6FKÃPD6FKÃPD
5(%25'
,175,(85
&$/('(%2,60217
(
685/('(6686
'85(%25',175,(85
&$/('(%2,6
685/$48(//(
6(5217,167$//6
/(6833257(1
/28/(6833257
'(5(%25'
'()(175(
-(8'(
32
0$;
&$'5('(
/$'28%/(
)(175(
(;75,(85,175,(85
5(%25'
,175,(85
5(%25'
(;75,(85
(;75,(85,175,(85
5(%25'
(;75,(85
7<3(%4WÃ
9LV ´ERLV
0$75,(/5(48,63285/,167$//$7,21
7<3($4WÃ
9LVFRXUWH
7<3(&4WÃ
/&URFKHW
7<3((4WÃ
%DQGHGÃWDQFKÃLWÃ
6DQVHQGRV
DGKÃVLI
7<3('4WÃ
%DQGHGÃWDQFKÃLWÃ
(QGRVDGKÃVLI
7<3()4WÃ
3¶QQHDX[FRXOLVVDQWV
7<3(*4WÃ
6RXWHQLUOHFURFKHW
}
}
/&52&+(7
,QVWUXFWLRQVGLQVWDOODWLRQ
+PUVCNNCVKQP
5(0$548( 7RXWHVOHVSLÂFHVGHGDSSXLGRLYHQWÄWUHIHUPHPHQWIL[ÃHV ´XQHVWUXFWXUH
HQERLVPÃWDO
&HWDSSDUHLODÃWÃFRQÁXSRXUÄWUHLQVWDOOÃGDQVGHVIHQÄWUHVGRXEOHV´JXLOORWLQHGRQWOD
ODUJHXUGRXYHUWXUHYDULHHQWUHSRHWSR/HFK¸VVLVGXKDXWHWFHOXLGXEDVGRYLHQW
VRXYULUVXIILVDPPHQWSRXUSHUPHWWUHXQHRXYHUWXUHYHUWLFDOHGH´SDUWLUGXEDVGHOD
JOLVVLÃUHMXVTXDXUHERUGGHODIHQÄWUHYRLUOH6FKÃPD
6LOHFDGUHGHODIHQÄWUHH[WÃULHXUHJÄQHOLQVWDOODWLRQHQQRIIUDQWSDVXQHSHQWHGH
GUDLQDJHVXIILVDQWHIL[H]XQHFDOHGHERLVGHSRPPGHODUJHVXUWRXWHODODUJHXUGX
UHERUGLQWÃULHXUGHODIHQÄWUH/DFDOHGHERLVGRLWÄWUHDVVH]ÃSDLVVHSRXUUHPRQWHUOD
KDXWHXUGXUHERUGLQWÃULHXUGHODIHQÄWUHGHPDQLÂUH ´FHTXHOHFOLPDWLVHXUSXLVVHÄWUH
LQVWDOOÃVDQVSUREOÂPH9RLUOH6FKÃPD/HGHVVXVGHODFDOHGHERLVGRLWGÃSDVVHU
OHFDGUHGHODIHQÄWUHGHQYLURQSRDILQGHFUÃHUXQHSHQWHTXLIDFLOLWHUDOHGUDLQDJH
GHODFRQGHQVDWLRQYHUVOH[WÃULHXU
)L[H]XQHGHX[LÂPHFDOHGHERLVGHSRPPGHORQJSRPPGHODUJHHW
GHODPÄPH ÃSDLVVHXUTXHODSUHPLÂUHDXFHQWUHGXUHERUGH[WÃULHXUGHODIHQÄWUHHQOD
FRLQÁDQWFRQWUHODUULÂUHGXUHERUGLQWÃULHXU9RXVVRXOÂYHUH]DLQVLOHVXSSRUWHQ/ RX
FHOXLSRXUOHUHERUGGHODIHQÄWUHVHORQOHFDVWHOTXLOOVXVWUÃDX6FKÃPD
6LODGLVWDQFHHQWUH&$/('(%2,60217(685/('(6686'85(%25',175,(85HW
&$'5('(/$'28%/()(175(HVWSOXVGHGHX[EDQGHHQERLVQHVRQWSDVQÃFHVVDLUHV