Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
81,9(56 '( -(8<br />
/(6 '(8; <strong>021'</strong>(6<br />
/(6 <strong>021'</strong>(6<br />
/H FRVPRV GH &RQWHV GH )pHV HVW FRPSRVp GH GHX[ PRQGHV /D 7HUUH TXL HVW j SHX GH FKRVHV SUqV<br />
QRWUH PRQGH WHO TXH QRXV OH FRQQDLVVRQV KDELWp SDU OHV 7HUUHVWUHV YpJpWDX[ DQLPDX[ RX KXPDLQV HW<br />
)pHULH TXL HVW SHXSOp GHV FUpDWXUHV IpHULTXHV RX SOXV VLPSOHPHQW OHV )pHULTXHV VHPEODEOHV j FHOOHV TXL<br />
YLHQQHQW GHV P\WKHV GHV OpJHQGHV GX PRQGH GHV KXPDLQV &HV GHX[ PRQGHV VRQW GDQV OD SOXSDUW GHV FDV<br />
GLVWLQFWV HW OHXUV KDELWDQWV UHVSHFWLIV VH SUpRFFXSHQW SHX GH O·H[LVWHQFH G·XQ DXWUH XQLYHUV YRLUH O·LJQRUHQW<br />
FRPSOqWHPHQW (W SRXUWDQW LOV VRQW HQ FRQVWDQWH LQWHUDFWLRQ OHV XQV DYHF OHV DXWUHV OHV 7HUUHVWUHV JUkFH j<br />
OHXU FUpDWLYLWp SHUPHWWHQW DX[ )pHULTXHV G·H[LVWHU HW OHV )pHULTXHV SDU OHXU VHXOH H[LVWHQFH IHUWLOLVHQW<br />
O·LPDJLQDWLRQ GHV KXPDLQV ERXFODQW DLQVL OD ERXFOH GX UrYH<br />
(GPRQG 'XODF
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
)pHULH HVW OH UR\DXPH GHV FRQWHV HW GHV Op<br />
JHQGHV GH OD 7HUUH 7RXV OHV UrYHV HW WRXWH<br />
O·LPDJLQDWLRQ GHV rWUH KXPDLQV \ VRQW UHSUpVHQ<br />
*/$0285 (7 (66(1&(<br />
/H UR\DXPH GH )pHULH Q·HVW SDV FRPSRVp GH<br />
PDWLqUH LQHUWH HW G·pQHUJLH FRPPH OH UR\DXPH<br />
WHUUHVWUH &·HVW XQ PRQGH GRQW OD VXEVWDQFH HVW<br />
DSSHOpH OH *ODPRXU HW GRQW O·pQHUJLH HVW<br />
O·(VVHQFH PDLV FHV pOpPHQWV Q·RQW SDV GH IRUPH<br />
SURSUH QL G LQWHUDFWLRQV VSRQWDQpHV ,OV QH VH<br />
UDLHQW ULHQ VDQV OHV FRQVFLHQFHV TXL KDELWHQW )pH<br />
ULH OHV rWUHV IpHV RX )pHULTXHV /RUVTXH OHV )pH<br />
$70263+(5(<br />
3DU GH QRPEUHX[ DVSHFWV )pH<br />
ULH UHVVHPEOH j QRWUH PRQGH OH<br />
PRQGH WHUUHVWUH (OOH HQ GLIIqUH<br />
DXVVL GH QRPEUHXVHV IDoRQV 2Q \<br />
WURXYH WRXW FRPPH VXU 7HUUH GHV<br />
DUEUHV GHV PRQWDJQHV GHV SODLQHV<br />
GHV FKDPSV GHV YLOODJHV HW PrPH<br />
TXHOTXHV YLOOHV 6L FHUWDLQV KXPDLQV<br />
GLVHQW TXH )pHULH HVW XQ UHIOHW GH OD<br />
7HUUH GH QRPEUHX[ )pHULTXHV<br />
UpWRUTXHQW TXH OD 7HUUH Q·HVW<br />
TX·XQH SkOH RPEUH GH )pHULH (Q<br />
)pHULH WRXW HVW SOXV YLI HW SOXV<br />
WUDQFKp TXH VXU 7HUUH 3DV SOXV<br />
FDULFDWXUDO DX FRQWUDLUH FDU OD VXU<br />
SULVH DWWHQG OH YR\DJHXU j FKDTXH<br />
SDV /HV QXLWV VRQW SDUIRLV SOXV<br />
VRPEUHV TXH OHV QXLWV WHUUHVWUHV<br />
PDLV DXVVL SDUIRLV SOXV FODLUHV RX<br />
SOXV VFLQWLOODQWHV G·pWRLOHV RX SOXV<br />
FKDXGHV /H VROHLO SHXW rWUH SOXV<br />
EULOODQW RX SOXV GLVFUHW SOXV EODQF<br />
RX SOXV URXJHR\DQW (Q )pHULH<br />
WRXWHV OHV FDUDFWpULVWLTXHV GX<br />
SD\VDJH WRXV OHV REMHWV RX OHV<br />
rWUHV SDUWLFLSHQW j O·KDUPRQLH GX<br />
OLHX HW GH O·LQVWDQW ,OV MRXHQW WRXV<br />
XQ U{OH GDQV O·DWPRVSKqUH TXL EDL<br />
JQH FKDTXH FRQWUpH IpHULTXH &KD<br />
TXH FKRVH PrPH VL HOOH HVW FRP<br />
PXQH VXU 7HUUH SRUWH HQ HOOH XQH<br />
)((5,(<br />
WpV HW VH FULVWDOOLVHQW GDQV VHV SD\VDJHV HW GDQV<br />
VHV KDELWDQWV OHV FUpDWXUHV IpHULTXHV<br />
ULTXHV SHQVHQW OH *ODPRXU SUHQG IRUPH ORUV<br />
TX·LOV YHXOHQW GH O·(VVHQFH V pFRXOH<br />
/H *ODPRXU H[LVWH VRXV GHX[ IRUPHV GDQV<br />
)pHULH OH *ODPRXU TXL FRPSRVH OHV )pHULTXHV HW<br />
OH *ODPRXU © DPELDQW ª TXL HVW SUpVHQW SDUWRXW<br />
PDLV TXL QH SUHQG IRUPH TXH VRXV XQH LQIOXHQFH<br />
H[WpULHXUH XQ rWUH IpH TXL \ LQIXVH XQH SDUW GH<br />
VRQ (VVHQFH<br />
pWLQFHOOH GH PHUYHLOOHX[ /H UR\DXPH GH )pHULH SRXUUDLW UHV<br />
VHPEOHU j XQ UR\DXPH GX KDXW PR\HQ kJH GH O·(XURSH &HU<br />
WDLQHV SDUWLHV SHXYHQW DXVVL IDLUH SHQVHU j OD &KLQH LPSpULDOH<br />
GHV DQFLHQV FRQWHV RX HQFRUH DX[ OpJHQGHV GH OD *UqFH DQWL<br />
TXH<br />
(GPRQG 'XODF
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/(6 3$
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/·(SDYH GH OD 6DLQWH %pQLWH<br />
9DOHXU<br />
35235,(7(6<br />
JDUGLHQV /HV 1R\pV<br />
'LYLVHXU GH GRPPDJHV 3HUWHV G·(VVHQFH GLYLVpHV SDU<br />
$XWRPDWLVPH /·(SDYH HVVDLH G·DERUGHU WRXWH HPEDUFDWLRQ TXL V·HQ DSSURFKH HQ WLUDQW<br />
,PPXQLWp DX[ DWWDTXHV<br />
QRQ PpFDQLTXHV<br />
GHV FRXSV GH VHPRQFH HQ ODQoDQW GHV JUDSSLQV« LQWHQVLWp<br />
/·HDX GLVVRXW OHV IOXLGHV pWHLQW OH IHX HWF (QFDLVVHPHQW<br />
2EVWDFOHV /HV PDVVHV GH FRUDX[ HW G·DOJXHV TXL SRXVVHQW VXU OH SRQW<br />
5(675,&7,216<br />
9HUPLQH /HV DQpPRQHV GH OD SRXSH YDOHXU<br />
,QWHUPLWWHQW /HV REVWDFOHV Q·DIIHFWHQW TXH FHX[ TXL PDUFKHQW<br />
&DSLWDLQH $UWLPRQ<br />
/H FDSLWDLQH D O·DSSDUHQFH G·XQ YLHX[ SHUUR<br />
TXHW GpSOXPp DYHF XQ IRXODUG RUQp GH FUkQHV HW<br />
GH FLPHWHUUHV QRXp VXU OD WrWH ,O D QDWXUHOOHPHQW<br />
XQ EDQGHDX VXU O·±LO XQH ERXFOH G·RUHLOOH XQH<br />
SDWWH GH ERLV HW XQ FURFKHW j OD SODFH GX ERXW GH<br />
O·DLOH GURLWH LO QH SHXW SOXV YROHU 0DOJUp VD<br />
ODLGHXU OD YHUGHXU GH VRQ ODQJDJH VRQ DPRXU<br />
LPPRGpUp GX UKXP HW OD FUXDXWp GH IDoDGH TX·LO<br />
$63(&76<br />
DIILFKH IDLUH SDVVHU TXHOTX·XQ VXU OD SODQFKH<br />
Q·HVW VRPPH WRXWH SDV ELHQ PpFKDQW ORUVTX·RQ<br />
HVW GpMj VRXV O·HDX« F·HVW VXUWRXW XQ rWUH VHQ<br />
VLEOH TXL FKHUFKH j rWUH UHFRQQX FRPPH OH PH<br />
QHXU G·KRPPHV KDELOH TX·LO HVW 6RQ pTXLSDJH GH<br />
QR\pV OXL HVW G·XQH OR\DXWp VDQV IDLOOH HW LO UX<br />
PLQH HQ SHUPDQHQFH VRQ SURFKDLQ JURV FRXS TXL<br />
OXL DSSRUWHUD HQILQ OD JORLUH WDQW DWWHQGXH<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
3LUDWHULH SDUWLFXOLqUH )RXODUG VXU OD WrWH<br />
'RPDLQH (PDQDWLRQ /·(SDYH GH OD 6DLQWH %pQLWH<br />
&RPSDJQRQ (PDQDWLRQ 0DULH *DODQWH OD ILJXUH GH SURXH<br />
$FFHVVRLUH (PDQDWLRQ /H &URFKHW GHV )UqUHV GH OD &{WH<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
(QYR€WHPHQW 6RXOqYH VRQ EDQGHDX<br />
(YRFDWLRQ 3RXVVH GHV MXURQV GH PDULQ<br />
9R\DJHV 6DXWLOOH VXU VD MDPEH GH ERLV<br />
7RWDO<br />
75$,76<br />
$OFRROLTXH<br />
/H &URFKHW GHV )UqUHV GH OD &{WH<br />
9DOHXU<br />
35235,(7(6<br />
3RO\PRUSKH 3HXW SUHQGUH O·DVSHFW GH Q·LPSRUWH TXHOOH SURWKqVH VFLH WLUH ERXFKRQ WUXHOOH«<br />
(IIHW VSpFLDO -RXH OD &KHYDXFKpH GHV 9DON\ULHV DX PRPHQW G·XQ DERUGDJH LQWHQVLWp<br />
3LpJp 6H UHWRXUQH FRQWUH VRQ YROHXU $WW 'RP<br />
)RFXV GH 3RXYRLU 9HQLQ FRXYHUW GH YHUW GH JULV 6DQV (VVHQFH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/HV QR\pV<br />
6DQJ FKDXG 3DQVX %U€OH JXHXOH 5RXOH<br />
WDQJDJH HW &UDFKH j O·HDX RQW XQH DSSDUHQFH HW<br />
XQ FRPSRUWHPHQW j PL FKHPLQ HQWUH OD FRPpGLH<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH<br />
PXVLFDOH j WKpPDWLTXH QDYDOH HW OH ILOP GH PRUWV<br />
YLYDQWV LOV VRQW WRXMRXUV V\QFKURQLVpV JDLV<br />
PHQDoDQWV HW SXWUpILpV<br />
9LJLODQFH 5pVLVWDQFH &KDUPH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
$ERUGDJH VSpFLILTXH $UPHV GH SLUDWH FRXWHODV<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
VDEUHV KDFKHV«<br />
7HUUHXU &RUSV HQ SXWUpIDFWLRQ<br />
)RUFH VXUQDWXUHOOH VDQV 'pPDUFKH KpVLWDQWH<br />
7RWDO<br />
0DULH *DODQWH OD ILJXUH GH SURXH<br />
0DULH *DODQWH D OD IRUPH G·XQH IHPPH j OD<br />
ORQJXH FKHYHOXUH UHWHQXH SDU GHV pWRLOHV GH PHU<br />
DX[ VHLQV WURS DUURJDQWV SRXU rWUH ELHQ QDWXUHOV<br />
GRQW OHV MDPEHV VRQW UHPSODFpHV SDU WURLV<br />
WHQWDFXOHV GH FDOPDU (Q SULQFLSH HOOH VH WLHQW j OD<br />
SURXH R HOOH IDLW IRQFWLRQ GH YLJLH OH QDYLUH<br />
$63(&76<br />
pWDQW pFKRXp FRQWUH XQ PRQWLFXOH HW OHV PkWV<br />
EULVpV OD SURXH ILQLW SDU HQ rWUH j SHX SUqV OH<br />
SRLQW FXOPLQDQW (OOH GpYRUH SDUIRLV HQ PDVVH<br />
OHV DQpPRQHV GH OD SRXSH PDLV FHOOHV FL UHYLHQ<br />
QHQW WRXMRXUV<br />
3XLVVDQFH +DELOHWp 7DLOOH 3WV GH FUpDWLRQ<br />
9LJLODQFH 5pVLVWDQFH &KDUPH 0DWpULDOLWp<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
0HU SDUWLFXOLqUH (WRLOHV GH PHU GDQV OHV FKHYHX[<br />
&KDQW SDUWLFXOLqUH 1H V·H[SULPH TX·HQ FKDQWDQW<br />
/XWWH VSpFLDOLVpH 0XVFOHV VDLOODQWV<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
(QFUH GH VHLFKH FI<br />
EURXLOODUG<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
&KHYHOXUH RQGR\DQWH<br />
3DQWLQ GH ERLV 3HDX GH ERLV<br />
)DVFLQDWLRQ -ROLV VHLQV<br />
0HPEUHV PXOWLSOHV VDQV WHQWDFXOHV GH FDOPDU<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
&ODLUYR\DQFH /RQJXH YXH<br />
7RWDO<br />
5(675,&7,216<br />
)OLUWH DYHF WRXW OH PRQGH<br />
*RXUPDQGH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
($8; '28&(6 /$&6 5,9,(5(6<br />
/HV VRXUFHV G·HDX FODLUHV VRQW<br />
GHV OLHX[ GH UHSRV R VH UHWURXYHQW<br />
FHX[ TXL FKHUFKHQW j VH UHYLJRUHU<br />
/HV 2QGLQHV TXL V·\ WURXYHQW VRQW<br />
VRXYHQW JXpULVVHXVHV HW VDYHQW<br />
SUHQGUH VRLQ GHV FUpDWXUHV DIIDL<br />
EOLHV (Q WHUUDLQ PRQWDJQHX[ OHV<br />
WRUUHQWV VRQW DXVVL GHV VRXUFHV GH<br />
IUDvFKHXU PDLV JDUH j FHOXL TXL D SX<br />
FRXUURXFHU OHV KDELWDQWV XQ RUDJH<br />
pFODWH HW XQ SHWLW FRXUV G·HDX HQ<br />
FDLVVp VH WUDQVIRUPH HQ XQ WRUUHQW<br />
ERXLOORQQDQW 'DQV FHV OLHX[<br />
G·DOWLWXGH &HX[ GH OD 7HUUH HW GHV<br />
(DX[ FROODERUHQW VRXYHQW DYHF<br />
&HX[ GHV 9HQWV HW GHV 1XpHV<br />
/$ &$6&$'( '( /$ '$0(<br />
&·HVW XQ IODQF GH PRQWDJQH HQVROHLOOp 'HV<br />
LQVHFWHV EUXLVVHQW SDUPL OHV WRXIIHV GH P\UWLOOHV<br />
$X ORLQ GHV PDUPRWWHV ODQFHQW OHXU DSSHO 8Q<br />
YLI UXLVVHOHW FRXUW GHSXLV OHV QpYpV pWHUQHOV HW VH<br />
GpYHUVH GDQV XQ ODF OLVVH HW EULOODQW FRPPH XQ<br />
PLURLU VRXV OH VROHLO /H YHQW HVW IUDLV HW SLTXDQW<br />
SOHLQ GH VHQWHXUV SULQWDQLqUHV $ XQ SRLQW GH VD<br />
FRXUVH OH UXLVVHDX V·pODQFH GHSXLV XQ WDEOLHU<br />
URFKHX[ HQ XQH FDVFDGH FULVWDOOLQH HW FKDQWDQWH<br />
(Q PDUFKDQW YHUV HOOH RQ HVW WHQWp GH IUDQFKLU OH<br />
ULGHDX G·HDX GH VH WHQLU XQ LQVWDQW VRXV FHWWH<br />
IRQWDLQH HW G·HQWUHU VRXV OD PRQWDJQH 0DLV FH<br />
Q·HVW JXqUH FRQVHLOOp FDU Oj VLqJH OD 'DPH VRXWLHQ<br />
GHV FKDPSLRQV DUELWUH GHV FDXVHV LQVSLUDWLRQ<br />
GHV FKDQWV<br />
(Q XQ IU{OHPHQW GH YULOOHV VRXGDLQ HOOH VH<br />
WLHQW Oj VXUJLVVDQW GH O·RQGH /HV JUDSSHV YpJpWD<br />
OHV HIIORUHVFHQFHV GX VRPPHW GH OD FDVFDGH TXL<br />
HQ IHVWRQQHQW O·pFRXOHPHQW V·DJLWHQW V·pFDUWHQW<br />
VH PrOHQW j O·HDX HW j OD OXPLqUH HW FRQVWLWXHQW OD<br />
$UWKXU 5DFNKDP<br />
VXEVWDQFH G·XQH 'DPH GH KDXWH WDLOOH DX WHLQW<br />
FODLU HW DX SRUW DOWLHU GUDSpH GH VD FKHYHOXUH HW<br />
GH OD UREH TXL OD SURORQJH MXVTX·j VHV SLHGV OH<br />
IURQW FHLQW G·XQH HVFDUERXFOH 6RXPHWWH] OXL<br />
YRWUH LQVROXEOH GLOHPPH PHWWH] YRWUH EUDV j VRQ<br />
VHUYLFH GHPDQGH] OXL GH UDYLYHU OH IHX GH YRWUH<br />
kPH HW« VR\H] SUrWV j HQ SD\HU OH SUL[<br />
&DU VL VD PDJLH HVW SXLVVDQWH YRXV Q·HQ Ep<br />
QpILFLHUH] TX·XQ QRPEUH OLPLWp GH IRLV DSUqV<br />
TXRL HOOH YRXV FKDQJHUD SRXU WRXMRXUV HQ XQ<br />
pOpPHQW GH VRQ GpFRU EORF GH URFKH FKRXFDV RX<br />
pSLFpD $ PRLQV TX·HQILQ FH QH VRLW SRXU MRXLU GH<br />
VD VHXOH FRPSDJQLH SRXU ULYDOLVHU DYHF HOOH GH<br />
YHUV pSLTXHV HW YRXV SURPHQHU ORQJXHPHQW j<br />
VRQ EUDV VRXV OH ODF R HOOH D VRQ MDUGLQ<br />
G·DJUpPHQW TXH YRXV YHQH] OD YRLU FDU OHV pPX<br />
OHV GH KpURV HW DSSUHQWLV SRqWHV PDXGLWV TXL<br />
YLHQQHQW OD VROOLFLWHU FRPPHQFHQW VpULHXVHPHQW j<br />
OD ODVVHU HW QH VHPEOHQW JXqUH HQFOLQV j VH Gp<br />
FRXUDJHU PDOJUp WRXV VHV HIIRUWV GDQV FH VHQV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
9DOHXU<br />
35235,(7(6<br />
)XVLRQ 6D FKHYHOXUH HW VRQ YrWHPHQW GHYLHQQHQW OHV SODQWHV VD FKDLU O·HDX GH OD<br />
FDVFDGH VRQ UHJDUG OD OXPLqUH<br />
+DELWDQWV )DXQH PRQWDJQDUGH YDOHXU<br />
,G\OOLTXH 6pUpQLWp HDX SXUH JUDQG DLU VROHLO YLYLILDQW FXHLOOHWWH DERQGDQWH«<br />
LQWHQVLWp<br />
'LYLVHXU GH GRPPDJHV 3HUWHV G·(VVHQFH GLYLVpHV SDU<br />
3RLQW GH FRQWDFW 8QH FRPEH GDQV OHV $OSHV VXLVVHV VHQV XQLTXH 7HUUH YHUV )pHULH<br />
5(675,&7,216<br />
$LPDQW $X JUDQG GDP GH OD 'DPH LO HVW WUqV IDFLOH GH OD WURXYHU«<br />
6DXYDJH /HV FRQGLWLRQV PpWpRURORJLTXHV VRQW DOpDWRLUHV LQWHQVLWp<br />
3RLQW IDLEOH 'HUULqUH OD FDVFDGH<br />
/D 'DPH GH OD FDVFDGH VRXWLHQ GHV FKDPSLRQV DUELWUH GHV FDXVHV LQVSLUDWLRQ GHV FKDQWV<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
3RpVLH SDUWLFXOLqUH 'UDSpH GDQV VD FKHYHOXUH<br />
9DLOODQFH SDUWLFXOLqUH (VFDUERXFOH DX IURQW<br />
%XFROLVPH VSpFLDOLVpH 7HLQW UDGLHX[<br />
'RPDLQH (PDQDWLRQ /D &DVFDGH GH OD 'DPH<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
(PSDWKLH 6·DJHQRXLOOH HW PpGLWH<br />
&ODLUYR\DQFH 6·RLQW OHV SDXSLqUHV G·HDX GH VD FDVFDGH<br />
0pWDPRUSKRVH 5pFLWH XQ VRQQHW<br />
7RWDO<br />
75$,76<br />
5RPDQWLTXH<br />
,/(6 $72//6 (7 $5&+,3(/6<br />
/HV vOHV VRQW SDU HVVHQFH GHV OLHX[ j O·pFDUW<br />
&·HVW Oj TXH OHV KpURV VH UHWLUHQW GX PRQGH Oj<br />
TX·pFKRXHQW OHV QDXIUDJpV HW Oj TX·RQ GLVVLPXOH<br />
OHV WUpVRUV PDO DFTXLV ,ORW DVVLpJp SDU XQ RFpDQ<br />
GpVHVSpUpPHQW YLGH RX SODQpWRwGH LVROp SDUPL OHV<br />
JRXIIUHV VLGpUDX[ SDUDGLV SULPRUGLDO RX OLHX R<br />
VH WHUUHQW G·DQWLTXHV PHQDFHV TX·LO YDXW PLHX[ QH<br />
SDV SHUWXUEHU OHV vOHV VRQW GHV 'RPDLQHV SDUWL<br />
FXOLqUHPHQW FLUFRQVFULWV SHXSOpV G·rWUHV TXL<br />
,/( 0$8',7( 75,3/( ;<br />
3UHQH] JDUGH QDXIUDJpV HW KDUGLV QDYLJD<br />
WHXUV GpURXWpV SDU XQH WHPSrWH GH GpULYHU MXV<br />
TX·j ,OH 0DXGLWH 7ULSOH ; 'HV H[SORUDWHXUV<br />
DVVH] LQVHQVpV SRXU SDUWLU GpOLEpUpPHQW j VD<br />
UHFKHUFKH HW TXL RQW HX OD FKDQFH G·HQ UHYHQLU<br />
DIILUPHQW DLQVL OHXU GLIIpUHQFH 4X·HOOHV VRLHQW<br />
pORLJQpHV GHV D[HV GH FRPPXQLFDWLRQ RX HQ YXH<br />
G·DXWUHV WHUUHV KDELWDEOHV HOOHV LPSRVHQW XQH<br />
UXSWXUH SRXU SDUYHQLU MXVTX·j HOOHV HW SDUIRLV<br />
SRXU OHV TXLWWHU /HXUV KDELWDQWV SHXYHQW FXOWLYHU<br />
OHXU LVROHPHQW RX DX FRQWUDLUH OH FRPEDWWUH HQ<br />
GpYHORSSDQW G·H[FHSWLRQQHOOHV DSWLWXGHV DX<br />
YR\DJH &HUWDLQV 5R\DXPHV SUHQQHQW OD IRUPH<br />
G·XQ DUFKLSHO GRQW FKDTXH vOH HVW XQ 'RPDLQH<br />
TXRLTXH WUqV pSURXYpV UDFRQWHQW TXH OHV LQGLJq<br />
QHV KRVWLOHV FDSWXUHQW VDQV PHUFL WRXW YLVLWHXU<br />
SRXU O·RIIULU HQ VDFULILFH DX[ pSRXYDQWDEOHV<br />
PRQVWUHV TXL KDQWHQW OHV SHQWHV FRXYHUWHV GH<br />
MXQJOH GX YROFDQ TXL WU{QH DX FHQWUH GH O·vOH 6DQV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SDUOHU GH OD EDUULqUH GH UpFLIV FRUDOOLHQV VDQV<br />
PHUFL TXL GpFKLUH OHV FRTXHV HW SUpFLSLWH OHV<br />
pTXLSDJHV GDQV OHV JRXIIUHV DPHUV<br />
/D YpULWp HVW ELHQ GLIIpUHQWH &·HVW VXU ,OH<br />
0DXGLWH 7ULSOH ; TXH V·HVW UHWLUp 6HLJQHXU *pDQW<br />
7DWVXJDPL TXL IXW DXWUHIRLV OH FKDPSLRQ HQ WLWUH<br />
G·XQ +DXW 5RL ,QYDLQFX HQ GXHO G·XQH OR\DXWp<br />
VDQV IDLOOH FH VDJH HW YLHX[ JXHUULHU D SULV VD<br />
UHWUDLWH XOFpUp ORUVTXH VRQ VHLJQHXU HW PDvWUH D<br />
pWp GpSRVp j OD VXLWH G·XQH IpORQLH HQ MXUDQW TX·LO<br />
UHYLHQGUDLW OH MRXU R )pHULH VHUDLW HQ GDQJHU 6L<br />
VRQ QRP HVW DXMRXUG·KXL OpJHQGDLUH UDUHV VRQW<br />
FHX[ TXL VDYHQW UpHOOHPHQW FH TX·LO HVW DGYHQX GH<br />
OXL FHUWDLQV GLVHQW TX·LO V·HVW 6FLQGp GH WRXW VRQ<br />
*ODPRXU HQYHUV VHV DQFLHQV IUqUHV G·DUPHV<br />
FUpDQW DLQVL XQ RUGUH P\VWLTXH TXL V·HIIRUFH<br />
G·pPXOHU VHV KDXWV IDLWV G·DXWUHV TX·LO YLW HQ HU<br />
PLWH VXU 7HUUH<br />
6RQ 'RPDLQH HVW SHXSOp GH PRQVWUHV TX·LO<br />
DIIURQWH UpJXOLqUHPHQW SRXU HQWUHWHQLU VD IRUPH<br />
9DOHXU<br />
35235,(7(6 GH OD VXUIDFH 6HLJQHXU *pDQW 7DWVXJDPL<br />
HW TXL GRQQHQW j O·vOH XQH UpSXWDWLRQ WHUULILDQWH<br />
'H IDoRQ LPSUpYXH OHV WULEXV LQGLJqQHV TX·LO D<br />
DMRXWpHV SRXU OHXU VHUYLU GH SkWXUH VH VRQW PLVHV<br />
j OHXU UHQGUH DLQVL TX·j OXL PrPH XQ FXOWH SUR<br />
SLWLDWRLUH DVVLPLOp j FHOXL GX YROFDQ 6L FHW pWDW GH<br />
IDLW FRQWULEXH j DVVXUHU O·LVROHPHQW HW OD WUDQTXLO<br />
OLWp GHV OLHX[ LO UHQG pJDOHPHQW ELHQ SOXV GLIILFLOH<br />
G·DVVRFLHU FH OLHX GH SHUGLWLRQ j OD PpPRLUH G·XQ<br />
GHV SOXV JUDQGV KpURV GH )pHULH<br />
0DLV OH SULQFLSDO VRXFL GH 6HLJQHXU *pDQW<br />
7DWVXJDPL HVW TXH VRQ 'RPDLQH HVW SDUWDJp DYHF<br />
7DNR 8ED OD SLHXYUH VRUFLqUH TXL KDQWH OHV FD<br />
YHUQHV VXEPHUJpHV VRXV OHV IDODLVHV GH O·vOH HW<br />
DPDVVH SHX j SHX XQH DUPpH GH QDXIUDJpV GRQW<br />
HOOH V·HPSDUH GX 1RP GDQV OH EXW GH GpIHUOHU<br />
VXU )pHULH HW SHXW rWUH OD 7HUUH ORUVTX·HOOH HVWL<br />
PHUD HQ DYRLU DFFXPXOp DVVH] 6HLJQHXU *pDQW<br />
7DWVXJDPL V·HVW GRQF IDLW XQ GHYRLU GH FRQWUH<br />
FDUUHU VHV SODQV HW OHXUV GXHOV SpULRGLTXHV pEUDQ<br />
OHQW ,OH 0DXGLWH 7ULSOH ; MXVTX·j VHV IRQGDWLRQV<br />
+DELWDQWV /HV PRQVWUHV DVVRUWLPHQW KpWpURFOLWH GH GLQRVDXUHV LPSUREDEOHV GH VLQJHV<br />
%DEHO 'LIILFXOWp<br />
JLJDQWHVTXHV HW G·LQVHFWHV GpPHVXUpV YDOHXU<br />
$XWRPDWLVPH /H YROFDQ HQWUH HQ pUXSWLRQ FKDTXH IRLV TXH 6HLJQHXU *pDQW 7DWVXJDPL HVW<br />
YDLQFX HQ FRPEDW LQWHQVLWp<br />
3RLQW GH FRQWDFW 6HQV XQLTXH GHSXLV O·RFpDQ 3DFLILTXH DX ODUJH GH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
&DWDVWURSKHV QDWXUHOOHV SDUWLFXOLqUH 2GHXU VRXIUpH GH YROFDQ<br />
$UWV PDUWLDX[ SDUWLFXOLqUH 6LJQH \LQ \DQJ VXU OH IURQW<br />
'RPDLQH (PDQDWLRQ ,OH 0DXGLWH 7ULSOH ;<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
&UDFKHU OH IHX &UrWH GRUVDOH URXJHR\DQWH<br />
9RO %ULVH GDQV OD IRXUUXUH OHV EDUELOORQV<br />
OHV DLOHV« VHORQ VD IRUPH<br />
(QJORXWLU &UL VXU GHX[ WRQV<br />
&XLU pSDLV 6DQV (FDLOOHV YHQWUDOHV EOHXWpHV<br />
6HFRXVVH VLVPLTXH 6D GpPDUFKH pEUDQOH OH VRO<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
0pWDPRUSKRVH &RQYXOVLRQV TXL OH SDUFRXUHQW<br />
(PSDWKLH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
0HU SDUWLFXOLqUH 6D YRL[ HVW OH EUXLW GX UHVVDF<br />
,QYHUWpEUpV SDUWLFXOLqUH 7H[WXUH FDRXWFKRXWHXVH<br />
'RPDLQH (PDQDWLRQ ,OH 0DXGLWH 7ULSOH ;<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
3DUDO\VLH j GLVWDQFH ([FURLVVDQFH KXPDQRwGH<br />
3UHVVHQWLPHQW VDQV 3URWXEpUDQFHV N\VWHXVHV HW YLEUDWLOHV<br />
&DPpOpRQ DTXDWLTXH VDQV 3HDX LQFRORUH<br />
0HPEUHV PXOWLSOHV VDQV WHQWDFXOHV<br />
0DOpGLFWLRQ
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
WLRQ« VL O·$UFKLPDQGULWH GDLJQH OHXU DFFRUGHU<br />
DVLOH<br />
8QH ULYLqUH VRXWHUUDLQH j O·HDX JODFLDOH EDUUH<br />
OD URXWH 8QH DUFKH GH SLHUUH SHUPHW GH OD IUDQ<br />
FKLU PDLV DX GHVVXV DJULSSpH WrWH ErFKH j XQH<br />
VWDODFWLWH XQH FKDXYH VRXULV GH OD WDLOOH G·XQ RXUV<br />
EDUUH OH FKHPLQ &HOXL TXL V·DYDQFH VH YRLU VRP<br />
Pp G·XQH YRL[ FULDUGH GH GpFODUHU VRQ LGHQWLWp HW<br />
OHV PRWLIV GH VD YLVLWH j OD 6WDODFWKpGUDOH WDQGLV<br />
TXH OD YDVWH QpEXOHXVH VDWLQpH GHV DLOHV VH GpSORLH<br />
HQ XQ JHVWH G·LQWHUGLFWLRQ 8Q PHQVRQJH RX XQH<br />
UpSRQVH TXL GpSODvW j O·$UFKLPDQGULWH REOLJH j<br />
UHEURXVVHU FKHPLQ VDQV FRQQDvWUH MDPDLV OD VpUp<br />
QLWp GH OD 6WDODFWKpGUDOH<br />
9DOHXU<br />
35235,(7(6<br />
'DQV FH OLHX GH UHFXHLOOHPHQW SRLQW GH FLHU<br />
JHV VL FH Q·HVW OH MRXU TXL ILOWUH j WUDYHUV OH JODFLHU<br />
DXFXQH RGHXU VL FH Q·HVW O·HQFHQV SDV XQ VRQ VL<br />
FH Q·HVW OH IRXUPLOOHPHQW GH O·HDX /D JUDYLWp<br />
IRQFWLRQQH GDQV OHV GHX[ VHQV j O·LQWpULHXU GH<br />
O·pGLILFH HOOH HVW GLULJpH YHUV OH JODFLHU TXL OXL WLHQW<br />
OLHX GH IRQGDWLRQV WDQGLV TXH GDQV OD FDYHUQH TXL<br />
O·KpEHUJH HOOH HVW GLULJpH YHUV OH VRO FUD\HX[ %LHQ<br />
TXH OD JODFH RPQLSUpVHQWH VRLW G·XQ IURLG DUFWL<br />
TXH OD WHPSpUDWXUH DPELDQWH HVW FOpPHQWH SDU<br />
TXHOTXH DUWLILFH GH JpRWKHUPLH TXL Q·D DXFXQ<br />
HIIHW VXU OD VROLGLWp GX EkWLPHQW<br />
(OXVLI /H GpGDOH GH SDVVDJHV QDWXUHOV TXL \ FRQGXLW VH UDPLILH j O·LQILQL<br />
9HUURX /D ULYLqUH HVW LQIUDQFKLVVDEOH WURS IURLGH SRXU QDJHU WURS SURIRQGH SRXU<br />
FUHXVHU DX GHVVRXV VWDODFWLWHV TXL HPSrFKHQW GH YROHU VWDODJPLWHV TXL<br />
HPSrFKHQW GH FRXULU SRXU SUHQGUH VRQ pODQ« GLIILFXOWp<br />
2SDFLWp 1XO Q·pSLH OD 6WDODFWKpGUDOH TXL Q·\ DLW pWp DGPLV<br />
,PPXQLWp /D JODFH QH IRQG SDV (QFDLVVHPHQW<br />
+DQGLFDSDQW 7XPXOWH PDOXV GH<br />
5(675,&7,216<br />
,QWHUPLWWHQW /H YHUURX HVW GpMRXp SDU O·DUFKH GH SLHUUH<br />
)UDJLOLWp 3HUWHV G·(VVHQFH PXOWLSOLpHV SDU<br />
+RUULSLODQW 2GHXU SHUVLVWDQWH G·HQFHQV<br />
6DFULVWRSWqUH EHGHDX GH OD 6WDODFWKpGUDOH<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH 3WV GH FUpDWLRQ<br />
9LJLODQFH 5pVLVWDQFH &KDUPH 0DWpULDOLWp<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
&DYHUQHV SDUWLFXOLqUH 3HODJH VRPEUH<br />
5LWXHOV OLWXUJLTXHV SDUWLFXOLqUH &DORWWH QRLUH<br />
0LQXWLH VSpFLILTXH 3RUWH GHV JXrWUHV R QH PDQTXH SDV XQ<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
ERXWRQ<br />
9RO VDQV $LOHV PHPEUDQHXVHV<br />
3DUDO\VLH j GLVWDQFH 0RQWUH OHV GHQWV<br />
2XwH VXUQDWXUHOOH VDQV 2UHLOOHV HQ PRXYHPHQW<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
(PSDWKLH 0XUPXUH GHV SULqUHV<br />
7RWDO<br />
6DFULVWRSWqUH HVW OH &RPSDJQRQ GH<br />
O·$UFKLPDQGULWH TX·LO DSSHOOH 0RQVHLJQHXU DYHF<br />
XQ UHVSHFW LQILQL 2XWUH OH JXHW LQIDLOOLEOH TX·LO<br />
DVVXUH DX SRQW LO SDWURXLOOH UpJXOLqUHPHQW OH<br />
'RPDLQH HW DVVXUH TX·DXFXQ LQWUXV F·HVW j GLUH<br />
SHUVRQQH TXL FKHUFKH j WURXEOHU OD TXLpWXGH GHV<br />
OLHX[ RX j V·\ WHUUHU VDQV GpVLU VLQFqUH GH<br />
V·DPHQGHU QH SDUYLHQW j \ SpQpWUHU FH TXH VHV<br />
VRUWLOqJHV G·(PSDWKLH UpYqOHQW LPPpGLDWHPHQW<br />
,O JULPDFH DORUV HQ FUDFKDQW FRPPH XQ FKDW FH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
TXL ILJH OHV LQWUXV GH WHUUHXU OH WHPSV TX·LO OHV WUDQVSRUWH j WLUH G·DLOHV HQ GHKRUV GX 'RPDLQH<br />
0RQVHLJQHXU /LWKXUJH $UFKLPDQGULWH GH OD 6WDODFWKpGUDOH<br />
/·$UFKLPDQGULWH GH OD 6WDODFWKpGUDOH VH GpIL<br />
QLW OXL PrPH FRPPH XQ © OLWKXUJH ª F·HVW j GLUH<br />
TXH WDLOOHU OD SLHUUH HVW VRQ VDFHUGRFH ,O HPEHOOLW<br />
LQODVVDEOHPHQW VRQ 'RPDLQH UHWRXFKDQW LFL OH<br />
SROL G·XQH IDFHWWH DWWpQXDQW Oj O·DFXLWp G·XQH<br />
DUrWH SRXU WRXMRXUV SOXV G·KDUPRQLH HW G·pFODW<br />
6D TXrWH pSHUGXH GH SHUIHFWLRQ IRUPHOOH WUDGXLW<br />
VRQ DUGHQW GpVLU GH SDL[ HW G·pTXLOLEUH LQWpULHXUV<br />
,O HVSqUH SDUYHQLU XQ MRXU j ILJHU OH *ODPRXU<br />
GDQV XQH IRUPH DEVROXH GpILQLWLYH TXL HQ HQ<br />
JOREHUDLW j OD IRLV WRXWHV OHV FRQILJXUDWLRQV SRV<br />
VLEOHV HQ PrODQW PDWpULDX[ VROLGHV HW IOXLGHV HW<br />
PrPH OD OXPLqUH HW OH PRXYHPHQW LPSHUFHSWLEOH<br />
PDLV LQH[RUDEOH GH O·pFRXOHPHQW<br />
,O DFFXHLOOH VDQV DUULqUH SHQVpH WRXV FHX[ TXL<br />
FRPPH OXL FKHUFKHQW OD VpUpQLWp ODVVpV GX WX<br />
$63(&76<br />
PXOWH HW GHV FRQIOLWV GHV PRQGHV &·HVW XQ<br />
FRQILGHQW LQIDWLJDEOH HW GLVFUHW XQ SXLWV GH VD<br />
JHVVH HW G·pUXGLWLRQ OH VHFRXUV GHV kPHV WRXU<br />
PHQWpHV 0DLV VRQ 'RPDLQH HVW XQ OLHX GH UH<br />
WUDLWH HW GH FRQWHPSODWLRQ R OHV GLVWUDFWLRQV<br />
VRQW LQWHQWLRQQHOOHPHQW UDUHV HW FHUWDLQV V·HQ<br />
ODVVHQW UDSLGHPHQW ,O OHV ODLVVH DORUV UHSDUWLU GqV<br />
TXH OD QRVWDOJLH OHV SRLJQH<br />
,O VH SUpVHQWH FRPPH XQH YROXPLQHXVH EXUH<br />
G·XQH FRXOHXU IRQFpH LQGpILQLVVDEOH TXL JOLVVH<br />
VXU OH VRO GH OD QHI 6RXV OH FDSXFKRQ UDEDWWX RQ<br />
QH GLVWLQJXH TXH OHV pFODWV IXJLWLIV G·XQ UHJDUG<br />
/HV PDLQV VRQW SHUSpWXHOOHPHQW GLVVLPXOpHV VRXV<br />
OHV DPSOHV PDQFKRQV MRLQWV 8Q FKDSHOHW OXL VHUW<br />
GH FHLQWXUH GDQV ODTXHOOH HVW SDVVp XQ FLVHDX GH<br />
WDLOOHXU GH SLHUUH<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
'RPDLQH (PDQDWLRQ /D 6WDODFWKpGUDOH<br />
&RPSDJQRQ (PDQDWLRQ 6DFULVWRSWqUH<br />
6pUpQLWp VSpFLILTXH 9RL[ DSDLVDQWH<br />
)DoRQQHPHQW SDUWLFXOLqUH &LVHDX<br />
5HOLJLRQ SDUWLFXOLqUH &KDSHOHW<br />
0LQpUDX[ JpQpUDOH &RXOHXUV WHUUHXVHV<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
)DVFLQDWLRQ (FODW GX UHJDUG<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
7UDQVPXWDWLRQ 6·DJHQRXLOOH HW SULH<br />
(QYR€WHPHQW )L[H GDQV OHV \HX[<br />
7RWDO<br />
75$,76<br />
$XVWqUH<br />
/(6 )25(76<br />
)RUrWV HQFKDQWpHV OLHX[ GH SUpGLOHFWLRQ GHV<br />
3L[LHV HW DXWUHV /XWLQV GHV ERLV /HV DUEUHV LP<br />
PpPRULDX[ DWWHLJQHQW OHV QXDJHV HW OHV 'RPDL<br />
QHV GHV QXpHV (OOHV FDFKHQW GH VRPEUHV VRXV<br />
ERLV R FRPSORWHQW G·pWUDQJHV FUpDWXUHV PDLV<br />
DXVVL GH YDVWHV FODLULqUHV 'H MR\HX[ FRQYLYHV \<br />
FpOqEUHQW GHV IrWHV pWHUQHOOHV R FKDFXQ HVW OH<br />
ELHQYHQX j FRQGLWLRQ G·\ DSSRUWHU VD FRQWULEX<br />
WLRQ
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/( %2648(7 '8 52, '(6 $8/1(6<br />
/HV WHUUHV GX 5RL GHV $XOQHV VH WURXYHQW<br />
GDQV OD IRUrW OD SOXV REVFXUH HW OD SOXV P\VWp<br />
ULHXVH GH )pHULH 'DQV VRQ 'RPDLQH RQ QH<br />
WURXYH DXFXQH MR\HXVH FODLULqUH DXFXQ PDVVLI GH<br />
IOHXUV FRORUpHV /HV DUEUHV OHV SOXV FRPPXQV<br />
VRQW GH VRPEUHV SLQV GHV ERXOHDX[ GpFKDUQpV HW<br />
VXUWRXW DX F±XU GH FHW LQTXLpWDQW SD\V GHV DXO<br />
QHV QRLUV 4XLFRQTXH VH SHUG TXL YRXGUDLW<br />
VFLHPPHQW \ DOOHU " GDQV FHV WHUUHV DXUD WRXWHV<br />
OHV FKDQFHV GH SpULU SHUGX GDQV XQH WRXUELqUH RX<br />
HQJORXWL GDQV XQ GHV QRPEUHX[ PDUDLV SHXSOpV<br />
GH )HX[ )ROOHWV SHUYHUV ,O GHYUD UpXVVLU j VH<br />
IUD\HU XQ FKHPLQ GDQV OHV EURXVVDLOOHV HW OHV<br />
URQFHV HW j pYLWHU RX DPDGRXHU VHV QRPEUHX[<br />
KDELWDQWV PDOIDLVDQWV $X FHQWUH GH FH 'RPDLQH<br />
YLYHQW OHV )LOOHV GX 5RL GHV $XOQHV 3HUVRQQLILFD<br />
WLRQ GHV SHXUV OHV SOXV DWDYLTXHV HOOHV VH SODLVHQW<br />
j SHUGUH OHV YR\DJHXUV HW j OHV HIIUD\HU MXVTX j FH<br />
TX LOV VH UHWURXYHQW GDQV XQH IRQGULqUH (OOHV<br />
SHXYHQW LQYRTXHU XQH REVFXULWp VL QRLUH TXH OHV<br />
9DOHXU<br />
35235,(7(6<br />
3LqJHV IRQGULqUHV $WW 'RP<br />
*DUGLHQV )HX[ )ROOHWV<br />
'LYLVHXU GH<br />
GRPPDJHV<br />
3HUWHV G·(VVHQFH GLYLVpHV SDU<br />
:LFKWOHLQV HX[ PrPHV \ VHUDLHQW DYHXJOHV (OOHV<br />
VHPEOHQW LPPRELOHV PDLV VH GpSODFHQW GDQV<br />
YRWUH GRV 'HV YLVDJHV JULPDoDQWV VHPEOHQW VH<br />
GHVVLQHU VXU OHXUV WURQFV QRXHX[ PDLV OHXUV YRL[<br />
VRQW OHV PXUPXUHV G·XQH EULVH PDODGLYH GDQV<br />
OHXU UDPXUH VTXHOHWWLTXH /HXUV ILQHV EUDQFKHV<br />
SHXYHQW FLQJOHU FRPPH GHV IRXHWV HW OHXUV UDFL<br />
QHV SDUDO\VHQW O·LPSUXGHQW TXL OHV DSSURFKH ,O<br />
IDXGUD OHXU GRQQHU XQH WUqV ERQQH UDLVRQ SRXU<br />
UpXVVLU j WUDYHUVHU OHXUV OLJQHV &H VRQW OHV JDU<br />
GLHQQHV GX 5RL GHV $XOQHV DUEUH JLJDQWHVTXH<br />
DQFLHQ SDUPL OHV DQFLHQV VDJH SDUPL OHV VDJHV<br />
&·HVW XQH VRXUFH LQpSXLVDEOH GH UHQVHLJQHPHQWV<br />
SRXU TXL VDLW SDUYHQLU MXVTX·j OXL 6HV FRUEHDX[ OH<br />
UHQVHLJQHQW VXU WRXW FH TXL VH SDVVH HQ )pHULH HW<br />
VRQ 7DOHQW GH &ODLUYR\DQFH OXL SHUPHW GH GHYLQHU<br />
OH UHVWH /H SUL[ j SD\HU SRXU OXL DUUDFKHU XQH<br />
UpSRQVH HVW WUqV pOHYp VRXV OD IRUPH GH WHUULEOHV<br />
3DFWHV<br />
,QIHUQDO /H 'RPDLQH GRQQH FRUSV j OD SHXU GX QRLU LQWHQVLWp DX WUDYHUV GHV DXOQHV<br />
(JDUHPHQW 'LIILFXOWp SRXU WURXYHU VRQ FKHPLQ<br />
2EVWDFOHV )RXUUpV TXL UpGXLVHQW OD YLWHVVH GH GpSODFHPHQW GH<br />
9HUURX 'LIILFXOWp SRXU SDUYHQLU MXVTX·DX 5RL GHV $XOQHV<br />
+DELWDQWV &KDWV KXDQWV FKDXYHV VRXULV DUDLJQpHV EDWUDFLHQV VDXOHV PDUFKHXUV« VFRUH<br />
2SDFLWp /·REVFXULWp EUXPHXVH GRQQH XQ PDOXV GH SRXU HVSLRQQHU OH 'RPDLQH<br />
/HV )HX[ )ROOHWV<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH<br />
9LJLODQFH 5pVLVWDQFH &KDUPH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
(JDUHPHQW VSpFLILTXH 9RO HUUDWLTXH<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
9RO VDQV 1H WRXFKHQW MDPDLV OH VRO<br />
/XPLqUH VDQV /XPLQHX[<br />
7RWDO
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/H 5RL GHV $XOQHV<br />
¤ ¥ ¦ ¡ £ §¨©© ¨¢ ¦ ¨ <br />
¢¡£<br />
¨¨ ©¨©¢ ¥ ¢ ¤ ©©¢<br />
<br />
¦ ¢¦ ¡ §¡¨<br />
¦<br />
<br />
¨ ¤ ¨ ©§<br />
<br />
¡¨¨©§<br />
©§¨ £ ¨§¨¨ ©©§¨ §§ §¨<br />
§©<br />
§ £ ¨§¨© ©© §¨§¨§¨©©<br />
¥ ¨©© ©§¨<br />
£<br />
© ¤ ¨©¨¨© § ¨© §©<br />
¥ © ¤ ¨©§§©¨©<br />
¥<br />
¢ ¢ <br />
¨ ¨¢ § § ¨ ¨<br />
<br />
¥ ¨ §§ §§ §<br />
<br />
<br />
<br />
¦ ¡ § §¨ © ¨¢ ¦<br />
§ ¨ ©¢<br />
)LOOH GX 5RL GHV $XOQHV &RPSDJQRQ GX 5RL<br />
¡£ ¤ ¥ ¦ ¡<br />
§¨©©¢¨¢ ¦ ¨ £ ¨© ¨<br />
£<br />
¨¨¢ ©¨© ¥ ¢ ¨¨ <br />
¦ ¦ ¡ § ¡¨ ¦<br />
§© £ § £ ¨§¨ ¨©© ¨<br />
¨¨©<br />
¡¨¨©¥ §© §©<br />
£ §¨© ¨§© ¤<br />
© ¥ ¤ ©© ¨© <br />
§¨¨ §¨ §¨ ¨©© § ©<br />
<br />
©¨ ¨ ©§ © ¨©<br />
£<br />
§¨© ©© © <br />
©<br />
©<br />
§©© ¨©<br />
§ §¨©© §¨©<br />
<br />
© ¨§© ¨§ ¨ ¦<br />
¢§§ §§ §<br />
¤<br />
¦<br />
¤ ¡¦ ¥ ¦ ¡ <br />
§§¨ ¨ © ¨© §© <br />
&RUEHDX[ GHV RPEUHV &RPSDJQRQV GX 5RL<br />
¤ ¥ ¦ ¡ £ §¨©©¢¨ ¡£ ¦ ¨ £ ¨© ¨<br />
¨¨¢ ©¨© ¥ ¢ ¨¨ <br />
¦ ¦ ¡ § ¡¨ ¦<br />
§ ¡¨ ¨© © §©<br />
¥<br />
£ ¨§ ¨ ¨§ §<br />
©§¨<br />
¤ ©¨ £ ¨§ § § ¨ § <br />
¨<br />
¢ <br />
¢ ¢ ©©¨© <br />
© § ¨¨©¨<br />
¥<br />
<br />
© ¨© §¨ ¨©©¨©<br />
¢
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/(6 0$5$,6<br />
/HV PDUDLV GH )pHULH Q·RQW SDV ERQQH UpSX<br />
WDWLRQ 4XL QH IULVVRQQH j O·LGpH G·rWUH HQWUDvQp<br />
GDQV GHV HDX[ YDVHXVHV SDU XQ .HOSLH PDOpIL<br />
TXH " /HV )HX[ )ROOHWV QH VRQW LOV SDV G·LQIkPHV<br />
ILORXV TXL YRXV SHUGHQW GDQV OHV IRQGULqUHV DORUV<br />
PrPH TXH YRXV DYLH] SHQVp UHWURXYHU OD FKDOHXU<br />
GH YRWUH IR\HU " /HV $QLPDOLWRV VLIIODQWV RQW<br />
DORUV W{W IDLW GH YRXV YLGHU GH YRWUH VDQJ 0DLV<br />
SHXW rWUH TXH FHV OLHX[ j O·pFDUW GHV UHJDUGV VRQW<br />
HQ IDLW OH UHIXJH GH )pHULTXHV WLPLGHV 3HXW rWUH<br />
FHV UXPHXUV QH VRQW HOOHV FROSRUWpHV TXH SRXU<br />
pORLJQHU OHV LPSRUWXQV SHXW rWUH QH VRQW HOOHV<br />
TXH GHV OpJHQGHV«<br />
3RXUWDQW IRUFH HVW GH FRQVWDWHU TXH O·RQ VH<br />
UHWURXYH GDQV OHV PDUDLV GH )pHULH SOXV VRXYHQW<br />
TX·j VRQ WRXU 8QH SDLVLEOH ULYLqUH UDOHQWLW SHX j<br />
SHX SRXU VH IRQGUH GDQV XQH PDUH G·HDX VWD<br />
JQDQWH WRXW j FRXS HQYLURQQpH G·XQH pSDLVVH<br />
/( 0$5$,6 '( /$ 3(53(78(//( 3(67,/(1&(<br />
/H 0DUDLV GH OD 3HUSpWXHOOH 3HVWLOHQFH HVW<br />
FRQQX GDQV WRXW )pHULH 2Q UHFRQQDvW DXVVL IRUW<br />
ELHQ FHX[ TXL V·\ VRQW UHQGXV TXLFRQTXH HVW XQ<br />
MRXU WRPEp GDQV XQ GHV WHUULEOHV ERXUELHUV GX<br />
0DUDLV H[KDOH XQH LQVXSSRUWDEOH HW LQGpOpELOH<br />
SXDQWHXU /HV VROV WUDvWUHV OH EURXLOODUG MDXQkWUH<br />
TXL V pSDLVVLW HQ XQ LQVWDQW HW OHV )HX[ )ROOHWV TXL<br />
\ UpVLGHQW IRQW G·DLOOHXUV WRXW SRXU \ SORQJHU OHV<br />
YR\DJHXUV<br />
3RXUTXRL FHUWDLQV IRXV V·\ UHQGHQW LOV DORUV<br />
TXH OHV RGHXUV IRQW IXLU WRXWHV OHV FUpDWXUHV GHV<br />
HQYLURQV " &·HVW OH VHXO HQGURLW GH WRXW )pHULH R<br />
O·RQ SHXW WURXYHU OD IOHXU GH 7XEpUHXVH 1RLUH<br />
(OOH QH VXUYLW SDV XQH IRLV GpSODQWpH &HWWH IOHXU<br />
PDJLTXH SHUPHW j TXLFRQTXH UHVSLUH VD IUDJUDQFH<br />
PHUYHLOOHXVH OD 7XEpUHXVH 1RLUH HVW OD VHXOH<br />
FKRVH TXL VHQWH ERQ GDQV WRXW OH 0DUDLV G·rWUH<br />
JXpULH G XQ GH VHV 7UDLWV &HWWH SODQWH HVW WUqV<br />
UHFKHUFKpH PDLV UDUHV VRQW FHX[ TXL SDUYLHQQHQW<br />
j OD WURXYHU (W SRXU FDXVH OHV IOHXUV GH 7XEp<br />
UHXVH 1RLUH VRQW VDFUpHV SRXU OD WULEX GHV 7RXU<br />
EHX[ OHV VHXOV rWUHV FLYLOLVpV GX 0DUDLV<br />
/HV 7RXUEHX[ VRQW GHV rWUHV KXPDQRwGHV GH<br />
OD WDLOOH G·XQ HQIDQW GH DQV ,OV RQW OHV PHPEUHV<br />
JUrOHV OD SHDX EUXQkWUH GH JUDQGV \HX[ FRPSOq<br />
WHPHQW QRLUV TXHOTXHV UDUHV FKHYHX[ QRLUV HW<br />
VXUWRXW DX PLOLHX GH OD ILJXUH XQ pQRUPH QH]<br />
&HW DSSHQGLFH HVW WRWDOHPHQW IDFWLFH FKH] HX[ LOV<br />
Q·RQW SDV GH QDULQHV PDLV LO MRXH OH U{OH GH PDU<br />
TXHXU VRFLDO OHV JURV QH] pWDQW OHV FKHIV GH OD<br />
WULEX ,OV HQ VRQW SDUWLFXOLqUHPHQW ILHUV HW VRQW<br />
EUXPH /·KHUEH IUDvFKH HW WRXIIXH GH OD SUDLULH VH<br />
IDLW PRXVVH VRXV OHV SDV SXLV ERXH YHUGkWUH HW<br />
VSRQJLHXVH 4XL VDXUD UHWURXYHU VRQ FKHPLQ ORLQ<br />
GH OD WHUUH IHUPH " /H VRO VH GpUREH OD YXH VH<br />
SHUG GDQV OHV GpGDOHV GH URVHDX[ &H WDSLV GH<br />
IHXLOOHV Q·HVW HQ IDLW TX·XQH PLQFH SHOOLFXOH TXL<br />
UHFRXYUH XQH PDUH JOXDQWH (W SHXW rWUH KDEL<br />
WpH« 3RXUWDQW F·HVW EHO HVW ELHQ DX F±XU GHV<br />
PDUDLV TXH O·RQ WURXYHUD GHV SODQWHV UDUHV GHV<br />
HVVHQFHV PDJLTXHV HW GH JUDQGV WUpVRUV WRPEpV<br />
GDQV O·RXEOL /H FKkWHDX GH OD EHOOH Q·HVW LO SDV HQ<br />
SHUPDQHQFH FDFKp SDU OH EURXLOODUG HW OHV URQ<br />
FHV " /H FUDSDXG HVW XQ IDLW XQ SULQFH HW OH PD<br />
UDLV XQ SDUDGLV SRXU FHOXL TXL VDLW DSSUpFLHU OHV<br />
FRQFHUWV GH FRDVVHPHQWV j OD WRPEpH GH OD QXLW<br />
RX SDU GHVVXV O·pWDQJ OHV YRO G·RLHV VDXYDJHV HW<br />
VH IDLUH O·DPL GH VHV GLVFUHWV KDELWDQWV<br />
(W pYLWHU OHV WRXUELqUHV«<br />
H[WUrPHPHQW VXVFHSWLEOHV j VRQ VXMHW TXHOTX·XQ<br />
TXL VH PRTXHUDLW GX QH] G·XQ 7RXUEHX[ VH IHUDLW<br />
j FRXS V€U XQ HQQHPL 8Q HQQHPL G·DXWDQW SOXV<br />
GDQJHUHX[ TX·LO FRQQDvW OH 0DUDLV FRPPH VD<br />
SRFKH HW HVW H[SHUW HQ HPEXVFDGH (W LO HVW GLW<br />
TX·LOV SRUWHQW OD SRLVVH« ,OV YLYHQW WRXV DX F±XU<br />
GX PDUDLV GDQV XQ SHWLW YLOODJH /HXUV PDLVRQV<br />
UHVVHPEOHQW j GH ODUJHV SDQLHUV IDLWV GH OLDQHV<br />
WUHVVpHV GDQV OHVTXHOV YLW XQH FRPPXQDXWp TXL<br />
VLQJH XQH IDPLOOH WHUUHVWUH DYHF GHV YLHLOODUGV<br />
TXL Q·RQW MDPDLV pWp MHXQHV GHV HQIDQWV TXL QH<br />
JUDQGLURQW MDPDLV GHV PkOHV HW GHV IHPHOOHV \<br />
FRPSULV GHV IHPPHV SHUSpWXHOOHPHQW HQFHLQWHV<br />
VDQV MDPDLV DFFRXFKHU ,OV VH QRXUULVVHQW GH<br />
UDFLQHV HW GH IUXLWV QDXVpDERQGV HW Q·KpVLWHQW<br />
SDV j OHV SDUWDJHU DYHF OHV YLVLWHXUV TX·LOV WURX<br />
YHQW V\PSDWKLTXHV<br />
/HV 7RXUEHX[ QH UpYqUHQW TX·XQH FKRVH SOXV<br />
TXH OHXU QH] OHV IOHXUV GH 7XEpUHXVH 1RLUH (W<br />
SRXU FDXVH OHV 7RXUEHX[ QH VRQW HQ IDLW TXH OHV<br />
(PDQDWLRQV GHV IOHXUV GH 7XEpUHXVH TXL VRQW OD<br />
0DQLIHVWDWLRQ GX YpULWDEOH )pHULTXH GX 0DUDLV<br />
&·HVW HQ HOOHV TXH VRQW FDSWXUpHV WRXWHV OHV<br />
RGHXUV GHV 7RXUEHX[ HW LOV VRQW LQH[WULFDEOHPHQW<br />
OLpV 2Q FRPSUHQG SRXUTXRL OHV 7RXUEHX[ SUR<br />
WqJHQW FHV IOHXUV FRPPH OD SUXQHOOH GH OHXUV \HX[<br />
RX SOXW{W OHV DLOHV GH OHXU QH] ,O HQ H[LVWH XQH<br />
TXDQWLWp LQGpQRPEUDEOH PDLV LOV Q RQW SDV GH<br />
0DWpULDOLWp 7RXW SRLQW GH 'RPPDJHV LQIOLJp DX<br />
GHOj GH OHXU (QFDLVVHPHQW PDvWULVH OHV IDLW<br />
GLVSDUDvWUH HQ QXDJH GH EUXPH HW V LPSXWH VXU<br />
O (VVHQFH GH OD 7XEpUHXVH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
9DOHXU<br />
35235,(7(6<br />
+DELWDQWV )HX[ )ROOHWV VFRUH<br />
3LqJHV ERXUELHUV $WW 'RP SXDQWHXU LQGpOpELOH /·LQWHQVLWp<br />
GH O·RGHXU HVW YDULDEOH VHORQ OD PDUJH GH UpXVVLWH 'H Op<br />
JqUH RGHXU GH SRLVVRQ SRXUUL j SXDQWHXU LPPRQGH TXL<br />
IDLW YRPLU WRXV OHV rWUHV YLYDQWV j SRUWpH GH PDLQ SHXW rWUH<br />
SUDWLTXH &HW HIIHW HVW DVVLPLOp j XQH ,QIOXHQFH GH O·$IILQLWp<br />
'RPDLQH GH OD 7XEpUHXVH<br />
2SDFLWp %URXLOODUG VXOIXUHX[<br />
'LYLVHXU GH GRPPDJHV 3HUWHV G·(VVHQFH GLYLVpHV SDU<br />
/D 7XEpUHXVH 1RLUH<br />
/D 7XEpUHXVH HVW WUqV VpGHQWDLUH OHV IOHXUV<br />
QH ERXJHQW TXH WUqV UDUHPHQW GH OHXU OLHX GH<br />
SRXVVH HQ VH GpSODoDQW VXU OHXUV UDFLQHV DpULHQ<br />
QHV (OOH QH VRUW MDPDLV GH VRQ 'RPDLQH FDU HOOH<br />
HVW G·XQ QDWXUHO WUqV WLPLGH HW FUDLQWLI 4XL<br />
FRQTXH UHVSLUH VRQ SDUIXP SHUG XQ 7UDLW XQ<br />
VHXO SDU IOHXU FXHLOOLH HW UHVSLUpH PDLV FHOD LQIOLJH<br />
j OD 7XEpUHXVH GHV 'RPPDJHV UpGXFWLEOHV XQL<br />
$63(&76<br />
TXHPHQW SDU OH VFRUH GH PDvWULVH O·(QFDLVVHPHQW<br />
QH MRXH SDV pJDX[ j O·LQWHQVLWp GX 7UDLW FH TXL VH<br />
WUDGXLW YLVXHOOHPHQW SDU OH IDLW TXH OD IOHXU FXHLO<br />
OLH VH IDQH %LHQ V€U GqV TXH OD 7XEpUHXVH Q·D<br />
SOXV G·(VVHQFH OH 3RXYRLU FHVVH GH IRQFWLRQQHU<br />
HW WRXWHV OHV IOHXUV PHXUHQW /HV SRLQWV<br />
G·LQWHQVLWp GHV 7UDLWV HQ H[FqV GH O·(VVHQFH GH OD<br />
7XEpUHXVH QH VRQW SDV JXpULV<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
'RPDLQH (PDQDWLRQ /H 0DUDLV GH OD 3HUSpWXHOOH 3HVWL<br />
OHQFH<br />
&RPSDJQRQV (PDQDWLRQV /HV 7RXUEHX[<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
3DUIXP DSDLVDQW VDQV 8QH PHUYHLOOHXVH RGHXU GH MDVPLQ<br />
HW GH FHULVH<br />
1XpH VDQV 3ODQWV GH WXEpUHXVH<br />
7RWDO<br />
75$,76<br />
1H SHXW TXLWWHU VRQ GRPDLQH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
XQ 7RXUEHX[ &RPSDJQRQ GH OD 7XEpUHXVH<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH SRLQWV GH FUpDWLRQ<br />
9LJLODQFH 5pVLVWDQFH &KDUPH 0DWpULDOLWp VSpFLDO<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
0DOFKDQFH *pQpUDOH 6H SUHQQHQW OHV SLHGV GDQV OHV UDFLQHV<br />
0DUpFDJHV 3DUWLFXOLqUH &RXYHUWV GH ERXH<br />
(PEXVFDGHV 3DUWLFXOLqUH $LU VRXUQRLV<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
%URXLOODUG 6XLYLV SDU XQH YROXWH GH JD] MDXQkWUH<br />
0DOpGLFWLRQ
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
VDQWHV WRUQDGHV TXL IRUPHQW XQH EDUULqUH SUHV<br />
TXH LQIUDQFKLVVDEOH SRXU WRXWH FUpDWXUH YRODQWH<br />
(W OH VHXO PR\HQ G·DWWHLQGUH FHV QXDJHV HVW ELHQ<br />
V€U« HQ YRODQW $ PRLQV GH QH WURXYHU TXHOTXH<br />
DVWXFH SOXV V€UH SRXU SDUYHQLU MXVTX·DX[ QXDJHV<br />
SDU H[HPSOH HQ XWLOLVDQW OHV IDPHX[ KDULFRWV<br />
PDJLTXHV G·XQ FHUWDLQ -DFN WXHXU GH *pDQWV GH<br />
VRQ pWDW TXL SRXVVHQW LQVWDQWDQpPHQW MXVTX·DX[<br />
FLHX[<br />
8QH IRLV VXU OHV QXDJHV OD SDUWLH Q·HVW SDV<br />
JDJQpH 'HV pFODLUV SHXYHQW MDLOOLU j WRXW LQVWDQW<br />
HW YRXV IRXGUR\HU 'HV FUHYDVVHV SHXYHQW DSSD<br />
UDvWUH EUXWDOHPHQW GDQV OH VRO FRWRQQHX[ HW YRXV<br />
SURPHWWUH j XQH FKXWH YHUWLJLQHXVH /H YHQW HVW<br />
ELHQ V€U RPQLSUpVHQW HW OHV WRUQDGHV SHXYHQW<br />
YRXV HPSRUWHU FRPPH XQ IpWX GH SDLOOH<br />
$X PLOLHX GH FH WXPXOWH VH GUHVVH GDQV XQH<br />
]RQH GH FDOPH UHODWLI OD &LWDGHOOH GHV 1XDJHV &H<br />
FKkWHDX G·DOEkWUH pODQFH VHV PXOWLSOHV WRXUV YHUV<br />
OHV FLHX[ D]XU ,O UHSRVH OXL PrPH VXU XQH SHWLWH<br />
FROOLQH GH QXDJHV VpSDUpH GX UHVWH SDU XQ IRVVp<br />
G·XQH GL]DLQH GH SDV GH ODUJH HW« G·XQH SURIRQ<br />
GHXU LQFRPPHQVXUDEOH 7RXW FRPPH OH UHVWH GX<br />
'RPDLQH OD &LWDGHOOH HOOH PrPH HVW HQWRXUpH<br />
SDU GHV YHQWV YLROHQWV TXL UHSRXVVHQW WRXW LQWUXV<br />
HW UHWLHQQHQW WRXW pYDGp 'H SOXV OH IRVVp HVW<br />
VXUYHLOOp SDU GHX[ LQWUDLWDEOHV JDUGLHQV &XPXOXV<br />
HW 1LPEXV &HV GHX[ QXDJHV VRQW OHV FHUEqUHV GX<br />
FKkWHDX HW HPSrFKHQW TXLFRQTXH Q·HQ DXUDLW SDV<br />
UHoX O·DXWRULVDWLRQ H[SUHVVH GH OHXU PDvWUH<br />
G·DEDLVVHU HW GH IUDQFKLU OH SRQW OHYLV VHXO SDV<br />
VDJH pSDUJQp SDU OHV WXUEXOHQFHV &XPXOXV HW<br />
1LPEXV VRQW GHV VHQWLQHOOHV LQFRUUXSWLEOHV PDLV<br />
LOV DLPHQW IDLUH SUHXYH GH OHXU SXLVVDQFH HW RQW<br />
WHQGDQFH j V·pSXLVHU GDQV OHV YDLQV GpILV TX·XQ<br />
YLVLWHXU DSSDUHPPHQW LQRIIHQVLI SRXUUDLW OHXU<br />
ODQFHU<br />
6L RQ UpXVVLW j WURPSHU OHXU YLJLODQFH RX j OHV<br />
EHUQHU RQ SHXW DORUV SpQpWUHU GDQV OD FLWDGHOOH<br />
R (ROLRQ GHPHXUH HQ SHUPDQHQFH SRXU VXUYHLO<br />
OHU VHV SHQVLRQQDLUHV FRPPH LO DLPH j OHV DSSH<br />
OHU (ROLRQ PDOJUp OHV WLWUHV GH JORLUH TX·LO WLHQW<br />
G·XQH MHXQHVVH WXUEXOHQWH HVW HQ IDLW XQ SHUVRQ<br />
QDJH DVVH] SODFLGH TXL Q·DVSLUH TX·j XQH YLH SDL<br />
VLEOH ,O VXUYHLOOH OHV )pHULTXHV TX·RQ OXL D FRQILpV<br />
PDLV VDQV MDPDLV OHV PDOWUDLWHU (Q IDLW LO QH<br />
FRPSUHQG SDV FRPPHQW RQ SHXW QH SDV DLPHU<br />
SDVVHU VD YLH GDQV FHV VL PHUYHLOOHX[ QXDJHV j<br />
UDWLVVHU OHV FLUUXV OH SRWDJHU HVW ELHQ WHQX j VH<br />
SUpSDUHU GHV VRXIIOpV GH QXDJHV HW j VLURWHU XQH<br />
HDX GH PDUV HQ GLVFXWDQW GH OD SOXLH HW GX EHDX<br />
WHPSV ELHQ V€U DYHF GHV JHQV GH ERQQH FRPSD<br />
JQLH &·HVW HVVHQWLHOOHPHQW SRXU FHWWH UDLVRQ TX·LO<br />
WLHQW j JDUGHU GHV SULVRQQLHUV 'H FH IDLW LO VH<br />
GRQQH PDXYDLVH UpSXWDWLRQ j O·H[WpULHXU SRXU<br />
FRQFOXUH DYHF FHX[ TXL VRXKDLWHQW PHWWUH XQ<br />
WUXEOLRQ j O·pFDUW GHV 3DFWHV TXL OXL DVVXUHQW XQH<br />
H[LVWHQFH WUDQTXLOOH WDQGLV TX·LO JDUGH OHV LQGpVL<br />
UDEOHV &KH] OXL LO UHGHYLHQW XQ ERQ JURV *pDQW<br />
FDVDQLHU $WWHQWLRQ Q·HVVD\H] HQ DXFXQ FDV GH<br />
YRXV MRXHU GH OXL LO HVW GDQV VRQ 'RPDLQH HW D<br />
JDUGp G·H[FHOOHQWV UpIOH[HV 0DLV j SDUW oD F·HVW<br />
XQH ERQQH SkWH $ FHFL SUqV TX·(ROLRQ UHGRX<br />
WDQW WDQW OD VROLWXGH D pQRUPpPHQW GH PDO j<br />
ODLVVHU SDUWLU OHV JHQV GH FKH] OXL SOXV RQ VH<br />
SODLQW SOXV LO WLHQW j FH TXH O·RQ UHVWH HQFRUH XQ<br />
SHX HQ SURPHWWDQW GH VH VXUSDVVHU HQFRUH GDQV<br />
O·KRVSLWDOLWp pWRXIIDQWH<br />
(YLGHPPHQW WRXW FHFL Q·HVW SDV WRXMRXUV GX<br />
JR€W GHV SULVRQQLHUV TXL VDWXUHQW DVVH] UDSLGH<br />
PHQW GH VRXIIOp DX QXDJH 3DUIRLV FHUWDLQV IRQW<br />
XQH WHQWDWLYH SRXU V·HQIXLU PDLV LOV GpFRXYUHQW<br />
YLWH TX·(ROLRQ HVW LPEDWWDEOH VXU VRQ SURSUH<br />
'RPDLQH HW TXH OHV YHUURXV TXL \ VRQW LQVWDOOpV<br />
VRQW H[WUrPHPHQW SXLVVDQWV /HV FHOOXOHV VRQW<br />
VLWXpHV DX VRPPHW GX GRQMRQ OXL DXVVL HQWRXUp<br />
GH YHQWV YLROHQWV HW GH FDJHV G·pFODLUV ,O HVW GLW<br />
TXH FHUWDLQV rWUHV IpHV RQW WRXW GH PrPH UpXVVL j<br />
OH WURPSHU«<br />
(ROLRQ GHV WHPSrWHV VHSWHQWULRQDOHV PDvWUH GHV RUDJHV WXUEXOHQWV TXL D GRPSWp OH =pSK\U HW FKHYDXFKp OHV<br />
W\SKRQV<br />
(ROLRQ HVW XQ *pDQW j O·DOOXUH ERQKRPPH ,O<br />
D OD SHDX EOHXWpH XQH FKHYHOXUH DERQGDQWH HW<br />
XQH EDUEH FRQVWLWXpHV GH QXDJHV ,O HVW KDELOOp<br />
GDQV XQH WHQXH GH PDMRUGRPH LPPDFXOpH ,O HVW<br />
WRXMRXUV WUqV DIIDEOH HW VH PRQWUH HQ JpQpUDO<br />
DFFXHLOODQW YRLUH HQYDKLVVDQW 6DXI TXDQG RQ<br />
YHXW SUHQGUH FRQJp DXTXHO FDV VD PDQLH GH<br />
V·DVVXUHU GH OD VDWLVIDFWLRQ GH VHV K{WHV SHXW<br />
PHQHU j OHXU DJDFHPHQW GRQF j XQ UHIXV GH OHV<br />
ODLVVHU VRUWLU GDQV FHW pWDW G·LQVDWLVIDFWLRQ HW<br />
ILQDOHPHQW DX FRQIOLW«
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
'RPDLQH (PDQDWLRQ /D &LWDGHOOH GHV 1XDJHV<br />
9HQWV SDUWLFXOLqUH %ULVH TXL VRXIIOH DXWRXU GH OXL<br />
1XDJHV SDUWLFXOLqUH %DUEH HW FKHYHX[ GH QXDJH<br />
(FODLUV SDUWLFXOLqUH $UF pOHFWULTXH TXDQG LO WRXFKH TXHO<br />
TXH FKRVH<br />
&XLVLQH JpQpUDOH 6·H[SULPH SDU PpWDSKRUHV FXOLQDLUHV<br />
© OHV FDURWWHV VRQW FXLWHV ª<br />
7kFKHV GRPHVWLTXHV SDUWLFXOLqUH /LYUpH GH PDMRUGRPH<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
(YRFDWLRQ 7RXMRXUV DFFRPSDJQpH GH YHQW<br />
7RWDO<br />
75$,76<br />
9HXW YLYUH XQH YLH SDLVLEOH<br />
5HIXVH TXH O·RQ VRUWH PpFRQWHQW GH VRQ 'RPDLQH<br />
3$&7(6<br />
'LYHUV 3DFWHV OXL HQMRLJQDQW GH QH SDV ODLVVHU VRUWLU VHV K{WHV LQWHQVLWpV YDULDEOHV<br />
'RPDLQH OD &LWDGHOOH GHV 1XDJHV<br />
9DOHXU<br />
35235,(7(6<br />
$ODUPH GLVVXDVLYH )RXGUH HQ ERXOH TXL IXVH LQWHQVLWp HQ FDV GH WHQWDWLYH GH VRUWLU GX 'RPDLQH<br />
$XWRPDWLVPH /H YHQW VRXIIOH G·DXWDQW SOXV IRUW YHUV OH FHQWUH GX 'RPDLQH TX·RQ VH UDSSURFKH GX<br />
ERUG LQWHQVLWp<br />
&KHPLQV FRXUEpV 7RXV OHV FKHPLQV PqQHQW j OD VDOOH j PDQJHU GLIILFXOWp<br />
'LYLVHXU GH GRPPDJHV<br />
FROODWpUDX[<br />
3HUWHV G·(VVHQFH GLYLVpHV SDU FRQVLVWDQFH PRHOOHXVH<br />
(JDUHPHQW /HV SRLQWV GH UHSqUH VH GpIRUPHQW WRXW VHXOV GLIILFXOWp<br />
JDUGLHQV [ &XPXOXV HW 1LPEXV<br />
,G\OOLTXH 6L RQ DLPH O·DPELDQFH GHV YLOOHV G·HDX« JpQpUDO KRVSLWDOLWp PpWpR RX<br />
2EVWDFOHV 7H[WXUH PROOHWRQQpH GHV QXDJHV HW ERXUUDVTXHV FRQWUDLUHV<br />
SLqJHV (FODLUV FUHYDVVHV GH QXDJH WRUQDGHV $WWDTXH 'RPPDJHV<br />
9HUURX /HV WRUQDGHV H[WpULHXUHV GX 'RPDLQH GLIILFXOWp<br />
9HUURX /HV GRXYHV YHQWHXVHV GH OD &LWDGHOOH GLIILFXOWp<br />
9HUURX /HV FDJHV G·pFODLUV GHV FHOOXOHV GLIILFXOWp<br />
5(675,&7,216<br />
)OXLGH /HV QXDJHV VH WUDQVIRUPHQW WRXW VHXOV<br />
+RUULSLODQW 0DOJUp OHV WDOHQWV FXOLQDLUHV G·(ROLRQ WRXW HVW IDGH<br />
,QWHUPLWWHQW /HV JDUGLHQV ODLVVHQW SDVVHU FHX[ TXL OHV YDLQTXHQW HQ GXHO QRQ YLROHQW FKDUDGHV<br />
SLHUUH SDSLHU FLVHDX«<br />
,QWHUPLWWHQW /HV WRUQDGHV H[WpULHXUHV Q·DIIHFWHQW TXH FHX[ TXL YROHQW<br />
,QWHUPLWWHQW /H SRQW OHYLV V·DEDLVVH VL OHV JDUGLHQV VRQW FRQWUpV FH TXL DQQXOH OH YHUURX GHV GRX<br />
YHV<br />
,QWHUPLWWHQW /HV FOpV GHV FHOOXOHV VRQW j XQ FORX DX PXU GRQF Q·LPSRUWH TXL OLEUH GH VHV PRX<br />
YHPHQWV SHXW OLEpUHU WRXV OHV SULVRQQLHUV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
&XPXOXV HW 1LPEXV *DUGLHQV GH OD &LWDGHOOH<br />
&XPXOXV HW 1LPEXV UHVVHPEOHQW j GHX[ JURV QXDJHV JULV GH IRUPH YDJXHPHQW KXPDQRwGH ,OV RQW<br />
WRXMRXUV O·DLU GH VH GLVSXWHU PDLV VRQW GH ILGqOHV VHUYLWHXUV HW GHV JDUGHV LQFRUUXSWLEOHV<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH<br />
9LJLODQFH 5pVLVWDQFH &KDUPH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
1XDJHV SDUWLFXOLqUH &RQWRXUV QpEXOHX[<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
FR€W HQ (V<br />
VHQFH<br />
0DvWULVH<br />
(FODLUV FI FUDFKHU OH IHX (FODLUV TXL DSSDUDLVVHQW GDQV OHV ©<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
\HX[ ª HW OD © ERXFKH ª<br />
(YRFDWLRQ 7RXMRXUV DFFRPSDJQpH GH YHQW<br />
7RWDO<br />
81 '20$,1( %,(1 3$57,&8/,(5 /( &$55266(<br />
/HV YR\DJHV VRQW O·RFFDVLRQ GH UHQFRQWUHV<br />
XQ SHX SDUWLFXOLqUHV (Q HIIHFWXDQW XQ WUDMHW<br />
SDLVLEOH VXU OHV URXWHV GH )pHULH RQ VH UHWURXYH<br />
VRXGDLQ IDFH j XQH pWUDQJH FUpDWXUH VRUWLH G XQ<br />
QXDJH GH SRXVVLqUH /D PDVVH VHPEOH IRQGUH j<br />
WRXWH YLWHVVH VXU OHV YR\DJHXUV /D UHVSLUDWLRQ<br />
VLIIODQWH HOOH SDUDvW ELHQ PHQDoDQWH MXVTXj FH<br />
TX·RQ OD UHJDUGH DYHF SOXV G·DWWHQWLRQ XQ FR<br />
FKHU HQ XQLIRUPH FUDPRLVL SHUUXTXH SRXGUpH HW<br />
PDTXLOODJH RXWUDQFLHU FRQGXLW XQ FDUURVVH VDQV<br />
'DYLG 1DPERND<br />
FKHYDX[ 6HV YROHWV VRQW WLUpV HW OKDELWDFOH VH<br />
FRPSRVH GH ERLV H[RWLTXHV HW GH JDUJRXLOOHV<br />
VFXOSWpHV HQ GpVRUGUH ' LPSRVDQWHV PDOOHV WH<br />
QXHV j O DLGH GH JURVVHV FRUGHV URXJHV HQ UHFRX<br />
YUHQW OH WRLW /D SRUWH GX YpKLFXOH V·RXYUH HQ<br />
JULQoDQW OH FRFKHU GHVFHQG pSRXVVqWH VRQ FKD<br />
SHDX VDOXH PpFDQLTXHPHQW OHV YR\DJHXUV HW OHXU<br />
SURSRVH GH IDLUH XQ ERXW GH URXWH HQVHPEOH<br />
VRQ PDvWUH D UHPDUTXp OHXU SUpVHQFH HW VRXKDLWH<br />
SURILWHU GX YR\DJH SRXU IDLUH FRQQDLVVDQFH DYHF
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
HX[ ,O IDXGUD PRQWHU j O LQWpULHXU GX YpKLFXOH<br />
SHX HQJDJHDQW SRXU HQ VDYRLU SOXV VXU VRQ P\V<br />
WpULHX[ SURSULpWDLUH<br />
/HV LQYLWpV QH V HQ UHQGURQW SDV IRUFpPHQW<br />
FRPSWH PDLV LOV VRQW HQWUpV GDQV OH 'RPDLQH GH<br />
%XIILQR GHOOD %XIIDOD GpILQL SDU O HVSDFH LQWpULHXU<br />
GH VRQ &DUURVVH WRXW GH YHORXUV ERUGHDX[ WDSLV<br />
Vp 2Q HVW SHX WHQWp G·HQ VRUWLU WDQW OX[H HW<br />
FRQIRUW VRQW SUpVHQWV« PDLV O LQTXLpWXGH GH<br />
PHXUH TXHOTXHV DLJXLOOHV VH FDFKHQW GDQV GH<br />
PRHOOHX[ FRXVVLQV OD FKDOHXUHXVH FKHPLQpH<br />
EU€OH VL RQ V HQ DSSURFKH GH WURS SUqV GH JUDQ<br />
GHV ELEOLRWKqTXHV UHFqOHQW GHV PLOOLHUV G RXYUDJHV<br />
GH FXLVLQH PRUELGH HQ OHV FRQVXOWDQW XQ SHU<br />
VRQQDJH WRPEHUD VXU GH FXULHXVHV UHFHWWHV GRQW<br />
OD IDoRQ G DVVDLVRQQHU OHV )pHULTXHV GX PrPH<br />
W\SH TXH OXL VFKpPDV j O DSSXL )pHV HQ WUDQ<br />
FKHV IULFDVVpH GH /XWLQV SRrOpH GH FKDWV ERW<br />
WpV« HWF<br />
© $VVH\H] YRXV DVVH\H] YRXV (QFKDQWp GH<br />
IDLUH YRWUH FRQQDLVVDQFH 2 YRXV DOOH] MH YDLV<br />
FDU MH Q DL G DXWUH EXW TXH GH WHVWHU O KRVSLWDOLWp<br />
GH WRXV OHV 'RPDLQHV GH )pHULH 9RXV D W RQ<br />
GpMj UDFRQWp O KLVWRLUH GH PD YLVLWH DXSUqV GH FHW<br />
2JUH pWUDQJH D TXL RQ DYDLW YROp OH FKkWHDX GH<br />
VDEOH " (W YRXV PrPH R UpVLGH] YRXV " 3HXW<br />
rWUH TXH QRXV QRXV VRPPHV GpMj UHQFRQWUpV<br />
1RQ " 3RXUWDQW YRWUH WrWH PH GLW ELHQ TXHOTXH<br />
FKRVH« ª<br />
'DQV VD UREH GH FKDPEUH GH YHORXUV URXJH<br />
HW VHV JURVVHV SDQWRXIOHV %XIILQR QREOH HW HV<br />
SLRQ PpFRQQX HVW OD FDULFDWXUH GX WUDvWUH<br />
FRPPH HQ WpPRLJQHQW VRQ ERXF KXLOp VRQ DLU<br />
PDFKLDYpOLTXH PpSKLVWRSKpOLTXH HW OD VRPEUH<br />
WHLQWXUH TXL UHFRXYUH VHV FKHYHX[ ,O YR\DJH VRXV<br />
OD FRXYHUWXUH G·XQ ULFKH HW FpOqEUH JDVWURQRPH HW<br />
WHVWHXU G DXEHUJHV YRJXDQW GH 'RPDLQH HQ 'R<br />
PDLQH (Q UpDOLWp LO WHQWH GH UHFUXWHU GHV PHUFH<br />
QDLUHV HIILFDFHV HW ERQ PDUFKp SRXU UHYHUVHU<br />
WRXV OHV 5RLV GH )pHULH SRXU HQILQ © PHWWUH XQ<br />
WHUPH j OHXU UqJQH RSSUHVVLI HW IDLUH URXOHU OD WrWH<br />
FRXURQQpH GH FHV VRFLDO WUDvWUHV VXU OH VRO G XQH<br />
WHUUH OLEUH GHVWLQpH j XQ SHXSOH IpH OLEpUp ª %XI<br />
ILQR D OD GHQW GXUH FRQWUH OHV 5RLV XQH KLVWRLUH<br />
GH UHSDV PDO GLJpUpH HW VRXKDLWH WRXV OHV PHWWUH<br />
HQ pFKHF ,O HVW DXVVL PLHOOHX[ DYHF OHV LQFRQQXV<br />
TXH GDQJHUHX[<br />
'HUULqUH VRQ SHUVRQQDJH GH JDVWURQRPH<br />
%XIILQR FDFKH OH VWUDWqJH TXL O KDELWH ,O DLPH<br />
FRQWU{OHU FKDTXH FKRVH HW DYDQFH VHV SLqFHV VXU<br />
VRQ pFKLTXLHU IpHULTXH ' DLOOHXUV LO SURSRVHUD<br />
FHUWDLQHPHQW GHV SDUWLHV G pFKHFV RX GH FDUWHV j<br />
VHV LQYLWpV SDVVDQW SRXU XQ FRPSDJQRQ GH URXWH<br />
WUqV DJUpDEOH ,O SDUOH GH OD ILQHVVH GHV GHUQLHUV<br />
SODWV TX·LO D JR€WpV FLWURQQDGH GH VDOVHSDUHLOOH<br />
DX[ WUXIIHV PDULQDGH GH SRLYURQV JpDQWV DJUp<br />
PHQWpV GH PXVLTXHV VXFUpHV 'RPLQDQW OD VL<br />
WXDWLRQ GX KDXW G XQ WU{QH LQVWDOOp j PrPH OH<br />
SODQFKHU LO FKHUFKHUD SHWLW j SHWLW j REWHQLU XQ<br />
PD[LPXP G LQIRUPDWLRQV VXU VHV LQYLWpV HW WHVWH<br />
UD OHXUV FDSDFLWpV FXULRVLWp JR€W GX ULVTXH LPD<br />
JLQDWLRQ HQ OHXU SRVDQW GHV TXHVWLRQV GH SOXV<br />
HQ SOXV LQGLVFUqWHV YLVDQW SULQFLSDOHPHQW j V LQ<br />
IRUPHU VXU OHXU 'RPDLQH HW VHV &RUUHVSRQGDQ<br />
FHV DILQ GH UHWURXYHU OHXU WUDFH OH FDV pFKpDQW 6L<br />
VD FRQFOXVLRQ HVW TXH OHV SHUVRQQDJHV IHUDLHQW GH<br />
ERQV KRPPHV GH PDLQ FDSDEOHV HW IDFLOHV j<br />
PDQLSXOHU LO WHQWHUD GH OHV FRQGXLUH GDQV XQ<br />
SLqJH XQH HPEXVFDGH R DSUqV OHV DYRLU IUDSSpV<br />
G·XQ *HLV LO FRPSWH OHXU IDLUH IDLUH VHV VDOHV<br />
EHVRJQHV (Q UHYDQFKH VL OHV YR\DJHXUV pWDEOLV<br />
VHQW XQ WUqV ERQ FRQWDFW V LOV UHQWUHQW GDQV VRQ<br />
MHX UpYROXWLRQQDLUH TXL YLVH j GpSRVHU WRXV OHV<br />
W\UDQV GH )pHULH LO MRXHUD FDUWHV VXU WDEOHV OHXU<br />
SURSRVDQW SHXW rWUH PrPH XQ 3DFWH SRXU UHQWUHU<br />
GDQV VD IUDWHUQLWp GH )pHULTXHV TXL GHYUDLHQW XQ<br />
MRXU UHQYHUVHU WRXV OHV 5RLV TXHOV TX LOV VRLHQW<br />
8QH OpJqUH LPSUHVVLRQ GH PDODLVH IUDSSHUD<br />
OHV )pHULTXHV TXL V LQWHUURJHQW VXU OHV REMHFWLIV GH<br />
%XIILQR 3HWLW j SHWLW FH GHUQLHU MRXHUD GH VRQ<br />
,QIOXHQFH O DWPRVSKqUH VH IHUD GH SOXV HQ SOXV<br />
RSSUHVVDQWH GDQV OH &DUURVVH OHV PXUV VH UDS<br />
SURFKHURQW OHV VRQV VHURQW pWRXIIpV XQ VRXULUH<br />
FDUQDVVLHU VH GHVVLQHUD VXU OH YLVDJH GH %XIILQR<br />
VRQ RPEUH JUDQGLUD VXU OHV SHUVRQQDJHV SULV DX<br />
SLqJH TXL VH VHQWLURQW WRXW SHWLWV HW LVROpV ' XQ<br />
FRXS OH &DUURVVH V DUUrWHUD GDQV XQ JULQFHPHQW<br />
VWULGHQW %XIILQR SUHQGUD XQ DLU pWRQQp © GpMj<br />
ª VRXSLUHUD W LO © %LHQ ª V H[FODPHUD %XIILQR<br />
© YRXV YRLFL DUULYpV M HVSqUH TXH YRXV DYH] IDLW<br />
ERQQH URXWH $OOH] KRS WRXW OH PRQGH GHV<br />
FHQG ª<br />
6L OHV YR\DJHXUV WHQWDLHQW GH V HQIXLU GX &DU<br />
URVVH GH %XIILQR DYDQW O DUULYpH VD UpDFWLRQ Q HQ<br />
VHUDLW TXH SOXV YLROHQWH ,OV SURYRTXHUDLHQW DORUV<br />
XQH DWWDTXH DQWLFLSpH GH O RGLHX[ SHUVRQQDJH HW LO<br />
HVW SUREDEOH TX LOV FRQQDvWUDLHQW XQH FXLVDQWH<br />
GpIDLWH 4XHOTXHV *HVD OHXU VHUDLHQW DORUV LPSR<br />
VpV SRXU DVVXUHU OHXU OR\DXWp j O·DYHQLU LOV DS<br />
SUHQGUDLHQW FHUWDLQHPHQW TX LO QH IDXW SDV PDQ<br />
TXHU GH UHVSHFW j Q LPSRUWH TXL HQ )pHULH $X FDV<br />
R OHV PDQLqUHV GHV SHUVRQQDJHV OXL GpSODLUDLHQW<br />
SDUWLFXOLqUHPHQW %XIILQR QH VH SULYHUDLW SDV G·HQ<br />
'pSRXLOOHU XQ RX GHX[ © MXVWH SRXU JR€WHU ª«<br />
0DOJUp VHV PpWKRGHV XQ SHX DEXVLYHV HW H[<br />
WUDYDJDQWHV WRXW FH TXH %XIILQR GpVLUH F HVW<br />
WHVWHU VHV QRXYHOOHV UHFUXHV ELHQ VRXYHQW GHV<br />
FRPSDJQRQV GH URXWH HQ OHV SODoDQW GDQV XQH<br />
VLWXDWLRQ GpOLFDWH LO VDLW TX·LO HVW SXLVVDQW HW VH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
FRQWHQWHUD GH OHV REVHUYHU OHV ODLVVDQW PLMRWHU OH<br />
WHPSV GX WUDMHW 6L O·LQWpULHXU GH VRQ FDUURVVH HVW<br />
VRQ 'RPDLQH GRQW OH FRFKHU HVW OH JDUGLHQ<br />
O·H[WpULHXU HVW &DKRW XQ &RPSDJQRQ SDUWLFXOLq<br />
UHPHQW UHGRXWDEOH OHV FRUGHV URXJHV TXL RUQHQW<br />
9DOHXU<br />
35235,(7(6<br />
OH &DUURVVH VRQW HQ IDLW GHX[ JURV WHQWDFXOHV TXL<br />
DWWUDSHQW OHV YLFWLPHV SRXU OHV HQIHUPHU GDQV OHV<br />
PDOOHV SHQVH] j XQH SODQWH FDUQLYRUH VXU TXDWUH<br />
URXHV HW OH &DUURVVH SHXW SURGXLUH j YRORQWp<br />
Q·LPSRUWH TXHO DSSHQGLFH PHQDoDQW<br />
3LqJHV SLqJHV FRXVVLQV HW FKHPLQpH $WW 'RP<br />
*DUGLHQ /H FRFKHU<br />
2SDFLWp 0DOXV GH SRXU REVHUYHU O·LQWpULHXU GX &DUURVVH<br />
9HUURX 'LIILFXOWp SRXU HQWUHU GDQV OH FDELQHW GH WUDYDLO GH %XIILQR<br />
'LYLVHXU GH GRPPDJHV 3HUWHV G·(VVHQFH GLYLVpHV SDU<br />
$XWRPDWLVPH /HV OLYUHV GH OD ELEOLRWKqTXH V·HIIRQGUHQW VXU FHX[ TXL V·HQ SUHQQHQW j<br />
/H FRFKHU<br />
$63(&76<br />
%XIILQR LQWHQVLWp<br />
3XLVVDQFH +DELOHWp 7DLOOH<br />
9LJLODQFH 5pVLVWDQFH &KDUPH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
&RXUWRLVLH VSpFLDOLVpH /LYUpH GH GRPHVWLTXH<br />
9pKLFXOHV JpQpUDOH )RXHW GH FRFKHU<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
)DVFLQDWLRQ 0DTXLOODJH<br />
7RWDO<br />
%XIILQR GHOOD %XIIDOD JDVWURQRPH DQDUFKLVWH<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH */$0285<br />
9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
'RPDLQH (PDQDWLRQ /H &DUURVVH<br />
&RPSDJQRQ (PDQDWLRQ &DKRW<br />
*DVWURQRPLH VSpFLDOLVpH (IIOXYHV GH KDXWH<br />
FXLVLQH<br />
,QWULJXHV SDUWLFXOLqUH 7HLQWXUH QRLUH<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
3UHVVHQWLPHQW VDQV 2UHLOOHV SRLQWXHV<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
0pWDPRUSKRVH /HV FLEOHV GHYLHQ<br />
7RWDO<br />
75$,76<br />
&DOFXODWHXU<br />
$QDUFKLVWH<br />
%RQ SHUGDQW<br />
QHQW URXJHV<br />
%XIILQR SDU 'DYLG 1DPERND
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
&DKRW OH &DUURVVH<br />
$63(&76<br />
3XLVVDQFH +DELOHWp 7DLOOH 3RLQWV GH FUpDWLRQ<br />
9LJLODQFH 5pVLVWDQFH &KDUPH 0DWpULDOLWp<br />
$775,%876 YDOHXU 6LJQH<br />
$IILQLWpV %RQXV W\SH<br />
$UPHPHQWV JpQpUDOH $UVHQDO URXODQW<br />
,WLQpUDQFH VSpFLDOLVpH &RXYHUW GH SRXVVLqUH<br />
3RXYRLUV IpHULTXHV<br />
IUpTXHQFH HIILFDFLWp YHUVDWLOLWp<br />
9LVLRQ VXUQDWXUHOOH FI<br />
IRUFH VXUQDWXUHOOH<br />
&R€W HQ<br />
(VVHQFH<br />
0DvWULVH<br />
VDQV /HV \HX[ GHV JDUJRXLOOHV VRQW PREL<br />
0HPEUHV PXOWLSOHV VDQV /HV GHX[ FRUGHV<br />
7HUUHXU 5HVSLUDWLRQ VLIIODQWH<br />
(QJORXWLU /HV PDOOHV<br />
7DOHQWV PDJLTXHV 1LYHDX<br />
9R\DJH 1XDJHV GH SRXVVLqUH<br />
7RWDO<br />
/( 7(036 (7 /·(63$&( '$16 )((5,(<br />
/( 7(036 '$16 )((5,(<br />
/H WHPSV GDQV )pHULH QH SHXW VH GpFRXSHU<br />
HQ PLQXWHV RX HQ KHXUHV &H Q·HVW SDV H[DFWH<br />
PHQW TXH OH WHPSV QH V·pFRXOH SDV &HUWDLQV<br />
KXPDLQV HQ IRQW O·DPqUH H[SpULHQFH ORUVTX·LOV<br />
RQW SDVVp XQH MRXUQpH HQ )pHULH HW TXH FHQW DQ<br />
QpHV VH VRQW pFRXOpHV VXU 7HUUH 6LPSOHPHQW OHV<br />
QRWLRQV GH GpFRXSDJH GX WHPSV VRQW FRPSOqWH<br />
PHQW pWUDQJqUHV DX[ rWUHV IpHV TXL VRQW SURSUH<br />
PHQW pWHUQHOV VDQV QDLVVDQFH pYROXWLRQ YLHLOOLV<br />
VHPHQW QL GpFqV &HUWHV OD YLH IpHULTXH HVW SOXV<br />
RX PRLQV U\WKPpH SDU OHV F\FOHV GH OD QDWXUH<br />
$LQVL OHV MRXUQpHV HW OHV QXLWV OHV VDLVRQV GRQ<br />
QHQW XQH FHUWDLQH FDGHQFH 0DLV FHV F\FOHV Q·RQW<br />
SDV IRUFpPHQW XQH GXUpH LGHQWLTXH SDUWRXW GDQV<br />
,YDQ %LOLELQH<br />
OHV<br />
)pHULH QL PrPH XQH GXUpH UpJXOLqUH GDQV XQ<br />
'RPDLQH GRQQp SXLVTX LOV VRQW GpILQLV GH IDoRQ<br />
LQGpSHQGDQWH GDQV FKDTXH 'RPDLQH SDU OH )pH<br />
ULTXH TXL HQ HVW OH PDvWUH HW TXL SHXW OHV PRGL<br />
ILHU j YRORQWp YRLUH V HQ GLVSHQVHU WRWDOHPHQW<br />
&HUWDLQV OLHX[ VRQW EDLJQpV GDQV XQH QXLW pWHU<br />
QHOOH DORUV TXH G·DXWUHV FRQQDLVVHQW XQ pWp VDQV<br />
GpEXW QL ILQ ,O HVW SDU FRQVpTXHQW WUqV GLIILFLOH<br />
GH SUHQGUH UHQGH] YRXV HQ )pHULH $X PLHX[<br />
SHXW RQ SUHQGUH SRXU UpIpUHQFH XQ SKpQRPqQH<br />
QDWXUHO ORFDO HQ HVSpUDQW TXH OH SURSULpWDLUH GX<br />
'RPDLQH QH YD SDV WURS HQ PRGLILHU OH U\WKPH<br />
GDQV O·LPPpGLDW /H WHPSV TXL SDVVH Q·HVW SDV<br />
U\WKPp SDU O·HQYLURQQHPHQW PDLV SDU OHV )pHUL<br />
TXHV HX[ PrPHV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/·(63$&( '$16 )((5,(<br />
/·HVSDFH Q·D SDV GH SULVH VXU )pHULH /D QR<br />
WLRQ GH OLHX HVW SOXW{W j UDWWDFKHU j FHOOH<br />
© G·HQYLURQQHPHQW ª TX·j FHOOH © G·HQGURLW UHSpUp<br />
GDQV O·HVSDFH ª SXLVTXH )pHULH Q·HVW TX·XQ MX[WD<br />
SRVLWLRQ GH 'RPDLQHV 2Q SHXW VH FRQVLGpUHU<br />
GDQV XQ PrPH 'RPDLQH WDQW TXH OHV FDUDFWpULV<br />
WLTXHV JpQpUDOHV GH O·HQYLURQQHPHQW Q·RQW SDV<br />
WURS FKDQJp &HWWH GpILQLWLRQ HVW WUqV YDJXH<br />
F·HVW QRUPDO 8QH IRUrW SHXW SDUIRLV rWUH FRQVL<br />
/(6 '20$,1(6 )((5,48(6<br />
7RXWH UpJLRQ GH )pHULH Q HVW FRPPH WRXW<br />
pOpPHQW GH FH PRQGH TX XQH H[WHQVLRQ GLUHFWH<br />
G·XQ )pHULTXH /H *ODPRXU TXL FRPSRVH FH OLHX<br />
HVW XQH SDUWLH GX *ODPRXU GX )pHULTXH &·HVW OH<br />
'RPDLQH GH FHW rWUH IpH TXL SUHQG OD IRUPH<br />
G·XQH $IILQLWp /HV 'RPDLQHV IpHULTXHV VRQW HQ<br />
TXHOTXHV VRUWHV OHV SURSULpWpV SULYpHV GHV rWUHV<br />
IpHV GHV UpJLRQV GH )pHULH R XQ )pHULTXH HVW<br />
FKH] OXL ,O HVW HQ FRPSOqWH KDUPRQLH DYHF<br />
O·HQYLURQQHPHQW VRQ ,QIOXHQFH \ HVW WUqV JUDQGH<br />
HW VD SXLVVDQFH \ HVW FRQVLGpUDEOHPHQW DFFUXH ,O<br />
HVW WUqV GDQJHUHX[ GH V·DWWDTXHU j XQ rWUH IpH<br />
GDQV VRQ 'RPDLQH SXLVTXH VRQ QLYHDX<br />
G·$IILQLWp V·DMRXWH HQ ERQXV j WRXWHV VHV DFWLYL<br />
WpV<br />
8Q )pHULTXH QH YLW SDV IRUFpPHQW VHXO GDQV<br />
VRQ 'RPDLQH (Q SOXV GHV (PDQDWLRQV GRQW LO D<br />
SX OH SHXSOHU LO SHXW OH SDUWDJHU DYHF G·DXWUHV<br />
rWUHV IpHV<br />
0LVH HQ FRPPXQ G·XQ 'RPDLQH<br />
8Q 'RPDLQH Q·HVW SDV IRUFpPHQW XQH UpJLRQ<br />
UpVHUYpH j XQ VHXO )pHULTXH 3OXVLHXUV )pHULTXHV<br />
SHXYHQW DYRLU XQH $IILQLWp SRXU OH PrPH 'R<br />
PDLQH ,OV SHXYHQW \ YLYUH HQ ERQQH HQWHQWH RX<br />
DORUV rWUH HQ OXWWH FRQVWDQWH SRXU SUHQGUH OH<br />
SRXYRLU WRWDO<br />
&KDTXH )pHULTXH EpQpILFLH GHV PrPHV DYDQ<br />
WDJHV OLpV j FHWWH $IILQLWp GDQV OH 'RPDLQH VHORQ<br />
VRQ SURSUH QLYHDX G·$IILQLWp /D ULFKHVVH GX<br />
'RPDLQH HVW IL[pH SDU OH WRWDO GHV $IILQLWpV TXL \<br />
VRQW DWWDFKpHV /HV SURSULpWpV GX 'RPDLQH VRQW<br />
GpFLGpHV SDU FKDTXH )pHULTXH TXL SHXW DWWULEXHU<br />
VHV SRLQWV G·$IILQLWpV FRPPH ERQ OXL VHPEOH ,O<br />
HVW OH VHXO j EpQpILFLHU GHV DYDQWDJHV OLpV j FHV<br />
SURSULpWpV /·DSSDUHQFH GX 'RPDLQH HVW IL[pH<br />
SDU FKDFXQ DX SURUDWD GH VRQ QRPEUH GH SRLQWV<br />
PDLV FHX[ TXL SDUWDJHQW XQ 'RPDLQH HQ ERQQH<br />
HQWHQWH VH PHWWHQW VRXYHQW G·DFFRUG VXU XQ HQYL<br />
URQQHPHQW SOXV RX PRLQV KDUPRQLHX[<br />
GpUpH FRPPH XQ 'RPDLQH XQLTXH DORUV TXH<br />
GHX[ TXDUWLHUV G·XQH YLOOH SHXYHQW rWUH VXIIL<br />
VDPPHQW GLIIpUHQWV SRXU rWUH GHX[ 'RPDLQHV<br />
GLIIpUHQWV &·HVW OH SULQFLSH G·,QIOXHQFH TXL<br />
JRXYHUQH OD QDWXUH GH O·HQYLURQQHPHQW /HV<br />
SD\VDJHV GH )pHULH QH VRQW TXH OHV UHIOHWV GH<br />
OHXUV KDELWDQWV &KDTXH KDELWDQW GH )pHULH PR<br />
GqOH VRQ HQYLURQQHPHQW SDU VRQ FDUDFWqUH VHV<br />
GpVLUV HW VHV JR€WV<br />
'RPDLQHV YRLVLQV<br />
(GPRQG 'XODF<br />
7RXV OHV 'RPDLQHV TXL RQW GHV &RUUHVSRQ<br />
GDQFHV HQ FRPPXQ VRQW GH IDLW DGMDFHQWV SXLV<br />
TX LO VXIILW G pYRTXHU SHX GH &RUUHVSRQGDQFHV<br />
SRXU VH UHQGUH GH O XQ j O DXWUH 7RXWHIRLV FHU<br />
WDLQV 'RPDLQHV QRXHQW GHV UHODWLRQV TXL GpSDV<br />
VHQW OD VLPSOH FRwQFLGHQFH GH OHXUV &RUUHVSRQ<br />
GDQFHV $LQVL OH ERVTXHW G XQH 'U\DGH SHXW<br />
FRPSRUWHU XQH FDEDQH j WLWUH GpFRUDWLI 8Q 2JUH<br />
SHXW DYRLU SRXU 'RPDLQH XQH FDEDQH WDSLH DX<br />
IRQG GHV ERLV DYHF RX VDQV pFXUHXLOV VXU OH<br />
VHXLO 6L FKDTXH IRLV TXH O 2JUH YD FXHLOOLU GHV<br />
EDLHV GDQV OD IRUrW LO SUHQG O KDELWXGH TXH FH VRLW<br />
GDQV OH ERVTXHW GH OD 'U\DGH FHOD FUpH XQH VLWXD<br />
WLRQ GH YRLVLQDJH GH IDLW WRXW VH SDVVH FRPPH VL<br />
OD FDEDQH GX ERVTXHW pWDLW OH 'RPDLQH GH O 2JUH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
LQFOXV GDQV FHOXL GH OD 'U\DGH DORUV TX HQ UpDOLWp<br />
LO V DJLW GH GHX[ XQLYHUV SDUDOOqOHV PDLV FRQFHS<br />
WXHOOHPHQW DVVH] FRPSDWLEOHV SRXU TXH OH SDV<br />
VDJH GH O XQ j O DXWUH VH IDVVH LPSHUFHSWLEOHPHQW<br />
/D 'U\DGH SHXW OXWWHU FRQWUH OHV GpSUpGD<br />
WLRQV GH O 2JUH OXL IDLUH SD\HU VHV EDLHV HQ 6HUYL<br />
FHV © UHFUDFKH OHV JUDLQHV SRXU TXH oD UH<br />
SRXVVH ª SDVVHU XQ 3DFWH © M ,QIOXHQFH OHV JUR<br />
VHLOOLHUV SRXU TX LOV SRXVVHQW SOXV GUXV PDLV<br />
GpIHQGV PRQ ERVTXHW FRQWUH OHV EUDFRQQLHUV ª<br />
LOV SHXYHQW GHYHQLU DPLV VH 6FLQGHU O XQ DX SURILW<br />
GH O DXWUH G XQH SDUW GH OHXUV 'RPDLQHV UHVSHF<br />
WLIV oD V DSSHOOH XQ PDULDJH EUHI QRXHU GHV<br />
UHODWLRQV SULYLOpJLpHV GH YRLVLQDJH & HVW XQ FDV<br />
WUqV FRXUDQW HQ )pHULH<br />
© ',67$1&( ª (175( '(8; 32,176<br />
/HV GLVWDQFHV Q·H[LVWHQW SDV HQ )pHULH (Q<br />
IDLW OHV rWUHV IpHV pWDQW pWHUQHOV LOV VH SUpRFFX<br />
SHQW UDUHPHQW GX WHPSV HW GH OD GLVWDQFH ORUV<br />
TX·LOV VH GpSODFHQW 2Q SHXW WRXWHIRLV QRWHU<br />
TXHOTXHV WHQWDWLYHV pSDUVHV SRXU GRQQHU j )pHULH<br />
XQ VHPEODQW G·XQLWpV GH ORQJXHXU &HUWDLQV )pH<br />
ULTXHV RQW WHQWp GH PHVXUHU OHV GLVWDQFHV HQ<br />
WDUWHV DX[ SRPPHV XQH WDUWH DX[ SRPPHV GpVL<br />
JQDQW OD GLVWDQFH TXH O·RQ SHXW SDUFRXULU HQ<br />
D\DQW PDQJp XQH WDUWH DX[ SRPPHV HW VDQV DYRLU<br />
XQ SHWLW FUHX[ HQVXLWH ,QXWLOH GH YRXV GLUH TXH<br />
FHWWH PHVXUH GpSHQGDLW IRUWHPHQW GX )pHULTXH<br />
FRQFHUQp &HUWDLQV Q·DLPDQW SDV OD WDUWH DX[<br />
SRPPHV WHQWqUHQW O·H[SpULHQFH DYHF GX IDU EUH<br />
WRQ '·DXWUHV WHQWDWLYHV MHW G·DUEUHV FUDFKDW GH<br />
QR\DX[ G·DEULFRWV Q·HXUHQW SDV SOXV GH VXFFqV<br />
/(6 /21*8(6 ',67$1&(6<br />
2Q QH VH GpSODFH SDV GDQV )pHULH FRPPH RQ<br />
VH GpSODFH VXU 7HUUH /D QRWLRQ G·HVSDFH JpRJUD<br />
SKLTXH Q·H[LVWH SDV SOXV TXH FHOOH GH GpSODFH<br />
PHQW SK\VLTXH 3RXU FKDQJHU GH 'RPDLQH XQ<br />
)pHULTXH PRGqOH VRQ HQYLURQQHPHQW SRXU TX·LO<br />
UHVVHPEOH DX OLHX TX·LO VRXKDLWH DWWHLQGUH<br />
/HV &RUUHVSRQGDQFHV<br />
/HV &RUUHVSRQGDQFHV VRQW DX[ OLHX[ FH TXH<br />
OD 0DQLIHVWDWLRQ HVW DX[ rWUHV IpHV &KDTXH 'R<br />
PDLQH GH )pHULH SHXW VH GpFULUH SDU VHV &RUUHV<br />
SRQGDQFHV (OOHV GpFULYHQW VRQ DVSHFW JpQpUDO<br />
IRUrW YLOODJH VRXUFH 'DQV FH FDV OD &RUUHV<br />
SRQGDQFH HVW VLPSOHPHQW XQ WHUPH GHVFULSWLI GX<br />
OLHX 0DLV LO H[LVWH XQH TXDQWLWp GH WHOV OLHX[ GDQV<br />
)pHULH j YUDL GLUH XQH LQILQLWp FH TXL UHVWH EHDX<br />
FRXS PrPH SRXU XQ rWUH IpH 3RXU DOOHU GDQV<br />
XQ 'RPDLQH ELHQ SUpFLV LO IDXW FRQQDvWUH FH TXL<br />
1RWRQV TXH OH IDLW GH FXHLOOLU OHV JURVHLOOHV<br />
RX GH JUDYHU VHV LQLWLDOHV VXU XQ WURQF HVW XQH<br />
DFWLYLWp © HQ FRQWH[WH ª TXL QH QpFHVVLWH QL MHW GH<br />
GpV QL GpSHQVH G (VVHQFH 7RXW FRPSRUWHPHQW<br />
QDWXUHO GDQV OH W\SH G HQYLURQQHPHQW TXH UHSUp<br />
VHQWH XQ 'RPDLQH HVW DLQVL WRXMRXUV XQH DFWLYLWp<br />
JUDWXLWH &KDQJHU OHV SURSULpWpV GH O HQYLURQQH<br />
PHQW GH IDoRQ SOXV VLJQLILFDWLYH GUHVVHU XQ GHV<br />
PRLQHDX[ TXL YROHWWHQW GH FL GH Oj FRORUHU XQ<br />
URFKHU HQ URXJH HQ UHYDQFKH QpFHVVLWH XQH<br />
,QIOXHQFH (QILQ WRXWH DOWpUDWLRQ GH W\SH GHV<br />
WUXFWHXU IDLUH pFODWHU OHV URFKHUV DEDWWUH OHV<br />
DUEUHV QpFHVVLWH TXH GHV 'RPPDJHV VRLHQW<br />
LQIOLJpV DX 'RPDLQH<br />
'·DSUqV OHV DQQDOHV F·HVW +HUPDOLXV OH *UDQG<br />
$USHQWHXU GX +DXW 5RL TXL V·HQ UDSSURFKD OH<br />
SOXV $SUqV DYRLU © HPSUXQWp ª XQ PqWUH SOLDQW<br />
GDQV OH 5R\DXPH 7HUUHVWUH LO HQWUHSULW GH PHVX<br />
UHU OD WDLOOH GX JUDQG KDOO GX +DXW &KkWHDX 0DO<br />
KHXUHXVHPHQW LO DEDQGRQQD O·H[SpULHQFH DSUqV<br />
DYRLU PDQTXp GH V·pWUDQJOHU DYHF OH PqWUH TX·LO<br />
WHQWDLW GH GpSOLHU ,O SDUYLQW PDOJUp WRXW j GpILQLU<br />
GHX[ W\SHV GH GLVWDQFHV OHV ORQJXHV GLVWDQFHV HW<br />
OHV FRXUWHV GLVWDQFHV /HV ORQJXHV GLVWDQFHV VRQW<br />
j SUHQGUH HQ FRQVLGpUDWLRQ SRXU OHV ORQJV YR\D<br />
JHV R OH 'RPDLQH GH GpSDUW HVW GLIIpUHQW GH<br />
FHOXL G·DUULYpH 2Q SDUOHUD GDQV FH FDV SOXW{W GH<br />
FKDQJHPHQW G·HQYLURQQHPHQW TXH GH GpSODFH<br />
PHQW /HV FRXUWHV GLVWDQFHV FRQFHUQHQW OHV Gp<br />
SODFHPHQWV DX VHLQ G·XQ PrPH 'RPDLQH<br />
OH GLIIpUHQFLH GHV DXWUHV &KDTXH HQYLURQQHPHQW<br />
HVW FDUDFWpULVp SDU GHV V\PEROHV TXL OXL VRQW<br />
SURSUHV FHV V\PEROHV VRQW UHSUpVHQWpV SDU OHV<br />
&RUUHVSRQGDQFHV 'DQV FH FDV OHV &RUUHVSRQ<br />
GDQFHV SHXYHQW rWUH SOXV VXEWLOHV TX·XQ VLPSOH<br />
PRW (OOHV SHXYHQW rWUH XQ FRQFHSW DEVWUDLW XQ<br />
REMHW RX XQH DFWLRQ j UpDOLVHU<br />
¢ £ ¤¦¥ §¨£ © £ £¨ £ ¥ ©¢ ¥ £ ¥ £ § ¢<br />
¡<br />
¢ £¥ § £ ¡ £ § ¢ ¥ £ ¢ £ ¥<br />
<br />
¥ © £ ¥ © ¥ £ ¡ £ ¡ ¡ ¥ ¡ <br />
<br />
¥ £ £ ¡ ¥ £¥ § § £ ¢ ¤<br />
<br />
§£ ¥ ¢ ¥ £ £ ¢ ¢ £ £ § § £<br />
<br />
¥ £ £ ¥ ¡ £ ¥ ¡ <br />
<br />
¥ ¢ ¥ £ £ ¡ § £ £ ¡ §<br />
<br />
£ ¤ §£ ¥ ¢ £ § ¥ § ¡ <br />
<br />
¢ ¡ £¥ § £ ¢ £¦ £ § ¥ ¦ £¨¢ ¡ ¦<br />
£<br />
¤ ¥£ § £¢ § ¢ £ ¥ § £ £<br />
<br />
£ £ § ¢¨ ¥ £ £ ¥¨ ¡ <br />
<br />
¤¢ ¥ ¢ £ £ ¥ ¡ ¥ £ § ¢ £ <br />
<br />
£ § § £ ¡ £ £ § § ¢ £ <br />
<br />
¡ § £ § ¡ ¢¡ £¢ ¥ £ <br />
<br />
¥ £ £¨ ¥ ¢ £ ¢ § £ ¥ £ § £
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
¡ £ ¢ ¥ ¢ £ £ ¡ ¥ ¡ § £ £ ¢<br />
<br />
¥ ¢ £ £ § ¢ £ ¥ ¡ ¢ £ £ § ¢ ¡ §£ ¢<br />
¡<br />
§ £ £ ¡ £ ¥ © § § £<br />
<br />
6XU OHV URXWHV<br />
&RQQDvWUH OHV &RUUHVSRQGDQFHV G·XQ 'R<br />
PDLQH SHUPHW GH VH UHQGUH GDQV FHW HQGURLW /D<br />
SUR[LPLWp G·XQ 'RPDLQH j XQ DXWUH HVW GpWHUPL<br />
QpH SDU OHV ORLV GHV &RUUHVSRQGDQFHV FH TXL HVW<br />
VHPEODEOH HVW SURFKH FH TXL VH UHVVHPEOH<br />
V·DVVHPEOH ,O HVW IDFLOH GH VH UHQGUH GDQV XQ<br />
'RPDLQH VLPLODLUH j FHOXL TXH O·RQ TXLWWH HW DX<br />
FRQWUDLUH WUqV GLIILFLOH G·DOOHU GDQV XQ 'RPDLQH<br />
UDGLFDOHPHQW GLIIpUHQW 3RXU VH UHQGUH G·XQ 'R<br />
PDLQH j XQ DXWUH LO IDXW SDVVHU SDU GHV HQYLURQ<br />
QHPHQWV TXL VRQW DX GpEXW VHPEODEOHV DX 'R<br />
PDLQH GH GpSDUW SRXU VH WUDQVIRUPHU SHX j SHX<br />
HW ILQDOHPHQW UHVVHPEOHU DX 'RPDLQH G·DUULYpH<br />
/D ORQJXHXU G·XQ YR\DJH QH VH FRPSWH SDV HQ<br />
WHPSV PDLV HQ QRPEUH G·pWDSHV HQWUH OHV GHX[<br />
SRLQWV &HWWH GpPDUFKH V·DSSDUHQWH TXHOTXHV IRLV<br />
j XQ GpSODFHPHQW SK\VLTXH SRXU VH UHQGUH GH OD<br />
UDVH FDPSDJQH GDQV XQ FKkWHDX LO IDXW SDVVHU<br />
GDQV GHV YLOODJHV SXLV GHV IDXERXUJV SXLV XQH<br />
HQWUpH GH FKkWHDX HW HQILQ GDQV OH FKkWHDX OXL<br />
PrPH /·HQYLURQQHPHQW D pYROXp G·XQ OLHX VDX<br />
YDJH YHUV XQ OLHX GH SOXV HQ SOXV KDELWp HW FRQV<br />
WUXLW HW G·XQH DUFKLWHFWXUH UXVWLTXH j FHOOH SOXV<br />
FRPSOH[H HW DUWLILFLHOOH GX FKkWHDX ,O HVW WRXMRXUV<br />
WUqV IDFLOH GH VH UHQGUH GDQV XQ HQYLURQQHPHQW<br />
JpQpULTXH FRPPH XQH IRUrW SUqV G·XQ ODF GDQV<br />
XQ YLOODJH VH UHQGUH GDQV XQ HQGURLW ELHQ SUpFLV<br />
SHXW SRVHU SOXV GH SUREOqPH FDU LO IDXW FRQQDv<br />
WUH VHV &RUUHVSRQGDQFHV<br />
$UULYpH HW GpSDUW QRPEUH G·pWDSHV H[HPSOH<br />
/D FRQQDLVVDQFH GHV &RUUHVSRQGDQFHV G·XQ<br />
OLHX HVW SOXV RX PRLQV UpSDQGXH VHORQ VD IUp<br />
TXHQWDWLRQ &HUWDLQHV SHUVRQQHV FKHUFKHQW j<br />
FDFKHU j WRXW SUL[ OHV &RUUHVSRQGDQFHV GH OHXU<br />
'RPDLQH $LQVL WHOOH FKDXPLqUH VH GLIIpUHQFLH<br />
GHV DXWUHV SDU OHV RLVHDX[ TXL \ IRQW OHXU QLG OHV<br />
IOHXUV VXU OH EDOFRQ OD PXVLTXH TXL pPDQH GHV<br />
IHQrWUHV HQWURXYHUWHV &HX[ TXL QH OD FRQQDLV<br />
VHQW TXH YDJXHPHQW ULVTXHQW G DOOHU GpUDQJHU OHV<br />
KDELWDQWV GH SDV PDO GH FKDXPLqUHV DYDQW GH<br />
WRPEHU VXU OD ERQQH /H PHQHXU GH MHX Q·D SDV j<br />
GpWHUPLQHU TXHOOHV VRQW WRXWHV OHV &RUUHVSRQ<br />
GDQFHV G·XQ 'RPDLQH $ SDUWLU GX PRPHQW R LO<br />
D XQH GHVFULSWLRQ GX OLHX OHV &RUUHVSRQGDQFHV<br />
YLHQQHQW QDWXUHOOHPHQW &H VRQW OHV pOpPHQWV OHV<br />
SOXV HQ UDSSRUW DYHF FH 'RPDLQH<br />
/D ORQJXHXU G·XQ YR\DJH QH VH GpWHUPLQH<br />
SDV HQ GLVWDQFH HQ )pHULH (OOH VH PHVXUH GDQV OD<br />
GLIIpUHQFH HQWUH OH 'RPDLQH GH GpSDUW HW OH 'R<br />
PDLQH G·DUULYpH F·HVW j GLUH GDQV OH QRPEUH GH<br />
&RUUHVSRQGDQFHV GLIIpUHQWHV TX·LO H[LVWH HQWUH<br />
FHV GHX[ 'RPDLQHV &KDTXH &RUUHVSRQGDQFH<br />
TX·LO IDXW PRGLILHU IDLUH DSSDUDvWUH RX IDLUH GLV<br />
SDUDvWUH SRXU VH UDSSURFKHU GH VRQ EXW FRQVWLWXH<br />
XQH pWDSH &KDTXH pWDSH HVW OLpH j XQH &RUUHV<br />
SRQGDQFH GRQQpH HW FHWWH &RUUHVSRQGDQFH QH<br />
SHXW VHUYLU TX·j XQH VHXOH pWDSH<br />
/H QRPEUH G·pWDSHV j IUDQFKLU HVW GRQQp SDU<br />
OD GLIIpUHQFH HQWUH OH 'RPDLQH GH GpSDUW HW OH<br />
'RPDLQH G·DUULYpH<br />
WUqV VHPEODEOHV GHX[ IRUrWV<br />
DQDORJXHV XQH IRUrW GH SLQV HW XQH MXQJOH<br />
VDQV UDSSRUW XQH IRUrW HW XQH YLOOH IRUWLILpH<br />
GH QDWXUHV RSSRVpHV XQH IRUrW PRQWDJQDUGH HW XQ GpVHUW<br />
eYRFDWLRQ GHV &RUUHVSRQGDQFHV<br />
3RXU DYDQFHU G·XQH pWDSH XQ )pHULTXH GRLW<br />
pYRTXHU GHV &RUUHVSRQGDQFHV GH VRQ OLHX<br />
G·DUULYpH 6·LO HVW VHXO LO VXIILW TX·LO SHQVH j FHV<br />
&RUUHVSRQGDQFHV RX TX·LO UpDOLVH OHV DFWLRQV Qp<br />
FHVVDLUHV 6L SOXVLHXUV )pHULTXHV YHXOHQW YR\DJHU<br />
HQVHPEOH LOV FKRLVLVVHQW XQ JXLGH 6RQ U{OH VHUD<br />
G·pYRTXHU OHV &RUUHVSRQGDQFHV SRXU WRXW OH<br />
JURXSH<br />
(Q WHUPHV GH MHX OH MRXHXU TXL JXLGH GRLW<br />
GpFULUH j OD WDEOH FRPPHQW LO LPDJLQH OH YR\DJH HW<br />
LQWURGXLUH GDQV VRQ UpFLW OHV &RUUHVSRQGDQFHV<br />
TX·LO VRXKDLWH pYRTXHU &KDTXH pWDSH GRLW GRQ<br />
QHU OLHX j XQ UpFLW HW FRQVWLWXH XQH 6FqQH GHV<br />
FULSWLRQ GHV SD\VDJHV WUDYHUVpV HW GHV LQFLGHQWV<br />
GH YR\DJH /H MRXHXU SHXW GpFLGHU GH EU€OHU OHV<br />
pWDSHV HQ pYRTXDQW SOXVLHXUV &RUUHVSRQGDQFHV<br />
HQ PrPH WHPSV L H DX VHLQ G XQH PrPH 6FqQH<br />
PDLV OH YR\DJH GRLW rWUH G DXWDQW SOXV SpULOOHX[<br />
TXH OH QRPEUH G pWDSHV FXPXOpHV HVW LPSRUWDQW<br />
OHV PDUFKHV IRUFpHV VRQW SOXV pSURXYDQWHV HW<br />
SOXV IHUWLOHV HQ pYpQHPHQWV ,O SHXW DLQVL LQWUR<br />
GXLUH GHV LQWULJXHV VHFRQGDLUHV GHV UHQFRQWUHV<br />
DPLFDOHV RX KRVWLOHV GHV REVWDFOHV j IUDQFKLU
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
JXpV VXU GHV WRUUHQWV HVFDODGH GH SDURLV j SLF<br />
GHV LQFLGHQWV FOLPDWLTXHV 3OXVLHXUV MRXHXUV<br />
SHXYHQW VH UHOD\HU GDQV OH U{OH GH JXLGH GqV OD ILQ<br />
G XQH 6FqQH ,OV SHXYHQW PrPH VH SLTXHU DX MHX<br />
HW LQWURGXLUH GHV GpWRXUV VXSHUIOXV<br />
/RUVTXH FHUWDLQHV GHV &RUUHVSRQGDQFHV<br />
pYRTXpHV FRQVWLWXHQW GHV $IILQLWpV SRXU OH JXLGH<br />
F HVW QRWDPPHQW OH FDV SRXU OHV 'RPDLQHV OHXU<br />
pYRFDWLRQ HVW FRQVLGpUpH FRPPH JUDWXLWH F HVW j<br />
GLUH TXH OH FXPXO DX VHLQ G XQH PrPH 6FqQH<br />
G DXWDQW GH &RUUHVSRQGDQFHV TXH OD VRPPH GHV<br />
VFRUHV G $IILQLWpV PLV HQ MHX QH QpFHVVLWH SDV GH<br />
FRPSOH[LWp QDUUDWLYH SDUWLFXOLqUH<br />
/H PHQHXU GH MHX SHXW LQWHUYHQLU TXDQG LO OH<br />
YHXW SRXU FRUULJHU OH MRXHXU V LO HVWLPH TXH OH<br />
UpFLW Q HVW SDV DVVH] LQYHQWLI RX SDV DVVH] PRX<br />
YHPHQWp DX YX GX QRPEUH G pWDSHV IUDQFKLHV<br />
G XQ FRXS $ OXL G rWUH G DXWDQW SOXV H[LJHDQW TXH<br />
OH MRXHXU HVW DPELWLHX[ ,O SHXW DXVVL SpUHQQLVHU<br />
GDQV VRQ VFpQDULR GHV SpULSpWLHV LQWURGXLWHV SDU<br />
OH JXLGH V LO OHV MXJH LQWpUHVVDQWHV 3RXU DXWDQW OH<br />
PHQHXU HQ WLWUH UHVWH JDUDQW GH OD FRKpUHQFH GX<br />
VFpQDULR RULJLQHO HW LO SHXW j WRXW PRPHQW RX VL<br />
OHV MRXHXUV Q RQW SDV G LGpHV UHSUHQGUH OD PDLQ<br />
VXU OD JHVWLRQ GHV pYpQHPHQWV GX YR\DJH PrPH<br />
DX PLOLHX GX UpFLW G XQ MRXHXU<br />
&RQVHLO GHV FRQFHSWHXUV /H V\VWqPH TXH<br />
QRXV SURSRVRQV YLVH j SHUPHWWUH j GHV<br />
MRXHXUV PRWLYpV GH VH VXEVWLWXHU DX PHQHXU<br />
OH WHPSV G XQ SpULSOH G H[HUFHU OHXU FDSDFLWp<br />
G LPSURYLVDWLRQ HW GH JDJQHU pYHQWXHOOHPHQW<br />
XQ SHX GH *ODPRXU SRXU OHXU SHUVRQQDJH VL<br />
OHV VFqQHV VRQW PpPRUDEOHV 3RXU DXWDQW<br />
SHUVRQQH QH GRLW VH VHQWLU REOLJp GH UDMRXWHU<br />
SUREOqPH VXU SUREOqPH SRXU XQH VLPSOH ED<br />
ODGH &HV GLJUHVVLRQV QH VRQW LQWpUHVVDQWHV<br />
TXH VL HOOHV VRQW LQWpUHVVDQWHV (OOHV QH GRL<br />
YHQW SDV QR\HU O·DYHQWXUH HW OHV MRXHXUV HQ<br />
SOHLQ O\ULVPH QH GRLYHQW SDV RXEOLHU TXH OH<br />
PHQHXU GH MHX j V€UHPHQW OXL DXVVL XQH LGpH<br />
GHUULqUH OD WrWH HQILQ DYHF XQ SHX GH<br />
FKDQFH ,O IDXW TXH WRXV OHV MRXHXUV SXLVVHQW<br />
SDUWLFLSHU j OD QDUUDWLRQ GX JXLGH /H PHQHXU<br />
GH MHX QH GRLW SDV WURS VH VHQWLU GpSDVVp SDU<br />
OHV pYpQHPHQWV 6L FH GHUQLHU OH VRXKDLWH LO<br />
SHXW VLPSOHPHQW DEDQGRQQHU OD GHVFULSWLRQ<br />
G·XQ YR\DJH HW GLUH © YRXV DUULYH] VDQV HQ<br />
FRPEUH j YRWUH GHVWLQDWLRQ ª<br />
6L OHV &RUUHVSRQGDQFHV XWLOLVpHV QH VRQW SDV<br />
OHV ERQQHV LO HVW SRVVLEOH GH VH UHWURXYHU GDQV<br />
XQ DXWUH OLHX TXH FHOXL GpVLUp &H OLHX HVW WRXMRXUV<br />
HQ UHODWLRQ DYHF OHV &RUUHVSRQGDQFHV pYRTXpHV<br />
PDLV FH Q·HVW SDV IRUFpPHQW XQH VXUSULVH DJUpD<br />
EOH /D SOXSDUW GX WHPSV OHV GpSODFHPHQWV GDQV<br />
)pHULH VH IRQW VDQV WURS GH SUREOqPHV 7DQW TXH<br />
OHV SHUVRQQDJHV YRQW GDQV GHV 'RPDLQHV ELHQ<br />
IUpTXHQWpV HW GDQV GHV ]RQHV © FLYLOLVpHV ª LO Q·HVW<br />
SDV QpFHVVDLUH GH GpYHORSSHU OH YR\DJH /HV Gp<br />
SODFHPHQWV SHXYHQW HQ UHYDQFKH rWUH FULWLTXHV<br />
ORUVTX·LOV GRLYHQW VH IDLUH OH SOXV YLWH SRVVLEOH ,O<br />
HVW DORUV IDFLOH GH UpIOpFKLU XQ SHX WURS YLWH HW GH<br />
VH SHUGUH GDQV XQ OLHX LQFRQQX HW KRVWLOH<br />
,O HVW SDUIRLV SRVVLEOH GH VH SDVVHU GHV &RU<br />
UHVSRQGDQFHV SRXU FKDQJHU GH 'RPDLQH JUkFH<br />
DX 7DOHQW PDJLTXH GH 9R\DJH YRLU FKDSLWUH VXU<br />
OD PDJLH<br />
'H PDXYDLVHV KDELWXGHV<br />
3DU PLPpWLVPH DYHF OHV 7HUUHVWUHV OHV rWUHV<br />
IpHV RQW SULV O·KDELWXGH G·XWLOLVHU XQ PR\HQ GH<br />
GpSODFHPHQW L H GH PDUFKHU GH YROHU RX GH<br />
FKHYDXFKHU SRXU FKDQJHU GH 'RPDLQH 7KpRUL<br />
TXHPHQW FI WKqVH GH GRFWRUDW GX *QRPH +HU<br />
PDOLXV *UDQG $USHQWHXU GX +DXW 5RL © 'H<br />
O·XVDJH GHV FLJRJQHV FRPPH WUDQVSRUW HQ FRP<br />
PXQ ª LO Q·HVW SDV QpFHVVDLUH GH OH IDLUH 7RXWH<br />
IRLV O·XVDJH pWDQW OD UqJOH HQ )pHULH WRXW YR\DJH<br />
VH IDLW JpQpUDOHPHQW SDU GpSODFHPHQW RQ DYDQFH<br />
HW OH GpFRU FKDQJH 'H PrPH RQ SHXW FRQVLGp<br />
UHU j TXHOTXHV DSSUR[LPDWLRQV SUqV FI LELG RS<br />
FLW TXH OHV ORLV GH O·HVSDFH j WURLV GLPHQVLRQV<br />
GX PRQGH WHUUHVWUH VRQW YDODEOHV DX VHLQ G XQ<br />
PrPH 'RPDLQH L H SDV EHVRLQ GH &RUUHVSRQ<br />
GDQFHV SRXU VH GpSODFHU GH TXLQ]H SDV LO VXIILW<br />
GH PHWWUH XQ SLHG GHYDQW O·DXWUH HW GH UHFRP<br />
PHQFHU VXU HQYLURQ TXLQ]H SDV<br />
0HVXUHV GHV GLVWDQFHV<br />
'DQV XQ PrPH 'RPDLQH OHV )pHULTXHV<br />
Q·RQW SDV O·KDELWXGH GH SDUOHU GH GLVWDQFHV 6HXOV<br />
OHV SOXV DJUHVVLIV SDUOHQW GH © MHW GH SLHUUH ª<br />
7RXWHIRLV SRXU FDUDFWpULVHU OD GLVWDQFH HQWUH<br />
GHX[ SRLQWV TXDQG LO OH IDXW ELHQ LOV HPSORLHQW OD<br />
QRWLRQ GH WDLOOH DSSDUHQWH FRPPH VXU 7HUUH<br />
SOXV XQH FKRVH HVW ORLQ SOXV HOOH HVW SHWLWH<br />
&RPPH OHV WDLOOHV GHV )pHULTXHV VRQW WUqV YDULD<br />
EOHV FHOD QH UpVRXW SDV WRXMRXUV OH SUREOqPH<br />
PDLV HQ JpQpUDO oD PDUFKH DVVH] ELHQ '·R OH<br />
GLFWRQ *QRPH © -H QH VXLV SDV JURV MH VXLV WRXW<br />
SUqV ª
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/(6 +$%,7$176<br />
9RXV O·DYH] FRPSULV OHV KDELWDQWV GH )pHULH<br />
VRQW OHV /LFRUQHV 7UROOV /HSUHFKDXQV HW DXWUHV<br />
2QGLQHV RX 'UDJRQV GHV OpJHQGHV ,OV QH VRQW<br />
SDV OHV VHXOV 'DQV FH SD\V WRXWH FKRVH SHXW rWUH<br />
YLYDQWH GX VLPSOH FDLOORX j OD PRQWDJQH GH OD<br />
IOHXU DX FKrQH PLOOpQDLUH ,O Q·HVW SDV UDUH GH<br />
GHPDQGHU VRQ FKHPLQ j XQ DUEUH j OD FURLVpH GH<br />
FKHPLQV RX GH VH IDLUH LQVXOWHU SDU XQ UHQDUG<br />
TXDQG RQ D IDLW IXLU XQ ODSLQ GRGX 0rPH OH YHQW<br />
SHXW SDUIRLV PXUPXUHU GHV VHFUHWV j TXL VDLW rWUH<br />
DWWHQWLI /HV )pHULTXHV SRXUUDLHQW j SUHPLqUH YXH<br />
VH FODVVHU HQ GLIIpUHQWHV © HVSqFHV ª $LQVL SHXW<br />
RQ GLVWLQJXHU XQ 'UDJRQ G·XQH /LFRUQH RX XQ<br />
(OIH G·XQ *QRPH 7RXWHIRLV FHWWH FODVVLILFDWLRQ<br />
UpVLVWH PDO j O·XVDJH &HUWDLQV SUpWHQGHQW TX·LO HVW<br />
LPSRVVLEOH GH FRQIRQGUH OHV )DUIDGHWV TXL VRQW<br />
GH SHWLWHV FUpDWXUHV j O·DSSHQGLFH QDVDO LPSRVDQW<br />
DYHF OHV *QRPHV TXL VRQW DX FRQWUDLUH GHV FUpD<br />
WXUHV GH WDLOOH UpGXLWH DX JURV QH] ,OV IRQW ULUH OHV<br />
*QRPHV HW OHV )DUIDGHWV j PRLQV TXH FH QH VRLW<br />
O·LQYHUVH " VDQV GLVWLQFWLRQ %LHQ pYLGHPPHQW<br />
WUDLWHU XQ *QRPH GH )DUIDGHW HVW XQ FULPH GH<br />
OqVH PDMHVWp &KDTXH FUpDWXUH HVW WHOOHPHQW<br />
XQLTXH DYHF VHV SRXYRLUV HW VRQ FDUDFWqUH SUR<br />
SUH TX·LO IDXW \ UHJDUGHU j GHX[ IRLV DYDQW GH OXL<br />
FROOHU XQH pWLTXHWWH /HV rWUHV IpHV QH VH UHJURX<br />
SHQW SDV WRXMRXUV HQ IRQFWLRQ GH OHXUV VLPLODULWpV<br />
(67,0$7,21 5$3,'( '·81 3(56211$*(<br />
/HV SHUVRQQDJHV SULQFLSDX[ G·XQ VFpQDULR<br />
VRQW SUpSDUpV j O·DYDQFH SDU OH PHQHXU 0DLV DX<br />
FRXUV GH OD SDUWLH OH PHQHXU SHXW DYRLU EHVRLQ<br />
G·LPSURYLVHU UDSLGHPHQW XQ SHUVRQQDJH HQ Up<br />
SRQVH j XQH LQLWLDWLYH GHV MRXHXUV SDVVDQW KpOp<br />
GDQV OD UXH SkWLVVLHU VROOLFLWp SRXU VDWLVIDLUH XQ<br />
7UDLW OLp j OD JRXUPDQGLVH« /H V\VWqPH GH GpIL<br />
QLWLRQ GH SHUVRQQDJHV pWDQW SOXW{W GpWDLOOp SRXU<br />
SHUPHWWUH XQH FHUWDLQH GLYHUVLWp HW XQH DGDSWD<br />
WLRQ DX[ EHVRLQV GHV MRXHXUV LO HVW GLIILFLOH GH<br />
FUpHU UDSLGHPHQW XQ SHUVRQQDJH FRPSOHW VDQV<br />
UDOHQWLU OH U\WKPH GH OD SDUWLH ,O HVW GRQF WHQWDQW<br />
GH VH OLPLWHU j XQH HVWLPDWLRQ JURVVLqUH GHV VFR<br />
UHV SULQFLSDX[ GX SHUVRQQDJH HW OHV IRQGDPHQ<br />
WDX[ GX MHX QRWLRQ G·$IILQLWpV« SHUPHWWHQW<br />
MXVWHPHQW GH YLVXDOLVHU DLVpPHQW OD QDWXUH GHV<br />
VFRUHV SHUWLQHQWV j FKLIIUHU 3RXU DXWDQW j PRLQV<br />
GH GLVSRVHU G·XQH VROLGH H[SpULHQFH GX MHX LO HVW<br />
pJDOHPHQW GLIILFLOH GH GRQQHU LQWXLWLYHPHQW XQH<br />
YDOHXU FRUUHFWH j XQ VFRUH SRXU pYLWHU TX·XQ<br />
SHUVRQQDJH FHQVp LPSRVHU OH UHVSHFW QH VH UpYqOH<br />
LQVLJQLILDQW RX TX·XQ SHUVRQQDJH SXUHPHQW Gp<br />
SK\VLTXHV PDLV SOXW{W SDUFH TX·LOV VH SODLVHQW HQ<br />
XQ PrPH HQGURLW HW TX·LOV VH VXSSRUWHQW OHV XQV<br />
OHV DXWUHV<br />
'DLG 1DPERND<br />
FRUDWLI QH VH UHWURXYH DFFLGHQWHOOHPHQW WHUULEOH<br />
PHQW SXLVVDQW<br />
1RXV YRXV SURSRVRQV GRQF OHV OLJQHV GLUHF<br />
WULFHV VXLYDQWHV SRXU HVWLPHU HQ FDV GH EHVRLQ XQ<br />
SHUVRQQDJH UHQFRQWUp<br />
• /H SULQFLSDO LQGLFDWHXU GH OD SXLVVDQFH G·XQ<br />
SHUVRQQDJH HVW VRQ *ODPRXU TXL GH VXUFURvW<br />
GRQQH VRQ (VVHQFH GH IDoRQ GLUHFWH (VVHQFH<br />
*ODPRXU<br />
- 5DSSHOH] YRXV TX·XQ SHUVRQQDJH GpEX<br />
WDQW GH MRXHXU D HQYLURQ HQ *ODPRXU 8Q<br />
SHUVRQQDJH LPSURYLVp GH FH QLYHDX HVW GRQF<br />
GpMj XQ LQGLYLGX FRPSOH[H HW ULFKH GH SRWHQ<br />
WLDOLWpV 6L OHV MRXHXUV V·\ DWWDFKHQW VL OH<br />
GpURXOHPHQW GH OD SDUWLH OXL IDLW MRXHU XQ U{OH<br />
VLJQLILFDWLI V·LO SUpVHQWH XQH FDUDFWpULVWLTXH<br />
VDLOODQWH 7UDLW DFFHQW 6LJQH« TXL IUDSSH<br />
O·LPDJLQDWLRQ LO HVW SRVVLEOH TX·LO GHYLHQQH<br />
HQ SUDWLTXH XQ SHUVRQQDJH VHFRQGDLUH UpFXU<br />
UHQW GDQV OHV VFpQDULRV VXLYDQWV DXTXHO FDV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
YRXV SRXUUH] OH GpYHORSSHU SOXV FRPSOqWH<br />
PHQW HQWUH GHX[ SDUWLHV<br />
- 'HV SHUVRQQDJHV GH *ODPRXU SOXV pOHYp<br />
VRQW SXLVVDQWV HW UHVSHFWpV YRLUH FpOqEUHV<br />
/HV LQWHUDFWLRQV DYHF HX[ QH SHXYHQW JXqUH<br />
rWUH DQRGLQHV &·HVW OH FDV G·XQ 5RL DSSHOp j<br />
OD UHVFRXVVH SDU XQ GH VHV 6XMHWV SDU H[HP<br />
SOH (Q SUDWLTXH LO HVW LQXWLOH G·DWWULEXHU j XQ<br />
SHUVRQQDJH LPSURYLVp XQ *ODPRXU VXSp<br />
ULHXU j XQ SHUVRQQDJH VL LPSRUWDQW DX<br />
UDLW G€ rWUH DQWLFLSp<br />
- 'HV SHUVRQQDJHV SXUHPHQW DQHFGRWLTXHV<br />
DXURQW XQ *ODPRXU LQIpULHXU &H VRQW GHV<br />
UHQFRQWUHV SRQFWXHOOHV VDQV JUDQGH FRQVp<br />
TXHQFH TXH YRXV SRXUUH] RXEOLHU UDSLGH<br />
PHQW (YLWH] GH GHVFHQGUH HQ GHVVRXV G·XQ<br />
*ODPRXU GH TXL QH ODLVVH SUDWLTXHPHQW<br />
DXFXQH SRVVLELOLWp WHFKQLTXH DX SHUVRQQDJH<br />
LPSURYLVp GH O·HPSRUWHU VXU OHV SHUVRQQDJHV<br />
GHV MRXHXUV<br />
• 3DU GpIDXW RQ FRQVLGqUH TXH WRXWH DFWLYLWp<br />
QRUPDOH SRXU OH SHUVRQQDJH LO SRVVqGH XQ<br />
$VSHFW FRUUHFW HW RX XQH $IILQLWp PDvWULVH<br />
OpJqUH V·HIIHFWXH DYHF XQ QLYHDX GH FRPSp<br />
WHQFH GH *ODPRXU &H VRQW OHV DFWLYLWpV<br />
OHV SOXV FRXUDQWHV<br />
• OHV DFWLYLWpV SRXU OHVTXHOOHV OH SHUVRQQDJH HVW<br />
PDO DGDSWp $VSHFW IDLEOH HW SDV<br />
G·$IILQLWp PDvWULVH DSSOLFDEOH V·HIIHFWXHQW<br />
DYHF XQ QLYHDX GH *ODPRXU<br />
• OHV DFWLYLWpV SRXU OHVTXHOOHV OH SHUVRQQDJH HVW<br />
IRUW ERQ $VSHFW HW XQH ERQQH $IILQL<br />
Wp PDvWULVH RX XQ FXPXO G·$IILQLWpV HW G·XQH<br />
PDvWULVH IDLEOHV V·HIIHFWXHQW j *ODPRXU<br />
%LHQ TXH FHV DFWLYLWpV QH VH SURGXLVHQW HQ<br />
WKpRULH TXH GDQV GHV FLUFRQVWDQFHV SDUWLFXOLq<br />
UHV F·HVW HQ SULQFLSH MXVWHPHQW SDUFH TXH OH<br />
SHUVRQQDJH HVW XQ SURIHVVLRQQHO GX VXMHW<br />
TX·LO LQWHUYLHQW GDQV OD SDUWLH GRQF XQH IRUWH<br />
SURSRUWLRQ GH VHV DFWLYLWpV VH IHUD HQ SUDWLTXH<br />
j FH QLYHDX<br />
• OD VSpFLDOLWp GX SHUVRQQDJH PHLOOHXU $VSHFW<br />
HW FXPXO G·$IILQLWpV HW G·XQH PDvWULVH IRUWHV<br />
VH IDLW j *ODPRXU[ (Q SULQFLSH F·HVW<br />
OH PD[LPXP DEVROX GRQW OH SHUVRQQDJH HVW<br />
FDSDEOH GRQF LO QH SHXW V·DSSOLTXHU TX·j XQH<br />
DFWLYLWp H[WUrPHPHQW VSpFLDOLVpH 0DLV Oj HQ<br />
FRUH LO HVW SUREDEOH TXH F·HVW MXVWHPHQW VXU<br />
FH VXMHW SUpFLV TXH OH SHUVRQQDJH VHUD OH SOXV<br />
VROOLFLWp<br />
• HQILQ GDQV VRQ 'RPDLQH OH SHUVRQQDJH<br />
EpQpILFLH G·XQ ERQXV pJDO j *ODPRXU<br />
• 9RXV rWHV QDWXUHOOHPHQW OLEUH G·DWWULEXHU<br />
VDQV LPSDFW VXU OHV VFRUHV JOREDX[ HVWLPpV FL<br />
GHVVXV XQH 7DLOOH XQ &KDUPH GHV 6LJQHV<br />
GHV $FFHVVRLUHV HW GHV 7UDLWV DX[ SHUVRQQD<br />
JHV TXH YRXV LPSURYLVH]<br />
&HV TXHOTXHV LQGLFDWLRQV VRQW UpVXPpHV GDQV<br />
OD WDEOH FL GHVVRXV<br />
*ODPRXU 3RLQW IDLEOH 6WDQGDUG 3RLQW IRUW 6SpFLDOLWp 'RPDLQH<br />
48, $, -( (1 )$&( '( 02, "<br />
/HV rWUHV TXH O RQ FURLVH HQ )pHULH HW TXL VH<br />
GpSODFHQW VSRQWDQpPHQW RX YRXV DGUHVVHQW OD<br />
SDUROH SHXYHQW SUHQGUH GHV IRUPHV LQDWWHQGXHV<br />
0DLV LOV SHXYHQW DXVVL rWUH GH QDWXUHV WUqV GLYHU<br />
VHV FRQWUDLUHPHQW DX[ DSSDUHQFHV WRXV QH VRQW<br />
SDV GHV LQGLYLGXV FRQVFLHQWV HW DXWRQRPHV 'H<br />
PrPH XQ FDLOORX PXHW HW LPPRELOH HVW SHXW rWUH<br />
XQ )pHULTXH © FRPPH WRXW OH PRQGH ª GRQW OD<br />
PDQLIHVWDWLRQ UHVVHPEOH j XQ FDLOORX HW TXL HVW<br />
YLFWLPH GH WHUULEOHV *HVD FRQWUH OH PRXYHPHQW
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
HW OD SDUROH TXL V H[SULPH GRQF SDU OD YRL[ G XQ<br />
&RPSDJQRQ<br />
$X VHLQ G XQ 'RPDLQH OHV FUpDWXUHV UHQ<br />
FRQWUpHV SHXYHQW UHVVRUWLU GH GLYHUVHV FDWpJRULHV<br />
$X SUHPLHU SODQ RQ GLVWLQJXH WRXW QDWXUHOOHPHQW<br />
OH RX OHV SURSULpWDLUHV GX 'RPDLQH )pHULTXHV j<br />
SDUW HQWLqUH HW WLWXODLUHV G XQH $IILQLWp DYHF OH OLHX<br />
TXH O RQ IRXOH ,O HVW GRQF VDJH GH OHV WUDLWHU DYHF<br />
SROLWHVVH SXLVTX LOV GLVSRVHQW G XQ DYDQWDJH<br />
VLJQLILFDWLI HQ pWDQW FKH] HX[ ERQXV GH 'R<br />
PDLQH HW TX LOV SHXYHQW UHWRXUQHU OH GpFRU<br />
FRQWUH YRXV j YRORQWp ,QIOXHQFHV j FR€W G (V<br />
VHQFH UpGXLW ,O HVW j QRWHU TXH OH IDLW GH GLVSR<br />
VHU G $IILQLWpV HQ FRPPXQ FUpH JpQpUDOHPHQW<br />
GHV OLHQV DVVH] IRUWV HQWUH OHV )pHULTXHV PDLV<br />
ULHQ Q HPSrFKH TXH FHWWH FRPPXQDXWp SV\FKR<br />
ORJLTXH VRLW SDUIRLV KRXOHXVH DYHF SRXU FRQVp<br />
TXHQFH XQH FHUWDLQH LQVWDELOLWp GX 'RPDLQH<br />
,PDJLQH] FH TXL VH SDVVH ORUVTXH OHV SHUVRQQDJHV<br />
GHV MRXHXUV GpEDUTXHQW GDQV XQ 'RPDLQH GpWH<br />
QX HQ FRPPXQ SDU XQ FRXSOH HQ SOHLQH VFqQH GH<br />
PpQDJH<br />
*XVWDYH 'RUp<br />
' DXWUHV )pHULTXHV SHXYHQW pJDOHPHQW VH<br />
WURXYHU Oj HW FRPPH OH 'RPDLQH Q D SDV G DXWUH<br />
6LJQH TXH OXL PrPH LO HVW WUqV GLIILFLOH G LGHQWL<br />
ILHU j O·±LO QX OHV SURSULpWDLUHV YpULWDEOHV OHV<br />
&RUUHVSRQGDQFHV GX 'RPDLQH GHYUDLHQW HQ<br />
SULQFLSH DYRLU XQ DLU GH IDPLOOH DYHF OHV 6LJQHV<br />
GX SURSULpWDLUH PDLV F HVW XQ LQGLFH HW QRQ XQH<br />
SUHXYH $LQVL GHV )pHULTXHV SHXYHQW WUDYHUVHU<br />
OH 'RPDLQH j O RFFDVLRQ G XQ SpULSOH SOXV YDVWH<br />
YHQLU OH YLVLWHU SDU FXULRVLWp RX GDQV XQ EXW SUp<br />
FLV DYRLU pWp LQYLWpV TXHOTXH WHPSV SDU OH SUR<br />
SULpWDLUH V \ LQVWDOOHU D SULRUL DYHF VRQ DFFRUG DX<br />
PRLQV WDFLWH j PRLQV TX LOV QH VRLHQW OHV URLV GX<br />
FDPRXIODJH LO V DJLW JpQpUDOHPHQW GH )pHULTXHV<br />
VDQV 'RPDLQH SURSUH SDU FKRL[ RX SDU DFFLGHQW<br />
GH *HLV HW TXL VH IRQW DLQVL KpEHUJHU DPLFDOH<br />
PHQW &HV )pHULTXHV HX[ Q RQW SDV G $IILQLWp<br />
DYHF OH 'RPDLQH GRQF DXFXQ GHV DYDQWDJHV GHV<br />
SURSULpWDLUHV OpJLWLPHV VDXI OH 5RL pYHQWXHO G XQ<br />
5R\DXPH TXL LQFOXUDLW OH 'RPDLQH HW TXL GLVSRVH<br />
GH FHUWDLQV SULYLOqJHV /HV SHUVRQQDJHV GHV<br />
MRXHXUV VRQW GDQV FH FDV GqV TX LOV TXLWWHQW OHXU<br />
SURSUH 'RPDLQH<br />
3DU DLOOHXUV RQ SHXW UHQFRQWUHU GHV rWUHV TXL<br />
QH VRQW SDV GHV )pHULTXHV GX WRXW PDLV Oj HQ<br />
FRUH DXFXQ pOpPHQW H[WpULHXU QH YLHQW WUDKLU FHW<br />
pWDW GH IDLW VDXI VRUWLOqJH G (PSDWKLH GH IRUW<br />
SRWHQWLHO ,O V DJLW HQ SUHPLHU OLHX G (PDQDWLRQV<br />
&HV (PDQDWLRQV SHXYHQW rWUH DWWDFKpHV DX 'R<br />
PDLQH RX QRQ /HV SUHPLqUHV VRQW GH VLPSOHV<br />
SURSULpWpV GX 'RPDLQH HW QH SHXYHQW OH TXLWWHU<br />
VRXV SHLQH GH VH UHWURXYHU KRUV FRQWH[WH HW GH<br />
GLVSDUDvWUH GqV TXH OHV &RUUHVSRQGDQFHV GLYHU<br />
JHQW SDU WURS (Q WHUPHV GH MHX RQ GLVWLQJXHUD<br />
OHV VLPSOHV KDELWDQWV pTXLYDOHQW DQLPp GHV pOp<br />
PHQWV GX GpFRU HVVHQWLHOOHPHQW FRVPpWLTXHV<br />
GHV JDUGLHQV FDSDEOHV G LQWHUDJLU GH IDoRQ DXWR<br />
QRPH HW FRPSOH[H DYHF GHV LQWUXV & HVW JpQpUD<br />
OHPHQW OHXU SURSHQVLRQ j VH GLVVLSHU DX SUHPLHU<br />
FKRF TXL SHUPHW GH OHV UHFRQQDvWUH PDLV LO HVW<br />
JpQpUDOHPHQW PDO YHQX GH GpJUDGHU DLQVL OH 'R<br />
PDLQH TXL YRXV KpEHUJH 'H SOXV OH FDUDFWqUH<br />
PRQRPDQLDTXH GHV KDELWDQWV GH 'RPDLQHV HW<br />
GDQV XQH PRLQGUH PHVXUH GHV JDUGLHQV TXL RQW<br />
SRXU UDLVRQ G rWUH GH SUpVHUYHU OH 'RPDLQH HW<br />
OHXU IDLEOH SXLVVDQFH VRQW GHV LQGLFHV GH OHXU<br />
YpULWDEOH QDWXUH<br />
/HV DXWUHV VRQW GHV &RPSDJQRQV DWWDFKpV j<br />
XQ )pHULTXH HW QRQ j XQ 'RPDLQH ,O V DJLW HQ<br />
SULQFLSH GH &RPSDJQRQV GX SURSULpWDLUH TXL<br />
MRXHQW XQ U{OH LPSRUWDQW GDQV OH 'RPDLQH RX<br />
O DGPLQLVWUHQW HQ VRQ DEVHQFH PDLV LO SHXW V DJLU<br />
GH &RPSDJQRQV G DXWUHV )pHULTXHV SUpVHQWV j XQ<br />
WLWUH RX j XQ DXWUH RX HQFRUH GH &RPSDJQRQV<br />
HQYR\pV HQ UHFRQQDLVVDQFH RX HQ DPEDVVDGH SDU<br />
XQ )pHULTXH TXL SDU GpGDLQ SDU PDQTXH GH<br />
WHPSV SDU OkFKHWp RX SDU SDUHVVH D FKRLVL GH QH<br />
SDV VH GpSODFHU HQ SHUVRQQH &HX[ Oj VRQW OLEUHV<br />
GH OHXUV PRXYHPHQWV HW DXVVL DXWRQRPHV TX XQ<br />
)pHULTXH j SDUW HQWLqUH 6HXO OH IDLW TX LOV GLVSD<br />
UDLVVHQW DX OLHX GH SHUGUH FRQVFLHQFH HQ FDV GH<br />
SHUWH G (VVHQFH SHUPHW GH OHV UHFRQQDvWUH PDLV<br />
Oj HQFRUH OD SOXSDUW GHV LQWHUDFWLRQV RQW RQ O HV<br />
SqUH XQ WRXU PRLQV YLROHQW<br />
(QILQ FHUWDLQHV GHV FUpDWXUHV UHQFRQWUpHV QH<br />
VRQW TXH GHV SURGXLWV GH OD PDJLH (QFKDQWH<br />
PHQWV 7UDQVPXWDWLRQV ,QIOXHQFHV 6HXOV GHV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
(QFKDQWHPHQWV WUqV FRPSOH[HV SHXYHQW SDVVHU<br />
SRXU FRQVFLHQWV OD SOXSDUW Q pWDQW TXH GHV REMHWV<br />
RX GHV RUJDQLVPHV GRQW OD IDLEOH SXLVVDQFH OH<br />
SHX GH YDULpWp GHV FDSDFLWpV HW OH PDQTXH G LQLWLD<br />
WLYH SURSUH HVW LPPpGLDWHPHQW SHUFHSWLEOH 0DLV<br />
XQ (QFKDQWHPHQW pWDQW XQ )pHULTXH DUWLILFLHO LO<br />
Q H[LVWH DXFXQ PR\HQ GH OH GLVWLQJXHU G XQ )pH<br />
ULTXH QDWLI V LO HVW VXIILVDPPHQW FRPSOH[H VDXI<br />
VRUWLOqJH G (PSDWKLH TXL SHUPHW GH YLVXDOLVHU OH<br />
IDLW TXH VRQ 1RP HVW 'pWHQX<br />
/HV FUpDWXUHV WHPSRUDLUHV LVVXHV GH O ,Q<br />
IOXHQFH RX GH OD 7UDQVPXWDWLRQ RQW WRXWH O DSSD<br />
UHQFH G XQ )pHULTXH HOOHV DXVVL /j HQFRUH HOOHV<br />
VRQW JpQpUDOHPHQW SHX SXLVVDQWHV SHX YHUVDWLOHV<br />
HW VXUWRXW HOOHV VH FRQVXPHQW UDSLGHPHQW HQ<br />
FRQVRPPDQW O (VVHQFH TXL OHV DQLPH ,O HVW GRQF<br />
/(6 7(55(675(6 (1 )((5,(<br />
$UWKXU 5DFNKDP<br />
2Q WURXYH WUqV SHX GH 7HUUHVWUHV HQ )pHULH<br />
4XHOTXHV XQV RQW © FKRLVL ª G·\ UpVLGHU SDU JR€W<br />
RX REOLJDWLRQ SDUL VWXSLGH DYHF XQ )pHULTXH<br />
D\DQW HQWUDvQp XQ (QYR€WHPHQW VRXV &RQGLWLRQ<br />
SUHVTXH LPSRVVLEOH j UHPSOLU 'RPDLQH GRWp GH<br />
OD SURSULpWp © YHUURX ª HQIDQWV HQOHYpV ,OV<br />
V·HQWHQGHQW ELHQ DYHF OHV )pHULTXHV GX YRLVLQDJH<br />
RX OHV pYLWHQW FRPPH OD SHVWH VLQRQ LOV QH UHVWH<br />
UDLHQW SDV ORQJWHPSV Oj &HUWDLQV \ VRQW DUULYpV<br />
SDU KDVDUG HQ IUDQFKLVVDQW XQ 3RLQW GH &RQWDFW<br />
SDUIRLV HQ OH VXVFLWDQW HX[ PrPHV SDU OD IRUFH GH<br />
OHXU ,PDJLQDLUH RX SDUFH TX LOV DSSDUWLHQQHQW j<br />
XQH FXOWXUH VXIILVDPPHQW SULPLWLYH SRXU FRP<br />
UDUH TXH OHXU HVSpUDQFH GH YLH GpSDVVH TXHOTXHV<br />
6FqQHV<br />
2Q YRLW GRQF TXH OD QDWXUH GHV FUpDWXUHV<br />
TXH O RQ UHQFRQWUH Q D SDV JUDQG FKRVH j YRLU<br />
DYHF OHXU DSSDUHQFH HW TXH OHV HQMHX[ GHV LQWH<br />
UDFWLRQV DYHF HOOHV VRQW GLIIpUHQWV 0DLV LO Q HVW<br />
SDV DLVp GH OHV GLVWLQJXHU 'H FH IDLW LO HVW VRX<br />
YHQW FRQVHLOOp G DJLU DYHF GLSORPDWLH HW FLUFRQV<br />
SHFWLRQ WDQW TXH OD QDWXUH GH VRQ LQWHUORFXWHXU<br />
Q HVW SDV FODLUHPHQW pWDEOLH VRXYHQH] YRXV GX<br />
*QRPH FRLIIp G XQ ERQQHW OH )pHULTXH HVW OH<br />
ERQQHW OH *QRPH HVW VRQ &RPSDJQRQ HW GH<br />
QH SDV UHFRXULU j OD YLROHQFH VDQV SURYRFDWLRQ<br />
3RXU ILQLU PrPH VL F HVW OH FDV OH SOXV UDUH RQ<br />
UHQFRQWUH SDUIRLV GHV 7HUUHVWUHV HQ )pHULH<br />
PXQLHU GLUHFWHPHQW DYHF OH PRQGH GHV HVSULWV<br />
(QILQ FHUWDLQV DSUqV OHXU PRUW UHMRLJQHQW OHV<br />
UDQJV GHV )pHULTXHV VRLW SDUFH TX LOV pWDLHQW GH<br />
IUpTXHQWV YLVLWHXUV HQ )pHULH VRLW SDUFH TXH OHXU<br />
,PDJLQDLUH pWDLW DVVH] IRUW SRXU FUpHU XQ 3RLQW<br />
GH &RQWDFW IXJDFH DX PRPHQW GH OHXU GpFqV FH<br />
TXL Q HVW SDV SRXU ULHQ GDQV O RULJLQH GHV OpJHQ<br />
GHV TXL FRQIRQGHQW OH VpMRXU GHV )pHV DYHF FHOXL<br />
GHV PRUWV<br />
,O DUULYH PrPH TXH GHV DQLPDX[ YRLUH GHV<br />
REMHWV LQDQLPpV GRQF GHV 7HUUHVWUHV QRQ LQWHOOL<br />
JHQWV GHYLHQQHQW IpHULTXHV ORUVTX LOV VRQW Gp<br />
WUXLWV SRXU SHX TX LOV DLHQW pWp GXUDQW OHXU H[LV<br />
WHQFH VXSSRUW GH &UR\DQFHV RX G ,PDJLQDLUH ,OV<br />
DFTXLqUHQW ORUVTX·LOV GHYLHQQHQW )pHULTXHV XQH<br />
LQWHOOLJHQFH GH W\SH KXPDLQ TXRLTXH OLPLWpH<br />
(Q WHUPHV WHFKQLTXHV OD FRQYHUVLRQ G XQ<br />
7HUUHVWUH PRUW HQ )pHULTXH VH IDLW GH OD IDoRQ<br />
VXLYDQWH<br />
• OD 0DQLIHVWDWLRQ HVW HQ SULQFLSH O DSSDUHQFH<br />
GX PRUW j XQ PRPHQW GH VD YLH SDUWLFXOLqUH<br />
PHQW VLJQLILDQW PRGLILpH SDU OHV 6LJQHV GH VHV<br />
$WWULEXWV<br />
• 7DLOOH HW &KDUPH LQFKDQJpV<br />
• PR\HQQH GH )RUFH HW 9RORQWp 3XLVVDQFH<br />
• PR\HQQH GH &RQVWLWXWLRQ HW 9RORQWp 5p<br />
VLVWDQFH<br />
• PR\HQQH GH 3HUFHSWLRQ HW 5pIOH[HV 9LJL<br />
ODQFH<br />
• PR\HQQH GH &RRUGLQDWLRQ HW ,QWHOOHFW<br />
+DELOHWp GRQF IDLEOH SRXU XQ rWUH QRQ LQWHO<br />
OLJHQW GH VRQ YLYDQW<br />
• *ODPRXU VRPPH GHV $VSHFWV SOXV XQ<br />
pYHQWXHO *ODPRXU GpUREp j GHV )pHULTXHV GH<br />
VRQ YLYDQW
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
• (VVHQFH *ODPRXU<br />
• OHV &RPSpWHQFHV GHYLHQQHQW GHV $IILQLWpV j<br />
UHJURXSHU pYHQWXHOOHPHQW SRXU DVVXUHU TXH OD<br />
VRPPH GH OHXUV YDOHXUV QH GpSDVVH SDV OH<br />
*ODPRXU 'HV 6LJQHV VRQW j DWWULEXHU<br />
• GH PrPH GHV IDF VLPLOpV G·REMHWV SHUVRQQHOV<br />
D\DQW XQ IRUW LQYHVWLVVHPHQW DIIHFWLI SHXYHQW<br />
DSSDUDvWUH FRPPH GHV $FFHVVRLUHV XQ 'R<br />
PDLQH SHXW VH IRUPHU DX OLHX G DSSDULWLRQ GX<br />
PRUW HQ )pHULH DYHF O DVSHFW G XQ OLHX WHUUHV<br />
WUH TXL OXL HVW FKHU HW pYHQWXHOOHPHQW XQ<br />
3RLQW GH &RQWDFW DYHF FH OLHX WHUUHVWUH GHV<br />
&RPSDJQRQV UHSURGXLVDQW OD IRUPH G·rWUHV<br />
FKHUV SHXYHQW DSSDUDvWUH<br />
• XQH FDSDFLWp SDUWLFXOLqUH j HQFDLVVHU OHV EOHV<br />
VXUHV SHXW VH WUDGXLUH SDU XQ 3RXYRLU<br />
• OH *ODPRXU HQ H[FqV GHV $WWULEXWV FL GHVVXV<br />
HVW j UpSDUWLU DX FKRL[ HQWUH GHV $WWULEXWV<br />
VXSSOpPHQWDLUHV VHORQ OHV GRPDLQHV GH<br />
SUpGLOHFWLRQ GX 7HUUHVWUH GH VRQ YLYDQW OHV<br />
$WWULEXWV GpUREpV GH VRQ YLYDQW VRQW<br />
• FRQVHUYpV<br />
FHUWDLQHV SDUWLFXODULWpV GH FRPSRUWHPHQW<br />
SHXYHQW GHYHQLU GHV 7UDLWV<br />
• DXFXQ REMHW RX FUpDWXUH 7HUUHVWUH QH YLHQW<br />
HQ )pHULH DYHF OH PRUW<br />
36
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
62&,(7( )((5,48(<br />
85%$1,60( (1 )((5,(<br />
'H QRPEUHX[ )pHULTXHV YLYHQW VHXOV HQ HU<br />
PLWH GDQV OHXU GRPDLQH ,OV Q·RQW TXH WUqV SHX GH<br />
FRQWDFWV DYHF O·H[WpULHXU G·DXWDQW PRLQV TXH OHV<br />
)pHULTXHV Q·RQW TXH SHX GH EHVRLQV j VDWLVIDLUH<br />
7RXWHIRLV RQ WURXYH UpJXOLqUHPHQW GHV FRPPX<br />
QDXWpV GH )pHULTXHV GH WDLOOHV GLYHUVHV /HV SOXV<br />
IUpTXHQWHV VRQW OHV YLOODJHV IpHULTXHV TXL UHJURX<br />
SHQW TXHOTXHV GL]DLQHV G·LQGLYLGXV TXL RQW OHV<br />
PrPHV DIILQLWpV GDQV WRXV OHV VHQV GX WHUPH ,OV<br />
25*$1,6$7,21 62&,$/(<br />
6·LO IDOODLW DEVROXPHQW GpILQLU O·RUJDQLVDWLRQ<br />
GX SHXSOH IpHULTXH RQ SRXUUDLW SDUOHU G·XQH<br />
IRUPH WUqV SDUWLFXOLqUH G·© DQDUFKLH IpRGDOH ª /D<br />
SOXSDUW GHV rWUHV IpHV QH UHFRQQDLVVHQW DXFXQH<br />
DXWRULWp ,OV Q·HQQXLHQW SHUVRQQH HW SHUVRQQH QH<br />
OHV HQQXLH /HV rWUHV IpHV ODYHQW OHXU OLQJH VDOH HQ<br />
IDPLOOH /HV pYHQWXHOV FRQIOLWV VH UqJOHQW HQWUH OHV<br />
SURWDJRQLVWHV HW OHXUV DOOLpV pYHQWXHOV 4XDQG XQ<br />
OLHQ VRFLDO H[LVWH LO HVW WUqV ORFDO ,O H[LVWH GH<br />
/(6 52,6<br />
(GPRQG 'XODF<br />
'DQV OHV FRPPXQDXWpV IpHULTXHV LO Q·H[LVWH<br />
SDV IRUFpPHQW G·DXWRULWp FHQWUDOH PDLV SDUIRLV<br />
GHV )pHULTXHV GpFLGHQW GH VH GRWHU G XQ 5RL QH<br />
VHUDLW FH TXH SRXU TX LO DUUrWH GH OH OHXU GHPDQ<br />
GHU HQ SHUPDQHQFH RX GH OHV 'pSRXLOOHU VDXYD<br />
JHPHQW 3RXU FHOD OD SRSXODWLRQ FRQFHUQpH<br />
VDFULILH GHV SRLQWV GH *ODPRXU OD PrPH TXDQWL<br />
YLYHQW GDQV XQ 'RPDLQH FRPPXQ RX GDQV GHV<br />
'RPDLQHV YRLVLQV 3DUIRLV FH VRQW GHV )pHULTXHV<br />
TXL VH UHVVHPEOHQW j SHX SUqV PDLV RQ \ WURXYH<br />
WUqV VRXYHQW GHV FUpDWXUHV GH WRXWHV VRUWHV &HV<br />
JURXSHV RQW GLYHUVHV IRUPHV G·RUJDQLVDWLRQ PDLV<br />
OH SOXV VRXYHQW LOV FRPSWHQW XQ FKHI DSSHOp 5RL<br />
/HV YLOOHV VRQW DVVH] UDUHV HQ )pHULH PDLV LO HQ<br />
H[LVWH<br />
QRPEUHXVHV FRPPXQDXWpV GH )pHULTXHV PDLV<br />
HOOHV FRPPXQLTXHQW SHX HQWUH HOOHV &HV FRP<br />
PXQDXWpV VRQW WUqV VRXGpHV OHV SHWLWHV GLVSXWHQW<br />
HQWUHWLHQQHQW O·DPLWLp PDLV DXVVL WUqV RXYHUWHV<br />
(Q JpQpUDO OHV rWUHV IpHV VH GpSODFHQW SHX ,OV<br />
VRQW IULDQGV GHV UpFLWV GHV YR\DJHXUV PDLV F·HVW<br />
SOXV SRXU HQWHQGUH XQH EHOOH KLVWRLUH TXH SDUFH<br />
TX LOV VH SUpRFFXSHQW GH FH TXL VH SDVVH FKH] OH<br />
YRLVLQ<br />
Wp SRXU WRXV j SUHQGUH VXU OHXUV $IILQLWpV 'R<br />
PDLQH &HV SRLQWV VRQW WUDQVIpUpV DX IXWXU 5RL<br />
DYHF OHV GpSHUGLWLRQV KDELWXHOOHV SRXU XQH 6FLV<br />
VLRQ $YHF FHV SRLQWV TXL DFFURLVVHQW QDWXUHOOH<br />
PHQW VRQ WRWDO GH *ODPRXU GRQF VHV $VSHFWV HW<br />
VRQ (VVHQFH LO DFKqWH XQH $IILQLWp 5R\DXPH TXL<br />
FRPSWH FRPPH XQH $IILQLWp SDUWLFXOLqUH<br />
1DWXUHOOHPHQW OHV SHUVRQQDJHV GpEXWDQWV QH<br />
SHXYHQW SDV DYRLU GpMj XQH $IILQLWp 5R\DXPH oD<br />
VH JDJQH HQ MRXDQW 5LHQ QH OHV HPSrFKH WRXWH<br />
IRLV GH VH IDLUH pOLUH XQ MRXU SDU FHUWDLQV SHUVRQ<br />
QDJHV GHV DXWUHV MRXHXUV RX GX PHQHXU<br />
/HV HIIHWV WHFKQLTXHV GH O·$IILQLWp 5R\DXPH<br />
VRQW OHV VXLYDQWV O HQVHPEOH GHV 'RPDLQHV GH<br />
VHV 6XMHWV FHX[ TXL O RQW pOX 5RL HQ OXL RIIUDQW<br />
GX *ODPRXU SOXV OHV VLHQV SURSUHV V LO HQ D<br />
FRQVWLWXH VRQ 5R\DXPH<br />
• 2 TX LO VRLW OH 5RL D LPPpGLDWHPHQW FRQV<br />
FLHQFH GH WRXWH DJUHVVLRQ VXELH SDU O XQ GHV<br />
'RPDLQHV GH VRQ 5R\DXPH FRPPH V LOV<br />
pWDLHQW VHV SURSUHV 'RPDLQHV F HVW j GLUH YLD<br />
XQ MHW GH 9LJLODQFH $IILQLWp 5R\DXPH DYHF<br />
XQ PDOXV GH V LO HVW DEVHQW GH VRQ<br />
5R\DXPH<br />
• (Q RXWUH V LO HVW SK\VLTXHPHQW SUpVHQW GDQV<br />
O XQ GHV 'RPDLQHV GH VRQ 5R\DXPH OH 5RL
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SHXW XWLOLVHU VRQ VFRUH G $IILQLWp 5R\DXPH<br />
FRPPH ERQXV DX[ MHWV GH 'RPDLQH GX 6XMHW<br />
FKH] TXL LO HVW HVVHQWLHOOHPHQW SRXU UpVLVWHU<br />
DX[ ,QIOXHQFHV QRQ DXWRULVpHV RX FRQWUHU OHV<br />
HIIHWV PDJLTXHV LQGpVLUDEOHV PDLV HQ WKpRULH<br />
Q LPSRUWH TXHO MHW RQ GLW TXH OH 6XMHW IDLW<br />
DSSHO j OD SURWHFWLRQ UR\DOH F HVW OD UDLVRQ<br />
SULQFLSDOH SRXU ODTXHOOH OHV )pHULTXHV pOLVHQW<br />
GHV 5RLV $WWHQWLRQ OH 5RL QH SHXW GRQQHU<br />
GH ERQXV j VHV SURSUHV MHWV TXDQG LO HVW FKH]<br />
XQ 6XMHW SDV GH ERQXV 5R\DXPH SRXU DWWD<br />
TXHU XQ 6XMHW GDQV VRQ 'RPDLQH j OXL VRXV<br />
SUpWH[WH TXH F·HVW XQH SDUWLH GX 5R\DXPH<br />
• (Q FRQWUHSDUWLH OH 5RL D OD SRVVLELOLWp<br />
G·XWLOLVHU O ,QIOXHQFH GH VRQ $IILQLWp 5R\DXPH<br />
SRXU PRGLILHU O·DPELDQFH GH O·HQVHPEOH GHV<br />
'RPDLQHV GH VRQ 5R\DXPH SOXV JDL SOXV<br />
VRPEUH SOXV ERLVp SOXV XUEDLQ SOXV HQVROHLO<br />
Op PDLV XQLTXHPHQW DX QLYHDX GX FRQFHSW<br />
JpQpUDO GX 5R\DXPH SDV GHV GpWDLOV LQGLYL<br />
GXHOV GH FKDTXH 'RPDLQH TXDQG LO OH VRX<br />
KDLWH &KDTXH 6XMHW D OD SRVVLELOLWp G·XWLOLVHU<br />
FHUWDLQHV $IILQLWpV 'RPDLQHV FRPPH ERQXV j<br />
FH MHW VRXWLHQ GH O·HIIRUW GH UpIRUPHV GX<br />
5RL FRPPH PDOXV MH VXLV FKH] PRL RX GH<br />
QH SDV VH PRXLOOHU SDV G·HIIHW /H VROGH HVW<br />
XQ PRGLILFDWHXU DX MHW GX 5RL TXL SHXW Up<br />
FRPSHQVHU VHV ILGqOHV HW DWWDTXHU OHV IpORQV<br />
V·LO OH VRXKDLWH &RPPH SRXU XQ 'RPDLQH<br />
WRXWH ,QIOXHQFH G LQWHQVLWp LQIpULHXUH RX pJDOH<br />
DX VFRUH G $IILQLWp 5R\DXPH Q HQJDJH SDV<br />
G (VVHQFH<br />
• 2Q QRWH DXVVL TXH OH 5RL SHXW DMRXWHU VRQ<br />
$IILQLWp 5R\DXPH j WRXWH XWLOLVDWLRQ GH VHV<br />
$IILQLWpV 'RPDLQH SURSUHV DYHF OHV PrPHV<br />
GpURJDWLRQV GH FXPXO TXH SRXU OH 'RPDLQH<br />
LO QH IDXW GRQF SDV OH SURYRTXHU FKH] OXL<br />
(Q UHYDQFKH LO QH EpQpILFLH G DXFXQ ERQXV<br />
UHODWLI DX[ 'RPDLQHV GH VHV 6XMHWV<br />
• (Q PDWLqUH GH GpSODFHPHQW WRXWHIRLV O $IIL<br />
QLWp 5R\DXPH SHXW OXL SHUPHWWUH G DWWHLQGUH<br />
SOXV UDSLGHPHQW OHV 'RPDLQHV GH VRQ<br />
5R\DXPH PrPHV pFRQRPLHV GH &RUUHVSRQ<br />
GDQFHV TX DYHF XQH $IILQLWp 'RPDLQH<br />
/ $IILQLWp 5R\DXPH pWDQW SURSUH DX 5RL LO<br />
SHXW HQ IDLUH FH TX LO YHXW OD GRQQHU HQ WRWDOLWp j<br />
TXHOTX XQ DYHF GpSHUGLWLRQ DEGLFDWLRQ<br />
O·DXJPHQWHU SDU H[SpULHQFH OD FDVFDGH VH IDLW j<br />
SDUWLU G·XQH $IILQLWp 'RPDLQH V HQ IDLUH 'p<br />
SRXLOOHU UpYROXWLRQ LO IDXW YROHU OD WRWDOLWp GH<br />
O·$IILQLWp HQ XQH VHXOH IRLV LO QH SHXW \ DYRLU<br />
TX·XQ VHXO VRXYHUDLQ FRPPH Q LPSRUWH TXHOOH<br />
$IILQLWp 6·LO 'pSRXLOOH TXHOTX·XQ G·XQ 'RPDLQH<br />
VHV 'RPDLQHV SHUVRQQHOV V·HQULFKLVVHQW PDLV<br />
SDV VRQ VFRUH GH 5R\DXPH 6·LO 'pSRXLOOH XQ<br />
DXWUH 5RL GH VRQ 5R\DXPH LO D $IILQLWpV<br />
5R\DXPH GLVWLQFWHV DYHF GHV 'RPDLQHV HW GHV<br />
6XMHWV GLIIpUHQWV 6HORQ OHV UqJOHV GH FXPXO<br />
G·$IILQLWpV LO QH SHXW FXPXOHU VHV $IILQLWpV<br />
5R\DXPH HQWUH HOOHV PDLV Q·LPSRUWH ODTXHOOH GHV<br />
GHX[ SHXW VH FXPXOHU DYHF Q·LPSRUWH ODTXHOOH GH<br />
VHV $IILQLWpV 'RPDLQH SURSUHV HQ UHYDQFKH<br />
FKDFXQH QH SHXW VH FXPXOHU TX DYHF OHV 'RPDL<br />
QHV GHV 6XMHWV GX 5R\DXPH FRQFHUQp<br />
/HV 6XMHWV RQW LQWpUrW j DYRLU XQ VRXYHUDLQ<br />
IRUW V LOV YHXOHQW IDLUH DSSHO j VD SURWHFWLRQ PDLV<br />
SDV WURS V·LOV YHXOHQW UHVWHU PDvWUHV FKH] HX[ HW<br />
SHXYHQW GRQF VDFULILHU SOXV RX PRLQV GH *OD<br />
PRXU (Q UHYDQFKH LOV GRLYHQW WRXV VDFULILHU OD<br />
PrPH FKRVH OD UR\DXWp HVW O H[SUHVVLRQ GH OD<br />
YRORQWp GHV 6XMHWV WRXV pJDX[ GHYDQW OHXU VRX<br />
YHUDLQ ,OV SHXYHQW VSRQWDQpPHQW RX j OD GH<br />
PDQGH GX 5RL OXL UHQRXYHOHU OHXU KRPPDJH HQ<br />
VDFULILDQW GH QRXYHDX GX *ODPRXU SDU OD VXLWH<br />
PDLV Oj HQFRUH LOV GRLYHQW WRXV OXL HQ GRQQHU OD<br />
PrPH TXDQWLWp 'H QRXYHDX[ 6XMHWV SHXYHQW<br />
UHMRLQGUH XQ 5R\DXPH DSUqV FRXS HQ GpSHQVDQW<br />
j OHXU WRXU XQH TXDQWLWp GH *ODPRXU pJDOH j FHOOH<br />
LQYHVWLH DX WRWDO SDU WRXW DXWUH 6XMHW GX 5R\DXPH<br />
FH TXL DFFURvW O·$IILQLWp 5R\DXPH GX 5RL DX[<br />
GpSHUGLWLRQV SUqV<br />
2Q QH SHXW rWUH 6XMHW TXH G·XQ VHXO 5RL RQ<br />
QH SHXW VDFULILHU GH *ODPRXU j XQ DXWUH WDQW<br />
TX·RQ QH V·HVW SDV 6RXOHYp FRQWUH VRQ 5RL 7RXW<br />
6XMHW SHXW VH 6RXOHYHU ,O GRLW UHQFRQWUHU SK\VL<br />
TXHPHQW VRQ 5RL HW OH OXL DQQRQFHU HQ IDFH FH<br />
TXL GRQQH JpQpUDOHPHQW OLHX j XQ FRQIOLW SRXU<br />
REOLJHU OH 6XMHW j UHVWHU OR\DO SDU *HLV /H 6XMHW<br />
UHWLUH DLQVL VRQ 'RPDLQH GX 5R\DXPH PDLV OH<br />
5RL QH SHUG SDV GH *ODPRXU HW OH 6XMHW Q·HQ<br />
UpFXSqUH SDV F·HVW QRUPDO LO Q·\ D SDV FRQIOLW<br />
/H VFRUH G $IILQLWp 5R\DXPH UHVWH LQWDFW F HVW<br />
VRQ SpULPqWUH G DSSOLFDWLRQ TXL VH WURXYH UpGXLW<br />
6L O·HQVHPEOH GHV 6XMHWV G·XQ 5RL RX OH GHUQLHU<br />
6XMHW TXL OXL UHVWH VH 6RXOqYH HQ PrPH WHPSV<br />
OH 5RL SHUG VRQ $IILQLWp 5R\DXPH FRPPH V·LO<br />
DYDLW pWp 'pSRXLOOp PDLV Oj HQFRUH OH *ODPRXU<br />
HVW SHUGX SRXU VHV 6XMHWV 2Q SHXW GRQF DYRLU<br />
XQ 5RL WUqV SXLVVDQW IRUWH $IILQLWp VXU XQ<br />
5R\DXPH WUqV OLPLWp SHX GH 'RPDLQHV RX DX<br />
FRQWUDLUH XQ VRXYHUDLQ IDQWRFKH $IILQLWp EDVVH<br />
UpJQDQW VXU XQ YDVWH HPSLUH QRPEUHX[ 'RPDL<br />
QHV /H 5RL QH WLHQW TXH SDU OD ILGpOLWp GH VHV<br />
6XMHWV 0DLV WUDKLU VRQ VRXYHUDLQ VH WUDGXLW SDU<br />
XQH SHUWH VqFKH GH *ODPRXU %LHQ V€U XQ 5RL<br />
WUDKL SHXW VH YHQJHU GH VHV 6XMHWV LQILGqOHV<br />
$X SODQ SROLWLTXH OHV SRXYRLUV GRQW MRXLW OH<br />
5RL VRQW WUqV YDULDEOHV G·XQ HQGURLW j O·DXWUH /D<br />
FRXWXPH IpHULTXH OXL HQ SUrWH WURLV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
• OH SRXYRLU GH MXVWLFH TXDQW XQ GLIIpUHQG<br />
pFODWH HQWUH VHV 6XMHWV LOV SHXYHQW VRXPHWWUH<br />
OHXU FRQIOLW j VRQ MXJHPHQW RX LO SHXW OH OHXU<br />
LPSRVHU FH TXL O DXWRULVH j WUDQFKHU OHV GLIIp<br />
UHQGV HW j SURVFULUH OHV PDXYDLV VXMHWV<br />
• OH FRPPDQGHPHQW GHV DUPpHV HQ FDV GH<br />
FRQIOLW DYHF GHV )pHULTXHV H[WpULHXUV DX<br />
5R\DXPH \ FRPSULV DX FDV R OH 5R\DXPH<br />
ODQFH XQH FDPSDJQH G H[SDQVLRQ SDU OD<br />
FRQTXrWH F HVW OH 5RL TXL GRQQH OHV RUGUHV<br />
PLOLWDLUHV j VHV 6XMHWV (Q RXWUH VD FDSDFLWp j<br />
SHUFHYRLU FH TXL VH SDVVH GDQV VRQ 5R\DXPH<br />
OXL SHUPHW GH VXUYHLOOHU OD OLJQH GH IURQW HW HQ<br />
FDV GH EDWDLOOH TXL VH GpURXOH DX VHLQ GX<br />
5R\DXPH VRQ $IILQLWp GRQQH GHV ERQXV DX[<br />
6XMHWV TXDQG LO HVW FKH] HX[<br />
• OH SRXYRLU GH UHSUpVHQWHU VHV 6XMHWV DXSUqV<br />
GHV DXWUHV 5R\DXPHV HW QRWDPPHQW GH<br />
O pYHQWXHO +DXW 5RL HQ SULQFLSH WRXWH UHOD<br />
WLRQ GLSORPDWLTXH RX FRPPHUFLDOH DYHF GHV<br />
/( +$87 52,<br />
/H +DXW 5RL HVW OH VRXYHUDLQ GH )pHULH &·HVW<br />
OXL TXL HVW FHQVp DGPLQLVWUHU OH SD\V 7UqV VRX<br />
YHQW F·HVW XQ SRVWH GH SUHVWLJH SOXW{W TX·XQ U{OH<br />
YUDLPHQW DFWLI PDLV OHV )pHULTXHV UHVSHFWHQW<br />
EHDXFRXS OH +DXW 5RL ,O HVW OH UHFRXUV GHV )pH<br />
ULTXHV FRQWUH OHV 5RLV W\UDQQLTXHV HW OHV LQMXVWL<br />
FHV GH WRXWHV VRUWHV 3DUIRLV XQ +DXW 5RL IDLW GX<br />
]qOH HW SUHQG YUDLPHQW VRQ WLWUH DX VpULHX[ SRXU<br />
OH PHLOOHXU HW SRXU OH SLUH<br />
/ pOHFWLRQ GX +DXW 5RL HVW XQ SHX SOXV<br />
FRPSOLTXpH TXH FHOOH G XQ 5RL WRXW FRXUW (Q FDV<br />
GH EHVRLQ RX G·HQYLH OHV )pHULTXHV SHXYHQW VH<br />
GRWHU G·XQ +DXW 5RL 3RXU FHOD OHV 5RLV HW OHV<br />
LQGpSHQGDQWV V·LOV SRVVqGHQW DX PRLQV XQ 'R<br />
PDLQH VH UpXQLVVHQW (X[ VHXOV SHXYHQW GpVLJQHU<br />
OH +DXW 5RL RX OH GHYHQLU HX[ PrPHV SDUFH TXH<br />
OHV 6XMHWV VRQW FHQVpV IDLUH HQWHQGUH OHXU YRL[ YLD<br />
OHXU 5RL /D GpVLJQDWLRQ GX +DXW 5RL VH IDLW SDU<br />
WRXUQRL 7RXV OHV FDQGLGDWV GRLYHQW V·DIIURQWHU<br />
HQ GXHO SDU WRXUV FRPPH DX WHQQLV DYHF SRXU<br />
HQMHX GHV SRLQWV GH *ODPRXU j SUHQGUH VXU OHXUV<br />
$IILQLWpV 5R\DXPH RX 'RPDLQH SRXU OHV LQGp<br />
SHQGDQWV /H YDLQTXHXU GH FKDTXH WRXU QH UHP<br />
SRUWH SDV FHV SRLQWV FHSHQGDQW PDLV OH SHUGDQW<br />
OHV SHUG /H YDLQTXHXU GH OD ILQDOH HVW QRPPp<br />
+DXW 5RL HW UpFXSqUH OD WRWDOLWp GHV SRLQWV PLVpV<br />
GLPLQXpV GHV KDELWXHOOHV GpSHUGLWLRQV OLpHV j<br />
XQH 6FLVVLRQ DYHF OHVTXHOV LO DFKqWH XQH $IILQL<br />
Wp JpQpUDOH +DXW 5RL<br />
/HV PRGDOLWpV GHV GXHOV HQWUH FDQGLGDWV VRQW<br />
IL[pHV SRXU O HQVHPEOH GH O pOHFWLRQ HQ FRXUV<br />
)pHULTXHV H[WpULHXUV DX 5R\DXPH GRLW rWUH<br />
JpUpH SDU OH 5RL TXL SHXW GpOpJXHU j VHV 6X<br />
MHWV $LQVL F HVW OXL TXL FRQWUDFWH OHV 3DFWHV<br />
DX QRP GX 5R\DXPH SDU H[HPSOH & HVW pJD<br />
OHPHQW DX QRP GH VHV 6XMHWV TXH OH 5RL IDLW<br />
DSSHO j OD +DXWH -XVWLFH HW SDUWLFLSH j O pOHF<br />
WLRQ GX +DXW 5RL<br />
(Q RXWUH LO MRXLW HQ JpQpUDO GH SUpURJDWLYHV<br />
TXDQW j OD JHVWLRQ GHV DIIDLUHV FRXUDQWHV GHV<br />
'RPDLQHV GH VRQ 5R\DXPH 6RQ DXWRULWp UpHOOH<br />
GDQV FH GRPDLQH SHXW rWUH GHVSRWLTXH RX VWULF<br />
WHPHQW FRQVXOWDWLYH VHORQ VRQ FDUDFWqUH HW FHOXL<br />
GH VHV 6XMHWV<br />
WRXV OHV FDQGLGDWV V DIIURQWHQW VHORQ OHV PrPHV<br />
PRGDOLWpV ,O SHXW V DJLU GH VFXOSWHU XQ YLVDJH VXU<br />
XQ PRQROLWKH JpDQW IDLUH SOHXUHU OHV DUEUHV<br />
SODQWHU XQH pSpH GDQV XQH HQFOXPH IDLUH ULUH OHV<br />
RLVHDX[ HW FKDQWHU OHV pFXUHXLOV<br />
/H +DXW 5RL SHXW rWUH 'pSRXLOOp GH VRQ $I<br />
ILQLWp PDLV OH 'pSRXLOOHPHQW GRLW SRUWHU VXU OD<br />
WRWDOLWp GH O·$IILQLWp LO HVW GRQF WUqV GLIILFLOH<br />
PDLV HQ FDV G·DEGLFDWLRQ LO QH SHXW GpVLJQHU VRQ<br />
VXFFHVVHXU LO IDXW UHIDLUH XQ WRXUQRL XQ +DXW<br />
5R\DXPH oD VH JDJQH 'H SOXV OD SRSXODWLRQ<br />
SHXW VH 6RXOHYHU &KDTXH 5RL RX SURSULpWDLUH<br />
LQGpSHQGDQW GH 'RPDLQH TXL FRQWHVWH RIILFLHO<br />
OHPHQW OH +DXW 5RL GRLW OH OXL DQQRQFHU HQ IDFH j<br />
IDFH FH TXL OXL UHWLUH XQ SRLQW GH *ODPRXU TXL<br />
Q·HVW UpFXSpUp SDU SHUVRQQH GH VRQ $IILQLWp<br />
+DXW 5R\DXPH SDU SHUVRQQH TXL VH 6RXOqYH<br />
SRXU VLPSOLILHU LO HVW GRQF GH ERQ JR€W GH VH<br />
6RXOHYHU SDU JURXSHV GH *pQpUDOHPHQW XQ<br />
VRXOqYHPHQW GRQQH OLHX j XQ FRQIOLW GDQV OHTXHO<br />
OH +DXW 5RL HVVDLH G·LPSRVHU XQ *HLV j VHV 6XMHWV<br />
SRXU TX LOV OXL UHVWHQW ILGqOHV 4XDQG LO Q·D SOXV<br />
G $IILQLWp FH TXL YLHQW DVVH] YLWH HQ IDLW OH<br />
+DXW 5RL QH WLHQW TXH SDU O·XQDQLPLWp TXDVL SDU<br />
IDLWH GX SHXSOH IpHULTXH F·HVW SRXUTXRL LO QH<br />
UqJQH SDV ORQJWHPSV HQ JpQpUDO LO HVW GpFKX<br />
HW OH *ODPRXU HVW SHUGX 2Q SHXW UHIDLUH XQ<br />
WRXUQRL DXTXHO O·DQFLHQ +DXW 5RL SHXW SDUWLFLSHU<br />
V·LO OH VRXKDLWH RX ODLVVHU WRPEHU MXVTX·j OD SUR<br />
FKDLQH WRTXDGH (Q UHYDQFKH WDQW TX LO D HQFRUH<br />
+DXW 5R\DXPH DX PRLQV j LO UHVWH +DXW 5RL<br />
GH )pHULH WRXW HQWLqUH &D PDUFKH GRQF j O HQYHUV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
G XQ 5RL FODVVLTXH GRQW OH VFRUH HVW LPPXDEOH<br />
PDLV GRQW OH WHUULWRLUH VH UpGXLW FRPPH SHDX GH<br />
FKDJULQ / $IILQLWp +DXW 5RL SHXW DXJPHQWHU SDU<br />
H[SpULHQFH HQ FDVFDGDQW GHSXLV XQ 5R\DXPH RX<br />
XQ 'RPDLQH 'H SOXV OD SRSXODWLRQ SHXW WRX<br />
MRXUV VH 6FLQGHU DX SURILW GX +DXW 5RL SRXU<br />
DFFURvWUH VRQ $IILQLWp OH *ODPRXU GRLW SURYHQLU<br />
G XQH $IILQLWp 'RPDLQH RX 5R\DXPH<br />
/H +DXW 5RL D OHV PrPHV SRXYRLUV HW GH<br />
YRLUV TXH OHV 5RLV PDLV j O·pFKHOOH GH )pHULH<br />
• FRQVFLHQFH GHV LQFLGHQWV GH YRLVLQDJH<br />
• ERQXV HQ FDV GH SUpVHQFH SK\VLTXH DX[ MHWV<br />
GH 5R\DXPH RX GH 'RPDLQH GH WRXWH OD SR<br />
SXODWLRQ<br />
• $IILQLWp GH W\SH 'RPDLQH YDODEOH j O pFKHOOH<br />
GH )pHULH DL MH EHVRLQ GH GLUH TXH SURYRTXHU<br />
OH +DXW 5RL GDQV VHV SURSUHV 'RPDLQHV HVW<br />
XQH IROLH SXLVTX·LO FXPXOH +DXW 5R\DXPH<br />
5R\DXPH pYHQWXHO 'RPDLQH "<br />
/$ -867,&(<br />
/(6 '(/,76<br />
(WDQW GRQQp OD QDWXUH GHV )pHULTXHV OD QR<br />
WLRQ GH GpOLQTXDQFH HVW EHDXFRXS SOXV IORXH TXH<br />
FHOOH TXL SHXW SDUIRLV H[LVWHU FKH] OHV KXPDLQV<br />
8Q )pHULTXH FRPPHW XQ GpOLW j SDUWLU GX PR<br />
PHQW RX LO HQ FRQWUDULH XQ DXWUH &HUWDLQV pWDQW<br />
WUqV FRQWUDULDQWV HW G·DXWUHV IDFLOHPHQW FRQWUD<br />
ULpV OHV OLWLJHV VRQW HQ IDLW PRQQDLH FRXUDQWH 7HO<br />
)pHULTXH HVW XQ YROHXU LPSpQLWHQW HW FKDSDUGH<br />
GHV pOpPHQWV GX GpFRU SDV GHV (PDQDWLRQV FH<br />
/( 5(*/(0(17 '(6 /,7,*(6<br />
(Q SULQFLSH FKDFXQ UqJOH VHV FRPSWHV HQ<br />
SULYp DYHF O DLGH GH VHV SURFKHV RX GH WLHUV OLpV<br />
SDU XQ 3DFWH RX XQ *HLV 6HORQ VRQ FDUDFWqUH<br />
FKDFXQ H[LJH GHV UpSDUDWLRQV VRXV IRUPH G H[FX<br />
VHV GH 6HUYLFHV GH 3DFWHV RX GH FRPEDWV RX GH<br />
GXHOV SRXYDQW HQWUDvQHU GHV *HVD RX GHV 'p<br />
SRXLOOHPHQWV<br />
&H V\VWqPH HVW DVVH] SURSLFH j HQWUDvQHU GHV<br />
YHQGHWWDV VDQV ILQ VXUWRXW TXDQG OHV DOOLpV VH<br />
PXOWLSOLHQW 3RXU \ UHPpGLHU RQ UHFRXUW j OD<br />
MXVWLFH (OOH SHXW rWUH UHQGXH SDU WRXW )pHULTXH<br />
TXL HQ GHPDQGH OH SULYLOqJH PDLV RQ FKRLVLW<br />
VRXYHQW TXHOTX XQ TXL GLVSRVH G $WWULEXWV DGDS<br />
WpV 7DOHQW GH &ODLUYR\DQFH 3RXYRLU GH GpWHF<br />
WLRQ GX PHQVRQJH $IILQLWp DYHF OD OR\DXWp<br />
%LHQ V€U SDU OD PHQDFH RX OD YLROHQFH XQH EUXWH<br />
SHXW WRXMRXUV XVXUSHU FH SULYLOqJH HW LPSRVHU<br />
• SRVVLELOLWp G ,QIOXHQFHU O·DVSHFW GH )pHULH<br />
DYHF ERQXV PDOXV pJDX[ j OD UpVXOWDQWH GHV<br />
$IILQLWpV 5R\DXPH HW 'RPDLQH GH WRXWH OD<br />
SRSXODWLRQ QRQ RQ QH IDLW SDV OH FDOFXO SRXU<br />
GH YUDL<br />
• SRXYRLUV MXGLFLDLUHV HW PLOLWDLUHV HQ FDV GH<br />
JXHUUH FLYLOH LO SHXW VRXWHQLU FHUWDLQHV IDF<br />
WLRQV HW HQ GpVDYRXHU G DXWUHV<br />
• DXWRULWp SHUVRQQHOOH DX TXRWLGLHQ<br />
(QILQ OH +DXW 5RL GpILQLW OD SROLWLTXH YLV j<br />
YLV GH OD 7HUUH HQYRL RX UDSSHO GH UHSUpVHQWDQWV<br />
SHUPDQHQWV UpJOHPHQWDWLRQ GH O XWLOLVDWLRQ GHV<br />
3RLQWV GH &RQWDFW GDQV XQ VHQV RX O DXWUH SURMHW<br />
GH IDYRULVHU RX GH SUpYHQLU OHV DUULYpHV GH 7HU<br />
UHVWUHV HQ )pHULH WHQWDWLYH G DXJPHQWHU OH QLYHDX<br />
G ,PDJLQDLUH GH WHO RX WHO &RQWH[WH SURPRWLRQ<br />
GH &UR\DQFHV IDYRUDEOHV DX[ )pHULTXHV LQYDVLRQ<br />
SXUH HW VLPSOH HWF<br />
SUREOqPH HVW pYRTXp SOXV EDV FKH] VHV YRLVLQV<br />
RX HQFRUH WHO DXWUH YDQGDOLVH XQ 'RPDLQH HQ<br />
XWLOLVDQW VRQ SRXYRLU (YRFDWLRQ DYHF WURS GH<br />
IHUYHXU /HV )pHULTXHV pWDQW LQWHPSRUHOV HW TXD<br />
VLPHQW LPPRUWHOV FHV OLWLJHV VRQW GDQV OD PDMRUL<br />
Wp GHV FDV GHV FDXVHV GH FKDPDLOOHULHV VDQV<br />
FRQVpTXHQFHV DXWUHV TX·XQ pFKDQJH GH SURSRV<br />
DFHUEHV HW TXHOTXHV SHUWHV G·(VVHQFH GH SDUW HW<br />
G·DXWUH<br />
TX RQ VH SOLH j VHV GpFLVLRQV 6HORQ OD FRXWXPH OH<br />
GURLW GH MXVWLFH HVW SULRULWDLUHPHQW UpVHUYp DX 5RL<br />
TXDQG LO H[LVWH 3RXU IDLUH DSSHO j OD MXVWLFH<br />
UR\DOH LO IDXW TXH FH VRLW OH 5RL HQ SHUVRQQH TXL<br />
SURQRQFH OH MXJHPHQW ,O QH SHXW GpOpJXHU VRQ<br />
SRXYRLU<br />
/H MXJH Q·HVW FHQVp LQWHUYHQLU TXH VL XQH GHV<br />
GHX[ SDUWLHV OH OXL D GHPDQGp PDLV LO SHXW HQ<br />
SUDWLTXH rWUH SOXV RX PRLQV PrOH WRXW &KH] OHV<br />
)pHULTXHV SROLFpV LO HVW GH ERQ WRQ GH VH VRX<br />
PHWWUH DX[ XVDJHV HW GH QH SDV MXJHU j WRUW HW j<br />
WUDYHUV 'DQV OHV DFWHV OHV )pHULTXHV QH VRQW SDV<br />
WRXMRXUV SROLFpV HW OHV FRXWXPHV ORFDOHV VXUSUHQ<br />
QHQW VRXYHQW OHV YR\DJHXUV &·HVW HQ GHUQLHU<br />
UHVVRUW OH MXJH TXL HVWLPH OD JUDYLWp GH OD SODLQWH<br />
VHORQ VRQ MXJHPHQW © LQIDLOOLEOH HW LPSDUWLDO ª<br />
/ DFFXVp D ELHQ HQWHQGX GURLW j XQH GpIHQVH HW j<br />
SUpVHQWHU VHV DUJXPHQWV 7HFKQLTXHPHQW DSUqV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
TXH O·DFFXVDWLRQ HW OD GpIHQVH VH VRQW H[SULPpHV<br />
OH MXJH pPHW VRQ MXJHPHQW /D MXVWLFH IpHULTXH HVW<br />
SOXV SURFKH GX GURLW FRXWXPLHU GHV KXPDLQV<br />
PDLV OH WHUPH TXL FRQYLHQW OH PLHX[ HVW VDQV<br />
GRXWH © KXPHXU GX MXJH ª /H SODLJQDQW SHXW rWUH<br />
SXQL VL VD GHPDQGH HVW MXJpH DEXVLYH<br />
$UWKXU 5DFKNDP<br />
/D MXVWLFH HVW GH GHX[ W\SHV /D MXVWLFH SUp<br />
YHQWLYH V H[HUFH ORUVTXH GHV )pHULTXHV RQW XQ<br />
GLIIpUHQG © DUUrWH G ,QIOXHQFHU PRQ 'RPDLQH ª<br />
© $UUrWH GH YROHU PHV SRPPHV ª QH SDUYLHQ<br />
QHQW SDV j WURXYHU XQH VROXWLRQ SDFLILTXH HW VRX<br />
KDLWHQW pYLWHU GH ULVTXHU GH VH EDWWUH HW GH VH IDLUH<br />
LQIOLJHU XQ *HLV ,OV VH WRXUQHQW GRQF YHUV XQ<br />
MXJH TXL DSUqV HQTXrWH HW VXU FRQVXOWDWLRQ pYHQ<br />
WXHOOH GH WpPRLQV RX G H[SHUWV LQGLTXHUD OD IDoRQ<br />
TXL OXL VHPEOH OD PHLOOHXUH SRXU UpVRXGUH OD VL<br />
WXDWLRQ JpQpUDOHPHQW XQH FRPSHQVDWLRQ HQ<br />
6HUYLFHV j OD ULJXHXU XQ 3DFWH ,O HVW G XVDJH GH<br />
VH SOLHU j OD GpFLVLRQ GX MXJH RX G HQ IDLUH DSSHO<br />
GHYDQW OH +DXW 5RL TXDQG LO H[LVWH PDLV HQ SUD<br />
WLTXH VL OHV SDUWLHV WURXYHQW XQ DXWUH DFFRUG RX<br />
VRXKDLWHQW FRQWLQXHU OHXUV FKDPDLOOHULHV SHU<br />
VRQQH QH V HQ SUpRFFXSH<br />
0DLV OD MXVWLFH SHXW rWUH pJDOHPHQW SXQLWLYH<br />
ORUVTX XQ )pHULTXH DEXVH TXHOTXH SHX GX OD[LVPH<br />
DPELDQW (Q SULQFLSH OHV ORLV QH VRQW SDV pFULWHV<br />
HW FKDFXQ HVW UHVSRQVDEOH GH VHV DFWHV F HVW j<br />
GLUH GH VHV $IILQLWpV GH VHV 7UDLWV GH VHV 3DFWHV<br />
HW GH VHV *HVD 0DLV FHUWDLQV QH VDYHQW SDV V DU<br />
UrWHU GDQV OD YLROHQFH OH SLOODJH O H[SORLWDWLRQ<br />
2XWUH TX LOV FRXUHQW OH ULVTXH GH YRLU OHXUV YLFWL<br />
PHV VH UHELIIHU V XQLU IDLUH DSSHO j GHV FKDP<br />
SLRQV H[WpULHXUV XQH SODLQWH SHXW pJDOHPHQW rWUH<br />
GpSRVpH FRQWUH HX[ GHYDQW XQ 5RL TXL SHXW<br />
PrPH Q rWUH QL FHOXL GH O DFFXVp QL FHOXL G DXFXQH<br />
YLFWLPH 6L FHOXL FL HVWLPH TXH O DFFXVp FRPPHW<br />
GHV DFWHV H[FHVVLIV HW JUDWXLWV V\VWpPDWLTXHPHQW<br />
'pSRXLOOHU FHX[ TX LO YDLQF SDU H[HPSOH LO SHXW<br />
RXWUH OXL FDVVHU OD ILJXUH OXL PrPH SDUFH TXH<br />
SRXU GHYHQLU 5RL LO IDXW VRXYHQW rWUH DVVH] FRV<br />
WDXG HW TXH SURWpJHU VHV UHVVRUWLVVDQWV IDLW SDUWLH<br />
GH VHV DWWULEXWLRQV OH SURVFULUH<br />
6 HQ SUHQGUH j XQ SURVFULW Q HVW SDV FRQVLGp<br />
Up FRPPH XQ DFWH H[FHVVLI HW JUDWXLW MXVWHPHQW<br />
VXU WRXV OHV 'RPDLQHV GX 5R\DXPH FH TXL IDLW<br />
TXH OHV JURV EUDV ORFDX[ QH VH SULYHQW SDV G DOOHU<br />
OXL H[SOLTXHU OHV ERQQHV PDQLqUHV 1DWXUHOOH<br />
PHQW VL HX[ PrPHV SUHQQHQW OHXU U{OH GH MXVWLFH<br />
SRXU XQH H[FXVH j OHXU FUXDXWp HQ 'pSRXLOODQW<br />
OH SURVFULW SDU H[HPSOH LOV ULVTXHQW IRUW GH VH<br />
WURXYHU HX[ PrPHV SURVFULWV %HDXFRXS GH<br />
)pHULTXHV UpSXWpV SRXU OHXU IRXUEHULH RX OHXU<br />
IpURFLWp VRQW DLQVL SURVFULWV © j WLWUH SUpYHQWLI ª<br />
GDQV GHV 5R\DXPHV R LOV Q RQW MDPDLV PLV OHV<br />
SLHGV PDLV R OHXU UpSXWDWLRQ OHV D SUpFpGpV /D<br />
SURVFULSWLRQ QH SHXW rWUH OHYpH TXH SDU GpFLVLRQ<br />
GX 5RL TXL O D pGLFWpH ORUVTX LO HVWLPH TXH oD<br />
VXIILW FRPPH oD RX VL OH SURVFULW IDLW DPHQGH<br />
KRQRUDEOH RX VL VD FDXVH HVW SODLGpH DYHF pOR<br />
TXHQFH SDU XQ WLHUV<br />
(Q DWWHQGDQW OH SURVFULW Q D TX j VH GpIHQ<br />
GUH IDLUH DSSHO GHYDQW OH +DXW 5RL RX TXLWWHU OH<br />
5R\DXPH HW V LO HVW OXL PrPH 6XMHW GX<br />
5R\DXPH VRQ 'RPDLQH DX WUDYHUV GXTXHO RQ<br />
SHXW WRXMRXUV O DWWHLQGUH FH TXL SRXVVH FHUWDLQV<br />
SURVFULWV j V·HQ VpSDUHU SDU 6FLVVLRQ V LOV \ UHQRQ<br />
FHQW j PRLQV FRPPH F HVW SUREDEOH TX LOV QH VH<br />
VRLHQW 6RXOHYpV H[WUD\DQW DLQVL OHXU 'RPDLQH GX<br />
5R\DXPH /D GpFKpDQFH RX O DEGLFDWLRQ GX 5RL<br />
PHW pJDOHPHQW ILQ j OD SURVFULSWLRQ HQ SULQFLSH<br />
LO V DJLW Oj HQFRUH GH FRXWXPH ,O HVW j QRWHU<br />
TX RQ SHXW WUqV ELHQ rWUH SURVFULW GDQV XQ<br />
5R\DXPH HW WUqV ELHQ DFFXHLOOL SDUWRXW DLOOHXUV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/$ +$87( -867,&(<br />
7RXW FDV SHXW rWUH SRUWp GHYDQW OD +DXWH<br />
-XVWLFH OD MXVWLFH GX +DXW 5RL 1REOHVVH REOLJH<br />
F HVW JpQpUDOHPHQW GHYDQW OH +DXW 5RL TXH OHV<br />
5RLV YRQW SRUWHU OHXUV GLIIpUHQGV (Q RXWUH WRXW<br />
)pHULTXH SHXW IDLUH DSSHO G XQH GpFLVLRQ GH MXV<br />
WLFH OH FRQFHUQDQW GHYDQW OD +DXWH -XVWLFH HW<br />
SRUWHU SODLQWH FRQWUH VRQ 5RL PrPH VL OHV VXMHWV<br />
G·XQ 5RL PDOKRQQrWH VH FKDUJHQW VRXYHQW HX[<br />
PrPHV GH OH UHPHWWUH DX SDV /D +DXWH -XVWLFH<br />
UHQG OHV PrPHV VHQWHQFHV TXH FHOOH G XQ DXWUH<br />
MXJH PDLV VHV SURVFULSWLRQV V pWHQGHQW j )pHULH<br />
WRXW HQWLqUH /HV SURVFULWV Q RQW GRQF SOXV ELHQ<br />
VRXYHQW TX j V H[LOHU VXU 7HUUH HW j \ RHXYUHU<br />
SRXU UHQWUHU HQ JUkFH RX FRPSORWHU FRQWUH OH<br />
+DXW 5RL<br />
%,(16 0$7(5,(/6 (1 )((5,(<br />
/D QRWLRQ G REMHWV LQGpSHQGDQWV GH PDWLqUH<br />
LQHUWH HVW pWUDQJqUH DX PRQGH GH )pHULH / HQYL<br />
URQQHPHQW GDQV )pHULH HVW OH SURGXLW GHV GLIIp<br />
UHQWHV FRQVFLHQFHV TXL \ KDELWHQW 'DQV FH<br />
PRQGH PRGHOp SDU VHV KDELWDQWV WRXWH FKRVH HVW<br />
FRPSRVpH GH *ODPRXU HW HVW OH SURGXLW GH OD<br />
YRORQWp G XQ rWUH IpH /HV DUEUHV G XQH IRUrW VRQW<br />
FUppV SDU OD 'U\DGH GRQW HOOH HVW OH 'RPDLQH RX<br />
GDQV OH FDV G XQ 'RPDLQH SDUWDJp SDU WRXV OHV<br />
KDELWDQWV GX ERLV &H VRQW HX[ TXL PRGqOHQW<br />
LQFRQVFLHPPHQW WRXWHV OHV FKRVHV TXL V \ WURX<br />
YHQW / HQYLURQQHPHQW HVW DORUV OH UpVXOWDW G XQH<br />
VRUWH GH FRQVHQVXV LO IDXGUDLW SOXW{W GLUH G XQ<br />
pTXLOLEUH GHV IRUFHV HQ SUpVHQFH HQWUH OHV GpVLUV<br />
GHV GLIIpUHQWHV FUpDWXUHV ORFDOHV HW pPDQH G XQH<br />
VRUWH G LQFRQVFLHQW FROOHFWLI<br />
'·XQH PDQLqUH JpQpUDOH OHV SURSULpWpV SK\<br />
VLTXHV GHV PDWpULDX[ VRQW LGHQWLTXHV j FHOOHV GH<br />
OHXU pTXLYDOHQW WHUUHVWUH OH ERLV EU€OH O·HDX<br />
PRXLOOH HW V·pYDSRUH OH PpWDO HVW ULJLGH HW IURLG<br />
HWF 6HXOH XQH SURSULpWp GH 'RPDLQH SHXW FRQIp<br />
UHU ORFDOHPHQW GHV IDFXOWpV QRQ VWDQGDUG DX[<br />
PDWpULDX[ IHX QDWXUHOOHPHQW YHUW QHLJH WLqGH<br />
TXL QH IRQG SDV« 6L O·HIIHW HVW VDQV FRQVpTXHQ<br />
FHV HQ WHUPHV GH MHX OH IDLW GH OH SUpFLVHU GDQV<br />
OHV &RUUHVSRQGDQFHV GX 'RPDLQH HVW VXIILVDQW<br />
(Q SDUWLFXOLHU OHV PDWpULDX[ UpVLVWHQW FRPPH OH<br />
IHUDLHQW GHV PDWpULDX[ WHUUHVWUHV VDXI 3RXYRLU<br />
DSSURSULp LO HVW GRQF LQXWLOH YRLUH GDQJHUHX[ GH<br />
$UWKXU 5DFNKDP<br />
IUDSSHU OHV URFKHUV j PDLQV QXHV VDXI UHVWULFWLRQ<br />
GH W\SH IUDJLOLWp GH PRUGUH O·pFRUFH GHV DUEUHV<br />
HW GH ERLUH OD ODYH HQ IXVLRQ VDXI &RUUHVSRQ<br />
GDQFH VSpFLILDQW TXH OH 'RPDLQH HVW PRX RX<br />
FRPHVWLEOH OH SHUVRQQDJH VRWWHPHQW DJUHVVLI<br />
V·LQIOLJH j OXL PrPH RXWUH WRXWH SURSULpWp GH<br />
PLOLHX KRVWLOH OHV 'RPPDJHV GH VRQ DWWDTXH<br />
4XDQW j HVVD\HU G·HQIODPPHU XQ QXDJH RX GH<br />
IUDSSHU GH VD ODPH OD VXUIDFH G·XQ ODF HQ HVSpUDQW<br />
HQGRPPDJHU OH 'RPDLQH F·HVW DX VHQV SURSUH<br />
XQ FRXS G·pSpH GDQV O·HDX j PRLQV ELHQ V€U<br />
G·XQH UHVWULFWLRQ GX W\SH YXOQpUDELOLWp<br />
2Q QRWHUD SDU UDSSRUW j OD VLWXDWLRQ GH UpIp<br />
UHQFH TXL HVW LGHQWLTXH j FHOOH GH OD 7HUUH OD WUqV<br />
JUDQGH YDULDELOLWp GHV ORLV SK\VLTXHV TXL UpJLVVHQW<br />
OHV 'RPDLQHV &RUUHVSRQGDQFHV SURSULpWpV<br />
UHVWULFWLRQV HW OHV )pHULTXHV 3RXYRLUV ,QIOXHQ<br />
FHV VRUWLOqJHV (Q SUDWLTXH WRXV OHV FDV LPDJL<br />
QDEOHV VRQW SRVVLEOHV ORUVTX·XQ LQGLYLGX HVW<br />
FRQIURQWp j XQ HQYLURQQHPHQW HW O·HQIHU GHV XQV<br />
HVW O·pGHQ GHV DXWUHV<br />
/HV REMHWV IpHULTXHV VH FRPSRUWHQW j ELHQ<br />
GHV pJDUGV FRPPH OHV REMHWV WHUUHVWUHV ,OV SHX<br />
YHQW rWUH pFKDQJpV GRQQpV YROpV 'H PrPH<br />
OHV DUEUHV IpHULTXHV SHXYHQW SRXVVHU SHUGUH<br />
OHXUV IHXLOOHV PRXULU /HV REMHWV PDQXIDFWXUpV<br />
SHXYHQW rWUH IDEULTXpV VH FDVVHU 7RXWHIRLV j OD<br />
GLIIpUHQFH GHV REMHWV WHUUHVWUHV OHV REMHWV IpHUL<br />
TXHV Q H[LVWHQW TXH SDUFH TX LOV VRQW SHQVpV SDU
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
XQ rWUH IpH ,OV Q RQW SDV G H[LVWHQFH LQGpSHQ<br />
GDQWH 8Q REMHW SHXW rWUH RXEOLp $ORUV LO GLVSD<br />
UDvW SXUHPHQW HW VLPSOHPHQW ,O VXIILW TX XQ VHXO<br />
rWUH IpH V HQ VRXYLHQQH SRXU OH VDXYHU GX QpDQW<br />
PDLV GDQV OH FDV FRQWUDLUH LO FHVVH G H[LVWHU LO QH<br />
GHYDLW SDV rWUH ELHQ LPSRUWDQW GH WRXWHV ID<br />
oRQV 1RWRQV TXH OH VRXYHQLU QH GRLW SDV rWUH<br />
IRUFpPHQW FRQVFLHQW 8Q rWUH IpH TXL V HQGRUW QH<br />
VH UpYHLOOH SDV WRXW QX SDUFH TX LO Q D SDV SHQVp j<br />
VHV YrWHPHQWV GXUDQW OD QXLW ,O Q HVW SDV QRQ<br />
SOXV QpFHVVDLUH GH SHQVHU j FKDTXH SODQWH HW j<br />
FKDTXH DQLPDO G XQH IRUrW & HVW O HVSULW TXL<br />
FRPSWH<br />
/(6 (/(0(176 '8 '(&25<br />
&H VRQW OHV REMHWV OHV SOXV FRPPXQV GDQV<br />
)pHULH ,OV Q RQW SDV GH FRQVFLHQFH SURSUH ,OV<br />
VRQW Oj SRXU IDLUH MROL SDUFH TXH F HVW © QRUPDO ª<br />
GH OHV YRLU WUDvQHU Oj &HOD QH VLJQLILH SDV TX LOV<br />
VRQW PRLQV UpHOV TXH OH UHVWH 6LPSOHPHQW SHU<br />
VRQQH Q \ IDLW SDUWLFXOLqUHPHQW DWWHQWLRQ ,OV<br />
Q RQW SDV G DXWUHV SURSULpWpV TXH OHV FDUDFWpULVWL<br />
TXHV TXH O RQ TXDOLILHUDLW GH © QDWXUHOOHV ª FKH]<br />
OHV 7HUUHVWUHV 'DQV QRWUH H[HPSOH OD YDLVVHOOH<br />
GH WRXV OHV MRXUV OD FDUSHWWH GX VDORQ OHV FKDLVHV<br />
SHXYHQW Q rWUH TXH GH VLPSOHV pOpPHQWV GX GpFRU<br />
GX WHUULHU GX /XWLQ ,O OHV DLPH ELHQ OHV GpSRXV<br />
VLqUH GH WHPSV HQ WHPSV PDLV Q \ HVW SDV VSpFLD<br />
OHPHQW DWWDFKp<br />
/D TXDOLWp HW OD TXDQWLWp GH FHV REMHWV GpSHQ<br />
GHQW GX QLYHDX G $IILQLWp 'RPDLQH GX RX GHV<br />
KDELWDQWV 8Q /XWLQ j O KXPHXU YDJDERQGH DXUD<br />
XQ LQWpULHXU DVVH] VSDUWLDWH $X FRQWUDLUH XQ<br />
/XWLQ FDVDQLHU SRXUUD DYRLU XQ WHUULHU WUqV YDVWH<br />
HW FRQIRUWDEOH V LO OH GpVLUH 0DLV VL F HVW XQ OXWLQ<br />
FDVDQLHU WUqV VDJH LO OH YRXGUD FHUWDLQHPHQW WUqV<br />
FRQIRUWDEOH /D QRWLRQ GH TXDOLWp HVW OLpH DX<br />
FDUDFWqUH GH O rWUH IpH XQ 7UROO GHV PDUDLV SHX<br />
WUqV ELHQ WURXYHU FKDUPDQW G DYRLU GH OD YDVH<br />
GDQV VD EDLJQRLUH 3OXVLHXUV rWUHV IpHV SHXYHQW<br />
PHWWUH HQ FRPPXQ OHXUV $IILQLWpV 'RPDLQH<br />
SRXU FUpHU XQ HQYLURQQHPHQW SOXV ULFKH<br />
/HV pOpPHQWV GX GpFRU VRQW LQWHUFKDQJHD<br />
EOHV ,OV SHXYHQW rWUH SULV SDU Q LPSRUWH TXL<br />
YRLUH YROpV PDLV HQ IDLW oD QH JrQH SDV JUDQG<br />
PRQGH 3XLVTX LO HVW ORJLTXH TXH OH /XWLQ DLW GHV<br />
FKDLVHV FKH] OXL LO HQ D XQH TXDQWLWp LQGpWHUPL<br />
QpH HW Q HQ VHUD MDPDLV j FRXUW LO IDXGUDLW XQ<br />
*HLV SRXU OXL LQWHUGLUH G DYRLU GHV FKDLVHV FKH]<br />
OXL &H TXL QH YHXW SDV GLUH TX·LO QH VHUD SDV<br />
IkFKp TX·RQ OXL HQ DLW YROp XQH 1·RXEOLH] SDV<br />
FKH] OHV )pHULTXHV WRXW HVW XQH TXHVWLRQ GH<br />
SULQFLSH $ O·LQYHUVH OH 'RPDLQH G·XQ )pHULTXH<br />
/HV OLHQV TXL H[LVWHQW HQWUH OHV REMHWV IpHUL<br />
TXHV HW OHV rWUHV IpHV TXL OHV RQW FUppV VRQW SOXV<br />
RX PRLQV IRUWV /HV pOpPHQWV SUpVHQWV GDQV<br />
O·HQYLURQQHPHQW © SDU SULQFLSH ª QRQ SDV SDUFH<br />
TXH TXHOTX·XQ \ SHQVH H[SUHVVpPHQW PDLV SDUFH<br />
TXH OHXU SUpVHQFH HVW QDWXUHOOH GDQV OH 'RPDLQH<br />
VRQW DSSHOpV pOpPHQWV GX GpFRU /HV pOpPHQWV<br />
TXL VRQW DX FRQWUDLUH GLUHFWHPHQW DWWDFKpV j OD<br />
SHUVRQQH G·XQ rWUH IpH HW VRQW HQ IDLW GHV H[WHQ<br />
VLRQV GH OXL PrPH VRQW VHV (PDQDWLRQV $F<br />
FHVVRLUHV &HOD SHUPHW GH IDLUH XQH FODVVLILFDWLRQ<br />
GHV REMHWV FKH] OHV )pHULTXHV 3UHQRQV SRXU<br />
H[HPSOH OHV GLIIpUHQWV REMHWV TXH O RQ SHXW WURX<br />
YHU GDQV OH WHUULHU G XQ /XWLQ VRQ 'RPDLQH<br />
SHXW rWUH WHO TXH TXHO TXH VRLW OH QRPEUH<br />
G·LQYLWpV LO PDQTXH WRXMRXUV XQH FKDLVH LO V·DJLW<br />
HQ WHUPHV GH MHX G·XQH UHVWULFWLRQ GH W\SH KRUUL<br />
SLODQW<br />
$UWKXU 5DFNKDP<br />
/H YROHXU TXDQW j OXL DXUD GHV FKDLVHV WRXW<br />
FH TX LO \ D GH SOXV VROLGHV 6L F·HVW XQ /XWLQ FRO<br />
OHFWLRQQHXU GH FKDLVHV SRXUTXRL SDV " LO SRXUUD<br />
OHV JDUGHU FKH] OXL DXWDQW TX·LO YHXW 7RXWHIRLV<br />
V LO Q D DXFXQH $IILQLWp DYHF FHV REMHWV V LOV Q RQW<br />
ULHQ j YRLU DYHF VHV 7UDLWV DYHF OH FRQFHSW GH<br />
VRQ 'RPDLQH HW GH VHV &RPSDJQRQV HOOHV GLVSD<br />
UDvWURQW SXUHPHQW HW VLPSOHPHQW GH WRXWHV ID<br />
oRQV RQ VH GHPDQGH ELHQ TXL LUDLW YROHU GHV<br />
REMHWV TXL QH O LQWpUHVVHQW SDV &HOD DUULYH GqV<br />
TXH GHV pOpPHQWV GX GpFRU VRQW KRUV FRQWH[WH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
8Q REMHW GHYLHQW KRUV FRQWH[WH GqV TX·LO Q·D SOXV<br />
GH OLHQ GLUHFW DYHF VRQ HQYLURQQHPHQW OH 'R<br />
PDLQH GDQV OHTXHO LO VH WURXYH HW OHV FUpDWXUHV TXL<br />
O HQWRXUHQW Q RQW ULHQ j YRLU DYHF OXL ,O GLVSDUDvW<br />
DORUV SXUHPHQW HW VLPSOHPHQW /H FRQWH[WH Q·HVW<br />
SDV VHXOHPHQW XQ OLHX HW RQ D YX OH SHX GH FDV<br />
TXH OHV rWUHV IpHV IRQW GHV OLHX[ F HVW XQH TXHV<br />
WLRQ GH FRKpUHQFH GH FRQFHSW<br />
¢ £ ¤¥ §£ © £ £¨ ¥ § £ ¡ £ § <br />
¡<br />
§ £ ¡ §§ £ ¢ § ¢ £ © ¢ £ <br />
¥<br />
§ ¢ ££ £ £ ¢£ § £ ¡ § £ § ¢ § £<br />
<br />
£ £ £ § ¢ ¤¥ § £¡ £ £§ £ ¢¨ <br />
§<br />
§ ¢ £ © ¢ ££ § § ¢ § £ ¤ ¡ £ £ £ ¢<br />
<br />
§ ¥ § £ ¡ §¤ ¥ ¡ ¡ ¢ § ¢£ ¢<br />
<br />
§¢¡ ¥ ¡ £ § £ £ ¥ ¡ ¥ § £<br />
¥<br />
£ £ £ ¡ § £ £ ¥ ¡ £ § ¡ ¢<br />
¡<br />
£ ¢ ¡ § <br />
/(6 (0$1$7,216 $&&(662,5(6<br />
&HUWDLQV REMHWV VRQW WHOOHPHQW SDUWLFXOLHUV HW<br />
RQW XQ VHQV WHOOHPHQW IRUW SRXU OHXU SRVVHVVHXU<br />
TX LOV GHYLHQQHQW GHV $IILQLWpV GH FHWWH SHUVRQQH<br />
&H VRQW OHV (PDQDWLRQV $FFHVVRLUHV 8QH (PD<br />
QDWLRQ HVW XQ REMHW XQLTXH HW VRXYHQW WUqV VSp<br />
FLDO DYHF XQH KLVWRLUH TXL OXL HVW SURSUH HW GHV<br />
FDUDFWpULVWLTXHV KRUV QRUPHV (OOH D XQH IRUPH<br />
GH FRQVFLHQFH HW XQ FDUDFWqUH SDV QpFHVVDLUH<br />
PHQW FDOTXp VXU FHOXL GH VRQ SRVVHVVHXU (OOH QH<br />
SHXW rWUH DVVRFLpH TX j XQ VHXO )pHULTXH TXL D<br />
XQH $IILQLWp GpGLpH j FHWWH (PDQDWLRQ 1RWUH<br />
/XWLQ D SUREDEOHPHQW XQH $IILQLWp DYHF VD SLSH<br />
G pFXPH DYHF ODTXHOOH LO JDJQH WRXV OHV FRQFRXUV<br />
GH URQGV GH IXPpH (OOH UHSUpVHQWH XQH VDOD<br />
PDQGUH GRQW OD JXHXOH RXYHUWH FRQVWLWXH OH IRXU<br />
QHDX GH OD SLSH /H JR€W TX HOOH GRQQH DX WDEDF<br />
HVW LQLPLWDEOH 2Q VH UDSSHOOH DXVVL GH :RUPLOLXV<br />
OH 'UDJRQ TXL pWDLW VL DYDUH TX LO DYDLW GpYHORSSp<br />
XQH $IILQLWp DYHF FKDFXQH GHV LQQRPEUDEOHV<br />
SLqFHV G RU GH VRQ WUpVRU SHUVRQQHO<br />
8QH (PDQDWLRQ SHUPHW GH EpQpILFLHU GH<br />
WRXV OHV ERQXV GH VRQ $IILQLWp HW pYHQWXHOOHPHQW<br />
G DXWUHV $IILQLWpV TXL WURXYHQW j V DSSOLTXHU<br />
GDQV OD OLPLWH GHV FXPXOV GH ERQXV ,O QH SHXW \<br />
DYRLU TX XQ VHXO SRVVHVVHXU /H OLHQ HVW VL SXLV<br />
VDQW TXH ORUVTXH O REMHW HVW VpSDUp GH VRQ GpWHQ<br />
WHXU FH GHUQLHU VDLW WRXMRXUV GDQV TXHOOH GLUHF<br />
WLRQ LO VH WURXYH HW DSSUR[LPDWLYHPHQW j TXHOOH<br />
GLVWDQFH HW GDQV TXHO &RQWH[WH PrPH SDU GHOj<br />
OHV PRQGHV /D VHXOH PDQLqUH GH EULVHU OH OLHQ HVW<br />
/D SOXSDUW GHV REMHWV TXL VH WURXYHQW GDQV<br />
XQ 'RPDLQH VRQW KRUV FRQWH[WH GqV TX·LOV VRU<br />
WHQW GX 'RPDLQH 6HXO OH PDWpULHO © GH YR\DJH ª<br />
VDF j GRV EkWRQ GH PDUFKH SHXW HQ VRUWLU<br />
VDQV HQFRPEUH ,QYHUVHPHQW VL VRQ YRLVLQ OH<br />
*QRPH RIIUH FRUGLDOHPHQW DX /XWLQ FL GHVVXV XQ<br />
© UDYLVVDQW ª ELEHORW pOpPHQW GH GpFRU SULV VXU<br />
FHX[ GH VRQ 'RPDLQH GRQF VDQV FRQVpTXHQFH<br />
WHFKQLTXH LO \ D WRXWHV OHV FKDQFHV TX LO V HIIDFH<br />
GqV TXH OH *QRPH DXUD OH GRV WRXUQp SXLVTX LO<br />
Q D DXFXQH YDOHXU VHQWLPHQWDOH QL $IILQLWDLUH<br />
SRXU OH /XWLQ (Q UHYDQFKH RQ OH UHWURXYHUD<br />
VDQV GRXWH WRXW SRXVVLpUHX[ HW RXEOLp VXU XQH<br />
pWDJqUH FKDTXH IRLV TXH OH *QRPH YLHQGUD<br />
SUHQGUH OH WKp FDU OXL QH O D SDV RXEOLp<br />
GH YDLQFUH OH SRUWHXU VXIILVDPPHQW SRXU OH 'p<br />
SRXLOOHU GH WRXWH VRQ $IILQLWp HQ XQH VHXOH IRLV<br />
'DQV FH FDV OH YDLQTXHXU GHYLHQW OH QRXYHDX<br />
GpWHQWHXU GH IDLW<br />
$UWKXU 5DFNKDP
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/(6 2%-(76 '8 <strong>021'</strong>( 7(55(675(<br />
/HV REMHWV GX PRQGH WHUUHVWUH QH SHXYHQW<br />
QRUPDOHPHQW SDV rWUH LPSRUWpV GDQV OH PRQGH<br />
GH )pHULH ,O HVW WRXWHIRLV SRVVLEOH GH OHV IDLUH<br />
SDVVHU SDU XQ 3RLQW GH &RQWDFW 'H PrPH XQ<br />
KXPDLQ YHQDQW HQ )pHULH SHXW HPSRUWHU FHUWDL<br />
QHV SRVVHVVLRQV DYHF OXL (Q )pHULH FHV REMHWV QH<br />
V XVHQW SDV ,OV SHXYHQW WRXWHIRLV FDVVHU VL RQ OHV<br />
PDQLSXOH WURS YLROHPPHQW<br />
/(6 ())(76 3(56211(/6<br />
/HV )pHULTXHV QH VRQW SDV QXV GH IDoRQ LQ<br />
WULQVqTXH FRPPH OHV KXPDLQV SHXYHQW O·rWUH ,OV<br />
H[LVWHQW DYHF WRXV OHXUV YrWHPHQWV OHXU pTXLSH<br />
PHQW TXL QH VRQW TXH GHV pOpPHQWV GH OHXU 0D<br />
QLIHVWDWLRQ &HV HIIHWV SHUVRQQHOV VRQW MXVWH Oj<br />
SRXU OH GpFRUXP SDUFH TX·LOV RQW QDWXUHOOHPHQW<br />
XQH SODFH DXSUqV GX )pHULTXH ,OV Q·RQW DXFXQH<br />
FDSDFLWp SDUWLFXOLqUH VDXI V LOV VRQW OHV 6LJQHV<br />
G XQ $WWULEXW TXHOFRQTXH GX )pHULTXH /HV HIIHWV<br />
SHUVRQQHOV VRQW DX[ )pHULTXHV HW j OHXUV &RPSD<br />
JQRQV FH TXH OHV pOpPHQWV GX GpFRU VRQW DX[<br />
'RPDLQHV<br />
¢ £ ¤¥ §£ © £ £¨ £ £ ¥ © £<br />
¡<br />
¡ £ ¨£ ¢ § ¢ ¥ £¨£ § ¥ £ ¥<br />
<br />
¡ § ¢ £ ¥ ¥ § ¡ £ £ ¢ ¡ £ § <br />
¢<br />
¡ § § ¦£¢ £ § ¢ ¥¤ ¥ £¦ ¥ ¢ ¡<br />
<br />
§ ¢ £¨£ ¥ ¢ ¢ £¥ §£ £ ¢¦£ § § £ <br />
<br />
¥ £ £ § ¢ ¢ ¡ £¨ ¡ £ £<br />
<br />
¡ £ ¦ £ £ § ¢¥ § £ ¡ ¢ § £<br />
<br />
¢ § ¢ £ £ ¤¢ § ¡ ¦ ¥ £ £¦ ¡ £ £ <br />
¡<br />
¡ £ ¦£ ¢¥ § £§¦ ¡ § ¡ ¢ § §¥<br />
¢<br />
¡ ££¢ ¥ § ¥ ¡ ¨ £ ¡ ¥ £ £¨ <br />
§<br />
£ £ § ¢¨ § £¨ ¡ ¢ £ £¨£ ¢£¢ ¥ §¨£ <br />
<br />
£ ¢ £ § § £ ©¨¦ ¡ § £¢ <br />
£ § ¢§<br />
/(6 (&+$1*(6<br />
/(6 6(59,&(6<br />
%LHQ TXH OHV )pHULTXHV QH SRVVqGHQW HQ Jp<br />
QpUDO SDV GH PRQQDLH QL PrPH GH ELHQV SHUVRQ<br />
QHOV DX VHQV KXPDLQ LO H[LVWH WRXW GH PrPH XQ<br />
V\VWqPH GH FRPPHUFH HQ )pHULH 6LPSOHPHQW<br />
SRXU OHV WUDQVDFWLRQV GH IDLEOH YDOHXU OHV )pHUL<br />
TXHV V·pFKDQJHQW GHV 6HUYLFHV DX OLHX GH PDU<br />
FKDQGLVHV 8Q 6HUYLFH HVW XQH QRWLRQ WUqV YDJXH<br />
VRXYHQW GpILQLH ORUV G·XQH WUDQVDFWLRQ SDU OH<br />
PHLOOHXU EDUDWLQHXU ,O FRQVLVWH HQ XQH DFWLYLWp HQ<br />
JpQpUDO LQVLJQLILDQWH HIIHFWXpH SDU FHOXL TXL OH<br />
UHQG HW DX EpQpILFH GH FHOXL TXL OH GHPDQGH<br />
/HV REMHWV WHUUHVWUHV RQW OD IDQWDVWLTXH FDUDF<br />
WpULVWLTXH G H[LVWHU SDU HX[ PrPHV ,OV QH VRQW<br />
MDPDLV KRUV FRQWH[WH HW Q LPSRUWH TXL SHXW OHV<br />
XWLOLVHU (Q FRQWUHSDUWLH LOV QH SHXYHQW GHYHQLU<br />
GHV (PDQDWLRQV PrPH VL GHV ERQXV G $IILQLWp<br />
SHXYHQW V \ DSSOLTXHU XQ )pHULTXH TXL D O $IILQL<br />
Wp HVFULPH SHXW PDQLHU XQH pSpH WHUUHVWUH HQ<br />
MRXLVVDQW GH VRQ ERQXV ,OV VRQW GRQF DVVH] SHX<br />
XWLOLVpV SDU OHV rWUHV IpHV PrPH VL OHV FROOHFWLRQ<br />
QHXUV OHXU WURXYHQW XQ H[RWLVPH FHUWDLQ<br />
£ £ ¡ § £ ¦ ¡ § £ ¨¨ £ ¥ ¡<br />
<br />
§ ¥ ¨¡ §£ ¢ ¥ §<br />
¥<br />
§ § £ ¢¥ § £ ¥ ¡ £¦ ¥ £¤ £ ¡ £<br />
<br />
¡ § £ ¥ ¤ ¡ ¦¦¥ § £¦ § £¡ ¢ § £<br />
<br />
¥ ¦ £ £ ¡ §¤ £ ¥ ¢ ¢ £¥ § £§¦ ¡<br />
<br />
¡ ¢ ¦ £ ¡ ££ ¢ ¥ ¡ £ ¤ £ ¡<br />
§<br />
§ £ £¢ ¥ § ¥ ¡ ¡ ¥ ¡ § ¢ ¡ § ¥<br />
<br />
£ ¡ ¡ § § £§ ¡ ¤ £ § § £ ¢ ¤<br />
<br />
§ £ § ££ ¢¥ §£ £ ¢¦£ § § £ <br />
£<br />
¥ £ £ § ¢ ¢ ¡ <br />
/HV HIIHWV SHUVRQQHOV G·XQ )pHULTXH VRQW HQ<br />
FRQWH[WH WDQW TX·LOV VRQW DYHF FH )pHULTXH 'qV<br />
TX·LO V·HQ VpSDUH LOV SHXYHQW GHYHQLU KRUV<br />
FRQWH[WH HW GLVSDUDvWUH<br />
$WWHQWLRQ FH Q·HVW SDV SDUFH TXH OHV SRVVHV<br />
VLRQV G·XQ )pHULTXH QH VRQW SDV REMHFWLYHV TX·LO<br />
SHXW IDLUH DSSDUDvWUH Q·LPSRUWH TXRL GH VD SRFKH<br />
/HV )pHULTXHV RQW HQ JpQpUDO WUqV SHX<br />
G·pTXLSHPHQW LOV RQW GHV HIIHWV SHUVRQQHOV GHV<br />
(PDQDWLRQV RX GHV REMHWV TX·LOV RQW VXVFLWpV SDU<br />
,QIOXHQFH SRXU XQH DSSOLFDWLRQ GRQQpH &HV<br />
W\SHV G·REMHWV VRQW G€PHQW QRWpV SDU OH MRXHXU<br />
6L FHV REMHWV VRQW KRUV GH SURSRV OH PHQHXU GH<br />
MHX SHXW LQGLTXHU j XQ MRXHXU TX·LO Q·HVW SDV GDQV<br />
OH WRQ HW UHIXVHU VD SURSRVLWLRQ<br />
&HWWH DFWLYLWp SHXW rWUH GH QDWXUH GLYHUVH PDLV FH<br />
GRLW rWUH XQH REOLJDWLRQ SRQFWXHOOH SUrWH PRL<br />
WRQ FKDSHDX MXVTX j OD ILQ GH OD IrWH IDLV PRL<br />
WUDYHUVHU OD ULYLqUH HW QRQ SDV GpILQLWLYH<br />
GRQQH PRL GpILQLWLYHPHQW WRQ FKDSHDX IDLV<br />
PRL WUDYHUVHU OD ULYLqUH FKDTXH IRLV TXH MH WH OH<br />
GHPDQGHUDL FDU FHOD UHOqYHUDLW G XQ *HLV<br />
(Q RXWUH HOOH QH SHXW HQWUDvQHU GLUHFWHPHQW<br />
GH GpSHQVH G (VVHQFH GH OD SDUW GH FHOXL TXL OH<br />
UHQG &HOD GLW XQ 6HUYLFH SHXW SDUIRLV HQWUDvQHU<br />
GH IDoRQ LQGLUHFWH GDQJHUV ULVTXHV RX OD QpFHVVL
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
Wp GH UHFRXULU j GHV HIIHWV PDJLTXHV SRXU FHOXL<br />
TXL OH UHQG PDLV LOV QH SHXYHQW GpFRXOHU QDWXUHO<br />
OHPHQW GH OD IRUPXODWLRQ GX 6HUYLFH PrPH VL<br />
FHOXL TXL OH IRUPXOH VDLW WUqV ELHQ TXH OXL UHQGUH<br />
OH 6HUYLFH TX LO GHPDQGH HVW EHDXFRXS SOXV FRP<br />
SOLTXp TX LO Q \ SDUDvW /HV )pHULTXHV VDYHQW<br />
GRQF IDLUH SUHXYH G XQH PDXYDLVH IRL FRQVRP<br />
PpH GDQV O DUW GH IRUPXOHU FRPPH GHV 6HUYLFHV<br />
SDUIDLWHPHQW DQRGLQV GRQF MXULGLTXHPHQW YDOL<br />
GHV GHV FKRVHV TXL VH UpYqOHQW FRQVWLWXHU GHV<br />
TXrWHV GH SURSRUWLRQ KpURwTXH<br />
¢ £ ¤¥ §¨£ © £ £¨ §£ ¥ ¢ £ § £ <br />
¡<br />
¡ ¢ £ £ £ ¡ ££¢ £ ¥ £ ¡ ¡ £ <br />
¢<br />
£ ¥ £ ¡ £ ¡ ¡ § ¡ £ <br />
<br />
¡ £ £ § ¥ £ ¢ ¡ §£ ¢ £ ¡ § ££¢ ¥ §<br />
<br />
£ ¡ ¥ £ ¡ ¢ ££ ¢ £ £ £ <br />
¡<br />
£ ¤¡ £ ¥ ¢ ¡ § ¡ ¢ ¤¨ ¡ £<br />
<br />
¢ £ ¢ £ £ ¥ £ § £ ¥ ¥<br />
§<br />
£ ¡ £¨¦ ¢ ¥ ¢ ¤¨¢ ¥ ¢ £ ¥ ¢ ¡ £<br />
<br />
§ £¦ ¢ £ ¢ ¥ £ ¥ £ £ <br />
<br />
1H SDV UHQGUH XQ 6HUYLFH DXTXHO RQ V HVW HQ<br />
JDJp UHYLHQW j URPSUH XQ *HLV G LQWHQVLWp ]pUR DX<br />
SURILW GX EpQpILFLDLUH GX 6HUYLFH HQ DSSOLTXDQW<br />
OHV UqJOHV VXU OHV FRQGLWLRQV GH UXSWXUH GHV *HVD<br />
FH TXL UHYLHQW j GLUH TX LO Q \ D HIIHFWLYHPHQW<br />
'pSRXLOOHPHQW TXH VL OH UHIXV GH UHQGUH 6HUYLFH<br />
HVW F\QLTXH HW GpOLEpUp /HV )pHULTXHV VRQW GRQF<br />
pJDOHPHQW WUqV KDELOHV SRXU V DFTXLWWHU GH OHXUV<br />
HQJDJHPHQWV VDQV VH PRXLOOHU RXWUH PHVXUH (Q<br />
RXWUH SXLVTXH OH )pHULTXH LQGpOLFDW Q D SDV pWp<br />
YDLQFX OH 'pSRXLOOHPHQW HQ FDV GH UXSWXUH GH<br />
VHV HQJDJHPHQWV HVW VRXPLV j GpSHUGLWLRQV<br />
/(6 3$&7(6<br />
/RUV G·XQH WUDQVDFWLRQ GH SOXV JUDQGH DP<br />
SOHXU OHV GHX[ SDUWLHV V·H[SOLTXHQW O·XQH j O·DXWUH<br />
HQ TXRL FRQVLVWHQW OHV HQJDJHPHQWV UpFLSURTXHV<br />
j UHVSHFWHU /D YDOHXU G·XQ HQJDJHPHQW GpSHQG<br />
GH VD GLIILFXOWp GHV ULVTXHV SULV SRXU OH UHPSOLU<br />
HW GX FR€W SHUVRQQHO TX·LO LPSOLTXH /j HQFRUH LO<br />
QH SHXW V DJLU TXH G DFWLYLWpV pYHQWXHOOHPHQW<br />
FRPSOH[HV PDLV VDQV LQFLGHQFH GpILQLWLYH VXU OH<br />
FRPPH XQH 6FLVVLRQ /H )pHULTXH IORXp QH UpFX<br />
SqUH GRQF HQ JpQpUDO SDV JUDQG FKRVH<br />
8Q 6HUYLFH HVW XQH XQLWp LQGLYLVLEOH HW VDQV<br />
PXOWLSOH RQ QH UHQG SDV XQ © SHWLW ª RX XQ<br />
© JUDQG ª 6HUYLFH PDLV XQ 6HUYLFH WRXW VLPSOH<br />
PHQW GRQW OD YDOHXU HVW GpFLGpH SDU OD FRQYHQ<br />
WLRQ GHV SDUWLHV / DFKDW G XQH JUDQGH TXDQWLWp GH<br />
FKRVHV DQRGLQHV VH UpJOHUD HQ SOXVLHXUV 6HUYLFHV<br />
/HV WUDQVDFWLRQV SOXV LPSRUWDQWHV F HVW j GLUH<br />
VXVFHSWLEOHV G H[LJHU GHV HIIRUWV VLJQLILFDWLIV GH<br />
SDUW HW G DXWUH VRQW UpJLHV SDU OHV 3DFWHV<br />
$UWKXU 5DFNKDP<br />
FRPSRUWHPHQW GHV SDUWLHV HQ SUpVHQFH FH Q HVW<br />
SDV XQ *HLV $WWHQWLRQ FH VRQW GHV YDOHXUV WRWD<br />
OHPHQW VXEMHFWLYHV GpILQLHV D SULRUL VDQV FRQQDv<br />
WUH H[DFWHPHQW OHV FRQVpTXHQFHV GHV HQJDJH<br />
PHQWV FRQVpTXHQFHV TXL SHXYHQW rWUH pYHQWXHO<br />
OHPHQW FDFKpHV SDU O·XQH GHV SDUWLHV /D YDOHXU<br />
GHV HQJDJHPHQWV SULV SDU OHV SDUWLHV HQ SUpVHQFH<br />
GRQQH O LQWHQVLWp GX 3DFWH<br />
7\SH GH 3DFWH ,QWHQVLWp<br />
VLPSOH 6HUYLFH<br />
FRQWUDW DYHF TXHOTXHV HQMHX[ SHUVRQQHOV<br />
3DFWH LPSRUWDQW DYHF IRUWHV PLVHV GH SDUW HW G·DXWUH<br />
(QMHX[ FDSLWDX[ HW ULVTXHV LPSRUWDQWV<br />
JUDQGHV TXrWHV OpJHQGDLUHV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
([HPSOHV GH 3DFWHV<br />
• 7X GHYUDV QHWWR\HU PHV DIIDLUHV<br />
• 7X PH VXLYUDV MXVTX·j >WHO OLHX@<br />
• 3UpVHQWH PRL WHV H[FXVHV 6HUYLFH<br />
• 7X GHYUDV H[pFXWHU WURLV GH PHV Y±X[<br />
• 7X GHYUDV PH VHUYLU MXVTX·j FH TXH MH WH<br />
FRQJpGLH<br />
6L XQ )pHULTXH QH UHPSOLW SDV VD SDUW GH<br />
PDUFKp O·DXWUH )pHULTXH D OH FKRL[ VRLW GH QH SDV<br />
UHPSOLU OD VLHQQH HW G·DQQXOHU OH FRQWUDW VRLW GH<br />
GHPDQGHU UpSDUDWLRQ /D SDUWLH GpIDLOODQWH VXELW<br />
DX SURILW GH O DXWUH XQ 'pSRXLOOHPHQW G LQWHQVLWp<br />
pJDOH j FHOOH GX 3DFWH H[DFWHPHQW FRPPH OD<br />
UXSWXUH G XQ *HLV $ OD PDQLqUH GHV *HVD FH<br />
QRPEUH HVW FRUULJp SDU OD IDoRQ GRQW OH FRQWUDW<br />
HVW URPSX 7RXWHIRLV j OD GLIIpUHQFH GHV *HVD OH<br />
)pHULTXH TXL SHUG VRQ *ODPRXU Q·D SDV pWp YDLQ<br />
FX SDU O·DXWUH $XVVL GRLW RQ DSSOLTXHU OHV GpSHU<br />
GLWLRQV j FH WUDQVIHUW FRPPH ORUV G XQH 6FLVVLRQ<br />
5HPDUTXRQV TX·LO HVW SRVVLEOH TXH OHV UpSDUD<br />
WLRQV VRLHQW IDLWHV GDQV OHV GHX[ VHQV VL OHV GHX[<br />
SDUWLHV pFKRXHQW HW UHIXVHQW G·DQQXOHU OH FRQWUDW<br />
FH TXL HVW VRLW GLW HQ SDVVDQW DVVH] ULGLFXOH<br />
6RXOLJQRQV TX RQ UDLVRQQH HQ WHUPHV GH SDU<br />
WLHV HQ SUpVHQFH HW QRQ HQ WHUPHV G LQGLYLGXV 6L<br />
6&,(1&( (7 7(&+12/2*,(<br />
&HUWDLQV )pHULTXHV pSURXYHQW O HQYLH GH Gp<br />
FRXYULU OHV ORLV GH OHXU HQYLURQQHPHQW /HXUV<br />
VXMHWV G pWXGH VRQW YDULpV HW JpQpUDOHPHQW SDV<br />
JXLGpV SDU XQ EHVRLQ G DSSOLFDWLRQ ,O IDXW GLUH<br />
TXH OH IDLW TXH OHV ORLV SK\VLTXHV FKDQJHQW G·XQ<br />
'RPDLQH j O·DXWUH HW j WRXW PRPHQW DX JUp GHV<br />
,QIOXHQFHV QH IDFLOLWH SDV OH GpYHORSSHPHQW GHV<br />
VFLHQFHV GXUHV PrPH VL j IRUFH GH YLYUH HQ<br />
)pHULH OLWWpUDOHPHQW GHSXLV XQH pWHUQLWp OHV<br />
)pHULTXHV RQW WRXWHIRLV ILQL SDU DFTXpULU XQH<br />
KDELWXGH GHV JUDQGV SULQFLSHV TXL UpJLVVHQW FH<br />
PRQGH VDXI FDV SDUWLFXOLHUV FRPPH XQ (QFKDQ<br />
WHPHQW TXL YLHQW G·DFTXpULU VRQ LQGpSHQGDQFH<br />
XQ 7HUUHVWUH PRUW TXL YLHQW GH UHQDvWUH VRXV<br />
IRUPH GH )pHULTXH RX XQ )pHULTXH TXL YLHQW GH<br />
QDvWUH j OD VXLWH G·XQH 6FLVVLRQ (Q UHYDQFKH OHV<br />
DVSHFWV FRPSRUWHPHQWDX[ VRFLDX[ OLQJXLVWL<br />
TXHV OHV LQWpUHVVHQW GDYDQWDJH G·R OD SURSHQ<br />
VLRQ GH FHUWDLQV j IDLUH SDVVHU GHV pSUHXYHV j WRXW<br />
ERXW GH FKDPS &HUWDLQV pJDOHPHQW GpYHORS<br />
SHQW XQH IDVFLQDWLRQ SRXU OD 7HUUH GRQW O·pWUDQJH<br />
VWDELOLWp IDLW XQ PHLOOHXU WHUUDLQ G·pWXGH TXH )pH<br />
SOXVLHXUV FRQWUDFWDQWV URPSHQW OHXUV HQJDJH<br />
PHQWV LOV VRQW 'pSRXLOOpV FROOHFWLYHPHQW HW QRQ<br />
LQGLYLGXHOOHPHQW j KDXWHXU GH O LQWHQVLWp GX 3DFWH<br />
GRQF SOXV LOV VRQW QRPEUHX[ PRLQV FKDFXQ<br />
VXSSRUWH XQ 'pSRXLOOHPHQW LPSRUWDQW DX SURILW<br />
GH O HQVHPEOH GHV DXWUHV GRQF SOXV OHV DXWUHV<br />
VRQW QRPEUHX[ PRLQV LOV UpFXSqUHQW GH *OD<br />
PRXU GH OD SDUW GHV GpIDLOODQWV VDQV SDUOHU GHV<br />
GpSHUGLWLRQV 6L O XQH GHV SDUWLHV HQ SUpVHQFH HVW<br />
FRQVWLWXpH GH SOXVLHXUV LQGLYLGXV OHXU UHVSRQVD<br />
ELOLWp HVW VROLGDLUH LO VXIILW TXH O XQ G HQWUH HX[<br />
WUDKLVVH VHV HQJDJHPHQWV SRXU TXH WRXV VHV SDLUV<br />
VRLHQW 'pSRXLOOpV $ O LQYHUVH VL FH JURXSH HVW<br />
WUDKL SDU OHV DXWUHV SDUWLHV HQ SUpVHQFH VHV<br />
PHPEUHV EpQpILFLHQW WRXV GX 'pSRXLOOHPHQW<br />
¢ £ ¤¥ § £ © £ £¨¡ ¡ <br />
¡<br />
£ £ § ¢ £ ¥ § ¡ £ ¢¥ § ¢ £<br />
<br />
¡ § ¢ ¡£¢ ¥ § £ ¤£§ £ £ £ ¢ £<br />
¢<br />
¦ £ £ § £ £ § ¢ ¡ £ ¥ ¢ ¢ £¦¥ §<br />
<br />
£ ¡ ¥ ¡¢ ¡ ¢£¢ ¥ ¢ £ £ ¤¦¡ <br />
<br />
¢ ¥ ¡ ¥ ¡ ¢ £¦ ¢ ¡ £<br />
£<br />
£ £ ¤ £ £ ¡ ¢ ¡ § <br />
<br />
¡ £ ¡ £ ¢¢ ¡ ¢£¢ ¥ § £ ¡ <br />
<br />
¤¡ ¥ ¡ ¢¥ § ¥ ¡ £ £ § ¢£¢ ¡ §<br />
<br />
£ § ¡ ¢ ¢ £ ¢¦ ¥ § £ ¡ ¥ £<br />
¢<br />
¡ § ¢ £ ¥ ¢ ¥ ¦ § © ¢ £ £ ¡<br />
£<br />
¡ § ¤ £¢ ¥ ¢ ¡ ¡ ¨ ¡ £<br />
¢<br />
¡£¢ ¥ § £ ¡ ¢ ¡ ¢¨ £ ¡ <br />
<br />
£ ¢ ¤ £ £ ¥ © ¥ ¡ £ § ¢¥ § ¥ ¡ £ £ § ¢<br />
<br />
¡ § ¢ £ § ¡ ¢ ©§ ¢ ¦ £¦£ ¢ £ ¡ £ ¢ ¥<br />
£¢<br />
£¤ ¡ § ¢ £ ¥ ¢ ¥ ¦ § © ¢ £<br />
<br />
ULH 7HO RX WHO YD DLQVL FKHUFKHU j GpFRXYULU SRXU<br />
TXHOOHV UDLVRQV DSSDUDLVVHQW OHV 3RLQWV GH<br />
&RQWDFW j UpSHUWRULHU OHV PRGHV GH VDOXWDWLRQV<br />
HQ )pHULH RX j GpWHUPLQHU FRPPHQW XQ rWUH<br />
KXPDLQ SHXW PRXULU GH SHXU /HXUV REMHWV<br />
G·pWXGH LPPRUWDOLWp DLGDQW SHXYHQW rWUH H[WUr<br />
PHPHQW DPELWLHX[ FRPSDUHU OH JR€W GH WRXWHV<br />
OHV VRXUFHV GH )pHULH RX OHV QXDQFHV GH WRXV OHV<br />
DUFV HQ FLHO 4XHOTXHV UDUHV HVSULWV SUDJPDWL<br />
TXHV V·HIIRUFHQW GH SURGXLUH GHV UpVXOWDWV VXV<br />
FHSWLEOHV G·XWLOLVDWLRQ SUDWLTXH FRPPH O·DQDO\VH<br />
GHV IDFWHXUV GH IOXFWXDWLRQ GX QLYHDX<br />
G·,PDJLQDLUH G·XQ &RQWH[WH<br />
/HXUV PpWKRGRORJLHV VRQW DXVVL RULJLQDOHV HW<br />
YDULpHV TXH SHXYHQW O rWUH OHV rWUHV IpHV PrPH VL<br />
HOOHV QH VRQW SDV QpFHVVDLUHPHQW OHV SOXV HIILFD<br />
FHV ,O IDXW GLUH TX·rWUH RULJLQDLUH G·XQ PRQGH<br />
GDQV OHTXHO O·pWDW G·HVSULW GH O·REVHUYDWHXU PRGL<br />
ILH OD UpDOLWp TX·LO REVHUYH QH IDYRULVH SDV<br />
O·REMHFWLYLWp OD UHSURGXFWLELOLWp GHV REVHUYDWLRQV<br />
HW OD PRGpOLVDWLRQ SUpGLFWLYH F·HVW SRXUTXRL OHXUV<br />
REMHWV G·pWXGH VRQW VRXYHQW GH O·RUGUH GX FDWDOR
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
JXH GHVFULSWLI HW GH O·DQDO\VH FRPSDUpH SOXW{W<br />
TXH GH OD FDXVDOLWp FRXWXPHV P\WKRORJLHV<br />
FRUUpODWLRQ HQWUH OHV &RUUHVSRQGDQFHV GH 'R<br />
PDLQHV HW OHV $IILQLWpV GH OHXUV SURSULpWDLUHV<br />
'H SOXV pWDQW GRQQp OH FDUDFWqUH pJRFHQWULTXH HW<br />
REVHVVLRQQHO GHV )pHULTXHV LO HVW UDUH TX·XQ<br />
VHPEODQW GH WKpRULH FRPPXQH DSSDUDLVVH ORUV<br />
G·XQH UHQFRQWUH HQWUH GHX[ VDYDQWV<br />
G·LQVSLUDWLRQV GLIIpUHQWHV ,QXWLOH G·HQ SDUOHU V·LOV<br />
VRQW SOXV GH GHX[ /D GpPDUFKH VFLHQWLILTXH HVW<br />
GRQF DYDQW WRXW LQGLYLGXHOOH RX j OD ULJXHXU SDU<br />
WDJpH SDU XQH FRPPXQDXWp UHVWUHLQWH G·LQGLYLGXV<br />
DX[ $IILQLWpV VLPLODLUHV PDLV HOOH QH UHSRVH JXqUH<br />
VXU OD PXWXDOLVDWLRQ GHV PR\HQV HW GHV UpVXOWDWV<br />
/HV ULYDOLWpV GRFWULQDOHV HQWUH FKHUFKHXUV VRQW<br />
GRQF PDUTXpHV HW FRQWULEXHQW j GpFRXUDJHU XQ<br />
DXWKHQWLTXH HVSULW VFLHQWLILTXH<br />
/H WHUPH GH © QLYHDX WHFKQRORJLTXH ª Q HVW<br />
SDV DSSOLFDEOH HQ )pHULH ([FHSWp OHV UDUHV LP<br />
SRUWDWLRQV GX PRQGH WHUUHVWUH OHV REMHWV Q RQW<br />
SDV GH SHUPDQHQFH (Q RXWUH OHV )pHULTXHV<br />
Q·RQW SDV OHV EHVRLQV TXL SRXVVHQW OHV KXPDLQV j<br />
GpYHORSSHU OHXU WHFKQLTXH $ TXRL ERQ IDEULTXHU<br />
XQ DYLRQ VL RQ VDLW YROHU RX VL OH FLHO Q H[LVWH<br />
SDV " 3DU DLOOHXUV OHV ORLV SK\VLTXHV GH<br />
O·HQYLURQQHPHQW VRQW SDU WURS IOXFWXDQWHV HW<br />
GpSHQGDQWHV GX SURSULpWDLUH GX 'RPDLQH SRXU<br />
DXWRULVHU OH GpYHORSSHPHQW G XQH DXWKHQWLTXH<br />
WHFKQRORJLH 7RXWHIRLV WRXW )pHULTXH WURXYH VRQ<br />
RULJLQH GDQV O LPDJLQDLUH WHUUHVWUH HW FHUWDLQV<br />
)pHULTXHV TXL OH VRXKDLWHQW YRQW GRQQHU DX[<br />
6LJQHV GH OHXUV $WWULEXWV j OHXU 0DQLIHVWDWLRQ<br />
OHXUV (PDQDWLRQV RX OHXUV (QFKDQWHPHQWV XQ<br />
VW\OH PDQXIDFWXUp UHSRVDQW VXU XQ FHUWDLQ QLYHDX<br />
WHFKQRORJLTXH /D SOXSDUW G·HQWUH HX[ QH V HQ<br />
FRPEUHQW SDV G DUWLILFHV LQXWLOHV HW OH QLYHDX<br />
WHFKQRORJLTXH OH SOXV FRXUDQW QH GpSDVVH SDV V·LO<br />
IDXW UHSUHQGUH XQ pTXLYDOHQW WHUUHVWUH FHOXL GH OD<br />
5HQDLVVDQFH HXURSpHQQH 0DLV O H[FHSWLRQ pWDQW<br />
OD UqJOH HQ )pHULH QRPEUHX[ VRQW FHX[ TXL Q Kp<br />
VLWHQW SDV j HPEUDVVHU GHV KDELWXGHV GH YLH SOXV<br />
PRGHUQHV<br />
6RXYHQW OHV rWUHV IpHV VLQJHQW OD WHFKQRORJLH<br />
KXPDLQH GDQV FH TX HOOH D GH SOXV IRX GH SOXV<br />
pWUDQJH HW GH SOXV VSHFWDFXODLUH IRUPXOHV DOFKL<br />
PLTXHV LQVWUXPHQWV j GpWHFWHU O pWKHU SURGXLVDQW<br />
GH ORQJV DUFV pOHFWULTXHV pQRUPHV PDFKLQHV j<br />
YDSHXU j O XVDJH GRXWHX[ HW DX[ HIIHWV S\URWHFK<br />
QLTXHV LQTXLpWDQWV DUTXHEXVHV $FFHVVRLUHV RX<br />
6LJQHV G XQ 3RXYRLU GH MHW GH IODPPHV " PD<br />
FKLQHV YRODQWHV PpFDQLVPHV ELVFRUQXV DXWRPD<br />
WHV j YDSHXU FRPPH &RPSDJQRQV VRXV PDULQV j<br />
PRXYHPHQW G KRUORJHULH YHUUHULH HPSOLH GH<br />
IOXLGHV ERXLOORQQDQWV FRPPH 6LJQH GX 7DOHQW<br />
7UDQVPXWDWLRQ /HV FRQFHSWV OHV SOXV © KL<br />
WHFK ª UpVHDX[ LQIRUPDWLTXHV ODVHUV PLFUR<br />
pOHFWURQLTXH RX OHV SOXV YXOJDLUHV DUPHV j IHX<br />
IRXU j PLFUR RQGHV \ WURXYHQW SHX G pFKR /j<br />
HQFRUH LO LPSRUWH GH JDUGHU j O HVSULW OD QRWLRQ<br />
GH IpHULH OD KDXWH WHFKQRORJLH SRVW PRGHUQH<br />
YRLUH IXWXULVWH Q HVW SDV DVVH] FXOWXUHOOHPHQW<br />
DQFUpH GDQV OH IRONORUH SRXU FRORUHU )pHULH PDLV<br />
O LPDJHULH GH O LQYHQWHXU XQ SHX WRTXp HOOH HVW<br />
GDQV OH WRQ
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/( 52
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
PDLV O LPDJLQDWLRQ V H[HUFH SDU UpIpUHQFH HW<br />
FRPSDUDLVRQ REMHFWLYH QRQ SOXV SDU DOOXVLRQ HW<br />
LQWXLWLRQ /HV SURFHVVXV GH SHQVpH VH GpVROLGDUL<br />
VHQW GH SOXV HQ SOXV OHV GLIIpUHQFHV V H[DFHUEHQW<br />
)pHULH HW OD 7HUUH VH VFLQGHQW SURJUHVVLYHPHQW<br />
$LQVL FRPPHQFHQW OHV WHPSV KLVWRULTXHV<br />
/D ILQ GH O $JH G $UJHQW PDUTXH O DSSDULWLRQ<br />
GHV )pHULTXHV HW GHV 7HUUHVWUHV HQ WDQW TXH WHOV<br />
YLD OD VpSDUDWLRQ GH OD 7HUUH HW GH )pHULH 7RXWH<br />
IRLV OD 7HUUH HW )pHULH V LQWHUSpQqWUHQW WRXMRXUV<br />
GHSXLV WRXW DFWH WHUUHVWUH GH FUpDWLYLWp LUUpIOp<br />
FKLH WRXW FRXS GH IRXGUH WRXW UrYH HVW XQH LQ<br />
FXUVLRQ GH )pHULH VXU 7HUUH GH PrPH FHV DFWHV<br />
HQULFKLVVHQW )pHULH FKDTXH IRLV TX LOV VH SURGXL<br />
VHQW /H GHJUp DXTXHO FKDTXH &RQWH[WH GH OD<br />
7HUUH HVW UHVWp IpHULTXH HVW PHVXUp SDU VRQ QL<br />
YHDX G ,PDJLQDLUH 3OXV LO HVW pOHYp SOXV O pWDW<br />
&217(;7(6 '( /$ 7(55(<br />
,O HVW SRVVLEOH SRXU OHV )pHULTXHV GH YLVLWHU<br />
Q·LPSRUWH TXHO &RQWH[WH GH OD 7HUUH OLHX[ H[RWL<br />
TXHV pSRTXHV UHFXOpHV FLYLOLVDWLRQV PpFRQQXHV<br />
YRLUH pOXFXEUDWLRQV VXU GHV VXMHWV R OHV GRQQpHV<br />
VRQW UXGLPHQWDLUHV OD SURWR KLVWRLUH RX PrPH<br />
DSRFU\SKHV FRQWLQHQWV SHUGXV RX FRQVWLWXHQW XQH<br />
SXUH LQYHQWLRQ GH O·HVSULW HQILpYUp GX PHQHXU DQWL<br />
FLSDWLRQ GX IXWXU /D VHXOH FRQWUDLQWH HVW TX·LO H[LVWH<br />
XQH YLH LQWHOOLJHQWH VXU 7HUUH TXL LQWHUDJLVVH DYHF<br />
)pHULH SDV GH YLVLWH DX[ GLQRVDXUHV GRQF« j<br />
PRLQV ELHQ V€U G·XQ HIIHW LQFRQWU{Op PDMHXU VXU XQ<br />
SXLVVDQW VRUWLOqJH GH &ODLUYR\DQFH RX GH 9R\DJHV<br />
SDU H[HPSOH /·,PDJLQDLUH Q·D\DQW DORUV SDV GH VHQV<br />
WRXW VH SDVVH WHFKQLTXHPHQW FRPPH V·LO pWDLW QXO<br />
DXFXQ PRGLILFDWHXU Q·HVW DSSOLTXp DX[ )pHULTXHV<br />
PDLV QDWXUHOOHPHQW LO Q·H[LVWH DXFXQ 3RLQW GH<br />
&RQWDFW<br />
9HLOOH] FHSHQGDQW DX UHVSHFW GX JHQUH &RQWHV<br />
GH )pHV HVW DYDQW WRXW XQ MHX VXU OH WKqPH IpHULTXH<br />
HW VDXI LQFXUVLRQ SRQFWXHOOH j FDUDFWqUH GH FOLQ<br />
G·±LO pYLWH] GH IDLUH GH O·$WODQWLGH RX GH<br />
O·DSRFDO\SVH QXFOpDLUH OH VXMHW FHQWUDO GH YRV SDUWLHV<br />
*DUGH] YRXV D IRUWLRUL G·\ PrOHU G·DXWUHV WKpPDWLTXHV<br />
IDQWDVWLTXHV UHOLJLHXVHV RX VFLHQFH ILFWLRQQHOOHV RX<br />
DORUV j WLWUH G·KRPPDJH YLD XQ 'RPDLQH GRQW OHV<br />
&RUUHVSRQGDQFHV HW OD 0DQLIHVWDWLRQ GHV KDELWDQWV<br />
PHWWHQW HQ MHX XQH V\PEROLTXH VLPLODLUH (Q RXWUH<br />
FRPPH OHV VFpQDULRV VRQW YpFXV GX SRLQW GH YXH GHV<br />
)pHULTXHV OH TXRWLGLHQ FRQWHPSRUDLQ OH SOXV EDQDO<br />
Q·HVW SRXU HX[ QL SOXV QL PRLQV P\VWpULHX[ YRLUH<br />
SHUWXUEDQW TXH O·HPSLUH KLWWLWH 6DFKH] YDULHU YRV<br />
SODLVLUV HQWUH O·H[SORUDWLRQ GH FXOWXUHV GpSD\VDQWHV<br />
TXH YRXV DXUH] OD GpOLFDWHVVH GH GpSHLQGUH DYHF OH<br />
UHVSHFW TX·HOOHV PpULWHQW HW OH GpFDODJH VXEWLO<br />
G HVSULW HQ HVW SURFKH GH FHOXL TXL UqJQH HQ )pH<br />
ULH VXEMHFWLYLWp HW DUELWUDLUH LPSHUPDQHQFH HW<br />
SRXUWDQW pWHUQLWp LQQRFHQFH HW SHUYHUVLWp Qp<br />
YURVH HW VLPSOLFLWp LPPDWXULWp HW VDJHVVH /RUV<br />
TXH O ,PDJLQDLUH GHYLHQW VXIILVDPPHQW pOHYp OHV<br />
FRQGLWLRQV GH O $JH G $UJHQW VRQW UHFUppHV XQ<br />
3RLQW GH &RQWDFW DSSDUDvW HQWUH OD 7HUUH HW )pH<br />
ULH HW OHV GHX[ PRQGHV VH FRQIRQGHQW HQ FHW<br />
HQGURLW<br />
,O HVW j QRWHU TXH O $JH G $UJHQW Q HVW SDV<br />
XQH pSRTXH PDLV XQ pWDW G HVSULW (QFRUH GH QRV<br />
MRXUV FHUWDLQHV FXOWXUHV WHUUHVWUHV UHFXOpHV YLYHQW<br />
XQ $JH G $UJHQW F HVW j GLUH TXH OHXU &RQWH[WH<br />
HVW XQ LPPHQVH 3RLQW GH &RQWDFW DYHF )pHULH XQ<br />
'RPDLQH SDU OXL PrPH<br />
TX·LPSRVH OH UHJDUG IpHULTXH VXU QRWUH UpDOLWp<br />
PRGHUQH SRXUTXRL QH SDV FDOTXHU OHV 7HUUHV<br />
WUHV TXH OHV SHUVRQQDJHV UHQFRQWUHQW VXU OHV<br />
MRXHXUV TXL OHV LQFDUQHQW "<br />
(QILQ JDUGH] YRXV G·DGRSWHU XQ SRLQW GH<br />
YXH PRQROLWKLTXH VXU OHV &RQWH[WHV WRXV<br />
JURXLOOHQW GH PLQRULWpV GH PLFURFRVPHV TXL<br />
VRQW DXWDQW GH PLOLHX[ ULFKHV GH SRVVLELOLWpV<br />
QDUUDWLYHV QDWXUHOOHPHQW OHV )pHULTXHV \<br />
YHUURQW GHV 'RPDLQHV GLIIpUHQWV UpXQLV DX<br />
VHLQ G·XQ PrPH 5R\DXPH $LQVL TXDQG<br />
YRXV SHQVH] DX[ (WDWV 8QLV PRGHUQHV<br />
Q·RXEOLH] SDV OHV UpVHUYHV 1DYDMR LO SHXW<br />
G·DLOOHXUV rWUH LQWpUHVVDQW GH MRXHU VXU OHV<br />
GLIIpUHQFHV HQWUH XQH UHQFRQWUH DYHF FHWWH<br />
FXOWXUH DX ¡ ¢ VLqFOH GDQV VRQ pWDW WUDGL<br />
WLRQQHO HW XQH UHQFRQWUH PRGHUQH HQ SDVVDQW<br />
SDU GHV 3RLQWV GH &RQWDFW GLIIpUHQWV 'H<br />
PrPH GDQV QRWUH TXRWLGLHQ RQ SHXW F{WR\HU<br />
GHV JLWDQV GHV DGHSWHV GH O·pVRWpULVPH GHV<br />
H[WUpPLVWHV SROLWLTXHV HW DXWUHV FXOWXUHV PL<br />
QRULWDLUHV TXL PDQLHQW GHV LGpHV XQ ODQJDJH<br />
GHV FRGHV TXL OHXU VRQW SURSUHV VDFKH] HQ<br />
WLUHU SDUWL VDQV IRUFHU H[FHVVLYHPHQW OH WUDLW<br />
,O HVW j QRWHU TXH OHV UrYHV KDELWXHOV GHV<br />
7HUUHVWUHV VRQW GHV &RQWH[WHV HQ HX[ PrPHV<br />
TXRLTXH pSKpPqUHV ,O HVW SRVVLEOH G REVHUYHU<br />
OHV UrYHV GHV 7HUUHVWUHV YLD XQ VRUWLOqJH<br />
G (PSDWKLH MHWp VXU OH UrYHXU ,O IDXW SRXU<br />
FHOD rWUH SUpVHQW j VHV F{WpV GRQF D SULRUL VXU<br />
7HUUH VDXI VL OH 7HUUHVWUH HVW SUpVHQW HQ )pH<br />
ULH HW GpFLGH G \ GRUPLU 2Q SHXW DFFpGHU DX[<br />
UrYHV REVHUYpV HQ RXYUDQW XQ 3RLQW GH<br />
&RQWDFW GHSXLV )pHULH YHUV OH &RQWH[WH GX
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
UrYH LO IDXW GRQF UHQWUHU HQ )pHULH VL OH UrYHXU HVW<br />
VXU 7HUUH<br />
-HVVLH :LOOFR[ 6PLWK<br />
/H QLYHDX G ,PDJLQDLUH G XQ UrYH HVW j GpWHUPL<br />
QHU SDU OH PHQHXU PDLV SHXW rWUH H[WUrPHPHQW YD<br />
ULDEOH HW GpSHQG SHX GH FHOXL GX &RQWH[WH GX FRUSV<br />
SK\VLTXH GX UrYHXU 3OXV FH QLYHDX G ,PDJLQDLUH HVW<br />
pOHYp SOXV OD UpDOLWp GX UrYH HVW IOXFWXDQWH GH IDoRQ<br />
DUELWUDLUH HW LPSUpYLVLEOH &RQVLGpUH] TX LO V DJLW G XQ<br />
HQYLURQQHPHQW ,QIOXHQFp HQ SHUPDQHQFH SDU O LQ<br />
FRQVFLHQW GX UrYHXU HW TXH WRXW \ HVW SRVVLEOH VRQ<br />
DSSDUHQFH HW VHV SURSULpWpV IOXFWXHQW HW SHXYHQW rWUH<br />
KRVWLOHV DX[ )pHULTXHV TXL V \ DYHQWXUHQW /HV<br />
&UR\DQFHV TXL V·\ DSSOLTXHQW VRQW SXUHPHQW<br />
O·H[SUHVVLRQ GHV SHQVpHV SOXV RX PRLQV FRQVFLHQWV<br />
GX UrYHXU /RUVTXH OH UrYH V DUUrWH OHV )pHULTXHV TXL<br />
OH YLVLWDLHQW HQ VRQW H[SXOVpV HW VH UHWURXYHQW j OHXU<br />
SRLQW GH GpSDUW<br />
/(6 7(55(675(6<br />
7RXWHV OHV FUpDWXUHV SURVDwTXHV KXPDLQV<br />
FRPPH DQLPDX[ VRQW GHV 7HUUHVWUHV /HXU QD<br />
WXUH pWDQW IRQGDPHQWDOHPHQW GLIIpUHQWH GH FHOOH<br />
GHV )pHULTXHV OHV JUDQGHXUV TXL OHV UpJLVVHQW<br />
VRQW GLIIpUHQWHV (Q SUHPLHU OLHX OHXU 0DQLIHVWD<br />
WLRQ Q HVW SDV OD UpVXOWDQWH GH OHXU SHUVRQQDOLWp<br />
PDLV GH OHXU SDWULPRLQH JpQpWLTXH HW GHV pYpQH<br />
PHQWV GH OHXU YLH ,OV GLVSRVHQW WRXWHIRLV G XQH<br />
7DLOOH HQWUH HW SRXU OHV KXPDLQV VHORQ<br />
O kJH HW OD FDUUXUH HW G XQ &KDUPH HQWUH HW<br />
SRXU OHV KXPDLQV VDXI FDV H[FHSWLRQQHO<br />
'H PrPH OHV 7HUUHVWUHV Q RQW SDV GH *OD<br />
PRXU QL G (VVHQFH PDLV XQH VWUXFWXUH GH PD<br />
WLqUH DQLPpH ,OV QH SHXYHQW GRQF SDV GpSHQVHU<br />
G (VVHQFH SRXU DPpOLRUHU OHXUV MHWV ,OV SHXYHQW<br />
4XDQG XQ 7HUUHVWUH IDLW XQ UrYH DVVH]<br />
pFKHYHOp SRXU TXH VRQ QLYHDX G ,PDJLQDLUH<br />
DWWHLJQH ]pUR XQ 3RLQW GH &RQWDFW V·HVW RX<br />
YHUW ,O VH UHWURXYH QRQ SDV GDQV XQ &RQWH[WH<br />
WHUUHVWUH PDLV ELHQ HQ )pHULH GDQV XQ 'R<br />
PDLQH GRQW OHV &RUUHVSRQGDQFHV VRQW FHOOHV<br />
GH VRQ UrYH VWDWLVWLTXHPHQW LO H[LVWH IRUFp<br />
PHQW PDLV GRQW LO Q HVW SDV OH SURSULpWDLUH<br />
&·HVW DVVH] UDUH PDLV oD DUULYH QRWDPPHQW<br />
HQ FDV GH VRPPHLO PDJLTXH RX QDUFRWLTXH OH<br />
'RPDLQH Q·HVW DORUV SDV WRXMRXUV DFFXHLOODQW<br />
\ FRPSULV SRXU OH UrYHXU 6L XQ 7HUUHVWUH<br />
SUpVHQW HQ )pHULH \ IDLW XQ UrYH GRQW OH QL<br />
YHDX G ,PDJLQDLUH HVW GH ]pUR V LO Q HVW SUp<br />
VHQW TXH PHQWDOHPHQW LO © UrYH TX LO UrYH ª<br />
LO FKDQJH GH 'RPDLQH FRPPH V LO XWLOLVDLW OH<br />
7DOHQW 9R\DJHV PDLV OHV &RUUHVSRQGDQFHV<br />
VRQW GpWHUPLQpHV DUELWUDLUHPHQW SDU VRQ LQ<br />
FRQVFLHQW<br />
(Q WHUPHV WHFKQLTXHV ORUVTXH YRXV Gp<br />
FULYH] XQ &RQWH[WH LO YRXV IDXW FDUWRJUDSKLHU<br />
OHV QLYHDX[ G·,PDJLQDLUH TX·RQ \ WURXYH HW TXL<br />
SHXYHQW rWUH WUqV GLIIpUHQWV G·XQ SRLQW j XQ<br />
DXWUH QRWDPPHQW HQ IRQFWLRQ GH O·KLVWRLUH<br />
GHV OLHX[ GH OHXUV FDUDFWpULVWLTXHV HVWKpWLTXHV<br />
HW GH OD SRSXODWLRQ TXL O·KDELWH (Q RXWUH FHV<br />
QLYHDX[ G·,PDJLQDLUH SHXYHQW IOXFWXHU VHORQ<br />
GHV F\FOHV RX HQ IRQFWLRQ GHV pYpQHPHQWV TXL<br />
V·\ SURGXLVHQW MXVTX·j O·RXYHUWXUH G·XQ 3RLQW<br />
GH &RQWDFW OH FDV pFKpDQW (QILQ LO YRXV IDXW<br />
GpFULUH OHV HIIHWV SUpFLV GHV GLIIpUHQWHV VX<br />
SHUVWLWLRQV HQ YLJXHXU GDQV OHV GLYHUVHV SRSX<br />
ODWLRQV ORFDOHV<br />
DYRLU GHV SDUWLFXODULWpV LQGLYLGXHOOHV GH FRPSRU<br />
WHPHQW SOXV RX PRLQV PDUTXpHV PDLV LO QH V DJLW<br />
SDV GH 7UDLWV HQ FH VHQV TXH OHXU QRQ UHVSHFW<br />
Q HQWUDvQH DXFXQH FRQVpTXHQFH (Q UHYDQFKH LO<br />
VHPEOH H[LJHU GH OHXU SDUW GHV HIIRUWV GpPHVXUpV<br />
/HV 7HUUHVWUHV SRVVqGHQW GHV $VSHFWV PDLV<br />
TXL VRQW FODLUHPHQW VRLW SK\VLTXHV VRLW PHQWDX[<br />
2Q GLVWLQJXH<br />
• OD )RUFH DQDORJXH SK\VLTXH GH OD 3XLVVDQFH<br />
HQWUH HQ MHX GDQV OHV 'RPPDJHV<br />
• OD &RQVWLWXWLRQ DQDORJXH SK\VLTXH GH OD<br />
5pVLVWDQFH HQWUH HQ MHX GDQV<br />
O·(QFDLVVHPHQW
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
• OD 9RORQWp DQDORJXH PHQWDO GH OD 3XLVVDQFH<br />
HW GH OD 5pVLVWDQFH<br />
• OD 3HUFHSWLRQ DQDORJXH GH OD 9LJLODQFH VDXI<br />
SRXU OD YLYDFLWp GH UpDFWLRQ HQWUH HQ MHX GDQV<br />
O·$WWDTXH j GLVWDQFH<br />
• OHV 5pIOH[HV DQDORJXH GH OD 9LJLODQFH SRXU OD<br />
YLYDFLWp GH UpDFWLRQ HQWUH HQ MHX GDQV<br />
O·,QLWLDWLYH<br />
• OD &RRUGLQDWLRQ DQDORJXH SK\VLTXH GH O +D<br />
ELOHWp HQWUH HQ MHX GDQV O·$WWDTXH DX FRUSV j<br />
FRUSV HW OD 'pIHQVH<br />
• O ,QWHOOHFW DQDORJXH PHQWDO GH O +DELOHWp HW<br />
DSSOLFDEOH XQLTXHPHQW DX[ KXPDLQV<br />
&HV JUDQGHXUV VRQW HQ SULQFLSH FRPSULVHV<br />
HQWUH HW PDLV GHV H[FHSWLRQV H[LVWHQW SRXU<br />
OHV KXPDLQV VHORQ O kJH O H[SpULHQFH OH SRWHQWLHO<br />
GH O LQGLYLGX ,OV SHXYHQW DWWHLQGUH GHV YDOHXUV<br />
WUqV GLIIpUHQWHV SRXU OHV DQLPDX[ $XFXQ WRWDO<br />
IL[H j UpSDUWLU Q HVW IRXUQL FHUWDLQV LQGLYLGXV<br />
VRQW GHV VSpFLPHQV H[FHSWLRQQHOV j SOXVLHXUV<br />
WLWUHV SHQGDQW TXH G DXWUHV QRXUULVVRQV YLHLO<br />
ODUGV PDODGHV IRXV SUpVHQWHQW ELHQ PDOJUp HX[<br />
GHV GpILFLHQFHV GDQV GH QRPEUHX[ GRPDLQHV<br />
/HV 7HUUHVWUHV Q RQW SDV G $WWULEXWV OHXUV<br />
'RPDLQHV VRQW GHV &RQWH[WHV PLQLDWXUHV TX LOV<br />
DPpQDJHQW j OHXU JUp PDLV DX[TXHOV LOV QH VRQW<br />
SDV OLpV SDUWLFXOLqUHPHQW PrPH VL OHV GpPpQD<br />
JHPHQWV VRQW SDUIRLV GRXORXUHX[ OHXUV &RPSD<br />
JQRQV VRQW GHV HQWLWpV LQGpSHQGDQWHV SOXW{W<br />
/$ 6$17(<br />
(QILQ OHV 7HUUHVWUHV QH VRQW SDV FRQFHSWXHO<br />
OHPHQW UHPLV HQ FDXVH PDLV PDWpULHOOHPHQW HQ<br />
GRPPDJpV ORUVTX RQ OHV EOHVVH SK\VLTXHPHQW<br />
$X OLHX GH GLVVLSHU XQH SDUWLH GH OHXU (VVHQFH<br />
OHV FRXSV LQIOLJpV VH WUDGXLVHQW SDU GHV QLYHDX[<br />
GH EOHVVXUH<br />
8Q 7HUUHVWUH SRVVqGH WURLV QLYHDX[ GH EOHV<br />
VXUHV OpJqUHV JUDYHV HW PRUWHOOHV<br />
• 7RXW FRXS FRUUHVSRQGDQW j XQH SHUWH G (V<br />
VHQFH GH j SRLQWV LQIOLJH XQH EOHVVXUH Op<br />
JqUH 8Q MHW GH &RQVWLWXWLRQ GH GLIILFXOWp HVW<br />
QpFHVVDLUH SRXU UHVWHU FRQVFLHQW HW XQ PDOXV<br />
GH j WRXWHV OHV DFWLYLWpV HVW HQFRXUX MXVTX j<br />
OD JXpULVRQ GH OD EOHVVXUH<br />
• WRXW FRXS FRUUHVSRQGDQW j XQH SHUWH G (V<br />
VHQFH GH j SRLQWV LQIOLJH XQH EOHVVXUH<br />
JUDYH 8Q MHW GH &RQVWLWXWLRQ GH GLIILFXOWp<br />
HVW QpFHVVDLUH SRXU UHVWHU FRQVFLHQW HW XQ PD<br />
FRPPH GHV )pHULTXHV TXL V HQWHQGHQW ELHQ TXH<br />
FRPPH GHV (PDQDWLRQV OHXUV $FFHVVRLUHV H[LV<br />
WHQW LQGpSHQGDPPHQW G HX[ LOV Q RQW DXFXQ<br />
7DOHQW PDJLTXH &HUWDLQV DQLPDX[ SRVVqGHQW GHV<br />
FDSDFLWpV DQDORJXHV j GHV 3RXYRLUV YRO YLVLRQ<br />
QRFWXUQH« TXL VRQW V\VWpPDWLTXHPHQW VDQV<br />
(VVHQFH<br />
(Q UHYDQFKH LOV SRVVqGHQW JpQpUDOHPHQW GHV<br />
VDYRLU IDLUH SRXVVpV GDQV FHUWDLQHV DFWLYLWpV TXL<br />
MRXHQW FRPPH GHV $IILQLWpV DYHF OHV DFWLYLWpV HQ<br />
TXHVWLRQ RQ SDUOH GH &RPSpWHQFHV (OOHV QH<br />
SHUPHWWHQW DXFXQ HIIHW G ,QIOXHQFH /HV &RPSp<br />
WHQFHV QH VRQW SDV V\VWpPDWLTXHPHQW DVVRUWLHV GH<br />
6LJQHV PDLV FHUWDLQV SUpWHQGHQW SRXYRLU LGHQWL<br />
ILHU GHV PDUTXHV SK\VLTXHV RX GHV FRPSRUWH<br />
PHQWV W\SLTXHV FKH] FHX[ TXL SUDWLTXHQW LQWHQ<br />
VpPHQW FHUWDLQHV DFWLYLWpV (OOHV SHXYHQW rWUH<br />
JpQpUDOHV SDUWLFXOLqUHV RX VSpFLILTXHV HW UHVSHF<br />
WHQW OHV UqJOHV GH FXPXO<br />
/HXU VFRUH HVW LOOLPLWp PDLV OHV KXPDLQV Gp<br />
SDVVHQW UDUHPHQW /j HQFRUH FHUWDLQV 7HUUHV<br />
WUHV VRQW GH YpULWDEOHV KRPPHV RUFKHVWUHV FDSD<br />
EOHV G DFFRPSOLU GHV SURXHVVHV GDQV GH QRP<br />
EUHX[ GRPDLQHV WDQGLV TXH G DXWUHV VRQW JORED<br />
OHPHQW LQDSWHV DXVVL DXFXQ WRWDO j UpSDUWLU Q HVW<br />
IRXUQL /HV $VSHFWV FRPPH OHV &RPSpWHQFHV GHV<br />
7HUUHVWUHV pYROXHQW DX ILO GX WHPSV VH GpYHORS<br />
SDQW SDU OD SUDWLTXH HW V·pURGDQW SDU XVXUH 8Q<br />
7HUUHVWUH UHQFRQWUp j SOXVLHXUV DQQpHV<br />
G·LQWHUYDOOHV SRXUUD DLQVL SUpVHQWHU GHV FDSDFLWpV<br />
WHFKQLTXHV QRWDEOHPHQW GLIIpUHQWHV<br />
OXV GH j WRXWHV OHV DFWLYLWpV HVW HQFRXUX MXV<br />
TX j OD JXpULVRQ GH OD EOHVVXUH<br />
• WRXW FRXS FRUUHVSRQGDQW j XQH SHUWH G (V<br />
VHQFH GH SRLQWV HW SOXV LQIOLJH XQH EOHVVXUH<br />
PRUWHOOH /H 7HUUHVWUH QH SHXW SOXV DJLU MXV<br />
TX j JXpULVRQ GH OD EOHVVXUH $YHF XQ MHW GH<br />
9RORQWp GH GLIILFXOWp OH EOHVVp SHXW UHVWHU<br />
VXIILVDPPHQW FRQVFLHQW SRXU PXUPXUHU ,O<br />
GRLW UpXVVLU LPPpGLDWHPHQW XQ MHW GH &RQVWL<br />
WXWLRQ GH GLIILFXOWp SDU SRLQW GH EOHV<br />
VXUH DX GHOj GH SRXU QH SDV PRXULU FH MHW<br />
HVW j UppGLWHU j OD ILQ GH FKDTXH $FWLRQ MXVTX j<br />
FH TXH OD EOHVVXUH VRLW WUDLWpH HW OD GLIILFXOWp<br />
DXJPHQWH GH WRXWHV OHV $FWLRQV<br />
&KDTXH 7HUUHVWUH SHXW HQFDLVVHU XQ FHUWDLQ<br />
QRPEUH GH EOHVVXUHV GH FKDTXH W\SH 7\SLTXH<br />
PHQW XQ KXPDLQ SHXW HQFDLVVHU EOHVVXUHV OpJq<br />
UHV EOHVVXUHV JUDYHV HW EOHVVXUH PRUWHOOH<br />
7RXWH EOHVVXUH HQFDLVVpH DX GHOj GX PD[LPXP<br />
GH VRQ W\SH FRPSWH FRPPH XQH EOHVVXUH GX W\SH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
VXSpULHXU HQ FODLU OD WURLVLqPH JUDYH HVW XQH<br />
PRUWHOOH 8QH PRUWHOOH GH WURS WXH VDQV UpPLV<br />
VLRQ<br />
/HV 7HUUHVWUHV SRVVqGHQW GHV &RPSpWHQFHV<br />
OHXU SHUPHWWDQW GH JXpULU OHXUV EOHVVXUHV RX GH<br />
VDXYHU XQ EOHVVp PRUWHO 'H SOXV OHXU pWUDQJH<br />
SK\VLRORJLH OHXU SHUPHW GH OHV pOLPLQHU VSRQWD<br />
QpPHQW DSUqV XQ FHUWDLQ WHPSV G DXWDQW SOXV<br />
ORQJ TX HOOHV VRQW QRPEUHXVHV HW VpULHXVHV /HV<br />
EOHVVXUHV OpJqUHV VH UHPHWWHQW HQ TXHOTXHV MRXUV<br />
OHV JUDYHV HQ TXHOTXHV VHPDLQHV HW OHV PRUWHOOHV<br />
HQ TXHOTXHV PRLV 0DOKHXUHXVHPHQW FH SURFHV<br />
VXV Q HVW SDV SDUIDLW HW OHV JUDYHV HW VXUWRXW OHV<br />
PRUWHOOHV ODLVVHQW VRXYHQW GHV VpTXHOOHV j WHUPH<br />
VXU OD 0DQLIHVWDWLRQ OH &KDUPH HW OHV $VSHFWV<br />
GHV EOHVVpV 1DWXUHOOHPHQW WRXW FHFL HVW ODLVVp j<br />
O DSSUpFLDWLRQ GX PHQHXU HQ IRQFWLRQ GH VHV<br />
LPSpUDWLIV QDUUDWLIV<br />
/H 7DOHQW GH *XpULVRQ SHXW V DSSOLTXHU j XQ<br />
7HUUHVWUH / (VVHQFH Q HVW SDV HQJDJpH VDXI VL OH<br />
*XpULVVHXU DVVRUWLW VD *XpULVRQ GH &RQGLWLRQV<br />
DXTXHO FDV OH SURFHVVXV QDWXUHO GH UpJpQpUDWLRQ<br />
QH VH SURGXLW SDV WDQW TXH OHV &RQGLWLRQV QH VRQW<br />
SDV UHPSOLHV<br />
• *XpULU XQH EOHVVXUH OpJqUH HVW XQ VRUWLOqJH<br />
GH GLIILFXOWp (Q JXpULU SOXVLHXUV G XQ FRXS<br />
HVW XQ VRUWLOqJH XQLTXH GH GLIILFXOWp SDU<br />
OpJqUH VXSSOpPHQWDLUH<br />
• &KDQJHU XQH JUDYH HQ OpJqUH HVW GH GLIILFXOWp<br />
(Q UpWURJUDGHU DLQVL SOXVLHXUV G XQ FRXS<br />
HVW XQ VRUWLOqJH XQLTXH GH GLIILFXOWp SDU<br />
JUDYH VXSSOpPHQWDLUH<br />
,17(5$&7,216 $9(& /(6 )((5,48(6<br />
&21)/,76<br />
8Q 7HUUHVWUH TXL D YDLQFX XQ )pHULTXH OH<br />
ODLVVHUD JpQpUDOHPHQW Oj RX O HPSRUWHUD HQ VRX<br />
YHQLU RX GLVVpTXHUD VD 0DQLIHVWDWLRQ SRXU FRP<br />
SUHQGUH j TXRL LO D DIIDLUH XQ )pHULTXH j<br />
O·DSSDUHQFH FRPHVWLEOH VHUD SHXW rWUH GpYRUp<br />
DXTXHO FDV LO UHIHUD VXUIDFH DSUqV WUDQVLW GLJHVWLI<br />
(Q JpQpUDO OH )pHULTXH VH YHUUD GRQF LQIOLJHU XQ<br />
7UDLW HW DXUD DYHF XQ SHX GH FKDQFH O RFFDVLRQ<br />
GH UpJpQpUHU XQ SHX G (VVHQFH VL OHV FLUFRQVWDQ<br />
FHV V \ SUrWHQW RX VL RQ OXL YLHQW HQ DLGH 0DLV<br />
FHUWDLQV 7HUUHVWUHV FRQVFLHPPHQW RX QRQ HP<br />
SRUWHURQW DYHF HX[ XQH (PDQDWLRQ GX )pHULTXH<br />
FH TXL HVW XQ 'pSRXLOOHPHQW RX OXL GHPDQGH<br />
URQW GH IDLUH TXHOTXH FKRVH F HVW XQ 3DFWH RX XQ<br />
6HUYLFH VHORQ O LQWHQVLWp /HV &UR\DQFHV ORFDOHV<br />
SHXYHQW LQIOXHU VXU OHV GHPDQGHV SRVVLEOHV<br />
FRPPH OH IDPHX[ © DFFRUGH PRL VRXKDLWV HQ<br />
• 7UDLWHU XQH PRUWHOOH SRXU HPSrFKHU OD PRUW<br />
OD © VWDELOLVHU ª HVW GH GLIILFXOWp SDU<br />
SRLQW GH EOHVVXUH DX GHOj GH SDU<br />
$FWLRQV pFRXOpHV HQ IDLW OD GLIILFXOWp VXELW OHV<br />
PrPHV PRGLILFDWHXUV TXH OH MHW TXH IDLW OH<br />
EOHVVp SRXU QH SDV PRXULU (Q VWDELOLVHU SOX<br />
VLHXUV G XQ FRXS HVW XQ VRUWLOqJH XQLTXH GH<br />
GLIILFXOWp SDU PRUWHOOH VXSSOpPHQWDLUH<br />
• &KDQJHU XQH PRUWHOOH HQ JUDYH HVW GH GLIIL<br />
FXOWp SDU SRLQW GH EOHVVXUH DX GHOj GH<br />
HW VL HOOH Q·D SDV pWp VWDELOLVpH FRPPH FL<br />
GHVVXV SDU $FWLRQV pFRXOpHV (Q Up<br />
WURJUDGHU SOXVLHXUV G XQ FRXS HVW XQ VRUWLOqJH<br />
XQLTXH GH GLIILFXOWp SDU PRUWHOOH VXS<br />
SOpPHQWDLUH<br />
• 1DWXUHOOHPHQW RQ SHXW DYHF XQ VRUWLOqJH<br />
DVVH] SXLVVDQW JXpULU WRXWHV OHV EOHVVXUHV j OD<br />
IRLV HQ DSSOLTXDQW OD GLIILFXOWp GH OD EOHVVXUH<br />
OD SOXV JUDYH SDU PRUWHOOH VXSSOpPHQ<br />
WDLUH SDU JUDYH VXSSOpPHQWDLUH \ FRPSULV<br />
OHV PRUWHOOHV UpWURJUDGpHV HW SDU OpJqUH<br />
VXSSOpPHQWDLUH \ FRPSULV OHV JUDYHV HW PRU<br />
WHOOHV UpWURJUDGpHV<br />
¢ £ ¤ ¥ § £ © £ £¨¥ § £ ¢ <br />
¡<br />
£ ¥ ¥ ¨£¢ ¥ § £ £ ¨ £ ¡ ¥<br />
<br />
£ ¤ £ £ ¢¥ § £ ¢ £ £¡<br />
£<br />
¡ ¨¨ £ ¡ ¥¤¥ ¢ ¡ § ¢ £ £ ¥ £¡ <br />
<br />
¦ ¢ ¡ § £ ¤ ¡ ¡ ¥ ¢ ¦ ¥ £ ¥ <br />
¥<br />
¡ £¢ ¥ § £ ¥ ¥ £ ¢ £ <br />
<br />
£ £ £¢ © ¢ £ ¦ £ ££ ¢ <br />
¢<br />
£ £ ¢ £ ££ £ © § £ £ £ £<br />
¢<br />
§ £ £ ¢ £ £¤ §<br />
©<br />
¢ £ £ ¢ £ £¡¥§¦ ¨§©¡ £ ¥ ©<br />
¥ ¢ £ £ ¥ £ £ ¥ £ <br />
pFKDQJH GH WD OLEHUWp ª /HVTXHOV VRXKDLWV VH<br />
WUDGXLVHQW VRXYHQW SDU GHV HIIHWV PDJLTXHV DV<br />
VRUWLV GH &RQGLWLRQV JUDWLQpHV<br />
6HXOV TXHOTXHV UDUHV 7HUUHVWUHV WUqV ELHQ UHQ<br />
VHLJQpV SHQVHURQW j 'pWHQLU XQ 1RP j LQIOLJHU<br />
XQ *HLV RX j 'pSRXLOOHU GH TXHOTXH FKRVH GH<br />
PRLQV pYLGHQW TX XQH (PDQDWLRQ $IILQLWpV<br />
3RXYRLUV 7DOHQWV PrPH 8Q 7HUUHVWUH LVVX<br />
G·XQH FXOWXUH SULPLWLYH SRXUUD DLQVL VDFULILHU<br />
ULWXHOOHPHQW XQ )pHULTXH SRXU V·DSSURSULHU VD<br />
PDJLH & HVW GH FHWWH IDoRQ TXH FHUWDLQV 7HUUHV<br />
WUHV DFTXLqUHQW GHV FDSDFLWpV VXUQDWXUHOOHV /H<br />
*ODPRXU DFTXLV QH YLHQW SDV V DMRXWHU DX[ $V<br />
SHFWV GX 7HUUHVWUH FH Q HVW SDV OD PrPH IRUPH<br />
GH PDWLqUH &HV FDSDFLWpV SHXYHQW RX QRQ VH<br />
WUDQVPHWWUH j OD GHVFHQGDQFH GX 7HUUHVWUH LO<br />
VHPEOH TXH OH SKpQRPqQH VRLW OLp DX QLYHDX
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
G ,PDJLQDLUH DPELDQW DX PRPHQW GH OD FRQFHS<br />
WLRQ GH OD JHVWDWLRQ RX GH OD QDLVVDQFH GH ODGLWH<br />
GHVFHQGDQFH (Q UHYDQFKH OH 7HUUHVWUH SHXW V HQ<br />
6FLQGHU DX SURILW GH TXHOTX XQ DYHF GpSHUGL<br />
WLRQV RX V HQ IDLUH 'pSRXLOOHU SDU TXHOTX XQ TXL<br />
OH YDLQF VL SRVVLEOH GH IDoRQ QRQ YLROHQWH SDUFH<br />
TXH OH *ODPRXU VH GLVVLSH j O LQVWDQW GH OD PRUW<br />
VDQV SRVVLELOLWp GH OH UpFXSpUHU 'H PrPH OH<br />
*ODPRXU DFTXLV SHXW V DFFURvWUH SDU H[SpULHQFH<br />
WRXW FHFL HVW j JpUHU DX FDV SDU FDV SDU OH PH<br />
QHXU QDWXUHOOHPHQW<br />
2Q QH GpILH JpQpUDOHPHQW SDV XQ 7HUUHVWUH<br />
HQ GXHO SDUFH TX LO Q HVW SDV 'pSRXLOODEOH HW<br />
GRQF TX DXFXQH REOLJDWLRQ GH W\SH *HLV RX 3DFWH<br />
QH V DSSOLTXH j PRLQV TX LO Q DLW DFTXLV FRPPH<br />
FL GHVVXV GHV $WWULEXWV IpHULTXHV 7RXWHIRLV OHV<br />
)pHULTXHV DFFHSWHQW SDUIRLV OHV GpILV GHV 7HUUHV<br />
WUHV SRXU V DPXVHU RX SDU HVSULW GH FRPSpWLWLRQ<br />
(Q FDV GH YLFWRLUH GX 7HUUHVWUH OH )pHULTXH HVW<br />
VRXPLV DX[ FRQVpTXHQFHV KDELWXHOOHV PDLV HQ<br />
FDV GH YLFWRLUH GX )pHULTXH LO SXQLW JpQpUDOHPHQW<br />
O LPSXGHQW HQ OXL LQIOLJHDQW XQ HIIHW PDJLTXH<br />
DVVRUWL G XQH &RQGLWLRQ DPXVDQWH<br />
,O HVW pJDOHPHQW SRVVLEOH GH V·HPSDUHU GX<br />
1RP G·XQ 7HUUHVWUH HQ GXHO RX SDU 3DFWH F·HVW<br />
G·DLOOHXUV OH VHXO 3DFWH TX·XQ 7HUUHVWUH GpSRXUYX<br />
GH *ODPRXU SXLVVH FRQWUDFWHU &HOXL FL SHUG<br />
FRPPH XQ )pHULTXH VD FDSDFLWp G·LQLWLDWLYH HW OH<br />
VRXYHQLU GH VRQ LGHQWLWp PDLV QH JDJQH SDV GH<br />
7UDLW IDXWH GH *ODPRXU VXU OHTXHO O·LPSXWHU HQ<br />
FDV GH UXSWXUH HW VD 0DQLIHVWDWLRQ QH SHXW rWUH<br />
DOWpUpH OD PDWLqUH Q·pWDQW SDV DXVVL IOXLGH TXH OH<br />
*ODPRXU FHOD Q·HPSrFKH SDV GH OH GpJXLVHU HW<br />
GH O·LQWHUSHOOHU SDU XQH QRXYHOOH GpQRPLQDWLRQ<br />
QDWXUHOOHPHQW /H SURFHVVXV GH UHVWLWXWLRQ GX<br />
1RP HVW GLIIpUHQW IDXWH GH 7UDLW &KDTXH VRX<br />
YHQLU UHPpPRUp GRQQH XQ FKLIIUH VHORQ OD WDEOH<br />
SOXV KDXW PRGLILp SDU OH PXOWLSOLFDWHXU OLp j OD<br />
IDoRQ GH OH UHPpPRUHU &H FKLIIUH GRQQH XQ<br />
QLYHDX GH FRPSpWHQFH VXU OHTXHO RQ IDLW XQ MHW<br />
DYHF SRXU QLYHDX GH GLIILFXOWp OD 3XLVVDQFH GX<br />
'pWHQWHXU GX 1RP GX 7HUUHVWUH (Q FDV GH VXF<br />
FqV OH 1RP HVW UHVWLWXp 8Q MHW HVW j HIIHFWXHU j<br />
FKDTXH VRXYHQLU pYRTXp PDLV OHV VRXYHQLUV QH<br />
VH FXPXOHQW SDV LO YDXW GRQF PLHX[ pYRTXHU<br />
XQH ERQQH IRLV SRXU WRXWHV XQ VRXYHQLU PDMHXU<br />
TX·XQH PXOWLWXGH G·DQHFGRWHV LQVLJQLILDQWHV<br />
'H IDoRQ UDULVVLPH XQ )pHULTXH VH 6FLQGHUD<br />
DX SURILW G XQ 7HUUHVWUH SRXU OH UHPHUFLHU GH OXL<br />
DYRLU UHQGX VRQ SUHPLHU SRLQW G (VVHQFH GHSXLV<br />
GHV VLqFOHV RX G DYRLU OHYp XQH &RQGLWLRQ SDUWLFX<br />
OLqUHPHQW SpQLEOH SDU H[HPSOH 3OXV JpQpUDOH<br />
PHQW LO OXL DFFRUGHUD VRQ DVVLVWDQFH PDWpULHOOH<br />
RX XQ HIIHW PDJLTXH JpQpUDOHPHQW DVVRUWL G XQH<br />
&RQGLWLRQ LPPpGLDWHPHQW RX GH IDoRQ SHUPD<br />
QHQWH FH TXL SHXW LQFOXUH VD GHVFHQGDQFH<br />
/H *ODPRXU REWHQX RFWURLH DX 7HUUHVWUH XQ<br />
VFRUH G (VVHQFH TX LO XWLOLVHUD SRXU DOLPHQWHU OHV<br />
$WWULEXWV JDJQpV &HWWH (VVHQFH VH UpJpQqUH<br />
VSRQWDQpPHQW ORUVTXH OH 7HUUHVWUH VH WURXYH<br />
GDQV XQ HQYLURQQHPHQW ULFKH HQ ,PDJLQDLUH SDU<br />
H[HPSOH VXU XQ 3RLQW GH &RQWDFW j XQ U\WKPH<br />
TXL DVVXUH XQH UpJpQpUDWLRQ WRWDOH HQ KHXUHV<br />
GRQF VL OH 7HUUHVWUH D XQH (VVHQFH GH LO UpJp<br />
QqUH XQ SRLQW WRXWHV OHV KHXUHV 'H SOXV OH<br />
7HUUHVWUH SHXW pJDOHPHQW UpJpQpUHU VRQ (VVHQFH<br />
FRPPH XQ )pHULTXH DX FRQWDFW GHV pYHQWXHOOHV<br />
$IILQLWpV TX LO D UpFXSpUpHV /HV SRLQWV GH *OD<br />
PRXU DFTXLV MRXHQW FRPPH ERQXV DX[ MHWV GH<br />
3HUFHSWLRQ SRXU UHFRQQDvWUH OHV SKpQRPqQHV<br />
IpHULTXHV HQ WDQW TXH WHOV PDOJUp OH QLYHDX<br />
G ,PDJLQDLUH DPELDQW 'H PrPH OH IDLW G DYRLU<br />
GX *ODPRXU GRQQH OD SRVVLELOLWp GH IDLUH XQ MHW<br />
SRXU UHFRQQDvWUH XQ 3RLQW GH &RQWDFW PDLV VDQV<br />
RFWUR\HU GH ERQXV (QILQ XQ 7HUUHVWUH TXL D<br />
REWHQX GX *ODPRXU SHXW IDLUH XQ MHW GH *OD<br />
PRXU $IILQLWpV pYHQWXHOOHV SRXU GpWHFWHU OD<br />
PDJLH FRPPH XQ )pHULTXH<br />
/HV GRPPDJHV LQIOLJpV j XQH (PDQDWLRQ Gp<br />
WHQXH SDU XQ 7HUUHVWUH VH UHSRUWHQW VXU OH SRU<br />
WHXU VRXV IRUPH GH EOHVVXUHV 8Q 7HUUHVWUH SHXW<br />
SRVVpGHU XQ 'RPDLQH HQ )pHULH PDLV VDQV 3RLQW<br />
GH &RQWDFW LO OXL VHUD GLIILFLOH GH V \ UHQGUH 8Q<br />
7HUUHVWUH SHXW PrPH REWHQLU XQH $IILQLWp<br />
5R\DXPH YRLUH +DXW 5RL ERQ FRXUDJH TXDQG<br />
PrPH DYHF GHV FRQVpTXHQFHV SDUWLFXOLqUH<br />
PHQW LPSRUWDQWHV VXU )pHULH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
$//,$1&(6<br />
/HV 7HUUHVWUHV SHXYHQW pJDOHPHQW QRXHU<br />
DYHF OHV )pHULTXHV GHV UHODWLRQV SOXV pSDQRXLV<br />
VDQWHV (Q HIIHW SRXU rWUH pWHUQHOV OHV )pHULTXHV<br />
Q HQ VRQW SDV PRLQV VXVFHSWLEOHV GH V DWWDFKHU j<br />
GHV REMHWV RX GHV rWUHV SOXV pSKpPqUHV TX HX[<br />
&HV DWWDFKHPHQWV SHXYHQW rWUH GHV SDVVDGHV VDQV<br />
OHQGHPDLQ FRPPH GHV DPLWLpV LQGpIHFWLEOHV RX<br />
GHV KLVWRLUHV G DPRXU pWHUQHOOHV VHORQ OH FDUDF<br />
WqUH GX )pHULTXH $ O LQYHUVH XQ 7HUUHVWUH SDU<br />
IDVFLQDWLRQ RX SDU DIILQLWp SHUVRQQHOOH SHXW WUqV<br />
ELHQ VH OLHU G DPLWLp DYHF XQ )pHULTXH RX V HQ<br />
DPRXUDFKHU<br />
2Q D YX GHV )pHULTXHV GpYHORSSHU GHV $IIL<br />
QLWpV VSpFLILTXHV DYHF OHV PHPEUHV G XQH FHU<br />
WDLQH IDPLOOH j WLWUH GH UHFRQQDLVVDQFH G XQ VHU<br />
YLFH UHQGX SOXVLHXUV JpQpUDWLRQV DXSDUDYDQW RX<br />
V H[LOHU VXU 7HUUH SRXU FRKDELWHU DYHF HX[ &HU<br />
WDLQV LQVLVWHQW SRXU HQWUDvQHU OHV 7HUUHVWUHV TXL<br />
OHXU SODLVHQW HQ )pHULH PrPH SDUIRLV ORUVTXH<br />
OHXU FRQVHQWHPHQW HVW SRXU OH PRLQV GRXWHX[<br />
G R OHV OpJHQGHV G DPDQWV IpHULTXHV TXL HPPq<br />
QHQW OHXUV FRQTXrWHV GDQV © O DXWUH PRQGH ª SRXU<br />
FHQW DQV<br />
4XRL TX LO HQ VRLW RQ DVVLVWH SDUIRLV j GHV<br />
PDULDJHV HQWUH 7HUUHVWUHV HW )pHULTXHV 1RWRQV<br />
DX SDVVDJH TXH FHWWH QRWLRQ Q H[LVWH SDV HQ WDQW<br />
TXH WHOOH HQ )pHULH PrPH V LO DUULYH TXH SDU<br />
VLQJHULH GHV 7HUUHVWUHV RX SDU UpHO DWWDFKHPHQW<br />
LQWHUSHUVRQQHO GHX[ )pHULTXHV RX SOXV V DWWD<br />
FKHQW O XQ j O DXWUH GH IDoRQ SOXV RX PRLQV GpIL<br />
QLWLYH j O RFFDVLRQ pYHQWXHOOHPHQW G XQH FpUp<br />
PRQLH RX 6FLQGHQW OHXU *ODPRXU HQ FRPPXQ<br />
SRXU © IDLUH GHV HQIDQWV ª<br />
/RUVTXH OH PDULDJH HVW IRUFp SDU OH 7HUUHVWUH<br />
j OD VXLWH G XQH GpIDLWH OH PDULDJH HVW XQ 3DFWH<br />
*XLOOHEHUW GH 0HWV<br />
SRXU OH )pHULTXH &RPPH OH 7HUUHVWUH HVW PRUWHO<br />
FHWWH REOLJDWLRQ HQYHUV OXL QH VDXUDLW rWUH XQ<br />
*HLV SDU HVVHQFH GpILQLWLI ,O HVW GRQF JpQpUDOH<br />
PHQW DVVRUWL GH FRQGLWLRQV GH UXSWXUH DXWUHV TXH<br />
© MXVTX·j FH TXH OD PRUW QRXV VpSDUH ª © WX UHV<br />
WHUDV PRQ FRQMRLQW WDQW TXH MH SRVVpGHUDL WD<br />
SHDX ª SRXU OHV 6HONLHV GHV 2UFDGHV © WX UHVWHUDV<br />
PRQ FRQMRLQW WDQW TXH MH QH WH YHUUDL SDV GDQV<br />
WRQ EDLQ ª SRXU 0pOXVLQH /RUVTXH OD QpJOLJHQFH<br />
GX 7HUUHVWUH RX O LQJpQLRVLWp GX )pHULTXH SHU<br />
PHWWHQW GH URPSUH O HQJDJHPHQW GX 7HUUHVWUH OH<br />
SDFWH HVW OHYp SRXU OH )pHULTXH TXL HVW OLEUH GH<br />
SDUWLU RX GH UHVWHU VL HQWUH WHPSV LO V HVW DWWDFKp j<br />
VRQ FRQMRLQW RX j VHV HQIDQWV 6L OH )pHULTXH YHXW<br />
VH VpSDUHU SDU DQWLFLSDWLRQ LO URPSW OH 3DFWH HW<br />
HVW 'pSRXLOOp DX SURILW GX 7HUUHVWUH DYHF GpSHU<br />
GLWLRQV<br />
/HV PDULDJHV PL[WHV VRQW HQ SUDWLTXH DVVH]<br />
GLIILFLOHV j YLYUH DX TXRWLGLHQ 6RLW OH )pHULTXH<br />
V DVWUHLQW j YLYUH VXU 7HUUH VRLW OH 7HUUHVWUH V DV<br />
WUHLQW j YLYUH HQ )pHULH DYHF OHV QpFHVVLWpV<br />
G DGDSWDWLRQ TXL HQ GpFRXOHQW HW GH VXUFURvW<br />
FHOXL TXL V H[LOH URPSW OHV SRQWV DYHF OHV VLHQV HW<br />
DYHF VD FXOWXUH &HW H[LO HVW JpQpUDOHPHQW PLHX[<br />
YpFX SDU OH )pHULTXH TXH SDU OH 7HUUHVWUH<br />
G DERUG SDUFH TXH OHV )pHULTXHV VRQW SOXV LQGLYL<br />
GXDOLVWHV HW YLYHQW PLHX[ GH VH UHWURXYHU VHXOV HQ<br />
WHUUH pWUDQJqUH HQVXLWH SDUFH TXH OD 7HUUH HVW<br />
PRLQV SHUWXUEDQWH SRXU XQ )pHULTXH TXH QH O HVW<br />
)pHULH SRXU XQ 7HUUHVWUH HW HQILQ SDUFH TXH<br />
)pHULH Q pYROXDQW SDV OH )pHULTXH QH UDWH SDV<br />
JUDQG FKRVH HQ SDVVDQW XQH SDUWLH GH VRQ pWHUQL<br />
Wp VXU 7HUUH $ PRLQV TXH TXHOTX XQ Q HQ SURILWH<br />
SRXU V HQ SUHQGUH j VRQ 'RPDLQH HQ VRQ DE<br />
VHQFH PDLV LO OH UHVVHQW HW SHXW LQWHUYHQLU /HV<br />
VROXWLRQV G DOOHU UHWRXU VRQW SHX SUDWLTXHV SDUFH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
TXH OHV 3RLQWV GH &RQWDFW QH FRQQHFWHQW SDV GHV<br />
LQVWDQWV SUpFLV PDLV GHV &RQWH[WHV $X UHWRXU VXU<br />
7HUUH G XQH HVFDSDGH HQ )pHULH OH 7HUUHVWUH SHXW<br />
WUqV ELHQ VH UHWURXYHU DYDQW VD QDLVVDQFH RX WURLV<br />
JpQpUDWLRQV DSUqV VRQ GpSDUW<br />
3DU DLOOHXUV WDQW TX LO HVW VXU 7HUUH OH 7HU<br />
UHVWUH YLHLOOLW DORUV TXH OH )pHULTXH HVW pWHUQHO $<br />
OD ORQJXH O pFDUW G kJH DSSDUHQW VH FUHXVH HW OD<br />
5(352'8&7,21<br />
/HV HQIDQWV YLHQQHQW G rWUH pYRTXpV (Q HI<br />
IHW GHV FDV G K\EULGDWLRQ VRQW FRQQXV HQWUH<br />
7HUUHVWUHV HW )pHULTXHV 3RXUWDQW OHV )pHULTXHV<br />
Q pWDQW SDV GHV rWUHV RUJDQLTXHV OHXU XQLRQ DYHF<br />
GHV 7HUUHVWUHV HVW HQ SULQFLSH VWpULOH &HOD GLW VL<br />
OH )pHULTXH GpFLGH GH VH 6FLQGHU VRQ *ODPRXU<br />
SHXW VH PrOHU DX[ JqQHV GX 7HUUHVWUH SRXU SUR<br />
GXLUH XQ rWUH K\EULGH 6L OD PqUH HVW WHUUHVWUH OD<br />
JHVWDWLRQ SHXW rWUH pPDLOOpH GH SKpQRPqQHV<br />
LQWpUHVVDQWV OLpV j OD SHUVRQQDOLWp GH O K\EULGH<br />
GXUpH DQRUPDOHPHQW ORQJXH RX FRXUWH HQIDQW<br />
TXL SDUOH j VD PqUH DYDQW OD QDLVVDQFH RX PDUFKH<br />
HW SDUOH j SHLQH Qp 6L OD PqUH HVW IpHULTXH WRXW<br />
HVW SRVVLEOH \ FRPSULV O DSSDULWLRQ LQVWDQWDQpH<br />
G XQ rWUH DGXOWH<br />
7HFKQLTXHPHQW O K\EULGH IRQFWLRQQH<br />
FRPPH XQ 7HUUHVWUH TXL D DFTXLV GX *ODPRXU<br />
F HVW XQ rWUH RUJDQLTXH j OD EDVH PDLV GRWp G XQH<br />
pWLQFHOOH GH IpHULH 6RQ KpULWDJH JpQpWLTXH HVW<br />
FHOXL GH VRQ SDUHQW WHUUHVWUH DVVRUWL GHV $WWUL<br />
EXWV GRQW VRQ SDUHQW IpHULTXH V HVW 6FLQGp DYHF<br />
OHXUV 6LJQHV HW pYHQWXHOOHPHQW GHV WUDFHV GH VD<br />
0DQLIHVWDWLRQ 7RXWHIRLV OH SKpQRPqQH G K\EUL<br />
GDWLRQ LQGXLW XQ UHPDQLHPHQW GX *ODPRXU<br />
WUDQVIpUp SDU O LQFRQVFLHQW GX SDUHQW WHUUHVWUH HW<br />
OHV $WWULEXWV GX UHMHWRQ SHXYHQW rWUH SOXV RX<br />
PRLQV GLIIpUHQWV HQ TXDOLWp HW HQ TXDQWLWp GH<br />
FHX[ RFWUR\pV SDU VRQ SDUHQW IpHULTXH 'H FH IDLW<br />
OHV K\EULGHV GpYHORSSHQW SDUIRLV GHV 3RXYRLUV<br />
VSpFLILTXHV j OHXU GRXEOH QDWXUH TXL Q DXUDLHQW<br />
SDV GH VHQV SRXU GHV )pHULTXHV j SDUW HQWLqUH<br />
UpJpQpUDWLRQ GHV EOHVVXUHV LPPXQLWp DX[ PDOD<br />
GLHV MHXQHVVH pWHUQHOOH (Q RXWUH LOV VRQW JpQp<br />
UDOHPHQW SDUWLFXOLqUHPHQW GRXpV SRXU SUDWLTXHU<br />
OD PDJLH WHUUHVWUH FI SOXV EDV SXLVTX LOV<br />
FRQWLHQQHQW GpMj GX *ODPRXU ,O DUULYH GRQF<br />
TX LOV SRVVqGHQW GqV OD QDLVVDQFH RX GpYHORSSHQW<br />
DX ILO GX WHPSV OHV $VSHFWV DG KRF<br />
/ K\EULGH SHXW RX QRQ rWUH IDYRUDEOH DX[<br />
)pHULTXHV ,O SHXW KDwU VD GRXEOH QDWXUH D IRUWLR<br />
UL V LO D pWp DEDQGRQQp SDU VRQ SDUHQW IpHULTXH RX<br />
V LO HVW OH SURGXLW G XQ YLRO 'H PrPH HQ PDWLqUH<br />
GH IRL F HVW FRPPH WRXMRXUV OH FKRL[ LQGLYLGXHO<br />
PRUW ILQLW SDU IUDSSHU HW VpSDUHU / H[LO HQ )pHULH<br />
DYDQW TX LO QH VRLW WURS WDUG HVW WRXMRXUV XQH<br />
VROXWLRQ PDLV FRQGDPQH j DEDQGRQQHU OHV pYHQ<br />
WXHOV HQIDQWV VXU 7HUUH RX j OHV HPPHQHU HQ<br />
)pHULH FH TXL VXVSHQG j MDPDLV OHXU FURLVVDQFH HW<br />
OHXU PDWXUDWLRQ 2Q SHXW WRXMRXUV HVSpUHU TX j<br />
VD PRUW OH 7HUUHVWUH VH UHWURXYHUD HQ )pHULH<br />
SRXU WRXMRXUV PDLV FH Q HVW MDPDLV XQH FHUWLWXGH<br />
TXL SULPH /HV K\EULGHV VRQW WRXWHIRLV WUqV<br />
SURPSWV j UHMRLQGUH )pHULH DSUqV OHXU PRUW<br />
,QVLVWRQV HQILQ VXU OH IDLW TXH OHV )pHULTXHV<br />
QH VRQW SDV QpFHVVDLUHPHQW KXPDQRwGHV HW<br />
PrPH V LOV OH VRQW TXH OHXUV $IILQLWpV SHXYHQW<br />
OHV DWWLUHU YHUV G DXWUHV IRUPHV GH YLH 5LHQ<br />
Q HPSrFKH GRQF XQ )pHULTXH GH V K\EULGHU DYHF<br />
XQ DQLPDO RX XQH SODQWH YRLUH XQ REMHW LQDQLPp<br />
RX XQ SKpQRPqQH QDWXUHO j TXL OH *ODPRXU<br />
DFFRUGp FRQIpUHUD SHXW rWUH OH PRXYHPHQW RX OD<br />
FRQVFLHQFH<br />
(QILQ OHV )pHULTXHV VRQW JpQpUDOHPHQW DVVH]<br />
VHQVLEOHV DX SRWHQWLHO LPDJLQDWLI GHV HQIDQWV TXL<br />
OHXU SHUPHW GH SHUFHYRLU OH VXUQDWXUHO RX OHV<br />
3RLQWV GH &RQWDFW SOXV IDFLOHPHQW TXH OHV DGXO<br />
WHV ,O DUULYH GRQF TX LOV HQ HPPqQHQW FHUWDLQV HQ<br />
)pHULH RX TX LOV UHFKLJQHQW j ODLVVHU UHSDUWLU FHX[<br />
TXL \ VRQW DUULYpV HQ HPSUXQWDQW DFFLGHQWHOOH<br />
PHQW XQ 3RLQW GH &RQWDFW LQWULJXpV TX LOV VRQW<br />
SDU FHV pWUDQJHV 7HUUHVWUHV GRQW OH FRPSRUWH<br />
PHQW HVW SDUIRLV VL IpHULTXH &HUWDLQV )pHULTXHV<br />
UpVLGDQW VXU 7HUUH RQW SDUIRLV OD PrPH UpDFWLRQ<br />
3RXU DXWDQW FHWWH FXULRVLWp HQYHUV OHV HQIDQWV<br />
Q HVW SDV WRXMRXUV ELHQYHLOODQWH LO \ D GHV )pHUL<br />
TXHV DQWKURSRSKDJHV RX FUXHOV & HVW Oj O RUL<br />
JLQH GHV OpJHQGHV G pFKDQJHV RX PrPH GH YROV<br />
G HQIDQWV &HV SUDWLTXHV QH VRQW SDV WRXMRXUV<br />
ELHQ YXHV SDU OHV )pHULTXHV FDU HOOHV DWWLUHQW O DW<br />
WHQWLRQ HW VRXYHQW OH FRXUURX[ GHV 7HUUHVWUHV<br />
(Q FRQWUHSDUWLH HOOHV RQW OH PpULWH G HQWUHWHQLU OD<br />
SUpVHQFH GX SHWLW SHXSOH GDQV O LPDJLQDLUH WHUUHV<br />
WUH<br />
(Q HIIHW OHV HQIDQWV TXL RQW SDVVp GX WHPSV<br />
DYHF GHV )pHULTXHV GpYHORSSHQW VRXYHQW XQH<br />
IRUPH G HVSULW IDYRUDEOH j O ,PDJLQDLUH GHV<br />
&RPSpWHQFHV FUpDWLYHV HW SDUIRLV XQH DSWLWXGH j<br />
OD PDJLH RX XQH IRL VHORQ OHXU FRPSUpKHQVLRQ<br />
GHV pYpQHPHQWV GH OHXU SHWLWH HQIDQFH 'H SOXV<br />
LOV VRQW GH ERQV FDQGLGDWV j GHYHQLU GHV )pHUL<br />
TXHV DSUqV OHXU PRUW (QILQ LOV FRQVWLWXHQW SDU<br />
IRLV GHV © EDVHV DUULqUHV ª SRXU OHV )pHULTXHV HQ<br />
YLVLWH VXU 7HUUH HQ OHV KpEHUJHDQW GDQV GHV OLHX[<br />
ULFKHV HQ ,PDJLQDLUH HW HQ OHXU SRUWDQW DVVLV<br />
WDQFH ,O DUULYH PrPH TXH FHUWDLQV WUDQVPHWWHQW
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
OH IODPEHDX j OHXUV HQIDQWV ' DXWUHV DX<br />
FRQWUDLUH UDPHQpV VXU 7HUUH DSUqV OD PRUW GH<br />
OHXUV SDUHQWV DX JUp GHV FDSULFHV GHV 3RLQWV GH<br />
&RQWDFW HQ YHXOHQW DX[ )pHULTXHV GH OHXU DYRLU<br />
YROp OHXU HQIDQFH HW XWLOLVHQW OHXU FRQQDLVVDQFH<br />
GHV UpDOLWpV IpHULTXHV SRXU OXWWHU FRQWUH HX[ VXU<br />
7HUUH HW PrPH HQ )pHULH<br />
3DU HVSULW GH FRPSHQVDWLRQ RX GDQV OH EXW<br />
G LQILOWUHU XQH IDPLOOH WHUUHVWUH SDU MHX RX j GHV<br />
ILQV G HVSLRQQDJH FHUWDLQV )pHULTXHV VH VXEVWL<br />
2%-(76 7(55(675(6<br />
/HV REMHWV WHUUHVWUHV RQW GHV FDSDFLWpV LQWULQ<br />
VqTXHV TXL QH GpSHQGHQW SDV GHV 7HUUHVWUHV TXL<br />
OHV PDQLSXOHQW $LQVL<br />
• OHV DUPXUHV WHUUHVWUHV GRQQHQW GHV ERQXV j<br />
O (QFDLVVHPHQW HW GHV PDOXV j O +DELOHWp<br />
5pIOH[HV &RRUGLQDWLRQ YRLUH j OD 9LJLODQFH<br />
3HUFHSWLRQ FDVTXHV &HUWDLQHV Q DEDLVVHQW<br />
TXH OD 'pIHQVH HW RX O ,QLWLDWLYH /H PDOXV HVW<br />
JpQpUDOHPHQW FRUUpOp DX ERQXV G (QFDLVVH<br />
PHQW PDLV LO HVW SURSRUWLRQQHOOHPHQW GH<br />
PRLQV HQ PRLQV IRUW TXDQG OH QLYHDX WHFKQR<br />
ORJLTXH GX &RQWH[WH GRQW O DUPXUH HVW LVVXH<br />
SURJUHVVH<br />
• OHV DUPHV WHUUHVWUHV DMXVWHQW O ,QLWLDWLYH HW<br />
O $WWDTXH JpQpUDOHPHQW HQ QpJDWLI PDQLHU XQ<br />
REMHW HQFRPEUDQW HVW WRXMRXUV PRLQV YLI HW<br />
SUpFLV TXH GH PDQLSXOHU VRQ SURSUH *OD<br />
PRXU PDLV WRXV OHV FDV VRQW SRVVLEOHV (Q<br />
UHYDQFKH HOOHV DFFURLVVHQW OHV 'RPPDJHV HQ<br />
SURSRUWLRQ HW OH SURJUqV WHFKQRORJLTXH SHU<br />
PHW G RSWLPLVHU OH UDSSRUW ERQXV DX[ 'RP<br />
PDJHV PDOXV j OD PDQLDELOLWp<br />
• OHV DUPHV VXVFHSWLEOHV GH SDUHU QRWDPPHQW<br />
OHV ERXFOLHUV GRQQHQW XQ ERQXV HQ 'pIHQVH<br />
GHV DUPHV SDUWLFXOLqUHPHQW HQFRPEUDQWHV<br />
IOpDX[ G DUPHV KDOOHEDUGHV SHXYHQW DX<br />
FRQWUDLUH RFWUR\HU XQ PDOXV HQ 'pIHQVH<br />
• OHV DUPHV j GLVWDQFH WHUUHVWUHV QpFHVVLWHQW XQ<br />
WHPSV GH SUpSDUDWLRQ SRXU SRXYRLU rWUH XWLOL<br />
VpHV DX SLHG OHYp WHQGUH OD FRUGH GH O DUF VXU<br />
OH ERLV HW HQFRFKHU XQH IOqFKH FKDUJHU O DU<br />
TXHEXVH HW OD SRVHU VXU OD IRXUTXLQH UHPRQ<br />
WHU O DUEDOqWH {WHU OD VpFXULWp SXLV PDQ±XYUHU<br />
OD SRPSH HW UpJOHU OH VpOHFWHXU GH WLU GX<br />
&$: 6HORQ O DUPH FHOD SHXW FRQVWLWXHU XQH<br />
RX SOXVLHXUV DFWLYLWpV GLIIpUHQWHV TXL H[LJHQW<br />
XQ MHW JpQpUDOHPHQW G +DELOHWp &RRUGLQD<br />
WLRQ $IILQLWpV DSSOLFDEOHV j O DUPH XWLOLVpH<br />
DLQVL TXH OH WHPSV GH OHV PHQHU j ELHQ DYDQW<br />
GH SRXYRLU ULSRVWHU 6L O DUPH HVW GpMj SUrWH<br />
WXHQW j GHV HQIDQWV HQOHYpV FRPPH GpFULW FL<br />
GHVVXV &HUWDLQHV FXOWXUHV OHV DSSHOOHQW GHV<br />
&KDQJHOLQV ,OV UHVWHQW HQ WRXV SRLQWV GHV )pHUL<br />
TXHV FODVVLTXHV PDLV SHXYHQW GpYHORSSHU j OD<br />
ORQJXH GHV $WWULEXWV SDUWLFXOLHUV OLpV j OHXU HQYL<br />
URQQHPHQW $IILQLWp HQYHUV OHXU IDPLOOH G DF<br />
FXHLO ,OV VRQW VRXYHQW WUqV IDFLOHV j GpPDVTXHU<br />
j PRLQV TX LOV QH GLVSRVHQW G XQH FRQQDLVVDQFH<br />
pWHQGXH GX &RQWH[WH GDQV OHTXHO LOV VH VRQW LQV<br />
WDOOpV<br />
VHQWLQHOOH TXL PRQWH OD JDUGH LO Q \ D TX j OD<br />
EUDTXHU VXU OD FLEOH FH TXL VH WUDGXLW SDU XQ<br />
MHW G ,QLWLDWLYH FODVVLTXH DMXVWp SDU OD PDQLDEL<br />
OLWp GH O DUPH<br />
• OHV DUPHV GLWHV © j UpSpWLWLRQ ª F HVW j GLUH<br />
FDSDEOHV GH WLUHU SOXVLHXUV FRXSV G DIILOpH VDQV<br />
UHFKDUJHU WRXWH DUPH j IHX PRGHUQH HW FHU<br />
WDLQHV DUEDOqWHV RQW XQH FDGHQFH GH WLU LQGp<br />
SHQGDQWH GH O XWLOLVDWHXU HQ IRQFWLRQ GH OHXU<br />
UHFXO SOXV RX PRLQV LPSRUWDQW RX GH OHXU<br />
WHPSV G DFFXPXODWLRQ GH SXLVVDQFH HOOHV<br />
SHXYHQW DMXVWHU OH QRPEUH GH UDQJV G ,QLWLD<br />
WLYH QpFHVVDLUHV HQWUH DFWLYLWpV FRQVpFXWLYHV<br />
DX FRXUV G XQH PrPH $FWLRQ TXL HVW GH SDU<br />
GpIDXW FI FKDSLWUH FRPEDW (OOHV RQW pJDOH<br />
PHQW XQH FRQWHQDQFH HQ PXQLWLRQV TX LO IDXW<br />
VXLYUH /RUVTXH FHWWH FRQWHQDQFH HVW pSXLVpH<br />
LO IDXW OHV UHFKDUJHU FH TXL H[LJH j QRXYHDX<br />
XQH RX SOXVLHXUV DFWLYLWpV WUDGXLWHV SDU GHV<br />
MHWV G +DELOHWp &RRUGLQDWLRQ $IILQLWpV<br />
DSSOLFDEOHV j O DUPH XWLOLVpH<br />
• OHV DXWUHV DUPHV j GLVWDQFH DUFV PRXVTXHWV<br />
IURQGHV VDUEDFDQH DUPHV GH ODQFHU QpFHV<br />
VLWHQW XQH QRXYHOOH VpULH G DFWLYLWpV SRXU SRX<br />
YRLU rWUH XWLOLVpHV GH QRXYHDX &HWWH VpULH HVW<br />
VRXYHQW SOXV VLPSOH TXH OD VpULH LQLWLDOH SXLV<br />
TX LO QH V DJLW TXH GH SUpSDUHU XQ QRXYHDX<br />
SURMHFWLOH HW QRQ GH UHFRQILJXUHU O DUPH HOOH<br />
PrPH<br />
• OHV DUPHV j GLVWDQFH DXWRSURSXOVpHV DUPHV j<br />
IHX DUEDOqWHV DUPHV IXWXULVWHV j pQHUJLH FDX<br />
VHQW GHV 'RPPDJHV LQGpSHQGDQWV GHV $V<br />
SHFWV GH O XWLOLVDWHXU<br />
• FHV PrPHV DUPHV DXWRSURSXOVpHV RQW XQH<br />
SRUWpH LQWULQVqTXH HW LQGpSHQGDQWH GH O XWLOL<br />
VDWHXU /HV DXWUHV DUPHV j GLVWDQFH RQW XQH<br />
SRUWpH TXL GpSHQG GH OD 3XLVVDQFH )RUFH<br />
7DLOOH PRGLILpH SDU O ,PDJLQDLUH GH O XWLOLVD<br />
WHXU H[SULPpH GDQV XQH XQLWp GH GLVWDQFH TXL<br />
GpSHQG GH O DUPH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
• XQH DUPH j SURMHFWLOHV WHUUHVWUH SHXW WLUHU GHV<br />
SURMHFWLOHV IpHULTXHV VL OHV 7DLOOHV VRQW FRPSD<br />
WLEOHV PDLV OHV 'RPPDJHV VRQW FDOFXOpV<br />
FRPPH SRXU XQH DUPH IpHULTXH 3XLVVDQFH<br />
7DLOOH $IILQLWpV HW OD FRQWHQDQFH HQ PX<br />
QLWLRQV HVW LOOLPLWpH<br />
• XQH DUPH j SURMHFWLOHV IpHULTXH SHXW WLUHU GHV<br />
SURMHFWLOHV WHUUHVWUHV VL OHV 7DLOOHV VRQW FRP<br />
SDWLEOHV PDLV OD SRUWpH OD FDGHQFH GH WLU ,QL<br />
WLDWLYH HW O $WWDTXH VRQW FDOFXOpHV VHORQ OHV<br />
UqJOHV IpHULTXHV<br />
• XQ REMHW Q HVW XWLOLVDEOH TXH SDU TXHOTX XQ<br />
TXL HVW GDQV XQH FHUWDLQH IRXUFKHWWH GH 7DLOOH<br />
OD IpH &ORFKHWWH HVW WURS SHWLWH SRXU PDQLSX<br />
OHU XQ DUF GH FRPSpWLWLRQ XQ JLOHW SDUH<br />
/(6 )((5,48(6 685 7(55(<br />
&HUWDLQV )pHULTXHV UpVLGHQW VXU 7HUUH ,O SHXW<br />
V DJLU GH SURVFULWV GH JHQV TXL RQW FKRLVL O H[LO RX<br />
VRQW WRPEpV DPRXUHX[ G XQ &RQWH[WH RX HQFRUH<br />
GH YR\DJHXUV pSLVRGLTXHV TXL QH YRQW SDV V DW<br />
WDUGHU DYDQW GH UHWRXUQHU HQ )pHULH<br />
7RXV FHX[ TXL RQW UpVLGp ORQJXHPHQW VXU<br />
7HUUH RQW DFTXLV GHV KDELWXGHV OpJqUHPHQW GLIIp<br />
UHQWHV GHV DXWUHV 7RXW G DERUG OHV HIIHWV GH<br />
O ,PDJLQDLUH VXU OD 7DLOOH OHV FRQGXLVHQW JpQpUD<br />
OHPHQW j SULYLOpJLHU OD GLVFUpWLRQ HW OHV WHFKQLTXHV<br />
pYDVLYHV SOXW{W TX XQH DWWLWXGH GH PDWDPRUH 'H<br />
PrPH OHV HIIHWV GH O ,PDJLQDLUH VXU OD PDJLH<br />
UHQGHQW SOXV UHQWDEOH GH SULYLOpJLHU OHV $IILQLWpV<br />
HW QRWDPPHQW OHV (PDQDWLRQV SOXW{W TXH OHV<br />
3RXYRLUV HW VXUWRXW OHV 7DOHQWV (QILQ LO HVW LP<br />
SRVVLEOH GH GLVSRVHU G XQ 'RPDLQH VXU 7HUUH<br />
/HV )pHULTXHV WHUUHVWUHV SHX FRQIURQWpV j G DX<br />
WUHV )pHULTXHV SRUWHQW JpQpUDOHPHQW SHX GH<br />
*HVD RX GH 3DFWHV PDLV RQW WHQGDQFH j FURXOHU<br />
DVVH] YLWH VRXV OHV 7UDLWV 'H SOXV j IRUFH GH<br />
YLYUH HQ SHUPDQHQFH VRXV O LQIOXHQFH GHV<br />
&UR\DQFHV ORFDOHV FHUWDLQV ILQLVVHQW SDU OHV LQWp<br />
JUHU VRXV IRUPH GH 7UDLWV (W j O LQYHUVH OHXU<br />
FRPSRUWHPHQW Q HVW SDV VDQV LQIOXHQFHU OHV VX<br />
SHUVWLWLRQV ORFDOHV<br />
%LHQ VRXYHQW LOV VH © SURFXUHQW ª GHV REMHWV<br />
WHUUHVWUHV SRXU DVVXUHU OHXU FRQIRUW RX OHXU Gp<br />
IHQVH 'DQV FHUWDLQV &RQWH[WHV RQ WURXYH SDUPL<br />
EDOOHV HVW XQ JUDYLOORQ GDQV OD PDLQ G XQ JpDQW<br />
GH PqWUHV<br />
• HQILQ FHUWDLQV REMHWV QpFHVVLWHQW GHV VFRUHV<br />
PLQLPXPV GDQV FHUWDLQV $VSHFWV 3XLVVDQFH<br />
)RUFH SRXU XQ REMHW HQFRPEUDQW +DELOHWp<br />
&RRUGLQDWLRQ SRXU XQH DUPH FRPSOH[H 9L<br />
JLODQFH 3HUFHSWLRQ SRXU XQH DUPH j GLV<br />
WDQFH VRXV SHLQH GH VRXIIULU G XQ PDOXV j<br />
FHUWDLQV VFRUHV GH FRPEDW $WWDTXH 'pIHQVH<br />
,QLWLDWLYH 'RPPDJHV VHORQ OHV FDV pJDO DX<br />
QRPEUH GH SRLQWV PDQTXDQWV &HV VFRUHV<br />
SHXYHQW rWUH DMXVWpV SDU GHV 3RXYRLUV RX GHV<br />
$IILQLWpV<br />
HX[ GHV $IILQLWpV DW\SLTXHV HQYHUV GHV HQJLQV<br />
WHFKQRORJLTXHV DGDSWpV DX[ UpDOLWpV ORFDOHV ,O<br />
DUULYH TXH OHXU 0DQLIHVWDWLRQ SUHQQH GHV FDUDFWp<br />
ULVWLTXHV WUqV pWRQQDQWHV SRXU XQ )pHULTXH © GH<br />
VRXFKH ª<br />
&HV )pHULTXHV SRXU DVVXUHU OHXU VXUYLH VH<br />
UHJURXSHQW HQ JpQpUDO GDQV OHV OLHX[ G ,PDJLQDLUH<br />
pOHYp HW QRWDPPHQW SUqV GHV 3RLQWV GH &RQWDFW<br />
TXH OHXU VHXOH SUpVHQFH HQWUHWLHQW &HUWDLQV RQW<br />
XQ 'RPDLQH HQ )pHULH TXL FRQWLHQW XQ 3RLQW HW<br />
SDUWDJHQW OHXU WHPSV HQWUH OHV GHX[ PRQGHV<br />
'DQV OH PrPH HVSULW LOV RQW WHQGDQFH j VH UH<br />
JURXSHU HQ FRPPXQDXWpV O XQLRQ IDLW OD IRUFH<br />
0DLV SXLVTXH FHV FRPPXQDXWpV VRQW WUqV UpGXL<br />
WHV WUqV LVROpHV HW SpUHQQHV OD SUHVVLRQ UHODWLRQ<br />
QHOOH HVW WUqV IRUWH FRPPH SDUPL GHV QDXIUDJpV<br />
VXU XQH vOH GpVHUWH ,O HVW GRQF SUpIpUDEOH G pYLWHU<br />
OHV FRQIOLWV G DXWDQW TXH OHV OLHX[ KDELWDEOHV QH<br />
VRQW SDV OpJLRQ GDQV FHUWDLQV &RQWH[WHV $XVVL<br />
OHV UHJURXSHPHQWV VH IRQW JpQpUDOHPHQW SDU<br />
$IILQLWpV & HVW GH Oj TXH YLHQW OD QRWLRQ 7HUUHV<br />
WUH GH © SHXSOH IpHULTXH ª TXL KDELWH FHUWDLQV<br />
OLHX[ GH OpJHQGH HW GRQW WRXV OHV PHPEUHV SUp<br />
VHQWHQW GHV FDUDFWpULVWLTXHV FRPPXQHV 1DLQV<br />
PLQHXUV HW EDUEXV GDQV OD IRUrW SHXSOH GH 1X<br />
WRQV EOHXV LGHQWLTXHV HW PDQJHXUV GH VDOVHSD<br />
UHLOOH EDQGHV GH .RUULJDQV VRXV OHV DOLJQHPHQWV<br />
GH PHQKLUV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/$ 0$*,( 7(55(675(<br />
/HV &RQWH[WHV WHUUHVWUHV FRQWLHQQHQW GHV<br />
WUDFHV GH *ODPRXU HQ TXDQWLWp LQILQLWpVLPDOH SDU<br />
UDSSRUW j )pHULH YHVWLJHV GH O $JH G $UJHQW &HV<br />
WUDFHV TXL DOLPHQWHQW OH QLYHDX G ,PDJLQDLUH<br />
DPELDQW HW VXEVLVWHQW JUkFH j OXL VRQW FH TXL<br />
SHUPHW DX[ )pHULTXHV G XWLOLVHU OHXU PDJLH VXU<br />
7HUUH<br />
0DLV FHUWDLQV 7HUUHVWUHV RQW GpYHORSSp GHV<br />
WHFKQLTXHV OHXU SHUPHWWDQW GH PDQLSXOHU FHV<br />
WUDFHV UpVLGXHOOHV SRXU DOWpUHU OD UpDOLWp 7RXWH<br />
IRLV Q pWDQW SDV j OD GLIIpUHQFH GHV )pHULTXHV<br />
GHV rWUHV GH *ODPRXU HX[ PrPHV HW Q D\DQW SDV<br />
GLVSRVp G XQH pWHUQLWp GH SUDWLTXH OHXU PDJLH HVW<br />
QHWWHPHQW SOXV OLPLWpH GDQV VHV HIIHWV LQFHUWDLQH<br />
GDQV VHV FRQVpTXHQFHV HW FRPSOH[H GDQV VD PLVH<br />
HQ RHXYUH TXH OHV GRQV QDWXUHOV GHV )pHULTXHV<br />
6DQV SDUOHU GX IDLW TXH OD PDJLH HVW TXDVL<br />
V\VWpPDWLTXHPHQW FRORUpH G pVRWpULVPH TXL<br />
EURXLOOH ODUJHPHQW OD FRPSUpKHQVLRQ GHV SKp<br />
QRPqQHV UpHOV<br />
WHPSV<br />
(GPRQG 'XODF<br />
7RXW DFWH PDJLTXH KXPDLQ VH IDLW HQ GHX[<br />
• O DFFRPSOLVVHPHQW G XQ © ULWXHO ª %LHQ VRX<br />
YHQW OD SOXSDUW GH VHV pOpPHQWV VRQW SXUH<br />
PHQW FRVPpWLTXHV LVVXV GH OD WUDGLWLRQ<br />
FRQVpTXHQFHV GHV V\VWqPHV GH SHQVpH TXL YL<br />
VHQW j LQWHUSUpWHU OHV HIIHWV REWHQXV RX GHVWL<br />
QpV j LPSUHVVLRQQHU OH SURIDQH 0DLV FHX[ TXL<br />
IRQFWLRQQHQW UpHOOHPHQW SORQJHQW O RIILFLDQW<br />
GDQV XQ pWDW DOWpUp GH FRQVFLHQFH $ FHW HIIHW<br />
LOV UHFRXUHQW JpQpUDOHPHQW j GHV pOpPHQWV<br />
FRPPH OD WUDQVH OD GURJXH OH VH[H OD PpGLWD<br />
WLRQ OD JORVVRODOLH OD GDQVH OD PXVLTXH<br />
/ HIIHW HQ HVW G DFFURvWUH ORFDOHPHQW O ,PDJL<br />
QDLUH GRQF OH *ODPRXU 'DQV OHV FDV H[WUr<br />
PHV XQ 3RLQW GH &RQWDFW V RXYUH O RIILFLDQW<br />
© FRPPXQLH DYHF O $XWUH 0RQGH ª © IUDQFKLW<br />
OHV 6HSKLURWK ª © HVW FKHYDXFKp SDU OHV /RD ª<br />
PDLV GDQV WRXV OHV FDV OH SLF WHPSRUDLUH<br />
G ,PDJLQDLUH V DFFRPSDJQH G XQH PRQWpH HQ<br />
IOqFKH GX WDX[ ORFDO GH *ODPRXU G DXWDQW<br />
SOXV LPSRUWDQWH TXH OH SLF G ,PDJLQDLUH HVW<br />
PDUTXp<br />
• O H[HUFLFH GH OD YRORQWp GX PDJLFLHQ VXU FH<br />
*ODPRXU SRXU UHVWUXFWXUHU OH UpHO /HV HIIHWV<br />
SRVVLEOHV VRQW OLPLWpV SDU OHV FUR\DQFHV GX<br />
PDJLFLHQ HW SDU OH *ODPRXU GLVSRQLEOH<br />
,O HVW j QRWHU TXH FHV LQIRUPDWLRQV QH VRQW<br />
JpQpUDOHPHQW SDV FRQQXHV SDU OHV PDJHV HX[<br />
PrPHV TXL FURLHQW © LQYRTXHU OHV HVSULWV ª<br />
© ODLVVHU V H[SULPHU OHXU pWLQFHOOH GLYLQH ª<br />
© VXSSOLHU O (VSULW 6DLQW G LQWHUYHQLU ª © HPSOR\HU<br />
OH FKDUPH RFWUR\p SDU OH 3ULQFH GHV 7pQqEUHV ª<br />
RX © IDLUH DSSHO DX SRWHQWLHO SVLRQLTXH GH OHXUV<br />
JqQHV DWODQWHV ª HW SUHQQHQW DOOqJUHPHQW OH ULWXHO<br />
TXL Q HVW QpFHVVDLUH TXH GX IDLW GH OD SDXYUHWp<br />
QDWXUHOOH GH OD 7HUUH HQ *ODPRXU PDLV F HVW FH<br />
TXL SHUPHW j OD SK\VLTXH j O KLVWRLUH HW j OD ELR<br />
ORJLH G DYRLU XQ VHQV SRXU O DFWH PDJLTXH HQ<br />
WDQW TXH WHO DORUV TXH OD PDJLH FRQVLVWH VLPSOH<br />
PHQW j H[SULPHU VRQ GpVLU HW j ODLVVHU OH *OD<br />
PRXU V pFRXOHU 3DU DLOOHXUV OH ULWXHO Q pWDQW<br />
TX XQ DFFXPXODWHXU GH SRXYRLU Q LPSRUWH TXHO<br />
ULWXHO SHXW rWUH XWLOLVp SRXU Q LPSRUWH TXHO HIIHW<br />
GX PRPHQW TXH OH PDJLFLHQ GpOLUH LO SHXW IDLUH<br />
Q LPSRUWH TXRL 0DLV VHV FUR\DQFHV FRORUHQW VHV<br />
FDSDFLWpV HW VRQ LPDJLQDWLRQ VHUD VXUWRXW VWLPX<br />
OpH SDU FHUWDLQV FRXSOHV ULWXHO HIIHW UHFKHUFKp<br />
XQ KRXQJDQ YDXGRX QH VH FURLUD SDV FDSDEOH GH<br />
JXpULU XQ DQLPDO VDQV LQYRTXHU 'DPEDOODK RX GH<br />
PDXGLUH TXHOTX XQ VDQV OH EOHVVHU HQ HIILJLH<br />
4XHOTXHV LQGLYLGXV pFODLUpV RQW ILQL SDU HQWUHYRLU<br />
FHWWH GpFRUUpODWLRQ HQWUH ULWXHO HW HIIHW SURGXLW<br />
FH TXL QH OHV D SDV QpFHVVDLUHPHQW HPSrFKpV<br />
G pFKDIDXGHU GHV WKpRULHV pFKHYHOpHV TXDQW DX<br />
SRXUTXRL<br />
'H IDLW OH ULWXHO Q D QXO EHVRLQ G rWUH IRUPD<br />
OLVp 'HV VHQWLPHQWV LQWHQVHV O LQVSLUDWLRQ DUWLVWL<br />
TXH XQH VLWXDWLRQ GH MHX VRQW VXVFHSWLEOHV GDQV<br />
GHV FDV H[WUrPHV GH VWLPXOHU VXIILVDPPHQW<br />
O ,PDJLQDLUH SRXU TXH GHV HIIHWV PDJLTXHV VH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SURGXLVHQW VHORQ OD YRORQWp LQFRQVFLHQWH GHV<br />
7HUUHVWUHV SUpVHQWV ' R FHWWH LPSUHVVLRQ TXH OD<br />
IRUWXQH VRXULW DX[ DPRXUHX[ TXH OD KDLQH SHXW<br />
EOHVVHU RX TX RQ SHXW DIIHFWHU OH MHW G XQ Gp HQ \<br />
FUR\DQW DVVH] IRUW &HX[ TXL RQW FRPSULV TXH<br />
F HVW HQ SUHQDQW OHXUV GpVLUV SRXU OD UpDOLWp SRXU<br />
SHX TXH FHV GpVLUV VRLHQW VDLQV HW VDQV DUULqUH<br />
SHQVpH TXH OH PRQGH VH SOLH j OHXUV GpVLUV VRQW<br />
P€UV SRXU DOOHU IDLUH XQ WRXU HQ )pHULH<br />
(Q WHUPHV GH MHX XQ PDJLFLHQ HVW Q LPSRUWH<br />
TXHO KXPDLQ j OD WRXUQXUH G HVSULW DVVH] LQWpUHV<br />
VDQWH SRXU TXH FHUWDLQV ULWXHOV SXLVVHQW MRXHU<br />
SRXU OXL XQ U{OH DXWKHQWLTXH GH FROOHFWH G ,PDJL<br />
QDLUH &HOD VH WUDGXLW SDU O H[LVWHQFH GH $VSHFWV<br />
VXSSOpPHQWDLUHV OD 6HQVLELOLWp VXVFHSWLELOLWp GH<br />
O LPDJLQDWLRQ GX PDJH DX[ VROOLFLWDWLRQV GHV UL<br />
WXHOV HW OD 7KDXPDWXUJLH FDSDFLWp j LPSRVHU<br />
FRQVFLHPPHQW VD YRORQWp j O RUGUH GX PRQGH<br />
$ PRLQV TX LO QH VRLW SDV FRQVFLHQW GH IDLUH<br />
GH OD PDJLH HW DWWULEXH OHV pYpQHPHQWV pWUDQJHV<br />
TXL VH SURGXLVHQW SDUIRLV j OD FKDQFH RX j GHV<br />
FRwQFLGHQFHV LO SRVVqGH JpQpUDOHPHQW HQ RXWUH<br />
GHV FRQQDLVVDQFHV pWHQGXHV GHV GLIIpUHQWHV WUDGL<br />
WLRQV GRQW LO VH UpFODPH NDEEDOH DOFKLPLH<br />
WDRwVPH V\QFUpWLVPH DIUR FDUULEpHQ KHUPpWLVPH<br />
WKpOpPLVPH FKDRVLVPH QpR SDJDQLVPH VDWD<br />
QLVPH FHX[ GRQW OHV SUDWLTXHV SURGXLVHQW<br />
DXWKHQWLTXHPHQW GHV HIIHWV QH VRQW SDV QpFHVVDL<br />
UHPHQW GHV JHQV pFODLUpV PDLV FH QH VRQW SDV GHV<br />
FKDUODWDQV 3XLVTXH OHXUV ULWXHOV VWLPXOHQW HIIHF<br />
WLYHPHQW OHXU ,PDJLQDLUH DX SRLQW G HQFKDQWHU OH<br />
PRQGH DXWRXU G HX[ FH VRQW GHV JHQV TXL DLPHQW<br />
FH TX LOV IRQW HW \ FURLHQW DYHF VLQFpULWp &HV<br />
FRPSpWHQFHV QH MRXHQW G DLOOHXUV TX XQ U{OH PDU<br />
JLQDO HQ VXJJpUDQW YLD XQ MHW G ,QWHOOHFW &RP<br />
SpWHQFH GHV pOpPHQWV j LQWpJUHU GDQV OHV ULWXHOV<br />
TXL VRLHQW SDUWLFXOLqUHPHQW MXWHX[ HQ WHUPHV GH<br />
SRXYRLU PDJLTXH REWHQX SpULRGH GH O DQQpH<br />
FRQMRQFWLRQV DVWUDOHV SXUHWp ULWXHOOH VDFULILFHV<br />
OLHX FRQVDFUp<br />
/H PDJLFLHQ FRPPHQFH GRQF SDU IDLUH XQ MHW<br />
GH 6HQVLELOLWp XQH FRPSpWHQFH TXL UpVXPH OH<br />
ULWXHO SUDWLTXp PRGLILp SDU OH QLYHDX G ,PDJL<br />
QDLUH DPELDQW SOXV LO HVW EDV DX GpSDUW SOXV LO HVW<br />
GLIILFLOH GH O DXJPHQWHU VXIILVDPPHQW SRXU FRO<br />
OHFWHU GX *ODPRXU 7RXW HVW SRVVLEOH HQ PDWLqUH<br />
GH &RPSpWHQFH DFFRXWXPDQFH DX SH\RWO GHVVL<br />
QHU PDQGDOD PpGLWDWLRQ FpUpPRQLDO URVLFUX<br />
FLHQ / DGpTXDWLRQ HQWUH OD WUDGLWLRQ VXLYLH HW OH<br />
ULWXHO XWLOLVp GRQQH XQ PRGLILFDWHXU DX MHW /H<br />
UpVXOWDW HVW OH SRWHQWLHO PDJLTXH GX VRUWLOqJH TXL<br />
HQ FRQGLWLRQQH OD GXUpH OD SRUWpH O pWHQGXH HW<br />
O LQWHQVLWp 6 LO HVW LQVXIILVDQW SRXU REWHQLU OHV<br />
HIIHWV UHFKHUFKpV GHV HIIHWV SDUWLHOV VH SURGXL<br />
VHQW 6 LO HVW H[FHVVLI GHV HIIHWV GpPHVXUpV HW<br />
pYHQWXHOOHPHQW JrQDQWV VH SURGXLVHQW VRUWLOqJH<br />
GH JXpULVRQ TXL WUDQVIRUPH VRQ EpQpILFLDLUH HQ<br />
KHUFXOH TXL QH PDvWULVH SDV VD IRUFH ,O HVW j<br />
QRWHU TXH WRXW ULWXHO SUHQG XQ FHUWDLQ WHPSV HW<br />
Q HVW SDV GLVFUHW /D PDJLH QH SHXW GRQF VH SUDWL<br />
TXHU HQ SOHLQH UXH HW GH IDoRQ LPSURYLVpH 'X<br />
PRLQV SDV FRQVFLHPPHQW<br />
/ HVSULW KXPDLQ HVW PLV j UXGH pSUHXYH SDU<br />
FH GpSDVVHPHQW IRUFp GH VHV FDSDFLWpV QDWXUHOOHV<br />
VDQV SDUOHU GX IDLW TXH FHUWDLQV ULWXHOV VRQW H[<br />
WUrPHPHQW pSURXYDQWV 7RXW ULWXHO HIIHFWXp<br />
XOWpULHXUHPHQW QH SURGXLUD GH SRWHQWLHO PDJLTXH<br />
TXH V LO H[FqGH FHOXL SURGXLW SDU OH ULWXHO OH SOXV<br />
SXLVVDQW SUpFpGHPPHQW HIIHFWXp HW OD YDOHXU GH<br />
FH SRWHQWLHO VHUD UpGXLWH DX[ SRLQWV HQ H[FqV &H<br />
SDVVLI V DSXUH j UDLVRQ G XQ SRLQW SDU MRXU SDVVp<br />
VDQV HIIHFWXHU GH ULWXHO 3RXU FHWWH UDLVRQ FHU<br />
WDLQV PDJHV VH GRQQHQW YRORQWDLUHPHQW GHV PD<br />
OXV j FHUWDLQV ULWXHOV GHVWLQpV j SURGXLUH GHV HI<br />
IHWV SHX SXLVVDQWV<br />
(QVXLWH OH PDJLFLHQ HIIHFWXH XQ MHW GH<br />
7KDXPDWXUJLH PRGLILp SDU O ,PDJLQDLUH LQLWLDO<br />
PDLQWHQDQW TX LO D DFFXPXOp GX *ODPRXU OD<br />
UpDOLWp QH V RSSRVH SDV PRLQV j FHWWH PRGLILFD<br />
WLRQ FRQWUH QDWXUH / DGpTXDWLRQ HQWUH OHV HIIHWV<br />
UHFKHUFKpV HW OH ULWXHO XWLOLVp GRQQH XQ PRGLILFD<br />
WHXU DX MHW 6 LO HVW LQIpULHXU DX SRWHQWLHO PDJLTXH<br />
OHV HIIHWV QH VRQW SDV FRQWU{OpV G DXWDQW PRLQV<br />
TXH OD PDUJH HVW LPSRUWDQWH HW RQW WRXWHV VRUWHV<br />
GH FRQVpTXHQFHV LPSUpYXHV GDQV OHV OLPLWHV GX<br />
SRWHQWLHO REWHQX 6 LO HVW VXSpULHXU OH VRUWLOqJH<br />
IDLW FH TXH OH PDJLFLHQ VRXKDLWH DYHF G DXWDQW<br />
SOXV GH ILQHVVH TXH OD PDUJH HVW LPSRUWDQWH PDLV<br />
GDQV OHV OLPLWHV GX SRWHQWLHO REWHQX<br />
/HV &UR\DQFHV ORFDOHV YRLU FKDSLWUH VXLYDQW<br />
MRXHQW VXU OD PDJLH VL GHV VXSHUVWLWLRQV ORFDOHV<br />
DWWULEXHQW GHV YHUWXV IDYRUDEOHV RX GpIDYRUDEOHV<br />
j OD PDJLH j FHUWDLQV OLHX[ PRPHQWV VXEVWDQFHV<br />
SHUVRQQHV FHV pOpPHQWV DFFRUGHQW GHV PRGLILFD<br />
WHXUV DX[ ULWXHOV SUDWLTXpV 1DWXUHOOHPHQW OHV<br />
WUDGLWLRQV PDJLTXHV SUDWLTXpHV HW OHV VXSHUVWL<br />
WLRQV HQ YLJXHXU FRQFHUQDQW OD PDJLH FKH] OHV<br />
QRQ LQLWLpV VRQW GDQV XQH UHODWLRQ GLDOHFWLTXH<br />
FRPSOH[H OHV PDJHV GpVLQIRUPHQW OHV SURIDQHV<br />
TXL LPDJLQHQW GHV FKRVHV TXL ILQLVVHQW ORUVTX LOV<br />
\ FURLHQW DVVH] IRUW SDU GHYHQLU YUDLHV<br />
'H PrPH GHV OLHQV FRPSOH[HV VRQW WLVVpV<br />
HQWUH OD IRL HW OD PDJLH /D SOXSDUW GHV WUDGLWLRQV<br />
PDJLTXHV FRPSRUWHQW XQH FRPSRVDQWH GH P\VWL<br />
FLVPH GH W\SH UHOLJLHX[ 3RXU DXWDQW EHDXFRXS<br />
GH UHOLJLRQV FRQGDPQHQW OD SUDWLTXH GH OD PDJLH<br />
FRPPH XQH PDUTXH G LUUHVSHFW SRXU OH GLYLQ RX<br />
FRPPH WURS VDFUpH SRXU rWUH SUDWLTXpH GDQV XQ<br />
FRQWH[WH QRQ VDFHUGRWDO 'RQF OHV LQGLYLGXV TXL
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
GpYHORSSHQW XQH IRL DXWKHQWLTXH RQW UDUHPHQW<br />
WHQGDQFH j SUDWLTXHU OD PDJLH PrPH V LOV RQW<br />
G DXWUHV FDSDFLWpV j LQIOXHU VXU OH UpHO HW VL FHU<br />
WDLQV SUrWUHV OHV GUXLGHV SDU H[HPSOH VH OLYUHQW<br />
GDQV OH FDGUH GH OHXU FXOWH j GHV SUDWLTXHV PDJL<br />
TXHV<br />
4XDQW DX[ PDJLFLHQV HX[ PrPHV FH VRQW<br />
GHV JHQV VXIILVDPPHQW REVpGpV SDU FH TX LOV IRQW<br />
SRXU rWUH GH ERQV FDQGLGDWV DX GpYHORSSHPHQW<br />
GH OD IRL PDLV HOOH DIIHFWH OD SUDWLTXH GH OD PDJLH<br />
FH TXL FRQGXLW EHDXFRXS GH PDJLFLHQV j XQH<br />
DWWLWXGH GpWDFKpH HW F\QLTXH YLV j YLV GH OD UHOL<br />
JLRQ (Q SUDWLTXH OH IDLW G DYRLU OD IRL SURFXUH<br />
GHV PRGLILFDWHXUV DX[ MHWV GH 7KDXPDWXUJLH<br />
pJDX[ j XQH IUDFWLRQ GX VFRUH GH )RL GX PDJLFLHQ<br />
FUR\DQW /H VLJQH HW O LPSRUWDQFH GX PRGLILFD<br />
WHXU VRQW OLpV j O DGpTXDWLRQ HQWUH OD QDWXUH GH OD<br />
IRL OH ULWXHO SUDWLTXp HW O HIIHW DWWHQGX &HOD SHXW<br />
GRQF RULHQWHU VLJQLILFDWLYHPHQW OD PDJLH SUDWL<br />
TXpH SDU OH FUR\DQW<br />
3UpFLVRQV TXH OHV VRL GLVDQW © HQWLWpV XOWUD<br />
WHUUHVWUHV ª LQYRTXpHV SDU OHV PDJHV GH FHUWDLQHV<br />
WUDGLWLRQV LQFDQWDWRLUHV QH VRQW SDV GH YpULWDEOHV<br />
rWUHV DQLPpV ,O V·DJLW HQ JpQpUDO GH FRQVWUXLWV<br />
SV\FKLTXHV IDLWV GX *ODPRXU UDVVHPEOp SDU OH<br />
ULWXHO HW DQLPpV SDU OD YRORQWp GX PDJLFLHQ YR<br />
ORQWp SOXV RX PRLQV FRQVFLHQWH G·R OHV VRP<br />
EUHV KLVWRLUHV G·LQYRFDWHXUV GpYRUpV SDU OH Gp<br />
PRQ TX·LOV RQW LQFRQVLGpUpPHQW GpUDQJp HQ IDLW<br />
OHV WUDJLTXHV FRQVpTXHQFHV GHV WHQGDQFHV VXLFL<br />
GDLUHV UHIRXOpHV GH O·LQYRFDWHXU« &HV HQWLWpV<br />
DUWLILFLHOOHV VRQW JpQpUDOHPHQW DSSHOpHV pJUpJR<br />
UHV SDU OHV pVRWpULVWHV HW OHXUV FDSDFLWpV VH FDOFX<br />
OHQW VHORQ OHV PrPHV UqJOHV TXH SRXU FHOOHV TXH<br />
OHV )pHULTXHV SHXYHQW VXVFLWHU SDU ,QIOXHQFH<br />
7RXWHIRLV LO SHXW DUULYHU TX·XQ ULWXHO WKDX<br />
PDWXUJLTXH PDWpULDOLVH XQ DXWKHQWLTXH )pHULTXH<br />
&·HVW UDULVVLPH HW OH SOXV VRXYHQW FH Q·HVW UHLQ GH<br />
SOXV TX·XQH FRQVpTXHQFH IRUWXLWH G·XQ ULWXHO TXL<br />
VH WURXYH DYRLU VXVFLWp XQ WHO SLF G·,PDJLQDLUH<br />
TX·XQ 3RLQW GH &RQWDFW V·HVW RXYHUW HW D DVSLUp<br />
GHV )pHULTXHV TXL VH WURXYDLHQW GDQV XQ 'R<br />
PDLQH DX[ &RUUHVSRQGDQFHV FRKpUHQWHV DYHF OH<br />
ULWXHO ,O VHPEOH TXH FH VRLW PDUJLQDOHPHQW SOXV<br />
IUpTXHQW ORUVTXH OHV HIIHWV UHFKHUFKpV SDU OH<br />
ULWXHO VRQW MXVWHPHQW O·LQYRFDWLRQ G·XQ rWUH D<br />
IRUWLRUL VL OHV VSpFLILFLWpV GH O·rWUH UHFKHUFKp UDS<br />
SHOOHQW OHV $WWULEXWV GHV )pHULTXHV LQYRTXpV<br />
0DLV IDLUH YHQLU UpHOOHPHQW XQ FHUWDLQ )pHUL<br />
TXH QpFHVVLWH GH FRQQDvWUH VRQ 1RP HW G·RXYULU<br />
XQ 3RLQW GH &RQWDFW VHORQ XQ ULWXHO DG KRF FLEOp<br />
VXU OH )pHULTXH UHFKHUFKp &·HVW GRQF HQ SUDWLTXH<br />
UpVHUYp DX[ H[FHSWLRQQHOV 7HUUHVWUHV TXL<br />
FRQQDLVVHQW TXHOTXH FKRVH GH OD YUDLH QDWXUH GHV<br />
)pHULTXHV TXL RQW GpMj UHQFRQWUp OH )pHULTXH HQ<br />
TXHVWLRQ RX TXL VRQW WRPEpV VXU OHV QRWHV G·XQ<br />
SUpGpFHVVHXU TXL DYDLW FHV FRQQDLVVDQFHV VDQV<br />
SRXU DXWDQW G·DLOOHXUV VDYRLU HX[ PrPHV GH TXRL<br />
LO UHWRXUQH FRPPHQW GLVWLQJXHU GHV LQIRUPD<br />
WLRQV VXU XQ YUDL )pHULTXH DX PLOLHX GHV FKDUODWD<br />
QHULHV GHV GLFWLRQQDLUHV RFFXOWHV " 1DWXUHOOH<br />
PHQW OD SUREDELOLWp G·HUUHXU VXU OD SHUVRQQH HVW<br />
IRUWH DYHF GHV FRQVpTXHQFHV SOXV RX PRLQV<br />
DPXVDQWHV«<br />
'H PrPH FHUWDLQV ULWXHOV YLVHQW j OD FUpDWLRQ<br />
G·rWUHV DUWLILFLHOV DQDORJXHV GHV (QFKDQWHPHQWV<br />
IpHULTXHV /HXUV FDSDFLWpV WHFKQLTXHV GpSHQ<br />
GURQW WRXMRXUV GX SRWHQWLHO PDJLTXH GX VRUWL<br />
OqJH HW JpQpUDOHPHQW LO IDXGUD GHV SRWHQWLHOV WUqV<br />
pOHYpV SRXU REWHQLU TXHOTXH FKRVH GH VLJQLILFDWLI<br />
6HORQ OD WUDGLWLRQ XWLOLVpH HW O·KXPHXU GX PHQHXU<br />
FHV FDSDFLWpV SRXUURQW rWUH FDOTXpHV VXU FHOOHV<br />
GHV (QFKDQWHPHQWV OH *ODPRXU pWDQW FHOXL DF<br />
FXPXOp SDU OH ULWXHO HW QRQ OD VXEVWDQFH PrPH GX<br />
PDJLFLHQ OHXUV $WWULEXWV GpSHQGHQW GRQF XQL<br />
TXHPHQW GHV FDUDFWpULVWLTXHV GX ULWXHO RX VXU<br />
FHOOHV GHV 7HUUHVWUHV DYHF pYHQWXHOOHPHQW GHV<br />
FDSDFLWpV VXUQDWXUHOOHV j WUDLWHU FRPPH OHV FDSD<br />
FLWpV LQQpHV GHV DQLPDX[ 3RXYRLUV VDQV (V<br />
VHQFH RX FRPPH GHV $WWULEXWV 'pSRXLOOpV j XQ<br />
)pHULTXH ,O QH V·DJLW HQ DXFXQ FDV GH )pHULTXHV<br />
PrPH VL GHV rWUHV DXVVL ULFKHV G·,PDJLQDLUH SHX<br />
YHQW pYHQWXHOOHPHQW OH GHYHQLU ORUVTX·LOV VRQW<br />
GpWUXLWV<br />
(QILQ OD PDJLH WHUUHVWUH SHUPHW G·HQVRUFHOHU<br />
GHV REMHWV ,O SHXW V·DJLU G·pOpPHQWV FRVPpWLTXHV<br />
GX ULWXHO VDFV PpGHFLQH RX YRXOWV j GLVVLPXOHU<br />
FKH] OD YLFWLPH DWKDPHV FRQVDFUpV DYHF OHVTXHOV<br />
VDOXHU OHV RULHQWV FULVWDX[ j VFUXWHU« GpSRXU<br />
YXV SDU HX[ PrPHV GH FDSDFLWpV DXWUHV TXH FHOOHV<br />
GH VWLPXOHU O·LPDJLQDLUH GX PDJLFLHQ PDLV LO SHXW<br />
pJDOHPHQW V·DJLU GX SURGXLW ILQL GX ULWXHO OXL<br />
PrPH ,O V·DJLUD DORUV HQ JpQpUDO G·REMHWV GRQW<br />
OHV FDUDFWpULVWLTXHV WHFKQLTXHV XVXHOOHV VRQW DPp<br />
OLRUpHV DUPXUHV j O·HQFRPEUHPHQW UpGXLW RX j OD<br />
SURWHFWLRQ DFFUXH ODPHV DX[ GRPPDJHV RX j OD<br />
PDQLDELOLWp UHQIRUFpV SURMHFWLOHV j OD SRUWpH<br />
DXJPHQWpH« RX SOXV UDUHPHQW G·REMHWV GRWpV<br />
GH SURSULpWpV H[RWLTXHV FDOTXpHV VXU FHOOHV GHV<br />
$FFHVVRLUHV IpHULTXHV (YHQWXHOOHPHQW OHV FDSD<br />
FLWpV GH FHV GHX[ W\SHV G·REMHWV QH VHURQW DFWLYHV<br />
TXH GDQV GHV FLUFRQVWDQFHV SUpFLVHV IDFH j WHO<br />
W\SH G·DGYHUVDLUH j WHO PRPHQW GH OD MRXUQpH<br />
WHOOH SpULRGH GH O·DQQpH GDQV WHO OLHX DX[ PDLQV<br />
GH WHO XWLOLVDWHXU j WHOOHV ILQV« YRLUH XQLTXHV<br />
O·REMHW QH SHXW rWUH XWLOLVp TX·XQ QRPEUH OLPLWp<br />
GH IRLV RX GDQV XQ FDV XQLTXH HW QRQ UHSURGXF<br />
WLEOH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/(6 &52
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SXLVTXH F HVW XQH FHUWLWXGH FROOHFWLYH HW QRQ OH<br />
UpVXOWDW GX FKHPLQHPHQW SV\FKRORJLTXH SURSUH<br />
GX PRLQH<br />
8QH VXSHUVWLWLRQ V DSSOLTXH LQGLIIpUHPPHQW<br />
j OD WRWDOLWp G XQ &RQWH[WH RX pYHQWXHOOHPHQW j<br />
XQH VXEGLYLVLRQ G XQ &RQWH[WH VL SOXVLHXUV FXOWX<br />
UHV \ FRKDELWHQW XQLTXHPHQW SDUPL OHV JLWDQV<br />
XQLTXHPHQW GDQV OH TXDUWLHU MXLI XQLTXHPHQW<br />
GDQV OD UpVHUYH LQGLHQQH 8Q )pHULTXH HVW<br />
DIIHFWp SDU XQH VXSHUVWLWLRQ GqV TX LO HQWUH GDQV<br />
OD UpJLRQ SDUWLH GH &RQWH[WH R HOOH V DSSOLTXH<br />
,O Q HVW SDV QpFHVVDLUH TXH GHV KXPDLQV VRLHQW<br />
SK\VLTXHPHQW SUpVHQWV SRXU TXH OD VXSHUVWLWLRQ<br />
SUHQQH HIIHW SXLVTX HOOH H[SULPH XQ LQFRQVFLHQW<br />
FROOHFWLI /HV VXSHUVWLWLRQV VRQW GHV FDUDFWpULVWL<br />
TXHV GHV &RQWH[WHV 8Q 7HUUHVWUH TXL YLVLWH )pH<br />
ULH VHUD VXUSULV GH FRQVWDWHU TXH OHV UHFHWWHV TXL<br />
UHSRXVVHQW OHV PDXYDLV HVSULWV VXU 7HUUH QH IRQF<br />
WLRQQHQW SDV GDQV OHXU SURSUH PRQGH<br />
8QH VXSHUVWLWLRQ GRQQpH QH V·DSSOLTXH SDV<br />
IRUFpPHQW j WRXV OHV rWUHV IpHULTXHV &HUWDLQHV<br />
FXOWXUHV GLVWLQJXHQW GHV FDWpJRULHV GH )pHULTXHV<br />
DYHF GHV FDSDFLWpV HW GHV IDLEOHVVHV GLIIpUHQWHV<br />
3DU VRXFL GH VLPSOLILFDWLRQ OH PHQHXU SHXW DS<br />
SOLTXHU LQGLIIpUHPPHQW O HQVHPEOH GHV VXSHUVWL<br />
WLRQV j WRXV OHV SHUVRQQDJHV RX DQDO\VHU DX FDV<br />
SDU FDV GDQV TXHOOH PHVXUH OHV SHUVRQQDJHV<br />
FRQFHUQpV SUpVHQWHQW OHV FDUDFWpULVWLTXHV TXH OD<br />
VXSHUVWLWLRQ ORFDOH DWWULEXH j WHO RX WHO W\SH G rWUH<br />
VXUQDWXUHO & HVW SOXV IDFLOH VL OHV SHUVRQQDJHV<br />
VRQW FDOTXpV VXU GHV FUpDWXUHV TXL ILJXUHQW H[SOL<br />
FLWHPHQW GDQV OHV P\WKHV GX &RQWH[WH UHQFRQWUp<br />
,O HVW j QRWHU TXH OHV VXSHUVWLWLRQV FRQFHU<br />
QDQW GHV rWUHV QRQ IpHULTXHV SHXYHQW OH FDV<br />
pFKpDQW V DSSOLTXHU VL XQ SHUVRQQDJH TXL D OH<br />
3RXYRLU GH SUHQGUH XQH IRUPH GH ORXS YLVLWH XQ<br />
FRQWH[WH R O RQ &URLW TXH O DUJHQW UHSRXVVH OHV<br />
ORXSV JDURXV LO VHUD YXOQpUDEOH j O DUJHQW GDQV FH<br />
FRQWH[WH PrPH V LO Q XWLOLVH MDPDLV VRQ 3RXYRLU<br />
,O FRUUHVSRQG LQYRORQWDLUHPHQW DX[ FULWqUHV<br />
LQFRQVFLHQWV GX &RQWH[WH TXL OXL UHQGHQW DSSOL<br />
FDEOH OD VXSHUVWLWLRQ ,O HQ YD GH PrPH VL OD VX<br />
SHUVWLWLRQ V DSSOLTXH DX[ IHPPHV j FHX[ TXL RQW<br />
OHV \HX[ YHUWV DX[ UHSWLOHV RX j WRXWH DXWUH FDWp<br />
JRULH DUELWUDLUH PDLV SDUIDLWHPHQW QDWXUHOOH j<br />
ODTXHOOH OH )pHULTXH SRXUUDLW rWUH UDWWDFKp<br />
8Q )pHULTXH QH FRQQDvW SDV LQWXLWLYHPHQW<br />
WRXWHV OHV VXSHUVWLWLRQV SRWHQWLHOOHV GH VRQ HQYL<br />
URQQHPHQW PDLV LO UHVVHQW DXWRPDWLTXHPHQW XQH<br />
VXSHUVWLWLRQ GqV TX·LO \ HVW FRQIURQWp /H SVHXGR<br />
ORXS JDURX GH QRWUH H[HPSOH VH VHQWLUD QDXVpHX[<br />
OD SUHPLqUH IRLV TX LO UHQFRQWUHUD XQ REMHW HQ<br />
DUJHQW PDLV WDQW TX LO Q HQ UHQFRQWUH SDV LO QH OXL<br />
YLHQW PrPH SDV j O HVSULW TXH TXHOTXH FKRVH<br />
G DXVVL SURVDwTXH SRXUUDLW DYRLU XQ HIIHW VXU OXL<br />
8QH $IILQLWp DYHF OHV FUR\DQFHV WHUUHVWUHV RX XQH<br />
FRQQDLVVDQFH DFTXLVH G XQ &RQWH[WH SDUWLFXOLHU<br />
VXLWH j GH QRPEUHX[ YR\DJHV RX j OD SUpVHQFH<br />
G XQ SRLQW GH &RQWDFW GDQV VRQ DUULqUH FRXU<br />
RFWURLHQW XQH FHUWDLQH IDPLOLDULWp DYHF OHV FRQV<br />
WUXLWV V\PEROLTXHV G XQH FXOWXUH HW DLGHQW j<br />
FRQQDvWUH RX DQWLFLSHU OHV VXSHUVWLWLRQV SRVVLEOHV<br />
'DYLG 1DPERND<br />
8WLOLVDWLRQ GHV VXSHUVWLWLRQV<br />
/HV VXSHUVWLWLRQV VRQW GHV SRXYRLUV G·XQH<br />
SXLVVDQFH WHOOH TXH OHV )pHULTXHV QH SHXYHQW V·\<br />
RSSRVHU &H VRQW ELHQ SOXV TXH GHV OLPLWDWLRQV<br />
SV\FKRORJLTXHV PDLV GHV EDUULqUHV SK\VLTXHV HW<br />
PHQWDOHV HQ XQ PRW PDJLTXHV & HVW XQH UppFUL<br />
WXUH GHV ORLV GH O XQLYHUV /HV VXSHUVWLWLRQV VRQW<br />
GHV UqJOHV DEVROXHV TXH QXO )pHULTXH QH SHXW<br />
WUDQVJUHVVHU PrPH V·LO \ pWDLW IRUFp 0DLV LO SHXW<br />
WRXMRXUV HVVD\HU GH OHV FRQWRXUQHU DYHF DVWXFH<br />
6L XQ )pHULTXH D XQH $IILQLWp DYHF O REMHW GH<br />
OD VXSHUVWLWLRQ VL QRWUH ORXS JDURX SHX DX IDLW<br />
GHV DVVRFLDWLRQV V\PEROLTXHV PpGLpYDOHV HVW<br />
GRWp G XQH $IILQLWp DYHF O DUJHQW SDUFH TX LO<br />
WURXYH oD MROL OD YDOHXU GH VRQ $IILQLWp YLHQW<br />
PLQRUHU OHV HIIHWV FKLIIUpV GH OD VXSHUVWLWLRQ LFL<br />
OH VXUFURvW GH 'RPPDJHV LQIOLJpV SDU O DUJHQW<br />
VHUDLW QHXWUDOLVp j KDXWHXU GH VRQ $IILQLWp
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
4XHOTXHV H[HPSOHV W\SLTXHV<br />
8QH VXSHUVWLWLRQ OH IHU IRUJp<br />
/H IHU IRUJp V\PEROLVH OD WHFKQRORJLH KX<br />
PDLQH OH SRXYRLU OH O·KRPPH VXU OD QDWXUH HW HVW<br />
GRQF RSSRVp DX[ SULQFLSHV GHV rWUHV IpHV VXUYL<br />
YDQFHV GHV IRUFHV SUHPLqUHV GH OD QDWXUH $XVVL<br />
GDQV FHUWDLQV &RQWH[WHV QRPEUHX[ VRQW OHV<br />
rWUHV IpHV TXL GpWHVWHQW OH IHU GH IDoRQ JpQpUDOH<br />
&HWWH RSSRVLWLRQ VH PDQLIHVWH SDU XQ FHUWDLQ<br />
QRPEUH GH OLPLWDWLRQV TXH UHQFRQWUHQW OHV rWUHV<br />
IpHV j O·pJDUG GX IHU<br />
• OHV rWUHV IpHV VRQW JrQpV SDU OD VLPSOH SUp<br />
VHQFH GX IHU &HWWH JrQH HVW G·DXWDQW SOXV LP<br />
SRUWDQWH TXH OH IHU HVW HQ SUpVHQFH LPSRU<br />
WDQWH HW SURFKH GX )pHULTXH (OOH VH PDQLIHVWH<br />
SDU XQ PDODLVH JpQpUDO HW GHV LUULWDWLRQV FXWD<br />
QpHV DX FRQWDFW FH TXL VH WUDGXLW SDU GHV PD<br />
OXV j WRXWHV OHV DFWLYLWpV GX )pHULTXH &HUWDLQV<br />
)pHULTXHV PRQWUHQW DXVVL GHV VLJQHV DOOHUJL<br />
TXHV pWHUQXHPHQWV GpPDQJHDLVRQV (WUH<br />
EOHVVp SDU XQH DUPH HQ IHU RFFDVLRQQH SOXV<br />
GH GRPPDJHV TX·DYHF XQH DUPH HQ XQ DXWUH<br />
PDWpULDX DX[ 'RPPDJHV<br />
&LUFRQVWDQFH 0DOXV<br />
SHWLW REMHW HQ IHU j P JURV REMHW j P<br />
SHWLW REMHW GH IHU DX FRQWDFW JURV REMHW j P<br />
JURV REMHW DX FRQWDFW HQYLURQQp GH IHU<br />
• OHV rWUHV IpHV TXL VRQW DWWDFKpV j O·DLGH GH<br />
OLHQV HQ IHU IRUJp QH SHXYHQW VH GpWDFKHU HX[<br />
PrPHV PrPH V LOV HQ RQW OD SRVVLELOLWp ,OV<br />
GRLYHQW rWUH GpOLYUpV SDU XQH WLHUFH SHUVRQQH<br />
&·HVW OH SULQFLSH GX OLHQ TXL FRPSWH /·REMHW<br />
HQ IHU GRLW DYRLU pWp SUpYX SRXU FRQWHQLU RX<br />
OLHU TXHOTX·XQ RX TXHOTXH FKRVH /H OLHQ GRLW<br />
rWUH HQ PDMHXUH SDUWLH HQ IHU 6L OH )pHULTXH<br />
OLJRWp D XQH $IILQLWp DYHF OH IHU LO SHXW WHQWHU<br />
XQ MHW GH 3XLVVDQFH $IILQLWp FRQWUH VD SUR<br />
SUH 5pVLVWDQFH SRXU TXH OH IHU VH FRQIRUPH j<br />
OHXU DOOLDQFH HW OH OLEqUH<br />
8QH VXSHUVWLWLRQ /H SRXYRLU GHV UHOLJLRQV LQVWL<br />
WXpHV<br />
/H SRXYRLU GH 'LHX RX $OODK RX
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/$ )2,<br />
/D IRL D XQH RULJLQH GLIIpUHQWH GHV VXSHUVWL<br />
WLRQV HOOH SURYLHQW G XQ VHXO LQGLYLGX GRQW OHV<br />
FRQYLFWLRQV VRQW WHOOHPHQW SURIRQGHV TX HOOHV<br />
DIIHFWHQW OHV )pHULTXHV HQ WDQW TX rWUHV LPDJLQDL<br />
UHV /D IRL HVW VRXYHQW OLpH j XQH UHOLJLRQ PDLV<br />
SDV QpFHVVDLUHPHQW (OOH SHXW DXVVL ELHQ SRUWHU<br />
VXU XQ GLHX TXH VXU XQH LGpRORJLH SROLWLTXH RX<br />
VRFLDOH VXU O KXPDQLWp HQWLqUH © OHV KXPDLQV<br />
VRQW OHV VHXOV rWUHV GRXpV G·XQH kPH ª VXU OH<br />
FUR\DQW OXL PrPH © MH VXLV LQYXOQpUDEOH ª RX<br />
VXU OHV )pHULTXHV HX[ PrPHV © OHV OpJHQGHV j<br />
SURSRV GHV IpHV UpVXOWHQW GH FRQWDFWV DYHF GHV<br />
H[WUD WHUUHVWUHV ª 3HX LPSRUWH VL OH FUR\DQW VXLW<br />
XQH GRFWULQH RIILFLHOOH RX QRQ O LPSRUWDQW HVW<br />
TX LO \ FURLH DYHF IHUYHXU VDQV OH PRLQGUH GRXWH<br />
3RXU TXH OD IRL DLW XQ HIIHW LO IDXW TXH OH FUR\DQW<br />
VRLW SUpVHQW & HVW VRQ HVSULW TXL SURGXLW LQFRQV<br />
FLHPPHQW OHV HIIHWV /HV HIIHWV GH OD IRL IRQF<br />
WLRQQHQW PrPH HQ )pHULH<br />
3UpFLVRQV TXH SXLVTXH QRXV QH QRXV DYHQ<br />
WXURQV SDV j SUHQGUH SRVLWLRQ HQ PDWLqUH UHOL<br />
JLHXVH OD IRL Q HVW SDV OD *UkFH RX OH 6DOXW HW QH<br />
UpVXOWH SDV G XQH 5pYpODWLRQ RX G XQH (OHFWLRQ<br />
SDU OHV 3XLVVDQFHV 7UDQVFHQGDQWHV (OOH GpFULW OD<br />
FRQYLFWLRQ LQpEUDQODEOH IRUJpH SDU XQ LQGLYLGX<br />
DX ILO GH VRQ FKHPLQHPHQW GDQV OD YLH TXDQW DX[<br />
UpDOLWpV IRQGDPHQWDOHV GX PRQGH (QILQ VRXOL<br />
JQRQV TXH OD IRL HVW IRQFLqUHPHQW j O RSSRVp GH<br />
OD FRQQDLVVDQFH LO \ D IRL ORUVTX LO \ D FRQVWUXF<br />
WLRQ LQWHOOHFWXHOOH LQWLPH FRQYLFWLRQ K\SRWKqVH<br />
LQWXLWLYH pYHQWXHOOHPHQW pWD\pHV SDU GHV IDLWV<br />
0DLV OD IURLGH REVHUYDWLRQ REMHFWLYH QH FRQGXLW<br />
SDV HQ SULQFLSH j OD IRL FRQVWDWHU TX ,QWHUQHW<br />
SHUPHW GH GRQQHU DFFqV j GHV LQIRUPDWLRQV GH<br />
SOXV HQ SOXV GpWDLOOpHV j GHV SRSXODWLRQV GH SOXV<br />
HQ SOXV QRPEUHXVHV QH GRQQH SDV SRXU DXWDQW OD<br />
IRL GRQW FHUWDLQV IRQW SUHXYH HQ OH FDUDFWqUH<br />
WUDQVFHQGDQWDO GX :HE 'H PrPH OH IDLW GH<br />
UHQFRQWUHU GHV )pHULTXHV SHUPHW G DFTXpULU OD<br />
FRQQDLVVDQFH GH OHXU H[LVWHQFH HW SHXW rWUH GHV<br />
LQIRUPDWLRQV IRUW LQVWUXFWLYHV VXU OHXU QDWXUH HW<br />
OHXUV FDSDFLWpV PDLV SDV QpFHVVDLUHPHQW OD IRL HQ<br />
OHXU FDUDFWqUH ELHQYHLOODQW RX VDOYDWHXU TXH SUR<br />
IHVVHQW FHUWDLQV QHZ DJHUV<br />
8QH UpDOLWp REMHFWLYH QH SHXW IDLUH O REMHW<br />
G XQH IRL /D IRL JHUPH GDQV OH WHUUHDX GH O LQ<br />
FRQQDLVVDEOH R OD VSpFXODWLRQ GH O HVSULW V HI<br />
IRUFH GH SDOOLHU O DEVHQFH GH IDLWV FRQILUPpV<br />
3HUVRQQH Q D IRL HQ OD JUDYLWDWLRQ XQLYHUVHOOH RQ<br />
OD FRQVWDWH F HVW WRXW 0DLV RQ SHXW DYRLU IRL HQ<br />
OH IDLW TX HOOH UpVXOWH GH OD WHQGDQFH QDWXUHOOH GHV<br />
FRUSV JURVVLHUV j GpFKRLU DORUV TXH OHV FRUSV<br />
VXEWLOV V pOqYHQW GX IDLW TXH OH NDUPD WLUH YHUV OH<br />
EDV FHX[ TXL VRQW HPSrWUpV GDQV OH VDPVDUD RX<br />
GX IDLW TXH OHV FRUSV PDWpULHOV VH GpSODFHQW OH<br />
ORQJ GHV JpRGpVLTXHV GDQV XQ HVSDFH TXDGULGL<br />
PHQVLRQQHO FRXUEH<br />
/j HQFRUH OD IRL QH V DSSOLTXH SDV QpFHVVDL<br />
UHPHQW j WRXV OHV )pHULTXHV GH OD PrPH IDoRQ 6L<br />
OH FUR\DQW SHQVH TX LO \ D GHV H[WUD WHUUHVWUHV TXL<br />
HQOqYHQW OHV JHQV HW TX LOV VRQW UHSRXVVpV SDU OHV<br />
XOWUDVRQV OHV )pHULTXHV TXL RQW XQH 0DQLIHVWD<br />
WLRQ IUrOH j JURVVH WrWH FKDXYH DYHF GH JUDQGV<br />
\HX[ HW XQH ERXFKH PLQXVFXOH VHURQW DIIHFWpV<br />
SDU OHV XOWUDVRQV HQ SUpVHQFH GX FUR\DQW GqV<br />
TX LOV HQWUHQW GDQV VRQ FKDPS GH SHUFHSWLRQ<br />
PrPH VL OHV XOWUDVRQV SURYLHQQHQW GX VLIIOHW j<br />
FKLHQ G XQ SROLFLHU TXL SDVVH SDU Oj<br />
,O HVW WUqV GLIILFLOH GH SUpYRLU OD IRL SXLV<br />
TX HOOH HVW LQGLYLGXHOOH HW FHUWDLQHV VRQW YUDLPHQW<br />
RULJLQDOHV 7RXW DX SOXV SHXW RQ HVSpUHU TX LO<br />
V DJLW G XQH GpYRWLRQ SHUVRQQHOOH j XQ FRXUDQW GH<br />
SHQVpH FRQQX PDLV LO \ DXUD WRXMRXUV GH SHWLWV<br />
pFDUWV DYHF OD GRFWULQH RIILFLHOOH TXL QH SHXYHQW<br />
rWUH DQDO\VpV TX HQ pWXGLDQW OH FUR\DQW OXL PrPH<br />
$LQVL OD IRL FKUpWLHQQH GH /XWKHU HVW LQFRQWHVWD<br />
EOH PDLV GLIIpUHQWH GH FHOOH GH O (JOLVH HW GH FHOOH<br />
G DXWUHV FUR\DQWV FRPPH 6DLQW 3DXO /HV HIIHWV<br />
TXH SHXW SURGXLUH OD IRL VRQW GRQF WUqV GLIILFLOH<br />
PHQW SUpYLVLEOHV HW GpSHQGHQW j OD IRLV GH OD<br />
QDWXUH HW GH O LQWHQVLWp GH OD IRL 'DQV FHUWDLQV<br />
FDV HOOH SHXW SHUPHWWUH GH SURGXLUH GHV DOWpUD<br />
WLRQV GH OD UpDOLWp VLPLODLUHV j XQH ,QIOXHQFH RX<br />
XQ 3RXYRLU IpHULTXHV<br />
/HV HIIHWV GHV VXSHUVWLWLRQV HW GH OD IRL SHX<br />
YHQW V·DMRXWHU RX QRQ V·LOV VRQW HQ FRQFXUUHQFH<br />
DX PrPH HQGURLW /HV UHOLJLRQV VRQW GHV H[HP<br />
SOHV W\SLTXHV RX OHV HIIHWV GHV VXSHUVWLWLRQV HW GH<br />
OD IRL VH FRPELQHQW WRXWHV OHV pJOLVHV SHXYHQW<br />
rWUH GHV ]RQHV GpIDYRUDEOHV DX[ )pHULTXHV PDLV<br />
F·HVW DORUV G€ j XQH VXSHUVWLWLRQ DPELDQWH 6L GH<br />
SOXV XQ SUrWUH HVW FUR\DQW FH Q·HVW SDV WRXMRXUV<br />
OH FDV VRQ SRXYRLU GH IRL YD V·DMRXWHU DX[ HIIHWV<br />
DPELDQWV (Q UHYDQFKH VL OD IRL G XQ LQGLYLGX HVW<br />
FRQWUDLUH DX[ VXSHUVWLWLRQV ORFDOHV -HDQQH G $UF<br />
IDFH j VHV MXJHV WRXV FKUpWLHQV PDLV HQ YHUVLRQ<br />
VXSHUVWLWLHXVH DORUV TX HOOH PrPH DYDLW OD IRL OD<br />
IRL VXSSODQWH WRXMRXUV OHV VXSHUVWLWLRQV /HV<br />
)pHULTXHV SHXYHQW GRQF FKHUFKHU UHIXJH DXSUqV<br />
G XQ 7HUUHVWUH GRQW OD IRL OHV IDYRULVH VL OHV VX<br />
SHUVWLWLRQV DPELDQWHV OHXU VRQW SDU WURS GpIDYR<br />
UDEOHV ,O HVW VWDWLVWLTXHPHQW LPSUREDEOH TXH<br />
GHX[ LQGLYLGXV DERXWLVVHQW H[DFWHPHQW j OD<br />
PrPH IRL
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
*HVWLRQ GH OD IRL<br />
7HFKQLTXHPHQW FKDTXH FUR\DQW j XQ VFRUH<br />
GH )RL DVVLPLODEOH j XQ $VSHFW 2XWUH OHV HIIHWV<br />
VLPLODLUHV j FHX[ GHV VXSHUVWLWLRQV TXL QDLVVHQW<br />
VSRQWDQpPHQW HQ SUpVHQFH GX FUR\DQW LO SHXW<br />
DIIHFWHU GLUHFWHPHQW OHV )pHULTXHV V·LO YRLW HQ HX[<br />
GHV FUpDWXUHV VRXPLVHV DX[ SXLVVDQFHV HQ OHV<br />
TXHOOHV LO FURLW FI FKDSLWUH VXU O·,PDJLQDLUH<br />
&KDTXH IRLV TX·LO YDXW LPSRVHU VRQ SRXYRLU j XQ<br />
)pHULTXH OH UHSRXVVHU j O·DLGH GH VD FURL[ SDU<br />
H[HPSOH LO YD RSSRVHU VRQ VFRUH GH )RL j OD<br />
5pVLVWDQFH GH VD YLFWLPH 6·LO JDJQH LO REWLHQW<br />
O·HIIHW GpVLUp 6·LO SHUG ULHQ QH VH SDVVH PDLV LO<br />
SHUG GHV SRLQWV GH )RL WHPSRUDLUHPHQW MXVTX·j<br />
FH TX·LO SXLVVH PpGLWHU SULHU SDUOHU DX[ HV<br />
SULWV PkFKHU GX SH\RWO 8Q PRGLILFDWHXU OXL<br />
HVW LPSRVp VHORQ O·DPSOHXU GH O·HIIHW TX·LO YHXW<br />
REWHQLU YRLU WDEOHDX ,O QH SHXW pYLGHPPHQW<br />
LQWHQWHU TX·XQH DFWLRQ TXL HVW HQ DFFRUG DYHF VHV<br />
FRQYLFWLRQV<br />
$FWLRQ LQWHQWpH 'LIILFXOWp<br />
7HQLU XQ )pHULTXH j GLVWDQFH<br />
5HSRXVVHU XQ )pHULTXH KRUV GH YXH SRXU OD MRXUQpH<br />
3DUDO\VHU VXU SODFH XQ )pHULTXH<br />
5HQYR\HU XQ )pHULTXH HQ )pHULH<br />
8Q FUR\DQW D DXVVL OD SRVVLELOLWp GH UpVLVWHU j<br />
OD PDJLH GHV )pHULTXHV ,QIOXHQFH 3RXYRLUV<br />
7DOHQWV DLQVL TX·DX[ DWWDTXHV IpHULTXHV TXH FH<br />
VRLW GDQV OH PRQGH WHUUHVWUH RX HQ )pHULH 'DQV<br />
WRXV OHV FDV VRQ VFRUH GH )RL VH VXEVWLWXH j VD<br />
&RQVWLWXWLRQ 9RORQWp VHORQ OHV FDV V·LO HVW VXSp<br />
ULHXU 6L OHV HIIHWV )pHULTXHV YRQW UDGLFDOHPHQW j<br />
O·HQFRQWUH GH VHV FUR\DQFHV VRQ VFRUH GH )RL<br />
V·DMRXWH j VD &RQVWLWXWLRQ 9RORQWp QDWXUHOOH /D<br />
)RL MRXH DLQVL FRPPH VXEVWLWXW RX ERQXV VHORQ<br />
OH GHJUp G DGpTXDWLRQ DYHF OHV SUpFHSWHV GH OD IRL<br />
j Q LPSRUWH TXHO $VSHFW VHORQ OHV FLUFRQVWDQFHV<br />
¢ £ ¤¥ §£ © £ £¨¥ § § ¢¦¥ ¥ <br />
¡<br />
§ § ¢ ¥ ¤ ¡ ¡ ¥ £ £ § § ¢ £ £ <br />
<br />
¡ ¢ ¢ ¥ ¡ § £ ¥ © ¡ ¨ ¡ § ¡ ¢ £ § ¢§<br />
¡<br />
¡ ¥ £ £ § ¢¥ § £¨£ ¢ ¡ ¢ £ § £ <br />
<br />
¡ ¢ £ £ ¡ ¡ £ ££ ¢<br />
<br />
¥ ¡ £ ¥ £ § ¢ § £ ¥ §<br />
<br />
£ £ ¥ £ ¦ ¥ £ ¥ £ £<br />
<br />
§ £ ¤ ¢ ¥ § ¢ £ ¥ ¢ £ § ¡ £ ¡ £ §<br />
<br />
§ § ¥ £ ¥ ©¤ £ ¢¡ ¡ ¢ ¡ £ § ¢ £ £<br />
£<br />
£ ¡ £ £ § ¡ £ £<br />
<br />
£ ¤ ¥ £ § § ¢ £<br />
<br />
£ ¡ § ¡ £ ¥¥ ¥ § ¥ ¡£ ¥ ¢ <br />
<br />
¡ ¢ £ £ § ¢ ¥ ¡ ¡<br />
<br />
¥ ¥ § £ £ ¦ £¤£ ¡ £ §¢ ¡ ¢ £ ¡ ¥ <br />
<br />
£ ¥ £ ¥¡ ¡ ¢ <br />
§<br />
(QILQ XQ FUR\DQW SHXW SURGXLUH SDU XQH<br />
SULqUH VLQFqUH RX DX JUp GH VRQ GpVLU LQFRQVFLHQW<br />
© F HVW OH GRLJW GH 'LHX TXL VH PDQLIHVWH ª GHV<br />
PLUDFOHV F HVW j GLUH GHV DOWpUDWLRQV ORFDOHV GH OD<br />
UpDOLWp VHORQ OHV PrPHV UqJOHV TXH SRXU XQH<br />
,QIOXHQFH IpHULTXH /H UpVXOWDW GX MHW GH )RL<br />
GRQQH O LQWHQVLWp TXH OH FUR\DQW QH SHXW SDV<br />
PRGXOHU FRQVFLHPPHQW HW OD QDWXUH GH OD IRL<br />
LQGLTXH OHV HIIHWV SRVVLEOHV OHV -DwQD VRQW QRQ<br />
YLROHQWV SDU H[HPSOH /HV PLUDFOHV SHXYHQW<br />
pJDOHPHQW RFWUR\HU WHPSRUDLUHPHQW GHV FDSDFL<br />
WpV VXUQDWXUHOOHV DX FUR\DQW PDUFKHU VXU O HDX<br />
OpYLWHU UpVLVWHU j OD GRXOHXU TXL IRQFWLRQQHQW<br />
FRPPH XQ 3RXYRLU OH MHW GH )RL MRXDQW OH U{OH<br />
GX MHW G $VSHFW PDvWULVH /j HQFRUH OHV 3RX<br />
YRLUV H[DFWV VRQW GpILQLV SDU OD IRL VSpFLILTXH GX<br />
FUR\DQW $WWHQWLRQ OHV PLUDFOHV REWHQXV VRQW<br />
O H[SUHVVLRQ GH OD IRL GX FUR\DQW SDV GH VD YR<br />
ORQWp FRQVFLHQWH HW Q DJLVVHQW SDV GDQV OHV VHQV<br />
GH VHV LQWpUrWV SHUVRQQHOV PDLV GH FHX[ GH VHV<br />
LGpDX[ ,O SHXW DLQVL WUqV ELHQ IDLUH WRPEHU OD<br />
IRXGUH VXU TXHOTX XQ TX LO DLPH PDLV GRQW OD<br />
FRQGXLWH FRQWUHYLHQW j VHV SUHVFULSWLRQV UHOLJLHX<br />
VHV<br />
&HV PLUDFOHV VRQW GHV pYpQHPHQWV UDUHV<br />
/ LQWHQVLWp FXPXOpH GH WRXV OHV PLUDFOHV HIIHFWXpV<br />
SDU OH FUR\DQW V DMRXWH j OD GLIILFXOWp GH WRXW QRX<br />
YHDX PLUDFOH GHPDQGp &H SDVVLI V DSXUH G XQ<br />
SRLQW SDU MRXU SDVVp VDQV IDLUH GH PLUDFOH 1R<br />
WRQV TXH O ,PDJLQDLUH Q DIIHFWH SDV OHV MHWV GH )RL<br />
8Q FUR\DQW SHXW SHUGUH OD IRL &KDTXH IRLV<br />
TXH O XWLOLVDWLRQ GH VD )RL pFKRXH HOOH HVW pEUDQ<br />
OpH LO SHUG XQ QRPEUH GH SRLQWV GH )RL pJDO j OD<br />
PDUJH G pFKHF 'HV DFWLYLWpV REVHVVLRQQHOOHV HW<br />
ULWXDOLVpHV D\DQW j YRLU DYHF VD IRL SULqUH OHFWXUH<br />
GX 3HWLW /LYUH 5RXJH EULFRODJH GH O LQYHUVHXU GH<br />
SRODULWp GDQV VRQ ODERUDWRLUH GH UpVRQDQFH pWKH<br />
UR NDUPLTXH OXL GRQQHQW GURLW j XQ MHW GH )RL<br />
VFRUH DFWXHO GRQW OD GLIILFXOWp HVW OH QRPEUH GH<br />
SRLQWV SHUGXV /D PDUJH TXHOOH TX HOOH VRLW HVW<br />
DMRXWpH j VRQ VFRUH GH )RL GRQF XQH UpXVVLWH<br />
O DXJPHQWH HW XQ pFKHF OD GLPLQXH HQFRUH 2Q<br />
SHXW UHFRPPHQFHU FKDTXH MRXU 6L OD )RL WRPEH<br />
j ]pUR HOOH HVW SHUGXH GpILQLWLYHPHQW 2Q QRWHUD<br />
TXH FRPPH SRXU OHV )pHULTXHV F HVW HQ VH SORQ<br />
JHDQW j O H[FOXVLRQ GX UHVWH GDQV VHV $IILQLWpV<br />
TXH O RQ UHFKDUJH VHV EDWWHULHV 2Q QRWHUD pJDOH<br />
PHQW TXH FH V\VWqPH HVW GpOLEpUpPHQW LQVWDEOH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SOXV OD )RL HVW IRUWH SOXV HOOH VH FRQVROLGH SOXV<br />
HOOH HVW IDLEOH SOXV HOOH V pURGH IDFLOHPHQW 6HXO<br />
XQ pYpQHPHQW SV\FKRORJLTXH PDMHXU SHXW GRQ<br />
/·,0$*,1$,5(<br />
2Q SHXW VH UHSUpVHQWHU O·,PDJLQDLUH FRPPH<br />
XQH IRUPH G·pQHUJLH HQ DXFXQ FDV GpWHFWDEOH RX<br />
TXDQWLILDEOH OLpH j O·LPDJLQDWLRQ HW DX[ UrYHV GHV<br />
KXPDLQV ,O HVW OD FRQWUHSDUWLH GX *ODPRXU GH<br />
)pHULH GDQV OH PRQGH WHUUHVWUH 0DLV FHWWH UHOD<br />
WLRQ Q·HVW SDV j VHQV XQLTXH 6DQV OH UR\DXPH GH<br />
)pHULH TXL QRXUULW OHXU ,PDJLQDLUH OHV KXPDLQV<br />
Q·DXUDLHQW DXFXQ UrYH QL DXFXQH FUpDWLYLWp HW<br />
GpSpULUDLHQW j FRXS V€U ,QYHUVHPHQW OHV )pHUL<br />
TXHV QH SRXUUDLHQW H[LVWHU VDQV OH SRXYRLU GH<br />
FUpDWLRQ GHV KXPDLQV TXL DOLPHQWH OH *ODPRXU<br />
TXL FRQVWLWXH )pHULH /·,PDJLQDLUH UHSUpVHQWH OD<br />
FUpDWLYLWp j O·pWDW SXU SRXU OH PHLOOHXU HW SRXU OH<br />
SLUH ,O HVW HQULFKL SDU WRXWHV OHV DFWLYLWpV GH SUR<br />
GXFWLRQ G·LPDJLQDWLRQ TXL VRQW IDLWHV VDQV DU<br />
ULqUH SHQVpH 7RXV OHV DUWLVWHV TXL WUDYDLOOHQW<br />
SRXU OHXU SODLVLU WRXWHV OHV UrYHULHV LQXWLOHV<br />
FRQWULEXHQW j DXJPHQWHU OH QLYHDX G·,PDJLQDLUH<br />
/RUVTXH OD FUpDWLYLWp V·H[HUFH DYHF XQ EXW GRQQp<br />
HOOH SHUG WRXW HIIHW VXU O·,PDJLQDLUH (OOH SHXW<br />
PrPH OH GpWUXLUH VL FH EXW HVW SDUWLFXOLqUHPHQW<br />
pJRwVWH RX PHUFDQWLOH &·HVW O·HVSULW GDQV OHTXHO<br />
HVW OH FUpDWHXU TXL FRPSWH HVVHQWLHOOHPHQW HW SDV<br />
VHXOHPHQW OD TXDOLWp RX O·LPSRUWDQFH GH OD SUR<br />
GXFWLRQ 8Q GHVVLQ G·HQIDQW DSSRUWH SOXV j<br />
O·,PDJLQDLUH TX·XQH VXSHUSURGXFWLRQ 'LVQH\ /D<br />
© IDXVVH ª FUpDWLRQ Q·DSSRUWH ULHQ j O·,PDJLQDLUH<br />
/HV OLHX[ FRPPXQV OHV PRGHV WRXWHV IDLWHV OHV<br />
SVHXGR UHWRXUV DX[ UHOLJLRQV SUHPLqUHV OXL QXL<br />
VHQW<br />
/( 1,9($8 '·,0$*,1$,5(<br />
&KDTXH &RQWH[WH HVW FDUDFWpULVp SDU VRQ QL<br />
YHDX G·,PDJLQDLUH ,O HVW OLp j VRQ F{Wp IDQWDVWL<br />
TXH j O·DXUD GH P\VWqUH HW GH PDJLH TXL<br />
O·HQWRXUH DLQVL TX·j OD SUpVHQFH G·rWUHV IpHULTXHV<br />
,QYHUVHPHQW FHV GHUQLHUV VRQW SOXV j O·DLVH GDQV<br />
OHV OLHX[ j KDXW QLYHDX G·,PDJLQDLUH /HXUV SRX<br />
YRLUV V·H[SULPHQW PLHX[ HW SOXV IDFLOHPHQW Oj R<br />
LO \ D GH O·,PDJLQDLUH 3DU UpIpUHQFH )pHULH D XQ<br />
())(76 '( /·,0$*,1$,5(<br />
/D SHUPpDELOLWp GX PRQGH WHUUHVWUH DX *OD<br />
PRXU HVW PHVXUpH SDU O·,PDJLQDLUH /H QLYHDX<br />
G·,PDJLQDLUH MDXJH OH WDX[ GH *ODPRXU DPELDQW<br />
SDU UDSSRUW DX[ TXL VRQW OD UqJOH HQ )pHULH<br />
FH TXL VH PDQLIHVWH VRXV SOXVLHXUV IRUPHV 7RXW<br />
G·DERUG LO UpGXLW OHV SRXYRLUV HW OHV FDSDFLWpV<br />
QHU RX UHQGUH OD IRL RX HQ PRGLILHU OHV VSpFLIL<br />
FLWpV FH TXH OH PHQHXU GH MHX HVW FHQVp JpUHU<br />
VHORQ VRQ VHQV GH O RSSRUWXQLWp VFpQDULVWLTXH<br />
'DYLG 1DPERND<br />
/HV VXSHUVWLWLRQV HW OD IRL SHXYHQW LQIOXHU OR<br />
FDOHPHQW VXU O·,PDJLQDLUH /RUVTXH OHV VXSHUVWL<br />
WLRQV V·RSSRVHQW DX[ SULQFLSHV GHV rWUHV IpHUL<br />
TXHV YRLUH QLHQW OHXU H[LVWHQFH HOOHV GLPLQXHQW<br />
OH QLYHDX G·,PDJLQDLUH GDQV OD UpJLRQ R HOOHV RQW<br />
XQ HIIHW WDQGLV TX HOOHV O HQULFKLVVHQW VL OD SRSX<br />
ODWLRQ DGKqUH j GHV SULQFLSHV IDYRUDEOHV DX[ )pH<br />
ULTXHV 'H PrPH ORUVTXH OD IRL G·XQ FUR\DQW<br />
V·RSSRVH DX[ rWUHV IpHV HW j OHXUV SULQFLSHV DORUV<br />
OH QLYHDX G·,PDJLQDLUH HVW GLPLQXp DXWRXU GX<br />
FUR\DQW ,QYHUVHPHQW ORUVTXH OH FUR\DQW HVW HQ<br />
DFFRUG DYHF O·HVSULW IpHULTXH OH QLYHDX<br />
G·,PDJLQDLUH HVW DXJPHQWp DXWRXU GH OXL<br />
QLYHDX G·,PDJLQDLUH QXO 'DQV OHV &RQWH[WHV<br />
WHUUHVWUHV OH QLYHDX G·,PDJLQDLUH HVW QpJDWLI SOXV<br />
RX PRLQV VHORQ OHV OLHX[ HW OHV pSRTXHV 4XHOV<br />
TXH VRLHQW OHV PRGLILFDWHXUV DSSRUWpV j XQ QL<br />
YHDX G·,PDJLQDLUH LO QH SHXW GpSDVVHU $ FH<br />
QLYHDX FHOD VLJQLILH TX·XQ 3RLQW GH &RQWDFW V·HVW<br />
RXYHUW HQ FH OLHX YHUV )pHULH ,O GLVSDUDvW GqV TXH<br />
OH QLYHDX UHGHYLHQW QpJDWLI<br />
PDJLTXHV GHV rWUHV IpHV /H QLYHDX G·,PDJLQDLUH<br />
HVW SULV FRPPH PDOXV j WRXWH DFWLYLWp VXUQDWX<br />
UHOOH ,QIOXHQFH 3RXYRLUV 7DOHQWV FDU OD PD<br />
WLqUH WHUUHVWUH FRQWLHQW G DXWDQW PRLQV GH *OD<br />
PRXU GRQF HVW G DXWDQW PRLQV PDQLSXODEOH TXH<br />
O ,PDJLQDLUH HVW EDV 3RXU OHV PrPHV UDLVRQV
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
O ,PDJLQDLUH MRXH FRPPH PDOXV j OD PDJLH WHUUHV<br />
WUH<br />
/H QLYHDX G·,PDJLQDLUH DIIHFWH GLUHFWHPHQW<br />
OHV )pHULTXHV VRXV OHXU IRUPH SK\VLTXH F·HVW XQ<br />
PDOXV GLUHFW j OD WDLOOH GHV rWUHV IpHV $LQVL XQ<br />
*pDQW GH WDLOOH DXUD XQH WDLOOH GH GDQV XQ<br />
&RQWH[WH G ,PDJLQDLUH /D WDLOOH G·XQ )pHULTXH<br />
QH SHXW GHVFHQGUH HQ GHVVRXV GH SDU FHW HIIHW<br />
& HVW FRPPH VL OH *ODPRXU TXL FRQVWLWXH OHV<br />
)pHULTXHV pWDLW FRPSULPp SDU OH PDQTXH G ,PD<br />
JLQDLUH<br />
(QILQ O·,PDJLQDLUH UHSUpVHQWH OD FDSDFLWp GHV<br />
7HUUHVWUHV j SHUFHYRLU OHV rWUHV IpHV /H QLYHDX<br />
G·,PDJLQDLUH HVW GRQF DXVVL XQ PRGLILFDWHXU j<br />
WRXWH WHQWDWLYH G·XQ 7HUUHVWUH SRXU LGHQWLILHU<br />
FRUUHFWHPHQW XQ SKpQRPqQH IpHULTXH 6L OH MHW<br />
GH 3HUFHSWLRQ pFKRXH O·,PDJLQDLUH GpIRUPH OD<br />
YLVLRQ TX·RQW OHV 7HUUHVWUHV GHV SKpQRPqQHV<br />
&HW HIIHW V DSSOLTXH j FKDTXH IRLV TXH OD VFqQH HVW<br />
YLVXDOLVpH SDU XQ QRXYHDX WpPRLQ VL HOOH D pWp<br />
ILOPpH RX HQUHJLVWUpH GH TXHOTXH IDoRQ TXH FH<br />
VRLW ,O HQ YD GH PrPH VL XQ VSpFLPHQ RX XQ<br />
$FFHVVRLUH VRQW pWXGLpV SDU GHV 7HUUHVWUHV<br />
6L OH MHW HVW XQ pFKHF OH 7HUUHVWUH QH SHUoRLW<br />
SDV OD 0DQLIHVWDWLRQ GX )pHULTXH WHOOH TX·HOOH HVW<br />
PDLV UHFRQVWUXLW j SDUWLU GH WRXW RX SDUWLH GHV<br />
6LJQHV PLV HQ MHX XQH YLVLRQ FUpGLEOH SDU OXL<br />
$WWHQWLRQ FHOD QH FRQGXLW SDV QpFHVVDLUHPHQW j<br />
XQH LQWHUSUpWDWLRQ SURVDwTXH GX SKpQRPqQH<br />
UHQFRQWUp PDLV SOXW{W j XQH H[SOLFDWLRQ FRKp<br />
UHQWH DYHF OH SDUDGLJPH SURSUH GH O·REVHUYDWHXU<br />
VL XQ pOpPHQW GH OD 0DQLIHVWDWLRQ GHV )pHULTXHV<br />
FRQFHUQpV IDLW pFKR j GHV FKRVHV TXH<br />
O·REVHUYDWHXU FURLW YUDLHV PrPH VL HOOHV VRQW<br />
VXUQDWXUHOOHV P\WKRORJLTXHV RX UHOLJLHXVHV F·HVW<br />
j WUDYHUV HOOHV TX·LO LQWHUSUpWHUD OH SKpQRPqQH<br />
/H V\QGURPH 6W 7KRPDV<br />
© -H QH FURLV TXH FH TXH MH YRLV ª FHWWH<br />
FRQYLFWLRQ WRXFKH FHX[ SDUPL OHV KXPDLQV TXL<br />
RQW GX PDO j DFFHSWHU OH VXUQDWXUHO JpQpUDOHPHQW<br />
DX VRUWLU GH OD SHWLWH HQIDQFH HW TXL GRQF SUpIq<br />
UHQW OH QR\HU GDQV OHXU XQLYHUV TXRWLGLHQ $LQVL<br />
OHV )pHULTXHV SDVVHURQW LQDSHUoXV DXSUqV GHV<br />
LQGLYLGXV TXL SURIHVVHQW XQH WHOOH FRQYLFWLRQ HW<br />
OHXU 7DLOOH UpGXLWH TXDQG O·,PDJLQDLUH HVW IDLEOH \<br />
FRQWULEXH ELHQ<br />
/HV 7HUUHVWUHV DUULYHQW DORUV QDWXUHOOHPHQW j<br />
XQH H[SOLFDWLRQ SOXV UDWLRQQHOOH GX SKpQRPqQH<br />
UHQFRQWUp $LQVL XQH SHWLWH )pH DX[ DLOHV GH WXOOH<br />
DSSDUDvWUD FRPPH XQ LQVHFWH GDQV XQ &RQWH[WH<br />
FRQWHPSRUDLQ XQ GXHO j O pSpH GH IHX HQWUH FKH<br />
YDOLHUV IpHULTXHV DSSDUDvWUD FRPPH XQ GXHO DX<br />
/HV SUHXYHV PDWpULHOOHV FRQWUDLUHV OHV SOXV pYL<br />
GHQWHV OXL SDUDvWURQW IORXHV LQFHUWDLQHV RX WUX<br />
TXpHV<br />
$UWKXU 5DFNKDP<br />
&HUWDLQV )pHULTXHV V·HIIRUFHQW G·DLOOHXUV GH<br />
WLUHU SDUWL GH FHV LQWHUSUpWDWLRQV HUURQpHV SRXU<br />
GLVVLPXOHU OHXU H[LVWHQFH FDPRXIOHU OHXU DSSD<br />
UHQFH UpHOOH RX PDQLSXOHU OHV 7HUUHVWUHV /H SUR<br />
EOqPH HVW TX·HOOHV VRQW LPSUpYLVLEOHV GHV<br />
REVHUYDWHXUV GLIIpUHQWV YHUURQW GHV FKRVHV<br />
GLIIpUHQWHV IRQFWLRQ GHV UpVRQDQFHV TXH WURXYH<br />
FKH] HX[ OD 0DQLIHVWDWLRQ REVHUYpH 'H SOXV<br />
DXFXQ LQGLFH H[WpULHXU QH WUDKLW OD IDoRQ GRQW XQ<br />
7HUUHVWUH GRQQp SHUoRLW OHV )pHULTXHV TX·LO<br />
F{WRLH LO IDXW OD GHYLQHU DX YX GH VHV UpDFWLRQV<br />
HW HQ DSSURIRQGLVVDQW O·DQDO\VH GH VD<br />
SHUVRQQDOLWp HW GH VHV UpIpUHQFHV FXOWXUHOOHV<br />
9RLFL TXHOTXHV VLWXDWLRQV W\SLTXHV<br />
VDEUH ODVHU HQ SODVWLTXH VXU SLOHV G 9 HQWUH<br />
JDPLQV GpJXLVpV $WWHQWLRQ WRXWHIRLV OH IDLW TXH<br />
OHV )pHULTXHV HW OHXUV DFWLYLWpV VRLHQW SHUoXV<br />
FRPPH DQRGLQV QH YHXW SDV GLUH TX·LOV<br />
Q·DSSHOOHQW DXFXQH UpDFWLRQ VL XQH YLHLOOH GDPH<br />
j GpFLGp TXH FH JURV 7HQJX pWDLW XQ MROL SHWLW<br />
PRLQHDX HOOH WURXYHUD WRXW j IDLW QRUPDO TX·LO VH<br />
PHWWH j SLFRUHU OHV FpUpDOHV TX·HOOH OXL D MHWpHV (Q<br />
UHYDQFKH V·LO VH PHW j LQYRTXHU GHV KRUGHV GH<br />
FRUEHDX[ SRXU OXL DUUDFKHU OHV FKDLUV HOOH FULHUD<br />
VDQV GRXWH SRXU DSSHOHU j O·DLGH OHV JDUGLHQV GX<br />
SDUF RX GHV SDVVDQWV VHFRXUDEOHV<br />
/H IDLW G·rWUH SHUoX FRPPH XQ DQLPDO XQ<br />
REMHW XQH SODQWH RX XQ SKpQRPqQH QDWXUHO<br />
YRLUH G·rWUH FRPSOqWHPHQW LPSHUFHSWLEOH SHXW<br />
rWUH SUREOpPDWLTXH VL OHV )pHULTXHV RQW EHVRLQ GH
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
SUHQGUH FRQWDFW DYHF OHV 7HUUHVWUHV ,O HVW SDUIRLV<br />
SRVVLEOH GH SURILWHU G·XQH FRXYHUWXUH DQLPDOH<br />
SRXU H[SULPHU XQH LQWHOOLJHQFH H[FHSWLRQQHOOH<br />
© -H FURLV TXH )OLSSHU YHXW QRXV GLUH TXHOTXH<br />
FKRVH ª PDLV FHWWH SRVVLELOLWp Q·HVW RIIHUWH TXH<br />
SRXU OHV YHUWpEUpV VXSpULHXUV %LHQ VRXYHQW<br />
KpODV rWUH SHUoX FRPPH XQ HQIDQW GRQQH j<br />
SHLQH SOXV GH FUpGLW &·HVW GRQF JpQpUDOHPHQW GH<br />
IDoRQ LQGLUHFWH TXH OHV )pHULTXHV SHXYHQW FRP<br />
PXQLTXHU DYHF OHV 7HUUHVWUHV TXL GpFLGHQW LQ<br />
FRQVFLHPPHQW GH QH SDV OHV YRLU 0HVVDJHV<br />
pFULWV SKpQRPqQHV OXPLQHX[ RX DWPRVSKpULTXHV<br />
YLVDQW j DWWLUHU O·DWWHQWLRQ YHUV XQ FHUWDLQ HQGURLW<br />
j HIIUD\HU SRXU pFDUWHU G·XQ DXWUH VRQW DXWDQW GH<br />
UHVVRXUFHV SRVVLEOHV (PSOR\HU GHV PR\HQV<br />
IUDQFKHPHQW RVWHQWDWRLUHV OH FKDW HUUDQW TXH<br />
O·RQ YLHQW GH UHFXHLOOLU VH PHW j SDUOHU G·XQ WRQ<br />
SURSKpWLTXH GHV ERXOHV GH OXPLqUH GDQVHQW GDQV<br />
OHV FKDPSV OHV PXUV GH OD FDYH VRQW FRXYHUWV GH<br />
JODFH« SURYRTXH JpQpUDOHPHQW OD SHUSOH[LWp<br />
GHV 7HUUHVWUHV /H IDLEOH ,PDJLQDLUH TXL OHV HP<br />
SrFKH G·DSSUpKHQGHU OH FDUDFWqUH VXUQDWXUHO GX<br />
SKpQRPqQH QH OH UHQG SDV PRLQV pWUDQJH HW<br />
$UWKXU 5DFNKDP<br />
LQH[SOLFDEOH ,O HVW FRXUDQW TX·LOV IXLHQW OHV OLHX[<br />
QLHQW OH SKpQRPqQH RX O·LQYHVWLJXHQW HQ<br />
FRQFOXDQW j XQH PDFKLQDWLRQ FULPLQHOOH RX j<br />
© O·LQH[SOLTXp ª PLUDFOHV 291, PDLVRQV KDQ<br />
WpHV« RX SUpVHQFH GX SHWLW SHXSOH ,O HVW SUR<br />
EDEOH TXH FHUWDLQHV OpJHQGHV XUEDLQHV WURXYHQW<br />
LFL OHXU RULJLQH<br />
0rPH OHV FRQVpTXHQFHV QDWXUHOOHV GH OD SUp<br />
VHQFH GH )pHULTXHV LPSHUFHSWLEOHV SHXYHQW HQ<br />
O·DEVHQFH GH WRXWH YRORQWp GH FRQWDFW rWUH SHU<br />
oXHV SDU OHV 7HUUHVWUHV GLVSDULWLRQ GH QRXUUL<br />
WXUH REMHWV GpSODFpV WUDFHV GH SDV« /j HQFRUH<br />
ULHQ GH WRXW FHOD QH SDUDvWUD RXYHUWHPHQW VXUQD<br />
WXUHO PDLV pYHLOOHUD OD FXULRVLWp RX O·LQTXLpWXGH<br />
GHV WpPRLQV TXL SRXUURQW SURFpGHU j XQH HQ<br />
TXrWH VH FURLUH YLFWLPHV G·KDOOXFLQDWLRQV RX<br />
FRQFOXUH j XQH FDXVH VXUQDWXUHOOH PrPH VDQV<br />
rWUH GLUHFWHPHQW WpPRLQ G·HIIHWV VSpFLDX[ 'HV<br />
7HUUHVWUHV VHQVLEOHV pSURXYpV GH IDoRQ LQWHQVH HW<br />
SURORQJpH SDU GH WHOOHV H[SpULHQFHV ULVTXHQW G·\<br />
ODLVVHU OHXU UDLVRQ F·HVW O·HIIHW 0DXSDVVDQW RX<br />
HIIHW +RUOD
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/·LOOXVLRQ<br />
4XH VH SDVVH W LO TXDQG XQ rWUH KXPDLQ HVW<br />
IHUPHPHQW FRQYDLQFX TXH OHV H[WUD WHUUHVWUHV<br />
H[LVWHQW HW TX·LO FURLVH OH VRPEUH UHJDUG G·XQ<br />
/XWLQ UDPRQHXU " %LHQ VRXYHQW O·KXPDLQ OH<br />
SUHQG SRXU XQ GH FHV 3HWLW *ULV TXL HQOqYHQW OHV<br />
JHQV GDQV OH 0LGZHVW DPpULFDLQ SRXU VH OLYUHU<br />
VXU HX[ j GHV H[SpULHQFHV HPEDUUDVVDQWHV<br />
/·KXPDLQ DGPHW O·H[LVWHQFH GX )pHULTXH PDLV OXL<br />
GRQQH XQH VLJQLILFDWLRQ DXWUH &HWWH HUUHXU SHU<br />
PHW GH VH FDPRXIOHU DX[ \HX[ GHV 7HUUHVWUHV HW<br />
OD VHXOH XWLOLWp SRXU OHV rWUHV IpHULTXHV HVW GH<br />
SRXYRLU GLVVLPXOHU OHXU DSSDUHQFH HW OHXU QDWXUH<br />
0DLV OH IDLW TXH OHV 7HUUHVWUHV SHUoRLYHQW OH )pH<br />
ULTXH FRPPH UHOHYDQW G·XQ VXUQDWXUHO DFFHSWDEOH<br />
SRXU HX[ QH SUpVDJH SDV GH OHXU UpDFWLRQ SHXU<br />
GpYRWLRQ pPHUYHLOOHPHQW YLROHQFH« HQ IRQF<br />
WLRQ GH OHXUV FRQYLFWLRQV SDU H[HPSOH UHOLJLHX<br />
VHV<br />
&HUWDLQV KXPDLQV VRQW SHUVXDGpV TXH OHV<br />
FKRVHV RX rWUHV LQKDELWXHOV QH SHXYHQW TX·rWUH<br />
PDXYDLV QpIDVWHV HW PRQVWUXHX[ XQ FDWKROLTXH<br />
YHUUD XQ GpPRQ GDQV XQ 6DW\UH HQWUHSUHQDQW XQ<br />
IDQ GH /RYHFUDIW YHUUD 1\DUODWKRWHS GDQV WRXW<br />
rWUH j O·DVSHFW pJ\SWLHQ /D SUHPLqUH FKRVH TXH<br />
IHUD XQ KXPDLQ GH FH W\SH VHUD FHUWDLQHPHQW GH<br />
WHQWHU G·DYHUWLU G·DXWUHV SHUVRQQHV FRPPH OXL<br />
SRXU VH SURWpJHU OHV SOXV WUDXPDWLVpV Q·KpVLWDQW<br />
/H GpFOLF<br />
,O HVW HQ RXWUH SRVVLEOH SRXU OHV )pHULTXHV<br />
G·DWWLUHU O·DWWHQWLRQ G·XQ 7HUUHVWUH HW GH OXL IDLUH<br />
DGPHWWUH OHXU H[LVWHQFH HQ IRUoDQW OD SULVH GH<br />
FRQVFLHQFH PDOJUp XQ ,PDJLQDLUH IDLEOH 3RXU \<br />
SDUYHQLU LO IDXW VH PDQLIHVWHU GH IDoRQ RVWHQVLEOH<br />
HQ OLHQ DYHF TXHOTXH FKRVH TXL IHUD GpFOLF GDQV<br />
O·HVSULW GH O·KXPDLQ XQH FRPSWLQH FKDQWpH SDU<br />
VHV SDUHQWV XQH ERQQH UDVDGH GH ZKLVNH\ LUODQ<br />
GDLV XQH FROOHFWLRQ GH ELOOHV SHUGXHV LO \ D<br />
DQV G·pWUDQJHV GHVVLQV QRQ HXFOLGLHQV LPSULPpV<br />
GDQV O·LQFRQVFLHQW GH OD SHUVRQQH XQH HQF\FOR<br />
SpGLH GHV OpJHQGHV IpHULTXHV FRQGXLUH j<br />
NP K FHWWH )HUUDUL URXJH GRQW LO D WRXMRXUV Ur<br />
Yp« /H GpFOLF SHXW rWUH SURYRTXp SDU O·LYUHVVH<br />
RX FHUWDLQHV IRUPHV GH IROLH PDLV GDQV OD SOXSDUW<br />
GHV FDV OH UpHO GpFOHQFKHXU D UDSSRUW j O·HQIDQFH<br />
,O V·DJLW G·XQ VWLPXOXV SV\FKR DIIHFWLI H[WUrPH<br />
PHQW IRUW WUqV VWUXFWXUDQW SRXU OD SHUVRQQDOLWp<br />
GX 7HUUHVWUH GRQW OXL PrPH Q·D JpQpUDOHPHQW<br />
SDV FRQVFLHQFH HW TXL OH SORQJH GDQV XQ pWDW<br />
DOWpUp GH FRQVFLHQFH DQDORJXH j O·ÇJH G·$UJHQW<br />
GDQV OHTXHO LO SHUoRLW OHV )pHULTXHV WHOV TX·LOV<br />
VRQW ,O HVW DORUV SRVVLEOH GH FRPPXQLTXHU DYHF<br />
SDV j V·RUJDQLVHU SRXU pUDGLTXHU FH TXL UHVVHPEOH<br />
j XQH PHQDFH«<br />
,O SHXW DUULYHU j O·LQYHUVH TXH OH )pHULTXH VRLW<br />
SHUoX FRPPH XQ rWUH ELHQYHLOODQW DQJH YHQX<br />
DVVXUHU OH VDOXW GH O·KXPDQLWp PDKDWPD DWODQWH<br />
TXL DQQRQFH O·qUH GX 9HUVHDX PXVH TXL LQVSLUH OH<br />
SRqWH 3DUIRLV O·rWUH KXPDLQ FRQFOXW TX·LO D<br />
GpVRUPDLV DFFpGp j XQ DXWUH QLYHDX GH FRQV<br />
FLHQFH TXL OXL SHUPHW GH FRPPXQLTXHU DYHF OHV<br />
UpJLRQV XOWUDWHUUHVWUHV G·rWUH XQ pOX XQ SUR<br />
SKqWH XQ JRXURX« pYHQWXHOOHPHQW IRQGp j VH<br />
OLYUHU j GLYHUVHV H[DFWLRQV © SRXU OD MXVWH FDXVH ª<br />
DX JUDQG GDP GHV )pHULTXHV TXL Q·RQW SDV QpFHV<br />
VDLUHPHQW YRXOX oD ,O HVW GH WRXWHV IDoRQV GLIIL<br />
FLOH GH VH GpIDLUH GLSORPDWLTXHPHQW RX QRQ GH<br />
7HUUHVWUHV TXL UpDJLVVHQW DLQVL 'HV )pHULTXHV<br />
LQJpQLHX[ SHXYHQW HVVD\HU GH WLUHU SDUWL GH OD<br />
GpYRWLRQ GHV 7HUUHVWUHV PDLV OHXUV FRQQDLVVDQ<br />
FHV JpQpUDOHPHQW OLPLWpHV GHV V\VWqPHV GH<br />
FUR\DQFHV HQ YLJXHXU ULVTXHQW GH OHXU WHQGUH<br />
TXHOTXHV SLqJHV V·LOV RQW DIIDLUH j GHV P\VWLTXHV<br />
TXL VH PpILHQW GHV IDX[ SURSKqWHV (W PrPH GHV<br />
rWUHV UpSXWpV UHSUpVHQWHU OH %LHQ QH VRQW SDV<br />
QpFHVVDLUHPHQW SRUWHXUV GH ERQQHV QRXYHOOHV<br />
XQ )pHULTXH SRUWHXU G·DLOHV HW G·XQH WURPSHWWH<br />
SRXUUD rWUH FRQVLGpUp FRPPH OH KpUDXW GH<br />
O·$SRFDO\SVH HW SURYRTXHU XQH YDJXH GH VXLFLGHV<br />
FROOHFWLIV SDU VD VHXOH SUpVHQFH«<br />
OXL VDQV IDUG FRPPH V·LO DYDLW UpXVVL VRQ MHW (Q<br />
RXWUH OHV FLUFRQVWDQFHV HXSKRULTXHV GH OD UpYpOD<br />
WLRQ UHQGHQW JpQpUDOHPHQW OH 7HUUHVWUH H[WUr<br />
PHPHQW UHFRQQDLVVDQW DX[ )pHULTXHV TXL OD Gp<br />
FOHQFKHQW VDXI SDUIRLV VL OH VWLPXOXV HVW WUDXPD<br />
WLTXH RX OD QRVWDOJLH WURS GRXORXUHXVH FH TXL<br />
SHUPHW GH JDJQHU GHV DOOLpV VXU 7HUUH 0DLV Gp<br />
WHUPLQHU OH ERQ VWLPXOXV HVW JpQpUDOHPHQW OH<br />
UpVXOWDW G·REVHUYDWLRQV SURORQJpHV PLQXWLHXVHV<br />
HW DSSURIRQGLHV«<br />
,O HVW j QRWHU TXH OHV 7HUUHVWUHV © VHQVLEOHV ª<br />
OHV DQLPDX[ OHV HQIDQWV OHV DUWLVWHV OHV PDJHV<br />
FHUWDLQV IRXV RX FHX[ GRQW OHV &UR\DQFHV LQ<br />
FOXHQW O H[LVWHQFH GHV )pHULTXHV GLVSRVHQW GH<br />
ERQXV FRQIRUWDEOHV HQ IDLW F HVW DX PHQHXU GH<br />
MHX GH GpWHUPLQHU VL GHV 7HUUHVWUHV WpPRLQV GH<br />
SKpQRPqQHV IpHULTXHV OHV YRLHQW WHOV TX LOV VRQW<br />
RX QRQ 'H SOXV WRXW MHW UpXVVL GRQQH XQ ERQXV<br />
GH DX SURFKDLQ MHW /HV 7HUUHVWUHV SHXYHQW<br />
DORUV HVVD\HU G RXEOLHU RX G HQ VDYRLU SOXV RX<br />
G HQWUHU HQ FRQWDFW RX G pWXGLHU VFLHQWLILTXHPHQW<br />
FHV rWUHV P\VWpULHX[ RX GH SUpYHQLU OH UHVWH GX
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
PRQGH SDV IDFLOH DYHF GHV SKRWRV VXU OHVTXHOOHV WRXW OH PRQGH QH YRLW SDV OD PrPH FKRVH<br />
/·,0$*,1$,5( $9(& /( 7(036<br />
9X GH IDoRQ JURVVLqUH OH QLYHDX EDLVVH DYHF<br />
OH WHPSV /RUV GH O $JH G $UJHQW OH QLYHDX WHU<br />
UHVWUH HVW pJDO j FHOXL GH )pHULH ,O GpFURvW HQVXLWH<br />
JOREDOHPHQW 6D GLPLQXWLRQ V·DFFpOqUH DYHF OH<br />
WHPSV / pSRTXH DFWXHOOH Q·HVW JXqUH )pHULTXH<br />
/HV SVHXGR PRXYHPHQWV GH UHWRXU DX[ WUDGL<br />
WLRQV HW j OD QDWXUH RQW ELHQ YLWH pWp UpFXSpUpV<br />
SDU GH SXLVVDQWHV LQGXVWULHV OXGR DOLPHQWDLUHV<br />
/·,PDJLQDLUH FKDQJH DXVVL VHORQ OHV SpULRGHV<br />
GH O·DQQpH /HV IrWHV GHV UHOLJLRQV SUR IpHULTXHV<br />
GDQV GHV &RQWH[WHV R HOOHV VRQW SUDWLTXpHV<br />
RULJLQHOOHPHQW SDV GDQV OH FDGUH G XQ VRL GLVDQW<br />
UHQRXYHDX FHOWLTXH YRLHQW OH QLYHDX<br />
G·,PDJLQDLUH PRQWHU VSpFLDOHPHQW GDQV OHV OLHX[<br />
DVVRFLpV j FHV IrWHV YRLU SOXV ORLQ /HV F\FOHV GH<br />
OD /XQH SHXYHQW DXVVL MRXHU O·,PDJLQDLUH pWDQW<br />
SOXV pOHYp j OD QRXYHOOH HW j OD SOHLQH OXQH VHORQ<br />
OHV VXSHUVWLWLRQV GH FHUWDLQV &RQWH[WHV $X<br />
FRQWUDLUH OHV IrWHV UHOLJLHXVHV GHV UHOLJLRQV GX<br />
/LYUH RX FHUWDLQV pYpQHPHQWV TXL V·RSSRVHQW DX<br />
SRXYRLU GH )pHULH GLPLQXHQW ORFDOHPHQW RX<br />
JOREDOHPHQW OH QLYHDX G·,PDJLQDLUH<br />
'DWH RX pYpQHPHQW 0RGLILFDWHXU j<br />
%HOWDLQH /XJKQDVDG 6DPKDLQ +DOORZHHQ ,PEROF QXLW GH OD 6W -HDQ<br />
/D QXLW<br />
3OHLQH RX QRXYHOOH OXQH<br />
/XQH URXVVH<br />
&pUpPRQLH GUXLGLTXH G pSRTXH SDV XQH UHFUpDWLRQ SRXU WRXULVWHV RX JURXSHV VHFWDL<br />
UHV<br />
1RsO<br />
&RXSH GX PRQGH GH IRRWEDOO<br />
3kTXHV $LW HO .HELU
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
/LHX 0RGLILFDWHXU j<br />
%DUHQWRQ F±XU GH %URFpOLDQGH &DUERQHN<br />
6WRQHKHQJH %URFpOLDQGH<br />
PXVpH DWHOLHU G·DUWLVWH VDXI 9DVDUHO\<br />
SDUF FRXU GH UpFUpDWLRQ FDPSDJQH IRUrW<br />
FDWKpGUDOH 6W 3LHUUH .DkED 0XU GHV /DPHQWDWLRQV<br />
VWXGLRV GH :DOW 'LVQH\ VLqJH G·,%0 %DVH PLOLWDLUH<br />
+/0 FHQWUH YLOOH<br />
XQH SDUWLH GH MHX GH U{OH XQ WKpkWUH G·RPEUH XQH pPLVVLRQ GH -LP +HQVRQ<br />
/(6 32,176 '( &217$&7<br />
/RUVTXH SRQFWXHOOHPHQW O ,PDJLQDLUH G XQ<br />
&RQWH[WH WHUUHVWUH DWWHLQW ]pUR OD 7HUUH HW )pHULH<br />
FRH[LVWHQW HQ FH SRLQW ,O VH IRUPH XQ SDVVDJH<br />
HQWUH )pHULH HW OD 7HUUH &HV SDVVDJHV VRQW DSSH<br />
OpV SDU OHV )pHULTXHV OHV 3RLQWV GH &RQWDFW &HV<br />
3RLQWV PHWWHQW HQ UHODWLRQ XQ &RQWH[WH GH OD<br />
7HUUH DYHF XQ 'RPDLQH GH )pHULH HW SHUPHWWHQW<br />
OH SDVVDJH GHV 7HUUHVWUHV HW GHV )pHULTXHV /D<br />
SOXSDUW GHV 3RLQWV SHUPHWWHQW GHV DOOHUV HW UH<br />
WRXUV HQWUH OHV PRQGHV PDLV G·DXWUHV VRQW j VHQV<br />
XQLTXH /H SKpQRPqQH SUHQG QDLVVDQFH GX F{Wp<br />
WHUUHVWUH HW VH FRQQHFWH VXU XQ SRLQW G XQ 'R<br />
PDLQH GH )pHULH TXL OXL UHVVHPEOH L H TXL D OHV<br />
PrPHV &RUUHVSRQGDQFHV /HV GHX[ OLHX[ Q HQ<br />
IRQW TX XQ WDQW TXH OH 3RLQW H[LVWH<br />
*XVWDYH 'RUp<br />
/HV GHX[ F{WpV GX 3RLQW VRQW SDU GpILQLWLRQ<br />
VHPEODEOHV 8Q 3RLQW SHXW UHOLHU XQH IRUrW IpHUL<br />
O·,PDJLQDLUH<br />
TXH j XQH IRUrW WHUUHVWUH XQH FDYHUQH IpHULTXH j<br />
XQH FDYH WHUUHVWUH /·DWPRVSKqUH TXL UqJQH GDQV<br />
OD SDUWLH WHUUHVWUH HVW OD PrPH TXH FHOOH GX<br />
PRQGH IpHULTXH ,O LPSRUWH GH SUpFLVHU TXH OHV<br />
3RLQWV QH VRQW SDV GHV SRUWHV HQFRUH PRLQV GHV<br />
WXQQHOV FH VRQW GHV OLHX[ R OHV GHX[ PRQGHV<br />
FRH[LVWHQW R OD 7HUUH HW )pHULH QH IRQW TX XQ<br />
FRPPH j O $JH G $UJHQW /D FDEDQH GDQV O DUEUH<br />
H[LVWH VLPXOWDQpPHQW GDQV OH MDUGLQ GH YRWUH<br />
JUDQG PqUH HW GDQV OH 9HUJHU GHV 6\OSKLGHV<br />
8Q 3RLQW pWDQW OH UpVXOWDW GH FRQGLWLRQV<br />
G ,PDJLQDLUH SDUWLFXOLqUHV LO Q H[LVWH GX F{Wp<br />
WHUUHVWUH TXH GDQV OHV OLPLWHV R FHV FRQGLWLRQV<br />
VRQW UHPSOLHV / pWHQGXH G XQ 3RLQW SHXW DLQVL<br />
rWUH WUqV YDVWH FRPPH FHUWDLQV WXPXOL DPpUL<br />
FDLQV HQ IRUPH GH VHUSHQW RX WUqV UpGXLWH XQH<br />
WDFKH GH OXPLqUH GDQV XQ VRXV ERLV ' DXWUHV<br />
HQFRUH RQW GHV IURQWLqUHV IOXFWXDQWHV FRPPH<br />
FHUWDLQHV RDVLV G $UDELH RX PrPH VH GpSODFHQW<br />
FRPPH XQH FDUDYDQH GH JLWDQV &HWWH H[WHQVLRQ<br />
JpRJUDSKLTXH TXL HVW OD PrPH GHV GHX[ F{WpV GX<br />
SRLQW SXLVTX LO V DJLW SK\VLTXHPHQW GX PrPH<br />
OLHX GpILQLW OD WDLOOH GHV REMHWV HW FUpDWXUHV TXL<br />
SHXYHQW OH IUDQFKLU $LQVL SXLVTXH O ,PDJLQDLUH<br />
HVW SDU GpILQLWLRQ j ]pUR j O HPSODFHPHQW GX<br />
3RLQW OHV )pHULTXHV OH IUDQFKLVVHQW DYHF OHXU<br />
7DLOOH G RULJLQH FH TXL SHXW VH UpYpOHU JrQDQW<br />
SRXU OHV *pDQWV VL OH 3RLQW HVW WURS SHWLW 'H<br />
PrPH F HVW XQH ERQQH IDoRQ G HPSrFKHU TX XQ<br />
*UHPOLQ IDFpWLHX[ QH UDSSRUWH GHV DYLRQV GH<br />
FKDVVH HQ )pHULH<br />
'H OD PrPH IDoRQ OD GXUpH GH YLH G XQ<br />
3RLQW HVW VRXPLVH j GHV FRQGLWLRQV G H[LVWHQFH<br />
WUqV SUpFLVHV &HUWDLQV VRQW SHUPDQHQWV FRPPH<br />
OH ODF GH .LOODUQH\ HQ ,UODQGH G DXWUHV VRQW<br />
pSKpPqUHV OD IRQWDLQH j O LQVWDQW R OD ORXWUH \<br />
SORQJH RX HQFRUH UpFXUUHQWV GHUULqUH OH SHX<br />
SOLHU GH OD FRXU GH O pFROH j O KHXUH GH OD UpFUpD<br />
WLRQ 6L O RQ UDWH OH PRPHQW GX SDVVDJH LO IDXW<br />
DWWHQGUH RX WURXYHU XQ DXWUH 3RLQW /RUVTX XQ
&RQWHV GH )pHV 8QLYHUV GH MHX<br />
3RLQW HVW SHUPDQHQW RX UpFXUUHQW LO GpERXFKH<br />
WRXMRXUV DX PrPH SRLQW GH )pHULH ORUVTX LO HVW<br />
pSKpPqUH LO SHXW GpERXFKHU VXU Q LPSRUWH TXHO<br />
'RPDLQH TXL SDUWDJH VHV &RUUHVSRQGDQFHV 8Q<br />
3RLQW UpFXUUHQW HVW WRXMRXUV XWLOLVDEOH GDQV OH<br />
VHQV )pHULH YHUV 7HUUH HW DERXWLW j XQ PRPHQW<br />
R OH 3RLQW IRQFWLRQQH F{Wp WHUUHVWUH PDLV QH<br />
O HVW HQ VHQV LQYHUVH TXH ORUVTXH VHV FRQGLWLRQV<br />
G H[LVWHQFH VRQW UpXQLHV<br />
'DQV )pHULH XQ 3RLQW GH &RQWDFW VH PDQL<br />
IHVWH SDU XQH SDUWLFXODULWp SK\VLTXH GX OLHX TXL<br />
IDLW SHQVHU j XQH SRUWH FRPPH XQH YR€WH<br />
G·DUEUHV XQ GROPHQ 6XU 7HUUH FH Q·HVW SDV XQH<br />
UqJOH DEVROXH HW OH SDVVDJH Q·HVW SDV WRXMRXUV<br />
YLVLEOH DX SUHPLHU DERUG ,O VH PDQLIHVWH SDU XQ<br />
FKDQJHPHQW G·DPELDQFH WUqV VXEWLO 6HXOV OHV<br />
rWUHV VHQVLEOHV j OD PDJLH OHV )pHULTXHV OHV DQL<br />
PDX[ OHV HQIDQWV OHV DUWLVWHV OHV PDJHV FHUWDLQV<br />
IRXV FHX[ GRQW OHV &UR\DQFHV LQFOXHQW O H[LV<br />
WHQFH GHV )pHULTXHV SHXYHQW OH GpWHFWHU 8Q<br />
VHQWLPHQW EL]DUUH OHV DYHUWLW GH O·pWUDQJHWp GH<br />
O·HQGURLW /HV VLPSOHV KXPDLQV OH UpDOLVHQW VRX<br />
YHQW TXDQG LOV VRQW SDVVpV GH O·DXWUH F{Wp R OH<br />
GRXWH Q·HVW SOXV SHUPLV<br />
3RXU UHSpUHU XQ 3RLQW GH &RQWDFW LO IDXW Up<br />
XVVLU XQ MHW GH 9LJLODQFH 3HUFHSWLRQ SRXU OHV<br />
7HUUHVWUHV PRGLILp SDU O·,PDJLQDLUH TXDQG RQ<br />
HVW GX F{Wp 7HUUHVWUH GRQW OD GLIILFXOWp GpSHQG<br />
GH OD SUR[LPLWp GX 3RLQW GH &RQWDFW<br />
'LVWDQFH 'LIILFXOWp<br />
3RLQW GDQV OH SD\VDJH<br />
3RLQW j TXHOTXHV SDV<br />
$ O·HQWUpH GX 3RLQW<br />
3RLQW UpFXUUHQW DFWXHOOHPHQW LQDFWLI GX F{Wp WHUUHVWUH<br />
8Q 3RLQW PHW HQ FRQWDFW XQ 'RPDLQH GH<br />
)pHULH R OH WHPSV QH V pFRXOH SDV HW XQ<br />
&RQWH[WH WHUUHVWUH GRQW OHV FRRUGRQQpHV VSDWLR<br />
WHPSRUHOOHV VRQW GpOLPLWpHV VHORQ GHV FULWqUHV<br />
IpHULTXHV F HVW j GLUH VHORQ GHV &RUUHVSRQGDQ<br />
FHV &H Q HVW GRQF TXH GH IDoRQ H[WUrPHPHQW<br />
JURVVLqUH TXH O RQ SHXW YR\DJHU GDQV OH WHPSV RX<br />
O HVSDFH VXU 7HUUH HQ HPSUXQWDQW GHV 3RLQWV TXL<br />
DERXWLVVHQW DX[ &RUUHVSRQGDQFHV VRXKDLWpHV<br />
GDQV OH &RQWH[WH YRXOX OD GDWH WHUUHVWUH j OD<br />
TXHOOH OH SRLQW GpERXFKH HVW LPSUpYLVLEOH GH<br />
IDoRQ SUpFLVH 2Q SHXW DWWHLQGUH OH &RQWH[WH © OD<br />
)UDQFH SHQGDQW OD 5pYROXWLRQ ª pYHQWXHOOHPHQW<br />
DYHF OHV &RUUHVSRQGDQFHV © OD FDSLWDOH OD QXLW HQ<br />
pWp ª PDLV LO HVW LPSRVVLEOH GH YLVHU SUpFLVpPHQW<br />
© OD 1XLW GX $R€W ª SDU H[HPSOH SDUFH TXH OD<br />
QRWLRQ GH $R€W Q HVW SDV IpHULTXH &HWWH UqJOH<br />
V DSSOLTXH PrPH HQ HPSUXQWDQW XQ 3RLQW SHU<br />
PDQHQW TXL \ DERXWLVVDLW OD GHUQLqUH IRLV TX RQ O D<br />
HPSUXQWp RQ SHXW WUqV ELHQ DERXWLU VL[ VHPDL<br />
QHV DYDQW RX GHX[ DQV DSUqV OD GDWH G DUULYpH GH<br />
OD GHUQLqUH IRLV<br />
0rPH GDQV OH FDV G XQ 3RLQW UpFXUUHQW TXL<br />
IRQFWLRQQH © OD QXLW GH OD 6DLQW -HDQ ª RQ D OD<br />
FHUWLWXGH GH OD GDWH PDLV O DQQpH HVW LPSUpYLVLEOH<br />
HW RQ GpERXFKHUD XQH QXLW GH OD 6DLQW -HDQ TXHO<br />
FRQTXH G XQH DQQpH TXHOFRQTXH GX &RQWH[WH<br />
FRQFHUQp & HVW GH Oj TXH YLHQW OD OpJHQGH VHORQ<br />
ODTXHOOH XQH VHFRQGH SDVVpH HQ )pHULH SHXW UH<br />
SUpVHQWHU XQH DQQpH VXU 7HUUH RX LQYHUVHPHQW<br />
&·HVW OH PHQHXU GH MHX TXL GpFLGH ORUV GH FKDTXH<br />
XWLOLVDWLRQ G XQ 3RLQW GX PRPHQW H[DFW R LO<br />
GpERXFKH GX F{Wp 7HUUHVWUH HW GX OLHX VL OH 3RLQW<br />
Q HVW QL SHUPDQHQW QL UpFXUUHQW<br />
8Q 3RLQW GRQW OHV SURSULpWpV VH VHUDLHQW<br />
FRQVHUYpHV DX ILO GHV VLqFOHV PDOJUp GHV IOXFWXD<br />
WLRQV FRQWH[WXHOOHV PDMHXUHV HVW XQ FDV LQWpUHV<br />
VDQW $LQVL OHV &ROOLQHV 1RLUHV 3DKD 6DSD GX<br />
'DNRWD VRQW XQ OLHX VDFUp SRXU OHV $PpULQGLHQV<br />
GHSXLV ORQJWHPSV HOOHV O·pWDLHQW HQFRUH SHQGDQW<br />
/LWWOH %LJ +RUQ j NP GH Oj HW OH VRQW WRX<br />
MRXUV (OOHV FRPPXQLTXHQW WRXMRXUV DYHF OH<br />
PrPH 'RPDLQH GH )pHULH PDLV FHOXL TXL HP<br />
SUXQWH OH 3RLQW GH &RQWDFW SRXU DOOHU VXU 7HUUH<br />
QH SHXW SDV SUpYRLU VDXI VRUWLOqJH GH 9R\DJH V·LO<br />
YD WRPEHU SHQGDQW XQH FpUpPRQLH $UDSDKR<br />
DYDQW O·DUULYpH GHV YLVDJHV SkOHV OD UXpH YHUV O·RU<br />
GH RX XQ UHYLYDO DFWXHO SRXU WRXULVWHV GRQF<br />
GDQV GHV &RQWH[WHV HQYLURQQDQWV TXL Q·RQW SOXV<br />
ULHQ j YRLU 2Q SHXW WLUHU SDUWL GH FH W\SH GH<br />
3RLQWV SRXU FRQIURQWHU OHV SHUVRQQDJHV j XQH<br />
pSRTXH UpFHQWH j GHV WUDFHV G·XQH YHQXH DQWp<br />
ULHXUH GH OHXU SDUW LPPRUWDOLVpH GDQV OH IRONORUH<br />
HW VL YRV SHUVRQQDJHV pWDLHQW j O·RULJLQH GH OD<br />
UpYpODWLRQ GX &RUDQ " &·HVW HQFRUH SOXV GU{OH<br />
TXDQG RQ MRXH OD UHQFRQWUH SRVWpULHXUH DYDQW OD<br />
UHQFRQWUH DQWpULHXUH«<br />
3DU GpILQLWLRQ ORUVTX RQ HPSUXQWH DX KDVDUG<br />
XQ 3RLQW HQ )pHULH RQ HVW FHUWDLQ GH WRPEHU<br />
GDQV HQ HQYLURQQHPHQW LPPpGLDW ULFKH HQ ,PD<br />
JLQDLUH VLQRQ OH 3RLQW QH V \ VHUDLW MDPDLV IRUPp<br />
0DLV O ,PDJLQDLUH IOXFWXH HW LO HVW GHV 3RLQWV<br />
GRQW OHV FRQGLWLRQV G H[LVWHQFH VRQW pSKpPqUHV<br />
HW O HQYLURQQHPHQW KRVWLOH DX[ )pHULTXHV
&RQWHV GH )pHV &RQFOXVLRQ<br />
/D IRUPDWLRQ G XQ 3RLQW HVW HQ SULQFLSH XQ<br />
pYpQHPHQW VSRQWDQp OLp j O ,PDJLQDLUH DPELDQW<br />
GRQF j GHV LQWHUYHQWLRQV KXPDLQHV ,O HVW WRXWH<br />
IRLV SRVVLEOH SRXU XQ )pHULTXH GH FUpHU GHV<br />
3RLQWV GH &RQWDFW SDU OD PDJLH YRLU OH 7DOHQW<br />
PDJLTXH 9R\DJHV<br />
,O DUULYH HQILQ TXH GHV KXPDLQV FUpHQW XQ<br />
3RLQW GH &RQWDFW DXWRXU G HX[ ORUVTX LOV VRQW<br />
GDQV FHUWDLQV pWDWV GH FRQVFLHQFH UrYH DPRXU<br />
MHX SUDWLTXH GH OD PDJLH FUpDWLRQ DUWLVWLTXH<br />
H[SpULHQFH GH PRUW LPPLQHQWH KDOOXFLQDWLRQ<br />
FKLPLTXH WUDQVH DORUV TXH O ,PDJLQDLUH DP<br />
ELDQW HVW GpMj WUqV pOHYp 'DQV FH FDV LOV VH UH<br />
WURXYHQW HQ )pHULH SK\VLTXHPHQW RX PHQWDOH<br />
PHQW VL OHXU FRUSV Q HVW SDV HQ pWDW GH VH GpSOD<br />
FHU UrYH PRUW KDOOXFLQDWLRQ WUDQVH
&RQWHV GH )pHV &RQFOXVLRQ<br />
,/6 )85(17 +(85(8; (7<br />
-28(5(17 %($8&283 '(<br />
6&(1$5,26«<br />
&·HVW LFL TXH V·DFKqYH FHWWH EUqYH LQFXUVLRQ OXGLTXH HQ )pHULH 1RXV QRXV VRPPHV HIIRUFpV GH YRXV<br />
SURSRVHU XQ QRPEUH PLQLPDO GH SULQFLSHV VLPSOHV HW GH ERQ VHQV TXL VDQV V·DYHQWXUHU GDQV GHV VSpFXOD<br />
WLRQV RLVHXVHV VXU 'LHX O·XQLYHUV HW OH UHVWH UHQGHQW FRPSWH GH IDoRQ VDWLVIDLVDQWH GH O·DWPRVSKqUH HW GHV<br />
UqJOHV GX JHQUH IpHULTXH DYHF QRXV O·HVSpURQV XQ V\VWqPH j OD IRLV VRXSOH HW UREXVWH SRXU OHV WUDGXLUH HW<br />
GHV H[HPSOHV LOOXVWUDWLIV YDULpV HW GLYHUWLVVDQWV<br />
1RXV DOORQV QRXV DWWDFKHU GpVRUPDLV j HQULFKLU HW DIILQHU &RQWHV GH )pHV QRWDPPHQW HQ YRXV SURSR<br />
VDQW XQH VpULH GH VFpQDULRV KXPEOHV RX pSLTXHV pPRXYDQWV RX SDURGLTXHV EUHIV GpODVVHPHQWV RX VDJDV<br />
LQWHUPLQDEOHV SRXU YRWUH SODLVLU HW YRWUH HQULFKLVVHPHQW 7RXWH SURSRVLWLRQ G·DPpOLRUDWLRQ RX GH GpYH<br />
ORSSHPHQWV XOWpULHXUV GDQV OH UHVSHFW GH O·HVSULW IpHULTXH HVW OD ELHQYHQXH<br />
,PDJLQH]«<br />
*XVWDYH 'RUp
&RQWHV GH )pHV *ORVVDLUH<br />
*/266$,5(<br />
• $FFHVVRLUH (PDQDWLRQ TXL FRQVLVWH HQ XQ<br />
REMHW LQDQLPp<br />
• $FWLRQ XQLWp GH WHPSV GH MHX XWLOLVpH QR<br />
WDPPHQW ORUV GHV FRPEDWV TXL FRUUHVSRQG<br />
DX WHPSV SHQGDQW OHTXHO FKDTXH SHUVRQQDJH<br />
D OH WHPSV G DJLU DX PRLQV XQH IRLV<br />
• $IILQLWp $WWULEXW G·XQ )pHULTXH TXL FDUDF<br />
WpULVH XQ OLHQ V\PEROLTXH DYHF XQ W\SH<br />
G·REMHW G·LQGLYLGX G HQYLURQQHPHQW<br />
G·DFWLYLWp GH FRQFHSW /RUVTX·XQH $IILQLWp<br />
SRUWH VXU XQH FKRVH XQLTXH HW GpWHUPLQpH<br />
SOXW{W TXH VXU XQH FDWpJRULH RQ SDUOH<br />
G·(PDQDWLRQ 8QH $IILQLWp SHXW rWUH VHORQ<br />
O·pWHQGXH GH O·pOpPHQW VXU OHTXHO HOOH SRUWH<br />
JpQpUDOH SDUWLFXOLqUH RX VSpFLDOLVpH<br />
• ÇJH G·$UJHQW SpULRGH P\WKLTXH GXUDQW<br />
ODTXHOOH )pHULH HW OH PRQGH WHUUHVWUH pWDLHQW<br />
FRQIRQGXV 3UHQG ILQ DYHF OHV SUHPLqUHV FLYL<br />
OLVDWLRQV WHUUHVWUHV 7RXW 3RLQW GH &RQWDFW HQ<br />
WUH )pHULH HW OD 7HUUH HQ HVW XQ YHVWLJH<br />
• $VSHFW FDUDFWpULVWLTXH WHFKQLTXH TXL UHIOqWH<br />
OD PDQLqUH G·LQWHUDJLU DYHF O·HQYLURQQHPHQW<br />
/HV )pHULTXHV VRQW GpILQLV SDU $VSHFWV<br />
O·+DELOHWp OD 3XLVVDQFH OD 5pVLVWDQFH HW OD<br />
9LJLODQFH OHV 7HUUHVWUHV RQW OHXUV SURSUHV<br />
$VSHFWV OD &RQVWLWXWLRQ OD &RRUGLQDWLRQ OD<br />
)RUFH O·,QWHOOHFW OD 3HUFHSWLRQ OHV 5pIOH[HV<br />
HW OD 9RORQWp<br />
• $WWDTXH JUDQGHXU WHFKQLTXH TXL UHIOqWH OD<br />
FDSDFLWp j SRUWHU GHV FRXSV HQ FRPEDW (OOH<br />
GpULYH GH O·+DELOHWp HQ FRPEDW DX FRQWDFW HW<br />
GH OD 9LJLODQFH HQ FRPEDW j GLVWDQFH<br />
• $WWULEXW pOpPHQW FRQVWLWXWLI G XQ )pHULTXH<br />
FRPSRVp GH *ODPRXU 8Q $WWULEXW SHXW rWUH<br />
XQH $IILQLWp XQ 3RXYRLU IpHULTXH RX XQ<br />
7DOHQW PDJLTXH ,O VH WUDGXLW SDU XQ 6LJQH<br />
GDQV OD 0DQLIHVWDWLRQ GX )pHULTXH<br />
• &KDUPH JUDQGHXU WHFKQLTXH TXL GpWHUPLQH<br />
O·LPSUHVVLRQ TXH IDLW OH )pHULTXH VXU FHX[<br />
TX·LO UHQFRQWUH ,O HVW QpJDWLI VL OH )pHULTXH HVW<br />
UHSRXVVDQW RX LQTXLpWDQW SRVLWLI V·LO HVW V\P<br />
SDWKLTXH RX DWWLUDQW<br />
• &ODLUYR\DQFH 7DOHQW PDJLTXH TXL SHUPHW<br />
GH SHUFHYRLU GHV OLHX[ HW LQVWDQWV R O·RQ Q·HVW<br />
SDV SUpVHQW QRWDPPHQW G·DXWUHV 'RPDLQHV<br />
RX &RQWH[WHV<br />
• &RPSDJQRQ (PDQDWLRQ G·XQ )pHULTXH TXL<br />
SUHQG OD IRUPH G·XQH FUpDWXUH DQLPpH RX G XQ<br />
REMHW FRQVFLHQW ,O QH SRVVqGH SDV G (VVHQFH<br />
SURSUH PDLV SLRFKH GDQV FHOOH GX )pHULTXH<br />
GRQW LO HVW O (PDQDWLRQ<br />
• &RPSpWHQFH GRPDLQH G·H[SHUWLVH G·XQ<br />
7HUUHVWUH TXL OXL RFWURLH GHV ERQXV DX[ DFWLYL<br />
WpV FRQFHUQpHV<br />
• &RQGLWLRQ OLPLWDWLRQ LPSRVpH SDU OH FUpD<br />
WHXU G·XQ HIIHW PDJLTXH TXL GpWHUPLQH GDQV<br />
TXHOOHV FLUFRQVWDQFHV FHW HIIHW V·DUUrWHUD /H<br />
ODQFHXU UHQRQFH j OD SRVVLELOLWp GH PHWWUH OXL<br />
PrPH XQ WHUPH j O·HIIHW PDLV pFRQRPLVH HQ<br />
pFKDQJH XQH SDUWLH GH O·(VVHQFH TXL OXL D VHUYL<br />
j OH GpFOHQFKHU<br />
• &RQVWLWXWLRQ FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH SK\VLTXH GH OD<br />
5pVLVWDQFH<br />
• &RQWH[WH OLHX pSRTXH GH OD 7HUUH TXL MRXLW<br />
G·XQH FHUWDLQH XQLIRUPLWp VRFLRFXOWXUHOOH<br />
3RXU OHV )pHULTXHV TXL QH FRPSUHQQHQW SDV<br />
OH FRQFHSW G·HVSDFH WHPSV XQ &RQWH[WH VXU<br />
7HUUH HVW O DQDORJXH G XQ 'RPDLQH HQ )pHULH<br />
• &RRUGLQDWLRQ FDUDFWpULVWLTXH WHFKQLTXH<br />
GHV 7HUUHVWUHV DQDORJXH SK\VLTXH GH<br />
O·+DELOHWp<br />
• &RUUHVSRQGDQFH pOpPHQW V\PEROLTXH TXL<br />
LGHQWLILH XQ 'RPDLQH GH )pHULH<br />
• &UR\DQFH FRQYLFWLRQ GHV 7HUUHVWUHV TXL<br />
DIIHFWH OHV )pHULTXHV 8QH &UR\DQFH FROOHFWLYH<br />
HVW XQH VXSHUVWLWLRQ XQH &UR\DQFH LQGLYL<br />
GXHOOH HVW XQH IRL<br />
• 'pIHQVH JUDQGHXU WHFKQLTXH TXL PHVXUH OD<br />
GLIILFXOWp j SRUWHU XQ FRXS DX SHUVRQQDJH HQ<br />
FRPEDW (OOH GpULYH GH O·+DELOHWp HW GH OD<br />
7DLOOH<br />
• 'pSHUGLWLRQ GLVVLSDWLRQ VSRQWDQpH GH<br />
*ODPRXU TXL LQWHUYLHQW ORUVTX·XQ )pHULTXH<br />
FqGH XQH SDUWLH GH VRQ *ODPRXU VDQV DYRLU<br />
pWp YDLQFX /D GpSHUGLWLRQ HVW pJDOH DX TXDUW<br />
GX *ODPRXU pFKDQJp<br />
• 'pSRXLOOHPHQW DFWLRQ G·DUUDFKHU SDU OD<br />
IRUFH HW GH V DSSURSULHU XQH SDUWLH GHV<br />
$WWULEXWV G·XQ )pHULTXH YDLQFX *pQpUDOH<br />
PHQW FRQVLGpUp FRPPH XQ DFWH GH EDUEDULH
&RQWHV GH )pHV *ORVVDLUH<br />
• 'pWHQWHXU )pHULTXH TXL V·HVW DSSURSULp OH<br />
1RP G·XQ DXWUH HW j FH WLWUH HVW PDvWUH GH VD<br />
YRORQWp FRPPH V·LO O·DYDLW FUpp SDU<br />
(QFKDQWHPHQW<br />
• 'RPDLQH (PDQDWLRQ G·XQ )pHULTXH TXL<br />
SUHQG OD IRUPH G·XQ OLHX )pHULH HVW FRQVWL<br />
WXpH G XQH MX[WDSRVLWLRQ GH 'RPDLQHV<br />
• 'RPPDJHV JUDQGHXU WHFKQLTXH TXL FDUDF<br />
WpULVH OD JUDYLWp GHV EOHVVXUHV TXH OH SHUVRQ<br />
QDJH LQIOLJH HQ FRPEDW (OOH GpULYH GH OD<br />
3XLVVDQFH HW GH OD 7DLOOH HW VH WURXYH UpGXLWH<br />
HQ FRPEDW j GLVWDQFH<br />
• (IIHW HQVHPEOH GHV FRQVpTXHQFHV GH<br />
O·XWLOLVDWLRQ GH O·,QIOXHQFH SDU XQH $IILQLWp<br />
G XQ 3RXYRLU IpHULTXH RX G·XQ 7DOHQW PDJL<br />
TXH<br />
• (IIHWV SHUVRQQHOV pOpPHQWV GH OD<br />
0DQLIHVWDWLRQ G·XQ SHUVRQQDJH YrWHPHQWV<br />
ELMRX[ HWF TXL QH MRXHQW TX·XQ U{OH SXUH<br />
PHQW GpFRUDWLI j OD GLIIpUHQFH GHV<br />
$FFHVVRLUHV<br />
• (IILFDFLWp JUDQGHXU WHFKQLTXH TXL FDUDFWp<br />
ULVH O XWLOLWp G·XQ 3RXYRLU IpHULTXH HW TXL Gp<br />
WHUPLQH VRQ FR€W HQ (VVHQFH j FKDTXH XWLOLVD<br />
WLRQ 6HUW DX FDOFXO GH OD YDOHXU HQ *ODPRXU<br />
G·XQ 3RXYRLU<br />
• (OpPHQW GH GpFRU REMHW DQLPp RX QRQ<br />
TXL IDLW QDWXUHOOHPHQW SDUWLH G·XQ 'RPDLQH<br />
PDLV TXL Q·D SDV G·H[LVWHQFH SURSUH HQ GH<br />
KRUV 8Q pOpPHQW GH GpFRU GLVSDUDvW V·LO GH<br />
YLHQW KRUV FRQWH[WH<br />
• (PDQDWLRQ $IILQLWp TXL SRUWH VXU XQH<br />
FKRVH XQLTXH HW GpWHUPLQpH XQH FUpDWXUH XQ<br />
&RPSDJQRQ XQ REMHW XQ $FFHVVRLUH RX XQ<br />
OLHX XQ 'RPDLQH<br />
• (PSDWKLH 7DOHQW PDJLTXH SHUPHWWDQW<br />
O·DQDO\VH HW OD FRPPXQLFDWLRQ DYHF G·DXWUHV<br />
rWUHV RX REMHWV LQDQLPpV<br />
• (QFDLVVHPHQW JUDQGHXU WHFKQLTXH TXL<br />
PHVXUH OD FDSDFLWp G·XQ SHUVRQQDJH j UpVLVWHU<br />
DX[ 'RPPDJHV TXL OXL VRQW LQIOLJpV (OOH Gp<br />
ULYH GH OD 5pVLVWDQFH HW GH OD 7DLOOH<br />
• (QFKDQWHPHQW 7DOHQW PDJLTXH SHUPHW<br />
WDQW OD FUpDWLRQ GH )pHULTXHV DUWLILFLHOV j SDUWLU<br />
GX *ODPRXU GH O·(QFKDQWHXU<br />
• (QJDJHPHQW G·(VVHQFH (VVHQFH GpSHQ<br />
VpH ORUV G·XQ DFWH YRORQWDLUH TXL QH SHXW rWUH<br />
UpFXSpUpH WDQW TXH OHV FRQVpTXHQFHV GH FHW<br />
DFWH VRQW PDLQWHQXHV SDU OH )pHULTXH 8Q<br />
)pHULTXH SHXW GpVHQJDJHU VRQ (VVHQFH TXDQG<br />
LO OH VRXKDLWH VDXI HQ FDV GH &RQGLWLRQ &H<br />
Q HVW TX DORUV TX LO SRXUUD FRPPHQFHU j OD Up<br />
FXSpUHU<br />
• (QYR€WHPHQW 7DOHQW PDJLTXH SHUPHWWDQW<br />
G·LQIOXHQFHU PHQWDOHPHQW DXWUXL<br />
• (VVHQFH IRUPH VXEOLPpH GX *ODPRXU<br />
/·(VVHQFH HVW DX *ODPRXU FH TXH O·pQHUJLH HVW<br />
j OD PDWLqUH &·HVW JUkFH j O·(VVHQFH TX·XQ<br />
)pHULTXH PDLQWLHQW OD FRKpVLRQ GH VHV<br />
$WWULEXWV /RUVTX·LO Q·HQ D SOXV LO HVW YXOQpUD<br />
EOH j XQ 'pSRXLOOHPHQW RX j XQ *HLV ,O V·HQ<br />
VHUW pJDOHPHQW SRXU HQJHQGUHU GHV HIIHWV VXU<br />
QDWXUHOV /D GpSHQVH G·(VVHQFH SHXW DXVVL ID<br />
FLOLWHU FHUWDLQHV DFWLRQV<br />
• ÈWUH IpH DXWUH GpQRPLQDWLRQ SRXU<br />
)pHULTXH<br />
• (YRFDWLRQ 7DOHQW PDJLTXH SHUPHWWDQW GH<br />
VXVFLWHU GHV SKpQRPqQHV QDWXUHOV<br />
• )pHULH PRQGH LPDJLQDLUH FRH[LVWDQW DYHF OD<br />
7HUUH HW R KDELWHQW OHV )pHULTXHV / H[LV<br />
WHQFH GH )pHULH WUDGXLW HW DOLPHQWH OD FUpDWLYL<br />
Wp WHUUHVWUH<br />
• )pHULTXH FUpDWXUH KDELWDQW )pHULH 8Q<br />
)pHULTXH DSSDUDvW FRPPH XQH 0DQLIHVWDWLRQ<br />
HW HVW FRPSRVp GH *ODPRXU UpSDUWL GDQV VHV<br />
$WWULEXWV 2Q SDUOH pJDOHPHQW G rWUH IpH<br />
• )RL &UR\DQFH SHUVRQQHOOH G·XQ 7HUUHVWUH<br />
HQ XQ V\VWqPH GH YDOHXUV TXL HVW WHOOHPHQW<br />
SURIRQGH TX·HOOH SHXW DIIHFWHU OHV )pHULTXHV<br />
• )RUFH FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH SK\VLTXH GH OD<br />
3XLVVDQFH<br />
• )UpTXHQFH JUDQGHXU WHFKQLTXH TXL WUDGXLW<br />
OD GLYHUVLWp GHV VLWXDWLRQV GDQV OHVTXHOOHV XQ<br />
3RXYRLU IpHULTXH HVW VXVFHSWLEOH G·rWUH XWLOH<br />
6HUW j GpWHUPLQHU OD YDOHXU HQ *ODPRXU G·XQ<br />
WHO 3RXYRLU<br />
• *HLV UHVWULFWLRQ SHUPDQHQWH GH FRPSRUWH<br />
PHQW LPSRVpH j XQ )pHULTXH DSUqV TXH FH<br />
GHUQLHU D pWp YDLQFX 5RPSUH XQ *HLV GpFOHQ<br />
FKH XQ 'pSRXLOOHPHQW DXWRPDWLTXH $X SOX<br />
ULHO *HVD<br />
• *HVD SOXULHO GH *HLV<br />
• *ODPRXU VXEVWDQFH SV\FKLTXH PDOOpDEOH<br />
SDU OD IRUFH GH OD YRORQWp TXL FRPSRVH )pHULH<br />
HW VHV KDELWDQWV
&RQWHV GH )pHV *ORVVDLUH<br />
• *XpULVRQ 7DOHQW PDJLTXH SHUPHWWDQW GH<br />
GpOLYUHU XQ )pHULTXH GHV HIIHWV VXUQDWXUHOV TXL<br />
O·DIIHFWHQW DLQVL TXH GH VHV REOLJDWLRQV<br />
3DFWHV 7UDLWV *HVD« HW GH JXpULU OHV<br />
7HUUHVWUHV GH OHXUV WUDXPDWLVPHV<br />
• +DELOHWp XQ GHV $VSHFWV G·XQ rWUH IpH<br />
TXL WUDGXLW VD FDSDFLWp j UpDJLU HQ FRQWRXUQDQW<br />
HW HQ PDQLSXODQW OHV VLWXDWLRQV (Q FRPEDW<br />
HOOH FRQGLWLRQQH O·$WWDTXH DX FRQWDFW HW DV<br />
VRUWLH GH OD 7DLOOH OD 'pIHQVH<br />
• +DXW 5RL 5RL GH O·HQVHPEOH GH )pHULH 6H<br />
WUDGXLW SDU O·$IILQLWp +DXW 5RL<br />
• +RUV FRQWH[WH VH GLW G·XQ pOpPHQW GH<br />
GpFRU TXL Q·D DXFXQH UDLVRQ G·rWUH Oj R LO HVW<br />
HW SDU FRQVpTXHQW TXL Q·\ HVW SOXV<br />
• ,PDJLQDLUH JUDQGHXU WHFKQLTXH TXL FDUDF<br />
WpULVH O LPSHUPpDELOLWp DX *ODPRXU G·XQ<br />
&RQWH[WH WHUUHVWUH 3OXV O·,PDJLQDLUH HVW QpJD<br />
WLI SOXV OH &RQWH[WH HVW GpIDYRUDEOH DX[<br />
)pHULTXHV 3DU UpIpUHQFH O·,PDJLQDLUH HVW QXO<br />
HQ )pHULH<br />
• ,QIOXHQFH FDSDFLWp GHV )pHULTXHV j LPSR<br />
VHU OHXUV $IILQLWpV j OHXU HQYLURQQHPHQW<br />
• ,QLWLDWLYH JUDQGHXU WHFKQLTXH GpULYpH GH OD<br />
9LJLODQFH HW UpJLVVDQW OD YLYDFLWp GH UpDFWLRQ<br />
GHV SHUVRQQDJHV HQ FRPEDW<br />
• ,QWHOOHFW FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH PHQWDO GH O·+DELOHWp<br />
• .LQpVLH 7DOHQW PDJLTXH SHUPHWWDQW OD<br />
PDQLSXODWLRQ j GLVWDQFH GH OD PDWLqUH<br />
• 0DvWULVH LQGLTXH O H[SHUWLVH GpYHORSSpH SDU<br />
XQ )pHULTXH GDQV O XWLOLVDWLRQ G·XQ 3RXYRLU<br />
IpHULTXH GRQQp 6HUW j GpWHUPLQHU OD YDOHXU HQ<br />
*ODPRXU GH FH 3RXYRLU<br />
• 0DQLIHVWDWLRQ DSSDUHQFH SK\VLTXH HW<br />
PHQWDOH G·XQ )pHULTXH FRQGLWLRQQpH HQWUH DX<br />
WUHV SDU OHV 6LJQHV GH VHV $WWULEXWV (OOH HVW<br />
WHFKQLTXHPHQW FDUDFWpULVpH SDU OD 7DLOOH HW OH<br />
&KDUPH<br />
• 0DWpULDOLWp SODIRQG GH O (VVHQFH SDUWDJpH<br />
HQWUH XQ )pHULTXH HW VRQ &RPSDJQRQ 6 LO<br />
SHUG SOXV G (VVHQFH TXH VD 0DWpULDOLWp XQ<br />
&RPSDJQRQ VH GLVVLSH<br />
• 0pWDPRUSKRVH 7DOHQW PDJLTXH SHUPHW<br />
WDQW OD WUDQVIRUPDWLRQ GH O·DVSHFW HW GHV SUR<br />
SULpWpV GHV rWUHV DQLPpV<br />
• 1RP LGHQWLWp IRQFLqUH G·XQ )pHULTXH TXL<br />
SHXW OXL rWUH GpUREp IDLVDQW GH OXL OH MRXHW GH<br />
FHOXL TXL OH 'pWLHQW<br />
• 3DFWH DFFRUG G HQWUDLGH UpFLSURTXH SDVVp<br />
HQWUH )pHULTXHV SRXU XQH GXUpH OLPLWpH & HVW<br />
XQH IRUPH GH WURF TXL WLHQW OLHX GH WUDQVDF<br />
WLRQV FRPPHUFLDOHV 1H SDV UHVSHFWHU XQ<br />
3DFWH F·HVW V·H[SRVHU j XQ 'pSRXLOOHPHQW OL<br />
PLWp SDU GHV GpSHUGLWLRQV<br />
• 3HUFHSWLRQ FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH VHQVRULHO GH OD 9LJLODQFH<br />
• 3RLQW GH FRQWDFW OLHX HW RX PRPHQW R<br />
)pHULH HW OD 7HUUH VRQW FRQIRQGXV &DUDFWpULVp<br />
WHFKQLTXHPHQW SDU XQ ,PDJLQDLUH QXO<br />
• 3RXYRLU IpHULTXH FDSDFLWp QDWXUHOOH G·XQ<br />
)pHULTXH j SURGXLUH GHV HIIHWV GRQW XQ rWUH<br />
KXPDLQ QH VHUDLW SDV FDSDEOH<br />
• 3XLVVDQFH XQ GHV $VSHFWV G·XQ )pHULTXH<br />
TXL WUDGXLW VD FDSDFLWp j UpDJLU HQ IRUoDQW OHV<br />
VLWXDWLRQV (Q FRPEDW HOOH FRQGLWLRQQH DV<br />
VRUWLH GH OD 7DLOOH OHV 'RPPDJHV LQIOLJpV<br />
• 5pIOH[HV FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH UpDFWLI GH OD 9LJLODQFH<br />
• 5pVLVWDQFH XQ GHV $VSHFWV G·XQ<br />
)pHULTXH TXL WUDGXLW VD FDSDFLWp j UpDJLU HQ<br />
VXSSRUWDQW SDVVLYHPHQW OHV VLWXDWLRQV (Q<br />
FRPEDW HOOH GpILQLW DVVRUWLH GH OD 7DLOOH<br />
O·(QFDLVVHPHQW GHV EOHVVXUHV<br />
• 5RL UpJHQW G·XQ HQVHPEOH GH 'RPDLQHV<br />
GRQW OHV )pHULTXHV SURSULpWDLUHV O·RQW pOX<br />
FRPPH WHO ,O SRVVqGH O·$IILQLWp 5R\DXPH<br />
FRUUHVSRQGDQWH TXL OXL GRQQH VXU OHV<br />
'RPDLQHV GH VHV VXMHWV XQH SDUWLH GX SRXYRLU<br />
TX LO D VXU OH VLHQ<br />
• 5R\DXPH HQVHPEOH GH 'RPDLQHV UpJLV SDU<br />
XQ PrPH 5RL<br />
• 6FqQH XQLWp GH WHPSV GH MHX FRUUHVSRQGDQW<br />
j XQH XQLWp WKpPDWLTXH G·DFWLRQ XQ FRPEDW<br />
XQH pWDSH G·XQ YR\DJH XQH IrWH«<br />
• 6FLVVLRQ DFWLRQ G·XQ rWUH IpH GH VH VpSDUHU<br />
YRORQWDLUHPHQW G·XQH SDUWLH GH VHV $WWULEXWV<br />
SRXU OHV RIIULU j XQ DXWUH RX SRXU HQ IDLUH XQ<br />
QRXYHDX )pHULTXH (OOH HVW VRXPLVH j GHV<br />
GpSHUGLWLRQV<br />
• 6HQVLELOLWp JUDQGHXU WHFKQLTXH TXL FDUDFWp<br />
ULVH OHV 7HUUHVWUHV PDJLFLHQV HW PHVXUH OHXU<br />
FDSDFLWp j DFFXPXOHU HIILFDFHPHQW GX *OD<br />
PRXU SRXU DOLPHQWHU GHV HIIHWV PDJLTXHV SDU<br />
OH WUXFKHPHQW GH ULWXHOV
&RQWHV GH )pHV *ORVVDLUH<br />
• 6HUYLFH 3DFWH SRUWDQW VXU GHV SUHVWDWLRQV<br />
H[WUrPHPHQW OLPLWpHV HW VXUWRXW GpSRXUYXHV<br />
GH ULVTXH XQLWp GH EDVH GHV pFKDQJHV HQWUH<br />
)pHULTXHV<br />
• 6LJQH pOpPHQW GH OD 0DQLIHVWDWLRQ TXL<br />
WUDGXLW O·H[LVWHQFH G·XQ $WWULEXW 8Q 6LJQH QH<br />
FKDQJH MDPDLV TXHOV TXH VRLHQW OHV FDPRXIOD<br />
JHV HW OHV PpWDPRUSKRVHV TXH VXELW XQ<br />
)pHULTXH HW VXLW VRQ $WWULEXW PrPH VL FHOXL FL<br />
FKDQJH GH )pHULTXH j OD VXLWH G XQ<br />
'pSRXLOOHPHQW G XQH 6FLVVLRQ<br />
• 6XSHUVWLWLRQ &UR\DQFH TXL HVW OH IDLW G·XQH<br />
FRPPXQDXWp WHUUHVWUH HW TXL DIIHFWH OHV<br />
)pHULTXHV<br />
• 7DLOOH JUDQGHXU WHFKQLTXH TXL LQGLTXH<br />
O pWHQGXH SK\VLTXH G·XQ rWUH IpH<br />
• 7DOHQW PDJLTXH FDSDFLWp G·XQ )pHULTXH j<br />
FUpHU XQH ODUJH JDPPH G·HIIHWV VXUQDWXUHOV VH<br />
ORQ XQH WKpPDWLTXH SUpFLVH /HV 7DOHQWV PD<br />
JLTXHV FRXUDQWV VRQW OD &ODLUYR\DQFH<br />
O·(PSDWKLH O·(QFKDQWHPHQW O·(QYR€WHPHQW<br />
O·(YRFDWLRQ OD *XpULVRQ OD .LQpVLH OD<br />
0pWDPRUSKRVH OD 7UDQVPXWDWLRQ HW OHV<br />
9R\DJHV<br />
• 7HUUHVWUH KDELWDQW GH OD 7HUUH KXPDLQ<br />
DQLPDO RX YpJpWDO<br />
• 7KDXPDWXUJLH JUDQGHXU WHFKQLTXH TXL<br />
FDUDFWpULVH OHV 7HUUHVWUHV PDJLFLHQV HW PHVXUH<br />
OHXU FDSDFLWp j LPSRVHU OHXU YRORQWp j OD UpDOL<br />
Wp<br />
• 7UDLW *HLV TX XQ )pHULTXH V LPSRVH j OXL<br />
PrPH ORUVTX LO SHUG WRXWH VRQ (VVHQFH GH<br />
VRQ SURSUH FKHI<br />
• 7UDQVPXWDWLRQ 7DOHQW PDJLTXH SHUPHW<br />
WDQW OD WUDQVIRUPDWLRQ GH O·DVSHFW HW GHV SUR<br />
SULpWpV GHV REMHWV LQDQLPpV<br />
• 9HUVDWLOLWp GRQQpH FKLIIUpH TXL LQGLTXH OD<br />
GLYHUVLWp GHV XWLOLVDWLRQV SRVVLEOHV G·XQ<br />
3RXYRLU IpHULTXH 6HUW j GpWHUPLQHU OD YDOHXU<br />
HQ *ODPRXU GH FH 3RXYRLU<br />
• 9LJLODQFH XQ GHV $VSHFWV TXL FDUDFWpUL<br />
VHQW XQ )pHULTXH ,O WUDGXLW VD FDSDFLWp j Up<br />
DJLU HQ DQDO\VDQW OHV VLWXDWLRQV (Q FRPEDW<br />
HOOH FRQGLWLRQQH O·,QLWLDWLYH HW O·$WWDTXH j GLV<br />
WDQFH<br />
• 9RORQWp FDUDFWpULVWLTXH WHFKQLTXH GHV<br />
7HUUHVWUHV DQDORJXH PHQWDO GH OD 3XLVVDQFH HW<br />
GH OD 5pVLVWDQFH<br />
• 9R\DJHV 7DOHQW PDJLTXH IDFLOLWDQW OH Gp<br />
SODFHPHQW HW SHUPHWWDQW GH VH GpSODFHU HQWUH<br />
OD 7HUUH HW )pHULH
&RQWHV GH )pHV ,QVSLUDWLRQV<br />
,163,5$7,216<br />
-(8; '( 52/(6<br />
− $PEHU 3KDJH 3UHVV<br />
− $QLPRQGH &URF<br />
− $UV 0DJLFD $WODV *DPHV<br />
− (SLSKDQ\ %75&<br />
− (YHUZD\ :L]DUGV RI WKH FRDVW<br />
− )HQJ 6KXL 'DHGDOXV (QWHUWDLQPHQW<br />
− +XUOHPHQWV &KLPqUHV 9DOpULH HW -/<br />
%L]LHQ<br />
− ,Q 1RPLQH 6WHYH -DFNVRQ *DPHV<br />
− /DERULQWKXV (&*<br />
),/06 (7 7(/(9,6,21<br />
− /HV DYHQWXUHV GX %DURQ 0XQFKDXVHQ<br />
-RVHSK 9RQ %DN\<br />
− /D %HOOH HW OD ErWH -HDQ &RFWHDX<br />
− $ %XJ·V /LIH -RKQ /DVVHWHU<br />
− &HQGULOORQ *HRUJHV 0pOLHV<br />
− 'DUN &U\VWDO -LP +HQVRQ<br />
− )UDJJOH 5RFN -LP +HQVRQ<br />
− .LULNRX HW OD VRUFLqUH 0LFKHO 2FHORW<br />
− /DE\ULQWK -LP +HQVRQ<br />
− /H 0DJLFLHQ G·2] 9LFWRU )OHPLQJ<br />
− 0RQ YRLVLQ 7RWRUR +D\DR 0L\D]DNL<br />
− 7KH 0XSSHW 6KRZ -LP +HQVRQ<br />
− 1HYHUHQGLQJ 6WRU\ :ROIJDQJ 3HWHUVHQ<br />
,//8675$7,216 (7 5()(5(1&(6<br />
− /·DOPDQDFK VRUFLHU 3LHUUH 'XERLV<br />
− /D ELEOH GHV JQRPHV HW IDUIDGHWV /H OLYUH<br />
GH IpHV VpFKpHV GH /DG\ &RWWLQJWRQ 7D<br />
FKHV pWUDQJHV HW RGHXUV P\VWpULHXVHV<br />
%ULDQ )URXG 7HUU\ -RQHV<br />
− 'LFWLRQQDLUH GHV OLHX[ LPDJLQDLUHV $OEHU<br />
WR 0DQJXHO *LDQQL *XDGDOSL<br />
− )DHULHV %ULDQ )URXG HW $ODQ /HH<br />
− 2Q IDLU\ VWRULHV -55 7RONLHQ<br />
− $ ILHOG JXLGH WR ,ULVK IDHULHV %RE &XUUDQ<br />
$QGUHZ :KLWVRQ<br />
− /HV JQRPHV /H OLYUH VHFUHW GHV JQRPHV<br />
5LHQ 3RRUWYOLHW :LOO +X\JHQ<br />
− *QRPHV JDUGHQV 1LJHO 6XFNOLQJ<br />
:D\QH $QGHUVRQ<br />
− *QRPHV OXWLQV -- &KDXELQ<br />
− *RRG IDHULHV %DG IDHULHV %ULDQ )URXG<br />
− OD 0pWKRGH GX 'RFWHXU &KHVWHO 'DQLHO<br />
'DQMHDQ<br />
− 1RELOLV 3KDURV 3UHVV<br />
− 2YHU WKH (GJH $WODV *DPHV<br />
− 3HQGUDJRQ &KDRVLXP<br />
− 3ULQFH 9DOLDQW &KDRVLXP<br />
− 5rYH GH 'UDJRQ 'HQLV *HUIDXG<br />
− 5XQHTXHVW +HUR :DUV ,VVDULHV<br />
− 6FDOHV 6LUR] 3URGXFWLRQV<br />
− 8QNQRZQ $UPLHV $WODV *DPHV<br />
− :KLVSHULQJ 9DXOW 3DULDK 3UHVV<br />
− 1LJKWPDUH EHIRUH &KULVWPDV 7LP %XU<br />
WRQ<br />
− 3HDX G·kQH -DFTXHV 'HP\<br />
− 3RQSRNR +D\DR 0L\D]DNL<br />
− 3ULQFHVV %ULGH 5RE 5HLQHU<br />
− 3ULQFHVVH 0RQRQRNH +D\DR 0L\D]DNL<br />
− 6HVDPH VWUHHW -LP +HQVRQ<br />
− 6KUHN $QGUHZ -DFNVRQ HW 9LFN\ -HQVRQ<br />
− 6LQEDG WKH 6DLORU 5LFKDUG :DOODFH<br />
− 7LPH %DQGLWV 7HUU\ *LOOLDP<br />
− 7R\ 6WRU\ , ,, -RKQ /DVVHWHU<br />
− /H YR\DJH GH &KLKLUR +D\DR 0L\D]DNL<br />
− /D JUDQGH HQF\FORSpGLH GHV OXWLQV /D<br />
JUDQGH HQF\FORSpGLH GHV IpHV 3LHUUH<br />
'XERLV &ODXGLQH 5RODQG 6DEDWLHU<br />
− *XLGH GH OD )UDQFH 0\VWpULHXVH /HV<br />
*XLGHV 1RLUV 7FKRX (GLWHXUV<br />
− /·KpULWDJH GHV NRUULJDQV 1LNROD] OH<br />
&RUUH HW $QGUp /pFRVVRLV<br />
− +LVWRLUH QDWXUHOOH 3OLQH<br />
− /HV NRUULJDQV 3DWULFN -p]pTXHO 3DVFDO<br />
0RJXpURX<br />
− /H OLYUH GHV rWUHV LPDJLQDLUHV -/ %RUJHV<br />
− /H OLYUH GHV IpHV %HDWULFH 3KLOOSRWWV<br />
− /HV PDUL PRUJDQ 3DWULFN 'HQLHXO HW<br />
3DVFDO 0RJXpURX<br />
− $ PLGVXPPHU QLJKW·V IDHU\ WDOH :HQG\<br />
)URXQG 7HUUL :LQGOLQJ<br />
− 0RUSKRORJLH GX &RQWH 9ODGLPLU 3URSS<br />
− /HV RJUHV 6 &KDXVVH & 'XUXDO 3+<br />
7XULQ
&RQWHV GH )pHV ,QVSLUDWLRQV<br />
− 7KH VHFUHW ZRUOG RI IORZHU IDHULHV &LFHO\<br />
0DU\ %DUNHU<br />
− 6SLULWV )DLULHV *QRPHV *REOLQV DQ<br />
(QF\FORSHGLD RI WKH /LWWOH 3HRSOH &DURO<br />
5RVH<br />
),&7,21<br />
− $OLFH LQ :RQGHUODQG 7KURXJK WKH ORRN<br />
LQJ JODVV 6QDUN KXQW /HZLV &DUUROO<br />
− %LGRFKHW OH SHWLW RJUH /D ERWWH VHFUqWH GH<br />
%LGRFKHW &DSLWDLQH 7UqIOH /HV FRQWHV GX<br />
SHWLW SHXSOH /HV FRQWHV GH )pHULH &RQWHV<br />
GH VRUFLqUHV HW G·RJUHVVHV 3LHUUH 'XERLV<br />
− /H ERQ JURV JpDQW 5RDOG 'DKO<br />
− /H FKDW GH 6LPXORPEXOD -DFTXHOLQH<br />
+HOG<br />
− &KURQLFOHV RI 1DUQLD 7KH PDJLFLDQ·V<br />
QHSKHZ 7KH OLRQ WKH ZLWFK WKH ZDUG<br />
UREH 7KH KRUVH KLV ER\ 3ULQFH &DV<br />
SLDQ 7KH YR\DJH RI WKH 'DZQ 7UHDGHU<br />
7KH VLOYHU FKDLU 7KH ODVW EDWWOH &6<br />
/HZLV<br />
− &KURQLFOHV RI 3U\GDLQ /OR\G $OH[DQGHU<br />
− &RQWHV +DQV &KULVWLDQ $QGHUVHQ<br />
− &RQWHV 3RXFKNLQH<br />
− &RQWHV GH OD 5XH %URFD 3LHUUH *ULSDUL<br />
− /HV &RQWHV GX &KDW 3HUFKp 0DUFHO<br />
$\Pp<br />
− 'pPRQV 0HUYHLOOHV +RZDUG 3KLOOLSV<br />
/RYHFUDIW<br />
− 'RQ 4XLFKRWWH 0LJXHO GH &HUYDQWqV<br />
− /D IpH HW OH JpRPqWUH -3 $QGUHYRQ<br />
− )UHG OH QDLQ HW 0DKR OH JpDQW 8QH IpH<br />
VDQV EDJXHWWH /HV WHUULEOHV ]HUOXV 5pPL<br />
/DXUHLOODUG<br />
− /D ILOOH GX URL GHV HOIHV /RUG 'XQVDQ\<br />
− /H JUDQG OLYUH GHV JQRPHV 7HUU\ 3UDW<br />
FKHWW<br />
− +LVWRLUHV FRPPH oD 5XG\DUG .LSOLQJ<br />
− +LVWRLUHV IDQWDVWLTXHV 9DFODY &HUQ\<br />
=ODWD &HUQD HW 0LURVODY 1DYDN<br />
− +LVWRLUHV RX &RQWHV GX WHPSV SDVVp DYHF<br />
GHV PRUDOLWpV &KDUOHV 3HUUDXOW<br />
%$1'(6 '(66,1((6<br />
− %L]X -& )RXUQLHU<br />
− /H FRQFRPEUH PDVTXp 1LNLWD 0DQGU\ND<br />
− /D IpH $YHOLQH &RT 5 *RVFLQQ\<br />
− *RQ 7DQDND<br />
− /D JUDLQH GH IROLH &LYLHOOR<br />
− +LDZKDWD OH SHWLW ,QGLHQ &ODXGH 0DULQ<br />
− +XJR %pGX<br />
− 9LH HW P±XUV GHV OXWLQV EUHWRQV )UDQ<br />
oRLVH 0RUYDQ<br />
− )DUPHU *LOOHV RI +DP 6PLWK RI :RRWRQ<br />
0DMRU /HWWHUV IURP )DWKHU &KULVWPDV<br />
7KH +REELW $GYHQWXUHV RI 7RP %RP<br />
EDGLO HW DXWUHV WLWUHV GX F\FOH GH 0LGGOH<br />
(DUWK -55 HW &KULVWRSKHU 7RONLHQ<br />
− +LVWRLUHV )DQWDVWLTXHV *X\ GH 0DXSDV<br />
VDQW<br />
− /H . 'LQR %X]]DWL<br />
− .LQGHU XQG +DXVPlUFKHQ -DFRE<br />
:LOKHOP *ULPP<br />
− 0D[ HW OHV PD[LPRQVWUHV 0DXULFH 6HQ<br />
GDN<br />
− /H 0RUWH G·$UWKXU 7KRPDV 0DORU\<br />
− 0RXPLQH OH WUROO HW DXWUHV WLWUHV GH OD<br />
VpULH 7RYH -DQVVRQ<br />
− 3DQWDJUXHO *DUJDQWXD )UDQoRLV 5DEH<br />
ODLV<br />
− /H SDUOHPHQW GHV IpHV -RKQ &URZOH\<br />
− 3HWHU 3DQ 6LU -DPHV %DUULH<br />
− /H 5HWRXU GH 7DUWDULQ $OEHUW $OJRXG<br />
− 5RQ\D ILOOH GH EULJDQG $VWULG /LQGJUHQ<br />
− /H VRQJH G·XQH QXLW G·pWp /D WHPSrWH<br />
:LOOLDP 6KDNHVSHDUH<br />
− /D 7HQWDWLRQ GH 6W $QWRLQH *XVWDYH<br />
)ODXEHUW<br />
− 7RXV OHV JpDQWV VRQW LOV ELHQ PRUWV "<br />
0DU\ 1RUWRQ<br />
− /D 7ULVWH )LQ GX 3HWLW (QIDQW +XvWUH HW<br />
DXWUHV KLVWRLUHV 7LP %XUWRQ<br />
− /H 9LFRPWH 3RXUIHQGX /H %DURQ 3HU<br />
FKp /H FKHYDOLHU ,QH[LVWDQW ,WDOR &DOYL<br />
QR<br />
− 7KH :L]DUG RI 2] HW DXWUHV WLWUHV GH OD<br />
VpULH / )UDQN %DXP<br />
− ,O HVW PLQXLW GRFWHXU 3RFKH 0DUF :DV<br />
WHUODLQ<br />
− ,VDEHOOH :LOO
&RQWHV GH )pHV ,QVSLUDWLRQV<br />
− 2OLYLHU 5DPHDX *UHJ 'DQ\<br />
− 3HWHU 3DQ /RLVHO<br />
− 3HWUXV %DUE\JqUH -RDQQ 6IDU 3LHUUH<br />
'XERLV<br />
− 3KLOpPRQ )UHG<br />
− 3L[LHV 3 'XERLV HW 5 5LYDUG<br />
7(;7(6 75$',7,211(/6<br />
− /D &KDQVRQ GHV 1LHEHOXQJHQ DQRQ\PH<br />
− /·(GGD HQ SURVH 6QRUUL 6WXUOXVVRQ<br />
− /H 0DELQRJLRQ DQRQ\PH JDOORLV<br />
− /HV QXLWV DQRQ\PH SHUVDQ<br />
086,48(<br />
− $FKLOOHV /DVW 6WDQG /HG =HSSHOLQ<br />
− $OO DORQJ WKH :DWFKWRZHU -LPL +HQGUL[<br />
− /·DSSUHQWL VRUFLHU 3DXO 'XNDV<br />
− %RKHPLDQ 5KDSVRG\ 4XHHQ<br />
− 7KH ERRN R·7DOLHV\Q 'HHS 3XUSOH<br />
− %XWWHUIO\ %DOO 'LR *ORYHU<br />
− &DVVH QRLVHWWHV 3LHUUH 7FKDLNRYVN\<br />
− &KDVH WKH 'HYLO /HH 6FUDWFK 3HUU\<br />
− &UHHSLQJ 'HDWK 0HWDOOLFD<br />
− 'UDJRQWRZQ $OLFH &RRSHU<br />
− 'UHDP %URWKHU -HII %XFNOH\<br />
− )DLULHV ZHDU ERRWV %ODFN 6DEEDWK<br />
− )HDU RI WKH 'DUN ,URQ 0DLGHQ<br />
− )HDUOHVV 9DPSLUH .LOOHUV %DG %UDLQV<br />
− *QRPXV (PHUVRQ ODNH 3DOPHU<br />
− 'HU *ROHP )DQW{PDV<br />
− 7KH +REELW 7HQ