Baranova Valeriya Dumas
Baranova Valeriya Dumas
Baranova Valeriya Dumas
Promotion : 2021-2022
Soutenu le : 10/11/2022
-H WLHQV pJDOHPHQW j UHPHUFLHU $QDwV 1LJKRJKRVVLDQ TXL P¶D DSSRUWp VRQ UHJDUG SURIHVVLRQQHO 6
HV
UHOHFWXUHV DWWHQWLYHV VRQ LQWpUrW SRXU PRQ VXMHW HW V HV UHFRPPDQGDWLRQV P¶RQW SHUPLV G
¶DIILQHU P
RQ
DQDO\VH
-H UHPHUFLH WRXV OHV HQVHLJQDQWV HW OHV LQWHUYHQDQWV H[WHUQHV GX &(/6$ TXL P¶RQW IDLW G
pFRXYULU OD
FRPPXQLFDWLRQGHODPDUTXH
(QILQMHUHPHUFLHPRQHQWRXUDJHSRXUOHWHPSVTX¶LOVRQWFRQVDFUpjODUHOHFWXUHGHFHPpPRLUH
6200$,5(
,1752'8&7,21
DUWLH/HVPDUTXHXUVGXOX[HGDQVODVWUDWpJLHFRPPXQLFDWLRQQHOOHGH-DFTXHPXVODUHFKHUFKH
3
GHOpJLWLPLWp
3DUWLH/DFUpDWLRQG¶XQHDXUDIRUWHDXWRXUGHVRQFUpDWHXU
3DUWLH5HFKHUFKHGHOpJLWLPLWpSDUODGpSXEOLFLWDULVDWLRQGDQVGHVPpGLDVUHFRQQXV
3DUWLH&RQVWUXFWLRQGHO¶DXUDDXWUDYHUVGHVUpIpUHQFHVDX[JUDQGVFUpDWHXUV
3DUWLH/HVGpILOpVXQLQVWUXPHQWSRXUVHKLVVHUjODKDXWHXUGHVJUDQGHVPDLVRQVGXOX[H
3DUWLH/DUHFKHUFKHG KpULWDJHHWGHUDFLQHV
3DUWLH8QDQFUDJHJpRJUDSKLTXHIRUWOD3URYHQFH
3DUWLH'HOD3URYHQFHDX[UDFLQHV/HU{OHGHVHVDQFrWUHV
3DUWLH/DFUpDWLRQG¶XQLPDJLQDLUH
3DUWLH/DPLVHHQRHXYUHG¶XQHVWKpWLVPHIRUWHWOHVLQFXUVLRQVGDQVOHGRPDLQHGHO¶DUW
3DUWLH/¶DUWFRPPHLQVSLUDWLRQGHODFRPPXQLFDWLRQGH-DFTXHPXV
3DUWLH©$UWLILFDWLRQªGHODPDUTXH-DFTXHPXV
3DUWLH/DUHFKHUFKHGHSUR[LPLWpGDQVODVWUDWpJLHFRPPXQLFDWLRQQHOOHGH-DFTXHPXVSDUODPLVH
QSODFHG XQHLPDJHSRSXODLUH-DFTXHPXVXQHPDUTXHSRXUWRXWOHPRQGH"
H
DUWLH/¶HWKRVTXH6LPRQ-DFTXHPXVFRQVWUXLWWHQGjUpGXLUHOHVGLVWDQFHVHQWUHODPDUTXHHWOHV
3
FRQVRPPDWHXUVjFUpHUGHO¶DXWKHQWLFLWp
3DUWLH8QHFRQVWUXFWLRQGLVFXUVLYHGHO¶LPDJHGHVRLODQDwYHWp
3DUWLH$XWKHQWLFLWpHWSUR[LPLWpGDQVODFRQVWUXFWLRQGLVFXUVLYHGHO¶LPDJHGH-DFTXHPXV
3DUWLH-DFTXHPXVXQHPDUTXHSRSXODLUH"
3DUWLH/HVUpIpUHQFHVSRSXODLUHVUDSSURFKHQW-DFTXHPXVGHVHVFOLHQWV
3DUWLH8QHFRPPXQLFDWLRQTXLUHVWHWUqVPDUFKDQGH
3DUWLH/DPLVHHQSODFHG¶XQHFRPPXQDXWpGHIDQVIRUWH
3DUWLH0LVHHQSODFHG¶XQV\VWqPHGHYDOHXUV
3DUWLH-DFTXHPXVWHQWHGHVHGRQQHUXQU{OH³QREOH´GDQVOHPRQGHGHODPRGHHWGXOX[H
3DUWLH/HOX[HDFFHVVLEOHODTXrWHUHYHQGLTXpHGH-DFTXHPXV
3DUWLH0LVHHQSODFHG¶XQHFRPPXQDXWp
3DUWLH/DFRQVWUXFWLRQGHODFRPPXQDXWpHWVRQGpYHORSSHPHQW
3DUWLH/DPLVHGHODFRPPXQDXWpDXVHUYLFHGXGpYHORSSHPHQWGH-DFTXHPXV
3DUWLH/¶HQJDJHPHQWGHODFRPPXQDXWpUHQIRUFHGHO¶DXUDGXFUpDWHXUHWOD PLVHHQVFqQHGX
OX[H
&21&/86,21
$11(;(&RUSXV$UWLFOHVGHSUHVVH
11(;($QDO\VHIUpTXHQWLHOOHGHPRWVGX&RUSXV/HVPRWVIUpTXHPPHQWXWLOLVpVGDQVOHGLVFRXUVGH
$
-DFTXHPXV
0HWKRGRORJLH
5HVXOWDWVEUXWV
$QDO\VHGHVUpVXOWDWV6\QWKqVHGXFRPSWDJHGHPRWVGDQVOHVDUWLFOHV
$11(;(&LWDWLRQVOLpHVDX6XGVDIDPLOOHHWVHVRULJLQHVH[WUDLWHVGHVDUWLFOHVGX&RUSXV
$11(;(&LWDWLRQVOLpHVjO¶DUWH[WUDLWHVGHVDUWLFOHVGX&RUSXV
$11(;(&RUSXV3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXV
$11(;((WXGHTXDQWLWDWLYHGHVSXEOLFDWLRQV,QVWDJUDPGX&RUSXV
$11(;(/LVWHGHVFRPPHQWDLUHVUHODWLIVjODSXEOLFDWLRQ³&RTXHOLFRWV´
$11(;(/HVSKRWRVDFFRPSDJQDQWOHVLQWHUYLHZVGHFUpDWHXUVGHPRGH
6LPRQ3RUWH-DFTXHPXV
2OLYLHU5RXVWHLQJ
0DULD*UD]LD&KLXUL
6WHOOD0F&DUWQH\
11(;(([HPSOHGHSXEOLFDWLRQLOOXVWUDQWO¶HQJDJHPHQWGHODFRPPXQDXWp&RPPHQWDLUHVHQUpDFWLRQj
$
FHWWHSXEOLFDWLRQ
$11(;(3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGXHWOHVFRPPHQWDLUHV
$11(;(3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVOLpHVjVHVUHVWDXUDQWV
%,%/,2*5$3+,(
5(680(
027&/(6
©/DPDUTXHPRGHUQHQ DSSDUWLHQWSOXVjO XQLYHUVGXFRPPHUFHPDLVjFHOXLGHODFRPPXQLFDWLRQª
$QGUHD6HPSULQL
,1752'8&7,21
©/D)UDQFHQ¶DSDVGH*$)$PDLVHOOHDOHVJpDQWVGXOX[HPRQGLDOªV¶HVWIpOLFLWp%UXQR/H0DLUH
0LQLVWUHIUDQoDLVGHO¶(FRQRPLHHWGHV)LQDQFHVHQ(QHIIHWGDQVOHGRPDLQHGXOX[HOD)UDQFHHVW
OHDGHU PRQGLDO DYHFQRWDPPHQW/90+.HULQJ+HUPqVTXLjHX[WURLVUHSUpVHQWHQWSUqVGHGX&$&
$ O¶LQWHUQDWLRQDO DYHF &KDQHO 5LFKHPRQW 6XLVVH 3UDGD ,WDOLH OH PRQGH GX OX[H HVW F RPSRVp G
H
QRPEUHX[FRQJORPpUDWVUHJURXSDQWSOXVLHXUVPDUTXHVSUHVWLJLHXVHVGRQWFHUWDLQHVRQWXQHKLVWRLUHGHSOXV
G¶XQ VLqFOH OHXU SHUPHWWDQW G¶RFFXSHU WRXW OH VSHFWUH GH OD GHPDQGH GH FUpHU GHV XQLYHUV G
LIIpUHQWV H
W
G¶DSSRUWHUOHUrYHUHFKHUFKpTXHOTX¶LOVRLW
'DQV FH FRQWH[WH OHVQRXYHDX[YHQXVSRXUWDQWQRPEUHX[RQWWUqVSHXGHSODFH,OVSHLQHQWjREWHQLUXQ
SHXGHYLVLELOLWpSRXUVHODQFHUHWRQWUHFRXUVjO LQQRYDWLRQSRXUDYRLUXQHFKDQFHG rWUHUHPDUTXpVTXLWWHj
EULVHUOHVFRGHVHQSODFH
'DQV FHWWH IRUrW OD PDUTXH G¶XQ MHXQH FUpDWHXU D UHWHQX QRWUH DWWHQWLRQ SRXU VD FURLVVDQFH IXOJXUDQWH
-DFTXHPXV
©/HMHXQHKRPPHGHDQVSDUWLGHULHQLO\DSOXVGHDQVHVWPDLQWHQDQWjODWrWHG¶XQH
PDLVRQGHSUrWjSRUWHUGHOX[HIUDQoDLVHª
'28=,(&+7RPP\©/HVHFWHXUGXOX[HVRXVWRXWHVVHVFRXWXUHVª=RQHERXUVHSXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVZZZ]RQHERXUVHFRPDFWXDOLWHERXUVH/HVHFWHXUGXOX[HVRXVWRXWHVVHVFRXWXUHV
,ELG
©6LPRQ3RUWH-DFTXHPXVOHFUpDWHXUGHPRGHDX[DOOXUHVG¶LQIOXHQFHXUOLIHVW\OHª9LHZVIUFRQVXOWpHQOLJQH
KWWSVYLHZVIUVLPRQSRUWHMDFTXHPXVFUHDWHXUGHPRGHDX[DOOXUHVGLQIOXHQFHXUOLIHVW\OH
5(128)7RP©4XLHVWOHIRQGDWHXUGHODPDUTXH-DFTXHPXV"ª3ODQqWH*UDQGHV(FROHVSXEOLpOHFRQVXOWpHQOLJQH
OH85/
KWWSVZZZSODQHWHJUDQGHVHFROHVFRPTXLHVWOHIRQGDWHXUGHODPDUTXHMDFTXHPXVaWH[W -DFTXHPXV$XQDFWHXU
GXQRXYHDXPRQGHGHODPRGH WH[W /DPDUTXHDXEXGJHWGHGHPLOOLRQVGHXUR
V
©5HWRXUVXUOHVJDJQDQWVGX/90+3UL]Hª/90+SXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZOYPKIUDFWXDOLWHVGRFXPHQWVDFWXDOLWHVUHWRXUOHVJDJQDQWVGXOYPKSUL]H
2SFLW5(128)7RP©4XLHVWOHIRQGDWHXUGHODPDUTXH-DFTXHPXV"ª
*DOHULHV /DID\HWWH /H %RQ 0DUFKp /H 3ULQWHPSV 6HOIULGJHV OHV SODWHIRUPHV HQ OLJQH 1
HWD3RUWHU
)DUIHWFK /XLVDYLDURPD 6 66(16( 0\7KHUHVD /H FRPSWH ,QVWDJUDP -DFTXHPXV FXPXOH
P
LOOLRQV
G DERQQpVDXVHSWHPEUHFHTXLFRQVWLWXHXQHEHOOHSRVLWLRQSRXUXQHPDUTXHMHXQHHQFRPSDUDLVRQ
DYHFOHVPDUTXHVGHOX[HSOXVDQFLHQQHVHWSOXVWUDGLWLRQQHOOHVTXLVRQWOHSOXVVXLYLVXU,QVWDJUDPFRPPH
&KDQHODYHFPLOOLRQVDERQQpV/RXLV9XLWWRQDYHFPLOOLRQVRX'LRUDYHFPLOOLRQV
2XWUHVDSURJUHVVLRQUDSLGHXQDXWUHpOpPHQWUHPDUTXDEOHHVWOHGLVFRXUVDW\SLTXHGH-DFTXHPXV
GDQV OH PRQGH GXOX[HODPDUTXH-DFTXHPXV©FUpHGHVFROOHFWLRQVTXLSDUOHQWjWRXVTXHFKDFXQSHXW
FRPSUHQGUHHWUHQGDLQVLOHOX[HSOXVDFFHVVLEOHª
$YDQW GH V¶LQWHUURJHU VXU OHV LPSOLFDWLRQV GH FHWWH pQRQFLDWLRQ LO HVW RSSRUWXQ GH UHYHQLU VXU G
HV Q
RWLRQV
LPSRUWDQWHVFHOOHGHPDUTXHGHOX[HHWG¶DFFHVVLELOLWp
6HORQ%HQRvW+HLOEUXQQXQHPDUTXHHVWXQHQVHPEOHGHVLJQHVDVVRFLpVjGHVYDOHXUVXQV\PEROH
© 8QH PDUTXH HVW XQ GLVSRVLWLI TXL DUWLFXOH XQH pWKLTXH XQH IDoRQ GH YRLU OH PRQGH H
W G
H V H
FRPSRUWHU ³FH j TXRL HOOH PDUFKH´ SRXU UHSUHQGUH O¶H[SUHVVLRQ GH -HDQ0DULH )ORFK H
W X
QH
HVWKpWLTXH OHV pOpPHQWV ILJXUDWLIV TXL OD UHQGHQW U HFRQQDLVVDEOH VHORQ XQ S
URFHVVXV
G¶HQULFKLVVHPHQWSURJUHVVLISDUWDQWG¶XQQLYHDXDEVWUDLW OHSURJUDPPHGHODPDUTXH PLVHQVFqQH
GDQVXQUpFLWSXLVPLVHQVLJQHGDQVGHVLGHQWLILDQWVGHPDUTXHª
/DPDUTXHjWUDYHUVVRQUpFLWHW©GXIDLWGHVDFDSDFLWpjpYRTXHUGHVYDOHXUVHVWKpWLTXHV p
PRWLRQQHOOHV
HW DIIHFWLYHV ª SHUPHW DORUV GH IDLUH OH OLHQ HQWUH XQ VLJQH GH UHFRQQDLVVDQFH XQ LGHQWLILDQW H
W X
Q
HQVHPEOH GH YDOHXUV /D PDUTXH HVW XQ RXWLO GH U HFRQQDLVVDQFH HW XQ RXWLO GH GLIIpUHQFLDWLRQ F ¶HVW X
QH
UHSUpVHQWDWLRQ
*LOOHV/LSRYHWVN\HW(O\HWWH%UXQQRXVUDSSHOOHQWO pW\PRORJLHGXPRWOX[H
© eW\PRORJLTXHPHQW DOODQW GX OX[ OD OXPLqUH F¶HVWjGLUH OH UD\RQQHPHQW OH JRW O¶pFODLUDJH
O¶pOpJDQFH j OD OX[XULD F¶HVWjGLUH O¶H[FqV OHFOLQTXDQWOHUDUHO¶H[WUrPHRXSOXW{W©OX[XVªTXL
VHUDLW O¶RULJLQH LQGRHXURSpHQQH GpYLDWLRQ UXSWXUH HW TXL D GRQQp OX[DWLRQ LO D SHUSpWXHOOHPHQW
EDODQFpHQWUHFHVGHX[S{OHVGXSDUDvWUHHWGHO¶rWUHªHQWUHOHVXSHUIOXHWODUDUHWp
-HDQ1RHO .DSIHUHU GpILQLW OH OX[H FRPPH © XQ SURFHVVXV GH VSLULWXDOLVDWLRQ HW GH VDFUDOLVDWLRQ G
¶REMHWV
IDEULTXpVSDUO¶KRPPHª&HWWHGpILQLWLRQQRXVSHUPHWG¶HQWUHYRLUFHTXLIDLWG¶XQHPDUTXHXQHPDUTXHGH
OX[H1RXVHQWURQVGDQVOHGRPDLQHGXVDFUpRO KRPPHHVWXQFUpDWHXUDYHFXQHDXUDSXLVVDQWHGRQWOHV
FUpDWLRQVQHVRQWSDVGHVLPSOHVSURGXLWVPDLVGHV°XYUHVHWGRQWODTXHVWLRQGHODP\WKRORJLHVSLULWXHOOH
HW GH OD VRXUFH GH VRQ FDUDFWqUH VDFUp HVW FHQWUDOH 1RXV GpYHORSSHURQV SOXV ORLQ OHV V LJQHV G
H
UHFRQQDLVVDQFHGXOX[H VRPSWXRVLWpHWFRWHX[
'HFHVGHX[QRWLRQVpPHUJHODWURLVLqPHFHOOHG DFFHVVLELOLWpRXSOXW{WG¶LQDFFHVVLELOLWp/HGLFWLRQQDLUHGH
O $FDGpPLHIUDQoDLVHGpILQLWO¶LQDFFHVVLELOLWpFRPPHOHFDUDFWqUHGHFHTXLQHSHXWrWUHDWWHLQWRXTX¶RQQH
2SFLW©6LPRQ3RUWH-DFTXHPXVOHFUpDWHXUGHPRGHDX[DOOXUHVG¶LQIOXHQFHXUOLIHVW\OHª
(,/%5811%HQRvW/D0DUTXH3UHVVHV8QLYHUVLWDLUHVGH)UDQFH3DULV&RQVXOWpHQOLJQHOH85/
+
KWWSVZZZFDLUQLQIRODPDUTXHKWPO
,ELG
/,329(76.< *LOOHV HW %581 (O\HWWH /HOX[HpWHUQHOGHO¶kJHGXVDFUpDXWHPSVGHVPDUTXHV&ROOHFWLRQ/H'pEDW*DOOLPDUG
S
.$3)(5(5-HDQ1RsO/X[H1RXYHDX[FKDOOHQJHVQRXYHDXFKDOOHQJHUV*URXSH(\UROOHV3DULVS
SHXWREWHQLURXHQFRUHSDUODQWG¶XQHSHUVRQQHTX¶RQQHSHXWDSSURFKHU /HVPDUTXHVGHOX[HVRQWGRQF
GHVUHSUpVHQWDWLRQVGHVHQVHPEOHVGHVLJQHVHWGHYDOHXUVFDUDFWpULVpHVSDUODUDUHWpHWODVXSHUILFLDOLWpTXL
UHQGHQWOHXUVSURGXLWV UDUHV DLQVLTXHOHXUIRQFWLRQQDOLWp VXSHUIOX LQDFFHVVLEOHV©$WUDYHUVOHXUVUDFLQHV
FXOWXUHOOHV HW JpRJUDSKLTXHV PDLV pJDOHPHQW OHXU IRQFWLRQ RQWRORJLTXH OHV PDUTXHV GH OX[H G
RLYHQW
SHUPHWWUHGHUHFUpHUO¶pFDUWHWPDLQWHQLUOHXULPDJHLQDFFHVVLEOH .HOOHU ª
$X UHJDUG GH FHW LQDFFHVVLELOLWp O pQRQFLDWLRQ SUpFpGHQWH FRQVWLWXH XQ R[\PRUH OD PDUTXH - DFTXHPXV
©FUpH GHV FROOHFWLRQV TXL SDUOHQW j WRXV TXH FKDFXQ SHXW FRPSUHQGUH HW UHQG DLQVL OH OX[H S
OXV
DFFHVVLEOHª6LOHOX[HHVWSDUHVVHQFHLQDFFHVVLEOHTX¶HVWFHTXHOHOX[HDFFHVVLEOH"/HOX[HDFFHVVLEOH
j WRXV QH ULVTXHWLO SDV GH WRPEHU GH VRQ SLpGHVWDO HW GH GHYHQLU EDQDO " $ORUV TXH OD GpVLUDELOLWp G
HV
PDUTXHV GHOX[HHWSDUFRQVpTXHQWOHXULQDFFHVVLELOLWpHVWDXFHQWUHGHODVWUDWpJLHGHVPDUTXHVGHOX[H
FRPPHOHVRXOLJQH)UDQoRLV+HQUL3LQDXOWOH&(2GH.HULQJHQ©/DPRQWpHHQJDPPHF¶HVW³XQ
FKRL[VWUDWpJLTXHSRXUDVVXUHUODGpVLUDELOLWpGHODPDUTXHVXUOHORQJWHUPH´ª ODSRVWXUHG DFFHVVLELOLWp
GH-DFTXHPXVVHPEOHFRQWUDGLFWRLUHDYHFVDUHYHQGLFDWLRQG¶DSSDUWHQLUDXPRQGHGXOX[H
'DQV XQ PHVVDJH SRVWp VXU ,QVWDJUDP OH GpFHPEUH-DFTXHPXVGLWjO RFFDVLRQGXSRSXSVWRUH
RUJDQLVpj3DULVHQ'pFHPEUH
© -¶DL UHoX XQ GP >PHVVDJH GLUHFW LQVWDJUDP@ DXMRXUG¶KXL G¶XQH SHUVRQQH VH WURXYDQW G
HYDQW OH
PDJDVLQ PDLV pWDQW PDO j O DLVH j OD SHUVSHFWLYH G¶HQWUHU /D VLJQLILFDWLRQ GH F H S
URMHW H
VW
O RSSRVp / LGpH HVW G¶DEDWWUH OHV EDUULqUHV GDQV OH PRQGH GX OX[H 1RXV YRXORQV TXH Y RXV Y RXV
VHQWLH] OHVELHQYHQXVHWTXHYRXVD\H]XQHEHOOHH[SpULHQFHTXRLTXHYRXVIDVVLH]9RXVSRXYH]
MXVWHSDVVHUHWSUHQGUHXQHSKRWR&¶HVWoD-DFTXHPXVª
6HUHYHQGLTXDQWXQHPDUTXHGHOX[H-DFTXHPXVV¶DVVLJQHXQU{OHGDQVOHPRQGHGHODPRGHHWGXOX[H
FHOXLGHO¶DFFHVVLELOLWp
&HSHQGDQW -DFTXHPXV Q¶HVW SDV OD VHXOH PDUTXH j U HYHQGLTXHU OH OX[H HW O¶DFFHVVLELOLWp /
HV
JUDQGHV PDUTXHV GH OX[H RQW G HQWUHU GDQV O qUH GX QXPpULTXH DILQ QRWDPPHQW GH FLEOHU OHV MHXQHV
JpQpUDWLRQVVDQVSHUGUHOHXUSUHVWLJH©&RPPHQWIDLUHIDFHjODQpFHVVLWpGHGLJLWDOLVHUORUVTXHODEDVHGH
VRQLGHQWLWpUHSRVHVXUODGLIILFXOWpG¶DFFqV"ª )RUEHVSRVHODTXHVWLRQGHODUpFRQFLOLDWLRQGHODSUR[LPLWp
HW GX OX[HOHVJUDQGHVPDUTXHVGHOX[HRQWHOOHVDXVVLjJpUHUFHWWHFRQWUDGLFWLRQ/DSUpVHQFHHQOLJQH
VXUOHVUpVHDX[VRFLDX[DGHSXLVTXHOTXHVDQQpHVGpMjRXYHUWODSRVVLELOLWpGHFUpHUXQHSUR[LPLWpDYHFOHV
PDUTXHV GH OX[H RIIUDQW DX[ PDUTXHV XQHWULEXQHSRXUGpSOR\HUOHXUVXQLYHUVYLDGHVSKRWRVGHVYLGpRV
IRUWHPHQWpYRFDWULFHVGHVXQLYHUVGHPDUTXHV/HVYHQWHVHQOLJQHRQWH[SORVpHQ FRQVpTXHQFHGHOD
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHFRQVXOWpHQOLJQH85/
KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$,
*((576$QG\9(*6$/$1DWKDOLH ©/HOX[HHW,QWHUQHW(YROXWLRQVG¶XQSDUDGR[H ª3URVSHFWLYH(G©0DQDJHPHQW $YHQLUª
1_SDJHVjFRQVXOWpHQOLJQH85/
KWWSVZZZFDLUQLQIRUHYXHPDQDJHPHQWHWDYHQLUSDJHKWP
2SFLW©6LPRQ3RUWH-DFTXHPXVOHFUpDWHXUGHPRGHDX[DOOXUHVG¶LQIOXHQFHXUOLIHVW\OHª
*LOOHV)ORUHQW©/HOX[HDFFHVVLEOHErWHQRLUHGHVJUDQGHVPDLVRQV"ª)DVKLRQ1HWZRUNSXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVIUIDVKLRQQHWZRUNFRPQHZV/HOX[HDFFHVVLEOHEHWHQRLUHGHVJUDQGHVPDLVRQVKWPO
7UDGXFWLRQGHO¶DQJODLV©6RPHRQHGPPHWRGD\VD\LQJWKDWKHZDVLQIURQWRIWKHVWRUHEXWZDVQ¶WIHHOLQJFRPIRUWDEOHWRHQWHU
7KHPHDQLQJRIWKLVSURMHFWLVWKHRSSRVLWH7KHLGHDRILWLVWREUHDNWKHERXQGDULHVLQWKHOX[XU\ZRUOG:HZDQW\RXWRIHHOZHOFRPH
DQGKDYHDJUHDWH[SHULHQFHZKDWHYHU\RXDUHJRLQJWRGR<RXFDQMXVWSDVVDQGWDNHDSLFWXUH7KLVLVZKDW-DFTXHPXVLVDERXWª
0(1$*( *DsOOH © 7UDGLWLRQ HW GLJLWDOLVDWLRQ TXDQG OH OX[H VH PRGHUQLVH ª )RUEV SXEOLp OH FRQVXOWp HQOLJQHOH
85/KWWSVZZZIRUEHVIUOX[HDGUWUDGLWLRQHWGLJLWDOLVDWLRQTXDQGOHOX[HVHPRGHUQLVH
SDQGpPLHGX&29,' HWFHWWHWHQGDQFHV¶HVWFRQILUPpHHQ/DSUR[LPLWpHWO¶DFFHVVLELOLWpDX[XQLYHUV
GHPDUTXHVVHPEOHQWHQHIIHWFURvWUHDYHFOHGpYHORSSHPHQWGHODSUpVHQFHHQOLJQH
3DU DLOOHXUV OHWHUPHGHOX[HDFFHVVLEOHQ¶HVWSDVQRXYHDX,OIDLWVRQDSSDULWLRQGDQVOHVDQQpHVHW
V¶HVW GHSXLV GpYHORSSp DYHF GHV PDUTXHV FRPPH 5DOSK /DXUHQ &DOYLQ .OHLQ =DGLJ 9ROWDLUH0LFKDHO
.RUV6DQGUR0DMHRX7KH.RRSOHV.DSIHUHUPHWHQpYLGHQFHFHWWHQRXYHOOHVHJPHQWDWLRQGXPDUFKpTXL
V RSqUH
© &RPPH OH PRW ³OX[H´ HVW GHYHQX j OD PRGH EHDXFRXS G¶HQWUHSULVHV HQ UHYHQGLTXHQW O¶XVDJH
PrPHVLHOOHVUHOqYHQWHQIDLWGHODPRGHRXGXSUHPLXP«/DSRSXODULVDWLRQHWO¶XVDJHH[FHVVLIGX
PRW©OX[HªHIIDFHOHVGLVWLQFWLRQVHWFUpHXQHFRQIXVLRQPDQDJpULDOH/HYRFDEOH³OX[HDFFHVVLEOH´D
pWp LQYHQWp SDU OHV PDUTXHV GX PDVVWLJH SRXU SRXYRLU HOOHVDXVVLEpQpILFLHUGHO¶DXUDOLpHDXPRW
OX[HHQH[WUHPLVDQWOHOX[HOHYUDLVRXVODWHUPLQRORJLH³K\SHUOX[H´ª
/HPDUFKpGXOX[HVHPEOHVHVWUDWLILHURIIUDQWXQHGpFOLQDLVRQGHVUHODWLRQVHQWUHOHVPDUTXHVHWVHVFOLHQWV
6HORQ O pWXGH UpDOLVpH SDU /HFWUD GRQQpHV 5HWYLHZV -DFTXHPXV HVW © FRQVLGpUpH F RPPH X
QH
PDUTXHGHOX[HGHSDUVRQ$'1HWVDFDSDFLWpjUDFRQWHUXQHKLVWRLUHª &HSHQGDQWOHVSUL[SUDWLTXpVSDU
-DFTXHPXVUHVWHQWLQIpULHXUVDX[PDUTXHVGHOX[HFRPPH%DOHQFLDJD3UDGDRX6DLQW/DXUHQW-DFTXHPXV
VHSRVLWLRQQHHQWUHOHVPDUTXHVGHOX[HHWOHVPDUTXHVSUHPLXP
)LJXUH3RVLWLRQQHPHQWGHVSUL[GH-DFTXHPXV/HFWUD
5HWYLHZV VRXOLJQH GDQV XQH LQWHUYLHZ TXH 6LPRQ 3RUWH -DFTXHPXV D GpFODUp TXH VD VWUDWpJLH p
WDLW G
H
©SURSRVHUXQHPDUTXHGHYrWHPHQWVKDXWGHJDPPHD\DQWVXUXQHLGHQWLWpYLVXHOOHIRUWHPDLVGRQWOHVSUL[
VRQWG¶XQHPDUTXHGHMHXQHFUpDWHXUª
&HSHQGDQW HW F¶HVW OD WURLVLqPH UDLVRQ TXL UHQG FHWWH PDUTXH LQWpUHVVDQWH O DFFHVVLELOLWp
UHYHQGLTXpHSDU-DFTXHPXVQHVHPEOHSDVOLPLWpHjUHQGUHVRQXQLYHUVDFFHVVLEOHRXVHVSUL[DFFHVVLEOHV
2SFLW.$3)(5(5-HDQ1RsOS
-DFTXHPXV&RPPHQWODPDUTXHGHPRGHSDUYLHQWjIDLUHGHO¶RPEUHDXVHFWHXUGXOX[Hª/HFWUDSXEOLpOHFRQVXOWp
©
HQOLJQHOH85/
KWWSVZZZOHFWUDFRPIUOLEUDLULHMDFTXHPXVFRPPHQWODPDUTXHGHPRGHSDUYLHQWDIDLUHGHORPEUHDXVHFWHXUGXOX[H
,ELG
,ELG
(OOHHVWSOXVODUJHXQHDFFHVVLELOLWpH[KDXVWLYH(QHIIHW-DFTXHPXVQHV¶DWWDFKHSDVVHXOHPHQWjGLIIXVHU
VRQ XQLYHUV ODUJHPHQW HQ PHWWDQW j SURILW OD SUR[LPLWp RIIHUWH SDUOHVUpVHDX[VRFLDX[LOPHWHQVFqQHOD
SUR[LPLWp GDQV VRQ GLVFRXUV HW UHYHQGLTXH O DFFHVVLELOLWp GH VHV SURGXLWV GH VHVFUpDWLRQVGHVRQDUWGH
YLYUHXQHDFFHVVLELOLWpjO DSSDUHQFHH[KDXVWLYH
© 0RL MH YHX[ TXH PD JUDQGPqUH FRPSUHQQH FH TXH MH IDLV QH SDV PHWWUH GH EDUULqUH D
YHFOH
SXEOLF(WTXHVDPHLOOHXUHDPLHODIDFWULFHGHPRQYLOODJHSXLVVHSRUWHUPHVFROOHFWLRQV&HTX¶HOOH
IDLWUpHOOHPHQWFHVGHUQLHUVWHPSVGXUHVWHǻ
-DFTXHPXVVHGpPDUTXHSDUVDYRORQWpGHUHQGUHOHOX[H³SOXV´DFFHVVLEOH
6LPRQ -DFTXHPXV IDLW OXL OH SRVWXODW TXH -DFTXHPXV HVW XQH PDUTXH GH OX[H WRXW HQ VH U HYHQGLTXDQW
DFFHVVLEOH ,O QRXVVHPEOHRSSRUWXQGHTXHVWLRQQHUFHSRVWXODWHWGHOHPHWWUHHQUHJDUGGHVHVSUDWLTXHV
FRPPXQLFDWLRQQHOOHVHWGHVWDFWLTXHVXWLOLVpHVSRXUOHVUpFRQFLOLHUDYHFO DFFHVVLELOLWpUHYHQGLTXpH
'¶XQSRLQWGHYXHSURIHVVLRQQHOFHWUDYDLOYLVHjDQDO\VHUOHVWDFWLTXHVHPSOR\pHVSDUOHVPDUTXHVSRXUVH
GLIIpUHQFLHU G
DQV OH PLOLHX WUqV FRQFXUUHQWLHO GH OD PRGH HW GX OX[H 6XU OD EDVH GH FH WUDYDLO G
HV
UHFRPPDQGDWLRQV SURIHVVLRQQHOOHV VHURQW pODERUpHV VXUOHVSURORQJDWLRQVH[WHQVLRQVHWULVTXHVSRVVLEOHV
GHFHVWDFWLTXHVGHFRPPXQLFDWLRQ
/HVSUHPLqUHVREVHUYDWLRQVGHODPDUTXH-DFTXHPXVVRXOqYHQWOHVTXHVWLRQVVXLYDQWHV
-DFTXHPXVEURXLOOHOHVFRGHVHWFUpHXQHFRQIXVLRQ-DFTXHPXVHVWHOOHXQHPDUTXHGHOX[H"(VWFHTX¶LO
LQYHQWHRXUpLQYHQWHGHVQRXYHOOHVIRUPHVGHFRPPXQLFDWLRQjWUDYHUVOHUpFLW DXWRELRJUDSKLTXH"&RPPHQW
-DFTXHPXV U pXVVLWLO GDQV VD FRPPXQLFDWLRQ j FRPELQHU OD VLPSOLFLWp OH QDWXUHO DYHF OD QRWLRQGHOX[H"
4XHOVUHVVRUWVPHWLOHQ°XYUHGDQVFHWWHSUDWLTXHGHFRPPXQLFDWLRQ"&KHUFKHWLOjVHGRQQHUGHVUDFLQHV
j WUDYHUV O¶DUWLVDQDW O DXWKHQWLTXH O¶DXWRELRJUDSKLH " 2X j GpVDFUDOLVHU OH OX[H " 3DU VD V WUDWpJLH GH
FRPPXQLFDWLRQ UpXVVLWLO j UpVRXGUH O¶R[\PRUH GX ©/X[H DFFHVVLEOHª" (W HQILQ FH IDLVDQW T
XH P
HWLO
UpHOOHPHQWHQSODFH"
3UREOpPDWLTXH
/DSUREOpPDWLTXHTXHQRXVQRXVSURSRVRQVG pWXGLHUHVWODVXLYDQWH
© -DFTXHPXV XQH PDUTXH GH OX[H DFFHVVLEOH " 'DQV TXHOOH PHVXUH -DFTXHPXV GDQV V D V WUDWpJLH
FRPPXQLFDWLRQQHOOHVHUHYHQGLTXHWLOjODIRLVGXPRQGHGXOX[HHWGXSRSXODLUHHWSDUYLHQWLOjUpFRQFLOLHU
FHVGHX[PRQGHV"ª
$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVH ª92*8(SXEOLpOH
RQVXOWpHQOLJQH85/
F
KWWSVZZZYRJXHIUPRGHLQVSLUDWLRQVGLDSRUDPDUHQFRQWUHDYHFVLPRQSRUWHMDFTXHPXVFUHDWHXUPRGHIUDQFDLVHLQWHUYLHZ
1RXVSDUWLURQVGHWURLVK\SRWKqVHVGHWUDYDLO
+\SRWKqVH
+\SRWKqVH
/DQpJDWLRQGXOX[H-DFTXHPXVXQHPDUTXHSRXUWRXWOHPRQGH"'DQV ODPLVHHQUpFLWGHVRQLGHQWLWpj
WUDYHUVO¶HWKRVTX¶LOFRQVWUXLW-DFTXHPXVWHQWHGHVHGRQQHUXQHLPDJHSRSXODLUH
+\SRWKqVH
-DFTXHPXVWHQWHGHUpVRXGUHOHSDUDGR[HSDUODVLQJXODULVDWLRQGHVRQDXGLHQFHJUkFHjODPLVHHQSODFH
G¶XQV\VWqPHGHYDOHXUVSURSUHVHWODFUpDWLRQG¶XQHFRPPXQDXWpGHIDQVIRUWHDXWRXUGHFHVYDOHXUV
&HWWHDQDO\VHVHFRQFHQWUHVXUODPDUTXH-DFTXHPXVHWVRQIRQGDWHXU6LPRQ3RUWH-DFTXHPXV(QWHUPHV
GHPpWKRGRORJLHQRXVPqQHURQVGHVDQDO\VHVVpPLRORJLTXHVHWGHVDQDO\VHVGXGLVFRXUVVXUGHVVXSSRUWV
GH FRPPXQLFDWLRQ GLUHFWH HW LQGLUHFWH GH OD PDUTXH -DFTXHPXV 1RXVQRXVFRQFHQWUHURQVHQWHUPHVGH
VXSSRUWV GH FRPPXQLFDWLRQ GLUHFWH VXU OHV SXEOLFDWLRQV V XU OH FRPSWH ,QVWDJUDP GH - DFTXHPXV
#MDFTXHPXV 1RXV DYRQV IDLW OH FKRL[ GH QRXV LQWpUHVVHU DX[ SXEOLFDWLRQV HQWUH OH HWOH
KRUV © VWRULHV ª ,QVWDJUDP $QQH[H &
RUSXV 3XEOLFDWLRQV VXU OH FRPSWH ,QVWDJUDP G
H
-DFTXHPXV /H FRPSWH ,QVWDJUDP GH -DFTXHPXV HVW VRQ SULQFLSDO FDQDO GH FRPPXQLFDWLRQGLUHFWH&HV
SXEOLFDWLRQVVHURQWDQDO\VpHVHWUHJURXSpHVHQSULQFLSDOHVFDWpJRULHV
OHVSXEOLFDWLRQVTXLSUpVHQWHQWOHVSURGXLWVGHODPDUTXH
OHVSXEOLFDWLRQVTXLSUpVHQWHQWOHVGpILOpVHWOHODQFHPHQWGHQRXYHOOHVFROOHFWLRQV
OHVSXEOLFDWLRQVTXLSUpVHQWHQWODYLHSULYpHGH-DFTXHPXV
OHV SXEOLFDWLRQV LQVSLUDWLRQQHOOHV RX SUpVHQWDQW G
HV RHXYUHV DUWLVWLTXHV RX XQH PLVH H
Q V FqQH
SDUWLFXOLqUH
OHVSXEOLFDWLRQVIDLVDQWUpIpUHQFHjOD3URYHQFHj0DUVHLOOH
OHVSXEOLFDWLRQVPHWWDQWHQDYDQWGHVFpOpEULWpV
$QRWHUTXHFHUWDLQHVSXEOLFDWLRQVSHXYHQWVHUHWURXYHUGDQVSOXVLHXUVFDWpJRULHV
3RXUGHVTXHVWLRQVGHWHPSVHWGHPR\HQVQRXVOLPLWHURQVO¶DQDO\VHV\VWpPDWLTXHHWTXDQWLWDWLYHjFHV
SXEOLFDWLRQV7RXWHIRLVQRXVQRXVDSSXLHURQVpJDOHPHQWVXUGHVSXEOLFDWLRQVFDUDFWpULVWLTXHVSOXVUpFHQWHV
VDQVOHVTXHOOHVQRWUHUHFKHUFKHVHUDLWLQFRPSOqWH
3RXUOHVVXSSRUWVGHFRPPXQLFDWLRQLQGLUHFWHQRXVDYRQVIDLWOHFKRL[GHQRXVLQWpUHVVHUDX[DUWLFOHVGH
SUHVVHIUDQoDLVHVXUODSpULRGHGHjFRQVDFUpVjODPDUTXH-DFTXHPXVUHSUHQDQWGHVLQWHUYLHZV
GXFUpDWHXUGHODPDUTXH6LPRQ3RUWH-DFTXHPXVRXVHVFLWDWLRQVGLUHFWHV $QQH[H&RUSXV$UWLFOHV
GH SUHVVH 1
RXV HIIHFWXHURQV XQH DQDO\VH GX GLVFRXUV GHV LQWHUYLHZV HW XQH DQDO\VH VpPLRORJLTXH G
HV
SKRWRV LOOXVWUDQW OHV LQWHUYLHZV $ ILQGHFRPSDUDLVRQQRXVFRPSOpWHURQVFHFRUSXVSULQFLSDOSDUO¶DQDO\VH
VpPLRORJLTXHGHVSKRWRVDFFRPSDJQDQWLQWHUYLHZVGH2OLYLHU5RXVWHLQJ GLUHFWHXUDUWLVWLTXHGH%DOPDLQ
LQWHUYLHZV GH 0DULD *UD]LD &KLXUL GLUHFWULFH DUWLVWLTXH GH 'LRU HW LQWHUYLHZV GH 6WHOOD 0
F&DUWQH\
IRQGDWULFHGHODPDUTXH6WHOOD0F&DUWQH\
3DUWLH/HVPDUTXHXUVGXOX[HGDQVODVWUDWpJLHFRPPXQLFDWLRQQHOOHGH-DFTXHPXVODUHFKHUFKH
GHOpJLWLPLWp
$YDQWGHVHSHQFKHUVXUOHVPR\HQVGpSOR\pVSDU-DFTXHPXVSRXUSRVLWLRQQHUVDPDUTXHFRPPH
XQHPDUTXHGHOX[HLOQRXVIDXWGpILQLUFHTX¶HVWXQHPDUTXHGHOX[HHWFHTX¶HOOHUHFKHUFKH
$QGUHD6HPSULQLGDQVVRQRXYUDJH©/H0DUNHWLQJGHOD0DUTXH$SSURFKH6pPLRWLTXHªQRXVSURSRVHXQH
GpILQLWLRQGHODPDUTXH©8QHPDUTXHHVWFRQVWLWXpHSDUO HQVHPEOHGHVGLVFRXUVWHQXVjVRQpJDUGSDUOD
WRWDOLWpGHVVXMHWV LQGLYLGXHOVHWFROOHFWLIV LPSOLTXpVGDQVVDJpQpUDWLRQª &¶HVWXQHUHSUpVHQWDWLRQ
/H GLFWLRQQDLUH /LWWUp GpILQLW OH OX[H FRPPH © 0DJQLILFHQFH GDQV OH YrWHPHQW GDQV OD WDEOH G
DQV
O DPHXEOHPHQW DERQGDQFH GH FKRVHV VRPSWXHXVHV ª /HGLFWLRQQDLUH/DURXVVHHQOLJQHPHWTXDQWjOXL
O¶DFFHQW VXU OH SUL[ ©&DUDFWqUHGHFHTXLHVWFRWHX[UDIILQpVRPSWXHX[ª'XODWLQOX[XV ©GpEDXFKH
H[FqVIDVWHª GpULYpGHOX[ ©OXPLqUHª©pFODWEULOODQWLOOXVWUDWLRQOXVWUHJORLUHRUQHPHQWª OHOX[HHVW
FDUDFWpULVpSDUVDVRPSWXRVLWpHWVRQSUL[
/ HQVHPEOHGHPDUTXHVGLWHVGHOX[HGpFOLQHGLIIpUHQWHVWHFKQLTXHVGHFRPPXQLFDWLRQDYHFGHX[REMHFWLIV
FRPPXQV rWUH UHFRQQX SRXU OD EHDXWp GH OHXUV SURGXLWV VRPSWXRVLWp HW MXVWLILHU OHV S
UL[ S
UDWLTXpV
FRWHX[ -HDQ1RHO .DSIHUHU PHW HQ pYLGHQFH OD ILQDOLWp GH OD FRPPXQLFDWLRQ GHV PDUTXHV G
H OX[H H
Q
VRXOLJQDQWTXHFHOOHVFLQHVHGLIIpUHQFLHQWSDVVXUODEDVHGH©SUHXYHVWDQJLEOHVPDLVVXUGHVFRQYLFWLRQV
VXUO DGKpVLRQHWODIRLªHWTXHSRXUUHVWHUVXUOHXU³SLpGHVWDOªHOOHV©SUpIqUHQWVHEDWWUHVXUO¶LQWDQJLEOHª
1RXV DOORQV DQDO\VHU GDQV FHWWH SUHPLqUH SDUWLH FRPPHQW -DFTXHPXV WHQWH GH F UpHU X
QH
UHSUpVHQWDWLRQ©OX[XHXVHªGHO¶KRPPHHWGHODPDUTXH1RXVYHUURQVGDQVXQSUHPLHUWHPSVFRPPHQWLO
WHQWH GH FUpHU VD SURSUH DXUD HW VD VLQJXODULWp S
XLV GH V pWRIIHU DLQVL TXH VD PDUTXHHQVHGRQQDQWGHV
UDFLQHVHWXQKpULWDJHHWHQILQGHVHPpWDPRUSKRVHUHQXQDUWLVWH
3DUWLH/DFUpDWLRQG¶XQHDXUDIRUWHDXWRXUGHVRQFUpDWHXU
1RXV DOORQV PRQWUHU FRPPHQW -DFTXHPXV FUpDWHXU FKHUFKH j F UpHU FHWWH DXUD DX WUDYHUV G
H
GLIIpUHQWVPR\HQVODUHFRQQDLVVDQFHSDUGHVDXWRULWpVpWDEOLHVHQVHFRPSDUDQWDX[DXWUHVFUpDWHXUVGpMj
UHFRQQXVHWHQVHPHVXUDQWjHX[jWUDYHUVOHVGpILOpV
(035,1,$QGUHD/H0DUNHWLQJGHOD0DUTXH$SSURFKH6pPLRWLTXH3DULVeGLWLRQV/LDLVRQVS
6
/HGLFWLRQQDLUH/LWWUpFRQVXOWpHQOLJQHOH85/KWWSVZZZOLWWUHRUJGHILQLWLRQOX[H
/HGLFWLRQQDLUH/DURXVVHHQOLJQHFRQVXOWpHQOLJQHOH
85/KWWSVZZZODURXVVHIUGLFWLRQQDLUHVIUDQFDLVOX[H
2SFLW.$3)(5(5-HDQ1RsOS
&$67$5('(-HDQ/HOX[H3UHVVHV8QLYHUVLWDLUHVGH)UDQFH©4XHVDLVMH"ªS
2SFLW.$3)(5(5-HDQ1RHOS
/,329(76.< *LOOHV HW %581 (O\HWWH /HOX[HpWHUQHOGHO¶kJHGXVDFUpDXWHPSVGHVPDUTXHV&ROOHFWLRQ/H'pEDW*DOOLPDUG
S
3DUWLH5HFKHUFKHGHOpJLWLPLWpSDUODGpSXEOLFLWDULVDWLRQGDQVGHVPpGLDVUHFRQQXV
%(57+(/27*8,(7.DULQH0$57,'(0217(7<&DUROLQH3$75,1/(&/(5(9DOpULH/DILQGHODSXEOLFLWp"7RXUVHWFRQWRXUV
GHODGpSXEOLFLWDULVDWLRQ3DULV/H%RUGGH/¶HDXS
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVH ª
©6LPRQ3RUWH-DFTXHPXVª/HV(FKRVSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVVHULHOLPLWHHOHVHFKRVIUPRGHQHZVVLPRQSRUWHMDFTXHPXVSKS
©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª/H3RLQWSXEOLpOHFRQVXOWpHQOLJQH85/
KWWSVZZZOHSRLQWIUPRGHGHVLJQVLPRQSRUWHMDFTXHPXVODVXFFHVVVWRU\PDGHLQSDULVBSKS
277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª/LEpUDWLRQSXEOLpOH
921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXVODYDOHXUPRQWDQWHGHODPRGHª/H0RQGHSXEOLpOH
OD VFqQH PRGH PRQGLDOH OH P\WKH GH O DUW GH YLYUH KH[DJRQDOª /HV WLWUHV GH SUHVVH QH WDULVVHQW S
DV
G pORJHVjVRQHQFRQWUH
'DQVO¶DUWLFOHGH*UD]LD©-DFTXHPXV/RXLV9XLWWRQ«SRXUTXRLOHVXGDWWLUHDXWDQWOHVFUpDWHXUVGHPRGHª
ODPDUTXH-DFTXHPXVHVWPLVHDXPrPHQLYHDXDYHFOHVPDUTXHVGHOX[HFRPPH/RXLV9XLWWRQHW*XFFLHW
UpIpUHQFpH SDU OH PRW © PDLVRQ ª © 0DUVHLOOH YLHQW G¶DFFXHLOOLU OHV VKRZV GHV PDLVRQV .
RFKp H
W
-DFTXHPXVª /HPRW©PDLVRQªHVWXWLOLVpGDQVODODQJXHIUDQoDLVHSRXUOHVPDLVRQVGXOX[H3DUDLOOHXUV
/LEpUDWLRQ QRXV GLW TXH VD PDUTXH HVW XQH PDUTXH GH OX[H © 6D JULIIH HVW j FODVVHU GDQV OD F DWpJRULH
SUrWjSRUWHUGHOX[Hª 'DQVFHVDUWLFOHV-DFTXHPXVQHEpQpILFLHSDVVHXOHPHQWGHODUHFRQQDLVVDQFH
GX WLWUH GH SUHVVH PDLV PHW O¶DXUDGHVMRXUQDX[jVRQVHUYLFHDILQGHVHPHWWUHDXPrPHQLYHDXTXHGHV
PDUTXHVGHOX[HUHFRQQXHV
/HV FRPSDUDLVRQV O\ULTXHV HW OHV pORJHV ODLVVHQW SHQVHU T
XH OHV PpGLDVVRQWPRWLYpVSDUXQHYRORQWpGH
SURPRXYRLU -DFTXHPXV HW VDPDUTXHGDQVXQHGpPDUFKHGHSXEOLFLWDULVDWLRQ(QHIIHWODSXEOLFLWDULVDWLRQ
GpVLJQH©O¶DGDSWDWLRQGHODIRUPHGHVPpGLDVGHOHXUVFRQWHQXVHWGHVSUDWLTXHVSURIHVVLRQQHOOHVGRQWLOV
SURFqGHQW j OD QpFHVVLWp G¶DFFXHLOOLU OD SXEOLFLWp &HWWH DGDSWDWLRQ FRQVLVWHHQXQDPpQDJHPHQWGHVWLQpj
UpGXLUH OD UXSWXUH VpPLRWLTXH HQWUH FRQWHQX pGLWRULDO HW FRQWHQX SXEOLFLWDLUH ª /D SXEOLFLWDULVDWLRQ G
HV
PpGLDVHVWLQGLVVRFLDEOHGHODWDFWLTXHGHGpSXEOLFLWDULVDWLRQGHODPDUTXH
3DUDLOOHXUVODPDUTXH-DFTXHPXVPqQHXQHVWUDWpJLHG¶LQIOXHQFHTXLVHWUDGXLWSDUOHVWpPRLJQDJHV
GH6LPRQTXLUDFRQWHVRQSURFHVVXVGHFUpDWLRQ&HODOXLSHUPHWG¶LQFDUQHUXQLGpDOjVXLYUH1RXVDOORQV
YRLUFRPPHQWFHODSDUWLFLSHGHODFRQVWUXFWLRQGHO¶DXUDGH6LPRQHWWHQWHGHOHSURSXOVHUjODKDXWHXUGHV
FUpDWHXUVLFRQLTXHVGHODPRGH
3DUWLH&RQVWUXFWLRQGHO¶DXUDDXWUDYHUVGHVUpIpUHQFHVDX[JUDQGVFUpDWHXUV
'DQV OD FRQVWUXFWLRQ GLVFXUVLYH GH VRQ LGHQWLWp -DFTXHPXV IDLW XQH XWLOLVDWLRQ DERQGDQWH G
H
UpIpUHQFHV j GHV FUpDWHXUV GH OX[H pWDEOLV -DFTXHPXV FRQWLQXH GH PHWWUH jVRQVHUYLFHODOpJLWLPLWpGHV
PDJD]LQHV SRXU pWDEOLU XQ SDUDOOqOH HQWUH OXL HW OHV JUDQGV FUpDWHXUV 'DQV O¶HQVHPEOH GHV
DUWLFOHVGX
&RUSXV GHV UpIpUHQFHV DX[ GLIIpUHQWV JUDQGV FUpDWHXUVDSSDUDLVVHQWGDQVDUWLFOHV .DUO/DJHUIHOG<YHV
6DLQW/DXUHQW5HL.DZDNXER3LHUUH&DUGLQ7KLHUU\0XJOHU
3DUFHVUpIpUHQFHVLOVHFUpHXQHLGHQWLWp%DWD]LVRXOLJQHHQHIIHWTXH©/HSURFHVVXVMRXHjODIRLVVXUOD
YRORQWpGHVHGLVWLQJXHURXGHVHGLIIpUHQFLHUPDLVV¶DSSXLHpJDOHPHQWVXUOHEHVRLQGHUHFRQQDLVVDQFHG¶XQ
JURXSHDXTXHOLODLPHUDLWDSSDUWHQLUª
*8('21 9DOpULH © 6LPRQ 3RUWH -DFTXHPXV OD 3URYHQFH j O HVWRPDF ª /H )LJDUR SXEOLp OH FRQVXOWp HQ OLJQH
85/
KWWSVZZZOHILJDURIUJDVWURQRPLH$57),*VLPRQSRUWHMDFTXHPXVODSURYHQFHDOHVWRPDFSKS
(037$= (OYLUH © -DFTXHPXV /RXLV 9XLWWRQ 3RXUTXRL /H 6XG $WWLUH $XWDQW /HV &UpDWHXUV 'H 0RGH ª *UD]LD SXEOLp OH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZJUD]LDIUPRGHQHZVPRGHORXLVYXLWWRQMDFTXHPXVGHILOHVVXGIUDQFH
2SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
2SFLW%(57+(/27*8,(7.DULQH0$57,'(0217(7<&DUROLQH3$75,1/(&/(5(9DOpULHS
%$7$==,&ODXGLQH3$5,=27$QQH©,GHQWLWpVGH0DUTXHVHWPDUTXHXUVG¶LGHQWLWp9HUVXQHFRQVWUXFWLRQLGHQWLWDLUHHWVRFLDOHGHV
LQGLYLGXVSDUHWGDQVODFRQVRPPDWLRQ"ª4XHVWLRQ V GHPDQDJHPHQW Q S
-DFTXHPXVUDFRQWHGDQVXQHLQWHUYLHZj66(16(TXHODFUpDWULFHGHODPDUTXH&RPPHGHV*DUoRQV5HL
.DZDNXER D GpFODUp © 3RXU FUpHU XQH FROOHFWLRQ VL S
UpFLVH j O¶kJH GH DQV LO IDXW rWUH X
Q G
HVLJQHU
H[WUrPHPHQWGRXpª (QUDSSRUWDQWFHVSDUROHV-DFTXHPXVVRXOLJQHXQHUHFRQQDLVVDQFHGHVRQWDOHQW
0DLV GDQVODSOXSDUWGHVUpIpUHQFHVDX[DXWUHVFUpDWHXUV-DFTXHPXVWHQWHGHVHPHWWUHDXPrPHQLYHDX
TX¶HX[ HW GH PRQWUHU TX¶LO IDLW SDUWLHGHFHPRQGHGHVJUDQGVFUpDWHXUV'HX[DUWLFOHVO¶DVVRFLHQWj3LHUUH
&DUGLQ © &RPPH XQ 3LHUUH &DUGLQ TX LO UrYHUDLW G
H UHQFRQWUHU 6LPRQ HVW XQHQWUHSUHQHXUQpª ©)DLW
DVVH]UDUHDXMRXUG¶KXLYRXVrWHVWRXVOHVGHX[LQGpSHQGDQWVVHXOVjODWrWHGHYRVPDLVRQVª R
XHQFRUH
© OHV GHX[ FUpDWHXUV YLVLRQQDLUHV ª 'DQV XQ DXWUH DUWLFOH LOEpQpILFLHGHODPrPHSRSXODULWpTXHGHX[
DXWUHVFUpDWHXUVGHOX[H©(WIDLWPrPHGpVRUPDLVSDUWLHDYHF.DUO/DJHUIHOGHW2OLYLHU5RXVWHLQJGXFOXE
WUqVIHUPpGHVERQVFOLHQWVGHODWpOpª -DFTXHPXVYDMXVTX¶jVHPHWWUHHQVFqQHGDQVVDUHODWLRQDYHF
.DUO /DJHUIHOGTXDQGOXLUHYLHQWjO HVSULWXQHDQHFGRWHG¶HQIDQFH©)DXWTXHMHOHUDFRQWHj.DUOM¶RXEOLH
WRXW OH WHPSV ª RXjV DWWULEXHUTXHOTXHVTXDOLWpVGLUHFWHPHQWSULVHVj6DLQW/DXUHQW©&¶HVWPRQSHWLW
F{Wp <YHV 6DLQW /DXUHQW ª ,O VHPHWpJDOHPHQWDXQLYHDXGHVFUpDWHXUVHQVHUpIpUDQWjVHVFDQDX[GH
YHQWHQRWDPPHQWHQPHQWLRQQDQW©WRXWHVFHVPDUTXHV>GHOX[H@HQVHPEOHVRQWDVVH]GLQJXHVª Y HQGXHV
VXU7+(%52.(1$50RXHQFRUHGHVRQ©VWDQGDX[*DOHULHV/DID\HWWH+DXVVPDQQSRXUWDQWLGpDOHPHQW
VLWXpHQWUH&pOLQHHW6DLQW/DXUHQWª
(QILQLOVHSRVLWLRQQHFRPPHVXFFHVVHXUGHJUDQGVFUpDWHXUV/H0RQGHOXLGRQQHXQU{OHLGHQWLTXHjFHOXL
GH <YHV 6DLQW /DXUHQW HW 7KLHUU\ 0XJOHU ©'HPrPHTX¶<YHV6DLQW/DXUHQWLQFDUQHOHVDQQpHVRX
7KLHUU\ 0XJOHU OHV DQQpHV 6LPRQ 3RUWH -DFTXHPXV UHSUpVHQWH OH PRQGH G¶DXMRXUG¶KXL OD ILQ G
HV
DQQpHVª
,O HVW j QRWHU TXH 6LPRQ -DFTXHPXV QH PHQWLRQQH MDPDLV OHV DXWUHV FUpDWHXUV FRPPH V RXUFH
G¶LQVSLUDWLRQ,OQHVHVRXPHWSDVDX[DXWUHVFUpDWHXUVPDLVXWLOLVHOHXUVQRPVSRXUVHSRVLWLRQQHUSDUPLHX[
YRLUHVHGLVWLQJXHUSDUPLHX[&HVUpIpUHQFHVOXLFRQIqUHQWSDUDVVRFLDWLRQOHVTXDOLWpVGHVJUDQGVFUpDWHXUV
UHFRQQXVHWVRQWO¶RFFDVLRQGHUHQIRUFHUVDVWDWXUHGHFUpDWHXUHWFRQVWUXLUHVRQDXUD
3DUWLH/HVGpILOpVXQLQVWUXPHQWSRXUVHKLVVHUjODKDXWHXUGHVJUDQGHVPDLVRQVGXOX[H
/¶LGHQWLWp GH-DFTXHPXVQHVHFRQVWUXLWSDVXQLTXHPHQWSDUVRQGLVFRXUVPDLVpJDOHPHQWSDUOHV
DFWHV HPEOpPDWLTXHV GHWRXWHPDUTXHGHOX[H.DSIHUHUVRXOLJQHO¶LPSRUWDQFHGHVGpILOpVGDQVODPLVHHQ
SODFHGXSRXYRLUV\PEROLTXHGHODPDUTXHHWGHO¶DXUDGXFUpDWHXU©/HSRXYRLUV\PEROLTXHHVWpJDOHPHQW
UHQIRUFp SDU OD YLVLELOLWp GX FUpDWHXU WUqV VLQJXOLHU HW OD FRPPXQLFDWLRQKDXWHPHQWFUpDWLYHGHODPDUTXH
' R O LPSRUWDQFH GHV GpILOpV TXH O¶RQ SRXUUDLWFRPSDUHUDX[MRXWHVPpGLpYDOHVGRQWOHYDLQTXHXUpWDLWOH
©,OpWDLWXQHIRLV-DFTXHPXV ª66(16(SXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZVVHQVHFRPIUIUHGLWRULDOPRGHKRPHDORQHZLWKMDFTXHPXV
*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª/H)LJDURSXEOLpOH
*2/%,1 3DPHOD © +RPPDJH j 3LHUUH &DUGLQ (QWUHWLHQ DYHF 6LPRQ 3RUWH -DFTXHPXV HW 3LHUUH &DUGLQ ª /¶RIILFLHO SXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZORIILFLHOFRPLQGXVWU\WUHQGVSLHUUHFDUGLQVLPRQSRUWHMDFTXHPXVPRGHIUDQFDLVHUHQFRQWUH
,ELG
2SFLW*8('219DOpULH©6LPRQ3RUWH-DFTXHPXVOD3URYHQFHjO HVWRPDF ª
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
2SFLW©,OpWDLWXQHIRLV-DFTXHPXV ª
:(%(53DXOLQH©'DQVOH3DULVGH6LPRQ3RUWH-DFTXHPXVª0DGDPH)LJDURSXEOLpOH
921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª/H0RQGHSXEOLpOH
,ELG
FKHYDOLHUOHSOXVEUDYH$FKDTXHGpILOpOHVFUpDWHXUVDFFHSWHQWGHVHVRXPHWWUHjODFRQFXUUHQFHGHYDQWOHV
FDPpUDVGXPRQGHHQWLHU&¶HVWODFRQGLWLRQSRXUFRQVHUYHUOHXUFpOpEULWpª
/HVGpILOpVFRQVWLWXHQWO DUqQHGDQVODTXHOOHOHFUpDWHXUGHPRGHGpPRQWUHVRQWDOHQW-DFTXHPXV\DFFRUGH
XQH DWWHQWLRQ WUqV SDUWLFXOLqUH HW VXUWRXW j OHXU PLVH HQ VFqQH3DUPLOHVSXEOLFDWLRQVGX&RUSXVVRQW
GpGLpHVDX[GpILOpV/DIUpTXHQFHGHFHVSXEOLFDWLRQVPRQWUHO¶LPSRUWDQFHTX¶LO\DWWDFKHHWOHVOLHX[FKRLVLV
VRQ LPSOLFDWLRQ SHUVRQQHOOH -DFTXHPXV QH UHIXVH SDV OH FRPEDW DX FRQWUDLUH OH GpILOp FRQVWLWXH OH OLHX
XOWLPHOHVHXOYUDLTXLFRPSWHRLOGRLWGpPRQWUHUVRQWDOHQWHWjO¶LVVXHGXTXHOLOUHVVRUWLUDDXUpROp4XDQG
LOUHYHQGLTXHDYRLUFUppXQQRXYHDXMRXUGDQVOD)DVKLRQ:HHNVRQYRFDEXODLUHPRQWUHODFRPSpWLWLRQTXL
VHMRXH©HQPHPHWWDQWDXWRXWGpEXWGXFDOHQGULHUª ©MHSDVVHOHGHUQLHUª©,FLF¶HVWPRQWHUULWRLUHª
©,O\DXQHSDUWGHULVTXHªGpPRQWUHQWXQFDUDFWqUHGHVWUDWpJLHGHFRPEDWDYHFVDSDUWGHULVTXH
&KDPSV GH ODYDQGH FKDPSV GH EOp SURMHW GH IDLUH XQ GpILOpGDQVOHVFRQJqUHVGHQHLJHVXUXQHvOH«
-DFTXHPXV FKRLVLW GHV OLHX[ TXL FUpHQW XQH LPDJH IRUWH HW PpPRUDEOH SRXYDQW EpQpILFLHU G
¶XQ U HODL
PpGLDWLTXH LPSRUWDQW DILQ G¶DVVHRLU VRQ DXUD GH FUpDWHXU 'DQV VRQ LQWHUYLHZ GDQV OH 0RQGH LO D
GPHW
©-¶DGRUHOHVGpILOpV«¬PRQGHUQLHUGpILOpOHVHXOpOpPHQWGHPLVHHQVFqQHpWDLWXQWDSLVURVHGDQVXQ
FKDPSGHODYDQGH(WLODHXDXWDQWG¶pFKRTX¶XQVKRZG¶XQHJUDQGHPDUTXHDYHFRXIRLVSOXVGH
EXGJHWª ,OVRXOLJQHO¶LPSRUWDQFHGHVGpILOpVSRXUOXLjWUDYHUVVRQLPSOLFDWLRQSHUVRQQHOOHVRXOLJQpHSDUOH
WHUPH©SDUDQRª©/¶HQGURLWGHUrYHRGpILOHU"-HQHGLUDLULHQSDUFHTXHODGHUQLqUHIRLVTXHMHO¶DLIDLW
XQFUpDWHXUP¶DSLTXpO¶LGpH-HVXLVGHYHQXSDUDQRª
&HV GpILOpV S
HXYHQW rWUH FDUDFWpULVpV SDU OD UHFKHUFKH G HVWKpWLVPH IRUW HW GH PLVH HQ VFqQHVVXUOHTXHO
QRXV UHYLHQGURQV SOXV WDUG FI3DUWLH &HODOXLSHUPHWG¶HQWUHUGHSODLQSLHGGDQVODFRPSpWLWLRQGHV
GpILOpVDILQGHVHPHVXUHUDX[SOXVJUDQGHVPDLVRQVGHOX[H
1RXVDYRQVYXFRPPHQWO¶XWLOLVDWLRQTXH-DFTXHPXVIDLWGHVPpGLDVUHFRQQXVVRQSRVLWLRQQHPHQW
SDU UDSSRUW DX[ JUDQGV FUpDWHXUV HW VRQ LPSOLFDWLRQ GDQV OD FRPSpWLWLRQ GHV GpILOpV FRQWULEXHQW j
OD
FRQVWUXFWLRQ G¶XQH DXUD IRUWH GH FUpDWHXU 1RXV DOORQV LQYHVWLJXHUXQHDXWUHVRXUFHGHOpJLWLPLWpSRXUXQH
PDUTXHGHOX[HO¶KpULWDJHHWOHVUDFLQHVTX¶LOVHGRQQH
3DUWLH/DUHFKHUFKHG KpULWDJHHWGHUDFLQHV
$QGUHD6HPSULQLGDQVVRQRXYUDJH©/H0DUNHWLQJGHOD0DUTXH$SSURFKHVpPLRWLTXHªGpILQLWOHV
© WURLVUHVVRXUFHVGHO LGHQWLWpGHPDUTXHªODFUpGLELOLWpODOpJLWLPLWpHWO¶DIIHFWLYLWp1RXVFRQWLQXHURQVj
LQYHVWLJXHULFLO¶XQHGHVWURLVUHVVRXUFHVGHO LGHQWLWpGHODPDUTXHODOpJLWLPLWp6HORQ6HPSULQLODFRQGLWLRQ
GH EDVH SRXU rWUH OpJLWLPH HVW ©G H[LVWHU GHSXLV V XIILVDPPHQW ORQJWHPSV SRXU IDLUH RXEOLHU V RQ D
FWH G
H
QDLVVDQFH HW VLWXHU VRQRULJLQHGDQVXQSDVVpP\WKLTXH>@(QH[DJpUDQWXQSHXRQSRXUUDLWGLUHTX XQH
PDUTXHOpJLWLPHHVWXQHPDUTXHTXLDDWWHLQWODWUDQVFHQGDQFHVSDWLRWHPSRUHOOHª
3OXVSDUWLFXOLqUHPHQWSRXUOHVPDUTXHVGHOX[H.DSIHUHUVRXOLJQHTXHO¶DQFUDJHJpRJUDSKLTXHQ¶DSDVTX¶XQ
U{OH GH OpJLWLPLWp PDLV IDLW SDUWLH LQWpJUDQWH GH FH TX¶HOOHV SURSRVHQW © /H OX[H HVW O¶DPEDVVDGHXU G
H OD
FXOWXUH ORFDOH HW G¶XQ DUW GH YLYUH UDIILQp /H OX[H YHQG OH P\WKH GH O¶HVSDFH GX WHUURLU LQFRPSDUDEOHFDU
2SFLW.$3)(5(5-HDQ1RsOS
SFLW(037$=(OYLUH©-DFTXHPXV/RXLV9XLWWRQ3RXUTXRL/H6XG$WWLUH$XWDQW/HV&UpDWHXUV'H0RGHª
2
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
,ELG
2SFLW6(035,1,$QGUHDS
,ELGS
SUpGHVWLQp OH VDYRLUIDLUH H[FOXVLI GHV DUWLVDQV GX SD\V G
¶RULJLQH ª ,O DMRXWH TXH © PrPH OHVQRXYHOOHV
PDUTXHV GRLYHQW FRPPXQLTXHU VXU OHXU KpULWDJH OHXU LQVSLUDWLRQ OHXUV UpIpUHQFHV FXOWXUHOOHV H
Q V H
SUpVHQWDQWFRPPHO¶DPEDVVDGHXUGHO¶H[FHOOHQFHGHOHXUFXOWXUHQDWLRQDOH>@&¶HVWDLQVLTXHOHVQRXYHOOHV
PDUTXHV GH OX[H DFTXLqUHQW GH OD SURIRQGHXU HW GX FRQWHQX DLJXLOORQQDQW DLQVL OH GHVLU G¶DFTXHULU OHXUV
SURGXLWVV\PEROLTXHVOHYLHUVG DFFqVjXQUrYHGHPDUTXHª
1RXVDOORQVGpPRQWUHUGDQVFHWWHSDUWLHFRPPHQW-DFTXHPXVWHQWHGHVHGRQQHUGHVUDFLQHVHWXQKpULWDJH
HQSDUWDQWGHO¶LPDJHGHOD3URYHQFHDILQG¶DVVHRLUVDPDUTXHFRPPHXQHPDUTXHGHOX[H
3DUWLH8QDQFUDJHJpRJUDSKLTXHIRUWOD3URYHQFH
'DQVOHVGHVFULSWLRQVGRQQpHVGH6LPRQ-DFTXHPXVGDQVOHVDUWLFOHVGHSUHVVHGX&RUSXVLOHVW
VRXYHQWGpFULWSDUOHVMRXUQDOLVWHVRXSDUOXLPrPHHQSUHPLHUOLHXFRPPHRULJLQDLUHGH3URYHQFH $QQH[H
&LWDWLRQV OLpHV DX 6XG VD IDPLOOH HW VHV RULJLQHV H[WUDLWHV GHV DUWLFOHV GX &RUSXV3URYHQFH6XG
©(QIDQWGX6XGª jUHSULVHV ©-HVXLVQpHWM¶DLJUDQGLj0DOOHPRUWXQHSHWLWHYLOOHVLWXpHHQWUH0DUVHLOOH
HW$YLJQRQª©1pj6DORQGH3URYHQFH«ª©OH6XGRLOHVWQpHWDJUDQGLª©/HFUpDWHXUSURYHQoDOª
©OHVW\OLVWHGXVXGGHOD)UDQFHª©OH3URYHQoDOª©OD3URYHQFHGHVRQHQIDQFHª©0DUVHLOOHGpFRUGH
VRQ HQIDQFHª 'DQV O¶HQVHPEOH GHV DUWLFOHV GX &RUSXV FHWWH UpIpUHQFH DSSDUDvW IRLV '
H S
OXV
O¶DQDO\VH IUpTXHQWLHOOH GH PRWV GX &RUSXV $QQH[H IDLW DSSDUDvWUH OHV PRWV ©0DUVHLOOHª ©
6XGª H
W
©3URYHQFHªUHVSHFWLYHPHQWHQHHHWHSRVLWLRQGHVPRWVOHVSOXVXWLOLVpVSODoDQWOHWKqPHGX6XGHQ
SUHPLqUHSODFHGDQVOHGLVFRXUVGH-DFTXHPXV
'DQVO¶HQVHPEOHGHVSXEOLFDWLRQV,QVWDJUDPGX&RUSXVSXEOLFDWLRQVSRUWHQWVXUOD3URYHQFHOH
6XGHW0DUVHLOOH $QQH[H(WXGHTXDQWLWDWLYHGHVSXEOLFDWLRQV,QVWDJUDPGX&RUSXV 2Q\REVHUYHGH
QRPEUHXVHV pYRFDWLRQV GH OD 3URYHQFH HW GX 6XG OH FRXFKHU GXVROHLOOHVSLHUUHVVqFKHVOHVIOHXUVGH
ODYDQGHVXUOHVFKDPSVOHFLHOEOHXHWOHVPRQWDJQHVODPHUODWDEOHVHUYLHjODFDPSDJQHODFLWURQQDGH
OHVFRXOHXUVYLYHV
2XWUH VHV SXEOLFDWLRQV LO XWLOLVHFHVVLJQHVpYRFDWHXUVGX6XGGDQVVHVORRNERRNVHWGpILOpV8QGpILOpGH
-DFTXHPXV D SDUWLFXOLqUHPHQW UHWHQX QRWUH DWWHQWLRQ OD VFqQH G pQRQFLDWLRQ D\DQW pWp UpDOLVpH G
DQV OHV
FKDPSVGHODYDQGHSUqVGH9DOHQVROH/H0RQGHGXGDQVXQDUWLFOHFRPSOqWHPHQWLQGpSHQGDQW
GH -DFTXHPXV HW GH OD PRGH ©/¶LQVWDJUDPPDELOLWp ª GHV OLHX[ WRXULVWLTXHV XQH DXEDLQH H
W X
QH
PDOpGLFWLRQª QRXV UHQVHLJQH VXU O¶LPSRUWDQFH GHV FKDPSV GH ODYDQGH GDQV OD UHSUpVHQWDWLRQ G
H OD
3URYHQFH©9DOHQVROHVXU,QVWDJUDP"SKRWRVUHSUHVHQWDQWOHSOXVVRXYHQWXQHIHPPHGHGRVDX
PLOLHXG¶XQFKDPSGHODYDQGHDYHFXQFKDSHDXDX[ERUGVODUJHVª
SFLW.$3)(5(5-HDQ1RHOS
2
,ELGS
©/¶LQVWDJUDPPDELOLWpªGHVOLHX[WRXULVWLTXHVXQHDXEDLQHHWXQHPDOpGLFWLRQª/H0RQGHSXEOLpOH
)LJXUH'pILOpGH-DFTXHPXVGDQVOHVFKDPSVGHODYDQGH3ULQWHPSV(Wp9RJXHFROOHFWLRQV
/¶LPDJHGHVFKDPSVGHODYDQGHHVWLQWHUQDWLRQDOHPHQWDVVRFLpHjOD3URYHQFH&HWWHUHSUpVHQWDWLRQTX¶HQ
GRQQH OH 0RQGH VHPEOH GLUHFWHPHQW rWUH LQVSLUpH GX GpILOp GH -DFTXHPXV RX SOXV SUREDEOHPHQW H
VWFH
-DFTXHPXV TXL D XWLOLVp FHWWH UHSUpVHQWDWLRQ GHYHQXH XQVWDQGDUGHWGRQFXQVLJQHDXVHQVVpPLRWLTXH
FDUDFWpULVWLTXHGHOD3URYHQFH/DPLVHHQVFqQHGH-DFTXHPXVGDQVOHVFKDPSVGHODYDQGHDXQHSRUWpH
LQWHUQDWLRQDOHHWDVVRFLHODPDUTXHjOD3URYHQFHMXVTX¶HQ$VLH
-DFTXHPXV UpXWLOLVH G¶DLOOHXUV OXLPrPH FHWWH LPDJH G
H PDQLqUH UpFXUUHQWH j UHSULVHV V RXV G
HV
SUpWH[WHVGLIIpUHQWV/HGpILOpDHXOLHXOHMXLQHWDGRQQpOLHXjTXHOTXHVSXEOLFDWLRQVVXU,QVWDJUDP
&HVLPDJHVRQWpWpUpXWLOLVpHVOHRFWREUHOHVHWGpFHPEUHOHVHWPDUVOH
DYULOOHMXLQHWSOXVUpFHPPHQWOHDYULO
$WUDYHUVFHWDQFUDJHHQ3URYHQFHLOVHGRQQHXQHLGHQWLWp8QDQFUDJHJpRJUDSKLTXHSDUWLFLSHGH
ODFUpDWLRQGHUDFLQHVG DXWKHQWLFLWpUHQIRUFHVDOpJLWLPLWpHWGRQQHXQHKLVWRLUHjODPDUTXH/D3URYHQFH
HVW OH OLHX GX FRPPHQFHPHQW GX SDUFRXUV LQLWLDWLTXHHWGXUpFLWSDWURQDOTXHQRXVDOORQVpODERUHUSOXVHQ
GpWDLOGDQVOHVSDUWLHVHW (QV¶DQFUDQWGDQVOD3URYHQFH-DFTXHPXVQHFKHUFKHQpDQPRLQVSDVjrWUH
OH SRUWH pWHQGDUG G¶XQH UpJLRQ HQ SDUWLFXOLHU ,O QH UHYHQGLTXH DXFXQH DXGLHQFH ORFDOH Q
L G
H YDOHXUV
SDUWLFXOLqUHV DWWDFKpHV j OD 3URYHQFH ,O VH GRQQH X
QH RULJLQHXQHVRXUFHG¶LQVSLUDWLRQTXLOHWUDQVFHQGH
WRXWHQIDLVDQWDSSHODX[LPDJHVFROOHFWLYHVG¶XQHUpJLRQV\QRQ\PHGHELHQrWUHHWGHYDFDQFHV PHUVROHLO
« ,OLQVFULWVHVFROOHFWLRQVHWVDPDUTXH©GDQVXQHPpPRLUHSDWULPRQLDOLVpHª
-DFTXHPXVWRXMRXUVGDQVVRQGLVFRXUVGpSOR\pGDQVOHVDUWLFOHVFKHUFKHjIDLUHOHOLHQHQWUHFHWWHRULJLQH
HW VD VRXUFH G¶LQVSLUDWLRQ ,O FUpH DLQVL O¶DQFUDJH /H 6XG HW OD 3URYHQFH VRQW PHQWLRQQpV FRPPHVRXUFH
G¶LQVSLUDWLRQ3DUDLOOHXUVOH6XGIDLWpJDOHPHQWpFKRVDX[DUWLVWHVTXLRQWSHLQWOH6XG &p]DQQH3LFDVVR
0DWLVVHRX9DQ*RJK TXHQRXVpWXGLHURQVSOXVHQGpWDLOGDQVOD3DUWLH
3DUWLH'HOD3URYHQFHDX[UDFLQHV/HU{OHGHVHVDQFrWUHV
/D3URYHQFHHVWOHSD\VDJHTX¶LOQRXVGRQQHjFRQWHPSOHUPDLV-DFTXHPXVQHV DUUrWHSDVOj3DU
O¶pYRFDWLRQGHVDPqUHHWGHVHVJUDQGSDUHQWVGHOHXURULJLQHSD\VDQQHLOWHQWHGHOpJLWLPHUVDPDUTXHHW
GRQQHUGHVUDFLQHVjVRQDQFUDJHJpRJUDSKLTXH1RXVDVVLVWRQVLFLjODJHQqVHGXFUpDWHXU-DFTXHPXV
.,5(&+(*(5:,*5\P©/H&KDQHO6KRSSLQJ&HQWHUDX*UDQG3DODLVGHODKDXWHFXOWXUHjODSRSFRXWXUHª&RPPXQLFDWLRQ
,OQHYDSDVMXVTX jKLVVHUFHWDQFUDJHJpRJUDSKLTXHjXQQLYHDXVXSpULHXUFHOXLGHOD©5pYpODWLRQªF¶HVW
jGLUHFRPPHOHGpILQLWOHGLFWLRQQDLUH/DURXVVH ©/¶DFWHSDUOHTXHO'LHXIDLWFRQQDvWUHDX[KRPPHVVRQ
GHVVHLQGHVDOXWHWVHIDLWFRQQDvWUHjHX[OHGRQQpUpYpOpGRQWO eJOLVHDOHGpS{WHWTX HOOHDODFKDUJHGH
FRQVHUYHU HW GH WUDQVPHWWUH ª ,O HQ IDLW MXVWH XQH HVTXLVVHjWUDYHUVTXHOTXHVLQWHUYLHZV,OSRVLWLRQQHVD
PqUH FRPPH O¶LQVWUXPHQW SRWHQWLHO GH OD 5pYpODWLRQ FHOOH TXL D IDLW GH OXL XQ FUpDWHXU VDQV WRXWHIRLV
GpYHORSSHUFHWKqPH
'DQV OH SUHPLHU DUWLFOH FLGHVVRXV $QQH[H &LWDWLRQV OLpHV DX 6XG VD IDPLOOH HW V HV R
ULJLQHV
H[WUDLWHVGHVDUWLFOHVGX&RUSXV)DPLOOH LOSUpVHQWHVDPqUHFRPPHVDVRXUFHG¶LQVSLUDWLRQHQTXDOLILDQW
FHSURFHVVXVGH©SKLORVRSKLTXHª©LOHVWFODLUTXHMHFUpHSRXUPDPqUH4XDQGMHO¶DLSHUGXHHQ
F¶HVWSRXUHOOHTXHM¶DLIDLWPDPDUTXHG¶DLOOHXUVHOOHSRUWHVRQQRP(OOHLQVSLUHFKDTXHFROOHFWLRQHWoDF¶HVW
VDQVGRXWHXQSHXSKLORVRSKLTXHª
'DQV OHV GHX[ DUWLFOHV VXLYDQWV © 3HWLW MHYRXODLVSHUGUHO DFFHQW-HFRPSOH[DLVG rWUHSHUoXFRPPHXQ
FDPSDJQDUG-HPHVXLVPLVjYUDLPHQWDLPHUOH6XGTXDQGMHVXLVDUULYpj3DULV(QFRUHSOXVjODPRUWGH
PD PqUH - DYDLV DQV 2Q pWDLW IXVLRQQHOV eWUDQJHPHQWWRXWV HVWDOLJQpjFHPRPHQWOj- DLFRPSULV
PRQLGHQWLWp-HQ pWDLVSOXVFRQWUHHOOHPDLVDYHFHOOHª (WSXLV©3OXVMHXQHMHQHUrYDLVTXHGHPRQWHUj
ODFDSLWDOH$SUqVVDPRUWOH6XGP DUDWWUDSp-HPHVXLVUHQGXFRPSWHGHPRQDPRXULQFRQGLWLRQQHOSRXU
ODUpJLRQRMHVXLVQpODPHUOHVROHLOª -DFTXHPXVSRVHODPRUWGHVDPqUHFRPPHXQSRLQWGHGpSDUW
UpYpODQW ©MHPHVXLVUHQGXFRPSWHª VRQ©DPRXULQFRQGLWLRQQHOªH[SUHVVLRQP\VWLTXH,ODGpGLpXQHGH
VHV LQWHUYLHZV GDQV OH PDJD]LQH 0DULH &ODLUH j VD PqUH ©0DPDQ PRQ DPRXU DPRXU G
H P
D Y LH ª
/¶DQDO\VHIUpTXHQWLHOOHGHPRWVGX&RUSXV $QQH[H IDLWDSSDUDvWUHOHPRW©PqUHªHQqPHSRVLWLRQGHV
PRWVOHVSOXVXWLOLVpVGDQVOHGLVFRXUVGH-DFTXHPXV
HGLFWLRQQDLUH/DURXVVHHQOLJQHFRQVXOWpHQOLJQHOH85/5pYpODWLRQ/DURXVVH
/
256,1,5DSKDsOOH©/¶DQWL,QWHUYLHZ3KLORVRSKLTXH'H6LPRQ3RUWH-DFTXHPXVª*UD]LDSXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVZZZJUD]LDIUPRGHODQWLLQWHUYLHZSKLORVRSKLTXHGHVLPRQSRUWHMDFTXHPXVKWPO
2SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
2SFLW*8('219DOpULH©6LPRQ3RUWH-DFTXHPXVOD3URYHQFHjO HVWRPDF ª
2SFLW.$3)(5(5-HDQ1RHOS
2SFLW(037$=(OYLUH©-DFTXHPXV/RXLV9XLWWRQ3RXUTXRL/H6XG$WWLUH$XWDQW/HV&UpDWHXUV'H0RGHª
2SFLW©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
:(%(53DXOLQH©0DUVHLOOHYXHSDU6LPRQ3RUWH-DFTXHPXVª0DGDPH)LJDURSXEOLpOH
2SFLW©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
'DQV OHV GHVFULSWLRQV GRQQpHV GH -DFTXHPXV GDQV OHV DUWLFOHV GH SUHVVH GX &RUSXV $QQH[H
&LWDWLRQV OLpHV DX6XGVDIDPLOOHHWVHVRULJLQHVH[WUDLWHVGHVDUWLFOHVGX&RUSXV3D\VDQ O¶DQ
DO\VHGX
GLVFRXUVPRQWUHTX¶LOQ¶HVWSDVVHXOHPHQWGpFULWFRPPHRULJLQDLUHGH3URYHQFHPDLVDXVVLSDUVRQRULJLQH
VRFLDOH © ILOV GH SD\VDQV ª jUHSULVHV ©SD\VDQª©IHUPLHUV ª'DQVO¶HQVHPEOHGHVDUWLFOHVGX
&RUSXVFHWWHUpIpUHQFHDSSDUDvWIRLV
&RPPH-HDQ&DVWDUqGHO¶LQGLTXH©(QPDWLqUHGHOX[HODPDUTXHHVWSULPRUGLDOH(OOHHVWSUHVTXH
DXVVL LPSRUWDQWH TXH OH SURGXLW &¶HVW GRQF XQH YDOHXU GH SDWULPRLQH ,O FRQYLHQW GRQF SRXU LQVSLUHU OD
FRPPXQLFDWLRQ GH GpOLPLWHU OH WHUULWRLUH GH UHFRQQDLVVDQFH O¶KLVWRLUH GH OD PDUTXH VRQ WHUURLU V D
JpQpDORJLHOHIRQGDWHXUHWVDOLJQpHVHVWUDGLWLRQVHWVHVFRGHVª -DFTXHPXVV¶LQVFULWGDQVXQSURFHVVXV
G pWDEOLVVHPHQWG¶XQHPDUTXHGHOX[HHQHQUDFLQDQWVDPDUTXHJpRJUDSKLTXHPHQWHQ3URYHQFHHQFUpDQW
VRQKLVWRLUHVHVRULJLQHVSD\VDQQHVHQpWDEOLVVDQWVDJpQpDORJLH
3DUWLH/DFUpDWLRQG¶XQLPDJLQDLUH
/LSRYHWVN\HW%UXQVRXOLJQHQWTXH©OHVPDUTXHVGHOX[HGRLYHQW>@MXVWLILHUOHXUYDOHXUDMRXWpHSDU
OHXU OpJLWLPLWp HW OHXU LGHQWLWp ª PDLV HOOHV GRLYHQW pJDOHPHQW UHQYR\HU XQH LPDJH IRUWH HW V LJQLILFDWLYH
SOHLQH GH VHQV (Q HIIHW /LSRYHWVN\ HW %UXQ GLIIpUHQFLHQW OHV EpQpILFHV DSSRUWpV DX[ FOLHQWV S
DU OHV
PDUTXHVGHFRQVRPPDWLRQFRXUDQWHGHFHX[DSSRUWpVSDUOHVPDUTXHVGHOX[H /HVSUHPLHUV©UpSRQGHQWj
GHV EpQpILFHV GH W\SH IRQFWLRQQHO ª DORUV TXH OHV VHFRQGV © j GHV EpQpILFHVV\PEROLTXHVHWGHSOXVHQ
SOXV j GHV EpQpILFHV GLWV ³H[SpULHQWLHOV´ ª $ILQ GH FUpHU XQ EpQpILFH V\PEROLTXH HW H[SpULHQWLHO OHV
PDUTXHVGHOX[HGRLYHQWUHQYR\HUXQHLPDJHPHWWDQW©HQDYDQWVpGXFWLRQpPRWLRQVSODLVLUHVWKpWLTXHDX
VHQVpW\PRORJLTXHGXWHUPHF HVWjGLUHIDLUHpSURXYHUHWUHVVHQWLUXQHpPRWLRQIDLUHSDUWDJHUGHVYDOHXUV
FRPPXQHVª
/HV YDOHXUV VRQW DX FHQWUH GH OD FRPPXQLFDWLRQ G¶XQH PDUTXH GH OX[H O pPRWLRQ HQ HVW OH Y HFWHXU H
W
6HPSULQL H[SOLFLWH OH FRPPHQW © 8QH PDUTXHQ pQRQFHSDVVHVYDOHXUVHOOHUDFRQWHGHVKLVWRLUHV&¶HVW
GDQV FHWWH F DSDFLWp j UDFRQWHU GHV KLVWRLUHV HW GDQV VRQ WDOHQW GH QDUUDWHXU TXH UpVLGH X
QH G
HV S
OXV
LPSRUWDQWHV SURSULpWpV GH OD PDUTXH FRQWHPSRUDLQH ª RX FRPPH O pFULYHQW /LSRYHWVN\ H
W %
UXQ ©
OD
FDSDFLWpGHODPDUTXHjFRPPXQLTXHUXQLPDJLQDLUHIRUWFRKpUHQWUHFRQQDLVVDEOHHWXQLTXHª
-DFTXHPXV UpVXPH VRQ LPDJLQDLUH HQ VH GpILQLVVDQW OXL PrPH SDU GHV WRXFKHV LPSUHVVLRQQLVWHV
DYHFGHVUpIpUHQFHVQRQH[FOXVLYHPHQWLVVXHVGXPRQGHPHGLWHUUDQHHQEOHXHWEODQFOHVFRXOHXUVGHOD
PHGLWHUUDQHH TXH QRV SRXYRQV UHWURXYHU GDQV OHV GUDSHDX[ JUHFV LVUDOLHQV OH VROHLO0DUVHLOOHVRQWOHV
UHIHUHQFHV SURYHQFDOHV PDLV DXVVL GHV IRUPHV JHRPHWULTXHV OHV URQGV GHV PRWLIV UD\XUHV O¶DUW OD
SRHVLHODFXOWXUHSRSXODLUHDQQHHVODQDWXUHOHVIUXLWVHWLPSOLFLWHPHQWXQHYDOHXUXQLYHUVHOOHODYLH
SFLW&$67$5('(-HDQS
2
2SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
,ELG
,ELG
6(035,1,$QGUHD/D0DUTXH4XHVDLVMH"3UHVVHV8QLYHUVLWDLUHVGH)UDQFHS
2SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
)LJXUH6LWHMDFTXHPXVFRPODFDSWXUHG pFUDQGX
/DFRQVWUXFWLRQGHODSKUDVHUpGXLWHDXSOXVVLPSOHHWHVWFRQVWLWXpHG¶XQHSUHPLqUHSDUWLHRLOVHSUpVHQWH
GHODPDQLqUHODSOXVVLPSOHSRVVLEOH©-HP¶DSSHOOH6LPRQªHWG¶XQHGHX[LqPHSDUWLHRLOpQRQFHODOLVWH
GHVFKRVHVTX¶LODLPH/DMX[WDSRVLWLRQGHFHVGHX[SURSRVLWLRQVLPSOLTXHTX¶LOVHGpILQLWSDUVRQQRPHWSDU
FH TX¶LODLPH/DOLVWHGHVFKRVHVTX¶LODLPHHVWVLPSOHFHVRQWGHVpOpPHQWVGHEDVH,OQRXVPRQWUHXQH
SHUVRQQHKXPEOHVLPSOHTXLDLPHSURILWHUGHODYLHF¶HVWXQHSUHPLqUHYDOHXUTX¶LOWUDQVPHW
-DFTXHPXVV LQVFULWGDQVXQHGpPDUFKHGHFUpDWLRQG¶XQLPDJLQDLUH&RPPHQRXVO¶DYRQVYXHQVH
GRQQDQWGHVUDFLQHVLODQFUHVDPDUTXHHQ3URYHQFH/¶LPDJLQDLUH3URYHQoDOHVWULFKHHQLPDJHVVHQWHXU
VHQVDWLRQV HW pPRWLRQV HW j O¶LQVWDU GH O 2FFLWDQH LO HQ XWLOLVH OHV FRXOHXUVHWOHVFRGHVVDQVWRXWHIRLVVH
UHVWUHLQGUH j rWUH XQH PDUTXH UpJLRQDOH FRPPH SHXW O rWUH 6RXOHLDGR TXL FHQWUH SOXV VD FRPPXQLFDWLRQ
JpRJUDSKLTXH VXU OH SURGXLW DYHF OHPRWLISURYHQoDOSUpVHQWGDQVWRXWHVOHXUVFROOHFWLRQV$ILQG¶XWLOLVHUOD
3URYHQFH FRPPH WRLOH GH IRQG j O¶LPDJLQDLUH TX¶LO FUpH HW QRQ FRPPH VFqQH SULQFLSDOH LO H
IIHFWXH G
HV
DOOHUUHWRXUVHQWUHVDUpJLRQG¶DQFUDJHHW3DULV
/HSUHPLHUDOOHUUHWRXUDSSDUDvWGDQVVRQGLVFRXUV$ODTXHVWLRQ©3RXUTXRLV¶LQVWDOOHULFLGDQVOHH"ªLO
UpSRQG©&¶HVWDYDQWWRXWXQFRXSGHF°XUSRXUO¶LPPHXEOHVHVJUDQGHVWHUUDVVHVVRQMDUGLQOHF{WpVXG
GH OD )UDQFH ª $ WUDYHUV VD UpSRQVH HW OD GHVFULSWLRQ TX¶LO IDLW GH O¶LPPHXEOH LO QH UpSRQG S
DV j
OD
TXHVWLRQPDLVLODSSRUWHOHVXGj3DULV&HWWHUKpWRULTXHHVWUHSULVHGDQVO¶DUWLFOHTXLOXLHVWFRQVDFUpGDQV
0DGDPH )LJDUR R LO GpFODUH © 3HWLW MH YRXODLV SHUGUH O DFFHQW -H FRPSOH[DLV G rWUH SHUoX F RPPH X
Q
FDPSDJQDUG-HPHVXLVPLVjYUDLPHQWDLPHUOH6XGTXDQGMHVXLVDUULYpj3DULVª ,OpWDEOLWjQRXYHDXLFL
OH OLHQ HQWUH OH VXG HW 3DULV TX¶LO D UHQLp HW TX¶LO DLPH /¶DXWHXU GH O¶DUWLFOH DMRXWH ©«DYHF6LPRQ3RUWH
-DFTXHPXV OH 6XG Q HVW MDPDLV WUqV ORLQ )DVFLQp SDU OH VROHLO HW OD PHU LO DLPH OH MDXQH HW OH E
OHXWRXW
VLPSOHPHQW 8Q ERXTXHW GH WRXUQHVROV j OD PDLQ VRQ 3DULV HVW WRXMRXUV HPSUHLQW G XQH WRXFKH G
H
3URYHQFHª
'DQVODVpULHGHVSXEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGXRQREVHUYHODPLVHHQ
VFqQHGX6XGj3DULV/HVSKRWRVVRQWSULVHVGDQVOHVWXGLRGH-DFTXHPXVVXUODWHUUDVVH8QHIHPPHHVW
HQ PDLOORW GH EDLQ DYHF XQ FKDSHDX HW GHVVDFV-DFTXHPXV&HWWHVFqQHHVWSHXSUREDEOHG¶DYRLUOLHXj
3DULV GDQV OD YUDLH YLH /¶HQVHPEOH GHV VLJQHV VpPLRWLTXHV QRXV UHQYRLH XQH LPDJH GX 6XG OH V ROHLOOH
FKDSHDXTXLSURWHJHFRQWUHOHVROHLOOHPDLOORWGHEDLQODIHPPHTXLDO¶DLUGHFRQWUDFWpHSUHQDQWXQEDLQGH
VROHLOHQYDFDQFHV
SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2
2SFLW:(%(53DXOLQH©'DQVOH3DULVGH6LPRQ3RUWH-DFTXHPXVª
,ELG
6800(5$77+(678',2:( 6800(5$7-$&48(086 6800(5$7-$&48(086 6800(5$77+(%8,/',1*
*2,1*&5$=< 3$57
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
$YHF FHV DOOHUUHWRXUV -DFTXHPXV V¶DVVXUH TXH OD 3URYHQFH VRLW ELHQ XQ pOpPHQW GH O¶LPDJLQDLUH T
X¶LO
FRQVWUXLW FKDUJp GHV FRXOHXUV HW G pPRWLRQV OLpHV jOD3URYHQFHHWQRQXQHVLPSOHFDUDFWpULVWLTXHGHVHV
SURGXLWV UDPHQDQW -DFTXHPXV j XQH PDUTXH ORFDOH &H IDLVDQW LO FUpH XQ XQLYHUV © -DFTXHPXV ª
T
XL
SHUPHWGHSDUWDJHUHWG DVVHRLUOHVUDFLQHVTX¶LOWHQWHGHVHGRQQHU©-HQHIDLVSDVGHVYrWHPHQWVMHYHX[
FUpHUXQXQLYHUV ª
/HV SXEOLFDWLRQV VXU OH FRPSWH ,QVWDJUDP -DFTXHPXV GX PHWWHQW HQ VFqQH OHV S
URGXLWVGHOD
PDUTXH FKHPLVHVHWVDFV VXUXQEDOFRQj0DUVHLOOH2QREVHUYHLFLOHSD\VDJHOHFRXFKHUGXVROHLORXOD
PHU EOHXH HW OHV FRXOHXUV GHV SURGXLWV HW GX SD\VDJH FRUUHVSRQGHQW OH URVH GX VDF DYHF OH U RVH G
X
FRXFKHUGXVROHLOHWOHEOHXGXFXLUGHVVDFVDYHFOHEOHXGHODPHU&HWWHPLVHHQVFqQHVXUOHEDOFRQGHOD
VDOOHGHEDLQQRXVIDLWLPDJLQHUOHVYDFDQFHVDXERUGGHODPHUOHUHWRXUGHODEDLJQDGHTXDQGRQVqFKHOHV
YrWHPHQWV DSUqV &¶HVW XQH PLVH HQ VFqQH pYRFDWULFH PDQLSXODQWOHVLJQLILDQWTX¶HVWODPLVHHQDYDQWGH
SURGXLWVDYHFOHVLJQLILpGHELHQrWUHGHERQKHXUHWG¶KDUPRQLH
©0$56(,//(62/(,/ª
#SLORXOHFOHUFTB
-$&48(086FRP
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
0DLVODFUpDWLRQGHO¶XQLYHUVSDVVHSDUGHVFDQDX[YDULpVFRPPHOHVUpIpUHQFHVPXOWLSOHVGDQVVHV
FROOHFWLRQV RX VHV GpILOpV GRQW OHV WLWUHV VRQW pYRFDWHXUV /HV 3DUDVROV GH 0DUVHLOOH /HV 6
DQWRQV G
H
2SFLW©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
3URYHQFH/ $PRXUG XQJLWDQ0DLVDXVVLGDQVWRXWHVVHVLQWHUYLHZVRLOIDLWUpIpUHQFHj0DUFHO3DJQRO
O pFULYDLQGHOD3URYHQFHRXHQFRUHGDQVVHVFDVWLQJV©-HYRXODLVXQW\SHGHJDUVWUqVPpGLWHUUDQpHQª
/¶XQLYHUV TXH -DFTXHPXV WHQWH GH FRQVWUXLUH QH V DUUrWH SDV j OD 3URYHQFH ,O HVW FRKpUHQW D
YHF
O¶HQVHPEOH GHV UDFLQHV TX¶LO VH GRQQH /HV SXEOLFDWLRQV GX VXU OH FRPSWH ,QVWDJUDP G
H
-DFTXHPXV LVVXHV GH VRQ GpILOp GDQV OHV FKDPSV GH EOp YLHQW IDLUH pFKR j O¶RULJLQH S
D\VDQQH G
H
-DFTXHPXV ,O \ SUpVHQWH QRWDPPHQW GHVPHXEOHVUXVWLTXHVXQOLWHWXQHFKDLVH,OUHQIRUFHpJDOHPHQWOD
FDUDFWpULVWLTXH GH VLPSOLFLWp HW G¶DXWKHQWLFLWp TXH QRXV pYRTXLRQV jWUDYHUVVRQO¶DQDO\VHGHVDSKUDVHGH
SUpVHQWDWLRQ
©/¶$0285ª
6800(5
#MXOLDPDULQR
)LJXUH3XEOLFDWLRQVXUOHFRPSWH-DFTXHPXVGX
-DFTXHPXVHVWFRQVFLHQWGHODPLVHHQVFqQHTX¶LOIDLWHWQHV¶HQFDFKHSDV/ DQDO\VHIUpTXHQWLHOOHGHPRWV
GX &RUSXV $QQH[H PRQWUH IRLV O¶XWLOLVDWLRQ GX PRW © KLVWRLUH ª FRPPH SDU H[HPSOH G
DQV F HWWH
GpFODUDWLRQ©'pMjSRXUPDSUHPLqUHSLqFHM¶DYDLVpODERUpWRXWHXQHKLVWRLUHGDQVPDWrWH&¶HVWWRXMRXUV
O¶KLVWRLUHTXLYLHQWG¶DERUG/HVYrWHPHQWVQHVRQWTXHOHVFRVWXPHVGHPHVKLVWRLUHVª 6RQLQWHQWLRQHVW
HQFRUHSOXVFODLUHTXDQGLOGpFODUH©-HQHIDLVSDVGHVYrWHPHQWVMHYHX[FUpHUXQXQLYHUVª (QILQOH
MRXUQDOLVWHGDQVO¶DUWLFOHVXU-DFTXHPXVO¶LGHQWLILHpJDOHPHQW©6D3URYHQFHQDWDOHF HVWVRQIRONORUHVRQ
VWRU\WHOOLQJVDGLIIpUHQFHjOXLª
/LSRYHWVN\HW%UXQDWWLUHQWQRWUHDWWHQWLRQVXUODQpFHVVDLUHJHVWLRQGXWHPSVORQJSRXUOHVPDUTXHVGHOX[H
GH © SHUSpWXHU XQH PpPRLUH FUpHU XQ KDOR G LQWHPSRUDOLWp XQH LPDJH G pWHUQLWp GH OD PDUTXH ª
H
Q
SFLW*8('219DOpULH©6LPRQ3RUWH-DFTXHPXVOD3URYHQFHjO HVWRPDF ª
2
0$57,1%(51$5' )UpGpULF ©6LPRQ3RUWH-DFTXHPXV³3RXUFHWWHSUHPLqUHIRLVMHVXLVDOOpYHUVXQVW\OHGLUHFW´ª/H)LJDUR
SXEOLpOH
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
2SFLW*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª
2SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
DVVXUDQW©ODJHVWLRQV\PEROLTXHGHVHVUDFLQHVªHWXQ©WUDYDLOG pGLILFDWLRQG¶XQP\WKHª 1RXVDYRQVYX
TXH -DFTXHPXV j WUDYHUV XQ DQFUDJH JpRJUDSKLTXH HW OHV UDFLQHV TX¶LO VH GRQQH WHQWH G
H V H G
RQQHU
pJDOHPHQWXQKpULWDJHTXLVHUWGHEDVHjVRQLPDJLQDLUHHWjO XQLYHUVTX LOYHXWFUpHU
&DUROLQH0DUWLVRXOLJQHHQHIIHW TX¶©XQDQFUDJHKLVWRULTXH>@UHQYRLHjODSpUHQQLWpHWGRQFjOD
TXDOLWpGHVSURGXLWVª HWSOXVSDUWLFXOLqUHPHQWSRXUXQHPDUTXHGHOX[H©O DQFLHQQHWpGHODPDUTXHHVWXQ
DUJXPHQWSRXUFRQQRWHUXQHQREOHVVHFRQVWLWXpHG¶XQVDYRLUIDLUHHWG¶XQSUHVWLJHª (QO¶DEVHQFHGHUpHOOH
DQFLHQQHWp OD PDUTXH -DFTXHPXV D pWp FUppH HQ -DFTXHPXVDVVRFLHO¶KLVWRULTXHGHVDPDUTXHj
VRQKLVWRLUHSHUVRQQHOOHHWjO LQWHPSRUDOLWpGHOD3URYHQFH6LODPLVHHQSODFHG¶XQLPDJLQDLUHjO¶DLGHG¶XQ
DQFUDJHJpRJUDSKLTXHIRUWHWGHUDFLQHVHVWXQpOpPHQWHVVHQWLHOGDQVODFRQVWLWXWLRQG¶XQHPDUTXHGHOX[H
LO QH FRQVWLWXH FHSHQGDQW SDV XQH FRQGLWLRQ VXIILVDQWH jODUHYHQGLFDWLRQGXOX[H3RXUDXJPHQWHUHQFRUH
VRQSUHVWLJHQRXVDOORQVYRLUFRPPHQWLOIDLWDSSHOjO¶DUWGDQVVRQGLVFRXUV
3DUWLH/DPLVHHQRHXYUHG¶XQHVWKpWLVPHIRUWHWOHVLQFXUVLRQVGDQVOHGRPDLQHGHO¶DUW
3DUWLH/¶DUWFRPPHLQVSLUDWLRQGHODFRPPXQLFDWLRQGH-DFTXHPXV
,ELGS
SFLW%(57+(/27*8,(7.DULQH0$57,'(0217(7<&DUROLQH3$75,1/(&/(5(9DOpULHS
2
,ELG
2SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
,ELG
2SFLW.$3)(5(5-HDQ1RHOS
2SFLW&$67$5('(-HDQS
2SFLW.$3)(5(5-HDQ1RHOS
6LPRQ -DFTXHPXV GpFODUH © MH FRPPXQLTXH SDU O¶LPDJH PRQODQJDJHª /HVLPDJHVDX[TXHOOHVLOIDLW
UpIpUHQFH LFL VRQW OHV SXEOLFDWLRQV VXU VRQ FRPSWH ,QVWDJUDP OHVLPDJHVGHSURGXLWVGHODPDUTXHHWGHV
GpILOpV PDLV DXVVL OHV UpIpUHQFHV LQVSLUDWLRQQHOOHV TX LO XWLOLVH RX TX¶LO PHQWLRQQH GDQV VHV LQWHUYLHZV DILQ
FRPSOpWHUFHWXQLYHUV©-DFTXHPXVª
$ILQGHPHWWUHHQpYLGHQFHO¶XWLOLVDWLRQLQWHQVLYHTXHIDLW-DFTXHPXVGHVUpIpUHQFHVDUWLVWLTXHVQRXVDYRQV
HIIHFWXp XQH DQDO\VH GH GLVFRXUV GHV LQWHUYLHZV GX FUpDWHXU DLQVL TXH O¶DQDO\VH VpPLRORJLTXH G
HV
SXEOLFDWLRQV GX FRPSWH ,QVWDJUDP GH OD PDUTXH -DFTXHPXV HW SOXV SDUWLFXOLqUHPHQW GHV S
XEOLFDWLRQV
UHODWLYHVDX[LQVSLUDWLRQVRXRHXYUHVDUWLVWLTXHV $QQH[H&RUSXV3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDP
GH-DFTXHPXV
/¶DQDO\VHGHGLVFRXUVGDQVOHVLQWHUYLHZVGH6LPRQ-DFTXHPXVPRQWUHGHQRPEUHXVHVUpIpUHQFHVj
GHV SHLQWUHV FRPPH VHV VRXUFHV G¶LQVSLUDWLRQ $QQH[H &LWDWLRQV OLpHV j O¶DUW H[WUDLWHVGHVDUWLFOHVGX
&RUSXV 3
LFDVVR HW 0DWLVVH 'DQV OHV LQWHUYLHZV GH -DFTXHPXV GDQV OHV DUWLFOHV G
H S
UHVVH G
X
&RUSXVOHVUpIpUHQFHVDUWLVWLTXHVUpFXUUHQWHVFRQFHUQHQW3LFDVVRHQSUHPLHUOLHX RFFXUUHQFHV 9LHQW
HQVXLWH 0DWLVVH RFFXUUHQFHV -DFTXHPXV pYRTXH 3LFDVVR HW 0DWLVVH FRPPH VD SULQFLSDOH V RXUFH
G¶LQVSLUDWLRQ©-¶DLPHDXVVL3LFDVVRª ©-HVXLVREVpGpSDU0DWLVVHHW3LFDVVRª ©MHPHVHQVSURFKH
GH3LFDVVRª
$ O¶RFFDVLRQ GH O H[SRVLWLRQ © 0DWLVVH FRPPH XQ URPDQ ª DX &HQWUH 3RPSLGRX OH PXVpH D
S
XEOLp X
QH
LQWHUYLHZDYHF6LPRQ-DFTXHPXVTXLOXLGRQQHO¶RFFDVLRQG¶H[SULPHUVHVLQVSLUDWLRQVHWQRWDPPHQW0DWLVVH
HW 3LFDVVR ©
0RQ WDEOHDX SUpIpUp UHVWH /D GDQVHSHLQWHQ$YHFFHOXLGH3LFDVVRF¶HVWXQXQLYHUV
SLFWXUDO TXL Q
H PH TXLWWH SDV -H VXLV IDQ GH VHV FRXOHXUV HW GH VHV FROODJHV ª &HWWH LQWHUYLHZ G
RQQH
pJDOHPHQWXQHOpJLWLPLWpjVHVLQVSLUDWLRQVFHOOHVFLVRQWRIILFLHOOHPHQWUHFRQQXHVSDUOHPXVpH©- DLKkWH
GH GpFRXYULU O¶H[SRVLWLRQ ³0DWLVVH FRPPH XQ URPDQ´ FDU OH SHLQWUH HVW SRXU PRLXQHVRXUFHLQpSXLVDEOH
G¶LQVSLUDWLRQ-¶DLGpFRXYHUW0DWLVVHORUVTXHM¶pWDLVjSHLQHDGROHVFHQWFHODP¶DIDLWXQFKRFª
-DFTXHPXV IDLW pJDOHPHQW UpIpUHQFH j 3LFDVVR 0DWLVVH HW 9DQ *RJK SRXU IDLUHOHOLHQDYHFVRQDQFUDJH
JpRJUDSKLTXHFHVSHLQWUHVpWDQWVRXYHQWDVVRFLpVDX6XG $QQH[H&LWDWLRQVOLpHVjO¶DUWH[WUDLWHVGHV
DUWLFOHVGX&RUSXVO¶$UWHWOH6XG ©7RXWILQLWWRXMRXUVSDUrWUHOLpDX6XGHWVRXYHQWj3LFDVVRª
3DUPLOHVSXEOLFDWLRQV,QVWDJUDPFRQVWLWXDQWOH&RUSXVSXEOLFDWLRQVIRQWUpIpUHQFHVjO¶DUW
G¶HQWUH HOOHV VRQW DFFRPSDJQpHV G¶XQH LPDJH LQVSLUDWLRQQHOOH 1RXV UHWURXYRQV GHV S
KRWRJUDSKHV
'RLVQHDX G
HV SHLQWUHV 0DWLVVH GHV UpDOLVDWHXUV PDLV D
XVVL GH ODSRSFXOWXUH -DFTXH7DWLOD&LWURsQ
©.$5,1ª 'DQV O¶H[HPSOH FLGHVVRXV OD SXEOLFDWLRQ G
X RQ \ UHWURXYH U pIpUHQFHV
DUWLVWLTXHVPpODQJpHV
+$0(//( &DUROLQH © / LQWHUYLHZ 1RUPFRUH 'H -DFTXHPXV ª *UD]LD FRQVXOWp HQ OLJQH OH 85/
KWWSVZZZJUD]LDIUSHRSOHOLQWHUYLHZQRUPFRUHGHMDFTXHPXV
2SFLW©,OpWDLWXQHIRLV-DFTXHPXV ª
2SFLW*2/%,13DPHOD©+RPPDJHj3LHUUH&DUGLQ(QWUHWLHQDYHF6LPRQ3RUWH-DFTXHPXVHW3LHUUH&DUGLQª
2SFLW:(%(53DXOLQH©'DQVOH3DULVGH6LPRQ3RUWH-DFTXHPXVª
©/H&HQWUH3RPSLGRX 6LPRQ3RUWH-DFTXHPXVªOHVLWHZHEGX&HQWUH3RPSLGRXSXEOLpOHFRQVXOWpHQOLJQH
85/KWWSVZZZFHQWUHSRPSLGRXIUIUPDJD]LQHDUWLFOHOHFHQWUHSRPSLGRXVLPRQSRUWHMDFTXHPXV
,ELG
2SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
0%)8-8-% '%78% 4%6 8%67-0% (3 %1%6%0 6-2)/) (-./786% &)68.%2 438 m132 32'0) | ()
.)%24%90 +39() .%'59)7 8%8-
,)26- 1%8-77) ,)0)2) *-00-)6)7 4396 0) &%00)8 m (%7 0% '-863)2 m/%6-2| -7%&)00) %(.%2- (%27
0% '39: () 7)0* 86-%(-7',) | m0ƅ)8) 1)9686-)6| ()
7)6:-') 4%6 1%6' .)%2 &)'/)6
&368,;-'/
/HV UpIpUHQFHV LQVSLUDWLRQQHOOHV VRQW SDUIRLV PRLQV H[SOLFLWHV (OOHV IRQW DSSHO DORUV j GHV °XYUHV DUWLVWLTXHV
FpOqEUHV /HV SXEOLFDWLRQV LQVSLUpHV GHV FRTXHOLFRWV GH 0RQHW RX GHV WRXUQHVROV GH 9DQ *RJK HQ VRQW GHV
H[HPSOHV TXL RQW UHWHQX QRWUH DWWHQWLRQ
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH ,QVWDJUDP -DFTXHPXV GX )LJXUH &RTXHOLFRWV OD SURPHQDGH &ODXGH 0RQHW
0XVpH G 2UVD\ 3DULV
/HV &RTXHOLFRWV GH &ODXGH 0RQHW IRQW SDUWLH G¶XQH VpULH GH WDEOHDX[ TX¶LO D SHLQW SUHQDQW SRXU
REMHW GHV FKDPSV GH FRTXHOLFRWV /D SUpVHQFH G¶XQH IHPPH pOpJDQWH OD YXH VXU OH FKDPS GH FRTXHOLFRWV
VRQW UHSULV GDQV FHWWH SKRWR GH -DFTXHPXV /H JUDLQ HW OH FRQWUDVWH GH OD SKRWR SHXYHQW PrPH FUpHU OD
FRQIXVLRQ VXU OD QDWXUH GX VXSSRUW SKRWR RX SHLQWXUH /HV FRPPHQWDLUHV DVVRFLpV j FHWWH SXEOLFDWLRQ
PRQWUHQW ELHQ FHWWH FRQIXVLRQ YRLU $QQH[H /LVWH GHV FRPPHQWDLUHV UHODWLIV j OD SXEOLFDWLRQ
³&RTXHOLFRWV´ -DFTXHPXV SUHQG ELHQ VRLQ G¶XWLOLVHU OH WHUPH © LPDJH ª HW QRQ SKRWR RX SHLQWXUH DILQ GH
SUpVHUYHU OH GRXWH /D IHPPH SUpVHQWH VXU OD SKRWR SRUWH XQ FKDSHDX UHVVHPEODQW DX[ FKDSHDX[ GH OD
FROOHFWLRQ GH -DFTXHPXV 3DU FH GRXWH LO LQVFULW VD YLVLRQ GH OD IHPPH GDQV OH WDEOHDX GH 0RQHW ,O VRXKDLWH
V¶LQVFULUH OXLPrPH GDQV OH WDEOHDX © 3UHQH] ELHQ VRLQ GH YRXV HW GHV SHUVRQQHV TXL YRXV HQWRXUHQW
M¶DLPHUDLV rWUH GDQV FHWWH LPDJH WRXW GH VXLWH ª
'DQV OD SXEOLFDWLRQ ,QVWDJUDP GX )LJXUH LO QH VXJJqUH SDV OH OLHQ DYHF OHV WRXUQHVROV GH
9DQ *RJK PDLV OD UpIpUHQFH j FHWWH VpULH GHV 7RXUQHVROV TXL D PDUTXp OD UHQFRQWUH GH 9DQ *RJK DYHF
*DXJXLQ HVW pYLGHQWH $X OLHX GH FHOD GDQV VRQ FRPPHQWDLUH -DFTXHPXV IDLW UpIpUHQFH j XQH DXWUH IRUPH
G¶DUW SOXV PRGHUQH LPPpGLDWHPHQW UHOD\pH SDU VRQ FRPPHQWDLUH©4XDQGMHUpDOLVHUDLVXQILOPFHVHUD
O¶XQHGHVVFqQHVª
)LJXUH9LQFHQWYDQ*RJK/HV
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
7RXUQHVROV 1HXH3LQDNRWKHN
0XQLFK$OOHPDJQH
$XVVLELHQGDQVVHVLQWHUYLHZVTXHGDQVVHVSXEOLFDWLRQV,QVWDJUDP-DFTXHPXVVHUHYHQGLTXHGH
O¶DUW6RXUFHG¶LQVSLUDWLRQWUqVULFKHLOQHVHFDQWRQQHSDVjTXHOTXHVUpIpUHQFHVLOIDLWDSSHOjGHQRPEUHX[
DUWLVWHV GH GRPDLQHV GLIIpUHQWV GH FRXUDQWV HW G pSRTXHV GLIIpUHQWV DILQ GH FUpHU XQ OLHQ p
WURLW D
YHF OH
PRQGHDUWLVWLTXHHWFXOWXUHO)DLVDQWUpJXOLqUHPHQWOHOLHQHQWUHOHVDUWLVWHVHWOH6XG-DFTXHPXVDVVXUHXQH
PLVH HQ FRKpUHQFH SHUPDQHQWH DYHF VRQ DQFUDJH JpRJUDSKLTXH &HSHQGDQW -DFTXHPXVQHVHFRQWHQWH
SDVGHIDLUHUpIpUHQFHDXPRQGHGHO¶DUWHWjV HQLQVSLUHU3OXVTX¶XQHLQVSLUDWLRQ-DFTXHPXVHQWHQGIDLUH
GH VHV SURGXLWV GHV °XYUHV G¶DUW HW GH OXLPrPH XQ DUWLVWH UHFRQQX HW LO V¶LQVFULW GDQV X
Q S
URFHVVXV
G DUWLILFDWLRQTXHQRXVDOORQVH[SORUHUGDQVODSDUWLHVXLYDQWH
3DUWLH©$UWLILFDWLRQªGHODPDUTXH-DFTXHPXV
UDGXFWLRQGHO¶DQJODLV©:KHQ,GLUHFWDILOPWKLVZLOOEHRQHRIWKHVFHQHVª
7
2SFLW.$3)(5(5-HDQ1RHOS
GRQFSDUVDUDUHWp.DSIHUHUPHWHQDYDQWOHVVWUDWpJLHVGH©UDUHWpDERQGDQWHª PLVHVHQSODFHSDUOHV
PDUTXHVGHOX[H
'DQV XQH GHX[LqPH DSSURFKH OH SUL[ G¶XQH °XYUH G¶DUW SHXW rWUH GpILQLHQGHKRUVGHWRXWPDUFKpTXHO
PDUFKp SHXW SUpGLUH OH SUL[ G¶XQH °XYUH XQLTXHG¶XQWDEOHDXGH0RQHWRXGH3LFDVVRYRLUHPrPHGHOD
-RFRQGH " /¶DUW SHUPHW j OD PDUTXH GH VRUWLU G¶XQH DSSURFKH PHUFDQWLOH GX SURGXLW /¶DUWSRUWHDORUVjOD
PDUTXHXQQLYHDXGHPDUFKDQGLVp
7RXW G¶DERUG O¶DUW GRQQH j OD PDUTXH XQ U{OH V RFLDO G¶DJHQW FXOWXUHO HW QRQ SOXV FRPPHUFLDO X
Q U {OH G
H
PpGLDWHXUFXOWXUHO/¶DUWHVWOHSDUR[\VPHGHODFXOWXUHHWODFXOWXUHF¶HVWFHTXLFLUFXOHSDUPLOHVKRPPHVOD
FXOWXUHHWODFRPPXQLFDWLRQVHVXSHUSRVHQW/¶XWLOLVDWLRQGHO¶DUWFRPPHWHFKQLTXHGHFRPPXQLFDWLRQSDUOHV
PDUTXHVGHOX[H©FUpHQWGRQFXQpOLWLVPHSRXUWRXVª
/¶DUW SRUWH pJDOHPHQW OHV YDOHXUV GH OD PDUTXH LO SHUPHW FRPPH OH VRXOLJQH .DSIHUHU © GH U HODWLYLVHU OD
PRWLYDWLRQSXUHPHQWOLpHjODVWUDWLILFDWLRQVRFLDOHHWG¶HQFRXUDJHUGHVPRWLYDWLRQVSOXVKXPDQLVWHVKLVVDQW
OH FOLHQW D XQ QLYHDX VXSpULHXU OHV REMHWV DFKHWpV FRQGHQVDQW j OD IRLV OH WUDYDLOG¶DUWLVWHVH[WUrPHPHQW
WDOHQWXHX[ODWUDGLWLRQHWODFXOWXUHODWHPSRUDOLWpO¶DUWHWODFUpDWLYLWpª ,OSHUPHWDX[PDUTXHVGHOX[H©
GHJDJQHUHQSURIRQGHXUHQpOpYDWLRQHWHQYDOHXUª
)LQDOHPHQW O¶DUW WUDQVFHQGH OD PDUTXH GH OX[H .DSIHUHU VRXOLJQH TXH © /H OX[H FRPPH O¶DUW Y LVH
O LPPRUWDOLWpRXDXPRLQVO LQWHPSRUDOLWpª
.DSIHUHU UpVXPH O¶DSSRUW GH O¶DUW DXOX[HHQFHVWHUPHV©/HOX[HDLPHrWUHDVVRFLpjO DUWFDULOYHXWOXL
DXVVLrWUHSHUoXFRPPHXQLQWHPSRUHOVXUWRXWFXOWXUHO«&HWWHSUR[LPLWpUHFKHUFKpHHQWUHO¶DUWHWOHVDIIDLUHV
GX OX[H D XQ DXWUH EXWSRVLWLRQQHUOHVSURGXLWVHQDXWKHQWLTXHVREMHWVG¶DUWFRQWHPSRUDLQGRQWFKDFXQD
UHoXO¶RQFWLRQPDJLTXHGHODPDLQGXFUpDWHXUª
(Q QRXV DSSX\DQW VXU XQH DQDO\VH GX GLVFRXUV GHV LQWHUYLHZV GH -DFTXHPXV GX &RUSXV H
WXQH
DQDO\VH VpPLRORJLTXH GHV SXEOLFDWLRQV ,QVWDJUDP QRXV DOORQV DQDO\VHU FRPPHQW -DFTXHPXV X
WLOLVH G
HV
UpIpUHQFHVDUWLVWLTXHVDILQGHVHKLVVHUDXQLYHDXG¶DUWLVWHHWODPDUTXHHWVHVSURGXLWVDXQLYHDXG¶RHXYUH
G¶DUWHWSDUOjPrPHjVHSRVLWLRQQHUFRPPHXQHPDUTXHGHOX[H
-DFTXHPXV GDQV VRQ GLVFRXUV FRPPHQFH SDU VH GRQQHU XQ K
pULWDJH DUWLVWLTXH FRPPH XQH K
pUpGLWp ,O
GpFULW OHV VHQVLELOLWpV DUWLVWLTXHV GH VHV SDUHQWV $QQH[H &LWDWLRQVOLpHVjO¶DUWH[WUDLWHVGHVDUWLFOHVGX
&RUSXV3D\VDQVHW)DPLOOHDUWLVWHV HWQRXVLQYLWHjSHQVHUTXHFHWWHVHQVLELOLWpHVWKpULWpHHVWSDVVpH
GHVHVSDUHQWVjOXL,ODVVRFLHpJDOHPHQWODFUpDWLRQjODVLQJXODULWpHWjODOLEHUWp©,O\DWRXMRXUVHXXQH
VHQVLELOLWpDUWLVWLTXHFKH]QRXV0RQSqUHF pWDLWODPXVLTXHPDPqUHODGpFRUDWLRQª
(QVXLWHLOIDLWOHOLHQHQWUHVHVLQVSLUDWLRQVHWFHWKpULWDJHDUWLVWLTXHLOLQVFULWVDIDPLOOHHQO RFFXUUHQFHVRQ
RQFOHGDQVOHFHUFOHIHUPpGHVDUWLVWHVJUDYLWDQWDXWRXUGH3LFDVVR/¶RQFOHWRUHURIDLWpFKRjODSDVVLRQGH
ODWDXURPDFKLHGH3LFDVVRHWVHV°XYUHV©/HV&RUULGDVª
,ELGS
,ELGS
,ELGS
,ELGS
,ELGS
,ELGS
'8&2851$8(PPDQXHOOH©-DFTXHPXV³0DPDQPRQDPRXUDPRXUGHPDYLHª0DULH&ODLUHFRQVXOWpHQOLJQHOH
85/KWWSVZZZPDULHFODLUHIULQWHUYLHZVLPRQSRUWHMDFTXHPXVPRGHELRJUDSKLHDVS
(QILQ LO FRQQHFWH VHVUDFLQHV3URYHQoDOHVHWSD\VDQQHVDXVWDWXWG DUWLVWHOHVSD\VDQVVRQWGHVDUWLVWHV
©,O D JUDQGL HQWUH $YLJQRQ HW 0DUVHLOOH HQWRXUp GH SDUHQWV SD\VDQV TX LO GpFULW DXVVL F RPPH G
HV
³DUWLVWHV´ª
-DFTXHPXV VH UHYHQGLTXH DUWLVWH HW QH V¶HQ FDFKH SDV GDQV VRQ GLVFRXUV © -H FRPPHQFH WRXMRXUV S
DU
LPDJLQHUO¶KLVWRLUHXQSHXFRPPHVLMHUpDOLVDLVXQILOP-¶pFULVPrPHO¶KLVWRLUHVXUSDSLHUGDQVOHVUqJOHVGH
O¶DUW&HQ¶HVWTX¶DSUqVTXHMHFRPPHQFHjFUpHUOHVYrWHPHQWVª &HWWHUHYHQGLFDWLRQDSSDUDvWGDQVVHV
LQWHUYLHZVPDLVpJDOHPHQWGDQVVHVSXEOLFDWLRQV,QVWDJUDP
3DUPL OHV SXEOLFDWLRQV ,QVWDJUDPFRQVWLWXDQWOH&RUSXVSXEOLFDWLRQVIRQWUpIpUHQFHVjO¶DUW1RXVDYRQV
GpMj YX TXHSDUPLFHVSXEOLFDWLRQVG¶HQWUHHOOHVPRQWUDLHQWOHVLQVSLUDWLRQVGH6LPRQ-DFTXHPXV/HV
DXWUHVVRQWTXDQWjHOOHVXQHGpPRQVWUDWLRQGHO¶DUWLILFDWLRQGH-DFTXHPXV&HVSXEOLFDWLRQVSHXYHQWrWUH
UpSDUWLHV HQ FDWpJRULHV FHOOHV R -DFTXHPXV VH UHYHQGLTXH DUWLVWH GHSDUWVHVSURGXFWLRQVSLFWXUDOHV
WH[WXHOOHVHWFHOOHVRLOSUpVHQWHVHVSURGXLWVFRPPHGHV°XYUHVG¶DUW
$WLWUHG¶H[HPSOHQRXVDQDO\VHURQVSXEOLFDWLRQVR-DFTXHPXVVHUHYHQGLTXHDUWLVWHHWSXEOLFDWLRQVRXLO
FRQIqUHjVHVSURGXLWVODTXDOLWpG °XYUHG¶DUW
(72'$<
0 ,0$'(7+,6,1,&$//(',7 %($87<720(,KDYHWDNHQPRUHWKDQ
,0$'(7+,632(75<,1 ©6(/)58,7ª LPDJHVRQP\SKRQHVKRXOG,GRD
ERRNRXWRILW"
)LJXUH3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGXHW
/DSUHPLqUHSXEOLFDWLRQHVWXQHSKRWRDYHFXQHSHUVRQQHSUREDEOHPHQWXQHQIDQWVHPEODQWQXHGDQVXQ
SD\VDJH GH QDWXUH HW WHQDQW XQ PLURLU GHYDQWHOOHDYHFGHVIOHXUVGDQVXQHPDLQ/HPLURLUUHIOqWHOHFLHO
EOHXHWTXHOTXHVQXDJHV-DFTXHPXVFRPPHQWHODSKRWR©0RLDXMRXUG¶KXL-¶DLIDLWFHSRqPHHQª
-DFTXHPXV VH SUpVHQWH FRPPH XQ SRqWH DXVVL ELHQ SDU OD SKRWR TXH SDU OD WRXUQXUH GH VD S
KUDVH T
XL
VHPEOHrWUHXQFRXUWSRqPHGHYHUV
/DGHX[LqPHSXEOLFDWLRQHVWXQHSKRWRGH6LPRQ-DFTXHPXVGDQVXQHEDLJQRLUH,OHVWWRWDOHPHQWLPPHUJp
HW GHV URQGHOOHV G¶RUDQJH IORWWHQW j OD VXUIDFH GH O¶HDX /H FRPPHQWDLUH HVW GLUHFW © -¶DL IDLW F HFL-HO¶DL
DSSHOp ³6HOIUXLW´ ª ,O DJLWFRPPHRQQRPPHUDLWXQWDEOHDXHWVXJJqUHPrPHGHIDLUHXQOLYUHjSDUWLUGHV
SKRWRVTX¶LODSULVHVQRXV\UHYLHQGURQVSOXVORLQ
(QILQ GDQV OD WURLVLqPH SXEOLFDWLRQ HQ pYRTXDQW OD SRVVLELOLWp GH IDLUHXQOLYUHGHVHVSKRWRV-DFTXHPXV
LPSOLTXHTXHVHVSKRWRVPpULWHQWG rWUHFRQVHUYpHVHWGHSDVVHUjODSRVWpULWpVXUXQVXSSRUWSOXVSpUHQQH
,OVHSRVHHQFXUDWHXUG¶DUW(QPHQWLRQQDQWOHQRPEUHGHSKRWRV SOXVGH LOFKHUFKHjGpPRQWUHU
FRPELHQSUROLILTXHLOHVWVHGRQQHXQHHQYHUJXUHG¶DUWLVWHLQVSLUpHWIpFRQG
2SFLW ©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2
'DQV OHV SXEOLFDWLRQV VXLYDQWHV -DFTXHPXV SUpVHQWH VD FROOHFWLRQ DYHF XQ HVWKpWLVPH IRUW YRLUH
PrPH GLUHFWHPHQW VRXV IRUPH G °XYUH G¶DUW
'DQV OD SUHPLqUH LO H[SRVH VHV SURGXLWV j F{Wp G¶XQH °XYUH G¶DUW 'DQV OD VHFRQGH O RHXYUH G¶DUW HVW OD
SKRWR HOOH PrPH HW GDQV OH WURLVLqPH LO V¶DJLW XQH SHLQWXUH UHSUpVHQWDQW XQ VDF GH VD FROOHFWLRQ
© /¶$PRXU ª TXL pYRTXH j VRQ WRXU OH WDEOHDX GH 9DQ *RJK /D &KDLVH VXU ODTXHOOH OH VDF -DFTXHPXV D
UHPSODFp OD SLSH HW OD EODJXH j WDEDF
)LJXUH 3XEOLFDWLRQ VXU OH )LJXUH 3XEOLFDWLRQ VXU OH )LJXUH 3XEOLFDWLRQ VXU OH )LJXUH
FRPSWH ,QVWDJUDP -DFTXHPXV FRPSWH ,QVWDJUDP -DFTXHPXV FRPSWH ,QVWDJUDP -DFTXHPXV /D &KDLVH 9DQ *RJK
GX GX GX 1DWLRQDO *DOOHU\ /RQGUHV
/¶DUWLILFDWLRQ SHXW DXVVL SDVVHU SDU OHV PDJDVLQV GH PDUTXH TXL © SHXYHQW VHUYLU GH FDGUH j O H[SpULHQFH
DUWLVWLTXH /HV PDJDVLQV GH OX[H QH VRQW SDV XQLTXHPHQW GHV FKHIV G °XYUHV G¶DUFKLWHFWXUH LOV GRLYHQW DXVVL
rWUH FRQoXV SRXU YLYUH XQH H[SpULHQFH DUWLVWLTXH HQ TXDWUH GLPHQVLRQV j O LQWpULHXU HW j O H[WpULHXU GX
PDJDVLQ ª
(Q 'pFHPEUH LO D RUJDQLVp XQ SRSXS VWRUH j 3DULV HQ RXYUDQW XQ PDJDVLQ pSKpPqUH VRXV
IRUPH GH GLVWULEXWHXU DXWRPDWLTXH GRQW OD GpFRUDWLRQ VLPSOH pWDLW HQWLqUHPHQW UpDOLVpH HQ URVH DYHF OH GHVLJQ
LQWpULHXU pSXUp /H SRSXS VWRUH SURSRVDLW XQLTXHPHQW GHV SLqFHV GH OD FROOHFWLRQ -DFTXHPXV URVHV &HOXLFL
D pWp VXLYL GH DXWUHV PDJDVLQV pSKpPqUHV GDQV OH PrPH VW\OH PDLV DYHF G¶DXWUHV FRXOHXUV j 0LODQ HQ
EODQF HW j /RQGUHV HQ EOHX
2SFLW .$3)(5(5 -HDQ1RHO S
0XUHW 'RPLQLTXH © -DFTXHPXV RXYUH K XQ LQpGLW SRSXS VWRUH j 3DULV )DVKLRQ 1HWZRUN ª SXEOLp OH FRQVXOWp HQ
OLJQH OH 85/ KWWSVIUIDVKLRQQHWZRUNFRPQHZV-DFTXHPXVRXYUHKXQLQHGLWSRSXSVWRUHDSDULVKWPO
© -DFTXHPXV KDV RSHQHG LWV SRSXS LQ 0LODQ ª 1VVPDJ SXEOLp OH FRQVXOWp HQ OLJQH OH 85/
KWWSVZZZQVVPDJFRPHQIDVKLRQMDFTXHPXVPLODQR
)ORUHQFH -XOLHQQH © ³/H EOHX -DFTXHPXV´ XQ QRXYHDX SRSXS VHQVRULHO DX VHLQ GH 6HOIULGJHV ª )DVKLRQ8QLWHG SXEOLp OH
FRQVXOWp HQ OLJQH OH 85/
&H PDJDVLQ pSKpPqUH SHXW rWUH FRQVLGpUp FRPPH XQH SHUIRUPDQFH DUWLVWLTXH XQ ©KDSSHQLQJª RX
LQWHUYHQWLRQDUWLVWLTXH GHSDUVDFRQILJXUDWLRQQRQFRQYHQWLRQQHOOHHWVRQGHVLJQPDLVDXVVLDXYXGHODILOH
G¶DWWHQWH SRXU OH YLVLWHU 'DQV XQ PHVVDJH SRVWpVXU,QVWDJUDPOHGpFHPEUH-DFTXHPXVSDUOHGX
SRSXS VWRUH FRPPH XQ SURMHW 7KH PHDQLQJ RI WKLV SURMHFW HW LQYLWH OHV FOLHQWV j YLVLWHU HW S
UHQGUHXQH
SKRWRFRPPHSRXUXQHSHUIRUPDQFHDUWLVWLTXH©1RXVYRXORQVTXHYRXVYRXVVHQWLH]OHVELHQYHQXVHWTXH
YRXV D\H] XQH EHOOH H[SpULHQFH TXRL TXH YRXV IDVVLH] 9RXV SRXYH] MXVWH SDVVHU HWSUHQGUHXQHSKRWR
&¶HVWoD-DFTXHPXVª
.DSIHUHUVRXOLJQHTXH©/HVpYpQHPHQWVVRQWDXVVLXQPpGLXPHVVHQWLHOVDFKDQWTX¶LOVGRLYHQWrWUHFRQoXV
FRPPH XQ JHVWH DUWLVWLTXH HW FXOWXUHO HW QRQXQHH[KLELWLRQGHUHODWLRQVSXEOLTXHVª 1RXVYR\RQVFHWWH
DSSURFKHSDU-DFTXHPXVGDQVVHVSRSXSVWRUHPDLVpJDOHPHQWGDQVVHVGpILOpV
(Q HIIHW OD PDQLIHVWDWLRQ OD SOXV LPSRUWDQWH SRXU -DFTXHPXV HQ WDQWTX¶DUWLVWHDSSDUDvWGDQVVHV
GpILOpV&RPPHQRXVO¶DYRQVGpMjYX-DFTXHPXVDWWDFKHXQHDWWHQWLRQWUqVSDUWLFXOLqUHDX[GpILOpVTX¶LOPHW
HQ VFqQH DYHF XQ HVWKpWLVPH UHFKHUFKp FI SDUWLH /HV GpILOpV HW OHV pYqQHPHQWV ³ SRS X
S´ V RQW
SDUWDJpV HW U HOD\pV VXU OHV UpVHDX[ VRFLDX[ HW FRPPH OH VRXOLJQH .DSIHUHU ©ODSXEOLFLWpSDUOHELDLVGHV
PpGLDVHVWXQHSDUWLHLQGLVSHQVDEOHGXSURFHVVXVG¶DUWLILFDWLRQª2XWUHO¶DVSHFWIRQFWLRQQHOGXGpILOpTXL
FRQVLVWHjSUpVHQWHUXQHFROOHFWLRQHWOHVSURGXLWVGHODPDUTXH-DFTXHPXVQHVHFRQWHQWHSDVG¶XQSRGLXP
GDQV XQH VDOOH REVFXUH DYHF OHV SURMHFWHXUV EUDTXpV VXU OHV PRGqOHV OHV GpILOpV VRQW G
H Y pULWDEOHV
SHUIRUPDQFHV LPPHUVLYHV GDQV OHVTXHOOHV LOFRQYRTXHWRXVOHVVHQV3RXUVRQGpILOpGDQVOHVFKDPSVGH
ODYDQGHLODXUDLWSXVLPSOHPHQWIDLUHYHQLUGHVERXTXHWVGHODYDQGHGDQVXQHVDOOHDXOLHXGHFHODLOLQYLWH
O¶HQVHPEOH GHV SURIHVVLRQQHOV HW GH OD SUHVVH GDQV XQ FKDPS HW OHV LQYLWH j V DVVHRLU G
H P
DQLqUH
LQFRQIRUWDEOH DX PLOLHX GHV SLHGV GHODYDQGHGHVVHQWHXUVGHVDEHLOOHVVRXVOHVROHLOpFUDVDQWGHMXLQ,O
MRXHVXUOHVFRXOHXUVRLOWHQWHXQHDVVRFLDWLRQDXGDFLHXVHGXODYDQGHHWGXURVHYLI/DPrPHLPPHUVLRQD
OLHXSRXUOHGHILOpGDQVOHVFKDPSVGHEOpDYHFXQHDVVRFLDWLRQGHEODQFG¶pFUXHWG¶RU
)LJXUH3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGXHW
KWWSVIDVKLRQXQLWHGIUDFWXDOLWHUHWDLOOHEOHXMDFTXHPXVXQQRXYHDXSRSXSVHQVRULHODXVHLQGHVHOIULGJHV
7UDGXFWLRQGHO¶DQJODLV©:HZDQW\RXWRIHHOZHOFRPHDQGKDYHDJUHDWH[SHULHQFHZKDWHYHU\RXDUHJRLQJWRGR<RXFDQMXVWSDVV
DQGWDNHDSLFWXUH7KLVLVZKDW-DFTXHPXVLVDERXWª
2SFLW.$3)(5(5-HDQ1RHOS
,ELG
(QILQODGHUQLqUHpWDSHG¶DUWLILFDWLRQGHODPDUTXH-DFTXHPXVHVWVRQHQWUpHDXPXVpH-DFTXHPXV
FKHUFKH OD FRQVpFUDWLRQ HW OD UHFRQQDLVVDQFH SDU GHV DFWHXUV LQVWLWXWLRQQHOV GX PRQGH GH O¶DUW .
DSIHUHU
VRXOLJQHTXH©SDUOHXUOpJLWLPLWpHWOHXUFUpGLELOLWpLOVVRQWQpFHVVDLUHVHWGHYLHQQHQWOHVDPEDVVDGHXUVGHV
PDUTXHVGHOX[HGDQVFHSURFHVVXVª
2XWUHO¶LQWHUYLHZDYHFOHPXVpHGX&HQWUH3RPSLGRXTXHQRXVDYRQVGpMjYXH-DFTXHPXVVDLVLWWRXWHVOHV
RFFDVLRQVGHFROODERUHUDYHFOHVPXVpHV $QQH[H&LWDWLRQVOLpHVjO¶DUWH[WUDLWHVGHVDUWLFOHVGX&RUSXV
O¶$UWHWOHV 0XVpHV LODH[SRVpjOD0DLVRQPpGLWHUUDQpHQQHGHVPpWLHUVGHODPRGHDX0X&(0DX
0$& HW OHV H[SRVLWLRQV OXLGRQQHQWDXVVLO¶RFFDVLRQGHGpPRQWUHUVRQpFOHFWLVPHDUWLVWLTXHLOQ¶\H[SRVH
SDVXQLTXHPHQWGHVYrWHPHQWVPDLVDXVVLGHVSKRWRVGHVYLGpRVGHVVFXOSWXUHV$O¶RFFDVLRQGHRXVXLWH
j FHV H[SRVLWLRQV LO SXEOLH OLYUHV © ,PDJHV ª HW © 0DUVHLOOHMHW¶DLPHª.DSIHUHUQRWHTXH©LOVHPEOH
LPSRVVLEOH GH YHQGUH GHV FKHIVG °XYUH VDQV OHVDFFRPSDJQHUG¶XQOLYUHTXHFHGHUQLHUSRUWHVXUO¶REMHW
OXLPrPH RX VXU OD OpJHQGH GH OD PDUTXH SRXU FRPPpPRUHU FHW DFKDW G¶H[FHSWLRQ /D TXDOLWp G
H F HV
RXYUDJHVJDUDQWLWTX¶LOVQHVHURQWSDVMHWpVPDLVUHVWHURQWGHVVRXUFHVGXUDEOHVG¶DUWª /DSXEOLFDWLRQGH
FHVOLYUHVUDVVXUHQWVXUODSpUHQQLWpGHODPDUTXHHWOXLDSSRUWHQWXQOpJLWLPLWpVXSSOpPHQWDLUH
3DU DLOOHXUV -DFTXHPXV HQWUH DX PXVpH SDU OD JUDQGH SRUWH DXGHOj GH VLPSOHV H[SRVLWLRQV G
DQV G
HV
PXVpHV UpJLRQDX[7RXWG¶DERUGHQFRKpUHQFHDYHFOHVQRPEUHXVHVUpIpUHQFHVj3LFDVVR LORUJDQLVHXQ
GpILOp GDQV O¶HQFHLQWH GX PXVpH 3LFDVVR © /H PXVpH 3LFDVVR PRQ SUpIpUp j 3DULV -H OH Y LVLWH H
Q
SHUPDQHQFH'HSXLVPRQSOXVMHXQHkJHMHPHVHQVSURFKHGH3LFDVVR7RXWHVVHVRHXYUHVP DQLPHQW- \
DLSUpVHQWpPDGHUQLqUHFROOHFWLRQ/D%RPED& pWDLWODSUHPLqUHIRLVTXHFHWK{WHOSDUWLFXOLHUWUDQVIRUPpHQ
PXVpH DFFXHLOODLW XQ GpILOp ª (QVXLWH VRQ RHXYUH HQWUH HIIHFWLYHPHQW DX PXVpH © 8
QH U REH G
H
-DFTXHPXVIDLWVRQHQWUpHDXPXVpH(QWUHXQHFROOHFWLRQ0pWLHUVG $UWGH&KDQHOVRXVO qUH.DUO/DJHUIHOG
HWXQHUREH&KDUOHV)UHGHULFN:RUWKGHODUREH³9DOpULH´GH-DFTXHPXVDWURXYpVDSODFHª
/HSRLQWG¶RUJXHGHFHWWHGHUQLqUHpWDSHG¶DUWLILFDWLRQVHUDLWODFUpDWLRQG¶XQPXVpH-DFTXHPXV6L
FHOXLFL Q¶H[LVWH SDV HQFRUH-DFTXHPXV\SHQVH©-¶DLWRXWHVPHVDUFKLYHVSUHVVHFKDTXHFROOHFWLRQHQ
GRXEOH-HSUpSDUHGpMjPHVJUDQGVPXVpHV-¶DLKRQWHGHOHGLUHª
&DUROLQH 0DUWL DWWLUH QRWUH DWWHQWLRQ VXU OH IDLW TXH © OH SDUFRXUV PXVpDO HVWXQHPpWDSKRUHGHOD
PDUTXHHWGHVDFRQVWLWXWLRQXQHIRUPHH[WHQVLYHSRXUO¶LQVFULUHGDQVXQHFXOWXUHHWIDLUHRXEOLHUODEDQDOLWp
GH VD VWULFWH FRRUGRQQpH FRPPHUFLDOH /HV SURGXLWV VRQW V XEOLPpV GDQV FHWWH SDWULPRQLDOLVDWLRQ H
W OHXU
YDOHXUDLQVLYLUWXHOOHPHQWDXJPHQWpHª $LQVLFRPPHOHVRXOLJQH.DSIHUHU©/¶DUWLILFDWLRQG¶XQHPDLVRQGH
OX[HSHXWSDVVHUSDUFHOOHUpWURDFWLYHGHVRQIRQGDWHXURXGHVDIRQGDWULFH6LO¶RQSHXWGpPRQWUHUTX¶LORX
HOOHpWDLWXQRXXQHDUWLVWHRQHQGpGXLUDTXHWRXWHVVHV°XYUHVVRQWGHV°XYUHVG¶DUWHWQRQGHVLPSOHV
SURGXLWV ª /HV UHODWLRQV HQWUHWHQXHV HQWUH -DFTXHPXV HW OHV PXVpHV SDUWLFLSHQW GH O¶DUWLILFDWLRQ G
H OD
PDUTXH-DFTXHPXVHWGHVRQVWDWXWGHPDUTXHGHOX[H
,ELGS
,ELGS
2SFLW:(%(53DXOLQH©'DQVOH3DULVGH6LPRQ3RUWH-DFTXHPXVª
©8QHUREHGH-DFTXHPXVIDLWVRQHQWUpHDXPXVpHª0DGDPH)LJDURSXEOLHOHFRQVXOWpHQOLJQH85/
KWWSVPDGDPHOHILJDURIUVW\OHMDFTXHPXVVHIDLWXQHSODFHDXPXVHHGHVDUWVGHFRUDWLIVGHSDULV
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW%(57+(/27*8,(7.DULQH0$57,'(0217(7<&DUROLQH3$75,1/(&/(5(9DOpULHS
2SFLW.$3)(5(5-HDQ1RHOS
3DU OHV WHFKQLTXHV FRPPXQLFDWLRQQHOOHV TXH -DFTXHPXV XWLOLVH LO WHQWH GH FRQVWUXLUH V D P
DUTXH
FRPPHXQHPDUTXHGHOX[H7RXWHIRLVVDFRPPXQLFDWLRQIDLWDSSDUDvWUHXQSDUDGR[H&RPPHQRXVDYRQV
SX O¶HQWUH DSHUFHYRLU j TXHOTXHV RFFDVLRQV VRQ GLVFRXUV ©/X[Hª HVW HQWUHPrOp GH FRPPXQLFDWLRQ S
OXV
©SRSXODLUHªTXHQRXVDOORQVPHWWUHHQpYLGHQFHGDQVODSDUWLHVXLYDQWH
3DUWLH/DUHFKHUFKHGHSUR[LPLWpGDQVODVWUDWpJLHFRPPXQLFDWLRQQHOOHGH-DFTXHPXVSDUODPLVH
HQSODFHG XQHLPDJHSRSXODLUH-DFTXHPXVXQHPDUTXHSRXUWRXWOHPRQGH"
SFLW6(035,1,$QGUHDS
2
,ELG
,ELG
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHFRQVXOWpHQOLJQH85/
KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$3
3DUWLH /¶HWKRVTXH6LPRQ-DFTXHPXVFRQVWUXLWWHQGjUpGXLUHOHVGLVWDQFHVHQWUHODPDUTXHHW
OHVFRQVRPPDWHXUVjFUpHUGHO¶DXWKHQWLFLWp
© /HV DQFLHQV GpMj LQVLVWDLHQW VXU OD QpFHVVLWp SRXU O¶RUDWHXU G pODERUHU GDQV VRQ G
LVFRXUV X
Q
³HWKRV´F HVWjGLUHXQHLPDJHGHVRLIDYRUDEOHVXVFHSWLEOHGHOXLFRQIpUHUVRQDXWRULWpHWVDFUpGLELOLWpª
/¶LPDJH GH VRL TXH $PRVV\ GpFULW LFL HVW O¶HWKRV © RX LPDJH GLVFXUVLYHTXHO¶RUDWHXUSURGXLWGHVDSURSUH
SHUVRQQH>@VXVFHSWLEOHG¶LQVSLUHUFRQILDQFHª
/¶HQVHPEOH G
X GLVFRXUV SURMHWWH XQH LPDJH GX ORFXWHXU TXL QH SUHQG VRQ VHQV TXH SDU U DSSRUW D
X[
FLUFRQVWDQFHVTXLSHXYHQWrWUHXQFRQWH[WHVRFLDOXQHUpIpUHQFHFXOWXUHOOHXQFRQWH[WHPDUFKDQG$PRVV\
OHVRXOLJQH©LOIDXWTXHO¶HWKRVVRLWDSSURSULpjODFLUFRQVWDQFHHWDXFDGUHGHFRPPXQLFDWLRQGDQVOHTXHOOH
GLVFRXUVVHGpSORLHª ,OVHPHWHQIRUPHpJDOHPHQWGHPDQLqUHLQGLUHFWHFRPPHOHVRXOLJQH$PRVV\©OD
IDEULFDWLRQG¶XQHLPDJHSUpJQDQWHGDQVHWSDUOHVPpGLDVª
©,OVHGpJDJHGHFHWXQLYHUV-DFTXHPXVXQHVDYHXUXQHRGHXUXQVRXULUHTXHO¶RQQ¶DSDVO¶KDELWXGH
GH YRLU GDQV OH PRQGH GX OX[H ª /HPDJD]LQH9LHZVVHPEOHVHQVLEOHjO HWKRVSURMHWpSDU-DFTXHPXV
GDQVVRQGLVFRXUV VDQVWRXWHIRLVUpHOOHPHQWOHGpILQLU 1RXVQHUHYLHQGURQVSDVLFLVXUODPLVHHQSODFHGHV
UDFLQHV HW GH O KpULWDJH GH -DFTXHPXV TXH QRXV DYRQV GpMjYXHWTXLIRQWSDUWLHLQWpJUDQWHGHVRQHWKRV
1RXVQRXVDWWDFKHURQVjDQDO\VHUOHVpOpPHQWVTXLGDQVOHGLVFRXUVGH-DFTXHPXVFRPSOqWHQWVRQHWKRV
1RXV DOORQV YRLU GDQV FHWWH SDUWLH FRPPHQW -DFTXHPXV VH SUpVHQWH FRPPHXQHSHUVRQQHQDwYHHWQRXV
GRQQH j FURLUH j VRQ LQQRFHQFH HW SDU OD VXLWH FRPPHQW LO PHW HQ VFqQH VRQ DXWKHQWLFLWp H
WHQILQQRXV
FRQIURQWHURQV FHWWH LPDJH jO¶HWKRVFRQVWUXLWSDVWURLVDXWUHVFUpDWHXUVGHOX[HGRQWO HWKRVHVWGpYHORSSp
&HWWHDQDO\VHQRXVSHUPHWWUDGHPHWWUHHQOXPLqUHFRPPHQWO¶HWKRVTXH-DFTXHPXVFRQVWUXLWWHQGjUpGXLUH
OHVGLVWDQFHVHQWUHODPDUTXHHWOHVFRQVRPPDWHXUVjFUpHUGHO¶DXWKHQWLFLWp
3DUWLH8QHFRQVWUXFWLRQGLVFXUVLYHGHO¶LPDJHGHVRLODQDwYHWp
-DFTXHPXV DXVVL ELHQ GDQV OHV LQWHUYLHZV TX j WUDYHUV OHV SXEOLFDWLRQV ,QVWDJUDP V H U DFRQWH
EHDXFRXS HW SDUWDJH WUqV VRXYHQW VD YLH SULYpH HW VD SURSUH H[SpULHQFH 8Q WKqPHVRXYHQWH[SORLWpSDU
-DFTXHPXVHVWFHOXLGHODQDwYHWp$PRVV\QRXVUDSSHOOHTXH©/DQpFHVVLWpG LPSUHVVLRQQHUIDYRUDEOHPHQW
O¶DXGLWRLUHIDLWSDUWLHGDQVODUKpWRULTXHDULVWRWpOLFLHQQHGHODIDPHXVHWULDGHORJRVHWKRVHWSDWKRV$JLUVXU
O¶DXGLWRLUHQpFHVVLWHQRQVHXOHPHQWG¶XWLOLVHUGHVDUJXPHQWVYDOLGHV ORJRVF¶HVWOHS{OHGXGLVFRXUV HWGH
WRXFKHUOHVF°XUV SDWKRVF¶HVWOHS{OHGHO¶DXGLWRLUH PDLVDXVVLGHSURMHWHUXQHLPDJHGHVRLVXVFHSWLEOH
G¶LQVSLUHUFRQILDQFHª &HWWHQDwYHWpTXH-DFTXHPXVDIILFKHFUpHXQOLHQDIIHFWLIDYHFOHSXEOLF$WUDYHUV
VRQHWKRVLOMRXHVXUOHSDWKRV
/D FKDUJH DIIHFWLYH FUppH SDU XQH PDUTXH HVWXQHGHVWURLVUHVVRXUFHVFUpGLELOLWpOpJLWLPLWpHWDIIHFWLYLWp
GpMj PHQWLRQQpHV 3DUWLH j GLVSRVLWLRQ GHV PDUTXHV SRXU © IDFLOLWHUO DFFHSWDWLRQGHVRQLGHQWLWpª
6HPSULQL VRXOLJQH SDU DLOOHXUV TX¶© HQ PRELOLVDQW O LQYHVWLVVHPHQW pPRWLRQQHO GH VHV SXEOLFV OD P
DUTXH
SRXUUDDXJPHQWHUFRQVLGpUDEOHPHQWVHVSRVVLELOLWpVG rWUHFKRLVLHHWSUpIpUpHª
0266<5XWK/DSUpVHQWDWLRQGHVRL(WKRVHWLGHQWLWpYHUEDOH3DULV/¶LQWHUURJDWLRQSKLORVRSKLTXHS
$
,ELGS
,ELG
,ELGS
2SFLW©6LPRQ3RUWH-DFTXHPXVOHFUpDWHXUGHPRGHDX[DOOXUHVG¶LQIOXHQFHXUOLIHVW\OHª
2SFLW$0266<5XWKS
2SFLW6(035,1,$QGUHDS
,ELG
0DOJUp O¶LPSDFW VXU OH SDWKRV F¶HVW ELHQ LFL O¶HWKRV TXL QRXV LQWpUHVVH &HOXL TXH -DFTXHPXV FRQVWUXLW DXWRXU
GH VD QDwYHWp RX QDwYHWp VXSSRVpH
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH
,QVWDJUDP GX -DFTXHPXV GX ,QVWDJUDP GX -DFTXHPXV GX ,QVWDJUDP GX -DFTXHPXV GX
&HSHQGDQW OH PRW QDwI SHXW SUHQGUH XQ VHQV SOXV SpMRUDWLI FHOXL GH FUpGXOLWp -DFTXHPXV PHW
VRLJQHXVHPHQW HQ VFqQH VD QDwYHWp DILQ G pYLWHU FHW pFXHLO HQ O¶DVVRFLDQW DYHF GHV LPDJHV SRVLWLYHV $LQVL
TXDQG LO GpFODUH © 6L WX GHYDLV GRQQHU XQ QRP SKLORVRSKLTXH j WD GHUQLqUH FROOHFWLRQ TXHO VHUDLWLO " -H PH
UHQGV FRPSWH TXH OH PRW ³UD\XUH´ Q¶D ULHQ GH SKLORVRSKLTXH GX FRXS MH GLUDLV ³XOWUD VLPSOLFLWp´ RX
³QDwYHWp´ ª QRQ VHXOHPHQW LO GRQQH j OD QDwYHWp XQH GLPHQVLRQ SKLORVRSKLTXH PDLV LO O¶DVVRFLH j ³XOWUD
VLPSOLFLWp´ &H GHUQLHU WHUPH LPSOLTXH XQH GpPDUFKH DUWLVWLTXH GH VLPSOLILFDWLRQ j O H[WUrPH XQH
SUpPpGLWDWLRQ DORUV TXH OD QDwYHWp HVW VXSSRVpH rWUH QDWXUHOOH ,O LPSRVH DX UpFHSWHXU GX PHVVDJH
O LQWHUSUpWDWLRQ GX PRW QDLYHWp HQ OXL DVVRFLDQW XQH VRSKLVWLFDWLRQ DQWRQ\PLTXH 'H PrPH TXDQG
-DFTXHPXV pYRTXH VHV GpEXWV LO VH VHUW GH FHWWH QDwYHWp SRXU PHWWUH HQ UHOLHI VRQ WDOHQW (Q HIIHW GDQV
O¶DUWLFOH GX PDJD]LQH *UD]LD LO DVVRFLH © -¶pWDLV WUqV QDwI ª j © M¶pWDLV OH SOXV MHXQH FUpDWHXU GH OD )DVKLRQ
:HHN j GpILOHU ª ,O VRXVHQWHQG TXH VD QDwYHWp YLHQW GH VD MHXQHVVH PDLV HQ PrPH WHPSV TXH FHWWH
MHXQHVVH DVVRFLpH j VD QDwYHWp IRQW GH OXL XQ HQIDQW SURGLJH
2SFLW +$0(//( &DUROLQH © / LQWHUYLHZ 1RUPFRUH 'H -DFTXHPXV ª
2SFLW © ,O pWDLW XQH IRLV -DFTXHPXV ª
,ELG
2SFLW $63$57 7KpRGRUD © 5HQFRQWUH DYHF 6LPRQ 3RUWH -DFTXHPXV OH URL VROHLO GH OD PRGH IUDQoDLVH ª
2SFLW © ,O pWDLW XQH IRLV -DFTXHPXV ª
2SFLW 256,1, 5DSKDsOOH © /¶DQWL,QWHUYLHZ 3KLORVRSKLTXH 'H 6LPRQ 3RUWH -DFTXHPXV ª
/H GLFWLRQQDLUH GH O $FDGpPLH IUDQoDLVH FRQVXOWp HQ OLJQH 85/
KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$1
2SFLW 256,1, 5DSKDsOOH © /¶DQWL,QWHUYLHZ 3KLORVRSKLTXH 'H 6LPRQ 3RUWH -DFTXHPXV ª
2SFLW +$0(//( &DUROLQH © / LQWHUYLHZ 1RUPFRUH 'H -DFTXHPXV ª
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHQRXVGRQQHpJDOHPHQWODGpILQLWLRQVXLYDQWHGHQDwI©XQQDwIVHGLW
G¶XQDUWLVWHTXLVDQVDYRLUVXLYLXQHQVHLJQHPHQWDUWLVWLTXHUHSURGXLWG¶LQVWLQFWODUpDOLWpRXOHVFUpDWLRQVGH
VRQLPDJLQDWLRQª -DFTXHPXVGDQVVRQGLVFRXUVV¶LQVFULWpJDOHPHQWGDQVFHWWHGpILQLWLRQ,OpYRTXHHQ
HIIHW j SOXVLHXUV UHSULVHV VHV pWXGHV QRWDPPHQW TXDQG LO D © DUUrWp FHWWH pFROH >O¶(602'@DXERXWGH
PRLVª 4XDQG LO GpFODUH © -¶DL TXLWWp O¶pFROH GHX[ PRLV SOXV WDUG -H Q¶\ DYDLV ULHQ DSSULV G
H WRXWH
IDoRQªLOVHSUpVHQWHFRPPHXQDXWRGLGDFWHD\DQWUHMHWpO¶HQVHLJQHPHQWHWFRQVHUYpVDQDwYHWp/HUHMHW
GH O¶HQVHLJQHPHQW DFDGpPLTXH OXL GRQQH O¶RFFDVLRQ GH GpYHORSSHU VRQ HWKRV DXWRXU GH OD Q
DwYHWp P
DLV
HQFRUH XQH IRLV -DFTXHPXV WUDQVIRUPH FHWWH QDwYHWp HQ DWRXW (Q HIIHW TXDQG LO D ODQFp V D S
UHPLqUH
FROOHFWLRQSRXUKRPPHHQLODFRQWLQXpjGRQQHUOHPrPHGLVFRXUVDORUVTXHODPDUTXHH[LVWDLWDORUV
GHSXLVDQV,OSUpWHQGTX¶LOQ¶DSDVIDLWG pWXGHGHPDUFKpHWGpFODUH©&¶pWDLWHQXQHGpFLVLRQWUqV
LQVWLQFWLYHHWSDVDVVH]UpIOpFKLH-HPHVXLVGLW³-HYDLVIDLUHGHO¶KRPPH´HWVDQVSUpYHQLUSHUVRQQHHQ
LQWHUQHMHO¶DLDQQRQFpjODSUHVVHª &HWKqPHGHO¶LQVWLQFWHVWUHSULVpJDOHPHQWGDQVXQHGpFODUDWLRQj
O¶RFFDVLRQGHO¶H[SRVLWLRQDX&HQWUH3RPSLGRX©-HQ¶DLSDVGHIRUPDWLRQDUWLVWLTXHjSHLQHXQHIRUPDWLRQ
GHPRGHMHIDLVOHVFKRVHVjO¶LQVWLQFWª ,OWUDQVIRUPHHQFRUHXQHIRLVVDSUpWHQGXHQDwYHWpHQDWRXWGH
FUpDWHXUO¶LQVWLQFWSURFHVVXVGHFUpDWLRQGHVDUWLVWHVGLWV³QDwIV´
/H GLVFRXUV GH QDwYHWp TXH -DFTXHPXV PHW HQ VFqQH QH FRQVWLWXH SDV VHXOHPHQW X
QH G
pILQLWLRQ
DXWRQRPHGH-DFTXHPXV,OVHFRQVWUXLWpJDOHPHQWHQRSSRVLWLRQDX[DXWUHVPDUTXHVGHOX[H©1DwIHVWOH
PRWTXHMHSUpIqUHHWMHWURXYHHQHIIHWTX¶LOPHYDELHQ-¶DLWRXMRXUVYRXOXTXH-DFTXHPXVVRLWXQHPDUTXH
IDFLOH j OLUH TX¶HOOH VRLW DFFXHLOODQWH ª 6DQDwYHWpVHUHWURXYHGDQVVHVGpILOpVSDUH[HPSOHVRQGpILOp
LQWLWXOp³OHV6DQWRQVGH3URYHQFH´UHSUHQGO¶LPDJHSRSXODLUHGHVSRXSpHVDUWLVDQDOHVGH3URYHQFH
'H PrPH D
ORUV TXH OH OX[H V¶LQVFULW GDQV XQH UHFKHUFKH FRQVWDQWH GH SHUIHFWLRQ -DFTXHPXV S
DUOH
QDwYHPHQW GH VHV HUUHXUV © & HVW OD SUHPLqUH IRLV GH PD FDUULqUH TXH MH WUDYDLOOH VXU XQH F ROOHFWLRQ
PDVFXOLQH M DL FHUWDLQHPHQW IDLWGHVHUUHXUVª ,ODUULYHWRXWGHPrPHjGRQQHUjVHVHUUHXUVXQHYDOHXU
HVWKpWLTXH©(WHOOHVVRQWPrPHEHOOHVFHVHUUHXUVª -DFTXHPXVLQVFULWVDQDwYHWpHWVHVHUUHXUVGDQV
VD GpPDUFKH FUpDWULFH IDLVDQW SDUWLFLSHU VHV FOLHQWVjVRQSURFHVVXVGHFUpDWLRQHWXQHGpPRQVWUDWLRQGH
WUDQVSDUHQFH
0DLV -DFTXHPXV Q¶HVW SDV VL LQQRFHQW©-¶pWDLVXQHQIDQWWHOOHPHQWQDwI/HPRPHQWIRUWGHPDVHPDLQH
FRQVLVWDLWjSDVVHUOHZHHNHQGjYHQGUHGHVIUXLWVHWOpJXPHVDXERUGGHODURXWHDYHFPHVJUDQGVSDUHQWV
-¶DLDSSULVjUHFRQQDvWUHOHVSODTXHVGHVYRLWXUHVSRXUVDYRLUOHVTXHOOHVYHQDLHQWGH3DULV4XDQGMHUHSpUDLV
GHV WRXULVWHV SDULVLHQV MH OHXU YHQGDLV PD ODYDQGH -H SHQVH TXH oD HQ GLW ORQJVXUPRLª &
KHUFKDQW
HQFRUHXQHIRLVjXWLOLVHUODQDwYHWpjVRQEpQpILFHLOWUDKLWVHVLQWHQWLRQVPDUFKDQGHV
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHFRQVXOWpHQOLJQH85/
KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$1
(QWUHWLHQ DYHF 6LPRQ 3RUWH -DFTXHPXV 3DSHUEORJ SXEOLp HQ OLJQH OH FRQVXOWp HQ OLJQH OH
85/
KWWSVZZZSDSHUEORJIUHQWUHWLHQDYHFVLPRQSRUWHMDFTXHPXV
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW©/H&HQWUH3RPSLGRX 6LPRQ3RUWH-DFTXHPXVª
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
0$57,1%(51$5')UpGpULF©6LPRQ3RUWH-DFTXHPXV³3RXUFHWWHSUHPLqUHIRLVMHVXLVDOOpYHUVXQVW\OHGLUHFW´ª/H)LJDUR
SXEOLpOH
,ELG
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
3DUWLH$XWKHQWLFLWpHWSUR[LPLWpGDQVODFRQVWUXFWLRQGLVFXUVLYHGHO¶LPDJHGH-DFTXHPXV
/HV U DFLQHV HW O KpULWDJH GRQW QRXV DYRQV SDUOp GDQV OD 3DUWLH DLQVLTXHODQDwYHWpIRUPHQWOH
SUHPLHU QLYHDX GH O¶HWKRV GH -DFTXHPXV FHOXL TXL VHUW j DEROLU OHV EDUULqUHV HW OD GpILDQFH T
X¶XQ
FRQVRPPDWHXU SHXW DYRLU HQYHUV XQH PDUTXH j GLPHQVLRQ PDUFKDQGH $ORUV TXH O pWDEOLVVHPHQW G
H V HV
UDFLQHV SHUPHWWHQW GH FRPPHQFHU jUDVVXUHUHQVLWXDQW-DFTXHPXVGDQVXQXQLYHUVFRQQXGHWRXVDXVVL
ELHQ IDPLOLDOHPHQW SDUHQWV HW JUDQGV SDUHQWV VRFLRORJLTXHPHQW ILOV GH SD\VDQ TXH JpRJUDSKLTXHPHQW
3URYHQFH ODQDwYHWpSHUPHWG HIIDFHUWRXWHLQWHQWLRQPDOYHLOODQWHGHPDQLSXODWLRQ&HODFRQWULEXHjFUpHU
XQWHUUDLQIDYRUDEOHjO LQVWDXUDWLRQG¶XQHFUpGLELOLWpHWGHODFRQILDQFHTX¶LOVRXKDLWHLQVSLUHU
/HVPDUTXHVGHOX[HPHWWHQWGHODGLVWDQFHHQWUHOHXUXQLYHUVHWOHVFRQVRPPDWHXUV.DSIHUHUVRXOLJQHTXH
©'DQVOHPRQGHGXOX[HHOOH>ODSXEOLFLWp@QHGRLWMDPDLVREpLUDX[UqJOHVFODVVLTXHVpGLFWpHVSDU3URFWHU
*DPEOH PRLQV HOOH HVW H[SOLFLWH HW FRPSUpKHQVLEOH PLHX[ F¶HVW 2Q FKHUFKH j FUpHU XQH G
LVWDQFHHWVL
SRVVLEOHRQWHQWHDXVVLGHFRPPXQLTXHUDYHFOHSOXVJUDQGQRPEUHª -DFTXHPXVDXFRQWUDLUHFKHUFKHj
UpGXLUH FHWWH GLVWDQFH ©- DLFKHUFKpjOHYHUOHVEDUULqUHVHQWUHODILJXUHGXMHXQHFUpDWHXUHWOHSXEOLF¬
PHVGpEXWVGHYDQWOHWUDYDLOGHVGHVLJQHUVMHYR\DLVELHQTXHSHUVRQQHQHFRPSUHQDLWFHTX LOVDYDLHQWj
GLUH LOV pWDLHQW WHOOHPHQW ORLQ VXU OHXU SLpGHVWDO DYHF OHXUV FRQFHSWV LQWHOOHFWXDOLVDQWV D
XWRXU G
H
O DUFKLWHFWXUH HWF ª ,ODGUHVVHLFLXQHFULWLTXHHQYHUVOHVPDUTXHVGHOX[HHWQHV¶LQVFULWSDVGDQVOHXUV
SUDWLTXHVKDELWXHOOHVVHORQOXL,OFKHUFKHjWUDYHUVO¶HWKRVTX¶LOFRQVWUXLWjIDLUHGXOX[HDXWUHPHQW©0RLMH
YHX[H[SORUHUGHVWKpPDWLTXHVTXHWRXWOHPRQGHSHXWDSSUpFLHUª ,OGpYHORSSHSRXUFHODXQGLVFRXUVGH
SUR[LPLWpHWG DXWKHQWLFLWp
/¶DXWKHQWLFLWpWRXWG¶DERUGHVWVXJJpUpHGDQVVRQGLVFRXUVDYHFODFRPPXQLFDWLRQ³VDQVILOWUH´TX¶LOpWDEOLW
©-DFTXHPXVF HVWPDYLHHQFRQWLQX6DQVILOWUHª ,OSUpWHQGQ¶DSSOLTXHUDXFXQHFHQVXUHjVRQGLVFRXUV
©-HQHPHFHQVXUHSDVDYHF,QWHUQHW¬SDUWLUGXPRPHQWRF HVWGDQVPRQXQLYHUVHWTXHF HVWPRLF HVW
SXEOLDEOHª ©-H Q¶DL MDPDLV YRXOX PHWWUH GH EDUULqUHV (W oD SDVVH SDU EHDXFRXS GH F KRVHV OD
FRPPXQLFDWLRQGLUHFWHQHULHQFDFKHUQHULHQILOWUHUTXHFHVRLWXQHLPDJHGHPRLjODPHUSDUFHTXHMHOD
WURXYH EHOOH 1H ULHQ FDFKHU QH ULHQ ILOWUHU ª /D UHGRQGDQFH GH VRQ GLVFRXUV LQVLVWH VXU OH IDLW T
X¶LO
FKHUFKHjPHWWUHHQSODFHXQSULQFLSHGHWUDQVSDUHQFHDEVROXHHQWUHOXLHWVHVFOLHQWV
2Q UHWURXYH FH GLVFRXUV GH WUDQVSDUHQFH HW G¶DXWKHQWLFLWp GDQV OHV SXEOLFDWLRQV GH V RQ F RPSWH
,QVWDJUDP ©&¶HVW FRPSOLTXp GH GpOLYUHU XQ PHVVDJH SHUVRQQHO TXDQG RQ HVW XQH JUDQGH P
DLVRQ 4
XH
SHXYHQWHOOHV UDFRQWHU " 0RQ ,QVWDJUDP IRQFWLRQQH ELHQ SDUFH TXH OH SXEOLF VHQW TXH F¶HVW P
RL T
XL V XLV
GHUULqUH0DJpQpUDWLRQHWODVXLYDQWHYHXOHQWGHODVLQFpULWpGHO¶DXWKHQWLFLWp(OOHHVWSUrWHjFRQVRPPHU
PDLVVHSRVHGHVTXHVWLRQVVXUOHSURGXLWODPDUTXHª
/H FRPSWH ,QVWDJUDP -DFTXHPXV HVW j OD IRLV VRQ FRPSWH SHUVRQQHO HW OH FRPSWH GH OD PDUTXH 2
Q \
UHWURXYHXQHpFULWXUHjODSUHPLqUHSHUVRQQHFRPPHVLF pWDLWXQMRXUQDOLQWLPH,O\SXEOLHVHVFROOHFWLRQVHW
GHV SKRWRV GHV GpILOpV HW LQVSLUDWLRQV PDLV pJDOHPHQW GH QRPEUHXVHV SKRWRV OLpHV j VD YLH S
ULYpH&HV
SFLW.$3)(5(5-HDQ1RsOS
2
2SFLW*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª
,ELG
,ELG
©6LPRQ3RUWH-DFTXHPXVª/HV(FKRVSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVVHULHOLPLWHHOHVHFKRVIUPRGHQHZVVLPRQSRUWHMDFTXHPXVSKS
%5,21(6(ULF©/X[HHW'LJLWDO6WUDWpJLHVSRXUXQHGLJLWDOLVDWLRQVLQJXOLqUHGXOX[Hª'XQRG©+RUVFROOHFWLRQªFRQVXOWpHQ
OLJQHOH85/KWWSVZZZFDLUQLQIRDFFHVGLVWDQWVRUERQQHXQLYHUVLWHIUOX[HHWGLJLWDOKWP
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
SXEOLFDWLRQV QH VRQW SDV SDUWLFXOLqUHPHQW HVWKpWLTXHV RX PLVHV HQ IRUPH 3DUPL OHV SXEOLFDWLRQV GX
&RUSXV RQW WUDLW j VD YLH SULYpH ,O VHPEOH PHWWUH HQ °XYUH VXU VRQ FRPSWH ,QVWDJUDP FH TX¶LO GpFODUH SDU
DLOOHXUV GDQV VHV LQWHUYLHZV © F HVW PRL F HVW SXEOLDEOH ª /H VXMHW GH FHV SXEOLFDWLRQV FRPPH OD PDQLqUH
GRQW FHV SKRWRV VRQW PLVHV HQ IRUPH VXJJqUHQW OD WUDQVSDUHQFH OD VLQFpULWp HW FRQWULEXHQW j O¶LPSUHVVLRQ
G DXWKHQWLFLWp HW GH SUR[LPLWp -DFTXHPXV HQFRUH XQH IRLV VH GpPDUTXH GHV PDUTXHV GH OX[H HQ
UHYHQGLTXDQW FHWWH VLQFpULWp © -DFTXHPXV Q D MDPDLV pWp XQH PDUTXH GH PRGH j PHV \HX[ SOXW{W XQ
PR\HQ GH UDFRQWHU PHV KLVWRLUHV 6DQV FHWWH VLQFpULWp FH OLHQ DYHF OHV JHQV FH PpWLHU VHUDLW EHDXFRXS
PRLQV LQWpUHVVDQW ª
3DUPL OHV SXEOLFDWLRQV UHODWLYHV j OD YLH SULYpH GH -DFTXHPXV VXU ,QVWDJUDP RQ \ UHWURXYH VD IDPLOOH GHV
SKRWRV G¶HQIDQFH DYHF VD PqUH VD JUDQGPqUH PDLV pJDOHPHQW VRQ FKLHQ VRQ FRPSDJQRQ VRXYHQW GDQV
GHV SRVHV QDWXUHOOHV HW VSRQWDQpHV YRLUH LQWLPHV
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH
,QVWDJUDP -DFTXHPXV GX ,QVWDJUDP -DFTXHPXV GX ,QVWDJUDP -DFTXHPXV GX
/D SKRWR GDQV OD SUHPLqUH SXEOLFDWLRQ FLGHVVXV HVW XQ VHOILH TX¶LO SUHQG DYHF VRQ FRPSDJQRQ GDQV XQ
PRPHQW LQWLPH VXU OD SODJH $XFXQ YrWHPHQW RX SURGXLW GH OD PDUTXH -DFTXHPXV QL VRXUFH G¶LQVSLUDWLRQ
DUWLVWLTXH Q¶\ VRQW YLVLEOHV LO V¶DJLW MXVWH G¶XQ PRPHQW GH YLH /D GHX[LqPH SXEOLFDWLRQ HVW XQ FDUUp GH TXDWUH
SKRWRV G¶LGHQWLWp GH 3KRWRPDWRQ VRXYHQW GpWRXUQp SDU OHV DPRXUHX[ SRXU FULVWDOOLVHU XQ PRPHQW SDUWLFXOLHU
HQ O RFFXUUHQFH OHXU DQQLYHUVDLUH (QILQ OD WURLVLqPH SXEOLFDWLRQ D SRXU REMHW O DQQRQFH GH O DUULYpH GX FKLHQ
7RXWRX FRPPH © QRXYHDX PHPEUH GH OD IDPLOOH ª HQFRUH VRXV IRUPH GH VHOILH GDQV XQH YRLWXUH
&HV WURLV H[HPSOHV PRQWUHQW OD PLVH HQ VFqQH GH OD YLH SULYpH HW LQWLPH GH -DFTXHPXV GDQV VRQ
GLVFRXUV HW GRQQHQW O¶LPSUHVVLRQ GH WUDQVSDUHQFH ,O QH VHPEOH ULHQ FDFKHU GH VD YLH OHV SKRWRV VHPEOHQW
VSRQWDQpHV PDO FDGUpHV &HWWH WUDQVSDUHQFH FUpH O¶DSSDUHQFH GH OD SUR[LPLWp HW UDSSURFKH OHV
FRQVRPPDWHXUV GH -DFTXHPXV HQ LQYLWDQW VHV IROORZHUV GDQV VRQ LQWLPLWp &HSHQGDQW HOOHV QH UDSSURFKHQW
SDV -DFTXHPXV GHV FRQVRPPDWHXUV /¶LOOXVLRQ GH SUR[LPLWp HVW ELHQ UpHOOH PDLV UHVWH j VHQV XQLTXH
-DFTXHPXV UpYqOH VRQ LQWHQWLRQ ORUV GH VRQ LQWHUYLHZ j O¶RFFDVLRQ GH O¶H[SRVLWLRQ DX &HQWUH 3RPSLGRX
© F¶HVW OH SXEOLF TXL P¶LPSRUWH -H YHX[ SDUOHU DX SOXV JUDQG QRPEUH TXH OD ERXODQJqUH P¶DUUrWH SRXU PH
GLUH TX¶HOOH DGRUH PD FROOHFWLRQ TXH PD JDUGLHQQH DLW GHV IULVVRQV HQ YR\DQW PRQ GpILOp TXH OHV JHQV VXU
,QVWDJUDP VRLHQW WRXFKpV 0HV FROOHFWLRQV GRLYHQW rWUH FRPSUpKHQVLEOHV SRXU TXH FKDFXQ SXLVVH VH OHV
DSSURSULHU ª /D WUDQVSDUHQFH HW OD SUR[LPLWp GRLYHQW FRQWULEXHU j UHQGUH VHV FROOHFWLRQV FRPSUpKHQVLEOHV
2SFLW © 6LPRQ 3RUWH -DFTXHPXV ª /HV (FKRV
2SFLW *8('21 9DOpULH © 6LPRQ 3RUWH -DFTXHPXV OD 3URYHQFH j O HVWRPDF ª
2SFLW © /H &HQWUH 3RPSLGRX 6LPRQ 3RUWH -DFTXHPXV ª
3DUWLH /D FRQVWUXFWLRQ G¶XQ HWKRV GLIIpUHQW GHFHOOHVFRQVWUXLWHVSDUOHVDXWUHVFUpDWHXUVGH
OX[H
%LHQTXHO¶HWKRVGpYHORSSpSDUFHVFUpDWHXUVPpULWHQWXQHDQDO\VHDSSURIRQGLHQRXVQRXVVRPPHV
OLPLWpVGDQVXQSUHPLHUWHPSVjUHOHYHUOHVWKqPHVIUpTXHPPHQWpYRTXpVGDQVOHGLVFRXUVGHVFUpDWHXUV
GDQVOHVPpGLDVDILQG¶LGHQWLILHUOHVSULQFLSDOHVFDUDFWpULVWLTXHVGHODFRQVWUXFWLRQGLVFXUVLYHGHO¶LPDJHGH
VRL GpYHORSSpH SDU FHV FUpDWHXUV 1RXV DYRQV HQVXLWH SURFpGp j XQH FRPSDUDLVRQ DYHF O¶HWKRV T
XH
GpYHORSSH-DFTXHPXV
'DQVOHVDUWLFOHVGHSUHVVHGpGLpVDX[LQWHUYLHZVG¶2OLYLHU5RXVWHLQJOHSUHPLHUWKqPHUpFXUUHQWHVWVRQ
RULJLQH ,O HVW XQ HQIDQW DEDQGRQQp j VD QDLVVDQFH HW DGRSWp &¶HVW SRXUTXRLLOSDUWHQUHFKHUFKHGHVRQ
LGHQWLWp LO IDLW OH ILOP GRFXPHQWDLUH ³:RQGHU %R\´ R LO UHFKHUFKH VHV SDUHQWV ELRORJLTXHV 6
HV R
ULJLQHV
VRPDOLHQQHV HW pWKLRSLHQQHV HW pWDQW OH SUHPLHU GLUHFWHXU DUWLVWLTXH QRLU DX VHLQ G XQH PDLVRQ G
H K
DXWH
FRXWXUHOpJLWLPHQWVRQGLVFRXUVVXUODGLYHUVLWpHWO¶LQFOXVLYLWpGDQVODPRGH,ODEHVRLQGHPRQWUHUTX¶LOHVWOH
78'25 (OLVDEHWD © %DOPDLQ VRXV WRXWHV VHV FRXWXUHV ª 0DULH &ODLUH FRQVXOWp HQ OLJQH OH 85/
KWWSVZZZPDULHFODLUHIUKLVWRLUHEDOPDLQDVS
52866($8 &DUROLQH *+<6&OHPHQW© 0DULD*UD]LD&KLXULO¶DWRXWHQRUGH'LRUª/H0RQGHSXEOLpHQOLJQHOH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZOHPRQGHIUPOHPDJDUWLFOHPDULDJUD]LDFKLXULODWRXWHQRUGHGLRUBBKWPO
'838,60DULRQ©6WHOOD0F&DUWQH\3HXWrWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[ªOH)LJDURSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVPDGDPHOHILJDURIUVW\OHLQWHUYLHZFUHDWULFHPRGHVWHOODPFFDUWQH\SHXWHWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[
PHLOOHXU SDUFH TX pWDQW HQIDQW LO DYDLW SHXU TXH VHV SDUHQWV DGRSWLIV OH UHQYRLHQW j O¶RUSKHOLQDW &
HWWH
LQVpFXULWp VHWUDGXLWGDQVVRQGLVFRXUVSDUVRQSHUIHFWLRQQLVPH(QHIIHWLOVRXOLJQHTX¶LOUHoRLWEHDXFRXS
GHFULWLTXHVHWGHMXJHPHQWVHWTX¶LO\DEHDXFRXSGHGpWUDFWHXUVTXH©OHPLOLHXGHODPRGHHVWGXUªHW
TX¶LODG©IDLUHPHVSUHXYHVª SRXU©JDJQHUOHUHVSHFWª GXPLOLHXHWWUDYDLOOHUEHDXFRXS,OGpPRQWUH
XQH DPELWLRQ XQH©VRLIGHUpXVVLWHª HWLOTXLWWHO¶(602'DXERXWG¶XQDQ©MHQHYRXODLVSDVUHQWUHU
GDQV XQ V\VWqPH MH YRXODLV rWUH PRLPrPH ª 'DQV VHV LQWHUYLHZV LOVRXOLJQHO¶LPSRUWDQFHG rWUHQRQ
VHXOHPHQW XQ FUpDWHXUPDLVDXVVLXQEXVLQHVVPDQ6RQSHUIHFWLRQQLVPHV pWHQGjVDFRPPXQLFDWLRQWRXW
HVWFRQWU{OpLOIUDQFKLWUDUHPHQWODIURQWLqUHGHO LQWLPH©0RQFRPSWH,QVWDJUDPUHIOqWHPRQDPELYDOHQFH
MH VXLV ³FRQWURO IUHDN´ IDURXFKHPHQW VHFUHW PDLVMHSDUWDJHYRORQWLHUVPHVMRLHVHWM DLPHMRXHUDYHFPRQ
LPDJHª ,ODGPHWTX LODFRQVWUXLWXQHLPDJHVXSHUILFLHOOHVXUOHVUpVHDX[VRFLDX[
3DUDLOOHXUVGDQVFKDTXHLQWHUYLHZ5RXVWHLQJVRXOLJQHOHOLHQTX¶LODDYHF%DOPDLQODJUDWLWXGHjODPDLVRQ
TXLDFRQVWUXLW2OLYLHU5RXVWHLQJTXLOXLPrPHFRQWLQXHjFRQVWUXLUH%DOPDLQHWTXH%DOPDLQHVWGHYHQXOH
UHIOHW G¶2OLYLHU 5RXVWHLQJ ©-¶pWDLVO¶pOqYHHWMHVXLVGHYHQXOHJXLGHª,OHVWGHYHQXO¶LQFDUQDWLRQGHOD
PDLVRQ%DOPDLQ,OPHWHQSODFHXQHGLDOHFWLTXHHQWUHOXLHW%DOPDLQ©-¶DLG¶DERUGpWpOHEpEp%DOPDLQHW
PDLQWHQDQW%DOPDLQHVWPRQEpEpª &HWWHGLDOHFWLTXHOXLGRQQHODOpJLWLPLWpGXOX[HDVVRFLpHjODPDUTXH
%DOPDLQDQWpULHXUHj5RXVWHLQJ
,OH[SULPHVRQHQYLHGHGpPRFUDWLVHUODPRGHWRXWHQPDLQWHQDQWVRQH[LJHQFH3RXUOXLVDPRGHHVWOX[H
JODPRXU VH[\ HW FKLF PDLV DXVVL SRS ,O YHXW IDLUH pYROXHU OH OX[H HW OD PRGH © rWUH OpJqUHPHQW S
OXV
GpPRFUDWLTXH RXYULU OH PDUFKp j GHV SUL[ GLIIpUHQWV LQYLWHU DLQVL GH QRXYHOOHV JpQpUDWLRQV j
D
LPHU OH
OX[Hª SDUFHTXH©DXMRXUG¶KXLOHYUDLOX[HF¶HVWG¶rWUHMHXQHG¶rWUHjODPRGH&¶HVWODYLWHVVHODUDSLGLWp
/¶H[WUDYDJDQFH F¶HVW G¶DLPHU OH OX[Hª 3RXU 5RXVWHLQJ FHOD SDVVH SDU OH UDSSURFKHPHQW G
H ODPDLVRQ
%DOPDLQ GH FpOpEULWpVFRQWHPSRUDLQHVGHODPXVLTXHHWGHODFXOWXUHSRSFROODERUDWLRQDYHFOHVPDUTXHV
GHJUDQGSXEOLFFRPPH+ 0HW/ 2UpDO
'DQV OHV DUWLFOHV GH SUHVVH GpGLpV DX[ LQWHUYLHZV GH 0DULD *UD]LD &KLXUL HOOH H
VW WRXMRXUV
SUHVHQWpH FRPPH © /D GLUHFWULFH DUWLVWLTXH GH 'LRU H
W OD SUHPLqUH IHPPH j RFFXSHU FH SRVWHGDQVFHWWH
PDLVRQXQLTXHª&RPPHVLHOOHDYDLWEHVRLQGHOpJLWLPHUOHIDLWTX¶HOOHDFHSRVWH0DULD*UD]LDUDFRQWH
WRXMRXUVTX¶HOOHDWUDYDLOOpDYDQWFKH])HQGLHW9DOHQWLQRGHVJUDQGHVPDLVRQV0DULD*UD]LDSDUOHEHDXFRXS
GH VHV UDFLQHV VHV RULJLQHV LWDOLHQQHV HW GH OHXU LPSRUWDQFH SRXU HOOH © MH VXLV LWDOLHQQH
PpGLWHUUDQpHQQHª©PHVUDFLQHVVRQWURPDLQHVHWLWDOLHQQHVª©MHYLHQVGXVXGGHO ,WDOLHª©MHVXLVGH
'838,60DULRQ©¬ODUHQFRQWUHG 2OLYLHU5RXVWHLQJHWGHVHVPXVHVª0DGDPH)LJDURSXEOLpHQOLJQHOHFRQVXOWpHQ
OLJQHOH85/KWWSVPDGDPHOHILJDURIUVW\OHROLYLHUURXVWHLQJHWVHVPXVHV
,ELG
,ELG
9$,5(7 )ORUHQW © 2OLYLHU 5RXVWHLQJ %DOPDLQ ODVRLIGHUHFRQQDLVVDQFHG XQJpQLHGHODPRGHª/HV(FKRVSXEOLpHQOLJQHOH
FRQVXOWpHQOLJQHOH85/
KWWSVVWDUWOHVHFKRVIUWUDYDLOOHUPLHX[PHWLHUVUHFRQYHUVLRQROLYLHUURXVWHLQJEDOPDLQODVRLIGHUHFRQQDLVVDQFHGXQJHQLHGHODPRGH
,ELG
2SFLW'838,60DULRQ©¬ODUHQFRQWUHG 2OLYLHU5RXVWHLQJHWGHVHVPXVHVª
©5HQFRQWUHDYHF2OLYLHU5RXVWHLQJ³-HP pWDLVUHWUDQFKpGHUULqUHXQHLPDJHGHPRLDVVH]VXSHUILFLHOOH´ ª1XPpURSXEOLpHQOLJQH
OHFRQVXOWpHQOLJQHOH85/KWWSVZZZQXPHURFRPIUPRGHLQWHUYLHZROLYLHUURXVWHLQJEDOPDLQDQV
&+$03(12,66DEULQD©2OLYLHU5RXVWHLQJ%DOPDLQGDQVODPDLQª/LEpUDWLRQSXEOLpOH
)5$6(5 1DWKDOLH.(1,*$ULHO©´&¶HVW OHEXVLQHVVTXLP¶DVDXYpO¶LQWHUYLHZVDQVIDUGG¶2OLYLHU5RXVWHLQJª0L[WH0DJD]LQH
SXEOLpOHFRQVXOWpHQOLJQHOH85/KWWSVZZZPL[WHPDJD]LQHFRPDUWLFOHOLQWHUYLHZROLYLHUURXVWHLQJ
,ELG
)5,6$ 0DULD /XLVD © 0DULD*UD]LD&KLXUL©-HQ DXUDLVMDPDLVLPDJLQpRFFXSHUXQSRVWHDXVVLLPSRUWDQWª0DGDPH)LJDUR
SXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVPDGDPHOHILJDURIUVW\OHPDULDJUD]LDFKLXULMHQDXUDLVMDPDLVLPDJLQHRFFXSHUXQSRVWHDXVVLLPSRUWDQW
5RPHª©-HVXLVURPDLQHª©-¶DLJUDQGLj5RPHª©-HVXLV5RPDLQHHWDPRXUHXVHGH5RPHª©MHVXLV
G¶DXWDQWSOXVILqUHG¶rWUHLWDOLHQQHª©M DLEHDXFRXSUpIOpFKLjPHVRULJLQHVHWjPRQKLVWRLUHSHUVRQQHOOHª
6DIDPLOOHDpJDOHPHQWXQU{OHLPSRUWDQWGDQVVRQGLVFRXUVVRQPDULHWGHX[JUDQGVHQIDQWVVHVSDUHQWV
OHVRXWLHQGHVDIDPLOOH©-HPHVHQVFUpDWULFHSDUFHTXHM DLFUppPHVHQIDQWVª©&HWWHFROOHFWLRQP¶HVW
WUqV SHUVRQQHOOH MH ODGpGLHjPRQSqUHª8QU{OHLPSRUWDQWGDQVVRQGLVFRXUVHVWDWWULEXpjODPDLVRQ
'LRU HW j &KULVWLDQ 'LRU VRQ KpULWDJH © 'LRU HVW IRUWHGHVRQKpULWDJHGHVHVYDOHXUVª©0'LRUHVW
IRUFpPHQW GHUULqUH PRQ pSDXOH j MXJHU VL FH TXH MH IDLV HVW ELHQ RX SDVª 6RQ DGPLUDWLRQ H
W V D
UHFRQQDLVVDQFHSRXUODPDLVRQ'LRUHVWRPQLSUpVHQWHGDQVVRQGLVFRXUV©MHVXLVWUqVKHXUHXVHTXH'LRU
P¶DLW SHUPLV GH OH SRXUVXLYUHª OH GpILOp'LRUGDQVOHV3RXLOOHVODUpJLRQQDWDOHGH0DULD*UD]LD ,OHVW
LQWpUHVVDQWGHQRWHUTXHVHVLQWHUYLHZVRQWOLHXjO RFFDVLRQGHVQRXYHOOHVFROOHFWLRQVHWGHVGpILOpVGH'LRU
VRQ DJHQGD GH FRPPXQLFDWLRQ HVW DOLJQp VXU FHOXL GHV FROOHFWLRQV &HSHQGDQW HOOH PHW E
HDXFRXS
G¶LPSRUWDQFHVXUODYLVLRQSURSUHTX¶HOOHDGHODPDLVRQ'LRU©0RQVLHXU'LRUSDUODLWGHIpPLQLWpTXDQGPRL
MHSDUOHGHIpPLQLVPHª©PRQSRLQWGHYXHVXU'LRUVHUDLWIpPLQLVWHª'DQVFKDTXHLQWHUYLHZHOOHSDUOH
GHIpPLQLVPHGHVRQHQJDJHPHQWIpPLQLVWHHWO¶LPSRUWDQFHSRXUHOOHGH©OLEpUHUOHVIHPPHVª©OLEpUHU
OH FRUSV GHV IHPPHVª HW ©DLGHU OHV IHPPHV j VH VHQWLU HQ FRQILDQFH GDQV OHXUV YrWHPHQWVª (
OOH
PDULHO KpULWDJHGH'LRUHWVHVWUDGLWLRQVDYHFODQRXYHOOHpSRTXHDYHFODPRGHUQLWp©FRQQDvWUHO¶KLVWRLUHHW
OH SDWULPRLQH GH OD PDLVRQ DILQ GH V¶HQ VHUYLU SRXU FRQVWUXLUH XQQRXYHODYHQLUª©JDUGHUO KpULWDJHGH
&KULVWLDQ'LRUPDLVIDLUHpYROXHUHQSKDVHDYHFODVRFLpWpPRGHUQHª©UHVSHFWHUODWUDGLWLRQWRXWHQRVDQW
O LQVROHQFHª ©1RXV GHYRQV SHQVHU j OD IDoRQ GRQW QRXV SRXYRQV WUDQVPHWWUH QRV YDOHXUV H
W Q
RWUH
KpULWDJH GDQV XQ IXWXU TXL VHUD WRWDOHPHQW GLIIpUHQWª 0DULD *UD]LD D OH SRLQWGHYXHWUDGLWLRQQHOVXUOH
OX[H F¶HVW WRXW G¶DERUG O¶DUWLVDQDW HW OH VDYRLUIDLUHHOOHV¶DSSHOOH©FUpDWULFHDUWLVDQHª©/ DUWLVDQDWUHVWH
SHX YDORULVpª ©-H QH VXLV SDV XQ GHVLJQHU GX GLJLWDO MH VXLV XQ GHVLJQHU DUWLVDQªHOOHWURXYHVHV
LQVSLUDWLRQVGDQVOHVDUWLVDQDWVHWFKHUFKHj©FpOpEUHUO DUWLVDQDWHWOHVWUDGLWLRQVª/DFROODERUDWLRQDYHF
© 0DULD *UD]LD &KLXUL ³-H YRLV FH TXL UHOLH SOXW{W TXH FH TXL VpSDUH´ ª /HV (FKRV SXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVVHULHOLPLWHHOHVHFKRVIUPRGHIHPPHPDULDJUD]LDFKLXULMHYRLVFHTXLUHOLHSOXWRWTXHFHTXLVHSDUH
)$85((PLOLH©¬PHV\HX[ULHQQHVDXUDLWUHPSODFHUXQ©YUDLªGpILOpª/H)LJDURSXEOLpOH
/$=$522(OLVDEHWK©0DULD*UD]LD&KLXULVXUVHVWHUUHVOHQRXYHOkJH'LRUª3DULV0DWFKSXEOLpOHFRQVXOWpHQOLJQH
OH85/KWWSVZZZSDULVPDWFKFRP9LYUH0RGH0DULD*UD]LD&KLXULVXUVHVWHUUHVOHQRXYHODJH'LRU
2SFLW)$85((PLOLH©¬PHV\HX[ULHQQHVDXUDLWUHPSODFHUXQ©YUDLªGpILOpª
2SFLW/$=$522(OLVDEHWK©0DULD*UD]LD&KLXULVXUVHVWHUUHVOHQRXYHOkJH'LRUª
52&+('HOSKLQH©0DULD*UD]LD&KLXUL³/HVMHXQHVQHYRLHQWTXHODSDUWLHDUWLVWLTXHGHODPRGH´ª1XPpURSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZQXPHURFRPIULQWHUYLHZPRGHLQWHUYLHZPDULDJUD]LDFKLXULGLRUDXWRPQHKLYHUPRGHSRXLOOHVLWDOLHPDWWHRJDUURQH
2SFLW©0DULD*UD]LD&KLXUL³-HYRLVFHTXLUHOLHSOXW{WTXHFHTXLVpSDUH´ª
© 0RGH 0DULD *UD]LD &KLXUL UDGLFDOHPHQW IHPPH ª /HV (FKRV SXEOLp OH FRQVXOWpHQOLJQHOH85/
KWWSVZZZOHVHFKRVIUZHHNHQGPRGHEHDXWHPRGHPDULDJUD]LDFKLXULUDGLFDOHPHQWIHPPH
921%$5'(/(%(1(OYLUH©3RXU0DULD*UD]LD&KLXULGH'LRULOIDXW³GLUHDX[IHPPHVTX¶HOOHVVRQWOLEUHV´ªOH0RQGHSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZOHPRQGHIUPVW\OHVDUWLFOHSRXUPDULDJUD]LDFKLXULGHGLRULOIDXWGLUHDX[IHPPHVTXHOOHVVRQWOLEUHVB
BKWPO
2SFLW/$=$522(OLVDEHWK©0DULD*UD]LD&KLXULVXUVHVWHUUHVOHQRXYHOkJH'LRUª
,ELG
&,(3/,./DXUD0DULH©³/DPRGHDXQSHWLWU{OHjMRXHUPDLVHQVHPEOHQRXVSRXYRQVIDLUHFKDQJHUOHVFKRVHV´0DULD*UD]LD
&KLXUL SUHQG OD SDUROH GHSXLV 5RPH ª 92*8( SXEOLp OH FRQVXOWp HQ OLJQH OH 85/
KWWSVZZZYRJXHIUPRGHDUWLFOHPDULDJUD]LDFKLXULGLRUSUHQGODSDUROHGHSXLVURPHFRURQDYLUXVLQWHUYLHZ
&+$+,1(9LFN\©/DFROOHFWLRQFURLVLqUHVHGRLWG¶rWUHXQVSHFWDFOHIDQWDVWLTXHªOH0RQGHSXEOLpOHFRQVXOWpHQOLJQH
OH85/
?KWWSVZZZOHPRQGHIUPPRGHDUWLFOHODFROOHFWLRQFURLVLHUHVHGRLWGHWUHXQVSHFWDFOHIDQWDVWLTXHBBKW
PO
2SFLW)5,6$0DULD/XLVD©0DULD*UD]LD&KLXUL©-HQ DXUDLVMDPDLVLPDJLQpRFFXSHUXQSRVWHDXVVLLPSRUWDQWª
2SFLW52&+('HOSKLQH©0DULD*UD]LD&KLXUL³/HVMHXQHVQHYRLHQWTXHODSDUWLHDUWLVWLTXHGHODPRGH´ª
2SFLW)$85((PLOLH©¬PHV\HX[ULHQQHVDXUDLWUHPSODFHUXQ©YUDLªGpILOpª
,ELG
,ELG
OHVDUWLVWHVHWQRWDPPHQWOHVDUWLVWHVIHPPHVHVWLPSRUWDQWHSRXU0DULD*UD]LD©/HVDUWLVWHVYRXVDLGHQW
j>@FRPSUHQGUHQRWUHpSRTXHRXODUHIOpWHUª©-¶HVVDLHDXVVLG¶DYRLUFHWWHYLHSURFKHGHVDUWLVWHVª
/DTXHVWLRQGHO¶DSSURSULDWLRQFXOWXUHOOHHVWVRXYHQWpYRTXpHGDQVOHGLVFRXUVGH0DULD*UD]LD6LDXGpEXW
GHVDFDUULqUHHOOHDWURXYpVRQLQVSLUDWLRQGDQVOHVDXWUHVFXOWXUHVHOOHGpFODUHPDLQWHQDQWIDLUHDWWHQWLRQj
QHSDVFUpHUGHODPRGHTXLSHXWrWUHFRQVLGpUpHFRPPHGHO¶DSSURSULDWLRQFXOWXUHOOH3RXUHOOHODPRGHD
EHDXFRXS GH UHVSRQVDELOLWpV ©/D PRGH D GDYDQWDJH GH GHYRLUV PRUDX[ HQYLURQQHPHQWDX[
VRFLpWDX[ªLOIDXWSUHQGUHVHVUHVSRQVDELOLWpV6HVRXFLHUGHFHTX¶RQSURGXLWRFRPPHQWSDUTXL2Q
VHGRLWGHIDLUHOHVFKRVHVELHQª0DULD*UD]LDPRQWUHGDQVVRQGLVFRXUVTXHO¶LPDJHTX¶HOOHSURMHWWHHVW
VpULHXVHFRQWU{OpHHWILQHPHQWPLVHHQVFqQH
'8321&(//( 9DOpULH © 0DULD*UD]LD&KLXULGLUHFWULFHDUWLVWLTXHGH'LRU©8QHUREHGHEDOYRXVWUDQVIRUPHSRXUXQVRLUª/H
LJDURSXEOLpOHFRQVXOWpHQOLJQHOH85/
)
KWWSVZZZOHILJDURIULQGXVWULHPRGHPDULDJUD]LDFKLXULGLUHFWULFHDUWLVWLTXHGHGLRUXQHUREHGHEDOYRXVWUDQVIRUPHSRXUXQVRLU
2SFLW/$=$522(OLVDEHWK©0DULD*UD]LD&KLXULVXUVHVWHUUHVOHQRXYHOkJH'LRUª
2SFLW)$85((PLOLH©¬PHV\HX[ULHQQHVDXUDLWUHPSODFHUXQ©YUDLªGpILOpª
2SFLW921%$5'(/(%(1(OYLUH©3RXU0DULD*UD]LD&KLXULGH'LRULOIDXW³GLUHDX[IHPPHVTX¶HOOHVVRQWOLEUHV´ª
'838,60DULRQ©6WHOOD0F&DUWQH\3HXWrWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[ªOH)LJDURSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVPDGDPHOHILJDURIUVW\OHLQWHUYLHZFUHDWULFHPRGHVWHOODPFFDUWQH\SHXWHWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[
,ELG
87=3KLOLS©³7UXFLGHUXQHSDXYUHErWHHWODGpSHFHUSRXUHQIDLUHXQPDQWHDXF¶HVWOXLPDQTXHUGHUHVSHFW´5HQFRQWUHDYHF6WHOOD
0F&DUWQH\ªOH1XPpURSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZQXPHURFRPIUPRGHVWHOODPFFDUWQH\NHULQJJDODPHWDQQDZLQWRXUSLQDXOWFXLUWUXPSYHJDQYHJHWDULVPH
,ELG
,ELG
)5((0$1 /LDP © &RPPHQW 6WHOOD 0F&DUWQH\ V HQJDJH SRXU XQH PRGH SOXV U HVSRQVDEOH" ª 92*8( SXEOLp OH
FRQVXOWpHQOLJQHOH85/KWWSVZZZYRJXHIUPRGHDUWLFOHVWHOODPFFDUWQH\LQWHUYLHZFROOHFWLRQDXWXPQ
'2/$7%pOLQH©6WHOOD0F&DUWQH\UHQFRQWUHH[FOXVLYHDYHFXQHFUpDWULFHHQJDJpHª/HV(FKRVSXEOLpOHFRQVXOWpHQ
OLJQHOH85/
KWWSVZZZOHVHFKRVIUZHHNHQGPRGHEHDXWHVWHOODPFFDUWQH\UHQFRQWUHH[FOXVLYHDYHFXQHFUHDWULFHHQJDJHH
,ELG
2SFLW 87=3KLOLS©³7UXFLGHUXQHSDXYUHErWHHWODGpSHFHUSRXUHQIDLUHXQPDQWHDXF¶HVWOXLPDQTXHUGHUHVSHFW´5HQFRQWUH
DYHF6WHOOD0F&DUWQH\ª
M¶pSURXYH XQH UpHOOH WHQGUHVVH SRXU HX[jWLWUHSHUVRQQHOª RXSDUUDSSRUWDXJURXSH/90+ VRQQRXYHO
DVVRFLp j S
DUWLU GH ©/ LPPHQVLWp GH FH TXH MH SHX[ IDLUH DYHF OH VRXWLHQ GX J
URXSH H
VW
YHUWLJLQHXVH- HQVXLVLQFUR\DEOHPHQWILqUHWDQWVXUOHSODQSHUVRQQHOTXHSURIHVVLRQQHOª ©MHUHVSHFWH
O KLVWRLUH GH /90+ F HVW XQ H[HPSOH GH UpXVVLWHGDQVO LQGXVWULHGHODPRGHHWF HVWSRXUTXRLMHVXLVWUqV
KRQRUpHG DYRLUODSRVVLELOLWpGHGRQQHUGHVFRQVHLOVGDQVXQGRPDLQHGDQVOHTXHOMHPHVXLVLQYHVWLHWRXWH
PDYLHª
6WHOOD0F&DUWQH\VRXOLJQHOHU{OHGHVHVSDUHQWVFpOqEUHV3DXOHW/LQGD0F&DUWQH\GDQVOHGpYHORSSHPHQW
GH VHV FRQYLFWLRQV © WRXW D FRPPHQFp DYHF PHV SDUHQWV OHXU pWKLTXH - DL WHOOHPHQW DSSULV G
HX[ H
Q
JUDQGLVVDQW ,OV pWDLHQW YpJpWDULHQVHWJUDQGVGpIHQVHXUVGHVGURLWVPRQGLDX[HWHQYLURQQHPHQWDX[& HVW
DQFUpHQPRLª (OOHSDUOHGHVDPqUHFRPPHVDVRXUFHG¶LQVSLUDWLRQ©6XUWRXVPHVPRRGERDUGVLO\D
GH QRPEUHXVHV SKRWRV G HOOH«ª © 0D PqUH pWDLW PD SUHPLqUH VRXUFH G¶LQVSLUDWLRQ ª (
OOH S
DUOH
pJDOHPHQWGHVRQPDULVHVTXDWUHHQIDQWVHWVHVDQLPDX[HOOHDGPHWTX¶HOOHSUpIqUHSDVVHUGXWHPSVDYHF
HX[ TX j WUDYDLOOHU 3RXU UpGXLUH OH ULVTXH GH F ULWLTXH HQYHUV VD PDUTXH HW VD SHUVRQQDOLWp H
OOH U HFRQQDLW
TX¶HOOH HVW SULYLOpJLpH © -H VXLV WHOOHPHQW SULYLOpJLpHMHVXLVQpHDYHFGHVSULYLOqJHVª HWVRXOLJQHWUqV
VRXYHQWOHIDLWTX¶HOOHQ HVWSDVSDUIDLWH©-HQHVXLVSDVSDUIDLWHPDLVM HVVDLHGHFUpHUXQPRGqOHGLIIpUHQW
SRXUODPRGHª ©1RXVQHVRPPHVHQDXFXQFDVSDUIDLWVPDLVQRXVFKHUFKRQVWRXMRXUVjDPpOLRUHUQRV
VRXUFHVG¶DSSURYLVLRQQHPHQW ª
(OOH GRQQH VD GpILQLWLRQ GX OX[H © F HVW XQ SURGXLW TXL D pWp IDEULTXp DYHF DPRXU GDQV OH U HVSHFW G
H OD
QDWXUHª(OOHVRXOLJQHODGLIILFXOWpTX¶HOOHDHXHjGpIHQGUHVDFDXVH ©OHVJHQVSHQVDLHQWTXHM pWDLVXQH
³FLQJOpH pFROR´ ª ©-¶DLSDVVpXQHJUDQGHSDUWLHGHPRQHQIDQFHjPHIDLUHULGLFXOLVHUHWLQVXOWHUGXIDLW
TXHM¶pWDLVYpJpWDULHQQHª ©/HVJHQVVHPRTXDLHQWGHPRLHWSHQVDLHQWTXHF¶pWDLWXQFRQFHSWULGLFXOHGH
QHSDVYRXORLUXWLOLVHUGXFXLUGHVSOXPHVHWGHODIRXUUXUHGDQVPHVFROOHFWLRQVª ©¬PHVGpEXWVRQD
GPHGLUHPLOOHIRLVTXHMHQHSRXUUDLVMDPDLVFRQVWUXLUHPDSURSUHPDUTXHDYHFGHWHOVHQJDJHPHQWVª
6WHOOD0F&DUWQH\GDQVVHVLQWHUYLHZVPRQWUHXQHLPDJHGHFLWR\HQQHTXLOXWWHSRXUODFDXVHpFRORJLTXH
/¶DQDO\VHGHFHVFUpDWHXUVQRXVSHUPHWG¶LGHQWLILHUGHVFDUDFWpULVWLTXHVFRPPXQHVPDLVDXVVLGHV
FDUDFWpULVWLTXHVGLIIpUHQWHVHQWUHO¶HWKRVFRQVWUXLWSDU-DFTXHPXVHWFHX[GH5RXVWHLQJ0DULD*UD]LD&KLXUL
HW 6WHOOD 0F&DUWQH\ /HV WURLV pYRTXHQW OH WKqPH GH OHXUV RULJLQHV O¶LPSRUWDQFH GH OHXUVUDFLQHVGHOHXU
IDPLOOHHWFRPPHQWFHVRULJLQHVOHVRQWPRGHOpV2Q\UHWURXYHpJDOHPHQWOHVREMHFWLIVGXUpFLWSDWURQDOWHO
,ELG
2SFLW'2/$7%pOLQH ©6WHOOD0F&DUWQH\UHQFRQWUHH[FOXVLYHDYHFXQHFUpDWULFHHQJDJpHª
3255(7&DULQH©6WHOOD0FFDUWQH\/DSLRQQLqUHª/¶([SUHVVVW\OHVSXEOLpOH
2SFLW'838,60DULRQ©6WHOOD0F&DUWQH\3HXWrWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[ª
,ELG
&2/(7+DQQDK©/D5pYROXWLRQYHUWHDYHF6WHOOD0F&DUWQH\ª1HWDSRUWHUSXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVZZZQHWDSRUWHUFRPIUIUSRUWHUDUWLFOHDDEFDFRYHUVWRULHVFRYHUVWRULHVLQWHUYLHZVWHOODPFFDUWQH\
2SFLW'2/$7%pOLQH©6WHOOD0F&DUWQH\UHQFRQWUHH[FOXVLYHDYHFXQHFUpDWULFHHQJDJpHª
2SFLW'838,60DULRQ©6WHOOD0F&DUWQH\3HXWrWUHTXHOHVJHQVYRQWDFKHWHUPRLQVPDLVPLHX[ª
2SFLW)5((0$1/LDP©&RPPHQW6WHOOD0F&DUWQH\V HQJDJHSRXUXQHPRGHSOXVUHVSRQVDEOH"ª
921%$5'(/(%(1(OYLUH©6WHOOD0F&DUWQH\³/HFDQFHUFHQ HVWSDVMROLPDLVRQSHXWHQH[WUDLUHGHODEHDXWp´ª/H0RQGH
SXEOLpOH
2SFLW3255(7&DULQH©6WHOOD0FFDUWQH\/DSLRQQLqUHª
2SFLW 87=3KLOLS©³7UXFLGHUXQHSDXYUHErWHHWODGpSHFHUSRXUHQIDLUHXQPDQWHDXF¶HVWOXLPDQTXHUGHUHVSHFW´5HQFRQWUH
DYHF6WHOOD0F&DUWQH\ª
'(/$+25,(0DULQH©6WHOOD0F&DUWQH\'DPH1DWXUH ª/¶2SLQLRQSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZORSLQLRQIURZHHNHQGVWHOODPFFDUWQH\GDPHQDWXUH
2SFLW87=3KLOLS©³7UXFLGHUXQHSDXYUHErWHHWODGpSHFHUSRXUHQIDLUHXQPDQWHDXF¶HVWOXLPDQTXHUGHUHVSHFW´5HQFRQWUH
DYHF6WHOOD0F&DUWQH\ª
TXH GpILQL SDU ' $OPHLGD HW 0HUUDQ,IUDK ©/DIRUPHDXWRELRJUDSKLTXHSUpVHQWHOHUpFLWG¶XQSDUFRXUVGH
YLHGDQVOHTXHOVHMRXHQWO¶XQLWpG¶XQKRPPHHWO¶KLVWRLUHG¶XQHUpXVVLWHª
3DUPLOHVGLIIpUHQFHVWURLVFDUDFWpULVWLTXHVRQWUHWHQXQRWUHDWWHQWLRQODUHFKHUFKHGHOpJLWLPLWpOHVYDOHXUV
DIILFKpHVHWOHWKqPHGHODSUR[LPLWpGHODGpPRFUDWLVDWLRQHWGHO¶DFFHVVLELOLWp
' $OPHLGD0HUUDQ,IUDKVRXOLJQHQWTXH©OHUpFLWSDWURQDOLQVWLWXHXQVHQVHWXQHH[SpULHQFHGHYLHFRQVWUXLW
XQHLGHQWLWpVWUDWpJLTXHHWSURSRVHGHVYDOHXUVª /DUHVSRQVDELOLWpHWOHVYDOHXUVIRQWSDUWLHGHO¶HWKRVGH
5RXVWHLQJ 0DULD *UD]LD HW 6WHOOD 0F&DUWQH\ UHVSHFWLYHPHQW O LQFOXVLYLWp HW OD GLYHUVLWp OH IpPLQLVPH OD
SURWHFWLRQGHODQDWXUH&HVRQWGHVYDOHXUVVRXYHQWUHWURXYpHVGDQVOHVJUDQGHVVRFLpWpV-DFTXHPXVQH
VHPEOHSDVGpPRQWUHUrWUHPXSDUFHW\SHGHJUDQGHVYDOHXUVXQLYHUVHOOHVLOQ¶DSDVOHVPrPHVLPSpUDWLIV
GH JRXYHUQDQFH GHV JUDQGHV VRFLpWpV HQ FRPSDUDLVRQ j'LRUHW%DOPDLQ WHOVTXHGpFULWSDU' $OPHLGD
0HUUDQ,IUDK ©OHV HQWUHSULVHV RQWGpYHORSSpGHVSROLWLTXHVGHFRPPXQLFDWLRQWRXMRXUVSOXVULJRXUHXVHVHW
SOXV DIILQpHV GHVWLQpHV j UHQIRUFHU OHXU QRWRULpWp H
W j DIILUPHUOHXUOpJLWLPLWpGDQVXQQRPEUHFURLVVDQWGH
GRPDLQHV GXSURGXLWDXSURGXLUHYLDOHXUSODFHGDQVODVRFLpWp ª
/D OpJLWLPLWp SDU UDSSRUW j OD PDUTXH HVW XQH FRPSRVDQWH LPSRUWDQWH GH O HWKRV VL 2OLYLHU 5
RXVWHLQJ H
W
0DULD*UD]LD&KLXULWHQWHQWGHGpPRQWUHUOHXUOpJLWLPLWpSDUUDSSRUWDX[PDUTXHVTX¶LOVUHSUpVHQWHQW6LPRQ
-DFTXHPXVHW6WHOOD0F&DUWQH\Q¶RQWSDVFHEHVRLQpWDQWOHVIRQGDWHXUVGHOHXUVPDUTXHVHWFHVPDUTXHV
pWDQW SOXV MHXQHV ,O HVW SOXV IDFLOH SRXU HX[ GH V¶DVVLPLOHU j OD PDUTXHTXDQGOHVDXWUHVGRLYHQWSURXYHU
TX¶LOVHQVRQWGLJQHV
$ILQGHFRPSOpWHUFHWWHDQDO\VHQRXVQRXVVRPPHVDWWDFKpVjDQDO\VHUOHVSKRWRVDFFRPSDJQDQW
OHV LQWHUYLHZV GH FHV FUpDWHXUV$PRVV\UHSUHQDQW*RIIPDQVRXOLJQHO¶LPSRUWDQFHGXU{OHMRXpSDUFKDFXQ
©SRXU GRQQHU DX[ DXWUHV XQH LPSUHVVLRQ GH VD SHUVRQQH TXL GRLW FRQYHQLU DX[ FLUFRQVWDQFHV H
W S
URGXLW
O¶HIIHWGpVLUp&HWWHLPSUHVVLRQGpULYHGDQVODSHUVSHFWLYHQRQYHUEDOHGH*RIIPDQGXFRPSRUWHPHQWGHOD
'¶$/0(,'$1LFROH0(55$1,)5$+6\OYLH©/HUpFLWSDWURQDO/DWHQWDWLRQDXWRELRJUDSKLTXHª5HYXHIUDQoDLVHGHJHVWLRQMXLQ
QSS&RQVXOWpHQOLJQHOH85/
KWWSVZZZFDLUQLQIRUHYXHIUDQFDLVHGHJHVWLRQSDJHKWP
,ELG
,ELG
SHUVRQQH \ FRPSULV VD IDoRQ GH VH YrWLU GH VH PRXYRLU VHV H[SUHVVLRQVIDFLDOHVǻ6LOHFKRL[GHV
SKRWRV UHOqYHQW G¶XQ FKRL[ pGLWRULDO GHV PpGLDV OD PDvWULVH GH O¶LPDJH GHV PDUTXHV D
LQVL T
XH OD
SXEOLFLWDULVDWLRQGHVPpGLDVSHXWODLVVHUSHQVHUTXHOHVSKRWRVRQWpWpFKRLVLHVHQDFFRUGDYHFOHVPDUTXHV
&HSHQGDQW VDQV FHUWLWXGH VXU FH SRLQWLOFRQYLHQGUDGHFRQVLGpUHUFHWWHUpVHUYHGDQVODSULVHHQFRPSWH
GHVUpVXOWDWVGHFHWWHDQDO\VH
)LJXUH6LPRQ-DFTXHPXV*UD]LD )LJXUH0DULD*UD]LD&KLXUL0DGDPH)LJDUR
)LJXUH6LPRQ-DFTXHPXV/H)LJDUR )LJXUH6WHOOD0F&DUWQH\/HV(FKRV
/HUpVXOWDWGHFHWWHpWXGHHQ$QQH[HPRQWUHSOXVLHXUVGLYHUJHQFHVHQWUH-DFTXHPXV5RXVWHLQJ&KLXUL
HW 0F&DUWQH\ 2Q SHXW QRWHU TXH OHV SKRWRV GH -DFTXHPXV OH SUpVHQWHQW SOXV VRXYHQW TXH OHV D
XWUHV
VRXULDQW HQ FRXOHXU HQ SRVLWLRQ QDWXUHOOH HQ H[WpULHXU VRXYHQW GDQV OD QDWXUH RX DX ERUG G
H OD P
HU OH
2SFLW$0266<5XWKS
UHJDUG GDQV O¶REMHFWLI VDXI SRXU 6WHOOD 0F&DUWQH\ 2OLYLHU 5RXVWHLQJ QRXV GRQQH j YRLU TXDQW j
OXL XQH
LPDJHWUqVJODPRXUVRXYHQWHQQRLUHWEODQFpYRTXDQW©XQHDWPRVSKqUHGHOX[HHWGHULFKHVVHª DYHF
XQH SRVWXUH FKRUpJUDSKLpH 0DULD *UD]LD &KLXUL VH PRQWUH EHDXFRXS GDQV VRQ U{OH VpULHX[ G
H F UpDWHXU
VRXYHQW DYHF OHV PRGqOHV SHQGDQW OH GpILOp HW PrPH OD SKRWR DYHF VD ILOOH GRQQH O¶LPSUHVVLRQ G
H
SKRWRJUDSKLH IDLWH SRXU OH ORRNERRN 'LRU 6WHOOD 0F&DUWQH\ SRVH SUHVTXH WRXMRXUV HQ LQWpULHXU D
YHF X
QH
SRVWXUHVWDWLTXHPDLVFKRUpJUDSKLpHMDPDLVVRXULDQWHDYHFXQHDWWLWXGHVpULHXVHPrPHVXUODSKRWRDYHF
VHV HQIDQWV /HXUV VW\OHV YHVWLPHQWDLUHV FRQWUDVWHQW pJDOHPHQW 6LPRQ -DFTXHPXV HVWVRXYHQWSUpVHQWp
GDQV XQVW\OHGpFRQWUDFWpHQFKHPLVHRXWHHVKLUW2OLYLHU5RXVWHLQJGDQVXQVW\OHFKLFVRXYHQWDYHFXQH
YHVWHQRLUH0DULD*UD]LD&KLXULHQQRLURXHQEODQFIDLVDQWHFKRjO¶XQLIRUPHGHVDUWLVDQVGDQVOHVDWHOLHUV
GHFRXWXUHHW6WHOOD0F&DUWQH\SRUWDQWOHVYrWHPHQWVGHVDPDUTXHSRVDQWVRXYHQWFRPPHPRGqOH
-DFTXHPXV FRQVWUXLW XQ HWKRV HPSUXQW GH QDwYHWp HW GH SUR[LPLWp FH TXL OXL SHUPHW G
H F UpHU X
Q
DIIHFW HW GH UHQYR\HU XQH LPDJH VLPSOH HW DXWKHQWLTXH IDLVDQW HQWUHU XQH GLPHQVLRQ DIIHFWLYH G
DQV V D
FRPPXQLFDWLRQ&HSHQGDQWLOV¶DJLWELHQG¶XQHPLVHHQVFqQH$FKDTXHpYRFDWLRQGHVDQDLYHWpLOV¶DVVXUH
TXHFHOOHFLVRLWDVVRFLpHjXQHGHVGLPHQVLRQVTX¶LOFKHUFKHFRQVWUXLUHFRQILUPHUVRQVWDWXWGHFUpDWHXUHW
G¶DUWLVWH LQVWLQFW HW VRSKLVWLFDWLRQ VXVFLWHU GH O¶DIIHFW OH SDWKRV TXL SHUPHW O DFFHSWDWLRQ GH V RQ LGHQWLWp
PHWWUH HQ SODFH XQH FRPPXQLFDWLRQTXLVHPEOHWUDQVSDUHQWHHWDXWKHQWLTXH&HIDLVDQW-DFTXHPXVGDQV
VRQ GLVFRXUV VH GpPDUTXH GHV PDUTXHV GH OX[H TXL HQWUHWLHQQHQW XQH GLVWDQFH HQWUH OHXU X
QLYHUVHWOHV
FRQVRPPDWHXUVLOUHYHQGLTXHFHWWHGLIIpUHQFH©-HVXLVXQSHXXQFDVjSDUWSDUFHTXHM¶DLWRXMRXUVYRXOX
rWUH SRSXODLUH-HYHX[rWUHOHFUpDWHXUGHPDJpQpUDWLRQ>@oDSDVVHDXVVLSDUIDLUHGHVFRQFHSWVDVVH]
FRPSUpKHQVLEOHV IDFLOHV HW OXGLTXHV TXL SRXUUDLHQW V¶DGUHVVHU j XQ HQIDQW GH DQV FRPPH j
X
QH
JUDQGPqUH« ª &HSHQGDQW OD PDQLqUH TX¶LO D GH FRQVWUXLUH VRQ HWKRV HW FHWWH GLIIpUHQFH F KHUFKH j
SURWpJHUVRQVWDWXWGHFUpDWHXUHWGHPDUTXHGHOX[H
3DUWLH-DFTXHPXVXQHPDUTXHSRSXODLUH"
/DUHFKHUFKHGHSUR[LPLWpHWG¶DXWKHQWLFLWpGDQVODVWUDWpJLHFRPPXQLFDWLRQQHOOHGH-DFTXHPXVVH
PHW HQ SODFH JUkFH j O¶HWKRV TX¶LO FRQVWUXLW &HSHQGDQW SRXU FUpHU FHWWH SUR[LPLWp -DFTXHPXV P
HW
pJDOHPHQW HQ SODFH XQH FRPPXQLFDWLRQ GLUHFWH SRSXODLUH j WUDYHUV GLIIpUHQWV SURFpGpV LO U HFRXUW j
O KXPRXULOIDLWGHQRPEUHXVHVUpIpUHQFHVjODFXOWXUHSRSXODLUHFRQYRTXHGHVFpOpEULWpVSRSXODLUHVDILQGH
V¶LQVFULUH GDQV OH SHXSOH G¶REWHQLU VD IDYHXU HW GpSDVVHU OHV EDUULqUHV VRFLDOHV &HWWH FRPPXQLFDWLRQ
DXGHOjGHO¶LPDJHSURMHWpHFRPSRUWHXQHGLPHQVLRQPDUFKDQGHILQDOLWpG¶XQHPDUTXHGHPRGH
3DUWLH/HVUpIpUHQFHVSRSXODLUHVUDSSURFKHQW-DFTXHPXVGHVHVFOLHQWV
$ILQGHIDLUHFRQQDvWUHVDPDUTXHLOQHVXIILWSDVj-DFTXHPXVGHVHGRQQHUXQHLPDJHGHSUR[LPLWp
HW G¶DXWKHQWLFLWp ,O D EHVRLQ GH GLIIXVHU ODUJHPHQW VRQ LPDJH2XWUHO¶XWLOLVDWLRQGHVPpGLDV FRPPHQRXV
O¶DYRQVYXHQ3DUWLH LOFKHUFKHjWURXYHUXQHFDLVVHGHUpVRQDQFHQRWDPPHQWjWUDYHUVODSODWHIRUPHGH
SXEOLFDWLRQ,QVWDJUDP6XUFHWWHSODWHIRUPHFKDTXHSXEOLFDWLRQHVWXQ³EX]]´SRWHQWLHOXQHYLUDOLWpSRVVLEOH
TXL SHUPHWWUDLWGHPHWWUHODPDUTXHGDQVODOXPLqUHHWGHODIDLUHFRQQDvWUHjXQQRPEUHSOXVJUDQG©/D
(//280, $<(', 0\ULDP .$00281 0RKDPHG © /H 0DUNHWLQJ GH OD FRXOHXU HWXGHFRPSDUDWLYHHQWHO¶DIILFKHHQFRXOHXUHW
O¶DIILFKHHQQRLUHWEODQFª/D5HYXHGHV6FLHQFHVGH*HVWLRQQSDJHVjFRQVXOWpHQOLJQHOH85/
KWWSVZZZFDLUQLQIRUHYXHGHVVFLHQFHVGHJHVWLRQSDJHKWP
2SFLW%5,21(6(ULF©/X[HHW'LJLWDO6WUDWpJLHVSRXUXQHGLJLWDOLVDWLRQVLQJXOLqUHGXOX[Hª
YLUDOLWp HVW j OD IRLV XQH REVHVVLRQ TXRWLGLHQQH HW XQ SULQFLSH GH UpDOLWp pFRQRPLTXH-H FURLV TXH TXDQG RQ
GpPDUUH DYHF SHX GH PR\HQV FRPPH MH O¶DL IDLW OD YLUDOLWp GHYLHQW IRQGDPHQWDOH ,O IDOODLW TXH OHV JHQV
SDUWDJHQW DLPHQW HW UHJDUGHQW FH TXH MH IDLVDLV &HWWH YLUDOLWp oD D WRXW GH VXLWH pWp FOp GDQV
-$&48(086 &¶HVW XQ VHQV HQ VRL OD YLUDOLWp ª /D WHFKQLTXH GH PDUNHWLQJ YLUDO © YLVH j WUDYHUV OD PLVH
HQ SODFH G¶RXWLOV j IDYRULVHU HW j DPSOLILHU XQH FRPPXQLFDWLRQ LQWHUSHUVRQQHOOH SRVLWLYH HQYHUV XQ SURGXLW
HWRX XQ VHUYLFH ª /D SRSXODULWp HVW DVVRFLpH j XQH YLUDOLWp SRVLWLYH YpKLFXODQW XQH LPDJH SRVLWLYH GH
O¶REMHW GH OD YLUDOLWp
8QH VRXUFH SXLVVDQWH GH YLUDOLWp HVW O¶KXPRXU -DFTXHPXV XWLOLVH O¶KXPRXU VXUWRXW VRXV OD IRUPH
G DXWRGpULVLRQ FH TXL OXL SHUPHW GH FRQVHUYHU OD ELHQYHLOODQFH GX SXEOLF WRXW HQ UHQIRUoDQW VRQ LPDJH
G¶DXWKHQWLFLWp HW GH SUR[LPLWp 4XDQG LO HVW LQWHUURJp VXU OD WRXFKH G¶KXPRXU TX¶LO DSSRUWH j VHV FROOHFWLRQV
-DFTXHPXV UpSRQG © -H VRXULV WRXW OH WHPSV M DLPH OH VRXULUH GDQV OD PRGH & HVW PRQ FDUDFWqUH MH
P DPXVH GH WRXW ª
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH
,QVWDJUDP -DFTXHPXV GX ,QVWDJUDP -DFTXHPXV GX ,QVWDJUDP -DFTXHPXV GX
,ELG
5(1$5' 'DPLHQ © (IILFDFLWp GHV RSpUDWLRQV GH PDUNHWLQJ YLUDO pYDOXDWLRQ GH O H[SpULHQFH HQ OLJQH HW LPDJH GH PDUTXH ª 9LH
VFLHQFHV GH O HQWUHSULVH 1 S &RQVXOWp HQ OLJQH OH 85/
KWWSVZZZFDLUQLQIRUHYXHYLHHWVFLHQFHVGHOHQWUHSULVHSDJHKWP
2SFLW © 6LPRQ 3RUWH -DFTXHPXV ª /HV (FKRV
8QHDXWUHPDQLqUHDLVpHGHFUpHUODUHFRQQDLVVDQFHG¶XQHPDUTXHHVWGHV¶DSSX\HUVXUGHVQRPV
GpMjpWDEOLV1RXVDYRQVGpMjYXFRPPHQW-DFTXHPXVXWLOLVDLWOHVUpIpUHQFHVDX[JUDQGVFUpDWHXUVHWjO DUW
QRXVDOORQVPDLQWHQDQWH[SORUHUOHVDXWUHVUpIpUHQFHVSOXVSRSXODLUHVTX¶LOXWLOLVH
© /HV ILOPV GHV DQQpHV DYHF -HDQ3DXO %HOPRQGR RX *pUDUG 'HSDUGLHX -¶DGRUH DXVVLWRXVOHVILOPV
G¶,VDEHOOH $GMDQL -H VXLV REVpGp SDU OD FXOWXUH IUDQoDLVH -¶DGRUH OD )UDQFH -¶DGRUH 6HUJH *
DLQVERXUJ
&KDUORWWH *DLQVERXUJ HW %DUEDUD 7RXWHV PHV UpIpUHQFHV VRQW IUDQoDLVHV ª 'DQV FHWWH G
pFODUDWLRQ
-DFTXHPXVFLWHOHVSHUVRQQDOLWpVIUDQoDLVHVSDUPLOHVSOXVFRQQXHVHWDSSUpFLpHVHQ)UDQFHHWjO¶pWUDQJHU
&HVSHUVRQQDOLWpVVRQWSDUPLOHVSOXVSRSXODLUHV$XFRXUVGHVHVLQWHUYLHZVLOFLWHpJDOHPHQW)UDQFH*DOO
,VDEHOOH$GMDQL/HV$QJHVGHODWpOpUpDOLWp/ROR)HUUDULGRQWLODXQWDWRXDJHVXUO¶DYDQWEUDV P
DLVDXVVL
%DUEDUD0DULH/DIRUrWOHVILOPV/D%RXPHW/D*XHUUHGHVERXWRQV&KDUORWWH*DLQVERXUJGDQV/¶(IIURQWpH
,VDEHOOH $GMDQL GDQV /¶eWp PHXUWULHU OD VpULH WpOpYLVpH6RXVOHVROHLO 7RXWHVOHVUpIpUHQFHVXWLOLVpHVSDU
-DFTXHPXV V RQWWUqVSRSXODLUHVF HVWjGLUHEpQpILFLDQWG¶XQHODUJHDXGLHQFHG XQHIRUWHIDYHXUGXSXEOLF
(OOHV VRQW DXVVL WRXWHV DQFUpHV GDQVODFXOWXUHSRSXODLUHIUDQoDLVH&HVUpIpUHQFHVVRQWWUqVpORLJQpHVGX
PRQGH GX OX[H FHUWDLQHV G¶HQWUH HOOHV VRQW SDUIRLV PrPH TXDOLILpHV GH YXOJDLUHV -DFTXHPXV WHQWH G
H
PRQWUHU TX¶LO HVW XQH SHUVRQQH FRPPH WRXW OH PRQGH HW GH GpPRQWUHU VRQ DSSDUWHQDQFH D
X S
HXSOH ,O
GpVDFUDOLVHOHVWDWXWGHFUpDWHXUGHPRGHTX¶LOWHQWHGHFRQVWUXLUHSDUDLOOHXUV,OGHVFHQGGXSLpGHVWDOTX¶LO
UHSURFKHDX[PDUTXHVGHOX[H ©-¶DLWRXMRXUVYRXOXTXH-DFTXHPXVVRLWXQHPDUTXHIDFLOHjOLUHTX¶HOOH
VRLWDFFXHLOODQWH-HGpWHVWHODQRWLRQGHIHUPHWXUHª -DFTXHPXVV¶DQFUHGDQVOHPRQGHUpHOHWSRSXODLUH
OH PRQGH QRUPDO © -H UHYHQGLTXH VDQV FRPSOH[HV PHV RULJLQHV PpGLWHUUDQpHQQHVHWSRSXODLUHVª $
WUDYHUVFHWWHSRVWXUHSRSXODLUHLOUHQIRUFHVRQLPDJHGHSUR[LPLWpHWG¶DXWKHQWLFLWp&HWWHPLVHHQVFqQHOXL
SHUPHW GH FUpHU LPSOLFLWHPHQW XQH RSSRVLWLRQ HQWUH OD VLPSOLFLWp HW OD VRSKLVWLFDWLRQ OD SUR[LPLWp H
W OD
GLVWDQFHO DXWKHQWLFLWpHWO DUWLILFLHOO¶DFFHVVLELOLWpHWO KHUPpWLVPH
-DFTXHPXV FKHUFKH j SDUOHU j WRXW OH PRQGH &HOD VH UHWURXYH GDQV VRQ GLVFRXUV G
DQV OHV
LQWHUYLHZV R LO UHYHQGLTXH VRQ HQYLH GH SDUOHU j WRXV © -H YHX[ SDUOHU DX SOXV JUDQG QRPEUH T
XH OD
ERXODQJqUHP¶DUUrWHSRXUPHGLUHTX¶HOOHDGRUHPDFROOHFWLRQTXHPDJDUGLHQQHDLWGHVIULVVRQVHQYR\DQW
PRQ GpILOp T
XHOHVJHQVVXU,QVWDJUDPVRLHQWWRXFKpV0HVFROOHFWLRQVGRLYHQWrWUHFRPSUpKHQVLEOHVSRXU
TXHFKDFXQSXLVVHVHOHVDSSURSULHUª ©1HULHQFDFKHUQHULHQILOWUHUXQGLUHFWVHQVoDSDVVHDXVVLSDU
IDLUH GHV FRQFHSWV DVVH] FRPSUpKHQVLEOHV IDFLOHV HW OXGLTXHV TXLSRXUUDLHQWV¶DGUHVVHUjXQHQIDQWGH
DQVFRPPHjXQHJUDQGPqUHǻ ,OUDFRQWHGHVKLVWRLUHVGHVRQHQIDQFHTXDQGLODYX-HDQ3DXO*DXOWLHU
jODWpOpYLVLRQ©³,OHVWFRROFHPHF´7LHQVGRQF«9RLOjTX¶RQSHXWrWUHFRXWXULHUHWSODLUHjGHVJHQVTXL
VHILFKHQWGHODPRGHj%UDPHMHDQ ª ,OUHYHQGLTXHXQHPRGHSRSXODLUH©-HUHSURGXLVGHVWDEOHDX[GH
0DWLVVH GHSXLV PHV DQV F¶HVW XQHREVHVVLRQ5pFHPPHQWSRXUPRQFRPSWH,QVWDJUDPM¶DLUHIDLWXQ
0DWLVVHGDQVXQHSLVFLQHDYHFGHVIHXLOODJHV0DPRGHHVWSRSFRPSUpKHQVLEOHSDUWRXWOHPRQGHª
SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2
2SFLW+$0(//(&DUROLQH©/ LQWHUYLHZ1RUPFRUH'H-DFTXHPXVª
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
,ELG
2SFLW*8('219DOpULH©6LPRQ3RUWH-DFTXHPXVOD3URYHQFHjO HVWRPDFª
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW%5,21(6(ULF©/X[HHW'LJLWDO6WUDWpJLHVSRXUXQHGLJLWDOLVDWLRQVLQJXOLqUHGXOX[Hª
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
2SFLW©/H&HQWUH3RPSLGRX 6LPRQ3RUWH-DFTXHPXVª
&HSHQGDQW RQ REVHUYH LFL HQFRUH XQH IRLV OD PLVHHQVFqQHVRLJQHXVHPHQWpODERUpHSDU-DFTXHPXV,O
GpFODUH TX¶LO YHXW TXH VD JUDQGPqUH HW VD IDFWULFH FRPSUHQQHQW FH TX¶LO IDLW © 0RL MH Y HX[ T
XH P
D
JUDQGPqUH F RPSUHQQH FH TXH MH IDLV (W TXH VD PHLOOHXUH DPLH ODIDFWULFHGHPRQYLOODJHSXLVVHSRUWHU
PHV FROOHFWLRQV ª PDLV LO FKRLVLW FRPPH FLEOH GH VRQ GLVFRXUV OHV OHFWHXUV GH 9RJXH ,O S
DUOH G
H V HV
RULJLQHVSRSXODLUHVPDLVDYHF$QQD:LQWRXULOYHXWTXHVDPRGHVRLWFRPSUpKHQVLEOHGDQVXQHSKUDVHRLO
IDLW UpIpUHQFH j 0DWLVVH ,O UHYHQGLTXH GH YRXORLU SDUOHUjWRXWOHPRQGHPDLVVRQGLVFRXUVUHVWHGDQVXQ
ODQJDJHpOLWLVWHDGUHVVpjXQHpOLWH
8QDXWUHDVSHFWGH-DFTXHPXVGHIDLUHGHVDPDUTXHXQHPDUTXHSRSXODLUHHVWODUHFKHUFKHGHOD
FpOpEULWp'DQVOHVLQWHUYLHZVGH-DFTXHPXVRQSHXWUHPDUTXHUTX¶LOUHFKHUFKHGpOLEpUpPHQWOD³FpOpEULWp´
© /¶XQH GHV UDLVRQV SRXU OHVTXHOOHV 3DULV P¶REVpGDLW DXWDQW TXDQGM¶pWDLVSHWLWF¶HVWSDUFHTXHTXHOTX¶XQ
P¶DYDLWGLW³6LWXDUULYHVjrWUHFpOqEUHj3DULVWXVHUDVFpOqEUHSDUWRXWGDQVOHPRQGH´&¶pWDLWPRQUrYH
'DQVFHWDUWLFOHVXUODSODWHIRUPHGHPRGHGHFUpDWHXUV66(16(LOPHWHQVFqQHVDSURSUHDPELWLRQHQ
ª
XWLOLVDQW OH GLVFRXUV LQGLUHFW ,O FKHUFKH j OD WUDQVPHWWUH HW HPEDUTXHU OHV OHFWHXUV GDQV V RQ U rYH (
Q
DWWULEXDQWVHVPRWVjXQHSHUVRQQHWLHUFHTX¶LOQHQRPPHSDVLOpYLWHODGpILDQFHVXVFLWpHSDUO DPELWLRQ/H
VXMHW SULQFLSDO GHVDUHPDUTXHHVWOXLPrPHHQQHPHQWLRQQDQWSDVODWLHUFHSHUVRQQHFHOOHFLV HIIDFHHW
ODLVVH-DFTXHPXVGDQVODOXPLqUH(OOHILQLWSDUVHFRQIRQGUHDYHF³WRXWOHPRQGH´-DFTXHPXVFKHUFKHLFL
QRQ VHXOHPHQW j SDUWDJHU VRQ UrYH PDLV TXH FH UrYH VRLW SDUWDJp 3DU OH WRQ HQIDQWLQ GH OD S
KUDVH G
H
FRQFOXVLRQ©&¶pWDLWPRQUrYHªTXLIDLWpFKRDXGpEXWGHODSKUDVH©TXDQGM pWDLVSHWLWªLOILQLWGHOpJLWLPHU
VRQ DPELWLRQ HQ OXL GRQQDQW XQH RULJLQHDFFHSWDEOHHWHQODFKDUJHDQWG pPRWLRQ«TXLSRXUUDLWUHIXVHUXQ
UrYHG¶HQIDQW"
3DUPLOHVSXEOLFDWLRQV,QVWDJUDPGX&RUSXVVRQWGpGLpHVDX[FpOpEULWpVOHVPDQQHTXLQVFpOqEUHV
.HQGDOO -HQQHU VRHXUV +DGLG SDUWLFLSDQW DX[ GpILOpV RX ORRNERRNV GH -DFTXHPXV OHV FKDQWHXVHV S
RS
5LKDQQD 'XD /LSD RX OHV DFWULFHV /DHWLWLD &DVWD SRUWDQW OHV YrWHPHQWV -DFTXHPXV &HWWH G
pPDUFKH
SRXUUDLWVHPEOHUHQWUHUHQFRQWUDGLFWLRQDYHFODFRQVWUXFWLRQGH-DFTXHPXVFRPPHXQHPDUTXHGHOX[H(Q
HIIHWVHORQ.DSIHUHU©IDLUHDSSHOjGHVWRSPRGHOVHVWXQVLJQHGHIDLEOHVVHSRXUXQHPDUTXHGHOX[H
ª
4XDQGODPDUTXHQHSDUYLHQWSDVjFUpHUXQXQLYHUVSURSUHVXIILVDPPHQWSXLVVDQWHOOHXWLOLVHODUHQRPPpH
GHV FpOpEULWpV FRPPH VLJQH GHUHFRQQDLVVDQFH&HSHQGDQWGHQRPEUHXVHVPDUTXHVGHOX[HXWLOLVHQWGHV
pJpULHV FpOqEUHV &KDQHO DYHF .HLUD .QLJKWOH\ 3HQHORSH &UX] /LO\5RVH'HSS9DQHVVD3DUDGLV0DULRQ
&RWLOODUG RX 'LRU DYHF 1DWDOLH 3RUWPDQ &KDUOL]H 7KHURQ -HQQLIHU /DZUHQFH 5REHUW 3DWWLQVRQ &
HWWH
SUDWLTXH UHVWH WUqV UpSDQGXH GDQV OH PRQGH GX OX[H HW SURILWHU GH OD SRSXODULWp GHV FpOpEULWpV V HPEOH
FRQWULEXHU j OD UHQRPPpH HW j OD IDYHXU SRUWpH S
DU OH SXEOLF j ODPDUTXHVDQVGpFRQVWUXLUHO¶LPDJHOX[H
G¶XQH PDUTXH -DFTXHPXV DX FRQWUDLUH FKHUFKH XQH OpJLWLPLWp VXSSOpPHQWDLUH TXDQG LO PHQWLRQQH T
XH
%H\RQFpDFKqWHOHVVDFV&KLTXLWRLOXWLOLVH%H\RQFpFRPPHSUHVFULSWHXUHWVLJQHGHUHFRQQDLVVDQFHGHVD
PDUTXHSDUGHVDFWHXUVUHFRQQXVGHODPRGH
8QGHVSRLQWVG¶RUJXHGHODPLVHHQVFqQHGHODSRSXODULWpGH-DFTXHPXVHVWVRQPDULDJHUpFHQW
/ pYpQHPHQWDpWpPLQXWLHXVHPHQWPLVHQVFqQHSDUODVRFLpWpTXLRUJDQLVHOHVGpILOpV-DFTXHPXV/DIRXOH
D pWp FRQYLpH QRQ SDV LQYLWpH j YHQLU DVVLVWHU DX VSHFWDFOH TXL DYDLW OLHX VXU OD SODFH GX Y LOODJH 2
Q \
SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
2
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW.$3)(5(5-HDQ1RsOS
UHWURXYHOHVGLIIpUHQWVpOpPHQWVGHSRSXODULWpGpFULWVFLGHVVXVOHYLOODJHGHVRQHQIDQFHVDPqUH ©- DL
JUDQGLVXUFHWWHURXWH& HVWWRXWSRXUPRL«$XERXWGHFHWWHURXWHVHWURXYHODPDLVRQGHPDPqUHª
VD JUDQGPqUH TXL O¶DFFRPSDJQH j OD PDLULH HQ UREH EODQFKH -DFTXHPXV VRQ SqUH DYHF VRQ J
URXSHGH
PXVLTXH OHV WDEOHV j OD FDPSDJQH HQ SOHLQ DLU HQ 3URYHQFH PDLV DXVVL OHV LQYLWpV FpOqEUHV G
RQW OHV
DUULYpHV VRQW FKRUpJUDSKLpHV FRPPH XQGpILOpYHQDQWGHVTXDWUHFRLQVGHODSODFHGXYLOODJHKDELOOpVHQ
-DFTXHPXVOHVLPDJHVGXGvQHUROHVLQYLWpVIRQW³WRXUQHUOHVVHUYLHWWHV´/HGLVFRXUVGH-DFTXHPXVHVWOXL
DXVVLFRQVWDQW©-HYRXODLVTXHQRXVVR\RQVPRQVLHXUHWPRQVLHXUWRXWOHPRQGHTXHOTXHFKRVHGHWUqV
VLPSOH ª &HSHQGDQW OD FRXYHUWXUH PpGLDWLTXH GH O pYpQHPHQW HVW ILQHPHQW SUpSDUpH /HV S
KRWRV H
W
O¶LQWHUYLHZGH-DFTXHPXVVRQWSXEOLpHVHQH[FOXVLYLWpGDQV92*8(
)LJXUH/HVSKRWRVGHPDULDJHGH-DFTXHPXV92*8(
/ pYpQHPHQWGRQQHOLHXjGHQRPEUHXVHVSXEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVVRXVIRUPH
GHSRVWRXGHVWRULHV&KDTXHPRPHQWGXPDULDJHDpWpSDUWDJpGHSXLVO DUULYpHGHVLQYLWpVGHVPDULpVOD
FpUpPRQLH OH UHSDV OD VRLUpH GDQV XQH GLVFRWKqTXH DPpQDJpH R -DFTXHPXV D IDLW VRQ H
QWUpH V XU OH
GDQFHIORRU HQ UREH GH PDULpH EODQFKH YRLOH HW ERXTXHW GH IOHXUV j OD PDLQ HQ DSSRUWDQW
U REHV G
H
PDULpHV FRQIHFWLRQQpHV SRXU O¶RFFDVLRQ SRXU OHV LQYLWpV 8QH FROODERUDWLRQ D pWp PLVH HQ S
ODFH D
YHF
8UJHQFH+RPRSKRELHSRXUODPLVHHQYHQWHG¶XQWHHVKLUWSRXUO¶RFFDVLRQ
/H PDULDJH GH -DFTXHPXV HVW UpYpODWHXU j OD IRLV GH O¶LPDJH SRSXODLUH TX¶LO FRQVWUXLW S
RXU V D
PDUTXHHWGHODPLVHHQVFqQHTX¶LOGpSORLHSRXUFRQVWUXLUHFHWWHLPDJH/DSRSXODULWpTX¶LOUHYHQGLTXHYLVH
jFUpHUO¶LOOXVLRQGHODSUR[LPLWpHWGHO DXWKHQWLFLWp&HSHQGDQW-DFTXHPXVUHFKHUFKHpJDOHPHQWODFpOpEULWp
HW OD UHFRQQDLVVDQFH FRPSOpPHQWDLUHV GH OD GLPHQVLRQ PDUFKDQGH TXL UHVWH WUqV SUpVHQWH H
W T
XH Q
RXV
DOORQVH[SORUHUSOXVHQGpWDLOGDQVODSDUWLHVXLYDQWH
UDGXFWLRQGHO¶DQJODLV³,JUHZXSLQWKLVURDG«,WPHDQVHYHU\WKLQJWRPH«$WWKHHQGRIWKLVURDGP\PRPKRXVH´
7
-25,) 6\OYLD © ,O Q¶\ D HX TXH GH O¶DPRXU´ -DFTXHPXV GLW WRXW GH VRQ PDULDJH HQ 3URYHQFH HQH[FOXª92*8(SXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZYRJXHIUPDULDJHDUWLFOHPDULDJHMDFTXHPXVLQWHUYLHZPDUFRPDHVWUL
,ELG
3DUWLH8QHFRPPXQLFDWLRQTXLUHVWHWUqVPDUFKDQGH
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGX )LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH%HUVKNDGX
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGX )LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH0DQJRGX
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGX )LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH+ 0GX
&HV TXHOTXHV FRPSDUDLVRQV VDQV rWUH H[KDXVWLYHV SHUPHWWHQW GH VRXOLJQHU OD WULYLDOLWp D
YHF ODTXHOOH
-DFTXHPXV S
UpVHQWH VHV SURGXLWV PrPH VL SDUIRLV LOV VRQW SUpVHQWpV FRPPH GHV °XYUHV G
¶DUW &
HV
SUpVHQWDWLRQVVRQWHIILFDFHVSHUPHWWDQWGHYRLUOHSURGXLWHWUpSRQGHQWjO LPSpUDWLIPDUFKDQGGHODPDUTXH
-DFTXHPXV DVVXPH pJDOHPHQW FHWWH GLPHQVLRQ PDUFKDQGH © &HUWDLQV GLVHQW TXH MH IDLVGHVFKHPLVHV
TX¶RQSHXWWURXYHUSDUWRXW0DLVHQIDLVDQWXQHFKHPLVHFODVVLTXHDYHFMXVWHXQLPSULPpRXXQHEURGHULHMH
UpSRQGV DXVVL j XQH GHPDQGH ª ,O DVVXUH WRXWHIRLV ODFRKpUHQFHDYHFVRQGLVFRXUVGHVLPSOLFLWpHWGH
OX[H © ,O IDXW WURXYHU O¶pTXLOLEUH SRXU rWUH XQLTXH HW SRUWDEOHª PrPHVLSDUIRLVO¶LPDJHSRSXODLUHHVW
RXEOLpH©&HUWDLQVFRQWLQXHQWGHSHQVHUTXHoDPDUFKHSDUFHTXHMHSRVWHGHVVHOILHVjODSODJH3RXUWDQW
PHVFKHPLVHVjHXURVVRQWDFKHWpHVSDUGHVFOLHQWHVDPpULFDLQHVPRQSOXVJURVPDUFKpTXLQHPH
FRQQDLVVHQWSDV(OOHVFKHUFKHQWVLPSOHPHQWXQYrWHPHQWDYHFXQHLGHQWLWpª
8Q DXWUH DVSHFW GH OD GLPHQVLRQ PDUFKDQGH GDQV OHV GLVFRXUV GH -DFTXHPXV HVW OHV SRSXS V WRUHV
pSKpPqUHV TXH QRXV DYRQV pYRTXpV GDQV ODSUHPLqUHSDUWLH'DQVODPLVHHQSODFHGHFHVPDJDVLQVOD
GLPHQVLRQPDUFKDQGHHVWSOHLQHPHQWDVVXPpHHWSUHVTXHFDULFDWXUDOHOHVSURGXLWVpWDQWSUpVHQWpVGDQVXQ
GLVWULEXWHXU DXWRPDWLTXH GDQV XQ PDJDVLQ RXYHUW K GHX[ FDUDFWpULVWLTXHV GHV H
[FqV G
H OD
FRQVRPPDWLRQ (Q HIIHW HQWUH OH GpFHPEUH HW OH
GpFHPEUH j 3DULV -DFTXHPXV D
ODQFp V RQ
SUHPLHUSRSXSVWRUHHQWLqUHPHQWURVH/¶REMHFWLISRXUODPDUTXHpWDLWGHSURPRXYRLUODYHUVLRQURVHGXVDF
©/H %DPELQR /RQJ ª 'DQV XQ PHVVDJH SRVWp VXU ,QVWDJUDP OH GpFHPEUH j FHWWH R
FFDVLRQ
-DFTXHPXVLQYLWHWRXWOHPRQGHjHQWUHU,,DIILUPHYRXORLU©DEDWWUHOHVEDUULqUHVGDQVOHPRQGHGXOX[Hª
/¶HQVHPEOH GX GLVSRVLWLI WHQGDLW j IDFLOLWHU O DFFqV j VHV SURGXLWV GLVWULEXWHXUV DXWRPDWLTXHV H
W R
XYHUWXUH
K HQDGpTXDWLRQDYHFVDGpFODUDWLRQ )LJXUH
© -¶DL UHoX XQ GP >PHVVDJH GLUHFW LQVWDJUDP@ DXMRXUG¶KXL G¶XQH SHUVRQQH VH WURXYDQW G
HYDQW OH
PDJDVLQ PDLV pWDQW PDO j O DLVH j OD SHUVSHFWLYH G¶HQWUHU /D VLJQLILFDWLRQ GH F H S
URMHW H
VW
O RSSRVp / LGpH HVW G¶DEDWWUH OHV EDUULqUHV GDQV OH PRQGH GX OX[H 1RXV YRXORQV TXH Y RXV Y RXV
VHQWLH] OHVELHQYHQXVHWTXHYRXVD\H]XQHEHOOHH[SpULHQFHTXRLTXHYRXVIDVVLH]9RXVSRXYH]
MXVWHSDVVHUHWSUHQGUHXQHSKRWR&¶HVWoD-DFTXHPXVª
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
,ELG
2SFLW*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª
³6RPHRQHGPPHWRGD\VD\LQJWKDWKHZDVLQIURQWRIWKHVWRUHEXWZDVQ¶WIHHOLQJFRPIRUWDEOHWRHQWHU7KHPHDQLQJRIWKLV
SURMHFW LV WKH RSSRVLWH7KHLGHDRILWLVWREUHDNWKHERXQGDULHVLQWKHOX[XU\ZRUOG:HZDQW\RXWRIHHOZHOFRPHDQGKDYHDJUHDW
H[SHULHQFHZKDWHYHU\RXDUHJRLQJWRGR<RXFDQMXVWSDVVDQGWDNHDSLFWXUH7KLVLVZKDW-DFTXHPXVLVDERXW´
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
&HSHQGDQW FHWWH SRVWXUH TXH SUHQG -DFTXHPXV YLHQW VH KHXUWHU j O H[SpULHQFH UpHOOH GDQV OH E
XW G
H
UHFXHLOOLUXQWpPRLJQDJHGLUHFWQRXVDYRQVSDUWLFLSpjFHWpYpQHPHQW'XIDLWGHODPpGLDWLVDWLRQGXSRSXS
VWRUH O DFFHVVLELOLWp HQ D pWp IRUWHPHQW OLPLWpHWURLVKHXUHVGHTXHXHRQWpWpQpFHVVDLUHVDILQGHSRXYRLU
HQWUHUHWO¶HQWUpHpWDLWIDLWHSDUJURXSHGHSHUVRQQHVXQHILOHG¶DWWHQWHHWXQDFFqVGLJQHG¶XQHH[SRVLWLRQ
WHPSRUDLUH G¶DUW 8QH IRLV j O LQWpULHXU XQ K{WH G¶DFFXHLO SUpVHQWDLW O pYpQHPHQW 8QH YLGpR S
ULVH S
HQGDQW
FHWWHH[SpULHQFHQRXVDSHUPLVGHWUDQVFULUHVDSUpVHQWDWLRQ
©-HYDLVYRXVODLVVHUYLYUHYRWUHH[SpULHQFH9RXVIDLWHVFHTXHYRXVYRXOH]9RXVSRXYH]SUHQGUH
GHV S
KRWRV 9RXV SRXYH] PH GHPDQGHU GH SUHQGUH GHV SKRWRV VLYRXVYRXOH]6LYRXVDYH]GHV
TXHVWLRQV SDUHLO (W YRXV SRXYH] VXUWRXWHQOHYHUOHVPDVTXHVSRXUOHVSKRWRV(XK«HWVLYRXV
YRXOH] DFKHWHU GHV SURGXLWV YRXV DOOH] VXU OHV GHX[ p
FUDQV TXLVHWURXYHQWDXIRQGF¶HVWHQOLEUH
VHUYLFHYRXVSRXYH]GLUHXQSURGXLWYRXVSD\H]HWHQVXLWHoDRXYUHXQFDVLHU&¶HVWWUqVLQWXLWLIHWMH
YRXVODLVVHSURILWHUª
8Q DXWUH H[HPSOH GH FHWWH FRPELQDLVRQ HVW OD %UDGHULH -DFTXHPXV (Q - DFTXHPXV D
RUJDQLVpGHVYHQWHVSULYpHVVRXVOHQRPGH%UDGHULH/HPRW%UDGHULHHVWDVVRFLpjXQHIRLUHSRSXODLUHHW
PDUFKDQGHjODIRLVWHOOHODEUDGHULHGH/LOOHROHVDUWLFOHVVRQWYHQGXVjEDVSUL[ EUDGpVG¶REUDGHULH
& HVW XQH DSSHOODWLRQ j FRQQRWDWLRQ WUqV SRSXODLUH HW WUqV RXYHUWH WDQGLV TXH OHVDXWUHVPDUTXHVGHOX[H
SDUOHQW GH ³YHQWHV SULYpHV´ IHUPpHV UpVHUYpHV j GHV S
ULYLOpJLpV -DFTXHPXV D SUpVHQWp FHW p
YpQHPHQW
FRPPH XQ FDGHDX SRXU VHV FOLHQWV O¶RSSRUWXQLWpG¶DFKHWHUDYHFXQHUpGXFWLRQOHVFROOHFWLRQV-DFTXHPXV
&HSHQGDQW © 7RXW D pWp SHQVp DILQ TXH FHWWH YHQWH UHVVHPEOH j XQH H[SRVLWLRQ G DUW PDLV D
YHF G
HV
YrWHPHQWV ª /H PHVVDJH DQQRQoDQW OD %UDGHULH UHSUpVHQWDLW XQ SODQ FRPPH SRXUUDLW O pGLWHU X
QH
H[SRVLWLRQRXXQPXVpHHWOHVYrWHPHQWVpWDLHQWPLVHQYDOHXUHWGLVSRVpVDYHFHVSDFHFRQWUDLUHPHQWDX
IRXLOOL DXTXHO QRXV SRXUULRQV QRXV DWWHQGUH GDQV XQH EUDGHULH RX PrPH XQH YHQWH SULYpH/HVQRXYHDX[
VDFV &KLTXLWR pWDLHQW YHQGXV SOHLQ WDULI HW O DFFqV GHPDQGDLW DXVVL XQH DWWHQWH WUqV ORQJXH G
H S
OXVLHXUV
KHXUHV0rPHOHVVDFVGHVKRSSLQJVLJOpV-DFTXHPXVpWDLHQWSURSRVpVjODFDLVVHjWURLVHXURV
)LJXUH/D%UDGHULH-DFTXHPXV)DVKLRQ1HWZRUN )LJXUH/HPHVVDJHDQQRQoDQWOD%UDGHULH-DFTXHPXV
&RPPH GDQV OH FDV GX SRS XS VWRUH QRXV REVHUYRQV XQHPLVHDXWUDYDLOGXFRQVRPPDWHXUjWUDYHUVOD
ODUJHGLIIXVLRQGHO pYpQHPHQWSDUOHVUpVHDX[VRFLDX[RXDYHFOHVVDFVGHVKRSSLQJ
3DUFHVGHUQLHUVH[HPSOHVQRXVDYRQVSXPHWWUHHQpYLGHQFHODPLVHHQVFqQHjODTXHOOHSURFqGH
-DFTXHPXV G
DQV OD PLVHHQSODFHG¶XQHLPDJHSRSXODLUH2ULDQH'HVHLOOLJQ\UHSUHQDQW*pYDXGDQ
VRXOLJQH TXH OH SURILO VXU OHV UpVHDX[ VRFLDX[ © Q¶D MDPDLV pWp SOXV pORLJQp GH O¶LGHQWLWp UpHOOH ±
P
rPH
QXPpULTXH GH VRQ SURSULpWDLUH ,O Q¶HVW G
pVRUPDLV TX¶XQH YLWULQH XOWUDOpFKpH K\SHUFRQWU{OpH Q
H
UHIOpWDQW TXH FH TX¶RQ VRXKDLWH \ PHWWUH 'DQV OHV UpVHDX[ VRFLDX[ OHV PDUTXHVFRQVWUXLVHQWXQHLPDJH
PLVHHQVFqQHpFULYDQWO¶KLVWRLUHWHOOHTX¶RQDXUDLWYRXOXODYRLU *pYDXGDQ ª 1RXVDYRQVYXGDQV
FHWWHSDUWLHTXH-DFTXHPXVjWUDYHUVO¶HWKRVTX¶LOFRQVWUXLWHWVRQGLVFRXUVSRSXODLUHPHWHQVFqQHO¶LPDJH
SRSXODLUH GH VD PDUTXH HQ RSSRVLWLRQ DX[ DXWUHV P
DUTXHV GH OX[H $ FH WLWUH QRXV SRXYRQV Y DOLGHU
SDUWLHOOHPHQW QRWUH GHX[LqPH K\SRWKqVH GDQV OD PLVH HQ UpFLW GH VRQ LGHQWLWp j WUDYHUV O¶HWKRV T
X¶LO
FRQVWUXLW-DFTXHPXVWHQWHGHFUpHUXQHLPDJHSRSXODLUH
1RXV QH SRXYRQV WRXWHIRLV YDOLGHU HQWLqUHPHQW FHWWH K\SRWKqVH ³/D QpJDWLRQ GX OX[H -DFTXHPXVXQH
PDUTXH SRXU WRXW OH PRQGH "´ 6L -DFTXHPXV SDU O¶DXWKHQWLFLWp HW ODSUR[LPLWpTX¶LOPHWHQSODFHSUpWHQG
SDUOHUjWRXVLOQHQLHSDVOHOX[HGRQWLOVHUHYHQGLTXHHWTXHQRXVDYRQVPRQWUpGDQVODSUHPLqUHSDUWLH
-DFTXHPXVQ¶HVWSDVXQHPDUTXHSRSXODLUHVHVSUL[HQWpPRLJQHQWDLQVLTXHOHVHIIRUWVTX¶LOGpSORLHGDQV
VD FRPPXQLFDWLRQ SRXU ³IDLUH SRSXODLUH´ WRXW HQ SUpVHUYDQW O¶DXUD TX¶LO FRQVWUXLW 3DU VD F RQVWUXFWLRQ
FRPSOH[H -DFTXHPXV YHXW ³IDLUH OX[H´ DXWUHPHQW /¶DIIHFWLYLWp TXH FHWWHFRPPXQLFDWLRQSRSXODLUHSHXWOXL
&20081,(5$GULHQ©-DFTXHPXVH[DOWHOHVIRXOHVDYHFVDEUDGHULHª)DVKLRQ1HWZRUNSXEOLpOHFRQVXOWpHQOLJQHOH
85/KWWSVIUIDVKLRQQHWZRUNFRPQHZV-DFTXHPXVH[DOWHOHVIRXOHVDYHFVDEUDGHULHKWPO
,ELG
,ELG
'(6(,//,*1<2ULDQH©'XMRXUQDOLQWLPHDXEORJTXHOOHVPpWDPRUSKRVHVGXWH[WH"ª3DULV6RUERQQH*5,3,&)5$1&(
SDJHVj
DSSRUWHUHVWDXVHUYLFHG¶XQHPLVHHQVFqQHTXLDERXWLWDXU{OHTX¶LOVHPEOHYRXORLUSUHQGUHGDQVOHPRQGH
GH OD PRGH © 6RXYHQWQpDQPRLQVRQUHWURXYHSDUPLOHVPDUTXHVD\DQWXQIRUWFDSLWDOG DIIHFWLYLWpFHOOHV
TXLRQWVXjXQPRPHQWGRQQprWUHO LQWHUSUqWHG XQFKDQJHPHQWGHP°XUVFXOWXUHORXVRFLDOª 6HPSULQL
QRXV RULHQWH YHUV OH UpHO EXW UHFKHUFKp j WUDYHUV OD PLVH HQ SODFH GH FHWWH FRPSOH[LWp D
SSDUHPPHQW
SDUDGR[DOH
3DUWLH/DPLVHHQSODFHG¶XQHFRPPXQDXWpGHIDQVIRUWH
3DUWLH0LVHHQSODFHG¶XQV\VWqPHGHYDOHXUV
+HLOEUXQQ GpILQLW OD PDUTXH FRPPH © XQ GLVSRVLWLI TXL DUWLFXOH XQH pWKLTXH XQH IDoRQ G
H Y RLU OH
PRQGHHWGHVHFRPSRUWHU³FHjTXRLHOOHPDUFKH´SRXUUHSUHQGUHO¶H[SUHVVLRQGH-HDQ0DULH)ORFK HWXQH
HVWKpWLTXH OHV pOpPHQWV ILJXUDWLIV TXL OD UHQGHQW UHFRQQDLVVDEOH VHORQ XQ SURFHVVXV G¶HQULFKLVVHPHQW
SURJUHVVLISDUWDQWG¶XQQLYHDXDEVWUDLW OHSURJUDPPHGHODPDUTXH PLVHQVFqQHGDQVXQUpFLWSXLVPLVHQ
VLJQHGDQVGHVLGHQWLILDQWVGHPDUTXHª
3OXVSUpFLVpPHQWGDQVXQSDUFRXUVJpQpUDWLIXQHPDUTXHVHIRQGHDXWRXUG¶XQV\VWqPHGHYDOHXUVIRUPDQW
VD YLVLRQ GX PRQGH QLYHDX FRQFHSWXHO RX QLYHDXQDUUDWLISURIRQG &HVYDOHXUV VRQ³pWKLTXH´ VRQWDORUV
PLVHV HQ UpFLW DX QLYHDX QDUUDWLI GH VXUIDFHHWGHYLHQWXQ³UpFLWGHPDUTXH´ODPDUTXHV¶HQJDJHVXUVRQ
V\VWqPHGHYDOHXUV(QILQODPDUTXHPHWHQSODFHGHVVLJQHVGHUHFRQQDLVVDQFHHWG¶LGHQWLILFDWLRQXQQRP
GH PDUTXH X
Q ORJR XQ GHVLJQGHVSRLQWVGHYHQWHVHWWRXWXQHQVHPEOHG¶pOpPHQWVTXLDSSDUWLHQQHQWDX
QLYHDXILJXUDWLI
SFLW6(035,1,$QGUHDS
2
$%,'$ELU&+$%&+28%%(1+$0$',+pOD©/X[HHWFRQYLYLDOLWpHQWUHLQDFFHVVLELOLWpHWSDUWDJHª,QVWLWXW6XSHULHXUGHV$UWV
0XOWLPHGLDVGHOD0DQRXED,6$008QLYHUVLWHGHGH0DQRXED
,ELG
,ELG
&$63(5*UHJRU\HW%5,21(6(ULF©/DJpQpUDWLRQ<HWOHOX[Hª
2SFLW+(,/%5811%HQRvW
1RXV DYRQV YX GDQV OHV GHX[ SUHPLqUHV SDUWLHV FRPPHQW -DFTXHPXV PHW HQ VFqQH j OD IRLV XQH LPDJH GH
PDUTXH GH OX[H HW XQH LPDJH SRSXODLUH 1RXV DOORQV YRLU FRPPHQW FHV GHX[ DVSHFWV VRQW DX F°XU GX
V\VWqPH GH YDOHXUV TX¶LO UHYHQGLTXH
3DUWLH -DFTXHPXV WHQWH GH VH GRQQHU XQ U{OH ³QREOH´ GDQV OH PRQGH GH OD PRGH HW GX OX[H
/¶KLVWRLUH G¶XQH PDUTXH HW SOXV SDUWLFXOLqUHPHQW OD PLVH HQ UpFLW GHV UHVVRUWV GH VD FUpDWLRQ © HVW XQ
OHYLHU GH VHQV WUqV SXLVVDQW SRUWHXU GH YDOHXUV HW G¶pOpPHQWV HIILFDFHV GH GLIIpUHQFLDWLRQ HW GH
SRVLWLRQQHPHQW ª 1RXV DOORQV GDQV FHWWH SDUWLH DQDO\VHU OHV YDOHXUV PLVHV HQ MHX SDU -DFTXHPXV j
WUDYHUV OH U{OH TX¶LO VH GRQQH HW TX¶LO PHW HQ VFqQH GDQV VRQ GLVFRXUV 1RWUH GpPDUFKH VH IRQGH LFL VXU
O¶H[DPHQ GH OD PLVH HQ UpFLW GH -DFTXHPXV j O¶DLGH GH O¶DQDO\VH DFWDQFLHOOH GpYHORSSpH SDU *UHLPDV
1RXV QRXV DSSXLHURQV VXU OH WUDYDLO G¶(XJpQLH %ULRW HW &KULVWHO GH /DVVXV © /D ILJXUH GH O¶HQWUHSUHQHXU
IRQGDWHXU GDQV OH UpFLW GH PDUTXH HW OD FRQVWUXFWLRQ GH OD SHUVRQQDOLWp GH OD PDUTXH GH OX[H ª TXL VH VRQW
FRQFHQWUpHV VXU PDUTXHV GH OX[H %LHQ TX¶HOOHV DLHQW pWXGLp OH VFKpPD DFWDQFLHO GH PDUTXHV GH OX[H
GDQV OD QDUUDWLRQ GH OHXU IRQGDWLRQ FHUWDLQHV FDUDFWpULVWLTXHV SHXYHQW rWUH UHSULVHV GDQV OD GHVFULSWLRQ GX
U{OH TXH -DFTXHPXV V¶DWWULEXH GDQV VD PLVH HQ VFqQH SDUPL OHV DXWUHV PDUTXHV GH OX[H DXGHOj GH VD
IRQGDWLRQ /H VFKpPD DFWDQWLHO GH *UHLPDV )LJXUH © DQDO\VH HQ HIIHW OHV IRUFHV VWUXFWXUDQW OH UpFLW
HQYLVDJpHV FRPPH DXWDQW G¶³DFWDQWV´ &H VFKpPD DFWDQWLHO PHW DLQVL HQ MHX XQ VXMHW HQ TXrWH G¶XQ REMHW
SULV HQWUH G¶pYHQWXHOV DGMXYDQWV TXL IDYRULVHQW O¶DFWLRQ HW RSSRVDQWV TXL \ QXLVHQW /H GHVWLQDWHXU LQFLWH j
FHWWH DFWLRQ WDQGLV TXH OH GHVWLQDWDLUH HQ EpQpILFLH ª
'DQV OH FDV GH -DFTXHPXV OH VXMHW RX OH KpURV GX VFKpPD DFWDQFLHO GH *UHLPDV HVW 6LPRQ -DFTXHPXV
OXLPrPH -DFTXHPXV GpFULW j WUDYHUV GLYHUVHV LQWHUYLHZV ³OD QDLVVDQFH GX KpURV´ VRQ SDUFRXUV LQLWLDWLTXH
HW OHV pSUHXYHV TX¶LO D G SDUFRXULU GDQV VD TXrWH DILQ GH GHYHQLU OH FUpDWHXU TX¶LO HVW DXMRXUG¶KXL 6HORQ %ULRW
HW GH /DVVXV © /H UpFLW GH OD TXrWH VLQJXODULVH OD ILJXUH GX IRQGDWHXU GH OD PDLVRQ GH OX[H HW OH FRQVWUXLW HQ
WDQW TX¶HQWUHSUHQHXU ,O UpYqOH OHV SHUVRQQDOLWpV GRXpHV G¶XQ VHQV GH O¶DXGDFH HW GX FRXUDJH SOXV JUDQG
HQFRUH VL OHV RULJLQHV GX IRQGDWHXU O¶pORLJQHQW JpRJUDSKLTXHPHQW GH OD FDSLWDOH IUDQoDLVH R O¶DWWHQG OH
VXFFqV ª &¶HVW H[DFWHPHQW OH FDV GDQV OD QDUUDWLRQ GH -DFTXHPXV LO TXLWWH VD SHWLWH YLOOH HQ 3URYHQFH R
LO HVW Qp HW D JUDQGL SRXU SRXUVXLYUH OD TXrWH GH VRQ REMHFWLI © $ORUV GqV TXH M¶DL HX DQV HW TXH M¶DL
%5,27 (XJHQLH '( /$6686 &KULVWHOOH © /D ILJXUH GH O¶HQWUHSUHQHXU IRQGDWHXU GDQV OH UpFLW GH PDUTXH HW OD FRQVWUXFWLRQ GH OD
SHUVRQQDOLWp GH OD PDUTXH GH OX[H ª 0DQDJHPHQW ,QWHUQDWLRQDO DRW
,ELG
,ELG
WHUPLQpPHVpWXGHVMHPHVXLVLQVWDOOpj3DULVSRXUSRXUVXLYUHPHVUrYHVª LOVRXOLJQHOHVGLIILFXOWpVTX LO
DGVXUPRQWHU©dDQ¶DSDVpWpIDFLOH-¶DLpWpOHSUHPLHUGHPDIDPLOOHjTXLWWHUOHQLGHWOHYLOODJH0DLVMH
O¶DLIDLWªPDLVDXVVLVDVLQJXODULWp©3HUVRQQHjSDUWPRLQ HVWSDUWLGXYLOODJHª 2QREVHUYHGDQVOD
PLVH HQ UpFLW GH VD TXrWH XQ SURILO GX KpURV TXH %ULRW HW GH /DVVXV DSSHOOHQW ³XQ SURILO G
¶DYHQWXULHU´
F HVWjGLUH©TXLQ¶KpVLWHSDVjWRXWDEDQGRQQHUHWjSDUFRXULUOHPRQGHSRXUWURXYHUVDYRLHª8QHLPDJH
G¶HQWUHSUHQHXU HVW SULQFLSDOHPHQW DWWDFKpH j OD ILJXUH GX IRQGDWHXU GH OD PDLVRQ GH OX[H H
W V L OH P
RW
³HQWUHSUHQHXU´Q¶HVWSDVPHQWLRQQp©VRQU{OHGHIRQGDWHXUIDLWFHSHQGDQWLQWULQVqTXHPHQWGXSHUVRQQDJH
XQHQWUHSUHQHXUª -DFTXHPXVjWUDYHUVGLIIpUHQWVLQWHUYLHZVQHVHGpFULWMDPDLVSDUOHPRW³HQWUHSUHQHXU´
PDLV VXJJqUH TX¶LO D OHV TXDOLWpV HQWUHSUHQHXULDOHV © $UULYp DX EXUHDX M¶DL GHX[ FDVTXHWWHV F HOOH G
H
GLUHFWHXU GH PD PDUTXH HW FHOOH GH GLUHFWHXU DUWLVWLTXHª ©'HSXLV OH GpEXW MH VXLV j OD IRLV G
LUHFWHXU
DUWLVWLTXH HW SDWURQª ©-H QH VXLV SDV VHXOHPHQW GHVLJQHU MH P¶LPSOLTXH DXVVL j G¶DXWUHV Q
LYHDX[
VWUDWpJLHJHVWLRQHWFª-DFTXHPXVHQWDQWTX¶DYHQWXULHUHWHQWUHSUHQHXUUHYHQGLTXHODSODFHGXVXMHWHW
GX KpURV GDQVOHVFKpPDDFWDQFLHO,OSUHQGFHU{OHGHKpURVGHPDQLqUHWUqVURPDQHVTXHOXLGRQQDQWXQ
GLPHQVLRQ ³QREOH´ TXDQG LO GpFODUH ©0DLV PRL MH Q pWDLV SDV Oj SRXU HVVD\HU & HVW PD Y LH T
XH MH
MRXDLVª 2Q\YRLWO¶HQJDJHPHQWGXFKHYDOLHUTXLGDQVODUHSUpVHQWDWLRQLPDJpHGXVFKpPDDFWDQFLHOHVW
SUrWjGRQQHUVDYLHSRXUVDXYHUODSULQFHVVHF HVWjGLUHDFFRPSOLUVDTXrWH
%ULRW HW GH /DVVXV VRXOLJQHQW TXH SRXU OHV PDUTXHV GH OX[H © 'H WRXV OHV UpFLWV OD IRQFWLRQ G
H
GHVWLQDWHXU DFWDQWLQVWLJDWHXUGHODTXrWH HVWDEVHQWH&HWUDLWHVWH[WUrPHPHQWVLJQLILFDWLIGDQVODPHVXUH
R LO SUpVHQWH OH VXMHW FRPPH XQSHUVRQQDJHHQWLqUHPHQWOLEUHGHVHVDFWHVGRQWULHQQLSHUVRQQHVLQRQ
OXLPrPHQHGpWHUPLQHOHFKHPLQHPHQW(WHQFHODLOUHQIRUFHSXLVVDPPHQWO¶LGHQWLWpG¶HQWUHSUHQHXUª /
D
IRQFWLRQ GH GHVWLQDWHXU HVW pJDOHPHQW DEVHQWH GDQV OD QDUUDWLRQ GH -DFTXHPXV oD YLHQW GH OXLPrPH
©-¶DYDLVSDVOHFKRL[oDV HVWLPSRVpjPRLGHSXLVSHWLW&¶pWDLWoDHWULHQG¶DXWUHjYUDLGLUH-¶DLWRXMRXUV
YRXOX FUpHU ª ©-¶pWDLVREVpGpSDU3DULVHWSDUO¶LGpHGHIDLUHTXHOTXHFKRVHHQOLHQDYHFODPRGHª
©-¶DL FKRLVL OD PRGH PDOJUp PRL -H YRXODLV UDFRQWHU GHV KLVWRLUHVௗ OD PRGH HVW XQ ERQ Y pKLFXOH S
RXU
FHODª -DFTXHPXVVHUDFRQWHHQGHKRUVG¶XQFRQWH[WHPDUFKDQGHQVHGpILQLVVDQWWRXWG¶DERUGSDUVRQ
EHVRLQ GH FUpHU ,O EkWLWODOpJHQGHGXFUpDWHXULQFDUQpTXLjDQVV¶LQVFULYDLWGpMjGDQVXQSURFHVVXVGH
FUpDWLRQ HQ FUpDQW XQH MXSH SRXU VD PqUH © $DQVM DLDUUDFKpXQULGHDXHQOLQEHLJHWUqVEHDXMHO DL
GpFRXSpDYHFGHVFLVHDX[M \DLSHUFpGHVWURXVIDLWXQHVRUWHGHODoDJHDYHFOHVODFHWVYHUWVGHIDXVVHV
&RQYHUVHHWMHOXLDLIDLWXQHMXSH(OOHO DSRUWpHMHODUHYRLVPDUFKHUDYHFGHKRUV(WHOOHP DGLWTXHM pWDLV
OH PHLOOHXU TXH MH SRXYDLV WRXW IDLUHª 0DLVVLGDQVODUHFKHUFKHGH%ULRWHWGH/DVVXVODQDUUDWLRQGHV
PDUTXHV GH OX[H VH IDLW DXWRXU GH OHXU IRQGDWLRQ OD TXrWH GH -DFTXHPXV YD DXGHOj GH OD IRQGDWLRQ G
H
SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
2SFLW%5,27(XJHQLH'(/$6686&KULVWHOOH
2SFLW©6LPRQ3RUWH-DFTXHPXVª/HV(FKRV
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
2SFLW%5,27(XJHQLH'(/$6686&KULVWHOOH
©(QWUHWLHQDYHFXQFUpDWHXU6LPRQ3RUWH-DFTXHPXVª0VWXGLRSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVPVWXGLRZRUGSUHVVFRPHQWUHWLHQDYHFXQFUHDWHXUVLPRQSRUWHMDFTXHPXV
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW©6LPRQ3RUWH-DFTXHPXVª/HV(FKRV
'8&2851$8(PPDQXHOOH©-DFTXHPXV³0DPDQPRQDPRXUDPRXUGHPDYLHª0DULH&ODLUHFRQVXOWpHQOLJQH
85/KWWSVZZZPDULHFODLUHIULQWHUYLHZVLPRQSRUWHMDFTXHPXVPRGHELRJUDSKLHDVS
O¶HQWUHSULVH ,OV¶DVVLJQHXQHPLVVLRQGDQVOHPRQGHGHODPRGHHWGXOX[HTXLYLHQWGHVDSURSUHYRORQWp
HOOHPrPHLQVSLUpHSDUXQEHVRLQSHUVRQQHOLUUpSUHVVLEOHLOHVWjODIRLVOHKpURVHWOHGHVWLQDWHXU
/¶REMHW RX O¶REMHFWLI GH VD TXrWH HVW GH FUpHU OD PRGH DFFHVVLEOH HW FRPSUpKHQVLEOH S
RXU WRXW OH
PRQGH©0RLMHYHX[TXHPDJUDQGPqUHFRPSUHQQHFHTXHMHIDLV(WTXHVDPHLOOHXUHDPLHODIDFWULFH
GHPRQYLOODJHSXLVVHSRUWHUPHVFROOHFWLRQV&HTX¶HOOHIDLWUpHOOHPHQWFHVGHUQLHUVWHPSVGXUHVWH«ª©
-HYHX[SDUOHUDXSOXVJUDQGQRPEUHTXHODERXODQJqUHP¶DUUrWHSRXUPHGLUHTX¶HOOHDGRUHPDFROOHFWLRQ
TXH PD JDUGLHQQH DLW GHV IULVVRQV HQ YR\DQW PRQGpILOpTXHOHVJHQVVXU,QVWDJUDPVRLHQWWRXFKpV0HV
FROOHFWLRQV GRLYHQW rWUH FRPSUpKHQVLEOHV SRXU TXH FKDFXQ SXLVVH VH OHV DSSURSULHUª © 8
Q G
H P
HV
SRVWXODWVGHGpSDUWpWDLWTXHPHVFRSLQHVSXLVVHQWP¶DFKHWHU$ORUVSRXUXQMHXQHFUpDWHXU0DGHLQ)UDQFH
HWLQ3DULVMHVXLVGpMjDFFHVVLEOHª
'DQVOHVFKpPDDFWDQFLHOGH*UHLPDVOHV³DGMXYDQWV´VRQWOHVSHUVRQQDJHVpYpQHPHQWVRXREMHWV
SRVLWLIVTXLDLGHQWOHKpURVGDQVVDTXrWH©/DIRQFWLRQG¶DGMXYDQWHSHUPHWGHQRXUULUODSHUVRQQDOLWpGHOD
PDUTXHDYHFIRUFHVHORQODQDWXUHGHO¶DGMXYDQWTXLYLHQWHQDLGHDXVXMHWGDQVVDTXrWHGHO¶REMHWª /
H
SULQFLSDO DGMXYDQW TXH -DFTXHPXV UHFRQQDvWHVWVDPqUHGpFpGpH/DPRUWGHVDPqUHHVWXQpYpQHPHQW
GpFOHQFKHXUSRXUOHKpURVLOSODFHODPRUWGHVDPqUHjO¶RULJLQHGHVDPDUTXHF¶HVWDSUqVVRQGpFqVTX¶LO
GpFLGHGHFUpHUVDPDUTXH©8QPRLVDSUqVrWUHDUULYpj3DULVPDPqUHHVWGpFpGpHVXELWHPHQW6DPRUWD
WRXW FKDQJp SRXU PRL -¶pWDLV PDLQWHQDQW FRQVFLHQW TXH WRXW SRXYDLW V¶DUUrWHU GX MRXU DX OHQGHPDLQ 4XH
SDUIRLV RQ Q¶DYDLW SDV GH GHX[LqPH FKDQFH -H QH Y RXODLV SOXV SHUGUH XQH PLQXWH -¶DL GRQF G
pFLGp G
H
ODQFHUPDSURSUHPDUTXH&¶HVWDLQVLTX¶HVWQp-DFTXHPXVª ,ODGPHWTXHVDPqUHHVWVRQLQVSLUDWLRQ
©3DUFRQWUHLOHVWFODLUTXHMHFUpHSRXUPDPqUH4XDQGMHO¶DLSHUGXHHQF¶HVWSRXUHOOHTXHM¶DLIDLW
PD PDUTXH G¶DLOOHXUV HOOH SRUWH VRQ QRP (OOH LQVSLUH FKDTXH FROOHFWLRQ HW oD F¶HVW VDQV G
RXWH X
Q S
HX
SKLORVRSKLTXH ª ,O SDUOHG¶HOOHFRPPHGHVRQDQJHJDUGLHQ© MHVDLVELHQTXHM¶DLXQDQJHJDUGLHQMH
UHWRPEHWRXMRXUVVXUPHVSDWWHVª 6HORQ%ULRWHWGH/DVVXV©'HVDGMXYDQWVDVVRFLpVDPLVRXPHPEUHV
GHODIDPLOOHYLHQQHQWSUrWHUPDLQIRUWHDXVXMHWHWSODFHQWVDTXrWHG¶HQWUHSUHQHXUVRXVOHVLJQHGHO¶DPLWLp
GHO¶DPRXUHWRXGHYDOHXUVIDPLOLDOHVª /HSULQFLSDODGMXYDQWGH-DFTXHPXVVDPqUHSODFHTXDQWjOXLVD
TXrWH VRXV OH VLJQH GH O¶DPRXU HW GH OD ILOLDWLRQ DSSRUWDQW DX VXMHW XQH DLGH LQVSLUDWLRQQHOOH S
OXW{W T
XH
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´
2
2SFLW+$0(//(&DUROLQH©/ LQWHUYLHZ1RUPFRUH'H-DFTXHPXVª
2SFLW%5,27(XJHQLH'(/$6686&KULVWHOOH
,ELG
2SFLW©,OpWDLWXQHIRLV-DFTXHPXV ª
2SFLW256,1,5DSKDsOOH©/¶DQWL,QWHUYLHZ3KLORVRSKLTXH'H6LPRQ3RUWH-DFTXHPXVª
%28&5(8;2OLYLHU-DFTXHPXVOHFUpDWHXUTXLVHQWERQOH6XGFRQVXOWpHQOLJQH85/
KWWSVZZZPRQWSHO\HDKFRPUHQFRQWUHMDFTXHPXVOHFUHDWHXUTXLVHQWERQOHVXG
2SFLW%5,27(XJHQLH'(/$6686&KULVWHOOH
SK\VLTXH RX WHFKQLTXH /HV U{OHV GHVXMHWGHGHVWLQDWHXUHWG¶DGMXYDQWVHPEOHQWSUHVTXHIXVLRQQHUHQXQ
VHXO OH FKRL[ GX QRP GH OD PDUTXH -DFTXHPXV G¶DSUqV OH QRP GH MHXQH ILOOH GH VD PqUH H
Q H
VW X
Q
WpPRLJQDJH FH TXLUHQIRUFHO¶DXWRQRPLHGH-DFTXHPXV©VUGHVDYRLHDFFRPSOLVVDQWVRQ°XYUHVDQV
DYRLUjUHFRXULUjDXFXQHDLGHª
'DQVVDTXrWH-DFTXHPXVIDLWIDFHDX[³RSSRVDQWV´TXLFKHUFKHQWjHPSrFKHUVDTXrWH6HORQ%ULRW
HWGH/DVVXVODIRQFWLRQG¶RSSRVDQWGDQVODQDUUDWLRQGHOHXUIRQGDWLRQSDUOHVPDUTXHVGXOX[HSHXWV¶DJLU
G¶XQ ©FRQWH[WH KLVWRULTXH HQYLURQQHPHQWDO RX FXOWXUHO GpIDYRUDEOHª 'DQV OH FDV GH -DFTXHPXV OHV
RSSRVDQWjVDTXrWHVRQWOHVVWDQGDUGVGHODPRGHHWGXOX[HDX[TXHOVLOV¶RSSRVHHWGRQWLOYHXWFDVVHUOHV
FRGHVHWHQDEDWWUHOHVEDUULqUHV©-HYRXODLVTXHPDJUDQGPqUHFRPSUHQQHQHSDVPHWWUHGHEDUULqUH
DYHFOHSXEOLF-HWURXYDLVTX LO\HQDYDLWWURSGDQVODFUpDWLRQª©- DLFKHUFKpjOHYHUOHVEDUULqUHVHQWUH
OD ILJXUH GX MHXQH FUpDWHXU HW OH SXEOLF ¬ PHV GpEXWVGHYDQWOHWUDYDLOGHVGHVLJQHUVMHYR\DLVELHQTXH
SHUVRQQH QH FRPSUHQDLW FH TX LOV DYDLHQW j GLUH LOV pWDLHQW WHOOHPHQW ORLQ VXU OHXU SLpGHVWDO D
YHF OHXUV
FRQFHSWV LQWHOOHFWXDOLVDQWV DXWRXU GH O DUFKLWHFWXUH H
WF 0RL MH YHX[ H[SORUHU GHV WKpPDWLTXHVTXHWRXWOH
PRQGHSHXWDSSUpFLHUª©M¶DLUHVVHQWLGDQVOHVVRLUpHVHWOHVFRFNWDLOVGHVUHJDUGVPpFKDQWVSURYHQDQW
GHV DQFLHQQHV JpQpUDWLRQVª ©4XDQG M¶DYDLVDQVMHWURXYDLVDQJRLVVDQWVWRXVFHVMHXQHVFUpDWHXUV
TXL GLVDLHQW DYRLU WURXYp O¶LQVSLUDWLRQ GDQV XQ FRQFHSW G¶DUFKL OLp j XQ IDQW{PH OLp j O¶LGpH G
H S
LHUUHV
SDUVHPpHV VXU XQ GUDS« 0RLMHYHX[TXHPDJUDQGPqUHFRPSUHQQHFHTXHMHIDLV(WTXHVDPHLOOHXUH
DPLHODIDFWULFHGHPRQYLOODJHSXLVVHSRUWHUPHVFROOHFWLRQVª
,ELG
,ELG
3RGFDVW6LPRQ3RUWH-DFTXHPXV©/DPRGHQHGRLWSDVSDUOHUTXHGHOD3DULVLHQQHªSXEOLp /H0RQGH85/
KWWSVZZZOHPRQGHIUSRGFDVWVDUWLFOHVLPRQSRUWHMDFTXHPXVODPRGHQHGRLWSDVSDUOHUTXHGHODSDULVLHQQHBB
KWPO
2SFLW*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª
2SFLW*2/%,13DPHOD©+RPPDJHj3LHUUH&DUGLQ(QWUHWLHQDYHF6LPRQ3RUWH-DFTXHPXVHW3LHUUH&DUGLQ ª
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
2SFLW©6LPRQ3RUWH-DFTXHPXVODVXFFHVVVWRU\³PDGHLQ3DULV´ª
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
3DUWLH/HOX[HDFFHVVLEOHODTXrWHUHYHQGLTXpHGH-DFTXHPXV
-DFTXHPXVGDQVVDPLVHHQVFqQHUHYHQGLTXHO DFFHVVLELOLWpGHVDPDUTXHHWO¶DFFHVVLELOLWpGXOX[H
&RPPHQRXVO¶DYRQVYXSDUO¶DQDO\VHDFWDQFLHOOHLOV¶DWWULEXHXQU{OHSDUWLFXOLHUOHU{OHGHFHOXLTXLDSSRUWHOH
OX[HjWRXV1RXVDOORQVGpYHORSSHULFLO¶REMHWGHODTXrWHTX¶LOUHYHQGLTXH4XDQGLOGpFODUH©0DPRGHHVW
SRS FRPSUpKHQVLEOH SDU WRXW OH PRQGH &KDFXQ YLHQW DYHF VRQ SURSUH EDJDJH FHOD G
HPHXUH WUqV
DFFHVVLEOH ª LO V LQVFULW GDQV XQHSHUVSHFWLYHGHPDUTXHTXLVRLWDFFHVVLEOHjWRXV,OWLHQWVRQpTXLOLEUH
HQWUHOHOX[HHWO¶DFFHVVLELOLWpHQDVVRFLDQWOHVWKqPHVGXOX[HUHSUpVHQWpVGDQVOHVFLWDWLRQVVXLYDQWHVSDU
OHV WHUPHVGH³FROOHFWLRQ´³FRPSUHQGUH´ FRPPHRQDEHVRLQGHFRPSUHQGUHXQHRHXYUHG¶DUW ³FUpDWHXU´
³H[SpULHQFH´ DUWLILFDWLRQ DYHFGHVH[HPSOHVGHPRQVLHXUHWPDGDPH³WRXWOHPRQGH´ ©0RLMHYHX[TXH
PDJUDQGPqUHFRPSUHQQHFHTXHMHIDLV(WTXHVDPHLOOHXUHDPLHODIDFWULFHGHPRQYLOODJHSXLVVHSRUWHU
PHV FROOHFWLRQV ª
RX © $ORUV SRXU XQ MHXQH FUpDWHXU 0DGH LQ )UDQFH HW LQ 3DULV MH V XLV G
pMj
DFFHVVLEOHªRXHQFRUH©/ LGpHHVWG¶DEDWWUHOHVEDUULqUHVGDQVOHPRQGHGXOX[H1RXVYRXORQVTXHYRXV
YRXVVHQWLH]OHVELHQYHQXVHWTXHYRXVD\H]XQHEHOOHH[SpULHQFHª 4XDQGLOGpFODUH©0HVFROOHFWLRQV
GRLYHQW rWUH FRPSUpKHQVLEOHV SRXU TXH FKDFXQ SXLVVH VH OHV DSSURSULHU ª LO XWLOLVH XQ YRFDEXODLUH T
XL
SRXUUDLW V¶DSSOLTXHU GH OD PrPH PDQLqUH j XQ DUWLVWH SHLQWUH RX FRPSRVLWHXU PHV °XYUHV G
RLYHQW r
WUH
FRPSUpKHQVLEOHVSRXUTXHFKDFXQSXLVVHVHOHVDSSURSULHU,OMRXHVXUODSRO\VpPLHGXYHUEHDSSURSULHUOH
VHQVOLWWpUDOpWDQWODSRVVHVVLRQHWOHVHQVILJXUppWDQWODFRPSUpKHQVLRQGHO °XYUH
&¶HVWXQHWKpPDWLTXHTX¶LOUHSUHQGGHPDQLqUHLQGLUHFWHGDQVVHVLQVSLUDWLRQVOHWKpkWUHGHVRQGpILOpGDQV
OH SDUF QDWXUHOGHV&DODQTXHVHVW©XQGHPHVOLHX[SUpIpUpVDXPRQGHXQERXWGHSDUDGLVG XQHJUDQGH
VLPSOLFLWp DXTXHO WRXV OHV 0DUVHLOODLV SHXYHQW DYRLU DFFqV ª DYHF O¶DVVRFLDWLRQ GX SDUDGLVDFFHVVLEOHj
WRXV
3RXUFHIDLUHLOSUHQGO¶RSSRUWXQLWpGHVUpVHDX[VRFLDX[PpGLDGHVSOXVDFFHVVLEOHVLOHPEUDVVHOHSRXYRLU
pJDOLWDLUH HWOHU\WKPHGHVUpVHDX[VRFLDX[HWHQIDLWXQHXWLOLVDWLRQLQWHQVLYH.DSIHUHULGHQWLILHO¶XWLOLVDWLRQ
GHSOXVHQSOXVLQWHQVHG¶LQWHUQHWHWGHVUpVHDX[VRFLDX[FRPPHXQULVTXHSRXUOHVPDUTXHVGHOX[H©/H
OX[HDXFRQWUDLUHUHOqYHG¶XQPRQGHROHWHPSVV pFRXOHOHQWHPHQWSUHVTXH GHO LQWHPSRUDOLWp/¶,QWHUQHW
FRQWUDLQGUD S
HXWrWUH OHV PDUTXHV j PRGLILHU FHWWH H
VVHQFH D GHYHQLU SOXV K\EULGHV H
Q V DFULILDQW
pYHQWXHOOHPHQW OHXU VSpFLILFLWp VXU O¶DXWHO GH OD PRGH RX GH OD FpOpEULWp >@ $X ULVTXH G
¶XQH J
UDQGH
FRQIXVLRQG¶XQHGpSHUGLWLRQGHVHQVWRXWHVOHVPDUTXHVGHYLHQQHQWFRPSDUDEOHVHWDFFHVVLEOHV/HGDQJHU
HVW UpHO j ORQJ WHUPH GH FUpHU OD EDQDOLWpHQUpGXLVDQWOHVPDUTXHVjGHVFOLFVGHVSURGXLWVHWGHVSUL[
(QILQ O DUULqUHSODQ pJDOLWDLUH G¶,QWHUQHW HW GHV UpVHDX[ VRFLDX[ PRGLILH OD QDWXUH GH OD UHODWLRQ H
QWUH OHV
PDUTXHV HW OHXUV FOLHQWV 8QH PDUTXH FRSDLQ SHXWHOOH IDLUH UrYHU"ª -DFTXHPXVWHQWHGHUpSRQGUHDX
SDUDGR[HH[SRVpLFLSDU.DSIHUHU
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHGpILQLW³DFFHVVLEOH´FRPPHXQOLHXSRXYDQWrWUHDWWHLQWHWSDU
H[WHQVLRQ©TXLHVWjODSRUWpHGHª /HWHUPH³DFFHVVLEOH´DWWULEXpjXQHSHUVRQQHSUHQGDORUVOHVHQVGH
SFLW©/H&HQWUH3RPSLGRX 6LPRQ3RUWH-DFTXHPXVª
2
2SFLW$63$577KpRGRUD©5HQFRQWUHDYHF6LPRQ3RUWH-DFTXHPXVOHURLVROHLOGHODPRGHIUDQoDLVHª
2SFLW+$0(//(&DUROLQH©/ LQWHUYLHZ1RUPFRUH'H-DFTXHPXVª
3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGX-DFTXHPXVGX
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
2SFLW0$57,1%(51$5')UpGpULF©6LPRQ3RUWH-DFTXHPXV³3RXUFHWWHSUHPLqUHIRLVMHVXLVDOOpYHUVXQVW\OHGLUHFW´ª
2SFLW.$3)(5(5-HDQ1RsOS
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVHFRQVXOWpHQOLJQH85/KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$$
© TXL VH ODLVVH DSSURFKHU DFFXHLOODQW ª /¶XWLOLVDWLRQ GH O DFFHVVLELOLWp SHXW VH IDLUH GDQV OHV GHX[ GLUHFWLRQV
(Q SUHPLHU OLHX GH -DFTXHPXV YHUV OH FRQVRPPDWHXU GDQV OD PHVXUH R -DFTXHPXV PHW OH OX[H j VD
SRUWpH 0DLV DXVVL GX FRQVRPPDWHXU YHUV -DFTXHPXV VH ODLVVDQW DSSURFKHU /D PLVH HQ VFqQH GH
O¶DFFHVVLELOLWp GH O¶KRPPH FUpH SDU PpWRQ\PLH O DFFHVVLELOLWp GH OD PDUTXH HW GHV SURGXLWV (Q HIIHW
-DFTXHPXV FRQVWUXLW O DFFHVVLELOLWp GH O¶KRPPH j WUDYHUV GLIIpUHQWHV WHFKQLTXHV O¶XWLOLVDWLRQ GHV UpVHDX[
VRFLDX[ HW QRWDPPHQW OD SUR[LPLWp HW O¶DXWKHQWLFLWp TX¶LO \ PHW HQ VFqQH PDLV pJDOHPHQW SDU GHV DFWLRQV
SRQFWXHOOHV FRPPH OH U{OH TX¶LO D MRXp SHQGDQW OD %UDGHULH TXH QRXV DYRQV GpMj GpFULWH LO GpDPEXODLW SDUPL
OHV FOLHQWV RX SDUFRXUDLW OD ILOH G¶DWWHQWH SUHQDQW GHV SKRWRV DYHF WRXW OH PRQGH RIIUDQW OXLPrPH OH FDIp DX[
FOLHQWV HQ V¶H[FXVDQW SRXU O¶DWWHQWH ORQJXH HQ GHPDQGDQW VL WRXW YD ELHQ (Q FUpDQW FHWWH DQLPDWLRQ LO
VLJQDODLW VD SUpVHQFH j WRXW OH PRQGH UHOD\pH LQVWDQWDQpPHQW SDU OHV UpVHDX[ VRFLDX[ QRQ SDV VXU XQH
VFqQH PDLV DX FRQWDFW GLUHFW GHV FOLHQWV HW DYHF FRPSDVVLRQ
(Q PHWWDQW HQ SODFH XQH RSSRVLWLRQ IRQGDPHQWDOH FHOOH GX © QLYHDX SURIRQG ª GDQV VRQ GLVFRXUV
-DFTXHPXV VXJJqUH TX¶LO UpVRXW FH SDUDGR[H HQWUH OD EHDXWp OD UDUHWp HW OH FRPSUpKHQVLEOH OH SRUWDEOH
0DLV LO VHPEOH pJDOHPHQW UpVRXGUH XQ DXWUH SDUDGR[H VDQV OH QRPPHU FHOXL GX SUL[
)LJXUH &DUUp VpPLRWLTXH PDUFKDQG
3DU OD PLVH HQ RSSRVLWLRQ GHV QRWLRQV GH OX[H HW G¶DFFHVVLELOLWp -DFTXHPXV pQRQFH OH V\VWqPH GH YDOHXU
TX¶LO SUpWHQG GpIHQGUH OH OX[H Q¶HVW SDV UpVHUYp j XQH FDVWH j GHV pOLWHV HW WRXW OH PRQGH GHYUDLW \ DYRLU
DFFqV VL FH Q¶HVW ILQDQFLqUHPHQW DX PRLQV GDQV OD FRPSUpKHQVLRQ © 3HXWrWUH TX¶RQ QH SHXW SDV DFKHWHU
PHV SLqFHV PDLV RQ SHXW FRPSUHQGUH O¶XQLYHUV HW VH VHQWLU HQ IDLUH SDUWLH ª /H SODLVLU HW O pPRWLRQ JpQpUpH
SDU OH OX[H GRLYHQW VHORQ -DFTXHPXV rWUH RXYHUWV j WRXV (Q HIIDoDQW OD GLVWDQFH PDUTXHFRQVRPPDWHXU HW
HQ FUpDQW XQH HPSDWKLH DYHF OHV FRQVRPPDWHXUV LO GpPRQWUH XQH YRORQWp GH GpPRFUDWLVHU YRLUH
GpVDFUDOLVHU OH OX[H SRXU OH UHQGUH SOXV FRPSUpKHQVLEOH KXPDLQ HW VRFLDO
/H OX[H GLVSRVH GH GHX[ EDUULqUHV SULQFLSDOHV HPSrFKDQW VRQ DFFHVVLELOLWp j WRXV O KHUPpWLFLWp HW OH
SUL[ (Q DEDWWDQW OD EDUULqUH GH O LQFRPSUpKHQVLELOLWp HW GH O¶KHUPpWLFLWp GX OX[H LO HVSqUH TXH OH
FRQVRPPDWHXU YD VXUPRQWHU OD EDUULqUH GX SUL[ GRQW LO UHYHQGLTXH O¶DFFHVVLELOLWp © SDU QpFHVVLWp HW SDU
VWUDWpJLH ª /D PLVH HQ SODFH GX V\VWqPH GH YDOHXU HVW ELHQ XQH VWUDWpJLH FRPPXQLFDWLRQQHOOH TXL YLVH j
VHUYLU OD GLPHQVLRQ PDUFKDQGH GH -DFTXHPXV
(ULF %ULRQHV GDQV VRQ RXYUDJH © /X[H 5pVLOLHQFH ª DQDO\VH OHV OHYLHUV GH UpVLOLHQFH GHV PDUTXHV
GH OX[H HW VRXOLJQH TXH © )DLUH SDUWLH G¶XQH FRPPXQDXWp F¶HVW VH VHQWLU SDUWLH SUHQDQWH G¶XQ JURXSH HW \
FRQWULEXHU F¶HVW DGKpUHU j GHV YDOHXUV F¶HVW GHYHQLU DFWHXU« HW GRQF V¶HQJDJHU GDQV OH WHPSV ª /HV
YDOHXUV VRQW DX F°XU GHV PDUTXHV ,O DMRXWH TXH © 6¶HQJDJHU VXU OHV YDOHXUV HW OHV FDXVHV FKqUHV j
O¶HQWUHSULVH >@ IDLUH SDVVHU GHV PHVVDJHV IRUWV HW FRQVWUXLUH XQH FRPPXQDXWp SXLVVDQWH HQ LQWHUQH HW HQ
H[WHUQH VRQW WRXW DXWDQW GH OHYLHUV TXL SHUPHWWURQW DX[ PDLVRQV GH OX[H GH IDLUH SUHXYH GH UpVLOLHQFH GDQV
OHV PRLV HW DQQpHV j YHQLU ª /HV YDOHXUV VRQW OHV IRQGDWLRQV GH OD PDUTXH OD FRPPXQDXWp HVW XQ HVSDFH
GH VpFXULWp HQ WHPSV G¶LQFHUWLWXGH 0DLV O LQWpUrW GH GpYHORSSHU XQH FRPPXQDXWp SRXU XQH PDUTXH Q¶HVW SDV
UpFHQW .DSIHUHU VRXOLJQH TXH OH FRQVRPPDWHXU pSURXYH XQ © EHVRLQ GH FRQVLGpUDWLRQ HW G¶DSSDUWHQDQFH ª
'(6128( 0DULQH © -DFTXHPXV HQWUH WHUUH HW PqUH ª <DUG 0HGLD SXEOLp OH FRQVXOWp HQ OLJQH OH 85/
KWWSV\DUGPHGLDMDFTXHPXVLQWHUYLHZSRUWUDLWPDUVHLOOH\DUG
2SFLW *8,//$80( +pOqQH © -DFTXHPXV FRQIHVVLRQ G XQ HQIDQW GX VLqFOH ª
/X[H UpVLOLHQFH /HV FOpV SRXU UHERQGLU IDFH DX[ FULVHV 'XQRG © +RUV FROOHFWLRQ ª &RQVXOWp HQ OLJQH OH 85/
KWWSVZZZFDLUQLQIRDFFHVGLVWDQWVRUERQQHXQLYHUVLWHIUOX[HHWUHVLOLHQFHKWP
,ELG
2SFLW .$3)(5(5 -HDQ1RsO S
HWTXH©OHOX[HHVWXQIDFWHXUG¶LGHQWLILFDWLRQF¶HVWXQHIDoRQGHVHGLIIpUHQFLHUGHV¶DIILUPHUGHQHSDVrWUH
FRPPHOHVDXWUHVRXHQWRXWFDVGHFRSLHUFHX[TXHO¶RQDGPLUH(QDFKHWDQWXQREMHWGHOX[HRQSpQqWUH
GDQVXQFOXEª 8QGHVEXWVUHFKHUFKpVGHVPDUTXHVHVW©G DFTXpULUODPDvWULVHGHVHVSUL[GHIDLUHHQ
VRUWHTXHOHVFOLHQWVGHYLHQQHQWDGHSWHVGHODPDUTXHDXSRLQWGHQHSOXVIDLUHDWWHQWLRQDXSUL[ª
3DUWLH/DFRQVWUXFWLRQGHODFRPPXQDXWpHWVRQGpYHORSSHPHQW
-DFTXHPXVDFRPPHQFpWUqVW{WjFUpHUXQHFRPPXQDXWp,ODFRPPHQFpHQWDQWTXH6LPRQ3RUWH
DYDQWPrPHODFUpDWLRQGHVDPDUTXH-DFTXHPXV©(QWUHHWDQVMHWHQDLVXQEORJXHTXLpWDLWWUqV
FRQQX HQ )UDQFH ¬ O¶pSRTXH F¶pWDLW XQ SHX FRPPH PRQ FRPSWH ,QVWDJUDP -H UDFRQWDLV X
QH K
LVWRLUH
FKDTXH VHPDLQH-¶pWDLVWRXMRXUVOHSHUVRQQDJHSULQFLSDO6LPRQGDQVOHVFKDPSV6LPRQjODPHU6LPRQ
VXUODIHUPHDYHFVDIDPLOOHª ,ODSULVWUqVW{WO¶KDELWXGHGHVHUDFRQWHUHWDFRQVWUXLWVRQXQLYHUVGHSXLV
ORQJWHPSV$PRVV\QRXVUDSSHOOHTXH©/DSUpVHQWDWLRQGHVRLDG¶DERUGpWpSHQVpHGDQVOD*UqFHDQWLTXH
FRPPHXQHSUDWLTXHG¶LQIOXHQFHª HWTX¶HOOH©FRQIqUHXQHDXWRULWpDXORFXWHXUOXLSHUPHWDXVVLGHQRXHU
GHVOLHQVpWURLWVDYHFVHVVHPEODEOHVHWGHV¶DVVLPLOHUjXQJURXSHGHSDLUVVHUYDQWSDUOjPrPHGHVLJQH
GLVWLQFWLITXLOHVpSDUHGHVDXWUHVGHVPHPEUHVGHVJURXSHVFRQFXUUHQWVDX[TXHOVLOQ¶DSSDUWLHQWSDVHWGRQW
LOQHVHUpFODPHSDV&HVHIIHWVGHUHJURXSHPHQWHQFRXUDJHQWWDQW{WODFRPSOLFLWpWDQW{WODUHYHQGLFDWLRQRX
OHUHSOLLGHQWLWDLUHª $LQVL$PRVV\VRXOLJQHODFRQWULEXWLRQGHO¶HWKRVjODFRQVWLWXWLRQG¶XQHFRPPXQDXWp
GRQW -DFTXHPXV IDLW WRXMRXUV DERQGDPPHQW XVDJH FRPPH QRXV DYRQV YX GDQV OD 3DUWLH SXEOLFDWLRQV
G¶LQVWDQWV SHUVRQQHOV SKRWRV G HQIDQFH HW GH VD P
qUH YDFDQFHV DX ERUG GH OD PHU DYHF V RQ F RSDLQ
PRPHQWVHQIDPLOOHVRQFKLHQHWF
ÇWUH XQ ³EORJXHXU´ SHUPHW j -DFTXHPXV j OD IRLV GHFULVWDOOLVHUXQHFRPPXQDXWpDXWRXUGHOXLHW
G¶DIILUPHUVDYLVLRQHWVRQXQLYHUV©-¶DGRUHEORJXHUHWSXEOLHUVXU,QVWDJUDPdDPHYLHQWVSRQWDQpPHQWHW
MH Q¶DL SDV KRQWHG¶XWLOLVHUFHVSODWHIRUPHV3RXUPRLoDUHSRVHVXUOHSDUWDJH-¶DLPHSDUWDJHUPDYLVLRQ
-¶DLGRQFSULVPHVSUHPLqUHVSLqFHVHQSKRWRM¶DLFUppXQHKLVWRLUHSRXUOHVDFFRPSDJQHUHWM¶DLSDUWDJpOH
WRXW VXU )DFHERRN ª ,O V HQ VHUW pJDOHPHQW SRXU UHQIRUFHU ODSUR[LPLWpTXHQRXVDYRQVGpMjDQDO\VpH
©$XMRXUG KXLHQFRUHRQPHGLW³7RLWXHVXQEORJXHXU´6LEORJXHXUF HVWpFULUHGHVKLVWRLUHVjWUDYHUVVD
SURSUHH[SpULHQFHMHQ DLSDVGHSUREOqPHDYHFoD-DFTXHPXVF HVWPDYLHHQFRQWLQX6DQVILOWUHª
,ELG
,ELGS
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW$0266<5XWKS
,ELGS
2SFLW©,OpWDLWXQHIRLV-DFTXHPXVª
2SFLW*8,//$80(+pOqQH©-DFTXHPXVFRQIHVVLRQG XQHQIDQWGXVLqFOHª
6RXFKLHU VRXOLJQH O¶LPSRUWDQFH GHV pFUDQV QXPpULTXHV TXL ©VRQW GHYHQXV OH PpGLD GRPLQDQW G
H Q
RWUH
VRFLpWp GH QRWUHFLYLOLVDWLRQjWUDYHUVHX[V¶pODERUHODPDMRULWpGHVpFKDQJHVPpGLDWLTXHVGXFDSLWDOLVPH
PRQGLDOª -DFTXHPXVVHWUDQVIRUPHHQPDUTXHPpGLD GpSXEOLFLWDULVDWLRQ SHUPHWWDQWGH©SDVVHUGHOD
FRPPXQLFDWLRQ j O¶HQJDJHPHQWª HW DGRSWH XQH WHFKQLTXH GH VDWXUDWLRQ GH VRQ DXGLHQFH ©
3OXV R
Q
SDVVH GX WHPSV j GpFRXYULU XQH PDUTXH HW j VH SORQJHU GDQV VRQ XQLYHUV SOXV LO \ D GH FKDQFHVGHOD
FRPSUHQGUH HW G¶\ DGKpUHU ª 3OXV LO SXEOLH SOXV OHV PHPEUHV GH VD FRPPXQDXWp VRQW H
[SRVpV j
-DFTXHPXV SOXV FHOOHFL VH IpGqUH $ O¶LQVWDU GHV EORJXHXUV OHV SOXV SRSXODLUHV TXL VXU OD E
DVH G
H OHXU
FRPPXQDXWp RQW UpXVVL j FUpHU GHV PDUTXHV GH PRGH SRXU OHVTXHOV O¶DFWH G¶DFKDW QH VH IDLW S
DVVXUOH
SURGXLW OXL PrPHPDLVVXUODVLJQLILFDWLRQTXHUHSUpVHQWHODPDUTXHRXOHPHVVDJHYpKLFXOpSDUOHSRUWGH
OHXUVSURGXLWV-DFTXHPXVFRQVWLWXHVDFRPPXQDXWpWRXWG¶DERUGFRPPHEORJXHXU
628&+,(5 (PPDQXsO &$1'(/ (WLHQQH *20(=0(-,$ *XVWDYR DYHF OD FROODERUDWLRQ GH -($11(3(55,(5 9DOpULH /H
1XPpULTXHFRPPHpFULWXUH7KpRULHVHWPpWKRGHVG DQDO\VH&RGH[$UPDQG&ROLQ3DULV
2SFLW/X[H UpVLOLHQFH/HVFOpVSRXUUHERQGLUIDFHDX[FULVHV
,ELG
,ELG
,ELG
,ELG
FROOHFWLRQV DYHF OH ORJR -DFTXHPXV WUqV YLVLEOH HQ QRLU HW EODQF HW OLYUpV j ELF\FOHWWH RX UHWLUpV HQ FOLFN
FROOHFW GDQV OH PDJDVLQ pSKHPqUH j 3DULV
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH
,QVWDJUDP GH -DFTXHPXV GX ,QVWDJUDP GH -DFTXHPXV GX ,QVWDJUDP GH -DFTXHPXV GX
/H ERXTXHW FRWDLW HXURV XQ SUL[ EDV SRXU REWHQLU XQH PDUTXH G¶DSSDUWHQDQFH j OD FRPPXQDXWp
-DFTXHPXV XQH PDQLqUH G DVVRFLHU OH OX[H HW O DFFHVVLELOLWp YDOHXU SUHPLqUH DIILFKpH SDU -DFTXHPXV
1RXV DYRQV YX GDQV OD 3DUWLH TXH OD YDOHXU IRQGDPHQWDOH TXH GpIHQG -DFTXHPXV HVW GH UHQGUH
OH OX[H DFFHVVLEOH ,O V¶LQVFULW GDQV O pYROXWLRQ GHV DWWHQWHV GHV FRQVRPPDWHXUV FRPPH UHOHYp GDQV OH
SURSRV GH %ULRQHV © 6¶DMRXWH j FHOD OH IDLW TXH OH GpYHORSSHPHQW GH FRPPXQDXWpV GH IDQV IDYRULVH OH
SDUWDJH GHV FRQQDLVVDQFHV HW XQH FRPSUpKHQVLRQ LQpGLWH GX SURFHVVXV GH FUpDWLRQ /H UHJDUG QH SRUWH SDV
VHXOHPHQW VXU OH SURGXLW ILQL PDLV DXVVL HW GH SOXV HQ SOXV VXU OD GpPDUFKH (Q PDWLqUH GH FRPPXQLFDWLRQ
F¶HVW XQ SKpQRPqQH TXL D GH QRPEUHXVHV LPSOLFDWLRQV 7URLV H[LJHQFHV SURJUHVVHQW FODLUHPHQW GDQV
O¶RSLQLRQ DXWKHQWLFLWp GLYHUVLWp HW WUDQVSDUHQFH 2Q SDVVH DORUV GX TXRL DX FRPPHQW SXLV DX TXL ª
/D TXHVWLRQ GHV YDOHXUV SRXU XQH PDUTXH HVW FHQWUDOH HW pWURLWHPHQW DVVRFLpH DX[ HQMHX[ VRFLpWDX[
(PPDQXHO 6RXFKLHU SDUOH GH YrWHPHQWV FRPPH OHV PDUTXHXUV LGHQWLWDLUHV HW VRFLDX[ © 7UDYHUVpV SDU OHV
ORJLTXHV PDUFKDQGHV FHV REMHWV PpGLDV LQIRUPDWLVpV YRLWXUHV YrWHPHQWV« VHUYHQW GH PDUTXHXUV
2SFLW /X[H UpVLOLHQFH /HV FOpV SRXU UHERQGLU IDFH DX[ FULVHV
LGHQWLWDLUHVDXVVLELHQTXHGH³PDUTXHXUVVRFLDX[´ª ,OVRXOLJQHTXH©DFKHWHUXQYrWHPHQWSHUPHWGHVH
YrWLU PDLV pJDOHPHQW GH VH GpILQLU F¶HVW XQ DFWH VRFLDO DXWDQW TXH SV\FKRORJLTXH TXL SHUPHW G
H V H
GLVWLQJXHUHQIRQFWLRQG¶XQkJHG¶XQHVLWXDWLRQHWVXUWRXWG¶XQFRUSVTX¶LOIDXWUHFRXYULUG¶pWRIIHHWGHVLJQHV
HW TXH OD PDUTXH HW VD FRQVRPPDWLRQ © VRQW pJDOHPHQW GHV GLVFRXUV GHV GpFODUDWLRQV G
ª ¶RUGUH
LGpRORJLTXHGDQVO¶HVSDFHVRFLDOª /DPDUTXHMRXHDORUV©XQU{OHWUqVLPSRUWDQWGDQVODFRQVWUXFWLRQGH
O¶LGHQWLWp LQGLYLGXHOOH DX VHLQ G¶XQH FRPPXQDXWp RX G¶XQH WULEX HW PRGLILH DLQVL O¶LGHQWLWp F ROOHFWLYH %
+HLOEUXQQ ª ,OHVWLPSRUWDQWGHQRWHUOHOLHQHQWUHO LGHQWLWpGHO LQGLYLGXHWOHVFRPPXQDXWpVFRQVWLWXpHV
SDU OHV PDUTXHV HW OHV YDOHXUV TX¶HOOHV SURSRVHQW &ODXGLQH %DWD]]L HW $QQH 3DUL]RW GDQV OHXU D
UWLFOH
©,GHQWLWpVGH0DUTXHVHWPDUTXHXUVG¶LGHQWLWp9HUVXQHFRQVWUXFWLRQLGHQWLWDLUHHWVRFLDOHGHVLQGLYLGXVSDU
HW GDQV OD FRQVRPPDWLRQ "ª LQGLTXHQW TXH © $LQVL OHV PDUTXHV QRXYHDX[ UHSqUHV GHV H
[LVWHQFHV
GpVHQFKDQWpHVYLVHQWjYDORULVHUO¶H[SpULHQFHLQGLYLGXHOOHGHVFRQVRPPDWHXUVHQVHFUpDQWGHVLGHQWLWpVHQ
DFFRUG DYHF OHV YDOHXUV DFWXHOOHV HW OHV FRQVRPPDWHXUV VHFRQVWUXLVHQWOHXULGHQWLWpGDQVOHFROOHFWLIGHV
FRPPXQDXWpV HW IRQW GH OD PDUTXH XQ UHSqUH LGHQWLWDLUH ª 6HORQ %ULRQHV FH SKpQRPqQH V HUHQIRUFH
DYHF © OD MHXQH JpQpUDWLRQ >TXL@ V¶HIIRUFH G¶rWUH X
QLTXH HW UHFKHUFKH GHV PDUTXHV HW GHV S
URGXLWV T
XL
H[SULPHQWFHWWHLQGLYLGXDOLWp&HSHQGDQWLURQLTXHPHQWPrPHGDQVOHXUGpPDUFKHjFKHUFKHUO¶LQGLYLGXDOLWp
LOVVRQWGHQRXYHDXSRXVVpVLQH[RUDEOHPHQWSDUOHXUEHVRLQGHIDLUHSDUWLHG¶XQHFRPPXQDXWpODFRQIRUPLWp
MRXHHQFRUHHWWRXMRXUVXQU{OHFHQWUDOª
1RXVDOORQVPDLQWHQDQWDQDO\VHUFRPPHQW-DFTXHPXVIDLWpYROXHUHWHQULFKLWVRQV\VWqPHGHYDOHXUDILQGH
IDLUHYLYUHHWpYROXHUVDFRPPXQDXWp
/HVYDOHXUVPLVHVHQDYDQWSDUODPDUTXHSHUPHWWHQWGHODGLIIpUHQFLHUGHVHVFRQFXUUHQWV6HPSULQLGpFULW
FHSURFHVVXV©/DPDUTXHDXQHVWUXFWXUHUHODWLRQQHOOH& HVWjGLUHTXHVRQLGHQWLWpUpVXOWHG XQV\VWqPH
GH UHODWLRQV HW G RSSRVLWLRQV 8QH PDUTXH Q HVW G
RQF TXH FH TXH QH VRQWSDVWRXWHVOHVDXWUHVPDUTXHV
&RPPH QRXV O DYRQV VRXWHQX SUpFpGHPPHQW XQH PDUTXH HVW FRPSRVpH G XQ JUDQG QRPEUH G
pOpPHQWV
GLVSDUDWHVHWGHGLVFRXUVFLUFXODQWjVRQSURSRV6DQDWXUHUHODWLRQQHOOHQRXVSHUPHWG DOOHUSOXVORLQGDQVOD
FRPSUpKHQVLRQHQDMRXWDQWTXHWRXVFHVpOpPHQWVHWFHVGLVFRXUVVRQWLQWHUGpILQLVª 8QGLVFRXUVFOLYDQW
SHUPHW GH PRQWUHU GH PDQLqUH IODJUDQWH OD GLIIpUHQFLDWLRQ GH OD PDUTXH GX SRLQW GH YXH GHVHVYDOHXUV
.DSIHUHU VRXOLJQH TXH © ,O HVWLPSRUWDQWGHGpPRQWUHUTXHODPDUTXHQHVHJPHQWHSDVXQLTXHPHQWVXUOD
EDVH GH O¶DUJHQW PDLV DXVVL GH OD FXOWXUH GH O¶LQWHOOLJHQFH HW GH O¶DSWLWXGH j DSSUpFLHU OH WUDYDLO G
¶XQ
DUWLVWHª
6LOHVpOpPHQWVTXLUDSSURFKHQW-DFTXHPXVG XQHPDUTXHGHOX[HVRQWFRQVWLWXpHVG pOpPHQWVIpGpUDWHXUV
DUWUDFLQHVDXUD GHVpOpPHQWVFOLYDQWVVRQWPLVHQVFqQHDILQGHSHUPHWWUHjODPDUTXH-DFTXHPXVGH
VHPHWWUHHQSODFH/DFRPPXQDXWpVHFRQVWLWXHV¶HQWUHWLHQWHVWXWLOLVpHHWpYROXHSDUGHVDFWLRQVVRFLDOHV
FLWR\HQQHV GHV HQJDJHPHQWV VXU GHV FDXVHV FKqUHV j OD P
DUTXH -DFTXHPXV RXWUH OH OX[H D
FFHVVLEOH
GpYHORSSHGHVWKqPHVGHVRFLpWpHQVHGRQQDQWXQU{OHVRFLDODXGHOjGHODSURSRVLWLRQGHYrWHPHQWV2Q
2SFLW628&+,(5(PPDQXsO&$1'(/(WLHQQH*20(=0(-,$*XVWDYR DYHF-($11(3(55,(59DOpULH
,ELG
,ELG
2SFLW%$7$==,&ODXGLQH3$5,=27$QQH
,ELG
2SFLW/X[H UpVLOLHQFH/HVFOpVSRXUUHERQGLUIDFHDX[FULVHV
2SFLW6(035,1,$QGUHDS
2SFLW.$3)(5(5-HDQ1RsOS
UHWURXYH OHV WKqPHV GH OD OXWWH FRQWUH O¶KRPRSKRELH GH OD OXWWH FRQWUH OH 6LGD GH OD VROLGDULWp DYHF OHV
SHUVRQQHV FRQILQpHV SHQGDQW OD SDQGpPLH GX &29,'
$X FRXUV GH VD PLVH HQ VFqQH GH OD SUR[LPLWp HW GH OD WUDQVSDUHQFH -DFTXHPXV SDUWDJH VD YLH SULYpH HQ
FRXSOH DYHF XQ KRPPH 3DUPL OHV SXEOLFDWLRQV ,QVWDJUDP GX &RUSXV OH PRQWUHQW HQ FRXSOH RX
DERUGHQW OH WKqPH GH O¶KRPRVH[XDOLWp $ O¶RFFDVLRQ GH OD PDUFKH GHV ILHUWpV *D\ 3ULGH LO SXEOLH VXU OH
FRPSWH GH OD PDUTXH XQH SKRWR R LO HPEUDVVH VRQ FRPSDJQRQ DYHF OH FRPPHQWDLUH © )LHUWp >HPRML
FRHXUV DUFHQFLHO@ GHX[ KRPPHV DPRXUHX[ >HPRML VRXULUH@ F¶HVW QRXV ª HQ VRXWLHQ GH OD FRPPXQDXWp
KRPRVH[XHOOH )LJXUH 2XWUH VD YLH SULYpH VHV ORRNERRNV FRQVWLWXHQW pJDOHPHQW XQH WULEXQH SRXU
GpIHQGUH OD FDXVH KRPRVH[XHOOH 'DQV VRQ ORRNERRN ³/¶$PRXU´ GHV FRXSOHV GH PRGqOHV SUpVHQWHQW OHV
YrWHPHQWV GH OD FROOHFWLRQ -DFTXHPXV OHV FRXSOHV VRQW DOWHUQDWLYHPHQW KRPRVH[XHOV PDVFXOLQV IpPLQLQV
HW KpWpURVH[XHOV )LJXUH ,O D pJDOHPHQW j O RFFDVLRQ GH VRQ PDULDJH HIIHFWXp XQH FROODERUDWLRQ DYHF
8UJHQFH +RPRSKRELH SRXU OD PLVH HQ YHQWH G¶XQ WHHVKLUW -DFTXHPXV GRQW OHV EpQpILFHV VRQW UHYHUVpV j
O DVVRFLDWLRQ )LJXUH
)LJXUH 3XEOLFDWLRQ VXU OH FRPSWH ,QVWDJUDP )LJXUH 3XEOLFDWLRQ VXU OH FRPSWH )LJXUH 0HVVDJH DQQRQoDQW OD
-DFTXHPXV GX ,QVWDJUDP -DFTXHPXV GX FROODERUDWLRQ -DFTXHPXV HW 8UJHQFH
+RPRSKRELH GX
,O V¶HVW pJDOHPHQW HQJDJp GDQV OD OXWWH FRQWUH OH 6LGD j WUDYHUV XQH DFWLRQ GH SUR[LPLWp DYHF VD
FRPPXQDXWp R LO SURSRVDLW GH FUpHU XQ VDF DYHF OXL )LJXUH &HW pYpQHPHQW pWDLW XQ GHV ORWV PLV DX[
HQFKqUHV SDU 6LGDFWLRQ XQH DVVRFLDWLRQ ILQDQoDQW OD UHFKHUFKH FRQWUH OH 6LGD
-DFTXHPXV D
HX XQ DXWUH W\SH G¶HQJDJHPHQW SHQGDQW OH FRQILQHPHQW3HQGDQWODSDQGpPLHGX&RYLGHQ
DORUV T
XH OH FRQILQHPHQW pWDLW DSSOLFDEOH G
DQV OH PRQGH -DFTXHPXV DRUJDQLVpXQGpILOpGDQVOHV
FKDPSVGHEOpHQ3URYHQFH©IDLVDQWGHFHWpYpQHPHQWOHGpILOpGHPRGHHQOLJQHOHSOXVYXDXPRQGHª
(QRUJDQLVDQWFHGpILOpLORIIUDLWjVDFRPPXQDXWpXQSD\VDJHH[WpULHXUPDLVVXUWRXWLOPRQWUDLWODFRQWLQXLWp
QRUPDOH GH VD PDUTXH %ULRQHV VRXOLJQH OD UHVSRQVDELOLWp GHV PDUTXHV HQ WHPSV GH FULVH ©
(
QILQ OHV
PDUTXHV RQW FRPSULV TXH FH Q¶HVW SDV VHXOHPHQW FH TX¶HOOHV IRQW PDLV DXVVL OD PDQLqUH G
RQW H
OOHV
FRPPXQLTXHQW SHQGDQW FHWWH FULVH TXL IDLW OD GLIIpUHQFH /HV FLWR\HQV RQW SHXU DORUVOHVPDUTXHVGRLYHQW
UHVWHUVHUHLQHVHWHPSDWKLTXHVª
1RXV DYRQV YX TXH -DFTXHPXV PHW HQ VFqQH OD SUR[LPLWp H
W OD WUDQVSDUHQFH SRXU V XSSRUWHU V D
UHYHQGLFDWLRQ G¶DFFHVVLELOLWp GH OD PDUTXH HW SDU XQHDSSURFKHGHEORJXHXUDXWUHGLPHQVLRQSRSXODLUHLO
PHWHQDYDQWGHVYDOHXUVTXLVHPEOHQWFOLYDQWHVSDUODPDQLqUHGRQWLOOHVDERUGH&HSHQGDQW-DFTXHPXVVH
OLPLWH j GHV WKpPDWLTXHV SUpH[LVWDQWHV GHV FRPEDWV SUHVTXH FRQVHQVXHOV VDQV PHWWUH H
Q D
YDQW G
HV
YDOHXUVUDGLFDOHV,OFKHUFKHHQSUHPLHUOLHXjUDVVHPEOHUSOXW{WTX jVHJPHQWHU5DVVHPEOHUOXLSHUPHWGH
EkWLUVDFRPPXQDXWppOpPHQWHVVHQWLHOGDQVODVWUDWpJLHGHOX[HGpSOR\pHSDU-DFTXHPXV
3DUWLH/DPLVHGHODFRPPXQDXWpDXVHUYLFHGXGpYHORSSHPHQWGH-DFTXHPXV
%ULRQHV GDQV © /X[H 5pVLOLHQFH ª LGHQWLILH OHV DYDQWDJHV GH OD FRQVWLWXWLRQ G¶XQHFRPPXQDXWp
SRXU XQH PDUTXH ,O PHQWLRQQH QRWDPPHQW TXH OD F RPPXQDXWp DSSRUWH GHV © ³DYRFDWV VSRQWDQpV´ V L OD
PDUTXHVHIDLWDWWDTXHUHQOLJQH ODEUDQGDGYRFDF\HVWXQVXMHWFUXFLDOjO¶KHXUHRO¶H[SRVLWLRQGHVPDUTXHV
VXU ,QWHUQHW HVW WRWDOH ª
GHV © UHODLV GH FRPPXQLFDWLRQ RUJDQLTXHV HW DXWKHQWLTXHV ª
G
HV ©
DPEDVVDGHXUVª GHODPDUTXH/DFRPPXQDXWpFRQVWLWXHXQOHYLHUGHGpYHORSSHPHQWGHODPDUTXHPDLV
DXVVLXQHVSDFHGHVpFXULWpHWGHGpIHQVH
-DFTXHPXV LQFLWH VHV FOLHQWV j FUpHU HW SDUWDJHU GX FRQWHQX HVWKpWLTXH DYHF OHV Y rWHPHQWV
-DFTXHPXV $X RFWREUH LO H[LVWH SOXV GH
SXEOLFDWLRQV ,QVWDJUDP DYHF OH K
DVKWDJ
MDFTXHPXV &H QRPEUH Q¶LQFOXW SDV OHV SXEOLFDWLRQV GHV XWLOLVDWHXUV G¶,QVWDJUDP GDQV OHVTXHOOHV
-DFTXHPXVDpWpXQLTXHPHQW³WDJXp´ FHWWHGRQQpHQ¶HVWSDVGLVSRQLEOH
/D ILJXUH PRQWUH OHV GRX]H SUHPLqUHV SXEOLFDWLRQV ROHFRPSWH-DFTXHPXVHVW³WDJXp´DXRFWREUH
6XU FHV SXEOLFDWLRQV OHV XWLOLVDWHXUV RQW LGHQWLILp GLUHFWHPHQW VXU OD SKRWR XQ DUWLFOH G
H OD P
DUTXH
-DFTXHPXV TX¶LOV SRUWHQW VRXYHQW SDUPL G¶DXWUHV PDUTXHV 2Q REVHUYH LFL OD PLVH D
X WUDYDLO G
X
FRQVRPPDWHXU WUDYDLO TXL FRQVWLWXH SRXU OH FRQVRPPDWHXU XQ PR\HQ © GH PDLQWHQLU O¶HVWLPH G
H V RL
VRFLDOHª HWGHUpDOLVHU©OHGpVLUG¶rWUHDFFHSWpSDUVDFRPPXQDXWpª
©-DFTXHPXV&RPPHQWODPDUTXHGHPRGHSDUYLHQWjIDLUHGHO¶RPEUHDXVHFWHXUGXOX[Hª/HFWUDSXEOLpOHFRQVXOWp
QOLJQHOH85/
H
KWWSVZZZOHFWUDFRPIUOLEUDLULHMDFTXHPXVFRPPHQWODPDUTXHGHPRGHSDUYLHQWDIDLUHGHORPEUHDXVHFWHXUGXOX[H
2SFLW/X[H UpVLOLHQFH/HVFOpVSRXUUHERQGLUIDFHDX[FULVHV
,ELG
,ELG
LELG
,ELG
,ELG
)LJXUH3XEOLFDWLRQG¶XQXWLOLVDWHXU,QVWDJUDPTXLDWDJXpOH )LJXUH8QDSHUoXGHVSUHPLqUHVSXEOLFDWLRQV,QVWDJUDP
FRPSWH-DFTXHPXVGDQVVDSXEOLFDWLRQGX DXRXOHFRPSWHMDFTXHPXVHVWWDJXp
-DFTXHPXVUHSDUWDJHVXUVRQFRPSWH,QVWDJUDPOHVSKRWRVOHVSOXVHVWKpWLTXHVSULVHVSDUVHVFOLHQWVDYHF
OH FRPPHQWDLUH © :+(1 <28 :($5 -$&48(086 ª © 4XDQGYRXVSRUWH]-DFTXHPXVª $QRWHUTXH
-DFTXHPXVQHSDUWDJHTXHGHVSKRWRVWUqVHVWKpWLTXHVHQOLHQDYHFVDYLVLRQDUWLVWLTXHGHODPDUTXHHOOHV
GRQQHQWO¶LPSUHVVLRQG¶DYRLUpWpFUppHVSDUODPDUTXHHOOHPrPHSRXUVHVORRNERRNV )LJXUHHW ,O
³WDJXH´OHVFRPSWHV,QVWDJUDPGHVHVFOLHQWVTXLRQWVRXYHQWXQHODUJHDXGLHQFHVXUFHUpVHDXVRFLDO GH
PLOOHV j PLOOHV DERQQpV $LQVL LO OHXU DVVLJQH XQ U{OH G¶DPEDVVDGHXU HW HQYRLH XQ PHVVDJH j
V D
FRPPXQDXWpHQOXLPRQWUDQWjTXRLUHVVHPEOHQWOHVSHUVRQQHVTXLSRUWHQW-DFTXHPXV/HVDPEDVVDGHXUV
DLQVLGpVLJQpVSHXYHQWLQYLWHUOHXUVSURSUHVFRPPXQDXWpVjUHMRLQGUHFHOOHGH-DFTXHPXV©HIIHWVLPLODLUHj
ODFRRSWDWLRQª
/DFRPPXQDXWpFRQVWLWXHpJDOHPHQWXQHSURWHFWLRQFRQWUHOHVGpWUDFWHXUV1RXVSUHQGURQVFRPPH
H[HPSOH XQH SXEOLFDWLRQ GH -DFTXHPXV GX R LO PHW HQ DYDQWOHFRPPHQWDLUHG¶XQXWLOLVDWHXU
G¶,QVWDJUDPHQUpDFWLRQjXQHSKRWRSXEOLpHSDU-DFTXHPXVOHjO¶RFFDVLRQGHOD6DLQW9DOHQWLQ
RLOHPEUDVVHVRQFRPSDJQRQ )LJXUHVHW
,ELG
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXV )LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
GX
/D UpDFWLRQ G
H OD SDUW GX FRPPHQWDWHXU LQLWLDO j OD SKRWR HVW ©, XVHG WR ZDQW \RXU EDJ 1
RZ >HPRML
YRPLVVDQW@>HPRMLQDXVpHX[YHUW@ªHQIUDQFDLV©-HYRXODLVYRWUHVDF0DLQWHQDQW>HPRMLYRPLVVDQW@>HPRML
QDXVpHX[ YHUW@ª /¶XWLOLVDWHXU FRPPHQWDWHXU LQLWLDO PRQWUH VRQ GpJRW SRXU OD SKRWR HW LPSOLTXH T
X¶LO
Q DFKqWHUDSDVGHVDF-DFTXHPXV-DFTXHPXV\DUpSRQGXXQHSUHPLqUHIRLVVXUODSXEOLFDWLRQ©P\EDJ
GRQ¶W ZDQW \RXª ©PRQ VDF QH YHX[ SDV GH YRXVª HW XQH GHX[LqPH IRLV GDQV OH FRPPHQWDLUH G
¶XQH
QRXYHOOH SXEOLFDWLRQ GpGLpH ©, GRQ¶W QHHG \RXU KRPRSKRELF SRLQW RI YLHZ $QG P\ EDJV GRQ¶WQHHG\RX
'pJDJHª ©-H Q¶DL SDVEHVRLQGHYRWUHSRLQWGHYXHKRPRSKREH(WPHVVDFVQ¶RQWSDVEHVRLQGHYRXV
'pJDJHª
/D SXEOLFDWLRQ GX D UHoX N OLNHV HW N FRPPHQWDLUHV 3DUPL OHV UpDFWLRQV j
F H
FRPPHQWDLUHHWFHVUpSRQVHVRQDSXLGHQWLILHUVL[FDWpJRULHV $QQH[H([HPSOHGHSXEOLFDWLRQLOOXVWUDQW
O¶HQJDJHPHQW GH OD FRPPXQDXWp &RPPHQWDLUHV HQ UpDFWLRQ j FHWWH SXEOLFDWLRQ 3RXU GHV T
XHVWLRQV G
H
WHPSVHWGHPR\HQVQRXVQRXVOLPLWHURQVjXQHpWXGHTXDOLWDWLYHGHFHVUpDFWLRQV/DSUHPLqUHFDWpJRULHOD
JUDQGH PDMRULWp HVW FRQVWLWXpH SDU OHV UpDFWLRQV VH OLPLWDQWjXQHPRMLVRXYHQWXQF°XURXXQHVpULHGH
F°XUV PXOWLFRORUHV /D VHFRQGH FDWpJRULH HVW FRQVWLWXpH SDU GHV UpDFWLRQV HQ VXSSRUWj-DFTXHPXVSOXV
pODERUpHV&HVUpDFWLRQVVRQWGHGLIIpUHQWHVQDWXUHVXQVLPSOHVXSSRUWjFHTX¶LODGLW ©%UDYRSRXUFHWWH
UpSRQVHª©%UDYRjYRXVª XQHDIILUPDWLRQGHODSHUVRQQDOLWpGH-DFTXHPXV ©-HW¶DLPH-¶DLPHFHTXH
WXUHSUpVHQWHVM¶DLPHFHTXHWXGRQQHV0HUFLª©YRXVrWHVXQJUDQG0RQVLHXUª©QHFKDQJH]ULHQYRXV
rWHV SDUIDLWª RX HQFRUH DGPLUDWLYHV ©.HHS SUHDFKLQJ 6LPRQª ©&RQWLQXH] j SUrFKHU 6
LPRQª /
D
WURLVLqPH FDWpJRULH UHSUpVHQWH OHV UpDFWLRQV DXWRXU GHV SURGXLWV GH OD PDUTXH TXL VRQW G
HYHQXV S
OXV
GpVLUDEOHV DSUqV OD SXEOLFDWLRQ GH -DFTXHPXV SDU H[HPSOH OD UpDFWLRQ VXU OD PrPH V\QWD[H T
XH OH
FRPPHQWDLUH LQLWLDO ©, XVHG WR QRW ZDQW \RXU EDJV EXW QRZ , '2ª©MH QH YRXODLV SDV YRV V DFV P
DLV
PDLQWHQDQW MH OHV YHX[ª RX ©WKLV MXVW PDGH P
H ZDQW D EDJHYHQPRUHª©FHODP¶DMXVWHGRQQpHQFRUH
SOXVHQYLH G¶XQ VDF ª (QILQ OHV GHUQLqUHV FDWpJRULHV PLQRULWDLUHV VRQW VRLW HQVXSSRUWjODUpDFWLRQGX
FRPPHQWDWHXU LQLWLDO DYHF GHV HPRMLV YRPPLVVDQW VRLW GHV UpDFWLRQV HQ RSSRVLWLRQ j OD U pSRQVH G
H
-DFTXHPXV OXL UHSURFKDQW G¶DWWLVHU OD KDLQH KRPRSKREHRXODKDLQHHQYHUVOHFRPPHQWDWHXULQLWLDO ©\RX
DUHVSUHDGLQJPRUHKDWHZLWKWKLVª©WXUHSDQGVSOXVGHKDLQHDYHFoDª VRLWOHVUpDFWLRQVGHKDLQHHQYHUV
FHWXWLOLVDWHXU
2QREVHUYHjWUDYHUVFHWH[HPSOHODIRUFHGHODFRPPXQDXWpSRXUODPLVHHQSODFHG¶DYRFDWVVSRQWDQpVTXL
YLHQQHQW VXSSRUWHU OD PDUTXH HW VRQ FUpDWHXU j O¶RFFDVLRQ G¶XQH DWWDTXH VXU FH TX¶LOV UHSUpVHQWHQW &
HV
UpDFWLRQV RQW SRXU HIIHW GH UHQIRUFHU OHV OLHQV GH OD FRPPXQDXWp HW UHQIRUFHU OD VWDWXUH GX F UpDWHXU 2
Q
REVHUYH pJDOHPHQW OD YLROHQFH DYHF ODTXHOOH -DFTXHPXV H[FOXW GH VD FRPPXQDXWp VHV GpWUDFWHXUV /
H
WHUPH'pJDJHHVWWUqVIRUWLOFO{WODFRQYHUVDWLRQQ¶DSSHOOHjDXFXQGpEDWQHFKHUFKHSDVjFRQYHUWLURX
FRQYDLQFUH O¶XWLOLVDWHXU O¶H[FOXVLRQ HVW ODVHXOHUpDFWLRQGH-DFTXHPXVeFULWHQIUDQoDLVGDQVXQPHVVDJH
SRXU OH UHVWH pFULW HQ DQJODLV VXJJqUH TX¶LO Q¶D SDV WURXYp OH PRW HQ DQJODLV HW TXH VD U pDFWLRQ H
VW
VSRQWDQpH
(QILQXQDXWUHH[HPSOHG XWLOLVDWLRQGHODFRPPXQDXWpFRPPHOHYLHUSRXUGRQQHUGHODYLVLELOLWpjOD
PDUTXH QRXV HVW GRQQp SDU OH FRPPHQWDLUH GH -DFTXHPXV j O¶RFFDVLRQ GH O¶RXYHUWXUH GH V D E
RXWLTXH
pSKpPqUHDYHQXH0RQWDLJQH©-HQ¶DLSDVHQFRUHRXYHUWPDERXWLTXH>@M¶DYDLVGpMjXQHSODLQWHHWXQH
pWRLOH HW OD ERXWLTXH Q¶HVW SDV HQFRUH RXYHUWHª 3DU FH GLVFRXUV LO VH SRVH HQ YLFWLPH H
W D
SSHOOH V D
FRPPXQDXWp j OD UpDFWLRQ &H SURFpGp Q¶HVWSDVGpQXpG¶LQWHQWLRQPDUFKDQGH(QDSSHODQWjODUpDFWLRQ
O¶RXYHUWXUHGHODERXWLTXHV¶DFFRPSDJQHUDG¶XQHIIHWGHYLUDOLWpTXLGRQQHUDSOXVGHYLVLELOLWpjO pYpQHPHQW
3DUWLH/¶HQJDJHPHQWGHODFRPPXQDXWpUHQIRUFHGHO¶DXUDGXFUpDWHXUHWOD PLVHHQVFqQHGX
OX[H
©6LPRQ3RUWH-DFTXHPXVPRGHG HPSORLª)UDQFH,QWHUFRQVXOWpHQOLJQHOH85/
KWWSVZZZ\RXWXEHFRPZDWFK"Y <W<2$X[5<
©6LPRQ3RUWH-DFTXHPXVOHFUpDWHXUGHPRGHDX[DOOXUHVG¶LQIOXHQFHXUOLIHVW\OHª9LHZVIUFRQVXOWpHQOLJQH85/
KWWSVYLHZVIUVLPRQSRUWHMDFTXHPXVFUHDWHXUGHPRGHDX[DOOXUHVGLQIOXHQFHXUOLIHVW\OH
SFLW277$9,0DULH©6LPRQ3RUWH-DFTXHPXVPLQRWGHVVRXUFHV ª
2
2SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
,ELG
,ELG
,ELG
G¶DXWUHV &HWWH VXEMHFWLYLWp GXOX[HQRXVSRXVVHDORUVjQRXVSRVHUODTXHVWLRQGXVXMHWHWQRWDPPHQWGX
VXMHWTXH-DFTXHPXVFKHUFKHjFRQYDLQFUHGXOX[HGHVDPDUTXH&HOXLFLSHXWrWUHUHWURXYpGDQVO¶DQDO\VH
GHVDFRPPXQDXWp
2SFLW628&+,(5(PPDQXsO&$1'(/(WLHQQH*20(=0(-,$*XVWDYR DYHF-($11(3(55,(59DOpULH
,ELG
©3HUIRUPDQFHVXUOHVUpVHDX[VRFLDX[GHVPDUTXHVGHPRGHIUDQoDLVHVª/DQGLQJ3DUWQHUVFRQVXOWpHQOLJQHOH
85/KWWSVZZZODQGLQJSDUWQHUVVRFLDOSHUIRUPDQFHIUDQFHIDVKLRQ
,ELG
,ELG
)LJXUH&DSWXUHG pFUDQGXFRPSWH-DFTXHPXV )LJXUH5pVXOWDW/HWDX[G¶HQJDJHPHQWGH-DFTXHPXV
©-DFTXHPXV UHPSRUWH OD SUHPLqUH SODFH VXU ,QVWDJUDP JUkFH j O HQJDJHPHQW GH VD FRPPXQDXWp ª 25'(67,( SXEOLp OH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZRUGHVWLHFRPEORJVDODXQHMDFTXHPXVUHPSRUWHODSUHPLHUHSODFHJUDFHDOHQJDJHPHQWGHVDFRPPXQDXWHLQVWDJUDPa
WH[W 'DQVOH7RSGXVHVPLOOLRQVG DERQQ&$V
2SFLW.$3)(5(5-HDQ1RsOS
QDWXUHTXDVLUHOLJLHXVHª ,OVRXOLJQHHQILQTXH©SRXUFRQVWUXLUHXQHPDUTXHRQQHSHXWVHFRQWHQWHUGH
YHQGUHLOIDXWFUpHUXQHP\WKRORJLHXQFXOWHXQHFRPPXQDXWpG¶DGHSWHVjODPDQLqUHG¶XQHUHOLJLRQ&HWWH
UHOLJLRQ LO OXL IDXW GHV WHPSOHV OHV PDJDVLQV IODJVKLSV R V LQFDUQHQW OHV GRJPHVGHODPDUTXHHWODIRL
TX¶HOOH LQVSLUH j VHV DGHSWHV TXL SRXUURQW \ SDUWDJHU XQH H[SpULHQFH YpFXH FRPPXQH PDJLTXH ª
/
D
IRUFH GH OD FRPPXQDXWp GH -DFTXHPXV PHVXUpH SDU O HQJDJHPHQWGHVHV³DGHSWHV´FRPPHOHVDSSHOOH
.DSIHUHURXFOLHQWVWHQGjIDLUHGHODPDUTXH-DFTXHPXVXQHPDUTXHGHOX[HDXPRLQVSRXUOHVPHPEUHV
GHODFRPPXQDXWp
'H SOXV XQHQJDJHPHQWIRUWUHMDLOOLWDXVVLVXUO¶DXUDGH-DFTXHPXV&RPPHRQO¶DYXGDQVO¶DQDO\VHGHOD
SXEOLFDWLRQHQUpSRQVHDXGpWUDFWHXUODYLHGHODFRPPXQDXWpHVWO¶RFFDVLRQGHSRODULVHUHWGHUHQIRUFHUOD
IHUYHXUHQYHUVOHFUpDWHXUQRWDPPHQWjWUDYHUVGHX[pOpPHQWVODYLROHQFHGHODUpSRQVHGH-DFTXHPXVHVW
XQ pOpPHQW SRODULVDQW FH TXL DpWpVRXOHYpSDUFHUWDLQVPHPEUHVGHVDFRPPXQDXWpTXLOXLRQWUHSURFKp
G¶DWWLVHUODKDLQHHWOHVQRPEUHX[FRPPHQWDLUHVGHVXSSRUWj-DFTXHPXVTXLUHQIRUFHQWVRQU{OHSDUWLFXOLHU
GDQV OD VRFLpWp ©.HHS SUHDFKLQJ 6LPRQª©&RQWLQXH] j SUrFKHU 6LPRQª .DSIHUHU V RXOLJQH OHV
FDUDFWpULVWLTXHV GX FUpDWHXU © GRWpV G XQH IRUWH S
HUVRQQDOLWp FDSDEOHV GH VXVFLWHU O HQWKRXVLDVPH
LQGpIHFWLEOH GH OHXUV IDQV HW GH WLVVHU GHV OLHQV pPRWLRQQHOV DYHF XQ ODUJH SXEOLF ,OV G
RLYHQW r
WUH
G DYDQWJDUGH HW PrPHSRODULVDQWVV HIIRUFHUGHQHSDVSODLUHjWRXWOHPRQGHGHIDoRQjFUpHUXQHpOLWH
FXOWXUHOOH G DGHSWHV ULFKHV RX PRLQV ULFKHV ,OV FDSLWDOLVHQW VXU XQH VHJPHQWDWLRQ FXOWXUHOOH OHXUV
LQFRQGLWLRQQHOV DLPDQWjVHFRQVLGpUHUFRPPHO pOLWHFUpDWLYH/HFKDULVPHGHFHVLF{QHVFXOWXUHOOHVUDQJ
DXTXHO OHV PpGLDV HW OHV UpVHDX[ VRFLDX[ OHV pULJHQW HVW XQH VRXUFH G DXWRULWp HW G DXUDFHWWHGHUQLqUH
UHMDLOOLVVDQWVXUOHVFOLHQWVTXLDFKqWHQWOHXUVSURGXLWVª
8QHFRPPXQDXWpIRUWHUHQIRUFHODGLIIpUHQFHHQWUHOHVPHPEUHVGHODFRPPXQDXWpHWOHVDXWUHV'H
FHWWHPDQLqUH-DFTXHPXVGRQQHjVDFRPPXQDXWpXQHLOOXVLRQGXOX[HGHVDPDUTXHSOXVIRUWH/HUHJDUG
GHV DXWUHV HVW HVVHQWLHO DX ³IDLUH OX[H´ TXH UHYHQGLTXH -DFTXHPXV FRPPH OH VRXOLJQH .DSIHUHU ©
3
RXU
FRQVWUXLUH OH UrYH OHOX[HGRLWFRPPXQLTXHUELHQDXGHOjGHVDYpULWDEOHFLEOH/DPDUTXHVHVSURGXLWVHW
VHVSUL[GRLYHQWrWUHFRQQXVGXSOXVJUDQGQRPEUHPrPHVLHQUpDOLWpOHVDFKHWHXUVVHURQWSHXQRPEUHX[
/HOX[HFUpHGHODYDOHXUSDUOHUHJDUGGHVDXWUHVª
0DLVO¶DXUDQ¶HVWSDVOHVHXOEpQpILFHTXHUHWLUH-DFTXHPXVG¶XQHFRPPXQDXWpIRUWH/DSUR[LPLWpDYHFVHV
IDQV © pWDQWSOXVJUDQGHLOHVWSOXVIDFLOHSRXUODPDUTXHGHWUDYDLOOHUHQILQHVVHVXUODFRPSUpKHQVLRQGH
OHXUVSURILOVDWWHQWHVSUpIpUHQFHVHWFªHWOXLSHUPHWGHILGpOLVHUGHIDLUHRXEOLHUOHVSUL[jVHVDGHSWHV
-DFTXHPXVXQHPDUTXHGHOX[HDFFHVVLEOH"3DUODPLVHHQSODFHG¶XQV\VWqPHGHYDOHXUVFULVWDOOLVDQWXQH
FRPPXQDXWpDXWRXUGHVDPDUTXHSDUOHU{OHTXH6LPRQ-DFTXHPXVSUpWHQGMRXHUGDQVODGpIHQVHGHFHV
YDOHXUVHWSDUODSUR[LPLWpGRQWLOVHUHYHQGLTXHHWO¶DFFHVVLELOLWpLQGLVVRFLDEOHG¶XQHFRPPXQDXWpFUppHVXU
OHV UpVHDX[ V RFLDX[ LO UpXVVLW j FUpHU XQ HQJDJHPHQW IRUWGHVDFRPPXQDXWp3RXUFHOOHFLVRQDXUDHVW
UHKDXVVpHHWODSHUFHSWLRQGXOX[HHQHVWUHQIRUFpH
,ELGS
,ELGS
2SFLW.$3)(5(5-HDQ1RsOS
,ELGS
2SFLW/X[H UpVLOLHQFH/HVFOpVSRXUUHERQGLUIDFHDX[FULVHV
&21&/86,21
$XFRXUVGHFHWUDYDLOQRXVDYRQVDQDO\VpOHVSULQFLSDX[VXSSRUWVGHFRPPXQLFDWLRQGHODPDUTXH
-DFTXHPXV HW SULQFLSDOHPHQW VHVSXEOLFDWLRQVVXUODSODWHIRUPH,QVWDJUDPFRPSRVpHVGHVSKRWRVHWGHV
FRPPHQWDLUHVDVVRFLpVPDLVDXVVLOHGLVFRXUVGH6LPRQ-DFTXHPXVjO¶RFFDVLRQG¶LQWHUYLHZV1RWUHWUDYDLO
DSHUPLVG¶DQDO\VHUODPDQLqUHGRQWODPDUTXH-DFTXHPXVVHPHWHQVFqQHHWFRPPHQWHOOHUHYHQGLTXHOH
OX[HFRPPHQWHOOHUHYHQGLTXHODSUR[LPLWpHWHQILQFRPPHQWVDFRQYHUVDWLRQDYHFVDFRPPXQDXWppFODLUH
ODUpFRQFLOLDWLRQTX¶LORSqUHHQWUHOHVGHX[
*UkFHjO pWXGHGHQRWUHFRUSXVQRXVDYRQVSXYDOLGHUQRWUHSUHPLqUHK\SRWKqVHTXLHVWTXH-DFTXHPXV
SDUODFUpDWLRQG¶XQHDXUDIRUWHDXWRXUGHVRQFUpDWHXUGHVDUHFKHUFKHG KpULWDJHHWGHUDFLQHVO¶DUW
HW XQ IRUW HVWKpWLVPH FKHUFKH j V LPSRVHU FRPPHXQHPDUTXHGHOX[H&HWWHSUHPLqUHSDUWLHQRXVD
SHUPLVG¶REVHUYHUTXH-DFTXHPXVPHWHQ°XYUHGHVWHFKQLTXHVFRPPXQLFDWLRQQHOOHVDILQGH³IDLUHOX[H´HW
SDUYLHQWjFUpHUXQHDXUDDXWRXUGHOXL
1RWUHGHX[LqPHK\SRWKqVHPHWWDLWHQDYDQWXQSDUDGR[H/DQpJDWLRQGXOX[H-DFTXHPXVXQHPDUTXH
SRXU WRXW OH PRQGH " 'DQV OD PLVH HQ UpFLW GH VRQ LGHQWLWp j WUDYHUV O¶HWKRV TX¶LO F
RQVWUXLW
-DFTXHPXV WHQWH GH VH GRQQHU XQH LPDJH SRSXODLUH 1RXV DYRQV SX YDOLGHU SDUWLHOOHPHQW Q
RWUH
GHX[LqPH K\SRWKqVH (Q HIIHW GDQV OD PLVH HQ UpFLW GH VRQ LGHQWLWp j WUDYHUV O¶HWKRV TX¶LO F RQVWUXLW
-DFTXHPXV WHQWH GH FUpHU XQH LPDJH SRSXODLUH ,O PHW HQ VFqQH XQH SUR[LPLWp HW XQH D
XWKHQWLFLWp
&HSHQGDQWQRXVQ¶DYRQVSDVYDOLGpHQWLqUHPHQWFHWWHK\SRWKqVH³/DQpJDWLRQGXOX[H-DFTXHPXVXQH
PDUTXHSRXUWRXWOHPRQGH"´6L-DFTXHPXVSDUO¶DXWKHQWLFLWpHWODSUR[LPLWpTX¶LOPHWHQSODFHSUpWHQG
SDUOHUjWRXVLOQHQLHSDVOHOX[HGRQWLOVHUHYHQGLTXHHWTXHQRXVDYRQVPRQWUpGDQVODSUHPLqUHSDUWLH
-DFTXHPXV Q
¶HVW SDV XQH PDUTXH SRSXODLUH PDOJUp OHV HIIRUWV TX¶LO GpSORLH GDQV VDFRPPXQLFDWLRQSRXU
³IDLUH SRSXODLUH´ WRXW HQ SUpVHUYDQW O¶DXUD TX¶LO FRQVWUXLW 3DU VD FRQVWUXFWLRQ FRPSOH[H -DFTXHPXV Y HXW
³IDLUH OX[H´ DXWUHPHQW /D WURLVLqPH SDUWLH QRXV D SHUPLV GH PLHX[ IDLUH OH OLHQ HQWUH FHV GHX[ P
LVHV H
Q
VFqQHDSSDUHPPHQWSDUDGR[DOHV
$ SDUWLU GH F HWWH DQDO\VH QRXV SRXYRQV SRLQWHU G pYHQWXHOV HQVHLJQHPHQWV SURIHVVLRQQHOV - DFTXHPXV
VHPEOHV rWUHHQJDJpGDQVODYRLHGHODGpPRFUDWLVDWLRQGXOX[HFRPPHOHGpFULYHQW/LSRYHWVN\HW%UXQ
© $XWUHIRLV UpVHUYpV DX[ FHUFOHV GH OD ERXUJHRLVLH KXSSpH OHV SURGXLWV GH OX[H V RQW
SURJUHVVLYHPHQW ©GHVFHQGXV ª GDQV OD UXH $X PRPHQW R OHV JUDQGV JURXSHV IRQW D
SSHO j
GHV
PDQDJHUVLVVXVGHODJUDQGHGLVWULEXWLRQHWIRUPpVjO HVSULWPDUNHWLQJO LPSpUDWLIHVWG RXYULUOHOX[H
DXSOXVJUDQGQRPEUHGHUHQGUH©O LQDFFHVVLEOHDFFHVVLEOHª'HQRVMRXUVOHVHFWHXUVHFRQVWUXLW
V\VWpPDWLTXHPHQW FRPPH XQ PDUFKp KLpUDUFKLVp GLIIpUHQFLp GLYHUVLILp OH OX[H G
H[FHSWLRQ
FRH[LVWDQWDYHFXQOX[HLQWHUPpGLDLUHHWDFFHVVLEOH6SKqUHGpVRUPDLVSOXULHOOHOHOX[HD©pFODWpª
LO Q¶\ D SOXV XQ OX[H PDLV GHVOX[HVjSOXVLHXUVpWDJHVSRXUGHVSXEOLFVGLYHUV>@'¶XQF{WpVH
UHSURGXLWFRQIRUPpPHQWDXSDVVpXQPDUFKpH[WUrPHPHQWpOLWLVWHGHO¶DXWUHOHOX[HV¶HVWHQJDJp
GDQVODYRL[LQpGLWHGHODGpPRFUDWLVDWLRQGHPDVVHª
'¶XQ SRLQW GH YXH SURIHVVLRQQHO QRWUH UHFKHUFKH IDLW DSSDUDvWUH ULVTXHV FRPPXQLFDWLRQQHOVTXL
VHORQ QRXV GHYUDLHQW rWUH DGUHVVpV SDU -DFTXHPXV 7RXW G¶DERUG -DFTXHPXV HVW XQH PDUTXHLQGLYLGX
F HVWjGLUHFUppHGpYHORSSpHHWRUJDQLVpHDXWRXUGH6LPRQ3RUWH-DFTXHPXVHWGHVRQKLVWRLUH3OXVIRUWH
HVWO¶DXUDSOXVODPDUTXHVHUDGpSHQGDQWHGHO¶LQGLYLGX/¶DXUDGH-DFTXHPXVWLHQWjODIRLVGHODVWDUHWGH
O LF{QH LQFDUQDQW XQ LGpDO $ILQ GH SUpPXQLU VD PDUTXH FRQWUH XQ WHUQLVVHPHQW DFFLGHQWHO GH V RQ LPDJH
SHUVRQQHOOHLOV¶DJLUDLWSRXU-DFTXHPXVGHSRQGpUHUVDSURSUHVWDULILFDWLRQHQWURXYDQWXQUHODLVUHQIRUoDQW
VHV YDOHXUV (QVXLWH LO QRXV DSSDUDvW TXH OH V\VWqPH GH YDOHXUV ELHQ TXH VXIILVDQW SRXU HPEDUTXHU V D
FRPPXQDXWp UHVWH IDLEOH QRWDPPHQW DX UHJDUG GHV WHQGDQFHV GH IRQG TXL DQLPHQW OD VRFLpWp H
W S
OXV
SDUWLFXOLqUHPHQW OHV MHXQHV JpQpUDWLRQV GH SOXV HQ SOXV H[LJHDQWHV FRPPH GpYHORSSpHV S
DU 2
OLYLHU
5RXVWHLQJ HW 6WHOOD 0F&DUWQH\ /H WKqPH GH O¶HQYLURQQHPHQW HVW SDUWLFXOLqUHPHQW DEVHQW G
H V D
FRPPXQLFDWLRQ,ODGpFODUpHQ©$XGHOjGHoDF¶HVWQRWUHPDQLqUHGHFRQVRPPHUTXLGRLWFKDQJHU
0DLVF¶HVWFRPSOLTXpGDQVPDSRVLWLRQGHGLUH³DFKHWH]PRLQV´DORUVTXHMHYHQGVGHVYrWHPHQWV&¶HVWSRXU
oDTXHMHQHUHYHQGLTXHULHQTXDQWjPHVHQJDJHPHQWVpFRORVª ,OIDLWSDVVHUVDGLPHQVLRQPDUFKDQGH
DYDQW OHV SUpRFFXSDWLRQV HQYLURQQHPHQWDOHV UHQYR\DQW OD UpVROXWLRQ GX SUREOqPH j G DXWUHV Y RLUH H
Q
UHMHWDQWODUHVSRQVDELOLWpjVHVSURSUHVFOLHQWV FRQVRPPHUDXWUHPHQW
/HUHQIRUFHPHQWGHVRQV\VWqPHGHYDOHXUVFRPPHSDUH[HPSOHXQHQJDJHPHQWVXUO pFRUHVSRQVDELOLWpRX
VXU O¶pWKLTXH VRFLDOH GHV WUDYDLOOHXUV GH OD PRGH H
W GX OX[H SHUPHWWUDLW j -DFTXHPXV G
¶HQULFKLU OD
SHUVRQQDOLWpGHVDPDUTXHHWGDQVOHPrPHWHPSVDGUHVVHUOHSUHPLHUULVTXHTXHQRXVDYRQVPHQWLRQQp
HQDVVXUDQWXQPHLOOHXUpTXLOLEUHHQWUHGHVYDOHXUVIRUWHVHWVDSURSUHSHUVRQQH
$X FRXUV GH OD SUpSDUDWLRQ GH FH WUDYDLO QRXV DYRQV pWp FRQIURQWpV j XQ YROXPH WUqV J
UDQG G
H
PDWpULHO VXVFHSWLEOH G¶LQWpJUHU QRWUH FRUSXV 1RXV DYRQV G
IDLUH GHV FKRL[ DILQ GH WURXYHU OH P
HLOOHXU
pTXLOLEUH HQWUH XQ FRUSXV QRUPp ERUQp GDQV OH WHPSV HW OHV VXSSRUWV GH FRPPXQLFDWLRQ OHV S
OXV
UHSUpVHQWDWLIVOHVSOXVpYRFDWHXUVGXGLVFRXUVGH-DFTXHPXV1RXVQRXVVRPPHVpJDOHPHQWDSSX\pVVXU
GHV HVTXLVVHV GHFRPSDUDLVRQDYHFG¶DXWUHVPDUTXHVGHOX[HTXLSRXUUDLHQWrWUHDSSURIRQGLHVVHORQOHXU
QDWXUH%LHQTX¶LOQRXVDLWVHPEOpLQGLVSHQVDEOHjQRWUHDQDO\VHHWjODFRPSUpKHQVLRQGHO¶LPSRUWDQFHGHOD
FRPPXQDXWp GH -DFTXHPXV GDQVVRQGLVFRXUVG¶DERUGHUODTXHVWLRQGHVUpDFWLRQVGHODFRPPXQDXWpGH
-DFTXHPXV FH WUDYDLO VH FRQFHQWUH HQ SUHPLHU OLHX VXU O pPHWWHXU GX GLVFRXUV ,O HIIOHXUH OH V XMHW G
H OD
UpFHSWLRQ GX GLVFRXUV TXL PpULWHUDLW G rWUH DSSURIRQGLDILQG¶DQDO\VHUFRPPHQWOHOX[HHWOHSRSXODLUHVRQW
SHUoXV
(QFRQFOXVLRQFHWUDYDLODSHUPLVGHPHWWUHDXMRXUOHVUHVVRUWVGHFRPPXQLFDWLRQGH-DFTXHPXV
XQH PDUTXH MHXQH WRXUQpH YHUV OHV MHXQHV JpQpUDWLRQV UHYHQGLTXDQW OD GpPRFUDWLVDWLRQ GX OX[H,OQRXV
VHPEOHUDLWSHUWLQHQWGHSURORQJHUFHWWHpWXGHHQPHWWDQWOHVWHFKQLTXHVFRPPXQLFDWLRQQHOOHVGH-DFTXHPXV
SFLW/,329(76.<*LOOHVHW%581(O\HWWHS
2
2SFLW921%$5'(/(%(1(OYLUH©6LPRQ3RUWH-DFTXHPXV³,OIDXWWURXYHUO¶pTXLOLEUHSRXUrWUHXQLTXHHWSRUWDEOH´ª
HQ UHJDUG GH PDUTXHV VLPLODLUHV WDQW HQMHXQHVVHTX¶HQDXGLHQFHRXHQFRUHHQWHUPHVGHUHYHQGLFDWLRQ
WHOOHV &RSHUQL RX 0DULQH 6HUUH RX ELHQ HQUHJDUGGHVWHFKQLTXHVGpYHORSSpHVSDUGHVFUpDWHXUVGHOX[H
DXMRXUG¶KXLpWDEOLVDXFRXUVGHOHXUVSUHPLqUHVDQQpHVGHGpYHORSSHPHQWFRPPH<YHV6DLQW/DXUHQWGDQV
OHVDQQpHVRX-HDQ3DXO*DXOWLHUGDQVOHVDQQpHV
$11(;(&RUSXV$UWLFOHVGHSUHVVH
KWWSVZZZSDSHUEORJIU
(QWUHWLHQDYHF6LPRQ HQWUHWLHQDYHFVLPRQSRUWHMDFTX
3DSHUEORJ %ORJ
3RUWH-DFTXHPXV HPXV
(QWUHWLHQDYHFXQ KWWSVPVWXGLRZRUGSUHVVFRP
FUpDWHXU6LPRQ3RUWH 0VWXGLR %ORJ HQWUHWLHQDYHFXQFUH
-DFTXHPXV DWHXUVLPRQSRUWHMDFTXHPXV
6LPRQ3RUWH KWWSVZZZOHSRLQWIUPRGHGHVLJ
UHVV
3
- DFTXHPXVOD QVLPRQSRUWHMDFTXHPXVODVXFF
/H3RLQW pFRQRPLTXH
VXFFHVVVWRU\©PDGH HVVVWRU\PDGHLQSDULV
SROLWLTXHVRFLpWp BSKS
LQ3DULVª
3UHVVIHPLQLQ KWWSVZZZJUD]LDIUSHRSOHOLQWH
DUROLQH
& / LQWHUYLHZ1RUPFRUH UYLHZQRUPFRUHGHMDFTXHPXV
*UD]LD PRGHEHDXWp
+DPHOOH 'H-DFTXHPXV
OLIHVW\OH
/¶DQWL,QWHUYLHZ
3UHVVIHPLQLQ KWWSVZZZJUD]LDIUPRGHODQWLLQ
5DSKDsOOH 3KLORVRSKLTXH'H
*UD]LD PRGHEHDXWp WHUYLHZSKLORVRSKLTXHGHVLPRQS
2UVLQL 6LPRQ3RUWH RUWHMDFTXHPXV
OLIHVW\OH
-DFTXHPXV
3UHVV KWWSVVHULHOLPLWHHOHVHFKRVIUPR
LPRQ3RUWH
6 HV
/ GHQHZVVLPRQ
FRQRPLTXH
p
-DFTXHPXV (FKRV SRUWHMDFTXHPXVSKS
SROLWLTXHVRFLpWp
-DFTXHPXV 3UHVV
*XLOODXPH (XURSUHVV
FRQIHVVLRQG XQHQIDQW /H)LJDUR FRQRPLTXH
p
+pOqQH
GXVLqFOH SROLWLTXHVRFLpWp
6LPRQ3RUWH 3UHVV
0DULH2WWDYL -DFTXHPXVPLQRWGHV /LEHUDWLRQ FRQRPLTXH
p (XURSUHVV
VRXUFHV SROLWLTXHVRFLpWp
0DUVHLOOHYXHSDU 3UHVVIHPLQLQ
DXOLQH
3 0DGDPH (XURSUHVV
6LPRQ3RUWH PRGHEHDXWp
:HEHU )LJDUR
-DFTXHPXV OLIHVW\OH
'DQVOH3DULVGH 3UHVVIHPLQLQ
DXOLQH
3 0DGDPH (XURSUHVV
6LPRQ3RUWH PRGHEHDXWp
:HEHU )LJDUR
-DFTXHPXV OLIHVW\OH
-DFTXHPXV/RXLV
3UHVVIHPLQLQ KWWSVZZZJUD]LDIUPRGHQHZV
OYLUH
( XLWWRQ3RXUTXRL/H
9 PRGHORXLVYXLWWRQMDFTXHPXVGHI
*UD]LD PRGHEHDXWp
(PSWD] 6XG$WWLUH$XWDQW/HV LOHVVXGIUDQFH
OLIHVW\OH
&UpDWHXUV'H0RGH
ʋ $XWHXU $UWLFOH 7LWUH 7\SHGHPHGLD 'DWH /LHQ
KWWSVZZZOHILJDURIUJDVWURQRPL
DOpULH
9 LPRQ3RUWH
6 UHVV
3
H$
*XpGRQ -DFTXHPXVOD /H)LJDUR pFRQRPLTXH
57),*VLPRQSRUWHMDFTXH
URYHQFHjO HVWRPDF
3 SROLWLTXHVRFLpWp PXVODSURYHQFHDOHVWRPDFSKS
5HQFRQWUHDYHF6LPRQ KWWSVZZZYRJXHIUPRGHLQVSLUD
UHVVIHPLQLQ
3
7KHRGRUD 3RUWH-DFTXHPXVOH
9RJXH PRGHEHDXWp WLRQVGLDSRUDPDUHQFRQWUHDYHFV
$VSDUW URLVROHLOGHODPRGH LPRQSRUWHMDFTXHPXVFUHDWHXU
OLIHVW\OH PRGHIUDQFDLVHLQWHUYLHZ
IUDQoDLVH
6LPRQ3RUWH
DUWLQ
0 - DFTXHPXV©3RXU 3UHVV
%HUQDUG FHWWHSUHPLqUHIRLVMH /H)LJDUR FRQRPLTXH
p (XURSUHVV
)UpGpULF VXLVDOOpYHUVXQVW\OH SROLWLTXHVRFLpWp
GLUHFWª
6LPRQ3RUWH 3UHVV
( OYLUHYRQ
- DFTXHPXVODYDOHXU /H0RQGH FRQRPLTXH
p (XURSUHVV
%DUGHOHEHQ
PRQWDQWHGHODPRGH SROLWLTXHVRFLpWp
6LPRQ3RUWH KWWSVZZZOHPRQGHIUPVW\OHVD
- DFTXHPXV©,OIDXW UHVV
3 UWLFOHVLPRQSRUWHMDF
(OYLUHYRQ
WURXYHUO¶pTXLOLEUHSRXU /H0RQGH pFRQRPLTXH TXHPXVLOIDXWWURXYHUOHTXLOLEUH
%DUGHOHEHQ SRXUHWUHXQLTXHHWSRUWDEOHB
rWUHXQLTXHHWSRUWDEOH SROLWLTXHVRFLpWp
ª BKWPO
+RPPDJHj3LHUUH KWWSVZZZORIILFLHOFRPLQGXVWU\W
&DUGLQ UHVVIHPLQLQ
3 UHQGVSLHUUHFDUGLQVLPRQSRUWHM
DPHOD
3
(QWUHWLHQDYHF6LPRQ /¶RIILFLHO PRGHEHDXWp DFTXHPXVPRGHIUDQFDLVHUHQFR
*ROELQ
3RUWH-DFTXHPXVHW OLIHVW\OH QWUH
3LHUUH&DUGLQ
/H&HQWUH3RPSLGRX KWWSVZZZFHQWUHSRPSLGRXIUIU
HQWUH
&
6LPRQ3RUWH 6LWHGHPXVpH PDJD]LQHDUWLFOHOHFHQWUHSRPSL
RPSLGRX
3 GRXVLPRQSRUWHMDFTXHPXV
-DFTXHPXV
(PPDQXHO
- DFTXHPXV0DPDQ 3UHVVIHPLQLQ KWWSVZZZPDULHFODLUHIULQWHUYLH
OH DULH
0
PRQDPRXUDPRXUGH PRGHEHDXWp ZVLPRQSRUWHMDFTXHPXVPRGH
'XFRXUQD &ODLUH ELRJUDSKLHDVS
PDYLH OLIHVW\OH
X
KWWSVZZZVVHQVHFRPIUIUHGLWR
- LQD ,OpWDLWXQHIRLV 6LWHPDUFKDQG
66(16( ULDOPRGHKRPHDORQHZLWKMDFTX
KD\\HU
. -DFTXHPXV GHYHQWH HPXV
$11(;( $QDO\VH IUpTXHQWLHOOH GH PRWV GX &RUSXV /HV PRWV IUpTXHPPHQW XWLOLVpV G
DQV OH
GLVFRXUVGH-DFTXHPXV
0HWKRGRORJLH
3RXUFKDFXQGHVDUWLFOHVGX&RUSXVXQFRPSWDJHGHVPRWVHVWHIIHFWXp/HVQRPVFRPPXQVHWOHVQRPV
SURSUHVHWOHVYHUEHVTXLDSSDUDLVVHQWDXPRLQVIRLVSDUDUWLFOHRQWpWpUHWHQXV
5HVXOWDWVEUXWV
î-DFTXHPXVîPRGHî3DULVîPqUHîMHXQHî6XGî6LPRQî
3URYHQFHî3LHUUHîPDUTXHîYrWHPHQWVî0DUVHLOOHîFROOHFWLRQVîYLH
LPRQ3RUWH
6 îIHPPHVîFUpDWHXUîVFqQHîHQIDQFHîFUDLQWHî0DULHîJRXUPHWWH
-DFTXHPXV îQpîKRPPHVîIpPLQLQîJUDQGLîYLOODJHîIDPLOOHîGpILOpVî
0DULH PLQRWGHV DWWHQGDQWîIHVWLYDOîKRQQHXUîVHUYLîURVHîEODQFîMRXUîHVVD\HUî
2WWDYL VRXUFHV LEHUDWLRQ
/ URPDQWLTXHîPRGHUQHîLPDJHVîPDLQî6DQWRQVîGpEXWVî&ROHWWH
0DUVHLOOHYXH
DXOLQ S
3 DU6LPRQ î0DUVHLOOHîPHUîYXHîYLOOHîFRHXUîEHOOHîUXHîSLHGîDUWî
H 3RUWH DGDPH
0 FDGUHîDQWLTXDLUHVîSDUHQWVî3URYHQFHî.HQQHG\îURPDQîMHXQHV
:HEHU -DFTXHPXV )LJDUR îVLQJHVî1RUPDQî)RVWHUîPqWUHVîQDJHXUVî3LHUUHîPRGHî
0DLVRQîEkWLPHQWî$UWîDUFKLWHFWXUHîH[SRVLWLRQ
î3DULVîUXHî-DFTXHPXVî6XGîPRGHîIHPPHîGpILOpîPDUFKp
DQVOH3DULV
' îPXVpHî6LPRQîMHXQHîFDSLWDOHîVRODLUHîJULVîMDXQHîEOHXî
3DXOLQ GH6LPRQ 3URYHQFHîpQHUJLHîSRQWîIHPPHVîPqUHîFROOHFWLRQVîFRPSWHî
H 3RUWH DGDPH
0 %RPEDîSODJHîFDIpîEODQFî$OLJUHîSDUWLFXOLHUîERUGîFDQDOî
:HEHU -DFTXHPXV )LJDUR SUpVHQWpî3LFDVVR
DFTXHPXV
-
/RXLV
9XLWWRQ î6XGî0DUVHLOOHî-DFTXHPXVîPRGHîYLOOHîJHQVî/RXLVî9XLWWRQ
3RXUTXRL/H îFUpDWHXUVîDUWLVWHVîPHUîGpILOpîGpILOHUîFROOHFWLRQî+RPPHî
6XG$WWLUH 3DULVîH[SRVLWLRQVîUHQRXYHDXîFXOWXUHîFRXOHXUî0pGLWHUUDQpHî
(OYLUH $XWDQW/HV VROHLOîFLJDOHVîUpJLRQî1HZî<RUNîDUWîG\QDPLVPHîVpGXLWî
(PSWD &UpDWHXUV'H &URLVLqUHîVHXOHîYR\DJHUîpQHUJLHî)DVKLRQî:HHNîWHUULWRLUHî
] 0RGH UD]LD
* RXYHUWXUHîVRODLUHîpYRTXHîOXPLqUHîDGRUp
îPRGHîPqUHî6LPRQî-DFTXHPXVî6XGî3URYHQFHîFROOHFWLRQV
îFXLVLQHîWHUUDVVHîPDWLQîFDSLWDOHîYLOOHîSOXW{WîVHQVîVHOî
EHOOHîSODWîFDPDUDGHîJHQVîFRUGRQîEOHXîSURGXLWVîVLPSOHVî
IUDLVîLGpHîVpULHîSHWLWVîSODWVîKXLOHîROLYHîSDUOHî6DORQî
FXLVLQHUîVDLWî,QVWDJUDPîYLYUHîSDULVLHQîGpMHXQHUîWDUWLQHVî
6LPRQ3RUWH EHXUUpHVî&DIpî)UDQoDLVî%DVWLOOHîIUDQoDLVîMHXQHîHVSULWî
DOpULH -
9 DFTXHPXV YLOODJHîGRLVîRULJLQHVîWRPDWHVîEDVLOLFîIrWHîERQVîWDEOHî
*XpGR OD3URYHQFHj HQIDQFHîPRQGHîDPLVîF{WpîVDLVRQîQpîFRPSWHîYLHîPDUTXH
Q O HVWRPDF /H)LJDUR îOLHQîVRXSHî&RXSHUîKDULFRWV
î-DFTXHPXVîPRGHîPqUHî6LPRQîPDUTXHî6XGîVLPRQî
SRUWHîMDFTXHPXVî3DULVî%RPEDîPDLVRQîVROHLOî%UDPHMHDQî
LQVSLUDWLRQîFROOHFWLRQVîFRXWXUHîSqUHîIHPPHîFROOHFWLRQî
HQFRQWUH
5 DXWRGLGDFWHîKDPHDXîSRPPLHUVîIDVKLRQîDFFHQWîVRODLUHîQDwYH
DYHF6LPRQ î3LFDVVRîGpILOpîSHDXîEHOOHîPRQGHîHIIHWîIUDQFRîUDFRQWHî
3RUWH MHXQHîSDUWLîFUpHUîPLOLHXîSDUHQWVîDUWLVWHVîPDQLqUHî
-DFTXHPXV *DLQVERXUJîGpJXLVpîYLOODJHîHVSULWîJHQVî$GMDQLîUREHîDQQpH
7KHRG OHURLVROHLOGH îSHUPDQHQFHîRQFOHîYLHîFUpDWHXUVîUpDOLWpî.DUOîVRUWLîKHXUHV
UD
R ODPRGH îWURXYpî02'(îSLVFLQHîSXOOîIHPPHVîVDQWRQVîDOOHUîVpULHX[
$VSDUW IUDQoDLVH RJXH
9 îWURXYHîLPPHXEOHîJUDQGH
LPRQ3RUWH
6
-DFTXHPXV
0DUWLQ ©3RXUFHWWH
HUQDU SUHPLqUHIRLV
% î-DFTXHPXVî6LPRQîVW\OHîKRPPHîVW\OLVWHîHUUHXUVîGLUHFWî
G MHVXLVDOOp GpILOpîPDVFXOLQîJDUVî0DUVHLOOHîVDEOHîGUHVVLQJîJUDQGHîSUL[
)UpGpUL YHUVXQVW\OH îFUpHUîFROOHFWLRQîYrWHPHQWVîUHODWLYHPHQWîVLPSOHVîEHOOHVî
F GLUHFWª H)LJDUR
/ HXURV
LPRQ3RUWH
6
OYLUH
( -DFTXHPXV
YRQ ODYDOHXU î-DFTXHPXVîPRGHî6LPRQîPDUTXHîFUpDWHXUîMHXQHîYDOHXU
%DUGHO PRQWDQWHGH îPRQWDQWHîVW\OHîSDWURQîLQGpSHQGDQWî(O\VpHîDLUîFUpHî
HEHQ ODPRGH /H0RQGH YrWHPHQWVîGpILOpVîWUDYDLOîPqUHîSHUVRQQHOî3DULVîILOWUH
îPRGHîFROOHFWLRQîGpILOpîPDUTXHî-DFTXHPXVîYrWHPHQWVî
6LPRQîPRQGHîWURXYHUîpTXLOLEUHîDIIDLUHVîKRPPHîXQLTXHî
FUpDWHXUVîFKLIIUHîHXURVîpTXLSHîWUDYDLOîLPDJHîFROOHFWLRQVî
,QVWDJUDPîSXEOLFîYrWHPHQWîSRUWDEOHîPDLVRQîYHQWHî3DULVî
FKDPSîODYDQGHîHQWUHSULVHîDUURQGLVVHPHQWîFUpHUîVXGî)UDQFH
îPpWLHUîWrWHîERXWLTXHîLGpHîFKHPLVHîFUpDWHXUîLQGpSHQGDQWH
îFRQQDvWîDVFHQVLRQîOLJQHîUpVHDX[îVRFLDX[îMRXUî3DUWDJHUî
pSRTXHî/DXUHQWîVLPSOHîIRQGpîVHXOîLQYHVWLVVHXUîPLOLHXî
LPRQ3RUWH
6 FRQWLQXHîERXWLTXHVîGLUHFWHXUîGRXEOHîSRVLWLRQîSURGXLWVî
-DFTXHPXV FKDSHDX[îSDLOOHîVDFVî&KLTXLWRîDYDQFHîYLWîDUJHQWîUREHVî
©,OIDXW SURSRVLWLRQVîKHXUHX[îWURXYHîFRPPXQLFDWLRQîMRXUQpHîILOPVî
WURXYHU UHWUDQVFULUHîYLHX[îGpILOpVîSURGXLUHîGHUQLHUîpFKRîJUDQGHî
(OYLUH O¶pTXLOLEUH FRPSWHîFRPSOLTXpîPHVVDJHîVLQFpULWpîFRQVRPPHUîVWDUVîFRRO
YRQ SRXUrWUH îSUHVVHîEXUHDXîSRpVLHîIHPPHîWURXYpîPDUTXHVî*DOHULHVî
%DUGHO XQLTXHHW /DID\HWWHîFRQoXîVLWHîGHPDQGHîERQîPRGqOHîGpILOHUîDUUrWHî
HEHQ SRUWDEOHª H0RQGH
/ IDVKLRQîHQYR\HUîHQWUHS{WîFUpDWLYLWpîSODFHîPDQLqUHîFKDQJHUî
JDUGHîGLIILFLOHîULVTXHîDGPLUHîSDUOHUîYLHîVW\OH
î&DUGLQî3LHUUHî-DFTXHPXVî6LPRQîPRGHîWUDYDLOîORRNî
MHXQHîZRUNî6DGHîUHVSRQVDELOLWpVîSULQWHPSVîVXFFqVîUpXVVLWHî
RPPDJHj
+ VKRZîIHPPHîKRPPHîVW\OHîPDUTXLVîJHQVîPDUTXHîGpEXWî
3LHUUH&DUGLQ GpILOpîYLHîPDLVRQîFROOHFWLRQî'LRUîFROOHFWLRQVî3LFDVVRîWDOHQW
(QWUHWLHQ îPRQGHîIUDQoDLVHî3URYHQFHîGR\HQîDFWLYLWpîKDXWîSDUWLHî
DYHF6LPRQ F{WHîMHXQHVVHîPDLVRQVîILQDQFLHUVîYRORQWpîOLEHUWpîULWîGLIILFLOH
3RUWH îFUpDWLRQîVDYRLUîFRSLpîHPSOR\pVî5LUHîFRQVFLHQWîFKDQFHî
3DPHO -DFTXHPXV PDQLqUHîSDUWLFXOLHUîLGpHîSRUWDEOHîEHOOHîSURFKHîVpMRXUQpî
D HW3LHUUH LPPRELOLHUî&DVDQRYDîUDFRQWHUîSHUVRQQDOLWpî%DOHQFLDJDîMDORXVLH
*ROELQ &DUGLQ ¶RIILFLHO
/ îMHXQHVî3DULVî&RXUUqJHVîpSRTXHîWUDYDLOOHUîpFRXWHU
H&HQWUH
/ î0DWLVVHîPRGHî&HQWUHî3RPSLGRXî6LPRQî-DFTXHPXVî
3RPSLGRX 3LFDVVRîSRSîURPDQîLQVSLUDWLRQîSLFWXUDOî+HQULî+RFNQH\î
6LPRQ XQLYHUVîH[SRVLWLRQîDUWLVWLTXHîSHLQWUHîFUpDWLRQVîPRQGHîFRPSWH
3RUWH HQWUH
& î3URYHQFHîFKDPSîWUDYDLOîFRXOHXUîFRXOHXUVîGpFRXYHUWî
-DFTXHPXV 3RPSLGRX DGROHVFHQWîFKRFîWDEOHDXîUpIpUHQFHîIRUPDWLRQ
îPqUHî-DFTXHPXVî6LPRQîYLHîURVHîEHDXîSqUHîIHPPHî
IDPLOOHîOLWîIHPPHVîDPRXUî(PPDQXHOOHîMRXUîFROOHFWLRQVîpFROH
îPHWWDLWîPRQGHîGRQQpîEODQFîWpOpîHQIDQWVî3DULVîPRWVî
YLVLRQîVRXULUHîYrWHPHQWî$UULYpîUXHîQXLWîUDFRQWHUî0DULHî
PDUTXHîSHUGXîSDUHQWVîYLVîEHOOHîGLVDLWîF{WpîHQIDQWîWUXF
îDUULYHUîSLHGVîSDQWDORQî&RQYHUVHîDLPDLWîFURLVîPXVLTXHî
PHXEOHVîLPSUHVVLRQîUHWRXUîFKHPLVHVîKRPPHîJURVVHVîUHWURXYH
PPD
( DFTXHPXV
- îVRUWHîVSpFLDOîSDVVpîHQIDQFHîVDYDLWîDWWHQGDLWîWXWXî
QXHOOH 0DPDQPRQ FRQILGHQWHîGHYDQWîUDSSRUWîGRUPLîSDUIDLWHîIROLHîSDUWRXWî
'XFRXU DPRXUDPRXU GDQVDLWîUHYRLVîIROOHîIRQGîSDUOHUîDFFLGHQWîUDJHîErWHî
QDX GHPDYLH 0DULH&ODLUH PHLOOHXUîMXSHîYrWHPHQWV
îFROOHFWLRQî-DFTXHPXVî3DULVîGHVLJQHUî6LPRQîYrWHPHQWVî
KLVWRLUHîREVpGpîFpOqEUHîUpIpUHQFHVîFROOHFWLRQVîKLVWRLUHVîVWXGLR
îIDPLOOHîSDUHQWVîPqUHîPRGHîIHPPHVî*DLQVERXUJîPRQGHî
LQD
- ,OpWDLWXQH XQLIRUPHVîJHQVîYLHîFUpHUîPDUTXHîWUDYDLOOHUîILOPVî)UDQFHî
.KD\\ IRLV PDJD]LQHîQpî0DOOHPRUWîQDwIî&KDUORWWHîGHYHQLUîSRUWHUîpFROH
HU -DFTXHPXV 66(16( îKHXUHX[îPLQLPDOLVWHîWLVVXîMXSHî3LFDVVR
$QDO\VHGHVUpVXOWDWV6\QWKqVHGXFRPSWDJHGHPRWVGDQVOHVDUWLFOHV
/HVSUHPLHUVPRWVDSSDUDLVVHQWLFL8QFODVVHPHQWGHVPRWVOHVSOXVVLJQLILFDWLIVHVWSURSRVp
&ODVVHPHQW &ODVVHPHQW
RPEUH
1 HVPRWV
G RPEUH
1 HVPRWV
G
0RW 0RW
RFFXUHQFHV
G OHVSOXV RFFXUHQFHV
G OHVSOXV
VLJQLILFDWLIV VLJQLILFDWLIV
-DFTXHPXV FUpHU
PRGH FRPSWH
6LPRQ EHOOH
FROOHFWLRQ UXH
3DULV 3LFDVVR
PqUH 0DWLVVH
GpILOp V EODQF
PDUTXH YLOOH
IHPPH V XQLYHUV
0DUVHLOOH VXFFqV
FROOHFWLRQV LPDJHV
YrWHPHQWV )UDQFH
6XG pFROH
MHXQH MRXU
FUpDWHXU LPDJH
3URYHQFH H[SRVLWLRQ
3LHUUH FUpDWHXUV
&DUGLQ $UW
PRQGH YLOODJH
YLH YrWHPHQW
WUDYDLO VRODLUH
+RPPH PDQLqUH
JHQV ,QVWDJUDP
KLVWRLUH V JUDQGH
VW\OH )DVKLRQ
0DLVRQ GHVLJQHU
6DQWRQV WURXYp
HXURV SKLORVRSKLTXH
SDUHQWV SqUH
IDPLOOH PHU
$11(;(&LWDWLRQVOLpHVDX6XGVDIDPLOOHHWVHVRULJLQHVH[WUDLWHVGHVDUWLFOHVGX&RUSXV
LGHVVRXVVRQWUHSULVHVOHVH[WUDLWVGHVDUWLFOHVDYHFXQHPLVHHQYDOHXUSDUOHFRGHFRXOHXUOLpVj
&
3URYHQFH6XG)DPLOOH3D\VDQ
$11(;(&LWDWLRQVOLpHVjO¶DUWH[WUDLWHVGHVDUWLFOHVGX&RUSXV
LGHVVRXVVRQWUHSULVHVOHVH[WUDLWVGHVDUWLFOHVDYHFXQHPLVHHQYDOHXUSDUOHFRGHFRXOHXUOLpVj
&
3LFDVVRHW0DWLVVHO¶$UWHWOH6XG3D\VDQVHW)DPLOOHDUWLVWHVO¶$UWHWOHV0XVpHV
$11(;(&RUSXV3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXV
1RXVDYRQVIDLWOHFKRL[GHQRXVLQWpUHVVHUDX[SXEOLFDWLRQVHQWUHOHHWOHKRUV©
VWRULHVª,QVWDJUDPSXEOLpHVVXUOHFRPSWHLQVWDJUDPGH-DFTXHPXV#MDFTXHPXV/HFRPSWH,QVWDJUDPGH
-DFTXHPXVHVWVRQSULQFLSDOFDQDOGHFRPPXQLFDWLRQGLUHFWH/LHQ
KWWSVGRFVJRRJOHFRPVSUHDGVKHHWVG39P<7&%(&RJMF7KH$GQ&:T1D7F/T0X6YUHGLWJLG
$11(;((WXGHTXDQWLWDWLYHGHVSXEOLFDWLRQV,QVWDJUDPGX&RUSXV
$11(;( /LVWH GHV FRPPHQWDLUHV UHODWLIV j OD SXEOLFDWLRQ ³&RTXHOLFRWV´
1IXSS7STSIXMG 'SQQIYRXEFPIEY
1SRIX
6IEPXMQI1SRIX 'PEYHI1SRIX
8LEX TMGXYVI PSSOW PMOI E 1SRIXƅW
TEMRX -X PSSOW PMOI 7IYVEX GERZEW 1EKRMƻUYI QIVGM TSYV GIX
MRWXERXTSȖXMUYI
PMOIERSMPTEMRXMRK
9RETMRXYVE
.ƅEM TIRWȖ UYI PE TIMRXYVI HI
1SRIX
$11(;(/HVSKRWRVDFFRPSDJQDQWOHVLQWHUYLHZVGHFUpDWHXUVGHPRGH
6LPRQ3RUWH-DFTXHPXV
$XWH
ʋXU $UWLFOH 7LWUH 'DWH 3KRWR
LHX[H[WpULHXU GDQVODUXH
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
3RVWXUHQDWXUHOOHVWDWLTXH
3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVQRLU
(QWUHWLHQ JULV
DYHF6LPRQ $WWLWXGHVpULHXVH
RUWH
3 6W\OHYHVWHGHPRWDUGHQFXLUQRLU7VKLUW
-DFTXHPXV 3
DSHUEORJ QRLUEDUEHORQJXHPqFKH
LHX[H[WpULHXU
/
$QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOH
(QWUHWLHQ F{Wp
DYHFXQ 3RVWXUHQDWXUHOOHVWDWLTXH
FUpDWHXU 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
6LPRQ JULVEHLJH
3RUWH $WWLWXGHVpULHXVH
VWXGLR 6W\OHSXOOEHLJHHQPDLOOHFKHYHX[ORQJV
-DFTXHPXV 0
LHX[LQWpULHXU SHQGDQWXQGpILOp
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
6LPRQ ODFDPpUD
3RUWH 3RVWXUHQDWXUHOOHHQPRXYHPHQW
-DFTXHPXV 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
OD JULVRUDQJHURVH
VXFFHVVVW $WWLWXGHVRXULDQWH
RU\³PDGH 6W\OHVKRUWURVHVFKHPLVHEODQFKHHQFRWRQ
LQ3DULV´ /H3RLQWIU FDVTXHWWHEDUEH
LHX[H[WpULHXU
/
$QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOH
F{Wp
3RVWXUHQDWXUHOOHVWDWLTXH
DUROL
& LQWHUYLHZ
/ 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
QH 1RUPFRUH MDXQHJULV
+DPH 'H $WWLWXGHVRXULDQWH
OOH -DFTXHPXV *UD]LD 6W\OHFKHPLVHEODQFKHHQFRWRQEDUEH
LHX[H[WpULHXU GDQVODUXH
/
¶DQWL,QWHUY
/ $QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOH
LHZ F{Wp
3KLORVRSKLT 3RVWXUHQDWXUHOOHVWDWLTXH
XH'H 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
5DSK 6LPRQ PDUURQ
sOOH 3RUWH
D $WWLWXGHQDWXUHOOH
2UVLQL -DFTXHPXV *
UD]LD 6W\OHFKHPLVHUD\pHHQFRWRQEDUEH
LHX[H[WpULHXU
/
$QJOHGHSULVHGHYXHGHSURILOOHV\HX[
IHUPpV
3RVWXUHQDWXUHOOHVWDWLTXH
3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
EOHX
6LPRQ $WWLWXGHVRXULDQWH
3RUWH 6W\OHFKHPLVHFKHPLVHUD\pHHQFRWRQYHVWH
-DFTXHPXV /HV(FKRV EODQFHQOLQ
LHX[H[WpULHXU DXERUGGHODPHU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD ³VHOILH´
DFTXHPXV
- 3RVWXUHQDWXUHOOHVWDWLTXH
XLOOD
* 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEOHX
XPH FRQIHVVLRQ EODQFEHLJHQRLU
+pOqQ G XQHQIDQW $WWLWXGHVRXULDQWH
H GXVLqFOH /H)LJDUR 6W\OH7VKLUWEODQF
LHX[H[WpULHXU
/
$QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOH
F{Wp
6LPRQ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
3RUWH 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEOHX
-DFTXHPXV EODQF
0DULH PLQRWGHV $WWLWXGHVpULHXVH
2WWDYL VRXUFHV /LEHUDWLRQ 6W\OHWRUVHQXFKDvQHHQRUEDUEH
LHX[H[WpULHXU DXERUGGHODPHU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
DUVHLOOH
0 3RVWXUHQDWXUHOOHVWDWLTXH
DXOL
3 YXHSDU 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEOHX
QH 6LPRQ URXJHEHLJH
:HEH 3RUWH DGDPH
0 $WWLWXGHQDWXUHOOH
U -DFTXHPXV )LJDUR 6W\OH7VKLUWURXJHSDQWDORQEHLJH
LHX[H[WpULHXU GDQVODUXHDXPDUFKp
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
3RVWXUHQDWXUHOOHVWDWLTXH
DQVOH
' 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVMDXQH
DXOL
3 3DULVGH RUDQJHJULVQRLUYHUWURXJH
QH 6LPRQ $WWLWXGHVRXULDQWH
:HEH 3RUWH DGDPH
0 6W\OHMHDQVEOHXYHVWHQRLU7VKLUWPDUURQ
U -DFTXHPXV )LJDUR EDUEHERXTXHWGHWRXUQHVROVGDQVOHVPDLQV
DFTXHPXV
- LHX[H[WpULHXU GDQVODQDWXUH
/
/RXLV $QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOH
9XLWWRQ F{Wp
3RXUTXRL 3RVWXUHQDWXUHOOHHQPRXYHPHQW
/H6XG 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVMDXQH
$WWLUH EODQFEHLJHQRLUYHUW
(OYLUH $XWDQW/HV $WWLWXGHVRXULDQWH
(PSW &UpDWHXUV 6W\OHFKHPLVHLPSULPpHGHERXWRQQpH
D]
'H0RGH *
UD]LD SDQWDORQQRLUHQOLQEDUEHEUDFHOHWV
LHX[H[WpULHXU GDQVODWHUUDVH
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
LPRQ
6 3RVWXUHQDWXUHOOHVWDWLTXH
3RUWH 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVYHUW
9DOpUL -DFTXHPXV EODQFURXJHMDXQH
H OD $WWLWXGHQDWXUHOOH
*XpG 3URYHQFHj
6W\OHFKHPLVHLPSULPpH7VKLUWEODQFMXV
RQ O HVWRPDF /
H)LJDUR G¶RUDQJHGDQVOHVPDLQV
LHX[LQWpULHXU
/
HQFRQWUH
5 $QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
DYHF6LPRQ ODFDPpUD
3RUWH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
-DFTXHPXV 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
7KHR OHURL EOHXEHLJHJULV
RUD VROHLOGHOD
G $WWLWXGHVpULHXVH
$VSDU PRGH
6W\OHYHVWHEHLJHDYHFGHVUD\XUHVEOHXHV
W IUDQoDLVH 9
RJXH 7VKLUWEODQF
LPRQ
6 LHX[H[WpULHXU DXERUGGHODPHU
/
3RUWH $QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
-DFTXHPXV ODFDPpUD
©3RXU 3RVWXUHQDWXUHOOHHQPRXYHPHQW
FHWWH 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEOHX
0DUWL SUHPLqUH EHLJHJULV
%HU IRLVMHVXLV
Q $WWLWXGHVRXULDQWH
QDUG DOOpYHUVXQ 6W\OHFKHPLVHLPSULPpHGHERXWRQQpH
)UpGp VW\OH
SDQWDORQQRLUHQOLQEDUEHEUDFHOHWVSLHGV
ULF GLUHFWª H)LJDUR
/ QXV
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
6LPRQ 3RVWXUHQDWXUHOOHVWDWLTXH
3RUWH 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEOHX
(OYLUH -DFTXHPXV EODQFJULVMDXQH
YRQ ODYDOHXU $WWLWXGHQDWXUHOOH
%DUGH PRQWDQWH 6W\OHFKHPLVHEODQFKHHQFRWRQYHVWHEOHX
OHEHQ GHODPRGH /H0RQGH FDVTXHWWHEDUEH
LPRQ
6 /LHX[H[WpULHXU
3RUWH $QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
-DFTXHPXV ODFDPpUD
©,OIDXW 3RVWXUHQDWXUHOOHVWDWLTXH
WURXYHU 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVEODQF
(OYLUH O¶pTXLOLEUH YHUWJULV
RQ SRXUrWUH
Y $WWLWXGHVpULHXVH
%DUGH XQLTXHHW
6W\OHFKHPLVHEODQFKHHQFRWRQ7VKLUW
OHEHQ SRUWDEOHª / H0RQGH EODQFEDUEH
RPPDJH
+ LHX[LQWpULHXU
/
j3LHUUH $QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
&DUGLQ ODFDPpUD
(QWUHWLHQ 3RVWXUHQDWXUHOOHVWDWLTXH
DYHF6LPRQ 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVQRLU
3DPH 3RUWH PDUURQEODQF
OD -DFTXHPXV $WWLWXGHVHULHXVH
*ROEL HW3LHUUH
6W\OHYHVWHQRLUH7VKLUWEODQFFKDvQHHQRU
Q &DUGLQ ¶RIILFLHO
/ EDUEH
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD
/H&HQWUH 3RVWXUHQDWXUHOOHVWDWLTXH
3RPSLGRX 3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVJULV
6LPRQ EHLJHEODQF
RUWH
3 &HQWUH $WWLWXGHQDWXUHOOH
-DFTXHPXV 3RPSLGRX 6W\OHYHVWHJULVH7VKLUWEODQFEDUEH
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
DFTXHPXV
- ODFDPpUD
PP
( 0DPDQ 3RVWXUHQDWXUHOOHVWDWLTXH
DQXHOO PRQ 3KRWRHQQRLUHWEODQF
H DPRXU $WWLWXGHVRXULDQWH
'XFR DPRXUGH 0 DULH 6W\OHYHVWHQRLUHYHVWHJULV7VKLUWEODQF
XUQDX PDYLH &ODLUH EDUEH
LHX[H[WpULHXU VXUOHEDOFRQ
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQV
ODFDPpUD ³VHOILH´
3RVWXUHQDWXUHOOHVWDWLTXH
3KRWRHQFRXOHXUFKRL[GHVFRXOHXUVJULV
-LQD ,OpWDLWXQH PDUURQ
.KD\ IRLV
$WWLWXGHVRXULDQWH
\HU -DFTXHPXV 66(16( 6W\OHVZHDWjFDSXFKHJULVEDUEH
(680(
5
/LHX[H[WpULHXU LQWpULHXU
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQVODFDPpUD GHSURILOUHJDUGVXUOHF{Wp GHSURILOOHV\HX[
IHUPpV
3RVWXUHQDWXUHOOHVWDWLTXH QDWXUHOOHHQPRXYHPHQW FKRUpJUDSKLpHVWDWLTXH
3KRWRHQFRXOHXURXHQQRLUHWEODQFHQFRXOHXU HQQRLUHWEODQF
$WWLWXGHVpULHXVH QDWXUHOOH VRXULDQWH
6W\OHFDVXDO
2OLYLHU5RXVWHLQJ
$XW DW
'
ʋHXU $UWLFOH 7LWUH H 3KRWR /LHQ
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFH
UHJDUGGDQVODFDPpUD KWWSVPDG
3RVWXUHFKRUpJUDSKLpHVWDWLTXH DPHOHILJDU
2OLYLHU 3KRWRHQFRXOHXU RIUVW\OHROL
&ODU 5RXVWHLQ &KRL[GHVFRXOHXUVQRLUEODQF YLHUURXVWHL
D JOD 0DGDP $WWLWXGHVpULHXVH QJUHYHODWL
'XIR U pYpODWLR H 6W\OHYHVWHQRLUHODLQHVRLH
RQ
XU
Q )LJDUR FKHPLVHEODQFKHGpERXWRQQpH
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHSURILO
UHJDUGVXUOHF{Wp KWWSVPDG
OD
¬ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH DPHOHILJDU
UHQFRQWUH 3KRWRHQQRLUHWEODQF RIUVW\OHROL
G 2OLYLHU $WWLWXGHVpULHXVH YLHUURXVWHL
0DUL 5RXVWHLQ 6W\OHYHVWHQRLUHODLQHVRLH QJHWVHV
Q
R JHWGH 0DGDP 7VKLUWQRLUEUDFHOHWVHQRU PXVHV
'XS VHV H HQWUHDXWUHV&DUWLHU/RYH
XLV
PXVHV )LJDUR PRQWUHGHOX[H
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFH
UHJDUGGDQVODFDPpUD UHIOHWGH
SURILOGDQVOHPLURLU
3RVWXUHFKRUpJUDSKLpHVWDWLTXH
3KRWRHQFRXOHXU
6DEUL 2OLYLHU &KRL[GHVFRXOHXUVQRLUEODQF
QD 5RXVWHLQ JULV
&KD J GHQp $WWLWXGHVpULHXVH
PSH VRXV;j /LEHUDWL PDL 6W\OHPDULQLqUHQRLUHWEODQF
QRLV ;;/ R Q (XURSUHVV
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFH
UHJDUGGDQVODFDPpUD KWWSVZZ
3RVWXUHFKRUpJUDSKLpHVWDWLTXH ZHOOHIU6R
2OLYLHU 3KRWRHQFRXOHXU FLHWH,QWHUY
5RXVWHLQ &KRL[GHVFRXOHXUVQRLUEODQF LHZV2OLYLH
J JULVG¶RU U5RXVWHLQ
©/ DEDQG $WWLWXGHVpULHXVH J/DEDQG
RQP D 6W\OHFKHPLVHjUD\XUHVQRLUHW RQPDGR
GRQQp EODQFEUDFHOHWVHQRUPRQWUHGH QQHXQHIR
XQHIRUFH
OX[HERXFOHG¶RUHLOOH UFHHQRUP
pQRUPHª (OOH H
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFH
UHJDUGGDQVODFDPpUD
2OLYLHU 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
5RXVWHLQ 3KRWRHQFRXOHXU
J &KRL[GHVFRXOHXUVQRLUEOHX
)XOG G HUULqUH JULV
D OHV /H $WWLWXGHVpULHXVH
$QQH SDLOOHWWHV )LJDUR 6W\OHFKHPLVHjUD\XUHVQRLUHW (XURSUHVV
EOHXSDQWDORQQRLU
/LHX[LQWpULHXU
-H
© $QJOHGHSULVHGHYXHGHSURILO
Q DLPH UHJDUGVXUOHF{Wp
SDV 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
O LPSHUIHF 3KRWRHQQRLUHWEODQF
'DYL WLRQª $WWLWXGHVpULHXVH
G 2OLYLHU 6W\OHYHVWHQRLUHODLQHVRLH
0LFK 5RXVWHLQ / LEHUDWL 7VKLUWQRLUGpFROOHWpEUDFHOHWV
HO JVW\OLVWH RQ HQRUPRQWUHGHOX[H (XURSUHVV
KWWSVVWDUW
OHVHFKRVI
UWUDYDLOOHU
2OLYLHU PLHX[PHWL
5RXVWHLQ /LHX[LQWpULHXU DXGpILOp HUVUHFRQY
J $QJOHGHSULVHGHYXHGHSURILO HUVLRQROLYL
%DOPDLQ UHJDUGVXUOHF{Wp HUURXVWHLQ
ODVRLI 3RVWXUHQDWXUHOOHVWDWLTXH JEDOPDLQO
GH 3KRWRHQFRXOHXU DVRLIGHU
UHFRQQDL &KRL[GHVFRXOHXUVEODQFQRLU HFRQQDLVVD
)ORUH VVDQFH EOHXURXJH QFHGXQJH
QW G XQ $WWLWXGHVpULHXVH
QLHGHODP
9DLUH JpQLHGH / HV 6W\OHYHVWHEOHXHWURXJH7VKLUW RGH
W ODPRGH (FKRV URXJHGpFROOHWp
³&¶HVWOH
XVLQHVV
E LHX[LQWpULHXU
/
TXLP¶D $QJOHGHSULVHGHYXHGHIDFH
DWK
1 VDXYp UHJDUGGDQVODFDPpUD KWWSVZZ
DOLH O¶LQWHUYLH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH ZPL[WHPD
)UDV ZVDQV 3KRWRHQQRLUHWEODQF JD]LQHFR
HUHW IDUG $WWLWXGHVpULHXVH PDUWLFOHOLQ
$ULHO G¶2OLYLHU 0
L[WH 6W\OHYHVWHQRLUHHQVRLH7VKLUW WHUYLHZROLY
.HQL 5RXVWHLQ 0DJD]L QRLUEUDFHOHWVHQRUPRQWUHGH LHUURXVWHLQ
J J QH
OX[H J
KWWSVZZ
ZOHPRQGH
IUPVW\OHV
DUWLFOH
ROL
YLHUURXVWHL
LHX[LQWpULHXU
/ QJTXDQGO
$QJOHGHSULVHGHYXHGHSURILO HPRQGHV
2OLYLHU UHJDUGVXUOHF{Wp UHJDUGHOD HFURXOHFD
5RXVWHLQ FDPpUDGDQVOHPLURLU QHVHUWDU
(OYLU J©3OXV 3RVWXUHFKRUpJUDSKLpHVWDWLTXH LHQGHSDUO
H YRXV 3KRWRHQFRXOHXU HUGXSURF
YRQ YHQGH] &KRL[GHVFRXOHXUVQRLUJULV KDLQGHILOH
%DUG SOXVYRXV EODQF BB
HOHE rWHV /H $WWLWXGHVpULHXVH
KW
HQ OLEUHª 0RQGH 6W\OHYHVWHQRLUH PO
+DSS\
ELUWKGD\
2OLYLHU /LHX[LQWpULHXU DXGpILOp
5RXVWHLQ $QJOHGHSULVHGHYXHGHIDFH KWWSVZZ
JUHYLHQW UHJDUGVXUOHF{Wp ZYRJXHIU
VXUVHV 3KRWRHQFRXOHXU YRJXHKRP
$OH[ DQV 3RVWXUHQDWXUHOOHVWDWLTXH PHVDUWLFOH
DQGU GH &KRL[GHVFRXOHXUVQRLUEODQF ROLYLHUURX
H VXFFqV JULV
VWHLQJGL[
0DUD FKH] $WWLWXGHVRXULDQWH DQVEDOPDL
LQ %DOPDLQ 9RJXH 6 W\OHSXOOEODQF Q
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHSURILO
OHV\HX[IHUPpV
3RVWXUHFKRUpJUDSKLpHVWDWLTXH
3KRWRHQFRXOHXU
2OLYLHU &KRL[GHVFRXOHXUVQRLUJULV
6DEUL 5RXVWHLQ URXJH
QD J $WWLWXGHVpULHXVH
&KD % DOPDLQ 6W\OHYHVWHQRLUHQODLQHVRLH
PSH GDQVOD /LEHUDWL FKHPLVHEODQFKHIOHXUGDQVOD
QRLV PDLQ R Q PDLQEDJXHV (XURSUHVV
KWWSVZZ
ZOHVHFKRV
LHX[LQWpULHXU
/ IUZHHNHQ
$QJOHGHSULVHGHYXHGHSURILO GPRGHEH
)DVKLRQ OHV\HX[IHUPpV DXWHIDVKLR
HHNOH
Z 3RVWXUHFKRUpJUDSKLpHVWDWLTXH QZHHNOH
$VWUL SKpQRPq 3KRWRHQQRLUHWEODQF SKHQRPHQ
G QH2OLYLHU $WWLWXGHVRXULDQWH HROLYLHUUR
)DJX 5RXVWHLQ /HV 6W\OHFKHPLVHjSRLVEDJXHV
XVWHLQJ
HU J (FKRV EUDFHOHWVERXFOHG¶RUHLOOH
-HPH
HQVVL
V
FKDQFHX[
2OLYLHU
5RXVWHLQ KWWSVPDG
J /LHX[LQWpULHXU DXGpILOp DPHOHILJDU
JUDYHPH $QJOHGHSULVHGHYXHGHSURILO RIUVW\OHROL
QWEUOp UHJDUGVXUOHF{Wp YLHUURXVWHL
UDFRQWH 3RVWXUHQDWXUHOOHVWDWLTXH QJJUDYHP
VRQ 3KRWRHQFRXOHXU HQWEUXOHW
WUDJLTXH &KRL[GHVFRXOHXUVQRLUJULV HPRLJQDJH
DFFLGHQW 0 DGDP EODQFYLROHW EDOPDLQ
GRPHVWLT H $WWLWXGHQDWXUHOOH
XH )LJDUR 6 W\OHFRVWXPHYLROHW
5HQFRQWU
HDYHF
2OLYLHU /LHX[LQWpULHXU
5RXVWHLQ $QJOHGHSULVHGHYXHGHSURILO KWWSVZZ
J³-H UHJDUGVXUOHF{Wp ZQXPHUR
P pWDLV 3RVWXUHFKRUpJUDSKLpHVWDWLTXH FRPIUPRG
UHWUDQFKp 3KRWRHQQRLUHWEODQF HLQWHUYLHZ
GHUULqUH $WWLWXGHVpULHXVH
ROLYLHUURX
XQH 6W\OHFKHPLVHjSRLVEDJXHV VWHLQJEDO
LPDJHGH E UDFHOHWVERXFOHG¶RUHLOOH PDLQDQ
PRL 1XPHUR FKDXVVRQVHQIDXVVHIRXUUXUH V
DVVH]
VXSHUILFLH
OOH´
LHX[H[WpULHXU GDQVOHSDUF
/
$QJOHGHSULVHGHYXHGHSURILO
UHJDUGVXUOHF{Wp KWWSVZZ
3RVWXUHFKRUpJUDSKLpHVWDWLTXH ZYRJXHIU
/HV 3KRWRHQFRXOHXU YRJXHKRP
OH[ DGUHVVHV
$ &KRL[GHVFRXOHXUVQRLUEODQF PHVDUWLFOH
DQGU SUpIpUpHV JULVYHUW DGUHVVHV
H G¶2OLYLHU $WWLWXGHVpULHXVH SUHIHUHHV
0DUD 5RXVWHLQ 92*8 6W\OHYHVWHQRLUHVKRUWQRLUV ROLYLHUURXV
LQ Jj3DULV
( 7VKLUWEODQFEDVNHWV WHLQJSDULV
(680(
5
/LHX[H[WpULHXU LQWpULHXU
$QJOHGHSULVHGHYXHGHIDFHUHJDUGGDQVODFDPpUD
GHSURILOUHJDUGVXUOHF{Wp GHSURILOOHV\HX[IHUPpV GHIDFHUHJDUGVXUOHF{Wp
3RVWXUHQDWXUHOOHVWDWLTXH FKRUpJUDSKLpHVWDWLTXH
3KRWRHQFRXOHXURXHQQRLUHWEODQFHQFRXOHXU HQQRLUHWEODQF 0rPHVLODSKRWRHVWHQ
FRXOHXUOHFKRL[GHVFRXOHXUVHVWQRLUHWEODQF SKRWRVGHHQFRXOHXU
$WWLWXGHVpULHXVH QDWXUHOOH VRXULDQWH
6W\OHFKLF
0DULD*UD]LD&KLXUL
X
$
WH DW
'
XU $UWLFOH
ʋ 7LWUH H 3KRWR /LHQ
0DULD
UD]LD
*
&KLXUL KWWSVPDGD
PHOHILJDURI
-H
UVW\OHPDULD
Q DXUDLV
JUD]LDFKLX
MDPDLV
/LHX[LQWpULHXU ULMHQDXUDLV
D
0 LPDJLQp $QJOHGHSULVHGHYXHGHSURILO MDPDLVLPD
ULD RFFXSHU UHJDUGVXUOHF{Wp JLQHRFFXSH
/XL XQSRVWH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH UXQSRVWHD
VD DXVVL 0
DGD 3KRWRHQQRLUHWEODQF XVVLLPSRUWD
)UL LPSRUWDQW PH $WWLWXGHVpULHXVH QW
VD
)LJDUR 6 W\OHYHVWHQRLUHFKHPLVHQRLUH
KWWSVZZZ
OHPRQGHIU
LHX[LQWpULHXU DXGpILOp
/ PPRGHDUWL
$QJOHGHSULVHGHYXHGHSURILO FOH
©/D UHJDUGVXUOHF{Wp ODFROOHFW
ROOHFWLRQ
F 3RVWXUHQDWXUHOOHHQPRXYHPHQW LRQFURLVLHUH
FURLVLqUH 3KRWRHQFRXOHXU VHGRLWGHW
LF
9 VHGRLW &KRL[GHVFRXOHXUVEODQFEHLJH UHXQVSHFW
N\ G¶rWUHXQ URXJH DFOHIDQWDVWL
&K VSHFWDFOH /H $WWLWXGHVpULHXVH TXHB
DKL IDQWDVWLTX 0RQG 6W\OHFKHPLVHEODQFKHSDQWDORQ B
QH
Hª
H EODQF KWPO
(
P 0DULD
PD UD]LD
* KWWSVZZZ
QX &KLXUL PDULHFODLUHI
HOO /HV /LHX[LQWpULHXU UPDULDJUD]
H IHPPHV $QJOHGHSULVHGHYXHGHIDFH LDFKLXULOHV
'X UHJDUGGDQVODFDPpUD IHPPHVGRL
GRLYHQW
FR 3RVWXUHQDWXUHOOHVWDWLTXH YHQWFURLUH
FURLUHHQ
XU 3KRWRHQQRLUHWEODQF HQOHXULQVWL
QD OHXU DULH
0 $WWLWXGHVpULHXVH QFW
X
LQVWLQFW &ODLUH 6W\OHYHVWHQRLUH DVS
0DULD
UD]LD
*
&KLXUL© /LHX[LQWpULHXU DXGpILOp
/HV $QJOHGHSULVHGHYXHGHIDFH
HVFDUDPX UHJDUGGDQVODFDPpUD
D
0 ]DVRQW 3RVWXUHQDWXUHOOHVWDWLTXH
ULR pWpXQH 3KRWRHQFRXOHXU
Q JUDQGH &KRL[GHVFRXOHXUVEODQFQRLU
'X VRXUFH 0 DGD EOHXJULV
SXL G LQVSLUDWL PH $WWLWXGHVpULHXVH
V
RQª )LJDUR 6 W\OHYHVWHQRLUHMHDQEOHX (XURSUHVV
0DULD KWWSVIUIDV
UD]LD
* KLRQQHWZRUN
&KLXUL FRPQHZV
/HV 0DULDJUD]L
HQMHX[ DFKLXULOHV
DFWXHOV HQMHX[DFWX
GHOD
HOVGHODP
PRGH
SRUWHQW RGHSRUWHQW
VXUOH VXUOHJHQUH
JHQUH LHX[LQWpULHXU
/ ODSSURSULDW
R
* O DSSURSUL $QJOHGHSULVHGHYXHGHIDFH LRQFXOWXUHOO
GIU DWLRQ UHJDUGGDQVODFDPpUD HOHQYLURQQ
H\ FXOWXUHOOH )DVKLR 3RVWXUHQDWXUHOOHVWDWLTXH HPHQWOHSR
O HQYLURQQ
'H Q 3KRWRHQQRLUHWEODQF VWFRORQLDOLV
HPHQWOH
HQ SRVWFRORQ 1HWZR $WWLWXGHVpULHXVH PH
\
LDOLVPH UN 6W\OHYHVWHQRLUH KWPO
0DULD
*UD]LD
&KLXUL KWWSVZZZ
OHILJDURIULQ
GLUHFWULFH
GXVWULHPRG
DUWLVWLTXH
LHX[LQWpULHXU
/ HPDULDJUD
DO
9 GH'LRU $QJOHGHSULVHGHYXHGHIDFH ]LDFKLXULGLU
pUL ©8QH UHJDUGGDQVODFDPpUD HFWULFHDUWLVW
H UREHGH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH LTXHGHGLRU
'X EDOYRXV 3KRWRHQFRXOHXU XQHUREHG
SR &KRL[GHVFRXOHXUVQRLUEHLJH HEDOYRXVW
WUDQVIRUP
QF EODQFURXJHEOHX UDQVIRUPHS
KHO HSRXUXQ /H $WWLWXGHVpULHXVH RXUXQVRLU
OH
VRLUª )LJDUR 6W\OHUREHQRLUH
KWWSVZZZ
OHPRQGHIU
3RXU PVW\OHVDUWL
DULD
0 FOH
OY
( *UD]LD LHX[LQWpULHXU
/ SRXUPDU
LUH &KLXULGH $QJOHGHSULVHGHYXHGHIDFH LDJUD]LDFKL
YR 'LRULO UHJDUGGDQVODFDPpUD XULGHGLRULO
Q IDXW©GLUH 3RVWXUHQDWXUHOOHVWDWLTXH IDXWGLUHDX
%D DX[ 3KRWRHQFRXOHXU [IHPPHVT
UG IHPPHV &KRL[GHVFRXOHXUVQRLUEHLJH XHOOHVVRQW
HOH TX¶HOOHV / H URXJHYLROHWYHUW OLEUHVB
EH VRQW PRQG $WWLWXGHVRXULDQWH B
Q
OLEUHVª H
6W\OHSXOOQRLUMXSHQRLU KWPO
³ /DPRGH
DXQSHWLW
U{OHj
MRXHU
PDLV
HQVHPEOH
QRXV
SRXYRQV
IDLUH
FKDQJHU
KWWSVZZZ
OHV
/LHX[LQWpULHXU YRJXHIUPR
D
/ FKRVHV´ $QJOHGHSULVHGHYXHGHIDFH GHDUWLFOHP
XU 0DULD UHJDUGGDQVODFDPpUD DULDJUD]LD
D *UD]LD 3RVWXUHQDWXUHOOHVWDWLTXH FKLXULGLRUS
0D &KLXUL 3KRWRHQFRXOHXU UHQGODSDUR
ULH SUHQGOD &KRL[GHVFRXOHXUVQRLUJULV
OHGHSXLVUR
&L SDUROH MDXQHURXJH
PHFRURQDYL
HSO GHSXLV 9 2*8 $WWLWXGHVpULHXVH UXVLQWHUYLH
LN
5RPH ( 6W\OHSXOOQRLUSDQWDORQQRLU Z
LHX[H[WpULHXU GDQVODFRXU
/
$QJOHGHSULVHGHYXHGHSURILO
UHJDUGGDQVODFDPpUD
( ©¬PHV 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
PLO HX[ULHQ
\ 3KRWRHQFRXOHXU
LH QHVDXUDLW &KRL[GHVFRXOHXUVEHLJHEODQF
)D UHPSODFHU URXJHEOHX
XU XQ©YUDL /H $WWLWXGHVpULHXVH
H
ªGpILOpª )LJDUR 6W\OHEORXVHURXJHERUGHDX[ (XURSUHVV
LHX[H[WpULHXU jXQGpILOp
/ KWWSVZZZ
$QJOHGHSULVHGHYXHGHIDFH SDULVPDWFK
(OL UHJDUGGDQVODFDPpUD FRP9LYUH
0DULD
VD *UD]LD 3RVWXUHQDWXUHOOHVWDWLTXH 0RGH0DULD
EHW &KLXULVXU 3KRWRHQFRXOHXU *UD]LD&KL
K VHV &KRL[GHVFRXOHXUVEOHXEODQF XULVXUVHVW
/D WHUUHVOH URXJHYHUWURVHPJULV HUUHVOHQRX
]DU QRXYHO 3DULV $WWLWXGHVpULHXVH YHODJH'LRU
RR kJH'LRU 0 DWFK 6W\OH7VKLUWEODQFMHDQEOHX
KWWSVZZZ
QXPHURFR
0DULD
PIULQWHUYLH
UD]LD
*
ZPRGHLQWH
&KLXUL
³/HV UYLHZPDULD
MHXQHVQH /LHX[LQWpULHXU JUD]LDFKLXUL
H
' YRLHQW $QJOHGHSULVHGHYXHGHIDFH GLRUDXWRP
OSK TXHOD UHJDUGGDQVODFDPpUD QHKLYHU
LQH SDUWLH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH PRGHSR
5R DUWLVWLTXH 3KRWRHQQRLUHWEODQF XLOOHVLWDOLH
FK XPHU $WWLWXGHVpULHXVH
GHOD 1 PDWWHRJDUU
H PRGH´ R 6W\OHSXOOQRLUEDJXHV RQH
KWWSVVHULHO
LHX[LQWpULHXU
/ LPLWHHOHVHF
$QJOHGHSULVHGHYXHGHSURILO KRVIUPRGH
0DULD UHJDUGGDQVODFDPpUD IHPPHPDU
UD]LD
* 3RVWXUHFKRUpJUDSKLpHVWDWLTXH LDJUD]LDFKL
&KLXUL© 3KRWRHQFRXOHXU XULMHYRLVF
-HYRLVFH &KRL[GHVFRXOHXUVQRLUEODQF HTXLUHOLHS
TXLUHOLH
JULV OXWRWTXHFH
SOXW{WTXH
FHTXL /HV $WWLWXGHVpULHXVH TXLVHSDUH
VpSDUHª (FKRV 6W\OHEORXVHQRLUH
D
&
UROL
QH
5R /LHX[LQWpULHXU KWWSVZZZ
XV $QJOHGHSULVHGHYXHGHIDFH OHPRQGHIU
VH UHJDUGGDQVODFDPpUD POHPDJDU
DX 3RVWXUHFKRUpJUDSKLpHVWDWLTXH WLFOH
HW 3KRWRHQFRXOHXU PDULD
&O 0DULD &KRL[GHVFRXOHXUVQRLUEODQF JUD]LDFKLXUL
pP *UD]LD JULVEOHX
ODWRXWHQR
HQW &KLXUL /
H $WWLWXGHVpULHXVH
UGHGLRUB
*K O¶DWRXWHQ PRQG 6W\OHYHVWHQRLUHMHDQEOHX7VKLUW B
\V RUGH'LRU H EODQF KWPO
0DULD
LHX[H[WpULHXU
/ KWWSVZZZ
*UD]LD $QJOHGHSULVHGHYXHGHSURILO OHILJDURIUYR
&KLXUL UHJDUGVXUOHF{Wp \DJHVLQVSLU
( ©/HV 3RVWXUHQDWXUHOOHVWDWLTXH DWLRQPDULD
PLO 3 RXLOOHV 3KRWRHQFRXOHXU JUD]LDFKLXUL
LH &KRL[GHVFRXOHXUVEOHXYHUW OHVSRXLOOHV
PH
)D EODQFQRLUEHLJH PHUHVVRXU
XU U HVVRXUFH /H
$WWLWXGHVRXULDQWH FHQW
H QWª )LJDUR 6W\OHUREHQRLUH
KWWSVZZZ
LHX[LQWpULHXU
/ OHVHFKRVIU
0RGH $QJOHGHSULVHGHYXHGHIDFH ZHHNHQGP
0DULD UHJDUGGDQVODFDPpUD RGHEHDXWH
*UD]LD 3RVWXUHFKRUpJUDSKLpHVWDWLTXH PRGHPDULD
&KLXUL 3KRWRHQFRXOHXU JUD]LDFKLX
UDGLFDOHP &KRL[GHVFRXOHXUVQRLUJULVEOHX
ULUDGLFDOHP
HQW /HV $WWLWXGHQDWXUHOOH HQWIHPPH
IHPPH (FKRV 6W\OHSXOOQRLUEDJXHV
0DULD
UD]LD
*
&KLXUL
DYHFVD
ILOOH
5DFKHOH
- LQFDUQH
OD KWWSVPDGD
GHVLJQHU PHOHILJDURI
/LHX[LQWpULHXU UVW\OHPDULD
ODSOXV
$QJOHGHSULVHGHYXHGHIDFH JUD]LDFKLX
XQFRRO
UHJDUGGDQVODFDPpUD ULVDILOOHUDF
SDU
D
0 3RVWXUHFKRUpJUDSKLpHVWDWLTXH KHOHUHJLQL
ULD H[FHOOHQF 3KRWRHQFRXOHXU QRWUHSDFWH
*U HM DL &KRL[GHVFRXOHXUVEODQFEHLJH FKDQJHUOH
D]L DQV PDUURQJULV V\VWHPHGH
D HQIDQWV 0 DGD
$WWLWXGHVpULHXVH LQWHULHXU
0H
MHVXLV PH 6W\OHFKHPLVHEODQFKHSDQWDORQ
GD PDULpH )LJDUR E ODQF
³-HYHX[
HWWUHHQ
P
YDOHXUOD
EHDXWpGX
SD\V´
UHQFRQWUH
/LHX[H[WpULHXU VXUXQEDOFRQ
DYHF
$QJOHGHSULVHGHYXHGHSURILO
0DULD UHJDUGGDQVODFDPpUD KWWSVZZZ
*UD]LD 3RVWXUHFKRUpJUDSKLpHVWDWLTXH YRJXHIUPR
&KLXULHQ 3KRWRHQFRXOHXU GHDUWLFOHGL
PDUJHGX &KRL[GHVFRXOHXUVEODQFEOHX RULQWHUYLHZ
(OL GpILOp'LRU YHUW
PDULDJUD]L
V FURLVLqUH $WWLWXGHVpULHXVH
DFKLXULFURL
.LV j 92*8 6W\OHFKHPLVHEODQFKHSDQWDORQ VLHUH
V $WKqQHV ( EODQF JUHFH
(680(
5
/LHX[H[WpULHXU LQWpULHXU
$QJOHGHSULVHGHYXHGHSURILOUHJDUGVXUOHF{Wp GHSURILOUHJDUGGDQVODFDPpUD GHIDFH
UHJDUGGDQVODFDPpUD
3RVWXUHFKRUpJUDSKLpHVWDWLTXH QDWXUHOOHVWDWLTXH QDWXUHOOHHQPRXYHPHQW
3KRWRHQFRXOHXURXHQQRLUHWEODQFHQFRXOHXU HQQRLUHWEODQF 0rPHVLODSKRWRHVWHQ
FRXOHXUOHFKRL[GHVFRXOHXUVHVWQRLUHWEODQF SKRWRVGHHQFRXOHXU
$WWLWXGHVpULHXVH QDWXUHOOH VRXULDQWH
6W\OHQRLURXEODQF
6WHOOD0F&DUWQH\
$XWH
ʋ XU $UWLFOH 7LWUH 'DWH 3KRWR /LHQ
LHX[LQWpULHXU
/ KWWSVZZ
$QJOHGHSULVHGHYXHGHIDFHUHJDUG ZLQWHUYLH
GDQVODFDPpUD ZPDJD]LQ
3RVWXUHFKRUpJUDSKLpHVWDWLTXH HFRPIDV
LP
7 3KRWRHQQRLUHWEODQF KLRQVWHOOD
%ODQN 6
WHOOD ,QWHUYL $WWLWXGHVpULHXVH PFFDUWQH
V 0F&DUWQH\ HZ 6W\OHSDQWDORQWRS
\
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUG
6WHOOD GDQVODFDPpUD
0F&DUWQH\ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
©/HFDQFHU 3KRWRHQFRXOHXU
FHQ HVWSDV &KRL[GHVFRXOHXUVJULVQRLUEODQF
(OYLUH MROLPDLVRQ EOHXYHUW
RQ SHXWHQ
Y $WWLWXGHVpULHXVH
%DUGH H[WUDLUHGHOD /H 6W\OHMHDQEOHXYHVWHQRLUFKHPLVH
OHEHQ EHDXWpª 0RQGH EODQFKH (XURSUHVV
KWWSVZZ
³ 7UXFLGHUXQH ZQXPHUR
SDXYUHErWH FRPIUPR
HWODGpSHFHU GHVWHOOD
SRXUHQIDLUH PFFDUWQH\
XQPDQWHDX LHX[LQWpULHXU
/ NHULQJJD
F¶HVWOXL $QJOHGHSULVHGHYXHGHSURILO ODPHWDQ
PDQTXHUGH UHJDUGGDQVODFDPpUD QDZLQWRXU
UHVSHFW´ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH SLQDXOWFX
5HQFRQWUH 3KRWRHQQRLUHWEODQF LUWUXPSY
3KLOLS DYHF6WHOOD 1XPHU $WWLWXGHVpULHXVH HJDQYHJ
8
W] 0F&DUWQH\ R 6W\OHWRSQRLU HWDULVPH
KWWSVZZ
ZQHWDSR
UWHUFRPIU
IUSRUWHUD
UWLFOHDD
LHX[H[WpULHXU
/ E
$QJOHGHSULVHGHYXHGHIDFHUHJDUG FDFRYH
D
/ GDQVODFDPpUD UVWRULHVF
5pYROXWLRQ 3KRWRHQFRXOHXU RYHUVWRUL
+DQQ YHUWHDYHF &KRL[GHVFRXOHXUVQRLUJULVEHLJH HVLQWHUYLH
K
D 6WHOOD 1HWD $WWLWXGHVpULHXVH ZVWHOODP
&ROH 0F&DUWQH\ RUWHU
3 6W\OHFRPELQDLVRQQRLUH FFDUWQH\
KWWSVZZ
ZWKHJXDU
GLDQFRPI
DVKLRQ
LHX[LQWpULHXU
/ MXOV
$QJOHGHSULVHGHYXHGHIDFHUHJDUG WHOODPFFD
WHOOD
6 GDQVODFDPpUD UWQH\LWVQ
RSKL
6 0F&DUWQH\ 3RVWXUHQDWXUHOOHVWDWLTXH RWOLNHLD
H µ,W¶VQRWOLNH 7KH 3KRWRHQFRXOHXU PKHUHIRU
+HDZ ,¶PKHUHIRU *XDUGL &KRL[GHVFRXOHXUVJULV DQHDV\OL
RRG
DQHDV\OLIH Q
D $WWLWXGHVpULHXVH
IH
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUG
GDQVODFDPpUD
3RVWXUHFKRUpJUDSKLpHVWDWLTXH
3KRWRHQFRXOHXU
&KRL[GHVFRXOHXUVJULVQRLUEHLJH
PDUURQ
DULQ 6
. WHOOD /¶([SU $WWLWXGHVpULHXVH
H 0F&DUWQH\ VV
H 6W\OHSDQWDORQQRLUWRSEHLJHWDORQV
3RUUHW /DSLRQLơUH 6W\OHV PDUURQ (XURSUHVV
LHX[H[WpULHXU
/
DUWK
( $QJOHGHSULVHGHYXHGHIDFHUHJDUG KWWSVZZ
0RWKHU+RZ GDQVODFDPpUD ZYRJXHF
6WHOOD 3RVWXUHQDWXUHOOHVWDWLTXH RPDUWLFOH
+DPL 0F&DUWQH\ 3KRWRHQFRXOHXU VWHOODPFF
K
V %HFDPH &KRL[GHVFRXOHXUVEHLJHYHUWQRLU DUWQH\FRY
%RZOH )DVKLRQ¶V 2*8
9 $WWLWXGHVpULHXVH HUMDQXDU\
V &RQVFLHQFH ( 6W\OHPDQWHDXEHLJH
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUG
WHOOD
6 GDQVODFDPpUD
0F&DUWQH\ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH KWWSVZZ
2Q 3KRWRHQFRXOHXU ZPRGDRS
0RWKHUKRRG &KRL[GHVFRXOHXUVJULVQRLUEHLJH HUDQGLFR
6WD\LQJ PDUURQ PHGLWRULDO
&UHDWLYH,Q 0 RGD $WWLWXGHVpULHXVH VWHOODPF
6ROLWXGH 2SHUD 6W\OHSDQWDORQQRLUWRSEHLJHWDORQV FDUWQH\LQW
6XVWDLQDELOLW\ QGL PDUURQ HUYLHZ
KWWSVPD
GDPHOHILJ
WHOOD
6 DURIUVW\OH
0F&DUWQH\ LQWHUYLHZ
3HXWrWUH FUHDWULFH
0DULR TXHOHVJHQV PRGHVWHOO
Q YRQWDFKHWHU DPFFDUWQ
'XSXL PRLQVPDLV / H
H\SHXWHW
V PLHX[ )LJDUR 'HVVLQ UHTXHOHV
JHQVYRQ
WDFKHWHU
PRLQVPDL
VPLHX[
KWWSVZZ
ZOHVHFKR
VIUZHHNH
QGPRGH
LHX[H[WpULHXU
/ EHDXWHVWH
$QJOHGHSULVHGHYXHGHIDFHUHJDUG OODPFFDUW
6WHOOD GDQVODFDPpUD QH\UHQFR
0F&DUWQH\ 3RVWXUHFKRUpJUDSKLpHVWDWLTXH QWUHH[FOX
U HQFRQWUH 3KRWRHQFRXOHXU VLYHDYHF
H[FOXVLYH &KRL[GHVFRXOHXUVRUDQJHPDUURQ XQHFUHDWU
DYHFXQH EOHX LFHHQJDJ
%pOLQH FUpDWULFH
/HV $WWLWXGHVpULHXVH HH
' RODW HQJDJpH (FKRV 6W\OHFRVWXPHPDUURQ
RPPHQW
& KWWSVZZ
6WHOOD ZYRJXHIU
0F&DUWQH\ PRGHDUWL
V HQJDJH FOHVWHOOD
SRXUXQH PFFDUWQH\
/LDP PRGHSOXV DSKRWRGH6WHOOD0F&DUWQH\HVW
/ LQWHUYLHZ
) UHH UHVSRQVDEOH 9 2*8
DEVHQWHODSKRWRG¶XQPRGqOHGHVRQ FROOHFWLRQ
PDQ " ( ORRNERRN DXWXPQ
³ 7KHIXWXUHLV
YHJDQ´
6WHOOD
0F&DUWQH\
RIIHUV
FRQFUHWH
VROXWLRQVIRU KWWSVZZ
PRUH ZYRJXHIU
HQYLURQPHQW EHDXW\WLS
DOO\DQG VDUWLFOHVW
DQLPDOIULHQG DSKRWRGH6WHOOD0F&DUWQH\HVW
/ HOODPFFDU
0DULH O\IDVKLRQDW 9 2*8
DEVHQWHODSKRWRG¶XQPRGqOHGHVRQ WQH\LQWHUY
%
ODGW &23 ( ORRNERRN LHZFRS
KWWSVZZ
LHX[LQWpULHXU
/ ZPDULHFO
$QJOHGHSULVHGHYXHGHIDFHUHJDUG DLUHIULQWH
&DWKH VXUOHF{Wp UYLHZVWHOO
ULQH 3RVWXUHFKRUpJUDSKLpHVWDWLTXH DPFFDUWQ
&DVWU 3KRWRHQFRXOHXU H\HFRORJL
R 6WHOOD &KRL[GHVFRXOHXUVPDUURQJULV HSULQWHP
1DWKD 0F&DUWQH\ EHLJHYHUWQRLUURVH SVHWH
OLH
/DPRGH 0DULH $WWLWXGHVpULHXVH
'ROLYR GRLWFKDQJHU & ODLUH
6W\OHPDQWHDXPDUURQ DVS
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUG
GDQVODFDPpUD
WHOOD
6 3RVWXUHFKRUpJUDSKLpHVWDWLTXH
0F&DUWQH\ 3KRWRHQFRXOHXU
©2QHVWSOXV &KRL[GHVFRXOHXUVJULVQRLU
(OYLUH IUDJLOHTXDQG WXUTXRLVH
RQ RQHVW
Y $WWLWXGHVpULHXVH
%DUGH pFRUHVSRQVD /H 6W\OHFROODQWWXUTXRLVHUREHHQ (XURSUHVV
OHEHQ EOHª 0RQGH FDUUpVQRLUVHWWXUTXRLVHV H
LHX[LQWpULHXU
/
$QJOHGHSULVHGHYXHGHIDFHUHJDUG KWWSVZZ
GDQVODFDPpUD ZORSLQLRQ
3RVWXUHQDWXUHOOHVWDWLTXH IURZHHN
DULQ
0 WHOOD
6 3KRWRHQFRXOHXU HQGVWHOOD
HGH 0F&DUWQH\ &KRL[GHVFRXOHXUVJULVEHLJH PFFDUWQH
OD 'DPH /¶2SLQL $WWLWXGHVpULHXVH \GDPHQ
+RULH 1DWXUH Q
R 6W\OHWUHQFKEHLJH DWXUH
(680(
5
/LHX[H[WpULHXU LQWpULHXU
$QJOHGHSULVHGHYXHGHIDFHUHJDUGVXUOHF{Wp GHSURILOUHJDUGGDQVODFDPpUD GHIDFHUHJDUGGDQVOD
FDPpUD
3RVWXUHFKRUpJUDSKLpHVWDWLTXH QDWXUHOOHVWDWLTXH
3KRWRHQFRXOHXURXHQQRLUHWEODQFHQFRXOHXU HQQRLUHWEODQF
$WWLWXGHVpULHXVH
6W\OH6WHOOD0F&DUWQH\SRUWHOHVYrWHPHQWVGHVDPDUTXHHWSRVHVRXYHQWFRPPHPRGqOH
$11(;( ([HPSOH GH SXEOLFDWLRQ LOOXVWUDQW O¶HQJDJHPHQW GH OD FRPPXQDXWp &RPPHQWDLUHV H
Q
UpDFWLRQjFHWWHSXEOLFDWLRQ
8QH SXEOLFDWLRQ D UHWHQX QRWUH DWWHQWLRQ GX DYHF . OLNHV HW . FRPPHQWDLUHV WDX[
G¶HQJDJHPHQW
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
$11(;(3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVGXHWOHVFRPPHQWDLUHV
)LJXUH3XEOLFDWLRQVXUOHFRPSWH,QVWDJUDP-DFTXHPXVGX
$11(;(3XEOLFDWLRQVVXUOHFRPSWH,QVWDJUDPGH-DFTXHPXVOLpHVjVHVUHVWDXUDQWV
%,%/,2*5$3+,(
2XYUDJHVHWDUWLFOHVXQLYHUVLWDLUHV
$%,' $ELU &+$%&+28% %(1 +$0$', +pOD © /X[H HW FRQYLYLDOLWp HQWUH LQDFFHVVLELOLWp H
W S
DUWDJHª
,QVWLWXW6XSHULHXUGHV$UWV0XOWLPHGLDVGHOD0DQRXED,6$008QLYHUVLWHGHGH0DQRXED
$0266<5XWK/DSUpVHQWDWLRQGHVRL(WKRVHWLGHQWLWpYHUEDOH3DULV/¶LQWHUURJDWLRQSKLORVRSKLTXH
%$57+(65RODQG©5KpWRULTXHGHO LPDJHª&RPPXQLFDWLRQVQSS&RQVXOWpHQOLJQHOH
85/ KWWSVZZZSHUVHHIUGRFFRPPBBBQXPBBB
%5,21(6 (ULF © /X[H HW 'LJLWDO 6WUDWpJLHV SRXU XQH GLJLWDOLVDWLRQ VLQJXOLqUH GX OX[H ª 'XQRG ©
+
RUV
FROOHFWLRQªFRQVXOWpHQOLJQHOH85/
KWWSVZZZFDLUQLQIRDFFHVGLVWDQWVRUERQQHXQLYHUVLWHIUOX[HHWGLJLWDOKWP
%5,27(XJHQLH'(/$6686&KULVWHOOH©/DILJXUHGHO¶HQWUHSUHQHXUIRQGDWHXUGDQVOHUpFLWGHPDUTXHHW
ODFRQVWUXFWLRQGHODSHUVRQQDOLWpGHODPDUTXHGHOX[Hª0DQDJHPHQW,QWHUQDWLRQDODRW
&$67$5('(-HDQ/HOX[H3UHVVHV8QLYHUVLWDLUHVGH)UDQFH©4XHVDLVMH"ª
'¶$/0(,'$ 1LFROH 0(55$1,)5$+ 6\OYLH © /H UpFLW SDWURQDO /D WHQWDWLRQ DXWRELRJUDSKLTXHª5HYXH
IUDQoDLVHGHJHVWLRQMXLQQSDJHVj
'(6(,//,*1<2ULDQH©'XMRXUQDOLQWLPHDXEORJTXHOOHVPpWDPRUSKRVHVGXWH[WH"ª3DULV6RUERQQH
*5,3,&)5$1&(SDJHVj
)/2&+-HDQ0DULH ,GHQWLWpVYLVXHOOHV3DULV)RUPHVVpPLRWLTXHV
*2))0$1(UYLQJ/DPLVHHQVFqQHGHODYLHTXRWLGLHQQHODSUpVHQWDWLRQGHVRL3DULV/HVeGLWLRQVGH
0LQXLW
+(,/%5811%HQRvW/D0DUTXH3DULV4XHVDLVMH"
.$3)(5(5-HDQ1RHO/X[H1RXYHDX[FKDOOHQJHVQRXYHDXFKDOOHQJHUV*URXSH(\UROOHV3DULV
.,5(&+(*(5:,* 5\P © /H &KDQHO 6KRSSLQJ &HQWHU DX *UDQG 3DODLV GH OD KDXWHFXOWXUH j
OD
SRSFRXWXUHª&RPPXQLFDWLRQ ODQJDJHV 1 S
/,329(76.<*LOOHVHW%581(O\HWWH/HOX[HpWHUQHOGHO¶kJHGXVDFUpDXWHPSVGHVPDUTXHV&ROOHFWLRQ
/H'pEDW*DOOLPDUG
5(1$5' 'DPLHQ © (IILFDFLWp GHV RSpUDWLRQV GH PDUNHWLQJ YLUDO pYDOXDWLRQ GH O H[SpULHQFH H
Q OLJQHHW
LPDJH GH PDUTXH ª 9LH VFLHQFHV GH O HQWUHSULVH 1 S &RQVXOWp H
Q OLJQH OH
85/KWWSVZZZFDLUQLQIRUHYXHYLHHWVFLHQFHVGHOHQWUHSULVHSDJHKWP
6(035,1,$QGUHD/D0DUTXH4XHVDLVMH"3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
6(035,1,$QGUHD/H0DUNHWLQJGHOD0DUTXH$SSURFKH6pPLRWLTXH3DULVeGLWLRQV/LDLVRQV
(QF\FORSpGLHVGLFWLRQQDLUHV
/HGLFWLRQQDLUHGHO $FDGpPLHIUDQoDLVH85/
KWWSVZZZGLFWLRQQDLUHDFDGHPLHIUDUWLFOH$,
/HGLFWLRQQDLUH/DURXVVHHQOLJQH85/
KWWSVZZZODURXVVHIUGLFWLRQQDLUHVIUDQFDLVOX[H
/HGLFWLRQQDLUH/LWWUpHQOLJQH85/
KWWSVZZZOLWWUHRUJGHILQLWLRQOX[H
5HFKHUFKHVGRFXPHQWDLUHV$UWLFOHVGHSUHVVH
%28*(5(0DULH&DUROLQH©-DFTXHPXVXQFRXSGHVROHLOGDQVODPRGHª0DULH&ODLUHFRQVXOWpHQOLJQH
OH85/KWWSVZZZPDULHFODLUHIUKLVWRLUHMDFTXHPXVDVS
%28&5(8;2OLYLHU©-DFTXHPXVOHFUpDWHXUTXLVHQWERQOH6XGªFRQVXOWpHQOLJQHOH85/
KWWSVZZZPRQWSHO\HDKFRPUHQFRQWUHMDFTXHPXVOHFUHDWHXUTXLVHQWERQOHVXG
%28*52$XJXVWLQ©/DFROOHFWLRQWRXWHURVHGH-DFTXHPXVGpPDUUHjHXURVª0DGDPH)LJDURSXEOLp
OHFRQVXOWpHQOLJQHOH85/
KWWSVPDGDPHOHILJDURIUVW\OHMDFTXHPXVVDFROOHFWLRQURVHDFFHVVLEOHHQSUL[
&20081,(5 $GULHQ © -DFTXHPXV H[DOWH OHV IRXOHV DYHF VD EUDGHULH ª )DVKLRQ 1HWZRUN S
XEOLp OH
FRQVXOWpHQOLJQHOH85/
KWWSVIUIDVKLRQQHWZRUNFRPQHZV-DFTXHPXVH[DOWHOHVIRXOHVDYHFVDEUDGHULHKWPO
'(6/$1'(6 0DULRQ © -DFTXHPXV GpFU\SWDJH G XQ VXFFqV SDU VRQ RIIUH HW VRQ SRVLWLRQQHPHQW ª
)DVKLRQ1HWZRUNSXEOLpFRQVXOWpHQOLJQHOH85/
KWWSVIUIDVKLRQQHWZRUNFRPQHZV-DFTXHPXVGHFU\SWDJHGXQVXFFHVSDUVRQRIIUHHWVRQSRVLWLRQQHPHQW
KWPO
'(6128(0DULQH©-DFTXHPXVHQWUHWHUUHHWPqUHª<DUG0HGLDSXEOLpOHFRQVXOWpHQOLJQH
OH85/KWWSV\DUGPHGLDMDFTXHPXVLQWHUYLHZSRUWUDLWPDUVHLOOH\DUG
)/25(1&( -XOLHQQH © ³/H EOHX -DFTXHPXV´ XQ QRXYHDX SRSXS VHQVRULHO DX VHLQ GH 6
HOIULGJHV ª
)DVKLRQ8QLWHGSXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVIDVKLRQXQLWHGIUDFWXDOLWHUHWDLOOHEOHXMDFTXHPXVXQQRXYHDXSRSXSVHQVRULHODXVHLQGHVHOIULGJHV
)/25(17 *LOOHV © /H OX[H DFFHVVLEOH ErWH QRLUH GHV JUDQGHV PDLVRQV " ª )DVKLRQ1HWZRUNSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVIUIDVKLRQQHWZRUNFRPQHZV/HOX[HDFFHVVLEOHEHWHQRLUHGHVJUDQGHVPDLVRQVKWPO
+$51(//(&DUROLQH©-DFTXHPXV/HV)HPPHV'H6D9LHª*UD]LDSXEOLpOHFRQVXOWpHQ
OLJQHOH85/
KWWSVZZZJUD]LDIUPRGHQHZVPRGHMDFTXHPXVOHVIHPPHVGHVDYLH
©-DFTXHPXV&RPPHQWODPDUTXHGHPRGHSDUYLHQWjIDLUHGHO¶RPEUHDXVHFWHXUGXOX[Hª/HFWUDSXEOLp
OHFRQVXOWpHQOLJQHOH85/
KWWSVZZZOHFWUDFRPIUOLEUDLULHMDFTXHPXVFRPPHQWODPDUTXHGHPRGHSDUYLHQWDIDLUHGHORPEUHDXVH
FWHXUGXOX[H
© -DFTXHPXV KDV RSHQHG LWV SRSXS LQ 0LODQ ª 1VVPDJ SXEOLp OH FRQVXOWp H
Q OLJQH OH
85/KWWSVZZZQVVPDJFRPHQIDVKLRQMDFTXHPXVPLODQR
©-DFTXHPXV UHPSRUWH OD SUHPLqUH SODFH VXU ,QVWDJUDP JUkFH j O HQJDJHPHQW GH VD FRPPXQDXWp ª
25'(67,(SXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZRUGHVWLHFRPEORJVDODXQHMDFTXHPXVUHPSRUWHODSUHPLHUHSODFHJUDFHDOHQJDJHPHQWGHVD
FRPPXQDXWHLQVWDJUDPaWH[W 'DQVOH7RSGXVHVPLOOLRQVG DERQQ&
$V
-25,)6\OYLD©³,OQ¶\DHXTXHGHO¶DPRXU´-DFTXHPXVGLWWRXWGHVRQPDULDJHHQ3URYHQFHHQH[FOXª
92*8(SXEOLpOHFRQVXOWpHQOLJQHOH85/
KWWSVZZZYRJXHIUPDULDJHDUWLFOHPDULDJHMDFTXHPXVLQWHUYLHZPDUFRPDHVWUL
/DPEODXW&DPLOOH©/HFUpDWHXU6LPRQ3RUWH-DFTXHPXVDQQRQFHVHVILDQoDLOOHVVXU,QVWDJUDPªSXEOLpOH
0DGDPH)LJDUR85/
KWWSVPDGDPHOHILJDURIUVW\OHVLPRQSRUWHMDFTXHPXVDGHVRUPDLVODEDJXHDXGRLJW
© /¶LQVWDJUDPPDELOLWpª GHV OLHX[ WRXULVWLTXHV XQH DXEDLQH HW XQH PDOpGLFWLRQ ª /H 0RQGH S
XEOLp OH
085(7'RPLQLTXH©-DFTXHPXVRXYUHKXQLQpGLWSRSXSVWRUHj3DULV)DVKLRQ1HWZRUNªSXEOLpOH
FRQVXOWpHQOLJQHOH85/
KWWSVIUIDVKLRQQHWZRUNFRPQHZV-DFTXHPXVRXYUHKXQLQHGLWSRSXSVWRUHDSDULVKWPO
© 3HUIRUPDQFH VXU OHV UpVHDX[ VRFLDX[ GHV PDUTXHV GH PRGH IUDQoDLVHV ª /DQGLQJ 3DUWQHUV
FRQVXOWpHQOLJQHOH85/
KWWSVZZZODQGLQJSDUWQHUVVRFLDOSHUIRUPDQFHIUDQFHIDVKLRQ
3RGFDVW6LPRQ3RUWH-DFTXHPXV©/DPRGHQHGRLWSDVSDUOHUTXHGHOD3DULVLHQQHªSXEOLp
/H0RQGHFRQVXOWpHQOLJQHOH85/
KWWSVZZZOHPRQGHIUSRGFDVWVDUWLFOHVLPRQSRUWHMDFTXHPXVODPRGHQHGRLWSDVSDUOHUTXH
GHODSDULVLHQQHBBKWPO
5(128) 7RP © 4XL HVW OH IRQGDWHXU GH OD PDUTXH -DFTXHPXV " ª 3ODQqWH *UDQGHV (FROHV S
XEOLp OH
FRQVXOWpHQOLJQHOH85/
KWWSVZZZSODQHWHJUDQGHVHFROHVFRPTXLHVWOHIRQGDWHXUGHODPDUTXHMDFTXHPXVaWH[W -DFTXHPXV
$XQDFWHXUGXQRXYHDXPRQGHGHODPRGH WH[W /DPDUTXHDX
EXGJHWGHGHPLOOLRQVGHXURV
© 5HWRXU VXU OHV JDJQDQWV GX /90+ 3UL]H ª /90+ SXEOLp OH FRQVXOWp H
Q OLJQH OH
85/
KWWSVZZZOYPKIUDFWXDOLWHVGRFXPHQWVDFWXDOLWHVUHWRXUOHVJDJQDQWVGXOYPKSUL]H
©6LPRQ 3RUWH -DFTXHPXV PRGH G HPSORL ª )UDQFH ,QWHU FRQVXOWp HQ OLJQH OH 8
5/
KWWSVZZZ\RXWXEHFRPZDWFK"Y <W<2$X[5<
921%$5'(/(%(1(OYLUH©/HVEHDX[FRXSVGHVROHLOGH-DFTXHPXVª/H0RQGHSXEOLpOH
FRQVXOWpHQOLJQH85/
KWWSVZZZOHPRQGHIUPVW\OHVDUWLFOHOHVEHDX[FRXSVGHVROHLOGHMDFTXHPXVBB
KWPO
5(680(
&HWUDYDLOHVWSDUWLG¶XQHGRXEOHLQWHUURJDWLRQ8QHSUHPLqUHVXUODG\QDPLTXHGHFUpDWLRQGHVPDUTXHVGH
OX[H FRPPHQWXQQRXYHDXFUpDWHXUSHXWLOWURXYHUVDSODFHGDQVOHPRQGHGXOX[H"(WXQVHFRQGHSOXV
VSpFLILTXH H
Q pFKR j OD SUHPLqUH VXU OH SKpQRPqQH -DFTXHPXV -DFTXHPXV XQH PDUTXH G
H OX[H
DFFHVVLEOH " /¶REMHW GH FH PpPRLUH HVW G¶DQDO\VHU FRPPHQW -DFTXHPXV GDQV V D V WUDWpJLH
FRPPXQLFDWLRQQHOOHSDUYLHQWjUpFRQFLOLHUOHOX[HHWOHSRSXODLUH
&HWUDYDLOV¶DWWDFKHGDQVXQSUHPLHUWHPSVjLGHQWLILHUOHVWUDLWVTXLUHOqYHQWG¶XQHPDUTXHGHOX[HGDQVOD
VWUDWpJLH FRPPXQLFDWLRQQHOOH GH -DFTXHPXV QRWDPPHQW O¶XQLYHUV TX¶LO FRQVWUXLW HW OHV WDFWLTXHV
G¶DUWLILFDWLRQ'DQVXQGHX[LqPHWHPSVO¶pWXGHH[SRVHOHVDVSHFWVSRSXODLUHVGHODPDUTXH-DFTXHPXVHWOD
SUR[LPLWpTX¶LOUHYHQGLTXHjWUDYHUVODPLVHHQUpFLWGHO¶LGHQWLWpGXIRQGDWHXUHWOHVUpIpUHQFHVTX¶LOXWLOLVH
(QILQ OD WURLVLqPH SDUWLH WHQWH GH UpVRXGUH O¶DSSDUHQW SDUDGR[H HQWUH OX[H HW SRSXODLUH HQ D
QDO\VDQW OHV
PpFDQLVPHV FRPPXQLFDWLRQQHOV TXL SHUPHWWHQW j-DFTXHPXVGHPHWWUHHQSODFHXQV\VWqPHGHYDOHXUHW
G¶LQVWDXUHUXQHFRQYHUVDWLRQDYHFVDFRPPXQDXWp
&HWUDYDLOGHUHFKHUFKHSHUPHWGHPHWWUHDXMRXUOHVUHVVRUWVGHFRPPXQLFDWLRQGH-DFTXHPXVXQHPDUTXH
MHXQH WRXUQpH YHUV OHV MHXQHV JpQpUDWLRQV UHYHQGLTXDQW OD GpPRFUDWLVDWLRQ GX OX[H HW G
pPHWWUH G
HV
UHFRPPDQGDWLRQV SURIHVVLRQQHOOHV j GHVWLQDWLRQ GH -DFTXHPXV HW SOXV ODUJHPHQW D
X[ P
DUTXHV
UHYHQGLTXDQWODGpPRFUDWLVDWLRQGXOX[H
027&/(6
-$&48(086OX[HDFFHVVLEOHPDUTXHHWKRVFRPPXQDXWp,QVWDJUDPFUpDWHXUSRSXODLUHSUR[LPLWp