$UWLFOH  QRXYHDX  /H PRQWDQW GX SUL[ GX IDLUSOD\ $UUrWp GX PLQLVWUH GX WUDQVSRUW GX

DQVSRUW GX  GpFHPEUH

HVW IL[p j  GLQDUV HW VHUD LPSXWp VXU OH EXGJHW GX
PLQLVWqUHGHODMHXQHVVHGHO¶HQIDQFHHWGHVVSRUWV
&H SUL[ HVW UpSDUWL HQWUH OHV DVVRFLDWLRQV FRQFHUQpHV
VHORQOHFODVVHPHQWVXLYDQW
FDWpJRULHGLQDUV
FDWpJRULHGLQDUV
FDWpJRULHGLQDUV
FDWpJRULHGLQDUV
FDWpJRULHGLQDUV
$UW  ± /HV PLQLVWUHV GHV ILQDQFHV HW GH OD MHXQHV VH GH
O
HQIDQFHHWGHVVSRUWVVRQWFKDUJpVFKDFXQHQFHTXLOHFRQFHUQH
GH O¶H[pFXWLRQ GX SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO
2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH 
7XQLVOHGpFHPEUH
=LQH(O$ELGLQH%HQ$OL
 SDUOHGpFUHWGXRFWREUH
 9X O¶DUUrWp GX  MDQYLHU  IL[DQW OHV PRGDOLWpV
0,1,67(5('875$163257
 G¶H[SORLWDWLRQ\DIIpUHQWHV
'pFUHW Qƒ  GX  GpFHPEUH 
FRPSOpWDQW OH GpFUHW Qƒ  GX  IpYULHU
IL[DQWODOLVWHGHVPDWLqUHVGDQJHUHXVHVTXL
VRQWWUDQVSRUWpHVSDUURXWHREOLJDWRLUHPHQWVRXV
OHFRQWU{OHHWDYHFO¶DFFRPSDJQHPHQWGHVXQLWpV
GHVpFXULWp
/H3UpVLGHQWGHOD5pSXEOLTXH
6XUSURSRVLWLRQGXPLQLVWUHGXWUDQVSRUW
9XODORLQƒGXMXLQUHODWLYHDXWUDQVSRUW
SDU URXWH GHV PDWLqUHV GDQJHUHXVHV HW QRWDPPHQW VRQ
DUWLFOH
 SRUWDQW PRGLILFDWLRQ GH O¶DUUrWp GX 
MDQYLHU  IL[DQW OHV PRGDOLWpV G¶RFWURL GHV
DXWRULVDWLRQV GH WUDQVSRUW SXEOLF UXUDO HW OHV
PRGDOLWpVGHGpOLYUDQFHHWGHUHQRXYHOOHPHQWGHV
FDUWHVG¶H[SORLWDWLRQ\DIIpUHQWHV
/HPLQLVWUHGXWUDQVSRUW
9X OD ORL Qƒ  GX  DR€W  SRUWDQW RUJDQLVDWLRQ
GHVWUDQVSRUWVWHUUHVWUHVWHOOHTXHPRGLILpHSDUODORLQƒ
GXMXLOOHWHWSDUODORLQƒGXMXLOOHW
9X OD ORL Qƒ  GX  MXLOOHW  SRUWDQW
SURPXOJDWLRQGXFRGHGHODURXWH
9X OH GpFUHW Qƒ  GX  VHSWHPEUH  IL[DQW
OHVDWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW
9X OH GpFUHW Qƒ  GX  GpFHPEUH 
UpJOHPHQWDQW OHV WUDQVSRUWV SXEOLFV GH SHUVRQQHV SDU
YRLWXUHVGHWD[LHWGHORXDJHHWOHWUDQVSRUWSXEOLFUXUDOHW
QRWDPPHQWVHDUWLFOHVHWWHOTXHPRGLILp
G¶RFWURL GHV DXWRULVDWLRQV GH WUDQVSRUW SXEOLF UXUDO HW OHV
PRGDOLWpV GH GpOLYUDQFH HW GH UHQRXYHOOHPHQW GHV FDUWHV
$UUrWH
$UWLFOHSUHPLHU±O¶H[SUHVVLRQ©GHSXLVPRLQVGHWURLV
PRLVª FLWpH DX[ DUWLFOHV   HW  GH O¶DUUrWp GX 
MDQYLHU  VXVYLVp HVW UHPSODFpH SDU O¶H[SUHVVLRQ
VXLYDQWH©GHSXLVPRLQVGHVL[PRLVª
$UW  ± O¶H[SUHVVLRQ ©D UHoX XQH IRUPDWLRQª FLWpH j
O¶DUWLFOHGHO¶DUUrWpVXVYLVpHVWUHPSODFpHSDUO¶H[SUHVVLRQ
VXLYDQWH©DVXLYLGHVFRXUVª
$UW  ± O¶H[SUHVVLRQ ©XQ FHUWLILFDW GH QRQ IDLOOLWHª
FLWpHjO¶DUWLFOHGHO¶DUUrWpVXVLQGLTXpHVWVXSSULPpH
$UW  ± O¶DUWLFOH  GH O¶DUUrWp GX  MDQYLHU 
VXVYLVpHVWVXSSULPpHWUHPSODFpSDU
9X OH GpFUHW Qƒ  GX  PDL  IL[DQW OHV
DWWULEXWLRQVGXPLQLVWqUHGHO¶LQWpULHXU
9X OH GpFUHW Qƒ  GX  VHSWHPEUH  IL[DQW
OHVDWWULEXWLRQVGXPLQLVWqUHGXWUDQVSRUW
9X OH GpFUHW Qƒ GX  IpYULHU  IL[DQW OD
OLVWH GHV PDWLqUHV GDQJHUHXVHV TXL VRQW WUDQVSRUWpHV SDU
URXWH REOLJDWRLUHPHQW VRXV OH FRQWU{OH HW DYHF
O¶DFFRPSDJQHPHQWGHVXQLWpVGHVpFXULWp
9X O¶DYLV GHV PLQLVWUH GHV O¶LQWpULHXU GH OD VDQWp
SXEOLTXHGHO¶LQGXVWULHHWGXFRPPHUFH
9XO¶DYLVGXWULEXQDODGPLQLVWUDWLI
'pFUqWH
$UWLFOH SUHPLHU ± ,O HVW DMRXWp j O¶DUWLFOH SUHPLHU GX
GpFUHW Qƒ  GX  IpYULHU  VXVYLVp OH
SDUDJUDSKHVXLYDQW
$UWLFOH  QRXYHDX OD FRXOHXU GLVWLQFWLYH GHV
YpKLFXOHVGHWUDQVSRUWSXEOLFUXUDOHVWOHEODQF
(Q RXWUH FHVYpKLFXOHVGRLYHQWSRUWHUGHX[EDQGHVGH
FPGHODUJHXU
 O¶XQH ODWpUDOH GRQW OD ERUGXUH LQIpULHXUH GRLW rWUH j
FPGXVRO
 O¶DXWUHVLWXpHGDQVOHVHQVORQJLWXGLQDOGXYpKLFXOH
DXPLOLHXGXFDSRW
&HVGHX[EDQGHVVRQWGHFRXOHXUMDXQHQHZ\RUNDLV
/HVSURSULpWDLUHVGHYpKLFXOHVPLVHQH[SORLWDWLRQDYDQW
OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp HW SRUWDQW OD
FRXOHXU PDUURQWDEDF SHXYHQW FRQWLQXHU j OHV H[SORLWHU
MXVTX¶jOHXUUHPSODFHPHQW
/HV YpKLFXOHV LPSRUWpV SDU OHV FRQFHVVLRQQDLUHV DYDQW
OD GDWH GH SXEOLFDWLRQ GX SUpVHQW DUUrWp HW SRUWDQW OD
FRXOHXU PDUURQWDEDF SHXYHQW pJDOHPHQW rWUH H[SORLWpV
GDQV OH VHFWHXU GX WUDQVSRUW UXUDO DYHF FHWWH FRXOHXU
OHVPDWLqUHVFRUURVLYHVGHODFODVVH MXVTX¶jOHXUUHPSODFHPHQW
$UW  ± /HV PLQLVWUHV GH O¶LQWpULHXU GH OD VDQWp 7XQLVOHGpFHPEUH
SXEOLTXHGXFRPPHUFHGHO¶LQGXVWULHHWGXWUDQVSRUWVRQW
/H0LQLVWUHGX7UDQVSRUW
FKDUJpV FKDFXQ HQ FH TXL OH FRQFHUQH GH O¶H[pFXWLRQ GX
SUpVHQW GpFUHW TXL VHUD SXEOLp DX -RXUQDO 2IILFLHO GH OD +RXVVLQH&KRXN
5pSXEOLTXH7XQLVLHQQH 9X
7XQLVOHGpFHPEUH /H3UHPLHU0LQLVWUH
=LQH(O$ELGLQH%HQ$OL 0RKDPHG*KDQQRXFKL

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH²GpFHPEUH 3DJH