Physiologie 1.Physiologie musculaire
Transcription
Physiologie 1.Physiologie musculaire
3K\VLRORJLH ,QWURGXFWLRQ 3K\VLRORJLHPXVFXODLUH 8QEUHIKLVWRULTXH /DSK\VLRORJLHHVWODVFLHQFHTXLpWXGLHOHVIRQFWLRQVHWOHVSURSULpWpVGHVRUJDQHVHWGHVWLVVXVGHVrWUHVYLYDQWV 7URLVJUDQGHVSpULRGHVGLYLVHQWO pYROXWLRQGHODSK\VLRORJLH /DSUHPLqUHSpULRGHV pWHQGLWGHO $QWLTXLWpMXVTX DX;,9qPHVLqFOHO DQDO\VHREMHFWLYHpWDLWOLpHjO LQWHUSUpWDWLRQP\WKRORJLTXHGX PRQGH /D GHX[LqPH SpULRGH V pWHQGLW GH OD 5HQDLVVDQFH MXVTX DX ;9,,,qPH VLqFOH DSSDUXW OD QRWLRQ GH V\VWqPHV FLUFXODWRLUH UHVSLUDWRLUH HW PXVFXODLUH &HWWH SpULRGH GXUD MXVTX j/DYRLVLHUTXLOHSUHPLHUDVVLPLODO RUJDQLVPHKXPDLQjXQH PDFKLQHjWUDQVIRUPHUO pQHUJLH /D WURLVLqPH pSRTXH O pSRTXH PRGHUQH FRQWHPSRUDLQH pWXGLH OHV SURFHVVXV TXL UqJOHQW OH IRQFWLRQQHPHQW GHV RUJDQHV HQWUH HX[2QWHQWHGHFRPSUHQGUHOHVPpFDQLVPHVFHOOXODLUHVjO pFKHOOHPROpFXODLUH/HVWHFKQLTXHVG pWXGHGHVPXVFOHVRQWEHDXFRXS pYROXp - 2QHVWSDVVpGXPLFURVFRSHRSWLTXHDXPLFURVFRSHpOHFWURQLTXH /HVWHFKQLTXHVKLVWRORJLTXHVRQWpYROXpRQSUDWLTXHODWHFKQLTXHGHODFRORUDWLRQ - /DSUDWLTXHGHVELRSVLHVPXVFXODLUHVHVWDXWRULVpHSDUH[HPSOHRQSUpOqYHGHVpFKDQWLOORQVGHPXVFOHVXUGHVrWUHVYLYDQWV - VDFRQVWLWXWLRQ $LQVLRQFRQQDvWGHPLHX[HQPLHX[OHPXVFOH - VRQLQQHUYDWLRQ VDYDVFXODULVDWLRQ OHVPpFDQLVPHVGHVDFRQWUDFWLRQ VRQpQHUJpWLTXH /DSODFHGXPXVFOHGDQVO RUJDQLVPH /DIRQFWLRQSULQFLSDOHGXWLVVXPXVFXODLUHHVWODFRQWUDFWLRQ /HWLVVXPXVFXODLUHHVWIRUPpGHFHOOXOHVTXLHQUDLVRQGHOHXUIRUPHDOORQJpHVRQWDSSHOpHVILEUHV ,OH[LVWHWURLVW\SHVGHILEUHPXVFXODLUH - - - ODILEUHPXVFXODLUHVWULpHVTXHOHWWLTXHPXVFOHVGXFRUSVELFHSVGHOWRwGHGRQWODFRQWUDFWLRQSURGXLWXQGpSODFHPHQWHWXQH WHQVLRQ ODILEUHPXVFXODLUHOLVVHSDURLGHVYLVFqUHVGHVYDLVVHDX[VDQJXLQVGRQWODFRQWUDFWLRQSHUPHWOHGpSODFHPHQWGHVIOXLGHV OHVPRXYHPHQWVGHO¶°LOOHEDWWHPHQWGHVFLOVEURQFKLTXHV ODILEUHPXVFXODLUHFDUGLDTXHF°XUGRQWODFRQWUDFWLRQSHUPHWXQHDXJPHQWDWLRQGHVSUHVVLRQVLQWUDFDYLWDLUHV /HVPpFDQLVPHVGHFRQWUDFWLRQGHFHVWURLVW\SHVGHILEUHPXVFXODLUHVRQWYRLVLQV *pQpUDOLWpVVXUOHPXVFOHVWULpVTXHOHWWLTXH /HFRUSVKXPDLQFRPSWHHQYLURQPXVFOHVQRPEUHYDULDEOHHQIRQFWLRQGHVFODVVLILFDWLRQV /HXUIRUPHHVWWUqVYDULDEOHFRQIHUILJXUH - PXVFOHVORQJVPHPEUHV PXVFOHVSODWVWURQF PXVFOHVFRXUWVLQWHUFRVWDX[ PXVFOHVDQQXODLUHVDXWRXUGHODERXFKH /HPXVFOHVWULpVTXHOHWWLTXHUHSUpVHQWHSRXUFHQWGHODPDVVHFRUSRUHOOH $X UHSRV SRXU FHQW GH OD GpSHQVH pQHUJpWLTXH GH EDVH FRUUHVSRQG DX PXVFOH VWULp VTXHOHWWLTXH (Q H[HUFLFH OD GpSHQVH pQHUJpWLTXHPXVFXODLUHSHXWrWUHPXOWLSOLpHSDU /HPRXYHPHQWKXPDLQV HIIHFWXHJUkFHjODWUDQVIRUPDWLRQG pQHUJLHFKLPLTXHJOXFLGHVOLSLGHVHWSURWLGHV - HQ pQHUJLHPpFDQLTXHSRXUFHQW - HQ pQHUJLHWKHUPLTXHSRXUFHQW - 6 LO\DGpSODFHPHQWOHPRXYHPHQWHVWXQWUDYDLOPXVFXODLUH /DFRQWUDFWLRQPXVFXODLUHDERXWLWjXQHIRUFH - 6 LOQ \DSDVGpSODFHPHQWODWHQVLRQHVWXQWRQXVPXVFXODLUH - & HVWXQRUJDQHH[FLWDEOHVRLWGHIDoRQLQWHUQHSDUXQLQIOX[QHUYHX[VRLWGHIDoRQH[WHUQHSDUXQHH[FLWDWLRQpOHFWULTXH /HPXVFOHSRVVqGHSOXVLHXUVSURSULpWpV - & HVWXQRUJDQHpODVWLTXHLOSHXWrWUHpWLUpHWUHYHQLUjVDSRVLWLRQGHUHSRV & HVWXQRUJDQHFRQWUDFWLOHLOSHXWVHUDFFRXUFLU & HVWXQRUJDQHWKHUPRJpQLTXHLOSURGXLWGHODFKDOHXUWDQWDXUHSRVTXHSHQGDQWODFRQWUDFWLRQ & HVW XQ RUJDQH GH UpVHUYH pQHUJpWLTXH O DGpQRVLQH WULSKRVSKDWH $73 HW OD FUpDWLQH SKRVSKDWH &3 pQHUJLH GH OD FRQWUDFWLRQOHJO\FRJqQHUpVHUYHVWRFNDJHGHJOXFRVHOHGLR[\JqQHVRXVIRUPHGHP\RJORELQH /HPXVFOHVWULpVTXHOHWWLTXHVWUXFWXUHHWIRQFWLRQV 6WUXFWXUHVPDFURVFRSLTXHHWPLFURVFRSLTXH 0DFURVFRSLTXH 2UJDQLVDWLRQJpQpUDOHGXPXVFOH &RQIHUILJXUH 8Q PXVFOH HVW FRQVWLWXp GH PLOOLHUV GH FHOOXOHV JpDQWHV SRO\QXFOppHV &HV FHOOXOHV VRQW DOORQJpHV FRQWUDFWLOHV HW SDUDOOqOHV HQWUH HOOHVP\RF\WHVRXILEUHVPXVFXODLUHV(OOHVIRQWGHTXHOTXHVPLOOLPqWUHVjSOXVLHXUVGL]DLQHVGHFHQWLPqWUHVGHORQJ &KDTXHILEUHHVWHQYHORSSpHSDUXQHILQHFRXFKHGHWLVVXFRQMRQFWLIDSSHOpHO¶HQGRP\VLXP / HQGRP\VLXPHVWHQFRQWDFWDYHFXQHPHPEUDQHVDUFRSODVPLTXHDSSHOpHOHVDUFROHPPH $ O LQWpULHXUGXVDUFROHPPHVHWURXYHOHVDUFRSODVPH /HVILEUHVPXVFXODLUHVVHUHJURXSHQWHQIDLVFHDX[ &KDTXHIDLVFHDXHVWHQWRXUpG XQHPHPEUDQHDSSHOpHOHSpULP\VLXP&KDTXHIDLVFHDXFRQWLHQWHQYLURQILEUHVPXVFXODLUHV /HUHJURXSHPHQWGHVIDLVFHDX[O HQVHPEOHGXPXVFOHHVWHQWRXUpSDUXQHPHPEUDQHDSSHOpHO pSLP\VLXP$XERXWO pSLP\VLXP FRQVWLWXHOHWHQGRQ &RPSRVLWLRQFKLPLTXH /HPXVFOHVTXHOHWWLTXHHVWFRPSRVpG HQYLURQ - SRXUFHQWG HDX SRXUFHQWGHSURWpLQHV - SRXUFHQWG DXWUHVVXEVWDQFHV - GHVSURWpLQHVFRQWUDFWLOHVDFWLQHHWP\RVLQH /HF\WRSODVPHGHODFHOOXOHPXVFXODLUHHVWDSSHOpOHVDUFRSODPH,OFRQWLHQW - GLIIpUHQWVVXEVWUDWVGXPpWDEROLVPHpQHUJpWLTXHP\RJORELQHIL[HOHGLR[\JqQHJO\FRJqQHOLSLGHVDFLGHVDPLQpV$73 &3 HQ]\PHV SHUPHWWHQW OHV GLIIpUHQWHV UpDFWLRQV FKLPLTXHV UpWLFXOXP VDUFRSODVPLTXH SHUPHW OD FLUFXODWLRQ PLWRFKRQGULHVXVLQHVpQHUJpWLTXHVSOXVLHXUVQR\DX[FHOOXODLUHVFHUYHDX[GHODFHOOXOH 9DVFXODULVDWLRQ /HVPXVFOHVVRQWGHVRUJDQHVULFKHPHQWYDVFXODULVpV/DYDVFXODULVDWLRQPXVFXODLUHFRPSUHQG - - OHV\VWqPHDUWpULHOTXLDOLPHQWHOHPXVFOHHQGLR[\JqQHHWHQQXWULPHQWVQpFHVVDLUHVjODFRQWUDFWLRQJOXFRVHDFLGHVJUDV DFLGHVDPLQpV OHV\VWqPHYHLQHX[TXLSHUPHWGHGLVVLSHUODFKDOHXUSURGXLWHSDUODFRQWUDFWLRQHWGHGpEDUUDVVHUOHPXVFOHGHVHVGpFKHWV GLR[\GHGHFDUERQHHWDFLGHODFWLTXH 'pJDJHRQVGHX[SRLQWVSDUWLFXOLHUVFRQFHUQDQWODYDVFXODULVDWLRQ - - /RUVG XQHFRQWUDFWLRQLVRPpWULTXHVDQVYDULDWLRQGHORQJXHXUOHPXVFOHHVWPDOLUULJXpSHXGHGLR[\JqQHHWGRLWXWLOLVHU OHVPpFDQLVPHVDQDpURELHVSRXUVHFRQWUDFWHUFHTXLHQWUDvQHXQHJUDQGHIDWLJDELOLWpIRUWHSURGXFWLRQG DFLGHODFWLTXH / HQWUDvQHPHQW HQ HQGXUDQFH SHUPHW XQH DXJPHQWDWLRQ GX QRPEUH GH FDSLOODLUHV TXL LUULJXHQW OH PXVFOH VTXHOHWWLTXH /H UpVHDX FDSLOODLUH GHV PXVFOHV VROOLFLWpV G XQ DWKOqWH HQWUDvQp HQ HQGXUDQFH HVW GH SRXU FHQW VXSpULHXU j FHOXL G XQ VpGHQWDLUH / LQQHUYDWLRQPXVFXODLUHHWO XQLWpPRWULFH /HVQHUIVTXLDUULYHQWDXQLYHDXGXPXVFOHFRQWLHQQHQWjODIRLV - - GHV ILEUHV VHQVLWLYHV YpKLFXODQW GH O LQIRUPDWLRQ GHSXLV OH PXVFOH MXVTX DX V\VWqPH QHUYHX[ FHQWUDO PRHOOH pSLQLqUH HW FHUYHDXFRPPHODGRXOHXUO RULHQWDWLRQGXPXVFOHRXGXPHPEUHGDQVO HVSDFH GHV ILEUHV PRWULFHV PRWRQHXURQHV YpKLFXODQW GHV LQIRUPDWLRQV GHSXLV OH V\VWqPH QHUYHX[ FHQWUDO MXVTX DX PXVFOH OHXU VWLPXODWLRQHQWUDvQHODFRQWUDFWLRQPXVFXODLUHF HVWO RUGUHPRWHXU /DIRQFWLRQHQWUHODILEUHPRWULFHHWODILEUHPXVFXODLUHV DSSHOOHODIRQFWLRQQHXURPXVFXODLUHRXODSODTXHPRWULFH (VWDSSHOpXQLWpPRWULFHO HQVHPEOHFRQVWLWXpSDUOHPRWRQHXURQHVRQD[RQHHWO HQVHPEOHGHVILEUHVPXVFXODLUHVTX LOLQQHUYHLO\ D jXQLWpVPRWULFHVSDUPXVFOH /HQRPEUHGHILEUHVPXVFXODLUHVSDUXQLWpPRWULFHHVWWUqVYDULDEOH - jILEUHPRWULFHVSRXUGHVPXVFOHVWUqVUDSLGHVHWWUqVSUpFLVPXVFOHRFFXORPRWHXU - ILEUHVPXVFXODLUHVSRXUGHVPXVFOHVJURVVLHUVFRPPHOHTXDGULFHSV - 7RXWHVOHVILEUHVPXVFXODLUHVSRVVqGHQWOHVPrPHVSURSULpWpV ,O\DWURLVUqJOHVGDQVXQHXQLWpPRWULFH - 7RXWHVOHVILEUHVPXVFXODLUHVVRQWDFWLYpHVHQPrPHWHPSV /HVXQLWpVPRWULFHVVRQWUHFUXWpHVSURJUHVVLYHPHQWJUDGDWLRQGHODIRUFH 0LFURVFRSLTXH 'HVFULSWLRQ &RQIHUILJXUH / XOWUDVWUXFWXUH GX PXVFOH VWULp VTXHOHWWLTXH HVW REVHUYpH JUkFH DX PLFURVFRSH pOHFWURQLTXH HWDX[WHFKQLTXHVKLVWRFKLPLTXHVGH FRORUDWLRQ 2QREVHUYHXQHDOWHUQDQFHGHEDQGHVWUDQVYHUVDOHVFODLUHVHWVRPEUHVG ROHQRPGHPXVFOHVWULp PXVFOH _ ILEUHVPXVFXODLUHV _ P\RILEULOOHV _ P\RILODPHQWV ? pSDLVILQV P\RVLQHDFWLQH &RQIHUILJXUH /HV P\RILODPHQWV GH P\RVLQH VRQW pSDLV VLWXpV HQ SRVLWLRQ FHQWUDOH HW XQLTXHPHQW IRUPpV GH PROpFXOHV GH P\RVLQH &KDTXH PROpFXOHGHP\RVLQHHVWFRQVWLWXpHGHGHX[SDUWLHVODTXHXHGHODP\RVLQHHWODWrWHGHODP\RVLQH6XUODWrWHGHP\RVLQHVH WURXYHQWGHX[VLWHV - OHVLWH$73DVLTXHTXLSHUPHWODFUpDWLRQG pQHUJLHJUkFHjGHVUpDFWLRQVFKLPLTXHV - OHVLWHDFWLIGHOLDLVRQTXLSHUPHWODFRQWUDFWLRQPXVFXODLUHJUkFHjO pQHUJLH - HVVHQWLHOOHPHQWGHPROpFXOHVG DFWLQHYULOOpHVF{WHjF{WHFRPPHXQGRXEOHFROOLHUGHSHUOHV /HVP\RILODPHQWVG DFWLQHVRQWILQVVLWXpVHQSRVLWLRQGHWRXFKHHWFRQVWLWXpV - PDLV DXVVL GH PROpFXOHV GH WURSRP\RVLQH HW GH WURSRQLQH TXL MRXHQW XQ U{OH WUqV LPSRUWDQW GDQV OD FRQWUDFWLRQ HW OH UHOkFKHPHQWPXVFXODLUHV 'DQVODILEUHPXVFXODLUHOHVILODPHQWVG DFWLQHHWGHP\RVLQHVRQWULJRXUHXVHPHQWRUJDQLVpVGHWHOOHVRUWHTXHFKDTXHILODPHQWGH P\RVLQHHVWHQWRXUpGHVL[ILODPHQWVG DFWLQH 2 9XH HQFRXSH 2 ILODPHQWGHP\RVLQH ILODPHQWVG DFWLQH 2UJDQLVDWLRQGHVP\RILEULOOHV / H[DPHQPLFURVFRSLTXH &RQIHUILJXUHVHW /HV EDQGHV VRPEUHV V DSSHOOHQW OHV EDQGHV $ (OOHV VRQW FRQVWLWXpHV GH O LQWHUSpQpWUDWLRQ GH P\RILODPHQWV GH P\RVLQH HW GH P\RILODPHQWVG DFWLQH(QOHXUPLOLHXVHWURXYHXQH]RQHSOXVFODLUHDSSHOpHOD]RQH+FRQVWLWXpHXQLTXHPHQWGHP\RILODPHQWVGH P\RVLQH /D ]RQH + HVW HOOHPrPH FRXSpH HQ VRQ PLOLHX SDU OD OLJQH 0 TXL FRUUHVSRQG j OD MRQFWLRQ GH GHX[ P\RILODPHQWV GH P\RVLQH /HV EDQGHV FODLUHV V DSSHOOHQW OHV EDQGHV ,(OOHVFRUUHVSRQGHQWjGHVP\RILODPHQWVG DFWLQH(QOHXUFHQWUHVHWURXYHODOLJQH= TXLFRUUHVSRQGjODMRQFWLRQGHGHX[P\RILODPHQWVG DFWLQH /HVDUFRPqUH & HVWODUpJLRQFRPSULVHHQWUHGHX[OLJQHV=& HVWO XQLWpIRQFWLRQQHOOHGHODFRQWUDFWLRQ - - - $X UHSRVOHVDUFRPqUHDXQHORQJXHXUFRQVWDQWH $X FRXUVGHODFURLVVDQFHOHVP\RILEULOOHVDXJPHQWHQWOHXUORQJXHXUHQIRUPDQWGHQRXYHDX[VDUFRPqUHVOHVDUFRPqUHDXQH WDLOOHXQLTXH 4XHOOHV TXH VRLHQW OHV FLUFRQVWDQFHV OH VDUFRPqUH JDUGH WRXMRXUV OD ORQJXHXU SRXU ODTXHOOH VRQ HIILFDFLWp PpFDQLTXH HVW OD PHLOOHXUHXQPXVFOHQHGpYHORSSHSDVODPrPHIRUFHjWRXWHVOHVORQJXHXUV 8Q DXWUH DYDQWDJH GH FHWWH SODVWLFLWp HVW OD UHVWDXUDWLRQ UHODWLYHPHQW UDSLGH GHV ILEUHV PXVFXODLUHV YLFWLPHV GH OpVLRQV UXSWXUHVRXGLVWHQVLRQV /HUpWLFXOXPVDUFRSODVPLTXHHWOHV\VWqPHWXEXODLUH &RQIHUILJXUH /HVFDQDOLFXOHVVHUHMRLJQHQWGDQVOHVFLWHUQHVWHUPLQDOHV /HVFLWHUQHVWHUPLQDOHVVRQWHQFRQWDFWDYHFOHVWXEXOHVWUDQVYHUVHVWXEXOHV7 - /HVFLWHUQHVWHUPLQDOHVVHUYHQWGHUpVHUYRLUVDX[LRQVFDOFLXP&D - /HVWXEXOHV7FRQGXLVHQWO LQIOX[QHUYHX[jO LQWpULHXUGHVP\RILEULOOHV 'HX[ FLWHUQHV WHUPLQDOHV HW XQ WXEXOH 7 IRUPHQW XQH WULDGH /HV WULDGHV MRXHQW XQ U{OH LPSRUWDQWGDQVODFRQWUDFWLRQPXVFXODLUH FRXSODJHH[FLWDWLRQFRQWUDFWLRQ 0pFDQLVPHVGHODFRQWUDFWLRQPXVFXODLUH 7KpRULHGHVILODPHQWVJOLVVDQWVG +X[OH\WKpRULHGHO LQWHUGLJLWDWLRQ 2EVHUYDWLRQPLFURVFRSLTXHGXVDUFRPqUH &RQIHUILJXUH 0DOJUp FHUWDLQHV ]RQHV G RPEUH GDQV OHV H[SOLFDWLRQV GH OD FRQWUDFWLRQ PXVFXODLUH SOXVLHXUV SUHXYHV DFFUpGLWHQW FHWWH WKpRULH $LQVL OD FRQWUDFWLRQ PXVFXODLUH FRUUHVSRQG DX JOLVVHPHQW GHV ILODPHQWV ILQV G DFWLQH HQWUH OHV ILODPHQWV pSDLV GH P\RVLQH &H JOLVVHPHQW DERXWLW j XQH GLPLQXWLRQ GH OD ORQJXHXU GH FKDTXH VDUFRPqUH VDQV TXH OHV ILODPHQWV ILQVRXpSDLVQHFKDQJHQWHX[ PrPHVGHORQJXHXU$XFRXUVGHODFRQWUDFWLRQOHVOLJQHV=VRQWWLUpHVDXFHQWUHGXVDUFRPqUH/HVEDQGHV,FODLUHVFKDQJHQWGH GLPHQVLRQHWVHUDFFRXUFLVVHQW/HVEDQGHV$VRPEUHVQHFKDQJHQWSDVGHGLPHQVLRQ /HVSRQWVG XQLRQ &RQIHUILJXUH 4XDWUHpWDSHVSHUPHWWHQWODFUpDWLRQGHVSRQWVG XQLRQ - - - - $X UHSRVOHVWrWHVGHVPROpFXOHVGHP\RVLQHVRQWPDLQWHQXHVjGLVWDQFHGHVPROpFXOHVG DFWLQHHQUDLVRQGHO LQWHUSRVLWLRQ GHVPROpFXOHVGHWURSRP\RVLQHHWGHWURSRQLQH /DFRQWUDFWLRQGpEXWHDYHFODOLDLVRQHQWUHOHVWrWHVGHVPROpFXOHVGHP\RVLQHHWOHVPROpFXOHVG DFWLQH,OV DJLWGHODFUpDWLRQ GHVSRQWVG XQLRQ /DFRQWUDFWLRQFRUUHVSRQGjXQHLQFOLQDLVRQGHjGHJUpVGHVWrWHVGHP\RVLQH,O\DDORUVUDFFRXUFLVVHPHQWGHFKDTXH VDUFRPqUHHWGRQFGHODP\RILEULOOH/HJOLVVHPHQWGHO DFWLQHHQWUHODP\RVLQHHVWFRPSOHWDSUqVKXLWjVHL]HUpSpWLWLRQVGHFH SURFHVVXV /DOLDLVRQHQWUHODP\RVLQHHWO DFWLQHHVWUDSLGHPHQWOLEpUpHSRXUTX XQHQRXYHOOHOLDLVRQVRLWSRVVLEOH/ pQHUJLHSHUPHWWDQWOH PRXYHPHQWHVWO $732QSHXWFRPSDUHUFHPpFDQLVPHjGHVUDPHXUVTXLGRQQHQWGHVFRXSVG DYLURQSRXUDYDQFHU /HFRXSODJHH[FLWDWLRQFRQWUDFWLRQVpTXHQFHVGHVSKpQRPqQHVDXFRXUVGHODFRQWUDFWLRQPXVFXODLUH /HFRXSODJHH[FLWDWLRQFRQWUDFWLRQHVWOHPpFDQLVPHSDUOHTXHOXQHGpFKDUJHpOHFWULTXHXQLQIOX[QHUYHX[GDQVOHFRUSVKXPDLQ GpFOHQFKHODVpTXHQFHGHVSKpQRPqQHVFKLPLTXHVTXLDERXWLVVHQWjODFRQWUDFWLRQPXVFXODLUH &RQIHUILJXUH 1HXIpWDSHVDERXWLVVHQWjODFRQWUDFWLRQHWDXUHOkFKHPHQWPXVFXODLUHV - - 8QRUGUHPRWHXUSUHQGQDLVVDQFHGXV\VWqPHQHUYHX[FHQWUDO61&HWFKHPLQHMXVTX DXPXVFOHSDUOHPRWRQHXURQH6L O RUGUH SDUW GX FHUYHDX LO \ D FRQWUDFWLRQ YRORQWDLUH 6L O RUGUH SDU GH OD PRHOOH pSLQLqUH LO \ D FRQWUDFWLRQ LQYRORQWDLUH RX UpIOH[H &HWRUGUHPRWHXULQIOX[QHUYHX[DUULYHDXQLYHDXGHODSODTXHPRWULFHMRQFWLRQQHXURPXVFXODLUHHWSURYRTXHODOLEpUDWLRQ G DFpW\OFKROLQH / DFpW\OFKROLQHHQWUDvQHODFUpDWLRQG XQSRWHQWLHOG DFWLRQF HVWjGLUHXQHDXJPHQWDWLRQGHODSHUPpDELOLWpGHODPHPEUDQH GHV FHOOXOHV PXVFXODLUHV HW GRQF XQH PRGLILFDWLRQ GH UpSDUWLWLRQ GHV LRQV VRGLXP 1D HW GHV LRQV SRWDVVLXP . GH SDUW HW G DXWUHGHFHOOHVFL H[WpULHXU ! LQWpULHXU UHSRV LQIOX[ QHUYHX[ _H[WpULHXU _ 9LQWpULHXU - - - - ! SRWHQWLHOG DFWLRQ FRQWUDFWLRQ &HSRWHQWLHOG DFWLRQSpQqWUHjO LQWpULHXUGHODP\RILEULOOHSDUOHVWXEXOHV7TXLOHFRQGXLVHQWMXVTX DX[FLWHUQHVWHUPLQDOHV 'DQV OHV FLWHUQHV WHUPLQDOHV OH SRWHQWLHO G DFWLRQ DXJPHQWH OD SpQpWUDELOLWp GH FHOOHVFL DX[ LRQV FDOFLXP &D /D FRQFHQWUDWLRQ HQ LRQV FDOFLXP &D j O LQWpULHXU GHV FLWHUQHV WHUPLQDOHV HVW IRLV SOXV LPSRUWDQWH TXH FHOOH GHV VDUFRSODVPHV /HVLRQV&DVHIL[HQWVXUOHV\VWqPHWURSRQLQHWURSRP\RVLQHHQOHYDQWDLQVLO LQKLELWLRQGHO DFWLQHSRXUODP\RVLQH&HWWH IL[DWLRQGX&DGpFOHQFKHO K\GURO\VHGHO $73DYHFGRQFOLEpUDWLRQG pQHUJLHQpFHVVDLUHjODFUpDWLRQGHVSRQWVG XQLRQ /DFRQWUDFWLRQVHSRXUVXLWWDQWTXHODFRQFHQWUDWLRQHQLRQV&D HVWVXIILVDQWH $ O DUUrW GH OD VWLPXODWLRQ OH &D UHWRXUQH GDQV OHV FLWHUQHV WHUPLQDOHV JUkFH DX IRQFWLRQQHPHQW GHV SRPSHV j FDOFLXP / pQHUJLHQpFHVVDLUHHVWIRXUQLHSDUO K\GURO\VHGHO $73 /HVILODPHQWVG DFWLQHHWGHP\RVLQHUHWURXYHQWDORUVOHXUSRVLWLRQLQLWLDOHRQREWLHQWOHUHOkFKHPHQWPXVFXODLUH 5{OHVGHO $73 / pQHUJLHQpFHVVDLUHjFHVSKpQRPqQHVGHFRQWUDFWLRQUHOkFKHPHQWHVWIRXUQLHSDUO K\GURO\VHGHO $73 $73+2 ! $'33( $'3DGpQRVLQHGLSKRVSKDWH ( NFDOPRO PRO PROpFXOHVQRPEUHG $YRJDGUR &HWWHpQHUJLH(OLEpUpHVHUYLUD - j O DFFURFKDJHDFWLQHP\RVLQH DX[ PRXYHPHQWVGHVSRQWVG XQLRQ DX IRQFWLRQQHPHQWGHODSRPSHj&D /HVVRXUFHVG pQHUJLHGHODFRQWUDFWLRQPXVFXODLUH / $73 &RQIHUILJXUH / pQHUJLHXWLOLVpHSDUODFRQWUDFWLRQPXVFXODLUHHVWVWRFNpHGDQVXQFRPSRVpULFKHHQpQHUJLHO $73 UDSSHO ! $73+2 $'33( /D TXDQWLWp G $73 HQ UpVHUYH GDQV O RUJDQLVPH HVW WUqV IDLEOH HW QH SHUPHW TXH TXHOTXHV VHFRQGHV G H[HUFLFH VHFRQGHV HQYLURQ /HVWURLVILOLqUHVGHSURGXFWLRQG pQHUJLHSRXUODUHV\QWKqVHGHO $73 &RQIHUILJXUH 3RXUTXHOHPXVFOHSXLVVHVHFRQWUDFWHUSOXVORQJWHPSVLOHVWQpFHVVDLUHTXHO $73VRLWUHV\QWKpWLVpHDXIXUHWjPHVXUHGHVRQ XWLOLVDWLRQ &HWWH UHV\QWKqVH V HIIHFWXH JUkFH j OD &3 HW j GHV YRLHV PpWDEROLTXHV IRQFWLRQQDQW HQ DpURELH RX HQ DQDpURELH HW XWLOLVDQWGLIIpUHQWVVXEVWUDWVpQHUJpWLTXHVJOXFLGHVOLSLGHVSURWLGHV /HV\VWqPHGHVSKRVSKDJqQHVODYRLHDQDpURELHDODFWLTXH /DUHV\QWKqVHGHO $73jSDUWLUGHODFUpDWLQHSKRVSKDWHFRQWHQXHGDQVOHPXVFOHVHIDLWVHORQODUpDFWLRQVXLYDQWH $'3&3! $73FUpDWLQH &H SURFHVVXVSHUPHWODUHV\QWKqVHGHO $73HQGpEXWG H[HUFLFH &HWWHYRLHHVWXWLOLVpHGDQVODFRXUVHGHVPqWUHVSDUH[HPSOH /HV\VWqPHGHODJO\FRO\VHDQDpURELHODYRLHDQDpURELHODFWLTXH /DJO\FRO\VHDQDpURELHFRUUHVSRQGjODGpJUDGDWLRQGXJO\FRJqQHHQDFLGHS\UXYLTXHTXLSHUPHWODV\QWKqVHGH$73$SDUWLU G XQHPROHGHJO\FRJqQHRQREWLHQWODUHV\QWKqVHGHPROHVG $73 JO\FRJqQH! DFLGHS\UXYLTXH( ($'33! $73 &HV UpDFWLRQVQHQpFHVVLWHQWSDVODSUpVHQFHGH2 DQDpURELHPDLVHOOHVDERXWLVVHQWjODIRUPDWLRQG DFLGHODFWLTXHDQDpURELH ODFWLTXH DFLGHS\UXYLTXH! DFLGHODFWLTXH / DFFXPXODWLRQGHO DFLGHODFWLTXHGDQVOHPXVFOHHQWUDvQHXQHEDLVVHGXS+TXLSHUWXUEHOHVSURFHVVXVFRQWUDFWLOHV &HWWHYRLHPpWDEROLTXHLQWHUYLHQWVXUWRXWDXGpEXWGHO H[HUFLFHTXDQGO DSSRUWHQGLR[\JqQHDX[PXVFOHVHVWLQVXIILVDQWHWORUV G H[HUFLFHVLQWHQVHVTXDQGODYRLHDpURELHQ DSSRUWHSOXVDVVH]G pQHUJLH &HWWHYRLHHVWXWLOLVpHGDQVODFRXUVHGHVPqWUHVSDUH[HPSOH /HV\VWqPHGHODJO\FRO\VHDpURELHHWGHVDFLGHVJUDVODYRLHDpURELH /D YRLH DpURELH HVW UHSUpVHQWpH SDU OD GpJUDGDWLRQ HQ SUpVHQFH GH GLR[\JqQH HW GH VXEVWUDWV JOXFLGLTXHV HW OLSLGLTXHV GDQV OD PLWRFKRQGULH &HWWH YRLH FRQVWLWXH OH V\VWqPH OH SOXV LPSRUWDQW GH UHV\QWKqVH RX GH SURGXFWLRQ G $73 TXL SHXW DOOHU GH $73SDUOHJO\FRJqQHjSOXVGH$73SDUFHUWDLQVOLSLGHV6LO DSSRUWHQ2 HVWVDWLVIDLVDQWFHWWHYRLHPpWDEROLTXHSHUPHWOD SRXUVXLWHGHVFRQWUDFWLRQVPXVFXODLUHVSHQGDQWSOXVLHXUVKHXUHV JO\FRJqQH! DFLGHS\UXYLTXH2 ! F\FOHGH.UHEV! $73 /D GpJUDGDWLRQ G XQH PROH GH JO\FRJqQH SHUPHW OD UHV\QWKqVH GH PROHV G $73 PROHV G¶$73 j SDUWLU G XQH PROH GH JOXFRVH OLSLGH! DFLGHJUDV2 ! F\FOHGH.UHEV /DGpJUDGDWLRQG XQHPROHGHOLSLGHSHUPHWODUHV\QWKqVHGHPROHVG $73 ! $73 &HWWHYRLHHVWXWLOLVpHGDQVOHPDUDWKRQSDUH[HPSOH &DUDFWpULVWLTXHVGHVWURLVILOLqUHV &HWWHSDUWLHFRQFHUQDQWOHVWURLVILOLqUHVF HVWjGLUHODWKpRULHGHVUpVHUYRLUVHVWWUDLWpHGDQVOHVEDVHVGHODSUpSDUDWLRQSK\VLTXH j O¶HQWUDvQHPHQWGHVWURLVILOLqUHVpQHUJpWLTXHV 7\SRORJLHGHVILEUHVPXVFXODLUHV ,QWURGXFWLRQ *UkFHDX[ELRSVLHVPXVFXODLUHVRQSHXWpWXGLHUREVHUYHUHWGLIIpUHQFLHUOHVW\SHVGHILEUHVPXVFXODLUHVTXLHQWUHQWHQMHXGDQVOD FRPSRVLWLRQGXPXVFOH &HWWHGLIIpUHQFLDWLRQHVWLPSRUWDQWHFDURQDGpPRQWUpTXHOHPXVFOHHVWFDSDEOHGHV DGDSWHUGHPRGLILHUVHVFDUDFWpULVWLTXHVGH PRGLILHUVRQpTXLSHPHQWHQ]\PDWLTXHHWELRFKLPLTXHHQIRQFWLRQGXW\SHG HQWUDvQHPHQW 2QFODVVHOHVILEUHVPXVFXODLUHVGHSOXVLHXUVIDoRQV - VHORQOHXUFRQWHQXURXJHVRXEODQFKHV VHORQOHXUYLWHVVHGHFRQWUDFWLRQ - VHORQOHXUQRPEUHGHPLWRFKRQGULHVHWF - ILEUHVGHW\SH, 5HWHQRQVOHFODVVHPHQWVXLYDQW - ILEUHVGHW\SH,,,,D,,EHW,,F 3ULQFLSDOHVFDUDFWpULVWLTXHVGHVGLIIpUHQWVW\SHVGHILEUHVPXVFXODLUHV &RQIHUWDEOHDX /HVILEUHVGHW\SH, /HV ILEUHV GH W\SH , RX VORZ WZLWFK 67 VRQW URXJHV j FDXVH GH OHXU JUDQGH TXDQWLWp GH P\RJORELQH HW GH OHXU ULFKH YDVFXODULVDWLRQ(OOHVFRQWLHQQHQWEHDXFRXSGHJO\FRJqQHHWGHOLSLGHV(OOHVVRQWHQGXUDQWHVHWSHXIDWLJDEOHV /HVILEUHVGHW\SH,, /HV ILEUHV GH W\SH ,,D RX IDVW WZLWFK D )7 D VRQW EODQFKHV j FDXVH GH OHXU SHWLWH TXDQWLWp GH P\RJORELQH HW GH OHXU SDXYUH YDVFXODULVDWLRQ(OOHVFRQWLHQQHQWEHDXFRXSGHJO\FRJqQH(OOHVVRQWUpVLVWDQWHVHWIDWLJDEOHV /HV ILEUHV GH W\SH ,,E RX IDVW WZLWFK E )7 E VRQW EODQFKHV j FDXVH GH OHXU WUqV SHWLWH TXDQWLWp GH P\RJORELQH HWGHOHXUWUqV SDXYUH YDVFXODULVDWLRQ (OOHV FRQWLHQQHQW EHDXFRXS GH JO\FRJqQH HW G¶HQ]\PHV JO\FRO\WLTXHV (OOHV VRQW SXLVVDQWHV HW WUqV IDWLJDEOHV /HVILEUHVGHW\SH,,FRXIDVWWZLWFKF)7FVRQWLQWHUPpGLDLUHVHQWUHOHVILEUHV,HW,, 5pSDUWLWLRQGHVGLIIpUHQWVW\SHVGHILEUHVPXVFXODLUHVjO LQWpULHXUG XQPXVFOH 5DSSHORQVTX¶XQHXQLWpPRWULFHUDVVHPEOHXQPRWRQHXURQHHWOHVILEUHVPXVFXODLUHVTX LOLQQHUYH 6XLYDQWODIRQFWLRQGXPXVFOHXQPRWRQHXURQHSHXWLQQHUYHUTXHOTXHVXQHVjSOXVLHXUVFHQWDLQHVGHILEUHVPXVFXODLUHV /HVILEUHVG XQHPrPHXQLWpPRWULFHSRVVqGHQWOHVPrPHVFDUDFWpULVWLTXHVW\SH,RXW\SH,, 8QPrPHPXVFOHSRVVqGHGHVXQLWpVPRWULFHVFRQWHQDQWGHVILEUHVGHW\SH,HWGHVXQLWpVPRWULFHVFRQWHQDQWGHVILEUHVGHW\SH ,,/DSURSRUWLRQYDULHDYHFODIRQFWLRQGXPXVFOH - /HVPXVFOHVSRVWXUDX[VROpDLUHSRVVqGHQWXQHPDMRULWpGHILEUHVGHW\SH,,OVVRQWGRQFWRQLTXHV /HVPXVFOHVGHVPHPEUHVVXSpULHXUVSRVVqGHQWXQHPDMRULWpGHILEUHVGHW\SH,,,OVVRQWGRQFSKDVLTXHV &DUDFWpULVWLTXHVGHODFRQWUDFWLRQGXPXVFOHVWULpVTXHOHWWLTXH 3URSULpWpVJpQpUDOHVGXPXVFOH (OOHVVRQWDXQRPEUHGHTXDWUH / H[FLWDELOLWpPXVFXODLUH /D FHOOXOH YLYDQWH HVW GLWH H[FLWDEOH ORUVTX HOOH UpSRQG GH IDoRQ VSpFLILTXH j XQH VWLPXODWLRQ 3DU H[HPSOH OD FHOOXOH PXVFXODLUH UpSRQGjXQHVWLPXODWLRQpOHFWULTXHSDUXQHSURGXFWLRQG pQHUJLHTXLGpWHUPLQHXQHUpSRQVHPpFDQLTXH 7URLVORLVGHO H[FLWDELOLWpWURLVFRQGLWLRQVSRXUTXHOHVWLPXOXVVRLWHIILFDFHVRQWGpJDJpHV - QpFHVVLWpG XQHEUXVTXHULHG DFWLRQSRXUrWUHHIILFDFHODVWLPXODWLRQpOHFWULTXHGRLWrWUHEUXWDOH QpFHVVLWpG XQHLQWHQVLWpPLQLPDOHSRXUrWUHHIILFDFHODVWLPXODWLRQGRLWDYRLUXQHFHUWDLQHLQWHQVLWpOHVHXLOG H[FLWDWLRQ QpFHVVLWp G XQH GXUpH PLQLPDOH G DFWLRQ SRXU rWUH HIILFDFH OH VWLPXOXV GRLW DYRLU XQH FHUWDLQH GXUpH GH O RUGUH GH OD PLOOLVHFRQGH / pODVWLFLWpPXVFXODLUH 6RXVO DFWLRQG XQHIRUFHH[WpULHXUHOHPXVFOHSHXWVHGpIRUPHUSXLVUHSUHQGUHVDORQJXHXULQLWLDOH,OHVWGRQFpODVWLTXH 1RUPDOHPHQWLQVpUpVVXUOHVTXHOHWWHOHVPXVFOHVVHWURXYHQWOpJqUHPHQWpWLUpVTXHOOHTXHVRLWOHXUSRVLWLRQPrPHDXUHSRV /DUXSWXUHDFFLGHQWHOOHRXODVHFWLRQG XQWHQGRQVHWUDGXLWSDUXQUDFFRXUFLVVHPHQWGHSRXUFHQWGXFRUSVFKDUQXGXPXVFOH /DWRQLFLWpPXVFXODLUH /D WRQLFLWp HVW XQH SURSULpWp GX PXVFOH GDQV OHV FRQGLWLRQV SK\VLRORJLTXHV F HVWjGLUH HQ SODFH HW LQQHUYp SDU VRQ QHUI PRWHXU PRWRQHXURQH /H WRQXV PXVFXODLUH HVW XQ pWDW GH WHQVLRQ QH QpFHVVLWDQW TX XQ PLQLPXP GH IDWLJXH ,O QH GLVSDUDvW TX DX FRXUV G XQ VRPPHLO SURIRQG,OSHUPHW - ODIL[DWLRQGHVVHJPHQWVRVVHX[HQWUHHX[HWDVVXUHGRQFO DWWLWXGHFRUSRUHOOH OHVUpIOH[HVGHSRVWXUHHWG pTXLOLEUDWLRQ ODYDVRPRWULFLWpGHVDUWpULROHV /DFRQWUDFWLOLWpPXVFXODLUH &¶HVWODFDSDFLWpG XQPXVFOHjVHUDFFRXUFLUVRXVO DFWLRQG XQHVWLPXODWLRQLQIOX[QHUYHX[VDQVFKDQJHUGHYROXPHFRQIHUILJXUH /D FRQWUDFWLRQ PXVFXODLUH DERXWLW DX GpYHORSSHPHQW G XQH IRUFH 'HX[ FDV VRQW GLVWLQJXpV 'DQV OD YLH FRXUDQWH HW GDQV OD YLH VSRUWLYH OHV FRQWUDFWLRQV PXVFXODLUHV JHVWHV PRXYHPHQWV VRQW XQH FRPELQDLVRQ GHV VROOLFLWDWLRQV LVRPpWULTXHV HW GHV VROOLFLWDWLRQVLVRWRQLTXHV /DFRQWUDFWLRQLVRPpWULTXH /DFRQWUDFWLRQLVRWRQLTXHRXDQLVRPpWULTXH /DIRUFHPXVFXODLUHGpYHORSSpHHVWpJDOHjODIRUFHH[WpULHXUHOHPXVFOHDXJPHQWHVDWHQVLRQHQJDUGDQWVDORQJXHXUFRQVWDQWH &HWWHFRQWUDFWLRQLVRPpWULTXHDERXWLWjXQWUDYDLOVWDWLTXH /DIRUFHPXVFXODLUHGpYHORSSpHHVWGLIIpUHQWHGHODIRUFHH[WpULHXUHOHPXVFOHFKDQJHGHORQJXHXU ,OH[LVWHGHX[FDVGDQVFHWWHFRQWUDFWLRQLVRWRQLTXH - /RUVG XQHFRQWUDFWLRQFRQFHQWULTXHODIRUFHPXVFXODLUHHVWVXSpULHXUHjODIRUFHH[WpULHXUHOHPXVFOHVHUDFFRXUFLW /RUVG XQHFRQWUDFWLRQH[FHQWULTXHODIRUFHPXVFXODLUHHVWLQIpULHXUHjODIRUFHH[WpULHXUHOHPXVFOHV DOORQJH &HVGHX[FDVVRQWjO RULJLQHG XQWUDYDLOG\QDPLTXH /HVGLIIpUHQWHVUpSRQVHVPXVFXODLUHV /DUpSRQVHPpFDQLTXH &RQIHUILJXUH ,QWURGXFWLRQ &HWWHUpSRQVHHVWpWXGLpHJUkFHjGHVP\RJUDSKHV - 'DQVGHVFRQGLWLRQVLVRPpWULTXHVOHVP\RJUDSKHVHQUHJLVWUHQWGHVYDULDWLRQVGHWHQVLRQ - 'DQVGHVFRQGLWLRQVDQLVRPpWULTXHVOHVP\RJUDSKHVPHVXUHQWGHVGpSODFHPHQWVYLWHVVHIRUFHHWF - 8QHVWLPXODWLRQXQLTXHGRQQHXQHUpSRQVHXQLTXHpOpPHQWDLUHDSSHOpHODVHFRXVVHPXVFXODLUH /DUpSRQVHPpFDQLTXHGXPXVFOHGpSHQGGXQRPEUHHWGHODIUpTXHQFHGHVVWLPXODWLRQV - 3OXVLHXUVVWLPXODWLRQVGRQQHQWXQHUpSRQVHSOXVFRPSOqWHDSSHOpHOHWpWDQRVSK\VLRORJLTXH - ODORQJXHXUjODTXHOOHOHPXVFOHHVWVWLPXOpGLDJUDPPHWHQVLRQORQJXHXURXIRUFHORQJXHXU / LQWHQVLWpGHODUpSRQVHPpFDQLTXHGpSHQGGH ODYLWHVVHjODTXHOOHOHPXVFOHVHUDFFRXUFLWUHODWLRQIRUFHYLWHVVH /DVHFRXVVHPXVFXODLUHHWODORLGXWRXWRXULHQ 'DQVXQSUHPLHUFDVSUHQRQVXQHILEUHPXVFXODLUHLVROpHFDVTXHO RQQHUHQFRQWUHTX HQVLWXDWLRQH[SpULPHQWDOH4XDQGHOOHHVW H[FLWpHHOOHUpSRQGG HPEOpHSDUXQHFRQWUDFWLRQPD[LPDOHF HVWODORLGXWRXWRXULHQ 'DQV XQ GHX[LqPH FDV SUHQRQV XQ PXVFOH HQ HQWLHU /RUVTX XQ PXVFOH HVW VWLPXOp SDU O LQWHUPpGLDLUH GH VRQ QHUI PRWHXU PRWRQHXURQHRQREWLHQWXQHUpSRQVHHQWURLVSKDVHV - 7RXWG DERUGDOLHXXQHSKDVHGHODWHQFH (QVXLWHDOLHXXQHSKDVHGHWHQVLRQFURLVVDQWHLVRPpWULTXHRXGHGpSODFHPHQWDQLVRPpWULTXHTXLDERXWLWjODFRQWUDFWLRQ (QILQDOLHXXQHSKDVHGHWHQVLRQGpFURLVVDQWHLVRPpWULTXHRXGHUHWRXUjODSRVLWLRQLQLWLDOHDQLVRPpWULTXHTXLDERXWLWjOD GpFRQWUDFWLRQDXUHOkFKHPHQW /DVWLPXODWLRQFURLVVDQWHGXPRWRQHXURQHSHUPHWG REWHQLUXQHUpSRQVHPpFDQLTXHG LQWHQVLWpFURLVVDQWHMXVTX jO REWHQWLRQG XQH UpSRQVHPD[LPDOH&HODFRUUHVSRQGjXQUHFUXWHPHQWSURJUHVVLIGHVXQLWpVPRWULFHV &KDTXHXQLWpPRWULFHREpLWjODORLGXWRXWRXULHQPDLVSDVOHPXVFOHHQHQWLHU1RXVSRXYRQVDLQVLGRVHUODIRUFHPXVFXODLUHj GpYHORSSHU&HODFRQWULEXHjODILQHVVHGHVPRXYHPHQWV &RQIHUILJXUH /DVRPPDWLRQGHVFRQWUDFWLRQVOHWpWDQRVSK\VLRORJLTXH 'HX[VLWXDWLRQVVRQWGLVWLQJXpHV - ODVLWXDWLRQH[SpULPHQWDOH ODVLWXDWLRQSK\VLRORJLTXH &RQIHUILJXUH - - - 'DQVODVLWXDWLRQ$H[SpULPHQWDOHGHVVWLPXODWLRQVHVSDFpHVHQWUDvQHQWXQHVXFFHVVLRQGHVHFRXVVHVVLPSOHV,O\DXQSHWLW WHPSVGHODWHQFHMXVWHDYDQWODSUHPLqUHVHFRXVVH 'DQV OD VLWXDWLRQ % H[SpULPHQWDOH GHV VWLPXODWLRQV VXFFHVVLYHV SHQGDQW OD SKDVH GH GpFRQWUDFWLRQ HQWUDvQHQW XQ WpWDQRV LPSDUIDLW 'DQV OD VLWXDWLRQ & H[SpULPHQWDOH GHV VWLPXODWLRQV VXFFHVVLYHV SHQGDQW OD SKDVH GH FRQWUDFWLRQ HQWUDvQHQW XQ WpWDQRV SDUIDLW /DFRQWUDFWLRQYRORQWDLUHVLWXDWLRQSK\VLRORJLTXHFRUUHVSRQGjXQWpWDQRVSK\VLRORJLTXHTXLHVWWRXMRXUVSDUIDLW /DUHODWLRQWHQVLRQORQJXHXURXIRUFHORQJXHXU /DWHQVLRQODIRUFHGpYHORSSpHSDUXQPXVFOHGpSHQGGHODORQJXHXUGHVILEUHVDXPRPHQWGHOHXUDFWLYDWLRQ &RQIHUILJXUH - - /DORQJXHXUG pTXLOLEUHHVWODORQJXHXUG XQPXVFOHGpVLQVpUpORUVTX LOQ HVWVRXPLVjDXFXQHIRUFHH[WpULHXUH /DORQJXHXUGHUHSRVHVWODORQJXHXUG XQPXVFOHLQVpUpDXUHSRV(OOHHVWGHjSRXUFHQWGHODORQJXHXUG pTXLOLEUH (OOHFRUUHVSRQGjODORQJXHXURSWLPDOHGXPXVFOHODORQJXHXUSRXUODTXHOOHOHPXVFOHGpYHORSSHODSOXVJUDQGHIRUFH /D IRUFH WRWDOHFRXUEHGXKDXWFRUUHVSRQGjXQHDFWLYDWLRQGXPXVFOHHQFRQGLWLRQLVRPpWULTXH& HVWSRXUODORQJXHXUGH UHSRVTXHOHPXVFOHGpYHORSSHXQHIRUFHPD[LPDOH (QGHojHWDXGHOjGHODORQJXHXUGHUHSRVODIRUFHTXHSHXWGpYHORSSHUXQPXVFOHGLPLQXH - /DORQJXHXUGHVVDUFRPqUHVHVWPRLQVIDYRUDEOHOHQRPEUHGHSRQWVHQWUHO DFWLQHHWODP\RVLQHHVWUpGXLW /HVPRXYHPHQWVDYHFFKDUJHVRQWSOXVGLIILFLOHVjUpDOLVHUORUVTXHOHVDUWLFXODWLRQVVRQWWUqVRXYHUWHVRXWUqVIHUPpHV 'DQVO RUJDQLVPHOHVPXVFOHVVRQWLQVpUpVjXQHORQJXHXUpJDOHjODORQJXHXUGHUHSRVGHPDQLqUHjSRXYRLUGpYHORSSHUXQH IRUFHPD[LPDOH /HVPXVFOHVjFRQWUDFWLRQUDSLGHGHW\SH,,RQWXQHORQJXHXURSWLPDOH /HVPXVFOHVjFRQWUDFWLRQOHQWHGHW\SH,SRVVqGHQWTXDQWjHX[XQLQWHUYDOOHGHORQJXHXURSWLPDOHSOXVODUJH /DUHODWLRQIRUFHYLWHVVH /D YLWHVVH PD[LPDOH j ODTXHOOH XQ PXVFOH SHXW VH UDFFRXUFLU GpSHQG GH OD IRUFH TXL OXL HVW RSSRVpH (OOH HVW REWHQXH SRXU XQH FKDUJHQXOOH /DIRUFHPD[LPDOHGpYHORSSpHSDUXQPXVFOHGLPLQXHDYHFODYLWHVVHGXPRXYHPHQW(OOHHVWREWHQXHSRXUODYLWHVVHODSOXVOHQWH /DSXLVVDQFHGXPXVFOHHVWpJDOHDXSURGXLWGHODYLWHVVHSDUODIRUFHH[HUFpH 3 Y) (WXGLRQVOHVFRQVpTXHQFHVSUDWLTXHVFRQIHUILJXUH /DUHODWLRQIRUFHYLWHVVHHVWLQIOXHQFpHSDUOHW\SHGHPXVFOHSRXUXQHIUDFWLRQGRQQpHGHODIRUFHPD[LPDOHOHVPXVFOHVEODQFV GHW\SH,,RQWGHVYLWHVVHVGHUDFFRXUFLVVHPHQWVXSpULHXUHVjFHOOHVGHVPXVFOHVURXJHVGHW\SH, &RQIHUILJXUH /D SXLVVDQFH PD[LPDOH Q HVW REWHQXH QL j YLWHVVH PD[LPDOH QL j IRUFH PD[LPDOH PDLV SRXU GHV YDOHXUV VRXVPD[LPDOHV GH FHV GHX[ JUDQGHXUV /D SXLVVDQFH PD[LPDOH HVW REWHQXH SRXU GHV YDOHXUV VRXVPD[LPDOHV GH YLWHVVH HW GH IRUFH G HQYLURQ SRXU FHQW /HV PXVFOHV EODQFV GH W\SH ,, GpYHORSSHQW OHXU SXLVVDQFH PD[LPDOH SRXU GHV YLWHVVHV VXSpULHXUHV j FHOOHV GHV PXVFOHV URXJHVGHW\SH, /DUpSRQVHELRpQHUJpWLTXH &HWWHUpSRQVHHVWpWXGLpHGDQVOHVILOLqUHVpQHUJpWLTXHVGHUHV\QWKqVHGHO $73 /DIDWLJXHHWOHVDFFLGHQWVPXVFXODLUHV /DIDWLJXHPXVFXODLUH ,QWURGXFWLRQ /D IDWLJXH PXVFXODLUH HVW XQH IDWLJXH REMHFWLYH & HVW XQH EDLVVH G DFWLYLWp GX PXVFOH OLpH j XQH DFWLYLWp DQWpULHXUH GH FHOXLFL DORUVTXHO LQFLWDWLRQGHVFHQWUHVQHUYHX[HVWFRQVWDQWH&HWWHEDLVVHG DFWLYLWpHVWUpYHUVLEOHSDUOHUHSRV 6RQWGLVWLQJXpV - ODIDWLJXHVLPSOHTXLGLVSDUDvWDXERXWGHKHXUHV O pSXLVHPHQWTXLGLVSDUDvWDSUqVSUHVTXHXQHVHPDLQHDYHFXQDSSRUWWKpUDSHXWLTXH /HVFDXVHVGHODIDWLJXHVRQWYDULpHVHWOLpHVDXW\SHG H[HUFLFHUpDOLVp/HVH[HUFLFHVGHIRUFHGHUpVLVWDQFHHWG HQGXUDQFHVRQW GLVWLQJXpV /DIDWLJXHPXVFXODLUHDSRXUFRQVpTXHQFHODGpIDLOODQFHGHODFRQWUDFWLRQYRORQWDLUH(OOHSHXWVHVLWXHUjSOXVLHXUVQLYHDX[ - /HV\VWqPHQHUYHX[FHQWUDOQ pPHWSOXVG LQIOX[QHUYHX[YRORQWp /HPRWRQHXURQHQHWUDQVPHWSOXVG RUGUHPRWHXU /DIRQFWLRQQHXURPXVFXODLUHQHMRXHSOXVVRQU{OH/HWDX[G DFpW\OFKROLQHGLPLQXH /DIDWLJXHGXPpFDQLVPHFRQWUDFWLOH $FFXPXODWLRQG DFLGHODFWLTXH /RUVTXH O H[HUFLFH PXVFXODLUH IDLW DSSHO HVVHQWLHOOHPHQW DX[ PpFDQLVPHV DQDpURELH ODFWLTXH FRPPH IRXUQLWXUH G pQHUJLH LO VH SURGXLW XQH DFFXPXODWLRQ G DFLGH ODFWLTXH DX QLYHDX GHV ILEUHV PXVFXODLUHV VROOLFLWpHV /H S+ GLPLQXH LO V DJLW G XQH DFLGRVH PpWDEROLTXH &HWWHDFLGRVHHVWUHVSRQVDEOH - GHODEDLVVHGHVUpDFWLRQVHQ]\PDWLTXHVHWQRWDPPHQWGHO K\GURO\VHGHO $73 - GHODGLPLQXWLRQGHODFRQFHQWUDWLRQHQFDOFLXPGDQVOHVDUFRSODVPH - OHVSRUWLIHQWUDvQpSRVVqGHXQHSOXVJUDQGHWROpUDQFHjO DFLGRVHTXHOHVXMHWVpGHQWDLUH 5HWHQRQVTXH - ODUpFXSpUDWLRQDSUqVFHW\SHG H[HUFLFHHVWSOXVUDSLGHHWSOXVHIILFDFHVLHOOHHVWDFWLYH (SXLVHPHQWGHVSURFHVVXVGHIRXUQLWXUHG pQHUJLH (SXLVHPHQWGXV\VWqPHGHVSKRVSKDJqQHV$73&3 / $73FRQVWLWXHODVpDQFHG pQHUJLHLPPpGLDWHSRXUODFRQWUDFWLRQPXVFXODLUHWDQGLVTXHOD&3HVWXWLOLVpHSRXUVDUHV\QWKqVH / pSXLVHPHQWGHFHVUpVHUYHVHQSKRVSKDJqQHVHQWUDvQHODIDWLJXH (SXLVHPHQWGHVUpVHUYHVHQJO\FRJqQH 3RXU GHV H[HUFLFHV SK\VLTXHV GH ORQJXH GXUpH OHV UpVHUYHV HQ JO\FRJqQH GLPLQXHQW $ORUV PrPH VL FHV H[HUFLFHV VRQW SHX LQWHQVHVODGpJUDGDWLRQGXJO\FRJqQHUHVWHOHSRLQWGHGpSDUWGXPpWDEROLVPHpQHUJpWLTXHOHVDFLGHVJUDVQHVXIILVHQWSOXV /HPDQTXHGHJO\FRJqQHHVWUHVSRQVDEOHGHODIDWLJXHPXVFXODLUHSRXUGHVH[HUFLFHVDpURELHV 0RGLILFDWLRQGHO pWDWSK\VLFRFKLPLTXH $XFRXUVG H[HUFLFHVpSXLVDQWVLOVHSURGXLWGHVPRGLILFDWLRQVGHO pTXLOLEUHLRQLTXHGHVFHOOXOHVPXVFXODLUHV - ,O\DDFFXPXODWLRQG LRQV. GDQVOHVWXEXOHV7 ,O\DGLPLQXWLRQGHVLRQV&DGDQVOHPLOLHXLQWUDFHOOXODLUHVDUFRSODVPH &HFLHVWGjXQHPRGLILFDWLRQGHODSHUPpDELOLWpGHODPHPEUDQHVDUFRSODVPLTXHjFDXVHGHO DFLGRVH &HWWH PRGLILFDWLRQ GH O pTXLOLEUH LRQLTXH DERXWLW j OD PRGLILFDWLRQ GHV SURSULpWpV pOHFWULTXHV GHV WXEXOHV 7 HW GRQF O RQGH GH GpSRODULVDWLRQQ DWWHLQWSOXVODWRWDOLWpGHVVDUFRPqUHV $LQVL OD SULQFLSDOH FDXVH GH OD IDWLJXHGHVPpFDQLVPHVFRQWUDFWLOHVHVWHVVHQWLHOOHPHQWODEDLVVHGXS+SDUDFFXPXODWLRQG DFLGH ODFWLTXHHWGH&2 /HVDFFLGHQWVPXVFXODLUHV 'HX[FDWpJRULHVGHWUDXPDWLVPHVPXVFXODLUHVVRQWGLVWLQJXpHV - VDQVOpVLRQVDQDWRPLTXHVFKDOHXUPDVVDJHV DYHFOpVLRQVDQDWRPLTXHVIURLGLPPRELOLVDWLRQ /HVDFFLGHQWVVDQVOpVLRQVDQDWRPLTXHV /DFRXUEDWXUH & HVW XQH GRXOHXU PXVFXODLUH GLIIXVH VXUYHQDQW j KHXUHV DSUqV O HIIRUW /HUHSRVODFKDOHXUSXLVOHVPDVVDJHVOpJHUVHWOD UpK\GUDWDWLRQSHUPHWWHQWDXPXVFOHG pOLPLQHUOHVWR[LQHV /DFUDPSH & HVW XQH FRQWUDFWLRQ EUXWDOH LQYRORQWDLUH LQWHQVH HW GRXORXUHXVH LQWHUYHQDQW SHQGDQW O DFWLYLWp pWLUHPHQW FKDOHXU SXLV PDVVDJHV /DFRQWUDFWXUH & HVWXQpWDWTXLVHVLWXHHQWUHODFRXUEDWXUHHWODFUDPSH(OOHSHXWPDVTXHUXQHOpVLRQSOXVJUDYHFRPPHXQHSHWLWHpORQJDWLRQ RXXQHSHWLWHGpFKLUXUHUHSRVSXLVFKDOHXUHWPDVVDJHVLQIUDGRXORXUHX[ /HVDFFLGHQWVDYHFOpVLRQVDQDWRPLTXHV ,OV DJLWGHOpVLRQVDLJXsVEHDXFRXSSOXVLPSRUWDQWHVTXHOHVSUpFpGHQWHV(QJpQpUDOLO\DVDLJQHPHQWjO LQWpULHXUGXPXVFOH / pORQJDWLRQ & HVWXQGpSDVVHPHQWGHVOLPLWHVG pODVWLFLWpGXPXVFOHSDUDOORQJHPHQWEUXWDOGHFHOXLFLFHVVDWLRQLPPpGLDWHGHO DFWLYLWpSXLV DSUqVXQWHPSVGHUHSRVOpJHUVPDVVDJHVHWUHSULVHWUqVSURJUHVVLYHGHO DFWLYLWp /DGpFKLUXUHOHFODTXDJH & HVWODUXSWXUHG XQQRPEUHSOXVRXPRLQVLPSRUWDQWGHVILEUHVPXVFXODLUHV/HPXVFOHVDLJQHHWXQHHFFK\PRVHDSSDUDvWIURLG SXLVFRQWHQWLRQVRXSOHHQSRVLWLRQGHUHSRV /DUXSWXUHPXVFXODLUH /HPXVFOHFqGHGDQVVRQHQWLHUHWVHUpWUDFWHIURLGHWLPPRELOLVDWLRQOHWUDLWHPHQWHVWFKLUXUJLFDO /DGpVLQVHUWLRQ /HPXVFOHFqGHjVRQLQVHUWLRQ /DFRQWXVLRQODEpTXLOOH & HVW XQ pFUDVHPHQW GHV ILEUHV SURYRTXp SDU XQ FKRF GLUHFW VXU OH PXVFOH IURLG HW LPPRELOLVDWLRQ HQ SRVLWLRQ GH UHSRV SDU XQH FRQWHQWLRQVRXSOH &RQFOXVLRQ 'DQVOHVJHVWHVGHODYLHFRXUDQWHTXHOOHTXHVRLWO DFWLYLWpSOXVLHXUVPXVFOHVHQWUHQWHQMHX&HVJHVWHVIRQWDSSHOjWURLVIRUPHV GHWUDYDLOSRXUTXHO DFWLYLWpVRLWODSOXVpFRQRPLTXHDGDSWpHHWSUpFLVH - OHWUDYDLOVWDWLTXHLVRPpWULTXH OHWUDYDLOG\QDPLTXHFRQFHQWULTXHDQLVRPpWULTXH - OHWUDYDLOG\QDPLTXHH[FHQWULTXHDQLVRPpWULTXH - /HVPXVFOHVDJRQLVWHVVRQWDFWLIVVXUOHPRXYHPHQWFRQVLGpUp 3RXUFHWWHDFWLYLWpFRPSOH[HOHVPXVFOHVVRQWUHJURXSpVHQTXDWUHFDWpJRULHVIRQFWLRQQHOOHV - /HVPXVFOHVDQWDJRQLVWHVVRQWIUHLQDWHXUVVXUOHPRXYHPHQWFRQVLGpUp /HVPXVFOHVGLUHFWHXUVRULHQWHQWOHPRXYHPHQW /HVPXVFOHVIL[DWHXUVVRQWQpFHVVDLUHVSRXUIL[HUFHUWDLQHVSDUWLHVGXFRUSV / DFWLYLWpGHO HQVHPEOHGHFHVPXVFOHVHVWUpJXOpHSDUOHVFHQWUHVQHUYHX[VXSpULHXUV %LEOLRJUDSKLH 3UpFLVGHSK\VLRORJLHGHO H[HUFLFHPXVFXODLUH $VWUDQGHW5RGKDO0DVVRQ 3K\VLRORJLHGHO DFWLYLWpPXVFXODLUH .DUSRZLWFKHW6LQQLQJ9LJRW %LRpQHUJpWLTXHGHO H[HUFLFHPXVFXODLUHHWGHO HQWUDvQHPHQWSK\VLTXH 5LHX38)OHELRORJLVWH ,QWURGXFWLRQ /HV\VWqPHUHVSLUDWRLUH /H GLR[\JqQH HVW LQGLVSHQVDEOH DX IRQFWLRQQHPHQW GHV FHOOXOHV 7RXWHV OHV FHOOXOHV FRQVRPPHQW GX GLR[\JqQH HW UHMHWWHQW GX GLR[\GHGHFDUERQH/DSULQFLSDOHIRQFWLRQGXV\VWqPHUHVSLUDWRLUHHVWG DPHQHUOHGLR[\JqQHMXVTX DX[FHOOXOHVHWGHGpEDUUDVVHU O RUJDQLVPHGXGLR[\GHGHFDUERQHSURGXLW'LIIpUHQWHVpWDSHVSHUPHWWHQWG DPHQHUOHGLR[\JqQHMXVTX DX[FHOOXOHV - ODYHQWLODWLRQSXOPRQDLUHTXLSHUPHWG DPHQHUOH2 MXVTX DX[SRXPRQV OHVpFKDQJHVJD]HX[ OHWUDQVSRUWGHVJD] O XWLOLVDWLRQSDUOHVPXVFOHV $QDWRPLHGXV\VWqPHUHVSLUDWRLUH / DLUV pFRXOHGDQVGHVFRQGXLWVDpULHQV'HVUpVLVWDQFHVSHXYHQWHPSrFKHUO pFRXOHPHQWGHO DLUGDQVFHVFRQGXLWV(QJpQpUDOOHV DYDQWDJHVGHODFLUFXODWLRQGHO DLUVRQWVXSpULHXUVDX[LQFRQYpQLHQWVVDXIHQFDVGHSDWKRORJLHFRPPHO DVWKPH /HV\VWqPHUHVSLUDWRLUHHVWFRQVWLWXpGHODFDJHWKRUDFLTXHFRQIHUDQDWRPLHHWGHVSRXPRQV /HV SRXPRQV VRQW GLYLVpV HQ OREHV SXOPRQDLUHV ,O \ D WURLV OREHV SXOPRQDLUHV j GURLWH HW GHX[ OREHV SXOPRQDLUHV j JDXFKH &KDTXHOREHHVWGLYLVpHQVHJPHQWV/DSOXVSHWLWHGLYLVLRQYLVLEOHjO¶°LOQXV DSSHOOHXQOREXOH8QHVWUXFWXUHSOXVSHWLWHTXHOH OREXOHV DSSHOOHO DFLQXVXQLWpIRQFWLRQQHOOHGXSRXPRQ/HSRXPRQHVWYDVFXODULVp /HVYRLHVDpULHQQHV (OOHVVRQWGHGHX[W\SHVVRLWH[WUDWKRUDFLTXHVVRLWLQWUDWKRUDFLTXHV& HVWGDQVFHVYRLHVDpULHQQHVTXHO DLUFLUFXOH /HVYRLHVDpULHQQHVVXSpULHXUHVRXH[WUDWKRUDFLTXHV (OOHVFRPSUHQQHQWOHQH]OHSKDU\Q[OHODU\Q[HWODSDUWLHVXSpULHXUHGHODWUDFKpH /DPXTXHXVHQDVDOHSUpVHQWHGLIIpUHQWVUHSOLV&HVUHSOLVRQWGHX[U{OHV - ,OVSHUPHWWHQWOHVpFKDQJHVWKHUPRK\GULTXHV/DPXTXHXVHQDVDOHUpFKDXIIHHWKXPLGLILHO DLULQVSLUp - ,OVRIIUHQWEHDXFRXSGHUpVLVWDQFHVQDVDOHVTXLJrQHQWO pFRXOHPHQWGHO DLU - OHQDVRSKDU\Q[ /H SKDU\Q[ VLWXp DX QLYHDX GX FDUUHIRXU DpURGLJHVWLI DX FURLVHPHQW GH O¶°VRSKDJH HW GH OD WUDFKpH SUpVHQWH XQ VTXHOHWWH PXVFXODLUH/HSKDU\Q[HVWGLYLVpHQSOXVLHXUVSDUWLHVTXLVRQWGXKDXWYHUVOHEDV - O RURSKDU\Q[ OHODU\QJRSKDU\Q[ /H ODU\Q[ HVW pJDOHPHQW XQ RUJDQH GH SKRQDWLRQ ,O HVW FRQVWLWXp GH FDUWLODJH HW RIIUH GHV UpVLVWDQFHV LPSRUWDQWHV HQ PRLQV JUDQGHTXDQWLWpTXHODPXTXHXVHQDVDOH /HVYRLHVDpULHQQHVLQIpULHXUHVRXLQWUDWKRUDFLTXHV (OOHVVHGLIIpUHQFLHQWHQSOXVLHXUV]RQHV /D]RQHGHFRQYHFWLRQV pWHQGGHODWUDFKpHMXVTX jODqPHGLYLVLRQ<VRQWSUpVHQWHVGHJURVVHVEURQFKHVSUpVHQWHVGXGpEXW MXVTX j OD qPH GLYLVLRQ < VRQWSUpVHQWHVGHSHWLWHVEURQFKHVSUpVHQWHVGHODqPHMXVTX jODqPHGLYLVLRQ<VRQWSUpVHQWHV GHV EURQFKLROHV SUpVHQWHV GH OD qPH MXVTX j OD qPHGLYLVLRQ/HVJUDQGHVEURQFKHVOHVSHWLWHVEURQFKHVHWOHVEURQFKLROHV RQWXQU{OHXQLTXHGHFRQGXFWLRQGHO DLU /D ]RQH GH WUDQVLWLRQ V pWHQG GH OD qPH j OD qPH GLYLVLRQ GH OD EURQFKLROH UHVSLUDWRLUH MXVTX j OD EURQFKLROH UHVSLUDWRLUH WHUPLQDOH&HWWH]RQHHVWSDUWLHOOHPHQWDOYpROLVpH\VRQWSUpVHQWHVGHVDOYpROHV/HVDOYpROHVVRQWGHSHWLWVVDFVHQFRQWDFWDYHF GHVFDSLOODLUHVVDQJXLQVSHUPHWWDQWOHSDVVDJHGXGLR[\JqQHGHO DLUMXVTX DXVDQJ/D]RQHGHWUDQVLWLRQDXQU{OHGHFRQGXFWLRQ HW XQU{OHG pFKDQJHV& HVWDLQVLXQH]RQHPL[WHG ROHQRPGHWUDQVLWLRQ /D ]RQH UHVSLUDWRLUH V pWHQG GH OD qPH j OD qPH GLYLVLRQ < VRQW SUpVHQWHV GHV FDQDX[ DOYpRODLUHV XQH PXOWLWXGH G DOYpROHV PLOOLDUGVFKH]XQDGXOWH&HWWH]RQHHVWH[FOXVLYHPHQWUpVHUYpHDX[pFKDQJHVJD]HX[& HVWHVVHQWLHOOHPHQWGDQVFHWWH]RQH TXHOHGLR[\JqQHSDVVHGHO DLUMXVTX DXVDQJ 6WUXFWXUHGHVYRLHVDpULHQQHV ,OH[LVWHXQHDUPDWXUHFDUWLODJLQHXVHGDQVODWUDFKpHHWOHVJURVVHVEURQFKHV/DSUpVHQFHGHFDUWLODJHSHUPHWjFHVVWUXFWXUHVGH UpVLVWHUDXSKpQRPqQHGHFRPSUHVVLRQ/HVSHWLWHVEURQFKHVFRQWLHQQHQWDXVVLGXFDUWLODJH3HWLWjSHWLWODTXDQWLWpGHFDUWLODJH GLPLQXH HW RQ Q HQ WURXYH SOXV GDQV OHV EURQFKLROHV 3DU FRQWUH OD TXDQWLWp GH ILEUHV PXVFXODLUHV DXJPHQWH GH OD WUDFKpH MXVTX DX[EURQFKLROHV /D PXTXHXVH GHV YRLHV UHVSLUDWRLUHV FRQWLHQW GHV FHOOXOHV FLOLpHV TXL IDEULTXHQW GX PXFXV EURQFKLTXH &H PXFXV D XQ U{OH GH SURWHFWLRQLOGpJDJHOHVSDUWLFXOHVpWUDQJqUHVGHO RUJDQLVPH &RQWU{OHQHXURKXPRUDO ,O\DXQFRQWU{OHQHUYHX[GHVYRLHVDpULHQQHV - - 'DQVOHVYRLHVDpULHQQHVVXSpULHXUHVXQHLQQHUYDWLRQHVWIDLWHSDUGHVQHUIVFUkQLHQVSDUODqPHHWODqPHSDLUHGHVQHUIV FUkQLHQV 'DQV OHV YRLHV DpULHQQHV LQIpULHXUHV XQH LQQHUYDWLRQ HVW IDLWH SDU OH V\VWqPH QHUYHX[ V\PSDWKLTXH HW OH V\VWqPH QHUYHX[ SDUDV\PSDWKLTXH /RUVTXH OH V\VWqPH QHUYHX[ SDUDV\PSDWKLTXH HVW GRPLQDQW LO \ D XQH EURQFKRFRQVWULFWLRQ OHV EURQFKHV UDSHWLVVHQW/RUVTXHOHV\VWqPHQHUYHX[V\PSDWKLTXHHVWGRPLQDQWLO\DXQHEURQFKRGLODWLRQOHVEURQFKHVV DJUDQGLVVHQW 3DUHQFK\PHSXOPRQDLUHHWYDVFXODULVDWLRQ 3DUHQFK\PHSXOPRQDLUH ,OHVWIRUPpGHWURLVFRPSRVDQWHV - DOYpRODLUHDLU LQWHUVWLWLHOOHHQWUHOHVGHX[ FDSLOODLUHVDQJ /HSDUHQFK\PHSXOPRQDLUHHVWOHVLWHGHVpFKDQJHVJD]HX[ 2 _ 9 _ _ ? __DOYpROH ? FDSLOODLUHVDQJXLQ VDQJVDQJ ULFKHSDXYUH HQ 2 HQ2 $XQLYHDXGHO DOYpROHLO\DXQHILOPOLTXLGLHQHQGRDOYpRODLUHFRQVWLWXpGHWURLVFRXFKHV - /HJO\FRFDOL[HVWHQFRQWDFWDYHFGHVFHOOXOHVDOYpRODLUHV 8QHFRXFKHDXPLOLHXFRQWLHQWGHVVXEVWDQFHVDQWLLQIODPPDWRLUHV /HVXUIDFWDQWSXOPRQDLUHHVWXQHVXEVWDQFHWHQVLRDFWLYH,ODXQU{OHLPSRUWDQWJUkFHjOXLOHVDOYpROHVSHXYHQWJDUGHUXQH FHUWDLQHIRUPHPrPHpWDQWYLGHV 'DQVO pSLWKpOLXPDOYpRODLUHWLVVXHQWRXUDQWO DOYpROHVRQWSUpVHQWHVGHVFHOOXOHVDOYpRODLUHVGHGHX[W\SHV - /HVSQHXPRF\WHV,VRQWGHSHWLWHVFHOOXOHV /HVSQHXPRF\WHV,,VRQWGHJURVVHVFHOOXOHVIDEULTXDQWOHVXUIDFWDQWSXOPRQDLUH 'HVPDFURSKDJHVVRQWSUpVHQWVGDQVO DOYpROHFROOpVjODPHPEUDQHDOYpRODLUH&HVRQWGHVFHOOXOHVGXV\VWqPHLPPXQLWDLUHTXL OXWWHQWFRQWUHOHVDJUHVVLRQVHWUpVRUEHQWO H[FqVGHVXUIDFWDQW / LQWHUVWLWLXP HVW XQH ]RQH IRUPpH SDU OD IXVLRQ GHV SDURLV DOYpRODLUHV HW GHV SDURLV FDSLOODLUHV < VRQW SUpVHQWHV GHV ILEUHV GH FROODJqQHGRQQDQWDX[SRXPRQVOHXUSURSULpWppODVWLTXH/ LQWHUVWLWLXPDXQU{OHGDQVOHVpFKDQJHVJD]HX[HWXQU{OHGHQXWULWLRQ __ ? __DOYpROH ? FDSLOODLUHVDQJXLQ LQWHUVWLWLXP / HQGRWKpOLXPFDSLOODLUHHVWIRUPpGHJUDQGHVFHOOXOHVIRUPDQWODSDURLGHVFDSLOODLUHV /DIRQFWLRQGXSDUHQFK\PHHVWO pFKDQJHJD]HX[,OV DJLWG XQHVXUIDFHDOYpRORFDSLOODLUH _ _ pSLWKpOLXPDOYpRODLUH ? __DOYpROH ? HQGRWKpOLXPFDSLOODLUH FDSLOODLUHVDQJXLQ / HQVHPEOH GHV WURLV FRXFKHV pSLWKpOLXP LQWHUVWLWLXP HW HQGRWKpOLXP V DSSHOOH OD PHPEUDQH DOYpRORFDSLOODLUH /H GLR[\JqQH GRLW WUDYHUVHUFHVWURLVFRXFKHVSRXUSDUYHQLUGDQVOHVDQJ 9DVFXODULVDWLRQ 3RXUDOOHUDX[SRXPRQVOHVDQJXWLOLVHGHX[W\SHVGHYDVFXODULVDWLRQ - SXOPRQDLUH EURQFKLTXH &HVGHX[W\SHVGLIIqUHQWHQWDLOOHIRQFWLRQQHPHQWHWRULJLQH (WXGLRQVODYDVFXODULVDWLRQSXOPRQDLUH/HVDQJYHLQHX[SDXYUHHQGLR[\JqQHDUULYHDX[SRXPRQVHQYHQDQWGXF°XUJUkFHjGHV DUWqUHVSXOPRQDLUHVDXQRPEUHGHGHX[& HVWOHVHXOHQGURLWGXFRUSVROHVDUWqUHVWUDQVSRUWHQWGXVDQJSDXYUHHQGLR[\JqQH /HV DUWqUHV SXOPRQDLUHV VXLYHQW OHV EURQFKHV SULQFLSDOHV 'DQV OH SRXPRQ OHV DUWqUHV VH UDPLILHQW SRXU DERXWLU j XQ UpVHDX GH FDSLOODLUHV HQWRXUDQW OHV DOYpROHV /H VDQJ GLR[\JpQp HVW UDPHQp GHV SRXPRQV DX F°XU JUkFH j GHV YHLQHV SXOPRQDLUHV DX QRPEUHGHTXDWUH (WXGLRQV OD YDVFXODULVDWLRQ EURQFKLTXH /HV DUWqUHV EURQFKLTXHV TXL QDLVVHQW DX QLYHDX O DRUWH VH GLVSHUVHQW HQ XQ UpVHDX DX PLOLHXGHVEURQFKHV&HUpVHDXDUULYHMXVTX jODSOqYUHGXSRXPRQ/HVYHLQHVEURQFKLTXHVVHMHWWHQWGDQVOHF°XUGURLWHWGDQV OHV YHLQHV SXOPRQDLUHV (Q VH MHWDQW GDQV OHV YHLQHV SXOPRQDLUHV OHV YHLQHV EURQFKLTXHV FRXUWFLUFXLWHQW OH V\VWqPH LO \ D FRQWDPLQDWLRQGXVDQJULFKHHQGLR[\JqQHSDUGXVDQJSDXYUHHQGLR[\JqQH &RQWU{OHQHXURKXPRUDO /HVDUWqUHVSXOPRQDLUHVHWEURQFKLTXHVVRQWVRXVO LQIOXHQFHGHVV\VWqPHVV\PSDWKLTXHHWSDUDV\PSDWKLTXH /HVYHLQHVSXOPRQDLUHVHWEURQFKLTXHVVRQWXQLTXHPHQWVRXVO LQIOXHQFHGXV\VWqPHSDUDV\PSDWKLTXH /RUVTXHOHV\VWqPHV\PSDWKLTXHHVWVWLPXOpLO\DFRQVWULFWLRQGHVDUWqUHV /RUVTXHOHV\VWqPHSDUDV\PSDWKLTXHHVWVWLPXOpLO\DGLODWDWLRQGHVYHLQHVRXDUWqUHV /DSOqYUH 'pILQLWLRQ /D SOqYUH HVW XQH VpUHXVHXQHPHPEUDQHKXPLGHVLWXpHGDQVOHVFDYLWpVIHUPpHVGXFRUSV(OOHHVWODVpUHXVHGXSRXPRQ(OOH HVWFRQVWLWXpHGHGHX[IHXLOOHWV - /HIHXLOOHWYLVFpUDODXQHSRVLWLRQLQWHUQH,OHVWDFFROpDXSRXPRQ,OHVWVRXPLVDX[IRUFHVGHUpWUDFWLRQpODVWLTXHGXSRXPRQ - /H IHXLOOHW SDULpWDO D XQH SRVLWLRQ H[WHUQH ,O HVW DFFROp j OD FDJH WKRUDFLTXH DX GLDSKUDJPH ,O HVW VRXPLV DX[ IRUFHV GH UpWUDFWLRQpODVWLTXHGXWKRUD[ /HV IHXLOOHWV QH VH WRXFKHQW SDV / HVSDFH HQWUH OHV GHX[ IHXLOOHWV HVW DSSHOp OH VDF SOHXUDO $ O LQWpULHXU GH FH VDF VH WURXYH OH OLTXLGHSOHXUDOTXLSHUPHWDX[GHX[IHXLOOHWVGHJOLVVHUO XQVXUO DXWUH'DQVOHVDFSOHXUDORQSHXWPHVXUHUODSUHVVLRQSOHXUDOH TXLHVWLQIpULHXUHjODSUHVVLRQDWPRVSKpULTXHGRQFQpJDWLYH /D SOHXUpVLH HVW XQH LQIODPPDWLRQ GH OD SOqYUH HQWUDvQDQW XQH GLPLQXWLRQ GX YROXPH GX OLTXLGH SOHXUDO 6H SURORQJHDQW GDQV OH WHPSVFHWWHPDODGLHHQWUDvQHODGLVSDULWLRQGXOLTXLGHSOHXUDOXQDVVqFKHPHQWWUqVJUDYHSRXUOHVPDODGHV /HSQHXPRWKRUD[VHFDUDFWpULVHSDUODSUpVHQFHG DLUGDQVOHVDFSOHXUDO&HWWHDQRPDOLHSHXWLQWHUYHQLUDSUqVGHJUDYHVDFFLGHQWV GHODURXWH )DFWHXUVGHGLIIpUHQFHVGHODSUHVVLRQSOHXUDOH ,OH[LVWHGLIIpUHQWHVYDOHXUVGHSUHVVLRQSOHXUDOHVHORQO HQGURLWGXSRXPRQHWOHYROXPHSXOPRQDLUH(QLQVSLUDWLRQLO\DXQKDXW YROXPHSXOPRQDLUH(QH[SLUDWLRQLO\DXQEDVYROXPHSXOPRQDLUH /DSUHVVLRQSOHXUDOHHVWQpJDWLYHFDULQIpULHXUHjODSUHVVLRQDWPRVSKpULTXHHWHQFRUHSOXVQpJDWLYHjJUDQGYROXPH/DSUHVVLRQ SOHXUDOH HVW SOXV QpJDWLYH HQ KDXW TX HQ EDV GX SRXPRQ LO H[LVWH GRQF XQ JUDGLHQW GH SUHVVLRQ SOHXUDOH $ SHWLW YROXPH OD SUHVVLRQ SOHXUDOH D WHQGDQFH j VH UDSSURFKHU GH ]pUR YDOHXU GHODSUHVVLRQDWPRVSKpULTXH3DUIRLVjSHWLWYROXPHODSUHVVLRQ SOHXUDOHSHXWGHYHQLUSRVLWLYHGDQVODUpJLRQEDVVHGXSRXPRQ /HJUDGLHQWGHSUHVVLRQSOHXUDOHHVWGjODJUDYLWp - /HSRLGVGXSRXPRQHQWUDvQHXQHGpSUHVVLRQLPSRUWDQWHHQKDXWGXSRXPRQGRQQDQWDLQVLGHVYDOHXUVSOXVQpJDWLYHV /HSRLGVGHO DEGRPHQDFFHQWXHFHJUDGLHQWSDUODWUDFWLRQTX LOH[HUFHVXUODSOqYUH /HJUDGLHQWGHSUHVVLRQSOHXUDOHLQIOXHQFHOHVVWUXFWXUHVVRXVMDFHQWHVjODSOqYUHOHVDOYpROHV - - 'DQV OHV SDUWLHV KDXWHV GX SRXPRQ j KDXW YROXPH SXOPRQDLUH HQ LQVSLUDWLRQ OD SUHVVLRQ SOHXUDOH HVW WUqV QpJDWLYH OHV DOYpROHVVRQWGLVWHQGXHVLPSRUWDQWHV 'DQV OHV SDUWLHV EDVVHV GX SRXPRQ j EDV YROXPH SXOPRQDLUH HQ H[SLUDWLRQ OD SUHVVLRQ SOHXUDOH HVW SDUIRLV SRVLWLYH OHV DOYpROHVVRQWSUHVTXHFROODEpHVUpGXLWHV /DPpFDQLTXHYHQWLODWRLUH /H V\VWqPH UHVSLUDWRLUH DPqQH OH PpODQJH JD]HX[ GHSXLV O DLU DPELDQW MXVTX j OD ]RQH GHV pFKDQJHV UHVSLUDWRLUHV /H V\VWqPH UHVSLUDWRLUHUHIRXOHO DLUYLFLpFKDUJpHQ&2 YHUVO H[WpULHXU,OH[LVWHGHVIRUFHVPRWULFHVHWGHVIRUFHVGHUpVLVWDQFHV /DPpFDQLTXHYHQWLODWRLUHHVWO HQVHPEOHGHVPpFDQLVPHVSHUPHWWDQWRXV RSSRVDQWDXUHQRXYHOOHPHQWGHO DLU 'RQQpHVPpWURORJLTXHV (OOHVSHUPHWWHQWGHPHVXUHUOHVPpFDQLVPHVUHVSLUDWRLUHVHWVRQWFRQVWLWXpHVGHWURLVSDUDPqWUHV - OHVSUHVVLRQV OHVYROXPHV OHVGpELWV /HVSUHVVLRQV ,OHQH[LVWHGLIIpUHQWVW\SHV - ODSUHVVLRQSOHXUDOH ODSUHVVLRQDOYpRODLUH ODSUHVVLRQEXFFDOHjO HQWUpHGHODERXFKH ODSUHVVLRQDWPRVSKpULTXHRXEDURPpWULTXH ODSUHVVLRQLQWUDEURQFKLTXHjO LQWpULHXUGHVEURQFKHV 'pELWVHWYROXPHV 8QGpELWLQVWDQWDQpHVWSURSRUWLRQQHOjODGLIIpUHQFHGHSUHVVLRQGHSDUWHWG DXWUHG XQFRQGXLWjFRQGLWLRQTX LO\DLWIOX[ODPLQDLUH IOX[VHGLULJHDQWWRXWGURLW/HVGpELWVLQVWDQWDQpVVHPHVXUHQWJUkFHjXQDSSDUHLODSSHOpOHSQHXPRWDFKRJUDSKH 3RXU XQ GpELW PR\HQ RQ UDPqQH OH YROXPH j XQH XQLWp GH WHPSV 2Q PHVXUH OHV GpELWV PR\HQV JUkFH j XQ DSSDUHLO DSSHOp OH VSLURJUDSKH /HF\FOHUHVSLUDWRLUH & HVWOHSKpQRPqQHpOpPHQWDLUHGHODYHQWLODWLRQ8QF\FOHYHQWLODWRLUHFRPSUHQGXQHLQVSLUDWLRQHWXQHH[SLUDWLRQ/ LQVSLUDWLRQHW O H[SLUDWLRQVXLYHQWGHX[QRWLRQVIRQGDPHQWDOHV - - $ WHPSpUDWXUH FRQVWDQWH XQH DXJPHQWDWLRQ GH YROXPH HQWUDvQH XQH GLPLQXWLRQ GH SUHVVLRQ HW XQH GLPLQXWLRQ GH YROXPH HQWUDvQHXQHDXJPHQWDWLRQGHSUHVVLRQORLGH%R\OH0DULRWWH /HVJD]V pFRXOHQWWRXMRXUVGHV]RQHVGHKDXWHSUHVVLRQYHUVOHV]RQHVGHEDVVHSUHVVLRQ ,QVSLUDWLRQ /HVPXVFOHVLQVSLUDWRLUHVVHFRQWUDFWHQWHQLQVSLUDWLRQ/DFDJHWKRUDFLTXHV pOqYHHWOHGLDSKUDJPHGHVFHQG/HYROXPHWKRUDFLTXH DXJPHQWH /H YROXPH DOYpRODLUH DXJPHQWH HW OD SUHVVLRQ DOYpRODLUH GLPLQXH /D SUHVVLRQ DOYpRODLUH HVW LQIpULHXUH j OD SUHVVLRQ EDURPpWULTXH/ DLUUHQWUHGDQVOHVDOYpROHVMXVTX jFHTXHFHVGHX[SUHVVLRQVVRLHQWpJDOHV ([SLUDWLRQ /HVPXVFOHVLQVSLUDWRLUHVVHUHOkFKHQWHQH[SLUDWLRQ/DFDJHWKRUDFLTXHGHVFHQGHWOHGLDSKUDJPHV pOqYH/HYROXPHWKRUDFLTXH GLPLQXH /H YROXPH DOYpRODLUH GLPLQXH HW OD SUHVVLRQ DOYpRODLUH DXJPHQWH /D SUHVVLRQ DOYpRODLUH HVW VXSpULHXUH j OD SUHVVLRQ EDURPpWULTXH/ DLUVRUWGHVDOYpROHVMXVTX jFHTXHFHVGHX[SUHVVLRQVVRLHQWpJDOHV /HVPXVFOHVUHVSLUDWRLUHV &HVRQWGHVPXVFOHVDGDSWpVSOXVSHUIRUPDQWVTXHOHVDXWUHV,OVRQW - XQH SOXVJUDQGHFDSDFLWpR[\GDQWHLOVRQWXQPHLOOHXUIRQFWLRQQHPHQWDpURELH XQH SOXVJUDQGHGHQVLWpHQFDSLOODLUHVVDQJXLQV XQ JUDQGGpELWVDQJXLQ /HVPXVFOHVUHVSLUDWRLUHVVRQWWUqVHQGXUDQWV,OVQHVRQWSDVIDWLJDEOHV /HGLDSKUDJPH & HVWXQPXVFOHLQVSLUDWRLUH,OHVWILQHQIRUPHGHFRXSROH,OVpSDUHODFDJHWKRUDFLTXHGHODFDYLWpDEGRPLQDOH,OHVWLQQHUYpSDU GHVQHUIVSKUpQLTXHV6DYDVFXODULVDWLRQHVWLPSRUWDQWHHQH[HUFLFHGDQVOHGLDSKUDJPHOHGpELWVDQJXLQSHXWrWUHPXOWLSOLpSDU GL[ ,O FRQVRPPH SHX GH GLR[\JqQH DX UHSRV PDLV LO HQ FRQVRPPH EHDXFRXS HQ H[HUFLFH SRXU FHQW ,O SUpVHQWH GLIIpUHQWV W\SHVGHILEUHV - SRXUFHQWGHILEUHVGHW\SH,OHQWHVHQGXUDQWHV SRXUFHQWGHILEUHVGHW\SH,,DUDSLGHVPDLVUpVLVWDQFHVjODIDWLJXH SRXUFHQWGHILEUHVGHW\SH,,EUDSLGHVPDLVIDWLJDEOHV 'DQVOHGLDSKUDJPHSRXUFHQWGHILEUHVUpVLVWHQWjODIDWLJXH,OV DJLWGRQFG XQPXVFOHWUqVHQGXUDQW /HVPXVFOHVLQWHUFRVWDX[ ,QWHUQHVHWH[WHUQHVLOVVRQWFRQVWLWXpVGHILEUHVGHW\SH, - /HVPXVFOHVLQWHUFRVWDX[H[WHUQHVVRQWLQVSLUDWRLUHV /HVPXVFOHVLQWHUFRVWDX[LQWHUQHVVRQWH[SLUDWRLUHV /HVVFDOqQHV 6LWXpVDXQLYHDXGXFRXLOVVRQWLVVXVGHVFLQTGHUQLqUHVYHUWqEUHVFHUYLFDOHV,OVV LQVqUHQWDXQLYHDXGHVGHX[SUHPLqUHVSDLUHV GHF{WHV,OVVRQWLQVSLUDWRLUHV /HVPXVFOHVLQVSLUDWRLUHVDFFHVVRLUHV ,OV DLGHQW j O LQVSLUDWLRQ ,OV LQWHUYLHQQHQW JUDQGHPHQW HQ LQVSLUDWLRQ IRUFpH SHQGDQW ODTXHOOH WUDYDLOOH OHV PXVFOHV VWHUQRFOpwGR PDVWRwGLHQWUDSq]HSHWLWSHFWRUDOHWJUDQGSHFWRUDO /HVPXVFOHVDEGRPLQDX[ (QH[SLUDWLRQQRUPDOHOHXUU{OHHVWQpJOLJHDEOH(QH[SLUDWLRQIRUFpHOHXUU{OHHVWLPSRUWDQW,QWHUYLHQQHQWOHVPXVFOHVJUDQGGURLW HW REOLTXH H[WHUQH /RUVTXH FHV PXVFOHV VH FRQWUDFWHQW OD SUHVVLRQ DEGRPLQDOH DXJPHQWH FH TXL IDLW UHPRQWHU OH GLDSKUDJPH / DLUHVWDLQVLH[SXOVp,O\DH[SLUDWLRQ 3URSULpWpVVWDWLTXHVGHO DSSDUHLOUHVSLUDWRLUH (QFRQGLWLRQVVWDWLTXHVSHXYHQWrWUHpWXGLpVOHVSURSULpWpVpODVWLTXHVHWOHVYROXPHVSXOPRQDLUHV /HVYROXPHVSXOPRQDLUHVHWOHVFDSDFLWpV 'DQVOHSRXPRQLO\DGHX[W\SHVGHYROXPHV - OHVYROXPHVSXOPRQDLUHVPRELOLVDEOHV OHVYROXPHVSXOPRQDLUHVQRQPRELOLVDEOHV /HV YROXPHV SXOPRQDLUHV PRELOLVDEOHV RX QRQ YDULHQW VHORQ O kJH OH VH[H HW OD WDLOOH ,O H[LVWH GHV WDEOHV GH UpIpUHQFH DYHF GHV YDOHXUVWKpRULTXHVSHUPHWWDQWGHVDYRLUVLXQLQGLYLGXHVWGDQVODQRUPH ,OH[LVWHGLIIpUHQWVHVSDFHVPRUWV - - - 8QH SDUWLH GH O DLU LQVSLUp UHPSOLW OHV FRQGXLWV GH OD ]RQH GH FRQYHFWLRQ ]RQH R LO Q \ D SDV G pFKDQJHV &HWWH ]RQH FRUUHVSRQG j XQ YROXPH DSSHOp O HVSDFH PRUW DQDWRPLTXH pTXLYDOHQWjOLWUHV'RQFVL9W /DORUVVHXOHPHQW OLWUHVVRQWFRQVDFUpVDX[pFKDQJHVJD]HX[ 6L FHUWDLQHV DOYpROHV FHVVHQW GH SDUWLFLSHU DX[ pFKDQJHV JD]HX[ RQ DMRXWH XQ HVSDFH PRUW DOYpRODLUH SK\VLRORJLTXH pTXLYDOHQWjOLWUHV / HVSDFHPRUWWRWDOHVWODVRPPHGHO HVSDFHPRUWDQDWRPLTXHHWGHO HVSDFHPRUWDOYpRODLUH /HVYROXPHVSXOPRQDLUHVPRELOLVDEOHV /HYROXPHFRXUDQW9W WSRXUWLGDOHVWOHYROXPHG DLUPRELOLVpjFKDTXHLQVSLUDWLRQORUVG XQF\FOHQRUPDOHQVLWXDWLRQFDOPH&H YROXPHFRXUDQWHVWFRPSULVHQWUHHWOLWUHV /HYROXPHGHUpVHUYHLQVSLUDWRLUH9UL HVWOHYROXPHG DLUPRELOLVpDXFRXUVG XQHLQVSLUDWLRQIRUFpH /HYROXPHGHUpVHUYHH[SLUDWRLUH9UH HVWOHYROXPHG DLUPRELOLVpDXFRXUVG XQHH[SLUDWLRQIRUFpH 9W9UL9UH &Y /D FDSDFLWp YLWDOH &Y HVW OD VRPPH GHV YROXPHV SXOPRQDLUHV PRELOLVDEOHV (OOH HVW pTXLYDOHQWH j OLWUHV /HV YROXPHV PRELOLVDEOHVVRQWPHVXUDEOHVSDUVSLURJUDSKLHRXSOpWK\VPRJUDSKLH /HVYROXPHVSXOPRQDLUHVQRQPRELOLVDEOHV /HYROXPHUpVLGXHO9U HVWOHYROXPHG DLUUHVWDQWGDQVOHVSRXPRQVjODILQG XQHH[SLUDWLRQIRUFpH 9U&Y &SW /DFDSDFLWpSXOPRQDLUHWRWDOH&SW HVWODVRPPHGHVYROXPHVSXOPRQDLUHVPRELOLVDEOHVHWQRQPRELOLVDEOHV(OOHHVWpTXLYDOHQWHj OLWUHV 9U9UH &UI /DFDSDFLWpUpVLGXHOOHIRQFWLRQQHOOH&UI HVWODVRPPHGXYROXPHUpVLGXHOHWGXYROXPHGHUpVHUYHH[SLUDWRLUH /HVSURSULpWpVpODVWLTXHV $ O LQWpULHXU GX V\VWqPH UHVSLUDWRLUH OD SUHVVLRQ WRWDOH HVW pJDOH DX YROXPH GX V\VWqPH UHVSLUDWRLUH PXOWLSOLp SDU O pODVWDQFH FRPSOLDQFHGXV\VWqPHUHVSLUDWRLUH 3 9( / pODVWDQFHFRQVWLWXHODSURSULpWppODVWLTXHGXV\VWqPHUHVSLUDWRLUHHWGpSHQGGHGLIIpUHQWVIDFWHXUV - ODFRQVWLWXWLRQGXSRXPRQILEUHVFROODJqQHVpODVWLQH OHVIDFWHXUVSK\VLFRFKLPLTXHVFRPSUHQDQWOHVIRUFHVGHWHQVLRQVXSHUILFLHOOHVLWXpHVDXQLYHDXGHO LQWHUIDFHDLUOLTXLGH (QDVVLPLODQWOHVDOYpROHVjGHVVSKqUHVODSUHVVLRQjO LQWpULHXUGHVDOYpROHVHVWpJDOHjGHX[IRLVODWHQVLRQVXSHUILFLHOOHGLYLVpHV SDUOHUD\RQ 3 7U 6LODSUHVVLRQGDQVO DOYpROHHVWWURSLPSRUWDQWHO DOYpROHDWHQGDQFHjVHYLGHU$LQVLSOXVO DOYpROHHVWSHWLWHSOXVHOOHGHYUDLWVH YLGHUGDQVOHVJUDQGHVDOYpROHV,OGHYUDLWGRQF\DYRLUXQHYpULWDEOHLQVWDELOLWp0DLVFHWWHLQVWDELOLWpQ DSSDUDvWSDVFDULOH[LVWHOH VXUIDFWDQW VXEVWDQFH WHQVLRDFWLYH GRQW OH UHQRXYHOOHPHQW HVW UDSLGHTXLHVWV\QWKpWLVpHSDUGHVSQHXPRF\WHV,,/HVXUIDFWDQW V DGDSWH DX UD\RQGHO DOYpROHSRXUGLPLQXHUODIRUFHGHWHQVLRQVXSHUILFLHOOH,O\DDLQVLXQHVWDELOLWpDOYpRODLUH6XUXQHJUDQGH DOYpROHLO\DSHXGHVXUIDFWDQW6XUXQHSHWLWHDOYpROHLO\DEHDXFRXSGHVXUIDFWDQW / pODVWDQFHSHXWrWUHGLPLQXpHSDUGLIIpUHQWVIDFWHXUV - IDFWHXUVGLPLQXDQWO pODVWLFLWpQDWXUHOOHGXSRXPRQODPDODGLHGHODILEURVHSDUH[HPSOH IDFWHXUVREVWUXDQWOHVEURQFKHVRXOHVEURQFKLROHVPDODGLHVHQWUDvQDQWGHVVpFUpWLRQVDERQGDQWHVGHPXFXVSDUH[HPSOH IDFWHXUVOLPLWDQWODV\QWKqVHGHVXUIDFWDQW IDFWHXUVDOWpUDQWODIOH[LELOLWpGHODFDJHWKRUDFLTXHGpIRUPDWLRQV\SKRVHGHODFRORQQHYHUWpEUDOHSDUH[HPSOH 3OXVO pODVWDQFHHVWIDLEOHSOXVLOIDXWGHO pQHUJLHSRXUUHVSLUHU 3URSULpWpVG\QDPLTXHVGHO DSSDUHLOUHVSLUDWRLUH (QFRQGLWLRQG\QDPLTXHRQGRLWOXWWHUFRQWUHOHVUpVLVWDQFHVjO pFRXOHPHQWGHO DLU /HVUpVLVWDQFHVSXOPRQDLUHV 8QJD]SHXWV pFRXOHUGHGHX[IDoRQVGDQVXQFRQGXLW - VRLWGHIDoRQODPLQDLUHODOLJQHGHIOX[HVWSDUDOOqOHDXFRQGXLW - VRLWGHIDoRQWXUEXOHQWHOHIOX[Q HVWSDVRULHQWpPDLVFLUFXOHDOpDWRLUHPHQW - 'DQVOHFDVGHO pFRXOHPHQWODPLQDLUHOHVUpVLVWDQFHVVRQWIDLEOHV 6HORQOHW\SHG pFRXOHPHQWOHVUpVLVWDQFHVVRQWGLIIpUHQWHV - 'DQVOHFDVGHO pFRXOHPHQWWXUEXOHQWOHVUpVLVWDQFHVVRQWpOHYpHV - 'DQVOHVJURVVHVEURQFKHVO pFRXOHPHQWHVWWXUEXOHQWHQWUDvQDQWGHVUpVLVWDQFHVLPSRUWDQWHV 'DQVOHVYRLHVDpULHQQHVLOH[LVWHXQPpODQJHGHVGHX[pFRXOHPHQWV - 'DQVOHVSHWLWHVEURQFKHVO pFRXOHPHQWHVWODPLQDLUHHQWUDvQDQWGHVUpVLVWDQFHVIDLEOHV - 'DQVOHVYRLHVDpULHQQHVVXSpULHXUHVH[WUDWKRUDFLTXHVRQWURXYHSRXUFHQWGHVUpVLVWDQFHVWRWDOHV ,O\DXQHUpSDUWLWLRQWRSRJUDSKLTXHGHVUpVLVWDQFHV - 'DQVODWUDFKpHHWOHVJURVVHVEURQFKHVRQWURXYHSRXUFHQWGHVUpVLVWDQFHVWRWDOHV 'DQVOHVSHWLWHVEURQFKHVRQWURXYHSRXUFHQWGHVUpVLVWDQFHVWRWDOHV /HVIDFWHXUVPRGLILDQWOHVUpVLVWDQFHVGHVYRLHVDpULHQQHVVRQW - - - OH QLYHDX GH YROXPH SXOPRQDLUH j KDXW YROXPH LO \ D GLPLQXWLRQ GHV UpVLVWDQFHV j EDV YROXPH LO \ D DXJPHQWDWLRQ GHV UpVLVWDQFHV OD SHVDQWHXU OD SUHVVLRQ SOHXUDOH HVW SOXV IDLEOH HQ KDXW TX HQ EDV GX SRXPRQ HQ KDXW GX SRXPRQ OHV UpVLVWDQFHV VRQW GRQFGLPLQXpHV O LQIOXHQFHQHUYHXVHOHV\VWqPHQHUYHX[DXWRQRPHHVWFRQVWLWXpGHGHX[EUDQFKHVV\PSDWKLTXHHWSDUDV\PSDWKLTXHORUVTXH OH V\VWqPH SDUDV\PSDWKLTXH HVW DFWLYp OHV UpVLVWDQFHV VRQW pOHYpHV j FDXVH GH OD EURQFKRFRQVWULFWLRQ ORUVTXH OH V\VWqPH V\PSDWKLTXHHVWDFWLYpOHVUpVLVWDQFHVVRQWIDLEOHVjFDXVHGHODEURQFKRGLODWDWLRQ ,O H[LVWH HQ SOXV GHV UpVLVWDQFHV WLVVXODLUHV HQJHQGUpHV SDU OD IULFWLRQ GX WLVVX SXOPRQDLUH (OOHV UHSUpVHQWHQW SRXU FHQW GHV UpVLVWDQFHVWRWDOHV 'pELWVPD[LPDX[H[SLUDWRLUHV ,OV VRQW SOXV XWLOLVpV TXH OD PHVXUH GHV UpVLVWDQFHV ,OV VRQW HQ HIIHW SOXV IDFLOHPHQW PHVXUDEOHV HW RQ V LQWpUHVVH j O DUEUH EURQFKLTXHHQHQWLHU7RXVOHVGpELWVPD[LPDX[H[SLUDWRLUHVVRQWGpWHUPLQpVSDUXQHFRXUEHG H[SLUDWLRQIRUFpH 'pELWVPR\HQVFRXUEHYROXPHWHPSV 9(06YROXPHH[SLUDWRLUHPD[LPDOSRXUXQHVHFRQGH /H9(06H[SORUHJOREDOHPHQWO DUEUHEURQFKLTXH8QVXMHWQRUPDOH[SLUHSRXUFHQWGHVDFDSDFLWpYLWDOHHQXQHVHFRQGH '(0GpELWH[SLUDWRLUHPD[LPDOjSRXUFHQWHWjSRXUFHQWGHODFDSDFLWpYLWDOH /H '(0 H[SORUH OHV EURQFKHV GH PR\HQ HW GH SHWLW FDOLEUH & HVW XQ WHVW SOXV VHQVLEOH SRXU PHWWUH HQ pYLGHQFH XQH REVWUXFWLRQEURQFKLTXH /H UDSSRUW GH 7LIIHQHDX HVW XQ LQGH[ GH OD IRQFWLRQ SXOPRQDLUH ,O HVW pJDO DX 9(06 GLYLVp SDU OD FDSDFLWp YLWDOH ,O HVW WUqV LPSRUWDQWSRXUPHWWUHHQpYLGHQFHXQHREVWUXFWLRQEURQFKLTXH 'pELWVLQVWDQWDQpVFRXUEHGpELWWHPSV /HGpELWLQVWDQWDQpHVWH[SULPpHQIRQFWLRQGHODFDSDFLWpYLWDOH/RUVG XQHH[SLUDWLRQRQPHVXUHOHGpELWPD[LPDOHWOHVGpELWVj HWSRXUFHQWGHODFDSDFLWpYLWDOH /HVpFKDQJHVUHVSLUDWRLUHV 1RWLRQGHYHQWLODWLRQ 9HQWLODWLRQJOREDOH 9W YHQWLODWLRQJOREDOH I IUpTXHQFHUHVSLUDWRLUH QRPEUHGHF\FOHVUHVSLUDWRLUHVSDUPLQXWH 9W YROXPHFRXUDQW 9W 9WI YROXPHG DLUTXLSpQqWUHGDQVOHSRXPRQSDUPLQXWHHQ/PLQ 9HQWLODWLRQDOYpRODLUH 9D YHQWLODWLRQDOYpRODLUH I IUpTXHQFHUHVSLUDWRLUH QRPEUHGHF\FOHVUHVSLUDWRLUHVSDUPLQXWH 9W YROXPHFRXUDQW 9G HVSDFHPRUW 9D 9W9GI YROXPHG DLUTXLSpQqWUHGDQVO¶DOYpROHSDUPLQXWHHQ/PLQ /DGLVWULEXWLRQGHODYHQWLODWLRQDOYpRODLUHHVWUpJLRQDOHGDQVFHUWDLQHV]RQHVO DLUDSOXVGHPDOjDUULYHUGDQVOHVDOYpROHVTXH GDQVG DXWUHV]RQHV/DYHQWLODWLRQDOYpRODLUHHVWpOHYpHjODEDVHGXSRXPRQHWIDLEOHDXVRPPHWGXSRXPRQ (Q IDLVDQW LQKDOHU GX SURGXLW UDGLRDFWLI j GHV LQGLYLGXV RQ FRPSWH OHV PROpFXOHV UDGLRDFWLYHV GDQV OHV GLIIpUHQWHV ]RQHV GX SRXPRQ2QV DSHUoRLWTXHODUpSDUWLWLRQGXSURGXLWUDGLRDFWLIHVWLQpJDOH/HVSDUWLHVLQIpULHXUHVGXSRXPRQVRQWPLHX[YHQWLOpHV TXHOHVSDUWLHVVXSpULHXUHVGXSRXPRQjFDXVHGXJUDGLHQWGHSUHVVLRQSOHXUDOH - (QKDXWGXSRXPRQODSUHVVLRQSOHXUDOHHVWIDLEOHOHVDOYpROHVVRQWGLVWHQGXHV (QEDVGXSRXPRQODSUHVVLRQSOHXUDOHHVWpOHYpHOHVDOYpROHVSHXYHQWV pWHQGUH 1RWLRQGHFLUFXODWLRQSXOPRQDLUHSHUIXVLRQ 3UHVVLRQV 3UHVVLRQPRWULFH /D SUHVVLRQ PRWULFH HVW pJDOH j OD GLIIpUHQFH HQWUH OD SUHVVLRQ DUWpULHOOH SXOPRQDLUH HQWUpH GX V\VWqPH HW OD SUHVVLRQ GH O RUHLOOHWWHJDXFKHGXF°XUVRUWLHGXV\VWqPH 3UHVVLRQFDSLOODLUH /DSUHVVLRQFDSLOODLUHHVWXQHSUHVVLRQLQWHUPpGLDLUHHQWUHODSUHVVLRQG HQWUpHDUWpULHOOHSXOPRQDLUHHWODSUHVVLRQGHVRUWLHGH O RUHLOOHWWHJDXFKH 'LVWULEXWLRQGHODSHUIXVLRQ4 /DSHUIXVLRQHVWLQpJDOHpOHYpHjODEDVHGXSRXPRQHWGLPLQXpHDXVRPPHW 'LVWULEXWLRQGXUDSSRUW9D 4 9D HW4RQWXQHGLVWULEXWLRQLQKRPRJqQH /HUDSSRUW9D 4DGRQFXQHGLVWULEXWLRQLQKRPRJqQH 9D 4!HQKDXWGXSRXPRQ 9D 4HQEDVGXSRXPRQ (Q KDXW GX SRXPRQ 9D !4 /D YHQWLODWLRQ DOYpRODLUH HVW PHLOOHXUH TXH OD SHUIXVLRQ /D SUHVVLRQ DOYpRODLUH HQ 2 HVW GRQF DXJPHQWpHHWODSUHVVLRQDOYpRODLUHHQ&2 HVWGLPLQXpH (Q EDV GX SRXPRQ 9D 4 /D YHQWLODWLRQ DOYpRODLUH HVW PRLQV ERQQH TXH OD SHUIXVLRQ /D SUHVVLRQ DOYpRODLUH HQ 2 HVW GRQF GLPLQXpHHWODSUHVVLRQDOYpRODLUHHQ&2 HVWDXJPHQWpH / LQKRPRJpQpLWpGHFHUDSSRUWHQWUDvQHGHVPRGLILFDWLRQVGHVSUHVVLRQVDOYpRODLUHVHQ2 HWGRQFGHVSUHVVLRQVDUWpULHOOHVHQ2 ,OH[LVWHGHVLQpJDOLWpVH[WUrPHVGHFHUDSSRUW 9D! HW 4! GRQF 9D4! ,O V DJLW G XQ HIIHW VKXQW SK\VLRORJLTXH /D TXDQWLWp GH 2 GLPLQXH GDQV OH VDQJ FH TXL HVW DSSHOpXQHK\SR[pPLH - 9D !HW4!GRQF9D 4!,OV DJLW - G XQHVSDFHPRUWDOYpRODLUH - 'LIIXVLRQ 'HFKDTXHF{WpGHODPHPEUDQHDOYpRORFDSLOODLUHLOH[LVWHXQJUDGLHQWGHSUHVVLRQSDUWLHOOHHQ2 3RXUpTXLOLEUHUFHVGLIIpUHQFHV GHSUHVVLRQGHFKDTXHF{WpGHODPHPEUDQHLO\DGLIIXVLRQGHJD]& HVWXQSKpQRPqQHSDVVLITXLIDLWSDVVHUOH2 GHOD]RQHGH KDXWHSUHVVLRQMXVTX jOD]RQHGHEDVVHSUHVVLRQ 3URFHVVXVGHGLIIXVLRQ /DGLIIXVLRQHVWXQSKpQRPqQHSK\VLTXH B 2 _ _3 _ _ _ V__ __ 3 ___ _ __ 2 _H_ 3!3 H pSDLVVHXU V VXUIDFHG pFKDQJH G FRQVWDQWH 9 G33VH GpELWG XQJD]WUDQVIpUp /HFXEHUHSUpVHQWHODPHPEUDQHDOYpRORFDSLOODLUHHQSK\VLRORJLH 92 G>3DOYpRODLUH3DUWpULHOOH2@VH 'LIIXVLRQDXQLYHDXSXOPRQDLUH (OOHFRPSUHQGGHX[pWDSHV - ODGLIIXVLRQWUDQVPHPEUDQDLUH ODGLIIXVLRQVDQJXLQH 'LIIXVLRQWUDQVPHPEUDQDLUH ,O\DSDVVDJHSDUWRXWHVOHVFRXFKHVGHODPHPEUDQHDOYpRORFDSLOODLUH - OHILOPWHQVLRQDFWLI O pSLWKpOLXPDOYpRODLUH O LQWHUVWLWLXP O HQGRWKpOLXPFDSLOODLUH 8Q pTXLOLEUH UDSLGH V HQYLURQ V pWDEOLW HQWUH OH JD] DOYpRODLUH HW OH VDQJ FDSLOODLUH HQWUH OD SUHVVLRQ DUWpULHOOH HQ 2 HW OD SUHVVLRQDOYpRODLUHHQ2 'LIIXVLRQVDQJXLQH /RUVGHFHWWHpWDSHOH2 HVWWUDQVIpUpGHODPHPEUDQHMXVTX DX[JOREXOHVURXJHVHWLO\DFRPELQDLVRQDYHFO KpPRJORELQH &DSDFLWpGHGLIIXVLRQSXOPRQDLUH 92 G>3DOYpRODLUH3DUWpULHOOH2@VH 2UGVHWHQHVRQWSDVPHVXUDEOHV2QPHVXUHODFDSDFLWpGHGLIIXVLRQSRXUOH&2PRQR[\GHGHFDUERQHTX RQIDLWLQKDOHU '/&2 7/&2 '/ GLIXVLRQOLPLWDWLRQ 7/ WUDQVIHUWOLPLWDWLRQ /D'/&2UHSUpVHQWHODFDSDFLWpGHWUDQVIHUWGHODPHPEUDQHODTXDQWLWpGH&2TXLWUDYHUVHODEDUULqUHDLUVDQJSDUUDSSRUWDX WHPSVHQP/PLQPP+J &HWWHFDSDFLWpGpSHQGGHGLIIpUHQWVIDFWHXUV - IDFWHXUSK\VLTXHFRQGXFWDQFHGHODPHPEUDQH IDFWHXUFKLPLTXHYLWHVVHGHFRPELQDLVRQGX2 HWGHO KpPRJORELQH IDFWHXUWHPSRUHOOHWHPSVGHWUDQVLWHWOHWHPSVG pTXLOLEUH /HWHPSVGHWUDQVLWHVWOHWHPSVSHQGDQWOHTXHOOHVDQJTXLWUDYHUVHOHFDSLOODLUHHVWHQFRQWDFWDYHFO DOYpROH$XUHSRVLOHVWGH V/RUVG H[HUFLFHVSK\VLTXHVjKDXWHLQWHQVLWpOHF°XUIRQFWLRQQHYLWHOHWUDMHWGXVDQJHVWDFFpOpUpHWOHWHPSVGHWUDQVLW GLPLQXH /HWHPSVG pTXLOLEUHHVWOHWHPSVQpFHVVDLUHSRXUTX LO\DLWpTXLOLEUHHQWUHOHVSUHVVLRQVGHO DOYpROHHWOHVSUHVVLRQVGXVDQJ,OHVW GHV /D'/&2SHXWSUpVHQWHUGHVYDULDWLRQV - (OOH SHXW DXJPHQWHU ORUVTXH OD VXUIDFH G pFKDQJH V DXJPHQWH HQ FRQGLWLRQ G H[HUFLFH RX ORUVTXH OH QRPEUH GH JOREXOHV URXJHVDXJPHQWH - (OOH SHXW GLPLQXHU ORUVTXH OD VXUIDFH G pFKDQJH V GLPLQXH ORUVTXH OH QRPEUH GH JOREXOHV URXJHV GLPLQXH RX ORUVTXH O pSDLVVHXUHDXJPHQWHSDUH[HPSOHORUVGHODIRUPDWLRQG XQ°GqPHDFFXPXODWLRQG HDXDXQLYHDXGHVWLVVXV )RQFWLRQUHVSLUDWRLUHGXVDQJ /HGLR[\JqQHHVWFDSWpSDUOHVSRXPRQV,OVHIL[HVXUO KpPRJORELQHDXQLYHDXGHVJOREXOHVURXJHV,OHVWOLEpUpGDQVOHVWLVVXV / LQYHUVHVHSDVVHSRXUOHGLR[\GHGHFDUERQHTXLHVWUHMHWpGHVWLVVXVHWH[SXOVpjO H[WpULHXUGXFRUSV / KpPRJORELQH (OOHHVWIRUPpHSDUKqPHVHWFKDvQHGHJORELQH - / KqPHFRQWLHQWXQDWRPHGHIHUJUkFHDXTXHOLOIL[HXQHPROpFXOHGHGLR[\JqQH /DJORELQHHVWXQHQVHPEOHGHFKDvQHVGHGLIIpUHQWVSHSWLGHV /D IL[DWLRQ GX GLR[\JqQH HQJHQGUH XQ UpDUUDQJHPHQW VSDWLDO GH O KpPRJORELQH /D TXDWULqPH PROpFXOHGHGLR[\JqQHVHIL[HSOXV IDFLOHPHQWTXHODSUHPLqUHVXUO KqPH ,OH[LVWHGLIIpUHQWVW\SHVG KpPRJORELQH - - /¶R[\KpPRJORELQHHQVHPEOHGHPROpFXOHVGH2 HWG PROpFXOHG KpPRJORELQHGRQQHODFRXOHXUURXJHYLYHDXVDQJGHV DUWqUHV / KpPRJORJLQHUpGXLWHHVWODIRUPHQRQGLR[\JpQpHGHO KpPRJORELQHDYDQWTXHOHGLR[\JqQHQHVHVRLWIL[p 8QHSHWLWHSDUWLHGHO KpPRJORELQHUpGXLWHSHXWIL[HUGXGLR[\GHGHFDUERQH,OV DJLWGHFDUEKpPRJORELQH /HPRQR[\GHGHFDUERQHDXQHWUqVIRUWHDWWLUDQFHSRXUO KpPRJORELQH/DFDUER[\KpPRJORELQHHVWPRUWHOOH 7UDQVSRUWGX2 SDUOHVDQJ &HWUDQVSRUWHVWGRXEOH - 8QHIRUPHGLVVRXWHGX2 HVWSUpVHQWHGDQVOHVDQJ 8QHIRUPHFRPELQpHGX2 HVWSUpVHQWHGDQVOHVDQJ )RUPHGLVVRXWH /H2 HVWOLEUH,OQ HVWSDVOLpjO KpPRJORELQH& HVWXQHIRUPHGHSDVVDJHREOLJpHFDUOHVFHOOXOHVXWLOLVHQWXQLTXHPHQWOH2 OLEUH &HWWHIRUPHGLVVRXWHGX2 UHSUpVHQWHP/SRXUP/GHVDQJ/HU{OHTXDQWLWDWLIGHFHWWHIRUPHHVWGRQFIDLEOH3DUFRQWUH VRQU{OHTXDOLWDWLIHVWLPSRUWDQWSXLVTXHOHVFHOOXOHVQ XWLOLVHQWTXHFHWWHIRUPH )RUPHFRPELQpH (OOHHVWIRUPpHSDUOH2 HWO KpPRJORELQH,OV DJLWGHO¶R[\KpPRJORELQH(OOHUHSUpVHQWHP/GH2 SRXUP/GHVDQJ/H U{OHTXDQWLWDWLIGHFHWWHIRUPHHVWGRQFLPSRUWDQW3DUFRQWUHVRQU{OHTXDOLWDWLIHVWIDLEOHSXLVTXHOHVFHOOXOHVQHSHXYHQWXWLOLVHU FHWWHIRUPH 6DWXUDWLRQGHO KpPRJORELQHHQ2 & HVWOHPRGHG H[SUHVVLRQGX2 FRPELQp KpPRJORELQHGLR[\JpQpH FHWWHVDWXUDWLRQ KpPRJORELQHGLR[\JpQDEOH 5HODWLRQHQWUHODVDWXUDWLRQGHO KpPRJORELQHHQ2 HW ODSUHVVLRQHQ2 (OOHHVWUHSUpVHQWpHSDUODFRXUEHGH%DUFURIWTXLHVWXQHVLJPRwGHHQIRUPHGH6 VDWXUDWLRQGHO KpPRJORELQHHQ2 A _ _ _ _ _ _ _ _ _ _ _ _ _ ! SUHVVLRQHQ2 PP+J 6LODVDWXUDWLRQGHO KpPRJORELQHHQ2 HVWDXJPHQWpHLO\DSOXVGH2 IL[pVXUO KpPRJORELQH 6L OD VDWXUDWLRQ GH O KpPRJORELQH HQ 2 HVW GLPLQXpH LO \ D PRLQV GH 2 IL[p VXU O KpPRJORELQH /H 2 HVW GRQF VRXV IRUPH GLVVRXWH,OHVWXWLOLVpSDUOHVFHOOXOHV 'DQV OD]RQHGHO DV\PSWRWHKRUL]RQWDOHOD]RQHSODWHDXGXKDXWGHODFRXUEHXQHGLPLQXWLRQGHSUHVVLRQHQ2 Q DSDVG HIIHW QRWRLUHVXUODVDWXUDWLRQGHO KpPRJORELQHHQ2 'DQV OD ]RQH GH O DV\PSWRWH REOLTXH OD ]RQH SHQWH GX PLOLHX GH OD FRXUEH XQH GLPLQXWLRQ GH SUHVVLRQ HQ 2 HQWUDvQH XQH GLPLQXWLRQLPSRUWDQWHGHVDWXUDWLRQGHO KpPRJORELQHHQ2 'HV IDFWHXUVSHXYHQWPRGLILHUODFRXUEH,OH[LVWHGRQFGHVIDFWHXUVSRXYDQWPRGLILHUO DIILQLWpGXGLR[\JqQHSRXUO KpPRJORELQH /RUVTXHODFRXUEHHVWGpSODFpHYHUVODGURLWHOHVIDFWHXUVSRVVLEOHVVRQW - XQHDXJPHQWDWLRQGHODWHPSpUDWXUH XQHGLPLQXWLRQGXS+ XQHDXJPHQWDWLRQGHODSUHVVLRQHQ&2 XQHDXJPHQWDWLRQGX'3*FRQVWLWXDQWLQWHUQHGXJOREXOHURXJH /RUVTXHODFRXUEHHVWGpSODFpHYHUVODGURLWHSRXUXQHPrPHSUHVVLRQHQ2 ODVDWXUDWLRQHVWGLPLQXpH /RUVTXHODFRXUEHHVWGpSODFpHYHUVODJDXFKHOHVIDFWHXUVSRVVLEOHVVRQW - XQHGLPLQXWLRQGHODWHPSpUDWXUH XQHDXJPHQWDWLRQGXS+ XQHGLPLQXWLRQGHODSUHVVLRQHQ&2 XQH GLPLQXWLRQGX'3*FRQVWLWXDQWLQWHUQHGXJOREXOHURXJH /RUVTXHODFRXUEHHVWGpSODFpHYHUVODJDXFKHSRXUXQHPrPHSUHVVLRQHQ2 ODVDWXUDWLRQHVWDXJPHQWpH 7UDQVSRUWGX&2 SDUOHVDQJ &HWUDQVSRUWHVWGRXEOH - 8QHIRUPHGLVVRXWHGX&2 HVWSUpVHQWHGDQVOHVDQJ 8QHIRUPHFRPELQpHGX&2 HVWSUpVHQWHGDQVOHVDQJ )RUPHGLVVRXWH (OOHUHSUpVHQWHP/GH&2 SRXUP/GHVDQJ6RQU{OHTXDQWLWDWLIHVWGRQFSHXLPSRUWDQW6RQU{OHTXDOLWDWLIHVWLPSRUWDQW FDUF HVWODVHXOHIRUPHTXLSHXWSDVVHUjWUDYHUVOHVPHPEUDQHV )RUPHFRPELQpH (OOHH[LVWHHQGHX[HQGURLWV - - 'DQV OH SODVPD OH &2 SHXW VH FRPELQHU DYHF XQH SURWpLQH & HVW XQ PRGH VHFRQGDLUH XQH IRUPH GH FRPELQDLVRQ IDLEOH 'DQV OH SODVPD OH &2 SHXW DXVVL VH FRPELQHU DYHF +2 SRXU IRUPHU +&2 & HVW XQH IRUPH GH FRPELQDLVRQ IDLEOH SXLVTX HOOHQpFHVVLWHODSUpVHQFHGHO HQ]\PHDQK\GUDVHFDUERQLTXHTXLH[LVWHHQWUqVIDLEOHTXDQWLWpGDQVOHSODVPD 'DQV OH JOREXOH URXJH OD SUpVHQFH GH &2 SURYRTXH GLIIpUHQWV pYpQHPHQWV /D SUHPLqUH SRVVLELOLWp HVW OD GLPLQXWLRQ GH O DIILQLWpGHO KpPRJORELQHSRXUOHGLR[\JqQH$LQVLO KpPRJORELQHUHODUJXHOHGLR[\JqQHTX HOOHWUDQVSRUWH A B_ R[\KpPRJORELQH! KpPRJORELQH2 KpPRJORELQH&2 ! FDUEKpPRJORELQH /DGHX[LqPHYRLHHVWODYRLHPDMRULWDLUH& HVWODYRLHGHVELFDUERQDWHV'DQVOHJOREXOHURXJHO DQK\GUDVHFDUERQLTXH$& SHUPHWDX&2 GHVHFRPELQHUjO +2 SRXUIRUPHU+&2 TXLVHGLVVRFLHHQLRQVSDUODVXLWH &2+2 $& ! +&2 ! +&2+ /HVLRQV+ DXJPHQWHQWO DFLGLWpGDQVOHJOREXOHURXJH A B_ R[\KpPRJORELQH! KpPRJORELQH2 / KpPRJORELQHpSRQJHOHVLRQV+ + HVWIL[pLOUHVWHOHVLRQV+&2 TXLVRQWHQH[FqV,O\DOLEpUDWLRQGH1D HWGH. &HWWHOLEpUDWLRQGHYLHQWYLWHLQVXIILVDQWH/HVLRQV+&2 V DFFXPXOHQWSDVVHQWGDQVOHSODVPDHQGHKRUVGXJOREXOHURXJH 3RXUFRPSHQVHUODIXLWHGH+&2 YHUVOHSODVPDGHVLRQV&O HQWUHQWGDQVOHJOREXOH&HWpFKDQJHGHFKDUJHVQpJDWLYHVHVW DSSHOpOHSKpQRPqQHGH+DPEXUJHU '\VIRQFWLRQQHPHQWVGXV\VWqPHUHVSLUDWRLUH ,OH[LVWHGHX[W\SHVGHG\VIRQFWLRQQHPHQWV - - 'DQV OHV PDODGLHV REVWUXFWLYHV OD FDSDFLWp SXOPRQDLUH WRWDOH HVW LQWDFWH PDLV OHV YRLHV UHVSLUDWRLUHV VRQW REVWUXpHV & HVW OH FDVGHO DVWKPHGHOD%3&2 'DQV OHV PDODGLHV UHVWULFWLYHV OD FDSDFLWp SXOPRQDLUH WRWDOH HVW DPSXWpH & HVW OH FDV GH OD WXEHUFXORVH GX FDQFHU GHV SRXPRQV / DVWKPH & HVW XQH PDODGLH FKURQLTXH GHV EURQFKHV FDUDFWpULVpH SDU XQH K\SHUUpDFWLYLWp EURQFKLTXH /HV PXVFOHV EURQFKLTXHV VH FRQWUDFWHQWGHIDoRQH[DJpUpH&HWWHFRQWUDFWLRQPXVFXODLUHHVWDVVRFLpHjXQHLQIODPPDWLRQGHVEURQFKHVPXFXV/ REVWUXFWLRQ HPSrFKH O DLU GH FLUFXOHU IDFLOHPHQW HW UHQG SOXV GLIILFLOH O H[SXOVLRQ GH O DLU HQ H[SLUDWLRQ 8QH FULVH G DVWKPH HQWUDvQH XQH GLPLQXWLRQ - GX9(06 GXUDSSRUWGH7LIIHQHDX /DEURQFKRSQHXPRSDWKLHFKURQLTXHREVWUXFWLYH%3&2 & HVWXQHQVHPEOHGHPDODGLHVUHVSLUDWRLUHVFKURQLTXHVDYHFGLPLQXWLRQGXFDOLEUHGHVEURQFKHVREVWUXFWLRQHWDXJPHQWDWLRQGHV UpVLVWDQFHVGDQVOHVYRLHVDpULHQQHV(OOHHQWUDvQHXQHGLPLQXWLRQPrPHDXUHSRV - GX9(06HQSHUPDQHQFH GXUDSSRUWGH7LIIHQHDX $X UHSRV OD IRQFWLRQ UHVSLUDWRLUH HVW TXDVLPHQW KRUV VHUYLFH $ O H[HUFLFH F HVW SLUH /HVPDODGHVV HVVRXIIOHQWGqVTX LOVIRQWXQ HIIRUW,OVIRQWGRQFGHPRLQVHQPRLQVG HIIRUWLOVVRQWGpFRQGLWLRQQpVVpGHQWDLUHV/DPDODGLHV DJJUDYHHWDERXWLWjODPRUW *UkFHjGHVDFWLYLWpVSK\VLTXHVDGDSWpHVRQDUULYHjUHFRQGLWLRQQHUOHVPDODGHV /HV\VWqPHFDUGLRYDVFXODLUH 7RXWHVOHVFHOOXOHVGHO RUJDQLVPHGRLYHQWrWUHLUULJXpHVHQSHUPDQHQFHSDUOHVDQJTXLSHUPHW - OHWUDQVSRUWGXGLR[\JqQHMXVTX DX[FHOOXOHV ODVRUWLHGXGLR[\GHGHFDUERQH - O DSSRUWGHQXWULPHQWV - XQH SRPSHOHF°XU 3RXUDFFRPSOLUFHVIRQFWLRQVO DSSDUHLOFLUFXODWRLUHFRPSUHQG - GHVWX\DX[OHVYDLVVHDX[VDQJXLQV XQ OLTXLGHOHVDQJ &H V\VWqPHFDUGLRYDVFXODLUHHVWVRXPLVjGHVUpJXODWLRQVGXV\VWqPHQHUYHX[ /HVDQJ *pQpUDOLWpV /H VDQJ HVW XQ WLVVX OLTXLGH FRQVWLWXp GH FHOOXOHV & HVW XQ WLVVX FRQMRQFWLI VSpFLDOLVp FRQWHQDQW GHV FHOOXOHV YLYDQWHV DSSHOpHV pOpPHQWVILJXUpV&HVGHUQLHUVEDLJQHQWGDQVXQHPDWULFHDSSHOpHOHSODVPD 6LRQFHQWULIXJHXQWXEHGHVDQJRQREWLHQWSOXVLHXUVFRXFKHV - - /DSUHPLqUHFRXFKHWUDQVSDUHQWHMDXQkWUHGDQVOHKDXWGXWXEHHVWOHSODVPD /D GHX[LqPH FRXFKH WUqV ILQH DX PLOLHX GX WXEH HVW OD FRXFKH OHXFRF\WDLUH 'DQV FHWWH FRXFKH VH WURXYHQW TXHOTXHV pOpPHQWVILJXUpVOHJOREXOHVEODQFVHWOHVSODTXHWWHV /DWURLVLqPHFRXFKHORXUGHGDQVOHIRQGGXWXEHOHFXORWUDVVHPEOHGHVpOpPHQWVILJXUpVOHVJOREXOHVURXJHV / KpPDWRFULWHHVWODYDOHXUGHVJOREXOHVURXJHVSDUUDSSRUWjODYDOHXUWRWDOHHQYLURQSRXUFHQW /HVDQJULFKHHQ2 HVWURXJHYLI /HVDQJSDXYUHHQ2 HVWURXJHVRPEUH /HS+VDQJXLQHVWFRPSULVHQWUHHW /DWHPSpUDWXUHVDQJXLQHHVWGH& /HYROXPHVDQJXLQHVWFRPSULVHQWUHHW/SRXUXQKRPPH /HYROXPHVDQJXLQHVWFRPSULVHQWUHHW/SRXUXQHIHPPH /HVGLIIpUHQWVIRQFWLRQVVDQJXLQHVVRQWOHVVXLYDQWHV - OHWUDQVSRUWGH2 GHQXWULPHQWVGHGpFKHWVG KRUPRQHV ODUpJXODWLRQGHODWHPSpUDWXUHFRUSRUHOOHGXYROXPHOLTXLGLHQGDQVO RUJDQLVPH ODSURWHFWLRQWUDQVSRUWGHVXEVWDQFHVLPPXQLWDLUHVOHVDQWLFRUSVHWOHVJOREXOHVEODQFV /HSODVPD & HVWXQOLTXLGHYLVTXHX[MDXQkWUH ,OFRQWLHQW - SRXUFHQWG +2 SRXU FHQW GH SURWpLQHV SODVPDWLTXHV O DOEXPLQH VHUW GH QDYHWWH SRXU FHUWDLQHV PROpFXOHV DVVXUH OH PDLQWLHQ GX S+ HW FRQVHUYHODSUHVVLRQRVPRWLTXHSUHVVLRQSHUPHWWDQWGHPDLQWHQLUOHSODVPDGDQVOHVYDLVVHDX[VDQJXLQV /HVpOpPHQWVILJXUpV ,OH[LVWHWURLVW\SHVGHFHOOXOHVVDQJXLQHV - OHVpU\WKURF\WHVJOREXOHVURXJHV OHVOHXFRF\WHVJOREXOHVEODQFV - OHVSODTXHWWHV - /HVJOREXOHVURXJHVHWOHVSODTXHWWHVQHVRQWSDVGHYUDLHVFHOOXOHVFDUHOOHVQHFRPSUHQQHQWSDVGHQR\DX /HVFDUDFWpULVWLTXHVGHFHVFHOOXOHVVRQWOHVVXLYDQWHV - /DVXUYLHGHVpOpPHQWVILJXUpVHVWWUqVOLPLWpHTXHOTXHVMRXUV ,OQ H[LVWHSDVGHGLYLVLRQFHOOXODLUHPLWRVHHQJpQpUDO/HUHQRXYHOOHPHQWHVWDVVXUpSDUODPRHOOHRVVHXVH /HVpU\WKURF\WHVJOREXOHVURXJHV 'pILQLWLRQ /HJOREXOHURXJHRXKpPDWLHHVWXQHSHWLWHFHOOXOHGHPGHGLDPqWUHD\DQWODIRUPHG XQGLVTXHELFRQFDYH,OQHFRPSUHQG SDVGHQR\DX,OFRPSUHQGGHUDUHVRUJDQLWHV,OSUpVHQWHGHX[SURWpLQHV - O KpPRJORELQH ODVSHFWULQHSURWpLQHWUqVVRXSOHSHUPHWWDQWDXJOREXOHURXJHGHVHGpIRUPHU /HJOREXOHURXJHQHSUpVHQWHSDVGHPLWRFKRQGULH,OQ XWLOLVHGRQFSDVOHGLR[\JqQHTX LOWUDQVSRUWH /HVDQJGHVIHPPHVFRQWLHQWHQWUHHWJOREXOHVURXJHVSDUOLWUH /HVDQJGHVKRPPHVFRQWLHQWHQWUH HW JOREXOHVURXJHVSDUOLWUH 6LOHQRPEUHGHJOREXOHVURXJHVDXJPHQWHODYLVFRVLWpGXVDQJDXJPHQWHHWODFLUFXODWLRQVDQJXLQHGLPLQXH )RQFWLRQ /D IRQFWLRQ SULQFLSDOH HVW OH WUDQVSRUW GH 2 HW GH &2 JUkFH j O KpPRJORELQH SURWpLQH D\DQW XQH WUqV IRUWH DIILQLWp SRXU OH 2 / KpPRJORELQHHVWXQHSURWpLQHTXLVHOLHIDFLOHPHQWHWGHIDoRQUpYHUVLEOHDXGLR[\JqQH /DFRQFHQWUDWLRQQRUPDOHG KpPRJORELQHHVWFRPSULVHHQWUHHWJ/SRXUOHVIHPPHV /DFRQFHQWUDWLRQQRUPDOHG KpPRJORELQHHVWFRPSULVHHQWUHHWJ/SRXUOHVKRPPHV / KpPRJORELQHHVWFRQVWLWXpHGHTXDWUHKqPHVHWG XQHFKDvQHGHJORELQH/DFKDvQHGHJORELQHHVWFRQVWLWXpHGHGHX[XQLWpVα HW GH GHX[ XQLWpV β / KqPH FRQWLHQW XQ DWRPH GH IHU TXL VH FRPELQH DYHF OH 2 8QH PROpFXOH G KpPRJORELQH SHXW IL[HU TXDWUH PROpFXOHVGH2 SRXUIRUPHUO¶R[\KpPRJORELQH 6\QWKqVHHWGHVWUXFWLRQGHVJOREXOHVURXJHV 6\QWKqVH / KpPDWRSRwqVHHVWODV\QWKqVHGHVFHOOXOHVVDQJXLQHVTXHOOHVTXHVRLHQWOHVFHOOXOHV(OOHV HIIHFWXHGDQVODPRHOOHRVVHXVHURXJH SUpVHQWHDXQLYHDXGHVRVSODWVHWDXQLYHDXGHVpSLSK\VHVSUR[LPDOHVGHVRVORQJV 0rPHVLOHVIRQFWLRQVGHFHVWURLVW\SHVGHFHOOXOHVVRQWWUqVGLIIpUHQWHVOHVpOpPHQWVILJXUpVRQWODPrPHRULJLQHODPrPHFHOOXOH VRXFKHO KpPRF\WREODVWH&HWKpPRF\WREODVWHVHGLYLVHSRXUGRQQHUWURLVW\SHVGHSUpFXUVHXUV /DV\QWKqVHVSpFLILTXHGHJOREXOHVURXJHVHVWDSSHOpHO pU\WKURSRwqVH(OOHFRPSUHQGFLQTSKDVHV - - 'DQVODGLIIpUHQFLDWLRQGHODFHOOXOHVRXFKHO KpPRF\WREODVWHVHWUDQVIRUPHHQSURpU\WKUREODVWH /HSURpU\WKUREODVWHVHWUDQVIRUPHHQpU\WKUREODVWHEDVRSKLOH'HVULERVRPHVV\QWKpWLVHQWGHVFKDvQHVα HW β GHJORELQH / pU\WKUREODVWHEDVRSKLOHVHWUDQVIRUPHHQpU\WKUREODVWHSRO\FKURPDWRSKLOH,O\DV\QWKqVHHWDFFXPXODWLRQG KpPRJORELQH / pU\WKUREODVWHSRO\FKURPDWRSKLOHVHWUDQVIRUPHHQpU\WKUREODVWHDFLGRSKLOH/DTXDQWLWpG KpPRJORELQHDXJPHQWHLO\DOD PrPHFRQFHQWUDWLRQHQKpPRJORELQHTXHGDQVXQJOREXOHURXJHWHUPLQp ,O\DH[SXOVLRQGXQR\DXO pU\WKUREODVWHDFLGRSKLOHVHWUDQVIRUPHHQUpWLFXORF\WHMHXQHJOREXOHURXJH(QIL[DQWGX2 OH MHXQH JOREXOHURXJHGHYLHQWXQYpULWDEOHJOREXOHURXJH &HWWHWUDQVIRUPDWLRQGXUHGHjMRXUV 'HVWUXFWLRQ /HVJOREXOHVURXJHVQHFRPSUHQQHQWSDVGHQR\DXOHXUGXUpHGHYLHHVWOLPLWpH,OVQHSHXYHQWQLVHGLYLVHUQLFURvWUH /HV JOREXOHV URXJHV YLHX[ SUpVHQWHQW XQH PHPEUDQH ULJLGH ,OV GHYLHQQHQW IUDJLOHV / KpPRJORELQH GpJpQqUH HW QH GHYLHQW SOXV IRQFWLRQQHOOH /DGXUpHGHYLHG XQJOREXOHURXJHHVWFRPSULVHHQWUHHWMRXUV /HVJOREXOHVURXJHVGpJpQpUpVVRQWGLULJpVYHUVODUDWHFLPHWLqUHGHVJOREXOHVURXJHV8QUHF\FODJHDOLHX/ KqPHHVWVpSDUpGH ODJORELQH/HIHUHVWUpFXSpUpHWVWRFNp/ KqPHVDQVVRQIHUHVWGpJUDGpHQELOLUXELQH/DELOLUXELQHHVWHQYR\pHGDQVOHIRLHHW pYDFXpHSDUOHVIqFHV/DJORELQHHVWGpJUDGpHHQDFLGHVDPLQpV 5pJXODWLRQGHO pU\WKURSRwqVH ,O \ D XQ pTXLOLEUH FRQVWDQW HQWUH OD V\QWKqVH HW OD GpJUDGDWLRQ GHV JOREXOHV URXJHV &HW pTXLOLEUH HVW UHQGX SRVVLEOH JUkFH j OD UpJXODWLRQ KRUPRQDOH j XQ DSSRUW VXIILVDQW GH IHU HW GH YLWDPLQHV % / KRUPRQH TXL UpJXOH O pU\WKURSRwqVH HVW O pU\WKURSRwpWLQH (32 TXL HVW V\QWKpWLVpH SDU OHV UHLQV TXDQG OHV FHOOXOHV UpQDOHV VRQW HQ PDQTXH GH 2 /HV UHLQV IDEULTXHQW GH O (32 HQ DOWLWXGHGDQVOHFDVG XQHKpPRUUDJLHRXGDQVOHFDVG XQH[HUFLFHLQWHQVH6 LO\DWURSGHJOREXOHVURXJHVXQVLJQDOIDLWGLPLQXHU ODV\QWKqVHG (32UpWURFRQWU{OH / (32VWLPXOHODSUROLIpUDWLRQGHVSURpU\WKUREODVWHV /DWHVWRVWpURQHKRUPRQHPkOHIDYRULVHODV\QWKqVHG (32OHVKRPPHVRQWSOXVGHJOREXOHVURXJHVHWG¶KpPRJORELQHTXHOHV IHPPHV SRXU FHQW GHV UpVHUYHV HQ IHU VH WURXYHQW GDQV O¶KpPRJORELQH VRXV IRUPH GH FRPSOH[H TXH O¶RQ DSSHOOH OD IHUULWLQH 'DQV OH VDQJOHIHUQ HVWSDVVHXO,OHVWOLpjXQHSURWpLQH&HFRPSOH[HV DSSHOOHODWUDQVIHUULQH /D YLWDPLQH % HVW LQGLVSHQVDEOH j OD IDEULFDWLRQ G DFLGH GpVR[\ULERQXFOpLTXH $'1 6DQV $'1 LO Q \ D SDV GH FHOOXOHV VRXFKHV /HVOHXFRF\WHVJOREXOHVEODQFV 'pILQLWLRQ &HVRQWGHVpOpPHQWVILJXUpVGXVDQJTXLFRQWLHQQHQWXQQR\DXHWOHVRUJDQLWHVGHEDVHGHODFHOOXOH )RQFWLRQ ,OVDVVXUHQWODSURWHFWLRQFRQWUHOHVYLUXVHWOHVEDFWpULHV3RXUFHWWHIRQFWLRQLOH[LVWHGHVSDUWLFXODULWpV - ODGLDSpGqVHOHVJOREXOHVEODQFVSHXYHQWVRUWLUGHVYDLVVHDX[VDQJXLQVHWDOOHUYHUVGLIIpUHQWVWLVVXV OHVPRXYHPHQWVDPLORwGHVSHUPHWWDQWOHGpSODFHPHQW OHFKLPLRWDFKLVPHDWWLUDQFHGHVJOREXOHVEODQFVSDUGHVVXEVWDQFHVFKLPLTXHVVXUOHOLHXGHO LQIODPPDWLRQ /HVGLIIpUHQWVW\SHVGHJOREXOHVEODQFV ,OH[LVWHGHX[W\SHVGHOHXFRF\WHV OHVJUDQXORF\WHV OHVDJUDQXORF\WHV *UDQXORF\WHVQHXWURSKLOHVpRVLQRSKLOHVEDVRSKLOHV 7URLVVRUWHVGHJUDQXORF\WHVVRQWGLVWLQJXpHV OHVQHXWURSKLOHVDWWLUDQFHSDUOHVEDFWpULHV OHVpRVLQRSKLOHVDWWLUDQFHSDUOHVSDUDVLWHV OHVEDVRSKLOHVUpDFWLRQVLQIODPPDWRLUHV $JUDQXORF\WHVO\PSKRF\WHVPRQRF\WHV 'HX[VRUWHVG DJUDQXORF\WHVVRQWGLVWLQJXpHV - OHVO\PSKRF\WHVFHOOXOHVSHXSUpVHQWHVGDQVOHVDQJSUpVHQWHVGDQVOHVWLVVXVOHXUU{OHHVWODGpIHQVHLPPXQLWDLUH OHVPRQRF\WHVH[HUFHQWODSKDJRF\WRVHPDQJHUOHVLQWUXV 6\QWKqVHHWGHYHQLUGHVJOREXOHVEODQFV /D V\QWKqVH GHV JOREXOHV EODQFV V DSSHOOH OD OHXFRSRwqVH (OOH HVW VWLPXOpH SDU OHV F\WROpLQHV $VVH] W{W LO H[LVWH GHV GLIIpUHQFHV HQWUHOHVFHOOXOHVVRXFKHVP\pORwGHVJUDQXORHWPRQRHWOHVFHOOXOHVVRXFKHVO\PSKRwGHVO\PSKR/HVSUpFXUVHXUVVRQW - OHVP\pOREODVWHV OHVO\PSKREODVWHV - OHVPRQREODVWHV - /HVPRQRF\WHVYLYHQWTXHOTXHVPRLV 4XDQWjOHXUGHYHQLUOHVJOREXOHVEODQFVYLYHQWSOXVORQJWHPSVTXHOHVJOREXOHVURXJHV - /HVO\PSKRF\WHVYLYHQWTXHOTXHVKHXUHVjTXHOTXHVPRLV /HVSODTXHWWHV &HQHVRQWSDVGHYUDLHVFHOOXOHVPDLVGHVIUDJPHQWVGHF\WRSODVPHVGHJURVVHVFHOOXOHVPpJDFDU\RF\WHV/HXUU{OHHVVHQWLHOHVW OD UpSDUDWLRQ GHV YDLVVHDX[ VDQJXLQV ORUV GH OD FRDJXODWLRQ /D V\QWKqVH GHV SODTXHWWHV HVW DSSHOpH OD WKURPERSRwqVH FDU OHV FHOOXOHVTXLV HQRFFXSHQWVRQWOHVWKURPERSRwpWLQHV/HVSODTXHWWHVRQWXQHYLHEUqYH $QRPDOLHVGXVDQJ $XQLYHDXGHVJOREXOHVURXJHV 8QH[FqVGHJOREXOHVURXJHVHVWDSSHOpXQHSRO\JOREXOLH(OOHSHXWrWUH - QDWXUHOOH DUWLILFLHOOHGRSDJH /RUVTX LO\DWURSGHJOREXOHVURXJHVOHVDQJGHYLHQWYLVTXHX[/HF°XUWUDYDLOOHGRQFSOXVSRXUIDLUHFLUFXOHUOHVDQJ 8QHGpILFLHQFHHQJOREXOHVURXJHVHVWDSSHOpHXQHDQpPLH $XQLYHDXGHVJOREXOHVEODQFV 8QHGpILFLHQFHHQJOREXOHVEODQFVHVWDSSHOpHXQHOHXFRSpQLH 8QH[FqVGHJOREXOHVURXJHVHVWDSSHOpXQHOHXFpPLH&HWWHGHUQLqUHSHXWWRXFKHUODOLJQpHP\pORwGHHWODOLJQpHO\PSKRwGH8QH OHXFpPLHDLJXsHVWFXUDEOHFKH]OHVHQIDQWV8QHOHXFpPLHFKURQLTXHHVWGLIILFLOHPHQWFXUDEOHFKH]OHVSHUVRQQHVkJpHV /DPRQRQXFOpRVHHVWXQQRPEUHH[FHVVLIGHO\PSKRF\WHVTXLSURYRTXHXQHJUDQGHIDWLJXH 8QHSURSULpWpVSpFLILTXHO KpPRVWDVH 6 LO \ D UXSWXUH GHV YDLVVHDX[ VDQJXLQV LO \ D VDLJQHPHQW 'HV PpFDQLVPHV VRQW PLV HQ MHX SRXU DUUrWHU OH VDLJQHPHQW LOV FRQVWLWXHQWO KpPRVWDVH&HWWHGHUQLqUHHVWFRQVWLWXpHGHGLIIpUHQWHVSKDVHV 6SDVPHVYDVFXODLUHV 6XUOHOLHXGHODOpVLRQLO\DXQHYDVRFRQVWULFWLRQTXLHVWGXHjO DFWLRQGHVXEVWDQFHVFKLPLTXHVHWjXQSKpQRPqQHUpIOH[H,O\D GLPLQXWLRQGHODSHUWHGHVDQJFHTXLDPRUFHODUpSDUDWLRQ )RUPDWLRQGXFORXSODTXHWWDLUH ,O\DDGKpVLRQGHVSODTXHWWHVHQWUHHOOHVVXUOHVLqJHGHODOpVLRQ&HWWHDGKpVLRQIRUPHXQERXFKRQVXUOHWURX&HFLGpSHQGGH O LQIOXHQFHGHVXEVWDQFHVFKLPLTXHVWKURPER[DQH$ HWSURVWDF\FOLQHV8QFORXHVWIRUPpLQVLWXHQXQWHPSVUpGXLWHWUHQIRUFp SDUGHVILODPHQWVGHILEULQHFROOH &RDJXODWLRQ /DV\QWKqVHGXFORXSODTXHWWDLUHGpFOHQFKHODFRDJXODWLRQ/DIRUPDWLRQGXFDLOORWVDQJXLQV HIIHFWXHHQWURLVpWDSHV - 8QDFWLYDWHXUGHSURWKURPELQHHVWV\QWKpWLVp / DFWLYDWHXUGHSURWKURPELQHWUDQVIRUPHODSURWKURPELQHHQWKURPELQH /DWKURPELQHWUDQVIRUPHOHILEULQRJqQHHQILEULQHTXLUHWLHQWOHVJOREXOHVURXJHV,O\DDLQVLIRUPDWLRQGXFDLOORW &HWWHFRDJXODWLRQHVWSRVVLEOHJUkFHjO H[LVWHQFHGHIDFWHXUVGHFRDJXODWLRQGH,j;,,,SURWpLQHVSODVPDWLTXHVIDEULTXpHVSDUOH IRLHHWWUDQVSRUWpHVGDQVOHVDQJ 5pWUDFWLRQGXFDLOORW (QjPLQXWHVLO\DUpWUDFWLRQGHVSODTXHWWHV/DVWUXFWXUHGHUpSDUDWLRQHVWDLQVLVWDEOH'DQVOHVSODTXHWWHVGHVSURWpLQHV FRQWUDFWLOHV HQWUDvQHQW XQH FRQWUDFWLRQ GH OD ILEULQH /H VpUXP HVW H[SXOVp /H FDLOORW HVW UpWUDFWp /HV FRQGLWLRQV GH FLFDWULVDWLRQ VRQWERQQHV )LEULQRO\VH / pOLPLQDWLRQGXFDLOORWHVWLPSRUWDQWHVLQRQLO\DERXFKDJH(OOHIDLWLQWHUYHQLUODSODVPLQHTXLGpJUDGHODILEULQH'DQVOHVGHX[ MRXUVDSUqVODOpVLRQOHFDLOORWDGLVSDUX /HVJURXSHVVDQJXLQVKXPDLQV /HV PHPEUDQHV GHV FHOOXOHV KXPDLQHV SRUWHQW GHV VLJQHV GH UHFRQQDLVVDQFH GHV JO\FRSURWpLQHV VSpFLILTXHV TXL SHUPHWWHQW GH GLIIpUHQFLHUFKDTXHLQGLYLGX&HVJO\FRSURWpLQHVVRQWOHVDQWLJqQHV/RUVTXHOHVDQWLJqQHVVRQWVXUOHVJOREXOHVURXJHVFHVRQWGHV DJJOXWLQRJqQHV 'DQV FHUWDLQV FDV FHV VLJQHV GH UHFRQQDLVVDQFH SHXYHQW SURYRTXHU XQHDJJOXWLQDWLRQGHVJOREXOHVURXJHV&HFL SHUPHWGHGpWHUPLQHUOHVJURXSHVVDQJXLQVLPSRUWDQWVFDUGpWHUPLQHQWODFRPSDWLELOLWpGHVWUDQVIXVLRQVVDQJXLQHV/DWUDQVIXVLRQ VDQJXLQHSHUPHWGHFRPSHQVHUGHVSHUWHVGHVDQJWUqVLPSRUWDQWHV - /RUVTXHODSHUWHHVWFRPSULVHGHjSRXUFHQWFHODSURYRTXHGHODIDWLJXH /RUVTXHODSHUWHHVWVXSpULHXUHjSRXUFHQWFHODSURYRTXHODPRUW *URXSHVVDQJXLQVV\VWqPH$%2HWV\VWqPHUKpVXV /HV\VWqPH$%2HVWEDVp VXUODSUpVHQFHRXO DEVHQFHGHFHUWDLQVDJJOXWLQRJqQHVVXUODPHPEUDQHGHVJOREXOHVURXJHV VXUODSUpVHQFHRXO DEVHQFHG DJJOXWLQLQHVGDQVOHSODVPDDQWLFRUSVQDWXUHOVHWVSpFLILTXHVjXQDQWLJqQHGRQQp /HV\VWqPHUKpVXVHVWEDVpVXUODSUpVHQFHG XQDJJOXWLQRJqQH'SRVLWLIRXQpJDWLI /HV\VWqPH$%2H[LVWHHQSHUPDQHQFH/ DJJOXWLQRJqQHUKpVXVDUULYHSOXVWDUG/DSUHPLqUHWUDQVIXVLRQHVWGRQFERQQHPDLV OHVVXLYDQWHVSHXYHQWrWUHIDWDOHV 'pWHUPLQDWLRQGHVJURXSHV$%2 2Q SODFH GHX[ JRXWWHV GH VDQJ GLOXpHV GDQV GX VpUXP FRQWHQDQW GHV DJJOXWLQLQHV DQWL$ HW GDQV GX VpUXP FRQWHQDQW GHV DJJOXWLQLQHVDQWL% _ DQWL$_DQWL%_UpVXOWDW_ _ FRDJXODWLRQ_FRDJXODWLRQ_$%_ _ ULHQ_FRDJXODWLRQ_%_ _ FRDJXODWLRQ_ULHQ_$_ _ ULHQ_ULHQ_2_ 5pDFWLRQKpPRO\WLTXH 6LOHVDQJWUDQVIXVpHVWLQFRPSDWLEOHOHVDJJOXWLQLQHVGXUHFHYHXUVHIL[HQWDX[DJJOXWLQLQHVGXGRQQHXU$LQVL - LO\DREVWUXFWLRQGHVSHWLWVYDLVVHDX[VDQJXLQV OHVJOREXOHVURXJHVGpJpQqUHQWHWVRQWSKDJRF\WpV - O KpPRJORELQHHVWOLEpUpH /H WUDQVSRUW GH GLR[\JqQH GHYLHQW GRQF LPSRVVLEOH /HV WLVVXV PHXUHQW / KpPRJORELQH OLEUH GDQV OH VDQJ HVW WR[LTXH DX QLYHDX UpQDOFHTXLSURYRTXHXQHLQVXIILVDQFHUpQDOHDLJXs /HVYDLVVHDX[VDQJXLQV /H VDQJ HVW DFKHPLQp GDQV O HQVHPEOH GH O RUJDQLVPH JUkFH DX[ YDLVVHDX[ VDQJXLQV DUWqUHV YHLQHV FDSLOODLUHV /H VDQJ V \ GpSODFHJUkFHjODSURSXOVLRQSHUPLVHSDUOHVEDWWHPHQWVGXFRHXU &DUDFWpULVWLTXHVJpQpUDOHVGHVSDURLVYDVFXODLUHV 5pVHDX F°XU!DUWqUHVDRUWH!UDPLILFDWLRQ! OLWVFDSLOODLUHVGHWLVVX!VRUWLHFDSLOODLUH! YHLQXOHV!YHLQHV!JURVVHVYHLQHV!F°XU 6WUXFWXUH /HVDUWqUHVHWOHVYHLQHVVRQWIRUPpHVGHWURLVFRXFKHVRXWXQLTXHV - - - OD WXQLTXH LQWHUQH RX LQWLPD VXUIDFH OLVVH TXL GLPLQXH OD IULFWLRQ GX VDQJ VL OHV YDLVVHDX[ VRQW VXSpULHXUV j PP O HQGRWKpOLXPUHSRVHVXUXQHFRXFKHVRXVHQGRWKpOLDOHGHWLVVXFRQMRQFWLIOkFKH OD WXQLTXH PR\HQQH RX PHGLD HOOH FRQWLHQW GHV FHOOXOHV PXVFXODLUHV OLVVHV GRQW OH U{OH HVW OD YDVRFRQVWULFWLRQ RX YDVRGLODWDWLRQUpJXODWLRQFLUFXODWRLUHVDQJXLQH ODWXQLTXHH[WHUQHRXH[WHUQDTXLDVVXUHODSURWHFWLRQHWOHPDLQWLHQ 3RXUOHVFDSLOODLUHVLOQ H[LVWHTX XQHVHXOHFRXFKHO HQGRWKpOLXP $UWqUHV &H VRQW GHVYDLVVHDX[TXLFRQGXLVHQWOHVDQJGHSXLVOHF°XUMXVTX DX[WLVVXV'DQVOHVDUWqUHVHQJpQpUDOOHVDQJHVWULFKHHQ GLR[\JqQH6HORQODWDLOOHHWODIRQFWLRQLO\DGLIIpUHQWVW\SHVG DUWqUHV - - - /HV DUWqUHV pODVWLTXHV VRQW GH JURVVHV DUWqUHV SURFKHV GX F°XU DRUWH /D SURSULpWp pODVWLTXH GH FHV DUWqUHV SHXW OHXU SHUPHWWUHGHSUHQGUHXQODUJHGLDPqWUHHWGRQFXQHGLPLQXWLRQGHVUpVLVWDQFHVjO pFRXOHPHQWVDQJXLQ&HVRQWGHVDUWqUHV FRQGXFWULFHVTXLUpVLVWHQWDX[GLIIpUHQFHVGHSUHVVLRQ /HVDUWqUHVPXVFXODLUHVVRQWGHVDUWqUHVGLVWULEXWULFHV,O\DXQHSUpVHQFHLPSRUWDQWHGHFHOOXOHVPXVFXODLUHVTXLRQWXQU{OH DFWLILPSRUWDQWDYHFXQQLYHDXG H[WHQVLRQOLPLWpH /HVDUWpULROHVVRQWGHSHWLWHVDUWqUHVGRQWOHGLDPqWUHHVWFRPSULVHQWUHHWP &DSLOODLUHV &HVRQWOHVSOXVSHWLWVYDLVVHDX[VDQJXLQV/HXUVSDURLVVRQWILQHVHOOHVQHSUpVHQWHQWTX XQHVHXOHWXQLTXHLQWHUQH,OVVHVLWXHQW DX QLYHDX GHV WLVVXV ,O H[LVWH GLIIpUHQWV W\SHV GH FDSLOODLUHV ,OV VH UHJURXSHQW HQ UpVHDX SRXU IRUPHU OHV OLWV FDSLOODLUHV TXL SHUPHWWHQWODFLUFXODWLRQG XQHDUWpULROHjXQHYHLQXOHODPLFURFLUFXODWLRQ /HVOLWVFDSLOODLUHVVRQWFRQVWLWXpV - G XQHGpULYDWLRQYDVFXODLUHTXLUHOLHGLUHFWHPHQWDUWpULROHVHWYHLQXOHV GHFDSLOODLUHVYUDLVRLOH[LVWHGHVpFKDQJHVHQWUHOHVDQJHWOHOLTXLGHLQWHUVWLWLHO GH VSKLQFWHUV SUpFDSLOODLUHV TXL UpJLVVHQW O pFRXOHPHQW GX VDQJ GDQV OHV FDSLOODLUHV VL OHV VSKLQFWHUV VRQW GLODWpV OH VDQJ YD YHUVOHVFDSLOODLUHVYUDLVpFKDQJHVVLQRQOHVDQJFLUFXOHGDQVOHFDQDOGHSDVVDJHSDVG pFKDQJHV /HVSKLQFWHUVHGLODWHVHORQOHVFRQGLWLRQVORFDOHVRXVHORQOHV\VWqPHQHUYHX[ 3DUH[HPSOHSHQGDQWODGLJHVWLRQOHVOLWVFDSLOODLUHVPXVFXODLUHVVRQWRXYHUWVOHVFHOOXOHVUHoRLYHQWOHVQXWULPHQWV6 LO\DDFWLYLWp PXVFXODLUHOHVOLWVVHUHIHUPHQWSXLVVHUpRXYUHQWjFDXVHGXEHVRLQ 9HLQHV &HVRQWGHVYDLVVHDX[TXLDSSRUWHQWOHVDQJGHVOLWVFDSLOODLUHVMXVTX DXF°XU(QJpQpUDOGDQVOHVYHLQHVOHVDQJHVWSDXYUHHQ GLR[\JqQH,OH[LVWHGLIIpUHQWVW\SHVGHYHLQHVVHORQOHXUWDLOOH - - /HVYHLQXOHVVRQWIRUPpHVSDUO XQLRQGHFDSLOODLUHV/HVSOXVSHWLWHVYHLQXOHVVHVLWXHQWjODVRUWLHGHVOLWVFDSLOODLUHVYHLQXOHV SRVWFDSLOODLUHV /HVYHLQHVVRQWFRQVWLWXpHVGHWURLVWXQLTXHVPDLVOHXUVSDURLVVRQWSOXVPLQFHVTXHFHOOHVGHVDUWqUHV(OOHVRQWXQHJUDQGH OXPLqUH WURX R SDVVH OH VDQJ /HV SUHVVLRQV VRQW IDLEOHV HW OHV UpVLVWDQFHV j O pFRXOHPHQW GX VDQJ VRQW IDLEOHV 'DQV OHV YHLQHV LO \ D GHV YDOYXOHV DQWLUHIOX[ GH VDQJ YDOYXOHV YHLQHXVHV &HV YDOYXOHV FRUUHVSRQGHQW j GHV UHSOLV GH OD WXQLTXH LQWHUQH(OOHVVHVLWXHQWGDQVOHVYHLQHVGHVPHPEUHVRODJUDYLWpV RSSRVHjODPRQWpHGXVDQJ )DLVRQVXQHUHPDUTXHVXUOHV\VWqPHO\PSKDWLTXH$XQLYHDXGHVFDSLOODLUHVLO\DWUDQVVXGDWLRQ'XSODVPDHWGHVJOREXOHVEODQFV SHXYHQWWUDYHUVHUOHVSDURLVGHVFDSLOODLUHVFHTXLDERXWLWjODIRUPDWLRQGXOLTXLGHLQWHUVWLWLHOREDLJQHQWOHVFHOOXOHV&HOLTXLGH HVWpYDFXpVRXVOHQRPGHO\PSKHHWUHYLHQWjODFLUFXODWLRQSDUOHV\VWqPHGHVYDLVVHDX[O\PSKDWLTXHV/HV\VWqPHO\PSKDWLTXHD XQU{OHGHGUDLQDJHHWG pSXUDWLRQ /DSK\VLRORJLHGHODFLUFXODWLRQ 'pILQLWLRQVGpELWVDQJXLQSUHVVLRQVDQJXLQHUpVLVWDQFH &HVRQWOHVGLIIpUHQFHVGHSUHVVLRQGDQVOHV\VWqPHFDUGLRYDVFXODLUHTXLSHUPHWWHQWGHSURSXOVHUOHVDQJ /D UpVLVWDQFH HVW XQH IRUFH TXL V RSSRVH j O pFRXOHPHQW GX VDQJ GDQV OHV YDLVVHDX[ VDQJXLQV &H VRQW VRXYHQW GHV IRUFHV GH IULFWLRQ /D UpVLVWDQFH YDULH VHORQ OD YLVFRVLWp GX VDQJ SOXV OH VDQJ HVW YLVTXHX[ SOXV OHV UpVLVWDQFHV VRQWLPSRUWDQWHV3OXVOHV YDLVVHDX[VRQWORQJVSOXVLO\DGHUpVLVWDQFHV3OXVOHGLDPqWUHGHVYDLVVHDX[VDQJXLQVHVWSHWLWSOXVLO\DGHUpVLVWDQFHV3OXVRQ V pORLJQHGXF°XUSOXVOHV\VWqPHHVWVHQVLEOHDX[UpVLVWDQFHV ,OH[LVWHXQHUHODWLRQHQWUHGpELWSUHVVLRQHWUpVLVWDQFH ∆SUHVVLRQ GpELW UpVLVWDQFH /DSUHVVLRQVDQJXLQH 7RXW OLTXLGH SURSXOVp SDU XQH SRPSH GDQV XQ FLUFXLW IHUPp FLUFXOH VRXV SUHVVLRQ 3OXV OH OLTXLGH HVW SUqV GH OD SRPSH SOXV OD SUHVVLRQ HVW JUDQGH /D SUHVVLRQ VDQJXLQH HVW pOHYpH j OD VRUWLH GX F°XU HW IDLEOH j O HQWUpH GX F°XU &HV PRGLILFDWLRQV GH SUHVVLRQSHUPHWWHQWDXVDQJGHFLUFXOHUVHORQOHJUDGLHQWGHSUHVVLRQ/HVDQJYDGHV]RQHVGHKDXWHSUHVVLRQYHUVOHV]RQHVGH EDVVHSUHVVLRQ /DSUHVVLRQDUWpULHOOHHWVDUpJXODWLRQ 'pILQLWLRQ & HVW OD SUHVVLRQ GX VDQJ TXL VH VLWXH GDQV OHV DUWqUHV 'DQV OHV DUWqUHV O pFRXOHPHQW GX VDQJ HVW SXOVDWLI &HV SXOVDWLRQV FRUUHVSRQGHQWDX[FRQWUDFWLRQVGXF°XU - - - /RUVTXHOHVDQJHVWH[SXOVpGXF°XULOSRVVqGHXQHpQHUJLHFLQpWLTXHTXLpWLUHOHVSDURLVGHVDUWqUHVDXPD[LPXP3RXUXQ LQGLYLGXQRUPDOODSUHVVLRQDUWpULHOOHV\VWROLTXHHVWHQYLURQpJDOHjPP+J $SUqV FRQWUDFWLRQ OH F°XU VH UHOkFKH /HV SDURLV GHV DUWqUHV UHSUHQQHQW OHXU SRVLWLRQ PDLV LO H[LVWH WRXMRXUV XQH SUHVVLRQ PLQLPDOHDSSHOpHODSUHVVLRQDUWpULHOOHGLDVWROLTXH3RXUXQLQGLYLGXQRUPDOFHWWHSUHVVLRQHVWFRPSULVHHQWUHHWPP+J /DSUHVVLRQGLIIpUHQWLHOOHHVWpJDOHjODSUHVVLRQDUWpULHOOHV\VWROLTXHPRLQVODSUHVVLRQDUWpULHOOHGLDVWROLTXH /RUVTXHO RQWRXFKHXQHDUWqUHRQVHQWXQHSDOSLWDWLRQOHSRXOV/HSRXOVFRUUHVSRQGjODSUHVVLRQH[HUFpHSDUOHVDQJSHQGDQWOD V\VWROHODFRQWUDFWLRQGXF°XU(QIDLWLOH[LVWHGHVGLIIpUHQFHVGHSUHVVLRQjFKDTXHIRLVTXHOHF°XUEDW3RXUrWUHMXVWHLOIDXW XWLOLVHUXQHSUHVVLRQPR\HQQH SUHVVLRQPR\HQQH SUHVVLRQDUWpULHOOHGLDVWROLTXH SUHVVLRQGLIIpUHQWLHOOH /H UHSRV GXUH SOXV ORQJWHPSVTXHODSKDVHGHFRQWUDFWLRQ& HVWSRXUTXRLODSUHVVLRQPR\HQQHQ HVWSDVpJDOHjODPRLWLpGHOD VRPPHGHVSUHVVLRQVDUWpULHOOHVV\VWROLTXHHWGLDVWROLTXH 9DULDWLRQVGHODSUHVVLRQDUWpULHOOH SUHVVLRQDUWpULHOOH GpELWFDUGLTXHUpVLVWDQFH /HGpELWFDUGLDTXHHVWODTXDQWLWpGHVDQJHQYR\pHjFKDTXHFRQWUDFWLRQSDUUDSSRUWDXWHPSV$XUHSRVOHGpELWFDUGLDTXHHVWGH /PLQ /HVUpVLVWDQFHVGpSHQGHQWGXGLDPqWUHGHVYDLVVHDX[VDQJXLQVYDVRFRQVWULFWLRQRXYDVRGLODWDWLRQ 4XDQG OD SUHVVLRQ DUWpULHOOH HVW DIIDLEOLH SUHVVLRQ DUWpULHOOH V\VWROLTXH LQIpULHXUH j PP+JRQSDUOHG K\SRWHQVLRQDUWpULHOOH (Q FDV FRQWUDLUH RQ SDUOH G K\SHUWHQVLRQ DUWpULHOOH SUHVVLRQ DUWpULHOOH V\VWROLTXH VXSpULHXUH j PP+J HW SUHVVLRQ DUWpULHOOH GLDVWROLTXH VXSpULHXUH j PP+J /RUVTXH OD SUHVVLRQ DUWpULHOOH GLDVWROLTXH HVW VXSpULHXUH j PP+J LO \DVRLWRFFOXVLRQDX QLYHDXGHVDUWqUHVVRLWGXUFLVVHPHQWGHVDUWqUHV 0pFDQLVPHVGHUpJXODWLRQjFRXUWWHUPH 0pFDQLVPHVQHUYHX[ /HV\VWqPHQHUYHX[FHQWUDOSHUPHWGHUpJXOHUODSUHVVLRQDUWpULHOOH&HVPpFDQLVPHVQHUYHX[DJLVVHQWSDUGHVDUFVUpIOH[HV'DQV FHVDUFVUpIOH[HVVHWURXYHQWGHVUpFHSWHXUVGHVILEUHVQHUYHXVHVHWXQFHQWUHQHUYHX[OHFHQWUHYDVRPRWHXUVLWXpDXQLYHDXGX FHUYHDXGDQVOHV\VWqPHQHUYHX[FHQWUDO /HV UpIOH[HV VRQW GpFOHQFKpV SDU GHV EDURUpFHSWHXUV UpFHSWHXUV VHQVLEOHV j OD SUHVVLRQ &HV UpFHSWHXUV VRQW VLWXpV GDQV OHV DUWqUHVFDURWLGHVLQWHUQHVGDQVO DRUWHHWGDQVOHVJURVVHVDUWqUHVGXFRXHWGXWKRUD[ /RUVTXHODSUHVVLRQDUWpULHOOHDXJPHQWHOHVEDURUpFHSWHXUVVRQWVWLPXOpVHWHQYRLHQWGHVLQIOX[QHUYHX[YHUVOHFHQWUHQHUYHX[OH FHQWUHYDVRPRWHXU/HFHUYHDXGRQQHO RUGUHDX[DUWqUHVGHVHGLODWHULO\DYDVRGLODWDWLRQGHVDUWqUHVOHVUpVLVWDQFHVGHYLHQQHQW SOXVIDLEOHVFHTXLIDLWEDLVVHUODSUHVVLRQDUWpULHOOH/HFHUYHDXRUGRQQHGHGLPLQXHUODIUpTXHQFHFDUGLDTXHOHF°XUVHFRQWUDFWH PRLQVODSUHVVLRQDUWpULHOOHGLPLQXH /DUpJXODWLRQQHUYHXVHHVWLPSRUWDQWHFDUHOOHHVWUDSLGH(OOHLQWHUYLHQWSRXUHPSrFKHUOHVPRGLILFDWLRQVWUDQVLWRLUHVGHSUHVVLRQ DUWpULHOOHSDUH[HPSOHORUVTX RQSDVVHGHODSRVLWLRQFRXFKpHjGHERXW /HVFKLPLRUpFHSWHXUVVRQWVHQVLEOHVjGHVVXEVWDQFHVFKLPLTXHVQRWDPPHQWjODFRQFHQWUDWLRQGHGLR[\JqQHGH&2 HWDXS+6L ODSUHVVLRQHQGLR[\JqQHRXOHS+HVWGLPLQXpLO\DYDVRFRQVWULFWLRQGHVYDLVVHDX[VDQJXLQVHWODSUHVVLRQDUWpULHOOHDXJPHQWH 0pFDQLVPHVFKLPLTXHV / DFWLRQ HVW WUqV UDSLGH ,O \ D XQH DFWLRQ GLUHFWH VXU OH PXVFOH OLVVH GHV DUWqUHV RX ELHQ XQH DFWLRQ GLUHFWH VXU OH FHQWUH YDVRPRWHXU&HWWHUpJXODWLRQjFRXUWWHUPHFKLPLTXHVHIDLWSDUGHVKRUPRQHVTXLFLUFXOHQWGDQVOHVDQJ3DUH[HPSOHO DGUpQDOLQH HW ODQRUDGUpQDOLQHSURYRTXHQWXQHYDVRFRQVWULFWLRQ 0pFDQLVPHVGHUpJXODWLRQjORQJWHUPH /D UpJXODWLRQ j ORQJ WHUPH HVW HIIHFWXpH JUkFH DX[ UHLQV HW DJLW VXU OH YROXPH VDQJXLQ 6L OH YROXPH VDQJXLQ HVW DXJPHQWp OD SUHVVLRQDUWpULHOOHHVWDXJPHQWpHHWLQYHUVHPHQW ,OH[LVWHGHX[W\SHVGHPpFDQLVPH - /HPpFDQLVPHGLUHFWWLHQWFRPSWHGHODYLWHVVHjODTXHOOHOHVOLTXLGHVSDVVHQWGXVDQJYHUVOHVUHLQV - - - 6L OHVOLTXLGHVSDVVHQWWUqVYLWHLO\DEHDXFRXSG XULQHTXLHVWSDUODVXLWHpOLPLQpH3DUFRQVpTXHQWOHYROXPHVDQJXLQ HVW GLPLQXpWRXWFRPPHODSUHVVLRQDUWpULHOOH 6L OHV OLTXLGHV SDVVHQW WUqV OHQWHPHQW LO \ D UHWHQXH GH +2 3DU FRQVpTXHQW OH YROXPH VDQJXLQ HVW DXJPHQWp WRXW FRPPHODSUHVVLRQDUWpULHOOH /HPpFDQLVPHLQGLUHFWIDLWLQWHUYHQLUGHVKRUPRQHVGXV\VWqPHUpQLQHDQJLRWHQVLQH/RUVTXHODSUHVVLRQDUWpULHOOHGLPLQXHOHV FHOOXOHV UpQDOHV OLEqUHQW GH OD UpQLQH XQH HQ]\PH TXL GRQQH OD IRUPDWLRQ G DQJLRWHQVLQH ,, / DQJLRWHQVLQH,,HQWUDvQHXQH YDVRFRQVWULFWLRQ FH TXL SHUPHW G DXJPHQWHU OD SUHVVLRQ DUWpULHOOH HW GH FRPSHQVHU OD FKXWH j O RULJLQH GX PpFDQLVPH 3DUDOOqOHPHQW O DQJLRWHQVLQH ,, SURYRTXH OD OLEpUDWLRQ G XQH KRUPRQH O DOGRVWpURQH TXL D OD FDSDFLWp GH UHWHQLU O HDX &HFL HQWUDvQHXQHDXJPHQWDWLRQGHODSUHVVLRQDUWpULHOOH /DSUHVVLRQFDSLOODLUH $ O HQWUpH GHV FDSLOODLUHV OD SUHVVLRQ HVW G HQYLURQ PP+J /RUVTXH OHV OLWV FDSLOODLUHV VRQW IUDQFKLV OD SUHVVLRQ FKXWH j PP+J,OV DJLWGHSUHVVLRQVEDVVHVFDU - OHVFDSLOODLUHVVRQWGHVYDLVVHDX[IUDJLOHVXQHVHXOHWXQLTXH OHVFDSLOODLUHVVRQWSHUPpDEOHVPrPHDYHFXQHIDLEOHSUHVVLRQLOSHXW\DYRLUSDVVDJHGXVDQJYHUVOHPLOLHXLQWHUVWLWLHO /DSUHVVLRQYHLQHXVHHWOHUHWRXUYHLQHX[ (OOHHVWLQIpULHXUHjPP+J(OOHIOXFWXHWUqVSHXHOOHUHVWHUHODWLYHPHQWFRQVWDQWH'DQVOHVYHLQHVODSUHVVLRQHVWIDLEOHFDU O pQHUJLHGHODSUHVVLRQDUWpULHOOHHVWGLVVLSpHSDUO DXJPHQWDWLRQGHVUpVLVWDQFHVSpULSKpULTXHV - /RUVGHODOpVLRQG XQHYHLQHO pFRXOHPHQWHVWOHQW/DSUHVVLRQ\HVWGRQFIDLEOH - /RUVGHODOpVLRQG XQHDUWqUHO pFRXOHPHQWHVWUDSLGHMHWGHVDQJ/DSUHVVLRQ\HVWGRQFpOHYpH - /DOXPLqUHGHVYHLQHVHVWJUDQGHFHTXLSHUPHWGHUHPRQWHUXQHJUDQGHTXDQWLWpGHVDQJ 'DQV OHV YHLQHV OD SUHVVLRQ YHLQHXVH HVW IDLEOH 3RXUWDQW OH VDQJ YHLQHX[GRLWUHWRXUQHUYHUVOHF°XU,OIDXWWURXYHUXQPR\HQ SRXU TXH OH VDQJ VRLW SURSXOVp &H UHWRXU GX VDQJ YHUV OH F°XU HVW DSSHOp OH UHWRXU YHLQHX[ TXL HVW IDYRULVp SDU GLIIpUHQWV IDFWHXUV - - /HVYDOYXOHVVRQWGHVLQYDJLQDWLRQVGHODWXQLTXHLQWHUQHGHVYHLQHVHPSrFKDQWOHUHIOX[GHVDQJ /RUVTXHO RQUHVSLUHLO\DGHVFKDQJHPHQWVGHSUHVVLRQGDQVODFDYLWpDEGRPLQDOHTXLIRQFWLRQQHQWFRPPHXQHSRPSH&HV FKDQJHPHQWVVRQWDSSHOpVODSRPSHUHVSLUDWRLUHTXLDVSLUHOHVDQJYHUVOHF°XU/HGLDSKUDJPHHQGHVFHQGDQWpFUDVHGHV YHLQHV&RPPHLO\DGHVYDOYXOHVGDQVOHVYHLQHVOHVDQJHVWFKDVVpYHUVOHF°XU /DFRQWUDFWLRQHWOHUHOkFKHPHQWGHVPXVFOHVVTXHOHWWLTXHVVHWURXYDQWDXWRXUGHVYHLQHVSURYRTXHXQHIIHWGHPDVVDJH&H SKpQRPqQHHVWDSSHOpODSRPSHPXVFXODLUH(QPDVVDQWOHVYHLQHVOHVDQJHVWFKDVVpGDQVODVHXOHGLUHFWLRQRLOSHXWDOOHU F HVWjGLUHYHUVOHF°XU2QSURJUHVVHDLQVLGHYDOYXOHHQYDOYXOH /HF°XU $QDWRPLH *pQpUDOLWpV /H F°XU HVW XQ PXVFOH SHVDQW HQWUH HW JUDPPHV PHVXUDQW GH j FP 6D IRUPH HVW FRQLTXH ,O HVW ORJp GDQV OH PpGLDVWLQODFDYLWpFHQWUDOHGXWKRUD[,ODXQHSRVLWLRQREOLTXHGDQVOHPpGLDVWLQ /HF°XUpWDQWFRQLTXHHVWGpILQLHXQHEDVHSODWHVLWXpHIDFHjO pSDXOHGURLWH(VWGpILQLHXQHDSH[XQHSRLQWHYHUVOHEDVGHOD KDQFKHJDXFKH /HF°XUVHWURXYHGDQVXQHHQYHORSSHOHSpULFDUGH - /HSpULFDUGHILEUHX[FRXFKHH[WHUQHMRXHXQU{OHGHSURWHFWLRQHWGHPDLQWLHQ /HSpULFDUGHVpUHX[FRXFKHLQWHUQHSUpVHQWHGHX[ODPHV - - 8QHODPHSDULpWDOHVHWURXYHVXUODIDFHLQWHUQHGXSpULFDUGHILEUHX[ 8QHODPHYLVFpUDOHDSSHOpHO pSLFDUGHFRUUHVSRQGjODSDURLGXF°XU (QWUHOHGHX[ODPHVVHWURXYHXQHFDYLWpFRQWHQDQWGXOLTXLGHOXEULILDQW 3DURLGXFRHXU /HF°XUHVWFRQVWLWXpGHSOXVLHXUVSDURLV,OH[LVWHWURLVWXQLTXHVGHO H[WpULHXUYHUVO LQWpULHXU - O pSLFDUGH OHP\RFDUGHFRQVWLWXpGHFHOOXOHVPXVFXODLUHVFDUGLDTXHVFDSDEOHVGHVHFRQWUDFWHU O HQGRFDUGHTXLWDSLVVHOHVFDYLWpVGXF°XUHWFRQVWLWXHXQUHYrWHPHQWOLVVH &DYLWpVHWYDLVVHDX[ /HF°XUHVWXQRUJDQHFUHX[SUpVHQWDQWTXDWUHFDYLWpV - 'HX[RUHLOOHWWHVVHVLWXHQWGDQVODSDUWLHVXSpULHXUH 'HX[YHQWULFXOHVVHVLWXHQWGDQVODSDUWLHLQIpULHXUH /HVYHQWULFXOHVVRQWSOXVJUDQGVTXHOHVRUHLOOHWWHV &HVFDYLWpVVRQWVpSDUpHVSDUGHVFORLVRQVDSSHOpHVVHSWXPV - / RUHLOOHWWHGURLWHHVWVpSDUpHGHO RUHLOOHWWHJDXFKHSDUXQVHSWXPLQWHUDXULFXODLUH /HYHQWULFXOHGURLWHVWVpSDUpGXYHQWULFXOHJDXFKHSDUXQVHSWXPLQWHUYHQWULFXODLUH 2UHLOOHWWHV (OOHV FRUUHVSRQGHQW DX[ SRLQWV G DUULYpH GX VDQJ GDQV OH F°XU /HXU LQWpULHXU HVW OLVVH /HXUV SDURLV FRQWLHQQHQW XQ SHX GH IDLVFHDX[GHILEUHVPXVFXODLUHVIDLEOHSRXYRLUGHFRQWUDFWLRQ$XQLYHDXGXVHSWXPLQWHUDXULFXODLUHVHWURXYHODIRVVHRYDOHTXL FRUUHVSRQG j XQ YHVWLJH GX F°XU I°WDO /HV RUHLOOHWWHV VRQW GH SHWLWH WDLOOH SDU UDSSRUW DX[ YHQWULFXOHV FDU OHXU U{OH HVW DVVH] QpJOLJHDEOHGDQVODFRQWUDFWLRQ/HXUVSDURLVVRQWPLQFHVFDUHOOHVQHMRXHQWSDVXQJUDQGU{OHGDQVODFRQWUDFWLRQ 7URLVYHLQHVDUULYHQWGDQVO RUHLOOHWWHGURLWH - - - /D SUHPLqUH YHLQH HVW OD YHLQH FDYH VXSpULHXUH TXL GpYHUVH GDQV OH F°XU OH VDQJ YHQDQW GHV UpJLRQV VLWXpHV DXGHVVXV GX GLDSKUDJPH /D GHX[LqPH YHLQH HVW OD YHLQH FDYH LQIpULHXUHTXLGpYHUVHGDQVOHF°XUOHVDQJYHQDQWGHVUpJLRQVVLWXpHVHQGHVVRXVGX GLDSKUDJPH /HVLQXVFRURQDLUHUDPqQHGDQVOHF°XUOHVDQJGUDLQpSDUOHP\RFDUGH 4XDWUHYHLQHVDUULYHQWGDQVO RUHLOOHWWHJDXFKH,OV DJLWGHVYHLQHVSXOPRQDLUHVTXLUDPqQHQWOHVDQJGHVSRXPRQVYHUVOHF°XU 9HQWULFXOHV ,OVFRQVWLWXHQWOHVSRLQWVGHGpSDUWGXVDQJ/HXUYROXPHHVWLPSRUWDQW/HXULQWpULHXUSUpVHQWHGHVVDLOOLHVPXVFXODLUHVOHSRXYRLU GHFRQWUDFWLRQHVWLPSRUWDQW/HVYHQWULFXOHVVRQWOHVSRPSHVGXFRHXULOVSUpVHQWHQWGHVSDURLVpSDLVVHVFDSDEOHVGHUpVLVWHUj GHIRUWHVSUHVVLRQV - - /H YHQWULFXOH GURLW SURSXOVH OH VDQJ GDQV XQ UpVHDX G DUWqUHV SXOPRQDLUHV IRUPDQW OH WURQF SXOPRQDLUH /H VDQJ YD HQVXLWH YHUVOHVSRXPRQV /HYHQWULFXOHJDXFKHSURSXOVHOHVDQJGDQVO DRUWHSHUPHWWDQWODGLVWULEXWLRQGXVDQJGDQVWRXWO RUJDQLVPH 7UDMHWGXVDQJGDQVOHF°XU /HF°XUHVWFRQVWLWXpGHGHX[SRPSHVVLWXpHVF{WHjF{WH,O\DGRQFGHX[FLUFXODWLRQV - /DFLUFXODWLRQGURLWHFRUUHVSRQGjODFLUFXODWLRQSXOPRQDLUHODSHWLWHFLUFXODWLRQTXLDPqQHOHVDQJMXVTX DX[SRXPRQV /D FLUFXODWLRQ JDXFKH FRUUHVSRQG j OD FLUFXODWLRQ V\VWpPLTXH OD JUDQGH FLUFXODWLRQ TXL GLVWULEXH OH VDQJ GDQV OHV GLIIpUHQWV WLVVXV /H VDQJ YHQDQW GH O RUJDQLVPH HVW SDXYUH HQ GLR[\JqQH ULFKH HQ GLR[\GH GH FDUERQH &H VDQJ UHQWUH GDQV O RUHLOOHWWH GURLWH ,O SDVVHHQVXLWHGDQVOHYHQWULFXOHGURLW/HVDQJSDUWGXYHQWULFXOHGURLWSDUOHVDUWqUHVSXOPRQDLUHVSRXUUHMRLQGUHOHVSRXPRQV$X QLYHDXGHVSRXPRQVOHVDQJHVWFKDUJpHQGLR[\JqQHGpFKDUJpHQGLR[\GHGHFDUERQH/HVDQJDUULYHSDUOHVYHLQHVSXOPRQDLUHV GDQVO RUHLOOHWWHJDXFKH,OSDVVHGDQVOHYHQWULFXOHJDXFKHHWUHVVRUWGXF°XUSDUO DRUWH/HVDQJDUULYHDX[GLIIpUHQWVWLVVXV/H GLR[\JqQH HVW XWLOLVp /H VDQJ HVW SDXYUH HQ GLR[\JqQH ,O UHWRXUQH GDQV O RUHLOOHWWH GURLWH SDU OD YHLQH FDYH VXSpULHXUH OD YHLQH FDYHLQIpULHXUHHWOHVLQXVFRURQDLUH &H WUDMHWHVWUpDOLVpHQFRQWLQXHWHQVHQVXQLTXH/ XQLFLWpGXVHQVHVWSHUPLVHSDUGHVYDOYHVTXLV RXYUHQWHWVHIHUPHQWVHORQ OHVSUHVVLRQVVDQJXLQHVKDXWHVRXEDVVHV,OH[LVWHSOXVLHXUVW\SHVGHYDOYHV - - /HVGHX[YDOYHVDXULFXORYHQWULFXODLUHVJDXFKHHWGURLWHSHUPHWWHQWODMRQFWLRQHQWUHRUHLOOHWWHVHWYHQWULFXOHVGXPrPHF{Wp (OOHVHPSrFKHQWOHVDQJGHUHIOXHUYHUVOHVRUHLOOHWWHV/DYDOYHDXULFXORYHQWULFXODLUHGURLWHHVWDSSHOpHODYDOYHWULFXVSLGHFDU HOOHHVWFRQVWLWXpHGHWURLVODPHV/DYDOYHDXULFXORYHQWULFXODLUHJDXFKHHVWDSSHOpHODYDOYHELFXVSLGHRXPLWUDOHFDUHOOHHVW FRQVWLWXpHGHGHX[ODPHV/HVYDOYHVVRQWDQFUpHVDX[PXVFOHVGHVSDURLVSDUGHVFRUGDJHVWHQGLQHX[/RUVTXHOHF°XUHVW UHOkFKp OHV YDOYHV VRQW RXYHUWHV HW OH VDQJ SDVVH GHV RUHLOOHWWHV YHUV OHV YHQWULFXOHV /RUVTXH OHV YHQWULFXOHVVHFRQWUDFWHQW OHVYDOYHVVHIHUPHQWSRXUHPSrFKHUTXHOHVDQJQHUHPRQWH /HV YDOYHV GH O DRUWH HW GX WURQF SXOPRQDLUH HPSrFKHQW OH VDQJ GH UHIOXHU YHUV OHV YHQWULFXOHV (OOHV VRQW DSSHOpHV YDOYHV VLJPRwGHV /RUVTXH OHV YHQWULFXOHV VH FRQWUDFWHQW OD SUHVVLRQ LQWUDYHQWULFXODLUH HVW DXJPHQWpH &HWWH SUHVVLRQ HVW WHOOHPHQW JUDQGH TX HOOH HVW VXSpULHXUH j FHOOH GH O DRUWH HW GX WURQF SXOPRQDLUH /RUVTXH OHV YHQWULFXOHV VRQW UHOkFKpV OD SUHVVLRQ LQWUDYHQWULFXODLUH HVW SOXV SHWLWH TXH GDQV O DRUWH HW OH WURQF SXOPRQDLUH /H VDQJ YD YHUV OH F°XU HW OHV YDOYXOHV VRQW UHIHUPpHV &RQIHUVFKpPDGXF°XU /HWLVVXPXVFXODLUHFDUGLDTXH ,OHVWSURFKHGXWLVVXPXVFXODLUHVTXHOHWWLTXHPDLVSUpVHQWHGHVVSpFLILFLWpVSDUUDSSRUWDXU{OHGHSRPSH 6WUXFWXUH /HPXVFOHFDUGLDTXHHVWXQPXVFOHVWULpFRPPHOHPXVFOHVTXHOHWWLTXH /D FRQWUDFWLRQ V HIIHFWXH GH OD PrPH IDoRQ TXH SRXU XQ PXVFOH VWULp VTXHOHWWLTXH F HVWjGLUH TX LO \ D XQ JOLVVHPHQW GHV P\RILODPHQWV 0DLVOHVIDLVFHDX[GHVILEUHVPXVFXODLUHVFDUGLDTXHVVRQWSOXVFRXUWVHWSOXVpSDLVTXHFHX[GHVPXVFOHVVTXHOHWWLTXHV /HV PHPEUDQHV SODVPLTXHV GHV FHOOXOHV FDUGLDTXHV VRQW UDWWDFKpHV SDU GHV MRQFWLRQV VSpFLDOHV TXL HPSrFKHQW OHV FHOOXOHV GH VH VpSDUHUORUVGHODFRQWUDFWLRQ/HVMRQFWLRQVVSpFLDOHVODLVVHQWSDVVHUGHVLRQVHWGXFRXUDQWpOHFWULTXHG XQHFHOOXOHjO DXWUH %HDXFRXS GH PLWRFKRQGULHV VRQW SUpVHQWHV GDQV OHV ILEUHV PXVFXODLUHV FDUGLDTXHV SOXV TXH GDQV OHV ILEUHV PXVFXODLUHV VTXHOHWWLTXHV 2Q\UHWURXYHGHVVDUFRPqUHVDYHFGHVILODPHQWVGHP\RVLQHpSDLVHWG DFWLQHILQV&HVILODPHQWVGpWHUPLQHQWGHVVWULHVPRLQV ELHQGpILQLHVTXHGDQVOHVILEUHVPXVFXODLUHVVTXHOHWWLTXHV 2QUHWURXYHOHV\VWqPHGHWUDQVSRUWGH&D %HVRLQVpQHUJpWLTXHV /HJUDQGQRPEUHGHPLWRFKRQGULHVLPSOLTXHXQEHVRLQLPSRUWDQWHWFRQWLQXHQ2 /H PXVFOH FDUGLDTXH D XQH UHVSLUDWLRQ FHOOXODLUH SUHVTXH H[FOXVLYHPHQW GH W\SH DpURELH 6 LO \ D XQ PDQTXH GH 2 OH F°XU VH FRQWUDFWHPDO3DUFRQWUHOHPXVFOHVTXHOHWWLTXHPrPHV LOPDQTXHGX2 SHXWIRQFWLRQQHUHQDQDpURELH /HPXVFOHFDUGLDTXHSHXWXWLOLVHUGHVQXWULPHQWVOHJOXFRVHHWOHVDFLGHVJUDVOLSLGHVSRXUSURGXLUHGHO pQHUJLHWRXWFRPPHOH PXVFOH VTXHOHWWLTXH &HSHQGDQW OH PXVFOH FDUGLDTXH V DGDSWH PLHX[ TXH OH PXVFOH VTXHOHWWLTXH /H PXVFOH FDUGLDTXH XWLOLVH GLIIpUHQWHVYRLHVPpWDEROLTXHVLOSHXWPrPHUpXWLOLVHUO DFLGHODFWLTXHSRXUSURGXLUHGHO pQHUJLH /HPXVFOHFDUGLDTXHHVWSOXVVHQVLEOHDXPDQTXHGH2 TX DXPDQTXHGHQXWULPHQWV 'pURXOHPHQWGHODFRQWUDFWLRQ /HVGLIIpUHQFHV 'DQVOHPXVFOHFDUGLDTXHRQDSSOLTXHODORLGXWRXWRXULHQjO RUJDQHHQHQWLHU/HF°XUVHFRQWUDFWHG XQEORFRXQHVHFRQWUDFWH SDVGXWRXW 'DQVOHF°XULOH[LVWHGHVFHOOXOHVDXWRH[FLWDEOHVTXLVHFRQWUDFWHQWVHXOHV'DQVOHPXVFOHVTXHOHWWLTXHLOIDXWDEVROXPHQWXQH WHUPLQDLVRQQHUYHXVHSRXUODFRQWUDFWLRQ /DSpULRGHUpIUDFWDLUHVDEVROXHHVWODSpULRGHSHQGDQWODTXHOOHODFHOOXOHPXVFXODLUHHVWLQH[FLWDEOH - 'DQVOHPXVFOHFDUGLDTXHFHWWHSpULRGHHVWGHPV 'DQVOHPXVFOHVTXHOHWWLTXHFHWWHSpULRGHHVWGHPV 6LRQSURORQJHFHWWHSpULRGHRQHPSrFKHOHVFRQWUDFWLRQVSURORQJpHVWpWDQLTXHVTXLDOWqUHQWO HIILFDFLWpGHODSRPSH /HVVLPLOLWXGHV /DFRQWUDFWLRQFDUGLDTXHFRPPHODFRQWUDFWLRQVTXHOHWWLTXHHVWGpFOHQFKpHSDUGHVSRWHQWLHOVG DFWLRQSRWHQWLHOVpOHFWULTXHVVH SURSDJHDQWGDQVOHVPHPEUDQHVGHVGLIIpUHQWHVFHOOXOHVGXF°XUOHVFHOOXOHVP\RFDUGLTXHV,OH[LVWHOHPrPHHQFKDvQHPHQWTXH GDQVOHVILEUHVPXVFXODLUHVVTXHOHWWLTXHV - - /DPRGLILFDWLRQGXSRWHQWLHOGHUHSRVGHODPHPEUDQHHQWUDvQHO RXYHUWXUHUDSLGHGHFDQDX[j1D /HIOX[GH1D SDVVHGH O H[WpULHXUjO LQWpULHXUGHODFHOOXOH/HVFDQDX[VHIHUPHQW ,O\DWUDQVPLVVLRQGHO RUGUHGHGpSRODULVDWLRQGDQVOHVWXEXOHVWUDQVYHUVHV,O\DOLEpUDWLRQGH&DGDQVOHVDUFRSODVPH ,QWHUYLHQWOHFRXSODJHH[FLWDWLRQFRQWUDFWLRQ /RUVTXHOH&DHQWUHGDQVODFHOOXOHFDUGLDTXHFHWWHHQWUpHHVWOHQWHHWSURORQJHODGpSRODULVDWLRQ&HFLH[SOLTXHODSUpVHQFHG XQ SODWHDX DX QLYHDX GX SRWHQWLHO G DFWLRQ (Q PrPH WHPSV OD SHUPpDELOLWp DX . GLPLQXH OH . VRUW GH OD FHOOXOH PXVFXODLUH FDUGLDTXH,O\DUHWRXUDXSRWHQWLHOGHUHSRVGHODPHPEUDQH /DSK\VLRORJLHGXF°XU /HVSKpQRPqQHVpOHFWULTXHV /HF°XUGLVSRVHG XQHGRXEOHLQQHUYDWLRQ,OHVWGRXpG XQDXWRPDWLVPHIRQFWLRQQHPHQWVSRQWDQpDYHFUpSpWLWLRQGHFRQWUDFWLRQ TXL GpWHUPLQH OH U\WKPH FDUGLDTXHODIUpTXHQFHFDUGLDTXH/ DFWLYLWpDXWRPDWLTXHGXF°XUHVWVRXVODGpSHQGDQFHGXV\VWqPH QHUYHX[DXWRQRPHGpSHQGDQFHH[WULQVqTXHYHQDQWHQGHKRUVGXF°XUHWVRXVO LQIOXHQFHG XQV\VWqPHQHUYHX[LQWULQVqTXH /HU\WKPHGHEDVH & HVWXQHDFWLYLWpLQGpSHQGDQWHGXF°XUGXHjODSUpVHQFH - GHMRQFWLRQVVSpFLDOHVHQWUHOHVFHOOXOHV G XQV\VWqPHGHFRPPDQGHLQWpJUpV\VWqPHGHFRQGXFWLRQ GHFHOOXOHVFDUGLRQHFWULFHVTXLVHFRQWUDFWHQWWRXWHVVHXOHVGDQVOHVSDURLVGXF°XUO HQVHPEOHGHFHVFHOOXOHVIRUPHOHWLVVX QRGDO /HWLVVXQRGDOHVWRUJDQLVpHQIDLVFHDX[HWHQQ°XGV - - - /HQ°XGVLQXVDOQ°XGGH.HLWKHW)ODFNHVWVLWXpGDQVODSDURLGHO RUHLOOHWWHGURLWH/HU{OHGHFHQ°XGHVWG pPHWWUHGHV LPSXOVLRQV pOHFWULTXHV j SDU PLQXWH ORUVTXH OH F°XU HVW ELHQ FRQQHFWp F HVW OH SDFHPDNHU OD SLOH GX F°XU /H SDFHPDNHU D XQ U\WKPH GH SXOVDWLRQV SDU PLQXWH ORUVTXH OH F°XU HVW SULYp GH IDFWHXUV KRUPRQDX[ RX G LQQHUYDWLRQ & HVW OH U\WKPH GHV LPSXOVLRQV GX Q°XG VLQXVDO TXL GpWHUPLQH OD IUpTXHQFH FDUGLDTXH HQ SURYRTXDQW OD FRQWUDFWLRQ GHV RUHLOOHWWHV /HQ°XGDXULFXORYHQWULFXODLUHQ°XGG $VFKRII7DZDUDHVWOHSRLQWGHGpSDUWGHO H[FLWDWLRQGHVYHQWULFXOHV /H IDLVFHDX DXULFXORYHQWULFXODLUH IDLVFHDX GH +LV VH VLWXH HQ EDV GX VHSWXP LQWHUDXULFXODLUH 'HV EUDQFKHV SDUWHQW GH FH IDLVFHDXGDQVOHVYHQWULFXOHVJDXFKHHWGURLW &KDTXH EUDQFKH GX IDLVFHDX GH +LV VH UDPLILH HW GRQQH OH UpVHDX GH 3XUNLQMH &H UpVHDX IDLW UHPRQWHU O H[FLWDWLRQ GDQV OHV YHQWULFXOHV /HVPRGLILFDWLRQVGXU\WKPHGHEDVHLQQHUYDWLRQH[WULQVqTXH /HV\VWqPHQHUYHX[DXWRQRPHFRPSUHQGOHV\VWqPHQHUYHX[V\PSDWKLTXHHWOHV\VWqPHQHUYHX[SDUDV\PSDWKLTXH /HU\WKPHFDUGLDTXHHVWOHUpVXOWDWG XQFRPSURPLVHQWUHOHV\VWqPHV\PSDWKLTXHHWOHV\VWqPHSDUDV\PSDWKLTXHVXUOHU\WKPHGH EDVH (OHFWURFDUGLRJUDSKLH 4XDQGO¶RQGHGHGpSRODULVDWLRQVHUpSDQGjWUDYHUVOHP\RFDUGHLOH[LVWHGHVFRXUDQWVpOHFWULTXHVGDQVOHVWLVVXVSURFKHV /¶HQUHJLVWUHPHQWG¶XQHDFWLRQpOHFWULTXHHVWO¶pOHFWURFDUGLRJUDPPH(&*2QPHWHQSODFHGHVpOHFWURGHVjGLIIpUHQWVHQGURLWV GXFRUSVFDUOHVFRXUDQWVVRQWFRQGXLWVGDQVOHVOLTXLGHVGHO¶RUJDQLVPH/HVpOHFWURGHVVRQWUHOLpHVjXQDPSOLILFDWHXU2QREWLHQW XQWUDFpUHSUpVHQWDQWXQWDEOHDXJOREDOGHO¶DFWLYLWpGXF°XU8Q(&*W\SLTXHFRPSUHQGFLQTRQGHV - - O¶RQGH3IDLEOHDPSOLWXGHGXUHSHXGHWHPSV±PVGpSRODULVDWLRQGHVRUHLOOHWWHVHQJHQGUpHSDUOHQ°XGVLQXVDO OHFRPSOH[H456GpSRODULVDWLRQYHQWULFXODLUHDYDQWODFRQWUDFWLRQGHVYHQWULFXOHVLO\DOHVRQGHV456TXLGXUHQWSHX GHWHPSV±PV O¶RQGH7UHSRODULVDWLRQGHVYHQWULFXOHVODUHSRODULVDWLRQGHVRUHLOOHWWHVHVWPDVTXpHSDUOHFRPSOH[H456 (Q JpQpUDO OD GXUpH HW OD VXFFHVVLRQ GHV RQGHV VRQW FRQVWDQWHV 7RXW LUUpJXODULWp HQWUDvQH GRQF XQ SUREOqPH GX V\VWqPH GH FRQWUDFWLRQ $QRPDOLHVGHVSKpQRPqQHVpOHFWULTXHV ,OVVRQWYLVLEOHVjO¶(&* 3DUH[HPSOHO¶RQGH5DXJPHQWH,O\DGRQFK\SHUWURSKLHGHVYHQWULFXOHV 3DUH[HPSOHLO\DEORFDXULFXORYHQWULFXODLUHO¶RQGH3Q¶HVWSDVFRQGXLWHDXQ°XGDXULFXORYHQWULFXODLUH,O\DSOXVG¶RQGHV3TXH G¶RQGHV456/HQ°XGVLQXVDOQ¶HQWUDvQHGRQFSDVGHGpSRODULVDWLRQGHVYHQWULFXOHV 3DUH[HPSOHLO\DILEULOODWLRQYHQWULFXODLUHLO\DGpSRODULVDWLRQGHVILEUHVDQDUFKLTXHVLO\DGHVRQGHVEL]DUUHV&HODSURYRTXH GRQFXQHFULVHFDUGLDTXHDLJXs /HVSKpQRPqQHVPpFDQLTXHVODUpYROXWLRQFDUGLDTXH 6DQVDUUrWLO\DFRQWUDFWLRQGHVRUHLOOHWWHVHWGHVYHQWULFXOHVSRXUpMHFWHUOHVDQJ3XLVLO\DUHOkFKHPHQWDILQTXHOHVFDYLWpVVH UHPSOLVVHQW ,O\DDLQVLXQHDOWHUQDQFHHQWUHFRQWUDFWLRQHWUHOkFKHPHQWF¶HVWO¶DOWHUQDQFHV\VWROHGLDVWROH 8QHV\VWROHHWXQHGLDVWROHDXULFXODLUHVVXLYLHVG¶XQHV\VWROHHWG¶XQHGLDVWROHYHQWULFXODLUHVUHSUpVHQWHQWXQHUpYROXWLRQFDUGLDTXH /HV GLIIpUHQFHV GH SUHVVLRQ VRQW SOXV pOHYpHV GDQV OH YHQWULFXOH JDXFKH TXH GDQV OH YHQWULFXOH GURLW PDLV OHV GHX[ YHQWULFXOHV SRPSHQWOHPrPHYROXPHGHVDQJSDUEDWWHPHQW /DSKDVHGHUHPSOLVVDJHYHQWULFXODLUH /DSUHVVLRQHVWEDVVHGDQVOHVFDYLWpVGXF°XU$LQVLOHVDQJYHQDQWGHODFLUFXODWLRQHQWUHGDQVO¶RUHLOOHWWHSXLVGDQVOHYHQWULFXOH FDUOHVYDOYHVDXULFXORYHQWULFXODLUHVVRQWRXYHUWHV/HVYDOYHVGXWURQFSXOPRQDLUHHWGHO¶DRUWHVRQWIHUPpHV 3HQGDQWFHWWHSpULRGHOHVYHQWULFXOHVVHUHPSOLVVHQWjSRXUFHQWHWOHVYDOYHVFRPPHQFHQWjVHIHUPHU ,O \ D GpSRODULVDWLRQ GHV RUHLOOHWWHV RQGH 3 FH TXL HQWUDvQH XQH FRPSUHVVLRQ GX VDQJ SXLV XQH DXJPHQWDWLRQ GH OD SUHVVLRQ DXULFXODLUHSRXUFHQWGXVDQJPDQTXDQWHVWpMHFWpGDQVOHVYHQWULFXOHV/HVRUHLOOHWWHVVHUHOkFKHQWGLDVWROH/HVYHQWULFXOHV VH GpSRODULVHQWRQGHV456 /DV\VWROHYHQWULFXODLUH /HVYHQWULFXOHVVHFRQWUDFWHQW'RQFODSUHVVLRQYHQWULFXODLUHDXJPHQWH'RQFOHVYDOYHVDXULFXORYHQWULFXODLUHVVRQWIHUPpHV $LQVLjFHPRPHQWOjWRXWHVWIHUPpHWOHYROXPHGHVDQJHVWFRQVWDQW&¶HVWODSKDVHGHFRQWUDFWLRQLVRYROXPpWULTXH 3XLV OD SUHVVLRQ YHQWULFXODLUH DXJPHQWH IRUWHPHQW /D SUHVVLRQ YHQWULFXODLUH HVW GRQF VXSpULHXUH j OD SUHVVLRQ DRUWLTXH &¶HVW OD SKDVHG¶pMHFWLRQYHQWULFXODLUH/DSUHVVLRQHVWGHPP+JGDQVO¶DRUWH /DUHOD[DWLRQLVRYROXPpWULTXH /HVYHQWULFXOHVVHUHOkFKHQWRQGH7 /DSUHVVLRQYHQWULFXODLUHFKXWHHWOHVDQJUHIOXHGDQVOHWURQFSXOPRQDLUHHWO¶DRUWHFHTXLHQWUDvQHODIHUPHWXUHGHVYDOYHV 8QHIRLVGHSOXVWRXWHVWFORV&¶HVWODUHOD[DWLRQLVRYROXPpWULTXH 3HQGDQWODV\VWROHYHQWULFXODLUHOHVRUHLOOHWWHVVRQWHQGLDVWROH /DSUHVVLRQDXULFXODLUHDXJPHQWHFHTXLGpFOHQFKHODSKDVHSXLVXQWXUQRYHUFRQWLQX /DGXUpHGHODUpYROXWLRQFDUGLDTXHHVWGHV - VSRXUODV\VWROHDXULFXODLUH VSRXUODV\VWROHYHQWULFXODLUH VSRXUODUHOD[DWLRQ /HVEUXLWVGXF°XU $ FKDTXHUpYROXWLRQFDUGLDTXHGHVEUXLWV³WRXPWD´TXHO¶RQSHUoRLWDYHFXQVWpWKRVFRSHDSSDUDLVVHQW&¶HVWODIHUPHWXUHGHV YDOYHVFDUGLDTXHV - - /H SUHPLHU EUXLW ³WRXP´ HVW IRUW ORQJ UpVRQDQW ,O \ D IHUPHWXUH GHV YDOYHV DXULFXORYHQWULFXODLUHV &¶HVW OH GpEXW GH OD V\VWROHYHQWULFXODLUH /H VHFRQG EUXLW ³WD´ HVW EUHI HW VHF ,O \ D IHUPHWXUH GHV YDOYHV GH O¶DRUWH HW GX WURQF SXOPRQDLUH &¶HVW OH GpEXW GH OD GLDVWROHYHQWULFXODLUH (Q IDLW OD YDOYH DXULFXORYHQWULFXODLUH JDXFKH VH IHUPH DYDQW OD GURLWH HW OHV YDOYHV GH O¶DRUWH VH IHUPHQW DYDQW FHOOHV GX WURQF SXOPRQDLUH&HODHQWUDvQHTXDWUHEUXLWVHQDXVFXOWDQWTXDWUHSRLQWVSUpFLVGXWKRUD[ ,OH[LVWHGHVEUXLWVDQRUPDX[GHVVRXIIOHV&HVRQWGHVWXUEXOHQFHVGDQVO¶pFRXOHPHQWGXVDQJ3RXUOHVMHXQHVVSRUWLIVLOH[LVWH GHV YLEUDWLRQV GXHV DX SDVVDJH GX VDQJ VXU OHVSDURLVPLQFHVGXF°XU0DLVOHVEUXLWVDQRUPDX[VRQWVRXYHQWGHVWURXEOHVGHV YDOYHV 'pELWFDUGLDTXHHWYROXPHVFDUGLDTXHV9(697'976SUpFKDUJHFRQWUDFWLOLWpSRVWFKDUJH /HGpELWFDUGLDTXHHVWQRWp4F /DIUpTXHQFHFDUGLDTXHHVWQRWpH)F 4F TXDQWLWpGHVDQJpMHFWpSDUFKDTXHYHQWULFXOHjODPLQXWH 4F )F9(6 /HYROXPHVDQJXLQpMHFWpSDUXQYHQWULFXOHjFKDTXHEDWWHPHQWHVWQRWp9(6,OHVWSURSRUWLRQQHOjODIRUFHGHFRQWUDFWLRQGHV SDURLVGXYHQWULFXOH,OHVWFRPSULVHQWUHHWP/SDUEDWWHPHQW /HYROXPHWpOpGLDVWROLTXH97'HVWOHYROXPHGHVDQJGDQVOHYHQWULFXOHHQILQGHGLDVWROH /HYROXPHWpOpV\VWROLTXH976HVWOHYROXPHGHVDQJGDQVOHYHQWULFXOHHQILQGHV\VWROH 9(6 97'976 P/ 0DLVDWWHQWLRQOH9(6SHXWYDULHUVHORQOHVYDOHXUVGX97'HWGX976TXLVRQWLQIOXHQFpHVSDUGLIIpUHQWVIDFWHXUV /DSUpFKDUJHFRUUHVSRQGjODTXDQWLWpGHVDQJTXLpWLUHOHVILEUHVYHQWULFXODLUHVMXVWHDYDQWODV\VWROH /DFRQWUDFWLOLWpHVWO¶LQWHQVLILFDWLRQGHODIRUFHGHFRQWUDFWLRQGXF°XU(OOHHQWUDvQHXQHpMHFWLRQSOXVFRPSOqWHGXVDQJ /DSRVWFKDUJHHVWODSUHVVLRQTXLV¶RSSRVHjFHOOHTXHSURGXLVHQWOHVYHQWULFXOHVORUVTX¶LOVRXYUHQWOHVYDOYHVGHO¶DRUWHHWGX WURQFSXOPRQDLUH / pTXLOLEUHK\GULTXHpOHFWURO\WLTXHHWDFLGREDVLTXH /HVV\VWqPHVUHVSLUDWRLUHHWFDUGLRYDVFXODLUHDSSRUWHQWDXPXVFOHOHVpOpPHQWVQpFHVVDLUHVjVRQIRQFWLRQQHPHQW &HVTXDWUHIRQFWLRQVVRQWUpJXOpHVSDUOHV\VWqPHQHUYHX[ - OHV\VWqPHQHUYHX[GHODYLHGHUHODWLRQ - OHV\VWqPHQHUYHX[GHODYLHYpJpWDWLYH - O HDXK\GURO\VHGHO $73PpWDEROLVPH 1RXVDYRQVIDLWLQWHUYHQLUHQFRXUVGLYHUVpOpPHQWV - OHVpOHFWURO\WHV1D . &D FRQWUDFWLRQ OHVQXWULPHQWVpQHUJpWLTXHPXVFXODLUH OHVGpFKHWVDFLGHVDFLGHODFWLTXH&2 2U SRXU OH IRQFWLRQQHPHQW GH O RUJDQLVPH FHV GLIIpUHQWV pOpPHQWV GRLYHQW UHVWHU HQ FRQFHQWUDWLRQV UHODWLYHPHQW FRQVWDQWHV FH TXLLPSOLTXHXQpTXLOLEUHHWXQHUpJXODWLRQ ,QWURGXFWLRQOHPLOLHXLQWpULHXUHWO KRPpRVWDVLH /HPLOLHXLQWpULHXU &HWHUPHYLHQWGH&ODXGH%HUQDUGSqUHGHODSK\VLRORJLHPRGHUQH /HV RUJDQLVPHV SOXULFHOOXODLUHV RQW FUpp DX FRXUV GH O pYROXWLRQ GHSXLV O DSSDULWLRQ VXU 7HUUH G XQH SUHPLqUH FHOOXOH XQ PLOLHX LQWpULHXU /HPLOLHXLQWpULHXUHVWOHPLOLHXOLTXLGHGDQVOHTXHOEDLJQHQWOHVFHOOXOHVGXFRUSV,OHVWFRQVWLWXpG XQOLTXLGHH[WUDFHOOXODLUHTXLVHUW G LQWHUPpGLDLUHSRXUO pFKDQJHGHVDOLPHQWVHWGHVGpFKHWV/HFRQVWLWXDQWOHSOXVLPSRUWDQWGHFHOLTXLGHH[WUDFHOOXODLUHHVWO HDX *UkFHjODFLUFXODWLRQOHPLOLHXLQWpULHXUHVWOHPrPHGDQVWRXVOHVRUJDQHV,OSODFHDLQVLWRXWHVOHVFHOOXOHVGDQVGHVFRQGLWLRQVGH YLHDQDORJXHVHWDVVXUHO XQLWpSK\VLFRFKLPLTXHGHO RUJDQLVPH &RQIHUILJXUHVHW / KRPpRVWDVLH /HPLOLHXLQWHUVWLWLHOSUpVHQWHXQHUHPDUTXDEOHFRQVWDQFHGHVWDELOLWpGH - VHVFRQGLWLRQVSK\VLTXHVWHPSpUDWXUH VHVFRQGLWLRQVFKLPLTXHVS+ &HWWH VWDELOLWp PDOJUp XQ PLOLHX H[WpULHXU VXMHW j GHV YDULDWLRQV LPSOLTXH O H[LVWHQFH G XQH UpJXODWLRQ SK\VLRORJLTXH GX PLOLHX LQWpULHXUO KRPpRVWDVLH / KRPpRVWDVLH HVW OH PDLQWLHQ GHV GLIIpUHQWHV FRQVWDQWHV SK\VLRORJLTXHV GH O LQGLYLGX j OHXU YDOHXU QRUPDOH / KRPpRVWDVLH HVW OH PDLQWLHQGHODIL[LWpGXPLOLHXLQWpULHXU 3DUH[HPSOHLO\DUpJXODWLRQ - GHODJO\FpPLHJ/GHVDQJ GHODWHPSpUDWXUHFRUSRUHOOH& GHODSUHVVLRQHQ2 HWHQ&2 FRQIHUV\VWqPHUHVSLUDWRLUH GHODVWDELOLWpGHO HDXHWGHVVHOVPLQpUDX[pTXLOLEUHK\GURpOHFWURO\WLTXH - GHODFRQVWDQFHGXS+pTXLOLEUHDFLGREDVLTXH - GXV\VWqPHQHUYHX[YpJpWDWLI / KRPpRVWDVLHHVWREWHQXHSDUOHIRQFWLRQQHPHQWKRUPRQLHQ - GXV\VWqPHKRUPRQDO &RQIHUILJXUH /DQRWLRQGHEDODQFHHWO KRPpRVWDVLHFKLPLTXH &RQIHUILJXUH (QSK\VLRORJLHXQHEDODQFHHVWOHPDLQWLHQG XQpWDWG pTXLOLEUH /DEDODQFHGpSHQG - GHVHQWUpHVJDLQV - GHVVRUWLHVSHUWHV - 6L OHVSHUWHVVRQWVXSpULHXUHVDX[JDLQVOHELODQHVWQpJDWLI / pTXLOLEUHGpSHQGGXELODQHQWUHOHVJDLQVHWOHVSHUWHV - 6L OHVSHUWHVVRQWpJDOHVDX[JDLQVOHELODQHVWpTXLOLEUp 6L OHVSHUWHVVRQWLQIpULHXUHVDX[JDLQVOHELODQHVWSRVLWLI /DEDODQFHGRLWrWUHpTXLOLEUpH/HELODQGRLWGRQFrWUHQXO / H[HUFLFHSK\VLTXHSHXWPRGLILHUGHIDoRQFRQVLGpUDEOHOHVpTXLOLEUHVGHO RUJDQLVPH - ODJO\FpPLH O pTXLOLEUHWKHUPLTXH O pTXLOLEUHK\GULTXHVXGDWLRQ O pTXLOLEUHpOHFWURO\WLTXHVXGDWLRQ O pTXLOLEUHDFLGREDVLTXHGLPLQXWLRQGXS+ / pTXLOLEUHK\GURpOHFWURO\WLTXH /HVGLIIpUHQWVpOpPHQWV / HDX *pQpUDOLWpV / HDXHVWTXDOLWDWLYHPHQWLQGLVSHQVDEOHjODYLH - & HVWOHVROYDQWGHVVXEVWDQFHVK\GURVROXEOHV (OOHFRQGLWLRQQHODYDOHXUGHODSUHVVLRQDUWpULHOOH (OOHHVWOHOLHXGHQRPEUHXVHVUpDFWLRQVFKLPLTXHV & HVWOHPR\HQGHWUDQVSRUWQXWULPHQWVFKDOHXU / HDXHVWTXDQWLWDWLYHPHQWLQGLVSHQVDEOHjODYLH(OOHUHSUpVHQWHSRXUFHQWGHODPDVVHFRUSRUHOOH&RQIHUILJXUH %LODQGHO HDX &RQIHUILJXUH &H ELODQHVWQXOJUkFHjXQGRXEOHDMXVWHPHQW - /HVHQWUpHVVRQWYDULDEOHVSDUODVHQVDWLRQGHVRLI/ HDXSHUPHWG DGDSWHUH[DFWHPHQWOHVDSSRUWVDX[SHUWHV /HVVRUWLHVVRQWYDULDEOHVSDUODGLXUqVHTXLUpJXOHODTXDQWLWpG HDXpOLPLQpHSDUO DSSDUHLOXULQDLUH / HDXHVWOHSUHPLHUEHVRLQGHO KRPPH,OHVWLPSRVVLEOHGHYLYUHSOXVGHTXDWUHMRXUVVDQVERLUH8QHSHUWHG HDXGHSOXVGH SRXUFHQWGHODPDVVHGXFRUSVSHXWrWUHIDWDOH /HVpOHFWURO\WHVOHVPLQpUDX[ 'pILQLWLRQ /HVVHOVPLQpUDX[LQWHUYLHQQHQWGDQVGHQRPEUHXVHVIRQFWLRQVSK\VLRORJLTXHVGDQVODFRQWUDFWLRQPXVFXODLUHSDUH[HPSOH ,OVUHSUpVHQWHQWSRXUFHQWGHODPDVVHFRUSRUHOOHVRGLXPSRWDVVLXPFDOFLXPSKRVSKRUHFKORUHPDJQpVLXPVRXIUHIHU (QVROXWLRQGDQVO HDXLOVVHGLVVRFLHQWHQLRQVG ROHXUQRPG pOHFWURO\WHV /HVRGLXP1D & HVW O pOHFWURO\WH OH SOXV LPSRUWDQW GDQV OH OLTXLGH H[WUDFHOOXODLUH 6D SUpVHQFH GpWHUPLQH OHV pFKDQJHV G HDX HQWUH OH OLTXLGH H[WUDFHOOXODLUHHWOHOLTXLGHLQWUDFHOOXODLUH 8QH SRPSH j VRGLXPSRWDVVLXP SHUPHW GH UHMHWHU OH 1D j O H[WpULHXU GH OD FHOOXOH HQ PrPH WHPSV TX HOOH IDLW HQWUHU OH . j O LQWpULHXU 6L FH SURFHVVXV DFWLI QH IRQFWLRQQH SDV SDU H[HPSOH SDU PDQTXH G pQHUJLH LO SHXW \ DYRLU GHV DQRPDOLHV GH OD FRQWUDFWLRQ PXVFXODLUHFUDPSHV /H 1D HVW DSSRUWp GDQV O RUJDQLVPH VRXV IRUPH GH 1D&O FKORUXUH GH VRGLXP VHO GH FXLVLQH /HV EHVRLQV VRQW GH j J SDU MRXU/HVDSSRUWVVRQWGHjJSDUMRXU /HVSHUWHVHQ1D VRQW - VXGRUDOHVH[HUFLFHVSK\VLTXHV XULQDLUHVPR\HQGHUpJXODWLRQ /DFDUHQFHHQWUDvQHODIDWLJXHOHVFUDPSHVPXVFXODLUHV/ H[FqVSHXWHQWUDvQHUO K\SHUWHQVLRQDUWpULHOOH /HSRWDVVLXP. /H . HVW XQ pOHFWURO\WHSUHVTXHH[FOXVLYHPHQWLQWUDFHOOXODLUH,OMRXHXQU{OHGDQVODFRQWUDFWLRQPXVFXODLUHHWGDQVO H[FLWDELOLWp QHXURPXVFXODLUH/HVEHVRLQVVRQWGHJSDUMRXUMDPDLVGHFDUHQFH /HFDOFLXP&D /H&DHVWXQpOHFWURO\WHIRQGDPHQWDOSRXUODFRQWUDFWLRQPXVFXODLUH,OLQWHUYLHQWGDQVSUHVTXHWRXVOHVSKpQRPqQHVFHOOXODLUHV SDUYDULDWLRQGHSHUPpDELOLWpGHVPHPEUDQHVFHOOXODLUHV /HWDX[GH&DVDQJXLQHVWPDLQWHQXjXQWDX[WUqVVWULFWFRPPHSRXUODJO\FpPLH /HVEHVRLQVHQ&DVRQWGHJSDUMRXUHWLOIDXWVDYRLUTXHO H[HUFLFHSK\VLTXHHQWUDvQHXQHDXJPHQWDWLRQGHVSHUWHVXULQDLUHVHW VXGRUDOHVHQ&D &RQFOXVLRQ (QSK\VLRORJLHOH1D HWO HDXVRQWWUqVLQWULTXpVFDSLWDOK\GURVRGp /HPDLQWLHQGHFHFDSLWDOHVWHVVHQWLHOjODSHUIRUPDQFH /DUpJXODWLRQGHO pTXLOLEUHK\GURVRGp *pQpUDOLWpV 1RXVDYRQVYXOHVEHVRLQVUHVSHFWLIVHQHDXHWHQpOHFWURO\WHVHWFRPPHQWO RUJDQLVPHHQREWLHQWHWOHVpOLPLQH ,OIDXWUHWHQLUTXHHQSK\VLRORJLHRQDERUGHOHVSUREOqPHVOLpVjO HDXHWDXVRGLXPHQVHPEOHV 2Q HQYLVDJH WRXMRXUV OH FDSLWDO K\GURVRGp FRPPH YHVWLJH GHV SUHPLqUHV FHOOXOHV YLYDQWHV TXL VH VRQW IRUPpHV GDQV OH PLOLHX PDULQHWTXLHQIRUPDQWGHVRUJDQLVPHVWHUUHVWUHVRQWJDUGpFHWWHSDUWLFXODULWpG XQPLOLHXLQWpULHXUVDOp /D SURWHFWLRQ GX FDSLWDO K\GURpOHFWURO\WLTXH HW K\GURVRGp HQ SDUWLFXOLHU HVW XQ GHV SOXV DQFLHQV SURJUDPPHV GH GpIHQVH TXL VRLHQWLQVFULWVGDQVQRVJqQHV / pTXLOLEUHK\GURVRGpDXUHSRV ,QWURGXFWLRQ 3RXUO HDXFRPPHSRXUOHVRGLXPODSULQFLSDOHUpJXODWLRQKRPpRVWDVLTXHSDUOHPDLQWLHQG XQELODQpTXLOLEUpHVWO H[FUpWLRQUpQDOH /HUHLQMRXHOHU{OHGHILOWUH /DTXDQWLWpG HDXRXGHVRGLXPH[FUpWpHHVWODGLIIpUHQFHHQWUHODTXDQWLWpILOWUpHHWODTXDQWLWpUpDEVRUEpH /HV UpJXODWLRQV GH FH FDSLWDO K\GURVRGp VRQW FRPSOH[HV HW IRQW LQWHUYHQLU SOXVLHXUV PpFDQLVPHV HW QRWDPPHQW OD UpJXODWLRQ KRUPRQDOH (TXLOLEUHK\GULTXH /HELODQK\GULTXHVHQRUPDOLVHjODIRLVSDUODUpJXODWLRQGHVHQWUpHVLQJHVWLRQG HDXLQGXLWHSDUODVRLIHWSDUODUpJXODWLRQGHV VRUWLHVTXDQWLWpG XULQH /HPpFDQLVPHVHGpURXOHDLQVL - /DSUHVVLRQRVPRWLTXHSODVPDWLTXHV pOqYH / KRUPRQH$'+KRUPRQHDQWLGLXUpWLTXHHVWVpFUpWpH 8QHDFWLRQVXUOHVUHLQVUpDEVRUEHOHPD[LPXPG HDX &RQIHUILJXUH (TXLOLEUHGXFDSLWDOVRGp /DYROpPLHHVWODTXDQWLWpGHVDQJFRQWHQXHGDQVO RUJDQLVPH /DFRQFHQWUDWLRQSODVPDWLTXHGX1D GpWHUPLQHODYROpPLHHWUqJOHOHVpFKDQJHVG HDXHQWUHOHOLTXLGHLQWUDFHOOXODLUHHWOHOLTXLGH H[WUDFHOOXODLUH 4XDQGLO\DGLPLQXWLRQGHODSUHVVLRQRVPRWLTXHSODVPDWLTXHLO\D - OLEpUDWLRQGHUpQLQH WUDQVIRUPDWLRQG XQHSURWpLQHSODVPDWLTXHDQJLRWHQVLQRJqQH!DQJLRWHQVLQH,!DQJLRWHQVLQH,, / DQJLRWHQVLQH,,DXQHDFWLRQYDVRFRQVWULFWULFHHWVWLPXOHODVpFUpWLRQG DOGRVWpURQH / DOGRVWpURQHDXJPHQWHODUpDEVRUSWLRQGH1D SDUOHVUHLQV &RQIHUILJXUH / pTXLOLEUHK\GURVRGpjO H[HUFLFH /HVSHUWHVK\GURpOHFWURO\WLTXHV /HVSHUWHVG HDXDXJPHQWHQWWUqVODUJHPHQWjO H[HUFLFHSDUODVXGDWLRQTXLHVWXQGHVPpFDQLVPHVGHODWKHUPRUpJXODWLRQ /HVUpDFWLRQVPpWDEROLTXHVOLpHVjODGHPDQGHpQHUJpWLTXHLQGXLVHQWXQHSURGXFWLRQG HDXHQGRJqQH 3HQGDQW XQ HIIRUW LQWHQVH OD TXDQWLWp G HDX SHUGXH SDU OD VXGDWLRQ HVW WUqV ODUJHPHQW VXSpULHXUH j FHOOH SURGXLWH SDU OH PpWDEROLVPH,OIDXWGRQFIDLUHDWWHQWLRQjODGpVK\GUDWDWLRQ /DVXHXUHVWFRPSRVpHjG HDXPDLVHOOHFRQWLHQWDXVVLGHVpOHFWURO\WHVHWQRWDPPHQWGX1D ODVXHXUDXQJRWVDOp /HV SHUWHV K\GULTXHV HW pOHFWURO\WLTXHV SHXYHQW rWUH WUqV LPSRUWDQWHV MXVTX j j GX SRLGV GX FRUSV ORUV G XQ PDUDWKRQ HW FHFLHQGpSLWGHO DEVRUSWLRQGHOLTXLGHSHQGDQWO pSUHXYH /DVHQVDWLRQGHVRLI (QFDVGHVXGDWLRQLPSRUWDQWHO RUJDQLVPHSHUGSOXVG HDXTXHG pOHFWURO\WHV /DGpVK\GUDWLRQSURYRTXHODVHQVDWLRQGHVRLI /HIDFWHXUSULQFLSDOTXLGpFOHQFKHODVRLIHVWO DXJPHQWDWLRQGHO RVPRODULWpGHVOLTXLGHVGHO RUJDQLVPH /D VHQVDWLRQ GH VRLI Q DSSDUDvW TX DX GHOj G XQ FHUWDLQ GHJUp GH GpVK\GUDWDWLRQ HW OH PpFDQLVPH GH OD VRLI Q HVW SDV HQ UHODWLRQ SDUIDLWHDYHFO pWDWG K\GUDWDWLRQGHO RUJDQLVPH ,OIDXWERLUHDYDQWG DYRLUVRLIHWWHQLUFRPSWHGXWHPSVGHODWHQFHGHODFDSDFLWpG DEVRUSWLRQLQWHVWLQDOH /RUVG XQH[HUFLFHSK\VLTXHLQWHQVHHWSURORQJpLOIDXWGRQF - ERLUHDYDQW ERLUHSHQGDQW ERLUHDSUqV 'pVK\GUDWDWLRQHWSHUIRUPDQFH 8QHGpVK\GUDWDWLRQPrPHPLQLPHGHO RUGUHGHGXSRLGVGXFRUSVHQWUDvQHXQHIRUWHGLPLQXWLRQGHODSHUIRUPDQFH - ,O\DEDLVVHGXUHQGHPHQWPXVFXODLUH - ,O\DEDLVVHGHVV\VWqPHVFDUGLRYDVFXODLUHHWWKHUPRUpJXODWHXU - EDLVVHGHODWHQVLRQDUWpULHOOHDYHFUpGXFWLRQGXIOX[VDQJXLQYHUVOHVPXVFOHV ODSHDXHVWPRLQVELHQLUULJXpHG DLUODWKHUPRUpJXODWLRQHVWPRLQVHIILFDFH 5HPDUTXRQVGHX[SRLQWV - /DSHUIRUPDQFHDpURELHHVWSOXVDIIHFWpHTXHODSHUIRUPDQFHDQDpURELH /D EDLVVH GH SHUIRUPDQFH HVW SOXV JUDQGH VL OD GpVK\GUDWDWLRQ HVW SURYRTXpH SDU XQ H[HUFLFH LQWHQVH TXH VL HOOH UpVXOWH GX VHXOVpMRXUGXVSRUWLIHQDPELDQFHFKDXGHVDXQD / pTXLOLEUHDFLGREDVLTXH 5DSSHOVSK\VLFRFKLPLTXHV /HS+HVWOHSRWHQWLHOK\GURJqQHG XQHVROXWLRQODFRQFHQWUDWLRQHQLRQV+ GHFHWWHVROXWLRQ 6FKpPDWLTXHPHQW - OHS+G XQHVROXWLRQDFLGHHVWFRPSULVHQWUHHW OHS+G XQHVROXWLRQEDVLTXHHVWFRPSULVHQWUHHW OHS+GHO HDXHVWQHXWUHpJDOj OHS+GXPLOLHXLQWpULHXUHVWGHSOXVRXPRLQV / DFLGRVHHVWODEDLVVHGXS+GXPLOLHXLQWpULHXUS+,O\DDFFXPXODWLRQG DFLGHODFWLTXHGDQVOHVDQJGDQVOHVPXVFOHV DFLGHODFWLTXH! LRQODFWDWH+ / DOFDORVHHVWO DXJPHQWDWLRQGXS+GXPLOLHXLQWpULHXUpOLPLQDWLRQG LRQV+ SDUO K\SHUYHQWLODWLRQ A BB_ ++&2 +2&2 5pJXODWLRQGHO pTXLOLEUHDFLGREDVLTXH &RQIHUILJXUH /HVUpDFWLRQVPpWDEROLTXHVJO\FRO\VHF\FOHGH.UHEVVRQWWUqVVHQVLEOHVjODFRQFHQWUDWLRQGHVLRQV+ GDQVOHOLTXLGHRHOOHVVH SURGXLVHQW3DUH[HPSOHODIRQFWLRQHQ]\PDWLTXHGHODJO\FRO\VHSHXWrWUHEORTXpHVLOHS+GLPLQXHDFLGRVH & HVWSRXUTXRLOD>+@ HVWpWURLWHPHQWUpJXOpHGDQVOHOLTXLGHLQWUDFHOOXODLUH ,OH[LVWHGHX[QLYHDX[GHUpJXODWLRQ - - XQHUpJXODWLRQLQVWDQWDQpHHOOHpYLWHOHVYDULDWLRQVEUXVTXHVGHS+JUkFHDX[V\VWqPHVWDPSRQVGXSODVPDHOOHHVWOLPLWpH OHSULQFLSDOWDPSRQHVWOHELFDUERQDWHGHVRGLXP1D+&2 1D+&2 XQHUpJXODWLRQRUJDQLTXHHOOHHVWWUqVSXLVVDQWHPDLVUHWDUGpHHOOHHVWUpDOLVpHjODIRLVSDUOHSRXPRQTXLpOLPLQHOH&2 HW SDUOHUHLQTXLpOLPLQHOHVLRQV+ SDUOHVXULQHV / H[HUFLFHSK\VLTXHHWO pTXLOLEUHDFLGREDVLTXH $X FRXUV G XQ H[HUFLFH PD[LPDO GH FRXUWH GXUpH O pTXLOLEUH DFLGREDVLTXH HVW VRXPLV j GHV JUDQGHV YDULDWLRQV SDU XQH DXJPHQWDWLRQGHODFRQFHQWUDWLRQG LRQV+ SDUSURGXFWLRQG DFLGHODFWLTXH /DTXDQWLWpG DFLGHODFWLTXHGpSHQG - GHODPDVVHPXVFXODLUHPLVHHQMHX - GHODGXUpHGHO H[HUFLFH GHO LQWHQVLWpGHO H[HUFLFH $X UHSRVODFRQFHQWUDWLRQVDQJXLQHGHODFWDWHVHVWGHPPRO/SRXUXQS+j $X FRXUVG XQH[HUFLFHWUqVLPSRUWDQWFHWWHFRQFHQWUDWLRQSHXWPRQWHUMXVTX jPPRO/SRXUXQS+TXLGHVFHQGMXVTX j / RUJDQLVPH KXPDLQ SHXW WROpUHU WUqV WHPSRUDLUHPHQW FH GpVpTXLOLEUH DFLGREDVLTXH PDX[ GH WrWH QDXVpHV GRXOHXUV PXVFXODLUHV / HQWUDvQHPHQW VSpFLILTXH SHUPHW DX[ VSRUWLIV GH VXSSRUWHU O DFLGRVH VDQV WRXWHIRLV DXJPHQWHU OD FDSDFLWp j WDPSRQQHU OHV LRQV + &RQFOXVLRQ /HIRQFWLRQQHPHQWFHOOXODLUHQRUPDOQpFHVVLWHO LQWHUYHQWLRQVLPXOWDQpHGH - O DSSDUHLOGLJHVWLIHQWUpHGHVQXWULPHQWV O DSSDUHLOUHVSLUDWRLUHLOPDLQWLHQWODSUHVVLRQHQ2 HWODSUHVVLRQHQ&2 GDQVOHVDQJ O DSSDUHLOFLUFXODWRLUHLOGLVWULEXHOHVVXEVWUDWVjXWLOLVHUHWOHVGpFKHWVjH[FUpWHU O DSSDUHLOUpQDOVRUWLHGHVGpFKHWVRXGHVVXEVWDQFHVH[FpGHQWDLUHV & HVW GRQF JUkFH j GH PXOWLSOHV UHODWLRQV HQWUH WRXV OHV RUJDQHV TXH O XQLWp HW OD VWDELOLWp F HVWjGLUH O KRPpRVWDVLH GX PLOLHX LQWpULHXUVRQWDVVXUpHV
Documents pareils
La myélopathie cervico arthrosique
6XUWRXWOHVKRPPHVGHSOXVGHDQV
0DODGLHpYROXWLYHjGpEXWLQVLGLHX[SRXYDQWDERXWLUjXQHLPSRWHQFHVpYqUH
&RQMRQFWLRQGHGHX[IDFWHXUV &DQDOFHUYLFDOpWURLWFRQJpQLWDO
'pYHORSSHPHQWGHO...
1.Le rugby - Education Physique et Sportive
8QEDOORQHVWHQWRXFKHORUVTX¶XQEDOORQERWWpRXXQMRXHXUSRUWDQWOHEDOORQWRXFKHODOLJQHGHWRXFKHRXWRXFKHOHVRODXGHOj
GHODOLJQHGHWRXFKH/RUVTX¶XQEDOORQHVWHQO¶DLUDXGHOjGHOD...
Pavillon des Enfants Cardiaques Phnom Penh, Cambodge
G¶DWWHQWH TXL QH FHVVH GH V¶DOORQJHU 6RQ XQLTXH REMHFWLI FHOXL TXL
MXVWLILHWRXWHVFHVDFWLRQVHVWG¶DSSRUWHUDX[HQIDQWVTXLOXLVRQWFRQILpV
XQHSULVHHQ FKDUJHPpGLFDOHGHTXDOLW...
LOI OU GRÂCE
PHYDQWHUPDLVMHYLHQVSDUFHTXH7XQRXVDVGLWGHOHIDLUH(WMHFURLV
7D3DUROH(WPDLQWHQDQWWDQGLVTXHGHVPLOOLHUVVRQWLFLVHWHQDQWVXUOH
ERUG LOV DGRUHQW GHV LGROHV HW WRXWH...