGHQW 1RXV VRPPHV

Ë
MB
TVJUF
EF
MPQÏSBUJPO

QpVG¶XQHYRORQWpGHUpVLVWDQFHjO¶RSSUHVVLRQ

RVJ
OF
SFQPTBJU
RVF
TVS
DFUUF
JOTDSJQUJPO
HW G¶XQH YRORQWp GH SDUWHQDULDW DYHF WRXV


FHX[ TXL RQW EHVRLQ GH UpVLVWHU HW FHOD

OB
QBT
SÏTJTUÏ
Ë
MFYBNFO
x
4J
MB
TFDUJPO
BOUJUFSSPSJTUF
B
EFT
QSFVWFT
EF

FRQWLQXHUD/HJRXYHUQHPHQWIUDQoDLVjXQH

FMMF
EPJU

SFOESF
DFT
QSFVWFT
QVCMJRVFT
1PVS
NBJOUFOJS
PVWFSU
DF

SROLWLTXHYLVjYLVGHO¶,UDQTXLQRXVDSSDUDvW

RVJ
TPOU

DPNNF
MFT
BDDVTBUJPOT
EF

SRXU OH PRLQV HUUDWLTXH 1RXV FRPSUHQRQV

TBOT
MF
NPJOESF
GPOEFNFOU
SDUIDLWHPHQW O¶REOLJDWLRQ GHV (WDWV FH TXH
QRXV QH FRPSUHQRQV SDV F¶HVW OH PDQTXH
GH YLVLRQ GH WUDQVSDUHQFH HW G¶HQMHX GHV
FRQYHUVDWLRQVTXLVHSDVVHQWHQFHPRPHQW
DYHF O¶,UDQ j SURSRV GX VRUW GX SULQFLSDO
PRXYHPHQWG¶RSSRVLWLRQª
/HGpSXWp-HDQ3LHUUH%UDUGDIDLWXQ
WRXU G¶KRUL]RQ GHV DFWLYLWpV HQ VRXWLHQ j OD
5pVLVWDQFHLUDQLHQQHDXVHLQGHO¶$VVHPEOpH
QDWLRQDOHHWGHVSURMHWVjYHQLUSRXUUHQIRUFHU
FHWWH VROLGDULWp 3XLV LO D UDSSHOp © -¶DL
O¶KDELWXGH GH GLUH TX¶LO IDXW VH UDSSHOHU GH
OD 5pVLVWDQFH FKH] QRXV HW TXH ORUVTX¶RQ
FRQWHVWHXQSRXYRLULOOpJLWLPHLOHVWGHGURLW
G¶XWLOLVHU OHV PpWKRGHV TXH O¶HQQHPL ODLVVH
GLVSRQLEOHV SRXU IDLUH SURJUHVVHU FHWWH
FDXVH(WIDFHDXIDVFLVPHUHOLJLHX[MHFLWH
WRXMRXUVFHWH[HPSOHPDLVTXHOPHLOOHXUDFWH
G¶DFFXVDWLRQ FRQWUH OH SRXYRLU GHV PROODKV
TXH OD SKRWR GH FH MHXQH ,UDQLHQ TXL YD
rWUH SHQGX HW TXL GH OD PDLQ IDLW DX UHYRLU
j FHX[ TXL UHVWHQW HW TXL D OH VRXULUH DX[
OqYUHV4XDQGRQDDIIDLUHjXQWHOUpJLPH
F¶HVWGHQRWUHGHYRLUGHVRXWHQLUFHX[TXLOH
FRPEDWWHQWª
$PNNVOJRVÏ
-%)



KVJO

-B
-JHVF
EFT
%SPJUT
EF
M)PNNF
BQQFMMF
Ë
MB
DMÙUVSF
EF
MBĊBJSF EFT SÏGVHJÏT
QPMJUJRVFT
JSBOJFOT
PV
TPO
SFOWPJ
JNNÏEJBU
EFWBOU
VO
USJCVOBM
*M
Z
B
DJOR
BOT
DJCMF
EVOF
BUUBRVF
JOKVTUF
FO
'SBODF
%BOT
VOF
PQÏSBUJPO
EF
HSBOEF
BNQMFVS
NJMMF
USPJT

DFOU
QPMJDJFST
BUUBRVBJFOU
MFT
CVSFBVY
EV
$POTFJM
OBUJPOBM
EF
MB
SÏTJTUBODF
JSBOJFOOF
FU
MFT

EPNJDJMFT
EF
RVFMRVFT
TZNQBUIJTBOUT
-JOTUSVDUJPO
B
ÏUÏ
FTTFOUJFMMFNFOU
CBTÏF
TVS
MBDDVTBUJPO
EF
UFSSPSJTNF
FU
OPUBNNFOU
GPOEÏF

TVS
MJOTDSJQUJPO
EF
MPSHBOJTBUJPO
EFT
.PVEKBIJEJOF
EV
QFVQMF
E*SBO
FOUJUÏT
UFSSPSJTUFT
EF
M6OJPO
FVSPQÏFOOF
-F

EÏDFNCSF

BOOVMÏ
MB
EÏDJTJPO
EV
$POTFJM
EF
M6OJPO
FVSPQÏFOOF
EJOTDSJSF
M0.1*
TVS
TB
MJTUF
OPJSF
FU
B

EÏDMBSÏ
RVF
DF
KVHFNFOU
FTU
SÏUSPBDUJG
"VUSFNFOU
EJU
UPVT
MFT
BSHVNFOUT
EV
EPTTJFS
KVEJDJBJSF

FO
'SBODF
RVJ
TBQQVJF
TVS
DFUUF
JOTDSJQUJPO
TPOU
JMMÏHBVY
6OF
IBVUF
DPVS
FO
(SBOEF#SFUBHOF
10"$
"QSÒT
BWPJS
ÏUVEJÏ
UPVT
MFT
EPDVNFOUT
EÏDMBSÏ
RVF
M0.1*
OFTU
QBT
UFSSPSJTUF

OPW
B
DPOmSNÏ MF KVHFNFOU EF MB 10"$  NBJ 
&MMF
B
TPVMJHOÏ
RVF
MFYBNFO
EFT
EPDVNFOUT
DPOmEFOUJFMT SFOGPSÎBJU TPO BWJT RVF M0.1* OFTU
QBT
JNQMJRVÏF
EBOT
MF
UFSSPSJTNF
"
-POESFT
FU
BQQMJRVÏ
MF
KVHFNFOU
OPJSF

NBJ

"JOTJ
M0.1*
TVS
MB
MJTUF
EF
M6OJPO
FVSPQÏFOOF
MF
NBJOUJFO
EF
M0.1*
TVS
MB
MJTUF
EF
M6OJPO
FVSPQÏFOOF
GPOEFNFOU
&U
JM
FO
FTU
EF
NÐNF
EV
EPTTJFS
EF
MB
KVTUJDF
j
BOUJUFSSPSJTUF
x
GSBOÎBJTF
QPMJDJÒSF
EV

KVJO

-B
-JHVF
EFT
ESPJUT
EF
MIPNNF
BWBJU
EÏKË
DPOTUBUÏ
MBO
EFSOJFS
RVF
j
MBDDVTBUJPO
EF
UFSSPSJTNF
GPSUFNFOU
NÏEJBUJTÏF
UFSSPSJTNF
EBOT
DF
EPTTJFS
EPTTJFS
KVEJDJBJSF
EBVUSFT
BDDVTBUJPOT
POU
ÏUÏ
GBCSJRVÏFT
UFSSPSJTNF
-B
-%)
BQQFMMF
Ë
MB
DMÙUVSF
EF
DF
EPTTJFS
PV
TPO
SFOWPJ
JNNÏEJBU
EFWBOU
VO
USJCVOBM
/H PDLUH G·$XYHUVVXU2LVH -HDQ FKDQJHPHQW GpPRFUDWLTXH HQ ,UDQ -H
3LHUUH%pTXHWV¶HVW©IpOLFLWpGHVPRELOLVDWLRQV SHQVH TXH OH JRXYHUQHPHQW IUDQoDLV D IDLW
TXL VH IRQW DXMRXUG¶KXL DYHF OD /LJXH GHV SUHXYHGHUpDOLVPHHWGHIHUPHWpYLVjYLVGX
GURLWV GH O¶KRPPH DYHF WRXV OHV MXULVWHV UpJLPHLUDQLHQHQPDWLqUHQXFOpDLUHPDLVFH
SXLVDYHFOHVSDUOHPHQWDLUHVdDFRPPHQFH GHUQLHUH[HUFHGHVSUHVVLRQVVXUOD)UDQFH
j ERXJHU &¶pWDLW ORQJ GLI¿FLOH SDUFH TX¶RQ SRXUHPSrFKHUOHUHWUDLWGHO¶203,GHODOLVWH
DYDLW HQ IDFH GH QRXV XQH IRUPLGDEOH QRLUHGHO¶8(-¶RVHHVSpUHUTXH3DULVDXUD
RIIHQVLYHGHGpVLQIRUPDWLRQ7RXVGRLYHQWVH O¶DXGDFHDXVVLGHQHSDVFpGHUDX[SUHVVLRQV
PRELOLVHU GpSXWpV VpQDWHXUV pOXV ORFDX[ GX JRXYHUQHPHQW LUDQLHQ HQ PDWLqUH GH
VLPSOHVFLWR\HQVDXWRXUG¶XQSULQFLSHVLPSOH WHUURULVPH RX HQ PDWLqUH pFRQRPLTXH HW
TXLHVWGHIDLUHOHGURLWGDQVQRWUHSD\V-H HVVD\HUDGHUpWDEOLUODMXVWLFH'¶DXWDQWSOXV
YRXGUDLVGLUHDXVVLTX¶XQHERQQHSDUWLHGHOD TXH FpGHU DX FKDQWDJH GX UpJLPH Q¶DXUD
SRSXODWLRQG¶$XYHUVVHVHQWWUqVFRQFHUQpH SRXU FRQVpTXHQFH TXH GH O¶HQFRXUDJHU DX
HWTX¶HOOHOHIDLWDYHFEHDXFRXSGHPDWXULWp WHUURULVPH
HWGHUpÀH[LRQ TX¶HOOH D DSSULV DX[ F{WpV GH 3RXU FRQFOXUH -HDQ3LHUUH 'XERLV D
QRV DPLV LUDQLHQV TXH GHV SDVVHUHOOHV VH DVVXUp TXH © OD /'+ UHVWHUD j YRV F{WpV
VRQWFUppHVTXHQRVFXOWXUHVV¶pFKDQJHQWHW 9RXVrWHVDVVXUpVGHVDVROLGDULWpSRXUIDLUH
TX¶RQDGHVpFKDQJHVH[WUrPHPHQWIRUWVª UHVSHFWHUOHVGURLWVHWOHVOLEHUWpVGHVUpIXJLpV
/H 'U 6DOHK 5DGMDYL UHSUpVHQWDQW HQ SROLWLTXHV TXH YRXV rWHV SDUFH TXH QRXV
)UDQFHGX&15,DUDSSHOpTXH©F¶HVWXQH VDYRQVFHTX¶HVWODUpVLVWDQFHjO¶RSSUHVVLRQ
LQMXVWLFH KLVWRULTXH HW JUDYH j O¶HQFRQWUH HWTXHQRXVPHVXURQVFHjTXRLYRXVrWHV
GH OD 5pVLVWDQFH &¶HVW XQ REVWDFOH DX FRQIURQWpVª
*3"/
-*#&3"5*0/
ʰ

+6*/
 
 ‘””—’–‹‘Ƥƒ…‹°”‡ ƒ•–”‘‘‹“—‡  Žƒ –²–‡ †— ”±‰‹‡

—ƒ†Žƒ–Š±‘…”ƒ–‹‡Žƒ˜‡•‘Ž‹‰‡ȋ–”°•Ȍ•ƒŽ‡‡ˆƒ‹ŽŽ‡

7 pKpUDQ EUXLVVDLW GH UpYpODWLRQV G¶XQ

KRPPH GX VpUDLO VXU OD FRUUXSWLRQ
¿QDQFLqUH DVWURQRPLTXH GH KDXWV GLJQLWDLUHV
VRXWLHQ¿QDQFLHU SRXU OH SURMHW HW O¶DWWULEXWLRQ
GHO¶HQWUHSULVHGHSQHXV'HQD
3RXUOHSUL[GHO¶XVLQHFHUWDLQVH[SHUWV
UHOLJLHX[8QFRXSGHVLIÀHW PDUTXDQW XQH GX PLQLVWqUH GH OD -XVWLFH O¶RQW pYDOXp
QRXYHOOHHVFDODGHGHVTXHUHOOHVLQWHVWLQHV j  PLOOLDUGV GH ULDOV DORUV TXH OH SUL[
G¶XQH LQWHQVLWp MDPDLV YXH FHV WURLV UpHOpWDLWGHSOXVGHPLOOLDUGVGHULDOV
GHUQLqUHVGpFHQQLHV /¶pYDOXDWLRQQ¶DPrPHSDVSULVHQFRPSWH
/H F\FOH GH GpQRQFLDWLRQV DYHF OHV OHVSURSULpWpVGHO¶XVLQHTXLV¶pOqYHQWjGHV
IDFWLRQV V¶DFFXVDQW WRXU j WRXU IRUPH PLOOLDUGVGHULDOV
GpVRUPDLV XQH VSLUDOH pFKDSSDQW j WRXW 'HQDDYDLWpWpDWWULEXpHj<D]GLTXDQG
FRQWU{OH /HV DFFXVDWLRQV GH IUDXGH LOpWDLWHQFRUHjODWrWHGHODPDJLVWUDWXUH
¿QDQFLqUH PDVVLYH RQW IDLW VXUIDFH GDQV XQ 0DLVTXDQGHVWYHQXOHPRPHQWGHSD\HULO
GLVFRXUV SURQRQFp UpFHPPHQW SDU $EEDV DGHPDQGpXQHUHPLVHHWDLPPpGLDWHPHQW
3DOL]GDU XQ PHPEUH GH OD FRPPLVVLRQ REWHQX   GH UpGXFWLRQ ,O D pFULW GH
G¶HQTXrWH GX 0DMOLV 3DUOHPHQW ,O D $EEDV3DOL]GDU QRXYHDX SRXU GHPDQGHU GDYDQWDJH GH
DFFXVpGHVSOXVKDXWVWpQRUVUHOLJLHX[HW UDEDLV HW LO O¶D UHFRPPHQFp FLQT IRLV$ OD
UHVSRQVDEOHVGXUpJLPHQRQVHXOHPHQWGH ¿Q RQ OXL D GHPDQGp GH SD\HU VHXOHPHQW
YROHUHIIURQWpPHQWPDLVDXVVLGHSODQL¿HU
O¶pOLPLQDWLRQ SK\VLTXH GH OHXUV ULYDX[
6HORQ OXL FHUWDLQV DFFLGHQWV G¶DYLRQV FHV
GHUQLqUHV DQQpHV D\DQW HQWUDvQp OD PRUW
GHPLQLVWUHVHWGHKDXWVFRPPDQGDQWVGHV
JDUGLHQVGHODUpYROXWLRQQ¶DXUDLHQWSDVpWp
OHIUXLWGXKDVDUG
/H JXLGH VXSUrPH $OL .KDPHQHL D
UDSLGHPHQW VDLVL OD JUDYLWp GX QRXYHDX
F\FOH &KHUFKDQW j UDOHQWLU FH WUDYDLO GH
VDSH LO D FRQVDFUp XQH ERQQH SDUWLH GH
VHV UpFHQWV GLVFRXUV DX[ DSSHOV j O¶XQLWp
WRXW HQ H[SULPDQW XQ VRXWLHQ LPSOLFLWH j
3DOL]GDU
6HV UpYpODWLRQV VRQW G¶DXWDQW SOXV
LPSRUWDQWHV TX¶LO HVW XQ SURFKH DOOLp GH
0DKPRXG $KPDGLQHMDG OH SUpVLGHQW GHV
PROODKVHWGHVJDUGLHQVGHODUpYROXWLRQOH
&*5,OSRXUUDLWWUqVELHQV¶DJLUGXSUpOXGH
jO¶pOLPLQDWLRQSK\VLTXHGHULYDX[RXPrPH
G¶DOOLpV LQGLVFLSOLQpV /D IDFWLRQ ULYDOH D
ULSRVWpSXLVTXH3DOL]GDUDpWpDUUrWpOH
MXLQ
/HV QRPV FLWpV GDQV FHW pQRUPH
VFDQGDOH GH FRUUXSWLRQ ¿QDQFLqUH VRQW  ¿QDQFHU OH FHQWUH HW LO D GHPDQGp G¶DXWUHV
O¶D\DWROODK .DFKDQL ,PDPL PHPEUH GX
&RQVHLO GHV JDUGLHQV HW DFWXHO LPDP GX
YHQGUHGLGH7pKpUDQO¶D\DWROODK0RKDPPDG
<D]GLPHPEUHGX&RQVHLOGHVJDUGLHQVHW
GHO¶$VVHPEOpHGHVH[SHUWVHWDQFLHQFKHI
GH OD PDJLVWUDWXUH O¶D\DWROODK 0DNDUHP
&KLUD]L WUqV KDXW GLJQLWDLUH HW HQ¿Q VDQV
VXUSULVHOHFKDPSLRQWRXWHFDWpJRULHGDQV
FH GRPDLQH O¶DQFLHQ SUpVLGHQW +DFKHPL
5DIVDQGMDQLHWVDIDPLOOH
 GH .KDPHQHL SRXU RXYULU XQH pFROH GH
/·D\DWROODK.DFKDQL,PDPL
6H UpIpUDQW j XQH DIIDLUH LPSOLTXDQW
 *3"/
-*#&3"5*0/
ʰ

+6*/

Ž’‘—””ƒ‹––”°•„‹‡
•ǯƒ‰‹”†—’”±Ž—†‡
Žǯ±Ž‹‹ƒ–‹‘’Š›•‹“—‡
†‡”‹˜ƒ—š‘—²‡
†ǯƒŽŽ‹±•‹†‹•…‹’Ž‹±•Ǥ
.DFKDQL,PDPL3DOL]GDUDGpFODUp©,OD
HQYR\p XQH OHWWUH GLVDQW TXH VRQ ¿OV pWDLW
KDQGLFDSp HW TX¶LO HQYLVDJHDLW G¶RXYULU XQ
FHQWUHSRXUKDQGLFDSpVSK\VLTXHVD¿Q TX¶LO
SXLVVHUHVWHUDXSUqVGHOXLOjEDVHWTXHOH
FHQWUH SRXUUDLW V¶RFFXSHU GH   RX
 DXWUHV KDQGLFDSpV $SUqV O¶RXYHUWXUH
GX FHQWUH LO D UppFULW SRXU HQ GHPDQGHU
OH¿QDQFHPHQW SDU O¶eWDW HW D VXJJpUp TXH
OHVFDUULqUHVGHPDUEUHGHODSURYLQFHGH
)DUVVRLHQWHQUHJLVWUpHVjVRQQRPjFHWWH
¿Q 6D GHPDQGH D pWp DSSURXYpH HW LO HVW
GHYHQXSURSULpWDLUHGHVFDUULqUHV
3HX GH WHPSV DSUqV LO V¶HVW SODLQW GH
QRXYHDX TXH OH PDUEUH QH VXI¿VDLW SDV j
FDUULqUHVj=DQGMDQ,OD¿QDOHPHQW REWHQX
SOXVGHTXDWUHFDUULqUHVSRXUIDLUHWRXUQHU
XQFHQWUHG¶KDQGLFDSpV&HWKRPPHHVWXQ
WKpRORJLHQLVODPLTXHHWPDOKHXUHXVHPHQW
LOHVWpJDOHPHQWLPDPGXYHQGUHGLª
/·D\DWROODK0RKDPPDG<D]GL
'DQV XQH DIIDLUH PHWWDQW HQ FDXVH<D]GL
O¶DQFLHQ FKHI GH OD PDJLVWUDWXUH 3DOL]GDU
D GpFODUp  © ,OV RQW REWHQX O¶DSSUREDWLRQ
VFLHQFHV MXGLFLDLUHV SRXU IHPPHV j 4RP
,PPpGLDWHPHQW DSUqV LO D GHPDQGp XQ
 PLOOLDUGV 0DLV PrPH j FH VWDGH LO
QHOHVDSDVYHUVpV,ODSURSRVpGHSD\HU
 SDU GHV YHUVHPHQWV j ORQJ WHUPH HW
VRLWPLOOLDUGVHQHVSqFHV3XLVLO
DGHQRXYHDXGLWTX¶LOQ¶DYDLWSDVG¶DUJHQW
SRXUSD\HUOHVPLOOLDUGVLOV¶HVWGRQFYX
RIIULU XQ SUrW GH  PLOOLDUGV GH ULDOV SDU
O¶2UJDQLVDWLRQ GHV LQGXVWULHV QDWLRQDOHV
LUDQLHQQHV &HWWH GHUQLqUH D HQVXLWH
GHPDQGpjYRLUO¶D\DWROODKSRXUREWHQLUVD
VLJQDWXUH3HXDSUqVO¶XVLQHDpWpYHQGXH
HWWUDQVIpUpHjFHX[TXLWLUDLHQWOHV¿FHOOHV
HQFRXOLVVHVª
3DOL]GDUDDMRXWp©<D]GLDGHQRXYHDX
pFULWSRXUGLUHTXHVRQ¿OV pWDLW VDQV HPSORL
HWLODGHPDQGpGHVDUUDQJHPHQWVVSpFLDX[
SRXU OXL SHUPHWWUH G¶H[SORLWHU GHV IRUrWV
GX QRUG j GHV ¿QV G¶H[SRUWDWLRQ GX ERLV
2U VRQ ¿OV pWDLW GLUHFWHXU JpQpUDO GDQV OD
PDJLVWUDWXUH0DOKHXUHXVHPHQWOHVIRUrWV
GXQRUGRQWpWpPLVHVjVDFª
5DIVDQGMDQLHWVDIDPLOOH
3DOL]GDUTXDOL¿H OD FRUUXSWLRQ pFRQRPLTXH
GHV5DIVDQGMDQLG¶LQFRPPHQVXUDEOH©/¶XQ
GHVH[HPSOHVGHODFRUUXSWLRQpFRQRPLTXH
GHFHWWHIDPLOOHHVWVRQUHIXVGHSD\HUGHV
LPS{WVSRXUOHVLPSRUWDWLRQVTXLV¶pOqYHQW
jSOXVLHXUVPLOOLDUGVGHGROODUV/HFRQWU{OH
G¶XQWLHUVGHO¶vOHGH.LVKHWGHODIRUrWGX
QRUGIDLWSDUWLHGHODFRUUXSWLRQpFRQRPLTXH
GHV5DIVDQGMDQL
/H FR€W GHV SDVWqTXHV GRQQpHV DX[
FKHYDX[GXKDUDVGHOD¿OOH GH 5DIVDQGMDQL
VHPRQWHjXQPLOOLRQGHULDOVSDUMRXU/H
SUR¿W UpDOLVp SDU OD FRPSDJQLH SpWUROLqUH GH
FHWWHIDPLOOHHWGHODV°XUGH5DIVDQGMDQL
TXLYLWDX&DQDGDHVWLQLPDJLQDEOHª
 ‡•‘ŽŽƒŠ•†‡””‹°”‡͔͜Ψ†‡•ƒ––ƒ“—‡•‡”ƒ
4VJUF
EF
MB
QBHF

QXFOpDLUHV ,O D GpSORUp OD SRXUVXLWH GH OD
SROLWLTXH GH FRPSODLVDQFH GX JRXYHUQHPHQW
EULWDQQLTXHELHQTXHOHVDPELWLRQVGXUpJLPH
GH 7pKpUDQ DLHQW pWp GpQRQFpHV GHSXLV
ORQJWHPSV
,ODVRXOLJQpTX¶jXQPRPHQWRWRXWHVOHV
WHQWDWLYHVYLVDQWjVDWLVIDLUHOHVPROODKVRQW
pFKRXpHWTXHO¶2FFLGHQWQHYHXWSDVG¶XQH
DXWUHJXHUUHGDQVODUpJLRQLOIDXGUDLWVRXWHQLU
FHX[TXLWHQWHQWG¶DSSRUWHUGHVFKDQJHPHQWV "V
QBOFM
EF
ES
Ë
H

-PSE
8BEEJOHUPO

-PSE
$PSCFUU
FU
)PTTFJO
"CFEJOJ
HQ ,UDQ ,O D GpSORUp TXH O¶203, TXL °XYUH
jFHVFKDQJHPHQWVDLWG€IDLUHIDFHjGHV
UHVWULFWLRQVUpVXOWDQWGHVOLVWHVGXWHUURULVPH UpVHDX[G¶$O$PDUDHWGH%DVVRUDGH%DJGDG WUDYDLOOHQWGDQVOHVSDWURXLOOHVHWDX[GRXDQHV
,ODVDOXpODYLFWRLUHHQMXVWLFHTXLDPLV¿Q GHFHOXLHQWUH0HKUDQHQ,UDQHW%DGUDHQ,UDN 3RXUOHVLWLQpUDLUHVGHFRQWUHEDQGHOHVDFWLRQV
jO¶LQWHUGLFWLRQGHO¶203,DX5R\DXPH8QLHW GH6REKDO+DFKHPLGH.KRUQDEDGG¶$EXDO VRQWFRRUGRQQpHVDYHFO¶DUPpHOHVIRUFHVGH
DH[SULPpO¶HVSRLUTX¶HOOHVHUDLWELHQW{WUDGLpH $VVDPHK.KDOHVVL GH OD SURYLQFH GH 'L\DOD VpFXULWpGHO¶eWDWHWOHVJDUGLHQVGHODUpYROXWLRQ
GHODOLVWHGHO¶8(/RUG:DGGLQJWRQDWHUPLQp GHODUpJLRQ&KLODWGXPRXYHPHQW+H]EROODK SRXUWUDYHUVHUODIURQWLqUH'DQVFHUWDLQVFDV
HQUDSSHODQWO¶LQJpUHQFHGXUpJLPHHQ,UDNHW j%DVVRUDGH'LZDQLHKGH+DVVDQDO7DPLPL OHVFRQYRLVVRQWHVFRUWpVSDUGHVVRFLpWpVGH
DX0R\HQ2ULHQWHWHQGHPDQGDQWXQHIIRUW GH0HTGDGLHKGH&KDODO9DKLE'DNDVKG¶$O VpFXULWp FRPPH O¶HQWUHSULVH DO(KVDQ TXL HVW
DFFUXSRXUHQGpYRLOHUOHVUpVHDX[ .KDOLVGH.KR]HLU)DUKDQDO0RMDPD¶Lj.KDQ DI¿OLpH DX &RQVHLO VXSUrPH LVODPLTXH LUDNLHQ
&¶HVW HQ IDLW OH WKqPH GpYHORSSp SDU %DQL6DGGH6DwGDO+DFKHPLj6DGLH&KDWW G¶$EGXO$]L]DO+DNLPª
+RVVHLQ$EHGLQL TXL V¶HVW DWWDFKp j UpYpOHU HWGXUpVHDXG¶DSSURYLVLRQQHPHQWGHVPLOLFHV /RUG&RUEHWWDFORVODFRQIpUHQFHHQGLVDQW
GHV UpVHDX[ PLV HQ SODFH SDU OH UpJLPH GH%DJGDG TXHODVHXOHIDoRQGHOXWWHUFRQWUHOHUpJLPH
LUDQLHQSRXULQRQGHUO¶,UDNG¶DUPHVGHWRXWHV ©3RXUWUDQVIpUHUGHVDUPHVYLDOHVSRLQWV HVW GH VRXWHQLU OHV GURLWV GpPRFUDWLTXHV HW
VRUWHV GHSDVVDJHIURQWDOLHUVRI¿FLHOV OD IRUFH 4RGV OHV DVSLUDWLRQV GX SHXSOH LUDQLHQ SRXU XQ
³(Q GpSLW GHV GpFODUDWLRQV GH FHUWDLQV XWLOLVH OHV DJHQWV GHV JURXSHV DI¿OLpV TXL FKDQJHPHQWGDQVVRQSD\V
PLOLHX[ GLVDQW TXH OH UpJLPH D UpGXLW VRQ
LQJpUHQFH WHUURULVWH FHV GHUQLHUV PRLV HQ
,UDN GHV UDSSRUWV ¿DEOHV LQGLTXHQW TXH OD
)RUFH 4RGV GHV *DUGLHQV GH OD 5pYROXWLRQ ǯ”ƒ•‘—–‹‡–Ž‡–‡””‘”‹•‡‡”ƒ
LUDQLHQVFRQWLQXHG¶HQWUDvQHUHWG¶HQYR\HUGHV
WHUURULVWHVHWGHIDLUHSDVVHUGHVDUPHVHWGHV
ERPEHVGHERUGGHURXWH()3HQ,UDN
MXLQ/¶,UDQDFRQVDFUpPLOOLDUGVGH V¶LQJpUHUGDQVOHVDIIDLUHVGHVRQYRLVLQHQ
³/¶LQGXVWULH G¶DUPHPHQW LUDQLHQQH D ¿QDQoDQW HW HQ HQWUDvQDQW GHV JURXSHV GH
GROODUVFHWWHDQQpHGDQVVHV©DFWLYLWpVªHQ
LQWHQVL¿p VD SURGXFWLRQ G¶()3 HW GpYHORSSp PLOLFLHQV FKL¶LWHV $EHGLQL D GpFODUp TXH OH
,UDNHWIRXUQLWjGHVPLOLFHVGHVDUPHV
GHVPRGqOHVSOXVPHXUWULHUVTXLVRQWH[SpGLpV VHXOPR\HQG¶DUUrWHUFHODHVWG¶LPSRVHUGHV
XWLOLVpHV FRQWUH OHV IRUFHV GLULJpHV SDU OHV
HQPDVVHHQ,UDNHWHQ$IJKDQLVWDQ VDQFWLRQVSOXVVpYqUHVjO¶,UDQHWGHVRXWHQLU
(WDWV8QLVDGpFODUpOH&RQVHLOQDWLRQDOGH
³/HVWUD¿TXDQWV G¶DUPHV VRQW GHV DJHQWV OHV,UDQLHQVTXLGHPDQGHQWXQFKDQJHPHQW
OD5pVLVWDQFHLUDQLHQQHO¶RSSRVLWLRQHQH[LO
GHV GLIIpUHQWV JURXSHV OLpV j OD )RUFH 4RGV GpPRFUDWLTXH
©/HV PROODKV Q¶RQW SDV O¶LQWHQWLRQ GH YRLU
FRPPHOD%ULJDGH%DGUOH&RQVHLOVXSUrPH /H &15, XQH FRDOLWLRQ GH JURXSHV GH
V¶LQVWDOOHU OD VpFXULWp HW OD V€UHWp HQ ,UDNª
LVODPLTXH LUDNLHQ O¶H[&RQVHLO VXSUrPH GH O¶RSSRVLWLRQLUDQLHQQHHQH[LODGpFODUpTX¶LO
D GpFODUp +RVVHLQ$EHGLQL XQ PHPEUH GH
OD UpYROXWLRQ LVODPLTXH HQ ,UDN &65,, OH YRXODLWUHQYHUVHUOHUpJLPHLUDQLHQ,O¿JXUH
OD FRPPLVVLRQ GHV $IIDLUHV pWUDQJqUHV GX
PRXYHPHQW +H]EROODK HW OHV © PRXMDKLGLQ VXU OHV OLVWHV GHV RUJDQLVDWLRQV WHUURULVWHV
JURXSH GDQV XQH FRQIpUHQFH GH SUHVVH
GH OD UpYROXWLRQ LVODPLTXH ª &HV UpVHDX[ LQWHUGLWHV GHV eWDWV8QLV GX 5R\DXPH8QL
j /RQGUHV DXMRXUG¶KXL © ,OV PXOWLSOLHQW OHV
UHoRLYHQW GHV DUPHV HQ ,UDQ SXLV OHV IRQW HWGHO¶8QLRQHXURSpHQQH'HVPHPEUHVGX
DWWDTXHV SRXU IDLUH SDUWLU OHV IRUFHV GH OD
SDVVHU HQ ,UDN SDU OD UpJLRQ IURQWDOLqUH HQ 3DUOHPHQW EULWDQQLTXH QRWDPPHQW 5RELQ
FRDOLWLRQD¿Q GH SRXYRLU PHWWUH HQ SODFH XQ
XWLOLVDQWOHVYDVWHVUHVVRXUFHVTXHOHUpJLPH &RUEHWW HW $QGUHZ 0DFNLQOD\ GLVHQW TXH
eWDWVDWHOOLWHª
PHWjOHXUGLVSRVLWLRQ OH JURXSH D pWp LQVFULW XQLTXHPHQW SRXU
/¶,UDQDDXJPHQWpVHVFHQWUHVGHSURGXFWLRQ
³/HV DFWLYLWpV GH FHV UpVHDX[ WHUURULVWHV VDWLVIDLUHO¶,UDQHWIRQWSUHVVLRQSRXUTX¶LOVRLW
G¶DUPHVSDVVDQWGHXQjWURLVHWLQVWDOODQW
VRQW DGPLQLVWUpHV SDU OD )RUFH 4RGV TXL HVW UHFRQQXFRPPHXQHRSSRVLWLRQOpJLWLPH
GH QRXYHDX[ VLWHV DX QRUG GH 7pKpUDQ j
FKDUJpHGHIRXUQLUSOXVGHGHVDUPHVGHV $EHGLQL D QRPPp GHV LQJpQLHXUV GHV
3DUFKLQH 6D\DG 6KLUD]L HW 6KLURXGL D GLW
PXQLWLRQVHWGHVERPEHVXWLOLVpHVHQ,UDN(OOH UHVSRQVDEOHV HW GHV FRPPDQGDQWV TX¶LO
$EHGLQL 'HV LQJpQLHXUV GDQV FH VHFWHXU
DFRPPDQGpHQFRUHSOXVGHJUDQGHVTXDQWLWpV GLW rWUH LPSOLTXpV GDQV OD UHFKHUFKH
V¶HIIRUFHQW GH FUpHU GHV URTXHWWHV GHV
GHERPEHVGHERUGGHURXWHSOXVSXLVVDQWHV O¶H[SpULPHQWDWLRQ HW OD SURGXFWLRQ G¶DUPHV
ERPEHV GH ERUG GH URXWH HW GHV PLVVLOHV
j O¶2UJDQLVDWLRQ GH O¶LQGXVWULH GH OD GpIHQVH /H&15,TXLHVW¿QDQFp SDU GHV SDUWLFXOLHUV
DQWLFKDU HQFRUH SOXV SXLVVDQWV TXL VRQW
2,' $LQVL OH UpJLPH D FRQVLGpUDEOHPHQW D SDU OH SDVVp UpYpOp GHV LQIRUPDWLRQV VXU
SDVVpV FODQGHVWLQHPHQW HQ ,UDN SDU GHV
LQWHQVL¿p OD SURGXFWLRQ G¶()3 O¶,UDQTXLVHVRQWDYpUpHVYUDLHV,ODUpYpOp
LWLQpUDLUHV RI¿FLHOV HW VHFUHWV DWLO GpFODUp
³&HV GHUQLHUV PRLV  JUDQGV UpVHDX[ O¶DQ GHUQLHU TXH O¶,UDQ YHUVDLW XQ VDODLUH
/D *UDQGH%UHWDJQH HW OHV eWDWV8QLV
GH WUD¿F OLpV j OD IRUFH 4RGV RQW SDVVp GHV PHQVXHOjDJHQWVj%DJGDG
RQW j PDLQWHV UHSULVHV DFFXVp O¶,UDQ GH
DUPHVGHO¶,UDQHQ,UDN,OV¶DJLWQRWDPPHQWGHV
*3"/
-*#&3"5*0/
ʰ

+6*/
 
 VXSUrPHGHVpFXULWpQDWLRQDOHOH%XUHDXGHV
±Š±”ƒ’”‡••‡Žƒ ”ƒ…‡†‡‰ƒ”†‡” pWXGHV VWUDWpJLTXHV GH OD SUpVLGHQFH HW OH
&RQVHLOGHGLVFHUQHPHQWGHVLQWpUrWVGHO¶(WDW
Žǯ•—”ŽƒŽ‹•–‡‘‹”‡†‡Žǯ V¶RFFXSHQWGHVFRQVpTXHQFHVGHODUDGLDWLRQ
GHO¶203,GHODOLVWHQRLUHGX5R\DXPH8QL
/HXU REMHFWLI HVW G¶HPSrFKHU VRQ UHWUDLW GHV
4VJUF
EF
MB
QBHF
 OLVWHVGHO¶8(HWGHVeWDWV8QLV
'DQV XQ UDSSRUW VXU O¶DUUrW GH OD &RXU
UHWLUHU O¶203, GH VD OLVWH GHV RUJDQLVDWLRQV OD&RXUG¶DSSHOQ¶DSDVSHUPLVj/RQGUHVGH G¶DSSHO OH &HQWUH GH UHFKHUFKHV GX EXUHDX
SURVFULWHVO¶8(Q¶DSOXVGHMXVWL¿FDWLRQSRXU IDLUHDSSHOFRQWUHFHWWHGpFLVLRQ/HPLQLVWUH GHODSUpVLGHQFHGHVPROODKVGpFODUH
PDLQWHQLUFHWWHRUJDQLVDWLRQVXUVDOLVWH GH O¶,QWpULHXU D DORUV SUpVHQWp XQ GpFUHW DX ³&RPSWH WHQX GH OD VLWXDWLRQ DFWXHOOH OH
/D FRQIpUHQFH pWDLW SUpVLGpH SDU -HDQ 3DUOHPHQWSRXUUDGLHUO¶203,GHODOLVWHQRLUH UHWUDLWGHO¶203,GHODOLVWHGX5R\DXPH8QL
3LHUUH 6SLW]HU DYRFDW GH O¶203, j OD &RXU 7RXWH[SHUWOpJDOD\DQWpWXGLpFHGRVVLHUHVW HW GH FHOOH GH O¶8( SDU OD VXLWH SHUPHWWUDLW
GH MXVWLFH HXURSpHQQH GH /X[HPERXUJ IHUPHPHQWFRQYDLQFXTXHMXGLFLDLUHPHQWO¶8( G¶pWDEOLU TXH FHWWH RUJDQLVDWLRQ HVW XQH
4XDQW DX[ SDQHOLVWHV LO \ DYDLW 0RKDPPDG QHSHXWHQDXFXQFDVPDLQWHQLUO¶203,VXUOD DOWHUQDWLYH HW G¶DFFURvWUH VRQ LPSDFW GDQV OD
0RKDGHVVLQH SUpVLGHQW GH OD &RPPLVVLRQ OLVWHDSUqVOHMXJHPHQWGXPDLGHOD&RXU VRFLpWp&¶HVWSDUWLFXOLqUHPHQWYUDLGHSXLVTXH
GHV$IIDLUHVpWUDQJqUHVGX&15,3LLD1RRUD G¶DSSHO,O D DXVVL QRWp TXH SXLVTXH OD FRXU O¶pYDOXDWLRQ GHV RUJDQHV GH UHQVHLJQHPHQWV
.DXSLHXURGpSXWpHHWFKHIGHODGpOpJDWLRQ DYDLW GpFODUp TXH O¶203, Q¶HVW SDV LPSOLTXp SRLQWHVXUVDEDVHVRFLDOH2XWUHOHVIDPLOOHV
¿QQRLVHDXJURXSH33('(HW3DXOR&DVDFD GDQV OH WHUURULVPH OHV DXWRULWpV MXGLFLDLUHV GHVH[pFXWpVHOOHEpQp¿FLHDXVVLG¶XQODUJH
HXURGpSXWp SRUWXJDLV HW FRSUpVLGHQW GH EULWDQQLTXHV VRQW LQÀH[LEOHV VXU OH IDLW TXH VRXWLHQ SDUPL OHV pWXGLDQWV HW OHV MHXQHV/D
O¶LQWHUJURXSH SDUOHPHQWDLUH GHV $PLV G¶XQ O¶RUJDQLVDWLRQQHSHXWSOXVrWUHPDLQWHQXHVXU 5pSXEOLTXH LVODPLTXH D FRPPLV XQH JUDYH
,UDQ/LEUH ODOLVWHGHO¶8( HUUHXU DYDQW OH UHQYHUVHPHQW GH O¶DQFLHQ
 (YRTXDQWOHVIXQHVWHVDFFRUGVGH0XQLFK JRXYHUQHPHQWLUDNLHQHQQHODQoDQWSDVXQH
0DLQWHQLUO·203,GDQVODOLVWHGXWHUURULVPH DYHF+LWOHUDYDQWODVHFRQGHJXHUUHPRQGLDOH DWWDTXHFRQWUHHOOHHQ,UDNSRXUODGpWUXLUHDX
HVWLOOpJDO LODVRXOLJQpTXHO¶(XURSHQ¶pWDLWSDVREOLJpH FDPS$FKUDI´
(Q JXLVH G¶LQWURGXFWLRQ 0H 6SLW]HU D GH FKRLVLU OHV PROODKV DUPpV GH OD ERPEH /H UDSSRUW VXJJqUH  ³'DQV QRWUH
SURSDJDQGH QRXV GHYRQV FRQVLGpUHU OH
‡‹‹•–”‡†‡•ơƒ‹”‡•±–”ƒ‰°”‡•†—”±‰‹‡ƒ MXJHPHQWFRPPHXQHTXHVWLRQPLQHXUHHWIDLUH
FRPPHVLO¶203,pWDLWLQVLJQL¿DQWH(QUHWRXU
”‡…‘–”±Žǯƒ„ƒ••ƒ†‡—”†‡ ”ƒ…‡±Š±”ƒ–”‘‹•ˆ‘‹• QRXV GHYRQV LQWHQVL¿HU QRWUH SURSDJDQGH
‡‘‹•†ǯ—‘‹•ǡ’‘—”ˆƒ‹”‡’”‡••‹‘•—”Žƒ ”ƒ…‡ QpJDWLYHFRQWUHO¶203,´
ƒƤ“—ǯ‡ŽŽ‡ƒ‹–‹‡‡Žǯ•—”ŽƒŽ‹•–‡‘‹”‡†‡Žǯ
GpFODUpTXHODFRQIpUHQFHYHQDLWHQUpSRQVH
j GHV LQIRUPDWLRQV LQGLTXDQW TXH FHUWDLQHV
DXWRULWpV GH O¶8QLRQ HXURSpHQQH pWDLHQW
HQJDJpHV GDQV XQ QRXYHO DFFRUG DYHF OH
UpJLPHHWTXHOD)UDQFHpWDLWSDUWLHSUHQDQWH
GDQVFHWWHDIIDLUH
6XUODEDVHGHGHX[DYLVMXULGLTXHVUpGLJpV
SDUGHVH[SHUWVEULWDQQLTXHVHWIUDQoDLVLOD
DI¿UPpTXHWRXWHWHQWDWLYHSDUXQDXWUHSD\V
\FRPSULVOD)UDQFHGHUHPSOLUOHYLGHODLVVp
SDUOHV%ULWDQQLTXHVSRXUUHQRXYHOHUO¶pWLTXHWWH
WHUURULVWHVHUDLWLOOpJDOH,ODDMRXWpTX¶DSUqVOH
MXJHPHQW GH OD &RXU HXURSpHQQH GH MXVWLFH
HW FHX[ GH OD MXVWLFH EULWDQQLTXH GpFODUDQW
FODLUHPHQW TXH O¶203, Q¶HVW SDV LPSOLTXpH
GDQVOHWHUURULVPHGHSXLVHWODGpFLVLRQ
GH /RQGUHV G¶DQQXOHU FHWWH GpVLJQDWLRQ OD
)UDQFHVHUDGDQVO¶LPSRVVLELOLWpGHSUpVHQWHU
ODPRLQGUHSUHXYHSRXUPDLQWHQLUO¶203,VXU
ODOLVWH
,ODUDSSHOpTXHOH&RQVHLOGHVPLQLVWUHV
GH O¶8( D UHIXVp G¶DSSOLTXHU OH MXJHPHQW
GH OD &RXU HXURSpHQQH GH MXVWLFH VRXV
GHV SUpWH[WHV LQMXVWL¿pV HW Q¶D SDV REpL DX
MXJHPHQW RUGRQQDQW OH UHWUDLW GH O¶203, GH
ODOLVWHQRLUHXVDQWGHSURFpGXUHVMXGLFLDLUHV
SRXU OD FRQWRXUQHU 0DLV DWLO DMRXWp HQ
 XQH FRXU VSpFLDOLVpH HQ *UDQGH
DWRPLTXH HW TXH O¶pWDW GH GURLW SUpYDODLW HQ
(XURSH  ,O D FRQFOX HQ GLVDQW TXH PrPH VL
OD)UDQFHYRXODLWPDLQWHQLUO¶203,VXUODOLVWH
HOOH QH SRXUUDLW V¶DSSX\HU VXU VWULFWHPHQW
DXFXQGRFXPHQW
/HVPDQRHXYUHVGHVPROODKV
3UHQDQW OD SDUROH 0RKDPPDG
0RKDGHVVLQH D GpYRLOp OHV HIIRUWV GHV
PROODKVSRXUHPSrFKHUO¶DSSOLFDWLRQGHO¶pWDW
GH GURLW $SUqV OD GpFLVLRQ GH MXVWLFH GX 
PDL OHV PROODKV RQW SHUGX WRXW HVSRLU GDQV
OH5R\DXPH8QLHWRQWFRQFHQWUpOHXUVHIIRUWV
VXUO¶8(
/¶REMHFWLI SULQFLSDO GH 7pKpUDQ D pWp OH
JRXYHUQHPHQWIUDQoDLV,ODH[HUFpXQHpQRUPH
SUHVVLRQVXU3DULVSRXUHPSrFKHUO¶DSSOLFDWLRQ
GHO¶(WDWGHGURLWGDQVO¶8(7pKpUDQHQWHQG
IRUFHUOHV(WDWVPHPEUHVGHO¶8(HQXWLOLVDQW
GHV OHYLHUV pFRQRPLTXHV GHV SURPHVVHV
YLGHVHWGHVPHQDFHVWHUURULVWHV
 ¬ FHW HIIHW 7pKpUDQ D pJDOHPHQW
O¶LQWHQWLRQ G¶H[SORLWHU OH SURFKDLQ YR\DJH GH
-DYLHU 6RODQD j 7pKpUDQ SRXU GLVFXWHU GH
FHWWHTXHVWLRQGDQVOHVQpJRFLDWLRQV
(Q SOXV GX PLQLVWqUH GHV $IIDLUHV
pWUDQJqUHV OH PLQLVWqUH GX 5HQVHLJQHPHQW
GLYHUVVHUYLFHVGHVpFXULWpOH%XUHDXVSpFLDO
7HQWDWLYHV SRXU IDLUH MRXHU j OD )UDQFH OH
U{OHSUpFpGHQWGX5R\DXPH8QL
6HORQ O¶pYDOXDWLRQ GX PLQLVWqUH GHV
$IIDLUHV pWUDQJqUHV OD )UDQFH HVW OH VHXO
SD\V D\DQW O¶DXWRULWp QpFHVVDLUH SRXU
UHPSODFHUOH5R\DXPH8QL/HVDXWUHVSD\V
VRQW WURS SHWLWV RX Q¶RQW SDV GH MXVWL¿FDWLRQ
SRXUXQWHOU{OH$ODOXPLqUHGHFHTXLV¶HVW
SDVVp HQ )UDQFH OH  MXLQ  OD )UDQFH
SRXUUDLWIDLUHFHWWHGHPDQGHDX&RQVHLOGHV
PLQLVWUHV &HSHQGDQW VRQ VLOHQFH DSUqV OH
MXJHPHQWEULWDQQLTXHQHFUpHSDVG¶REVWDFOH
jODUDGLDWLRQGHO¶203,GHODOLVWHWHUURULVWH
GHO¶8(
5HQFRQWUHVHQWUHOHUpJLPHGHVPROODKVHW
OHVDXWRULWpVIUDQoDLVHV
6HORQ OHV UDSSRUWV GX PLQLVWqUH GHV
$IIDLUHV pWUDQJqUHV GX UpJLPH HW VHORQ OHV
SURFqVYHUEDX[ TXH QRV VRXUFHV QRXV RQW
SURFXUpV DSUqV OH MXJHPHQW EULWDQQLTXH GX
PDL$OL$KDQLO¶DPEDVVDGHXUGXUpJLPHHQ
)UDQFH D UHQFRQWUp OH GLUHFWHXU GX 0R\HQ
2ULHQWGX4XDLG¶2UVD\$KDQLDGHPDQGpTXH
OD )UDQFH QH VH ODLVVH SDV LQÀXHQFpH SDU OH
MXJHPHQW HW TX¶HOOH SUHVFULYH OH PDLQWLHQ GH
O¶203,VXUODOLVWH
6HORQOHSURFqVYHUEDOGXUpJLPHVXUFHWWH
UpXQLRQOHGLUHFWHXUIUDQoDLVGX0R\HQ2ULHQW
DGpFODUp©/D)UDQFHQ¶HVWSDVIDYRUDEOHj
ODVRUWLHGHO¶203,GHODOLVWHGHO¶8(PDLVOD
%UHWDJQHDDQQXOpODPDUTXHGHWHUURULVPHHW GX JXLGH GX UpJLPH .KDPHQHL OH &RQVHLO UDGLDWLRQGHO¶203,SDUOHWULEXQDOGX5R\DXPH

 *3"/
-*#&3"5*0/
ʰ

+6*/

8QLSRXUUDLWDYRLUXQLPSDFWVXUO¶8(ª
0HKGL6DIDULOHYLFHPLQLVWUHGHV$IIDLUHV
pWUDQJqUHV SRXU O¶(XURSH HW O¶$PpULTXH GX
1RUG D WHQX WURLV UpXQLRQV DYHF %HUQDUG
3ROHWWL O¶DPEDVVDGHXU GH )UDQFH j 7pKpUDQ
DXFRXUVGHFHWWHSpULRGH XQ DQFLHQ PHPEUH GH O¶203, ,OV RQW IRXUQL
‡/DSUHPLqUHDHXOLHXLO\DHQYLURQXQ
PRLVDXFRXUVGHODTXHOOH03ROHWWLDUDSSHOp
TXH OD SRVLWLRQ IUDQoDLVH VXU O¶203, Q¶DYDLW
SDVFKDQJp
‡  /D VHFRQGH V¶HVW GpURXOpH OH  PDL
/DGLVFXVVLRQDpJDOHPHQWSRUWpVXUO¶203,HW
VRQPDLQWLHQGDQVODOLVWHGHO¶8(
‡  /D WURLVLqPH D HX OLHX OH  MXLQ 0
0RKDPPDG <DK\D 0DURX¿ O¶DPEDVVDGHXU
G¶$IJKDQLVWDQ j 7pKpUDQ D SULV SDUW j OD
SUHPLqUHSDUWLHGHODUHQFRQWUHTXLSRUWDLWVXU
O¶$IJKDQLVWDQ$SUqVFHOD6DIDULHW3HORWWLRQW
SRXUVXLYLHWO¶XQGHVWKqPHVpWDLWO¶203,HWOD
OLVWHGHO¶8(
'DQVFHUWDLQHVGHFHVUpXQLRQVj7pKpUDQ
WRXWHQpYRTXDQWODVLWXDWLRQDX/LEDQHWVRQ
SURSUH SRXYRLU GDQV FH SD\V OH UpJLPH D
IDLWUHPDUTXHUTX¶LOSRXUUDLWLQÀXHU FRQWUH OHV
LQWpUrWVIUDQoDLV
&HV SUHVVLRQV QH VH OLPLWHQW SDV DX[
)UDQoDLV PDLV FRQFHUQHQW DXVVL OHV DXWUHV
GpSRVHQW GH IDX[ WpPRLJQDJHV FRQWUH
O¶RUJDQLVDWLRQ
1DUDJKLHVWDOOpj7pKpUDQR¿Q PDL LO D
UHQFRQWUpO¶DPEDVVDGHXUGH)UDQFHDYHFXQH
IHPPHDJHQWGX9HYDNTXLVHIDLWSDVVHUSRXU
XQH OLVWH GHV ³FULPHV GH O¶203, FRQWUH GHV
FLYLOV LQQRFHQWV´ HW H[KRUWp OH JRXYHUQHPHQW
IUDQoDLVjHPSrFKHUVDUDGLDWLRQ
/HSDUFRXUVG¶(KVDQ1DUDJKLHVWIDLWG¶XQH
VXFFHVVLRQGHWUDKLVRQVHWGHPDQLSXODWLRQV
'¶DERUG PROODK SXLV PHPEUH GX SDUWL
7RXGHK LO VH PHW HQVXLWH DX VHUYLFH GH OD
VLQLVWUH6$9$.GXFKDK$SUqVODUpYROXWLRQ
1DUDJKL HVW DUUrWp FRPPH DJHQW GH OD
6DYDN,ORIIUHDORUVVHVVHUYLFHVDXQRXYHDX
PDvWUHOH9HYDNGHVPROODKV6DWLVIDLWGHVD
FROODERUDWLRQOHUpJLPHO¶HQYRLHQPLVVLRQHQ
)UDQFHHQOXLWURXYDQWXQSRVWHGHFRQVHLOOHUj
O¶8QHVFR6DPLVVLRQFRQVLVWHj©LQWR[LTXHUª
OD )UDQFH FRQWUH © OHV HQQHPLV MXUpV GX
UpJLPHª 7RXWH O¶KLVWRLUH GH FH SHUVRQQDJH
HVWWLVVpHGHIpORQLHGHOkFKHWpHWG¶LQGLJQLWp
,O Q¶KpVLWH SDV j GLUH  © OD WRUWXUH SHXW VH
MXVWL¿HU j ª FDU © O¶RQ QH SHXW SDV GLUH
GDQVO¶DEVROXTXHODWRUWXUHVRLWXQHPDXYDLVH
FKRVHªQRYHPEUHUDGLROD9RL[GH
FRPSOLFLWp DYHF XQ UpJLPH FRXSDEOH HQ WRXW
SRLQWGHFULPHVFRQWUHO¶KXPDQLWpFRQWUHVRQ
SURSUHSHXSOH
/·8(GRLWRXYULUGHVUHODWLRQVDYHFO·203,
3LDD1RRUD.DXSSLHXURGpSXWpH¿QQRLVH  
/DPDMRULWpGX3DUOHPHQWHXURSpHQYHXW
TXH QRXV VR\RQV ¿GqOHV j QRV SULQFLSHV
GpPRFUDWLTXHV-HSHQVHTX¶LOHVWWRWDOHPHQW
DEVXUGH SRXU OH UpJLPH LUDQLHQ G¶DQQRQFHU
TXHOHVMXJHPHQWVGHVWULEXQDX[HQ*UDQGH
%UHWDJQHHWHQ(XURSHHQIDYHXUGHO¶203,
VRQW SROLWLTXHPHQW PRWLYpV SDUFH TX¶LOV RQW
H[DPLQp WRXV OHV GRFXPHQWV FRQ¿GHQWLHOV
HW WRXWHV OHV GRQQpHV GLVSRQLEOHV DYDQW GH
VWDWXHU TX¶LO Q¶HVW SDV MXVWL¿p GH PDLQWHQLU
O¶203, VXU OD OLVWH$X 3DUOHPHQW HXURSpHQ
QRXV VRPPHV WUqV VXUSULV HW GpoXV SDU
O¶DWWLWXGHGX&RQVHLOGHO¶8QLRQHXURSpHQQH
&HV GHUQLqUHV DQQpHV QRXV DYRQV
GHPDQGpjPDLQWHVUHSULVHVTXHO¶203,VRLW
UHWLUpH GH OD OLVWH &HOD D GpMj WURS GXUp HW
O¶RUJDQLVDWLRQDpWpPDLQWHQXHVXUFHWWHOLVWH
VDQVDXFXQHUDLVRQ
/DVHXOHUDLVRQGHODSUpVHQFHGHO¶203,
VXU OD OLVWH GH O¶8( pWDLW OH JRXYHUQHPHQW
EULWDQQLTXHHWDSUqVO¶DUUrWGHMXVWLFHGDQVFH
SD\VHXURSpHQV
'DQV XQ UDSSRUW OD 'LUHFWLRQ GHV
DIIDLUHV HXURSpHQQHV GX UpJLPH D pFULW 
©'DQV WRXWHV OHV UpXQLRQV TXH QRXV DYRQV
WHQXHV DYHF OHV eWDWV PHPEUHV GH O¶8( FHV
GHUQLqUHV VHPDLQHV OH SUREOqPH FRQVWDQW D
pWpG¶HPSrFKHUODVXSSUHVVLRQGHO¶203,GH
ODOLVWHGHO¶8(ª/HUDSSRUWDMRXWH©1RXV
DYRQVWUDQVPLVXQHQRWHRI¿FLHOOH DX )RUHLJQ
2I¿FH EULWDQQLTXH SRXU VRXOLJQHU TXH /RQGUHV
SRUWHODUHVSRQVDELOLWpGHWRXWHFRQVpTXHQFH
GH O¶DUUrW GH OD &RXU EULWDQQLTXH HW TX¶DX[
\HX[ GH 7pKpUDQ FHWWH GpFLVLRQ UHYLHQW j
FRRSpUHU DYHF OHV WHUURULVWHV 1RXV DYRQV
RUJDQLVp OHV GL]DLQHV GH UpXQLRQV DYHF OHV
eWDWVPHPEUHVHWGHVUHVSRQVDEOHVGHO¶8(
VXU OD QpFHVVLWp GH PDLQWHQLU O¶203, GDQV
OD OLVWH /HV (XURSpHQV RQW GHPDQGp GHV
GRFXPHQWV SURXYDQW O¶LPSOLFDWLRQ GH O¶203,
GDQVOHWHUURULVPH1RXVQ¶DYLRQVULHQjOHXU
GRQQHUª
$FWLYLWpV SDUDOOqOHV GX PLQLVWqUH GX
5HQVHLJQHPHQW
'HVRQF{WpOHPLQLVWqUHGX5HQVHLJQHPHQW
O¶$PpULTXH1DUDJKLHVWDFWXHOOHPHQWFKDUJp
G¶LQWURGXLUHOHVDJHQWVGXUpJLPHGHVPROODKV
GDQVOHVPpGLDVIUDQoDLV
0DLQWHQLU O·203, VXU OD OLVWH QRLUH UHYLHQW
j GH OD FRPSOLFLWp GDQV OHV FULPHV GX
UpJLPH
(QVXSSULPDQWLPPpGLDWHPHQWO¶203,GH
OD OLVWH GH O¶8( OD )UDQFH HW OH &RQVHLO GHV
PLQLVWUHVQHSHUPHWWURQWSDVDX[PROODKVGH
SRXUVXLYUH OHXUV LJQREOHV FRPSORWV 7RXWH
FRQFHVVLRQjODWKpRFUDWLHHWWRXWUHFXOGDQV
O¶DSSOLFDWLRQ GH O¶pWDW GH GURLW pWDEOLW XQ
GDQJHUHX[SUpFpGHQWGDQVO¶8(
&HWWH TXHVWLRQ GHYUD rWUH H[DPLQpH j OD
SURFKDLQHVHVVLRQGXFRQVHLOGHVPLQLVWUHVGHV
$IIDLUHVpWUDQJqUHVGHO¶8QLRQHXURSpHQQHSRXU
UHWLUHUO¶203,GHODOLVWHXQHIRLVSRXUWRXWHV
6RQ PDLQWLHQ pTXLYDXGUDLW j GH OD
SD\VO¶203,QHSHXWSOXV\rWUHPDLQWHQXH
-¶DXUDLV WUqV SHX GH UHVSHFW SRXU WRXW
JRXYHUQHPHQWEULWDQQLTXHIUDQoDLVRXDXWUH
TXLV¶HIIRUFHUDLWGHPDLQWHQLUO¶RUJDQLVDWLRQVXU
ODOLVWH
'DQV O¶8QLRQ HXURSpHQQH QRXV
SDUWDJHRQV FH SRLQW GH YXH TXH O¶203,
GRLW rWUH UDGLpH LPPpGLDWHPHQW GH OD OLVWH
WHUURULVWHHWTXHQRXVGHYULRQVDXVVLFRRSpUHU
EHDXFRXSSOXVDYHFFHWWHRUJDQLVDWLRQ/¶8(
GHYUDLW FRPPHQFHU j DYRLU GH YpULWDEOHV
UHODWLRQVDYHFO¶203,SDUFHTXHO¶203,HWOH
&RQVHLO QDWLRQDO GH OD 5pVLVWDQFH LUDQLHQQH
RQW OD FDSDFLWp G¶DSSRUWHU XQ FKDQJHPHQW
GpPRFUDWLTXH HQ ,UDQ -¶DL UHQFRQWUp 0PH
5DGMDYLSUpVLGHQWHpOXHGX&15,HWG¶DXWUHV
UHVSRQVDEOHV GH OD 5pVLVWDQFH LUDQLHQQH j
SOXVLHXUV UHSULVHV HW MH SHX[ YRXV DVVXUHU
TX¶LOVVRQWSOHLQHPHQWDWWDFKpVDX[SULQFLSHV
9HYDN WHQWH pJDOHPHQW GH SHUVXDGHU OHV
)UDQoDLVG¶HPSrFKHUFHWWHUDGLDWLRQ
3DUPL OHV DFWLRQV TX¶LO D PHQpHV ¿JXUH
O¶XWLOLVDWLRQ G¶XQ GH VHV SOXV DQFLHQV DJHQWV
HQ )UDQFH (KVDQ 1DUDJKL &H GHUQLHU D
MRXp XQ U{OH WUqV DFWLI SRXU OH PLQLVWqUH GX
5HQVHLJQHPHQW GDQV OD IDEULFDWLRQ HW OD
IRXUQLWXUHG¶LQIRUPDWLRQVIDOVL¿pHV VXU O¶203,
HQ )UDQFH 3DU H[HPSOH LO D HVVD\p GH
IDLUH SDVVHU GDQV OHV LQVWDQFHV MXGLFLDLUHV
IUDQoDLVHV SOXVLHXUV DJHQWV GX 9HYDN SRXU
G¶DQFLHQV PHPEUHV GH O¶203, SRXU TX¶LOV

*3"/
-*#&3"5*0/
ʰ

+6*/
 
GpPRFUDWLTXHV &¶HVW OD VHXOH RUJDQLVDWLRQ
FDSDEOH GH SURYRTXHU XQ FKDQJHPHQW 
HQ ,UDQ 'RQF MH SHQVH TX¶LO HVW QDWXUHO HW
ORJLTXH TXH O¶8( HQJDJH XQH FRRSpUDWLRQ
DYHFFHWWHRUJDQLVDWLRQ —ƒ–‘”œ‡’”‹•‘‹‡”•‡š±…—–±•‡—‡•‡ƒ‹‡
8QH IRLV GH SOXV MH WLHQV j VRXOLJQHU -F
SÏHJNF
JSBOJFO
B
QFOEV

QSJTPOOJFST
EBOT
MB
EFVYJÒNF
TFNBJOF
EF
KVJO
EPOU
VO
KFVOF


TXH QRXV GHYULRQV UHWLUHU LPPpGLDWHPHQW BOT
.PIBNNBE
)BTTBO[BEFI
QFOEV
MF

KVJO
EBOT
MB
QSJTPO
EF
4BOBOEBK
QPVS
VO
EÏMJU
RVJM

O¶203, GH OD OLVWH GH O¶8( HW QH SDV FpGHU BVSBJU
DPNNJT
Ë
MÉHF
EF

BOT
TFMPO
MFT
NÏEJBT
PċDJFMT -F SÏHJNF EFT NPMMBIT B
BDDFOUVÏ MFT
DX[SUHVVLRQVH[HUFpHVSDUOHUpJLPHLUDQLHQ FYÏDVUJPOT
QPVS
DPOUSFS
MB
NPOUÏF
EV
NÏDPOUFOUFNFOU
QPQVMBJSF
EBOT
MF
QBZT
FU
TPO
JTPMFNFOU

SRXU LQÀXHQFHU OH SURFHVVXV GpFLVLRQQHO JOUFSOBUJPOBM
-B
3ÏTJTUBODF
JSBOJFOOF
BQQFMMF
MB
DPNNVOBVUÏ
JOUFSOBUJPOBMF
Ë
CSJTFS
TPO
TJMFODF

FRPPXQDXWDLUH /D UDGLDWLRQ GH O¶203, GH TVS
MFT
DIÉUJNFOUT
NÏEJÏWBVY
FU
MF
OPNCSF
DSPJTTBOUT
EFYÏDVUJPOT
FO
*SBO
TQÏDJBMFNFOU
EFT

OD OLVWH GHV RUJDQLVDWLRQV WHUURULVWHV HVW OD NJOFVST


YRORQWpGHODPDMRULWpGX3DUOHPHQWHXURSpHQ
FRPPH HQ WpPRLJQH VD UpVROXWLRQ GX  ‡ƒ”Ž‡‡–‡—”‘’±‡…‘†ƒ‡Ž‡•‡š±…—–‹‘•‡”ƒ
MDQYLHU 
KVJO

-F
1BSMFNFOU
EÏOPODF
GFSNFNFOU
MFT
DPOEBNOBUJPOT
Ë
NPSU
FU
MFT
FYÏDVUJPOT
FO

*SBO
FO
QBSUJDVMJFS
DFMMFT
JOnJHÏFT BVY EÏMJORVBOUT KVWÏOJMFT FU BVY NJOFVST *M TPVMJHOF RVF
/·(XURSHQHJDJQHUDULHQjWUDLWHUDYHFOHV MFT
DPOEBNOBUJPOT
Ë
NPSU
EF
EÏMJORVBOUT
KVWÏOJMFT
TPOU
VOF
WJPMBUJPO
EJSFDUF
EFT
PCMJHBUJPOT

PROODKV JOUFSOBUJPOBMFT
EF
MB
3ÏQVCMJRVF
JTMBNJRVF
E*SBO
FU
EFT
FOHBHFNFOUT
TJHOÏT
QBS
M*SBO

3DXOR&DVDFDHXURGpSXWpSRUWXJDLV $PODFSOBOU
MFT
DBT
JOEJWJEVFMT
MFT
EÏQVUÏT
DPOEBNOFOU
EBOT
MFT
UFSNFT
MFT
QMVT
GPSUT
MFYÏDVUJPO

/D UpYROXWLRQ HQ ,UDQ D PDUTXp XQH EF
.PIBNNBE
)BTTBO[BEFI
ÉHÏ
EF
NPJOT
EF

BOT
MPSTRVJM
B
ÏUÏ
FYÏDVUÏ
-FT
BVUPSJUÏT

QRXYHOOH qUH GDQV QRWUH WHPSV TXL HVW OH JSBOJFOOFT
TPOU
JOTUBNNFOU
QSJÏFT
EF
SFOPODFS
Ë
MFYÏDVUJPO
EF
..
#FIOPVE
4IPKBFF

WHUURULVPH UHOLJLHX[ VXLFLGDLUH GH PDVVH .PIBNNBE
'FEBFJ
4BFFE
+B[FF
EF
#FIOBN
;BBSF
FU
EF
UPVT
MFT
BVUSFT
EÏMJORVBOUT
KVWÏOJMFT

,O HVW DEVROXPHQW VFDQGDOHX[ TXH O¶8QLRQ DPOEBNOÏT
Ë
NPSU

HXURSpHQQH TXL Q¶D ULHQ IDLW YLVjYLV GHV


JURXSHVVRXWHQXVSDUOHUpJLPHLUDQLHQTXL Dz‘›‘—‡–Š‘‘Ž‹‰ƒdzǡ‘—˜‡ƒ—†±Ž‹–
D LQLWLp FHWWH QRXYHOOH IRUPH GH WHUURULVPH ’ƒ••‹„Ž‡†‡Žƒ’‡‹‡†‡‘”–
FRPPH OH +H]EROODK HW OHV GLIIpUHQWHV
-F

KVJO
MB
DPVS
TVQSÐNF
EFT
NPMMBIT
B
DPOmSNÏ MB QFJOF
VHFWLRQV GHV JDUGLHQV GH OD UpYROXWLRQ
EF
NPSU
QPVS
RVBUSF
KFVOFT
BDDVTÏT
EÐUSF
EFT
iWPZPVT
FU

LUDQLHQV RSpUDQW HQ ,UDN GpFLGH j OD SODFH
IPPMJHBOTw
$F
OPVWFBV
EÏMJU
RVJ
OFYJTUF
NÐNF
QBT
EBOT
MFT
MPJT

GH V¶HQ SUHQGUH DX[ SULQFLSDOHV YLFWLPHV
NPZFOÉHFVTFT
EFT
NPMMBIT

FTU
VUJMJTÏ
DPNNF
VO
JOTUSVNFOU

GX WHUURULVPH TXL VRQW ELHQ HQWHQGX OHV
QPVS
BDDFOUVFS
MF
DMJNBU
EF
UFSSFVS
%F
OPNCSFVY
QSJTPOOJFST

0RXGMDKLGLQHGXSHXSOHG¶,UDQ
QPMJUJRVFT
POU
ÏUÏ
FYÏDVUÏT
TPVT
QSÏUFYUF
EF
EÏMJUT
EF
ESPJU
DPNNVO

,OHVWWRXWjIDLWFODLUSRXUWRXVFHX[TXL
RQW OHV \HX[ RXYHUWV TXH O¶203, Q¶D ULHQ j
YRLU DYHF OH WHUURULVPH HW TXH OH UpJLPH
͖͔͔͔’‡”•‘‡•ƒ‹ˆ‡•–‡–…‘–”‡Žƒ•ƒ‹•‹‡†‡Ž‡—”•ƒ–‡‡•
LUDQLHQ HVW OH FHQWUH GX WHUURULVPH 2Q QH
•ƒ–‡ŽŽ‹–‡

QFSTPOOFT
TPOU
EFTDFOEVFT
EBOT
MFT
SVFT
QPVS
QSPUFTUFS
DPOUSF
MB
DPOmTDBUJPO EF MFVST
BOUFOOFT

SHXW FRPSUHQGUH OD SRVLWLRQ HXURSpHQQH
TBUFMMJUFT
JOUFSEJUFT
FO
*SBO
EBOT
MF
RVBSUJFS
EF
7BLJM"CBE
EF
MB
WJMMF
EF
.BDIBE
OPSEFTU

MF


TXHVRXVO¶DQJOHGHO¶LQÀXHQFH GH VD SROLWLTXH
KVJO
-FT
QSPUFTUBUBJSFT
POU
EÏmMÏ FO DPOTQVBOU MF QSÏTJEFOU EFT NPMMBIT .BINPVE "INBEJOFKBE
GH FRPSODLVDQFH TXL HVVDLH G¶DFKHWHU VD
-FT
GPSDFT
EF
TÏDVSJUÏ
POU
DIBSHÏ
MF
DPSUÒHF
GBJTBOU
QMVTJFVST
CMFTTÏT
FU
EF
OPNCSFVTFT
BSSFTUBUJPOT
SURSUHVpFXULWpHQIDLVDQWGHVFRQFHVVLRQV
DX[W\UDQVLUDQLHQV&¶HVWSDWKpWLTXHHWQRXV
DYRQV GpMj FRQQX FHWWH H[SpULHQFH ORUV
‡—”–•‡–”‡ƒ‹ˆ‡•–ƒ–•‡–ˆ‘”…‡•†‡•±…—”‹–±ƒŠ‡†ƒ
%FT
NBOJGFTUBUJPOT
EF
DPMÒSF
POU
ÏDMBUÏ
MF

KVJO

Ë
;BIFEBO
EBOT
MF
TVEFTU
EF
M*SBO
FU
DPOEVJU
Ë

GH OD 6HFRQGH *XHUUH PRQGLDOH /H VHXO
EFT
BĊSPOUFNFOUT FOUSF MFT GPSDFT EF MB SÏQSFTTJPO FU MB QPQVMBUJPO 6O HSBOE OPNCSF EBSSFTUBUJPOT
HVSRLUSRXUO¶DYHQLUGHO¶,UDQHVWO¶RSSRVLWLRQ
POU
FV
MJFV
EPOU
CFBVDPVQ
EF
KFVOFT
/VM
OF
TBJU
Pá
JMT
POU
ÏUÏ
JODBSDÏSÏT
%VSBOU
MFT
QSPUFTUBUJPOT

LQWpULHXUH HW O¶203, HVW OD SULQFLSDOH
MB
GPVMF
FO
DPMÒSF
TFO
FTU
QSJTF
BVY
GPSDFT
EF
TÏDVSJUÏ
CSßMBOU
MFVST
WÏIJDVMFT
&MMF
B
BVTTJ
CMPRVÏ
MFT

RSSRVLWLRQLQWHUQHHQ,UDQ
SVFT
FO
CSßMBOU
EFT
QOFVT
-FT
HBSEJFOT
EF
MB
SÏWPMVUJPO
POU
PVWFSU
MF
GFV
TVS
MFT
QSPUFTUBUBJSFT
FU

/D VHXOH IDoRQ G¶pYLWHU O¶DIIURQWHPHQW
UJSÏ
EFT
HB[
MBDSZNPHÒOFT
#FBVDPVQ
EF
NBOJGFTUBOUT
POU
ÏUÏ
SPVÏT
EF
DPVQT

DYHFO¶,UDQHVWGHVRXWHQLUOHSHXSOHLUDQLHQ
HW  VD YRORQWp SROLWLTXH HW GH SHUPHWWUH j ƒ˜ƒ–ƒ‰‡†‡‡•—”‡•”±’”‡••‹˜‡•…‘–”‡Ž‡•ˆ‡‡•ǡŽ‡•
O¶203, GH GpYHORSSHU OLEUHPHQW VRQ DFWLRQ
SROLWLTXH
Œ‡—‡•‡–Ž‡•…‘‡”­ƒ–•
1RV GLULJHDQWV HXURSpHQV GRLYHQW -B
QPMJDF
EFT
NPMMBIT
WJFOU
EBEPQUFS
VOF
OPVWFMMF

FRPSUHQGUH TX¶LOV QH SHXYHQW SDV SDUYHQLU UBDUJRVF
QPVS
DPNCBUUSF
MFT
iNBMWPJMÏFTw
-FT
GFNNFT

j XQ DFFRUG DYHF FH UpJLPH 3DU H[HPSOH QPSUBOU
EFT
WÐUFNFOUT
TFSSÏT
SFÎPJWFOU
EBCPSE
VO

GDQV OH FDV GH OD JXHUUH HQ ,UDN LO \ D HX BWFSUJTTFNFOU
EF
OF
QBT
QBSBÔUSF
FO
QVCMJD
WÐUVFT
EF

GHV QpJRFLDWLRQV DYHF OH UpJLPH LUDQLHQ HW DFUUF
GBÎPO
QVJT
MB
QPMJDF
GFSNF
MFT
CPVUJRVFT
RVJ

LOVRQWFRQYHQXGHERPEDUGHUOHVEDVHVGH WFOEFOU
DFT
WÐUFNFOUT
-B
OPVWFMMF
B
ÏUÏ
BOOPODÏF
QBS

O¶203,HQ,UDNPDLVOHUpJLPHQ¶DSDVUHPSOL MBHFODF
EF
QSFTTF
PċDJFMMF 'BST MF  KVJO
'BST
OPUF

VHV SURSUHV REOLJDWLRQV ,O HVW ELHQ pYLGHQW FOTVJUF
RVBQSÒT
MFVS
JOUFSQFMMBUJPO
j
MFT
KFVOFT
BWFD

TX¶LOQHUHVSHFWHUDSDVVHVHQJDJHPHQWV-H EFT
DPVQFT
EF
DIFWFVY
PDDJEFOUBMFT
TF
WFSSPOU
EFNBOEFS
MBESFTTF
EF
MFVST
DPJĊFVST QBS MFT
QH FRPSUHQGV SDV SRXUTXRL QRV GLULJHDQWV
BHFOUT
EF
TÏDVSJUÏ
RVJ
JSPOU
FOTVJUF
GFSNFS
MFT
TBMPOT
x


HXURSpHQVQHYRLHQWSDVTX¶LOVQHJDJQHURQW
ULHQjWUDLWHUDYHFOHUpJLPHLUDQLHQ

*3"/
-*#&3"5*0/
ʰ

+6*/

 3RXUGDYDQWDJHG¶LQIRUPDWLRQVFRQVXOWH]QRWUHVLWHZZZQFULUDQRUJ