Sciences Education 1 PDF
Document Details
Uploaded by GloriousPlateau
Tags
Summary
This document discusses various aspects of science education. It explores different concepts and methodologies related to learning and teaching science. The document covers topics such as "Learning Strategies", "Teaching Methods", "Educational Planning", and "Assessment Techniques".
Full Transcript
6FLHQFHVGHO¶pGXFDWLRQ /HVFRQFHSWVFOpV /¶pGXFDWLRQ (W\PRORJLHHWKLVWRLUHGXWHUPH (Q /DWLQ HGXFDUH VLJQLILH QRXUULU SUHQGUH VRLQ pOHYHU GHV DQLPDX[ RX GHV SODQWHV (Q )UDQoDLV OH WHUPH pGXTXHU UHPSODoDOH...
6FLHQFHVGHO¶pGXFDWLRQ /HVFRQFHSWVFOpV /¶pGXFDWLRQ (W\PRORJLHHWKLVWRLUHGXWHUPH (Q /DWLQ HGXFDUH VLJQLILH QRXUULU SUHQGUH VRLQ pOHYHU GHV DQLPDX[ RX GHV SODQWHV (Q )UDQoDLV OH WHUPH pGXTXHU UHPSODoDOHYHUEHQRXUULUDX;,9qPHVLqFOH 'pILQLWLRQV ,OH[LVWHGHX[FDWpJRULHVGHGpILQLWLRQV 'pILQLWLRQVLQVLVWDQWVXUOHGpYHORSSHPHQWGHVIDFXOWpVSURSUHVjODQDWXUHKXPDLQHYHQDQWGHVSKLORVRSKHV 6HORQ +HUEDUW OH EXW GH O¶pGXFDWLRQ HVW GH IRUPHU O¶LQGLYLGX SRXU OXLPrPH HQ pYHLOODQW HQ OXL OD PXOWLSOLFLWp GH VHV LQWpUrWV 6HORQ.DQWO¶pGXFDWLRQDSRXUEXWGHGpYHORSSHUGDQVO¶LQGLYLGXWRXWHODSHUIHFWLRQGRQWLOHVWVXVFHSWLEOH 'pILQLWLRQVLQVLVWDQWVXUODGHVWLQDWLRQVRFLDOHGHO¶rWUHKXPDLQ 6HORQ'XUNKHLPSqUHIRQGDWHXUGHODVRFLRORJLHO¶pGXFDWLRQHVWO¶DFWLRQH[HUFpHSDUOHVJpQpUDWLRQVDGXOWHVVXUFHOOHV TXLQHVRQWSDVHQFRUHPUHVSRXUODYLHVRFLDOH 6HORQ 8OPDQ O¶pGXFDWLRQ FRQVLVWH HQ XQH DFWLRQ H[HUFpH SDU XQ rWUH KXPDLQ SRXU SHUPHWWUH j O¶pGXTXp G¶DFTXpULU FHUWDLQV WUDLWV FXOWXUHOV TXH OHV XVDJHV OHV VHQWLPHQWV RX XQH FRQYLFWLRQ UDLVRQQpH IRQW FRQVLGpUHU FRPPH VRXKDLWDEOH /DQRWLRQDFWXHOOHGXWHUPHpGXFDWLRQ /¶XVDJHGXWHUPHGDQVOHODQJDJHFRXUDQW /¶pGXFDWLRQ HQ WDQW TX¶LQVWLWXWLRQ SURGXLW SURFHVVXV RX FRQWHQX VRQW OHV TXDWUH SULQFLSDX[ VHQV GLVWLQJXpV SDU 0LDODUHW /HVH[WHQVLRQVUpFHQWHVGXWHUPH /¶kJHGHVLQGLYLGXV 'HSXLV OHV DQQpHV OD SpULRGH TXH FRQVDFUHQW OHV LQGLYLGXV j OHXU pGXFDWLRQ Q¶D FHVVp G¶DXJPHQWHU JUkFH j O¶pGXFDWLRQSUpVFRODLUHODIRUPDWLRQGHVDGXOWHVHWODIRUPDWLRQGHVSHUVRQQHVGXWURLVLqPHkJH /HVLQIOXHQFHVpGXFDWLYHV /¶pGXFDWLRQIRUPHOOHHVWO¶HQVHPEOHGHVDFWLRQVPHQpHVGpOLEpUpPHQWSDUXQpGXFDWHXUVXUGHVpGXTXpV /¶pGXFDWLRQLQIRUPHOOHUDVVHPEOHOHVLQIOXHQFHVTXHOHVLQGLYLGXVUHoRLYHQWVDQVTXHFHX[TXLVRQWjO¶RULJLQHDLHQWOH SURMHWGpOLEpUpG¶pGXTXHU /HVSRVVLELOLWpVGHO¶pGXFDWLRQ /¶rWUHKXPDLQHVWSRUWHXUGHIDFXOWpV/¶HQMHXGHO¶pGXFDWLRQHVWG¶DFWXDOLVHUFHVIDFXOWpVGRQWODOLVWHHVWODVXLYDQWH OHSRXYRLUGHSHQVHUODIDFXOWpGHVHFRQGXLUHPRUDOHPHQWODIDFXOWpG¶pPRWLRQIDFHDXEHDXOHSRXYRLUG¶DJLUDYHF VRQFRUSVGHIDoRQPDvWULVpHOHSRXYRLUG¶XWLOLVHUVHVFLQTVHQVGHIDoRQPDvWULVpH /HFRQWH[WHGDQVOHTXHOV¶LQVqUHODVLWXDWLRQG¶pGXFDWLRQ /HVFRQGLWLRQVGHO¶LQVWLWXWLRQVFRODLUH 6RFLpWpRXW\SHGHVRFLpWpDYHFGHVFDUDFWqUHVKLVWRULTXHVSROLWLTXHVpFRQRPLTXHVHWWHFKQLTXHV 7RXWHVRFLpWpDXQSURMHWpGXFDWLIjO¶pJDUGGHVDMHXQHVVH/HVUpJLPHVWRWDOLWDLUHVSUrFKHQWODKLpUDUFKLHO¶DPRXUGH ODSDWULHDORUVTXHOHVUpJLPHVGpPRFUDWLTXHVV¶LQWpUHVVHQWjO¶DXWRQRPLHOHVHQVFULWLTXH 8Q VWDWXW pOHYp GH SURIHVVHXU HQJHQGUH VRQ UHVSHFW GDQV OD VRFLpWp ,QYHUVHPHQW ORUVTXH FH VWDWXW HVW SOXV IDLEOH TXHFHOXLGHODPR\HQQHVRFLDOHLOQ¶HVWSDVUHVSHFWp/HVWDWXWGXSURIHVVHXUMRXHGRQFVXUOHSODQSpGDJRJLTXH /HV\VWqPHVFRODLUHG¶HQVHPEOHDYHFVHVVWUXFWXUHVVRQILQDQFHPHQWVRQIRQFWLRQQHPHQWJpQpUDO ,OSHXWrWUHpOLWLVWHRXGHPDVVH'DQVOHSUHPLHUFDVODUHODWLRQHQWUHOHSURIHVVHXUHWO¶pOqYHHVWPRLQVDIIHFWLYHTXH GDQVO¶pGXFDWLRQGHPDVVH 3URJUDPPHVJpQpUDX[HWGLUHFWLYHVRIILFLHOOHVG¶DSSOLFDWLRQV 6LOHSURJUDPPHVFRODLUHHVWFKDUJpOHSURIHVVHXUSHXWPRLQVV¶RFFXSHUGHO¶pOqYH 0pWKRGHVHWWHFKQLTXHVSpGDJRJLTXHVJpQpUDOHVRXRIILFLHOOHV /DPpWKRGHWUDGLWLRQQHOOHV¶LQWpUHVVHSOXVDXFRQWHQXTX¶jO¶pOqYH/DPpWKRGHDFWLYHV¶LQWpUHVVHSOXVjO¶pOqYHTX¶DX FRQWHQX 5qJOHVJpQpUDOHVGHFRQVWUXFWLRQHWG¶DUFKLWHFWXUH /¶LQVRQRULWpO¶H[LJXwWpODOXPLQRVLWpGHVORFDX[RQWGHVFRQVpTXHQFHVVXUODUHODWLRQSpGDJRJLTXH 6\VWqPHJpQpUDOGHUHFUXWHPHQWHWIRUPDWLRQGHVpGXFDWHXUV ,O V¶DJLW G¶XQH IRUPDWLRQ XQLTXHPHQW WKpRULTXH RX j OD IRLV WKpRULTXH HW SUDWLTXH TXL IDFLOLWH OD FRPPXQLFDWLRQ GX SURIHVVHXUDYHFVHVpOqYHV /HVFRQGLWLRQVORFDOHVGHO¶pGXFDWLRQ 0LFURPLOLHXGDQVOHTXHOVHWURXYHQWO¶pWDEOLVVHPHQWVFRODLUHHWOHVIDPLOOHV /HVGLIILFXOWpVG¶HQVHLJQHPHQWVRQWSOXVPDUTXpHVGDQVOHVpWDEOLVVHPHQWVTXLDFFXHLOOHQWGHVFODVVHVVRFLDOHVEDVVHV ,O \ D DXVVL SOXV GH GLIILFXOWpV GDQV OHV JUDQGHV YLOOHV FDU OD UHODWLRQ SpGDJRJLTXH HVW PRLQV LQWLPH TXH GDQV OHV YLOODJHV /¶pWDEOLVVHPHQWOXLPrPHHWVHVFDUDFWpULVWLTXHVVRQpTXLSHPHQWWHFKQLTXH /HVTXDOLWpVDUFKLWHFWXUDOHVRQWGHVLQIOXHQFHVVXUODTXDOLWpGHO¶HQVHLJQHPHQW /¶pTXLSHSURIHVVRUDOH /RUVTXHFHWWHpTXLSHHVWXQLHODUHODWLRQHQWUHSURIHVVHXUHWpOqYHVHVWIDFLOLWpH /HVFRQGLWLRQVGHO¶DFWHpGXFDWLI /DFODVVH 'X SRLQW GH YXH GH VRQ pWDW PDWpULHO ORFDO DGDSWp RX HQ PDXYDLV pWDW OD FODVVH MRXH XQ U{OH GDQV OD TXDOLWp G¶HQVHLJQHPHQW /¶pGXFDWHXU ,OIDLWYDULHUODTXDOLWpG¶HQVHLJQHPHQWVXLYDQWVRQFDUDFWqUHVRQkJHVHVFRPSpWHQFHVSpGDJRJLTXHV /HJURXSHFODVVH &HUWDLQVJURXSHVVRQWVRXGpVG¶DXWUHVSUpVHQWHQWGHVFODQVG¶DXWUHVGHVOHDGHUV 5HODWLRQVpGXFDWLYHV ,O\DGHVIDoRQVGHFRQFHYRLUO¶pGXFDWLRQSOXVRXPRLQVDXWRULWDLUHVSOXVRXPRLQVOLEpUDOHV /HVWHUPHVSURFKHVG¶pGXFDWLRQ ,QVWUXFWLRQ &H WHUPH YLHQW GX PRW ODWLQ LQVWUXFWLR GpULYDQW GX YHUEH LQVWUXHUH /H WHUPH D G¶DERUG VLJQLILp FRQVWUXLUH HQVXLWH UDQJHUSXLVpTXLSHUHWHQILQHQVHLJQHU 6HORQOH3HWLW5REHUWO¶LQVWUXFWLRQHVWO¶DFWLRQG¶HQULFKLUHWGHIRUPHUO¶HVSULWGHODMHXQHVVH /HWHUPHLQVWUXFWLRQQHUHFRXYUHTX¶XQHSDUWLHGXVHQVGXWHUPHpGXTXHU/HSRLQWFRPPXQHQWUHFHVGHX[WHUPHV HVW TX¶LOV YLVHQW WRXV GHX[ j HQULFKLU OD FRQQDLVVDQFH &HSHQGDQW O¶LQVWUXFWLRQ QH FRQWLHQW SDV OH SRXYRLU GH GpYHORSSHUO¶HQVHPEOHGHVDXWUHVIDFXOWpVWHOOHVTXHOHSRXYRLUGHSHQVHUGHPpPRULVHUGHMXJHURXGHVHFRQGXLUH PRUDOHPHQW (QVHLJQHPHQW &HWHUPHYLHQWGXPRWODWLQLQVLJQDUHYHUEHVLJQLILDQWPDUTXHUG¶XQVLJQH,QVLJQDUHDGRQQpHQ)UDQoDLVOHVWHUPHV HQVHLJQHHWHQVHLJQHPHQWTXLVHVHUYHQWWRXVGHX[GHVLJQHVSRXUPRQWUHUFHTX¶LOVRQWjIDLUHYRLU O¶HQVHLJQHSDU XQORJRHWO¶HQVHLJQHPHQWSDUODSDUROH /H3HWLW/DURXVVHFRPSWHTXDWUHVHQVGHFHWHUPH /¶HQVHLJQHPHQW FRQVLVWH j WUDQVPHWWUH GHV FRQQDLVVDQFHV F¶HVW OD PDQLqUH G¶HQVHLJQHU ,QVWUXLUH HW HQVHLJQHU VRQWV\QRQ\PHV - /¶HQVHLJQHPHQWHVWXQHGHVEUDQFKHVGHO¶RUJDQLVDWLRQVFRODLUH2QSDUOHG¶HQVHLJQHPHQWSULPDLUHVHFRQGDLUHHW VXSpULHXU - - /¶HQVHLJQHPHQWHVWODSURIHVVLRQGHFHOXLTXLHQVHLJQH - /¶HQVHLJQHPHQWHVWFHTXLHVWHQVHLJQpSDUXQHPDWLqUHVFRODLUHRXSDUXQHOHoRQGHO¶H[SpULHQFH 3pGDJRJLH /HPRWSpGDJRJXHYLHQWGHVWHUPHVJUHFVSDwV HQIDQW HWDJHLQ FRQGXLUH $X9qPHVLqFOHDYDQW-&GDQVOD*UqFH $QWLTXH OH SpGDJRJXH pWDLW O¶HVFODYH TXL GHYDLW FRQGXLUH O¶HQIDQW GH VRQ PDvWUH j O¶HQVHLJQDQW 3URJUHVVLYHPHQW OH SpGDJRJXHUHoXWODWkFKHGHVXUYHLOOHUPRUDOHPHQWO¶HQIDQW /HWHUPHSpGDJRJLHILWVRQDSSDULWLRQDX;9,,qPHVLqFOHHQWDQWTX¶DUWGHIDLUHODFODVVHDXVHLQGHO¶pFROHTXLpWDLW DORUVWHQXHSDUGHVUHOLJLHX[$XMRXUG¶KXLODSpGDJRJLHDGHX[GLPHQVLRQVWKpRULTXH UpIOH[LRQjO¶pJDUGGHODILQDOLWp TXHO¶RQGRQQHjO¶pGXFDWLRQ HWSUDWLTXH PLVHHQ°XYUHGHSURFpGpVUDWLRQQHOV 7URLVGpILQLWLRQVGHODSpGDJRJLHH[LVWHQW 6HORQ 0LDODUHW OD SpGDJRJLH HVW XQH UpIOH[LRQ VXU OHV ILQDOLWpV GH O¶pGXFDWLRQ HW XQH DQDO\VH REMHFWLYH GH VHV FRQGLWLRQVG¶H[LVWHQFHHWGHIRQFWLRQQHPHQWHOOHHVWHQUDSSRUWGLUHFWDYHFO¶DFWLRQpGXFDWLYHTXLFRQVWLWXHVRQ - FKDPSGHUpIOH[LRQHWG¶DQDO\VHVDQVWRXWHIRLVVHFRQIRQGUHDYHFHOOH 6HORQ $OWHW OD SpGDJRJLH HVW O¶DUWLFXODWLRQ GLDOHFWLTXH HW OD UpJXODWLRQ IRQFWLRQQHOOH HQWUH OHV SURFHVVXV G¶HQVHLJQHPHQWHWG¶DSSUHQWLVVDJHGDQVXQHVLWXDWLRQGRQQpHSDUOHELDLVGHODFRPPXQLFDWLRQDXWRXUGHVDYRLUV - HWG¶XQHILQDOLWp 6HORQ +RXVVD\H OD SpGDJRJLH HVW O¶HQYHORSSHPHQW PXWXHO HW GLDOHFWLTXH GH OD WKpRULH HW GH OD SUDWLTXH pGXFDWLYHV - 'LGDFWLTXH 'pILQLWLRQHWFDUDFWpULVWLTXHV &¶HVWXQHGLVFLSOLQHVFLHQWLILTXHGDWDQWGHVDQQpHV6HORQ9HUJQDXGF¶HVWO¶pWXGHGHVSURFHVVXVG¶DSSUHQWLVVDJHHW G¶HQVHLJQHPHQW UHODWLIV j XQ GRPDLQH GH FRQQDLVVDQFHV SDUWLFXOLHU GLGDFWLTXH GHV PDWKpPDWLTXHV GX )UDQoDLV GH O¶(36 /D GLGDFWLTXH HW OD SpGDJRJLH RQW HQ FRPPXQ OH EXW G¶RSWLPLVHU O¶HQVHLJQHPHQW HW O¶DSSUHQWLVVDJH &HSHQGDQW OHV VROXWLRQV TX¶RIIUHQW OD GLGDFWLTXH HW OD SpGDJRJLH VRQW GLIIpUHQWHV /D GLGDFWLTXH YLVH j pWDEOLU OD GLIILFXOWpGXVDYRLUSRXUOHUHQGUHDGDSWpjO¶DSSUHQDQW +DPHOLQH D FRQoX OH WULDQJOH SpGDJRJLTXH GRQW OHV WURLV VRPPHWV VRQW OH VDYRLU O¶HQVHLJQDQW HW O¶DSSUHQDQW /¶HQVHLJQDQW HW O¶DSSUHQDQW VRQW UHOLpV SDU OD UHODWLRQ SpGDJRJLTXH /¶DSSUHQDQW HW OH VDYRLU VRQW UHOLpV SDU OHV VWUDWpJLHVG¶DSSUHQWLVVDJH/HVDYRLUHWO¶HQVHLJQDQWVRQWUHOLpVSDUO¶pODERUDWLRQGLGDFWLTXH &RQFHSWVLVVXVGHODGLGDFWLTXH &KDPSGLVFLSOLQDLUH 8QHGLVFLSOLQHG¶HQVHLJQHPHQWVHFDUDFWpULVHSDUOHVpOpPHQWVVXLYDQWV - REMHWV PDWpULDX[FRQFUHWVFRPPHOHEDOORQHQ(36 - WkFKHV EXWVjDWWHLQGUHQpFHVVLWDQWO¶DSSURSULDWLRQGHFRQQDLVVDQFHVFRPPHO¶DUELWUDJHHQ(36 FRQQDLVVDQFHV GpFODUDWLYHV SULQFLSHV DEVWUDLWV WKpRULHV QRWLRQVHWIDLWVFRPPHOHVUqJOHVGXMHXSRXUODWkFKH G¶DUELWUHUHQ(36 - FRQQDLVVDQFHV GHV SURFpGXUHV SURFpGXUHV Q¶pWDQW SDV WRXMRXUV YHUEDOLVDEOHV FRQWUDLUHPHQW DX[ FRQQDLVVDQFHV GpFODUDWLYHVFRPPHODFDSDFLWpjVLIIOHUXQDPLSRXUODWkFKHG¶DUELWUHUHQ(36 - PDWULFHGLVFLSOLQDLUH FULWqUHG¶LQWHOOLJLELOLWpG¶XQHGLVFLSOLQHG¶HQVHLJQHPHQWFRPPHO¶DGDSWDELOLWpGHO¶pOqYHIDFHj GHVHQYLURQQHPHQWVGLYHUVLILpVHQ(36 - 7UDQVSRVLWLRQGLGDFWLTXH 6HORQ'HYHQD\³ODWUDQVSRVLWLRQGLGDFWLTXHHVWOHSURFHVVXVSDUOHTXHOXQVDYRLUVDYDQWRXXQHSUDWLTXHVRFLDOHGH UpIpUHQFH GHYLHQW OH FRQWHQX TXL HVW O¶REMHW GH O¶HQVHLJQHPHQW VFRODLUH´ (Q OH FLWR\HQ GH EDVH pWDLW VHQVp VDYRLUOLUHOHVORLVpFULUHGHVDFWHVDGPLQLVWUDWLIVHWFDOFXOHUODVXSHUILFLHG¶XQFKDPS/HVpOqYHVGRQQHQWGDYDQWDJH GH VHQV DX VDYRLU TX¶RQ OHXU HQVHLJQH ORUVTXH FH VDYRLU D XQH XWLOLWp GDQV OD VRFLpWp 3DU VDYRLU VDYDQW 'HYHQD\ HQWHQGOHVVDYRLUVVFLHQWLILTXHVjSDUWLUGHVTXHOVOHVGLVFLSOLQHVVFRODLUHVVWUXFWXUHQWOHXUSURJUDPPH/HSUREOqPHGHV HQVHLJQHPHQWV EDVpV VXU OHV VDYRLUV VDYDQWV HVW TXH O¶pOqYH Q¶HQ YRLW SDV O¶XWLOLWp ,O \ D GHV GLIIpUHQFHV HQWUH OHV VDYRLUV VDYDQWV HWOHVVDYRLUVDVVLPLOpV/HVVDYRLUVVDYDQWVRQWXQOLHQDYHFOHVSUDWLTXHVVRFLDOHVGHUpIpUHQFH/H WUDYDLOGXFRQFHSWHXUGHSURJUDPPHVHVWGHGpWHUPLQHUOHVVDYRLUVjHQVHLJQHUHQIRQFWLRQGHVVDYRLUVVDYDQWVHWGHV SUDWLTXHVVRFLDOHVGHUpIpUHQFH/HWUDYDLOGHO¶HQVHLJQDQWHVWG¶REWHQLUOHVVDYRLUVHQVHLJQpVHQIRQFWLRQGHVVDYRLUVj HQVHLJQHU/HWUDYDLOGHO¶pOqYHHVWG¶REWHQLUGHVVDYRLUVDVVLPLOpVjSDUWLUGHVVDYRLUVHQVHLJQpV 5HSUpVHQWDWLRQ ,OHVWUDUHG¶DVVLPLOHUVSRQWDQpPHQWGHQRXYHOOHVFRQQDLVVDQFHV/¶pOqYHHQDWRXMRXUVXQHFHUWDLQHUHSUpVHQWDWLRQ/H WHUPH GH FRQFHSWLRQ HVW pTXLYDOHQW DX WHUPH GH UHSUpVHQWDWLRQ /D UHSUpVHQWDWLRQ HVW OD PDQLqUH GRQW XQ LQGLYLGX PRELOLVH VHV FRQQDLVVDQFHV DQWpULHXUHV &HUWDLQV REVWDFOHV j O¶DSSUHQWLVVDJH V¶H[SOLTXHQW SDU OH IDLW TXH OHV UHSUpVHQWDWLRQV VRQW SDUIRLV HUURQpHV HW UpVLVWHQW /HV UHSUpVHQWDWLRQV HUURQpHV RQW XQH GRXEOH RULJLQH OHV LGpHV SUpFRQoXHVHWODIDoRQG¶HQVHLJQHU 'HVVSpFLDOLVWHVGHODGLGDFWLTXHPDWKpPDWLFLHQQHRQWWURXYpGHVUHSUpVHQWDWLRQVHUURQpHV/RUVTX¶XQHQVHLJQDQWGH PDWKpPDWLTXHVHQVHLJQHOHVGpFLPDX[LOV¶DSSXLHVXUOHVQRPEUHVHQWLHUVHQGLVDQWTX¶LOVVRQWGpJXLVpVFHTXLSHXW LQGXLUHGHVHUUHXUV&RPSDUHUOHVQRPEUHVGpFLPDX[HWSHXWHQJHQGUHUO¶HUUHXU!FDU! &RQWUDWGLGDFWLTXH 6HORQ5RXVVHDX³OHFRQWUDWGLGDFWLTXHHVWO¶HQVHPEOHGHVFRPSRUWHPHQWVTXLVRQWDWWHQGXVLPSOLFLWHPHQWSDUO¶pOqYH j O¶pJDUGGHO¶HQVHLJQDQWHWSDUO¶HQVHLJQDQWjO¶pJDUGGHO¶pOqYH´ (QPDWKpPDWLTXHVGDQVXQHHQTXrWHGHRQSURSRVDjGHVpOqYHVOHSUREOqPHVXLYDQWVXUXQEDWHDXLO\D PRXWRQV HW FKqYUHV TXHO HVW O¶kJH GX FDSLWDLQH" 6XU SDUWLFLSDQWV UpSRQGLUHQW ,OV UpSRQGLUHQW j OD TXHVWLRQHQXWLOLVDQWOHPrPHV\VWqPHGHUDLVRQQHPHQWTX¶LOVDYDLHQWO¶KDELWXGHG¶XWLOLVHUGDQVXQpQRQFpFODVVLTXH 3KLORVRSKLHGHO¶pGXFDWLRQ /¶pGXFDWLRQHQWUHLQQpHHWDFTXLVH 'pEDWVSKLORVRSKLTXHV 'pEDWVXUODQDWXUHKXPDLQH 7KqVHSHVVLPLVWH &¶HVWXQHWKqVHOLpHDXGRJPHFKUpWLHQGHODGpFKpDQFHKXPDLQHFRPPHFRQVpTXHQFHGXSrFKpRULJLQHO'HFHIDLW O¶KRPPHHVWFRQVLGpUpFRPPHPDXYDLVSHUYHUWLSDUVDFKDLUHWLQFDSDEOHGHFRQWU{OHUVHVSODLVLUV/¶pGXFDWLRQVHORQ FHWWHWKqVHFRQVLVWHjLPSRVHUXQHPRUDOHVHFRQIRUPDQWjGHVSUpFHSWHVUHOLJLHX[&HWWHIDoRQGHYRLUOHVFKRVHV pWDLW HQ YLJXHXU DX 0R\HQ $JH SpULRGH j ODTXHOOH O¶pGXFDWLRQ pWDLW IDLWH SDU GHV UHOLJLHX[ TXL LQFXOTXDLHQW XQH FRQGXLWHPRUDOHSDUGHVFKkWLPHQWVFRUSRUHOV 7KqVHRSWLPLVWH 6HORQ FHWWH WKqVH OD QDWXUH GH O¶KRPPH HVW IRQFLqUHPHQW ERQQH HW SRVVqGH GHV IDFXOWpV TXL PpULWHQW G¶rWUH GpYHORSSpHV5RXVVHDXHW.DQWLOOXVWUqUHQWFHWWHWKqVH 5RXVVHDXSKLORVRSKHIUDQoDLVGX6LqFOHGHV/XPLqUHVOH;9,,,qPHVLqFOHFRPSDUDO¶HQIDQWDXERQVDXYDJHTXLpWDLW GpSRXUYXGHYLFHVPDLVDXVVLGHUDLVRQHWGHOLEHUWpG¶HVSULW6HORQOXLO¶KRPPHQDvWERQHWVDSHUYHUVLRQpYHQWXHOOH HVW GXH DX[ SUpMXJpV TX¶LO UHoRLW GH OD VRFLpWp 'DQV VRQ RXYUDJH /¶(PLOH pFULW HQ LO SUpFLVD XQH PpWKRGH G¶pGXFDWLRQ WKpRULTXH /¶pGXFDWLRQ QpJDWLYH TXH O¶HQIDQW GHYDLW UHFHYRLU MXVTX¶j O¶kJH GH DQV DYDLW SRXU EXW GH SURWpJHUO¶HQIDQWGHODVRFLpWp3HQGDQWFHWWHSpULRGHO¶HQIDQWGHYDLWrWUHDXFRQWDFWDYHFOHPRQGHGHVFKRVHVOD QDWXUH6LO¶HQIDQWFDVVDLWXQHYLWUHLOQHIDOODLWSDVOHSXQLUTXLWWHjFHTX¶LOV¶HQUKXPH/¶HQIDQWGHYDLWV¶DXWRGLFWHU VHVUqJOHVGHFRQGXLWH'DQVXQHVHFRQGHSpULRGHO¶pGXFDWLRQSRVLWLYHDSUqVO¶kJHGHDQVGHYDLWWUDQVPHWWUHGHV FRQQDLVVDQFHVjO¶HQIDQW,OV¶DJLVVDLWG¶pGXTXHUjPLHX[SHQVHU.DQW HVW XQ SKLORVRSKH GX ;9,,,qPH VLqFOH TXL V¶LQVSLUD GH 5RXVVHDX 6HORQ OXL O¶HQIDQW HVW FRPSDUDEOH j O¶DQLPDO /¶XQ HW O¶DXWUH VRQW JXLGpV SDU OHXU LQVWLQFW /D GLIIpUHQFH HQWUH HX[ HVW TXH OH EpEpKXPDLQHVWXQrWUHSHUIHFWLEOH SK\VLTXHPHQWHWPHQWDOHPHQW'qVOHVSUHPLqUHVKHXUHVGHVDYLHO¶DQLPDODXQLQVWLQFWGHVXUYLHFRQWUDLUHPHQWj O¶KRPPHO¶KRPPHSOHXUHHQQDLVVDQWFHTXHQHIDLWSDVO¶DQLPDOSRXUQHSDVDWWLUHUOHVSUpGDWHXUV3DUVRQLQVWLQFW O¶DQLPDO HVW GpMj WRXW FH TX¶LO SHXW rWUH /¶KRPPH Q¶D SDV EHVRLQ G¶LQVWLQFW LO GRLW UDLVRQQHU ,O IDXW TXH G¶DXWUHV O¶pGXTXHQW.DQW SURSRVD GHX[ SKDVHV pGXFDWLYHV /¶pGXFDWLRQ QpJDWLYH FRQVLVWDLW j GLVFLSOLQHU O¶HQIDQW SRXU OH SURWpJHUFRQWUHXQPDOTXLpWDLWHQOXL&HPDOpWDLWOLpDX[LQVWLQFWVTXLpWDLHQWjUpSULPHUFDULOVpWDLHQWODFDXVHGHV FRPSRUWHPHQWVLPPRUDX[HWDVRFLDX[/¶pGXFDWLRQSRVLWLYHFRQVLVWDLWDSUqVODSKDVHQpJDWLYHjLQVWUXLUHjpGXTXHU j PLHX[SHQVHU 'pEDWVXUODQDWXUHGHFKDTXHLQGLYLGX 2QVHUpIqUHjODVLQJXODULWpGHO LQGLYLGXDXQLYHDXLQWHOOHFWXHOSK\VLTXHHWGHODSHUVRQQDOLWp/HGpEDWSKLORVRSKLTXH V HVW LQWHUURJp VXU OH GpYHORSSHPHQW LQWHOOHFWXHO GHV DSWLWXGHV SK\VLTXHV HW GX PRGHODJH GH OD SHUVRQQDOLWp GH O LQGLYLGX6RQWLOVLQQpVRXHVWLOSRVVLEOHGHOHVGpYHORSSHU" 7KqVHGpWHUPLQLVWH (OOHQLHOHSRXYRLUGHO pGXFDWLRQ6HORQFHWWHWKqVHODQDWXUHSURSUHjFKDTXHLQGLYLGXVHGpYHORSSHVXUXQHGLUHFWLRQ GpMjIL[pHjO DYDQFH,OQ HVWSDVSRVVLEOHGHWUDQVIRUPHUODSHUVRQQDOLWpG XQLQGLYLGX8QLQGLYLGXYLROHQWQHSHXWSDV GHYHQLUGRX[8QLQGLYLGXOHQWQHSHXWSDVGHYHQLUUDSLGH8QLQGLYLGXPDODGURLWQHSHXWSDVGHYHQLUDGURLW 6HORQ)RQWDQHOOHQLODERQQHpGXFDWLRQQHIDLWOHERQFDUDFWqUHQLODPDXYDLVHQHOHGpWUXLW 6HORQ 6KRSHQKDXHU O KRPPH D VRQ FDUDFWqUH G R GpFRXOHQW OHV PRWLIV GH VHV DFWLRQV GH IDoRQ DEVROXPHQW QpFHVVDLUH &KDTXH KRPPH HVW FH TX LO HVW RULJLQHOOHPHQW SDU VD YRORQWp HW VRQ FDUDFWqUH OD YRORQWp pWDQW OH IRQGHPHQWGHWRXWHH[LVWHQFH 7KqVHSHVVLPLVWH & HVWXQHWKqVHPRLQVGpWHUPLQLVWHTXHODSUpFpGHQWH(OOHFRQVLGqUHO LQIOXHQFHGHO pGXFDWLRQPDLVODSRUWpHGHFHWWH LQIOXHQFHGpSHQGGXEDJDJHFRQJpQLWDOGHGpSDUW/ pGXFDWLRQQ DTX XQSRXYRLUUHODWLI8QLQGLYLGXYLROHQWTXLUHoRLW XQHpGXFDWLRQjPLHX[VHPDvWULVHUGHYLHQGUDPRLQVYLROHQWPDLVSDVDXVVLSDFLILTXHTXHFHOXLTXLO HVWSDUQDWXUH8Q LQGLYLGXPDODGURLWSDUQDWXUHV LOUHoRLWXQHpGXFDWLRQSRXUUDGHYHQLUSOXVDGURLWPDLVSDVDXWDQWTXHFHOXLTXLO HVW SDUQDWXUH 6HORQ*RHWKHRQQHSHXWWLUHUGHO KRPPHTXHFHTX LOSRUWHHQOXLPrPH 6HORQ5RVWDQGVLO °XIQHFRQWLHQWSDVOHVFKURPRVRPHVGHTXDOLWpDXFXQHIRUFHH[WpULHXUHQ HQWLUHUDXQLQGLYLGX VXSpULHXU 7KqVHRSWLPLVWH (OOHQHQLHSDVTXHO LQGLYLGXjODQDLVVDQFHVRLWSRUWHXUGHSUpGLVSRVLWLRQVLQQpHVPDLVHOOHFRQVLGqUHTX HOOHVVRQW PLQHXUHVSDUUDSSRUWjODIRUFHGHO pGXFDWLRQ 'XUNKHLPHW6SHQFHUVRQWOHVSqUHVIRQGDWHXUVGHODVRFLRORJLHPRGHUQH 6HORQ 6SHQFHU HQWUH OHV YLUWXRVLWpV LQGpFLVHV TXL FRQVWLWXHQW O KRPPH DX PRPHQW R LO YLHQW GH QDvWUH HW OH SHUVRQQDJH WUqV GpILQL TX LO YD GHYHQLU OD GLVWDQFH HVW FRQVLGpUDEOH & HVW FHWWH GLVWDQFH TXH O pGXFDWLRQ GRLW IDLUH SDUFRXULU 7KqVHUDGLFDOH (OOH SRVWXOH OH SRXYRLU DEVROX GH O pGXFDWLRQ HW QLH WRWDOHPHQW OD SUpVHQFH GH SUpGLVSRVLWLRQV LQQpHV /H FRXUDQW SKLORVRSKLTXHGHO HPSLULVPHPHWHQYDOHXUFHWWHWKqVH 6HORQ $ULVWRWH O HVSULW GH O HQIDQW HVW XQH WDEOHWWH OLVVH VXU ODTXHOOH ULHQ Q HVW pFULW PDLV VXU ODTXHOOH RQ SHXW WRXW pFULUH 6HORQ (UDVPH O kPH HQIDQWLQH HVW XQ FKDPS j FXOWLYHU TXL SURGXLUD WHOOH RX WHOOH PRLVVRQ VHORQ OD VHPHQFH TXH O pGXFDWLRQ\DXUDGpSRVp 6HORQ/RFNHO kPHGHO HQIDQWHVWXQPRUFHDXGHFLUHTXHO RQSHXWPRGHOHUjVRXKDLW 6HORQ+HOYHWLXVO pGXFDWLRQQRXVIDLWFHTXHQRXVVRPPHV / DSSRUWGHVGpFRXYHUWHVGHODVFLHQFH /HFDVGHVHQIDQWVVDXYDJHV 9HUV RQ WURXYD GDQV OD QDWXUH SOXVLHXUV FDV G HQIDQWV j O pWDW VDXYDJH /HV SOXV FpOqEUHV IXUHQW 9LFWRU GH O $YH\URQ UHWURXYp GDQV OD IRUrW HW GHX[ SHWLWHV ILOOHV $PDOD HW.DPDOD UHWURXYpHV GDQV XQH PHXWH GH ORXSV HQ ,QGH &HV GpFRXYHUWHV DWWLVqUHQW O LQWpUrW GHV VFLHQWLILTXHV 1 D\DQW SDV UHoX G pGXFDWLRQ GHX[ K\SRWKqVHV IXUHQW HQYLVDJpHVVRLWOHVHQIDQWVVDXYDJHVVHFRPSRUWHUDLHQWPRUDOHPHQWHWDYHFUDLVRQVRLWLOVQHIDLVDLHQWSDVSUHXYH G KXPDQLWp /HV IDLWV UHQIRUFqUHQW OD GHX[LqPH K\SRWKqVH /HV GHX[ SHWLWHV ILOOHV pWDLHQW LQFDSDEOHV GH VH WHQLU GHERXW(OOHVWURWWDLHQWjTXDWUHSDWWHVFRPPHGHVpFXUHXLOV(OOHVQHSDUODLHQWSDVUHIXVDLHQWOHFRQWDFWJURJQDLHQW FRPPH GHV ORXSV VH MHWDLHQW VXU GHV FDGDYUHV G RLVHDX[ pJRUJHDLHQW OHV SRXOHV YLYDQWHV QH EXYDLHQW SDV PDLV KDOHWDLHQW/HXURGRUDWpWDLWVXUGpYHORSSp/HXUEHVRLQVH[XHOpWDLWIDLEOH(OOHVpWDLHQWLQVHQVLEOHVDXIURLGUHIXVDQW GHVHYrWLUHQKLYHU(OOHVDYDLHQWSHXUGXMRXU(OOHVQHIDLVDLHQWSDVSUHXYHGHVHQWLPHQWVQHGLVWLQJXDLHQWSDVXQH LPDJH G XQ REMHW UpHO HW QH VH UHFRQQDLVVDLHQW SDV GDQV XQ PLURLU (OOHV IXUHQW SODFpHV GDQV XQ RUSKHOLQDW $PDOD PRXUXWjGHX[DQVXQDQDSUqVVDGpFRXYHUWH.DPDODPRXUXWjGL[VHSWDQVQHXIDQVDSUqVVDGpFRXYHUWH0rPH HQWHQWDQWGHODUppGXTXHURQQ DUULYDSDVjODIDLUHDWWHLQGUHGHVFDSDFLWpVQRUPDOHV&HQ HVWTX DSUqVVL[DQVGH UppGXFDWLRQ TX HOOH UpXVVLW j PDUFKHU HW j UHFRQQDvWUH VHV DIIDLUHV SHUVRQQHOOHV (OOH pWDLW FDSDEOH GH VLJQDOHU DX SHUVRQQHOOHVQRXUULVVRQVTXLSOHXUDLHQW(OOHSRXYDLWUDPDVVHUOHV°XIVGXSRXODLOOHU$YDQWVDPRUWHOOHSRVVpGDLW PRWV GH YRFDEXODLUH PDLV QH SRXYDLW HQJDJHU XQH FRQYHUVDWLRQ &HWWH GpFRXYHUWH PRQWUH TXH O pGXFDWLRQ QH SHXW rWUHHIILFDFHTX jSDUWLUGXPRPHQWRHOOHDOLHXjGHVPRPHQWVFOpVGHO HQIDQFH /HSRLGVGHO KpUpGLWpHWGHO DFTXLV 2QFRQVLGqUHDXMRXUG KXLTXHO DFTXLVLQWHUYLHQWWRXWFRPPHO KpUpGLWpPDLVTXHOHXUSRLGVUHVSHFWLIHVWGLIIpUHQWGDQV ODGpWHUPLQDWLRQGHVFDUDFWqUHVSK\VLTXHVGHODSHUVRQQDOLWpRXGHO LQWHOOLJHQFH /HVFDUDFWqUHVSK\VLTXHV &HVRQWFHX[TXLGpSHQGHQWOHSOXVGHO KpUpGLWp&HVFRQFOXVLRQVVRQWLVVXHVGHUHFKHUFKHVJpQpWLTXHV/HSK\VLTXH HVWFRQGLWLRQQpSDUGHVJqQHVVLWXpVVXUOHVFKURPRVRPHVWRXWrWUHKXPDLQSRVVpGDQWSDLUHVGHFKURPRVRPHV GRQWODPRLWLpSURYLHQQHQWGXSqUHHWO DXWUHPRLWLpGHODPqUH,OHVWSRVVLEOHGHGpWHUPLQHUODFRXOHXUGHV\HX[GHV HQIDQWV j SDUWLU GH FHOOH GHV SDUHQWV /H SKpQRW\SH HVW XQ HQVHPEOH GH FDUDFWqUHV VRPDWLTXHV DSSDUHQWV /H JpQRW\SHHVWO HQVHPEOHGHJqQHVSRUWpVSDUO LQGLYLGXTX LOVVRLHQWYLVLEOHVRXQRQ/HJqQHGHODFRXOHXUGHV\HX[ EOHXVHVWUpFHVVLIWDQGLVTXHOHJqQHGHODFRXOHXUEUXQHHVWGRPLQDQW /DJpQpWLTXHV HVWLQWpUHVVpHjGHVFRXSOHVGHYUDLVMXPHDX[FDULOVVRQWOHVVHXOVrWUHVKXPDLQVjSRVVpGHUOHPrPH SDWULPRLQHJpQpWLTXH2QOHVDSSHOOHMXPHDX[KRPR]\JRWHVFDULOVVRQWLVVXVGXPrPH°XIjQHSDVFRQIRQGUHDYHF OHVMXPHDX[EL]\JRWHV/HVFRXSOHVGHYUDLVMXPHDX[RQWOHVPrPHVWUDLWVSK\VLTXHV6LOHVMXPHDX[RQWXQHKpUpGLWp TXL OHV SRUWHQW j rWUH JUDQGV XQ MXPHDX ELHQ DOLPHQWp FRQVHUYHUD XQH JUDQGH WDLOOH WDQGLV TX XQ MXPHDX VRXV DOLPHQWpVHUDOpJqUHPHQWSOXVSHWLW /DSHUVRQQDOLWp (OOHQ HVWSDVOLpHjO KpUpGLWpGHIDoRQDXVVLGpWHUPLQLVWHTXHOHVFDUDFWqUHVSK\VLTXHVPDLVO KpUpGLWpDHQFRUHSOXV GHSRLGVTXHOHPLOLHX5HQp=D]]RDPRQWUpTXHVLRQpOqYHXQMXPHDXGDQVXQHIDPLOOHHWO DXWUHGDQVXQHDXWUH IDPLOOHLOVSUpVHQWHQWGHVWUDLWVGHSHUVRQQDOLWpHQFRPPXQVWDWLVWLTXHPHQW/RUVTX XQFRXSOHGHMXPHDX[HVWpOHYp GDQV OD PrPH IDPLOOH OD PDMRULWp GHV FDV SUpVHQWHQW OHV PrPHV FDUDFWqUHV PDLV FHUWDLQV FDV PRQWUHQW GHV GLIIpUHQFHV / LQWHOOLJHQFH / LQIOXHQFHGHO KpUpGLWpSDUDvWODSOXVIDLEOH/HSRLGVGXPLOLHXHVWGDYDQWDJHFDSLWDOGXSRLQWGHYXHGHODULFKHVVH RX GH OD IDLEOHVVH GHV VWLPXODWLRQV LQWHOOHFWXHOOHV 2QSHXWWUqVELHQDYRLUGHVSUpGLVSRVLWLRQVIDYRUDEOHVUHQYHUVpHV SDU XQ PLOLHX GpIDYRUDEOH HW LQYHUVHPHQW 'HV UHFKHUFKHV RQW FRQVLVWp j FRPSDUHU OH TXRWLHQW LQWHOOHFWXHO GH YUDLV MXPHDX[ DYHF FHOXL GH IUqUHV HW V°XUV GHSqUHHWILOVHWF/HTXRWLHQWLQWHOOHFWXHOHVWSOXVSURFKHGDQVOHFDVGHV YUDLV MXPHDX[ 3RXU SURXYHU TXH O LQWHOOLJHQFH HVW pJDOHPHQW LQIOXHQFpH SDU O pGXFDWLRQ RQ D PHVXUp OH TXRWLHQW LQWHOOHFWXHO GH YUDLV MXPHDX[ pOHYpV GDQV GHV IDPLOOHV GLIIpUHQWHV &HUWDLQV UpVXOWDWV RQW PRQWUp GHV TXRWLHQWV GLIIpUHQWVHWG DXWUHVUpVXOWDWVRQWPRQWUpGHVTXRWLHQWVWUqVSURFKHV/HFKHUFKHXU/pRQ.DPLQPRQWUDOHVFRQGLWLRQV GHYLHWUqVSURFKHVGHVMXPHDX[D\DQWGHVTXRWLHQWVLQWHOOHFWXHOVSURFKHV / LQWHOOLJHQFHHVWVXUWRXWOLpHDX[VWLPXODWLRQVLQWHOOHFWXHOOHVTXHO HQIDQWUHoRLWSHQGDQWVRQpGXFDWLRQ /HVILQVGHO pGXFDWLRQ 6HORQ 0LDODUHW FH VRQW OHV JUDQGV GHVVHLQV GH O pGXFDWLRQ TXL UHOqYHQW SUHVTXH WRXMRXUV G XQH YLVLRQ XWRSLTXH GH O DYHQLU 6HORQ5HERXOLOH[LVWHWURLVILQVGHO pGXFDWLRQ (GXTXHUSRXUO HQIDQW & HVW XQH WKqVH TXL D SRXU EXW G pSDQRXLU O HQIDQW VHORQ VD SURSUH QDWXUH GH IDoRQ j GpYHORSSHU WRXWHV VHV SRWHQWLDOLWpV'DQVFHW\SHG pGXFDWLRQXQHJUDQGHSODFHHVWIDLWHjODSULVHHQFRPSWHGHVGLIIpUHQFHVGHIDoRQj\ UpSRQGUH GH PDQLqUHV GLIIpUHQFLpHV & HVW XQH WKqVH TXL VH MXVWLILH GDQV OD PHVXUH R HOOH pYLWH TXH O pGXFDWLRQ PRGqOHO HQIDQWHWDERXWLVVHjOHIDLUHDGKpUHUjGHVQRUPHVFXOWXUHOOHVSDUIRLVFRQWHVWDEOHV (GXTXHUSRXUODVRFLpWp & HVW XQH WKqVH TXL VH FRQWUHGLW DYHF OD SUpFpGHQWH HW TXL D SRXU EXW GH PRGHOHU O HQIDQW VHORQ GHV QRUPHV HQ YLJXHXU,OIDXWrWUHSUpSDUpjODVRFLpWp/DWUDQVPLVVLRQGHYDOHXUVFXOWXUHOOHVHVWXQPR\HQGHYLHVRFLDOH (GXTXHUSRXUO KXPDQLWp & HVWUpSRQGUHjO LQVXIILVDQFHHWDX[OLPLWHVGHVGHX[SUHPLqUHVWKqVHV (QSUHQDQWOHSDUWLGHO HQIDQWOHULVTXHHVWGRXEOH2QULVTXHGHIRUPHUGHVrWUHVPDUJLQDX[TXLQHSRXUURQWSOXV V LQWpJUHU DX VHLQ GH OD VRFLpWp 2Q ULVTXH GH PHWWUH HQ SpULO OD VRFLpWp HOOHPrPH WDQW GX SRLQW GH YXH GH VD FRKpVLRQTXHGHVRQSDWULPRLQHVFLHQWLILTXHHWWHFKQLTXH(QSUHQDQWOHSDUWLGHODVRFLpWpOHULVTXHHVWGRXEOH2Q ULVTXHGHIRUPHUGHVrWUHVGpQXpVGHVHQVFULWLTXHjO pJDUGGHVQRUPHVFXOWXUHOOHVHQYLJXHXU2QULVTXHGHILJHUOD VRFLpWp VXU HOOHPrPH VDQV OD IDLUH pYROXHU(QHIIHWG XQHSDUWO LQGLYLGXVHUDWHOOHPHQWDGDSWpTX LOQHVHUDSOXV DSWHjO LQQRYDWLRQ' DXWUHSDUWO LQGLYLGXVHUDWHOOHPHQWLQWpJUpTX LOQHVHUDSOXVDSWHjV RXYULUjG DXWUHVRSLQLRQV 6HORQ 5HERXO LO YDXW PLHX[ HQVHLJQHU WRXW FH TXL SHXW XQLU HW UHQGUH SOXV DXWRQRPH 8Q HQVHLJQHPHQW UHQG SOXV DXWRQRPHSDUVHVEXWV/HEXWGHO¶HQVHLJQHPHQWHVWG¶rWUHXQPR\HQG¶pGXFDWLRQHWQRQXQHVLPSOHWUDQVPLVVLRQGH FRQQDLVVDQFHV8QHQVHLJQHPHQWUHQGSOXVDXWRQRPHSDUODSRVVLELOLWpGHUpLQYHVWLUOHVDFTXLVVFRODLUHVGDQVODYLHGH WRXVOHVMRXUV3RXUUHQGUHXQHQIDQWDXWRQRPHLOIDXWTX¶LOVRLWDFWLIGDQVVRQDSSUHQWLVVDJH /HVLQVWLWXWLRQVpGXFDWLYHV /DIDPLOOH 6HVIRQFWLRQV (OOH D GHX[ IRQFWLRQV SURWpJHU O¶HQIDQW HW IRUPHU VHV VHQWLPHQWV OHV SOXV SULPDLUHV HQ WHQGDQFH SOXV VRFLDOH 3DU H[HPSOHODIDPLOOHGRLWWUDQVIRUPHUO¶pJRFHQWULVPHHQVHQVGXSDUWDJH6HORQ5HERXOODIRUPDWLRQGHVVHQWLPHQWVHVW ODSOXVDGDSWpHFDUODQDWXUHHQIDQWLQHQ¶HVWSDVHQFRUHSUrWHSRXUUDLVRQQHUGDQVO¶DEVWUDLW6HORQ$ODLQODIDPLOOHHVW O¶pFROHGXVHQWLPHQW 6DVWUXFWXUH 6HORQ5HERXOODIDPLOOHHVWXQHPLFURVRFLpWpFORVHFDUHOOHHVWFRPPHWRXWJURXSHVRFLDOUpJLHSDUGHVUqJOHVHWGHV YDOHXUVLQWHUQHVHOOHWHQGjVHPpILHUGHWRXWFHTXLSHXWOXLSDUDvWUHUHPHWWUHHQFDXVHVHVUqJOHVHWVHVYDOHXUV &¶HVWXQHVRFLpWpKLpUDUFKLVpHHOOHUHSRVHVXUGHVVWDWXWVGLIIpUHQWVHQWUHSDUHQWVHWHQIDQWVHQWUHIUqUHVHWV°XUV 7RXWHV OHV IDPLOOHV QH IRQFWLRQQHQW SDV VXU XQ PrPH PRGH &HUWDLQHV VRQW DXWRULWDLUHV HW G¶DXWUHV SOXV OLEpUDOHV 4XHOOHV TXH VRLHQW OHV IDPLOOHV HOOHV SRVHQW GHV SUREOqPHV DX QLYHDX GH O¶pPDQFLSDWLRQ GH O¶HQIDQW (OOHV QH SHUPHWWHQWSDVXQHDXWRQRPLHWRWDOHGHO¶HQIDQW&¶HVWVRXYHQWjO¶DGROHVFHQFHTXHFHVSUREOqPHVVHSRVHQW /¶pFROH (W\PRORJLTXHPHQWOHPRWpFROHYLHQWGHVNROHHQ*UHFTXLVLJQLILHORLVLU$O¶pSRTXHV¶LQVWUXLUHpWDLWXQSULYLOqJHXQ WHPSVRO¶RQQHWUDYDLOODLWSDV 6DIRQFWLRQGHSURWHFWLRQ 6HORQ 5HERXO O¶pFROH HVW SURWHFWULFH FDU HOOH SUpVHUYH O¶HQIDQW GHV ULVTXHV G¶H[SORLWDWLRQ HW GH PDQLSXODWLRQ (OOH SUpVHUYH GHV ULVTXHV G¶H[SORLWDWLRQ FDU O¶pOqYH \ WUDYDLOOH SRXU OXLPrPH DORUV TXH GDQV OD YLH SURIHVVLRQQHOOH OH WUDYDLO HVW XQHVRXUFHG¶HQULFKLVVHPHQWSRXUOHVDXWUHV(OOHSUpVHUYHGHVULVTXHVGHPDQLSXODWLRQFDUHOOHWUDQVPHW GHVVDYRLUVH[SOLTXpVHWMXVWLILpV/HVPpGLDVVHGLIIpUHQFLHQWGHO¶pFROHSDUOHIDLWTX¶LOVGRQQHQWGHVLQIRUPDWLRQVj O¶pWDWEUXWDXULVTXHG¶rWUHIDXVVHV 6DIRQFWLRQG¶HQVHLJQHPHQW /¶pFROHDSRXUIRQFWLRQG¶HQVHLJQHUGHVVDYRLUVVFRODLUHV8QVDYRLUVFRODLUHHVWFDUDFWpULVpSDUFLQTFULWqUHV - &¶HVWXQVDYRLUjORQJWHUPH - &¶HVWXQVDYRLURUJDQLVpHWV¶HQFKDvQDQWGHIDoRQORJLTXHJUkFHjODKLpUDUFKLVDWLRQSDUQLYHDX[GHFODVVHV - &¶HVWXQVDYRLUpSXUpXQVDYRLUDUJXPHQWpSRXYDQWrWUHFULWLTXp - &¶HVWXQVDYRLUTXLQ¶DSDVG¶XWLOLWpDXWUHTXHSRXUO¶HQIDQWSHUPHWWDQWGHUHQGUHDXWRQRPH - &¶HVWXQVDYRLUDGDSWpPLVjODSRUWpHGHVpOqYHV /¶XQLYHUVLWp /¶HQVHLJQHPHQWXQLYHUVLWDLUHHWVHVIRQFWLRQV ,ODVVXUHWURLVIRQFWLRQV ,O HVW XQ HQVHLJQHPHQW FXOWXUHO FDUDFWpULVp SDU VRQ FRQWHQX GpVLQWpUHVVp PDLV VSpFLDOLVp HW TXL SURORQJH O¶HQVHLJQHPHQWVHFRQGDLUH - - ,OHVWXQHQVHLJQHPHQWSURIHVVLRQQHO ,O HVW XQ HQVHLJQHPHQW GH OD UHFKHUFKH TXL SHUPHW OD IRUPDWLRQ GH FKHUFKHXUV DX VHUYLFH GH O¶XQLYHUVLWp RX G¶pWDEOLVVHPHQWVH[WpULHXUVFRPPHO¶DUPpHRXO¶LQGXVWULH - /DUHFKHUFKHXQLYHUVLWDLUHHWVHVIRQFWLRQV (OOHDVVXUHTXDWUHIRQFWLRQV (OOH SURGXLW GHV VDYRLUV QRXYHDX[ &¶HVW XQH UHFKHUFKH ULJRXUHXVH FDU OH FKHUFKHXU GRLW SURXYHU FH TX¶LO D GpFRXYHUW (OOH HVW OLEUH GpVLQWpUHVVpH HW SXEOLTXH DORUV TXH OD UHFKHUFKH PLOLWDLUH HVW FRQWU{OpH LQWpUHVVpH HW - SULYpH (OOHDXQHIRQFWLRQGHUpIOH[LRQ'¶XQHSDUWFHWWHUpIOH[LRQHVWV\QWKpWLTXHORUVTX¶LOV¶DJLWGHUpXQLUGHVDSSURFKHV VFLHQWLILTXHVPXOWLSOHVjSURSRVG¶XQPrPHGRPDLQHGHUHFKHUFKH'¶DXWUHSDUWFHWWHUpIOH[LRQHVWFULWLTXHHOOH - V¶LQWHUURJHVXUO¶pWKLTXHGHVGpFRXYHUWHV - (OOHDXQHIRQFWLRQGHFRQVHUYDWLRQGHVVDYRLUV(OOHHVWODJDUDQWHLQWHOOHFWXHOOHG¶XQHVRFLpWp - (OOHDVVXUHODIRUPDWLRQGHVDGXOWHVGHSXLV /¶DXWRULWpHQpGXFDWLRQ /HVILJXUHVGHO¶DXWRULWp 6HORQ 5HERXO O¶DXWRULWp HVW OH SRXYRLU TX¶D TXHOTX¶XQ GH IDLUH IDLUH j G¶DXWUHV FH TX¶LO YHXW VDQV DYRLU UHFRXUV j OD YLROHQFH6RQSRXYRLUHVWGVRLWjVDSRVLWLRQVRFLDOHVRLWjVDFRPSpWHQFHVRLWjVRQDVFHQGDQW7RXWHVRFLpWpVH IRQGHGRQFVXUXQHOpJLWLPLWpTXLHVWG¶XQWRXWDXWUHRUGUHTXHODIRUFHSK\VLTXH/¶REpLVVDQFHHVWSOXVDFFHSWpHTXH VXELHGDQVOHFDVGHO¶DXWRULWpFRQWUDLUHPHQWDXFDVGHODIRUFHSK\VLTXH 5HERXOGLVWLQJXHVL[ILJXUHVG¶DXWRULWpTXLV¶DSSXLHQWVXUFHTXLOHVUHQGOpJLWLPHV - 'DQVO¶DXWRULWpGXFRQWUDWFKDFXQHGHVSDUWLHVHVWOLpHSDUVRQSURSUHFRQVHQWHPHQW /¶DXWRULWp GH O¶H[SHUW HVW FHOOH G¶XQ LQGLYLGX GRQW RQ VXLW O¶DYLV VDQV PrPH OH FRPSUHQGUH FDU RQ UHFRQQDvW VD FRPSpWHQFH - / DXWRULWpGHO DUELWUHHVWFHOOHGHFHOXLTXLWUDQFKHGDQVXQFRQIOLWSDUXQHGpFLVLRQTX LOQ DSDVEHVRLQGHMXVWLILHU SDUFH TX LO HVW G DYDQFH MXVWLILp SRXU OD GRQQHU & HVW O DXWRULWp GH O DUELWUH GX MXJH (QIUHLQGUH FHWWH DXWRULWp - VLJQLILHGpVREpLU / DXWRULWpGXPRGqOHVHIRQGHVXUOHSUHVWLJHTXLUD\RQQHGXPRGqOHHWVXUO DGPLUDWLRQTX LOVXVFLWH& HVWFHOOH GXSHUVRQQDJHKLVWRULTXHGHODYHGHWWH(QIUHLQGUHFHWWHDXWRULWpVLJQLILHLQFXOWXUH - / DXWRULWpGXOHDGHUUHSRVHVXUOHSUHVWLJHPDLVFHSUHVWLJHSRXVVHSOXVOHVLQGLYLGXVjOHVXLYUHTX jVLPSOHPHQW O LPLWHU / DVFHQGDQW GX OHDGHU UHSRVH FKH] FHX[ TXL OH VXELVVHQW VXU XQ GRXEOH EHVRLQ DGPLUHU HW REpLU - / REpLVVDQFH UDVVXUH HW GLVSHQVH GH SHQVHU SDU VRLPrPH VHORQ 5HERXO & HVW O DXWRULWp GX PHQHXU GDQV XQH EDQGHGXOHDGHUGDQVXQHpTXLSHRXGDQVXQJURXSHG DPLV / DXWRULWpGXURLSqUHHVWODSOXVLUUDWLRQQHOOHEDVpHVXUXQSRXYRLUDEVROX& HVWO DXWRULWpGXFKHIFKDULVPDWLTXH GXJRXURXGXPRQDUTXHDEVROX(QIUHLQGUHFHWWHDXWRULWpVLJQLILHFRPPHWWUHXQVDFULOqJH - 'pEDWVXUO DXWRULWpHQpGXFDWLRQ & HVW OH GpEDW HQWUH OHV WHQDQWV GH O pGXFDWLRQ WUDGLWLRQQHOOH HW OHV WHQDQWV GH O pGXFDWLRQ QRXYHOOH / XQH FRPPH O DXWUHRQWOHPrPHEXWGHIRUPHUXQLQGLYLGXDXWRQRPHHWVRFLDEOH'HVGLYHUJHQFHVDSSDUDLVVHQWTXDQWDX[PR\HQV XWLOLVpV / pGXFDWLRQWUDGLWLRQQHOOHV DSSXLHVXUGHV°XYUHVFODVVLTXHVGHODOLWWpUDWXUHJUpFRURPDLQHFDUFHV°XYUHVpWDLHQW OHV SOXV UHSUpVHQWDWLYHV GH OD OLEHUWp GH SHQVHU GRQW DYDLHQW IDLW SUHXYH OHV SOXV JUDQGV SKLORVRSKHV GH O KXPDQLWp $ULVWRWH3ODWRQ&LFpURQ &HWWHpGXFDWLRQV DSSXLHVXUWURLVW\SHVG DXWRULWpFHOOHGHO H[SHUWFDUO HQVHLJQDQWGRLW SRVVpGHUODFRQQDLVVDQFHHWODFRPSpWHQFHSpGDJRJLTXHjHQVHLJQHUFHOOHGHO DUELWUHFDUO HQVHLJQDQWHVWHQGURLWGH IDLUH UpJQHU OD GLVFLSOLQH SRXU PLHX[ VH IDLUH pFRXWHU HW FHOOH GX PRGqOH FDU FHWWH pGXFDWLRQ D SRXU EXW GH IDLUH DGPLUHUDX[pOqYHVODKDXWHXUGHSHQVpHGHVJUDQGVSKLORVRSKHVSRXUTX LOVSXLVVHQWSOXVWDUGV HQLQVSLUHU / pGXFDWLRQQRXYHOOHHVWXQFRXUDQWG LGpHVQpHQ(XURSHHQWUHODILQGX;,;qPHVLqFOHHWOHGpEXWGX;;qPHVLqFOH (OOHUHSURFKHjO pGXFDWLRQWUDGLWLRQQHOOHGHIDLUHVXELUjO HQIDQWO HQVHLJQHPHQWTX LOQ DSDVFKRLVL(OOHOXLUHSURFKH ODGLVFLSOLQHTXHO HQIDQWQHFRPSUHQGSDVWRXMRXUV(OOHRIIUHSOXVGHOLEHUWpjO pOqYHHWV DWWDFKHjPLHX[UHVSHFWHUOH EHVRLQG DFWLYLWpO kJHHWOHVLQWpUrWVGHVHQIDQWV3DUPLOHVJUDQGVSpGDJRJXHVDSSDUWHQDQWjFHFRXUDQWILJXUHQWOH 5XVVH 7ROVWRw OD 6XpGRLVH.H\ OH 6XLVVH 3HVWDOR]]L O $OOHPDQG )URHEHO OH &URDWH 6WHLQHU OH 6XLVVH &ODSDUHGH O $PpULFDLQ'HZH\O ,WDOLHQQH0RQWHVVRULOH%HOJH'HFURO\OH)UDQoDLV)UHLQHWHWO (FRVVDLV1HLOO/ pGXFDWLRQQRXYHOOH QH UHMHWWH SDV O DXWRULWp (OOH DFFHSWH O DXWRULWp GH O H[SHUW FDU OD FRPSpWHQFH GH O HQVHLJQDQW HVW GH FUpHU GHV FRQGLWLRQV SRXU TXH OHV pOqYHV VRLHQW GHPDQGHXUV GH VDYRLU GH IDoRQ j OHXU YHQLU HQ DLGH &HUWDLQV SpGDJRJXHV FRPPH.H\ 7ROVWRw RX 1HLOO ODLVVDLHQW DX[ pOqYHV OH FKRL[ GH FH TX LOV YRXODLHQW DSSUHQGUH & HVW OD SpGDJRJLH OLEHUWDLUH 3RXU G DXWUHV SpGDJRJXHV LO V DJLVVDLW GH SURSRVHU XQH DFWLYLWp SUDWLTXH TXL VRLW j O RULJLQH G XQ TXHVWLRQQHPHQW RXG XQSUREOqPHjUpVRXGUH)UHLQHWSURSRVDLWjVHVpOqYHVGHUpGLJHUOLEUHPHQWGHVSHWLWVWH[WHV TXLpWDLHQWLPSULPpVHWHQYR\pVFKH]GHVFRUUHVSRQGDQWV,OYRXODLWTXHVHVpOqYHVSRXUPLHX[VHIDLUHFRPSUHQGUH SDU OHXUV FRUUHVSRQGDQWV SUHQQHQW FRQVFLHQFH GX EHVRLQ GH TXDOLWp GH UpGDFWLRQ / pGXFDWLRQ QRXYHOOH DFFHSWH O DXWRULWpGHO DUELWUHFDUHOOHHVWQpFHVVDLUHGDQVOHVFRQIOLWVHQWUHpOqYHV(OOHDIDYRULVpO DXWRGLVFLSOLQHHWDDVVRFLp OHVHQIDQWVDX[ORLVSUpVHQWHVjO LQWpULHXUGHVpFROHV/HU{OHGHO HQVHLJQDQWHVWGHV HIIDFHUDXSURILWG XQDUELWUDJH UpDOLVpSDUOHVpOqYHV/ pGXFDWLRQQRXYHOOHDFFHSWHO DXWRULWpGXFRQWUDWFDULO\DEHDXFRXSGHWUDYDX[GHJURXSHV /HVpOqYHVRQWXQGHYRLUHQYHUVOHXUVFDPDUDGHVFDUFKDFXQGHVpOqYHVHVWXQPDLOORQGXWUDYDLO 6HORQ 5HERXO FHV GHX[ W\SHV G pGXFDWLRQ RQW FKDFXQH GHV LQWpUrWV HW GHV OLPLWHV / pGXFDWLRQ WUDGLWLRQQHOOH WXH OH GpVLUG DSSUHQGUHHQGRQQDQWVDSULRULWpjODWUDQVPLVVLRQGHFRQQDLVVDQFHV/ pGXFDWLRQQRXYHOOHGRQQHVDSULRULWp DX GpVLU G DSSUHQGUH PDLV QH SHXW SDV UpSRQGUH DX UpHO EHVRLQ G LQVWUXFWLRQ TXH VHXO O HQVHLJQDQW HVW j PrPH GH GLVFHUQHU 6HORQ 5HERXO OD VHXOH VROXWLRQ HVW GH UXVHU HW GH PDQLSXOHU O HQIDQW SRXU OXL IDLUH DGPHWWUH TX LO GRLW DSSUHQGUH FH TX LO Q D SDV VRXKDLWp DSSUHQGUH GH OXLPrPH 5HERXO FRQFOXW TXH O DXWRULWp HVW LQGLVSHQVDEOH j O pGXFDWLRQGHO HQIDQWPDLVODILQXOWLPHGHO pGXFDWLRQHVWDXVVLG DSSUHQGUHjO HQIDQWjVHSDVVHUG DXWRULWp /HVYDOHXUVHWO pGXFDWLRQ 4XHOOHVYDOHXUVGRLYHQWrWUHWUDQVPLVHVjODMHXQHVVH"&HVYDOHXUVVRQWUHODWLYHVDX[VRFLpWpV(OOHVGpSHQGHQWGHV OLHX[HWGHVpSRTXHV /D VRFLpWp GHV HVTXLPDX[ SUDWLTXH O KRVSLWDOLWp FRQMXJDOH OHV pSRXVHV VRQW SUrWpHV /HV HVTXLPDX[ FRQVLGqUHQW QRUPDOOHPHXUWUHG XQHQQHPLSHUVRQQHOPDLVWURXYHQWDEVXUGHGHWXHUGHVLQFRQQXVSHQGDQWODJXHUUH/HV,QGLHQV GH&DOLIRUQLHWURXYHQWQRUPDOG pWRXIIHUOHVYLHLOODUGV/DYDOHXUGHGpPRFUDWLHQ DSDVOHPrPHVHQVGDQVO $QWLTXLWp *UHFTXHTX jQRWUHpSRTXH/DGpPRFUDWLHJUHFTXHH[FOXDLWODIHPPHHWO HVFODYH 5HERXOPRQWUHTXHWRXWHVOHVYDOHXUVQHVHYDOHQWSDVTX LO\DGHVYDOHXUVSOXVQREOHVTXHG DXWUHV6HORQOXLXQH YDOHXUHVWFHTXLYDXWODSHLQHG rWUHDSSULVF HVWjGLUHTXLPpULWHTX RQOXLVDFULILHTXHOTXHFKRVH2USRXUTX LO\DLW VDFULILFH LO IDXW TXH OD FKRVH VDFULILpH DLW GpMj HOOHPrPH XQH YDOHXU 3DU H[HPSOH ORUVTX RQ DSSUHQG OD YDOHXU GH MXVWLFH RQ HVW SUrW j VDFULILHU VHV LQWpUrWV SHUVRQQHOV RQ DFFHSWH G DOOHU HQ SULVRQ 5HERXO GLVWLQJXH FLQT QLYHDX[ KLpUDUFKLTXHV /HSUHPLHUQLYHDXHVWODYDOHXUGHSODLVLUSHUPHWWDQWODVDWLVIDFWLRQLPPpGLDWHG XQSODLVLU /HGHX[LqPHQLYHDXHVWODYDOHXUGHO XWLOHTXLLQFOXWOHVYDOHXUVpFRQRPLTXHVHWOHVYDOHXUVGHVDQWp/ XWLOHH[LJHOH VDFULILFHGXSODLVLU/HGHX[LqPHQLYHDXHVWGRQFVXSpULHXUDXSUHPLHU /HWURLVLqPHQLYHDXHVWODYDOHXUSRXUOHFROOHFWLISRXUO LQWpUrWFRPPXQH[LJHDQWOHVDFULILFHGHO LQWpUrWSHUVRQQHO /HTXDWULqPHQLYHDXHVWODYDOHXUSRXUO KXPDLQO HQVHPEOHGHVYDOHXUVKXPDQLVWHVTXLVHYHXOHQWUHVSHFWXHXVHVGH WRXWrWUHKXPDLQ(OOHH[LJHOHVDFULILFHGHO LQWpUrWSRXUOHFROOHFWLI /HFLQTXLqPHQLYHDXHVWODYDOHXUSRXUOHVDOXWO HQVHPEOHGHVYDOHXUVTXLGRQQHQWGHVUpSRQVHVVXUODPRUWHWO DX GHOj(OOHH[LJHOHVDFULILFHGHVYDOHXUVKXPDQLVWHV2QSHXWVDFULILHUOHVYDOHXUVKXPDQLVWHVSRXUXQHUHOLJLRQ 4X HVWDSSUHQGUH" 3UHPLHUVHQVDSSUHQGUHTXH 3UpFLVLRQVWHUPLQRORJLTXHV 2Q HVW GDQV OH GRPDLQH GH O DSSUHQGUH TXH ORUVTXH O DFWH G DSSUHQGUH HVW XQ DFWH G LQIRUPDWLRQ DFWH R RQ IDLW O HIIRUWGHUHFHYRLUGHVLQIRUPDWLRQVWUDQVPLVHVSDUTXHOTX XQG DXWUHTX RQQHSRVVpGDLWSDVRXTX RQQ DXUDLWSDV SXWURXYHUSDUVRLPrPH&HWDFWHHVWOHQLYHDXOHSOXVSDVVLIGHO DSSUHQWLVVDJH/DVHXOHFRQGLWLRQSRXUDSSUHQGUH HVW G rWUH DWWHQWLI /H SUREOqPH TXL VH SRVH HVW TXH O RQ SHXW DSSUHQGUH GHV LQIRUPDWLRQV VDQV QpFHVVDLUHPHQW OHV FRPSUHQGUH/HUpVXOWDWGHFHWDFWHHVWOHUHQVHLJQHPHQW /HVPpWKRGHVG HQVHLJQHPHQWSURSLFHVjDSSUHQGUHTXH / HQVHLJQHPHQWWUDGLWLRQQHO & HVW FHOXL TXL VH IRQGH VXU OHV FRXUV PDJLVWUDX[ VXU OHV GLVFRXUV GH O HQVHLJQDQW 'DQV FH W\SH G HQVHLJQHPHQW O pOqYH HVW LQYLWp j pFRXWHU VDQV TX LO SXLVVH IDLUH SDUW GH VHV UHPDUTXHV GH VHV LQWHUURJDWLRQV 'DQV FH W\SH G pGXFDWLRQO pOqYHUHoRLWGHVLQIRUPDWLRQVVDQVTX HOOHVRLHQWIRUFpPHQWELHQFRPSULVHV / HQVHLJQHPHQWSDUOHMHX &HWWHPpWKRGHDOHPpULWHG pYLWHUO HQQXL0DLVHOOHLQGXLWXQDSSUHQWLVVDJHSDVVLIORUVTXHOHMHXGHYLHQWSRXUO pOqYH XQHILQHQVRL / HQVHLJQHPHQWSDUO¶DXGLRYLVXHO &HWWH PpWKRGH D OH PpULWH G pYLWHU O HQQXL 0DLV HOOH LQGXLW XQ DSSUHQWLVVDJH SDVVLI ORUVTXH O pOqYH FURLW TXH O LPDJH TX LOUHJDUGHHVWXQGpFDOTXHILGqOHGHODUpDOLWp/HFKRL[G LPDJHVGDQVXQILOPHVWUDUHPHQWQHXWUH,OHVWLQIOXHQFp SDUXQHLGpRORJLH / HQVHLJQHPHQWSDUO H[SpULHQFHVHQVLWLYH & HVWXQHQVHLJQHPHQWSUDWLTXHRRQODLVVHjO pOqYHODSRVVLELOLWpGHWRXFKHUGHVHQWLUGHUHJDUGHUGHVREMHWV& HVW XQ HQVHLJQHPHQW SOXV LQWpUHVVDQW TXH FHOXL TXL V DSSXLH VXU OD SDUROH 0DOJUp VRQ FDUDFWqUH SUDWLTXH LO LQGXLW XQ DSSUHQWLVVDJHSDVVLIORUVTXHO pOqYHQ HQUHVWHTX DXVLPSOHFRQVWDWGHVH[SpULHQFHVTX LODUpDOLVpHV3DUH[HPSOHVL XQHLQVWLWXWULFHGRQQHXQHOHoRQVXUOHVPpIDLWVGHO DOFRROLVPHHQIDLVDQWPHWWUHDX[pOqYHVGHVSHWLWVYHUVGDQVXQ IODFRQG DOFRROLOHVWSRVVLEOHTX HQUHVWDQWDXVWDGHGXFRQVWDWOHVpOqYHVSHQVHQWTXHO DOFRROHVWERQSXLVTX LOWXH OHVYHUV&HWHQVHLJQHPHQWDGRQFGHVOLPLWHVLOQHVROOLFLWHQLOHVHQVGHO DQDO\VHQLODUHFKHUFKH / LQWpUrWGHO LQIRUPDWLRQGDQVO HQVHLJQHPHQW 4XDWUHFRQGLWLRQVGRLYHQWrWUHUHVSHFWpHVSRXUTXHO HQVHLJQHPHQWVRLWDFWLI / LQIRUPDWLRQQHGRLWSDVrWUHUHoXHG XQHVRXUFHH[WpULHXUH(OOHQ HVWXWLOHTX HQFDVGHEHVRLQ / LQIRUPDWLRQDXQLQWpUrWVLHOOHQ HVWSDVXQHILQHQVRL(OOHGRLWrWUHDXVHUYLFHGHODUpIOH[LRQLQWHOOHFWXHOOH / LQIRUPDWLRQ D XQ LQWpUrW VL O pOqYH SHXW H[HUFHU VRQ VHQV FULWLTXH 3RXU FHOD O HQVHLJQHPHQW GRLW GRQQHU j O pOqYH SRXU XQ VXMHW G pWXGH GRQQp QRQ SDV XQH VHXOH LQIRUPDWLRQ PDLV SOXVLHXUV LQIRUPDWLRQV SDUIRLV FRQWUDGLFWRLUHV / pOqYHSHXWDLQVLOHVFRPSDUHUGHIDoRQjFHTX LOFRQVWUXLVHVDSURSUHLQWHUSUpWDWLRQ / LQIRUPDWLRQ D XQ LQWpUrW VL O pOqYH DSSUHQG j V LQIRUPHU SDU OXLPrPH 3RXU FHOD O HQVHLJQHPHQW GRLW SHUPHWWUH j O pOqYHGHVDWLVIDLUHVDFXULRVLWpWRXWHQOXLDSSUHQDQWXQHPpWKRGHGHUHFXHLOHWGHWUDLWHPHQWGHO LQIRUPDWLRQ8QH IRLVDGXOWHO pOqYHGRLWrWUHFDSDEOHGHWUDQVIpUHUFHWWHPpWKRGHjWRXWSUREOqPHGHODYLHTXRWLGLHQQH 'HX[LqPHVHQVDSSUHQGUHj 3UpFLVLRQVWHUPLQRORJLTXHV 'DQVOHODQJDJHFRXUDQWRQDSSUHQGjGDQVHUjQDJHUjUDLVRQQHUjUpGLJHU/ DFWHG DSSUHQGUHQ HVWSOXVXQDFWH G LQIRUPDWLRQ PDLV XQ DFWH G DSSUHQWLVVDJH DX VHQV VWULFW & HVW O DFWH GH O LQGLYLGX TXL DFTXLHUW XQ VDYRLUIDLUH XQH FRQGXLWHXWLOHjO¶LQGLYLGXRXjG DXWUHVTXHOXLHWTX LOSHXWUHSURGXLUHjYRORQWpORUVTXHODVLWXDWLRQV \SUrWH&HWWH GpILQLWLRQ SHUPHW GH GLVWLQJXHU GHX[ WHUPHV OHV WHUPHV G DFTXLV HW G DSSULV 8Q LQGLYLGX D DSSULV XQH FRQGXLWH QRXYHOOHVLFHWWHFRQGXLWHHVWVRXVO pJLGHGHODYRORQWp/ LQGLYLGXDDFTXLVXQHFRQGXLWHQRXYHOOHVLFHWWHFRQGXLWHQH UHOqYH SDV GH O LQQp HW VL HOOH Q HVW SDV VRXV O pJLGH GH OD YRORQWp 3DU H[HPSOH XQ LQGLYLGX SHXW DFTXpULU OH EpJDLHPHQWDSUqVXQFKRF /H UpVXOWDW GH O DSSUHQWLVVDJH HVW XQ VDYRLUIDLUH D\DQW GHX[ FDUDFWpULVWLTXHV XQ SRXYRLU G DGDSWDWLRQ IDFH j GHV GLIILFXOWpVLPSUpYXHVUHOHYDQWGHO DXWRPDWLVPHHWXQHVWUXFWXUHXQHWRWDOLWpGRQWWRXWHVOHVSDUWLHVVRQWVROLGDLUHV HW SDU Oj PrPH GLIIpUHQWHV GH FH TX HOOHV VHUDLHQW j O pWDW LVROp 8Q VDYRLUIDLUHHVWGRQFJOREDOHWQHSHXWSDVVH UpVXPHUjO DGGLWLRQGHVVDYRLUIDLUHVTXLOHFRPSRVHQW /HVSURFpGpVG DFTXLVLWLRQHWG DSSUHQWLVVDJHGHVDYRLUIDLUHV /HGUHVVDJH 8QGRPSWHXUGUHVVHVHVDQLPDX[HQXWLOLVDQWOHIRXHWOHVFDUHVVHVOHVFRXSV8QSqUHGUHVVHVRQILOVHQXWLOLVDQWOHV SULYDWLRQVODYLROHQFHSK\VLTXH8QFDSLWDLQHGUHVVHVHVVROGDWVjO REpLVVDQFHSDUO KXPLOLDWLRQOHVFRUYpHV /H GUHVVDJH HVW GRQF FRQVLGpUp FRPPH XQ SURFpGp SHUPHWWDQW O DFTXLVLWLRQ HW QRQ O DSSUHQWLVVDJH GH VDYRLUIDLUHV /HV SURFpGpV G DSSUHQWLVVDJH IRQW DSSHO j O LQLWLDWLYH GH O DSSUHQDQW DORUV TXH OH GUHVVDJH HVW XQH FRQWUDLQWH H[WpULHXUHTXLHVWLPSRVpHHWTXHO RQVXELW/HVDFTXLVGXGUHVVDJHVRQWREWHQXVSDUODSHXUODVRXIIUDQFHOHSODLVLU UpFRPSHQVHV DIIHFWLRQ /HV SURFpGpV G DSSUHQWLVVDJH SHUPHWWHQW j O LQGLYLGX GH FRQWU{OHU YRORQWDLUHPHQW VRQ FRPSRUWHPHQW DORUV TXH OH GUHVVDJH QH SHUPHW TXH GHV FRPSRUWHPHQWV DYHXJOHV HW FRQGLWLRQQpV /HV SURFpGpV G DSSUHQWLVVDJH SHUPHWWHQW OH WUDQVIHUW G XQ VDYRLUIDLUH j XQH YDULpWp GH VLWXDWLRQV DORUV TXH OH GUHVVDJH QH OH SHUPHWSDV / LPLWDWLRQHWODUpSpWLWLRQ / LPLWDWLRQ HW OD UpSpWLWLRQ VRQW GHV SURFpGpV G DSSUHQWLVVDJH / DSSUHQDQW WHQWH GH UHSURGXLUH OH FRPSRUWHPHQW GH TXHOTX XQ G DXWUH DORUV TX LO QH OH PDvWULVDLW SDV DX GpSDUW ,O WHQWH GH FRUULJHU OHV GLIIpUHQFHV HQWUH VRQ FRPSRUWHPHQWHWFHOXLGHVRQPRGqOH& HVWXQHIRUPHG DSSUHQWLVVDJHSOXVDFWLYHTXHOHUHJLVWUHGHO DSSUHQGUHTXH ,OIDXWDYRLUGDYDQWDJHG LQLWLDWLYHHWIDLUHSDUWGHSOXVGHUpIOH[LRQ /HWkWRQQHPHQW /RUVTX RQ DSSUHQG SDU WkWRQQHPHQW RQ DSSUHQG SDU HVVDLV HW HUUHXUV GH IDoRQ j DWWHLQGUH XQ EXW IL[p j O DYDQFH & HVWXQHIRUPHG DSSUHQWLVVDJHSOXVDFWLYHTXHFHOOHGHO LPLWDWLRQHWGHODUpSpWLWLRQ(QHIIHWO DSSUHQDQWHVWSOXV OLEUH GDQV VRQ DSSUHQWLVVDJH FDU LO Q HVW SDV FRQWUDLQW SDU XQ PRGqOH / DSSUHQDQW Q D ULHQ j GpFRXYULU ORUV GH O LPLWDWLRQHWGHODUpSpWLWLRQDORUVTXHOHWkWRQQHPHQWSHUPHWGHGpFRXYULUGHVFRPSRUWHPHQWVDGpTXDWVHQpOLPLQDQW FHX[ TXL FRQGXLVHQW j GHV HUUHXUV HW HQ FRQVHUYDQW FHX[ TXL FRQGXLVHQW j OD UpXVVLWH $SSUHQGUH SDU WkWRQQHPHQW QpFHVVLWHXQHSOXVIRUWHPRWLYDWLRQO LPLWDWLRQG XQFRPSRUWHPHQWSHXWHQWUDvQHUOHGpFRXUDJHPHQW/HVSUREOqPHV GHO DSSUHQWLVVDJHSDUWkWRQQHPHQWVRQWOHWHPSVHWOHULVTXH /DPpWKRGHDQDO\WLTXH (OOHHVWXQSURFpGpG DSSUHQWLVVDJHGpFRPSRVpHQTXDWUHpWDSHV /DSUHPLqUHpWDSHHVWODSULVHGHFRQVFLHQFHG XQVDYRLUIDLUHSULVSRXUPRGqOHjDSSUHQGUH3RXUDSSUHQGUHOHFUDZO LOIDXWrWUHFRQVFLHQWGXJHVWHjDWWHLQGUH /DGHX[LqPHpWDSHHVWODGpFRPSRVLWLRQGXVDYRLUIDLUHJOREDOHQVDYRLUIDLUHVSDUWLHOVSRXUOHVPHWWUHjODSRUWpHGHV pOqYHV3RXUDSSUHQGUHOHFUDZOLOIDXWGpFRPSRVHUOHVEDWWHPHQWVGHMDPEHVHWOHVF\FOHVGHEUDV /DWURLVLqPHpWDSHHVWO DVVRFLDWLRQGHVVDYRLUIDLUHVSDUWLHOV3RXUDSSUHQGUHOHFUDZOLOIDXWDVVRFLHUOHVEDWWHPHQWV GHMDPEHVHWOHVF\FOHVGHEUDVSRXUOHVFRRUGRQQHUSURJUHVVLYHPHQW /D TXDWULqPH pWDSH HVW OD UHFRPSRVLWLRQ GX VDYRLUIDLUH JOREDO MXVTX j O pOLPLQDWLRQ GH WRXW JHVWH SDUDVLWH 3RXU DSSUHQGUHOHFUDZOLOIDXWDUULYHUjXQJHVWHIOXLGHHWFRRUGRQQp /D PpWKRGH DQDO\WLTXH HVW SOXV DFWLYH TXH O DSSUHQWLVVDJH SDU WkWRQQHPHQW (OOH SHUPHW XQ JDLQ GH WHPSV FDU HOOH VXSSULPHOHVULVTXHVHWpYLWHTXHOHVPDXYDLVJHVWHVQHVHUHQIRUFHQW 6L RQ DEDQGRQQDLW WRXWH PpWKRGH G DSSUHQWLVVDJH DX QRP GH OD OLEHUWp GH O DSSUHQDQW XQLTXHPHQW OHV SOXV GRXpV DSSUHQGUDLHQW 8QH PpWKRGH G DSSUHQWLVVDJH Q D G LQWpUrW TXH VL WURLV FRQGLWLRQV VRQW UHVSHFWpHV OHV H[HUFLFHV SURSRVpV GRLYHQW rWUH UHVVHQWLV FRPPH XQH QpFHVVLWp HW QRQ FRPPH XQH FRQWUDLQWH LO IDXW SURJUHVVLYHPHQW VH SDVVHUGHPRGqOHTXLHVWXQHFRQWUDLQWHLOIDXWIDLUHGHODPpWKRGHG DSSUHQWLVVDJHXQRXWLOTXHV DSSURSULHO pOqYH /DPpWKRGHJOREDOH (OOH HVW XQH PpWKRGH G DSSUHQWLVVDJH TXL V RSSRVH j OD PpWKRGH DQDO\WLTXH 2Q SDUW GX VDYRLUIDLUH JOREDO SXLV RQ DSSUHQGGHVVDYRLUIDLUHVSDUWLHOVTXLQHVRQWSDVPDvWULVpV 3RXU DSSUHQGUH OH FUDZO OD SUHPLqUH pWDSH FRQVLVWH j IDLUH QDJHU OH FUDZO GH IDoRQ JOREDOH /D GHX[LqPH pWDSH FRQVLVWHjGLDJQRVWLTXHUXQHGLIILFXOWpHVVD\HUG \UHPpGLHUHWUHSUHQGUHOHJHVWHJOREDO /DPpWKRGHJOREDOHDSOXVG LQWpUrWTXHODPpWKRGHDQDO\WLTXH(QHIIHWHOOHLPSOLTXHXQHSOXVJUDQGHPRWLYDWLRQFDU RQ DSSUHQG XQ VDYRLUIDLUH TXL HVW G HPEOpH SUpVHQWp GDQV VD JOREDOLWp OH VDYRLUIDLUH Q HVW SDV FRQVLGpUp FRPPH O DGGLWLRQGHVHVSDUWLHVRQSURSRVHSOXVIDFLOHPHQWGHVH[HUFLFHVTXLRQWGXVHQVSRXUO pOqYH 7URLVLqPHVHQVDSSUHQGUH 2Q DSSUHQG O DOJqEUH OD WULJRQRPpWULH OH URPDQWLVPH / DFWH G DSSUHQGUH HVW GDQV FH FDV XQ DFWH G pWXGH $X[ ;9,,qPHHW;9,,,qPHVLqFOHVO pWXGHGpVLJQDLWO DFTXLVLWLRQGHFRQQDLVVDQFHVGpVLQWpUHVVpHVHWHOOHVHGLIIpUHQFLDLWGH O DSSUHQWLVVDJHTXLGpVLJQDLWO DFTXLVLWLRQGHFRQQDLVVDQFHVSUDWLTXHVGDQVXQPpWLHU / pWXGHHVWXQHVRUWHGHFXULRVLWpLQWHOOHFWXHOOHRO¶RQFKHUFKHjVDYRLUSDUSODLVLU(OOHDSRXURULJLQHVO LQWHUURJDWLRQ ODUHFKHUFKHGHVUDLVRQVHWGHVFDXVHVjSURSRVG XQSKpQRPqQHGRQQp/ pWXGHHVWODUHFKHUFKHPpWKRGLTXHG XQ VDYRLUSXU/HUpVXOWDWGHO DFWHG pWXGHHVWODFRPSUpKHQVLRQ$SSUHQGUHDXVHQVVWULFWHVWO DFWHG DSSUHQWLVVDJHOH SOXVQREOH /HVJUDQGVSpGDJRJXHV 5DSSHORQVTXHODSpGDJRJLHDXQHGLPHQVLRQWKpRULTXHHWXQHGLPHQVLRQSUDWLTXH 0DULD0RQWHVVRUL %LRJUDSKLH (OOH QDTXLW SUqV G $QFRQQH HQ ,WDOLH (OOH ILW GHV pWXGHV GH PpGHFLQH HW GHYLQW OD SUHPLqUH IHPPH PpGHFLQ (OOH WUDYDLOOD DYHF GHV HQIDQWV DWWDUGpV PHQWDOHPHQW (OOH REWLQW OH VXFFqV HQ XWLOLVDQW GHV PpWKRGHV G pGXFDWLRQ VHQVRULHOOHV(OOHV LQWHUURJHDVXUOHVUDLVRQVSRXUOHVTXHOOHVOHVHQIDQWVQRUPDX[Q REWHQDLHQWSDVGHUpVXOWDWV&HWWH UpIOH[LRQ IXW j O RULJLQH G XQH PpWKRGH SpGDJRJLTXH H[SORLWpH j 5RPH HQ (Q HIIHW HOOH RXYULW OD FDVD GHL EDPELQL HQ GDQV XQ TXDUWLHU GpIDYRULVp SRXU H[SpULPHQWHU VD PpWKRGH SpGDJRJLTXH /D PpWKRGH 0RQWHVVRUL HXWXQODUJHVXFFqVSDUWLFXOLqUHPHQWHQ)UDQFH&HWWHGLPHQVLRQPRQGLDOHGHODSpGDJRJLHVHWUDGXLVLWHQSDU ODFUpDWLRQG XQRUJDQLVPHDSSHOpO $VVRFLDWLRQ0RQWHVVRUL,QWHUQDWLRQDOHYRXpHjODSURPRWLRQGHO HQIDQFHHWjVRQ GpYHORSSHPHQW 0pWKRGHSpGDJRJLTXH 6HORQ0RQWHVVRULO HQIDQWHVWOHPRWHXUSULQFLSDOGHVRQGpYHORSSHPHQW/ HQIDQWSRVVqGHXQpODQYLWDOTXLOHSRXVVH j FRQQDvWUH HW j VH GpYHORSSHU LQVFULW GDQV VRQ KpUpGLWp / HQYLURQQHPHQW HVW XQ IDFWHXU VHFRQGDLUH ,O QH IDLW TX LQIOXHQFHU OH GpYHORSSHPHQW GH O HQIDQW GDQV XQ VHQV IDYRUDEOH RX GpIDYRUDEOH / HQIDQW QH JUDQGLW SDV SDUFH TX LOVHQRXUULWSDUFHTX LOUHVSLUHSDUFHTX LOYLWGDQVGHVFRQGLWLRQVFOLPDWLTXHVDSSURSULpHVLOJUDQGLWSDUFHTXHOD YLHSRWHQWLHOOHHQOXLV pSDQRXLWGHYLHQWUpDOLWpSDUFHTXHO HPEU\RQIpFRQGTXLHVWjO RULJLQHGHVDYLHFRQWLQXHVRQ GpYHORSSHPHQWFRQIRUPpPHQWjVRQSURJUDPPHKpUpGLWDLUH/DILQDOLWpGHO pGXFDWLRQHVWG DLGHUO HQIDQWjV DXWR GpYHORSSHUGDQVWRXWHVVHVGLPHQVLRQV SK\VLTXHPRUDOHHWLQWHOOHFWXHOOH 0RQWHVVRULFRQVLGqUHFRPPHPDXYDLVHO pGXFDWLRQWUDGLWLRQQHOOHTXLFRQVLVWHjLPSRVHUGHVFRQQDLVVDQFHVjO HQIDQW HWHQWUDYHDLQVLVDIDFXOWpjV DXWRGpYHORSSHU8QHDEVHQFHG pGXFDWLRQHVWPDXYDLVHFDUO HQIDQWHVWSOXVOLEUHPDLV LO SHXW GpFLGHU GH GHYHQLU OkFKH IDLQpDQW YROHXU DQDOSKDEqWH 8QH pGXFDWLRQ VDQV ULJXHXU VDQV PpWKRGH HVW PDXYDLVHFDUjXQPRPHQWGRQQpGHVRQGpYHORSSHPHQWO HQIDQWSHXWSRVVpGHUGHVSRWHQWLDOLWpVTXHO pGXFDWHXUQH VDLWSDVGLVFHUQHUHWODLVVHUV H[SULPHU 6HORQ 0RQWHVVRUL O pGXFDWLRQ HVW SOXV XQ VHUYLFH TX XQH FRQWUDLQWH 6L O HQIDQW V DGUHVVDLW j O DGXOWH LO GHYUDLW OXL GHPDQGHU DLGHPRL j DJLU VHXO 3HQGDQW GH QRPEUHXVHV DQQpHV 0RQWHVVRUL REVHUYD GHV PLOOLHUV G HQIDQWV GpWHUPLQDOHVWUDLWVFDUDFWpULVWLTXHVGHO HQIDQWHWGLVWLQJXDTXDWUHJUDQGHVSpULRGHVGHO HQIDQFH jDQVj DQVjDQVjDQV (WXGLRQV OD SpULRGH GH j DQV /HV WUDLWV FDUDFWpULVWLTXHV VRQW OHV VXLYDQWV / HQIDQW FKHUFKH j DFTXpULU XQH LQGpSHQGDQFHSK\VLTXH,ODXQHWHQGDQFHjH[SORUHUOHVPRLQGUHVGpWDLOVGXPRQGHTXLO HQWRXUH6RQHVSULWHVWXQ HVSULWDEVRUEDQW&HWWHH[SORUDWLRQGXPRQGHHVWXQHH[SpULHQFHVHQVRULHOOH/ HQIDQWHVWVHQVLEOHjO RUGUHH[WpULHXU ,ODEHVRLQGHVWDELOLWpSK\VLTXHHWGHURXWLQHGHYLH,ODLPHUpSpWHUOHVPrPHVJHVWHVSRXUDUULYHUjPDvWULVHUVHV DFWHV ,O HVW VHQVLEOH DX ODQJDJH ,O DLPH GpQRPPHU OHV FKRVHV TXL O HQWRXUHQW ,O VH PRQWUH WUqV KDELOH j O DSSUHQWLVVDJHG XQHODQJXHpWUDQJqUH6DYRORQWpVHPRGqOHjFHOOHGHVRQHQWRXUDJH,OHVWpJRFHQWULTXH,ODLPHOD FRPSDJQLHPDLVSUpIqUHWUDYDLOOHUVHXO6HVDPLWLpVUHVWHQWVXSHUILFLHOOHV,OVWUXFWXUHSURJUHVVLYHPHQWVDSHQVpHHWj SDUWLUGHWURLVDQVFHOOHFLGHYLHQWSOXVLQWpULRULVpH0RQWHVVRULRUJDQLVDVDPpWKRGHHQTXDWUHFDWpJRULHVG DFWLYLWpV /D SUHPLqUH FDWpJRULH UHJURXSH OHV H[HUFLFHV GH OD YLH SUDWLTXH D\DQW SRXU REMHFWLIV O DGDSWDWLRQ GH O HQIDQW j VRQ HQYLURQQHPHQWIDPLOLDOO DFTXLVLWLRQGXFRQWU{OHHWGHODFRRUGLQDWLRQGXPRXYHPHQW3DUPLFHVH[HUFLFHVILJXUHQWOHV H[HUFLFHV GHV VRLQV GH O HQYLURQQHPHQW V RFFXSHU GHV SODQWHV UDQJHU OHV SLqFHV OHV H[HUFLFHV GHV VRLQV GH VD SHUVRQQH V KDELOOHUODFHUVHVFKDXVVXUHVVDYRLUVHSHLJQHU OHVH[HUFLFHVGHFRXUWRLVLHHWGHERQQHVPDQLqUHVHWOHV H[HUFLFHVSK\VLTXHV PDUFKHUHQVLOHQFHVXUODSRLQWHGHVSLHGVPDUFKHUHQVXLYDQWXQHOLJQH /D GHX[LqPH FDWpJRULH UHJURXSH OHV H[HUFLFHV VHQVRULHOV D\DQW SRXU REMHFWLI OD FDSDFLWp j FODVVHU VHV LPSUHVVLRQV VHQVRULHOOHV 3DUPL FHV H[HUFLFHV ILJXUHQW OHV H[HUFLFHV YLVXHOV GLIIpUHQFLHU GHV REMHWV VHORQ OHXU FRXOHXU OHXU JUDQGHXUOHXUIRUPH OHVH[HUFLFHVDXGLWLIV GLIIpUHQFLHUGHVVRQV OHVH[HUFLFHVWDFWLOHV SDOSHUOHV\HX[IHUPpVOH FRQWRXUGHUHOLHIVYDULpVSRXUHQGLVWLQJXHUODIRUPH OHVH[HUFLFHVG DSSUpFLDWLRQGHWHPSpUDWXUHRXGHSRLGV /D WURLVLqPH FDWpJRULH UHJURXSH OHV H[HUFLFHV ODQJDJLHUV D\DQW SRXU REMHFWLI O DSSUHQWLVVDJH GX ODQJDJH WDQW pFULW TX RUDO3DUPLFHVH[HUFLFHVILJXUHQWOHVH[HUFLFHVGHSDOSDWLRQGHOHWWUHVHQSDSLHUGHYHUUHSRXUO DSSUHQWLVVDJHGHV OHWWUHV j VRQRULWp UXJXHXVH OHV H[HUFLFHV GH FRPSRVLWLRQ GH SKUDVHV j O DLGH G DOSKDEHWV PRELOHV OHV H[HUFLFHV G pFULWXUHGHOHWWUHVjO LQWpULHXUG HQFDVWUHPHQWVPpWDOOLTXHVSRXUIDFLOLWHUOHFRQWU{OHGXPRXYHPHQWGHODPDLQOHV H[HUFLFHV GH SX]]OH SRXU DFFURvWUH OD PRWULFLWpILQHGHODPDLQHWSHUPHWWUHGHSUpSDUHUjO pFULWXUHHWOHVH[HUFLFHV SKRQpWLTXHV FRQVLVWDQW j DSSUHQGUH XQH GLYHUVLWp GH VRQV TXL UpXQLV SHUPHWWHQW G DFFpGHU j GHV PRWV SOXV FRPSOH[HV /DTXDWULqPHFDWpJRULHUHJURXSHOHVH[HUFLFHVPDWKpPDWLTXHVD\DQWSRXUEXWO DFFqVDX[FKLIIUHVDX[RSpUDWLRQVGH EDVHHWjODJpRPpWULH3DUPLFHVH[HUFLFHVILJXUHQWOHVH[HUFLFHVGHFDOFXOSDUODPDQLSXODWLRQGHEDUUHVRXGHSHUOHV HWOHVH[HUFLFHVGHVRQRULWpGHVFKLIIUHVjO DLGHGHSDSLHUGHYHUUH 6HORQ0RQWHVVRULO HQVHPEOHGHFHVH[HUFLFHVGRLWVHUpDOLVHUGDQVXQHQYLURQQHPHQWIDYRUDEOHjO DWWHQWLRQHWjOD FRQFHQWUDWLRQGHVHQIDQWV$XOLHXGHO H[LJHUDXWRULWDLUHPHQW0RQWHVVRULO LQGXLWGHIDoRQLQGLUHFWH/DVDOOHGHFODVVH HVWGpFRUpHSRXUTX HOOHVRLWEHOOHHWDWWLUDQWH/HPRELOLHUHWOHVDFFHVVRLUHVVRQWHQPLQLDWXUHjODWDLOOHGHO HQIDQW SRXUTX LOSXLVVHDJLUGHIDoRQLQGpSHQGDQWH/HPLOLHXHVWWUqVRUGRQQpWRXVOHVREMHWVVRQWVFUXSXOHXVHPHQWUHPLV j OHXUSODFH/ HQIDQWHVWHQFRXUDJpjUpSpWHUSOXVLHXUVIRLVOHVH[HUFLFHVF HVWOHVLJQHTX LOIDLWSUHXYHGHYRORQWp 8Q VHXO H[HPSODLUH GH PDWpULHO SpGDJRJLTXH HVW SUpVHQW GDQV OD FODVVH F HVW XQH PpWKRGH TXL SHUPHW G KDELWXHU O HQIDQWjO DXWRQRPLHVDQVVHUpIpUHUjFHTXHSRXUUDLHQWIDLUHOHVFDPDUDGHV /DSpGDJRJLHGH0RQWHVVRULV DSSXLHVXUXQHFHUWDLQHIDoRQGHFRQFHYRLUOHU{OHGXSpGDJRJXH,ODXQU{OHG DLGHGH O HQIDQW ORUVTX LO MXJH TX LO HQ D YUDLPHQW OH EHVRLQ ,O GRLW VDYRLU SDUIDLWHPHQW GLIIpUHQFLHU GHV DWWLWXGHV GH FRQFHQWUDWLRQ RX GH ODLVVHU DOOHU G LQWHQVH YRORQWp RX GH FDSULFH TXL SHXYHQW HQ DSSDUHQFH VH UHVVHPEOHU ,O LQWHUYLHQWORUVTXHO HQIDQWDGHVDWWLWXGHVGHODLVVHUDOOHURXFDSULFLHXVHV3DUVRQU{OHLOGRLWHPSrFKHUGHFRQIRQGUH OHELHQDYHFO LQDFWLYLWpHWOHPDODYHFO DFWLYLWp -RKQ'HZH\ %LRJUDSKLH 3KLORVRSKHDPpULFDLQLOIXWQRPPpHQSURIHVVHXUDXGpSDUWHPHQWGHSKLORVRSKLHjO XQLYHUVLWpGX0LFKLJDQ(Q LOIXWWLWXODLUHGHODFKDLUHGHSKLORVRSKLHPRUDOHHWPHQWDOHGHO XQLYHUVLWpGX0LFKLJDQ(QLOIXWQRPPp SURIHVVHXUGHSKLORVRSKLHGLUHFWHXUGXGpSDUWHPHQWGHSKLORVRSKLHGHSV\FKRORJLHHWGHO pGXFDWLRQjO XQLYHUVLWpGH &KLFDJR (Q LO FUpD OH GpSDUWHPHQW GH SpGDJRJLH HW HQ LO FUpD XQH pFROH ODERUDWRLUH GDQV ODTXHOOH LO H[SpULPHQWD VHV RSWLRQV SKLORVRSKLTXHV VXU O pGXFDWLRQ (Q LO TXLWWD O XQLYHUVLWp GH &KLFDJR SRXU LQWpJUHU O XQLYHUVLWp GH &RORPELD GDQV ODTXHOOH LO UHVWD MXVTX j VD PRUW (WDQW SURIHVVHXU j O XQLYHUVLWp GH 0LFKLJDQ LO V LQWpUHVVD j O pGXFDWLRQ ORUVTX LO IXW DSSHOp j H[DPLQHU OHV SURJUDPPHV GHV pFROHV VHFRQGDLUHV ,O OHV FULWLTXD VpYqUHPHQW HQ DIILUPDQW TX¶LOV pWDLHQW UHVSRQVDEOHV GHV SUREOqPHV VRFLDX[ TXH UHQFRQWUDLW DORUV O $PpULTXH ,O FRQVWDWDTXHO pGXFDWLRQWUDGLWLRQQHOOHQpJOLJHDLWOHVSRVVLELOLWpVGHGpYHORSSHPHQWGHO rWUHKXPDLQ,OFRQVLGpUDLWTXH ODERQQHpGXFDWLRQpWDLWFHOOHTXLSRXYDLWUpFRQFLOLHUOHVFOLYDJHVWUDGLWLRQQHOVHQWUHFRUSVHWHVSULWHQWUHLQGLYLGXHW VRFLpWpHQWUHDFWLYLWpSUDWLTXHHWDFWLYLWpLQWHOOHFWXHOOHHQWUHWUDYDLOHWORLVLU /H SUREOqPH XOWLPH GH WRXWH pGXFDWLRQ UpVLGH GDQV OD FRRUGLQDWLRQ GHV IDFWHXUV SV\FKRORJLTXH HW VRFLRORJLTXH GH O LQGLYLGX/HIDFWHXUSV\FKRORJLTXHUHTXLHUWTXHO LQGLYLGXDLWODOLEUHXWLOLVDWLRQGHWRXWHVVHVFDSDFLWpVHWOHIDFWHXU VRFLRORJLTXHUHTXLHUWTXHO LQGLYLGXVRLWIDPLOLHUGHO HQYLURQQHPHQWVRFLDO/DFRRUGLQDWLRQH[LJHGRQFTXHO HQIDQWVRLW FDSDEOHGHV H[SULPHUPDLVGHIDoRQjUpDOLVHUGHVILQVVRFLDOHV 0pWKRGHSpGDJRJLTXH ,OVRXKDLWDLWSUpSDUHUOHVHQIDQWVjODGpPRFUDWLHTX LOFRQVLGpUDLWFRPPHLGpDOHFDUF pWDLWODVHXOHVWUXFWXUHOLDQWOHV H[LJHQFHVGHVJURXSHVVRFLDX[HWO pSDQRXLVVHPHQWLQGLYLGXHO,OFRQVWLWXDVRQpFROHjO LQVWDUG XQHVRFLpWpPLQLDWXUH UHIOpWDQWODVRFLpWpDGXOWH,OFRQIHFWLRQQDXQHPRQQDLHSURSUHjO pFROH,OLQVWLWXDODPpWKRGHGXVHOIJRYHUQHPHQW TXLODLVVDLWDX[HQIDQWVODSRVVLELOLWpGHGLFWHUOHXUVSURSUHVORLVHWUqJOHPHQWV ,OIXWjO RULJLQHG XQHPpWKRGHG HQVHLJQHPHQWWUqVRULJLQDOH,OSDUWDLWGXSULQFLSHTXHO HQIDQWGHYDLWrWUHLQWpUHVVp SDUVRQWUDYDLOSRXUWUDYDLOOHUFRUUHFWHPHQW,OFRQVLGpUDLWTXHO HQIDQWpWDLWLQWpUHVVpSDUODUpVROXWLRQGHSUREOqPHV GDQV WRXWH DFWLYLWp SUDWLTXH ,O VH PRQWUDLW WUqV FULWLTXH j O pJDUG GHV PpWKRGHV WUDGLWLRQQHOOHV TXL FRQVLVWDLHQW j VXJJpUHUO LQWpUrWGHIDoRQDUWLILFLHOOHSDUOHELDLVGHMHX[RXGHUpFRPSHQVHV,ORUJDQLVDLWGHVDFWLYLWpVGRPHVWLTXHV DJULFROHVWHFKQLTXHV,OFRQVLGpUDLWTXHO HQIDQWQ DSSUHQDLWTXHOHVOHoRQVTX LOWLUDLWGHVRQH[SpULHQFH ,OSHQVDLWTXHO HQIDQWQHSRXYDLWDSSUHQGUHTXHV LOGpFRXYUDLWOXLPrPHOHVVROXWLRQVDX[SUREOqPHVTX LOUHQFRQWUDLW ,OHXWDLQVLO LGpHG LQFXOTXHUjO HQIDQWXQHPpWKRGHGHWUDYDLOOXLSHUPHWWDQWG rWUHSOXVHIILFDFHGDQVVDUHFKHUFKHGH VROXWLRQV&HWWHPpWKRGHGHWUDYDLOUHSRVDLWVXUFLQTpWDSHV - /DSUHPLqUHpWDSHpWDLWODUHFRQQDLVVDQFHGXSUREOqPH - /DGHX[LqPHpWDSHFRQVLVWDLWjFODULILHUOHSUREOqPH - /DWURLVLqPHpWDSHpWDLWFHOOHGHODIRUPXODWLRQG K\SRWKqVHVSHUPHWWDQWGHUpVRXGUHOHSUREOqPH - /DTXDWULqPHpWDSHFRQVLVWDLWjFKRLVLUO K\SRWKqVHODSOXVSHUWLQHQWH - /DFLQTXLqPHpWDSHpWDLWFHOOHGHO H[SpULPHQWDWLRQ /RUVTX XQHK\SRWKqVHSHUPHWWDLWGHUpVRXGUHXQSUREOqPHSUDWLTXHO HQIDQWODUHWHQDLWEHDXFRXSPLHX[TXHVLFHWWH FRQQDLVVDQFHOXLDYDLWpWpLPSRVpHGHIDoRQWUDGLWLRQQHOOH8QHOHoRQGRLWWRXMRXUVrWUHXQHUpSRQVHjXQHTXHVWLRQ / HQIDQWDFTXpUDLWGHVFRQQDLVVDQFHVGDQVGHQRPEUHX[GRPDLQHVHQSUHQDQWDSSXLVXUGHVDFWLYLWpVSUDWLTXHV 0DSpGDJRJLHHVWGLDOHFWLTXHHQWUHO LQGLYLGXHWODVRFLpWp/DSpGDJRJLHGH'HZH\SHUPHWWDLWGHGRWHUO HQIDQWG XQ HVSULWVFLHQWLILTXHFDUHOOHO KDELWXDLWjUDLVRQQHUHQIRQFWLRQGHSUREOqPHV,OYRXODLWTXHOHIXWXUDGXOWHVRLWDQLPpGH FHWHVSULWVFLHQWLILTXHGHIDoRQjIDLUHpYROXHUOHSDWULPRLQHWHFKQLTXHGHODVRFLpWp' XQHSDUWODVRFLpWpSHUPHWWDLW G HQULFKLU O LQGLYLGX SDU GHV VDYRLUIDLUHV GpMj SUpVHQWV ' DXWUH SDUW O LQGLYLGX SHUPHWWDLW j OD VRFLpWp G HQULFKLU VRQ SDWULPRLQHWHFKQLTXHJUkFHjO HVSULWVFLHQWLILTXHGHO LQGLYLGX 2YLGH'HFURO\ %LRJUDSKLH 0pGHFLQ HW SV\FKRORJXH EHOJH LO FRQVDFUD G DERUG VHV WUDYDX[ j O HQIDQFH DQRUPDOH TX LO DSSHODLW HQIDQFH LUUpJXOLqUH ,O IXW j O RULJLQH HQ GH OD FRQVWUXFWLRQ G XQ LQVWLWXW G HQVHLJQHPHQW SRXU HQIDQWV DQRUPDX[ (Q LOIXWQRPPpLQVSHFWHXUGHVFODVVHVG HQVHLJQHPHQWVSpFLDOHVGHODYLOOHGH%UX[HOOHV,OJpQpUDOLVDjO HQVHPEOH GHVHQIDQWVOHVFRQFOXVLRQVTX LODYDLWWLUpHVGHVHQIDQWVDQRUPDX[(QLOFUpDO pFROHGHO HUPLWDJHSRXUHQIDQWV QRUPDX[j%UX[HOOHV6DPpWKRGHSpGDJRJLTXHIXWUHFRQQXHjSDUWLUGHFHWWHSpULRGH 0pWKRGHSpGDJRJLTXH 6HORQ'HFURO\OHGpYHORSSHPHQWGHO HQIDQWpWDLWOHUpVXOWDWFRPELQpGHGHX[IDFWHXUVO KpUpGLWpHWOHVH[SpULHQFHV IDLWHVSDUO HQIDQWGDQVVRQPLOLHX ,O SHQVDLW TXH O KpUpGLWp pTXLSDLW O HQIDQW GH SRVVLELOLWpV OXL SHUPHWWDQW GH V DGDSWHU DX[ FRQWUDLQWHV GH OD YLH ,O PRQWUD TXH OHV HQIDQWV QRUPDX[ pWDLHQW SOXV DSWHV j V DGDSWHU JUkFH j OHXU KpUpGLWp /HV HQIDQWV QRUPDX[ pWDLHQW GRWpVGHWHQGDQFHVTXLOHVSRXVVDLHQWjDJLUSRXUVHGpYHORSSHUWDQWGXSRLQWGHYXHGHOHXUFURLVVDQFHELRORJLTXH TXH SV\FKLTXH DORUV TXH OHV DQRUPDX[ Q DYDLHQW SDV FHV WHQGDQFHV /HV HQIDQWV QRUPDX[ PRQWUDLHQW SOXV GH G\QDPLVPHGqVOHXUQDLVVDQFHFHTXLOHXUSHUPHWWDLWG DYRLUXQHSHUVRQQDOLWpQRUPDOH (QFHTXLFRQFHUQDLWO LQIOXHQFHGXPLOLHXHOOHSRXYDLWrWUHVXLYDQWOHVFRQGLWLRQVGHYLHGHO HQIDQWWRXWDXVVLELHQ IDYRUDEOHTXHGpIDYRUDEOH,OpWD\DFHSRLQWGHYXHHQVHUpIpUDQWDX[H[HPSOHVGHO HQIDQFHDQRUPDOHDEDQGRQQpH HW GpOLQTXDQWH ,O FRQVWDWD TXH OD SDXYUHWp HW OD PLVqUH DJLVVDLHQW GH IDoRQ GpIDYRUDEOH 8Q PLOLHX IDYRUDEOH SHUPHWWDLWG pYHLOOHUGHVTXDOLWpVH[LVWDQWjO pWDWSRWHQWLHOFKH]O HQIDQW 'HFURO\ FRQFHYDLW OH U{OH GH O pFROH FRPPH GHYDQW DLGHU O HQIDQW j V DGDSWHU j OD YLH ,O VH PRQWUDLW WUqV FULWLTXH j O pJDUG GH O pFROH WUDGLWLRQQHOOH FDU LO VH UHQGLW FRPSWH TX HOOH pWDLW LQDSWH j SUpSDUHU O HQIDQW j OD YLH / pFROH WUDGLWLRQQHOOH FRQGXLW j O HQJRXUGLVVHPHQW SK\VLTXH HW j OD WRUSHXU PHQWDOH (OOH HVW UHVSRQVDEOH GHV GpIRUPDWLRQV SV\FKLTXHV GH O HQIDQW SDUFH TX HOOH FRQWULEXH j XQ GpJRW SRXU OHV pWXGHV HW OH WUDYDLO j GHV EOHVVXUHV G DPRXU SURSUH HW j GHV GpFHSWLRQV GLIILFLOHV j FLFDWULVHU /HV JRWV SRXU OH WUDYDLO HW OHV pWXGHV pWDLHQW GHV TXDOLWpV LQGLVSHQVDEOHV SRXU TXH O HQIDQW SXLVVH V DGDSWHU j OD YLH ,O FRQVWUXLVLW VRQ pFROH j %UX[HOOHV SRXU DLGHU O HQIDQW j V DGDSWHU j OD YLH ,O O LPSODQWD j OD FDPSDJQH FDU LO FRQVLGpUDLW TXH OD QDWXUH UHJRUJHDLW GH VXMHWV GH FXULRVLWp SDUIDLWHPHQWDGDSWpVSRXUpYHLOOHUHWVWLPXOHULQWHOOHFWXHOOHPHQWO HQIDQW,ODIILUPDLWTXHF pWDLWXQHpFROHSRXUODYLH SDUODYLH ,O FRQVLGpUDLW TXH OHV DFWLYLWpV SURSUHV j O HVSqFH KXPDLQH pWDLHQW OLpHV j GHV EHVRLQV ,O HQ GLIIpUHQFLD TXDWUH FDWpJRULHV OH EHVRLQ GH VH QRXUULU OH EHVRLQ GH OXWWHU FRQWUH OHV LQWHPSpULHV OH EHVRLQ GH VH GpIHQGUH FRQWUH OHV GDQJHUVHWOHVHQQHPLVGLYHUVOHEHVRLQGHWUDYDLOOHUG DJLUVROLGDLUHPHQWGHVHUHSRVHUHWGHVHGLVWUDLUH,OSHQVDLW TXH OHV FRQQDLVVDQFHV DFTXLVHV SDU O HQIDQW QH SRXYDLHQW DYRLU GH VHQV SRXU OXL TXH VL HOOHV UpSRQGDLHQW j VHV EHVRLQV ,OFRQVLGpUDLWTXHO DSSUHQWLVVDJHQ pWDLWSRVVLEOHTX jSDUWLUGXPRPHQWROHVpOqYHVpWDLHQWLQWpUHVVpV,ORUJDQLVD VDSpGDJRJLHDXWRXUGHFHQWUHVG LQWpUrWGHVXMHWVG pWXGHVHWURXYDQWjO H[WpULHXUGHO pFROHSHUPHWWDQWGHVWLPXOHU ODFXULRVLWp,ORUJDQLVDGHVVRUWLHVHQIRUrWGDQVOHVPXVpHVGDQVOHVXVLQHV ,OFODVVDOHVFHQWUHVG LQWpUrWVHQTXDWUHFDWpJRULHVO LQWpUrWTXHSRUWDLWO HQIDQWjOXLPrPHO LQWpUrWSRXUOHPLOLHX DFWXHO HW SURFKH GH O HQIDQW OHV DQLPDX[ OHV YpJpWDX[ O HDX O DLU OHV PLQpUDX[ OD IDPLOOH O pFROH OD VRFLpWp O XQLYHUV O LQWpUrW SRXU OH PLOLHX DFWXHO HW pORLJQp GH O HQIDQW OHV FRQGLWLRQV GH YLH GHV KRPPHV DSSDUWHQDQW j G DXWUHV FXOWXUHV TXH OD VLHQQH O LQWpUrW SRXU OH PLOLHX SDVVp OHV FRQGLWLRQV GH YLH GHV KRPPHV D\DQW YpFX j G DXWUHVpSRTXHVTXHODVLHQQH ,O RUJDQLVD OHV FHQWUHV G LQWpUrW HQ IRQFWLRQ GH O kJH 'H j DQV OHV FHQWUHV G LQWpUrWV pWDLHQW RFFDVLRQQHOV HW IRXUQLVSDUOHPLOLHXLPPpGLDW'HjDQVO HQVHPEOHGHVFHQWUHVG LQWpUrWGHYDLWrWUHVXLYLWRXVOHVDQV'Hj DQV XQ VHXO FHQWUH G LQWpUrW pWDLW GpILQL HW VXLYL WRXV OHV DQV 'H j DQV OHV FHQWUHV G LQWpUrW GHYDLHQW rWUH VSpFLDOLVpV /HV FHQWUHV G LQWpUrW VH IRUPDOLVDLHQW HQ WURLV W\SHV G H[HUFLFHV /HV H[HUFLFHV G REVHUYDWLRQ VH UpDOLVDLHQW VXU GHV OLHX[ DXWUHV TXH O pFROH HW pWDLHQW O RFFDVLRQ G XQH PLVH HQ pYHLO VHQVRULHOOH SDU RSSRVLWLRQ j XQ WUDYDLO G HQGRUPLVVHPHQW /HV H[HUFLFHV G DVVRFLDWLRQ pWDLHQW IDLWV HQ FODVVH HW FRQVLVWDLHQW j DVVRFLHUDX[REVHUYDWLRQVXQ WUDYDLO G DFTXLVLWLRQ GH YRFDEXODLUH GH OHFWXUH G pFULWXUH GH FDOFXO GH JpRJUDSKLH HW G KLVWRLUH 3DU H[HPSOH O REVHUYDWLRQGHODFRQVWUXFWLRQG XQHPDLVRQSHUPHWWDLWGHIDLUHGHVSODQVG DFTXpULUGXYRFDEXODLUHGHUpGLJHUOD VRUWLH G DERUGHU OD JpRJUDSKLH HW O KLVWRLUH GH O KDELWDW GDQV OHV GLIIpUHQWHV FLYLOLVDWLRQV /HV H[HUFLFHV G H[SUHVVLRQ FRQVLVWDLHQW j IDLUH H[SULPHU FH TXH O HQIDQW DYDLW UHWHQX SDU GHV DFWLYLWpV PDQXHOOHV GHV H[SRVpV RUDX[ RX GHV UpGDFWLRQVpFULWHV 'HFURO\ IXW LQIOXHQFp SDU XQ FRXUDQW SV\FKRORJLTXH DOOHPDQG OD JHVWDOW WKpRULH GH OD IRUPH &HWWH WKpRULH FRQVLGpUDLWO HVSULWGHO HQIDQWFRPPHGLIIpUHQWGHFHOXLGHO DGXOWH6HORQHOOHO DGXOWHSDUWDLWGHSDUWLHVSRXUDFFpGHU j XQHJOREDOLWpDORUVTXHO HQIDQWSDUWDLWG XQHSHUFHSWLRQJOREDOHSRXUDOOHUHQVXLWHYHUVOHVSDUWLHV(OOHUHPHWWDLWHQ FDXVH O DSSUHQWLVVDJH GH OD OHFWXUH TXL FRQVLVWDLW j DSSUHQGUH OHV OHWWUHV SXLV OHV V\OODEHV OHV PRWV HW HQILQ OHV SKUDVHV(OOHFRQVLGpUDLWTXHO HQIDQWGHYDLWSDUWLUGHODSKUDVHSRXUDUULYHUDX[SDUWLHV 5RJHU&RXVLQHW %LRJUDSKLH ,O IXW LQVWLWXWHXU HW GHYLQW LQVSHFWHXU GH O pGXFDWLRQ QDWLRQDOH 6RQ DFWLYLWp SpGDJRJLTXH IXW LQWHQVH (Q LO SDUWLFLSD j OD VRFLpWp OLEUH SRXU O pWXGH SV\FKRORJLTXH GH O HQIDQW IRQGpH SDU %LQHW O LQYHQWHXU GX WHVW GX TXRWLHQW LQWHOOHFWXHO&HWWHVRFLpWpSXEOLDLWODUHYXH/ pGXFDWHXUPRGHUQH &RXVLQHWGHYLQWOHGLUHFWHXUGHFHWWHUHYXHHQ (Q LO IXW QRPPp LQVSHFWHXU GDQV O pGXFDWLRQ QDWLRQDOH (Q LO GHYLQW GLUHFWHXU GH OD UHYXH /D QRXYHOOH pGXFDWLRQ UHYXH TXL SURSDJHDLW GHV H[SpULHQFHV SpGDJRJLTXHV QRYDWULFHV (Q LO SXEOLD VD PpWKRGH SpGDJRJLTXH OD PpWKRGH OLEUH GX WUDYDLO HQ JURXSH 'H j LO HQVHLJQD OD SpGDJRJLH j OD 6RUERQQH 'H jLOFUpDDYHFXQSV\FKRORJXHIUDQoDLV&KDWHOLQXQHUHYXH/ pFROHQRXYHOOHIUDQoDLVH &HWWHFROODERUDWLRQ IXWjO RULJLQHGHODFUpDWLRQGHO (FROHGHODVRXUFHLPSODQWpHj3DULV(QLOIRQGDDYHFOHSV\FKRORJXH5DLOORQ XQHUHYXHQRPPpH(GXFDWLRQHWGpYHORSSHPHQW 0pWKRGHSpGDJRJLTXH ,OpWDLWSDUWLVDQG XQHSpGDJRJLHVFLHQWLILTXHV DSSX\DQWVXUODSV\FKRORJLHGHO HQIDQW,OFKHUFKDLWjVHGpPDUTXHUGH ODSKLORVRSKLH6DPpWKRGHpWDLWOLEUHHQJURXSHHWV DSSX\DLWVXUGHX[WKpRULHVXQHWKpRULHOLpHDXGpYHORSSHPHQW VRFLDOGHO HQIDQWHWXQHWKpRULHV DSSX\DQWVXUOHMHXGHO HQIDQW 6DWKpRULHGXGpYHORSSHPHQWVRFLDOUHSRVDLWVXUODGLVWLQFWLRQGHWURLVJUDQGHVSpULRGHV /D SUHPLqUH SpULRGH VH GpURXODLW GH VL[ j QHXI DQV & pWDLW XQH SpULRGH R OH EHVRLQ GH VRFLDOLVDWLRQ pWDLW GLIILFLOHPHQWFRQFLOLDEOHDYHFOHEHVRLQG DIILUPDWLRQGHVRL'HFHIDLWOHVSUHPLqUHVUHODWLRQVVRFLDOHVGHO HQIDQWVH PDQLIHVWDLHQW SDU GHV FRPSRUWHPHQWV PDODGURLWV DJUHVVLRQ PDQXHOOH VDQV UDLVRQ DSSDUHQWH DJUHVVLRQ YHUEDOH FRPSRUWHPHQWV WDTXLQV YLVDQW j LQWHUURPSUH O DFWLYLWp GX FDPDUDGH H[KLELWLRQQLVPH EHVRLQ GH PRQWUHU VD VXSpULRULWp ,O IDOODLW YRLU GDQV FHV FRPSRUWHPHQWV GHV IRUPHV GH VRFLDOLVDWLRQ IRUW PDODGURLWHV FRPSUHQDQW OD UHFKHUFKHG DIILUPDWLRQGHVRLHWODUHFKHUFKHG DXWUXL /DGHX[LqPHSpULRGHVHGpURXODLWGHQHXIjWUHL]HDQV& pWDLWXQHSpULRGHRO HQIDQWUHFKHUFKDLWO DGKpVLRQjXQ JURXSHFRPPHXQPR\HQGHV DIILUPHULQGLYLGXHOOHPHQWORUVTXHOHJURXSHUpXVVLVVDLWOHVWkFKHVTX LOHQWUHSUHQDLW/H SUREOqPHGHFHWWHSpULRGHpWDLWODVXELVVLRQSDUO HQIDQWGHVSKpQRPqQHVGHJURXSHSRXYDQWJpQpUHUVRQH[FOXVLRQ GX JURXSH SKpQRPqQH G DPLWLp IXVLRQQHOOH HQWUH SOXVLHXUV HQIDQWV FRQWULEXDQW j OHXU LVROHPHQW SKpQRPqQH GX VRXIIUHGRXOHXU GX JURXSH SKpQRPqQH GH OD PLVH HQTXDUDQWDLQHSKpQRPqQHGHOHDGHUVKLSW\UDQQLTXH &RXVLQHW FRQVLGpUDLW TXH O pGXFDWLRQ DYDLW OH U{OH G DSSUHQGUH j YLYUH HQ JURXSH SRXU pYLWHU TXH GH WHOV SKpQRPqQHV QH VH SURGXLVHQW&HWWHSpULRGHFRUUHVSRQGDLWjXQHJUkFHVRFLDOHRLO\DYDLWXQHQULFKLVVHPHQWPXWXHOGHO LQGLYLGXHWGX JURXSHOHVHQIDQWVGRLYHQWDSSUHQGUHTXHOHJURXSHHVWG DXWDQWSOXVYLYDQWTXHFKDTXHLQGLYLGX\DSSRUWHVDSDUW SURSUHGHFRRSpUDWLRQHWTXHO LQGLYLGXEpQpILFLHG DXWDQWSOXVGXJURXSHTX LOV¶DFTXLWWHPLHX[GHODWkFKHVSpFLDOH TXLOXLFRQYLHQWHWTX LODDFFHSWpH /D WURLVLqPH SpULRGH VH GpURXODLW DSUqV O kJH GH WUHL]H DQV / HQIDQW VH GpIDLVDLW GH ODYDOHXUTX LODYDLWSRUWpHDX JURXSHGHIDoRQjFHTXHVDSHUVRQQDOLWpLQGLYLGXHOOHV DIILUPH &RXVLQHW IXW WUqV FULWLTXH j O pJDUG GH O pGXFDWLRQ WUDGLWLRQQHOOH TXL RFFXOWDLW WRWDOHPHQW OD GLPHQVLRQ VRFLDOH GH O pGXFDWLRQ F pWDLW XQH pGXFDWLRQ LQGLYLGXDOLVWH /RUVTX XQ HQVHLJQDQW IDLVDLW OD FODVVH GH IDoRQ WUDGLWLRQQHOOH LO HPSrFKDLW OHV HQIDQWV GH VH UHJURXSHU FDU LO Q \ YR\DLW TXH GpVRUGUH HW LQDWWHQWLRQ 3RXU PDLQWHQLU O LVROHPHQW O HQVHLJQDQWWUDGLWLRQQHORUJDQLVDLWODVDOOHGHFODVVHSRXUTXHOHVSXSLWUHVLVROHQWWRXWHIRUPHGHFRPPXQLFDWLRQ,O IDLVDLW UpJQHU GDQV VD VDOOH OD GLVFLSOLQH HW O DXWRULWp &RXVLQHW FRQVLGpUDLW TXH FHWWH PpWKRGH DXWRULWDLUH SRXYDLW FRQWULEXHU j FUpHU GHV HIIHWV SHUYHUV FRPPH O KRVWLOLWp OH FKDKXW O LQIUDFWLRQ GHV UqJOHV OD GpODWLRQ OD KDLQH GHV pOqYHVIDLVDQWO REMHWGXIDYRULWLVPH ,OHQWDPDVDWKpRULHVXUOHMHXGHO HQIDQWORUVTX LOFRQVWDWDTXHODFRRSpUDWLRQVHUpDOLVDLWOHPLHX[GDQVODFRXUGH UpFUpDWLRQORUVTXHOHVHQIDQWVMRXDLHQW,OHXWO LGpHGHFDOTXHUOHWUDYDLOVFRODLUHVXUOHMHXGHO HQIDQW,ODQDO\VDOH MHX SRXU HQ GLVWLQJXHU OHV FDUDFWpULVWLTXHV DFWLYLWp OLEUH DFWLYLWp SHUPHWWDQW O H[SUHVVLRQ GH WHQGDQFHV QDWXUHOOHV GRQQDQWQDLVVDQFHDX[MHX[GHO LPDJLQDWLRQHWGHO LPLWDWLRQFKH]OHVSOXVMHXQHVHWDX[MHX[GHFRRSpUDWLRQFKH]OHV SOXV kJpV DFWLYLWp FROOHFWLYH DFWLYLWp PHWWDQW HQ °XYUH GHV UqJOHV &RXVLQHW FKHUFKD j UpXQLU OHV FRQGLWLRQV SRXU TXHOHWUDYDLOVFRODLUHGHYLHQQHXQMHX,OIDOODLWXQHYDULpWpVXIILVDQWHGDQVOHVW\SHVGHWUDYDX[SURSRVpVSRXUTXH FKDTXHHQIDQWFKRLVLVVHFHOXLTXLOXLFRQYLHQQH,OIDOODLWTXHFHWUDYDLOSHUPHWWHO H[SUHVVLRQGHO REVHUYDWLRQHWGHOD FUpDWLRQFDUF pWDLWGHVDFWLYLWpVQDWXUHOOHV,OIDOODLWTXHOHVHQIDQWVDLHQWODOLEHUWpGHVHUHJURXSHUG DJLUHQJURXSH ,OIDOODLWTXHFHWUDYDLOFRPSUHQQHGHVUqJOHV &HWWHPpWKRGHGHWUDYDLOOLEUHHQJURXSHFRQVLVWDLWjODLVVHUOHVpOqYHVVHUHJURXSHUOLEUHPHQW,OGRQQDLWODSRVVLELOLWp j FKDFXQGHVJURXSHVGHFKRLVLUTXDWUHW\SHVGHWUDYDLOXQWUDYDLOG REVHUYDWLRQGHSKRWRJUDSKLHVHUDSSRUWDQWDX[ FKRVHVHWDX[rWUHVYLYDQWVXQWUDYDLOG REVHUYDWLRQGHVFKRVHVHWGHVrWUHVYLYDQWVUpHOVXQWUDYDLOG REVHUYDWLRQ VXUGHVJUDYXUHVKLVWRULTXHVXQWUDYDLOGHFUpDWLRQ/HJURXSHGHYDLWIDLUHXQHUpGDFWLRQVXUODEDVHGHFHTXLDYDLW pWpREVHUYpRXFUpp&HWUDYDLOGHUpGDFWLRQQpFHVVLWDLWO RUJDQLVDWLRQGXJURXSHHWODUHFKHUFKHG LQIRUPDWLRQGDQVOH GRPDLQHGHVVFLHQFHVRXGHO KLVWRLUHJpRJUDSKLH&HQ HVWSDVHQpWDQWHQVHLJQpTX RQDSSUHQGDXFRQWUDLUHPRLQV RQHVWHQVHLJQpSOXVRQDSSUHQGSXLVTX rWUHHQVHLJQpVLJQLILHUHFHYRLUGHVLQIRUPDWLRQVHWTX DSSUHQGUHVLJQLILHOHV FKHUFKHU &RXVLQHW LQVLVWDLW VXU OH IDLW TXH O HQVHLJQDQW QH GHYDLW SDV LQWHUYHQLU SHQGDQW O RUJDQLVDWLRQ GX JURXSH / HQVHLJQDQW QH GHYDLW LQWHUYHQLU TXH ORUVTX RQ OH OXL GHPDQGDLW 1RXV IDLVRQV QRWUH SRVVLEOH SRXU TXH OHV HQIDQWV DSSUHQQHQW j VH SDVVHU GH QRXV PDLV QRXV DYRQV GH OD SHLQH WRXWHV OHV IRLV TX LOV \DUULYHQW8QHIRLVUpDOLVpHOD UpGDFWLRQ pWDLW FRUULJpH &HWWH FRUUHFWLRQ IDLVDLW RIILFH GH OHoRQ $SUqV OD FRUUHFWLRQ OH WUDYDLO pWDLW UHFRSLp VXU XQ FDKLHUVSpFLDO,OpWDLWLOOXVWUpSXLVUpVXPpVXUXQHILFKHPLVHjODGLVSRVLWLRQGHWRXWHODFODVVH &pOHVWLQ)UHLQHW %LRJUDSKLH ,QVWLWXWHXUIUDQoDLVLODERUGDVRQSUHPLHUSRVWHG LQVWLWXWHXUHQGDQVXQSHWLWYLOODJHGHV$OSHV0DULWLPHVDSSHOp %DUOHORXS /D SHUWH G XQ SRXPRQ GXUDQW OD SUHPLqUH JXHUUH PRQGLDOH QH OXL SHUPHWWDLW SDV G HPSOR\HU XQH SpGDJRJLH WUDGLWLRQQHOOH 6HV GLIILFXOWpV UHVSLUDWRLUHV O HPSrFKDLHQW GH SDUOHU WURS ORQJWHPSV HW G rWUH DX FRQWDFW SURORQJpGHODFUDLH,OFKHUFKDXQHQRXYHOOHIDoRQG HQVHLJQHUSRXUGHVUDLVRQVGHVDQWp$SDUWLUGHLOIXWj O RULJLQH GH QRXYHOOHV WHFKQLTXHV GH WUDYDLO QRYDWULFHV SRXU O pSRTXH &HV WHFKQLTXHV VpGXLVLUHQW XQ JUDQG QRPEUH G LQVWLWXWHXUV/HPRXYHPHQWSpGDJRJLTXHGH)UHLQHWVHPLWHQSODFHDXWRXUGHUHYXHVHWGHFRQJUqV(QHXW OLHX OD SUHPLqUH UHQFRQWUH GHVDGHSWHVGHODSpGDJRJLH)UHLQHWSHQGDQWXQFRQJUqVV\QGLFDOj7RXUV(QHXW OLHXOHSUHPLHUFRQJUqVGHVPHPEUHVDGKpUHQWVDXEXOOHWLQ/ LPSULPHULHjO pFROH (QIXWFUppHODFRRSpUDWLYHGH O HQVHLJQHPHQWSXEOLFD\DQWSRXUEXWG DFKHWHUOHPDWpULHOSpGDJRJLTXHjPRLQGUHFRW(QOHQRPGXEXOOHWLQ / LPSULPHULHjO pFROH IXWUHPSODFpSDU/ pGXFDWHXUSUROpWDULHQ (QOHPRXYHPHQW)UHLQHWVHFRQVROLGDjFDXVH GHVDWWDTXHVGRQW)UHLQHWIXWODYLFWLPH,OIXWHQHIIHWGpPLVGHVHVIRQFWLRQVjFDXVHGHVHVLGpHVUpYROXWLRQQDLUHV,O IXW PXWp GH IDoRQ DXWRULWDLUH PDLV SUpIpUD GpPLVVLRQQHU GH O HQVHLJQHPHQW SXEOLF SRXU FUpHU HQ XQH pFROH SULYpHGDQVOHYLOODJHGH9HQFH'Hj/ pGXFDWHXUSUROpWDULHQ IXWFHQVXUpHW)UHLQHWIXWHPSULVRQQpSDUOHV DXWRULWpV GH 9LFK\ (Q LO FUpD O ,QVWLWXW &RRSpUDWLI GH O (FROH 0RGHUQH D\DQW SRXU EXW G H[SpULPHQWHU GH QRXYHOOHVWHFKQLTXHVHWGHSRXUVXLYUHODUpIOH[LRQSpGDJRJLTXH(QOHPRXYHPHQW)UHLQHWV LQWHUQDWLRQDOLVD)XW FUppHOD)pGpUDWLRQ,QWHUQDWLRQDOHGHV0RXYHPHQWVG (FROH0RGHUQH 0pWKRGHSpGDJRJLTXH )UHLQHWpWDLWXQFRQWHVWDWDLUHYLUXOHQWjO pJDUGGHODSpULRGHGHO HQWUHGHX[JXHUUHV,OFRQWHVWDLWODSROLWLTXHGHO (WDW IUDQoDLV SHQGDQW OD SUHPLqUH JXHUUH PRQGLDOH TXL DYDLW SULV OHV PLOLWDLUHV SRXU GH OD FKDLU j FDQRQ ,O FRQWHVWDLW OH FDSLWDOLVPH j TXL LO UHSURFKDLW G H[SORLWHU OH SUROpWDULDW ,O pWDLW PLOLWDQW GX 3DUWL &RPPXQLVWH ,O FRQWHVWDLW OH QRQ UHVSHFW GH O HQIDQW HW OH FDUDFWqUH LQGLYLGXDOLVWH GH O HQVHLJQHPHQW ,O FULWLTXDLW OH FDUDFWqUH pOLWLVWH GX V\VWqPH pGXFDWLI IUDQoDLV TXL UpVHUYDLW OH F\FOH VHFRQGDLUH DX[ HQIDQWV LVVXV GH PLOLHX[ IDYRULVpV /H SURMHW GH )UHLQHW pWDLW SROLWLTXH HW KXPDQLVWH ,O DYDLW O DPELWLRQ GH UpIRUPHU O pGXFDWLRQ HQ IDYHXU GX SHXSOH FDU LO \ YR\DLW XQ PR\HQ SHUPHWWDQWODFRQVWUXFWLRQG XQHQRXYHOOHVRFLpWpSOXVMXVWH ,ORUJDQLVDVDSpGDJRJLHDXWRXUGHGHX[GLPHQVLRQVLQGLYLGXHOOHHWFROOHFWLYH 6XU OHSODQLQGLYLGXHOLOYRXODLWIDLUHUpXVVLUOHVHQIDQWVGXSHXSOH,OOHXUGRQQDGRQFODSRVVLELOLWpGHV DIILUPHUHQ GLYHUVLILDQW GDYDQWDJH OHV PRGHV G H[SUHVVLRQ TX RIIUDLW O pGXFDWLRQ WUDGLWLRQQHOOH H[SUHVVLRQ GDQV OD PXVLTXH OH WKpkWUHODSHLQWXUHOHWUDYDLOPDQXHOODVFXOSWXUHOHMDUGLQDJHOHFLQpPDO H[SUHVVLRQpFULWHHWRUDOH / H[SUHVVLRQ pFULWHSULWXQHSODFHLPSRUWDQWHHWIXWDERUGpHGHIDoRQRULJLQDOHjO DLGHGHWHFKQLTXHVSpGDJRJLTXHV/DWHFKQLTXH GX WH[WH OLEUH LQYLWDLW OHV HQIDQWV j pFULUH GH SHWLWV WH[WHV VXU Q LPSRUWH TXHO VXMHW HW j OHV VRXPHWWUH j OHXUV FDPDUDGHV/DWHFKQLTXHGHO LPSULPHULHFRQVLVWDLWjLPSULPHUOHVWH[WHVGHVHQIDQWVSRXUOHVGLIIXVHUjO pFKHOOHGHOD FODVVH RX YHUV G DXWUHV pFROHV )UHLQHW LQYHQWD OH MRXUQDO VFRODLUH HW OD FRUUHVSRQGDQFH VFRODLUH &HV WHFKQLTXHV SHUPHWWDLHQW G DSSUHQGUH OD OHFWXUH HW O pFULWXUH GH IDoRQ QRYDWULFH /D OHFWXUH HW O pFULWXUH GHYHQDLHQW GHV DSSUHQWLVVDJHVXWLOHVTXLSUHQDLHQWOHXUVLJQLILFDWLRQGDQVOHFDGUHG XQHFRPPXQLFDWLRQpFULWHDYHFG DXWUHVHQIDQWV /HEHVRLQG DSSUHQGUHjPLHX[pFULUHDSSDUDLVVDLWORUVTXHO HQIDQWFRQVWDWDLWTX LOQ DUULYDLWSDVjVHIDLUHFRPSUHQGUH SDU VHV FDPDUDGHV /H EHVRLQ G DSSUHQGUH j PLHX[ OLUH DSSDUDLVVDLW ORUVTXH O HQIDQW FRQVWDWDLW TX LO Q DUULYDLW SDV j FRPSUHQGUH VHV FDPDUDGHV &KH] QRXV QRXV OLVRQV O pFULWXUH GHV DXWUHV HW QRXV pFULYRQV OHXU OHFWXUH &HWWH PDQLqUH QRYDWULFH HW RULJLQDOH GH FRQFHYRLU O DSSUHQWLVVDJH IXW TXDOLILpH GH QDWXUHOOH SDU )UHLQHW FDU O HQIDQW DYDLW WRXMRXUV OD SRVVLELOLWp G H[SpULPHQWHU HW GH WkWRQQHU ,O Q \ D DXFXQH UDLVRQ SRXU TXH O HQIDQW DSSUHQQH GLIIpUHPPHQWTX LOVRLWjO pFROHRXTX LOVRLWKRUVGHO pFROH/ HQIDQWQ DSSUHQGTX HQWkWRQQDQWTX LODSSUHQQHjOLUH j PDUFKHURXjIDLUHGXYpOR)UHLQHWSDUWDLWGXSULQFLSHTXHFKDTXHHQIDQWpWDLWGLIIpUHQW,ORUJDQLVDLWVDSpGDJRJLH SRXU LQGLYLGXDOLVHU O DSSUHQWLVVDJH GH FKDFXQ ,O V HIIRUoDLW GH UpSRQGUH DX[ SURMHWV PDQLIHVWpV SDU VHV pOqYHV ,O LQYHQWDGHVWHFKQLTXHVSpGDJRJLTXHV,OGRQQDLWGHVSODQVGHWUDYDLOPHQWLRQQDQWOHVSULRULWpVjDFFRUGHUjFHUWDLQHV PDWLqUHV ,O XWLOLVDLW GHV ILFKLHUV GH WUDYDLO LQGLYLGXDOLVpV DXWRFRUUHFWLIV SUpFLVDQW OHV H[HUFLFHV j UpDOLVHU VXLYDQW OHV PDWLqUHV ,O FUpD GHV EDQGHV PDJQpWLTXHV DXWRHQVHLJQDQWHV TXH OHV pOqYHV SRXYDLHQW GLUHFWHPHQW XWLOLVHU ,O FUpD XQH ELEOLRWKqTXH GH WUDYDLO GDQV ODTXHOOH VH WURXYDLHQW GHV GRFXPHQWV DGDSWpV DX[ GLIIpUHQWV kJHV /HV pOqYHV DSSUHQDLHQW j WUDYDLOOHU HQ DXWRQRPLH HQ VH VHUYDQW GX GLFWLRQQDLUH LQGH[ RXWLO GH FODVVHPHQW GHV GRFXPHQWV / LPDJH WUDGLWLRQQHOOH GH OD FODVVH FKDQJHD 2Q SDVVD G XQH FODVVH VLOHQFLHXVH HW HQQX\DQWH j XQH YpULWDEOH IRXUPLOLqUHRFKDFXQV DFWLYDLWjVRQWUDYDLO 6XU OH SODQ FROOHFWLI )UHLQHW DYDLW SRXU DPELWLRQ TXH OHV HQIDQWV DSSUHQQHQW j FRRSpUHU HQ JURXSH ,O SHQVDLW TXH FHWWH FROODERUDWLRQ pWDLW LQGLVSHQVDEOH DX IXWXU FLWR\HQ SRXU VH IDLUH HQWHQGUH DX QLYHDX SROLWLTXH / pGXFDWLRQ WUDGLWLRQQHOOH DERXWLVVDLW j O LVROHPHQW ,O FUpD OH FRQVHLO GH FRRSpUDWLYH OLHX GH FRQFHUWDWLRQ HQWUH OHV pOqYHV HW O HQVHLJQDQW DQLPpSDUOHPDvWUHXQHIRLVSDUVHPDLQH &HFRQVHLODYDLWWURLVIRQFWLRQVO RUJDQLVDWLRQGXWUDYDLOGH ODFODVVH UpGDFWLRQGXSODQGHWUDYDLOSRXUGHVSpULRGHVGpWHUPLQpHVSUpFLVLRQGXWHPSVDFFRUGpjGHVSURMHWV OH VXLYLGXWUDYDLOGHVpOqYHVHWO pYDOXDWLRQ OHJURXSHpYDOXDLWSOXVTXHO HQVHLJQDQW ODUpJXODWLRQGHODYLHGXJURXSH JHVWLRQGHVFRQIOLWVGpEDWVVXUOHVUqJOHV $OH[DQGHU6XWKHUODQG1HLOO %LRJUDSKLH & pWDLW XQ HQVHLJQDQW pFRVVDLV 6RQ SDUFRXUV IXW DVVH] FKDRWLTXH 6RQ SqUH TXL pWDLW GLUHFWHXU G pFROH DYDLW GH JUDQGHVDPELWLRQVSRXUVHVHQIDQWV0DOKHXUHXVHPHQW$OH[DQGHUQHILWSDVJUDQGFKRVHjO pFROH,OVHFRQVLGpUDLW FRPPHOHUDWpGHODIDPLOOH$DQVLOTXLWWDODPDLVRQIDPLOLDOHSRXUXQWUDYDLOGHEXUHDX6 HQQX\DQWpQRUPpPHQW LO UHYLQW DX GRPLFLOH IDPLOLDO HW WURXYD XQ HPSORL GH GUDSLHU FRQVLVWDQW j OLYUHU GHV SDTXHWV ,O DEDQGRQQD DXVVL FH PpWLHU$DQVLOHQWUDjO pFROHGHVRQSqUHHQWDQWTX pOqYHLQVWLWXWHXU$DQVLOUpXVVLWGHMXVWHVVHOHFRQFRXUV SRXUGHYHQLUHQVHLJQDQW LOIXWqPHVXU ,OQ pSURXYDLWDXFXQLQWpUrWSRXUODSpGDJRJLHWUDGLWLRQQHOOH$ DQVLOV LQVFULYLWjO XQLYHUVLWpG (GLPERXUJSRXUpWXGLHUO DJULFXOWXUHHWOHVOHWWUHV$XERXWGHTXDWUHDQVLOREWLQWXQH OLFHQFH GH OHWWUHV HW GpFRXYULW XQ LQWpUrW SRXU O pFULWXUH $ DQV LO GHYLQW GLUHFWHXU G pFROH GDQV XQ YLOODJH SHUGX G (FRVVH/DORLO REOLJHDQWjWHQLUXQMRXUQDOGHERUGLOpFULYLWXQRXYUDJHQRQFRQYHQWLRQQHOGDQVOHTXHOLOILWYDORLUOD FRQFHSWLRQGHVDSpGDJRJLH&HWRXYUDJHHXWXQVXFFqVFRQVLGpUDEOH(QjO kJHGHDQVLOFUpDO pFROHSULYpH GH 6XPPHUKLOO GDQV OD EDQOLHXH GH /RQGUHV &HWWH pFROH pWDLW XQ SHQVLRQQDW PL[WH R UpVLGDLHQW OHV pOqYHV OHV SURIHVVHXUV HW OH GLUHFWHXU 1HLOO &HWWH pFROH IXW O DERXWLVVHPHQW GH VD FDUULqUH & HVW GDQV FHWWH pFROH HQFRUH H[LVWDQWHDXMRXUG KXLTX LOPLWHQ°XYUHVDFRQFHSWLRQOLEHUWDLUHGHODSpGDJRJLH 0pWKRGHSpGDJRJLTXH 6XU OH SODQ WKpRULTXH 1HLOO DYDLW SRXU SURMHW GHFRQVWUXLUHXQKRPPHHWXQHVRFLpWpQRXYHOOHVHGpPDUTXDQWGHOD VRFLpWpHWGHVDGXOWHVGHVRQWHPSV,OpWDLWUpYROWpSDUUDSSRUWDX[FRQGLWLRQVGHYLHPLVpUDEOHVGHVRXYULHUVGDQVOHV EDQOLHXHVLQGXVWULHOOHV,OpWDLWUpYROWpSDUUDSSRUWDX[JXHUUHVGRQWLOSHQVDLWTX HOOHVDYDLHQWSRXURULJLQHO pGXFDWLRQ WUDGLWLRQQHOOH (Q HIIHW HQ pWRXIIDQW OD SHQVpH GH O HQIDQW O pGXFDWLRQ WUDGLWLRQQHOOH SURGXLVDLW GHV WHQVLRQV SDU OD KDLQHGHO DXWUHHWSDUODFUXDXWp,OpWDLWUpYROWpSDUOHPRQGHSROLWLTXHTXLVHPHWWDLWGXF{WpGHVSURILWHXUV,OpWDLW UpYROWpSDUODUHOLJLRQHWSDUWRXVOHVSUrFKHXUVGHPRUDOHFDUFHVJHQVOjFXOSDELOLVDLHQWO HQIDQWHQSDUWLFXOLHUSRXU VHVSUHPLqUHVDFWLYLWpVVH[XHOOHVTXLpWDLHQWOpJLWLPHV(QVHLJQHUODUHOLJLRQF HVWDXVVLGDQJHUHX[TXHG DSSUHQGUH j YROHU /RUVTXH O HQVHLJQDQW RX OH SUrWUH GRQQHQW GHV OHoRQV GH PRUDOH LOV SURMHWWHQW HQ IDLW OHXUV SURSUHV IDXWHV FKH]O HQIDQW&HTXHO RQKDwWFKH]OHVDXWUHVF HVWFHTXHO RQKDwWFKH]VRLPrPH1HLOOV LQVSLUDGHODSV\FKDQDO\VH SRXU IRQGHU VD SpGDJRJLH /D SV\FKDQDO\VH pWDLW WUqV UpFHQWH DX GpEXW GX ;;qPH VLqFOH /D SV\FKDQDO\VH HVW XQH PpWKRGHFOLQLTXHGpYHORSSpHSDU)UHXGFKHUFKDQWjVXSSULPHUOHVWURXEOHVSV\FKLTXHVGHO DGXOWHSDUXQHDQDO\VHGH O LQFRQVFLHQWHWGRQWODIRUPDWLRQHVWH[SOLTXpHjSDUWLUGXGpYHORSSHPHQWGHODVH[XDOLWpGHO HQIDQW)UHXGPRQWUD TXHODUHFKHUFKHGXSODLVLUpWDLWXQEHVRLQQDWXUHOFKH]O HQIDQWHWTXHFHSODLVLUSDVVDLWSDUODVROOLFLWDWLRQGH]RQHV pURJqQHV OLpHV DX FRUSV OD ERXFKH O DQXV HW OH SKDOOXV )UHXG FRQVLGpUDLW TXH OHV WDERXV HW OHV LQWHUGLWV OLpV j O pGXFDWLRQpWDLHQWjO RULJLQHFKH]O HQIDQWG XQHIRUPHGHFXOSDELOLWpjO pJDUGGHOXLPrPH&HVVHQWLPHQWVpWDLHQW UHIRXOpVGDQVO LQFRQVFLHQW/HVWURXEOHVDIIHFWLIVFKH]O DGXOWHDYDLHQWSRXURULJLQHGHVpYpQHPHQWVSpQLEOHVDXFRXUV GH O HQIDQFH /D PpWKRGH SV\FKDQDO\WLTXH FRQVLVWH j IDLUH SDUOHU O DGXOWH VXU VHV VRXYHQLUV G HQIDQFH SRXU OH GpEORTXHU VXU OH SODQ SV\FKRORJLTXH ,O IXW PDUTXp SDU GHX[ SV\FKDQDO\VWHV /DQH HW 5HLFK /DQH IXW OH IRQGDWHXU G XQH pFROH SRXU GpOLQTXDQWV RUJDQLVpH VXU OD EDVH G XQH DXWRJHVWLRQ ODLVVpH DX[ HQIDQWV / HQIDQW GHYHQDLW GpOLQTXDQW FDU LO pWDLW SULYp G DIIHFWLRQ HW GH FRPSUpKHQVLRQ GXUDQW VRQ pGXFDWLRQ (Q FRQVpTXHQFH VD JXpULVRQ V REWHQDLW SDU O DPRXU HW O DSSUREDWLRQ 5HLFK IXW XQ GLVFLSOH GH )UHXG GRQW LO VH GpPDUTXD VXU GHV DVSHFWV WKpRULTXHV6HORQ5HLFKODSULVHGHFRQVFLHQFHGHVVRXYHQLUVUHIRXOpVGDQVO LQFRQVFLHQWpWDLWLQVXIILVDQWHSRXUJXpULU ,OIDOODLWDOOHUEHDXFRXSSOXVORLQGRQQHUjO HQIDQWODSRVVLELOLWpGHVDWLVIDLUHWRXVVHVSODLVLUVVH[XHOV& pWDLWOHVHXO PR\HQ SRXU TX XQ DGXOWH Q DLW SDV GH WURXEOHV SV\FKLTXHV 1HLOO V LQVSLUD GH FHV WKpRULHV SV\FKDQDO\WLTXHV SRXU H[SOLTXHU TXH OHV PDX[ GH OD VRFLpWp DYDLHQW SRXU RULJLQH O LQVDWLVIDFWLRQ GHV SODLVLUV pSURXYpV GXUDQW O HQIDQFH ,O FRQVLGpUDLW TXH OH U{OH GH O pGXFDWLRQ FRQVLVWDLW j ODLVVHU IDLUH j O HQIDQW FH TX LO YRXODLW GH IDoRQ j FH TX LO SXLVVH DVVRXYLUVHVGpVLUVVH[XHOV 6XU OH SODQ SUDWLTXH 1HLOO RUJDQLVDLW GDQV VRQ pFROH GH 6XPPHUKLOO O HPSORL GX WHPSV GH OD IDoRQ VXLYDQWH (Q PDWLQpHOHVFRXUVpWDLHQWIDFXOWDWLIV3HQGDQWGL[DQVXQHQIDQWGHVRQpFROHQ DOODSDVHQFRXUVOHPDWLQ,OODLVVDLW IDLUHOHVHQIDQWVTXLQHYHQDLHQWSDVHQFRXUV(QQ REOLJHDQWSDVOHVpOqYHVjYHQLUHQFRXUVLOFUpDLWOHVFRQGLWLRQV G XQGpVLUG DSSUHQGUH6HVpOqYHVUDWWUDSDLHQWSOXVUDSLGHPHQWOHXUUHWDUGJUkFHjOHXUGpVLUG DSSUHQGUH/HFRQWHQX GHVFRXUVpWDLWPRGHVWH2QDSSUHQDLWjpFULUHjOLUHHWjFRPSWHU,OQ \DYDLWSDVEHVRLQGHSUpVHQWHUDX[HQIDQWV OHV JUDQGHV UpDOLVDWLRQV OLWWpUDLUHV HW VFLHQWLILTXHV FDU VHORQ 1HLOO LO V DJLVVDLW GH IDLOOLWHV / DSUqVPLGL OHV HQIDQWV IDLVDLHQWFHTX LOVYRXODLHQWGDQVOHSDUFGHO pFROH/HVVRLUpHVpWDLHQWFRQVDFUpHVjGHVDFWLYLWpVGpILQLHVVXLYDQWXQ FDOHQGULHU KHEGRPDGDLUH /XQGL VRLU HW MHXGL VRLU RQ DOODLW DX FLQpPD 0DUGL VRLU 1HLOO RUJDQLVDLW XQ GpEDW VXU GHV WKqPHV FRPPH OD VH[XDOLWp OD GpOLQTXDQFH O DOFRRO RX OD GURJXH $ SURSRV GH OD VH[XDOLWp LO LQWURGXLVDLW TXHOTXHV pOpPHQWVGHSV\FKDQDO\VH,OHQSURILWDLWSRXUHQFRXUDJHUVHVpOqYHVjODPDVWXUEDWLRQ6 LOQ DYDLWSDVHXSHXUGHOD IHUPHWXUH GH VRQ pFROH LO DXUDLW DXVVL HQFRXUDJp OHV UDSSRUWV VH[XHOV /H PHUFUHGL VRLU HW OH YHQGUHGL VRLU pWDLHQW FRQVDFUpVjGHVDFWLYLWpVDUWLVWLTXHV/HVDPHGLVRLUpWDLWUpVHUYpjO DVVHPEOpHJpQpUDOHGHO pFROH&HWWHDVVHPEOpH UHJURXSDLWOHVpOqYHVOHVHQVHLJQDQWVHW1HLOO(OOHGpEDWWDLWVXUWRXWHVOHVTXHVWLRQVOLpHVjODYLHGHO pWDEOLVVHPHQW 7RXWFHTXLpWDLWGpFLGpVHIDLVDLWSDUYRWDWLRQ/DSpGDJRJLHGH1HLOOpWDLWGRQFOLEHUWDLUHPDLVHOOHQHVLJQLILDLWSDV O DQDUFKLH ,O SXEOLD j OD ILQ GH VD YLH / pGXFDWLRQ RX O DQDUFKLH ,O \ DYDLW GHV UqJOHV HW GHV FDGUHV TXH OHV HQIDQWV GHYDLHQWUHVSHFWHU/ HQIDQWpWDLWHQGURLWGHIDLUHFHTXLOXLSODLVDLWGDQVODPHVXUHRLOQ HPSLpWDLWSDVVXUODOLEHUWp GHVDXWUHV/HVEDLJQDGHVGDQVODSLVFLQHVDQVVXUYHLOODQFHpWDLHQWLQWHUGLWHV1HLOOVHGRQQDLWOHGURLWGHFRQWU{OHUOHV PHQXVO K\JLqQHOHUHFUXWHPHQWHWODILQDQFHGHO pFROHVDQVFRQVXOWHUTXLTXHFHVRLW/HVGpFLVLRQVGHO DVVHPEOpH GHYDLHQWrWUHUHVSHFWpHVVRXVSHLQHGHMXJHPHQWSDUXQWULEXQDOFRPSRVpG HQIDQWV/HVHQVHLJQDQWVHWOHGLUHFWHXU SRXYDLHQW UHFHYRLU GHV VDQFWLRQV (Q XQH pTXLSH GH WpOpYLVLRQ YRXOXW WRXUQHU XQ UHSRUWDJH j OD SLVFLQH GH O pFROHROHVSURIHVVHXUVHWOHVpOqYHVVHEDLJQDLHQWQXV1HLOOpWDLWFRQWUHODYHQXHGHO pTXLSHGHWpOpYLVLRQPDLV SDVOHVHQIDQWV*UkFHjXQHYRWDWLRQO pTXLSHGHWpOpYLVLRQSXWYHQLUFHTXLHQWUDvQDXQVFDQGDOH-HFURLVTXHPD WkFKHSUHPLqUHHVWG¶DSSURXYHUWRXWFHTX XQHQIDQWGpVDSSURXYHHQOXLPrPHF HVWjGLUHEULVHUODFRQVFLHQFHTXL OXLHVWLPSRVpHSDUO pGXFDWLRQHWTXLQ DERXWLWTX jODKDLQHGHVRLPrPH8QpOqYHGLWGHVMXURQV-HVRXULVHWGLV ³ QHWHJrQHSDVLOQ \DSDVGHPDOjMXUHU´'HPrPHM DSSURXYHTXDQGLOV DJLWGHPDVWXUEDWLRQGHPHQVRQJHV GHYROVRXGHWRXWHDXWUHDFWLYLWpFRQGDPQpHSDUODVRFLpWp4XDQGPHVpOqYHVYRQWYROHUOHV°XIVGHODIHUPHG j F{Wp MH SDUWLFLSH -H FURLV TXH F HVW O LQVWUXFWLRQ PRUDOH TXL UHQG O HQIDQW PDXYDLV - DL GpFRXYHUW TXH TXDQG MH GpPROLVVDLVO LQVWUXFWLRQTXHO HQIDQWDYDLWUHoXHLOGHYHQDLWERQ &DUO5RJHUV %LRJUDSKLH ,O pWDLW XQ SV\FKRORJXH DPpULFDLQ 'H j LO WUDYDLOOD FRPPH SV\FKRWKpUDSHXWH j 1HZ