HAL Id: halshs-01064514
https://halshs.archives-ouvertes.fr/halshs-01064514
Submitted on 16 Sep 2014
HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Francophonie littéraire : quelques réflexions autour des discours critiques
Claire Riffard
To cite this version:
Claire Riffard. Francophonie littéraire : quelques réflexions autour des discours critiques. Lianes, Lianes Association, 2006, pp.1-10. �halshs-01064514�
,7(0
6LWHRIILFLHOGHO,QVWLWXWGHVWH[WHV PDQXVFULWVPRGHUQHV
)UDQFRSKRQLHOLWWpUDLUHTXHOTXHVUpIOH[LRQV DXWRXUGHVGLVFRXUVFULWLTXHV
³&ODLUH5LIIDUG
7DEOHGHVPDWLqUHV
(;$0(1'(6',6&2856685/(6)5$1&23+21,(6 '(/(63$&(/,77(5$,5()5$1&23+21(
'(/+,672,5(/,77(5$,5('(6/,77(5$785(6)5$1&23+21(6
/,0,7(6'8',6&2856685/$127,210(0('()5$1&23+21,(/(352%/(0('(
/$/$1*8(
1289(//(6$3352&+(6'(/$)5$1&23+21,(/,77(5$,5(
5(35,6(6'(/$127,21'(63$&(
5(35,6(6'(/$127,21'+,672,5(/,77(5$,5(
5(35,6(6'(/$127,21'(/$1*8('(6/$1*8(6$)5,&$,1(6 5(%21'6
'(&(175(5 5(/,(5
%LEOLRJUDSKLH 1RWHV
3RXUFLWHUFHWWHSDJH
,OHVWVDQVGRXWHSpULOOHX[GDQVOHWHPSVPrPHRORQFRQVWUXLWXQHUHFKHUFKHGHGRFWRUDWUHFHQVpH VRXVODUXEULTXH©OLWWpUDWXUHVIUDQFRSKRQHVªGHVFLHUODEUDQFKHVXUODTXHOOHRQHVWDVVLVHQ
TXHVWLRQQDQWOHFDGUHWKpRULTXHGHODIUDQFRSKRQLHOLWWpUDLUH&HWWHGpPDUFKHPDSSDUDvWSRXUWDQWGH SOXVHQSOXVQpFHVVDLUHDXILOGHVDQQpHV0DSUpVHQWDWLRQQDQXOOHDXWUHSUpWHQWLRQTXHFHOOHGH SDUWLFLSHUDXGpEDWVXUFHWWHQRWLRQGHIUDQFRSKRQLHOLWWpUDLUHHQFRPPHQoDQWSDUUDSSHOHUFRPPHQWOH FRQFHSWDpWpIDEULTXpSDUOHVGLVFRXUVFULWLTXHVSRXUIDLUHpWDWHQVXLWHGHVUHFKHUFKHVDFWXHOOHVVXUOD TXHVWLRQHWVRXOHYHUTXHOTXHVLQWHUURJDWLRQV$FHWWHILQHWSDUFHTXXQHUpIOH[LRQGHFHW\SHVHIRQGH QpFHVVDLUHPHQWVXUOHVWUDYDX[HQFRXUVGDQVOHVGLIIpUHQWHVVWUXFWXUHVGHUHFKHUFKHMHPDSSXLHUDLVXU OHVDQDO\VHVDFWXHOOHPHQWPHQpHVSDUOHVpTXLSHVLQWHUQDWLRQDOHVTXLWUDYDLOOHQWVXUFHWWHQRWLRQGH IUDQFRSKRQLHOLWWpUDLUHQRWDPPHQWGDQVOHVFDKLHUVGHV(WXGHVOLWWpUDLUHVDIULFDLQHVGHO$3(/$
$VVRFLDWLRQSRXUO(WXGHGHV/LWWpUDWXUHV$IULFDLQHVRXDXVHLQGHODUHYXH1RWUH/LEUDLULH$LQVL GDQVXQUpFHQWQXPpURGpFHPEUHIpYULHUGH1RWUH/LEUDLULHFRQVDFUpjODFULWLTXH OLWWpUDLUHGHQRPEUHXVHVSURSRVLWLRQVpPHUJHQWGRQWFHOOHGH5RPXDOG)RQNRXDTXLGDQVVRQ
pGLWRULDOUpIOpFKLWDX[VWUDWpJLHVGDQDO\VHGHVGLVFRXUVFULWLTXHVVXUOHVOLWWpUDWXUHVGX6XGHWSURSRVH GHSURFpGHUHQWURLVpWDSHV©5HWUDFHUKLVWRLUHGHODFULWLTXHLQWHUURJHUOHVPRWVGHVRQH[HUFLFHHW OHVHQMHX[VFLHQWLILTXHVHWSROLWLTXHVª)RQNRXD1RWUH/LEUDLULHQ
6DQVSUpWHQGUHIDLUHOKLVWRLUHGHODFULWLTXHGHVOLWWpUDWXUHVIUDQFRSKRQHVHWUpSRQGUHDLQVLDXY±X H[SULPpSDU-HDQ/RXLV-RXEHUWTXLHQGpMjDSSHODLWGHVHVYRHX[XQHQpFHVVDLUH©DUFKpRORJLH GHVpWXGHVIUDQFRSKRQHVª-RXEHUWLOVHUDXWLOHGHVLQWHUURJHUVXUOHVPRGDOLWpVHWOHV
ILQDOLWpVGHFHWWHFRQVWUXFWLRQSURJUHVVLYHGXQVDYRLUVXUOHVOLWWpUDWXUHVIUDQFRSKRQHVTXLVHVW HVVHQWLHOOHPHQWEkWLHQ)UDQFH
0HWWDQWOHVPRWVHX[PrPHVjOpSUHXYHRQUHSUHQGUDODGLVWLQFWLRQHQWUHFULWLTXHHWWKpRULHOLWWpUDLUH SURSRVpHSDU$QWRLQH&RPSDJQRQGDQV/HGpPRQGHODWKpRULH&RPSDJQRQODFULWLTXHHVWXQ GLVFRXUVVXUOHV±XYUHVOLWWpUDLUHVTXLpYDOXHOHWH[WH/DWKpRULHHOOHGHPDQGHTXHOHVSUpVXSSRVpVGH ODFULWLTXHVRLHQWUHQGXVH[SOLFLWHV&HVWVHORQ&RPSDJQRQXQ©SRLQWGHYXHPpWDFULWLTXHYLVDQWj LQWHUURJHUTXHVWLRQQHUOHVSUpVXSSRVpVGHWRXWHVOHVSUDWLTXHVFULWLTXHVDXVHQVODUJHª&RPSDJQRQ
&HVWFHWWHGHUQLqUHSRVWXUHFHSRLQWGHYXHH[WHUQHTXLTXHVWLRQQHOHVSUpVXSSRVpVGHV SUDWLTXHVFULWLTXHVTXHMHYDLVWHQWHUGDGRSWHUHQSUpIpUDQWDXPRWGH©WKpRULHªFHOXLG©DQDO\VHª PRLQVVXVFHSWLEOHGHYHUVHUGDQVOLGpRORJLH
,OHVWpYLGHPPHQWXQVHFRQGWHUPHjTXHVWLRQQHUFHOXLGHIUDQFRSKRQLHOLWWpUDLUH/HFRQFHSWDSSDUX HQGDQVXQRXYUDJHGH*7RXJDV/HVpFULYDLQVGH[SUHVVLRQIUDQoDLVHHWOD)UDQFHDpWp
UpXWLOLVpGHSXLVDYHFOHVXFFqVTXHORQVDLWQRWDPPHQWSDU0LFKHO%HQLDPLQRTXLGDQVVRQHVVDLGH /DIUDQFRSKRQLHOLWWpUDLUH(VVDLSRXUXQHWKpRULH%HQLDPLQRPRQWUHOHVGLIILFXOWpV GXFRQFHSWVRFLRV\PEROLTXHVKLVWRULFRSROLWLTXHVVFLHQWLILTXHV«/HGLVFRXUVFULWLTXHVXUOD IUDQFRSKRQLHOLWWpUDLUHpSURXYHTXHOTXHHPEDUUDVjGpILQLUVRQREMHW7RXWFRPPHOHFDGUH
DFDGpPLTXHGHOXQLYHUVLWpjOHQRPPHUSXLVTXRQFKDQJHUpJXOLqUHPHQWGDSSHOODWLRQ©OLWWpUDWXUH GH[SUHVVLRQIUDQoDLVHª©OLWWpUDWXUHVIUDQFRSKRQHVªDFWXHOOHPHQW©OLWWpUDWXUHVGXVXGpPHUJHQWHV QRXYHDX[HVSDFHVOLWWpUDLUHVªHWF,OFRQYLHQGUDGLQWHUURJHUOHVPRWVGHODIUDQFRSKRQLHOLWWpUDLUH HVSDFHOLWWpUDLUHIUDQFRSKRQH«
3RXUWHQWHUVLQRQGHPRQWUHUOHVHQMHX[VFLHQWLILTXHVHWSROLWLTXHVGXQHWHOOHQRWLRQjWRXWOHPRLQV GHSURSRVHUTXHOTXHVSLVWHVGHUpIOH[LRQTXLSHUPHWWUDLHQWGHQRXYHOOHVDSSURFKHVGXIDLWOLWWpUDLUH IUDQFRSKRQH
(;$0(1'(6',6&2856685/(6 )5$1&23+21,(6
©&URLVHUOHVUHJDUGVVXUOHVGLVFRXUVTXLFRQVWUXLVHQWODIUDQFRSKRQLHFRPPHXQGHFHV PpWDUpFLWV/\RWDUGGRQWLOVDJLWGDERUGGH[SORUHUOHVPpFDQLVPHVGH
OpJLWLPDWLRQª*RQWDUGHW*UD\
,OIDXWELHQHQWHQGXGLVWLQJXHUGHX[IUDQFRSKRQLHVGXQF{WpOD)UDQFRSKRQLHPDMXVFXOHFHVWjGLUH ODIUDQFRSKRQLHSROLWLTXHLQVWLWXWLRQQHOOHTXLRUFKHVWUHXQGLVFRXUVSROLWLTXHGRXEOpGXQGLVFRXUV LGpRORJLTXHUHOD\DQWGHVLQWpUrWVpFRQRPLTXHVHWJpRVWUDWpJLTXHVGHOD)UDQFHHWGHODXWUHOD IUDQFRSKRQLHVLQRQPLQXVFXOHGXPRLQVOLWWpUDLUHHWFXOWXUHOOH3RXUELHQVpSDUHUOHVGHX[QRWLRQV -HDQ0DUF0RXUDSURSRVHGHGLVWLQJXHUODIUDQFRSKRQLHFHVWjGLUHODFRPPXQDXWpOLQJXLVWLTXH 0RXUDGXIUDQFRSKRQLVPHTXLUHQYRLHDX[LQWpUrWVpFRQRPLTXHVHWSROLWLTXHVPDVTXpV SDUODFRPPXQDXWpOLQJXLVWLTXH0RXUD,OQHVHUDSDVTXHVWLRQLFLGHIUDQFRSKRQLVPHELHQ TXLOGHPHXUHWUqVUpSDQGXHWSURGXLVHGHVGLVFRXUVOpQLILDQWVFRPPHFHWWHGpILQLWLRQGHOD
IUDQFRSKRQLHFRPPLVHSDUOHSURIHVVHXU-DFTXHV%DUUDWjODWWHQWLRQGHVSURIHVVHXUVGHOHQVHLJQHPHQW VHFRQGDLUHIUDQoDLVSXEOLpHQ©/DIUDQFRSKRQLHHVWjODIRLVXQFRQFHSWHWXQHVSDFHKDELWp SDUFHX[TXLRQWOHIUDQoDLVHQSDUWDJH0DLVHOOHHVWDXVVLXQHPDQLqUHGDSSUpKHQGHUGH
FRPSUHQGUHGpFRXWHUGHFRPPXQLTXHUGDJLUEUHIXQFRPSRUWHPHQWXQKXPDQLVPH(OOHHVWSOXV HQFRUHXQRXWLOGHFRPPXQLFDWLRQLQWHUFXOWXUHOOHHWOHVHXOHVSDFHIpGpUDWHXUGHFHX[TXLYHXOHQW UHFRQQDvWUHDFFHSWHUHWYDORULVHUOHVGLIIpUHQFHV>«@/DIUDQFRSKRQLHHVWDXVVLXQFRQVHUYDWRLUH
&HVWFHOXLGHODODQJXHIUDQoDLVH>«@/DIUDQFRSKRQLHQHVDXUDLWPDQTXHUjOREOLJDWLRQGH
VROLGDULWpDYHFOHVSD\VOHVSOXVGpPXQLV&HVWOjXQHYLHLOOHKDELWXGHIUDQoDLVHVLQRQIUDQFRSKRQHª
%DUUDW-DFTXHVHW0RLVHL&ODXGLD*pRSROLWLTXHGHODIUDQFRSKRQLHXQQRXYHDXVRXIIOH"
$FHSRLQWGHPDXYDLVHIRLOHGLVFRXUVVHSDVVHGHFRPPHQWDLUHV$XMRXUGKXLODWHQGDQFHHVWSOXV VXEWLOHPHQWjXQHUpFXSpUDWLRQGXGLVFRXUVSRXUpWD\HUOHFRQFHSWGH©GLDORJXHGHVFXOWXUHVª 0RXUD1RXVHQDYRQVHXXQpFKRDX6DORQGX/LYUHGH3DULVpGLWLRQGRQWOLQYLWp GKRQQHXUpWDLWMXVWHPHQWOD)UDQFRSKRQLHFHWWHIRLVFLDYHFWURLVIII
3RXUFHTXLHVWGHODIUDQFRSKRQLHFXOWXUHOOHLOFRQYLHQWGDSSRUWHUXQHQXDQFHHWGHELHQGLVWLQJXHUOD IUDQFRSKRQLHOLQJXLVWLTXHTXLUHOqYHGHODGpFLVLRQSXEOLTXHHWODIUDQFRSKRQLHOLWWpUDLUHTXLUHVWH WRXMRXUVXQHSRVLWLRQLQGLYLGXHOOH/HGpYHORSSHPHQWGXQHpFULWXUHHQIUDQoDLVGDQVOHVSD\VWLHUV VHVWIDLWSRXUODSOXVJUDQGHSDUWLHSDUDOOqOHPHQWjOH[WHQVLRQGHV]RQHVGHSRXYRLUSROLWLTXHGHOD )UDQFH<DWLODXMRXUGKXLXQREMHWJOREDOOLWWpUDLUHIUDQFRSKRQHGLVWLQFWGHODVWUXFWXUHSROLWLTXH"/H FRQFHSWGHIUDQFRSKRQLHOLWWpUDLUHDWLOXQHYDOLGLWpVFLHQWLILTXH"3HXWLO\DYRLUXQHWKpRULHGHFHW REMHW"(VWRQIRQGpjIDLUHGHV©pWXGHVOLWWpUDLUHVIUDQFRSKRQHVª"/REMHWTXHQRXVpWXGLRQVH[LVWH WLOKRUVGXQHFRQVWUXFWLRQLGpRORJLTXH"
'DQVOHVSUHPLHUVFKDSLWUHVGHVRQRXYUDJH/DIUDQFRSKRQLHOLWWpUDLUH(VVDLSRXUXQHWKpRULH0LFKHO
%HQLDPLQRIRQGHOHSKpQRPqQHGHIUDQFRSKRQLHOLWWpUDLUHVXUSOXVLHXUVSDUDPqWUHVHVSDFHKLVWRLUH ODQJXH«([DPLQRQVFHVWURLVSDUDPqWUHVSULQFLSDX[
'(/(63$&(/,77(5$,5()5$1&23+21(
5HPDUTXRQVGDERUGTXHOHGLVFRXUVVXUODIUDQFRSKRQLHOLWWpUDLUHVHGpPDUTXHGHVDXWUHVGLVFRXUV FULWLTXHVVXUODOLWWpUDWXUHTXLGRQQHQWKDELWXHOOHPHQWODSUpIpUHQFHjODQDO\VHGHW\SHKLVWRULTXHVXU ODSSURFKHVSDWLDOH,OQHVWSHXWrWUHSDVDQRGLQTXHGDQVOHVpWXGHVIUDQFRSKRQHVRQUDLVRQQH GDYDQWDJHHQWHUPHVGHVSDFHTXHGKLVWRLUH2QH[KLEHGHVSODQLVSKqUHVRIILFLHOVSLTXHWpVGHSHWLWV GUDSHDX[RQHVWDPSLOOHGHVFROOHFWLRQVOLWWpUDLUHV©(VSDFHVIUDQFRSKRQHVªFHODSHUPHWGHVTXLYHUOH GpEDWVXUOKLVWRLUHGHODIUDQFRSKRQLHTXLHVWGDQVELHQGHVFDVXQHKLVWRLUHGHGRPLQDWLRQYLROHQWH 'HTXHOHVSDFHSDUOHWRQ"6RXYHQWOHVpWXGHVOLWWpUDLUHVVXUODIUDQFRSKRQLHUHSUHQQHQWOHV
GpFRXSDJHVLQVWLWXWLRQQHOV2UOHVIURQWLqUHVLQVWLWXWLRQQHOOHVVRQWWUqVFRQWHVWDEOHV/HVIURQWLqUHV DGPLQLVWUDWLYHVVRQWVRXYHQWH[RJqQHV3RXUO$IULTXHSDUH[HPSOH6HORQ0LFKHO)RXFKpGHV IURQWLqUHVRQWpWpWUDFpHVSDUOHV)UDQoDLV)RXFKp(OOHVQHFRUUHVSRQGHQWSDVDX[
GpOLPLWDWLRQVOLQJXLVWLTXHVTXLVRQWWUqVPRXYDQWHVHWHQSHUSpWXHOOHpYROXWLRQHWTXLHOOHVPrPHV VRQWGLVWLQFWHVGHVIURQWLqUHVOLWWpUDLUHVSOXVODELOHVHQFRUH'HQRPEUHXVHVpTXLSHVGHUHFKHUFKHVRQW UpIOpFKLVXUFHWWHQRWLRQGHIURQWLqUHVGHODIUDQFRSKRQLHOLWWpUDLUHVDQVSDUYHQLUjGpQRXHUOHQ±XG JRUGLHQ
(WDYDQWWRXWHFKRVHTXHOYRFDEXODLUHXWLOLVHU"3DUOHUDWRQG©HVSDFHªRXGH©WHUULWRLUHª"8Q HVSDFHHVWSDUGpILQLWLRQRXYHUWIRQGpVXUOHVFLUFXODWLRQVHQWUHOHVSD\VOHVODQJXHVOHV
PDUFKDQGLVHVOHVLGpHV«/HVSDFHIUDQFRSKRQHDXMRXUGKXLHVWGDYDQWDJHXQWHUULWRLUHFRQWU{OpSDU OD)UDQFHFRQWU{OHGHODFLUFXODWLRQGHVKRPPHVSRXUTXRLXQYLVDSRXUXQpWXGLDQWIUDQFRSKRQH YHQXIDLUHGHVpWXGHVHQ)UDQFH"HWFRQWU{OHGHODGLIIXVLRQGHVLGpHVODYLHLQVWLWXWLRQQHOOHGHOD OLWWpUDWXUHIUDQFRSKRQHHVWWUqVIUDQFRFHQWUpHOHVpFULYDLQVIUDQFRSKRQHVDIULFDLQVSDUH[HPSOHVRQW TXDVLPHQWWRXVpGLWpVj3DULVTXHOTXHVXQVj0RQWUpDORXj%UX[HOOHV
3RXUUDLWRQSDUOHUG©DLUHFXOWXUHOOHªjGpIDXWG©HVSDFHª"'DQVXQDUWLFOHUpFHQW%HQLDPLQR
%pQLDPLQRPRQWUHELHQHQTXRLFHFRQFHSWHVWSOXVFRQWHVWDEOHHQFRUH1pFKH]/pR )UREHQLXVVRXVOLQIOXHQFHGHVWKpRULHVDQWKURSRJpRJUDSKLTXHVGH5DW]HOLOYpKLFXOHOLGpRORJLH GXQH]RQHGLQIOXHQFHGHOD)UDQFHVXUXQHSDUWLHGXPRQGH
$LQVLLOHVWGpOLFDWGHSDUOHUGHVSDFHTXDQGRQWHQWHXQHGpILQLWLRQGHODIUDQFRSKRQLHOLWWpUDLUH /HVSDFHIUDQFRSKRQHQHVWLOSDVDXIRQGXQHFRQVWUXFWLRQPHQWDOHGHOD)UDQFHFRPPHORULHQWDOLVPH IXWLQYHQWpSDUO2FFLGHQW6DwG"
'(/+,672,5(/,77(5$,5('(6/,77(5$785(6 )5$1&23+21(6
,OIDXWUppFULUHOKLVWRLUHGHODOLWWpUDWXUHIUDQFRSKRQH2QWHQWHUDGHOHVXJJpUHULFLHQSUHQDQW OH[HPSOHGHVOLWWpUDWXUHVDIULFDLQHV3OXVLHXUVFULWLTXHVGRLYHQWrWUHIDLWHV
3UHPLqUHPHQWFHWWHKLVWRLUHHVWODFXQDLUH1RXVWUDYDLOORQVVXUFHVOLWWpUDWXUHVDYHFHQWrWHXQH KLVWRLUHRIILFLHOOHGHODIUDQFRSKRQLHMDORQQpHGHGDWHVLQFRQWRXUQDEOHVHWG±XYUHVGHUpIpUHQFHSHX UHPLVHVHQFDXVH1HSUHQRQVTXHOH[HPSOHGHVGpEXWVGHODOLWWpUDWXUHpFULWHHQ$IULTXHQRLUH'HSXLV OHVWUDYDX[SLRQQLHUVGH0PH.HVWHORRW.HVWHORRWWURSSHXUHQRXYHOpVSDUODFULWLTXHOHV pWDSHVFDQRQLTXHVHQVRQWODSDUXWLRQj3DULVGH%DWRXDODGH5HQp0DUDQHQSXLVOpPHUJHQFH GDQVOH4XDUWLHU/DWLQGXPRXYHPHQWGHODQpJULWXGH«/HFULWLTXHEpQLQRLV*X\2VVLWR
0LGLRKRXDQVRIIXVTXH©&RQWUDLUHPHQWjXQHRSLQLRQODUJHPHQWSDUWDJpHODOLWWpUDWXUHQpJUR DIULFDLQHGH[SUHVVLRQIUDQoDLVHQHVWSDVQpHHQ)UDQFHª0LGLRKRXDQ(QHIIHWSRXU SUHQGUHXQVHXOH[HPSOHGDQVFHVPrPHVDQQpHVOHSRqWH-HDQ-RVHSK5DEHDULYHOR LQYHQWDLWj0DGDJDVFDUXQHPDQLqUHHWXQHPDWLqUHSRpWLTXHHQIUDQoDLVWRXWjIDLWRULJLQDOHGL[DQV DYDQW6HQJKRU
(QVXLWHFHWWHKLVWRLUHOLWWpUDLUHHVWWURSIUDQFRFHQWUpH(OOHDpWpODUJHPHQWpFULWHHQ)UDQFHHWSRUWH VXUODIUDQFRSKRQLHOLWWpUDLUHXQUHJDUGVXUSORPEDQWSDUIRLVPrPHFRQGHVFHQGDQW2QVHVRXYLHQGUD GHFHSURSRVGH0DUJXHULWH'XUDVpYRTXDQWOHURPDQGH3DXO+D]RXPp'RJXLFLPL©,OIXW EHDXFRXSTXHVWLRQGH'RPLFLJXLVLFSHQGDQWOHGvQHU'DXWDQWSOXVTXHFRPPHWRXVOHVUpGDFWHXUV GXPLQLVWqUHGHVFRORQLHVMDYDLVHXHQWUHOHVPDLQVFHWRXYUDJHVLSUREDQWGHVELHQIDLWVGX
FRORQLDOLVPH²GXPRPHQWTXLOpWDLWpFULWHQIUDQoDLVSDUXQVXMHWQRLU-HIpOLFLWDLFKDOHXUHXVHPHQW ODXWHXUGHODYRLUpFULW-pYLWDLVELHQHQWHQGXGHOXLDYRXHUTXHMHQHQDYDLVSDVOXOHSUHPLHU PRW«ª5LFDUG
'XQHIDoRQPRLQVDQHFGRWLTXHRQVRXOLJQHUDTXHGDQVOHFDVGHVpWXGHVIUDQFRSKRQHV
FRQWUDLUHPHQWDX[pWXGHVGHOLWWpUDWXUHIUDQoDLVHOpWXGHGHVOLWWpUDWXUHVDpWpHWHVWHQFRUHVRXYHQW VXSHUSRVpHjXQHpWXGHGHVFLYLOLVDWLRQVFRPPHVLOHVOLWWpUDWXUHVIUDQFRSKRQHVYDODLHQWPRLQVSDU OHXUVTXDOLWpVSURSUHPHQWOLWWpUDLUHVTXHSDUOHXULQWpUrWHWKQRORJLTXH2QUDEDWDLQVLODYDOHXUOLWWpUDLUH VXUODSRUWpHLQIRUPDWLYH
(QVRPPHOKLVWRLUHGHVOLWWpUDWXUHVIUDQFRSKRQHVDXQUDSSRUWGLIILFLOHDYHFO+LVWRLUH&RQVWLWXHU OKLVWRLUHOLWWpUDLUHGHODIUDQFRSKRQLHLPSOLTXHGHUHOLUHOKLVWRLUHGHODSUpVHQFHIUDQoDLVHjOpWUDQJHU /DUHFKHUFKHDFDGpPLTXHDpWpODUJHPHQWSDUWLHSUHQDQWHGHO©HQWUHSULVHFLYLOLVDWULFHGHOD)UDQFHª RXWUHPHUHWHOOHGRLWIDLUHUHWRXUVXUVHVGLVFRXUVGHVVLqFOHVSDVVpV$LQVLGXGLVFRXUV
DVVLPLODWLRQQLVWHHQJHUPHDX;,;HWGpYHORSSpGXUDQWXQHODUJHPRLWLpGX;;VLqFOHFpOpEUDQWOD SURJUHVVLYHDVVLPLODWLRQGHVWHFKQLTXHVGHODOLWWpUDWXUHIUDQoDLVHSDUOHVpFULYDLQVDIULFDLQV
$XMRXUGKXLHQFRUHRQUDSSHOOHUDTXHOHVLJOH$GSITXLUHQYRLHjORSpUDWHXUGXPLQLVWqUHGHV
$IIDLUHVpWUDQJqUHVSRXUVDSROLWLTXHGHSURPRWLRQGXOLYUHHWGHOpFULWVLJQLILH$VVRFLDWLRQSRXUOD 'LIIXVLRQGHOD3HQVpH)UDQoDLVH&HWWHWHQGDQFHDVVLPLODWLRQQLVWHDXFRQWUDLUHGHODFRH[LVWHQFH GDQVOHPRQGHDQJORVD[RQHVWXQHGRQQpHPDMHXUHjSUHQGUHHQFRPSWHSRXUUppFULUHOKLVWRLUH OLWWpUDLUHGHODIUDQFRSKRQLH
/HVDQQpHVRQWpWpPDUTXpHVSDUXQHFRQWHVWDWLRQYLROHQWHGHFHPRGqOH3DUH[HPSOHGDQVFHW H[WUDLWGHODUHYXH6RXIIOHVGHPDUVDYULOGLULJpHSDU$/DkEL©1RXVGLVRQVTXHOD
IUDQFRSKRQLHFRQVWLWXHXQHSLqFHPDvWUHVVHGDQVODVWUDWpJLHQpRFRORQLDOH>«@3DUFRQVpTXHQWVHXOV SHXYHQWSUrFKHUFHWWH©DFFXOWXUDWLRQIRUFpHªFRPPHGLUDLHQWFHUWDLQVPLVVLRQQDLUHVFHX[TXLVRQW LQWLPHPHQWOLpVDXQpRFRORQLDOLVPHRXFHX[TXLWLUHQWGHOXVDJHGHODODQJXHIUDQoDLVHGHV
DYDQWDJHVEXUHDXFUDWLTXHVª
/,0,7(6'8',6&2856685/$127,210(0('(
)5$1&23+21,(/(352%/(0('(/$/$1*8(
2QSHXWFRQWHVWHUOHWHUPHPrPHFRPPHOHVXJJqUH$QGUp:DXWLHUFDUSKRQpVLJQLILHYRL[HWQRQ ODQJXH'DQVOHVDQQpHVORQSUpIqUHUDXWLOLVHUOHPRWGHIUDQFLWp0DLVGDQVOHVGHX[FDVOHV FRQQRWDWLRQVYpKLFXOpHVSDUOHVWHUPHVVRQWWUqVGLIIpUHQWHVGHFHOOHVGXWHUPHGH©&RPPRQZHDOWKª
©ULFKHVVHVFRPPXQHVª(OOHVUHQYRLHQWjXQWHUULWRLUHOLQJXLVWLTXHKRPRJqQHUDVVHPEOpDXWRXU GXQHODQJXHFRPPXQH0DLVFHVWVDQVFRPSWHUDYHFOKpWpURJpQpLWpPDQLIHVWHGHVFRQWH[WHV
IUDQFRSKRQHV/DODQJXHIUDQoDLVHV\DUWLFXOHGLIIpUHPPHQWDYHFOHVODQJXHVSDUWHQDLUHVSURSRVDQW GHVSRpWLTXHVWRXMRXUVVLQJXOLqUHV3HXWRQUHJURXSHUGHVpFULWXUHVXQLTXHPHQWSDUOHIDLWTXHOOHV VpFULYHQWGDQVXQHPrPHODQJXH"(VWFHXQFULWqUHSHUWLQHQW"8WLOH"2SpUDWRLUH"
-DQKHLQ]-DKQFRQWHVWHWUqVW{WFHSULQFLSHPpWKRGRORJLTXH©'DQVOHQVHLJQHPHQWDFWXHOHQFRUHRQ DLPHUpSDUWLUOHVOLWWpUDWXUHVVXLYDQWOHFULWqUHGHVODQJXHV&HVWOjXQSULQFLSHGHFODVVHPHQWWUqV FRPPRGHLOSRXYDLWVHMXVWLILHUMXVTXDXWRXUQDQWGXVLqFOH/DOLWWpUDWXUHpWDLWDORUVXQHOLWWpUDWXUH QDWLRQDOHDXVHQVOLWWpUDLUHODQDWLRQFRUUHVSRQGDLWDXWHUULWRLUHGpOLPLWpSDUODODQJXH$LQVLOD OLWWpUDWXUHVXLVVHGHODQJXHDOOHPDQGHIDLVDLWSDUWLHGHODOLWWpUDWXUHDOOHPDQGHTXLFRQVWLWXDLWXQH XQLWpFXOWXUHOOHELHQDYDQWTXHQDSSDUDLVVHHQ$OOHPDJQHOLGpHGXQHTXHOFRQTXHXQLWpQDWLRQDOH GRUGUHSROLWLTXHª-DKQ
/DQDO\VHOLWWpUDLUHIRQGpHVXUOHFULWqUHGHODODQJXHHVWDXMRXUGKXLpPLQHPPHQWGLVFXWDEOHDORUV PrPHTXHQXOQLJQRUHFRPELHQOHFKRL[GHODODQJXHGpFULWXUHSDUOHVpFULYDLQVIUDQFRSKRQHVHVW VRXYHQWOLpjGHVIDFWHXUVFRPSOH[HVTXLQRQWSDUIRLVTXHSHXjYRLUDYHFOpFRQRPLHLQWHUQHGHOD ODQJXH(VWLOXWLOHGHFKHUFKHUjOHVUHJURXSHUVRXVOHFKDSHDXGHOLWWpUDWXUHVIUDQFRSKRQHV"(VWFH XQHFODVVLILFDWLRQLQWpUHVVDQWHDXSODQVFLHQWLILTXH"(VWFHGDLOOHXUVGXF{WpGHVFODVVLILFDWLRQVTXLO IDXWFKHUFKHU"
1289(//(6$3352&+(6'(/$
)5$1&23+21,(/,77(5$,5(
'HQRXYHOOHVSURSRVLWLRQVYLHQQHQWUHQRXYHOHUOpWXGHGHVOLWWpUDWXUHVIUDQFRSKRQHVHQUHSUHQDQWOHV QRWLRQVGHVSDFHGKLVWRLUHOLWWpUDLUHRXGHODQJXHSRXUOHVPHWWUHjOpSUHXYHHWOHVUHQRXYHOHU1RXV DLPHULRQVOHXUUHQGUHMXVWLFHHQSURSRVDQWXQUDSLGHSDQRUDPDGHOHXUVWUDYDX[DYDQWGHVXJJpUHU TXHOTXHVSLVWHVLVVXHVGHFHWWHpWXGH
5(35,6(6'(/$127,21'(63$&(
3OXVLHXUVSURSRVLWLRQVRQWpWpIDLWHVGDQVFHVHQV'DQVVRQRXYUDJH1RXYHOOHVWHQGDQFHVGDQV ODQDO\VHGXGLVFRXUVSDUXHQ'DQLHO0DLQJXHQHDXDGRSWHODQRWLRQGH©VFpQRJUDSKLHªXQH IRUPXOHTXLXQLWOHVGRQQpHVUHFXHLOOLHVGXF{WpGHVWH[WHVHWGXVW\OHHWKRVHVSDFHGpQRQFLDWLRQ RUJDQLVDWLRQWHPSRUHOOHHWGHODXWUHGXF{WpGXSDUFRXUVVRFLDOHWLQVWLWXWLRQQHO
8QHDXWUHSURSRVLWLRQHVWFHOOHGH©FKDPSOLWWpUDLUHª&HVW3LHUUH%RXUGLHXTXLOHSUHPLHUSURSRVHFH FRQFHSWUHSULVHQVXLWHSDU3DXO$URQ3DVFDOH&DVDQRYDHWODUJHPHQWXWLOLVpDXMRXUGKXL,OVDJLWVHORQ
%RXUGLHXGHQRPPHUDLQVLXQ©V\VWqPHSDUWLFXOLHUGHUHODWLRQVVRFLDOHVUpJLSDUGHVUDSSRUWVGH IRUFHª%RXUGLHXFHVWjGLUHGLQVFULUHODQDO\VHGXIDLWOLWWpUDLUHGDQVXQFRQWH[WHGHUDSSRUWV GHIRUFHVRFLDX[GHUHFKHUFKHGHUHFRQQDLVVDQFHHWGHYRORQWpGHGRPLQDWLRQ&HFRQFHSWSHUPHWWUD SDUH[HPSOHj%HUQDUG0RXUDOLVGDQDO\VHUOHVLQWHUVHFWLRQVHQWUHFKDPSOLWWpUDLUHHWFKDPSV
pFRQRPLTXHHWSROLWLTXHTXLPDUTXqUHQWOHVDQQpHV0DLVTXHOOHGpILQLWLRQGRQQHUDX FKDPS"1HUHWURXYRQVQRXVSDVOHVSUREOqPHVGHGpILQLWLRQpYRTXpVSOXVKDXWjSURSRVGHODQRWLRQ GHVSDFH"
&RQVLGpUDQWTXHOHFKDPSOLWWpUDLUHIUDQFRSKRQHQHVWSDVXQFKDPSFRKpUHQWSDUPDQTXHGHUHODWLRQV GXQERXWjODXWUHGXFKDPS3LHUUH+DOHQSURSRVHOHFRQFHSWGH©V\VWqPHOLWWpUDLUHªTXLOSUpIqUHj FHOXLGH©FKDPSOLWWpUDLUHª,ODIILUPH©/HV\VWqPHOLWWpUDLUHIUDQFRSKRQHH[LVWHEHOHWELHQ
HQJOREDQWOHQVHPEOHGHVSURGXFWLRQVTXLQHUHOqYHQWSDVGLUHFWHPHQWGXQLYHDXORFDOHWTXLQHVRQW SDVSUpVHQWpHVFRPPHIUDQoDLVHVª+DOHQHWLOVDWWDFKHjGpFULUHOHVUHODWLRQVGH
GpSHQGDQFHGHVV\VWqPHVOLWWpUDLUHVDIULFDLQVIDFHDXFKDPSOLWWpUDLUHIUDQoDLV,OQRPPHFHVV\VWqPHV SpULSKpULHVRXPDUFKHV+DOHQOHVGpFULYDQWFRPPHGHVHVSDFHVGHQWUDQFHGDQVOH FKDPSFHQWUDOVRXPLVjGHSXLVVDQWHVFRQWUDLQWHV©6DJLVVDQWGXWH[WHIUDQFRSKRQHOHFRQWH[WHHVW FHOXLGXQV\VWqPHGHSURGXFWLRQHWGHUpFHSWLRQTXLHVWFRQWUDLQWGHVDGDSWHUDXYHUURXTXHFRQVWLWXH OHUDSSRUWFHQWUHSpULSKpULH3RXUIDLUHMRXHUFHYHUURXFHUWDLQVDFWHXUVSHXYHQWrWUHWHQWpVRXVH WURXYHQWPrPHREOLJpVGHMRXHUODFDUWHGHODGLIIpUHQFHH[RWLTXHTXLQHVWSDVOHPRLQGUHGHV KpULWDJHVODLVVpVSDUOHGLIIpUHQWLDOLVPHFRORQLDOª+DOHQ
&HWWHQRWLRQGHGLIIpUHQWLDOLVPHHVWWUqVRSpUDQWHSRXUQRWUHDQDO\VHGHODIUDQFRSKRQLHOLWWpUDLUHFDU OLGpRORJLHIUDQFRSKRQHDSDUDOOqOHPHQWjVDSROLWLTXHDVVLPLODWLRQQLVWHVRXYHQWMRXpOHMHXGX©GHX[
SRLGVGHX[PHVXUHVªHQWUHOD)UDQFHHWOD)UDQFRSKRQLH
5(35,6(6'(/$127,21'+,672,5(/,77(5$,5(
&HVWOXQGHVJUDQGVHQMHX[GHODQDO\VHGHVOLWWpUDWXUHVIUDQFRSKRQHVDFWXHOOHPHQW/DUHYXH(WXGHV OLWWpUDLUHVDIULFDLQHVpGLWpHSDUO$3(/$DIDLWUpFHPPHQWOHSRLQWVXUFHWWHpYROXWLRQGXUHJDUG SRUWpVXUOKLVWRLUHGHVOLWWpUDWXUHVIUDQFRSKRQHVSOXVVSpFLILTXHPHQWDIULFDLQHVHQPHQWLRQQDQWOHV WUDYDX[GH-DQKHLQ]-DKQTXLGqVOHVDQQpHVSXEOLH0XQWX²8PULVVHGHUQHRDIULNDQLVFKHQ NXOWXUXQHVVDLVXUOXQLWpFXOWXUHOOHGHO$IULTXHSXLVFHX[G$OEHUW*pUDUGTXLFRPELQHGDQVVHV UHFKHUFKHVOHVFULWqUHVOLQJXLVWLTXHVKLVWRULTXHVHWJpRJUDSKLTXHVHWWUDYDLOOHVXUOHVOLWWpUDWXUHVHQ ODQJXHVDIULFDLQHV*pUDUGHWGDQVOHVDQQpHVOHVWKqVHVG$ODLQ5LFDUG5LFDUGHW
%HUQDUG0RXUDOLV&HGHUQLHUFULWLTXHGDQV/LWWpUDWXUHHWGpYHORSSHPHQW0RXUDOLVOHV GLVFRXUVLGpDOLVDWHXUVGHOD©UHQFRQWUHGHVFXOWXUHVªHWGX©PpWLVVDJHFXOWXUHOª7UDYDLOODQWGDQVOH VHQVGXQHUHFRQWH[WXDOLVDWLRQGHODOLWWpUDWXUHDIULFDLQHLODPRQWUpGHIDoRQPDJLVWUDOHFRPPHQWOD )UDQFHDYRXOXPRGHOHUODOLWWpUDWXUHDIULFDLQHGDQVOHVHQVGXQHIRONORULVDWLRQ©/HFRORQLVpVHVW HIIRUFpGDXWUHSDUWGHQWUHUGDQVOHFKDPSOLWWpUDLUHGHVRQpSRTXH$FHWpJDUGLOIDXWVHVRXYHQLU TXHOHFRORQLVDWHXUORLQGHV\RSSRVHUDHQFRXUDJpODSURGXFWLRQGXQHOLWWpUDWXUHpFULWHDXWRFKWRQH 0DLVGDQVVRQHVSULWFHOOHFLGHYDLWrWUHFHQWUpHVXUO$IULTXH©YpULWDEOHªHWOpFULYDLQDIULFDLQpWDLW LQYLWpjUHFXHLOOLUGHVFRQWHVRXGHVOpJHQGHVjpYRTXHUGHVILJXUHVKLVWRULTXHVjGpFULUHGHV
FRXWXPHVª0RXUDOLV&HWWHDQDO\VHHVWDFWXHOOHPHQWGpYHORSSpHSDUOHVpWXGHVSRVWFRORQLDOHV GDERUGDSSDUXHVGDQVOHPRQGHDQJORVD[RQHWSRUWpHVHQ)UDQFHQRWDPPHQWSDU-HDQ0DUF0RXUD 1RXUULHGHVWUDYDX[GH0DLQJXHQHDXVXUODVFpQRJUDSKLHUHSUHQDQWHOOHDXVVLODQRWLRQGHVSDFH IUDQFRSKRQHSRXUODFRQWHVWHUODWKpRULHSRVWFRORQLDOHVLQWHUURJHVXUOHVUHODWLRQVGHVWH[WHVjOHXU HQYLURQQHPHQWVRFLRFXOWXUHO\FRPSULVGDQVVDGLPHQVLRQKLVWRULTXH6HORQ-HDQ0DUF0RXUDGDQV /LWWpUDWXUHVIUDQFRSKRQHVHWWKpRULHSRVWFRORQLDOH©FHTXHFHVOLWWpUDWXUHVRQWHQFRPPXQDXGHOj GHVVSpFLILFLWpVUpJLRQDOHVHVWGDYRLUpPHUJpGDQVOHXUIRUPHSUpVHQWHGHOH[SpULHQFHGHOD
FRORQLVDWLRQHWGHVrWUHDIILUPpHVHQPHWWDQWODFFHQWVXUODWHQVLRQDYHFOHSRXYRLUFRORQLDOHWHQ LQVLVWDQWVXUOHXUVGLIIpUHQFHVSDUUDSSRUWDX[DVVHUWLRQVGXFHQWUHLPSpULDOª0RXUD /DWKpRULHSRVWFRORQLDOHPRQWUHGDQVOHSURORQJHPHQWGHVWUDYDX[GH0RXUDOLVFRPPHQWOHFRQWHQX HVWKpWLTXHGHV±XYUHVDpWpHWFRQWLQXHGrWUHLQIOXHQFpSDUOKpULWDJHKLVWRULTXHFRORQLDOHWOHFRQWH[WH VRFLRFXOWXUHOGHGRPLQDWLRQ
0DLVLOH[LVWHPrPHHQ$IULTXHGHSHWLWVHVSDFHVGHYLHFXOWXUHOOHHQIUDQoDLVSDUH[HPSOHGDQVXQH SDUWLHGHODERXUJHRLVLHpJ\SWLHQQHFUppVSDUGHVFLUFRQVWDQFHVKLVWRULTXHVGLIIpUHQWHVGDQVOHFDGUH GHSDUWHQDULDWVHQWUHpWDWVGHUHODWLRQVFXOWXUHOOHVHWF4XHQIDLUH"
5(35,6(6'(/$127,21'(/$1*8('(6/$1*8(6
$)5,&$,1(6
(QHIIHWSRXUUHSUHQGUHOHVPRWVGH%RXUGLHX©SDUOHUGHODODQJXHFHVWDFFHSWHUWDFLWHPHQWOD GpILQLWLRQRIILFLHOOHGHODODQJXHRIILFLHOOHGXQHXQLWpSROLWLTXHª%RXUGLHX&HWWH
FRQFHSWLRQGHODODQJXHSHUPHWGDVVHRLUXQSRXYRLUHWGDQVOHFDGUHGHODIUDQFRSKRQLHHOOHSUpWHQG DLQVLQLYHOHUOHVGLIIpUHQFHVTXLH[LVWHQWHQWUHOHVORFXWHXUVGHODODQJXH(Q$IULTXHQRLUHRXj
0DGDJDVFDUSDUH[HPSOHGHSXLVOHWHPSVGHVPLVVLRQVGHSXLVOHWHPSVGHODGPLQLVWUDWLRQIUDQoDLVH HWGHODOLWWpUDWXUHFRORQLDOHFH©FRQVHUYDWRLUHGHSUpMXJpVªVHORQODIRUPXOHGH-HDQ/RXLV-RXEHUW -RXEHUWODODQJXHIUDQoDLVHVHVWWHQXHGXF{WpGXSRXYRLUDYRLUODPDvWULVHGHOD
ODQJXHFHVWVDVVXUHUXQHPDLQPLVHVXUOHSRXYRLU0DLVFHWWHUHSUpVHQWDWLRQGHODODQJXHDEHDXFRXS pYROXpVDQVFRPSWHUTXHVRQKLVWRLUHQHVWSDVSDUWRXWLGHQWLTXHDLQVLDX4XpEHFHWDLOOHXUVRQOXWWH DXMRXUGKXLSRXUXQHDXWRQRPLVDWLRQGHODODQJXH
/HVWKpRULHVVXUODOHVODQJXHVRQWGpIULFKpUpFHPPHQWSOXVLHXUVSLVWHVHWSURSRVpSOXVLHXUVQRWLRQV SDUPLOHVTXHOOHVFHOOHGHFRQVFLHQFHOLQJXLVWLTXH&HFRQFHSWHVWHPSUXQWpSDU$5LFDUGj+DUDOG :HLQULFK:HLQULFKHWLOLQWHUURJH©ODSODFHGHODODQJXHGDQVODFRQVFLHQFHGHVpFULYDLQVª 5LFDUGSRXU$ODLQ5LFDUGOpFULWXUHFRQWHPSRUDLQHHVWLQVFULWHGDQVOD©FRQVFLHQFHGHOD PXOWLSOLFLWpGHVODQJXHVOH[SpULHQFHGXQHPDQLqUHGpFODWHPHQWGXGLVFRXUVPDUTXpSDUODGLJORVVLH HWOHPpWLVVDJHª&HFRQFHSWTXLSHUPHWGHUHVVDLVLUSDUODQDO\VHOHVIDLWVGHODQJXHjORHXYUHGDQV OHVWH[WHVTXLOVVRLHQWOLpVjORUDOLWpDXSOXULOLQJXLVPHjODGLJORVVLHRXjO©LQWHUODQJXHªFRPPH FKH].RXURXPDDpWpDERQGDPPHQWUHSULVQRWDPPHQWGDQVOHVWKpRULHVSRVWFRORQLDOHV
/LVH*DXYLQSURSRVHHOOHODQRWLRQGHVXUFRQVFLHQFHOLQJXLVWLTXH©FHVWjGLUHXQHFRQVFLHQFH SDUWLFXOLqUHGHODODQJXHTXLGHYLHQWDLQVLXQOLHXGHUpIOH[LRQSULYLOpJLpHWXQGpVLUGLQWHUURJHUOD QDWXUHGXODQJDJHHWGHGpSDVVHUOHVLPSOHGLVFRXUVHWKQRJUDSKLTXH>«@&HWWHVXUFRQVFLHQFHHVWDXVVL XQHFRQVFLHQFHGHODODQJXHFRPPHHVSDFHGHILFWLRQYRLUHGHIULFWLRQVRLWXQLPDJLQDLUHGHHWSDUOD ODQJXHª*DXYLQ&RQVLGpUDQWTXH©OHGpQRPLQDWHXUFRPPXQGHVOLWWpUDWXUHVGLWHV pPHUJHQWHVHWQRWDPPHQWGHVOLWWpUDWXUHVIUDQFRSKRQHVHVWGHSURSRVHUDXF±XUGHOHXU
SUREOpPDWLTXHLGHQWLWDLUHXQHUpIOH[LRQVXUODODQJXHHWVXUODPDQLqUHGRQWVDUWLFXOHQWOHVUDSSRUWV ODQJXHVOLWWpUDWXUHVGDQVFHVFRQWH[WHVGLIIpUHQWVªFRQVLGpUDQWTXHOpFULYDLQIUDQFRSKRQHHVW FRQWUDLQWGH©SHQVHUVDODQJXHªHOOHSURSRVHGHQRPPHUFHVOLWWpUDWXUHV©OLWWpUDWXUHVGH OLQWUDQTXLOOLWpªFDUHOOHVVHPHWWHQWjGLVWDQFHGHODODQJXHIUDQoDLVH
3DUDLOOHXUVLODSSDUWLHQWj-HDQ0DULH.OLQNHQEHUJ.OLQNHQEHUJGDYRLUGpYHORSSpOD QRWLRQGLQVpFXULWpOLQJXLVWLTXHGHVFROOHFWLYLWpVIUDQFRSKRQHVSpULSKpULTXHV,OPRQWUHTXHIDFHDX FHQWUHFRQVWLWXpSDU3DULVOHVpFULYDLQVGHV]RQHVIUDQFRSKRQHVGRPLQpHVDGRSWHQWGHX[GLUHFWLRQV RSSRVpHVVRLWXQHVWUDWpJLHFHQWULSqWHYHUVODXWRQRPLVDWLRQHWODFUpDWLRQGXQFKDPSFXOWXUHO GLVWLQFWVRLWXQHVWUDWpJLHFHQWULIXJH©XQHIIRUWGDVVLPLODWLRQDXFKDPSSDULVLHQRXDXPRLQVOH GpVLUGHUHFRQQDLVVDQFHGHODSDUWGHVLQVWDQFHVGHFRQVpFUDWLRQGHFHFHQWUHª.OLQNHQEHUJ
&HVWKpRULHVRQWHQFRPPXQGLQWHUURJHUDXWUHPHQWODTXHVWLRQGHODODQJXHGpFULWXUH&HTXL
DSSDUDLVVDLWDXSDUDYDQWFRPPHOpOpPHQWUDVVHPEOHXUOHSRLQWGDUULYpHpFULUHHQIUDQoDLVGHYLHQWOH SRLQWGHGpSDUWGHQRXYHOOHVDSSURFKHVOLWWpUDLUHV
5(%21'6
2QSURSRVHUDGHX[SHUVSHFWLYHVGRQWORULHQWDWLRQHVWHQDSSDUHQFHFRQWUDGLFWRLUHSXLVTXHOXQHHVW FHQWULIXJHFKHUFKDQWjGpFHQWUHUOHVpWXGHVOLWWpUDLUHVIUDQFRSKRQHVHWODXWUHHVWFHQWULSqWHSURSRVDQW GHUHOLHUGHPHWWUHHQUHODWLRQOHVODQJXHVHWODGLVFLSOLQHVPDLVFHVGHX[D[HVGHUpIOH[LRQH[SORUHQW HQUpDOLWpOHPrPHFKHPLQFHOXLGXSOXUDOLVPH
'(&(175(5
5DSSHORQVTXHFHVWQRWDPPHQWODUULYpHGDQVOHVFDPSXVDPpULFDLQVGpWXGLDQWVYHQXVGDQFLHQVSD\V FRORQLVpVTXLDSHUPLVOHVVRUGHODWKpRULHSRVWFRORQLDOH/DFLUFXODWLRQHQWUHOHVGLIIpUHQWHVDSSURFKHV FULWLTXHVHQWUHOHVGLIIpUHQWVUHJDUGVSRUWpVUHQRXYHOOHODUHFKHUFKH2QFRQQDvWOLPSRUWDQFHDFWXHOOH GHVpWXGHVDPpULFDLQHVVXUOHVOLWWpUDWXUHVSRVWFRORQLDOHVOHXUVDYDQFpHVPDJLVWUDOHVGDQVODUpIOH[LRQ VXUOLGpRORJLHGDQVODOLWWpUDWXUHPDLVLOLPSRUWHGHVXLYUHpJDOHPHQWGHWUqVSUqVFHTXLVHIDLWDX 4XpEHFGRQWOHVXQLYHUVLWpVVRQWGHVOLHX[G\QDPLTXHVGHFRQYHUJHQFH«(QILQMHQHFLWHUDLTXH TXHOTXHVQRPVGHFULWLTXHVHWWKpRULFLHQVOLWWpUDLUHVDIULFDLQV%RQLIDFH0RQJR0%RXVVD-XVWLQ
%LVDQVZD-DPHV1JXJL*X\2VVLWR0LGLRKRXDQ5RPXDOG)RQNRXDRXDQWLOODLV(GRXDUG*OLVVDQW VDQVSUpWHQGUHjUpVXPHUOHXUWUDYDLOHQFRXUVVLPSOHPHQWSRXUVXJJpUHUFRPELHQOHXUDSSURFKHHVW IpFRQGHSRXUODQDO\VHGHFHVOLWWpUDWXUHV0DLVFRPPHQWOHVQRPPHURQVQRXVjSUpVHQW"3OXV IRQGDPHQWDOHPHQWFRPPHQWUHJURXSHURQVQRXVGDQVODQDO\VHGHVHQVHPEOHVOLWWpUDLUHVGRQWQRXV DYRQVPRQWUpOKpWpURJpQpLWp"&RPPHQWVDLVLUFHVUpDOLWpVOLWWpUDLUHV"
)DXWLOVXLYUHOHVYRL[TXLSURSRVHQWGHSXLVTXHOTXHWHPSVXQDXWUHV\VWqPHGHUHJURXSHPHQWGHV DXWHXUVSDUOLWWpUDWXUHVQDWLRQDOHV"1RXVDYRQVWHQWpGHPRQWUHUOHSHXGHYDOLGLWpVFLHQWLILTXHGHV IURQWLqUHVQDWLRQDOHVHQOLWWpUDWXUHTXLVpSDUHQWGHVpOpPHQWVOLpVKLVWRULTXHPHQWTXLpWDEOLVVHQW DUWLILFLHOOHPHQWGHVFORLVRQQHPHQWVHQWUHOHV]RQHVOLQJXLVWLTXHV«3HXWRQ\pFKDSSHUSDUOHWHUPHGH
©IURQWLqUHVFXOWXUHOOHVªHQGLYLVDQWODLUHIUDQFRSKRQHHQDLUHDIULFDLQHDLUHDQWLOORJX\DQDLVH"/H SUREOqPHGHVIURQWLqUHVQHVWSDVOHYpSRXUDXWDQWTXLHPSrFKHOHVFLUFXODWLRQVjOKHXUHSRXUWDQWR
WDQWGpFULYDLQVYLYHQWHQQRPDGHV(VWRQFRQWUDLQWGDVVRFLHUjODOLWWpUDWXUHXQSULQFLSHGH WHUULWRULDOLWp"
3RXUTXRLQHSDVSDUOHUGHOLWWpUDWXUHIUDQoDLVHWRXWVLPSOHPHQWGDQVOHVHQVROHQWHQGDLW6DOPDQ 5XVKGLHSRXUODOLWWpUDWXUHDQJODLVH©TXHMDLWRXMRXUVFRQVLGpUpHFRPPHVLJQLILDQWVLPSOHPHQWOD OLWWpUDWXUHGHODQJXHDQJODLVHª5XVKGLH"2XELHQSDUOHUDWRQSOXW{WGHOLWWpUDWXUHVHQ IUDQoDLV"3LHUUH+DOHQOXLVXJJqUHGHWUDYDLOOHUVXUOHVOLWWpUDWXUHVGXVXG©)RQGHUDVVH]
VROLGHPHQWXQHQVHPEOHGHOLWWpUDWXUHVGX©VXGªPDUTXpHVSDUXQFHUWDLQQRPEUHGHGpWHUPLQDWLRQV KLVWRULTXHVVHPEODEOHVDX[GpSHQVGXQK\SRWKpWLTXHHQVHPEOHGH©OLWWpUDWXUHVIUDQFRSKRQHVªTXL QDXUDLWJXqUHTXHODODQJXHHQFRPPXQª+DOHQ
'DQVOHSURORQJHPHQWGHFHWWHYRLHRXYHUWH;DYLHU*DUQLHUUpIOpFKLWjXQHGpQDWLRQDOLVDWLRQGHOD OLWWpUDWXUH6HORQOXLTXDQGRQSDUOHGHOLWWpUDWXUHVSpULSKpULTXHVIUDQFRSKRQHVRXSRVWFRORQLDOHVRQ SDUOHLPSOLFLWHPHQWGXQFHQWUHHWGHSXLVOHFHQWUH2UVLOHVWXQHSUDWLTXHTXLSHXWDXMRXUGKXL UDVVHPEOHUOHVpFULYDLQVTXLpFULYHQWHQIUDQoDLVFHVWELHQOHVHQWLPHQWpSURXYpGpFULUH©GXGHKRUV GHODODQJXHª*DUQLHUGDQVXQpFDUWSDUUDSSRUWjOD[HGHODODQJXH,OVXJJqUH©3OXW{W TXHGHFRQVLGpUHUFRPPHQWOHVpFULYDLQVIUDQFRSKRQHVVDSSURSULHQWODODQJXHIUDQoDLVHLOSHXWrWUH LQWpUHVVDQWGREVHUYHUFRPPHQWLOVVHQH[FOXHQWª*DUQLHU
5(/,(5
&HVWjGLUHH[SORUHUOHV]RQHVGHFRQWDFWV(WSRXUFRPPHQFHUGpYHORSSHUODQDO\VHGHVSDVVDJHV HQWUHOHVODQJXHV6HORQODEHOOHIRUPXOHG(GRXDUG*OLVVDQW©&HTXLFDUDFWpULVHQRWUHWHPSVFHVW FHTXHMDSSHOOHOLPDJLQDLUHGHVODQJXHVFHVWjGLUHODSUpVHQFHGHWRXWHVOHVODQJXHVGXPRQGHª
*OLVVDQW/HVOLWWpUDWXUHVFRQWHPSRUDLQHVVRQWKDELWpHVSDUOHSOXULOLQJXLVPHODSUpVHQFHGH GHX[RXSOXVLHXUVODQJXHV/DQRWLRQGHIUDQFRSKRQLHHOOHPrPHVRXVHQWHQGODSUpVHQFHVRXWHUUDLQH GDXWUHVODQJXHV7UDGXFWLRQVDXWRWUDGXFWLRQVUppFULWXUHVpFULWXUHVELOLQJXHVDOWHUQpHVRX
FRQFRPLWDQWHV«1RPEUHX[VRQWDXMRXUGKXLOHVpFULYDLQVTXLFUpHQWGDQVOHYDHWYLHQWGHVODQJXHVj ODUHFKHUFKHGXQH©ODQJXHHQFRUHLQRXwHª-'HUULGDGXQH©ODQJXHWLHUFHª$5LFDUGGXQH©EL ODQJXHª$.KDWLEL«GXQHODQJXHVLHQQHWRXWVLPSOHPHQW"4XHOVHIIHWVOLWWpUDLUHVSHXYHQWDYRLU FHVFRKDELWDWLRQVMX[WDSRVLWLRQVVXSHUSRVLWLRQVGHODQJDJHVHWGHVLPDJLQDLUHVTXLOVYpKLFXOHQW"
2QWUDYDLOOHUDVDQVGRXWHGDQVOHVSURFKDLQHVGpFHQQLHVVXUOHVFRQWDFWVGHODQJXHVVXUOHVSDVVDJHV HQWUHOHVODQJXHVFRPPHOHVXJJqUH0%HQLDPLQRjODILQGHVRQHVVDLVXUODIUDQFRSKRQLHOLWWpUDLUH
©3DVVHUGHODFULWLTXHGHVOLWWpUDWXUHVIUDQFRSKRQHVjXQHWKpRULHGHFHVOLWWpUDWXUHVTXLSRVHQW²IDXW LOOHUDSSHOHU²jODIRLVOHSUREOqPHGHODGLYHUJHQFHGHIRUPHVGHODOLWWpUDWXUHpFULWHHQIUDQoDLVHW FHOXLGHODFRH[LVWHQFHGHOLWWpUDWXUHVpFULWHVGDQVGHVODQJXHVGLIIpUHQWHVjOLQWpULHXUGXQHPrPH IRUPDWLRQVRFLDOHLGHQWLILpHRXQRQSDUOHFRQFHSWGHQDWLRQª%HQLDPLQR
0DLVOHFULWLTXHOLWWpUDLUHGHYUDDORUVSRVVpGHUOXLPrPHSOXVLHXUVODQJXHVHWUHPHWWUHHQFDXVHVHV SUDWLTXHV
5HOLHUFHVHUDDXVVLPHWWUHHQFRQWDFWOHVGLVFLSOLQHV8QHFULWLTXHFRQWHPSRUDLQHGHODUpFHSWLRQGHV WH[WHVLQWpJUHUDQpFHVVDLUHPHQWGHVDSSURFKHVSROLWLTXHVJpRVWUDWpJLTXHVVRFLRORJLTXHV
SKLORVRSKLTXHVSRXUpWXGLHUOLGpRORJLHjO±XYUHGDQVOHV±XYUHVHWGDQVOHVGLVFRXUVVXUOHVRHXYUHV 3DUDLOOHXUVRQEpQpILFLHDXMRXUGKXLGDYDQFpHVFRQVLGpUDEOHVGDQVOHGRPDLQHGXWUDLWHPHQW
LQIRUPDWLTXHGHVGRQQpHVFHTXLSHXWSHUPHWWUHGRSpUHUXQHSHWLWHUpYROXWLRQGDQVOHWUDLWHPHQWGHV GRQQpHVJpQpWLTXHVRQSHXWVHUHSRUWHUjFHVXMHWDXWUDYDLOHIIHFWXpj/\RQSDUOHODERUDWRLUH/LULV /DERUDWRLUHGLQIRUPDWLTXHHQLPDJHVHW6\VWqPHVG,QIRUPDWLRQGX&156,OIDXGUDpJDOHPHQW GpYHORSSHUOHVpGLWLRQVFULWLTXHVOHVDUFKLYDJHVGHFHVOLWWpUDWXUHVHQUHODWLRQDYHFGHVVWUXFWXUHVGH FRQVHUYDWLRQGHVWH[WHVFRPPHO,0(&,QVWLWXW0pPRLUHVGHO(GLWLRQ&RQWHPSRUDLQH
(QJXLVHGHFRQFOXVLRQRQQHPHQWLRQQHUDTXHGHX[DVSHFWVHVVHQWLHOVGXQHQpFHVVDLUHUHPLVHHQ FDXVHGHVSUDWLTXHVGHODIUDQFRSKRQLHOLWWpUDLUH/HSUHPLHUFHVWODUHYHQGLFDWLRQGXQHFULWLTXH XWLOLVDQWOHVPrPHVRXWLOVGH3URXVWj&KDPRLVHDX5LHQGHSOXVXUJHQWTXHGpWXGLHUDYHFODPrPH H[LJHQFHGDQDO\VHOLWWpUDLUHWRXWHVOHVOLWWpUDWXUHV$OLQYHUVHOHVUpRULHQWDWLRQVGHODWKpRULHOLWWpUDLUH IUDQFRSKRQHSHUPHWWURQWXQUHQRXYHOOHPHQWGHVDSSURFKHVGHODOLWWpUDWXUHWRXWFRXUWQRWDPPHQWHQ LQWpJUDQWOHWUDYDLOIDLWSDUOHVOLWWpUDWXUHVGXVXGVXUOHVLQVWDQFHVpQRQFLDWLYHVGDQVXQFRQWH[WHGH FRQWDFWVGHODQJXHV«
/HGHX[LqPHDVSHFWIRQGDPHQWDOFHVWOH[LJHQFHGXQHGpFRORQLVDWLRQGHVFLUFXLWVGXOLYUHFHVWj GLUHOHFRPEDWSRXUXQHpGLWLRQHWXQHGLIIXVLRQORFDOHGHVOLWWpUDWXUHVSDUDOOqOHPHQWjGHVFRpGLWLRQV HWXQHGLVWULEXWLRQLQWHUQDWLRQDOHV/RSSRVLWLRQFHQWUHSpULSKpULHQHSRXUUDrWUHFRQWRXUQpHTXHGDQV ODPHVXUHROHVFLUFXLWVGXOLYUHVXLYHQWXQLWLQpUDLUHGHUHODWLRQVHWQRQSOXVGHGRPLQDWLRQ
%LEOLRJUDSKLH
%HQLDPLQR0LFKHO/DIUDQFRSKRQLH/LWWpUDLUH(VVDLSRXUXQHWKpRULH3DULV/+DUPDWWDQ&ROO (VSDFHVIUDQFRSKRQHV
%HQLDPLQR0LFKHO©/DIUDQFRSKRQLHOLWWpUDLUHªLQ/HVpWXGHVOLWWpUDLUHVIUDQFRSKRQHVpWDWGHV OLHX[$FWHVGXFROORTXHPDL/LHYHQ'+XOVWHW-HDQ0DUF0RXUDpG9LOOHQHXYHG$VFT eGGX&RQVHLOVFLHQWLILTXHGHO8QLYHUVLWp&KDUOHVGH*DXOOH/LOOH
%RXUGLHX3LHUUH/HVUqJOHVGHODUW*HQqVHHWVWUXFWXUHGXFKDPSOLWWpUDLUH3DULV/H6HXLO
&RPSDJQRQ$QWRLQH/HGpPRQGHODWKpRULH/LWWpUDWXUHHWVHQVFRPPXQ3DULV6HXLO )RQNRXD5RPXDOG©&RPPHQWDSSUpKHQGHU©ODVDJHVVHGHVEDUEDUHVª"ªLQ©/DFULWLTXH OLWWpUDLUHª1RWUH/LEUDLULHQ3DULV
)RQNRXD5RPXDOGHW+DOHQ3LHUUHGLU/HVFKDPSVOLWWpUDLUHVDIULFDLQV3DULV.DUWKDOD )RXFKp0LFKHO)URQWVHWIURQWLqUHV8QWRXUGXPRQGHJpRSROLWLTXH3DULV)D\DUG
*DUQLHU;DYLHU©ODOLWWpUDWXUHIUDQFRSKRQHXQHDIIDLUHGHVW\OH"ª,Q/HVpWXGHVOLWWpUDLUHV IUDQFRSKRQHVpWDWGHVOLHX[$FWHVGXFROORTXHPDL/LHYHQ'+XOVWHW-HDQ0DUF0RXUD pG9LOOHQHXYHG$VFTeGGX&RQVHLOVFLHQWLILTXHGHO8QLYHUVLWp&KDUOHVGH*DXOOH/LOOH
*DXYLQ/LVH/DIDEULTXHGHODODQJXH3DULV6HXLO
*pUDUG$OEHUW(XURSHDQODQJXDJHVZULWLQJLQ6XE6DKDUDQ$IULFD%XGDSHVW$PVWHUGDP
*OLVVDQW(GRXDUG,QWURGXFWLRQjXQHSRpWLTXHGXGLYHUV3DULV*DOOLPDUG
*RQWDUG0DUFHW*UD\'HQLVH5HJDUGVVXUODIUDQFRSKRQLH5HQQHV3OXULDO
+DOHQ3LHUUH©&RQVWUXFWLRQVLGHQWLWDLUHVHWVWUDWpJLHVGpPHUJHQFHªLQ,PDJLQDLUHVIUDQFRSKRQHV
&5/3Q8QLYHUVLWpGH1LFH$QWLSROLV
+DOHQ3LHUUH©/HV\VWqPHOLWWpUDLUHIUDQFRSKRQHªLQ/HVpWXGHVOLWWpUDLUHVIUDQFRSKRQHVpWDWGHV OLHX[$FWHVGXFROORTXHPDL'+XOVW/LHYHQHW0RXUD-HDQ0DUFpG9LOOHQHXYHG$VFT eGGX&RQVHLOVFLHQWLILTXHGHO8QLYHUVLWp&KDUOHVGH*DXOOH/LOOHS
-DKQ-DQKHLQ]0DQXHOGHOLWWpUDWXUHQpJURDIULFDLQHGXVLqFOHjQRVMRXUVGHO$IULTXHj O$PpULTXH>*HVFKLFKWHGHUQHRDIULNDQLVFKHQ/LWHUDWXU@7UDGXLWSDU*DVWRQ%DLOO\3DULV(GLWLRQV 5HVPD
-RXEHUW-HDQ/RXLV©/HYDXGRXVDQVSHLQHRXUpIOH[LRQVXUOpSLVWpPRORJLHHWODPpWKRGRORJLHGHV pWXGHVIUDQFRSKRQHVª,Q(WXGHVIUDQoDLVHVHQ(XURSHQRQIUDQFRSKRQH5RPDQLFD:UDWLVODYLHQVLD YRO;9,,Q
.HVWHORRW/LO\DQ/HV(FULYDLQVQRLUVGHODQJXHIUDQoDLVHQDLVVDQFHGXQHOLWWpUDWXUH%UX[HOOHV 8QLYHUVLWpOLEUHGH%UX[HOOHV,QVWLWXWGHVRFLRORJLH
.OLQNHQEHUJ-HDQ0DULH©,QVpFXULWpOLQJXLVWLTXHHWSURGXFWLRQOLWWpUDLUH/HSUREOqPHGHODODQJXH GpFULWXUHGDQVOHVOHWWUHVIUDQFRSKRQHVªGDQV0LFKHO)UDQFDUGHWDOGLU/LQVpFXULWpOLQJXLVWLTXH GDQVOHVFRPPXQDXWpVIUDQFRSKRQHVSpULSKpULTXHV/RXYDLQOD1HXYHQVSpFLDOGHV&DKLHUVGH OLQVWLWXWGHOLQJXLVWLTXHGH/RXYDLQW;,;Q
.OLQNHQEHUJ-HDQ0DULH©$XWRXUGXFRQFHSWGHODQJXHPDMHXUHªLQ/LWWpUDWXUHVPLQHXUHVHQ ODQJXHPDMHXUH/LVH*DXYLQHW-3%HUWUDQGGLUpG380
0RXUD-HDQ0DUF/LWWpUDWXUHVIUDQFRSKRQHVHWWKpRULHSRVWFRORQLDOH3DULV38)
0RXUDOLV%HUQDUG/LWWpUDWXUHHWGpYHORSSHPHQWHVVDLVXUOHVWDWXWODIRQFWLRQHWODUHSUpVHQWDWLRQGH ODOLWWpUDWXUHQpJURDIULFDLQHGH[SUHVVLRQIUDQoDLVH3DULV6LOH[pGLWLRQ
0RXUDOLV%HUQDUG©'HVFRPSWRLUVDX[HPSLUHVªLQ/LWWpUDWXUHVSRVWFRORQLDOHVHWIUDQFRSKRQLH 7H[WHVUpXQLVSDU%HVVLqUH-HW0RXUD-03DULV+&KDPSLRQ
2VVLWR0LGLRKRXDQ*X\(FULUHHQSD\VFRORQLVpSODLGR\HUSRXUXQHQRXYHOOHDSSURFKHGHVUDSSRUWV HQWUHODOLWWpUDWXUHQpJURDIULFDLQHGH[SUHVVLRQIUDQoDLVHHWOHSRXYRLUFRORQLDOHVVDLFULWLTXH3DULV
%XGDSHVW7RULQRO+DUPDWWDQ
5LFDUG$ODLQ/LWWpUDWXUHVG$IULTXHQRLUH3DULV&156.DUWKDOD
5XVKGLH6DOPDQ©/DOLWWpUDWXUHGX&RPPRQZHDOWKQH[LVWHSDVªLQ3DWULHVLPDJLQDLUHVWUDGXLWSDU
$OLQH&KDWHOLQ3DULV&KULVWLDQ%RXUJRLV
6DwG(GZDUG/2ULHQWDOLVPH/2ULHQWFUppSDUO2FFLGHQW3DULV6HXLOQRXYHOOHpGLWLRQDXJPHQWpH
7RGRURY7]YHWDQ&ULWLTXHGHODFULWLTXH3DULV/H6HXLO
:HLQULFK+DUDOG&RQVFLHQFHOLQJXLVWLTXHHWOHFWXUHVOLWWpUDLUHV3DULV0DLVRQGHVVFLHQFHVGH OKRPPH
1RWHV
1RWDPPHQW9pURQLTXH%RQQHWGLU)URQWLqUHVGHODIUDQFRSKRQLHIUDQFRSKRQLHVDQVIURQWLqUHV
©,WLQpUDLUHVHWFRQWDFWVGHFXOWXUHª3DULV/·+DUPDWWDQ3DULVYRORXELHQ0LFKHO
%HQLDPLQR©/DIUDQFRSKRQLH/LWWpUDLUHª,Q/HVpWXGHVOLWWpUDLUHVIUDQFRSKRQHV(WDWGHVOLHX[
/LHYHQ'+XOVWHW-HDQ0DUF0RXUDpG9LOOHQHXYHG$VFTeGGX&RQVHLOVFLHQWLILTXHGH O8QLYHUVLWp/LOOH
9RLUjFHSURSRVO·DUWLFOHGH-DPDO0DKMRXEGDQV1RWUH/LEUDLULHQS
,Q/HVFKDPSVOLWWpUDLUHVDIULFDLQV(GSDU3LHUUH+DOHQHW5)RQNRXD3DULV.DUWKDODFROO/HWWUHV GXVXGS
5HYXH(WXGHV/LWWpUDLUHV$IULFDLQHVQQRWDPPHQWO·DUWLFOHGH-jQRV5LHV]S 9RLUOHVLWHGHO·8QLYHULVWpG·(PRU\KWWSZZZHQJOLVKHPRU\HGX%DKULLQGH[KWPO
&I-RVLDV6HPXMDQJD©OHVRULHQWDWLRQVGHODFULWLTXHGHODOLWWpUDWXUHGXVXGHQ$PpULTXHGXQRUG ªLQ1RWUH/LEUDLULHQ«
/LULV805&156,16$GH/\RQ8QLYHUVLWp/\RQ8QLYHUVLWp/\RQ,,(FROHFHQWUDOHGH /\RQ
ZZZLPHFDUFKLYHVFRP
3RXUFLWHUFHWWHSDJH
&ODLUH5LIIDUG©)UDQFRSKRQLHOLWWpUDLUHTXHOTXHVUpIOH[LRQVDXWRXUGHVGLVFRXUVFULWLTXHVª,WHP>(Q OLJQH@
0LVHQOLJQHOHIpYULHU
'LVSRQLEOHVXUKWWSZZZLWHPHQVIULQGH[SKS"LG
1RWLFHELEOLRJUDSKLTXH
3XEOLpGDQVODUHYXH/LDQHOHKWWSZZZOLDQHVRUJS
1DYLJDWLRQ
5XEULTXHV
$FFXHLO
$FWXDOLWpV 6pPLQDLUHV
3XEOLFDWLRQVHWUHYXHV
&ROORTXHV 'LFWLRQQDLUH
&HQWUHVGHGRFXPHQWDWLRQ
$QQXDLUH (TXLSHV
&RQWUDWV
([SORUHUSDUDXWHXUV ([SORUHUSDUQRWLRQV 3ODWHIRUPHFROODERUDWLYH
&RQWDFWV
6RXV5XEULTXHV
5LIIDUG
$UWLFOHVHQOLJQH
$UWLFOHVXLYDQW 5HWRXUDXVRPPDLUH
5HFKHUFKH
5HFKHUFKHU 5HFKHUFKHU
+DXWGHODSDJH_1DYLJDWLRQVXUOHVLWH_5HFKHUFKH
$FFXHLO³&RQWDFW³/,WHP³566³3RGFDVW³6LWHSURSXOVpSDU/RGHO