ZZZHOHFWURPHQDJHUVJHFD
*DUGH]WRXMRXUVOHVXVWHQVLOHVGHERLVHWGHSODVWLTXH
HWOHVDOLPHQWVHQERvWHjGLVWDQFHGHYRWUHFXLVLQLqUH
*DUGH]WRXMRXUVOHVUHYrWHPHQWVPXUDX[
FRPEXVWLEOHVOHVULGHDX[RXOHVWHQWXUHVjGLVWDQFH
GHYRWUHFXLVLQLqUH
1HQHWWR\H]SDVODFXLVLQLqUHDYHFGHVOLTXLGHVGH
QHWWR\DJHLQIODPPDEOHVRXYRODWLOHV
$SUqVXQHXWLOLVDWLRQSURORQJpHGHODFXLVLQLqUHOH
SODQFKHUSHXWGHYHQLUWUqVFKDXGHWGHQRPEUHX[
UHYrWHPHQWVGHSODQFKHUSRXUUDLHQWQHSDVUpVLVWHUj
FHW\SHG·XWLOLVDWLRQ1·LQVWDOOH]MDPDLVGHFXLVLQLqUHVXU
GHVFDUUHDX[GHYLQ\OHRXGXOLQROpXPTXLSRXUUDLWQH
SDVUpVLVWHUjFHW\SHG·XWLOLVDWLRQ1HO·LQVWDOOH]MDPDLV
GLUHFWHPHQWVXUOHWDSLVGHFXLVLQH
eYLWH]G·pJUDWLJQHUODVXUIDFHGHFXLVVRQYLWUpHDYHF
GHVLQVWUXPHQWVWUDQFKDQWVRXDYHFGHVEDJXHVHW
DXWUHVELMRX[
1HODLVVH]SHUVRQQHJULPSHUVHWHQLUGHERXWRXVH
VXVSHQGUHVXUODSRUWHGXIRXUOHWLURLUGHUDQJHPHQW
RXODVXUIDFHGHFXLVVRQ&HODSRXUUDLWHQGRPPDJHU
ODFXLVLQLqUHHWPrPHODIDLUHEDVFXOHUSURYRTXDQWGH
JUDYHVEOHVVXUHV
0,6((1*$5'(
OHVDUWLFOHVTXL
SRXUUDLHQWDWWLUHUOHVHQIDQWVQHGRLYHQWSDVrWUH
UDQJpVGDQVOHVDUPRLUHVDXGHVVXVGHODFXLVLQLqUH
RXVXUOHGRVVHUHWG·XQHFXLVLQLqUH³OHVHQIDQWVTXL
JULPSHQWVXUODFXLVLQLqUHSRXUDWWHLQGUHOHVDUWLFOHV
SRXUUDLHQWrWUHJUDYHPHQWEOHVVpV
3RXUYRWUHVpFXULWpQ·XWLOLVH]MDPDLVYRWUHDSSDUHLO
pOHFWURPpQDJHUSRXUUpFKDXIIHUHWFKDXIIHUOD
SLqFH
'HODUJHVpJUDWLJQXUHVRXFKRFVVXUOHVSRUWHVGH
YHUUHSHXYHQWFDVVHURXIDLUHpFODWHUODYLWUH
1HQHWWR\H]SDVODFXLVLQLqUHSHQGDQWTX·HOOH
IRQFWLRQQH
1HSRUWH]MDPDLVGHYrWHPHQWVDPSOHVRXWRPEDQWV
ORUVTXHYRXVXWLOLVH]O·DSSDUHLO$WWHQWLRQHQYRXV
pWLUDQWSRXUDWWHLQGUHOHVDUWLFOHVUDQJpVGDQV
OHVDUPRLUHVDXGHVVXVGHODFXLVLQLqUH8QWLVVX
LQIODPPDEOHSRXUUDLWV·HQIODPPHUDXFRQWDFWGHV
IODPPHVRXGHVVXUIDFHVFKDXGHVGXIRXUHWSRXUUDLW
SURYRTXHUGHJUDYHVEOHVVXUHV
1HUDQJH]SDVGHPDWpULDX[LQIODPPDEOHVGDQVOH
IRXUOHWLURLUGHUDQJHPHQWGHODFXLVLQLqUHRXSUqV
G·XQHVXUIDFHGHFXLVVRQ
1HUDQJH]SDVHWQ·XWLOLVH]SDVGHPDWpULDX[
FRPEXVWLEOHVG·HVVHQFHRXG·DXWUHVYDSHXUV
HWOLTXLGHVLQIODPPDEOHVSUqVGHFHWDSSDUHLO
pOHFWURPpQDJHUQLG·DXFXQDXWUH
1HODLVVH]SDVODJUDLVVHGHFXLVVRQRXDXWUHV
PDWLqUHVLQIODPPDEOHVV·DFFXPXOHUVXURXSUqVGHOD
FXLVLQLqUH
1·XWLOLVH]SDVG·HDXVXUOHVIHX[GHJUDLVVH1H
VDLVLVVH]MDPDLVXQHFDVVHUROHHQIODPPHeWHLJQH]
OHVFRPPDQGHVeWHLJQH]XQIHXVXUXQEUOHXUHQ
VXUIDFHHQFRXYUDQWHQWLqUHPHQWODFDVVHUROHDYHF
XQFRXYHUFOHELHQDMXVWpXQHSODTXHjELVFXLWRX
XQSODWHDXSODW8WLOLVH]XQH[WLQFWHXUG·LQFHQGLHj
PRXVVHRXXQHSRXGUHFKLPLTXHWRXWXVDJH
/DJUDLVVHHQIODPPHVjO·H[WpULHXUG·XQHFDVVHUROH
V·pWHLQWHQODFRXYUDQWGHELFDUERQDWHGHVRGLXP
RXVLSRVVLEOHHQXWLOLVDQWXQH[WLQFWHXUG·LQFHQGLHj
PRXVVHRXjSRXGUHFKLPLTXHWRXWXVDJH
/HVIODPPHVGDQVOHIRXUSHXYHQWrWUHpWHLQWHV
HQWLqUHPHQWHQIHUPDQWODSRUWHGXIRXUHWHQ
IHUPDQWODFRPPDQGHRXHQXWLOLVDQWXQH[WLQFWHXU
G·LQFHQGLHjPRXVVHRXjSRXGUHFKLPLTXHWRXW
XVDJH
/DLVVH]OHVJULOOHVGHEUOHXUHWDXWUHVVXUIDFHV
UHIURLGLUDYDQWGHOHVWRXFKHURXGHOHVODLVVHUjXQ
HQGURLWROHVHQIDQWVSHXYHQWOHVDWWHLQGUH
1HEORTXH]MDPDLVOHVpYHQWVRXYHUWXUHVG·DLUGH
ODFXLVLQLqUH,OVRIIUHQWXQHHQWUpHHWXQHVRUWLH
G·DLUQpFHVVDLUHVSRXUTXHODFXLVLQLqUHIRQFWLRQQH
FRUUHFWHPHQWDYHFODERQQHFRPEXVWLRQ/HV
RXYHUWXUHVG·DLUVHWURXYHQWjO·DUULqUHGHODVXUIDFHGH
FXLVVRQGDQVOHKDXWHWOHEDVGHODSRUWHGXIRXUHW
DXEDVGHODFXLVLQLqUHVRXVOHWLURLUGHUDQJHPHQWRX
OHSDQQHDXFRXSGHSLHG
1HVRXOHYH]SDVODVXUIDFHGHFXLVVRQ6RXOHYHUOD
VXUIDFHGHFXLVVRQSHXWHQGRPPDJHUODFXLVLQLqUHRX
FDXVHUXQPDXYDLVIRQFWLRQQHPHQW
35e&$87,216'(6e&85,7e
$9(57,66(0(17
Q·XWLOLVH]
-$0$,6
FHWDSSDUHLOSRXUUpFKDXIIHURX
FKDXIIHUODSLqFH&HFLSRXUUDLWPHQHUjXQ
HPSRLVRQQHPHQWDXPRQR[\GHGHFDUERQHHW
XQHVXUFKDXIIHGHODVXUIDFHGHFXLVVRQRXGX
IRXU