ZZZHOHFWURPHQDJHUVJHFD
&216,*1(6'(6e&85,7e,03257$17(6
7KHUPRPqWUH³
1XWLOLVH]SDVGHWKHUPRPqWUHVjFXLVVRQRX
jIRXUVWDQGDUGVSRXUODFXLVVRQDX[PLFURRQGHV/HPpWDO
HWOHPHUFXUHFRQWHQXVGDQVFHVWKHUPRPqWUHVSRXUUDLHQW
SURGXLUHGHV
pWLQFHOOHV
HWHQGRPPDJHUOHIRXU6LYRXVXWLOLVH]
XQWKHUPRPqWUHjYLDQGHSHQGDQWODFXLVVRQDVVXUH]YRXVTXLO
FRQYLHQWjODFXLVVRQDX[PLFURRQGHV
1HQHWWR\H]SDVFHIRXUDYHFGHVWDPSRQVjUpFXUHU
PpWDOOLTXHV'HVERXWVGHPpWDOSRXUUDLHQWVHGpWDFKHUHW
WRXFKHUGHVSLqFHVpOHFWULTXHVSUpVHQWDQWDLQVLXQULVTXHGH
FKRFpOHFWULTXH
/RUVTXHOHIRXUQHIRQFWLRQQHSDVQ\UDQJH]ULHQGDXWUHTXHOHV
DFFHVVRLUHVUHFRPPDQGpV
1HODLVVH]SDVFHWDSSDUHLOjO·H[WpULHXU1XWLOLVH]SDVFHW
DSSDUHLOjSUR[LPLWpGHOHDXSDUH[HPSOHGDQVXQVRXVVRO
KXPLGHSUqVGXQHSLVFLQHRXSUqVGXQpYLHU
eORLJQH]OHFRUGRQGDOLPHQWDWLRQGHWRXWHVXUIDFHFKDXGH
1LPPHUJH]SDVODILFKHGHEUDQFKHPHQWRXOHFRUGRQ
GDOLPHQWDWLRQGDQVOHDX
1HUHFRXYUH]QLQREVWUXH]DXFXQHGHVRXYHUWXUHVGHODSSDUHLO
&HIRXUjPLFURRQGHVQDpWpQLWHVWpQLKRPRORJXpSRXUXQH
XWLOLVDWLRQVXUXQEDWHDX
&HWDSSDUHLOGRLWrWUHXWLOLVpXQLTXHPHQWDX[ILQVSUpYXHVHW
GpFULWHVGDQVFHPDQXHO
1XWLOLVH]DXFXQSURGXLWFKLPLTXHFRUURGDQWQLGHYDSHXU
FRUURVLYHGDQVFHWDSSDUHLO
&HIRXUjPLFURRQGHVDpWpVSpFLDOHPHQWFRQoXSRXUUpFKDXIIHU
HWFXLUHOHVDOLPHQWVHWQRQSRXUrWUHXWLOLVpHQODERUDWRLUHRXj
GHVILQVLQGXVWULHOOHV
&HUWDLQVSURGXLWVFRPPHOHV±XIVHQWLHUVRXOHVDOLPHQWV
FRQWHQXVGDQVGHVUpFLSLHQWVIHUPpVXQSRWHQYHUUHSDU
H[HPSOHSHXYHQWpFODWHU9RXVQHGHYH]SDVOHVIDLUHFKDXIIHU
GDQVOHIRXUjPLFURRQGHV8QHWHOOHXWLOLVDWLRQGXIRXUjPLFUR
RQGHVSHXWSURYRTXHUGHVEOHVVXUHV
,OHVWLPSRUWDQWTXHODVXUIDFHGHODSRUWHTXLHQWUHHQFRQWDFW
DYHFOHIRXUjPLFURRQGHVUHVWHSURSUH8WLOLVH]XQLTXHPHQW
XQGpWHUJHQWGRX[QRQDEUDVLIDYHFXQHpSRQJHSURSUHRXXQ
FKLIIRQGRX[5LQFH]ELHQ
6HXOXQWHFKQLFLHQTXDOLILpSHXWUpSDUHUFHWDSSDUHLO6LXQH
LQVSHFWLRQXQHUpSDUDWLRQRXXQUpJODJHV·DYqUHQpFHVVDLUH
FRPPXQLTXH]DYHFOHEXUHDXGHVHUYLFHDSUqVYHQWHDXWRULVpOH
SOXVSURFKH
&RPPHSRXUWRXWDXWUHDSSDUHLOOXWLOLVDWLRQGXIRXUSDUGHV
HQIDQWVGRLWIDLUHOREMHWGXQHpWURLWHVXSHUYLVLRQ
1HUDQJH]ULHQVXUOHGHVVXVGXIRXUjPLFURRQGHVORUVTXLO
IRQFWLRQQH
1LQVWDOOH]SDVFHWDSSDUHLODXGHVVXVGXQpYLHU
1HODLVVH]SDVSHQGUHOHFRUGRQG·DOLPHQWDWLRQDXEDVG·XQH
WDEOHRXGXFRPSWRLU
1XWLOLVH]SDVGHSURGXLWVHQSDSLHUGDQVXQIRXUORUVTXHODSSDUHLO
IRQFWLRQQHHQPRGHFXLVVRQH[FHSWpDXIRXUjPLFURRQGHV
$9(57,66(0(17
&216(59(=&(6,16758&7,216
$9(57,66(0(17
eWDQWGRQQpOHULVTXHGH[SORVLRQRXGH[SRVLWLRQj
GHVPDWpULDX[WR[LTXHVOHVSLOHVQHGHYUDLHQWrWUHFKDQJpHVTXHSDUXQ
WHFKQLFLHQGXVHUYLFHDSUqVYHQWH
e7,1&(//(6
6LYRXVFRQVWDWH]ODSUpVHQFHGpWLQFHOOHVDSSX\H]VXUODWRXFKH
$118/(5$55Ç7
HWpOLPLQH]ODFDXVHGX
SUREOqPH
/DIRUPDWLRQGpWLQFHOOHVGDQVOHIRXUjPLFURRQGHVHVW
SURYRTXpHSDU
/DJULOOHHQPpWDOTXLQ·HVWSDVFRUUHFWHPHQWLQVWDOOpHHWTXL
HQWUHHQFRQWDFWDYHFOHVSDURLVGXIRXUjPLFURRQGHV
8QHIHXLOOHG·DOXPLQLXPRXXQDXWUHDUWLFOHPpWDOOLTXH
TXLHQWUHHQFRQWDFWDYHFXQHSDURLGXIRXU
/HVXSSRUWGXSODWHDXWRXUQDQWTXLQHVWSDV
FRUUHFWHPHQWLQVWDOOp
'XSDSLHUGDOXPLQLXPTXLQpSRXVHSDVELHQODIRUPHGHV
DOLPHQWVOHVERUGVUHOHYpVDJLVVHQWFRPPHGHVDQWHQQHV
/DSUpVHQFHGDUWLFOHVPpWDOOLTXHVDWWDFKHVEURFKHVj
YRODLOOHGRUXUHVVXUXQXVWHQVLOHGDQVOHIRXUjPLFUR
RQGHV
/XWLOLVDWLRQGDQVOHIRXUjPLFURRQGHVGHVVXLHWRXWHQ
SDSLHUUHF\FOpFRQWHQDQWGHVSDUWLFXOHVPpWDOOLTXHV
1·XWLOLVH]ODJULOOHSRXUOHUpFKDXIIDJHTXHVLGHVSODWV
VHWURXYHQWVXUSOXVG·XQQLYHDX
1(5$1*(=-$0$,6
ODJULOOHGXIRXUGDQVOHIRXUjPLFURRQGHV&RQVXOWH]
OHPRGHGHPSORLSRXUODJULOOHGXIRXU