6200$,5( ,/HV SULQFLSDOHV FDUDFWpULVWLTXHV JpRJUDSKLTXHV SROLWLTXHV HW pFRQRPLTXHV GHV GHX[ PHUV ± ,,/¶REOLJDWLRQ GH FRRSpUDWLRQ HQWUH eWDWV ULYHUDLQV G¶XQH PHU VHPLIHUPpHRX OD UpJLRQDOLVDWLRQ GX GURLW GH OD PHU ±
,,,/HV IRUPHV GH FRRSpUDWLRQ VHFWRULHOOHV ± ,9/HV QRXYHDX[ GpILV GH OD FRRSpUDWLRQ±9/DJRXYHUQDQFHHXURSpHQQHGHODPHU$GULDWLTXHHWGHODPHU ,RQLHQQH ± 9,2EVHUYDWLRQV VXU OH U{OH GHV GHX[ PHUV GDQV OHV HQMHX[ JpRSROLWLTXHVHQWUH3XLVVDQFHVPRQGLDOHV
,/HV SULQFLSDOHV FDUDFWpULVWLTXHV JpRJUDSKLTXHV
SROLWLTXHVHWpFRQRPLTXHVGHVGHX[PHUV
/DPHU$GULDWLTXHHVWVDQVGRXWHXQHPHUVHPLIHUPpHVHORQ
O¶DUWLFOHGHOD&RQYHQWLRQGHV1DWLRQV8QLHVVXUOHGURLWGH
ODPHUFLDSUqV©&18'0ª
(OOHIRUPHXQJROIHORQJPDLV
UHODWLYHPHQWpWURLWDOLJQpJpQpUDOHPHQWGXQRUGRXHVWDXVXG
HVWYHUVVRQVHXODFFqVOHGpWURLWG¶2WUDQWH/DPHU$GULDWLTXH
UHOLH OHV WHUULWRLUHV GH VHSW SD\V ,WDOLH 6ORYpQLH &URDWLH HW
6HORQ O¶DUWLFOH &18'0 RQ HQWHQG SDU ©PHU IHUPpH RX VHPLIHUPpHª
©XQJROIHXQEDVVLQRXXQHPHUHQWRXUpHSDUSOXVLHXUVeWDWVHWUHOLpjXQHDXWUH PHU RX j O¶RFpDQ SDU XQ SDVVDJH pWURLW RX FRQVWLWXp HQWLqUHPHQW RX SULQFLSDOHPHQWSDUOHVPHUVWHUULWRULDOHVHWOHV]RQHVpFRQRPLTXHVH[FOXVLYHVGH SOXVLHXUVeWDWVª
,O IDXW VRXOLJQHU TXH O¶2UJDQLVDWLRQ +\GURJUDSKLTXH ,QWHUQDWLRQDOHFLDSUqV
,+2IL[HO¶H[WUpPLWpVXGGHOD0HU$GULDWLTXHDXQLYHDXOHSOXVPpULGLRQDOGX FDQDO G¶2WUDQWH GX FDS 6DQWD 0DULDGL /HXFD GDQV OHV 3RXLOOHV j O¶ÈNUD .DYRNHIDOtÌOH GH &RUIRX HW GH O¶ÈNUD .RXORXUi VXU FHWWH PrPH vOH j
*UqFHeWDWVPHPEUHVGHO¶8QLRQHXURSpHQQH0RQWpQpJURHW
$OEDQLHeWDWVFDQGLGDWVjO¶DGKpVLRQHW%RVQLH+HU]pJRYLQH
eWDWDVVRFLpjO¶8QLRQHWFDQGLGDWSRWHQWLHOjO¶DGKpVLRQ
/¶$GULDWLTXHHVWXQHPHUVRXVWHQVLRQVXUWRXWjODOXPLqUHGH
VRQFDUDFWqUHVHPLIHUPpDYHFXQpFKDQJHOLPLWpGHVHDX[DYHF
ODPHU0pGLWHUUDQpHHWDYHFXQPLOLHXPDULQSDUWLFXOLqUHPHQW
YXOQpUDEOH j FDXVH G¶XQH LQTXLpWDQWH FRPELQDLVRQ GH
SKpQRPqQHV SROOXWLRQ SURYHQDQW GH OD WHUUH HW GHV QDYLUHV
GpWULWXVDWWHLQWHVjODELRGLYHUVLWpVXUSrFKHHWGpJUDGDWLRQGHV
F{WHV,ODpWpFDOFXOpTXHPrPHVLO¶,WDOLHQHGRPLQHTXHOD
F{WH RXHVW GH OD PHU $GULDWLTXH GX WRWDO GH OD F{WH
DGULDWLTXHHQUHYDQFKHHOOHHVWUHVSRQVDEOHGHO¶HVVHQWLHOGX
WUDILFPDULWLPHHWGHO¶XWLOLVDWLRQGHVUHVVRXUFHVHQSDUWLFXOLHU
ODSrFKH&HGpVpTXLOLEUHPDULQDFRQGXLWQpFHVVDLUHPHQWjGHV
FRQWULEXWLRQV LQpJDOHV DX[ SUREOqPHV HQYLURQQHPHQWDX[ TXL
DIIOLJHQWO¶$GULDWLTXH
/¶DFFqV GH O¶$GULDWLTXH j OD 0pGLWHUUDQpH SDVVH SDU OD PHU
,RQLHQQH &HWWH PHU HVW HQWRXUpH SDU VHXOHPHQW GHX[ SD\V
PHPEUHV GH O¶8QLRQ HXURSpHQQH
O¶,WDOLH HW OD *UqFH HW
O¶HPERXFKXUHGXFDQDOGH%XWULQWLHQ$OEDQLH3RXUFHWWHUDLVRQOD*UqFHHVW FRQVLGpUpHFRPPHXQGHVeWDWVF{WLHUVGHFHWWHPHU/¶,+2GpWHUPLQHOHVOLPLWHVGHODPHU,RQLHQQHGHODIDoRQVXLYDQWH©2QWKH
1RUWK $ OLQH UXQQLQJ IURP WKH PRXWK RI WKH %XWULQWR 5LYHU¶1 LQ
$OEDQLDWR&DSH.DUDJROLQ&RUIX¶1DORQJWKH1RUWK&RDVWRI&RUIX WR&DSH.HSKDOL¶1DQGIURPWKHQFHWR&DSH6DQWD0DULDGL/HXFDLQ ,WDO\2QWKH(DVW)URPWKHPRXWKRIWKH%XWULQWR5LYHULQ$OEDQLDGRZQWKH FRDVWRIWKHPDLQODQGWR&DSH0DWDSDQ2QWKH6RXWK$OLQHIURP&DSH0DWDSDQ WR&DSH3DVVHURWKH6RXWKHUQSRLQWRI6LFLO\2QWKH:HVW7KH(DVWFRDVWRI
SRXUUDLWrWUHTXDOLILpHGH PHUVHPLIHUPpVHORQO¶DUWLFOH
&18'0 VL FKDTXH eWDW F{WLHU pWDEOLW VD SURSUH ]RQH
pFRQRPLTXH H[FOXVLYH FLDSUqV ©=((ª GDQV XQH WHOOH
K\SRWKqVH OD PHU ,RQLHQQH VHUDLW FRQVWLWXpH HQWLqUHPHQW RX
SULQFLSDOHPHQWSDUOHVPHUVWHUULWRULDOHVHWOHV=((GHVeWDWV
ULYHUDLQVHWHQWDQWTXHWHOOHHOOHVHUDLWXQHPHUVHPLIHUPpH
/DPHU,RQLHQQHDOHVPrPHVSUREOqPHVTXHODPHU$GULDWLTXH
FDU HOOH HVW OD PHU GH WUDQVLW GH WRXWHV OHV DFWLYLWpV TXL VH
GpURXOHQWHQ$GULDWLTXHHWSRXUFHWWHUDLVRQVDJRXYHUQDQFHHVW
OLpHVWULFWHPHQWjFHOOHGHO¶$GULDWLTXH
/D FRRSpUDWLRQ HQWUH OHV eWDWV F{WLHUV GHV GHX[ PHUV D pWp
WRXMRXUVSHUoXHFRPPHXQHQpFHVVLWpVXUWRXWSRXUJDUDQWLUXQH
SURWHFWLRQHWXQHSUpVHUYDWLRQDGpTXDWHVGXPLOLHXPDULQHWXQH
6LFLO\DQGWKH6RXWKHDVWFRDVWRI,WDO\WR&DSH6DQWD0DULDGL/HXFDª,+2 /LPLWVRI2FHDQVDQG6HDV6SHFLDO3XEOLFDWLRQ1,,,pGS /D%RVQLH+HU]pJRYLQHDXQHSRUWLRQGHPHUWHUULWRULDOHHQWRXUpHSDUOHVHDX[ WHUULWRULDOHVGHOD&URDWLH'HV SURJUqV LPSRUWDQWV RQW pWp UpDOLVpV j XQ VWDGH UHODWLYHPHQW SUpFRFH HQ
WHUPHV GH GpOLPLWDWLRQ GH OD PHU WHUULWRULDOH HW GX SODWHDX FRQWLQHQWDOHQWUHO¶,WDOLHHWOD56)</HWUDFpGHVGpOLPLWDWLRQVPDULWLPHV HQWUH O¶,WDOLH HW OD 56)< D pWp FRQILUPp SDU OHV eWDWV VXFFHVVHXUV GH OD <RXJRVODYLH/D*UqFHHWO¶,WDOLHRQWpJDOHPHQWpWpHQPHVXUHGHFRQFOXUHXQ DFFRUGGHGpOLPLWDWLRQGHOHXUSODWHDXFRQWLQHQWDOHQ(QXQDFFRUG SRXUODGpOLPLWDWLRQGXSODWHDXFRQWLQHQWDODpWpDXVVLVLJQpHQWUHO¶$OEDQLHHW O¶,WDOLH
/HQRYHPEUHOHVGHX[eWDWVRQWVLJQpXQ$FFRUGG¶DUELWUDJHDILQGH
VRXPHWWUH OHXU GLIIpUHQG WHUUHVWUH HW PDULWLPH j O¶DUELWUDJH &HW DFFRUG D pWp GpQRQFpSDUOD&URDWLHOHMXLOOHWDSUqVOHVFDQGDOHLPSOLTXDQWOHMXJH VORYqQH GX WULEXQDO DUELWUDO TXL DXUDLW IDLW SUHVVLRQ VXU OHV DXWUHV MXJHV /H MXLOOHWOH7ULEXQDOG¶DUELWUDJHDILQDOHPHQWRFWUR\pOHVGHX[WLHUVGHOD
JHVWLRQGXUDEOHGHVUHVVRXUFHVELRORJLTXHVPDULQHV7RXWHIRLV
FHWWH FRRSpUDWLRQ HVW FRQGLWLRQQpH SDU OHV SUREOqPHV GH
GpOLPLWDWLRQGHVIURQWLqUHVPDULWLPHVHQWUHeWDWVF{WLHUV
/HV VL[ eWDWV ULYHUDLQV GH O¶$GULDWLTXH j O¶H[FHSWLRQ GH OD
%RVQLH+HU]pJRYLQH
HWGHODPHU,RQLHQQHUHYHQGLTXHQWXQH
PHUWHUULWRULDOHG¶XQHODUJHXUGHPLOHVFRQIRUPpPHQWDX[
GLVSRVLWLRQVGHOD&18'0/¶,WDOLHDFRQFOXGHVDFFRUGVGH
GpOLPLWDWLRQGXSODWHDXFRQWLQHQWDODYHFWRXVOHVeWDWVGHODF{WH
RULHQWDOHGHODPHU$GULDWLTXHHWGHODPHU,RQLHQQH
7RXWHIRLV
OD GpOLPLWDWLRQ GHV IURQWLqUHV PDULWLPHV HQWUH OHV eWDWV GH
O¶$GULDWLTXHRULHQWDOHUHVWHXQSUREOqPHORLQG¶rWUHUpVROX'HV
GLIIpUHQGVFRQFHUQHQWOD&URDWLHHWOD6ORYpQLHGDQVOH*ROIH
GH3LUDQ
OD&URDWLHHWOD%RVQLH+HU]pJRYLQHGDQVOH*ROIH
GH.OHN1HXP
OD&URDWLHHWOH0RQWpQpJURVXUODGpOLPLWDWLRQ
%DLH GH 3LUDQ j OD 6ORYpQLH HW D pWDEOL TX¶XQH ]RQH GH MRQFWLRQG¶DSSUR[LPDWLYHPHQWPLOOHVPDULQVGHODUJHXUGRLWrWUHpWDEOLHHQ FUpDQW XQ DFFqV HQWUH OD PHU WHUULWRULDOH VORYqQH HW OD KDXWHPHU 7RXWHIRLV =DJUHEDGpFODUpTX¶LOQHUHVSHFWHUDLWSDVODGpFLVLRQ /DIURQWLqUHPDULWLPHHQWUHOD%RVQLH+HU]pJRYLQHHWOD&URDWLHDpWpIL[pHGDQV OHFDGUHGX7UDLWpVXUODIURQWLqUHG¶eWDWGXMXLOOHWTXLHVWDSSOLTXp VHXOHPHQWjWLWUHSURYLVRLUH$SUqVODFRQFOXVLRQGHFHWUDLWpGHX[FRQWHVWDWLRQV RQWpWpVRXOHYpHVSDUODSDUWLHFURDWHDOH&RPLWDWGH'XEURYQLNVRXWHQDLWTXH O¶H[WUpPLWpGHOD3pQLQVXOHGH.OHNOXLDSSDUWHQDLWKLVWRULTXHPHQWHWTXHSDU FRQVpTXHQW HOOH Q¶DSSDUWHQDLW SDV j OD %RVQLH+HU]pJRYLQH FRPPH OH PHQWLRQQDLWOHWUDLWpPDLVELHQjOD&URDWLHEOD&URDWLHUHYHQGLTXDLWOHVvORWV DWWULEXpVjOD%RVQLH+HU]pJRYLQHSUqVGHOD3pQLQVXOHGH.OHNSRXUGHVUDLVRQV KLVWRULTXHV'HSXLVODWHQVLRQHQWUHOHVGHX[SD\VHVWPRQWpHjFDXVHGH O¶LQWHQWLRQGHOD&URDWLHGHFRQVWUXLUHOHSRQWGH3HOMHãDFHQWUHOHYLOODJHGH.OHN HWOD3pQLQVXOHGH3HOMHãDFWUDYHUVDQWOH&DQDOGH0DOL6WRQ/HSRQWVHVLWXHDX GHOj GX WHUULWRLUH IDLVDQW O¶REMHW GX GLIIpUHQG PDLV OD %RVQLH+HU]pJRYLQH OH FRQVLGqUHFRPPHXQpYHQWXHOREVWDFOHjODQDYLJDWLRQGDQVODEDLHGH1HXPHWGHV HDX[ j O¶HQWUpH GX *ROIH GH +HUFHJQRYVNLH HW VXU OD
GpOLPLWDWLRQGXSODWHDXFRQWLQHQWDODXWRXUGHOD3pQLQVXOH GH
3UHYODND
O¶$OEDQLHHWOH0RQWpQpJURHWO¶$OEDQLHHWOD*UqFH
SRXUODGpOLPLWDWLRQGXSODWHDXFRQWLQHQWDO
'HSOXVELHQTXHFRQIRUPpPHQWjODSUDWLTXHGHODSOXSDUWGHV
SD\V PpGLWHUUDQpHQVDXFXQGHVeWDWVF{WLHUVGHO¶$GULDWLTXH
Q¶DLWH[SUHVVpPHQWUHYHQGLTXpXQH=((GHVLQLWLDWLYHVRQWpWp
SULVHVSDUOD&URDWLH
OD6ORYpQLH
HWO¶,WDOLH
HQYXHGHFUpHU
GHV ©]RQHV GH SURWHFWLRQ pFRORJLTXHª QRQ H[SOLFLWHPHQW
SUpYXHVSDUOD&18'0
0DLVGDQVWRXVOHVFDVFHV]RQHVQH
VRQWSDVHQFRUHRSpUDWLRQQHOOHVHWSRXUFHWWHUDLVRQLO\DHQFRUH
XQHVSDFHGHKDXWHPHUGDQVODPHU$GULDWLTXHFRPPHGDQVOD
PHU,RQLHQQH
HQ WDQW TXH WHO XQH YLRODWLRQ GH OD &18'0 7RXWHIRLV OH MXLQ OD
&RPPLVVLRQHXURSpHQQHDDSSURXYpOHILQDQFHPHQWGHODFRQVWUXFWLRQGXSRQW GH 3HOMHãDF SRXU PLOOLRQV G¶HXURV DX WLWUH GHV IRQGV GH OD SROLWLTXH GH FRKpVLRQHWOHVWUDYDX[GHYUDLHQWrWUHWHUPLQpVHQ(QILQOHVGHX[SD\V V¶RSSRVHQWDXVVLVXUODJHVWLRQGXSRUWGH3ORþHHQ&URDWLHGHSXLVOHUHMHWGHOD UDWLILFDWLRQ GH O¶DFFRUG VLJQp HQWUH OHV GHX[ SD\V OH QRYHPEUH
$JUHHPHQWRQ)UHH7UDQVLWWKURXJKWKH7HUULWRU\RI&URDWLDWRDQGIURPWKH3RUW RI3ORFHDQGWKURXJKWKH7HUULWRU\RI%RVQLDDQG+HU]HJRYLQDDW1HXPTXL RUJDQLVDLWXQHDGPLQLVWUDWLRQSDUWDJpHGXSRUW /HVGHX[eWDWVRQWUpJOpSURYLVRLUHPHQWODGpILQLWLRQGHODIURQWLqUHFRPPXQH DYHFOH3URWRFROHSRUWDQWFUpDWLRQG¶XQUpJLPHSURYLVRLUHOHORQJGHODIURQWLqUH PpULGLRQDOHHQWUHOHVGHX[eWDWVGH /HVGHX[eWDWVDYDLHQWVLJQpHQXQ$FFRUGVXUODGpOLPLWDWLRQGHV]RQHV UHVSHFWLYHVGXSODWHDXFRQWLQHQWDOHWG¶DXWUHV]RQHVPDULWLPHVPDLVO¶DFFRUGD
pWp GpFODUp LQFRQVWLWXWLRQQHO SDU OD &RXU FRQVWLWXWLRQQHOOH DOEDQDLVH DYHF OD GpFLVLRQQGXDYULO9RLU ZZZJMNJRYDOLQFOXGHBSKSSUHYLHZGRFSKS"LGBNHUNHVDBYHQGLPL QUBY HQGLP
/¶H[LVWHQFH GH WRXV FHV GLIIpUHQGV HVW VDQV DXFXQ GRXWH XQ
REVWDFOHLPSRUWDQWjODSOHLQHFRRSpUDWLRQHQWUHeWDWVULYHUDLQV
,,/¶REOLJDWLRQGHFRRSpUDWLRQHQWUHeWDWVULYHUDLQV
G¶XQHPHUVHPLIHUPpHRXODUpJLRQDOLVDWLRQGXGURLW
GHODPHU
/¶DUWLFOH&18'0DIILUPHTXH©/HVeWDWVULYHUDLQVG¶XQH
PHUIHUPpHRXVHPLIHUPpHGHYUDLHQWFRRSpUHUHQWUHHX[GDQV
O¶H[HUFLFHGHVGURLWVHWO¶H[pFXWLRQGHVREOLJDWLRQVTXLVRQWOHV
OHXUVHQYHUWXGHOD&RQYHQWLRQǻ
(Q LQWHUSUpWDQW j OD OHWWUH FHWWH GLVSRVLWLRQ LO HVW SHUPLV GH
VXSSRVHUTX¶XQH PHU IHUPpHRXVHPLIHUPpHHVWVRXPLVHDX
PrPHUpJLPHMXULGLTXHJpQpUDOpWDEOLSDUOD&18'0TX¶XQH
9RLU'pFLVLRQVXUO¶H[WHQVLRQGHODMXULGLFWLRQGHOD5pSXEOLTXHGH&URDWLHHQ
0HURFWREUH
9RLU (FRORJLFDO 3URWHFWLRQ =RQH DQG &RQWLQHQWDO 6KHOI RI WKH 5HSXEOLF RI
6ORYHQLD$FW2FWREHU
9RLU/HJJHIHEEUDLRQ,VWLWX]LRQHGL]RQHGLSURWH]LRQHHFRORJLFD
ROWUHLOOLPLWHHVWHUQRGHOPDUHWHUULWRULDOH
3RXUDSSURIRQGLUFHWWHTXHVWLRQYRLU*$QGUHRQH©/HV]RQHVpFRORJLTXHVHQ
GURLW LQWHUQDWLRQDO GH OD PHUª LQ 5&DVDGR 5DLJRQ *&DWDOGLGLU
/¶pYROXWLRQHWO¶pWDWDFWXHOGXGURLWLQWHUQDWLRQDOGHODPHU0pODQJHVGHGURLW GHODPHURIIHUWVj'DQLHO9LJQHV%UX[HOOHVSHWV /DSDUWLFXODULWpGHVPHUVIHUPpHVHWVHPLIHUPpHVHVWDXVVLSULVHHQFRPSWHSDU O¶$FFRUGUHODWLIjODFRQVHUYDWLRQHWjODJHVWLRQGHVVWRFNVFKHYDXFKDQWVHWGHV VWRFNVGHSRLVVRQVJUDQGVPLJUDWHXUVGH9RLUDUWLFOH0HUVIHUPpHVHW VHPLIHUPpHV©/RUVTX¶LOVDSSOLTXHQWOHSUpVHQW$FFRUGGDQVXQHPHUIHUPpH RX VHPLIHUPpH OHV eWDWV WLHQQHQW FRPSWH GHV FDUDFWpULVWLTXHV QDWXUHOOHV GH ODGLWHPHUHWDJLVVHQWGHPDQLqUHFRPSDWLEOHDYHFODSDUWLH,;GHOD&RQYHQWLRQ HWOHVDXWUHVGLVSRVLWLRQVSHUWLQHQWHVGHFHOOHFLª
PHURUGLQDLUHVDXITXHODFRRSpUDWLRQHQWUHOHV eWDWVF{WLHUV
Q¶pWDEOLW SDV XQ UpJLPH MXULGLTXH VSpFLDO 7RXWHIRLV LO IDXW
VRXOLJQHUTXHO¶DUWLFOHGLFWHXQHREOLJDWLRQVXLJHQHULVGH
FRRSpUDWLRQTXLQHFRPSRUWHSDVXQHREOLJDWLRQGHUpVXOWDW,O
H[SULPHSOXW{WXQHREOLJDWLRQGHERQDILGHVXLYDQWODTXHOOHOHV
eWDWVQHGRLYHQWSDVDJLUGHPDQLqUHFRQWUDLUHjODUHFKHUFKH
G¶XQH FRRSpUDWLRQ GDQV OHV GRPDLQHV LQGLTXpVGDQV OD
&18'0F¶HVWjGLUHODJHVWLRQODFRQVHUYDWLRQO¶H[SORUDWLRQ
HW O¶H[SORLWDWLRQ GHV UHVVRXUFHV ELRORJLTXHV GH OD PHU OD
SURWHFWLRQHWSUpVHUYDWLRQGXPLOLHXPDULQODFRRUGLQDWLRQGHV
SROLWLTXHV GH UHFKHUFKH VFLHQWLILTXH O¶LQYLWDWLRQ OH FDV
pFKpDQW G¶DXWUHV eWDWV RX RUJDQLVDWLRQV LQWHUQDWLRQDOHV
FRQFHUQpVjFRRSpUHUDYHFHX[jODPLVHHQ°XYUHGHODJHVWLRQ
GHODPHUIHUPpHRXVHPLIHUPpH
/¶DUWLFOH &18'0 DVVLJQH DXVVL XQ U{OH LPSRUWDQW j OD
FRRSpUDWLRQ LQVWLWXWLRQQDOLVpHDXWUHPHQWGLWj ODFRRSpUDWLRQ
©SDU O¶LQWHUPpGLDLUH G¶XQH RUJDQLVDWLRQ UpJLRQDOH
DSSURSULpHª
3OXV JpQpUDOHPHQW LO IDXW QRWHU TXH O¶pWDEOLVVHPHQW G¶XQH
VWULFWHFRRSpUDWLRQHQWUHeWDWVF{WLHUVG¶XQHPrPHPHUIHUPpH
RXVHPLIHUPpHSRXUUDLWFRQGXLUHjUpJLRQDOLVHUOHVUqJOHVGX
GURLWGHODPHU
9RLU/0$OH[DQGHU5HJLRQDOLVPDQGWKH/DZRIWKH6HD7KH&DVHRI6HPL HQFORVHG6HDVGDQV2FHDQ'HYHORSPHQW ,QWHUQDWLRQDO/DZ-RXUQDOS
VV HW 5HJLRQDO $UUDQJHPHQWV LQ WKH 2FHDQV GDQV $PHULFDQ -RXUQDO RI
,QWHUQDWLRQDO/DZSHWV//XFFKLQL09°OFNHO'URLWGHODPHU W3DULVS$9DOOHJD7KHUHJLRQDODSSURDFKWRWKHRFHDQWKH
/HEXWGHFHWDUWLFOHHVWG¶DQDO\VHUOHVIRUPHVGHFRRSpUDWLRQ
TXLRQWpWpVWUXFWXUpHVGDQVOHVPHUV$GULDWLTXHHW,RQLHQQH
,,,/HVIRUPHVGHFRRSpUDWLRQVHFWRULHOOHV
$/DFRRSpUDWLRQHQPDWLqUHGHSrFKH
$SUqVODGLVVROXWLRQGHO¶H[<RXJRVODYLHGDQVOHGRPDLQHGH
ODJHVWLRQGHODSrFKHOHVUHODWLRQVFRQYHQWLRQQHOOHVHQWUHOHV
eWDWVF{WLHUVHQPHU$GULDWLTXHQHVRQWSDVFODLUHV7URLVeWDWV
,WDOLH&URDWLHHW6ORYpQLHGHYUDLHQWrWUHSDUWHQDLUHVG¶XQH]RQH
GHSrFKHSDUWDJpHHQYXHG¶XQHH[SORLWDWLRQFRQMRLQWHGDQVOH
*ROIH GH 7ULHVWH VXU OD EDVH G¶XQ DFFRUG HQWUH O¶,WDOLH HW OD
56)<GH
jODTXHOOHOD&URDWLHHWOD6ORYpQLHGHYUDLHQW
V¶rWUHVXEVWLWXpHVDSUqVODGLVVROXWLRQGHOD<RXJRVODYLH/¶pWDW
GHO¶DFFRUGDpWpLQFHUWDLQSHQGDQWSOXVLHXUVDQQpHVGqVORUVTXH
OD6ORYpQLHQHO¶DSDVLQFOXVSDUPLOHVWUDLWpVSRXUOHVTXHOVHOOH
V¶HVWGpFODUpHVXFFHVVHXUGHO¶H[<RXJRVODYLHHWOD&URDWLHQ¶D
SDV PDQLIHVWp VD YRORQWp TXDQW DX GHVWLQ GH O¶DFFRUG SRXU
OHTXHOpWDLWSUpYXHSDUDLOOHXUVXQHGXUpHDQQXHOOHWDFLWHPHQW
UHQRXYHODEOH 7RXWHIRLV FHWWH TXHVWLRQ HVW GpSDVVpH DSUqV
O¶DGKpVLRQ GH OD 6ORYpQLH HW GH OD &URDWLH j O¶8(
RFHDQUHJLRQVDQGRFHDQUHJLRQDOLVDWLRQ±DSRVWPRGHUQGLOHPPDGDQV2FHDQ &RDVWDO0DQDJHPHQWSHWV
eFKDQJH GH OHWWUHV HQWUH ,WDOLH HW 56)< UHODWLI j OD FUpDWLRQ G¶XQH ]RQH
UHVSHFWLYHPHQW HQ HW HQ HW O¶DSSOLFDWLRQ GH OD
SROLWLTXHFRPPXQHGHODSrFKHFLDSUqV©3&3ªjFHWWH]RQH
(QOD6ORYpQLHHWOD&URDWLHRQWVLJQpXQ$FFRUGVXUOD
SrFKH GDQV O¶$GULDWLTXH GH O¶(VW TXL SHUPLW DX[ SrFKHXUV
VORYqQHV GH SrFKHU GDQV XQH ]RQH VSpFLILTXH GH OD PHU
WHUULWRULDOHGHOD&URDWLH7RXWHIRLVO¶DFFRUGQ¶DSDVpWpUDWLILp
PDLV LO HVW DSSOLTXp GHSXLV OD GDWH GH OD VLJQDWXUH j WLWUH
SURYLVRLUH
&HW DFFRUG HVW pJDOHPHQW UHPSODFp SDU
O¶DSSOLFDWLRQGHVUqJOHVGHOD3&3HQWUHOHVGHX[eWDWV
/D VHXOH IRUPH GH FRRSpUDWLRQ TXL Q¶HVW SDV HQWLqUHPHQW
DIIHFWpHSDUOD3&3HVWOLpHjODFUpDWLRQGX3URJUDPPH+DXWH
$GULDWLTXH j SDUWLU GH VXU XQH LQLWLDWLYH GHV DXWRULWpV
ORFDOHVGHVWURLV eWDWVULYHUDLQV(Q IDLWOHSURJUDPPHDpWp
FRQYHQXHQWUHOHVUpJLRQVePLOLH5RPDJQH9pQpWLHHW)ULRXO
9pQpWLH-XOLHQQHHQ,WDOLHODUpJLRQGHO¶,VWULHHW3ULPRUVNR
*RUDQVNDHQ&URDWLHHWODPXQLFLSDOLWpG¶,]RODHQ6ORYpQLH,O
D SHUPLV OD FUpDWLRQ G¶XQ PRGqOH GH JRXYHUQDQFH SRXU OH
GpYHORSSHPHQWGXUDEOHGXVHFWHXUGHODSrFKHGXSRLQWGHYXH
pFRQRPLTXHGXWRXULVPHGHVWUDQVSRUWVHWGHO¶HQYLURQQHPHQW
GDQV OH EXW XOWLPH G¶DSSRUWHU GHV DYDQWDJHV GLUHFWV DX[
,O IDXW QRWHU TXH HQ OHV GHX[ SD\V RQW DXVVL VLJQp XQ $FFRUG VXU OD
FLUFXODWLRQHWODFRRSpUDWLRQWUDQVIURQWDOLqUH/¶DFFRUGTXLQ¶HVWSDVHQYLJXHXU GpILQLVVDLWXQH©]RQHWUDQVIURQWDOLqUHªHQWUHODPHUWHUULWRULDOHGHOD6ORYpQLH HWODPHUWHUULWRULDOHGHOD&URDWLHROHVSpFKHXUVGHVGHX[SD\VDXUDLHQWHXXQ GURLWGHSqFKH 9RLU5HF*)&0RQDPXOWLDQQXDOPDQDJHPHQWSODQIRUILVKHULHV RQVPDOOSHODJLFVWRFNVLQWKH*)&0*6$1RUWKHUQ$GULDWLF6HDDQGRQ
FRQVRPPDWHXUV j WUDYHUV OD TXDOLILFDWLRQ HW OD VpFXULWp
DOLPHQWDLUHGHVSURGXLWVGHODSrFKH
$X SODQ LQWHUQDWLRQDO OD FRRSpUDWLRQ GDQV OH GRPDLQH GH OD
JHVWLRQGHODSrFKHHVWDVVXUpHjO¶LQWpULHXUGHVRUJDQLVDWLRQV
UpJLRQDOHV FRPSpWHQWHV SRXU OD PHU $GULDWLTXH HW OD PHU
,RQLHQQHF¶HVWjGLUHOD&RPPLVVLRQJpQpUDOHGHVSrFKHVSRXU
OD 0pGLWHUUDQpH FLDSUqV ©*)&0ª HQ DQJODLV HW OD
&RPPLVVLRQ,QWHUQDWLRQDOHSRXUOD&RQVHUYDWLRQGHV7KRQLGpV
GHO¶$WODQWLTXHFLDSUqV©,&&$7ªHQDQJODLV
7RXV OHV eWDWV ULYHUDLQV GHV GHX[ PHUV j O¶H[FHSWLRQ GH OD
%RVQLH+HU]pJRYLQHDLQVLTXHO¶8(OH-DSRQOD%XOJDULHOD
5RXPDQLH HW OD 6HUELH VRQW PHPEUHV GH OD *)&0 /D
&RPPLVVLRQDpODERUpXQSURJUDPPHGHJHVWLRQGHO¶HIIRUWGH
SrFKHFRQFHUQDQWQRWDPPHQWOHVSrFKHULHVGHSHWLWVSpODJLTXHV
GDQV O¶$GULDWLTXH QRUG *6$ HW O¶$GULDWLTXH
VXG*6$
'H SOXV XQH UpVROXWLRQ SRXU O¶pWDEOLVVHPHQW
G¶XQH©=RQHUpJOHPHQWpHGHSrFKHªGDQVOD]RQHGHODIRVVH
GH3RPR-DEXNDDpWpDGRSWpHSDUOD
H6HVVLRQGHOD*)&0
OHRFWREUHDSUqVSOXVLHXUVDQQpHVGHQpJRFLDWLRQ
WUDQVLWLRQDOFRQVHUYDWLRQPHDVXUHVIRUILVKHULHVRQVPDOOSHODJLFVWRFNVLQ*6$ 6RXWKHUQ$GULDWLF6HD &I)LQDO5HSRUW)RUW\ILUVWVHVVLRQRIWKH*HQHUDO)LVKHULHV&RPPLVVLRQIRU
WKH 0HGLWHUUDQHDQ *)&0 %XGYD 0RQWHQHJUR ± 2FWREHU
$SSHQGL[ 5HFRPPHQGDWLRQ *)&0 RQ WKH HVWDEOLVKPHQW RI D ILVKHULHVUHVWULFWHGDUHDLQWKH-DEXND3RPR3LWLQWKH$GULDWLF6HD
/D,&&$7HVWUHVSRQVDEOHGHODFRQVHUYDWLRQGHVWKRQLGpVHW
GHVHVSqFHVDSSDUHQWpHVGDQV O¶RFpDQ $WODQWLTXHHWVHV PHUV
DGMDFHQWHV\FRPSULVOD0pGLWHUUDQpH7RXWHIRLVELHQTXHOD
&RPPLVVLRQVRLWDXVVLFRPSpWHQWHSRXUOHVPHUV$GULDWLTXHHW
,RQLHQQH LO IDXW VRXOLJQHU TX¶j OD &RPPLVVLRQ VRQW SDUWLHV
O¶8(
HW O¶$OEDQLH PDLV SDV OH 0RQWpQpJUR HW OD %RVQLH
+HU]pJRYLQH/¶DFWLYLWpGHOD&RPPLVVLRQVHGpURXOHDXWRXUOD
PLVH HQ SODFH GH OD
&RQYHQWLRQ LQWHUQDWLRQDOH SRXU OD
FRQVHUYDWLRQGHV7KRQLGpVGHO¶$WODQWLTXHGHHWDYHFFHWWH
ILQDOLWp OD &RPPLVVLRQ D LQFOXV OD PHU $GULDWLTXH GDQV OH
SURJUDPPHGHUpWDEOLVVHPHQWGHDQVSRXUOHWKRQURXJHGDQV
O¶$WODQWLTXHHWOD0pGLWHUUDQpHFRPPHQFpHQHWMXVTX¶HQ
%/D FRRSpUDWLRQ HQ PDWLqUH GH SURWHFWLRQ HW
SUpVHUYDWLRQGXPLOLHXPDULQ
,OIDXWVRXOLJQHUTXHO¶H[LVWHQFHGHGLIIpUHQGVFRQFHUQDQWOHV
GpOLPLWDWLRQV PDULWLPHV HQWUH eWDWV GH OD F{WH RULHQWDOH GH
O¶$GULDWLTXH D HX FRPPH UpVXOWDW OH GpYHORSSHPHQW G¶XQH
FRRSpUDWLRQELODWpUDOHTXLHQJDJHO¶,WDOLHVHXOHG¶XQHSDUWHW
/¶8( HVW PHPEUH GH OD &RQYHQWLRQ HW GH OD &RPPLVVLRQ HQ UDLVRQ GH VD
FRPSpWHQFHH[FOXVLYHHQPDWLqUHGHFRQVHUYDWLRQGHVUHVVRXUFHVELRORJLTXHVGH ODPHUGDQVOHFDGUHGHOD3&33DUFRQVpTXHQWOD&RQYHQWLRQHWOHVUpVROXWLRQV GHOD&RPPLVVLRQVRQWREOLJDWRLUHVSRXUVHVeWDWVPHPEUHV
$XSURJUDPPHSDUWLFLSHQWOHV3DUWLHVFRQWUDFWDQWHVHWOHV3DUWLHV(QWLWpVRX
(QWLWpV GH SrFKH QRQFRQWUDFWDQWHV FRRSpUDQW DYHF OD &RPPLVVLRQ GRQW OHV QDYLUHV SrFKHQW DFWLYHPHQW GX WKRQ URXJH GDQV O¶$WODQWLTXHHVW HW HQ 0pGLWHUUDQpH YRLU OD 5HFRPPDQGDWLRQ GH O¶,&&$7 YLVDQW j O¶pWDEOLVVHPHQW
FKDFXQGHVDXWUHVeWDWVULYHUDLQVGHO¶$GULDWLTXHG¶DXWUHSDUW
'DQV OH GRPDLQH GH OD SURWHFWLRQ GX PLOLHX PDULQ OHV eWDWV
F{WLHUVRQWDLQVLFUppXQV\VWqPHMXULGLTXHFRPSOH[HPDLVTXL
V¶DYqUHIUDJPHQWpHWLQFRPSOHW
'HX[ DFFRUGV IRQGDPHQWDX[ H[LVWHQW O¶$FFRUG LWDOR
\RXJRVODYH VXU OD FRRSpUDWLRQ SRXU OD SURWHFWLRQ FRQWUH OD
SROOXWLRQGHVHDX[GHOD0HU$GULDWLTXHHWOHV]RQHVF{WLqUHV
GHGRQWOD6ORYpQLHOD&URDWLHHWOH0RQWpQpJUR
VRQW
eWDWV VXFFHVVHXUV HW TXL D FRQGXLW j OD FUpDWLRQ G¶XQH
&RPPLVVLRQPL[WH,WDOLH6ORYpQLH&URDWLH0RQWpQpJURHW
O¶$FFRUGHQWUHO¶,WDOLHHWOD*UqFHSRXUODSURWHFWLRQGXPLOLHX
PDULQGHOD0HU,RQLHQQHHWGHVHV]RQHVF{WLqUHVGHTXL
DDXVVLFRQGXLWjODFUpDWLRQG¶XQH&RPPLVVLRQPL[WH
(QO¶,WDOLHHWOD6ORYpQLHRQWVLJQpXQ0pPRUDQGXPGH
FRRSpUDWLRQSRXUODFUpDWLRQG¶XQ3{OHGHGpYHORSSHPHQWGX
1RUG $GULDWLTXH TXL GHYUDLW FRQGXLUH j GHV IRUPHV GH
FRRUGLQDWLRQHWGHJHVWLRQFRPPXQHGHVUHVVRXUFHVGHODUpJLRQ
HWGHSURWHFWLRQGHO¶HQYLURQQHPHQWGDQVODSHUVSHFWLYHG¶XQ
SDUWHQDULDW GDQV OH 1RUG GH O¶$GULDWLTXH FRQIRUPH j OD
G¶XQ SURJUDPPH SOXULDQQXHO GH UpWDEOLVVHPHQW SRXU OH WKRQ URXJH GH O¶$WODQWLTXH (VW HW GH OD 0pGLWHUUDQpH >5HF @ HW 5HFRPPDQGDWLRQ GH O¶,&&$7SRXUDPHQGHUOD5HFRPPDQGDWLRQGHO¶,&&$7YLVDQWjO¶pWDEOLVVHPHQW G¶XQSURJUDPPHSOXULDQQXHOGHUpWDEOLVVHPHQWSRXUOHWKRQURXJHO¶$WODQWLTXH (VWHWGHOD0pGLWHUUDQpH>5HF@
9RLU OH 0pPRUDQGXP VXU OD VXFFHVVLRQ GDQV OHV WUDLWpV ELODWpUDX[ FRQFOXV
OpJLVODWLRQ VXU OD SURWHFWLRQ GH O¶HQYLURQQHPHQW HW DX[ EHVW
SUDFWLFHVGHO¶8(
8QHSURWHFWLRQLQGLUHFWHGXPLOLHXPDULQHVWDXVVLRIIHUWHSDU
ODVLJQDWXUHSDUOHVeWDWVF{WLHUVGHVGHX[PHUV
GHV3URWRFROHV
ELODWpUDX[G¶HQWHQWHSRXUODFUpDWLRQGHV\VWqPHVFRPPXQVGX
WUDILFPDULWLPH976
GHV\VWqPHVFRPPXQVGHVpSDUDWLRQGX
WUDILF
HWGHV\VWqPHVGHGpFODUDWLRQREOLJDWRLUHGHVQDYLUHV
'DQV OH GRPDLQH GH OD SURWHFWLRQ GX PLOLHX PDULQ LO IDXW
FRQVWDWHUTXHOHVWUDLWpVPXOWLODWpUDX[RIIUHQWGLYHUVHVVROXWLRQV
GHFRRSpUDWLRQDX[eWDWVF{WLHUVGHODPHU$GULDWLTXHHWGHOD
PHU,RQLHQQHTXLQHVRQWSDVSOHLQHPHQWH[SORLWpHV
,OIDXWQRWHUTXHGDQVO¶$GULDWLTXHQRUGODFRRSpUDWLRQELODWpUDOHVHPEODLWrWUH FRQoXHFRPPHWUDQVLWRLUHHQHIIHWHQO¶,WDOLHOD&URDWLHHWOD6ORYpQLH DYDLHQW DXVVL VLJQp GHX[ DFFRUGV UHODWLIV j OD FUpDWLRQ G¶XQ V\VWqPH GH GpFODUDWLRQREOLJDWRLUHGHVQDYLUHVGDQVOD0HU$GULDWLTXHHWjODFUpDWLRQG¶XQ V\VWqPHFRPPXQGHVpSDUDWLRQGXWUDILFGDQVOD0HU$GULDWLTXH7RXWHIRLVOH GLIIpUHQG HQWUH &URDWLH HW 6ORYpQLH GDQV OH *ROIH GH 3LUDQ D LQWHUURPSX OH SURFHVVXVGHUDWLILFDWLRQGHFHVDFFRUGV 3URWRFROHG¶HQWHQWHHQWUHO¶,WDOLHHWOD6ORYpQLHSRXUODFUpDWLRQG¶XQV\VWqPH FRPPXQ976GDQVOD0HU$GULDWLTXHGH3URWRFROHG¶HQWHQWHHQWUHO¶,WDOLH HWOD&URDWLHSRXUODFUpDWLRQG¶XQV\VWqPHFRPPXQ976GDQVOD0HU$GULDWLTXH GH3URWRFROHG¶HQWHQWHO¶,WDOLHHWO¶$OEDQLHSRXUODFUpDWLRQG¶XQV\VWqPH FRPPXQ976GDQVOD0HU$GULDWLTXHGH3URWRFROHG¶HQWHQWHHQWUHO¶,WDOLH HWOD*UqFHSRXUODFUpDWLRQG¶XQV\VWqPHFRPPXQ976GDQVOD0HU,RQLHQQHGH 3URWRFROHG¶HQWHQWHHQWUHO¶,WDOLHHWOD5)<0RQWpQpJUReWDWVXFFHVVHXU SRXUODFUpDWLRQG¶XQV\VWqPHFRPPXQ976GDQVOD0HU$GULDWLTXHGH 3URWRFROHG¶HQWHQWHHQWUHO¶,WDOLHHWOD&URDWLHSRXUODFUpDWLRQG¶XQV\VWqPHFRPPXQ GH VpSDUDWLRQ GX WUDILF GDQV OHV SDUWLHV 1RUG HW &HQWUDOH GH OD 0HU $GULDWLTXH GH 3URWRFROH G¶HQWHQWH O¶,WDOLH HW O¶$OEDQLHSRXU OD FUpDWLRQ
/HFDGUHMXULGLTXHGHUpIpUHQFHHVWVDQVGRXWHOD&RQYHQWLRQGH
%DUFHORQHVXUODSURWHFWLRQGXPLOLHXPDULQHWGXOLWWRUDOGHOD
0pGLWHUUDQpHGHDPHQGpHHQ
/¶DUWLFOHSDU
GHOD&RQYHQWLRQDXWRULVH OHV eWDWVFRQWUDFWDQWVjVLJQHUGHV
DFFRUGVVRXVUpJLRQDX[©SRXUODSURPRWLRQGXGpYHORSSHPHQW
GXUDEOHODSURWHFWLRQGHO¶HQYLURQQHPHQWODFRQVHUYDWLRQHWOD
VDXYHJDUGHGHVUHVVRXUFHVQDWXUHOOHVªVRXVUpVHUYHTXHGHWHOV
DFFRUGV VRLHQW FRPSDWLEOHV DYHF OD &RQYHQWLRQ HW VHV
3URWRFROHVHWFRQIRUPHVDXGURLWLQWHUQDWLRQDO
$X VHLQ GX V\VWqPH GH OD &RQYHQWLRQ GH %DUFHORQH GHX[
LQVWUXPHQWV MXULGLTXHV TXL SRXUUDLHQW rWUH XWLOLVpV VRQW OH
3URWRFROH UHODWLI DX[ DLUHV VSpFLDOHPHQW SURWpJpHV HW j OD
GLYHUVLWpELRORJLTXHHQ0pGLWHUUDQpHGH
HW
OH3URWRFROH
G¶XQV\VWqPH FRPPXQGHURXWHV HWXQDSHUoXGHVpSDUDWLRQ GXWUDILFGDQV OD SDUWLHVXGO¶$GULDWLTXHGH$FFRUGHQWUHO¶,WDOLHHWOD5)<0RQWpQpJUR eWDWVXFFHVVHXUVXUODPLVHHQSODFHG¶XQV\VWqPHFRPPXQGHURXWHVHWXQSODQ GHVpSDUDWLRQGXWUDILFGDQVO¶$GULDWLTXHGH
3URWRFROH G¶HQWHQWH O¶,WDOLH HW O¶$OEDQLH VXU XQ V\VWqPH GH GpFODUDWLRQ
REOLJDWRLUH GHV QDYLUHV GDQV OD 0HU $GULDWLTXH 7UDILF DGULDWLTXH GH 3URWRFROHG¶HQWHQWHHQWUH,WDOLHHWOD5)<0RQWpQpJUReWDWVXFFHVVHXUVXUXQ V\VWqPHGHGpFODUDWLRQREOLJDWRLUHGHVQDYLUHVGDQVOD0HU$GULDWLTXH7UDILF DGULDWLTXHGpFHPEUH
/D&RQYHQWLRQHWVHV3URWRFROHVFLWpVGDQVOHWH[WHRQWpWpUDWLILpVSDUWRXVOHV
eWDWVF{WLHUVGHODPHU$GULDWLTXHHWGHODPHU,RQLHQQHHWSDUO¶8(
/H EXW GX 3URWRFROH HVW OD FUpDWLRQ G¶©$LUHV VSpFLDOHPHQW SURWpJpHV
G¶LPSRUWDQFH PpGLWHUUDQpHQQHª$63,0 /HV FULWqUHV XWLOLVpV SRXU pYDOXHU O¶LQWpUrWPpGLWHUUDQpHQG¶XQHDLUH$QQH[H,6HFWLRQ&VRQWDO¶XQLFLWpO¶DLUH UHQIHUPH GHV pFRV\VWqPHV UDUHV RX XQLTXHV RX GHV HVSqFHV UDUHV RX HQGpPLTXHV EOD UHSUpVHQWDWLYLWp QDWXUHOOH O¶DLUH UHQIHUPH GHV SURFHVVXV pFRORJLTXHV RX GHV W\SHV GH FRPPXQDXWp RX G¶KDELWDW RX G¶DXWUHV FDUDFWpULVWLTXHV QDWXUHOOHV SDUWLFXOLqUHPHQW UHSUpVHQWDWLIV /D UHSUpVHQWDWLYLWp
UHODWLI j OD JHVWLRQ LQWpJUpH GHV ]RQHV F{WLqUHV GH OD
0pGLWHUUDQpH GH
/¶LQWpUrW GH FHV GHX[ LQVWUXPHQWV
UpVLGHGDQVOHVGLVSRVLWLRQVGHQRQSUpMXGLFHTXLVRQWSUpYXHV
SRXU IDYRULVHU O¶pWDEOLVVHPHQW GH IRUPHV GH FRRSpUDWLRQ HW
GpSDVVHUOHVGLIILFXOWpVOLpHVDXIDLWTX¶XQDFFRUGHQWUHOHVeWDWV
HVW VRXYHQW EORTXp SDU OHV GLIIpUHQGV VXU OHV GpOLPLWDWLRQV
PDULWLPHV/¶LGpHVRXVMDFHQWHDXPpFDQLVPHMXULGLTXHFRQoX
HVW VLPSOH G¶XQ F{Wp O¶pWDEOLVVHPHQW G¶XQH FRRSpUDWLRQ
LQWHUJRXYHUQHPHQWDOH GDQV OH GRPDLQH GH O¶HQYLURQQHPHQW
PDULQQHGRLWSDVSUpMXJHUWRXWHVOHVDXWUHVTXHVWLRQVGHQDWXUH
HVWOHGHJUpVXLYDQWOHTXHOXQHDLUHUHSUpVHQWHXQW\SHG¶KDELWDWXQSURFHVVXV pFRORJLTXH XQH FRPPXQDXWp ELRORJLTXH XQ DVSHFW SK\VLRJUDSKLTXH RX XQH DXWUH FDUDFWpULVWLTXH QDWXUHOOH FOD GLYHUVLWp O¶DLUH D XQH JUDQGH GLYHUVLWp G¶HVSqFHV GH FRPPXQDXWpV G¶KDELWDWV RX G¶pFRV\VWqPHV GOH FDUDFWqUH QDWXUHOO¶DLUHFRQVHUYHGDQVXQHWUqVJUDQGHPHVXUHVRQFDUDFWqUHQDWXUHOJUkFH j O¶DEVHQFH RX DX GHJUp OLPLWp GH GpJUDGDWLRQV HW GH SHUWXUEDWLRQV UpVXOWDQW G¶DFWLYLWpVKXPDLQHVHODSUpVHQFHG¶KDELWDWVG¶XQHLPSRUWDQFHFUXFLDOHSRXU OHV HVSqFHV HQ GDQJHU PHQDFpHV RX HQGpPLTXHV HW IOD UHSUpVHQWDWLYLWp FXOWXUHOOH,OIDXWUDSSHOHUTXHOHVFULWqUHVLQGLTXpVGDQVO¶$QQH[H,DX3URWRFROH FRUUHVSRQGHQW DX[ FULWqUHV VFLHQWLILTXHV GHV ©$LUHV PDULQHV G¶LPSRUWDQFH pFRORJLTXH RX ELRORJLTXHª DGRSWpV HQ SDU OD QHXYLqPH 5pXQLRQ GH OD &RQIpUHQFHGHV3DUWLHVjOD&RQYHQWLRQVXUODGLYHUVLWpELRORJLTXH
/¶DUWLFOH OHW I GX 3URWRFROH GpILQLW OD©*HVWLRQ LQWpJUpH GHV ]RQHV
F{WLqUHVªFRPPH©XQSURFHVVXVG\QDPLTXHGHJHVWLRQHWG¶XWLOLVDWLRQGXUDEOHV GHV ]RQHV F{WLqUHV SUHQDQW HQ FRPSWH VLPXOWDQpPHQW OD IUDJLOLWp GHV pFRV\VWqPHVHWGHVSD\VDJHVF{WLHUVODGLYHUVLWpGHVDFWLYLWpVHWGHVXVDJHVOHXUV LQWHUDFWLRQVODYRFDWLRQPDULWLPHGHFHUWDLQVG¶HQWUHHX[DLQVLTXHOHXUVLPSDFWV jODIRLVVXUODSDUWLHPDULQHHWODSDUWLHWHUUHVWUHª'DQVOHFDGUHGX3URWRFROH OHV 3DUWLHV V¶HQJDJHQW GLUHFWHPHQW RX DYHF O¶DLGH GH O¶2UJDQLVDWLRQ RX GHV RUJDQLVDWLRQV LQWHUQDWLRQDOHV FRPSpWHQWHV j FRRSpUHU j OD IRUPDWLRQ GX SHUVRQQHOVFLHQWLILTXHWHFKQLTXHHWDGPLQLVWUDWLIGDQVOHGRPDLQHGHODJHVWLRQ LQWpJUpH GHV ]RQHV F{WLqUHV DUWLFOH SDU j SURPRXYRLU OD UHFKHUFKH VFLHQWLILTXHHWWHFKQLTXHVXUODJHVWLRQLQWpJUpHGHV]RQHVF{WLqUHVDUWLFOH
SROLWLTXHRXMXULGLTXHPDLVG¶XQDXWUHF{WpO¶H[LVWHQFHPrPH
GHFHVTXHVWLRQVDX[TXHOOHVGHVVROXWLRQVQHVHURQWVDQVGRXWH
SDVDSSRUWpHVjFRXUWWHUPHQHGRLWSDVHPSrFKHURXUHSRXVVHU
O¶DGRSWLRQ GH PHVXUHV QpFHVVDLUHV SRXU OD SURWHFWLRQ GH
O¶HQYLURQQHPHQWPDULQHQ0pGLWHUUDQpH
'HX[DXWUHVFRQYHQWLRQVRQWOHXUSURSUHFKDPSG¶DSSOLFDWLRQ
TXL DIIHFWH OD PHU $GULDWLTXH HW OD PHU ,RQLHQQHHW TXL
SURSRVHQWO¶pWDEOLVVHPHQWGH]RQHVSURWpJpHV
DOD&RQYHQWLRQVXUODFRQVHUYDWLRQGHVHVSqFHVPLJUDWULFHV
DSSDUWHQDQW j OD IDXQH VDXYDJH GH
TXL LPSRVH DX[
SDUjFRRSpUHUSRXUIRXUQLUDX[3DUWLHVTXLOD GHPDQGHQWXQHDVVLVWDQFH VFLHQWLILTXHHWWHFKQLTXHDUWLFOHjFRRSpUHUSRXUpFKDQJHUGHVLQIRUPDWLRQV VXUO¶XWLOLVDWLRQGHVPHLOOHXUHVSUDWLTXHVHQYLURQQHPHQWDOHVDUWLFOHjWLWUH ELODWpUDORXPXOWLODWpUDOGHFRRUGRQQHUV¶LO\DOLHXOHXUVVWUDWpJLHVSODQVHW SURJUDPPHV F{WLHUV QDWLRQDX[ FRQFHUQDQW OHV ]RQHV F{WLqUHV IURQWDOLqUHV DUWLFOH
9RLU O¶DUWLFOH GX 3URWRFROH UHODWLI DX[DLUHV VSpFLDOHPHQW SURWpJpHV HW j OD
GLYHUVLWp ELRORJLTXH HQ 0pGLWHUUDQpH © $XFXQH GLVSRVLWLRQ GX SUpVHQW SURWRFROHQLDXFXQDFWHDGRSWpVXUODEDVHGXSUpVHQWSURWRFROHQHSHXWSRUWHU DWWHLQWHDX[GURLWVUHYHQGLFDWLRQVRXSRVLWLRQVMXULGLTXHVDFWXHOOHVRXIXWXUHVGH WRXWeWDWWRXFKDQW OHGURLW GHOD PHUHQSDUWLFXOLHUODQDWXUHHWO¶pWHQGXH GHV ]RQHVPDULQHVODGpOLPLWDWLRQGHFHV]RQHVHQWUHeWDWVDGMDFHQWVRXTXLVHIRQW IDFHODOLEHUWpGHQDYLJDWLRQHQKDXWHPHUOHGURLWHWOHVPRGDOLWpVGHSDVVDJH SDU OHV GpWURLWV VHUYDQW j OD QDYLJDWLRQ LQWHUQDWLRQDOH HW OH GURLW GH SDVVDJH LQRIIHQVLIGDQVODPHUWHUULWRULDOHDLQVLTXHODQDWXUHHWO¶pWHQGXHGHODMXULGLFWLRQ GHO¶eWDWF{WLHUGH O¶eWDWGXSDYLOORQHW GHO¶eWDWGXSRUW$XFXQDFWH RX DFWLYLWp LQWHUYHQDQW VXU OD EDVH GX SUpVHQW SURWRFROH QH FRQVWLWXHUD XQH EDVH SHUPHWWDQW GH IDLUH YDORLU GH VRXWHQLU RX GH FRQWHVWHU XQH UHYHQGLFDWLRQ GH VRXYHUDLQHWp RX GH MXULGLFWLRQ QDWLRQDOHVª 9RLU DXVVL OHV UqJOHV VLPLODLUHV FRQWHQXHVGDQVO¶DUWLFOHSDUDJUDSKHVHWGX3URWRFROHUHODWLIjODJHVWLRQ
LQWpJUpHGHV]RQHVF{WLqUHVGHOD0pGLWHUUDQpH
7RXVOHVeWDWVF{WLHUVGHODPHU$GULDWLTXHHWGHODPHU,RQLHQQHjO¶H[FHSWLRQ
3DUWLHV FRQWUDFWDQWHV GH SUHQGUH GHV PHVXUHV SRXU SURWpJHU
JpUHU HW FRQVHUYHU OHV KDELWDWV GH OD IDXQH VDXYDJH j WUDYHUV
O¶pODERUDWLRQG¶DFFRUGVVSpFLDOLVpVSDUPLOHVeWDWVFRQFHUQpVHQ
YHUWXGHVTXHOOHVLOVDFFHSWHQWGHVSODQVGHJHVWLRQFRPPXQH
SRXU OD SURWHFWLRQ GH O¶HVSqFH PLJUDWULFH LGHQWLILpH
&HV
DFFRUGVVHFRPELQHQWOHSOXVVRXYHQWDYHFOHVSODQVGHJHVWLRQ
G¶XQ KDELWDW PDLV VDQV SDUYHQLU j XQH ©SURWHFWLRQ
JpRJUDSKLTXH IRUPHOOHª WRXWHIRLV OD &RQYHQWLRQ SHXW rWUH
FRQVLGpUpHFRPPHODYRLHTXLPqQHjO¶pWDEOLVVHPHQWGH]RQHV
SURWpJpHV
EO¶$FFRUGVXUOD&RQVHUYDWLRQGHV&pWDFpVGHOD0HU1RLUH
GH OD 0pGLWHUUDQpH HW OD]RQH DWODQWLTXH DGMDFHQWH
GDQV OH
FDGUH GXTXHO LO IDXW VLJQDOHU O¶LQYLWDWLRQ GH OD 5pXQLRQ GHV
3DUWLHVjO¶$FFRUGHQDX[eWDWVLQWpUHVVpVjFRRSpUHUj
ODFUpDWLRQGHQRXYHOOHVDLUHVPDULQHVSURWpJpHVSRXUUpSRQGUH
$UWLFOH,9(VSqFHV PLJUDWULFHV GHYDQW IDLUH O¶REMHW G¶DFFRUGV $QQH[H,,
©/¶$QQH[H,,pQXPqUHGHVHVSqFHVPLJUDWULFHVGRQWO¶pWDWGHFRQVHUYDWLRQHVW GpIDYRUDEOHHWTXLQpFHVVLWHQWODFRQFOXVLRQG¶DFFRUGVLQWHUQDWLRQDX[SRXUOHXU FRQVHUYDWLRQ HW OHXU JHVWLRQ DLQVL TXH FHOOHV GRQW O¶pWDW GH FRQVHUYDWLRQ EpQpILFLHUDLW G¶XQH PDQLqUH VLJQLILFDWLYH GH OD FRRSpUDWLRQ LQWHUQDWLRQDOH TXL UpVXOWHUDLWG¶XQDFFRUGLQWHUQDWLRQDO/RUVTXHOHVFLUFRQVWDQFHVOHMXVWLILHQW XQHHVSqFHPLJUDWULFHSHXWILJXUHUjODIRLVjO¶$QQH[H,HWjO¶$QQH[H,,/HV 3DUWLHVTXLVRQWGHVeWDWVGHO¶DLUHGHUpSDUWLWLRQGHVHVSqFHVPLJUDWULFHVILJXUDQW j O¶$QQH[H,, V¶HIIRUFHQW GH FRQFOXUH GHV DFFRUGV ORUVTXH FHX[FL VRQW VXVFHSWLEOHV GH EpQpILFLHU j FHV HVSqFHV HOOHV GHYUDLHQW GRQQHU SULRULWp DX[ HVSqFHVGRQWO¶pWDWGHFRQVHUYDWLRQHVWGpIDYRUDEOH/HV3DUWLHVVRQWLQYLWpHV j SUHQGUH GHV PHVXUHV HQ YXH GH FRQFOXUH GHV DFFRUGV SRUWDQW VXU WRXWH SRSXODWLRQRXWRXWHSDUWLHVpSDUpHJpRJUDSKLTXHPHQWGHODSRSXODWLRQGHWRXWH HVSqFHRXGHWRXWWD[RQLQIpULHXUG¶DQLPDX[VDXYDJHVGRQWXQHIUDFWLRQIUDQFKLW SpULRGLTXHPHQWXQHRXSOXVLHXUVGHVOLPLWHVGHMXULGLFWLRQQDWLRQDOH8QH
DX[ PHQDFHV VXU OHV FpWDFpV
'DQV OD OLVWH GHV VLWHV
UHFRPPDQGpVLO\DGHX[DLUHVG¶LPSRUWDQFHVSpFLDOHSRXUOH
GDXSKLQFRPPXQHWDXWUHVFpWDFpVGDQVO¶HVWGHODPHU,RQLHQQH
HW OH *ROIH GH &RULQWKH *UqFH HW XQH DLUH G¶LPSRUWDQFH
SDUWLFXOLqUHSRXUOHJUDQGGDXSKLQODUpVHUYHPDULQHVSpFLDOH
GH&UHV/RãLQM&URDWLH
(QILQGDQVOHFDGUHGHO¶2UJDQLVDWLRQPDULWLPHLQWHUQDWLRQDOH
FLDSUqV©20,ªOHVeWDWVDGULDWLTXHVHWLRQLHQVSRXUUDLHQW
FRRSpUHU SRXU O¶pWDEOLVVHPHQW G¶DLUHV PDULQHV SURWpJpHV HQ
DSSOLFDWLRQGHVUqJOHVGHFHUWDLQHVFRQYHQWLRQVOD&RQYHQWLRQ
0$532/ SRXU OD SUpYHQWLRQ GH OD SROOXWLRQ SDU OHV
QDYLUHVGH DPHQGpH HQ0$532/
HW OD
&RQYHQWLRQ LQWHUQDWLRQDOH SRXU OH FRQWU{OH HW OD JHVWLRQ GHV
HDX[GHEDOODVWHWGHVVpGLPHQWVGH
'DQVOHPrPHFDGUH
GH O¶20, OHV eWDWV LQWpUHVVpV SRXUUDLHQW DXVVL GHPDQGHU
FRSLH GH FKDTXH DFFRUG FRQFOX FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX SUpVHQW $UWLFOHVHUDWUDQVPLVHDX6HFUpWDULDWª 7RXVOHVeWDWVF{WLHUVGHODPHU$GULDWLTXHHWGHODPHU,RQLHQQHjO¶H[FHSWLRQ GHOD%RVQLH+HU]pJRYLQHHWO¶8(VRQWSDUWLHVFRQWUDFWDQWHVjOD&RQYHQWLRQ 9RLU5pVROXWLRQ0DULQH3URWHFWHG$UHDVIRU&HWDFHDQV$&&2%$06 0235HV ,OIDXWVRXOLJQHUTXHOHIRUPDWSRXUODSURSRVLWLRQG¶DLUHVSURWpJpHVSRXUOHV FpWDFpVHVWLQVSLUpGXIRUPDWH[LVWDQWUHODWLIDX[$LUHVVSpFLDOHPHQWSURWpJpHV G¶LPSRUWDQFHPpGLWHUUDQpHQQH$63,0GHOD&RQYHQWLRQGH%DUFHORQH
/D0HU0pGLWHUUDQpHDpWp TXDOLILpHGDQV OHFRQWH[WH GH OD&RQYHQWLRQGH
©]RQHVSpFLDOHªSRXUOHVK\GURFDUEXUHVGHSXLVHWSRXUOHVRUGXUHVGHSXLV YRLU0$532/$QQH[HV,K\GURFDUEXUHVHW9RUGXUHV
&HWWHFRQYHQWLRQDSRXUREMHFWLIG¶pYLWHUOHWUDQVSRUWG¶RUJDQLVPHVRXG¶DJHQWV
SDWKRJqQHVG¶XQ pFRV\VWqPH PDULQYHUVXQDXWUHHWOHUHFRXUVjGHVSURGXLWV FKLPLTXHV/DFRQYHQWLRQSUpYRLWODSRVVLELOLWpG¶DGRSWHUGHVPHVXUHVVSpFLDOHV
O¶LQVWLWXWLRQGH©]RQHVPDULWLPHVSDUWLFXOLqUHPHQWVHQVLEOHVª
SRXU rWUH DXWRULVpV j DGRSWHU GHV PHVXUHV VSpFLILTXHV SRXU
FRQWU{OHU OHV DFWLYLWpV PDULWLPHV GDQV OD ]RQH FRPPH OHV
PHVXUHVG¶RUJDQLVDWLRQGXWUDILFO¶DSSOLFDWLRQVWULFWHGHVUqJOHV
0$532/VXUOHUHMHWHWO¶pTXLSHPHQWGHVQDYLUHVSDUH[HPSOH
OHV SpWUROLHUV HW O¶LQVWDOODWLRQ GH 6HUYLFHV GH WUDILF
PDULWLPH670
¬ OD OXPLqUH GH FHWWH DQDO\VH RQ SHXW GLUH TXH ELHQ TXH OH
PLOLHXPDULQHWOHV]RQHVF{WLqUHVDGMDFHQWHVHWOHXUVUHVVRXUFHV
QDWXUHOOHV IRUPHQW XQ WRXW HW FRQVWLWXHQW XQ FDSLWDO TXL SHXW
RIIULUGHVSRVVLELOLWpVGHGpYHORSSHPHQWGXUDEOHVXUOHVF{WHV
GHO¶$GULDWLTXHHWGHODPHU,RQLHQQHOHVeWDWVF{WLHUVQ¶RQWSDV
HQFRUHPLVHQSODFHXQHFRRSpUDWLRQVWUXFWXUpH$XFRQWUDLUH
LOIDXWQRWHUGHODSDUWGHVeWDWVO¶DSSUREDWLRQHWODUpDOLVDWLRQ
GHSROLWLTXHVQDWLRQDOHVWUqVIUDJPHQWpHVHQUDLVRQG¶XQQLYHDX
LQpJDO G¶H[SpULHQFH GH FDSDFLWpV WHFKQLTXHV GH UHVVRXUFHV
ILQDQFLqUHVHWGHVDYRLUIDLUHGHVWLQpHVjODSURWHFWLRQGXPLOLHX
PDULQ
GDQV GHV]RQHVSDUWLFXOLqUHPHQWFRQFHUQpHVYRLU$QQH[HVXUOH ©5qJOHPHQW SRXUOHFRQWU{OHHWODJHVWLRQGHVHDX[GHEDOODVWHWGHVVpGLPHQWVª6HFWLRQ&,9/HVQRXYHDX[GpILVGHODFRRSpUDWLRQ
$/¶H[SORLWDWLRQGHVUHVVRXUFHVSDUWDJpHVGHSpWUROHHW
JD]
8QGHVSUREOqPHVOHVSOXVUpFHQWVTXHOHVeWDWVULYHUDLQVVRQW
DSSHOpVjWUDLWHUGDQVOHFDGUHGHODFRRSpUDWLRQHQ$GULDWLTXH
HVWOLpjO¶DFWLYLWpG¶H[SORUDWLRQHWG¶H[SORLWDWLRQGHVUHVVRXUFHV
SpWUROLqUHVHWJD]LqUHV,O\DGHX[UDLVRQVSULQFLSDOHVTXLIRQW
GHFHVXMHWODVRXUFHG¶XQHFRQIURQWDWLRQSOXW{WTX¶XQWHUUDLQ
GHFRRSpUDWLRQO¶DEVHQFHG¶DFFRUGVGHGpOLPLWDWLRQGXSODWHDX
FRQWLQHQWDOHQWUHOHVeWDWVGHO¶H[<RXJRVODYLHHWODSUpVHQFH
GHJLVHPHQWVGHSpWUROHHWGHJD]TXLVRQWSDUWDJpVHQUDLVRQ
GHODFRQILJXUDWLRQJpRORJLTXHHWJpRPRUSKRORJLTXHGHVIRQGV
HWVRXVVROVDGULDWLTXHV
3DUUDSSRUWDXSUHPLHUpOpPHQWXQH[HPSOHGHODULYDOLWpHQWUH
eWDWVVXUFHVUHVVRXUFHVHVWOHGLIIpUHQGGpFOHQFKpHQSDU
ODGpFLVLRQGX*RXYHUQHPHQWGHOD&URDWLHGHGRQQHUjFHUWDLQV
FRQFHVVLRQQDLUHVpWUDQJHUVOHGURLWG¶H[SORUHUHWG¶H[SORLWHUOHV
K\GURFDUEXUHVGDQVOHVEORFVHWGHOD0HU$GULDWLTXH
TXL VRQW VLWXpV HQ WRXW RX HQ SDUWLH GDQV XQH ]RQH PDULWLPH
UHYHQGLTXpH SDU OH 0RQWpQpJUR /¶DFWLRQ XQLODWpUDOH GH OD
&URDWLHDpWpFULWLTXpHSDUOH*RXYHUQHPHQWGX0RQWpQpJURHQ
WDQWTXHYLRODWLRQGX3URWRFROHSRUWDQWFUpDWLRQG¶XQUpJLPH
SURYLVRLUHOHORQJGHODIURQWLqUHPpULGLRQDOHHQWUHOHVGHX[
eWDWVGH
HWDWHQGXOHVUHODWLRQVHQWUHOHVGHX[eWDWV
'HV SUREOqPHV SRUWDQW VXU O¶H[SORUDWLRQ HW O¶H[SORLWDWLRQ GH
JLVHPHQWVGHSpWUROHHW GH JD]SDUWDJpVSHXYHQWDXVVLVXUJLU
HQWUHO¶,WDOLHHWOHVeWDWVTXLOXLIRQWIDFHHQSUHPLHUOLHXDYHF
OD&URDWLH
2Q GRLW REVHUYHU TXH OD VROXWLRQ j FH SUREOqPH Q¶HVW SDV
FRQWHQXHGDQVOD&18'0&HWLQVWUXPHQWDIILUPHVHXOHPHQW
TXH©/¶eWDWF{WLHUH[HUFHGHVGURLWVVRXYHUDLQVVXUOHSODWHDX
FRQWLQHQWDODX[ILQVGHVRQH[SORUDWLRQHWGHO¶H[SORLWDWLRQGH
/H0RQWpQpJURDDIILUPpTXHO¶DFWLRQXQLODWpUDOHGHOD&URDWLHHVWXQHYLRODWLRQ
GX 3URWRFROH SRUWDQW FUpDWLRQG¶XQ UpJLPH SURYLVRLUH OHORQJGH OD IURQWLqUH
PpULGLRQDOH HQWUH OHV GHX[ eWDWV GH GRQW OH TXDWULqPH SDUDJUDSKH GX
SUpDPEXOHVHOLWFRPPHVXLW©*XLGpVSDUOHVSULQFLSHVGHUpFLSURFLWpGDQVOH UHVSHFWGHVREOLJDWLRQVG¶LQDGPLVVLELOLWpGHVDFWHVXQLODWpUDX[HWGHERQQHIRL GDQVO¶DSSOLFDWLRQGXSUpVHQW3URWRFROHªHWGHOD&18'0TXLDXSDUDJUDSKH GHVRQ3UpDPEXOHDIILUPHTXHOHVeWDWVFRQWUDFWDQWVVRQW©$QLPpVGXGpVLUGH UpJOHUGDQVXQHVSULWGHFRPSUpKHQVLRQHWGHFRRSpUDWLRQ PXWXHOOHVWRXVOHV SUREOqPHVFRQFHUQDQWOHGURLWGHODPHUHWFRQVFLHQWVGHODSRUWpHKLVWRULTXHGH OD&RQYHQWLRQTXLFRQVWLWXHXQHFRQWULEXWLRQLPSRUWDQWHDXPDLQWLHQGHODSDL[ jODMXVWLFHHWDXSURJUqVSRXUWRXVOHVSHXSOHVGXPRQGHªYRLU&RPPXQLFDWLRQ IURPWKH*RYHUQPHQWRI0RQWHQHJURGDWHG-XO\FRQFHUQLQJH[SORUDWLRQ DQGH[SORLWDWLRQRIUHVRXUFHVLQWKH$GULDWLF6HDE\WKH5HSXEOLFRI&URDWLD &RPPXQLFDWLRQIURPWKH*RYHUQPHQWRI0RQWHQHJURGDWHG'HFHPEHU FRQFHUQLQJH[SORUDWLRQDQGH[SORLWDWLRQRIUHVRXUFHVLQWKH$GULDWLF6HDE\WKH
5HSXEOLF RI &URDWLD GLVSRQLEOHV VXU
ZZZXQRUJ'HSWVORV/(*,6/$7,21$1'75($7,(667$7(),/(601* KWP/H0RQWpQpJURDDLQVLVRXOLJQp©TX¶DXFXQFRQWUDWGHFRQFHVVLRQRXGH UHFKHUFKHHWG¶H[SORLWDWLRQG¶K\GURFDUEXUHVGDQVOHWHUULWRLUHFRQWHVWpQHVDXUDLW rWUHYDODEOHPHQWFRQFOXSDUOD5pSXEOLTXHGH&URDWLHDYHFTXHOTXHVRFLpWpTXH FHVRLWGDQVOHPRQGHDYDQWTXHODOLJQHGHGpPDUFDWLRQHQWUHOD&URDWLHHWOH 0RQWpQpJUR DLW pWp GpILQLWLYHPHQW pWDEOLH RX DYDQW TXH OHV GHX[ eWDWV DLHQW
VHVUHVVRXUFHVQDWXUHOOHVªDUWLFOHSDU
3DUFRQVpTXHQW
ODVROXWLRQQHSHXWrWUHTXHELODWpUDOH
/¶$FFRUG HQWUH O¶,WDOLH HW OD 5)6< VXU OD GpOLPLWDWLRQ GX
SODWHDX FRQWLQHQWDO GH FRPSRUWH XQH GLVSRVLWLRQ TXL
pWDEOLWXQHREOLJDWLRQGHFRRSpUHUSRXUUpVRXGUHOHVGLIIpUHQGV
FRQFHUQDQWO¶H[SORLWDWLRQGHVUHVVRXUFHVSDUWDJpHV/¶DUWLFOH
DIILUPH©/RUVTX¶LOHVWpWDEOLTXHOHVUHVVRXUFHVQDWXUHOOHVGX
VRO RX GX VRXVVRO V¶pWHQGHQW GHV GHX[ F{WpV GH OD OLJQH GH
GpOLPLWDWLRQGXSODWHDXFRQWLQHQWDOGHVRUWHTXHOHVUHVVRXUFHV
GX SODWHDX GH O¶XQH GHV 3DUWLHV SHXYHQW rWUH HQ WRXW RX HQ
SDUWLH H[SORLWpH GX F{Wp GX SODWHDX GH O¶DXWUH 3DUWLH
FRQFOX XQ DFFRUG PXWXHOOHPHQW DFFHSWDEOH IRQGp VXU O¶DSSOLFDWLRQ G¶LQVWUXPHQWVpTXLWDEOHVHWMXVWHVTXLRQWGpMjpWpXWLOLVpVSRXUOHUqJOHPHQWGH GLIIpUHQGV FRPSDUDEOHVª YRLU &RPPXQLFDWLRQ IURP WKH *RYHUQPHQW RI
0RQWHQHJUR GDWHG -XO\ FRQFHUQLQJ H[SORUDWLRQ DQG H[SORLWDWLRQ RI UHVRXUFHVLQWKH$GULDWLF6HDE\WKH5HSXEOLFRI&URDWLDFLWp
/H6HFUpWDULDWGHOD&RPPLVVLRQGHGURLWLQWHUQDWLRQDOGDQVOH0HPRUDQGXP
RQWKH5HJLPHRIWKH+LJK6HD81'RF$&1DYDLWSURSRVpOH
©SULQFLSH GH O¶XQLWp GX JLVHPHQWª VXU OD EDVH GXTXHO OHV UqJOHV VXU OD GpOLPLWDWLRQ GX SODWHDX FRQWLQHQWDO GHYDLHQW rWUH FRPSOpWpHV SDU GHV DFFRUGV VSpFLDX[ SRXU SUHQGUH HQ FRQVLGpUDWLRQ TXH OHV JLVHPHQWV GH UHVVRXUFHV QDWXUHOOHV QH FRwQFLGHQW SDV DYHF OD OLJQH GH GpOLPLWDWLRQ GX SODWHDX 8QH REOLJDWLRQ GH FRRSpUDWLRQ HVW DXVVL DIILUPpH SDU O¶$VVHPEOpH JpQpUDOH GHV 1DWLRQV8QLHVGDQVODUpVROXWLRQ;;9,,,©&RRSpUDWLRQGDQVOHGRPDLQH GHO¶HQYLURQQHPHQWHQPDWLqUHGHUHVVRXUFHVQDWXUHOOHVSDUWDJpHVSDUGHX[RX SOXVLHXUV eWDWVª GX GpFHPEUH HW GDQV OD UpVROXWLRQ ;;,; ©&KDUWHGHVGURLWVHWGHYRLUVpFRQRPLTXHVGHVeWDWVªGXGpFHPEUH 3RXUXQHDQDO\VHVXUOHVLPSOLFDWLRQVMXULGLTXHVGHO¶H[SORLWDWLRQGHVUHVVRXUFHV QDWXUHOOHV SDUWDJpH YRLU 050DULR ©7KH ([SORLWDWLRQ RI 2IIVKRUH 7UDQVERXQGDU\ 0DULQH 5HVRXUFHV RU WKRVH LQ 'LVSXWHG $UHDV -RLQW 'HYHORSPHQW$JUHHPHQWVªLQ$'HO9HFFKLRHG,QWHUQDWLRQDO/DZRIWKH
FRQWUDFWDQWH OHV DXWRULWpV FRPSpWHQWHV GHV 3DUWLHV
FRQWUDFWDQWHVGRLYHQWSUHQGUHFRQWDFWGDQVOHEXWGHSDUYHQLU
j XQ DFFRUG SRXU GpWHUPLQHU OD IDoRQ GRQW LOV H[SORLWHQW OHV
UHVVRXUFHVSUpFLWpHVDSUqVDYRLUFRQVXOWpOHVWLWXODLUHVGHWRXW
WLWUHG¶H[SORLWDWLRQª
8QHUqJOHFRPSDUDEOHHVWDXVVLSUpYXH
GDQV O¶$FFRUG GH GpOLPLWDWLRQ GX SODWHDX FRQWLQHQWDO HQWUH
O¶,WDOLHHWOD*UqFHGH
/¶DUWLFOHDWURXYpDSSOLFDWLRQGDQVOHFDVGHO¶H[SORLWDWLRQGX
JLVHPHQW GH JD] GpQRPPp ©$QQDPDULDª GDQV O¶$GULDWLTXH
QRUG&HJLVHPHQWHVWjFKHYDOVXUODOLJQHGHGpOLPLWDWLRQGHV
SODWHDX[FRQWLQHQWDX[GHO¶,WDOLHHWGHOD&URDWLH3DUXQDFFRUG
WHFKQLTXH
OHV*RXYHUQHPHQWVGHVGHX[SD\VVHVRQWHQWHQGXV
(QRXWUHO¶DUWLFOHVRXOLJQHTX¶HQFDVGHGLIIpUHQGVXUO¶HPSODFHPHQWGHWRXWH LQVWDOODWLRQRXG¶pTXLSHPHQWHQUpIpUHQFHjODOLJQHGHGpOLPLWDWLRQGXSODWHDX FRQWLQHQWDOOHVDXWRULWpVFRPSpWHQWHVGHV3DUWLHVFRQWUDFWDQWHVGpWHUPLQHQWSDU DFFRUGPXWXHOODSDUWLHGXSODWHDXFRQWLQHQWDORVHWURXYHQWFHVLQVWDOODWLRQV RXpTXLSHPHQWV$UWLFOH ©6L XQ JLVHPHQW GH VXEVWDQFH PLQpUDOH \ FRPSULV OHV VDEOHV HW
JUDYLHUVHVWSDUWDJpSDUODOLJQHGHVpSDUDWLRQHWVLODSDUWGXJLVHPHQWTXLHVW VLWXpHG¶XQGHVF{WpVGHODOLJQHGHVpSDUDWLRQHVWH[SORLWDEOHHQWRXWRXHQSDUWLH jSDUWLUG¶LQVWDOODWLRQVVLWXpHVGHO¶DXWUHF{WpGHFHOOHFLOHVGHX[*RXYHUQHPHQWV FKHUFKHURQWHQOLDLVRQDYHFOHVWLWXODLUHVGHVWLWUHVPLQLHUVV¶LO\HQDjVHPHWWUH G¶DFFRUGVXUOHVFRQGLWLRQVGHPLVHHQH[SORLWDWLRQGXJLVHPHQWDILQTXHFHWWH H[SORLWDWLRQVRLWODSOXVUHQWDEOHSRVVLEOHHWGHWHOOHVRUWHTXHFKDFXQHGHV3DUWLHV FRQVHUYHO¶HQVHPEOHGHVHVGURLWVVXUOHVUHVVRXUFHVPLQpUDOHVGXVROHWGXVRXV VRO GH VRQ SODWHDX FRQWLQHQWDO 'DQV OH FDV R DXUDLHQW pWp H[SORLWpHV GHV UHVVRXUFHVQDWXUHOOHVG¶XQJLVHPHQWVLWXpG¶XQF{WpHWGHO¶DXWUHGHODOLJQHGH VpSDUDWLRQOHV3DUWLHVFRQWUDFWDQWHVPHWWURQWWRXWHQ°XYUHDSUqVDYRLUFRQVXOWp OHVWLWXODLUHVGHWLWUHVG¶H[SORLWDWLRQV¶LO\HQDDILQGHSDUYHQLUjXQDFFRUGVXU XQHLQGHPQLVDWLRQpTXLWDEOHª 7HFKQLFDO$JUHHPHQWEHWZHHQWKH0LQLVWU\RI(FRQRPLF'HYHORSPHQWRIWKH ,WDOLDQ5HSXEOLF'LUHFWRUDWH*HQHUDOIRU(QHUJ\DQG0LQHUDO5HVRXUFHVDQG
VXUOHVSURJUDPPHVG¶H[SORLWDWLRQGHJD]VLJQpVHQWUHOHVGHX[
WLWXODLUHVGHWLWUHVG¶H[SORLWDWLRQO¶(1,SRXUO¶,WDOLHHWO¶,1$
SRXUOD&URDWLH
WRXWHIRLVLOVRQWSRVpGHVFRQGLWLRQVSRXU
O¶DSSOLFDWLRQGHFHWDUUDQJHPHQW
&HSHQGDQWOHPRGqOHGHFRRSpUDWLRQSUpYXSDUO¶DUWLFOHGH
O¶$FFRUG GH Q¶HVW SDV H[HPSW GH FULWLTXH ,O pWDEOLW XQ
PpFDQLVPHGHFRRSpUDWLRQWUqVVRPPDLUHSDUFHTXHFRPPH
O¶DIIDLUHGXJLVHPHQW©$QQDPDULDªO¶DGpPRQWUpOHVXFFqVGH
ODFRRSpUDWLRQHQWUHOHVeWDWVUHSRVHGHIDFWRVXUXQHHQWHQWH
SUpDODEOHHQWUHOHVVRFLpWpVTXLRQWOHVWLWUHVG¶H[SORLWDWLRQSRXU
OHJLVHPHQW$XFRQWUDLUHHQSUDWLTXHOHVeWDWVTXLRQWOHPrPH
SUREOqPHG¶H[SORLWDWLRQGHUHVVRXUFHVSDUWDJpHVSDUH[HPSOH
WKH 0LQLVWU\ RI (FRQRP\ /DERXU DQG (QWUHSUHQHXUVKLS RI WKH 5HSXEOLF RI &URDWLD'LUHFWRUDWHIRU0LQLQJRQWKH-RLQW([SORLWDWLRQRIWKH$QQDPDULD *DV)LHOGLQWKH$GULDWLF6HDMXOOLHW
$QQDPDULD,QWHJUDWHG'HYHORSPHQWDQG2SHUDWLQJ$JUHHPHQWGpFHPEUH
(Q SDUWLFXOLHU OHV SURJUDPPHV DQQXHOV G¶H[SORLWDWLRQ GH JD] GRLYHQW rWUH
DSSURXYpV SDU OHV DXWRULWpV FRPSpWHQWHV GH O¶,WDOLH HW GH OD &URDWLH WRXWH VXVSHQVLRQGHVDFWLYLWpVLPSRVpHVSDUOHVDXWRULWpVFRPSpWHQWHVG¶XQSD\VGRLW rWUHDFFHSWpHSDUOHVDXWRULWpVGHO¶DXWUHSD\VOHVDXWRULWpVFRPSpWHQWHVGHVGHX[ SDUWLHVDSSURXYHQWFRQMRLQWHPHQWOHVV\VWqPHVGHPHVXUHTXLV¶DSSOLTXHQWDX[ GHX[ SODWHVIRUPHVUpDOLVpHV OHV DXWRULWpV FRPSpWHQWHV GHV GHX[ SDUWLHV YRQW YpULILHUSpULRGLTXHPHQWOHIRQFWLRQQHPHQWGHVV\VWqPHVGHPHVXUHVXUOHVGHX[ SODWHVIRUPHVHWFHUWLILHQWWRXVOHVWURLVPRLVODSURGXFWLRQHWOHUHWUDLWGHJD]GHV GHX[ SODWHVIRUPHV (QILQ OHV GHX[ *RXYHUQHPHQWV RQW SUpYX TXH OHV PRGLILFDWLRQVGHODUpSDUWLWLRQGHVUpVHUYHVHWGHVUpJLPHVGHUpPXQpUDWLRQVXU ODSURGXFWLRQSDVVpHGRLYHQWrWUHDSSURXYpSDUOHPLQLVWqUHGX'pYHORSSHPHQW pFRQRPLTXH GH O¶,WDOLH HW SDU OH PLQLVWqUH GH O¶eFRQRPLH GX 7UDYDLO HW GH O¶(QWUHSUHQHXULDWGHOD&URDWLHHWTXHFKDTXHSDUWLHGDQVVHVSURSUHVDFWHVGRLW VSpFLILHUOHVTXDQWLWpVTXLGRLYHQWrWUHFRPSHQVpHVSRXUOHVDQQpHVSDVVpHV
GDQVOH*ROIH3HUVLTXHOD0HUGX1RUGOD0HUGHV&DUDwEHVRX
OH*ROIHGX0H[LTXHDGRSWHQWGHVUqJOHVGLIIpUHQWHVGDQVFHV
GLIIpUHQWV FDV OHV eWDWV FRQFHUQpV RQW IL[p GHV UqJOHV SOXV
GpWDLOOpHVGDQVOHXUVDFFRUGVELODWpUDX[TXLYRQWFRQGLWLRQQHU
ODFRQFOXVLRQGHVHQWHQWHVHQWUHOHVVRFLpWpVTXLRQWOHVWLWUHV
G¶H[SORLWDWLRQ
%/D UHFKHUFKH VFLHQWLILTXH PDULQH XQH FRRSpUDWLRQ
HQGHYHQLU
6L OD &18'0 HQFRXUDJH DX QLYHDX JpQpUDO OD FRRSpUDWLRQ
LQWHUQDWLRQDOH HQ PDWLqUH GH UHFKHUFKH VFLHQWLILTXH
PDULQHHQWUH OHV eWDWV HW OHV RUJDQLVDWLRQV LQWHUQDWLRQDOHV
FRPSpWHQWHV
SRXU OHV PHUV IHUPpHV RX VHPLIHUPpHV HOOH
LQGLTXHXQHREOLJDWLRQGHFRRSpUDWLRQSOXVVWULFWHFHOOH©GH
FRRUGRQQHU OHXUV SROLWLTXHV GH UHFKHUFKH VFLHQWLILTXH HW
(QSDUWLFXOLHUO¶DFFRUGHQWUHOHVeWDWV8QLVHWOH0H[LTXHGHIDFLOLWHOD
IRUPDWLRQ G¶DUUDQJHPHQWV YRORQWDLUHV DFFRUGV G¶H[SORLWDWLRQ HQWUH OHV HQWUHSULVHVDPpULFDLQHVHWODVRFLpWp3HWUyOHRV0H[LFDQRVSRXUO¶H[SORUDWLRQHW OHGpYHORSSHPHQWFRQMRLQWGHJLVHPHQWVWUDQVIURQWLqUHVHWIRXUQLWGHVLQFLWDWLRQV DSSURSULpHVSRXUHQFRXUDJHUODIRUPDWLRQGHFHVDUUDQJHPHQWVV¶LO HVWFHUWDLQ TX¶XQWHOJLVHPHQWHVWWUDQVIURQWLqUHHWTX¶XQDFFRUGG¶H[SORLWDWLRQQ¶DSDVpWp VLJQp /¶DFFRUG SUpYRLW DXVVL TXH O¶H[SORLWDWLRQ GRLW VH GpYHORSSHUGH IDoRQ pTXLWDEOHSRXUSURWpJHUOHVLQWpUrWVGHFKDTXHSD\V(QILQO¶DFFRUGSUpYRLWOD FRRSpUDWLRQ HQWUH OHV GHX[ *RXYHUQHPHQWV FRQFHUQDQW OD VpFXULWp HW O¶HQYLURQQHPHQW HW OD FRQVWLWXWLRQ G¶pTXLSHV G¶LQVSHFWLRQ FRQMRLQWHV SRXU DVVXUHU OD FRQIRUPLWp DX[ ORLV HW UqJOHPHQWV DSSOLFDEOHV /HV GHX[ *RXYHUQHPHQWV H[DPLQHURQW HW DSSURXYHURQW WRXV OHV DFFRUGV G¶H[SORLWDWLRQ UpJLVVDQW O¶H[SORUDWLRQ HW OH GpYHORSSHPHQW GH JLVHPHQWV WUDQVIURQWLqUHV SUpYR\DQWO¶DSSUREDWLRQGHWRXWHVOHVPHVXUHVGHVpFXULWpHWHQYLURQQHPHQWDOHV
9RLUOHVDUWLFOHVHW&1'80
HQWUHSUHQGUH V¶LO \ D OLHX GHV SURJUDPPHV FRPPXQV GH
UHFKHUFKHVFLHQWLILTXHª
(QHIIHWODFRRSpUDWLRQVHUDLWWUqVQpFHVVDLUHGDQVFHGRPDLQH
TXL GHPDQGH GHV LQYHVWLVVHPHQWV FRQVLGpUDEOHV HQ
WHFKQRORJLHV UHVVRXUFHV KXPDLQHV HW ILQDQFLqUHV 'HV
DYDQWDJHV SRXUUDLHQW rWUH WLUpV GH OD PLVH HQ UpVHDX GHV
LQVWLWXWLRQV QDWLRQDOHV GH UHFKHUFKH HW G¶XQH PHLOOHXUH
FRRSpUDWLRQ GDQV O¶pODERUDWLRQ GH SURMHWV VFLHQWLILTXHV
FRPPXQHVHQWUHFHVLQVWLWXWLRQV
&HUWDLQVSURMHWVLQWHUQDWLRQDX[GHUHFKHUFKHFRXYUDQWOHVPHUV
$GULDWLTXHHW,RQLHQQHH[LVWHQWPDLVSDVDFWLYpVVXUODEDVHGH
O¶DUWLFOH &18'0 OHV H[HPSOHV VRQW OHV SURMHWV
0(',76(QTXrWHLQWHUQDWLRQDOHVXUOHFKDOXWDJHGHIRQGHQ
0pGLWHUUDQpH
HW$'5,$0('&RRSpUDWLRQVFLHQWLILTXHSRXU
VRXWHQLUXQHSrFKHUHVSRQVDEOHGDQVODPHU$GULDWLTXH
&IDUWLFOHOHWF&18'0 0(',76DpWpODQFpHQ,OHQWHQGSURGXLUHGHVLQIRUPDWLRQVGHEDVHVXU OHVHVSqFHVEHQWKLTXHVHWGpPHUVDOHVHQWHUPHVGHUpSDUWLWLRQGHODSRSXODWLRQHW GHVWUXFWXUHGpPRJUDSKLTXHVXUOHVSODWHDX[FRQWLQHQWDX[HWOHORQJ GXWDOXV VXSpULHXUHQ0pGLWHUUDQpHjWUDYHUVGHVFDPSDJQHVV\VWpPDWLTXHVGHFKDOXWDJH GHIRQG$XGpEXWGXSURMHWHQWUHOHVeWDWVULYHUDLQVGHO¶$GULDWLTXHHWGHODPHU ,RQLHQQHVHXOO¶,WDOLHHWOD*UqFHRQWSDUWLFLSpHQDXVVLOD6ORYpQLHOD &URDWLHHWO¶$OEDQLHRQWDGKpUp
/H SURMHW $'5,$0(' D pWp ODQFp SDU OD )$2 HQ /HV SULQFLSDX[
REMHFWLIVGX3URMHWVRQWGHGpYHORSSHUOHVFRQQDLVVDQFHVGHEDVHFRPPXQHVHWOH VRXWLHQjODJHVWLRQUpJLRQDOHGH ODSrFKHJUkFHjXQHPHLOOHXUHFRRUGLQDWLRQ VFLHQWLILTXHHQWUHOHVLQVWLWXWLRQVTXLV¶RFFXSHQWGHODSrFKH/HGpILPDMHXUVHUD GHFUpHUXQRUJDQLVPHSHUPDQHQWXQUpVHDXHQWUHOHVLQVWLWXWLRQVGHODSrFKHGH O¶$GULDWLTXH SRXU SURPRXYRLU OD FRRSpUDWLRQ VFLHQWLILTXH HQWUH OHV SD\V GH
8QYLILQWpUrWSRXUODSURPRWLRQGHODUHFKHUFKHVFLHQWLILTXH
PDULQHGDQVODUpJLRQDpWpPDQLIHVWpDXVVLSDUO¶8(jSDUWLUGX
ODQFHPHQW GH OD 6WUDWpJLH GH O¶8( SRXU OD UpJLRQ GH
O¶$GULDWLTXH HW GH OD 0HU ,RQLHQQH
,O D PrPH IRXUQL GHV
H[HPSOHV GH SURMHWV SRVVLEOHV QRWDPPHQW XQ ©UpVHDX
G¶REVHUYDWLRQHQKDXWHPHUªSRXUFDUWRJUDSKLHUHWVXUYHLOOHU
OHV IRQGV PDULQV XQH ©SODWHIRUPH GH UHFKHUFKH URERWLTXH
PDULQHªSRXUUHQIRUFHUOHVYpKLFXOHVPDULQVQRQSLORWpVSRXU
OHVRSpUDWLRQVVRXVPDULQHVHWRFpDQLTXHVXQH©SODWHIRUPH
VXU O¶H[SORLWDWLRQ GHV PLFURRUJDQLVPHVª FURLVVDQW GDQV OHV
PHUV $GULDWLTXH HW ,RQLHQQH &HV SURMHWV SRXUUDLHQW rWUH
SRWHQWLHOOHPHQW ILQDQFpV SDU OH 3URJUDPPHFDGUH SRXU OD
UHFKHUFKH HW O¶LQQRYDWLRQ ©+RUL]RQª TXL FRXYUH OD
UHFKHUFKHVFLHQWLILTXHPDULQH
O¶$GULDWLTXHHWDPpOLRUHUODJHVWLRQGHVDFWLYLWpVGHSrFKHHQFRQIRUPLWpDYHFOH &RGHGHFRQGXLWHSRXUXQHSrFKHUHVSRQVDEOH $FWLRQ3ODQDFFRPSDQ\LQJWKH&RPPXQLFDWLRQFRQFHUQLQJWKH(86WUDWHJ\IRU WKH$GULDWLFDQG,RQLDQ6HDV6:'ILQDO
9RLU 'HFODUDWLRQ RI WKH (XURSHDQ 0LQLVWHUV UHVSRQVLEOH IRU WKH ,QWHJUDWHG
0DULWLPH 3ROLF\ DQG WKH (XURSHDQ &RPPLVVLRQ RQ D 0DULQH DQG 0DULWLPH $JHQGDIRUJURZWKDQGMREVWKH³/LPDVVRO'HFODUDWLRQ´RFWREUH
9RLU &RQVHLO ©(QYLURQQHPHQWª &RQFOXVLRQV VXU XQH SROLWLTXH PDULWLPH
LQWpJUpHGpFHPEUH'DQVFHVFRQFOXVLRQVOH&RQVHLODH[SULPpVRQ
VRXWLHQ DX[ ©WUDYDX[ PHQpV SDU GHV eWDWV PHPEUHV ULYHUDLQV GH OD PHU $GULDWLTXHRX,RQLHQQHDILQGHUHQIRUFHUODFRRSpUDWLRQPDULWLPHGDQVODUpJLRQ
9/D JRXYHUQDQFH HXURSpHQQH GH OD PHU
$GULDWLTXHHWGHODPHU,RQLHQQH
/D FRRSpUDWLRQ DX VHLQ GHV EDVVLQV PDULWLPHV HVW FRQoXH
FRPPHXQHSLHUUHDQJXODLUHGXGpYHORSSHPHQWHWGHODPLVHHQ
°XYUHGHOD3ROLWLTXHPDULWLPHLQWpJUpHGHO¶8(
/¶DFWLRQGH
O¶8(VHEDVHVXUOHSULQFLSHGHUHVSRQVDELOLWpSDUWDJpHHQFHTXL
FRQFHUQHOHVPHUVTX¶HOOHSDUWDJHDYHFVHVSOXVSURFKHVYRLVLQV
(Q SDUWLFXOLHU HOOH D FRPPH REMHFWLI GH UHQIRUFHU OD
FRRSpUDWLRQGDQVODJHVWLRQGHVPHUVSDUWDJpHVDYHFGHVeWDWV
WLHUV
¬SDUWLUGHO¶8(DGpFOLQpXQHYpULWDEOHSROLWLTXHSRXU
O¶$GULDWLTXH HW OD PHU ,RQLHQQH
HW j FHW pJDUG GHV
HQVHLJQHPHQWVXWLOHVRQWpWpWLUpVGHO¶H[SpULHQFHDFTXLVHHQFH
TXLFRQFHUQHODJRXYHUQDQFHGHOD0HU%DOWLTXH
HWGHODUpJLRQ
$WODQWLTXH
DYHF GHVSD\VYRLVLQV Q¶DSSDUWHQDQWSDVjO¶8(GDQVOHFDGUH G¶XQHVWUDWpJLH PDFURUpJLRQDOHª 9RLU&RPPXQLFDWLRQGHOD&RPPLVVLRQDX3DUOHPHQWHXURSpHQDX&RQVHLO DX&RPLWppFRQRPLTXHHWVRFLDOHXURSpHQHWDX&RPLWpGHV5pJLRQVFRQFHUQDQW ODVWUDWpJLHGHO¶8QLRQHXURSpHQQHSRXUODUpJLRQGHODPHU%DOWLTXH&20 ILQDO&RPPXQLFDWLRQGHOD&RPPLVVLRQDX3DUOHPHQWHXURSpHQDX &RQVHLODX&RPLWppFRQRPLTXHHWVRFLDOHXURSpHQHWDX&RPLWpGHV5pJLRQV FRQFHUQDQW OD VWUDWpJLH GH O¶8QLRQ HXURSpHQQH SRXU OD UpJLRQ GH OD PHU %DOWLTXH&20ILQDO
9RLU&RPPXQLFDWLRQGHOD&RPPLVVLRQDX3DUOHPHQWHXURSpHQDX&RQVHLO
DX&RPLWppFRQRPLTXHHWVRFLDOHXURSpHQHWDX&RPLWpGHV5pJLRQV'pILQLUXQH VWUDWpJLHPDULWLPHSRXUODUpJLRQDWODQWLTXH&20ILQDO
/DSROLWLTXHDGULDWLTXHHWLRQLHQQHGHO¶8(DWUDYHUVpWRXWHVOHV
JUDQGHV pWDSHV GH O¶pYROXWLRQ GH O¶DFWLRQ GH O¶8QLRQ SRXU OD
SURWHFWLRQ GHV PHUV OD QpFHVVLWp GH O¶LQVWDXUDWLRQ GH ]RQHV
PDULQHVSURWpJpHVVHORQOHVLQGLFDWLRQVGHOD'LUHFWLYH&DGUH
VXU OD 6WUDWpJLH SRXU OH PLOLHX PDULQ
OD SODQLILFDWLRQ GH
O¶HVSDFH PDULWLPH F¶HVWjGLUH OH SURFHVVXV SDU OHTXHO OHV
6HORQ OH SDU GX 3UpDPEXOH GH OD 'LUHFWLYH&( GX MXLQ
pWDEOLVVDQW XQ FDGUH G¶DFWLRQ FRPPXQDXWDLUH GDQV OH GRPDLQH GH OD SROLWLTXH HQYLURQQHPHQWDOH PDULQH 'LUHFWLYH&DGUH VXU OD 6WUDWpJLH SRXU OH PLOLHX PDULQXQHLPSRUWDQWHFRQWULEXWLRQjODUpDOLVDWLRQG¶XQERQpWDWpFRORJLTXHGHV PHUVUpVLGHGDQVO¶LQVWDXUDWLRQGH]RQHVPDULQHVSURWpJpHV\FRPSULVOHV]RQHV GpMjGpVLJQpHVDXWLWUHGHOD©'LUHFWLYHKDELWDWVªHWGHOD©'LUHFWLYHRLVHDX[ª HWGHVDXWUHVDFFRUGVLQWHUQDWLRQDX[RXUpJLRQDX[DX[TXHOVO¶8( RXOHVeWDWV PHPEUHVFRQFHUQpVVRQWSDUWLHV/¶DUWLFOHSDUSUpFLVHTXHOHVSURJUDPPHV GH PHVXUHV pWDEOLV FRQIRUPpPHQW j OD 'LUHFWLYH&DGUH ©FRPSUHQQHQW GHV PHVXUHVGHSURWHFWLRQVSDWLDOHVFRQWULEXDQWjFUpHUXQUpVHDXGH]RQHVPDULQHV SURWpJpHVFRKpUHQWHWUHSUpVHQWDWLIª/D0HU0pGLWHUUDQpHHVWO¶XQHGHVTXDWUH UpJLRQVPDULQHVUHWHQXHVSDUO¶DUWLFOHSDUGHOD'LUHFWLYH&DGUH(OOHHVW GLYLVpH HQ TXDWUH VRXVUpJLRQV ©OD 0pGLWHUUDQpH RFFLGHQWDOHª ©OD 0HU $GULDWLTXHª©OD0HU,RQLHQQHHWOD0HU0pGLWHUUDQpHFHQWUDOHªHW©OD0HU eJpH/HYDQWLQHª $ILQ GH SDUYHQLU j OD FRRUGLQDWLRQ QpFHVVDLUH DX GpYHORSSHPHQWGHVWUDWpJLHVPDULQHVOHVPHPEUHVGHO¶8(©XWLOLVHQWORUVTXH FHOD HVW UpDOLVDEOH HW RSSRUWXQ OHV VWUXFWXUHV LQVWLWXWLRQQHOOHV UpJLRQDOHV HQ PDWLqUHGHFRRSpUDWLRQ\FRPSULVFHOOHVTXLUHOqYHQWGHFRQYHQWLRQVVXUODPHU UpJLRQDOHFRQFHUQDQWODUpJLRQRXVRXVUpJLRQ PDULQHHQ TXHVWLRQªDUWLFOH SDU
6HORQO¶8('LUHFWLYH8(GX3DUOHPHQWHXURSpHQHWGX&RQVHLOGX
MXLOOHWpWDEOLVVDQWXQFDGUHSRXUODSODQLILFDWLRQGHO¶HVSDFHPDULWLPH
OHQLYHDXpOHYpHWODFURLVVDQFHUDSLGHGHODGHPDQGHSRXUOHVHVSDFHVPDULWLPHV j GLIIpUHQWHV ILQV WHOOHV TXH OHV LQVWDOODWLRQV SRXU OD SURGXFWLRQ G¶pQHUJLH UHQRXYHODEOHO¶H[SORUDWLRQHWO¶H[SORLWDWLRQGHSpWUROHHWGHJD]ODQDYLJDWLRQ PDULWLPH HW OHV DFWLYLWpV GH SrFKH OD FRQVHUYDWLRQ GHV pFRV\VWqPHV HW GH OD ELRGLYHUVLWp O¶H[WUDFWLRQ GH PDWLqUHV SUHPLqUHV OH WRXULVPH OHV LQVWDOODWLRQV DTXDFROHVHWOHSDWULPRLQHFXOWXUHOVRXVPDULQDLQVLTXHOHVSUHVVLRQVPXOWLSOHV TXLSqVHQWVXUOHVUHVVRXUFHVF{WLqUHVUHQGHQWQpFHVVDLUHXQHDSSURFKHLQWpJUpH
DXWRULWpVFRQFHUQpHVGHVeWDWVPHPEUHVDQDO\VHQWHWRUJDQLVHQW
OHVDFWLYLWpVKXPDLQHVGDQVOHV]RQHVPDULWLPHVSRXUDWWHLQGUH
GHVREMHFWLIVG¶RUGUHpFRORJLTXHpFRQRPLTXHHWVRFLDOVHORQ
XQHDSSURFKHIRQGpHVXUOHVpFRV\VWqPHV
O¶pODERUDWLRQG¶XQH
VWUDWpJLH PDULWLPH SRXU OHV PHUV $GULDWLTXH HW ,RQLHQQH
HW
O¶DSSUREDWLRQG¶XQHVWUDWpJLHPDFURUpJLRQDOH
GHSODQLILFDWLRQHWGHJHVWLRQDXQLYHDXGHFKDTXHeWDW(QSOXVGDQVOHFDGUH GXSURFHVVXVGHSODQLILFDWLRQHWGHJHVWLRQOHVeWDWVPHPEUHVULYHUDLQVG¶HDX[ PDULQHV GRLYHQW FRRSpUHU HQ YXH GH V¶DVVXUHU TXH OHV SODQV LVVXV GH OD SODQLILFDWLRQGHO¶HVSDFH PDULWLPHVRQWFRKpUHQWVHWFRRUGRQQpVDXVHLQ GHOD UpJLRQPDULQHFRQFHUQpH&HWWHFRRSpUDWLRQSHXWrWUHPLVHHQSODFHDXPR\HQ DGHVWUXFWXUHVLQVWLWXWLRQQHOOHVUpJLRQDOHVH[LVWDQWHVWHOOHVTXHOHVFRQYHQWLRQV GHPHUVUpJLRQDOHVHWRXEGHVUpVHDX[RXVWUXFWXUHVGHVDXWRULWpVFRPSpWHQWHV GHVeWDWVPHPEUHVHWRXFGHWRXWHDXWUHPpWKRGHSDUH[HPSOHGDQVOHFDGUH GHV VWUDWpJLHV GH EDVVLQ PDULWLPH DUWLFOH GH OD GLUHFWLYH/D 6WUDWpJLH
PDULWLPHSRXUOHVPHUV$GULDWLTXHHW,RQLHQQHSURSRVpHOHQRYHPEUH
SDU OD &RPPLVVLRQ HXURSpHQQH UHSUpVHQWH XQ WRXUQDQW j O¶pJDUG GH O¶HQJDJHPHQWGHO¶8(GDQVODUpJLRQ(OOHDQDO\VHOHVEHVRLQVHWOHSRWHQWLHOGHV DFWLYLWpV OLpHV DX VHFWHXU PDULWLPH HW pWDEOLW XQ FDGUH DILQ GH FRRUGRQQHU OHV HIIRUWVGHWRXWHVOHVSDUWLHVSUHQDQWHV(OOHYLVHjDWWHLQGUHOHVREMHFWLIVVXLYDQWV PD[LPLVDWLRQ GX SRWHQWLHO GH O¶pFRQRPLH EOHXH DPpOLRUDWLRQ VDQLWDLUH GH O¶HQYLURQQHPHQWPDULQXQHVSDFHPDULWLPHSOXVVUGHVDFWLYLWpVKDOLHXWLTXHV GXUDEOHV HW UHVSRQVDEOHV &HV REMHFWLIV FRQVWLWXHQW OHV TXDWUH SULRULWpV GH OD VWUDWpJLH /H FRQWHQX GH OD VWUDWpJLH PDULWLPH HVW DXMRXUG¶KXL LQWpJUp j OD
6WUDWpJLHGHO¶8(SRXUODUpJLRQGHO¶$GULDWLTXHHWGHOD0HU,RQLHQQH /D6WUDWpJLHPDULWLPHSRXUOHVPHUV$GULDWLTXHHW,RQLHQQHSURSRVpH OH QRYHPEUHSDUOD&RPPLVVLRQHXURSpHQQHUHSUpVHQWHXQWRXUQDQWjO¶pJDUG GHO¶HQJDJHPHQWGHO¶8(GDQVODUpJLRQ(OOHDQDO\VHOHVEHVRLQVHWOHSRWHQWLHO GHVDFWLYLWpVOLpHVDXVHFWHXUPDULWLPHHWpWDEOLWXQFDGUHDILQGHFRRUGRQQHUOHV HIIRUWVGHWRXWHVOHVSDUWLHVSUHQDQWHV(OOHYLVHjDWWHLQGUHOHVREMHFWLIVVXLYDQWV PD[LPLVDWLRQ GX SRWHQWLHO GH O¶pFRQRPLH EOHXH DPpOLRUDWLRQ VDQLWDLUH GH O¶HQYLURQQHPHQWPDULQXQHVSDFHPDULWLPHSOXVVUGHVDFWLYLWpVKDOLHXWLTXHV GXUDEOHV HW UHVSRQVDEOHV &HV REMHFWLIV FRQVWLWXHQW OHV TXDWUH SULRULWpV GH OD VWUDWpJLH /H FRQWHQX GH OD VWUDWpJLH PDULWLPH HVW DXMRXUG¶KXL LQWpJUp j OD
/D6WUDWpJLHGHO¶8(SRXUODUpJLRQGHO¶$GULDWLTXHHWGHOD
0HU,RQLHQQH
SRUWHSULQFLSDOHPHQWVXUOHVSRVVLELOLWpVRIIHUWHV
SDUO¶pFRQRPLHPDULWLPHFURLVVDQFHEOHXHLQWHUFRQQH[LRQGH
OD UpJLRQ TXDOLWp HQYLURQQHPHQWDOH WRXULVPH GXUDEOH &HV
VHFWHXUVVRQWDSSHOpVjMRXHUXQU{OHHVVHQWLHOGDQVODFUpDWLRQ
G¶HPSORLVHWOHUHQIRUFHPHQWGHODFURLVVDQFHpFRQRPLTXHGDQV
ODUpJLRQ
,OV¶DJLWGHODSUHPLqUH©VWUDWpJLHPDFURUpJLRQDOHªGHO¶8(
TXLDDVVRFLpXQQRPEUHDXVVLpOHYpGHSD\VQRQPHPEUHVGH
O¶8( $OEDQLH %RVQLH+HU]pJRYLQH 0RQWpQpJUR HW 6HUELH
TXLFRRSqUHQWDYHFGHVSD\VGHO¶8(&URDWLH*UqFH,WDOLHHW
6ORYpQLH/DUpDOLVDWLRQGHFKDTXHpOpPHQWGXSODQG¶DFWLRQ
HVW DVVLJQpH j O¶DFWLRQ FRRUGRQQpH GH GHX[ SD\V XQ eWDW
PHPEUHGHO¶8(HWXQSD\VQRQPHPEUH
OD*UqFHHWOH0RQWpQpJURSRXUOD©FURLVVDQFHEOHXHª
O¶,WDOLHHWOD6HUELHSRXUO¶©LQWHUFRQQH[LRQGHODUpJLRQª
OD 6ORYpQLH HW OD %RVQLH+HU]pJRYLQH SRXU OD ©TXDOLWp
HQYLURQQHPHQWDOHª
OD&URDWLHHWO¶$OEDQLHSRXUOH©WRXULVPHGXUDEOHª
/H &RQVHLO HXURSpHQ GHV HW GpFHPEUH DYDLW GHPDQGp j OD
&RPPLVVLRQ GH SUpVHQWHU XQH VWUDWpJLH GH O¶8QLRQ SRXU OD UpJLRQ DGULDWLFR LRQLHQQHDYDQWODILQGHHQV¶DSSX\DQWVXUOHVH[SpULHQFHVGHVUpJLRQVGX 'DQXEH HW GH OD 0HU %DOWLTXH /D QRXYHOOH VWUDWpJLH SUpVHQWpH SDU OD &RPPLVVLRQ OH MXLQ &20 ILQDO SUHQG HQ FRPSWH OHV UpVXOWDWVGHVFRQVXOWDWLRQVSXEOLTXHVGHVSDUWLHVSUHQDQWHVPHQpHVHQOLJQHGH VHSWHPEUHjMDQYLHUDLQVLTXHOHVFRQFOXVLRQVGHVGpEDWVTXLVHVRQW WHQXVORUVGXVpPLQDLUHGHVSDUWLHVSUHQDQWHVLQWLWXOp©6WLPXOHUODFURLVVDQFH
(Q RXWUH OH UHQIRUFHPHQW GHV FDSDFLWpV OD UHFKHUFKH HW
O¶LQQRYDWLRQHWOHVRXWLHQDX[30(VRQWFRQVLGpUpVFRPPHGHV
DVSHFWVWUDQVYHUVDX[/¶DWWpQXDWLRQGXFKDQJHPHQWFOLPDWLTXH
HWO¶DGDSWDWLRQjFHOXLFLDLQVLTXH OD JHVWLRQ GHVULVTXHVGH
FDWDVWURSKHV VRQW GHV SULQFLSHV KRUL]RQWDX[ FRPPXQV DX[
TXDWUHSLOLHUV
/DJRXYHUQDQFHSROLWLTXHGHOD6WUDWpJLHHVWDVVXUpHDXQLYHDX
PLQLVWpULHOSDUXQHUpXQLRQDQQXHOOHGHO¶(86$,50LQLVWHULDO
0HHWLQJ TXL VH GpURXOH VLPXOWDQpPHQW DYHF OH &RQVHLO
$GULDWLTXH HW ,RQLHQ GH O¶,QLWLDWLYH $GULDWLTXH,RQLHQQH XQ
IRUXP LQWHUJRXYHUQHPHQWDO FUpp HQ j O¶LQLWLDWLYH GH
O¶,WDOLHHQGHKRUVGXFDGUHGHO¶8(TXLUpXQLWWRXVOHV eWDWV
PHPEUHVGHOD6WUDWpJLH
(QILQLOIDXWHQYLVDJHUTX¶DYHFO¶DGKpVLRQjO¶8(GHVDFWXHOV
HW IXWXUV SD\V FDQGLGDWV EDONDQLTXHV OD 0HU $GULDWLTXH
GHYLHQGUD XQH YpULWDEOH PHU LQWpULHXUH GH O¶8( ,O HVW IDFLOH
G¶LPDJLQHU TXH OHV UqJOHV JpQpUDOHV GX GURLW GH OD PHU j
O¶H[FHSWLRQ GH FHOOH VXU OD OLEHUWp GH QDYLJDWLRQ VHURQW
DSSOLTXpHVXQLTXHPHQWGDQVODPHVXUHRLOQ¶H[LVWHUDSDVXQH
OpJLVODWLRQ GH O¶8( F¶HVWjGLUH XQH OH[ VSHFLDOLV DSSOLFDEOH
EOHXHGDQVODUpJLRQDGULDWLFRLRQLHQQHYHUVXQSODQG¶DFWLRQSRXUODVWUDWpJLH GHO¶8(SRXUODUpJLRQDGULDWLFRLRQLHQQHªYRLU ZZZDPLDQGRFRP(86$,5%OXH*URZWKKWPO HWORUVGHODFRQIpUHQFHRUJDQLVpHj$WKqQHVOHVHWIpYULHUYRLU KWWSHFHXURSDHXUHJLRQDOBSROLF\HQFRQIHUHQFHVDGULDWLFLRQLDQ /DVWUDWpJLHPDFURUpJLRQDOHDpWpDGRSWpHSDUOH&RQVHLOHXURSpHQQHGHVHW RFWREUH