02'8/(&+$1*(0(17'¶$))(&7$7,21'(67(55(6(7)25(67(5,(&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(& + $ 1 * ( 0 ( 1 7  ' ¶ $ ) ) ( &7 $ 7 , 2 1'(67(55(6(7)25(67(5,(,QWURGXFWLRQ/HV SULQFLSDX[ FDOFXOV GHV pPLVVLRQV HQ SURYHQDQFH GX FKDQJHPHQWG¶DIIHFWDWLRQGHVWHUUHVHWGHODIRUHVWHULHSRUWHQWHVVHQWLHOOHPHQWVXUWURLVW\SHV G DFWLYLWpV TXL VRQW VRLW GHV VRXUFHV VRLW GHV SXLWV GH GLR[\GH GH
FDUERQH ,O HVW LPSRUWDQW GH QRWHU TXH FHV FDOFXOV SUpVHQWHQW GH PDQLqUH
LQKpUHQWH EHDXFRXS G¶LQFHUWLWXGHV RX G¶HUUHXUV 'HV WUDYDX[ XOWpULHXUVGRQQHURQW GHV FRQVHLOV VXU OD IDoRQ G¶HVWLPHU HW G¶H[SULPHU FHV HUUHXUV/¶XQH GH FHV DFWLYLWpV HVW DXVVL XQH VRXUFH G¶pPLVVLRQ GH JD] WUDFHV DXWUHV
TXH OH &2 &+ &2 12 HW 12[  GRQW OHV FDOFXOV VRQW pJDOHPHQW
SUpVHQWpVLFL2QQHWUDLWHSDVGDQVFHFKDSLWUHGHV&2910ELHQTX¶LOVRLWUHFRQQXTXHOHVIRUrWVVRQWXQHVRXUFHDQWKURSLTXHSRWHQWLHOOHGHFHVJD]
$ O¶pFKHOOH JOREDOH OHV SULQFLSDX[ FKDQJHPHQWV GDQV O DIIHFWDWLRQ GHV WHUUHVHW GH OHXUV PpWKRGHV GH JHVWLRQ TXL VH WUDGXLVHQW SDU O pPLVVLRQ HW OD
VpTXHVWUDWLRQGH&2VRQW•O¶pYROXWLRQ GX SDWULPRLQH IRUHVWLHU HW GHV DXWUHV VWRFNV GH ELRPDVVH
OLJQHXVH•ODFRQYHUVLRQGHVIRUrWVHWSUDLULHV•O DEDQGRQGHWHUUHVH[SORLWpHV

2QFDOFXOHpJDOHPHQWOHVUHMHWVLPPpGLDWVGHJD]WUDFHVDXWUHVTXHOH&2
SURYHQDQWGHODFRPEXVWLRQDVVRFLpHjODFRQYHUVLRQGHVIRUrWVSUDLULHV&HV
FDOFXOVVRQWWUqVSURFKHVGHFHX[TXLFRQFHUQHQWOHVpPLVVLRQVGHJD]WUDFHVDXWUHV TXH OH &2 SURYHQDQW GH OD FRPEXVWLRQ GHV VDYDQHV HW GHV UpVLGXVDJULFROHV GDQVOHPRGXOH$JULFXOWXUH&KDSLWUH /HVFDOFXOVGHVpPLVVLRQVDXWUHVTXHOH&2SURYHQDQWGHODFRPEXVWLRQGHVFRPEXVWLEOHVLVVXVGHOD
ELRPDVVH VRQW HIIHFWXpV GDQV OH PRGXOH FRQVDFUp j O pQHUJLH /H SUpVHQWPRGXOHWUDLWHGHVVRXUFHVHWGHVSXLWVGHJD]jHIIHWGHVHUUHSURYHQDQWGHODELRPDVVHHWGXVRO

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(6&+(0$5(/$7,216(175(&$7(*25,(6&RQYHUVLRQGHIRUrWVHW
SUDLULHV

7RWDO&RPEXVWLRQVXUVLWH*D]WUDFHV(PLVVLRQVGH&+

DXWUHVTXHOH&212HW12;&2SURYHQDQW
GHODFRPEXVWLRQ&jFLHORXYHUW&RPEXVWLRQKRUVVLWH(PLVVLRQVGH&2

5HMHWLPPpGLDWSURYHQDQWGHODFRPEXVWLRQ

5HMHWGLIIpUpSURYHQDQWGHODGpFRPSRVLWLRQDQV$EDQGRQGHWHUUHVH[SORLWpHVDQV

6pTXHVWUDWLRQGH&2
4XDQWLWpGHFRPEXVWLEOHLVVXGHODELRPDVVH(YROXWLRQGXSDWULPRLQHIRUHVWLHU
HWGHVDXWUHVVWRFNVGHELRPDVVH
OLJQHXVH

5pFROWHDQQXHOOHSURYHQDQWGHV(PLVVLRQVHWVWRFNV GHPDQGHWRWDOHGHERLVGH
IHXSURYHQDQWGHVIRUrWVpFODLUFLHV&URLVVDQFH

pOLPLQDWLRQVQHWWHVUpFROWHVFRPPHUFLDOHVGHERLV j

DGGLWLRQQHOOH

GH&2XVDJHQRQpQpUJpWLTXHSURYHQDQW

DQQXHOOHPRLQV

GHVIRUrWVGpIULFKpHVUpFROWHV

SUpOqYHPHQWVVXU

FRPPHUFLDOHVHWQRQFRPEXVWLEOHVOHVVWRFNV&URLVVDQFHDGGLWLRQHOOHDQQXHOOH(PLVVLRQVHWDVVLPLODWLRQVSDUOHVVROVGH&2
SURYHQDQWGXFKDQJHPHQWG¶DIIHFWDWLRQGHVWHUUHVHWIRUHVWHULH
(PLVVLRQVHW(PLVVLRQVHWpOLPLQDWLRQVWVSURYHQDQWGHV
VROV DQV*D]DXWUHVTXHOH&2SURYHQDQWGHOD
FRPEXVWLRQGHFRPEXVWLEOHVLVVXVGHOD
ELRPDVVH

pOLLQDWLRQVGH&2

(PLVVLRQVGH&+&212
HW12;/HVFKpPDFLGHVVXVLOOXVWUHOHVUHODWLRQVHQWUHOHVFDWpJRULHVGHFHPRGXOHDLQVL TXH OHV UHODWLRQV DYHF OD FRPEXVWLRQ GH FRPEXVWLEOHV LVVXV GH OD
ELRPDVVH GDQV OH PRGXOH (QHUJLH /HV SULQFLSDOHV UHODWLRQV VRQW OHV
VXLYDQWHV

3RXU HVWLPHU OHV pPLVVLRQV GH &2 SURYHQDQW GHV EUODJHV TXL
VXUYLHQQHQW ORUV GH OD FRQYHUVLRQ GHV IRUrWVSUDLULHV LO VXIILW GH
FRQQDvWUHODTXDQWLWpWRWDOHGHELRPDVVHEUOpHGXIDLWGHODFRQYHUVLRQ
GHVWHUUHVLQWHUYHQXHGXUDQWO¶DQQpHVSpFLILTXHGHO¶LQYHQWDLUH/DTXDQWLWpWRWDOHGHELRPDVVHEUOpHGRLWrWUHGLYLVpHHQGHX[SDUWLHV/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(ODFRPEXVWLRQVXUVLWHHWODFRPEXVWLRQKRUVVLWH F HVWjGLUHOHERLVGH
IHX SDUFHTXHOHW\SHGHFRPEXVWLRQDIIHFWHOHVpPLVVLRQVGHJD]DXWUHV
TXH OH &2 FRPPH OH PpWKDQH SDU H[HPSOH HW GLIIpUHQWV IDFWHXUVG¶pPLVVLRQ SHXYHQW GRQF rWUH DSSOLTXpV j OD FRPEXVWLRQ j FLHO RXYHUWVXUVLWH HWjO¶XWLOLVDWLRQGXERLVGHIHX KRUVVLWH 

/HV SD\V TXL GLVSRVHQW GH VWDWLVWLTXHV ILDEOHV VXU OD UpFROWH GLUHFWH GH
WRXV OHV W\SHV GH ELRPDVVH OLJQHXVH HW VXU WRXWHV OHV XWLOLVDWLRQV GH OD
ELRPDVVHjWLWUHGHFRPEXVWLEOHGHYUDLHQWXWLOLVHUFHVGRQQpHV'DQVGHQRPEUHX[ SD\V GHV TXDQWLWpV LPSRUWDQWHV GH ERLV SUpOHYpHV GDQV OHV
IRUrWV HW VXU OHV DXWUHV VWRFNV GH ELRPDVVH SRXU GHV XVDJHV
HVVHQWLHOOHPHQW GRPHVWLTXHV  QH VRQW SDV LQFOXVHV GDQV OHV VWDWLVWLTXHV
GHVUpFROWHVFRPPHUFLDOHV&HVSD\VSHXYHQWXWLOLVHUOHVVWDWLVWLTXHVGH
OD FRQVRPPDWLRQ GH ERLV GH IHX SXEOLpHV SDU OD )$2 &HV VWDWLVWLTXHVUHSRVHQW VXU GHV HQTXrWHV IDLWHV DXSUqV GHV PpQDJHV HW DLQVL TXH GHV
HQTXrWHVVXUODFRQVRPPDWLRQ G¶DXWUHV FRPEXVWLEOHV OHV FKLIIUHV pWDQWDMXVWpV SURSRUWLRQQHOOHPHQW j OD SRSXODWLRQ GH PDQLqUH j HVWLPHU OD
GHPDQGH DQQXHOOH HQ ERLV GH IHX HW DXWUHV FRPEXVWLEOHV WUDGLWLRQQHOV&HVFKLIIUHVSHXYHQWrWUHXWLOLVpVjODSODFHGHGHVVWDWLVWLTXHVUHODWLYHVDX[ UpFROWHV HW DX[ YHQWHV FRPPHUFLDOHV RX HQ DVVRFLDWLRQ DYHF FHV
VWDWLVWLTXHV
/HVGRQQpHVVXUODFRQVRPPDWLRQGHERLVGHIHXVRQWXWLOLVpHVGHGHX[
PDQLqUHV•

SRXU HVWLPHU OHV pPLVVLRQV GH JD] WUDFHV DXWUHV TXH OH &2
SURYHQDQWGHODFRPEXVWLRQGHVFRPEXVWLEOHVLVVXVGHODELRPDVVH

•OD FRQVRPPDWLRQ WRWDOH GH ERLV DMXVWpH GH PDQLqUH j GpIDOTXHU
WRXWHVOHVTXDQWLWpVGHERLVSURYHQDQWGHODFRQYHUVLRQ GHVIRUrWV
HW GHV SUDLULHV &2 GpMj FRPSWDELOLVp  HVW pJDOHPHQW XQ pOpPHQW
HVVHQWLHOSRXUFDOFXOHUOHVpPLVVLRQVRXO¶DEVRUSWLRQQHWWHVGH&2
LPSXWDEOHV j GHV PRGLILFDWLRQV DSSRUWpHV DX[ IRUrWV HW DX[ DXWUHVVWRFNVGHELRPDVVHOLJQHXVH(YROXWLRQGXSDWULPRLQHIRUHVWLHUHW
GHVDXWUHVVWRFNVGHELRPDVVH
OLJQHXVH,QWURGXFWLRQ&H VRXVPRGXOH FRQFHUQH OHV pPLVVLRQV RX O DEVRUSWLRQ GH FDUERQH HW GH
GLR[\GHGHFDUERQH LPSXWDEOHVjO¶pYROXWLRQGXSDWULPRLQHIRUHVWLHUHWDX[
DXWUHV VWRFNV GH ELRPDVVH OLJQHXVH D\DQW VXEL O¶LQIOXHQFH GH O¶DFWLYLWp GH
O¶KRPPH6RXUFHVGHGRQQpHV$QQXDLUHGHVSURGXLWVIRUHVWLHUVGHOD)$2 SXEOLFDWLRQDQQXHOOH ,O H[LVWH DXVVL XQ FHUWDLQ QRPEUH GH EDVHV GH GRQQpHV LQWHUQDWLRQDOHVFRPSUHQDQW GHV VWDWLVWLTXHV SURSUHV DX[ GLIIpUHQWV SD\V DLQVL TXH GHV
PRQRJUDSKLHVSDUSD\V2QSHXWFLWHU/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,((YDOXDWLRQGHVUHVVRXUFHVIRUHVWLqUHV3D\VWURSLFDX[ )$2 
/HVUHVVRXUFHVIRUHVWLqUHV GHV ]RQHV WHPSpUpHV &((218)$2 *HQqYH 
3RXUXQHELEOLRJUDSKLHGpWDLOOpHYRLUOHPDQXHOGHUpIpUHQFHSRXUO¶LQYHQWDLUH
GHVJD]jHIIHWGHVHUUHGX*,(&&DWpJRULHVGHELRPDVVHOLJQHXVH/HV DUEUHV GHV YLOODJHV GHV IHUPHV
RXGHV]RQHVXUEDLQHVDLQVL TXHGHV
SURJUDPPHV GH UHERLVHPHQW VRQW
LQFOXV LFL SRXU SHUPHWWUH DX[
XWLOLVDWHXUVGHSUHQGUHHQFRPSWH OD
ELRPDVVH GHV DUEUHV HQ GHKRUV GHV
IRUrWV WUDGLWLRQQHOOHV 'DQV FHUWDLQV
SD\VFHVGRQQpHVSHXYHQWSUpVHQWHU
XQH FHUWDLQH LPSRUWDQFH SRXU OD
FRPSWDELOLVDWLRQ GX ERLV GH IHX /HV
XWLOLVDWHXUVGHYURQWIRXUQLUWRXWHVOHVGRQQpHV VH UDSSRUWDQW j FHV
FDWpJRULHV0pWKRGRORJLH
3RXU FDOFXOHU OD VpTXHVWUDWLRQ QHWWH GH &2 RQ HVWLPH OD FURLVVDQFH
DQQXHOOH GH OD ELRPDVVH GDQV OHV SODQWDWLRQV OHV IRUrWV H[SORLWpHV SRXU OHV
JUXPHV RX OHV IRUrWV IDLVDQW O¶REMHW G¶DXWUHV IRUPHV GH UpFROWH GH ERLV OD
FURLVVDQFHGHVDUEUHVVLWXpVGDQVOHVYLOODJHVOHVH[SORLWDWLRQVDJULFROHVHWOHV]RQHV XUEDLQHV DLQVL TXH WRXV OHV DXWUHV VWRFNV LPSRUWDQWV GH ELRPDVVH
OLJQHXVH
2Q IDLW pJDOHPHQW XQH HVWLPDWLRQ GX ERLV UpFROWp SRXU rWUH XWLOLVp FRPPH
ERLVGHIHXGXERLVG¶°XYUHjXVDJHFRPPHUFLDOHWjG¶DXWUHVXVDJHVpWDQW
GRQQp TXH GHV TXDQWLWpV LPSRUWDQWHV GH ERLV SHXYHQW rWUH UDVVHPEOpHV GH
PDQLqUHLQIRUPHOOHSRXUVHUYLUjODFRQVRPPDWLRQWUDGLWLRQQHOOHGHERLVGH
IHX 'DQV FH FDV OHV VWDWLVWLTXHV FRPPHUFLDOHV GHYUDLHQW rWUH FRPSOpWpHV
SDUOHVGRQQpHVGHOD)$2VXUODFRQVRPPDWLRQGHERLVGHIHX
2Q FDOFXOH HQVXLWH OD VpTXHVWUDWLRQ QHWWH GH FDUERQH LPSXWDEOH j FHV
VRXUFHV6LOHFKLIIUHHVWSRVLWLILOUHSUpVHQWHXQHDEVRUSWLRQGH&2HWV¶LO
HVWQpJDWLILOUHSUpVHQWHXQHpPLVVLRQ(QILQODVpTXHVWUDWLRQpPLVVLRQQHWWH
GHFDUERQHHVWH[SULPpHHQ&2

&RPPHQWUHPSOLUODIHXLOOHGHFDOFXO
8WLOLVDWLRQGHODIHXLOOHGHFDOFXO(7$3((67,0$7,21'(/$7(1(85•)DLUH XQH FRSLH GH OD IHXLOOH GH
FDOFXO TXL VH WURXYH j OD ILQ GH
FHWWH VHFWLRQ DILQ G¶pWDEOLUO LQYHQWDLUH

727$/((1&$5%21('(/$&52,66$1&($118(//('(6)25(76(;3/2,7((63285/(6*580(6(73/$17((6•&RQVHUYH] O¶RULJLQDO GH OD IHXLOOHGH FDOFXO QRQ UHPSOLH DILQ GH
SRXYRLU IDLUH G¶DXWUHV FRSLHV VL
QpFHVVDLUH

8WLOLVH]OD )(8,//('(&$/&8/(92/87,21'83$75,02,1()25(67,(5(7'(6$875(6 672&.6 '( %,20$66( /,*1(86( ILJXUDQW j OD ILQ GH FH PRGXOH SRXUHQUHJLVWUHUOHVGRQQpHVG LQYHQWDLUH

3RXU FKDTXH W\SH GH VWRFN GH ELRPDVVH LQVFULYH] OD ]RQH GH
IRUrWVVWRFNV GH ELRPDVVH HQ NLORKHFWDUHV NKD  SOXV EDV GDQV OD
FRORQQH$

3RXU OHV DUEUHV KRUV IRUrWV  GLVSHUVpV DUEUHV GHV YLOOHV DUEUHV GHVYLOODJHV HW GHV IHUPHV SDU H[HPSOH  LQVFULYH] OH QRPEUH G¶DUEUHV HQ
PLOOLHUV GDQVODFRORQQH$

3RXUFKDTXHW\SHGHIRUrWLQVFULYH]OHWDX[GHFURLVVDQFHDQQXHOOH HQ
WRQQHVGHPDWLqUHVqFKHjO¶KHFWDUH GDQVODFRORQQH%

/HVVWDWLVWLTXHVSDUGpIDXWGHVWDEOHDX[RXSHXYHQWrWUHXWLOLVpHVVL
GHVGRQQpHVQDWLRQDOHVQHVRQWSDVGLVSRQLEOHV/¶XWLOLVDWLRQGHVGRQQpHVSDU
GpIDXWGRQQHUDLWGHVHVWLPDWLRQVQDWLRQDOHVDYHFGHIRUWHVLQFHUWLWXGHV/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8
$&&808/$7,21$118(//(02<(11('(0$7,(5(6(&+(6286)250('(%,20$66('$16/(63/$17$7,216
7\SHVGHIRUrWV7URSLFDOHV

7HPSpUpHV$FFURLVVHPHQWDQQXHOGHODELRPDVVH
WRQQHVPVKDDQ$FDFLDVSS(XFDO\SWXVVSS7HFWRQDJUDQGLV

3LQXVVSS

3LQXVFDULEDHD)HXLOOXVPpODQJpV)HXLOOXVPpODQJpVjFURLVVDQFHUDSLGH



5pVLQHX[PpODQJpV

6DSLQV'RXJODV

3LQV/REOROO\

1RWH  &H VRQW OHV WDX[ PR\HQV G¶DFFXPXODWLRQ VXU OD GXUpH GH YLH SUpYXH GHV SODQWDWLRQV OHV WDX[ UpHOVGpSHQGURQWGHO¶kJHGHODSODQWDWLRQ/HV GRQQpHV FRQFHUQDQW OHV HVVHQFHV GHV UpJLRQV WHPSpUpHV VRQW EDVpHV VXU GHV PHVXUHV HIIHFWXpHV DX[ (WDWV
8QLV/HVGRQQpHVFRQFHUQDQWOHVDXWUHVHVVHQFHVHWSRXUOHVDXWUHVUpJLRQVGRLYHQWrWUHGRQQpHVSDUFKDTXHSD\V
VLHOOHVVRQWGLVSRQLEOHV 
3RXU OHV IRUrWV WHPSpUpHV GHV HVWLPDWLRQV VXSSOpPHQWDLUHV SDU HVVHQFH HW SDU SD\V SHXYHQW rWUH pODERUpHV j
SDUWLU GHV GRQQpHV SXEOLpHV SDU )$2&((   HQ IDLVDQW O¶K\SRWKqVH TXH OHV PR\HQQHV  SDU SD\V UHODWLYHV j
O DFFURLVVHPHQW QHW DQQXHO PR\HQ SRXU OHV WHUUHV H[SORLWpHV HW QRQ H[SORLWpHV FRQVWLWXHQW GHV DSSUR[LPDWLRQVUDLVRQQDEOHVSRXUOHVSODQWDWLRQV

3RXU OHV DXWUHV DUEUHV TXL QH VRQW SDV LVVXV GHV IRUrWV LQVFULYH] GDQV OD
FRORQQH%OHWDX[G¶DFFURLVVHPHQWDQQXHOHQNLORWRQQHVGHPDWLqUHVVqFKHVSDU PLOOLHUV G¶DUEUHV F¶HVWjGLUH TX¶LO FRQYLHQW GH SUHQGUH OH WDX[ PR\HQG¶DFFURLVVHPHQWSDUDUEUHHWGHOHPXOWLSOLHUSDU



3RXU FKDTXH W\SH GH IRUrWVSUDLULHV PXOWLSOLHU OD VXSHUILFLH GH
IRUrWVWRFNV GH ELRPDVVH SDU OH WDX[ G¶DFFURLVVHPHQW DQQXHO SRXUREWHQLUODFURLVVDQFHDQQXHOOHGHODELRPDVVHHQNLORWRQQHVGHPDWLqUHVVqFKHV,QVFULYH]OHUpVXOWDWGDQVODFRORQQH&

3RXUOHVDUEUHVHQGHKRUVGHVIRUrWVPXOWLSOLHUOHQRPEUHG¶DUEUHVSDU
OHWDX[ DQQXHO GHFURLVVDQFH SRXUREWHQLU O¶DFFURLVVHPHQWDQQXHOGHOD
ELRPDVVHHQNLORWRQQHVGHPDWLqUHVVqFKHV,QVFULYH]OHUpVXOWDWGDQVODFRORQQH&

3RXUFKDTXHW\SHGHVWRFNGHELRPDVVHLQVFULYH]ODIUDFWLRQGHFDUERQH
GHODPDWLqUHVqFKH
/DYDOHXUSDUGpIDXWHVWSRXUWRXVOHVW\SHVGHELRPDVVHORUVTX¶LOQ¶\
DSDVGHYDOHXUVVSpFLILTXHV0XOWLSOLH] O¶DFFURLVVHPHQW DQQXHO GH OD ELRPDVVH SDU OD IUDFWLRQ GH
FDUERQH GH OD PDWLqUH VqFKH SRXU REWHQLU O DFFURLVVHPHQW WRWDO GH
FDUERQHVpTXHVWUp,QVFULYH]OHUpVXOWDWGDQVODFRORQQH( $MRXWH]OHVFKLIIUHVGHODFRORQQH(HWUHSRUWH]OHWRWDOGDQVODFDVHWRWDODXEDVGHODFRORQQH

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,((7$3((67,0$7,21'(/$48$17,7('(%,20$66(5(&2/7((
87,/,6$7,21
'(6

'(6

67$7,67,48(65(&2/7(6

$

86$*(

&200(5&,$/

 ,QVFULYH] OD TXDQWLWp GH ELRPDVVH FRPPHUFLDOH UpFROWpH H[SULPpH HQ
PLOOLHUVGHPqWUHVFXEHVGDQVODFRORQQH)
&HVYDOHXUVGHYUDLHQWrWUHWLUpHVGHVRXUFHVORFDOHV/HVYDOHXUVSXEOLpHVSDUOD)$2SHXYHQWrWUHXWLOLVpHVSDUGpIDXW6HUHSRUWHUjO¶HQFDGUpVH
WURXYDQWGDQVODPDUJHHWLQWLWXOp8WLOLVDWLRQGHVVWDWLVWLTXHVGHVUpFROWHVjXVDJHFRPPHUFLDO/HVVWDWLVWLTXHVGHVUpFROWHVjXVDJHFRPPHUFLDO
VRQW

VRXYHQWIRXUQLHV

SRXU

OD

IUDFWLRQ

FRPPHUFLDOH GH OD ELRPDVVH XQLTXHPHQW HQ

  GH ERLV HQ JUXPHV 'DQV FH

PqWUHV FXEHV P
FDV

OHV

TXDQWLWpVUpFROWpHV

GRLYHQWrWUH

DMXVWpHV DILQ GH UHIOpWHU OHV YDOHXUV QpFHVVDLUHVSRXUFDOFXOHUOHV

pPLVVLRQVDEVRUSWLRQV/H

YROXPH GH OD ELRPDVVH H[SULPp HQ P  GRLWrWUH FRQYHUWL HQ PDVVH GH PDWLqUH VqFKH
H[SULPpHHQWRQQHV WPV •

 6LQpFHVVDLUHLQVFULYH]OHUDWLRGHFRQYHUVLRQH[SDQVLRQGHODELRPDVVH
HQWRQQHVGHPDWLqUHVqFKHSDUPqWUHFXEH WPVP GDQVODFRORQQH*/HFRHIILFLHQWGHFRQYHUVLRQSDUGpIDXWHVW

WPVP (Q

RXWUHRQ

G¶H[SDQVLRQ

SHXW

SRXU

DSSOLTXHU

SUHQGUH

HQ

XQ

UDWLR

FRPSWHOD

ELRPDVVH QRQ FRPPHUFLDOH JURVVHV EUDQFKHVSHWLWV DUEUHV HWF  UpFROWpH DYHF OHV JUXPHV
FRPPHUFLDOHV

HW

DEDQGRQQpH

SRXU

GpFRPSRVLWLRQ 2Q SHXW XWLOLVHU OHV UDWLRV SDU
GpIDXWFLDSUqV•)RUrWVQRQH[SORLWpHV
)RUrWVH[SORLWpHV)RUrWVLPSURGXFWLYHV

6LO¶RQFRQQDvWOHW\SHGHIRUrWVXUOHTXHOOHERLV
HQ JUXPHV D pWp SUpOHYp RQ SHXW DSSOLTXHU OH
UDWLR DSSURSULp /D YDOHXU FRUUHVSRQGDQW DX[
IRUrWV H[SORLWpHV SRXUUDLW rWUH XWLOLVpH HQ WDQW 0XOWLSOLH] OD UpFROWH j XVDJH FRPPHUFLDO SDU OH UDWLR GH
FRQYHUVLRQH[SDQVLRQ VL QpFHVVDLUH  SRXU REWHQLU OD ELRPDVVH WRWDOH
SUpOHYpH DX FRXUV GH OD UpFROWH FRPPHUFLDOH HQ NLORWRQQHV GH PDWLqUH
VqFKH,QVFULYH]OHUpVXOWDWGDQVODFRORQQH+ ,QVFULYH]ODTXDQWLWpWRWDOHGHERLVGHIHXFRQVRPPp \FRPSULVOHERLV
GHVWLQpjODSURGXFWLRQGHFKDUERQ WLUpHGHVVWDWLVWLTXHVGHOD)$2VXU
ODFRQVRPPDWLRQGHERLVGHIHX
 ,QVFULYH]ODTXDQWLWpWRWDOHGHV DXWUHV XWLOLVDWLRQV GX ERLV HQ NLORWRQQHV
PVGDQVODFRORQQH-

TXH YDOHXU JpQpUDOH SDU GpIDXW 'HV IRUPXOHVSOXV GpWDLOOpHV SHUPHWWDQW GH GpULYHU OH UDWLR
G¶H[SDQVLRQ HQ WDQW TXH IRQFWLRQ GH OD GHQVLWp
GHODELRPDVVHDYDQWODUpFROWHVRQW H[DPLQpHV
GDQVOHPDQXHOGHUpIpUHQFH
6L O¶RQ D EHVRLQ GX UDWLR GH FRQYHUVLRQ HW GX

 6L FHUWDLQHV TXDQWLWpV GH ERLV VRQW HQOHYpHV PDLV QRQ FRPSWDELOLVpHV
GDQV OHV VWDWLVWLTXHV UHODWLYHV DX[ UpFROWHV j XVDJH FRPPHUFLDO RX GDQVOHVFDOFXOVGHODFRQVRPPDWLRQGHERLVGHIHXHOOHVSHXYHQWrWUHLQVFULWHVLFL

UDWLR G¶H[SDQVLRQ RQ SHXW OHV FRPELQHU HQ
XWLOLVDQW GHV UDWLRV TXL VRQW OH SURGXLW GHV
GHX[



7\SHGHIRUrWWPVELRPDVVHWRWDOHP

GHJUXPHVFRPPHUFLDOHV)RUrWVQRQH[SORLWpHV)RUrWVH[SORLWpHV)RUrWV ,QVFULYH] OD TXDQWLWp GH ERLV SUpOHYpH j OD VXLWH GHV pFODLUFLVVHPHQWV GH
IRUrWV FKLIIUH WRWDO GH OD FRORQQH 0 IHXLOOH GH FDOFXO  IHXLOOH 
TXDQWLWpGHELRPDVVHEUOpHKRUVVLWH DXEDVGHODFRORQQH/LPSURGXFWLYHV/HVVWDWLVWLTXHVGHVUpFROWHVVRQW

SDUIRLVIRXUQLHVVXUODEDVHGHODELRPDVVHWRWDOH UDWLR
G¶H[SDQVLRQ GpMj DSSOLTXpV  PDLV HOOHV SHXYHQW
pJDOHPHQWrWUHIRXUQLHVVRXVODIRUPHGHPDVVH
GH PDWLqUH VqFKH SOXW{W TXH VRXV IRUPH GH
YROXPH ,O HVW LPSRUWDQW TXH OHV XWLOLVDWHXUVGpILQLVVHQW VRLJQHXVHPHQW OD QDWXUH GHV YDOHXUV
GDQV OHXUV VRXUFHV GH GRQQpHV VH UDSSRUWDQWDX[UpFROWHVHQVXLWH

OHV

FRPPHUFLDOHVFRQYHUVLRQV $MRXWH] OD TXDQWLWp WRWDOH GH ERLV GH IHX FRQVRPPpH FRORQQH ,  j OD
TXDQWLWp WRWDOH GH ELRPDVVH SUpOHYpH DX FRXUV GHV UpFROWHV j XVDJHFRPPHUFLDO FRORQQH+ HWODTXDQWLWpWRWDOHG¶DXWUHVXWLOLVDWLRQVGXERLVFRORQQH- SRXUREWHQLUODFRQVRPPDWLRQWRWDOHGH ELRPDVVH,QVFULYH]OHUpVXOWDWGDQVODFRORQQH.$GGLWLRQQH]OHVFKLIIUHVGHFHWWHFRORQQHHWUHSRUWH]OHUpVXOWDWGDQVODFDVHWRWDX[DXEDVGHODFRORQQH

HW

RX

 6RXVWUDLUHOHERLVSUpOHYpjODVXLWHGHO pFODLUFLVVHPHQWGHVIRUrWV GHOD
FRQVRPPDWLRQWRWDOHGHELRPDVVHSRXUREWHQLUODFRQVRPPDWLRQWRWDOH
GH ELRPDVVH SURYHQDQW GHV VWRFNV HQ O¶H[SULPDQW HQ NLORWRQQHV GH
PDWLqUH VqFKH ,QVFULYH] OH UpVXOWDW GDQV OD FDVH VLWXpH DX EDV GH OD
FRORQQH0

DSSOLTXHQW
H[SDQVLRQVDSSURSULpHV SRXU REWHQLU OD TXDQWLWp WRWDOH GH
ELRPDVVHUpFROWpH,OSHXWV¶DJLUDGHODFRQYHUVLRQGXYROXPHHQPDVVHXQLTXHPHQW

E



&$5%21((/,0,1(

GHO¶H[SDQVLRQGHODUpFROWHFRPPHUFLDOHHQPDVVHWRWDOHGHPDWLqUHVVqFKHV

F(7$3(&219(56,21'8%2,65(&2/7((1G¶XQHFRPELQDLVRQGHVGHX[ DHWE

,QVFULYH]ODIUDFWLRQGHFDUERQHGDQVODFRORQQH1 ODYDOHXUJpQpUDOHSDU
GpIDXWSRXUODELRPDVVHYLYDQWHHVW /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(

0XOWLSOLH] OD FRQVRPPDWLRQ WRWDOH GH ELRPDVVH SURYHQDQW GHV VWRFNVFRORQQH 0  SDU OD IUDFWLRQ GH FDUERQH FRORQQH 1  SRXU REWHQLU OD
OLEpUDWLRQ DQQXHOOH GH FDUERQH HQ NLORWRQQHV GH FDUERQH  ,QVFULYH] OH
UpVXOWDWGDQVODFRORQQH2

(7$3((67,0$7,21'(/$48$17,7($118(//(727$/('(&$5%21(6(48(675(28/,%(5(

6RXVWUD\H] OD TXDQWLWp DQQXHOOH GH FDUERQH OLEpUp FRORQQH 2  GH
O¶DFFURLVVHPHQWWRWDOGHFDUERQH FRORQQH( SRXUREWHQLUODVpTXHVWUDWLRQRX OD OLEpUDWLRQ DQQXHOOH QHWWH GH FDUERQH ,QVFULYH] OH UpVXOWDW GDQV OD
FRORQQH3

0XOWLSOLH] OD VpTXHVWUDWLRQ RX OD OLEpUDWLRQ DQQXHOOH QHWWH GH FDUERQH
FRORQQH 3  SDU  SRXU REWHQLU O¶DEVRUSWLRQ VL OD YDOHXU HVW
SRVLWLYH  RX O¶pPLVVLRQ VL OD YDOHXU HVW QpJDWLYH  DQQXHOOH GH &2,QVFULYH]OHUpVXOWDWGDQVODFRORQQH4

3RXU OHV EHVRLQV G¶XQ UDSSRUW UpFDSLWXODWLI HW SRXU V¶DVVXUHU GH OD
FRKpUHQFH DYHF G¶DXWUHV FDWpJRULHV G¶pPLVVLRQVDEVRUSWLRQV LO IDXWLQYHUVHU OH VLJQH GHV UpVXOWDWV SRXU H[SULPHU OHV pPLVVLRQV DYHF XQH
YDOHXUSRVLWLYHHWOHVDEVRUSWLRQVDYHFXQHYDOHXUQpJDWLYH

(PLVVLRQVGH&2SURYHQDQWGHOD
FRQYHUVLRQGHIRUrWVHWSUDLULHV,QWURGXFWLRQ/D FRQYHUVLRQ GH IRUrWV HW SUDLULHV HQ WHUUHV FXOWLYpHV RX HQ SkWXUDJHVSHUPDQHQWV HVW VXUWRXW XQH DFWLYLWp GHV ]RQHV WURSLFDOHV /¶pFODLUFLVVHPHQW GHV
IRUrWV WURSLFDOHV V¶HIIHFWXH KDELWXHOOHPHQW SDU OD FRXSH GHV VRXVERLV HW SDU
O¶DEDWWDJHGHVDUEUHVVXLYLVGHODFRPEXVWLRQGHODELRPDVVHVXUSODFHRXHQWDQW
TXH ERLV GH IHX 3DU FH SURFHVVXV XQH SDUWLH GH OD ELRPDVVH HVW EUOpH DORUVTX¶XQH DXWUH SDUWLH UHVWH VXU OH VRO R HOOH VH GpFRPSRVH OHQWHPHQW
KDELWXHOOHPHQWVXUXQHSpULRGHGHGL[DQVGDQVOHV]RQHVWURSLFDOHV 8QHSHWLWHIUDFWLRQ  SRXU FHQW  GHV PDWpULDX[ FDOFLQpV HVW FRQYHUWLH HQ FKDUERQ TXL
UpVLVWH j OD GpFRPSRVLWLRQ SHQGDQW XQH FHQWDLQH G¶DQQpHV RX GDYDQWDJH WDQGLV
TXHOHUHVWHHVWLQVWDQWDQpPHQWOLEpUpGDQVO¶DWPRVSKqUHVRXVIRUPHGH&2 /j R OD FRQYHUVLRQ GH IRUrWV HW SUDLULHV HQ WHUUHV FXOWLYpHV HW SkWXUDJHVSHUPDQHQWV VH SURGXLW HQ GHKRUV GHV ]RQHV WURSLFDOHV OHV FDOFXOV GH EDVHGHYUDLHQWUHVWHUOHVPrPHV
'XFDUERQHSURYHQDQWGXVRODSUqVFRQYHUVLRQHVWpJDOHPHQWSHUGXVXUWRXWORUVTXH OD WHUUH HVW PLVH HQ FXOWXUH /D FRQYHUVLRQ GHV SUDLULHV HQ WHUUHVFXOWLYpHV SURYRTXH pJDOHPHQW GHV pPLVVLRQV GH &2  SURYHQDQW
SULQFLSDOHPHQWGXVRO/HVHVWLPDWLRQVG¶pPLVVLRQGH FDUERQH SURYHQDQWGHFHVSUDWLTXHVVHWURXYHQWGDQVODVHFWLRQ/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(6RXUFHVGHGRQQpHV
3RXU PHQHU j ELHQ OHV WkFKHV G LQYHQWDLUH GHPDQGpHV GDQV FHWWH VHFWLRQ YRXVDXUH] EHVRLQ GHV VWDWLVWLTXHV VXLYDQWHV FRQFHUQDQW OHV ]RQHV UHFRXYHUWHV GH
IRUrWVSUDLULHV
=RQHV GH IRUrWVSUDLULHV FRQYHUWLHV HQ WHUUHV FXOWLYpHV HW SkWXUDJHV SDU
FDWpJRULHDXFRXUVGHGHX[SpULRGHV••O¶DQQpHG¶LQYHQWDLUHOHVGL[DQQpHVpFRXOpHV/HV LPDJHV REWHQXHV SDU VDWHOOLWH OHV SKRWRJUDSKLHV DpULHQQHV HW OHV
HQTXrWHVDXVROVRQWGHVVRXUFHVSRVVLEOHVGHGRQQpHV
,O \ D DXVVL XQ FHUWDLQ QRPEUH GH EDVHV GH GRQQpHV LQWHUQDWLRQDOHV TXLFRPSRUWHQWGHVVWDWLVWLTXHVSDUSD\VDLQVLTXHGHVpWXGHVSDUSD\V2QSHXW
FLWHU(YDOXDWLRQ GHV UHVVRXUFHV IRUHVWLqUHV   SD\V WURSLFDX[ )$2  
'HVWDEOHDX[UpVXPpV GHVWLQpV DX[ SD\V WURSLFDX[ VRQW LQFRUSRUpV GDQV OH
PDQXHO/HVUHVVRXUFHVIRUHVWLqUHVGHV]RQHVWHPSpUpHV &(()$2*HQqYH 3RXUXQHELEOLRJUDSKLHSOXVGpWDLOOpHYRLUOHPDQXHOGHUpIpUHQFH

0pWKRGRORJLH
2QXWLOLVHWURLVVpULHVGHFDOFXOVSRXUDERXWLUDX[HVWLPDWLRQVG¶pPLVVLRQVGH&2 SURYHQDQWGHODFRQYHUVLRQGHIRUrWVSUDLULHV•'LR[\GHGHFDUERQHpPLVSDUODFRPEXVWLRQGHODELRPDVVHVXU OH
VRO pPLVVLRQV LPPpGLDWHV VH SURGXLVDQW GXUDQW O¶DQQpH GH OD
FRQYHUVLRQ•'LR[\GHGHFDUERQHOLEpUpSDUODGpFRPSRVLWLRQGHODELRPDVVHDXGHVVXVGXVRO pPLVVLRQVGLIIpUpHVVHSURGXLVDQWVXUXQHSpULRGHGH
GL[DQV•'LR[\GHGHFDUERQHOLEpUpSDUOHVRO FDOFXOpGDQVODVHFWLRQ

2Q DGGLWLRQQH OHV WRWDX[ SRXU REWHQLU OH WRWDO GX FDUERQH OLEpUp SDU OD
YpJpWDWLRQ /D TXDQWLWp WRWDOH GH FDUERQH OLEpUp HVW HQVXLWH FRQYHUWLH HQ
pPLVVLRQVGH&2 

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(&RPPHQWUHPSOLUODIHXLOOHGHFDOFXO(7$3((67,0$7,21'(/$%,20$66(,668('(6'()5,&+(0(1768WLOLVH] OD )(8,//( '( &$/&8/  &219(56,21 '( )25(76 (735$,5,(6 ILJXUDQW j OD ILQ GH FH PRGXOH SRXU HQUHJLVWUHU OHV GRQQpHV GH
O¶LQYHQWDLUH 9RXV GHYH] UpSpWHU FHW H[HUFLFH SRXU FKDFXQ GHV W\SHV GH
IRUrWVSUDLULHV,QVFULYH] OHV FKLIIUHV GH OD ]RQH FRQYHUWLH DQQXHOOHPHQW H[SULPpH HQ
NLORKHFWDUHVGDQVODFRORQQH$/HVYDOHXUVSDUGpIDXWIRXUQLHVSDUOD)$2
SRXUOHVIRUrWVWURSLFDOHVH[SRVpHVGDQVO¶HQFDGUp HWOHWDEOHDX  GX
PDQXHOGHUpIpUHQFHVRQWLQGLTXpHVGDQVOHWDEOHDX

8WLOLVDWLRQGHODIHXLOOHGHFDOFXO•)DLUH XQH FRSLH GH OD IHXLOOH GH
FDOFXO TXL VH WURXYH j OD ILQ GH
FHWWH VHFWLRQ DILQ G¶pWDEOLUO LQYHQWDLUH

•&RQVHUYH]O RULJLQDOGHODIHXLOOHGH FDOFXO QRQ UHPSOLH DILQ GH
SRXYRLU IDLUH G DXWUHV FRSLHV VL
QpFHVVDLUH

9RLU DXVVL O DSSHQGLFH WHFKQLTXH DX FKDSLWUH  GX PDQXHO GH UpIpUHQFH
SRXUXQHGLVFXVVLRQGHVVRXUFHVLQWHUQDWLRQDOHVGHGRQQpHV,QVFULYH] OHV FKLIIUHV GH OD ELRPDVVH DYDQW FRQYHUVLRQ HQ WRQQHV GH
PDWLqUHVqFKHSDUKHFWDUH WPVKD GDQVODFRORQQH%/HVYDOHXUVSDU
GpIDXWVRQWLQGLTXpHVGDQVOHVWDEOHDX[HW

,QVFULYH] OHV FKLIIUHV GH OD ELRPDVVH DSUqV FRQYHUVLRQ HQ WRQQHV GH
PDWLqUHVqFKHSDUKHFWDUH WPVKD GDQVODFRORQQH&&HFKLIIUHFRPSUHQGODTXDQWLWpGHELRPDVVHTXLQ¶HVWSDVHQWLqUHPHQWLVVXH
GHVpFODLUFLV YDOHXUSDUGpIDXW  SOXVOHVUHSRXVVHVGHVWHUUHVDJULFROHV/DYDOHXUSDUGpIDXWHVWGHWRQQHVGHPDWLqUHVVqFKHVjO¶KHFWDUHGDQVOH
FDVGHFXOWXUHVDQQXHOOHVHWSHXWrWUHEHDXFRXSSOXVpOHYpHGDQVOHFDVR
GHV DUEUHV j GXUpH GH YLH SpUHQQH H[HPSOH FDIpLHU KpYpD  VRQW SODQWpVYRLUOHPDQXHOGHUpIpUHQFH /LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8=21()25(67,(5( +$ (77$8;'(&219(56,21 7&+$$1 3285/(63$<67523,&$8;$IULTXH
3D\V

5pJLRQSOXYLHXVH$QJROD%RWVZDQD%XUXQGL&DPHURXQ&DS9HUW
5pSXEOLTXH&HQWUDIULFDLQH
7FKDG
&RQJR
%pQLQ
*XLQpH(TXDWRULDOH(WKLRSLH'MLERXWL*DERQ*DPELH*KDQD*XLQpH&{WHG¶,YRLUH.HQ\D/LEHULD0DGDJDVFDU
0DODZL
0DOL
0DXULWDQLH
0R]DPELTXH
1DPLELH
1LJHU
1LJHULD*XLQpH%LVVDX=LPEDEZH
5ZDQGD
6pQpJDO
6LHUUD/HRQH
6RPDOLH
6RXGDQ
7DQ]DQLH
7RJR
2XJDQGD%XUNLQD)DVR
5pSXEOLTXH'pPRFUDWLTXHGX&RQJR=DPELH
727$/





5pJLRQKXPLGH
DYHFFRXUWHVDLVRQVqFKH
7&



5pJLRQKXPLGH
DYHFORQJXHVDLVRQVqFKH





7&





7&



































































































































































































































/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8 68,7(=21()25(67,(5( +$ (77$8;'(&219(56,21 7&+$$1 3285/(63$<67523,&$8;$IULTXH
3D\V$QJROD%RWVZDQD%XUXQGL&DPHURXQ&DS9HUW
5pSXEOLTXH&HQWUDIULFDLQH
7FKDG
&RQJR
%pQLQ
*XLQpH(TXDWRULDOH(WKLRSLH'MLERXWL*DERQ*DPELH*KDQD*XLQpH&{WHG¶,YRLUH.HQ\D/LEHULD0DGDJDVFDU
0DODZL
0DOL
0DXULWDQLH
0R]DPELTXH
1DPLELH
1LJHU
1LJHULD*XLQpH%LVVDX=LPEDEZH
5ZDQGD
6pQpJDO
6LHUUD/HRQH
6RPDOLH
6RXGDQ
7DQ]DQLH
7RJR
2XJDQGD%XUNLQD)DVR
5pSXEOLTXH'pPRFUDWLTXH
GX&RQJR=DPELH727$/

5pJLRQVqFKH

5pJLRQPRQWDJQHXVHKXPLGH

5pJLRQPRQWDJQHXVH
VqFKH




7&





























7&





7&








































































































































































































































/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8 68,7(=21()25(67,(5( +$ (77$8;'(&219(56,21 7&+$$1 3285/(63$<67523,&$8;$VLHGX6XGHWGX6XG(VWFRQWLQHQWDOHWLQVXODLUH
3D\V

5pJLRQSOXYLHXVH

5pJLRQKXPLGHDYHFXQH
VDLVRQVqFKHORQJXH







7&



















































7&

%DQJODGHVK%KRXWDQ%UXQHL
0\DQPDU
6UL/DQND,QGH,QGRQpVLH&DPERGJH/DRV
0DODLVLH
1pSDO
3DNLVWDQ
3DSRXDVLH1RXYHOOH*XLQpH
3KLOLSSLQHV
6LQJDSRXU
7KDwODQGH
9LHWQDP































































727$/







3D\V%DQJODGHVK%KRXWDQ%UXQHL
0\DQPDU
6UL/DQND,QGH,QGRQpVLH&DPERGJH/DRV
0DODLVLH
1pSDO
3DNLVWDQ
3DSRXDVLH1RXYHOOH*XLQpH
3KLOLSSLQHV
6LQJDSRXU
7KDwODQGH
9LHWQDP
727$/







7&






5pJLRQVqFKH




5pJLRQKXPLGHDYHFXQH
VDLVRQVqFKHFRXUWH

7&




































5pJLRQPRQWDJQHXVHKXPLGH

5pJLRQPRQWDJQHXVHVqFKH





7&

















































































7&/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8 68,7(=21()25(67,(5( +$ (77$8;'(&219(56,21 7&+$$1 3285/(63$<67523,&$8;$PpULTXH&HQWUDOH$PpULTXHGX6XGHW&DUDwEHV
3D\V

5pJLRQSOXYLHXVH$QWLJXDHW%DUEDGH%DKDPDV%ROLYLH%UpVLO%pOL]H&RORPELH&RVWD5LFD&XED'RPLQLTXH
5pSXEOLTXH'RPLQLFDLQH(TXDWHXU
6DOYDGRU*X\DQH)UDQoDLVH*UHQDGH*XDGHORXSH*XDWHPDOD*X\DQH+DwWL+RQGXUDV-DPDwTXH
0DUWLQLTXH0H[LTXH
1LFDUDJXD
3DQDPD
3DUDJXD\
3pURX
3RUWR5LFR
6W.LWWVHW1HYLV
6WH/XFLH
6W9LQFHQW
6XULQDP7ULQLWpHW7REDJR
9HQH]XHOD
727$/



5pJLRQKXPLGHDYHFXQHVDLVRQVqFKHFRXUWH
7&





7&






























5pJLRQKXPLGHDYHFXQHVDLVRQVqFKHORQJXH




7&



























































































































































































/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp







&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8 68,7(=21()25(67,(5( +$ (77$8;'(&219(56,21 7&+$$1 3285/(63$<67523,&$8;$PpULTXH&HQWUDOH$PpULTXHGX6XGHW&DUDwEHV
3D\V$QWLJXDHW%DUEDGH%DKDPDV%ROLYLH%UpVLO%pOL]H&RORPELH&RVWD5LFD&XED'RPLQLTXH
5pSXEOLTXH'RPLQLFDLQH(TXDWHXU
6DOYDGRU*X\DQH)UDQoDLVH*UHQDGH*XDGHORXSH*XDWHPDOD*X\DQH+DwWL+RQGXUDV-DPDwTXH
0DUWLQLTXH0H[LTXH
1LFDUDJXD
3DQDPD
3DUDJXD\
3pURX
3RUWR5LFR
6W.LWWVHW1HYLV
6WH/XFLH
6W9LQFHQW
6XULQDP7ULQLWpHW7REDJR
9HQH]XHOD
727$/

5pJLRQVqFKH

5pJLRQPRQWDJQHXVHKXPLGH

5pJLRQPRQWDJQHXVHVqFKH




7&



























7&





7&


































































































































































6RXUFH/HVGRQQpHVVRQWIRXUQLHVSDUOD)$2  HW0/RUHQ]LQL FRPP3HUV /HVVXSHUILFLHVGHVIRUrWVHWOHVWDX[GHFRQYHUVLRQ
VRQWUpSDUWLVGDQVOHVPrPHVFDWpJRULHVGHWHUUHTXHGDQVO¶HQFDGUpHWGDQVOHWDEOHDXGXPDQXHOGHUpIpUHQFH

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8
0$7,(5(6(&+('$16/$%,20$66($8'(6686'862/'$16/(6)25(767523,&$8;
7211(606+$)RUrWVWURSLFDOHV
5pJLRQSOXYLHXVH

3!

5pJLRQKXPLGH
DYHFXQHVDLVRQVqFKH
FRXUWH

5pJLRQKXPLGHDYHF
XQHVDLVRQVqFKHORQJXH

!3!

5pJLRQ
VqFKH

5pJLRQ
PRQWDJQHXVH
KXPLGH

5pJLRQ
PRQWDJQHXVH
VqFKH3

3!

3

$IULTXH













$VLH
&RQWLQHQWDOH









,QVXODLUH






SDVGH
GRQQpHSHXGH
GRQQpHVRXDXFXQH
GRQQpH

SDVGH
GRQQpH$PpULTXH



SDVGH
GRQQpH





3



DXFXQH
GRQQpHSUpFLSLWDWLRQVDQQXHOOHVHQPPDQ

6RXUFHV9RLUPDQXHOGHUpIpUHQFH WDEOHDX GHVHVWLPDWLRQVVXSSOpPHQWDLUHVGHODELRPDVVHSRXUGLIIpUHQWVW\SHVGH
IRUrWVHWGLIIpUHQWHVFDWpJRULHVGHSHUWXUEDWLRQVVXLYDQWOHV]RQHVFOLPDWLTXHVjO¶LQWpULHXUGHVSD\VVRQWIRXUQLHVGDQVOHWDEOHDXGXPDQXHOGHUpIpUHQFH

/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(7$%/($8
0$7,(5(66(&+(6'$16/$%,20$66($8'(6686'862/'$16/(6)25(767(03(5((6(7%25($/(67211(606+$)RUrWVWHPSpUpHV)RUrWVERUpDOHV'HFRQLIqUHV'HIHXLOOXV

'HIHXLOOXVHWFRQLIqUHVjODIRLV

'HFRQLIqUHV

7RXQGUD

6RXUFHV9RLUOHPDQXHOGHUpIpUHQFH

6RXVWUD\H] OHV FKLIIUHV GH OD FRORQQH & GHV FKLIIUHV GH OD FRORQQH %SRXUREWHQLUOHFKLIIUHUHSUpVHQWDQWODYDULDWLRQQHWWHGHODGHQVLWpGH
ELRPDVVH H[SULPpH HQ WRQQHV GH PDWLqUHV VqFKHV j O¶KHFWDUH HW
LQVFULYH]OHUpVXOWDWGDQVODFRORQQH'

0XOWLSOLH]ODVXSHUILFLHFRQYHUWLHDQQXHOOHPHQW HQNLORKHFWDUHV SDUOD
YDULDWLRQ QHWWH GH OD GHQVLWp GH OD ELRPDVVH HQ WRQQHV SDU KHFWDUH
SRXU FDOFXOHU OD SHUWH DQQXHOOH GH ELRPDVVH SRXU FKDTXH W\SH GH
IRUrWVSUDLULHV HQ NLORWRQQHV GH PDWLqUHV VqFKHV NW PV  ,QVFULYH] OHVUpVXOWDWVGDQVODFRORQQH((7$3((67,0$7,21'8&$5%21(/,%(5(3$5/$&20%867,216853/$&('(/$%,20$66($8'(6686'862/)5$&7,216
3OXVLHXUVIUDFWLRQVVRQWXWLOLVpHVGDQV
OH FDOFXO GHV pPLVVLRQV JpQpUpHV SDU
ODFRQYHUVLRQGHIRUrWVSUDLULHV•)UDFWLRQ GH ELRPDVVH EUOpH VXU
VLWHHWKRUVVLWH

•)UDFWLRQ ODLVVpH SRXU GpFRPSRVLWLRQ,OV DJLWGHODIUDFWLRQGH
ELRPDVVH TXL HVW VLPSOHPHQWODLVVpHVXU
SODFHSRXU
GpFRPSRVLWLRQHWTXLGHFHIDLW
OLEqUH GHV JD] j XQ U\WKPH SOXV
OHQW

•





,QVFULYH]OHFKLIIUHFRUUHVSRQGDQWjODIUDFWLRQGHELRPDVVH
EUOpH VXU SODFH SDU W\SH GH IRUrWVSUDLULHV GDQV OD
FRORQQH) YRLUHQFDGUp 

0XOWLSOLH] OD SHUWH DQQXHOOH GH ELRPDVVH HQ NLORWRQQHV
SDUODIUDFWLRQGHELRPDVVHEUOpHVXUVLWHDILQGHFDOFXOHU
OD TXDQWLWp GH ELRPDVVH EUOpH VXU VLWH HQ NLORWRQQHV GH
PDWLqUH VqFKH  SRXU FKDTXH W\SH GH IRUrWVSUDLULHV,QVFULYH]OHUpVXOWDWGDQVODFRORQQH*

,QVFULYH] OD IUDFWLRQ GH ELRPDVVH R[\GpH VXU VLWH GDQV OD
FRORQQH+ IUDFWLRQSDUGpIDXW  



0XOWLSOLH] OD TXDQWLWp GH ELRPDVVH EUOpH VXU VLWH HQ
NLORWRQQHV GH PDWLqUH VqFKH  SDU OD IUDFWLRQ GH ELRPDVVH
R[\GpH VXU VLWH DILQ GH FDOFXOHU OD TXDQWLWp GH ELRPDVVH
R[\GpHVXUVLWH HQNLORWRQQHVGHPDWLqUHVqFKH ,QVFULYH]
OHVFKLIIUHVGDQVODFRORQQH,

,QVFULYH] OD IUDFWLRQ GH FDUERQH GH OD ELRPDVVH DXGHVVXVGXVRO EUOpHVXUVLWH GDQVODFRORQQH- YDOHXUSDUGpIDXW 

0XOWLSOLH] OD TXDQWLWp GH ELRPDVVH R[\GpH VXU VLWH HQ
NLORWRQQHV GH PDWLqUHV VqFKHV  SDU OD IUDFWLRQ GH FDUERQH
GHODELRPDVVHDXGHVVXVGXVROSRXUFDOFXOHUODTXDQWLWpGH)UDFWLRQ TXL V R[\GH SHQGDQW OH
EUODJH,OV DJLW GH OD IUDFWLRQ GH
ELRPDVVH EUOpH TXL V R[\GH DX
OLHX GH VH WUDQVIRUPHU HQ
FKDUERQGHERLV/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp

&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,(FDUERQH OLEpUpH HQ NLORWRQQHV GH FDUERQH  ,QVFULYH] OHVUpVXOWDWVGDQVODFRORQQH.


$GGLWLRQQH] OHV FKLIIUHV GH OD FRORQQH . HW LQVFULYH] OH
UpVXOWDW GDQV OD FDVH VRXVWRWDO DX EDV GH OD FRORQQH GH OD
IHXLOOHGHFDOFXO
&H VRXVWRWDO VHUD XWLOLVp SDU OD VXLWH SRXU HVWLPHU OHV
pPLVVLRQVG¶DXWUHVJD]SURYHQDQWGHODFRPEXVWLRQVXUVLWH
IHXLOOHGHFDOFXO(7$3((67,0$7,21'8&$5%21(/,%(5(3$5/$&20%867,21+2566,7('(/$%,20$66($8'(6686'862/

,QVFULYH]ODIUDFWLRQGHELRPDVVHEUOpHKRUVVLWHGDQVODFRORQQH/

0XOWLSOLH] OD SHUWH DQQXHOOH GH ELRPDVVH HQ NLORWRQQHV GH PDWLqUH
VqFKH ILJXUDQWGDQVODFRORQQH ( SDU ODIUDFWLRQ GHELRPDVVHEUOpH
KRUVVLWHDILQGHFDOFXOHUODTXDQWLWpGHELRPDVVHEUOpHKRUVVLWH HQ
NLORWRQQHV GH PDWLqUH VqFKH  SRXU FKDTXH W\SH GH IRUrWVSUDLULH
,QVFULYH]OHUpVXOWDWGDQVODFRORQQH0$GGLWLRQQH]OHVFKLIIUHVGHODFRORQQH0HWLQVFULYH]OHUpVXOWDWGDQVODFDVHVRXVWRWDODXEDVGHODFRORQQHGHODIHXLOOHGHFDOFXO,QVFULYH]ODIUDFWLRQ GH ELRPDVVHR[\GpH KRUV VLWH SRXU FKDTXH W\SH
GHIRUrWVSUDLULHVGDQVODFRORQQH1 ODYDOHXUSDUGpIDXWHVW 



0XOWLSOLH] OD TXDQWLWp GH ELRPDVVH EUOpH KRUV VLWH HQ NLORWRQQHV GH
PDWLqUH VqFKH  SDU OD IUDFWLRQ R[\GpH SRXU FDOFXOHU OD TXDQWLWp GH
ELRPDVVHR[\GpHKRUVVLWH HQNLORWRQQHVGHPDWLqUHVqFKH ,QVFULYH]
OHVFKLIIUHVGDQVODFRORQQH2,QVFULYH] OD IUDFWLRQ GH FDUERQH GH OD ELRPDVVH DXGHVVXV GX VRO
EUOpHKRUVVLWH GDQVODFRORQQH3 ODYDOHXUSDUGpIDXWHVW 

0XOWLSOLH]ODTXDQWLWpGHELRPDVVHR[\GpHKRUVVLWH HQNLORWRQQHVGH
PDWLqUHVqFKH SDUODIUDFWLRQGHFDUERQHGHODELRPDVVHDXGHVVXVGX
VRO DILQ GH FDOFXOHU OD TXDQWLWp GH FDUERQH OLEpUpH HQ NLORWRQQHV ,QVFULYH]OHVUpVXOWDWVGDQVODFRORQQH4$GGLWLRQQH]OHVFKLIIUHVGHODFRORQQH4HWLQVFULYH]OHUpVXOWDWDXEDVGHODFRORQQHGHODIHXLOOHGHFDOFXO/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp&+$1*(0(17' $))(&7$7,21'(67(55(6(7)25(67(5,((7$3((67,0$7,21'(/$48$17,7(
727$/('(&$5%21(/,%(5((3$5/$&20%867,21'(/$%,20$66($8'(6686'862/685(7+2566,7(



$MRXWH]OHVRXVWRWDOGHODTXDQWLWpGHFDUERQHOLEpUpHSURYHQDQWGHOD
FRPEXVWLRQ VXU VLWH GH OD ELRPDVVH ILJXUDQW GDQV OD FRORQQH . DX
VRXVWRWDO GH OD TXDQWLWp GH FDUERQH OLEpUpH SURYHQDQW GH OD
FRPEXVWLRQGHODELRPDVVHKRUVVLWH ILJXUDQWGDQVODFRORQQH42Q
REWLHQW DLQVL OD TXDQWLWp WRWDOH GH FDUERQH OLEpUpH SURYHQDQW GH OD
FRPEXVWLRQ VXU HW KRUV VLWH  ,QVFULYH] OH UpVXOWDW GDQV OD FDVH VRXVWRWDODXEDVGHODFRORQQH5( 7 $ 3 (     ( 6 7 , 0 $ 7 , 2 1  ' 8  & 2  / , % ( 5 (  3 $ 5/$'(&20326,7,21'(/$%,20$66($8'(6686'862/

,QVFULYH] OHV FKLIIUHV UHODWLIV j OD VXSHUILFLH PR\HQQH FRQYHUWLH
PR\HQQH VXU  DQV  SRXU FKDTXH W\SH GH IRUrWVSUDLULHV GDQV OD
FRORQQH$
3RXUOHVYDOHXUV SDU GpIDXW YRXV SRXYH] XWLOLVHU OHWDEOHDX pWDQW
GRQQp TXH OHV WDX[ GH FRQYHUVLRQ FRQVWLWXHQW OD PR\HQQH VXU OD
SpULRGHGHDQV





,QVFULYH]GDQVODFRORQQH%ODELRPDVVHPR\HQQHDYDQWFRQYHUVLRQHQWRQQHVGHPDWLqUHVqFKHSDUKHFWDUH WPVKD /HVYDOHXUVSDUGpIDXW
VRQWLQGLTXpHVGDQVOHVWDEOHDX[HW

,QVFULYH]GDQVODFRORQQH&ODELRPDVVHPR\HQQHDSUqVFRQYHUVLRQHQWRQQHVGHPDWLqUHVqFKHSDUKHFWDUH WGPKD &HFKLIIUHFRPSUHQG
WRXWH ELRPDVVH TXL QH SURYLHQW SDV HQWLqUHPHQW GHV pFODLUFLHV OD
YDOHXU SDUGpIDXWHVW  HWODELRPDVVHOLpH DX[ XWLOLVDWLRQV DJULFROHV/DYDOHXUSDUGpIDXWHVWGHWRQQHVGHPDWLqUHVqFKHjO¶KHFWDUH 

6RXVWUD\H] OD YDOHXU GH OD FRORQQH & GH FHOOH GH OD FRORQQH % SRXUREWHQLU OD YDULDWLRQ QHWWH GH OD GHQVLWp GH OD ELRPDVVH HQ WRQQHV GH
PDWLqUHVqFKHSDUKHFWDUH,QVFULYH]OHVUpVXOWDWVGDQVODFRORQQH'

0XOWLSOLH] OD VXSHUILFLH PR\HQQH FRQYHUWLH PR\HQQH VXU  DQV 
H[SULPpH HQ NLORKHFWDUHV FRORQQH $  SDU OD YDULDWLRQ QHWWH GH OD
GHQVLWp GH OD ELRPDVVH HQ WRQQHV GH PDWLqUH VqFKH SDU KHFWDUHFRORQQH '  SRXU FDOFXOHU OD SHUWH DQQXHOOH PR\HQQH GH ELRPDVVHDXGHVVXV GX VRO  SRXU FKDTXH W\SH GH IRUrWVSUDLULHV H[SULPpH HQ
NLORWRQQHV GH PDWLqUH VqFKH NW PV  ,QVFULYH] OHV UpVXOWDWV GDQV OD
FRORQQH(,QVFULYH]ODIUDFWLRQODLVVpHSRXUGpFRPSRVLWLRQ PR\HQQHVXUDQV 
GDQVODFRORQQH) YRLUHQFDGUp 

0XOWLSOLH] OD SHUWH DQQXHOOH PR\HQQH GH ELRPDVVH SRXU FKDTXH W\SHGH IRUrWVSUDLULHV SDU OD IUDFWLRQ ODLVVpH SRXU GpFRPSRVLWLRQ DILQ GH
FDOFXOHUODTXDQWLWpGHELRPDVVHODLVVpHHQGpFRPSRVLWLRQ,QVFULYH]OH
UpVXOWDWGDQVODFRORQQH*/LJQHVGLUHFWULFHVGX*,(&SRXUOHVLQYHQWDLUHVQDWLRQDX[GHJD]jHIIHWGHVHUUH9HUVLRQUpYLVpH0DQXHOVLPSOLILp