/D3DUROHSDUOpH












 

 
 /(6(37,Ê0(6&($8
 7KH6HYHQWK6HDO

 VRLU
-())(56219,//(,186$
 








 
 

 

ǁǁǁ͘ďƌĂŶŚĂŵ͘ƌƵ :LOOLDP0DUULRQ%UDQKDP
 
 












 

 

 

 










 


ϲϰ>^Wd/D^h 
 $ORUV TXH OH 6HLJQHXU YRXV EpQLVVH WRXV FKDFXQ WUqV ULFKHPHQW 
HWOHYRQVQRXVPDLQWHQDQWSRXUFKDQWHUFHERQYLHX[FDQWLTXHGHO¶pJOLVH
4XH'LHXYRXVEpQLVVHFKDFXQ$PHQ
/(6(37,Ê0(6&($8
VRLU
 >)UqUH %UDQKDP DMRXWH OHV TXDWUH OLJQHV VXLYDQWHV WLUpHV GX
SDUDJUDSKHGHVRQ0HVVDJHGHODYHLOOHOHPDUV²1'e@ -())(56219,//(,186$
-H« 4XH 'LHX YRXV EpQLVVH  «MH /¶DLPH 
GHWRXWPRQF°XU  
3DUFHTX¶,OP¶DDLPpOHSUHPLHU  0HUFLIUqUH3HQGDQWTXHQRXVVRPPHVGHERXWSULRQV
4XH'LHXYRXVEpQLVVH)UqUH1HYLOOH 
  'LHX 7RXW3XLVVDQW DXWHXU GH OD 9LH HW GRQDWHXU GH WRXW ERQ GRQ
 VSLULWXHOQRXVVRPPHVYUDLPHQWUHFRQQDLVVDQWVGHFHWUqVPHUYHLOOHX[HW
 UHPDUTXDEOHWHPSVGHFRPPXQLRQGDQV7D3UpVHQFHF¶HVWXQpYpQHPHQW
 WUqV PDUTXDQW GH QRV YLHV 6HLJQHXU XQ PRPHQW TXH QRXV Q¶RXEOLHURQV
 MDPDLV SHX LPSRUWH FRPELHQ GH WHPSV LO SRXUUDLW HQFRUH QRXV UHVWHU (W
 QRXV SULRQV { 'LHX TX¶HQ FH GHUQLHU VRLU« 1RXV UHPDUTXRQV GDQV
 O¶eFULWXUHTXHOHGHUQLHUMRXUGHODIrWH-pVXVV¶HVWOHYpDXPLOLHXG¶HX[HW
 ,O V¶HVW pFULp ³6L TXHOTX¶XQ D VRLI TX¶LO YLHQQH j 0RL´ -H SULH 3qUH
 &pOHVWH TXH FHOD VH UpSqWH GH QRXYHDX FH VRLU TXH QRXV SXLVVLRQV
 HQWHQGUHOD9RL[GHQRWUH6HLJQHXUQRXVDSSHOHUQRXVDSSHOHUj/HVHUYLU
 j PDUFKHU SOXV SUqV GH /XL 1RXV FRQVLGpURQV TXH GpMj QRXV DYRQV
 HQWHQGX 6D 9RL[ SDU O¶RXYHUWXUH GH FHV 6FHDX[ TXL QRXV GpFODUH TXH
 F¶HVWOHGHUQLHUMRXUHWTXHOHWHPSVHVWSURFKH$FFRUGHFHVEpQpGLFWLRQV
TXH QRXV GHPDQGRQV 3qUH DX 1RP GH -pVXV&KULVW HW SRXU 6D JORLUH
 $PHQ
 9RXVSRXYH]YRXVDVVHRLU
 
 -¶DLPHUDLV DMRXWHU FHFL F¶HVW TXH GH WRXWHV OHV UpXQLRQV TXH M¶DL
 HXHV DX FRXUV GH PD YLH MH FURLV TXH FHWWH VHPDLQH D pWp OH WHPSV GH
UpXQLRQV OH SOXV JORULHX[ GH WRXWH PD YLH 3HX LPSRUWH FH TXH MH« -¶DL
 GpMj YX GH JUDQGV PLUDFOHV V¶DFFRPSOLU ELHQ V€U HW GHV VHUYLFHV GH
JXpULVRQ PDLV FHFL VXUSDVVH WRXW FHOD '¶rWUH LFL D pWp O¶XQ GHV JUDQGV
/(6(37,Ê0(6&($8 PRPHQWV O¶XQ GHV pYpQHPHQWV PDUTXDQWV GH PD YLH (W GH YRLU OH SHWLW
7KH6HYHQWK6HDO  WDEHUQDFOH UHYrWLU FHW DVSHFW GLIIpUHQW QRQ VHXOHPHQW oD PDLV GH YRLU
 O¶LQWpULHXUUHYrWLUXQDVSHFWGLIIpUHQW
&HWH[WHHVWXQHYHUVLRQIUDQoDLVHGX0HVVDJHRUDO©7KH6HYHQWK6HDOª 
SUrFKp SDU OH 3URSKqWH GH 'LHX :LOOLDP 0DUULRQ %UDQKDP OH  VRLU j  (W PDLQWHQDQW MH GHPDQGDLV j %LOO\ LO DYDLW PLV WHOOHPHQW
-())(56219,//(,186$ ORQJWHPSV DYDQW GH YHQLU PH FKHUFKHU ,O P¶D GLW TX¶XQ DXWUH JURXSH GH
JHQV V¶pWDLW IDLW EDSWLVHU 'RQF LO \ D HX DXGHVVXV GH FHQW SHUVRQQHV
/DYHUVLRQRULJLQHOOHGHFHWWHSUpGLFDWLRQDXQHGXUpHGHKHXUHVPLQXWHV FHWWHVHPDLQHTXLVHVRQWIDLWEDSWLVHUDX1RPGHQRWUH6HLJQHXU-pVXV
&KULVW $ORUV QRXV VRPPHV²VRPPHV UHFRQQDLVVDQWV (W TXH 'LHX YRXV
9HXLOOH]WURXYHUOHVDXWUHVSUpGLFDWLRQVGX3URSKqWH:LOOLDP0DUULRP%UDQKDPHQ EpQLVVH
IUDQoDLVDQJODLVHWHQUXVVHGDQVOHVLWH 
 (W PDLQWHQDQW VL YRXV Q¶DYH] SDV G¶pJOLVH ORFDOH QRXV YRXV
ZZZEUDQKDPUX LQYLWRQV j YHQLU IUDWHUQLVHU LFL DYHF QRXV 5DSSHOH]YRXV ELHQ TXH FHWWH

Ϯ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϲϯ
pJOLVH HVW RXYHUWH j WRXV 1RXV QH VRPPHV SDV XQH GpQRPLQDWLRQ HW PD JDXFKH MH /H UHJDUGDLV YHQLU GH O¶RXHVW DORUV TX¶,O VH GLULJHDLW YHUV
M¶HVSqUH HW MH YHX[ FURLUH TXH FH QH VHUD MDPDLV XQH GpQRPLQDWLRQ PDLV O¶HVW GRQF ,O pWDLW YHUV OD JDXFKH 'RQF FH VHUDLW OH 0HVVDJH GX GHUQLHU
VHXOHPHQWXQHFRPPXQLRQROHVKRPPHVHWOHVIHPPHVOHVJDUoRQVHW DQJHWUqVLPSUHVVLRQQDQW9RXVYRXVVRXYHQH]TXHM¶DYDLVGLWTX¶,ODYDLW
OHV ILOOHV VH UHQFRQWUHQW DXWRXU GH OD WDEOH GH 'LHX HW IUDWHUQLVHQW DXWRXU OD«TX¶,OUHQYHUVDLWXQSHXODWrWHHWTX¶,ODYDLWGHJUDQGHVDLOHVSRLQWXHV
GHOD3DUROHHWRQRXVDYRQVWRXWHQFRPPXQ HWTX¶,ODYDLWYROpGLUHFWHPHQWYHUVPRL2UoDF¶HVWFH6HSWLqPH6FHDX
 &¶HVW HQFRUH TXHOTXH FKRVH GH G¶LPSUHVVLRQQDQW (W QRXV VRPPHV«
 %LHQ(WQRXVDYRQVXQSDVWHXUIRUPLGDEOHXQYpULWDEOHKRPPHGH 1RXV QH VDYRQV SDV HQFRUH FHTXH &¶HVW SDUFH TX¶LO Q¶D SDV pWp SHUPLV
'LHX HW M¶HQ VXLV YUDLPHQW UHFRQQDLVVDQW 6L YRXV YRXV UDSSHOH] FHWWH TX¶,OVRLWEULVp
YLVLRQG¶LO\DXQDQDORUVTXHGHOD1RXUULWXUHpWDLWHPPDJDVLQpHGDQVFH 
OLHX(WF¶HVWWRXWjIDLWH[DFW(WQRXVVRPPHV«  0DLV ERQ FKDFXQ G¶HQWUH YRXV LFL j OD UpXQLRQ YRXV O¶DYH]
 UHPDUTXpTXHOOHUpXQLRQoDDpWp7RXWOHPRQGHVHPEODLWrWUHDVVLVVXU
 1RXVDYRQVWRXWDUUDQJpOjSRXUTXHFHOLHXSXLVVHFRQYHQLUDX[ OHERUGGHVRQVLqJH(WWRXWOHPRQGHpWDLWOjjXQHKHXUHGHX[KHXUHV
FODVVHV GH O¶pFROH GX GLPDQFKH GH WRXV OHV kJHV HW QRXV VRPPHV GHO¶DSUqVPLGLjDWWHQGUHTXHOHVSRUWHVV¶RXYUHQWSRXUDYRLUXQHSODFHLFL
YUDLPHQW WUqV UHFRQQDLVVDQWV GH SRXYRLU HQ EpQpILFLHU ¬ XQ FHUWDLQ HQDYDQW'HERXWFRQWUHOHVPXUVOHVPHPEUHVHQGRORULVHWWRXW
PRPHQWGHVJHQVDYDLHQWH[SULPpOHGpVLUG¶DYRLUGHVFODVVHVGHO¶pFROH 
GXGLPDQFKHRLOVSRXUUDLHQWHQYR\HUOHXUVHQIDQWV0DLQWHQDQWYRXV«LOV  4X¶HVWFHTXHF¶HVW"&¶HVWOH6DLQW(VSULWTXLDIDLWGHVFHQGUHFHV
OHV RQW PDLQWHQDQW $ORUV Oj DORUV YHQH] GRQF VR\H] GHV Q{WUHV VL YRXV 0HVVDJHUV HW FH VRQW (X[ TXL QRXV RQW UpYpOp FHV FKRVHV (W DORUV
Q¶DYH]SDVG¶pJOLVHORFDOH UHPDUTXH] FRPPH WRXW&HOD V¶HVW HPERvWp GH IDoRQ WUqV SUpFLVH GDQV OD
 3DUROH
 1DWXUHOOHPHQWVLYRXVDYH]XQHERQQHpJOLVHTXHYRXVIUpTXHQWH] 
HW R RQ SUrFKH O¶eYDQJLOH HW WRXW HK ELHQ oD²oD F¶HVW VLPSOHPHQW XQ  (WSXLVSRXUYRXVIDLUHVDYRLUjWRXVTXHF¶HVWOD9pULWp,OO¶DSUpGLW
DXWUHJURXSHFRPPHQRXVYRXVYR\H]DLOOHXUV0DLVVL YRXVQ¶DYH]SDV HQYLURQ²HQYLURQGHX[ PRLVOjRXSOXVDYDQWTXHoDVHSURGXLVH$ORUV
G¶pJOLVHORFDOHHWTXHYRXV« TXHMHVXLVDOOpjO¶RXHVWVDQVVDYRLUMHVXLVUHYHQXDYHFO¶LQWHUSUpWDWLRQ
 WHOOHTX¶,OO¶DGRQQpH2UVRXYHQH]YRXVGDQVODYLVLRQ,OQHP¶DSDVGLWOD
 -¶DLDSSULVTXHSOXVLHXUVSHUVRQQHVTXLYHQDLHQWG¶DXWUHVFRLQVGX PRLQGUHFKRVHGDQVFHWWHYLVLRQTXDQG,OP¶DpOHYp-¶pWDLVHIIUD\pM¶DYDLV
SD\V pWDLHQW VRQW YHQXHV V¶LQVWDOOHU LFL SRXU IDLUH GH FHWWH pJOLVH OHXU SHXU GH PRXULU G¶rWUH WXp GDQV XQH H[SORVLRQ 9RXV YR\H] ,OV QH
pJOLVHORFDOH(WFHUWDLQHPHQWTXHQRXVYRXVVRXKDLWRQVODELHQYHQXHLFL SRXYDLHQWSDV
j OD 3DUROH GX 6HLJQHXU (W MH PH UDSSHOOH MH SHQVH YRXV DYRLU GLW DX 
PRPHQWGHPRQGpSDUWTXH²TXHOHVUpXQLRQVTXDQWjPRLDXUDLHQWOLHX  /¶LQWHUSUpWDWLRQ HVW YHQXH j PHVXUH TXH M¶HQ DL HX EHVRLQ F¶HVWj
LFLDXWDEHUQDFOH GLUH GDQV PRQ EXUHDX HW MH O¶DL WUDQVPLVH H[DFWHPHQW FRPPH ,O O¶DYDLW
 GRQQpH
 -HQHVDLVSDVHQFRUHFHTXHOH6HLJQHXUPHUpVHUYHGDQVO¶DYHQLU 
-HUHPHWVFHODHQWUH6HVPDLQVQRQSDVTXHFHVRLWGHODVXSHUVWLWLRQQL  0DLQWHQDQW YRXV YR\H] PHV DPLV OHV YLVLRQV QH IDLOOLVVHQW SDV
ULHQ PDLV M¶DWWHQGV VLPSOHPHQW MRXU DSUqV MRXU TX¶,O PH FRQGXLVH j (OOHVVRQWWRXMRXUVSDUIDLWHV(OOHVVRQWDEVROXPHQWYUDLHV
O¶HQGURLW R MH SRXUUDL DFFRPSOLU XQ PHLOOHXU VHUYLFH SRXU /XL (W TXDQG ,O 
Q¶DXUD SOXV EHVRLQ GH PRL DORUV M¶DL FRQILDQFH TX¶,O P¶DFFXHLOOHUD j OD  'RQF OD YLVLRQ SOXV OD 3DUROH SOXV O¶KLVWRLUH SOXV OHV kJHV GH
0DLVRQHQSDL[ O¶pJOLVH HW WRXW WRXW FHOD V¶KDUPRQLVH HQVHPEOH $ORUV YUDLPHQW MH SHX[
 GLUH G¶DSUqV FH TXH MH FRPSUHQGV HW HQ FRQIRUPLWp DYHF OD 3DUROH GH
 (W PDLQWHQDQW MH VXLV WUqV UHFRQQDLVVDQW GH OD FROODERUDWLRQ GHV 'LHX DYHF OD YLVLRQ HW DYHF OD UpYpODWLRQ TXH O¶LQWHUSUpWDWLRQ GH &HOD HVW
JHQV GX WDEHUQDFOH &RPPH %LOO\ PH OH GLVDLW FHWWH VHPDLQH MH SHQVH $,16,',7/(6(,*1(85
GDQVFKDTXHIR\HUTXLHVWUHSUpVHQWpLFLGHVHQYLURQVGXWDEHUQDFOHOHV 
JHQV RQW DFFXHLOOL TXHOTX¶XQ FKH] HX[ 9RXV DYH] RXYHUW YRV SRUWHV YRV
IR\HUVHWWRXWSRXUKpEHUJHUGHVJHQVTXLQ¶DXUDLHQWSDVHXG¶HQGURLWR
ϲϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯ
FRQILUPDWLRQDEVROXHFRPPHTXRLFHWWHLQWHUSUpWDWLRQGHVeFULWXUHVDpWp ORJHU0DLQWHQDQWYRLOjGHYUDLVJHVWHVFKUpWLHQV(WGDQVFHUWDLQVIR\HUV
HQYR\pHGH'LHX LOVRQWPLVGXPRQGHSDUWRXWGDQVWRXVOHVFRLQVSRVVLEOHVSRXUIRXUQLUj
 FHVJHQVXQHQGURLWRORJHU
 (Q HIIHW DYDQW PrPH TXH QRXV DERUGLRQV &HOD HW TXH MH SDUWH 
SRXUDOOHUGDQVO¶RXHVWOH6HLJQHXUP¶DYDLWPRQWUpXQHYLVLRQXQMRXUYHUV  (Q HIIHW F¶HVW XQ PRPHQW DVVH] GLIILFLOH j FDXVH GH FHW
GL[KHXUHVGXPDWLQ(WMHVXLVYHQXO¶H[SOLTXHULFLGLUHTXHMHO¶DYDLVHXH pYpQHPHQW Oj TXL D OLHX GDQV OH GRPDLQH VSRUWLI GX EDVNHWEDOO RX
MHQHVDYDLVSDVFHTX¶LOHQpWDLW&¶pWDLWXQHFRQVWHOODWLRQGHVHSW$QJHV TXHOTXH FKRVH GX JHQUH HW²HW GHV UpVHUYDWLRQV DYDLHQW pWp IDLWHV SRXU
1RXV QRXV HQ VRXYLHQGURQV 9RXV WURXYHUH] oD VXU OD EDQGH LQWLWXOpH oD(QSOXVG¶XQJURXSHQRPEUHX[HQSURYHQDQFHGH«
0RQVLHXUTXHOOHKHXUHHVWLO"(KELHQoDF¶HVWSUpFLVpPHQWFHTXHYRXV 
YR\H]HQFHPRPHQW/HVVHSW$QJHV«-¶pWDLVGDQVO¶RXHVW  5HSUpVHQWpV LFL GDQV FHWWH SHWLWH pJOLVH MH SHQVH TX¶LO GRLW \ DYRLU
 SHXWrWUH YLQJWKXLW RX WUHQWH eWDWV TXL VRQW UHSUpVHQWpV LFL PrPH GDQV
 9RXV YRXV UDSSHOH] OHV WRXW SHWLWV PHVVDJHUV LOV VRQW SDUWLV YHUV FHWWH pJOLVH HQ SOXV GH GHX[ SD\V pWUDQJHUV DORUV SRXU FHV SHWLWHV
O¶HVW /HV GHX[LqPHV PHVVDJHUV OHV FRORPEHV GHV RLVHDX[ XQ SHX SOXV UpXQLRQV GH UpYHLO $ORUV LO IDXW GpMj EHDXFRXS GH SODFH ULHQ TXH SRXU
JURVLOVVRQWSDUWLVYHUVO¶HVW(WSXLVM¶DLUHJDUGp«(X[pWDLHQWDYHFPRL HX[6DYRLU«
WRXWOHWHPSV&¶pWDLHQWOH3UHPLHUHWOH'HX[LqPH3XOO 
  -H P¶LQIRUPDLV DXMRXUG¶KXL j FHUWDLQHV SHUVRQQHV DYHF TXL M¶pWDLV
 0DLQWHQDQWOHV7URLVLqPHVVRQWYHQXVGHO¶RXHVWLOVVRQWDUULYpVj -¶DL GLW ³'¶DSUqV FH TX¶RQ P¶D GLW LO Q¶\ D SDV HX EHDXFRXS GH JHQV GH
XQHYLWHVVHYHUWLJLQHXVHHW,OVP¶RQWHPSRUWpDYHFHX[&¶pWDLWGHUHYHQLU -HIIHUVRQYLOOHjODUpXQLRQ´
jO¶HVWDYHFOHP\VWqUHGHFHV6HSW6FHDX[3UpFLVpPHQWFRPPHFHTXL 
DYDLW pWp GLW GDQV²GDQV OH VRQJH GH -XQLRU -DFNVRQ TXH OH 6HLJQHXU  4XHOTX¶XQ D pOHYp OD YRL[ HQ GLVDQW ³2Q QH SHXW SDV HQWUHU´ (K
P¶DYDLWSHUPLVG¶LQWHUSUpWHUSRXUOXLOj³¬O¶LQWpULHXUGHFHWWHS\UDPLGHLO\ ELHQ YRLOj F¶pWDLW oD &¶pWDLW oD OD UDLVRQ 4XHOTXHV SROLFLHUV HW WRXW
DYDLWGHOD3LHUUHEODQFKHTXLQ¶DYDLWULHQG¶pFULWGHVVXV´&¶HVWSRXUFHWWH YRXODLHQW YHQLU j OD UpXQLRQ PDLV LOV RQW GLW« LOV HQ DYDLHQW SDUOp LOV RQW
UDLVRQTX¶LOP¶DIDOOXDOOHUjO¶RXHVWSRXUIDLUHOHFRQWDFWDYHFOH0HVVDJH GLW PDLV LOV VRQW YHQXV HW Q¶RQW SDV UpXVVL j HQWUHU OD VDOOH pWDLW GpMj
GHFHV$QJHVGHUHYHQLULFLUpYpOHU&HODjO¶pJOLVH9RXVYRXVVRXYHQH] FRPEOH DYDQWPrPHTX¶LOV SXLVVHQW HQWUHU 'RQF SHXWrWUHTXH F¶pWDLW OH
M¶DYDLV GLW TXH ³OHV FKRVHV TXL DOODLHQW VH SDVVHU HQVXLWH FH VHUDLW LFL j WHPSV SRXU HX[ j XQ DXWUH PRPHQW HW LOV QH VRQW SDV YHQXV $ORUV
O¶pJOLVH´&¶HVWWRXWjIDLWH[DFW PDLQWHQDQW OHV JHQV YLHQQHQW G¶DXWUHV HQGURLWV DXVVL QRXV HQ VRPPHV
 WUqVUHFRQQDLVVDQWV
 8QHDXWUHFKRVHM¶DLPHUDLVYRXVIDLUHUHPDUTXHUFHTXLHVWDUULYp 
(W VL YRXV pFRXWH] OD EDQGH 0RQVLHXU TXHOOH KHXUH HVWLO" YRXV  2U Oj MH QH VDLV SDV &H TXL GHYUDLW YHQLU DSUqV FHFL FH VRQW OHV
UHPDUTXHUH] TX¶LO \ DYDLW XQ $QJH TXL P¶LPSUHVVLRQQDLW EHDXFRXS /HV 6HSW 7URPSHWWHV GDQV XQ DXWUH PHVVDJH 0DLV OHV 6FHDX[ HQJOREHQW
DXWUHV VHPEODLHQW rWUH RUGLQDLUHV 0DLV FHW $QJHOj pWDLW XQ $QJH SUHVTXH WRXW /HV kJHV GH O¶pJOLVH V¶\ VXFFqGHQW HW G¶DERUG QRXV OHV
LPSUHVVLRQQDQW ,O pWDLW j PD JDXFKH GDQV OD FRQVWHOODWLRQ HQ IRUPH GH DYRQVVLWXpVFHTXLpWDLWWUqV²WUqVLPSRUWDQWPDLV«GDQVOHWHPSV2U
S\UDPLGH O¶RXYHUWXUHGHV6FHDX[PRQWUHRYDO¶eJOLVHHWFHjTXRL(OOHDERXWLW(W
 GRQF MH WURXYH TXH OH 3qUH &pOHVWH D pWp YUDLPHQW ELHQYHLOODQW HQYHUV
 (W YRXV YRXV VRXYHQH] F¶HVW j O¶LQWpULHXU GH OD S\UDPLGH TXH VH QRXVGHQRXVDYRLUSHUPLVGHYRLUFHTXHQRXVDYRQVYX
WURXYDLW OH P\VWpULHX[ 5RF EODQF TXL Q¶DYDLW ULHQ G¶pFULW GHVVXV (W OHV 
$QJHV P¶RQW IDLW HQWUHU GDQV OD S\UDPLGH TX¶(X[PrPHV IRUPDLHQW OHV  (W MH GLUDL FHFL HQ SDUFRXUDQW G¶DQFLHQQHV QRWHV GRQW MH P¶pWDLV
P\VWqUHVGH'LHXTXLQHVRQWFRQQXVTX¶j(X[(WGRQF(X[F¶pWDLHQWOHV VHUYL SRXU SUrFKHU LO \ D ELHQ GHV DQQpHV DORUV TXH MH YHQDLV WRXW
0HVVDJHUV TXL pWDLHQW YHQXV LQWHUSUpWHU FHWWH S\UDPLGH RX FH 0HVVDJH ERQQHPHQW LFL HW MH GLVDLV FH TXH MH SHQVDLV rWUH MXVWH HW MH FRQWLQXDLV
GXVHFUHWGHFHV6HSW6FHDX[TXLUHSRVHjO¶LQWpULHXUGHODS\UDPLGH FRPPH oD &¶pWDLW FRPSOqWHPHQW j F{Wp (W GRQF FHV 6FHDX[ WRXV OHV
 TXDWUH MH OHV DYDLV YXV HQ YLQJW PLQXWHV GH SUpGLFDWLRQ WRXV OHV TXDWUH
 'RQFFHW$QJHTXLpWDLWjPDJDXFKHHQIDLW,OVHUDLWOHGHUQLHURX /HV TXDWUH FDYDOLHUV GH O¶$SRFDO\SVH MH OHV DYDLV PLV WRXV HQVHPEOH HW
OHVHSWLqPH$QJHVLRQ/HVFRPSWDLWGHJDXFKHjGURLWH(QHIIHW,OpWDLWj M¶DL GLW ³8Q FKHYDO HVW VRUWL HQ EODQF´ M¶DL GLW ³SHXWrWUH TX¶LO V¶DJLW GX²
ϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϲϭ
GX²GX SUHPLHU kJH (W TXDQG OH FKHYDO VXLYDQW HVW VRUWL LO \ D HX GH OD  (WPDLQWHQDQWM¶HVSqUHTXHFKDFXQGHYRXVVDQVH[FHSWLRQVHUYLUD
IDPLQH´HWM¶DLFRQWLQXpFRPPHoD0DLVRKTXDQGOD3DUROHDYUDLPHQW 'LHX HW IHUD FH TXL HVW ELHQ $LPH]/H WRXWH YRWUH YLH HW VHUYH]/H (W
pWpGpYRLOpH&¶pWDLWjFHQWPLOOHVG¶rWUHoD 'LHXV¶RFFXSHUDGXUHVWH
 
 'RQF LO HVW GH QRWUH GHYRLU GH YHLOOHU HW G¶DWWHQGUH 3HXWrWUH TXH  %RQ QRXV DYRQV PDLQWHQDQW FRPSOpWp LFL SDU OD JUkFH GH 'LHX
F¶HVWHQFHWHPSVFLTX¶LOIDOODLWTXHoDVHIDVVH,OVHSHXWTXHEHDXFRXS WRXV OHV P\VWqUHV GHV VL[ 6FHDX[ TXL DYDLHQW pWp VFHOOpV HW QRXV
GH FKRVHV DLHQW pWp GLWHV DYHF OHVTXHOOHV G¶DXWUHV SHUVRQQHV QH VHURQW FRPSUHQRQV HW QRXVVDYRQV OjTXH OH 6HSWLqPH 6FHDX QH GRLW SDV rWUH
SHXWrWUHSDVG¶DFFRUG0DLVMHFURLVTXHTXDQGYLHQGUDOHJUDQGPRPHQW SRUWpjODFRQQDLVVDQFHGXSXEOLF
GH O¶LVVXH ILQDOH HW TXH QRXV UHQFRQWUHURQV QRWUH 6HLJQHXU YRXV YHUUH] 
TXH&¶pWDLWMXVWHdD²dD²dDO¶HVWYUDLPHQW  'RQF6D9HQXHO¶KHXUHGH6D9HQXHDXPRPHQWGHODGHVWUXFWLRQ
 GHODWHUUHYRXVVDYH],ODGLWOj³4XHOVHUDOHVLJQHGHODYHQXHGHODILQ
 0DLQWHQDQWOHVJHQVTXLVRQWG¶HQGHKRUVGHODYLOOHGHGLIIpUHQWV GXPRQGH"´'DQV0DWWKLHXOjTXDQGLOV/XLRQWSRVpODTXHVWLRQ,OD
HQGURLWV GHV HQYLURQV TXL VRQW YHQXV GH GLIIpUHQWV eWDWV HW GH GLIIpUHQWV HQFKDvQpMXVTXHOj,ODSDUOpG¶,VUDsOTXLVHUDVVHPEOHUDLWFRPPHQDWLRQ
SD\VFRPELHQM¶DSSUpFLHYRWUHVLQFpULWpG¶DYRLUIDLWWRXWFHWUDMHWHWG¶DYRLU DX YHUVHW  GDQV 0DWWKLHX  0DLV DSUqV,O V¶HVW HQJDJp GDQV GHV
SULV YRV YDFDQFHV (W FHUWDLQV G¶HQWUH HX[ Q¶DYDLHQW PrPH SDV G¶HQGURLW SDUDEROHV YRXV YR\H] $ORUV YRXV YR\H]« ³$SSUHQH] GX ILJXLHU OD
R ORJHU -H²MH OH VDLV SDUFH TXH M¶DL pWp HQ PHVXUH G¶DLGHU FHUWDLQV SDUDEROH 4XDQG YRXV OH YR\H] SRXVVHU VHV ERXUJHRQV HK ELHQ YRXV
G¶HQWUH HX[ j VH WURXYHU GHV HQGURLWV R ORJHU ,OV Q¶DYDLHQW PrPH SDV VDYH] TXH OH SULQWHPSV HVW SURFKH 'H PrPH TXDQG YRXV YHUUH] FHFL
G¶DUJHQWSRXUPDQJHUQLULHQHWDORUV«HWLOVVRQWYHQXVTXDQGPrPHHQ DUULYHUDORUVVDFKH]TXHOHWHPSVHVWSURFKH´9RXVYR\H],VUDsOTXLVH
V¶DWWHQGDQWjFHTX¶LOVHSDVVHTXHOTXHFKRVHSRXUUpJOHUoD(WDYHFXQH UDVVHPEOH GDQV VD SURSUH SDWULH 0DLV VL YRXV UHPDUTXH] ,O D RPLV OD
IRL WHOOHPHQW JUDQGH DX SRLQW TXH SHX LPSRUWH V¶LOV GRLYHQW VH SULYHU GH UpYpODWLRQGX6HSWLqPH6FHDX
PDQJHURXPrPHQ¶DYRLUDXFXQHQGURLWRORJHULOVYHXOHQWTXDQGPrPH 
YHQLUpFRXWHUFHV²FHVFKRVHVDUULYHUdDF¶HVWYUDLPHQWFRXUDJHX[YRXV  (WLFLTXDQGOH6HSWLqPH6FHDXTXDQG,O/¶DRXYHUWOjHQFRUH,OD
VDYH](WWRXWOHPRQGHDpWpDEVROXPHQWFHQWSRXUFHQW RPLV &HOD YRXV YR\H] 3DU FRQVpTXHQW QRXV YR\RQV TXH &¶HVW XQ
 P\VWqUHWRWDOGRQFO¶KHXUHRFHP\VWqUHGRLWrWUHFRQQXQ¶HVWSDVHQFRUH
 -¶DL UHQFRQWUp PRQ EHDXIUqUH OjEDV TXL D pWp OH²OH« TXL V¶HVW YHQXH 'RQF QRXV VDYRQV FH TX¶LO (Q HVW MXVTXHOj HW RQ FRQQDvWUD OH
RFFXSpGHODPDoRQQHULHGHO¶pJOLVHHWWRXW(WMHOXLGLVDLVFRPELHQM¶DYDLV UHVWH j SHX SUqV DX PRPHQW R -pVXV DSSDUDvWUD VXU WHUUH GH QRXYHDX
DSSUpFLpVRQWUDYDLO-HQHVXLVSDVXQ²XQPDoRQMHQHP¶\FRQQDLVSDV SRXU YHQLU FKHUFKHU 6RQ eSRXVH RX FH TXL VH SDVVHUD j FH PRPHQWOj
GXWRXWHQODPDWLqUH6HXOHPHQWXQFRLQjDQJOHGURLWoDMHVDLVFHTXH 2U MXVTX¶j FH PRPHQWOj SULRQV WRXV PHQRQV WRXV GH ERQQHV YLHV
F¶HVWHWVLoDPHVHPEOHrWUHDUUDQJpFRPPHLOIDXW FKUpWLHQQHVGURLWHVHQDWWHQGDQWDYHFLPSDWLHQFH6D9HQXH
 
 (WLODGLW³-HYDLVWHGLUH´,ODGLW³2QQ¶DSUDWLTXHPHQWMDPDLVYX  (W PDLQWHQDQW V¶LO DUULYDLW TXH FHWWH EDQGH VH UHWURXYH GDQV OHV
oD XQH WHOOH KDUPRQLH HQWUH KRPPHV SHQGDQW TX¶LOV WUDYDLOOHQW WRXV PDLQV GH FHUWDLQHV SHUVRQQHV TXHOTXH SDUW Q¶HVVD\H] SDV G¶HQ IDLUH XQ
HQVHPEOH´ LVWKPHTXHOFRQTXH/DVHXOHFKRVHjIDLUHFRQWLQXH]VLPSOHPHQWjVHUYLU
 'LHX &¶HVW TXH FH JUDQG VHFUHW HVW WHOOHPHQW JUDQG TXH 'LHX Q¶D PrPH
 )UqUH :RRGV )UqUH 5REHUVRQ HW FKDFXQ VH SODoDLW j VD SODFH SDVSHUPLVj-HDQGH/¶pFULUH,ODWRQQpPDLV,O«SRXUVDYRLUTXH«SRXU
WRXW(WOHIUqUHTXL²TXLDLQVWDOOpO¶DFRXVWLTXHOH«MHYHX[GLUHOHV\VWqPH QRXVSURPHWWUHTX¶,OVHUDLWRXYHUW0DLVMXVTX¶LFL,OQ¶HVWSDVRXYHUW
GH VRQRULVDWLRQ HW WRXW GDQV O¶pJOLVH ,OV RQW GLW ³7RXW D WUqV ELHQ 
IRQFWLRQQp´ 4XDQG LOV DYDLHQW EHVRLQ GH TXHOTXH FKRVH O¶KRPPH TX¶LO  (W PDLQWHQDQW QRXV VRPPHV UHFRQQDLVVDQWV j 'LHX SRXU FH TX¶,O
IDOODLW pWDLW Oj SRXU IDLUH OH WUDYDLO $ORUV F¶HVW« 'LHX HVW GDQV WRXW OH QRXVDPRQWUp,O\DKXLWMRXUVTXHMHVXLVDVVLVGDQVPRQEXUHDXOjEDV
SURJUDPPHDXFRPSOHW1RXVHQVRPPHVWUqVUHFRQQDLVVDQWV (W FH 0HVVDJHTXHMH YLHQV GHILQLU GH YRXV H[SOLTXHU EHDXFRXS G¶HQWUH
 YRXVFRPSUHQGURQW(WM¶DLSURPLVTXHTXHOTXHFKRVHpWDLWHQWUDLQGHVH
 3OXVLHXUV JpQpUHX[ GRQDWHXUV GH FHWWH pJOLVH TXL RQW DLGp j SDVVHU GDQV OH GRPDLQH VSLULWXHO FRQWLQXHOOHPHQW TXHOTXH FKRVH GRQW
DFFRPSOLUFHODFRPPHQRWUH)UqUH'DXFKHWQRWUH6°XU'DXFKDVVLVLFL M¶pWDLV V€U TXH YRXV QH OH YR\LH] SDV (W YRLFL GH TXRL LO V¶DJLW F¶HVW OD
ϲϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱ
 %RQ PDLQWHQDQW HVWFHTXH YRXV UHPDUTXH]" ¬ O¶RXYHUWXUH GH FH HWELHQG¶DXWUHVTXLRQWGRQQpWUqVJpQpUHXVHPHQWSRXUOHVRXWLHQGHFHWWH
6HSWLqPH 6FHDX YRLOj TX¶LO \ D DXVVL WURLV P\VWqUHV /¶XQ GRQW M¶DL« MH FDXVH(WMHSHQVHTX¶HQFHPRPHQWF¶HVWSUHVTXHGpMjWRXWSD\p$ORUV
SDUOHUDLHWGRQWM¶DLSDUOpF¶HVWOHP\VWqUHGHV6HSW7RQQHUUHV/HV6HSW QRXVVRPPHVWUqVUHFRQQDLVVDQWVGHoD
7RQQHUUHVGDQVOH&LHO YRQWGpYRLOHUFHP\VWqUHdDVHSDVVHUDMXVWHDX 
PRPHQW GH OD 9HQXH GH &KULVW SDUFH TXH &KULVW D GLW TXH SHUVRQQH QH  6RXYHQH]YRXV F¶HVW YRWUH pJOLVH FDU YRXV rWHV VHUYLWHXU GH
VDYDLWTXDQG,OUHYLHQGUDLW &KULVW (W F¶HVW GDQV FH EXW TX¶HOOH D pWp FRQVWUXLWH DILQ G¶rWUH XQH SRUWH
 RXYHUWHSRXUIDLUHGHVVHUYLWHXUVHWSRXUTXHOHVVHUYLWHXUVTXLVRQWGpMj
 $YH]YRXV UHPDUTXp TXDQG OHV -XLIV /XL RQW SRVp OD TXHVWLRQ" GHV VHUYLWHXUV GH &KULVW SXLVVHQW \ YHQLU VH UpMRXLU DXWRXU GH OD
6DY« 4XDQG QRXV DYRQV FRPSDUp OH SDVVDJH GH O¶eFULWXUH LFL GH FRPPXQLRQ DYHF -pVXV&KULVW (W QRXV YRXORQV TXH YRXV VDFKLH] TXH
0DWWKLHXDYHFOHVVL[6FHDX[OH6HSWLqPH6FHDXDpWpRPLV(QHIIHW WRXVVRQWOHVELHQYHQXV
YR\H]YRXV&KULVWDGLWTX¶³LOQ¶\DYDLWTXH'LHX/XLPrPHTXLVDYDLWSDV 
PrPH OHV $QJHV´ 5LHQ G¶pWRQQDQW &H Q¶pWDLW PrPH SDV pFULW 9RXV  (W ERQ TXDQG YRXV P¶HQWHQGH] SDUIRLV TXDQG O¶RQFWLRQ HVW Oj
YR\H]LOVVHVRQWWXVLOQHV¶HVWULHQSDVVpjFHPRPHQWOj/HV$QJHVQH UpSULPDQGHU DVVH] VpYqUHPHQW OHV RUJDQLVDWLRQV MH²MH QH GLV SDV oD
/HVDYHQWSDV3HUVRQQHQHVDLWTXDQG,OYDYHQLU FRQWUHYRWUHSDVWHXUQLFRQWUHXQIUqUHRXXQHV°XUGHYRWUHpJOLVH3DUFH
 TXHDSUqVWRXW'LHXDGHVJHQVGDQVWRXWHVOHVRUJDQLVDWLRQV6HXOHPHQW
 0DLVLO \DXUDOHV²LO \DXUDOHV²OHV6HSW9RL[GHFHV7RQQHUUHV ,O Q¶DFFHSWH SDV O¶RUJDQLVDWLRQ ,O DFFHSWH O¶LQGLYLGX TXL HVW GDQV
TXL UpYpOHURQW OD JUDQGH UpYpODWLRQ j FH PRPHQWOj $ORUV MH FURLV QRXV O¶RUJDQLVDWLRQ(W«8QHRUJDQLVDWLRQFHQ¶HVWSDVoDTX¶LOIDXW
TXL« 6L QRXV QH /H VDYRQV SDV HW VL QRXV« &H QH VHUD SDV GLYXOJXp 
DYDQW FH PRPHQWOj 0DLV FH VHUD UpYpOp FH MRXUOj j O¶KHXUH R F¶HVW  3DU FRQVpTXHQW TXDQG OHV JHQV VH UHWURXYHQW WHOOHPHQW OLpV SDU
FHQVp rWUH UpYpOp $ORUV FH TX¶LO QRXV IDXWIDLUH F¶HVW G¶rWUH UHVSHFWXHX[ OHXU RUJDQLVDWLRQ DORUV LOV QH SHXYHQW ULHQ YRLU G¶DXWUH TXH FH TXH FHWWH
GHYDQW'LHXGH/HVHUYLUGHIDLUHWRXWFHTXHQRXVSRXYRQVIDLUHHWGH pJOLVHOjGLWYR\H]YRXV(WjFDXVHGHoDLOVURPSHQWODFRPPXQLRQDYHF
PHQHUGHERQQHVYLHVFKUpWLHQQHV'RQFLFLQRXVYR\RQVTXHOH6L[LqPH OHVDXWUHVF¶HVWXQV\VWqPHTXLQ¶HVWSDVDJUpDEOHj'LHXFHWWHFKRVHOj
6FHDX QRXV D pWp RXYHUW QRXV /H YR\RQV (W QRXV VDYRQV TXH FH HVWGXPRQGHHWQ¶DMDPDLVpWppWDEOLHSDU'LHX
6HSWLqPH6FHDXQHSHXWSDVrWUHGpYRLOpDXSXEOLFWDQWTXHFHWWHKHXUH 
OjQHVHUDSDVYHQXH  2UOjMHQHSDUOHSDVGHO¶LQGLYLGX4X¶LOV¶DJLVVHGHVFDWKROLTXHV
 GHV -XLIV RX GH TXL TXH FH VRLW RX²RX GHV PpWKRGLVWHV GHV EDSWLVWHV
 2ULO\DXQHUDLVRQSRXUODTXHOOH'LHXDIDLWWRQQHUFHV6HSW9RL[ GHVSUHVE\WpULHQVGHQ¶LPSRUWHTXHOOHRUJDQLVDWLRQRXGHFHX[TXLQ¶RQW
&¶HVW SDUFH TXH &¶HVW TXHOTXH FKRVH TXL GRLW DUULYHU YRXV YR\H] &DU« SDV G¶RUJDQLVDWLRQ HW²HW TXL Q¶RQW SDV GH GpQRPLQDWLRQ HW WRXW 'LHX D
1RXV YR\RQV TXH &KULVW O¶$JQHDX D SULV OH²OH /LYUH GDQV 6D PDLQ HW GH6HVHQIDQWVOjEDV9R\H]"(WWUqVVRXYHQWMHFURLVTX¶LOVVRQWOjEDV
TX¶,O D RXYHUW OH 6HSWLqPH 6FHDX 0DLV YRXV YR\H] F¶HVW XQ P\VWqUH GDQV XQ EXW SRXU GLIIXVHU OD /XPLqUH IDLUH VRUWLU FHX[ TXL VRQW
FDFKp 3HUVRQQH QH /H FRQQDvW 0DLV &HOD²&HOD FRQFRUGH SDUIDLWHPHQW SUpGHVWLQpVGHWRXVFHVHQGURLWVGHSDUWRXW(W²HWTXDQGYLHQGUDFHMRXU
DYHFFHTX¶,ODGLWTXH³SHUVRQQHQHVDXUDLWTXDQG,OYLHQW´(WLOVQ¶DOODLHQW JORULHX[ DORUV QRXV YHUURQV O¶eJOLVH GX 6HLJQHXU -pVXV&KULVW TXL VHUD
SDVFRQQDvWUHFHP\VWqUHGHV6HSW7RQQHUUHVQRQSOXV'RQFYRXVYR\H] DSSHOpH j OD²j OD JORULHXVH UHQFRQWUH GDQV OHV DLUV HW QRXV PRQWHURQV
LO\DXQOLHQHQWUHOHVGHX[ WRXVj6DUHQFRQWUH(WMH²M¶DWWHQGVFHWWHKHXUH
  0DLQWHQDQWWHOOHPHQWGHFKRVHVSRXUUDLHQWrWUHGLWHV
 1RXV HQ FRPSUHQRQV XQH SDUWLH DXMRXUG¶KXL SXLVTXH WRXW OH UHVWH 
HVWGpYRLOpPDLVFHFLFHQ¶HVWSDVGpYRLOp6HXOHPHQWTXDQGM¶pWDLVDVVLV  (W FH VRLU FRPPH F¶HVW OH GHUQLHU VRLU OD GHUQLqUH VRLUpH
GDQVPRQEXUHDXM¶DLHQWHQGX«RXSOXW{WMHQ¶DLSDVHQWHQGXPDLVM¶DLYX G¶KDELWXGH WRXW OH PRQGH HVW« 4XDQG LO \ D XQ VHUYLFH GH JXpULVRQ MH
&HOD VH GpSOR\HU HQ GLUHFWLRQ GHV 6HSW 7RQQHUUHV 0DLQWHQDQW QRXV QH YRLV OHV JHQV TXL VRQW GDQV XQH JUDQGH DWWHQWH GH YRLU GHV FKRVHV
SRXYRQVSDVDOOHUSOXVORLQTXHoDLFL JORULHXVHV V¶DFFRPSOLU SHQGDQW OH VHUYLFH GH JXpULVRQ FH TXL FUpH XQH
 WHQVLRQFKH]HX[LOVVRQWDJLWpV(WYRLOjTXHMHFRQVWDWHODPrPHFKRVH
FHVRLUWRXWOHPRQGHHVWGDQVXQHJUDQGHDWWHQWHGHYRLUFRPPHQW«(W
WRXVOHVVRLUVoDDpWpFRPPHoDSRXUO¶RXYHUWXUHGHFHV6FHDX[
ϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱϵ
  2U DYH]YRXV UHPDUTXp" 7RXV« &H Q¶HVW SDV pWRQQDQW TXH OHV
 0DLQWHQDQW MH YHX[ rWUH WUqV FODLU OjGHVVXV FKDTXH IRLV FKDTXH JHQV GH FHWWH pSRTXHFL YLYHQW HQFRUH GDQV OHV UHOLTXHV FRPPH RQ
IRLVOHV6FHDX[TXDQG,OVRQWpWpVLWXpVWRXWFHTXHM¶DYDLVGpMjFUXjOHXU SRXUUDLW GLUH GH O¶kJH GHV UpIRUPDWHXUV SDUFH TX¶LOV YRLHQW VHXOHPHQW OD
VXMHW HW TXH M¶DYDLV OX FKH] G¶DXWUHV SHUVRQQHV pWDLW FRQWUDLUH j FH TXL FKRVH G¶XQ²G¶XQ °LO HFFOpVLDVWLTXH ,OV OD YRLHQW GH OD IDoRQ GRQW OHV
P¶pWDLWGRQQpGDQVODSLqFH VpPLQDLUHV O¶RQW HQVHLJQpH &¶pWDLW OD IDoRQ GH 'LHX j XQH FHUWDLQH
 pSRTXHPDLVFHWWHpSRTXHOjHVWGXSDVVp
 (W PD SHQVpH HQ FH PRPHQW« /D UDLVRQ SRXU ODTXHOOH M¶DL IDLW OH 
VHUYLFH GH JXpULVRQ FH PDWLQ F¶HVW SDUFH TXH PD SHQVpH KXPDLQH  1RXV VRPPHV PDLQWHQDQW GDQV O¶kJH GH O¶DLJOH OD UpYpODWLRQ TXL
V¶pORLJQH WHOOHPHQW GH PD SURSUH IDoRQ GH SHQVHU -¶DL HVVD\p GH UHVWHU GRLWrWUHUpYpOpHDXFRPSOHW0DLQWHQDQWFRPSDUH]oDDYHF$SRFDO\SVH
GDQV XQH²GDQV XQH SLqFH DYHF OHV VWRUHV EDLVVpV HW XQH OXPLqUH FKDSLWUH  YHUVHWV  j  1RXV YHUURQV DORUV LFL GDQV O¶$SRFDO\SVH LFL
DOOXPpH &¶HVW PDLQWHQDQW OH KXLWLqPH MRXU -H Q¶DL PrPH SDV SULV PD GDQV $SRFDO\SVH  j  TX¶³DX[ MRXUV R UHWHQWLUDLW OH 0HVVDJH GX
YRLWXUHSRXU²SRXUDOOHURTXHFHVRLW VHSWLqPHDQJHF¶HVWDORUVTXHWRXVOHVP\VWqUHVGH'LHXVHUDLHQWPHQpV
 jWHUPH´
 ,O D IDOOX TXH M¶DLOOH DYHF TXHOTXHV IUqUHV j GHV EDQTXHV SRXU 
VLJQHUGHVUHFRQQDLVVDQFHVGHGHWWHHWWRXWSRXUGHO¶DUJHQWHWWRXWTXL  0DLQWHQDQW QRXV YR\RQV DXVVL Oj TXH OH 6L[LqPH 6FHDX TXL HVW
DYDLWpWpHPSUXQWpSRXUFHWWHpJOLVH0DLVMH²PDLVMHVXLVUHYHQXWRXWGH PDLQWHQDQWRXYHUWLO\DYDLWWURLVEXWVj&HOXLFL2UYRLFLFHTX¶pWDLHQWFHV
VXLWHHWMHPHVXLVPLVDXVVLW{WjO¶pWXGH EXWV
 
 (WFHTXLHVWpWUDQJHF¶HVWTX¶LOQ¶\DSDVXQHVHXOHSHUVRQQHTXLD  '¶DERUGF¶HVWTXHODYLHUJHHQGRUPLHGHYDLWSDVVHUSDUODSpULRGH
GLWTXRLTXHFHVRLW2XG¶KDELWXGHLOVFRJQHQWLOVLQVLVWHQWHWLOVVRQWOj,O GHOD7ULEXODWLRQSRXUrWUHSXULILpH(OOHGHYDLWrWUHSXULILpHGHVHVSpFKpV
Q¶\DDEVROXPHQWULHQHXGHoDdDDpWpWUqVSKpQRPpQDO GHVRQLQFUpGXOLWpHWG¶DYRLUUHMHWpOH0HVVDJH&¶HVWGDQVODSpULRGHGHOD
 7ULEXODWLRQ TX¶HOOH D pWp SXULILpH (W QRXV OHV UHWURXYRQV LFL GDQV
 /jRM¶DLSULVPHVUHSDVFKH])UqUH:RRG'¶KDELWXGHLO\DGHV $SRFDO\SVHHQWUHOHVFKDSLWUHVHWLFLDORUVTX¶HOOHDYDLWpWpSXULILpH
YRLWXUHVSDUWRXWDXWRXU(WKXLWRXGL[SHUVRQQHVGHYDLHQWYHQLUORJHUFKH] HW TX¶HOOH DYDLW UHoX VD UREH 2U HOOH FH Q¶HVW SDV O¶eSRXVH 0DLV F¶HVW
HX[SHQGDQWFHWWHSpULRGHFLHWSDVXQHVHXOHG¶HQWUHHOOHVQ¶HVWYHQXH O¶pJOLVH OHV JHQV SXUV TXL²TXL²TXL Q¶DYDLHQW SHXWrWUH SDV HX OD
 SRVVLELOLWp GH UHFHYRLU OH 0HVVDJH RX SDUFH TX¶LOV DYDLHQW pWp DYHXJOpV
 (W SXLV FH PDWLQMH Q¶RXEOLHUDL MDPDLV FH PDWLQ OD JUkFH GH QRWUH SDU OHV IDX[ SURSKqWHV $ORUV LOV²LOV Q¶RQW SDV HX OD SRVVLELOLWp PDLV
6DXYHXUHQYHUV6RQVHUYLWHXUODVHWIDWLJXp$ORUVTXHM¶DYDLVUpSRQGXjOD SRXUWDQWFHVRQWGHVJHQVDXF°XUYUDLPHQWVLQFqUH(W'LHXFRQQDvWOHXU
TXHVWLRQ G¶XQH SDXYUH SHUVRQQH HW VHORQ FH TXH M¶HQ SHQVDLV GH PRQ F°XU$ORUVF¶HVWOjTX¶LOVVRQWSXULILpVSHQGDQWFHWWHSpULRGHOj
PLHX[ HQ SHQVDQW DYRLU ELHQ DJL (W WRXW j FRXS F¶pWDLW FRPPH VL 
M¶DYDLV²M¶DYDLV {Wp TXHOTXH FKRVH j XQ HQIDQW MH PH VHQWDLV WHOOHPHQW  6L YRXV UHPDUTXH] LO \ D XQ DXWUH WHPSV GH SXULILFDWLRQ FHOXLOj
FRQGDPQpHWMHQHVDYDLVSDVFHTX¶LO\DYDLW(WM¶DLSHQVpTXHSHXWrWUH F¶HVWSRXU,VUDsOTXDQGHOOHVHUDVVHPEOHUD9RLOjOHGHX[LqPHEXW'LHX
YX TXH MH PH GpSrFKDLV SRXU SRXYRLU IDLUH FH VHUYLFH GH JXpULVRQ TXH SXULILH ,VUDsO SHQGDQW OD SpULRGH GH OD 7ULEXODWLRQ 'HV PLOOLRQV TXL VH
SHXWrWUHTXHTXHOTX¶XQpWDLWWHOOHPHQWJUDYHPHQWPDODGHTX¶LOIDOODLWSULHU VHURQW UDVVHPEOpV OjEDV LO \ HQ DXUD FHQW TXDUDQWHTXDWUH PLOOH TXL
SRXU OXL j O¶LQVWDQW PrPH (W M¶DL GHPDQGp j O¶DXGLWRLUH $X ERXW GH VHURQWFKRLVLVHWHX[DXVVLLOVVHURQWSXULILpV'LHXTXLSXULILH,VUDsO
TXHOTXHV PLQXWHV F¶pWDLW UpYpOp (W TXHOTX¶XQ D GLW ³9RXGULH]YRXV UHOLUH 
YRWUH²UHOLUH YRWUH SDVVDJH"´ RX TXHOTXH FKRVH FRPPH oD (W j FH  5HPDUTXH] WRXWH OD WHUUH GRLW rWUH SXULILpH 4XHOTXH FKRVH VH
PRPHQWOjM¶DLUDPDVVpOHSHWLWERXWGHSDSLHUHWMHO¶DLUHOXSRXUYRLUFH SDVVHUDTXLIHUDTXHODOXQHOHVpWRLOHVHWWRXWHODQDWXUHVHURQWSXULILpHV
TXL \ pWDLW GLW (W M¶DL UHJDUGp GDQV OH /LYUH HW F¶pWDLW FRPSOqWHPHQW 9RXVYR\H]FHTXHF¶HVW"&¶HVWODWHUUHTXLVHUHQRXYHOOHTXLHVWSXULILpH
GLIIpUHQWODTXHVWLRQjODTXHOOHM¶pWDLVHQWUDLQGHUpSRQGUH9R\H]" TXLVHSUpSDUHSRXUOH0LOOpQLXP/H0LOOpQLXPDSSURFKH(WYRXVYR\H]
 WRXW FH TXL HVW VRXLOOp GH TXHOTXH IDoRQ TXH FH VRLW GRLW rWUH SXULILp
 3HUPHWWH]TXHMHYRXVSDUWDJHFHFL4XDQGOH6XUQDWXUHOLQWHUYLHQW SHQGDQWOH6L[LqPH6FHDX
DORUV F¶HVW OD SHQVpH GH &KULVW 9RXV YRXV pORLJQH] WHOOHPHQW GH YRWUH 
ϱϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϳ
68,7('86(37,Ê0(6&($8 SURSUHIDoRQGHSHQVHUTXHSDUYRWUHSURSUHSHQVpHMH«&HFLYRXV«
 >)UqUH%UDQKDPQ¶DYDLWSDVSHUPLVTXHOHFRQWHQXGHVSDUDJUDSKHV -H QH« 4XH MH Q¶HVVDLH SDV G¶H[SOLTXHU oD SDUFH TXH MH QH SHX[ SDV
SUpFpGHQWVjVRLWUHQGXSXEOLFDXPRPHQWGHO¶HQUHJLVWUHPHQW 9R\H]"-HQHSRXUUDLVSDV3HUVRQQHQHOHSRXUUDLW
DXVVL OH OXQGL  PDUV  LO D UHPSODFp FHX[FL SDU OHV SDUDJUDSKHV 
 j  TXL RQW pWp HQUHJLVWUpV FRPPH YHUVLRQ DXWRULVpH GH OD ILQ GX  &RPPHQW FHW KRPPH TXL pWDLW O¶eOLH DWLO SX VH WHQLU Oj VXU OD
6HSWLqPH6FHDXjrWUHGLVWULEXpHjO¶pSRTXH²1'e@ PRQWDJQHGDQVOD3UpVHQFHGH'LHXHWIDLUHGHVFHQGUHGXIHXGXFLHOHW
 GHODSOXLHWRXWGHVXLWHDSUqVOHIHX"(WHQVXLWHIHUPHUOHVFLHX[HWTX¶LO
 &HVHUDXQHERQQHFKRVHTX¶LOQ¶(QVDFKHULHQ(QHIIHWV¶LOVDYDLW QHSOHXYHSDVSHQGDQWWURLVDQVHWVL[PRLVSRXUUHYHQLUHQVXLWHHWIDLUH
&HOD DORUV LO /¶LPLWHUDLW &H VRQW VHV WUXFV F¶HVW FRPPH oD TX¶LO IDLW OHV YHQLU OD SOXLH OH MRXU PrPH (W VRXV FHWWH RQFWLRQ FRPPHQW« (W LO D
FKRVHV UDVVHPEOp TXDWUH FHQWV SUrWUHV HW OHV D WXpV HW HQVXLWH LO V¶HVW HQIXL DX
 GpVHUWHQSRXVVDQWGHVFULVLOFUDLJQDLWSRXUVDYLHSDUFHTX¶XQHIHPPH
 3DUFRQVpTXHQWGRQF'LHXDWHOOHPHQWELHQFDFKp&HODDXPRQGH O¶DYDLW PHQDFp 9R\H]" -p]DEHO HOOH DYDLW MXUp TX¶HOOH OXL {WHUDLW OD YLH
HQWLHU HW DX &LHO PrPH TX¶LO Q¶\ D DXFXQ PR\HQ GH /H FRPSUHQGUH j 3RXUWDQW $FKDE HW WRXV OHV DXWUHV V¶pWDLHQW WHQXV Oj LOV DYDLHQW YX OD
PRLQVTXH'LHXYHXLOOHELHQ/HUpYpOHU/XLPrPH 3UpVHQFH GH 'LHX HW FH JUDQG PLUDFOH V¶DFFRPSOLU 9RXV YR\H] VRQ«
 /¶(VSULWO¶DYDLWTXLWWp3DUVDSHQVpHQDWXUHOOHLOQHVDYDLWSDVTXRLSHQVHU
 0DLQWHQDQW MH YRXGUDLV YRXV IDLUH UHPDUTXHU FH VRLU TXH GDQV OH YRXVYR\H]'HOXLPrPHLOQHSRXYDLWSDVSHQVHU
6L[LqPH6FHDXLO²LO\DYDLWWURLVEXWVDX6L[LqPH6FHDX 
 ,O\DYDLWWURLVEXWVDX[FDYDOLHUV  (WUDSSHOH]YRXVO¶$QJHO¶DIDLWGRUPLUOXLDGRQQpGXUHSRV,OO¶D
 IDLW OHYHU OXL D GRQQp GHV JkWHDX[ HQVXLWH ,O O¶D HQFRUH IDLW GRUPLU OXL D
 ,O\DHXWURLVEXWVjWRXWHVFHVFKRVHV9RLOjTXLQRXVUDPqQHjXQ GRQQp GX UHSRV HW ,O O¶D IDLW OHYHU HW OXL D HQFRUH GRQQp GHV JkWHDX[ (W
WURLVHWjXQVHSWGHQRXYHDXYRXVYR\H]6HSW6FHDX[6HSW&RXSHVHW QRXV QH VDYRQV SDV FH TXL HVW DUULYp j FHW KRPPH SHQGDQW TXDUDQWH
DLQVL GH VXLWH 2U OHV WURLV HW OHV VHSW FH VRQW OHV QRPEUHV GHV MRXUV (QVXLWH LO V¶HVW UHWLUp GDQV XQH FDYHUQH TXHOTXH SDUW HW 'LHX O¶D
PDWKpPDWLTXHVGH'LHXORUVTX¶,OUpYqOH6D3DUROH DSSHOp
 
 0DLQWHQDQW VL YRXV UHPDUTXH] SDU H[HPSOH OHV²OHV²OHV  1¶HVVD\H] SDV G¶H[SOLTXHU oD OH 6XUQDWXUHO 9RXV QH SRXYH] SDV
FDYDOLHUVOjLO\DHXWURLVFKHYDX[TXLVRQWVRUWLV/¶XQG¶HX[pWDLWEODQF 9R\H]"/DVHXOHFKRVHjIDLUHF¶HVWGHFRQWLQXHUYRWUHFKHPLQ(WM¶HVVDLH
O¶DXWUH pWDLW URX[ O¶DXWUH pWDLW QRLU (QVXLWH OH TXDWULqPH FKHYDO HK ELHQ G¶rWUH DXVVL FODLU TXH SRVVLEOH PDLV j SDUWLU GH PDLQWHQDQW MH YDLV« -H
F¶pWDLWXQPpODQJHGHWRXVOHVDXWUHV9RXVYR\H]WURLVEXWV SHQVH TXH MH Q¶HVVDLHUDL SOXV MDPDLV 2X YRXV FURLUH] GH IDoRQ DEVROXH
 RXYRXVQHFURLUH]SDV(WMH«9RXVYHUUH]XQSHXSOXVWDUGSRXUTXRL
 2U 'LHX D IDLW OD PrPH FKRVH 'LHX D IDLW OD PrPH FKRVH DORUV  2UM¶DLHVVD\pG¶rWUHKRQQrWH'LHXOHVDLW
TX¶,ODHQYR\p6RQOLRQTXLpWDLW6D3DUROHSRXUFRPEDWWUHO¶DQWLFKULVW 
  (W FHWWH TXHVWLRQ FH PDWLQ -¶HVVD\DLV G¶\ UpSRQGUH OH SOXV
 (QVXLWH QRXV DYRQV YX TX¶,O D HQYR\p OH E°XI DX PRPHQW GH OD KRQQrWHPHQW SRVVLEOH -¶DYDLV VHXOHPHQW OX OD SUHPLqUH SDUWLH GX YHUVHW
SpULRGH GH OD²OD WULEXODWLRQ O¶DQLPDO GH VDFULILFH (W DX FRXUV GH FHWWH HW F¶pWDLW« oD Q¶DXUDLW SDV pWp MXVWH 0DLV OH 6DLQW(VSULW TXL FRPSUHQDLW
SpULRGH GH WULEXODWLRQ F¶pWDLW WRXW FH TXH OHV JHQV SRXYDLHQW IDLUH GH TXH MH« PD SHQVpH« 9R\H] UHJDUGH] FH TXL V¶HVW SDVVp DX FRXUV GHV
WUDYDLOOHUGHSHLQHUHWGHV¶RIIULUHQVDFULILFH GHX[RXWURLVGHUQLHUVMRXUV9RXVYR\H]MH²M¶DLDSSHOpVHSWFHQWV«´VHSW
 PLOOH´ VHSW FHQWV &H PDWLQ MH YRXODLV« HW OHV JHQV RQW UHOHYp oD YRXV
 (QVXLWHQRXVDYRQVYXTXHGDQVO¶kJHVXLYDQWTXLpWDLWO¶kJHGHV YR\H]HWoDPRQWUDLWTXHYRXVDYLH]O¶°LORXYHUW%RQXQHDXWUHIRLVF¶HVW
UpIRUPDWHXUV'LHXDHQYR\pODVDJHVVHGHO¶KRPPHO¶ÇWUHYLYDQWGRQWOD TXDQGMHYRXODLVGLUH³ODFRORPEH´HWM¶DLDSSHOpoDO¶DJQHDXPDLVFHOOHOj
WrWHUHVVHPEODLWjXQKRPPHFHTXLFRUUHVSRQGDLWjODSXLVVDQFHTXLHVW MHP¶HQVXLVDSHUoXWRXWGHVXLWH(WSXLVLFLXQHGRQWMHQHP¶pWDLVSDV
VRUWLHGDQVOHVUpIRUPDWHXUV DSHUoX Oj OH 6DLQW(VSULW DXVVLW{W HVW UHYHQX DWWLUHU PRQ DWWHQWLRQ Oj
 GHVVXV

ϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱϳ
 9RLOjXQHGRXEOHFRQILUPDWLRQFRPPHTXRLFHVFKRVHVVRQWMXVWHV  (W PDLQWHQDQW 3qUH QRXV QH VDYRQV SDV TXDQG FH JUDQG
(OOHVVRQW«'LHXYHLOOHSRXUYRLUjFHTXH&HVRLWMXVWH&¶HVWYUDL,OYHXW pYpQHPHQWDXUDOLHX 0DLVDORUVTXHQRXVYR\RQVFHVVLJQHVDSSDUDvWUH
,OYHXWTXHYRXVVDFKLH]TXH&¶HVWOD9pULWp HWFHVIDLWV%LEOLTXHVVHSURGXLUHFHODUpFKDXIIHQRVF°XUVVDQVPHVXUH
 $XVVLMH7HSULH{'LHXQRWUH3qUHGHQRXVDLGHU
 &¶HVW/XLTXLHQYRLH&HODSDUFHTXHELHQV€UFHQ¶pWDLWSDV«-¶HQ 
DLDSSULVDXWDQWOjGHVVXVTXHYRXV(WDORUVQRXVVRPPHV«MHVXLVWUqV  -H 7H SULH G¶DLGHU QRWUH FKHU SDVWHXU )UqUH 1HYLOOH 5HPSOLVOH
UHFRQQDLVVDQW GH OD²OD²OD FRQQDLVVDQFH TXH OH 6HLJQHXU QRXV DLW 6HLJQHXU GH JUkFH HW GH SXLVVDQFH HW GRQQHOXL GH OD FRPSUpKHQVLRQ
PDLQWHQDQWIDLWFRQQDvWUHO¶KHXUHjODTXHOOHQRXVYLYRQVYRXVYR\H]QRXV DILQ TX¶LO SXLVVH SUHQGUH FHWWH 1RXUULWXUH HPPDJDVLQpH HW (Q QRXUULU OHV
YLYRQV HQ SOHLQ DX WHPSV GH OD ILQ DYDQW OH GpSDUW GH O¶eJOLVH DJQHDX[GH'LHX
0DLQWHQDQW« 
  6HLJQHXU MH7H SULH GHWHQLU OD PDODGLH ORLQ GH QRXV 3XLVVHQW OHV
 1RXV DYRQV SDUOp DORUV GHPDQGRQV GRQF GH QRXYHDX 6HV JHQV ORUVTX¶LOV VHURQW PDODGHV VH UDSSHOHU TXH OH 6DQJ SUpVHQW HW
EpQpGLFWLRQVVXUOD3DUROH HQWLqUHPHQW VXIILVDQW GX 6HLJQHXU -pVXV UHSRVH VXU O¶DXWHO HQ WDQW
 TX¶H[SLDWLRQ(WMHSULHTX¶LOVVRLHQWJXpULVLPPpGLDWHPHQW
 1RWUH3qUH&pOHVWHYRLOjOHJUDQGVRLUYHQXXQHJUDQGHKHXUHR 
XQH JUDQGH FKRVH HVW DUULYpH &¶pWDLW WRXW DXWRXU GHV JHQV (W 3qUH MH  (W MH 7H SULH GH WHQLU ORLQ G¶HX[ OD SXLVVDQFH GH 6DWDQ TXL OHV
SULHTXHFHVRLUFHVRLWGLYXOJXpVDQVO¶RPEUHG¶XQGRXWHGDQVOHF°XU GpFRXUDJHUDLW RX TXL FKHUFKHUDLW j OHXU IDLUH IRUPHU GHV VHFWHV RX«
HWODSHQVpHGHVJHQVTX¶LOVVDFKHQWTXH'LHXHVWWRXMRXUVVXUOH7U{QH 7LHQVVLPSOHPHQWWRXWHVOHVSXLVVDQFHVGHO¶HQQHPLpORLJQpHV6HLJQHXU
HWTX¶,ODLPHWRXMRXUV6RQSHXSOH 6DQFWLILHQRXVGDQV7D3DUROH$FFRUGHOH6HLJQHXU
 
 (WF¶HVWO¶KHXUHFHWWHKHXUHTXHOHPRQGHDGpVLUpDUGHPPHQWYRLU  (W SXLV 6HLJQHXU MH 7H SULH GH P¶DLGHU -H²MH²MH FRPPHQFH j
HVWHQWUDLQG¶DSSURFKHUPDLQWHQDQWFDUFHPRQGHUpFODPHVDUpGHPSWLRQ GpSpULU6HLJQHXU-HVDLVTX¶LOQHSHXWSOXVPHUHVWHUEHDXFRXSGHMRXUV
1RXV SRXYRQV YRLU TXH OHV pOpPHQWV VRQW Oj SUrWV j OH UDPHQHU 1RXV $XVVL MH 7H SULH GH P¶DLGHU SHUPHWV TXH MH VRLV ILGqOH 6HLJQHXU HW
SRXYRQV YRLU TXH OHV pOpPHQWV VRQW Oj SUrWV j DPHQHU O¶eJOLVH GDQV OD KRQQrWHHWVLQFqUHDILQTXHMHSXLVVHSRUWHUOH0HVVDJHDXVVLORLQTXHM¶DL
3UpVHQFHGH&KULVW1RXVSRXYRQVYRLUOD²O¶eSRXVHHQWUDLQGHSUHQGUH pWp GHVWLQp j OH SRUWHU (W TXDQG YLHQGUD OH PRPHQW R MH GHYUDL PH
IRUPHGHUHYrWLUOHYrWHPHQWGHQRFHVGHVHSUpSDUHU1RXVSRXYRQVYRLU UHSRVHU TXDQG M¶DUULYHUDL DX )OHXYH HW TXH OHV IORWV FRPPHQFHURQW j
OHVOXPLqUHVTXLYDFLOOHQW1RXVVDYRQVTXHQRXVVRPPHVjODILQ P¶HPSRUWHU { 'LHX SHUPHWV TXH MH SXLVVH UHPHWWUH FHWWH ERQQH YLHLOOH
 eSpH j TXHOTX¶XQ G¶DXWUH TXL V¶(Q VHUYLUD DYHF KRQQrWHWp 6HLJQHXU HW
 0DLQWHQDQW 3qUH &pOHVWH DX PRPHQW GH V¶DYDQFHU Oj SRXU TXL SRUWHUD OD 9pULWp $FFRUGHOH 6HLJQHXU (W MXVTXHOj DLGHPRL j rWUH
SUrFKHURXSRXUHQVHLJQHUVXUFHWpYpQHPHQWSXLVVDQWHWJORULHX[TXLD IRUWHQERQQHVDQWpHWFRXUDJHX[
HXOLHXGDQVOD*ORLUHLO\DHQYLURQGHX[PLOOHDQVHWTXLDpWpGRQQpDX 
JUDQG DS{WUH ELHQDLPp -HDQ &H VRLU QRXV GHYRQV (Q SDUOHU 4XH OH  $LGH PRQ pJOLVH %pQLVQRXV WRXV HQVHPEOH 6HLJQHXU 1RXV
6DLQW(VSULW V¶DYDQFH PDLQWHQDQW GDQV 6D IRUPLGDEOH 3XLVVDQFH GH OD VRPPHV j 7RL 1RXV UHVVHQWRQV OD 3UpVHQFH GH 7RQ (VSULW DX PLOLHX GH
UpYpODWLRQDILQGHQRXVUpYpOHUFHWWHFKRVHTX¶,OYHXWTXHQRXVVDFKLRQV QRXV 1RXV FUR\RQV TXH 7X H[DXFHUDV QRV SULqUHV &DU QRXV QRXV
FRPPH ,O O¶D IDLW OHV TXHOTXHV VRLUV SDVVpV 1RXV QRXV UHPHWWRQV j 7RL UHPHWWRQVj7RLDYHF7D3DUROHSRXU7HVHUYLUOHUHVWHGHQRVMRXUVVXU
DYHFOD3DUROHDX1RPGH-pVXV$PHQ FHWWH WHUUH DX 1RP GX )LOV GH 'LHX -pVXV&KULVW QRWUH ELHQDLPp
 6DXYHXUSRXU6DJORLUH$PHQ
 0DLQWHQDQW VL YRXV YRXOH] SUHQGUH SHXWrWUH GDQV YRV %LEOHV (W -H« 4XH 'LHX YRXV EpQLVVH « -H /¶DLPH
LFL F¶HVW MXVWH XQ FRXUW YHUVHW XQ VHXO YHUVHW GH O¶eFULWXUH 0DLV F¶HVW OH GHWRXWPRQF°XU 
GHUQLHUYHUVHWTXLVHWURXYH«OHGHUQLHU6FHDXSOXW{W 3DUFHTX¶,OP¶DDLPpOHSUHPLHU
 'RQFKLHUVRLUQRXVDYRQVSDUOpGX6L[LqPH6FHDX  4XH'LHXYRXVEpQLVVH)UqUH1HYLOOH
  >/¶DVVHPEOpH FRQWLQXH j FKDQWHU -H /¶DLPH )UqUH 2UPDQ 1HYLOOH
WHUPLQHODUpXQLRQSDUODSULqUH²1'e@
ϱϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϵ
YRXVoD"dDYRXVSODLUDLW">/¶DVVHPEOpHGLW³$PHQ´²1'e@$OOH]YRXV  /H3UHPLHU6FHDXQRXVDSUpVHQWpO¶DQWLFKULVW,ODIDLWVRQWHPSVHW
SULHUSRXUPRLTXH'LHXP¶DLGH">³$PHQ´@7UqVELHQ QRXVDYRQVYXFRPPHQWLOHVWVRUWL
 
 -XVTX¶j FH TXH MH YRXV UHYRLH VRXYHQH]YRXV GH FH ERQ YLHX[  (W O¶ÇWUH YLYDQW TXL QRXV D pWp SUpVHQWp OD 3XLVVDQFH GH 'LHX TXL
FDQWLTXH HVW VRUWLH HQ PrPH WHPSV TXH OD SXLVVDQFH GH O¶DQWLFKULVW SRXU OH
3DUFHTX¶,OP¶DDLPpOHSUHPLHU FRPEDWWUH-HQHFURLVSDVTX¶LOSXLVVH\DYRLUDXFXQHTXHVWLRQOjGHVVXV
(WDDFTXLVPRQVDOXW GDQVODSHQVpHGHVJHQV
6XUOHERLVGX&DOYDLUH 
  (QVXLWHQRXVDYRQVYXTXHF¶HVWWRXWGHVXLWHDSUqVoDDSUqVFHW
 0DLQWHQDQWMHYRXGUDLVTXHYRXVFRXUELH]ODWrWH-HYRXGUDLVSULHU kJHGHO¶pJOLVHDSUqVTXHFHVÇWUHVYLYDQWVVRQWVRUWLV«
SRXUYRXV$YDQWTXHOHSDVWHXUWHUPLQHODUpXQLRQMHYRXGUDLVSULHUSRXU 
YRXV  $SUqVQRXVDYRQVYXQRXVDYRQVFRPSOqWHPHQWFKDQJpGHGpFRU
 OjLOQ¶\DSOXVHXG¶ÇWUHVYLYDQWVTXLVRQWVRUWLV9R\H]"0DLVOjF¶pWDLWOD
 1RWUH3qUH&pOHVWHSXLVVHQWOHVJHQV6HLJQHXUFRPSUHQGUH(WMH SpULRGH GH OD 7ULEXODWLRQ TXL QRXV pWDLW SUpVHQWpH TXL pPHUJHDLW DSUqV
VXLV V€U TXH FHUWDLQV QH FRPSUHQQHQW SDV 0DLV 3qUH SXLVVHQWLOV² TXHO¶pJOLVHpWDLWSDUWLH
SXLVVHQWLOVVDYRLUTXHOHQHVWO¶REMHFWLI(WSXLVVHQWLOVFRPSUHQGUH3qUH 
TXH²TXHF¶HVWSDU7DJUkFHHQYHUVHX[TXHFHVFKRVHVRQWpWpUpYpOpHV  &RPPHWRXWFHODDFRQFRUGpSDUIDLWHPHQWDYHFOHVkJHVGHO¶pJOLVH
(W MH YHX[ 7H UHPHUFLHU 6HLJQHXU GH OD FRQQDLVVDQFH GH FRQQDvWUH FHV -H QH YRLV SDV OH PRLQGUH LRWD OD PRLQGUH FKRVH TXL Q¶DLW SDV FRQFRUGp
FKRVHVTXH7XQRXVDVUpYpOpHV SDUIDLWHPHQWMXVTX¶DX[kJHVHWWRXWHWDX[pSRTXHV3HQVH]\9RLOjTXL
 PRQWUHTXHoDQHSRXYDLWrWUHTXH'LHX/DSHQVpHKXPDLQHQHSHXWSDV
 (WMHSULHSRXUWRXVFHX[TXLVRQWLFLWRXVFHX[TXLRQWDVVLVWpDX[ SpQpWUHUFHVFKRVHV(WOjQRXVDYRQVYXOjDXVVLQRXV«
UpXQLRQV6¶LO\HQDTXLQHFURLHQWSDVSXLVVHQWLOV6HLJQHXUGHYHQLUGHV 
FUR\DQWV  /H6HLJQHXUQRXVDIDLWSUHQGUHOHVeFULWXUHVOHV6DLQWHVeFULWXUHV
 FH TXH -pVXV DYDLW GLW TX¶LO DUULYHUDLW (W FRPPHQW DXULRQVQRXV SX
 -H SULH SRXU WRXV FHX[ TXL pFRXWHURQW OHV 0HVVDJHV SDU OH PR\HQ GpFRXYULUFHOD"(WLFL,OYLHQWOHUpYpOHUHWO¶DSSRUWHUWUqVSUpFLVpPHQW6RQ
GHVEDQGHV(WVL&HFLGHYDLWVHUHWURXYHU²FHTXLVHUDVDQVGRXWHOHFDV VHUPRQOjTXDQG,ODUpSRQGXIDLWUHVVRUWLUGHIDoRQWUqVSUpFLVHVL[GHV
²GDQVOHVIR\HUVHWjGHVHQGURLWVRELHQGHVLQFUR\DQWVQHVHUDLHQWSDV 6FHDX[PDLV,ODRPLVOH6HSWLqPH9R\H]"
G¶DFFRUG PDLV 3qUH MH SULH SRXU FKDFXQ DILQ TX¶DYDQW GH SURQRQFHU 
TXHOTXHSDUROHEODVSKpPDWRLUHLOVSXLVVHQWG¶DERUGV¶DVVHRLUHWVRQGHUOHV  (QVXLWHTXDQGOHV6FHDX[RQWpWpRXYHUWV'LHXUHPDUTXH]LFL,O
eFULWXUHV SDU UDSSRUW j FH TXL D pWp GLW HW TX¶HQVXLWH LOV 7H GLVHQW TX¶LOV Q¶D PrPH SDVUpYpOp OH PRLQGUH V\PEROH GX 6HSWLqPH 9R\H]" &¶HVW XQ
VRQWYUDLPHQWVLQFqUHVHWTX¶LOVYHXOHQWVDYRLUVL&HFLHVWOD9pULWpRXSDV VHFUHW SDUIDLW HQ 'LHX 5HPDUTXH] 0DLQWHQDQW QRXV DOORQV OLUH GDQV OD
$XVVLMHSULHSRXUHX[3qUH %LEOH GDQV OH²OH 6HSWLqPH 6FHDX dD VH WURXYH GDQV O¶$SRFDO\SVH DX
 FKDSLWUH
 (WMHSULHSRXUFHVJHQVTXLVRQWUHVWpVGHERXWFRQWUHOHVPXUVTXL  4XDQGLORXYULWOHVHSWLqPHVFHDXLO\HXWGDQVOHFLHO
VRQW UHVWpV j O¶H[WpULHXU TXL VRQW UHVWpV DVVLV GDQV OHXU YRLWXUH SRXU OHV XQVLOHQFHG¶HQYLURQXQHGHPLKHXUH
SHWLWV HQIDQWV HW SRXU WRXV FHX[ TXL VRQW YHQXV (W SRXU WRXV VDQV 
H[FHSWLRQ6HLJQHXUMHSULHSRXUHX[  (WYRLOjWRXWFHTXHQRXVDYRQVOjGHVVXV0DLQWHQDQWQRXVDOORQV
 UHPDUTXHU
 (W MH 7H SULH G¶H[DXFHU PHV SULqUHV GH OHV EpQLU '¶DERUG 
6HLJQHXU GRQQH j FKDFXQ OD 9LH eWHUQHOOH -H SULH TX¶LO Q¶\ HQ DLW DXFXQ  (WQRXVDOORQVWkFKHUGHQHSDVYRXVUHWHQLUWURSORQJWHPSVSDUFH
SDUPLHX[TXLVRLWSHUGXSDVXQVHXO TXH EHDXFRXS G¶HQWUHYRXVGRLYHQWHQFRUHSUHQGUHODURXWHFHVRLUSRXU
 UHQWUHU $XVVL M¶DL SHQVp IDLUH OH VHUYLFH GH JXpULVRQ FH PDWLQ SRXU YRXV
ϭϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱϱ
SHUPHWWUH GH UHSDUWLU GHPDLQ PDWLQ VDQV DYRLU j DWWHQGUH (W PDLQWHQDQW VRLWGHERQHQOXLSDUFHTXHFHQ¶HVWSDVOHFDV3HXP¶LPSRUWHTXLF¶HVW,O
QRXV« Q¶\DULHQGHERQGDQVDXFXQKRPPH&¶HVWYUDL
 
 (W PRL DXVVL MH GRLV FRQWLQXHU PD URXWH YHUV²YHUV 7XFVRQ HQ  6¶LO\DYDLWWRXWXQWDVGHWURPSHWWHVSRVpHVLFLHWTXHO¶XQHG¶HOOHV
$UL]RQD R M¶KDELWH &¶HVW Oj TXH M¶KDELWH PDLQWHQDQW (W HQVXLWH MH²MH GHYDLWMRXHUXQHFHUWDLQHPXVLTXHF¶HVWO¶KRPPH«&HVWURPSHWWHVHOOHV
YRXGUDLVUHYHQLUVLOH6HLJQHXUOHYHXWYHUV«/DIDPLOOHYRXGUDLWUHYHQLU Q¶pPHWWHQW DEVROXPHQW DXFXQ VRQ &¶HVW O¶KRPPH TXL SHXW VRQQHU GH OD
SDVVHUTXHOTXHVMRXUVHQMXLQ(WERQSHXWrWUHTXHM¶DXUDLO¶RFFDVLRQGH WURPSHWWH F¶HVW OXL TXL VDLW FH TX¶LO YD IDLUH TXL SUHQG OD WURPSHWWH /D
YRXVYRLUWRXVLFLSRXUXQHUpXQLRQjFHPRPHQWOj WURPSHWWH Q¶D ULHQ j \ YRLU /H VRQ YLHQW GH O¶LQWHOOLJHQFH TXL HVW GHUULqUH
 &¶HVWYUDL'RQFWRXWHVOHVWURPSHWWHVVRQWSDUHLOOHV
 /D SURFKDLQH UpXQLRQ VXU PRQ DJHQGD F¶HVW j $OEXTXHUTXH DX 
1RXYHDX0H[LTXH-HSHQVHTXHFHVHUDOHVQHXIGL[HWRQ]H-HVHUDLOj  7RXVOHVKRPPHVVRQWSDUHLOV7RXVOHVFKUpWLHQVVRQWSDUHLOV,OQ¶\
EDVOHMHXGLHWOHYHQGUHGLVDLQW$ORUVMHGHYDLVrWUHOjSRXUWRXWHVPDLV D SDV GH JUDQGV KRPPHV SDUPL QRXV 1RXV QH VRPPHV SDV GH JUDQGV
M¶DYDLVG¶DXWUHVUHQGH]YRXVTXLQHPHSHUPHWWDLHQWSDVG¶\rWUHDYDQWoD KRPPHV GH JUDQGHV IHPPHV 1RXV VRPPHV WRXV GHV IUqUHV HW GHV
DORUV MH VHUDL Oj SRXU OH MHXGL VRLU HW OH YHQGUHGL VRLU j $OEXTXHUTXH DX V°XUVWRXVSDUHLOVGDQVODPrPHFDWpJRULH$XFXQ³JUDQG´SDUPLQRXV
1RXYHDX0H[LTXH 4XHOTX¶XQ QH SHXW SDV VH IDLUH SOXV JUDQG TX¶XQ DXWUH QRXV Q¶DYRQV
 DEVROXPHQW ULHQ j \ YRLU 1RQ PRQVLHXU 0DLV QRXV VRPPHV WRXV GHV
 (W HQVXLWH²HW HQVXLWH FHOOH²FHOOH TXL HVW SUpYXH HQVXLWH SRXU rWUHVKXPDLQVF¶HVWWRXW
ELHQW{WFHOOHOjFHQ¶HVWSDVFHUWDLQ1RXVQHVRPPHVSDVV€UV&HVHUDLW 
G¶rWUH DYHF PHV ERQV DPLV OH²OH JURXSH GX &UL GH 0LQXLW j« OjEDV j  1HFKHUFKH]SDVjLQWHUSUpWHUOHVFKRVHV1HFKHUFKH]SDVjIDLUH
6RXWKHUQ3LQHVHQ&DUROLQHGX1RUG TXRLTXH FH VRLW GH SOXV TXH GH YLYUH XQH YLH UDSSURFKpH HQ GRQQDQW OD
 ORXDQJHHWO¶KRQQHXUj-pVXV&KULVW(VWFHTXHWRXWOHPRQGHFRPSUHQG
 (W LOV VRQW DX WpOpSKRQH Oj HQ FH PRPHQW HW LOV RQW HQYR\p GHV oD PDLQWHQDQW" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ $PHQ $LPH]/H GH
WpOpJUDPPHV XQ PHVVDJH HW WRXW HW DORUV TXH F¶HVW DXVVL SURFKH SRXU WRXWYRWUHF°XU(VWFHTXHYRXVOHIDLWHV">³$PHQ´@
XQ DXWUHJURXSH j /LWWOH 5RFN FH VRQW FHX[ GX 1RP GH -pVXV DYHF TXL -H/¶DLPH (WMHOHIHUDL MH/¶DLPH
M¶DLHXGHVUpXQLRQVOjEDVO¶pWpSDVVpDX&RZ 3DODFH,OVYRQWIDLUHOHXU 3DUFHTX¶,OP¶DDLPpOHSUHPLHU
FRQYHQWLRQ j /LWWOH 5RFN HQ $UNDQVDV (W LOV GHPDQGHQW GHSXLV O¶DQ (WDDFTXLVPRQVDOXW
SDVVp j DYRLU DX PRLQV XQH VRLUpH 2X LOV YHXOHQW TXH MH VRLV Oj SRXU 6XUOHERLVGX&DOYDLUH
WRXWHV PDLV LOV VHUDLHQW G¶DFFRUG PrPH VL F¶pWDLW VHXOHPHQW SRXU XQH 
VRLUpH(WGRQFMHOHXUDLGLWFRPPHMHQHVDYDLVSDVDXMXVWHTXRLIDLUH  *ORLUH j 'LHX (VWFH TXH WRXW OH PRQGH FRPSUHQG SDUIDLWHPHQW"
MH OHXU DL SURSRVp GH O¶DQQRQFHU FRPPH ³SDV FHUWDLQ´ (QVXLWH LOV >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ (VWFH TXH WRXW OH PRQGH FURLW"
SRXUUDLHQWDYLVHUXQSHXSOXVWDUG >³$PHQ´@9RXVYRXVVRXYHQH]TXDQGM¶DLFRPPHQFp³4XLDFUXjFHTXH
 QRXVDYRQVDQQRQFp"¬TXLOHEUDVGHO¶eWHUQHOV¶HVWLOUpYpOp"´9RXVDW,O
 (VWFH TX¶LO YLHQW G¶DSSHOHU" 2XL 7UqV ELHQ 9RXV GLWHV" >8Q IUqUH UpYpOp 6D PLVpULFRUGH 6D ERQWp" >³$PHQ´@ $PHQ 6RXYHQH]YRXV
GLW ³+RW 6SULQJV´²1'e@ (VWFH TXH F¶HVW +RW 6SULQJV" -H IDLVDLV VLPSOHPHQW$LPH]/HGHWRXWYRWUHF°XU
HUUHXU >³/H YLQJWTXDWUH´@ /H YLQJWTXDWUH« >³0DL´@ 0DL" >4XHOTX¶XQ GLW 
³'X YLQJWTXDWUH DX YLQJWKXLW MXLQ´@ 'X YLQJWTXDWUH DX YLQJWKXLW MXLQ  -H UHQWUH j OD PDLVRQ PDLQWHQDQW -H UHYLHQGUDL VL OH 6HLJQHXU OH
'RQFF¶HVWDQQRQFpFRPPH³SDVFHUWDLQ´F¶HVWjGLUH³VLF¶HVWODYRORQWp YHXWYHUVOHSUHPLHUMXLQ
GX6HLJQHXU´9R\H]"-H« 
  3HXWrWUH TXH VL OH 6HLJQHXU PH OH PHW j F°XU SHXWrWUH TX¶DX
 9RLFL OD UDLVRQ SRXU ODTXHOOH M¶DLPH IDLUH OHV FKRVHV FRPPH oD GpEXWGHO¶pWpjXQPRPHQWGRQQpSHXWrWUHHQMXLQRXTXHOTXHFKRVHRX
9RXVVDXUH]TXRLXQSHXSOXVWDUGOjYR\H]YRXV4XDQGMHYDLVTXHOTXH SHXWrWUHDXGpEXWGHO¶DXWRPQHVLOH6HLJQHXUWDUGHM¶DLPHUDLVUHYHQLUHW
SDUW M¶DLPH SRVHU PHV SLHGV OjEDV HQ VDFKDQW TXH 'LHX D GLW ³9DV\´ FRQVDFUHU VHSW DXWUHV VRLUpHV DX[ VHSW GHUQLqUHV 7URPSHWWHV $LPHULH]
$ORUVVLO¶HQQHPLVHVRXOqYHTXHOTXHSDUWMHGLV³-HVXLVLFLDX 1RPGX
ϱϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϭϭ
 6HLJQHXU -pVXV 5HFXOH´ 9R\H]" 9R\H]" 9R\H]" $ORUV YRXV rWHV²YRXV
 3XLVVLH]YRXVWRXMRXUVJDUGHUFHODjO¶HVSULW³G¶rWUHXQMR\DXGHOD rWHVV€UGHYRWUHSRVLWLRQYR\H]YRXV4XDQGF¶HVW/XLTXLYRXVDHQYR\p
&RXURQQHGH-pVXV&KULVW´3DXODGLWjO¶eJOLVH³9RXVrWHV²YRXVrWHVOHV TXHOTXH SDUW ,O V¶RFFXSH GH YRXV 9R\H]" 0DLV VL YRXV \ DOOH] HQ
ELMRX[ OHV MR\DX[ GH 6D &RXURQQH´ 1RXV YRXORQV rWUH OHV MR\DX[ GH OD SUpVXPDQWDORUVOjMHQHVDLVSDVLOVHSRXUUDLWTX¶,OQ¶\VRLWSDV'RQF
&RXURQQHGH-pVXV&KULVW MH²MH YHX[ rWUH DXVVL V€U TXH MH SHX[ O¶rWUH -¶HQ DL DFFHSWp EHDXFRXS
 TX¶,O QH P¶DYDLW SDV GLW G¶DFFHSWHU PDLV MH²M¶DLPH rWUH DXVVL V€U TXH
 1RXVQHYRXORQVMDPDLVLQFOXUHXQKRPPHOjGHGDQV2XEOLH]WRXW SRVVLEOH4XHOH6HLJQHXUYRXVEpQLVVHWRXVPDLQWHQDQW
HQFHTXLPHFRQFHUQH-HVXLVYRWUHIUqUHXQSpFKHXUVDXYpSDUODJUkFH 
LQGLJQHGHYLYUH&¶HVWO¶H[DFWHYpULWp-HQHGLVSDVoDSRXUrWUHKXPEOH  0DLQWHQDQW PDLQWHQDQW FRPPH QRXV OH UHPDUTXRQV LFL FH Q¶HVW
FHVRQWOHVIDLWV,OQ¶\DULHQHQPRLDEVROXPHQWULHQGHYDODEOH TX¶XQ VHXO YHUVHW DORUV QRXV DLPHULRQV IDLUH TXHOTXH FKRVH MXVWH XQ
 SHWLW²XQSHWLWSHXDYDQW6LYRXVUHPDUTXH]QRXVDYRQVVDXWpOHFKDSLWUH
 0DLVF¶HVWODJUkFHGH'LHXTXLDSHUPLVjPHVSDXYUHV\HX[GRQW /HFKDSLWUHVHWHUPLQHSDUOH6L[LqPHOH6L[LqPH6FHDX0DLVHQWUH
ODYXHFRPPHQFHjEDLVVHUGHUHJDUGHUDXGHOjGXULGHDXGXWHPSVSRXU OH 6L[LqPH 6FHDX HW OH 6HSWLqPH 6FHDX LO \ D TXHOTXH FKRVH TXL DUULYH
YRLUFHVFKRVHVOjEDVHWMHVXLVUHYHQX 9R\H]"(WF¶HVWYUDLPHQW²YUDLPHQWEHDXF¶HVWSODFpH[DFWHPHQWDXERQ
 HQGURLW HQWUH OHV FKDSLWUHV  HW  0DLQWHQDQW VL YRXV UHPDUTXH] DX
 4XDQG M¶pWDLV XQ SHWLW JDUoRQ M¶DLPDLV OHV JHQV -¶DXUDLV WRXMRXUV FKDSLWUHQRXVUHPDUTXRQVTX¶HQWUHOH6L[LqPHHWOH6HSWLqPHLO\DXQ
YRXOXDYRLUTXHOTX¶XQTXLP¶DLPHUDLWHWTXLSDUOHUDLWDYHFPRL3HUVRQQHQH LQWHUYDOOH8QLQWHUYDOOHHQWUHOHVFKDSLWUHVHWGX/LYUHGHO¶$SRFDO\SVH
YRXODLWOHIDLUHjFDXVHGHODUpSXWDWLRQGHPDIDPLOOH3HUVRQQHQHYRXODLW HW F¶HVW HQWUH OH 6L[LqPH HW OH 6HSWLqPH 6FHDX TXH FHW LQWHUYDOOH D pWp
SDUOHUDYHFPRL SODFp 'RQF QRXV YRXORQV UHPDUTXHU oD ,O HVW WUqV LPSRUWDQW TXH QRXV
 UHPDUTXLRQVFHSHWLWHVSDFHGHWHPSV
 0DLV TXDQG MH PH VXLV DEDQGRQQp j 'LHX DORUV« &RPPH QRWUH 
IDPLOOH pWDLW G¶RULJLQH LUODQGDLVH MH PH VXLV GLW TXH ³SHXWrWUH« YX TX¶LOV  0DLQWHQDQW VRXYHQH]YRXV DSUqV OH FKDSLWUH  GH O¶$SRFDO\SVH
pWDLHQWWRXVFDWKROLTXHVSHXWrWUHTXHF¶HVWOjTXHMHWURXYHUDLV´-HVXLV O¶eJOLVHHVWSDUWLH$SUqVTXHOHV²OHVTXDWUHFDYDOLHUVVRQWVRUWLVO¶eJOLVH
DOOp OjEDV HW ,O pWDLW G¶XQH FHUWDLQH PDQLqUH $ORUV MH VXLV DOOp j OD HVW SDUWLH 9R\H]" 7RXW FH TXL HVW DUULYp j O¶eJOLVH HVW DUULYp MXVTX¶DX
3UHPLqUHeJOLVH%DSWLVWHHW,OpWDLWDXWUHPHQW FKDSLWUH  GX /LYUH GH O¶$SRFDO\SVH 7RXV OHV pYpQHPHQWV TXL RQW WUDLW j
 -¶DLGLW³6HLJQHXULOGRLWELHQ\DYRLUXQFKHPLQTXLHVWOHYUDL´ O¶DJLVVHPHQWGHO¶DQWLFKULVWRQWHXOLHXMXVTX¶DXFKDSLWUH(WF¶HVWDYHFOH
 (W4XHOTXH&KRVHDGLW³&¶HVWOD3DUROH´ 4XDWULqPH 6FHDX GH O¶$SRFDO\SVH TXH OHV GHX[ O¶DQWLFKULVW HW &KULVW RQW
 -HPHVXLVWHQXjFHWWH3DUROH5HJDUGH]FKDTXHYLVLRQSDUWRXW pWpPHQpVjWHUPH(WO¶DQWLFKULVWDUULYHSRXUVXLYUHVRQGHVWLQIXQHVWHHW
 DYHFVRQDUPpHHW&KULVWDUULYHDYHF6RQDUPpH
 /HMRXURM¶DLSRVpODSLHUUHDQJXODLUHOjTXDQGM¶DLPLVOHWH[WHj 
O¶LQWpULHXU M¶DYDLV pFULW FH TX¶,O P¶DYDLW PRQWUp FH PDWLQOj GDQV XQH  &¶HVW XQ YLHX[ FRPEDW TXL D FRPPHQFp LO \ D WUqV ORQJWHPSV GH
YLVLRQ´,QVLVWH HQ WRXWH RFFDVLRQ IDYRUDEOH RX QRQ UHSUHQGV DYHF WRXWH O¶DXWUH F{Wp GX WHPSV (QVXLWH LOV RQW pWp« 6DWDQ HW VHV DQJHV RQW pWp
ORQJDQLPLWp HW 'RFWULQH &DU LO YLHQGUD XQ WHPSV R OHV KRPPHV QH FKDVVpV HW HQVXLWH LOV VRQW YHQXV VXU WHUUH (W OH FRPEDW D UHSULV SDUFH
VXSSRUWHURQW SDV OD VDLQH 'RFWULQH PDLV D\DQW OD GpPDQJHDLVRQ TX¶ÊYHDGpPROLODEDUULqUHGHUULqUHODTXHOOHHOOHpWDLWLVROpHOD3DUROHGH
G¶HQWHQGUH GHV FKRVHV DJUpDEOHV LOV VH GRQQHURQW HX[PrPHV SRXU 'LHX (W j O¶KHXUH PrPH 6DWDQ D JDJQp OH FRPEDW FRQWUH OD 3DUROH GH
GRFWHXUVVHORQOHXUVSURSUHVGpVLUVLOVVHURQWGpWRXUQpVGHOD9pULWpYHUV 'LHX SDUFH TX¶XQ GH 6HV VXMHWV FHOXL TXL pWDLW OH SOXV IDLEOH D ODLVVp
OHV IDEOHV´ (W M¶DL YX FHV GHX[ DUEUHV SUqV GHVTXHOV MH PH WHQDLV IDLUH WRPEHU OHV IRUWLILFDWLRQV (W F¶HVW H[DFWHPHQW FRPPH oD TX¶LO D JDJQp OH
H[DFWHPHQW oD &¶HVW H[DFW (W YRLOj QRXV HQ VRPPHV Oj (W F¶HVW ELHQ FRPEDW FKDTXH IRLV F¶HVW SDUFH TX¶XQ GH 6HV VXMHWV D ODLVVp WRPEHU OD
YUDL(WPDLQWHQDQWYRXVQH« IRUWLILFDWLRQGHOD3DUROH
 
 6RXYHQH]YRXV 3HUPHWWH]PRL GH YRXV H[KRUWHU HQFRUH 1H GLWHV  (WFHODDpWpIDLWGDQVFHGHUQLHUkJHGHO¶pJOLVHSDUOHPR\HQG¶XQ
³PHUFL´ j DEVROXPHQW SHUVRQQH 1H GLWHV SDV QH SHQVH] SDV TX¶XQ V\VWqPHG¶RUJDQLVDWLRQV$ORUVTXHODYUDLHODYpULWDEOHODVDLQWHpJOLVHGX
SUpGLFDWHXU RX TXHOTXH FKRVH XQ KRPPH PRUWHO TX¶LO \ DLW TXRL TXH FH 'LHX YLYDQW j FDXVH G¶XQ FDYDOLHU PHQVRQJHU D UHIXVp G¶DFFHSWHU OD
ϭϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱϯ
3DUROH FH TXL D GpWRXUQp O¶pJOLVH GH OD 3DUROH SRXU O¶DPHQHU j GHV  %RQ GRQF HQVXLWH M¶H[DPLQDLV WRXW &HOD HQ H[SORUDQW OD FKRVH
GRJPHV FRPPHFHFLHQO¶H[SORUDQWFRPPHFHFL-HSUHQDLVGHVSRLQWVHQQRWHLFL
 -H PH GLVDLV ³(K ELHQ Oj PRQ DXGLWRLUH YD rWUH FRQWHQW G¶HQWHQGUH oD
 2U FRPELHQ VDYHQW TXH F¶HVW VXU OHV GRJPHV TXH O¶pJOLVH SDUFH TXH oD IDLW OH OLHQ LFL HW oD IDLW OH OLHQ LFL 0DLQWHQDQW YR\RQV YRLU
FDWKROLTXH URPDLQH HVW EkWLH" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ /H TX¶HVWFHTXLHVWGLWLFL"2XL(KRXLOHYRLOjLFLPrPH´9R\H]"
UHFRQQDLVVHQWLOV" $EVROXPHQW %LHQ V€U &HUWDLQHPHQW TX¶LOV OH 
UHFRQQDLVVHQW &H Q¶HVW SDV WRXW /HV FDWKROLTXHV ELHQ V€U oD QH OHV  (W MH UDFFRUGDLV WRXW &HOD HQ SDUFRXUDQW OD %LEOH M¶DL IDLW OH OLHQ
YH[HUDLW SDV GX WRXW SDUFH TX¶LOV OH VDYHQW ,OV YLHQQHQW G¶HQ DMRXWHU XQ FRPPHoDWRXWHODVHPDLQH(W&¶HVWOjVXUOHVEDQGHV(OOHVVRQWjYRWUH
DXWUHLFLLOQ¶\DSDVORQJWHPSVFRPPHTXRL0DULHDXUDLWpWpUHVVXVFLWpH GLVSRVLWLRQ (W SRXU DXWDQW TXH MH VDFKH MH O¶DL IDLW GDQV OD FRPPXQLRQ
9RXV YRXV HQ VRXYHQH] LFL LO \ D TXHOTXHV DQQpHV HQYLURQ GL[ DQV IUDWHUQHOOH FKUpWLHQQH OD JUkFH GH 'LHX DFFRUGpH jWRXV OHV KRPPHV SDU
&RPELHQ V¶HQ VRXYLHQQHQW" >³$PHQ´@ 'DQV OH MRXUQDO Oj %LHQ V€U -pVXV&KULVW-¶DLYUDLPHQWIDLWGXPLHX[TXHM¶DLSX
9R\H]"7RXWOHQRXYHDX³GRJPH´9RXVYR\H]WRXWHVWGRJPHHWQRQSDV 
3DUROH9R\H]"  9RXVDYH]pWpXQDXGLWRLUHYUDLPHQWpSDWDQW3HUVRQQHQ¶DXUDLWSX
 rWUHSOXVFKDUPDQWTXHYRXVDVVLVLFL9RXVpWLH]WRXVOjjXQHKHXUHGH
 8Q SUrWUH ORUV G¶XQ HQWUHWLHQ GHUQLqUHPHQW LO GLVDLW ³0RQVLHXU O¶DSUqVPLGL MXVTX¶j FLQT KHXUHV O¶KHXUH R LOV RXYUDLHQW OHV SRUWHV GH
%UDQKDP´LOGLVDLW³'LHXHVWGDQV6RQpJOLVH´ O¶pJOLVHHWIDLVDLHQW«ODLVVDLHQWOHVJHQVHQWUHU9RXVrWHVUHVWpVDXIURLG
 -¶DLGLW³'LHXHVWGDQV6D3DUROH´ YRXV rWHV UHVWpV VRXV OD QHLJH YRXV DYH] WRXW IDLW YRXV rWHV UHVWpV
 ,ODGLW³1RXVQHGHYRQVSDVDUJXPHQWHU´ GHERXW FRQWUH OHV PXUV MXVTX¶j HQ DYRLU PDO DX[ MDPEHV -H YR\DLV OHV
 KRPPHV TXL V¶DVVR\DLHQW TXL ODLVVDLHQW OHV IHPPHV V¶DVVHRLU (W
 -¶DL GLW ³-H Q¶DUJXPHQWH SDV -H IDLV VLPSOHPHQW XQH GpFODUDWLRQ GLIIpUHQWHV SHUVRQQHV TXL pWDLHQW GHERXW FRPPH oD HW DVVLVHV XQ SHX
'LHXHVWGDQV6D3DUROH&¶HVWH[DFWµ4XLFRQTXH(QUHWUDQFKHUDTXRLTXH SDUWRXW-HPHGLVDLV³6HLJQHXUWRXW«´
FHVRLWRX<DMRXWHUDTXRLTXHFHVRLW¶GLWOD3DUROH´ 
  dD D pWp XQH VHPDLQH P\VWpULHXVH 7RXW D pWp DVVH] pWUDQJH GH
 ,O D GLW ³(K ELHQ 'LHX D GRQQp« &KULVW D GRQQp j 6RQ eJOLVH OH YRLU OHV JHQV TXL VRQW YHQXV GH OHV YRLU GHERXW GHKRUV GHYDQW OHV
SRXYRLUHW,OOHXUDGLWTXHWRXWFHTX¶LOVOLHUDLHQWVXUODWHUUHVHUDLWOLpGDQV IHQrWUHVGDQVO¶HPEUDVXUHGHVSRUWHVWRXWDXIRQGSDUWRXWjpFRXWHU(W
OH&LHOHWTXH«´ SRXUFHTXLHVWG¶rWUHXQRUDWHXUMHVXLVORLQG¶rWUHXQRUDWHXU-H²M¶DLDX
 -¶DLGLW³dDF¶HVWO¶H[DFWH9pULWp´ PRLQVDVVH]G¶LQWHOOLJHQFHSRXUVDYRLUTXHMHQ¶HQVXLVSDVXQTXHMHQH
 VXLVSDVXQRUDWHXU0DLVDORUVSRXUTXRLHVWFHTXHOHVJHQVUHVWHUDLHQWOj
 ,O D GLW ³1RXV DYRQV VXU« IRQGpV VXU FH SULQFLSH QRXV DYRQV OH j pFRXWHU FRPPH oD"3RXUTXRL HVWFHTX¶LOVIHUDLHQW oD" ,OV QH YLHQQHQW
SRXYRLUG¶{WHUOHVSpFKpV´ SDV pFRXWHU XQH SHUVRQQH FRPPH PRL 0DLV LOV YLHQQHQW SDUFH TX¶LO \ D
 4XHOTXH&KRVHOjTXLDWWLUHXQSHXSOH9R\H]",O\D4XHOTXH&KRVHOj
 (W M¶DL GLW ³6L YRXV OH IDLWHV VHORQ OD IDoRQ TXL D pWp GRQQpH j TXLOHVDWWLUH
O¶eJOLVHHWGHODIDoRQGRQWHX[OHIDLVDLHQWMHO¶DFFHSWHUDL6LRXLDORUVLO\ 
D GH O¶HDX LFL SRXU rWUH µEDSWLVpV DX 1RP GH -pVXV&KULVW SRXU OD  &RPPHPRQpSRXVHVHWHQDLWLFLVXUO¶HVWUDGHSRXUFKDQWHUjPHV
UpPLVVLRQGHYRVSpFKpV¶YRXVYR\H]QRQSDVjFDXVHGHTXHOTX¶XQTXL GpEXWV
YRXVGLWTXHYRVSpFKpVVRQWUHPLV´9R\H]"9R\H]"&¶HVWH[DFWHPHQWoD ,OVYLHQQHQWGHO¶(VWHWGHO¶2XHVW
 ,OVYLHQQHQWGHORLQWDLQVSD\V
 2EVHUYH] 3LHUUH TXL DYDLW OHV FOpV OH -RXU GH OD 3HQWHF{WH ¬ODIrWHGX5RLPDQJHUj6DWDEOH
6RXYHQH]YRXVF¶HVWOXLTXLDOHVFOpVGRQWLOVSDUOHQW(WOHV²OHVKRPPHV 4XHFHVSqOHULQVVRQWEpQLV
RQWGLW³+RPPHVIUqUHVTXHSRXYRQVQRXVIDLUHSRXUrWUHVDXYpV"´ &RQWHPSODQW6RQVDLQWYLVDJH
 %ULOODQWG¶XQeFODW'LYLQ
 3LHUUH D GLW ³5HSHQWH]YRXV FKDFXQ GH YRXV VR\H] EDSWLVpV DX 3DUWLFLSDQWVGH6DJUkFH
1RP GH -pVXV&KULVW´ SRXU TXRL"  ³SRXU OD UpPLVVLRQ GHV SpFKpV HW /HVMR\DX[GH6D&RXURQQH
ϱϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϭϯ
GDQVOH6DQJGH-pVXV&KULVWLOVQHUHYLHQGURQWMDPDLVjODPpPRLUH'LHX HQVXLWH YRXV UHFHYUH] OH GRQ GX 6DLQW(VSULW &DU OD SURPHVVH HVW SRXU
OHVRXEOLHLOVQ¶RQWMDPDLVPrPHpWpFRPPLV(WWDQWTXHFH6DFULILFHHVW YRXV HW SRXU YRV HQIDQWV SRXU FHX[ TXL VRQW DX ORLQ HQ DXVVL JUDQG
Oj FRPPH H[SLDWLRQ SRXU QRXV DORUV F¶HVW UpJOp 9RLOj YR\H]YRXV QRPEUHTXHOH6HLJQHXUQRWUH'LHXOHVDSSHOOHUD´&¶HVWH[DFW$ORUVYRLOj
1RXV²QRXVQHVRPPHVSOXVGHVSpFKHXUV1RXVVRPPHVGHVFKUpWLHQV TXLUqJOHODTXHVWLRQSRXUWRXMRXUV&¶HVWILQL$YHFoDF¶pWDLWUpJOp
SDU OD JUkFH GH 'LHX 6RXYHQH]YRXV HQ QRXVPrPHV QRXV VHULRQV 
SUREDEOHPHQW DXVVL PDXYDLV TXH QRXV O¶DYRQV WRXMRXUV pWp 0DLV YR\H]  %RQ PDLV YRXV YR\H] O¶DQWLFKULVW HVW DUULYp FRPPH QRXV O¶DYRQV
YRXV OD JUkFH GH 'LHX QRXV D pWp PDQLIHVWpH HW F¶HVW HOOH TXL D IDLW GH GpSHLQW HW PRQWUp 4XHOOH UpYpODWLRQ 2K OD OD OD OD (W GH SHQVHU TXH
QRXVFHTXHQRXVVRPPHVDXMRXUG¶KXLGHVIUqUHVHWGHVV°XUVFKUpWLHQV WRXWHVFHVDQQpHVQRXVDYRQVYXFHODSUHQGUHIRUPHSURJUHVVLYHPHQW(W
 YRLFLTXHF¶HVWDEVROXPHQWHWGLUHFWHPHQW$,16,',7/(6(,*1(85
 dDDpWpXQHVHPDLQHDEVROXPHQWH[WUDRUGLQDLUHSRXUPRL-HVXLV 
IDWLJXp-¶DLODWrWHIDWLJXpH(QHIIHWMH²MH«-¶DLIDLWGXPLHX[TXHM¶DLSX  %RQGRQFQRXVUHPDUTXRQVFHWLQWHUYDOOHOjHQWUHOHVFKDSLWUHV
(WFKDTXHMRXUTXHOTXHFKRVHG¶pWUDQJHVHGpURXODLW-¶HQpWDLVVWXSpIDLW HW  %RQ OH FKDSLWUH  GH O¶$SRFDO\SVH LFL F¶HVW XQ²XQ« UpYqOH XQ
M¶HQWUDLV GDQV PRQ EXUHDX HW DSUqV \ DYRLU SDVVp TXHOTXHV PLQXWHV MH pYpQHPHQW6¶LOHVWOjFHQ¶HVWSDVSRXUULHQ,OQ¶DSDVpWpSODFpOjHQWUH
YR\DLV 4XHOTXH &KRVH TXL PH IDLVDLW FKDQJHU EUXVTXHPHQW HW OHVGHX[SRXUULHQ9R\H]",OHVWOjGDQVXQEXWHWF¶HVWXQHUpYpODWLRQTXL
FRPSOqWHPHQWG¶DYLV UpYqOHTXHOTXHFKRVH5HPDUTXH]FRPPHLOV¶DMXVWHELHQGDQVO¶eFULWXUH
 P\VWpULHXVHPHQWHWPDWKpPDWLTXHPHQW9R\H]"([DFWHPHQW
 9RLFL M¶HQWUDLV Oj HW MH UHSUHQDLV PHV QRWHV-H UHSUHQDLV OHV OLYUHV 
GX 'U 6PLWK 8ULDK 6PLWK HW RK GH WRXV OHV²OHV pFULYDLQV HW WRXW HW MH  &UR\H]YRXV DX[ PDWKpPDWLTXHV GH 'LHX" >/¶DVVHPEOpH GLW
OLVDLV oD MH SDUFRXUDLV OHXUV OLYUHV -H GLVDLV ³%RQ LFL F¶HVW OH 6L[LqPH ³$PHQ´²1'e@6LYRXVQ¶\FUR\H]SDVYRXVGHYH]FHUWDLQHPHQWYRXV\
6FHDX ,FL F¶HVW OH 4XDWULqPH 6FHDX %RQ TX¶HVWFH TXH FHW KRPPHOj SHUGUHGDQV«9RXVYRXV\SHUGUH]FHUWDLQHPHQWGDQVOD3DUROHVLYRXV
GLW" ,O GLVDLW µ(K ELHQ &¶pWDLW FHFL FHOD RX DXWUH FKRVH´µ -¶DOODLV YRLU FH FRPPHQFH]jPHWWUHXQTXDWUHRXXQVL[RX²RXTXHOTXHFKRVHG¶DXWUH
TX¶XQDXWUHKRPPHDYDLWGLWLFL/XLLOGLVDLWTXH&¶pWDLWWHOOHHWWHOOHFKRVH TXH OHV PRWV VLWXpV FRUUHFWHPHQW GDQV OHXU RUGUH PDWKpPDWLTXH 9RXV
(WLOPHVHPEODLWTXHMH«TXHdDQHV¶DOLJQDLWSDVFRPPHLOIDXW9R\H]" YRXV UHWURXYHUH] FHUWDLQHPHQW DYHF OH WDEOHDX G¶XQH YDFKH HQ WUDLQ GH
 EURXWHUGHO¶KHUEHDXVRPPHWG¶XQDUEUHTXHOTXHSDUW&HUWDLQHPHQWTXH
 $ORUV MH SHQVDLV ³(K ELHQ TX¶(Q HVWLO 6HLJQHXU"´ (W MH PDUFKDLV YRXV Q¶DUULYHUH] j ULHQ (Q HIIHW 'LHX QH« 7RXWH 6D 3DUROH DX FRPSOHW
GHORQJHQODUJHGDQVODSLqFHSHQGDQWXQPRPHQW-HP¶DJHQRXLOODLVHWMH IRQFWLRQQH GDQV XQ²XQ²XQ RUGUH PDWKpPDWLTXH 2XL PRQVLHXU 3DUIDLW
SULDLV-HUHWRXUQDLVSUHQGUHOD%LEOHMHP¶DVVR\DLVMHOLVDLV-HIDLVDLVOHV WRXWFHTX¶LO\DGHSOXVSDUIDLW,OQ¶\DDXFXQHDXWUH°XYUHOLWWpUDLUHTXLDLW
FHQWSDV pWp UpGLJpH FRPPH (OOH FRPPH (OOH VL SDUIDLWH VHORQ OHV PDWK«
 PDWKpPDWLTXHV
 (W SXLV WRXW j FRXS XQH IRLV TXH M¶pWDLV WUDQTXLOOH YRLOj TXH &HOD 
V¶RXYUDLW FRPPH oD $ORUV MH SUHQDLV YLWH XQH SOXPH HW MH PH PHWWDLV j  'RQFOH²OHFKDSLWUHUpYqOHVHXOHPHQWODVFqQHGX²ODVFqQHGX
QRWHU &HOD FRPPH oD WRXW FHTXH MH YR\DLV HW IDLVDLV -¶REVHUYDLV &HOD 6HSWLqPH6FHDXDORUVTXHULHQG¶DXWUHQ¶HVWUpYpOpOjULHQ&HQ¶HVWSDV
FRPPHoDMXVTX¶jFHTXHM¶DLHWRXWQRWp UpYpOpGDQVOH6HSWLqPH6FHDX«RUoDoDQ¶DULHQjYRLUDYHFOHFKDSLWUH
  GH²GH O¶$SRFDO\SVH /D UpYpODWLRQ GX 6HSWLqPH 6FHDX Q¶pPHW
 (QVXLWHMHSUHQDLVOHUHVWHGHODMRXUQpHSRXUDOOHUYpULILHUWRXW&HOD DEVROXPHQWDXFXQVRQ(WVLVHXOHPHQWM¶DYDLVOHWHPSV«-HYDLVSUHQGUH
HW YRLU VL OH OLHQ VH IDLVDLW G¶XQ ERXW j O¶DXWUH GHV eFULWXUHV 'RQF TXHOTXHVSDVVDJHVSRXUHVVD\HUGHYRXVPRQWUHU«
³eSURXYH]WRXWHVFKRVHV´9R\H]"-¶DYDLVGRQF&HFLLFL 
  'qVOHFRPPHQFHPHQWGDQVOD*HQqVHFHVHSWLqPHFKDS«RX
 (W MH PH GLVDLV³%RQ ELHQ GHV JHQV RQW HX GHV YLVLRQV %LHQ GHV FH6HSWLqPH6FHDXLO²LO²LOHQHVWTXHVWLRQ'HSXLVOHWRXWGpEXWGDQVOD
JHQV RQW HX GHV UpYpODWLRQV´ 6L F¶HVW FRQWUDLUH j OD 3DUROH ODLVVH] FHOD *HQqVHFH6HSWLqPH6H«
F¶HVWH[DFWODLVVH]FHOD 
  /HV6FHDX[RQWSULVIRUPHSURJUHVVLYHPHQW9RXVYRXVVRXYHQH]
FH PDWLQ Q¶DYRQVQRXV SDV PRQWUp FRPPHQW FHV FKRVHV VH VRQW
ϭϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϱϭ
VXFFpGpHV" (W UHJDUGH] ELHQ FH VRLU QRXV PRQWURQV OD VXFFHVVLRQ (W  /H 5R\DXPH GH 'LHX YLHQW /D WUDQVIRUPDWLRQ VH SRXUVXLW GH SOXV
YRXV YR\H] TXDQG RQ DUULYH DX 6HSWLqPH 6FHDX TX¶LO \ D UXSWXUH GH HQ SOXV GX QpJDWLI DX SRVLWLI FRPPH FHOD D pWp OH FDV 2U OHV JHQV QH
FRQWLQXLWp>)UqUH%UDQKDPDIDLWFODTXHUVHVGRLJWV²1'e@2XL GHYUDLHQW SDV V¶DFKRSSHU j oD 'H OD MXVWLILFDWLRQ j OD VDQFWLILFDWLRQ DX
 EDSWrPH GX 6DLQW(VSULW HW HQVXLWH LFL LFL 9R\H]" 1RXV QRXV
 -pVXV&KULVW/XLPrPH,ODSDUOpGXWHPSVGHODILQHWTXDQG,OHVW UDSSURFKRQVVLPSOHPHQWWRXMRXUVSOXVGH'LHX
DUULYp« ,O D SDUOp GH WRXV OHV VL[ GHV 6FHDX[ 4XDQG ,O HQ HVW DUULYp DX 
6HSWLqPH ,O V¶HVW DUUrWp 9RLOj YR\H] &¶HVW TXHOTXH FKRVH GH WUqV  1H SRXYH]YRXV SDV YRLU YRXV OHV SUpGLFDWHXUV PpWKRGLVWHV TXH
LPSRUWDQW YRWUHPHVVDJHGHODVDQFWLILFDWLRQVXUSDVVDLWFHTXH/XWKHUDYDLWSUrFKp"
 
 %RQPDLQWHQDQWQRXVDOORQVSDUOHULFLPDLQWHQDQWGHFHFKDSLWUH  9RXV OHV SHQWHF{WLVWHV QH SRXYH]YRXV SDV YRLU TXH YRWUH
SHQGDQWXQLQVWDQWSRXU²SRXUIDLUHXQSHXOHOLHQHQWUHOH6L[LqPHHWOH PHVVDJHGXEDSWrPHVXUSDVVHFHTXHOHVPpWKRGLVWHVRQWSUrFKp"9RXV
6HSWLqPH 6FHDX (Q HIIHW F¶HVW WRXW FH TXH QRXV DYRQV FRPPH GRQQpH VDYH]FHTXHMHYHX[GLUH"
SRXUQRXVDSSX\HUHQFHPRPHQWF¶HVWOH6L[LqPH«HQWUHOH6L[LqPHHW 
OH6HSWLqPH6FHDXF¶HVWO¶DSSHOG¶,VUDsO  2KQRXVHQDYRQVYXEHDXFRXSGHFKRVHVTXLVRQWVRUWLHV&¶HVW
 YUDL(WV¶LO\DTXHOTX¶XQTXLDOHPDOHQDYHUVLRQHWTXHOHVJHQVGLVHQW
 0DLQWHQDQWM¶DLEHDXFRXSGHERQVDPLVWpPRLQVGH-pKRYDKDVVLV GHVFKRVHVTXLVRQWHQIDLWGHVPHQVRQJHVHWSDVOD9pULWpPRLMHGpWHVWH
LFLTXLVRQWWRXV«RXTXLO¶RQWGpMjpWp3HXWrWUHTXHFHUWDLQVG¶HQWUHHX[ oD
VRQWHQFRUHWpPRLQVGH-pKRYDK0DLVLOVRQWWRXMRXUVGLW²F¶HVWFHTXH 
0 5XVVHOO D GLW ² TXH FHV FHQW TXDUDQWHTXDWUH PLOOH F¶pWDLW O¶eSRXVH  0DLV MH²M¶DLPH OD IUDQFKH 9pULWp SHX LPSRUWH FRPELHQ (OOH SHXW
VXUQDWXUHOOHGH&KULVW9R\H]",OV«dDQHO¶HVWSDV GpUDQJHUGHFHF{WpFLRXGHFHF{WpOj6L&¶HVWOD9pULWp'LHXILQLUDSDU
 GpPRQWUHUTXH &¶HVW OD9pULWp (W V¶,O QH OHIDLW SDV XQ GHV FHV SURFKDLQV
 dDQ¶DDEVROXPHQWULHQjYRLUDYHFO¶kJHGHO¶pJOLVHGXWRXW,OVVRQW MRXUVDORUVODYLVLRQTXHM¶DLHXHQ¶pWDLWSDVMXVWH0DLQWHQDQWYRXVYR\H]
,VUDsO DEVROXPHQW 0DLQWHQDQW QRXV DOORQV OLUH GDQV TXHOTXHV PLQXWHV GDQVTXHOOHSRVLWLRQMHYLHQVGHPHPHWWUH
2U FHW LQWHUYDOOH HQWUH OH 6L[LqPH« OHV 6FHDX[ F¶HVW O¶DSSHO HW OH 
VFHOOHPHQWGHVFHQWTXDUDQWHTXDWUHPLOOH-XLIVTXLVRQWDSSHOpVSHQGDQW  ³&¶HVWSRXUTXDQG)UqUH%UDQKDP"´-HQHSHX[SDVYRXVGLUH-H
OD SpULRGH GH OD 7ULEXODWLRQ DSUqV TXH O¶pJOLVH HVW SDUWLH 9R\H]" dD Q¶D QHVDLVSDV
ULHQ j YRLU DYHF O¶kJH GH O¶pJOLVH GX WRXW 2K LOV VRQW DSSHOpV HW FHOD 
V¶KDUPRQLVH SDUIDLWHPHQW DYHF O¶eFULWXUH OHV GHUQLqUHV WURLV VHPDLQHV HW  0DLV XQ GH FHV MRXUV VL QRXV QH QRXV UHYR\RQV SOXV MDPDLV VXU
GHPLHGH'DQLHOTXLRQWpWpIL[pHVVXUOH³SHXSOH´GH'DQLHOYRXVYR\H] FHWWHWHUUHQRXVQRXVUHYHUURQVOjEDVDX²DXWULEXQDOGH&KULVW(WYRXV
SDVVXUOHVQDWLRQV6XUOH³SHXSOH´GH'DQLHOHW'DQLHOpWDLW-XLI YHUUH] TXH GDQV FHWWH SLqFH Oj OD UpYpODWLRQ TXL HVW YHQXH GH 'LHX
 H[DFWHPHQWFRPPHWRXWHVOHVDXWUHVTXHFHV«/¶XQGHVP\VWqUHVGHFH
 0DLQWHQDQW UHPDUTXH] ,VUDsO ,VUDsO FURLW VHXOHPHQW VHV 6FHDX OD UDLVRQ SRXU ODTXHOOH &HOD Q¶D SDV pWp UpYpOp &¶pWDLHQW 6HSW
SURSKqWHVHWDSUqVTXHFHX[FLRQWpWpFRQILUPpV 7RQQHUUHVTXLRQWIDLWHQWHQGUH/HXUVYRL[(WF¶HVWELHQ&HODF¶HVWSDUIDLW
 (Q HIIHW ULHQ QH VDLW TXRL TXH FH VRLW /jGHVVXV &H Q¶pWDLW PrPH SDV
 (W j DXFXQ PRPHQW DX FRXUV GH O¶kJH GH O¶pJOLVH GHSXLV FHOXL GH pFULW $ORUV QRXV VRPPHV DX WHPSV GH OD ILQ 1RXV HQ VRPPHV Oj -H
O¶pJOLVH DSRVWROLTXH SULPLWLYH O¶pJOLVH SURWHVWDQWH DWHOOH MDPDLV HX XQ UHPHUFLH'LHXSRXU6D3DUROH
SURSKqWH 'LWHVPRL TXL LO \ D HX PRQWUH]PRL oD -DPDLV ,O \ D HQ D HX 
XQGDQVO¶kJHDSRVWROLTXHSULPLWLIGXQRPG¶$JDEXVTXLpWDLWXQSURSKqWH  -H /H UHPHUFLH SRXU -pVXV&KULVW &DU V¶,O QH /¶DYDLW SDV HQYR\p
FRQILUPp 0DLV GDQV« 4XDQG OHV QDWLRQV VRQW HQWUpHV SRXU UHFHYRLU FRPPH²FRPPHYLFWLPHSURSLWLDWRLUHSRXUQRVSpFKpVQRXVVHULRQVWRXV
O¶KpULWDJH GH 'LHX HW TXH 3DXO V¶HVW WRXUQp YHUV OHV QDWLRQV $SUqV TXH HQIRQFpVGDQVOHERXUELHUGXSpFKpVDQVHVSpUDQFH0DLVSDU6DJUkFH
3LHUUH FRPPH QRXV O¶DYRQV OX KLHU VRLU OH 6HLJQHXU OXL D IDLW FRQQDvWUH 6RQ²6RQ 6DQJ SXULILH WRXV OHV SpFKpV ([DFWHPHQW FRPPH OD JRXWWH
TX¶³,O DOODLW FKRLVLU GX PLOLHX GHV QDWLRQV XQ²XQ SHXSOH TXL SRUWkW 6RQ G¶HQFUH GDQV XQ VHDX G¶HDX GH -DYHO YRXV QH SRXUULH] SOXV MDPDLV
1RP 6RQ eSRXVH´ DSUqV oD LO Q¶\ D MDPDLV HX GDQV OHV SDJHV GH UHWURXYHU O¶HQFUH 4XDQG QRV SpFKpV VRQW FRQIHVVpV LOV VRQW GpSRVpV
ϱϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϭϱ
MHVDLVTXH&¶pWDLHQWFHV6HSW7RQQHUUHVTXLVHVRQWIDLWHQWHQGUHFRXSVXU O¶KLVWRLUHXQSURSKqWHTXLYLHQQHGHVQDWLRQV9RXVQ¶DYH]TX¶jUHPRQWHU
FRXSTXLRQWVLPSOHPHQWWRQQpjVHSWUHSULVHV(W&HODV¶HVWGpSOR\pSRXU OH FRXUV GH O¶KLVWRLUH HW YRXV YHUUH] 3RXUTXRL" ([DFWHPHQW FH VHUDLW
PRQWUHU DXWUH FKRVH TXH M¶DL YX $ORUV TXDQG M¶DL YX &HOD M¶DL FKHUFKp FRQWUDLUHjOD3DUROH([DFWHPHQW
O¶LQWHUSUpWDWLRQ&¶HVWSDVVpjWRXWHYLWHVVHOjPDLVMHQ¶DLSDVUpXVVLj/H 
GpFKLIIUHU &¶HVW WRXW j IDLW YUDL 9R\H]" &H Q¶HVW SDV HQFRUH WRXW j IDLW  4XDQGOHSUHPLHUHVWVRUWLF¶pWDLWXQOLRQoDF¶pWDLWELHQOD3DUROH
O¶KHXUHSRXU&HOD GXSURSKqWH
  &HOXLTXLHVWVRUWLHQVXLWHF¶pWDLWOHWUDYDLOOHVDFULILFH
 0DLV QRXV HQWURQV GDQV FH F\FOH YR\H]YRXV &¶HVW SRXU ELHQW{W  &HOXLTXLHVWYHQXHQVXLWHF¶pWDLWOHVDYRLUIDLUHGH²GHO¶KRPPH
$ORUVODFKRVHjIDLUHF¶HVWGHYRXVUDSSHOHUTXHMHYRXVSDUOHDX1RPGX 
6HLJQHXU 7HQH]YRXV SUrWV FDU YRXV QH VDYH] SDV j TXHO PRPHQW  0DLV LO QRXV HVW SURPLV TX¶DX GHUQLHU MRXU FHOD UHYLHQGUD GH
TXHOTXHFKRVHSHXWDUULYHU QRXYHDXGDQVO¶pJOLVHHWFHDILQGHUHFWLILHUWRXWFHTXLDpWpPDODSSRUWp
 PDQTXp SDV IDLW QpJOLJp (Q HIIHW LO HVW SUpGLW LFL TXH OH 0HVVDJH GX
 0DLQWHQDQW TXDQG &HFL LUD VXU EDQGH HW F¶HVW IDLW SUREDEOHPHQW VHSWLqPH DQJH PqQHUDLW j WHUPH OHV P\VWqUHV GH 'LHX (W SXLV QRXV
TXH GL[ PLOOH GHV PHV DPLV YRQW V¶pORLJQHU GH PRL j FDXVH GH &HOD (Q DYRQV H[DPLQp WRXW &HOD 1RXV YR\RQV TXH &HOD V¶KDUPRQLVH
HIIHWLOVYRQWGLUHTXH³)UqUH%UDQKDPFKHUFKHjVHPHWWUHHQDYDQWjVH SDUIDLWHPHQWDYHFO¶eFULWXUH(QYRLOjODUDLVRQ
IDLUH SDVVHU SRXU XQ²XQ VHUYLWHXU RX XQ SURSKqWH RX TXHOTXH FKRVH 
GHYDQW 'LHX´ 3HUPHWWH]PRL GH YRXV GLUH PHV IUqUHV TXH F¶HVW XQH  0DLQWHQDQW TXDQG FHWWH SHUVRQQH DUULYHUD SRXYH]YRXV YRXV
HUUHXU LPDJLQHU"4XDQGLODUULYHUDVRXYHQH]YRXVoDVHSDVVHUDGDQVXQHWHOOH
 KXPLOLWp HW WRXW TXH OHV pJOLVHV YRQW SDVVHU FRPSOqWHPHQW j F{Wp (W
 -H YRXV GLV VHXOHPHQW FH TXH M¶DL YX HW FH TXL P¶D pWp GLW (W SRXYH]YRXVYRXVLPDJLQHUTXHOHVpJOLVHVTXLVRQWHQFRUHVRXPLVHVjOD
PDLQWHQDQW YRXV²YRXV IDLWHV FH TXH YRXV YRXGUH] -H QH VDLV SDV TXL WUDGLWLRQ GHV UpIRUPDWHXUV UHFHYUDLHQW MDPDLV XQ SURSKqWH GH 'LHX DORUV
YD«FHTXLYDVHSDVVHU-HQHVDLVSDV7RXWFHTXHMHVDLVF¶HVWTXHOHV TX¶LO VHUDLW IHUPHPHQW RSSRVp j OHXUV HQVHLJQHPHQWV HW j OHXUV
6HSW7RQQHUUHVUHWLHQQHQWFHP\VWqUH/HV&LHX[pWDLHQWVLOHQFLHX[7RXW RUJDQLVDWLRQV"
OHPRQGHDFRPSULV">/¶DVVHPEOpHGLW³$PHQ´²1'e@,OVHSHXWTXHFH 
VRLWOHPRPHQWLOVHSHXWTXHFHVRLWPDLQWHQDQWO¶KHXUHRFHWWHSHUVRQQH  2ULOQ¶\DTX¶XQHVHXOHSHUVRQQHTXLSXLVVHDFFRPSOLUFHODTX¶XQ
UHPDUTXDEOHGRQWQRXVDWWHQGRQVO¶HQWUpHHQVFqQHSRXUUDLWELHQHQWUHUHQ VHXO (VSULW TXL DLW MDPDLV pWp VXU WHUUH TXH MH VDFKH FH VHUDLW VRLW« ,O
VFqQH IDXGUDLW QpFHVVDLUHPHQWTXHFH VRLW eOLH HQ VRQ WHPSV (W LO D pWp SUpGLW
 TXHFHOHVHUDOHTXHOHVWQXODXWUHTXHO¶(VSULWGH&KULVW
 3HXWrWUHTXHFHPLQLVWqUHTXHM¶DLH[HUFpHQHVVD\DQWGHUDPHQHU 
OHV JHQV j OD 3DUROH D SRVp XQ IRQGHPHQW HW VL F¶HVW OH FDV MH YRXV  4XDQG &KULVW HVW YHQX ,O pWDLW OD SOpQLWXGH ,O pWDLW OH 3URSKqWH ,O
TXLWWHUDL SRXU GH ERQ 1RXV QH VHURQV SDV GHX[ LFL HQ PrPH WHPSV pWDLWOH²OH'LHXGHVSURSKqWHV9R\H]"9R\H]"
9R\H]"6LF¶HVWOHFDVOXLYDFURvWUHPRLMHYDLVGLPLQXHU-HQHVDLVSDV 
  &KULVW UHJDUGH] FRPPH LOV /¶RQW KDw 3RXUWDQW ,O HVW YHQX GH OD
 0DLV 'LHX P¶D DFFRUGp OH SULYLOqJH GH UHJDUGHU HW GH YRLU FH TXH IDoRQ SUpFLVH GRQW OD 3DUROH DYDLW GLW TX¶,O YLHQGUDLW 0DLV FRPPH ,O pWDLW
&¶pWDLW YR\H]YRXV GH YRLU FHWWH SDUWLHOj VH GpURXOHU 2U oD F¶HVW OD 3URSKqWHLOVVHVRQWVpSDUpVGX5R\DXPHGH'LHXSDUOHXUEODVSKqPHHQ
9pULWp DSSHODQW O¶(VSULW GH 'LHX TXL GLVFHUQDLW HW WRXW ³XQ HVSULW LPSXU´ ,OV
 GLVDLHQW TX¶³,O pWDLW XQ²,O pWDLW XQ GLVHXU GH ERQQH DYHQWXUH RX XQ
 (W MH VXLV V€U TXH YRXV DYH] UHPDUTXp OHV FKRVHV TXL VH VRQW GpPRQ´F¶HVWoD
SDVVpHV FHWWH VHPDLQH -H VXLV V€U TXH YRXV DYH] UHPDUTXp OH SHWLW 
&ROOLQVTXLpWDLWpWHQGXOjHQWUDLQGHPRXULUO¶DXWUHVRLUODSHWLWHILOOHTXL  8Q GLVHXU GH ERQQH DYHQWXUH F¶HVW XQ GpPRQ YR\H]YRXV XQ
DYDLWODOHXFpPLH HVSULW GX GLDEOH &HUWDLQHPHQW 6DYLH]YRXV oD" >/¶DVVHPEOpH GLW
 ³$PHQ´²1'e@ $EVROXPHQW 'LUH OD ERQQH DYHQWXUH F¶HVW LPLWHU XQ
SURSKqWHFHTXLHVWXQEODVSKqPHSXUHWVLPSOHDX[\HX[GH'LHX
ϭϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϰϵ
 SDU GHV VRQJHV´ '¶LQWHUSUpWHU GHV VRQJHV F¶HVW oD -RVHSK SRXYDLW
 0DLQWHQDQW UHPDUTXH] ,OV VRQW DSSHOpV FH TXL V¶KDUPRQLVH LQWHUSUpWHU OHV VRQJHV HW SDUOHU HW²HW DYRLU GHV YLVLRQV (VWFH YUDL"
SDUIDLWHPHQWDYHFOHVeFULWXUHVOHGHUQLHUWURLVDQVHWGHPLGH'DQLHO >/¶DVVHPEOpHGLW³$PHQ´²1'e@
 
 5HPDUTXH] LO D pWp GLW DX FUR\DQW DX[ FUR\DQWV G¶,VUDsO GDQV  0DLQWHQDQWUHPDUTXH]FHFL%RQOjTXDQGF¶HVWDUULYp-XQLRUpWDLW
O¶$QFLHQ 7HVWDPHQW GH QH FURLUH OHXUV SURSKqWHV TX¶DSUqV TXH FH GDQVXQFKDPSRLO\DYDLW²DYDLWXQHJUDQGHS\UDPLGHFRPPHoD(WLO
SURSKqWH D pWp FRQILUPp ³6L TXHOTX¶XQ SDUPL YRXV HVW VSLULWXHO RX \ DYDLW TXHOTXH FKRVH G¶pFULW VXU OHV URFKHV HW M¶pWDLV HQ WUDLQ GH UpYpOHU
SURSKqWH0RLO¶eWHUQHO0RQ«WRQ'LHX-H0HIHUDLFRQQDvWUHjOXLHW-H &HOD DX[ JHQV (VWFH H[DFW -XQLRU" >)UqUH -XQLRU -DFNVRQ GLW ³&¶HVW
OXLSDUOHUDLGDQVGHVYLVLRQVSDUGHVVRQJHVO¶LQWHUSUpWDWLRQGHVVRQJHV´ H[DFW´²1'e@(QYLURQXQDQDYDQWTXHoDVHSURGXLVH
6LTXHOTX¶XQDXQVRQJHOHSURSKqWHVHUDFDSDEOHGHO¶LQWHUSUpWHU(WVL² 
V¶LODXQHYLVLRQLOODSURQRQFH³-H0HIHUDLFRQQDvWUHjOXLSDUGHVYLVLRQV  (W PDLQWHQDQW UHPDUTXH] OD FKRVH VXLYDQWH -¶DL SULV XQ JHQUH GH
HWGHVVRQJHV-H0HIHUDLFRQQDvWUH(WVLFHTX¶LOGLWDUULYHDORUVpFRXWH] EDUUHGHIHUHWM¶DLGpWDFKp&HODHWjO¶LQWpULHXUF¶pWDLWGX5RFEODQFDYHF
FHSURSKqWHSDUFHTXH-HVXLVDYHFOXL6LQRQDORUVQHOHFUDLJQH]SDV ULHQG¶pFULWGHVVXV(WDORUVM¶DLFRPPHQFpjPHGLULJHUYHUVO¶RXHVW(WMH
GX WRXW´ 2XL &¶HVW oD ³$OOH]YRXVHQ ODLVVH]OH F¶HVW WRXW YR\H]YRXV´ OHXUDLGLWjWRXVM¶DLGLW³1¶DOOH]SDVjO¶RXHVW5HVWH]LFLREVHUYH]&HOD
2UoDF¶HVW« MXVTX¶jFHTXHMHUHYLHQQH´-HVXLVDOOpjO¶RXHVWSRXUODGpIODJUDWLRQMH
 VXLV UHYHQX j O¶HVW HW OH 6DLQW(VSULW D LQWHUSUpWp FHWWH 3DUROH TXL Q¶pWDLW
 2U ,VUDsO FURLUD WRXMRXUV FHOD (W QH YR\H]YRXV SDV" 3RXUTXRL SDV pFULWH 2U VL oD FH Q¶HVW SDV OH 'LHX 7RXW3XLVVDQW SDUIDLWHPHQW MH
GRQF" YRXGUDLVTXHYRXVVDFKLH]FHTXHF¶HVW
 0DLQWHQDQWMHYHX[TXHYRXVVDLVLVVLH]ELHQFHWWHOHoRQFHVRLUOj 
  3RXUTXRLHVWFHTXHM¶HVVDLHGHGLUHoDPHVDPLV"&¶HVWSRXUYRXV
 3RXUTXRL" 3DUFH TXH F¶HVW XQ RUGUH TXH 'LHX OHXU D GRQQp 3HX PRQWUHU TXH QRXV VRPPHV DX WHPSV GH OD ILQ 2U VL OHV DXWUHV
P¶LPSRUWHOHQRPEUHGHWUDFWVTXHOHV*HQWLOVSHXYHQWIDLUHHQWUHUOjEDV FRUUHVSRQGDLHQW SDUIDLWHPHQW j OD 3DUROH &HOXLFL DXVVL FRUUHVSRQG
HWIDLUHGLVWULEXHU3HXP¶LPSRUWHFRPELHQYRXVSRXYH]YRXVSURPHQHUHQ SDUIDLWHPHQWjOD3DUROH1RXVHQVRPPHVOj1RXVVRPPHVjODILQPHV
,VUDsODYHFXQH%LEOHVRXVOHEUDVHQSURXYDQWFHFLFHODRXDXWUHFKRVH DPLV
LOVQHUHFHYURQWMDPDLVULHQG¶DXWUHTX¶XQSURSKqWH&¶HVWWRXWjIDLWYUDL(Q 
HIIHW LO Q¶\ D TX¶XQ SURSKqWH TXL SXLVVH SUHQGUH OD 3DUROH 'LYLQH HW /D  &H VHUD ELHQW{W OH PRPHQW R ³OH WHPSV HVW pFRXOp´ 'HV PLOOLRQV
VLWXHUFRUUHFWHPHQWHWrWUHXQSURSKqWHFRQILUPpoDLOVOHFURLURQW&¶HVW SHUGURQW OD YLH ,O \ HQ DXUD GHVPLOOLRQV TXL FURLHQW HQ FHPRPHQWTX¶LOV
YUDL VRQW VDXYpV TXL VHURQW FRPSWpV FRPPH GH OD FKDLU j FDQRQ SRXU O¶kJH
 DWRPLTXH 1RXV YLYRQV j OD GHUQLqUH KHXUH &¶HVW OD JUkFH GX 'LHX 7RXW
 -HSDUODLVjXQ-XLILFLj%HQWRQ+DUERUDSUqVTXH-RKQ5K\QTXL 3XLVVDQW 6RQ DLGH HQYHUV 6RQ SHXSOH DILQ TX¶LOV SXLVVHQW DWWHQGUH DYHF
DYDLWpWpDYHXJOHWRXWHVDYLHSUHVTXHDHXUHFRXYUpODYXH,OVP¶DYDLHQW LPSDWLHQFH O¶DSSDULWLRQ LPPLQHQWH GH &KULVW ³'DQV FRPELHQ GH WHPSV
DPHQpOjEDVjODPDLVRQGH'DYLG(WFHUDEELQHVWVRUWLDYHFVDORQJXH )UqUH%UDQKDP"´3HXWrWUHGDQVYLQJWDQVSHXWrWUHGDQVFLQTXDQWHDQV
EDUEH ,O D GLW ³3DU TXHOOH DXWRULWp DYH]YRXV UHGRQQp OD YXH j -RKQ SHXWrWUHGDQVFHQWDQV-HQHVDLVSDV(WSHXWrWUHGHPDLQPDWLQSHXW
5K\Q"´ rWUHHQFRUHFHVRLU-HQHVDLVSDV(WFHX[TXLGLVHQWTX¶LOVOHVDYHQWLOV
 -¶DLGLW³$X1RPGH-pVXV&KULVWOH)LOVGH'LHX´ VHWURPSHQW9R\H]",OVQHVDYHQWSDV'LHXVHXOOHVDLW
 
 ,ODGLW³/RLQGH'LHXO¶LGpHG¶DYRLUXQ)LOV´9R\H]"(WLODGLW³9RXV  0DLQWHQDQW UHPDUTXH] -H YRXV OH FHUWLILH GHYDQW 'LHX MH GLV OD
YRXVQHSRXYH]SDVFRXSHU'LHXHQWURLVPRUFHDX[HW/HIDLUHDFFHSWHUj 9pULWpFHV&KRVHVP¶RQWpWpVSLULWXHOOHPHQWGLVFHUQpHVGLVFHUQpHVSDUOH
XQ-XLI)DLUHGH/XLWURLV'LHX[YRXVrWHVXQHEDQGHGHSDwHQV´ 6DLQW(VSULW(WFKDFXQHG¶(OOHVDLGHQWLILp6DSODFHGDQVOD%LEOH
 
 -¶DL GLW ³-H QH /H FRXSH SDV HQ WURLV PRUFHDX[´ -¶DL GLW ³5DEELQ  2UOHJUDQGVHFUHWTXLUHSRVHVRXVFH6FHDXMHQHVDLVSDVFHTXH
WURXYHULH]YRXVpWUDQJHGHFURLUHTXHO¶XQGHYRVSURSKqWHVDLWGLWTXHOTXH F¶HVW-HQHOHVDLVSDV-HQ¶DLSDVUpXVVLjOHGpFKLIIUHU-HQ¶DLSDVUpXVVL
FKRVHGHIDX["´ jVDYRLU²jVDYRLUSUpFLVpPHQW&HTXL²SUpFLVpPHQWFHTXLpWDLWGLWPDLV
ϰϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϭϳ
 -¶pWDLV Oj HW LO \ D HX FHWWH H[SORVLRQ -H UHJDUGDLV GDQV FHWWH  ,ODGLW³1RVSURSKqWHVQHGLVHQWULHQGHIDX[´
GLUHFWLRQFL YHUV O¶RXHVW HW ,OV VRQW DUULYpV HW P¶RQW WRXW VLPSOHPHQW  -¶DLGLW³'HTXLpWDLWLOTXHVWLRQGDQVeVDwH"´
HPSRUWp /jGHGDQV -H Q¶DL SOXV HX FRQQDLVVDQFH GH ULHQ &HOXL G¶HQWUH  ,ODGLW³'X0HVVLH´
(X[TXDQG,OVVRQWDUULYpV&HOXLTXLPHSDUDLVVDLWrWUHVLpWUDQJHF¶pWDLW 
&HOXLjPD«&HVHUDLWVXUODJDXFKHGHO¶HQGURLWRMHVXLVHQWUpGDQVOD  -¶DLGLW³'RQFOH0HVVLHVHUDXQ3URSKqWH+RPPH(VWFHH[DFW"´
FRQVWHOODWLRQ 0DLV VL RQ FRPSWH GH JDXFKH j GURLWH o¶DXUDLW pWp OH  ,ODGLW³2XLPRQVLHXU&¶HVWH[DFW´
VHSWLqPH$QJHYR\H]YRXVG¶XQF{WpjO¶DXWUH%RQ6RXYHQH]YRXVOHV 
VHSW0HVVDJHUV  -¶DLGLW³0RQWUH]PRLHQTXRL-pVXVQHFRUUHVSRQGDLWSDV´,ODGLW«
 -¶DLGLW³4XHOOHVHUDODSDUHQWpGX3URSKqWH0HVVLHDYHF'LHX"´
 (VWFHTXHYRXVYRXVUDSSHOH]ODS\UDPLGHGH5RFEODQFGXVRQJH  ,ODGLW³,OVHUD'LHX´
GH -XQLRU -DFNVRQ TXH MH YRXV DYDLV LQWHUSUpWp" >/¶DVVHPEOpH GLW  -¶DL GLW ³&¶HVW H[DFW 0DLQWHQDQW YRXV rWHV HQ SOHLQ GDQV OD
³$PHQ´²1'e@ 9R\H]" 5HPDUTXH] OH VRLU R MH VXLV SDUWL HW MH« ,O \ 3DUROH´
DYDLWHXVL[VRQJHVHWFKDFXQG¶HX[LQGLTXDLWODPrPHFKRVH(QVXLWHOD 
YLVLRQHVWYHQXHHWP¶DHQYR\pjO¶RXHVW(W-XQLRULOREVHUYDLWSHQGDQW«  -H YRXV OH FHUWLILH FH -XLI pWDLW Oj OHV ODUPHV URXODLHQW VXU VHV
5HPDUTXH]5HJDUGH]FRPPHF¶HVWSDUIDLW MRXHVHWLODGLW³-HYRXVpFRXWHUDLjXQDXWUHPRPHQW´-¶DLGLW³5DEELQ
 YRXVFUR\H]oD"´
 %RQ MH²M¶HVSqUH HW MH YHX[ FURLUH TXH YRXV LFL YRXV FRPSUHQH] 
ELHQTXHM¶HVVDLHG¶DWWULEXHUFHWWHJUkFHj-pVXV&KULVWTXLHVWO¶$XWHXUGH  (WLODGLW³eFRXWH]´LODGLW³µGHFHVSLHUUHV'LHXSHXWVXVFLWHUGHV
WRXW&HOD(WODVHXOHUDLVRQYRXVQHP¶DYH]MDPDLVHQWHQGXSDUOHUGHOD HQIDQWVj$EUDKDP¶´-HVDYDLVTX¶LOFLWDLWOH1RXYHDX7HVWDPHQW
VRUWHDXSDUDYDQWMDPDLVGHODYLHPDLVF¶HVWTXHFHWWHKHXUHOjDSSURFKH  -¶DLGLW³([DFW5DEELQ0DLQWHQDQWTX¶HQGLWHVYRXV"´
9R\H]"9R\H]"5HPDUTXH] 
  ,O D GLW ³6L MH SUrFKDLV oD MH VHUDLV HQ EDV Oj´ YRXV VDYH] OHXU
 0DLQWHQDQWSRXUTXHYRXVVR\H]V€UVGHOH YRLUSRXUTXHFHVRLW EkWLPHQW HVW OjKDXW VXU OD FROOLQH ³HQ EDV Oj GDQV OD UXH HQ WUDLQ GH
ELHQULYp-HVXLVVXUOHSRLQWGHYRXVTXLWWHUGHQRXYHDX-HQHVDLVSDV PHQGLHUPRQSDLQ´
R MH YDLV DOOHU -H GRLV SUrFKHU O¶eYDQJLOH j G¶DXWUHV HQGURLWV 0DLV 
PDLQWHQDQWSRXUTXH«  -¶DLGLW³-HSUpIpUHUDLVrWUHHQEDVHQWUDLQGHPHQGLHUPRQSDLQ´
 /H -XLI F¶HVW HQFRUH O¶DUJHQW TXL O¶LQWpUHVVH YRXV VDYH] 9R\H]" 9R\H]"
 9RXV SRXUULH] SHXWrWUH GLUH ³-¶DL GpMj HQWHQGX WRXW FH JHQUH GH ³-HSUpIpUHUDLV«´(WVRQQRPpFULWHQOHWWUHVGRUpHVVXUOH«-¶DLGLW³-H
IDQDWLVPHOj´-HQHVDLVSDVFHTX¶LOHQHVWGHoDMHQHSHX[MXJHUDXFXQ SUpIpUHUDLV rWUH HQ EDV j PDQJHU GHV ELVFXLWV VDOpV HW j ERLUH GH O¶HDX
DXWUHKRPPH SODWHHQVDFKDQWTXHMHVXLVHQKDUPRQLHDYHF'LHXHWILGqOHSOXW{WTXH
 G¶rWUH LFL DYHF PRQ QRP pFULW HQ OHWWUHV GRUpHV VXU FH EkWLPHQW FRPPH
 -H QH VXLV UHVSRQVDEOH HQYHUV 'LHX TXH GH FH TXH MH« GH²GH oDHQVDFKDQWTXHMHQHVXLVSDVDYHF'LHXdDMHVDLVoD´,OQHYRXODLW
PRLPrPH 0DLV HVWFH TX¶XQH VHXOH IRLV MH YRXV DL GpMj GLW TXRL TXH FH SOXVGXWRXWP¶pFRXWHUDORUVLOHVWHQWUp
VRLW DX 1RP GX 6HLJQHXU TXL Q¶DLW SDV pWp MXVWH SHQGDQW WRXWHV FHV 
DQQpHV" >/¶DVVHPEOpH GLW ³1RQ´²1'e@ 3HUVRQQH G¶DXWUH QH SHXW HQ  0DLV F¶HVW oD 9RXV QH SRXYH] SDV FRXSHU 'LHX HQ GHX[ RX WURLV
GLUH DXWDQW F¶HVW SDUFH TXH M¶DL WRXMRXUV GLW OD FKRVH H[DFWHPHQW GH OD PRUFHDX[ DSSHOpV ³3qUH )LOV HW 6DLQW(VSULW´ IDLUH WURLV 'LHX[ HW IDLUH
IDoRQGRQW/XLO¶DYDLWGLWH DFFHSWHUoDjXQ-XLI6RQFRPPDQGHPHQWPrPHF¶HVW³7XQ¶DXUDVSDV
 G¶DXWUHVGLHX[GHYDQW0DIDFH-HVXLVO¶eWHUQHOWRQ'LHX´4X¶HVWFHTXH
 0DLQWHQDQWSHUPHWWH]PRLGRQFGHYRXVGpPRQWUHUTXHFHFLF¶HVW -pVXV D GLW"-pVXV D GLW ³µeFRXWH { ,VUDsO-H VXLV O¶eWHUQHO WRQ 'LHX XQ
DEVROXPHQWYUDLHWGHOHFRQILUPHU VHXO'LHX¶´3DVWURLVYRXVQHOHXUIHUH]MDPDLVDFFHSWHUoD1RQ-DPDLV
 XQSURSKqWHQHSDUOHUDGHWURLV'LHX[1RQ1XOOHSDUW9RXVQ¶HQWHQGUH]
 0DLQWHQDQWVRXYHQH]YRXV³6LTXHOTX¶XQHVWVSLULWXHORXSURSKqWH MDPDLVoD1RQPRQVLHXUdDF¶HVWGXSDJDQLVPHF¶HVWSDwHQF¶HVWGHOj
0RLOH6HLJQHXU-HOXLSDUOHUDLSDUGHVYLVLRQVHW0HIHUDLFRQQDvWUHjOXL TXHF¶HVWYHQX2XLPRQVLHXU
ϭϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϰϳ
 TXDQG,OFRPPHQFHUD,OVHUDWHQXGDQVXQVHFUHWFRPSOHWVHORQOD%LEOH
 5HPDUTXH] 0DLV FHV SURSKqWHV YLHQGURQW 1RQ VHXOHPHQW oD« (W DYDQW GH VDYRLU &HOD« (W VRXYHQH]YRXV $SRFDO\SVH   j
/HV²OHVSURSKqWHVOjF¶HVW$SRFDO\SVH1RXVHQDYRQVOXXQHSDUWLH FKDSLWUH  j  ³¬ OD ILQ GX 0HVVDJH GX VHSWLqPH DQJH WRXV OHV
(WM¶DLPHUDLVTXHYRXVOHOLVLH]TXDQGYRXVpWXGLHUH]DYHFOHVEDQGHVHW P\VWqUHV GH 'LHX VHUDLHQW FRQQXV´ 1RXV VRPPHV DX WHPSV GH OD ILQ j
WRXW &H VRQW GHV SURSKqWHV DEVROXPHQW FRQILUPpV SDU OH VLJQH GHV O¶RXYHUWXUHGX6HSWLqPH6FHDX
SURSKqWHV$ORUV,VUDsOoDLOVYRQWO¶pFRXWHU 
  2UFRPPHQWHVWFHTXHMHVDYDLVO¶DXWUHMRXUGLPDQFKHSDVVpLO\
 0DLQWHQDQW TXDQW j YRXV PHV DPLV WpPRLQV GH -pKRYDK D XQH VHPDLQH DXMRXUG¶KXL DORUV TXH MH SUrFKDLV VXU ³6R\H] KXPEOHV
FRPSUHQH]PDLQWHQDQWTXHFHVFHQWTXDUDQWHTXDWUHPLOOHQ¶RQWULHQjYRLU 6R\H] KXPEOHV 6RXYHQH]YRXV 'LHX WUDLWH GDQV OHV SHWLWHV FKRVHV´ -H
DYHFO¶eSRXVH,OQ¶\DSDVOHPRLQGUHSDVVDJHGHO¶eFULWXUHSRXUDSSX\HU QH P¶pWDLV SDV UHQGX FRPSWH GH FH TXH oD YRXODLW YUDLPHQW GLUH 0DLV
oD1RQPRQVLHXU,OVQHVRQWSDVoD&HVRQWGHV-XLIVOHVpOXVTXLVRQW PDLQWHQDQW MH OH YRLV dD VH SDVVH G¶XQH IDoRQ WHOOHPHQW KXPEOH 2Q
DSSHOpV j VRUWLU SHQGDQW OD SpULRGH GX GHUQLHU WURLV DQV HW GHPL GHV VHUDLW SRUWp j SHQVHU TXH TXHOTXH FKRVH FRPPH oD VHUDLW UpYpOp DX
VRL[DQWHGL[VHPDLQHVGH'DQLHO2UoDF¶HVW« 9DWLFDQRX«0DLVdDVHSDVVHH[DFWHPHQWFRPPHGDQVOHFDVGH-HDQ
 %DSWLVWH dD VH SDVVH FRPPH OD QDLVVDQFH GHQRWUH 6HLJQHXU GDQV XQH
 -H²MHUHSUHQGVVRXYHQWFHTXHM¶DLGpMjGLW&HQ¶HVWSDVWHOOHPHQW pWDEOH*ORLUHj'LHX-HYRXVOHFHUWLILHO¶KHXUHHVWSURFKH$PHQ1RXV
SRXU YRXV LFL PDLV YR\H]YRXV OHV DPLV FHV EDQGHV YRQW SDUWRXW HQVRPPHVOj2KODOD
YR\H]YRXV 9RXV OH FRPSUHQH] 9RXV P¶HQWHQGH] UHSUHQGUH FH TXH M¶DL 
GpMjGLWF¶HVWjFDXVHGHoD  0DLQWHQDQW YR\H]YRXV OD 9pULWp GH OD YLVLRQ GH 'LHX OHV VHSW
 $QJHV TXL P¶RQW UDPHQp GH O¶RXHVW" ,OV DUULYDLHQW GH O¶RXHVW HW ,OV
 5HPDUTXH]0DLQWHQDQWYR\H]YRXVTX¶LOVRQWG€DYHXJOpVYR\H] UHYHQDLHQWYHUVO¶HVWPHUDPHQDQWLFLSRXUFH0HVVDJHGHFHVRLU>)UqUH
YRXV TX¶LOV RQW G€«  -pVXV RX«  'LHX D G€ DYHXJOHU OHV -XLIV SRXU OHV %UDQKDPGRQQHGHX[FRXSVVXUODFKDLUH²1'e@2KODOD
HPSrFKHUGHUHFRQQDvWUH-pVXV6¶LOVDYDLHQWVXVLVHXOHPHQWLOVDYDLHQW 
VXTXHFH«(QYR\DQWOHVLJQHTX¶,ODDFFRPSOLV¶LOVDYDLHQWpWpGDQVOHXU  0DLQWHQDQW OD 9RL[ GH FH JUDQG WRQQHUUH HW OD PLVVLRQ TXL D pWp
pWDW QRUPDO ² FRPPH LOV O¶pWDLHQW j O¶pSRTXH GH OD ORL TXDQG 'LHX OHXU GRQQpHLFLDpWpUpYpOpHTXH&HOD«HWLODpWpSURXYpTXH&HODpWDLWGH
DYDLW GRQQp FH FRPPDQGHPHQW DX VXMHW GX SURSKqWH ² HW TX¶LOV DYDLHQW 'LHX3HQVH]XQSHXOj-HQHVDYDLVSDVFHTX¶LOHQpWDLWGHFHV6FHDX[
YXTXH-pVXVO¶DYDLWDFFRPSOLLOVDXUDLHQWGLW³&¶HVWOH0HVVLH´3RXUTXRL HW LOV RQW pWp UpYpOpV FHWWH VHPDLQH (VWFH TXH TXHOTX¶XQ DYDLW SHQVp j
HQDWLOpWpDLQVL" oD TXH FHV VHSW $QJHV F¶pWDLW &HFL F¶pWDLW OH 0HVVDJH TXL DOODLW rWUH
 GRQQpFHV$QJHVTXLPHUDPHQDLHQWLFLSRXU&HOD"9R\H]"
 &HX[GHFHWkJHOjGRQWOHQRPpWDLWpFULWGDQVOH/LYUHGH9LHGH 
O¶$JQHDX6HVDS{WUHVHWWRXWLOVRQWYXHWLOVRQWUHFRQQXFHOD  6RXYHQH]YRXVOHVHSWLqPH0HVVDJHUpWDLW«/HVVHSW0HVVDJHUV
 pWDLHQW« &HOXL TXL PH IUDSSDLW OH SOXV OH VHSWLqPH $QJH ,O
 3RXUTXRL SDV OHV DXWUHV" 9RXV YR\H] LOV DYDLHQW pWp DYHXJOpV ,OV P¶LPSUHVVLRQQDLW SOXV TXH WRXV OHV DXWUHV 2U YRXV YR\H] LOV pWDLHQW
QHSRXYDLHQWSDVOHYRLU(QFRUHPDLQWHQDQWLOVQHOHYRLHQWSDV(WLOVQH FRPPH FHFL 1RXV YRXORQV VLPSOHPHQW YRXV IDLUH UHPDUTXHU Oj (W PRL
OHYHUURQWSDVMXVTX¶jFHTX¶HOOHQDLVVHHQWDQWTXHQDWLRQG¶XQVHXOFRXS M¶pWDLVLFLHWMHUHJDUGDLVFHVDXWUHV«
&HOD« 
  9R\H]YRXVHQSUHPLHUOHSUHPLHUJURXSHGHVSHWLWVRLVHDX[OHV
 /D3DUROHQHSHXWSDVIDLOOLU6RXYHQH]YRXVOD3DUROHQHSHXWSDV SOXPHV WRXWHV UDEDWWXHV 9RXV YRXV HQ VRXYHQH]" (W LOV VH VRQW WRXV
IDLOOLU 3HX P¶LPSRUWH OH QRPEUH GH VHQVDWLRQVTXH YRXV SRXYH] DYRLU HW HQYROpV YHUV O¶HVW (W OH GHX[LqPH JURXSH LOV pWDLHQW SOXV OXPLQHX[ GHV
WRXWFHTXLSHXWELHQDUULYHUPDOJUpWRXWOD3DUROHQHSHXWSDVIDLOOLUdD RLVHDX[ SOXV JURV LOV UHVVHPEODLHQW j GHV FRORPEHV DYHF OHV DLOHV
YDVHSDVVHUH[DFWHPHQWGHODIDoRQGRQW'LHXDGLWTXHoDVHSDVVHUDLW SRLQWXHV ,OV VH VRQW HQYROpV YHUV O¶HVW 3UHPLHU 3XOO 'HX[LqPH 3XOO HW
9R\H]" 'RQF QRXV QRXV UHQGRQV FRPSWH TX¶LO IDXW TXH FHV FKRVHVOj FHOXLG¶HQVXLWHF¶pWDLHQWGHV$QJHV(WFRPPH«
DUULYHQW 

ϰϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϭϵ
 8QH9RL[V¶HVWIDLWHQWHQGUH³7XQHSHX[SDVHQVHLJQHUGHVFKRVHV  (WF¶HVWSRXUFHWWHUDLVRQTX¶LOVQ¶RQWSDVUHFRQQX-pVXVDORUVTX¶,O
VXUQDWXUHOOHVjGHVEpEpVSHQWHF{WLVWHV´(OOHDGLW³$ORUVODLVVHOHV´ 6¶pWDLWSDUIDLWHPHQWLGHQWLILpFRPPHpWDQWOH3URSKqWH
 
 (WMXVWHjFHPRPHQWOj,OP¶DHPSRUWp,OP¶DpOHYpHW,OP¶DSODFp  0rPH OD SHWLWH²SHWLWH 6DPDULWDLQH TXL pWDLW Oj DX SXLWV ,O Q¶pWDLW
WUqV KDXW TXHOTXH SDUW R XQH UpXQLRQ VH GpURXODLW 2Q DXUDLW GLW XQH MDPDLVDOOpHQ6DPDULH,OHVWWRXWVLPSOHPHQWDOOp,ODGLWTX¶LOIDOODLWTX¶,O
WHQWHRXXQJHQUHGHFDWKpGUDOH(WM¶DLUHJDUGpHWLO\DYDLWFRPPHXQH SDVVHSDUOjHW,O\HVWDOOp(WFHWWHSHWLWHIHPPHpWDLWOj(WHOOHGDQVVRQ
SHWLWH ERLWH XQH SHWLWH SLqFH VXU OH F{Wp (W MH YR\DLV TXH FHWWH /XPLqUH pWDW HOOH pWDLW HQ PHLOOHXU pWDW SRXU UHFHYRLU O¶eYDQJLOH TXH OHV SUrWUHV
SDUODLW j TXHOTX¶XQ DXGHVVXV GH PRL FHWWH /XPLqUH TXH YRXV YR\H] Oj UHOLJLHX[HWWRXWGHFHWWHpSRTXH(OOHO¶DIDLW&HUWDLQHPHQW%RQ9R\H]"
VXUODSKRWR(OOHV¶HVWpORLJQpHGHPRLHQWRXUQR\DQWFRPPHoDHW(OOH 
HVWDOOpHV¶LQVWDOOHUDXGHVVXVGHODWHQWH(W,ODGLW³-HWHUHQFRQWUHUDLOj´  0DLVPDOJUpTX¶LOV/¶DLHQWWRXVUHMHWpXQGHOHXUVKRPPHVOHVSOXV
(W,ODGLW³&HVHUDOH7URLVLqPH3XOOHWWXQ¶(QSDUOHUDVjSHUVRQQH´ QREOHVDTXDQGPrPHDGPLVTX¶LOVVDYDLHQWTX¶,OpWDLWXQGRFWHXUHQYR\p
 (WGDQVOHFDQ\RQ6DELQR,ODGLW³&¶HVWOH7URLVLqPH3XOO´ GH'LHX
 
 (W LO \ D WURLV JUDQGHV FKRVHV TXL YRQW DYHF /¶XQH G¶HOOHV D pWp  -HSDUODLVjO¶XQGHVPHLOOHXUVPpGHFLQVGHVeWDWVGXVXGGDQVVRQ
GpYRLOpHDXMRXUG¶KXL«RXKLHUO¶DXWUHDpWpGpYRLOpHDXMRXUG¶KXLHWLO\D EXUHDX LO Q¶\ D SDV ORQJWHPSV 8Q H[FHOOHQW VSpFLDOLVWH GH /RXLVYLOOH XQ
XQH FKRVH TXH MH QH SHX[ SDV LQWHUSUpWHU SDUFH TXH F¶HVW GDQV XQH WUqVEUDYHKRPPH(WMHOXLDLGLWM¶DLGLW³'RFWHXUMHYRXGUDLVYRXVSRVHU
ODQJXHLQFRQQXH0DLVM¶pWDLVOjHWM¶DLYX&HODGHYDQWPHV\HX[(WF¶HVW XQHTXHVWLRQ´
OH 7URLVLqPH 3XOO TXL DSSURFKH >)UqUH %UDQKDP GRQQH WURLV FRXSV VXU OD  ,ODGLW³7UqVELHQ´
FKDLUH²1'e@(WOH6DLQW(VSULWGH'LHX«2KODOD 
 9RLOjODUDLVRQSRXUODTXHOOHOH&LHOWRXWHQWLHUpWDLWVLOHQFLHX[  -¶DLGLW³-¶DLUHPDUTXpYRWUHLQVLJQHPpGLFDOOHEkWRQ9RXVDYH]Oj
 XQVHUSHQWHQURXOpDXWRXUG¶XQSRWHDX4X¶HVWFHTXHoDUHSUpVHQWH"´
 0DLQWHQDQW MH²MH IDLV PLHX[ GH P¶DUUrWHU LFL PrPH YR\H]YRXV  ,ODGLW³-HQHVDLVSDV´
-H²MHVHQVTXHMHQHGRLVSDV(QGLUHSOXVORQJ9R\H]" 
  -¶DL GLW ³9RLFL FH TXH oD UHSUpVHQWH F¶pWDLW XQ V\PEROH GH OD
 $ORUV VRXYHQH]YRXV VLPSOHPHQW OH 6HSWLqPH 6FHDX OD UDLVRQ JXpULVRQ 'LYLQH TXDQG 0RwVH D pOHYp OH VHUSHQW G¶DLUDLQ GDQV OH GpVHUW
SRXUODTXHOOH,OQ¶DSDVpWpRXYHUW>)UqUH%UDQKDPGRQQHVL[FRXSVVXUOD YRXVYR\H]OHTXHOpWDLWVHXOHPHQWXQV\PEROHVHXOHPHQWXQV\PEROHGX
FKDLUH²1'e@ 9RXV YR\H] OD UDLVRQ SRXU ODTXHOOH ,O QH /¶D SDV UpYpOp YpULWDEOH&KULVW´
F¶HVWTXHSHUVRQQHQHGRLWVDYRLUFHTX¶LO(QHVW 
  2UDXMRXUG¶KXLODPpGHFLQHHVWXQV\PEROHGHODJXpULVRQ'LYLQH
 (W MH YHX[ YRXV IDLUH VDYRLU TX¶DYDQW PrPH TXH MH FRQQDLVVH OD (W ELHQTXH EHDXFRXS G¶HQWUH HX[ Q¶\ FURLHQW SDV OHV ERQV GRFWHXUV OHV
3DUROH /jGHVVXV FHWWH YLVLRQ P¶D pWp GRQQpH LO \ D GHV DQQpHV GH oD YUDLV LOV \ FURLHQW 0DLV FHUWDLQV G¶HQWUH HX[ Q¶\ FURLHQW SDV 3RXUWDQW
9RXV YRXV HQ VRXYHQH]" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ (W /H YRLFL O¶HPEOqPH PrPH TX¶LOV pOqYHQW WpPRLJQH GH OD 3XLVVDQFH GX 'LHX 7RXW
H[DFWHPHQWFRPPHO¶DXWUHO¶DIDLW,OV¶HPERvWHSDUIDLWHPHQWGDQVOD3DUROH 3XLVVDQW TX¶LOV YHXLOOHQW OH FURLUH RX QRQ 9R\H]" &¶HVW YUDL ,O \ D Oj OH
H[DFWHPHQWj6DSODFH>)UqUH%UDQKDPGRQQHGHX[FRXSVVXUODFKDLUH@ VHUSHQWG¶DLUDLQDFFURFKpDXSRWHDXO¶HPEOqPHGHODPpGHFLQH
(W 'LHX FRQQDvW PRQ F°XUMH Q¶DYDLV MDPDLV SHQVp SDV PrPH XQHIRLV 
TXH oD SRXYDLW rWUH &HOD HW YRLOj &¶pWDLW &HOD ,O HVW SOXV WDUG TXH QRXV  0DLQWHQDQW UHPDUTXH] FHV -XLIV 'RQF OHV pFDLOOHV GH
SHQVRQV2XL2KODOD O¶DYHXJOHPHQWFRXYUDLHQWOHV\HX[GHFHVJHQV,OV²LOVQHSRXYDLHQWULHQ\
 FKDQJHU HOOHV pWDLHQW Oj HW F¶HVW 'LHX TXL OHV \ DYDLW PLVHV (W HOOHV \
 9RLOj TXL PRQWUH ELHQ TXH &¶HVW GH 'LHX SDUFH TXH YRXV YR\H] UHVWHURQWMXVTX¶jO¶kJHRFHVSURSKqWHVTXLOHXURQWpWpSURPLVYLHQGURQW
&HODV¶HPERvWHSDUIDLWHPHQWGDQVOHVSURPHVVHVGH'LHXGHODILQGX²GX 9RXV DXUH] EHDX HQYR\HU GHV PLVVLRQQDLUHV YRXV DXUH] EHDX IDLUH WRXW
0HVVDJH9RXVUHPDUTXHUH]5HPDUTXH]OjSRXUOH0HVVDJHGHODILQGX FH TXH YRXV YRXGUH] ,VUDsO QH VHUD MDPDLV FRQYHUWL WDQW TXH FHV
WHPSV FH 6FHDX $SUqV TXH WRXV TX¶,O²,O D UpYpOp WRXV OHV VL[ 6FHDX[ SURSKqWHVQ¶HQWUHURQWSDVHQVFqQHHWoDFHVHUDDSUqVO¶(QOqYHPHQWGH
YRLOjTX¶,OQHGLWULHQDXVXMHWGX6HSWLqPH(WOH6FHDXGXWHPSVGHODILQ O¶pJOLVHGHVQDWLRQV
ϮϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϰϱ
  -¶pWDLV Oj DYHF XQH²XQH SHWLWH FKDXVVXUH GH EpEp TXDQG ,O P¶D
 3DVSOXVTXHO¶kJHGXE°XIQ¶DXUDLWSXUHFHYRLUO¶DSSHOGXOLRQFDU SDUOp,ODGLW³0DLQWHQDQWRSqUHWRQ3UHPLHU3XOO(WjFHPRPHQWOjOH
'LHXDGLWGDQV6D3DUROHTXHF¶pWDLWO¶HVSULWGX E°XITXLpWDLWVRUWL(Wj SRLVVRQLUDDSUqVO¶DSSkW´,ODGLW³(QVXLWHIDLVDWWHQWLRQjWRQ'HX[LqPH
O¶kJHGHVUpIRUPDWHXUVF¶HVWXQKRPPHTXLHVWVRUWL9R\H]"9RXV« 3XOO´ ,O D GLW ³SDUFH TXH FH QH VHURQW TXH GHV SHWLWV SRLVVRQV´ ,O D GLW
 ³(QVXLWHF¶HVWOH7URLVLqPH3XOOTXLYDOHVDWWUDSHU´
 &¶HVWODVHXOHFKRVHTXHYRXV«TX¶LOVSHXYHQWUHFHYRLUdDF¶HVW« 
(W OjEDV HQ FH PRPHQW LOV VRQW DYHXJOpV $ORUV XQ SRLQW F¶HVW WRXW  (WWRXVOHVSUpGLFDWHXUVpWDLHQWOjDXWRXUGHPRLLOVGLVDLHQW³)UqUH
0DLQWHQDQWUHPDUTXH] %UDQKDPQRXVVDYRQVTXHYRXVSRXYH]OHIDLUH$OOpOXLD)UqUH%UDQKDP´
 &¶HVWWRXMRXUVOjTXHMHPHIDLVSUHQGUHDYHFXQHEDQGHGHSUpGLFDWHXUV
 0DLVO¶kJHYLHQWRFHVHUDWHUPLQpSRXUOHVQDWLRQV,O\DXQDUEUH 9R\H]"-¶DLPHOHVJHQV,OVYHXOHQWTX¶RQOHXUH[SOLTXHWRXWFHFLFHOD
GRQWOHVUDFLQHVpWDLHQWMXLYHVHWLODpWpFRXSpHWFHX[GHVQDWLRQV\RQW 
pWp JUHIIpV ³O¶ROLYLHU VDXYDJH´ HW LO HVW HQ WUDLQ GH SURGXLUH VRQ IUXLW  (WM¶DLGLW³(KELHQHXKHXKHXK´M¶DLGLW³MHQHVDLVSDV´-¶DLGLW
0DLQWHQDQW TXDQG FHWWH eSRXVH GHV QDWLRQV DXUD pWp FRXSpH FHW DUEUH ³-HFRPSUHQGVTXHOTXHFKRVHjODSrFKH%RQ´M¶DLGLW³ERQODSUHPLqUH
GHO¶eSRXVHGRQWM¶DLSDUOpHWTX¶(OOHDXUDpWpHPSRUWpHGDQVOD3UpVHQFH FKRVH j IDLUH« 9RLFL FRPPHQW RQ IDLW 4XDQG YRXV YR\H] WRXV OHV
GH'LHX'LHXpOLPLQHUDFHX[GHVQDWLRQVTXLRQWpWpLQFUpGXOHVLFLGHFH SRLVVRQV DXWRXU LO IDXW WLUHU EUXVTXHPHQW O¶DSSkW´ (K ELHQ oD F¶HVW
F{Wp ODYLHUJHHQGRUPLH HWIHUDXQHQRXYHOOHJUHIIH,OO¶DSURPLV H[DFWHPHQW OD WDFWLTXH GH OD SrFKH 'RQF M¶DL GLW ³7LUH] EUXVTXHPHQW
 O¶DSSkW %RQ YRXV YR\H] TXDQG MH WLUH O¶DSSkW OD SUHPLqUH IRLV Oj OHV
 (W MXVTX¶j FH PRPHQWOj LO YRXV IDXW VLPSOHPHQW VDYRLU R« 6L SRLVVRQVSDUWHQWDSUqV´0DLVF¶pWDLHQWGHVSHWLWV(WoDF¶pWDLHQWFRPPH
YRXVVDYH]RYRXVYRXVGLULJH]ERQWUqVELHQ6LYRXVQHVDYH]SDVHK FHX[TX¶HX[LOVDWWUDSDLHQW
ELHQDORUVYRXVWkWRQQH]GDQVOHVWpQqEUHV 
  (W GRQF MH²M¶DL GLW ³(QVXLWH YRXV²YRXV SODFHUH]«´ (W HQ WLUDQW
 'RQFF¶HVWjFHPRPHQWOjTXHOHV-XLIVVHURQWFRQYHUWLVSHQGDQW GHVVXV MH O¶DL HQYR\pH VXU OD ULYH -¶DYDLV XQ SRLVVRQ PDLV RQ DXUDLW GLW
FHW kJHOj 0DLQWHQDQW FRPPH SRXU O¶kJH GH O¶pJOLVH F¶HVW VRXV OD TXH F¶pWDLW XQH SHDX TXL HQYHORSSDLW O¶DSSkW F¶pWDLW VHXOHPHQW« LO pWDLW
SXLVVDQFH GH OD SURPHVVH RLQWH TX¶LOV UHFHYURQW &KULVW PDLV ERQ SDV WHOOHPHQWSHWLW
SHQGDQWTXHFHX[GHVQDWLRQVVRQWOj1RXVSRXYRQVPDLQWHQDQWYRLUTXHO 
JHQUH GH PHVVDJH FHV GHX[ SURSKqWHV G¶$SRFDO\SVH FKDSLWUH   (W DORUV M¶pWDLV Oj HW 4XHOTXH &KRVH P¶D GLW ³-H W¶DYDLV GLW GH QH
SUrFKHURQW9RXVSRXYH]PDLQWHQDQWYRLUFODLUHPHQWH[DFWHPHQWFHTX¶LOV SDVIDLUHoD´
YRQW IDLUH (Q HIIHW F¶HVW OH UHVWH RX OHV FHQW TXDUDQWHTXDWUH PLOOH 
SUpGHVWLQpVTXLUHoRLYHQWOH6FHDXGH'LHX  -H PH VXLV PLV j SOHXUHU 0D OLJQH pWDLW WRXW HPPrOpH DXWRXU GH
 PRL FRPPH FHFL (W M¶DYDLV« M¶pWDLV Oj HQ WUDLQ GH SOHXUHU OD WrWH
 /LVRQVOH GRQF 0DLQWHQDQW pFRXWH] WUqV DWWHQWLYHPHQW Oj SHQFKpHFRPPHoD-¶DLGLW³Ð'LHX2KMH«3DUGRQQHPRL-H²MHVXLV
0DLQWHQDQWMHYRXGUDLVTXHYRXVOLVLH]DYHFPRLVLSRVVLEOHSDUFHTXHMH XQLGLRW6HLJQHXUQH«3DUGRQQHPRL´(WMH²MHWHQDLVFHWWHOLJQH
YDLV PH UpIpUHU j FHFL WRXW j O¶KHXUH /H FKDSLWUH  PDLQWHQDQW oD F¶HVW 
HQWUHOH6L[LqPHHWOH6HSWLqPH6FHDX  (W FH TXH M¶DYDLV GDQV PD PDLQ F¶pWDLW XQH SHWLWH FKDXVVXUH GH
 $SUqVFHOD²DSUqVFHOD FHV6FHDX[ « EpEp j SHX SUqV ORQJXH FRPPH oD (W MH WHQDLV FHWWHILFHOOH HOOH pWDLW j
 SHX SUqV GH OD JURVVHXU GH PRQ GRLJW j SHX SUqV XQ GHPLSRXFH >XQ
 /H 6L[LqPH 6FHDX DYDLW pWp GpOLp HW oD F¶HVW OD SpULRGH GH OD FHQWLPqWUH²1'7@ TXHOTXH FKRVH FRPPH oD (W O¶°LOOHW GH FHWWH
7ULEXODWLRQ 7RXW OH PRQGH OH FRPSUHQG PDLQWHQDQW" >/¶DVVHPEOpH GLW FKDXVVXUHPHVXUDLWjSHXSUqV«PRLQVGH²G¶XQVHL]LqPHGHSRXFH>XQ
³$PHQ´@/H6L[LqPH6FHDXDYDLWpWpGpOLpHWOD7ULEXODWLRQpWDLWHQFRXUV PLOOLPqWUH HW GHPL²1'7@ SUREDEOHPHQW O¶RHLOOHW (W M¶HVVD\DLV GH ODFHU
$SUqVFHODTXRL" FHWWH SHWLWH FKDXVVXUH DYHF FHWWH JURVVH FRUGH G¶XQ SRXFH >GHX[
 $SUqV FHOD MH YLV TXDWUH DQJHV GHERXW DX[ TXDWUH FHQWLPqWUHVHWGHPL²1'7@$K
FRLQV GHOD WHUUHLOV UHWHQDLHQW OHV TXDWUH YHQWV GHOD 
ϰϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^Ϯϭ
 -H QH VDLV SDV -H QH SRXUUDLV SDV GLUH (VWFH TXH MH PH VXLV WHUUHDILQTX¶LOQHVRXIIOkWSRLQW«VXUODWHUUHQLVXU
HQGRUPL" -H QH VDLV SDV (VWFHTXH MH VXLV HQWUp HQ WUDQVH"-H QH VDLV ODPHUQLVXUDXFXQDUEUH 4XDWUH$QJHV 
SDV(VWFHTXHF¶pWDLWXQHYLVLRQ"-HQHSRXUUDLVSDVYRXVGLUH7RXWFH  (WMHYLVXQDXWUHDQJHTXLPRQWDLWGXF{WpGXVROHLO
TXHMHSHX[GLUHF¶HVWFHTXHMH«&¶pWDLWH[DFWHPHQWODPrPHFKRVHTXH OHYDQW HW TXL WHQDLW OH VFHDX GX 'LHX YLYDQW LO FULD
SRXUFHV$QJHV G¶XQH YRL[ IRUWH DX[ TXDWUH DQJHV j TXL LO DYDLW pWp
 GRQQpGHIDLUHGXPDOjODPHUODWHUUH«ODPHU
 'RQF FHOD P¶HVW DUULYp GDQV OD PDLQ -¶DL UHJDUGp HW F¶pWDLW XQH  (WLOGLW1HIDLWHVSRLQWGHPDOjODWHUUHQLjODPHU
pSpH /HV SRLJQpHV pWDLHQW GH QDFUH F¶pWDLW WUqV MROL HW OD JDUGH DXWRXU QL DX[ DUEUHV MXVTX¶j FH TXH QRXV D\RQV PDUTXp GX
pWDLWGRUpH/DODPHVHPEODLWrWUHFRPPHHQFKURPHRXHQDUJHQWPDLV VFHDXOHIURQWGHVVHUYLWHXUV«
WUqVEULOODQWHWHOOHpWDLWWHOOHPHQWWUDQFKDQWHWDLOOpHHQELVHDXRKODOD(W 
MHSHQVDLV³&RPPHF¶HVWMROLoD´(OOHV¶DGDSWDLWMXVWHELHQjPDPDLQ-H  3DVO¶eSRXVH³/HVVHUYLWHXUV´3DVOHVILOV³/HVVHUYLWHXUV´,VUDsO
PHVXLVGLW³&¶HVWYUDLPHQWMROL0DLV´M¶DLGLW³KpM¶DLWRXMRXUVSHXUGHFHV oD D WRXMRXUV pWp OHV VHUYLWHXUV GH 'LHX /¶eJOLVH FH VRQW GHV ILOV YRXV
FKRVHVOjXQHpSpH´-HPHVXLVGLW³4X¶HVWFHTXHMHYDLVIDLUHDYHFoD"´ YR\H] SDU QDLVVDQFH ,VUDsO F¶HVW 6RQVHUYLWHXU 5HJDUGH] ELHQ SDUWRXW
 F¶HVW WRXMRXUV oD $EUDKDP pWDLW 6RQ VHUYLWHXU 1RXV QRXV QH VRPPHV
 (W MXVWH j FH PRPHQWOj XQH 9RL[ D UHWHQWL j WUDYHUV OH OLHX OHV SDVGHVVHUYLWHXUVQRXVVRPPHVGHVHQIDQWVGHVILOVHWGHVILOOHV2XL
URFKHUV HQ RQW pWp VHFRXpV (OOH D GLW ³&¶HVW O¶eSpH GX 5RL´ (W DORUV MH  «OHIURQWGHVVHUYLWHXUVGX«GHQRWUH'LHX
VXLVUHYHQXjPRL 
  0DLQWHQDQWUHJDUGH]ELHQ
 ³/¶eSpHGX5RL´%RQVL(OOHDYDLWGLW³8QHpSpHGHURL«´0DLV(OOH  «IURQWGHVVHUYLWHXUVGHQRWUH'LHX
DGLW³/¶eSpHGX5RL´(WLOQ¶\HQDTX¶XQTXLHVW³OH5RL´HWF¶HVW'LHX(W  (W M¶HQWHQGLV OH QRPEUH GH FHX[ TXL DYDLHQW pWp
,O D XQH VHXOH eSpH F¶HVW 6D 3DUROH F¶HVW G¶(OOH TXH M¶DL YpFX dD MH OH PDUTXpVGXVFHDX«
FHUWLILH GHYDQW 'LHX MH VXLV GHERXW LFL GHYDQW 6D VDLQWH FKDLUH DYHF 6D 
VDLQWH3DUROHSRVpHLFL&¶HVWOD3DUROH$PHQ2KTXHOMRXUJORULHX[TXH  0DLQWHQDQWMHYRXGUDLVTXHYRXVpFRXWLH]DWWHQWLYHPHQWDORUVTXH
FHOXL GDQV OHTXHO QRXV YLYRQV 4XHOOH FKRVH JORULHXVH 9RXV YR\H] OH QRXVHQIDLVRQVODOHFWXUH
P\VWqUHHWOHVHFUHW"/H7URLVLqPH«  «FHQWTXDUDQWHTXDWUHPLOOHGHWRXWHVOHVWULEXVGHV
 ILOVG¶,VUDsO
 -¶pWDLVGHERXWOjTXDQGHOOHHVWSDUWLH4XHOTXH&KRVHP¶HVWYHQX 
D GLW ³1H FUDLQV SDV´ 2U MH Q¶DL SDV HQWHQGX GH YRL[ &¶pWDLW TXHOTXH  ,O OHV QRPPH SDUIDLWHPHQW 0DLQWHQDQW VL SDU KDVDUG LO \ D XQ
FKRVHTXLYHQDLWFRPPHGHO¶LQWpULHXUGHPRLTXLSDUODLW-HGRLVYRXVGLUH %ULWLVK,VUDsO 'LVFHUQHU DVVLV LFL pFRXWH] HW YRXV YHUUH] TXH FHFL GpPROLW
ODYpULWpWUqVSUpFLVpPHQWFHTXLV¶HVWSDVVp4XHOTXH&KRVHP¶HVWYHQX FRPSOqWHPHQWOHXUVDUJXPHQWVYR\H]
G¶XQ FRXS HW D GLW ³1H FUDLQV SDV &HFL F¶HVW OH 7URLVLqPH 3XOO >SXOO  'H OD WULEX GH -XGD GRX]H PLOOH PDUTXpV GX VFHDX
DWWLUDQFH²1'7@´ DSSHOpV ³OD WULEX´  GH OD WULEX GH 5XEHQ GRX]H
 PLOOHGHODWULEXGH*DGGRX]HPLOOH
 7URLVLqPH 3XOO 9RXV YRXV (Q VRXYHQH]" >/¶DVVHPEOpH GLW 
³$PHQ´²1'e@,ODGLW³7XDVHXWHOOHPHQWG¶LPLWDWHXUVSRXUFHVFKRVHV  2EVHUYH]YRV²REVHUYH]YRVWULEXVOj
TXHWXDVHVVD\pG¶H[SOLTXHU0DLV´,ODGLW³TXDQWj&HFLQ¶HVVDLHPrPH  (W GH OD WULEX G¶$VHU GRX]H PLOOH«OD WULEX GH
SDV´ 9RXV YRXV VRXYHQH]" &RPELHQ VH VRXYLHQQHQW GH FHWWH YLVLRQ" 1HSKWDOL GRX]H PLOOH«OD WULEX GH²GH 0DQDVVp
>³$PHQ´@%LHQV€UF¶HVWDOOpSDUWRXW&¶HVWVXUEDQGHHWSDUWRXW,O\Dj GRX]HPLOOH
SHX SUqV VL[ DQV VHSW DQV ,O \ D VHSW DQV GH oD ,O D GLW ³1¶HVVDLH SDV  (W GH OD WULEX GH 6LPpRQ GRX]H PLOOH GH OD WULEX
G¶H[SOLTXHU&HOD´,ODGLW³&¶HVWOH7URLVLqPH3XOOPDLV-HWHUHQFRQWUHUDL GH²GH/pYLGRX]HPLOOHGHODWULEXG¶,VVDFDUGRX]H
Oj´3DVYUDL">³$PHQ´@,ODGLW³1¶HVVDLHSDV«´ PLOOH ,VVDFDU oD GRLW rWUH FRPPH oD TXH oD VH
 SURQRQFH «GRX]HPLOOH
ϮϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϰϯ
 «ODWULEXGH=DEXORQGRX]HPLOOHHWGHODWULEXGH YLVLRQ"-H²MHVXLV²MHVXLV«´-¶DLGLW³6HLJQHXUoD«(VWFHTXHoDYHXW
-RVHSK GRX]H PLOOH GH WRXWH OD« GH OD WULEX GH GLUHTXHMHYDLVPRXULU"´
%HQMDPLQGRX]HPLOOHPDUTXpVGXVFHDX 
  9RXV YRXV VRXYHQH] MH YRXV DYDLV GLW TXH ³MH SHQVDLV TXH oD
 'RQFLO\DGRX]HWULEXVGRX]HPLOOHSDUWULEX'RX]HIRLVGRX]H« SRXYDLW YRXORLU GLUH TXH M¶DOODLV PRXULU SDUFH TX¶LO \ DYDLW HX XQH WHOOH
oDIDLWTXRL">/¶DVVHPEOpHGLW³&HQWTXDUDQWHTXDWUHPLOOH´²1'e@&HQW H[SORVLRQ TXH M¶HQ DYDLV pWp FRPSOqWHPHQW VHFRXp´ 9RXV YRXV HQ
TXDUDQWHTXDWUHPLOOH0DLQWHQDQWUHJDUGH]ELHQ&HX[OjLOVYHQDLHQWWRXV VRXYHQH] &RPELHQ VRQW DX FRXUDQW O¶RQW HQWHQGX" >/¶DVVHPEOpH GLW
GHVWULEXVG¶,VUDsO ³$PHQ´²1'e@ 0DLV RXL ELHQ V€U YR\H] YRXV OH VDYH] WRXV (W MH
 SHQVDLVTXHoDSRXYDLWYRXORLUGLUHTXHM¶DOODLVPRXULU
 0DLQWHQDQWUHJDUGH]ELHQ³$SUqVFHOD«´0DLQWHQDQWYRLFLXQDXWUH 
JURXSHTXLDUULYH/jO¶eSRXVHHVWSDUWLHQRXVOHVDYRQV 0DLVUHJDUGH]  (WSXLVGDQVODSLqFHM¶DLGLW³(VWFHTXH«4X¶HVWFHTXH²TX¶HVW
ELHQOHJURXSHTXLDUULYH FHTXH²TX¶HVWFHTXHF¶pWDLW6HLJQHXU"4X¶HVWFHTXH²TX¶HVWFHTXHoD
 $SUqVFHODMHUHJDUGDLHWYRLFLLO\DYDLWXQHJUDQGH YHXWGLUH"(VWFHTXHoDYHXWGLUHTXHMHYDLVPRXULU"6LRXLWUqVELHQMH
IRXOH TXH SHUVRQQH QH SRXYDLW FRPSWHU GH WRXWH Q¶HQ GLUDL ULHQ j PD IDPLOOH /DLVVHPRL VLPSOHPHQW SDUWLU 7X YRLV VL OH
QDWLRQ GH WRXWH WULEX GH WRXW SHXSOH HW GH WRXWH WUDYDLOTXHM¶DYDLVjIDLUHHVWWHUPLQp´(WM¶DLGLW«
ODQJXH ,OV VH WHQDLHQW GHYDQW OH WU{QH HW GHYDQW 
O¶$JQHDX UHYrWXV GH UREHV EODQFKHV HW GHV SDOPHV  2UTX¶HVWFHTXHF¶pWDLW"0DLVYRLOjTX¶,OP¶DDWWHVWp²YRXVYRXV
GDQVODPDLQ VRXYHQH] TXH MH YRXV O¶DYDLV GLW ² TXH FH Q¶pWDLW SDV oD &¶pWDLW OD
 (WLOVFULDLHQWG¶XQHYRL[IRUWHHQGLVDQW/HVDOXWHVW SRXUVXLWH GX WUDYDLO TXH M¶DYDLV j IDLUH 2K RK RK 9RXV VDLVLVVH]"
jQRWUH'LHXTXLHVWDVVLVVXUOHWU{QHHWjO¶$JQHDX >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ 9R\H]" (W OjKDXW GDQV OH FDQ\RQ
(W WRXWHV OHV QDWLRQV« VH WHQDLHQW DXWRXU GX WU{QH HW 6DELQR«
GH O¶DQFLHQ HW GHV TXDWUH rWUHV YLYDQWV HW LOV VH 
SURVWHUQqUHQW VXU OHXUV IDFHV GHYDQW OH WU{QH HW LOV  /H3qUH&pOHVWHOHVDLW$XVVLYUDLTXHYRXVYR\H]TXHoDoDV¶HVW
DGRUqUHQW'LHX DFFRPSOL FHV $QJHV VRQW GHVFHQGXV HW ,OV RQW FRQILUPp OD PrPH FKRVH
 (QGLVDQW$PHQ/HVORXDQJHVODJORLUHODVDJHVVH SRXUFKDTXH0HVVDJH$ORUVYRXVVDYH]VL&HODYLHQWGH'LHXRXSDVdD
O¶DFWLRQGHJUkFHVO¶KRQQHXUODSXLVVDQFH«ODIRUFH YRXVDpWpSUpGLWSDUXQHYLVLRQ-HQHSRXYDLVSDVYRXVOHGLUHDYDQWODILQ
VRLHQWjQRWUH'LHXDX[VLqFOHVGHVVLqFOHV$PHQ GHVUpXQLRQVSDUFHTXHoDP¶DYDLWpWpGpIHQGX
 (WO¶XQGHVDQFLHQV« 
  'DQVOHFDQ\RQ6DELQRDORUVTXHM¶pWDLVOjKDXWFHPDWLQOjM¶DYDLV
 'RQFLFLLOHVWGHYDQWOHVDQFLHQV&RPPHQRXVO¶DYRQVYXWRXWDX OHVPDLQVHQO¶DLU(WPRQ«/HYHQWDYDLWIDLWWRPEHUPRQYLHX[FKDSHDX
ORQJGHV6FHDX[ QRLU 4XDQG« -¶pWDLV Oj GHERXW OHV PDLQV HQ O¶DLU HQ WUDLQ GH SULHU -H
 (WO¶XQGHVDQFLHQVSULWODSDUROHHWPHGLW&HX[TXL GLVDLV ³6HLJQHXU 'LHX TX¶HVWFH TXH oD YHXW GLUH" -H Q¶DUULYH SDV j
VRQWUHYrWXVGHUREHVEODQFKHVTXLVRQWLOV« FRPSUHQGUH6HLJQHXU4XHGRLVMHIDLUH"6LF¶HVWOHPRPHQWSRXUPRLGH
 UHQWUHU j OD 0DLVRQ SHUPHWV TXH MH SDUWH LFL LFL LOV QH PH UHWURXYHURQW
 0DLQWHQDQW -HDQ TXL pWDLW -XLI LO D UHFRQQX VRQ SURSUH SHXSOH ,O MDPDLV -H QH YHX[ SDV TXH SHUVRQQH SDVVH VRQ WHPSV j SOHXUHU VL MH
OHVDYXVVRXVIRUPHGHWULEXV3DVYUDL",ODUHFRQQXHWQRPPpFKDFXQH P¶HQYDLV-H²MHYHX[TXHPDIDPLOOHSHQVHTXHMHVXLVDOOpIDLUHXQWRXU
GHVWULEXV F¶HVW WRXW (W LOV QH PH UHWURXYHURQW SDV &DFKHPRL TXHOTXH SDUW 6L MH
 GRLVSDUWLUHKELHQTXHMHP¶HQDLOOH3HXWrWUHTX¶XQMRXU-RVHSKWURXYHUD
 0DLVOjTXDQGLOYRLWFHX[OjLOHVWXQSHXSHUSOH[H(WO¶DQFLHQOH PD%LEOHLFLTXHOXLLOV¶(QVHUYH 9R\H]" 6LMHSDUVDORUVTXHMHSDUWH
VDLWDORUVLOGLW 6HLJQHXU´-¶DYDLVOHVPDLQVOHYpHV(WWRXWjFRXSTXHOTXHFKRVHP¶HVW
 &HX[TXLVRQWUHYrWXVGHUREHVEODQFKHVTXLVRQWLOV DUULYpGDQVODPDLQ
HWG¶RYLHQQHQWLOV" 

ϰϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^Ϯϯ
EDV -H OHV DL OLpVSDUXQVHUPHQWFRPPHTXRLLOVQHGLUDLHQWSDVFHTXL  &¶HVW-HDQTXLUpSRQGPDLQWHQDQW
pWDLW HQ WUDLQ GH VH SDVVHU 3DV YUDL" >/HV IUqUHV GLVHQW ³$PHQ &¶HVW OD  -HOXLGLV0RQVHLJQHXUWXOHVDLV
YpULWp´²1'e@ (W M¶DL IDLW GHPLWRXU HW PH VXLV pORLJQp GH OD WHQWH 
FRPPHoDQ¶HVWFHSDV"3DVYUDL">³&¶HVWYUDL´@  -HDQ QH OHV FRQQDLVVDLW SDV YRXV YR\H] GH WRXWH WULEX GH WRXWH
 ODQJXHHWGHWRXWHQDWLRQ
 (Q HIIHW F¶HVW GH FHFL TX¶LO V¶DJLVVDLW SUpFLVpPHQW GH FHFL HW MH  «(WLOPHGLW&HVRQW«
VDYDLVTXHMHQHSRXYDLVSDVOHGLUHDYDQWTXHoDDUULYHSRXUYRLUVL OHV  «LOPHGLW&HVRQWFHX[TXLYLHQQHQWGHODJUDQGH
JHQVFRPSUHQGUDLHQW WULEXODWLRQ DXWUHPHQW GLW GH OD JUDQGH
 7ULEXODWLRQ  LOV RQW ODYp OHXUV UREHV« LOV OHV RQW
 (WDYH]YRXVUHPDUTXp"³,O\DYDLWXQ$QJH´M¶DLGLW³OjTXLpWDLWXQ EODQFKLHVGDQVOHVDQJGHO¶DJQHDX
$QJHpWUDQJH´3RXUPRL,OUHVVRUWDLWSOXVTXHWRXVOHVDXWUHV9RXVYRXV  &¶HVWSRXUFHODTX¶LOVVRQWGHYDQWOHWU{QHGH'LHXHW
HQ VRXYHQH]" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ ,OV IRUPDLHQW XQH OH VHUYHQW MRXU HW QXLW GDQV VRQ WHPSOH &HX[« FHOXL
FRQVWHOODWLRQWURLVG¶XQF{WpHWXQHQKDXW(WFHOXLTXLpWDLWjF{WpGHPRL TXLpWDLWDVVLVVXUOHWU{QHGUHVVHUDVDWHQWHVXUHX[
LFLVLRQFRPSWHGHJDXFKHjGURLWHo¶DXUDLWpWpOHVHSWLqPH$QJH,OpWDLW  ,OV Q¶DXURQW SOXV IDLP LOV Q¶DXURQW SOXV VRLI HW OH
SOXVEULOODQW,ODYDLWSOXVG¶LPSRUWDQFHSRXUPRLTXHWRXVOHVDXWUHV9RXV VROHLO QH OHV IUDSSHUD SRLQW²VROHLO QH OHV IUDSSHUD
YRXV VRXYHQH]" -¶DL GLW ³,O ERPEDLW OH WRUVH FRPPH oD HW ,O YRODLW HQ SRLQWQLDXFXQHFKDOHXU
GLUHFWLRQ GH O¶HVW´ YRXV YRXV VRXYHQH]  ³FRPPH oD´ -¶DL GLW ³&HOD P¶D  &DUO¶$JQHDXTXLHVWDXPLOLHXGXWU{QHOHVSDvWUDHW
HQOHYpP¶DpOHYp´9RXVYRXVHQVRXYHQH]">³$PHQ´@ OHV FRQGXLUD DX[ VRXUFHV GH O¶HDX GH OD YLH HW 'LHX
 HVVXLHUDWRXWHODUPHGHOHXUV\HX[
 9RLFLFHTXH&¶HVWFHOXLTXLDYDLWOH6HSWLqPH6FHDXODFKRVHTXH 
MH PH VXLV GHPDQGpH WRXWH PD YLH $PHQ /HV DXWUHV 6FHDX[ DYDLHQW  0DLQWHQDQWQRXVRXYURQVOH«QRXVDUULYRQVDX6FHDX
EHDXFRXS G¶LPSRUWDQFH SRXU PRL ELHQ V€U PDLV RK YRXV QH VDYH] SDV  $YH]YRXV UHPDUTXp LOV pWDLHQW« '¶DERUG QRXV FRPPHQoRQV Oj
FRPELHQ&HFLDHXGHO¶LPSRUWDQFHXQHIRLVGDQVXQHYLH>)UqUH%UDQKDP DYHF,VUDsO
DGRQQpSOXVLHXUVFRXSVVXUODFKDLUH²1'e@ 
  (W SXLV QRXV YR\RQV O¶pJOLVH SXULILpH QRQ SDV O¶eSRXVH O¶pJOLVH
 -¶DL SULp M¶DL FULp j 'LHX -H²MH²MH« $SUqV FHWWH UpXQLRQ GH SXULILpH SDU OD 7ULEXODWLRQ YR\H] YR\H] HOOH DUULYH LFL XQH IRXOH
3K°QL[«7RXVFHX[TXLpWDLHQWDYHFPRLOjEDVOHVDYHQW-HVXLVUHVWp QRPEUHXVH GHJHQVDX F°XU YUDLPHQW VLQFqUH TXL VRQW VRUWLV GH²GH OD
GDQVOHVPRQWDJQHV JUDQGH 7ULEXODWLRQ 3DV O¶pJOLVH (OOH (OOH HVW GpMj SDUWLH O¶eSRXVH /j
 F¶HVWO¶pJOLVH
 8QPDWLQMHPHVXLVOHYpHWMHVXLVDOOpGDQVOHFDQ\RQ6DELQRFHV 
JUDQGHVPRQWDJQHVKDXWHVHWDX[IRUPHVDEUXSWHV(WMHVXLVDOOpOjEDV  2U QRXV YR\RQV XQ SHX SOXV ORLQ TXH -pVXV D GLW TXH OH 7U{QH
,O \ D XQ SHWLW VHQWLHU DX ERXW GH OD URXWH TXL JULPSH YHUV OH PRQW VHUDLWOjHWTXH«TX¶LOVFRPSDUDvWUDLHQWHQMXJHPHQWFKDFXQG¶HX[
/HPPRQF¶HVWXQHUDQGRQQpHGHWUHQWHPLOOHV>TXDUDQWHKXLWNLORPqWUHV² 
1'7@HWLOQ¶\DSDVORLQGHWUHQWHSLHGV>QHXIPqWUHV@GHQHLJHOjKDXW  0DLQWHQDQWQRXVYR\RQVLFLTXHFHVJHQVRQWpWpVFHOOpVGX6FHDX
'RQFMHJUDYLVVDLVODPRQWDJQHWUqVW{WDYDQWO¶DXEHMHJULPSDLVSDUFH GX 'LHX YLYDQW SDV YUDL"  FHV -XLIV /H 6FHDX GX 'LHX YLYDQW TX¶HVWFH
SHWLW VHQWLHU OHV URFKHV JOLVVDLHQW VRXV PHV SLHGV -H PH VXLV VHQWL TXHF¶HVW"
FRQGXLW j WRXUQHU GH FH F{WpFL -¶DL WRXUQp HW Oj M¶DL HVFDODGp GH JURV 
URFKHUVGHQWHOpVRKODODGHVFHQWDLQHVGHSLHGVGHKDXW  /jMHQHQRPPHMHQHEOHVVHSHUVRQQH-HOHGLVF¶HVWWRXWYR\H]
 6DYH]YRXV TXH M¶DL OX OHV pFULWV GH ELHQ GHV pUXGLWV OjGHVVXV HW LOV
 -HPHVXLVDJHQRXLOOpHQWUHFHVURFKHUV-¶DLGpSRVpFHWWH%LEOHFL SUpWHQGHQW TXH FH JURXSH LFL ODYp GDQV OH VDQJ FH VHUDLW HQ IDLW
HW M¶DL GpSRVp FH FDUQHW« FH SHWLW FDOHSLQFL >)UqUH %UDQKDP PRQWUH VD O¶eSRXVH"
%LEOH HW VRQ FDOHSLQ²1'e@ -¶DL GLW ³6HLJQHXU 'LHX TXH VLJQLILH FHWWH 
Ϯϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϰϭ
 6DYLH]YRXVTX¶LO\DDXVVLELHQGHVpUXGLWVTXLSUpWHQGHQWTXHOHV VHSW $QJHV VRQW DSSDUXV 3DV YUDL" >³$PHQ´@ 8Q FRXS GH WRQQHUUH VHSW
FHQWTXDUDQWHTXDWUHPLOOHF¶HVWO¶eSRXVH"&RPPHF¶HVW«4XHOTXHFKRVH $QJHVVRQWDSSDUXV
GRLWV¶DMXVWHUPDOLFL«V¶DMXVWHUFRUUHFWHPHQWLFLSDUFHTX¶HQFHPRPHQWLO  -HUHJDUGDLO¶$JQHDXTXDQGLOHXWRXYHUWOHSUHPLHU
\DTXHOTXHFKRVHTXLFORFKH VFHDX HW M¶HQWHQGLV FRPPH XQH YRL[ GH WRQQHUUH HW
 O¶XQGHVTXDWUHrWUHVYLYDQWVTXLGLVDLW9LHQVHWYRLV
 5HPDUTXH] QRV IUqUHV DGYHQWLVWHV GLVHQW TXH ³OH 6FHDX GH 'LHX 
F¶HVWG¶REVHUYHUOHMRXUGXVDEEDW´9RXVrWHVDXFRXUDQW0DLVMHYRXGUDLV  5HPDUTXH]XQWRQQHUUH6HSW0HVVDJHVTXLRQWpWpVFHOOpVHWTXL
YRLU XQH VHXOH SDUFHOOH GH O¶eFULWXUH OjGHVVXV TXL PRQWUH TXH F¶HVW OH QHSHXYHQWSDVrWUHUpYpOpVDYDQWOHGHUQLHUMRXUFHWkJHFL9RXVYR\H]
VDEEDWRXG¶REVHUYHUOHMRXUGXVDEEDWTXLHVWOH6FHDXGH'LHX9R\H]" FHTXHMHYHX[GLUH">/¶DVVHPEOpHGLW³$PHQ´²1'e@
&¶HVWVLPSOHPHQWTXHOTX¶XQTXLDWLUpFHWWHFRQFOXVLRQOj 
  0DLQWHQDQW DYH]YRXV UHPDUTXp OD SDUWLH P\VWpULHXVH GH FHWWH
 0DLV VL YRXV OLVH] eSKpVLHQV  LO \ HVW GLW ³1¶DWWULVWH] SDV OH VHPDLQH"9RLOjFHTXH&¶HVW9RLOjFHTXH&¶pWDLW&HQ¶pWDLWSDVXQrWUH
6DLQW(VSULWGH'LHXSDUOHTXHOYRXVrWHVVFHOOpVMXVTX¶DXMRXURYRXV« KXPDLQXQ²XQKRPPH&¶pWDLHQWOHV$QJHVGX6HLJQHXU5HPDUTXH]
GH YRWUH UpGHPSWLRQ´ RXL PRQVLHXU TXDQG O¶°XYUH GH OD PpGLDWLRQ VHUD 
FRPSOpWpH HW TXH YRXV VHUH] YHQXV TXH &KULVW YLHQGUD UDFKHWHU OHV  ,O\DWURLVWpPRLQVGHVWpPRLQVDVVLVLFLLO\DXQHVHPDLQHXQSHX
6LHQV9RXVrWHVVFHOOpVQRQSDVMXVTX¶DX[SURFKDLQHVUpXQLRQVGHUpYHLO SOXV G¶XQH VHPDLQH M¶pWDLV GDQV OHV PRQWDJQHV WUqV ORLQ SUHVTX¶DX
8QHIRLVTXHYRXVrWHVVFHOOpVGX6DLQW(VSULWF¶HVWXQH°XYUHWHUPLQpH 0H[LTXHDYHFGHX[IUqUHVTXLVRQWDVVLVLFL-¶DUUDFKDLVGHVJUDWHURQVRX
'LHXYRXVDDFFHSWpVHWLOQ¶\DULHQTXLSXLVVHYRXVpORLJQHU GHVJUDWHURQVGXGpVHUWVXUPDMDPEHGHSDQWDORQHWLO\DHXXQHWHOOH
 GpIODJUDWLRQTX¶RQDXUDLWSUHVTXHGLWTXHOHVPRQWDJQHVDOODLHQWV¶pFURXOHU
 9RXVGLWHV³(KELHQMH/¶DYDLVHWMHPHVXLVpORLJQp´1RQYRXV² 2UF¶HVWYUDLoD-HQ¶HQDLSDVSDUOpjPHVIUqUHVPDLVLOVRQWUHPDUTXp
YRXVQH/¶DYLH]SDV XQFKDQJHPHQW
 
 'LHX D GLW TX¶,O HVW Oj FRQWLQXHOOHPHQW MXVTX¶DX -RXU GH OD  (W ,O P¶D GLW ³0DLQWHQDQW WLHQVWRL SUrW 9D j O¶HVW &HFL F¶HVW
5pGHPSWLRQ0DLQWHQDQWYRLOjYRXVQ¶DYH]TX¶jDUJXPHQWHUDYHF/XLHW O¶LQWHUSUpWDWLRQ GH FHWWHYLVLRQ´ 9R\H]" 2U SRXU TXH YRXV VDFKLH] )UqUH
YR\H]YRXVVXUFHTXHoDYHXWGLUH³-XVTX¶DX-RXUGHYRWUH5pGHPSWLRQ´ 6RWKPDQQQ¶DSDVDWWUDSpOHJLELHUTX¶LOYRXODLW1RXVHVVD\LRQVGHO¶DYRLU
 SRXUOXL(W,ODGLW³0DLQWHQDQWFHVRLUTXHFHFLWHVHUYHGHVLJQHLOQHYD
 5HPDUTXH] &RPPH LO \ DYDLW« &RPPH LOV pWDLHQW XQ UHVWH VHORQ SDVO¶DYRLU7XGRLVWHFRQVDFUHUHQFHPRPHQWSRXUODYLVLWDWLRQGHFHV
O¶pOHFWLRQ FHV -XLIV F¶HVW FH TX¶LOV VRQW Oj OH UHVWH VHORQ O¶pOHFWLRQ $X[ $QJHV´(WM¶pWDLVGDQVWRXVPHVpWDWVYRXVYRXVUDSSHOH]
MRXUV GX SUHPLHU PLQLVWqUH G¶eOLH SDUPL OHV -XLIV DORUV TXH VHSW PLOOH 
FUR\DQWVDYDLHQWpWpSUpVHUYpVSDUODPDLQGH'LHXPDLQWHQDQWLOGRLW\HQ  -¶pWDLVGDQVO¶RXHVW/HV$QJHVVHGLULJHDLHQWYHUVO¶HVW(WTXDQG,OV
DYRLU HQ FH WHPSV GX UHVWH OHXU WHPSV DSSURFKH FHQW TXDUDQWHTXDWUH VRQW SDVVpV M¶DL pWp pOHYp DYHF (X[ YRXV YRXV HQ VRXYHQH]"  HQ
PLOOH VHORQ O¶pOHFWLRQ &¶HVWjGLUHTXH OH 0HVVDJH j FHPRPHQWOjFHX[ GLUHFWLRQGHO¶HVW>/¶DVVHPEOpHDGLW³$PHQ´²1'e@
TXLFURLURQWOH0HVVDJHLO\HQDXUDFHQWTXDUDQWHTXDWUHPLOOH 
  (W )UqUH )UHG TXL HVW LFL FH VRLU HQ HVW WpPRLQ DLQVL TXH )UqUH
 %RQ 9RXV GLWHV ³2K XQ SHWLW LQVWDQW IUqUH FHWWH DIIDLUH 1RUPDQ (Q V¶HQ DOODQW M¶DL SUHVTXH VXSSOLp FHW KRPPH GH UHVWHU SRXU
G¶³pOHFWLRQ´OjMHQHVXLVYUDLPHQWSDVV€U(KELHQMHQ¶DLMDPDLVOXoD´ DWWUDSHUVRQJLELHU3DVYUDL)UqUH6RWKPDQQ">)UqUH)UHG6RWKPDQQGLW
 ³$PHQ´²1'e@ 2XL LO HVW Oj GHERXW OjEDV -H O¶DL VXSSOLp PDLV ,O D
 7UqV ELHQ DORUV YR\RQV VL F¶HVW YUDL RX SDV 5HSUHQRQV GDQV TXDQGPrPHGLW³,OQHYDSDVO¶DYRLU´-HQ¶HQDLULHQGLWM¶DLFRQWLQXpPRQ
0DWWKLHXHWYR\RQVLFLVLRQQHSHXWSDVWURXYHUXQSHWLWTXHOTXHFKRVHOj FKHPLQ
GHVVXVTXHOTXHSDUW-HFURLVTXHF¶HVWELHQoD-HQHO¶DYDLVSDVQRWpoD 
YLHQW VHXOHPHQW GH PH YHQLU j O¶HVSULW 3UHQRQV j OD ILQ OH YHUVHW  FH  4XHOTXH FKRVH DVVLV SUqV GH OD WHQWH OH MRXU R« 9RXV YRXV
TXH QRXV DYRQV SULV KLHU VRLU OD ILQ GX 6L[LqPH 6FHDX DX YHUVHW  VRXYHQH])UqUH6RWKPDQQ(WMH«DXVVLW{WTXHFHUWDLQHVFKRVHVRQWpWp
0DLQWHQDQW OLVRQV oD HW YR\RQV Oj R oD YD QRXV PHQHU YHUVHW  GLWHVMHYRXVDLOLpVYRXVHW)UqUH1RUPDQ«2HVW)UqUH1RUPDQ"/j
ϰϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^Ϯϱ
 9R\H]" ³(OOHV YHUURQW OH )LOV GH O¶KRPPH YHQDQW GDQV ODJORLUH´ 'RQF OH
 6RXYHQH]YRXV 6DWDQ YD HVVD\HU G¶LPLWHU ,O YD HVVD\HU G¶LPLWHU YHUVHW
WRXWFHTXHO¶eJOLVHIHUD,ODHVVD\pGHOHIDLUH1RXVDYRQVREVHUYpFHOD  ,OHQYHUUDVHVDQJHVDYHFODWURPSHWWHUHWHQWLVVDQWH
FKH]O DQWLFKULVW HW LOV UDVVHPEOHURQW VHV pOXV GHV TXDWUH YHQWV GHSXLV
 XQHH[WUpPLWpGHVFLHX[MXVTX¶jO¶DXWUH
 0DLV YRLFL XQH FKRVH TX¶LO QH SHXW SDV LPLWHU ,O Q¶\ DXUD DXFXQH 
LPLWDWLRQGHFHFLYRXVYR\H]SDUFHTX¶LOQHVDLWSDVFHTXH&¶HVW,OQ¶\D  /HV³pOXV´VRUWLURQW4X¶HVWFH"(WODSpULRGHGHOD7ULEXODWLRQDORUV
DXFXQ PR\HQ SRXU OXL GH VDYRLU &¶HVW OH 7URLVLqPH 3XOO >SXOO DWWLUDQFH² TXH 'LHX YD DSSHOHU 6HV pOXV HW oD FH VRQW OHV -XLIV SHQGDQW FHWWH
1'7@ ,O QH VDLW DEVROXPHQW ULHQ /jGHVVXV 9R\H]" ,O QH /H FRPSUHQG SpULRGHOj OHV pOXV /D %LEOH HQ SDUOH 3DXO HQ SDUOH ³6HORQ O¶pOHFWLRQ´
SDV &HQWTXDUDQWHTXDWUHPLOOHVHORQO¶pOHFWLRQFURLURQWOH0HVVDJHDORUVTX¶LO
 \HQDXUDOLWWpUDOHPHQWGHVPLOOLRQVOjEDV
 0DLVLO\DXQVHFUHWTXLUHSRVH/jGHVVRXV>)UqUH%UDQKDPGRQQH 
XQFRXSVXUODFKDLUH²1'e@*ORLUHj'LHXDXSOXVKDXWGHV&LHX[-H  ,O \ HQ DYDLW GHV PLOOLRQV HQ 3DOHVWLQH DX[ MRXUV GH OD SURSKpWLH
QHSRXUUDLMDPDLVSOXVSHQVHUGHODPrPHIDoRQSRXUOHUHVWHGHPDYLH G¶eOLHHWVHSWPLOOHRQWpWpVDXYpVVXUGHVPLOOLRQV
DSUqVDYRLUYX2UMHQHVDLVSDVFHTXH«-HFRQQDLVODSURFKDLQHpWDSH 
OjPDLVMHQHVDLVSDVFHTXHFRPPHQWO¶LQWHUSUpWHUdDQHYDSDVWDUGHU  0DLQWHQDQW ³VHORQ O¶pOHFWLRQ´ DORUV TXH GHV PLOOLRQV GH -XLIV VH
9RLFLFHTXHM¶DLQRWpTXDQGF¶HVWDUULYpVLYRXVSRXYH]OHYRLUOj³$UUrWHU UDVVHPEOHQW GDQV OHXU SDWULH HW TX¶HOOH HVW GHYHQXH XQH QDWLRQ LO \ HQ
1HSDVDOOHUSOXVORLQTXHFHFLLFL´-HQHVXLVSDVGXJHQUHIDQDWLTXH-H DXUDGHVPLOOLRQVOjEDVPDLVVHXOHPHQWFHQWTXDUDQWHTXDWUHPLOOH³pOXV´
YRXVGLVVLPSOHPHQWOD9pULWp VHURQWFKRLVLV(X[pFRXWHURQWOH0HVVDJH
 
 0DLV YRXV YRXV UDSSHOH] OD SHWLWH FKDXVVXUH FRPPH M¶HVVD\DLV  &¶HVWODPrPHFKRVHSRXUO¶eJOLVHGHVQDWLRQV,O\DXQHeSRXVH
WRXMRXUVG¶H[SOLTXHUO¶kPHTXLVHWURXYHjF{WpGHWHOOHHWWHOOHFKRVHHWOD HW(OOH(OOHHVWpOXH³(WLOVHUDDSSHOpVHORQO¶pOHFWLRQ´5HPDUTXH]WRXW
FRQVFLHQFH LQWpULHXUH HW WRXWHV FHV FKRVHVOj" (W WRXW FH TXH FHOD D FHFLW\SLILHSDUIDLWHPHQWO¶eJOLVHOHVFUR\DQWVpOXV
SURGXLW F¶HVW XQ WDV G¶LPLWDWLRQV TXL RQW VXLYL /j LO OHXU IDOODLW SUHQGUH OD 
PDLQGHVJHQVHWOHVWHQLUHWDYRLUXQHYLEUDWLRQ7RXWOHPRQGHDYDLWXQH  /HVDXWUHVQHFURLHQWSDVdDVHYRLW'LWHVXQH9pULWpjXQKRPPH
YLEUDWLRQGDQVODPDLQ HWTX¶HOOHVRLWSURXYpHSDUOD3DUROHHWHQVXLWHFRQILUPpHLOGLW³-HQH/H
 FURLVSDV´dDVH«
 0DLV YRXV YRXV VRXYHQH] TXDQG ,O P¶D HPPHQp OjKDXW ,O D GLW 
³&HFL F¶HVW OH 7URLVLqPH 3XOO HW SHUVRQQH QH VDXUD FH TXH &¶HVW´ 9RXV  $ORUVQHSHUGH]SOXVYRWUHWHPSVDYHFHX[-pVXVDGLWGHQHSDVOH
YRXV HQ VRXYHQH]" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ /HV YLVLRQV QH IDLUH ,O D GLW ³&¶HVW H[DFWHPHQW FRPPH MHWHU GHV SHUOHV GHYDQW OHV
IDLOOLVVHQWMDPDLV(OOHVVRQWODSDUIDLWH9pULWp SRXUFHDX[´9R\H]",ODGLW³/DLVVH]OHVF¶HVWWRXW,OVVHUHWRXUQHUDLHQWHW
 YRXV IRXOHUDLHQW DX[ SLHGV ,OV VH PRTXHUDLHQW GH YRXV eORLJQH]YRXV
 0DLQWHQDQW UHPDUTXH] 9RXV YRXV UDSSHOH] OD YLVLRQ GH OD F¶HVWWRXWODLVVH]OHV6LXQDYHXJOHFRQGXLWXQDYHXJOH«´
FRQVWHOODWLRQ"&KDUOLHMH«9RLFL 
  -HVXLVDOOpYRLUXQKRPPHLOQ¶\DSDVORQJWHPSVRXSOXW{WF¶HVW
 4XHOTXH FKRVH HVW HQ WUDLQ GH VH SDVVHU MH YRXV O¶DL GLW FHWWH OXL TXL HVW YHQX PH YRLU ,O DUJXPHQWDLW SDUWRXW R LO DOODLW FRQWUH OD
VHPDLQH TXH YRXV« &¶HVW WRXW DXWRXU GH YRXV PDLV MH PH GHPDQGH VL JXpULVRQ'LYLQH,OHVWDUULYpHWLOGLVDLW³-HQHFURLVSDVjYRWUHJXpULVRQ
YRXVO¶DYH]UHPDUTXp 'LYLQH´
 
 9RXVYRXVUDSSHOH]ODFRQVWHOODWLRQODYLVLRQGHV$QJHVTXDQGMH  -¶DLGLW³/DPLHQQHMHSHQVHELHQTX¶HOOHQHVHUDLWG¶DXFXQVHFRXUV
VXLV SDUWL SRXU O¶$UL]RQD" >/¶DVVHPEOpH GLW ³$PHQ´²1'e@ 9RXV YRXV SDUFHTXHMHQ¶HQDLSDV´(WLO«-¶DLGLW³0DLVFHOOHGH'LHXHOOHHOOHHVW
VRXYHQH] GH 0HVVLHXUV TXHOOH KHXUH HVWLO" >³$PHQ´@ 9RXV YRXV HQ SDUIDLWH´
VRXYHQH]"5HPDUTXH]LOQ¶\DHXTX¶XQVHXOJUDQGFRXSGHWRQQHUUHHW  ,ODGLW³dDQ¶H[LVWHSDV´
Ϯϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯϵ
 OHV &LHX[ Q¶RQW SDV SX pFULUH &HOD /HV &LHX[ QH SHXYHQW SDV VDYRLU FH
 -¶DLGLW³9RXVDUULYH]WURSWDUGSRXUGLUHoDPRQEUDYH2XLYRXV TX¶LO(QHVWQLULHQG¶DXWUHSDUFHTX¶LOQ¶\DDXFXQLQGLFH&¶pWDLWXQWHPSV
DYH]YRXV DYH] DWWHQGX WURS WDUG SRXU oD 3HXWrWUH TX¶LO \ D TXHOTXHV GHFDOPH&¶pWDLWTXHOTXHFKRVHGHWHOOHPHQWLPSRUWDQWTXHOHVHFUHWQ¶D
DQQpHVYRXVDXULH]SXDUJXPHQWHUPDLVQRXVVRPPHVPDLQWHQDQWGDQV SDVpWpGLYXOJXpDX[$QJHV
XQ DXWUH kJH 'HV PLOOLRQV GH SHUVRQQHV SHXYHQW HQ WpPRLJQHU YR\H] 
YRXV´ -¶DL GLW ³9RXV²YRXV DUULYH] WURS WDUG PDLQWHQDQW O¶DPL SRXU GLUH  2U SRXUTXRL" 6L 6DWDQ V¶(Q HPSDUDLW LO SRXUUDLW IDLUH GH JURV
oD´ GpJkWV9RLOjXQHFKRVHTX¶LOQHVDLWSDV%RQLOSHXWELHQLQWHUSUpWHUWRXW
 FHTX¶LOYHXWHWLPLWHUWRXVOHVJHQUHVGHGRQV M¶HVSqUHTXHYRXVrWHVHQ
 ,O GLVDLW LO GLVDLW ³(K ELHQ MH Q¶\ FURLV SDV SHX P¶LPSRUWH FH TXH WUDLQ G¶DSSUHQGUH  PDLV LO QH SHXW SDV VDYRLU &HFL &H Q¶HVW PrPH SDV
YRXVSRXUULH]IDLUH´ pFULWGDQVOD3DUROH&¶HVWXQVHFUHWFRPSOHW
 -¶DLGLW³%LHQV€UTXHQRQ9RXVQHSRXYH]SDV´9R\H]" 
  /HV $QJHV WRXW V¶HVW WX 6¶LOV DYDLHQW IDLW OH PRLQGUH JHVWH FHOD
 ,OGLVDLW³5HQGH]PRLDYHXJOH´,OGLVDLW³6LYRXVDYH]UpHOOHPHQWOH DXUDLWSXODLVVHUpFKDSSHUTXHOTXHFKRVHDORUVLOVVHVRQWWXVF¶HVWWRXW
6DLQW(VSULWFRPPH3DXO´LOGLVDLW³UHQGH]PRLDYHXJOH´ LOVRQWDUUrWpGHMRXHUGHODKDUSH7RXWV¶HVWDUUrWp
 
 -¶DL GLW ³&RPPHQW OH SRXUUDLVMH DORUV TXH YRXV rWHV GpMj  6HSW OH QRPEUH SDUIDLW GH 'LHX 6HSW >)UqUH %UDQKDP GRQQH VHSW
DYHXJOH"´ -¶DL GLW ³9RWUH SqUH YRXV D DYHXJOp GHYDQW OD 9pULWp´ -¶DL GLW FRXSV VXU OD FKDLUH²1'e@ O¶XQ j OD VXLWH GH O¶DXWUH VLPSOHPHQW 6HSW
³9RXV²YRXVrWHVGpMjDYHXJOH´ 7RQQHUUHV VH VRQW IDLW HQWHQGUH HQVHPEOH FRXS VXU FRXS FRPPH V¶LOV
 pWDLHQW HQ WUDLQ G¶pSHOHU TXHOTXH FKRVH 5HPDUTXH] j FH PRPHQWOj
 (W LO D GLW ³-H QH FURLUDLV SDV SHX LPSRUWH FH TXH YRXV SRXUULH] -HDQDFRPPHQFpj/¶pFULUH,ODGLW³1H/¶pFULVSDV´
IDLUHWRXWHVOHVSUHXYHVTXHYRXVSRXUULH]DSSRUWHURXTXRLTXHFHVRLW 
0rPHOjMHQHOHFURLVSDV´  -pVXV Q¶(Q D MDPDLV SDUOp -HDQ Q¶D SDV SX /¶pFULUH /HV $QJHV
 Q¶(QVDYHQWULHQ4X¶HVWFHTXH&¶HVW"&¶HVWODFKRVHGRQW-pVXVDGLWTXH
 -¶DL GLW ³&¶HVW V€U &H Q¶HVW SDV SRXU OHV LQFUR\DQWV &¶HVW ³PrPHOHV$QJHVGHV&LHX[Q¶(QVDYDLHQWULHQ´9R\H]"9R\H]",OQH/H
VHXOHPHQWSRXUOHVFUR\DQWV&¶HVWoD´9R\H]" VDYDLWSDV/XLPrPH,ODGLWTXH³'LHXVHXO´/HVDXUDLW
 
 4X¶HVWFH TXH F¶pWDLW" 9R\H]YRXV YRXV VDYH] WRXW GH VXLWH TX¶LO  0DLV ,O QRXV D GLW TXH TXDQG QRXV DOOLRQV ³FRPPHQFHU j YRLU FHV
Q¶HVWSDVTXHVWLRQG¶pOHFWLRQOj$ORUVQHSHUGH]SDVYRWUHWHPSVGXWRXW VLJQHV DSSDUDvWUH´ (Q UHWLUH]YRXV TXHOTXH FKRVH Oj" >/¶DVVHPEOpH GLW
DYHFHX[-pVXVDIDLWODPrPHFKRVH,ODGLW³/DLVVH]OHV6LXQDYHXJOH ³$PHQ´ ²1'e@ 7UqV ELHQ 5HPDUTXH] QRXV ³FRPPHQoRQV j YRLU FHV
FRQGXLWXQDYHXJOHQHWRPEHURQWLOVSDVWRXVGDQVODIRVVH"´ VLJQHVDSSDUDvWUH´9R\H]"
  6L6DWDQSRXYDLWV¶(QHPSDUHU«
 3DU FRQWUH TXDQG ,O HVW YHQX YHUV XQH SHWLWH SURVWLWXpH >)UqUH 
%UDQKDP IDLW FODTXHU VHV GRLJWV²1'e@ OH IHX V¶HVW DOOXPp 4X¶HVWFH  6L YRXV YRXOH] TXH TXHOTXH FKRVH DUULYH« 2U SRXU FHFL YRXV
TXHF¶pWDLW"&¶pWDLWXQHVHPHQFHpOXHTXLUHSRVDLWOjYR\H]YRXVTXLDYX GHYUH] PH FURLUH VXU SDUROH 6L MH SURMHWWH GH IDLUH TXHOTXH FKRVH MH PH
WRXWGHVXLWH4XDQG&¶HVWYHQXj3LHUUHLO\DYDLWXQHVHPHQFHpOXHTXL JDUGHELHQG¶HQSDUOHUjTXLTXHFHVRLW1RQSDVSDUFHTXHODSHUVRQQH
UHSRVDLW Oj YR\H]YRXV (X[ LOV RQW YX ³(W WRXV FHX[ TXH OH 3qUH 0¶D HQ SDUOHUDLW PDLV SDUFH TXH 6DWDQ O¶HQWHQGUDLW 9R\H]" ,O QH SHXW SDV OH
GRQQpV0¶D´ DXSDVVp ³GRQQpVLOVYLHQGURQW,OVYLHQGURQWj0RL´2KOD VDYRLU F¶HVW GDQV PRQ F°XU Oj HW 'LHX O¶D VFHOOp GX 6DLQW(VSULW SDU
OD-¶DLPHoD2XLPRQVLHXU5HPDUTXH]OHVFUR\DQWVHX[/HFURLHQW FRQVpTXHQW F¶HVW HQWUH PRL HW 'LHX 9R\H]" ,O Q¶HQ VDLW ULHQ MXVTX¶DX
 PRPHQWRYRXVOHGLWHVHWDORUVLOO¶HQWHQG(WM¶DLHVVD\p«-HGLVjGHV
 /HV LQFUR\DQWV QH SHXYHQW SDV /H FURLUH %RQ GRQF VL TXHOTX¶XQ JHQVTXHMHYDLVIDLUHWHOOHHWWHOOHFKRVHHWUHJDUGH]OHGLDEOHTXLFKHUFKH
YHXW DUJXPHQWHU DX VXMHW GH OD VHPHQFH GX VHUSHQW HW WRXW HW TXH YRXV SDU WRXV OHV PR\HQV j PH GHYDQFHU YRXV YR\H] j PH FRXSHU O¶KHUEH
HVVD\H]GHOHXUPRQWUHUHWLOVQHYHXOHQWSDVpFRXWHUpORLJQH]YRXVF¶HVW VRXVOHSLHG0DLVVL'LHXPHGRQQHODUpYpODWLRQHWTXHMHQ¶HQSDUOHSDV
GXWRXWOjF¶HVWGLIIpUHQW
ϯϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^Ϯϳ
 3RXUTXRL"4X¶HVWFHTXH&¶HVW"2UDXFXQGHQRXVQHVDLW0DLVMH WRXW /DLVVH]OHV F¶HVW WRXW 9RXV YR\H] 'LHX Q¶DUJXPHQWH SDV HW 6HV
YDLV²MHYDLVYRXVGLUHVHORQPD²PDUpYpODWLRQGH&HOD HQIDQWVQRQSOXV
 
 (WERQMHQHVXLVSDVGXJHQUHIDQDWLTXH6LMHOHVXLVF¶HVWVDQV  5HPDUTXH] OHV FHQW TXDUDQWHTXDWUH PLOOH -XLIV pOXV GH 'LHX QH
OHVDYRLUYR\H]YRXV-HVXLV«-HQ¶DLSDVO¶KDELWXGHGHPHODLVVHUDOOHU V¶LQFOLQHQW SDV GHYDQW OD ErWH QL VRQ V\VWqPH GpQRPLQDWLRQQHO QL VHV
GDQVGHVGpOLUHVHWGHVFKRVHVLPDJLQDLUHV VWDWXHV QL TXRL TXH FH VRLW PrPH VL OHXU QDWLRQ HVW HQ WHPSV G¶DOOLDQFH
 DYHF HOOH j FH PRPHQWOj ,VUDsO HVW HQ WHPSV G¶DOOLDQFH PDLV YRLFL OHV
 -¶DLGLWFHUWDLQHVFKRVHVTXLRQWSHXWrWUHSXVHPEOHUEL]DUUHVSRXU FHQWTXDUDQWHTXDWUHPLOOHTXLUHIXVHQWGHOHIDLUHdDFHVRQWOHVpOXV
FHUWDLQHV SHUVRQQHV 0DLV TXDQG 'LHX YLHQW /¶DSSX\HU TX¶,O /H FRQILUPH 
HW TX¶,O GLW TXH &¶HVW OD 9pULWp DORUV &¶HVW OD 3DUROH GH 'LHX 9R\H]" dD  &¶HVWODPrPHFKRVHHQFHPRPHQWO¶eJOLVHGHVQDWLRQVLFLF¶HVW
SHXWVHPEOHUEL]DUUHjFDXVHGHoD9R\H]" XQ JURXSH pOX 9RXV QH UpXVVLUH] SDV j OHV HQWUDvQHU GDQV FH JHQUH GH
 FKRVHV Oj ,OV QH OH FURLURQW SDV 1RQ PRQVLHXU 8QH IRLV TXH OD /XPLqUH
 (WPDLQWHQDQWDXVVLV€UTXHMHVXLVVXUO¶HVWUDGHFHVRLUM¶DLUHoXOD OHV D WRXFKpV F¶HVW UpJOp j O¶LQVWDQW PrPH ,OV YRLHQW« LOV YRLHQW FHOD VH
UpYpODWLRQ TXL D UpYpOp TXH oD VH SDVVH HQ WURLV SRLQWV (W MH YDLV YRXV SURGXLUHSXLVLOVOHYRLHQWFRQILUPpHWSURXYpFRPPHoD(WLOVUHJDUGHQW
SDUOHU DYHF O¶DLGH GH 'LHX G¶XQ SRLQW GH &HOD (W DORUV YRXV« 9R\RQV GDQVOD%LEOHLOVYRLHQWOD3DUROHTXLV¶DOLJQH(KELHQYRXV²YRXVIHULH]
FHODG¶DERUG9RLFLODUpYpODWLRQSRXUHQWDPHUFHTXHMHYHX[ YRXVGLUH DXVVL ELHQ G¶DUUrWHU GH SHUGUH YRWUH WHPSV DYHF HX[ SDUFH TX¶LOV /H
GH TXRL LO V¶DJLW &H TXL DUULYH F¶HVW TXH« &HV 6HSW 7RQQHUUHV TX¶LO D FURLHQW&¶HVWWRXW&¶HVWWRXW%LHQTX¶LOVQHSXLVVHQWSDV/¶H[SOLTXHUPDLV
HQWHQGXV WRQQHU HW TX¶LO OXL D pWp GpIHQGX G¶pFULUH F¶HVW oD OH P\VWqUH LO LOVVDYHQWTX¶LOV/¶RQW'RQFFRPPHMHOHGLVVRXYHQWLO\DEHDXFRXSGH
UHSRVH GHUULqUH FHV 6HSW 7RQQHUUHV FRQVpFXWLIV TXL RQW JURQGp >)UqUH FKRVHVTXHMHQHSHX[SDVH[SOLTXHUPDLVMH²MHVDLVTX¶HOOHVVRQWYUDLHV
%UDQKDPGRQQHSOXVLHXUVFRXSVVXUODFKDLUH²1'e@ TXDQGPrPH2XL7UqVELHQ
 
 0DLQWHQDQW SRXUTXRL" 3URXYRQVOH 3RXUTXRL" &¶HVW Oj OH VHFUHW  &HWWH SpULRGH GH WHPSV F¶pWDLW HQWUH OH 6L[LqPH HW OH 6HSWLqPH
TXHSHUVRQQHQHFRQQDvW,ODpWpGpIHQGXj-HDQG¶pFULUHFHTX¶LO(QpWDLW 6FHDX DORUV TX¶,O DSSHOOH FHV JHQV GRQW -pVXV D SDUOp GDQV 0DWWKLHX
G¶pFULUH QH VHUDLWFH²QH VHUDLWFH TX¶XQ V\PEROH /jGHVVXV 3RXUTXRL" FKDSLWUH  YHUVHW  TXH QRXV YHQRQV GH OLUH YRXV YR\H] /HV
9RLOjSRXUTXRLLOQ¶\DYDLWDXFXQHDFWLY«GDQV²DFWLYLWpGDQVOH&LHOFHOD WURPSHWWHVLFLOHVGHX[WpPRLQVGH«4XDQGODWURPSHWWHVRQQHF¶HVWOD
SRXUUDLW ODLVVHU pFKDSSHU OH VHFUHW /H YR\H]YRXV PDLQWHQDQW" WURPSHWWH GHV GHX[ WpPRLQV GH O¶kJH GH OD JUkFH SRXU OHV -XLIV 8QH
>/¶DVVHPEOpHGLW³$PHQ´²1'e@ WURPSHWWH TXL VRQQH UHPDUTXH] XQH WURPSHWWH TXL VRQQH ,O D GLW ³(W
 VRQQHURQWGHODWURPSHWWH´0DLQWHQDQWUHPDUTXH]LFLDXYHUVHW
 6L &¶HVW TXHOTXH FKRVH GH WHOOHPHQW LPSRUWDQW LO IDXW TXH &H VRLW  ,OHQYHUUDVHVDQJHV SDVXQYRXVYR\H]LO\HQD
LQFOXV SDUFH TXH &¶HVW TXHOTXH FKRVH TXL GRLW DUULYHU 0DLV TXDQG OHV GHX[ DYHFODWURPSHWWHUHWHQWLVVDQWH«
6HSW7RQQHUUHV« 
  4X¶HVWFHTXHF¶HVW"4XDQG'LHXHVWVXUOHSRLQWGHSDUOHULO\DXQ
 0DLQWHQDQW UHPDUTXH] 4XDQG OHV VHSW $QJHV VH VRQW DYDQFpV VRQGHWURPSHWWH&¶HVWWRXMRXUV6D9RL[oD(OOHOHVDSSHOOHDXFRPEDW
SRXU VRQQHU GH OHXUV 7URPSHWWHV LO \ D HX XQ VHXO WRQQHUUH >)UqUH YRXV YR\H] 'LHX SDUOH &HV DQJHV YRQW DUULYHU DYHF OH VRQ GH OD
%UDQKDP GRQQH XQ FRXS VXU OD FKDLUH²1'e@ 4XDQG ,VUDsO VH WURPSHWWH
UDVVHPEODLWLO\DYDLWXQHWURPSHWWH³4XDQGLOQ¶\DXUDSOXVGHWHPSV´j 
ODGHUQLqUHWURPSHWWHXQVHXOWRQQHUUH  (W YRXV UHPDUTXHUH] DX 0HVVDJH GX GHUQLHU DQJH OD WURPSHWWH
 VRQQH $X PHVVDJH GX SUHPLHU DQJH XQ VRQ GH WURPSHWWH j FHOXL GX
 0DLV LFL LO \ D 6HSW 7RQQHUUHV FRXS VXU FRXS O¶XQ j OD VXLWH GH GHX[LqPH DQJH XQH WURPSHWWH D VRQQp TXDQG ,O O¶D SURFODPp
O¶DXWUH XQ GHX[ WURLV TXDWUH FLQT VL[ VHSW FH QRPEUH SDUIDLW 6HSW 5HPDUTXH]PDLVTXDQGOHV6FHDX[RQWpWpDQQRQFpVWRXWFHODV¶HVWIDLW
7RQQHUUHV VH VRQW IDLW HQWHQGUH O¶XQ j OD VXLWH GH O¶DXWUH SDV« IDLVDQW HQ XQH VHXOH JORULHXVH FKRVH 'LYLQH SRXU DSSHOHU XQ JURXSH GH JHQV j
VLPSOHPHQW²VLPSOHPHQW XQ GHX[WURLVTXDWUH FLQT VL[ VHSW FRXS VXU VRUWLUXQHVHXOHWURPSHWWHDVRQQpHW6HSW6FHDX[RQWpWpEULVpV
FRXS >)UqUH %UDQKDP D GRQQp VHSW FRXSV VXU OD FKDLUH²1'e@ $ORUV 
Ϯϴ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯϳ
 5HPDUTXH] ³5DVVHPEOHU 6HV -XLIV pOXV GHV TXDWUH FRLQV GHV  5HPDUTXH] O¶RXYHUWXUH GH FH 6FHDX F¶pWDLW TXHOTXH FKRVH GH
FLHX[´ WHOOHPHQWLPSRUWDQWTXHOH&LHOHQDpWpSORQJp³GDQVOHVLOHQFHSHQGDQW
 XQH GHPLKHXUH´ 'RQF &¶HVW TXHOTXH FKRVH G¶LPSRUWDQW Q¶HVWFH SDV
 ,O D SDUOp GHV VL[ 6FHDX[ FRPPH QRXV O¶DYRQV YX PDLV SDV GX 4X¶HVWFH TXH &¶HVW" /HV &LHX[ RQW pWp SORQJpV GDQV OH VLOHQFH ,O Q¶\ D
6HSWLqPH 6FHDX ,O Q¶D MDPDLV VRXIIOp OH PRLQGUH PRW LFL DX VXMHW GX SDVHXOHPRLQGUHPRXYHPHQWSHQGDQWXQHGHPLKHXUH
6HSWLqPH6FHDXQXOOHSDUW 
  2UXQHGHPLKHXUHFHQ¶HVWSHXWrWUHSDVORQJTXDQGRQV¶DPXVH
 9RXVYR\H]WRXWGHVXLWHDXYHUVHW,OSDVVHjGHVSDUDEROHVTXL 0DLV TXDQG RQ HVW VXVSHQGX HQWUH OD PRUW HW OD 9LH oD VHPEOH ORQJ
RQWWUDLWDXWHPSVGHO¶DSSHOGHV-XLIVpOXV0DLQWHQDQWUHJDUGH]ELHQLFL FRPPHXQ0LOOpQLXP&¶pWDLWTXHOTXHFKRVHGHWHOOHPHQWLPSRUWDQW
YR\H]YRXV  -pVXVQ¶(QDMDPDLVIDLWPHQWLRQ$XFXQGHVDXWUHVQRQSOXV
 
 ³,O HQYHUUD OHV DQJHV DYHF XQH WURPSHWWH HW LOV UDVVHPEOHURQW OHV  -HDQQ¶DPrPHSDVSX/¶pFULUH1RQLOOXLDpWpGpIHQGXG¶pFULUHLFL
pOXVGHVTXDWUHFRLQVGXFLHO´$ORUV,OV¶HQJDJH« >)UqUH %UDQKDP GRQQH GHX[ SHWLWHV WDSHV VXU VD %LEOH²1'e@ 9RXV
 YR\H] LO \ D VHXOHPHQW« VHXOHPHQW« ,O QH /¶D SDV pFULW PDLV F¶HVW OH
 9RXVYR\H],OQHGLWULHQDXVXMHWGX6HSWLqPH6FHDXLFL9R\H]",O VLOHQFH
DSDUOpGX6L[LqPH6FHDXGX3UHPLHU'HX[LqPH7URLVLqPH4XDWULqPH 
&LQTXLqPHHW6L[LqPH  (WOHVYLQJWTXDWUHDQFLHQVTXLVHWHQDLHQWGHYDQW'LHX/jHQWUDLQ
 GHMRXHUGHOHXUVKDUSHVLOVRQWDUUrWpGHMRXHUGHODKDUSH
 0DLVUHPDUTXH]  /HV$QJHVRQWFHVVpOHXUVFKDQWVGDQVOH&LHO
 0DWLV DSSUHQH] GX ILJXLHU OD SDUDEROH >TX¶LO YRXV 
RIIUH@ 4XDQG GpMj VHV UDPHDX[ VRQW WHQGUHV HW TX¶LO  3HQVH]\ /HV VDLQWV &KpUXELQV HW OHV 6pUDSKLQV TX¶eVDwH DYDLW
SRXVVH VHV IHXLOOHV YRXV FRQQDLVVH] TXH O¶pWp HVW YXVGDQVOHWHPSOHDYHFVL[SDLUHV«RXWURLVSDLUHVG¶DLOHV7URLV«'HX[
SURFKH SRXUVHFRXYULUODIDFHGHX[SRXUVHFRXYULUOHVSLHGVHWHQYRODQW(WMRXU
 'H PrPH DXVVL YRXV TXDQG YRXV YHUUH] WRXWHV FHV HW QXLW ,OV VRQW GHYDQW 'LHX ,OV FKDQWHQW ³6DLQW VDLQW VDLQW HVW OH
FKRVHVVDFKH]TXHFHODHVWSURFKHjODSRUWH>'DUE\@ 6HLJQHXU 'LHX 7RXW3XLVVDQW´ (W PrPH TXDQG ,OV VRQW HQWUpV RX TX¶,OV
 VRQW DUULYpV GDQV OH WHPSOH OHV IRQGHPHQWV GX WHPSOH RQW pWp pEUDQOpV
 &HWWHGHUQLqUHFHWWHTXHVWLRQTX¶LOV/XLRQWSRVpH³(WTXHOVHUDOH SDUOHXU²OHXUSUpVHQFH
VLJQHGHODILQGXPRQGH"´ 
  (W FHV VDLQWV 6pUDSKLQV VH VRQW WXV /HV $QJHV RQW DUUrWp GH
 ³4XDQG YRXV YHUUH] OHV -XLIV« 4XDQG YRXV YHUUH] FHV DXWUHV FKDQWHU 2XL )LRX ,OV YRODLHQW GDQV OD 3UpVHQFH GH 'LHX HQ FKDQWDQW
FKRVHV DUULYHU YRXV VDXUH] FH TXL YD DUULYHU 0DLQWHQDQW TXDQG YRXV ³6DLQW VDLQW VDLQW´ ,OV VH VRQW WXV 3DV G¶$QJHV TXL FKDQWDLHQW 3DV GH
YHUUH] OHV -XLIV«´ (W ,O SDUODLW DX[ -XLIV 0DLQWHQDQW REVHUYH] ¬ TXHO ORXDQJHV 3DV²SDV GH VHUYLFH j O¶DXWHO 3OXV ULHQ ,O \ D HX XQ VLOHQFH
FHUFOH HVW,O HQ WUDLQ GH V¶DGUHVVHU" $X[ *HQWLOV" $X[ -XLIV $X[ -XLIV SORQJpV GDQV OH VLOHQFH XQ VLOHQFH GH PRUW GDQV OH &LHO SHQGDQW XQH
9R\H]" GHPLKHXUH
 
 2U,ODYDLWGLW³9RXVVHUH]KDwVGHWRXWHVOHVQDWLRQVjFDXVHGH  7RXWHO¶DUPpHGX&LHODJDUGpOHVLOHQFHSHQGDQWFHWWHGHPLKHXUH
0RQ1RP´HWWRXWFRPPHoD DORUVTXHFHP\VWqUHGX6HSWLqPH6FHDXGX/LYUHGHOD5pGHPSWLRQDpWp
 RXYHUW 3HQVH]\ 0DLV YRLOj TX¶,O HVW RXYHUW &¶HVW O¶$JQHDX TXL /¶RXYUH
 0DLQWHQDQW ³4XDQG´ ,O D GLW ³YRXV YHUUH] OHV -XLIV FRPPHQFHU j 9RXV VDYH] TXRL" 'HYDQW &HOD LOV RQW pWp VDLVLV G¶XQH FUDLQWH
SRXVVHU OHXUV ERXUJHRQV OjEDV´ TXDQG FHWWH ,VUDsO FRPPHQFHUD j UHVSHFWXHXVH F¶HVW FH TXH MH FURLV ,OV QH VDYDLHQW SDV YRLOj FH TX¶LO (Q
UHYHQLU j UHQWUHU GDQV VRQ SD\V 4XDQG HOOH DUULYHUD OjEDV O¶eJOLVH HVW pWDLW,OVVHVRQWVLPSOHPHQWDUUrWpV
SUrWH j SDUWLU GDQV O¶(QOqYHPHQW  LO QH UHVWH SOXV TXH WURLV DQV HW GHPL 
MXVTX¶jODILQGHFHYLHX[PRQGHHWFHOXLFLVHUHWURXYHGDQVOHFKDRVHW
ϯϲ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^Ϯϵ
 YRLOjOH0LOOpQLXPTXLDUULYHSRXUODQRXYHOOH²QRXYHOOHWHUUH,ODGLW³¬OD
 -H VDLV TXH YRXV rWHV IDWLJXpV 0DLV PDLQWHQDQW HVVD\H] SRUWH´2UPLOOHDQVVXUODWHUUHF¶HVWVHXOHPHQWXQMRXUSRXU'LHX$ORUV
VHXOHPHQWG¶pFRXWHUSHQGDQWTXHOTXHVPLQXWHVOj(WTXHOH'LHXGX&LHO WURLVDQVHWGHPLoDFRUUHVSRQGUDLWjTXRL"&¶HVWVHXOHPHQWXQHTXHVWLRQ
QRXVDLGHF¶HVWPDSULqUH GHVHFRQGHVGDQVOHWHPSVGH'LHX9RLOjODUDLVRQSRXUODTXHOOH,ODGLW
 ³&¶HVWjODSRUWH´
 1RXVGHYRQVQRXVUDSSHOHUTXHFH6HSWLqPH6FHDXF¶HVWODILQGX  -HYRXVOHGLVHQYpULWpTXHFHWWHJpQpUDWLRQQHVHUD
WHPSV GH WRXWHV FKRVHV &¶HVW H[DFW /HV FKRVHV pFULWHV GDQV OH /LYUH SDVFRQVXPpHVXSSULPpHFHSHXSOHTXHWRXWFHOD«
VFHOOp GH 6HSW 6FHDX[ TXL pWDLHQW VFHOOpHV DX VXMHW GX SODQ GH OD 
UpGHPSWLRQ GHSXLV GqV DYDQW OD IRQGDWLRQ GX PRQGH WRXW oD oD VH  4XRLTX¶HVWFHTXL QH VHUD SDV VXSSULPp" ,OV RQW WRXMRXUV HVVD\p
WHUPLQH DX FRPSOHW &¶HVW OD ILQ F¶HVW OD ILQ GH FH PRQGH TXL VH GpEDW G¶H[WHUPLQHUOHV-XLIVGHODWHUUH,OVQHUpXVVLURQWMDPDLVjOHIDLUH
&¶HVWODILQGHODQDWXUHTXLVHGpEDW&¶HVWODILQGHWRXW&¶HVWOjTXHVH 
WURXYH OD ILQ GHV 7URPSHWWHV &¶HVW OD ILQ GHV &RXSHV &¶HVW OD ILQ GH OD  0DLVUHPDUTXH]/DJpQpUDWLRQPrPHGH-XLIVTXLYHUUDLWOHUHWRXU
WHUUH&¶HVWOD«&¶HVWPrPHODILQGXWHPSV HQ 3DOHVWLQH F¶HVW FHWWH JpQpUDWLRQ TXL YHUUDLW FHV FKRVHV DUULYHU (W FH
 Q¶HVW TXH GHSXLV OHV GHX[ GHUQLqUHV DQQpHV TX¶HOOH HVW GHYHQXH XQH
 ,OQ¶\DSOXVGHWHPSV/D%LEOHO¶DGLW0DWWKLHXDXHFKDSLWUH«-H QDWLRQjSDUWHQWLqUHDYHFVDSURSUHPRQQDLHHWTXRLHQFRUH/DYRLOj
YHX[GLUH$SRFDO\SVHDXHFKDS«HFKDSLWUHHWOHV«HWOHVYHUVHWV 
j,OQ¶\DSOXVGHWHPSV/¶$QJHDGLW³,OQ¶\DXUDSOXVGHWHPSV´jFH  0DLQWHQDQW R HQ VRPPHVQRXV PRQ DPL" /HV 6FHDX[ HW WRXW
PRPHQWOjDX[MRXUVRFHJUDQGpYpQHPHQWVHSURGXLUDLW TXLV¶RXYUHQWPDLQWHQDQWQRXVYR\RQVFHTXLVHSDVVHHQWUHOHVGHX[LFL
 9RLOj 9RXV YR\H] R QRXV HQ VRPPHV" >/¶DVVHPEOpH GLW ³$PHQ´²
 7RXWDUULYHjVDILQGDQVFHWWHSpULRGHOjODILQGX²GX«jODILQGH 1'e@
FH6HSWLqPH6FHDX5HPDUTXH]&¶HVWODILQGHO¶kJHGHO¶pJOLVH&¶HVWOD² 
OD ILQ GX 6HSWLqPH 6FHDX &¶HVW OD ILQ GHV 7URPSHWWHV &¶HVW OD ILQ GHV  -¶HVSqUHTXHYRXV/HVDLVLVVH]-HQ¶DLSDVG¶LQVWUXFWLRQ-HVDLVGH
&RXSHV HW PrPH OD ILQ GH O¶LQWURGXFWLRQ DX 0LOOpQLXP 7RXW oD GDQV OH TXRLMHSDUOHPDLVSHXWrWUHTXHMHQHSHX[SDV/¶H[SOLTXHU²/¶H[SOLTXHU
6HSWLqPH6FHDX SRXU TXH FH VRLW FRPSUpKHQVLEOH SRXU YRXV 0DLV M¶HVSqUH TXH 'LHX
 SUHQGUD OHV 3DUROHV TXL VRQW HPEURXLOOpHV HW TX¶,O YRXV OHV GLVSHQVHUD
 &¶HVW FRPPH TXDQG RQ ODQFH XQH IXVpH GDQV OHV DLUV /D IXVpH GURLWHPHQW YRXV YR\H] HW YRXV IHUD VDYRLU FH TX¶LO (Q HVW (Q HIIHW
H[SORVHLFLHWHOOHPRQWHHWHOOHH[SORVHHQFRUH(OOHIDLWMDLOOLUFLQTpWRLOHV F¶HVW« QRXV VRPPHV j OD SRUWH 1RXV HQ VRPPHV PDLQWHQDQW j FH
/¶XQH GH FHV pWRLOHV H[SORVH HW HOOH SURSXOVH FLQT pWRLOHV SXLV O¶XQH GH PRPHQWOj0DLQWHQDQWUHPDUTXH]
FHVpWRLOHVH[SORVHHWHOOHSURSXOVHFLQTpWRLOHV9RXVYR\H]oDFRQWLQXH 
FRPPHoDMXVTX¶jFHTXHoDV¶pWHLJQH  9RXVYR\H]WRXWGHVXLWHOj,OSDVVHjFHV-XLIVHWDX²DXWHPSV
 GH OD ILQ ,O SDUOH GH FH TXL YD DUULYHU 1RXV VDYRQV PrPH TXH
 &¶HVWFRPPHoDSRXUOH6HSWLqPH6FHDX,OPHWVLPSOHPHQWILQDX PDLQWHQDQW«1RXVOHVDYRQVQRXVHQVRPPHVELHQFRQVFLHQWVTXHOHV
WHPSV SRXU FH PRQGH ,O PHW ILQ DX WHPSV SRXU FHFL ,O PHW ILQ DX WHPSV WULEXVVRQWGLVVpPLQpHV(OOHVOHVRQWGHSXLVGHX[PLOOHFLQTFHQWVDQV,O
SRXUFHOD,OPHWILQDXWHPSVSRXUFHFL,OPHWILQDXWHPSV$EVROXPHQW DYDLW pWp SURSKpWLVp TX¶HOOHV VHUDLHQW GLVVpPLQpHV DX[ TXDWUH YHQWV /H
WRXWV¶HVWWHUPLQpGDQVFH6HSWLqPH6FHDX VDYLH]YRXV"1RXVVDYRQVoD
 
 2UFRPPHQWYDW,OV¶\SUHQGUH"&¶HVWoDTXHQRXVQHVDYRQVSDV  1DWXUHOOHPHQW QRXV Q¶DXURQV SDV EHVRLQ GHUHWRXUQHU SUHQGUH oD
1¶HVWFHSDV"1RXVQHVDYRQVSDV SDUFH TXH M¶DL TXHOTXH FKRVH GH WUqV LPSRUWDQW LFL TXH MH YRXGUDLV YRXV
 IDLUHYRLUDYDQWTXHYRXVVR\H]WURSIDWLJXpVHWTXHMHVRLVpSXLVp
 &¶HVWPrPHOHPRPHQWGHWRXWHVFHVFKRVHVHWGHO¶LQWURGXFWLRQDX 
0LOOpQLXP  5HPDUTXH] 1RXV VDYRQV PrPH TXH WRXWHV OHV WULEXV VHORQ OD
 FKURQRORJLH GHV WULEXV RX OH QRP TXH YRXV YRXOH] GRQQHU j oD OD
ϯϬ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯϱ
JpRORJLHRXOHVSRVLWLRQVGHVWULEXVHOOHVQHVRQWSOXVUHJURXSpHV(OOHV SOXVVDSODFH(WFHVFHQWTXDUDQWHTXDWUHPLOOHLOVVRQWLFLHQFRUHVRXV
VRQWGLVVpPLQpHVSDUWRXW IRUPH GH WULEXV ([DFW 0DLV YRXV YR\H] LOV DYDLHQW pWp DYHXJOpV ,OV
 DYDLHQW VHXOHPHQW OHV VDFULILFHV GH WDXUHDX[ HW GH ERXFV 9R\H]"
 /HV -XLIV TXL VH UDVVHPEOHQW j -pUXVDOHP QH VRQW SDV« ,OV QH 0DLQWHQDQWUHPDUTXH]HX[,OOHVDHIIDFpVGH³GHVVRXVOHVFLHX[´
VDYHQW PrPH SDV GH TXHOOH WULEX LOV VRQW ,OV Q¶RQW SOXV GH EDQQLqUHV GH 
WULEXV QL ULHQ 7RXW FH TX¶LOV VDYHQW Oj F¶HVW TX¶LOV VRQW -XLIV ,O D pWp  0DLV TXHOTX¶XQ GHV QDWLRQV DX[ MRXUV GX 6DLQW(VSULW TXL
SURSKpWLVpTX¶LOVVHUDLHQWFRPPHoDGDQVOHPRQGHHQWLHU/jOHXUVOLYUHV V¶RSSRVHUDLWj&HODYRWUHQRPHVWFRPSOqWHPHQW{WpGX/LYUHGH9LH³HW
RQWpWpGpWUXLWV,OVQHVDYHQWSDV YRXV QH SRXUUH] MDPDLV REWHQLU GH SDUGRQ QL GDQV FH VLqFOH QL GDQV OH
 9RXVGLWHV³'HTXHOOHWULEXrWHVYRXV" VLqFOHjYHQLU´3DVYUDL"$ORUVYRLOjFHTX¶LOHQHVWGHQRXV
 ²-HQHVDLVSDV 
 ²'HTXHOOHWULEX"  ,VUDsO VRXV OHV ERXFV OHV EUHELV LOV²LOV DYDLHQW XQH SODFH 7DQW
 ²-HQHVDLVSDV´ TX¶LOVpWDLHQWVXUODWHUUHLFLOHXUVWULEXVQ¶\pWDLHQWSDVHOOHVQHSRXUUDLHQW
 MDPDLV rWUH LQFOXVHV 0DLQWHQDQW WRXWHV« 4XDQG ,O D DSSHOp OHV FHQW
 /¶XQGHFHOOHGH%HQMDPLQO¶XQGHFHOOHFLHWO¶XQGHFHOOHOj,OVQH TXDUDQWHTXDWUHPLOOHOjEDVHOOHVQ¶\pWDLHQWSDV&¶HVWYUDL(OOHVQHVRQW
VDYHQW SDV G¶R LOV YLHQQHQW /HXUV OLYUHV RQW pWp GpWUXLWV DX FRXUV GHV PrPHSDVFRPSWpHVSDUPLHOOHV(WF¶HVW-RVHSKHW/pYLTXLRQWUHPSODFp
JXHUUHV HW GHSXLV GHX[ PLOOH FLQT FHQWV DQV WRXW FH TX¶LOV VDYHQW F¶HVW 'DQHWeSKUDwP'RQFYRXVSRXYH]UHJDUGHUOj&¶HVWHQSOHLQOjGHYDQW
TX¶LOVVRQW-XLIV&¶HVWWRXW$ORUVLOVVDYHQWTX¶LOVVRQWGHUHWRXUGDQVOHXU YRV\HX[YRXVYR\H](WYRLFLODSURPHVVHGH'LHXLO\DWUqVORQJWHPSV
SDWULH ,OV« SRXUWDQW« 5HPDUTXH] ELHQ TX¶LOV QH VDFKHQW SDV GH TXHOOH GHV FHQWDLQHV HW GHV FHQWDLQHV G¶DQQpHV DXSDUDYDQW >)UqUH %UDQKDP
WULEXLOVVRQW'LHX/XLOHVDLW GRQQHSOXVLHXUVFRXSVVXUODFKDLUH²1'e@
 
 -¶DLPH YUDLPHQW oD 9RXV VDYH] ,O D PrPH GLW TX¶LO \ D« ³/HV  'RQFTX¶HVWFHTXLV¶HVWSDVVp"(OOHVRQWpWpSXULILpHVDXFRXUVGH
FKHYHX[ GH YRWUH WrWH VRQW WRXV FRPSWpV´ +PP 5HPDUTXH] ,O QH SHUG ODWHUULEOHSpULRGHGHOD7ULEXODWLRQ
ULHQ³-HOHUHVVXVFLWHUDLDXGHUQLHUMRXU´ 
  2U VL 'LHX YD SXULILHU FHWWH²FHWWH YLHUJH TXL pWDLW XQH IHPPH
 %LHQTX¶LOVDLHQWSHUGXOHV²OHV²OHVEDQQLqUHVGHOHXUVWULEXVHWQH ERQQHPDLVjTXLLOPDQTXDLWVHXOHPHQWGHO¶KXLOHGDQVVDODPSHHWTX¶,O
VDFKHQW SOXV TXL FKDFXQ HVW HW V¶LOV VRQW FHFL RX FHOD LOV QH VDYHQW SDV YD OD SXULILHU SDU FHWWH SHUVpFXWLRQ ,O IDLW DXVVL SDVVHU FHV WULEXV SDU Oj´
V¶LOVVRQWGHFHOOHGH%HQMDPLQRXELHQV¶LOVVRQWGHFHOOHGH5XEHQRX² GDQVOHPrPHEXWHW,OOHVSXULILHDXFRXUVGHODSpULRGHGHOD7ULEXODWLRQ
RXG¶,VVDFDURXG¶RLOVYLHQQHQW 0DLVTXDQGPrPHYRLFLTXH'LHXOHV (QHIIHWF¶HVWXQH²XQHSXULILFDWLRQ&¶HVWXQMXJHPHQW0DLVYRXVYR\H]
DSSHOOH HOOHV DSUqV« 5HJDUGH] ELHQ YRLFL OHV FHQW TXDUDQWHTXDWUH PLOOH TXL
 DUULYHQWDSUqVODSXULILFDWLRQG¶,VUDsO(WYRLFLDXVVLOHVYLHUJHVHQGRUPLHV
 0DLQWHQDQW UHPDUTXH] GDQV $SRFDO\SVH  QRXV OLVRQV FHFL TXL DUULYHQW SXULILpHV UHYrWXHV GH UREHV EODQFKHV 9R\H]" &RPPH F¶HVW
³'RX]HPLOOH´GHFKDTXHWULEXOHVpOXVVXUWRXVFHX[TX¶LO\DYDLW,O\HQD SDUIDLW&RPPHF¶HVWEHDX
GRX]H PLOOH GH FKDTXH WULEX TXL VRQW pOXV HW TXL VRQW SODFpV LFL HQ 
SRVLWLRQ 2K OD OD 4X¶HVWFH TX¶LOV VRQW" ,OV VRQW HQ SRVLWLRQ VHORQ OHV  ([DFWHPHQW FRPPH -DFRE DX WHPSV GH OD GpWUHVVH YRXV YR\H]
WULEXV 7RXWHIRLV LOV QH OH VRQW SDV HQ FH PRPHQW PDLV LOV OH VHURQW ,OV ,OV«-DFREDXWHPSVGHODGpWUHVVH,ODYDLWPDODJL0DLVLODSDVVpSDU
VRQWHQSRVLWLRQVHORQOHVWULEXV4X¶HVWFHTXLVHUDHQSRVLWLRQVHORQOHV XQ WHPSV GH SXULILFDWLRQ SDUFH TX¶LO DYDLW IDLW GX WRUW j VRQ IUqUH eVD
WULEXV" 3DV OH -XLI RUGLQDLUH QRQ 0DLV FHX[ TXL VRQW pOXV OHV FHQW 9R\H]" ,O DYDLW XVp GH UXVH SRXU REWHQLU VRQ GURLW G¶DvQHVVH 0DLV LO D
TXDUDQWHTXDWUHPLOOHVHURQWSODFpVHQSRVLWLRQVHORQOHVWULEXV2KODOD SDVVp SDU XQH SXULILFDWLRQ DYDQW TXH VRQ QRP SXLVVH rWUH FKDQJp GH
 -DFRE HQ ,VUDsO FH TXL pWDLW XQ W\SH GH O¶RUGUH GH 'LHX OH W\SH
 -¶DLPHUDLVYUDLPHQWYRXVPRQWUHU1RXVQ¶HQWUHURQVSDVOjGHGDQV G¶DXMRXUG¶KXL
0DLV F¶HVW SUpFLVpPHQW FRPPH oD TXH O¶eJOLVH GRLW rWUH RXL H[DFWHPHQW 
HQSRVLWLRQ  %RQPDLQWHQDQWQRXVDOORQVSUHQGUHOHYHUVHWGH«RXOHSUHPLHU
 YHUVHWMHYHX[GLUHGXFKDSLWUHGHO¶$SRFDO\SVH
ϯϰ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯϭ
 9RXVYR\H]eSKUDwPj%pWKHOHW'DQHWLOVRQWpULJpGHVLGROHV(W  0DLQWHQDQW MH YRXGUDLV TXH YRXV VR\H] WUqV DWWHQWLIV HW TXH YRXV
LOVVRQWDOOpVOHVDGRUHU OLVLH] DYHF PRL SHQGDQW XQ LQVWDQW 9RLFL TXHOTXH FKRVH Oj TXH YRXV
 Q¶DYH] SHXWrWUH MDPDLV UHPDUTXp GDQV OH²O¶DSSHO GHV WULEXV -H YRXV
 (W QRXV YRLFL HQ SOHLQ kJH GX 0LOOpQLXP SUHVTXH HW 'LHX VH DYDLV GLW WRXW j O¶KHXUH GH OLUH $SRFDO\SVH  GH OLUH DYHF PRL HW
VRXYLHQW HQFRUH GH FH SpFKp ,OV QH VRQW PrPH SDV GX QRPEUH (K G¶REVHUYHUFHVWULEXV'DQV$SRFDO\SVH'DQHWeSKUDwPQ¶\VRQWSDVLOV
*ORLUH>)UqUH%UDQKDPWDSHXQHIRLVGDQVVHVPDLQV²1'e@$XVVLV€U QH VRQW SDV FRPSWpV SDUPL HOOHV $YH]YRXV UHPDUTXp oD" &¶HVW -RVHSK
TX¶,OVHVRXYLHQWGHFKDFXQHGHVERQQHVSURPHVVHV,OVHVRXYLHQWDXVVL HW/pYLTXLRQWSULVOHXUSODFH$YH]YRXVUHPDUTXpoD"'DQHWeSKUDwPQH
GHFKDFXQHGHVPDXYDLVHV6RXYHQH]YRXVTXDQG« VRQWSDVOj1RQPRQVLHXU0DLVF¶HVW-RVHSKHW/pYLTXLRQWSULVODSODFH
 GH²GH²GH'DQHWeSKUDwP
 &¶HVWSRXUFHWWHUDLVRQMHFURLVPHVDPLVTXHM¶DLWRXMRXUVHVVD\p 
GHPHWHQLUjFHWWH3DUROHSHXLPSRUWHFRPELHQ(OOHSHXWVHPEOHUEL]DUUH  3RXUTXRL",OV«/H'LHXTXLVHVRXYLHQWjMDPDLV,OVHVRXYLHQWGH
 FKDTXHSURPHVVHGH6D3DUROH2KM¶DLPHUDLVSUrFKHUOjGHVVXV9R\H]"
 9RXVYR\H]ERQHX[LOVQ¶\DXUDLHQWSDVSHQVpOjjO¶pSRTXH,OV 'LHXQ¶RXEOLHULHQPrPHVLoDVHPEOHrWUHOHFDV
Q¶\RQWSDVSHQVpjO¶pSRTXH,OVRQWSHQVp³(KELHQLOVRQWUpXVVLjV¶HQ 
WLUHU´7UqVELHQ  &RPPH,OO¶DGLWj0RwVH,O\DYDLW³TXDWUHFHQWVDQV´TX¶,VUDsOpWDLW
 OjEDV,OIDOODLWTX¶LOV\VRLHQWFHWHPSVOj,ODYDLWGLWTX¶$EUDKDP³HWVHV
 0DLV OHV YRLFL LFL DORUV TXH O¶kJH GX 0LOOpQLXP HVW VXU OH SRLQW GH GHVFHQGDQWV VpMRXUQHUDLHQW GDQV XQ SD\V pWUDQJHU SHQGDQW TXDWUH FHQWV
FRPPHQFHUOHXUVQRPVHWOHXUVWULEXVRQWpWp³HIIDFpV´GHOjSDUFHTX¶LOV DQVHWTX¶,OOHVHQIHUDLWVRUWLUSDUXQHPDLQSXLVVDQWH´0DLVHQVXLWH,OD
RQWVHUYLO¶LGROkWULHTXH'LHXDYDLWPDXGLWH GLW j 0RwVH³-H PH VXLV VRXYHQX GH 0D SURPHVVH HW -H VXLV GHVFHQGX
 SRXUWHQLUSDUROH´
 1¶DW,O SDV GLW TX¶,O ³KDwVVDLW´ FHV 1LFRODwWHV HW FHWWH -p]DEHO" 
7HQH]YRXVORLQGHoD1¶DW,OSDVGLWTX¶,OWXHUDLWOHVILOOHVGH-p]DEHOOHV  'LHXQ¶RXEOLHSDV,OQ¶RXEOLHSDV6HVPDOpGLFWLRQVHW,OQ¶RXEOLHSDV
IHUDLW PRXULU GH ³PRUW´ F¶HVWjGLUH GH OD VpSDUDWLRQ eWHUQHOOH GH 6D 6HVEpQpGLFWLRQVQRQSOXV0DLVFKDTXHSURPHVVHTX¶,ODIDLWH,OV¶\WLHQW
3UpVHQFH" 1H YRXV FRQILH] SDV GX WRXW OjGHGDQV eORLJQH]YRXV GH oD 
'RQF'LHXVHVRXYLHQW5HPDUTXH]  9RLFL SRXUTXRL LOV Q¶pWDLHQW SDV Oj GRQF VL YRXV UHJDUGH] ELHQ
 0DLQWHQDQWOLVH]-HYRXGUDLVTXHYRXVOLVLH]DYHFPRLPDLQWHQDQW3UHQH]
 0DLV DYH]YRXV UHPDUTXp Oj LO GHYDLW rWUH ³HIIDFp´" 3RXUTXRL" GDQV'HXWpURQRPHOHYLQJW«OHYHUVHWOjRXSOXW{WOHFKDSLWUH,O
6RXVOH&LHOLOQ¶\DYDLWSDVGH6DFULILFHLPPpGLDWTXLSXLVVHOXLGRQQHUOH \DXQHUDLVRQSRXUODTXHOOHFHVWULEXVOjQ¶\VRQWSDV,O\DXQHUDLVRQj
6DLQW(VSULWSRXUOXLSHUPHWWUHGHYRLUFHVFKRVHV0DLVLOO¶DTXDQGPrPH WRXW 'HXWpURQRPH QRXV YRXORQV SUHQGUH OH²OH FKDSLWUH  GH
IDLWVHORQO¶pJRwVPHGHVRQSURSUHHQWHQGHPHQW 'HXWpURQRPH 0DLQWHQDQW TXH OH 6HLJQHXU QRXV DLGH SRXU TXH QRXV
 SXLVVLRQVFRPSUHQGUHPDLQWHQDQW0DLQWHQDQWQRXVYRXORQVFRPPHQFHU
 0DLV e]pFKLHO GDQV OD YLVLRQ TX¶LO D HXH LO OHV YRLW GDQV OH GDQV 'HXWpURQRPH FKDSLWUH  DX YHUVHW 0DLQWHQDQW pFRXWH] &¶HVW
0LOOpQLXPGHQRXYHDXSDUIDLWHPHQWHQSRVLWLRQe]pFKLHOVLYRXVDLPHULH] 0RwVHTXLSDUOH
OHOLUH3RXUJDJQHUGXWHPSVYRXVQ¶DYH]TX¶jOHQRWHUHWYRXVSRXUUH]OH  &DUYRXVVDYH]FRPPHQWQRXVDYRQVKDELWpGDQVOH
OLUH e]pFKLHO  j  HW OLVH] DXVVL GH  j  e]pFKLHO D YX FKDTXH SD\VG¶eJ\SWHHWFRPPHQWQRXVDYRQVSDVVpjWUDYHUV
WULEXH[DFWHPHQWHQSRVLWLRQ7UqVELHQ OHVQDWLRQVTXHQRXVDYRQVWUDYHUVpHV
  (W YRXV DYH] YX OHV DERPLQDWLRQVHWOHXUV LGROHVOH
 (W DXVVL GDQV $SRFDO\SVH  -HDQ OHV D YXV GH QRXYHDX HQ ERLV«ODSLHUUH«O¶DUJHQW«O¶RUTXLVRQWSDUPLHX[ 
SRVLWLRQ VHORQ OHV WULEXV F¶HVW H[DFW FKDTXH WULEX j VD SODFH 4X¶HVWFH 
TXLV¶HVWSDVVp"  ,OVSRUWDLHQWWRXVXQSHWLWTXHOTXHFKRVHXQHSHWLWHVWDWXHGHVDLQWH
 &pFLOHYRXVVDYH]TXHOTXHFKRVHFRPPHoDYR\H]YRXV³'RQFGHSHXU
 9RXVYRXVVRXYHQH],ODGLWTXH³GHVVRXVOHVFLHX[VRQQRPVHUDLW TX¶LOQ¶\«´eFRXWH]
HIIDFp GX QRPEUH GHV WULEXV´ 7DQW TX¶LO VHUDLW VRXV OHV FLHX[ LO Q¶DXUDLW
ϯϮ>^Wd/D^h Ϯϰ͘Ϭϯ͘ϭϵϲϯ:&&Z^KEs/>>͕/E͕h^ϯϯ
 'HSHXUTX¶LOQ¶\DLWSDUPLYRXVKRPPH«IHPPHRX O¶DQWLFKULVW D HVVD\p GH IDLUH &RPELHQ VDYHQW TXH OH GLDEOH W\SLILH HW
IDPLOOHRXWULEXGRQWOHF°XUVHGpWRXUQHDXMRXUG¶KXL SUHQGVRQPRGqOHVXU²VXUOHVVDLQWVGH'LHX"
G¶DYHFO¶eWHUQHOQRWUH'LHXSRXUDOOHUVHUYLUOHVGLHX[ 
GH FHV QDWLRQV GH SHXU TX¶LO Q¶\ DLW SDUPL YRXV XQH  /H SpFKp F¶HVW²F¶HVW TXRL" &¶HVW OD FKRVH MXVWH SHUYHUWLH 8Q
UDFLQHTXLSURGXLVHGXSRLVRQHWGHO¶DEVLQWKH PHQVRQJH F¶HVW TXRL" &¶HVW OD YpULWp GpIRUPpH /¶DGXOWqUH F¶HVW TXRL"
 (W TX¶LO Q¶DUULYH TXH TXHOTX¶XQ HQ HQWHQGDQW OHV &¶HVWO¶DFWHMXVWHO¶DFWHOpJLWLPHDFFRPSOLGDQVODIDXVVHWp9R\H]"
SDUROHV GH FH VHUPHQW QH VH²QH VH EpQLVVH GDQV VRQ 
F°XUHWGLVH-¶DLODSDL[ORUVPrPHTXHMHPDUFKHUDL  0DLQWHQDQW HQ HVVD\DQW GH IDLUH FHFL ³G¶HIIDFHU XQ QRP´ DYH]
GDQVO¶REVWLQDWLRQGHPRQSURSUHF°XU« YRXV UHPDUTXp GDQV O¶kJH GH O¶pJOLVHTXH FHWWH PrPH ErWHTXL VHUW DX[
 JHQV GHV VWDWXHV GH PRUWV HW WRXW HOOH D HVVD\p G¶HIIDFHU OH 1RP GX
 9RXVYR\H]OHVJHQVGLVHQW³2KLOVHEpQLW´9RXVVDYH]LOVIRQW 6HLJQHXU -pVXV&KULVW SRXU GRQQHU GHV WLWUHV GH 3qUH )LOV HW 6DLQW
XQ SHWLW VLJQH GH FURL[ VXU HX[ RX TXHOTXH FKRVH FRPPH LOV OH IRQW (VSULW /D PrPH FKRVH DYHF OD PDOpGLFWLRQ TXL \ HVW UDWWDFKpH FRPPH
PDLQWHQDQW YR\H] OD PrPH FKRVH YR\H] $ORUV YRXV SRXYH] YRLU TXH oD
F¶HVWFDUDFWpULVWLTXHGHVSDwHQVYRXVYR\H]GHV²GHVSDwHQV 
 «QH VH EpQLVVH GDQV VRQ SURSUH F°XU« VD SURSUH  &¶HVW H[DFWHPHQW FH TXH 'DQ HW eSKUDwP RQW IDLW VRXV OH UqJQH
REVWLQDWLRQGDQVVDSURSUHSHQVpHDILQGHGpWUXLUHFH G¶XQ URL K\SRFULWH HQ ,VUDsO G¶XQ LPSRVWHXU -pURERDP 0DLQWHQDQW
TXLHVWHQLYUpHWFHTXLHVWDOWpUp UHPDUTXH] GDQV , 5RLV DX FKDSLWUH  -H VDLV TXH QRXV VRPPHV« -H
 WURXYH TXH FHFL oD²oD²oD VHUW GH FRQWH[WH TXHOTXH FKRVH GH ILDEOH
 ³%XYH]GRQFoDQHFKDQJHULHQSRXUYXTXHYRXVDOOLH]j O¶pJOLVH TXHQRXVSRXYRQVYRLU,5RLVMHYHX[SUHQGUHOHFKDSLWUHGXYHUVHW
YRXVQ¶DYH]SDVjYRXVHQIDLUH´ DXYHUVHW
 $ORUVO¶eWHUQHOQHYRXGUDSDVOXLSDUGRQQHUPDLVOD  -pURERDP«6LFKHPVXUODPRQWDJQHG¶eSKUDwPHWLO
FROqUHGHO¶eWHUQHO«VDMDORXVLHIXPHURQWDORUVFRQWUH \ GHPHXUD SXLV LO« VRUWLW GDQV« HW EkWLW 3HQXHO
FHWKRPPHHWWRXWHODPDOpGLFWLRQTXLHVWpFULWHGDQV $ORUV-pURERDPGLWj«HQ²HQVRQF°XU YRXVYR\H]
FHOLYUH ³1¶(QUHWUDQFKH]SDVXQVHXO0RWHWQ¶< O¶REVWLQDWLRQ GH VRQ F°XU  /H UR\DXPH SRXUUDLW
DMRXWH] SDV XQ VHXO PRW´ YR\H]YRXV  UHSRVHUD ELHQPDLQWHQDQWUHWRXUQHUjODPDLVRQGH'DYLG
VXUOXLHWO¶eWHUQHOHIIDFHUDVRQ²HIIDFHUDVRQQRPGH 
GHVVRXVOHVFLHX[  ,O FRPPHQoDLW j FUDLQGUH YRXV YR\H] SDUFH TXH OHV JHQV
 SRXUUDLHQWSDUWLU
 dDF¶HVWSHQGDQWTX¶LOHVWLFLVXUODWHUUHYRXVYR\H]³GHVVRXVOHV  6L FH SHXSOH PRQWH j -pUXVDOHP SRXU IDLUH GHV
FLHX[´ VDFULILFHV GDQV OD PDLVRQ GH O¶eWHUQHO OH F°XU GH FH
 (W O¶eWHUQHO OH VpSDUHUD GH WRXWHV OHV WULEXV G¶,VUDsO SHXSOHUHWRXUQHUDDXVHLJQHXUj5RERDPURLGH-XGD
SRXU OH PDOKHXU VHORQ WRXWH OD PDOpGLFWLRQ GH HW LOV PH WXHURQW HW LURQW YHUV 5RERDP²5RERDP URL
O¶DOOLDQFHTXLHVWpFULWHGDQVFHOLYUHGHODORL>'DUE\@ GH-XGD
  $SUqVV¶rWUHFRQVXOWpOHURLILWGHX[YHDX[G¶RUHWLO
 'RQF³VLXQKRPPHVHUWXQHLGROHRXSRUWHXQHLGROHVXUOXLRXVH GLW DX SHXSOH $VVH] ORQJWHPSV YRXV rWHV PRQWpV j
EpQLW VHORQ O¶REVWLQDWLRQ GH VD SURSUH SHQVpH HW TX¶LO VHUYH GHV LGROHV´ -pUXVDOHP,VUDsOYRLFLWRQ'LHXTXLW¶DIDLWVRUWLUGX
'LHX D GLW ³TX¶LO V¶DJLVVH G¶XQ KRPPH G¶XQH IHPPH G¶XQH IDPLOOH RX SD\VG¶eJ\SWH
G¶XQHWULEXVRQQRPVHUDFRPSOqWHPHQWHIIDFpGXPLOLHXGXSHXSOH´(VW  ,OpULJHDO¶XQGHFHVYHDX[j%pWKHOHWLOPLWO¶DXWUHj
FHH[DFWoD">/¶DVVHPEOpHGLW³$PHQ³²1'e@&RPPHF¶HVWYUDL 'DQ
  &H IXW Oj XQH RFFDVLRQ GH SpFKp /H SHXSOH DOOD
 /¶LGROkWULHDHXOHPrPHHIIHWGDQVO¶pJOLVHLO\DGHVDQQpHVTX¶HOOH GHYDQWO¶XQGHVYHDX[MXVTX¶j'DQ
D DXMRXUG¶KXL (W MH UHPDUTXH« 5HJDUGH] ELHQ FHWWH PDQ°XYUH DQWL TXH