Vous êtes sur la page 1sur 58

75$'8&7,21)5$1d$,6(3285,1)250$7,21



9HQGUHGLFKDRXHO±GpFHPEUH qPHDQQpH 1ƒ






6RPPDLUH

'pFUHWVHW$UUrWpV 

3UHPLHU0LQLVWqUH

'pFUHWQƒGXGpFHPEUHSRUWDQWUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFV 
1RPLQDWLRQGHVRXVGLUHFWHXUV««««««««««««««««««««««« 
1RPLQDWLRQ G
XQ PHPEUH UHSUpVHQWDQW OH PLQLVWqUH GH O
LQWpULHXU HW GX 
GpYHORSSHPHQW ORFDO DX FRQVHLO G
DGPLQLVWUDWLRQ GH O
,PSULPHULH 2IILFLHOOH GH OD 
5pSXEOLTXH7XQLVLHQQH 
0LQLVWqUHGHV$IIDLUHV6RFLDOHVHWGHOD6ROLGDULWp 
1RPLQDWLRQG
XQFKHIGHGLYLVLRQ««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD VROLGDULWp GX  GpFHPEUH  
SRUWDQWGpWHUPLQDWLRQGHVVLqJHVHWGHVFRPSpWHQFHVWHUULWRULDOHVGHVFRPPLVVLRQV 
PpGLFDOHV KDELOLWpHV j IL[HU OH WDX[ G
LQFDSDFLWp SHUPDQHQWH GH WUDYDLO HW OD
QRPLQDWLRQGHOHXUVPHPEUHV«««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD VROLGDULWp GX  GpFHPEUH  
SRUWDQW DSSUREDWLRQ GH O
DYHQDQW Qƒ  j OD FRQYHQWLRQ FROOHFWLYH QDWLRQDOH GH
O
pOHFWULFLWpHWGHO
pOHFWURQLTXH««« 
0LQLVWqUHGHO
,QWpULHXUHWGX'pYHORSSHPHQW/RFDO 
1RPLQDWLRQGHFKHIVGHGLYLVLRQ««««««««««««««««««««««« 
1RPLQDWLRQG
XQFKHIGHEXUHDX««««««««««««««««««««««« 
1RPLQDWLRQG
XQVHFUpWDLUHJpQpUDOGHFRPPXQH««««««««««««««« 
1RPLQDWLRQG
XQFKHIGHVHUYLFH««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O
LQWpULHXU HW GX GpYHORSSHPHQW ORFDO GX  QRYHPEUH  
SRUWDQW RXYHUWXUH G
XQ H[DPHQ SURIHVVLRQQHO VXU GRVVLHUV SRXU OD WLWXODULVDWLRQ GHV
DJHQWV WHPSRUDLUHV GH OD FDWpJRULH $ GDQV OH JUDGH G
LQJpQLHXU GHV WUDYDX[ 
DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DX
PLQLVWqUHGHO
LQWpULHXUHWGXGpYHORSSHPHQWORFDO««««««««««««««« 
/LVWHVGHSURPRWLRQDXFKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW« 
/LVWHGHSURPRWLRQDXFKRL[DXJUDGHGHVHFUpWDLUHG
DGPLQLVWUDWLRQ««««««« 
0LQLVWqUHGHO
(QVHLJQHPHQW6XSpULHXUGHOD5HFKHUFKH6FLHQWLILTXH 
HWGHOD7HFKQRORJLH 
1RPLQDWLRQGHGR\HQVGHIDFXOWpV 
1RPLQDWLRQGXGLUHFWHXUGHO
LQVWLWXWQDWLRQDOGHVVFLHQFHVDSSOLTXpHVHWGHWHFKQRORJLH« 
1RPLQDWLRQGHGLUHFWHXUVG
LQVWLWXWVVXSpULHXUV««««««««««««««««« 
1RPLQDWLRQGHGLUHFWHXUVG
LQVWLWXWVGHKDXWHVpWXGHV«««««««««««««« 
1RPLQDWLRQGHGLUHFWHXUVG
LQVWLWXWVSUpSDUDWRLUHV««««««««««««««« 
1RPLQDWLRQGHGLUHFWHXUVG
pFROHVQDWLRQDOHVHWVXSpULHXUH««««««««««« 
1RPLQDWLRQGHGLUHFWHXUVGHVpWXGHVYLFHGR\HQV««««««««««««««« 
1RPLQDWLRQGHGLUHFWHXUV«««««««««««««««««««««««««« 
1RPLQDWLRQGHGLUHFWHXUVGHVVWDJHV«««««««««««««« 
1RPLQDWLRQG
XQGLUHFWHXUGHVpWXGHV 
1RPLQDWLRQG
XQGLUHFWHXUGHVpWXGHVGLUHFWHXUDGMRLQW««««««««««««« 
1RPLQDWLRQGHVRXVGLUHFWHXUV««««««««««««««««««««««« 
1RPLQDWLRQ GH VHFUpWDLUHV JpQpUDX[ G
pWDEOLVVHPHQWV G
HQVHLJQHPHQW VXSpULHXU HW 
GHUHFKHUFKH««««««««««««««««««««««««««««««« 
1RPLQDWLRQGHVHFUpWDLUHVSULQFLSDX[G
XQLYHUVLWpV««««««««««««««« 
1RPLQDWLRQGHVHFUpWDLUHVSULQFLSDX[G
pWDEOLVVHPHQWVG
HQVHLJQHPHQWVXSpULHXUHW
GHUHFKHUFKH««««««««««««««««««««««««««««««« 
1RPLQDWLRQGHVHFUpWDLUHVG
XQLYHUVLWpV«««««««««««««««««««« 
1RPLQDWLRQGHVHFUpWDLUHVG
pWDEOLVVHPHQWVG
HQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKH« 
1RPLQDWLRQGHFKHIVGHVHUYLFH««««««««««««««««««««««« 
$UUrWpGHVPLQLVWUHVGHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGH 
ODWHFKQRORJLHHWGHO
DJULFXOWXUHGHO
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV 
GXGpFHPEUHIL[DQWOHUpJLPHGHVpWXGHVHWGHVH[DPHQVGDQVOHVF\FOHV 
SUpSDUDWRLUHVDX[pWXGHVG
LQJpQLHXU««««««««««««««««««««« 
$UUrWpVGXPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGH 
ODWHFKQRORJLHGHVHWGpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH«««« 
0LQLVWqUHGX7RXULVPHGX&RPPHUFHHWGHO
$UWLVDQDW 
$UUrWpGXPLQLVWUHGXWRXULVPHGXFRPPHUFHHWGHO
DUWLVDQDWGXGpFHPEUH 
UHODWLIjODIL[DWLRQGHODGXUpHPD[LPDOHGHO
RUJDQLVDWLRQGHVMHX[SURPRWLRQQHOVHW
ODYDOHXUPD[LPDOHGXORWDFFRUGp«««««««««««««««««««««« 
0LQLVWqUHGHOD-XVWLFHHWGHV'URLWVGHO
+RPPH 
$WWULEXWLRQGHODQDWLRQDOLWpWXQLVLHQQHSDUYRLHGHQDWXUDOLVDWLRQ««««««««« 
$UUrWp GX PLQLVWUH GH OD MXVWLFH HW GHV GURLWV GH O
+RPPH GX  GpFHPEUH  
UHODWLIjO
LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH«««««««««« 
0LQLVWqUHGHO
(GXFDWLRQHWGHOD)RUPDWLRQ 
0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF«««««««««««««««««« 
0LQLVWqUHGHV'RPDLQHVGHO
(WDWHWGHV$IIDLUHV)RQFLqUHV 
'pFUHW Qƒ GX  GpFHPEUH  SRUWDQW H[SURSULDWLRQ SRXU FDXVH 
G
XWLOLWpSXEOLTXHGHSDUFHOOHVGHWHUUHVLVHVDX[GpOpJDWLRQVGH0HQ]HO7HPLPHHW

+DRXDULD JRXYHUQRUDW GH 1DEHXO HW QpFHVVDLUHV j OD FRQVWUXFWLRQ G
XQ EDUUDJH
FROOLQDLUHVXU2XHG$NUDQ«««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUHGHVGRPDLQHVGHO
(WDWHWGHVDIIDLUHVIRQFLqUHVGXGpFHPEUH 
 PRGLILDQW HW FRPSOpWDQW O
DUUrWp GX PLQLVWUH GHV GRPDLQHV GH O
(WDW HW GHV 
DIIDLUHV IRQFLqUHV GX  RFWREUH  IL[DQW OHV PRGDOLWpV G
RUJDQLVDWLRQ GX
FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH UHFUXWHPHQW G
LQJpQLHXUV SULQFLSDX[ DX 
PLQLVWqUHGHVGRPDLQHVGHO
(WDWHWGHVDIIDLUHVIRQFLqUHV«««««««««««« 
0LQLVWqUHGHV)LQDQFHV 
$UUrWpV GX PLQLVWUH GHV ILQDQFHV GX  GpFHPEUH  SRUWDQW GpOpJDWLRQ GH 
VLJQDWXUH««««««««««««««««««««««««««««««««« 
0LQLVWqUHGHO
,QGXVWULHHWGHO
(QHUJLH 
'pFUHWQƒGXGpFHPEUHUHODWLIjODFRJpQpUDWLRQ«««««« 
 

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


1RPLQDWLRQG
XQDGPLQLVWUDWHXUDXFRQVHLOG
DGPLQLVWUDWLRQGHODVRFLpWpQDWLRQDOHGH 
GLVWULEXWLRQGHVSpWUROHV«««««««««««««««««««««««««« 
1RPLQDWLRQG
XQDGPLQLVWUDWHXUDXFRQVHLOG
DGPLQLVWUDWLRQGHODVRFLpWpWXQLVLHQQH
GHVXFUH««««««««««««««««««««««««««««««««« 
0LQLVWqUHGHOD&XOWXUHGHOD-HXQHVVHHWGHV/RLVLUV 
1RPLQDWLRQG
XQDWWDFKpGHFDELQHWDXPLQLVWqUHGHODFXOWXUHGHODMHXQHVVHHWGHV 
ORLVLUV«««««««««««««««««««««««««««««««««« 
1RPLQDWLRQG
XQGLUHFWHXUGHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHV«««««« 
1RPLQDWLRQG
XQPDvWUHGHUHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHV 
0LQLVWqUHGHO
(TXLSHPHQWGHO
+DELWDWHWGHO
$PpQDJHPHQWGX7HUULWRLUH 
1RPLQDWLRQ G
XQ DGPLQLVWUDWHXU DX FRQVHLO G
DGPLQLVWUDWLRQ GH O
DJHQFH IRQFLqUH GH
O
KDELWDW 
1RPLQDWLRQG
XQPHPEUHDXFRQVHLOG
DGPLQLVWUDWLRQGHO
RIILFHGHODWRSRJUDSKLHHW 
GHODFDUWRJUDSKLH««««««««««««««««««««««««««««« 
0LQLVWqUHGHOD6DQWp3XEOLTXH 
0DLQWLHQHQDFWLYLWpGDQVOHVHFWHXUSXEOLF«««««««««««««««««« 
0LQLVWqUHGX'pYHORSSHPHQWHWGHOD&RRSpUDWLRQ,QWHUQDWLRQDOH 
'pFUHW Qƒ  GX  GpFHPEUH  PRGLILDQW HW FRPSOpWDQW OH GpFUHW Qƒ  
GXMXLQUpJOHPHQWDQWOHVFRQGLWLRQVG
DWWULEXWLRQHWGHUHWUDLWGHVHPSORLV
IRQFWLRQQHOVDXVHLQGHO
DJHQFHGHSURPRWLRQGHO
LQYHVWLVVHPHQWH[WpULHXU«««««« 
0LQLVWqUHGHO
$JULFXOWXUHGHO
(QYLURQQHPHQWHWGHV5HVVRXUFHV+\GUDXOLTXHV 
'pFUHWQƒGXGpFHPEUHSRUWDQWFUpDWLRQG
XQHXQLWpGHJHVWLRQ 
SDU REMHFWLIV SRXU OD UpDOLVDWLRQ GHV EDUUDJHV (O =DUJD (O .pELU (O 0RXOD HW GHV
RXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW(O0RXODGXJRXYHUQRUDW 
GH-HQGRXEDHWIL[DQWVRQRUJDQLVDWLRQHWOHVPRGDOLWpVGHVRQIRQFWLRQQHPHQW«« 
1RPLQDWLRQG
XQGLUHFWHXU«««««««««««««««««««««««««« 
1RPLQDWLRQGHFKHIVGHVHUYLFH««««««««««««««««««««««« 
1RPLQDWLRQGHFKHIVG
DUURQGLVVHPHQW«««««««««««««««««««« 
1RPLQDWLRQGHFKHIVGHFHOOXOH««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV 
K\GUDXOLTXHV GX  GpFHPEUH  IL[DQW OHV PRGDOLWpVG
RUJDQLVDWLRQGXFRQFRXUV 
H[WHUQHVXUpSUHXYHVSRXUOHUHFUXWHPHQWGHWHFKQLFLHQVGHODERUDWRLUHLQIRUPDWLTXH
DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXH GHV 
DGPLQLVWUDWLRQVSXEOLTXHV«««««««««««««««««««««««««« 
$UUrWp GX PLQLVWUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV 
K\GUDXOLTXHV GX  GpFHPEUH  SRUWDQW RXYHUWXUH GH OD SURFpGXUH GH 
UpDPpQDJHPHQWIRQFLHUGDQVOHSpULPqWUHSXEOLFLUULJXpG
(UEDwDGHODGpOpJDWLRQGH
6EHwWODDXJRXYHUQRUDWGH.DVVHULQH«««««««««««««««««««« 


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


GpFUHWVHWDUUrWpV


35(0,(50,1,67(5( 'pFUqWH

 7,75(35(0,(5',6326,7,216*(1(5$/(6
'pFUHWQƒGXGpFHPEUHSRUWDQW
&+$3,75(35(0,(5
UpJOHPHQWDWLRQGHVPDUFKpVSXEOLFV
'(),1,7,21'(60$5&+(638%/,&6
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGX3UHPLHUPLQLVWUH $UWLFOHSUHPLHU/HVPDUFKpVSXEOLFVVRQWGHVFRQWUDWV
pFULWVSDVVpVSDUO¶DFKHWHXUSXEOLFHQYXHGHODUpDOLVDWLRQ
9X OD ORL Qƒ  GX  PDL  SRUWDQW
GHVFRPPDQGHVSXEOLTXHV
SURPXOJDWLRQ GH OD ORL RUJDQLTXH GHV FRPPXQHV HW
O¶HQVHPEOH GHV WH[WHV TXL O¶RQW PRGLILpH RX FRPSOpWpH HW 1H FRQVWLWXHQW SDV GHV PDUFKpV SXEOLFV DX VHQV GX
QRWDPPHQWODORLRUJDQLTXHQƒGXDYULOHWOD SUpVHQW GpFUHW OHV FRQWUDWV GH FRQFHVVLRQ GH VHUYLFHV
SXEOLFVOHVFRQWUDWVG¶DVVRFLDWLRQGHJURXSHPHQWGHVRXV
ORLRUJDQLTXHQƒGX-XLOOHW
WUDLWDQFHRXG¶DVVLVWDQFHFRQFOXVHQWUHO¶DFKHWHXUSXEOLFHW
9X OD ORL Qƒ  GX  PDL  SRUWDQW ORL G¶DXWUHV SDUWHQDLUHV HQ YXH GH OD UpDOLVDWLRQ G¶XQH
RUJDQLTXH GX EXGJHW GHV FROOHFWLYLWpV SXEOLTXHV ORFDOHV FRPPDQGHSXEOLTXHRXSULYpH
HWO¶HQVHPEOHGHVWH[WHVTXLO¶RQWPRGLILpHRXFRPSOpWpH (VWFRQVLGpUpDFKHWHXUSXEOLFDXVHQVGXSUpVHQWGpFUHW
HWQRWDPPHQWODORLRUJDQLTXHQƒGX0DLHW O¶(WDW OHV FROOHFWLYLWpV ORFDOHV OHV pWDEOLVVHPHQWV SXEOLFV
ODORLRUJDQLTXHQƒGX-DQYLHU OHV pWDEOLVVHPHQWV SXEOLFV  j FDUDFWqUH QRQ DGPLQLVWUDWLI HW
9XODORLRUJDQLTXHQƒGXIpYULHUUHODWLYH OHVHQWUHSULVHVSXEOLTXHV
DX[FRQVHLOVUpJLRQDX[WHOOHTXHPRGLILpHHWFRPSOpWpHSDU 6RQW FRQVLGpUpHV FRPPDQGHV SXEOLTXHV OD UpDOLVDWLRQ
ODORLRUJDQLTXHQƒGXGpFHPEUH GH WUDYDX[ OD IRXUQLWXUH GH ELHQV RX GH VHUYLFHV HW
9X OD ORL Qƒ  GX  GpFHPEUH  SRUWDQW O¶pODERUDWLRQG¶pWXGHVREMHWGXPDUFKp
SURPXOJDWLRQ GX FRGH  GH OD FRPSWDELOLWp SXEOLTXH HW $UW   /H SUpVHQW GpFUHW IL[H OHV UqJOHV GH SDVVDWLRQ
QRWDPPHQW VHV DUWLFOHV   HW  HW O¶HQVHPEOH GHV G¶H[pFXWLRQ GH UqJOHPHQW HW GH FRQWU{OH  GHV PDUFKpV
WH[WHVTXLO¶RQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORL SXEOLFV
Qƒ GX  GpFHPEUH  OD ORL Qƒ  GX  $UW   'RLYHQW IDLUH O¶REMHW GH PDUFKpV SXEOLFV OHV
1RYHPEUHHWODORLQƒGXDYULO FRPPDQGHV GH WUDYDX[ GH IRXUQLWXUH GH ELHQV RX GH
9X OD ORL Qƒ  GX HU IpYULHU  UHODWLYH DX[ VHUYLFHV G¶XQ PRQWDQW VXSpULHXU j WUHQWH PLOOH  
SDUWLFLSDWLRQV HQWUHSULVHV HW pWDEOLVVHPHQWV SXEOLFV HW GLQDUV WRXWHV WD[HV FRPSULVHV HW OHV FRPPDQGHV G¶pWXGHV
QRWDPPHQWOHVDUWLFOHVjHWO¶HQVHPEOHGHVWH[WHVTXL G¶XQ PRQWDQW VXSpULHXU j GL[ PLOOH   GLQDUV WRXWHV
O¶RQW PRGLILpH RX FRPSOpWpH HW QRWDPPHQWODORLQƒ WD[HVFRPSULVHV
GXHUDR€WHWODORLQƒGX-XLOOHWHWOD 'RLYHQW pJDOHPHQW IDLUH O¶REMHW GH PDUFKpV pFULWV OHV
ORL Qƒ  GX  PDL  HW ORL Qƒ  GX  PDUV
FRPPDQGHV GH  O¶(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHV

pWDEOLVVHPHQWV SXEOLFV QRQ OLYUDEOHV LPPpGLDWHPHQW RX j
9X OH GpFUHW Qƒ  GX  QRYHPEUH  SRUWDQW XQH EUqYH pFKpDQFH HW FH FRQIRUPpPHQW DX[ GLVSRVLWLRQV
FUpDWLRQ GX SUHPLHU PLQLVWqUH HW IL[DQW OHV DWWULEXWLRQV DX
GH O¶DUWLFOH  GX FRGH GH OD FRPSWDELOLWp SXEOLTXHHW HQ
3UHPLHUPLQLVWUH
REVHUYDQWOHVGLVSRVLWLRQVSUpYXHVjO¶DUWLFOHGXSUpVHQW
9X OH GpFUHW Qƒ   GX    DYULO   SRUWDQW GpFUHW
UpJOHPHQWDWLRQGHVPDUFKpVSXEOLFVWHOTXHPRGLILpSDUOH
7RXWHIRLV HQ FH TXL FRQFHUQH OHV PDUFKpV GHV
GpFUHWQƒGXPDUVHWOHGpFUHWQƒ HQWUHSULVHV SXEOLTXHV OHV FRQVHLOV G¶DGPLQLVWUDWLRQ RX OHV
GXVHSWHPEUHHWOHGpFUHWQƒGXRFWREUH FRQVHLOV GH VXUYHLOODQFH SHXYHQW GpFLGHU GH UHOHYHU OH
 HW OH GpFUHW Qƒ  GX  PDUV  HW OH GpFUHW PRQWDQW j SDUWLU GXTXHO OHV FRPPDQGHV GH WUDYDX[ GH
Qƒ  GX  PDUV  HW OH GpFUHW Qƒ  GX  IRXUQLWXUH GH ELHQV RX GH VHUYLFHV DIIpUHQWHV DX[ DFWLYLWpV
DYULOHWOHGpFUHWQƒGXVHSWHPEUH G¶H[SORLWDWLRQ GRLYHQW IDLUH O¶REMHW GH PDUFKpV pFULWV GDQV
9XOHGpFUHWQƒGXDYULOSRUWDQWIL[DWLRQ XQHOLPLWHQHSRXYDQWGpSDVVHUFHQWPLOOH  GLQDUV
GHV PRGDOLWpV HW FRQGLWLRQV G¶RFWURL GH OD PDUJH GH WRXWHVWD[HVFRPSULVHV/DOLVWHGpWDLOOpHGHFHVSUHVWDWLRQV
HVW VRXPLVH j O¶DYLV SUpDODEOH GH OD FRPPLVVLRQ GHV
SUpIpUHQFH DX[ SURGXLWV G¶RULJLQH WXQLVLHQQH GDQV OH FDGUH
PDUFKpVGHVHQWUHSULVHV
GHVPDUFKpVSXEOLFV
$UW   /
HQVHPEOH GHV SLqFHV GX PDUFKp GRQW OHV
9XO¶DYLVGXPLQLVWUHGHVILQDQFHV FDKLHUV GHV FKDUJHV YLVpV j O
DUWLFOH  GX SUpVHQW GpFUHW
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI FRQVWLWXHXQGRFXPHQWXQLTXH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


$UW   /H PDUFKp GRLW FRPSRUWHU DX PRLQV OHV /¶DFKHWHXUSXEOLFGRLWPRWLYHUOHFDUDFWqUHVSpFLILTXHGH
PHQWLRQVVXLYDQWHV OD FRPPDQGH QpFpVVLWDQW O¶DSSOLFDWLRQ GH SURFpGXUHV
/HVSDUWLHVFRQWUDFWDQWHV H[FHSWLRQQHOOHVSRXUFRQFOXUHXQPDUFKp
/¶REMHWGXPDUFKp &HV SURFpGXUHV H[FHSWLRQQHOOHV Q¶H[FOXHQW SDV OH
UHFRXUVjODFRQFXUUHQFHGDQVWRXWHODPHVXUHGXSRVVLEOH
/DFODXVHGHVRXVWUDLWDQFHQDWLRQDOHSRXUOHVDSSHOV
G
RIIUHVLQWHUQDWLRQDX[ $UW   ,O HVW IRUPHOOHPHQW LQWHUGLW GH IUDFWLRQQHU OHV
FRPPDQGHV GH IDoRQ j OHV  VRXVWUDLUH j OD SDVVDWLRQ  GH
 /¶pQXPpUDWLRQ SDU RUGUH GH SULRULWp GHV SLqFHV PDUFKpV pFULWV RX j OHXU H[DPHQ SDU OD FRPPLVVLRQ GHV
LQFRUSRUpHVGDQVOHPDUFKp PDUFKpVFRPSpWHQWH
 /H SUL[ GX PDUFKp DYHF LQGLFDWLRQ GH VRQ FDUDFWqUH $UW   /HV SUHVWDWLRQV TXL IRQW O¶REMHW GH PDUFKpV
IHUPH RX UpYLVDEOH  DLQVL TXH OHV FRQGLWLRQV GH UpYLVLRQ GRLYHQW UpSRQGUH H[FOXVLYHPHQW j OD QDWXUH HW j O¶pWHQGXH
FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O
DUWLFOH  GX SUpVHQW GHV EHVRLQV j VDWLVIDLUH /HXUV VSpFLILFDWLRQV WHFKQLTXHV
GpFUHWVLOHSUL[GXPDUFKpHVWUpYLVDEOH GRLYHQW rWUH GpWHUPLQpHV DYDQW WRXW DSSHO j OD FRQFXUUHQFH
/HGpODLG¶H[pFXWLRQRXGHYDOLGLWpGXPDUFKpHWOHV RXWRXWHQpJRFLDWLRQ
SpQDOLWpVSRXUUHWDUG
&HV VSpFLILFDWLRQV GRLYHQW rWUH GpILQLHV GH IDoRQ j
 /HV FRQGLWLRQV GH OLYUDLVRQ HW GH UpFHSWLRQ GHV JDUDQWLU OD TXDOLWp GHV SUHVWDWLRQV REMHW GX PDUFKp HW j
SUHVWDWLRQVREMHWGXFRQWUDW SURPRXYRLU OD SURGXFWLRQ QDWLRQDOH DX UHJDUG GHV
/HVFRQGLWLRQVGHUqJOHPHQW GLVSRVLWLRQVGXFKDSLWUHGXSUpVHQWWLWUH
/HVFDVGHGpIDLOODQFHHWGHUpVLOLDWLRQ $UW   /HV VSpFLILFDWLRQV WHFKQLTXHV IL[pHV SDU OHV
/HUqJOHPHQWGHVOLWLJHV FDKLHUV GHV FKDUJHV QH GRLYHQW DXFXQHPHQW  IDYRULVHU
 /D GpVLJQDWLRQ GX FRPSWDEOH SXEOLF DVVLJQDWDLUH FHUWDLQV FDQGLGDWV DERXWLU j UHVWUHLQGUH  OD FRQFXUUHQFH QL
FKDUJp GX SDLHPHQW ORUVTXH OH PDUFKp HVW SDVVp SRXU OH VH UpIpUHU  j GHV PDUTXHV FRPPHUFLDOHV RX j GHV
FRPSWH GH O¶(WDW G¶XQH FROOHFWLYLWp ORFDOH RX G¶XQ SURGXFWHXUVGpWHUPLQpV
pWDEOLVVHPHQW SXEOLF RX GH O¶DJHQW KDELOLWp j FHW HIIHW
7RXW FDQGLGDW pYHQWXHO D\DQW FRQVLGpUp OHV
ORUVTXHOHPDUFKpHVWSDVVpSRXUOHFRPSWHGHVHQWUHSULVHV
SXEOLTXHV RX GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH  QRQ VSpFLILFDWLRQV WHFKQLTXHV PHQWLRQQpHV GDQV OHV FDKLHUV GHV
DGPLQLVWUDWLI FKDUJHV  FRQWUDLUHV DX[ SUHVFULSWLRQV GH FHW DUWLFOH SHXW
GDQVXQGpODLGHMRXUVjFRPSWHUGHODGDWHGHSDUXWLRQ
/DGDWHGHODFRQFOXVLRQGXPDUFKp
GH O¶DYLV G¶DSSHO G¶RIIUHV SUpVHQWHU DX FRPLWp GH VXLYL HW
$UW   /H PDUFKp Q¶HVW YDODEOH TX¶DSUqV VD VLJQDWXUH G¶HQTXrWH SUpYX j O¶DUWLFOH  GX SUpVHQW GpFUHW XQ
SDUOHVSDUWLHVFRQWUDFWDQWHV
UDSSRUW GpWDLOOp HW FLUFRQVWDQFLp DSSX\p GHV MXVWLILFDWLIV
&+$3,75( QpFHVVDLUHVHWSUpFLVDQWOHVLUUpJXODULWpVRXUHSURFKHV
/(635,1&,3(6'(3$66$7,21'(6 $UW   /RUVTXH OD QDWXUH GX PDUFKp QpFHVVLWH GH
0$5&+(638%/,&6 SURFpGHU j XQ  FRQWU{OH GH FRQIRUPLWp GH OD TXDOLWp GHV
$UW/DSDVVDWLRQGHVPDUFKpVSXEOLFVHVWUpJLHSDU SUHVWDWLRQV FRPPDQGpHV DX UHJDUG GHV SUHVFULSWLRQV
OHVSULQFLSHVVXLYDQWV FRQWUDFWXHOOHVDXFRXUVGHVRQH[pFXWLRQRXjODUpFHSWLRQ
/¶pJDOLWpGHVFDQGLGDWVGHYDQWODFRPPDQGHSXEOLTXH GHVSUHVWDWLRQVOHVFDKLHUVGHVFKDUJHVGRLYHQWSUpYRLUTXH
HWO¶pTXLYDOHQFHGHVFKDQFHV O¶DFKHWHXU SXEOLF VXSSRUWH OHV IUDLV GH PLVVLRQ HW GH
/DWUDQVSDUHQFHGHVSURFpGXUHV WUDQVSRUW  GH VHV DJHQWV RX GHV DJHQWV UHOHYDQW GH
O¶pWDEOLVVHPHQW VSpFLDOLVp FKDUJp GX FRQWU{OH GH OD
/HUHFRXUVjODFRQFXUUHQFH
FRQIRUPLWp GH OD SUHVWDWLRQ UHQGXH GXUDQW OD SKDVH GH
&HV SULQFLSHV VRQW FRQVDFUpV j WUDYHUV OH UHVSHFW GHV O¶H[pFXWLRQ VL OD QDWXUH GX PDUFKp H[LJH XQ WHO FRQWU{OH
UqJOHVVXLYDQWHV GDQVGHVORFDX[DXWUHVTXHFHX[GHO¶DFKHWHXUSXEOLF
ODQRQGLVFULPLQDWLRQHQWUHOHVFDQGLGDWV
,O HVW IRUPHOOHPHQW LQWHUGLW GH PHQWLRQQHU GDQV OHV
  O¶LQGpSHQGDQFH GH O¶DFKHWHXU SXEOLF FRQIRUPpPHQW FDKLHUVGHVFKDUJHVTXHOHWLWXODLUHGXPDUFKpVXSSRUWHUDHQ
DX[GLVSRVLWLRQVGHO¶DUWLFOHGXSUpVHQWGpFUHW WRWDOLWpRXHQSDUWLHOHVIUDLVGHPLVVLRQGHWUDQVSRUWRXGH
OHVXLYLGHSURFpGXUHVFODLUHVHWGpWDLOOpHVGHWRXWHVOHV VpMRXUGHVDJHQWVGHO¶DFKHWHXUSXEOLFDXWLWUHGXFRQWU{OHGH
pWDSHV GH FRQFOXVLRQ GX PDUFKp HW O¶LQIRUPDWLRQ GHV FRQIRUPLWp
FDQGLGDWVGHFHVSURFpGXUHVjWHPSV
$UW   /HV PDUFKpV GRLYHQW rWUH FRQFOXV HW QRWLILpV
ODJpQpUDOLVDWLRQGHODFRPPXQLFDWLRQGHVUpSRQVHVHW DYDQWWRXWFRPPHQFHPHQWGHWRXWHH[pFXWLRQ
H[SOLFDWLRQV TXDQW DX[ REVHUYDWLRQV HW pFODLUFLVVHPHQWV
GHPDQGpV SDU OHV FDQGLGDWV GDQV XQ GpODL PLQLPXP GH  /DQRWLILFDWLRQFRQVLVWHHQO¶HQYRLGXPDUFKpVLJQpDX
MRXUV DYDQW O¶H[SLUDWLRQ GH OD GDWH OLPLWH GH UpFHSWLRQ GHV WLWXODLUH SDU WRXW PR\HQ SHUPHWWDQW GH OXL FRQIpUHU  GDWH
RIIUHV FHUWDLQH
/HV H[FHSWLRQV SUpYXHV SDU OH SUpVHQW GpFUHW GpFRXODQW $UW   /HV PDUFKpV QH SHXYHQW rWUH SDVVpV TX¶DYHF
GHODQDWXUHVSpFLILTXHGHFHUWDLQVPDUFKpVQ¶H[FOXHQWSDV GHV SHUVRQQHV SK\VLTXHV RX PRUDOHV FDSDEOHV GH V¶REOLJHU
O¶REVHUYDWLRQ GHV UqJOHV GH FRQFXUUHQFH HW G¶pJDOLWp HQWUH HWSUpVHQWDQWOHVJDUDQWLHVHWUpIpUHQFHVQpFHVVDLUHVSRXUOD
OHVVRXPLVVLRQQDLUHV ERQQHH[pFXWLRQGHOHXUVREOLJDWLRQV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW/HVVRXPLVVLRQVRXRIIUHVGRLYHQWrWUHpWDEOLHV &+$3,75(
FRQIRUPpPHQW DX[ PRGqOHV SUpVHQWpV GDQV OHV FDKLHUV GHV ',6326,7,2163$57,&8/,(5(65(/$7,9(6
FKDUJHV HW VLJQpHV SDU OHV FDQGLGDWV TXL OHV SUpVHQWHQW $8;(;,*(1&(6'(48$/,7((7$8;1250(6
GLUHFWHPHQW RX SDU OHXU PDQGDWDLUH G€PHQW KDELOLWpV VDQV 7(&+1,48(6
TX¶XQ PrPH PDQGDWDLUH SXLVVH UHSUpVHQWHU SOXV G¶XQ
FDQGLGDWGDQVOHFDGUHG¶XQHPLVHHQFRQFXUUHQFH $UW   /HV SUHVWDWLRQV REMHW GX PDUFKp GRLYHQW rWUH
GpILQLHVFRQIRUPpPHQWjGHVVSpFLILFDWLRQVWHFKQLTXHVSDU
(OOHV GRLYHQW rWUH DFFRPSDJQpHV GHV GRFXPHQWV
UpIpUHQFH j GHV QRUPHV  QDWLRQDOHV VDXI LPSRVVLELOLWp
VXLYDQWV GpFRXODQW GH OD QDWXUH GX PDUFKp RX GH O¶LQH[LVWHQFH GH
 /¶DWWHVWDWLRQ ILVFDOH SUpYXH SDU OD OpJLVODWLRQ HQ WHOOHVQRUPHV'DQVFHFDVO¶DFKHWHXUSXEOLFGRLWO¶LQGLTXHU
YLJXHXU H[SOLFLWHPHQW ORUV GH O¶H[DPHQ SUpDODEOH GHV FDKLHUV GHV
 8Q FHUWLILFDW G¶DIILOLDWLRQ j OD FDLVVH QDWLRQDOH GH FKDUJHVSDUODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
VpFXULWpVRFLDOH $ GpIDXW GH QRUPHV QDWLRQDOHV OHV SUHVWDWLRQV SHXYHQW
rWUH GpILQLHV SDU UpIpUHQFH j GHV QRUPHV LQWHUQDWLRQDOHV
 8Q FHUWLILFDW GH QRQ IDLOOLWH  GH UHGUHVVHPHQW QRPPpPHQW GpVLJQpHV GDQV OHV FDKLHUV GHV FKDUJHV VDQV
MXGLFLDLUH RX WRXW DXWUH GRFXPHQW pTXLYDOHQW SUpYXH SDU OH DXFXQH GLVFULPLQDWLRQ HQWUH OHV QRUPHV pWUDQJqUHV
GURLW GXSD\VG¶RULJLQHGHVVRXPLVVLRQQDLUHVQRQUpVLGHQWV VLPLODLUHV
HQ7XQLVLH $UW   /¶DFKHWHXU SXEOLF GRLW ORUV GH O¶pODERUDWLRQ
 8QH GpFODUDWLRQ VXU O¶KRQQHXU SUpVHQWpH SDU OHV GHV FDKLHUV GHV FKDUJHV UHODWLIV DX PDUFKp SUHQGUH HQ
VRXPLVVLRQQDLUHV GRPLFLOLpV HQ 7XQLVLH TX¶LOV QH VRQW SDV FRQVLGpUDWLRQ OD FDSDFLWp GHV HQWUHSUHQHXUV GHV
HQ pWDW GH IDLOOLWH RX HQ UHGUHVVHPHQW MXGLFLDLUH SURGXFWHXUV GHV SUHVWDWDLUHV GH VHUYLFHV HW GHV EXUHDX[
FRQIRUPpPHQW j OD UpJOHPHQWDWLRQ HQ YLJXHXU /HV G¶pWXGHV
VRXPLVVLRQQDLUHVTXLVRQWHQpWDWGHUHGUHVVHPHQWDPLDEOH /¶DOORWLVVHPHQW GHV FRPPDQGHV SXEOLTXHV HVW
VRQWWHQXVGHSUpVHQWHUXQHGpFODUDWLRQjFHWHIIHW REOLJDWRLUHORUVTX¶LOHVWGHQDWXUHjIDYRULVHUODSDUWLFLSDWLRQ
GHV HQWUHSULVHV QDWLRQDOHV RX ORUVTX¶LO  HVW VXVFHSWLEOH GH
 8QH  GpFODUDWLRQ VXU O¶KRQQHXU SUpVHQWpH SDU OHV
SUpVHQWHU GHV DYDQWDJHV G¶RUGUH WHFKQLTXH  ILQDQFLHU RX
VRXPLVVLRQQDLUHVVSpFLILDQWOHXUHQJDJHPHQWGHQ¶DYRLUSDV
VRFLDO
IDLW HW GH QH SDV IDLUH SDU HX[ PrPHV RX SDU SHUVRQQH
LQWHUSRVpHGHVSURPHVVHVGHVGRQVRXGHVSUpVHQWVHQYXH /HV FDKLHUV GHV FKDUJHV SUpFLVHQW OD QDWXUH HW
G¶LQIOXHU VXU OHV GLIIpUHQWHV SURFpGXUHV GH FRQFOXVLRQ G¶XQ O¶LPSRUWDQFHGHFKDTXHORW
PDUFKpHWGHVpWDSHVGHVRQH[pFXWLRQ /HVVRXPLVVLRQQDLUHVVRQWDXWRULVpVjSDUWLFLSHUjXQRX
7RXWHDXWUHSLqFHH[LJpHSDUOHVFDKLHUVGHVFKDUJHV SOXVLHXUVORWVHWOHVFDKLHUVGHVFKDUJHVGRLYHQWLQGLTXHUOH
QRPEUHPD[LPXPGHORWVSRXYDQWrWUHDWWULEXpVjXQPrPH
7RXWHRIIUHQHFRPSRUWDQWSDVOHVSLqFHVVXVFLWpHVDLQVL VRXPLVVLRQQDLUH
TXHWRXWHDXWUHSLqFHH[LJpHSDUOHVFDKLHUVGHVFKDUJHVVHUD
/RUVTX¶XQRXSOXVLHXUVORWVQ¶RQWSXrWUHDWWULEXpVXQH
pOLPLQpH j  O¶H[SLUDWLRQ GX GpODL VXSSOpPHQWDLUH SUpYX SDU
QRXYHOOHSURFpGXUHGRLWrWUHHQJDJpHOHGRVVLHUHVWVRXPLV
O¶DUWLFOHGXSUpVHQWGpFUHW j O¶DYLV SUpDODEOH GH OD FRPPLVVLRQ GHV PDUFKpV D\DQW
$UW   /HV FDQGLGDWV GX VHXO IDLW GH OD SUpVHQWDWLRQ H[DPLQpOHGRVVLHULQLWLDO
GH OHXU VRXPLVVLRQ VRQW OLpV SDU OHXUV RIIUHV SRXU XQH 'DQV OH FDV R OD FRQVLVWDQFH GHV ORWV QRQ DWWULEXpV RX
SpULRGHGHMRXUVjFRPSWHUGXMRXUVXLYDQWODGDWHOLPLWH FHUWDLQHV FODXVHV GHV FDKLHUV GHV FKDUJHV VRQW PRGLILpHV
IL[pH SRXU OD UpFHSWLRQ GHV RIIUHV VDXI VL OHV FDKLHUV GHV FHV PRGLILFDWLRQV GRLYHQW rWUH VRXPLVHV j O¶DYLV SUpDODEOH
FKDUJHVSUpYRLHQWXQDXWUHGpODLTXLQHSHXWrWUHGDQVWRXV GH OD FRPPLVVLRQ GHV PDUFKpV D\DQW GpMj H[DPLQp OH
OHVFDVVXSpULHXUjMRXUV GRVVLHULQLWLDO
'X VHXO IDLW GH OD SUpVHQWDWLRQ GH OHXU VRXPLVVLRQ OHV $UW&RPSWHWHQXGHVGLVSRVLWLRQVGHVDUWLFOHVHW
FDQGLGDWVVRQWFHQVpVDYRLUUHFXHLOOLSDUOHXUVSURSUHVVRLQV  GX SUpVHQW GpFUHW HW GDQV OH FDV R LO HVW IDLW UHFRXUV j
HWVRXVOHXUHQWLqUHUHVSRQVDELOLWpWRXWUHQVHLJQHPHQWMXJp GHVDSSHOVLQWHUQDWLRQDX[jODFRQFXUUHQFHOHVFDKLHUVGHV
SDU HX[  QpFHVVDLUHjODSUpSDUDWLRQGHOHXUVRIIUHVHWjOD FKDUJHV \ DIIpUHQWV GRLYHQW FRPSRUWHU VDXI LPSRVVLELOLWp
SDUIDLWHH[pFXWLRQGHOHXUVREOLJDWLRQV G€PHQWMXVWLILpHXQHFODXVHGLWHGHVRXVWUDLWDQFHQDWLRQDOH
HQYHUWXGHODTXHOOHOHVVRXPLVVLRQQDLUHVpWUDQJHUVGRLYHQW
$UW4XHOTXHVRLWOHPRGHGHSDVVDWLRQGXPDUFKp
FRQILHUjGHVSUHVWDWDLUHVORFDX[O¶H[pFXWLRQGXPD[LPXP
DXFXQ FDQGLGDW pYLQFp TXHOOH TXH VRLW OD SKDVH j ODTXHOOH
GHORWVGHODFRPPDQGHGHSURGXLWVG¶pTXLSHPHQWVRXGH
HVW LQWHUYHQXH VRQ pYLFWLRQ QH SHXW HQ WDQW TXH
VHUYLFHV GDQV WRXV OHV FDV R O¶LQGXVWULH HW OHV HQWUHSULVHV
VRXPLVVLRQQDLUHSUpWHQGUHjGpGRPPDJHPHQW
ORFDOHVVRQWVXVFHSWLEOHVGHUpSRQGUHjXQHSDUWLHGHO¶REMHW
$UW   6DQV SUpMXGLFH GHV GLVSRVLWLRQV SUpYXHV SDU GHODFRPPDQGH
O¶DUWLFOH  GX SUpVHQW GpFUHW DFFRUGDQW OD SRVVLELOLWp DX[ /HVVRXPLVVLRQQDLUHVpWUDQJHUVVHURQWLQYLWpVjIRXUQLUj
FDQGLGDWVGHIRUPXOHUGHVREVHUYDWLRQVHWGHGHPDQGHUGHV O¶DSSXL GH OHXU VRXPLVVLRQ GHV OLVWHV GpWDLOOpHV GHV ORWV RX
pFODLUFLVVHPHQWV OHV RIIUHV FRPSRUWDQW GHV UpVHUYHV GHVSURGXLWVjFRQILHUjGHVVRXVWUDLWDQWVORFDX[
UHODWLYHV DX[ FODXVHV GHV FDKLHUV GHV FKDUJHV QH VRQW SDV $UW   /HV SURGXLWV G¶RULJLQH WXQLVLHQQH VRQW j
UHWHQXHV HW OHV VRXPLVVLRQQDLUHV FRQFHUQpV VRQW pYLQFpV TXDOLWppJDOHSUpIpUpVGDQVWRXVOHVPDUFKpVGHIRXUQLWXUHV
V¶LOVQHOqYHQWSDVSDUpFULWOHXUVUpVHUYHVGDQVXQGpODLTXL DX[SURGXLWVGHWRXWHDXWUHRULJLQHGDQVODPHVXUHROHV
SUL[ GHV SURGXLWV WXQLVLHQV QH GpSDVVHQW SDV GH SOXV   GH
OHXUHVWIL[pSDUO¶DFKHWHXUSXEOLF OHVSUL[GHVSURGXLWVpWUDQJHUV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/H VRXPLVVLRQQDLUH HVW WHQX GH SUpVHQWHU OH FHUWLILFDW 6RQW FRQVLGpUpHV GLVSRVLWLRQV pOLPLQDWRLUHV DX VHQV GX
G¶RULJLQHWXQLVLHQQHGpOLYUpSDUOHVVHUYLFHVFRQFHUQpV SUpVHQW DUWLFOH O¶H[LJHQFH GH UpIpUHQFHV HQ PDWLqUH
3RXU O¶DSSOLFDWLRQ GH OD PDUJH GH SUpIpUHQFH GHV G¶H[pFXWLRQ GH SURMHWV VLPLODLUHV ORUVTX¶LO V¶DJLW GH OD
SURGXLWVG¶RULJLQHWXQLVLHQQHODFRPSDUDLVRQGHVRIIUHVHVW UpDOLVDWLRQGHVpWXGHVRXORJLFLHOVRXDSSOLFDWLRQVTXLQ¶RQW
pWDEOLHFRPSWHWHQXGHVGURLWVGHGRXDQHHWVXUODEDVHGHV SDV pWp DXSDUDYDQW UpDOLVpV SDU GHV pWDEOLVVHPHQWV
SUL[GHYHQWHWRXVGURLWVHWWD[HVFRPSULV QDWLRQDX[VDXIFDVH[FHSWLRQQHOVG€PHQWPRWLYpV
$UW   6DXI GLVSRVLWLRQV FRQWUDLUHV GHV FDKLHUV GHV 'DQVFHFDGUHO¶DFKHWHXUSXEOLFHVWWHQXGHUHPSODFHUOD
FKDUJHV HW SRXU OHV FRPPDQGHV WHFKQLTXHPHQW FRPSOH[HV FRQGLWLRQGHUpDOLVDWLRQGHSURMHWVVLPLODLUHVSDUGHVFULWqUHV
DX VHQV GH O¶DUWLFOH  GX SUpVHQW GpFUHW OHV GH FODVVHPHQW SDU EUDQFKH GHV EXUHDX[ G¶pWXGHV
VRXPLVVLRQQDLUHVSHXYHQWSUpVHQWHUXQHRXSOXVLHXUVRIIUHV SDUWLFLSDQWV RX SDU O¶H[SpULHQFH JpQpUDOH GH FHV EXUHDX[
YDULDQWHV FRPSRUWDQW GHV VSpFLILFDWLRQV WHFKQLTXHV DXWUHV GDQV OD UpDOLVDWLRQ GX SURMHW SUpVHQWDQW GHV GLIILFXOWpV OD
TXH FHOOHV SUpYXHV SDU OD VROXWLRQ GH EDVH j FRQGLWLRQ GH FRPPLVVLRQGHVPDUFKpVFRPSpWHQWHpPHWVRQDYLVVXUOHV
SUpVHQWHU XQH RIIUH VH UDSSRUWDQW j O¶REMHW GX PDUFKp WHO MXVWLILFDWLRQVSUpVHQWpHV
TXHSUpYXSDUOHVFDKLHUVGHVFKDUJHVHWTXHO¶RIIUHYDULDQWH
7,75(02'(6'(3$66$7,21'(60$5&+(6
Q¶HQWUDvQHSDVGHPRGLILFDWLRQVXEVWDQWLHOOHGHVEHVRLQVGH
38%/,&6
O¶DFKHWHXUSXEOLF
/¶RIIUH UHODWLYH j OD VROXWLRQ YDULDQWH GRLW FRPSRUWHU &+$3,75(
WRXWHVOHVLQGLFDWLRQVHWSUpFLVLRQVUHODWLYHVjFHWWHYDULDQWH ',6326,7,216*(1(5$/(6
HW GRLW rWUH  DSSX\pH GH WRXV GRFXPHQWV XWLOHV SHUPHWWDQW
G¶pYDOXHU FHWWH VROXWLRQ VXU OD EDVH GH OD PrPH $UW/HVPDUFKpVVRQWFRQFOXVHQYXHGHVDWLVIDLUH
PpWKRGRORJLHDQQRQFpHGDQVOHVFDKLHUVGHVFKDUJHV OHV EHVRLQV DQQXHOV GH FKDTXH DFKHWHXU SXEOLF 7RXWHIRLV
ORUVTXHOHJURXSHPHQWGHVDFKDWVUHODWLIVjXQRXSOXVLHXUV
$UW1RQREVWDQWOHVGLVSRVLWLRQVGHO¶DUWLFOHGX DFKHWHXUVSXEOLFVHVWVXVFHSWLEOHGHSUpVHQWHUGHVDYDQWDJHV
SUpVHQWGpFUHWOHVHQWUHSULVHVWXQLVLHQQHVSHXYHQWSUpVHQWHU G¶RUGUHWHFKQLTXHRXILQDQFLHULOHVWSRVVLEOHGHUHFRXULUj
H[FHSWLRQQHOOHPHQWGHVRIIUHVYDULDQWHVVDQVrWUHWHQXHVGH XQ PDUFKp FDGUH RX j XQ PDUFKp JpQpUDO HQ YHUWX GHV
SUpVHQWHU XQH VROXWLRQ GH EDVH ORUVTX¶LO V¶DYqUH TXH OHV GLVSRVLWLRQVGHVDUWLFOHVHWGXSUpVHQWGpFUHW
FRQGLWLRQV HW OHV VSpFLILFDWLRQV GH OD VROXWLRQ GH EDVH QH
SHUPHWWHQW j DXFXQH GH  FHV HQWUHSULVHV GH SDUWLFLSHU j /H JURXSHPHQW GHV DFKDWV Q¶H[FOXW SDV OHXU UpSDUWLWLRQ
O¶DSSHOG¶RIIUHV HQORWVDILQGHSHUPHWWUHO¶pODUJLVVHPHQWGHODFRQFXUUHQFH
/¶RIIUH YDULDQWH SURSRVpH GRLW UpSRQGUH DX[ EHVRLQV HW /DUpSDUWLWLRQGHODFRPPDQGHHQORWVGRLWWHQLUFRPSWH
REMHFWLIVUHFKHUFKpVGXSRLQWGHYXHGHODTXDOLWpWHFKQLTXH GHVPR\HQVGHVSDUWLFLSDQWVSRWHQWLHOVOHXUVFDSDFLWpVDLQVL
GXFR€WGHODSURFpGXUHHWGHVGpODLVG¶H[pFXWLRQ TXH OHXUV UpIpUHQFHV HW QRWDPPHQW GH FHOOHV GHV  SHWLWHV HW
PR\HQQHVHQWUHSULVHV
$UW   4XDQG LO HVW IDLW DSSHO j XQ EXUHDX G¶pWXGHV
$UW   /RUVTXH OHV FRPPDQGHV GHPDQGpHV VRQW
pWUDQJHU OHV FDKLHUV GHV FKDUJHV GRLYHQW SUpYRLU VDXI
GHVWLQpHVjODVDWLVIDFWLRQGHEHVRLQVGHPrPHQDWXUHRXGH
LPSRVVLELOLWp G€PHQW MXVWLILpH O¶REOLJDWLRQ G¶DVVRFLHU XQ QDWXUHFRPSOpPHQWDLUHjFDUDFWqUHSHUPDQHQWHWSUpYLVLEOH
EXUHDXG¶pWXGHVWXQLVLHQFKRLVLOHFDVpFKpDQWVXUXQHOLVWH LOSHXWrWUHSDVVpXQPDUFKpFDGUH
GHEXUHDX[SUpVpOHFWLRQQpVDUUrWpHSDUO¶DFKHWHXUSXEOLFHQ
/H PDUFKpFDGUH QH IL[H TXH OH PLQLPXP HW OH
IRQFWLRQ GH OD QDWXUH HW GH O¶REMHW  GH O¶pWXGH &HWWH OLVWH PD[LPXP GHV FRPPDQGHV DUUrWpHV HQ YDOHXU RX HQ
VHUDLQVpUpHGDQVOHVFDKLHUVGHVFKDUJHV TXDQWLWp VXVFHSWLEOHV G¶rWUH H[pFXWpHV DX FRXUV GH OD
/HFRQWUDWjFRQFOXUHDYHFOHEXUHDXG¶pWXGHVpWUDQJHU SpULRGHFRXYHUWHSDUOHPDUFKp/HVEHVRLQVjVDWLVIDLUHHW
GRLW IDLUH DSSDUDvWUH FODLUHPHQW OHV SUHVWDWLRQV FRQILpHV DX OHV TXDQWLWpV j DFTXpULU GRLYHQW rWUH  SUpFLVpHV SDU ERQ GH
EXUHDXWXQLVLHQDVVRFLpHWOHVPRQWDQWV\DIIpUHQWV FRPPDQGH
$UW   'DQV OH FDGUH GH OD SURPRWLRQ GX VHFWHXU GH &H PDUFKp GRLW LQGLTXHU OD GXUpH SRXU ODTXHOOH LO HVW
O¶LQIRUPDWLTXH HW GHV WHFKQRORJLHV GH OD FRPPXQLFDWLRQ HW FRQFOXLOSHXWFRPSRUWHUXQHFODXVHGHWDFLWHUHFRQGXFWLRQ
VDQVTXHODGXUpHJOREDOHGXFRQWUDWQHGpSDVVHWURLVDQQpHV
HQ YXH GH O¶HQFRXUDJHPHQW GHV HQWUHSULVHV QDWLRQDOHV
HW H[FHSWLRQQHOOHPHQW FLQT DQQpHVSRXUOHVPDUFKpVFDGUH
VSpFLDOLVpHV GDQV FH VHFWHXU OHV SURMHWV GH PDUFKpV V¶\ QpFHVVLWDQWODPRELOLVDWLRQG¶LQYHVWLVVHPHQWVVSpFLILTXHV
UDSSRUWDQW SHXYHQW j WLWUH H[FHSWLRQQHO rWUH VRXVWUDLWV GX
$UW   /HV FRPPDQGHV GH IRXUQLWXUHV GH ELHQV
UHFRXUVREOLJDWRLUHjODSURFpGXUHGHO¶DSSHOG¶RIIUHVRXYHUW
GHVWLQpV j OD VDWLVIDFWLRQ GH EHVRLQV FRPPXQV j XQ
RXDYHFFRQFRXUVRXSUpFpGpG¶XQHSUpVpOHFWLRQHWVHOLPLWHU HQVHPEOHG¶DFKHWHXUVSXEOLFVSHXYHQWIDLUHO¶REMHWG¶XQRX
jODSURFpGXUHG¶HQWHQWHGLUHFWHSUpFpGpHG¶XQHFRQVXOWDWLRQ GHSOXVLHXUVPDUFKpVFROOHFWLIVGLWV©PDUFKpVJpQpUDX[ª
DXSUqV GHV HQWUHSULVHV WXQLVLHQQHV VSpFLDOLVpHV  SDUPL XQH
'DQV FH FDV OHV TXDQWLWpV j FRPPDQGHU SDU FKDTXH
OLVWHDUUrWpHSDUGpFLVLRQGXPLQLVWUHFKDUJpGXVHFWHXU DFKHWHXUSXEOLFVRQWIL[pHVHQIRQFWLRQGHVHVEHVRLQVGDQV
/HV FULWqUHV GH FKRL[ GHV HQWUHSULVHV GRLYHQW rWUH XQPDUFKpSDUWLFXOLHUFRQFOXFRQIRUPpPHQWDX[FRQGLWLRQV
DQQRQFpVGDQVOHVFDKLHUVGHVFKDUJHV GX©PDUFKpJpQpUDOª
$UW   3RXU OHV PDUFKpV G¶pWXGHV RX FHX[ DIIpUHQWV
DX VHFWHXU GH O¶LQIRUPDWLRQ HW GHV WHFKQRORJLHV GH &+$3,75(
FRPPXQLFDWLRQ OHV FDKLHUV GHV FODXVHV SDUWLFXOLqUHV QH /¶$33(/'¶2))5(6
GRLYHQWSDVFRPSRUWHUGHVGLVSRVLWLRQVGHQDWXUHjH[FOXUH $UW   /HV PDUFKpV VRQW SDVVpV DSUqV PLVH HQ
ODSDUWLFLSDWLRQGHVHQWUHSULVHVQDWLRQDOHV FRQFXUUHQFHSDUYRLHG¶DSSHOG¶RIIUHV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


7RXWHIRLV LO SHXW rWUH SDVVp GHV PDUFKpV SDU HQWHQWH /HV SURSRVLWLRQV VRQW H[DPLQpHV SDU XQ MXU\ GpVLJQp
GLUHFWHGDQVOHVFRQGLWLRQVGpILQLHVSDUOHSUpVHQWGpFUHW SDUGpFLVLRQGHO¶DFKHWHXUSXEOLF
$UW   /¶DSSHO G¶RIIUHV SHXW rWUH VRLW RXYHUW VRLW /HSURMHWGHGpFLVLRQSRUWDQWGpVLJQDWLRQGHVPHPEUHV
SUpFpGpG¶XQHSUpVpOHFWLRQ GX MXU\  TXL IL[H pJDOHPHQW OHV SURFpGXUHV GH
/¶DSSHOG¶RIIUHVRXYHUWFRQVLVWHHQXQDSSHOSXEOLFjOD IRQFWLRQQHPHQWGXGLWMXU\HVWVRXPLVjO¶H[DPHQSUpDODEOH
FRQFXUUHQFHFRQIRUPpPHQWjO¶DUWLFOHGXSUpVHQWGpFUHW GHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpVSRXUOHVGRVVLHUV
/¶DSSHO G¶RIIUHV SUpFpGp G¶XQH SUpVpOHFWLRQ VH GpURXOH TXLUHOqYHQWGHVDFRPSpWHQFH
HQGHX[SKDVHV /H MXU\ GH FRQFRXUV FRQVLJQH OD PpWKRGRORJLH
/D SUHPLqUH SKDVH FRQVLVWH HQ XQ  DSSHO SXEOLF  GH G¶H[DPHQ GHV SURMHWV HW OHV UpVXOWDWV DLQVL TXH VHV
FDQGLGDWXUH RXYHUW   VXU OD EDVH GX FDKLHU GHV WHUPHV GH SURSRVLWLRQVGDQVXQUDSSRUWVLJQpSDUWRXVOHVPHPEUHVHW
UpIpUHQFH TXL GpWHUPLQHQW  OHV FRQGLWLRQV GH SDUWLFLSDWLRQ FRPSRUWDQWOHFDVpFKpDQWOHXUVUpVHUYHV
DLQVL TXH OD PpWKRGRORJLH HW OHV FULWqUHV VHUYDQW SRXU &H UDSSRUW HVW VRXPLV j O¶H[DPHQ SUpDODEOH GH OD
SUpVpOHFWLRQQHU  OHV FDQGLGDWV DXWRULVpV j SDUWLFLSHU j OD
FRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
FRQVXOWDWLRQ
/HFDKLHUGHVWHUPHVGHUpIpUHQFHHVWVRXPLVjO¶H[DPHQ $UW/RUVTXHOHFRQFRXUVQHSRUWHTXHVXUO¶pWXGH
SUpDODEOHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH G¶XQSURMHWOHSURJUDPPHIL[HOHVSULPHVUpFRPSHQVHVRX
DYDQWDJHVDOORXpVDX[DXWHXUVGHVSURMHWVOHVPLHX[FODVVpV
/D GHX[LqPH SKDVH FRQVLVWH j LQYLWHU OHV FDQGLGDWV
SUpVpOHFWLRQQpVjSUpVHQWHUOHXUVRIIUHV /HSURJUDPPHGRLWHQRXWUHSUpYRLU
/HUDSSRUWGHSUpVpOHFWLRQHVWVRXPLVjO¶DYLVSUpDODEOH  6RLW TXH OHV SURMHWV SULPpVGHYLHQGURQWHQWRXWRXHQ
GHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH SDUWLHSURSULpWpGHO¶DFKHWHXUSXEOLF
 6RLW TXH O¶DFKHWHXU SXEOLF VH UpVHUYH OH GURLW GH IDLUH
&+$3,75( H[pFXWHU SDU OH SUHVWDWDLUH GH VRQ FKRL[ WRXW RX SDUWLH GHV
/¶$33(/'¶2))5(6$9(&&21&2856 SURMHWV SULPpV PR\HQQDQW OH YHUVHPHQW G¶XQ PRQWDQW IL[p
$UW   8Q DSSHO G¶RIIUHV DYHF FRQFRXUV SHXW rWUH SDU OH SURJUDPPH GX FRQFRXUV jGpIDXWOHSURJUDPPHHQ
RUJDQLVp VXU OD EDVH G¶XQ SURJUDPPH pWDEOL SDU O¶DFKHWHXU IL[HOHVEDVHVGHFDOFXO
SXEOLFORUVTXHGHVPRWLIVG¶RUGUHWHFKQLTXHHVWKpWLTXHRX /H SURJUDPPH GX FRQFRXUV GRLW LQGLTXHU VL OHV DXWHXUV
ILQDQFLHU MXVWLILHQW GHV UHFKHUFKHV SDUWLFXOLqUHV RX GHVSURMHWVVHURQWDSSHOpVjFRRSpUHUjO¶H[pFXWLRQGHOHXUV
QpFHVVLWHQW XQH VSpFLDOLVDWLRQ SDUWLFXOLqUH GH OD SDUW GHV SURMHWVSULPpVHWGDQVTXHOOHVFRQGLWLRQV
SDUWLFLSDQWV
$UW/RUVTXHOHFRQFRXUVSRUWHjODIRLVVXUO¶pWXGH
/¶DSSHO G¶RIIUHV DYHF FRQFRXUV SHXW rWUH RUJDQLVp GDQV GX SURMHW HW VRQ H[pFXWLRQ RX XQLTXHPHQW VXU O¶H[pFXWLRQ
OHFDGUHGHO¶HQFRXUDJHPHQWGHO¶LQGXVWULHGXFRQWHQXSRXU G¶XQ SURMHW SUpDODEOHPHQW pWXGLp OH MXU\ SHXW GHPDQGHU j
OHV FRPPDQGHV OLpHV DX[ SURJUDPPHV j FDUDFWqUH O¶HQVHPEOH GHV FRQFXUUHQWV RX j O¶XQ G¶HQWUH HX[
GLGDFWLTXHFXOWXUHORXGHIRUPDWLRQPXOWLPpGLDV G¶DSSRUWHUFHUWDLQHVPRGLILFDWLRQVjOHXUVSURSRVLWLRQV/HV
/H SURJUDPPH GX FRQFRXUV VRXPLV SUpDODEOHPHQW j SURFpGpVHWOHVSUL[SURSRVpVSDUOHVFRQFXUUHQWVQHSHXYHQW
O¶H[DPHQ GH OD FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH rWUHGLYXOJXpV
SUpFLVH OH  FRQWHQX GHV EHVRLQV DX[TXHOV GRLW UpSRQGUH OD $UW   /HV SULPHV UpFRPSHQVHV RX DYDQWDJHV VRQW
FRPPDQGH DLQVL TXH OD PpWKRGRORJLH HW OHV FULWqUHV DOORXpVSDUO¶DFKHWHXUSXEOLFVXUSURSRVLWLRQGXMXU\,OSHXW
G¶pYDOXDWLRQ GHV RIIUHV HW IL[H OH PD[LPXP GH OD GpSHQVH rWUHSUpYXO¶DOORFDWLRQGHSULPHVUpFRPSHQVHVRXDYDQWDJHV
SUpYXSRXUO¶H[pFXWLRQGXSURMHWREMHWGXFRQFRXUV DX[ FRQFXUUHQWV QRQ UHWHQXV HW GRQW OHV SURMHWV RQW pWp OHV
$UW/HFRQFRXUVSHXWSRUWHUVRLW PLHX[FODVVpV
VXUO¶pWXGHG¶XQSURMHW /HV SULPHV UpFRPSHQVHV RX DYDQWDJHV SHXYHQW QH SDV
VXUODUpDOLVDWLRQG¶XQSURMHWSUpDODEOHPHQWpWXGLp rWUH DFFRUGpV HQ WRXW RX HQ SDUWLH VL OHV SURMHWV UHoXV QH
VXUO¶pWXGHG¶XQSURMHWHWVDUpDOLVDWLRQjODIRLV VRQW SDV MXJpV DFFHSWDEOHV ,O Q¶HVW SDV GRQQp VXLWH DX
$UW   /¶DSSHO G¶RIIUHV DYHF FRQFRXUV SHXW rWUH FRQFRXUVVLDXFXQSURMHWQ¶HVWMXJpDFFHSWDEOH
RXYHUWRXSUpFpGpG¶XQHSUpVpOHFWLRQ 'DQVWRXVOHVFDVOHVFRQFXUUHQWVVRQWDYLVpVGHODVXLWH
 /¶DSSHO G¶RIIUHV DYHF FRQFRXUV RXYHUW FRPSRUWH XQ TXLDpWpUpVHUYpHjOHXUSURMHW
DSSHOSXEOLFjODFRQFXUUHQFH
&+$3,75(
 /¶DSSHO G¶RIIUHV DYHF FRQFRXUV SUpFpGp G¶XQH
SUpVpOHFWLRQ FRPSRUWH XQ DSSHO SXEOLF GH FDQGLGDWXUH /(60$5&+(63$5(17(17(',5(&7(
SXEOLp FRQIRUPpPHQW DX FDKLHU GHV WHUPHV GHUpIpUHQFHGH $UW   /HV PDUFKpV VRQW GLWV SDU HQWHQWH  GLUHFWH
OD SUpVpOHFWLRQ TXL IL[H O¶REMHW GX FRQFRXUV OHV FRQGLWLRQV ORUVTXH O¶DFKHWHXU SXEOLF Q¶REVHUYH SDV LQWpJUDOHPHQW OHV
GHSDUWLFLSDWLRQHWODPpWKRGRORJLHGHSUpVpOHFWLRQ SURFpGXUHVHWOHVPRGDOLWpVG¶DSSHOG¶RIIUHV
/HFDKLHUGHVWHUPHVGHUpIpUHQFHHVWVRXPLVjO¶H[DPHQ &HV PDUFKpV VRQW SDVVpV VRLW DSUqV  FRQVXOWDWLRQ VRLW
SUpDODEOHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH QpJRFLpV GLUHFWHPHQW DYHF XQ VHXO IRXUQLVVHXU
6HXOV OHV FDQGLGDWV SUpVpOHFWLRQQpV VRQW DGPLV j HQWUHSUHQHXU SUHVWDWDLUH GH VHUYLFHV RX EXUHDX G¶pWXGHV
SUpVHQWHU GHV RIIUHV DSUqV H[DPHQ GX UDSSRUW GH VDQV UHFRXUV OH FDV pFKpDQW j XQH FRQVXOWDWLRQ HW FH
SUpVpOHFWLRQSDUODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH FRQIRUPpPHQWDX[DUWLFOHVHWGXSUpVHQWGpFUHW

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/¶DFKHWHXU SXEOLF GRLW GDQV WRXV OHV FDV R LO HVW IDLW  3RXU OHV WUDYDX[ IRXUQLWXUHV GH ELHQV  RX VHUYLFHV
UHFRXUV j OD SURFpGXUH G¶HQWHQWH GLUHFWH G¶XQH SUpVpOHFWLRQ GRQWO¶H[pFXWLRQQHSHXWHQUDLVRQGHQpFHVVLWpVWHFKQLTXHV
REVHUYHUDXWDQWTXHSRVVLEOHODSURFpGXUHpFULWHJDUDQWLVVDQW rWUH FRQILpV TX¶j XQ HQWUHSUHQHXU RX IRXUQLVVHXU RX
O¶pJDOLWp GHV SDUWLFLSDQWV O¶pTXLYDOHQFH GHV FKDQFHV HW OD SUHVWDWDLUHGHVHUYLFHVGpWHUPLQp
WUDQVSDUHQFHGDQVOHFKRL[GXWLWXODLUHGXPDUFKp 3RXUOHVWUDYDX[IRXUQLWXUHVGHELHQVRXGHVHUYLFHV
$UW   ,O SHXW rWUH SDVVp GHV PDUFKpV SDU HQWHQWH FRQVLGpUpV FRPPH O¶DFFHVVRLUH G¶XQ PDUFKp SULQFLSDO TXL
GLUHFWHSUpFpGpVG¶XQHFRQVXOWDWLRQGDQVOHVFDVFLDSUqV GRLYHQW rWUH H[pFXWpV GDQV OD FDGUH GX PrPH SURMHW   TXL
OHVFRPPDQGHVSRXUOHVTXHOOHVLO\DLQWpUrWjFKRLVLU pWDLHQW  LPSUpYXV DX PRPHQW GH OD FRQFOXVLRQ GX PDUFKp
HW DFKHWHU DX[ OLHX[ GH OHXUV SURGXFWLRQV RX VWRFNDJH HQ LQLWLDOHWGRQWO¶DWWULEXWLRQDXWLWXODLUHGHFHPDUFKpSUpVHQWH
UDLVRQ GH OHXU QDWXUH SDUWLFXOLqUH HW GH OD VSpFLILFLWp GH XQ LQWpUrW FHUWDLQ GX SRLQW GH YXH ILQDQFLHU RX GX GpODL
O¶HPSORLDXTXHOHOOHVVRQWGHVWLQpHV G¶H[pFXWLRQ
 OHV FRPPDQGHV TXL QH VRQW H[pFXWpHV TX¶j WLWUH GH  /HV WUDYDX[ IRUHVWLHUV QpFHVVLWDQW GHV PR\HQV
UHFKHUFKHG¶HVVDLVG¶pWXGHRXG¶H[SpULPHQWDWLRQ G¶HQFDGUHPHQW  HW XQ PDWpULHO VLPSOH HW TXL VRQWFRQILpVj
XQ JURXSHPHQW GH GpYHORSSHPHQW GDQV OH GRPDLQH GH
OHVFRPPDQGHVTXLD\DQWGRQQpOLHXjXQHSURFpGXUH O¶DJULFXOWXUH HW GH OD SrFKH RX j XQ JURXSHPHQW IRUHVWLHU
G¶DSSHO j OD FRQFXUUHQFH Q¶RQW IDLW O¶REMHW G¶DXFXQH RIIUH G¶LQWpUrW FROOHFWLI j FRQGLWLRQ TXH OD YDOHXU DQQXHOOH GX
RX j O¶pJDUG GHVTXHOOHV LO D pWp SURSRVp GHV RIIUHV PDUFKpQHGpSDVVHSDVFLQTXDQWHPLOOHGLQDUV GLQDUV 
LQDFFHSWDEOHVjFRQGLWLRQTXHOHUHFRXUVjO¶HQWHQWHGLUHFWH WRXWHVWD[HVFRPSULVHV
SHUPHWWHODSDVVDWLRQG¶XQPDUFKpGDQVGHVFRQGLWLRQVSOXV
DYDQWDJHXVHV 7,75('(6&$+,(56'(6&+$5*(6
  'DQV OH FDV G¶XUJHQFH SRXU OHV FRPPDQGHV GHYDQW &+$3,75(35(0,(5
rWUH H[pFXWpHV DX[ OLHX HW SODFH GHV HQWUHSUHQHXUV RX ',6326,7,216&20081(6
IRXUQLVVHXUVGpIDLOODQWV
 OHV SUHVWDWLRQV GH WUDQVSRUW RX G¶DVVXUDQFH FRQILpHV $UW   /HV FDKLHUV GHV FKDUJHV SUpFLVHQW OHV
DX[HQWUHSULVHVSXEOLTXHVGHWUDQVSRUWRXG¶DVVXUDQFHV FRQGLWLRQV GDQV OHVTXHOOHV OHV PDUFKpV VRQW SDVVpV HW
H[pFXWpV,OVFRPSUHQQHQWQRWDPPHQW
 OHV FRPPDQGHV TXL GDQV OHV FDV G¶XUJHQFH
LPSpULHXVH UpVXOWDQW GH FLUFRQVWDQFHV LPSUpYLVLEOHV QH /HVFDKLHUVGHVFODXVHVDGPLQLVWUDWLYHVJpQpUDOHVTXL
SHXYHQW VXELU OHV GpODLV G¶XQH SURFpGXUH G¶DSSHO j OD IL[HQWOHVGLVSRVLWLRQVDGPLQLVWUDWLYHVDSSOLFDEOHVjWRXVOHV
FRQFXUUHQFH PDUFKpVSRUWDQWVXUXQHPrPHQDWXUHGHFRPPDQGHV
 OHV FRPPDQGHV TXH OHV QpFHVVLWpV GH VpFXULWp  /HV FDKLHUV GHV SUHVFULSWLRQV FRPPXQHV TXL IL[HQW
SXEOLTXH RX GH GpIHQVH QDWLRQDOH HPSrFKHQW GH IDLUH HVVHQWLHOOHPHQW OHV GLVSRVLWLRQV WHFKQLTXHV DSSOLFDEOHV j WRXV
H[pFXWHU SDU YRLH G¶DSSHO j OD FRQFXUUHQFH RX ORUVTXH OHVPDUFKpVSRUWDQWVXUXQHPrPHQDWXUHGHFRPPDQGHV
O¶LQWpUrWVXSpULHXUGHO¶(WDWO¶H[LJH  /HV FDKLHUV GHV FODXVHV DGPLQLVWUDWLYHV SDUWLFXOLqUHV
 /HV PDUFKpV GH IRXUQLWXUHV GH ELHQV RX GH VHUYLFHV TXL IL[HQW OHV FODXVHV DGPLQLVWUDWLYHV VSpFLILTXHV j FKDTXH
SDVVpVORFDOHPHQWSDUOHVFRQVHLOVUpJLRQDX[HWPXQLFLSDX[ PDUFKp HW FRPSRUWHQW REOLJDWRLUHPHQW O¶LQGLFDWLRQ GHV
DYHF OHV PLFURHQWUHSULVHV GDQV OH FDGUH GH SURJUDPPHV DUWLFOHV GHV FDKLHUV GHV FODXVHV DGPLQLVWUDWLYHV JpQpUDOHV
QDWLRQDX[jFDUDFWqUHVRFLDO DX[TXHOVLOHVWpYHQWXHOOHPHQWGpURJpRXSRXUOHVTXHOVLOHVW
SUpYXGHVGLVSRVLWLRQVFRQWUDLUHV
/H PRQWDQW GH FHV PDUFKpV QH GRLW SDV H[FpGHU
FLQTXDQWH PLOOH GLQDUV  GLQDUV  WRXWHV WD[HV  /HV FDKLHUV GHV FODXVHV WHFKQLTXHV  SDUWLFXOLqUHV TXL
FRPSULVHV3RXUOHVPDUFKpVFDGUHOHPRQWDQWjSUHQGUHHQ IL[HQWOHVFODXVHVWHFKQLTXHVVSpFLILTXHVjFKDTXHPDUFKpHW
FRQVLGpUDWLRQHVWGHFLQTXDQWHPLOOHGLQDUV GLQDUV  TXLFRPSRUWHQWREOLJDWRLUHPHQWO¶LQGLFDWLRQGHVDUWLFOHVGHV
WRXWHVWD[HVFRPSULVHVSRXUFKDTXHDQQpH FDKLHUV GHV SUHVFULSWLRQV FRPPXQHV DX[TXHOV LO HVW
pYHQWXHOOHPHQW GpURJp RX SRXU OHVTXHOV LO HVW SUpYX GHV
 /HV FRPPDQGHV GH O¶(WDW GHV FROOHFWLYLWpV ORFDOHV GLVSRVLWLRQVFRQWUDLUHV
GHV pWDEOLVVHPHQWV SXEOLFV GRQW OHV PRQWDQWV QH GpSDVVHQW
SDVOHVVHXLOVSUpYXVjO¶DUWLFOHDOLQpDSUHPLHUGXSUpVHQW /HV FDKLHUV GHV FODXVHV DGPLQLVWUDWLYHV JpQpUDOHV HW OHV
GpFUHW HW TXL VRQW VRXPLV j O¶REOLJDWLRQ GH SDVVDWLRQ G¶XQ FDKLHUVGHVSUHVFULSWLRQVFRPPXQHVVRQWUHQGXVDSSOLFDEOHV
PDUFKp SXEOLF FRQIRUPpPHQW DX FRGH GH OD FRPSWDELOLWp SDU DUUrWp GX 3UHPLHU  PLQLVWUH VXU DYLV GH OD FRPPLVVLRQ
SXEOLTXH VXSpULHXUHGHVPDUFKpV
 /HV FRPPDQGHV GH O¶LQIRUPDWLTXH HW GHV &+$3,75(
WHFKQRORJLHV GH OD FRPPXQLFDWLRQ FRQIRUPpPHQW DX[
35,;'(60$5&+(6
GLVSRVLWLRQVGHO¶DUWLFOHGXSUpVHQWGpFUHW
$UW   ,O SHXW rWUH SDVVp GHV PDUFKpV QpJRFLpVQRQ $UW   /H PDUFKp SHXW FRPSRUWHU XQ SUL[ JOREDO
SUpFpGpVG¶XQHFRQVXOWDWLRQGDQVOHVFDVFLDSUqV IRUIDLWDLUH SRXU O¶HQVHPEOH GH OD FRPPDQGH XQ RX SOXVLHXUV
SUL[XQLWDLUHVVXUODEDVHGXTXHORXGHVTXHOVVHUDGpWHUPLQpOH
 3RXU OHV SUHVWDWLRQV GH VHUYLFHV HW IRXUQLWXUHV GH
SUL[ GH UqJOHPHQW HQ IRQFWLRQ GH O¶H[pFXWLRQ UpHOOH GH OD
ELHQV TXL QH SHXYHQW rWUH FRPPDQGpHV TX¶DXSUqV GHV
FRPPDQGHRXHQFRUHXQSUL[JOREDOIRUIDLWDLUHSRXUXQHSDUWLH
SURSULpWDLUHV GH EUHYHWV G¶LQYHQWLRQ RX GHV SHUVRQQHV
GHODFRPPDQGHHWGHVSUL[XQLWDLUHVSRXUOHUHOLTXDW
EpQpILFLDQW G¶XQH OLFHQFH DLQVL TXH SRXU OHV IRXUQLWXUHV
WUDYDX[ RX VHUYLFHV TXL QH SHXYHQW rWUH REWHQXV TX¶DXSUqV /HSUL[HVWIHUPHORUVTX¶LOQHSHXWrWUHPRGLILpHQUDLVRQ
G¶XQ VHXO IRXUQLVVHXU HQWUHSUHQHXU RX SUHVWDWDLUH GH GHV YDULDWLRQV GHV FRQGLWLRQV pFRQRPLTXHV LO HVW UpYLVDEOH
VHUYLFHV GDQVOHFDVFRQWUDLUH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


/RUVTXH OH SUL[ HVW UpYLVDEOH OHV FRQGLWLRQV GH OD /H PRQWDQW GX FDXWLRQQHPHQW GpILQLWLI QH SHXW rWUH
UpYLVLRQGRLYHQWrWUHSUpYXHVH[SUHVVpPHQWGDQVOHPDUFKp VXSpULHXUjGXPRQWDQWLQLWLDOGXPDUFKpDXJPHQWpOH
$UW   /RUVTXH OH PDUFKp FRPSRUWH XQH FODXVH GH FDVpFKpDQWGXPRQWDQWGHVDYHQDQWVORUVTXHOHPDUFKpQH
UpYLVLRQGHSUL[LOGRLWLQGLTXHU FRPSRUWH SDV GH GpODL GH JDUDQWLH HW j  ORUVTXH OH
/DGDWHjODTXHOOHV¶HQWHQGOHSUL[FRQYHQX PDUFKpHVWDVVRUWLG¶XQGpODLGHJDUDQWLH
 /HV PRGDOLWpV SUpFLVHV GH UpYLVLRQ GH FH SUL[ HW 7RXWHIRLV LO SHXW QH SDV rWUH H[LJp GH FDXWLRQQHPHQW
QRWDPPHQW OHV FRQGLWLRQV HW OHV IRUPXOHV GH UpYLVLRQ DLQVL SRXUFHUWDLQVPDUFKpVGHIRXUQLWXUHVRXVHUYLFHVORUVTXHOHV
TXHOHVGRFXPHQWVGHUpIpUHQFH FLUFRQVWDQFHV RX OD QDWXUH GX PDUFKp OH MXVWLILHQW HW FH
/HV FRPPDQGHV H[pFXWpHV DX FRXUV GHV WURLV PRLV DSUqVDYLVGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
VXLYDQW OD GDWH G¶pWDEOLVVHPHQW GHV SUL[ VRQW UpJOpHV VDQV $UW   3RXU OHV PDUFKpV SDVVpV SRXU OH FRPSWH GH
UpYLVLRQ DX SUL[ GX PDUFKp VDXI FODXVHV SDUWLFXOLqUHV GHV O¶(WDW GHV FROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV
FDKLHUVGHVFKDUJHV SXEOLFV OH FDXWLRQQHPHQW VRXV TXHOTXH IRUPH TX¶LO VRLW
$ SDUWLU GH O¶H[SLUDWLRQ GX GpODL GH WURLV PRLV VXV FRQVWLWXpHVWUHoXSDUOHFRPSWDEOHSXEOLFSD\HXU
LQGLTXp OHV SUL[ GX PDUFKp SHXYHQW rWUH UpYLVpV SDU
DSSOLFDWLRQGHODRXGHVIRUPXOHVGHUpYLVLRQGHVSUL[ /HVRSSRVLWLRQVVXUOHFDXWLRQQHPHQWGRLYHQWrWUHIDLWHV
HQWUHOHVPDLQVGXFRPSWDEOHTXLDUHoXFHFDXWLRQQHPHQW
/HV FRPPDQGHV UHVWDQW j H[pFXWHU j O¶H[SLUDWLRQ GX WRXWHVOHVDXWUHVRSSRVLWLRQVVRQWQXOOHVHWQRQDYHQXHV
GpODL FRQWUDFWXHO VRQW UpJOpHV VXU OD EDVH GX GHUQLHU SUL[
UpYLVpDSSOLFDEOHjFHWWHGDWH 3RXUOHVPDUFKpVSDVVpVSRXUOHFRPSWHGHVHQWUHSULVHV
SXEOLTXHV RX GHV pWDEOLVVHPHQWV  SXEOLFV j FDUDFWqUH QRQ
/RUVTXHOHPDUFKpSUpYRLWXQPD[LPXPDXGHOjGXTXHO DGPLQLVWUDWLIOHFDXWLRQQHPHQWHVWUHoXSDUO¶DJHQWKDELOLWp
FHVVHO¶DSSOLFDWLRQGHODSpQDOLWpSRXUUHWDUGG¶H[pFXWLRQHW j FHW HIIHW /HV RSSRVLWLRQV \ DIIpUHQWHV GRLYHQW rWUH IDLWHV
TXH FH PD[LPXP HVW DWWHLQW OHV SUHVWDWLRQV UHVWDQW j VHORQODUpJOHPHQWDWLRQHQYLJXHXU
H[pFXWHU VHURQW UpJOpHV DX[ SUL[ DSSOLTXpV j OD GDWH GX
FRPPHQFHPHQWG¶H[pFXWLRQ $UW   /HV FDXWLRQQHPHQWV SURYLVRLUHV GH WRXV OHV
SDUWLFLSDQWV  GRQW OHV RIIUHV VRQW pOLPLQpHV FRQIRUPpPHQW
$UW$WLWUHH[FHSWLRQQHOSRXUOHVFRPPDQGHVGH DX[GLVSRVLWLRQVGHO¶DUWLFOHGXSUpVHQWGpFUHWOHXUVVRQW
WUDYDX[ RX IRXUQLWXUHV FRPSOH[HV RX G¶XQH WHFKQLTXH
QRXYHOOH HW SUpVHQWDQW VRLW XQ FDUDFWqUH G¶XUJHQFH UHVWLWXpV RX OHV FDXWLRQV TXL OHV UHPSODFHQW OLEpUpHVOHFDV
LPSpULHXVH VRLW GHV DOpDV WHFKQLTXHV LPSRUWDQWV TXL pFKpDQW
REOLJHQW j FRPPHQFHU O¶H[pFXWLRQ GX PDUFKp DORUV TXH /H FDXWLRQQHPHQW SURYLVRLUH HVW UHVWLWXp DX[
WRXWHV OHV FRQGLWLRQV QH SHXYHQW rWUH FRPSOqWHPHQW VRXPLVVLRQQDLUHV GRQW OHV RIIUHV Q¶RQW SDV pWp UHWHQXHV
GpWHUPLQpHV LO SHXW rWUH SDVVp GHV PDUFKpV j SUL[ DSUqVOHFKRL[GXWLWXODLUHGXPDUFKpHWFHFRPSWHWHQXGX
SURYLVRLUHV DYHF OHV HQWUHSUHQHXUV RX IRXUQLVVHXUV TXL VH GpODLGHYDOLGLWpGHVRIIUHV
VRXPHWWHQWjXQFRQWU{OHSDUWLFXOLHU
/H FDXWLRQQHPHQW SURYLVRLUH HVW UHVWLWXp RX OD FDXWLRQ
/H PDUFKp j SUL[ SURYLVRLUHV SUpFLVH HQ GHKRUV GX TXL OH UHPSODFH OLEpUpH DX WLWXODLUH GX PDUFKp DSUqV
FRQWU{OH j H[HUFHU j O¶pJDUG GH FHV SUHVWDWDLUHV OHV FRQVWLWXWLRQGXFDXWLRQQHPHQWGpILQLWLIHWFHGDQVXQGpODL
REOLJDWLRQVFRPSWDEOHVTXLOHXUVRQWLPSRVpHVDLQVLTXHOHV GHYLQJWMRXUVjSDUWLUGHODQRWLILFDWLRQGXPDUFKp
pOpPHQWV HW UqJOHV TXL VHUYLURQW GH EDVH j OD GpWHUPLQDWLRQ
GX SUL[ GpILQLWLI GH OD FRPPDQGH WHO TX¶LO VHUD IL[p SDU $UW/HFDXWLRQQHPHQWGpILQLWLIRXODFDXWLRQTXLOH
O¶DYHQDQWSUpYXjO¶DOLQpDFLDSUqV UHPSODFH UHVWH DIIHFWp j OD JDUDQWLH GH OD ERQQH H[pFXWLRQ
GXPDUFKpHWDXUHFRXYUHPHQWGHVVRPPHVGRQWOHWLWXODLUH
8Q DYHQDQW IL[DQW OHV FODXVHV GpILQLWLYHV GX PDUFKp HW VHUDLWUHFRQQXGpELWHXUDXWLWUHGHFHPDUFKp
QRWDPPHQW OH SUL[ GpILQLWLI RX DX PRLQV OHV FRQGLWLRQV
SUpFLVHVGHVDGpWHUPLQDWLRQGRLWLQWHUYHQLUDXSOXVWDUGjOD $UW   /H FDXWLRQQHPHQW GpILQLWLI HVW UHVWLWXp RX OD
GDWHjODTXHOOHFHVFRQGLWLRQVVRQWFRQQXHV FDXWLRQ TXL OH UHPSODFH  OLEpUpH VL OH WLWXODLUH GX PDUFKp
V¶HVW DFTXLWWp GH VHV REOLJDWLRQV HW DSUqV DYLV GH OD
$UW/RUVTXHOHPDUFKpFRPSRUWHGHVFRPPDQGHV FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH VXU OH GRVVLHU GH
H[pFXWpHVHQUpJLHRXUpPXQpUpHVVXUODEDVHGHVGpSHQVHV UqJOHPHQWGpILQLWLIGDQVXQGpODLGHVL[PRLVjFRPSWHUGH
FRQWU{OpHV LO GRLW LQGLTXHU OHV PRGDOLWpV GH IL[DWLRQ GHV ODGDWHGHUpFHSWLRQGHVFRPPDQGHVVLOHPDUFKpQ¶HVWSDV
TXDQWLWpV FRPPDQGpHV HW pYHQWXHOOHPHQW OD YDOHXU GHV DVVRUWL G¶XQ GpODL GH JDUDQWLH /H GpODL  GH UHVWLWXWLRQ HVW
GLYHUV pOpPHQWV TXL FRQFRXUHQW j OD GpWHUPLQDWLRQ GX SUL[ GpFRPSWpjSDUWLUGHODUpFHSWLRQGpILQLWLYHGHVFRPPDQGHV
GXUqJOHPHQW RXGHO¶H[SLUDWLRQGXGpODLGHJDUDQWLHPHQWLRQQpjO¶DUWLFOH
&+$3,75( GXSUpVHQWGpFUHW
/(6*$5$17,(6 /RUVTXH OH PDUFKp SUpYRLW XQ GpODL GH JDUDQWLH HW XQH
UHWHQXH GH JDUDQWLH OH FDXWLRQQHPHQW GpILQLWLI HVW UHVWLWXp
6(&7,21/(&$87,211(0(17 RX OD FDXWLRQ TXL OH UHPSODFH OLEpUpH GDQV XQ GpODL G¶XQ
$UW   /HV FDKLHUV GHV FKDUJHV GpWHUPLQHQW OHV PRLV DSUqV UpFHSWLRQ SURYLVRLUH RX GpILQLWLYH GHV
JDUDQWLHVSpFXQLDLUHVjSURGXLUHSDUFKDTXHVRXPLVVLRQQDLUH FRPPDQGHVVHORQOHVFODXVHVGXPDUFKp
DX WLWUH GX FDXWLRQQHPHQW SURYLVRLUH HW SDU  OH WLWXODLUH GX /D FDXWLRQ FHVVH G¶DYRLU HIIHW j O¶H[SLUDWLRQ GHV GpODLV
PDUFKpDXWLWUHGXFDXWLRQQHPHQWGpILQLWLI PD[LPXPV YLVpV FLGHVVXV VDXI VL O¶DFKHWHXU SXEOLF  D
/¶DFKHWHXU SXEOLF IL[H OH PRQWDQW GX FDXWLRQQHPHQW VLJQDOp SDU OHWWUH UHFRPPDQGpH RX SDU XQ DXWUH PR\HQ
SURYLVRLUH VRLW SDU DSSOLFDWLRQ G¶XQ SRXUFHQWDJH FRPSULV D\DQWGDWHFHUWDLQHDGUHVVpHjODFDXWLRQTXHOHWLWXODLUHGX
HQWUH  HW  GX PRQWDQW HVWLPDWLI GH OD FRPPDQGH PDUFKpQ¶DSDVUHPSOLWRXWHVVHVREOLJDWLRQV'DQVFHFDVLO
REMHWGXPDUFKpVRLWjXQPRQWDQWIL[HTXLWLHQWFRPSWHGH QH SHXW rWUH PLV ILQ j O¶HQJDJHPHQW GH OD FDXWLRQ TXH SDU
O¶LPSRUWDQFHHWGHODFRPSOH[LWpGXPDUFKp PDLQOHYpHGpOLYUpHSDUO¶DFKHWHXUSXEOLF

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


6(&7,21/$5(7(18('(*$5$17,( G¶XQ FDXWLRQQHPHQW IL[H GH  GLQDUV DXSUqV GX WUpVRULHU
$UW   /RUVTXH OHV FDKLHUVGHVFKDUJHVSUpYRLHQWXQ JpQpUDOHWFHGDQVXQGpODLGHKXLWMRXUVjSDUWLUGHODGDWH
GpODLGHJDUDQWLHLOSHXWrWUHH[LJpRXWUHOHFDXWLRQQHPHQW G¶REWHQWLRQGHO¶DJUpPHQW
GpILQLWLI XQH UHWHQXH TXL VHUD SUpOHYpH VXU OHV SDLHPHQWV &H FDXWLRQQHPHQW TXL FRQWULEXH j OD FRXYHUWXUH GH
G¶DFRPSWHVHIIHFWXpVHQJDUDQWLHGHODERQQHH[pFXWLRQGX WRXWHVOHVREOLJDWLRQVQHSHXWrWUHUHVWLWXpTXHVXUGpFLVLRQ
PDUFKpHWGXUHFRXYUHPHQWGHVVRPPHVGRQWOHWLWXODLUHGX GXPLQLVWUHFKDUJpGHV)LQDQFHV
PDUFKpVHUDLWUHFRQQXGpELWHXUDXWLWUHGHFHPDUFKp $UW/HFDXWLRQQHPHQWYLVpjO¶DUWLFOHGXSUpVHQW
$UW/DUHWHQXHGHJDUDQWLHQHGRLWSDVH[FpGHU GpFUHWDLQVLTXHODFDXWLRQTXLOHUHPSODFHVRQWVRXPLVDX[
GXPRQWDQWGHVDFRPSWHVjSD\HUDXWLWUHGXPDUFKpHWGH GLVSRVLWLRQV OpJLVODWLYHV RX UpJOHPHQWDLUHV UHODWLYHV DX[
VHV DYHQDQWV VDQV TXH  OH FXPXO DYHF OH FDXWLRQQHPHQW JDUDQWLHV HQ PDWLqUH  GH PDUFKpV SXEOLFV DX[ RSSRVLWLRQV
GpILQLWLIQHGpSDVVHTXLQ]HSRXUFHQW  GXPRQWDQWGX VXU OHV FDXWLRQQHPHQWV HW DX UHPERXUVHPHQW GHV WLWUHV TXL
PDUFKp OHV FRPSRVHQW WDQW TX¶HOOHV  QH VRQW SDV FRQWUDLUHV DX[
$UW/DUHWHQXHGHJDUDQWLHQ¶HVWSD\pHDXWLWXODLUH GLVSRVLWLRQVGHODSUpVHQWHVHFWLRQ
GX PDUFKp RX OD FDXWLRQ TXL OD UHPSODFH OLEpUpH TXH $UW   /H PLQLVWUH FKDUJp GHV)LQDQFHVSHXWUHWLUHU
ORUVTX¶LO DXUDLW MXVWLILp GH O¶DFFRPSOLVVHPHQW GH WRXWHV OHV O¶DJUpPHQW j WRXW PRPHQW 'DQV FH FDV OD GpFLVLRQ HVW
REOLJDWLRQV HW DSUqV DYLV GH OD FRPPLVVLRQ GHV PDUFKpV QRWLILpH j O¶LQWpUHVVp DX 7UpVRULHU *pQpUDO DLQVL TX¶DX[
FRPSpWHQWHVXUOHSURMHWGHUqJOHPHQWGpILQLWLI DFKHWHXUVSXEOLFVD\DQWSDVVpGHVPDUFKpVSRXUOHVTXHOVOD
FDXWLRQUpYRTXpHV¶HVWSRUWpHJDUDQWH
/¶DFKHWHXU SXEOLF HVW WHQX GH SUpVHQWHU OH SURMHW GH
/¶DFKHWHXU SXEOLF GRLW DORUV LQYLWHU OH WLWXODLUH GX
UqJOHPHQW GpILQLWLI j OD FRPPLVVLRQ GHV PDUFKpV
PDUFKpVRLWjSUpVHQWHUXQHQRXYHOOHFDXWLRQGDQVXQGpODL
FRPSpWHQWH TXL VWDWXH REOLJDWRLUHPHQW GDQV XQ GpODL G¶XQ
GH GL[ MRXUV VRLW j FRQVWLWXHU  GDQV OHV PrPHV GpODLV HW
PRLVjSDUWLUGHODGDWHGHWUDQVPLVVLRQGHWRXWHVOHVSLqFHV
FRQGLWLRQV OH FDXWLRQQHPHQW  SUpYX SDU OHV FDKLHUV GHV
UHTXLVHVSRXUO¶H[DPHQGXGRVVLHU
FKDUJHVRXSDUOHPDUFKpHWjYHUVHUGDQVOHPrPHGpODLOHV
'DQV WRXV OHV FDV OD UHWHQXH GH JDUDQWLH RX OH UHOLTXDW UHWHQXHV GH JDUDQWLHV TXL DXUDLHQW GXHV rWUH RSpUpHV
DSUqVGpGXFWLRQGHVVRPPHVGXHVHVWUHVWLWXpDXWLWXODLUHGX SUpFpGHPPHQW
PDUFKpDSUqVVL[PRLVjFRPSWHUGHODUpFHSWLRQGpILQLWLYH
/HVSDLHPHQWVGXVDXWLWXODLUHGXPDUFKpVRQWVXVSHQGXV
RX GH O¶H[SLUDWLRQ GX GpODL GH JDUDQWLH VDXI GDQV OH FDVR
HWODFDXWLRQLQLWLDOHUHVWHWHQXHSDUOHVHQJDJHPHQWVTX¶HOOH
O¶LQWpJUDOLWp GH OD UHWHQXH GH JDUDQWLH HVW DIIHFWpH DX[
D SULV  MXVTX¶j O¶DFFRPSOLVVHPHQW GH WRXWHV OHV SURFpGXUHV
SDLHPHQWVGHVGpIDLOODQFHVGXWLWXODLUHGXPDUFKpTXLVHUDLW
HWODUpJXODULVDWLRQGHODVLWXDWLRQ
OH FDV pFKpDQW LQIRUPp GHV PRGDOLWpV GH UpJXODULVDWLRQ GH
VDVLWXDWLRQ $UW   /¶DFKHWHXU SXEOLF GLVSRVH G¶XQH PDUJH
G¶DSSUpFLDWLRQTXDQWjO¶DFFHSWDWLRQRXDXUHMHWGHVFDXWLRQV
/D FDXWLRQ HVW OLEpUpH GDQV OHV PrPHV GpODLV VDXI VL
SURSRVpHV SDU OHV WLWXODLUHV GHV PDUFKpV HW DJUppHV SDU OH
O¶DFKHWHXU SXEOLF LQIRUPH OH WLWXODLUH SDU OHWWUH
PLQLVWUH FKDUJp GHV )LQDQFHV FRPSWH WHQX GH O¶LPSRUWDQFH
UHFRPPDQGpH RX SDU WRXW PR\HQ TXL GRQQH GDWH FHUWDLQH
GXPDUFKpHWGHVDVSpFLILFLWp
TX¶LO Q¶D SDV UHPSOL VHV REOLJDWLRQV HW TXH GH FH IDLW OD
FDXWLRQQHVHUDSDVOLEpUpH 1pDQPRLQV O¶DFKHWHXU SXEOLF GRLW FRQVXOWHU
SUpDODEOHPHQW OH PLQLVWUH FKDUJp  GHV )LQDQFHV DYDQW GH
6(&7,21/(6*$5$17,(63(56211(//(6 UHIXVHUGHVFDXWLRQVDJUppHV
$UW   'HV SUpOqYHPHQWV VRQW RSpUpV VXU OD FDXWLRQ
$UW   /H FDXWLRQQHPHQW DLQVL TXH OD UHWHQXH GH FRQVWLWXpH FRQIRUPpPHQW j O¶DUWLFOH   j FRQFXUUHQFH GHV
JDUDQWLH VRQW j OD GHPDQGH GX WLWXODLUH GX PDUFKp PRQWDQWV IL[pV SDU O¶DFKHWHXU  SXEOLF DX WLWUH GH
UHPSODFpV SDU GHV FDXWLRQV SHUVRQQHOOHV HW VROLGDLUHV GDQV O¶LQH[pFXWLRQ SDU OH WLWXODLUH GHV FODXVHV HW FRQGLWLRQV GX
OHVFRQGLWLRQVIL[pHVGDQVODSUpVHQWHVHFWLRQ PDUFKp
/DFDXWLRQV¶HQJDJHDYHFOHWLWXODLUHGXPDUFKpjYHUVHU /¶HQJDJHPHQW GH OD FDXWLRQ DFFRPSDJQp G¶XQ SURFqV
j OD SUHPLqUH GHPDQGH IRUPXOpH SDU O¶DFKHWHXU SXEOLF OHV YHUEDO FRQVWDWDQW OHV GpIDLOODQFHV GX WLWXODLUH j VHV
VRPPHV GRQW OH GLW WLWXODLUH VHUDLW UHFRQQX GpELWHXU j REOLJDWLRQV FRQWUDFWXHOOHV FRQVWLWXH XQ WLWUH H[pFXWRLUH
FRQFXUUHQFHGXPRQWDQWGXFDXWLRQQHPHQWRXGHODUHWHQXH SHUPHWWDQW G¶RSpUHU DXWRPDWLTXHPHQW OHV SUpOqYHPHQWV
GHJDUDQWLH VXVYLVpVDSUqVQRWLILFDWLRQUpJXOLqUHDX[LQWpUHVVpVVHORQOD
UpJOHPHQWDWLRQHQYLJXHXU
/HYHUVHPHQWHVWHIIHFWXpjODSUHPLqUHGHPDQGHpFULWH
GH O¶DFKHWHXU SXEOLF VDQV TXH OD FDXWLRQ SXLVVH GLIIpUHU OH $UW/HPLQLVWUHFKDUJpGHV)LQDQFHVSRXUUDjWRXW
SDLHPHQW RX VRXOHYHU GH FRQWHVWDWLRQ SRXU TXHOTXH PRWLI PRPHQW SUHVFULUH j XQH SHUVRQQH RX j XQ pWDEOLVVHPHQW
TXHFHVRLWHWVDQVTX¶LOVRLWEHVRLQG¶XQHPLVHHQGHPHXUH DJUppGHQHSDVDFFURvWUHRXPrPHGHUpGXLUHOHPRQWDQWGH
RX G¶XQH TXHOFRQTXH  GpPDUFKH DGPLQLVWUDWLYH RX VHVHQJDJHPHQWV
MXGLFLDLUH /D UHVWLWXWLRQ GHV SURYLVLRQV GpSRVpHV SDU OHV FDXWLRQV
/¶HQJDJHPHQW GH OD FDXWLRQ SHUVRQQHOOH HW VROLGDLUH HVW DXSUqV GX 7UpVRULHU *pQpUDO GH7XQLVLHHQYHUWXGHVWH[WHV
pWDEOL VHORQ XQ PRGqOH IL[p SDU DUUrWp GX PLQLVWUH FKDUJp HQ YLJXHXU HW GHVWLQpHV DX YHUVHPHQW GX FDXWLRQQHPHQW
GHV)LQDQFHV SURSRUWLRQQHO DIIpUHQW j FKDTXH PDUFKp QH SHXW DYRLU OLHX
$UW   1H SRXUURQW rWUH FKRLVLHV TXH OHV FDXWLRQV TXH VXU DYLV GH O¶DFKHWHXU SXEOLF HW DSUqV H[WLQFWLRQ WRWDOH
SHUVRQQHOOHV HW VROLGDLUHV D\DQW  UHoX j FHW HIIHW XQ DJUpPHQW GHV HQJDJHPHQWV SRXU OHVTXHOV OHVGLWHV SURYLVLRQV RQW pWp
VSpFLDOGX0LQLVWUHFKDUJpGHV)LQDQFHVHWDSUqVYHUVHPHQW FRQVWLWXpHV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


6(&7,21$875(6*$5$17,(6 GHO¶RIIUHWHFKQLTXH
$UW   /HV FDKLHUV GHV FKDUJHV GpWHUPLQHQW OH FDV GHO¶RIIUHILQDQFLqUH
pFKpDQW  OHV JDUDQWLHV DXWUHV TXH OH FDXWLRQQHPHQW HW OD /¶RIIUHWHFKQLTXHHWO¶RIIUHILQDQFLqUHVRQWSODFpHVGDQV
UHWHQXH GH JDUDQWLH TXL SHXYHQW rWUH H[LJpHV j WLWUH GHX[ HQYHORSSHV VpSDUpHV IHUPpHV HW VFHOOpHV &HV GHX[
H[FHSWLRQQHO GHV WLWXODLUHV GH PDUFKpV SRXU DVVXUHU HQYHORSSHV OH FDXWLRQQHPHQW SURYLVRLUH OHV GRFXPHQWV
O¶H[pFXWLRQGHOHXUVHQJDJHPHQWV DGPLQLVWUDWLIVHWOHVMXVWLILFDWLIVDFFRPSDJQDQWO¶RIIUHVHURQW
,OV SUpFLVHQW DORUV OHV GURLWV TXH O¶DFKHWHXU SXEOLF SHXW SODFpV GDQV XQH WURLVLqPH HQYHORSSH IHUPpH HW VFHOOpH
H[HUFHUVXUFHVJDUDQWLHV LQGLTXDQW OD UpIpUHQFH GH O¶DSSHO G¶RIIUHV HW VRQ REMHW VDQV
SRXU DXWDQW DSSRUWHU GHV LQGLFDWLRQV RX UpIpUHQFHV DX QRP
7,75('(6352&('85(6'(3$66$7,21'(6 GX VRXPLVVLRQQDLUH TXL GRLW rWUH SRUWp VXU OHV GHX[
0$5&+(6 HQYHORSSHVLQWpULHXUHV
$UW/HVPDUFKpVVRQWSDVVpVVXLYDQWOHVpWDSHVFL 7RXWH RIIUH GRQW O¶HQYHORSSH H[WpULHXUH FRPSRUWH XQH
DSUqV LQGLFDWLRQRXUpIpUHQFHDXQRPGXVRXPLVVLRQQDLUHRXWRXWH
RIIUH WHFKQLTXH TXL FRPSRUWH XQH LQGLFDWLRQ VXU OH SUL[ RX
O¶DSSHOjODFRQFXUUHQFH GHVGRQQpHVVXUO¶RIIUHILQDQFLqUHHVWUHMHWpH
O¶RXYHUWXUHGHVSOLV /HVSOLVFRQWHQDQWOHVVRXPLVVLRQVGRLYHQWrWUHHQYR\pV
OHGpSRXLOOHPHQWGHVRIIUHV SDU OD SRVWH HW UHFRPPDQGpV RX SDU UDSLG SRVWH $ OHXU
UpFHSWLRQOHVSOLVVRQWHQUHJLVWUpVDXEXUHDXG¶RUGUHFHQWUDO
&+$3,75(, SXLV XQH GHX[LqPH IRLV  VXU XQ UHJLVWUH VSpFLDO GDQV OHXU
/¶$33(/$/$&21&855(1&( RUGUH G¶DUULYpH LOV GRLYHQW GHPHXUHU FDFKHWpV MXVTX¶DX
PRPHQWGHOHXURXYHUWXUH
$UW   /¶DYLV G¶DSSHO j OD FRQFXUUHQFH HVW SXEOLp
WUHQWH MRXUV DX PRLQV DYDQW OD GDWH OLPLWH IL[pH SRXU OD &+$3,75(
UpFHSWLRQ GHV RIIUHV SDU YRLH GH SUHVVH HW pYHQWXHOOHPHQW
/¶289(5785('(63/,6
SDU WRXW DXWUH PR\HQ GH SXEOLFLWp PDWpULHO RX LPPDWpULHO
/H GpODL SHXW rWUH UDPHQp j TXLQ]H MRXUV HQ FDV G¶XUJHQFH $UW   ,O HVW FUpp DXSUqV GH FKDTXH DFKHWHXU SXEOLF
G€PHQWMXVWLILpH XQHFRPPLVVLRQSHUPDQHQWHG¶RXYHUWXUHGHVSOLVFRPSRVpH
&H GpODL HVW IL[p FRPSWH WHQX QRWDPPHQW GH DX PD[LPXP GH FLQT PHPEUHV \ FRPSULV VRQ SUpVLGHQW
O¶LPSRUWDQFH HW GH OD FRPSOH[LWp GH OD FRPPDQGH HW GHV GpVLJQpVSDUGpFLVLRQGHO¶DFKHWHXUSXEOLF
pWXGHV LQYHVWLJDWLRQV HW FRQVXOWDWLRQV pYHQWXHOOHV TXH $ WLWUH H[FHSWLRQQHO LO SHXW rWUH FUpp SOXV G¶XQH
QpFHVVLWHODSUpSDUDWLRQGHVRIIUHV FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV DXSUqV G¶XQ DFKHWHXU
&HWDYLVIHUDFRQQDvWUH SXEOLFDSUqVDYLVGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV
/¶REMHWGXPDUFKp /D FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV HVW SUpVLGpH SDU  OH
/HOLHXRO¶RQSHXWSUHQGUHFRQQDLVVDQFHGHVFDKLHUV FRQWU{OHXUGHVGpSHQVHVSXEOLTXHVSRXUOHVPDUFKpVGHO¶(WDW
GHV FKDUJHV YLVpV jO¶DUWLFOHGXSUpVHQWGpFUHWHWOHSUL[ GHVFROOHFWLYLWpVORFDOHVHWGHVpWDEOLVVHPHQWVSXEOLFVHWSDUOH
GHYHQWHOHFDVpFKpDQW FRQWU{OHXUG¶(WDWSRXUOHVPDUFKpVGHVHQWUHSULVHVSXEOLTXHVHW
/HOLHXHWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHV GHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI
/HOLHXODGDWHHWO¶KHXUHGHODWHQXHGHODUpXQLRQGH /¶DFKHWHXU SXEOLF HQ FRRUGLQDWLRQ DYHF OH SUpVLGHQW GH
OD FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV FRQWHQDQW OHV RIIUHV ODFRPPLVVLRQGRLWLQYLWHUOHVPHPEUHVDXPLQLPXPWURLV
WHFKQLTXHVVLODVpDQFHHVWSXEOLTXH MRXUV RXYUDEOHV DYDQW OD GDWH GH O¶RXYHUWXUH GHV SOLV  OD
 /H GpODL SHQGDQW OHTXHO OHV FDQGLGDWV UHVWHURQW FRPPLVVLRQQHSHXWVHUpXQLUTX¶HQSUpVHQFHGHODPDMRULWp
HQJDJpVSDUOHXUVRIIUHV GHVHVPHPEUHVGRQWREOLJDWRLUHPHQWVRQSUpVLGHQW
 /HV FULWqUHV GH FKRL[ DXWUHV TXH FHX[ SUpYXV j /¶DFKHWHXU SXEOLF HQ FRRUGLQDWLRQ DYHF OH SUpVLGHQW GH
O¶DUWLFOHGXSUpVHQWGpFUHW ODFRPPLVVLRQGRLWHQRXWUH
/HVMXVWLILFDWLRQVjSURGXLUHFRQFHUQDQWOHVUpIpUHQFHV pWDEOLU  OHV FRUUHVSRQGDQFHV FLWpHV j O¶DUWLFOH   GX
HW JDUDQWLHV SURIHVVLRQQHOOHV HW ILQDQFLqUHV H[LJpHV GHV SUpVHQWGpFUHWHWOHVDGUHVVHUDX[VRXPLVVLRQQDLUHV
VRXPLVVLRQQDLUHV
LQIRUPHU H[SUHVVpPHQW OHV VRXPLVVLRQQDLUHV GRQW OHV
(Q FDV G¶DSSHO G¶RIIUHV SUpFpGp G¶XQH SUpVpOHFWLRQ OHV RIIUHV WHFKQLTXHV VRQW DFFHSWpHV  GX  OLHX GH OD GDWH HW GH
LQGLFDWLRQVpQXPpUpHVGDQVOHVSDUDJUDSKHVHWFL±GHVVXV O¶KHXUH GH OD WHQXH GH OD UpXQLRQ GH OD FRPPLVVLRQ
GRLYHQWrWUHSRUWpHVjODFRQQDLVVDQFHGHVFDQGLGDWVGDQVOH G¶RXYHUWXUH GHV SOLV FRQWHQDQW OHV RIIUHV ILQDQFLqUHV HW FH
PrPH GpODL GH IDoRQ LQGLYLGXHOOH HW RXYHUWH DX[ FDQGLGDWV FRQIRUPpPHQW DX[ GLVSRVLWLRQV GH O¶DUWLFOH  GX SUpVHQW
SUpVpOHFWLRQQpV GpFUHW
/DGpWHUPLQDWLRQGXGpODLVpSDUDQWODGDWHG¶LQYLWDWLRQj $UW/DFRPPLVVLRQG¶RXYHUWXUHGHVSOLVVHUpXQLW
VRXPLVVLRQQHUHWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHVREpLW XQHSUHPLqUHIRLVSRXURXYULUOHVHQYHORSSHVH[WpULHXUHVHW
DX[ PrPHV UqJOHV DSSOLFDEOHV HQ PDWLqUH G¶DSSHO G¶RIIUHV OHVHQYHORSSHVFRQWHQDQWO¶RIIUHWHFKQLTXHHWXQHGHX[LqPH
RXYHUW IRLVSRXURXYULUOHVHQYHORSSHVFRQWHQDQWO¶RIIUHILQDQFLqUH
$UW/¶RIIUHHVWFRQVWLWXpH /¶DFKHWHXUSXEOLFIL[HHQFRRUGLQDWLRQDYHFOHSUpVLGHQWGH
GXFDXWLRQQHPHQWSURYLVRLUHGRFXPHQWVHWMXVWLILFDWLIV ODFRPPLVVLRQODGDWHGHODSUHPLqUHVpDQFHG¶RXYHUWXUHGHV
DFFRPSDJQDQWO¶RIIUHYLVpVSDUO¶DUWLFOHGXSUpVHQWGpFUHW SOLVTXLGRLWDYRLUOLHXGDQVXQGpODLPD[LPXPGHFLQTMRXUV
HWOHVFDKLHUVGHVFKDUJHVSDUWLFXOLHUV RXYUDEOHVVXLYDQWODGDWHOLPLWHGHUpFHSWLRQGHVRIIUHV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


$UW   /D FRPPLVVLRQG¶RXYHUWXUHGHVSOLVSHXWOH $UW/DFRPPLVVLRQG¶RXYHUWXUHGHVSOLVGUHVVHXQ
FDV pFKpDQW LQYLWHU H[SUHVVpPHQW  OHV VRXPLVVLRQQDLUHV  j SURFqVYHUEDOG¶RXYHUWXUHGHVSOLVWHFKQLTXHVHWXQSURFqV
IRXUQLU OHV GRFXPHQWV PDQTXDQWV H[LJpV  \ FRPSULV OHV YHUEDO G¶RXYHUWXUH GHV SOLV ILQDQFLHUV TXL GRLYHQW rWUH
SLqFHVDGPLQLVWUDWLYHVSRXUFRPSOpWHUOHXUVRIIUHVGDQVXQ VLJQpVSDUWRXVOHVPHPEUHVSUpVHQWVVpDQFHWHQDQWH
GpODL SUHVFULW SDU YRLH SRVWDOH RX GLUHFWHPHQW DX EXUHDX /H SURFqVYHUEDO GRLW SUpFLVHU QRWDPPHQW OHV GRQQpHV
G¶RUGUH GH O¶DFKHWHXU SXEOLF VRXV SHLQH G¶pOLPLQDWLRQ GH VXLYDQWHV
OHXUVRIIUHV
/HVQXPpURVG¶RUGUHDWWULEXpVDX[SOLVFRQIRUPpPHQW
7RXWHIRLV OD QRQ SUpVHQWDWLRQ GX FDXWLRQQHPHQW DX[GLVSRVLWLRQVGHO¶DUWLFOHDLQVLTXHODGDWHG¶DUULYpHHW
SURYLVRLUHFRQVWLWXHXQPRWLIGHUHMHWG¶RIILFH,OHQHVWGH OHVQRPVGHVSDUWLFLSDQWV
PrPHGHWRXWGRFXPHQWFRQWHQDQWGHVpOpPHQWVFRQVLGpUpV
/HVGRFXPHQWVH[LJpVHWDFFRPSDJQDQWOHVRIIUHV
GDQVO¶pYDOXDWLRQGHVRIIUHV
/HVGRFXPHQWVH[LJpVHWQRQSUpVHQWpVDYHFOHVRIIUHV
/D FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV GRLW LQYLWHU
RXGRQWODYDOLGLWpDH[SLUp
H[SUHVVpPHQWOHVSDUWLFLSDQWVTXLQ¶RQWSDVVLJQpHWSDUDSKp
WRXV OHV GRFXPHQWV VHORQ OHV PRGDOLWpV H[LJpHV j OH IDLUH /HVRIIUHVLUUHFHYDEOHVHWOHVPRWLIVGHOHXUUHMHW
GDQVXQGpODLTXLVHUDGpWHUPLQpSDUODGLWHFRPPLVVLRQ /HVGpEDWVGHVPHPEUHVGHODFRPPLVVLRQG¶RXYHUWXUH
/HV RIIUHV SDUYHQXHV DSUqV OD GDWH OLPLWH GH UpFHSWLRQ GHVSOLVHWOHVUpVHUYHVOHFDVpFKpDQW
VHURQW UHVWLWXpHV j OHXU H[SpGLWHXU DFFRPSDJQpHV G¶XQH  /H GpODL DFFRUGp SRXU FRPSOpWHU OHV GRFXPHQWV
FRSLH GH O¶HQYHORSSH H[WpULHXUH /¶RULJLQDO pWDQW FRQVHUYp PDQTXDQWVHWOHVVLJQDWXUHVH[LJpHVGHVFDKLHUVGHVFKDUJHV
SDUO¶DFKHWHXUSXEOLFHQWDQWTXHPR\HQGHSUHXYH /H  SURFqVYHUEDO G¶RXYHUWXUH GHV SOLV ILQDQFLHUV GRLW
6HURQW pJDOHPHQW UHVWLWXpHV OHV RIIUHV TXL Q¶RQW SDV LQGLTXHU QRWDPPHQW OD OLVWH GHV RIIUHV UHMHWpHV SDU OD
UHVSHFWp OHV GLVSRVLWLRQV GH O¶DUWLFOH  GX SUpVHQW GpFUHW FRPPLVVLRQGHGpSRXLOOHPHQWSRXUQRQFRQIRUPLWpjO¶REMHW
OHV RIIUHV QRQ DFFRPSDJQpHV GX FDXWLRQQHPHQW SURYLVRLUH RX DX[ FRQGLWLRQV GHV FDKLHUV GHV FKDUJHV FHOOHV GRQW OHV
RX TXL Q¶RQW SDV pWp FRPSOpWpHV  SDU OHV GRFXPHQWV RIIUHV WHFKQLTXHV RQWFRPSRUWpGHVLQGLFDWLRQVVXUOHVSUL[
DGPLQLVWUDWLIV PDQTXDQWV RX FHOOHV GRQW OHV FDKLHUV GHV RX OHV PRQWDQWV GHV RIIUHV  ILQDQFLqUHV HW FHOOHV pOLPLQpHV
FKDUJHV Q¶RQW SDV pWp VLJQpV HW SDUDSKpV GDQV OHV GpODLV SRXUGHVPRWLIVWHFKQLTXHV
UHTXLVDLQVLTXHOHVRIIUHVUHMHWpHV /H SURFqVYHUEDO GRLW LQGLTXHU OD OLVWH GHV RIIUHV
'DQV WRXV OHV FDV O¶DFKHWHXU SXEOLF GRLW LQIRUPHU  SDU DFFHSWpHV OHXUV PRQWDQWV DLQVL TXH WRXWH DXWUH GRQQpH
pFULW OHV VRXPLVVLRQQDLUHV TXL OH GHPDQGHQW GHV PRWLIV GH ILQDQFLqUH
UHMHWGHOHXUVRIIUHV &HV GRFXPHQWV GRLYHQW rWUH SDUDSKpV SDU WRXV OHV
$UW/DFRPPLVVLRQG¶RXYHUWXUHGHVSOLVVHUpXQLWXQH PHPEUHVSUpVHQWVGHODFRPPLVVLRQ
GHX[LqPH IRLV DSUqV O¶pWDEOLVVHPHQW GX UDSSRUW GH
GpSRXLOOHPHQW GHV RIIUHV WHFKQLTXHV SDU OD FRPPLVVLRQ GH &+$3,75(
GpSRXLOOHPHQW  YLVpH j O¶DUWLFOH  GX SUpVHQW GpFUHW SRXU '(328,//(0(17'(62))5(6
RXYULU OHV SOLV FRQWHQDQW OHV RIIUHV ILQDQFLqUHV GHV
VRXPLVVLRQQDLUHVGRQWOHVRIIUHVWHFKQLTXHVRQWpWpDFFHSWpHV $UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW GHV RIIUHV
GpVLJQpH SDU GpFLVLRQ GH O¶DFKHWHXU SXEOLF HIIHFWXH  OH
/HV SOLV ILQDQFLHUV TXL Q¶RQW SDV pWp RXYHUWV VHURQW GpSRXLOOHPHQWHWO¶DQDO\VHGHVRIIUHV
UHWRXUQpVjO¶H[SpGLWHXUDSUqVOHFKRL[GXWLWXODLUH
3RXU OHV PDUFKpV UHOHYDQW GH OD FRPSpWHQFH GH OD
'DQV FH FDV O¶DFKHWHXU SXEOLF GRLW QRWLILHU SDU pFULW j FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV OD FRPPLVVLRQ GH
WRXWVRXPLVVLRQQDLUHTXLOHGHPDQGHOHVPRWLIVGHUHMHWGH GpSRXLOOHPHQW VHUD GpVLJQpH DSUqV DYLV GH FHOOHFL HW
VRQRIIUH FRPSUHQGUDGHX[PHPEUHVTXLQHUHOqYHQWSDVGHO¶DFKHWHXU
$UW   6DXI VWLSXODWLRQV  FRQWUDLUHV GHV FDKLHUV GHV SXEOLFFRQFHUQpSDUOHPDUFKpHWTXLVRQWFKRLVLVSRXUOHXUV
FKDUJHVODVpDQFHG¶RXYHUWXUHGHVSOLVFRQWHQDQWOHVRIIUHV TXDOLILFDWLRQV HW OHXUV FRPSpWHQFHV FRPSWH WHQX GH O¶REMHW
HVWSXEOLTXHSRXUOHVPDUFKpVTXLUHOqYHQWGHODFRPSpWHQFH GXPDUFKp
GH OD FRPPLVVLRQ VXSpULHXUH  GHV PDUFKpV HW GHV $UW   /HV  FRPPDQGHV REMHW GH PDUFKpV VRQW
FRPPLVVLRQVGpSDUWHPHQWDOHVGHVPDUFKpV FODVVpHVFRPPHVXLW
/HV FDQGLGDWV SHXYHQW DVVLVWHU j OD VpDQFH SXEOLTXH  /HV FRPPDQGHV FRPSOH[HV SRUWDQW VXU GHV
pTXLSHPHQWV LPSRUWDQWV   WHFKQLTXHPHQW FRPSOH[HV RX
G¶RXYHUWXUH GHV SOLV WHFKQLTXHV DX[ OLHX GDWH  HW KHXUH G¶XQH WHFKQRORJLH TXL pYROXH UDSLGHPHQW RX SRUWDQW VXU OD
LQGLTXpVGDQVO¶DYLVG¶DSSHOG¶RIIUHV UpDOLVDWLRQGHWUDYDX[RXG¶pWXGHVVSpFLILTXHV
7RXWHIRLVVHXOVOHVFDQGLGDWVGRQWOHVRIIUHVWHFKQLTXHV 'DQV FH FDV OHV FDKLHUV GHV FKDUJHV GRLYHQW  LQGLTXHU
RQW pWp DFFHSWpHV SHXYHQW DVVLVWHU j O¶RXYHUWXUH GHV SOLV DYHFSUpFLVLRQODPpWKRGRORJLHTXLGRLWGpWHUPLQHUOHVSOXV
ILQDQFLHUV  $ FHW HIIHW LOV VHURQW LQIRUPpV SDU pFULW  GX YDOXHV WHFKQLTXHV VXSSOpPHQWDLUHV SRXYDQW rWUH SULVHV HQ
OLHX GDWH HW KHXUH GH OD UpXQLRQ WURLV MRXUV   RXYUDEOHV DX FRPSWHHWODPpWKRGHG¶pYDOXDWLRQGHOHXULPSDFWILQDQFLHU
PRLQVDYDQWVDWHQXH  /HV FRPPDQGHV FRXUDQWHV TXL  Q¶H[LJHQW TXH OD
/D FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV DQQRQFH j KDXWH FRQIRUPLWp GH O¶RIIUH DX[ SUHVFULSWLRQV GHV FDKLHUV GHV
YRL[ OHV QRPV GHV SDUWLFLSDQWV  /HV SUpVHQWV QH VRQW SDV FKDUJHV &HOOHVFL SHXYHQW FRPSRUWHU RXWUH OHV FRQGLWLRQV
GH SDUWLFLSDWLRQ UHODWLYHV DX[ JDUDQWLHV SURIHVVLRQQHOOHV HW
DXWRULVpVjGHPDQGHURXSUpVHQWHUGHVpFODLUFLVVHPHQWVRX ILQDQFLqUHVDX[TXHOOHVOHVVRXPLVVLRQQDLUHVVRQWDSSHOpVj
LQIRUPDWLRQV RX H[SOLFDWLRQV  RX  LQWHUYHQLU VRXV TXHOTXH VH FRQIRUPHU GHV VSpFLILFDWLRQV GHV QRUPHV HW GHV
IRUPH TXH FH VRLW GDQV OH GpURXOHPHQW GHV WUDYDX[ GH OD FRQGLWLRQV WHFKQLTXHV TXL GRLYHQW rWUH GpWHUPLQpHV GH
FRPPLVVLRQG¶RXYHUWXUHGHVSOLV PDQLqUHSUpFLVH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


6RQW FRQVLGpUpHV FRPPDQGHV FRXUDQWHV DX VHQV GX GHPDQGHU SDU pFULW GHV SUpFLVLRQV MXVWLILFDWLRQV HW
SUpVHQWDUWLFOHOHVFRPPDQGHVGRQWOHVFDKLHUVGHVFKDUJHV pFODLUFLVVHPHQWV UHODWLIV j O¶RIIUH WHFKQLTXH VDQV TXH FHOD
QHVSpFLILHQWSDVH[SUHVVpPHQWOHXUFDUDFWqUHFRPSOH[H Q¶DERXWLVVHjXQHPRGLILFDWLRQGHODWHQHXUGHO¶RIIUH
$UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW SURFqGH $UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW pOLPLQH OHV
GDQV XQH SUHPLqUH SKDVH  j O¶pOLPLQDWLRQ GHV RIIUHV QRQ RIIUHV GRQW OHV HQYHORSSHV FRQWHQDQW OHV RIIUHV WHFKQLTXHV
FRQIRUPHV j O¶REMHW GX PDUFKp RX FHOOHV TXL QH UpSRQGHQW FRPSRUWHQW GHV LQGLFDWLRQV VXU OHV SUL[ RX OH PRQWDQW GH
SDVDX[FDUDFWpULVWLTXHVQRUPHVRXFRQGLWLRQVPHQWLRQQpHV O¶RIIUHILQDQFLqUH
GDQV OHV FDKLHUV GHV FKDUJHV RX FHOOHV UHODWLYHV DX[ /H SUpVLGHQW GH OD FRPPLVVLRQ G¶RXYHUWXUH GHV SOLV HQ
UpIpUHQFHV GX VRXPLVVLRQQDLUH DLQVL TX¶DX[ JDUDQWLHV HVW LPPpGLDWHPHQW LQIRUPp HW OHV FRSLHV GHV MXVWLILFDWLRQV
SURIHVVLRQQHOOHVHWILQDQFLqUHV OXLVHURQWQRWLILpHV
&HWWH FRPPLVVLRQ SURFqGH j O¶DQDO\VH GHV RIIUHV $UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW pWDEOLW XQ
UHVWDQWHVHWSURSRVHO¶RIIUHTX¶HOOHMXJHODSOXVLQWpUHVVDQWH UDSSRUW WHFKQLTXH GDQV OHTXHO HOOH FRQVLJQH OHV  GpWDLOV HW
FRQIRUPpPHQW j OD FODVVLILFDWLRQ GHV FRPPDQGHV SUpYXH UpVXOWDWVGHVHVWUDYDX[UHODWLIVjFHWWHpWDSH
SDU O
DUWLFOH   HW HQ WHQDQW FRPSWH GHV GLVSRVLWLRQV GHV
/HV PHPEUHV GH OD FRPPLVVLRQ VLJQHQW OHGLW UDSSRUW
DUWLFOHVHWGXSUpVHQWGpFUHW
GDQV OHTXHO LOV GRLYHQW FRQVLJQHU OHXUV UpVHUYHV OH FDV
$UW3RXUOHVFRPPDQGHVFRXUDQWHVOHPDUFKpHVW pFKpDQW
DWWULEXpDXVRXPLVVLRQQDLUHD\DQWSUpVHQWpO¶RIIUHODPRLQV
'DQV XQH GHX[LqPH pWDSH HW DSUqV O¶RXYHUWXUH GHV
GLVDQWH SDUPL OHV RIIUHV FRQIRUPHV j O¶REMHW GX PDUFKp HW
HQYHORSSHV FRQWHQDQW OHV RIIUHV ILQDQFLqUHVODFRPPLVVLRQ
DX[FRQGLWLRQVGHVFDKLHUVGHVFKDUJHV
GH GpSRXLOOHPHQW pYDOXH OHV RIIUHV ILQDQFLqUHV SRXU UHWHQLU
$UW3RXUOHVFRPPDQGHVFRPSOH[HVOHPDUFKpHVW OH WLWXODLUH GX PDUFKp FRQIRUPpPHQW DX[ DUWLFOHV  HW 
DWWULEXpDXVRXPLVVLRQQDLUHD\DQWSUpVHQWpO¶RIIUHODPLHX[ GXSUpVHQWGpFUHW
GLVDQWHFRPSWHWHQXGXSUL[HWGHODYDOHXUWHFKQLTXH
/D FRPPLVVLRQ GH GpSRXLOOHPHQW FRQVLJQH GDQV XQ
'DQV FH FDV OD FRPPLVVLRQ pWDEOLW GDQV XQH SUHPLqUH UDSSRUWOHVGpWDLOVHWOHVUpVXOWDWVGHVHVWUDYDX[DLQVLTXHVD
pWDSHOHFODVVHPHQWGHVRIIUHVTXLUpSRQGHQWDX[FRQGLWLRQV SURSRVLWLRQDXVXMHWGHO¶DWWULEXWLRQGXPDUFKp
WHFKQLTXHV PLQLPDOHV SDU O¶DWWULEXWLRQ GH ERQLILFDWLRQ DX
7RXV OHV PHPEUHV GH OD FRPPLVVLRQ VLJQHQW OH UDSSRUW
WLWUH GHV SOXV YDOXHV WHFKQLTXHV FRQIRUPpPHQW j XQH
GH GpSRXLOOHPHQW GDQV OHTXHO LOV GRLYHQW FRQVLJQHU OHXUV
PpWKRGRORJLH LQVpUpH GDQV OHV FDKLHUV GHV FKDUJHV HW FH
UpVHUYHVOHFDVpFKpDQW
SRXU FKRLVLU GDQV XQH GHX[LqPH pWDSH O¶RIIUH OD PLHX[
GLVDQWH $UW/¶DFKHWHXUSXEOLFGRLWSUpFLVHUH[SUHVVpPHQW
GDQV XQ UDSSRUW pFULW GH SUpVHQWDWLRQ GX GRVVLHU j OD
/RUVTXHO¶RIIUHODPLHX[GLVDQWHHVWVXSpULHXUHjO¶RIIUH
FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH VRQ DYLV DX VXMHW GX
OD PRLQVGLVDQWH OD FRPPLVVLRQ GH GpSRXLOOHPHQW GRLW
FRQWHQX HW GHV SURSRVLWLRQV TXL OXL VRQW SUpVHQWpHV GDQV OH
MXVWLILHU OH FR€W VXSSOpPHQWDLUH HQ OH FRPSDUDQW DX JDLQ
UDSSRUW GH GpSRXLOOHPHQW HW LO GRLW PRWLYHU OH FKRL[ GX
ILQDQFLHUHVFRPSWpGHVSOXVYDOXHVWHFKQLTXHV
WLWXODLUHVHSURQRQFHUVXUOHFDUDFWqUHGHVSUL[
$UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW DQDO\VH OHV
$UW   /D FRPPLVVLRQ GH GpSRXLOOHPHQW Q¶HVW SDV
RIIUHV UHODWLYHV DX[ FRPPDQGHV FRXUDQWHV RX
KDELOLWpHjGLVFXWHUOHVRIIUHVILQDQFLqUHV
WHFKQLTXHPHQW FRPSOH[HV HQ VH UpIpUDQW DX[ FRQGLWLRQV
IL[pHVSDUOHVFDKLHUVGHVFKDUJHVHWDX[FULWqUHVVXLYDQWV 'DQV OH FDV R LO V¶DYqUH TXH O¶RIIUH MXJpH OD SOXV
LQWpUHVVDQWH HVW JOREDOHPHQW DFFHSWDEOH PDLV FRPSRUWH
O¶RULJLQHWXQLVLHQQHRXpWUDQJqUHGXSURGXLW
FHUWDLQV SUL[ H[FHVVLIV LO SHXW rWUH DGPLV GH QpJRFLHU FHV
  O¶LPSRUWDQFH GHV ORWV WUDYDX[ SURGXLWV VHUYLFHV HW SUL[ DSUqV DYLV SUpDODEOH GH OD FRPPLVVLRQ GHV PDUFKpV
pWXGHVjVRXVWUDLWHUVXUOHPDUFKpWXQLVLHQ FRPSpWHQWH
 OD YDOHXU WHFKQLTXH GHV RIIUHV HW pYHQWXHOOHPHQW $UW'DQVOHFDVRSOXVLHXUVRIIUHVMXJpHVOHVSOXV
G¶DXWUHVDYDQWDJHVSDUWLFXOLHUVVXSSOpPHQWDLUHV LQWpUHVVDQWHV VRQW WHQXHV SRXU pTXLYDOHQWHV WRXV pOpPHQWV
 OH FR€W GH O¶H[SORLWDWLRQ GHV RXYUDJHV  GHV FRQVLGpUpV O¶DFKHWHXU SXEOLF SHXW SRXU GpSDUWDJHU OHV
pTXLSHPHQWV RX GHV EUHYHWV SRXU OHV FRPPDQGHV FDQGLGDWV GHPDQGHU j FHX[FL GH SUpVHQWHU GH QRXYHOOHV
FRPSOH[HVOHFDVpFKpDQW RIIUHVILQDQFLqUHV
OHVJDUDQWLHVSURIHVVLRQQHOOHVHWILQDQFLqUHVSUpVHQWpHV /D UHFRQVXOWDWLRQ GRLW rWUH IDLWH SDU pFULW VXLYDQW OD
SDUFKDFXQGHVFDQGLGDWV SURFpGXUHGpFULWHDX[DUWLFOHVHWGXSUpVHQWGpFUHW
OHGpODLG¶H[pFXWLRQOHFDVpFKpDQW $UW   /¶DFKHWHXU SXEOLF DIILFKH OHV UpVXOWDWV GH
O¶DSSHOG¶RIIUHVGDQVXQWDEOHDXG¶DIILFKDJHHWSUpVHQWHSDU
'¶DXWUHVFRQVLGpUDWLRQVSHXYHQWrWUHSULVHVHQFRPSWHj pFULWDX[FDQGLGDWVTXLOHGHPDQGHQWOHVPRWLIVGHUHMHWGH
FRQGLWLRQ TX¶HOOHV VRLHQW VSpFLILpHV GDQV O¶DYLV G¶DSSHO OHXUV RIIUHV GqV TXH OH FKRL[ GX WLWXODLUH GX PDUFKp HVW
G¶RIIUHV SURQRQFpRXO¶DSSHOG¶RIIUHVHVWGpFODUpLQIUXFWXHX[VXLWHj
&HVFRQVLGpUDWLRQVGRLYHQWrWUHOLpHVjO¶REMHWGXPDUFKp GHV SURSRVLWLRQV MXJpHV LQDFFHSWDEOHVDSUqVDYRLUUHFXHLOOL
HW GRLYHQW SHUPHWWUH O¶pYDOXDWLRQ GHV DYDQWDJHV O¶DYLVGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
VXSSOpPHQWDLUHVFHUWDLQV 'DQVOHFDVG¶HQWHQWHPDQLIHVWHHQWUHOHVSDUWLFLSDQWVRX
'DQV WRXV OHV FDV LO Q¶HVW SDV SHUPLV GH SUpYRLU GHV FHUWDLQVG¶HQWUHHX[LO\DOLHXGHGpFODUHULPSpUDWLYHPHQW
FULWqUHVjFDUDFWqUHGLVFULPLQDWRLUH O¶DSSHO G¶RIIUHV LQIUXFWXHX[ HW GH SURFpGHU j XQH QRXYHOOH
6RXV UpVHUYH GX UHVSHFW GX SULQFLSH GH O¶pJDOLWp GHV PLVHHQFRQFXUUHQFHVDXIFDVG¶LPSRVVLELOLWpPDWpULHOOHRX
VRXPLVVLRQQDLUHV O¶DFKHWHXU SXEOLF SHXW OH FDV pFKpDQW G¶XUJHQFH LPSpULHXVH LO HVW IDLW UHFRXUV j XQ  PDUFKp SDU

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


HQWHQWH GLUHFWH  SUpFpGp G¶XQH FRQVXOWDWLRQ HQ YHUWX GHV GHVFRQGLWLRQVG¶H[pFXWLRQGHVSUHVWDWLRQVGRQWQRWDPPHQW
GLVSRVLWLRQVSUpYXHVSDUO¶DUWLFOHGXSUpVHQWGpFUHW O¶DQDO\VH HW O¶DSSUpFLDWLRQ GHV pFDUWV pYHQWXHOV HQWUH OHV
$UW&RQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOH HVWLPDWLRQVLQLWLDOHVHWOHGpFRPSWHGpILQLWLI/HVSURMHWVGH
GXSUpVHQWGpFUHWOHVUpVXOWDWVGHFKDTXHDSSHOG¶RIIUHVVRQW UqJOHPHQWV GpILQLWLIV GRLYHQW rWUH DFFRPSDJQpV GH  WRXV
FRQVWDWpV GDQV XQ UDSSRUW GH GpSRXLOOHPHQW UHODWDQW OHV GRFXPHQWV HW MXVWLILFDWLIV FRQFHUQDQW OD UpDOLVDWLRQ GX
SURFpGXUHVHWFLUFRQVWDQFHVGHGpSRXLOOHPHQWHWMXVWLILDQWOD PDUFKpHWODGpWHUPLQDWLRQGHVRQPRQWDQWGpILQLWLI
SURSRVLWLRQ GH OD FRPPLVVLRQ GH GpSRXLOOHPHQW TXDQW j  7RXW SUREOqPH RX OLWLJH UHODWLI j O¶pODERUDWLRQ OD
O¶RIIUH MXJpH OD SOXV LQWpUHVVDQWH /¶HQVHPEOH GHV RIIUHV HW SDVVDWLRQO¶H[pFXWLRQHWOHUqJOHPHQWGHVPDUFKpVUHOHYDQW
GHV FDKLHUV GHV FKDUJHV DFFRPSDJQpV GH FH UDSSRUW HVW GHVDFRPSpWHQFH
WUDQVPLV j OD FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH SRXU  /HV DYDQWVPpWUpV HVWLPDWLIV GHV WUDYDX[ UpDOLVpV HQ
H[DPHQHWDYLV UpJLH
7,75(9&21752/(35($/$%/('(6 /D FRPSpWHQFH GHV FRPPLVVLRQV  GHV PDUFKpV HVW
0$5&+(6 GpWHUPLQpH HQ WHQDQW FRPSWH GHV PRQWDQWV WHOV TXH
PHQWLRQQpV DX[ DUWLFOHV  HW  GX SUpVHQW GpFUHW HW VRXV
&+$3,75(, UpVHUYH  GHV GLVSRVLWLRQV SDUWLFXOLqUHV SUpYXHV SDU OHV
/HV&RPPLVVLRQVGHV0DUFKpVFRPSRVLWLRQVHW DUWLFOHVjGXSUpVHQWGpFUHW
DWWULEXWLRQV $UW   ,O HVW LQVWLWXpH OHV FRPPLVVLRQV GHV PDUFKpV
$UW   /HV FRPPLVVLRQV GHV PDUFKpV H[DPLQHQW OD VXLYDQWHV
UpJXODULWp GHV SURFpGXUHV GH UHFRXUV j OD FRQFXUUHQFH  /D &RPPLVVLRQ 6XSpULHXUH GHV 0DUFKpV LQVWLWXpH
O¶DWWULEXWLRQ GHV PDUFKpV  OD VLQFpULWp HW OD WUDQVSDUHQFH DXSUqV GX 3UHPLHU 0LQLVWUH (OOH FRPSRUWH   OHV WURLV
GDQVOHVSURFpGXUHVGHSDVVDWLRQGHVPDUFKpVHWV¶DVVXUHQW FRPPLVVLRQVVSpFLDOLVpHVVXLYDQWHV
GX FDUDFWqUH DFFHSWDEOH GHV FRQGLWLRQV DGPLQLVWUDWLYHV ODFRPPLVVLRQVSpFLDOLVpHGHVPDUFKpVGHEkWLPHQWGH
ILQDQFLqUHV HW WHFKQLTXHV HW FH j OD OXPLqUH GHV GRQQpHV JpQLHFLYLOHWGHVpWXGHV\UDWWDFKpHV
JpQpUDOHV GX SURMHW GRQW OHV FRPSRVDQWHV VRQW H[pFXWpHV  OD FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GHV
GDQV OH FDGUH GHV PDUFKpV TXL OHXUV VRQW VRXPLV HW WHFKQRORJLHV GH FRPPXQLFDWLRQ GH O¶LQIRUPDWLTXH GH
QRWDPPHQW OHV pWXGHV G¶RSSRUWXQLWp OHV FR€WV O¶pOHFWULFLWpGHO¶pOHFWURQLTXHHWOHVpWXGHV\UDWWDFKpHV
SUpYLVLRQQHOV OHV PRGDOLWpV GH ILQDQFHPHQW OHV pWDSHV
G¶H[pFXWLRQHWWRXWHVDXWUHVGRQQpHVXWLOHV  OD FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV UHODWLIV DX[
FRPPDQGHVGLYHUVHV
$UW   6RQW VRXPLV j O¶DYLV SUpDODEOH GHV
FRPPLVVLRQVGHVPDUFKpV  8QH FRPPLVVLRQ GpSDUWHPHQWDOH LQVWLWXpH DXSUqV GH
FKDTXHPLQLVWqUH
 DYDQWO¶DSSHOjODFRQFXUUHQFH
 8QH FRPPLVVLRQ UpJLRQDOH GHV PDUFKpV LQVWLWXpH
 /HV SURMHWV GHV FDKLHUV GHV FKDUJHV  GHV GRVVLHUV DXSUqVGHFKDTXHJRXYHUQRUDW
UHOHYDQW GH VD FRPSpWHQFH HW UHODWLIV DX[ DSSHOV G¶RIIUHV
RXYHUWV  DX[ DSSHOV G¶RIIUHV DYHF FRQFRXUV HW  DX[  8QH FRPPLVVLRQ FRPPXQDOH LQVWLWXpH DXSUqV GH
FRQVXOWDWLRQV FKDTXH PXQLFLSDOLWp ORUVTXH OH EXGJHW  GH FHOOHFL HVW pJDO
RX VXSpULHXU j XQ PRQWDQW TXL VHUD IL[p SDU GpFUHW HQ
  /D FRPSRVLWLRQ GX MXU\ HW GHV FRPPLVVLRQV GH DSSOLFDWLRQ GHV GLVSRVLWLRQV GX GHX[LqPH SDUDJUDSKH GH
GpSRXLOOHPHQW  FRQIRUPpPHQW DX[ DUWLFOHV  HW  GX O¶DUWLFOH  GH OD ORL RUJDQLTXH Qƒ  GX  0DL 
SUpVHQW GpFUHW SRXU OHV GRVVLHUV UHOHYDQW GH OD FRPSpWHQFH SRUWDQWORLRUJDQLTXHGXEXGJHWGHVFROOHFWLYLWpVORFDOHV
GHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV
8QHFRPPLVVLRQLQWHUQHGHVPDUFKpVLQVWLWXpHDXSUqV
 /HV FDKLHUV GHV WHUPHV GH UpIpUHQFHV DLQVL TXH OHV
UDSSRUWV GH SUpVpOHFWLRQ UHODWLIV DX[ DSSHOV G¶RIIUHV GHFKDTXHHQWUHSULVHSXEOLTXH
SUpFpGpVGHSUpVpOHFWLRQ $UW   /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GH
 $SUqVGpSRXLOOHPHQWGHVRIIUHV EkWLPHQWGHJpQLHFLYLOHWGHVpWXGHV\UDWWDFKpHVSUpVLGpH
 /HV UDSSRUWV GH GpSRXLOOHPHQW HW OHV UDSSRUWV GH MXU\ SDU XQ UHSUpVHQWDQW GX 3UHPLHU 0LQLVWUH HVW FRPSRVpH GHV
GHFRQFRXUV PHPEUHVVXLYDQWV
/HVSURMHWVGHFRQWUDWVGHPDUFKpVHQFDVGHUHFRXUVj 8QPHPEUHGHOD&RXUGHV&RPSWHV
OD SDVVDWLRQ G¶XQ PDUFKp SDU HQWHQWH GLUHFWH QRQ SUpFpGpV  8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV $IIDLUHV
G¶XQH FRQVXOWDWLRQ RX HQ FDVG¶LQVHUWLRQG¶XQHTXHOFRQTXH (WUDQJqUHV
PRGLILFDWLRQPrPHSDUWLHOOHG¶XQHRXGHSOXVLHXUVFODXVHV 8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQW
GXSURMHWGXPDUFKpGRQWOHUDSSRUWGHGpSRXLOOHPHQWDpWp HWGHODFRRSpUDWLRQLQWHUQDWLRQDOH
VRXPLVDXSUpDODEOHjO¶H[DPHQGHODFRPPLVVLRQ
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV
$XFRXUVHWDSUqVO¶H[pFXWLRQGXPDUFKp
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶,QGXVWULH
/HVSURMHWVG¶DYHQDQWUHODWLIVDX[PDUFKpVUHOHYDQWGH
VDFRPSpWHQFHVDXIVLOHPRQWDQWGXPDUFKp\FRPSULVOHV 8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH
DYHQDQWVGpSDVVHOHVHXLOGHVDFRPSpWHQFH  8Q UHSUpVHQWDQW GX PLQLVWUH GH O¶pTXLSHPHQW HW GH
 /HV SURMHWV GH UqJOHPHQWV GpILQLWLIV GHV PDUFKpV O¶KDELWDWHWGHO¶DPpQDJHPHQWGXWHUULWRLUH
UHOHYDQW GH VD FRPSpWHQFH DFFRPSDJQpV G¶XQ UDSSRUW 8QUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOH
GpWDLOOp VLJQpSDUO¶DFKHWHXUSXEOLFSRUWDQWVXUO¶pYDOXDWLRQ GH7XQLVLH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


 8Q UHSUpVHQWDQW GX PLQLVWUH GH  WXWHOOH SRXU OHV 8QUHSUpVHQWDQWGXJRXYHUQHXUGHOD%DQTXH&HQWUDOH
PDUFKpV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ GH7XQLVLH
DGPLQLVWUDWLI HW OHV HQWUHSULVHV SXEOLTXHV ORUVTXH OH /HGLUHFWHXUGHVDIIDLUHVDGPLQLVWUDWLYHVHWILQDQFLqUHV
PLQLVWqUH  GH  WXWHOOH  Q¶HVW SDV UHSUpVHQWp DX VHLQ GH OD
 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHV
FRPPLVVLRQ
GH OD FRPPXQLFDWLRQ SRXU OHV PDUFKpV SRUWDQW VXU
$UW   /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV GHV O¶DFTXLVLWLRQ G¶pTXLSHPHQWV LQIRUPDWLTXHV RX GH ORJLFLHOV
WHFKQRORJLHV GH FRPPXQLFDWLRQ GH O¶LQIRUPDWLTXH GH RXODUpDOLVDWLRQG¶pWXGHV\UDWWDFKpHV
O¶pOHFWULFLWp GH O¶pOHFWURQLTXH HW OHV pWXGHV \ UDWWDFKpHV
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶pTXLSHPHQWHW
SUpVLGpH SDU XQ UHSUpVHQWDQW GX 3UHPLHU 0LQLVWUH HVW
GH O¶KDELWDW HW GH O¶DPpQDJHPHQW GX WHUULWRLUH SRXU OHV
FRPSRVpHGHVPHPEUHVVXLYDQWV
SURMHWVGHEkWLPHQWHWGHJpQLHFLYLOjFRQFOXUHSDUG¶DXWUHV
XQPHPEUHGHOD&RXUGHV&RPSWHV PLQLVWqUHV
 XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV $IIDLUHV /D FRPSRVLWLRQ GH OD FRPPLVVLRQ GpSDUWHPHQWDOH
(WUDQJqUHV LQVWLWXpH DXSUqV GX PLQLVWqUH GH OD WXWHOOH VHFWRULHOOH HVW
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQW UpYLVpH HQ UHPSODoDQW OH GLUHFWHXU GHV DIIDLUHV
HWGHODFRRSpUDWLRQLQWHUQDWLRQDOH DGPLQLVWUDWLYHV HW ILQDQFLqUHV SDU  OH GLUHFWHXU JpQpUDO GH
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHV)LQDQFHV O¶pWDEOLVVHPHQW FRQFHUQp HW OH FRQWU{OHXU GHV GpSHQVHV
SXEOLTXHVSDUOHFRQWU{OHXUG¶(WDWORUVTX¶HOOHH[DPLQHOHV
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶,QGXVWULH PDUFKpV j FRQFOXUH SRXU OH FRPSWH GHV pWDEOLVVHPHQWV
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH SXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶pTXLSHPHQWHW $UW   /D FRPPLVVLRQ UpJLRQDOH GHV PDUFKpV
GHO¶KDELWDWHWGHO¶DPpQDJHPHQWGXWHUULWRLUH SUpVLGpH SDU OH JRXYHUQHXU RX VRQ UHSUpVHQWDQW HVW
 XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV  WHFKQRORJLHV FRPSRVpHGHVPHPEUHVVXLYDQWV
GHODFRPPXQLFDWLRQ /HFRQWU{OHXUUpJLRQDOGHVGpSHQVHVSXEOLTXHV
 XQ UHSUpVHQWDQW GXJRXYHUQHXUGHOD%DQTXH&HQWUDOH 8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV
GH7XQLVLH 8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH
XQUHSUpVHQWDQWGXPLQLVWUHGHWXWHOOHSRXUOHVPDUFKpV /HGLUHFWHXUUpJLRQDOGHO¶pTXLSHPHQWHWGHO¶KDELWDWHW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ DGPLQLVWUDWLI HW GHO¶DPpQDJHPHQWGXWHUULWRLUH
OHV HQWUHSULVHV SXEOLTXHV ORUVTXH  OH PLQLVWqUH GH  WXWHOOH
Q¶HVWSDVUHSUpVHQWpDXVHLQGHODFRPPLVVLRQ 6DXI FDV G¶HPSrFKHPHQW G€PHQW MXVWLILp OH FKHI GH
O¶DGPLQLVWUDWLRQ RX GH O¶pWDEOLVVHPHQW SXEOLF FRQFHUQp
$UW   /D FRPPLVVLRQ VSpFLDOLVpH GHV PDUFKpV DVVLVWH j OD UpXQLRQ SRXU SUpVHQWHU VHV GRVVLHUV j OD
UHODWLIV DX[ FRPPDQGHV GLYHUVHV SUpVLGpH SDU XQ FRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
UHSUpVHQWDQW GX 3UHPLHU PLQLVWUH HVW FRPSRVpH GHV
PHPEUHVVXLYDQWV (Q FDV G¶HPSrFKHPHQW LO SHXW VH IDLUH UHSUpVHQWHU SDU
OHVSHUVRQQHVFKDUJpHVGXGRVVLHUTX¶LOGpVLJQHjFHWHIIHW
XQPHPEUHGHOD&RXUGHV&RPSWHV
/HV GLVSRVLWLRQV UHODWLYHV j FHW DUWLFOH V¶DSSOLTXHQW DX[
 XQ UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV DIIDLUHV
pWUDQJqUHV PDUFKpVjFRQFOXUHSRXUOHFRPSWHGHVFROOHFWLYLWpVORFDOHV
HW GHV RUJDQLVPHV DVVLPLOpV VLWXpV GDQV OH JRXYHUQRUDW
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQW
FRQFHUQp HW DX[ PDUFKpV j FRQFOXUH GDQV OH FDGUH GHV
pFRQRPLTXHHWGHODFRRSpUDWLRQLQWHUQDWLRQDOH
FUpGLWVGpOpJXpVSDUO¶(WDWDX[JRXYHUQRUDWVHWDX[PDUFKpV
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV GHV pWDEOLVVHPHQWV SXEOLFV VLWXpV GDQV OH JRXYHUQRUDW VRXV
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶LQGXVWULH UpVHUYH GHV GLVSRVLWLRQV VSpFLILTXHV DSSOLFDEOHV DX[
XQUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH PDUFKpVGHFHUWDLQVpWDEOLVVHPHQWVSXEOLFV
 XQ UHSUpVHQWDQW GXJRXYHUQHXUGHOD%DQTXH&HQWUDOH 5HOqYHQWpJDOHPHQWGHODFRPSpWHQFHGHODFRPPLVVLRQ
GH7XQLVLH UpJLRQDOH OHV PDUFKpV UHODWLIV DX[ GpSHQVHV j FDUDFWqUH
 8Q UHSUpVHQWDQW GX PLQLVWUH GH WXWHOOH SRXU OHV UpJLRQDO WHOOHV TXH VSpFLILpHV  SDU GpFUHW TXHOTXH VRLW OHXU
PDUFKpV GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ PRQWDQW j O¶H[FHSWLRQ GHV PDUFKpV UHOHYDQW GH OD
DGPLQLVWUDWLI HW OHV HQWUHSULVHV SXEOLTXHV ORUVTXH  OH FRPSpWHQFHGHODFRPPLVVLRQVXSpULHXUHGHVPDUFKpV
0LQLVWqUH GH  WXWHOOH Q¶HVW SDV UHSUpVHQWp DX VHLQ GH OD
FRPPLVVLRQ $UW   /D FRPPLVVLRQ FRPPXQDOH GHV PDUFKpV HVW
FRPSRVpHGHVPHPEUHVVXLYDQWV
$UW   /D FRPPLVVLRQ GpSDUWHPHQWDOH GHV PDUFKpV
SUpVLGpH SDU OH PLQLVWUH FRQFHUQp RX VRQ UHSUpVHQWDQW HVW /HSUpVLGHQWGXFRQVHLOPXQLFLSDORXVRQUHSUpVHQWDQW
FRPSRVpHGHVPHPEUHVVXLYDQWV SDUPLOHVFRQVHLOOHUVPXQLFLSDX[SUpVLGHQW
/HFRQWU{OHXUGHVGpSHQVHVSXEOLTXHV /HVHFUpWDLUHJpQpUDOGHODFRPPXQH
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXGpYHORSSHPHQW /HFRQWU{OHXUGHVGpSHQVHVGHODFRPPXQH
HWGHODFRRSpUDWLRQLQWHUQDWLRQDOH  8Q UHSUpVHQWDQW GH OD GLUHFWLRQ UpJLRQDOH GH
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV O¶pTXLSHPHQW HW GH O¶KDELWDW HW GH O¶DPpQDJHPHQW GX
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGXFRPPHUFH WHUULWRLUH
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶LQGXVWULH /HUHFHYHXUGHVILQDQFHVFRPSWDEOHGHODFRPPXQH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/D FRPPLVVLRQ FRPPXQDOH GHV PDUFKpV LQVWLWXpH FRPSWH GH O¶(WDW GHV FROOHFWLYLWpV ORFDOHV GHV
DXSUqV GH OD FRPPXQH GH 7XQLV FRPSUHQG HQ RXWUH OHV pWDEOLVVHPHQWV SXEOLFV GHV pWDEOLVVHPHQWV SXEOLFV j
PHPEUHVVXLYDQWV FDUDFWqUHQRQDGPLQLVWUDWLIHWGHVHQWUHSULVHVSXEOLTXHV
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHVILQDQFHV /HV PHPEUHV GHV FRPPLVVLRQV GpSDUWHPHQWDOHV
 XQ UHSUpVHQWDQW GXJRXYHUQHXUGHOD%DQTXH&HQWUDOH UpJLRQDOHVFRPPXQDOHVHWGHVFRPPLVVLRQVGHVHQWUHSULVHV
GH7XQLVLH SXEOLTXHV VRQW GpVLJQpV SDU GpFLVLRQ GX SUpVLGHQW GH OD
FRPPLVVLRQ FRQFHUQpH VXU SURSRVLWLRQ GHV DGPLQLVWUDWLRQV
 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHV HW RUJDQLVPHV UHSUpVHQWpV DX VHLQ GH OD FRPPLVVLRQ
GHODFRPPXQLFDWLRQHWGXWUDQVSRUWRXGXPLQLVWUHFKDUJp FRQFHUQpH
GH O¶pTXLSHPHQW HW GH O¶KDELWDW HW GH O¶DPpQDJHPHQW GX
WHUULWRLUHRXGXPLQLVWUHFKDUJpGHO¶LQGXVWULHHWGHO¶pQHUJLH /DGpFLVLRQGXSUpVLGHQWGHODFRPPLVVLRQGHVPDUFKpV
VHORQO¶REMHWGXPDUFKp LQGLTXH OH VHUYLFH RX O¶DJHQW FKDUJp GX VHFUpWDULDW
SHUPDQHQW GH OD FRPPLVVLRQ /H VHFUpWDULDW SHUPDQHQW
6RQW PDLQWHQXHV OHV FRPPLVVLRQV FRPPXQDOHV GHV DVVXUHODUpFHSWLRQO¶H[DPHQGHVGRVVLHUVHWO¶RUJDQLVDWLRQ
PDUFKpV GpMj LQVWLWXpHV DQWpULHXUHPHQW j OD SDUXWLRQ GX GHV WUDYDX[ GH OD FRPPLVVLRQ HQ FH TXL FRQFHUQH OD
GpFUHW Qƒ  GX  IpYULHU  IL[DQW OHV FRQGLWLRQV SURSRVLWLRQ GH O¶RUGUHGXMRXUO¶RUJDQLVDWLRQGHVUpXQLRQV
G¶DSSOLFDWLRQ GH O¶DUWLFOH  GH OD ORL 1ƒ  GX  0DL OD UpGDFWLRQ HW OD WHQXH GHV SURFqVYHUEDX[ HW O¶HQYRL GHV
 SRUWDQW ORL RUJDQLTXH GX EXGJHW GHV FROOHFWLYLWpV DYLVGHODFRPPLVVLRQDX[DFKHWHXUVSXEOLFVFRQFHUQpV
ORFDOHV
/HVHFUpWDULDWSHUPDQHQWGHODFRPPLVVLRQGHVPDUFKpV
$UW   /D FRPPLVVLRQ LQWHUQH GHV PDUFKpV GH GH O¶HQWUHSULVH HVW DVVXUp SDU XQ VHUYLFHVSpFLDOLVpUHOHYDQW
O¶HQWUHSULVHHVWFRPSRVpHGHVPHPEUHVVXLYDQWV GHODGLUHFWLRQJpQpUDOHGHO¶HQWUHSULVH
 /H SUpVLGHQW GLUHFWHXU JpQpUDOGH O¶HQWUHSULVH /¶RUGUHGXMRXUDLQVLTXHOHVGRVVLHUVVRQWHQYR\pVDX[
FRQFHUQpHSUpVLGHQW PHPEUHV GH OD FRPPLVVLRQ WURLV MRXUV DX PRLQV DYDQW OD
 'HX[ DGPLQLVWUDWHXUV GpVLJQpV SDU OH FRQVHLO GDWHGHODUpXQLRQ
G¶DGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFHPHPEUHV $UW/DFRPPLVVLRQGHVPDUFKpVSHXWHQWHQGUHVXU
/HFRQWU{OHXUG¶(WDWPHPEUH GHPDQGH GH VRQ SUpVLGHQW RX GH O¶XQ GHV PHPEUHV j WLWUH
(Q FDV G¶HPSrFKHPHQW GH O¶XQ GHV GHX[ FRQVXOWDWLI HW VXU FRQYRFDWLRQ VSpFLDOH WRXWH SHUVRQQH
DGPLQLVWUDWHXUV VXVLQGLTXpV FHOXLFL SHXW SDU pFULW FRPSpWHQWH GDQV OH GRPDLQH GH OD FRPPDQGH REMHW GX
GpOpJXHU VHV SRXYRLUV j XQ DXWUH PHPEUH GX FRQVHLO PDUFKp
G¶DGPLQLVWUDWLRQRXGXFRQVHLOGHVXUYHLOODQFHGDQVODOLPLWH $UW   /HV FRPPLVVLRQV GHV PDUFKpV QH SHXYHQW VH
GHWURLVIRLVDXFRXUVGHODPrPHDQQpH UpXQLU TX¶HQ SUpVHQFH GH OD PDMRULWp GHV PHPEUHV j
$XFDVRO¶XQGHVGHX[DGPLQLVWUDWHXUVUHFRXUWjFHWWH O¶H[FHSWLRQ GH OD FRPPLVVLRQ GHV PDUFKpV GH O¶HQWUHSULVH
SURFpGXUHSOXVGHWURLVIRLVDXFRXUVGHODPrPHDQQpHOH SXEOLTXH TXL QH SHXW VH UpXQLU TX¶HQ SUpVHQFH GH WRXV VHV
SUpVLGHQW GLUHFWHXU JpQpUDO GRLW DXWRPDWLTXHPHQW HQ PHPEUHV
LQIRUPHU OH FRQVHLO G¶DGPLQLVWUDWLRQ RX OH FRQVHLO GH /H FRQWU{OHXU GHV GpSHQVHV HVW PHPEUH GH GURLW GHV
VXUYHLOODQFHTXLSHXWGpFLGHUVRQUHPSODFHPHQW FRPPLVVLRQV GpSDUWHPHQWDOHV UpJLRQDOHV HW FRPPXQDOHV
/D FRPPLVVLRQ LQWHUQH GHV PDUFKpV GH O¶HQWUHSULVH LQVWLWXpHV SDU OH SUpVHQW GpFUHWHW OH FRQWU{OHXU G¶(WDW HVW
FRPSUHQGHQRXWUH PHPEUH GH GURLW GH ODFRPPLVVLRQLQWHUQHGHVPDUFKpVGH
8QUHSUpVHQWDQWGXPLQLVWUHFKDUJpGHO¶pTXLSHPHQWHW O¶HQWUHSULVH SXEOLTXH HW GH OD FRPPLVVLRQ GpSDUWHPHQWDOH
GH O¶KDELWDW HW GH O¶DPpQDJHPHQW GX WHUULWRLUH SRXU OHV ORUVTXH FHOOHFL VH UpXQLW SRXU H[DPLQHU OHV GRVVLHUV GHV
PDUFKpV GH WUDYDX[ GRQW O¶HVWLPDWLRQ HVW VXSpULHXUH j XQ pWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI
PLOOLRQGHGLQDUV
/HV DYLV GHV FRPPLVVLRQV GHV PDUFKpV VRQW SULV j OD
 8Q UHSUpVHQWDQW GX PLQLVWUH FKDUJp GHV WHFKQRORJLHV PDMRULWp GH OHXUV PHPEUHV SUpVHQWV j O¶H[FHSWLRQ GHV DYLV
GH OD FRPPXQLFDWLRQ SRXU OHV PDUFKpV UHODWLIV j GHODFRPPLVVLRQGHO¶HQWUHSULVHSXEOLTXHTXLVRQWSULVjOD
O¶DFTXLVLWLRQ G¶pTXLSHPHQWV RX PDWpULHOV RX VHUYLFHV PDMRULWpGHVYRL[
LQIRUPDWLTXHV GRQW O¶HVWLPDWLRQ  HVW  VXSpULHXUH  j  GHX[
/HV GpOLEpUDWLRQV GHV FRPPLVVLRQV GHV PDUFKpV VRQW
FHQWPLOOHGLQDUV GLQDUV 
FRQVLJQpHV GDQV XQ SURFqVYHUEDO /HXU DYLV GRLYHQW rWUH
 8Q UHSUpVHQWDQW GX PLQLVWqUH GH WXWHOOH VHFWRULHOOH GH PRWLYpVHWIRUPXOpVSDUpFULW
O¶HQWUHSULVH SRXU OHV PDUFKpV GH IRXUQLWXUHV GH ELHQV HW
/HV REVHUYDWLRQV HW UpVHUYHV GRLYHQW rWUH FRQVLJQpHV
PDWpULHOV GRQW O¶HVWLPDWLRQ HVW VXSpULHXUH j XQ PLOOLRQ GH
GDQV OH SURFqVYHUEDO TXL GRLW rWUH VLJQp SDU WRXV OHV
GLQDUV  GLQDUV  HW SRXU OHV PDUFKpV G¶pWXGHV GRQW
PHPEUHVSUpVHQWV
O¶HVWLPDWLRQHVWVXSpULHXUHjFHQWPLOOHGLQDUV GLQDUV 
$UW/¶DYLVSUpDODEOHGHODFRPPLVVLRQVXSpULHXUH
&+$3,75( GHVPDUFKpVGRLWrWUHFRPPXQLTXpGDQVOHPRLVTXLVXLWOD
'XIRQFWLRQQHPHQWGHVFRPPLVVLRQVGHVPDUFKpVHWGH UpFHSWLRQ GX GRVVLHU j FRQGLWLRQ TX¶LO VRLW FRPSOpWp SDU
ODGpWHUPLQDWLRQGXVHXLOGHFRPSpWHQFH WRXVOHVGRFXPHQWVQpFHVVDLUHV
$UW/HVPHPEUHVGHODFRPPLVVLRQVXSpULHXUHGHV 3DVVp FH GpODL O¶HQWUHSULVH VRXPHW GLUHFWHPHQW OH
PDUFKpV VRQW GpVLJQpV SDU DUUrWp GX 3UHPLHU PLQLVWUH /D
GRVVLHU j O¶DSSUREDWLRQ GH VRQ FRQVHLO G¶DGPLQLVWUDWLRQ RX
FRPPLVVLRQ VH UpXQLW SRXU O¶H[DPHQ GHV GRVVLHUV GH
PDUFKpV UHOHYDQW GH VD FRPSpWHQFH  HW  j FRQFOXUHSRXUOH GHVRQFRQVHLOGHVXUYHLOODQFH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW   /H VHXLO GH FRPSpWHQFH GH FKDTXH /RUVTXH OD FRPPDQGH HVW UpSDUWLH HQ ORWV TXHOTXH VRLW
FRPPLVVLRQGHVPDUFKpVHVWGpWHUPLQpSDUUpIpUHQFHDX OH PRGH GH SDVVDWLRQ GX PDUFKp OHV VHXLOV GH FRPSpWHQFH
 &R€W SUpYLVLRQQHO GH OD FRPPDQGH WRXWHV WD[HV GHV FRPPLVVLRQV GHV PDUFKpV VRQW GpWHUPLQpV VXU OD EDVH
FRPSULVHV SRXU OHV GRVVLHUV G¶DSSHOV G¶RIIUHV OHV GXFR€WSUpYLVLRQQHOGHO¶HQVHPEOHGHVORWVDYDQWO¶DSSHOj
SURJUDPPHV G¶DSSHO G¶RIIUHV DYHF FRQFRXUV  OHV FDKLHUV OD FRQFXUUHQFH HW  GH OD VRPPH  GHV PR\HQQHV GHV RIIUHV
ILQDQFLqUHV RXYHUWHV SRXU O¶HQVHPEOH GHV ORWV DX VXMHW GH
GHV WHUPHV GH UpIpUHQFH GH SUpVpOHFWLRQ HW OHV UDSSRUWV GH
O¶H[DPHQGHVUDSSRUWVGHGpSRXLOOHPHQW
SUpVpOHFWLRQ
$UW   /HV VHXLOV GH FRPSpWHQFH GHV FRPPLVVLRQV
 /D PR\HQQH GHV RIIUHV ILQDQFLqUHV RXYHUWHV WRXWHV GHVPDUFKpVVRQWGpWHUPLQpVFRPPHVXLW
WD[HVFRPSULVHVSRXUOHVUDSSRUWVGHGpSRXLOOHPHQW
 SRXU OHV PDUFKpV j FRQFOXUH SRXU O¶(WDW OHV
 0RQWDQW GX PDUFKp WRXWHV WD[HV FRPSULVHV SRXU OHV FROOHFWLYLWpV ORFDOHV OHV pWDEOLVVHPHQWV SXEOLFV HW OHV
PDUFKpVGHJUpjJUp pWDEOLVVHPHQWSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI

&RPPLVVLRQ/RFDOH &RPPLVVLRQ5pJLRQDOHGHV &RPPLVVLRQ &RPPLVVLRQ
2EMHW GHV0DUFKpV 0DUFKpV 'pSDUWHPHQWDOHGHV 6XSpULHXUH
0DUFKpV GHV0DUFKpV
6XSpULHXUHj0LOOLRQGH
GLQDUV
HW,QIpULHXUHRXpJDOHj 6XSpULHXUHj0LOOLRQGH
0LOOLRQGHGLQDUV GLQDUV 6XSpULHXUHj
,QIpULHXUHRXpJDOHj
7UDYDX[ 6XSpULHXUHj0LOOLRQGH (W,QIpULHXUHRXpJDOHj 0LOOLRQGH
0LOOLRQGHGLQDUV
GLQDUVHWLQIpULHXUHRX 0LOOLRQGHGLQDUV GLQDUV
pJDOHj0LOOLRQGHGLQDUV 
3RXUOHVGpSHQVHVjFDUDFWqUH
UpJLRQDO
6XSpULHXUHj0LOOHGH
)RXUQLWXUHVGH GLQDUVHW 6XSpULHXUHj0LOOHGH 6XSpULHXUHj
,QIpULHXUHRXpJDOHj
ELHQVHWGH GLQDUVHW,QIpULHXUHRX 0LOOLRQGH
0LOOHGHGLQDUV ,QIpULHXUHRXpJDOHj
VHUYLFHV pJDOHj0LOOLRQGHGLQDUV GLQDUV
0LOOHGHGLQDUV
6XSpULHXUHj0LOOHGH 6XSpULHXUHj0LOOHGH 6XSpULHXUHj
,QIpULHXUHRXpJDOHj
(WXGHV GLQDUVHW,QIpULHXUHRX GLQDUVHW,QIpULHXUHRX 0LOOHGH
0LOOHGHGLQDUV
pJDOHj0LOOHGHGLQDUV pJDOHj0LOOHGHGLQDUV GLQDUV
0DWpULHOV
6XSpULHXUHj0LOOHGH 6XSpULHXUHj0LOOHGH 6XSpULHXUHj
pTXLSHPHQWVHW ,QIpULHXUHRXpJDOHj
GLQDUVHW,QIpULHXUHRX GLQDUVHW,QIpULHXUHRX 0LOOHGH
VHUYLFHV 0LOOHGHGLQDUV
pJDOHj0LOOHGHGLQDUV pJDOHj0LOOHGHGLQDUV GLQDUV
LQIRUPDWLTXHV
6XSpULHXUHj0LOOLRQGH 6XSpULHXUHj0LOOLRQGH
$YDQWVPpWUpV GLQDUV GLQDUV 6XSpULHXUHj
,QIpULHXUHRXpJDOHj
HVWLPDWLIVGH 0LOOLRQGH
0LOOLRQGHGLQDUV (W,QIpULHXUHRXpJDOHj (W,QIpULHXUHRXpJDOHj
WUDYDX[HQUpJLH GLQDUV
0LOOLRQGHGLQDUV 0LOOLRQGHGLQDUV


3RXUOHVPDUFKpVjFRQFOXUHSDUOHV(QWUHSULVHV3XEOLTXHV

&RPPLVVLRQGHV0DUFKpVGHO¶(QWUHSULVH &RPPLVVLRQ6XSpULHXUHGHV
2EMHW
3XEOLTXH 0DUFKpV
7UDYDX[ ,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV 6XSpULHXUHj0LOOLRQGHGLQDUV
)RXUQLWXUHVGHELHQVHWGHVHUYLFHV ,QIpULHXUHRXpJDOHj0LOOLRQGHGLQDUV 6XSpULHXUHj0LOOLRQGHGLQDUV
(WXGHV ,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV 6XSpULHXUHj0LOOHGHGLQDUV
0DWpULHOV (TXLSHPHQWV HW VHUYLFHV
,QIpULHXUHRXpJDOHj0LOOHGHGLQDUV 6XSpULHXUHj0LOOHGHGLQDUV
LQIRUPDWLTXHV


3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


$UW   /¶DFKHWHXU SXEOLF GRLW VRXPHWWUH j OD $UW   /¶DYLV GHV FRPPLVVLRQV GHV PDUFKpV GH
FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH XQ UDSSRUW VSpFLDO O¶(WDW GHV FROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFV
FRPSRUWDQWSULQFLSDOHPHQW HWGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLID
IRUFHGHGpFLVLRQjO¶pJDUGGHVRUGRQQDWHXUVGHVGLUHFWHXUV
 ORUVGHODSUpVHQWDWLRQGHVFDKLHUVGHVFKDUJHV JpQpUDX[ GHV pWDEOLVVHPHQWV SXEOLFV HW GHV pWDEOLVVHPHQWV
 8QH SUpVHQWDWLRQ JpQpUDOH GH OD FRPPDQGH VRQ SXEOLFVjFDUDFWqUHQRQDGPLQLVWUDWLI
RSSRUWXQLWp VRQ HIILFDFLWp HW OHV PRGDOLWpV GH VRQ ,O QH SHXW rWUH SDVVp RXWUH FHW DYLV TXHSDUGpFLVLRQGX
ILQDQFHPHQW 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GX PLQLVWUH FRQFHUQp  RX
/HVpFODLUFLVVHPHQWVUHODWLIVjO¶DOORWLVVHPHQWSURSRVp GX PLQLVWUH FKDUJp GH OD WXWHOOH VHFWRULHOOH GH
GH OD FRPPDQGH FRPSWH WHQX  GHV RULHQWDWLRQV IL[pHV j O¶pWDEOLVVHPHQW SXEOLF j FDUDFWqUH QRQ DGPLQLVWUDWLI
O¶DUWLFOH  GX SUpVHQW GpFUHW HW GX QRPEUH PD[LPXP  GH FRQFHUQp
ORWV SRXYDQW rWUH DWWULEXpV j XQ VHXO FDQGLGDW HW j GpIDXW $UW   3RXU OHV PDUFKpV GHV HQWUHSULVHV SXEOLTXHV
G¶DOORWLVVHPHQWH[SRVHUOHVUDLVRQVGHFHWWHGpPDUFKH O¶DYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV HW GH OD
 /HV PRWLIV GH O¶LQWHUGLFWLRQ GH SUpVHQWHU GHV RIIUHV FRPPLVVLRQLQWHUQHGHVPDUFKpVHVWFRQVXOWDWLIHWQHOLHSDV
YDULDQWHVOHFDVpFKpDQW OHFRQVHLOG¶DGPLQLVWUDWLRQRXOHFRQVHLOGHVXUYHLOODQFH
 /HV PRWLIV GX PRGH GH FODVVLILFDWLRQ ORUVTXH OHV 7RXWHIRLVGDQVOHFDVROHFRQVHLOG¶DGPLQLVWUDWLRQRX
FRPPDQGHVREMHWGXPDUFKpVRQWFRQVLGpUpHVFRPSOH[HV OH FRQVHLO GH VXUYHLOODQFH GH O¶HQWUHSULVH SXEOLTXH SDVVH
 /HV GRQQpHV SULVHV HQ FRQVLGpUDWLRQ  SRXU OD RXWUH O¶DYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV RX
GpWHUPLQDWLRQGXRXGHVGpODLVG¶H[pFXWLRQFRQIRUPpPHQWj ORUVTXH O¶DYLV GH OD FRPPLVVLRQ LQWHUQH FRPSRUWH GHV
O¶DUWLFOHGXSUpVHQWGpFUHWHWO¶pYDOXDWLRQGHVRQLPSDFW UpVHUYHV RX RSSRVLWLRQV pPLVHV SDU OH FRQWU{OHXU G¶(WDW OH
VXUODFRQFXUUHQFH FRQVHLO G¶DGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH GRLW
 /HV PRWLIV GH OD SURFpGXUH j DGRSWHU SRXU ODPLVHHQ ORUV GH O¶DSSUREDWLRQ GX PDUFKp FLWHU H[SUHVVpPHQW FHV
FRPSpWLWLRQ ORUVTX¶LO Q¶HVW SDV IDLW UHFRXUV j XQ DSSHO UpVHUYHVHWRSSRVLWLRQVGDQVXQSURFqVYHUEDO'DQVFHFDV
G¶RIIUHVRXYHUW OD GpFLVLRQ GH SDVVHU RXWUH GRLW rWUH FRQVLJQpH GDQV OH
SURFqV YHUEDO HQ WDQW TXH GpFLVLRQ VSpFLDOH j DSSURXYHU
 /HV PRWLIV GH GpWHUPLQDWLRQ GX GpODL GH UHPLVH GHV H[SUHVVpPHQWSDUOHPLQLVWUHFKDUJpGHODWXWHOOHVHFWRULHOOH
RIIUHVFRPSWHWHQXGHO¶LPSRUWDQFHGXPDUFKpHWVRQGHJUp
GHFRPSOH[LWp &+$3,75(
  ORUV GH OD SUpVHQWDWLRQ GHV UDSSRUWV GH ',6326,7,2163$57,&8/,(5(6
GpSRXLOOHPHQWGHVRIIUHV $UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpV
 /¶pYDOXDWLRQ GHV UpVXOWDWV GH OD FRQFXUUHQFH SDU H[HUFH OHV DWWULEXWLRQV SUpYXHV j O¶DUWLFOH  GX SUpVHQW
UDSSURFKHPHQW GX QRPEUH GHV FDQGLGDWV D\DQW UHWLUp OHV GpFUHW j O¶pJDUG GHV PDUFKpV SDVVpV SDU OHV pWDEOLVVHPHQWV
FDKLHUVGHVFKDUJHVDYHFOHQRPEUHHIIHFWLIGHVSDUWLFLSDQWV SXEOLFV HW RUJDQLVPHV DVVLPLOpV VLWXpV GDQV OH JRXYHUQRUDW
HWDYHFFHOXLGHVRIIUHVpOLPLQpHVSRXUQRQFRQIRUPLWpDX[ GH 7XQLV HW UHOHYDQW GH OD WXWHOOH GX 0LQLVWqUH FRQFHUQp j
FDKLHUVGHVFKDUJHVHWO¶DSSUpFLDWLRQGHVUpVXOWDWVDXUHJDUG O¶H[FHSWLRQ GHV PDUFKpV UHOHYDQW GH OD FRPSpWHQFH GH OD
GHO¶pWDWJpQpUDOGHODFRQFXUUHQFHGDQVOHVHFWHXUFRQFHUQp FRPPLVVLRQVXSpULHXUHGHVPDUFKpV
SDUODFRPPDQGHSXEOLTXH $UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpV
/¶DQDO\VHOHFDVpFKpDQWGHVTXHVWLRQVVRXOHYpHVSDU GXPLQLVWqUHGHO¶LQWpULHXUHWGXGpYHORSSHPHQWORFDOH[HUFH
OHV SDUWLFLSDQWV HW GHV  pFODLUFLVVHPHQWV TXL OHXU RQW pWp OHV DWWULEXWLRQV SUpYXHV j O¶DUWLFOH  GX SUpVHQW GpFUHW j
DSSRUWpV O¶pJDUG GHV PDUFKpV GHV FROOHFWLYLWpV ORFDOHV VRXV WXWHOOH j
/DMXVWLILFDWLRQGHVGpFLVLRQVGHSURURJDWLRQGHVGpODLV O¶H[FHSWLRQ GH FHX[ UHOHYDQW GH OD FRPSpWHQFH GHV
FRPPLVVLRQV VXSpULHXUH UpJLRQDOH RX FRPPXQDOH GHV
GH UHPLVH GHV RIIUHV HW VHV UpVXOWDWV VXU OH QLYHDX GH
PDUFKpV
SDUWLFLSDWLRQOHFDVpFKpDQW
$UW/DFRPPLVVLRQGpSDUWHPHQWDOHGHVPDUFKpV
/HVUpVHUYHVHWOHVRSSRVLWLRQVGHVSDUWLFLSDQWVV¶LO\D
OLHX GX PLQLVWqUH GH O¶pTXLSHPHQW HW GH O¶KDELWDW HW GH
$UW   'DQV WRXV OHV FDV SUpYXV SRXU OD SDVVDWLRQ O¶DPpQDJHPHQWGXWHUULWRLUHH[HUFHOHVDWWULEXWLRQVSUpYXHV
GHV PDUFKpV SDU HQWHQWH GLUHFWH DX VHQV GH O¶DUWLFOH  GX jO¶DUWLFOHGXSUpVHQWGpFUHWjO¶pJDUGGHVPDUFKpVUHODWLIV
SUpVHQW GpFUHW O¶DFKHWHXU SXEOLF GRLW GDQV XQ UDSSRUW DX[EkWLPHQWVFLYLOVHWGRQWODUpDOLVDWLRQOXLHVWDWWULEXpHHQ
VSpFLDOSUpFLVHUOHVUDLVRQVGXQRQUHFRXUVjODSURFpGXUH YHUWXGHODUpJOHPHQWDWLRQHQYLJXHXURXOXLHVWFRQILpHHQ
GHPLVHHQFRQFXUUHQFHHWOHVpOpPHQWVSULVHQFRPSWHSRXU TXDOLWpGHPDvWUHG¶RXYUDJHGpOpJXp
ODGpWHUPLQDWLRQGHODOLVWHGHVSDUWLFLSDQWVFRQVXOWpVHWGHV
SURFpGXUHV VXLYLHV SRXU JDUDQWLU O¶pJDOLWp HQWUH HX[ HW OD 'DQV FH FDV OD FRPPLVVLRQ GpSDUWHPHQWDOH VLqJH HQ
WUDQVSDUHQFH GHV SURFpGXUHV /¶DFKHWHXU SXEOLF GRLW HQ SUpVHQFH G¶XQ UHSUpVHQWDQW GX PLQLVWqUH FRQFHUQp SDU OH
RXWUH SUpFLVHU GDQV WRXV OHV FDV GH UHFRXUV j O¶HQWHQWH SURMHW
GLUHFWH DX VHQV GH O¶DUWLFOH  GX SUpVHQW GpFUHW OHV $UW/RUVTXHO¶DYLVGHODFRPPLVVLRQUpJLRQDOHRX
GRQQpHV SULVHV HQ FRQVLGpUDWLRQ SRXU OD QpJRFLDWLRQ HW OD FRPPXQDOH GHV PDUFKpV FRPSRUWH GHV UpVHUYHV RX
GpWHUPLQDWLRQGHVSUL[HWOHVFRQGLWLRQVILQDOHVGXPDUFKp RSSRVLWLRQVpPLVHVSDUOHFRQWU{OHXUGHVGpSHQVHVSXEOLTXHV
/D FRPPLVVLRQ GHV PDUFKpV GRLW pPHWWUH H[SUHVVpPHQW FHOOHVFLGRLYHQWrWUHFRQVLJQpHVGDQVOHSURFqVYHUEDOGHOD
VRQ DYLV DX VXMHW GH WRXV OHV pOpPHQWV LQGLTXpV GDQV FH FRPPLVVLRQHWOHGRVVLHUGRLWrWUHVRXPLVjO¶DYLVSUpDODEOH
UDSSRUWVSpFLDO GXJRXYHUQHXUSRXUHQGpFLGHUHQGHUQLHUUHVVRUW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW   1H VRQW SDV VRXPLV DX FRQWU{OH GHV &+$3,75(,,,
FRPPLVVLRQV GHV PDUFKpV OHV PDUFKpV LQGLTXpV FLDSUqV 3(1$/,7(6(76$1&7,216),1$1&,(5(6
TXLGHPHXUHQWFHSHQGDQWVRXPLVDXYLVDGXFRQWU{OHXUGHV
$UW   /HV FDKLHUV GHV FKDUJHV SUpYRLHQW OHV
GpSHQVHVSXEOLTXHVDYDQWWRXWHDSSUREDWLRQ
SpQDOLWpV SRXU UHWDUG HW OH FDV pFKpDQW OHV VDQFWLRQV
 /HV PDUFKpV SDUWLFXOLHUV GHV PLQLVWqUHV GHV ILQDQFLqUHV LPSXWDEOHV  DX WLWXODLUH GX PDUFKp HW
FROOHFWLYLWpV ORFDOHV GHV pWDEOLVVHPHQWV SXEOLFV HW GHV GpWHUPLQHQWOHVPRGDOLWpVGHOHXUDSSOLFDWLRQ
RUJDQLVPHV DVVLPLOpV SDVVpV GDQV OH FDGUH G¶XQ PDUFKp /H PRQWDQW GHV SpQDOLWpV SRXU UHWDUGV  QH SHXW SDV
JpQpUDO TXL DXUDLW GpMj UHoX O¶DYLV IDYRUDEOH GH OD GpSDVVHU FLQT SRXU FHQW   GX PRQWDQW GpILQLWLI GX
FRPPLVVLRQ GHV PDUFKpV FRPSpWHQWH DLQVL TXH OHXUV PDUFKp WDQW TX¶LO Q¶\ HVW SDV GpURJp SDU OHV FDKLHUV GHV
DYHQDQWV pYHQWXHOV HW OHXUV UqJOHPHQWV GpILQLWLIV WDQW TX¶LO FKDUJHV
Q¶\ HVW SDV GpURJp DX[ VWLSXODWLRQV GX  PDUFKp JpQpUDO &HV SpQDOLWpV HW VDQFWLRQV V¶DSSOLTXHQW VDQV PLVH HQ
DXTXHOLOVVHUpIqUHQW GHPHXUHSUpDODEOHRXHQJDJHPHQWGHWRXWHDXWUHSURFpGXUH
 /HV FRQWUDWV GH ORFDWLRQ G¶LPPHXEOHV WDQW TXH OH HW VDQV SUpMXGLFH SRXU O¶DFKHWHXU SXEOLF GH WRXWH DXWUH
PRQWDQW GX OR\HU \ DIIpUHQW QH GpSDVVH SDV OH PRQWDQW GHPDQGH HQ GpGRPPDJHPHQW  SRXU UHWDUG RX SRXU
LQREVHUYDWLRQGHVDXWUHVREOLJDWLRQVFRQWUDFWXHOOHV
HVWLPpSDUO¶H[SHUWLVHGHVVHUYLFHVGXPLQLVWqUHGXGRPDLQH
GHO¶(WDWHWGHVDIIDLUHVIRQFLqUHV &HV SpQDOLWpV HW VDQFWLRQV ILQDQFLqUHV VRQW DSSOLFDEOHV
HQ FDV GH UHWDUG G¶H[pFXWLRQ RX GH QRQ UHVSHFW GHV
7,75((;(&87,21'(60$5&+(6 REOLJDWLRQV FRQWUDFWXHOOHV UHODWLYHV j O¶DIIHFWDWLRQ GHV
PR\HQV KXPDLQV HW PDWpULHOV QpFHVVDLUHV j O¶H[pFXWLRQ GX
&+$3,75(, PDUFKp
/$628675$,7$1&( $UW   /HV FDKLHUV GHV FKDUJHV SHXYHQW SUpYRLU
O¶RFWURL GH SULPH SRXU DYDQFH VXU OH RX OHV GpODLV
$UW   /H WLWXODLUH GX PDUFKp GRLW HQ DVVXUHU G¶H[pFXWLRQFRQWUDFWXHO V 
SHUVRQQHOOHPHQWO¶H[pFXWLRQ,OQHSHXWQLHQIDLUHDSSRUWj
XQHVRFLpWpQLHQFRQILHUVRQH[pFXWLRQjDXWUXL &+$3,75(,9
7RXWHIRLVSRXUOHVPDUFKpVGHWUDYDX[RXGHVHUYLFHVOH /$9$5,$7,21'$16/$0$66((7
WLWXODLUH SHXW HQ FRQILHU O¶H[pFXWLRQ G¶XQH SDUWLH j XQ RX &+$1*(0(17'$16/$1$785('(6
SOXVLHXUVVRXVWUDLWDQWVDSUqVDXWRULVDWLRQSUpDODEOHpFULWHGH 35(67$7,216
O¶DFKHWHXUSXEOLF
$UW   (Q FDV G¶DXJPHQWDWLRQ RX GH GLPLQXWLRQ
$XFDVROHWLWXODLUHGXPDUFKpDVRXVWUDLWpRXDIDLW
GDQVODPDVVHGHVSUHVWDWLRQVOHWLWXODLUHGXPDUFKpQHSHXW
DSSRUW GX PDUFKp j XQH VRFLpWp VDQV O¶DXWRULVDWLRQ GH
pOHYHU DXFXQH UpFODPDWLRQ RX UpVHUYH WDQW TXH FHWWH
O¶DFKHWHXU SXEOLF LO SHXW rWUH IDLW DSSOLFDWLRQ VDQV PLVH HQ
DXJPHQWDWLRQ RX GLPLQXWLRQ Q¶H[FqGH SDV XQH OLPLWH IL[pH
GHPHXUH SUpDODEOH GHV PHVXUHV SUpYXHV j O¶DUWLFOH  GX
SDUOHVFDKLHUVGHVFKDUJHV
SUpVHQWGpFUHW
)DXWH GH VWLSXODWLRQ SDU OHV FDKLHUV GHV FKDUJHV FHWWH
$UW   7RXW FKDQJHPHQW GH VRXVWUDLWDQW GRLW rWUH
OLPLWH HVW pJDOH j YLQJW SRXU FHQW    GX PRQWDQW GX
DJUppSDUpFULWSDUO¶DFKHWHXUSXEOLF
PDUFKp
/RUVTXH O¶DSSUpFLDWLRQ G¶XQ VRXVWUDLWDQW D pWp SULVH HQ
$X FDV R O¶DXJPHQWDWLRQ GpSDVVH FHWWH OLPLWH OH
FRQVLGpUDWLRQGDQVOHFKRL[GXWLWXODLUHFKDTXHFKDQJHPHQW
WLWXODLUH SHXW GHPDQGHU VDQV LQGHPQLWpV OD UpVLOLDWLRQ GH
GH VRXVWUDLWDQW GRLW rWUH DJUpp SDU O¶DFKHWHXU SXEOLF DSUqV
VRQ PDUFKp &HWWH GHPDQGH GRLW rWUH DGUHVVpH SDU pFULW j
DYLVGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
O¶DFKHWHXUSXEOLFGDQVXQGpODLGHTXDUDQWHFLQT  MRXUV
'DQV FH FDV OHV VRXVWUDLWDQWV GRLYHQW UpSRQGUH DX[ j FRPSWHU GH OD UpFHSWLRQ GH O¶DFWH HQWUDvQDQW ODGLWH
UpIpUHQFHV HW JDUDQWLHV SURIHVVLRQQHOOHV FLWpHV GDQV OH DXJPHQWDWLRQ
PDUFKp HW UHTXLVHV GH SDU OD VSpFLILFLWp GHV SDUWLHV GH OD
$XFDVRODGLPLQXWLRQGpSDVVHFHWWHOLPLWHOHWLWXODLUH
FRPPDQGHREMHWGHODVRXVWUDLWDQFH
SHXW GHPDQGHU VRLW OD UpVLOLDWLRQ GX PDUFKp GDQV OHV
'DQV WRXV OHV FDV OH WLWXODLUH GX PDUFKp GHPHXUH FRQGLWLRQV SUpYXHV FLGHVVXV VRLW UpFODPHU j WLWUH GH
SHUVRQQHOOHPHQW UHVSRQVDEOH GHV SUHVWDWLRQV H[pFXWpHV SDU GpGRPPDJHPHQW XQH LQGHPQLWp TXL j GpIDXW G¶HQWHQWH
OHRXOHVVRXVWUDLWDQWV DPLDEOHVHUDGpWHUPLQpHSDUODMXULGLFWLRQFRPSpWHQWH
&+$3,75(,, $UW   'DQV WRXV OHV FDV WRXWH YDULDWLRQ GDQV OD
PDVVH GpSDVVDQW  RX WRXW FKDQJHPHQW GDQV OD QDWXUH
'(/$,6'¶(;(&87,21 GHV SUHVWDWLRQV GRLW rWUH VRXPLV j O¶DYLV SUpDODEOH GH OD
$UW/HVFDKLHUVGHVFKDUJHVGRLYHQWSUpYRLUOHRX FRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
OHV GpODLV G¶H[pFXWLRQ GHV SUHVWDWLRQV REMHW GX PDUFKp
7RXWHIRLV HW GDQV GHV FDV G€PHQW MXVWLILpV OHV FDKLHUV GHV &+$3,75(
FKDUJHV SHXYHQW SUpYRLU TXH OHV VRXPLVVLRQQDLUHV 02'$/,7(6'(5(*/(0(17
SURSRVHQW j O¶DSSXL GH OHXUV RIIUHV XQ RX GHV GpODLV $UW/HVFDKLHUVGHVFKDUJHVSUpFLVHQWVXLYDQWOD
G¶H[pFXWLRQ QDWXUH GX PDUFKp OHV FRQGLWLRQV HW OHV PRGDOLWpV GH
/H RX OHV GpODLV G¶H[pFXWLRQ QH SHXYHQW rWUH PRGLILpV UqJOHPHQW QRWDPPHQW HQ FH TXL FRQFHUQH OHV DYDQFHV OD
TXH SDU DYHQDQW DSUqV DYLV GH OD FRPPLVVLRQ GHV PDUFKpV FRQVWDWDWLRQHWO¶pYDOXDWLRQGXVHUYLFHIDLWHWOHVDFRPSWHVOH
FRPSpWHQWH FDVpFKpDQW

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/HVRSpUDWLRQVHIIHFWXpHVSDUOHWLWXODLUHGXPDUFKpTXL FDUDFWqUHQRQDGPLQLVWUDWLIGRLWLQWHUYHQLUGDQVXQGpODLGH
GRQQHQWOLHXjYHUVHPHQWG¶DFRPSWHVRXjXQSDLHPHQWSRXU WURLV PRLV VRLW j SDUWLU GH OD GDWH GH OD FRQVWDWDWLRQ GHV
VROGHGRLYHQWrWUHFRQVWDWpHVSDUXQSURFqVYHUEDOVLJQpSDU GURLWV j DFRPSWH RX SDLHPHQW SRXU VROGH VRLW j SDUWLU GX
OHVFRQWUDFWDQWV MRXU R OH FUpDQFLHU D UpJXODULVp VRQ GRVVLHU VXLYDQW OD
$UW   3RXU OHV PDUFKpVGHO¶(WDWGHVFROOHFWLYLWpV QRWLILFDWLRQTXLOXLHQDpWpIDLWHGDQVOHVFRQGLWLRQVSUpYXHV
ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV OH PRQWDQW GHV jO¶DUWLFOHGXSUpVHQWGpFUHW
DYDQFHVHWGHVDFRPSWHVHVWGpWHUPLQpVHORQOHVFRQGLWLRQV $GpIDXWOHWLWXODLUHGXPDUFKpEpQpILFLHGHSOHLQGURLW
SUpYXHVSDUODOpJLVODWLRQTXLOHXUHVWSURSUH G¶LQWpUrWV PRUDWRLUHV FDOFXOpV j SDUWLU GX MRXU TXL VXLW
3RXU OHV PDUFKpV GHV HQWUHSULVHV SXEOLTXHV HW GHV O¶H[SLUDWLRQGHFHGpODL
pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH QRQ DGPLQLVWUDWLI OH /HVLQWpUrWVPRUDWRLUHVVRQWFDOFXOpVVXUOHPRQWDQWGHV
PRQWDQWGHVDYDQFHVHVWIL[pSDUOHVFDKLHUVGHVFKDUJHVHW GURLWV j DFRPSWHV RX DX SDLHPHQW SRXU VROGH DX WDX[
QHSHXWH[FpGHUGXPRQWDQWLQLWLDOGXPDUFKpVDXIFDV PR\HQ GX PDUFKp PRQpWDLUH WHO TXH SXEOLp SDU OD %DQTXH
H[FHSWLRQQHOV SUpYXV SDU OHV FDKLHUV GHV FKDUJHV SRXU GHV &HQWUDOHGH7XQLVLH
UDLVRQV REMHFWLYHV GXPHQW MXVWLILpHV  OH PRQWDQW GHV $UW   &KDTXH PDUFKp GRLW IDLUH O¶REMHW G¶XQ
DYDQFHV  QH SHXW GpSDVVHU   GX PRQWDQW LQLWLDO GX UqJOHPHQWGpILQLWLITXLGRLWrWUHVRXPLVjODFRPPLVVLRQGHV
PDUFKp PDUFKpV FRPSpWHQWH GDQV XQ GpODL PD[LPXP GH TXDWUH
/HWLWXODLUHGXPDUFKpHVWWHQXGHSUpVHQWHUXQHFDXWLRQ YLQJW GL[ MRXUV j FRPSWHU GH OD UpFHSWLRQ GpILQLWLYH GHV
SHUVRQQHOOH HW VROLGDLUH DSSURXYpH SDU OH PLQLVWUH FKDUJp SUHVWDWLRQVREMHWGXPDUFKp
GHV ILQDQFHV SRXU JDUDQWLU OH UHPERXUVHPHQW GH OD WRWDOLWp /D FRPPLVVLRQ H[DPLQH OH GRVVLHU GH UqJOHPHQW
GHO¶DYDQFHjODSUHPLqUHGHPDQGHGHO¶DFKHWHXUSXEOLF GpILQLWLI GDQV XQ GpODL G¶XQ PRLV j FRPSWHU GH OD GDWH GH
/HV DFRPSWHV j VHUYLU DX WLWUH GH FHV PDUFKpV SHXYHQW UpFHSWLRQ GH WRXWHV OHV SLqFHV HW pFODLUFLVVHPHQWV UHTXLVHV
rWUH  G¶pJDOH YDOHXU DX PRQWDQW WRWDO GHV GURLWV FRQVWDWpV SRXUO¶H[DPHQGXGRVVLHU
UHODWLIVDX[SUHVWDWLRQVH[pFXWpHV
&+$3,75(
/HVDFRPSWHVYHUVpVDXWLWUHGHVDSSURYLVLRQQHPHQWVQH
SHXYHQW H[FpGHU  GH OD YDOHXU GH FHV 5(6,/,$7,21'(60$5&+(6
DSSURYLVLRQQHPHQWV /HV FDKLHUV GHV FKDUJHV SUpYRLHQW OHV $UW   /HV FDKLHUV GHV FKDUJHV GRLYHQW IL[HU OD
PRGDOLWpV GH OD FRQVWDWDWLRQ HW GH OD FRQVHUYDWLRQ GH FHV SURFpGXUH GH UqJOHPHQW GHV OLWLJHV HW LQGLTXHU OHV
DSSURYLVLRQQHPHQWV TXL GHYLHQGURQW DIIHFWpV  j OD pYqQHPHQWVRXYUDQWGURLWjODUpVLOLDWLRQDXSURILWGHO¶XQH
UpDOLVDWLRQGHODFRPPDQGH RXO¶DXWUHGHVSDUWLHV
,O \ D OLHX GH GpGXLUH OH FDV pFKpDQW GHV DFRPSWHV OD $GpIDXWGHVWLSXODWLRQVGDQVOHVFDKLHUVGHVFKDUJHVOD
SDUWGHVDYDQFHVHWUHWHQXHVGHJDUDQWLHRXDXWUHVJDUDQWLHV UpVLOLDWLRQ HVW SURQRQFpH GH SOHLQ GURLW HQ FDV GH GpFqV RX
SUpYXHVSDUOHVDUWLFOHVHWGXSUpVHQWGpFUHW GH IDLOOLWH GX WLWXODLUH GX PDUFKp 7RXWHIRLV O¶DFKHWHXU
$UW   /H PDUFKp GRLW SUpFLVHU OHV GpODLV RXYHUWV SXEOLFSHXWDFFHSWHUOHFDVpFKpDQWGHVRIIUHVTXLSHXYHQW
SRXU SURFpGHU DX[ FRQVWDWDWLRQV RXYUDQW GURLW j DFRPSWHV rWUH IDLWHV SDU OHV KpULWLHUV OHV FUpDQFLHUV RX OH OLTXLGDWHXU
RXDXSDLHPHQWSRXUVROGH SRXUODFRQWLQXDWLRQGXPDUFKp
/D UpVLOLDWLRQ SHXW pJDOHPHQW rWUH SURQRQFpH DX FDV R
/DFRQVWDWDWLRQVHIDLWVHORQOHVWHUPHVSpULRGLTXHVRXOH OH WLWXODLUH G¶XQ PDUFKp Q¶D SDV UHPSOL VHV REOLJDWLRQV
WHUPH ILQDO IL[p SDU OH PDUFKp /RUVTXH OH PDUFKp Q¶D SDV /¶DFKHWHXU SXEOLF OH PHW HQ GHPHXUH SDU OHWWUH
IL[p GH WHOV WHUPHV  FH GpODL HVW GpFRPSWp  j SDUWLU GH OD UHFRPPDQGpHG¶\VDWLVIDLUHGDQVXQGpODLGpWHUPLQpTXLQH
GHPDQGH GX WLWXODLUH GX PDUFKp DSSX\pH GHV MXVWLILFDWLRQV SHXWrWUHLQIpULHXUjGL[MRXUVjFRPSWHUGHODGDWHGHPLVH
QpFHVVDLUHV HQGHPHXUH
/¶DEVHQFHGHFRQVWDWDWLRQXQPRLVDSUqVO¶H[SLUDWLRQGX 3DVVp FH GpODL O¶DFKHWHXU SXEOLF SRXUUD UpVLOLHU
GpODL FRQWUDFWXHO ORUVTX¶HOOH HVW LPSXWDEOH j O¶DFKHWHXU SXUHPHQW HW VLPSOHPHQW OH PDUFKp  RX  IDLUH H[pFXWHU OHV
SXEOLFGRQQHOLHXGHSOHLQGURLWjGHVLQWpUrWVPRUDWRLUHVDX SUHVWDWLRQV REMHW GH FH PDUFKp VXLYDQW OH SURFpGp TX¶LO
SURILW GX WLWXODLUH GX PDUFKp FDOFXOpV j SDUWLU GX MRXU TXL MXJHUDLWXWLOHDX[IUDLVGXWLWXODLUHGXPDUFKp
VXLW O¶H[SLUDWLRQ GX GpODL G¶XQ PRLV MXVTX¶j FHOXL GH OD /¶DFKHWHXUSXEOLFSHXWUpVLOLHUOHPDUFKpV¶LODpWppWDEOL
FRQVWDWDWLRQ TXHOHWLWXODLUHGXPDUFKpDIDLOOLjO¶HQJDJHPHQWREMHWGHOD
$UW   /H WLWXODLUH GX PDUFKp GRLW rWUH OH FDV GpFODUDWLRQ GH QH SDV IDLUH SDU OXL PrPH RX SDU SHUVRQQH
pFKpDQW DYLVp GHV PRWLIV SRXU OHVTXHOV OHV SUHVWDWLRQV LQWHUSRVpHGHVSURPHVVHVGHVGRQVRXGHVSUpVHQWVHQYXH
FRQVWDWpHVQHSHXYHQWIDLUHO¶REMHWG¶XQDFRPSWHSDUWLHORX G¶LQIOXHU VXU OHV GLIIpUHQWHV SURFpGXUHV GH FRQFOXVLRQ G¶XQ
G¶XQSDLHPHQWSRXUVROGHHWFHGDQVOHGpODLVWLSXOpGDQVOH PDUFKpHWGHVpWDSHVGHVRQH[pFXWLRQ
PDUFKp
7,75(5(*/(0(17$0,$%/('(6/,7,*(6
)DXWH GH FODXVH SDUWLFXOLqUH OD QRWLILFDWLRQ VH IDLW GDQV
OHGpODLGHGHX[PRLVTXLVXLYHQWODFRQVWDWDWLRQ $UW,OHVWLQVWLWXpDXSUqVGX3UHPLHU0LQLVWUHXQ
/H UHWDUG GH OD QRWLILFDWLRQ RXYUH GURLW j GHV LQWpUrWV FRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH GHV OLWLJHV TXL D
PRUDWRLUHVFDOFXOpVjSDUWLUGXMRXUTXLVXLWO¶H[SLUDWLRQGX SRXU PLVVLRQ GH UHFKHUFKHU OHV pOpPHQWV G¶pTXLWp
GpODLMXVTX¶jFHOXLGHODQRWLILFDWLRQ VXVFHSWLEOHV G¶rWUH DGRSWpV HQ YXH G¶XQH VROXWLRQ DPLDEOH
GHVOLWLJHVUHODWLIVDX[PDUFKpVSXEOLFV
$UW   /H PDQGDWHPHQW GHV VRPPHV GXHV DX
FUpDQFLHU RX O¶pPLVVLRQ GH O¶DFWH TXL HQ WLHQW OLHX SRXU OHV $UW   /H FRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH
HQWUHSULVHV SXEOLTXHV HW OHV pWDEOLVVHPHQWV SXEOLFV j GHVOLWLJHVVHFRPSRVHFRPPHVXLW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


8QFRQVHLOOHUDXWULEXQDODGPLQLVWUDWLISUpVLGHQW ,O SHXW rWUH SDVVp SOXVLHXUV PDUFKpV GH GpILQLWLRQ SRXU
 8Q UHSUpVHQWDQW GH OD FRPPLVVLRQ VXSpULHXUH GHV XQPrPHREMHW
PDUFKpVPHPEUH $UW/HFKRL[GXWLWXODLUHGXPDUFKpGHGpILQLWLRQ
 8Q UHSUpVHQWDQW GH OD SURIHVVLRQjODTXHOOHDSSDUWLHQW V¶HIIHFWXH DSUqV PLVH HQ FRQFXUUHQFH FRQIRUPpPHQW DX[
OHWLWXODLUHGXPDUFKpPHPEUH GLVSRVLWLRQVGXSUpVHQWGpFUHW
/HV PHPEUHV GH FH FRPLWp VRQW GpVLJQpV SDU DUUrWp GX /¶H[pFXWLRQ GH O¶pWXGH GpWDLOOpHQHSHXWrWUHFRQILpHDX
3UHPLHU0LQLVWUHUHVSHFWLYHPHQWVXUSURSRVLWLRQGX3UHPLHU EXUHDXD\DQWSUpSDUpO¶pWXGHGHGpILQLWLRQ
3UpVLGHQW GX 7ULEXQDO DGPLQLVWUDWLI HW GX SUpVLGHQW GH OD 7RXWHIRLV SRXU OHV pWXGHV SUpFpGpHV GH SOXVLHXUV
IpGpUDWLRQGHODSURIHVVLRQFRQFHUQpH PDUFKpVGHGpILQLWLRQD\DQWOHPrPHREMHWDWWULEXpHVGDQV
$UW6XUGHPDQGHGHO¶XQHGHVSDUWLHVLQWpUHVVpHV OHVPrPHVFRQGLWLRQVGHPLVHHQFRQFXUUHQFHHWH[pFXWpHV
OH3UHPLHU0LQLVWUHVDLVLWOHFRPLWpFRQVXOWDWLIGHUqJOHPHQW SDUDOOqOHPHQW HW HQ PrPH WHPSV O¶DFKHWHXU SXEOLF SHXW
DPLDEOHGXOLWLJHTX¶LOMXJHXWLOHGHVRXPHWWUHjVRQDYLV DWWULEXHU OH PDUFKp GH GpILQLWLRQ j O¶DXWHXU GHV VROXWLRQV
UHWHQXHVDSUqVQpJRFLDWLRQjFRQGLWLRQTXHFHWWHSRVVLELOLWp
/DGHPDQGHSUpVHQWpHSDUOHVSDUWLHVFRQWUDFWDQWHVSRXU VRLWSUpYXHGDQVOHVFDKLHUVGHVFKDUJHV
VRXPHWWUHOHOLWLJHjO¶DYLVGXFRPLWpQHOHVGLVSHQVHSDVGH
SUHQGUH GHYDQW OD MXULGLFWLRQ FRPSpWHQWH OHV PHVXUHV 6L GHV pOpPHQWV GH SOXVLHXUV VROXWLRQV VRQW UHWHQXV
FRQVHUYDWRLUHVQpFHVVDLUHVjODVDXYHJDUGHGHOHXUVGURLWV O¶DFKHWHXU SXEOLF SHXW FRQILHU j OHXU DXWHXU OD SDUWLH GHV
pWXGHVFRUUHVSRQGDQWjFHVpOpPHQWVGHVROXWLRQV
$UW   /H FRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH
GHVOLWLJHVHQWHQGOHVSDUWLHVDXOLWLJHHWSHXWOHXUGHPDQGHU $UW   /HV PDUFKpV G¶pWXGHV VRQW FRQFOXV DSUqV
GHSURGXLUHGHVPpPRLUHVpFULWVRXWRXWDXWUHGRFXPHQW PLVH HQ FRPSpWLWLRQ FRQIRUPpPHQW DX[ GLVSRVLWLRQV GX
SUpVHQW GpFUHW HQ WHQDQW FRPSWH GH OD  FRPSpWHQFH GX
/H FRPLWp FRQVXOWDWLI SHXW VH IDLUH DVVLVWHU SDU XQ EXUHDXG¶pWXGHVDSSUpFLpHSDUWLFXOLqUHPHQWjSDUWLUGHVHV
H[SHUW GDQV FH FDV OHV IUDLV G¶H[SHUWLVH VHURQW SDUWDJpV j UpIpUHQFHV QRWDPPHQW GDQV OH GRPDLQH GH O¶pWXGH GHV
pJDOLWpHQWUHOHVSDUWLHV UpIpUHQFHV HW GH O¶H[SpULHQFH GH O¶pTXLSH SURSRVpH HW GH OD
$UW   /H FRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH PpWKRGRORJLHSUpFRQLVpHSRXUO¶H[pFXWLRQGHO¶pWXGH
QH GpOLEqUH YDODEOHPHQW TX¶HQ SUpVHQFH GH WRXV VHV /H WLWXODLUH GX PDUFKp QHSHXWPRGLILHUODFRPSRVLWLRQ
PHPEUHV 6RQ DYLV HVW SULV j OD PDMRULWp GHV YRL[ ,O GHO¶pTXLSHSURSRVpHSRXUO¶H[pFXWLRQGHO¶pWXGHRXGHO¶XQ
GpOLEqUHjKXLVFORV GH VHV PHPEUHV VDXI FDV GH QpFHVVLWp PDMHXUH HW DSUqV
$UW   /H FRPLWp FRQVXOWDWLI GH UqJOHPHQW DPLDEOH DYRLUREWHQXO¶DJUpPHQWGHO¶DFKHWHXUSXEOLFVXUODEDVHGH
GHV OLWLJHV GRLW IDLUH FRQQDvWUH VRQ DYLV GDQV XQ GpODL GH O¶DYLVFRQIRUPHGHODFRPPLVVLRQGHVPDUFKpVFRPSpWHQWH
WURLV PRLV j FRPSWHU GH OD GDWHGHODGpFLVLRQGX3UHPLHU HW VRXV UpVHUYH TXH O¶pTXLSH RXOHQRXYHDXH[SHUWUpSRQGH
0LQLVWUHGHVDLVLUFHFRPLWp&HGpODLSHXWrWUHSURURJpSDU DX[PrPHVFRQGLWLRQVLQLWLDOHVGHFKRL[
GpFLVLRQPRWLYpHGX3UpVLGHQWGXFRPLWp /H PDUFKp GRLW SUpYRLU OD SRVVLELOLWp G¶DUUrWHU O¶pWXGH
$UW   /¶DYLV GX FRPLWp HVW FRQVXOWDWLI HW VRLWjO¶LVVXHG¶XQGpODLGpWHUPLQpVRLWORUVTXHOHVGpSHQVHV
FRQILGHQWLHO,OQHSHXWrWUHSURGXLWQLXWLOLVpSDUOHVSDUWLHV DWWHLJQHQWXQPRQWDQWIL[p
GHYDQWOHVWULEXQDX[ /RUVTXHVDQDWXUHHWVRQLPSRUWDQFHOHMXVWLILHQWO¶pWXGH
7,75(',6326,7,2163$57,&8/,(5(6$ HVWVFLQGpHHQSOXVLHXUVSKDVHVFKDFXQHDVVRUWLHG¶XQSUL[
&(57$,160$5&+(6 HW G¶XQ GpODL 'DQV FH FDV OH PDUFKp SHXW SUpYRLU OD
SRVVLELOLWpGHO¶DUUrWGHVRQH[pFXWLRQDXWHUPHGHFKDFXQH
&+$3,75(35(0,(5 GHVSKDVHV
0$5&+(6'¶(78'(6 &+$3,75(
$UW   /¶DFKHWHXU SXEOLF SHXW UHFRXULU j OD 352'8,76'¶,03257$7,21$35,;
FRQFOXVLRQ GH PDUFKpV G¶pWXGHV GDQV OHV FDV TX¶LO MXJH )/8&78$176
XWLOHV
/HV FDKLHUV GHV FKDUJHV GRLYHQW GpILQLU DYHF SUpFLVLRQ $UW   /HV GLVSRVLWLRQV GX SUpVHQW FKDSLWUH
O¶REMHW GH O¶pWXGH HW OHV REMHFWLIV DWWHQGXV HW WRXWHV DXWUHV V¶DSSOLTXHQWDX[PDUFKpVGHVHQWUHSULVHVSXEOLTXHVUHODWLIV
FRQGLWLRQVOLpHVjVRQH[pFXWLRQ j O¶DFKDW GH SURGXLWV G¶LPSRUWDWLRQ GRQW OHV SUL[ VRQW
VRXPLVjXQHIOXFWXDWLRQUDSLGHHWTXLGHFHIDLWQHSHXYHQW
/HV PDUFKpV G¶pWXGHV UHODWLIV DX[ EkWLPHQWV FLYLOV REpLUDX[FRQGLWLRQVQRUPDOHVGHSDVVDWLRQG¶H[pFXWLRQHW
REpLVVHQWjODUpJOHPHQWDWLRQTXLOHXUHVWSURSUH GHFRQWU{OHGHVPDUFKpV
$UW/HVPDUFKpVG¶pWXGHVSHXYHQWrWUHSUpFpGpV $UW   /D OLVWH GH FHV SURGXLWV HVW IL[pH SDU DUUrWp
GH ©PDUFKpV GH GpILQLWLRQª TXL SHUPHWWHQW GH SUpFLVHU FRQMRLQWGX0LQLVWUHFKDUJpGXFRPPHUFHHWGX0LQLVWUHGH
OHXUVEXWVHWOHVSHUIRUPDQFHVjDWWHLQGUHOHVWHFKQLTXHVGH WXWHOOHGHO¶HQWUHSULVHSXEOLTXHFRQFHUQpH
EDVHjXWLOLVHUOHVPR\HQVHQSHUVRQQHOHWPDWpULHOjPHWWUH
HQ RHXYUH SRXU OD UpDOLVDWLRQ GHV pWXGHV OHV pOpPHQWV GX $UW   /D FRQFOXVLRQ GHV PDUFKpV UHODWLIV j FHV
SUL[ OHV GLIIpUHQWHV SKDVHV TXH SHXYHQW FRPSRUWHU OHV SURGXLWV GRLW rWUH SUpFpGpH G¶XQH PLVH HQ FRQFXUUHQFH OD
pWXGHV SOXVODUJHSRVVLEOH
/D SDVVDWLRQ G¶XQ PDUFKp GH GpILQLWLRQ GRLW rWUH 7RXWHIRLVFHVPDUFKpVSHXYHQWrWUHFRQFOXVGHJUpjJUp
SUpFpGpH G¶XQ UHFHQVHPHQW GH O¶HQVHPEOH GHV HQWUHSULVHV ORUVTXH OH UHFRXUV j FH PRGH GH SDVVDWLRQ HVW SOHLQHPHQW
RX RUJDQLVPHV TXDOLILpV SRXU SURFpGHU DX[ pWXGHV MXVWLILp SDU O¶XUJHQFH LPSpULHXVH RX SDU GHV FRQVLGpUDWLRQV
FRQVLGpUpHV G¶RUGUHWHFKQLTXHFRPPHUFLDORXILQDQFLHU

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


$UW'DQVWRXVOHVFDVRLOHVWSURFpGpjXQHPLVH &+$3,75(
HQFRQFXUUHQFHOHVFRQGLWLRQVGHVRXPLVVLRQHWG¶H[pFXWLRQ /(6$&+$76'(6352'8,76'(67,1(6$(75(
VRQWSRUWpHVjODFRQQDLVVDQFHGHVFDQGLGDWV 9(1'86(1/¶(7$7
&HV GHUQLHUV GRLYHQW rWUH pJDOHPHQW LQIRUPpV GH WRXWHV
$UW   /HV PDUFKpV GHV HQWUHSULVHV SXEOLTXHV
OHV SRVVLELOLWpV GH GpURJDWLRQ j FHUWDLQHV RX j WRXWHV OHV
UHODWLIV j O¶DFKDW GHV SURGXLWV GHVWLQpV j rWUH YHQGXV   HQ
FRQGLWLRQV
O¶pWDWRXFRQGLWLRQQpVDXWLWUHG¶XQHDFWLYLWpFRPPHUFLDOHQH
$UW   /D FRPPLVVLRQ GHV PDUFKpV GH O¶HQWUHSULVH VRQW SDV VRXPLV DX[ SURFpGXUHV GHV PDUFKpV SXEOLFV  j
IL[H OHV FRQGLWLRQV HW SURFpGXUHV GHV PDUFKpV YLVpV j O¶H[FHSWLRQGHVDFKDWVUHODWLIVDX[SURGXLWVjSUL[IOXFWXDQWV
O¶DUWLFOH  GX SUpVHQW GpFUHW (OOH H[DPLQH OHV RIIUHV \ UpJLVSDUOHFKDSLWUH
DIIpUHQWHVHWFKRLVLWSRXUFKDTXHRSpUDWLRQODVRXPLVVLRQj
UHWHQLU &+$3,75(
/RUVTXH OD FRPPLVVLRQ GHV PDUFKpV GH O¶HQWUHSULVH VH /(6$&+$76'(6(175(35,6(638%/,48(6
UpXQLW SRXU O¶H[pFXWLRQ GHV PLVVLRQV GpILQLHV SDU OHV (92/8$17'$16810,/,(8&21&855(17,(/
GLVSRVLWLRQVGHO¶DOLQpDSUpFpGHQWGXSUpVHQWDUWLFOHHOOHVH
FRPSRVH RXWUH GHV PHPEUHV LQGLTXpV GDQV O¶DUWLFOH  GX $UW/HVGLVSRVLWLRQVVSpFLILTXHVGHFHFKDSLWUHQH
SUpVHQWGpFUHWGHVPHPEUHVVXLYDQWV V¶DSSOLTXHQW SDV DX[ PDUFKpV G¶pWXGHV HW DX[ FRPPDQGHV
UHODWLYHV j O¶DFTXLVLWLRQ G¶pTXLSHPHQWV RX OD UpDOLVDWLRQ GH
8QUHSUpVHQWDQWGX0LQLVWUHFKDUJpGHO¶,QGXVWULH WUDYDX[ LQVFULWV DX EXGJHW G¶LQYHVWLVVHPHQW GHV HQWUHSULVHV
8QUHSUpVHQWDQWGX0LQLVWUHFKDUJpGX&RPPHUFH SXEOLTXHVFRQFHUQpHV
 8Q UHSUpVHQWDQW  GX 0LQLVWUH GH WXWHOOH SRXU OH $UW/HVGLVSRVLWLRQVFLDSUqVVRQWDSSOLFDEOHVDX[
GpSDUWHPHQWQRQUHSUpVHQWpDXQLYHDXGHODFRPPLVVLRQ FRPPDQGHV GH IRXUQLWXUHV GH ELHQV HW GH VHUYLFHV  GHV
8QUHSUpVHQWDQWGHOD%DQTXH&HQWUDOHGH7XQLVLH HQWUHSULVHV SXEOLTXHV TXL pYROXHQW GDQV XQ PLOLHX
FRQFXUUHQWLHOGRQWODOLVWHHVWIL[pHSDUGpFUHW
(OOH QH SHXW GpOLEpUHU TX¶HQ SUpVHQFHGHODPDMRULWpGH
VHVPHPEUHV $UW/HFRQVHLOG¶DGPLQLVWUDWLRQRXOHFRQVHLOGH
VXUYHLOODQFH GH O¶HQWUHSULVH SXEOLTXH FRQFHUQpH SDU FHV
6HV GpFLVLRQV VRQW SULVHV j O¶XQDQLPLWp GHV PHPEUHV
GLVSRVLWLRQVIL[HOHVVHXLOVjSDUWLUGHVTXHOVOHVFRPPDQGHV
SUpVHQWV $ GpIDXW G¶XQDQLPLWp OD FRPPLVVLRQ DGUHVVH
IRQWO¶REMHWG¶XQPDUFKppFULW
LPPpGLDWHPHQWXQUDSSRUWDX0LQLVWUHGHWXWHOOHTXLDUELWUH
HQGHUQLHUUHVVRUW $UW   /HV PDUFKpV DIIpUHQWV j FHV FRPPDQGHV
GRLYHQW rWUH FRQFOXV VXU OD EDVH G¶XQ PDQXHO VSpFLILTXH
6HV GpOLEpUDWLRQV GRLYHQW rWUH FRQVLJQpHV GDQV XQ
DSSURXYp SDU OH FRQVHLO G¶DGPLQLVWUDWLRQ RX OH FRQVHLO GH
SURFqVYHUEDO UHODWDQW OHV GpEDWV GHV PHPEUHV HW OHV
VXUYHLOODQFH HW O¶DXWRULWp GH WXWHOOH HQ WHQDQW FRPSWH GHV
pOpPHQWV G¶DSSUpFLDWLRQ VXU OHVTXHOV V¶HVW IRQGpH OHXU
SULQFLSHV G¶pJDOLWp GHV FDQGLGDWV GHYDQW OD FRPPDQGH
GpFLVLRQ
SXEOLTXH G¶pTXLYDOHQFH  GHV FKDQFHV GH WUDQVSDUHQFH GHV
$UW'DQVOHEXWG¶REWHQLUOHVPHLOOHXUHVRIIUHVGH SURFpGXUHVHWGHUHFRXUVjODFRQFXUUHQFH
SRLQW GH YXH  GH TXDOLWp SUL[ FRQGLWLRQV G¶H[pFXWLRQ HW
$UW/HFRQVHLOG¶DGPLQLVWUDWLRQRXOHFRQVHLOGH
JDUDQWLHV OD FRPPLVVLRQ GHV PDUFKpV GH O¶HQWUHSULVH HVW
VXUYHLOODQFHGpWHUPLQHOHVFDVTXLQpFHVVLWHQWOHUHFRXUVjOD
KDELOLWpH j GpURJHU DX[ UqJOHV QRUPDOHV GH SDVVDWLRQ HW
PLVHHQFRQFXUUHQFHSDUYRLHG¶DSSHOG¶RIIUHVRXG¶HQWHQWH
G¶H[pFXWLRQ GHV PDUFKpV GHV HQWUHSULVHV
GLUHFWH SUpFpGpH G¶XQH FRQVXOWDWLRQ/¶HQWUHSULVHSXEOLTXH
SXEOLTXHV7RXWHIRLVODSURFpGXUHGRLWGHPHXUHUpFULWH
GRLW REVHUYHU GDQV WRXWH OD PHVXUH GX SRVVLEOH OHV
$UW   /RUVTXH OD FRPPLVVLRQ GHV PDUFKpV GH SURFpGXUHVIL[pHVSDUOHSUpVHQWGpFUHW
O¶HQWUHSULVHHVWLPHXWLOHGHSURFpGHUjGHVQpJRFLDWLRQVDYHF
$UW   /HV GLVSRVLWLRQV GH O¶DUWLFOH  UHODWLYHV DX[
OHV IRXUQLVVHXUV HOOH \ SURFqGH SDU HOOHPrPH RX GRQQH j
PRGDOLWpV GH SDLHPHQW  V¶DSSOLTXHQW DX[ DFKDWV REMHW  GX
FHWHIIHWGpOpJDWLRQjGHX[GHVHVPHPEUHVTXLGRLYHQWOXL
SUpVHQWWLWUHSRXUFHTXLHVWGHO¶RFWURLG¶DYDQFHVHWDFRPSWHV
UHQGUHFRPSWHDXVXMHWGHVpWDSHVGXGpWDLOHWGHVUpVXOWDWV
GHFHVQpJRFLDWLRQV $UW   /HV PDUFKpV UHODWLIV DX[ FRPPDQGHV UpJLV
SDUOHSUpVHQWFKDSLWUHVRQWVRXPLVHQPDWLqUHGHFRQWU{OH
$UW/HVPDUFKpVUpJLVSDUOHSUpVHQWFKDSLWUHVRQW
j GHV  GLVSRVLWLRQV SDUWLFXOLqUHV DUUrWpHV SDU  OH FRQVHLO
FRQFOXV GDQV OH FDGUH G¶XQ SURJUDPPH G¶DFKDW
G¶DGPLQLVWUDWLRQ RX OH FRQVHLO GH VXUYHLOODQFH GH
SUpDODEOHPHQW DSSURXYp SDU OH FRQVHLO G¶DGPLQLVWUDWLRQ GH
O¶HQWUHSULVHSXEOLTXH
O¶HQWUHSULVH
/RUVTXH OH PRQWDQW GH O¶DFKDW  DWWHLQW OH VHXLO GH 7,75(1(8)6<67(0('¶,1)250$7,21
FRPSpWHQFH GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV OH (7&20,7('(68,9,(7'¶(148(7(
GRVVLHU\DIIpUHQWHVWVRXPLVjSRVWHULRULjO¶DYLVGHFHOOHFL
GDQV XQ GpODL Q¶H[FpGDQW SDV TXLQ]H MRXUV j FRPSWHU GH OD &+$3,75(
GDWH GH OD GpFLVLRQ GH OD FRPPLVVLRQ GHV PDUFKpV GH /¶2%6(59$72,5('(60$5&+(638%/,&6
O¶HQWUHSULVH DFFRPSDJQp GH WRXWHV OHV MXVWLILFDWLRQV HW
DSSX\p G¶XQ UDSSRUW pWDEOL SDU FHWWH GHUQLqUH H[SOLFLWDQW HW $UW   ,O HVW FUpH DX VHLQ GH OD &RPPLVVLRQ
MXVWLILDQW OHV PpWKRGHV HW SURFpGXUHV DGRSWpHV DLQVL TXH OH 6XSpULHXUH GHV 0DUFKpV XQ 2EVHUYDWRLUH 1DWLRQDO GHV
FKRL[DUUrWp 0DUFKpV3XEOLFVFKDUJp
/¶DYLV GH OD FRPPLVVLRQ VXSpULHXUH GHV PDUFKpV HVW  GH O¶LQVWDXUDWLRQ G¶XQ V\VWqPH G¶LQIRUPDWLRQ
FRPPXQLTXp DX FRQVHLO G¶DGPLQLVWUDWLRQ GH O¶HQWUHSULVH SHUPHWWDQWODFROOHFWHOHWUDLWHPHQWHWO¶DQDO\VHGHVGRQQpHV
SXEOLTXHFRQFHUQpHHWDX0LQLVWqUHGHWXWHOOH UHODWLYHVDX[PDUFKpVSXEOLFV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


 GX VXLYL GH O¶pYROXWLRQ HQUHJLVWUpH FRQFHUQDQW O¶DFKDW  /HV DYHQDQWV DX[ PDUFKpV  TXL VRQW GH QDWXUH j
SXEOLF OHV SURFpGXUHV G¶DFKDWV HW O¶pYDOXDWLRQ GHV HQJHQGUHU XQH DXJPHQWDWLRQ GX PRQWDQW JOREDO GXPDUFKp
UpSHUFXVVLRQV  pFRQRPLTXHV HW VRFLDOHV HW GH SURSRVHU WRXWH GHSOXVGHFLQTXDQWHSRXUFHQW  FRPSWHQRQWHQXGHV
PHVXUHVXVFHSWLEOHG¶DPpOLRUHUOHSODFHPHQWGHVFRPPDQGHV DXJPHQWDWLRQVGXHVjODUpYLVLRQGHVSUL[RXOHFDVpFKpDQW
 G¶pWXGLHU HW SURSRVHU WRXWH PHVXUH GH QDWXUH j DXFKDQJHPHQWGHODYDOHXUGHODPRQQDLHHWFHQRQREVWDQW
DPpOLRUHUODUpJOHPHQWDWLRQGHVPDUFKpVSXEOLFVVXUODEDVH OHPRQWDQWJOREDOGXPDUFKp
QRWDPPHQWGHODMXULVSUXGHQFHGHODFRPPLVVLRQVXSpULHXUH
GHVPDUFKpV  8Q pFKDQWLOORQ GH PDUFKpV FRQFOXV UHSUpVHQWDQW  DX
PRLQV GL[ SRXU FHQW   GX QRPEUH GHV GRVVLHUV
GHO¶HQFDGUHPHQWGHO¶DFKDWSXEOLFHWO¶DPpOLRUDWLRQGH
VDUHQWDELOLWpDX[SODQVMXULGLTXHpFRQRPLTXHFRPPHUFLDO H[DPLQpV SDU  OHV FRPPLVVLRQV GpSDUWHPHQWDOHV OHV
HWWHFKQLTXH FRPPLVVLRQV UpJLRQDOHV OHV FRPPLVVLRQV GHV HQWUHSULVHV
SXEOLTXHV HW OHV FRPPLVVLRQV GHV pWDEOLVVHPHQWV SXEOLFV
 GH O¶DVVLVWDQFH GHV DFKHWHXUV SXEOLFV j WUDYHUV
O¶pWDEOLVVHPHQW GHV SURJUDPPHV GH IRUPDWLRQ HW OHV FUppHVSDUGHVWH[WHVVSpFLDX[DLQVLTXHWRXWGRVVLHUTXHOH
FRQVXOWDWLRQVDLQVLTXHO¶pWDEOLVVHPHQWGHVGRFXPHQWVW\SHV FRPLWp  MXJH RSSRUWXQ G¶H[DPLQHU SRXU TXHOTXH PRWLI TXH
HW GHV DSSOLFDWLRQV LQIRUPDWLTXHV HW GHV PHVXUHV G¶DLGHV FHVRLW
GLYHUVHVHQYXHGHIDFLOLWHUHWVLPSOLILHUOHXUVDWWULEXWLRQV /¶DFKHWHXU SXEOLF GRLW VXU GHPDQGH GX SUpVLGHQW GX
$UW   /¶REVHUYDWRLUH GHV PDUFKpV SXEOLFV pWDEOLW FRPLWp SUpVHQWHU WRXWHV OHV SLqFHV UHODWLYHV DX[ GRVVLHUV
FKDTXH DQQpH XQ UHFHQVHPHQW JpQpUDO GHV PDUFKpVSXEOLFV REMHWGHUpYLVLRQGHVXLYLHWG¶HQTXrWH
HW GHV UHFHQVHPHQWV SDUWLHOV FRQFHUQDQW XQ HQVHPEOH $UW/RUVTXHOHVUHTXrWHVFRQFHUQDQWODUpJXODULWp
G¶DFKHWHXUVSXEOLFVRXXQHFDWpJRULHGRQQpHGHPDUFKpV G¶DWWULEXWLRQ GX PDUFKp V¶DYqUHQW IRQGpHV OH FRPLWp HQ
/H3UHPLHU0LQLVWUHIL[HODOLVWHGHVGRQQpHVGHPDQGpHV LQIRUPHOH3UHPLHU0LQLVWUHOHVSUpVLGHQWVGHVRUJDQLVPHV
GDQVOHFDGUHGXUHFHQVHPHQWGHVPDUFKpVSXEOLFVDLQVLTXH SXEOLFVFRQFHUQpVOHVPLQLVWqUHVGHWXWHOOHHWODFRPPLVVLRQ
OHVPRGDOLWpVHWOHVGpODLVGHOHXUFROOHFWH GHVPDUFKpVFRPSpWHQWH
&+$3,75( /¶DYLVGXFRPLWpGHVXLYLHWG¶HQTXrWHHVWFRQVXOWDWLI
/(&20,7('(68,9,(7'¶(148(7( $UW   6RQW DEURJpHV WRXWHV  OHV GLVSRVLWLRQV
DQWpULHXUHV FRQWUDLUHV DX SUpVHQW GpFUHW HW QRWDPPHQW OH
$UW   ,O HVW FUpH DXSUqV GX 3UHPLHU 0LQLVWUH XQ GpFUHW Qƒ  GX  $YULO  WHO TXH PRGLILp  SDU OH
&RPLWpGH6XLYLHWG¶(QTXrWH GpFUHWQƒGX0DUVHWOHGpFUHWQƒ
&HFRPLWpGHVXLYLHWG¶HQTXrWHHVWFRPSRVpFRPPHVXLW GX6HSWHPEUHHWOHGpFUHWQƒGX2FWREUH
HWOHGpFUHWQƒGX0DUVHWOHGpFUHWQƒ
XQUHSUpVHQWDQWGX3UHPLHU0LQLVWUH3UpVLGHQW
 GX  0DUV  HW OH GpFUHW Qƒ  GX 
XQPHPEUHGHOD&RXUGHV&RPSWHVPHPEUH DYULOHWOHGpFUHWQƒGXVHSWHPEUH
 XQ UHSUpVHQWDQW GX &RQWU{OH *pQpUDO GHV 6HUYLFHV $UW/HSUpVHQWGpFUHWHQWUHHQYLJXHXUjSDUWLUGX
3XEOLFVPHPEUH SUHPLHUPDUV
 XQ UHSUpVHQWDQW GX &RQWU{OH *pQpUDO GHV )LQDQFHV $UW   /H 3UHPLHU PLQLVWUH OHV PLQLVWUHV HW
PHPEUH VHFUpWDLUHV G¶(WDW VRQW FKDUJpV FKDFXQ HQ FH TXL OH
/HV PHPEUHV GH FH FRPLWp VRQW GpVLJQpV SDU DUUrWp GX FRQFHUQH GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp
3UHPLHU0LQLVWUHVXUSURSRVLWLRQGHV0LQLVWUHVFRQFHUQpVHW DX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
GX3UHPLHU3UpVLGHQWGHOD&RXUGHV&RPSWHV 7XQLVOHGpFHPEUH
/¶DUUrWp GX 3UHPLHU 0LQLVWUH GpVLJQH OH VHFUpWDULDW GX =LQH(O$ELGLQH%HQ$OL 
FRPLWp GH VXLYL HW G¶HQTXrWH /H VHFUpWDULDW DVVXUH  OD 
UpFHSWLRQ O¶H[DPHQ GHV GRVVLHUV HW GH O¶RUJDQLVDWLRQ GHV 120,1$7,216
WUDYDX[GXGLWFRPLWp 3DUGpFUHWQƒGXGpFHPEUH
$UW/HFRPLWpGHVXLYLHWG¶HQTXrWHHVWFKDUJpGH 0RQVLHXU <DNKGKDQH +DELE FRQVHLOOHU GHV VHUYLFHV
 6XLYUH OH UHVSHFW GHV SULQFLSHV GH EDVH UpJLVVDQW SXEOLFV HVW FKDUJp GHV IRQFWLRQV GH VRXVGLUHFWHXU
O¶DWWULEXWLRQ GHV PDUFKpV HW QRWDPPHQW  O¶pJDOLWp GHV G
DGPLQLVWUDWLRQFHQWUDOHDX[VHUYLFHVUHOHYDQWGXFRQVHLOOHU
FDQGLGDWV GHYDQW OD FRPPDQGH SXEOLTXH OD WUDQVSDUHQFH MXULGLTXH HW GH OpJLVODWLRQ GX JRXYHUQHPHQW DX 3UHPLHU
GHVSURFpGXUHVOHUHFRXUVjODFRQFXUUHQFHHWjODSXEOLFLWp PLQLVWqUH

/HFRPLWpSHXWH[DPLQHUOHVGRQQpHVUHODWLYHVjO¶H[pFXWLRQ
3DUGpFUHWQƒGXGpFHPEUH
GHVPDUFKpVTXLVRQWGHQDWXUHjDOWpUHUOHVpOpPHQWVD\DQWpWp
SULVHQFRPSWHORUVGHO¶DWWULEXWLRQGXPDUFKp 0RQVLHXU.DPHO6DUVDUFRQVHLOOHUGHVVHUYLFHVSXEOLFV
HVW FKDUJp GHV IRQFWLRQV GH VRXVGLUHFWHXU G
DGPLQLVWUDWLRQ
(QTXrWHUVXUOHVPDUFKpV\FRPSULVOHVDYHQDQWVHWOHV
FHQWUDOH DX[ VHUYLFHV UHOHYDQW GX FRQVHLOOHU MXULGLTXH HW GH
GRVVLHUVGHUqJOHPHQWVGpILQLWLIVSULQFLSDOHPHQWVXUODEDVH
OpJLVODWLRQGXJRXYHUQHPHQWDX3UHPLHUPLQLVWqUH
GHV GRQQpHV FROOHFWpHV SDU O¶REVHUYDWRLUH GHV PDUFKpV 
SXEOLFVFUppSDUO¶DUWLFOHGXSUpVHQWGpFUHW 3DUDUUrWpGX3UHPLHUPLQLVWUHGXGpFHPEUH
/H FRPLWp GH VXLYL HW G¶HQTXrWH HVW HQ RXWUH FKDUJp 0RQVLHXU 0DQVRXU $ELG HVW QRPPp PHPEUH
G¶H[DPLQHU UHSUpVHQWDQWOHPLQLVWqUHGHO
LQWpULHXUHWGXGpYHORSSHPHQW
/HVUHTXrWHVpPDQDQWGHWRXWHSHUVRQQHFRQFHUQpHSDU ORFDO DX FRQVHLO G
DGPLQLVWUDWLRQ GH O
,PSULPHULH 2IILFLHOOH
O¶DWWULEXWLRQ GHV PDUFKpV SXEOLFV HW OH UHVSHFW GHV GH OD 5pSXEOLTXH 7XQLVLHQQH HW FH HQ UHPSODFHPHQW GH
SURFpGXUHV\DIIpUHQWHV 0RQVLHXU$EGDOODK+DPPRXGD

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


6RXVVH OD qPH j 6ID[ OD qPH j *DEqV HW OD qPH j
0,1,67(5('(6$))$,5(662&,$/(6
0pWODRXL
(7'(/$62/,'$5,7(
$UW   /D FRPSpWHQFH WHUULWRULDOH GH FKDFXQH GHV
 FRPPLVVLRQVPpGLFDOHVFLWpHVjO
DUWLFOHSUHPLHUGXSUpVHQW
120,1$7,21 DUUrWpHVWIL[pHFRPPHVXLW
3DUGpFUHWQƒGXGpFHPEUH   OD FRPPLVVLRQ PpGLFDOH GH 7XQLV FRXYUH OHV
0RQVLHXU 7DKDU /DUDHLGK LQVSHFWHXU FHQWUDO GX WUDYDLO JRXYHUQRUDWVGH7XQLV%pMD6LOLDQDOH.HIHW-HQGRXED
HVW FKDUJp GHV IRQFWLRQV GH FKHI GH OD GLYLVLRQ GH   OD FRPPLVVLRQ PpGLFDOH GH %HQ $URXV FRXYUH OHV
O
LQVSHFWLRQ GX WUDYDLO HW GH OD FRQFLOLDWLRQ j OD GLUHFWLRQ
JRXYHUQRUDWVGH%HQ$URXV1DEHXOHW=DJKRXDQ
UpJLRQDOHGHVDIIDLUHVVRFLDOHVGH6LGL%RX]LG
  OD FRPPLVVLRQ PpGLFDOH GH O
$ULDQD FRXYUH OHV
(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW
Qƒ  GX  IpYULHU  O
LQWpUHVVp EpQpILFLH GHV JRXYHUQRUDWVGHO
$ULDQD0DQRXEDHW%L]HUWH
LQGHPQLWpV HW DYDQWDJHV DFFRUGpV DX VRXVGLUHFWHXU   OD FRPPLVVLRQ PpGLFDOH GH 6RXVVH FRXYUH OHV
G
DGPLQLVWUDWLRQFHQWUDOH JRXYHUQRUDWVGH6RXVVH.DLURXDQ0RQDVWLUHW0DKGLD
   OD FRPPLVVLRQ PpGLFDOH GH 6ID[ FRXYUH OHV
$UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD JRXYHUQRUDWVGH6ID[6LGL%RX]LGHW.DVVHULQH
VROLGDULWp GX  GpFHPEUH  SRUWDQW
GpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHV   OD FRPPLVVLRQ PpGLFDOH GH *DEqV FRXYUH OHV
WHUULWRULDOHV GHV FRPPLVVLRQV PpGLFDOHV JRXYHUQRUDWVGH*DEqV0pGHQLQH7DWDRXLQHHW.pELOL
KDELOLWpHV j IL[HU OH WDX[ G
LQFDSDFLWp SHUPDQHQWH   OD FRPPLVVLRQ PpGLFDOH GH 0pWODRXL FRXYUH OHV
GHWUDYDLOHWODQRPLQDWLRQGHOHXUVPHPEUHV
JRXYHUQRUDWVGH*DIVDHW7R]HXU
/HPLQLVWUHGHVDIIDLUHVVRFLDOHVHWGHODVROLGDULWp
$UW   /HV PpGHFLQV FLWpV FLGHVVRXV VRQW QRPPpV
9X OD ORL Qƒ  GX  GpFHPEUH  UHODWLYH j PHPEUHVGHVFRPPLVVLRQVPpGLFDOHVSUpFLWpHV
O
RUJDQLVDWLRQGHVUpJLPHVGHVpFXULWpVRFLDOHHQVHPEOHOHV
&RPPLVVLRQPpGLFDOHGH7XQLV
WH[WHVTXLO
RQWPRGLILpHRXFRPSOpWpHHWQRWDPPHQWODORL
QƒGXQRYHPEUH  GRFWHXU .DPHO -DkIDU UHSUpVHQWDQW ODFDLVVHQDWLRQDOH
GHVpFXULWpVRFLDOHSUpVLGHQW
9X OD ORL QƒGXIpYULHUSRUWDQWUpJLPHGH
UpSDUDWLRQ GHV SUpMXGLFHV UpVXOWDQW GHV DFFLGHQWV GX WUDYDLO HW GRFWHXU)D\oDO%HQ6DODKUHSUpVHQWDQWOHPLQLVWqUHGH
GHVPDODGLHVSURIHVVLRQQHOOHVHWQRWDPPHQWVRQDUWLFOH ODVDQWpSXEOLTXHPHPEUH
9X OH GpFUHW Qƒ  GX  PDL  SRUWDQW FRGH  GRFWHXU $OL 5HMHE UHSUpVHQWDQW OD GLUHFWLRQ GH
GHGpRQWRORJLHPpGLFDOH O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO 
9X OH GpFUHW Qƒ  GX  IpYULHU  IL[DQW OD PHPEUH
FRPSRVLWLRQ HW OHV PRGDOLWpV GH IRQFWLRQQHPHQW GHV  GRFWHXU .LODQL &KDEERXK UHSUpVHQWDQW OD FDLVVH
FRPPLVVLRQV PpGLFDOHV KDELOLWpHV j IL[HU OH WDX[ QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH
G
LQFDSDFLWpGHWUDYDLOHWQRWDPPHQWVRQDUWLFOH
 GRFWHXU +DID\HGK 5DPPHK UHSUpVHQWDQW O
LQVWLWXW GH
9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW VDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH
QRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
&RPPLVVLRQPpGLFDOHGH%HQ$URXV
9XO
DUUrWpGXPLQLVWUHGHVDIIDLUHVVRFLDOHVGXQRYHPEUH
 SRUWDQW GpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHV  GRFWHXU .KDQVD %HQ $PRU UHSUpVHQWDQW OD FDLVVH
WHUULWRULDOHV GHV FRPPLVVLRQV PpGLFDOHV KDELOLWpHV j IL[HU OH QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW
WDX[ G
LQFDSDFLWp SHUPDQHQWH GH WUDYDLO HW OD QRPLQDWLRQ GH  GRFWHXU 5DILN *KDUEL UHSUpVHQWDQW OH PLQLVWqUH GH OD
OHXUV PHPEUHV WHO TXH PRGLILp SDU O
DUUrWp GX PLQLVWUH GHV VDQWpSXEOLTXHPHPEUH
DIIDLUHVVRFLDOHVGXGpFHPEUH 'RFWHXU7DRXILN%RXKRXFKUHSUpVHQWDQWODGLUHFWLRQGH
6XUSURSRVLWLRQGHVPLQLVWqUHVHWRUJDQLVPHVFRQFHUQpV O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO 
PLQLVWqUHGHODVDQWpSXEOLTXHFDLVVHQDWLRQDOHGHVpFXULWp PHPEUH
VRFLDOH GLUHFWLRQ GH O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH  GRFWHXU 6DPL $EGHOIDWWDK UHSUpVHQWDQW OD FDLVVH
VpFXULWp DX WUDYDLO HW LQVWLWXW GH VDQWp HW GH VpFXULWp DX QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH
WUDYDLO 
GRFWHXU/HLOD'DOLUHSUpVHQWDQWO
LQVWLWXWGHVDQWpHWGH
$UUrWH VpFXULWpDXWUDYDLOPHPEUH
$UWLFOH SUHPLHU  /H QRPEUH GHV FRPPLVVLRQV
&RPPLVVLRQPpGLFDOHGHO
$ULDQD
PpGLFDOHVKDELOLWpHVjIL[HUOHWDX[G
LQFDSDFLWpSHUPDQHQWH
GHWUDYDLOUpVXOWDQWGHVDFFLGHQWVGXWUDYDLOHWGHVPDODGLHV  GRFWHXU 0XVWDSKD %HQ 5HMHE UHSUpVHQWDQW OD FDLVVH
SURIHVVLRQQHOOHVSUpYXHVSDUOHGpFUHWVXVYLVpQƒGX QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW
 IpYULHU  HVW IL[p j VHSW VLpJHDQW OD SUHPLqUH j  GRFWHXU $EGHOPDMLG %HQ -
PkD UHSUpVHQWDQW OH
7XQLVODqPHj%HQ$URXVODqPHjO
$ULDQDODqPHj PLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


 GRFWHXU 1DGLD 0
ODLNL UHSUpVHQWDQW OD GLUHFWLRQ GH WHUULWRULDOHVGHVFRPPLVVLRQVPpGLFDOHVKDELOLWpHVjIL[HUOH
O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO  HW GH VpFXULWp DX WUDYDLO WDX[G
LQFDSDFLWpSHUPDQHQWHGHWUDYDLOHWODQRPLQDWLRQGH
PHPEUH OHXUVPHPEUHVWHOTXHPRGLILpSDUO
DUUrWpGXGpFHPEUH
 GRFWHXU 6DORXD %HQ 6DODK /DNKGDU UHSUpVHQWDQW OD 
FDLVVHQDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH 7XQLVOHGpFHPEUH
GRFWHXU6DPLUD0LODGUHSUpVHQWDQWO
LQVWLWXWGHVDQWpHW /H0LQLVWUHGHV$IIDLUHV6RFLDOHV
GHVpFXULWpDXWUDYDLOPHPEUH HWGHOD6ROLGDULWp
&RPPLVVLRQPpGLFDOHGH6RXVVH &KHGO\1HIIDWL
 GRFWHXU +DELE +DGM 6DODK UHSUpVHQWDQW OD FDLVVH 9X
QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW /H3UHPLHU0LQLVWUH
 GRFWHXU 1pMLE 0
UL]HN UHSUpVHQWDQW OH PLQLVWqUH GH OD 0RKDPHG*KDQQRXFKL
VDQWpSXEOLTXHPHPEUH 
 GRFWHXU $PHXU &KDUUDGD UHSUpVHQWDQW OD GLUHFWLRQ GH
O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO  $UUrWp GX PLQLVWUH GHV DIIDLUHV VRFLDOHV HW GH OD
PHPEUH VROLGDULWp GX  GpFHPEUH  SRUWDQW
DSSUREDWLRQ GH O
DYHQDQW Qƒ  j OD FRQYHQWLRQ
 GRFWHXU .DPHO %HQ $EGHOMHOLO UHSUpVHQWDQW OD FDLVVH FROOHFWLYH QDWLRQDOH GH O
pOHFWULFLWp HW GH
QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH O
pOHFWURQLTXH
3URIHVVHXU0RKDPHG$NURXWUHSUpVHQWDQWO
LQVWLWXWGH
/H WH[WH GH FHW DYHQDQW HVW SXEOLp XQLTXHPHQW HQ
VDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH
ODQJXHDUDEH 
&RPPLVVLRQPpGLFDOHGH6ID[

 GRFWHXU 0RKDPHG %RX]LG UHSUpVHQWDQW OD FDLVVH
QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW 
 GRFWHXU 0RKDPHG(O$UEL0DVPRXGLUHSUpVHQWDQWOH 0,1,67(5('(/
,17(5,(85
PLQLVWqUHGHODVDQWpSXEOLTXHPHPEUH
(7'8'(9(/233(0(17/2&$/
 GRFWHXU $GHO -RPkD UHSUpVHQWDQW OD GLUHFWLRQ GH
O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO  
PHPEUH 120,1$7,216
 GRFWHXU 7DRXILN %HNNDUL UHSUpVHQWDQW OD FDLVVH 3DUGpFUHWQƒGXGpFHPEUH
QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH
0RQVLHXU0RKDPHG1HMLE6DQVDDUFKLWHFWHHQFKHIHVW
GRFWHXU:LGDG&KHLNK5RXKRX)DNKIDNKUHSUpVHQWDQW FKDUJpGHVIRQFWLRQVGHFKHIGHGLYLVLRQGXFRQVHLOUpJLRQDO
O
LQVWLWXWGHVDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH
DX JRXYHUQRUDW GH 6LOLDQD DYHF UDQJ HW SUpURJDWLYHV GH
&RPPLVVLRQPpGLFDOHGH*DEqV GLUHFWHXU G
DGPLQLVWUDWLRQ FHQWUDOH HW EpQpILFLH GHV
 GRFWHXU +HFKPL $]RX] UHSUpVHQWDQW OD FDLVVH LQGHPQLWpVHWDYDQWDJHVDFFRUGpVjFHGHUQLHU
QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW

 GRFWHXU /RWIL $]RX] UHSUpVHQWDQW OH PLQLVWqUH GH OD
VDQWpSXEOLTXHPHPEUH 3DUGpFUHWQƒGXGpFHPEUH
 GRFWHXU +RXFLQH 5
KRXPD UHSUpVHQWDQW OD GLUHFWLRQ GH 0RQVLHXU $PRU /DMGHO SURIHVVHXU SULQFLSDO GH
O
LQVSHFWLRQPpGLFDOHGXWUDYDLOHWGHVpFXULWpDXWUDYDLOPHPEUH O
HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHFKHI
 GRFWHXU $GHO %HQ -
PkD UHSUpVHQWDQW OD FDLVVH GH GLYLVLRQ GH O
LQIRUPDWLRQ HW GHV FRQIpUHQFHV DX
QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH JRXYHUQRUDW GH 6ID[ DYHF UDQJ HW SUpURJDWLYHV GH VRXV
GRFWHXU$OH\D%RXOEDEDUHSUpVHQWDQWO
LQVWLWXWGHVDQWp GLUHFWHXU G
DGPLQLVWUDWLRQ FHQWUDOH HW EpQpILFLH GHV
HWGHVpFXULWpDXWUDYDLOPHPEUH LQGHPQLWpVHWDYDQWDJHVDFFRUGpVjFHGHUQLHU
&RPPLVVLRQPpGLFDOHGH0HWODRXL 
 GRFWHXU (]]HGLQH (O *KDUEL UHSUpVHQWDQW OD FDLVVH 3DUGpFUHWQƒGXGpFHPEUH
QDWLRQDOHGHVpFXULWpVRFLDOHSUpVLGHQW
GRFWHXU0DQVRXU+DPKRXPUHSUpVHQWDQWOHPLQLVWqUH 0RQVLHXU 1DELO 6RXGDQL DGPLQLVWUDWHXU FRQVHLOOHU HVW
GHODVDQWpSXEOLTXHPHPEUH FKDUJp GHV IRQFWLRQV GH FKHI GH EXUHDX j O
XQLWp
 GRFWHXU )pULG +PLGD UHSUpVHQWDQW OD GLUHFWLRQ GH G
LQIRUPDWLRQ G
RULHQWDWLRQ HW GX VXLYL j OD GLUHFWLRQ
O
LQVSHFWLRQ PpGLFDOH GX WUDYDLO HW GH VpFXULWp DX WUDYDLO  JpQpUDOHGHVFROOHFWLYLWpVSXEOLTXHVORFDOHVDXPLQLVWqUHGH
PHPEUH O
LQWpULHXU HW GX GpYHORSSHPHQW ORFDO DYHF UDQJ HW
 GRFWHXU 0HKGL %HQ $EGHOIHWDKUHSUpVHQWDQWODFDLVVH SUpURJDWLYHVGHVRXVGLUHFWHXUG
DGPLQLVWUDWLRQFHQWUDOH
QDWLRQDOHGHVpFXULWpVRFLDOHPHPEUH
GRFWHXU+DWHP%HQ0DQVRXUUHSUpVHQWDQWO
LQVWLWXWGH 
VDQWpHWGHVpFXULWpDXWUDYDLOPHPEUH 3DUGpFUHWQƒGXGpFHPEUH
$UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GH O
DUUrWp GX 0RQVLHXU $PRU $OODJXL LQJpQLHXU GHV WUDYDX[ HVW
PLQLVWUHGHVDIIDLUHVVRFLDOHVVXVYLVpGXQRYHPEUH FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH JpQpUDO GH GHX[LqPH
SRUWDQW GpWHUPLQDWLRQ GHV VLqJHV HW GHV FRPSpWHQFHV FODVVHjODFRPPXQHGH&KHEED

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


3DUGpFUHWQƒGXGpFHPEUH /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH6RXVVHjSURPRXYRLUDXFKRL[
0RQVLHXU$EGHONDGHU6
KLPLDGPLQLVWUDWHXUHVWFKDUJp
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
GHVIRQFWLRQVGHFKHIGHVHUYLFHGHVDIIDLUHVDGPLQLVWUDWLYHV
G
HQIDQWDXWLWUHGHO
DQQpH
HWILQDQFLqUHVjODFRPPXQHGH+DPPDP&KDWW
0HVGDPHV

+DPLGD.DKELFK
$UUrWp GX PLQLVWUH GH O
LQWpULHXU HW GX /LOLD%HQ+DVVDQ
GpYHORSSHPHQW ORFDO GX  QRYHPEUH 
6DPLD$UQD]
SRUWDQW RXYHUWXUH G
XQ H[DPHQ SURIHVVLRQQHO VXU
GRVVLHUV SRXU OD WLWXODULVDWLRQ GHV DJHQWV 
WHPSRUDLUHV GH OD FDWpJRULH $ GDQV OH JUDGH /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
G
LQJpQLHXU GHV WUDYDX[ DSSDUWHQDQW DX FRUSV jODFRPPXQHGH.VDUjSURPRXYRLUDXFKRL[DX
FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
SXEOLTXHV DX PLQLVWqUH GH O
LQWpULHXU HW GX DXWLWUHGHO
DQQpH
GpYHORSSHPHQWORFDO 0RQVLHXU5DFKLG'HUEDOL
/HPLQLVWUHGHO
LQWpULHXUHWGXGpYHORSSHPHQWORFDO 0DGDPH6RQLD(ODELGL
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW 
JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI jODFRPPXQHGH0
GLOODjSURPRXYRLUDXFKRL[DX
HQVHPEOHOHVWH[WHVTXLO
RQWPRGLILpHRXFRPSOpWpH JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
9X OH GpFUHW Qƒ  GX  RFWREUH  IL[DQW OH DXWLWUHGHO
DQQpH
VWDWXW SDUWLFXOLHU GHV DJHQWV WHPSRUDLUHV GH O
(WDW GHV 0DGDPH6DPLD$PDwGLD
FROOHFWLYLWpV ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j 
FDUDFWqUHDGPLQLVWUDWLI /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW jODFRPPXQHGH5HGDwHIjSURPRXYRLUDXFKRL[
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV G
HQIDQWDXWLWUHGHO
DQQpH
DGPLQLVWUDWLRQV SXEOLTXHV HQVHPEOH OHV WH[WHV TXL O
RQW
0RQVLHXU5DFKHG*DPRXGL
PRGLILpRXFRPSOpWp

9X O
DUUrWp GX  RFWREUH IL[DQW OHV PRGDOLWpV /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
G
RUJDQLVDWLRQ GH O
H[DPHQ SURIHVVLRQQHO VXU GRVVLHUV SRXU jODFRPPXQHGH0HWODRXLjSURPRXYRLUDXFKRL[
ODWLWXODULVDWLRQGHVDJHQWVWHPSRUDLUHVGHODFDWpJRULH$ DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
GDQVOHJUDGHG
LQJpQLHXUGHVWUDYDX[DSSDUWHQDQWDXFRUSV G
HQIDQWDXWLWUHGHO
DQQpH
FRPPXQ GHV LQJpQLHXUV GHV DGPLQLVWUDWLRQV SXEOLTXHV DX 0DGDPH=HwQHE(UUDGDRXL
PLQLVWqUHGHO
LQWpULHXUHWGXGpYHORSSHPHQWORFDO 
$UUrWH /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH6OLPDQjSURPRXYRLUDXFKRL[
$UWLFOH SUHPLHU ± (VW RXYHUW DX PLQLVWqUH GHO
LQWpULHXU DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
HW GX GpYHORSSHPHQW ORFDO OH  IpYULHU  HW MRXUV G
HQIDQWDXWLWUHGHO
DQQpH
VXLYDQWV XQ H[DPHQ SURIHVVLRQQHO VXU GRVVLHUV SRXU OD 0HVGDPHV
WLWXODULVDWLRQGHFLQT  DJHQWVWHPSRUDLUHVGHODFDWpJRULH $]L]D&KRXN
$DSSDUWHQDQWDXPLQLVWqUHGDQVOHJUDGHG
LQJpQLHXUGHV 1DwPD$\HG
WUDYDX[ DSSDUWHQDQW DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV 
DGPLQLVWUDWLRQVSXEOLTXHV /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
$UW±/DGDWHGHFO{WXUHGHODOLVWHGHVFDQGLGDWXUHV jODFRPPXQHGH'DU&KDkEDQH(O)HKULj
HVWIL[pHDXMDQYLHU SURPRXYRLUDXFKRL[DXJUDGHG
DQLPDWHXU
G
DSSOLFDWLRQGHMDUGLQG
HQIDQWDXWLWUHGHO
DQQpH
7XQLVOHQRYHPEUH 
/H0LQLVWUHGHO
,QWpULHXUHWGX 0DGDPH5DRXGKD.DFHP
'pYHORSSHPHQW/RFDO 
+pGL0
KHQQL /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
9X
jODFRPPXQHGH.RUEDjSURPRXYRLUDXFKRL[DX
JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
/H3UHPLHU0LQLVWUH DXWLWUHGHO
DQQpH
0RKDPHG*KDQQRXFKL 0DGDPH1DMRXD7RXPL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH%L]HUWHjSURPRXYRLUDXFKRL[ jODFRPPXQHGH1HI]DjSURPRXYRLUDXFKRL[DX
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
G
HQIDQWDXWLWUHGHO
DQQpH DXWLWUHGHO
DQQpH
0DGDPH%HQ,VVD$OLD 0DGDPH(VVDwGD%RKUL
 
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH6HMQHQjSURPRXYRLUDXFKRL[ jODFRPPXQHGH/D0DUVDjSURPRXYRLUDXFKRL[
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
G
HQIDQWDXWLWUHGHO
DQQpH G
HQIDQWDXWLWUHGHO
DQQpH
0DGDPH6RXDG5RPGKDQL 0DGDPH$PHO(VVLG
 
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH0HQ]HO%RXUJXLEDjSURPRXYRLU jODFRPPXQHGH0DKGLDjSURPRXYRLUDXFKRL[
DXFKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGH DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
MDUGLQG
HQIDQWDXWLWUHGHO
DQQpH G
HQIDQWDXWLWUHGHO
DQQpH
0HVGDPHV 0DGDPH/DPLD%RXEDNHU
&KHULID(O%HMDRXL 
6LKHP=LWRXQL /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
 jODFRPPXQHGH5HMLFKjSURPRXYRLUDXFKRL[DX
JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
DXWLWUHGHO
DQQpH
jODFRPPXQHGH0
VDNHQjSURPRXYRLUDXFKRL[
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ 0RQVLHXU7DRXILN.LWDU
G
HQIDQWDXWLWUHGHO
DQQpH 
0DGDPH5LP<RXVVHI /LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
 jODFRPPXQHG
(O-HPjSURPRXYRLUDXFKRL[DX
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
jODFRPPXQHGH%RXVDOHPjSURPRXYRLUDX DXWLWUHGHO
DQQpH
FKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ 0DGDPH5DEKD(O0RUJKHOL
G
HQIDQWDXWLWUHGHO
DQQpH 
0DGDPH$ZDWHI+DQDFKL
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
 jODFRPPXQHGH5DGqVjSURPRXYRLUDXFKRL[DX
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW
jODFRPPXQHGH7DEDUNDjSURPRXYRLUDXFKRL[ DXWLWUHGHO
DQQpH
DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ 0DGDPH,PWLQDQ)URXNK
G
HQIDQWDXWLWUHGHO
DQQpH

0DGDPH5DGKLD=DPDOL
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW

jODFRPPXQHGH2PODUDLHVjSURPRXYRLUDX
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
jODFRPPXQHGH%pMDjSURPRXYRLUDXFKRL[DX FKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW G
HQIDQWDXWLWUHGHO
DQQpH
DXWLWUHGHO
DQQpH 0RQVLHXU+pGL6DwGL
0HVGDPHV

0RQLD(O%pML
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW
0RXQD(MMDRXDQL
jODFRPPXQHGH&KHEEDjSURPRXYRLUDXFKRL[
 DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW G
HQIDQWDXWLWUHGHO
DQQpH
jODFRPPXQHGH0HMH](O%DEjSURPRXYRLUDX 0HVVLHXUV
FKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ
G
HQIDQWDXWLWUHGHO
DQQpH 1RXUHGGLQH%HQ%UDKLP
0DGDPH6LKHP(O%DOHJK 1pMLE(FKHULI

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQW 3DUGpFUHWQƒGXGpFHPEUH
jODFRPPXQHGH*DIVDjSURPRXYRLUDXFKRL[DX 0RQVLHXU 0DEURXN +DWLUD PDvWUH DVVLVWDQW GH
JUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQG
HQIDQW O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
DXWLWUHGHO
DQQpH GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GHV WHFKQRORJLHV GH
O
HQYLURQQHPHQW GH O
XUEDQLVPH HW GX EkWLPHQW j FRPSWHU
0DGDPH1R]KD*KHGRXDU GXMXLOOHW
0RQVLHXU'DRXG0HVVDDL 
3DUGpFUHWQƒGXGpFHPEUH

0RQVLHXU +DFKHPL %DQQRXU PDvWUH DVVLVWDQW GH
/LVWHGHVDQLPDWHXUVGHMDUGLQVG
HQIDQWVH[HUoDQWj O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
ODFRPPXQHGH0KHPGLD)RXFKDQDjSURPRXYRLUDX GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GHV pWXGHV DSSOLTXpHV HQ
KXPDQLWpVGH0DKGLDjFRPSWHUGXMXLOOHW
FKRL[DXJUDGHG
DQLPDWHXUG
DSSOLFDWLRQGHMDUGLQ 
G
HQIDQWDXWLWUHGHO
DQQpH 3DUGpFUHWQƒGXGpFHPEUH
0DGDPH0RQLD&KWLRXL 0DGDPH %DVPD +HQWDWL pSRXVH +DFKLFKD PDvWUH
 DVVLVWDQW GH O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJpH GHV
IRQFWLRQV GH GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GH
/LVWHGHVFRPPLVG
DGPLQLVWUDWLRQjSURPRXYRLU ELRWHFKQRORJLHVGH6ID[jFRPSWHUGXMXLOOHW
DXFKRL[DXJUDGHGHVHFUpWDLUHG
DGPLQLVWUDWLRQ 
DXWLWUHGHO
DQQpHH[HUoDQWDX[FRPPXQHV 3DUGpFUHWQƒGXGpFHPEUH
GH=DJKRXDQ=ULED(O)DKVHW1DGKRXU 0RQVLHXU 0RKDPHG =LQHODELGLQH PDvWUH GH
0DGDPH 6DwGD +DPPDPL QpH +DGM %RXEDNHU FRQIpUHQFHV HVW FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH
FRPPXQHG
(O)DKV  O
LQVWLWXWVXSpULHXUGHPXVLTXHGH6RXVVHSRXUXQHQRXYHOOH
SpULRGHjFRPSWHUGXHUMXLQ
 
 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU 0RXUDG 6LDOD PDvWUH DVVLVWDQW GH
0,1,67(5('(/
(16(,*1(0(17
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
683(5,(85'(/$5(&+(5&+( GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GH PXVLTXH GH 6ID[ SRXU
6&,(17,),48((7'(/$7(&+12/2*,( XQHQRXYHOOHSpULRGHjFRPSWHUGXVHSWHPEUH

 3DUGpFUHWQƒGXGpFHPEUH
120,1$7,216 0RQVLHXU <RXVVHI (O 2WKPDQL PDvWUH DVVLVWDQW GH
3DUGpFUHWQƒGXGpFHPEUH O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GHV pWXGHV DSSOLTXpHV HQ
0RQVLHXU $OL )UHGM PDvWUH DVVLVWDQW GH O
HQVHLJQHPHQW KXPDQLWpVGX.HIjFRPSWHUGXMXLOOHW
VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH GR\HQ GH OD IDFXOWp 
GHVVFLHQFHVpFRQRPLTXHVHWGHJHVWLRQGH0DKGLDSRXUXQH 3DUGpFUHWQƒGXGpFHPEUH
QRXYHOOHSpULRGHjFRPSWHUGXPDL 0RQVLHXU )D\VDO 0DQVRXUL SURIHVVHXU GH
 O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GH JHVWLRQ GH 6RXVVH SRXU
3DUGpFUHWQƒGXGpFHPEUH XQHQRXYHOOHSpULRGHjFRPSWHUGXDR€W
0RQVLHXU 0RKDPHG 6DKEL $OODQL PDvWUH DVVLVWDQW GH 
O
HQVHLJQHPHQWVXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGR\HQ 3DUGpFUHWQƒGXGpFHPEUH
GH OD IDFXOWp GHV OHWWUHV HW GHV VFLHQFHV KXPDLQHV GH 0RQVLHXU 0RKDPHG 0LOHG PDvWUH GH FRQIpUHQFHV HVW
.DLURXDQjFRPSWHUGXMXLOOHW FKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHO
LQVWLWXWVXSpULHXUGHV
ODQJXHV GH 7XQLV SRXU XQHQRXYHOOHSpULRGHjFRPSWHUGX
 PDL
3DUGpFUHWQƒGXGpFHPEUH 
0RQVLHXU 0HNNL .VRXUL SURIHVVHXU GH O
HQVHLJQHPHQW 3DUGpFUHWQƒGXGpFHPEUH
VXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHO
LQVWLWXW 0RQVLHXU1HMLE%HODwGPDvWUHGHFRQIpUHQFHVHVWFKDUJp
QDWLRQDOGHVVFLHQFHVDSSOLTXpHVHWGHWHFKQRORJLHSRXUXQH GHVIRQFWLRQVGHGLUHFWHXUGHO
LQVWLWXWVXSpULHXUGHILQDQFHVHW
QRXYHOOHSpULRGHjFRPSWHUGXDR€W GHILVFDOLWpGH6RXVVHjFRPSWHUGXDR€W
 
3DUGpFUHWQƒGXGpFHPEUH 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU 0RKLHGGLQH (O $ORXL SURIHVVHXU GH 0RQVLHXU 0RKDPHG 5DMD 5DKPRXQL PDvWUH GH
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH FRQIpUHQFHV HVW FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH
GLUHFWHXUGHO
LQVWLWXWVXSpULHXUGHVVFLHQFHVDSSOLTXpHVHWGH O
LQVWLWXW VXSpULHXU GHV VFLHQFHV KXPDLQHV GH -HQGRXED j
WHFKQRORJLHGH*DEqVjFRPSWHUGXMXLQ FRPSWHUGXMXLOOHW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


3DUGpFUHWQƒGXGpFHPEUH 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU+DELE&KDEFKRXEPDvWUHGHFRQIpUHQFHVHVW 0RQVLHXU 6DVVL %HQ 1DVUDOODK SURIHVVHXU GH
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O
LQVWLWXW VXSpULHXU GH O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
JHVWLRQLQGXVWULHOOHGH6ID[jFRPSWHUGXMXLOOHW GLUHFWHXUGHO
pFROHQDWLRQDOHG
LQJpQLHXUVGH0RQDVWLUSRXU
 XQHQRXYHOOHSpULRGHjFRPSWHUGXDR€W
3DUGpFUHWQƒGXGpFHPEUH 
0RQVLHXU 0RKDPHG 5D]DN -HGD\ SURIHVVHXU GH 3DUGpFUHWQƒGXGpFHPEUH
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH 0RQVLHXU %RXEDNHU (O (XFK SURIHVVHXU GH
GLUHFWHXU GH O
LQVWLWXW VXSpULHXU G
LQIRUPDWLTXH HW GH O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
PXOWLPpGLDGH*DEqVjFRPSWHUGXMXLOOHW GLUHFWHXUGHO
pFROHQDWLRQDOHG
LQJpQLHXUVGH6ID[SRXUXQH
 QRXYHOOHSpULRGHjFRPSWHUGXMXLOOHW
3DUGpFUHWQƒGXQRYHPEUH 
0RQVLHXU 0RKDPHG 0HKGL 0DJGRXG DVVLVWDQW GH 3DUGpFUHWQƒGXGpFHPEUH
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH 0RQVLHXU$EGHOKDPLG%HQ<RXVVHIPDvWUHDVVLVWDQWGH
GLUHFWHXUGHO
LQVWLWXWVXSpULHXUGHIRUPDWLRQGHVPDvWUHVGH O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
.DLURXDQjFRPSWHUGXVHSWHPEUH GLUHFWHXU GH O
pFROH VXSpULHXUH GH WHFKQRORJLH HW
(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW G
LQIRUPDWLTXHjFRPSWHUGXHUDR€W
Qƒ  GX  GpFHPEUH  UHODWLI j O
RUJDQLVDWLRQ 
DGPLQLVWUDWLYH HW ILQDQFLqUH GHV LQVWLWXWV VXSpULHXUV GH
IRUPDWLRQGHVPDvWUHVHWDXUpJLPHGHODIRUPDWLRQDX[GLWV 3DUGpFUHWQƒGXQRYHPEUH
LQVWLWXWVHQVHPEOHOHVWH[WHVTXLO
RQWPRGLILpHWQRWDPPHQW 0RQVLHXU -DPLO &KDkERXQL PDvWUH GH FRQIpUHQFHV HVW
OHGpFUHWQƒGXPDUVO
LQWpUHVVpEpQpILFLH FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GHV pWXGHV YLFHGR\HQ j
GHV LQGHPQLWpV HW DYDQWDJHV DFFRUGpV j XQ VRXVGLUHFWHXU ODIDFXOWpGHVVFLHQFHVpFRQRPLTXHVHWGHJHVWLRQGH6ID[
G
DGPLQLVWUDWLRQFHQWUDOH


3DUGpFUHWQƒGXGpFHPEUH 3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU /RWIL %HOJDFHP PDvWUH GH FRQIpUHQFHV HVW 0RQVLHXU 1DFHXU %DUJDRXL SURIHVVHXU KRVSLWDOR
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O
LQVWLWXW GHV KDXWHV XQLYHUVLWDLUH HQ PpGHFLQH HVW FKDUJp GHV IRQFWLRQV GH
pWXGHVFRPPHUFLDOHVGH6RXVVHjFRPSWHUGXDR€W GLUHFWHXUGHVpWXGHVYLFHGR\HQjODIDFXOWpGHPpGHFLQHGH
 0RQDVWLU
3DUGpFUHWQƒGXGpFHPEUH 
0RQVLHXU 0RKDPHG *RDwHG SURIHVVHXU GH 3DUGpFUHWQƒGXQRYHPEUH
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
GLUHFWHXU GH O
LQVWLWXW GHV KDXWHV pWXGHV FRPPHUFLDOHV GH 0RQVLHXU 0RKVHQ 6DNOL SURIHVVHXU GH O
HQVHLJQHPHQW
&DUWKDJHjFRPSWHUGXDR€W VXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHVpWXGHV
 YLFHGR\HQ j OD IDFXOWp GHV VFLHQFHV GH %L]HUWH SRXU XQH
QRXYHOOHSpULRGH
3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU )HWKL /DGKDU PDvWUH GH FRQIpUHQFHV HVW 
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O
LQVWLWXW SUpSDUDWRLUH 3DUGpFUHWQƒGXQRYHPEUH
DX[pWXGHVG
LQJpQLHXUVj6ID[SRXUXQHQRXYHOOHSpULRGHj 0RQVLHXU 0RKDPHG +DGGDG PDvWUH DVVLVWDQW GH
FRPSWHUGXDR€W O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
 GLUHFWHXU GHV pWXGHV YLFHGR\HQ j OD IDFXOWp GHV OHWWUHV GH
3DUGpFUHWQƒGXGpFHPEUH 0DQRXED
0RQVLHXU %HFKLU %HQ +DVVLQH SURIHVVHXU GH 
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH
3DUGpFUHWQƒGXQRYHPEUH
GLUHFWHXUGHO
LQVWLWXWSUpSDUDWRLUHDX[pWXGHVG
LQJpQLHXUVGH
0RQDVWLUjFRPSWHUGXMXLOOHW 0RQVLHXU 0RNGDG $UID SURIHVVHXU GH O
HQVHLJQHPHQW
 VXSpULHXUHVWFKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHVpWXGHV
3DUGpFUHWQƒGXGpFHPEUH YLFHGR\HQjODIDFXOWpGHVVFLHQFHVKXPDLQHVHWVRFLDOHVGH
7XQLV
0RQVLHXU .KDOHG *KHGLUD PDvWUH GH FRQIpUHQFHV HVW
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O
pFROH QDWLRQDOH GHV 
VFLHQFHVGHO
LQIRUPDWLTXHjFRPSWHUGXDR€W 3DUGpFUHWQƒGXGpFHPEUH
 0DGDPH 6DILD %HOKDGM pSRXVH -DwEL SURIHVVHXU
3DUGpFUHWQƒGXGpFHPEUH SULQFLSDO GH O
HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJpH GHV
0RQVLHXU $EGHOODWLI *DGUL PDvWUH GH FRQIpUHQFHV HVW IRQFWLRQV GH GLUHFWHXU GH O
RUJDQLVDWLRQ HW PpWKRGHV j OD
FKDUJp GHV IRQFWLRQV GH GLUHFWHXU GH O
pFROH QDWLRQDOH GLUHFWLRQ JpQpUDOH GHV  VHUYLFHV FRPPXQV DX PLQLVWqUH GH
G
LQJpQLHXUV GH *DEqV SRXU XQH QRXYHOOH SpULRGH j O
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGH
FRPSWHUGXDR€W ODWHFKQRORJLH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


3DUGpFUHWQƒGXGpFHPEUH 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU $EGHONHULP /RXDWL SURIHVVHXU SULQFLSDO GH 0RQVLHXU0RQFHI.KHPLULFRQVHLOOHUHQLQIRUPDWLRQHW
O
HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH RULHQWDWLRQVFRODLUHHWXQLYHUVLWDLUHHVWFKDUJpGHVIRQFWLRQV
GLUHFWHXUGHVVHUYLFHVFRPPXQVjO
XQLYHUVLWp(]]LWRXQD GH VRXVGLUHFWHXU GH O
LQIRUPDWLRQ XQLYHUVLWDLUH j OD
 GLUHFWLRQGHO
RULHQWDWLRQHWGHO
LQIRUPDWLRQXQLYHUVLWDLUHVj
3DUGpFUHWQƒGXQRYHPEUH ODGLUHFWLRQJpQpUDOHGHVDIIDLUHVHVWXGLDQWLQHVDXPLQLVWqUH
0DGDPH -DPLOD %HQ 0XVWDSKD PDvWUH DVVLVWDQW GH GHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHW
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJpH GHV IRQFWLRQV GH GHODWHFKQRORJLH
GLUHFWHXU GHV VWDJHV j OD IDFXOWp GHV VFLHQFHV KXPDLQHV HW 
VRFLDOHVGH7XQLV 3DUGpFUHWQƒGXQRYHPEUH
 0DGDPH 5DRXGKD %HO +DGM +PLGD pSRXVH %RX]JDURX
3DUGpFUHWQƒGXQRYHPEUH DGPLQLVWUDWHXU HVW FKDUJpH GHV IRQFWLRQV GH VHFUpWDLUH
0RQVLHXU 0RKDPHG 7DKDU 6IDU SURIHVVHXU KRVSLWDOR JpQpUDO G
pWDEOLVVHPHQW G
HQVHLJQHPHQW VXSpULHXU HW GH
XQLYHUVLWDLUH HQ PpGHFLQH HVW FKDUJp GHV IRQFWLRQV GH UHFKHUFKHjODIDFXOWpGHVVFLHQFHVGH0RQDVWLU
GLUHFWHXUGHVVWDJHVjODIDFXOWpGHPpGHFLQHGH0RQDVWLU 
 3DUGpFUHWQƒGXGpFHPEUH
3DUGpFUHWQƒGXQRYHPEUH 0RQVLHXU $EGHOKDL 0DQDL SURIHVVHXU SULQFLSDO GH
0RQVLHXU 5LGKD 2XQL PDvWUH DVVLVWDQW GH O
HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH VHFUpWDLUHJpQpUDOG
pWDEOLVVHPHQWG
HQVHLJQHPHQWVXSpULHXU
GLUHFWHXUGHVVWDJHVjO
LQVWLWXWVXSpULHXUGHFRPSWDELOLWpHW HWGHUHFKHUFKHjO
LQVWLWXWVXSpULHXUGHVVFLHQFHVKXPDLQHV
G
DGPLQLVWUDWLRQGHVHQWUHSULVHV GH7XQLV
 
3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU 5LGKD +DPGDQH PDvWUH GH FRQIpUHQFHV HVW 0DGDPH $ILID %RX]DLHQH pSRXVH +PLGD
FKDUJpGHVIRQFWLRQVGHGLUHFWHXUGHVpWXGHVjODIDFXOWpGH DGPLQLVWUDWHXU HVW FKDUJpH GHV IRQFWLRQV GH VHFUpWDLUH
SKDUPDFLHGH0RQDVWLU
SULQFLSDO G
XQLYHUVLWp SRXU DVVXUHU OD GLUHFWLRQ GH OD VRXV
 GLUHFWLRQGHVDIIDLUHVILQDQFLqUHVjODGLUHFWLRQGHVVHUYLFHV
3DUGpFUHWQƒGXQRYHPEUH FRPPXQVjO
XQLYHUVLWpGX&HQWUH
0RQVLHXU 0DKHU 0QLI PDvWUH DVVLVWDQW GH 
O
HQVHLJQHPHQW VXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH 3DUGpFUHWQƒGXQRYHPEUH
GLUHFWHXU GHV pWXGHV GLUHFWHXU DGMRLQW j O
LQVWLWXW
SUpSDUDWRLUHDX[pWXGHVG
LQJpQLHXUVGH6ID[ 0RQVLHXU )DRX]L +DFKHP LQJpQLHXU GHV WUDYDX[ HVW
FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO G
XQLYHUVLWp
 SRXUDVVXUHUODGLUHFWLRQGHODVRXVGLUHFWLRQGHVEkWLPHQWV
3DUGpFUHWQƒGXQRYHPEUH HW G
pTXLSHPHQW j OD GLUHFWLRQ GHV VHUYLFHV FRPPXQV j
0RQVLHXU 0RKDPHG $OL 7RUMPDQH SURIHVVHXU GH O
XQLYHUVLWpGX&HQWUH
O
HQVHLJQHPHQWVHFRQGDLUHHVWFKDUJpGHVIRQFWLRQVGHVRXV 
GLUHFWHXUGHVpTXLYDOHQFHVjODGLUHFWLRQGHVpTXLYDOHQFHVj 3DUGpFUHWQƒGXQRYHPEUH
OD GLUHFWLRQ JpQpUDOH GH O
HQVHLJQHPHQW VXSpULHXU DX
PLQLVWqUH GH O
HQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKH 0RQVLHXU$GHO.HFKLFKHLQJpQLHXUSULQFLSDOHVWFKDUJp
VFLHQWLILTXHHWGHODWHFKQRORJLH GHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO G
XQLYHUVLWp SRXU
DVVXUHU OD GLUHFWLRQ GH OD VRXVGLUHFWLRQ GHV pWXGHV GH OD
 SURVSHFWLRQGHO
LQIRUPDWLTXHHWGHVQRXYHOOHVWHFKQLTXHVj
3DUGpFUHWQƒGXQRYHPEUH ODGLUHFWLRQGHVVHUYLFHVFRPPXQVjO
XQLYHUVLWpGX&HQWUH
0RQVLHXU $OL /DE\HGK LQJpQLHXU SULQFLSDO HVW FKDUJp 
GHV IRQFWLRQV GH VRXVGLUHFWHXU GH O
LQIRUPDWLTXH j OD 3DUGpFUHWQƒGXQRYHPEUH
GLUHFWLRQ GH O
LQIRUPDWLTXH j OD GLUHFWLRQ JpQpUDOH GHV 0RQVLHXU <RXQHV *KRUEDOL DGPLQLVWUDWHXU FRQVHLOOHU
VHUYLFHVFRPPXQVDXPLQLVWqUHGHO
HQVHLJQHPHQWVXSpULHXU HVW FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO
GHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH G
pWDEOLVVHPHQW G
HQVHLJQHPHQW VXSpULHXU HW GHUHFKHUFKHj
 O
LQVWLWXWVXSpULHXUGHVODQJXHVDSSOLTXpHVDX[DIIDLUHVHWDX
3DUGpFUHWQƒGXGpFHPEUH WRXULVPHGH0RNQLQH
0DGDPH /DWLID 0RXVVD pSRXVH %HQ .DGLGD FRQVHLOOHU 
GHV VHUYLFHV SXEOLFV HVW FKDUJpH GHV IRQFWLRQV GH VRXV 3DUGpFUHWQƒGXQRYHPEUH
GLUHFWHXU GX SHUVRQQHO HQVHLJQDQW j OD GLUHFWLRQ GHV 0DGDPH )DWPD =DJKGRXG DGPLQLVWUDWHXU HVW FKDUJpH
UHVVRXUFHV KXPDLQHV j OD GLUHFWLRQ JpQpUDOH GHV VHUYLFHV GHV IRQFWLRQV GH VHFUpWDLUH SULQFLSDO G
pWDEOLVVHPHQW
FRPPXQV DX PLQLVWqUH GH O
HQVHLJQHPHQW VXSpULHXU GH OD G
HQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKHjO
pFROHQRUPDOH
UHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH VXSpULHXUH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXQRYHPEUH
0RQVLHXU,PHG6DVVLLQJpQLHXUSULQFLSDOHVWFKDUJpGHV 0RQVLHXU6RXKHwO$FKRXUDGPLQLVWUDWHXUFRQVHLOOHUHVW
IRQFWLRQV GH VHFUpWDLUH SULQFLSDO G
pWDEOLVVHPHQW FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH G
pWDEOLVVHPHQW
G
HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j O
LQVWLWXW G
HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j OD IDFXOWp GHV
VXSpULHXUGHVpWXGHVWHFKQRORJLTXHVGH1DEHXO VFLHQFHVpFRQRPLTXHVHWGHJHVWLRQGH0DKGLD
 
3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU 1DFHXU $\DUL SURIHVVHXU SULQFLSDO GH 0RQVLHXU&KLKHE%HQ$OLSURIHVVHXUGHO
HQVHLJQHPHQW
VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH
O
HQVHLJQHPHQW VHFRQGDLUH HVW FKDUJp GHV IRQFWLRQV GH
G
pWDEOLVVHPHQW G
HQVHLJQHPHQW VXSpULHXU HW GHUHFKHUFKHj
VHFUpWDLUH SULQFLSDO G
pWDEOLVVHPHQW G
HQVHLJQHPHQW O
LQVWLWXW VXSpULHXU G
LQIRUPDWLTXH HW GH PDWKpPDWLTXHV GH
VXSpULHXU HW GH UHFKHUFKH j O
LQVWLWXW VXSpULHXU 0RQDVWLU
G
LQIRUPDWLTXHHWGHJHVWLRQGH.DLURXDQ

 3DUGpFUHWQƒGXQRYHPEUH
3DUGpFUHWQƒGXQRYHPEUH 0RQVLHXU 0LOHG $EGHOOL DGPLQLVWUDWHXU FRQVHLOOHU HVW
0RQVLHXU$QLV'DOKRXPLDGPLQLVWUDWHXUFRQVHLOOHUHVW FKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGHO
KpEHUJHPHQWHW
FKDUJpGHVIRQFWLRQVGHVHFUpWDLUHG
XQLYHUVLWpSRXUDVVXUHU GH OD UHVWDXUDWLRQ j OD VRXVGLUHFWLRQ GHV °XYUHV
ODGLUHFWLRQGXVHUYLFHGHVUHODWLRQVDYHFO
HQYLURQQHPHQWHW XQLYHUVLWDLUHV j O
RIILFH GHV °XYUHV XQLYHUVLWDLUHV SRXU OH
O
LQWpJUDWLRQSURIHVVLRQQHOOHjODVRXVGLUHFWLRQGHVUHODWLRQV &HQWUH DX PLQLVWqUH GH O
HQVHLJQHPHQW VXSpULHXU GH OD
DYHF O
HQYLURQQHPHQW O
LQWpJUDWLRQ SURIHVVLRQQHOOH HW OD UHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH
IRUPDWLRQ FRQWLQXH j OD GLUHFWLRQ GHV DIIDLUHV DFDGpPLTXHV 
HWGXSDUWHQDULDWVFLHQWLILTXHjO
XQLYHUVLWpGX&HQWUH 3DUGpFUHWQƒGXQRYHPEUH
 0RQVLHXU =RXKDLHU .ULPL LQJpQLHXU SULQFLSDO HVW
3DUGpFUHWQƒGXQRYHPEUH FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GHV SURMHWV j OD
0RQVLHXU 5LGKD $JKLU LQJpQLHXU GHV WUDYDX[ HVW FKDUJp VRXVGLUHFWLRQ GH O
LQIRUPDWLTXH j OD GLUHFWLRQ GH
GHVIRQFWLRQVGHVHFUpWDLUHG
XQLYHUVLWpSRXUDVVXUHUODGLUHFWLRQ O
LQIRUPDWLTXHjODGLUHFWLRQJpQpUDOHGHVVHUYLFHVFRPPXQV
GX VHUYLFH GHV PDWpULHOV GHV pTXLSHPHQWV HW G
HQWUHWLHQ j OD DX PLQLVWqUH GH O
HQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKH
VRXVGLUHFWLRQGHVEkWLPHQWVHWG
pTXLSHPHQWjODGLUHFWLRQGHV VFLHQWLILTXHHWGHODWHFKQRORJLH
VHUYLFHVFRPPXQVjO
XQLYHUVLWpGX&HQWUH 
 3DUGpFUHWQƒGXQRYHPEUH
3DUGpFUHWQƒGXGpFHPEUH 0RQVLHXU &KRNUL $NUHPL LQJpQLHXU GHV WUDYDX[ HVW
0RQVLHXU +DWHP 0VDNQL LQJpQLHXU GHV WUDYDX[ HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH G
DGPLQLVWUDWLRQ
FKDUJpGHVIRQFWLRQVGHVHFUpWDLUHG
XQLYHUVLWpSRXUDVVXUHU FHQWUDOH DX EXUHDX GH OD VpFXULWp HW GH OD SHUPDQHQFH DX
ODGLUHFWLRQGXVHUYLFHGHVpWXGHVWHFKQLTXHVHWGXVXLYLGHV PLQLVWqUH GH O
HQVHLJQHPHQW VXSpULHXU GH OD UHFKHUFKH
EkWLPHQWVjODVRXVGLUHFWLRQGHVEkWLPHQWVHWG
pTXLSHPHQW VFLHQWLILTXHHWGHODWHFKQRORJLH
j OD GLUHFWLRQ GHV VHUYLFHV FRPPXQV j O
XQLYHUVLWp GX 
&HQWUH
$UUrWpGHVPLQLVWUHVGHO
HQVHLJQHPHQWVXSpULHXU
 GHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHHW
3DUGpFUHWQƒGXQRYHPEUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV
0RQVLHXU+DIHGK0XIWLLQJpQLHXUSULQFLSDOHVWFKDUJp UHVVRXUFHV K\GUDXOLTXHV GX  GpFHPEUH 
GHV IRQFWLRQV GH VHFUpWDLUH G
pWDEOLVVHPHQW G
HQVHLJQHPHQW IL[DQW OH UpJLPH GHV pWXGHV HW GHV H[DPHQV GDQV
VXSpULHXU HW GH UHFKHUFKH j O
LQVWLWXW VXSpULHXU GHV pWXGHV OHVF\FOHVSUpSDUDWRLUHVDX[pWXGHVG
LQJpQLHXU
WHFKQRORJLTXHVj*DIVD /HV PLQLVWUHV GH O
HQVHLJQHPHQW VXSpULHXU GH OD
UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH HW GH
 O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV
3DUGpFUHWQƒGXQRYHPEUH K\GUDXOLTXHV
0RQVLHXU 1DELO /LRXDQH DGPLQLVWUDWHXU FRQVHLOOHU HVW 9X OD ORL Qƒ  GX  MXLOOHW  UHODWLYH j
FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH G
pWDEOLVVHPHQW O
HQVHLJQHPHQW VXSpULHXU HW j OD UHFKHUFKH VFLHQWLILTXH
G
HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH j OD IDFXOWp GH HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW
PpGHFLQHGHQWDLUHGH0RQDVWLU QRWDPPHQW OD ORL Qƒ  GX  MXLOOHW  HW
 QRWDPPHQWVRQDUWLFOH
3DUGpFUHWQƒGXQRYHPEUH 9X OH GpFUHWQƒGXGpFHPEUHSRUWDQW
0RQVLHXU )HWKL %RXJULQH DGPLQLVWUDWHXU FRQVHLOOHU HVW RUJDQLVDWLRQ GHV XQLYHUVLWpV HW GHV pWDEOLVVHPHQWV
FKDUJp GHV IRQFWLRQV GH VHFUpWDLUH G
pWDEOLVVHPHQW G
HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH VFLHQWLILTXH
G
HQVHLJQHPHQWVXSpULHXUHWGHUHFKHUFKHjO
pFROHQDWLRQDOH HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILp RX FRPSOpWp HW
G
LQJpQLHXUVGH0RQDVWLU QRWDPPHQWOHGpFUHWQƒGXMDQYLHU

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


9X OH GpFUHW Qƒ  GX  QRYHPEUH  IL[DQW PDWKpPDWLTXHVHWSK\VLTXH 03 
O
DXWRULWpFRPSpWHQWHSRXUVLJQHUOHVGLSO{PHVVFLHQWLILTXHV SK\VLTXHHWFKLPLH 3& 
QDWLRQDX[
WHFKQRORJLH 7 
9X OH GpFUHW Qƒ  GX  MDQYLHU  LQVWLWXDQW HW ELRORJLHHWJpRORJLH %* 
RUJDQLVDQW GHV FRQFRXUV QDWLRQDX[ G
HQWUpH DX[ F\FOHV GH
IRUPDWLRQG
LQJpQLHXUV &+$3,75(35(0,(5
9X OH GpFUHW Qƒ  GX  MXLOOHW  IL[DQW OD 'XUpJLPHGHVpWXGHV
FRQWULEXWLRQ ILQDQFLqUH GHV pWXGLDQWV j OD YLH XQLYHUVLWDLUH $UW  ± /HV pWXGHV GDQV FKDFXQH GHV ILOLqUHV FLWpHV j
WHOTXHPRGLILpSDUOHGpFUHWQƒGXMXLOOHW O
DUWLFOHSUHPLHUFLGHVVXVGXUHQWGHX[DQQpHV
9X OH GpFUHW Qƒ  GX  DR€W  IL[DQW OH $UW±/HVHQVHLJQHPHQWVVRQWREOLJDWRLUHVHWDQQXHOV
FDGUHJpQpUDOGXUpJLPHGHVpWXGHVHWGHVH[DPHQVGDQVOHV ,OV VRQW GLVSHQVpV VRXV IRUPH GH FRXUV & GH WUDYDX[
F\FOHVSUpSDUDWRLUHVDX[pWXGHVG
LQJpQLHXU GLULJpV 7' HWGHWUDYDX[SUDWLTXHV 73 
$UUrWHQW $UW  ± 3RXU OD ILOLqUH PDWKpPDWLTXHV HW SK\VLTXH
03  OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHV
$UWLFOH SUHPLHU ± /H SUpVHQW DUUrWp IL[H OH UpJLPH GHV G
HQVHLJQHPHQWV OHXUV YROXPHV KRUDLUHV KHEGRPDGDLUHV
pWXGHV HW GHV H[DPHQV GDQV OHV F\FOHV SUpSDUDWRLUHV DX[ OHXUV FRHIILFLHQWV HW OD GXUpH GH OHXUV pSUHXYHV VRQW IL[pV
pWXGHVG
LQJpQLHXUSRXUOHVILOLqUHVVXLYDQWHV FRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV


3UHPLqUHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQj+PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ +PQ  +PQ  +PQ
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

'HX[LqPHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ   +PQ  
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

/HSUpVLGHQWGHO
XQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHO
pWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLO
VFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU O
HQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV j
FRQFXUUHQFHGHWUHQWHHWXQH  KHXUHVHQSUHPLqUHDQQpHHWWUHQWH  KHXUHVHQGHX[LqPHDQQpH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


$UW  ± 3RXU OD ILOLqUH SK\VLTXH HW FKLPLH 3&  OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHV G
HQVHLJQHPHQWV OHXUV YROXPHV
KRUDLUHVKHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV

3UHPLqUHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ +PQ  +PQ  +PQ
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

'HX[LqPHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ   +PQ  
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

/HSUpVLGHQWGHO
XQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHO
pWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLO
VFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU O
HQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV j
FRQFXUUHQFHGHWUHQWHTXDWUH  KHXUHVHQSUHPLqUHDQQpHHWWUHQWHWURLV  KHXUHVHQGHX[LqPHDQQpH
$UW  ± 3RXU OD ILOLqUH WHFKQRORJLH 7  OHV PDWLqUHV HQVHLJQpHV OHXUV IRUPHV G
HQVHLJQHPHQWV OHXUV YROXPHV KRUDLUHV
KHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV

3UHPLqUHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ +PQ  +PQ  +PQ
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


'HX[LqPHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ   +PQ  
0pFDQLTXHJpQpUDOH
+PQ +PQ +PQ +PQ  +PQ
6FLHQFHVHWWHFKQLTXHVGHO
LQJpQLHXU 
7RWDO +PQ +PQ +PQ +PQ  

/HSUpVLGHQWGHO
XQLYHUVLWpFRQFHUQpHSHXWVXUSURSRVLWLRQGXGLUHFWHXUGHO
pWDEOLVVHPHQWFRQFHUQpDSUqVDYLVGXFRQVHLO
VFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH KHEGRPDGDLUH JOREDO UpVHUYp SRXU O
HQVHPEOH GHV HQVHLJQHPHQWV IL[pV FLGHVVXV j
FRQFXUUHQFHGHWUHQWHTXDWUH  KHXUHVHQSUHPLqUHDQQpHHWWUHQWHWURLV  KHXUHVHQGHX[LqPHDQQpH
$UW±3RXUODILOLqUHELRORJLHHWJpRORJLH %* OHVPDWLqUHVHQVHLJQpHVOHXUVIRUPHVG
HQVHLJQHPHQWVOHXUVYROXPHV
KRUDLUHVKHEGRPDGDLUHVOHXUVFRHIILFLHQWVHWODGXUpHGHOHXUVpSUHXYHVVRQWIL[pVFRQIRUPpPHQWDX[WDEOHDX[VXLYDQWV

3UHPLqUHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ +PQ  +PQ  +PQ
6FLHQFHVELRORJLTXHVHWJpRORJLTXHV +PQ +PQ  +PQ  +PQ
7RWDO +PQ +PQ +PQ +PQ  

'HX[LqPHDQQpH

9ROXPHKRUDLUH )RUPHVG
HQVHLJQHPHQW
0DWLqUHV &RHII 'XUpHGHVpSUHXYHV
KHEGRPDGDLUH & 7' 73
0DWKpPDWLTXHV +PQ +PQ +PQ   +PQ
3K\VLTXH +PQ +PQ +PQ +PQ  +PQ
&KLPLH +PQ +PQ +PQ +PQ  +PQ
)UDQoDLV +PQ +PQ    +PQ
$QJODLV +PQ +PQ    +PQ
,QIRUPDWLTXH +PQ   +PQ  
%LRFKLPLH +PQ +PQ +PQ +PQ  +PQ
6FLHQFHVELRORJLTXHVHWJpRORJLTXHV +PQ +PQ  +PQ  +PQ
7RWDO +PQ +PQ +PQ +PQ  

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


/H SUpVLGHQW GH O
XQLYHUVLWp FRQFHUQpH SHXW VXU $UW  ± /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
SURSRVLWLRQ GX GLUHFWHXU GH O
pWDEOLVVHPHQW FRQFHUQp DSUqV 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
DYLV GX FRQVHLO VFLHQWLILTXH DGDSWHU OH YROXPH KRUDLUH 7XQLVOHGpFHPEUH
KHEGRPDGDLUH JOREDO UpVHUYp SRXU O
HQVHPEOH GHV /H0LQLVWUHGHO
(QVHLJQHPHQW6XSpULHXUGHOD
HQVHLJQHPHQWVIL[pVFLGHVVXVjFRQFXUUHQFHGHWUHQWHWURLV 5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH
  KHXUHV HQ SUHPLqUH DQQpH HW WUHQWH TXDWUH   KHXUHV 6DGRN&KDkEDQH
HQGHX[LqPHDQQpH /H0LQLVWUHGHO
$JULFXOWXUH
$UW  ± $YDQW OH GpEXW GH FKDTXHDQQpHXQLYHUVLWDLUH GHO
(QYLURQQHPHQWHWGHV5HVVRXUFHV
OHV pWDEOLVVHPHQWV KDELOLWpV j RUJDQLVHU OHV F\FOHV +\GUDXOLTXHV
SUpSDUDWRLUHV DX[ pWXGHV G
LQJpQLHXU UHQGHQW SXEOLF OH 0RKDPHG+DELE+DGGDG
FRQWHQX GHV SURJUDPPHV G
HQVHLJQHPHQW GH FKDFXQH GHV 9X
PDWLqUHVIL[pHVDX[DUWLFOHVHWGXSUpVHQWDUUrWp /H3UHPLHU0LQLVWUH
&+$3,75(,, 0RKDPHG*KDQQRXFKL
'XUpJLPHGHVH[DPHQV 
$UW  ± /HV DSWLWXGHV GHV pWXGLDQWV GHV F\FOHV $UUrWpGXPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGH
SUpSDUDWRLUHV HW OHXU DFTXLVLWLRQ GHV FRQQDLVVDQFHV VRQW ODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHGX
GpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH
FRQWU{OpHV GXUDQW FKDTXH WULPHVWUH GH IDoRQ UpJXOLqUH HW
FRQWLQXH /HPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKH
VFLHQWLILTXHHWGHODWHFKQRORJLH
$UW  ± 3RXU FKDFXQH GHV PDWLqUHV HQVHLJQpHV LO HVW
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
RUJDQLVpDXPRLQVXQWHVWGHFRQWU{OHXQGHYRLUVXUYHLOOp JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW
HWXQHLQWHUURJDWLRQRUDOHSDUWULPHVWUHDLQVLTX
XQH[DPHQ GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
GHILQGHWULPHVWUH HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW
/HV HQVHLJQHPHQWV SUDWLTXHV VRQW pYDOXpV VXU OD EDVH QRWDPPHQWODORLQƒGXGpFHPEUH
G
XQFRQWU{OHFRQWLQX 9X OH GpFUHW Qƒ  GX  MXLQ  DXWRULVDQW OHV
$UW  ± $ OD ILQ GH FKDTXH WULPHVWUH OD PR\HQQH GH PLQLVWUHVHWVHFUpWDLUHVG
(WDWjGpOpJXHUOHXUVLJQDWXUH
FKDTXHpWXGLDQWSRXUFKDFXQHGHVPDWLqUHVHQVHLJQpHVHVW 9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW
FDOFXOpH VXU OD EDVH GHV QRWHV REWHQXHV DX[ GLIIpUHQWHV QRPLQDWLRQGHVPHPEUHVGXJRXYHUQHPHQW
pSUHXYHV pFULWHV SUDWLTXHVHWRUDOHVVHORQOHVSRXUFHQWDJHV 9XOHGpFUHWQƒGXQRYHPEUHFKDUJHDQW
GHSRQGpUDWLRQVXLYDQWHV 0RQVLHXU6DwG%KLUDDVVLVWDQWGHO
HQVHLJQHPHQWVXSpULHXUGHV
D 3RXU OHV PDWLqUHV GLVSHQVpHV VRXV IRUPH GH FRXUV IRQFWLRQV GH GLUHFWHXU JpQpUDO GH O
RIILFH GHV °XYUHV
WUDYDX[GLULJpVHWWUDYDX[SUDWLTXHVRXVRXVIRUPHGHFRXUV XQLYHUVLWDLUHVSRXUOH1RUGjFRPSWHUGXRFWREUH
HWWUDYDX[SUDWLTXHV $UUrWH
WHVWVGHFRQWU{OHHWRUDO $UWLFOH SUHPLHU  &RQIRUPpPHQW DX[ GLVSRVLWLRQV GX
SDUDJUDSKHGHO
DUWLFOHSUHPLHUGXGpFUHWVXVYLVpQƒ
GHYRLUVVXUYHLOOpV GX  MXLQ  0RQVLHXU 6DwG %KLUD DVVLVWDQW GH
WUDYDX[SUDWLTXHV O
HQVHLJQHPHQW VXSpULHXU FKDUJp GHV IRQFWLRQV GH GLUHFWHXU
H[DPHQVGHILQGHWULPHVWUH JpQpUDOGHO
RIILFHGHV°XYUHVXQLYHUVLWDLUHVSRXUOH1RUGHVW
DXWRULVpjVLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHO
HQVHLJQHPHQW
E 3RXU OHV PDWLqUHV GLVSHQVpHV VRXV IRUPH GH FRXUV HW VXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHWRXV
WUDYDX[GLULJpVRXVRXVIRUPHGHFRXUV OHVDFWHVHQWUDQWGDQVOHFDGUHGHVHVDWWULEXWLRQVjO
H[FHSWLRQ
WHVWVGHFRQWU{OHHWRUDO GHVDFWHVjFDUDFWqUHUpJOHPHQWDLUH
GHYRLUVVXUYHLOOpV $UW   /H SUpVHQW DUUrWp SUHQG HIIHW j FRPSWHU GX 
RFWREUH  HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
H[DPHQVGHILQGHWULPHVWUH 5pSXEOLTXH7XQLVLHQQH
F 3RXU OHV PDWLqUHV GLVSHQVpHV VRXV IRUPH GH WUDYDX[ 7XQLVOHGpFHPEUH
SUDWLTXHV
/H0LQLVWUHGHO
(QVHLJQHPHQW6XSpULHXUGHOD
FRQWU{OHFRQWLQX 5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH
$UW  ± ,O HVW FDOFXOp SRXU FKDTXH pWXGLDQW XQH 6DGRN&KDkEDQH
PR\HQQHWULPHVWULHOOHVXUODEDVHGHVFRHIILFLHQWVIL[pVSRXU 9X
FKDTXHILOLqUHDX[DUWLFOHVHWGXSUpVHQWDUUrWp /H3UHPLHU0LQLVWUH
$UW±/DPR\HQQHDQQXHOOHSRXUFKDFXQHGHVGHX[ 0RKDPHG*KDQQRXFKL
DQQpHVGHIRUPDWLRQHVWFDOFXOpHHQDIIHFWDQWDX[PR\HQQHV 
WULPHVWULHOOHV GHV GHX[LqPH HW WURLVLqPH WULPHVWUHV XQ
$UUrWp GX PLQLVWUH GH O
HQVHLJQHPHQW VXSpULHXU GH
FRHIILFLHQW GH SRQGpUDWLRQ GRXEOH GH FHOXL DIIHFWp j OD ODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLHGX
PR\HQQHGXSUHPLHUWULPHVWUH GpFHPEUHSRUWDQWGpOpJDWLRQGHVLJQDWXUH
$UW±/HFRQVHLOGHFODVVHGpFLGHHQIRQFWLRQGHOD /HPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKH
PR\HQQH DQQXHOOH HW GHV DSWLWXGHV GH O
pWXGLDQW HQ FRXUV VFLHQWLILTXHHWGHODWHFKQRORJLH
G
DQQpHGXSDVVDJHGHODSUHPLqUHjODGHX[LqPHDQQpHGX 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
F\FOHSUpSDUDWRLUH JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI 9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW
HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW QRPLQDWLRQGHVPHPEUHVGHJRXYHUQHPHQW
QRWDPPHQWODORLQƒGXGpFHPEUH
9X OH GpFUHW Qƒ  GX  RFWREUH 
9X OH GpFUHW Qƒ  GX  MXLQ  DXWRULVDQW OHV FKDUJHDQW 0RQVLHXU 0RKDPHG $OL +DP]D SURIHVVHXU GH
PLQLVWUHVHWVHFUpWDLUHVG
(WDWjGpOpJXHUOHXUVLJQDWXUH O
HQVHLJQHPHQW VXSpULHXU GHV IRQFWLRQV GH SUpVLGHQW GH
9X OH GpFUHWQƒGXGpFHPEUHSRUWDQW O
XQLYHUVLWpGXFHQWUHjFRPSWHUGXVHSWHPEUH
RUJDQLVDWLRQ GHV XQLYHUVLWpV HW GHV pWDEOLVVHPHQWV
G
HQVHLJQHPHQW VXSpULHXU HW GH UHFKHUFKH VFLHQWLILTXH $UUrWH
HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILp HW FRPSOpWp HW $UWLFOH SUHPLHU  &RQIRUPpPHQW DX[ GLVSRVLWLRQV GH
QRWDPPHQWOHGpFUHWQƒGXMDQYLHU O
DUWLFOH  QRXYHDX  GH OD ORL Qƒ  GX  MXLOOHW 
9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW UHODWLYH j O
HQVHLJQHPHQW VXSpULHXU HW j OD UHFKHUFKH
QRPLQDWLRQGHVPHPEUHVGHJRXYHUQHPHQW VFLHQWLILTXHWHOOHTXHPRGLILpHHWFRPSOpWpHSDUODORL
9X OH GpFUHW Qƒ  GX  RFWREUH  Qƒ  GX  MXLOOHW  0RQVLHXU 0RKDPHG $OL
FKDUJHDQW 0RQVLHXU 0RKDPHG $OL +DP]D SURIHVVHXU GH +DP]D SURIHVVHXU GH O
HQVHLJQHPHQW VXSpULHXU FKDUJp GHV
O
HQVHLJQHPHQW VXSpULHXU GHV IRQFWLRQV GH SUpVLGHQW GH IRQFWLRQVGHSUpVLGHQWGHO
XQLYHUVLWpGXFHQWUHHVWDXWRULVpj
O
XQLYHUVLWpGXFHQWUHjFRPSWHUGXVHSWHPEUH VLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXU
$UUrWH GH OD UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH OHV DUUrWpV
$UWLFOH SUHPLHU  &RQIRUPpPHQW DX[ GLVSRVLWLRQV GX UHODWLIV DX[ VDQFWLRQV GLVFLSOLQDLUHV GX SUHPLHU GHJUp
SDUDJUDSKHGHO
DUWLFOHSUHPLHUGXGpFUHWVXVYLVpQƒ FRQFHUQDQWOHSHUVRQQHOG
HQVHLJQHPHQWHWGHUHFKHUFKH
GX  MXLQ  0RQVLHXU 0RKDPHG $OL +DP]D
SURIHVVHXU GH O
HQVHLJQHPHQW VXSpULHXU FKDUJp GHV $UW   /H SUpVHQW DUUrWp SUHQG HIIHW j FRPSWHU GX 
IRQFWLRQVGHSUpVLGHQWGHO
XQLYHUVLWpGXFHQWUHHVWDXWRULVp VHSWHPEUH  HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD
j VLJQHU SDU GpOpJDWLRQ GX PLQLVWUH GH O
HQVHLJQHPHQW 5pSXEOLTXH7XQLVLHQQH
VXSpULHXUGHODUHFKHUFKHVFLHQWLILTXHHWGHODWHFKQRORJLH 7XQLVOHGpFHPEUH
 OHV RUGUHV GHV PLVVLRQV HIIHFWXpHV SDU OHV HQVHLJQDQWV /H0LQLVWUHGHO
(QVHLJQHPHQW6XSpULHXUGHOD
FKHUFKHXUV UHOHYDQW GHV XQLYHUVLWpV DLQVL TXH OH SHUVRQQHO 5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH
DGPLQLVWUDWLI HW WHFKQLTXH j O
H[FHSWLRQ GHV GR\HQV HW GHV 6DGRN&KDkEDQH
GLUHFWHXUV GHV pWDEOLVVHPHQWV G
HQVHLJQHPHQW VXSpULHXU HW
GHUHFKHUFKH 9X
OHVGpFLVLRQVG
RFWURLGHVVXEYHQWLRQVGHUHFKHUFKHDX /H3UHPLHU0LQLVWUH
SURILWGHVHQVHLJQDQWVFKHUFKHXUV 0RKDPHG*KDQQRXFKL
 OHV GpFLVLRQV G
RFWURL GHV VXEYHQWLRQV j GLYHUVHV 
RUJDQLVDWLRQV 
OHVPpPRLUHVGHUpJXODULVDWLRQGHVRUGUHVGHPLVVLRQ
$UW   /H SUpVHQW DUUrWp SUHQG HIIHW j FRPSWHU GX  0,1,67(5('87285,60('8
VHSWHPEUH  HW VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD &200(5&((7'(/
$57,6$1$7
5pSXEOLTXH7XQLVLHQQH

7XQLVOHGpFHPEUH $UUrWp GX PLQLVWUH GX WRXULVPH GX FRPPHUFH HW
/H0LQLVWUHGHO
(QVHLJQHPHQW6XSpULHXUGHOD GH O
DUWLVDQDW GX  GpFHPEUH  UHODWLI j OD
5HFKHUFKH6FLHQWLILTXHHWGHOD7HFKQRORJLH IL[DWLRQ GH OD GXUpH PD[LPDOH GH O
RUJDQLVDWLRQ
GHV MHX[ SURPRWLRQQHOV HW OD YDOHXU PD[LPDOH GX
6DGRN&KDkEDQH ORWDFFRUGp
9X
/HPLQLVWUHGXWRXULVPHGXFRPPHUFHHWGHO
DUWLVDQDW
/H3UHPLHU0LQLVWUH 9XODORLQƒGXMXLOOHWUHODWLYHDX[MHX[
0RKDPHG*KDQQRXFKL SURPRWLRQQHOVHWQRWDPPHQWVRQDUWLFOH
 $UUrWH
$UUrWpGXPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGH $UWLFOH SUHPLHU  /D GXUpH PD[LPDOH GH O
RUJDQLVDWLRQ
OD UHFKHUFKH VFLHQWLILTXH HW GH OD WHFKQRORJLH GX GXMHXSURPRWLRQQHOHVWIL[pHjTXDWUHYLQWGL[MRXUV
MRXUV 
 GpFHPEUH  SRUWDQW GpOpJDWLRQ GH
VLJQDWXUH $UW/DYDOHXUPD[LPDOHGXORWjDWWULEXHUHVWIL[pHj
TXLQ]HPLOOHGLQDUV G WRXWHVWD[HVFRPSULVHV
/HPLQLVWUHGHO
HQVHLJQHPHQWVXSpULHXUGHODUHFKHUFKH
$XFDVROHVORWVDFFRUGpVVRQWVRXVIRUPHGHSURGXLWV
VFLHQWLILTXHHWGHODWHFKQRORJLH OHXU YDOHXU HVW IL[pH SDU UpIpUHQFH DX SUL[ GH YHQWH SXEOLF
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW GHVSURGXLWVVLPLODLUHV
JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW $UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI GHOD5pSXEOLTXH7XQLVLHQQH
HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW 7XQLVOHGpFHPEUH
QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH  HW /H0LQLVWUHGX7RXULVPH
QRWDPPHQWVRQDUWLFOH QRXYHDX  GX&RPPHUFHHWGHO
$UWLVDQDW
9X OD ORL Qƒ  GX  MXLOOHW  UHODWLYH j 0RQGKHU=HQDwGL
O
HQVHLJQHPHQWVXSpULHXUHWjODUHFKHUFKHVFLHQWLILTXHWHOOH 9X
TXH PRGLILpH HW FRPSOpWpH SDU OD ORL Qƒ  GX  /H3UHPLHU0LQLVWUH
MXLOOHWHWQRWDPPHQWVRQDUWLFOH QRXYHDX  0RKDPHG*KDQQRXFKL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


0,1,67(5('(/$-867,&( 0,1,67(5('(/
('8&$7,21(7'(
(7'(6'52,76'(/
+200( /$)250$7,21
 
$775,%87,21'(/$1$7,21$/,7(781,6,(11( 0$,17,(1(1$&7,9,7(
3DUGpFUHWQƒGXGpFHPEUH 3DUGpFUHWQƒGXGpFHPEUH
/D QDWLRQDOLWp WXQLVLHQQH HVW DWWULEXpH SDU YRLH GH 0RQVLHXU $EGHVVDOHP 'LPDVVL SURIHVVHXU KRUV FODVVH
QDWXUDOLVDWLRQj0RQVLHXUHW0DGDPH GH O
HQVHLJQHPHQW FKDUJp GH PLVVLRQ DX PLQLVWqUH GH
O
pGXFDWLRQHWGHODIRUPDWLRQHVWPDLQWHQXHQDFWLYLWpSRXU
1HPHFHNMRKDQQ.DUO%HQ-RKDQQ)UDQ]Qpj9LHQQHOH XQHGHX[LqPHDQQpHjFRPSWHUGXHUPDUV
GpFHPEUH 
0LORYDQRYLH1DGH]GD%HQW$OHNVDQGHUQpHj%HRJUDG
OHQRYHPEUH 0,1,67(5('(6'20$,1(6'(/
(7$7

 (7'(6$))$,5(6)21&,(5(6
$UUrWp GX PLQLVWUH GH OD MXVWLFH HW GX GURLW GH 
O¶+RPPH GX  GpFHPEUH  UHODWLI j 'pFUHW Qƒ  GX  GpFHPEUH  SRUWDQW
O
LPPDWULFXODWLRQIRQFLqUHREOLJDWRLUH H[SURSULDWLRQ SRXU FDXVH G
XWLOLWp SXEOLTXH GH
/HPLQLVWUHGHODMXVWLFHHWGXGURLWGHO
+RPPH SDUFHOOHVGHWHUUHVLVHVDX[GpOpJDWLRQVGH0HQ]HO
7HPLPH HW +DRXDULD JRXYHUQRUDW GH 1DEHXO HW
9X OH GpFUHWORL Qƒ  GX  IpYULHU  UHODWLI j QpFHVVDLUHV j OD FRQVWUXFWLRQ G
XQ EDUUDJH
O
LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH WHO TXH PRGLILp HW FROOLQDLUHVXU2XHG$NUDQ
FRPSOpWpSDUODORLQƒGXPDLHWQRWDPPHQW /H3UpVLGHQWGHOD5pSXEOLTXH
VRQDUWLFOH QRXYHDX 
6XU SURSRVLWLRQ GX PLQLVWUH GHV GRPDLQHV GH O
(WDW HW
$UUrWH GHVDIIDLUHVIRQFLqUHV
$UWLFOHXQLTXH,OVHUDSURFpGpjFRPSWHUGXHUPDUV 9X OD ORL Qƒ  GX  DR€W  SRUWDQW UHIRQWH GH OD
 SDU O
LPPDWULFXODWLRQ IRQFLqUH REOLJDWRLUH DX OpJLVODWLRQUHODWLYHjO
H[SURSULDWLRQSRXUFDXVHG
XWLOLWpSXEOLTXH
UHFHQVHPHQW FDGDVWUDO GH WRXV OHV LPPHXEOHV QRQ 9X O
DYLV GHV PLQLVWUHV GH O
LQWpULHXU HW GX
LPPDWULFXOpV HW QRQ EkWLV VLV GDQV O
LPDGDW GH ©'RXDUDª GpYHORSSHPHQWORFDOHWGHO
DJULFXOWXUHGHO
HQYLURQQHPHQW
GpOpJDWLRQGH2P(O$UwDHVJRXYHUQRUDWGH*DIVD HWGHVUHVVRXUFHVK\GUDXOLTXHV
7XQLVOHGpFHPEUH 'pFUqWH
$UWLFOH SUHPLHU ± 6RQW H[SURSULpHV SRXU FDXVH G
XWLOLWp
/H0LQLVWUHGHOD-XVWLFHHWGHV SXEOLTXHDXSURILWGHO
(WDWHQYXHG
rWUHLQFRUSRUpHVDXGRPDLQH
'URLWVGHO
+RPPH SXEOLFK\GUDXOLTXHSRXUrWUHPLVHVjODGLVSRVLWLRQGXPLQLVWqUH
%pFKLU7HNDUL
GHO
DJULFXOWXUHGHO
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV
GHV SDUFHOOHV GH WHUUH DJULFROH VLVHV DX[ GpOpJDWLRQV GH 0HQ]HO
9X 7HPLPH HW +DRXDULD JRXYHUQRUDW GH 1DEHXO QpFHVVDLUHV j OD
/H3UHPLHU0LQLVWUH FRQVWUXFWLRQG
XQEDUUDJHFROOLQDLUHVXU2XHG$NUDQHQWRXUpHVHQ
OLVHUpVYHUWMDXQHURXJHQRLUYLROHWRUDQJHUPDUURQHWEOHXVXU
0RKDPHG*KDQQRXFKL OHSODQDQQH[pDXSUpVHQWGpFUHWHWLQGLTXpHVDXWDEOHDXFLDSUqV



3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH
3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


















































1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UW  ± 6RQW pJDOHPHQW H[SURSULpV WRXV OHV GURLWV /
DPpQDJHPHQWGHVIRUrWVQDWXUHOOHVHWDUWLILFLHOOHV
PRELOLHUV HW LPPRELOLHUV TXL JUqYHQW RX SRXUUDLHQW JUHYHU /
LQYHQWDLUHV\OYRSDVWRUDO
OHVGLWHVSDUFHOOHV /HVSURMHWVIRUHVWLHUVLQWpJUpV
$UW±/DSUpVHQWHH[SURSULDWLRQHVWGpFODUpHXUJHQWH /HVSURMHWVG
DPpOLRUDWLRQGHVSDUFRXUVQDWXUHOV
$UW±/HVPLQLVWUHVGHO
LQWpULHXUHWGXGpYHORSSHPHQW /
DPpQDJHPHQWGHVSDUFRXUVQDWXUHOVHWDPpQDJpV
ORFDO GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV
/DVWUDWpJLHGHOXWWHFRQWUHODGpVHUWLILFDWLRQ
K\GUDXOLTXHVHWGHVGRPDLQHVGHO
(WDWHWGHVDIIDLUHVIRQFLqUHV
VRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQHGHO
H[pFXWLRQGX x /
pFRQRPLH IRUHVWLqUH HW O
H[SORLWDWLRQ GHV UHVVRXUFHV
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD IRUHVWLqUHV
5pSXEOLTXH7XQLVLHQQH x/DOpJLVODWLRQIRUHVWLqUH
7XQLVOHGpFHPEUH x /D SURWHFWLRQ GHV IRUHWV FRQWUH OHV LQFHQGLHV HW OHV
=LQH(O$ELGLQH%HQ$OL UDYDJHXUV
 x/HVUpVHUYHVQDWXUHOOHVHWOHVMDUGLQVSXEOLFV
$UUrWp GX PLQLVWUH GHV GRPDLQHV GH O
(WDW HW GHV x/HVUpJLRQVKXPLGHV
DIIDLUHV IRQFLqUHV GX  GpFHPEUH  PRGLILDQW x /D WpOpGpWHFWLRQ HW OHV V\VWqPHV G
 LQIRUPDWLRQ
HW FRPSOpWDQW O
DUUrWp GX PLQLVWUH GHV GRPDLQHV JpRJUDSKLTXHV 6,* 
GH O
(WDW HW GHV DIIDLUHV IRQFLqUHV GX  RFWREUH x/HVEULVHVYHQWW\SHVFDUDFWpULVWLTXHVHWPRGDOLWpVGH
 IL[DQW OHV PRGDOLWpV G
RUJDQLVDWLRQ GX SURWHFWLRQGHVFXOWXUHV
FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH
UHFUXWHPHQW G
LQJpQLHXUV SULQFLSDX[ DX PLQLVWqUH 6SpFLDOLWp5HVVRXUFHVHQHDX
GHVGRPDLQHVGHO
(WDWHWGHVDIIDLUHVIRQFLqUHV 2SWLRQ+\GURORJLH
/H PLQLVWUH GHV GRPDLQHV GH O
(WDW HW GHV DIIDLUHV OHVFDUDFWpULVWLTXHVSK\VLTXHVGXEDVVLQYHUVDQWG
XQ
IRQFLqUHV FRXUVG
HDX
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW 'LPHQVLRQVHWIRUPH
JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW 5HOLHI
GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI (WXGHGHODSOXYLRPpWULH
HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW
QRWDPPHQWODORLQƒGXGpFHPEUH D0HVXUH
9X OH GpFUHW Qƒ  GX  VHSWHPEUH  SRUWDQW $SSDUHLOVGHPHVXUHHWG
HQUHJLVWUHPHQW
GLVSRVLWLRQVGpURJDWRLUHVSRXUODSDUWLFLSDWLRQDX[FRQFRXUV &RQGLWLRQVG
LQVWDOODWLRQGHVSRVWHVSOXYLRPpWULTXHV
GHUHFUXWHPHQWjWLWUHG
H[WHUQHWHOTX
LODpWpFRPSOpWpSDU 0pWKRGRORJLHGHPHVXUH
OHGpFUHWQƒGXDR€W E,QWHUSUpWDWLRQGHVPHVXUHV
9XOHGpFUHWQƒGXDYULOIL[DQWOHVWDWXW &RQWU{OHGHVGRQQpHV
SDUWLFXOLHU DX FRUSV FRPPXQ GHV LQJpQLHXUV GHV
$QDO\VHGHVGRQQpHV
DGPLQLVWUDWLRQV SXEOLTXHV WHO TX
LO D pWp PRGLILp HW
FRPSOpWpSDUOHGpFUHWQƒGXHUDR€W &DOFXOGHODSOXYLRPpWULHPR\HQQHHQXQHVWDWLRQ
9X O
DUUrWp GX PLQLVWUH GHV GRPDLQHV GH O
(WDW HW GHV x0R\HQQHVPHQVXHOOHVHWVDLVRQQLqUHV
DIIDLUHV IRQFLqUHV GX  RFWREUH  IL[DQW OHV PRGDOLWpV x0R\HQQHVDQQXHOOHVHWLQWHUDQQXHOOHV
G
RUJDQLVDWLRQ GX FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH &DOFXO GH OD SOXYLRPpWULH PR\HQQH VXU XQ EDVVLQ
UHFUXWHPHQW G
LQJpQLHXUV SULQFLSDX[ DX PLQLVWqUH GHV YHUVDQW
GRPDLQHVGHO
(WDWHWGHVDIIDLUHVIRQFLqUHV
'LIIpUHQWHV PpWKRGHV GH FDOFXO GH O
LQWHQVLWp G
XQH
$UUrWH DYHUVH
$UWLFOH SUHPLHU  6RQW DMRXWpHV j O
DQQH[H UHODWLYH DX 7UDFpG
XQK\VWRJUDPPH
SURJUDPPH GX FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH
UHFUXWHPHQW G
LQJpQLHXUV SULQFLSDX[ DX PLQLVWqUH GHV &$QDO\VHVVWDWLVWLTXHV
GRPDLQHV GH O
(WDW HW GHV DIIDLUHV IRQFLqUHV DQQH[pH j x $MXVWHPHQW GHV ORLV VWDWLVWLTXHV DX[ VpULHV
O
DUUrWp GX PLQLVWqUH GHV GRPDLQHV GH O
(WDW HW GHV DIIDLUHV SOXYLRPpWULTXHV
IRQFLqUHV GX  RFWREUH  VXVYLVp OHV VSpFLDOLWpV ,QWHUSUpWDWLRQGHVUpVXOWDWVGHVDMXVWHPHQWV
VXLYDQWHV &RXUEHVLQWHQVLWpGXUpHIUpTXHQFH
9*pQLHDJULFROH /
K\GURpWULH
6SpFLDOLWp)RUrWV D/DOLPQLPpWULH
/HUHERLVHPHQWIRUHVWLHU x /HV VWDWLRQV K\GUDXOLTXHV pTXLSHPHQW FKRL[ GHV
/DFUpDWLRQGHVSpSLQLqUHVIRUHVWLqUHV VWDWLRQV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


x0HVXUHVGHODOLPQLPpWULHG
XQFRXUVG
HDX /HVLVRWRSHVUDGLRDFWLIVHWO
kJHGHVHDX[
x0HVXUHVGLUHFWHVHWHQUHJLVWUpHVDSSDUHLOVGHPHVXUHV +\GURG\QDPLTXHGHVHDX[VRXWHUUDLQHV
FDUDFWpULVWLTXHVHWSULQFLSHVGHIRQFWLRQQHPHQW +\GURG\QDPLTXHGHVPLOLHX[FRQWLQXV
%0HVXUHGHVGpELWVGHVFRXUVG
HDX
+\GURG\QDPLTXHGHVPLOLHX[ILVVXUHV
'LIIpUHQWVSURFpGpVXWLOLVpVSRXUODPHVXUHGHVGpELWVj
3RPSDJHVG
HVVDLFRQGLWLRQVHWDQDO\VH
SDUWLU GHVYLWHVVHV$XWUHVSURFpGpVXWLOLVpVSRXUODPHVXUH
GHV GpELWV FDSDFLWp FKLPLTXH FRXUEHV G
pWDORQQDJH GHV /RLGXWDULVVHPHQWHQPLOLHX[SRUHX[HWILVVXUpV
VWDWLRQVK\GURPpWULTXHV ([SORUDWLRQHWPRELOLVDWLRQGHVHDX[VRXWHUUDLQHV
F,QWHUSUpWDWLRQGHVGRQQpHVK\GURORJLTXHV ([SORUDWLRQJpRSK\VLTXH
'pELWVPR\HQVMRXUQDOLHUVPHQVXHOVHWDQQXHOV &DUWHVJpRSK\VLTXHV
$SSRUWV pWDJHHWFUXH  7HFKQLTXHVGXVRQGDJHK\GUDXOLTXH
/HVVWDWLRQVK\GURPpWULTXHVFKRL[GHVVWDWLRQV x'pYHORSSHPHQWGHVIRUDJHV
/DPHG
HDXpFRXOpHSDUUDSSRUWDXEDVVLQYHUVDQW x&RPSOpWLRQGHVIRUDJHV
&RHIILFLHQWG
pFRXOHPHQW &DSWDJHGHVSXLWVHWGHVVRXUFHV
'pILFLWG
pFRXOHPHQW &DURWWDJHpOHFWULTXH
0R\HQQHG
pFRXOHPHQW
0pWKRGHVG
pYDOXDWLRQGHVUHVVRXUFHVHQHDX
G(WXGHVGHVFUXHV  ,QYHQWDLUH GHV SRLQWV G
HDX HW VWDWLVWLTXHV
x+\GURJUDPPH K\GURJpRORJLTXHV
x6pSDUDWLRQGHVpFRXOHPHQWV 5pVHDX[GHVXUYHLOODQFHK\GURJpRORJLTXH
H$QDO\VHVVWDWLVWLTXHV 0pWKRGHVG
pYDOXDWLRQGHVUHVVRXUFHHQHDX
$MXVWHPHQW GHV ORLV VWDWLVWLTXHV DX[ GRQQpHV (YDOXDWLRQGHO
H[SORLWDWLRQGHVQDSSHV
K\GURORJLTXHV &DUWHVGHVUHVVRXUFHVHQHDX
,QWHUSUpWDWLRQGHVUpVXOWDWVGHVDMXVWHPHQWV /HVPpWKRGHVQXPpULTXHV
&DOFXOGHVGpELWVFDUDFWpULVWLTXHV 6SpFLDOLWp3pGRORJLH
&RUUpODWLRQVK\GURSOXYLRPpWULTXHV )DFWHXUVGHSpGRJpQqVH
/DPRGpOLVDWLRQGHVSDUDPqWUHVK\GURORJLTXHV 2UJDQLVDWLRQGHVVROV
/
DSSRUWGHO
LQIRUPDWLTXHjO
K\GURORJLH x'pILQLWLRQ
3ULQFLSHVJpQpUDX[GHODPRGpOLVDWLRQ x'LIIpUHQWHVpFKHOOHVG
RUJDQLVDWLRQ
'LIIpUHQWVW\SHVGHPRGqOHVHQK\GURORJLH 6ROGH7XQLVLHVSpFLDOLWpJpRORJLTXHHWELRFOLPDWLTXH
x&DUDFWpULVWLTXHVGHVVROV
/
LQWHUSUpWDWLRQGHVUpVXOWDWVGHVPRGqOHV
x6\VWqPHVGHFODVVLILFDWLRQ
/
K\GURORJLHWXQLVLHQQH
x/HVJUDQGHVXQLWpV
/HUpVHDXK\GURJUDSKLTXHWXQLVLHQ
0LFURELRORJLHGHVVROV
/HVSUpFLSLWDWLRQVHQ7XQLVLH
&\FOHGHO
D]RWH
/HVUpJLPHVK\GURORJLTXHVWXQLVLHQV
)L[DWLRQV\PELRWLTXHGHO
D]RWH
/DVWUDWpJLHQDWLRQDOHGHGpYHORSSHPHQWGHVUHVVRXUFHV
HQHDX x'pILQLWLRQ
x0LFURRUJDQLVPHVIL[DWHXUVG
D]RWH
2SWLRQ+\GURJpRORJLH
x(WDSHVGHIL[DWLRQ
/HVFDUDFWpULVWLTXHVGXPLOLHXQDWXUHOGHVDTXLIqUHV
&KLPLH
*pRORJLHJpQpUDOHHWDSSOLTXpH
D 5DGLRFKLPLH
*pRORJLHGHOD7XQLVLH
x,VRWRSHVVWDEOHVHWLVRWRSHVUDGLRDFWLIV
3ULQFLSHVJpRORJLTXHVHWK\GURORJLTXHV x'pILQLWLRQ
&\FOHGHO
HDXGDQVODQDWXUH x8QLWpLQVWUXPHQWV
&DUDFWpULVWLTXHVGHVEDVVLQVK\GURORJLTXHVHQ7XQLVLH x $SSOLFDWLRQV GHV WHFKQLTXHV LVRWRSLTXHV HQ
 5pSDUWLWLRQ GHV UHVVRXUFHV HQ HDX HW OHXUV IHUWLOLVDWLRQ D]RWHSKRVSKRUH 
FDUDFWpULVWLTXHV E &KLPLHGXVRO
&DUDFWpULVWLTXHVK\GURORJLTXHV x 6DWXUH  VHV HIIHWV VXU OH VRO VXU OD YpJpWDWLRQ HW
'LIIpUHQWVW\SHVGHVVRXUFHVHWpPHUJHQFHVjOLJQH PRGDOLWpGHVXLYL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


x 6DOXUH QLYHDX G
DFLGLWp FDOFDLUH HW pOpPHQWV GH EDVH  /D FROOHFWH HW O
DQDO\VH GHV GRQQpHV VRFLR
GHODQXWULWLRQGHODYpJpWDWLRQ pFRQRPLTXHVUHODWLYHVDX[SURMHWV&(6
3K\VLTXHGXVROHDXHWVRO $PpQDJHPHQWGHVEDVVLQVYHUVDQWV
D  /DWH[WXUH 7HFKQLTXHGH&(6XWLOLVpHVHQ7XQLVLH
x$QDO\VHJUDQXORPpWULTXH /
pODERUDWLRQ GHV SURMHWV G
DPpQDJHPHQW GHV EDVVLQV
x3ULQFLSH YHUVDQWVSDUOHELDLVGHVWUDYDX[GH&(6
x([SUHVVLRQGHVUpVXOWDWV /HVDPpQDJHPHQWVDJURSDVWRUDX[GHVEDVVLQVYHUVDQWV
x,QWHUSUpWDWLRQGHO
DQDO\VHJUDQXORPpWULTXH 6SpFLDOLWp*pQLHUXUDO
/
pFRXOHPHQWGDQVOHVFDQDOLVDWLRQVHQFKDUJH
E 6WUXFWXUHHWFRPSRVLWLRQ
/HVpFRXOHPHQWVjVXUIDFHOLEUH
x'pILQLWLRQ /
K\GUDXOLTXHVRXWHUUDLQH
x0pFDQLVPHGHVWUXFWXUDWLRQ
/HV SRPSHV FHQWULIXJHV HW D[LDOHV  FDUDFWpULVWLTXHV
x'\QDPLTXHGHODVWUXFWXUH JpQpUDOHVHWWHFKQRORJLHV
x'pJUDGDWLRQGHODVWUXFWXUH PpFDQLVPHV  /HV SKpQRPqQHV WUDQVLWRLUHV HW OD SURWHFWLRQ GHV
LQVWDOODWLRQVK\GUDXOLTXHV
x1RWLRQGHODVWDELOLWpVWUXFWXUDOH
/HFDSWDJHO
DGGXFWLRQHWODGLVWULEXWLRQGHO
HDXSRWDEOH
x$PpOLRUDWLRQGHODVWUXFWXUH HQPLOLHXUXUDO
F '\QDPLTXHGHO
HDXGDQVOHVRO /
RSWLPLVDWLRQ GHV UpVHDX[ FROOHFWLIV G
LUULJDWLRQ VRXV
xH[SUHVVLRQGHO
KXPLGLWp SUHVVLRQ
x/HSURILOK\GULTXH /D UHODWLRQ HDXVRO SODQWH OHV SDUDPqWUHV HW OH SLORWDJH
GHO
LUULJDWLRQ/HVPpWKRGHVG
LUULJDWLRQ
 +XPLGLWp FDUDFWpULVWLTXH GX VRO  QRWLRQ GH UpVHUYH
K\GULTXH /
DVVDLQLVVHPHQWHWOHGUDLQDJHGHVWHUUHVDJULFROHV
/DJHVWLRQGHVV\VWqPHVK\GUDXOLTXHV
x1RWLRQGHSRWHQWLHO
/HVSULQFLSHVGHFRQFHSWLRQGHVFRQVWUXFWLRQVUXUDOHV
x5HODWLRQKXPLGLWpSRWHQWLHO
/
HIILFDFLWp GH O
LUULJDWLRQ DX QLYHDX GX UpVHDX HW GX
0LQpUDORJLHHWJpRORJLH FKDPSV
0pWKRGHVGHGpWHUPLQDWLRQGHVPLQpUDX[ 7RSRJUDSKLHJpQpUDOH
x3ULQFLSHGHODPpWKRGH x /H OHYp WRSRJUDSKLTXH  SUpSDUDWLRQ HW H[pFXWLRQ
x$SSDUHLOODJHHWPRGHVGHFDOFXO GLIIpUHQWVLQVWUXPHQWVXWLOLVpV
3K\ORVLOLFDWHV GpILQLWLRQW\SHV  x /H QLYHOOHPHQW  GLIIpUHQWV W\SHV HW SUpFLVLRQ GH
/DIHUWLOLVDWLRQ FKDFXQG
HQWUHHX[LQVWUXPHQWVXWLOLVpV
2EMHFWLIV &DUWRJUDSKLH
3ULQFLSHVIRQGDPHQWDX[GHODIHUWLOLVDWLRQHQ7XQLVLH 3KRWRJUDSKLHDpULHQQH
%DVHV GH FDOFXO GH OD IHUWLOLVDWLRQ HW FKRL[ GHV IXPXUHV x3KRWRLQWHUSUpWDWLRQ
HQIRQFWLRQGHVVROV x9LVLRQVWpUpRVFRSLTXHSULQFLSH
&DUWRJUDSKLHGHVVROV x0R\HQVG
H[DPHQGHVSKRWRJUDSKLHVDpULHQQHV
/HVOHYpHVGHWHUUDLQSURILOVGHVFULSWLIVSURILOVW\SHV
3KRWRJUDSKLHDpULHQQH
6SpFLDOLWp0DFKLQLVPHDJULFROH
xSKRWRLQWHUSUpWDWLRQ
/HV WUDFWHXUV DJULFROHV  OH PRWHXU WKHUPLTXH OD
x9LVLRQVWpUpRVFRSLTXHSULQFLSH WUDQVPLVVLRQ GH SXLVVDQFH O
XWLOLVDWLRQ GH OD SXLVVDQFH HQ
x0R\HQVG
H[DPHQGHVSKRWRJUDSKLHVDpULHQQHV WUDFWLRQO
pTXLOLEUHGXWUDFWHXU
/HVOHYpHVGHWHUUDLQSURILOVGHVFULSWLIVSURILOVW\SHV /H PDWpULHO GX WUDYDLO GX VRO  FODVVLILFDWLRQ OHV HIIHWV
6SpFLDOLWp&RQVHUYDWLRQGHVHDX[HWGXVRO VXUODVWUXFWXUHGXVROOHVEHVRLQVpQHUJpWLTXHV
/H PDWpULHO G
pSDQGDJH GHV SURGXLWV HQ DJULFXOWXUH OH
+\GUDXOLTXHK\GURORJLH
VHPLV HW OD SODQWDWLRQ OD IHUWLOLVDWLRQ HW OH WUDLWHPHQW
'pWHUPLQDWLRQ GHV FDUDFWpULVWLTXHV K\GURG\QDPLTXHV SK\WRVDQLWDLUH
GHV pFRXOHPHQWV OLTXLGHV GDQV OH FRXUV G
HDX DLQVL TXH /H PDWpULHO GH UpFROWH  IRXUUDJH JUDLQV SRPPHV GH
O
pWXGHGHVLQWHUYHQWLRQVSRXUODFRQVHUYDWLRQGHVHDX[HWGX WHUUHEHWWHUDYHV
VRO VHORQ OH WDX[ HW OH GHJUp GH GpWpULRUDWLRQ GX VRO HW OHV /HFKRL[GXPDWpULHODJULFROHWHFKQLTXHpFRQRPLTXH
ULVTXHV SRXU O
HQYLURQQHPHQW DJULFROH HW SRXU O
pTXLOLEUH ELODQGHWUDFWLRQ
pFRORJLTXH
/HV HVVDLV GH PDWpULHO DJULFROH GDQV OHV ODERUDWRLUHV HW
 LPSDFW VRFLR pFRQRPLTXH GHV SURMHWV GH &(6 VXUFKDPSVPRWHXUWUDFWHXUVHPRLUVpSDQGHXUVG
HQJUDLV
(YDOXDWLRQVRFLRpFRQRPLTXHGHVSURMHWVGH&(6 SXOYpULVDWHXUV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/HPDWpULHOGHWHUUDVVHPHQW /HV DSSDUHLOV GH WUDLWHPHQW OHV SHVWLFLGHV j XVDJH
/H PDWpULHO G
LUULJDWLRQ  GHVFULSWLRQ SULQFLSHV GH DJULFROH  FODVVLILFDWLRQ HQ JURXSHV PRGHV G
DFWLRQ
IRQFWLRQQHPHQWHWFRQGLWLRQVG
XWLOLVDWLRQ HIILFDFLWpHWUpPDQHQFHOpJLVODWLRQ
/DPpFDQLVDWLRQLQWHUPpGLDLUHGHODPRWRFXOWXUH /D OXWWH LQWpJUpH  GpILQLWLRQ SULQFLSHV HW PpWKRGHV
/DUpFROWHPpFDQLTXHGHVROLYHV G
DFWLRQ
/HVVDOOHVGHODWUDLWHPpFDQLVpH 0RUSKRORJLH ELRORJLH HW PR\HQV GH OXWWH FRQWUH OHV
/D PDLQWHQDQFH GX PDWpULHO DJULFROH  RUJDQLVDWLRQ HW LQVHFWHV OHV DFDULHQV OHV QpPDWRGHV HW OHV YHUWpEUpV
H[pFXWLRQGXSURJUDPPHG
HQWUHWLHQ QXLVLEOHV DX[ SODQWHV FXOWLYpHV HW DX[ GHQUpHV
HPPDJDVLQpHVF\FOHVELRORJLTXHVV\PSW{PHVHWPR\HQVGH
6SpFLDOLWp3URGXFWLRQYpJpWDOH
OXWWH FRQWUH OHV PDODGLHV RU\SWRJDPLTXHV GHV SODQWHV
2SWLRQJUDQGHVFXOWXUHV FXOWLYpHV
/HVRO
/HV SULQFLSDOHV PDLYDLVHV KHUEHV GHV HVSqFHV FXOWLYpHV
&RPSRVLWLRQHWSURSULpWpFKLPLTXHVGXVRO OHVPR\HQVGHOXWWH FXWOXUDX[FKLPLTXHVHWELRORJLTXHV 
3URSULpWpVSK\VLTXHVGXVRO
/HVWUDLWHPHQWVSK\WRVDQLWDLUHVGHVSULQFLSDOHVFXOWXUHV
'\QDPLTXH GHV SULQFLSDX[ pOpPHQWV QXWULWLIV GX VRO
SULQFLSHVHWPpWKRGHVG
HVWLPDWLRQ /HVREVHUYDWRLUHVDJULFROHV
/DIHUWLOLVDWLRQGHVJUDQGHVFXOWXUHV3ULQFLSHVHWPpWKRGHV /HVREMHFWLIVFRQGLWLRQVG
LPSURWDWLRQGHVSODQWHVHWGHV
/H WUDYDLO GX VRO  OHV GLIIpUHQWHV IDoRQV  GpILQLWLRQV HW SURGXLWV YpJpWDX[ HW SULQFLSDOHV PpWKRGHV GH FRQWU{OH GHV
EXWV SODQWHVGHVWLQpHVjODPXOWLSOLFDWLRQ
/
HDXGDQVOHVRO /HV PpWKRGHV GH ODERUDWRLUH XWLOLVpHV SRXU OD GpWHFWLRQ
/HELODQK\GULTXH GHVIOpDX[GHODJUHOOH OHVYLUXVQpPDWRGHVHWEDFWpULHV 
5RWDWLRQVHWDVVROHPHQWV 2SWLRQDUERULFXOWXUHVIUXLWLqUHV
&DUDFWpULVWLTXHV GHV VROV IDYRUDEOHV DX[ SODQWDWLRQV
(WXGH GHV FXOWXUHV VXLYDQWHV YDULpWpV WUDYDLO HW
GRQQpHVSK\VLTXHVHWFKLPLTXHV 
SUpSDUDWLRQGXVROVHPLVIHUWLOLVDWLRQWHFKQLTXHVFXOWXUDOHV
G
HQWUHWLHQWUDLWHPHQWVHWUpFROHV  /HV FULWqUHVGXFKRL[GHVHVSqFHVjSODQWHUVROFOLPDW
HDXPDWpULHOYpJpWDO
&XOWXUHVFpUpDOLqUHVEOpRUJHDYRLQHPDwVHWWULWLFDOH
/pJXPLQHXVHV j JUDLQHV  SHWLW SRLV SRLVFKLFKHV /HV PpWKRGHV G
DPpOLRUDWLRQ JpQpWLTXH HW VDQLWDLUH GHV
IpYHUROHVKDULFRWVOHQWLOOHVHWIqYHV HVSqFHVIUXLWLqUHVHWGHODYLJQH
&XOWXUHV LQGXVWULHOOHV  WRXUQHVRO EHWWHUDYHV j VXFUH /DWDLOOHSULQFLSHVHWPpWKRGHVWHFKQLTXHV
WDEDFVRMDOLQHWFRWRQQLHUV (WXGHGHO
DSSDUHLOYpJpWDWLI
&XOWXUHVIRXUUDJqUHV (WXGHGHVRUJDQHVSURGXFWHXUVGHIUXLWV
=RQHVIRXUUDJqUHVHQ7XQLVLH 'pYHORSSHPHQWHWFURLVVDQFHGHVIUXLWV
3ULQFLSDOHVFXOWXUHVIRXUUDJqUHVHQ7XQLVLHHQVHFHWHQ 3ULQFLSHV HW PpWKRGHV GH OD PXOWLSOLFDWLRQ GHV DUEUHV
LUULJXp
IUXLWLHUVHWGHODYLJQH
9HVFH DYRLQH OX]HUQH IpWXTXH EHUVHP PpGLFDJR
DQQXHOOHVXOOHHWIORULFH /HV GLIIpUHQWV PRGHVGHFRQGXLWHGHVDUEUHVIUXLWLHUVHW
/HVSUDLULHVHWSDUFRXUV GHODYLJQH
/HVUpVHUYHVIRXUUDJqUHV FDFWXVHWF  /HV EHVRLQV HQ HDX OHV WHFKQLTXHV HW PpWKRGHV
G
LUULJDWLRQ
/H IDXFKDJH SUpSDUDWLRQ GX PDWpULHO pSRTXH GH OD
IDXFKDLVRQ IHQDLVRQ PXOWLSOLFDWLRQ HW SURGXFWLRQ GHV (WXGH GHV HVSqFHV VXLYDQWHV H[LJHQFHV pFRORJLTXHV
VHPHQFHVFpUpDOLqUHVVpOHFWLRQQpHV WHFKQLTXHVGHSURGXFWLRQ YDULpWpVSRUWHVJUHIIHVSODQWDWLRQVHQWUHWLHQWUDLWHPHQWHW
FRQWU{OHFHUWLILFDWLRQFRQGLWLRQQHPHQWVWRFNDJH  UpFROWH 
/pJLVODWLRQ UHODWLYH DX FRQWU{OH GHV VHPHQFHV $EULFRWLHU
VpOHFWLRQQpHV
$JUXPHV
/
XWLOLVDWLRQGHVHQJUDLV
$PDQGLHU
/D OXWWH FRQWUH OHV PDXYDLVHV KHUEHV HW OHV PDODGLHV
)LJXLHU
FKU\SWRJDPLTXHV
2OLYLHU
/
LUULJDWLRQ
3DOPLHUGDWWLHU
/HVWRFNDJHGHVFpUpDOHV
3rFKLHU
2SWLRQGpIHQVHGHVFXOWXUHV
3LVWDFKLHU
/HV PpWKRGHV GH OXWWH FRQWUH OHV PDODGLHV HW HQQHPLV
GHV FXOWXUHV PpWKRGHV FXOWXUDOHV FKLPLTXHV SK\VLTXHV HW 3RPPLHUHWSRLULHU
ELRORJLTXHV  3UXQLHUFHULVLHU

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


9LJQHGHFXYH /HV DOLPHQWV FRQFHQWUpV FRQFHQWUpV LQGXVWULHOV HW VRXV
9LJQHGHWDEOHjVpFKDJH SURGXLWVDJURLQGXVWULHOV
/HVFXOWXUHVIRXUUDJqUHVG
DXWRPQH
0pWKRGHV HW WHFKQLTXHV GH SURGXFWLRQ GHV SODQWV
IUXLWLHUV /HVFXOWXUHVIRXUUDJqUHVGHSULQWHPSV
2SWLRQSHWLWpOHYDJH
&RQWU{OHGHVSpSLQLqUHV
/
LPSRUWDQFH GH O
pOHYDJH HW OHV SUREOqPHV GH
/HV SLHGVPqUHV HW OHXUV UHODWLRQV DYHF OHV ]RQHV
O
DYLFXOWXUHLQGXVWULHOOHHQ7XQLVLH
LUULJXpHVHWODSUROLIpUDWLRQ
/DFRQGXLWHUDWLRQQHOOHG
XQpOHYDJHDYLFROH
2SWLRQ&XOWXUHVPDUDvFKqUHVHWRURQHPHQWDOHV
/HV HQFRXUDJHPHQWV GH O
(WDW DX[ VHFWHXUV  DYLFROH
/HVVROVjYDFDWLRQPDUDvFKqUHV
DSLFROHFKHQLFROHSLVLFROH
/HVDVVROHPHQWVHQFXOWXUHVPDUDvFKqUHV
/HVDOLPHQWVFRQFHQWUpVSRXUOHVYRODLOOHV
/D IXQLPH RUJDQLTXH HW QXWULWLRQ PLQpUDOH FKH] OHV
/
LPSRUWDQFHO
pYROXWLRQHWOHVSUREOqPHVGHO
DSLFXOWXUH
HVSqFHVPDUDvFKqUHVHWIORUDOHV 
HQ7XQLVLH
5HODWLRQVROSODQWHHDX
/HVSURGXFWLRQVDSLFROHV
%HVRLQV HQ HDX LUULJDWLRQ DVSHFWV TXDQWLIDWLIV HW
/
LPSRUWDQFHHWOHVSUREOqPHVGHODFXQLFXOLFXOWXUH
TXDOLWDWLIV 
/HVSURGXFWLRQVFKHQLFROHV
0pWKRGHV G
DPpOLRUDWLRQ JpQpWLTXH HW VDQLWDLUH  GHV
HVSqFHVPDUDvFKqUHVHWIORUDOHV 2SWLRQ(OHYDJHGHVERYLQVRYLQVHWFDSULQV
,QIOXHQFH GHV IDFWHXUV GX FOLPDW VXU OH PDUDvFKDJH OHV /
LPSRUWDQFH O
pYROXWLRQ HW OHV SUREOqPHV GH O
pOHYDJH
GLIIpUHQWVW\SHVGHFXOWXUHV ERYLQ
/DFRUUHFWLRQGHVIDFWHXUVFOLPDWLTXHVOHVFXOWXUHVVRXV /
LPSRUWDQFH O
pYROXWLRQ HW OHV SUREOqPHV GH O
pOHYDJH
DEULV RYLQHWFDSULQHQ7XQLVLH
5pFROWH FRPPHUFLDOLVDWLRQ HW WUDQVIRUPDWLRQ GHV /
LPSRUWDQFH O
pYROXWLRQ HW OHV SUREOqPHV GH O
pOHYDJH
ERYLQRYLQHWFDSULQ
SURGXLWVPDUDvFKqUHV
/HVHQFRXUDJHPHQWVGHO
(WDWjO
pOHYDJHERYLQRYLQHW
(WXGH GHV HVSqFHV PDUDvFKqUHV HW RUQHPHQWDOHV FDSULQ
VXLYDQWHV GXSRLQWGHYXHSK\VLRORJLHSUpSDUDWLRQGXVRO /HVEHVRLQVQXWULWLIVGHVERYLQVRYLQVHWFDSULQVHWOHXUV
VHPLV RX PXOWLSOLFDWLRQ YDULpWpV WHFKQLTXHV HW FXOWXUDOHV UDWLRQQHPHQWV
HQWUHWLHQWUDLWHPHQWHWUpFROWH 
/HV PpWKRGHV G
DPpOLRUDWLRQ JpQpWLTXHV GHV ERYLQV
6RODQDFpHVWRPDWHSLPHQWDXEHUJLQHSRPPHGHWHUUH RYLQVHWFDSULQV
&XFXUELWDFpHV  PHORQ SDVWqTXH FRQFRPEUH /DFRQGXLWHUDWLRQQHOOHG
XQpOHYDJHERYLQODLWLHU
FRXUJHWWHV /DFRQGXLWHUDWLRQQHOOHG
XQpOHYDJHERYLQjYLDQGH
/pJXPHVYLYDFHVDUWLFKDXWIUDLVH /DFRQGXLWHUDWLRQQHOOHG
XQpOHYDJHRYLQ
/LOLDFpVDLORLJQRQ /DFRQGXLWHUDWLRQQHOOHG
XQpOHYDJHFDSULQ
/pJXPLQHXVHVSHWLWSRLVKDULFRWIqYH /DSURGXFWLRQODLWLqUHHQ7XQLVLHHWVHVSUREOqPHV
/pJXPHVIHXLOOHVODLWXH /DSURGXFWLRQGHODYLDQGHHQ7XQLVLHHWVHVSUREOqPHV
/pJXPHVUDFLQHVFDURWWHUDGLVQDYHW /DSURGXFWLRQGHODODLQHGXSRLOHWGXFXLUHQ7XQLVLH
3ODQWHVIORUDOHVDQQXHOOHV 6SpFLDOLWp'pYHORSSHPHQWDJULFROH
3ODQWHVIORUDOHVELVDQQXHOOHV 2SWLRQpFRQRPLHUXUDOH
3ODQWHVG
DSSDUWHPHQW /H U{OH GH O
DJULFXOWXUH GDQV OH GpYHORSSHPHQW
,PSRUWDQFH pFRQRPLTXH GHV FXOWXUHV PDUDvFKqUHV HQ pFRQRPLTXHHQ7XQLVLH
WXQLVLH /HVPRGqOHVGHGpYHORSSHPHQWGHO
DJULFXOWXUH
6SpFLDOLWp3URGXFWLRQDQLPDOH &RPSDUDLVRQ GX PRGqOH GH GpYHORSSHPHQW GH
2SWLRQ   UHVVRXUFHV IRXUUDJqUHV HW DOLPHQWDWLRQ O
DJULFXOWXUHWXQLVLHQQHDYHFFHUWDLQVPRGqOHVpWUDQJHUV
DQLPDOH (WXGHGHTXHOTXHVSUREOqPHVVSpFLILTXHVjO
DJULFXOWXUH
/HVDOLPHQWVGHVDQLPDX[HQ7XQLVLHELODQUHVVRXUFHV WXQLVLHQQH
HPSORLV /HVVWUXFWXUHVDJUDLUHV
/HVUHVVRXUFHVIRXUUDJqUHVHQ7XQLVLH /HVV\VWqPHVGHSURGXFWLRQ
/HVFXOWXUHVIRXUUDJqUHVSHUHQQHV /HFUpGLWDJULFROH
/HVFXOWXUHVDQQXHOOHV  /D FRPPHUFLDOLVDWLRQ GHV SURGXLWV DJULFROHV HW
O
DSSURYLVLRQQHPHQW GHV DJULFXOWXUHV HQ PR\HQV GH
/HVUpVHUYHVIRXUUDJqUHVHQ7XQLVLH SURGXFWLRQ
/HVGLIIpUHQWVW\SHVGHSDUFRXUV  /HV SUL[ DJULFROHV SUL[ IL[pV SDU O
(WDW HW SUL[ GH
/HVUpVHUYHVIRXUUDJqUHVVXUSLHGV PDUFKp
/
H[SORLWDWLRQGHVIRXUUDJHV /
HPSORLDJULFROH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


/HV LQVWLWXWLRQV DJULFROHV  OHV FRRSpUDWLYHV /HV UXEULTXHV G
DIIHFWDWLRQ GX UHYHQX DJULFROH G
XQH
JURXSHPHQWVRXDVVRFLDWLRQV H[SORLWDWLRQHWOHVSULQFLSDOHVXWLOLVDWLRQV
/HV RIILFHV  OHXU PLVVLRQ GLIIpUHQFHV HQWUH FHUWDLQV
RIILFHVHWJURXSHPHQWVLQWHUSURIHVVLRQQHOV /HU{OHGHO
RUGLQDWHXUGDQVO
DPpOLRUDWLRQGXWUDYDLOGHV
FDGUHV FKDUJpV GH OD SODQLILFDWLRQ HW GH O
DQDO\VH
/
RUJDQLVDWLRQHWOHVWUDYDX[GHSUpSDUDWLRQGXSODQ
pFRQRPLTXHGXVHFWHXUDJULFROH
/HVRXWLOVG
H[pFXWLRQGXSODQOHEXGJHWpFRQRPLTXHHW
OHEXGJHWG
pTXLSHPHQW /
LPSDFW GHV VWDWLVWLTXHV HW GHV V\VWqPHV GH FROOHFWH HW
/HFKRL[GHVSURMHWV G
DQDO\VHGHVGRQQpHVVXUOHGpYHORSSHPHQWDJULFROH
2SWLRQ$JURpFRQRPLH x 5{OH GHV LQVWDQFHV DGPLQLVWUDWLYHV HQ PDWLqUH
/HV GRQQpV GH EDVH  GpILQLWLRQ  PpWKRGHV FKDPSV G
DGRSWLRQ GH O
pFRQRPLH GX PDUFKp HW G
RXYHUWXUH VXU
G
DSSOLFDWLRQ
O
H[WpULHXU
'RQQpHVGHEDVHHQPDWLqUHDJURpFRQRPLTXH
/
RUJDQLVDWLRQGHVGRQQpHVGHEDVHDJULFROHVHQ7XQLVLH 2SWLRQ*HVWLRQGHVSURMHWV
'LIILFXOWpV UHQFRQWUpHV GDQV O
pWDEOLVVHPHQW GH FHV x F\FOHV HW DVSHFWV GH OD SUpSDUDWLRQ HWGHO
DQDO\VHGHV
GRQQpHVFKDPSVG
DSSOLFDWLRQ SURMHWV
3ULQFLSDOHV PpWKRGHV G
pWDEOLVVHPHQW GHV GRQQpHV GH
x YRLHV HW PR\HQV GH SURPRXYRLU OD SDUWLFLSDWLRQ GHV
EDVHHQPDWLqUHDJURpFRQRPLTXH
EpQpILFLDLUHVjODFRQFHSWLRQHWjODJHVWLRQGXSURMHW
(YDOXDWLRQGHVUHQGHPHQWVDJULFROHVHQ7XQLVLH
(WDWGHVUHFHQVHPHQWVDJULFROHVHQ7XQLVLH x$QDO\VHGHODVLWXDWLRQ O
pWXGHGXFRQWH[WHGXSURMHW
RXWLOV LQGLVSHQVDEOHV j OD FROOHFWH GH O
LQIRUPDWLRQ
/HV pWXGHV DJULFROHV HQ 7XQLVLH PpWKRGRORJLH HW
pWDEOLVVHPHQW GH OD VWUXFWXUH GHV SUREOqPHV HW OHXUV
REMHFWLIV 
DQDO\VHV 
'RQQpHV SURVSHFWLYHV  JpQpUDOLWpV GLYHUVHV
GLVWULEXWLRQVQXPpULTXHVGHVVpULHVGHGRQQpHV x 'pILQLWLRQ GHV REMHFWLIV HW VWUDWpJLHV XWLOLVDQW
,QWURGXFWLRQDXFDOFXOGHVSUREDELOLWpV O
DSSURFKH SDUWLFLSDWLYH REMHFWLIV HW KLpUDUFKLH G
REMHFWLIV
7KpRULHHWSUDWLTXHGHVVRQGDJHV DQDO\VHVJUDSKLTXHVGHVREMHFWLIVFDGUHORJLTXHHWF 
/HVPpWKRGHVGHVVRQGDJHV ,QVWUXPHQWVGHSODQLILFDWLRQHWGHJHVWLRQGHVSURMHWV
'LIIpUHQWHVPpWKRGHVGHWLUDJHDOpDWRLUH x6WUXFWXUHVHWUpVHDX[GHSODQLILFDWLRQGHVLQWHUYHQWLRQV
$SSUpFLDWLRQVGHVpOpPHQWVGHVVRQGDJHV HW GH UpSDUWLWLRQ GHV WkFKHV GLDJUDPPHV HQ EkWRQV
6RQGDJH DOpDWRLUH j SUREDELOLWpV pJDOHV DYHF HW VDQV GLDJUDPPHVGHJDQWPpWKRGHGXFKHPLQFULWLTXHPpWKRGH
UHPLVHGHO
XQLWpWLUpH G
RUGRQQDQFHPHQWGHVRSpUDWLRQVHWGXSHUVRQQHO 
6RQGDJH DOpDWRLUH VLPSOH j SUREDELOLWpV LQpJDOHV DYHF x 6XLYL HW pYDOXDWLRQ FDGUH FRQFHSWXHO HW UDSSRUWV
UHPLVHGHO
XQLWpWLUpH PpWKRGRORJLH 
6RQGDJHVHQJUDSSHV $QDO\VHpFRQRPLTXHHWILQDQFLqUH
6RQGDJHVVWUDWLILpV x&RQFHSWVGHEDVHGHO
DQDO\VHILQDQFLqUHSUpVHQWDWLRQ
GHV SULQFLSDX[ RXWLOV GHV DQDO\VHV pFRQRPLTXHV HW
$SSOLFDWLRQ GH OD PpWKRGH GHV VRQGDJHV GDQV OD ILQDQFLqUHV
SURVSHFWLRQDJULFROHGHODEDVH
2SWLRQ   3ODQLILFDWLRQ GpYHORSSHPHQW HW x &RPSWH GH WUpVRUHULH SODQ GH ILQDQFHPHQW DQDO\VH
LQYHVWLVVHPHQWVDJULFROHV GHVFR€WVHWDYDQWDJHV FULWqUHVGHUHQWDELOLWp 
6LJQLILFDWLRQ GH FKDFXQ GHV WHUPHV VpFXULWp 0RGHG
RUJDQLVDWLRQHWJHVWLRQGHO
RUJDQLVDWLRQORFDOH
DOLPHQWDLUHHWDXWRVXIILVDQFHHQSURGXLWVDOLPHQWDLUHV GXSURMHW
'LIIpUHQFHHQWUHOHVFRQFHSWV 6WUXFWXUHHWPRGHGHIRQFWLRQQHPHQW
&ULWqUHV TX
RQ SHXW XWLOLVHU SRXU DQDO\VHU HW pYDOXHU OD
 3ODQLILFDWLRQ ILQDQFLqUH EXGJpWLVDWLRQ HW FRQWU{OH GX
FRQWULEXWLRQ GX VHFWHXU DJULFROH GDQV OH GpYHORSSHPHQW
EXGJHW
pFRQRPLTXHDX[QLYHDX[QDWLRQDOHWUpJLRQDO
$UW   6RQW VXSSULPpHV OHV PDWLqUHV GHV pSUHXYHV
/HV LQFLWDWLRQV XWLOLVpHV SDU O
(WDW SRXU RULHQWHU OHV
WHFKQLTXHVGDQVODVSpFLDOLWpGHJpQLHLQIRUPDWLTXHFLWpHVDX
DJULFXOWHXUV HW OHV SrFKHXUV YHUV OHV SURGXLWV G
LQWpUrW
Qƒ ,9 GH O
DQQH[H UHODWLYH DX SURJUDPPH GX FRQFRXUV
QDWLRQDO
H[WHUQH VXU pSUHXYHV SRXU OH UHFUXWHPHQW G
LQJpQLHXUV
/HV SULQFLSDX[ SURGXLWV DJULFROHV HW GH OD SrFKH HQ SULQFLSDX[ DX PLQLVWqUH GHV GRPDLQHV GH O
(WDW HW GHV
7XQLVLH DIIDLUHVIRQFLqUHVVXVYLVpHWUHPSODFpHVSDUFHTXLVXLW
/HV SURGXLWV DJULFROHV HW GH OD SrFKH TXH OD 7XQLVLH ,9 QRXYHDX *pQLHLQIRUPDWLTXH
H[SRUWHHWOHVSURGXLWVDOLPHQWDLUHVTXHQRXVLPSRUWRQV
/HVPpWKRGHVGHFRQFHSWLRQ
/HVUXEULTXHVGHSURGXFWLRQVHWGHFR€WjFDOFXOHUSRXU
'RFXPHQWDWLRQHWGRVVLHUVG
DQDO\VH
GpWHUPLQHU OH UHYHQX QHW G
XQH H[SORLWDWLRQ DJULFROH HQ
SUpFLVDQWXQQRPEUHPD[LPXPG
pOpPHQWV /HVHQYLURQQHPHQWVGHGpYHORSSHPHQW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


  /HV V\VWqPHV G
H[SORLWDWLRQ HW GH JHVWLRQ GHV EDVHV $UUrWp GX PLQLVWUH GHV ILQDQFHV GX  GpFHPEUH
GHGRQQpHV SRUWDQWGpOpJDWLRQGHVLJQDWXUH
5pVHDX[HWDUFKLWHFWXUHVGHVV\VWqPHVG
LQIRUPDWLRQ /HPLQLVWUHGHVILQDQFHV
$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
GHOD5pSXEOLTXH7XQLVLHQQH JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW
7XQLVOHGpFHPEUH GHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI
/H0LQLVWUHGHV'RPDLQHVGHO
(WDW 9X OH GpFUHW Qƒ  GX  MXLQ  DXWRULVDQW OHV
HWGHV$IIDLUHV)RQFLqUHV
PLQLVWUHV HW VHFUpWDLUHV G
(WDW j GpOpJXHU OHXU VLJQDWXUH HW
QRWDPPHQWVRQDUWLFOH†
5LGKD*ULUD
9X OH GpFUHW Qƒ  GX  DYULO  SRUWDQW
9X
RUJDQLVDWLRQGXPLQLVWqUHGHVILQDQFHVHQVHPEOHOHVWH[WHV
/H3UHPLHU0LQLVWUH TXLO
RQWPRGLILpRXFRPSOpWp
0RKDPHG*KDQQRXFKL  9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW
 QRPLQDWLRQGXPLQLVWUHGHVILQDQFHV
 9X OH GpFUHW Qƒ  GX  QRYHPEUH 
QRPPDQW 0RQVLHXU +pGL %HQ &KHLNK )LWRXUL GLUHFWHXU
0,1,67(5('(6),1$1&(6 JpQpUDOGXILQDQFHPHQWDXPLQLVWqUHGHVILQDQFHV
 $UUrWH
$UUrWp GX PLQLVWUH GHV ILQDQFHV GX  GpFHPEUH $UWLFOH SUHPLHU  &RQIRUPpPHQW DX SDUDJUDSKH  GH
O
DUWLFOH SUHPLHU GX GpFUHW VXVYLVp Qƒ  GX  MXLQ
SRUWDQWGpOpJDWLRQGHVLJQDWXUH 0RQVLHXU+pGL%HQ&KHLNK)LWRXULGLUHFWHXUJpQpUDO
/HPLQLVWUHGHVILQDQFHV GX ILQDQFHPHQW DX PLQLVWqUH GHV ILQDQFHV HVW KDELOLWp j
VLJQHU SDU GpOpJDWLRQ GX PLQLVWUH GHV ILQDQFHV WRXV OHV
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW DFWHVUHQWUDQWGDQVOHFDGUHGHVHVDWWULEXWLRQVjO
H[FHSWLRQ
JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW GHVWH[WHVjFDUDFWqUHUpJOHPHQWDLUH
GHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUHDGPLQLVWUDWLI $UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO
9X OH GpFUHW Qƒ  GX  MXLQ  DXWRULVDQW OHV GHOD5pSXEOLTXH7XQLVLHQQH
PLQLVWUHV HW VHFUpWDLUHV G
(WDW j GpOpJXHU OHXU VLJQDWXUH HW 7XQLVOHGpFHPEUH
QRWDPPHQWVRQDUWLFOH†
/H0LQLVWUHGHV)LQDQFHV
9X OH GpFUHW Qƒ  GX  DYULO  SRUWDQW 7DRXILN%DFFDU
RUJDQLVDWLRQ GX PLQLVWUH GHV ILQDQFHV HQVHPEOH OHV WH[WHV 9X
TXLO
RQWPRGLILpRXFRPSOpWp /H3UHPLHU0LQLVWUH
9XOHGpFUHWQƒGXVHSWHPEUHSRUWDQW 0RKDPHG*KDQQRXFKL
QRPLQDWLRQGXPLQLVWUHGHVILQDQFHV 

9X OH GpFUHW Qƒ  GX  RFWREUH 
QRPPDQW 0RQVLHXU 0RKDPHG 5LGKD &KDOJKRXP GLUHFWHXU 0,1,67(5('(/
,1'8675,(
JpQpUDOGHVDYDQWDJHVILVFDX[HWILQDQFLHUVDXPLQLVWqUHGHV (7'(/
(1(5*,(
ILQDQFHV

$UUrWH 'pFUHWQƒGXGpFHPEUHUHODWLIj
$UWLFOH SUHPLHU  &RQIRUPpPHQW DX SDUDJUDSKH  GH ODFRJpQpUDWLRQ
O
DUWLFOH SUHPLHU GX GpFUHW VXVYLVp Qƒ  GX  MXLQ /H3UpVLGHQWGHOD5pSXEOLTXH
 0RQVLHXU 0RKDPHG 5LGKD &KDOJKRXP GLUHFWHXU 6XUSURSRVLWLRQGXPLQLVWUHGHO
LQGXVWULHHWGHO
pQHUJLH
JpQpUDOGHVDYDQWDJHVILVFDX[HWILQDQFLHUVDXPLQLVWqUHGHV 9XOHGpFUHWORLQƒGXDYULOSRUWDQWFUpDWLRQ
ILQDQFHVHVWKDELOLWpjVLJQHUSDUGpOpJDWLRQGXPLQLVWUHGHV HWRUJDQLVDWLRQGHODVRFLpWpWXQLVLHQQHGHO
pOHFWULFLWpHWGX
ILQDQFHV WRXV OHV DFWHV UHQWUDQW GDQV OH FDGUH GH VHV JD] UDWLILp SDU OD ORL Qƒ  GX  PDL  WHO TXH
DWWULEXWLRQV j O
H[FHSWLRQ GHV WH[WHV j FDUDFWqUH PRGLILpHWFRPSOpWpSDUODORLQƒGXGpFHPEUH
HWODORLQƒGXHUDYULO
UpJOHPHQWDLUH
9X OD ORL Qƒ  GX  MXLOOHW  UHODWLYH j OD
$UW/HSUpVHQWDUUrWpVHUDSXEOLpDX-RXUQDO2IILFLHO PDvWULVHGHO
pQHUJLH
GHOD5pSXEOLTXH7XQLVLHQQH 9X OH GpFUHW Qƒ  GX  MDQYLHU  SRUWDQW
7XQLVOHGpFHPEUH DSSUREDWLRQGXFDKLHUGHVFKDUJHVUHODWLIjODIRXUQLWXUHGH
O
pQHUJLH pOHFWULTXH VXU O
HQVHPEOH GX WHUULWRLUH GH OD
/H0LQLVWUHGHV)LQDQFHV
5pSXEOLTXH
7DRXILN%DFFDU
9X OH GpFUHW Qƒ  GX  MDQYLHU  SRUWDQW
9X LQVWLWXWLRQ GH O
REOLJDWLRQ GH OD FRQVXOWDWLRQ SUpDODEOH GH
/H3UHPLHU0LQLVWUH O
DJHQFH GH PDvWULVH GH O
pQHUJLH SRXU OHV SURMHWV JUDQGV
0RKDPHG*KDQQRXFKL FRQVRPPDWHXUVG
pQHUJLH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


9XO
DYLVGXPLQLVWUHGHVILQDQFHV  GX UDFFRUGHPHQW GH O
LQVWDOODWLRQ DX UpVHDX \ FRPSULV
9X O
DYLV GX PLQLVWUH GX GpYHORSSHPHQW HW GH OD OHVDSSDUHLOVGHPHVXUHVHWGHFRQWU{OH
FRRSpUDWLRQLQWHUQDWLRQDOH
/HGLW pWDEOLVVHPHQW GRLW VH FRQIRUPHU DX[ FRQGLWLRQV
9XO
DYLVGXPLQLVWUHGHO
DJULFXOWXUHGHO
HQYLURQQHPHQW WHFKQLTXHV GH UDFFRUGHPHQW HW G
pYDFXDWLRQ GH O
pQHUJLH
HWGHVUHVVRXUFHVK\GUDXOLTXHV pOHFWULTXH WHOOHV TXH GpILQLHV SDU XQ FDKLHU GHV FKDUJHV
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI SXEOLpSDUDUUrWpGXPLQLVWUHFKDUJpGHO
pQHUJLH
'pFUqWH
$UW/HVPLQLVWUHVGHVILQDQFHVGHO
LQGXVWULHHWGH
$UWLFOH SUHPLHU  $X[ WHUPHV GX SUpVHQW GpFUHW RQ O
pQHUJLH GX GpYHORSSHPHQW HW GH OD FRRSpUDWLRQ
HQWHQG SDU LQVWDOODWLRQ GH FRJpQpUDWLRQ WRXW HQVHPEOH
LQWHUQDWLRQDOH HW GHO
DJULFXOWXUHGHO
HQYLURQQHPHQWHWGHV
G
pTXLSHPHQWVHWGHPDWpULHOVLQVWDOOpGDQVXQpWDEOLVVHPHQW
DSSDUWHQDQW DX VHFWHXU LQGXVWULHO RX DX VHFWHXUWHUWLDLUHHQ UHVVRXUFHV K\GUDXOLTXHV VRQW FKDUJpV FKDFXQ HQ FH TXL OH
YXHGHSURGXLUHVLPXOWDQpPHQWGHO
pQHUJLHWKHUPLTXHHWGH FRQFHUQHGHO
H[pFXWLRQGXSUpVHQWGpFUHWTXLVHUDSXEOLpDX
O
pQHUJLHpOHFWULTXHjSDUWLUG
pQHUJLHSULPDLUH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
$UW   (VW FRQVLGpUpH pFRQRPH HQ pQHUJLH 7XQLVOHGpFHPEUH
O
LQVWDOODWLRQ GH FRJpQpUDWLRQ TXL UpSRQG DX[ FULWqUHV =LQH(O$ELGLQH%HQ$OL
WHFKQLTXHVVXLYDQWV

 OH UHQGHPHQW JOREDO DQQXHO FDOFXOp DX PR\HQ GH OD
120,1$7,216
IRUPXOHVXLYDQWHHVWVXSpULHXURXpJDOj
3DUDUUrWpGXPLQLVWUHGHO
LQGXVWULHHWGHO
pQHUJLH
& ( GXQRYHPEUH
5J 
4
0DGDPH %DELD &KLKL HVW QRPPpH DGPLQLVWUDWHXU
 OH UDSSRUW GH UpFXSpUDWLRQ WKHUPLTXH GpILQL SDU OD UHSUpVHQWDQW O
(WDW DX FRQVHLO G
DGPLQLVWUDWLRQ GH OD VRFLpWp
IRUPXOHVXLYDQWHHVWVXSpULHXURXpJDOj QDWLRQDOH GH GLVWULEXWLRQ GHV SpWUROHV HW FH HQ
& UHPSODFHPHQWGH0RQVLHXU.KDOHG%HQ&KHwNK
5U 
( 
5JUHQGHPHQWJOREDO 3DUDUUrWpGXPLQLVWUHGHO
LQGXVWULHHWGHO
pQHUJLH
GXQRYHPEUH
5U UDSSRUWGHUpFXSpUDWLRQWKHUPLTXH
(  pTXLYDOHQW WKHUPLTXH GH O
pQHUJLH pOHFWULTXH 0RQVLHXU 5LGKD +DQEOL %RXWHUDk HVW QRPPp
SURGXLWH DGPLQLVWUDWHXU UHSUpVHQWDQW O
(WDW DX FRQVHLO
&pQHUJLHWKHUPLTXHUpFXSpUpHHWHIIHFWLYHPHQWXWLOLVpH G
DGPLQLVWUDWLRQGHODVRFLpWpWXQLVLHQQHGHVXFUHHWFHHQ
4 pQHUJLH SULPDLUH FRQVRPPpH FDOFXOpH VXU OD EDVH UHPSODFHPHQWGH0RQVLHXU0RKDPHG)DRX]L%HQ$UDE
GHVSRXYRLUVFDORULILTXHVLQIpULHXUVGHVFRPEXVWLEOHV 
/HV WHUPHV GHV UDSSRUWV GH FHV GHX[ pTXDWLRQV VRQW 
H[SULPpV HQ WRQQHV G
pTXLYDOHQW SpWUROH WHS $ FHWWH ILQ
O
pTXLYDOHQWWKHUPLTXHGHO
pOHFWULFLWpHVWFDOFXOpVXUODEDVH 0,1,67(5('(/$&8/785(
GHWHSSDUPpJDZDWKHXUH '(/$-(81(66((7'(6/2,6,56
$UW/
pWDEOLVVHPHQWV
pTXLSDQWG
XQHLQVWDOODWLRQGH

FRJpQpUDWLRQ pFRQRPH HQ pQHUJLH EpQpILFLH GX GURLW
G
pFRXOHPHQW GH VHV H[FpGHQWV G
pQHUJLH pOHFWULTXH VXU OH 120,1$7,216
UpVHDX pOHFWULTXH QDWLRQDO GDQV OHV OLPLWHV VXSpULHXUHV 3DUGpFUHWQƒGXGpFHPEUH
VXLYDQWHVFDOFXOpHVVXUXQHEDVHDQQXHOOH
0RQVLHXU ,DGK (QQDLIDU DWWDFKp ILQDQFLHU GHV DIIDLUHV
OHVGHX[WLHUVGHO
pQHUJLHpOHFWULTXHSURGXLWHSRXUOHV
SURMHWVGRQWODSXLVVDQFHpOHFWULTXHLQVWDOOpHHVWLQIpULHXUHj pWUDQJqUHVHVWQRPPpDWWDFKpGHFDELQHWDXPLQLVWqUHGHOD
PpJDZDWWV FXOWXUHGHODMHXQHVVHHWGHVORLVLUV
 OD PRLWLp GH O
pQHUJLH pOHFWULTXH SURGXLWH SRXU OHV 
SURMHWV GRQW OD SXLVVDQFH pOHFWULTXHLQVWDOOpHHVWVXSpULHXUH 3DUGpFUHWQƒGXGpFHPEUH
RXpJDOHjPpJDZDWWV
/HV H[FpGHQWV G
pQHUJLH pOHFWULTXH GRLYHQW rWUH FpGpV j 0RQVLHXU0XVWDSKD.KDQQRXVVLHVWQRPPpGLUHFWHXUGH
ODVRFLpWpWXQLVLHQQHGHO
pOHFWULFLWpHWGXJD]TXLV
HQJDJHj UHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHVjO
LQVWLWXWQDWLRQDO
OHV DFKHWHU GDQV OH FDGUH G
XQ FRQWUDW W\SH DSSURXYp SDU GX SDWULPRLQH DX PLQLVWqUH GH OD FXOWXUH GH OD MHXQHVVH HW
O
DXWRULWpGHWXWHOOHGXVHFWHXUGHO
pQHUJLH GHVORLVLUVjFRPSWHUGXMDQYLHU
$UW   /
pWDEOLVVHPHQW TXL EpQpILFLH GX GURLW 
G
pFRXOHPHQW GH VHV H[FpGHQWV G
pQHUJLH pOHFWULTXH 3DUGpFUHWQƒGXGpFHPEUH
PHQWLRQQpjO
DUWLFOHGXSUpVHQWGpFUHWSUHQGjVDFKDUJH
0RQVLHXU $GQHQH /RXKLFKL HVW QRPPp PDvWUH GH
OHVIUDLVUpVXOWDQW
UHFKHUFKHVDUFKpRORJLTXHVHWKLVWRULTXHVjO
LQVWLWXWQDWLRQDO
GXUHQIRUFHPHQWGXUpVHDXpOHFWULTXHQDWLRQDOQpFHVVDLUHj GX SDWULPRLQH DX PLQLVWqUH GH OD FXOWXUH GH OD MHXQHVVH HW
O
pYDFXDWLRQGHVH[FpGHQWVG
pQHUJLHpOHFWULTXHHW GHVORLVLUVjFRPSWHUGXMXLOOHW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


0,1,67(5('(/
(48,3(0(17 9X OD ORL Qƒ  GX HU IpYULHU  UHODWLYH DX[
SDUWLFLSDWLRQV pWDEOLVVHPHQWV HW HQWUHSULVHV SXEOLFV WHOOH
'(/
+$%,7$7(7'(/
$0(1$*(0(17
TXHPRGLILpHHWFRPSOpWpHSDUODORLQƒGXHUDR€W
'87(55,72,5( ODORLQƒGXMXLOOHWODORLQƒGX
PDLHWODORLQƒGXPDUV

9XODORLQƒGXIpYULHUSRUWDQWFUpDWLRQGH
120,1$7,216 O
DJHQFH GH SURPRWLRQ GH O
LQYHVWLVVHPHQW H[WpULHXU HW
3DUDUUrWpGXPLQLVWUHGHO
pTXLSHPHQWGHO
KDELWDW QRWDPPHQWVRQDUWLFOH
HWGHO
DPpQDJHPHQWGXWHUULWRLUHGXQRYHPEUH
 9X OH GpFUHW Qƒ  GX  MXLQ  IL[DQW
0RQVLHXU $EGDOODK +DGURXJ HVW QRPPp PHPEUH O
RUJDQLVDWLRQ DGPLQLVWUDWLYH HW ILQDQFLqUH GH O
DJHQFH GH
UHSUpVHQWDQW OH PLQLVWqUH GHV DIIDLUHV VRFLDOHV HW GH OD SURPRWLRQGHO
LQYHVWLVVHPHQWH[WpULHXUWHOTXHPRGLILpSDU
VROLGDULWp DX FRQVHLO G
DGPLQLVWUDWLRQ GH O
DJHQFH IRQFLqUH OHGpFUHWQƒGXPDUVHWOHGpFUHWQƒ
G
KDELWDWLRQ HW FH HQ UHPSODFHPHQW GH 0RQVLHXU %HFKLU GXVHSWHPEUH
%HWKDEHW
9X OH GpFUHW Qƒ  GX  PDUV  SRUWDQW

IL[DWLRQ GHV DWWULEXWLRQV GHV GLUHFWHXUV JpQpUDX[ HW GHV
3DUDUUrWpGXPLQLVWUHGHO
pTXLSHPHQWGHO
KDELWDW
HWGHO
DPpQDJHPHQWGXWHUULWRLUHGXQRYHPEUH FRQVHLOVG
HQWUHSULVHVGHVpWDEOLVVHPHQWVSXEOLFVjFDUDFWqUH
 QRQDGPLQLVWUDWLI
/HFRORQHO1pML)NLKHVWQRPPpPHPEUHUHSUpVHQWDQWOH 9XOHGpFUHWQƒGXMXLQUpJOHPHQWDQW
PLQLVWqUHGHODGpIHQVHQDWLRQDOHDXFRQVHLOG
DGPLQLVWUDWLRQ OHV FRQGLWLRQV G
DWWULEXWLRQ HW GH UHWUDLW GHV HPSORLV
GH O
RIILFH GH OD WRSRJUDSKLH HW GH OD FDUWRJUDSKLH HW FH HQ IRQFWLRQQHOV DX VHLQ GH O
DJHQFH GH SURPRWLRQ GH
UHPSODFHPHQWGXFRORQHO6DEHU*XHULUL
O
LQYHVWLVVHPHQWH[WpULHXU

9X OH GpFUHW Qƒ  GX  PDL  SRUWDQW
 DSSUREDWLRQGXVWDWXWSDUWLFXOLHUGXSHUVRQQHOGHO
DJHQFHGH
SURPRWLRQGHO
LQYHVWLVVHPHQWH[WpULHXU
0,1,67(5('(/$6$17(38%/,48(
9XOHGpFUHWQƒGXMXLQPRGLILDQWHW
 FRPSOpWDQW OH GpFUHW Qƒ  GX  DYULO  IL[DQW
0$,17,(1(1$&7,9,7( O
RUJDQLJUDPPH GH O
DJHQFH GH SURPRWLRQ GH
3DUGpFUHWQƒGXGpFHPEUH O
LQYHVWLVVHPHQWH[WpULHXU
/H GRFWHXU 0
WLPHW 6DGRN SURIHVVHXU KRVSLWDOR 9XOHGpFUHWQƒGXRFWREUHUHODWLIDX[
XQLYHUVLWDLUHHQPpGHFLQFKDUJpGHVIRQFWLRQVGHGLUHFWHXU PRGDOLWpV G
H[HUFLFH GH OD WXWHOOH VXU OHV pWDEOLVVHPHQWV
GX FHQWUH QDWLRQDO GH UDGLRSURWHFWLRQ HVW PDLQWHQX HQ SXEOLFVQ
D\DQWSDVOHFDUDFWqUHDGPLQLVWUDWLIDX[PRGDOLWpV
DFWLYLWp SRXU XQH SpULRGH G
XQH DQQpH j FRPSWHU GX HU G
DSSUREDWLRQ GH OHXUV DFWHV GH JHVWLRQ DX[ PRGHV HW DX[
IpYULHU FRQGLWLRQV GH GpVLJQDWLRQ GHV PHPEUHV GHV FRQVHLOV
 G
pWDEOLVVHPHQWHWjODIL[DWLRQGHVREOLJDWLRQVPLVHVjOHXU
FKDUJH

9XO
DYLVGXPLQLVWUHGHVILQDQFHV
0,1,67(5('8'(9(/233(0(17
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI
(7'(/$&223(5$7,21,17(51$7,21$/(
'pFUqWH
 $UWLFOH SUHPLHU  (VW UHPSODFp O
HPSORL IRQFWLRQQHO
'pFUHW Qƒ  GX  GpFHPEUH  GH GLUHFWHXU JpQpUDO DGMRLQW SUpYX SDU O
DUWLFOH  GX
PRGLILDQWHWFRPSOpWDQWOHGpFUHWQƒGX GpFUHW Qƒ  GX  MXLQ  SDU O
HPSORL
MXLQ  UpJOHPHQWDQW OHV FRQGLWLRQV IRQFWLRQQHOGHVHFUpWDLUHJpQpUDO
G
DWWULEXWLRQHWGHUHWUDLWGHVHPSORLVIRQFWLRQQHOV /
HPSORL IRQFWLRQQHO GH VHFUpWDLUH *pQpUDO HVW DWWULEXp
DX VHLQ GH O
DJHQFH GH SURPRWLRQ GH VHORQO
XQHGHVFRQGLWLRQVVXLYDQWHV
O
LQYHVWLVVHPHQWH[WpULHXU
 OH FDQGLGDW GRLW rWUH WLWXODLUH GX GLSO{PH GH pPH
/H3UpVLGHQWGHOD5pSXEOLTXH F\FOHGHO
HQVHLJQHPHQWVXSpULHXUDYHFWUHL]HDQVGHVHUYLFH
6XU SURSRVLWLRQ GX PLQLVWUH GX GpYHORSSHPHQW HW GH OD DXPRLQVGDQVOHVHFWHXUSXEOLF
FRRSpUDWLRQLQWHUQDWLRQDOH OHFDQGLGDWGRLWrWUHWLWXODLUHGXEDFFDODXUpDWRXG
XQ
9XODORLQƒGXDR€WSRUWDQWVWDWXWJpQpUDO GLSO{PH pTXLYDOHQW DYHF TXDWUH DQV G
pWXGHV VXSpULHXUHV
GHV DJHQWV GHV RIILFHV GHV pWDEOLVVHPHQWV SXEOLFV j VDQFWLRQQpHV SDU XQ FHUWLILFDW GH UpXVVLWH HW  DQV GH
FDUDFWqUH LQGXVWULHO HW FRPPHUFLDO HW GHV VRFLpWpV GRQW OH VHUYLFHDXPRLQVGDQVOHVHFWHXUSXEOLF
FDSLWDODSSDUWLHQWGLUHFWHPHQWHWHQWLqUHPHQWjO
(WDWRXDX[ OHFDQGLGDWGRLWH[HUFHUODIRQFWLRQGHGLUHFWHXUGDQV
FROOHFWLYLWpV SXEOLTXHV ORFDOHV WHOOH TXH PRGLILpH HW OH VHFWHXU SXEOLF RX XQH IRQFWLRQ pTXLYDOHQWH SHQGDQW XQH
FRPSOpWpHSDUODORLQƒGXDYULO SpULRGHGHFLQTDQV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


$UW   /HV UDQJV IRQFWLRQQHOV GH VRXVGLUHFWHXU 'pFUqWH
SULQFLSDOHWGHGLUHFWHXUSULQFLSDOVRQWDWWULEXpVVXLYDQWXQH $UWLFOH SUHPLHU  ,O HVW FUpp DX PLQLVWqUH GH
DQFLHQQHWp GH WURLV DQV DX PRLQV GDQV OD IRQFWLRQ OLpH j O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV
FKDTXH UDQJ /D QRPLQDWLRQ j FHV GHX[ UDQJV IRQFWLRQQHOV K\GUDXOLTXHV XQH XQLWp GH JHVWLRQ SDU REMHFWLIV SRXU OD
QH GRLW SDV HQJHQGUHU GH YDFDQFH G
HPSORL GDQV OHV UpDOLVDWLRQGHVEDUUDJHV(O=DUJD(O.pELU(O0RXODHWGHV
IRQFWLRQVGHVRXVGLUHFWHXUHWGHGLUHFWHXU RXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW(O
$UW   /H PLQLVWUH GX GpYHORSSHPHQW HW GH OD 0RXOD GX JRXYHUQRUDW GH -HQGRXED (OOH HVW SODFpH VRXV
FRRSpUDWLRQ LQWHUQDWLRQDOH HVW FKDUJp GH O
H[pFXWLRQ GX O
DXWRULWp GX GLUHFWHXU JpQpUDO GHV EDUUDJHV HW GHV JUDQGV
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD WUDYDX[ K\GUDXOLTXHV DX PLQLVWqUH GH O
DJULFXOWXUH GH
5pSXEOLTXH7XQLVLHQQH O
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV
$UW/HVPLVVLRQVGHO
XQLWpGHJHVWLRQSDUREMHFWLIV
7XQLVOHGpFHPEUH SRXU OD UpDOLVDWLRQ GHV EDUUDJHV (O =DUJD (O .pELU (O
=LQH(O$ELGLQH%HQ$OL 0RXODHWGHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV
 (O .pELU HW (O 0RXOD GX JRXYHUQRUDW GH -HQGRXED
FRQVLVWHQWHQFHTXLVXLW
0,1,67(5('(/
$*5,&8/785(
  YHLOOHU j O
H[pFXWLRQ GHV GLIIpUHQWHV RSpUDWLRQV
'(/
(19,5211(0(17 UHQWUDQWGDQVOHFDGUHGXSURMHW
(7'(65(66285&(6+<'5$8/,48(6  ± FRRUGRQQHU OHV SKDVHV GH UpDOLVDWLRQ HIIHFWLYH GX
SURMHWHQYXHG
DVVXUHUOHXUKDUPRQLVDWLRQDYHFOHVREMHFWLIV
 IL[pV
'pFUHW Qƒ  GX  GpFHPEUH  SRUWDQW SUHQGUHOHVGpFLVLRQVFRQYHQDEOHVHQWHPSVRSSRUWXQ
FUpDWLRQG
XQHXQLWpGHJHVWLRQSDUREMHFWLIVSRXU SRXU UpDMXVWHU OD PDUFKH GX SURMHW HW OHXU KDUPRQLVDWLRQ
OD UpDOLVDWLRQ GHV EDUUDJHV (O =DUJD (O .pELU (O DYHF OHV PRGLILFDWLRQV JpRORJLTXHV HW JpRWHFKQLTXHV
0RXODHWGHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHV pYHQWXHOOHV
EDUUDJHV (O .pELU HW (O 0RXOD GX JRXYHUQRUDW GH YHLOOHUDXVXLYLGHVPLVVLRQVGXEXUHDXGHFRQWU{OHHW
-HQGRXED HW IL[DQW VRQ RUJDQLVDWLRQ HW OHV OHVH[SORLWHUSRXUODUpXVVLWHGXSURMHW
PRGDOLWpVGHVRQIRQFWLRQQHPHQW
(W G
XQH PDQLqUH JpQpUDOH DVVXUHU WRXWH DXWUH PLVVLRQ
/H3UpVLGHQWGHOD5pSXEOLTXH UHQWUDQW GDQV OH FDGUH GX SURMHW TXL OXL VHUD FRQILpH SDU
6XU SURSRVLWLRQ GX PLQLVWUH GH O
DJULFXOWXUH GH O
DXWRULWpGHWXWHOOH
O
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV $UW   /DGXUpHGHUpDOLVDWLRQGHVEDUUDJHV(O=DUJD
(O.pELU(O0RXODHWGHVRXYUDJHVGHGpULYDWLRQGHVHDX[
9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW GHV EDUUDJHV (O .pELU HW (O 0RXOD HVW IL[pH j FLQT DQV HW
JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVSXEOLTXHV GHX[ PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX
ORFDOHV HW GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH SUpVHQWGpFUHW
DGPLQLVWUDWLI HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX
FRPSOpWpH HW QRWDPPHQW OD ORL Qƒ  GX  GpFHPEUH ,%DUUDJH(O=DUJD
 /D GXUpH GH UpDOLVDWLRQ GX EDUUDJH (O =DUJD HVW IL[pH j
9XOHGpFUHWQƒGXIpYULHUUpJOHPHQWDQW GHX[DQVjFRPSWHUGHODGDWHG
HQWUpHHQYLJXHXUGXSUpVHQW
OHV FRQGLWLRQV G
DWWULEXWLRQ HW GH UHWUDLW GHV HPSORLV GpFUHW
IRQFWLRQQHOVGHVHFUpWDLUHJpQpUDOGHPLQLVWqUHGHGLUHFWHXU /DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLW
JpQpUDO G
DGPLQLVWUDWLRQ FHQWUDOH GH GLUHFWHXU  ODSUHPLqUHSKDVH
G
DGPLQLVWUDWLRQFHQWUDOHGHVRXVGLUHFWHXUG
DGPLQLVWUDWLRQ
FHQWUDOH HW GH FKHI GH VHUYLFH G
DGPLQLVWUDWLRQ FHQWUDOH WHO (OOH FRQVLVWH GDQV O
H[pFXWLRQ GHV WHUUDVVHPHQWV HW OD
FRQVWUXFWLRQGXEpWRQGHO
pYDFXDWHXU
TXH PRGLILp HW FRPSOpWp SDU OH GpFUHW Qƒ  GX 
VHSWHPEUH /D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j VL[
PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW
9X OH GpFUHW Qƒ  GX  MDQYLHU  IL[DQW OH GpFUHW
FRQWHQXGHVSODQVGHPLVHjQLYHDXGHO
DGPLQLVWUDWLRQHWOHV
 ODGHX[LqPHSKDVH
PRGDOLWpVGHOHXUpODERUDWLRQUpDOLVDWLRQHWVXLYL
(OOH FRQVLVWH GDQV OHV WUDYDX[ GH UHPEODL FRQFHUQDQW
9X OH GpFUHW Qƒ  GX  MXLOOHW  SRUWDQW WRXWHV OHV FRPSRVDQWHV GX EDUUDJH WHOV TXH OH QR\DX OH
FUpDWLRQGHVXQLWpVGHJHVWLRQSDUREMHFWLIV V\VWqPH GH GUDLQDJH GH SURWHFWLRQ SDU OHV SLHUUHV HW OD
9XOHGpFUHWQƒGXIpYULHUIL[DQWOHV IL[DWLRQ GHV FHOOXOHV GH FRQWU{OH GH OD SUHVVLRQ GH O
HDX
DWWULEXWLRQVGXPLQLVWqUHGHO
DJULFXOWXUH LQWHUVWLWLHOOH
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ
9XO
DYLVGXPLQLVWUHGHVILQDQFHV
HWGHPLjFRPSWHUGHODGDWHG
HQWUpHHQYLJXHXUGXSUpVHQW
9XO
DYLVGXWULEXQDODGPLQLVWUDWLI GpFUHW

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


 ODWURLVLqPHSKDVH /D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j GHX[
DQVHWTXDWUHPRLVjFRPSWHUGXPRLVGHMXLQ
(OOH FRQVLVWH GDQV 
LQVWDOODWLRQ GHV pTXLSHPHQWV
 ±ODFLQTXLqPHSKDVH
K\GURPpFDQLTXHVHWpOHFWULTXHV
(OOH FRQVLVWH GDQV OD UpDOLVDWLRQ GHV WUDYDX[GHUHPEODL
/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j VHSW FRQFHUQDQWOHEDUUDJH
PRLVjFRPSWHUGXPRLVG
DYULO
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ
 /DTXDWULqPHSKDVH HWGL[PRLVjFRPSWHUGXPRLVGHPDL
(OOHFRQVLVWHGDQV  ODVL[LqPHSKDVH
 OD UpFHSWLRQ SURYLVRLUH  HOOH FRQVLVWH GDQV OD (OOHFRQVLVWHGDQV
FRQVWDWDWLRQ GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[  OD UpFHSWLRQ SURYLVRLUH  HOOH FRQVLVWH GDQV OD
SODQV HW VSpFLILFLWpV WHFKQLTXHV GX SURMHW OD GpWHFWLRQ GHV FRQVWDWDWLRQ GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[
GpIDLOODQFHV FRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU SODQV HW VSpFLILFLWpV WHFKQLTXHV GX SURMHW OD GpWHFWLRQ GHV
SURFpGHU DX[ UpSDUDWLRQV QpFHVVDLUHV WHOV TXH OH EpWRQ OHV GpIDLOODQFHV FRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU
WHUUDVVHPHQWV OHV pTXLSHPHQWV K\GURPpFDQLTXHV HW SURFpGHU DX[ UpSDUDWLRQV QpFHVVDLUHV WHOV TXH OH EpWRQ OHV
pOHFWULTXHV O
DPpQDJHPHQW GHV URXWHV GHV SLVWHV HW WHUUDVVHPHQWV OHV pTXLSHPHQWV K\GURPpFDQLTXHV HW
O
pFODLUDJH pOHFWULTXHVO
DPpQDJHPHQWJpQpUDOGHVURXWHVGHVSLVWHVHW
O
pFODLUDJH
 OD UpFHSWLRQ GpILQLWLYH  HOOH FRQVLVWH GDQV OD
 OD UpFHSWLRQ GpILQLWLYH  HOOH FRQVLVWH GDQV OD
FRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHV
FRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHV
FRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQ
FRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQ
SURYLVRLUH HW V
DVVXUHU GX ERQ IRQFWLRQQHPHQW GHV
SURYLVRLUH HW V
DVVXUHU GX ERQ IRQFWLRQQHPHQW GHV
pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHV
pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHV
pTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GX
pTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GX
GUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHO
HDXLQWHUVWLWLHOOHHW
GUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHO
HDXLQWHUVWLWLHOOHHW
OHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWO
DQQpH
OHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWO
DQQpH
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQj
FRPSWHUGXPRLVGHGpFHPEUH /DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQj
FRPSWHUGXPRLVGHIpYULHU
,,%DUUDJH(O.pELU
,,,%DUUDJH(O0RXOD
/D GXUpH GH UpDOLVDWLRQ GX EDUUDJH (O .pELU HVW IL[pH j
FLQT DQV HW GHX[ PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ /DGXUpHGHUpDOLVDWLRQGHEDUUDJH(O0RXODHVWIL[pHj
YLJXHXUGXSUpVHQWGpFUHW WURLVDQVjFRPSWHUGHODGDWHG
HQWUpHHQYLJXHXUGXSUpVHQW
GpFUHW
/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLW
/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLW
 ODSUHPLqUHSKDVH
 ODSUHPLqUHSKDVH
(OOH FRQVLVWH GDQV O
DPpQDJHPHQW GX FKDQWLHU OD
FRQVWUXFWLRQ GHV KDELWDWLRQV O
LQVWDOODWLRQ VXU OHV OLHX[ HW (OOH FRQVLVWH GDQV O
DFKqYHPHQW GHV pWXGHV HW OH FKRL[
O
DGGXFWLRQHQpOHFWULFLWpHWHQHDX GHVHQWUHSUHQHXUV
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjTXDWUH /DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjTXDWUH
PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW
GpFUHW GpFUHW
 /DGHX[LqPHSKDVH  ODGHX[LqPHSKDVH
(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVjOD (OOH FRQVLVWH GDQV O
DPpQDJHPHQW GX FKDQWLHU OD
JDOHULHGHGpULYDWLRQHWODGLJXHWHOVTXHOHVWHUUDVVHPHQWV FRQVWUXFWLRQ GHV KDELWDWLRQV O
LQVWDOODWLRQ VXU OHV OLHX[ HW
OH EDWDUGHDX OH EpWRQ OD SDURL PRXOpH HW OHV RSpUDWLRQV O
DGGXFWLRQHQpOHFWULFLWpHWHQHDX
G
LQMHFWLRQ DLQVL TXH OHV WUDLWHPHQWV WHFKQLTXHV QpFHVVDLUHV /D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j VHSW
DX[IRQGDWLRQV PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ GpFUHW
HWGHPLjFRPSWHUGHODGDWHG
HQWUpHHQYLJXHXUGXSUpVHQW  ODWURLVLqPHSKDVH
GpFUHW (OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVjOD
 /DWURLVLqPHSKDVH JDOHULHGHGpULYDWLRQWHOVTXHOHWHUUDVVHPHQWOHEpWRQHWOD
(OOH FRQVLVWH GDQV O
LQVWDOODWLRQ GHV pTXLSHPHQWV GpULYDWLRQGXFRXUVGHO
RXHG
K\GURPpFDQLTXHVHWpOHFWULTXHV /D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j RQ]H
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ PRLV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW
HWKXLWPRLVjFRPSWHUGXPRLVGHPDL GpFUHW
 ODTXDWULqPHSKDVH  /DTXDWULqPHSKDVH
(OOHFRQVLVWHGDQVODFRQVWUXFWLRQGHVRXYUDJHVLQWpJUpV (OOH FRQVLVWH GDQV O
pODERUDWLRQ GH O
pWXGH GH OD
GHODWRXUGHSULVHG
HDXO
pYDFXDWHXUHWOHSRQWMRLJQDQWOD FRPSRVLWLRQ GX EpWRQ FRPSDFWp DX URXOHDX GX EpWRQ
WRXUDXEDUUDJH FRQYHQWLRQQHO OD UpDOLVDWLRQ GH OD GLJXH FRPSRVpH SDU OH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


EpWRQ FRPSDFWp DX URXOHDX HW OHV WUDYDX[ FRQFHUQDQW OD  ODWURLVLqPHSKDVH
GLJXHHQWHUUHGHODULYHGURLWHWHOTXHOHVWHUUDVVHPHQWVOD (OOH FRQVLVWH GDQV OD FRQVWUXFWLRQ HW O
pTXLSHPHQW GX
SDURLPRXOpHHWOHUHPEODL EDVVLQGHSUHVVLRQ
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ /D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j KXLW
HWKXLWPRLVjFRPSWHUGXPRLVGHIpYULHU PRLVjFRPSWHUGXPRLVGHIpYULHU
 ODFLQTXLqPHSKDVH  ODTXDWULqPHSKDVH
(OOHFRQVLVWHGDQVODUpDOLVDWLRQGHVWUDYDX[UHODWLIVDX[ (OOH FRQVLVWH GDQV O
HVVDL GH WRXWHV OHV FRQGXLWHV HW OHV
RXYUDJHVGHUHVWLWXWLRQWHOTXHOHEpWRQOHVFRQGXLWHVHWOHV pTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV
pTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQ
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQj
FRPSWHUGXPRLVG
RFWREUH HWWURLVPRLVjFRPSWHUGXPRLVGHVHSWHPEUH
 /DVL[LqPHSKDVH  ODFLQTXLqPHSKDVH
(OOH FRQVLVWH GDQV OD UpDOLVDWLRQ GHV RXYUDJHV GH SULVH (OOHFRQVLVWHGDQV
G
HDX WHOV TXH OHV FRQGXLWHV OHV pTXLSHPHQWV ODUpFHSWLRQSURYLVRLUHHOOHFRQVLVWHGDQVODFRQVWDWDWLRQ
K\GURPpFDQLTXHVHWOHEpWRQFRQYHQWLRQQHO GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[ SODQV HW
/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j QHXI VSpFLILFLWpVWHFKQLTXHVGXSURMHWODGpWHFWLRQGHVGpIDLOODQFHV
PRLVjFRPSWHUGXPRLVGHMDQYLHU FRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU SURFpGHU DX[
 ±ODVHSWLqPHSKDVH UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWVOHV
pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV O
DPpQDJHPHQW
(OOHFRQVLVWHGDQV JpQpUDOGHVURXWHVGHVSLVWHVHWO
pFODLUDJH
ODUpFHSWLRQSURYLVRLUHHOOHFRQVLVWHGDQVODFRQVWDWDWLRQ
 OD UpFHSWLRQ GpILQLWLYH  HOOH FRQVLVWH GDQV OD
GHV WUDYDX[ H[pFXWpV HW OHXU FRQIRUPLWp DX[ SODQV HW
FRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHV
VSpFLILFLWpVWHFKQLTXHVGXSURMHWODGpWHFWLRQGHVGpIDLOODQFHV FRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQ
FRQVWDWpHV VXU OHV FRPSRVDQWHV GX SURMHW SRXU SURFpGHU DX[ SURYLVRLUH HW V
DVVXUHU GX ERQ IRQFWLRQQHPHQW GHV
UpSDUDWLRQVQpFHVVDLUHVWHOVTXHOHEpWRQOHVWHUUDVVHPHQWVOHV pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHV
pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV O
DPpQDJHPHQW pTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GX
JpQpUDOGHVURXWHVGHVSLVWHVHWO
pFODLUDJH GUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHO
HDXLQWHUVWLWLHOOHHW
 OD UpFHSWLRQ GpILQLWLYH  HOOH FRQVLVWH GDQV OD OHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWO
DQQpH
FRQVWDWDWLRQ GH OD UpSDUDWLRQ GH WRXWHV OHV GpIDLOODQFHV /DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQj
FRQVLJQpHV QRWDPPHQW DX SURFqVYHUEDO GH OD UpFHSWLRQ FRPSWHUGXPRLVGHGpFHPEUH
SURYLVRLUH HW V
DVVXUHU GX ERQ IRQFWLRQQHPHQW GHV
$UW   /HV UpVXOWDWV GX SURMHW VRQW pYDOXpV
pTXLSHPHQWV K\GURPpFDQLTXHV HW pOHFWULTXHV DLQVL TXH OHV FRQIRUPpPHQWDX[FULWqUHVVXLYDQWV
pTXLSHPHQWV GH FRQWU{OH GX EDUUDJH WHOV TXH OHV SXLWV GX
GUDLQDJHOHVFHOOXOHVGHODSUHVVLRQGHO
HDXLQWHUVWLWLHOOHHW   OH UHVSHFW GHV GpODLV HW GHV pWDSHV G
H[pFXWLRQ GX
OHVUHSqUHVWRSRJUDSKLTXHVHQUHJLVWUpVGXUDQWO
DQQpH SURMHWHWOHVHIIRUWVHQWUHSULVSRXUUpGXLUHFHVGpODLV
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjXQDQj   OD UpDOLVDWLRQ GHV REMHFWLIV GX SURMHW HW OHV PHVXUHV
FRPSWHUGXPRLVGHGpFHPEUH SULVHVSRXUDXJPHQWHUVDUHQWDELOLWp
,9  /HV RXYUDJHV GH GpULYDWLRQ GHV HDX[ GHV   OH FR€W GX SURMHW HW OHV HIIRUWV HQUHJLVWUpV SRXU OH
EDUUDJHV(O.pELUHW(O0RXOD PLQLPLVHU
/D GXUpH GH UpDOLVDWLRQ GHV RXYUDJHV GH GpULYDWLRQ GHV   OHV GLIILFXOWpV UHQFRQWUpHV GDQV OD UpDOLVDWLRQ GX
HDX[ GHV EDUUDJHV (O .pELU HW (O 0RXOD HVW IL[pH j TXDWUH SURMHWHWOHVDFWLRQVHQWUHSULVHVSRXUOHVVXUPRQWHU
DQV j FRPSWHU GH OD GDWH G
HQWUpH HQ YLJXHXU GX SUpVHQW
GpFUHW OHV\VWqPHGXVXLYLpYDOXDWLRQGHO
XQLWpGHJHVWLRQHW
VRQ GHJUp G
HIILFDFLWp GDQV OD GpWHUPLQDWLRQ GHV GRQQpHV
/DGXUpHGHUpDOLVDWLRQGHVSKDVHVHVWIL[pHFRPPHVXLW UHODWLYHVjO
DYDQFHPHQWGHODUpDOLVDWLRQGXSURMHW
 ODSUHPLqUHSKDVH O
HIILFDFLWpG
LQWHUYHQWLRQSRXUUpDMXVWHUODPDUFKHGX
(OOH FRQVLVWH GDQV O
pODERUDWLRQ GHV GRVVLHUV G
DSSHO SURMHW
G
RIIUHVHWOHFKRL[GHVHQWUHSUHQHXUV $UW   /
XQLWp GH JHVWLRQ SDU REMHFWLIV SRXU OD
/DGXUpHGHUpDOLVDWLRQGHFHWWHSKDVHHVWIL[pHjVHSWPRLV UpDOLVDWLRQGHVEDUUDJHV(O=DUJD(O.pELU(O0RXODHWGHV
jFRPSWHUGHODGDWHG
HQWUpHHQYLJXHXUGXSUpVHQWGpFUHW RXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHVG
(O.pELUHW
 ±ODGHX[LqPHSKDVH (O 0RXOD GX JRXYHUQRUDW GH -HQGRXED FRPSUHQG OHV
(OOH FRQVLVWH GDQV OD UpDOLVDWLRQ GHV WUDYDX[ GH JpQLH HPSORLVIRQFWLRQQHOVVXLYDQWV
FLYLOFRQFHUQDQWOHVFRQGXLWHVWHOVTXHOHVWHUUDVVHPHQWVOH   XQ FKHI GH SURMHW D\DQW UDQJ HW SUpURJDWLYHV GH
EpWRQ O
LQVWDOODWLRQ GHV pTXLSHPHQWV PpWDOOLTXHV VSpFLDX[ GLUHFWHXU G
DGPLQLVWUDWLRQ FHQWUDOH FKDUJp GH VXSHUYLVHU OD
ODFRQVWUXFWLRQGHVVWDWLRQVGHSRPSDJHHWO
LQVWDOODWLRQGHV UpDOLVDWLRQGHWRXWHVOHVFRPSRVDQWHVGXSURMHW
pTXLSHPHQWVK\GURPpFDQLTXHVHWpOHFWULTXHV   XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GX
/D GXUpH GH UpDOLVDWLRQ GH FHWWH SKDVH HVW IL[pH j GHX[ EDUUDJH (O =DUJD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH
DQVHWQHXIPRLVjFRPSWHUGXPRLVGHMDQYLHU VHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


  XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GX 120,1$7,216
EDUUDJH (O .pELU D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH
VHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH 3DUGpFUHWQƒGXGpFHPEUH
  XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GX 0RQVLHXU 6DwG +HODO LQJpQLHXU HQ FKHI HVW FKDUJp GHV
EDUUDJH (O 0RXOD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH IRQFWLRQVGHGLUHFWHXUGXGpYHORSSHPHQWVRFLRpFRQRPLTXH
VHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH GHODSRSXODWLRQIRUHVWLqUHjODGLUHFWLRQJpQpUDOHGHVIRUrWV
 ± XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV WUDYDX[ GHV DX PLQLVWqUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV
RXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.HELUHW(O UHVVRXUFHVK\GUDXOLTXHV
0RXOD D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH VHUYLFH
G
DGPLQLVWUDWLRQFHQWUDOH 
  XQ FKHI GH VHUYLFH GHV DIIDLUHV DGPLQLVWUDWLYHV HW 3DUGpFUHWQƒGXQRYHPEUH
ILQDQFLqUHV D\DQW UDQJ HW SUpURJDWLYHV GH FKHI GH VHUYLFH 0RQVLHXU 0RKDPHG /DPLQH 0QDVUL LQJpQLHXU GHV
G
DGPLQLVWUDWLRQFHQWUDOH WUDYDX[ HVW FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH j
  XQ FKHI GH VHUYLFH FKDUJp GX VXLYL GHV RSpUDWLRQV O
DUURQGLVVHPHQW GH OD FRQVHUYDWLRQ GHV HDX[ HW GX VRO DX
G
H[SURSULDWLRQ GHV GRPPDJHV HW LQWpUrWV D\DQW UDQJ HW FRPPLVVDULDWUpJLRQDODXGpYHORSSHPHQWDJULFROHGH6LOLDQD
SUpURJDWLYHVGHFKHIGHVHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH

$UW,OHVWFUppXQHFRPPLVVLRQDXVHLQGXPLQLVWqUHGH
O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV 3DUGpFUHWQƒGXQRYHPEUH
K\GUDXOLTXHV SUpVLGpH SDU OH PLQLVWUH GH O
DJULFXOWXUH GH 0RQVLHXU $ILI %HQ )UHM LQJpQLHXU GHV WUDYDX[ HVW
O
HQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV RX VRQ
FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH GX GpYHORSSHPHQW
UHSUpVHQWDQW FKDUJpH GXVXLYLHWGHO
pYDOXDWLRQGHVPLVVLRQV
DWWULEXpHVjO
XQLWpGHJHVWLRQSDUREMHFWLIVFRQIRUPpPHQWDX[ FROOHFWLI HW GH O
DQLPDWLRQ UXUDOH j O
XQLWp GH JHVWLRQ SDU
FULWqUHVIL[pVjO
DUWLFOHGXSUpVHQWGpFUHW REMHFWLIV SRXU OD UpDOLVDWLRQ GX SURMHW GH GpYHORSSHPHQW
DJULFROHLQWpJUpGXEDVVLQPLQLHUGXJRXYHUQRUDWGH*DIVD
/HV PHPEUHV GH OD FRPPLVVLRQ VHURQW GpVLJQpV SDU
DUUrWp GX 3UHPLHU PLQLVWUH VXU SURSRVLWLRQ GX PLQLVWUH GH 
O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV 3DUGpFUHWQƒGXGpFHPEUH
K\GUDXOLTXHV
0RQVLHXU +RXFLQH .KDOHG LQJpQLHXU GHV WUDYDX[ HVW
/H SUpVLGHQW GH OD FRPPLVVLRQ SHXW IDLUH DSSHO j WRXWH FKDUJp GHV IRQFWLRQV GH FKHI GH VHUYLFH j O
DUURQGLVVHPHQW
SHUVRQQHGRQWO
DYLVHVWMXJpXWLOHSRXUDVVLVWHUDX[WUDYDX[ GH OD SURGXFWLRQ YpJpWDOH DX FRPPLVVDULDW UpJLRQDO DX
GHODFRPPLVVLRQDYHFDYLVFRQVXOWDWLI GpYHORSSHPHQWDJULFROHGH0pGHQLQH
/D FRPPLVVLRQ VH UpXQLW VXU FRQYRFDWLRQ GH VRQ 
SUpVLGHQW HW FKDTXH IRLV TXH OD QpFHVVLWp O
H[LJH (OOH QH
SHXW GpOLEpUHU YDODEOHPHQW TX
HQ SUpVHQFH GH OD PRLWLp DX 3DUGpFUHWQƒGXGpFHPEUH
PRLQVGHVHVPHPEUHV 0RQVLHXU /DURXVVL )ULKD DQDO\VWH FHQWUDO HVW FKDUJp
GHV IRQFWLRQV GH FKHI GH VHUYLFH LQIRUPDWLTXH HW GH
/HVGpFLVLRQVGHODFRPPLVVLRQVRQWSULVHVjODPDMRULWp
PRGpOLVDWLRQV K\GURORJLTXHV j OD GLUHFWLRQ JpQpUDOH GHV
GHV YRL[ GH VHV PHPEUHV SUpVHQWV HW HQ FDV GH SDUWDJH OD
UHVVRXUFHVHQHDX[UHOHYDQWGXPLQLVWqUHGHO
DJULFXOWXUHGH
YRL[GXSUpVLGHQWHVWSUpSRQGpUDQWH
O
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV
/D GLUHFWLRQ JpQpUDOH GX ILQDQFHPHQW GHV
LQYHVWLVVHPHQWVHWGHVRUJDQLVPHVSURIHVVLRQQHOVDVVXUHOHV 
IRQFWLRQVGXVHFUpWDULDWGHODFRPPLVVLRQ 3DUGpFUHWQƒGXGpFHPEUH
$UW/HPLQLVWUHGHO
DJULFXOWXUHGHO
HQYLURQQHPHQWHW 0RQVLHXU 1DGKHP +RPUL LQJpQLHXU SULQFLSDO HVW
GHV UHVVRXUFHV K\GUDXOLTXHV VRXPHW XQ UDSSRUW DQQXHO DX FKDUJpGHVIRQFWLRQVGHFKHIGHVHUYLFHGHODPLVHHQYDOHXU
3UHPLHUPLQLVWUHVXUO
DFWLYLWpGHO
XQLWpGHJHVWLRQSDUREMHFWLIV HW GX GpYHORSSHPHQW DJULFROH j O
XQLWp GH JHVWLRQ SDU
SRXUODUpDOLVDWLRQGHVEDUUDJHV(O=DUJD(O.pELU(O0RXODHW REMHFWLIV SRXU OD UpDOLVDWLRQ GX SURMHW GH GpYHORSSHPHQW
GHVRXYUDJHVGHGpULYDWLRQGHVHDX[GHVEDUUDJHV(O.pELUHW DJULFROHLQWpJUpGXJRXYHUQRUDWGH.DVVHULQH
(O 0RXOD GX JRXYHUQRUDW GH -HQGRXED FRQIRUPpPHQW DX[
GLVSRVLWLRQV GH O
DUWLFOH  GX GpFUHW Qƒ  GX  MXLOOHW 
VXVYLVp 3DUGpFUHWQƒGXGpFHPEUH
$UW/HVPLQLVWUHVGHVILQDQFHVHWGHO
DJULFXOWXUHGH 0RQVLHXU$wID+DPGLLQJpQLHXUGHVWUDYDX[HVWFKDUJp
O
HQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV VRQW GHVIRQFWLRQVGHFKHIG
DUURQGLVVHPHQWGHO
H[SORLWDWLRQGHV
FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O
H[pFXWLRQ GX SpULPqWUHV LUULJXpV DX FRPPLVVDULDW UpJLRQDO DX
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD GpYHORSSHPHQWDJULFROHGH7DWDRXLQH
5pSXEOLTXH7XQLVLHQQH
(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW
7XQLVOHGpFHPEUH Qƒ  GX  MXLQ  O
LQWpUHVVp EpQpILFLH GHV
=LQH(O$ELGLQH%HQ$OL DYDQWDJHVG
XQFKHIGHVHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 1ƒ


3DUGpFUHWQƒGXQRYHPEUH 3DUGpFUHWQƒGXGpFHPEUH
0RQVLHXU $OL &KDUIHGGLQH LQJpQLHXU GHV WUDYDX[ HVW 0RQVLHXU6DOHP+]DJLQJpQLHXUGHVWUDYDX[HVWFKDUJp
GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH
FKDUJp GHV IRQFWLRQV GH FKHI G
DUURQGLVVHPHQW GHV
YXOJDULVDWLRQ DJULFROH 6PDU DX FRPPLVVDULDW UpJLRQDO DX
EkWLPHQWV HW GX PDWpULHO DX FRPPLVVDULDW UpJLRQDO DX GpYHORSSHPHQWDJULFROHGH7DWDRXLQH
GpYHORSSHPHQWDJULFROHGH6RXVVH

(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW 3DUGpFUHWQƒGXGpFHPEUH
Qƒ  GX  MXLQ  O
LQWpUHVVp EpQpILFLH GHV 0RQVLHXU $OL 0HFKL LQJpQLHXU GHV WUDYDX[ HVW FKDUJp
DYDQWDJHVG
XQFKHIGHVHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH
 YXOJDULVDWLRQ DJULFROH (O 0H]RXQD DX FRPPLVVDULDW
UpJLRQDODXGpYHORSSHPHQWDJULFROHGH6LGL%RX]LG
3DUGpFUHWQƒGXGpFHPEUH 
0RQVLHXU $OL $ORXL DGPLQLVWUDWHXU FRQVHLOOHU HVW $UUrWp GX PLQLVWUH GH O
DJULFXOWXUH GH
FKDUJpGHVIRQFWLRQVGHFKHIG
DUURQGLVVHPHQWGXSHUVRQQHO O
HQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV
DX FRPPLVVDULDW UpJLRQDO DX GpYHORSSHPHQW DJULFROH GH GX  GpFHPEUH  IL[DQW OHV PRGDOLWpV
7DWDRXLQH G
RUJDQLVDWLRQ GX FRQFRXUV H[WHUQH VXU pSUHXYHV
SRXU OHUHFUXWHPHQWGHWHFKQLFLHQVGHODERUDWRLUH
(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW
LQIRUPDWLTXH DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV
Qƒ  GX  MXLQ  O
LQWpUHVVp EpQpILFLH GHV HW GHV WHFKQLFLHQV GH O
LQIRUPDWLTXH GHV
DYDQWDJHVG
XQFKHIGHVHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH DGPLQLVWUDWLRQVSXEOLTXHV
 /H PLQLVWUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV
3DUGpFUHWQƒGXQRYHPEUH UHVVRXUFHVK\GUDXOLTXHV
0RQVLHXU 0RKDPHG 7DRXILN (O *KDUEL LQJpQLHXU GHV 9XODORLQƒGXGpFHPEUHSRUWDQWVWDWXW
WUDYDX[ HQVHLJQDQW HVW FKDUJp GHV IRQFWLRQV GH FKHI JpQpUDOGHVSHUVRQQHOVGHO
(WDWGHVFROOHFWLYLWpVORFDOHVHW
G
DUURQGLVVHPHQW GHV EkWLPHQWV HW GX PDWpULHO DX GHV pWDEOLVVHPHQWV SXEOLFV j FDUDFWqUH DGPLQLVWUDWLI
FRPPLVVDULDW UpJLRQDO DX GpYHORSSHPHQW DJULFROH GH HQVHPEOH OHV WH[WHV TXL O
RQW PRGLILpH RX FRPSOpWpH HW
0RQDVWLU QRWDPPHQWODORLQƒGXGpFHPEUH
(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHO
DUWLFOHGXGpFUHW 9X OH GpFUHW Qƒ  GX  VHSWHPEUH  SRUWDQW
Qƒ  GX  MXLQ  O
LQWpUHVVp EpQpILFLH GHV GLVSRVLWLRQVGpURJDWRLUHVSRXUODSDUWLFLSDWLRQDX[FRQFRXUV
DYDQWDJHVG
XQFKHIGHVHUYLFHG
DGPLQLVWUDWLRQFHQWUDOH GHUHFUXWHPHQWjWLWUHG
H[WHUQHWHOTX
LODpWpFRPSOpWpSDU
OHGpFUHWQƒGXDR€W

3DUGpFUHWQƒGXGpFHPEUH 9X OH GpFUHW Qƒ  GX  IpYULHU  IL[DQW OH
VWDWXW SDUWLFXOLHU DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV
0RQVLHXU <RXQHV $RXQL LQJpQLHXU GHV WUDYDX[ HVW GHO
LQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHV
FKDUJp GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH
YXOJDULVDWLRQDJULFROH6LGL$OL%HQ$RXQDXFRPPLVVDULDW $UUrWH
UpJLRQDODXGpYHORSSHPHQWDJULFROHGH6LGL%RX]LG $UWLFOHSUHPLHU/HFRQFRXUVH[WHUQHVXUpSUHXYHVSRXU
 OH UHFUXWHPHQW GH WHFKQLFLHQV GH ODERUDWRLUH LQIRUPDWLTXH
DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH
3DUGpFUHWQƒGXGpFHPEUH
O
LQIRUPDWLTXH GHV DGPLQLVWUDWLRQV SXEOLTXHV HVW RUJDQLVp
0RQVLHXU 5LGKD (O $LHFK LQJpQLHXU GHV WUDYDX[ HVW FRQIRUPpPHQWDX[GLVSRVLWLRQVGXSUpVHQWDUUrWp
FKDUJp GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH
YXOJDULVDWLRQ DJULFROH &KHELND DX FRPPLVVDULDW UpJLRQDO $UW    /H FRQFRXUV H[WHUQH VXU pSUHXYHV SRXU OH
UHFUXWHPHQW GH WHFKQLFLHQV GH ODERUDWRLUH LQIRUPDWLTXH
DXGpYHORSSHPHQWDJULFROHGH.DLURXDQ
DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHV WHFKQLFLHQV GH
 O
LQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHVHVWRXYHUWDX[
3DUGpFUHWQƒGXGpFHPEUH FDQGLGDWV WLWXODLUHV GX GLSO{PH GX EDFFDODXUpDW RX G
XQ
0RQVLHXU -DZKDU /DGMLPL LQJpQLHXU GHV WUDYDX[ HVW GLSO{PH pTXLYDOHQW DYHF XQH IRUPDWLRQ HQ H[SORLWDWLRQ HW
PDLQWHQDQFHGHVV\VWqPHVLQIRUPDWLTXHVRXXQGLSO{PHGH
FKDUJp GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH
IRUPDWLRQ KRPRORJXp DX QLYHDX VXVYLVp HW Q
D\DQW SDV
YXOJDULVDWLRQ DJULFROH(O%DWHQDXFRPPLVVDULDWUpJLRQDO GpSDVVpO
DJHGHWUHQWHFLQT  DQV
DXGpYHORSSHPHQWDJULFROHGH.DLURXDQ
/
kJH PD[LPXP HVW DSSUpFLp j FRPSWHU GH OD GDWH
 G
LQVFULSWLRQ GDQV XQ EXUHDX GH O
HPSORL SRXU OHVFRQFRXUV
3DUGpFUHWQƒGXGpFHPEUH RXYHUWV GXUDQW OHV FLQT DQQpHV TXL VXLYHQW OD GDWH GH FHWWH
0RQVLHXU (VVDKEL &KRXUDEL LQJpQLHXU GHV WUDYDX[ HVW LQVFULSWLRQ
FKDUJp GHV IRQFWLRQV GH FKHI GH OD FHOOXOH WHUULWRULDOH GH $ GpIDXW G
LQVFULSWLRQ GX FDQGLGDW GDQV XQ EXUHDX GH
YXOJDULVDWLRQDJULFROH&KHUDUGDDXFRPPLVVDULDWUpJLRQDO O
HPSORLO
kJHPD[LPXPHVWDSSUpFLpOHSUHPLHUMDQYLHUGH
DXGpYHORSSHPHQWDJULFROHGH.DLURXDQ O
DQQpHG
RXYHUWXUHGXFRQFRXUV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²GpFHPEUH 3DJH


$UW   /H FRQFRXUV H[WHUQH VXVYLVp HVW RXYHUW SDU ,,8QHSUHXYHG
DGPLVVLRQGpILQLWLYH
DUUrWpGXPLQLVWUHGHO
DJULFXOWXUHGHO
HQYLURQQHPHQWHWGHV pSUHXYHSUDWLTXHVXURUGLQDWHXU
UHVVRXUFHVK\GUDXOLTXHV /H SURJUDPPH GHV GHX[ pSUHXYHV VXVYLVpHV HVW IL[p HQ
&HWDUUrWpIL[H DQQH[HODGXUpHHWOHVFRHIILFLHQWVGHVpSUHXYHVVRQWIL[pV
FRPPHVXLW
OHQRPEUHG
HPSORLVPLVHQFRQFRXUV 
ODGDWHGHFO{WXUHGHODOLVWHG
LQVFULSWLRQ 1DWXUHGHO
pSUHXYH  'XUpH &RHIILFLHQW
,  /HV pSUHXYHV  
ODGDWHHWOHOLHXGXGpURXOHPHQWGHVpSUHXYHV G
DGPLVVLELOLWp  
 (SUHXYHpFULWHGHFXOWXUH 'HX[KHXUHV   
$UW   /HV FDQGLGDWV DX FRQFRXUV VXVYLVp GRLYHQW
JpQpUDOH  
GpSRVHU RX DGUHVVHU SDU OHWWUH UHFRPPDQGpH OHXUV GRVVLHUV
  (SUHXYH pFULWH HQ 'HX[KHXUHV   
GHFDQGLGDWXUHDFFRPSDJQpHVGHVSLqFHVVXLYDQWHV LQIRUPDWLTXH
$ /RUVGXGpS{WGHODFDQGLGDWXUH ,,  8QHSUHXYHG
DGPLVVLRQ  
GpILQLWLYH  
XQHGHPDQGHGHFDQGLGDWXUH  (SUHXYH SUDWLTXH VXU 8QHKHXUH   
RUGLQDWHXU
XQHSKRWRFRSLHGHODFDUWHG
LGHQWLWpQDWLRQDOH

 XQH SKRWRFRSLH GX GLSO{PH DFFRPSDJQpH HQ FH TXL
 O
pSUHXYH pFULWH GH FXOWXUH JpQpUDOH HVW UpGLJpH
FRQFHUQHOHVGLSO{PHVpWUDQJHUVGHO
DWWHVWDWLRQG
pTXLYDOHQFH
REOLJDWRLUHPHQW HQ ODQJXH DUDEH HQ TXDWUH   SDJHV DX
,O Q
HVW SDV QpFHVVDLUH TXH OD VLJQDWXUH VRLW OpJDOLVpH HW PD[LPXP QH VRQW SDV SULVHV HQ FRQVLGpUDWLRQ OHV SDJHV
TXH OHV SKRWRFRSLHV VRLHQW FHUWLILpHV FRQIRUPHV DX[ GpSDVVDQWOHQRPEUHPD[LPXPSUpFLWp
RULJLQDX[  O
pSUHXYH pFULWH HQ LQIRUPDWLTXH HVW UpGLJpH
/H FDQGLGDW TXL D GpSDVVp O
kJH OpJDO GRLW MRLQGUH DX[ LQGLIIpUHPPHQW HQ ODQJXH DUDEH RX HQ ODQJXH IUDQoDLVH
SLqFHV VXVpQXPpUpHV XQH DWWHVWDWLRQ MXVWLILDQW VHORQOHFKRL[GXFDQGLGDW
O
DFFRPSOLVVHPHQW GH VHUYLFHV FLYLOV HIIHFWLIV RX $UW6DXIGpFLVLRQFRQWUDLUHGXMXU\OHVFDQGLGDWVQH
O
LQVFULSWLRQDXEXUHDXGHO
HPSORL SHXYHQW DYRLU j OHXU GLVSRVLWLRQ SHQGDQW OD GXUpH GHV
%  $SUqV O
DGPLVVLRQ DX FRQFRXUV HW DYDQW pSUHXYHVQLGHOLYUHVQLGHEURFKXUHVQLGHQRWHVQLGHWRXW
O
DIIHFWDWLRQDXSRVWHGHWUDYDLO DXWUHGRFXPHQWGHTXHOTXHQDWXUHTXHFHVRLW
/H FDQGLGDW GRLW FRPSOpWHU OHV SLqFHV HVVHQWLHOOHV $UW   1RQREVWDQW OHV SRXUVXLWHV SpQDOHV GH GURLW
QpFHVVDLUHVHWQRWDPPHQW FRPPXQ WRXWH IUDXGH RX WHQWDWLYH GH IUDXGH G€PHQW
 XQ H[WUDLW GX FDVLHU MXGLFLDLUH O
RULJLQDO  GDWDQW GH FRQVWDWpHHQWUDvQHO
H[FOXVLRQLPPpGLDWHGXFDQGLGDWGHOD
PRLQVG
XQDQ VDOOH G
H[DPHQ O
DQQXODWLRQ GHV pSUHXYHV TX
LO D VXELHV HW
O
LQWHUGLFWLRQ GH SDUWLFLSHU j WRXW FRQFRXUV RX H[DPHQ
XQH[WUDLWGHQDLVVDQFHGDWDQWGHPRLQVG
XQDQ DGPLQLVWUDWLIV XOWpULHXUV SHQGDQW FLQT   DQV FHWWH
 XQ FHUWLILFDW PpGLFDO O
RULJLQDO  GDWDQW GH PRLQV GH LQWHUGLFWLRQ VHUD SURQRQFpH SDU DUUrWp GX PLQLVWUH GH
WURLV PRLV DWWHVWDQW TXH OH FDQGLGDW UHPSOLW OHV FRQGLWLRQV O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV UHVVRXUFHV
G
DSWLWXGH SK\VLTXH HW PHQWDOH QpFHVVDLUHV SRXU O
H[HUFLFH K\GUDXOLTXHVVXUSURSRVLWLRQGXMXU\GXFRQFRXUV
GHVHVIRQFWLRQVVXUWRXWOHWHUULWRLUHGHOD5pSXEOLTXH 7RXWHIUDXGHRXWHQWDWLYHGHIUDXGHGRLWIDLUHO
REMHWG
XQ
XQHFRSLHFHUWLILpHFRQIRUPHjO
RULJLQDOGXGLSO{PH UDSSRUWFLUFRQVWDQFLpGXVXUYHLOODQWRXGHO
H[DPLQDWHXUTXL
O
DFRQVWDWpH
$UW   7RXWH FDQGLGDWXUH SDUYHQXH DSUqV OD GDWH GH
FO{WXUH GH OD OLVWH G
LQVFULSWLRQ HVW REOLJDWRLUHPHQW UHMHWpH $UW/HVpSUHXYHVGXFRQFRXUVVRQWDSSUpFLpHVSDU
/HFDFKHWGHODSRVWHRXODGDWHG
HQUHJLVWUHPHQWDXEXUHDX XQMXU\GRQWODFRPSRVLWLRQHVWIL[pHSDUDUUrWpGX3UHPLHU
G
RUGUHFHQWUDOIDLVDQWIRL PLQLVWUH
$UW   /D OLVWH GHV FDQGLGDWV DGPLV j FRQFRXULU HVW $UW/HVGHX[pSUHXYHVpFULWHVVRQWVRXPLVHVjXQH
GpILQLWLYHPHQW DUUrWpH SDU OH PLQLVWUH GH O
DJULFXOWXUH GH GRXEOHFRUUHFWLRQ,OHVWDWWULEXpjFKDFXQHGHVpSUHXYHVXQH
O
HQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV VXLWH D QRWH YDULDQW GH ]pUR   j YLQJW   OD QRWH GpILQLWLYH HVW
O
pWXGHGHVGRVVLHUVGHFDQGLGDWXUHSDUOHMXU\GXFRQFRXUV pJDOHjODPR\HQQHDULWKPpWLTXHGHFHVGHX[  QRWHV
$UW   /H FRQFRXUV H[WHUQH VXVYLVp FRPSRUWH GHX[ $XFDVRO
pFDUWHQWUHOHVGHX[QRWHVDWWULEXpHVSDUOHV
pSUHXYHVpFULWHVSRXUO
DGPLVVLELOLWpHWXQHpSUHXYHSUDWLTXH GHX[FRUUHFWHXUVHVWVXSpULHXUDTXDWUH  SRLQWVO
pSUHXYH
SRXUO
DGPLVVLRQGpILQLWLYH HVWVRXPLVHjO
DSSUpFLDWLRQGHGHX[DXWUHVFRUUHFWHXUVSRXU
XQH QRXYHOOH FRUUHFWLRQ OD QRWH GpILQLWLYH HVW pJDOH j OD
,/HVpSUHXYHVG
DGPLVVLELOLWp
PR\HQQHDULWKPpWLTXHGHVGHX[GHUQLqUHVQRWHV
pSUHXYHpFULWHGHFXOWXUHJpQpUDOH
$UW   7RXWH QRWHLQIpULHXUHjVL[  VXUYLQJW  
pSUHXYHpFULWHHQLQIRUPDWLTXH HVWpOLPLQDWRLUH

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 1ƒ


$UW1XOQHSHXWrWUHGpFODUpDGPLVjSDUWLFLSHUj $11(;(

pSUHXYHG
DGPLVVLRQV
LOQ
DREWHQXXQPLQLPXPGHWUHQWH 3URJUDPPHGXFRQFRXUVH[WHUQHVXUpSUHXYHV
 SRLQWVSRXUOHVGHX[pSUHXYHV SRXUOHUHFUXWHPHQWGHVWHFKQLFLHQVGHODERUDWRLUH
LQIRUPDWLTXH
/HV FDQGLGDWV GpFODUpV DGPLVVLEOHV VRQW LQIRUPpV SDU
OHWWUHV LQGLYLGXHOOHV RX SDU DIILFKDJH GDQV OHV ORFDX[ GH , (SUHXYHpFULWHGHFXOWXUHJpQpUDOH
O
DGPLQLVWUDWLRQ GX OLHX HW GH OD GDWH GX GpURXOHPHQW GH O
RUJDQLVDWLRQDGPLQLVWUDWLYHGHOD7XQLVLH
O
pSUHXYHG
DGPLVVLRQ
O
DGPLQLVWUDWLRQFHQWUDOH
$UW1XOQHSHXWrWUHGpFODUpDGPLVV
LOQ
DREWHQX
XQ PLQLPXP GH FLQTXDQWH   SRLQWV SRXU O
HQVHPEOH GHV O
DGPLQLVWUDWLRQ5pJLRQDOH
pSUHXYHV  O
DGPLQLVWUDWLRQ ORFDOH OD PXQLFLSDOLWp  OH FRQVHLO
UpJLRQDO 
6L SOXVLHXUV FDQGLGDWV RQW REWHQX OH PrPH QRPEUH GH
SRLQWVjO
HQVHPEOHGHVpSUHXYHVODSULRULWpHVWDFFRUGpHDX O
RUJDQLVDWLRQpFRQRPLTXHHQ7XQLVLH
SOXVkJp OHEXGJHW SUpSDUDWLRQH[pFXWLRQFRQWU{OH 
$UW    /H MXU\ GX FRQFRXUV SURFqGH DX FODVVHPHQW ODVRFLpWpGHO
LQIRUPDWLRQHWGHVFRPPXQLFDWLRQV
GHVFDQGLGDWVSDURUGUHGHPpULWHHWSURSRVHGHX[OLVWHVGHV
FDQGLGDWVSRXYDQWrWUHDGPLVGpILQLWLYHPHQW ,O (SUHXYHpFULWHHQLQIRUPDWLTXH
$0LFURRUGLQDWHXUVHWpTXLSHPHQWV
$ /DOLVWHSULQFLSDOH
 FRPSRVDQWHV GHV PLFURRUGLQDWHXUV XQLWp FHQWUDOH
%  /D OLVWHFRPSOpPHQWDLUHFHWWHOLVWHHVWpWDEOLHGDQV GLVTXHVpFUDQFODYLHUHWF 
OD OLPLWH GH   DX PD[LPXP GX QRPEUH GHV FDQGLGDWV
LQVFULWVVXUODOLVWHSULQFLSDOHHOOHSHUPHWOHFDVpFKpDQWj  pTXLSHPHQWV WHUPLQDX[ LPSULPDQWHV VFDQQHUV
O
DGPLQLVWUDWLRQ GH UHPSODFHU OHV FDQGLGDWV LQVFULWV VXU OD pTXLSHPHQWVGHVDXYHJDUGHHWF 
OLVWH SULQFLSDOH HW TXL Q
RQW SDV UHMRLQW OHXUV SRVWHV %/RJLFLHOVG
H[SORLWDWLRQHWGHSLORWDJH
G
DIIHFWDWLRQ
 6\VWqPH G
H[SORLWDWLRQ FDUDFWpULVWLTXHV HW PpWKRGHV
$UW   /D OLVWH SULQFLSDOH HW OD OLVWH FRPSOpPHQWDLUH G
LQVWDOODWLRQ HW GH FRQILJXUDWLRQ GHV V\VWqPHV '26
GHV FDQGLGDWV DGPLV GpILQLWLYHPHQW DX FRQFRXUV H[WHUQH :,1'2:6/,18;81,;HWF 
SRXU OH UHFUXWHPHQW GH WHFKQLFLHQV GH ODERUDWRLUH  /RJLFLHOV GH SLORWDJH GULYHUV   FDUDFWpULVWLTXHV HW
LQIRUPDWLTXH DSSDUWHQDQW DX FRUSV GHV DQDO\VWHV HW GHV PpWKRGHVG
LQVWDOODWLRQHWGHFRQILJXUDWLRQ
WHFKQLFLHQVGHO
LQIRUPDWLTXHGHVDGPLQLVWUDWLRQVSXEOLTXHV
VRQW DUUrWpHV GpILQLWLYHPHQW SDU OH PLQLVWUH GH O
DJULFXOWXUH  ORJLFLHOV GH EXUHDXWLTXH  W\SHV HW PpWKRGHV
G
LQVWDOODWLRQHWGHFRQILJXUDWLRQ
GHO
HQYLURQQHPHQWHWGHVUHVVRXUFHVK\GUDXOLTXHV
& 5pVHDX[GHFRPPXQLFDWLRQ
$UW   /
DGPLQLVWUDWLRQ SURFODPH OD OLVWH SULQFLSDOH
HW LQYLWH OHV FDQGLGDWV DGPLV j UHMRLQGUH OHXUV SRVWHV  7\SH HW FDUDFWpULVWLTXHV GHV UpVHDX[ LQIRUPDWLTXHV
5pVHDX[/$1:$17&3,3;LQWUDQHWOQWHUQHWHWF 
G
DIIHFWDWLRQ
 FRPSRVDQWHV GHV UpVHDX[ LQIRUPDWLTXHV pTXLSHPHQWV
$XWHUPHGXGpODLPD[LPXPG
XQPRLVDSUqVODGDWHGH
DFWLIVHWSDVVLIVGHVUpVHDX[/$1HW:$1 
SURFODPDWLRQ GH OD OLVWH SULQFLSDOH O
DGPLQLVWUDWLRQ GRLW
PHWWUH HQ GHPHXUH SDU OHWWUH UHFRPPDQGpH DYHF DFFXVp GH  GLIIpUHQWHV FRXFKHV SURWRFROHV HW V\VWqPHV
UpFHSWLRQOHVFDQGLGDWVGpIDLOODQWVHQOHVLQYLWDQWjUHMRLQGUH G
H[SORLWDWLRQ GHV UpVHDX[ FDUDFWpULVWLTXHV HW PpWKRGHV
OHXUV SRVWHV GDQV XQ GpODL PD[LPXP GH  MRXUV IDXWH GH G
LQVWDOODWLRQHWGHFRQILJXUDWLRQ
TXRL LOV VRQW UDGLpV GH OD OLVWH SULQFLSDOH GHV FDQGLGDWV  UqJOHV pOpPHQWDLUHV G
DGPLQLVWUDWLRQ HW GH VXSHUYLVLRQ
DGPLVDXFRQFRXUVHWUHPSODFpVSDUFHX[LQVFULWVSDURUGUH GHVUpVHDX[/$1:$1HWLQWHUQHW
GH PpULWH VXU OD OLVWH FRPSOpPHQWDLUH /H UHFRXUV jODOLVWH '0DLQWHQDQFHHWVpFXULWpGHVpTXLSHPHQWV
FRPSOpPHQWDLUH SUHQG ILQ GDQV XQ GpODL PD[LPXP GH VL[
 PRLVDSUqVODSURFODPDWLRQGHODOLVWHSULQFLSDOH pTXLSHPHQWHWORJLFLHOVGHSURWHFWLRQHWGHVpFXULWp
$UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO W\SHVGHPDLQWHQDQFHHWOHXUVH[LJHQFHV
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ,O(SUHXYHSUDWLTXHVXURUGLQDWHXU
7XQLVOHGpFHPEUH $ $UFKLWHFWXUHGHVRUGLQDWHXUV
/H0LQLVWUHGHO
$JULFXOWXUH  DUFKLWHFWXUH GHV PLQL HW GHV PLFURRUGLQDWHXUV
GHO
(QYLURQQHPHQWHWGHV5HVVRXUFHV PpPRLUHVYLUWXHOOHVHWPpPRLUHVDX[LOLDLUHV
+\GUDXOLTXHV % /RJLFLHOVGHEXUHDXWLTXH
0RKDPHG+DELE+DGGDG  :RUG([FHO
9X & 6\VWqPHVG
H[SORLWDWLRQ
/H3UHPLHU0LQLVWUH 7\SHV HW FDUDFWpULVWLTXHV GHV V\VWqPHV G
H[SORLWDWLRQ
0RKDPHG*KDQQRXFKL 0V'RV8QL[HW:LQGRZV 

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH


$UUrWp GX PLQLVWUH GH O
DJULFXOWXUH GH 9X OH GpFUHW Qƒ  GX  RFWREUH  SRUWDQW
O
HQYLURQQHPHQW HW GHV UHVVRXUFHV K\GUDXOLTXHV FUpDWLRQ GX SpULPqWUH SXEOLF LUULJXp G
(UEDwD GH OD
GpOpJDWLRQGH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH
GX  GpFHPEUH  SRUWDQW RXYHUWXUH GH OD
SURFpGXUH GH UpDPpQDJHPHQW IRQFLHU GDQV OH $UUrWH
SpULPqWUH SXEOLF LUULJXp G
(UEDwD GH OD GpOpJDWLRQ $UWLFOH SUHPLHU   /D SURFpGXUH GH UpDPpQDJHPHQW
GH6EHwWODDXJRXYHUQRUDWGH.DVVHULQH IRQFLHUHVWRXYHUWHjFRPSWHUGHODGDWHGHSXEOLFDWLRQGX
SUpVHQW DUUrWp GDQV OH SpULPqWUH SXEOLF LUULJXp G
(UEDwD GH
/H PLQLVWUH GH O
DJULFXOWXUH GH O
HQYLURQQHPHQW HW GHV OD GpOpJDWLRQ GH 6EHwWOD DX JRXYHUQRUDW GH .DVVHULQH
UHVVRXUFHVK\GUDXOLTXHV GpOLPLWpSDUXQOLVHUpURXJHVXUO
H[WUDLWGHFDUWHDX
DQQH[pDXSUpVHQWDUUrWp
9X OD ORL Qƒ  GX  PDL  SRUWDQW UpIRUPH
DJUDLUH GDQV OHV SpULPqWUHV SXEOLFV LUULJXpV WHOOH TXH $UW   /H GLUHFWHXU JpQpUDO GH O
DJHQFH IRQFLqUH
DJULFROHHVWFKDUJpGHO
H[pFXWLRQGXSUpVHQWDUUrWpTXLVHUD
PRGLILpHHWFRPSOpWpHSDUODORLQƒGXIpYULHU
SXEOLpDX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
HWSDUODORLQƒGXPDUVHWQRWDPPHQWVRQ
DUWLFOH 7XQLVOHGpFHPEUH
/H0LQLVWUHGHO
$JULFXOWXUH
9XODORLQƒGXPDUVSRUWDQWFUpDWLRQGH
O
DJHQFH IRQFLqUH DJULFROH WHOOH TXH PRGLILpH HW FRPSOpWpH GHO
(QYLURQQHPHQWHWGHV5HVVRXUFHV
+\GUDXOLTXHV
SDU OD ORL Qƒ  GX  PDUV  HW QRWDPPHQW VRQ
0RKDPHG+DELE+DGGDG 
DUWLFOH
9X
9X OH GpFUHW Qƒ  GX DR€WPRGLILDQWOD
GpQRPLQDWLRQ GH O
DJHQFH GH OD UpIRUPH DJUDLUH GHV /H3UHPLHU0LQLVWUH
SpULPqWUHVSXEOLFVLUULJXpV 0RKDPHG*KDQQRXFKL


3RXU OD OpJDOLVDWLRQ GH OD VLJQDWXUH  OH SUpVLGHQW GH OD PXQLFLSDOLWp ,661 &HUWLILp FRQIRUPH  OH SUpVLGHQW GLUHFWHXU JpQpUDO GH O
,257

&HQXPpURGX-RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQHDpWpGpSRVpDXVLqJHGXJRXYHUQRUDWGH7XQLVOHGpFHPEUH

Vous aimerez peut-être aussi