Professional Documents
Culture Documents
7(;7(6*(1(5$8;
'DKLU Q GX PRKDUUHP IpYULHU &KDSLWUH,,
SRUWDQW SURPXOJDWLRQ GH OD ORL Q UHODWLYH j OD $GKpVLRQGURLWVHWREOLJDWLRQV
SURIHVVLRQG¶$GRXO
BBBBBBBBBB 6HFWLRQSUHPLqUH±&
&RQGLWLRQVG¶DGKpVLRQ
$UWLFOH
/28$1*($',(86(8/
/H FDQGLGDW j OD SURIHVVLRQ G¶$GRXO GRLW UpSRQGUH DX[
*UDQG6FHDXGH6D0DMHVWp0RKDPPHG9, FRQGLWLRQVVXLYDQWHV
4XHO¶RQVDFKHSDUOHVSUpVHQWHV±SXLVVH'LHXHQpOHYHUHW ±rWUH PDURFDLQ PXVXOPDQ VRXV UpVHUYH GHV FRQGLWLRQV GH
HQIRUWLILHUODWHQHXU FDSDFLWpSUpYXHVSDUOHFRGHGHODQDWLRQDOLWpPDURFDLQH
4XH1RWUH0DMHVWp&KpULILHQQH ±rWUHkJpGHYLQJWFLQTDQQpHVHWDYRLUPRLQVGHTXDUDQWH
FLQT DQQpHV JUpJRULHQQHV UpYROXHV SRXU OHV FDQGLGDWV TXL
9XOD&RQVWLWXWLRQQRWDPPHQWVHVDUWLFOHVHW QHSHXYHQWrWUHGLVSHQVpVGXFRQFRXUVHWGXVWDJH
$'e&,'e&(48,68,7 ±MRXLUGHVHVGURLWVFLYLTXHVHWrWUHGHERQQHPRUDOLWpHWGH
ERQQHVP°XUV
(VWSURPXOJXpHHWVHUDSXEOLpHDX%XOOHWLQRIILFLHOjODVXLWH ±MRXLU GH O¶DSWLWXGH SK\VLTXH UHTXLVH SRXU O¶H[HUFLFH GH OD
GXSUpVHQWGDKLUODORLQUHODWLYHjODSURIHVVLRQG¶DGRXO SURIHVVLRQ
WHOOHTX¶DGRSWpHSDUOD&KDPEUHGHVUHSUpVHQWDQWVHWOD&KDPEUH ±rWUHHQSRVLWLRQUpJXOLqUHDXUHJDUGGHODOpJLVODWLRQVXUOH
GHVFRQVHLOOHUV VHUYLFHPLOLWDLUH
)DLWj,IUDQHOH PRKDUUHPIpYULHU ±Q¶DYRLUHQFRXUXDXFXQHFRQGDPQDWLRQSRXUFULPHRXXQH
SHLQHG¶HPSULVRQQHPHQWSRXUGpOLWDYHFRXVDQVVXUVLVj
3RXUFRQWUHVHLQJ O¶H[FHSWLRQ GHV GpOLWV LQYRORQWDLUHV RX j XQH DPHQGH
/H3UHPLHUPLQLVWUH PrPHDYHFVXUVLVSRXULQIUDFWLRQFRQWUHOHVELHQV
'5,66-(7728 ±Q¶DYRLU IDLW O¶REMHW G¶XQH UDGLDWLRQ SDU XQH GpFLVLRQ
GLVFLSOLQDLUH SRXU GHV IDLWV FRQWUDLUHV j O¶KRQQHXU GH OD
SURIHVVLRQGRQWLODpWpUDGLp
±Q¶DYRLU SDV pWp FRQGDPQp j XQH GHV SHLQHV ILQDQFLqUHV
SUpYXHV SDU OH FRGH GH FRPPHUFH j O¶HQFRQWUH GHV
/RLQ GLULJHDQWV GH O¶HQWUHSULVH RX j OD GpFKpDQFH FRPPHUFLDOH
UHODWLYHjODSURIHVVLRQG¶$GRXO VDXIV¶LODIDLWO¶REMHWG¶XQHUpKDELOLWDWLRQ
²²²²²²²² ±DYRLU UpXVVL DX FRQFRXUV G¶DFFqV j OD SURIHVVLRQ G¶$GRXO
VDXIV¶LOHQHVWGLVSHQVpHQYHUWXGHODSUpVHQWHORL
7,75(35(0,(5
$UWLFOH
/$352)(66,21'¶$'28/
/H FRQFRXUV PHQWLRQQp j O¶DUWLFOH FLGHVVXV HVW RUJDQLVp
&KDSLWUHSUHPLHU SDU XQH FRPPLVVLRQ GRQW OD FRPSRVLWLRQ HW OH IRQFWLRQQHPHQW
'LVSRVLWLRQVJpQpUDOHV VRQWIL[pVSDUYRLHUpJOHPHQWDLUH
$UWLFOHSUHPLHU /HVPDWLqUHVGXFRQFRXUVHWO¶pYDOXDWLRQGHVpSUHXYHVVRQW
IL[pHVSDUYRLHUpJOHPHQWDLUH
/D SURIHVVLRQ G¶$GRXO V¶H[HUFH HQ WDQW TXH SURIHVVLRQ
$UWLFOH
OLEpUDOH FRQIRUPpPHQW DX[ DWWULEXWLRQV HW FRQGLWLRQV SUpYXHV
SDU OD SUpVHQWH ORL HW SDU OHV WH[WHV SDUWLFXOLHUV /HV $GRXO VRQW 3DUWLFLSHQW DX FRQFRXUV YLVp j O¶DUWLFOH FLGHVVXV DLQVL
FRQVLGpUpVFRPPHGHVDX[LOLDLUHVGHODMXVWLFH TX¶DX VWDJH HW DX[ pSUHXYHV GH O¶H[DPHQ SURIHVVLRQQHO OHV
WLWXODLUHV G¶XQH OLFHQFH GpOLYUpH DX 0DURF SDU OHV IDFXOWpV GH
$UWLFOH &KDULD GH OD ODQJXH DUDEH GH OD WKpRORJLH GHV OHWWUHV±VHFWLRQ
&KDTXH $GRXO HVW WHQX SDU OHV SULQFLSHV GH OR\DXWp GHV pWXGHV LVODPLTXHV±RX GH GURLW GURLW SULYp RX SXEOLF RX
G¶LQWpJULWp G¶KRQQHXU GH OD SURIHVVLRQ HW GRLW SUpVHUYHU OHV G¶XQGLSO{PHUHFRQQXpTXLYDOHQW
VHFUHWVGHVFRQWUDFWDQWV 6HFWLRQ,,±6
6WDJHHWWLWXODULVDWLRQ
$UWLFOH $UWLFOH
7RXVOHV$GRXOH[HUFHQWOHXUSURIHVVLRQGDQVOHFDGUHG¶XQ /H FDQGLGDW DGPLV DX FRQFRXUV HVW QRPPp SRXU XQH GXUpH
RUGUHQDWLRQDOGHV$GRXOVVXEGLYLVpHQFRQVHLOVUpJLRQDX[GDQV G¶XQDQHQTXDOLWpG¶$GRXOVWDJLDLUHSDUDUUrWpGXPLQLVWUHGHOD
OHV FLUFRQVFULSWLRQV GHV FRXUV G¶DSSHO RUJDQLVpV FRQIRUPpPHQW MXVWLFH
DX[ GLVSRVLWLRQV GH OD SUpVHQWH ORL HW GHV WH[WHV SULV SRXU VRQ /HVPRGDOLWpVGXGpURXOHPHQWGXVWDJHVRQWIL[pHVSDUYRLH
DSSOLFDWLRQ UpJOHPHQWDLUH
%8//(7,12)),&,(/ 1±NDDGD
/RUVTX¶LO HVW PLV ILQ DX VWDJH O¶$GRXO VXELW XQ H[DPHQ /¶$GRXOGRLWDXVVLW{WDSUqVSUHVWDWLRQGXVHUPHQWGpSRVHU
SURIHVVLRQQHO HQ YXH GH VD WLWXODULVDWLRQ /HV PRGDOLWpV OHV VDVLJQDWXUHHWVRQSDUDSKHGDQVXQGRVVLHUDGPLQLVWUDWLIVXUXQ
PDWLqUHV HW OD FRPSRVLWLRQ GX MXU\ GH O¶H[DPHQ SURIHVVLRQQHO UHJLVWUH pWDEOL j FHW HIIHW SDU OH JUHIIH GX MXJH GHV DIIDLUHV
VRQWIL[pHVSDUYRLHUpJOHPHQWDLUH QRWDULDOHVGDQVOHUHVVRUWGXTXHOLOHVWQRPPpSURGXLUHXQHFRSLH
/¶$GRXODGPLVjO¶H[DPHQSURIHVVLRQQHOSUpFLWpHVWQRPPp FRQIRUPH GX SURFqVYHUEDO GH SUHVWDWLRQ GX VHUPHQW HW LQGLTXHU
DXUHVVRUWGHVRQpWXGHSDUDUUrWpGXPLQLVWUHGHODMXVWLFHVXLWH O¶DGUHVVHGHO¶pWXGHRLOH[HUFHUD
DX[EHVRLQVGpILQLVSDUO¶LQWpUrWGXQRWDULDW/¶$GRXOHVWUDGLpGH /HMXJHFKDUJpGHVDIIDLUHVQRWDULDOHVDYLVHOHSUpVLGHQWGX
ODSURIHVVLRQSDUODPrPHYRLHORUVTX¶LOQHUHMRLQWSDVVRQSRVWH FRQVHLOUpJLRQDOGHV$GRXOGHO¶HQWUpHHQIRQFWLRQGXDGRXOGDQV
HW QH SURGXLW SDV XQ PRWLI YDODEOH GDQV XQ GpODL GH PRLV j OHUHVVRUWGHVDQRPLQDWLRQ
FRPSWHUGHODGDWHGHVDUpFHSWLRQGHO¶DUUrWpGHVDQRPLQDWLRQ $UWLFOH
$UWLFOH 7RXW $GRXO HPSrFKp G¶H[HUFHU VD SURIHVVLRQ SRXU GHV
$X WHUPH GX VWDJH O¶$GRXO VXELW O¶H[DPHQ SURIHVVLRQQHO UDLVRQV GH VDQWp SHXW rWUH GLVSHQVp HW SHXW rWUH UpWDEOL GDQV VHV
SUpFLWp (Q FDV G¶pFKHF LO HVW PLV ILQ j VRQ VWDJH SDU DUUrWp GX IRQFWLRQVSDUDUUrWpGXPLQLVWUHGHODMXVWLFHVXLWHjVDGHPDQGH
PLQLVWUHGHODMXVWLFHWRXWHQSUpVHUYDQWOHGURLWGHSDUWLFLSHUDX HW DSUqV OD SURGXFWLRQ G¶XQ FHUWLILFDW PpGLFDO GpOLYUp SDU OHV
FRQFRXUVXOWpULHXUHPHQW VHUYLFHV GH OD VDQWp SXEOLTXH DWWHVWDQW OD FHVVDWLRQ GH OD FDXVH
$UWLFOH G¶LQFDSDFLWp
6RQW GLVSHQVpV GX FRQFRXUV GX VWDJH HW GH O¶H[DPHQ 7RXW DGRXO D\DQW DWWHLQW O¶kJH GH VRL[DQWHGL[ DQV GRLW
SURIHVVLRQQHO SURGXLUHGXUDQWOHSUHPLHUWULPHVWUHGHFKDTXHDQQpHXQFHUWLILFDW
PpGLFDOGpOLYUpSDUOHVVHUYLFHVGHODVDQWpSXEOLTXHDWWHVWDQWGH
±OHV DQFLHQV PDJLVWUDWV D\DQW H[HUFp HQ FHWWH TXDOLWp SRXU VRQ DSWLWXGH j FRQWLQXHU VHV DFWLYLWpV QRUPDOHPHQW HW OH
XQHGXUpHGHFLQTDQQpHVDXPRLQVHWH[HUFpGHVIRQFWLRQV WUDQVPHWWUHGDQVOHGpODLLPSDUWLDXPLQLVWqUHGHODMXVWLFHVRXV
QRWDULDOHVSRXUXQHGXUpHGHGHX[DQVDXPRLQV OD VXSHUYLVLRQ GX MXJH DX[ DIIDLUHV QRWDULDOHV VRXV SHLQH GH
±OHV DQFLHQV $GRXO D\DQW FHVVp OHXU DFWLYLWp SRXU GHV UpYRFDWLRQ
PRWLIV QH SRUWDQW SDV DWWHLQWH j O¶KRQRUDELOLWp GH OD 6HFWLRQ,,,±&
&RPSpWHQFHVREOLJDWLRQVHWGURLWV
SURIHVVLRQjFRQGLWLRQTX¶LOVDLHQWH[HUFpFHWWHSURIHVVLRQ
SRXUXQHGXUpHGHFLQTDQQpHVDXPRLQV $UWLFOH
6RQW GLVSHQVpV GX FRQFRXUV HW GH O¶H[DPHQ SURIHVVLRQQHO /¶$GRXO SHUoRLW GLUHFWHPHQW GHV GHPDQGHXUV GHV
DYHF O¶REOLJDWLRQ G¶HIIHFWXHU XQ VWDJH GH PRLV DX VHLQ G¶XQH WpPRLJQDJHV GHV KRQRUDLUHV IL[pV VXLYDQW OHXU QDWXUH DXVVLW{W
pWXGHG¶$GRXO DSUqVOHXUUpFHSWLRQHWO¶DSSRVLWLRQGHODVLJQDWXUHGHVSDUWLHVVXU
OHUpVXPpGHVDFWHVVXUOHUHJLVWUHGHFRQVLJQDWLRQ
±OHV DQFLHQV PDJLVWUDWV D\DQW H[HUFp OHXUV IRQFWLRQV HQ
FHWWHTXDOLWpSRXUXQHGXUpHGHDQVDXPRLQV /HVWDULIVGHVKRQRUDLUHVGHV$GRXOHWOHVPRGDOLWpVGHOHXU
SHUFHSWLRQVRQWIL[pVSDUYRLHUpJOHPHQWDLUH
±OHV WLWXODLUHV G¶XQ GRFWRUDW ©$OLPLDª GpOLYUp SDU
O¶XQLYHUVLWpGHOD4XDUDRXL\LQH /HVWDULIVGHVDFWHVFRQVWLWXHQWOHVKRQRUDLUHVGHV$GRXO
±OHV WLWXODLUHV G¶XQ GRFWRUDW REWHQX DX 0DURF j 'DU /¶$GRXO D OH GURLW GH UpFODPHU j O¶DPLDEOH RX HQ MXVWLFH
$O+DGLWK $O KDVVDQLD RX DX[ IDFXOWpV GH &KDULD GH OD VRQ G DX GHPDQGHXU GX WpPRLJQDJH VXU OD EDVH GHV WDULIV GHV
ODQJXH DUDEH GH OD WKpRORJLH GHV OHWWUHV±VHFWLRQ GHV KRQRUDLUHV
pWXGHVLVODPLTXHV±RXGHGURLWGURLWSULYpRXSXEOLFRX $UWLFOH
G¶XQGLSO{PHUHFRQQXpTXLYDOHQW /HWpPRLJQDJHGHODFRQYHUVLRQjO¶LVODPO¶REVHUYDWLRQGX
6RQWGLVSHQVpVGXFRQFRXUVHWWHQXVG¶HIIHFWXHUXQVWDJHHW FURLVVDQW KLODO HW OH WpPRLJQDJH G¶XQ PDULDJH ORUVTX¶LO HVW
VXELUXQH[DPHQSURIHVVLRQQHO FRQVWDWpO¶LQGLJHQFHGHVFRQWUDFWDQWVVRQWUHoXVjWLWUHJUDWXLW/H
±OHVDQFLHQVFRPPLVVDLUHVMXGLFLDLUHVD\DQWH[HUFpHQFHWWH MXJHGHVDIIDLUHVQRWDULDOHVFRPPHWGHX[$GRXOVSDUURXOHPHQW
TXDOLWpSRXUXQHGXUpHGHDQQpHVDXPRLQV jUHFHYRLUFHVWpPRLJQDJHV
$UWLFOH $UWLFOH
$SUqVVDQRPLQDWLRQHWDYDQWG¶HQWUHUHQIRQFWLRQO¶$GRXO /¶$GRXOGRLWFKRLVLUXQHpWXGHGDQVOHUHVVRUWGXTXHOLODpWp
SUrWHOHVHUPHQWVXLYDQW QRPPp
©-HMXUHSDU'LHXOH7RXW3XLVVDQWGHUHPSOLUILGqOHPHQWHW /¶pWXGHGX$GRXOHVWFRQVWLWXpHDXPRLQVGHGHX[$GRXO
DYHFGpYRXHPHQWOHVIRQFWLRQVTXLPHVRQWDWWULEXpHVGHJDUGHU /HVPHVXUHVGHIL[DWLRQGXQRPEUHQpFHVVDLUHGHV$GRXOHW
OHVHFUHWSURIHVVLRQQHOHWGHPHWHQLUDX[SULQFLSHVG¶LQWpJULWpHW GHVpWXGHVGH$GRXOVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH
GHOR\DXWpª /¶$GRXOGRLWVHWHQLUDX[OLPLWHVGHODFLUFRQVFULSWLRQGHOD
O¶$GRXO SUrWH FH VHUPHQW HQ VpDQFH SULYpH GHYDQW OD FRXU G¶DSSHO GDQV ODTXHOOH LO H[HUFH VD SURIHVVLRQ j O¶H[FHSWLRQ
FRXU G¶DSSHO GDQV OD FLUFRQVFULSWLRQ GH ODTXHOOH LO HVW QRPPp GHV WpPRLJQDJHV GX PDULDJH HW GX GLYRUFH TXL VRQW UHoXV
$VVLVWH pJDOHPHQW j FHWWH VpDQFH OH SUpVLGHQW GX FRQVHLO FRQIRUPpPHQWDX[GLVSRVLWLRQVGHVDUWLFOHVHWGXFRGHGH
UpJLRQDOGHV$GRXOTXLSUpVHQWHOH$GRXOjFHWHIIHW ODIDPLOOH
1±NDDGD %8//(7,12)),&,(/
/¶$GRXOGRLWUHFHYRLUGDQVVRQpWXGHOHVWpPRLJQDJHVTXL $UWLFOH
QHUHOqYHQWSDVGXUHVVRUWGXWULEXQDOGHSUHPLqUHLQVWDQFHRVH /¶$GRXO SHXW rWUH PXWp GX UHVVRUW GH VRQ pWXGH YHUV XQ
VLWXH ODGLWH pWXGH ,O QH SHXW UHFHYRLU FHV WpPRLJQDJHV GDQV OH DXWUHUHVVRUWVXUVDGHPDQGHFRPSWHWHQXGHO¶LQWpUrWGXQRWDULDW
UHVVRUW GH OD FRXU G¶DSSHO TX¶DSUqV QRWLILFDWLRQ GX MXJH FKDUJp HWGHVFULWqUHVTXLVHURQWIL[pVSDUYRLHUpJOHPHQWDLUH
GHVDIIDLUHVQRWDULDOHVGRQWLOUHOqYHIDLWHSDUOHVGHPDQGHXUVGHV
/¶$GRXO PXWp HVW WHQX GH GpSRVHU VD VLJQDWXUH HW VRQ
WpPRLJQDJHV SDU XQH GHPDQGH pFULWH FRQVLJQpH DX VHFUpWDULDW
SDUDSKH DX UHJLVWUH pWDEOL SDU OH JUHIIH GX MXJH GHV DIIDLUHV
JUHIIHGXMXJHGDQVXQUHJLVWUHVSpFLDOpWDEOLjFHWHIIHW,OHVWIDLW
QRWDULDOHVDXUHVVRUWGXTXHOLODpWpPXWpDLQVLTXHO¶DGUHVVHGH
PHQWLRQ REOLJDWRLUH GDQV OH WpPRLJQDJH GHV UpIpUHQFHV GH FHWWH VRQpWXGHDYDQWGHFRPPHQFHUO¶H[HUFLFHGHVHVIRQFWLRQV
FRQVLJQDWLRQ
$UWLFOH
/¶$GRXODWWHVWHGHVDFWHVFRQVWDWpVGDQVODFLUFRQVFULSWLRQ
GDQVODTXHOOHLODpWpGpVLJQpELHQTX¶LOVRLWGRPLFLOLpDLOOHXUVj /¶$GRXO SHXW GpPLVVLRQQHU GH VHV IRQFWLRQV ,O QH SHXW
O¶H[FHSWLRQ GHV WpPRLJQDJHV UHODWLIV DX[ LPPHXEOHV HW FHVVHU O¶H[HUFLFH GH VD SURIHVVLRQ TX¶DSUqV O¶DFFHSWDWLRQ GH VD
VXFFHVVLRQVRLOGRLWVHWHQLUDX[OLPLWHVGHODFRXUG¶DSSHOGRQW GpPLVVLRQ
UHOqYHO¶LPPHXEOHRXOHGRPLFLOHGXGHFXMXV /D GpFLVLRQ GH OD GpPLVVLRQ QH SHXW OXL rWUH UHPLVH
TX¶DSUqVDYRLUpWDEOLTX¶LODDFFRPSOLWRXWHVOHVIRQFWLRQVGRQWLO
7RXWHIRLVHQFDVGHIRUFHPDMHXUHLOSHXWUHFHYRLUOHVOHJV
pWDLWFKDUJp
G¶XQLPPHXEOHDXGRPLFLOHGXWHVWDWHXUDSUqVDXWRULVDWLRQGXMXJH
$UWLFOH
$UWLFOH
/¶$GRXO GRLW pWDEOLU SRXU FKDTXH WpPRLJQDJH XQ GRVVLHU
/RUVTXH OH WpPRLJQDJH SRUWH VXU XQ RX GHV LPPHXEOHV HQ VSpFLDO QXPpURWp FRQWHQDQW OHV GRFXPHQWV DGPLQLVWUDWLIV GHYDQW
OLWLJHHQWUHGHX[RXSOXVLHXUVFLUFRQVFULSWLRQVHWOHVGHPDQGHXUV rWUHFRQVHUYpVGDQVVRQpWXGH
GXGLWWpPRLJQDJHVHWURXYHQWHQGpVDFFRUGOHSUHPLHUSUpVLGHQW
GH OD FRXU G¶DSSHO TXL D pWp VDLVL OH SUHPLHU GpVLJQH OD /¶$GRXOTXLDLQVWUXPHQWpOHWpPRLJQDJHGDQVVRQUHJLVWUH
FLUFRQVFULSWLRQ R GRLW V¶HIIHFWXHU OH WpPRLJQDJH SDU XQH HVW WHQX UHVSRQVDEOH GHV DFWHV TX¶LO D pWDEOLV HW TXL QH VRQW SDV
UHPLVDX[SHUVRQQHVFRQFHUQpHVSHQGDQWXQHGXUpHGHFLQTDQVj
RUGRQQDQFHEDVpHVXUODGHPDQGHGHODSDUWLHTXLDHXO¶LQLWLDWLYH
FRPSWHU GH OD GDWH GH OHXU KRPRORJDWLRQ GDQV OHV UHJLVWUHV GH
GHOHVDLVLU
FRQVLJQDWLRQ ,O HVW pJDOHPHQW UHVSRQVDEOH GHV GRFXPHQWV
$UWLFOH DGPLQLVWUDWLIV UHTXLV GDQV OHV WpPRLJQDJHV SHQGDQW FLQT DQV j
/¶$GRXO SHXW DSSRVHU H[FOXVLYHPHQW j O¶H[WpULHXU GH FRPSWHUGHODUpFHSWLRQGXWpPRLJQDJHORUVTXHOHGHPDQGHXUGX
O¶LPPHXEOH R VH WURXYH VRQ pWXGH XQH SODTXH LQGLTXDQW VRQ WpPRLJQDJHQ¶HVWSDVWHQXGHOHVSURGXLUHSUqVG¶DXWUHVDXWRULWpV
QRPVRQSUpQRPHWVDTXDOLWpG¶$GRXO$GRXOSUpVLGHQWRXH[ 'DQV FH FDV FHV GRFXPHQWV VRQW UHPLV j FHOXLFL FRQWUH XQH
SUpVLGHQWGHO¶RUGUHQDWLRQDOGHV$GRXORXSUpVLGHQWG¶XQGHVHV GpSRVLWLRQ FHUWLILpH FRQVHUYpH GDQV OH GRVVLHU GX WpPRLJQDJH
FRQVHLOV UpJLRQDX[ DX QLYHDX GHV FLUFRQVFULSWLRQV GHV FRXUV DVVRUWLG¶XQHFRSLHGXGRFXPHQWGpOLYUp
G¶DSSHORXWLWXODLUHG¶XQGRFWRUDW/DIRUPHGHODSODTXHHVWIL[pH 6HFWLRQ,9±,,QFRPSDWLELOLWpV
SDUYRLHUpJOHPHQWDLUH $UWLFOH
,O QH SHXW PHQWLRQQHU FHV WLWUHV TXH VXU VD FDUWH HW OHV /D SURIHVVLRQ G¶$GRXO HVW LQFRPSDWLEOH DYHF OHV IRQFWLRQV
GRFXPHQWVGHVRQpWXGHH[FHSWpOHVGURLWVDGRXODLUHV SXEOLTXHV DYHF OD SURIHVVLRQ G¶DYRFDW G¶KXLVVLHU GH MXVWLFH
$UWLFOH G¶RXNLO MXGLFLDLUH G¶DJHQW G¶DIIDLUHV GH FRQVHLOOHU MXULGLTXH
G¶H[SHUWGHWUDGXFWHXULQWHUSUqWHGHFRSLVWHGHFRXUWLHUHWDYHF
/HV FRQWUDFWDQWV RQW OH FKRL[ G¶HQJDJHU HX[PrPHV OHV WRXW JHQUH GH QpJRFH DXTXHO O¶$GRXO SHXW V¶DGRQQHU
SURFpGXUHV UHODWLYHV j O¶LPPDWULFXODWLRQ DX[ WLPEUHV HW LPS{WV SHUVRQQHOOHPHQW
HW j OD FRQVHUYDWLRQ IRQFLqUH RX GH FKDUJHU O¶XQ GHV $GRXO
GpVLJQpV SRXU DFFRPSOLU FHV SURFpGXUHV HQ YHUWX G¶XQH (OOHHVWHQJpQpUDOLQFRPSDWLEOHDYHFWRXWHPSORLVDODULpj
O¶H[FHSWLRQGHVIRQFWLRQVUHOLJLHXVHVHWGHVDFWLYLWpVVFLHQWLILTXHV
GpFODUDWLRQVLJQpHSDUOHVSDUWLHVVXUXQUHJLVWUHGRQWODIRUPHHVW
DXWRULVpHVSDUOHPLQLVWUHGHODMXVWLFH
IL[pHSDUYRLHUpJOHPHQWDLUH
(QFDVG¶LQFRPSDWLELOLWpO¶$GRXOHVWUDGLpGHODSURIHVVLRQ
$UWLFOH
SDUDUUrWpGXPLQLVWUHGHODMXVWLFH
/¶$GRXO SHXW V¶DEVHQWHU GH VRQ pWXGH SRXU XQH GXUpH QH &KDSLWUH,,,
GpSDVVDQWSDVGHX[PRLVDSUqVDYRLUDFFRPSOLOHVWkFKHVGRQWLO
HVW FKDUJp HW DSUqV DYRLU DYLVp SDU pFULW OH MXJH FKDUJp GHV /DSURWHFWLRQGHODSURIHVVLRQ
DIIDLUHVQRWDULDOHV $UWLFOH
,O SHXW DXVVL FHVVHU SURYLVRLUHPHQW O¶H[HUFLFH GH VD (VW SXQLH SDU OHV VDQFWLRQV SUpYXHV j O¶DUWLFOH GX FRGH
SURIHVVLRQVXUDXWRULVDWLRQGXPLQLVWUHGHODMXVWLFHSHQGDQWXQH SpQDO
GXUpH QH GpSDVVDQW SDV GHX[ DQV SRXU GHV UDLVRQV G¶pWXGH GH ±WRXWH SHUVRQQH V¶DWWULEXDQW SXEOLTXHPHQW OD TXDOLWp
UHOLJLRQ RX GH VDQWp VXU XQH GHPDQGH PRWLYpH HW DFFRPSDJQpH G¶$GRXO RX H[HUoDQW OHV IRQFWLRQV G¶$GRXO VDQV rWUH
G¶XQH DWWHVWDWLRQ G¶H[pFXWLRQ GHV IRQFWLRQV GpOLYUpH SDU OH MXJH TXDOLILp
FKDUJpGHVDIIDLUHVQRWDULDOHV
±WRXWHSHUVRQQHTXLFRPPHWVDQVGURLWXQHXVXUSDWLRQGX
/H MXJH FKDUJp GHV DIIDLUHV QRWDULDOHV SHXW GpVLJQHU XQ WLWUHG¶$GRXORXXWLOLVHWRXWPR\HQVXVFHSWLEOHGHSRUWHUOH
$GRXOVXSSOpDQWH[HUoDQWGDQVOHPrPHUHVVRUWjFKDTXHIRLVTXH SXEOLF j FURLUH TX¶HOOH H[HUFH FRQWLQXH G¶H[HUFHU FHWWH
O¶LQWpUrWGXQRWDULDWO¶H[LJH SURIHVVLRQRXrWUHTXDOLILpHGHO¶H[HUFHU
%8//(7,12)),&,(/ 1±NDDGD
(VW SXQL SDU OHV PrPHV VDQFWLRQV WRXW $GRXO GRQW OD $UWLFOH
SDUWLFLSDWLRQjFHVDFWHVHVWpWDEOLHVDQVSUpMXGLFHGHVVDQFWLRQV /¶$GRXO SHXW VH IDLUH DVVLVWHU SDU XQ LQWHUSUqWH DJUpp SUqV
GLVFLSOLQDLUHVTX¶LOSHXWHQFRXULU
OHVWULEXQDX[HQFDVGHGLIILFXOWpGDQVODUpFHSWLRQGXWpPRLJQDJH
$UWLFOH GLUHFWHPHQWGHVSDUWLHV
/¶$GRXO QH SHXW IDLUH UHFRXUV DX GpPDUFKDJH QL j OD (Q FDV G¶DEVHQFH G¶LQWHUSUqWH O¶$GRXO VH IDLW DVVLVWHU SDU
SXEOLFLWp GH TXHOTXH PR\HQ TXH VH VRLW VRXV UpVHUYH GHV WRXWHSHUVRQQHTX¶LOHVWLPHDSWHjFHWWHPLVVLRQDSUqVDFFHSWDWLRQ
GLVSRVLWLRQVGHO¶DUWLFOHFLGHVVXV GHVWpPRLQV
$UWLFOH /¶LQWHUSUqWH RX OD SHUVRQQH TXL DVVLVWH O¶$GRXO QH GRLW SDV
4XLFRQTXHD\DQWFRPPLVXQDFWHG¶LQWHUPpGLDWLRQRXDWWLUp DYRLUXQLQWpUrWGDQVOHWpPRLJQDJH
OHVFOLHQWVHVWSXQLGHO¶HPSULVRQQHPHQWGHPRLVjPRLVRX
/HV WpPRLJQDJHV VRQW REOLJDWRLUHPHQW WUDQVFULWV HQ ODQJXH
G¶XQHDPHQGHGHjGLUKDPV(VWSXQLSDUOHVPrPHV
VDQFWLRQV VDQV SUpMXGLFH GHV VDQFWLRQV GLVFLSOLQDLUHV TX¶LO SHXW DUDEH ,O HVW IDLW PHQWLRQ GH OD ODQJXH pWUDQJqUH RX GX GLDOHFWH
HQFRXULUWRXW$GRXOpWDQWO¶DXWHXUSULQFLSDORXDVVRFLpGDQVFHV D\DQW VHUYL SRXU UHFHYRLU OH WpPRLJQDJH V¶LO V¶DJLW G¶XQH DXWUH
DFWHVGRQWODSDUWLFLSDWLRQDpWppWDEOLH ODQJXHTXHFHOOHGHWUDQVFULSWLRQ
$UWLFOH $UWLFOH
/¶$GRXOMRXLWGDQVO¶H[HUFLFHGHVHVIRQFWLRQVRXHQUDLVRQ /HWpPRLJQDJHGRLWLQGLTXHUO¶LGHQWLWpFRPSOqWHGXWpPRLQ
GH FHW H[HUFLFH GH OD SURWHFWLRQ SUpYXH SDU OHV GLVSRVLWLRQV GHV VRQGURLWGHGLVSRVHUGHO¶REMHWGXWpPRLJQDJHHWTX¶LOMRXLWGHOD
DUWLFOHVHWGXFRGHSpQDO FDSDFLWpOpJDOHSRXUHQGLVSRVHU
7,75(,, /H WpPRLJQDJH GRLW pJDOHPHQW GpVLJQHU DYHF DVVH] GH
5(&(37,2175$16&5,37,21(7&23,('87(02,*1$*( SUpFLVLRQO¶REMHWGXWpPRLJQDJH
&KDSLWUHSUHPLHU $UWLFOH
5pFHSWLRQGXWpPRLJQDJH ,O HVW LQWHUGLW GH UHFHYRLU XQ WpPRLJQDJH HQ GHKRUV GH VRQ
REMHW
$UWLFOH
/HWpPRLJQDJHHVWUHoXSDUGHX[$GRXOKDELOLWpVjUHFHYRLU &KDSLWUH,,
OHVWpPRLJQDJHVFRQMRLQWHPHQWHWHQPrPHWHPSV 7UDQVFULSWLRQGXWpPRLJQDJH
7RXWHIRLVGDQVO¶LPSRVVLELOLWpSRXUOHV$GRXOGHUHFHYRLUOH $UWLFOH
WpPRLJQDJHFRQMRLQWHPHQWHWHQPrPHWHPSVLOVSHXYHQWOHIDLUH
/HWpPRLJQDJHHVWWUDQVFULWVRXVODUHVSRQVDELOLWpGHV$GRXO
LQGLYLGXHOOHPHQW VXU DXWRULVDWLRQ GX MXJH j GHV PRPHQWV
HQ XQ VHXO GRFXPHQW VDQV LQWHUUXSWLRQ EODQF JUDWWDJH
GLIIpUHQWVVDXIGLVSRVLWLRQVSDUWLFXOLqUHV
FRUUHFWLRQ LQVHUWLRQ UpIpUHQFH UDWXUH RX XWLOLVDWLRQ GH OHWWUH GH
/RUVTX¶LO Q¶HVW SDV SRVVLEOH G¶REWHQLU XQH DXWRULVDWLRQ GX IUDSSH
MXJH OHV GHX[ $GRXO GRLYHQW DYLVHU FHOXLFL GDQV XQ GpODL GH
WURLVMRXUVjFRPSWHUGHODGDWHGHUpFHSWLRQGXWpPRLJQDJH /H GRFXPHQW HVW pPDUJp GH OD VLJQDWXUH GHV GHX[ $GRXO
DVVRUWLH GH OHXU QRP HQ PHQWLRQQDQW WRXMRXUV OD GDWH GH
(Q FDV GH UpFHSWLRQ LQGLYLGXHOOH FKDTXH $GRXO GRLW
WUDQVFULSWLRQ
LQGLTXHUODGDWHGHODUpFHSWLRQGXWpPRLJQDJH,OHVWWRXMRXUVIDLW
PHQWLRQ GHV PRWLIV GH OD UpFHSWLRQ /HV UHQYRLV DX[ UpIpUHQFHV /HVPRGDOLWpVVSpFLDOHVjODWUDQVFULSWLRQHWODFRQVHUYDWLRQ
GX WpPRLJQDJH GRLYHQW rWUH SRUWpH GDQV OD PDUJH UpVHUYpH DX[ GXWpPRLJQDJHVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH
REVHUYDWLRQVGDQVOHUHJLVWUHGHFRQVHUYDWLRQGHFKDFXQGHVGHX[ $UWLFOH
$GRXO
/HVGHX[$GRXOSUpVHQWHQWOHXUWpPRLJQDJHFRQWHQXGDQVOH
/HV GHX[ $GRXO SHXYHQW SRUWHU XQ WpPRLJQDJH FRQFHUQDQW
GRFXPHQWWUDQVFULWFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODSUpVHQWH
OHGURLWPXVXOPDQVXUDXWRULVDWLRQGXMXJH
ORLHWGHVWH[WHVUpJOHPHQWDLUHVSULVSRXUVRQDSSOLFDWLRQGHYDQW
$UWLFOH OHMXJHFKDUJpGHVDIIDLUHVQRWDULDOHVHQYXHGHVRQFRQWU{OHHWGH
/H WpPRLJQDJH GHV $GRXO HVW UHoX G¶DERUG DX UHJLVWUH GH VRQKRPRORJDWLRQ
FRQVHUYDWLRQ VXVPHQWLRQQp j FRQGLWLRQ GH OH FRQVLJQHU $UWLFOH
XQLTXHPHQW GDQV OH UHJLVWUH G¶XQ GHV GHX[ $GRXO HQ FDV GH
UpFHSWLRQVLPXOWDQpHHWGDQVOHUHJLVWUHGHFKDFXQG¶HQWUHHX[HQ $SUqV O¶DFFRPSOLVVHPHQW GHV SURFpGXUHV QpFHVVDLUHV OH
FDV GH UpFHSWLRQ LQGLYLGXHOOH HW j GHV PRPHQWV GLIIpUHQWV HQ MXJH FKDUJp GHV DIIDLUHV QRWDULDOHV D\DQW FRQVWDWp TXH OHV
LQGLTXDQW GDQV OHV GHX[ FDV OD GDWH GH OD UpFHSWLRQ GX WpPRLJQDJHV QH VRQW SDV HQWDFKpV G¶LQVXIILVDQFHV RX G¶HUUHXU
WpPRLJQDJH KRPRORJXH OHVGLWV WpPRLJQDJHV HW FH HQ YpULILDQW HW FRQWU{ODQW
/D IRUPH GX UHJLVWUH GH FRQVHUYDWLRQ HW OHV PRGDOLWpV GH OHXUFRQWHQX
FRQVLJQDWLRQGXWpPRLJQDJHVRQWIL[pHVSDUYRLHUpJOHPHQWDLUH ,OHVWLQWHUGLWDXMXJHG¶KRPRORJXHUOHVWpPRLJQDJHVVRXPLV
$UWLFOH DX[GURLWVG¶HQUHJLVWUHPHQWTX¶DSUqVOHSDLHPHQWGHFHVGURLWV
/H WpPRLJQDJH SHXW rWUH UHoX GX VRXUGPXHW GLUHFWHPHQW /H GRFXPHQW HVW SDUIDLW ORUVTX¶LO HVW DVVRUWL GH
SDUpFULWRXSDUYRLHGHFRPPXQLFDWLRQDYHFGHVVLJQHV,OHVWIDLW O¶KRPRORJDWLRQ /H GRFXPHQW SDUIDLW HVW FRQVLGpUp FRPPH XQ
PHQWLRQGHFHWWHRSpUDWLRQGDQVO¶DFWH GRFXPHQWRIILFLHO
1±NDDGD %8//(7,12)),&,(/
&KDSLWUH,,, $UWLFOH
&RSLHGXWpPRLJQDJH /¶$GRXO HQFRXUW GHV VDQFWLRQV GLVFLSOLQDLUHV HQ FDV
G¶LQIUDFWLRQ DX[ UqJOHV SUHVFULWHV RX GH PDQTXHPHQW DX[
$UWLFOH
REOLJDWLRQV TXL OXL LQFRPEHQW FRQIRUPpPHQW DX[ ORLV HW
/HV RULJLQDX[ GHV WpPRLJQDJHV VRQW UHPLV DX[ SDUWLHV SDU UqJOHPHQWV HQ YLJXHXU VXLYDQW OHV GLVSRVLWLRQV IL[pHV SDU OH
OHV$GRXO SUpVHQWWLWUH
$UWLFOH $UWLFOH
/HV FRSLHV GHV WpPRLJQDJHV VRQW H[WUDLWHV FRQIRUPpPHQW /HVVDQFWLRQVGLVFLSOLQDLUHVVRQWOHVVXLYDQWHV
DX[GLVSRVLWLRQVGHODSUpVHQWHORLHWGHODORLQUHODWLYHj ±O¶DYHUWLVVHPHQW
O¶RUJDQLVDWLRQ GH OD SURIHVVLRQ GH FRSLVWH SURPXOJXpH SDU OH ±OHEOkPH
GDKLUQGXUDELL,MXLQ
±ODVXVSHQVLRQSURYLVRLUHSRXUXQHGXUpHQHGpSDVVDQWSDV
$SUqV YpULILFDWLRQ GH OHXU FRQIRUPLWp DYHF OHV GRFXPHQWV XQDQ
GRQWHOOHVVRQWH[WUDLWHVOHVFRSLHVGHVWpPRLJQDJHVVRQWVLJQpHV ±ODUpYRFDWLRQ
SDUOHVGHX[$GRXOHWOHMXJH
$UWLFOH
$UWLFOH
/HV SRXUVXLWHV GLVFLSOLQDLUHV FRQWUH O¶$GRXO VH SUHVFULYHQW
/HV FRSLHV QH SHXYHQW rWUH pWDEOLHV TXH VXU OD EDVH GHV SDU
WpPRLJQDJHV FRQWHQXV GDQV OHV UHJLVWUHV GH FRQVLJQDWLRQ RX GHV ±O¶pFRXOHPHQW GH WURLV DQQpHV j FRPSWHU GH OD GDWH GH
H[HPSODLUHVGPHQWFRQVHUYpVDXVHFUpWDULDWGXJUHIIHGXUDQWOD O¶LQIUDFWLRQ
SpULRGHGHFODVVHPHQWGHVH[HPSODLUHVDOODQWGXHU MXLOOHW
±OD SUHVFULSWLRQ GH O¶DFWLRQ SXEOLTXH VL O¶DFWH FRPPLV
DXMXLQjFRQGLWLRQG¶rWUHpPDUJpHVGHVVLJQDWXUHVGHV
FRQVWLWXHXQGpOLW
GHX[ $GRXO HW GH O¶KRPRORJDWLRQ GX MXJH FKDUJp GHV DIIDLUHV
QRWDULDOHV /D SUHVFULSWLRQ HVW LQWHUURPSXH SDU WRXWH SURFpGXUH GH
SRXUVXLWH RX G¶LQVWUXFWLRQ RUGRQQpH RX HQWUHSULVH SDU O¶DXWRULWp
$ GpIDXW GH O¶XQH RX GHV GHX[ FRQGLWLRQV SUpFLWpHV OHV D\DQWSRXYRLUGLVFLSOLQDLUH
PRGDOLWpV G¶H[WUDFWLRQ GHV FRSLHV VRQW IL[pHV SDU YRLH
$UWLFOH
UpJOHPHQWDLUH
/¶DFFHSWDWLRQ GH OD GpPLVVLRQ GH O¶$GRXO QH IDLW SDV
7,75(,,, REVWDFOH j O¶HQJDJHPHQW GH SRXUVXLWHV GLVFLSOLQDLUHV FRQWUH OXL
6$1&7,216(7352&('85(',6&,3/,1$,5(6 SRXUOHVDFWHVTX¶LODFRPPLVDYDQWVDGpPLVVLRQ
$UWLFOH $UWLFOH
/¶$GRXO VWDJLDLUH HQFRXUW HQ FDV GH PDQTXHPHQW j VHV /HV SRXUVXLWHV GLVFLSOLQDLUHV QH IRQW SDV REVWDFOH j
GHYRLUV GH VWDJLDLUH RX GH FRPPLVVLRQ G¶DFWHV FRQWUDLUHV j O¶HQJDJHPHQWGHO¶DFWLRQSXEOLTXHSDUOHPLQLVWqUHSXEOLFRXSDU
O¶KRQQHXUGHODSURIHVVLRQOHVVDQFWLRQVGLVFLSOLQDLUHVVXLYDQWHV OHVSHUVRQQHVOpVpHVSRXUVDQFWLRQQHUOHVDFWHVFRQVWLWXDQWGpOLWV
RXFULPHV
±O¶DYHUWLVVHPHQW
$UWLFOH
±OHEOkPH /H SURFXUHXU JpQpUDO GX 5RL SUqV OD FRXU G¶DSSHO GDQV OH
±FHVVDWLRQGXVWDJH UHVVRUWGHODTXHOOHO¶$GRXOHVWGpVLJQpVDLVLWODFRXUG¶DSSHOGHV
SRXUVXLWHVGLVFLSOLQDLUHV
/HV VDQFWLRQV FLGHVVXV VRQW SURQRQFpHV SDU DUUrWp GX
PLQLVWUH GH OD MXVWLFH VXU SURSRVLWLRQ G¶XQH FRPPLVVLRQ GRQW OD /DFRXUG¶DSSHOVWDWXHHQFKDPEUHGHFRQVHLOFRQVWLWXpHGH
FRPSRVLWLRQHVWIL[pHSDUYRLHUpJOHPHQWDLUH FLQT SHUVRQQHV DSUqV FRQYRFDWLRQ GHV SDUWLHV FRQFHUQpHV SRXU
HQWHQGUH OHXUV REVHUYDWLRQV HW UHFHYRLU OHV UHTXrWHV pFULWHV GX
$UWLFOH SURFXUHXUJpQpUDOGX5RL/HVUqJOHVGHSURFpGXUHRUGLQDLUHVRQW
/¶$GRXO HVW VRXPLV GDQV O¶H[HUFLFH GH VD SURIHVVLRQ DX DSSOLTXpHVjFHWWHSRXUVXLWH
FRQWU{OH GX PLQLVWUH GH OD MXVWLFH HW GX MXJH FKDUJp GHV DIIDLUHV $UWLFOH
QRWDULDOHV /HSURFXUHXUJpQpUDOGX5RLSHXWHQFDVG¶HQJDJHPHQWGH
/HV PRGDOLWpV GX FRQWU{OH VRQW IL[pHV SDU YRLH SRXUVXLWHV GLVFLSOLQDLUHV GpOLFWXHOOHV RX FULPLQHOOHV FRQWUH XQ
UpJOHPHQWDLUH $GRXO VXVSHQGUH FHOXLFL SURYLVRLUHPHQW VXU DXWRULVDWLRQ GX
PLQLVWUHGHODMXVWLFH
$UWLFOH
/D FKDPEUH GX FRQVHLO SUqV OD FRXU G¶DSSHO VDLVLH GHV
/H PLQLVWqUH SXEOLF SUqV OD FRXU G¶DSSHO SURFqGH j XQH SRXUVXLWHV GLVFLSOLQDLUHV GRLW VWDWXHU GDQV OHV SOXV EUHIV GpODLV
HQTXrWHSUpOLPLQDLUHVXUWRXWHSODLQWHFRQWUHXQ$GRXOUHODWLYHj SRXUUpJXODULVHUODVLWXDWLRQGHO¶$GRXOVXVSHQGX
GHVPDQTXHPHQWVSURIHVVLRQQHOVHQVHUpIpUDQWjO¶DYLVGXMXJH $ O¶H[SLUDWLRQ GH OD SpULRGH GH WURLV PRLV j FRPSWHU GH OD
FKDUJp GHV DIIDLUHV QRWDULDOHV GDQV OH UHVVRUW GXTXHO H[HUFH GDWH GH VXVSHQVLRQ HW TX¶DXFXQH GpFLVLRQ Q¶HVW SURQRQFpH j OD
O¶$GRXOFRQWUHOHTXHOODSODLQWHHVWHQJDJpHVDXIVLF¶HVWOXLTXLD VXLWH GHV SRXUVXLWHV GLVFLSOLQDLUHV O¶$GRXO UHSUHQG VRQ DFWLYLWp
FRQVWDWpOHPDQTXHPHQWDLQVLTX¶jO¶DYLVGXFRQVHLOUpJLRQDOGHV G¶RIILFHHWGHSOHLQGURLWDSUqVSURGXFWLRQSDUOXLG¶XQFHUWLILFDW
$GRXOGXUHVVRUWGHODFRXUG¶DSSHOFRQIRUPpPHQWjO¶DUWLFOH VLJQp SDU OH FKHI GX VHFUpWDULDW GX JUHIIH DWWHVWDQW GH FHWWH
FLGHVVRXV VLWXDWLRQ
%8//(7,12)),&,(/ 1±NDDGD
$UWLFOH $UWLFOH
/H EXGJHW GH O¶2UGUH QDWLRQDO GHV $GRXO FRPSUHQG OHV /H FDQGLGDW j OD SUpVLGHQFH GH O¶2UGUH QDWLRQDO GHV $GRXO
UHFHWWHVDXWRULVpHVSDUODORLQRWDPPHQW GRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV
±OHVPRQWDQWVGHVFRWLVDWLRQV ±DYRLUODTXDOLWpG¶pOHFWHXU
±OHV UHQGHPHQWV GHV UHJLVWUHV GH FRQVLJQDWLRQ GHV UHoXV HW ±DYRLUH[HUFpODSURIHVVLRQSHQGDQWGL[DQVDXPRLQV
GHVOLYUHVGHGpFODUDWLRQVHWGHVFDUQHWVHWEDGJHV ±Q¶DYRLU SDV pWp FRQGDPQp j XQH SHLQH GLVFLSOLQDLUH j
±OHVUHQGHPHQWVGHVSXEOLFDWLRQVRXYUDJHVHWSpULRGLTXHV O¶H[FHSWLRQGHO¶DYHUWLVVHPHQW
$UWLFOH ±Q¶DYRLU SDV pWp FRQGDPQp RX SRXUVXLYL SRXU GHV IDLWV
/¶2UGUHQDWLRQDOGHV$GRXOSHXWEpQpILFLHUGHVXEYHQWLRQV FRQWUDLUHVjO¶KRQQHXUHWjODSURELWp
HQHVSqFHRXHQQDWXUHGHO¶(WDWHWGHVpWDEOLVVHPHQWVSXEOLFV $UWLFOH
,O SHXW pJDOHPHQW UHFHYRLU WRXV GRQV HW OHJV GH SHUVRQQHV /HSUpVLGHQWGHO¶2UGUHQDWLRQDOGHV$GRXOHVWpOXSRXUWURLV
SK\VLTXHVHWPRUDOHVjFRQGLWLRQTX¶LOVQHVRLHQWDVVRUWLVG¶DXFXQH DQVUHQRXYHODEOHXQHVHXOHIRLV
FODXVH GH QDWXUH j SRUWHU DWWHLQWH j VRQ LQGpSHQGDQFH RX j /H SUpVLGHQW GH O¶2UGUH QDWLRQDO GHV $GRXO TXL D pWp pOX
VDGLJQLWpRXTXLVRLWFRQWUDLUHDX[ORLVHWUqJOHPHQWVHQYLJXHXU SRXU GHX[ PDQGDWV FRQVpFXWLIV QH SHXW rWUH UppOX TX¶DSUqV WURLV
$UWLFOH DQVIUDQFVGXGHUQLHUPDQGDW
/HV GpSHQVHV FRPSUHQQHQW OHV IUDLV G¶pTXLSHPHQW HW GH $UWLFOH
IRQFWLRQQHPHQW GH O¶2UGUH QDWLRQDO GHV $GRXO HW GHV FRQVHLOV /H EXUHDX H[pFXWLI GH O¶2UGUH QDWLRQDO GHV $GRXO SXEOLH
UpJLRQDX[GHV$GRXOVGHODJHVWLRQGHOHXUVORFDX[GXSDLHPHQW ORUV GH OD SUHPLqUH PRLWLp GX PRLV GH VHSWHPEUH GH O¶DQQpH
GHV VDODLUHV GH OHXU SHUVRQQHO GX UHVSHFW GH WRXV OHXUV GXUDQWODTXHOOHOHVpOHFWLRQVVRQWRUJDQLVpHVXQDUUrWpIL[DQWOHV
HQJDJHPHQWVHWFKDUJHVGHODPLVHHQSODFHHWGHODJHVWLRQGH QRPVGHV$GRXOUHPSOLVVDQWOHVFRQGLWLRQVOpJDOHPHQWUHTXLVHV
SURMHWVVRFLDX[HWGHO¶RUJDQLVDWLRQGHPDQLIHVWDWLRQVFXOWXUHOOHV
7RXW FDQGLGDW GRQW OH QRP QH ILJXUH SDV VXU O¶DUUrWp GX
&KDSLWUH,, EXUHDX H[pFXWLI SHXW LQWHQWHU XQ UHFRXUV GHYDQW OH WULEXQDO
2UJDQHVGHO¶2UGUHQDWLRQDOGHV$GRXO DGPLQLVWUDWLI GH 5DEDW GDQV OHV KXLW MRXUV VXLYDQW VRQ DIILFKDJH
$UWLFOH DXVLqJHGXFRQVHLO/HWULEXQDOVWDWXHGDQVXQGpODLGHMRXUV
VXLYDQW OH GpS{W GX UHFRXUV DX JUHIIH GX WULEXQDO /H MXJHPHQW
/¶2UGUH QDWLRQDO GHV $GRXO H[HUFH VHV FRPSpWHQFHV SDU Q¶HVWVXVFHSWLEOHG¶DXFXQUHFRXUV
O¶LQWHUPpGLDLUHGH
/HV FDQGLGDWXUHV j OD SUpVLGHQFH GH O¶2UGUH VRQW DGUHVVpHV
±O¶DVVHPEOpHJpQpUDOH DX EXUHDX H[pFXWLI GH O¶2UGUH QDWLRQDO GHV $GRXO GHX[ PRLV DX
±OHSUpVLGHQWGHO¶2UGUHQDWLRQDOGHV$GRXO PRLQVDYDQWODGDWHSUpYXHSRXUO¶pOHFWLRQ
±OHEXUHDXH[pFXWLIGHO¶2UGUHQDWLRQDOGHV$GRXO $UWLFOH
±OHVFRQVHLOVUpJLRQDX[GHV$GRXO /HV SURFqVYHUEDX[ GH O¶pOHFWLRQ GX SUpVLGHQW GH O¶2UGUH
$UWLFOH QDWLRQDO GHV $GRXOV VRQW DGUHVVpV DX SURFXUHXU JpQpUDO GX 5RL
SUqVODFRXUG¶DSSHOj5DEDWGDQVXQGpODLGHMRXUVVXLYDQWFHV
/¶DVVHPEOpH JpQpUDOH HVW O¶RUJDQH VXSpULHXU TXL IL[H OHV pOHFWLRQV
JUDQGHVRULHQWDWLRQVGHO¶RUGUH
$UWLFOH
/¶DVVHPEOpH JpQpUDOH FRPSUHQG OH SUpVLGHQW GH O¶2UGUH
QDWLRQDOGHV$GRXOHWOHVSUpVLGHQWVHWPHPEUHVGHVEXUHDX[GHV /DIRQFWLRQG¶$GRXOHVWFRPSDWLEOHjODIRLVDYHFODTXDOLWp
FRQVHLOVUpJLRQDX[(OOHHVWO¶DXWRULWpTXLDOHSRXYRLUGHGpFLVLRQ GH PHPEUH RX GH SUpVLGHQW GH O¶2UGUH QDWLRQDO GHV $GRXO HW OD
TXDOLWpGHPHPEUHRXGXSUpVLGHQWGXFRQVHLOUpJLRQDO
/¶DVVHPEOpHJpQpUDOHVHUpXQLWj5DEDWXQHIRLVWRXVOHVWURLV
DQV DILQ G¶pOLUH OH SUpVLGHQW GH O¶2UGUH QDWLRQDO GHV $GRXO HW /D SUpVLGHQFH GH O¶2UGUH QDWLRQDO GHV $GRXO HVW
H[FHSWLRQQHOOHPHQWORUVTXHOHVEHVRLQVO¶H[LJHQWVXUODGHPDQGH LQFRPSDWLEOHDYHFODSUpVLGHQFHGXFRQVHLOUpJLRQDOGHV$GRXO
GXSUpVLGHQWRXGHVGHX[WLHUVGHVPHPEUHVGXEXUHDXH[pFXWLI $UWLFOH
$UWLFOH /HSUpVLGHQWGHO¶2UGUHQDWLRQDOGHV$GRXOH[HUFHWRXVOHV
6RQW pOHFWHXUV OHV $GRXO TXL H[HUFHQW HIIHFWLYHPHQW OHXU SRXYRLUV QpFHVVDLUHV DX ERQ IRQFWLRQQHPHQW GH O¶2UGUH HW j
SURIHVVLRQHWjMRXUGHOHXUVFRWLVDWLRQV O¶DFFRPSOLVVHPHQWGHVPLVVLRQVTXLOXLVRQWGpYROXHVHQYHUWXGH
ODSUpVHQWHORL
$UWLFOH
,O UHSUpVHQWH O¶2UGUH GDQV OD YLH FLYLOH YLVjYLV GHV
/¶pOHFWLRQ GX SUpVLGHQW GH O¶2UGUH QDWLRQDO GHV $GRXO HVW DGPLQLVWUDWLRQVHWGHVWLHUV
IDLWH DX FRXUV GH OD SUHPLqUH PRLWLp GX PRLV GH GpFHPEUH DX
VFUXWLQXQLQRPLQDOGLUHFWVHFUHWHWjODPDMRULWpUHODWLYHGHVYRL[ ,O DFFHSWH OHV GRQV RX OHJV HW OHV VXEYHQWLRQV DFFRUGpHV j
GHVPHPEUHVSUpVHQWVjFRQGLWLRQWRXWHIRLVTXHOHXUQRPEUHQH O¶RUGUH
VRLW SDV LQIpULHXU j OD PRLWLp GHV PHPEUHV GH O¶DVVHPEOpH ,O SHXW GpOpJXHU SDUWLH GH VHV SRXYRLUV j O¶XQ GH VHV YLFH
JpQpUDOH 6L OH TXRUXP Q¶HVW SDV DWWHLQW OD UpXQLRQ HVW UHSRUWpH SUpVLGHQWVRXjXQPHPEUHGXEXUHDXH[pFXWLI
SRXUXQHSpULRGHGHMRXUV'DQVFHFDVO¶pOHFWLRQHVWIDLWHjOD ,OGRQQHVRQDYLVGDQVOHFDGUHGHVFRPPLVVLRQVFUppHVSDU
PDMRULWpUHODWLYHGHVPHPEUHVSUpVHQWV OHPLQLVWqUHGHODMXVWLFHSRXUVWDWXHUVXUWRXWFHTXLFRQFHUQHOD
(QFDVGHSDUWDJHpJDOGHVYRL[HVWpOXO¶$GRXOOHSOXVDQFLHQ SURIHVVLRQGHV$GRXO
%8//(7,12)),&,(/ 1±NDDGD
$UWLFOH $UWLFOH
/H EXUHDX H[pFXWLI GH O¶2UGUH QDWLRQDO GHV $GRXO /H EXUHDX H[pFXWLI VH UpXQLW VXU FRQYRFDWLRQ GH VRQ
FRPSUHQGRXWUHOHSUpVLGHQWGHO¶2UGUHQDWLRQDOSUpVLGHQWHWOHV SUpVLGHQWDXPRLQVXQHIRLVSDUWULPHVWUHHWFKDTXHIRLVTX¶LOHVW
SUpVLGHQWVGHVFRQVHLOVUpJLRQDX[ QpFHVVDLUH
±OHSUpVLGHQWGHO¶2UGUHQDWLRQDOGHV$GRXOSUpVLGHQW /HV GHX[ WLHUV GHV PHPEUHV GX EXUHDX H[pFXWLI SHXYHQW
FRQYRTXHUXQHUpXQLRQH[WUDRUGLQDLUHGXEXUHDX
±WURLVYLFHSUpVLGHQWV
$UWLFOH
±XQVHFUpWDLUHJpQpUDO
/H EXUHDX H[pFXWLI GpOLEqUH YDODEOHPHQW ORUVTXH VHV
±GHX[VHFUpWDLUHVDGMRLQWV PHPEUHVVRQWSUpVHQWV6LOHTXRUXPQ¶HVWSDVDWWHLQWOHEXUHDX
±OHWUpVRULHU SHXW GpOLEpUHU ORUVTXH SOXV GH OD PRLWLp GH VHV PHPEUHV VRQW
SUpVHQWV
±GHX[WUpVRULHUVDGMRLQWV
/HVGpOLEpUDWLRQVGXEXUHDXQHVRQWSDVSXEOLTXHV
±OHUHVWHHVWFRQVWLWXpGHFRQVHLOOHUV
/HVGpOLEpUDWLRQVGXEXUHDXVRQWFRQVLJQpHVGDQVXQSURFqV
/D UpSDUWLWLRQ GHV IRQFWLRQV HQWUH OHV PHPEUHV GX EXUHDX YHUEDO VLJQp SDU WRXV OHV PHPEUHV SUpVHQWV (Q FDV GH UHIXV GH
H[pFXWLIVHIDLWDXVFUXWLQXQLQRPLQDOVHFUHWGLUHFWHWjODPDMRULWp VLJQHUPHQWLRQHQHVWIDLWHGDQVOHSURFqVYHUEDO
UHODWLYH $UWLFOH
$UWLFOH 'HV FRQVHLOV UpJLRQDX[ GHV $GRXO VRQW FUppV GDQV OHV
2XWUHOHVDWWULEXWLRQVGpYROXHVjO¶2UGUHFRQIRUPpPHQWjOD UHVVRUWVGHVFRXUVG¶DSSHO,OVUHJURXSHQWREOLJDWRLUHPHQWWRXVOHV
SUpVHQWHORLHWVRXVUpVHUYHGHVIRQFWLRQVGpYROXHVDXSUpVLGHQW $GRXOH[HUoDQWGDQVOHUHVVRUWGHODFRXUG¶DSSHO
GHO¶2UGUHOHEXUHDXH[pFXWLIUHPSOLWOHVIRQFWLRQVVXLYDQWHV /H VLqJH GH FKDTXH FRQVHLO UpJLRQDO HVW VLV j OD YLOOH R VH
±FRRUGRQQHO¶DFWLRQGHVFRQVHLOVUpJLRQDX[HWYHLOOHjOHXU WURXYHODFRXUG¶DSSHO
ERQIRQFWLRQQHPHQW /HFRQVHLOUpJLRQDOHVWGRWpGHODSHUVRQQDOLWpPRUDOH
±pWDEOLWHWPRGLILHOHUqJOHPHQWLQWpULHXUVXLYDQWOHVUqJOHV $UWLFOH
WUDGLWLRQV HW XVDJHV GH OD SURIHVVLRQ GH $GRXO HW DGUHVVH /HFRQVHLOUpJLRQDOGHV$GRXOH[HUFHOHVIRQFWLRQVVXLYDQWHV
XQHFRSLHGHFHUqJOHPHQWDXPLQLVWqUHGHODMXVWLFHDX[ ±YHLOOHjO¶DSSOLFDWLRQGHVGpFLVLRQVGXEXUHDXH[pFXWLIGH
SURFXUHXUVJpQpUDX[GX5RLSUqVOHVFRXUVG¶DSSHOHWDX[ O¶2UGUHQDWLRQDOGHV$GRXO
FRQVHLOVUpJLRQDX[
±H[DPLQHOHVSUREOqPHVTXLVHUDSSRUWHQWjODSURIHVVLRQDX
±SUHQG OHV PHVXUHV QpFHVVDLUHV HQ FDV G¶LPSRVVLELOLWp GH QLYHDXUpJLRQDOHWSHXWHQVDLVLUOHFDVpFKpDQWOHEXUHDX
UHQRXYHOOHPHQW WRWDO RX SDUWLHO GX EXUHDX G¶XQ GHV H[pFXWLISRXUH[DPHQ
FRQVHLOV UpJLRQDX[ RX HQ FDV GH GpVDFFRUG HQWUH VHV ±HQFDGUHHWUHSUpVHQWHODSURIHVVLRQDXQLYHDXUpJLRQDO
PHPEUHV DIIHFWDQW VRQ ERQ IRQFWLRQQHPHQW SRXU XQH
±DYLVHOHFDVpFKpDQWOHMXJHFKDUJpGHVDIIDLUHVQRWDULDOHV
SpULRGH SURYLVRLUH QH GpSDVVDQW SDV TXDWUH PRLV MXVTX¶j
HWOHSURFXUHXUJpQpUDOGX5RLSUqVODFRXUG¶DSSHOGHWRXW
VRQUHQRXYHOOHPHQWOpJDOGDQVOHGpODLSUpFLWp PDQTXHPHQWDX[GHYRLUVSURIHVVLRQQHOV
±pGLWHHQQRPEUHVVXIILVDQWVDSUqVDXWRULVDWLRQGXPLQLVWUH ±GRQQH VRQ DYLV VXU OHV PDQTXHPHQWV DX[ GHYRLUV
GH OD MXVWLFH OH UHJLVWUH GH FRQVHUYDWLRQ OH UHJLVWUH GHV SURIHVVLRQQHOV LPSXWpV j WRXW $GRXO TXL OXL VHUDLHQW
UHoXV GHV VDODLUHV GHV $GRXO HW FHOXL SUpYX j O¶DUWLFOH VRXPLVSDUOHPLQLVWqUHSXEOLF
GHODSUpVHQWHORLIL[HOHSUL[GHOHXUPLVHHQYHQWHHWOHV
±RUJDQLVHGHVPDQLIHVWDWLRQVFXOWXUHOOHVHWVFLHQWLILTXHV
GLVWULEXHVXUOHVFRQVHLOVUpJLRQDX[TXLVHFKDUJHQWGHOHV
PHWWUH j OD GLVSRVLWLRQ GHV $GRXO DX PRPHQW RSSRUWXQ ±JqUHOHVELHQVGXFRQVHLOUpJLRQDO
3RXUJDUDQWLUOHERQIRQFWLRQQHPHQWGXVHUYLFHQRWDULDOOH ±PHW HQ SODFH HW JqUH GHV SURMHWV VRFLDX[ DX SURILW GHV
PLQLVWqUH GH OD MXVWLFH SHXW UHWLUHU ODGLWH DXWRULVDWLRQ $GRXO
pGLWHU HW GLVWULEXHU OHV GRFXPHQWV FLGHVVXV PHQWLRQQpV ±pODERUHOHUqJOHPHQWLQWpULHXUHWOHPRGLILH
VXLWHDX[EHVRLQVGpILQLVSDUOHVHUYLFH $UWLFOH
±YHLOOH j OD SHUFHSWLRQ GHV IUDLV G¶DGKpVLRQ HW GH WUDQVIHUW /HEXUHDXGXFRQVHLOUpJLRQDOGHV$GRXOVHFRPSRVHRXWUH
G¶XQFRQVHLOjO¶DXWUHGXPRQWDQWGHODFRWLVDWLRQDQQXHOOH VRQSUpVLGHQWGH
HWIL[HODSDUWHQUHYHQDQWDX[FRQVHLOVUpJLRQDX[
± PHPEUHV ORUVTXH OH QRPEUH GHV $GRXO QH GpSDVVH
±FRQFOXHOHVFRQWUDWVG¶DVVXUDQFHG¶pSDUJQHVRFLDOHRXGH SDV
UHWUDLWHFRQFHUQDQWODSURIHVVLRQG¶$GRXO ± PHPEUHV ORUVTXH OH QRPEUH GHV $GRXO HVW FRPSULV
±GRQQH VRQ DYLV VXU OHV TXHVWLRQV TXL OXL VRQW VRXPLVHV HQWUHHW
FRQFHUQDQW O¶H[HUFLFH JpQpUDO GH OD SURIHVVLRQ G¶$GRXO ± PHPEUHV ORUVTXH OH QRPEUH GHV $GRXO HVW FRPSULV
OHVSURMHWVGHORLVHWUqJOHPHQWVUHODWLIVjVDSUDWLTXH HQWUHHW
±RUJDQLVHGHVFROORTXHVVFLHQWLILTXHVHQIDYHXUGHV$GRXO ± PHPEUHV ORUVTXH OH QRPEUH GHV $GRXO HVW VXSpULHXU
VWDJLDLUHVHWOHFDVpFKpDQWGHVMRXUQpHVG¶pWXGHV j
1±NDDGD %8//(7,12)),&,(/
$UWLFOH ,OIL[HO¶RUGUHGXMRXUGXEXUHDXHWDVVXUHO¶H[pFXWLRQGHVHV
(VWpOHFWHXUO¶$GRXOTXLH[HUFHVHVIRQFWLRQVGDQVOHUHVVRUW GpFLVLRQV ,O SHXW GpOpJXHU SDUWLH GH VHV SRXYRLUV j O¶XQ GHV
SRXU OHTXHO OH FRQVHLO UpJLRQDO GHV $GRXO HVW FRPSpWHQW HW TXL PHPEUHVGXEXUHDX
VDWLVIDLWDX[GHX[FRQGLWLRQVSUpYXHVjO¶DUWLFOH $UWLFOH
$UWLFOH /H EXUHDX GX FRQVHLO UpJLRQDO GHV $GRXO VH UpXQLW
/H FDQGLGDW GpVLUHX[ GH GHYHQLU PHPEUH DX EXUHDX GX FRQIRUPpPHQW j OD SURFpGXUH SUpYXH j O¶DUWLFOH ,O GpOLEqUH
FRQVHLOUpJLRQDOGRLWUHPSOLUOHVFRQGLWLRQVVXLYDQWHV VXLYDQWOHVGLVSRVLWLRQVGHO¶DUWLFOH
±DYRLUODTXDOLWpG¶pOHFWHXU 'LVSRVLWLRQVWUDQVLWRLUHV
±DYRLUH[HUFpODSURIHVVLRQSHQGDQWFLQTDQVWRXWHIRLV $UWLFOH
SRXU SUpWHQGUH j OD SUpVLGHQFH VHSW DQV G¶DQFLHQQHWp VRQW
QpFHVVDLUHV /HPLQLVWqUHGHODMXVWLFHPHWHQSODFHGHVFRPLWpVGDQVOH
UHVVRUW GHV FRXUV G¶DSSHO &KDTXH FRPLWp VH FRPSRVH GH GHX[
±Q¶DYRLU SDV pWp FRQGDPQp j XQH SHLQH GLVFLSOLQDLUH j FRQVHLOOHUV SUqV OD FRXU G¶DSSHO DX PRLQV GHX[ VXEVWLWXWV GX
O¶H[FHSWLRQGHO¶DYHUWLVVHPHQW SURFXUHXU JpQpUDO GX 5RL SUqV OD FRXU G¶DSSHO HW VL[ $GRXO
±Q¶DYRLU SDV pWp FRQGDPQp RX SRXUVXLYL SRXU GHV IDLWV FKRLVLV SDUPL OHV $GRXO GX UHVVRUW GH ODGLWH FRXU j FRQGLWLRQ
FRQWUDLUHVjO¶KRQQHXUHWjODSURELWp TX¶LOVQHVRLHQWSDVFDQGLGDWVjODSUpVLGHQFHGXFRQVHLOUpJLRQDO
$UWLFOH RX j OD TXDOLWp GH PHPEUHV GH VRQ EXUHDX &HV FRPLWpV VRQW
/HSUpVLGHQWHWOHVPHPEUHVGXEXUHDXGXFRQVHLOUpJLRQDO FKDUJpV GDQV XQ GpODL PD[LPXP GH QHXI PRLV j FRPSWHU GH
GHV $GRXO VRQW pOXV DX FRXUV GH OD SUHPLqUH PRLWLp GX PRLV O¶HQWUpH HQ YLJXHXU GH OD SUpVHQWH ORL GH VXSHUYLVHU OD
G¶RFWREUH SDU OHV $GRXO H[HUoDQW OHXUV IRQFWLRQV GDQV OH UHVVRUW FRQVWLWXWLRQGHVFRQVHLOVUpJLRQDX[O¶pOHFWLRQGHOHXUVSUpVLGHQWV
SRXUOHTXHOOHFRQVHLOUpJLRQDOHVWFRPSpWHQW HWGHVPHPEUHVGHOHXUVEXUHDX[HQYXHGHODFUpDWLRQGHO¶2UGUH
QDWLRQDO GHV $GRXO FRQIRUPpPHQW DX[ FRQGLWLRQV HW PHVXUHV
(VW pOX OH FDQGLGDW D\DQW REWHQX OH SOXV JUDQG QRPEUH GHV
YRL[H[SULPpHV SUpYXHVSDUODSUpVHQWHORL
$UWLFOH $UWLFOH
/H EXUHDX GX FRQVHLO UpJLRQDO SXEOLH DX FRXUV GH OD /H SUHPLHU SUpVLGHQW GH OD FRXU G¶DSSHO GH 5DEDW HW OH
SUHPLqUHPRLWLpGXPRLVGHMXLOOHWGHO¶DQQpHGXUDQWODTXHOOHOHV SURFXUHXU JpQpUDO GX 5RL SUqV ODGLWH FRXU VRQW FKDUJpV GH
pOHFWLRQV VRQW RUJDQLVpHV XQ DUUrWp IL[DQW OHV QRPV GHV $GRXO VXSHUYLVHU OD FRQVWLWXWLRQ G¶XQ FRPLWp FRPSRVp GH TXDWUH MXJHV
UHPSOLVVDQWOHVFRQGLWLRQVOpJDOHPHQWUHTXLVHV GXGHX[LqPHGHJUpDXPRLQVGHX[GHVMXULGLFWLRQVGHMXJHPHQW
7RXW$GRXOGRQWOHQRPQHILJXUHSDVVXUO¶DUUrWpGXFRQVHLO HWGHX[GXPLQLVWqUHSXEOLFDLQVLTXHGHTXDWUH$GRXOGXUHVVRUW
UpJLRQDO SHXW LQWHQWHU UHFRXUV GHYDQW OH WULEXQDO DGPLQLVWUDWLI GH OD PrPH FRXU j FRQGLWLRQ TX¶LOV QH VRLHQW SDV SDUPL OHV
FRPSpWHQWGDQVXQGpODLGHKXLWMRXUVjFRPSWHUGHODGDWHGHVRQ PHPEUHV GX EXUHDX GX FRQVHLO UpJLRQDO RX FDQGLGDWV j OD
DIILFKDJHDXVLqJHGXFRQVHLOUpJLRQDO/HWULEXQDOVWDWXHGDQVXQ SUpVLGHQFHGHO¶2UGUHQDWLRQDOGHV$GRXO
GpODL GH MRXUV j FRPSWHU GH OD GDWH GX GpS{W GH UHFRXUV DX /HGLWFRPLWpYHLOOHVRXVODVXSHUYLVLRQGXSUHPLHUSUpVLGHQW
JUHIIHGXWULEXQDO/HMXJHPHQWQ¶HVWVXVFHSWLEOHG¶DXFXQUHFRXUV GHODPrPHFRXUHWGXSURFXUHXUJpQpUDOGX5RLSUqVODGLWHFRXU
/HVFDQGLGDWXUHVjODSUpVLGHQFHHWjODTXDOLWpGHPHPEUH RXOHFDVpFKpDQWOHXUVVXSSOpDQWVjSUHQGUHWRXWHVOHVPHVXUHV
GX EXUHDX GX FRQVHLO VRQW DGUHVVpHV DX EXUHDX GX FRQVHLO YLVDQW O¶pOHFWLRQ GX SUpVLGHQW GH O¶2UGUH QDWLRQDO GHV $GRXO
UpJLRQDOGHX[PRLVDXPRLQVDYDQWODGDWHSUpYXHSRXUO¶pOHFWLRQ FRQIRUPpPHQWDX[GLVSRVLWLRQVGHODSUpVHQWHORL
$UWLFOH $UWLFOH
/HSUpVLGHQWHWOHVPHPEUHVGXFRQVHLOUpJLRQDOGHV$GRXO /HV FRPLWpV VXVYLVpV VRQW GLVVRXV GH SOHLQ GURLW GqV OD ILQ
VRQW pOXV SRXU WURLV DQV ,OV VRQW UppOLJLEOHV GHX[ IRLV DX GHV PLVVLRQV TXL OHXU VRQW FRQIpUpHV HQ YHUWX GHV GHX[ DUWLFOHV
PD[LPXP SUpFpGHQWV
/HV SURFqVYHUEDX[ GH O¶pOHFWLRQ GX SUpVLGHQW HW GHV
6RQWDEURJpHVWRXWHVOHVGLVSRVLWLRQVFRQWUDLUHVQRWDPPHQW
PHPEUHVGXFRQVHLOUpJLRQDOVRQWDGUHVVpVDXSURFXUHXUJpQpUDO
GX 5RL SUqV OD FRXU G¶DSSHO GDQV OH UHVVRUW GXTXHO VH WURXYH OH ODORLQUHODWLYHjO¶RUJDQLVDWLRQGHODSURIHVVLRQG¶$GRXO
EXUHDX GX FRQVHLO UpJLRQDO HW DX EXUHDX H[pFXWLI GH O¶2UGUH jODUpFHSWLRQHWjODUpGDFWLRQGHVWpPRLJQDJHVSURPXOJXpHSDU
QDWLRQDO GHV $GRXO GDQV XQ GpODL GH MRXUV VXLYDQW FHV OHGDKLUQGXUDMHEPDLPRGLILpHSDU
pOHFWLRQV OD ORL Q SURPXOJXpH SDU OH GDKLU Q GX
PRKDUUHPMXLQ
$UWLFOH
$UWLFOH
/HSUpVLGHQWGXEXUHDXGXFRQVHLOUpJLRQDOH[HUFHWRXVOHV
SRXYRLUV QpFHVVDLUHV DX ERQ IRQFWLRQQHPHQW GH FH EXUHDX HW j 7RXV OHV $GRXO HQ H[HUFLFH j OD GDWH GH SXEOLFDWLRQ GH OD
O¶DFFRPSOLVVHPHQW GHV PLVVLRQV TXL OXL VRQW GpYROXHV ,O YHLOOH SUpVHQWHORLFRQWLQXHQWG¶H[HUFHUODSURIHVVLRQG¶$GRXO
pJDOHPHQWjO¶DSSOLFDWLRQGHVGpFLVLRQVGXEXUHDXH[pFXWLI /DSUpVHQWHORLHQWUHHQYLJXHXUDSUqVTXDWUHPRLVGHODGDWH
,OUHSUpVHQWHOHFRQVHLOUpJLRQDOGHV$GRXOGHYDQWODMXVWLFH GHVDSXEOLFDWLRQDX%XOOHWLQRIILFLHO
GpIHQGOHVLQWpUrWVGHODSURIHVVLRQDXQLYHDXUpJLRQDOHWVDLVLWOH
BBBBBBB
SUpVLGHQW GH O¶2UGUH QDWLRQDO GH WRXWH DIIDLUH SRXU SUHQGUH OHV
GpFLVLRQVTXLV¶LPSRVHQW /H WH[WH HQ ODQJXH DUDEH D pWp SXEOLp GDQV O¶pGLWLRQ JpQpUDOH GX
,ODSSHOOHjODUpXQLRQGXEXUHDX ©%XOOHWLQRIILFLHOªQGXHUVDIDUPDUV