(QWUH]OHPRWGHSDVVH³´SXLVDSSX\H]VXUµ2.¶SRXUIDLUHXQHSDLUHDYHFOH.LWGH9RLWXUHHWOH
FRPELQpHOHPRW³3$,52.3/($6(&211(&7´V¶DIILFKHUDVXUOD7)7
6pOHFWLRQQH]³&211(&7(5´GDQVODOLVWHGXWpOpSKRQH
6LYRXVUpDOLVH]ODFRQQH[LRQDYHFVXFFqVO¶LF{QHUHVWHIL[HjO¶pFUDQ
,PSRUWDQW
D6LOHSDLUDJHQHSHXWSDVrWUHHIIHFWXpHQHQYLURQPLQXWHVDORUVTXHOHPRGHSDLUDJHHVWDFWLYpYRXVGHYUH]
UpHVVD\HUOHSDLUDJHYRLUpWDSHVFLGHVVXV
E8QHIRLVOHSDLUDJHWHUPLQpVLO¶LF{QHHVWHQFRUHHQWUDLQGHFOLJQRWHUjO¶pFUDQYHXLOOH]VXLYUHOHVpWDSHVSRXU
UpHVVD\HUOHSDLUDJHSDUOHFRPELQpMXVTX¶DFHTXHO¶LF{QHVRLWIL[HjO¶pFUDQ
8WLOLVHUOH.LWGH9RLWXUH%OXHWRRWK
8QHIRLVODFRQQH[LRQWHUPLQpHYRXVSRXYH]DFFpGHUDX[IRQFWLRQVVXLYDQWHV&HUWDLQHVGHVIRQFWLRQVPHQWLRQQpHV
FLGHVVRXVQHVRQWDFFHVVLEOHVTXHSRXUOHVFRPELQpHVVXSSRUWpVSDUOHSURILOPDLQOLEUH
5pSRQGUHjXQDSSHO
8QHIRLVTXHYRXVHQWHQGH]ODVRQQHULHOHQXPpURGHWpOpSKRQHHQWUDQWV¶DIILFKHVXUOH/&'7)7DSSX\H]EULqYHPHQW
VXUOHERXWRQ³´GHODIDoDGHSRXUpFRXWHU3HQGDQWTXHYRXVSDUOH]VLYRXVVRXKDLWH]XWLOLVHUYRWUHWpOpSKRQHSRXU
pFRXWHUYHXLOOH]DSSX\HUjQRXYHDX
$SSHOHU
$SSX\H]VXUOHERXWRQ³´GHODIDoDGHRXGHODWpOpFRPPDQGHOHPRW³',$/180%(5´V¶DIILFKHUSXLVYRXVFRPSRVH] OHQXPpURVXUYRWUHWpOpFRPPDQGHHWDSSX\HUEULqYHPHQWVXUOHERXWRQ³´ 6LYRXVFRPSRVH]XQPDXYDLVQXPpURDSSX\H]VXUŻSRXUO¶HIIDFHU
7HUPLQHU5HMHWHUXQDSSHO
'DQVOHPHQX%OHXWRRWKDSSX\H]EULqYHPHQWVXUOHERXWRQ³´GHODIDoDGHRXGHODWpOpFRPPDQGHOH/&'7)7DIILFKH
5HFRPSRVHUOHGHUQLHUQXPpUR 'DQVOHPHQX%OXHWRRWKDSSX\H]VXUOHERXWRQ³´HQYLURQVHFRQGHVVXUODIDoDGHRXVXUODWpOpFRPPDQGH³',$/ /$67&$//',$/28712:´V¶DIILFKHUDVXUOH/&'7)7
5pJOHUOHYROXPH
3HQGDQWODFRQYHUVDWLRQUpJOH]O¶LQWHUUXSWHXUGH9ROXPHMXVTX¶jFHTXHYRXVDWWHLJQH]OHQLYHDXGHYROXPHGpVLUp
/LUHGHODPXVLTXH03
'DQVOHPHQX%OXHWRRWKDSSX\H]VXU02'SRXUVpOHFWLRQQHU³%7086,&´YRXVSRXYH]OLUHOHV03VXUYRWUHWpOpSKRQH SRUWDEOH1RWHYHXLOOH]YRXVDVVXUHUTX¶LOVXSSRUWHOHSURILO%OXHWRRWK$'3
1RWH
D$YDQWG¶XWLOLVHU%OXHWRRWKYHXLOOH]FRQVXOWHUOHJXLGHG¶LQVWUXFWLRQVGHYRWUHWpOpSKRQHRXFRQWDFWHUOHIDEULFDQWGHYRWUH
WpOpSKRQHVLYRXVQ¶rWHVSDVVUHTXHYRWUHWpOpSKRQHVXSSRUWHODIRQFWLRQ%OXHWRRWKPDLQOLEUH
E/RUVTXHYRXVIDLWHVIRQFWLRQQHUODIRQFWLRQ%OXHWRRWKYRXVQHGHYH]HIIHFWXHUOHSDLUDJHTX¶XQHVHXOHIRLV(QVXLWHYRXV
QHGHYH]DWWHQGUHTXHWURLVPLQXWHV
F6LYRXVQHVRXKDLWH]SDVXWLOLVHU%OXHWRRWKYRXVSRXYH]VpOHFWLRQQHU%OXHWRRWK2))YRLUSDJH
5pJODJHGHOD4XDOLWp9LGpR
$SSX\H]VXUOHERXWRQ6(/SRXUSDUFRXULUOHPHQXGHVpOHFWLRQGHPRGHVRQLPDJHSRXUVpOHFWLRQQHUOHYROXPHOHVEDVVHV OHVDLJXsVODEDODQFHOHIDGHUODFRXOHXUODOXPLQRVLWpOHFRQWUDVWHODWHLQWHODFRXOHXUGHUpWURpFODLUDJHHW%OXHWRRWK 7RXUQH]HQVXLWHOHERXWRQ92/SRXUUpJOHUOHPRGHVpOHFWLRQQp/DYDOHXUFRUUHVSRQGDQWHV¶DIILFKHUDjO¶pFUDQ
9ROXPH %DVV 7UHEOH%DODQFH )DGHU%OXHWRRWK
7LQW &RQWUDVW %ULJKW &RORU %* &RORU
(/(0(1765(*/$%/(6 &28/(85GHj 5qJOHODFRXOHXUGHO¶LPDJH /80,126,7(GHj 5qJOHO¶LPDJHVLHOOHHVWWURSFODLUHRXWURSIRQFpH &2175$67(GHj
5pJOHOHFRQWUDVWH
7(,17(GHj 5pJODEOHORUVTXH³176&³HVWVpOHFWLRQQpGDQV³176&3$/´