Première partie
e
52 année
J OURNAL
de la
République Démocratique du Congo
Cabinet du Président de la République
Kinshasa – 16 janvier 2011
PRESIDENCE DE LA REPUBLIQUE
/RL Qƒ   GX    GpFHPEUH    UHODWLYH j
O·DYLDWLRQFLYLOH
([SRVpGHVPRWLIV
/¶DYLDWLRQ FLYLOH FRQVWLWXH XQ LQVWUXPHQW LQGLVSHQVDEOH
LQGLVSHQV SRXU
O¶DGPLQLVWUDWLRQ O¶XQLWp HW O¶LQWpJUDWLRQ GH OD 5pSXEOLTXH
5p
'pPRFUDWLTXHGX&RQJR
(OOHHVWjFHMRXUUpJLHSDUXQHOpJLVODWLRQTXLQHUpSRQGSOXV
(OOHHVWjFHMRXUUpJLHSDUXQHOpJLVODWLRQTXLQH
DX[ GpILV QpV GX SURJUqV WHFKQRORJLTXH HW pFRQRPLTXH
pFRQRPLTX GX
WUDQVSRUWDpULHQ
(Q HIIHW OHV WH[WHV SULV GDQV FH VHFWHXU VRQW O¶RUGRQQDQFH
O¶RU
OpJLVODWLYH Qƒ 
 GX  VHSWHPEUH  UHODWLYH DX[
VHUYLWXGHV DpURQDXWLTXHV OH GpFUHW GX  GpFHPEUH 
UpJLVVDQWODFUpDWLRQGHV]RQHVLQWHUGLWHVGHVXUYR
UpJLVVDQWODFUpDWLRQGHV]RQHVLQWHUGLWHVGHVXUYROO¶RUGRQQDQFH
Qƒ GX  RFWREUH  UHODWLYH j OD QDYLJDWLRQ
QDYLJDWLRQ DpULHQQH
WH[WH GH QDWXUH UpJOHPHQWDLUH HW O¶RUGRQQDQFHORL ORL Qƒ 
 GX
 PDUV  SRUWDQW UqJOHPHQWDWLRQ GHV FRQGLWLRQV JpQpUDOHV
JpQpUDOH
G¶H[SORLWDWLRQGHVVHUYLFHVDpULHQV
&HV WH[WHV VRQW GHYHQXV ODFXQDLUHV DX UHJDUG GX
GpYHORSSHPHQWSURGLJLHX[GXGURLWDpULHQLQWHUQDWLRQDO
GpYHORSSHPHQWSURGLJLHX[GXGURLWDpULHQLQWHUQDWLR
&¶HVW SRXU UHPpGLHU j FHV GpILFLHQFHV HW GDQV OH VRXFL
VR GH
GRWHUOHSD\VG¶XQHOpJLVODWLRQDpURQDXWLTXHDGDSWpHHIILFDFHHW
GRWHUOHSD\VG¶XQHOpJLVODWLRQDpURQDXWLTXHDGDSWp
SUDWLTXH TXH OD SUpVHQWH ORL WLHQW FRPSWH GH SOXVLHXUV
SOXVLH IDFWHXUV
QRWDPPHQW
- OD QpFHVVLWp GH FRGLILHU OHV UqJOHV UpJLVVDQW O¶DYLDWLRQ
O¶DYL
FLYLOH
- OHEHVRLQGHVpFXULWpGXWUDQVSRUWDpULHQ
- OD QRXYHOOH SROLWLTXH DpURQDXWLTXH GpILQLH j WUDYHUV
WUDYHU OD
'pFLVLRQ GH <DPRXVVRXNUR GX  QRYHPEUH 
FRQFHUQDQW OD OLEpUDOLVDWLRQ GH O¶DFFqV GHV PDUFKpV
PDUFKpV GH
WUDQVSRUWDpULHQHQ$IULTXH
LQWURGXLWGHQRXYHOOHVUqJOHVHQDSSOLFDWLRQ
/DSUpVHQWHORLLQWURGXLWGHQRXYHOOHVUqJOHVHQDSSOLFDWLRQ
GHV LQVWUXPHQWV LQWHUQDWLRQDX[ UHODWLIV j O¶DYLDWLRQ
O¶DYLDWLR FLYLOH
QRWDPPHQWOD&RQYHQWLRQUHODWLYHjO¶DYLDWLRQFLYLOHLQWHUQDWLRQDOH
VLJQpH j &KLFDJR OH  GpFHPEUH  HW GH VHV DQQH[HV
DQQH
DFWXDOLVpHVGRQWOHVSOXVUHOHYDQWHVVHUDSSRUWHQW
VUHOHYDQWHVVHUDSSRUWHQW
- DXUpJLPHGHVSULYLOqJHVHWK\SRWKqTXHV
- j O¶REOLJDWLRQ IDLWH DX WUDQVSRUWHXU DpULHQ G¶REWHQLU
G¶REWHQ XQH
OLFHQFH G¶H[SORLWDWLRQ HW XQ FHUWLILFDW GH WUDQVSRUWHXU
WUDQVSRU
DpULHQ
1 2
numéro spécial
O FFICIEL

- DXUpJLPHGHVDIIUqWHPHQWVG¶DpURQHIV
DXUpJLPHGHVDIIUqWHPHQWVG¶DpURQHIV
- j OD SURWHFWLRQ
FWLRQ GX SDVVDJHU YLFWLPH G¶XQ UHIXV
G¶HPEDUTXHPHQW
- jO¶LQVWLWXWLRQG¶XQHDXWRULWpGHO¶DYLDWLRQFLYLOH
jO¶LQVWLWXWLRQG¶XQHDXWRULWpGHO¶DYLDWLRQFLYLOHFKDUJpHGH
O¶DGPLQLVWUDWLRQ GH OD UpJOHPHQWDWLRQ WHFKQLTXH HW
HW GH OD
VXSHUYLVLRQGHODVpFXULWpGHO¶DYLDWLRQFLYLOH
VXSHUYLVLRQGHODVpFXULWpGHO¶DYLDWLRQFLYLOH
- DXUHQIRUFHPHQWGXV\VWqPHGHUHVSRQVDELOLWpFLYLOHGHV
V\VWqPHGHUHVSRQVDELOLWpFLYLOHGHV
WUDQVSRUWHXUVHWGHVH[SORLWDQWVDpULHQV
WUDQVSRUWHXUVHWGHVH[SORLWDQWVDpULHQV
- jODSURWHFWLRQGHO¶HQYLURQQHPHQW
jODSURWHFWLRQGHO¶HQYLURQQHPHQW
- jODV€UHWpGHO¶DYLDWLRQFLYLOH
jODV€UHWpGHO¶DYLDWLRQFLYLOH
- jODFRQGXLWHGHVHQTXrWHVVXUOHVDFFLGHQWVHWLQFLGHQWV
jODFRQGXLWHGHVHQTXrWHVVXUOHVDFFLGHQWVHWLQF
G¶DYLDWLRQ HW j OD FRRUGLQDWLRQ GHV UHFKHUFKHV
UHFKHUFKHV HW
VDXYHWDJH
- DXUHQIRUFHPHQWGXUpJLPHUpSUHVVLI
DXUHQIRUFHPHQWGXUpJLPHUpSUHVVLI
/DORLHVWVXEGLYLVpHHQGRX]HWLWUHV
/DORLHVWVXEGLYLVpHHQGRX]HWLWUHV
/HWLWUHHUGpILQLWO¶REMHWHWOHFKDPSG¶DSSOLFDW
/HWLWUHHUGpILQLWO¶REMHWHWOHFKDPSG¶DSSOLFDWLRQGHODORL
pQRQFH OHV SULQFLSHV JpQpUDX[ DSSOLFDEOHV j O¶DYLDWLRQ
O¶DYLDW FLYLOH HW
SURFODPH OD VRXYHUDLQHWp GH O¶(WDW
O¶(WD FRQJRODLV VXU O¶HVSDFH
VXUSORPEDQWVRQWHUULWRLUH,OPHWHQSODFHXQFDGU
VXUSORPEDQWVRQWHUULWRLUH,OPHWHQSODFHXQFDGUHLQVWLWXWLRQQHO
GHJHVWLRQGHO¶DYLDWLRQFLYLOH
GHJHVWLRQGHO¶DYLDWLRQFLYLOH
/HWLWUH,,WUDLWHGHVDpURQHIV,OGpILQLWOHVUqJ
/HWLWUH,,WUDLWHGHVDpURQHIV,OGpILQLWOHVUqJOHVUHODWLYHVj
O¶LPPDWULFXODWLRQjODQDYLJDELOLWpHWjODSURSULpWp,OWUDLWHDXVVL
O¶LPPDWULFXODWLRQjODQDYLJDELOLWpHWjODSURSUL
GHV SULYLOqJHV HW K\SRWKqTXHV GRQW XQ DpURQHI SHXW rWUH JUHYp
DLQVLTXHGHVUqJOHVGHVRQH[SORLWDWLRQ
DLQVLTXHGHVUqJOHVGHVRQH[SORLWDWLRQ
/H WLWUH ,,, GpILQLW OHV UqJOHV JpQpUDOHV UpJLVVDQW
UpJLVVDQW OHV
DpURGURPHVHWFHOOHVUHODWLYHVjODFRQFHSWLRQjO
DpURGURPHVHWFHOOHVUHODWLYHVjODFRQFHSWLRQjODFRQVWUXFWLRQ
HWjO¶H[SORLWDWLRQGHVDpURGURPHV
RQGHVDpURGURPHV
/HWLWUH,9FRQVDFUpjODFLUFXODWLRQDpULHQQHGpW
/HWLWUH,9FRQVDFUpjODFLUFXODWLRQDpULHQQHGpWHUPLQHOHV
FRQGLWLRQVGHQDYLJDWLRQGDQVO¶HVSDFHDpULHQFRQJR
FRQGLWLRQVGHQDYLJDWLRQGDQVO¶HVSDFHDpULHQFRQJRODLVHWWUDLWH
GHV VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH GH O¶DVVLVWDQFH
O¶DVVLV
PpWpRURORJLTXH j OD QDYLJDWLRQ DpULHQQH HW GHV
WpOpFRPPXQLFDWLRQVDpURQDXWLTXHV
RPPXQLFDWLRQVDpURQDXWLTXHV
/HWLWUH9HVWFRQVDFUpDX[UHGHYDQFHV
/HWLWUH9HVWFRQVDFUpDX[UHGHYDQFHV
/HWLWUH9,HVWFRQVDFUpDX[OLFHQFHVGXSHUVRQQHO
/HWLWUH9,HVWFRQVDFUpDX[OLFHQFHVGXSHUVRQQHO
/H WLWUH 9,, IL[H OHV FRQGLWLRQV G¶H[SORLWDWLRQ GHV
GHV VHUYLFHV
DpULHQV GH WUDQVSRUW SXEOLF WDQW DX QLYHDX GRPHVWLTXH
GRPHVWLT TX¶DX
QLYHDX LQWHUQDWLRQDO
UQDWLRQDO GH WUDYDLO DpULHQ HW GHV VHUYLFHV DpULHQV
DpULHQ
SULYpV

  
/H WLWUH 9,,, GpWHUPLQH OHV UqJOHV G¶H[SORLWDWLRQ GHV
DpURFOXEVpFROHVG¶DYLDWLRQHWFHQWUHVGHIRUPDWLRQ
/H WLWUH ,; GpILQLW OHV UqJOHV UpJLVVDQW OD UHVSRQVDELOLWp GX
WUDQVSRUWHXUDpULHQGHVDVVXUDQFHVHWGHVJDUDQWLHV
/H WLWUH ; WUDLWH GHV HQTXrWHV UHODWLYHV DX[ DFFLGHQWV HW
LQFLGHQWVG¶DYLDWLRQGHODUHFKHUFKHHWGXVDXYHWDJHª
/HWLWUH;,HVWFRQVDFUpDX[GLVSRVLWLRQVSpQDOHV
/HWLWUH;,,FRQWLHQWOHVGLVSRVLWLRQVWUDQVLWRLUHVDEURJDWRLUHV
HWILQDOHV
7HOOHHVWO¶pFRQRPLHJpQpUDOHGHODSUpVHQWHORL
D XQH SHUVRQQH HVW PRUWHOOHPHQW RX JULqYHPHQW
EOHVVpHGXIDLWTX¶HOOHVHWURXYH
- GDQVO¶DpURQHIRX
- HQFRQWDFWGLUHFWDYHFXQHSDUWLHTXHOFRQTXHGH
O¶DpURQHI \  FRPSULV OHV SDUWLHV TXL V¶HQ VRQW
GpWDFKpHVRX
- GLUHFWHPHQWH[SRVpHDXVRXIIOHGHVUpDFWHXUV
6DXIV¶LOV¶DJLWGHOpVLRQVGXHVjGHVFDXVHVQDWXUHOOHVGH
EOHVVXUHVLQIOLJpHVjODSHUVRQQHSDUHOOHPrPHRXSDUG¶DXWUHV
RX GH EOHVVXUHV VXELHV SDU XQ SDVVDJHU FODQGHVWLQ FDFKp KRUV
GHV ]RQHV DX[TXHOOHV OHV SDVVDJHUV HW O¶pTXLSDJH RQW
QRUPDOHPHQWDFFqVRX
E O¶DpURQHI VXELW GHV GRPPDJHV RX XQH UXSWXUH
VWUXFWXUHOOH
/RL
- TXL DOWqUHQW VHV FDUDFWpULVWLTXHV GH UpVLVWDQFH
/·$VVHPEOpH1DWLRQDOHHWOH6pQDWRQWDGRSWp VWUXFWXUHOOHGHSHUIRUPDQFHVRXGHYROHW
/H3UpVLGHQWGHOD5pSXEOLTXHSURPXOJXHODORLGRQWOD - TXL QRUPDOHPHQW GHYUDLHQW QpFHVVLWHU XQH
WHQHXUVXLW UpSDUDWLRQ LPSRUWDQWH RX OH UHPSODFHPHQW GH
O¶pOpPHQWHQGRPPDJp
7,75(,HU'(6',6326,7,216*(1(5$/(6 VDXI V¶LO V¶DJLW G¶XQH SDQQH GH PRWHXU RX
G¶DYDULHVGHPRWHXUORUVTXHOHVGRPPDJHVVRQW
OLPLWpV DX PRWHXU j VHV FDSRWDJHV RX j VHV
&+$3,75((5'(/¶2%-(7'8&+$03'¶$33/,&$7,21(7 DFFHVVRLUHV RX HQFRUH GH GRPPDJHV OLPLWpV
'(6'(),1,7,216 DX[ KpOLFHV DX[ H[WUpPLWpV G¶DLOHV DX[
DQWHQQHV DX[ SQHXV DX[ FDUpQDJHV RX j GH
$UWLFOHHU
SHWLWHV HQWDLOOHV RXSHUIRUDWLRQV GX UHYrWHPHQW
/D SUpVHQWH ORL IL[H OHV UqJOHV UHODWLYHV j OD JHVWLRQ HW j RX
O¶XWLOLVDWLRQGHO¶HVSDFHDpULHQGHOD5pSXEOLTXH'pPRFUDWLTXHGX
F O¶DpURQHI D GLVSDUX RX HVW FRPSOqWHPHQW
&RQJR FRQIRUPpPHQW DX[ DUWLFOHV  HW  SRLQW  GH OD
&RQVWLWXWLRQ LQDFFHVVLEOH
 DpURGURPH  VXUIDFH GpILQLH VXU WHUUH RX VXU O¶HDX
$UWLFOH FRPSUHQDQWpYHQWXHOOHPHQWEkWLPHQWVLQVWDOODWLRQVHW
/HVGLVSRVLWLRQVGHODSUpVHQWHORLV¶DSSOLTXHQWjO¶H[HUFLFH
GH OD VRXYHUDLQHWp VXU O¶HVSDFH DpULHQ DX[ DpURGURPHV j OD
FLUFXODWLRQ DpULHQQH DX[ OLFHQFHV GX SHUVRQQHO j O¶H[SORLWDWLRQ
GHV VHUYLFHV DpULHQV j OD V€UHWp GH O¶DYLDWLRQ FLYLOH DX[
DFFLGHQWV HW LQFLGHQWV G¶DYLDWLRQ DLQVL TX¶DX[ DpURQHIV FLYLOV j
O¶H[FOXVLRQGHVDpURQHIVG¶(WDW
(OOHV QH V¶DSSOLTXHQW SDV j WRXW DpURQHI DIIHFWp j GHV ILQV
PLOLWDLUHVVDXI HQ FH TXL FRQFHUQH OHV UqJOHV UHODWLYHV j OD
UHVSRQVDELOLWpGHO¶H[SORLWDQWDpULHQ
$UWLFOH
$XVHQVGHODSUpVHQWHORLRQHQWHQGSDU
 DERUGDJH FROOLVLRQ HQWUH GHX[ DpURQHIV RX HQWUH XQ
DpURQHIHWXQHQJLQVSDWLDOHQYRO
 DFFLGHQWpYpQHPHQWOLpjO¶XWLOLVDWLRQG¶XQDpURQHITXL
VH SURGXLW HQWUH OH PRPHQW R XQH SHUVRQQH PRQWH j
ERUGDYHFO¶LQWHQWLRQG¶HIIHFWXHUXQYROHWOHPRPHQWR
WRXWHV OHV SHUVRQQHV TXL VRQW PRQWpHV GDQV FHWWH
LQWHQWLRQVRQWGHVFHQGXHVHWDXFRXUVGXTXHO
 
3 4
PDWpULHO GHVWLQpH j rWUH XWLOLVpH HQ WRWDOLWp RX HQ
SDUWLH SRXU O¶DUULYpH OH GpSDUW HW OHV pYROXWLRQV GHV
DpURQHIVjODVXUIDFH
 DpURGURPHjXVDJHSULYpWRXWDpURGURPHFUppSDUXQH
SHUVRQQH SK\VLTXH RX PRUDOH GH GURLW SULYp SRXU XQ
XVDJHSHUVRQQHOFHOXLGHVHVHPSOR\pVRXLQYLWpV
 DpURGURPHjXVDJHUHVWUHLQWWRXWDpURGURPHGHVWLQpj
GHV DFWLYLWpV TXL WRXW HQ UpSRQGDQW j GHV EHVRLQV
FROOHFWLIVWHFKQLTXHVRXFRPPHUFLDX[VRQWVRLWOLPLWpHV
GDQV OHXU REMHW VRLW UpVHUYpHV j FHUWDLQHV FDWpJRULHV
G¶DpURQHI VRLW H[FOXVLYHPHQW H[HUFpHV SDU FHUWDLQHV
SHUVRQQHVVSpFLDOHPHQWGpVLJQpHVjFHWHIIHW
 DpURGURPH FHUWLILp DpURGURPH GRQW O¶H[SORLWDQW D UHoX
XQFHUWLILFDWG¶DpURGURPH
 DpURGURPH RXYHUW j OD FLUFXODWLRQ DpULHQQH SXEOLTXH 
DpURGURPHRXYHUWjO¶XVDJHGHVDpURQHIVSUpVHQWDQWOHV
FDUDFWpULVWLTXHV WHFKQLTXHV DSSURSULpHV VRXV UpVHUYH
GHV GLVSRVLWLRQV GH OD SUpVHQWH ORL HW VHV PHVXUHV
G¶H[pFXWLRQ
  
 DpURQHI  WRXW DSSDUHLO TXL SHXW VH VRXWHQLU GDQV G VHWUDGXLWSDUODOpVLRQG¶XQRUJDQHLQWHUQHRX
O¶DWPRVSKqUH JUkFH j GHV UpDFWLRQV GH O¶DLU DXWUHV TXH H VH WUDGXLW SDU GHV EU€OXUHV GH GHX[LqPH RX GH
OHVUpDFWLRQVGHO¶DLUVXUODVXUIDFHGHODWHUUH WURLVLqPH GHJUp RX SDU GHV EU€OXUHV DIIHFWDQW SOXV
 DpURQHI FLYLO  WRXW DpURQHI j O¶H[FOXVLRQ GHV DpURQHIV TXHGHODVXUIDFHGXFRUSVRX
G¶(WDW
 DpURQHI G¶(WDW  O¶DpURQHI DIIHFWp H[FOXVLYHPHQW j XQH
DGPLQLVWUDWLRQ SXEOLTXH WHOV O¶DUPpH OD GRXDQH OD
SROLFHRXWRXWDXWUHVHUYLFHGHO¶(WDW
 DpURSRUWDpURGURPHpTXLSpG¶LQVWDOODWLRQVGHWUDQVSRUW
DpULHQ GHVWLQpHV j IDFLOLWHU O¶DUULYpH HW OH GpSDUW GHV
DpURQHIV j DLGHU OD QDYLJDWLRQ DpULHQQH j DVVXUHU
O¶HPEDUTXHPHQW OH GpEDUTXHPHQW HW O¶DFKHPLQHPHQW
GHVYR\DJHXUVGHVPDUFKDQGLVHVHWGXFRXUULHUSRVWDO
WUDQVSRUWpVSDUDLU
 DpURSRUWLQWHUQDWLRQDOWRXWDpURSRUWGpVLJQpSDUO¶(WDW
FRPPH DpURSRUW G¶HQWUpH HW GH VRUWLH GX WHUULWRLUH
QDWLRQDO GHVWLQp DX WUDILF DpULHQ LQWHUQDWLRQDO HW R
V¶DFFRPSOLVVHQW OHV IRUPDOLWpV GH GRXDQH GH FRQWU{OH
GHV SHUVRQQHV GH VDQWp SXEOLTXH GH FRQWU{OH
YpWpULQDLUH HW SK\WRVDQLWDLUH HW DXWUHV IRUPDOLWpV
DQDORJXHV
 DIIUqWHPHQW  FRQYHQWLRQ SDU ODTXHOOH OH SURSULpWDLUH OH
IUpWHXU PHW FRQWUH UpPXQpUDWLRQ VRQ DpURQHI j OD
GLVSRVLWLRQ G¶XQ FRFRQWUDFWDQW  DIIUpWHXU TXL  O¶XWLOLVH
SRXUOHVEHVRLQVGHQDYLJDWLRQ
 DLUH GH PRXYHPHQW  SDUWLH G¶XQ DpURGURPH j XWLOLVHU
SRXUOHGpFROODJHOHVDWWHUULVVDJHVHWODFLUFXODWLRQGHV
DpURQHIV j OD VXUIDFH HW TXL FRPSUHQG O¶DLUH GH
PDQ°XYUHHWOHVDLUHVGHWUDILF
 DLUH GH WUDILF  DLUH GpILQLH VXU XQ DpURGURPH WHUUHVWUH
GHVWLQpH DX[ DpURQHIV SHQGDQW O¶HPEDUTXHPHQW RX OH
GpEDUTXHPHQW GHV YR\DJHXUV OH FKDUJHPHQW RX OH
GpFKDUJHPHQWGHODSRVWHRXGXIUHWO¶DYLWDLOOHPHQWRX
ODUHSULVHGHFDUEXUDQWOHVWDWLRQQHPHQWRXO¶HQWUHWLHQ
 DXWRULWp DpURSRUWXDLUH  DXWRULWp FKDUJpH GH
O¶DGPLQLVWUDWLRQG¶XQHVXUIDFHVHUYDQWGHSRLQWG¶DUULYpH
GHGpSDUWHWGHPDQ°XYUHVG¶DpURQHIV8QDpURSRUWHVW
GLULJpSDUXQFRPPDQGDQWG¶DpURSRUWHWXQDpURGURPH
SDUXQFKHIG¶DpURGURPH
 EOHVVXUHV JUDYHV  WRXWHV EOHVVXUHV TXH VXELW XQH
SHUVRQQHDXFRXUVG¶XQDFFLGHQWHWTXL
I UpVXOWH GH O¶H[SRVLWLRQ YpULILpH j GHV PDWLqUHV
LQIHFWLHXVHVRXjXQUD\RQQHPHQWSHUQLFLHX[
 FHUWLILFDW GH OLPLWDWLRQ GH QXLVDQFHV  GRFXPHQW SDU
OHTXHO O¶$GPLQLVWUDWLRQ GHO¶DYLDWLRQ FLYLOH UHFRQQDvW TXH
OHVFRQGLWLRQVGHFHUWLILFDWLRQUHODWLYHVjODOLPLWDWLRQGH
QXLVDQFHVQRWLILpHVDXSRVWXODQWVRQWUHPSOLHVSRXUXQ
W\SHG¶DpURQHI
 FHUWLILFDW GH QDYLJDELOLWp  GRFXPHQW SDU OHTXHO
O¶$GPLQLVWUDWLRQGHO¶DYLDWLRQFLYLOHFHUWLILHTX¶XQDpURQHI
UHPSOLWOHVFRQGLWLRQVG¶DSWLWXGHDXYRO
 FHUWLILFDW GH WUDQVSRUWHXU DpULHQ GRFXPHQW DXWRULVDQW
XQ H[SORLWDQW j HIIHFWXHU GHV YROV GH WUDQVSRUW
FRPPHUFLDOVSpFLILpV
 FHUWLILFDW GH W\SH  GRFXPHQW GpOLYUp SDU XQ (WDW SRXU
GpILQLUODFRQFHSWLRQG¶XQW\SHG¶DpURQHIHWSRXUFHUWLILHU
TXH FHWWH FRQFHSWLRQ HVW FRQIRUPH DX UqJOHPHQW GH
QDYLJDELOLWpGHFHW(WDW
 FLUFXODWLRQ DpULHQQH HQVHPEOH GHV DpURQHIVHQ YRO HW
GHV DpURQHIV pYROXDQW VXU O¶DLUH GH PDQ°XYUH G¶XQ
DpURGURPH
 FRPPDQGDQWGHERUGSLORWHUHVSRQVDEOHGHODFRQGXLWH
HWGHODVpFXULWpGHO¶DpURQHISHQGDQWOHWHPSVGHYRO
 GpEDUTXHPHQW  DFWLRQ GH TXLWWHU XQ DpURQHI DSUqV XQ
DWWHUULVVDJH j O¶H[FHSWLRQ GHV PHPEUHV G¶pTXLSDJH HW
GHVSDVVDJHUVTXLSRXUVXLYHQWOHXUYR\DJHMXVTX¶jXQH
HVFDOHVXLYDQWHGXPrPHVHUYLFHDpULHQWUDQVLWDLUH
 HPEDUTXHPHQW  DFWLRQ GHPRQWHU jERUG G¶XQ DpURQHI
HQ YXH G¶HQWUHSUHQGUH XQ YRO j O¶H[FHSWLRQ GHV
PHPEUHV G¶pTXLSDJH HW GHV SDVVDJHUV TXL RQW
HPEDUTXp j XQH HVFDOH SUpFpGHQWH GX PrPH VHUYLFH
DpULHQWUDQVLWDLUH
 HQTXrWH WHFKQLTXH  DFWLYLWpV PHQpHV HQ YXH GH
SUpYHQLU OHV DFFLGHQWV TXL FRPSUHQQHQW OD FROOHFWH HW
O¶DQDO\VHGHUHQVHLJQHPHQWVO¶H[SRVpGHVFRQFOXVLRQV
OD GpWHUPLQDWLRQ GHV FDXVHV HW V¶LO \ D OLHX
O¶pWDEOLVVHPHQWGHVUHFRPPDQGDWLRQVGHVpFXULWp
D QpFHVVLWH O¶KRVSLWDOLVDWLRQ SHQGDQW SOXV GH 
KHXUHV FHWWH KRVSLWDOLVDWLRQ FRPPHQoDQW GDQV OHV
VHSWMRXUVTXLVXLYHQWODGDWHjODTXHOOHOHVEOHVVXUHV
RQWpWpVXELHVRX
 pTXLSHPHQWVGHERUGLQVWUXPHQWVVHUYDQWjSUpVHQWHU
j O¶pTXLSDJH HQ SDUWLFXOLHU DX SLORWH WRXWHV OHV
LQIRUPDWLRQVXWLOHVDXPDLQWLHQHQYROGHO¶DpURQHIjOD
QDYLJDWLRQDX[FRPPXQLFDWLRQVDYHFOHVLQIUDVWUXFWXUHV
E VHWUDGXLWSDUODIUDFWXUHG¶XQRVH[FHSWLRQIDLWHGHV
GHODJHVWLRQGXWUDILFDpULHQ
IUDFWXUHVVLPSOHVGHVGRLJWVGHVRUWHLOVRXGXQH]
RX  HVSDFH DpULHQ FRQWU{Op  HVSDFH DpULHQ GH GLPHQVLRQV
GpILQLHVjO¶LQWpULHXUGXTXHOOHVHUYLFHGXFRQWU{OHGHOD
F VHWUDGXLWSDUGHVGpFKLUXUHVTXLVRQWODFDXVHG¶XQH
FLUFXODWLRQ DpULHQQH HVW DVVXUp VHORQ OD FODVVLILFDWLRQ
KpPRUUDJLHRXOpVLRQG¶XQQHUIG¶XQPXVFOHRXG¶XQ
GHVHVSDFHVDpULHQV
WHQGRQRX



5 6
  
 pWDWGHFRQFHSWLRQ(WDWTXLDMXULGLFWLRQVXUO¶RUJDQLVPH
UHVSRQVDEOHGHODFRQFHSWLRQG¶XQW\SHG¶DpURQHI
 pWDW GH FRQVWUXFWLRQ  (WDW TXL D MXULGLFWLRQ VXU
O¶RUJDQLVPH UHVSRQVDEOH GH O¶DVVHPEODJH ILQDO G¶XQ
DpURQHI
 pWDW GH O¶H[SORLWDQW  (WDW R O¶H[SORLWDQW D VRQ VLqJH
SULQFLSDO G¶H[SORLWDWLRQ RX j GpIDXW VD UpVLGHQFH
SHUPDQHQWH
 pWDW G¶LPPDWULFXODWLRQ  (WDW VXU OH UHJLVWUH GXTXHO HVW
LQVFULWXQDpURQHI
 H[SORLWDQW G¶DpURQHI  SHUVRQQH RUJDQLVPH RX
HQWUHSULVH TXL VH OLYUH RX SURSRVH GH VH OLYUHU j
O¶H[SORLWDWLRQG¶XQRXGHSOXVLHXUVDpURQHIV
 IDFLOLWDWLRQ HQVHPEOH GHV SURFpGXUHV GHVWLQpHV j
IDFLOLWHU HW  DFFpOpUHU OD FLUFXODWLRQ DpULHQQH HQ pYLWDQW
QRWDPPHQW HQ WUDILF LQWHUQDWLRQDO GH UHWDUGHU VDQV
QpFHVVLWp O¶DFKHPLQHPHQW GHV DpURQHIV pTXLSDJHV
SDVVDJHUV HW FDUJDLVRQV GDQV O¶DSSOLFDWLRQ GHV ORLV
UHODWLYHV j O¶LPPLJUDWLRQ j ODVDQWp j OD GRXDQH HW DX
FRQJp
 KpOLSRUW RX KpOLVWDWLRQ  DpURGURPH RX DLUH GpILQLH VXU
XQH FRQVWUXFWLRQ GHVWLQpH j rWUH XWLOLVpH HQ WRWDOLWp RX
HQ SDUWLH SRXU O¶DUULYpH OH GpSDUW HW OHV pYROXWLRQV GHV
KpOLFRSWqUHVjODVXUIDFH
 LQFLGHQW  pYpQHPHQW DXWUH TX¶XQ DFFLGHQW OLp j
O¶XWLOLVDWLRQ G¶XQ DpURQHI TXL FRPSURPHW RX SRXUUDLW
FRPSURPHWWUHODVpFXULWpGHO¶H[SORLWDWLRQ
 LQFLGHQW JUDYH  LQFLGHQW GRQW OHV FLUFRQVWDQFHV
LQGLTXHQWTX¶XQDFFLGHQWDIDLOOLVHSURGXLUH
 OLFHQFH  WLWUH DpURQDXWLTXH DWWHVWDQW O¶DFTXLVLWLRQ GH
FRQQDLVVDQFHVJpQpUDOHVWKpRULTXHVHWSUDWLTXHVHWTXL
RXYUHQW OH GURLW j OHXU WLWXODLUH GH UHPSOLU OHV IRQFWLRQV
FRUUHVSRQGDQWHV
 OLFHQFH G¶H[SORLWDWLRQ GRFXPHQW H[LJp GH WRXWH
SHUVRQQHH[SORLWDQWjWLWUHSURIHVVLRQQHOXQRXSOXVLHXUV
DpURQHIV
 PDLQWHQDQFH H[pFXWLRQ GHV WkFKHV QpFHVVDLUHV DX
PDLQWLHQ GH OD QDYLJDELOLWp G¶XQ DpURQHI FRQVLVWDQW HQ
O¶XQH TXHOFRQTXH RX HQ XQH FRPELQDLVRQ GHV WkFKHV
VXLYDQWHV UpYLVLRQ LQVSHFWLRQ UHPSODFHPHQW
FRUUHFWLRQ GH GpIHFWXRVLWp HW LQWpJUDWLRQ G¶XQH
PRGLILFDWLRQRXG¶XQHUpSDUDWLRQ
 PDQXHO GH YRO PDQXHO DVVRFLp DX FHUWLILFDW GH
QDYLJDELOLWpRVRQWDVVRFLpHVOHVOLPLWHVG¶HPSORLGDQV
OHVTXHOOHV O¶DpURQHI GRLW rWUH FRQVLGpUp HQ ERQ pWDW GH
 SLqFHV GH UHFKDQJHFRPSRVDQWV G¶DpURQHIVPRWHXUV
KpOLFHV pTXLSHPHQWV GH ERUG LQVWUXPHQWV JDUQLWXUHV
SDUWLHV GH FHV GLYHUV pOpPHQWV HW SOXV JpQpUDOHPHQW
WRXVDXWUHVpOpPHQWVGHTXHOOHTXHQDWXUHTXHFHVRLW
FRQVHUYpV HQ YXH GX UHPSODFHPHQW GHV SLqFHV
FRPSRVDQWO¶DpURQHI
 SODQ G¶XUJHQFH G¶DpURSRUW GRFXPHQW GpILQLVVDQW OHV
PHVXUHV HW PR\HQV VXVFHSWLEOHV GH IDLUH IDFH DX[
VLWXDWLRQVG¶XUJHQFHSRXYDQWVXUYHQLUjXQDpURSRUWRX
GDQVVRQYRLVLQDJH
 TXDOLILFDWLRQ  PHQWLRQ TXL SRUWpH VXU XQH OLFHQFH RX
DVVRFLpH HW LQWpJUpH j FHOOHFL LQGLTXH OHV FRQGLWLRQV
SULYLOqJHVRXUHVWULFWLRQVSURSUHVjFHWWHOLFHQFH
 UHFRPPDQGDWLRQGHVpFXULWpSURSRVLWLRQIRUPXOpHjOD
VXLWHG¶XQHHQTXrWHSDUOHVHUYLFHFRPSpWHQWG¶XQ(WDW
HQ YXH GH SUpYHQLU GHV DFFLGHQWV RX LQFLGHQWV
G¶DpURQHIV
 UpJLRQ GH FRQWU{OH HVSDFH DpULHQ FRQWU{Op VLWXp DX
GHVVXVG¶XQHOLPLWHGpWHUPLQpHSDUUDSSRUWjODVXUIDFH
 VHUYLFHVDpULHQVWRXVVHUYLFHVGHWUDQVSRUWSDUDpURQHI
GH SDVVDJHUV GH PDUFKDQGLVHV HW GH FRXUULHU SRVWDO
UpJXOLHUV RX QRQ UpJXOLHUV LQWHUQDWLRQDX[ RX
GRPHVWLTXHVGHWUDYDLODpULHQG¶DYLDWLRQOpJqUHHWWRXV
OHVVHUYLFHVDpULHQVSULYpV
 VHUYLFHVDpURQDXWLTXHVVHUYLFHVUHQGXVRXRIIHUWVDX[
XVDJHUV RX DX[ SUHVWDWDLUHV GH O¶DYLDWLRQ FLYLOH
FRPSUHQDQW OH VHUYLFH GH OD QDYLJDWLRQ DpULHQQH OH
VHUYLFH GH VXSHUYLVLRQ GH OD V€UHWp HW GH OD VpFXULWp
DpULHQQHVODFHUWLILFDWLRQG¶H[SORLWDQWHWOHVHUYLFHGHOD
PpWpRURORJLH
 VHUYLFHG¶DOHUWHVHUYLFHDVVXUpGDQVOHEXWG¶DOHUWHUOHV
RUJDQLVPHVDSSURSULpVORUVTXHGHVDpURQHIVRQWEHVRLQ
GHO¶DLGHGHVRUJDQLVPHVGHUHFKHUFKHHWGHVDXYHWDJH
HWGHSUrWHUjFHVRUJDQHVOHFRQFRXUVQpFHVVDLUH
 VHUYLFHV G¶DVVLVWDQFH HQ HVFDOH VHUYLFHV UHQGXVj XQ
WUDQVSRUWHXU DpULHQ VXU XQ DpURGURPH RXYHUW DX WUDILF
FRPPHUFLDO
 VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH  WHUPH JpQpULTXH
GpVLJQDQWVHORQOHFDVOHVHUYLFHG¶LQIRUPDWLRQGHYRO
OH VHUYLFH G¶DOHUWH OH VHUYLFH GX FRQWU{OH GH OD
FLUFXODWLRQ DpULHQQH UpJLRQDO G¶DSSURFKH RX
G¶DpURGURPH
 VHUYLFH GX FRQWU{OH GH OD FLUFXODWLRQ DpULHQQH  VHUYLFH
DVVXUpGDQVOHEXW
VHUYLFH DLQVL TXH OHV UHQVHLJQHPHQWV HW LQVWUXFWLRQV D G¶HPSrFKHU OHV DERUGDJHV HQWUH DpURQHIV OHV
QpFHVVDLUHV DX[ PHPEUHV GH O¶pTXLSDJH GH FRQGXLWH FROOLVLRQV VXU O¶DLUH GHV PDQ°XYUHV HQWUH OHV
SRXUDVVXUHUODVpFXULWpG¶XWLOLVDWLRQG¶DpURQHI DpURQHIVHWOHVREVWDFOHV
 PDUFKDQGLVHV GDQJHUHXVHV PDWLqUHV RX REMHWV GH E G¶DFFpOpUHUHWGHUpJXODULVHUODFLUFXODWLRQDpULHQQH
QDWXUHjSUpVHQWHUXQULVTXHDSSUpFLDEOHSRXUODVDQWp 
OD VpFXULWp RX OHV ELHQV ORUVTX¶LOV VRQW WUDQVSRUWpV SDU

DLU

7 8
  
 VHUYLFHG¶LQIRUPDWLRQGHYROVHUYLFHDVVXUpGDQVOHEXW
GH IRXUQLU OHV DYLV HW OHV UHQVHLJQHPHQWV XWLOHV j
O¶H[pFXWLRQV€UHHWHIILFDFHGHVYROV
 8Q GpFUHW GX 3UHPLHU PLQLVWUH GpOLEpUp HQ &RQVHLO GHV
 V\VWqPH GH JHVWLRQ GH OD VpFXULWp DSSURFKH
V\VWpPLTXH GH OD JHVWLRQ GH OD VpFXULWp GDQV XQ
DpURSRUW RX GDQV XQ DpURGURPH FRPSUHQDQW OHV
VWUXFWXUHVRUJDQLVDWLRQQHOOHVUHVSRQVDELOLWpVSROLWLTXHV
HWSURFpGXUHVQpFHVVDLUHV
 V€UHWp  FRPELQDLVRQ GHV PHVXUHV HW GHV PR\HQV
KXPDLQV HW PDWpULHOV YLVDQW j SURWpJHU O¶DYLDWLRQ FLYLOH
FRQWUHOHVDFWHVG¶LQWHUYHQWLRQLOOLFLWH
 WUDQVSRUWDpULHQWUDQVSRUWFRQVLVWDQWjDFKHPLQHUSDU
DpURQHI G¶XQ SRLQW G¶RULJLQH j XQ SRLQW GH GHVWLQDWLRQ
GHVSDVVDJHUVGHVPDUFKDQGLVHVRXGXFRXUULHU
 WUDQVSRUWHXU DpULHQ SXEOLF  WRXWH SHUVRQQH TXL
V¶HQJDJHHQVRQSURSUHQRPHWFRQWUHUpPXQpUDWLRQj
WUDQVSRUWHUG¶XQHQGURLWjXQDXWUHGHVSDVVDJHUVGHV
ELHQVRXGXFRXUULHU
 YDOLGDWLRQPHVXUHSULVHSDUXQ(WDWORUVTXHDXOLHXGH
GpOLYUHUXQHQRXYHOOHOLFHQFHLOUHFRQQDLWjXQHOLFHQFH
GpOLYUpH SDU XQ DXWUH (WDW  OD YDOHXU G¶XQH OLFHQFH
GpOLYUpHSDUVHVVRLQV
 ]RQH GH FRQWU{OH HVSDFH DpULHQ FRQWU{Op V¶pWHQGDQW
YHUWLFDOHPHQW j SDUWLU GH OD VXUIDFH MXVTX¶j XQH OLPLWH
VXSpULHXUHVSpFLILpH
 ]RQH GH IUHW  ]RQH TXL FRPSUHQG OHV LQVWDOODWLRQV
GHVWLQpHVjODPDQXWHQWLRQGXIUHW&HWWH]RQHHQJOREH
OHVDLUHVGHWUDILFOHVEkWLPHQWVHWPDJDVLQVGHIUHWOHV
SDUFV GH VWDWLRQQHPHQW HW OHV URXWHV TXL OHV
GHVVHUYHQW
 ]RQH GH V€UHWp j DFFqV UpJOHPHQWp  ]RQHV F{Wp SLVWH
G¶XQ DpURSRUW LGHQWLILpHV FRPPH pWDQW GHV ]RQHV
SDUWLFXOLqUHPHQW VHQVLEOHV R HQ SOXV GX FRQWU{OH
G¶DFFqVG¶DXWUHVFRQWU{OHVGHV€UHWpVRQWUpDOLVpV
&+$3,75('(/$6289(5$,1(7((7'8&$'5(
,167,787,211(/
$UWLFOH
/D 5pSXEOLTXH 'pPRFUDWLTXH GX &RQJR H[HUFH XQH
VRXYHUDLQHWp SHUPDQHQWH FRPSOqWH HW H[FOXVLYH VXU O¶HVSDFH
&H FDGUH GH FRQFHUWDWLRQ UHJURXSH WRXV OHV UHSUpVHQWDQWV
GHV LQWHUYHQDQWV SXEOLFV HW SULYpV DLQVL TXH G¶DXWUHV XVDJHUV
G¶DpURSRUWVHWGHVVHUYLFHVGHQDYLJDWLRQDpULHQQH
PLQLVWUHVIL[HODFRPSRVLWLRQO¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQW
GHFHFDGUH
$UWLFOH
/¶DGPLQLVWUDWLRQ OD UpJOHPHQWDWLRQ WHFKQLTXH HW OD
VXSHUYLVLRQ GH OD VpFXULWp GH O¶DYLDWLRQ FLYLOH VRQW FRQILpHV j
O¶DXWRULWpGHO¶DYLDWLRQFLYLOH
/¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQWGHO¶DXWRULWpGHO¶DYLDWLRQ
FLYLOH VRQW IL[pV SDU GpFUHW GX 3UHPLHU PLQLVWUH GpOLEpUp HQ
&RQVHLOGHVPLQLVWUHV

7,75(,,'(6$(521()6
&+$3,75(HU'(/¶,00$75,&8/$7,21
$UWLFOH
/¶LPSRUWDWLRQ G¶XQ DpURQHI DX[ ILQV G¶H[SORLWDWLRQ HVW
VRXPLVH j XQH DXWRULVDWLRQ GpOLYUpH GDQV OHV FRQGLWLRQV IL[pHV
SDUDUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
$XFXQ DpURQHI QH SHXW FLUFXOHU GDQV O¶HVSDFH DpULHQ
FRQJRODLVV¶LOQ¶HVWLPPDWULFXOp
/¶LPPDWULFXODWLRQ HVW HIIHFWXpH SDU O¶DXWRULWp GH O¶DYLDWLRQ
FLYLOH VXLYDQW OHV FRQGLWLRQV HW PRGDOLWpV IL[pHV SDU DUUrWp GX
PLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
8QFHUWLILFDWG¶LPPDWULFXODWLRQHVWGpOLYUpDXSURSULpWDLUH
$UWLFOH
,O HVW pWDEOL DX VLqJH GH O¶DXWRULWp GH O¶DYLDWLRQ FLYLOH XQ
UHJLVWUHG¶LPPDWULFXODWLRQGHVDpURQHIVFLYLOVGpQRPPp5HJLVWUH
G¶LPPDWULFXODWLRQ
$UWLFOH
8QDpURQHIQHSHXWrWUHLPPDWULFXOpTXHV¶LODSSDUWLHQWVRLW
DpULHQ DXGHVVXV GH VRQ WHUULWRLUH FRQIRUPpPHQW DX[ D jXQHSHUVRQQHSK\VLTXHGHQDWLRQDOLWpFRQJRODLVHRXj
FRQYHQWLRQVDpULHQQHVLQWHUQDWLRQDOHVDX[TXHOOHVHOOHHVWSDUWLH XQH SHUVRQQH SK\VLTXH GH QDWLRQDOLWp pWUDQJqUH
jOD&RQVWLWXWLRQHWDX[ORLV GRPLFLOLpHHQ5pSXEOLTXH'pPRFUDWLTXHGX&RQJR
EjXQHSHUVRQQHPRUDOHGHGURLWFRQJRODLV
$UWLFOH
/H *RXYHUQHPHQW LQVWLWXH XQ FDGUH GH FRQFHUWDWLRQ VXU $UWLFOH
WRXWHVOHVPDWLqUHVUHODWLYHVjO¶DYLDWLRQFLYLOH /HUHJLVWUHG¶LPPDWULFXODWLRQHVWSXEOLF7RXWHSHUVRQQHSHXW
HQREWHQLUXQH[WUDLWPR\HQQDQWSDLHPHQWGHVIUDLV\DIIpUHQWV



9 10
  
$UWLFOH
$UWLFOH
8Q DpURQHI LPPDWULFXOp j O¶pWUDQJHU QH SHXW O¶rWUH HQ
5pSXEOLTXH 'pPRFUDWLTXH GX &RQJR TXH VL VRQ SURSULpWDLUH 7RXWH PRGLILFDWLRQ GHV FDUDFWpULVWLTXHV G¶XQ DpURQHI WRXW
SURXYHTX¶LODpWpUDGLpGXUHJLVWUHG¶LPPDWULFXODWLRQpWUDQJHU FKDQJHPHQW GH SURSULpWDLUH WRXWH FRQVWLWXWLRQ G¶K\SRWKqTXH
ORFDWLRQ RX DXWUH GURLW UpHO HVW QRWLILp j O¶DXWRULWp GH O¶DYLDWLRQ
/HV RSpUDWLRQV TXL GRQQHQW OLHX j O¶LPPDWULFXODWLRQ HW j OD
FLYLOH SRXU LQVFULSWLRQ DX UHJLVWUH G¶LPPDWULFXODWLRQ HW VXU OH
UDGLDWLRQDLQVLTXHOHXUVFRQGLWLRQVHWPRGDOLWpVVRQWIL[pHVSDU
FHUWLILFDWG¶LPPDWULFXODWLRQ
DUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
$UWLFOH
/HV UDSSRUWV MXULGLTXHV HQWUH OHV SHUVRQQHV j ERUG G¶XQ
/¶DXWRULWpGHO¶DYLDWLRQFLYLOHSHXWGDQVOHVFRQGLWLRQVTX¶HOOH
DpURQHI HQ YRO LPPDWULFXOp HQ 5pSXEOLTXH 'pPRFUDWLTXH GX
IL[HRFWUR\HUXQHLPPDWULFXODWLRQSURYLVRLUHjXQDpURQHIDFTXLV
&RQJRVRQWUpJLVSDUODORLFRQJRODLVH
jO¶pWUDQJHUDX[ILQVGHVRQFRQYR\DJH

$UWLFOH &+$3,75('(/$1$9,*$%,/,7(
(QFDVGHSHUWHGXFHUWLILFDWG¶LPPDWULFXODWLRQODGpOLYUDQFH
G
XQ GXSOLFDWD HVW VXERUGRQQpH DX[ JDUDQWLHV MXJpHV $UWLFOH
QpFHVVDLUHVSDUO¶DXWRULWpGHO¶DYLDWLRQFLYLOH 8QDpURQHIHVWHQpWDWGHQDYLJDELOLWpORUVTX¶LOHVWPXQLG¶XQ
FHUWLILFDWGHQDYLJDELOLWpHQFRXUVGHYDOLGLWpGpOLYUpRXYDOLGpSDU
 O¶DXWRULWpGHO¶DYLDWLRQFLYLOH

$UWLFOH $UWLFOH
/HFHUWLILFDWG¶LPPDWULFXODWLRQFHVVHG
rWUHYDODEOHHQFDVGH /HV FRQGLWLRQV GX PDLQWLHQ GH O¶pWDW GH QDYLJDELOLWp G¶XQ
 DpURQHI DLQVL TXH OH PRGqOH GX FHUWLILFDW GH QDYLJDELOLWp OHV
D FHVVLRQGHODSURSULpWpGHO¶DpURQHI FRQGLWLRQVGHVDGpOLYUDQFHGHVDYDOLGLWpGHVDVXVSHQVLRQHW
GHVRQUHQRXYHOOHPHQWVRQWGpWHUPLQpVSDUO¶DXWRULWpGHO¶DYLDWLRQ
E UDGLDWLRQ G
RIILFH SRXU O¶XQH GHV FDXVHV SUpFLVpHV j FLYLOH
O¶DUWLFOHGHODSUpVHQWHORL
'DQV O¶XQ RX O¶DXWUH FDV OH SURSULpWDLUH GH O
DpURQHI OH $UWLFOH
UHQYRLHLPPpGLDWHPHQWjO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
$UWLFOH
8QDpURQHILPPDWULFXOpFRQIRUPpPHQWDX[GLVSRVLWLRQVGHOD
SUpVHQWHORLHWGHVHVPHVXUHVG¶H[pFXWLRQDFTXLHUWODQDWLRQDOLWp
FRQJRODLVH
7RXW DpURQHI FRQJRODLV SRUWH OHV PDUTXHV DSSDUHQWHV GH
QDWLRQDOLWpHWG¶LPPDWULFXODWLRQVXLYDQWOHVPRGDOLWpVGpILQLHVSDU
DUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
/DUDGLDWLRQGHO¶LPPDWULFXODWLRQHVWUpDOLVpHPrPHG¶RIILFH
ORUVTXH
/HV FHUWLILFDWV GH QDYLJDELOLWp GpOLYUpV RX YDOLGpV SDU
O¶DXWRULWp DpURQDXWLTXH FRPSpWHQWH G¶XQ (WDW PHPEUH GH
O¶2UJDQLVDWLRQ GH O¶DYLDWLRQ FLYLOH LQWHUQDWLRQDOH VRQW UHFRQQXV
YDODEOHVHQ5pSXEOLTXH'pPRFUDWLTXHGX&RQJRVLOHVFRQGLWLRQV
TXL UpJLVVHQW OHXU GpOLYUDQFH RX OHXU YDOLGDWLRQ UpSRQGHQW DX[
QRUPHVGpILQLHVSDUO¶$QQH[HjOD&RQYHQWLRQGH&KLFDJRGX
GpFHPEUHUHODWLYHjO¶DYLDWLRQFLYLOHLQWHUQDWLRQDOH
$UWLFOH
8QDpURQHIpWUDQJHUQ¶HVWDXWRULVpjFLUFXOHUHQ5pSXEOLTXH
'pPRFUDWLTXH GX &RQJR TXH V¶LO HVW SRXUYX G¶XQ FHUWLILFDW GH
QDYLJDELOLWp UHFRQQX YDOLGH HW G¶XQH DXWRULVDWLRQ GH FLUFXODWLRQ
DXGHVVXVGXWHUULWRLUHGpOLYUpHSDUO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
D O¶DpURQHI QH UHPSOLW SOXV OHV FRQGLWLRQV $UWLFOH
G¶LPPDWULFXODWLRQ
/¶DXWRULWp GH O¶DYLDWLRQ FLYLOH SHXW GpOLYUHU GHV DXWRULVDWLRQV
E HQ FDV GH FHVVLRQ OH QRXYHDX SURSULpWDLUH Q¶HQ GHYROVVSpFLDX[RXGHVDXWRULVDWLRQVGHYROGHFRQYR\DJHGDQV
GHPDQGH SDV OH WUDQVIHUW RX OH IDLW LPPDWULFXOHU j OHVFRQGLWLRQVTX¶HOOHGpWHUPLQH
O¶pWUDQJHU
F O¶DpURQHIHVWGpWUXLWRXSHUGX $UWLFOH
(OOH HVW VXERUGRQQpH j OD PDLQOHYpH GHV GURLWV TXL \ VRQW /HV HQWUHSULVHV TXL FRQoRLYHQW RX IDEULTXHQW OHV SURGXLWV
LQVFULWV DpURQDXWLTXHV HWRX OHV DpURQHIV OH IRQW VHORQ OHV UqJOHV GH
(OOHHQWUDvQHG¶RIILFHODSHUWHGHODQDWLRQDOLWp SURFpGXUH GH FHUWLILFDWLRQ GH W\SH HW GH FHUWLILFDWLRQ GH
QDYLJDELOLWpFRQIRUPHVDX[QRUPHVHWVWDQGDUGVLQWHUQDWLRQDX[
 

11 12
  

$UWLFOH
/D FRQIRUPLWp GHV SURGXLWV RX GHV DpURQHIV HVW FRQVWDWpH
GDQVXQFHUWLILFDWGHFRQIRUPLWpGpOLYUpSDUO¶DXWRULWpGHO¶DYLDWLRQ /HVMXJHPHQWVFRXOpVHQIRUFHGHFKRVHMXJpHHWOHVDFWHV
FLYLOH FRQVWLWXWLIV GpFODUDWLIV PRGLILFDWLIV RX H[WLQFWLIV G¶XQ GURLW UpHO
DXWUHTX¶XQSULYLOqJHVXUXQDpURQHIQHVRQWRSSRVDEOHVDX[WLHUV
TXHSDUOHXULQVFULSWLRQDXUHJLVWUHG¶LPPDWULFXODWLRQ
$UWLFOH

/¶(WDWFRQJRODLVH[HUFHWRXVOHVFRQWU{OHVMXJpVQpFHVVDLUHV
SRXUJDUDQWLUODVpFXULWpGHVDpURQHIVHWOHXUH[SORLWDWLRQ 
,OQ¶DVVXPHDXFXQHUHVSRQVDELOLWpSRXUOHVGRPPDJHVTXH 6HFWLRQ'HVSULYLOqJHV
SRXUUDLW VXELU XQ DpURQHI HWRX VHV DFFHVVRLUHV SHQGDQW OH
$UWLFOH
FRQWU{OH,ODSSDUWLHQWDXSURSULpWDLUHRXjO¶H[SORLWDQWG¶DVVXUHU
O¶DpURQHIFRQWUHGHWHOVGRPPDJHV 6RQWSULYLOpJLpVGDQVO¶RUGUHVXLYDQWjWRXVDXWUHVGURLWVHW
FUpDQFHVPrPHK\SRWKpFDLUHVJUHYDQWO¶DpURQHI

D OHV IUDLV GXV DX 7UpVRU SXEOLF HW OHV UHGHYDQFHV
(Q RXWUH LO Q¶DVVXPH DXFXQH UHVSRQVDELOLWp SRXU WRXV
G¶DpURSRUWHWGHVVHUYLFHVGHQDYLJDWLRQDpULHQQH
GRPPDJHVRXGpIDXWVSRXYDQWSURYHQLUGHVPDWpULDX[HPSOR\pV
SRXUODFRQVWUXFWLRQO¶HQWUHWLHQWRXWHPRGLILFDWLRQRXUpSDUDWLRQ E OHVIUDLVGHMXVWLFHHQFRXUXVGDQVO¶LQWpUrWFRPPXQGHV
G¶XQ DpURQHI PrPH VL O¶DJHQW RX O¶RUJDQLVPH GH FRQWU{OH Q¶D FUpDQFLHUVSRXUSDUYHQLUjODYHQWHGHO¶DpURQHIHWjOD
VRXOHYpDXFXQHREMHFWLRQ GLVWULEXWLRQGHVRQSUL[
F OHVVDODLUHVGXSHUVRQQHO
$UWLFOH
G OHV GpSHQVHV H[SRVpHV SRXU OD FRQVHUYDWLRQ GH
/¶DXWRULWp GH O¶DYLDWLRQ FLYLOH SHXW RUGRQQHU OD UpWHQWLRQ GH O¶DpURQHI
WRXW DpURQHI FRQJRODLV RX pWUDQJHU TXL QH UHPSOLW SDV OHV
H OHV UpPXQpUDWLRQV GXHV SRXU OH VDXYHWDJH RX
FRQGLWLRQVGHVpFXULWpSUpYXHVSDUODSUpVHQWHORLHWVHVPHVXUHV
O¶DVVLVWDQFHGHO¶DpURQHI
G¶H[pFXWLRQ RX GRQW OH SLORWH DXUDLW FRPPLV XQH LQIUDFWLRQ DX[
GLVSRVLWLRQV UHODWLYHV j OD VpFXULWp DpULHQQH j OD SROLFH j OD I OHV GpSHQVHV HQJDJpHV GDQV O¶LQWpUrW FRPPXQ GHV
GRXDQHRXjODFLUFXODWLRQDpULHQQHSUpYXHVSDUODSUpVHQWHORL FUpDQFLHUVSRXUSDUYHQLUjODYHQWHGHO¶DpURQHIHWjOD
GLVWULEXWLRQGHVRQSUL[
/DGpFLVLRQHVWQRWLILpHDXFRPPDQGDQWGHO¶DpURSRUWRXDX
FKHIGHO¶DpURGURPH(OOHVHWUDGXLWSDUO¶LQWHUGLFWLRQGHGpFROOHU
$UWLFOH
6L OD UpWHQWLRQ FRQFHUQH XQ DpURQHI pWUDQJHU O¶DXWRULWp GH
/HV SULYLOqJHV SUpYXV j O¶DUWLFOH  FLGHVVXV SRUWHQW VXU
O¶DYLDWLRQ FLYLOH HQ DYLVH LPPpGLDWHPHQW VRQ (WDW
O¶DpURQHI RX VXU O¶LQGHPQLWp G¶DVVXUDQFH HQ FDV GH SHUWH RX
G¶LPPDWULFXODWLRQ
G¶DYDULH,OVVXLYHQWO¶DpURQHIHQTXHOTXHPDLQTX¶LOSDVVH
$UWLFOH ,OVV¶pWHLJQHQWVL[PRLVDSUqVO¶pYpQHPHQWTXLOHXUDGRQQp
QDLVVDQFH j PRLQV TX¶DXSDUDYDQW OHFUpDQFLHU Q¶DLW IDLW LQVFULUH
/D UpWHQWLRQ SRXU QRQ UHVSHFW  GHV UqJOHV GH VpFXULWp HVW
VD FUpDQFH DX UHJLVWUH G¶LPPDWULFXODWLRQ DSUqV DYRLU IDLW
OHYpHVLOHVPHVXUHVFRUUHFWLYHVVRQWSULVHVFHOOHSRXULQIUDFWLRQ
UHFRQQDvWUHjO¶DPLDEOHVRQPRQWDQWRXjGpIDXWDYRLULQWURGXLW
DX[ UqJOHV GH SROLFH GH GRXDQH RX GH FLUFXODWLRQ DpULHQQH
XQHDFWLRQHQMXVWLFHjVRQVXMHW
FHVVH VL OHV EHVRLQV GH O¶HQTXrWH QH QpFHVVLWHQW SOXV
O¶LPPRELOLVDWLRQGHO¶DpURQHI ,OVV¶pWHLJQHQWHQRXWUHGDQVOHVFDVVXLYDQWV
D O¶H[WLQFWLRQGHO¶REOLJDWLRQSULQFLSDOH
&+$3,75(  '( /$ 35235,(7( '(6 35,9,/(*(6 '(6 E OD YHQWH HQ MXVWLFH GH O¶DpURQHI IDLWH GDQV OHV IRUPHV
+<327+(48(6(7'(692,(6'(685(7( SUpYXHVSDUOH&RGHGHSURFpGXUHFLYLOH
F ODUHQRQFLDWLRQGXRXGHVFUpDQFLHUV
6HFWLRQqUH'HODSURSULpWp
G O¶DOLpQDWLRQYRORQWDLUHGHO¶DpURQHIjFRQGLWLRQTXH
$UWLFOH  O¶DFWH G¶DOLpQDWLRQ VRLW LQVFULW VXU OH UHJLVWUH
/¶DpURQHI HVW XQ ELHQ PHXEOH VRXPLV DX[ UqJOHV GH GURLW G¶LPPDWULFXODWLRQ
FRPPXQVRXVUpVHUYHGHVGLVSRVLWLRQVGHODSUpVHQWHORL  O¶DOLpQDWLRQVRLWSXEOLpHSDULQVHUWLRQjGHX[UHSULVHV
/¶LQVFULSWLRQDXUHJLVWUHG¶LPPDWULFXODWLRQYDXWWLWUH HWjKXLWMRXUVG¶LQWHUYDOOHDXPRLQVGDQVOH-RXUQDO
RIILFLHOGHOD5pSXEOLTXH'pPRFUDWLTXHGX&RQJR
7RXWHIRLV OH WUDQVIHUW GH SURSULpWp HVWFRQVWDWp SDU pFULWHW
QH SURGXLW G¶HIIHWV j O¶pJDUG GHV WLHUV TXH SDU O¶LQVFULSWLRQ 
UpJXOLqUHDXUHJLVWUHG¶LPPDWULFXODWLRQ 


13 14
  
 DXFXQH RSSRVLWLRQ QH VRLW QRWLILpH SDU OH FUpDQFLHU 8Q LQYHQWDLUH LQGLTXDQW OD QDWXUH HW OH QRPEUH GHVGLWHV
WDQWjO¶DQFLHQTX¶DXQRXYHDXSURSULpWDLUHDXFRXUV SLqFHVHVWDQQH[pjO¶DFWHG¶K\SRWKqTXH
GXPRLVTXLVXLWODGHUQLqUHSXEOLFDWLRQ
$UWLFOH
 /HV FUpDQFLHUV K\SRWKpFDLUHV VXLYHQW O¶DpURQHI HQ TXHOTXH
PDLQTX¶LOSDVVHSRXUrWUHFROORTXpVHWSD\pVVXLYDQWO¶RUGUHGH
$UWLFOH OHXULQVFULSWLRQHWDSUqVOHVFUpDQFLHUVSULYLOpJLpV
/HV FUpDQFHV YLVpHV DX[ SDUDJUDSKHV E H HW I GH
O¶DUWLFOHFLGHVVXVVRQWSD\pHVGDQVO¶RUGUHLQYHUVHGHVGDWHV $UWLFOH
GHVpYpQHPHQWVTXLOHXURQWGRQQpQDLVVDQFH (Q FDV GH SHUWH RX G¶DYDULH GH O¶DpURQHI OH FUpDQFLHU
K\SRWKpFDLUH HVW SRXU OH PRQWDQW GH VD FUpDQFH VXEURJp DX
$UWLFOH SURSULpWDLUHGDQVOHGURLWjO¶LQGHPQLWpG¶DVVXUDQFH
/HV FUpDQFHV SULYLOpJLpHV DXWUHV TXH FHOOHV SUpYXHV j /¶DVVXUHXUUHTXLHUWXQpWDWGHVLQVFULSWLRQVGHVK\SRWKqTXHV
O¶DUWLFOH  SUHQQHQW UDQJ DSUqV OHV K\SRWKqTXHV GRQW OD GDWH DYDQWOHSDLHPHQWGHWRXWHLQGHPQLWp
G¶LQVFULSWLRQ DX UHJLVWUH G¶LPPDWULFXODWLRQ HVW DQWpULHXUH j FHOOH
GHODFUpDQFHJDUDQWLHSDUFHVSULYLOqJHV
$XFXQ SDLHPHQW G¶LQGHPQLWp Q¶HVW OLEpUDWRLUH V¶LO HVW IDLW DX
$UWLFOH PpSULVGHVGURLWVGHVFUpDQFLHUVK\SRWKpFDLUHV
(QFDVGHYHQWHMXGLFLDLUHG¶XQDpURQHIVDLVLOHVSULYLOqJHV
$UWLFOH
OH JUHYDQW QH VRQW RSSRVDEOHV DX[ YLFWLPHV RX j OHXUV D\DQWV
GURLWTX¶jFRQFXUUHQFHGHGHVRQSUL[GHYHQWH /¶K\SRWKqTXH HVW LQVFULWH VXU OH UHJLVWUH G¶LPPDWULFXODWLRQ
(OOHQ¶HVWRSSRVDEOHDX[WLHUVTX¶jFRPSWHUGHVRQLQVFULSWLRQ
&HV GLVSRVLWLRQV  QH VRQW SDV DSSOLFDEOHV ORUVTXH OH
GRPPDJH FDXVp j OD VXUIDFH HVW FRQYHQDEOHPHQW HW /HV PRGDOLWpV G¶LQVFULSWLRQ HW GH UDGLDWLRQ VRQW IL[pHV SDU
VXIILVDPPHQWDVVXUp DUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
6HFWLRQ'HVK\SRWKqTXHV
$UWLFOH
$UWLFOH /¶LQVFULSWLRQ FRQVHUYH O¶K\SRWKqTXH SHQGDQW FLQT DQV j
FRPSWHUGHVDGDWH6RQHIIHWFHVVHVLHOOHQ¶HVWSDVUHQRXYHOpH
/HV DpURQHIV QH SHXYHQW rWUH K\SRWKpTXpV TXH SDU
DYDQWO¶H[SLUDWLRQGHFHGpODL
FRQYHQWLRQpFULWHGHVSDUWLHV
/¶K\SRWKqTXHSHXWJUHYHUSDUXQVHXODFWHXQRXSOXVLHXUV $UWLFOH
DpURQHIV DSSDUWHQDQW j XQ PrPH SURSULpWDLUH O¶DFWH GpVLJQH
/¶LQVFULSWLRQ K\SRWKpFDLUH JDUDQWLW DX PrPH UDQJ TXH OH
H[SUHVVpPHQWO¶DpURQHIRXOHVDpURQHIVHWGpWHUPLQHODVRPPH
FDSLWDOWURLVDQVG¶LQWpUrWVHQSOXVGHO¶DQQpHFRXUDQWH
GHODFUpDQFHJDUDQWLH
/HWDX[G¶LQWpUrWHVWLQGLTXpGDQVO¶DFWH
/¶K\SRWKqTXH FRQVHQWLH VXU XQ DpURQHI RX VXU XQH SDUWGH
SURSULpWp GH O¶DpURQHI V¶pWHQG j WRXWHV VHV FRPSRVDQWHV $UWLFOH
TX¶HOOHV IDVVHQW FRUSV DYHF OXL RX HQ VRLHQW WHPSRUDLUHPHQW
VpSDUpHV /¶LQVFULSWLRQ GH O¶K\SRWKqTXH HVW UD\pH SDU OD SURGXFWLRQ
G¶XQH PDLQOHYpH VLJQpH SDU OH FUpDQFLHU RX HQ YHUWX G¶XQH
$UWLFOH GpFLVLRQGHMXVWLFHD\DQWDFTXLVO¶DXWRULWpGHODFKRVHMXJpH/HV
LQVFULSWLRQV QH VRQW UpGXLWHV TXH SDU O¶DFFRUG GHV SDUWLHV
/¶K\SRWKqTXHHVWVRXVSHLQHGHQXOOLWpFRQVWLWXpHSDUDFWH
LQWpUHVVpHV
DXWKHQWLTXH
/D UDGLDWLRQ RX OD PRGLILFDWLRQ HVW LQVFULWH DX UHJLVWUH
(OOHQHSHXWrWUHFRQVHQWLHVRXVSHLQHGHQXOOLWpTXHSDUOH
G¶LPPDWULFXODWLRQ
SURSULpWDLUH
$UWLFOH
$UWLFOH
6DXI OH FDV GH YHQWH SDU YRLH MXGLFLDLUH DXFXQ DpURQHI QH
/¶K\SRWKqTXH SHXW V¶pWHQGUH DX[ SLqFHV GH UHFKDQJH
SHXW rWUH UD\p GX UHJLVWUH G¶LPPDWULFXODWLRQ VDQV PDLQOHYpH
FRUUHVSRQGDQWDXW\SHGHO¶DpURQHIK\SRWKpTXpjFRQGLWLRQTXH
SUpDODEOH GHV GURLWV LQVFULWV RX VDQV OH FRQVHQWHPHQW GH OHXUV
OHVGLWHV SLqFHV VRLHQW LQGLYLGXDOLVpHV HW FRQVHUYpHV HQ XQ RX
WLWXODLUHV
SOXVLHXUV HPSODFHPHQWV GpWHUPLQpV HW TX¶XQH SXEOLFLWp
DSSURSULpH HIIHFWXpH VXU SODFH SDU YRLH G¶DIILFKDJH DYHUWLVVH
G€PHQWOHVWLHUVGHODQDWXUHHWGHO¶pWHQGXHGXGURLWJUHYDQWFHV
SLqFHVHWPHQWLRQQHOHUHJLVWUHRO¶K\SRWKqTXHHVWLQVFULWHDLQVL
TXHOHQRPHWO¶DGUHVVHGHVRQWLWXODLUH

15 16
  
 8Q DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
6HFWLRQ'HVYRLHVGHV€UHWp DWWULEXWLRQVGpILQLWODQDWXUHGHVpTXLSHPHQWVHWLQVWUXPHQWVDLQVL
TXHOHVDXWUHVFRQGLWLRQVG¶H[SORLWDWLRQWHFKQLTXHGHVDpURQHIV
$UWLFOH
$UWLFOH
7RXW DpURQHI TXHOOH TX¶HQ VRLW OD QDWLRQDOLWp SHXW  IDLUH
O¶REMHW G¶XQH VDLVLH FRQVHUYDWRLUH RX G¶XQH VDLVLH H[pFXWLRQ 7RXWDpURQHIHPSOR\pjODQDYLJDWLRQDpULHQQHDjVRQERUG
FRQIRUPpPHQWDX&RGHGHSURFpGXUHFLYLOH OHVGRFXPHQWVFLDSUqVHQFRXUVGHYDOLGLWp
 OHFHUWLILFDWG¶LPPDWULFXODWLRQ
$UWLFOH  OHFHUWLILFDWGHQDYLJDELOLWp
6RQWH[HPSWVGHVDLVLHFRQVHUYDWRLUH  OHFHUWLILFDWGHOLPLWDWLRQGHQXLVDQFHV
D OHVDpURQHIVDIIHFWpVH[FOXVLYHPHQWjXQVHUYLFHG¶(WDW  OHFHUWLILFDWGHWUDQVSRUWHXUDpULHQ
SRVWHFRPSULVHFRPPHUFHH[FHSWp
 OHV OLFHQFHV DSSURSULpHV SRXU FKDTXH PHPEUH
E OHVDpURQHIVPLVHIIHFWLYHPHQWHQVHUYLFHVXUXQHOLJQH G¶pTXLSDJH
UpJXOLqUHGHWUDQVSRUWSXEOLFHWOHVDpURQHIVGHUpVHUYH
LQGLVSHQVDEOHV  OHFHUWLILFDWG¶DVVXUDQFHV
F WRXWDXWUHDpURQHIDIIHFWpDX[WUDQVSRUWVGHSHUVRQQHV  OHFDUQHWGHURXWH
RX GH ELHQV FRQWUH UpPXQpUDWLRQV ORUVTX¶LO HVW SUrW j  ODOLFHQFHGHVWDWLRQUDGLRGHO¶DpURQHI
SDUWLU SRXU XQ WHO WUDQVSRUW H[FHSWp GDQV OH FDV R LO  ODOLVWHGHVSDVVDJHUVV¶LOWUDQVSRUWHGHVSDVVDJHUV
V¶DJLWG¶XQHGHWWHFRQWUDFWpHSRXUOHYR\DJHTX¶LOYDIDLUH
RXG¶XQHFUpDQFHQpHDXFRXUVGXYR\DJH
/HVGLVSRVLWLRQVGXSUpVHQWDUWLFOHQHV¶DSSOLTXHQWSDVjOD
VDLVLH SUDWLTXpH SDU OH SURSULpWDLUH GpSRVVpGp GH VRQ DpURQHI
SDUXQDFWHLOOLFLWH
$UWLFOH
/DVDLVLHHVWSUDWLTXpHHQWUHOHVPDLQVGXFRPPDQGDQWGH
O¶DpURSRUW RX GX FKHI GH O¶DpURGURPH /H SURSULpWDLUH RX
O¶H[SORLWDQWGHO¶DpURQHIHQHVWLPPpGLDWHPHQWWHQXLQIRUPp
/¶DpURQHI HVW LPPRELOLVp MXVTX¶j PDLQOHYpH RX YHQWH
SXEOLTXH
$UWLFOH
/HSURFqVYHUEDOGHVDLVLHH[pFXWLRQGHO¶DpURQHIHVWQRWLILp
GDQVOHVFLQTMRXUVGHVDGDWHjO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
'DQV OHV KXLW MRXUV GH FHWWH QRWLILFDWLRQ O¶DXWRULWp GH
O¶DYLDWLRQGpOLYUHXQpWDWGHVLQVFULSWLRQV
'DQVOHVKXLWMRXUVGHFHWWHGpOLYUDQFHHWjODGLOLJHQFHGX
VDLVLVVDQW O¶KXLVVLHU QRWLILH VRXV SHLQH GH QXOOLWp GH WRXWH OD
SURFpGXUHODGDWHGHODYHQWHDX[FUpDQFLHUVLQVFULWV
&HVGHUQLHUVVRQWFROORTXpVHWSD\pVVXLYDQWO¶RUGUHGHOHXU
LQVFULSWLRQFRPPHSUpYXjO¶DUWLFOHGHODSUpVHQWHORL
&+$3,75( '(/¶(;3/2,7$7,21
$UWLFOH
7RXWDpURQHIHPSOR\pjODQDYLJDWLRQDpULHQQHHVWGRWpGHV
LQVWUXPHQWV HW GHV pTXLSHPHQWV GH FRPPXQLFDWLRQV HW GH
QDYLJDWLRQGHERUG
 
 
17
 OH PDQLIHVWH HW OHV GpFODUDWLRQV GpWDLOOpHV GH IUHW V¶LO
WUDQVSRUWHGXIUHW
/H FRPPDQGDQW GH ERUG HVW WHQX GH OHV SUpVHQWHU j WRXWH
UpTXLVLWLRQ
$UWLFOH
/HV FRQGLWLRQV GH GpOLYUDQFH GX FHUWLILFDW GH OLPLWDWLRQ GH
QXLVDQFHVVRQWIL[pHVSDUXQDUUrWpFRQMRLQWGHVPLQLVWUHVD\DQW
O¶HQYLURQQHPHQWHWO¶DYLDWLRQFLYLOHGDQVOHXUVDWWULEXWLRQV
/HV FRQGLWLRQV GH GpOLYUDQFH GHV GRFXPHQWV YLVpV DX[
SRLQWV   j  GHO¶DUWLFOH  VRQWGpILQLHV SDUDUUrWp GX
PLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
7RXW DpURQHI HQ H[SORLWDWLRQ HVW PDLQWHQX HQ pWDW GH
QDYLJDELOLWp
/¶H[SORLWDQW pWDEOLW HW PHW HQ °XYUH XQ SURJUDPPH GH
PDLQWHQDQFH GH VD IORWWH GDQV OH UHVSHFW GHV QRUPHV GX
FRQVWUXFWHXU ,O OH VRXPHW j O¶DSSUREDWLRQ GH  O¶DXWRULWp GH
O¶DYLDWLRQFLYLOH,ODVVXUHO¶HQWUHWLHQHWODPDLQWHQDQFHGHVDIORWWH
GDQVVHVLQVWDOODWLRQVRXUHFRXUWDX[VHUYLFHVG¶XQRUJDQLVPHGH
PDLQWHQDQFHDJUpp
/HVFRQGLWLRQVG¶DJUpPHQWHWGHJHVWLRQG¶XQRUJDQLVPHGH
PDLQWHQDQFH VRQW IL[pHV SDU DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ
FLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
/¶H[SORLWDQW pODERUH HW PHW HQ °XYUH XQ PDQXHO
G¶H[SORLWDWLRQRVRQWFRQVLJQpHVOHVSURFpGXUHVLQVWUXFWLRQVHW
LQGLFDWLRQVGHVWLQpHVDXSHUVRQQHOG¶H[SORLWDWLRQGDQVO¶H[pFXWLRQ
GHVHVDWWULEXWLRQV
18
  
8Q DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
DWWULEXWLRQV GpWHUPLQH OH FRQWHQX HW OD SURFpGXUH G¶DSSUREDWLRQ
GXPDQXHOG¶H[SORLWDWLRQ
$UWLFOH
/HVDUPHVPXQLWLRQVHWPDWpULHOGHJXHUUHQHSHXYHQWrWUH
WUDQVSRUWpVjERUGGHVDpURQHIVFLYLOVVDXISHUPLVVLRQpFULWHGX
PLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
/H WUDQVSRUW GHV PDUFKDQGLVHV GDQJHUHXVHV QH SHXW rWUH
DVVXUpTX¶DYHFO¶DXWRULVDWLRQpFULWHGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
GDQV OHV FRQGLWLRQV GpWHUPLQpHV SDU DUUrWp GX PLQLVWUH D\DQW
O¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
7RXW  SURMHW  GH FRQVWUXFWLRQ RX GH PRGHUQLVDWLRQ G¶XQ
DpURSRUWRXG¶XQDpURGURPHIDLWDXSUpDODEOHO¶REMHWG¶XQHpWXGH
G¶LPSDFWHQYLURQQHPHQWDOUpDOLVpHFRQIRUPpPHQWjODOpJLVODWLRQ
VXUODSURWHFWLRQGHO¶HQYLURQQHPHQWHWWHQDQWQRWDPPHQWFRPSWH
GHVQRUPHVGHO¶2UJDQLVDWLRQGHO¶DYLDWLRQFLYLOHLQWHUQDWLRQDOH

$UWLFOH
/H SODQ GH FRQVWUXFWLRQRX GH PRGHUQLVDWLRQ G¶XQ DpURSRUW
SUpYRLWQRWDPPHQW
$UWLFOH D OD UpDOLVDWLRQ GHV VWDWLRQV G¶pSXUDWLRQ GHV HDX[
/HV LQVWDOODWLRQV HW OHV pTXLSHPHQWV GH WUDQVSRUW GH XVpHV
VWRFNDJH HW G¶DYLWDLOOHPHQW GHV DpURQHIV VRQW VRXPLV DX[
FRQGLWLRQVIL[pHVSDUDUUrWpFRQMRLQWGHVPLQLVWUHVD\DQWO¶DYLDWLRQ
FLYLOHHWOHVK\GURFDUEXUHVGDQVOHXUVDWWULEXWLRQV
$UWLFOH
/¶DpURQHI H[SORLWp HQ YHUWX G¶XQ FRQWUDW GH ORFDWLRQ RX
G¶DIIUqWHPHQW UHVWH VRXPLV DX FRQWU{OH WHFKQLTXH GH O¶(WDW
G¶LPPDWULFXODWLRQ
7RXWHIRLV ORUVTX¶LO HVW H[SORLWp HQ YHUWX G¶XQ FRQWUDW GH
ORFDWLRQRXG¶DIIUqWHPHQWG¶XQHGXUpHVXSpULHXUHjVL[PRLVSDU
XQ H[SORLWDQW TXL D OH VLqJH SULQFLSDO GH VRQ H[SORLWDWLRQ RX j
GpIDXW VD UpVLGHQFH SHUPDQHQWH HQ 5pSXEOLTXH 'pPRFUDWLTXH
GX &RQJR OHV IRQFWLRQV HW REOLJDWLRQV TXL LQFRPEHQW j O¶(WDW
G¶LPPDWULFXODWLRQjO¶pJDUGGXGLWDpURQHISHXYHQWrWUHWUDQVIpUpHV
HQWRXWRXHQSDUWLHjO¶(WDWFRQJRODLVHQYHUWXG¶XQDFFRUG
&HW DFFRUG HVW FRPPXQLTXp j O¶2UJDQLVDWLRQ GH O¶DYLDWLRQ
FLYLOHLQWHUQDWLRQDOH
$UWLFOH
/HVFRQVWUXFWHXUVG¶pTXLSHPHQWVOHVH[SORLWDQWVG¶DpURQHIV
HW OHV XWLOLVDWHXUV GHV SURGXLWV DpURQDXWLTXHV VRQW WHQXV DX
UHVSHFW GHV QRUPHV DFRXVWLTXHV HW GHV H[LJHQFHV GH OD
OpJLVODWLRQVXUODSURWHFWLRQGHO¶HQYLURQQHPHQW
7,75(,,,'(6$(52'520(6
&+$3,75(HU'(65(*/(6*(1(5$/(6
$UWLFOH
6RXVUpVHUYHGHVGLVSRVLWLRQVDSSOLFDEOHVDX[FRQFHVVLRQV
G¶DpURSRUWODFRQVWUXFWLRQGHWRXWDpURGURPHHVWVXERUGRQQpHj
ODGpFLVLRQGX*RXYHUQHPHQW
7RXWH PRGLILFDWLRQ DX[ FRQVWUXFWLRQV HVW VRXPLVH DX[
FRQGLWLRQVGpILQLHVjO¶DOLQpDHU
 FRRUGLQDWLRQHWGHODPLVHHQ°XYUHGXSURJUDPPHQDWLRQDOGH

19
E OHVPHVXUHVGHVWLQpHVjODSURWHFWLRQGHODIDXQHHW
j OD OXWWH FRQWUH OD SROOXWLRQ GHV ULYLqUHV VH WURXYDQW
pYHQWXHOOHPHQW j O¶LQWpULHXU RX j O¶H[WpULHXU  GX GRPDLQH
DpURSRUWXDLUH

(QRXWUHLOSUpYRLWXQH]RQHGHGpOHVWDJHGHFDUEXUDQW
UHSpUDEOHVXUOHVFDUWHVGHQDYLJDWLRQRXOHSODQGHPDVVH
$UWLFOH
7RXW H[SORLWDQW G¶DpURSRUW pODERUH HW PHW HQ °XYUH XQ
SURJUDPPH G¶HQWUHWLHQ HQ YXH GH PDLQWHQLU OD SLVWH HW OHV
LQVWDOODWLRQV GDQV XQ pWDW TXL QH QXLVH SDV j OD VpFXULWp j OD
UpJXODULWpHWjO¶HIILFDFLWpGHODQDYLJDWLRQDpULHQQH
$UWLFOH
/HGpS{WGHVGpFKHWVWR[LTXHVSROOXDQWVUDGLRDFWLIVRXGH
WRXV DXWUHV GpFKHWV OHXU pSDQGDJH HQIRXLVVHPHQW LPPHUVLRQ
HW LQFLQpUDWLRQ GDQV OHV DLUV OHV HDX[ OH VRO RX OH VRXVVRO GX
GRPDLQHDpURSRUWXDLUHVRQWLQWHUGLWV

$UWLFOH
/¶DXWRULWpDpURSRUWXDLUHSUHQGOHVPHVXUHVQpFHVVDLUHVSRXU
pOLPLQHU RX HPSrFKHU OHV GpFKDUJHV GpSRWRLUV RX WRXWH DXWUH
DFWLYLWp VXVFHSWLEOH G¶DWWLUHU OHV RLVHDX[ j SUR[LPLWp GHV
DpURGURPHVHQYXHGHUpGXLUHOHVULVTXHVG¶LPSDFWG¶RLVHDX[VXU
OHVDpURQHIV
$UWLFOH
/H *RXYHUQHPHQW DGRSWH XQ SURJUDPPH QDWLRQDO GH
V€UHWp DILQ GH SURWpJHU O¶DYLDWLRQ FLYLOH FRQWUH OHV DFWHV
G¶LQWHUYHQWLRQLOOLFLWH
,O PHW HQ SODFH XQ FRPLWp QDWLRQDO GH V€UHWp FKDUJp GH OD
V€UHWp
20
  $UWLFOH
8Q GpFUHW GX 3UHPLHU PLQLVWUH GpOLEpUp HQ &RQVHLO GHV
PLQLVWUHV HQ IL[H OHV PLVVLRQV OD FRPSRVLWLRQ HW OH
IRQFWLRQQHPHQW
$UWLFOH
/H *RXYHUQHPHQW pODERUH HW PHW pJDOHPHQW HQ °XYUH XQ
SURJUDPPHQDWLRQDOGHIDFLOLWDWLRQ
$UWLFOH
/HVDpURGURPHVVRQWGLYLVpVHQGHX[FDWpJRULHVVHORQOHXU
XVDJH
7RXWDpURSRUWHVWGRWpG¶XQSODQGLUHFWHXUGHGpYHORSSHPHQW
GHVLQIUDVWUXFWXUHV
/HV FRQGLWLRQV G¶RFFXSDWLRQ HW G¶XWLOLVDWLRQ GHV WHUUDLQV DX
YRLVLQDJH GHV DpURSRUWV VRQW GpILQLHV SDU DUUrWp FRQMRLQW GHV
PLQLVWUHV D\DQW OHV DIIDLUHV IRQFLqUHV O¶XUEDQLVPH HW O¶DYLDWLRQ
FLYLOH GDQV OHXUV DWWULEXWLRQV HQ WHQDQW FRPSWH QRWDPPHQW GHV
H[LJHQFHV GX SODQ GLUHFWHXU GH GpYHORSSHPHQW GHV
LQIUDVWUXFWXUHVDpURSRUWXDLUHVGHVSUpYLVLRQVGHWUDILFG¶DpURSRUW
HWGHODOpJLVODWLRQVXUODSURWHFWLRQGHO¶HQYLURQQHPHQW
$UWLFOH
D DpURGURPHVRXYHUWVjODFLUFXODWLRQDpULHQQHSXEOLTXH /¶DXWRULWp DpURSRUWXDLUH PHW HQ °XYUH HW PDLQWLHQW XQ
SURJUDPPHGHV€UHWpG¶DpURSRUW
E DpURGURPHV QRQ RXYHUWV j OD FLUFXODWLRQ DpULHQQH
SXEOLTXH (OOHpODERUHHWPHWpJDOHPHQWHQ°XYUHXQSODQG¶XUJHQFH
G¶DpURSRUW
$UWLFOH
$UWLFOH
6DXIDXWRULVDWLRQGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
/¶LQWURGXFWLRQ OH SRUW HW OH WUDQVSRUW GDQV XQ DpURSRUW GHV
D OH GpFROODJH RX O¶DWWHUULVVDJH G¶XQ DpURQHI QH SHXW DUPHV GHV H[SORVLIV RX WRXV DXWUHV HQJLQV DUWLFOHV RX
V¶HIIHFWXHUHQGHKRUVG¶XQDpURGURPH VXEVWDQFHV SRXYDQW rWUH HPSOR\pV SRXU FRPPHWWUH XQ DFWH
E XQ DpURQHI YHQDQW GH O¶pWUDQJHU RX V¶\ UHQGDQW DWWHUULW
VXUXQDpURSRUWLQWHUQDWLRQDORXHQGpFROOH
$UWLFOH
/HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH VRQW DSSOLFDEOHV
PXWDWLVPXWDQGLVDX[KpOLSRUWVRXKpOLVWDWLRQVVRXVUpVHUYHGHV
GLVSRVLWLRQVSDUWLFXOLqUHV
&+$3,75('(6$(52'520(6289(576$/$
&,5&8/$7,21$(5,(11(38%/,48(
$UWLFOH
/HV DpURGURPHV RXYHUWV j OD FLUFXODWLRQ DpULHQQH SXEOLTXH
VRQWFUppVHWH[SORLWpV
DFFqVQRQDXWRULVpGHVYpKLFXOHVHWGHVSHUVRQQHVDXWUHV
G¶LQWHUYHQWLRQLOOLFLWHVRQWLQWHUGLWV
/HSRUWHWOHWUDQVSRUWG¶DUPHVjERUGG¶XQDpURQHISDUGHV
SHUVRQQHV KDELOLWpHV QH VRQW DXWRULVpV TXH VL FHV DUPHV VRQW
SODFpHVGDQVXQHQGURLWLQDFFHVVLEOHSHQGDQWOHYROHWFKDUJpHV
VRXVODVXSHUYLVLRQGXFRPPDQGDQWGHERUG
8Q DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
DWWULEXWLRQV  IL[H OHV PRGDOLWpV G¶DSSOLFDWLRQ GH OD SUpVHQWH
GLVSRVLWLRQ
$UWLFOH
/H SRXYRLU GH SROLFH H[HUFp VXU O¶HPSULVH G¶XQ DpURGURPH
RXYHUWjODFLUFXODWLRQDpULHQQHSXEOLTXHFRQFHUQHOHERQRUGUH
ODV€UHWpODVpFXULWpHWODVDOXEULWp
/
 VRLWSDUO¶(WDW TXH OHV SDVVDJHUV GDQV OHV ]RQHV j DFFqV UpJOHPHQWp GHV
 VRLWSDUOHVHFWHXUSULYpGDQVOHVFRQGLWLRQVIL[pHVSDU
GpFUHW GX 3UHPLHU PLQLVWUH GpOLEpUp HQ &RQVHLO GHV
PLQLVWUHV
$UWLFOH
/HV QRUPHV GH FRQFHSWLRQ HW GHFRQVWUXFWLRQDLQVL TXHOHV
FRQGLWLRQVG¶H[SORLWDWLRQWHFKQLTXHHWG¶HQWUHWLHQGHVDpURGURPHV
RXYHUWV j OD FLUFXODWLRQ DpULHQQH VRQW GpILQLHV SDU GpFUHW GX
3UHPLHUPLQLVWUHGpOLEpUpHQ&RQVHLOGHVPLQLVWUHV
/D FRQFHSWLRQ HW OD FRQVWUXFWLRQ GH QRXYHOOHV LQVWDOODWLRQV
DpURSRUWXDLUHV DLQVL TXH WRXWH PRGLILFDWLRQ G¶LQVWDOODWLRQV
H[LVWDQWHV WLHQQHQW FRPSWH GHV pOpPHQWV G¶DUFKLWHFWXUHV RX
G¶LQIUDVWUXFWXUHVTXLVRQWQpFHVVDLUHVjO¶DSSOLFDWLRQRSWLPDOHGHV
PHVXUHVGHVpFXULWpHWGHV€UHWpGHO¶DYLDWLRQFLYLOH
(OOHVVRQWVRXPLVHVDX[PrPHVFRQGLWLRQVTX¶jO¶DOLQpDHU
 TXHFHFRQWU{OHDLWSRXUHIIHWGHUHWDUGHUOHYRO
21
DpURGURPHVHVWLQWHUGLW
8Q DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
DWWULEXWLRQVGpILQLWVXUSURSRVLWLRQGHO¶¶DXWRULWpDpURSRUWXDLUHOHV
]RQHVjDFFqVUpJOHPHQWpHWOHVFRQGLWLRQVG¶DFFqV

$UWLFOH
/¶DXWRULWp DpURSRUWXDLUH SHXW SRXU GHV UDLVRQV GH V€UHWp
SURFpGHU j OD YLVLWH GHV SHUVRQQHV GHV EDJDJHV GX IUHW GHV
FROLVSRVWDX[GHVDpURQHIVHWGHVYpKLFXOHVHQWUDQWRXFLUFXODQW
VXUO¶DLUHGHWUDILFVXUO¶DLUHGHPRXYHPHQWHWGDQVOHV]RQHVGH
V€UHWpjDFFqVUpJOHPHQWpHWOHV]RQHVGHIUHWGHVDpURGURPHV
/HV DJHQWV GH GRXDQH SHXYHQW SURFpGHU j OD YLVLWH GHV
EDJDJHVGHVRXWHGXIUHWGHVFROLVSRVWDX[GHVDpURQHIVHWGHV
YpKLFXOHVHQYXHGHIDLUHUHVSHFWHUODOpJLVODWLRQGRXDQLqUHVDQV

22
  
/HV FRQGLWLRQV G¶DSSOLFDWLRQ GX SUpVHQW DUWLFOH VRQW IL[pHV /D FRQVWUXFWLRQ HW  O¶H[SORLWDWLRQ GH WRXW DpURGURPH QRQ
SDUGpFUHWGX3UHPLHUPLQLVWUHGpOLEpUpHQ&RQVHLOGHVPLQLVWUHV RXYHUW j OD FLUFXODWLRQ DpULHQQH SXEOLTXH VRQW VXERUGRQQpHV j
O¶DXWRULVDWLRQ GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
$UWLFOH DWWULEXWLRQVDSUqVDYLVWHFKQLTXHGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
7RXW DpURGURPH RXYHUW DX WUDILF DpULHQ LQWHUQDWLRQDO HVW
GRWp &+$3,75('(66(59,78'(6$(521$87,48(6
 GHVDLGHVYLVXHOOHVjODQDYLJDWLRQ
$UWLFOH
 GHV DLGHV YLVXHOOHV SRXU VLJQDOHU OHV REVWDFOHV j OD
QDYLJDWLRQHWOHV]RQHVG¶HPSORLOLPLWp $ILQG¶DVVXUHUODVpFXULWpGHODFLUFXODWLRQGHVDpURQHIVLOHVW
pWDEOLVXUHWDXWRXUGHVDpURGURPHVGHVVHUYLWXGHVVXLYDQWHV
 GHV V\VWqPHV pOHFWULTXHV SHUPHWWDQW G¶DVVXUHU OD
VpFXULWp GX IRQFWLRQQHPHQW GHV LQVWDOODWLRQV HW GHV D OHVVHUYLWXGHVGHGpJDJHPHQWFRPSUHQDQWO¶LQWHUGLFWLRQ
VHUYLFHVGHQDYLJDWLRQDpULHQQH GH FUpHU RX O¶REOLJDWLRQ GH VXSSULPHU OHV REVWDFOHV
VXVFHSWLEOHVGHFRQVWLWXHUXQGDQJHUSRXUODFLUFXODWLRQ
 GHV VHUYLFHV HW GX PDWpULHO GH VDXYHWDJH HW GH OXWWH
DpULHQQH
FRQWUHO¶LQFHQGLH
E OHV VHUYLWXGHV GH EDOLVDJH FRPSRUWDQW O¶REOLJDWLRQ GH
 G¶XQSODQG¶XUJHQFHG¶DpURGURPH
SRXUYRLUFHUWDLQVREVWDFOHVHWFHUWDLQVHPSODFHPHQWVGH
 G¶XQ SODQ G¶HQOqYHPHQW G¶DpURQHIV DFFLGHQWHOOHPHQW GLVSRVLWLIV YLVXHOV RX UDGLRpOHFWULTXHV RX GH VXSSRUWHU
LPPRELOLVpV O¶LQVWDOODWLRQ GH WHOV GLVSRVLWLIV GHVWLQpV j VLJQDOHU OHXU
 G¶XQV\VWqPHGHJXLGDJHHWGHFRQWU{OHGHODFLUFXODWLRQ
GHVXUIDFH
$UWLFOH
7RXW  DpURGURPH  RXYHUW  j OD FLUFXODWLRQ DpULHQQH
SXEOLTXHHVW pTXLSp GHV VHUYLFHV G¶DVVLVWDQFH DX VRO GDQV OHV
FRQGLWLRQV IL[pHV SDU DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH
GDQVVHVDWWULEXWLRQV
$UWLFOH
7RXW DpURGURPH RXYHUW DX WUDILF DpULHQ LQWHUQDWLRQDO HVW
FHUWLILpSDUO¶DXWRULWpGHO¶DYLDWLRQFLYLOHVXLYDQWOHVFULWqUHVGpILQLV
SDUDUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
7RXW H[SORLWDQW G¶XQ DpURGURPH FHUWLILp PHW HQ SODFH XQ
V\VWqPHGHJHVWLRQGHODVpFXULWp
$UWLFOH
8Q GpFUHW GX 3UHPLHU PLQLVWUH GpOLEpUp HQ &RQVHLO GHV
PLQLVWUHVGpVLJQHSDUPLOHVDpURGURPHVRXYHUWVjODFLUFXODWLRQ
DpULHQQH SXEOLTXH OHV DpURSRUWV LQWHUQDWLRQDX[ GDQV OHVTXHOV
VRQWLQVWDOOpVGHVVHUYLFHVG¶LPPLJUDWLRQGHSROLFHGHGRXDQH
GHVDQWpHWGHTXDUDQWDLQHDJULFROH
&+$3,75('(6$(52'520(6121289(576$/$
&,5&8/$7,21$(5,(11(38%/,48(
$UWLFOH
/HV DpURGURPHV QRQ RXYHUWV j OD FLUFXODWLRQ DpULHQQH
SXEOLTXHFRPSUHQQHQWOHVDpURGURPHVjXVDJHUHVWUHLQWHWFHX[
jXVDJHSULYp
23
SUpVHQFHDX[QDYLJDWHXUVDpULHQV

/HV PRGDOLWpV G¶pWDEOLVVHPHQW GHV VHUYLWXGHV GH
GpJDJHPHQW HWGH EDOLVDJH VRQW GpILQLHV SDU DUUrWp GXPLQLVWUH
D\DQWO¶DYLDWLRQFLYLOHGDQV VHVDWWULEXWLRQV
7,75(,9'(/$&,5&8/$7,21$(5,(11( 
&+$3,75(HU'(65(*/(6*(1(5$/(6
$UWLFOH
/¶HVSDFH DpULHQ DXGHVVXV GX WHUULWRLUH GH OD 5pSXEOLTXH
'pPRFUDWLTXHGX&RQJRFRPSUHQG
 O¶HVSDFH DpULHQ QRQ FRQWU{Op FRQVWLWXp GHV UpJLRQV
G¶LQIRUPDWLRQGHYRO
 O¶HVSDFH DpULHQ FRQWU{Op FRQVWLWXp GHV UpJLRQV GH
FRQWU{OHHWGHV]RQHVGHFRQWU{OH
/HV GLPHQVLRQV G¶HVSDFHV DpULHQV FRQWU{OpV HW QRQ
FRQWU{OpV VRQW GpILQLHV SDU DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ
FLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
/HVXUYROHWOHVHVFDOHVWHFKQLTXHVGHVDpURQHIVpWUDQJHUV
IRQW O¶REMHW G¶XQH GHPDQGH LQWURGXLWH DXSUqV GH O¶DXWRULWp GH
O¶DYLDWLRQFLYLOH


$UWLFOH
6DXI SRXU GHV EHVRLQV GH GpFROODJH RX G¶DWWHUULVVDJH HW
VRXV UpVHUYH G¶XQH DXWRULVDWLRQ GH O¶DXWRULWp DpURQDXWLTXH
FRPSpWHQWHDXFXQDpURQHIQHYROHDXGHVVXVGHV]RQHVjIRUWH
GHQVLWp GHV YLOOHV HW DXWUHV DJJORPpUDWLRQV RX GH
UDVVHPEOHPHQWVGHSHUVRQQHVHQSOHLQDLUjPRLQVTX¶LOQHUHVWH
j XQH KDXWHXU VXIILVDQWH SRXU OXL SHUPHWWUH HQ FDV G¶XUJHQFH
24
G¶DWWHUULUVDQVPHWWUHHQGDQJHUOHVSHUVRQQHVRXOHVELHQVjOD
VXUIDFH
$UWLFOH
/H  VXUYRO SDU XQ DpURQHI GHV SURSULpWpV SULYpHV QH
V¶HIIHFWXH TXH GDQV GHV FRQGLWLRQV WHOOHV TX¶LO QH SRUWH SDV
DWWHLQWHDXGURLWGXSURSULpWDLUHjODVXUIDFH
$UWLFOH
,OHVWLQWHUGLWGHIDLUHpYROXHUXQDpURQHIjXQHGLVWDQFHG¶XQ
DXWUHDpURQHIWHOTX¶LOSXLVVHHQUpVXOWHUOHULVTXHG¶DERUGDJH
HQJDJH DXGHVVXV G
XQH ]RQH LQWHUGLWH
/HVPHVXUHVGHSUpYHQWLRQGHVDERUGDJHVVRQWGpILQLHVSDU
DpURGURPHOHSOXV
DUUrWpGXPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
DWWHUULVVDJH
$UWLFOH
(QYROFRPPHVXUO¶DLUHGHPRXYHPHQWG¶XQDpURGURPHXQ
pWHQGXHHWO¶HPSODFHPHQWUDLVRQQDEOHVGHV]RQHVLQWHUGLWHVRX
DpURQHIHVWXWLOLVpFRQIRUPpPHQWDX[UqJOHVJpQpUDOHVHWHQYRO
VXLYDQW OHV UqJOHV GH YRO j YXH RX OHV UqJOHV GH YRO DX[
LQVWUXPHQWV
/H FRPPDQGDQW GH ERUG HVW UHVSRQVDEOH GH O¶DSSOLFDWLRQ
GHVUqJOHVGHO¶DLUjODFRQGXLWHGHO¶DpURQHI
/HV PRGDOLWpV G¶DSSOLFDWLRQ GH O¶DOLQpD HU VRQW GpILQLHV SDU
O¶DXWRULWpGHO¶DYLDWLRQFLYLOH
$UWLFOH
$XFXQHDFUREDWLHDpULHQQHQ¶HVWH[pFXWpHSDUXQDpURQHIVL
FHQ¶HVWGDQVOHVFRQGLWLRQVSUHVFULWHVSDUO¶DXWRULWpGHO¶DYLDWLRQ
$UWLFOH
/RUVGHO¶DUULYpHRXGXGpSDUWG¶XQDpURQHIHQTXHOTXHOLHX
TXHFHVRLWO¶DXWRULWpGHO¶DYLDWLRQFLYLOHDOHGURLWGHOHYLVLWHUHW
G¶H[DPLQHUOHVGRFXPHQWVGHERUGH[LJpVSDUODSUpVHQWHORLHW
VHVPHVXUHVG¶H[pFXWLRQ
$UWLFOH
/HVXUYROGHFHUWDLQHV]RQHVGXWHUULWRLUHFRQJRODLVSHXWrWUH
LQWHUGLW UHVWUHLQW RX UpJOHPHQWp SRXU GHV UDLVRQV GH QpFHVVLWp
PLOLWDLUHRXGHVpFXULWpSXEOLTXH
7RXW  DpURQHI TXL V
HVWWHQXGqVTX¶LOHQHVWUHTXLVG¶DWWHUULUVXUO
UDSSURFKp HQ GHKRUV GH OD ]RQH LQWHUGLWH ,O HVW VDLVL GqV
O
8QH RUGRQQDQFH GX 3UpVLGHQW GH OD 5pSXEOLTXH IL[H
O
UHVWUHLQWHVGHVXUYRO
&+$3,75('(66(59,&(6'(/$&,5&8/$7,21
$(5,(11(
$UWLFOH
/H *RXYHUQHPHQW FUpH XQ RUJDQLVPH SXEOLF FKDUJp GH
IRXUQLU OHV VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH HW HQ GpWHUPLQH
O¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQW
/HVVHUYLFHVjIRXUQLUVRQWDVVXUpVHQYXHGH
 HPSrFKHUOHVDERUGDJHVHQWUHDpURQHIV
FLYLOH HW GH OD PDQLqUH LQGLTXpH GDQV OHV UHQVHLJQHPHQWV DYLV
HWRXDXWRULVDWLRQGHO¶RUJDQLVPHSXEOLFSUpYXjO¶DUWLFOHGHOD  HPSrFKHUOHVFROOLVLRQVHQWUHOHVDpURQHIVVXUO¶DLUHGH
SUpVHQWHORL PDQ°XYUH HW HQWUH OHV DpURQHIV HW OHV REVWDFOHV VH
WURXYDQWVXUFHWWHDLUH
$UWLFOH  DFFpOpUHUHWUpJXOHUODFLUFXODWLRQDpULHQQH
7RXW DpURQHI pWUDQJHU TXL VDQV DXWRULVDWLRQ GH VXUYRO  RX  IRXUQLU OHV DYLV HW UHQVHLJQHPHQWV XWLOHV j O¶H[pFXWLRQ
GRQWLO\DGHVPRWLIVUDLVRQQDEOHVGHFURLUHTX¶LOHVWXWLOLVpjGHV V€UHHWHIILFDFHGHVYROV
ILQV LQFRPSDWLEOHV DYHF OHV EXWV GH OD FRQYHQWLRQ UHODWLYH j
 DOHUWHUOHVRUJDQLVPHVDSSURSULpVORUVTXHGHVDpURQHIV
O¶DYLDWLRQFLYLOH LQWHUQDWLRQDOHVLJQpHj &KLFDJR OH  GpFHPEUH
RQWEHVRLQGHO¶DLGHGHVRUJDQLVPHVGHUHFKHUFKHHWGH
 HVW WHQX G¶REpLU j WRXW RUGUH G¶DWWHUULU HW j WRXWHV DXWUHV
VDXYHWDJH HW GH SUrWHU j FHV RUJDQLVPHV OH FRQFRXUV
LQVWUXFWLRQVGHVDXWRULWpVPLOLWDLUHVHWFLYLOHVWHQGDQWjPHWWUHILQ
QpFHVVDLUH
jFHWWHYLRODWLRQ
/D SURFpGXUH G¶LQWHUFHSWLRQ GHV DpURQHIV FLYLOV HVW GpILQLH $UWLFOH
SDU DUUrWp FRQMRLQW GHV PLQLVWUHV D\DQW O¶DYLDWLRQ FLYLOH HW OD
/HV VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH HW OHV DLGHV j OD
VpFXULWpGDQVOHXUVDWWULEXWLRQV
QDYLJDWLRQVRQWpWDEOLVRXDVVXUpVGDQVOHVUpJLRQVG¶LQIRUPDWLRQ
 GHYROOHVUpJLRQVGHFRQWU{OHHWOHV]RQHVGHFRQWU{OH
/HV VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH VRQW GRWpV
$UWLFOH
G¶LQVWDOODWLRQVGHWpOpFRPPXQLFDWLRQDpURQDXWLTXH G¶DLGHVUDGLR
/HV DpURQHIV D\DQW OHXU SRUW G¶DWWDFKH HQ 5pSXEOLTXH jODQDYLJDWLRQHWGHV\VWqPHGHVXUYHLOODQFHQpFHVVDLUHVSRXU
'pPRFUDWLTXH GX &RQJR FLUFXOHQW OLEUHPHQW DXGHVVXV GX OHVRSpUDWLRQVGHGpFROODJHFURLVLqUHDSSURFKHHWDWWHUULVVDJH
WHUULWRLUHFRQJRODLV
7RXWHIRLV XQ DpURQHI GH QDWLRQDOLWp pWUDQJqUH Q¶HVW DGPLV
GDQV O¶HVSDFH DpULHQ FRQJRODLV TX¶HQ YHUWX G¶XQ DFFRUG FRQFOX $UWLFOH
DYHF VRQ (WDW G¶LPPDWULFXODWLRQ RX VXU DXWRULVDWLRQ VSpFLDOH HW 7RXWDpURQHIVXUYRODQWOHWHUULWRLUHRXH[SORLWpHQ5pSXEOLTXH
WHPSRUDLUHGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH 'pPRFUDWLTXHGX&RQJRHVWPXQLG¶LQVWDOODWLRQVUDGLRpOHFWULTXHV
OXL SHUPHWWDQW GH FRPPXQLTXHU DYHF OHV DXWUHV DpURQHIV OHV


25 26
VWDWLRQV DpURQDXWLTXHV GH FRQWU{OH UpJLRQDO GH FRQWU{OH
G¶DSSURFKHHWGHVDpURGURPHV
$UWLFOH
$ILQ G¶DVVXUHU OD VpFXULWp GHV WpOpFRPPXQLFDWLRQV
DpURQDXWLTXHVHWGHODFLUFXODWLRQDpULHQQHO¶DXWRULWpGHO¶DYLDWLRQ
FLYLOH SHXW LQWHUGLUH DX[ DERUGV GHV DpURGURPHV GDQV XQ
SpULPqWUH TX¶LO OXL DSSDUWLHQW GH GpILQLU O¶HPSORL SDU GHV
SDUWLFXOLHUV G¶DSSDUHLOV pPHWWHXUV UpFHSWHXUV VXVFHSWLEOHV
G¶LQWHUIpUHU DYHF OHV IUpTXHQFHV XWLOLVpHV SDU OHV VHUYLFHV GH OD
QDYLJDWLRQDpULHQQH
$UWLFOH
/HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH V¶DSSOLTXHQW DX[
VWDWLRQVGHVVHUYLFHVUDGLRpOHFWULTXHVVXLYDQWV
$UWLFOH
/H FRPPDQGDQW GH O¶DpURSRUW RX OH FKHI GH O¶DpURGURPH
SHXW DSUqV PLVH HQ GHPHXUH SURFpGHU j OD UpWHQWLRQ G¶XQ
DpURQHISRXUQRQSDLHPHQWGHVUHGHYDQFHV
/D UpWHQWLRQ HVW OHYpH VL OHV VRPPHV GXHV VRQW VRLW
FRQVLJQpHV DXSUqV G¶XQ pWDEOLVVHPHQW EDQFDLUH VRLW SD\pHV DX
FUpDQFLHU
7,75(9,'(6/,&(1&(6'83(56211(/
&+$3,75(HU'(65(*/(65(/$7,9(6$/$'(/,95$1&(
'(6/,&(1&(6(748$/,),&$7,216
$UWLFOH
D VHUYLFHPRELOHDpURQDXWLTXH 1XOQHSHXWH[HUFHUOHVIRQFWLRQVGHSHUVRQQHODpURQDXWLTXH
E VHUYLFHPRELOHDpURQDXWLTXHSDUVDWHOOLWH V¶LOQ¶HVWWLWXODLUHG¶XQHOLFHQFHHQFRXUVGHYDOLGLWp
F VHUYLFHGHUDGLRQDYLJDWLRQDpURQDXWLTXH $UWLFOH
G VHUYLFHGHUDGLRQDYLJDWLRQDpURQDXWLTXHSDUVDWHOOLWH ,OH[LVWHGHX[FDWpJRULHVGXSHUVRQQHODpURQDXWLTXH
H VHUYLFHIL[HDpURQDXWLTXH  OHSHUVRQQHOQDYLJDQW
/¶H[SORLWDWLRQ OD FRPSRVLWLRQ O¶REMHW GHV FRPPXQLFDWLRQV  OHSHUVRQQHOQRQQDYLJDQW
DLQVL TXH  OH FRQWU{OH GHV VWDWLRQV YLVpHV j O¶DOLQpD HU  VRQW
FHUWLILpVSDUO¶DXWRULWpGHO¶DYLDWLRQFLYLOH $UWLFOH
/HVOLFHQFHVGHVPHPEUHVGXSHUVRQQHODpURQDXWLTXHVRQW
$UWLFOH
/HV UHQVHLJQHPHQWV PpWpRURORJLTXHV j OD QDYLJDWLRQ D SRXUOHSHUVRQQHOQDYLJDQW
DpULHQQHVRQWIRXUQLVSDUO¶DGPLQLVWUDWLRQPpWpRURORJLTXH  ODOLFHQFHG¶HQWUDvQHPHQW


/HV PRGDOLWpV GH FRRUGLQDWLRQ HQWUH OHV VHUYLFHV GH OD  ODOLFHQFHGHSLORWHSULYpG¶DYLRQ
FLUFXODWLRQDpULHQQHHWOHVVHUYLFHVPpWpRURORJLTXHVVRQWGpILQLHV  ODOLFHQFHGHSLORWHSURIHVVLRQQHOG¶DYLRQ
SDU DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV
DWWULEXWLRQV  ODOLFHQFHGHSLORWHSURIHVVLRQQHOGHqUHFODVVH
 ODOLFHQFHGHSLORWHGHOLJQHG¶DYLRQ
7,75(9'(65('(9$1&(6  ODOLFHQFHGHSLORWHSULYpG¶KpOLFRSWqUH
 ODOLFHQFHGHSLORWHSURIHVVLRQQHOG¶KpOLFRSWqUH
$UWLFOH
 ODOLFHQFHGHSLORWHGHOLJQHG¶KpOLFRSWqUH
/¶XWLOLVDWLRQ GH O¶HVSDFH DpULHQ GHV DpURSRUWV GHV
 ODOLFHQFHGHSLORWHGHSODQHXU
DpURGURPHVHWG¶DXWUHVLQVWDOODWLRQVGHVVHUYLFHV GHQDYLJDWLRQ
DpULHQQH HW VHUYLFH DpURQDXWLTXH HQWUDvQH OH SDLHPHQW GHV  ODOLFHQFHGHSLORWHGHEDOORQOLEUH
UHGHYDQFHVDXSURILWGHO¶DXWRULWpDpURSRUWXDLUHRXGHO¶RUJDQLVPH  ODOLFHQFHGHQDYLJDWHXU
TXLOHVIRXUQLW  ODOLFHQFHGHWHFKQLFLHQQDYLJDQW
/¶H[SORLWDQWFRQVXOWHOHVFRPSDJQLHVDpULHQQHVHWOHVDXWUHV
E SRXUOHSHUVRQQHOQRQQDYLJDQW
XVDJHUV j O¶RFFDVLRQ GH OD GpWHUPLQDWLRQ GHV WDX[ GHV
UHGHYDQFHV  OD OLFHQFH GH WHFKQLFLHQ GH PDLQWHQDQFH
G¶DpURQHI
  OD OLFHQFH GH FRQWU{OHXU GH OD FLUFXODWLRQ
8Q DUUrWp GX PLQLVWUH D\DQW O¶DYLDWLRQ FLYLOH GDQV VHV DpULHQQH
DWWULEXWLRQV GpWHUPLQH OD QRPHQFODWXUH HW OHV PRGDOLWpV GH  ODOLFHQFHG¶DJHQWWHFKQLTXHG¶H[SORLWDWLRQ
SHUFHSWLRQ GHV UHGHYDQFHV DLQVL TXH OD FOp GH UpSDUWLWLRQ GHV  OD OLFHQFH G¶RSpUDWHXU UDGLR GH VWDWLRQ
UHGHYDQFHVFRPPXQHV
DpURQDXWLTXH

 $UWLFOH
 /HV OLFHQFHV HW EUHYHWV G¶DSWLWXGH GpOLYUpV RX YDOLGpV SDU
 O¶DXWRULWp DpURQDXWLTXH FRPSpWHQWH G¶XQ (WDW PHPEUH GH

27 28
O¶2UJDQLVDWLRQ GH O¶DYLDWLRQ FLYLOH ,QWHUQDWLRQDOH VRQW UHFRQQXV
YDODEOHVHQ5pSXEOLTXH'pPRFUDWLTXHGX&RQJRVLOHVFRQGLWLRQV
TXL UpJLVVHQW OHXU GpOLYUDQFH RX OHXU YDOLGDWLRQ UpSRQGHQW DX[
QRUPHV GpILQLHV SDU O¶$QQH[H  j OD &RQYHQWLRQ GH &KLFDJR
UHODWLYHjO¶DYLDWLRQFLYLOHLQWHUQDWLRQDOH
$UWLFOH
/HV FRQGLWLRQV GH GpOLYUDQFH GH UHQRXYHOOHPHQW GH
YDOLGDWLRQ GH VXVSHQVLRQ RX GH UHWUDLW GHV OLFHQFHV HW OHV
TXDOLILFDWLRQV\DIIpUHQWHVVRQWIL[pHVSDUDUUrWpGXPLQLVWUHD\DQW
O¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
$UWLFOH
1XOQHSHXWH[HUFHUOHVIRQFWLRQVGXSHUVRQQHODpURQDXWLTXH
V¶LOHVWVRXVO¶LQIOXHQFHGHVVXEVWDQFHVSV\FKRDFWLYHV
DYDQFH VXLYDQW GHV LWLQpUDLUHV DSSURXYpV SDU
/HV VXEVWDQFHV SV\FKRDFWLYHV FRPSUHQQHQW O¶DOFRRO OHV
RSLRwGHV OHV FDQQDELQRwGHV OHV VpGDWLIV HW K\SQRWLTXHV
FRFDwQHV DXWUHV SV\FKRVWLPXODQWV OHV KDOOXFLQRJqQHV HW
VROYDQWVYRODWLOVH[FHSWpOHFDIpHWOHWDEDF
&+$3,75('(/$0('(&,1($(521$87,48(
$UWLFOH
7RXW FDQGLGDW j O¶REWHQWLRQ DX UHQRXYHOOHPHQW RX j OD
YDOLGDWLRQ G¶XQH GHV OLFHQFHV RX TXDOLILFDWLRQV GpILQLHV SDU OH
FKDSLWUH HU GX WLWUH 9, GH OD SUpVHQWH ORL GRLW UHPSOLU OHV
FRQGLWLRQVG¶DSWLWXGHSK\VLTXHHWPHQWDOH
/¶DSWLWXGH SK\VLTXH HW PHQWDOH HVW FRQVWDWpH SDU XQH
DWWHVWDWLRQPpGLFDOHGpOLYUpHSDUXQPpGHFLQDJUpp
$UWLFOH
/DFRRUGLQDWLRQHWOHFRQWU{OHGHODSUDWLTXHGHODPpGHFLQH
DpURQDXWLTXHVRQWDVVXUpVSDUXQFRQVHLOPpGLFDO
/DFUpDWLRQO¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQWGHFHFRQVHLO
VRQWIL[pVSDUGpFUHWGX3UHPLHUPLQLVWUHGpOLEpUpHQFRQVHLOGHV
PLQLVWUHV
7,75(9,,'(/·(;3/2,7$7,21'(66(59,&(6$(5,(16
&+$3,75(HU'875$163257$(5,(138%/,&
6HFWLRQqUH'HVGLVSRVLWLRQVJpQpUDOHV
$UWLFOH
/HWUDQVSRUWDpULHQSXEOLFHQWUHGHX[SRLQWVTXHOFRQTXHVGX
WHUULWRLUH FRQJRODLV HVW DVVXUp SDU GHV HQWUHSULVHV GH GURLW
FRQJRODLV
(VW UpSXWpH HQWUHSULVH GH WUDQVSRUW DpULHQ SXEOLF WRXWH
SHUVRQQH SK\VLTXH RX PRUDOH TXL SDU SURIHVVLRQ HIIHFWXH OH
WUDQVSRUWSDUDpURQHIPR\HQQDQWUpPXQpUDWLRQ

 PR\HQQDQW SDLHPHQW GHV UR\DOWLHV OHV FRQFpGHU j XQ RX
28
$UWLFOH
/H WUDQVSRUWHXU DpULHQ pODERUH DSSOLTXH HW PDLQWLHQW XQ
SURJUDPPHGHV€UHWp
&H SURJUDPPH GpFULW OHV PpWKRGHV HW SURFpGXUHV j VXLYUH
SDU OH WUDQVSRUWHXU DpULHQ DILQ GH VH FRQIRUPHU DX SURJUDPPH
QDWLRQDOGHV€UHWpSUpYXSDUODSUpVHQWHORL
6HFWLRQ'HVVHUYLFHVDpULHQVGRPHVWLTXHV
$UWLFOH
/HV VHUYLFHV DpULHQV GRPHVWLTXHV VRQW UpJXOLHUV RX QRQ
UpJXOLHUV
6RQW UpSXWpV UpJXOLHUV FHX[ TXL VH FDUDFWpULVHQW SDU XQH
VpULH GH YROV DFFHVVLEOHV DX SXEOLF HQWUH GHX[ RX SOXVLHXUV
SRLQWV IL[pV j O
O¶DXWRULWp GH O¶DYLDWLRQ FLYLOH HW VH FRQIRUPDQW j GHV KRUDLUHV
SUppWDEOLVHWSXEOLpVRXFHX[FRPSRUWDQWXQHIUpTXHQFHHWXQH
UpJXODULWp WHOOHV TXH OHXUV YROV FRQVWLWXHQW XQH VpULH
V\VWpPDWLTXH
$UWLFOH
/¶H[HUFLFH GHV DFWLYLWpV GH WUDQVSRUWHXU DpULHQ SXEOLF HVW
VXERUGRQQp j OD GpWHQWLRQ  G¶XQH OLFHQFH G¶H[SORLWDWLRQ HW G¶XQ
FHUWLILFDWGHWUDQVSRUWHXUDpULHQ
/D OLFHQFH G¶H[SORLWDWLRQ HVW GpOLYUpH SDU OH PLQLVWUH D\DQW
O¶DYLDWLRQFLYLOH GDQV VHV DWWULEXWLRQV (OOH HVW UHQRXYHODEOH WRXV
OHVFLQTDQV
/H FHUWLILFDW GH WUDQVSRUWHXU DpULHQ HVW GpOLYUp SDU O¶DXWRULWp
GHO¶DYLDWLRQFLYLOH,OHVWUHQRXYHODEOHFKDTXHDQQpH
/HV FRQGLWLRQV GH GpOLYUDQFH GH UHQRXYHOOHPHQW GH
VXVSHQVLRQ RX GH UHWUDLW GH OD OLFHQFH G¶H[SORLWDWLRQ HW GX
FHUWLILFDWGHWUDQVSRUWHXUDpULHQVRQWIL[pHVSDUGpFUHWGX3UHPLHU
PLQLVWUHGpOLEpUpHQ&RQVHLOGHVPLQLVWUHV
$UWLFOH
/D OLFHQFH G¶H[SORLWDWLRQ HW OH FHUWLILFDW GH WUDQVSRUWHXU
DpULHQVRQWLQFHVVLEOHV
$UWLFOH
$XFXQHHQWUHSULVHGHVHUYLFHVDpULHQVUpJXOLHUVGHWUDQVSRUW
SXEOLF QH SHXW PRGLILHU VHV LWLQpUDLUHV UHSULV VXU OH FHUWLILFDW GH
WUDQVSRUWHXU DpULHQ VDQV HQ DYRLU DX SUpDODEOH REWHQX
O¶DXWRULVDWLRQGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
6HFWLRQ'HVVHUYLFHVDpULHQVLQWHUQDWLRQDX[
$UWLFOH
/HVVHUYLFHVDpULHQVGHWUDQVSRUWSXEOLFVRQWLQWHUQDWLRQDX[
ORUVTX¶LOVWUDYHUVHQWO¶HVSDFHDpULHQGHGHX[RXSOXVLHXUV(WDWV
$UWLFOH
/HV GURLWV GH WUDILF REWHQXV DX[ WHUPHV G¶DFFRUGV DpULHQV
ELODWpUDX[RXPXOWLODWpUDX[DSSDUWLHQQHQWjO¶(WDW
/HPLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQVSHXW
29
SOXVLHXUV LQVWUXPHQWV /D FRPSDJQLH DpULHQQH GDQV ODTXHOOH
O¶(WDW GpWLHQW XQH SDUWLFLSDWLRQ PDMRULWDLUH RX QRQ GLOXDEOH
EpQpILFLHHQSULRULWpGHODFRQFHVVLRQGHVGURLWVGHWUDILF
$UWLFOH
/
H[SORLWDWLRQ GX WUDQVSRUW DpULHQ LQWHUQDWLRQDO HVW RXYHUWH
DX[HQWUHSULVHVGpVLJQpHV
,OQ¶HVWSDVQpFHVVDLUHTXHOHWUDQVSRUWHXUH[pFXWHSDUVHV
SURSUHVPR\HQVOHVREOLJDWLRQVTXLHQGpFRXOHQW
$UWLFOH
/H FRQWUDW GH WUDQVSRUW GH SHUVRQQHV SDU DLU HVW FRQVWDWp
SDUODGpOLYUDQFHG¶XQWLWUHGHWUDQVSRUWLQGLYLGXHORXFROOHFWLI/H
WLWUHGHWUDQVSRUWPHQWLRQQHQRWDPPHQW
3RXU rWUH pOLJLEOH O¶HQWUHSULVH j GpVLJQHU GRLW UHPSOLU OHV D O¶LQGLFDWLRQGHVSRLQWVGHGpSDUWHWGHGHVWLQDWLRQ
FRQGLWLRQVFLDSUqV E VLOHVSRLQWVGHGpSDUWHWGHGHVWLQDWLRQVRQWVLWXpV
 rWUHUpJXOLqUHPHQWFRQVWLWXpHVHORQODOpJLVODWLRQHQ VXU OH WHUULWRLUH QDWLRQDO HW VL XQH RX SOXVLHXUV
YLJXHXU HVFDOHV VRQW SUpYXHV VXU OH WHUULWRLUH G¶XQ DXWUH
 DYRLU VRQ VLqJH VRFLDO VRQ DGPLQLVWUDWLRQ FHQWUDOH (WDWO¶LQGLFDWLRQG¶XQHGHFHVHVFDOHV
HW VRQ FHQWUH SULQFLSDO G¶DFWLYLWp VXU OH WHUULWRLUH /¶HPSORLGHWRXWDXWUHPR\HQFRQVWDWDQWOHVLQGLFDWLRQVTXL
QDWLRQDO ILJXUHQWjO¶DOLQpDHUSHXWVHVXEVWLWXHUjODGpOLYUDQFHGXWLWUHGH
WUDQVSRUW PHQWLRQQp GDQV FHW DOLQpD 6L XQ WHO DXWUH PR\HQ HVW
 GpWHQLUXQHOLFHQFHG¶H[SORLWDWLRQHWXQFHUWLILFDWGH XWLOLVp OH WUDQVSRUWHXU RIIULUD GH GpOLYUHU DX SDVVDJHU XQ
WUDQVSRUWHXU DpULHQ GpOLYUpV FRQIRUPpPHQW j OD GRFXPHQWpFULWFRQVWDWDQWOHVLQGLFDWLRQVTXLVRQWFRQVLJQpHV
SUpVHQWHORL
 DYRLU XQH IORWWH VXIILVDQWH HQ SOHLQH SURSULpWp HQ $UWLFOH
OHDVLQJ RX HQ DIIUqWHPHQW SRXU XQH GXUpH /¶HQUHJLVWUHPHQWGHVEDJDJHVVHFRQVWDWHSDUODGpOLYUDQFH
VXSpULHXUH j VL[ PRLV HW GRQW HOOH DVVXUH OD G¶XQHILFKHG¶LGHQWLILFDWLRQ
FRQGXLWHWHFKQLTXH
$UWLFOH
 VRXVFULUH XQH SROLFH G¶DVVXUDQFHV DGpTXDWH
3RXUOHWUDQVSRUWGHVPDUFKDQGLVHVXQHOHWWUHGHWUDQVSRUW
FRXYUDQWVDUHVSRQVDELOLWpjO¶pJDUGGHVSDVVDJHUV
DpULHQHVWpPLVH
GXIUHWGHODSRVWHHWGHVWLHUVFRQIRUPpPHQWjOD
SUpVHQWHORL /¶HPSORL GH WRXW DXWUH PR\HQ FRQVWDWDQW OHV LQGLFDWLRQV
UHODWLYHVDXWUDQVSRUWjH[pFXWHUSHXWVHVXEVWLWXHUjO¶pPLVVLRQ
 rWUHHQPHVXUHGHSURXYHUVDFDSDFLWpGHPDLQWHQLU GH OD OHWWUH GH WUDQVSRUW DpULHQ 6L GH WHOV DXWUHV PR\HQV VRQW
XQ QLYHDX GH VpFXULWp G¶H[SORLWDWLRQ DX PRLQV XWLOLVpV OH WUDQVSRUWHXU GpOLYUH j O¶H[SpGLWHXU XQ UpFpSLVVp  GH
pTXLYDOHQW DX[ QRUPHV GH O¶2UJDQLVDWLRQ GH PDUFKDQGLVHVSHUPHWWDQWO¶LGHQWLILFDWLRQGHO¶H[SpGLWLRQHWO¶DFFqV
O¶DYLDWLRQFLYLOHLQWHUQDWLRQDOH DX[LQGLFDWLRQVHQUHJLVWUpHVSDUFHVDXWUHVPR\HQV
 rWUHVRXPLVHDXFRQWU{OHHIIHFWLIGHO¶(WDWFRQJRODLV
$UWLFOH
RXGHVHVUHVVRUWLVVDQWV
/D OHWWUH GH WUDQVSRUW DpULHQ RX OH UpFpSLVVp GH
$UWLFOH PDUFKDQGLVHVFRQWLHQQHQW
/HV HQWUHSULVHV GH WUDQVSRUW DpULHQ GH GURLW FRQJRODLV D O¶LQGLFDWLRQGHVSRLQWVGHGpSDUWHWGHGHVWLQDWLRQ
SHXYHQWFRQFOXUHGHVDFFRUGVRXDOOLDQFHVGHFRRSpUDWLRQDYHF
G¶DXWUHVWUDQVSRUWHXUV
&HV DFFRUGV HW DOOLDQFHV VRQW VRXPLV j O¶DSSUREDWLRQ GH
O¶DXWRULWp GH O¶DYLDWLRQ FLYLOH TXL YHLOOH QRWDPPHQW j FH TX¶LOV QH
QXLVHQW j O¶LQVWUXPHQW GpVLJQp GH GURLW FRQJRODLV H[SORLWDQW OD
PrPHGHVVHUWH
6HFWLRQ'XFRQWUDWGHWUDQVSRUWGHSHUVRQQHVEDJDJHV
HWPDUFKDQGLVHV
$UWLFOH
/H FRQWUDW GH WUDQVSRUW DpULHQ HVW FHOXL SDU OHTXHO OH
WUDQVSRUWHXU V¶HQJDJH HQ VRQ SURSUH QRP PR\HQQDQW
UpPXQpUDWLRQjDFKHPLQHUSDUDLUG¶XQSRLQWG¶RULJLQHjXQSRLQW
GH GHVWLQDWLRQ VRLW GHV SHUVRQQHV DYHF RX VDQV EDJDJHV VRLW
GHVPDUFKDQGLVHVUHoXHVG¶XQH[SpGLWHXUSRXUrWUHUHPLVHVjXQ
GHVWLQDWDLUHVRLWGXFRXUULHU
30
E ODPHQWLRQGXSRLGVGHO¶H[SpGLWLRQ
$UWLFOH
,O HVW GRQQp DX SDVVDJHU XQ DYLV pFULW LQGLTXDQW OD
UHVSRQVDELOLWpGXWUDQVSRUWHXUHQFDVGHPRUWGHEOHVVXUHRXGH
OpVLRQ DLQVL TX¶HQ FDV GH GHVWUXFWLRQ GH SHUWH RX G¶DYDULH GHV
EDJDJHVRXGHUHWDUG
$UWLFOH
/HWUDQVSRUWSDUDLUGHSHUVRQQHVRXGHVPDUFKDQGLVHVSHXW
rWUHDVVXUpSDUFRQWUDWG¶DIIUqWHPHQW
/¶DIIUqWHPHQWSHXWrWUHjWHPSVGpWHUPLQpRXDXYR\DJH
6LOHIUpWHXUFRQVHUYHODFRQGXLWHWHFKQLTXHGHO¶DpURQHIHWOD
GLUHFWLRQ GH O¶pTXLSDJH GH FRQGXLWH VXU OHTXHO LO H[HUFH VRQ
DXWRULWp LO HVW FRQVLGpUp FRPPH H[SORLWDQW GH O¶DpURQHI HW
O¶DIIUpWHXU FRPPH OH WUDQVSRUWHXU j FRQGLWLRQ TXH OH QRP GH FH
31
GHUQLHUILJXUHVXUOHVGLYHUVGRFXPHQWVFRQVWLWXDQWOHFRQWUDWGH
WUDQVSRUW
6L O¶DIIUpWHXU DVVXPH WRXWHV OHV REOLJDWLRQV G¶XQ H[SORLWDQW
DX[WHUPHVGXFRQWUDWG¶DIIUqWHPHQWHWDOHGURLWGHGRQQHUGHV
RUGUHV j O¶pTXLSDJH GH FRQGXLWH SHQGDQW WRXWH OD GXUpH GH
O¶DIIUqWHPHQWLOHVWFRQVLGpUpFRPPHH[SORLWDQWHWWUDQVSRUWHXU
$UWLFOH
$UWLFOH
/HV GLVSRVLWLRQV GHV DUWLFOHV  HW  GH OD SUpVHQWH ORL
UHODWLYHVjODOLFHQFHG¶H[SORLWDWLRQV¶DSSOLTXHQWPXWDWLVPXWDQGLV
DX[HQWUHSULVHVGHWUDYDLODpULHQ
$UWLFOH
6RQWVRXPLVjO¶DXWRULVDWLRQGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
D WRXW WUDYDLO DpULHQ RFFDVLRQQHO HIIHFWXp DX PR\HQ G
XQ
/¶DIIUqWHPHQWSHXWrWUHFRQFOXSRXUXQDpURQHIDUPpRXSRXU DpURQHI TXL Q
DSSDUWLHQW SDV j XQH HQWUHSULVH FRXYHUWH
XQDpURQHIFRTXHQXH SDU XQH OLFHQFH G
H[SORLWDWLRQ RX Q¶HVW  SDV DIIUpWp SDU
,O \ D DIIUqWHPHQW G¶DpURQHI DUPp ORUVTXH OH IUpWHXU IRXUQLW HOOH
O¶DpURQHI HQ pWDW GH QDYLJDELOLWp HW SRXUYRLW j WRXW FH TXL HVW
QpFHVVDLUH j VD QDYLJDWLRQ HW j VRQ H[SORLWDWLRQ FRPPHUFLDOH
E O
RUJDQLVDWLRQ GH WRXW VSHFWDFOH FRPSRUWDQW GHV
QRWDPPHQWPDQ°XYUHVVXEVLVWDQFHVpFXULWp
pYROXWLRQVG
DpURQHIV
/¶DIIUqWHPHQWFRTXHQXHHVWFHOXLSDUOHTXHOOHIUpWHXUPHW
6HFWLRQ'HVVHUYLFHVDpULHQVSULYpV
j OD GLVSRVLWLRQ GH O¶DIIUpWHXU XQ DpURQHI HQ pWDW GH QDYLJDELOLWp
PDLVQRQDUPpHWQRQpTXLSp $UWLFOH
$UWLFOH 6RQW VHUYLFHV DpULHQV SULYpV WRXWHV OHV DFWLYLWpV DpULHQQHV
DVVXUpHV SDU GHV HQWUHSULVHV RX GHV SDUWLFXOLHUV Q¶HQWUDQW QL
/HFRQWUDWG¶DIIUqWHPHQWHVWSRXUVRQRSSRVDELOLWpDX[WLHUV
GDQVOHFDGUHGXWUDQVSRUWDpULHQSXEOLFQLGDQVFHOXLGXWUDYDLO
FRQVWDWpSDUpFULW
DpULHQ
/RUVTXH OD GXUpH GH O¶DIIUqWHPHQW HVW VXSpULHXUH j WUHQWH
MRXUVOHFRQWUDWHVWLQVFULWDXUHJLVWUHG¶LPPDWULFXODWLRQ $UWLFOH
/
H[SORLWDWLRQ GHV VHUYLFHV DpULHQV SULYpV HVW VRXPLVH j
$UWLFOH
O¶DXWRULVDWLRQGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
/HUHIXVG¶HPEDUTXHUXQSDVVDJHUTXLGLVSRVHG¶XQWLWUHGH
YR\DJHHQFRXUVGHYDOLGLWpHWG¶XQHUpVHUYDWLRQFRQILUPpHSRXU
7,75(9,,,'(6$(52&/8%6(&2/(6'¶$9,$7,21(7
OHYROFRQFHUQpHWTXLV¶HVWSUpVHQWpjO¶HQUHJLVWUHPHQWGDQVOHV
&(175(6'()250$7,21
FRQGLWLRQV HW GpODLV UHTXLV GRQQH OLHX j FRPSHQVDWLRQ HWRX
UpSDUDWLRQ
$UWLFOH
2XWUHODSULVHHQFKDUJHSDUOHWUDQVSRUWHXUOHSDVVDJHUDOH
/
H[SORLWDWLRQ G¶XQ DpURFOXE G¶XQH pFROH G¶DYLDWLRQ RX G¶XQ
FKRL[HQWUH
FHQWUHGHIRUPDWLRQHVWVRXPLVHjO¶DXWRULVDWLRQGHO¶DXWRULWpGH
D OHUHPERXUVHPHQWVDQVSpQDOLWpGXWLWUHGHYR\DJHSRXU O¶DYLDWLRQFLYLOH
ODSDUWLHGXYR\DJHQRQHIIHFWXpH
/HVFRQGLWLRQVHWPRGDOLWpVGHGpOLYUDQFHGHVXVSHQVLRQHW
E OHUpDFKHPLQHPHQWGDQVOHVPHLOOHXUVGpODLVMXVTX¶jOD
GHVWLQDWLRQILQDOH
7RXWHIRLV OHV GLVSRVLWLRQV GHV DOLQpDV HU HW  QH
V¶DSSOLTXHQW SDV ORUVTXH OD GpFLVLRQ GH GpEDUTXHU XQ SDVVDJHU
UpVXOWHGHVRQDFWHRXFRPSRUWHPHQWGHQDWXUHjFRPSURPHWWUH
OD VpFXULWp GH O¶DpURQHI GHV SHUVRQQHV RX GHV ELHQV OH ERQ
RUGUHHWODGLVFLSOLQHjERUG
&+$3,75('875$9$,/$(5,(1(7'(66(59,&(6
$(5,(1635,9(6
6HFWLRQqUH'XWUDYDLODpULHQ
$UWLFOH
6RQWUpSXWpVVHUYLFHVGHWUDYDLODpULHQWRXWHVOHVRSpUDWLRQV
DpULHQQHVROHVDpURQHIVVRQWXWLOLVpVjGHVWkFKHVDXWUHVTXH
OHWUDQVSRUWGHSDVVDJHUVGHEDJDJHVGHPDUFKDQGLVHVRXGH
ODSRVWH
/¶HQVHPEOH GH FHV DFWLYLWpV VRQW GpILQLHV SDU DUUrWp GX
PLQLVWUHD\DQWO¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
32
GHUHWUDLWGHO¶DXWRULVDWLRQVRQWIL[pHVSDUDUUrWpGXPLQLVWUHD\DQW
O¶DYLDWLRQFLYLOHGDQVVHVDWWULEXWLRQV
7,75(,;'(/$5(63216$%,/,7('(6$6685$1&(6(7
'(6*$5$17,(6
&+$3,75(HU'(/$5(63216$%,/,7(
6HFWLRQqUH$O·pJDUGGHVSDVVDJHUVGHVEDJDJHVHW
GHVPDUFKDQGLVHV
$UWLFOH
/H WUDQVSRUWHXU HVW UHVSRQVDEOH GX GRPPDJH VXUYHQX HQ
FDV GH PRUW GH EOHVVXUHV RX GH WRXWH DXWUH OpVLRQ FRUSRUHOOH
VXELH SDU XQ SDVVDJHU ORUVTXH O¶DFFLGHQW TXL O¶D FDXVp V¶HVW
SURGXLW j ERUG GH O¶DpURQHI RX DX FRXUV GH WRXWH RSpUDWLRQ
G¶HPEDUTXHPHQWRXGHGpEDUTXHPHQW

33
 $UWLFOH
/HWUDQVSRUWHXUHVWUHVSRQVDEOHGXGRPPDJHUpVXOWDQWGHOD
SHUWH  GHVWUXFWLRQ RX DYDULH GHV EDJDJHV GRQW OH SDVVDJHU D
FRQVHUYp OD JDUGH j FRQGLWLRQ TXH OH IDLW TXL O¶D FDXVp VH VRLW
SURGXLW HQWUH OH PRPHQW R LO HVW PRQWp j ERUG GH O
DpURQHI HW /HPRQWDQWGHODUpSDUDWLRQHQFDVGHPRUWG¶KRPPHRXGH
FHOXLRLOHQHVWGHVFHQGX
$UWLFOH
/H WUDQVSRUWHXU HVW UHVSRQVDEOH GX GRPPDJH VXUYHQX HQ
FDVGHGHVWUXFWLRQSHUWHRXDYDULHGHEDJDJHVHQUHJLVWUpVSDU
OHVHXOIDLWTX¶HOOHV¶HVWSURGXLWHjERUGGHO¶DpURQHIRXDXFRXUV
GHODSpULRGHGXUDQWODTXHOOHLOHQDYDLWODJDUGH
7RXWHIRLVLOQ¶HVWSDVUHVSRQVDEOHVLHWGDQVODPHVXUHR
OHGRPPDJHUpVXOWHGHODQDWXUHRXGXYLFHSURSUHGHVEDJDJHV
$UWLFOH
G  GURLWV GH WLUDJH VSpFLDX[ SOXV  GURLWV GH
WLUDJH VSpFLDX[ SDU NLORJUDPPH H[FpGDQW 
NLORJUDPPHV SRXU OHV DpURQHIV GRQW OH SRLGV HVW
VXSpULHXUjNLORJUDPPHV
OpVLRQFRUSRUHOOHQHSHXWrWUHLQIpULHXUjGURLWVGHWLUDJH
VSpFLDX[SDUSHUVRQQHWXpHRXEOHVVpH
3RXU OHV YROV GRPHVWLTXHV OHV PRQWDQWV j SD\HU QH
GpSDVVHQWSDVODPRLWLpGHVLQGHPQLWpVSUpYXHVjO¶DOLQpDHU  GX
SUpVHQW DUWLFOH SHQGDQW OHV GHX[ DQQpHV VXLYDQW O¶HQWUpH HQ
YLJXHXUGHODSUpVHQWHORL
$UWLFOH
6LOHPRQWDQWWRWDOGHVLQGHPQLWpVIL[pHVH[FqGHODOLPLWHGH
UHVSRQVDELOLWpDSSOLFDEOHHQYHUWXGHVGLVSRVLWLRQVGHODSUpVHQWH
ORLOHVUqJOHVVXLYDQWHVVRQWDSSOLTXpHVHQWHQDQWFRPSWHGHV
GLVSRVLWLRQVGHO¶DOLQpDGHO¶DUWLFOH
/H WUDQVSRUWHXU HVW UHVSRQVDEOH GX GRPPDJH VXUYHQX HQ D VLOHVLQGHPQLWpVFRQFHUQHQWXQLTXHPHQWGHVSHUWHVGH
FDVGHGHVWUXFWLRQSHUWHRXDYDULHGHODPDUFKDQGLVHSDUOHIDLW YLH KXPDLQH RX GHV OpVLRQV VRLW XQLTXHPHQW GHV
TX¶LOV¶HVWSURGXLWSHQGDQWTX¶LOHQDYDLWODJDUGH GRPPDJHV FDXVpV DX[ ELHQV HOOHV IRQW O¶REMHW G¶XQH
UpGXFWLRQSURSRUWLRQQHOOHjOHXUPRQWDQWUHVSHFWLI
$UWLFOH
/HWUDQVSRUWHXUHVWUHVSRQVDEOHGXGRPPDJHUpVXOWDQWG¶XQ
UHWDUGGDQVOHWUDQVSRUWDpULHQGHSDVVDJHUVGHEDJDJHVRXGH
PDUFKDQGLVHV
6HFWLRQ$O·pJDUGGHVWLHUVjODVXUIDFH
 GRPPDJHV GRQW LO V¶DJLW /H VROGH GH OD VRPPH j
$UWLFOH
/¶H[SORLWDQW G¶XQ DpURQHI HVW UHVSRQVDEOH GHV GRPPDJHV
FDXVpVDX[SHUVRQQHVRXDX[ELHQVGHVWLHUVjODVXUIDFHSDUOHV
pYROXWLRQV GH O¶DpURQHI OHV SHUVRQQHV RX OHV REMHWV TXL HQ
WRPEHUDLHQW
7RXWHIRLV LO Q¶\ D SDV OLHX j UpSDUDWLRQ VL OH GRPPDJH
UpVXOWH GX VHXO IDLW GX SDVVDJH GH O¶DpURQHI j WUDYHUV O¶HVSDFH
DpULHQFRQIRUPpPHQWjODUpJOHPHQWDWLRQHQYLJXHXU
$UWLFOH
/H PRQWDQW GH OD UpSDUDWLRQ GXH SDU O¶HQVHPEOH GHV
SHUVRQQHV UHVSRQVDEOHV QH SHXW H[FpGHU SDU DpURQHI HW SDU
pYpQHPHQW
E VLOHVLQGHPQLWpVFRQFHUQHQWjODIRLVGHVSHUWHVGHYLH
KXPDLQHRXGHVOpVLRQVHWGHVGRPPDJHVDX[ELHQVOD
PRLWLpGXPRQWDQWGHODVRPPHjGLVWULEXHUHVWDIIHFWpH
SDUSULRULWpjODUpSDUDWLRQGHVSHUWHVGHYLHKXPDLQHHW
GHV OpVLRQV HW HQ FDV G¶LQVXIILVDQFH UpSDUWLH
SURSRUWLRQQHOOHPHQW DX PRQWDQW UHVSHFWLI GHV
GLVWULEXHU HVW UpSDUWL SURSRUWLRQQHOOHPHQW j OHXU
PRQWDQW HQWUH OHV LQGHPQLWpV FRQFHUQDQW OHV
GRPPDJHVPDWpULHOVHWV¶LO\DOLHXODSDUWLHQRQUpJOpH
GHVLQGHPQLWpVFRQFHUQDQWOHVSHUWHVGHYLHKXPDLQHHW
OHVOpVLRQV
$UWLFOH
6DQV SUpMXGLFH GHV FRQGLWLRQV IDYRUDEOHV UHFRQQXHV j OD
YLFWLPH SDU O¶DUWLFOH  GH OD SUpVHQWH ORL OD UHVSRQVDELOLWp GH
O¶H[SORLWDQW QH SHXW rWUH OLPLWpH VL OH GRPPDJH D pWp FDXVp GH
IDoRQ GpOLEpUpH RX GH PDXYDLVH IRL SDU O¶H[SORLWDQW RX VHV
SUpSRVpV
6HFWLRQ'XIDLWG·DERUGDJH
$UWLFOH
D GURLWVGHWLUDJHVSpFLDX[SRXUOHVDpURQHIVGRQW /HUpJLPHG¶DERUGDJHGXFRGHGHODQDYLJDWLRQPDULWLPHHVW
OHSRLGVHVWLQIpULHXURXpJDOjNLORJUDPPHV DSSOLFDEOHPXWDWLVPXWDQGLVHQFDVG¶DERUGDJHDpULHQ
E  GURLWV GH WLUDJH VSpFLDX[ SOXV  GURLWV GH 7RXWHIRLVODUHVSRQVDELOLWpGHO¶H[SORLWDQWQHSHXWGpSDVVHU
WLUDJH VSpFLDX[ SDU NLORJUDPPH H[FpGDQW  OHVOLPLWHVVXLYDQWHV
NLORJUDPPHV SRXU OHV DpURQHIV GRQW OH SRLGV HVW
VXSpULHXU j  NLORJUDPPHV HW LQIpULHXU j  D SRXUODSHUWHGHO¶DXWUHDpURQHIRXOHGRPPDJHVXELSDU
NLORJUDPPHV FHOXLFLODYDOHXUPDUFKDQGHRXOHFR€WGHUpSDUDWLRQRX
GHUHPSODFHPHQWOHFKLIIUHUHWHQXpWDQWOHSOXVSHWLW
F GURLWVGHWLUDJHVSpFLDX[SOXVGURLWVGH
WLUDJH VSpFLDX[ SDU NLORJUDPPH H[FpGDQW  E SRXUOHQRQXVDJHGHFHWDpURQHIGHVDYDOHXU
NLORJUDPPHV SRXU OHV DpURQHIV GRQW OH SRLGV HVW FSRXUODPRUWGHVSHUVRQQHVjERUGSRXUOHVEOHVVXUHVRX
VXSpULHXU j  NLORJUDPPHV HW LQIpULHXU RX pJDO j UHWDUGVXELSDUHOOHVGRPPDJHVRXSHUWHGHVEDJDJHV
NLORJUDPPHV

34 35
 RXPDUFKDQGLVHVOHVPRQWDQWVSUpYXVSDUO¶DUWLFOH 
FLGHVVRXV
6HFWLRQ'HVOLPLWHVGHUHVSRQVDELOLWp
$UWLFOH
3RXUOHVGRPPDJHVDX[SHUVRQQHVYLVpVjO¶DUWLFOHGH
OD SUpVHQWH ORL HW QH GpSDVVDQW SDV  GURLWV GH WLUDJH
VSpFLDX[SDUSDVVDJHUOHWUDQVSRUWHXUQHSHXWH[FOXUHRXOLPLWHU
VDUHVSRQVDELOLWp
/H WUDQVSRUWHXU Q¶HVW SDV UHVSRQVDEOH GH WHOV GRPPDJHV
$UWLFOH
3RXU OHV YROV GRPHVWLTXHV OHV PRQWDQWV j SD\HU QH
GpSDVVHQWSDVODPRLWLpGHVLQGHPQLWpVSUpYXHVDX[DUWLFOHV
 HW  FLGHVVXV SHQGDQW OHV GHX[ DQQpHV VXLYDQW O¶HQWUpH
HQYLJXHXUGHODSUpVHQWHORL
$UWLFOH
/H WUDQVSRUWHXU Q¶HVW SDV UHVSRQVDEOH V¶LO pWDEOLW TXH  OD
GHVWUXFWLRQODSHUWHRXO¶DYDULHGHODPDUFKDQGLVHUpVXOWHGHO¶XQ
RXGHSOXVLHXUVGHVIDLWVVXLYDQWV
TXHOTX¶HQVRLWOHPRQWDQWV¶LOSURXYHTXH D ODQDWXUHRXOHYLFHSURSUHGHODPDUFKDQGLVH
D OHGRPPDJHQ¶HVWSDVG€jODQpJOLJHQFHRXjXQDFWH E O¶HPEDOODJH GpIHFWXHX[ GH OD PDUFKDQGLVH IDLW SDU XQH
RX RPLVVLRQ SUpMXGLFLDEOH GH VD SDUW RX GH OD SDUW GH SHUVRQQH DXWUH TXH OH WUDQVSRUWHXU VHV SUpSRVpV RX
VHVSUpSRVpVRXGHVHVPDQGDWDLUHVRX VHVPDQGDWDLUHV
EFHVGRPPDJHVUpVXOWHQWXQLTXHPHQWGHODQpJOLJHQFHRX F XQIDLWGHJXHUUHRXXQFRQIOLWDUPp
G¶XQDFWHRXRPLVVLRQSUpMXGLFLDEOHG¶XQWLHUV
(QFDVGHGRPPDJHVXELSDUXQSDVVDJHUHWUpVXOWDQWG¶XQ
UHWDUG VHORQ OHV WHUPHV GHV DUWLFOHV   HW  GH OD
SUpVHQWH ORL  OD UHVSRQVDELOLWp GX WUDQVSRUWHXU HVW OLPLWpH j OD
VRPPHGHGURLWVGHWLUDJHVSpFLDX[SDUSDVVDJHU
/H WUDQVSRUWHXU  Q¶HVW SDV UHVSRQVDEOH V¶LO SURXYH TXH OXL
VHVSUpSRVpVRXVHVPDQGDWDLUHVRQWSULVWRXWHVOHVPHVXUHVTXL
SRXYDLHQW UDLVRQQDEOHPHQW V¶LPSRVHU SRXU pYLWHU OH GRPPDJH
RXTX¶LOOHXUDYDLWpWpLPSRVVLEOHGHOHVSUHQGUH
$UWLFOH
'DQV OH WUDQVSRUW GH EDJDJHV OD UHVSRQVDELOLWp GX
WUDQVSRUWHXU HQFDVGH GHVWUXFWLRQ SHUWHDYDULH RX UHWDUG HVW
OLPLWpH j OD VRPPH GH  GURLWV GH WLUDJH VSpFLDX[ SDU
SDVVDJHUVDXIGpFODUDWLRQVSpFLDOHG¶LQWpUrWIDLWHSDUOHSDVVDJHU
DX PRPHQW GH OD UHPLVH GHV EDJDJHV HQUHJLVWUpV DX
WUDQVSRUWHXU HW PR\HQQDQW OH SDLHPHQW pYHQWXHO G¶XQH VRPPH
HVWSURGXLWOH
VXSSOpPHQWDLUH 'DQV FH FDV OH WUDQVSRUWHXU SDLH  MXVTX¶j
FRQFXUUHQFHGHODVRPPHGpFODUpHjPRLQVTX¶LOSURXYHTX¶HOOH
HVWVXSpULHXUHjO¶LQWpUrWUpHOGXSDVVDJHUjODOLYUDLVRQ
/HV GLVSRVLWLRQV GH O¶DOLQpD HU QH V¶DSSOLTXHQW SDV V¶LO HVW
SURXYpTXHOHGRPPDJHUpVXOWHG¶XQDFWHRXG¶XQHRPLVVLRQGX
WUDQVSRUWHXU GH VHV SUpSRVpV RX GH VHV PDQGDWDLUHV IDLW VRLW
DYDULHRXOHUHWDUGV
HVWSURGXLW
DYHF O¶LQWHQWLRQ GH SURYRTXHU XQ GRPPDJH VRLW GH IDoRQ
H[SpGLWHXUFRQWUHOHSUHPLHUWUDQVSRUWHXUHWSDU
WpPpUDLUH HW DYHF FRQVFLHQFH TX¶XQ GRPPDJH HQ UpVXOWHUD
SUREDEOHPHQW
H[SpGLWHXUHWOHGHVWLQDWDLUH
$UWLFOH
'DQV OH WUDQVSRUW GH PDUFKDQGLVHV OD UHVSRQVDELOLWp GX
WUDQVSRUWHXU HQFDVGH GHVWUXFWLRQ SHUWHDYDULH RX UHWDUG HVW
OLPLWpH j OD VRPPH GH  GURLWV GH WLUDJH VSpFLDX[ SDU
NLORJUDPPHVDXIGpFODUDWLRQVSpFLDOHG¶LQWpUrWjODOLYUDLVRQIDLWH
SDUO¶H[SpGLWHXUDXPRPHQWGHODUHPLVHGXFROLVDXWUDQVSRUWHXU
HW PR\HQQDQW OH SDLHPHQW G¶XQH VRPPH VXSSOpPHQWDLUH
pYHQWXHOOH 'DQV FH FDV OH WUDQVSRUWHXU SDLH MXVTX¶j
FRQFXUUHQFHGHODVRPPHGpFODUpHjPRLQVTX¶LOSURXYHTX¶HOOH
HVWVXSpULHXUHjO¶LQWpUrWUpHOGHO¶H[SpGLWHXUjODOLYUDLVRQ
 GDQVOHGpODLSUpYX$GpIDXWWRXWHDFWLRQFRQWUHOHWUDQVSRUWHXU
36
G XQDFWHGHO¶DXWRULWpSXEOLTXHDFFRPSOLHQUHODWLRQDYHF
O¶HQWUpHODVRUWLHRXOHWUDQVLWGHODPDUFKDQGLVH
/H WUDQVSRUWHXU Q¶HVW SDV UHVSRQVDEOH GX GRPPDJH FDXVp
SDUXQUHWDUGGDQVOHWUDQVSRUWGHSDVVDJHUVGHEDJDJHVRXGH
PDUFKDQGLVHV V¶LO SURXYH TXH OXL VHV SUpSRVpV RX VHV
PDQGDWDLUHV RQW SULV WRXWHV OHV PHVXUHV TXL SRXYDLHQW
UDLVRQQDEOHPHQWV¶LPSRVHUSRXUpYLWHUOHGRPPDJHRXTX¶LOOHXU
pWDLWLPSRVVLEOHGHOHVSUHQGUH
6HFWLRQ'HO·DFWLRQHQUHVSRQVDELOLWp
$UWLFOH
$X FDV R XQ WUDQVSRUW SDU DpURQHI H[pFXWp SDU SOXVLHXUV
WUDQVSRUWHXUV VXFFHVVLIV HVW FRQVLGpUp FRPPH XQ WUDQVSRUW
XQLTXH SDU FRQYHQWLRQ HQWUH SDUWLHV FKDTXH WUDQVSRUWHXU pWDQW
DLQVL UpSXWp SDUWLH DX FRQWUDW OH UHFRXUV SRXU GRPPDJH DX[
SHUVRQQHVQHSHXWrWUHH[HUFpTXHFRQWUHOHWUDQVSRUWHXUD\DQW
HIIHFWXpODSDUWLHGXWUDQVSRUWDXFRXUVGHODTXHOOHV
IDLWTXLHVWODFDXVHGXGRPPDJH6DXIVLOHSUHPLHUWUDQVSRUWHXU
DDVVXPpSDUFRQWUDWODUHVSRQVDELOLWpSRXUWRXWOHWUDQVSRUWOH
UHFRXUV SRXU GRPPDJH j GHV EDJDJHV HQUHJLVWUpV RX j GHV
PDUFKDQGLVHV SRXUUD rWUH H[HUFp QRQ VHXOHPHQW FRQWUH OH
WUDQVSRUWHXU D\DQW HIIHFWXp OD SDUWLH GX WUDQVSRUW DX FRXUV GH
ODTXHOOHODGHVWUXFWLRQODSHUWHO
PDLVHQFRUHSDUO
OH GHVWLQDWDLUH FRQWUH OH GHUQLHU WRXV FHV WUDQVSRUWHXUV pWDQW
VROLGDLUHPHQWUHVSRQVDEOHVHQYHUVO
$UWLFOH
(QFDVG¶DYDULHOHGHVWLQDWDLUHDGUHVVHDXWUDQVSRUWHXUXQH
UpFODPDWLRQ LPPpGLDWHPHQW DSUqV OD GpFRXYHUWH GH O¶DYDULH HW
DX SOXV WDUG GDQV XQ GpODL GH VHSW MRXUV SRXU OHV EDJDJHV
HQUHJLVWUpVHWGHTXDWRU]HMRXUVSRXUOHVPDUFKDQGLVHVjGDWHU
GHOHXUUpFHSWLRQ
(QFDVGHUHWDUGODUpFODPDWLRQHVWIDLWHDXSOXVWDUGGDQV
OHVYLQJWHWXQMRXUVjFRPSWHUGHODGDWHjODTXHOOHOHEDJDJHRX
ODPDUFKDQGLVHDXUDLWG€rWUHPLVjGLVSRVLWLRQGXGHVWLQDWDLUH
7RXWHUpFODPDWLRQHVWIDLWHSDUpFULWHWUHPLVHRX H[SpGLpH
HVWLUUHFHYDEOH
37
 $UWLFOH
6RXV SHLQH G¶LUUHFHYDELOLWp O¶DFWLRQ HQ UHVSRQVDELOLWp HVW
LQWHQWpH GDQV OH GpODL GH GHX[ DQV j FRPSWHU GH O¶DUULYpH j
GHVWLQDWLRQRXGXMRXURO¶DpURQHIDXUDLWG€DUULYHU
/D FRPSXWDWLRQ GX GpODL V¶HIIHFWXH FRQIRUPpPHQW DX GURLW
FRPPXQ
pWDW GH IDLUH OD
$UWLFOH
/HV DFWLRQV HQ UHVSRQVDELOLWp SRXU GRPPDJHV DX[
SHUVRQQHV EDJDJHV RX PDUFKDQGLVHV WUDQVSRUWpV SHXYHQW rWUH
SRUWpHV DX FKRL[ GX GHPDQGHXU VRLW GHYDQW OH WULEXQDO GX
GRPLFLOH GX WUDQVSRUWHXU DpULHQ GH VRQ VLqJH VRFLDO GH VRQ
VLqJHG¶H[SORLWDWLRQRXGXOLHXRLOSRVVqGHXQpWDEOLVVHPHQWSDU
OHVRLQGXTXHOOHFRQWUDWDpWpFRQFOXVRLWGHYDQWOHWULEXQDOGX
OLHXGHGHVWLQDWLRQ
&+$3,75('(6$6685$1&(6(7*$5$17,(6
$UWLFOH
7RXW H[SORLWDQW G¶DpURQHI HW WRXW WUDQVSRUWHXU DpULHQ VRQW
WHQXV GH VRXVFULUH VHORQ OH FDV XQH SROLFH G¶DVVXUDQFH
UHVSRQVDELOLWpSRXUGRPPDJHVFDXVpVDX[WLHUVDX[SDVVDJHUV
DX[EDJDJHVHWPDUFKDQGLVHV
$UWLFOH
3RXU OHV DpURQHIV LPPDWULFXOpV HQ 5pSXEOLTXH
'pPRFUDWLTXHGX&RQJRO¶DVVXUDQFHHVWFRQWUDFWpHDXSUqVG¶XQ
DVVXUHXUGHGURLWFRQJRODLV
/DJDUDQWLHHVWFRQVLGpUpHFRPPHVXIILVDQWHORUVTX¶HOOHHVW
FRQWUDFWpHGDQVOHVOLPLWHVSUpYXHVDX[DUWLFOHVjGHOD
SUpVHQWHORL
3RXU OHV DpURQHIV LPPDWULFXOpV HW DVVXUpV j O¶pWUDQJHU OD
VROYDELOLWp GH O¶DVVXUHXU HVW YpULILpH SDU O¶DXWRULWp GH O¶DYLDWLRQ
FLYLOH
$UWLFOH
/HVJDUDQWLHVHWDVVXUDQFHVSUpYXHVSDUODSUpVHQWHORLVRQW
DIIHFWpHV VSpFLDOHPHQW HW SDU SUpIpUHQFH DX SDLHPHQW GHV
LQGHPQLWpVFRUUHVSRQGDQWHV
/HVH[SORLWDQWVYHUVHQWVDQVGpODLGHVDYDQFHVIRQGpHVVXU
OHVEHVRLQVVRFLDX[pFRQRPLTXHVLPPpGLDWVGHVYLFWLPHVHWGH
OHXUVD\DQWVGURLW
,1&,'(176'·$9,$7,215(&+(5&+( (76$89(7$*( 
7,75(;'(6(148(7(65(/$7,9(6$8;$&&,'(176(7
&+$3,75(HU'(6(148(7(6
$UWLFOH
7RXWDFFLGHQWRXLQFLGHQWG¶DYLDWLRQVXUYHQXVXUOHWHUULWRLUH
RX GDQV ,¶ HVSDFH DpULHQ FRQJRODLV IDLW GDQV OHV TXDUDQWH KXLW
KHXUHVO¶REMHWG¶XQHGpFODUDWLRQSDUOHFRPPDQGDQWGHERUGVRLW
j O¶DXWRULWp DpURSRUWXDLUH OD SOXV SURFKH VRLW DX FHQWUH GH
38
FRQWU{OHGHODFLUFXODWLRQDpULHQQHDYHFOHTXHOLOHVWHQOLDLVRQRX
jGpIDXWjO¶DXWRULWpDGPLQLVWUDWLYHORFDOH
/¶DXWRULWp DpURSRUWXDLUH OH FHQWUH GH FRQWU{OH RX O¶DXWRULWp
DGPLQLVWUDWLYHORFDOHVHORQOHFDVLQIRUPHVDQVGpODLOHEXUHDX
SHUPDQHQWG¶HQTXrWHVVXUOHVDFFLGHQWVHWLQFLGHQWVG¶DYLDWLRQ
6L OH FRPPDQGDQW GH ERUG HVW KRUV G
GpFODUDWLRQ YLVpH j O¶DOLQpD HU FHOOHFL HVW IDLWH SDU WRXW DXWUH
PHPEUH GH ,¶ pTXLSDJH O¶H[SORLWDQW OH SUpVLGHQW GH ,¶ DpURFOXE
GRQWGpSHQG,¶DpURQHIRXOHSURSULpWDLUHGH,¶DpURQHI'DQVFH
FDV OD GpFODUDWLRQ HVW IDLWH DX EXUHDX SHUPDQHQW G¶HQTXrWHV
(OOH SUpFLVH VL O¶DFFLGHQW RX O¶LQFLGHQW D FDXVp GHV GRPPDJHV
DX[SHUVRQQHVjERUGRXDX[WLHUVjODVXUIDFH/HSURFXUHXUGH
OD5pSXEOLTXHHQHVWLQIRUPp
$UWLFOH
/RUVTXH O¶DFFLGHQW RX O¶LQFLGHQW HVW VXUYHQX j XQ DpURQHI
FRQJRODLVKRUVGXWHUULWRLUHRXGHOµHVSDFHDpULHQ FRQJRODLVOD
GpFODUDWLRQSUpYXHFLGHVVXVHVWIDLWHDX[DXWRULWpVGH,¶(WDWGX
OLHXGHO¶pYpQHPHQW
$UWLFOH
7RXWDFFLGHQWRXLQFLGHQWG¶DYLDWLRQVXUYHQXVXUOHWHUULWRLUH
RX GDQV O¶HVSDFH DpULHQ FRQJRODLV IDLW O¶REMHW G¶XQH HQTXrWH
WHFKQLTXH
$UWLFOH
/¶HQTXrWH WHFKQLTXH HVW PHQpH SDU OH EXUHDX SHUPDQHQW
G¶HQTXrWHV
/¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQWGHFHEXUHDXVRQWIL[pV
SDUGpFUHWGX3UHPLHUPLQLVWUHGpOLEpUpHQ&RQVHLOGHVPLQLVWUHV
$UWLFOH
/¶HQTXrWH WHFKQLTXH HVW LQGpSHQGDQWH GH O¶HQTXrWH
MXGLFLDLUH
$UWLFOH
(Q FDV G¶DFFLGHQW OH EXUHDX SHUPDQHQW G¶HQTXrWHV HW
O¶DXWRULWp MXGLFLDLUH FRPSpWHQWH SUHQQHQW WRXWHV OHV GLVSRVLWLRQV
XWLOHVSRXUDVVXUHUODFRQVHUYDWLRQGHVLQGLFHVDLQVLTXHODJDUGH
GH O¶DpURQHI HW GH VRQ FRQWHQX SHQGDQW OH WHPSV TXL VHUD
QpFHVVDLUHDX[ILQVG¶HQTXrWH
$UWLFOH
7RXW GpIDXW D\DQW HQWUDvQp XQ DFFLGHQW RX XQ LQFLGHQW HW
VXVFHSWLEOH GH FRPSURPHWWUH OD VpFXULWp G¶DXWUHV DpURQHIV GX
PrPH W\SH FRQVWDWp SDU OH EXUHDX SHUPDQHQW G¶HQTXrWHV XQH
HQWUHSULVHGHFRQVWUXFWLRQDpURQDXWLTXHG¶HQWUHWLHQGHUpYLVLRQ
RX GH FODVVLILFDWLRQ IDLW O¶REMHW G¶XQH GpFODUDWLRQ SDU O¶HQWUHSULVH
FRQFHUQpHjO¶DXWRULWpGHO¶DYLDWLRQFLYLOHGDQVOHVWUHQWHMRXUVGH
VDGpFRXYHUWH
/RUVTXH FH GpIDXW HVW FRQVWDWp SDU O¶DXWRULWp GH O¶DYLDWLRQ
FLYLOH FHOOHFL LQIRUPH OH EXUHDX SHUPDQHQW G¶HQTXrWHV HW OH
FRQVWUXFWHXUGHO¶DpURQHI
39
 &+$3,75('(/$5(&+(5&+((7'86$89(7$*(
$UWLFOH
/HVRSpUDWLRQVGHUHFKHUFKHRXGHVDXYHWDJHGHVDpURQHIV
HQ GLIILFXOWpV RX DFFLGHQWpV VRQW HIIHFWXpHV SDU OH FHQWUH GH
FRRUGLQDWLRQ
/DFUpDWLRQO¶RUJDQLVDWLRQHWOHIRQFWLRQQHPHQWGHFHFHQWUH
VRQWIL[pVSDUGpFUHWGX3UHPLHUPLQLVWUHGpOLEpUpHQFRQVHLOGHV
PLQLVWUHV
$UWLFOH
7RXWH SHUVRQQH TXL WURXYH XQH pSDYH G¶DpURQHI HQ IDLW
LPPpGLDWHPHQW OD GpFODUDWLRQ j O¶DXWRULWp DGPLQLVWUDWLYH OD SOXV
SURFKHTXLVDLVLWO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
/HV UqJOHV UHODWLYHV DX[ pSDYHV PDULWLPHV V¶DSSOLTXHQW
PXWDWLVPXWDQGLVDX[pSDYHVG¶DpURQHIVWURXYpHVHQPHURXVXU
OHOLWWRUDOPDULWLPH
$UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH GH VL[ j GRX]H PRLV HW
G¶XQH DPHQGH G¶XQ PLOOLRQ jGHX[ PLOOLRQV GH IUDQFV FRQJRODLV
WRXWPHPEUHGXSHUVRQQHODpURQDXWLTXHTXLH[HUFHVHVIRQFWLRQV
VDQVOLFHQFHHQFRXUVGHYDOLGLWp
$UWLFOH
(VWSXQLGHVSHLQHVSUpYXHVjO¶DUWLFOHFLGHVVXVWRXW
PHPEUH GX SHUVRQQHO DpURQDXWLTXH TXL H[HUFH VHV IRQFWLRQV
VRXVO¶LQIOXHQFHGHVVXEVWDQFHVSV\FKRDFWLYHV
/D SHLQH HVW SRUWpH DX GRXEOH V¶LO HVW pWDEOL TXH O¶DEXV GH
VXEVWDQFHV SV\FKRDFWLYHV HVW OD FDXVH SULQFLSDOH G¶XQ DFFLGHQW
RXLQFLGHQWG¶DYLDWLRQ
$UWLFOH
(VW SXQL GX GRXEOH GH OD VHUYLWXGH SpQDOH SUpYXH SDU OH
&RGH SpQDO SRXU OH IDX[ HQ pFULWXUHV RX O¶XVDJH GH IDX[
TXLFRQTXH
(QFDVGHGLVSDULWLRQVDQVQRXYHOOHVG¶XQDpURQHIO¶DSSDUHLO D DSSRVHRXIDLWDSSRVHUVXUXQDpURQHIGHVPDUTXHVQRQ
HVWUpSXWpSHUGXVL[PRLVDSUqVODGDWHGHO¶HQYRLGHVGHUQLqUHV FRQIRUPHV j FHOOHV SRUWpHV VXU OH FHUWLILFDW
QRXYHOOHV G¶LPPDWULFXODWLRQ RX TXL VXSSULPH RX IDLW VXSSULPHU
IDOVLILHRXIDLWIDOVLILHUOHVPDUTXHVUpJOHPHQWDLUHV
$UWLFOH
E IDOVLILH OHV PDQXHOV HWRX OHV GRFXPHQWV GH ERUG RX \
/H *RXYHUQHPHQW SUHQG OHV GLVSRVLWLRQV QpFHVVDLUHV SRXU SRUWHGHIDXVVHVLQGLFDWLRQV
TXHOHVpSDYHVSURYHQDQWG¶DFFLGHQWVG¶DYLRQHWVHWURXYDQWVXU
OH WHUULWRLUH QDWLRQDO RX GDQV OHV UpJLRQV GH UHFKHUFKH HW GH
VDXYHWDJHGRQWLODODUHVSRQVDELOLWpVRLHQWHQOHYpHVGpWUXLWHVRX
LQGLTXpHV VXU XQH FDUWH ORUVTXH OHV LQYHVWLJDWLRQV WHFKQLTXHV
VRQWWHUPLQpHVVLOHXUSUpVHQFHULVTXHGHFRQVWLWXHUXQGDQJHU
RXGHVHPHUODFRQIXVLRQORUVGHVRSpUDWLRQVGHUHFKHUFKHRX
GHVDXYHWDJHXOWpULHXUHV
7,75(;,'(6',6326,7,2163(1$/(6
&+$3,75(HU'(6,1)5$&7,216
6HFWLRQqUH'HVLQIUDFWLRQVUHODWLYHVDX[DpURQHIVDX[
OLFHQFHVGXSHUVRQQHOHWjODFLUFXODWLRQDpULHQQH
$UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH G¶XQ j FLQT DQV HW G¶XQH
DPHQGH G¶XQ PLOOLRQ j GHX[ PLOOLRQV GH IUDQFV FRQJRODLV
TXLFRQTXH
F GpOLYUH XQ IDX[ GRFXPHQW GH ERUG GH O¶DpURQHI RX XQH
IDXVVHOLFHQFHG¶H[SORLWDWLRQ
$UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH G¶XQ j FLQT DQV HW G¶XQH
DPHQGH G¶XQ PLOOLRQ j GHX[ PLOOLRQV GH IUDQFV FRQJRODLV
TXLFRQTXH GpOLYUH XQH OLFHQFH G¶H[SORLWDWLRQ XQ FHUWLILFDW GH
WUDQVSRUWHXU DpULHQ XQH OLFHQFH GX SHUVRQQHO DpURQDXWLTXH RX
XQH TXDOLILFDWLRQ \ DIIpUHQWH HQ YLRODWLRQ GHV GLVSRVLWLRQV GH OD
SUpVHQWHORLHWVHVPHVXUHVG¶H[pFXWLRQ
$UWLFOH
(VWSXQLG¶XQHVHUYLWXGHSpQDOHGHGHX[PRLVjGHX[DQVHW
G¶XQH DPHQGH G¶XQ PLOOLRQ jGHX[ PLOOLRQV GH IUDQFV FRQJRODLV
OH FRPPDQGDQW GH ERUG TXL UHIXVH GH VH FRQIRUPHU DX[
LQVWUXFWLRQV GHV VHUYLFHV GH OD FLUFXODWLRQ DpULHQQH VDXI
ORUVTX¶HOOHVULVTXHQWGHFRPSURPHWWUHODVpFXULWpGHODQDYLJDWLRQ
DpULHQQH
/HPD[LPXPGHODVHUYLWXGHSpQDOHHVWSRUWpjFLQTDQVV¶LO
D PHWODLVVHHQVHUYLFHRXFRQGXLWXQDpURQHIVDQVDYRLU HVWpWDEOLTXHFHUHIXVDRFFDVLRQQpXQDFFLGHQWRXXQLQFLGHQW
REWHQXOHVGRFXPHQWVGHERUG JUDYHG¶DYLDWLRQ
E PHW ODLVVH HQ VHUYLFH RX FRQGXLW XQ DpURQHI VDQV OHV
PDUTXHVG¶LGHQWLILFDWLRQUpJOHPHQWDLUHV $UWLFOH
F ODLVVHFLUFXOHURXFRQGXLWXQDpURQHIQHUpSRQGDQW SDV /H VXUYRO GpOLEpUpG¶XQH]RQH LQWHUGLWH RX UHVWUHLQWH GH YRO
DX[FRQGLWLRQVVpFXULWDLUHVUpJOHPHQWDLUHV SDUXQDpURQHIHVWSXQLG¶XQHVHUYLWXGHSpQDOHGHFLQTjGL[DQV
HW G¶XQH DPHQGH GH TXLQ]H PLOOLRQV j YLQJW PLOOLRQV GH IUDQFV
(VWSXQLGHVPrPHVSHLQHVWRXWWUDQVSRUWHXUDpULHQTXLVH
FRQJRODLV
OLYUHjFHWWHDFWLYLWpVDQVOLFHQFHG¶H[SORLWDWLRQRXVDQVFHUWLILFDW
GHWUDQVSRUWHXUDpULHQ

40 41
  /D SHLQH HVW OD VHUYLWXGH SpQDOH j SHUSpWXLWp VL OHV FRXSV
6HFWLRQ'HVLQIUDFWLRQVFRQWUHODVpFXULWpHWODV€UHWp SRUWpVHWOHVEOHVVXUHVIDLWHVYRORQWDLUHPHQWPDLVVDQVLQWHQWLRQ
GHO·DYLDWLRQFLYLOH GHGRQQHUODPRUWO¶RQWSRXUWDQWFDXVpH

 $UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH GH VL[ PRLV j FLQT DQV HW
$UWLFOH G¶XQHDPHQGHGHFLQTFHQWPLOOHjXQPLOOLRQGHIUDQFVFRQJRODLV
7RXWH VRXVWUDFWLRQ IUDXGXOHXVH G¶XQ ELHQ RX G¶XQH SLqFH FHOXLTXLVDQVDXWRULVDWLRQRXDYHFXQHDXWRULVDWLRQLUUpJXOLqUH
TXHOFRQTXH G¶XQ DpURQHI HQ YRO HQ VHUYLFH LPPRELOLVp RX WUDQVSRUWHRXIDLWWUDQVSRUWHUjERUGG¶XQDpURQHIXQHFDUJDLVRQ
DFFLGHQWpHVWDVVLPLOpHDXYROTXDOLILp XQEDJDJHRXWRXWDXWUHREMHWFODVVLILpPDUFKDQGLVHGDQJHUHXVH
(OOHHVWSXQLHGHGL[DQVGHVHUYLWXGHSpQDOHSULQFLSDOH 6L O¶REMHW WUDQVSRUWp HVW XQH DUPH GLVVLPXOpH HW DFFHVVLEOH
SHQGDQW OH YRO OHV SHLQHV SUpYXHV j O¶DOLQpD SUpFpGHQW VRQW
$UWLFOH SRUWpHVDXGRXEOH
(VW SXQL GHV SHLQHV SUpYXHV j O¶DUWLFOH  GH OD SUpVHQWH $UWLFOH
ORLTXLFRQTXHPRGLILHO
pWDWGHVOLHX[RV
HVWSURGXLWXQDFFLGHQW /H FRPPDQGDQW GH ERUG TXL HIIHFWXH GHV DFUREDWLHV
RX LQFLGHQW JUDYH G¶DYLDWLRQ \ HIIHFWXH GHV SUpOqYHPHQWV DpULHQQHVHQYLRODWLRQGHVGLVSRVLWLRQVGHODSUpVHQWHORLHWVHV
TXHOFRQTXHV VH OLYUH VXU O
DpURQHI RX VRQ pSDYH j TXHOTXH PHVXUHVG¶H[pFXWLRQHVWSXQLG¶XQHVHUYLWXGHSpQDOHGHGHX[j
PDQLSXODWLRQ RX SUpOqYHPHQW TXH FH VRLW RX SURFqGH j VRQ VL[ PRLV HW G¶XQH DPHQGH GH FLQT FHQW PLOOH j XQ PLOOLRQ GH
GpSODFHPHQWRXjVRQHQOqYHPHQW IUDQFVFRQJRODLV
$UWLFOH 6HFWLRQ'HVLQIUDFWLRQVUHODWLYHVDX[DpURGURPHV
&RQVWLWXHQW GHV DFWHV G¶LQWHUYHQWLRQ LOOLFLWH HQ UDSSRUW DYHF
O¶DYLDWLRQFLYLOH $UWLFOH
D ODFDSWXUHLOOLFLWHG¶XQDpURQHIHQYRORXDXVRO (VWSXQLG¶XQHVHUYLWXGHSpQDOHGHVL[PRLVjGHX[ DQVHW
E OHVDFWHVGHYLROHQFHFRQWUHXQHSHUVRQQHjERUGG¶XQ G¶XQH DPHQGH GH GHX[ PLOOLRQV j FLQT PLOOLRQV GH IUDQFV
DpURQHIGHQDWXUHjFRPSURPHWWUHODVpFXULWp FRQJRODLV TXLFRQTXH FRQVWUXLW HW H[SORLWH XQ DpURGURPH VDQV
F OHV DFWHV GHYLROHQFH FRQWUHXQH SHUVRQQH VHWURXYDQW DXWRULVDWLRQGHO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
GDQV XQ DpURSRUW RX GDQV OHV LQVWDOODWLRQV
DpURSRUWXDLUHV $UWLFOH
G OD SULVH G¶RWDJHV j ERUG G¶XQ DpURQHI RX GDQV XQ (VW SXQL G¶XQH VHUYLWXGH SpQDOH GH VL[ PRLV j WURLV DQV HW
DpURSRUWRXDpURGURPH G¶XQH DPHQGH G¶XQ PLOOLRQ jGHX[ PLOOLRQV GH IUDQFV FRQJRODLV
H ODGHVWUXFWLRQRXO¶HQGRPPDJHPHQWJUDYHG¶XQDpURQHI TXLFRQTXH H[SORLWH XQ VHUYLFH G¶DVVLVWDQFH HQ HVFDOH VXU XQ
HQVHUYLFHRXKRUVVHUYLFHVHWURXYDQWVXUXQDpURSRUW DpURGURPH RXYHUW j OD FLUFXODWLRQ DpULHQQH SXEOLTXH VDQV DYRLU
I ODGHVWUXFWLRQRXO¶HQGRPPDJHPHQWJUDYHG¶LQVWDOODWLRQV pWpDJUppFRQIRUPpPHQWDX[GLVSRVLWLRQVGHODSUpVHQWHORL
DpURSRUWXDLUHV
J O¶LQWURGXFWLRQjERUGG¶XQDpURQHIGDQVXQDpURSRUWRX $UWLFOH
XQ DpURGURPH G¶XQH DUPH G¶XQ HQJLQ GDQJHUHX[ RX 4XLFRQTXH YLROH OHV VHUYLWXGHV DpURQDXWLTXHV OpJDOHV HVW
G¶XQHPDWLqUHGDQJHUHXVHjGHVILQVFULPLQHOOHV SXQL G¶XQH VHUYLWXGH SpQDOH GH VL[ PRLV j GHX[ DQV HW G¶XQH
K OD FRPPXQLFDWLRQ G¶LQIRUPDWLRQV IDXVVHV GH QDWXUH j
FRPSURPHWWUHODVpFXULWpG¶XQDpURQHIHQYRORXDXVRO
RX FHOOH GX SXEOLF GDQV XQ DpURSRUW XQ DpURGURPH RX
GDQVO¶HQFHLQWHG¶XQHLQVWDOODWLRQGHO¶DYLDWLRQFLYLOH
&HVDFWHVVRQWSXQLVGHODVHUYLWXGHSpQDOHjSHUSpWXLWpHW
G¶XQHDPHQGHGHFLQTFHQWPLOOHjXQPLOOLRQGHIUDQFVFRQJRODLV
$UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH GH VL[ j GRX]H PRLV HW
G¶XQH DPHQGH G¶XQ PLOOLRQ jGHX[ PLOOLRQV GH IUDQFV FRQJRODLV
TXLFRQTXHFRQQDLVVDQWOHPDXYDLVpWDWG¶XQDpURQHIV¶DEVWLHQW
G¶HQLQIRUPHUO¶DXWRULWpGHO¶DYLDWLRQFLYLOH
$UWLFOH
(VWSXQLGXGRXEOHGHVSHLQHVSUpYXHVDX[DUWLFOHVHW
GX &RGH SpQDO /LYUH ,, FHOXL TXL IDLW YRORQWDLUHPHQW GHV
EOHVVXUHV RX SRUWH GHV FRXSV j XQ PHPEUH G¶pTXLSDJH GDQV
O¶H[HUFLFHGHVHVIRQFWLRQV
42
DPHQGHG¶XQPLOOLRQjGHX[PLOOLRQVGHIUDQFVFRQJRODLV
6HFWLRQ   'X GpIDXW GH WLWUH GH YR\DJH HW GX WLWUH GH
YR\DJHQRQYDOLGH
$UWLFOH
(VW SXQL G¶XQH VHUYLWXGH SpQDOH GH GHX[ j GRX]H PRLV HW
G¶XQHDPHQGHGHYLQJWPLOOHjFLQTXDQWHPLOOHIUDQFVFRQJRODLV
FHOXL TXL SUHQG SODFH j ERUG G¶XQ DpURQHI DVVXUDQW OH WUDQVSRUW
SXEOLF VDQV MXVWLILHU G¶XQ WLWUH GH YR\DJH RX DYHF XQ WLWUH GH
YR\DJHQRQYDOLGH
6HFWLRQ'HVGLVSRVLWLRQVFRPPXQHV
$UWLFOH
6DQV SUpMXGLFH GHV SHLQHV SUpYXHV SDU OD SUpVHQWH ORL OH
MXJH SURQRQFH HQ RXWUH VHORQ OH FDV O¶XQH GHV SHLQHV
FRPSOpPHQWDLUHVVXLYDQWHV
43
 D O¶LQWHUGLFWLRQ G¶H[SORLWDWLRQ MXVTX¶j FH TXH WRXWHV OHV 
FRQGLWLRQVH[LJpHVSDUODSUpVHQWHORLVRLHQWUHPSOLHV
E OD VXVSHQVLRQ SRXU XQH GXUpH QH GpSDVVDQW SDV WURLV
PRLVGHODOLFHQFHGpOLYUpHjWRXWPHPEUHGXSHUVRQQHO
DpURQDXWLTXH TXL DXUD H[HUFp VHV IRQFWLRQV VRXV

7,75(;,,'(6 ',6326,7,21675$16,72,5(6
$%52*$72,5(6 (7),1$/(6

O¶LQIOXHQFHGHVVXEVWDQFHVSV\FKRDFWLYHV $UWLFOH
F ODGHVWUXFWLRQGHIDX[GRFXPHQWVGpOLYUpVRXGRQWRQD (Q DWWHQGDQW OD FUpDWLRQ GH O¶DXWRULWp GH O¶DYLDWLRQ FLYLOH
IDLWXVDJH SUpYXHjO¶DUWLFOHGHODSUpVHQWHORLOHVDWWULEXWLRQVOXLGpYROXHV
G OD FRQILVFDWLRQ GH WRXWH DUPH WRXW HQJLQ RX WRXWH
PDWLqUH FRQVLGpUpH GDQJHUHX[ DX[ WHUPHV GH OD
SUpVHQWH ORL LUUpJXOLqUHPHQW LQWURGXLWV GDQV OHV
LQVWDOODWLRQVDpURSRUWXDLUHVRXGDQVXQDpURQHI
&+$3,75('(/$352&('85(
$UWLFOH
6DQV SUpMXGLFH GHV DWWULEXWLRQV UHFRQQXHV DX[ RIILFLHUV GH
SROLFH MXGLFLDLUH j FRPSpWHQFH JpQpUDOH OHV RIILFLHUV GH SROLFH
MXGLFLDLUHGHVVHUYLFHVDIIHFWpVDX[LQVWDOODWLRQVDpURSRUWXDLUHVHW
DX[ VHUYLFHV GH QDYLJDWLRQ DpULHQQH FRQVWDWHQW OHV LQIUDFWLRQV
SUpYXHVHWSXQLHVSDUODSUpVHQWHORL
$UWLFOH
6DQVSUpMXGLFHGHVGLVSRVLWLRQVSDUWLFXOLqUHVSUpYXHVSDUOD
SUpVHQWH ORL OD SURFpGXUH DSSOLFDEOH DX[ LQIUDFWLRQV HQ PDWLqUH
G¶DYLDWLRQ FLYLOH HVW FHOOH SUpYXH SDU OH FRGH GH SURFpGXUH
SpQDOH

44
VRQW H[HUFpHV SDU O¶$XWRULWp GH O¶DYLDWLRQ FLYLOH GX &RQJR FUppH
SDUGpFUHWQƒ%GXPDUV
$UWLFOH
6RQW DEURJpV O¶RUGRQQDQFH OpJLVODWLYH Qƒ  GX 
VHSWHPEUHUHODWLYHDX[VHUYLWXGHVDpURQDXWLTXHVOHGpFUHW
GXGpFHPEUHUHODWLIjODFUpDWLRQGHV]RQHVLQWHUGLWHVGH
VXUYRO HW O¶RUGRQQDQFHORL Qƒ  GX  PDUV  SRUWDQW
UpJOHPHQWDWLRQ GHV FRQGLWLRQV JpQpUDOHV G¶H[SORLWDWLRQ GHV
VHUYLFHVDpULHQV
$UWLFOH
/D SUpVHQWH /RL HQWUH HQ YLJXHXU j OD GDWH GH VD
SURPXOJDWLRQ
)DLWj.LQVKDVDOHGpFHPEUH
-RVHSK.$%,/$.$%$1*(
BBBBBBBBBB
45