1DLVVDQFH HQ $OJpULH HQ pWXGHV HQ )UDQFH HW SUHPLHU OLYUH HQ GH FHOOH TX¶RQ DSSHODLWOD©)UDQoRLVH6DJDQPXVXOPDQHªUHWRXU HQ$OJpULHIXLWHHQ)UDQFHTXLGHYLHQWH[LOHQVHL JQHPHQWGDQVGHJUDQGHVXQLYHUVLWpVDPpULFDLQHV pOHFWLRQjO¶$FDGpPLHIUDQoDLVHHQ«9RLFL TXHOTXHVpSLVRGHVGHODYLHG¶$VVLD'MHEDUDX[ TXHOVFRUUHVSRQGHQWOHVDOpDVGHO¶KLVWRLUHUpFHQWH GHO¶$OJpULH ODFRORQLVDWLRQOHVTXHOTXHVSULYL OpJLpHVTXLDFFqGHQWDXO\FpHIUDQoDLVSXLVDX[ pWXGHVHQ)UDQFHO¶LQGpSHQGDQFHHQ¿QOHQDWLR QDOLVPH PRQROLQJXH SU{Qp SDU OH QRXYHDX SRX YRLUOHVDVVDVVLQDWVG¶LQWHOOHFWXHOVHWGHIHPPHV GDQV OHV DQQpHV SDU OHV LVODPLVWHV /D YLH G¶$VVLD'MHEDU±©IXJLWLYHªSDUUDSSRUWjO¶$OJp ULH©HWOHVDFKDQWGpVRUPDLVªGHYHQXH©pWUDQ JqUH>«@GHO¶LQWpULHXUªpFULYDQWGDQVOD©ODQ JXH GHV$XWUHV ª VDQV SRXYRLU pFULUH GDQV XQH DXWUHODQJXH±DORQJWHPSVFRQVLVWpHQXQHVpULH G¶DOOHUUHWRXU ©HQWUH)UDQFHHW$OJpULHHWYLFHYHUVDVDQV VDYRLU¿QDOHPHQWRHVWO¶DOOHUYHUVRDOOHU YHUV TXHOOH ODQJXH YHUV TXHOOH VRXUFH YHUV TXHOV DUULqUHV VDQV QRQ SOXV VDYRLU R VH VLWXHUDLW OH UHWRXU UHWRXU FHUWHV LPSRVVLEOH HW TXDVL P\WKLTXH GH O¶pPLJUpH PDLV DXVVL UHWRXUYHUVXQSDVVpRULJLQHOYHUVODODQJXH RULJLQHG¶XQHPqUHUHQGXHVRXUGHHWPXHWWH 1RQ XQUHWRXUjYHQLUXQUHWRXUKRUL]RQTXL jQRXYHDXYRXVH[SXOVHª ÇWUH GDQV O¶LQFHVVDQW DOOHUUHWRXU F¶HVW WDQ IHPPH$VVLD'MHEDUF¶HVWRVFLOOHUHQWUHOHPRQGH GHV IHPPHV HW FHOXL GHV KRPPHV$YDQW PrPH GHTXLWWHUO¶$OJpULHF¶HVWGXPRQGHGHVIHPPHV TX¶HOOHV¶pWDLWVpSDUpHHWF¶HVWjOXLTX¶HOOHDHX jXQPRPHQWEHVRLQGHUHYHQLUVDQVTXHMDPDLV O¶LUUpYHUVLELOLWpGHVRQJHVWHGHVRUWLHSXLVVHrWUH DQQXOpH 'DQV FHV GLIIpUHQWV HQWUHGHX[ O¶pFUL YDLQ'MHEDUV¶HVWRULHQWpYHUVXQFHUWDLQW\SHGH UHWRXU FHOXL TXH SURFXUH OD GpPDUFKH DXWRELR JUDSKLTXH&HOOHFLDSDUGp¿QLWLRQXQFDUDFWqUH UpWURVSHFWLI DORUVTXHODYLHFRQWLQXHHWQRXVSUR MHWWHYHUVXQDYHQLUQRQHQFRUHDGYHQXRQV¶DUUrWH HWO¶RQGpWRXUQHVRQDWWHQWLRQGXSUpVHQWYHUVFH TXLQ¶HVWSOXV/¶DFWLYLWpGHUHFKHUFKHGHIRXLOOH TXLV¶HQVXLWQHUHWURXYHSDVFHTXLpWDLWGpMjVX FRPPHVLO¶pFULWXUHVHFRQWHQWDLWGHUHVWLWXHUWHOV TXHOV OHV pYpQHPHQWV G¶XQH H[LVWHQFH HOOH OHV UHGpFRXYUH DX FRQWUDLUH WRXW HQ IDLVDQW DGYHQLU XQVHQVTXLQ¶DYDLWSDVpWpIRUPXOpjO¶pSRTXHR LOVV¶pWDLHQWSURGXLWV'DQVOHFDVG¶$VVLD'MHEDU ODSRVWXUHGHUHWRXUGRQQHG¶DXWDQWSOXVOLHXjGHV GpFRXYHUWHV TXH O¶HQTXrWH VH IDLW JpQpDORJLTXH HWDXGHOjGpSDVVHO¶KLVWRLUHGHO¶DXWRELRJUDSKH HWGHVDIDPLOOHSRXUHPEUDVVHUjO¶LVVXHG¶XQH UHFKHUFKH TXL HQJDJH GHV PpWKRGHV SURSUHPHQW KLVWRULRJUDSKLTXHV O¶KLVWRLUH GH O¶$OJpULH HW GH VDFRQTXrWH&HSHQGDQWO¶DWWHQWLRQUpWURVSHFWLYH GpOLEpUpHQHSRUWHUDVHVIUXLWVTXHVLJUkFHDXSUR FHVVXVG¶pFULWXUHOXLPrPHTXHOTXHFKRVHUHYLHQW GHVRLPrPHHWIUDQFKLWPDOJUpOHVRLOHVHXLOGH ODFRQVFLHQFH/H©UHYHQLUjªHVWDXVVLXQ©ODLV VHUUHYHQLUª 48(/48(6$//(55(7285$8&¯85'(/¶¯895( $872%,2*5$3+,48('¶$66,$'-(%$5 0DUWLQH/HLERYLFL
5HWRXUGXEHUEqUHHWUHWRXUDXIUDQoDLV OHVIHPPHVHWOHVODQJXHV $SUqVDYRLUYpFXj7XQLVSXLVj5DEDW$VVLD 'MHEDUUHQWUHHQ$OJpULHGqV HWV¶HQFKDQWH GHGpDPEXOHUOLEUHPHQWGDQV$OJHU©YLOOHDORUVj ODIRLVFRVPRSROLWHHWGHGpVRUGUHMR\HX[ª7UqV YLWHHOOHUHVVHQWFHSHQGDQWXQGpFDODJH &¶pWDLWPDYLOOH $OJHU HWMHPHUHWURXYDLV HQ GHKRUV SDUFH TXH MH QH SDUODLV SDV VD ODQJXH $SUqVO¶LQGpSHQGDQFHLO\DYDLW SOXVDUDEHTXHQRXVQRXVTXLQHSDUOLRQVSDV O¶DUDEH ¬ SDUWLU GH Oj MH QH VDYDLV SOXV R M¶pWDLVHQFRUHDUDEH-HSDUODLVIUDQoDLVHWMH VDYDLVTXHMHQ¶pWDLVSDVIUDQoDLVH 6L O¶DUDEH GLDOHFWDO HVW pYLGHPPHQW VD ODQ JXH PDWHUQHOOH FHOOH TXH 'MHEDU SUDWLTXH GDQV VDIDPLOOHHOOHV¶HVWKDELWXpHjSDUOHUHQIUDQoDLV DYHFVHVDPLVHWVHVFROOqJXHVVDQVTXHOHQRP GHFHWWHODQJXHGpVLJQHVRQDSSDUWHQDQFH&¶HVW DX QRP G¶DUDEH TX¶HOOH V¶LGHQWL¿H HOOH VH VDLW VROLGDLUHGHFHX[TXLVHVRQWEDWWXVSRXUTX¶LOVRLW VLJQHGHOLEHUWpPDLVHOOHQHSDUOHSOXVVSRQWDQp PHQWODODQJXHDYHFODTXHOOHLOVFRPPXQLTXHQW &H GLOHPPH HVW G¶DXWDQW SOXV IRUW TX¶DSUqV OHV FHQWWUHQWHDQQpHVGHFRORQLVDWLRQTXLRQWH[SXOVp O¶DUDEHOLWWpUDLUHGHVpFROHVODSROLWLTXHRI¿FLHOOH WHQG j XQ © PRQROLQJXLVPH SVHXGRLGHQWLWDLUH XQHVHXOHODQJXHUHYHQGLTXpHFRPPHXQHDUPXUH XQHFDUDSDFHXQPXUªÇWUHDUDEHFHVHUDLWGpVRU PDLVSDUOHUpFULUHHQDUDEHVHXOHPHQW/¶XQLWpGH ODQDWLRQV¶LQFDUQHGDQVXQHXQLWpOLQJXLVWLTXHOH IUDQoDLVQ¶pWDQWFRQVLGpUpTXHFRPPHODODQJXH GHV H[FRORQLVDWHXUV 3RXU FRPEOHU OD FRXSXUH SURYRTXpHSDUODFRORQLVDWLRQOHUpJLPHLQVSLUp $ 'MHEDU (QWUHWLHQ DYHF 6DPLUDK GDQV )HPPHV HQ PRXYHPHQW Q QRYHPEUH FLWpSDU*LXOLYD0LOR/HFWXUHHWSUDWLTXHGH G¶DSUqV'RPLQLTXH&RPEHSDUO¶LGpRORJLHMDFR ELQH SDQDUDEH GX EDDVLVPH PR\HQRULHQWDO IDLW YHQLU GHV SURIHVVHXUV pJ\SWLHQV RX V\ULHQV FH TXLWHQGjLPSRVHUGHIRUFHXQDUDEHVWDQGDUG &RPPH OD SOXSDUW GHV pFULYDLQV GH OD QRXYHOOH $OJpULH 'MHEDU QH SHXW pFKDSSHU j OD TXHVWLRQ GHVDYRLUVLHOOHGRLWpFULUHHQDUDEH0DLVjTXHO DUDEH UHYHQLU" /¶pSRTXH HVW DX YHUEH © WRQL WUXDQWªjOD©ORJRUUKpHGHODSURVHSROLWLTXHª GpIHUODQWGHVUDGLRVHWGHVWpOpYLVLRQV©HQDUDEH FODVVLTXH DXWDQW GLUH HQ ODQJDJH SpGDQW ª TXL FRQWDPLQHOH©IUDQoDLVSXEOLFªOXLDXVVL©UDLGH HQJRQFpª&HWDUDEHV¶HVWpORLJQpGXGLDOHFWDOLO HVWGHYHQX©XQHODQJXHTXLSUHQDLWODSRVH-¶DL UHVVHQWLFHWDUDEHpFULW'MHEDUYHUVOHTXHOHQWDQW TXHURPDQFLqUHM¶DXUDLVELHQYRXOXDOOHUFRPPH XQHODQJXHTXLHQVHGUDSDQWSHUGDLWVRQR[\ JqQHVDFKDLUVRQU\WKPHSURIRQGª (Q DSUqV OD SXEOLFDWLRQ G¶$ORXHWWHV QDwYHV 'MHEDU FHVVH G¶pFULUH HW FH © VLOHQFH GH O¶pFULWXUHªGXUHUDGL[DQV3DUPLOHVUDLVRQVGHFH VLOHQFHLO\DOHUHIXVG¶XQHOLWWpUDWXUHGH©WURP SHWWH HWGH WDPERXUªPDLVDXVVLOHIDLWTX¶HOOH QHSHXWpFULUHTX¶HQIUDQoDLV(OOHUHYLHQWDORUVHQ )UDQFHOHSD\VGHODODQJXHGHVRQpFULWXUHSRXU OHPRPHQWLPSRVVLEOHPDLVRHOOHHVWFHWWHIRLV SRXUOHVDXWUHVO¶©$UDEHª¬FKDTXHIRLVTXH 'MHEDU V¶HQ pORLJQHUD O¶$OJpULH VHUD © SpUHQQL VpHLQWpULHXUHPHQWªFRPPHV¶LOOXLpWDLWLPSRV VLEOHQHSDVpFULUHVXUHOOH0DLVjFHPRPHQW LOOXLHVWVXUWRXWLPSRVVLEOHG¶pFULUHFDUHOOHQH SHXWOHIDLUHQLHQDUDEHOLWWpUDLUHQLHQIUDQoDLV ©3RXUWDQWM¶DYDLVEHVRLQGpFODUHWHOOHGHP¶H[ 'RPLQLTXH&RPEH©/DFKDPEUHG¶pFKRVª LQ/LWWpUDWXUHHWWUDQVPLVVLRQ&ROORTXHGH&HULV\ :$VKKROW0&DOOH*UEHUHW'&RPEH HG 3DULV3UHVVHVGHOD6RUERQQH1RXYHOOHS;
SULPHUGDQVXQHODQJXHTXLUHQYR\DLWjODODQJXH GHPDPqUHª 8QHSUHPLqUHLVVXHjFHWWHLPSDVVHVHUDXQ QRXYHDXUHWRXUHQ$OJpULHHQ DYHFXQSURMHW GH FLQpPD PL¿FWLRQ PLGRFXPHQWDLUH DFFHSWp SDUODWpOpYLVLRQDOJpULHQQHHWTXLFRPSRUWDLWXQ LPSRUWDQWWUDYDLOSUpSDUDWRLUHG¶pFRXWHGHVDLVLH GXVRQGHOD©ODQJXHEUXWHª/¶KpURwQHGX¿OP HVW/LODOLEpUpHGHSULVRQDSUqVOD¿QGHODJXHUUH GHUHWRXUHOOHPrPHGDQVVDUpJLRQG¶HQIDQFHOD PRQWDJQHGX&KHQRXDjODUHFKHUFKHGHWpPRL JQDJHVVXUODGLVSDULWLRQGHVRQIUqUHSHQGDQWOD JXHUUH HW DXGHOj VXU OD UpVLVWDQFH GHV IHPPHV 7KqPHG¶DXWDQWSOXVVHQVLEOHTXHO¶$OJpULHLQGp SHQGDQWHUHGHYHQDLW©XQHVRFLpWpGLYLVpHHQGHX[ DYHFXQHVpSDUDWLRQVH[XHOOHWUqVIRUWHªTXHOHV IHPPHVDYDLHQWSRXUWDQWIDLWUHFXOHUORUVGHOHXU SDUWLFLSDWLRQjODJXHUUHGHOLEpUDWLRQ&HUHWRXU GH'MHEDUHQ$OJpULHHVWPXOWLGLPHQVLRQQHO3OXV H[DFWHPHQWFHQ¶HVWSDVHQ$OJpULHTX¶HOOHUHYLHQW JUkFH DX WRXUQDJH GH /D 1RXED GHV IHPPHV GX 0RQW&KHQRXDPDLVGDQVODUpJLRQG¶RULJLQHGH OD IDPLOOH GH VD PqUH (QVXLWH HQ pFRXWDQW OHV IHPPHVGHVDUpJLRQ'MHEDUUHWURXYHO¶©DUDEHGHV IHPPHVªFRPPH©ODQJXH>«@jXVDJHSDUDO OqOHOHSOXVVRXYHQWRFFXOWHSDUUDSSRUWjO¶DUDEH RUGLQDLUH FHOXL GH OD FRPPXQDXWp ª $XGHOj FHWWHUHSULVHGHFRQWDFWOLQJXLVWLTXHHVWSRXUHOOH XQUHVVRXUFHPHQWGDQVOHPRQGHGHVIHPPHVOXL PrPH ©-HUpWDEOLVpFULWHOOHODFRXWXUHDYHFOHV IHPPHV GH PRQ HQIDQFH ª &HWWH pFRXWH HQ¿Q SURGXLUD © XQH LPPHUVLRQ WRWDOH HQ JpQpDORJLH IpPLQLQHª3OXVWDUGGDQV9DVWHHVWODSULVRQ ,ELGS ,ELG $'MHEDU9DVWHHVWODSULVRQ3DULV/H/LYUH 'MHEDUFRQVWUXLUDODWURLVLqPHSDUWLHGHVRQOLYUH HQDOWHUQDQWOHUpFLWGHTXHOTXHVPRPHQWVGXWRXU QDJHGX¿OPDYHFGHVFKDSLWUHVGDQVOHVTXHOVHOOH UHFRQVWLWXHO¶KLVWRLUHGHVDPqUHHWGHVDJUDQG PqUH(OOHOHIDLWHQLPDJLQDQWFRPPHQWGHO¶LQ WpULHXU GH VLWXDWLRQV GRXEOHPHQW FRQWUDLQWHV SDU ODFRORQLVDWLRQFRPPHSDUOHVWDWXWGHVIHPPHV VDPqUHHWVDJUDQGPqUHRQWSXSUHQGUHGHVLQL WLDWLYHVDPRUFHUGHVJHVWHVGHVRUWLHGHO¶HQIHU PHPHQWPDLVDXVVLFRPPHQWOHPDOKHXUGHVRQ DUULqUHJUDQGPqUHDSXVLOHQFLHXVHPHQWVXVFLWHU ODUpYROWHGHVDJUDQGPqUH ©MHXQHpSRXVpHªHQ ©GRQQpHHQPDULDJHjTXDWRU]HDQVSDU VRQSqUH±TXDUDQWHDQVFHOXLFLJXqUHSOXV±jXQ YLHLOODUGO¶KRPPHOHSOXVULFKHGHODYLOOH GRQW HOOHGHYLHQWVDTXDWULqPHpSRXVHª)DWLPDWURXYD XQH LVVXH TXL FRQVLVWD O¶kJH YHQDQW j DVVXPHU G¶XQHPDQLqUHVpYqUHHW©WHUULEOHªDX[\HX[GH VDSHWLWH¿OOHOHSRXYRLUGHYHXYHSXLVG¶DwHXOH TXHOXLODLVVDLWODVWUXFWXUHSDWULDUFDOH 0DWURQH SDUPLOHVPDWURQHVD\DQWGURLWjODYRL[KDXWH OD©YRL[G¶DXWRULWpªPDLVDXVVL©FRUSVGDQVDQW GDQV OHV VpDQFHV GH WUDQVH ª HW WUDQVPHWWDQW OD PpPRLUHGHVDQFrWUHVPkOHVGHODWULEX 0DLVjpFRXWHUO¶DUDEHGHVIHPPHVGXPRQW &KHQRXDYRLOjTXHGDQVOHVPRPHQWVG¶pPRWLRQ GDQVOHVFKDQWVIXQpUDLUHVHQSDUWLFXOLHUXQHDXWUH ODQJXH UHYLHQW HQFRUH SOXV VRXWHUUDLQH OD ODQ JXHEHUEqUH9RL[SOXW{WTXHSDUROHVTXLUpVRQ QHQWFKDUQHOOHPHQWHQHOOHUpDFWLYDQWGHVWUDFHV HQIRXLHV GHSXLV O¶HQIDQFH (Q UHSUHQDQW FRQWDFW DYHF OH PRQGH GHV IHPPHV 'MHEDU UHGpFRXYUH XQH$OJpULHTXLQ¶HVWSDVPRQROLQJXHQLPrPH ELOLQJXH PDLV ELHQ SOXULOLQJXH OD GLJORVVLH GH O¶DUDEHHQWUHOHGLDOHFWDOHWOHOLWWpUDLUH©VHWURXYH GRXEOpH SDU >«@ XQH YpULWDEOH ¿VVXUH VHFUqWH 9DVWHHVWODSULVRQRSFLWS
FRUUHVSRQGDQWjODVpJUpJDWLRQVH[XHOOHGXTXRWL GLHQª0DLVFHW©DUDEHGHVIHPPHVªV¶pOqYHVXU IRQGGHOD©ODQJXHGHODPpPRLUHEHUEqUHLPPp PRULDOHODQJXHQRQFLYLOLVpHQRQPDvWULVpHUHGH YHQXHFDYDOHVDXYDJH«ª /DGHX[LqPHSDUWLH GH9DVWHHVWODSULVRQWRXUQHDXWRXUGHO¶LQVFULS WLRQHQGHX[pFULWXUHVGXPDXVROpHGH'RXJJD GRQWXQHVHXOHDpWpFRQVHUYpHDSUqVOHGpPDQWq OHPHQWGHO¶pGL¿FHHQSDUOHFRQVXOG¶$QJOH WHUUHj7XQLVSRXUOHYHQGUHDX%ULWLVK0XVHXP 6LODSUHPLqUHHVWUHFRQQXHFRPPHSXQLTXHRX FDUWKDJLQRLVHO¶DXWUHGLVSDUXHHVWUHVWpHXQP\V WqUHMXVTX¶jO¶K\SRWKqVHIRUPXOpHDX;,;HVLqFOH VHORQODTXHOOHLOVHVHUDLWDJLGHO¶DOSKDEHWOLE\TXH SHUGXJUkFHDXTXHORQpFULYDLWOHSDUOHUEHUEqUH $XWHUPHG¶XQHYHUWLJLQHXVHXWLOLVDWLRQGHVRXUFHV KLVWRULTXHVjSDUWLUGHVTXHOOHVHOOHHVVD\HG¶LPD JLQHUHWGHQRXVIDLUHLPDJLQHUFHTXHOHVGRFX PHQWVWDLVHQWHQSDUWLFXOLHUODUpVLVWDQFHGXEH\ $KPHGDXPRPHQWGHODFKXWHGH&RQVWDQWLQHHW VRQXWLOLVDWLRQGHO¶DOSKDEHWOLE\TXHFRPPHpFUL WXUHFU\SWpH'MHEDUWRXFKHjXQWHPSVTXLQHQRXV HVWSDUYHQXTXHSDUXQHOpJHQGHHWTXLVXVFLWHVRQ ©UrYHª FHOXLGH©ODUR\DOH7LQ+LQDQO¶DQFrWUH GHV7RXDUHJVQREOHVGX+RJJDUªTXL©DXWUHIRLV GDQVVDIXLWHHPSRUWDO¶DOSKDEHWDUFKDwTXHSXLV HQFRQ¿DOHVFDUDFWqUHVjVHVDPLHVMXVWHDYDQW GHPRXULUª3RXUFHOOHTXLVHSUpVHQWHFRPPH ©XQHIHPPHpFULYDLQLVVXHG¶XQSD\VO¶$OJpULH WXPXOWXHXVHHWHQFRUHGpFKLUpHªXQHWHOOHUrYH ULHLQGLTXHTXHOHVIHPPHVG¶$OJpULHQHVRQWSDV YRXpHV j OD VHXOH FRQVHUYDWLRQ GHV FKDQWV GHV GDQVHV HW GHV WUDQVHV PDLV TX¶HOOHV VRQW DXVVL FRQFHUQpHVSDUO¶pFULWXUHSDUOHSURMHWGHODLVVHU GHVWUDFHVG¶HOOHVPrPHV ,ELGS 0DLVFHWWHIHPPHpFULWHQIUDQoDLVOD©ODQ JXH GH O¶DQFLHQ FRORQLVDWHXU ª HW OH SDUDGR[H IXWTXHOHUHWRXUGXEHUEqUHO¶DLGDjDVVXPHUOH ©FKRL[Gp¿QLWLIG¶XQHpFULWXUHIUDQFRSKRQH>«@ ODVHXOHGHQpFHVVLWpª6LFRPPHSRXUWRXVOHV pFULYDLQVLVVXVGHVSD\VDQFLHQQHPHQWFRORQLVpV OHIUDQoDLVHVWG¶DERUGFHWWHODQJXH©PDUkWUHª RX© DGYHUVHªPDUTXpHjMDPDLVSDUOHVDQJ GHODFRORQLVDWLRQLOGHYLHQWFRQWUHWRXWHDWWHQWH XQHVSDFHGHOLEHUWpSDUUDSSRUWjODFRQWUDLQWHGH O¶DUDEHRI¿FLHOFDUpFULW'MHEDULO©Q¶H[FOXWSDV OHVDXWUHVODQJXHVPDWHUQHOOHVTXHMHSRUWHHQPRL VDQVOHVpFULUHª/HSDVVDJHSDUO¶pFRXWHGHFHV ODQJXHVSHUPHWWUDjO¶pFULYDLQG¶LQYHVWLUFHIUDQ oDLVPDUJLQDOLVpGXSRLQWGHYXHDOJpULHQGX©VRQ DUDEH±HWTXHOTXHIRLVEHUEqUHªGHVDPpPRLUH HQIDQWLQH&HFKRL[FHGpEORFDJHVHSURGXLVLW HQFRUHXQHIRLVGDQVO¶H[SDWULDWLRQHQ)UDQFHR HOOHVHUHQGjQRXYHDXHQ DORUVTXHODFUL WLTXHDOJpULHQQHYLOLSHQGHVRQ¿OPSRXUQ¶rWUHSDV VXI¿VDPPHQWFRQIRUPHDXUpDOLVPHVRFLDOLVWH/j HQFRUHTXDQGGDQVODGLVWDQFHSDUUDSSRUWjO¶$O JpULHPDLVDXVVLSDUUDSSRUWjODVRFLpWpIUDQoDLVH ODGpFLVLRQG¶pFULUHHVWSULVHF¶HVWSRXUYLVHU©DX F°XUPrPHGHO¶$OJpULHª$SUqVDYRLUSXEOLp OH UHFXHLO GH QRXYHOOHV )HPPHV G¶$OJHU GDQV OHXUDSSDUWHPHQW'MHEDUIRUPHDORUVOHSURMHWGH &HVYRL[TXLP¶DVVLqJHQWS /HVLWDOLTXHV VRQWGDQVOHWH[WH $'MHEDU©,GLRPHGHO¶H[LOHWODQJXHGHO¶LU UpGXFWLELOLWpª'LVFRXUVSURQRQFpOHRFWREUH j OD 3DXOVNLUFKH GH )UDQFIRUW ORUV GH OD UHPLVHGX3UL[GHODSDL[LQ6WXGLHQ]XU/LWHUDWXU XQG*HVFKLFKWHGHV0DJKUHEEDQGHG(UQVSH WHU5XKH.|QLJVKDXVHQ 1HXPDQQS ,ELGS ,ELG
TXDWUHOLYUHVOH4XDWXRUDOJpULHQGRQWOHSUHPLHU VHUD/¶DPRXUODIDQWDVLDTXLHVWXQH©GRXEOH DXWRELRJUDSKLHFHOOHGHPDSHUVRQQHHWFHOOHGH O¶$OJpULHHQYDKLHSDUOHVVROGDWVIUDQoDLVSXLVSDU OHVFRORQVSXLVSDUODODQJXHª 8QUHWRXUTXLQ¶DQQXOHMDPDLVOHGpSDUW 'MHEDU D\DQW MXVTXHOj WRXMRXUV pSURXYp GH IRUWHVUpWLFHQFHVjUHFRQQDvWUHODVRXUFHSDUWLHO OHPHQWDXWRELRJUDSKLTXHGHVHVSUHPLHUVURPDQV /¶$PRXU OD IDQWDVLD WpPRLJQH G¶XQH YpULWDEOH © WUDQVPXWDWLRQ ª ¬ XQ SUHPLHU QLYHDX pFULUH jODSUHPLqUHSHUVRQQHUHYHQLUVXUGHVpSLVRGHV QpFHVVDLUHPHQW VLQJXOLHUV F¶pWDLW Gp¿HU GLUHF WHPHQW OHV VLPSOL¿FDWLRQV LGpRORJLFRSROLWLTXHV GH OD OLWWpUDWXUH RI¿FLHOOH 0DLV FH -H DVVXPp SUHQDLWDXVVLVHQVSDUUDSSRUWDX[IHPPHVGRQW 'MHEDUV¶pWDLWUDSSURFKpHSHQGDQWOHWRXUQDJHGH /D1RXED0rPHVLHOOH\DYDLWYpFXXQHLPPHU VLRQGDQVXQHJpQpDORJLHIpPLQLQHLOQ¶\DSDV GH UHWRXU SRVVLEOH SRXU HOOH GDQV OH PRQGH GHV IHPPHV'MHEDUVDLWTXHOHXUVYRL[HWOHXUVFKDQWV RQWOLHXGDQVXQHVWUXFWXUHGHUHOpJDWLRQRVHXOHV XQHYRL[FROOHFWLYHRXXQHSDUROHVWpUpRW\SpHVRQW DXWRULVpHV (OOHV¶HVWGp¿QLWLYHPHQWVpSDUpHGH WRXWFHODHWHOOHQHVDXUDLWUHQRQFHUjODVLQJX ODULVDWLRQ j O¶H[SUHVVLRQ HQ SUHPLqUH SHUVRQQH jVHV\HX[SRWHQWLHOOHPHQWOLEpUDWULFHSRXUWRXWH IHPPH3RXUHOOHF¶HVWDX[IHPPHVTXHFRQYLHQW 6XLYURQW2PEUHVXOWDQH HW9DVWHHVWOD SULVRQ /HSURMHWGX4XDWXRUVHUDLQWHUURPSX SDUO¶XUJHQFHGHODPpPRLUHHWGXWpPRLJQDJHDSUqV O¶DVVDVVLQDWGHWURLVGHVHVDPLVLQWHOOHFWXHOVUHVWpV HQ$OJpULHTXLGRQQHUDOLHXjODSXEOLFDWLRQGH/H %ODQFGHO¶$OJpULHODPrPHDQQpH ©&RPPHQWGLUHMHSXLVTXHFHVHUDLWGpGDL JQHUOHVIRUPXOHVFRXYHUWXUHVTXLPDLQWLHQQHQWOH SDUWLFXOLqUHPHQWFHWWHFRQGLWLRQVLQHTXDQRQGH ODOLEHUWppQRQFpHSDU+DQQDK$UHQGWTXLFRUUHV SRQGDLWDX©VWDWXWG¶KRPPHOLEUHªGDQVODFLWp JUHFTXHJUkFHDXTXHOLOOXLpWDLWSHUPLV©GHVH GpSODFHU GH VRUWLU GH VRQ IR\HU G¶DOOHU GDQV OH PRQGHHWGHUHQFRQWUHUG¶DXWUHVJHQVHQDFWHVHW HQSDUROHVª(QO¶RFFXUUHQFHF¶HVWO¶pFROHIUDQ oDLVH HW VD ODQJXH TXL VXU O¶LPSXOVLRQ GH VRQ SqUHLQVWLWXWHXUjO¶pFROHIUDQoDLVHSRXUOHVSHWLWV $UDEHVIXUHQWSRXU'MHEDUODSUHPLqUH©SRUWH RXYHUWH YHUV OH GHKRUV YHUV OHV DXWUHV YHUV OH PRQGHHQWLHUª/¶$PRXUODIDQWDVLDFRPPHQFH DLQVL ©)LOOHWWHDUDEHDOODQWSRXUODSUHPLqUHIRLV jO¶pFROHXQPDWLQG¶DXWRPQHPDLQGDQVOD PDLQGDQVODPDLQGXSqUH&HOXLFLXQIH] VXUODWrWHODVLOKRXHWWHKDXWHHWGURLWHGDQV VRQFRVWXPHHXURSpHQSRUWHXQFDUWDEOHLOHVW LQVWLWXWHXUjO¶pFROHIUDQoDLVHª /H-HGHO¶pFULWXUHGH'MHEDUHVWFHOXLG¶XQH IHPPH TXL V¶DYDQFH GpVRUPDLV VHXOH FRPPH GHYUDLHQWSRXYRLUOHIDLUHWRXWHVOHVDXWUHVHWFHWWH DYDQFpHHVWLQVpSDUDEOHGHVOHWWUHVIUDQoDLVHV,O FRUUHVSRQGj©XQFRUSVGHIHPPHGHYHQXPRELOH HWSDUFHTX¶LOVHWURXYHHQWHUUHDUDEHHQWUpGqV ORUVHQGLVVLGHQFHª ,O QH V¶DJLW FHSHQGDQW SDV SRXU O¶pFULYDLQ UHFRQQX HW KRQRUp G¶DI¿UPHU XQH LQGLYLGXDOLWp TXL DXUDLW FRXSp WRXW OLHQ DYHF OH PRQGH G¶R HOOHYLHQWQLGHSUpWHQGUHDYRLUHXDFFqVjXQH DXWRQRPLHGp¿QLWLYHPHQWDEVWUDLWHGHVDVRXUFH HW HQFRUH PRLQV G¶DGKpUHU DX VWDWXW GH IHPPH G¶H[FHSWLRQ FRQIRUWDQW G¶DXWDQW SOXV OD UHOpJD WLRQ GHV DXWUHV © /¶pFULWXUH DXWRELRJUDSKLTXH GpFODUH'MHEDUHVWIRUFpPHQWXQHpFULWXUHUpWURV SHFWLYHRYRWUHMHQ¶HVWSDVWRXMRXUVOHMHRX
F¶HVWXQMHQRXVRXF¶HVWXQMHGpPXOWLSOLpª ,O HVW WUDYHUVp GH PXOWLSOHV YRL[ DX[TXHOOHV LO OLYUH SDVVDJH ¿JXUHV IDPLOLDOHV UHFRQVWLWXpHV TXDQG OD UpWURVSHFWLRQ DXWRELRJUDSKLTXH VH IDLW HQTXrWH JpQpDORJLTXH YRL[ GHV © V°XUV GLVSD UXHV ª KpURwQHV RXEOLpHV GH OD UpVLVWDQFH GHV $OJpULHQVjO¶HQYDKLVVHXUIUDQoDLVDX;,;HRXDX ;;HVLqFOHRXSOXVSURFKHVOHV©PRUWVG¶DX MRXUG¶KXLªDVVDVVLQpV©GDQVODWpQqEUHGHVOXWWHV IUDWULFLGHVª*UkFHjODFDSDFLWpGHO¶DXWHXUGH VHGpSODFHUKRUVGHVRLSDUO¶LPDJLQDWLRQLODUULYH TXH 'MHEDU OHXU IDVVH UDFRQWHU OHXU KLVWRLUH HQ SUHPLqUHSHUVRQQHUHSRXVVDQWDORUVOH-HGHO¶DX WRELRJUDSKHDXVHFRQGSODQ/¶LQWHUURJDWLRQSHU VRQQHOOHTXLDYDLWGRQQpO¶LPSXOVLRQj/¶DPRXU ODIDQWDVLDRULHQWH'MHEDUYHUVVDSURSUHHQIDQFH FRPPH GDQV WRXWH DXWRELRJUDSKLH 0DLV HOOH HVWQpHGDQVO¶$OJpULHFRORQLVpHDXVVLOHFDUDF WqUHH[FHSWLRQQHOGHVDWUDMHFWRLUHQHSHXWLOSDV SUHQGUHVHQVXQLTXHPHQWjSDUWLUGHVRQKLVWRLUH LQGLYLGXHOOH HOOH GRLW SRXVVHU O¶DQDPQqVH SOXV ORLQTXHVDSURSUHSHUVRQQHQRQVHXOHPHQWYHUV VDJpQpDORJLHIDPLOLDOHPDLVDXVVLYHUVO¶+LVWRLUH YHUVO¶DYDQWPpPRLUH &HTXLPDOJUpVRLUHYLHQW 'MHEDU FRQQDvW ELHQ OHV SLqJHV TXL JXHWWHQW WRXWHDXWRELRJUDSKLH ODQpFHVVLWpGHFRQVWUXLUHXQ WH[WHOLVLEOHVRQFDUDFWqUHGHVXFFHVVLRQOLQpDLUH SRXUUDLW GRQQHU OLHX j OD PLVH HQ SODFH G¶© XQ GpURXOpFKURQRORJLTXHRUGRQQpDSUqVFRXSªTXL GRQQHjODYLHXQHDSSDUHQFHGHFRQWLQXLWpHWGH FRKpUHQFH/jVHORJHFHTXH%RXUGLHXDSSHOOHUDLW ©O¶LOOXVLRQELRJUDSKLTXHªUHQIRUoDQWFHOOHG¶XQ PRLVRXYHUDLQVHFUR\DQWWRXVOHVSRXYRLUV'MHEDU pFKDSSHjFHWWHLOOXVLRQGHPDvWULVHFDUHOOHQH FHVVHGHUHVWLWXHUXQHVpULHGH©PDOJUpVRLªTXL YLHQQHQWGpMRXHUODPpJDORPDQLHGXPRL /D TXrWH DXWRELRJUDSKLTXH FRPPHQFH SDU XQHGpFLVLRQGHUHYHQLUjWHOPRPHQWGHVDYLH SRXU HQ UpDFWLYHU OHV WUDFHV HOOH HVW H[SOLFLWH PHQW DQLPpH SDU XQ GpVLU GH FRPSUHQGUH GH V¶H[SOLTXHUjVRLPrPHFHTXLQHOHIXWSDVVXU OHPRPHQW,FLLOQHV¶DJLWFHSHQGDQWSDVGHGLUH PDLVG¶pFULUH3RXU'MHEDUVHPHWWUHjpFULUHHVW XQH©SRXVVpHHQDYDQWªXQpODQGXFRUSVYHUV XQKRUL]RQTXLQHFHVVHGHV¶pORLJQHUjPHVXUH TX¶RQ O¶DSSURFKH ± HW TXL SRXU XQH IHPPH FRUUHVSRQG QRXV O¶DYRQV YX j XQ pODQ OLEpUD WHXU &HWWH SRXVVpH HQ DYDQW Q¶HVW SDV RULHQWpH SDUODUHSUpVHQWDWLRQG¶XQEXWTXLXQHIRLV¿[p GHPDQGHUDLW VHXOHPHQW j O¶pFULYDLQ GH GLVSR VHU OHV PR\HQV SRXU O¶DWWHLQGUH /D SRXVVpH HQ DYDQWHVWFHOOHGHO¶pFULWXUHPDLVOHPRXYHPHQW GXSV\FKLVPHYDYHUVO¶DUULqUHHWGDQVFHUHFXO LO ODLVVH VH SURGXLUH GH O¶LQDWWHQGX FRPPH VL OH SURFHVVXV G¶pFULWXUH GpFOHQFKDLW O¶DQDPQqVH MXVTX¶jSHUPHWWUHGH©UHYLYUHSDUpFODLUVªGHV PRPHQWV DXWUHIRLV YpFXV $QDPQqVH LQWHUPL QDEOH G¶DLOOHXUV SXLVTXH G¶XQ OLYUH j O¶DXWUH LO DUULYH TXH OH SURFHVVXV G¶pFULWXUH IDVVH UHYLYUH DXWUHPHQWOHPrPHpYpQHPHQWTXLVHUDGqVORUV LQWHUSUpWpGLIIpUHPPHQW,OQHV¶DJLWSDVG¶pFUL /HSRLQWFXOPLQDQWGH1XOOHSDUWGDQVODPDLVRQ GHPRQSqUHHVW©FHPDWLQG¶RFWREUH ª S RODQDUUDWULFHVHMHWWHVRXVXQWUDPZD\&HWpSLVRGH LQWHUYHQDLWGpMjGDQV/¶DPRXUODIDQWDVLDPDLV'MH EDUQHO¶LQWHUSUpWDLWSDVFRPPHXQHLPSXOVLRQVXLFL GDLUH/D©TXHUHOOHEDQDOHG¶DPRXUHX[ªTXLO¶DYDLW PRWLYpHVHXOHPHQWpYRTXpHGDQV/¶DPRXUODIDQ WDVLD S HVWORQJXHPHQWDQDO\VpHGDQV1XOOH SDUWGDQVODPDLVRQGHPRQSqUH/HSHUVRQQDJHGH 0RXQLUDTXLDYDLWVXVFLWpXQHMDORXVLHGLVSURSRU WLRQQpHGHODQDUUDWULFHpWDLWDEVHQWGH/¶DPRXUOD IDQWDVLD/HVHQVGHO¶DFWHHVWDXVVLUDSSRUWpjXQH
WXUH DXWRPDWLTXH 'MHEDU LQYHQWH YpULWDEOHPHQW XQH © IRUPH HW XQH VWUXFWXUH QDUUDWLYH ª TXL WRXWHQpWDQWPLQXWLHXVHPHQWFRQVWUXLWHVODLVVHQW WRXMRXUVHQWUHYRLUOHIRQFWLRQQHPHQWLQWHUPLWWHQW GHODPpPRLUHHQIDLWXQpOpPHQWGXWH[WHOXL PrPHpYLWDQWDLQVLTX¶LOVHSUpVHQWHFRPPHXQ GpURXOpFKURQRORJLTXHVDQVDFFURFV /HPRXYHPHQWG¶DXWRFRPSUpKHQVLRQIDLWHQ PrPH WHPSV UHYHQLU OHV SURWDJRQLVWHV DX[TXHOV ODQDUUDWULFHDHXDXWUHIRLVDIIDLUH3RXUOHIDLUH HQWHQGUH 'MHEDU GpWRXUQH TXHOTXH SHX XQ SDV VDJHGH%HFNHWW ©&HWWHYRL[TXLSDUOH>«@(OOH VRUWGHPRL>«@HOOHQ¶HVWSDVODPLHQQHMHQH SHX[SDVO¶DUUrWHUMHQHSHX[SDVO¶HPSrFKHUGH >«@P¶DVVLpJHU(OOHQ¶HVWSDVODPLHQQH>«@PDLV HOOH QHSHXWrWUHTXHODPLHQQHSXLVTX¶LOQ¶\D TXHPRLª(QXQVHQVOHVDXWUHVVRQWVXSSULPpV DXPRPHQWRO¶RQWRXUQHYHUVVRLPDLVHQXQ DXWUHVHQVFH©YLGHªUHODWLRQQHOGDQVOHTXHORQ VHSODFHHVWOHVLWHRYLHQQHQWUpVRQQHU©G¶DXWUHV YRL[IDPLOLqUHVRXLQFRQQXHVª±DXSOXULHOFHWWH IRLV (OOHV UpVRQQHQW HQ VRL SRXU TXH OH VRL OHV SRUWHKRUVGHVRL/HVRLG¶XQXQHVHXOHTXLV¶HVW DYHQWXUpHGDQVO¶pFULWXUHGHVRLHVWOHSULVPHSDU RHOOHVSHXYHQWUHVVXVFLWHUVRXVIRUPHGHSHUVRQ QDJHV/DPqUHOHSqUHOHVJUDQGPqUHVELHQVU PDLVDXVVLSDUH[HPSOH)DULGDXQHMHXQH¿OOH SOXV kJpH FRQGLVFLSOH GH OD QDUUDWULFH DX O\FpH G¶$OJHU)LOOHG¶XQRI¿FLHUPXVXOPDQGHO¶DUPpH IUDQoDLVHHOOHpWDLWGHPLSHQVLRQQDLUHHWDUULYDLW UHFRXYHUWHFRPPHOHVSD\VDQQHVKLYHUFRPPH pWpG¶XQKDwNFHORXUGYRLOHGHODLQHTX¶HOOHSOLDLW GHKRUVGHO¶pFROHHWGHODODQJXHIUDQoDLVHPDLVTXL ©YLFWLPHGHVRQLJQRUDQFHULJRULVWHHWGHVSUpMXJpV GHVRQJURXSHª S pPHWDXVVLGHVGLNWDWVVXU OHVDPRXUVGpEXWDQWHVGHVD¿OOH ©,GLRPHGHO¶H[LOªRSFLWS VRLJQHXVHPHQWGDQVXQORFDOTXHOXLUpVHUYDLWOD FRQFLHUJHDYDQWGHSpQpWUHUGDQVODFRXUGXO\FpH /¶pFULWXUH UHGRQQDQW YLH j )DULGD OD QDUUDWULFH SHXW V¶pFULHU © PDLQWHQDQW MH FRPSUHQGV MH OD FRPSUHQGV ª )DULGD j O¶pSRTXH VXVFLWDLW VD FRPSDVVLRQSDUFRPSDUDLVRQDYHFODSOXVJUDQGH ODWLWXGHTXHOHXUVSqUHVSRXUWDQWWUDGLWLRQDOLVWHV ODLVVDLHQWjFHUWDLQHVMHXQHV¿OOHVPXVXOPDQHVGX O\FpHRHOOHVSRXYDLHQWVHUHQGUHYrWXHVjO¶HXUR SpHQQH$XMRXUG¶KXLFHSHQGDQW'MHEDUFRPSUHQG PLHX[TX¶DORUVODMRLHPDQLIHVWpHSDUOHYLVDJHGH )DULGDORUVTX¶HOOHHQWUDLWHQVDOOHGHFRXUV ©HOOH DOODLWDSSUHQGUHpFRXWHUUpÀpFKLUVHQWLUO¶pPX ODWLRQDXWRXUG¶HOOH(OOHVHUHWURXYDLWDYHFWRXWHV OHVDXWUHVDXSRLQWG¶RXEOLHUOHSUpDPEXOH OHSqUH jO¶DXEHLQVSHFWDQWHWÀDLUDQWSUHVTXHVHVKDELWV ODWRPEpHGHVRQYRLOHªOHVLQVSHFWDQWDXVVLj VRQUHWRXUOHVRLU&¶HVWOHPRXYHPHQWGHODQDU UDWLRQ TXL IDLW UHYHQLU )DULGD TXL OD UpLPDJLQH HWODUHVWLWXHHQWDQWTXHSHUVRQQDJHFDXVDQWOD GLYLQHVXUSULVHTXHFRQQDvWWRXWDXWHXUGHQDUUD WLRQ©O¶LQVWDQWPLUDFXOHX[>«@R>«@JUkFHj XQGpWDLODXPRPHQWOHSOXVLQDWWHQGXOHSHUVRQ QDJH>«@YRXVpFKDSSHJOLVVHHQWUHYRVGRLJWVª WUDQVIRUPDQWO¶DXWHXUHQ©VXLYHXUªG¶XQHRPEUH TXLHVWVRLHWSDVVRLjODIRLV(Q¿QGHFRPSWHFH Q¶HVWSDVVHXOHPHQWO¶DXWUHTXLUHYLHQWVRXVIRUPH GH©KpURVGHSDSLHUªF¶HVWOD¿OOHWWHODMHXQH ¿OOHTXHMHQHVXLVSOXVHWTXLUHYLWHOOHDXVVLGDQV OHWH[WHDXWRELRJUDSKLTXHFRPPHXQH©FUpDWXUH GHPRWVª6XUFHWWH©VFqQHGHWKpkWUHRWRXW VHUHMRXHPDLVSRXUWRLVHXOHªpFULW'MHEDUHOOH GHYLHQWDXVVLODVSHFWDWULFHGHO¶HQIDQWTX¶HOOHIXW 'pFDODJHFRQVWLWXWLIGHWRXWHGpPDUFKHDXWRELR JUDSKLTXHHQWUHO¶DXWHXUOHMHTXLUDFRQWHO¶KLV WRLUHHWOHSHUVRQQDJHWLUpGHPRLGRQWO¶KLVWRLUH HVWUDFRQWpH
1XOOHSDUWGDQVODPDLVRQGHPRQSqUHHVW O¶XQ GHV OLYUHV OHV SOXV UpFHQWV G¶$VVLD 'MHEDU TX¶HOOH D pFULW SHX DSUqV OD PRUW GH VRQ SqUH 'HSXLV/¶$PRXUODIDQWDVLDDSUqVOHVWUDJpGLHV GHV DQQpHV 'MHEDU DIIURQWH © OD IDODLVH GX QRQUHWRXU ª 0DLV O¶$OJpULH HVW WRXMRXUV FH TX¶HOOHYLVHDXF°XUHWSRXUHOOHGp¿QLWLYHPHQW pWUDQJqUHO¶pFULWXUHHQODQJXHIUDQoDLVHHVWOHVHXO WHUULWRLUHjSDUWLUGXTXHO\UHYHQLU