Sie sind auf Seite 1von 8



/HVDUEUHVGDQVOH&RUDQHWOD%LEOH
/-0XVVHOPDQ

/
/HVPXOWLSOHVPHQWLRQVG·DUEUHV HVDUEUHVVRQWXQpOpPHQWLPSRU ‡ ÀJXLHU )LFXVFDULFD 
GDQVOHVOLYUHVVDFUpVGX WDQWWDQWGHOD%LEOHTXHGX&RUDQ ‡ DUEUHG·HQFHQV %RVZHOOLDVSS 
MXGDwVPHGXFKULVWLDQLVPHHW /HVUpIpUHQFHVDX[DUEUHVGDQVFHV ‡ DORqVRUGLQDLUH $TXLODULDVS 
GHO·LVODPWUDGXLVHQWODSODFH GHX[OLYUHVVDFUpVWUDGXLVHQWOHXUSODFH ‡ FKrQH 4XHUFXVVS 
TX·LOVRFFXSDLHQWGDQVODYLH GDQVOHVFXOWXUHVGHVPLOOpQDLUHVSDVVpV ‡ SLQ 3LQXVKDOHSHQVLVHW3SLQHD 
TXRWLGLHQQHHWO·LPDJLQDWLRQGH pYRTXDQWOHXUVXVDJHVOHVHVSqFHVORFDOHV ‡ SLVWDFKLHU 3LVWDFLDYHUD 
FXOWXUHVPLOOpQDLUHV LPSRUWDQWHVHWHQRXWUHOHXUU{OHHPEOp ‡ SODWDQH 3ODWDQXVRULHQWDOLV 
PDWLTXHHWGHVRXUFHG·LQVSLUDWLRQIRQGp ‡ JUHQDGLHU 3XQLFDJUDQDWXP 
VXUODSHUFHSWLRQGHO·DUEUHFRPPHV\P ‡ SHXSOLHU 3RSXOXV HXSKUDWLFD HW
EROHGHODYLHGRQQpHSDUOH&UpDWHXU 3DOED 
*UkFH j O·LQIOXHQFH FRQWLQXH GH FHV ‡ V\FRPRUH )LFXVV\FRPRUXV 
OLYUHV DX FRXUV GH PLOOLHUV G·DQQpHV ‡ WDPDULV 7DPDUL[VSS 
FHUWDLQHVHVSqFHV OHFqGUHGX/LEDQSDU ‡ WpUpELQWKH 3LVWDFLD DWODQWLFD
H[HPSOH HWFHUWDLQVERLVHWIRUrWVRQWDF 3WHUHELQWKXVHWSDUIRLV3OHQWLVFXV 
TXLVXQHLPSRUWDQFHFRQVLGpUDEOHYRLUH ‡ ©WK\LQHª XQERLVREVFXUPHQWLRQQp
VDFUpHTXLSHUVLVWHHQFRUHDXMRXUG·KXL VHXOHPHQWGDQV$SRFDO\SVH
HWSRXUUDLWFRQWULEXHUjOHXUSURWHFWLRQ TXLSRXUUDLWrWUH7HWUDFOLQLVDUWLFXODWD
HWjOHXUFRQVHUYDWLRQ PDLVGRQWO·LGHQWLWpERWDQLTXHUHVWH
LQFRQQXH 
5e)e5(1&(6$8;$5%5(6'$16 ‡ QR\HU -XJODQVUHJLD 
/(6e&5,785(66$,17(6 ‡ VDXOH 6DOL[VSS 
/D %LEOH FRQWLHQW GDYDQWDJH GH UpIp $O·H[FHSWLRQGXP\VWpULHX[©WK\LQHª
UHQFHV DX[ DUEUHV HW DX ERLV SOXV GH OHVHXODUEUHPHQWLRQQpGDQVOH1RXYHDX
  TX·j WRXW DXWUH W\SH G·RUJDQLVPH 7HVWDPHQW VHXOHPHQW HVW OH FDURXELHU
YLYDQWjO·H[FHSWLRQGHO·rWUHKXPDLQ2Q 'DQV/XFRQGRQQHOHVFDURXEHV
WURXYHFHVUpIpUHQFHVGHSXLVOHSUHPLHU jPDQJHUDX[SRXUFHDX[
OLYUHGHOD%LEOHTXLHQFRQWLHQWXQHVXU 6XUOHVDUEUHVGHOD%LEOHOHSDOPLHU
O·DUEUH GH OD YLH GDQV OH MDUGLQ G·(GHQ GDWWLHUOHILJXLHUO·ROLYLHUOHJUHQDGLHU
*HQqVH MXVTX·DXGHUQLHUOLYUHGX HW OH WDPDULV VRQW DXVVL LQFOXV GDQV OH
1RXYHDX7HVWDPHQWTXLSDUOHGHO·DUEUH &RUDQ 0HQWLRQQpV VHXOHPHQW GDQV FH
GH OD YLH FRPPH G·XQ pOpPHQW SULPRU GHUQLHUVRQWOHWDOK OHVVSpFLDOLVWHVVRQW
GLDOGXSDUDGLV $SRFDO\SVH /D LQGpFLVHQWUHOHEDQDQLHUTXLQ·HVWSDVXQ
GLVWLQFWLRQHQWUHXQDUEUHD\DQWXQVHXO DUEUHHWXQHHVSqFHGXJHQUH$FDFLDWUqV
JUDQGI€WHWXQDUEXVWHGRWpGHSOXVLHXUV UpSDQGX OHVLGU XQEXLVVRQpSLQHX[
WLJHVQ·HVWSDVWRXMRXUVFODLUHHWFHUWDLQHV SUREDEOHPHQW =L]\SKXV VSLQDFKULVWL 
HVVHQFHVFRPPHO·ROLYLHUHWOHJUHQDGLHU HW OH P\VWpULHX[ HW KRUULEOH ©DUEUH GH
SRXUUDLHQWDSSDUWHQLUDX[GHX[W\SHV O·HQIHUªRX]DNNXXP $V6DIIDW
/D%LEOHFLWHDUEUHV $G'XNKQ$O:DTL·D 
‡ DFDFLD $FDFLDVSS  1·HVWFH SDV XQ PHLOOHXU VpMRXU TXH
‡ DPDQGLHU $P\JGDOXVFRPPXQLVFRQQX O·DUEUH]DNNXXP"1RXVHQIDLVRQVXQH
DXVVLFRPPH3UXQXVGXOFLV  pSUHXYHSRXUOHVFRXSDEOHV&·HVWXQ
‡ SRPPLHU 0DOXVGRPHVWLFDLOH[LVWHGH DUEUHTXLFURvWDXIRQGGHODIRXUQDLVH
QRPEUHX[V\QRQ\PHVSRXUOHSRPPLHU 6HV IUXLWV VRQW FRPPH GHV 7rWHV GH
/\WWRQ-RKQ0XVVHOPDQHVW FXOWLYp  VDWDQV/HVFRXSDEOHVHQPDQJHURQW
SURIHVVHXUHWWLWXODLUHGHODFKDLUH
GHERWDQLTXHDXSUqVGH0DU\ ‡ FDURXELHU &HUDWRQLDVLOLTXD  V·HQ UHPSOLURQW OH YHQWUH HW ERLURQW
3D\QH+RJDQ'pSDUWHPHQWGHV ‡ F\SUqV &XSUHVVXVVHPSHUYLUHQV  SDU OjGHVVXV XQ PpODQJH ERXLOODQW
VFLHQFHVELRORJLTXHV2OG'RPLQLRQ ‡ SDOPLHUGDWWLHU 3KRHQL[GDFW\OLIHUD  HWUHWRXUQHURQWjODIRXUQDLVH
8QLYHUVLW\1RUIRON9LUJLQLH
(WDWV8QLV  ‡ pEpQLHU 'LRVS\URVHEHQXP  6XUDWH

8QDV\OYD9RO




+»Vƒ]PLU[SLWVTTPLY& DUEUHVSDUDLVVHQWQpDQPRLQV©UHQDvWUHªj
+»HWYuZSH[YHKP[PVU
FKDTXHQRXYHOOHSpULRGHGHYpJpWDWLRQ
L\YVWtLUUL,]L[LU[L
(KHTH]LJ\ULWVTTL $\DQWXQHGXUpHGHYLHEHDXFRXSSOXV
JVTTLKHUZJL[HISLH\ ORQJXHTXHFHOOHGHG·XQHSHUVRQQHLOV
KL/\NV]HUKLY.VLZJ
VRQWSHUoXVFRPPHpWDQWpWHUQHOV
THPZKHUZS»(UJPLU
;LZ[HTLU[S»HYIYLKLSH /HV DUEUHV IRXUQLVVHQW GH O·RPEUH
JVUUHPZZHUJLK\IPLUL[ GHV DOLPHQWV HW GHV ILEUHV HW RQW GH
K\THSU»LZ[WHZPKLU[PÄt
PXOWLSOHV XVDJHV 7DQW OH &RUDQ TXH
JVTTL[LS
OD %LEOH DERQGHQW HQ UpIpUHQFHV DX[
DUEUHV FRPPH GRQ GH OD GLYLQLWp 'H
PrPHTXHOHVDVSHFWVUHODWLIVjO·kJHj
ODORQJpYLWpHWjODEHDXWpO·XWLOLWpGHV
VDQWHV IRUFHV GH OD QDWXUH LQVSLUqUHQW DUEUHVUHQIRUFHO·LPSUHVVLRQTX·LOVRQW
ODUHSUpVHQWDWLRQGHODILJXUHKXPDLQH GHVDWWULEXWVGLYLQV
%DXPDQQ   ,O pWDLW HVWLPp TXH
OHV ERLV VRXYHQW VRPEUHV HW P\VWp $1&,(1686$*(6'(6$5%5(6
ULHX[ pWDLHQW KDQWpV SDU GHV HVSULWV /D%LEOHHWOH&RUDQPHQWLRQQHQWWRXV
/·XWLOLVDWLRQ SDwHQQH GHV DUEUHV HW GHV GHX[O·XWLOLWpGHVDUEUHVSRXUO·DOLPHQ
ERLVSRXUOHFXOWHHVWPHQWLRQQpHGDQV WDWLRQ OH IRXUUDJH O·KXLOH OH ERLV GH
OD%LEOH IHX \FRPSULVOHFKDUERQGHERLV HWOD
/HVWH[WHVUHOLJLHX[FRPPHOHV+DGLWKV «OHVOLHX[ROHVQDWLRQV«VHUYHQW FRQVWUXFWLRQ
LVODPLTXHVOH0LVKQDKMXGDwTXHHWOHV OHXUVGLHX[VXUOHVKDXWHVPRQWDJQHV ,OVVRQWFLWpVFRPPHVRXUFHG·DOLPHQWV
pFULWVGHVSUHPLHUV3qUHVGHO·pJOLVHFKUp VXU OHV FROOLQHV HW VRXV WRXW DUEUH GDQVOHVSUHPLHUVFKDSLWUHVGHOD%LEOH
WLHQQHFRQWLHQQHQWDXVVLEHDXFRXSG·LQ YHUW *HQqVH   (Q UDLVRQ GH OHXU LP
IRUPDWLRQVVXUOHVWUDGLWLRQVHWOpJHQGHV 'HXWpURQRPH SRUWDQFHjGHVILQVDOLPHQWDLUHVLOpWDLW
UHODWLYHVDX[DUEUHV'HIDLWFHUWDLQHV >OHURL$FKD]@«RIIUDLWGHVVDFULILFHV LQWHUGLWG·DEDWWUHOHVDUEUHVIUXLWLHUVSHQ
UpIpUHQFHVDX[SODQWHVGDQVOHVSUHPLHUV HW GHV SDUIXPV«VRXV WRXW DUEUH GDQWOHVLqJHG·XQHYLOOHHQQHPLH 'HX
WH[WHVFKUpWLHQVVRQWGHYHQXHVVLSRSX YHUW WpURQRPH /H&RUDQSDUOHGH
ODLUHVTXHO·RQDWWULEXHOHXURULJLQHDX[ ,,&KURQLTXHV O·XWLOLVDWLRQGHVROLYHVFRPPHDOLPHQW
WH[WHV VDFUpV &·HVW DLQVL TXH GDQV OH /·kJH OD EHDXWp HW O·XWLOLWp VRQW GHV DORUVTXHOD%LEOHQHOHVPHQWLRQQHTXH
MDUGLQG·(GHQODWUDGLWLRQMXGpRFKUp FDUDFWpULVWLTXHV GHV DUEUHV TXL VXVFL SRXUOHXUKXLOH
WLHQQHYHXWTX·(YHDLWVpGXLW$GDPDYHF WHQW O·DGPLUDWLRQ GHV rWUHV KXPDLQV 'DQVOH&RUDQDXPRLQVGHX[YHUVHWV
XQHSRPPHSURYHQDQWGHO·DUEUHLQWHUGLW 'H QRPEUHX[ DUEUHV VRQW GH WDLOOH VXUDWHVHW FRQVLGqUHQWOH
&HSHQGDQWGDQVOHOLYUHGHOD*HQqVHGH LPSUHVVLRQQDQWH HW ILJXUHQW SDUPL OHV ERLVGHIHXFRPPHXQDSSRUWGLYLQ
O·$QFLHQ7HVWDPHQWLOQ·HVWSDVSUpFLVp SOXVJUDQGVRUJDQLVPHVYLYDQWV,OVVRQW /·XQHGHVXWLOLVDWLRQVVSpFLDOLVpHVGHV
VLO·DUEUHOLpjODGpVREpLVVDQFHG·$GDP SDUWLFXOLqUHPHQWLPSRVDQWVDX3URFKH DUEUHV PHQWLRQQpH GDQV OD %LEOH pWDLW
HWG·(YHHVWXQSRPPLHU 2ULHQWFDUODUpSDUWLWLRQGHVDUEUHV\HVW O·H[WUDFWLRQ GH PDWLqUHV pODVWLTXHV
VRXYHQWOLPLWpH'RPLQDQWO·KRPPHHW FRPPH OH QRWHQW GLYHUV FKDSLWUHV GH
3285482,/(6$5%5(66217,/6 V·pODQoDQW GH OD WHUUH YHUV OH FLHO OHV O·([RGH /HV SODQFKHV HW OHV SRWHDX[
9e1e5e6" DUEUHV RQW pWp YpQpUpV FRPPH XQ OLHQ DLQVL TXH OH PRELOLHU GX WDEHUQDFOH \
/HVJHQVRQWWRXMRXUVYpQpUpOHVDUEUHV HQWUHOHSDUDGLVHWODWHUUH FRPSULV O·$UFKH GH O·$OOLDQFH pWDLHQW
/·DGRUDWLRQGHO·DUEUHSDUOHVUHOLJLRQV /HVDUEUHVVRQWDXVVLOHVRUJDQLVPHVOHV HQ DFDFLD 'DQV OH SDVVp OH FqGUH GX
SUpPRQRWKpLVWHV HVW PHQWLRQQpH GDQV SOXVYLHX[TXHODSOXSDUWGHVJHQVYRLHQW /LEDQpWDLWO·XQGHVPDWpULDX[GHFRQV
GHQRPEUHX[WH[WHVFODVVLTXHVJUHFVHW MDPDLV/HVDUEUHVGHVYLOODJHVGDQVOHV WUXFWLRQOHVSOXVLPSRUWDQWVDX3URFKH
VXPpULHQV/HV*UHFVFRQVLGpUDLHQWOHV SODFHV SXEOLTXHV SUqV GHV SXLWV SDU 2ULHQW %LNDL /HFqGUHFRPPH
DUEUHVFRPPHOHVSUHPLHUVWHPSOHVGHV H[HPSOH WUDQVFHQGHQW OHV JpQpUDWLRQV PDWpULDX GH FRQVWUXFWLRQ PHQWLRQQp
GLHX[ HW OHV ERLV VDFUpV FRPPH OHXUV HWVRQWVRXYHQWSURWpJpV'HYHQXVIUp GDQVOD%LEOHDVHUYLLQLWLDOHPHQWjpUL
SUHPLHUV OLHX[ GH FXOWH R OHV SXLV TXHPPHQWQRXHX[DYHFO·kJHFHVYLHX[ JHU GHV SDODLV UR\DX[ /H EkWLPHQW HQ

8QDV\OYD9RO


/HVIRUPDWLRQV 3L 7YVJOL6YPLU[ LZ[ SL ILYJLH\ K»HUJPLU


ULZ JP]PSPZH[PVUZ JVTTL SH IHI`SVUPLUUL
J\S[\YLSZL[ZWPYP[\LSZPSZVU[MPUPWHYZ»`PU
[tNYLY +HUZ SLZ TVU[HNULZ J[PuYLZ KL SH

DUERUpHVDXWRXUGHV S»HZZ`YPLUULSHWOtUPJPLUULSHZ\TtYPLUUL
SH WOHYHVUPX\L S»HYHTtLUUL L[ S»HYHIL +L
9tW\ISPX\L HYHIL Z`YPLUUL WHY L_LTWSL
SLZMVYv[ZVU[KPZWHY\KLZTVU[HNULZV\ZL

OLHX[GHFXOWHDX UVTIYL\ZLZYLSPNPVUZZVU[UtLZWHYHSSuSLTLU[
nS»HWWHYP[PVUKLJLZHUJPLUULZJP]PSPZH[PVUZ
ZVU[KtNYHKtLZZV\ZS»LMML[KLKtJLUUPLZKL
Wo[\YHNLL[K»L_WSVP[H[PVU*LWLUKHU[JLZ

3URFKH2ULHQW KHUZ SH YtNPVU 3L\Y WYtZLUJL H Kt[LYTPUt


KLZPU[LYHJ[PVUZLU[YLSLZOVTTLZL[SHUH[\YL
TVU[HNULZNHYKLU[LUJVYLKLWL[P[LZWVJOLZ
KLMVYv[HUJPLUULLU[V\YtLZKL[LYYLZU\LZ
¶`JVTWYPZSLZMVYv[ZL[SLZHYIYLZ V\HNYPJVSLZX\PUVYTHSLTLU[THYX\LU[SL
$'DRXG 3LZ WVW\SH[PVUZ HUJPLUULZ VU[ JVUZ[Y\P[ SPL\ KL SH ZtW\S[\YL K»\U ZHPU[ 3LZ HYIYLZ
NYoJLH\_TH[tYPH\_MV\YUPZWHYSL\YZMVYv[Z VU[Z\IZPZ[tTHSNYtSL\YL_WSVP[H[PVUWV\YSL
L[SL\YZHYIYLZKLZIH[LH\_KLZ[LTWSLZL[ IVPZKLJOH\MMHNLL[KLJVUZ[Y\J[PVUL[WV\Y
/HVDUEUHVSODQWpVRXSUpVHUYpV KLZWHSHPZ*»LZ[HPUZPX\»H\[YLMVPZLU,N`W[L K»H\[YLZ\ZHNLZ4vTLSLZIYHUJOLZK»HYIYLZ
TXHO·RQWURXYHDXWRXUGHV SLZ [LTWSLZ SH KLTL\YL KLZ KPL\_ t[HPLU[ TVY[ZV\S»HYIYLLU[PLYZVU[SHPZZtZPU[HJ[Z
PRQDVWqUHVGHVOLHX[VDLQWVGHV JVUZ[Y\P[ZnS»HPKLKLZTvTLZTH[tYPH\_X\L JVTTLZPSLZoTLZKLZZHPU[ZH]HPLU[tSL]t
FLPHWLqUHVHWGHVPRVTXpHVRQW SLZTHPZVUZ(S»VYPNPULSL\YZJVSVUULZt[HPLU[ \ULJS[\YLZWPYP[\LSSLH\[V\YK»L\_
DVVXPpODVDLQWHWpGHFHVOLHX[HW MHP[LZKLWHW`Y\ZQVUJZL[WHSTLZ"JLU»LZ[ 3LJOvULZLTWLY]PYLU[8\LYJ\ZJHSSLIYPUVZ
VRQWHQFRUHSURWpJpVGHQRVMRXUV X\LWS\Z[HYKX\LSHWPLYYLHt[t\[PSPZtLWV\Y LZ[S»HYIYLSLWS\ZYtWHUK\H\[V\YKLZTH\ZV
ZPT\SLYSLZTH[tYPH\_UH[\YLSZ StLZPZSHTPX\LZKLSH4tKP[LYYHUtLVYPLU[HSL
3LZMVYv[ZH\7YVJOL6YPLU[ZLZVU[HTLU\P 0S[LUKHJ[\LSSLTLU[nZLTvSLYnKLZJOvULZ
ZtLZH]LJS»L_WHUZPVUKLZHNNSVTtYH[PVUZL[ KtJPK\ZJVTTL8PUMLJ[VYPHL[8JLYYPZ7P
KLUVTIYL\ZLZPU]HZPVUZ,SSLZVU[KPTPU\t U\ZIY\[PHZLYLUJVU[YLJVTTLHYIYLPZVStV\
\S[tYPL\YLTLU[KLUVZQV\YZMHJLH\Kt]LSVW LUWL\WSLTLU[ZH\[V\YKLZTVUHZ[uYLZLU
WLTLU[KLS»HNYPJ\S[\YLL[KLS»\YIHUPZH[PVUZP .YuJLKHUZSLZzSLZKLSHTLY,NtLn*O`WYL
IPLUX\»LSSLZZVU[KtZVYTHPZYLStN\tLZKHUZ LU;\YX\PLLU9tW\ISPX\LHYHILZ`YPLUULL[
KLZaVULZTVU[HNUL\ZLZYLJ\StLZ7V\Y[HU[ H\UVYKKLS»0YHX<UNYHUKUVTIYLK»H\[YLZ
LUKLUVTIYL\_LUKYVP[ZKL]PL\_HYIYLZPZV ]PL\_HYIYLZK\IHZZPUTtKP[LYYHUtLUJVTTL
StZV\KLZMVYTH[PVUZHYIVYtLZZLYLUJVU[YLU[ 7PU\ZWPULH*\WYLZZ\ZZLTWLY]PYLUZ1\UP
KHUZKLZQHYKPUZL[H\[V\YKLZTVUHZ[uYLZ WLY\Z KY\WHJLH L[ 1V_`JLKY\Z MVU[ H\ZZP
KLZNYV[[LZK»LYTP[LZKLZSPL\_ZHPU[ZKLZ WHY[PLKLSHTVZH{X\LK»HYIYLZX\PLU[V\YLU[
JPTL[PuYLZL[WHYMVPZKLZTVZX\tLZ SLZSPL\_KLJ\S[LL[SLZTH\ZVStLZ
*VTTLU[SLZTVUHZ[uYLZSLZSPL\_ZHPU[ZL[ 3»oNLKLZHYIYLZWYtZLU[ZH\[V\YKLZSPL\_
SLZTVZX\tLZVU[PSZW\HZZ\YLYSHWYV[LJ[PVU K»PU[tYv[YLSPNPL\_YLMSu[LSHYNLTLU[S»oNLKL
KL JLZ HYIYLZ WLUKHU[ KL JLU[HPULZ ]VPYL JLZ SPL\_ 0S ZLYHP[ PU[tYLZZHU[ KL JVUUHz[YL
KLZTPSSPLYZK»HUUtLZ& S»oNL L_HJ[ KL JLZ HYIYLZ PUKPNuULZ V\
3LZ,JYP[\YLZZHPU[LZVU[KHUZS»LUZLTISL WSHU[tZ
WYtJVUPZtS»HTV\YKLZHYIYLZL[PU[LYKP[SL\Y
LUKVTTHNLTLU[3LZTVPULZSLZWYv[YLZL[
SLZT`Z[PX\LZVU[WSHU[tKLZHYIYLZKHUZSLZ
QHYKPUZKLZSPL\_VƒPSZYtZPKHPLU[L[WYV[tNt
SLZ WL\WSLTLU[Z K»HYIYLZ YtZPK\LSZ H\[V\Y
K»L\_ 7HY YLZWLJ[ WV\Y JLZ WLYZVUULZ
ZHPU[LZL[WV\YSL\YZ]HSL\YZYLSPNPL\ZLZSLZ
NLUZVU[JVU[PU\tnZVPNULYL[nLU[YL[LUPY
JLZHYIYLZX\PVU[HJX\PZWYVNYLZZP]LTLU[
$OL'DRXGHVW'LUHFWHXUGHVIRUrWV0LQLVWqUHGH
O·DJULFXOWXUHHWGHODUpIRUPHDJUDLUH 5pSXEOLTXH \UJHYHJ[uYLX\HZPZHJYt9LSPtZnJLZSPL\_
DUDEHV\ULHQQH  ZHPU[Z WHY KLZ MHJ[L\YZ LU]PYVUULTLU[H\_

8QDV\OYD9RO
8QDV\OYD9RO
8QDV\OYD9RO




ERLVGHFqGUHOHSOXVIDPHX[VDQVrWUH (WGDQVOD%LEOH O·RQIDLWPRXULUXQKRPPHTXLDFRPPLV


OHSOXVKDXWpWDLWOHWHPSOHFRQVWUXLWSDU ,OHVWFRPPHXQDUEUHSODQWpSUqVG·XQ XQFULPHGLJQHGHPRUWHWTXHWXO·DLHV
6DORPRQ(QRXWUH6DORPRQDFRQVWUXLW FRXUDQWG·HDXTXLGRQQHVRQIUXLWHQVD SHQGXjXQERLVVRQFDGDYUHQHSDVVHUD
XQH VSOHQGLGH GHPHXUH HQ FqGUH SRXU VDLVRQHWGRQWOHIHXLOODJHQHVHIOpWULW SRLQWODQXLWVXUFHERLVPDLVWXO·HQ
OXLPrPH ,5RLV  LO D IDOOX  DQV SRLQW7RXWFHTX·LOIDLWOXLUpXVVLW WHUUHUDVOHMRXUPrPHFDUFHOXLTXLHVW
SRXU O·DFKHYHU VL[ DQV GH SOXV TXH 3VDXPHV SHQGXHVWXQREMHWGHPDOpGLFWLRQDXSUqV
SRXUOHWHPSOH$XSDUDYDQWOHSqUHGH /HV MXVWHV FURLVVHQW FRPPH OH GH'LHXª'DQVODGRFWULQHFKUpWLHQQHGX
6DORPRQDYDLWFRQVWUXLWXQHPDLVRQHQ SDOPLHULOVV·pOqYHQWFRPPHOHFqGUH VDOXWHQDVVXPDQWODPDOpGLFWLRQ-pVXV
FqGUH ,,6DPXHO   /H FqGUH DYDLW GX/LEDQ O·pOLPLQH GH O·DUEUH GX ELHQ HW GX PDO
DXVVL XQH XWLOLVDWLRQ PRLQV FRQQXH 3VDXPHV HW FRQGXLW DX GHUQLHU DUEUH O·DUEUH GH
VHUYDQWG·REODWLRQSRXUODSXULILFDWLRQ /D %LEOH FRPSDUH H[SOLFLWHPHQW OHV ODYLHGDQVOHSDUDGLVGH'LHX©«GRQW
SDUH[HPSOHGHODOqSUH /pYLWLTXH JUDQGV KRPPHV j GHV DUEUHV 'DQLHO OHVIHXLOOHVVHUYDLHQWjODJXpULVRQGHV
1RPEUHV 2QQ·HQFRQQDvWSDVOHV SDU H[HPSOH LQWHUSUpWDQW OH UrYH GX QDWLRQV,OQ·\DXUDSOXVG·DQDWKqPHVª
GpWDLOVPDLVLOVHPEOHSUREDEOHTXHGH URL1DEXFKRGRQRVRUUHODWLIjXQDUEUH $SRFDO\VSVH 
SHWLWVPRUFHDX[GHFqGUHVpWDLWXWLOLVpV GLW ©«FHW DUEUH«F·HVW WRL { 5RLª
SRXUOHXUSDUIXP 'DQLHO   'DQV (]HNLHO  OH 5e)/(;,216&8/785(//(6
'DQVOHVSUHPLHUVFKDSLWUHVGHOD%LEOH URL G·$VV\ULH HVW DSSHOp XQ FqGUH GX 7DQWOH&RUDQTXHOD%LEOHpWDLHQWFXOWX
OHVDUEUHVVRQWPHQWLRQQpVQRQVHXOHPHQW /LEDQ©9RLFLO·$VV\ULHpWDLWXQFqGUH UHOOHPHQWSHUWLQHQWVSRXUOHXUVSUHPLHUV
FRPPHVRXUFHG·DOLPHQWVPDLVDXVVLSRXU GX /LEDQ VHV EUDQFKHV pWDLHQW EHOOHV OHFWHXUV/HVSODQWHVTXHFRQQDLVVDLHQW
OHXUEHDXWp *HQqVH /DEHDXWpGHV VRQIHXLOODJHpWDLWWRXIIXVDWLJHpOHYpH FHVFXOWXUHVHWTXLRQWGRQQpQDLVVDQFH
DUEUHV HVW DXVVL XQ WKqPH GX &DQWLTXH HWVDFLPHV·pODQoDLWDXPLOLHX[G·pSDLV jFHVOLYUHVRQWIRUJpOHXULPDJHULHGH
GHV FDQWLTXHV GH 6DORPRQ 'DQV 'HX UDPHDX[ª O·DUEUH $X ILO GHV VLqFOHV FHV WH[WHV
WpURQRPH  O·ROLYLHU OH ÀJXLHU HW OH 'DQVOD%LEOHDXVVLELHQTXHGDQVOH RQW LQIOXHQFp OHV SRSXODWLRQV TXL OHV
JUHQDGLHUHQSDUWLFXOLHUVRQWFRQVLGpUpV &RUDQOHVDUEUHVV\PEROLVHQWO·pWHUQLWp RQWDGRSWpVFRPPHWH[WHVVDFUpV
FRPPH XQH EpQpGLFWLRQ GLYLQH 'H HW VRQW DVVRFLpV j O·pWDW SDUDGLVLDTXH 8QERQH[HPSOHG·LQIOXHQFHFXOWXUHOOH
PrPH OH &RUDQ GpFULW OHV DUEUHV IUXL 8QH[HPSOHHVWO·DUEUHGHODYLHGHOD HVWO·LQFOXVLRQGHVSODQWHVJUHFTXHVWUD
WLHUVFRPPHXQGRQGH'LHX %LEOHTXLHVWPHQWLRQQpGDQVOHMDUGLQ GLWLRQQHOOHVGDQVOH1RXYHDX7HVWDPHQW
G·(GHQ DLQVL TXH GDQV OD YLH pWHUQHOOH TXLHVWSURIRQGpPHQWLPSUpJQpGHFXOWXUH
,0$*(5,(6<0%2/,48( GHO·DXGHOj(WGDQVOH&RUDQ JUHFTXHHWpFULWHQJUHFFHUWDLQHVGHFHV
2XWUHOHXUXWLOLWpOHVDUEUHVVRQWPHQ /HVJHQVGHODGURLWHPDLVTXHVRQW SODQWHVQHVHUHQFRQWUDLHQWJXqUHGDQV
WLRQQpV GDQV FHV GHX[ OLYUHV VDFUpV OHVJHQVGHODGURLWH"VHURQWSDUPLGHV OHVWHUUHVGX1RXYHDX7HVWDPHQW'DQV
FRPPHV\PEROHHWPpWDSKRUH'DQVOHV MXMXELHUVVDQV pSLQHVHW GHV DFDFLDV ,3LHUUH  SDU H[HPSOH OH JDJQDQW
GHX[OLYUHVOHERQDUEUHHVWFRPSDUpj DOLJQpVVRXVG·DPSOHVRPEUDJHVSUqV G·XQpYpQHPHQWVSRUWLIHVWFRXURQQpGH
XQHSHUVRQQHELHQYHLOODQWHHWOHPDXYDLV G·XQHHDXYLYHDYHFXQHDERQGDQFH IHXLOOHVSURYHQDQWGHO·DUEXVWH/DXUXV
DUEUHjXQHSHUVRQQHPDOYHLOODQWH'DQV GH IUXLWV QRQ HQFRUH FXHLOOLV PDLV QRELOLV©«ODFRXURQQHLQFRUUXSWLEOHGH
OH&RUDQSDUH[HPSOH QRQGpIHQGXV OD JORLUHª /DXUXV QRELOLV HVW O·XQ GHV
1HYRLVWXSDVjTXRL'LHXFRPSDUH 6XUDWH UDUHVH[HPSOHVGHSODQWHVPHQWLRQQpHV
OD ERQQH SDUROH" $ XQ ERQ DUEUH 'DQVXQFHUWDLQVHQVOHPHVVDJHGHOD GDQV OH 1RXYHDX 7HVWDPHQW PDLV SDV
GRQW OD UDFLQH WLHQW IHUPH GRQW OH %LEOHSHXWVHFRQGHQVHUGDQVOHV\PER GDQVO·$QFLHQ7HVWDPHQW
EUDQFKDJHPRQWHDXFLHOHWGRQWOHV OLVPHGHTXDWUHDUEUHV/HSUHPLHUpWDLW 'HV QRPV ELEOLTXHV RX FRUDQLTXHV
IUXLWVDERQGHQWHQWRXWHVDLVRQDYHF O·DUEUHGHODYLHGDQVOHSDUDGLVGXMDUGLQ V·DSSOLTXHQWIUpTXHPPHQWKRUVGX3UR
SHUPLVVLRQ GH 'LHX 'LHX SURSRVH G·(GHQ *HQqVH &HWDUEUHGH FKH2ULHQW j GHV SODQWHV LQGLJqQHV TXL
GHV SDUDEROHV DX[ KRPPHV SHXW YLQWO·DUEUHGHODFRQQDLVVDQFHGXELHQHW Q·RQWMDPDLVSRXVVpGDQVOHVWHUUHVRVRQW
rWUHUpIOpFKLURQWLOV0DLVODPDXYDLVH GXPDO OHGHX[LqPHDUEUH GRQW$GDPHW QpVFHVGHX[OLYUHV/DÁRUHGHO·HVWGH
SDUROH HVW FRPPH XQ PDXYDLV DUEUH (YHPDQJqUHQWOHIUXLWFDXVDQWODFKXWH O·$PpULTXHGX1RUGSDUH[HPSOHUHQ
TXLHVWFRXSpjUDVGHWHUUHHWTXLQH *HQqVH /HWURLVLqPHOD IHUPHGHQRPEUHX[©FqGUHVªTXLQHVRQW
WLHQWSOXV FURL[GH-pVXVHVWDSSHOp©ERLVªHWHVWOLp SDVDSSDUHQWpVDXFqGUHGX/LEDQ &HGUXV
6XUDWHV DXYHUVHWGX'HXWpURQRPH©6L OLEDQL GHOD%LEOH3HXWrWUHHVWFHSDUFH

8QDV\OYD9RO


TXHOHFqGUHGX/LEDQpWDLWXQV\PEROH EDEOHTXHO·LGpHGX]DNNXXPGX&RUDQ ERUGVGHODPHU0RUWH'DQVOH&RUDQ


VL ODUJHPHQW FLWp GDQV OD %LEOH TXH OHV YLHQQHGHFHWWHSODQWHVXFFXOHQWHSXLV OHVWDPDULVV\PEROLVHQWODGpJUDGDWLRQGH
SUHPLHUVFRORQVFKUpWLHQVG·$PpULTXHGX TXH OH IUXLW GX ]DNNXXP UHVVHPEODLW O·HQYLURQQHPHQW©(WQRXVGpFKDvQkPHV
1RUGRQWGRQQpFHQRPjGHQRPEUHX[ G·DSUqVODGHVFULSWLRQjXQHWrWHGHVDWDQFRQWUHHX[O·LQRQGDWLRQGHVEDUUDJHVHW
DUEUHV GLIIpUHQWV HW PrPH j EHDXFRXS &·HVWSHXWrWUHjFDXVHGHO·DPHUWXPH QRXVFKDQJHkPHVOHXUVGHX[MDUGLQVHQ
GH SODQWHV KHUEDFpHV  TX·LO V·DJLVVH RX GH VD VqYH TX·(XSKRUELD DE\VVLQLFD D MDUGLQVGHIUXLWVDPHUVDYHFGHVWDPDULVHW
QRQ GH YUDLV FqGUHV RX GH PHPEUHV GH pWpFRPSDUpHDX]DNNXXP TXHOTXHVMXMXELHUVª VXUDWH 'DQV
ODPrPHIDPLOOHERWDQLTXH&·HVWDLQVL OD%LEOHOHSURSKqWH$EUDKDPDSODQWp
TXH OH FqGUH URXJH WUqV UpSDQGX GDQV 5e)e5(1&(6­'(6$5%5(6 XQWDPDULVSRXUKRQRUHU'LHX *HQqVH
O·HVWGHO·$PpULTXHGX1RUG -XQLSHUXV /2&$8;7$0$5,6(7*5(1$',(5  
YLUJLQLDQD jO·LQVWDUGH&HGUXVOLEDQL /DFRQQDLVVDQFHGHODIORUHGHVUpJLRQV /HJUHQDGLHUHVWODUJHPHQWXWLOLVpDX
HVWVHPSHUYLUHQWDXQSDUIXPDJUpDEOH RVRQWQpVOHVWH[WHVVDFUpVDLGHjFRP 3URFKH2ULHQW'DQVOH&RUDQOHVJUHQD
HWGXUDEOHPDLVVDSRPPHHVWWHQGUHHW SUHQGUHOHWH[WHOXLPrPH/H&RUDQHW GLHUV3XQLFDJUDQDWXPVRQWPHQWLRQQpV
UHVVHPEOHjXQHEDLHjODGLIIpUHQFHGX OD%LEOHV·LQVSLUHQWWRXVGHX[GHVDUEUHV FRPPHO·XQGHVGRQVG·$OODK
JUDQGF{QHjIRUPHGHIXVHDXGXFqGUH ORFDX[ ©,ODIDLWGHVFHQGUHO·HDXGXFLHO1RXV
GX/LEDQ /HVWDPDULVSDUH[HPSOHXQHHVSqFH VXVFLWRQV DLQVL OD JHUPLQDWLRQ GHV
'H PrPH DX 6RXGDQ RULHQWDO OD GX JHQUH 7DPDUL[ VRQW GHV DUEUHV HW SODQWHVHWQRXVHQVXVFLWRQVODYHUGXUH
SRSXODWLRQ %HMD DSSHOOH OH JUDQG FDF DUEXVWHV WUqV UpSDQGXV GDQV FHUWDLQHV RQDLVVHQWOHVJUDLQVDJJORPpUpVHW
WXV DUERUHVFHQW (XSKRUELD DE\VVLQLFD SDUWLHVGX3URFKH2ULHQWHWVHVRQWWUDQV GHODVSDWKHGXSDOPLHUOHVUpJLPHV
©]DNNXXPª G·DSUqV O·DUEUH GH O·HQIHU IRUPpVHQDGYHQWLFHVWUqVQXLVLEOHVGDQV GHGDWWHVTXLSHQGHQW(WGHVMDUGLQV
PHQWLRQQpGDQVOH&RUDQ,OHVWLPSUR G·DXWUHVSDUWLHVGXPRQGH,OVFURLVVHQW GHYLJQHVGHVROLYLHUVGHVJUHQDGLHUV
VRXYHQW GDQV FHUWDLQV GHV PLOLHX[ OHV PrOpV HW GLIIpUHQWV 5HJDUGH] OHXUV
SOXVGpIDYRUDEOHVSRXUODYpJpWDWLRQ,OV IUXLWV TXDQG LOV GRQQHQW HW OHXU
WROqUHQW SDU H[HPSOH GHV VROV j FRQ PDWXUDWLRQ 2XL FH VRQW GHV VLJQHV
*L[L_LTWSHPYLKL7PZ[HJPH
H[SHU[PJHWYuZK\]PSSHNL FHQWUDWLRQpOHYpHGHVHOHWFHVRQWGRQF SRXUXQSHXSOHTXLFURvWª
KL2\MY@\ZLMLU.HSPStL OHVVHXOVDUEUHVTXHO·RQWURXYHVXUOHV $O$Q·BDP
0ZYHwSOVUVYL\ULQL\UL
ÄSSLSVJHSLJVUZPKtYtL
JVTTL\ULZHPU[LWHYSLZ
T\Z\STHUZ
<UVSP]PLYLU
9tW\ISPX\L
HYHILZ`YPLUUL
WYuZKLSH[VTIL
K»\UZHPU[VYUt
KLIHUKLZ
KL[PZZ\
/0866(/0$1
/0866(/0$1

8QDV\OYD9RO

*$//$5'

6DXYHUOHFqGUHGX 3LZYtMtYLUJLZH\_JuKYLZK\3PIHUZVU[H\ZZP]PLPSSLZX\LSLZWYLTPLYZ[L_[LZtJYP[Z4LPNNZ
 3LZVYPNPULZKLS»tWVWtLKL.PSNHTLZOX\PUHYYLZH]PZP[LL[JLSSLK»,URPK\H\TVU[

/LEDQ²XQV\PEROH 3PIHUWV\Y`JV\WLYKLZHYIYLZYLTVU[LU[H\[YVPZPuTLTPSStUHPYLH]HU[1*!

FXOWXUHO 

,OVYLUHQWODPRQWDJQHGHFqGUHVODGHPHXUHGXGLHX
/HWU{QHG·,UQLQL
 'XIODQFGHODPRQWDJQH
 /HVFqGUHVpOqYHQWOHXUOX[XULDQFH
/·LPSRUWDQFHFXOWXUHOOH
 /HXURPEUHHVWERQQHSOHLQHGHGpOLFHV
GH&HGUXVOLEDQLUHPRQWHj
(SRSpHGH*LOJDPHVK
O·DQWLTXLWpHWH[SOLTXHSRXUTXRL
OH*RXYHUQHPHQWOLEDQDLVDFHV
6UHKtJV\]LY[KLZMYHNTLU[ZKLJL[L_[LLUZ\TtYPLUHRRHKPLUOP[[P[LOV\YYP[LL[LU
GHUQLqUHVDQQpHVSULYLOpJLpGDQV
K»H\[YLZSHUN\LZ¶JLX\PTVU[YLX\LJLZJuKYLZH]HPLU[KtQnMYHWWtS»PTHNPUH[PVUKLWV
VDSROLWLTXHIRUHVWLqUHODGpIHQVH
W\SH[PVUZ]P]HU[nWS\ZKLRTKLKPZ[HUJL
GHODVDQWpGHVIRUrWVGHFqGUHV
3LTvTLZLU[PTLU[KLILH\[tX\LKtNHNLU[SLZJuKYLZPTWYuNULS»(UJPLU;LZ[HTLU[!

 9RLFLO·$VV\ULHpWDLWXQFqGUHGX/LEDQ
  VHVEUDQFKHVpWDLHQWEHOOHV
 VRQIHXLOODJHpWDLWWRXIIXVDWLJHpOHYpH
 HWVDFLPHV·pODQoDLWDXPLOLHXG·pSDLVUDPHDX[
 /HVHDX[O·DYDLHQWIDLWFURvWUH
 GHVIOHXYHVFRXODLHQWDXWRXUGXOLHXRLOpWDLWSODQWp
 HWHQYR\DLHQWOHXUVFDQDX[jWRXVOHVDUEUHVGHVFKDPSV
 &·HVWSRXUTXRLVDWLJHV·pOHYDLWDXGHVVXVGHWRXVOHVDUEUHVGHV
  FKDPSV
 VHVEUDQFKHVDYDLHQWPXOWLSOLpVHVUDPHDX[V·pWHQGDLHQW
 SDUO·DERQGDQFHGHVHDX[TXLO·DYDLHQWIDLWSRXVVHU
 7RXVOHVRLVHDX[GXFLHOQLFKDLHQWGDQVVHVEUDQFKHV
 WRXWHVOHVErWHVGHVFKDPSVIDLVDLHQWOHXUVSHWLWVVRXVVHVUDPHDX[
 HWGHQRPEUHXVHVQDWLRQVKDELWDLHQWWRXWHVjVRQRPEUH
 ,OpWDLWEHDXSDUVDJUDQGHXUSDUO·pWHQGXHGHVHVEUDQFKHV
 FDUVHVUDFLQHVSORQJHDLHQWGDQVGHVHDX[DERQGDQWHV
(]pNLHO

4HPZSLZH\[L\YZKLS»(UJPLU;LZ[HTLU[ZH]HPLU[X\LSHMVYv[KLJuKYLZU»t[HP[WHZHKTP
YtLZPTWSLTLU[WV\YZHILH\[tTHPZWHYJLX\»LSSLWYVK\PZHP[SLIVPZSLWS\ZYLJOLYJOtK\
7YVJOL6YPLU[3LZYVPZK»,N`W[LKL4tZVWV[HTPLKL7OtUPJPLK»(ZZ`YPLKL)HI`SVUPL
KL7LYZLL[KL.YuJLQ\ZX\»nS»H]uULTLU[KLS»,TWPYLYVTHPUKtJYP]HPLU[H]LJMPLY[tSL\YZ
MV\YUP[\YLZLUIVPZKLJuKYLWV\YSHJVUZ[Y\J[PVUKL[LTWSLZL[KLWHSHPZVI[LU\LZZVP[

8QDV\OYD9RO
8QDV\OYD9RO


WHY KLZ [YHUZHJ[PVUZ JVTTLYJPHSLZ V\ KLZ 3»PTWVY[HUJL J\S[\YLSSL KL *LKY\Z SPIHUL 3LZ Tt[OVKLZ KL S\[[L PTTtKPH[L VU[
L_WtKP[PVUZ TPSP[HPYLZ (\ ?? LZPuJSL H]HU[ L_WSPX\L SH WYPVYP[t HJJVYKtL WHY SL .V\ JVUZPZ[tKHUZSHW\S]tYPZH[PVUKLWLZ[PJPKLZ
1*SLZ7OtUPJPLUZH]HPLU[JVUZ[Y\P[WV\Y ]LYULTLU[ SPIHUHPZ JLZ KLYUPuYLZ HUUtLZ IPVSVNPX\LZUVUJOPTPX\LZ¶YtN\SH[L\YZKL
:HSVTVU\UNYHUKWHSHPZKLIVPZKLJuKYL nSHKtMLUZLKLZHYIYLZJVU[YL\UYH]HNL\Y SHJYVPZZHUJLKLS»PUZLJ[L¶WHYHSSuSLTLU[n
*LIVPZHt[tH\ZZP\[PSPZtWV\YSHJVUZ[Y\J KHUNLYL\_L[QHTHPZOVTVSVN\tH\WHYH]HU[ KLZt[\KLZZ\YSLJ`JSLKL]PLK\YH]HNL\Y
[PVUK\[LTWSL(LVSVULU.YuJL3LZHUJPLUZ *LWOHSJPH[HUUV\YPULUZPZ*LZPYL_TLUHJL HMPU KL Kt[LYTPULY SL [YHP[LTLU[ JVYYLJ[
,N`W[PLUZUVUZL\SLTLU[L_WSVP[HPLU[YtN\SPu KL Kt[Y\PYL SH WS\WHY[ KLZ MVYv[Z KL JuKYLZ 3»PUZLJ[LWHZZHU[\ULWHY[PLKLZH]PLZV\Z
YLTLU[SLIVPZKLJuKYLTHPZPSZZLZLY]HPLU[ K\3PIHUL[KLZLWYVWHNLYH\_WH`Z]VPZPUZ [LYYLSLZW\S]tYPZH[PVUZZVU[SLTV`LUK»HJ
K»\UJVUZLY]HU[[PYtKLSHYtZPULKLS»HYIYL 3H ZP[\H[PVU Z»LZ[ Yt]tStL WHY[PJ\SPuYLTLU[ [PVUSLWS\ZLMMPJHJLWLUKHU[SHWYLTPuYLL[
HWWLStL­SH]PLKLZTVY[Z®KHUZSL\YZZ`Z NYH]L KHUZ SH MVYv[ KL ;HUUV\YPUL/HKH[O SHKLYUPuYLWOHZLK\J`JSLSVYZX\LS»PUZLJ[L
[uTLZK»LTIH\TLTLU[1tZ\Z*OYPZ[Ht[t ,S1LIILO H\ UVYK K\ 3PIHU \UL KLZ WS\Z ]P[LUWSLPUHPY
JY\JPMPtZ\Y\ULJYVP_X\PZLSVUSLZ[L_[LZ NYHUKLZMVYTH[PVUZYtZPK\LSSLZKLJuKYLZK\ 3LZ [YH]H\_ ZL WV\YZ\P]LU[ L[ S»VU [LU[L
t[HP[LUIVPZKLJuKYL,UHWYuZ1* WH`ZVƒHYIYLZZVU[KPZZtTPUtZZ\Y K»PKLU[PMPLYSLZTLPSSL\YZV\[PSZWV\YWYt]LUPY
S»LTWLYL\Y/HKYPLUHZ[PW\StKLZYuNSLZ]PZHU[ OH,U]PYVUWV\YJLU[KLZJuKYLZKL KLUV\]LSSLZPUMLZ[H[PVUZL[WV\YS\[[LYJVU[YL
nWYV[tNLYSLZJuKYLZK\3PIHUL[nt]P[LYSL SH MVYv[ VU[ t[t PUMLZ[tZ 3»PUZLJ[L H H\ZZP JLSSLZn]LUPYSLJHZtJOtHU[3LZZ[YH[tNPLZKL
KtIVPZLTLU[ NHNUt SH ­-VYv[ KLZ JuKYLZ KLZ KPL\_® n S\[[LnTV`LUL[nSVUN[LYTLZJVTWYLUULU[
(\JV\YZKLJL[[LSVUN\LOPZ[VPYL\USPLU )JOHYYLO X\P LZ[ PUJS\ZL KHUZ SH SPZ[L K\ SLWPtNLHNLKLZt[\KLZZ\YSLWV[LU[PLSKLZ
J\S[\YLS[YuZMVY[Z»LZ[UV\tLU[YLJL[HYIYL WH[YPTVPUL TVUKPHS KL S»6YNHUPZH[PVU KLZ WOtYVTVULZ WV\Y SL Z\P]P KLZ WVW\SH[PVUZ
L[SLZWVW\SH[PVUZ]P]HU[KHUZSLZMVYv[ZKL 5H[PVUZ <UPLZ WV\Y S»tK\JH[PVU SH ZJPLUJL L[KLZTLZ\YLZKLS\[[LIPVSVNPX\LKHUZSL
JuKYLZ L[ H\_ HSLU[V\YZ :H THQLZ[t L[ ZH L[ SH J\S[\YL <5,:*6 3LZ MVYv[Z KHUZ JHKYL K»\UL Z[YH[tNPL JVU[PU\L KL NLZ[PVU
SVUNt]P[tLUVU[MHP[\UZ`TIVSLK»t[LYUP[t SH 9tW\ISPX\L HYHIL Z`YPLUUL L[ SH ;\YX\PL KLZYH]HNL\YZ
3LZMHISLZL[SLZStNLUKLZX\PTLU[PVUULU[ ]VPZPULZVU[H\ZZPt[tTLUHJtLZ
SL JuKYL ZVU[ UVTIYL\ZLZ H\ 3PIHU L[ YL 7V\YMHPYLMHJLnJLKHUNLYSL3PIHUHMVYTt
SPLU[ J\S[\YLSSLTLU[ SLZ UVTIYL\_ NYV\WLZ \UL tX\PWL KL ZJPLU[PMPX\LZ KL S»<UP]LYZP[t "IBLIOGRAPHIE
L[OUPX\LZ SPUN\PZ[PX\LZ L[ YLSPNPL\_ X\P ` HTtYPJHPUL KL )L`YV\[O L[ K\ 4PUPZ[uYL SP
]P]LU[ (\ TVTLU[ K»HJJtKLY n S»PUKtWLU IHUHPZ KL S»HNYPJ\S[\YL HPUZP X\L K»L_WLY[Z 0HLJJV 5  7UHHV DQG WLPEHU LQ WKH
KHUJL SL 3PIHU H HKVW[t SL JuKYL JVTTL MYHUsHPZ3H-(6HMV\YUP\UMPUHUJLTLU[L[ DQFLHQW 0HGLWHUUDQHDQ ZRUOG &ODUHQGRQ
ZVULTISuTLUH[PVUHSL[PS[YULTHPU[LUHU[ \ULL_WLY[PZLWHYSLIPHPZKLZVU7YVNYHTTL 3UHVV2[IRUG5R\DXPH8QL
Z\YZVUKYHWLH\ KLJVVWtYH[PVU[LJOUPX\L(WYuZJPUXHUZKL
*LWLUKHU[ ]LYZ SH TVP[Pt K\ ?0?L ZPuJSL S\[[LSLYH]HNL\YLZ[KtZVYTHPZYtK\P[n\U
\U NYHUK UVTIYL KL MVYv[Z KL JuKYLZ VU[ UP]LH\ tJVUVTPX\L THPZ \UL Z\Y]LPSSHUJL
t[t Kt[Y\P[LZ L[ ILH\JV\W K»PUX\Pt[\KLZ WLYTHULU[LLZ[LUJVYLUtJLZZHPYL
VU[ t[t L_WYPTtLZ JVUJLYUHU[ SH WLY[L KL
JL[[L PTWVY[HU[L YLZZV\YJL +LW\PZ SVYZ
UVTIYL\ZLZVU[t[tSLZ[LU[H[P]LZMHP[LZWHY
SLZNV\]LYULTLU[ZZ\JJLZZPMZSLZJVSSLJ[P]P
[tZSVJHSLZL[SHJVTT\UH\[tPU[LYUH[PVUHSL
WV\YWYV[tNLYL[YLTL[[YLLUt[H[SLZMVYv[Z
KLJuKYLZK\3PIHU

3HMVYv[KL;HUUV\UPUL
3PIHUVƒWV\YJLU[
*$//$5'

KLZJuKYLZVU[t[t
PUMLZ[tZWHY\UUV\]LS
PUZLJ[LU\PZPISL

8QDV\OYD9RO
8QDV\OYD9RO




(\3PIHU\UL ELEOLTXHV SHXYHQW rWUH UpVXPpV GDQV


ZJ\SW[\YLKL
S»HY[PZ[L9\K` TXDWUHDUEUHV'DQVOH&RUDQOHVDUEUHV
9HOTLTVU[YHU[ VRQWGDQVXQHODUJHPHVXUHFLWpVFRPPH
\U*OYPZ[JY\JPÄt OHVGRQVG·XQ&UpDWHXUELHQIDLVDQWDYHF
ZP[\tKHUZ\U
IVPZKLJuKYLZ O·H[FHSWLRQQRWDEOHGHO·DUEUHGHO·HQIHU
H\KLZZ\ZKLSH ]DNNXXP'DQVOHVGHX[WH[WHVOHVIUXLWV
]PSSLJOYt[PLUUL GHVDUEUHVVRQWWUqVDSSUpFLpV
THYVUP[LKL
)ZOLYYPZ\YSL /·pWXGHGHVDUEUHVGDQVOHV(FULWXUHV
KQLILS3PIHU VDLQWHVGHO·LVODPHWGXFKULVWLDQLVPHHW
OHXUSUpVHQWDWLRQFRPPHXQHUHVVRXUFH
YHQDQW GH 'LHX VRXOqYHQW OD TXHVWLRQ
GH VDYRLU FRPPHQW FHX[ TXL YpQqUHQW
FHV (FULWXUHV HQWUHWLHQQHQW FHV DUEUHV
6D\HHG +RVVHLQ 1DVU   GDQV XQ
OLYUHSURIRQGVXUOHUDSSRUWHQWUHUHOL
JLRQHWFULVHpFRORJLTXHVRXWLHQWTXHFH
TX·LO IDXW GDQV XQ PRQGH PRGHUQH R
OHVrWUHVKXPDLQVV·pORLJQHQWGHSOXVHQ
/0866(/0$1

SOXVGHODQDWXUHHVWUHWURXYHUODYpULWp
TXHWRXWHVOHVLPSRUWDQWHVUHOLJLRQVTXL
RQWSHUVLVWpMXVTX·LFLDWWHVWHQWjVDYRLU
TXHODQDWXUHHVWVDFUpH
'HPrPHGDQVOD%LEOHOHVJUHQDGLHUV VRXYHQWSUqVGHVWRPEHVG·KRPPHVRXGH
VRQWXQGRQGH'LHX 'HXWpURQRPH  IHPPHVVDLQWVROHVYLVLWHXUVYLHQQHQW
,OVVRQWDXVVLFLWpVFRPPHGHVREMHWVGH IRUPXOHUOHXUVUHTXrWHV,OVSURPHWWHQW
EHDXWp/HVJUHQDGLHUVSUpGRPLQHQWHQ GH IDLUH GX ELHQ VL OHXUV UHTXrWHV VRQW
WURLVHQGURLWVGHV(FULWXUHVVXUO·KDELW VDWLVIDLWHV HW QRXHQW GHV WLVVXV GHV
GXJUDQGSUrWUH ([RGH FRPPH EDQGHVGHWLVVXVRXGHFKLIIRQVDXWRXU "IBLIOGRAPHIE
XQHJXLUODQGHVXUOHVFRORQQHVGXWHPSOH GHVEUDQFKHVGHVDUEUHVSRXUFRQILUPHU
HWGDQVOH&DQWLTXHGHVFDQWLTXHV6XU VROHQQHOOHPHQWOHXUSURPHVVHG·H[DXFHU %DXPDQQ+7KH*UHHNSODQWZRUOG
OH FKDSLWHDX[ GHV GHX[ FRORQQHV TXL FHVY±X[ 'DIQL  LQP\WKDUWDQGOLWHUDWXUH7UDGXLWHWDYHF
V·pOHYDLHQWGHYDQWOHWHPSOHGH6DORPRQ 0RLQVGHSRXUFHQWGHODIRUrWRUL GHV VXSSOpPHQWV SDU :76WHDUQ HW (
pWDLHQWJUDYpHVGHX[FHQWVJUHQDGHV , JLQHOOH GH FqGUHV GX /LEDQ TXL MDGLV 56WHDUQ7LPEHU3UHVV3RUWODQG2UHJRQ
.LQJV,,&KURQLTXHV 'DQV UHFRXYUDLWXQHJUDQGHSDUWLHGXYHUVDQW (WDWV8QLV
OH&DQWLTXHGHVFDQWLTXHVHWOD RFFLGHQWDOGXGMHEHO/LEDQVRQWHQFRUH %LNDL 3 0  7KH FHGDU RI /HEDQRQ
MRXHGHODELHQDLPpHHVWFRPPH©XQH HQSODFH,OVVRQWGDQVXQHWUqVODUJHPH DUFKDHRORJLFDO DQG GHQGURFKURQRORJLFDO
PRLWLpGHJUHQDGHª VXUHSURWpJpV8QHGHVUpVHUYHVDSSHOpH SHUVSHFWLYHV 8QLYHUVLWp GH &DOLIRUQLH
©/HVFqGUHVGX6HLJQHXUª $U]HO5DE  %HUNHOH\ &DOLIRUQLH (WDWV8QLV
/$9e1e5$7,2102'(51( XQH IRUPDWLRQ UpVLGXHOOH GH TXHOTXHV 'LVVHUWDWLRQGHGRFWRUDW
'(6$5%5(6(7'(6%2,6 FHQWDLQHVG·KHFWDUHVSUpVHQWHVXUOHGMH 'DIQL$:K\DUHUDJVWLHGWRWKHVDFUHG
²81&$7$/<6(853285/$ EHO/LEDQHVWFRQVLGpUpHFRPPHVDFUpH WUHHVRIWKHKRO\ODQG"(FRQRPLF%RWDQ\
&216(59$7,21" SDUOHVFKUpWLHQVPDURQLWHVTXLRQWYpFX   
/HV DUEUHV VRQW HQFRUH YpQpUpV GDQVOD]RQHGHSXLVXQPLOOpQDLUH 'DZRRG1-WUDGXF7KH.RUDQZLWK
DXMRXUG·KXLGDQVGHQRPEUHX[SD\VGRQW SDUDOOHO$UDELFWH[W3HQJXLQ/RQGUHV
O·,UDT,VUDsOOH/LEDQHWOD5pSXEOLTXH &21&/86,21 1DVU 6+  5HOLJLRQ DQG WKH RUGHU RI
DUDEHV\ULHQQH3DUPLOHV'UX]HVHWOHV /HVDUEUHVUHYLHQQHQWDYHFXQHJUDQGH QDWXUH2[IRUG8QLYHUVLW\3UHVV1HZ<RUN
$UDEHVPXVXOPDQVFHUWDLQVDUEUHVVRQW IUpTXHQFH GDQV OD %LEOH HW VRQW VL LP (WDWV8QLV
FRQVLGpUpVFRPPHVDFUpV,OVVHWURXYHQW SRUWDQWV TXH OHV SULQFLSDX[ PHVVDJHV

8QDV\OYD9RO

Das könnte Ihnen auch gefallen