Fichier PDF

±”؏‡ Ƭ Šƒ”Ž‘––‡
ƒ…Š‡Ž‘” ‘ˆ …‹‡…‡• Ǧ Ȃ ‘‹• ‹ˆ‹”‹‡”•
‘Ž±‡ ƒ—–‘‡ ͚͘͘͠




„•–ƒ…Ž‡•  Žƒ ’•›…Š‘±†—…ƒ–‹‘
ˆƒ‹Ž‹ƒŽ‡ ǣ —‡ ”‡˜—‡ †‡ Ž‹––±”ƒ–—”‡


—‡Ž• •‘– Ž‡• ‘„•–ƒ…Ž‡•  Žƒ ’•›…Š‘±†—…ƒ–‹‘ ˆƒ‹Ž‹ƒŽ‡ †ƒ• Ž‡•
–”‘—„Ž‡• ’•›…Š‘–‹“—‡• ‡– …‘‡– Ž‡• •‘‹• ‹ˆ‹”‹‡”• ’‡—˜‡–Ǧ
‹Ž• …‘–”‹„—‡”  ”±†—‹”‡ …‡• ‘„•–ƒ…Ž‡• ǫ





”ƒ˜ƒ‹Ž †‡ ƒ…Š‡Ž‘” ’”±•‡–±  ƒ ƒ—–‡ …‘Ž‡ †‡ Žƒ ƒ–± ƒ ‘—”…‡


ȁ ͚͙͙͘




‘—• Žƒ †‹”‡…–‹‘ †‡ ±”؏‡





5pVXPp


&RQWH[WH

/¶HIILFDFLWp GH OD SV\FKRpGXFDWLRQ IDPLOLDOH FRPPH VWUDWpJLH WKpUDSHXWLTXH GH OD VFKL]RSKUpQLH D IDLW O¶REMHW GH
QRPEUHXVHV UHFKHUFKHV HW SXEOLFDWLRQV VFLHQWLILTXHV HW OD SOXSDUW GHV JURXSHV G¶H[SHUWV GH QRPEUHX[ SD\V
SUpFRQLVHQW OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH GDQV OD SULVH HQ FKDUJH JOREDOH GH OD
VFKL]RSKUpQLH 0DOJUp FH FRQVHQVXV SHX GH IDPLOOHV HQ EpQpILFLHQW DXMRXUG¶KXL

%XWV

/H EXW GH FHWWH UHYXH GH OLWWpUDWXUH HVW GRQF G¶H[SORUHU OHV GLIIpUHQWV REVWDFOHV j OD PLVH HQ °XYUH GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH ,O V¶DJLW DXVVL G¶LGHQWLILHU GHV SLVWHV GH UpIOH[LRQV DXWRXU GHV IDFWHXUV OLPLWDQW HW
IDYRULVDQW VRQ XWLOLVDWLRQ DX VHLQ GH OD SURIHVVLRQ LQILUPLqUH

5pVXOWDWV

/HV SULQFLSDX[ UpVXOWDWV GH QRWUH UHYXH GH OLWWpUDWXUH PHWWHQW HQ pYLGHQFH XQ ODUJH FRQVHQVXV DXWRXU GH OD
SHUPDQHQFH GH VL[ FDWpJRULHV G¶REVWDFOHV TXL FRQFHUQHQW OHV SHUVRQQHV OHV LQVWLWXWLRQV HW OH SROLWLTXH ,O V¶DJLW GH
IDFWHXUV RUJDQLVDWLRQQHOV pFRQRPLTXHV HW pPRWLRQQHOV DLQVL TXH GH IDFWHXUV OLpV j OD IRUPDWLRQ j OD
FRPPXQLFDWLRQ HW DX[ YDOHXUV 1RWUH UHYXH GH OLWWpUDWXUH PRQWUH TXH OHV VWUDWpJLHV GH PLVH HQ °XYUH GH
SURJUDPPHV GH SV\FKRpGXFDWLRQ IDPLOLDOH GHYUDLHQW G¶DYDQWDJH LQWpJUHU OHV SURIHVVLRQQHOV HW EpQpILFLDLUHV
GXUDQW WRXW OH SURFHVVXV 'H SOXV VL OD IRUPDWLRQ GHV SURIHVVLRQQHOV UHVWH XQH UHFRPPDQGDWLRQ SUpGRPLQDQWH
QRXV DYRQV LGHQWLILp TXH PRELOLVHU OHV UHVVRXUFHV GX UpVHDX GH VRLQV HW OHV FRPSpWHQFHV GRQW IRQW GpMj SUHXYH
OHV LQILUPLHUV FRQWULEXDLHQW GH PDQLqUH LPSRUWDQWH j O¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH



0RWV FOpV 3V\FKRpGXFDWLRQ IDPLOOH VFKL]RSKUpQLH REVWDFOHV









/D UpGDFWLRQ HW OHV FRQFOXVLRQV GH FH WUDYDLO Q¶HQJDJHQW TXH OD UHVSRQVDELOLWp GH VHV DXWHXUV HW HQ DXFXQ FDV
FHOOH GH OD +DXWH pFROH GH OD VDQWp /D 6RXUFH





3DU VRXFL GH OLVLELOLWp OD IRUPXOH PDVFXOLQH HVW XWLOLVpH PDLV VH OLW pJDOHPHQW DX IpPLQLQ







7DEOH GHV PDWLqUHV

,QWURGXFWLRQ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯ
3UREOpPDWLTXH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯ
2ULJLQH HW pYROXWLRQ GX TXHVWLRQQHPHQW ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯ
3V\FKRpGXFDWLRQ IDPLOLDOH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϰ
,QWpUrW SRXU OD GLVFLSOLQH LQILUPLqUH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϲ
0pWKRGH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ
%DVHV GH GRQQpHV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϴ
3pULRGLTXHV RXYUDJHV HW UHVVRXUFHV XWLOLVpV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ
5pVXOWDWV GH OD UHFKHUFKH GRFXPHQWDLUH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϵ
&ULWqUHV G¶LQFOXVLRQ GHV DUWLFOHV UHWHQXV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϬ
/LVWH GHV DUWLFOHV VpOHFWLRQQpV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϭ
$QDO\VH FULWLTXH GHV DUWLFOHV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϮ
&RPSDUDLVRQ GHV UpVXOWDWV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϳ
7DEOHDX DUWLFOHV PHWWDQW HQ pYLGHQFH OHV REVWDFOHV DX[ QLYHDX[ LQVWLWXWLRQQHO HW RUJDQLVDWLRQQHO͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϳ
7DEOHDX DUWLFOHV GH UHFKHUFKH FHQWUpV VXU OH SRLQW GH YXH GHV VRLJQDQWV HW RX GHV IDPLOOHV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϭϵ
7DEOHDX DUWLFOHV UHQGDQW FRPSWH GH O¶LPSODQWDWLRQ GH VHUYLFHV GH SV\FKRpGXFDWLRQ IDPLOLDOH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϭ
7DEOHDX[ HW REVWDFOHV j OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϮϮ
'LVFXVVLRQ ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϯ
/LPLWHV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϱ
3HUVSHFWLYHV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϱ
,PSOLFDWLRQV SRXU OD UHFKHUFKH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϱ
,PSOLFDWLRQV SRXU OHV VRLQV LQILUPLHUV͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϲ
&RQFOXVLRQV ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϳ
%LEOLRJUDSKLH͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ Ϯϴ
$QQH[H *ULOOH GH OHFWXUH ² 0RGqOH ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϭ
$QQH[H $UWLFOHV DQDO\VpV &' 5RP ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ ϯϯ









,QWURGXFWLRQ


,QWpUHVVpV SDU OHV TXHVWLRQV UHODWLYHV DX[ GLPHQVLRQV SV\FKR VRFLDOHV TXL FDUDFWpULVHQW OD SHUVRQQH HW TXL
FRQVWLWXHQW GHV IDFWHXUV LPSRUWDQWV GDQV VRQ H[SpULHQFH GH VDQWp QRXV DYRQV LGHQWLILp XQH SUpRFFXSDWLRQ
FRPPXQH TX¶LO QRXV SDUDLVVDLW SHUWLQHQWH G¶H[SORUHU G¶DYDQWDJH GDQV OH FDGUH GH QRWUH WUDYDLO GH %DFKHORU HQ
VRLQV LQILUPLHUV ,VVX GH QRV H[SpULHQFHV GH VWDJHV SXLV FRQIURQWp j OD UHFKHUFKH QRWUH TXHVWLRQQHPHQW V¶HVW
GpYHORSSp DXWRXU GH OD SUREOpPDWLTXH GHV REVWDFOHV j OD SV\FKRpGXFDWLRQ GDQV OHV VRLQV LQILUPLHUV DX[ SDWLHQWV
VRXIIUDQW GH WURXEOHV SV\FKRWLTXHV DLQVL TX¶j OHXUV SURFKHV 1RXV SURSRVRQV GRQF LFL XQH UHYXH GH OLWWpUDWXUH
YLVDQW j PHWWUH HQ H[HUJXH FHV REVWDFOHV HW GHV SLVWHV SRXU OHV VXUPRQWHU

'DQV XQ SUHPLHU WHPSV QRXV SUpVHQWRQV OHV IRQGHPHQWV GH QRWUH TXHVWLRQQHPHQW VRQ RULJLQH HW VRQ pYROXWLRQ
YHUV XQH TXHVWLRQ GH UHFKHUFKH VSpFLILTXH /H FDGUH FRQFHSWXHO j QRWUH SUREOpPDWLTXH IDLW HQVXLWH O¶REMHW G¶XQ
GpYHORSSHPHQW PHWWDQW HQ pYLGHQFH FRPPHQW FHOOH FL LQWpUHVVH OD GLVFLSOLQH LQILUPLqUH HW IDLW pFKR j FHUWDLQV
HQMHX[ DFWXHOV GH OD VDQWp PHQWDOH HQ 6XLVVH HW GDQV OD SOXSDUW GHV SD\V RFFLGHQWDX[ 8QH IRLV SRVpV OH FRQWH[WH
HW OHV pOpPHQWV QpFHVVDLUHV GH GpILQLWLRQ QRXV SUpVHQWRQV OD PpWKRGH TXL QRXV D JXLGp GDQV QRV UHFKHUFKHV
GRFXPHQWDLUHV OHV UpVXOWDWV GH FHV UHFKHUFKHV DLQVL TX¶XQH DQDO\VH FRPSDUDWLYH GH FHV UpVXOWDWV (QILQ GDQV OD
GLVFXVVLRQ QRXV SURSRVRQV XQH UpIOH[LRQ UHODWLYH DX[ REVWDFOHV PDMHXUV LGHQWLILpV DLQVL TXH GH SRVVLEOHV SLVWHV
SRXU OHV VXUPRQWHU 1RXV FRQFOXRQV DYHF OHV DSSUHQWLVVDJHV TXH QRXV DYRQV IDLW GXUDQW O¶pODERUDWLRQ GH FH
WUDYDLO



3UREOpPDWLTXH


2ULJLQH HW pYROXWLRQ GX TXHVWLRQQHPHQW

'XUDQW QRV VWDJHV UHVSHFWLIV HQ PLOLHX[ SV\FKLDWULTXHV QRXV QRXV VRPPHV TXHVWLRQQpV TXDQW j O¶DSSDUHQW GpILFLW
G¶LQWpJUDWLRQ GHV SURFKHV GDQV OD GpPDUFKH GH VRLQV DXSUqV GH SDWLHQWV VRXIIUDQW GH WURXEOHV SV\FKRWLTXHV (Q
HIIHW ORUV GHV HQWUHWLHQV HW DXWUHV UpXQLRQV GH UpVHDX[ OHV IDPLOOHV QRXV RQW SDUXHV VLQRQ H[FOXHV GX PRLQV
LQWpJUpHV GH PDQLqUH SDUWLHOOH YRLUH LQHIILFDFH WDQW HOOHV PDQLIHVWDLHQW LQFRPSUpKHQVLRQ OLpH DX[ WUDLWHPHQWV j
OD PDODGLH j OD SULVH HQ FKDUJH RX HQFRUH DX FKRL[ GH WKpUDSLHV HW VRXIIUDQFH IDFH j OD VLWXDWLRQ GH OHXU SURFKH
&¶HVW HQ REVHUYDQW FRQFUqWHPHQW XQH LQWHUYHQWLRQ SURSRVpH SDU GHV LQILUPLqUHV VSpFLDOLVpHV HQ SV\FKRpGXFDWLRQ
DXSUqV GHV IDPLOOHV TXH QRXV QRXV VRPPHV GHPDQGpV SRXUTXRL FHOD Q¶pWDLW SDV V\VWpPDWLTXHPHQW PLV HQ SODFH

3DUWDQW GH FHV REVHUYDWLRQV QRXV DYLRQV GpWHUPLQp XQ TXHVWLRQQHPHQW LQLWLDO UHODWLI j OD SV\FKRpGXFDWLRQ GDQV
OHV WURXEOHV SV\FKRWLTXHV HW OHV SRVVLELOLWpV G¶\ LQWpJUHU OHV IDPLOOHV j VDYRLU TXHOOHV VRQW OHV SRVVLELOLWpV
G¶LQWpJUDWLRQ GHV SURFKHV GDQV XQH GpPDUFKH GH VRLQ JOREDOH G¶XQ SDWLHQW VRXIIUDQW GH WURXEOHV SV\FKRWLTXHV
GpEXWDQWV

1RV SUHPLqUHV OHFWXUHV QRXV RQW SHUPLV GH PLHX[ FRQQDvWUH OHV GLIIpUHQWHV GLPHQVLRQV GH OD SV\FKRpGXFDWLRQ
IDPLOLDOH DLQVL TXH GH PHVXUHU VRQ HIILFDFLWp JOREDOH VXU GH QRPEUHX[ DVSHFWV FRPPH OH WDX[ GH
UpKRVSLWDOLVDWLRQ HW O¶REVHUYDQFH OH IRQFWLRQQHPHQW VRFLDO RX OHV FRQQDLVVDQFHV GH OD PDODGLH HW GHV V\PSW{PHV
)DYURG %RQVDFN D 5XPPHO .OXJH .LVVOLQJ 6L OHV UHFKHUFKHV VHPEOHQW IDLUH HQFRUH GpIDXWV
TXDQW j VDYRLU FH TXL SHUPHW SUpFLVpPHQW j FHV VWUDWpJLHV G¶DERXWLU j GH ERQV UpVXOWDWV &RKHQ HW DO SS
OD SOXSDUW GHV JURXSHV G¶H[SHUWV HW GHV DXWRULWpV VDQLWDLUHV GH QRPEUHX[ SD\V SUpFRQLVHQW WRXWHIRLV OD
PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ GDQV OD SULVH HQ FKDUJH JOREDOH GH OD VFKL]RSKUpQLH *DHEHO :HLQPDQQ
6DUWRULXV 5XW] 0F,QW\UH .UH\HQEXKO %XFKDQDQ 'LFNHUVRQ 'L[RQ 0DOJUp FH FRQVHQVXV VHORQ
XQH pWXGH PHQpH HQ 6XLVVH $OOHPDJQH HW $XWULFKH SHX GH IDPLOOHV HQ EpQpILFLHQW SRXUWDQW FRQFUqWHPHQW
5XPPHO .OXJH 3LWVFKHO :DOW] %lXPO .LVVOLQJ





&HW pFDUW HQWUH OHV UpVXOWDWV HW OD SUDWLTXH QRXV O¶DYRQV V\VWpPDWLTXHPHQW UHQFRQWUp DX ILO GH QRV UHFKHUFKHV
)DLVDQW pFKR j QRV H[SpULHQFHV GH VWDJHV FH FKHPLQHPHQW QRXV D FRQGXLW j UHGpILQLU QRWUH TXHVWLRQQHPHQW HQ
OH SUpFLVDQW G¶DYDQWDJH HQ OLHQ DX[ GLIILFXOWpV GH PLVH HQ °XYUH TXH UHQFRQWUH OD SV\FKRpGXFDWLRQ IDPLOLDOH


4XHOV VRQW OHV REVWDFOHV j OD SV\FKRpGXFDWLRQ IDPLOLDOH GDQV OHV WURXEOHV SV\FKRWLTXHV HW
FRPPHQW OHV VRLQV LQILUPLHUV SHXYHQW LOV FRQWULEXHU j UpGXLUH FHV REVWDFOHV "



3V\FKRpGXFDWLRQ IDPLOLDOH

$YHF OH GpYHORSSHPHQW GHV FRQQDLVVDQFHV UHODWLYHV j OD SV\FKRSDWKRORJLH GH OD VFKL]RSKUpQLH HW GH VHV
WUDLWHPHQWV OH PRXYHPHQW GH GpVLQVWLWXWLRQDOLVDWLRQ GH OD SV\FKLDWULH HW OD UHFRQQDLVVDQFH GH O¶LPSRUWDQFH GH
IDFWHXUV SV\FKRVRFLDX[ RQ DVVLVWH GHSXLV OHV DQQpHV TXDWUH YLQJW pJDOHPHQW DX GpYHORSSHPHQW G¶DSSURFKHV
QRQ SKDUPDFRORJLTXHV FRPSOpPHQWDLUHV j OD FKLPLH HW TXL RQW IDLW OHXU SUHXYH &H VRQW $QGHUVRQ +RJDUW\
5HLVV TXL XWLOLVHQW OH WHUPH GH SV\FKRpGXFDWLRQ SRXU OD SUHPLqUH IRLV DILQ GH TXDOLILHU OHXU DSSURFKH
IDPLOLDOH j YLVpH pGXFDWLYH FRQQDLVVDQFH GH OD PDODGLH HW WKpUDSHXWLTXH JHVWLRQ GX VWUHVV KDELOHWpV GH
FRPPXQLFDWLRQ 3OXV WDUG *ROGPDQ SURSRVH GH GpILQLU OD SV\FKRpGXFDWLRQ FRPPH IRUPH GH WKpUDSLH
YLVDQW

/¶pGXFDWLRQ RX OD IRUPDWLRQ G¶XQH SHUVRQQH VRXIIUDQW G¶XQ WURXEOH SV\FKRWLTXH GDQV GHV GRPDLQHV
TXL VHUYHQW GHV REMHFWLIV GH WUDLWHPHQW HW GH UpDGDSWDWLRQ SDU H[HPSOH OH IDLW GH IDYRULVHU
O¶DFFHSWDWLRQ GX WURXEOH GH SURPRXYRLU O¶DGKpVLRQ DX WUDLWHPHQW HW GH UHQIRUFHU OHV KDELOHWpV
G¶DGDSWDWLRQ TXL SHUPHWWHQW GH FRPSHQVHU OHV GpILFLWV GXV DX WURXEOH S

6L DXMRXUG¶KXL LO HVW GHYHQX G¶XVDJH FRXUDQW G¶XWLOLVHU OH WHUPH GH SV\FKRpGXFDWLRQ SRXU TXDOLILHU WRXWH IRUPH
G¶pGXFDWLRQ DX SDWLHQW HW j VHV SURFKHV 'HOHX /DORQGH S OHV WKpUDSLHV SV\FKRpGXFDWLYHV QH
V¶DUUrWHQW SDV j OD VHXOH GLIIXVLRQ G¶LQIRUPDWLRQ DXWRXU GX WUDLWHPHQW HW GX WURXEOH /LPLWpHV j FHOD HOOHV QH
V¶DYqUHQW SDV HIILFDFHV &RKHQ HW DO 6¶LQVSLUDQW GH GLIIpUHQWV PRGqOHV WKpRULTXHV HW DSSURFKHV
WKpUDSHXWLTXHV WKpUDSLHV FRJQLWLYR FRPSRUWHPHQWDOHV HQWUDvQHPHQW DX[ KDELOHWpV VRFLDOHV FRQFHSW G¶pPRWLRQV
H[SULPpHV RX HQFRUH SV\FKRORJLH VRFLDOH OD SV\FKRpGXFDWLRQ HVW XQ YpULWDEOH SURFHVVXV LPSOLTXDQW
QpFHVVDLUHPHQW WURLV GLPHQVLRQV HVVHQWLHOOHV 'HOHX &KDPERQ 'HOHX /DORQGH )DYURG
%RQVDFN D

• /D GLPHQVLRQ SpGDJRJLTXH pFKDQJH G¶LQIRUPDWLRQ HW GH FRQQDLVVDQFHV DXWRXU GH OD PDODGLH
GHV V\PSW{PHV HW GHV WUDLWHPHQWV

• /D GLPHQVLRQ DIIHFWLYH SV\FKRORJLTXH VRXODJHPHQW GX IDUGHDX pPRWLRQQHO IDYRULVHU
O¶H[SUHVVLRQ GHV pPRWLRQV UHGRQQHU GH O¶HVSRLU VRXWLHQ GDQV OH WUDYDLO GH GHXLO IDFH DX[ SHUWHV
TX¶LPSOLTXH OD PDODGLH HW UpYpODWLRQ GX GLDJQRVWLF UHFRQQDvWUH O¶H[SpULHQFH LGHQWLILHU OHV
V\PSW{PHV SURSRVHU XQ GLDJQRVWLF HW SURSRVHU XQ WUDLWHPHQW

• /D GLPHQVLRQ FRPSRUWHPHQWDOH XWLOLVDWLRQ GH VWUDWpJLHV GH FKDQJHPHQW GH FRPSRUWHPHQWV
HQWUDvQHPHQW DX[ KDELOHWpV GH FRPPXQLFDWLRQ DSSUHQWLVVDJH j OD UpVROXWLRQ GHV SUREOqPHV
TXL DLGHQW WRXWH OD IDPLOOH j UpGXLUH OHV WHQVLRQV LQWHUQHV HW j DGDSWHU OH PLOLHX GH YLH DX[
SDUWLFXODULWpV GX SDWLHQW

,O H[LVWH GLIIpUHQWHV IRUPHV GH SV\FKRpGXFDWLRQ IDPLOLDOHV TXL VHORQ OHXUV PRGDOLWpV PHWWHQW SOXV RX PRLQV
O¶DFFHQW VXU OHV WURLV GLPHQVLRQV SUpVHQWpHV 'HOHX &KDPERQ S







)RUPHV GH SV\FKRpGXFDWLRQ IDPLOLDOHV j YLVpH WKpUDSHXWLTXH

• /D WKpUDSLH PRQRIDPLOLDOH FRPSRUWHPHQWDOH

'pFULWH SDU $QGHUVRQ +RJDUW\ 5HLVV )DOORRQ HW .XLSHUV /HII /DP FHWWH DSSURFKH
FRQVLVWH HQ XQ VXLYL LQGLYLGXDOLVp GX SDWLHQW HW GH VD IDPLOOH HQ JpQpUDO j GRPLFLOH VXU XQH GXUpH GH QHXI PRLV
/HV REMHFWLIV VRQW HVVHQWLHOOHPHQW O¶pYDOXDWLRQ GHV EHVRLQV UHVVRXUFHV HW GLIILFXOWpV GH OD IDPLOOH O¶LQIRUPDWLRQ
DXWRXU GH OD PDODGLH O¶DSSUHQWLVVDJH G¶KDELOHWpV GH FRPPXQLFDWLRQ GH JHVWLRQ GHV pPRWLRQV HW GH VWUDWpJLHV GH
UpVROXWLRQ GH SUREOqPHV

• /HV JURXSHV PXOWLIDPLOLDX[ GH 0F)DUODQH

&RPSRVpV GH SOXVLHXUV IDPLOOHV DYHF OHV SDWLHQWV FHV W\SHV GH SURJUDPPHV XWLOLVHQW OD PrPH PpWKRGH TXH OD
WKpUDSLH PRQRIDPLOLDOH FRPSRUWHPHQWDOH HW RQW O¶DYDQWDJH GH SHUPHWWUH OH SDUWDJH GHV pPRWLRQV HW GHV
H[SpULHQFHV HQWUH OHV IDPLOOHV /HV LQWHUDFWLRQV SHUPHWWHQW DXVVL DX[ IDPLOOHV GH VRUWLU GH O¶LVROHPHQW (Q JpQpUDO
OHV VpDQFHV VRQW ELPHQVXHOOHV HW V¶pWHQGHQW VXU XQH DQQpH

&HV GHX[ IRUPHV PHWWHQW O¶DFFHQW VXU OHV WURLV GLPHQVLRQV GH OD SV\FKRpGXFDWLRQ SpGDJRJLTXH pPRWLRQQHOOH HW
FRPSRUWHPHQWDOH (OOHV QpFHVVLWHQW GHV SUDWLFLHQV IRUPpV DX[ DSSURFKHV FRJQLWLYR FRPSRUWHPHQWDOHV HW VRQW
PLHX[ DGDSWpHV DX[ IDPLOOHV GLWHV j ULVTXH R OHV QLYHDX[ GH VWUHVV HW G¶pPRWLRQV H[SULPpHV VRQW pOHYpV /HV
SURJUDPPHV GH FH W\SH V¶pWHQGHQW VXU XQH GXUpH G¶DX PRLQV QHXI PRLV j XQH DQQpH j XQ U\WKPH UHODWLYHPHQW
VRXWHQX DX PLQLPXP ELPHQVXHO

• 3ULVH HQ FKDUJH IDPLOLDOH FRPSRUWHPHQWDOH GHV SDWLHQWV VFKL]RSKUqQHV GH /LEHUPDQ &KDPERQ
(VWUDERO *XLOODXPH 0DULH &DUGLQH

,O V¶DJLW G¶XQ PRGXOH GH IRUPDWLRQ UHODWLI j OD WKpUDSLH PRQRIDPLOLDOH FRPSRUWHPHQWDOH HW OHV JURXSHV
PXOWLIDPLOLDX[ GHVWLQp DX[ SUDWLFLHQV

)RUPHV GH SV\FKRpGXFDWLRQ IDPLOLDOHV j YLVpH pGXFDWLYH

• /HV JURXSHV SV\FKRpGXFDWLIV GH SDUHQWV

6¶DGUHVVDQW XQLTXHPHQW DX[ IDPLOOHV FH VRQW VXUWRXW O¶DFTXLVLWLRQ GH FRQQDLVVDQFHV PDODGLH WUDLWHPHQW
KDELOHWpV GH FRPPXQLFDWLRQ OH SDUWDJH GH O¶H[SpULHQFH HW OH VRXODJHPHQW GX YpFX pPRWLRQQHO TXL VRQW
UHFKHUFKpV &H W\SH GH SURJUDPPH RXYUH VRXYHQW OD YRLH j O¶HQJDJHPHQW GHV IDPLOOHV DX VHLQ GH JURXSHV
G¶HQWUH DLGH /H SURJUDPPH 3URIDPLOOH GH &RUPLHU SURSRVp QRWDPPHQW GDQV OH FDQWRQ GH 9DXG HVW
UHSUpVHQWDWLI GH FH W\SH GH SURJUDPPHV SV\FKRpGXFDWLIV TXL VRQW VWUXFWXUpV DXWRXU GH KXLW j GRX]H VpDQFHV VXU
XQH DQQpH

• /HV JURXSHV SV\FKRpGXFDWLIV ELIRFDX[

,O V¶DJLW LFL GH SURSRVHU DX[ JURXSHV GH IDPLOOHV HW GH SDWLHQWV OH PrPH SURJUDPPH PDLV GDQV GHV JURXSHV
VpSDUpV UpGXLVDQW DLQVL OD SUREDELOLWp TXH SDUHQWV RX SDWLHQWV HQ SUpVHQFH OHV XQV GHV DXWUHV QH VH VHQWHQW SDV
OLEUHV GH V¶H[SULPHU /H EXW UHFKHUFKp pWDQW HVVHQWLHOOHPHQW O¶DFTXLVLWLRQ GH FRQQDLVVDQFHV FHWWH PRGDOLWp OLPLWH
pJDOHPHQW OH ULVTXH GH YRLU VH WUDQVIRUPHU OH JURXSH HQ WKpUDSLH IDPLOLDOH /H SURJUDPPH 3UHODSVH GH .LVVOLQJ
FRUUHVSRQG j FHWWH IRUPH GH SV\FKRpGXFDWLRQ GDQV OD PHVXUH R LO YLVH HVVHQWLHOOHPHQW O¶DFTXLVLWLRQ GH
FRQQDLVVDQFHV DXWRXU GH OD PDODGLH HW GHV WUDLWHPHQWV GDQV XQ EXW GH SUpYHQWLRQ GHV UHFKXWHV


2

/HV JURXSHV G¶HQWUH DLGH FRQWUDLUHPHQW DX[ JURXSHV SV\FKRpGXFDWLIV VRQW JpUpV SDU GHV SDUHQWV HW SDWLHQWV HX[ PrPHV 'HOHX
&KDPERQ S QRWH GH EDV GH SDJH






,QWpUrW SRXU OD GLVFLSOLQH LQILUPLqUH

$ILQ GH ELHQ VRXOLJQHU O¶LQWpUrW GH QRWUH TXHVWLRQQHPHQW SRXU OD GLVFLSOLQH LQILUPLqUH QRXV SURSRVRQV XQH
DUJXPHQWDWLRQ GH QRWUH SUREOpPDWLTXH HQ UHJDUG GHV TXDWUH FRQFHSWV FHQWUDX[

6DQWp

/¶2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp 206 GpILQLVVDLW OD VDQWp HQ FRPPH pWDQW © XQ pWDW GH FRPSOHW ELHQ
rWUH SK\VLTXH PHQWDO HW VRFLDO HW QH >FRQVLVWDQW@ SDV VHXOHPHQW HQ XQH DEVHQFH GH PDODGLH RX G¶LQILUPLWp ª S
6L FHWWH GpILQLWLRQ D OH PpULWH G¶LQWpJUHU TXHOTXHV JUDQGV GpWHUPLQDQWV GH OD VDQWp HW GH PHWWUH ILQ j XQH
YLVLRQ GH OD VDQWp FRPPH DEVHQFH GH PDODGLH QRXV SUpIpURQV FHSHQGDQW FHOOH TXH SURSRVH O¶2UGUH GHV
LQILUPLqUHV HW LQILUPLHUV GX 4XpEHF 2,,4 j VDYRLU TXH © OD VDQWp HVW XQ SURFHVVXV G\QDPLTXH HW FRQWLQX GDQV
OHTXHO XQH SHUVRQQH DVSLUH j XQ pWDW G¶pTXLOLEUH IDYRULVDQW VRQ ELHQ rWUH HW VD TXDOLWp GH YLH ª S $YHF
O¶LQWURGXFWLRQ GH OD QRWLRQ GH SURFHVVXV FHWWH GpILQLWLRQ VH YHXW PRLQV QRUPDWLYH HW SHUPHW XQH YLVLRQ SRVLWLYH GH
O¶H[SpULHQFH GH VDQWp QRWDPPHQW ORUV GH WURXEOHV FKURQLTXHV

3DU DLOOHXUV GDQV OH GRPDLQH GH OD VDQWp PHQWDOH VH GpYHORSSH GHSXLV TXHOTXHV DQQpHV XQ QRXYHDX FRQFHSW TXL
SHUPHW G¶DSSUpKHQGHU OD VDQWp SV\FKLTXH HQ GHV WHUPHV pJDOHPHQW PRLQV QRUPDWLIV HW ILJpV /H UpWDEOLVVHPHQW
V¶LQVFULW HQ HIIHW ELHQ GDQV FHWWH pYROXWLRQ GHV FRQFHSWLRQV GH OD VDQWp FRPPH © PDQLqUH XQLTXH DYHF ODTXHOOH OD
SHUVRQQH YLW OHV pYpQHPHQWV OLpV j OD VDQWp ª .pURXDF 3pSLQ 'XFKDUPH 0DMRU S %DVp VXU
O¶H[SpULHQFH GH SDWLHQWV VH GLVDQW UpWDEOLV OHV YDOHXUV FHQWUDOHV GX UpWDEOLVVHPHQW VRQW OH IDLW GH SRXYRLU PHQHU
XQH YLH SOHLQH HW VLJQLILFDWLYH O¶DXWR GpWHUPLQDWLRQ HW OD UH GpILQLWLRQ G¶XQH LGHQWLWp SRVLWLYH IRQGpH VXU O¶HVSRLU HW
GLIIpUHQFLpH GX WURXEOH /H UpWDEOLVVHPHQW SHUPHW DLQVL GH FRQVLGpUHU OH SDWLHQW FRPPH XQH SHUVRQQH QRUPDOH TXL
YLW DYHF XQH PDODGLH HW GH GpSDVVHU HQ UHGRQQDQW GH O¶HVSRLU OH SURQRVWLF IDWDOLVWH TXL V¶DEDW VXU OH SDWLHQW HW VHV
SURFKHV j O¶DQQRQFH G¶XQ GLDJQRVWLF 3URYHQFKHU 'HHJDQ )DYURG %RQVDFN D 0XHVHU
*LQJHULFK SS $YHF OH FRQFHSW GH UpWDEOLVVHPHQW OH SDWLHQW UHWURXYH DXVVL XQH SODFH G¶DFWHXU GDQV
VRQ H[SpULHQFH GH OD VFKL]RSKUpQLH HW RQ OXL UHFRQQDvW GHV FRPSpWHQFHV HW OD FDSDFLWp GH FURvWUH 3URYHQFKHU


6FKL]RSKUpQLH

'DQV OD SUREOpPDWLTXH TXH QRXV TXHVWLRQQRQV OD VDQWp HVW SHUWXUEpH SDU OH WURXEOH SV\FKRWLTXH SOXV
VSpFLILTXHPHQW OHV WURXEOHV GX VSHFWUH GH OD VFKL]RSKUpQLH GRQW OHV FDUDFWpULVWLTXHV FOLQLTXHV HW FRQVpTXHQFHV
VRFLDOHV FRQWULEXHQW j QRPEUH GH GLIILFXOWpV SRXU OD SHUVRQQH HW VRQ HQWRXUDJH GH PrPH TXH SRXU OD PLVH HQ
°XYUH G¶XQH SULVH HQ FKDUJH HIILFLHQWH

$YHF XQH SUpYDOHQFH GH GDQV OD SRSXODWLRQ JpQpUDOH VRLW HQYLURQ GHX[ PLOOH SHUVRQQHV SRXU XQH YLOOH
FRPPH /DXVDQQH HW GHV FRQVpTXHQFHV VRFLDOHV HW pFRQRPLTXHV LPSRUWDQWHV OD VFKL]RSKUpQLH FRQVWLWXH XQ
HQMHX GH VDQWp SXEOLTXH PDMHXU 7RZQVHQG S /HV SUHPLHUV pSLVRGHV VXUYLHQQHQW HQ JpQpUDO DX
GpEXW GH O¶kJH DGXOWH SHXYHQW rWUH XQLTXHV RX VLJQHU O¶HQWUpH GDQV XQH FHUWDLQH FKURQLFLWp SS &RPPH
SRXU OD SOXSDUW GHV WURXEOHV SV\FKLTXHV OD VFKL]RSKUpQLH HVW DXMRXUG¶KXL UHFRQQXH G¶pWLRORJLH PXOWLSOH
ELRORJLTXH SV\FKRORJLTXH HW HQYLURQQHPHQWDOH 'H PDQLqUH JpQpUDOH FDUDFWpULVpH SDU XQH SHUWXUEDWLRQ GHV
SURFHVVXV GH OD SHQVpH GpVRUJDQLVDWLRQ GH OD SHUFHSWLRQ KDOOXFLQDWLRQV HW GHV DIIHFWV DQKpGRQLH DLQVL TXH
SDU XQH DOWpUDWLRQ GX UDSSRUW j OD UpDOLWp LGpHV GpOLUDQWHV OD VFKL]RSKUpQLH HQWUDvQH XQH GpJUDGDWLRQ GHV PRGHV
GH IRQFWLRQQHPHQW LQWHUSHUVRQQHO HW VRFLDO DLQVL TX¶XQH JUDQGH VRXIIUDQFH &HFL G¶DXWDQW SOXV TXH OHV
UHSUpVHQWDWLRQV VRFLDOHV GX WURXEOH UHVWHQW WUqV VWLJPDWLVDQWHV HW HQFRUH IRQGpHV VXU GH IDXVVHV FUR\DQFHV
FRQVWDPPHQW YpKLFXOpHV SDU OHV PpGLDV &RUULJDQ :DVVHO

$FWXHOOHPHQW OH PRGqOH GH YXOQpUDELOLWp VWUHVV PRGqOH WUDQVDFWLRQQHO G¶DGDSWDWLRQ DX VWUHVV RIIUH XQ FDGUH GH
FRPSUpKHQVLRQ FRQYDLQFDQW GDQV OD VFKL]RSKUpQLH FDU LO SHUPHW G¶LQWpJUHU OHV GLIIpUHQWHV K\SRWKqVHV
pWLRORJLTXHV GDQV O¶H[SOLFDWLRQ GX WURXEOH 7RZQVHQG SS HW DLQVL G¶pODUJLU OH FKDPS GHV
LQWHUYHQWLRQV GH VRLQV SKDUPDFRORJLTXHV SV\FKRVRFLDOHV HW SV\FKRWKpUDSHXWLTXHV QRWDPPHQW






3HUVRQQH
(Q PDWLqUH GH VDQWp PHQWDOH WURS ORQJWHPSV F¶HVW OH GLDJQRVWLF HW OHV PDQLIHVWDWLRQV GX WURXEOH TXL RQW GpILQL OD
SHUVRQQH DX[ \HX[ GHV SURIHVVLRQQHOV HW ILQDOHPHQW GHV SDWLHQWV HX[ PrPHV (Q GpILQLVVDQW OD SHUVRQQH FRPPH
XQ © WRXW LQGLYLVLEOH XQLTXH HW HQ GHYHQLU DJLVVDQW HQ FRQIRUPLWp DYHF VHV FKRL[ VHV YDOHXUV HW VHV FUR\DQFHV
DLQVL TXH VHORQ VHV FDSDFLWpV ª 2,,4 S OD GLVFLSOLQH LQILUPLqUH QRXV DLGH j UHVWLWXHU j OD SHUVRQQH HQ
VRXIIUDQFH SV\FKLTXH VD GLJQLWp HW VD VXEMHFWLYLWp /D QRWLRQ GH SHUVRQQH HQ GHYHQLU TXH O¶RQ UHWURXYH GDQV OH
UpWDEOLVVHPHQW QRXV LQYLWH j SHQVHU OD SHUVRQQH HQ PRXYHPHQW FDSDEOH GH FURvWUH PDOJUp OHV GLIILFXOWpV HW
PrPH JUkFH j HOOHV OHV H[SpULHQFHV TXH YLW OD SHUVRQQH OXL SHUPHWWHQW GH VH WUDQVIRUPHU GH UHWURXYHU GHV
LQFHUWLWXGHV TXL DXWRULVHQW O¶HVSRLU 'HHJDQ

)DPLOOH

/D SHUVRQQH HVW pJDOHPHQW HQ UHODWLRQ DYHF OHV DXWUHV HW VRQ HQYLURQQHPHQW 2,,4 .pURXDF HW DO
$LQVL GDQV QRWUH SUREOpPDWLTXH QRXV QRXV LQWpUHVVRQV SDUWLFXOLqUHPHQW j OD IDPLOOH $ OD IRLV VRXUFH
G¶LQIRUPDWLRQ GpWHQWULFH G¶XQ VDYRLU HW GH FRPSpWHQFHV TXL IRQW VHQV j WRXV VHV PHPEUHV j OD IRLV HQWLWp IUDJLOH
HW YXOQpUDEOH DX[ FKDQJHPHQWV OD IDPLOOH GRLW rWUH FRQVXOWpH DFFRPSDJQpH SDUWLH SUHQDQWH GX SURMHW GH VRLQ
HOOH Q¶HVW SDV VHXOHPHQW XQ FRQWH[WH RX XQ IDFWHXU HQYLURQQHPHQWDO GH OD SHUVRQQH :ULJKW /HDKH\ SS
7RZQVHQG SS 6HORQ FHWWH DSSURFKH LQVSLUpH GH OD V\VWpPLTXH OD IDPLOOH HVW GRQF
SHUoXH FRPPH HQWLWp j SDUW HQWLqUH GRQW OHV PHPEUHV VRQW LQWHUGpSHQGDQWV OHV XQV GHV DXWUHV /¶LQWpUrW SRUWp j
OD IDPLOOH IDLW GRQF ODUJHPHQW VHQV SRXU OD GLVFLSOLQH LQILUPLqUH G¶DXWDQW SOXV GDQV OH GRPDLQH GHV PDODGLHV
FKURQLTXHV FRPPH OD VFKL]RSKUpQLH

(QYLURQQHPHQW


/¶HQYLURQQHPHQW SHXW rWUH GpILQL FRPPH © O¶HQVHPEOH GHV pOpPHQWV FRQVWLWXWLIV G¶XQ PLOLHX TXL HQWUHQW HQ
LQWHUDFWLRQ DYHF OD SHUVRQQH ª 2,,4 S /HV GLIIpUHQWHV GLPHQVLRQV GH O¶HQYLURQQHPHQW VRQW HQ JpQpUDO
SV\FKRVRFLDOH UpVHDX FRPPXQDXWp IDPLOOH SK\VLTXH PLOLHX GH YLH HW PLOLHX GH VRLQ SROLWLTXH HW pFRQRPLTXH
ORLV V\VWqPH GH VDQWp HW RUJDQLVDWLRQQHOOH VWUXFWXUH GHV SUHVWDWLRQV GH VRLQ /HV GRQQpHV GH O¶HQYLURQQHPHQW
GH OD SHUVRQQH SHXYHQW H[HUFHU XQH FRQWUDLQWH RX DX FRQWUDLUH IDYRULVHU OD VDQWp GH OD SHUVRQQH

'DQV QRWUH SUREOpPDWLTXH QRXV Q¶DYRQV SDV GpILQL G¶HQYLURQQHPHQW GH VRLQ SDUWLFXOLHU GDQV OD PHVXUH R
FRPPH QRXV OH YHUURQV OHV DSSURFKHV SV\FKRpGXFDWLYHV GHYUDLHQW rWUH SURSRVpHV GDQV OD GXUpH HW HQ GLIIpUHQWV
OLHX[ GH VRLQV KRVSLWDOLHU DPEXODWRLUH HW FRPPXQDXWDLUH

&RQWH[WH VRFLR VDQLWDLUH DFWXHO

$X QLYHDX UpJLRQDO HW LQWHUQDWLRQDO OH FRQWH[WH DFWXHO GHV VRLQV SV\FKLDWULTXHV V¶LQVFULW GDQV XQH ORJLTXH GH
GpVLQVWLWXWLRQDOLVDWLRQ FURLVVDQWH DOODQW GH SDLU DYHF XQ UHQIRUFHPHQW GHV VHUYLFHV FRPPXQDXWDLUHV &DQWRQ GH
9DXG S 206 SS 'DQV OH FDQWRQ GH 9DXG OHV EXWV GH OD SROLWLTXH GH VDQWp PHQWDOH VRQW
GH © PDLQWHQLU HW G¶DPpOLRUHU O¶pWDW GH VDQWp SV\FKLTXH GH OD SRSXODWLRQ WRXW HQ JDUDQWLVVDQW XQ DFFqV pTXLWDEOH
DX[ VRLQV ª &DQWRQ GH 9DXG S &HV REMHFWLIV JpQpUDX[ V¶DUWLFXOHQW DXWRXU GH GLIIpUHQWV D[HV
G¶LQWHUYHQWLRQV HW QRWDPPHQW OH SUHPLHU UHFRXUV HW OH WUDLWHPHQW VSpFLDOLVp TXL VH VLWXHQW j GHV QLYHDX[ GH
UpLQVHUWLRQ HW GH UpKDELOLWDWLRQ /¶DFFHQW HVW PLV VXU OH GpYHORSSHPHQW GH OD FRRUGLQDWLRQ LQWHUVHFWRULHOOH
KRVSLWDOLHU DPEXODWRLUH VRFLDO VDQLWDLUH MXULGLTXH pGXFDWLI HWF OH WUDYDLO HQ UpVHDX HW OD FRQWLQXLWp GHV VRLQV
DLQVL TXH OH UHQIRUFHPHQW GHV UHVVRXUFHV FRPPXQDXWDLUHV

4XHVWLRQQHU OHV REVWDFOHV j OD PLVH HQ °XYUH G¶XQH DSSURFKH WKpUDSHXWLTXH UHFRQQXH FRPPH HIILFDFH j UpGXLUH
OH WDX[ GH UpKRVSLWDOLVDWLRQ O¶LPSDFW VRFLR pFRQRPLTXH GH OD PDODGLH SRXU OH SDWLHQW HW VHV SURFKHV DLQVL TX¶j
UHQIRUFHU OHV FDSDFLWpV G¶DXWRQRPLH GX SDWLHQW QRXV SDUDvW GRQF SHUWLQHQW HW FRKpUHQW DYHF OHV REMHFWLIV GH VDQWp
SXEOLTXH DFWXHOV GX &DQWRQ GH 9DXG HQ PDWLqUH GH VDQWp PHQWDOH







6RLQV


3URFHVVXV G\QDPLTXH YLVDQW OH PDLQWLHQ OH UpWDEOLVVHPHQW RX O¶DPpOLRUDWLRQ GH OD VDQWp GX ELHQ
rWUH HW GH OD TXDOLWp GH YLH G¶XQH SHUVRQQH >«@ FH SURFHVVXV HQJOREH >«@ OHV DFWLYLWpV OLpHV DX[
VRLQV HW DX[ WUDLWHPHQWV >«@ DLQVL TXH O¶LQIRUPDWLRQ OH FRQVHLO SURIHVVLRQQHO O¶HQVHLJQHPHQW
O¶RULHQWDWLRQ HW OH VRXWLHQ GX FOLHQW &HV DFWLYLWpV VRQW HIIHFWXpHV GDQV XQH UHODWLRQ GH SDUWHQDULDW
DYHF OH FOLHQW HW GDQV OH UHVSHFW GH VHV FDSDFLWpV 2,,4 S

'DQV QRWUH SUREOpPDWLTXH OD SUDWLTXH GX VRLQ UHSRVH VXU OD SV\FKRpGXFDWLRQ IDPLOLDOH 6¶LO QH V¶DJLW SDV G¶XQH
SUDWLTXH H[FOXVLYHPHQW LQILUPLqUH OD SV\FKRpGXFDWLRQ IDPLOLDOH UHSUpVHQWH XQH DSSURFKH WKpUDSHXWLTXH TXL YD
GDQV OH VHQV GH OD VDQWp GH OD SHUVRQQH HW GH VHV SURFKHV (Q FH VHQV OD SV\FKRpGXFDWLRQ IDPLOLDOH LQWpUHVVH OD
SUDWLTXH LQILUPLqUH HQ VDQWp PHQWDOH 4XHVWLRQQHU OHV REVWDFOHV j OD PLVH HQ °XYUH G¶XQH SUDWLTXH GH VRLQV
YDOLGpH V¶LQVFULW pJDOHPHQW GDQV OH FKDPS G¶DFWLRQ GH OD GLVFLSOLQH OHV U{OHV G¶DJHQW GH FKDQJHPHQW HW GH OHDGHU
pWDQW GHV IRQFWLRQV HVVHQWLHOOHV TXH OHV VRLQV LQILUPLHUV VH GRLYHQW G¶LQYHVWLU ORUVTXH OH SDWLHQW QH UHoRLW SDV OHV
PHLOOHXUV VRLQV SRVVLEOHV DX YXH GHV FRQQDLVVDQFHV HW UHFRPPDQGDWLRQV DFWXHOOHV .R]LHU (UE %HUPDQ
6Q\GHU S



0pWKRGH


%DVHV GH GRQQpHV

'DQV QRWUH SURFHVVXV GH UHFKHUFKH QRXV DYRQV HVVHQWLHOOHPHQW XWLOLVp &LQKDO 0HGOLQH 3XE0HG HW ,6, :HE RI
.QRZOHGJH 3RXU FHV WURLV EDVHV GH GRQQpHV OD SRVVLELOLWp GH FUpHU XQ FRPSWH SHUVRQQHO HVW XQH IRQFWLRQQDOLWp
TXL QRXV D VHUYLH QRXV SHUPHWWDQW GH FRQVHUYHU XQ KLVWRULTXH GH QRV UHFKHUFKHV DLQVL TXH OHV UpIpUHQFHV TXL
QRXV RQW SDUWLFXOLqUHPHQW LQWpUHVVpHV &HWWH RSWLRQ RIIUH pJDOHPHQW OD SRVVLELOLWp G¶rWUH LQIRUPp UpJXOLqUHPHQW GHV
GHUQLqUHV UpIpUHQFHV DMRXWpHV j OD EDVH GH GRQQpHV HW TXL FRUUHVSRQGHQW j QRV FULWqUHV GH UHFKHUFKH

6XU 0HGOLQH 3XE0HG O¶RXWLO 0H6+ 0HGLFDO VXEMHFW KHDGLQJV QRXV D SHUPLV GH PLHX[ FLEOHU QRV UHFKHUFKHV HQ
LGHQWLILDQW GHV PRWV FOpV UHFRQQXV SDU OD EDVH GH GRQQpHV DX PrPH WLWUH TX¶XQ WKpVDXUXV (JDOHPHQW VXU
0HGOLQH 3XE0HG OD IRQFWLRQ 5HODWHG $UWLFOHV QRXV D pWp XWLOH (OOH SHUPHW GH YLVXDOLVHU GHV UpIpUHQFHV FRQQH[HV
j XQH QRWLFH VSpFLILTXH 6XU &LQKDO QRXV DYRQV pJDOHPHQW XWLOLVp OH WKpVDXUXV &LQKDO KHDGLQJV 'H SOXV QRXV
DYRQV SURFpGp j GHV UHFKHUFKHV HQ LQFOXDQW GHV OLPLWDWLRQV (VVHQWLHOOHPHQW TXDQW DX[ GRPDLQHV VRXKDLWpV j
VDYRLU GHV UHYXHV GH SV\FKLDWULH HW GH VFLHQFH LQILUPLqUH DLQVL TX¶HQ WHUPHV GH GDWH GH SXEOLFDWLRQ VHSWHPEUH


2XWUH OHV EDVHV GH GRQQpHV QRXV DYRQV pJDOHPHQW ODUJHPHQW XWLOLVp OHV ELEOLRJUDSKLHV GHV DUWLFOHV JpQpUDX[
FRPPH OHV UHYXHV GH OLWWpUDWXUH WUDLWDQW GH OD SV\FKRpGXFDWLRQ SRXU OD VFKL]RSKUpQLH QRWDPPHQW 5XPPHO .OXJH
.LVVOLQJ 3DU FH ELDLV QRXV DYRQV SDU DLOOHXUV XWLOLVp TXHOTXHV DUWLFOHV SRXU pWD\HU QRWUH GpPDUFKH

8QH IRLV DUULYpV j VDWXUDWLRQ VXU QRV EDVHV GH GRQQpHV SULQFLSDOHV QRXV DYRQV FRQVXOWp G¶DXWUHV RXWLOV FRPPH
$VFRGRFSV\ %DVH 6DQWpSV\ HW &2&+5$1( /LEUDU\ TXL UpXQLW GHV GRQQpHV IDFWXHOOHV HYLGHQFH EDVHG VXU OHV
HIIHWV GHV VRLQV GH VDQWp '¶DXWUHV SRUWDLOV G¶LQIRUPDWLRQV FRPPH OHV VLWHV DVVRFLpV j O¶$PHUFLDQ 3V\FKLDWULF
$VVRFLDWLRQ RQW FRQVWLWXp GHV VRXUFHV QRQ QpJOLJHDEOHV







3pULRGLTXHV RXYUDJHV HW UHVVRXUFHV XWLOLVpV

/HV DUWLFOHV TXH QRXV DYRQV VpOHFWLRQQpV VRQW LVVXV GH FLQT UHYXHV GDQV OH GRPDLQH GH OD VDQWp PHQWDOH GHX[
VSpFLILTXHPHQW LQILUPLqUHV GRQW QRXV DYRQV UHWHQXV TXDWUH DUWLFOHV VXU OHV QHXI TXH QRXV SUpVHQWRQV

3RXU GHX[ GH FHV UHYXHV QRXV Q¶DYRQV SDV SX DYRLU DFFqV DX[ IDFWHXUV G¶LPSDFW RIILFLHO /D UHYXH -RXUQDO RI
3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ HVW OD YLQJW FLQTXLqPH UHYXH LQILUPLqUH HQ WHUPHV GH IDFWHXUV G¶LPSDFW
HW OD SUHPLqUH VSpFLILTXH DX[ VRLQV LQILUPLHUV HQ VDQWp PHQWDOH 1RV GHX[ SpULRGLTXHV GH SV\FKLDWULH
6FKL]RSKUHQLD %XOOHWLQ HW 3V\FKLDWULF 6HUYLFHV VRQW GHX[ UHYXHV G¶LPSRUWDQFH j IDFWHXU G¶LPSDFW pOHYp

7DEOHDX )DFWHXUV G¶LPSDFW
1RP GH OD UHYXH
6FKL]RSKUHQLD %XOOHWLQ

1
$UWLFOHV


,PSDFW )DFWRU

&LWDWLRQV

$UWLFOHV







3V\FKLDWULF 6HUYLFHV









-RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ









,VVXHV LQ 0HQWDO +HDOWK 1XUVLQJ









&RPPXQLW\ 0HQWDO +HDOWK -RXUQDO









6RXUFH 7KRPVRQ 5HXWHUV


2XWUHV QRV DUWLFOHV GH UHFKHUFKH HW DXWUHV UHYXHV GH OLWWpUDWXUH FRQVXOWpHV QRXV DYRQV XWLOLVp GHV RXYUDJHV
JpQpUDX[ HQ VDQWp PHQWDOH FRPPH 1HYLG 5DWKXV *UHHQH HW 7RZQVHQG SRXU OHV VRLQV
LQILUPLHUV GHV FRQWULEXWLRQV SOXV VSpFLILTXHV VXU OD SV\FKRpGXFDWLRQ FRPPH 'HOHX /DORQGH HW 'HOHX
&KDPERQ DLQVL TXH OD UHYXH 6DQWp PHQWDOH &HV VRXUFHV QRXV RQW SHUPLV G¶pWD\HU QRV UpIOH[LRQV HW QRWUH
FRPSUpKHQVLRQ JpQpUDOH GHV FRQFHSWV TXH VRXOqYH QRWUH SUREOpPDWLTXH

$X FRXUV GH QRWUH WUDYDLO QRXV DYRQV HX DXVVL O¶RSSRUWXQLWp G¶DVVLVWHU j O¶$VVHPEOpH *pQpUDOH GX *URXSH
5RPDQG G
$FFXHLO HW G
$FWLRQ 3V\FKLDWULTXH *5$$3 TXL QRXV D SHUPLV GH SUHQGUH OD PHVXUH GX GpFDODJH TXL
VXEVLVWH HQWUH OH EHVRLQ GHV SURFKHV G¶rWUH SULV HQ FRQVLGpUDWLRQ SDU OHV SURIHVVLRQQHOV HW OHV PR\HQV HW
SUDWLTXHV H[LVWDQWV HQ 5RPDQGLH 1RXV DYRQV UHWHQXV GH FHWWH MRXUQpH TXHOTXHV SLVWHV GH UpIOH[LRQV TXL DOODLHQW
GDQV OH VHQV GH FHUWDLQV DUWLFOHV QRWDPPHQW O¶LPSRUWDQFH GH FRQVLGpUHU OHV IDPLOOHV FRPPH GHV SDUWHQDLUHV GX
SURMHW GH VRLQV


5pVXOWDWV GH OD UHFKHUFKH GRFXPHQWDLUH

1RV SUHPLqUHV UHFKHUFKHV VXU &LQKDO 0HGOLQH 3XE0HG HW ,6, :HE RI .QRZOHGJH RQW FRQFHUQp QRWUH
TXHVWLRQQHPHQW LQLWLDO HW QRXV RQW GRQQp GHV UpVXOWDWV UHODWLYHPHQW QRPEUHX[ PDLV WRXWHIRLV DFFHSWDEOHV SRXU
XQH SUHPLqUH WHQWDWLYH /HV PRWV FOpV XWLOLVpV pWDLHQW UHODWLYHPHQW JpQpUDX[ 1RXV DYRQV SURFpGp DLQVL DILQ
G¶REWHQLU XQH YLVLRQ ODUJH GHV GLIIpUHQWHV SXEOLFDWLRQV FRQFHUQDQW OD SV\FKRpGXFDWLRQ DXSUqV GHV IDPLOOHV GDQV OD
VFKL]RSKUpQLH

7DEOHDX 3UHPLqUH UHFKHUFKH
&RPELQDLVRQV GH PRWV FOpV

&LQKDO

0('/LQH

,6, :HE RI .QRZOHGJH

3V\FKRHGXFDWLRQ $1' )DPLO\ $1' 6FKL]RSKUHQLD







)DPLO\ ,QWHUYHQWLRQ $1' 3V\FKLDWULF 1XUVLQJ







(DUO\ 3V\FKRVLV $1' 1XUVLQJ $1' )DPLO\







(DUO\ 3V\FKRVLV $1' )DPLO\ 3V\FKRHGXFDWLRQ







HW





$UWLFOHV UHWHQXV SRXU O¶DQDO\VH


3

/HV QXPpURV FRUUHVSRQGHQW DX[ DUWLFOHV VpOHFWLRQQpV SRXU FHWWH UHYXH GH OLWWpUDWXUH YRLU /LVWH GHV DUWLFOHV VpOHFWLRQQpV





&HUWDLQV DUWLFOHV UHFHQVpV SDU FHWWH SUHPLqUH UHFKHUFKH QRXV RQW SHUPLV G¶XQH SDUW GH PLHX[ FRQQDvWUH OHV
HQMHX[ UpFHQWV UHODWLIV j OD SV\FKRpGXFDWLRQ GHV IDPLOOHV GDQV OD VFKL]RSKUpQLH G¶DXWUH SDUW G¶pYROXHU YHUV XQ
TXHVWLRQQHPHQW SOXV VSpFLILTXH &¶HVW GRQF OD TXHVWLRQ GHV REVWDFOHV TXL D UHWHQX QRWUH DWWHQWLRQ IDLVDQW pFKR j
QRWUH FRQVWDW GH GpSDUW 'qV ORUV QRXV DYRQV SURFpGp j XQH VHFRQGH UHFKHUFKH SDU PRWV FOpV SOXV FLEOpH HW
PRELOLVDQW G¶DYDQWDJHV OHV RXWLOV GH FKDTXH EDVH GH GRQQpHV FRQVXOWpH /HV UpVXOWDWV UDSLGHPHQW DVVH] SHX
QRPEUHX[ RQW IDLW UHVVRUWLU FHUWDLQV DUWLFOHV FRPPXQV DX[ WURLV EDVHV GH GRQQpHV HW OD SOXSDUW GHV DUWLFOHV
UHFHQVpV pWDLHQW GpMj DSSDUXV ORUV GH OD SUHPLqUH UHFKHUFKH

7DEOHDX 'HX[LqPH UHFKHUFKH
&RPELQDLVRQV GH PRWV FOpV

&LQKDO

0('/LQH

+HDOWK HGXFDWLRQ $1' IDPLO\ $1' VFKL]RSKUHQLD $1' LPSOHPHQWDWLRQ





,6, :HE RI .QRZOHGJH


3V\FKRHGXFDWLRQ $1' )DPLO\ $1' 6FKL]RSKUHQLD $1' ,PSOHPHQWDWLRQ








3V\FKRHGXFDWLRQ $1' )DPLO\ $1' 6FKL]RSKUHQLD $1' 'LVVHPLQDWLRQ





3V\FKRHGXFDWLRQ $1' )DPLO\ $1' 6FKL]RSKUHQLD $1' %DUULHUV

















HW

3V\FKRHGXFDWLRQ $1' )DPLO\ $1' 6FKL]RSKUHQLD $1' 2EVWDFOHV 'LIILFXOWLHV
$UWLFOHV UHWHQXV SRXU O¶DQDO\VH


6XU QRV QHXI DUWLFOHV UHWHQXV FLQT VRQW IUpTXHPPHQW UHVVRUWLV GH QRV GLIIpUHQWHV UHFKHUFKHV 'H SOXV QRXV
DYRQV UDSLGHPHQW LGHQWLILp FHUWDLQV DXWHXUV WUqV SUROLILTXHV HW UHFRQQXV GDQV OH FKDPS GH OD SV\FKRpGXFDWLRQ FH
TXL QRXV D SHUPLV GH WURXYHU G¶DXWUHV DUWLFOHV &¶HVW j O¶DLGH GHV UpIpUHQFHV FLWpHV GDQV QRV DUWLFOHV VpOHFWLRQQpV
HW DUWLFOHV JpQpUDX[ TXH QRXV DYRQV LGHQWLILp HW FKRLVL QRV TXDWUH DXWUHV DUWLFOHV 'L[RQ HW DO .DDV /HH
3HLW]PDQ .HOO\ 1HZVWHDG .LP 6DO\HUV


&ULWqUHV G·LQFOXVLRQ GHV DUWLFOHV UHWHQXV

3RXU VpOHFWLRQQHU OHV DUWLFOHV GH QRWUH UHYXH GH OLWWpUDWXUH QRXV DYRQV WHQX FRPSWH GH SOXVLHXUV FULWqUHV 7RXW
G¶DERUG DILQ GH SUpVHQWHU GHV GRQQpHV UHQGDQW FRPSWH GHV GpYHORSSHPHQWV OHV SOXV UpFHQWV SRVVLEOHV QRV
UHFKHUFKHV VXU OHV EDVHV GH GRQQpHV VH VRQW OLPLWpHV HQWUH HW VHSWHPEUH

8Q FULWqUH HVVHQWLHO D FRQVLVWp j QH VpOHFWLRQQHU TXH GHV DUWLFOHV GH UHFKHUFKH RX GHV UHYXHV GH OLWWpUDWXUHV
SXEOLpHV GDQV GHV UHYXHV VFLHQWLILTXHV HW UHFRQQXHV FRPPH WHOOHV /HV DUWLFOHV GLWV GH YXOJDULVDWLRQ RQW SX QRXV
rWUH XWLOHV SRXU FRQVWUXLUH QRWUH TXHVWLRQQHPHQW HW FODULILHU OHV FRQFHSWV

3DUPL FHV DUWLFOHV VFLHQWLILTXHV QRXV DYRQV SUpIpUp FHX[ LVVXV GH OD OLWWpUDWXUH LQILUPLqUH 'DQV QRWUH VpOHFWLRQ
WRXWHIRLV XQ FHUWDLQ QRPEUH G¶DUWLFOHV SURGXLWV SDU GHV VSpFLDOLVWHV QRQ LQILUPLHUV RQW pWp UHWHQXV GDQV OD PHVXUH
R LOV SUpVHQWDLHQW GHV GRQQpHV HVVHQWLHOOHV j QRWUH SUREOpPDWLTXH 'H SOXV OD FRQVWUXFWLRQ G¶XQH GLVFLSOLQH
DXWRQRPH FRPPH FHOOH GHV VRLQV LQILUPLHUV QH VH IDLW SDV VDQV HPSUXQWHU OHV VDYRLUV GH GLVFLSOLQHV
FRPSOpPHQWDLUHV FRPPH OD PpGHFLQH OD SV\FKLDWULH O¶DQWKURSRORJLH RX HQFRUH OD VRFLRORJLH

3OXV VSpFLILTXHPHQW OHV DUWLFOHV UHWHQXV GHYDLHQW UpSRQGUH DX PRLQV HQ SDUWLH j QRWUH SUREOpPDWLTXH $X YX GX
IDLEOH QRPEUH DSSDUHQW GH UHFKHUFKHV WUDLWDQW GLUHFWHPHQW GHV REVWDFOHV j OD SV\FKRpGXFDWLRQ IDPLOLDOH QRXV
DYRQV FKRLVL GH UHWHQLU GHV DUWLFOHV TXL SUpVHQWDLHQW GH PDQLqUH GLUHFWH RX LQGLUHFWH DX PRLQV XQH FDWpJRULH
G¶REVWDFOH j OD SV\FKRpGXFDWLRQ GHV IDPLOOHV OLpV j OD IDPLOOH DX[ VRLJQDQWV RX DX[ LQVWLWXWLRQV $LQVL OHV DUWLFOHV
TXL WUDLWHQW GHV EHVRLQV GHV ODFXQHV HW GHV EpQpILFHV GH FHUWDLQHV SUDWLTXHV SRXU OH VXFFqV GH OD
SV\FKRpGXFDWLRQ GHV IDPLOOHV QRXV RQW VRXYHQW SHUPLV G¶LGHQWLILHU XQH SDUWLH GH VHV REVWDFOHV

&RPSWH WHQX GH OD SUpGRPLQDQFH GHV SXEOLFDWLRQV DQJOR VD[RQQHV GDQV OHV UHYXHV VFLHQWLILTXHV LQWHUQDWLRQDOHV
QRXV DYRQV WHQWp G¶REWHQLU XQ pFKDQWLOORQ YDULp HQ WHUPHV GH SURYHQDQFH GHV DXWHXUV FLQT GHV (WDWV 8QLV GHX[
GH *UDQGH %UHWDJQH XQ GH 1RUYqJH HW XQ G¶(XURSH JHUPDQRSKRQH FHFL DILQ G¶DFTXpULU XQH YLVLRQ OD SOXV
JOREDOH SRVVLEOH GH OD SUREOpPDWLTXH






(QILQ VDQV pYDFXHU OD GLPHQVLRQ LQVWLWXWLRQQHOOH HW RUJDQLVDWLRQQHOOH GHV REVWDFOHV j OD SV\FKRpGXFDWLRQ GHV
IDPLOOHV QRXV DYRQV WHQWp GH VpOHFWLRQQHU XQH PDMRULWp G¶DUWLFOHV TXL GDQV OH FDGUH GH QRWUH SUREOpPDWLTXH
TXHVWLRQQHQW OD SUDWLTXH VRLJQDQWH HW OHV HQMHX[ UHODWLIV j OD UHODWLRQ VRLJQDQW IDPLOOH SDWLHQW HQ VDQWp PHQWDOH


/LVWH GHV DUWLFOHV VpOHFWLRQQpV

7KH IDPLO\ IRUXP GLUHFWLRQV IRU WKH LPSOHPHQWDWLRQ RI IDPLO\ SV\FKRHGXFDWLRQ IRU VHYHUH PHQWDO
LOOQHVV
&RKHQ $ 1 3HUOLFN ' $ *O\QQ 6 0 5RWRQGL $ - 0XUUD\ 6ZDQN $ % 6D\HUV 6 / %DUULR & 6KHUPDQ 0 ' )LVFKHU (
3 'L[RQ / 0F&XWFKHRQ 6 -

3V\FKLDWULF 6HUYLFHV

(YLGHQFH EDVHG SUDFWLFHV IRU VHUYLFHV WR IDPLOLHV RI SHRSOH ZLWK SV\FKLDWULF GLVDELOLWLHV
'L[RQ / 0F)DUODQH : 5 /HIOH\ + /XFNVWHG $ &RKHQ 0 )DOORRQ , 0XHVHU . 0LNORZLW] ' 6RORPRQ 3 6RQGKHLPHU '


3V\FKLDWULF 6HUYLFHV

3V\FKRHGXFDWLRQ LQ VFKL]RSKUHQLD ³UHVXOWV RI D VXUYH\ RI DOO SV\FKLDWULF LQVWLWXWLRQV LQ *HUPDQ\
$XVWULD DQG 6ZLW]HUODQG
5XPPHO .OXJH &K 3LWVFKHO :DO] * %lXPO - .LVVOLQJ :


6FKL]RSKUHQLD %XOOHWLQ

%DUULHUV WR FROODERUDWLRQ EHWZHHQ PHQWDO KHDOWK SURIHVVLRQDOV DQG IDPLOLHV LQ WKH FDUH RI SHUVRQV ZLWK
VHULRXV PHQWDO LOOQHVV
.DDV 0 - /HH 6 3HLW]PDQ &

,VVXHV LQ 0HQWDO +HDOWK 1XUVLQJ

$WWLWXGHV DQG SHUFHLYHG EDUULHUV WR ZRUNLQJ ZLWK IDPLOLHV RI SHUVRQV ZLWK VHYHUH PHQWDO LOOQHVV
PHQWDO KHDOWK SURIHVVLRQDOV·SHUVSHFWLYHV
.LP + : 6DO\HUV 0 3

&RPPXQLW\ 0HQWDO +HDOWK -RXUQDO

3UHGLFWRUV RI GLVVHPLQDWLRQ RI IDPLO\ SV\FKRHGXFDWLRQ LQ FRPPXQLW\ PHQWDO KHDOWK FHQWHUV LQ 0DLQH
DQG ,OOLQRLV
0F)DUODQH : 5 0F1DU\ 6 'L[RQ / +RUQE\ + &LPHWW (

3V\FKLDWULF 6HUYLFHV

5HODWLYHV RI SHUVRQV ZLWK UHFHQWO\ GLVFRYHUHG VHULRXV PHQWDO LOOQHVV LQ QHHG RI VXSSRUW WR EHFRPH
UHVRXUFH SHUVRQV LQ WUHDWPHQW DQG UHFRYHU\
1RUGE\ . .M¡QVEHUJ . +XPPHOYROO - .

-RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ

)DPLO\ LQWHUYHQWLRQ LQ URXWLQH SUDFWLFH LW·V SRVVLEOH
.HOO\ 0 1HZVWHDG /

-RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ

'HYHORSLQJ VHUYLFHV IRU WKH FDUHUV RI \RXQJ DGXOWV ZLWK HDUO\ RQVHW SV\FKRVLV LPSOHPHQWLQJ
HYLGHQFH EDVHG SUDFWLFH RQ SV\FKR HGXFDWLRQDO IDPLO\ LQWHUYHQWLRQ
6LQ - 0RRQH 1 1HZHOO -

-RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ









$QDO\VH FULWLTXH GHV DUWLFOHV


7KH )DPLO\ )RUXP GLUHFWLRQV IRU WKH LPSOHPHQWDWLRQ RI IDPLO\ SV\FKRHGXFDWLRQ IRU VHYHUH PHQWDO
LOOQHVV

3DUX HQ HW LVVX GH OD UHYXH 3V\FKLDWULF 6HUYLFHV FHW DUWLFOH HVW XQ FRPSWH UHQGX GHV WUDYDX[ PHQpV SDU XQ
SRRO G¶H[SHUWV HQ VDQWp PHQWDOH HW RX JHVWLRQ GHV V\VWqPHV GH VDQWp PpGHFLQV SV\FKRORJXHV HW LQILUPLqUH
GXUDQW XQH FRQIpUHQFH VXEYHQWLRQQpH SDU OH 'pSDUWHPHQW GHV $QFLHQV FRPEDWWDQWV GHV eWDWV 8QLV DXWRXU GH OD
TXHVWLRQ GH OD PLVH HQ °XYUH GH SURJUDPPHV GH SV\FKRpGXFDWLRQ DXSUqV GHV IDPLOOHV /HV DXWHXUV RQW XQ
LQWpUrW SRXU OD SV\FKRORJLH HW LOV RQW WRXV XQ GRFWRUDW 3K' VDXI 'L[RQ TXL HVW GRFWHXUH HQ PpGHFLQH HW GLVSRVH
G¶XQ PDVWHU HQ VDQWp SXEOLTXH 0F&XWFKHRQ LQILUPLqUH HVW GRFWHXUH HQ pGXFDWLRQ (G' pTXLYDOHQW DX 3K'
DYHF XQ DQFUDJH G¶DYDQWDJH SUDWLTXH )LVKHU D DXVVL XQ PDVWHU HQ DGPLQLVWUDWLRQ SXEOLF VHV FHQWUHV G¶LQWpUrWV
FRQFHUQHQW O¶pSLGpPLRORJLH HQ VDQWp PHQWDOH HW OH WUDYDLO DYHF OHV IDPLOOHV

/¶REMHFWLI GH FH IRUXP pWDLW G¶REWHQLU XQ FRQVHQVXV UHODWLI j XQH VWUDWpJLH YLVDQW XQH PHLOOHXUH LPSOLFDWLRQ GHV
IDPLOOHV &RPSWH WHQX GH OD SDUWLFXODULWp GH FHW DUWLFOH TXL V¶DSSDUHQWH GDQV VRQ FRQWHQX j XQH UHYXH GHV
FRQQDLVVDQFHV HW GH OD OLWWpUDWXUH LO Q¶HVW SDV IDLW PHQWLRQ GH PpWKRGH SDUWLFXOLqUH &HSHQGDQW QRWRQV TXH OHV
DXWHXUV VRQW GHV H[SHUWV UHFRQQXV GDQV QRWUH GRPDLQH G¶LQWpUrW HW SUpVHQWHQW GHV GRQQpHV HW GHV SURSRVLWLRQV
UpIpUHQFpHV GH PDQLqUH GpWDLOOpH

/¶LQWpUrW GH FHW DUWLFOH UHSRVH VXU OD PLVH HQ pYLGHQFH DSSURIRQGLH GHV GLIIpUHQWV REVWDFOHV VXUWRXW
RUJDQLVDWLRQQHOV j OD PLVH HQ °XYUH HW GLIIXVLRQ GH OD SV\FKRpGXFDWLRQ SRXU OHV IDPLOOHV /HV DXWHXUV SURSRVHQW
DXVVL XQH YLVLRQ ODUJH GHV W\SHV G¶LQWHUYHQWLRQV SV\FKRVRFLDOHV H[LVWDQWHV HW GH OHXUV FRPSOpPHQWDULWpV GDQV XQ
V\VWqPH GH VDQWp FRPPH DX[ (WDWV 8QLV


(YLGHQFH EDVHG SUDFWLFHV IRU VHUYLFHV WR IDPLOLHV RI SHRSOH ZLWK SV\FKLDWULF GLVDELOLWLHV

&HW DUWLFOH D SDUX GDQV OD UHYXH 3V\FKLDWULF 6HUYLFHV HQ ,O D pWp pFULW SDU 'L[RQ 0F)DUODQH /HIOH\
/XFNVWHG &RKHQ )DOORRQ 0XHVHU 0LNORZLW] 6RORPRQ HW 6RQGKHLPHU 0F)DUODQH HW )DOORRQ VRQW GRFWHXUV HQ
PpGHFLQH /HIOH\ /XFNVWHDG 0XHVHU HW 6RORPRQ DLQVL TXH 0LNORZLW] RQW WRXV XQ GRFWRUDW 3K' &RKHQ D HQ
SOXV XQ PDVWHU HQ VRLQV 6RQGKHLPHU XQ PDVWHU HQ VDQWp SXEOLTXH DLQVL TX¶HQ VFLHQFHV 1RWRQV TXH 'L[RQ
)DOORRQ HW 0F)DUODQH VRQW GHV UpIpUHQFHV HQ PDWLqUH GH SV\FKRpGXFDWLRQ &H GHUQLHU D SDU H[HPSOH GqV OHV
DQQpHV TXDWUH YLQJW GL[ WUDYDLOOp VXU OHV JURXSHV PXOWLIDPLOLDX[

3DUWLH G¶XQH ODUJH VpULH VXU OHV SUDWLTXHV EDVpHV VXU OHV SUHXYHV UHODWLYHV DX[ SHUVRQQHV DYHF XQH PDODGLH
SV\FKLDWULTXH DLJXH FHW DUWLFOH D SRXU EXW GH GpFULUH OD SV\FKRpGXFDWLRQ GHV IDPLOOHV OHV EDVHV GH VRQ
LGHQWLILFDWLRQ FRPPH SUDWLTXHV IRQGpHV VXU OHV SUHXYHV HW OHV EDUULqUHV j VD PLVH HQ °XYUH /HV DXWHXUV
SURSRVHQW DXVVL GHV VWUDWpJLHV SRXU VXUPRQWHU FHV EDUULqUHV

&HW DUWLFOH V¶DSSDUHQWH G¶DYDQWDJH j XQH UHYXH GH OLWWpUDWXUH HW FRQVWLWXH XQH VROLGH EDVH GH GRQQpHV SRXU OD
UHFKHUFKH UHODWLYH j OD SV\FKRpGXFDWLRQ GHV IDPLOOHV ,O UHVVRUW XQ FRQVHQVXV SDUPL OHV H[SHUWV GX FKDPS TXDQW
DX IRVVp HQWUH OHV FRQQDLVVDQFHV HW OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ HW GRQF TXDQW j OD QpFHVVLWp
G¶HIIHFWXHU SOXV GH UHFKHUFKHV j FH QLYHDX

6L FHW DUWLFOH Q¶HVW SDV LVVX GH OD UHFKHUFKH LQILUPLqUH QRXV O¶DYRQV VpOHFWLRQQp FDU LO UpSRQG GH PDQLqUH
VDWLVIDLVDQWH j FHUWDLQV GH QRV FULWqUHV OD GDWH GH SDUXWLRQ OD FUpGLELOLWp GHV DXWHXUV TXL DVVXUH OD ILDELOLWp GHV
GRQQpHV SUpVHQWpHV DLQVL TXH OHV QRPEUHX[ pOpPHQWV GLUHFWHPHQW HQ OLHQ DYHF QRWUH SUREOpPDWLTXH &HW DUWLFOH
QRXV D SHUPLV GH GpFULUH OD SV\FKRpGXFDWLRQ HQ WHUPHV GH SUDWLTXH IRQGpH VXU OHV SUHXYHV HW GH GLVSRVHU GH
FRQQDLVVDQFHV VXU OD TXHVWLRQ GX FKDQJHPHQW HW OHV VWUDWpJLHV GH PLVH HQ °XYUH





3V\FKRHGXFDWLRQ LQ VFKL]RSKUHQLD ³ UHVXOWV RI D VXUYH\ RI DOO SV\FKLDWULF LQVWLWXWLRQV LQ *HUPDQ\
$XVWULD DQG 6ZLW]HUODQG

/DUJH HQTXrWH LQWHUQDWLRQDOH HQWUH O¶$XWULFKH O¶$OOHPDJQH HW OD 6XLVVH FHW DUWLFOH GH UHFKHUFKH SDUX HQ
GDQV OD UHYXH 6FKL]RSKUHQLD %XOOHWLQ V¶LQWpUHVVH j OD SV\FKRpGXFDWLRQ GDQV OD VFKL]RSKUpQLH /HV DXWHXUV VRQW
PpGHFLQV VSpFLDOLVpV GDQV OH GRPDLQH GH OD VDQWp PHQWDOH HW DIILOLpV j O¶8QLYHUVLWp WHFKQLTXH GH 0XQLFK
5XPPHO .OXJH GRFWHXUH HQ PpGHFLQH D QRWDPPHQW SULV SDUW j OD UHFKHUFKH VXU OD SV\FKRpGXFDWLRQ PHQpH SDU
GHV SDLUV &HV FROOqJXHV 3LWVFKHO :DO] 3KG HW %lXPO GRFWHXU HQ PpGHFLQH RQW pJDOHPHQW pFULWV SOXVLHXUV
DUWLFOHV GH UHFKHUFKHV GDQV OH GRPDLQH GHV DSSURFKHV WKpUDSHXWLTXHV GH OD VFKL]RSKUpQLH 2XWUH GH QRPEUHXVHV
SXEOLFDWLRQV UHODWLYHV j OD VFKL]RSKUpQLH .LVVOLQJ GRFWHXU HQ PpGHFLQH D GpYHORSSp OH SURJUDPPH GH
SV\FKRpGXFDWLRQ 3UHODSVH

/H EXW GH FHWWH HQTXrWH HVW G¶LQYHVWLJXHU OH QRPEUH GH SDWLHQWV HW GH IDPLOOHV TXL RQW SDUWLFLSp j GHV VHVVLRQV GH
SV\FKRpGXFDWLRQ HQ ,O V¶DJLW pJDOHPHQW G¶pYDOXHU FRPPHQW OD SV\FKRpGXFDWLRQ HVW PHQpH GDQV OHV WURLV
SD\V FRQFHUQpV /HV pWDSHV HW OH SURFHVVXV GH FRQVWUXFWLRQ GH O¶HQTXrWH SDU TXHVWLRQQDLUH VRQW GpFULWV DLQVL TXH
OD PpWKRGH G¶DQDO\VH GH GRQQpHV XWLOLVpH j VDYRLU OHV VWDWLVWLTXHV GHVFULSWLYHV ,O Q¶HVW SDV IDLW PHQWLRQ G¶XQH
YDOLGDWLRQ GH OD UHFKHUFKH SDU XQ FRPLWp pWKLTXH 1RWRQV WRXWHIRLV TXH OHV DXWHXUV VH UpIqUHQW DX[ ERQQHV
SUDWLTXHV HQ PDWLqUH GH FRQGXLWH G¶HQTXrWH GH FH W\SH

&HW DUWLFOH QRXV HVW XWLOH FDU LO PHW HQ pYLGHQFH OHV OLPLWDWLRQV LQVWLWXWLRQQHOOHV j O¶DGRSWLRQ GH SUDWLTXHV GH
SV\FKRpGXFDWLRQ 'H SOXV OHV GRQQpHV H[SRVpHV SHUPHWWHQW GH FHUQHU GH PDQLqUH JOREDOH OHV FRQWHQXV HW
PRGDOLWpV GHV VHVVLRQV GH SV\FKRpGXFDWLRQ PHQpHV GDQV WURLV SD\V G¶(XURSH GRQW OD 6XLVVH FH TXL DMRXWH GH
O¶LQWpUrW j FHWWH UHFKHUFKH (QILQ IDFH DX[ UpVXOWDWV OHV DXWHXUV IRUPXOHQW GHV UHFRPPDQGDWLRQV SRXU OD
UHFKHUFKH IXWXUH HW OD SUDWLTXH


%DUULHUV WR FROODERUDWLRQ EHWZHHQ PHQWDO KHDOWK SURIHVVLRQDOV DQG IDPLOLHV LQ WKH FDUH RI SHUVRQV ZLWK
VHULRXV PHQWDO LOOQHVV

&HW DUWLFOH GH UHFKHUFKH HQ VRLQV LQILUPLHUV SDUX GDQV OD UHYXH ,VVXHV LQ 0HQWDO +HDOWK 1XUVLQJ HQ HVW pFULW
SDU .DDV /HH HW 3HLW]PDQ 7RXWHV VRQW LQILUPLqUHV SRVW JUDGXpHV VSpFLDOLVWHV HQ SUDWLTXH DYDQFpH HQ VDQWp
PHQWDOH .DDV HVW SDU DLOOHXUV GRFWHXUH HQ VFLHQFHV LQILUPLqUHV HW SURIHVVHXUH j O¶XQLYHUVLWp GX 0LQQHVRWD (OOH D
SXEOLp SOXVLHXUV DUWLFOHV GH UHFKHUFKH GDQV GHV UHYXHV GH VRLQV LQILUPLHUV HQ OLHQ DYHF OD SUREOpPDWLTXH GHV
UHSUpVHQWDWLRQV HQ VDQWp PHQWDOH QRWDPPHQW

/¶REMHFWLI GH OD UHFKHUFKH HVW G¶pYDOXHU OHV FKDQJHPHQWV G¶DWWLWXGH GHV SURIHVVLRQQHOV YLV j YLV GHV IDPLOOHV DSUqV
TX¶LOV RQW VXLYL XQ SURJUDPPH GH IRUPDWLRQ DX WUDYDLO DYHF OHV IDPLOOHV &HWWH UHFKHUFKH PHW DXVVL HQ pYLGHQFH
SOXVLHXUV REVWDFOHV j OD FROODERUDWLRQ VRLJQDQWV IDPLOOHV GX SRLQW GH YXH GHV SURIHVVLRQQHOV /¶LQWpUrW GH OD
IRUPDWLRQ HVW PLV HQ pYLGHQFH HQ WDQW TXH IDFWHXU IDYRULVDQW /HV OLPLWHV UHODWLYHV DX[ SUpMXJpV GHV VRLJQDQWV
TXDQW DX[ IDPLOOHV HW j OD SV\FKRpGXFDWLRQ VRQW pJDOHPHQW GLVFXWpHV DLQVL TXH OD FDSDFLWp OLPLWpH GHV
SURIHVVLRQQHOV j VH PRQWUHU FULWLTXH YLV j YLV GH OHXU SURSUH SUDWLTXH

/HV PRGDOLWpV GH OD UHFKHUFKH HW G¶DQDO\VH GHV GRQQpHV VRQW GpWDLOOpHV HW OH SURWRFROH D pWp YDOLGp SDU XQ FRPLWp
pWKLTXH 3DUPL OHV OLPLWHV QRQ QpJOLJHDEOHV GH FHWWH UHFKHUFKH OHV DXWHXUHV PHQWLRQQHQW OD WDLOOH GH O¶pFKDQWLOORQ
TXL SHUPHW GLIILFLOHPHQW OD JpQpUDOLVDWLRQ &HSHQGDQW HOOHV UHOqYHQW TXH OHV UpVXOWDWV YRQW GDQV OH PrPH VHQV
TXH OHV UHFKHUFKHV DQWpULHXUHV VXU OD PrPH SUREOpPDWLTXH

1RXV DYRQV FKRLVL FHW DUWLFOH FDU LO UpSRQG j QRV FULWqUHV GH VpOHFWLRQ DX QLYHDX GH OD GDWH GH SDUXWLRQ GH OD
ILDELOLWp GHV GRQQpHV SUpVHQWpHV HW GH OD FUpGLELOLWp GHV DXWHXUV 3DU DLOOHXUV FHWWH UHFKHUFKH QRXV SHUPHW
G¶LGHQWLILHU XQ FHUWDLQ QRPEUH G¶REVWDFOHV j OD FROODERUDWLRQ HQWUH SURIHVVLRQQHOV HW IDPLOOHV HQ VDQWp PHQWDOH GX
SRLQW GH YXH GHV VRLJQDQWV 6L OD SV\FKRpGXFDWLRQ IDPLOLDOH Q¶HVW SDV O¶REMHW FHQWUDO GH FHWWH UHFKHUFKH HOOH QRXV
SHUPHW WRXWHIRLV GH PLHX[ FHUQHU OHV HQMHX[ SURSUHV DX WUDYDLO DYHF OHV IDPLOOHV








$WWLWXGHV DQG SHUFHLYHG EDUULHUV WR ZRUNLQJ ZLWK IDPLOLHV RI SHUVRQV ZLWK VHYHUH PHQWDO LOOQHVV PHQWDO
KHDOWK SURIHVVLRQDOV· SHUVSHFWLYHV

&HW DUWLFOH D SDUX GDQV OH &RPPXQLW\ 0HQWDO +HDOWK -RXUQDO HQ DYULO .LP HVW SURIHVVHXUH DVVRFLpH j
O¶8QLYHUVLWp G¶,QGLDQDSROLV DX VHLQ GH OD 6FKRRO RI 6RFLDO :RUN (OOH D XQ GRFWRUDW HQ WUDYDLO VRFLDO HW VRQ FKDPS
G¶H[SHUWLVH FRQFHUQH VXUWRXW OHV ERQQHV SUDWLTXHV HQ SV\FKLDWULH FRPPXQDXWDLUH 'RFWHXUH HQ SV\FKRORJLH
6DO\HUV HVW FKDUJpH GH UHFKHUFKH DX GpSDUWHPHQW GH SV\FKRORJLH GH O¶8QLYHUVLWp GH O¶,QGLDQDSROLV (QWUH DXWUHV
DFWLYLWpV HOOH HVW pJDOHPHQW FR GLUHFWULFH GX FHQWUH G¶$VVHUWLYH &RPPXQLW\ 7UHDWPHQW GH OD PrPH YLOOH /HV
DXWHXUV Q¶DYDLHQW SDV G¶LQWpUrW VRXV MDFHQW HW OH SURMHW D pWp DSSURXYp SDU XQ RUJDQLVPH RIILFLHO

/H EXW GH FHW DUWLFOH HVW G¶H[DPLQHU GX SRLQW GH YXH GHV SURIHVVLRQQHOV GH VDQWp PHQWDOH GDQV TXHOOHV PHVXUHV
OHV SURJUDPPHV GH VDQWp IRXUQLVVHQW GHV SUHVWDWLRQV DX[ IDPLOOHV HW pJDOHPHQW G¶LGHQWLILHU OHV REVWDFOHV j
GpYHORSSHU GH WHOV VHUYLFHV (QILQ LO V¶DJLW G¶DLGHU OHV SURIHVVLRQQHOV j FRPSUHQGUH FRPPHQW PLHX[ UpSRQGUH DX[
EHVRLQV GHV IDPLOOHV HW SOXV DFWLYHPHQW OHV HQJDJHU FRPPH SDUWHQDLUHV GX WUDLWHPHQW

/D PpWKRGH D FRQVLVWp HQ O¶HQYRL GH TXHVWLRQQDLUHV DXWR DGPLQLVWUpV FRQVWUXLWV VXU OD EDVH GH UHFKHUFKHV
SUpFpGHQWHV 7UHQWH TXHVWLRQQDLUHV RQW pWp HQYR\pV j GHV FHQWUHV FRPPXQDXWDLUHV TXDWUH FHQW FLQTXDQWH WURLV
DX[ SURIHVVLRQQHOV 3DUPL OHV OLPLWHV GH OD UHFKHUFKH OHV DXWHXUHV PHQWLRQQHQW TXH WRXW OH SHUVRQQHO Q¶D SDV
FKRLVL GH UpSRQGUH TXH OH TXHVWLRQQDLUH D pWp FRQVWUXLW SRXU O¶pWXGH HW TX¶LO SHXW GRQF PDQTXHU FHUWDLQHV
WKpPDWLTXHV

2XWUH OHV FULWqUHV GH ILDELOLWp GHV DXWHXUV HW GHV GRQQpHV SUpVHQWpHV FHW DUWLFOH QRXV D SDUX SHUWLQHQW GDQV OD
PHVXUH R GH QRPEUHXVHV UpIpUHQFHV VRQW IDLWHV j GHV H[SHUWV UHFRQQXV GX FKDPS HQ OLHQ DYHF QRWUH
SUREOpPDWLTXH 0F)DUODQH HW 'L[RQ SRXU QH FLWHU TX¶HX[ 'H SOXV O¶LQWpUrW SRUWp DX[ GLIILFXOWpV GX WUDYDLO DYHF OHV
IDPLOOHV GDQV OH FRQWH[WH DFWXHO GH GpVLQVWLWXWLRQDOLVDWLRQ GH OD SV\FKLDWULH HW GH GpYHORSSHPHQW GH OD VDQWp
FRPPXQDXWDLUH QRXV SHUPHW GH IDLUH OH OLHQ DYHF QRWUH SUREOpPDWLTXH



3UHGLFWRUV RI GLVVHPLQDWLRQ RI IDPLO\ SV\FKRHGXFDWLRQ LQ FRPPXQLW\ PHQWDO KHDOWK FHQWHUV LQ 0DLQH
DQG ,OOLQRLV

&HW DUWLFOH D pWp pFULW SDU 0F)DUODQH 0F1DU\ 'L[RQ +RUQE\ HW &LPHWW HQ ,O SDUDvW GDQV OH MRXUQDO
3V\FKLDWULF 6HUYLFHV 0F1DU\ D XQ GRFWRUDW HQ SKLORVRSKLH 3K' +RUQE\ XQ PDVWHU HQ VRLQV 0$ HW &LPHWW XQ
GRFWRUDW HQ GURLW -' 0F)DUODQH HW 'L[RQ FRPPH GpMj PHQWLRQQp VRQW GHX[ H[SHUWV GX FKDPS GH OD
SV\FKRpGXFDWLRQ

/H EXW GH FHWWH UHFKHUFKH HVW G¶pWXGLHU GDQV TXHOOHV PHVXUHV LO HVW SRVVLEOH GH SUpGpWHUPLQHU OH VXFFqV GH OD
PLVH HQ °XYUH G¶LQWHUYHQWLRQV SV\FKRpGXFDWLYHV DXSUqV GHV IDPLOOHV &HFL DX PRPHQW GH OD IRUPDWLRQ GHV
VRLJQDQWV j XQ SURJUDPPH JURXSDO GH SV\FKRpGXFDWLRQ GDQV O¶,OOLQRLV HW OH 0DLQH /HV HQTXrWHV DXSUqV GHV
FOLQLFLHQV RQW SHUPLV GH GpJDJHU XQ ODUJH pYHQWDLO G¶REVWDFOHV HW GH IDFWHXUV IDFLOLWDQW

8Q TXHVWLRQQDLUH D pWp GLIIXVp DXSUqV GHV SURIHVVLRQQHOV GH TXLQ]H RUJDQLVPHV GH VDQWp PHQWDOH GDQV OH 0DLQH
HW FLQTXDQWH HW XQ GDQV O
,OOLQRLV /HV SDUWLFLSDQWV RQW pWp LQWHUURJpV LPPpGLDWHPHQW DSUqV OHXU IRUPDWLRQ LQLWLDOH HQ
SV\FKRpGXFDWLRQ IDPLOLDOH DLQVL TXH QHXI PRLV SOXV WDUG /HV FDUDFWpULVWLTXHV GpPRJUDSKLTXHV HW
LQVWLWXWLRQQHOOHV DLQVL TXH OHV SULQFLSDX[ pOpPHQWV LVVXV GH O
HQTXrWH RQW pWp DQDO\VpV SRXU LGHQWLILHU OHV IDFWHXUV
DVVRFLpV j OD PLVH HQ °XYUH GH VHUYLFHV GH SV\FKRpGXFDWLRQ IDPLOLDOH /¶DQDO\VH GHV GRQQpHV D SHUPLV DX[
DXWHXUV GH SUpGLUH GH PDQLqUH VDWLVIDLVDQWH TXHOV VLWHV SUpVHQWHUDLHQW OH SOXV GH UpXVVLWH j OD PLVH HQ °XYUH GH
OD SV\FKRpGXFDWLRQ IDPLOLDOH

&RPSDUDWLYHPHQW DX[ DXWUHV DUWLFOHV SUpVHQWDQW OHV REVWDFOHV j OD SV\FKRpGXFDWLRQ IDPLOLDOH LO V¶DJLW G¶XQH
UHFKHUFKH TXDQWLWDWLYH GRQW OHV QRPEUHX[ UpVXOWDWV QRXV RQW SHUPLV G¶LGHQWLILHU SOXVLHXUV IDFWHXUV FRQWULEXDQW j
IDFLOLWHU OD GLIIXVLRQ HW OD PLVH HQ °XYUH GHV SURJUDPPHV GH SV\FKRpGXFDWLRQ IDPLOLDOH $ O¶H[FHSWLRQ GH QRWUH
REMHFWLI GH UpXQLU XQ PD[LPXP GH UHFKHUFKHV LQILUPLqUHV FHW DUWLFOH UHPSOLVVDLW WRXV QRV FULWqUHV LQFOXVLIV HW QRXV
D SHUPLV GH GRQQHU GHV UpSRQVHV VDWLVIDLVDQWHV HW HPSLULTXHV j QRWUH TXHVWLRQ GH UHFKHUFKH





5HODWLYHV RI SHUVRQV ZLWK UHFHQWO\ GLVFRYHUHG VHULRXV PHQWDO LOOQHVV LQ QHHG RI VXSSRUW WR EHFRPH
UHVRXUFH SHUVRQV LQ WUHDWPHQW DQG UHFRYHU\

&HW DUWLFOH D SDUX HQ GDQV OH -RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ SDU 1RUGE\ .M¡QVEHUJ HW
+XPPHOYROO 1RUGE\ 3K' HVW j OD WrWH GX GpSDUWHPHQW GHV WUDLWHPHQWV HW GH OD UpKDELOLWDWLRQ GHV SV\FKRVHV j
O¶8QLYHUVLWp G
(OYHUXP HQ 1RUYqJH .M¡QVEHUJ HVW DVVLVWDQW DX VHLQ GH FH GpSDUWHPHQW HW EpQpILFLH G¶XQ PDVWHU
HQ PDQDJHPHQW GHV VRLQV +XPPHOYROO D XQ GRFWRUDW HQ VDQWp SXEOLTXH LO HVW SURIHVVHXU j OD IDFXOWp GHV VSRUWV
HW GH OD VDQWp HW HQVHLJQH SRXU OD IRUPDWLRQ FRQWLQXH HQ VRLQV LQILUPLHUV ,OV VRQW WRXV WURLV LQILUPLHUV FHUWLILpV

/H EXW GHV DXWHXUV HVW G¶H[SORUHU HW GpFULUH FH TXL IDFLOLWH O¶LPSOLFDWLRQ DFWLYH GHV SURFKHV GDQV OH WUDLWHPHQW HW OD
UpKDELOLWDWLRQ GHV SDWLHQWV VRXIIUDQW G¶XQ WURXEOH SV\FKRWLTXH UpFHPPHQW GpFRXYHUW ,O V¶DJLW pJDOHPHQW G¶LGHQWLILHU
FH TXH FRQVLGqUHQW VRLJQDQWV HW IDPLOOHV FRPPH FRQGLWLRQV QpFHVVDLUHV SRXU IDFLOLWHU O¶LPSOLFDWLRQ DFWLYH GH FHV
GHUQLHUV GDQV OH WUDLWHPHQW HW OH UpWDEOLVVHPHQW GHV SDWLHQWV 3DUWLH G¶XQ ODUJH SURMHW FHWWH UHFKHUFKH V¶HVW
FRQVWUXLWH j O¶DLGH GH TXHVWLRQQDLUHV VHORQ XQH DSSURFKH GH W\SH SKpQRPpQRORJLH 'HV IRFXV JURXS LFL KXLW
JURXSHV RQW pWp UpDOLVpV UpXQLVVDQW VRLJQDQWV HW SURFKHV /D UHFKHUFKH D pWp YDOLGpH SDU XQ RUJDQLVPH GH
FRQWU{OH

1RXV DYRQV FKRLVL FHWWH UHFKHUFKH FDU HOOH FRUUHVSRQGDLW j QRV FULWqUHV SRXU OD GDWH GH SDUXWLRQ OHV DXWHXUV HW OD
SHUWLQHQFH GHV GRQQpHV 6L O¶REMHW GH FHW DUWLFOH Q¶HVW SDV GLUHFWHPHQW OLp j QRWUH TXHVWLRQ GH UHFKHUFKH VHV
UpVXOWDWV QRXV RQW SHUPLV GH PLHX[ LGHQWLILHU FH TXH OHV SURFKHV DWWHQGHQW GHV VRLJQDQWV HQ WHUPHV G¶DWWLWXGHV HW
GH SUHVWDWLRQV 3RXU QRXV OD GLPHQVLRQ GHV EHVRLQV GHV SURFKHV pWDLW LPSRUWDQWH j H[SORUHU SRXU PLHX[
FRPSUHQGUH FHUWDLQV REVWDFOHV SHUVRQQHOV VRLJQDQWV HW EpQpILFLDLUHV TXH QRXV DYLRQV SX UHOHYHU j OD OHFWXUH GH
QRV DXWUHV DUWLFOHV


)DPLO\ LQWHUYHQWLRQ LQ URXWLQH SUDFWLFH LW·V SRVVLEOH

3DUX GDQV OD UHYXH -RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ HQ FHW DUWLFOH UHQG FRPSWH GH OD PLVH
HQ °XYUH G¶LQWHUYHQWLRQV DXSUqV GHV IDPLOOHV DX 5R\DXPH 8QL /HV DXWHXUV .HOO\ HW 1HZVWHDG VRQW LQILUPLHUV HQ
VDQWp PHQWDOH HW RQW XQ PDVWHU HQ VFLHQFHV VRFLDOHV /HV GHX[ RQW VXLYL OD IRUPDWLRQ HQ LQWHUYHQWLRQV IDPLOLDOHV
YLD OH SURJUDPPH 7KRUQ TXL HVW FHQWUp VXU OH GpYHORSSHPHQW GH FRPSpWHQFHV SHUPHWWDQW G¶DLGHU OHV SDWLHQWV
SV\FKRWLTXHV j VH UpWDEOLU

/¶REMHFWLI SRXUVXLYL SDU OHV DXWHXUV HVW GH PRQWUHU FRPPHQW GHV SURIHVVLRQQHOV HQ VDQWp PHQWDOH RQW pWp
FDSDEOHV GH PHWWUH HQ °XYUH HIILFDFHPHQW GHV LQWHUYHQWLRQV IDPLOLDOHV VWUXFWXUpHV GDQV OD SUDWLTXH TXRWLGLHQQH
GHV VRLQV ,OV GpFULYHQW WRXW G¶DERUG OH FRQWH[WH VRFLRVDQLWDLUH GDQV OHTXHO V¶HVW GpYHORSSp OH SURMHW 'H SOXV LOV
H[SOLTXHQW TXH OD PpWKRGH DGRSWpH SRXU OD PLVH HQ °XYUH GHV LQWHUYHQWLRQV IDPLOLDOHV VH EDVH VXU OHV
FRPSpWHQFHV VSpFLILTXHV j FH W\SH G¶LQWHUYHQWLRQV PDLV XWLOLVpHV GDQV OD JHVWLRQ GX FKDQJHPHQW DXSUqV GHV
SURIHVVLRQQHOV /HV GLIIpUHQWHV pWDSHV GH GpYHORSSHPHQW GX SURMHW DLQVL TXH OHV FRPSpWHQFHV XWLOLVpHV VRQW
UpIpUHQFpHV GH PDQLqUH SUpFLVH

/¶LQWpUrW GH FHW DUWLFOH UHSRVH VXU OD SUpVHQWDWLRQ GpWDLOOpH GH O¶LQWURGXFWLRQ G¶XQ PRGqOH GH SV\FKRpGXFDWLRQ GDQV
XQ UpVHDX GH VDQWp /D UpVLVWDQFH DX FKDQJHPHQW HVW XQ GHV REVWDFOHV LPSRUWDQWV DXVVL ELHQ DX QLYHDX GHV
VHUYLFHV TX¶DX QLYHDX GHV VWUXFWXUHV 2U OD IRUPDWLRQ O¶LQIRUPDWLRQ HW OH VXLYL FRQWLQX SHUPHWWHQW GH UpGXLUH FHWWH
UpVLVWDQFH VHORQ OHV DXWHXUV 'H SOXV OH SURMHW GpYHORSSp LFL PRQWUH ELHQ O¶LPSRUWDQFH G¶LQWpJUHU WRXV OHV DFWHXUV
GX UpVHDX GH VRLQV GDQV OH SURFHVVXV GH PLVH HQ °XYUH HW TXH O¶LQWHUYHQWLRQ IDPLOLDOH GRLW SRXYRLU rWUH RIIHUWH
DXVVL ELHQ HQ KRVSLWDOLVDWLRQ TXH GDQV OD FRPPXQDXWp






'HYHORSLQJ VHUYLFHV IRU WKH FDUHUV RI \RXQJ DGXOWV ZLWK HDUO\ RQVHW SV\FKRVLV LPSOHPHQWLQJ
HYLGHQFH EDVHG SUDFWLFH RQ SV\FKR HGXFDWLRQDO IDPLO\ LQWHUYHQWLRQ

3DUX GDQV OH -RXUQDO RI 3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ HQ FHW DUWLFOH IDLW VXLWH j XQH pWXGH
SKpQRPpQRORJLTXH UHODWLYH j O¶H[SpULHQFH GHV SURFKHV DLGDQWV GH MHXQHV DGXOWHV YLYDQW XQ SUHPLHU pSLVRGH
SV\FKRWLTXH GDQV OH %HUNVKLUH 5R\DXPH 8QL 6LQ HW 0RRQH VRQW LQILUPLHUV FOLQLFLHQV HQ VDQWp PHQWDOH
VSpFLDOLVWHV HQ LQWHUYHQWLRQV SV\FKRVRFLDOHV 1HZHOO HVW VSpFLDOLVp HQ WKpUDSLHV RFFXSDWLRQQHOOHV /HV WURLV
WUDYDLOOHQW DYHF XQH DSSURFKH FRPPXQDXWDLUH GH OD VDQWp PHQWDOH

&HW DUWLFOH VRXOLJQH OHV EHVRLQV FRQFUHWV GHV IDPLOOHV DLQVL TXH OHV GpYHORSSHPHQWV SUDWLTXHV HW LQLWLDWLYHV
UpFHQWHV SRXU LQWpJUHU OHV IDPLOOHV DX VHLQ GX UpVHDX GH VRLQV GX %HUNVKLUH /HV DXWHXUV LGHQWLILHQW XQ PRGqOH
VHORQ OHTXHO OHV SURFKHV HQWUHQW GDQV OH UpVHDX GH VRLQV DLQVL TXH OHV PRGDOLWpV OHV SOXV DGDSWpHV VHORQ
OHVTXHOOHV SURFKHV HW SDWLHQWV GHYUDLHQW pYROXHU GDQV OH UpVHDX

6H UpIpUDQW j OHXU UHFKHUFKH LQLWLDOH FHQWUpH VXU OHV EHVRLQV GHV SURFKHV HW SDWLHQWV OHV DXWHXUV SUpVHQWHQW OHV
VHUYLFHV TXL VH VRQW GpYHORSSpV ORFDOHPHQW SRXU UpSRQGUH j FHV EHVRLQV VSpFLILTXHV ,OV RQW GpYHORSSp XQ RXWLO
FDUH SDWKZD\ SHUPHWWDQW G¶DLGHU OHV VRLJQDQWV HW OHV SURFKHV j DFFpGHU DX VHUYLFH GH VRLQV OH SOXV DGDSWp DX
PRPHQW G¶XQ SUHPLHU pSLVRGH SV\FKRWLTXH &HW RXWLO SHUPHW G¶LGHQWLILHU OHV EHVRLQV HW OHV PR\HQV SRVVLEOHV SRXU
OHV VRLJQDQWV DILQ G¶RIIULU XQH SULVH HQ FKDUJH RSWLPDOH SRXU OH SDWLHQW HW VHV SURFKHV ORUV GX SUHPLHU pSLVRGH

%LHQ TXH PRLQV FHQWUp VXU OHV REVWDFOHV j OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ DXSUqV GHV IDPLOOHV FHW
DUWLFOH QRXV HVW XWLOH GDQV OD PHVXUH R LO PHW HQ pYLGHQFH XQ SURFHVVXV FRPSOH[H SDU OHTXHO OHV SURFKHV HQWUHQW
HQ FRQWDFW DYHF OH V\VWqPH GH VDQWp PHQWDOH HW \ pYROXHQW &RQVWUXLW VXU XQH pWXGH GHV EHVRLQV GHV SURFKHV OH
PRGqOH H[SRVp QRXV GRQQH XQ H[HPSOH GpWDLOOp GH ERQQHV SUDWLTXHV HQ PDWLqUH GH SV\FKRpGXFDWLRQ GHV IDPLOOHV
SURFHVVXV HW RUJDQLVDWLRQ 3DU FH ELDLV LO QRXV HVW SRVVLEOH GH GpJDJHU GH PDQLqUH LQGLUHFWH TXHOTXHV
REVWDFOHV TXH OH SURMHW H[SRVp WHQG j VXUPRQWHU GDQV OD SUDWLTXH







&RPSDUDLVRQ GHV UpVXOWDWV


7DEOHDX DUWLFOHV PHWWDQW HQ pYLGHQFH OHV REVWDFOHV DX[ QLYHDX[ LQVWLWXWLRQQHO HW RUJDQLVDWLRQQHO
(WXGH

%XV 4XHVWLRQ GH UHFKHUFKH

&RKHQ HW DO

•


•

•

•

'L[RQ HW DO


•

•

)DLUH O¶pWDW GHV OLHX[ GH OD
SV\FKRpGXFDWLRQ
IDPLOLDOH
GDQV OH V\VWqPH GH VDQWp
QRUG DPpULFDLQ
,GHQWLILHU XQ FRQVHQVXV TXDQW
DX[ VWUDWpJLHV IXWXUHV GHYDQW
IDYRULVHU O¶LPSODQWDWLRQ GH OD
SV\FKRpGXFDWLRQ
IDPLOLDOH
GDQV OD SUDWLTXH

'pFULUH OD SV\FKRpGXFDWLRQ
GHV IDPLOOHV

,GHQWLILHU OHV pOpPHQWV TXL
IRQGHQW OD SV\FKRpGXFDWLRQ
IDPLOLDOH FRPPH SUDWLTXH
EDVpH VXU OHV SUHXYHV
,GHQWLILHU OHV REVWDFOHV j OD
PLVH HQ °XYUH GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH
3URSRVHU GHV VWUDWpJLHV SRXU
VXUPRQWHU OHV REVWDFOHV j OD
PLVH HQ °XYUH GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH

0pWKRGH

5pVXOWDWV SULQFLSDX[

,PSOLFDWLRQV SUDWLTXHV

$FWH GH FRQJUqV
• 5HYXH GH OLWWpUDWXUH
• &RQVWUXFWLRQ G¶XQ PRGqOH
KHXULVWLTXH GHV LQWHUYHQWLRQV
SV\FKRVRFLDOHV SRXU OHV
IDPLOOHV HW SDWLHQWV EDVp VXU OD
OLWWpUDWXUH

)DFWHXUV IDYRULVDQW O·LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ
• &RQQDLVVDQFH GHV PpFDQLVPHV GH OD SV\FKRpGXFDWLRQ
IDPLOLDOH HW GHV UDLVRQV GH VRQ HIILFDFLWp
• 6RXWLHQ FRQVLVWDQW DX[ SDUWHQDLUHV GH OD PLVH HQ °XYUH
GH OD SV\FKRpGXFDWLRQ IDPLOLDOH
• 4XDOLWp GH OD IRUPDWLRQ HW GH OD VXSHUYLVLRQ GHV
SURIHVVLRQQHOV
• )LQDQFHPHQW GH OD PLVH HQ °XYUH GH OD
SV\FKRpGXFDWLRQ HW GHV VWUXFWXUHV FHQWUpHV VXU OHV
IDPLOOHV IDPLO\ IULHQGO\ DJHQF\

(YDOXDWLRQ GHV LQWHUYHQWLRQV
• 6\QWKqVH GHV RXWLOV G¶pYDOXDWLRQV OLpV DX[ GLIIpUHQWV
IDFWHXUV HQ MHX GDQV OH WUDLWHPHQW GH OD VFKL]RSKUpQLH

6WUDWpJLHV FRPSOpPHQWDLUHV j OD SV\FKRpGXFDWLRQ
• ,QWpJUHU OHV GLIIpUHQWHV DSSURFKHV GHV LQWHUYHQWLRQV IDPLOLDOHV GDQV
XQ HVSULW GH FRPSOpPHQWDULWp
• 1pFHVVLWp GH GLVSRVHU GH UHFKHUFKHV HPSLULTXHV UHODWLYHV j
O¶HIILFDFLWp GHV LQWHUYHQWLRQV SV\FKRVRFLDOHV PRLQV LQWHQVLYHV TXH OD
SV\FKRpGXFDWLRQ IDPLOLDOH
• 'pYHORSSHPHQW G¶XQ PRGqOH KHXULVWLTXH GHV LQWHUYHQWLRQV
SV\FKRVRFLDOHV SRXU OHV SDWLHQWV HW SURFKHV


$UWLFOH GH UpIOH[LRQ
• 'pILQLWLRQ GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH
• (WDW GH OD UHFKHUFKH DFWXHOOH
• $QDO\VH GHV REVWDFOHV j OD
SV\FKRpGXFDWLRQ IDPLOLDOH

7URLV QLYHDX[ G·REVWDFOHV
• 3DWLHQWV HW SURFKHV
¾ 0DQTXH GH WHPSV
¾ /LPLWHV JpRJUDSKLTXHV
¾ )DUGHDX ILQDQFLHU
¾ &UDLQWH UHODWLYH j OD FRQILGHQWLDOLWp
¾ 5HSUpVHQWDWLRQV QpJDWLYHV GH OD SV\FKLDWULH
¾ 6WLJPDWLVDWLRQ
¾ 0DQTXH GH FRQILDQFH HQYHUV OHV VRLJQDQWV

• 6RLJQDQWV HW FDGUHV
¾ 0DQTXH GH VRXWLHQ LQVWLWXWLRQQHO
¾ 5HVVRXUFHV KXPDLQHV LQVXIILVDQWHV
¾ 0DQTXH GH WHPSV
¾ 2EMHFWLIV GH UpGXFWLRQ GHV FR€WV
¾ 0DQTXH GH IRUPDWLRQ
¾ 6FHSWLFLVPH
¾ 0DQTXH GH YLVLELOLWp GH O¶HIILFDFLWp GH OD
SV\FKRpGXFDWLRQ
¾ &UDLQWH UHODWLYH j OD FRQILGHQWLDOLWp

• 6\VWqPH VRFLR VDQLWDLUH
¾ 'pIDXW GH ILQDQFHPHQW GH OD SV\FKRpGXFDWLRQ
IDPLOLDOH
¾ )DLEOH PRELOLVDWLRQ GHV UpVHDX[ FRPPXQDXWDLUHV


6XUPRQWHU OHV REVWDFOHV
• 3DWLHQWV HW SURFKHV
¾ 5HGRQQHU GH O¶HVSRLU
¾ /XWWHU FRQWUH OD VWLJPDWLVDWLRQ
¾ )DYRULVHU OD SDUWLFLSDWLRQ GHV IDPLOOHV GDQV OD PLVH HQ °XYUH
GHV SURJUDPPHV
¾ 5HQIRUFHU OHV UHVVRXUFHV FRPPXQDXWDLUHV

• 6RLJQDQWV HW FDGUHV
¾ $GDSWHU OHV VWUDWpJLHV GH PLVH HQ °XYUH HW OHV LQWHUYHQWLRQV
DX[ FRQWH[WHV HW UpDOLWpV GHV VHUYLFHV
¾ 6XSHUYLVLRQ HW VRXWLHQ FRQWLQX

• 6\VWqPH VRFLRVDQLWDLUH
¾ 3DUWHQDULDW HQWUH O¶pWDW OHV FHQWUHV XQLYHUVLWDLUHV OHV
LQVWLWXWLRQV GH VDQWp PHQWDOH OD FRPPXQDXWp HW OHV
DVVXUDQFHV
¾ &UpDWLRQ GH SRVWHV GH OLDLVRQ HQWUH OHV GLIIpUHQWV SDUWHQDLUHV

'pYHORSSHU OD UHFKHUFKH
• &RPSOpPHQWDULWp HQWUH OD SV\FKRpGXFDWLRQ HW OHV DXWUHV W\SHV
G¶LQWHUYHQWLRQV SV\FKRVRFLDOHV
• $GDSWDELOLWp GH OD SV\FKRpGXFDWLRQ DX[ GLIIpUHQWHV SKDVHV GX WURXEOH
W\SHV GH IDPLOOHV HW FRQWH[WHV
• 4XHOOH FRQWLQXLWp GX VXLYL DSUqV O¶DFKqYHPHQW G¶XQ SURJUDPPH GH
SV\FKRpGXFDWLRQ IDPLOLDOH "










(WXGH

%XWV 4XHVWLRQ GH UHFKHUFKH

5XPPHO .OXJH HW DO

•

•

•




(YDOXHU OH QRPEUH GH SDWLHQWV
HW GH IDPLOOHV TXL RQW SDUWLFLSp
j GHV SURJUDPPHV GH
SV\FKRpGXFDWLRQ HQ 6XLVVH
$OOHPDJQH HW $XWULFKH HQ


(YDOXHU
FRPPHQW
OD
SV\FKRpGXFDWLRQ HVW PHQpH
GDQV OHV WURLV SD\V FRQFHUQpV

0pWKRGH

(QTXrWH SDU TXHVWLRQQDLUH
• &RQVWUXLW VXU OD EDVH GH
UHFKHUFKHV DQWpULHXUHV HW
EUDLQVWRUPLQJ
• &KRL[ PXOWLSOH HW TXHVWLRQV
RXYHUWHV
• 3DUWLH V¶DGUHVVDQW DX[
GLUHFWLRQV G¶LQVWLWXWLRQV
• 3DUWLH V¶DGUHVVDQW DX[
LQWHUYHQDQWV GLUHFWV

)RFXV VXU OHV UpVXOWDWV UHODWLIV $QDO\VH GHV GRQQpHV
j OD VFKL]RSKUpQLH
• 6WDWLVWLTXH GHVFULSWLYH


3RSXODWLRQ
• +{SLWDX[ HW LQVWLWXWLRQV
SV\FKLDWULTXHV HQ 6XLVVH
$OOHPDJQH HW $XWULFKH 1

• ,QWHUYHQDQWV GLUHFWV GDQV OHV
VHVVLRQV GH SV\FKRpGXFDWLRQ
1

5pVXOWDWV SULQFLSDX[

,PSOLFDWLRQV SUDWLTXHV

2IIUH HQ SV\FKRpGXFDWLRQ SRXU OD VFKL]RSKUpQLH
• GHV LQVWLWXWLRQV D\DQW UpSRQGXV 1

'HVLJQ GHV SURJUDPPHV SV\FKRpGXFDWLIV SURSRVpV
• /D SOXSDUW GHV LQVWLWXWLRQV UpSRQGDQWHV RIIUHQW GHV
SURJUDPPHV GH SV\FKRpGXFDWLRQ TXL UHVSHFWHQW OHV
UHFRPPDQGDWLRQV GH ERQQHV SUDWLTXHV HQ OD PDWLqUH
• /D PDMRULWp GHV LQWHUYHQDQWV VRQW PpGHFLQV RX
SV\FKRORJXHV /H SHUVRQQHO LQILUPLHU UHSUpVHQWH
GHV LQWHUYHQDQWV SULQFLSDX[ (Q 6XLVVH FH FKLIIUH
PRQWH j

3DUWLFLSDWLRQ HIIHFWLYH GHV SDWLHQWV HW IDPLOOHV
• GHV SDWLHQWV VRXIIUDQW GH VFKL]RSKUpQLH
• GHV IDPLOOHV GH FHV SDWLHQWV
• GHV SDWLHQWV GDQV OHV LQVWLWXWLRQV TXL SURSRVHQW GH
OD SV\FKRpGXFDWLRQ
• GHV IDPLOOHV GDQV FHV PrPHV LQVWLWXWLRQV

5pVXOWDWV LQGLUHFWV UHODWLIV DX[ REVWDFOHV j OD
SV\FKRpGXFDWLRQ
• )RVVp HQWUH UpVXOWDWV VFLHQWLILTXHV HW UpDOLWp FOLQLTXH
WRXMRXUV LPSRUWDQW


$XJPHQWHU OH QRPEUH GH EpQpILFLDLUHV GH SURJUDPPHV
• $MXVWHU OD IUpTXHQFH GHV VHVVLRQV
• /REE\LQJ SRXU XQ ILQDQFHPHQW DGDSWp GH OD SV\FKRpGXFDWLRQ
• ,QWpJUHU SOXV G¶LQWHUYHQDQWV GDQV OD FRQGXLWH GHV VHVVLRQV LPSOLTXHU
WRXWH O¶pTXLSH SOXULGLVFLSOLQDLUH

5HFRPPDQGDWLRQV SRXU OD UHFKHUFKH
• *URXSHV SV\FKRpGXFDWLIV SDU OHV SDLUV SHHU WR SHHU


























7DEOHDX DUWLFOHV GH UHFKHUFKH FHQWUpV VXU OH SRLQW GH YXH GHV VRLJQDQWV HW RX GHV IDPLOOHV
(WXGH

%XWV 4XHVWLRQ GH UHFKHUFKH
•

.DDV HW DO

•

•

0pWKRGH

5pVXOWDWV SULQFLSDX[

,PSOLFDWLRQV SUDWLTXHV

(YDOXHU OHV FKDQJHPHQWV
G¶DWWLWXGHV HW GH SUDWLTXHV
FOLQLTXHV HQYHUV OHV IDPLOOHV
DSUqV
OD
IRUPDWLRQ
3URIHVVLRQDO 3URYLGHU )DPLO\
(GXFDWLRQ &RXUV 33 )(& GH
OD 1DWLRQDO $OOLDQFH IRU WKH
0HQWDOO\ ,OO 1$0,

,GHQWLILHU OD QDWXUH HW OD JUDYLWp
GHV
EDUULqUHV
j
OD
FROODERUDWLRQ
HQWUH
SURIHVVLRQQHOV HW IDPLOOHV

4XHOOHV EDUULqUHV j OD
FROODERUDWLRQ DYHF OHV
IDPLOOHV VRQW LGHQWLILpHV SDU
OHV SURIHVVLRQQHOV "

(QTXrWH SDU TXHVWLRQQDLUH
• 'HVFULSWLYH HW UpWURVSHFWLYH
• )RFXV JURXSV 1

$QDO\VH GHV GRQQpHV
• 6WDWLVWLTXH GHVFULSWLYH

3RSXODWLRQ
• 3URIHVVLRQQHOV D\DQW VXLYL OH
FRXUV 33 )(& 1



$PpOLRUHU OD FROODERUDWLRQ IDPLOOHV VRLJQDQWV
•
3UHQGUH HQ FRQVLGpUDWLRQ OHV EHVRLQV GHV IDPLOOHV
•
7HQLU FRPSWH GHV GLIIpUHQWV QLYHDX[ G¶LQWpUrW GHV
IDPLOOHV j V¶LPSOLTXHU
•
)RUW EHVRLQ HW YRORQWp H[SULPpV SDU OHV VRLJQDQWV GH VH
IRUPHU HW UHFHYRLU GHV IRUPDWLRQV FRQWLQXHV GDQV OH
GRPDLQH
•
'pYHORSSHU GHV JXLGHOLQHV FODLUV


([DPLQHU GX SRLQW GH YXH GHV
VRLJQDQWV GDQV TXHOOHV
PHVXUHV OHV SURJUDPPHV GH
VDQWp PHQWDOH IRXUQLVVHQW GHV
VHUYLFHV DX[ IDPLOOHV

,GHQWLILHU OHV REVWDFOHV j
GpYHORSSHU GH WHOV VHUYLFHV

$LGHU OHV SURIHVVLRQQHOV j
FRPSUHQGUH FRPPHQW PLHX[
UpSRQGUH DX[ EHVRLQV GHV
IDPLOOHV HW SOXV DFWLYHPHQW OHV
HQJDJHU FRPPH SDUWHQDLUH GX
WUDLWHPHQW

(QTXrWH SDU TXHVWLRQQDLUH
• 4XHVWLRQQDLUH DXWR DGPLQLVWUp
EDVp VXU GHV UHFKHUFKHV
DQWpULHXUHV

$QDO\VH GHV GRQQpHV
• 6WDWLVWLTXH GHVFULSWLYH

3RSXODWLRQ
• &HQWUHV FRPPXQDXWDLUHV GH
VDQWp PHQWDOH 1
• 3URIHVVLRQQHOV 1
LQILUPLHUV

&KDQJHPHQW GDQV OHV DWWLWXGHV GHV VRLJQDQWV HQYHUV OHV IDPLOOHV
• &KH] GX SDQHO
• &RQVFLHQFH GX IDUGHDX GHV IDPLOOHV
• 6HQVLELOLWp DX[ EHVRLQV GHV IDPLOOHV
• '¶DYDQWDJH G¶HPSDWKLH
• ,QWpJUDWLRQ GHV IDPLOOHV GDQV OHV GLVFXVVLRQV DYHF OH SDWLHQW
• &RPPXQLFDWLRQ DYHF OHV IDPLOOHV LQIRUPDWLRQ HW VRXWLHQ

2EVWDFOHV SHUoXV OLpV DX[ VRLJQDQWV LQVWLWXWLRQV
• 0DQTXH GH WHPSV
• 0DQTXH GH VRXWLHQ HW G¶LQFLWDWLRQV LQVWLWXWLRQQHOOHV
• 0DQTXH GH IRUPDWLRQ FRPSpWHQFHV H[SHUWLVH PDWpULHO GLGDFWLTXH
• 'pIDXW GH YLVLELOLWp GH O¶HIILFDFLWp GHV LQWHUYHQWLRQV SV\FKRpGXFDWLYHV
• 7HQVLRQV HQWUH LQWHUYHQLU DXSUqV GX SDWLHQW HW GH VD IDPLOOH
• 1RQ DGKpVLRQ VFHSWLFLVPH
• 'LIILFXOWpV GH FRPPXQLFDWLRQ DYHF OH SDWLHQW HW VD IDPLOOH

2EVWDFOHV SHUoXV OLpV DX[ IDPLOOHV SDWLHQWV
• )DUGHDX ILQDQFLHU
• 6HQWLPHQWV GH FXOSDELOLWp KRQWH UHVSRQVDELOLWp SHUWH G¶HVSRLU
• 'LIILFXOWpV j FRPPXQLTXHU DYHF OHV VRLJQDQWV
• 6WLJPDWLVDWLRQ
• $WWLWXGHV GHV VRLJQDQWV PDQTXH GH FRQILDQFH HQYHUV OHV VRLJQDQWV
• 0DQTXH GH FRQQDLVVDQFHV HW GH FRPSUpKHQVLRQ GH OD PDODGLH
• 'pQL GH O¶LPSRUWDQFH GX WURXEOH
• $QWpFpGHQWV GH WURXEOHV DX VHLQ GHV IDPLOOHV
• /HV VRLJQDQWV GH FHWWH pWXGH RQW HQ JpQpUDO SHX GH FRQWDFW DYHF OHV
IDPLOOHV
• /HV VRLJQDQWV SURSRVHQW SHX GH VHUYLFHV DX[ IDPLOOHV
• /HV LQWHUYHQWLRQV OHV SOXV IUpTXHQWHV VRQW OH VRXWLHQ pPRWLRQQHO HW OHV
FRQVHLOV SUDWLTXHV

2EVWDFOHV LGHQWLILpV
• 0DQTXH GH IRUPDWLRQ
• 0DQTXH GH VRXWLHQ LQVWLWXWLRQQHO
• 1DWXUH FRPSOH[H GX WUDYDLO DYHF OHV IDPLOOHV
• 3UREOqPHV RUJDQLVDWLRQQHOV
• 0DQTXH G¶LQWpUrWV GHV IDPLOOHV



.LP 6DO\HUV

•

•

•






•

•
•
•
•

'RQQHU OHV PR\HQV DX[ SURIHVVLRQQHOV GH V¶pYDOXHU VH
UHPHWWUH HQ TXHVWLRQ VH IRUPHU IRXUQLU GHV VHUYLFHV
DX[ IDPLOOHV
&KDQJHU OHV SHUFHSWLRQV TX¶RQW OHV VRLJQDQWV GHV
IDPLOOHV
3ULVH GH FRQVFLHQFH GH O¶LPSDFW GHV DWWLWXGHV GHV
VRLJQDQWV VXU O¶LPSOLFDWLRQ GHV IDPLOOHV
)RUPXOHU GHV SROLWLTXHV VSpFLILTXHV GHV LQIRUPDWLRQV
FODLUHV
3ULVH HQ FRPSWH GHV EHVRLQV GHV IDPLOOHV HW GHV
VRLJQDQWV





(WXGH

%XWV 4XHVWLRQ GH UHFKHUFKH

0F)DUODQH HW DO

•

•

'pWHUPLQHU V¶LO HVW SRVVLEOH GH
SUpGLUH OH VXFFqV GH
O¶LPSODQWDWLRQ
GH
OD
SV\FKRpGXFDWLRQ IDPLOLDOH DX
PRPHQW GH OD IRUPDWLRQ GHV
LQWHUYHQDQWV
,GHQWLILHU OHV FDUDFWpULVWLTXHV
OLpHV DX[ V\VWqPHV HW DX[
FOLQLFLHQV TXL VRQW DVVRFLpHV j
OD UpXVVLWH RX QRQ GH
O¶LPSODQWDWLRQ
GH
OD
SV\FKRpGXFDWLRQ IDPLOLDOH



0pWKRGH

5pVXOWDWV SULQFLSDX[

(QTXrWH SDU TXHVWLRQQDLUH
• $ OD ILQ GH OD IRUPDWLRQ GHV
SURIHVVLRQQHOV
(QWUHWLHQV GH VXLYL
• PRLV DSUqV O¶HQTXrWH
• (QWUHWLHQV VHPL VWUXFWXUpV

$QDO\VH GHV GRQQpHV
• 6WDWLVWLTXH LQIpUHQWLHOOH
• 6WDWLVWLTXH ELYDULpH WHVW W
• $QDO\VH GH UpJUHVVLRQ PXOWLSOH
DQDO\VH PXOWLYDULpH

3RSXODWLRQ 1
• GH FOLQLFLHQV
• GH FDGUHV SURFKHV HW
SDWLHQWV
• VLWHV VXU GHX[ pWDWV 0DLQH
HW ,OOLQRLV
• GHV UpSRQGDQWV YLHQQHQW
GX 0DLQH

•



1RUGE\ HW DO

•


•



'pFULUH FH TXL IDFLOLWH
O¶LPSOLFDWLRQ GHV SURFKHV GDQV
OH WUDLWHPHQW GHV PHPEUHV GH
OHXU IDPLOOH VRXIIUDQW G¶XQ
WURXEOH
SV\FKRWLTXH
UpFHPPHQW GpFRXYHUW
4XH FRQVLGqUHQW SURFKHV HW
VRLJQDQWV
FRPPH
FRQGLWLRQV
QpFHVVDLUHV
SRXU
IDFLOLWHU
XQH
LPSOLFDWLRQ DFWLYH GHV
SURFKHV GDQV OH WUDLWHPHQW
HW OH UpWDEOLVVHPHQW GHV
SDWLHQWV "

(QTXrWH GH W\SH
SKpQRPpQRORJLTXH
• )RFXV JURXSV 1
• VHVVLRQV VRLJQDQWV SURFKHV
HW PL[WHV

$QDO\VH GHV GRQQpHV
• 4XDOLWDWLYH GH FRQWHQX
• 6RXPLVVLRQ GH OD qUH DQDO\VH
DX[ SDUWLFLSDQWV

3RSXODWLRQ
• 8QLWpV GH SV\FKLDWULH
KRVSLWDOLqUH 1
• 6RLJQDQWV 1
• 3URFKHV 1

•
•

•

,PSOLFDWLRQV SUDWLTXHV

/¶DQDO\VH PXOWLYDULpH SHUPHW GH GUHVVHU XQ PRGqOH SUpGLFWLI
VDWLVIDLVDQW GH O¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH VXU QHXI
PRLV
/D YDULDEOH OD SOXV VLJQLILFDWLYH HVW O¶pWDW GDQV OHTXHO V¶HVW GpURXOpH
O¶LPSODQWDWLRQ
3OXV OHV IDFWHXUV ILQDQFLHUV HW RSpUDWLRQQHOV RQW pWp SHUoXV FRPPH XQ
REVWDFOH HW PRLQV OHV LQFLWDWLRQV RQW pWp SHUoXHV FRPPH XWLOHV
PHLOOHXUV RQW pWp OHV SURJUqV
/HV SUHXYHV HPSLULTXHV GH O¶HIILFDFLWp GHV WUDLWHPHQWV SV\FKRpGXFDWLIV
RQW SHX G¶LPSDFW VXU OHV SURIHVVLRQQHOV HW LQVWLWXWLRQV V¶LOV QH VRQW SDV
GDQV XQ FRQWH[WH DFDGpPLTXH


2EVWDFOHV SULQFLSDX[ SHUoXV LGHQWLILpV
• 3UHVVLRQV VXU OH SHUVRQQHO
• 'HPDQGHV H[FHVVLYHV
• 0DQTXH GH ILQDQFHPHQW GHV WUDLWHPHQWV QRQ FRQYHQWLRQQHOV
• 'XUpH GX WUDLWHPHQW SV\FKRpGXFDWLI

)DFWHXUV LQFLWDWLIV SHUoXV
• &RQVXOWDQWV H[WHUQHV
• &RQWLQXLWp GX VRXWLHQ GHV IRUPDWHXUV
• ,PSOLFDWLRQ SUpFRFH GHV SDUWLFLSDQWV GDQV OH SURFHVVXV
• &RQWDFW DYHF OHV FUpDWHXUV GH SURJUDPPHV
• 0LVH HQ °XYUH SDU pWDSHV

2EVWDFOHV LGHQWLILDEOHV j O·LPSOLFDWLRQ GHV SURFKHV
• 0DQTXH G¶LQIRUPDWLRQ GHV IDPLOOHV
• 0DQTXH GH FRQILDQFH GHV IDPLOOHV HQYHUV OHV VRLJQDQWV
• 0DQTXH GH FRQILDQFH HQ VRL GHV SURFKHV
• ,QFHUWLWXGH IDFH j O¶DYHQLU
• 0DQTXH GH VXLYL HW GH FRQWLQXLWp GHV VRLQV

)DFWHXUV IDYRULVDQW O·LPSOLFDWLRQ GHV SURFKHV
• $WWLWXGH HPSDWKLTXH GHV VRLJQDQWV
• 6RXWLHQ HW DFFRPSDJQHPHQW GHV SURFKHV FHQWUpV VXU OHXUV EHVRLQV
• 5HFRQQDvWUH O¶H[SHUWLVH GHV IDPLOOHV
• &RPPXQLTXHU XQ GLVFRXUV UpDOLVWH IDYRULVH O¶HVSRLU






6RXWHQLU OH FKDQJHPHQW HW O·DGRSWLRQ GH QRXYHOOHV
SUDWLTXHV GDQV OH GRPDLQH GHV LQWHUYHQWLRQV
SV\FKRVRFLDOHV

• /HV UpVXOWDWV GH UHFKHUFKHV GHYUDLHQW V¶DFFRPSDJQHU
G¶XQH FRPPXQLFDWLRQ TXL VRLW SURIHVVLRQQHOOH HW IDLUH
SDUWLH G¶XQH VWUDWpJLH GH FKDQJHPHQW JOREDOH TXL
UHVSHFWH OHV SUDWLTXHV DFWXHOOHV
• /D FRQVWUXFWLRQ G¶XQ FRQVHQVXV HQWUH OHV SDUWHQDLUHV
SHUPHW G¶RSWLPLVHU OHV UpVXOWDWV G¶XQ SODQ GH
FKDQJHPHQW GH SUDWLTXHV
• ,PSRUWDQFH GH O¶HQJDJHPHQW GHV SURIHVVLRQQHOV SRXU OH
VXFFqV GH OD PLVH HQ °XYUH GH QRXYHOOHV SUDWLTXHV
• ,PSRUWDQFH GX VRXWLHQ LQVWLWXWLRQQHO HW SXEOLF
• ,PSRUWDQFH GH OD IRUPDWLRQ HW GH O¶LQIRUPDWLRQ GDQV OH
SURFHVVXV GH FKDQJHPHQW

•
•

•
•

/HV SURFKHV GHYUDLHQW rWUH LPSOLTXpV GqV OH GpEXW GH OD
SULVH HQ FKDUJH GHV SDWLHQWV
/HV SURIHVVLRQQHOV GHYUDLHQW G¶HPEOpH pYDOXHU OHV
EHVRLQV GHV IDPLOOHV HW SURSRVHU GHV LQIRUPDWLRQV
DGDSWpHV HW LQGLYLGXDOLVpHV
5HFRQQDvWUH OD FRPSpWHQFH GHV IDPLOOHV HVW HVVHQWLHO
5HGRQQHU GH O¶HVSRLU DX[ IDPLOOHV HVW HVVHQWLHO




7DEOHDX DUWLFOHV UHQGDQW FRPSWH GH O·LPSODQWDWLRQ GH VHUYLFHV GH SV\FKRpGXFDWLRQ IDPLOLDOH
(WXGH

%XWV 4XHVWLRQ GH UHFKHUFKH

.HOO\ 1HZVWHDG

•


•

•

6LQ HW DO




5HQGUH FRPSWH GX
GpYHORSSHPHQW GH VHUYLFHV
G¶LQWHUYHQWLRQV IDPLOLDOHV SRXU
OD VFKL]RSKUpQLH GDQV OH
'RUVHW 8.
'pFULUH OH SURFHVVXV
G¶LPSODQWDWLRQ G¶LQWHUYHQWLRQV
IDPLOLDOHV VWUXFWXUpHV

'pFULUH OH GpYHORSSHPHQW GH
SUDWLTXHV HW GH VHUYLFHV YLVDQW
j SURPRXYRLU XQH DSSURFKH
LQWpJUDWLYH GHV IDPLOOHV GDQV
OHV QRXYHOOHV SUHVWDWLRQV
G¶LQWHUYHQWLRQV SUpFRFHV SRXU
OHV WURXEOHV SV\FKRWLTXHV GDQV
OH %HUNVKLUH 8.

0pWKRGH

5pVXOWDWV SULQFLSDX[

$QDO\VH GH SURFHVVXV
• &RQWH[WXDOLVDWLRQ HW
SUREOpPDWLVDWLRQ
• 'pILQLWLRQ GH OD VWUDWpJLH PLVH
HQ °XYUH
• 'HVFULSWLRQ UpIpUHQFpH GHV
FRQFHSWV FHQWUDX[ GH FHWWH
VWUDWpJLH
• (YDOXDWLRQ GHV VHUYLFHV PLV HQ
°XYUHV SDU OH ELDLV G¶XQ
TXHVWLRQQDLUH GH VDWLVIDFWLRQ

3RSXODWLRQ FRQFHUQpH
• 3URIHVVLRQQHOV DFWLIV GDQV OHV
VHUYLFHV SURIHVVLRQQHOV HW
QRQ SURIHVVLRQQHOV DFWLIV GDQV
OD FRPPXQDXWp

•

$QDO\VH GH SURFHVVXV
• %DVp VXU XQH UHFKHUFKH
SKpQRPpQRORJLTXH
• 5DSSHO GHV UpVXOWDWV
SULQFLSDX[ GH OD UHFKHUFKH
LQLWLDOH
• 'HVFULSWLRQ UpIpUHQFpH GX
PRGqOH G¶LQWHUYHQWLRQ
GpYHORSSp

0pWKRGH G·pYDOXDWLRQ GX
SURFHVVXV
• 3URWRFROHV G¶DXGLW VSpFLILTXHV
• 4XHVWLRQQDLUHV
• 6WDWLVWLTXHV

3RSXODWLRQ FRQFHUQpH
• )DPLOOHV HW SDWLHQWV DX
PRPHQW G¶XQ SUHPLHU pSLVRGH
SV\FKRWLTXH
• ,QWHUYHQDQWV HQ KRVSLWDOLHU
DPEXODWRLUH HW PLOLHX[
FRPPXQDXWDLUHV

•
•
•

,PSOLFDWLRQV SUDWLTXHV

$SSOLFDWLRQ GH PpWKRGHV HW XWLOLVDWLRQ GH FRPSpWHQFHV SURSUHV DX[
LQWHUYHQWLRQV IDPLOLDOHV SRXU VXUPRQWHU OHV REVWDFOHV j OD PLVH HQ
°XYUH HW JpUHU OH FKDQJHPHQW
,QWpJUDWLRQ GHV SDWLHQWV HW SURFKHV GDQV O¶pYDOXDWLRQ GHV VHUYLFHV
SURSRVpV DXJPHQWH OD TXDOLWp GHV LQWHUYHQWLRQV
,PSRUWDQFH GX FRQWH[WH VRFLRSROLWLTXH GDQV OD PLVH HQ °XYUH GX
FKDQJHPHQW
)OH[LELOLWp GDQV OHV KRUDLUHV G¶LQWHUYHQWLRQV SRXU OHV EpQpILFLDLUHV
FRPPH SRXU OHV LQWHUYHQDQWV
&RQWLQXLWp GHV VRLQV

•

2EVWDFOHV LGHQWLILpV
• 3HUVRQQHO FULWLTXH j O¶pJDUG GHV LQWHUYHQWLRQV IDPLOLDOHV
• 3HXU GX FKDQJHPHQW


•
•
•
•
•
•

7HQLU FRPSWH GHV DXWUHV SULRULWpV GHV SURIHVVLRQQHOV
HQJDJpV GDQV OH SURFHVVXV GH PLVH HQ °XYUH
,QIRUPHU OHV SDUWHQDLUHV TXDQW DX[ EXWV DX[ UpVXOWDWV
SURXYpV HW DWWHQGXV GHV LQWHUYHQWLRQV IDPLOLDOHV
0HWWUH HQ OLHQ OHV LQWHUYHQDQWV
5HFRQQDvWUH OD YDOHXU GHV LQWHUYHQWLRQV TXH IRQW GpMj OHV
VRLJQDQWV
9DORULVHU OHV SURIHVVLRQQHOV HW OHXU PRQWUHU FH TXH OHV
LQWHUYHQWLRQV SURSRVpHV SHXYHQW OHXU DSSRUWHU GH SRVLWLI
0DLQWLHQ G¶XQH FRPPXQLFDWLRQ RXYHUWH HW FRQWLQXH DYHF
WRXV OHV SDUWHQDLUHV
(QJDJHPHQW HW VRXWLHQ GHV FDGUHV HW JDUDQWV GX SURMHW
SUpVHQFH UpJXOLqUH GDQV OHV VHUYLFHV


,GHQWLILFDWLRQ G¶XQ PRGqOH DGDSWp DX[ EHVRLQV VHORQ OHTXHO OHV SURFKHV
HW SDWLHQWV HQWUHQW GDQV OH V\VWqPH GH VDQWp PHQWDOH HW \ pYROXHQW
FDUH SDWKZD\ RI FDUHUV IRU D SHUVRQ ZLWK )LUVW (SLVRGH 3V\FKRVLV
¾ ,GHQWLILFDWLRQ GHV SURFKHV
¾ (YDOXDWLRQ GHV EHVRLQV FRQQDLVVDQFHV HW FRPSpWHQFHV GHV
SURFKHV
¾ 'LIIXVLRQ G¶LQIRUPDWLRQ V\VWpPDWLTXH HW VWUXFWXUpH
¾ 3V\FKRpGXFDWLRQ
¾ $FFHVVLELOLWp j GLIIpUHQWV W\SHV GH VHUYLFHV GLVSRQLEOHV HQ
LQGLYLGXHO RX HQ JURXSH
¾ (YDOXDWLRQ DQQXHOOH GX PRGqOH

'pYHORSSHPHQW GH VHUYLFHV FHQWUpV VXU OD IDPLOOH
• 1H SDV SHUGUH GH YXH OHV EHVRLQV GHV SURFKHV DX
PRPHQW GH OD FULVH TXL FRQVWLWXH VRXYHQW OH SUHPLHU
FRQWDFW DYHF OHV VRLQV SRXU OHV SUHPLHUV pSLVRGHV
SV\FKRWLTXHV
• /D FRQQDLVVDQFH GX UpVHDX VRFLRVDQLWDLUH HW GHV
GLIIpUHQWHV SRVVLELOLWpV G¶LQWHUYHQWLRQV DLGH OHV
SURIHVVLRQQHOV j UDSLGHPHQW VRXWHQLU HW RULHQWHU OHV
SURFKHV
• /¶LPSOLFDWLRQ HW OD FRQVXOWDWLRQ GHV SURFKHV GDQV OHV
SURFHVVXV IDYRULVH O¶DOOLDQFH HW YDORULVH OHV

FRPSpWHQFHV GHV IDPLOOHV
• )DFWHXUV IDFLOLWDQW
• /H PRGqOH SUpVHQWp SHXW rWUH XWLOLVp FRPPH RXWLO
¾ 'LYHUVLWp GH VHUYLFHV
G¶pYDOXDWLRQ GHV SUDWLTXHV
¾ 5pVHDX GH VRXWLHQ
• 1pFHVVLWp DX QLYHDX SROLWLTXH G¶DGRSWHU GHV VWUDWpJLHV
¾ 3DUWHQDULDW
j ORQJ WHUPH YLVDQW OH GpYHORSSHPHQW G¶DSSURFKHV
¾ $FFHVVLELOLWp YLD GLIIpUHQWV FDQDX[
QRXYHOOHV HQ VDQWp PHQWDOH


• 2EVWDFOHV
5HFKHUFKH
¾ %DV QLYHDX GH SDUWLFLSDWLRQ GHV SURFKHV
• *URXSHV SV\FKRpGXFDWLIV PHQpV SDU GHV SDLUV
¾ )RVVp HQWUH DWWHQWHV GHV SURFKHV HW FRPPXQLFDWLRQ UHoXH
• 9DOLGLWp GHV GLIIpUHQWV W\SHV GH JURXSHV
¾ /HV SURJUDPPHV GH IRUPDWLRQ DFWXHOV QH SUpSDUHQW SDV
SV\FKRpGXFDWLIV SRXU OHV SUHPLHUV pSLVRGHV
VXIILVDPPHQW OHV SURIHVVLRQQHOV j WUDYDLOOHU DYHF OHV IDPLOOHV
SV\FKRWLTXHV
¾ /HV PRGqOHV PpGLFR FHQWUpV OLPLWHQW OD SURJUHVVLRQ G¶DSSURFKHV • &ROODERUDWLRQ GHV SURFKHV DX[ SURFHVVXV GH
LQWpJUDWLYHV GHV IDPLOOHV
GpYHORSSHPHQW GH VHUYLFHV HW G¶LQWHUYHQWLRQV
SV\FKRVRFLDOHV
•




•



7DEOHDX[ HW REVWDFOHV j OD PLVH HQ ±XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH
7DEOHDX IDFWHXUV OLpV DX[ IDPLOOHV HW SDWLHQWV

$UWLFOHV 1

2UJDQLVDWLRQ
• 0DQTXH GH WHPSV GXUpH GHV LQWHUYHQWLRQV
• /LPLWHV JpRJUDSKLTXHV WUDQVSRUW
• 3UHVWDWLRQV OHV VRLUV HW ZHHN HQG LQGLVSRQLEOHV
• 3ODQQLQJ GHV VpDQFHV FRQWUDLJQDQW
• 0DQTXH GH VXLYL KRVSLWDOLHU DPEXODWRLUH








(FRQRPLTXH
• &R€W SRXU OHV IDPLOOHV IDUGHDX ILQDQFLHU
• 'pIDXW GH ILQDQFHPHQW SDU OHV V\VWqPHV G¶DVVXUDQFHV VRFLDOHV





)RUPDWLRQ HW FRQQDLVVDQFH
• 0DQTXH GH FRQQDLVVDQFHV HW GH FRPSUpKHQVLRQ GH OD PDODGLH GpQL



7DEOHDX IDFWHXUV OLpV DX[ VRLJQDQWV HW LQVWLWXWLRQV

$UWLFOHV 1

2UJDQLVDWLRQ
• 0DQTXH GH VRXWLHQ OHDGHUVKLS HW G¶LQFLWDWLRQ LQVWLWXWLRQQHOOH
• 5HVVRXUFHV KXPDLQHV LQVXIILVDQWHV
• 0DQTXH GH WHPSV GXUpH GHV LQWHUYHQWLRQV
• &RPSOH[LWp GX WUDYDLO DYHF OHV IDPLOOHV
• 6XUFKDUJH GH WUDYDLO QRPEUH GH FDV
• ,PSRVVLELOLWp GH IRXUQLU GHV SUHVWDWLRQV OH VRLU HW OHV ZHHN HQGV
• +RVSLWDOLVDWLRQV WURS FRXUWHV SRXU PHWWUH HQ SODFH OD SV\FKRpGXFDWLRQ IDPLOLDOH
• $EVHQFH GH SULRULWp SRXU OH GpYHORSSHPHQW GH VHUYLFHV DGUHVVpV DX[ WURXEOHV SV\FKLTXHV
• %DV QLYHDX GH FROODERUDWLRQ DYHF OHV IDPLOOHV GDQV OD FRPPXQDXWp



























(FRQRPLTXH
• &R€W HW GXUpH GHV SURJUDPPHV VWUXFWXUpV GH SV\FKRpGXFDWLRQ GHV IDPLOOHV
• )LQDQFHPHQW LQFHUWDLQ GpIDXW GH ILQDQFHPHQW V\VWqPH G¶DVVXUDQFHV VDQWp
• 3UpGRPLQDQFH GHV REMHFWLIV GH UpGXFWLRQ GHV FR€WV j FRXUW WHUPH












9DOHXUV FUR\DQFHV HW UHSUpVHQWDWLRQV
• &UDLQWH GX SDWLHQW GH SHUGUH GH O¶DXWRQRPLH
• &UDLQWHV GX SDWLHQW UHODWLYHV j OD FRQILGHQWLDOLWp GH OD UHODWLRQ WKpUDSHXWLTXH
• 5HSUpVHQWDWLRQV QpJDWLYHV GH OD SV\FKLDWULH

























&RPPXQLFDWLRQ
• 'LIILFXOWpV j FRPPXQLTXHU DYHF OHV VRLJQDQWV UHODWLRQV DV\PpWULTXHV

)DFWHXUV pPRWLRQQHOV
• $WWLWXGHV GHV VRLJQDQWV PDQTXH GH FRQILDQFH HQYHUV OHV VRLJQDQWV
• 3HUWH G¶HVSRLU LQFHUWLWXGH IDFH j O¶DYHQLU
• 6WLJPDWLVDWLRQ
• 6HQWLPHQWV GH FXOSDELOLWp KRQWH UHVSRQVDELOLWp GHV IDPLOOHV SHUWH GH
FRQILDQFH HQ VRL
• 5HIXV GX SDWLHQW G¶LPSOLTXHU OHV SRUFKHV
• ([SpULHQFHV QpJDWLYHV SDU OH SDVVp DYHF OHV VRLQV
• 'pQL GH O¶LPSRUWDQFH GX WURXEOH
• $QWpFpGHQWV GH WURXEOHV DX VHLQ GHV IDPLOOHV







)RUPDWLRQ HW FRQQDLVVDQFH
• 0DQTXH GH IRUPDWLRQ FRPSpWHQFHV H[SHUWLVH PDWpULHO GLGDFWLTXH
• 6RXV DSSUpFLDWLRQ GH O¶XWLOLWp GH OD SV\FKRpGXFDWLRQ
• 'pIDXW GH YLVLELOLWp GH O¶HIILFDFLWp GHV LQWHUYHQWLRQV SV\FKRpGXFDWLYHV
• 0DQTXH GH FRPSpWHQFHV FXOWXUHOOHV
9DOHXUV FUR\DQFHV HW UHSUpVHQWDWLRQV
• 1RQ DGKpVLRQ GHV VRLJQDQWV DX[ PRGqOHV VFHSWLFLVPH
• &UDLQWHV UHODWLYHV j OD FRQILGHQWLDOLWp GH OD UHODWLRQ WKpUDSHXWLTXH
• © /D SV\FKRpGXFDWLRQ Q¶HVW SDV QpFHVVDLUH ª
• © /¶LPSOLFDWLRQ GHV IDPLOOHV HVW GRPPDJHDEOH SRXU OH SDWLHQW ª
• © /D SV\FKRpGXFDWLRQ HVW QpIDVWH ª
• 7HQVLRQV HQWUH LQWHUYHQLU DXSUqV GX SDWLHQW HW GH VD IDPLOOH
• 3HUVLVWDQFH GHV PRGqOHV LQFULPLQDQW OHV G\QDPLTXHV IDPLOOHV GDQV OD VFKL]RSKUpQLH
&RPPXQLFDWLRQ
• 'LIILFXOWpV GH FRPPXQLFDWLRQ DYHF OH SDWLHQW HW VD IDPLOOH










































)DFWHXUV pPRWLRQQHOV
• &RQIOLWV HQWUH SUDWLTXH FRXUDQWH HW PRGqOHV G¶LQWHUYHQWLRQV SV\FKRVRFLDOHV
• 5pVLVWDQFH DX FKDQJHPHQW
• 5HIXV GH WUDYDLOOHU DYHF GHV DSSURFKHV PHWWDQW O¶DFFHQW VXU OHV pPRWLRQV
• 1pFHVVLWp G¶XWLOLVHU GHV PRGqOHV PpGLFDX[



























/HV DUWLFOHV HW QH QRXV RQW SDV SHUPLV G¶LGHQWLILHU G¶REVWDFOHV OLpV DX[ SDWLHQWV HW IDPLOOHV HW QH VRQW GRQF SDV UHFHQVpV
GDQV OH WDEOHDX /¶DUWLFOH pWDEOLW XQ pWDW GHV VDYRLUV HQ PDWLqUH G¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH HW OHV DUWLFOHV
HW V¶LQWpUHVVHQW HVVHQWLHOOHPHQW DX[ SURIHVVLRQQHOV HW DX[ DVSHFWV LQVWLWXWLRQQHOV HW RUJDQLVDWLRQQHOV GH OD SV\FKRpGXFDWLRQ
IDPLOLDOH DUWLFOH RX G¶LQWHUYHQWLRQV IDPLOLDOHV DUWLFOH









'LVFXVVLRQ


/¶DQDO\VH FRPSDUDWLYH GHV DUWLFOHV QRXV D SHUPLV GH YpULILHU OD SHUPDQHQFH G¶XQ FHUWDLQ QRPEUH GH GLIILFXOWpV DX
WUDYDLO DYHF OHV IDPLOOHV HQ SV\FKLDWULH DLQVL TXH G¶REVWDFOHV j OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH
GDQV OD SUDWLTXH FOLQLTXH /¶DQDO\VH GH QRV QHXI DUWLFOHV QRXV D SHUPLV GH GpWHUPLQHU VL[ FDWpJRULHV GH IDFWHXUV
HQWUDYDQW OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH WDEOHDX[ HW (OOHV QRXV RQW DLGpV j PLHX[ FHUQHU
OD FRPSOH[LWp GHV FRQGLWLRQV HW HQMHX[ GH OD FROODERUDWLRQ DYHF OHV IDPLOOHV HW SOXV SUpFLVpPHQW GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH $ GHV GHJUpV GLYHUV FHV VL[ FDWpJRULHV G¶REVWDFOHV LQIOXHQW VXU OHV GLIIpUHQWV DFWHXUV
GX FKDPS GH OD VDQWp PHQWDOH j VDYRLU OHV SHUVRQQHV OHV LQVWLWXWLRQV HW OH SROLWLTXH

2EVWDFOHV OLpV DX[ SHUVRQQHV

'¶DSUqV QRWUH DQDO\VH XQH SDUW LPSRUWDQWH GHV REVWDFOHV j OD SV\FKRpGXFDWLRQ IDPLOLDOH VRQW OLpV DX[ LQGLYLGXV
&HV UpVLVWDQFHV VHPEOHQW VH VLWXHU SRXU EHDXFRXS DX QLYHDX GHV YDOHXUV HW GHV IDFWHXUV pPRWLRQQHOV DXWDQW
SRXU OHV EpQpILFLDLUHV TXH SRXU OHV SURIHVVLRQQHOV ELHQ TXH SRXU FHV GHUQLHUV OHV GLIILFXOWpV G¶RUGUH VWUXFWXUHOOHV
VRQW G¶DYDQWDJH PLVHV HQ pYLGHQFH RUJDQLVDWLRQ GX WUDYDLO UHVVRXUFHV HW IRUPDWLRQ
/H IDUGHDX pPRWLRQQHO TXH FRQVWLWXH OD PDODGLH SRXU OHV IDPLOOHV HVW FRQVLGpUDEOH 'DQV OD FKURQLFLWp F¶HVW
VXUWRXW OD UpFXUUHQFH GH V\PSW{PHV DSSDXYULVVDQW OD TXDOLWp GHV LQWHUDFWLRQV VRFLDOHV TXL VRQW GLIILFLOHV j YLYUH
PrPH SRXU GHV SDUHQWV ELHQ LQIRUPpV 'HOHX &KDPERQ S 'DQV OHV SUHPLHUV pSLVRGHV
SV\FKRWLTXHV OD PpFRQQDLVVDQFH GH OD PDODGLH HW O¶LQFRPSUpKHQVLRQ GH FH TXH YLW OH SURFKH V¶DFFRPSDJQHQW
G¶XQH SHUWH G¶HVSRLU .DDV HW DO 1RUGE\ .M¡QVEHUJ +XPPHOYROO G¶DXWDQW SOXV JUDQGH TX¶XQH
SUHPLqUH KRVSLWDOLVDWLRQ QH UpVRXW SDV WRXWH O¶LQFHUWLWXGH IDFH j XQ DYHQLU TXH QRV UHSUpVHQWDWLRQV GH OD
SV\FKLDWULH GpSHLJQHQW HQFRUH GH PDQLqUH IDWDOLVWH (W ORUVTXH O¶DQQRQFH G¶XQ GLDJQRVWLF GHYLHQW SRVVLEOH HW
GRQQH O¶LOOXVLRQ GH WURXYHU HQILQ GHV UpSRQVHV OH SDWLHQW WHQG j QH SOXV rWUH GpILQL TXH FRPPH XQ PDODGH DX[
\HX[ GX PRQGH SUHPLqUH pWDSH G¶XQH DOLpQDWLRQ TXL SHXW JUDQGHPHQW OLPLWHU OHV FKDQFHV GH UpWDEOLVVHPHQW
'HHJDQ 'H SOXV OHV UHSUpVHQWDWLRQV VWLJPDWLVDQWHV j O¶pJDUG GHV SHUVRQQHV HQ VRXIIUDQFH HW GH OD
SV\FKLDWULH VRQW HQFRUH IUpTXHPPHQW DOLPHQWpHV SDU OHV PpGLDV IDLWV GLYHUV UHSRUWDJHV FLQpPD $MRXWpHV DX[
VHQWLPHQWV GH FXOSDELOLWp HW GH KRQWH TXH OHV IDPLOOHV SHXYHQW pSURXYHU .DDV HW DO 1RUGE\ HW DO
FHV UHSUpVHQWDWLRQV FRQVWLWXHQW XQ IDFWHXU OLPLWDQW O¶DFFqV HW O¶HQJDJHPHQW GDQV OHV VRLQV j OD IRLV SRXU OHV
IDPLOOHV HW OH SDWLHQW &RUULJDQ :DVVHO &HFL G¶DXWDQW SOXV ORUVTXH OHV IDPLOOHV VH UHWURXYHQW IDFH j GHV
VRLJQDQWV GRQW O¶DWWLWXGH HVW SDUIRLV GpFULWH FRPPH SHX HPSDWKLTXH .DDV HW DO
(Q SOXV GH FHV IDFWHXUV VXEMHFWLIV OHV IDPLOOHV GRLYHQW IDLUH IDFH j WRXWH VRUWH GH GLIILFXOWpV G¶RUGUH pFRQRPLTXH HW
RUJDQLVDWLRQQHOOH /HV PRGDOLWpV PrPH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH SOXVLHXUV VpDQFHV VXU SOXVLHXUV PRLV
GHPDQGHQW XQ HQJDJHPHQW TXH FHUWDLQHV IDPLOOHV QH VRQW SOXV SUrWHV RX QH SHXYHQW SDV IRXUQLU /D QpFHVVLWp GH
VH GpSODFHU SDUIRLV SHQGDQW OHV KHXUHV GH WUDYDLO HW VXU GH ORQJXHV GLVWDQFHV SRXU SDUWLFLSHU DX[ VpDQFHV GH
SV\FKRpGXFDWLRQ DSSDUDLVVHQW HQ HIIHW FRPPH GHV FRQWUDLQWHV LPSRUWDQWHV SRXU OHV IDPLOOHV 'L[RQ HW DO
.DDV HW DO .LP 6DO\HUV 0F)DUODQH 0F1DU\ 'L[RQ +RUQE\ &LPHWW 'H SOXV OD
TXHVWLRQ GX ILQDQFHPHQW GHV WUDLWHPHQWV QRQ SKDUPDFRORJLTXHV HVW SUREOpPDWLTXH GDQV GH QRPEUHX[ SD\V
QRWDPPHQW HQ FH TXL FRQFHUQH OHV VXLYLV DPEXODWRLUHV OD 6XLVVH QH IDLVDQW SDV H[FHSWLRQ 5XPPHO .OXJH HW DO
'L[RQ HW DO 7RXV FHV IDFWHXUV VRQW DXWDQW GH FRQWUDLQWHV TXL SqVHQW VXU GHV IDPLOOHV GpMj
YXOQpUDEOHV HW OD PDMRULWp GH QRV DUWLFOHV PRQWUHQW OD QpFHVVLWp GH PHWWUH HQ °XYUH GHV SURJUDPPHV TXL VRLHQW
IOH[LEOHV HW DGDSWpV DX[ EHVRLQV GHV IDPLOOHV HW SDWLHQWV &HOD SDVVHUDLW SDU H[HPSOH SDU OD SODQLILFDWLRQ GH
VpDQFHV OH VRLU HW OHV ZHHN HQG OD FUpDWLRQ HW OH UHQIRUFHPHQW GH VHUYLFHV PRELOHV SRXU DOOHU j OD UHQFRQWUH GHV
IDPLOOHV j GRPLFLOH DLQVL TXH OH GpYHORSSHPHQW GHV UHVVRXUFHV FRPPXQDXWDLUHV FRPPH OHV JURXSHV GH SDWLHQWV
HW GH SURFKHV
'X F{Wp GHV VRLJQDQWV OH VFHSWLFLVPH YRLUH OD QRQ DGKpVLRQ 'L[RQ HW DO .DDV HW DO .LP
6DO\HUV 0F)DUODQH HW DO 6LQ HW DO DLQVL TXH OH PDQTXH GH FRQQDLVVDQFHV &RKHQ HW DO
'L[RQ HW DO 5XPPHO .OXJH HW DO .DDV HW DO .LP 6DO\HUV 0F)DUODQH HW DO
6LQ HW DO FRQVWLWXHQW OHV OLPLWDWLRQV SHUVRQQHOOHV PDMHXUHV j OD GLIIXVLRQ G¶DSSURFKHV
WKpUDSHXWLTXHV LPSOLTXDQW OHV IDPLOOHV FRPPH OD SV\FKRpGXFDWLRQ IDPLOLDOH &HUWDLQV SURIHVVLRQQHOV DXURQW DXVVL
WHQGDQFH j SULYLOpJLHU OD PpGLFDWLRQ j XQH DSSURFKH SOXV SV\FKRORJLTXH O¶LPSOLFDWLRQ GHV IDPLOOHV SDUDLVVDQW GqV




ORUV VXSHUIOXH 'L[RQ HW DO (W QRXV SRXUULRQV QRXV DWWHQGUH j FH TXH OHV VRLJQDQWV VRLHQW PRLQV
LQIOXHQFpV SDU OHV UHSUpVHQWDWLRQV PDLV LO VHPEOH TXH YDOHXUV HW FRQQDLVVDQFHV SURIHVVLRQQHOOHV QH VXIILVHQW
SDV VXUWRXW VL FHV GHUQLqUHV QH VRQW SDV DFWXDOLVpHV j O¶DXQH GHV SURJUqV GH OD UHFKHUFKH &RPPH O¶RQW PLV HQ
pYLGHQFH .DDV HW DO HW 'L[RQ HW DO FHUWDLQV DVSHFWV LPSRUWDQWV SRXU OD SULVH HQ FKDUJH DGDSWpH
GHV SDWLHQWV HW GH OHXU SURFKH VRXIIUHQW HQFRUH GH OD SHUVLVWDQFH GH UHSUpVHQWDWLRQV DXMRXUG¶KXL LQYDOLGpHV ,O
V¶DJLW HVVHQWLHOOHPHQW GH OD SUpGRPLQDQFH GH PRGqOHV H[SOLFDWLIV LQFULPLQDQW OHV G\QDPLTXHV IDPLOLDOHV GDQV OD
VFKL]RSKUpQLH &H SKpQRPqQH SHXW pJDOHPHQW H[SOLTXHU HQ SDUWLH TXH UHVWH IRUWHPHQW DQFUp OH VFHSWLFLVPH GHV
VRLJQDQWV j O¶pJDUG GHV VWUDWpJLHV SV\FKRpGXFDWLYHV IDPLOLDOHV 'L[RQ HW DO .DDV HW DO .LP
6DO\HUV 0F)DUODQH HW DO $ FH WLWUH O¶pWXGH GH .DDV HW DO PRQWUH TXH OHV SURJUDPPHV GH
IRUPDWLRQ VSpFLILTXHV j O¶DGUHVVH GH SURIHVVLRQQHOV HQJDJpV SHXYHQW FRQWULEXHU j FKDQJHU FHV UHSUpVHQWDWLRQV HW
OHV SUDWLTXHV $LQVL GHV SURIHVVLRQQHOV IRUPpV DX WUDYDLO DYHF OHV IDPLOOHV QRWHQW DYRLU GpYHORSSpV XQH
SOXV JUDQGH FRQVFLHQFH GHV GpILV TXH UHSUpVHQWH OD PDODGLH SRXU OHV IDPLOOHV XQH SOXV JUDQGH DWWHQWLRQ SRXU
OHXUV EHVRLQV HW G¶DYDQWDJH G¶HPSDWKLH j OHXU pJDUG FRQILUPHQW HQFRUH DYRLU UHPDUTXp XQ FKDQJHPHQW
GDQV OHXU SUDWLTXH LPSOLTXDQW SOXV IDFLOHPHQW OHV SURFKHV GDQV OHV VRLQV S
0RLQV SUpVHQW GDQV OD OLWWpUDWXUH VpOHFWLRQQpH PDLV QRQ PRLQV LQWpUHVVDQW VHORQ QRXV OD FUDLQWH GH SHUGUH OD
FRQILGHQWLDOLWp GH OD UHODWLRQ WKpUDSHXWLTXH VL OHV IDPLOOHV VRQW G¶DYDQWDJH LPSOLTXpHV GDQV OHV VRLQV FRQVWLWXH XQ
GHV IUHLQV UpFXUUHQW j O¶DGKpVLRQ GHV SURIHVVLRQQHOV DX[ LQWHUYHQWLRQV SV\FKRpGXFDWLYHV IDPLOLDOHV &RKHQ HW DO
.LP 6DO\HUV /j HQFRUH QRXV SHQVRQV TX¶XQH PHLOOHXUH FRQQDLVVDQFH GHV PRGDOLWpV HW EXWV GH
OD SV\FKRpGXFDWLRQ IDPLOLDOH SHXW DLGHU j VXUPRQWHU FHWWH OLPLWH (Q HIIHW FRPPH OH UHOqYHQW 'HOHX &KDPERQ
OD SV\FKRpGXFDWLRQ IDPLOLDOH Q¶LPSOLTXH SDV GH © UpYpOHU DX[ SDUHQWV FH TXH OH SDWLHQW D FRQILp j VRQ WKpUDSHXWH
GDQV OH VHFUHW GHV HQWUHWLHQV ª S PDLV ELHQ GH GRQQHU OHV PR\HQV DX[ IDPLOOHV HW DX[ SDWLHQWV GH
WURXYHU GX VHQV HW GHV RXWLOV SRXU PLHX[ YLYUH HQVHPEOH DYHF OD PDODGLH GDQV XQH SHUVSHFWLYH SRVLWLYH /H
SDWLHQW D WRXWH OLEHUWp GH OXL PrPH GpFLGHU GH GRQQHU GHV LQIRUPDWLRQV j VHV SURFKHV HW FHV GHUQLHUV RQW OH GURLW
GH FRQQDvWUH OHV LQIRUPDWLRQV DFWXHOOHV FRQFHUQDQW OD PDODGLH HW OHV WUDLWHPHQWV HQWUH DXWUHV FKRVHV
2EVWDFOHV LQVWLWXWLRQQHOV HW SROLWLTXHV

6L OHV SURIHVVLRQQHOV pSURXYHQW FHUWDLQHV UpWLFHQFHV FRPPH QRXV O¶DYRQV YX UHOHYRQV TX¶HOOHV QH OHXU VRQW SDV
WRXMRXUV GLUHFWHPHQW LPSXWDEOHV (Q HIIHW OHV REVWDFOHV OHV SOXV IUpTXHPPHQW PLV HQ pYLGHQFH WRXWHV FDWpJRULHV
FRQIRQGXHV VRQW OLpV j GHV TXHVWLRQV pFRQRPLTXHV HW RUJDQLVDWLRQQHOOHV VXU OHVTXHOOHV OHV VRLJQDQWV QRQ
FDGUHV Q¶RQW TXH SHX G¶LQIOXHQFH ,O V¶DJLW HVVHQWLHOOHPHQW G¶XQ PDQTXH GH VRXWLHQ HW G¶LQFLWDWLRQ LQVWLWXWLRQQHOOH j
WUDYDLOOHU DYHF OHV DSSURFKHV SV\FKRpGXFDWLYHV IDPLOLDOHV OH PDQTXH GH PDLQ G¶°XYUH HW OH PDQTXH GH IRUPDWLRQ
HW G¶DFFqV DX[ UHVVRXUFHV GLGDFWLTXHV QpFHVVDLUHV j FHV DSSURFKHV 'H SOXV 'L[RQ HW DO UHOqYHQW TXH
$X QLYHDX GX V\VWqPH GH VDQWp OHV SUHVVLRQV SRXU VH FHQWUHU VXU OHV UpVXOWDWV O¶HIILFDFLWp HQ
WHUPHV GH FR€W HW OD VDWLVIDFWLRQ GX FOLHQW VHPEOHQW HQ SULQFLSH IDYRULVHU O¶DGRSWLRQ JpQpUDOLVpH
G¶LQWHUYHQWLRQV GH VRXWLHQ HW G¶LQIRUPDWLRQ DX[ IDPLOOHV &HSHQGDQW G¶DXWUHV SULQFLSHV GH
O¶HQYLURQQHPHQW >GHV V\VWqPHV GH VDQWp@ ± FRPPH O¶DFFHQW PLV VXU OHV pFRQRPLHV j FRXUW WHUPH HW
OHV WUDLWHPHQWV WHFKQLTXHV SOXW{W TX¶RULHQWpV VXU OHV SURFHVVXV KXPDLQV ± GpFRXUDJHQW OHV
FOLQLFLHQV GH IRXUQLU GH WHOV VHUYLFHV TXL SHXYHQW rWUH SHUoXV FRPPH DX[LOLDLUHV S
5XPPHO .OXJH HW DO IRQW XQ FRQVWDW VLPLODLUH GDQV OHXU UHFKHUFKH /H VFHSWLFLVPH j O¶pJDUG GH OD
SV\FKRpGXFDWLRQ HVW WUqV IDLEOHPHQW H[SULPp DX QLYHDX LQVWLWXWLRQQHO GDQV OHV WURLV SD\V GH OHXU pWXGH DORUV TXH
OHV FRQWUDLQWHV EXGJpWDLUHV VHPEOHQW OLPLWHU O¶DOORFDWLRQ GHV UHVVRXUFHV HQ PDLQ G¶°XYUH HQ IRUPDWLRQ HW HQ
WHPSV QpFHVVDLUH j O¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH S 1RXV QRXV H[SOLTXRQV FHWWH WHQGDQFH
SDU OH IDLW TXH FDGUHV HW GLUHFWLRQV G¶LQVWLWXWLRQV V¶LQWpUHVVHQW SOXV YRORQWLHUV DX[ UpVXOWDWV GH UHFKHUFKH HW
UHFRPPDQGDWLRQV GH ERQQHV SUDWLTXHV GDQV OHXU TXrWH G¶XQ pTXLOLEUH HQWUH TXDOLWp GHV VRLQV HW HIILFDFLWp
pFRQRPLTXH FH TXH VHPEOH DXVVL FRQILUPHU OD UHFKHUFKH GH 0F)DUODQH HW DO S






/LPLWHV

6L QRXV SHQVRQV DYRLU SX UpSRQGUH GH PDQLqUH VDWLVIDLVDQWH j QRWUH TXHVWLRQ GH UHFKHUFKH QRXV DYRQV WRXWHIRLV
pWp OLPLWpV j FH WLWUH (Q HIIHW LO H[LVWH GH QRPEUHXVHV UHFKHUFKHV UHODWLYHV j O¶HIILFDFLWp GH OD SV\FKRpGXFDWLRQ
XQ FHUWDLQ QRPEUH G¶DUWLFOHV SOXV JpQpUDX[ WUDLWHQW DXVVL GH VHV REVWDFOHV PDLV QRXV DYRQV WURXYp SHX GH
UHFKHUFKHV OHV pWXGLDQW 1RXV DYRQV GRQF DXVVL SUpVHQWp TXHOTXHV DUWLFOHV TXL Q¶pWDLHQW SDV j SURSUHPHQW SDUOHU
GHV UHFKHUFKHV

'H SOXV HQ VRLQV LQILUPLHUV OHV DUWLFOHV GH UHFKHUFKH DX[TXHOV QRXV DYRQV HX DFFqV FRQFHUQDLHQW G¶DYDQWDJH OHV
REVWDFOHV DX WUDYDLO DYHF OHV IDPLOOHV GDQV OHV WURXEOHV SV\FKRWLTXHV GH PDQLqUH JpQpUDOH PRLQV VSpFLILTXHPHQW
OD SV\FKRpGXFDWLRQ IDPLOLDOH HW HQFRUH PRLQV VHV REVWDFOHV 1RXV H[SOLTXRQV FHFL SDU OH IDLW TXH OD
SV\FKRpGXFDWLRQ VHPEOH QH SDV rWUH ELHQ LGHQWLILpH SDU OHV LQILUPLHUV FRPPH XQ FKDPS TXL UHOqYHUDLW GH OHXU
GRPDLQH G¶DXWRQRPLH '¶R OH IDLEOH WDX[ GH UHSUpVHQWDWLRQ GHV LQILUPLHUV GDQV OHV UHFKHUFKHV SUpVHQWpHV
&HSHQGDQW OHV UHFKHUFKHV LQILUPLqUHV YLVDQW j PLHX[ FRQQDvWUH OHV EHVRLQV GHV IDPLOOHV OHXUV UHSUpVHQWDWLRQV HW
OHXUV DWWHQWHV j O¶pJDUG GHV SURIHVVLRQQHOV HQ VDQWp PHQWDOH UpSRQGHQW j XQ EHVRLQ IUpTXHPPHQW UHOHYp GH OD
FRPPXQDXWp VFLHQWLILTXH 6LQ HW DO 1RUGE\ HW DO &RKHQ HW DO

8QH DXWUH OLPLWH LPSRUWDQWH HVW OLpH DX[ DVSHFWV PpWKRGRORJLTXHV (Q HIIHW VL QRXV DYRQV SX QRXV IDPLOLDULVHU
DX[ PpWKRGHV GH UHFKHUFKH VXU OHV EDVHV GH GRQQpHV O¶LQWHUSUpWDWLRQ GHV UpVXOWDWV SUpVHQWpV GDQV OHV pWXGHV D
pWp SOXV ODERULHXVH 1RXV DYRQV DLQVL SDVVDEOHPHQW IDLW FRQILDQFH DX[ FKHUFKHXUV HQ UHJDUG GH OHXU H[SHUWLVH
TXH QRXV DYRQV SX YpULILHU 2XWUH FHW DVSHFW OLp j QRWUH QLYHDX GH IRUPDWLRQ HW G¶H[SpULHQFH SOXVLHXUV DUWLFOHV GH
UHFKHUFKHV TXH QRXV SUpVHQWRQV VRQW GHV pWXGHV GH W\SH SKpQRPpQRORJLTXHV GRQF SDU GpILQLWLRQ VXMHWWHV j GHV
YDULDWLRQV FRQWH[WXHOOHV LPSRUWDQWHV



3HUVSHFWLYHV


,PSOLFDWLRQV SRXU OD UHFKHUFKH

8Q ODUJH FRQVHQVXV pPHUJH GH QRV QHXI DUWLFOHV FRQFHUQDQW O¶LGHQWLILFDWLRQ GHV REVWDFOHV j OD SV\FKRpGXFDWLRQ
DLQVL TXH OHV SLVWHV GH UHFKHUFKHV HW UHFRPPDQGDWLRQV 6¶DJLVVDQW GH GpSDVVHU OHV OLPLWHV j O¶LPSODQWDWLRQ GX
FKDQJHPHQW QRV DUWLFOHV GpFULYHQW GH PDQLqUH SOXV RX PRLQV GLUHFWH OHV SURFHVVXV TXL IDFLOLWHQW OD GLIIXVLRQ GH OD
SV\FKRpGXFDWLRQ IDPLOLDOH DXSUqV GH VRLJQDQWV /H FRQVWDW TXH OHV UpVXOWDWV GH UHFKHUFKH PrPH SUpVHQWpV GH
PDQLqUH DFWLYH DX[ VRLJQDQWV QH VXIILVHQW SDV j LQIOXHQFHU O¶DGRSWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH QRXV D SDUX
LQWpUHVVDQW 0F)DUODQH HW DO S (Q HIIHW OHV SUHXYHV HPSLULTXHV GHYUDLHQW rWUH LQWpJUpHV j XQH
YpULWDEOH VWUDWpJLH GH FKDQJHPHQW TXL VHPEOH SOXV HIILFDFH VL HOOH WLHQW FRPSWH GHV UpDOLWpV GHV VHUYLFHV GHV
GLIIpUHQWHV SULRULWpV GHV SURIHVVLRQQHOV YDORULVH OHXUV LQWHUYHQWLRQV KDELWXHOOHV HW OHV LPSOLTXH UDSLGHPHQW GDQV OH
SURFHVVXV GH PLVH HQ °XYUH 'H SOXV OD FRPPXQLFDWLRQ HVW XQ pOpPHQW LPSRUWDQW TXL LPSOLTXH TXH OHV FDGUHV HW
JDUDQWV GHV SURJUDPPHV LQIRUPHQW OHV VRLJQDQWV GHV EXWV HW UpVXOWDWV DWWHQGXV TX¶LOV DFFRPSDJQHQW OHV pTXLSHV
WRXW DX ORQJ GH O¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ IDPLOLDOH HW VRLHQW SUpVHQWV GDQV OHV VHUYLFHV 'L[RQ HW DO
0F)DUODQH HW DO .HOO\ 1HZVWHDG 7RXV FHV pOpPHQWV IDYRULVHQW OD FRQVWUXFWLRQ G¶XQ
FRQVHQVXV HW DLQVL XQ PHLOOHXU HQJDJHPHQW GH WRXV

6L OHV UpVXOWDWV GH UHFKHUFKH VHXOV Q¶RQW TXH SHX G¶LQIOXHQFH VXU OHV LQGLYLGXV LO HVW WRXWHIRLV QpFHVVDLUH GH
FRQWLQXHU GH SURGXLUH GHV pWXGHV TXL SHUPHWWHQW GH YDOLGHU OHV ERQQHV SUDWLTXHV HW GH GpYHORSSHU GHV
LQQRYDWLRQV /H GpFDODJH TXL VXEVLVWH HQWUH PLOLHX[ GH IRUPDWLRQ HW GH UHFKHUFKH HW PLOLHX[ GH SUDWLTXHV )DYURG
%RQVDFN E S UHVWH XQ REVWDFOH TX¶XQ GLDORJXH VRXWHQX UpGXLUDLW SDU O¶LGHQWLILFDWLRQ GH SUREOpPDWLTXHV
FRPPXQHV TXL UpSRQGHQW DX[ UpDOLWpV HW EHVRLQV GHV SUDWLFLHQV

$ FH WLWUH OD QpFHVVLWp GH SRXUVXLYUH OHV UHFKHUFKHV TXDQW j O¶HIILFDFLWp GHV GLIIpUHQWHV IRUPHV GH
SV\FKRpGXFDWLRQ HW DX[ GLIIpUHQWV PRPHQWV GH OD PDODGLH DX[ FRPSOpPHQWDULWpV HQWUH OHV GLIIpUHQWHV IRUPHV
G¶LQWHUYHQWLRQV SV\FKRVRFLDOHV HW OD SV\FKRpGXFDWLRQ DLQVL TX¶j OD YDOLGLWp GHV JURXSHV GH SV\FKRpGXFDWLRQ
PHQpV SDU GHV SDLUV SURFKHV HW RX PHPEUHV GH IDPLOOHV FRQVWLWXHQW OHV WURLV RULHQWDWLRQV SULQFLSDOHV TXH QRXV




DYRQV LGHQWLILpHV GDQV QRV DUWLFOHV &HWWH GHUQLqUH RULHQWDWLRQ GH OD UHFKHUFKH IDLW SDU DLOOHXUV pFKR DX[
GpYHORSSHPHQWV UpFHQWV GH OD VDQWp PHQWDOH j VDYRLU OH GpYHORSSHPHQW GHV VRLQV GH VDQWp SULPDLUHV HW
FRPPXQDXWDLUHV



,PSOLFDWLRQV SRXU OHV VRLQV LQILUPLHUV

/D SV\FKRpGXFDWLRQ IDPLOLDOH HVW XQ SURFHVVXV WKpUDSHXWLTXH TXL VH SUpVHQWH VRXV GLIIpUHQWHV IRUPHV $LQVL
GDQV OD SUDWLTXH LO HVW SDUIRLV GLIILFLOH GH VDYRLU TXHOOH DSSURFKH SULYLOpJLHU HQ IRQFWLRQ GH OD SRSXODWLRQ
FRQFHUQpH 6HORQ 'HOHX &KDPERQ O¶DSSURFKH LQGLYLGXHOOH GH OD IDPLOOH HW GX SDWLHQW GHYUD rWUH
SULYLOpJLpH HQ GpEXW GH VXLYL DILQ GH IDYRULVHU O¶DOOLDQFH WKpUDSHXWLTXH HW G¶pYDOXHU OHV EHVRLQV GH OD IDPLOOH S
'H SOXV OHV IRUPHV GH SV\FKRpGXFDWLRQ j YLVpH pGXFDWLYHV VRQW SOXV IDFLOHPHQW LPSODQWDEOHV GDQV OHV
VHUYLFHV GH VRLQV FDU QpFHVVLWDQW XQH H[SHUWLVH PRLQGUH HW OHV IDPLOOHV \ DGKqUHQW SOXV YRORQWLHUV /HV DSSURFKHV
j YLVpH SOXV WKpUDSHXWLTXHV VRQW SDU FRQWUH PLHX[ DGDSWpHV DX[ IDPLOOHV GLWHV j ULVTXH HW RIIUHQW G¶DYDQWDJH GH
SRVVLELOLWpV G¶LQGLYLGXDOLVDWLRQ S 'DQV OHV SUHPLHUV pSLVRGHV SV\FKRWLTXHV LO VHPEOH pJDOHPHQW TXH OD
WKpUDSLH PRQRIDPLOLDOH FRPSRUWHPHQWDOH DLQVL TXH OHV JURXSHV SV\FKRpGXFDWLIV ELIRFDX[ VRLHQW PLHX[ DGDSWpV
DX[ EHVRLQV GHV IDPLOOHV HW SDWLHQWV DORUV TXH GDQV OD VFKL]RSKUpQLH FKURQLTXH OHV JURXSHV PXOWLIDPLOLDX[ HW
SV\FKRpGXFDWLIV GH SDUHQWV VRQW SOXV HIILFDFHV S

,GpDOHPHQW OD SV\FKRpGXFDWLRQ IDPLOLDOH GHYUDLW GpEXWHU GqV O¶KRVSLWDOLVDWLRQ GX SDWLHQW /¶LQFHUWLWXGH HW OD
PRWLYDWLRQ j FRPSUHQGUH pWDQW HQ JpQpUDO WUqV LPSRUWDQWHV GH PrPH TXH OH FKRF pPRWLRQQHO DXWDQW GH EHVRLQV
DX[TXHOV OD SV\FKRpGXFDWLRQ V¶LQWpUHVVH j UpSRQGUH S /HV GLIIpUHQWHV IRUPHV TXH QRXV DYRQV SUpVHQWpHV
SHUPHWWHQW pJDOHPHQW GH FRPPHQFHU OH WUDYDLO DYHF OHV IDPLOOHV HW GH FRQWLQXHU HQ LQWpJUDQW OH SDWLHQW XQH IRLV
TXH OHV V\PSW{PHV VHURQW VWDELOLVpV ,O VHUD pJDOHPHQW LPSRUWDQW GH SRXUVXLYUH OH VXLYL HQ DPEXODWRLUH YRLUH
PrPH j GRPLFLOH VHORQ OHV SRVVLELOLWpV RIIHUWHV SDU OH V\VWqPH GH VDQWp

&RPPH QRXV O¶DYRQV YX GH QRPEUHX[ REVWDFOHV LGHQWLILpV VRQW GHV pOpPHQWV TXH OD SV\FKRpGXFDWLRQ D SRXU EXW
G¶DPpOLRUHU RX GH FKDQJHU OD VWLJPDWLVDWLRQ OD SHUWH G¶HVSRLU OD PpFRQQDLVVDQFH GH OD PDODGLH HW GHV
WUDLWHPHQWV RX HQFRUH OH IDUGHDX pPRWLRQQHO (Q V¶LQWpUHVVDQW DX[ pPRWLRQV FRQQDLVVDQFHV HW FRPSRUWHPHQWV
OD SV\FKRpGXFDWLRQ DYHF OHV IDPLOOHV GRQQH GRQF GHV PR\HQV DX[ LQILUPLHUV SRXU DFFXHLOOLU HW DFFRPSDJQHU OHV
SURFKHV GDQV OHV GLIIpUHQWHV SKDVHV GH OD PDODGLH HW VXUWRXW SHQGDQW OD FULVH TXL FRQVWLWXH VRXYHQW OH SUHPLHU
FRQWDFW GHV IDPLOOHV HW GX SDWLHQW DYHF OHV VRLQV 6LQ HW DO

'RQF VL OHV IRUPHV GH SV\FKRpGXFDWLRQ IDPLOLDOH OHV SOXV VSpFLILTXHV GHPDQGHQW XQH IRUPDWLRQ DG KRF LO QRXV
SDUDvW LPSRUWDQW GH VRXOLJQHU TXH WRXW VRLJQDQW SHXW FRQWULEXHU j IDFLOLWHU O¶LPSODQWDWLRQ GH OD SV\FKRpGXFDWLRQ
IDPLOLDOH QH VHUDLW FH SDU VHV LQWHUYHQWLRQV G¶LQIRUPDWLRQV HW GH VRXWLHQ HW SDU O¶H[HUFLFH GH VHV FRPSpWHQFHV
UHODWLRQQHOOHV TXL YRQW FRQWULEXHU j DVVRLU XQH DOOLDQFH GXUDEOH SUpUHTXLV j WRXWH LQWHUYHQWLRQ SOXV VWUXFWXUpH HW j
SOXV PR\HQ ORQJ WHUPH (Q HIIHW O¶DOOLDQFH WKpUDSHXWLTXH HVW XQ pOpPHQW HVVHQWLHO GH OD GpPDUFKH GH VRLQ HQ
SV\FKLDWULH SHXW rWUH SOXV TX¶DLOOHXUV 7RZQVHQG SS HW (OOH Q¶HVW ELHQ V€U SDV XQH ILQ HQ VRL OH EXW
GH OD UHODWLRQ WKpUDSHXWLTXH pWDQW HQ JpQpUDO GH IDYRULVHU OHV DSSUHQWLVVDJHV HW O¶DGRSWLRQ GH VWUDWpJLHV
G¶DGDSWDWLRQ DX[ FKDQJHPHQWV VHORQ OH PRGqOH GH YXOQpUDELOLWp IDFH DX VWUHVV SS (Q HIIHW © OHV
UHFKHUFKHV RQW SHUPLV GH GpPRQWUHU GH PDQLqUH UpSpWpH TXH O¶DOOLDQFH WKpUDSHXWLTXH HVW OH IDFWHXU SUpGLFWLI OH
SOXV LPSRUWDQW GX UpVXOWDW GH QRPEUHXVHV IRUPHV GH WUDLWHPHQW >HQ SV\FKLDWULH@ ª 'HVSODQG GH 5RWHQ 0DUWLQH]
3ODQFKHUHO 6RODL

2XWUH OHV FRPSpWHQFHV UHODWLRQQHOOHV HW OH U{OH LPSRUWDQW GHV LQWHUYHQWLRQV GH SUHPLqUH LQWHQWLRQ QRV GLIIpUHQWV
DUWLFOHV RQW PRQWUp TXH OD FRQQDLVVDQFH GX UpVHDX GH VRLQV HW OH GpYHORSSHPHQW GH OD WUDQVYHUVDOLWp GDQV OD
FROODERUDWLRQ GHV LQWHUYHQDQWV pWDLW HVVHQWLHO j DVVXUHU GHV VRLQV GH TXDOLWp &HV pOpPHQWV SHUPHWWHQW HQ HIIHW OH
SDUWDJH GHV FRQQDLVVDQFHV HW OH GpYHORSSHPHQW GH V\QHUJLHV HQWUH OHV VRLJQDQWV TXL FRQWULEXHQW j XQH FRQWLQXLWp
GHV VRLQV QpFHVVDLUH j OD PLVH HQ °XYUH GH OD SV\FKRpGXFDWLRQ IDPLOLDOH &HWWH WUDQVYHUVDOLWp HW FHV V\QHUJLHV
QH VH OLPLWHQW SDU DLOOHXUV SDV DX[ PLOLHX[ LQVWLWXWLRQQHOV PDLV GHYUDLHQW V¶pWHQGUH DX VHLQ GH OD FRPPXQDXWp
&RPPH O¶RQW PLV HQ pYLGHQFH 6LQ HW DO OD GLYHUVLWp GHV HVSDFHV GH VRLQV HW G¶DFFRPSDJQHPHQW SHUPHW
G¶RIIULU DX[ SURFKHV HW SDWLHQWV GHV SUHVWDWLRQV TXL VRLHQW OHV SOXV DGDSWpHV j OHXUV EHVRLQV GX PRPHQW






&RQFOXVLRQV


$X GHOj GHV DSSUHQWLVVDJHV HQ WHUPHV GH PpWKRGRORJLH GH OD UHFKHUFKH XWLOLVDWLRQ GH EDVHV GH GRQQpHV HW
DQDO\VHV FULWLTXHV G¶DUWLFOHV HVVHQWLHOOHPHQW QRXV DYRQV pJDOHPHQW PRELOLVp QRV FRPSpWHQFHV G¶RUJDQLVDWLRQ HW
GH WUDYDLO HQ pTXLSH /D JHVWLRQ FRPPXQH GX WHPSV D pWp XQ IDFWHXU FUXFLDO ,O QRXV D DLQVL IDOOX QRXV FRRUGRQQHU
GDQV O¶DYDQFHPHQW GX WUDYDLO TXL SOXV HVW GDQV OD ORQJXH GXUpH HW HQ WHQDQW FRPSWH GH QRV DXWUHV pFKpDQFHV
UHVSHFWLYHV 1RWUH FROODERUDWLRQ D pWp SRVLWLYH WRXW DX ORQJ GH OD UpDOLVDWLRQ GH QRWUH UHYXH GH OLWWpUDWXUH FKDFXQ
DSSRUWDQW VHV FRPSpWHQFHV HW VD SDUWLFLSDWLRQ DFWLYH j FH SURMHW 3DU VD GLVSRQLELOLWp HW VHV FRQQDLVVDQFHV
FOLQLTXHV HW WKpRULTXHV OH GLUHFWHXU GH QRWUH WUDYDLO QRXV D JXLGp HW VRXWHQX GH PDQLqUH FRQVWUXFWLYH (JDOHPHQW
OH VXLYL RIIHUW GXUDQW OHV VpPLQDLUHV VSpFLILTXHV DX WUDYDLO GH %DFKHORU QRXV D SHUPLV GH SDUWDJHU QRWUH
H[SpULHQFH HW QRV FRQQDLVVDQFHV DYHF QRV FROOqJXHV pWXGLDQWV 'H PrPH OD SUpVHQWDWLRQ GH QRWUH WUDYDLO DX
&ROORTXH 6RXUFH GH 5HFKHUFKH QRXV D GRQQp O¶RFFDVLRQ G¶XQ ULFKH H[HUFLFH GH V\QWKqVH HW GH SDUWDJH DYHF OHV
SUDWLFLHQV HW HQVHLJQDQWV

&O{WXUDQW QRV DQQpHV G¶pWXGHV HQ VRLQV LQILUPLHUV FH WUDYDLO QRXV D SHUPLV G¶H[SpULPHQWHU OHV SURFHVVXV GH
UHFKHUFKH VFLHQWLILTXH HQ VFLHQFHV KXPDLQHV DX VHUYLFH GH OD GLVFLSOLQH LQILUPLqUH DLQVL TXH GH GpYHORSSHU HW
DIILQHU QRWUH HVSULW FULWLTXH ,QLWLDOHPHQW OH ODQJDJH VFLHQWLILTXH HW WKpRULTXH D SX QRXV VHPEOHU SDU WURS pORLJQp
GHV SUpRFFXSDWLRQV GH OD SUDWLTXH 7RXWHIRLV j PHVXUH GH QRWUH DYDQFHPHQW GDQV OH WUDYDLO QRWUH
SRVLWLRQQHPHQW j O¶pJDUG GH OD UHFKHUFKH HQ VRLQV LQILUPLHUV D pYROXp (Q HIIHW FRQIURQWHU QRWUH H[SpULHQFH
FOLQLTXH HW WHQWHU G¶DSSRUWHU GHV UpSRQVHV YDOLGHV j XQ TXHVWLRQQHPHQW LVVX GH OD SUDWLTXH QRXV D SHUPLV GH
GRQQHU GX VHQV j OD UHFKHUFKH LQILUPLqUH $YHF OD SUREOpPDWLTXH TXH QRXV DYRQV FKRLVL GH TXHVWLRQQHU QRXV
DYRQV SX PLHX[ FRPSUHQGUH TXH OD TXDOLWp GHV VRLQV HQ VDQWp PHQWDOH HVW WULEXWDLUH G¶HQMHX[ LQVWLWXWLRQQHOV
pFRQRPLTXHV HW SROLWLTXHV DXVVL ELHQ TXH GHV FRPSpWHQFHV FOLQLTXHV GHV VRLJQDQWV 'H SOXV GDQV XQ SD\VDJH
PXOWLGLVFLSOLQDLUH GRPLQp HQFRUH ODUJHPHQW SDU OHV PRGqOHV G¶LQWHUYHQWLRQV PpGLFDX[ GLIIXVHU HW SURPRXYRLU OD
UHFKHUFKH LQILUPLqUH HQ SV\FKLDWULH GRLW SHUPHWWUH GH YDORULVHU OHV FRPSpWHQFHV SURSUHV j O¶LQILUPLHU (JDOHPHQW
GH UHQGUH YLVLEOH OD SOXV YDOXH GHV VRLQV LQILUPLHUV SRXU OH V\VWqPH GH VDQWp HW OH SDWLHQW DLQVL TXH VHV SURFKHV

1RV UpVXOWDWV RQW ELHQ PRQWUp TXH OD UHFKHUFKH VHXOH QH VXIILW SDV j PRWLYHU OH FKDQJHPHQW GH SUDWLTXHV YHUV OD
TXDOLWp WHOOH TX¶HOOH HVW YDOLGpH HW UHFRQQXH $LQVL FH WUDYDLO QRXV D GRQQp O¶RFFDVLRQ GH PLHX[ UpDOLVHU
O¶LPSRUWDQFH GH QRWUH HQJDJHPHQW j IDLUH YDORLU QRWUH U{OH SURSUH j LQYHVWLU OD IRQFWLRQ GH OHDGHUVKLS LQILUPLHU
DXVVL ELHQ DX VHLQ GHV pTXLSHV TXH GDQV OH FKDPS SROLWLTXH




&ROORTXH GH SUpVHQWDWLRQ GHV WUDYDX[ GH %DFKHORU TXL V¶HVW WHQX j OD +DXWH (FROH GH OD 6DQWp /D 6RXUFH OH PDL






%LEOLRJUDSKLH


• $OOLQ 3ILVWHU $ & 7UDYDLO GH ILQ G
pWXGHV FOpV HW UHSqUHV 5XHLO 0DOPDLVRQ /DPDUUH

• $QGHUVRQ & 0 +RJDUW\ * 5HLVV ' - )DPLO\ WUHDWPHQW RI DGXOW VFKL]RSKUHQLF SDWLHQWV $
SV\FKRHGXFDWLRQDO DSSURDFK 6FKL]RSKUHQLD %XOOHWLQ

• &DQWRQ GH 9DXG 3ROLWLTXH GH VDQWp PHQWDOH SODQ G¶DFWLRQ $FFqV OH DYULO
KWWS ZZZ YG FK ILOHDGPLQ XVHUBXSORDG RUJDQLVDWLRQ GVDV VVS ILFKLHUVBSGI V\QWKHVHBSODQB6$107BYGHIBQRYH
PEUHB SGI

• &KDPERQ 2 (VWUDERO % *XLOODXPH 6 0DULH &DUGLQH 0 $GDSWDWLRQ IUDQoDLVH GX PRGXOH 3ULVH
HQ FKDUJH )DPLOLDOH &RPSRUWHPHQWDOH GHV SDWLHQWV VFKL]RSKUqQHV GH 5 3 /LHEHUPDQ -RXUQDO GH 7KpUDSLH
&RPSRUWHPHQWDOH HW &RJQLWLYH SS

• &RUULJDQ 3 : :DVVHO $ 8QGHUVWDQGLQJ DQG LQIOXHQFLQJ WKH VWLJPD RI PHQWDO LOOQHVV -RXUQDO RI
3V\FKRVRFLDO 1XUVLQJ

• 'HHJDQ 3 /H UpWDEOLVVHPHQW FRPPH SURFHVVXV GH WUDQVIRUPDWLRQ 6DQWp PHQWDOH

• 'HOHX * &KDPERQ 2 7KpUDSLH SV\FKRpGXFDWLYH IDPLOLDOH HW SV\FKRVHV FKURQLTXHV &KDUOHURL
6RFUDWHV (GLWLRQV

• 'HOHX * /DORQGH 3 7KpUDSLH SV\FKRpGXFDWLYH ,Q /DORQGH 3 $XEXW - *UXQEHUJ ) GLU
3V\FKLDWULH FOLQLTXH 8QH DSSURFKH ELR SV\FKR VRFLDOH 7RPH ,, VSpFLDOLWpV WUDLWHPHQWV VFLHQFHV
IRQGDPHQWDOHV HW VXMHWV G¶LQWpUrW SS 4XpEHF *DsWDQ 0RULQ pGLWHXU

• 'HVSODQG - 1 5RWHQ < GH 0DUWLQH] ( 3ODQFKHUHO $ & 6RODL 6 /¶DOOLDQFH WKpUDSHXWLTXH XQ
FRQFHSW HPSLULTXH 5HYXH 0pGLFDOH 6XLVVH SDV GH SDJLQDWLRQ $FFqV OH GpFHPEUH
KWWS WLWDQ PHGK\J FK PK IRUPDWLRQ DUWLFOH SKS "VLG

• )DORRQ , 5 + %HKDYLRXUDO IDPLO\ WKHUDS\ $ SUREOHP VROYLQJ DSSURDFK ,Q /HII - 9DXJKQ GLU
([SUHVVHG (PRWLRQV LQ )DPLOLHV /RQGRQ 7KH *XLOIRUG 3UHVV

• )DYURG - %RQVDFN &K D 4X¶HVW FH TXH OD SV\FKRpGXFDWLRQ " 6DQWp PHQWDOH

• )DYURG - %RQVDFN &K E 3V\FKRpGXFDWLRQ GH OD WKpRULH j OD SUDWLTXH " 6DQWp PHQWDOH


• *DHEHO : :HLQPDQQ 6 6DUWRULXV 1 5XW] : 0F,QW\UH - 6 6FKL]RSKUHQLD SUDFWLFH
JXLGHOLQHV LQWHUQDWLRQDO VXUYH\ DQG FRPSDULVRQ %ULWLVK -RXUQDO RI 3V\FKLDWU\

• *ROGPDQ & 5 7RZDUG D GHILQLWLRQ RI SV\FKRHGXFDWLRQ +RVSLWDO DQG &RPPXQLW\ 3V\FKLDWU\


• -HDQJXHQDW 0 5HFKHUFKH LQILUPLqUH 'RQQpHV SUREDQWHV SRXU XQH PHLOOHXUH SUDWLTXH >3UpVHQWDWLRQ
SRZHUSRLQW@ /DXVDQQH +DXWH (FROH GH OD 6DQWp /D 6RXUFH

• -HDQJXHQDW 0 3KpQRPpQRORJLH >3UpVHQWDWLRQ SRZHUSRLQW@ /DXVDQQH +DXWH (FROH GH OD 6DQWp /D
6RXUFH

• .pURXDF 6 3pSLQ - 'XFKDUPH ) 0DMRU ) /D SHQVpH LQILUPLqUH 0RQWUpDO %HDXFKHPLQ





• .LVVOLQJ : &RPSOLDQFH TXDOLW\ DVVXUDQFH DQG VWDQGDUGV IRU UHODSVH SUHYHQWLRQ LQ VFKL]RSKUHQLD
$FWD 3V\FKLDWULFD 6FDQGLQDYLFD 6XSSO

• .R]LHU % (UE * %HUPDQ $ 6Q\GHU 6 6RLQV LQILUPLHUV WKpRULH HW SUDWLTXH YRO 6W /DXUHQW
(53,

• .UH\HQEXKO - %XFKDQDQ 5 : 'LFNHUVRQ ) % 'L[RQ / % 7KH 6FKL]RSKUHQLD 3DWLHQW
2XWFRPHV 5HVHDUFK 7HDP 3257 8SGDWHG 7UHDWPHQW 5HFRPPHQGDWLRQV 6FKL]RSKUHQLD %XOOHWLQ


• .XLSHUV / /HII - /DP ' )DPLO\ :RUN IRU 6FKL]RSKUHQLD $ 3UDFWLFDO *XLGH /RQGRQ *DVNHOO

• /RLVHOOH & * 3URIHWWR 0F *UDWK - 0pWKRGH GH UHFKHUFKHV HQ VFLHQFHV LQILUPLqUHV DSSURFKHV
TXDQWLWDWLYHV HW TXDOLWDWLYHV 0RQWUpDO (53,

• 0F)DUODQH : 5 0XOWLSOH IDPLO\ JURXSV DQG WKH WUHDWPHQW RI VFKL]RSKUHQLD ,Q +HU] 0 , .HLWK 6 -
'RFKHUW\ - 3 GLU 3V\FKRVRFLDO WUHDWPHQW RI VFKL]RSKUHQLD SS $PVWHUGDP (OVHYLHU

• 0F)DUODQH : 5 'L[RQ / /XFNHQV ( /HFNVWHG $ )DPLO\ SV\FKRHGXFDWLRQ DQG VFKL]RSKUHQLD
D UHYLHZ RI WKH OLWHUDWXUH -RXUQDO RI 0DULWDO DQG )DPLO\ 7KHUDS\

• 0XHVHU . 7 *LQJHULFK 6 7KH &RPSOHWH )DPLO\ *XLGH WR 6FKL]RSKUHQLD 1HZ <RUN 7KH *XLOIRUG
3UHVV

• 1HYLG - 6 5KDWXV 6 $ *UHHQH % $ 3V\FKRSDWKRORJLH 3DULV 3HDUVRQ (GXFDWLRQ )UDQFH

• 2UGUH GHV LQILUPLqUHV HW LQILUPLHUV GX 4XpEHF 3HUVSHFWLYHV GH O¶H[HUFLFH GH OD SURIHVVLRQ G¶LQILUPLqUH
>%URFKXUH@ 4XpEHF 2UGUH GHV LQILUPLqUHV HW LQILUPLHUV GX 4XpEHF

• 2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp $FWHV RIILFLHOV GH O¶2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp QR
*HQqYH 2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp

• 2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp 5DSSRUW VXU OD VDQWp GDQV OH PRQGH /D VDQWp PHQWDOH
QRXYHOOH FRQFHSWLRQ QRXYHDX[ HVSRLUV *HQqYH 2UJDQLVDWLRQ PRQGLDOH GH OD 6DQWp

• 3URYHQFKHU + /H UpWDEOLVVHPHQW XQ QRXYHDX PRGqOH HQ VDQWp PHQWDOH 6DQWp PHQWDOH

• 5XPPHO .OXJH &K .LVVOLQJ : 3V\FKRHGXFDWLRQ LQ VFKL]RSKUHQLD QHZ GHYHORSPHQWV DQG
DSSURDFKHV LQ WKH ILHOG &XUUHQW 2SLQLRQ LQ 3V\FKLDWU\

• 7KRPVRQ 5HXWHUV -RXUQDO &LWDWLRQ 5HSRUW $FFqV OH PDUV KWWS DGPLQ
DSSV LVLNQRZOHGJH FRP -&5 -&5"6,' = QP 0 RKFN DM D%(K

• 7RZQVHQG 0 & 6RLQV LQILUPLHUV 3V\FKLDWULH HW VDQWp PHQWDOH 6W /DXUHQW (53,

• :RVLQVNL - ,QWURGXFWLRQ DX[ DSSURFKHV TXDOLWDWLYHV >3UpVHQWDWLRQ SRZHUSRLQW@ /DXVDQQH +DXWH
(FROH GH OD 6DQWp /D 6RXUFH

• :ULJKW / 0 /HDKH\ 0 /¶LQILUPLqUH HW OD IDPLOOH JXLGH G¶pYDOXDWLRQ HW G¶LQWHUYHQWLRQ 3DULV
,QWHU(GLWLRQV







$UWLFOHV DQDO\VpV

• &RKHQ $ 1 3HUOLFN ' $ *O\QQ 6 0 5RWRQGL $ - 0XUUD\ 6ZDQN $ % 6D\HUV 6 / %DUULR &
6KHUPDQ 0 ' )LVFKHU ( 3 'L[RQ / 0F&XWFKHRQ 6 - 7KH IDPLO\ IRUXP GLUHFWLRQV IRU WKH
LPSOHPHQWDWLRQ RI IDPLO\ SV\FKRHGXFDWLRQ IRU VHYHUH PHQWDO LOOQHVV 3V\FKLDWULF 6HUYLFHV

• 'L[RQ / 0F)DUODQH : 5 /HIOH\ + /XFNVWHG $ &RKHQ 0 )DOORRQ , 0XHVHU . 0LNORZLW] '
6RORPRQ 3 6RQGKHLPHU ' (YLGHQFH EDVHG SUDFWLFHV IRU VHUYLFHV WR IDPLOLHV RI SHRSOH ZLWK
SV\FKLDWULF GLVDELOLWLHV 3V\FKLDWULF 6HUYLFHV

• .DDV 0 - /HH 6 3HLW]PDQ & %DUULHUV WR FROODERUDWLRQ EHWZHHQ PHQWDO KHDOWK SURIHVVLRQDOV DQG
IDPLOLHV LQ WKH FDUH RI SHUVRQV ZLWK VHULRXV PHQWDO LOOQHVV ,VVXHV LQ 0HQWDO +HDOWK 1XUVLQJ

• .HOO\ 0 1HZVWHDG / )DPLO\ LQWHUYHQWLRQ LQ URXWLQH SUDFWLFH LW¶V SRVVLEOH -RXUQDO RI 3V\FKLDWULF
DQG 0HQWDO +HDOWK 1XUVLQJ

• .LP + : 6DO\HUV 0 3 $WWLWXGHV DQG SHUFHLYHG EDUULHUV WR ZRUNLQJ ZLWK IDPLOLHV RI SHUVRQV ZLWK
VHYHUH PHQWDO LOOQHVV PHQWDO KHDOWK SURIHVVLRQDOV µSHUVSHFWLYHV &RPPXQLW\ 0HQWDO +HDOWK -RXUQDO


• 0F)DUODQH : 5 0F1DU\ 6 'L[RQ / +RUQE\ + &LPHWW ( 3UHGLFWRUV RI GLVVHPLQDWLRQ RI IDPLO\
SV\FKRHGXFDWLRQ LQ FRPPXQLW\ PHQWDO KHDOWK FHQWHUV LQ 0DLQH DQG ,OOLQRLV 3V\FKLDWULF 6HUYLFHV


• 1RUGE\ . .M¡QVEHUJ . +XPPHOYROO - . 5HODWLYHV RI SHUVRQV ZLWK UHFHQWO\ GLVFRYHUHG VHULRXV
PHQWDO LOOQHVV LQ QHHG RI VXSSRUW WR EHFRPH UHVRXUFH SHUVRQV LQ WUHDWPHQW DQG UHFRYHU\ -RXUQDO RI
3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ

• 5XPPHO .OXJH &K 3LWVFKHO :DO] * %lXPO - .LVVOLQJ : 3V\FKRHGXFDWLRQ LQ VFKL]RSKUHQLD ²
UHVXOWV RI D VXUYH\ RI DOO SV\FKLDWULF LQVWLWXWLRQV LQ *HUPDQ\ $XVWULD DQG 6ZLW]HUODQG 6FKL]RSKUHQLD %XOOHWLQ


• 6LQ - 0RRQH 1 1HZHOO - 'HYHORSLQJ VHUYLFHV IRU WKH FDUHUV RI \RXQJ DGXOWV ZLWK HDUO\ RQVHW
SV\FKRVLV LPSOHPHQWLQJ HYLGHQFH EDVHG SUDFWLFH RQ SV\FKR HGXFDWLRQDO IDPLO\ LQWHUYHQWLRQ -RXUQDO RI
3V\FKLDWULF DQG 0HQWDO +HDOWK 1XUVLQJ ±






$QQH[H *ULOOH GH OHFWXUH ² 0RGqOH

$GDSWDWLRQ OLEUH LQVSLUpH GH
&{Wp ) 0HUFXUH 6 $ *DJQRQ - *XLGH GH UpGDFWLRQ FKDSLWUH /D OHFWXUH HIILFDFH G¶DUWLFOHV VFLHQWLILTXHV SS /DYDO
8QLYHUVLWp GH /DYDO %XUHDX GH WUDQVIHUW HW G¶pFKDQJHV GH FRQQDLVVDQFHV %7(&



5pIpUHQFHV LQLWLDOHV

• 7LWUH

• 7\SH GH GRFXPHQW

• 0RWV FOpV

$QDO\VH FULWLTXH

• ,PSDFW )DFWRU 3HHU 5HYLHZ

• $XWHXU V FKDPSV G¶H[SHUWLVH

• ,QWpUrWV VRXV MDFHQWV

5pVXPp

• %XWV GH OD UHFKHUFKH

• 0pWKRGH

o
o
o
o

'HVFULSWLRQ
7\SH GH SRSXODWLRQ pWXGLpH SDWLHQWV IDPLOOH SURIHVVLRQQHOV kJHV SDWKRORJLH
/LHX GH O¶pWXGH KRVSLWDOLHU Æ FULVH DPEXODWRLUH Æ VXLYL SUpYHQWLRQ
0RPHQW FULVH VXLYL SUpYHQWLRQ GpWHFWLRQ SUHPLHU pSLVRGH FKURQLFLWp





•

5pVXOWDWV /LPLWHV

•

'LVFXVVLRQ FRQFOXVLRQV UHFRPPDQGDWLRQV

• &DGUHV WKpRULTXHV UpIpUHQFH

5pIpUHQFHV ELEOLRJUDSKLTXHV

• 3HUWLQHQFH

• /LHQV FLWDWLRQV












7\SHV G·REVWDFOHV LGHQWLILpV LGHQWLILDEOHV


/LpV DX WURXEOH

3ROLWLTXH













,QVWLWXWLRQQHOV

3HUVRQQHV

&DGUHV

6RLJQDQWV

3DWLHQWV

)DPLOOHV




























)DFWHXUV IDYRULVDQW



3ROLWLTXH













,QVWLWXWLRQQHOV

3HUVRQQHV

&DGUHV

6RLJQDQWV

3DWLHQWV

)DPLOOHV






































$QQH[H $UWLFOHV DQDO\VpV &' 5RP