ª (20h00)

3URMHFWLRQGXILOP©
3URMHFWLRQGXILOP©/DGpIHQVH/RXMLQH
/DGpIHQVH/RXMLQHªK
ªK
6\QRSVLV
6\QRSVLV
(Q$OH[DQGUH/RXMLQHHVWXQKRPPHH[FHQWULTXHLPSUpYLVLEOHHWGpWDFKp
GXPRQGH6DVHXOHSDVVLRQFHVRQWOHVpFKHFV,OHQHVWXQGHVJUDQGVPDvWUHV
'
XQHFHUWDLQHPDQLqUHOHMHXOXLVHUWG
H[XWRLUHLOSRVVqGHGHVYHUWXV
FRPSHQVDWULFHVQRWUHKRPPHVHPRQWUDQWSDUDLOOHXUVLQFDSDEOHGHQRXHUGHV
UDSSRUWVLQWLPHVDYHFOHVIHPPHVGHVRQHQWRXUDJH
8QJUDQGWRXUQRLG
pFKHFVHVWRUJDQLVpGDQVXQHSHWLWHVWDWLRQEDOQpDLUHGX1RUG
GHO
,WDOLH/RXMLQHVHUHQGVXUSODFH,OHVWDFFXHLOOLDYHFOHVKRQQHXUVSDUOH
GLUHFWHXUGXSDODFHROHVMRXHXUVYRQWVHPHVXUHU7URSSUpRFFXSpSDUOHV
SDUWLHVTXLVHSUpSDUHQWLOUHPDUTXHjSHLQHODSUpVHQFHGH1DWDOLD
&HOOHFLHVWXQHDULVWRFUDWHUXVVHpPLJUpHTXHVHVSDUHQWVGHVWLQHQWjXQULFKH
PDULDJH6DPqUH9HUDDXQHSHWLWHLGpHVXUO
LGHQWLWpGXJHQGUHLGpDOF
HVWOH
FRPWH-HDQGH6WDVVDUGDPDWHXUpFODLUpYHQXDVVLVWHUDXWRXUQRL0DLV1DWDOLD
Q
HVWSDVYUDLPHQWDWWLUpHSDUFHQREOHDX[WDOHQWVPXOWLSOHV(OOHHVWVRXVOH
FKDUPHGHO
pWUDQJH/RXMLQH
5
0DUOHHQ*RUULV5pDOLVDWULFH
0DUOHHQ*RUULV5pDOLVDWULFH
%LRJUDSKLH
7UqVW{WDWWLUpHSDUO
DUWGUDPDWLTXH0DUOHHQ*RUULVpWXGLHO
DQJODLVjO
8QLYHUVLWp
GH*URQLQJHQSXLVHIIHFWXHXQFXUVXVWKpkWUDOjFHOOHG
$PVWHUGDPSXLVjFHOOHGH
%LUPLQJKDPRHOOHREWLHQWVDPDvWULVHHQ(OOHUpDOLVHHQVRQSUHPLHU
ILOP/H6LOHQFHDXWRXUGH&KULVWLQH0UpFRPSHQVpGDQVGLYHUVIHVWLYDOV'HX[
DQVSOXVWDUG0LURLUVEULVpVUHPSRUWHXQPrPHVXFFqV$SUqVDYRLUDWWHQGXVL[
DQVDYDQWGHPHWWUHHQVFqQH7KH/DVWLVODQG0DUOHHQ*RUULVUHPDUTXpHSRXU
VHVSULVHVGHSRVLWLRQIpPLQLVWHVWRXUQHXQHVpULHGHFLQTILOPVG
XQHGHPLKHXUH
LQWLWXOpV7DOHVRIWKHVWUHHWGLIIXVpVjODWpOpYLVLRQKROODQGDLVHHQ
&
HVWHQTX
HOOHDFFqGHjODUHFRQQDLVVDQFHLQWHUQDWLRQDOHDYHF$QWRQLDHWVHV
ILOOHVFRXURQQpO
DQQpHVXLYDQWHSDUO
2VFDUGX0HLOOHXUILOPpWUDQJHU/HV
FRPpGLHQQHV(LOHHQ$WNLQVHW9DQHVVD5HGJUDYHODVROOLFLWHQWDORUVSRXUTX
HOOH
SRUWHjO
pFUDQOHURPDQGH9LUJLQLD:RROI0UV'DOORZD\6XLW/D
'pIHQVH/RXMLQHDGDSWpGXOLYUHKRPRQ\PHGH9ODGLPLU1DERNRYDYHF
-RKQ7XUWXUURHW(PLO\:DWVRQGDQVOHVU{OHVSULQFLSDX[
6
)LOPRJUDSKLH
+HDYHQ(DUWK3URFKDLQHPHQW
&DUROLQD
/D'pIHQVH/RXMLQH
$QWRQLDHWVHVILOOHV
0UV'DOORZD\
7KH/DVWLVODQG
7
-RKQ7XUWXUUR
-RKQ7XUWXUUR$FWHXU
$FWHXU
%LRJUDSKLH
-RKQ7XUWXUURG
DERUGDWWLUpSDUOHEDVNHWEDOOVHGLULJHYHUVGHVpWXGHVG
DUWGUDPDWLTXH
$SUqVTXHOTXHVDQQpHVGHWKpkWUHLOIDLWVHVSUHPLHUVSDVDXFLQpPDHQHQGpFURFKDQWXQ
SHWLWU{OHDXFXORWORUVG
XQHDXGLWLRQLPSURYLVpHSRXU5DJLQJ%XOO/HUpDOLVDWHXU0DUWLQ
6FRUVHVHOHUpHPSORLHUDG
DLOOHXUVVL[DQVSOXVWDUGGDQV/D&RXOHXUGHO
DUJHQW
(QWUHHWRQYRLWDSSDUDvWUHODORQJXHVLOKRXHWWHJDXFKHGH-RKQ7XUWXUURFKH]
G
DXWUHVJUDQGVFLQpDVWHVWHOVTXH:RRG\$OOHQ+DQQDKHWVHVVRHXUVRX0LFKDHO
&LPLQR/H6LFLOLHQ/DIUpTXHQWDWLRQGXFLQpPDG
DXWHXUQHO
HPSrFKHSDVGHV
HVVD\HU
GDQVOHPrPHWHPSVjGHVILOPVSOXVFRPPHUFLDX[FRPPH/H.LGGHODSODJHRX([WHUPLQDWRU
,,
-RKQ7XUWXUURREWLHQWVRQSUHPLHUJUDQGU{OHHQGDQV)LYHFRUQHUVGH7RQ\%LOODX[
F{WpVGH-RGLH)RVWHUHW7LP5REELQV0DLVFHVRQW-RHOHW(WKDQ&RHQTXLYRQWYpULWDEOHPHQW
OHUpYpOHUDXJUDQGSXEOLFWRXWG
DERUGHQGDQV0LOOHU
V&URVVLQJSXLVVXUWRXWGDQV
%DUWRQ)LQN3DOPHG
2UDX)HVWLYDOGH&DQQHVRVRQU{OHGHVFpQDULVWHFRLQFpOXLYDXWOH
3UL[G
LQWHUSUpWDWLRQ
'qVORUV-RKQ7XUWXUURHVWRPQLSUpVHQW,OWRXUQHjVHSWUHSULVHVDYHF6SLNH/HHGH'RWKH
ULJKWWKLQJj6XPPHURI6DPHWGHX[IRLVDYHFOHVIUqUHV&RHQ7KH%LJ/HERZVNLHW
2
%URWKHU2QOHYRLWVRXVODGLUHFWLRQGHUpDOLVDWHXUVDXVVLGLYHUVTXH)UDQFHVFR5RVL/D
7UrYH5REHUW5HGIRUG4XL]6KRZ'LDQH.HDWRQ/HV/LHQVGXVRXYHQLURXHQFRUH7LP
5REELQV%URDGZD\HUXH
/
DFWHXUFKDQJHVRXYHQWGHUHJLVWUHHWFROOHFWLRQQHOHVJHQUHV,ODSSDUDvWGDQVOHU{OHG
XQ
SV\FKRSDWKHGDQVOHILOPIDQWDVWLTXH)HQrWUHVHFUqWHRLOGRQQHODUpSOLTXHj-RKQQ\
'HSSTX
LODG
DLOOHXUVGpMjFURLVpGDQV7KH0DQZKRFULHGHW7KH6RXUFH2QOHYRLWDXVVL
ELHQGDQVGHVFRPpGLHVIDFHj$GDP6DQGOHU0U'HHGV6HOIFRQWURORX6LJRXUQH\:HDYHU
&RPSDQ\PDQTXHGDQVGHVILOPVG
DFWLRQFRPPH'RPPDJHFROODWpUDODX[F{WpVG
$UQROG
6FKZDU]HQHJJHURXGHVWKULOOHUVWHO,QVLGHMREGDQVOHTXHOLOFDPSHXQKRPPHGpFLGpj
UpVRXGUHOHPHXUWUHGHVDIHPPH
0DULpGHSXLVjO
DFWULFH.DWKHULQH%RURZLW]DYHFODTXHOOHLODWRXUQpSOXVLHXUVILOPV-RKQ
7XUWXUURSDVVHGHUULqUHODFDPpUDDYHF0DFORQJPpWUDJHUHYHQDQWVXUODYLHG
RXYULHUGHVRQ
SqUHTX
LODpJDOHPHQWpFULWHWLQWHUSUpWpHWTXLOXLSHUPHWGHUHPSRUWHUOD&DPpUDG
2UDX
)HVWLYDOGH&DQQHV,OGLULJHHQVXLWH&KULVWRSKHU:DONHQ6XVDQ6DUDQGRQHW%HQ*D]]DUD
GDQV,OOXPLQDWD0DLV7XUWXUURQHFHVVHWRXWHIRLVMDPDLVGHWRXUQHUDIILFKDQWXQ
pFOHFWLVPHpWRQQDQW(QLOWRXUQHDLQVLSRXU5REHUW'H1LURGDQV5DLVRQVG
(WDW/
DQQpH
VXLYDQWHLOHVWDXJpQpULTXHGXEORFNEXVWHU7UDQVIRUPHUVGH0LFKDHO%D\(WHQLO
UHWURXYHOHILGqOH6SLNH/HHSRXUVRQILOPGHJXHUUH0LUDFOHj6DQWD$QQD
8
(PLO\:DWVRQ$FWULFH
(PLO\:DWVRQ$FWULFH
%LRJUDSKLH
(WXGLDQWHjOD%ULWLVK6KDNHVSHDUH6FKRRORI$FWLQJ(PLO\:DWVRQHIIHFWXHVHVSUHPLHUVSDV
GHFRPpGLHQQHVXUOHVSODQFKHVGHWKpkWUHORQGRQLHQQHV&
HVWGXUDQWXQHUHSUpVHQWDWLRQGHOD
SLqFH7KH&KLOGUHQ
VKRXUTXHOHFLQpDVWHGDQRLV/DUVYRQ7ULHUODUHSqUHHWOXLRIIUHOHU{OH
SULQFLSDOGH%UHDNLQJWKHZDYHVHQ
6RQU{OHGHIHPPHVDFULILpHVXUO
DXWHOGHO
DPRXULPSRVVLEOHG
DERUGSURSRVpj+HOHQD
%RQKDP&DUWHUPDUTXHO
pGLWLRQGX)HVWLYDOGH&DQQHVTXLRIIUHOH*UDQG3UL[GXMXU\
DXILOP'HVQRPLQDWLRQVDX[2VFDUVDX[*ROGHQ*OREHVHWDX[%$)7$%ULWLVK$FDGHP\
)LOPDQG7HOHYLVLRQ$ZDUGVUpFRPSHQVHQWOHMHXGHO
DFWULFHTXLjVHXOHPHQWDQVFRQQDvW
XQHVXFFqVIXOJXUDQW
(PLO\:DWVRQHQFKDvQHDYHFODFRPpGLHGUDPDWLTXH0HWURODQGVLJQpH3KLOLS6DYLOOH
DYDQWGHUHSUHQGUHODPrPHDQQpHXQU{OHG
pSRXVHGpFKLUpHHQ,UODQGHGX1RUGGDQV7KH
%R[HUGH-LP6KHULGDQ
8QHQRXYHOOHPRLVVRQGHQRPLQDWLRQVDWWHQGO
DFWULFHHQSRXUVRQU{OHGDQV+LODU\DQG
-DFNLHG
$QDQG7XFNHU(QFRUHXQHIRLVGUDPDWLTXHODFRPSRVLWLRQG
(PLO\:DWVRQTXL
LQFDUQHOHSHUVRQQDJHYpULGLTXHGHODPXVLFLHQQH-DFTXHOLQHGX3UpOXLRIIUHXQHGHX[LqPH
QRPLQDWLRQDX[2VFDUVDX[*ROGHQ*OREHVHWDX[%$)7$'UDPHWRXMRXUVFHWWHIRLVFLHQ
FRPSDJQLHGH5REHUW&DUO\OHGDQVOHVRPEUH/HV&HQGUHVG
$QJHODVRXVODGLUHFWLRQG
$ODQ
3DUNHU
+DELWXpHGXILOPG
pSRTXH(PLO\:DWVRQDSSDUDvWFRQVpFXWLYHPHQWGDQV/D'pIHQVH/RXMLQH
GH0DUOHHQ*RUULVHW*RVIRUG3DUNGH5REHUW$OWPDQ7UqVpFOHFWLTXHODFRPpGLHQQH
HQFKDvQHHQVXLWHHQXQHFRPpGLHGpFDOpH3XQFKGUXQNORYH,YUHG
DPRXUXQILOPGH
VHULDONLOOHU'UDJRQ5RXJHHWXQILOPGHVFLHQFHILFWLRQ(TXLOLEULXP(OOHFRQWLQXHVXUVD
ODQFpHHWHQFKDvQHHQ0RL3HWHU6HOOHUVGH6WHSKHQ+RSNLQVFHTXLOXLYDXWXQH
QRXYHOOHQRPLQDWLRQDX[*ROGHQ*OREHVSRXUVRQU{OHG
$QQH6HOOHUVHW/HV1RFHVIXQqEUHV
GH7LP%XUWRQILOPG
DQLPDWLRQSRXUOHTXHOHOOHSUrWHVHVWUDLWVHWVDYRL[jODMROLH
9LFWRULD
(Q(PLO\:DWVRQWLHQWO
XQGHVU{OHVSULQFLSDX[GH6HSDUDWH/LHV'DQVFHWWHVRPEUH
KLVWRLUHG
DGXOWqUHVHGpURXODQWGDQVOHPRQGHGHODERXUJHRLVLHDQJODLVHHOOHMRXHODIHPPHGH
7RP:LONLQVRQHWODPDvWUHVVHGH5XSHUW(YHUHWW
9
6HFUHWVGHWRXUQDJH
6HFUHWVGHWRXUQDJH
)UHQFKFLQHPDWRJUDSKHU
)UHQFKFLQHPDWRJUDSKHU
'LUHFWHXUGHODSKRWRJUDSKLH%HUQDUG/XWLFDWUDYDLOOpVXUGHQRPEUHXVHVSURGXFWLRQ
IUDQoDLVHDYDQWGHFROODERUHUDYHFGHVUpDOLVDWHXUVpWUDQJHUV,ODQRWDPPHQWWUDYDLOOpDYHF
+XJK+XGVRQ5HYROXWLRQ-
DLUrYpGHO
$IULTXHHW0DULRQ+lQVHO
4XHOTXHVILOPVDYHF6WXDUW:LOVRQ9DOHQWLQRY
4XHOTXHVILOPVDYHF6WXDUW:LOVRQ9DOHQWLQRY
/DMHXQHILOOHHWODPRUW5RPDQ3RODQVNL7KH5RFN0LFKDHO%D\(QQHPL
G
(WDW7RQ\6FRWW9HUWLFDOOLPLW0DUWLQ&DPSEHOO
8Q2VFDUSRXU0DUOHHQ
8Q2VFDUSRXU0DUOHHQ
0DUOHHQ*RUULVDpWpUpYpOpHDXJUDQGSXEOLFJUkFHjO
2VFDUGXPHLOOHXUILOPpWUDQJHUREWHQX
HQDYHF$QWRQLDHWVHVILOOHV
'
DSUqV1DERNRY
'
DSUqV1DERNRY
/HILOPGH0DUOHHQ*RUULVHVWXQHDGDSWDWLRQGXURPDQKRPRQ\PHGH9ODGLPLU1DERNRY
10
3DUPLOHVDGDSWDWLRQVGHVRHXYUHVGH9ODGLPLU1DERNRY'HVSDLU5:)DVVELQGHUHWELHQ
V€U/ROLWD6.XEULFNHW$/\QH
8QHSDUWLHG
pFKHFVVXUJUDQGpFUDQ
8QHSDUWLHG
pFKHFVVXUJUDQGpFUDQ
,OHVWTXHVWLRQG
pFKHFVGDQV/HVHSWLqPHVFHDX,QJPDU%HUJPDQ/DGLDJRQDOHGXIRX
5LFKDUG'HPER.QLJKWPRYHV&DUO6FKHQNHO(XURSD/DUVYRQ7ULHU/
pFKLTXLHUGHOD
SDVVLRQ:ROIJDQJ3HWHUVHQ)UHVKGH%RD]<DNLQ
/DGpIHQVHORXMLQHWLUpG·XQURPDQGXPrPHQRP«
/DGpIHQVHORXMLQHWLUpG·XQURPDQGXPrPHQRP«
%LRJUDSKLHGHO·pFULYDLQ9ODGLPLU
%LRJUDSKLHGHO·pFULYDLQ9ODGLPLU
LPLU1DERNRY
1DERNRY
11
8QHHQIDQFHUXVVH
8QHHQIDQFHUXVVH
,VVXG
XQHIDPLOOHDULVWRFUDWLTXHUXVVHOHMHXQH1DERNRYUHoRLWXQHVROLGHpGXFDWLRQGqVVHSW
DQVLOSDUOHO
DQJODLVHWOHIUDQoDLVDLGpSDUVHVJRXYHUQDQWHVpWUDQJqUHVHW©OHYRLVLQDJHG
XQH
ELEOLRWKqTXHGHFHQWPLOOHRXYUDJHVª
1DERNRYYLWXQHHQIDQFHKHXUHXVH6RQSqUHHVWXQKRPPHSROLWLTXHOLEpUDOpOXjODSUHPLqUH
'RXPDUXVVHSXLVPLQLVWUHGXJRXYHUQHPHQW.HUHQVN\DSUqVODFKXWHGXWVDU
/
H[LO%HUOLQ3DULV/RQGUHV
/
H[LO%HUOLQ3DULV/RQGUHV
/D5pYROXWLRQUXVVHSRXVVHODIDPLOOH1DERNRYjV
H[LOHUj%HUOLQRYLWXQHLPSRUWDQWH
FRPPXQDXWpGH5XVVHVH[LOpV/HMHXQH9ODGLPLU\SXEOLHVHVSUHPLHUVWH[WHVGDQVOHMRXUQDO
pPLJUp5RXO/
DVVDVVLQDWGHVRQSqUHSDUGHVPRQDUFKLVWHVUXVVHVSXLVODPRQWpHGXQD]LVPH
SRXVVHQW1DERNRYTXLDpSRXVp9pUD6ORQLPHOOHPrPHMXLYHHWTXLOXLGRQQHXQILOV
'LPLWULjTXLWWHUO
$OOHPDJQHHQSRXUV
LQVWDOOHUj3DULVSXLVj/RQGUHV,OVXLWGHVpWXGHV
GHODQJXHVVODYHVj7ULQLW\&ROOHJH&DPEULGJH
/HMHXQHKRPPH\FRPPHQFHGHVpWXGHVGHOHWWUHVHWVRQSUHPLHUURPDQ0DFKHQNDOXLYDXW
XQGpEXWGHFpOpEULWpSDUPLOHVpPLJUpVUXVVHVG
$QJOHWHUUH6DQRWRULpWpV
DFFURvWHQDYHF
5RLGDPHYDOHW/HVSUHPLqUHV±XYUHVGH1DERNRYVRQWWRXWHVpFULWHVHQUXVVH$YHF/D
'pIHQVH/RXMLQH1DERNRYjSHLQHGLSO{PpHVWGHYHQXXQpFULYDLQUXVVRSKRQHGHUHQRP
0DLVRQQDWDOHGH9ODGLPLU1DERNRY
/
pFULYDLQUXVVHGHYLHQWDQJORSKRQH
/
pFULYDLQUXVVHGHYLHQWDQJORSKRQH
/RUVTXHO
8566SURSRVHDXMHXQHpFULYDLQGHUHYHQLUV
LQVWDOOHUGDQVVRQSD\VLOUHIXVHHW
SUpIqUHHQVHLJQHUODOLWWpUDWXUHGDQVOHVJUDQGHVXQLYHUVLWpVGHVeWDWV8QLVG
$PpULTXH'qV
j/RQGUHV1DERNRYpFULWXQURPDQTXLPDUTXHOHSOXVJUDQGWRXUQDQWGHVDFDUULqUH
G
pFULYDLQ/DYUDLHYLHGH6HEDVWLDQ.QLJKW3RXUODSUHPLqUHIRLV1DERNRYpFULWXQURPDQHQ
DQJODLVHWQRQGDQVVRQUXVVHQDWDO6RQVW\OHGHYLHQWWRWDOHPHQWDERXWLHWOHOLYUHOXLPrPHSHXW
rWUHSUpVHQWpFRPPHXQPDQLIHVWHGHVRQWUDYDLO
12
,OSDUWHQVXLWHYLYUHDX[86$RLOHQVHLJQHUDjO
8QLYHUVLWp&RUQHOO(Q1DERNRYHVW
QDWXUDOLVpDPpULFDLQ/DSXEOLFDWLRQGH$XWUHV5LYDJHVXQUpFLWGHVHVVRXYHQLUVG
HQIDQFHOXL
YDXWODUHFRQQDLVVDQFHOLWWpUDLUHWDQWDWWHQGXHDX[eWDWV8QLV/DFRQVpFUDWLRQYLHQWHQVXLWHDYHF
OHVXFFqVGH/ROLWDHQ/HURPDQIDLWVFDQGDOHPDLVODFULWLTXH\UHFRQQDvWGpMjXQFKHI
G
±XYUH/HOLYUHHVWDGDSWpDXFLQpPDSDU6WDQOH\.XEULFNHQSXLVGHQRXYHDXSDU
$GULDQ/\QHHQ&HWWHKLVWRLUHUDFRQWHO
DPRXUSDVVLRQQpHWFKDUQHOG
XQ(XURSpHQ
QRPPp+XPEHUW+XPEHUWSRXUXQHMHXQH©Q\PSKHWWHªDPpULFDLQHGHGRX]HDQV,OSXEOLH
HQVXLWH)HXSkOHGRQWODFRQVWUXFWLRQDXWRXUGHWURLVKLVWRLUHVLPEULTXpHVFRQVWLWXHXQH
SKpQRPpQDOHPLVHHQDE\PH
1DERNRYVHFDUDFWpULVHSDUODGH[WpULWpO
LQJpQLRVLWpGHVRQVW\OHHWSDUVDSRVLWLRQG
DXWHXU
LQWHUPpGLDLUHHQWUHOHVOLWWpUDWXUHVUXVVHHWDPpULFDLQH(QRXWUHXQHLPDJLQDWLRQGpERUGDQWH
O
XVDJHGHODSDURGLHGHODVDWLUHDLQVLTXHGHVMHX[GHPRWVGDQVGLIIpUHQWHVODQJXHV
FRQWULEXHQWjVDFRQVpFUDWLRQ
(QLOV
LQVWDOOHHQ6XLVVHGDQVXQK{WHOGH0RQWUHX[RLOGHPHXUHMXVTX
jVDPRUW,O
DGDSWHDORUVVHVSUHPLHUVURPDQVHQUXVVHGDQVGHVYHUVLRQVDQJODLVHVVRXYHQWDYHFOHVRXWLHQ
GHVRQILOV'LPLWUL,OWUDYDLOOHUDpJDOHPHQWGHORQJXHVDQQpHVj$GDRXO
DUGHXUVRQGHUQLHU
URPDQ°XYUHPRQXPHQWDOHVRQOLYUHOHSOXVORQJLOHVWFHOXL©SRXUOHTXHOM
DLPHUDLVTXHO
RQ
VHVRXYLHQQHGHPRLª(QYDLQSOXVLHXUVGpFHQQLHVDSUqVVDPRUWHQO
DXWHXUG
XQH
TXDUDQWDLQHGHURPDQVHVWHVVHQWLHOOHPHQWFRQQXSRXU/ROLWD
1DERNRYHQWRPRORJLVWH
1DERNRYHQWRPRORJLVWH
0DLVRQ1DERNRYGH6DLQW3pWHUVERXUJ9ODGLPLU1DERNRYHVWDXVVLXQGLVWLQJXpOpSLGRSWpULVWH
'DQVOHVDQQpHVLOIXWFKDUJpGHO
RUJDQLVDWLRQGHODFROOHFWLRQGHSDSLOORQVGX0XVHXPRI
&RPSDUDWLYH=RRORJ\GHO
8QLYHUVLWp+DUYDUG6HVpFULWVGDQVFHGRPDLQHVRQWWUqVSRLQWXVHW
RQOXLGRLWODFUpDWLRQGHQRPEUHXVHVHVSqFHV&RPPHLOpWDLWHQRXWUHVSpFLDOLVpGDQVODSHX
VSHFWDFXODLUHVRXVIDPLOOH3RO\RPPDWLQDHGHV/\FDHQLGDHFHWDVSHFWGHVRQ±XYUHHWGHVDYLH
DpWpSHXpWXGLp
/HSDOpRQWRORJXHHWpFULYDLQ6WHSKHQ-D\*RXOGDpYRTXpGDQVXQGHVHVHVVDLVUpXQLVGDQVOH
YROXPH,+DYH/DQGHGOHVSDSLOORQVGH1DERNRY,O\QRWHTXHFHOXLFLpWDLWjO
RFFDVLRQXQ
VFLHQWLILTXHVWLFNLQWKHPXGERUQpTXLQHYHXWULHQVDYRLUHQSDUWLFXOLHULOQ
DMDPDLVDFFHSWp
TXHODJpQpWLTXHRXOHQRPEUHGHFKURPRVRPHVVRLHQWGHVFULWqUHVSHUPHWWDQWGHGLVWLQJXHUOHV
HVSqFHVG
LQVHFWHV*RXOGQRWHDXVVLTXHGHQRPEUHX[VXSSRUWHUVGH1DERNRYRQWWHQWp
G
DWWULEXHUXQHYDOHXUOLWWpUDLUHjVHVpFULWVVFLHQWLILTXHV­O
LQYHUVHG
DXWUHVSUpWHQGHQWTXHVRQ
±XYUHVFLHQWLILTXHHQULFKLWVRQ±XYUHOLWWpUDLUH*RXOGOXLGpIHQGXQHWURLVLqPHYRLHHWDFFXVH
OHVGHX[SUpFpGHQWHVGHVRSKLVPH$XOLHXGHFRQVLGpUHUTXHO
XQHGHVGHX[IDFHWWHVGXWUDYDLO
GH1DERNRYDFDXVpRXVWLPXOpO
DXWUHLODYDQFHTXHOHVGHX[IDFHWWHVQDLVVHQWGHO
DPRXUGH
1DERNRYSRXUOHGpWDLOODV\PpWULHHWODFRQWHPSODWLRQ
13
3DSLOORQVGHVVLQpVSDU99ODGLPLUSRXU99HUD
$QHFGRWHV
$QHFGRWHV
&ROODERUDWHXUGH.XEULFNORUVGHO
DGDSWDWLRQGH/ROLWDjO
pFUDQ1DERNRYWURXYDQpDQPRLQVOH
ILOPWUqVGLIIpUHQWGHVRQ±XYUHRULJLQHOOH$YHFOHUHFXOOD/ROLWDGH.XEULFNQ
HVWSDVVL
pORLJQpHGXWH[WH/DSULQFLSDOHGLIIpUHQFHHVWTXHOHSHUVRQQDJHGH&ODUH4XLOW\SODFpHQ
ILOLJUDQHGDQVOHURPDQHVWWUDLWpDXSUHPLHUSODQSDU.XEULFN4XLOW\pWDLWMRXpSDU3HWHU
6HOOHUVGRQW.XEULFNpWDLWXQJUDQGDGPLUDWHXUFHTXLHQFKDQJHWRWDOHPHQWODSHUFHSWLRQ
9ODGLPLU1DERNRYpWDLWV\QHVWKqWHWRXWFRPPHVDPqUHHWVRQILOVHWMRXHUDjSOXVLHXUV
UHSULVHVGHFHGRQGDQVVHV±XYUHV
,OpWDLWXQJUDQGMRXHXUG
pFKHFVFRPPHEHDXFRXSGHVHVSHUVRQQDJHV+XPEHUW+XPEHUW
-RKQ6KDGHHWELHQpYLGHPPHQW/RXMLQH'DQVVDMHXQHVVHLODJUpPHQWDVHVUHYHQXVHQ
FRPSRVDQWGHVSUREOqPHVG
pFKHFVSRXUGHVMRXUQDX[
14
&DVWLQJ
&DVWLQJ
/RXMLQH
/RXMLQH
-RKQ7XUWXUUR
-RKQ7XUWXUUR
1DWDOLD
1DWDOLD
(PLO\:DWVRQ
(PLO\:DWVRQ
9HUD
9HUD
*HUDOGLQH-DPHV
*HUDOGLQH-DPHV
9DOHQWLQRY
9DOHQWLQRY
6WXDUW:LOVRQ
6WXDUW:LOVRQ
6WDVVDUG
6WDVVDUG
&KULVWRSKHU7KRPSVRQ
&KULVWRSKHU7KRPSVRQ
7XUDWL
7XUDWL
)DELR6DUWRU
)DELR6DUWRU
,O\D
,O\D
3HWHU%O\WKH
3HWHU%O\WKH
$QQD
$QQD
2UOD%UDG\
2UOD%UDG\
OHSqUHGH/RXMLQH
OHSqUHGH/RXMLQH
0DUN7DQG\
0DUN7DQG\
ODPqUHGH/RXMLQH
ODPqUHGH/RXMLQH
.HOO\+XQWHU
.HOO\+XQWHU
/RXMLQHMHXQH
/RXMLQHMHXQH
$OH[DQGHU+XQWLQJ
$OH[DQGHU+XQWLQJ
OHSUHPLHURIILFLHO
OHSUHPLHURIILFLHO
$OIUHGR3HD
$OIUHGR3HD
OHGHX[LqPHRIILFLHO
OHGHX[LqPHRIILFLHO
)DELR3DVTXLQL
)DELR3DVTXLQL
6DQWXFFL
6DQWXFFL
/XLJL3HWUXFFL
/XLJL3HWUXFFL
OHGLUHFWHXUGHO
K{WHO
OHGLUHFWHXUGHO
K{WHO
&DUOR*UHFR
&DUOR*UHFR
OHWDLOOHXU
OHWDLOOHXU
0DVVLPR6DUFKLHOOL
0DVVLPR6DUFKLHOOL
OHIDVFLVWH
OHIDVFLVWH
/XFD)RJJLDQR
/XFD)RJJLDQR
OHIDVFLVWH
OHIDVFLVWH
$QWRQLR&DUOL
$QWRQLR&DUOL
OHIDVFLVWH
OHIDVFLVWH
'DYLG$PEURVL
'DYLG$PEURVL
15