2EMHFWLIVGHFHWWHXQLWp 

'DQVFHWWHXQLWpQRXVDOORQVERUGHUO¶pWXGHGHODYHUVLILFDWLRQ VRXVOHVDVSHFWV
VXLYDQWV 

 (WXGHGHODPHVXUHGHVYHUV

 /HVVWURSKHVHWOHXUVDSSHOODWLRQVUHVSHFWLYHV

 /DQDWXUHGHVULPHV

 /HVpOpPHQWVGHODU\WKPLTXHGDQVXQSRqPH

 /HVFRQWUDLQWHVGHODYHUVLILFDWLRQHWODV\QWD[H

&HVREMHFWLIVWURXYHURQWOHXUFRQFUpWLVDWLRQGDQVXQHVpULHG¶H[HUFLFHVHQYXH
GH 

 UHFRQVWLWXHUXQSRqPHGRQQpGDQVOHGpVRUGUH

 5HFRQVWLWXHUXQSRqPHLQYHUVp

 (WXGLHUXQSRqPHG¶XQDXWHXUDOJpULHQ


3ODQ 

7LWUHV 3DJHV

/DYHUVLILFDWLRQ 

/DPHVXUHGXYHUV 

/HVVWURSKHV 

/HVULPHV 

/HU\WKPH 

/HVIRUPHVSRpWLTXHV 

/DYHUVLILFDWLRQHWODV\QWD[H 

&RPPHQWDERUGHUXQSRqPH 

([HUFLFHVG¶DSSOLFDWLRQ 

&RUULJpGHVH[HUFLFHV 

(YDOXDWLRQ 


 /DYHUVLILFDWLRQ
/DYHUVLILFDWLRQHVW GpILQLH FRPPHpWDQWXQHQVHPEOH GHUqJOHVWHFKQLTXHVTXL
UpJLVVHQWODFRPSRVLWLRQGHVYHUVUpJXOLHUV
(OOHFRQFHUQHDXVVLELHQOHVFRXUWHVSRpVLHVO\ULTXHVOHVORQJVSRqPHVpSLTXHV
TXHOHVSLqFHVWKpkWUDOHVHQYHUV
/DYHUVLILFDWLRQHVWDXVVLGpILQLHFRPPHpWDQWO¶HQVHPEOHGHVUqJOHVSKRQpWLTXHV
HWU\WKPLTXHVTXLUpJLVVHQWO¶DUWG¶pFULUHGHVSRqPHVHQYHUV&¶HVWXQHWHFKQLTXHTXL
QHVXIILWSDVjHOOHVHXOHjFUpHUGHVWH[WHVSRpWLTXHV

/DPLVHHQSDJH

/DPLVHHQSDJHGDQVODYHUVLILFDWLRQVHFDUDFWpULVHSDU 
 /HUHWRXUjODOLJQH
 /DPDMXVFXOHHQGpEXWGHFKDTXHYHUV

/HVYHUVIUDQoDLV

/HVYHUVIUDQoDLVWUDGLWLRQQHOVRQWWURLVFDUDFWpULVWLTXHVHVVHQWLHOOHV 
 LOV VRQW FRPSRVpV G¶XQ FHUWDLQ QRPEUH GH
V\OODEHV F¶HVWODPHVXUH GXYHUV 
 LOV VRQW WHUPLQpV SDU XQH ULPH UpSpWLWLRQ GH OD
PrPHVRQRULWpjODILQGHGHX[YHUV 
 LOV RQW XQ FHUWDLQ U\WKPH FDUDFWpULVp SDU GHV
SDXVHV FRXSHV  GHV V\OODEHV DFFHQWXpHV
DFFHQWVU\WKPLTXHV HWFHUWDLQHVVRQRULWpV

1RXVSDUWvPHVFLQTFHQWV ,, PDLVSDUXQSURPSWUHQIRUW

1RXVQRXVYvPHVWURLVPLOOH,,HQDUULYDQWDXSRUW
&RUQHLOOH

9HUV GH  V\OODEHV  ULPHV  UHQIRUW SRUW  FRXSH j OD PRLWLp GX YHUV 
DFFHQWVU\WKPLTXHVVXUOHVƒƒƒƒV\OODEHV


/DPHVXUH F¶HVWOHQRPEUHGHV\OODEHVSURQRQFpHVHWTXLVHUYHQWjGLVWLQJXHUOHVYHUVSDLUVGHVYHUVLPSDLUV


 /DPHVXUHGXYHUV RXOHVGLIIpUHQWHVVRUWHVGHYHUV

 /HYHUVGHKXLWV\OODEHV RXRFWRV\OODEH

&¶HVWOHSOXVDQFLHQYHUVIUDQoDLV,ODSSDUDvWDX;ƒVLqFOH,ODVHUYLSRXUWRXVOHV
JHQUHV
0RQEHDXQDYLUH{PDPpPRLUH
$YRQVQRXVDVVH]QDYLJXp
'DQVXQHRQGHPDXYDLVHjERLUH
'HODEHOOHDXEHDXWULVWHVRLU
*$SROOLQDLUH/D FKDQVRQGXPDODLPp

 /HYHUVGHGL[V\OODEHVRXGpFDV\OODEH

,OHVWHPSOR\pSRXUODSUHPLqUHIRLVGDQVXQHSHWLWHFKDQVRQGHJHVWHHQODQJXH
G¶RF ILQGX;ƒVLqFOH ,OFRPSRUWHXQHFpVXUH DSUqVODTXDWULqPHV\OODEHHW
FHU\WKPHOXLGRQQHXQHOpJqUH© LUUpJXODULWp ª

&HWRLWWUDQTXLOOHRPDUFKHQWOHVFRORPEHV
(QWUHOHVSLQVSDOSLWHHQWUHOHVWRPEHV
3DXO9DOpULH

/HYHUVGHGRX]HV\OODEHVRXO¶DOH[DQGULQ

,OQDTXvWDX;,,ƒVLqFOHHWSULWOHQRPG¶DOH[DQGULQDX;9ƒSDUFHTX¶LODYDLWpWp
HPSOR\p GDQV OH 5RPDQ G¶$OH[DQGUH $ SDUWLU GX ;9,ƒVLqFOH LO HVW GHYHQX OH SOXV
JUDQG YHUV IUDQoDLV ,O D XQH FpVXUH j OD VL[LqPH V\OODEH HW SHXW DYRLU GHV FRXSHV
VHFRQGDLUHV6RXVVDIRUPHV\PpWULTXH TXDWUHPHVXUHVjWURLVWHPSV RXWpWUDPqWUH
LOVHSUrWHSDUWLFXOLqUHPHQWDX[RSSRVLWLRQVDX[SDUDOOqOHVDX[HIIHWVGHV\PpWULHHW
RQOHWURXYHjWRXWHVOHVpSRTXHV

4XDQGLOVHXUHQWILQL GHFORUHHWGHPXUHU
2QPLWO¶DwHXODXFHQWUHHQXQHWRXUGHSLHUUH
9LFWRU+XJR

6HVFKHYHX[GH&KDPSDJQHRQWO¶RGHXUGXSUHVVRLU
$UDJRQ

6RQJHVRQJH&pSKLVHjFHWWHQXLWFUXHOOH
4XLIXWSRXUWRXWXQSHXSOH XQHQXLWpWHUQHOOH
5DFLQH


&pVXUHRXFRXSH FKDTXHDFFHQWHVWVXLYLG¶XQHFRXSH FpVXUHKpPLVWLFKH


  /HVYHUVLPSDLUV

'HODPXVLTXHDYDQWWRXWHFKRVH
(WSRXUFHODSUpIqUHO¶LPSDLU
3OXVYDJXHHWSOXVVROXEOHGDQVO¶DLU
6DQVULHQHQOXLTXLSqVHRXTXLSRVH
9HUODLQH

,OV RQW pWp HPSOR\pV DX ;9,ƒVLqFOHV DX ;9,,ƒ VLqFOH GDQV OHV JHQUHV OpJHUV 
SXLVUHPLVjO¶KRQQHXUSDUOHVV\PEROLVWHV 

V\OODEHV

2LVLYHMHXQHVVH
$WRXWDVVHUYLH
3DUGpOLFDWHVVH
-¶DLSHUGXPDYLH
5LPEDXG

V\OODEHV

0DUTXLVHVLPRQYLVDJH
$TXHOTXHVWUDLWVXQSHXYLHX[
6RXYHQH]YRXVTX¶jPRQkJH
9RXVQHYDXGUH]JXqUHPLHX[
&RUQHLOOH

$XGHVVRXV GH FLQT V\OODEHV  LOV VRQW UDUHPHQW HPSOR\pV VHXOV OH UHWRXU WUqV
UDSLGHGHOD ULPHGRQQHEHDXFRXSG¶LPSRUWDQFHDX[VRQRULWpV


/HPRXYHPHQWV\PEROLVWHV¶DIILUPHGDQVOHPDQLIHVWHGH-HDQ0RUpDV /H)LJDUR LOJURXSHOHVSRqWHV
TXLUpDJLVVDQWjODIRLVFRQWUHO¶LGpDOHVWKpWLTXHGH©O¶DUWSRXUO¶DUW ªHWOHSRVLWLYLVPHGHODOLWWpUDWXUH
QDWXUDOLVWHFKHUFKHQWjVXJJpUHUSDUODYDOHXUPXVLFDOHHWV\PEROLTXHGHVPRWVOHVQXDQFHVOHVSOXVVXEWLOHVGHV
LPSUHVVLRQVHWGHVpWDWVG¶kPH/HVV\PEROLVWHVVHUDVVHPEOqUHQWDXWRXUGH9HUODLQHHWVXUWRXWGH0DOODUPp/H
V\PEROLVPHDWWHLJQLWOHJUDQGSXEOLFJUkFHDXWKpkWUHGH0DHWHUOLQFNHWSULWXQHGLPHQVLRQLQWHUQDWLRQDOHDYHF
OHVSRqWHVEHOJHV *5RGHQEDFK(9HUKDHUHQ DQJODLV 2:LOGH DOOHPDQGV 6*HRUJHU UXVVHV &%DOPRQW 
KLVSDQRDPpULFDLQV 5'DUOR GDQRLV &%UDQGHV


 8QYDVWHHWWHQGUH
$SDLVHPHQW
6HPEOHGHVFHQGUH
'XILUPDPHQW
4XHO¶DVWUHLULVH
9HUODLQH

/HVYHUVGHGHX[RXG¶XQHV\OODEHVVRQWVXUWRXWXWLOLVpVFRPPHUHMHWV± YHUV

2QYRLWGHVFRPPLV
0LV
&RPPHGHVSULQFHV
(WTXLVRQWYHQXV
1XV
'HOHXUSURYLQFH
9+XJR 

/HVVWURSKHV

8Q YHUV Q¶HVW MDPDLV LVROp  LO V¶LQWqJUH j XQ JURXSH TXL IRUPH XQLWp  VRLW GH
VHQV VRLW GH U\WKPH  HQWUH OHV YHUV DLQVL JURXSpV V¶pWDEOLVVHQW GHV KDUPRQLHV GH
QRPEUHGHVRQRULWpVHWGH U\WKPH
/HVYHUVULPpVSHXYHQWVHJURXSHUSDUGHX[WURLVTXDWUHDXWDQWTXHO¶RQYHXWHW
IRUPHUGHVVWURSKHV
2Q GLUD TXH OHV VWURSKHV VRQW LVRPpWULTXHV ORUVTXH OHVYHUVJURXSpV VRQW GH OD
PrPHPHVXUHHWKpWpURPpWULTXHVORUVTXHOHVYHUVJURXSpVVRQWGLIIpUHQWV
/HV VWURSKHV VRQW GHV JURXSHV GH YHUV  HOOHV SRUWHQW XQ QRP SUpFLV VHORQ OH
QRPEUHGHYHUVTXLOHVFRPSRVHQW

/HGLVWLTXH
&¶HVWXQJURXSHGHGHX[YHUVTXLRIIUHQWXQVHQVFRPSOHW

6DLVLUVDLVLUOHVRLUODSRPPHHWODVWDWXH
6DLVLUO¶RPEUHHWOHPXUHWOHERXWGHODUXH

6XSHUYLHOOH


UHMHW YRLUGpILQLWLRQSDJHVVXLYDQWHV


 /HWHUFHW

&¶HVWXQJURXSHGHWURLVYHUV OHVFKpPDGHVULPHVHVW D E± D E± F± E

$VVLVHODILOHXVHDXEOHXGHODFURLVpH
2OHMDUGLQPpORGLHX[VHGRGHOLQH 
/HURXHWDQFLHQTXLURQIOHO¶DJULVpH

/DVVHD\DQWEXO¶D]XUGHILOHUODFkOLQH
&KHYHOXUHjVHVGRLJWVVLIDLEOHpYDVLYH
(OOHVRQJHHWVDWrWHSHWLWHV¶LQFOLQH«
9DOpU\ 

 /HTXDWUDLQ

&¶HVW XQHVWURSKH WUqVXWLOLVpHTXLSHUPHWGH PXOWLSOHVFRPELQDLVRQV GH ULPHV

TXLVHSUrWHDXVVLELHQjO¶DOH[DQGULQTX¶DX[YHUVWUqVFRXUWV

'DQV9HQLVHODURXJH
3DVXQEDWHDXQHERXJH
3DVXQSrFKHXUGDQVO¶HDX
3DVXQIDORW
0XVVHW

1RXVDYRQVDXVVLG¶DXWUHVW\SHVGHVWURSKHV HOOHVSRUWHQWHOOHVDXVVLGHVQRPV
SUpFLV

YHUV TXLQWDLQ YHUV VL]DLQ  YHUV VHSWDLQ

YHUV QHXYDLQ YHUV GL]DLQ

/HV VRUWHV ULPHV

/D UpSpWLWLRQ GH OD PrPH VRQRULWp j OD ILQ GH GHX[ YHUV HVW DSSHOpH © ULPH ª 
FHWWHVRQRULWpHVWXQHYR\HOOHDSSX\pHRXQRQSDUSOXVLHXUVFRQVRQQHV

/DULPHSDXYUH

/DULPHHVWSDXYUHTXDQGHOOHUHSRVHVXUO¶LGHQWLWpG¶XQHVHXOHYR\HOOH


 7RXWYLWWRXWOXLWWRXWUHPXH
&¶HVWO¶DXURUHGDQVODQXH
&¶HVWODWHUUHTXLVDOXH
/DPDUWLQH 

/DULPHVXIILVDQWH

/D ULPH HVWGLWH VXIILVDQWH ORUVTXH O¶LGHQWLWp GHV VRQV UHSRVH VXUXQH FRQVRQQH
VXLYLHG¶XQHYR\HOOHRXG¶XQHYR\HOOHVXLYLHG¶XQHFRQVRQQH

7UDKLVRQUDLVRQ 0qUHM¶HVSqUH/DLQHYDLQH

/DULPHULFKH

/DULPHHVWGLWHULFKHVLHOOHUHSRVHVXUO¶LGHQWLWpGHWURLVpOpPHQWVVRLW 
8QHFRQVRQQHYR\HOOHFRQVRQQH
2X
&RQVRQQHFRQVRQQHYR\HOOH
2X
9R\HOOHFRQVRQQHYR\HOOH

0pORGLHSDURGLH 7UDJpGLHFRPpGLH

/DULPHHVWPDXYDLVHVLOHVYR\HOOHVQHVRQWSDVULJRXUHXVHPHQWKRPRSKRQHVVL
HOOHXWLOLVHGHVPRWVGHPrPHIRUPDWLRQJUDPPDWLFDOH

/DULPHIpPLQLQH

/DULPHIpPLQLQHVHFDUDFWpULVHSDUODSUpVHQFHG¶XQH PXHWjODILQGXYHUV

/¶HPSHUHXUVRXULDQWUHSULWG¶XQDLUWUDQTXLOOH
 'XFWXQHP¶DVSDVGLWOHQRPGHFHWWHYLOOH " ULPHIpPLQLQH

5HPDUTXH  OHVDOH[DQGULQVWHUPLQpVSDUXQHULPHIpPLQLQHDXUDLHQWV\OODEHV
VLO¶RQDUWLFXODLWODGHUQLqUH
'DQVOHVJUDQGHV°XYUHVFODVVLTXHVHQDOH[DQGULQVO¶XVDJHV¶HVWpWDEOLG¶DOWHUQHU
OHVULPHVPDVFXOLQHVHWOHVULPHVIpPLQLQHV


 /DULPHPDVFXOLQH

/DQDWXUHGHODULPHHVWPDVFXOLQHVLOHYHUVQHVHWHUPLQHSDVSDUXQH PXHW

6RXGDLQFRPPHFKDFXQGHPHXUDLWLQWHUGLW ULPHPDVFXOLQH

/DGLVSRVLWLRQGHVULPHV

OHVULPHVSODWHV
/DULPHSODWHHVWREWHQXHSDUODUpSpWLWLRQGHODPrPH VRQRULWpjODILQGXYHUV
(OOHHVWVRLWGHODIRUPH DD RXEE

,OHVWDLQVLGHSDXYUHVFRHXUV D
$YHFHQHX[GHVODFVGHSOHXUVD
4XLVRQWSkOHVFRPPHGHVSLHUUHV E
'¶XQFLPHWLqUH (9HUKDHUHQ E

/DULPHFURLVpH
/DULPHHVWGLWHFURLVpHORUVTXHODUpSpWLWLRQGHVVRQRULWpVjODILQGXYHUVVXLWOH
VFKpPDVXLYDQW  DEDE

'HSXLVVL[PLOOHDQVODJXHUUH D
3ODvWDX[KRPPHVTXHUHOOHXUVE
(W'LHXSHUGVRQWHPSVjIDLUH D
/HVpWRLOHVHWOHVIOHXUV  E
9 +XJR

/DULPHHPEUDVVpH
/DULPHHVWGLWHHPEUDVVpHORUVTXHOHVVRQRULWpVjODILQGXYHUVVRQWGLVSRVpHV
VHORQOHVFKpPD DEED

OHVRLUUDPqQHOHVLOHQFH D
$VVLVVXUFHVURFKHUVGpVHUWVE
-HVXLVGDQVOHYDJXHGHVDLUVE
/HFKDUGHODQXLWTXLV¶DYDQFHD
/D0DUWLQH

/HVULPHVLQWpULHXUHV
/HVULPHVILQDOHVSHXYHQWrWUHUDSSHOpHVGDQVODULPHLQWpULHXUH 

,OHVWDPHU HWGRX[
3HQGDQWOHVQXLWVG¶KLYHU


 /HU\WKPH
$O¶RULJLQHODSRpVLHDpWpDFFRPSDJQpHG¶XQHPXVLTXH&¶HVWOHUDSSRUWUpJXOLHU
HQWUHODUpSDUWLWLRQGHVDFFHQWVGDQVOHVpQRQFpVHWOHQRPEUHGHV\OODEHVTXLVpSDUH
FHVDFFHQWV PHVXUH &¶HVWODGHUQLqUHV\OODEHSURQRQFpHTXLSRUWHO¶DFFHQW

'DQVXQJURXSHGHPRWVOLpVSDUODV\QWD[HOHPRWSHUGVRQDFFHQWLQGLYLGXHOLO
Q¶\DTX¶XQDFFHQWGHJURXSHTXLWRPEHVXUODGHUQLqUHV\OODEHGXGHUQLHUPRW

/DPpORGLHGHODSKUDVHGpSHQGVXUWRXWGHO¶DFFHQWGH KDXWHXU GDQVXQHSKUDVH

FHUWDLQHVV\OODEHVVRQWSURQRQFpHVVXUXQHQRWHSOXVKDXWHTXHOHUHVWHG¶DXWUHVVXU
XQHQRWHSOXVEDVVHDXPRPHQWRODSKUDVHUHWRPEH

4XDQGM¶DUULYDLGDQVODUXH QRWHpOHYpH OHVIHXLOOHVGHVDUEUHVWRPEDLHQW QRWH

EDVVH 'HVQRV

/DUpSDUWLWLRQGHVDFFHQWV

/DUpSDUWLWLRQGHVDFFHQWV HVWHVVHQWLHOOH8QH VXLWH GHPRQRV\OODEHVDFFHQWXpV

HVW GpVDJUpDEOH  LO Q¶\ D SDV GH FDGHQFH SRVVLEOH 0DLV XQH VXLWH GH PRQRV\OODEHV
SHXW rWUH KDUPRQLHXVH VL HOOH HVW RUJDQLVpH VHORQ GHV WHPSV IRUWV HW IDLEOHV ELHQ
UpSDUWLV
/HMRXUQ¶HVWSDVSOXVSXUTXHOHIRQGGHPRQF°XU
5DFLQH

3OXVKDXWTXHWRXVOHVVDLQWVSOXVKDXWVTXHWRXVOHVURLV
3pJX\ 

/HU{OHU\WKPLTXHGHVVRQRULWpV

3RXUPLHX[PDUTXHUODOLPLWHGHFKDTXHYHUVRQDUHFRXUVDX[VRQRULWpV'DQV
OHVDQFLHQVSRqPHVRQUHWURXYHO¶DVVRQDQFH UHWRXUGHODPrPHYR\HOOHVRLWHQILQ
GHYHUVVRLWjO¶LQWpULHXUGXYHUV

3XLVOHSURFpGpVHSHUIHFWLRQQDQWHWRQYLQWjODULPHjSDUWLUGX;,,ƒVLqFOH OHV
YHUVVHWHUPLQDQWSDUOHPrPHVRQYRFDOLTXHVRQWJURXSpVSDUGHX[RXSOXVGHGHX[


/¶DVVRQDQFH HVWREWHQXHSDUODUpSpWLWLRQGHYR\HOOHVDORUVTXHO¶DOOLWpUDWLRQHVWREWHQXHSDUODUpSpWLWLRQGH
FRQVRQQHV


 2Q SDUOH EHDXFRXS GH O¶H[SUHVVLYLWp GHV VRQV HQ SRpVLH  OHVVRQV YR\HOOHVRX
FRQVRQQHVVRQWH[SUHVVLIVVXUWRXWTXDQGLOVVRXOLJQHQWOHU\WKPHTXDQGLOVWRPEHQW
VXUGHVV\OODEHVDFFHQWXpHV

« TXLUHJDUGHSDVVHU OHVJUDQGVEDUEDUHVEODQFV

'DQVFHYHUVGH9HUODLQHUpSpWLWLRQGHVVRQV D HW DQ OLpVjGHVOLTXLGHVŠHW

O GDQVFKDTXHV\OODEHDFFHQWXpH

'DQVOHYHUVVXLYDQWRQUHPDUTXHODUpSpWLWLRQGHODPrPHFRQVRQQH 

'HVELFKHVEODQFKHVTXLEURXWHQWO¶DFKHHWOHF\WLVH
+'H5pJQLHU 
&HSURFpGpTXL FRQVLVWHjUpSpWHUODPrPHFRQVRQQHVHQRPPHO¶DOOLWpUDWLRQ

/HVVRXIIOHVGHODQXLWIORWWDLHQWVXU*DOJDOD
9+XJR
/HVOHWOHVI © FUpHQW ªOHYHQW

/HU{OHGHODGXUpHGHVVRQV

/DGXUpHLQWHUYLHQWGDQVO¶KDUPRQLHFRPPHXQHIIHWGHVW\OH

D 8QHV\OODEHDFFHQWXpHHVWSOXVORQJXHTX¶XQHDXWUH
9RLFL XQ YHUV GH %DXGHODLUH SRXU OHTXHO OD GXUpH GHV V\OODEHV HVW LQGLTXpH HQ
FHQWLqPHGHVHFRQGHV

-¶DLORQJWHPSVKDELWpVRXVGHYDVWHV SRUWLTXHV
        

E /HH ILQDOSHXWDYRLUXQHIIHWDOORQJHDQW

'DQV O¶H[HPSOH FLGHVVXV  OD JUDQGH GXUpH GH OD V\OODEH YDVWHVVXLYLH G¶XQH
ILQDOHHQ H /H HDOORQJH ODV\OODEHSUpFpGHQWH /DV\OODEHSUpFpGHQWH YDV HVW WUqV
ORQJXHG¶DXWDQWSOXVORQJXHTX¶HOOHHVWDFFHQWXpH

/HU{OHGHVVLOHQFHV

$SUqVFKDTXHDFFHQWIRUWDSUqVFKDTXHDUWLFXODWLRQJUDPPDWLFDOHLO\DXQDUUrW
VXLYL G¶XQ VLOHQFH /D UpSDUWLWLRQ GH FHV VLOHQFHV HVW XQ IDFWHXU G¶KDUPRQLH  OD
PXOWLSOLFDWLRQGHVDUUrWVGDQVXQYHUVSHXW GRQQHUO¶LPSUHVVLRQGHOHQWHXU


 /HVIRUPHVSRpWLTXHV
'HV IRUPHV IL[HV RQW pWp GpILQLHV /H QRPEUH GHV VWURSKHV OD GLVSRVLWLRQ GHV
ULPHV\VXLYHQWXQRUGUHULJRXUHX[3DUPLFHVSRqPHVjIRUPHIL[HQRXVWURXYRQV 

/H VRQQHW

,O D pWp LPSRUWp HQ )UDQFH SDU OHV ,WDOLHQV ,O HVW IRUPp GH  YHUV JURXSpV HQ
GHX[TXDWUDLQVHWGHX[WHUFHWV/HVGHX[TXDWUDLQVRQWGHVULPHVHPEUDVpHV OHVGHX[
WHUFHWVVRQWFRQVWUXLWVVXUOHPRGqOH  FF GHGH

/HGHUQLHUYHUVGXVRQQHWV¶DSSHOOH© ODFKXWH ªRXOD© SRLQWH ª,OPHWHQYDOHXU

XQGpWDLOFRPPHLOSHXWFUpHUXQHIIHWGHVXUSULVH

7HOTX¶HQOXLPrPHHQILQO¶pWHUQLWpOHFKDQJH  D
/H SRqWHVXVFLWHDYHFXQJODLYHQX E
6RQVLqFOHpSRXYDQWpGHQ¶DYRLUSDVFRQQX  E
4XHODPRUWWULRPSKDQWGDQVFHWWHYRL[pWUDQJH D

(X[FRPPHXQYLOVXUVDXWG¶K\GUHD\DQWMDGLVO¶DQJHD
'RQQHUXQVHQVSOXVSXUDX[PRWVGHODWULEX  E
3URFODPqUHQWWUqVKDXWOHVRUWLOqJHEX E
'DQVOHIORWVDQVKRQQHXUGHTXHOTXHQRLUPpODQJH D

'XVROHWGHODQXHKRVWLOHV {JULHI  F

6LQRWUHLGpHDYHFQHVFXOSWHXQEDVUHOLHI F
'RQW ODWRPEHGH3RHpEORXLVVDQWHV¶RUQH G

&DOPHEODQFLFLEDVFKXG¶XQGpVDVWUHREVFXU H
4XHFHJUDQGGXPRLQVPRQWUHjMDPDLVVDERUQH G
$X[QRLUVYROVGX%ODVSKqPHpSDUVGDQVOHIXWXU H

0DOODUPp


 &HVRQQHWUHVSHFWHOHVFKpPDVXLYDQW 

D EED
'HX[TXDWUDLQV
D EED

F FG
'HX[WHUFHWV
HGH

2QSHXWUHQFRQWUHUXQHDXWUHYDULDQWHGHVRQQHWDYHFOHVFKpPDVXLYDQW 

D EED
'HX[TXDWUDLQV
D EED

FFG
'HX[WHUFHWV

HH G

/DEDOODGH

(OOH HVW EkWLH HQ WURLV VWURSKHV D\DQW OHV PrPHV ULPHV GLVSRVpHV GH OD PrPH
PDQLqUHVWURSKHVGHKXLWYHUVDYHFKXLWV\OODEHVGHGL[YHUVDYHFGL[V\OODEHVGH
GRX]H YHUV DYHF GRX]H V\OODEHV SOXV XQH GHPL VWURSKH &KDTXH VWURSKH VH WHUPLQH
SDUXQPrPHYHUV UHIUDLQ

/HURQGHORXOHURQGHDX

/HURQGHDXHVWFRPSRVpGH VWURSKHVVXUULPHVODSUHPLqUHVWURSKHD\DQWGH
jYHUVODGHX[LqPHGHjYHUVSOXVODSUHPLqUHRXOHVGHX[SUHPLHUVYHUVGH
VWURSKH HQ UHIUDLQ SDUWLHO  OD WURLVLqPH VWURSKH FRPSRUWH DXWDQW GH YHUV TXH OD
SUHPLqUH SOXVODUHSULVHGHWRXWHODSUHPLqUHVWURSKHHQUHIUDLQFRPSOHW


 &K'¶2UOpDQVD\DQWXVpOHSOXVVRXYHQWGXURQGHDX© GRXEOH ªGHVWURSKHVGH
  HW  YHUV FHWWH IRUPH IXW FRQYHQWLRQQHOOHPHQW DSSHOpH URQGHO SDU OHV
SDUQDVVLHQV

(WFRPPHQWO¶HQWHQGH]YRXV
$QQX\HW0HUHQFROLH 
9RXOH]YRXVWRXWHPDYLH "

/HSOXVPDOHXUHX[GHWRXV
'R\MHHVWUH MHOHYHX[Q\H
(WFRPPHQW O¶HQWHQGH]YRXV
$QQX\HW0HUHQFROLH "

'HWRXVSRLQVDFFRUGRQVQRXV
2XSDUOD9LHUJH0DULH
6H5DLVRQQ¶\UHPpGLH
7RXWYDV¶HQGHVVXVGHVVRXV
(WFRPPHQW O¶HQWHQGH]YRXV "

(W F¶HVW OD IRUPH VXLYDQWH TXH OHV SDUQDVVLHQV GpQRPPqUHQW URQGHDX /HV
PDQXVFULWV QH UHSURGXLVHQW TXH OHV SUHPLHUV PRWV GX UHIUDLQ HQ VRUWH TXH OHV
SDUQDVVLHQVFUXUHQWTX¶HQFHODVHXOHPHQWFRQVLVWDLWODUHSULVH

&¶HVWSDUYRXV TXHWDQWIRUWVRXSLUH
7RXMRXUVP¶HPSLUH 
$YRWUHDYLVIDLWHVYRXVELHQ
4XHWDQWSOXVMHYRXVYLHXOVGHELHQ
(WVXVPDIR\YRXVP¶HVWHVSLUH 
+DPD'DPPHVLJULHIPDUWLUH
$PPHQHWLUH
4XHPR\GRQWQHSXLVPDL]HQULHQ
&¶HVWSDUYRXV TXHWDQWIRUWVRXSLUH 
9RWUHEHDXWpYLQWGHJUDQWWLUH
$PRQ°LOGLUH
4XHIHLQWPRQFXHXUGHYHQLUVLHQ
,OOHYRXOXW6¶LOPHXUWHWELHQ
-HQHOX\SXLVD\GHURXQX\UH 
&¶HVWSRXUYRXV TXHWDQWIRUWVRXSLUH 

0HVFKLQRW 


3DUQDVVHFRQWHPSRUDLQ WLWUHGHWURLVUHFXHLOVGHYHUVSDUXVGHjTXLIRUPHQWOHPDQLIHVWHHW
O¶LOOXVWUDWLRQGHO¶pFROHSRpWLTXHSDUQDVVLHQQH /HFRQWHGH/LVOH%DQYLOOH+HUHGLD6XOO\3UXGKRPPH&RSSpH 
TXLGpIHQGDLWOHO\ULVPHLPSHUVRQQHOHWODWKpRULHGHO¶DUWSRXUO¶DUW


 /DYHUVLILFDWLRQHWODV\QWD[H
'¶DSUqVOHVFKpPDGXYHUVODILQGXYHUVFRwQFLGHDYHFXQDUUrWGDQVODV\QWD[H
jFDXVHGXVHQV

 /H UHMHWOHFRQWUH± UHMHW HWO¶HQMDPEHPHQW

&H VRQW OHV GLIIpUHQWHV VRUWHV G¶LQIUDFWLRQV j FHWWH ORL  XWLOLVpV j TXHOTXHV
RFFDVLRQVLOVSURYRTXHQWGHVHIIHWVGHPLVHHQUHOLHI
/HUHMHWFRQVLVWHjUHMHWHUGDQVOHYHUVVXLYDQWXQRXGHX[PRWVTXLIRQWSDUWLH
SDUOHVHQVHWSDUOHU\WKPHGXYHUVSUpFpGHQW

/HVDPRXUHX[IHUYHQWVHWOHVVDYDQWVDXVWqUHV
$LPHQW ««««««««««««««««
%DXGHODLUH

/HFRQWUH± UHMHWFRQVLVWHjFRPPHQFHUDXYHUVSUpFpGHQWSDUXQRXGHX[PRWV
XQHSURSRVLWLRQTXLV¶DFKqYHGDQVOHVHFRQGYHUV

(OOHSRUWDFKH]OXLVHVSpQDWHV± XQMRXU
4X¶LOpWDLWDOOpIDLUHjO¶DXURUHVDFRXU
/D)RQWDLQH

/¶HQMDPEHPHQW FRQVLVWH j FRQWLQXHU OH SUHPLHU YHUV VXU WRXW OH SUHPLHU
KpPLVWLFKH RX VXU WRXWH OD ORQJXHXU GX YHUV VXLYDQW FH TXL GRQQH XQH FRQWLQXLWp j
O¶HQVHPEOH

«V¶HQLYUDLWVDYDPPHQWGXSDUIXPGHWULVWHVVH
4XHPrPHVDQVUHJUHWHWVDQVGpERLUHODLVVH
/DFXHLOODLVRQG¶XQUrYHDXF°XUTXLO¶DFXHLOOL
0DOODUPp

5HPDUTXH  $ORUV TXH OH UHMHW SURYRTXH XQH PLVH HQ UHOLHI GH O¶pOpPHQW
© UHMHWp ª O¶HQMDPEHPHQW D VXUWRXW SRXU HIIHW G¶DWWpQXHU OH U\WKPH UpJXOLHU HW GH
GRQQHUVRXYHQWDXYHUVXQDVSHFWSURVDwTXH

/¶LQYHUVLRQGDQVODYHUVLILFDWLRQ


+pPLVWLFKH FKDFXQHGHVGHX[SDUWLHVG¶XQYHUVFRXSpSDUODFpVXUH

3URVDwTXH pFULWHQSURVH


 7RXWHVOHVLQYHUVLRQVTXHO¶RQFRQVWDWHGDQVODSRpVLHWUDGLWLRQQHOOHV¶H[SOLTXHQW
SDUGHVUDLVRQVGHU\WKPHHWDLQVLODV\QWD[HVXELWTXHOTXHVGLVWRUVLRQV
/¶DGMHFWLI HVW VRXYHQW SODFp DYDQW OH QRP SDUFH TXH OH QRP D  GDQV FHWWH
SRVLWLRQXQDFFHQW WRQLTXHTX¶LOQ¶DSDVDXWUHPHQW

$X[SUpFDLUHV WLpGHXUVGHODWURPSHXVH DXWRPQH

'DQVO¶REOLTXHUD\RQOHPRXFKHURQIRLVRQQH
/DPDUWLQH

/D SRpVLH PRGHUQH DX FRQWUDLUH D WHQGDQFH j ODLVVHU OD SKUDVH SRpWLTXH VH
GpURXOHUOLEUHPHQWHWFUpHUHOOHPrPHVRQU\WKPH O¶LQYHUVLRQ\DWUqVSHXGHSODFH

&RPPHQWDERUGHUXQSRqPH
/HWH[WHQ¶HVWSDVTXHOLQpDLUHVRQGpYHORSSHPHQWQ¶HVWSDVTXHVXFFHVVLI/HV
SODQVTXLOHGpILQLVVHQWIRQFWLRQQHQWSDUDOOqOHPHQWVDQVTXHFHODQHUHPHWWHHQFDXVH
O¶XQLWpGHO¶pFULWXUH

 /HVpOpPHQWVFDUDFWpULVWLTXHVGHODSRpVLH

/¶DXWRWpOpFLWp
/HSRqPHHVWXQPRQGHFORVRUJDQLVpGHO¶LQWpULHXULOQ¶DSDVGHUpIpUHQWRXGX
PRLQVFHGHUQLHUQHFRQVWLWXHSDVO¶HVVHQWLHOGHVDVLJQLILFDWLRQ&HODQHYHXWSDVGLUH
TX¶LOVRLWFRXSpGHODUpDOLWpH[WpULHXUHPDLVF¶HVWHQOXLPrPHTX¶LOIDXWWURXYHUOHV
ORLV GH IRQFWLRQQHPHQW ,O QH V¶DJLW SDV G¶LQWHUSUpWHU XQ SRqPH PDLV GH VDLVLU
FRPPHQWODODQJXHHVWHVVHQWLHOOHPHQWG\QDPLVpH

/HEODQFQ¶HVWSDVVHXOHPHQWSRXUOHSRqPHXQHQpFHVVLWpPDWpULHOOHLPSRVpHGX
GHKRUV,OHVWODFRQGLWLRQPrPHGHVRQH[LVWHQFHGHVDYLHGHVDUHVSLUDWLRQ

/H YHUV HVW XQH OLJQH TXL V¶DUUrWH QRQ SDUFH TX¶HOOH HVW DUULYpH j XQH IURQWLqUH
PDWpULHOOH HW TXH O¶HVSDFH OXL PDQTXH PDLV SDUFH TXH VRQ FKLIIUH LQWpULHXU HVW
DFFRPSOL

/HGpFRGDJHV\QWD[LTXHHWVpPDQWLTXH

7RXVOHVFRQVWLWXDQWVGHODSKUDVHGRLYHQWrWUHLQWHUURJpV2QSDUOHG¶XQHPLVH
HQ IRQFWLRQQHPHQW SRpWLTXH G¶pOpPHQWV TXL RQW XQ IRQFWLRQQHPHQW OLQJXLVWLTXH /H
V\QWD[LTXHHWOHVpPDQWLTXHVRQWpWURLWHPHQWOLpV,OIDXWUDMRXWHUO¶H[DPHQGXOH[LTXH
GDQV WRXWHV VHV GLPHQVLRQV VXIIL[HV SUpIL[HV QpRORJLVPHV «  VDQV RXEOLHU
G¶LQWHUURJHUOHVVRQVOHVULPHVHWWRXVOHVSRLQWVGXSRqPHTXLVHPEOHQWVHQVLEOHV

$FFHQW pOpYDWLRQGHODYRL[VXUXQHV\OODEHG¶XQPRWRXG¶XQJURXSHGHPRWV


 9 +XJR HVW OH SUHPLHU URPDQWLTXH TXL D FKDQJp OD © FpVXUH ª  LO D FRXSp
O¶DOH[DQGULQHQWURLVPRUFHDX[FDUVHORQOHSRqWHODFpVXUHPRQWUHTXHO¶DXWHXUQ¶HVW
SDVOLEUH+XJRLQVLVWHVXUWRXWVXUOH© VLJQLILp ª LODPLVXQUDSSRUWHQWUHOHVLJQLILp
HWOHVLJQLILDQWOHVLJQLILDQWGHYDQWVHUYLUOHVLJQLILDQW6LOHVHQVGHVYHUVQHV¶HQWHQG
SDVDYHFOHVLJQLILDQWRQFKDQJHOHVUqJOHPHQWVGHFHGHUQLHUG¶ROHQRQUHVSHFWGH
ODFpVXUHWUDGLWLRQQHOOH

3OXLHRXERXUUDVTXHLOIDXWTX¶LOVRUWHLOIDXWTX¶LODLOOH
+XJR

/DUHODWLRQGXVLJQLILDQWHWGXVLJQLILpjWUDYHUVOHVPRXYHPHQWVSRpWLTXHV

 /HFODVVLFLVPH
/D SRpVLHHVWXQHIRUPH VRQQHW  &¶HVW XQ © VLJQLILDQW ª " GRQF LOQHV¶DJLW
SDVGHIDLUHSDVVHUOHVLGpHVHWOHVVHQWLPHQWVjWUDYHUVOHVpFULWVPDLVSOXW{W
GHUHVSHFWHUODIRUPHIL[HTXLHVWOH© VRQQHW ª

 /HURPDQWLVPH
,ODSSDUDvWFRQWUHODIRUPH LOQHUHVSHFWH QLOHVRQQHWQLOHVDXWUHV IRUPHV
6RQ U{OH HVW GH SRXYRLU SDVVHU OH PHVVDJH HW OHV VHQWLPHQWV /HV SRqWHV
DSSDUWHQDQWDXFRXUDQWURPDQWLTXHRQWPLVO¶DFFHQWVXUOH© WKqPH ª

/HPRXYHPHQWSDUQDVVLHQ
,OUHSUHQGO¶DQFLHQQHIRUPH VRQQHW HWFKDQJH© OHVWKqPHV ªGXURPDQWLVPH
SDU G¶DXWUHV © SOXV UpHOV ª &¶HVW XQ PRXYHPHQW UpDOLVWH FDU LO SUHQG HQ
FKDUJHGHVLGpHVUpHOOHV,ODIDLWXQSDUDOOqOHHQWUHOHVLJQLILDQWHWOHVLJQLILp

/DSRpVLHPRGHUQH
/D SRpVLH PRGHUQHQ¶D SDV SRXU KDELWXGH GH UpIOpFKLU VXUOHVLJQLILDQW HW OH
VLJQLILp(OOHODLVVHDJLUODVSRQWDQpLWp


/HURPDQWLVPH HVWXQPRXYHPHQWG¶LGpHVHXURSpHQTXLVHPDQLIHVWHGDQVOHVOHWWUHVGqVODILQGX;9,,,ƒ
VLqFOHHQ$QJOHWHUUHHWHQ$OOHPDJQHSXLVDX;,;ƒVLqFOHHQ)UDQFHHQ,WDOLHHWHQ(VSDJQH,OVHFDUDFWpULVHSDU
XQHUpDFWLRQGXVHQWLPHQWFRQWUHODUDLVRQFKHUFKDQWO¶pYDVLRQGDQVOHUrYHGDQVO¶H[RWLVPHRXOHSDVVpLO
H[DOWHOHJR€WGXP\VWqUHHWGXIDQWDVWLTXH,OUpFODPHODOLEUHH[SUHVVLRQGHODVHQVLELOLWpHWSU{QDQWOHFXOWHGX
© PRL ªDIILUPHVRQRSSRVLWLRQjO¶LGpDOFODVVLTXH/HURPDQWLVPHWULRPSKHHQ)UDQFHDYHF/DPDUWLQH+XJR
9LJQ\0XVVHW6RQLQIOXHQFHGpSDVVHOHVJHQUHVOLWWpUDLUHVSURSUHPHQWGLWV
OHFODVVLFLVPHHVWLQFDUQpSDUODJpQpUDWLRQGH±  /D)RQWDLQH5DFLQH%RLOHDX%RVVXHW TXL
UDVVHPEOHGHVpFULYDLQVOLpVQRQSDUXQHGRFWULQHPDLVSDUXQHFRPPXQDXWpGHJR€WV/DFRGLILFDWLRQGH%RLOHDX
GHVSULQFLSHVGHO¶HVWKpWLTXHFODVVLTXH DGPLUDWLRQGHV$QFLHQVUHFKHUFKHGXQDWXUHOHWGXYUDLVHPEODEOHJR€W
GHODPHVXUHILQHVVHGDQVO¶DQDO\VHPRUDOHHWSV\FKRORJLTXHFODUWpGXVW\OH Q¶LQWHUYLHQGUDTX¶DSUqVOHVJUDQGHV
°XYUHVTXLO¶LOOXVWUHQW/HFODVVLFLVPHQ¶DSULVG¶DLOOHXUVVDIRUPHGpILQLWLYHTX¶jWUDYHUVVRQDIIURQWHPHQWjGHX[
QRXYHDX[FRXUDQWVGHVHQVLELOLWpO¶HVSULWGHVOXPLqUHVHWOHURPDQWLVPH


 /LUHXQWH[WHSRpWLTXH
([HUFLFH

3RQFWXDWLRQ

 &HQ¶HVWSDVSRXUPHYDQWHU
'LVDLWODYLUJXOH
0DLVVDQVPRQMHXGHSHQGXOH
/HVPRWVWHOVGHVVRPQDPEXOHV 

 &¶HVWSRVVLEOHGLWOHSRLQW  
0DLVMHUqJQHPRL
(WOHVJUDQGHVPDMXVFXOHV
6HPRTXHQWWRXWHVGHWRL
(WGHWDTXHXHPLQXVFXOH 
"
 1HVR\H]SDVULGLFXOHV
'LV OHSRLQWYLUJXOH
2QYRXVYRLWPRLQVTXHODWUDFH
'HIRXUPLVVXUXQHJODFH
&HVVH]YRVFRQFLOLDEXOHV
 
2XWRXVGHX[MHYRXVUHPSODFH 

0DXULFH&DUrPH$XFODLUGHODOXQH

 /LVOHWH[WHHWUHOqYHGDQVOHWDEOHDXOHVLQIRUPDWLRQVXWLOHV

3RqPH WLWUH

1RPGHO¶DXWHXU

([WUDLWGXUHFXHLO


  &RPSWHOHQRPEUHGHYHUVGDQVFKDTXHVWURSKH

qUH VWURSKH ««YHUV

qPH VWURSKH «YHUV
qPH VWURSKH ««YHUV
qPH VWURSKH «YHUV

 5HFKHUFKHOHVPRWVTXLULPHQWDYHF© YLUJXOH ªIDLVGHPrPHDYHF

FHX[TXLULPHQWDYHF© WUDFH ª4XHOOHHVWODQDWXUHGHODULPHGHFH
SRqPH "

([HUFLFH

&HSRqPHHVWjO¶HQYHUV

/HPRQGHjO¶HQYHUV

 /DUXHVHSURPqQHVXUOHVKRPPHV
 /HVUDWXUHVHIIDFHQWODJRPPH 
 /DWDEOHVHFDFKHVRXVOHFKDW 
 /DFDVHUQHV¶HQQXLHGDQVOHVROGDW 
 /HSRQWSDVVHVRXVODSHWLWHILOOH
 /HFRFRQWLVVHVDFKHQLOOH
 /DODQGHEURXWHOHPRXWRQ
 /HMDUGLQSRXVVHGDQVO¶RLJQRQ
 /HSRqPHIDLWQDvWUHXQSRqWH
/HPDUDWKRQJDJQHXQDWKOqWH«

(FULVOHGpEXWHQUHPHWWDQWjOHXUSODFHOHVPRWVGHFKDTXHYHUV DWWHQWLRQ
DX[DFFRUGV






/DFKHQLOOHWLVVHVRQFRFRQ
/HPRXWRQEURXWHODODQGH
/¶RLJQRQSRXVVHGDQVOHMDUGLQ
/HSRqWHIDLWQDvWUHXQSRqPH
/¶DWKOqWHJDJQHXQPDUDWKRQ«

:LOOLDP%ULJKW\5DQGV


([HUFLFH

&HSRqPHHVWpFULWjO¶HQYHUV

3RqPHpFULWjO¶HQYHUV 3RqPHpFULWjO¶HQGURLW

/HYHQW

WQHYHO /HJUDQGYHQWVRXIIOH

HOIIRXVWQHYGQDUJH/

HOIIRXVWQHYGQDUJH/

WXRWUDSH'

HXTDUFHWWHXRULJD/

HXTDUFHWWHXRULSW(

FDU&FDU&

HORYHOR9

HOORIHVUXRFQ(

HOIIXRVWQHYGQDUJW(

HOIIXRVWQHYGQDUJW(

WXRWUDS(G
&0DUWLQ


 ([HUFLFH

(WXGLHOHSRqPHVXLYDQW

6XUODWHUUHHUUDQWH

4XDQGODQXLWVHEULVH
-HSRUWHPDWLpGHXU
6XUOHVPRQWVDFpUpV
(WPHGpYrWVjODOXHXUGXPDWLQ
&RPPHFHOOHTXLV¶HVWOHYpH
3RXUKRQRUHUODSUHPLqUHHDX 

(WUDQJHHVWPRQSD\VRWDQW
'HVRXIIOHVVHOLEqUHQW 
/HVROLYLHUVV¶DJLWHQW
$OHQWRXUHWPRLMHFKDQWH

 7HUUHEU€OpHHWQRLUH
0qUHIUDWHUQHOOH
7RQHQIDQWQHUHVWHUDSDVVHXOH
$YHFOHWHPSVTXLJULIIHOHF°XU
(QWHQGVPDYRL[
4XLILOHGDQVOHVDUEUHV
(WIDLWPXJLUOHVE°XIV

&HPDWLQG¶pWpHVWDUULYp
3OXVEDVTXHOHVLOHQFH
-HPHVHQVFRPPHHQFHLQWH
0qUHIUDWHUQHOOH
/HVIHPPHVGDQVOHXUVKXWWHV
$WWHQGHQWPRQFUL

0qUHIUDWHUQHOOH
/HVIHPPHVGDQVOHXUVKXWWHV
$WWHQGHQWPRQFUL

0RKDPPHG'LE © 2PEUHJDUGLHQQH ª


&RUULJp GHVH[HUFLFHV
([HUFLFH


7LWUHGXSRqPH 3RQFWXDWLRQ
1RPGHO¶DXWHXU 0DXULFH&DUrPH
([WUDLWGXUHFXHLO $XFODLUGHODOXQH


qUH VWURSKH YHUV
qPH VWURSKH YHUV
qPH VWURSKH YHUV
qPH VWURSKH YHUV


/HVPRWVTXLULPHQWDYHF© YLUJXOH ª

3HQGXOH± VRPQDPEXOHV± PDMXVFXOHV± ULGLFXOHV FRQFLOLDEXOHV

/HVPRWVTXLULPHQWDYHF© WUDFH ª

*ODFH± UHPSODFH

([HUFLFH

/HPRQGHjO¶HQYHUV

/HVKRPPHVVHSURPqQHQWVXUODUXH
/DJRPPHHIIDFHOHVUDWXUHV 
/HFKDWVHFDFKHVRXVODWDEOH 
/HVROGDWV¶HQQXLHGDQVODFDVHUQH 
/DSHWLWHILOOHSDVVHVRXVOHSRQW
/DFKHQLOOHWLVVHVRQFRFRQ
/HPRXWRQEURXWHODODQGH
/¶RLJQRQSRXVVHGDQVOHMDUGLQ
/HSRqWHIDLWQDvWUHXQSRqPH
/¶DWKOqWHJDJQHXQPDUDWKRQ«

:LOOLDP%ULJKW\5DQGV


([HUFLFH

3RqPHUppFULWjO¶HQGURLW

/HYHQW

/HJUDQGYHQWVRXIIOH
/HJUDQGYHQWVRXIIOH
'HSDUWRXW
/DJLURXHWWHFUDTXH
(WSLURXHWWHFUDTXH
&UDF &UDF 
/DIHXLOOHYROH
9ROHYROH
(QFRXUVHIROOH
/HJUDQGYHQWVRXIIOH
/HJUDQGYHQWVRXIIOH
'HSDUWRXW
&0DUWLQ

([HUFLFH

7KqPHJpQpULTXH 

/HWKqPHHVW© ODSDWULHPHXUWULH ªV\PEROLVpHSDUOD© WHUUH ª

/HWLWUH 

,OV\PEROLVHO¶pWDWG¶kPHGHO¶DXWHXUHWODGHVWLQpHPRXYDQWHGXSD\V

/DYHUVLILFDWLRQ

/HSRqPHPDQTXHG¶pTXLOLEUH,OHVWFRPSRVpGHYHUV
/HYHUVHVWOHYHUVOHSOXVORQJ SLHGV
/HYHUVHVWOHYHUVOHSOXVFRXUW SLHGV
2QUHQFRQWUHDXVVLGDQVFHSRqPHGHVYHUVGHHWSLHGV

/DULPH

(OOHHVWFHOOHGHODSRpVLHPRGHUQH HOOHQ¶HVWSDVUpJXOLqUHHWPDQTXHGH
ULFKHVVH
/HSUHPLHUYHUVVHWHUPLQHSDUYR\HOOHVTXLHQFDGUHQWXQHFRQVRQQH


/HVYHUV HW RQWXQHULPHVXLYDQWOHPRGqOH  DD

/DV\QWD[H

/¶DXWHXUHVWSUpRFFXSpSDUODVLWXDWLRQDFWXHOOHGXSD\VG¶RO¶XWLOLVDWLRQGX
SUpVHQW

$XYHUVRQQRWHO¶HPSORLGXIXWXU 7RQ HQIDQWQHUHVWHUDSDVVHXOH

2QSHXWpFULUHHQSURVHODSUHPLqUHVWURSKH

/HVDGMHFWLIVUHQIRUFHQWO¶LGpHSRXUGRQQHUXQHLPDJH © OHVPRQWVDFpUpV ª

V\PEROHGHO¶pWDWG¶kPHGXSRqWH
© -HSRUWHPDWLpGHXU ª&HWWHH[SUHVVLRQV¶H[SOLTXHUDLWSDUXQH
SHUVRQQDOLVDWLRQ

/HYHUVGpEXWHSDUXQHLQYHUVLRQ © (WUDQJHHVWPRQSD\V ª

'DQVO¶LQWpUrWGHODYHUVLILFDWLRQO¶DXWHXUGRQQHXQHFRQVWUXFWLRQSDUWLFXOLqUHDX
YHUV © OHVIHPPHVGDQVOHXUVKXWWHV ª&HWWHFRQVWUXFWLRQHVWUHSULVHGDQVOD
GHUQLqUHVWURSKH

2QQRWHXQUHMHWDX[YHUVHW -HSRUWHPDWLpGHXU
6XUOHVPRQWVDFpUpV

2QQRWHXQFRQWUHUHMHWDX[YHUVHW
«««««6¶DJLWHQW
$OHQWRXUHWPRLMHFKDQWH

/DSRQFWXDWLRQHVWUDUH(OOHHVWIDLWHjGHVVHLQSDUO¶DXWHXUSRXUPDUTXHUOH
U\WKPHGHVYHUV

&RQFOXVLRQ

2QSRXUUDLWGLUHTXHFHSRqPHSDUVRQpFKRHWVDFRPSRVLWLRQQRXVIDLWSHQVHU
jXQDXWUHSRqPHGH'LE© 0RLTXLSDUOH$OJpULH ª0DLVLOGLIIqUHGHOD
FRPSRVLWLRQFODVVLTXHGH© O¶pWUDQJHU ªSRqPHpJDOHPHQWGH'LEFRQWHQXGDQV
VRQ°XYUHSRpWLTXH© 2PEUHJDUGLHQQH ª


&ULWqUHVG¶pYDOXDWLRQ
9RXVDXUH]UpXVVLYRV H[HUFLFHVVLYRXVrWHVSDUYHQXj 

 FRPSWHUOHVSLHGVG¶XQYHUV OHQRPEUHGHV\OODEHVTXLOHFRPSRVHQW

 QRPPHU XQ YHUV HQ IRQFWLRQ GH VD ORQJXHXU  RFWRV\OODEH GpFDV\OODEH
DOH[DQGULQHWF

 VLWXHUOHVFRXSHV FpVXUHKpPLVWLFKH 

 OHVIRUPHVSRpWLTXHV OHVRQQHW± OHURQGHDX SRpVLHPRGHUQH

 GpVLJQHUXQHVWURSKHHQIRQFWLRQGXQRPEUHGHYHUVTXLODFRPSRVHQW GLVWLTXH
± WHUFHW± TXDWUDLQHWF

 UHSpUHU OD QDWXUH GHV ULPHV  SDXYUH ± VXIILVDQWH ± ULFKH ± IpPLQLQH ±

PDVFXOLQH SODWH± HPEUDVVpH± FURLVpH± LQWpULHXUH

 LGHQWLILHUOHVUHMHWVHWOHVFRQWUH UHMHWV

 DJLUVXUXQSRqPHSRXUOHWUDQVIRUPHUVDQVDOWpUHUODULPH

5pIpUHQFHV
 /DSRpVLHFRQWHPSRUDLQH/HVpGLWLRQV/DURXVVH

 +LVWRLUHGHODOLWWpUDWXUHIUDQoDLVHOLEUDLULH+DFKHWWH

 &RXUVGHODQJXHHWGHFLYLOLVDWLRQIUDQoDLVHVOLEUDLULH+DFKHWWH