3KLOLSSH-XQRG

5HWRXUVXUOĳ (XURSHFKLQRLVH

2QGLFWELHQYUDLTXĳXQKRQQHVWHKRPPHFĳHVWXQKRPPHPHVOÓ

0RQWDLJQH

'DQV Oĳ$YDQWSURSRV GX GHX[LÒPH WRPH GH VD PDJLVWUDOH ÓWXGH

VXU /ĳ(XURSHFKLQRLVH DSUÒVDYRLUGUHVVÓXQLQYHQWDLUHLPSUHV

VLRQQDQWGHVDSSRUWVRULHQWDX[ÀODFXOWXUHRFFLGHQWDOH(WLHPEOH

ÓFULYDLWQRQVDQVTXHOTXHIDXVVHPRGHVWLHĺb>@MHQĳDLYRXOX

TXH VWLPXOHU FHWWH ÓTXLSH GRQW MH UÔYH À UHQGUH GÓVXHW PRQ

WUDYDLObĻ/ĳH[WHQVLRQGHODELEOLRJUDSKLHUHODWLYHÀFHVTXHVWLRQV

GRQW RQ WURXYHUD LFL TXHOTXHV ÓOÓPHQWV SRXUUDLW ODLVVHU FURLUH

TXH VRQ YþX D ÓWÓ H[DXFÓ 0DLV VL VRQ ÓUXGLWLRQ HVW ORLQ GH

SDUDåWUHĺbGÓVXÒWHbĻDXMRXUGĳKXLRQQHSHXWTXHVĳÓWRQQHUGH

YRLUTXHOĳHXURSÓRFHQWULVPHSRXUQHSDVGLUHOHFKDXYLQLVPH

TXHGÓQRQÎDLWGÓMÀ*HRUJ-DFREHQQĳHVWSDVPRUW(Q

HIIHWDORUVTXHOHVPRXYHPHQWVGHODFKLQRLVHULHDX;9,,,HGX

MDSRQLVPHHWGHOĳRULHQWDOLVPHDX[;,;HHW;;HVLÒFOHVRQWIDLW

OĳREMHWGĳLQQRPEUDEOHVSXEOLFDWLRQVHWTXĳXQLQWÓUÔWUÓFHQWSRXU

OHV UHODWLRQV FXOWXUHOOHV HQWUH Oĳ(VW HW Oĳ2XHVW VH PDQLIHVWH SDU

GLYHUVSURMHWVFRO RTXHVH[SRVLWLRQVHWSXEOLFDWLRQVIRUFHHVWGH

FRQVWDWHUTXHSHUVLVWHFKH]OHVKLVWRULHQVGHOĳDUWXQHUÓWLFHQFH

À SUHQGUH HQ FRQVLGÓUDWLRQ OHV DSSRUWV SOXV DQFLHQV &HX[FL

RQW SRXUWDQW ÓWÓ VLJQDOÓV GHSXLV EHOOH OXUHWWH QRWDPPHQW SDU

OHVWUDYDX[GH5:LWWNRZHU-%DOWUXVDLWLVRX*3RFKDWSRXUQH

PHQWLRQQHUTXHOHVSOXVFRQQXV,O\DSOXVGHGHX[VLÒFOHVOH

3ÒUHMÓVXLWH3DUHQQLQGÓQRQÎDLWGÓMÀGDQVXQHOHWWUHGH3ÓNLQ

FHWWHĺbSUÓYHQWLRQQDWXUHOOHbĻGHOĳ(XURSHÀLJQRUHUVHVVRXUFHV

ĺb4XHGLUDLVMHGHTXHOTXHVVDYDQWVTXLRQWFUXDVVH]ORQJWHPSV

TXHOHV&KLQRLVQĳDYDLHQWVXQLQHVDYDLHQWGĳDVWURQRPLHTXHFH

3KLOLSSH-XQRG

TXHOHV0LVVLRQQDLUHVOHXUHQDYDLHQWDSSULV"bĻ4XDQWÀOĳDEEÓ

3UÓYRVW LO VĳREVWLQDLW À OHXU UHIXVHU OH PÓULWH GH OĳLQYHQWLRQ GH

OD ERXVVROH ĺb TXRLTXĳLO SXLVVH ÔWUH YUDL TXĳHQ DUULYDQW SRXU OD

SUHPLÒUHIRLVÀOD&KLQHRQ\DLWWURXYÓOĳXVDJHGHFHWLQVWUXPHQW

ELHQÓWDEOLbĻ

2U VL OHV K\SRWKÒVHV GH *DYLQ 0HQ]LHV VH FRQğUPHQW OD

SULRULWÓ GH &KULVWRSKH &RORPE HW Gĳ$PHULJR 9HVSXFFL GDQV OD

ĺb GÓFRXYHUWHb Ļ GX FRQWLQHQW DPÓULFDLQ VHUDLW UHPLVH HQ TXHV

WLRQ GH PÔPH GĳDLOOHXUV TXH QRWUH YLVLRQ GHV VRXUFHV GH OD

5HQDLVVDQFHLWDOLHQQH

'LYHUVH[HPSOHVUÓFHQWVLO XVWUHQWFHWWHYÓULWDEOHWDFKHDYHX

JOH $LQVL OĳH[SRVLWLRQ LQWLWXOÓH /ĳ(PSLUH LQWHUGLW YLVLRQV GX

PRQGHGHVPDåWUHVFKLQRLVHWĠDPDQGV XQHHQWUHSULVHGĳDLOOHXUV

SOXV SROLWLTXH TXH VFLHQWLğTXH RUJDQLVÓH À %UX[HOOHV HQ

GDQVOHFDGUHGĳ (XURSDOLD ODSHUVSHFWLYHFRPSDUDWLVWH\WRXUQH

FRXUWHWVHFRQWHQWHGĳXQHVLPSOHMX[WDSRVLWLRQ/ĳLQWURGXFWLRQ

GXFDWDORJXHLQVLVWHVXUOHVGLIIÓUHQFHVHQWUHOHVGHX[PRQGHV

ODSRVVLELOLWÓGHFRQWDFWVQĳHVWSDVPÔPHÓYRTXÓHHW OĳRQQĳ\ WURXYHUDDXFXQHDOOXVLRQDX[WUDYDX[GH&K6WHUOLQJTXLDYDLW

SRXUWDQWSRVÓOHSUREOÒPHÀWURLVUHSULVHV$XWUHFDVGDQV

XQHÓWXGHVXUOHVK\EULGHVJRWKLTXHV,(QJDPPDUHDGRSWHXQ

SRLQWGHYXHSXUHPHQWIRUPDOLVWHVDQVPHQWLRQQHUODPRLQGUH

VRXUFHRULHQWDOH2UVRQDUWLFOHHVWGÓGLÓÀODPÓPRLUHGĳ+ÓOÒQH

%DOWUXVDLWLVGRQWOHPDULDYDLWFRQVDFUÓÀOĳRULJLQHH[RWLTXHGHV

PRQVWUHVPÓGLÓYDX[GHVWUDYDX[TXLIRQWDXWRULWÓ'HPÔPH

GDQVODELEOLRJUDSKLHGXFDWDORJXHGHOĳH[SRVLWLRQGH+DPERXUJ

VXUOHV 7HQWDWLRQVGH6DLQW$QWRLQH RQFKHUFKHUDLWHQYDLQOH

QRPGH%DOWUXVDLWLVTXLDYDLWÓPLVVXUOĳRULJLQHRULHQWDOHGHFHWWH

LFRQRJUDSKLH XQH K\SRWKÒVH DFFHSWÓH SDU GLYHUV DXWHXUV 2Q

VĳÓWRQQH HQğQ GH FRQVWDWHU TXH OD SDUHQWÓ HQWUH OHV ĺb ğJXUHV

FRPSRVLWHVb Ļ GH OD SHLQWXUH PRJKROH HW FHOOHV Gĳ$UFLPEROGR

UHOHYÓHSDU6WU]\JRZVNL%DOWUXVDLWLVRX/DFKHVWUDUHPHQW

PHQWLRQQÓH /H FDELQHW GH FXULRVLWÓV GH 3UDJXH FRQWHQDLW

SRXUWDQWGHQRPEUHX[REMHWVLQGLHQVTXLUHQGHQWSODXVLEOHOĳK\SR

WKÒVH GĳXQH ğOLDWLRQ 2Q D SDUIRLV REMHFWÓ TXH OHV PRGÒOHV

VXSSRVÓV VHUDLHQW SRVWÓULHXUV 0DLV OĳDUJXPHQW QĳHVW JXÒUH

FRQYDLQFDQWFDUULHQQĳLQWHUGLWGHSHQVHUTXHOHVSHLQWXUHVFRQ

D

VHUYÓHVGÓULYHQWGĳXQHWUDGLWLRQDQWÓULHXUH'ĳDLOOHXUVOĳÓOÓSKDQW

DļEĺ0DGRQHDX[IUDLVHVĻ F 0XVÓHGH6ROHXUH

FRPSRVLWHGHOĳ$OEXP6KLU'MDQJ3DULV%1GDWHGXGÓEXWGX

;9,HVLÒFOHGHPÔPHTXHOHGURPDGDLUHRXOHJULIIRQGĳXQOLYUH

GHPRGÒOHVDUPÓQLHQFRQVHUYÓÀ9HQLVH

JUDSKLVPH FRQWRXUQÓ PDUTXH FDUDFWÓULVWLTXH GĳXQH LQĠXHQFH

$PQÓVLHRFFXOWDWLRQYRORQWDLUHFHQVXUH"&RPPHQWDWRQ

H[WUÔPHRULHQWDOHVĳHVWSURSDJÓWRXWDXORQJGHVURXWHVGHOD

SXQHSDVYRLUSDUH[HPSOHTXHOHIRQGGĳRUGHOD 0DGRQHDX[

VRLHMXVTXĳHQ(XURSHFRPPHOHPRQWUHQWSDUH[HPSOHOHVQXDJHV

IUDLVHV GH6ROHXUHF>)LJDļE@HVWGÓFRUÓGHQXDJHVGRQW

ğJXUÓV VXU XQ FDVVRQH ĠRUHQWLQ F XQH HQOXPLQXUH GH

ODSURYHQDQFHHVWLQGLVFXWDEOHPHQWFKLQRLVH"6WU]\JRZVNLHQ

OD &LWÓGH'LHX GH6DLQW$XJXVWLQSDU1LFROR3RODQL -ÓUXVDOHP

YR\DLWXQHLQĠXHQFHGHODPLQLDWXUHSHUVDQHVXUOH -DUGLQ

FÓOHVWH XQHDXWUHGHV *UDQGHV&KURQLTXHVGH)UDQFH GH

GX3DUDGLV GH)UDQFIRUWDWWULEXÓSDUIRLVDXPÔPHPDåWUHHWOĳRQ

-HDQ)URLVVDUWXQH $GRUDWLRQGH0DULH GH*LRYDQQL)UDQFHVFR

SHXWVXSSRVHUTXHFHVIDPHX[QXDJHVGÓMÀSUÓVHQWVGDQVOD

GD 5LPLQL ļ XQ &KULVW DX[ 2OLYLHUV GH *LRYDQQL

SHLQWXUH7DQJÀ'XQKXDQJRQWSXWUDQVLWHUSDUOĳ,UDQRčLOVVRQW

%HOOLQL7RXUVXQH &UXFLğ[LRQ YÓQLWLHQQHF9HQLVH

QRPEUHX[ GÒV OH ;,9H VLÒFOH À 7DEUL] SXLV À +ÓUDW 2Q OHV

$FFDGHPLDRXOH 6DLQW(ORL GH1LNODXV0DQXHO'HXWVFK

WURXYHÓJDOHPHQWGDQVOĳHQOXPLQXUHWXUTXHYRLUHLUDNLHQQH/HXU

%HUQH /D VWUXFWXUH WRXUPHQWÓH GH FHUWDLQV DUEUHV D SHXW

10

5HWRXUVXUOĳ (XURSHFKLQRLVH

E

ÔWUHODPÔPHRULJLQHYLVLEOHHQ&KLQHGÒVODSÓULRGH6RQJSXLV

*R]]ROL6LJQRUHOOL/RUHQ]R0RQDFR*HQWLOHGD)DEULDQR

GDQVOHVODYLVMDSRQDLVHOOHVHUHWURXYHFKH]0DUWLQ6FKRQJDXHU

6DVVHWWD RX /HRQDUGR SDUPL GĳDXWUHV TXL IXUHQW OH SOXV

-DUGLQ GHV 2OLYLHUV EXULQ +DQV 7UDXW 3D\VDJH DX[ URFKHUV

VRXYHQW ÓYRTXÓV ,O VHPEOH QRWDPPHQW TXH OHV WKÒVHV GH

F 1XUHPEHUJ *HUPDQLVFKHV 0XVHXP RX 1LNODXV 0D

*XVWDYH6RXOLHUTXLÓFULYDLWHQTXHĺbULHQQHSHXWÔWUHSOXV

QXHO 6DLQWH$QQH7ULQLWDLUHļ%ÂOHb)LJDļEDYDQW

ÓWDEOLTXHOHVUDSSRUWVGHOĳ([WUÔPH2ULHQWDYHFOĳ(XURSHGÒVOH

GH UÓDSSDUDåWUH FKH] )UDJRQDUG )ÔWH À 5DPERXLOOHW F

;,,,HVLÒFOHHWWRXWSDUWLFXOLÒUHPHQWDYHFOĳ,WDOLHbĻQĳDLHQWWURXYÓ

/LVERQQH)RQGDWLRQ*XOEHQNLDQ

DXFXQÓFKRQLPÔPHGHFRQWUDGLFWHXUVSDUPLOHVKLVWRULHQVGH

/DTXHVWLRQGHVUHODWLRQVHQWUH2ULHQWHW2FFLGHQWVHPEOH

ODSHLQWXUHLWDOLHQQHÀOĳH[FHSWLRQGH/HRQDUGR2OVFKNL0DLVFH

DYRLUUHWHQXOĳDWWHQWLRQGHVKLVWRULHQVSOXW÷WTXHFHOOHGHVKLVWR

GHUQLHUTXLSURIHVVDLWDORUVÀOĳ8QLYHUVLWÓGH&DOLIRUQLHWRXWHQ

ULHQVGHOĳDUW4XDQWDXORQJVLOHQFHGHVFKHUFKHXUVLWDOLHQVVXU

UHFRQQDLVVDQWODUÓDOLWÓGHFRQWDFWVKLVWRULTXHVHWGHVLPLOLWXGHV

FHVTXHVWLRQVÀTXHOTXHVUDUHVH[FHSWLRQVSUÒVLOHVWGĳDXWDQW

FKHUFKDLWÀGÓIHQGUHÀWRXWSUL[OĳRULJLQDOLWÓGHODSHLQWXUHWRV

SOXV VXUSUHQDQW TXĳÀ F÷WÓ GH FHX[ GH %RVFK 'đUHU RX

FDQHRXVLHQQRLVHLQGHPQHÀVHV\HX[GHWRXWHLQĠXHQFHH[

%DOGXQJ*ULHQFHVRQWOHVQRPVGH6LPRQH0DUWLQL3LHWURHW

WÓULHXUH7RXWVHSDVVHLFLFRPPHVLOĳRQDYDLWKRQWHGĳDYRXHU

$PEURJLR/RUHQ]HWWL*LRWWR2UFDJQD3LVDQHOOR%HQR]]R

GHVPÓWLVVDJHVFRPSURPHWWDQWV

11

3KLOLSSH-XQRG

'HVFRQWDFWVVÓFXODLUHV

HPEOÓPDWLTXHVFKLQRLVHULHVRFFLGHQWDOHVHWH[RWLVPHVHXURSÓHQV

HQ&KLQHVRQWHQHIIHWV\PÓWULTXHV$ODSURGXFWLRQFKLQRLVH

)DFH À FH GÓQL SHUVLVWDQW LO FRQYLHQW GH UDSSHOHU TXHOTXHV

SRXU OĳH[SRUWDWLRQ HXURSÓHQQH FRUUHVSRQGUD ELHQW÷W OH VXF

ÓSLVRGHVELHQFRQQXVGHODSDVVLRQQDQWHKLVWRLUHGHVUHODWLRQV

FÒV DXSUÒV GĳXQH FOLHQWÒOH GX 3URFKH2ULHQW GH OD SHLQWXUH

(VW2XHVWGRQWODORQJÓYLWÓDUÓVLVWÓÀOĳH[SDQVLRQGHV3DUWKHV

RULHQWDOLVWH RFFLGHQWDOH (W OD GLVWDQFH JÓRJUDSKLTXH HW FXO

GHV$EEDVVLGHVRXGHV2PH\\DGHVDX[LQYDVLRQVWXUTXHVDLQVL

WXUHOOH SOXV TXĳÀ OD GÓFRXYHUWH GH OĳDXWUH D SDUIRLV VHUYL GH

TXĳÀODIHUPHWXUHGHVIURQWLÒUHVWHUUHVWUHVSDUOĳ(PSLUHGHV0LQJ

PLURLU FRPPH HQ WÓPRLJQHQW OHV /HWWUHV SHUVDQHV RX

(QGÓSLWGHFHVTXHOTXHVLQWHUUXSWLRQVWRXWHVUHODWLYHVOĳXQLWÓ

OHV GLYHUVHV /HWWUHV FKLQRLVHV GH %R\HU Gĳ$UJHQV RX GĳDXWUHV

KLVWRULTXHGHOĳ(XUDVLHHQIDLWĺbXQVHXOFRQWLQHQWbĻ

LPLWDWHXUVGH0RQWHVTXLHX

'HQDWXUHWDQW÷WSROLWLTXHFRPPHUFLDOHUHOLJLHXVHRXLQWHO

(QGÓSLWGHOĳÓORLJQHPHQWHWGHVIURQWLÒUHVWDQWQDWXUHOOHV

OHFWXHOOHOHFRQWDFWHVWFHUWHVSDUIRLVOĳRFFDVLRQGHPDOHQWHQGXV

TXH SROLWLTXHV GHV FRQWDFWV VRQW DWWHVWÓV GÒV OD SOXV KDXWH

RXGHGLDORJXHVGHVRXUGV0DUFR3ROR/HLEQLW]9ROWDLUH

$QWLTXLWÓ OH ORQJ GHV URXWHV GH OĳDPEUH GX ODSLVOD]XOL GH

RX OD TXHUHOOH GHV ULWHV HQ IRXUQLVVHQW GHV H[HPSOHV ELHQ

ODVRLHGHVÓSLFHVRXGHOĳLQGLJR3DUDOOÒOHPHQWDX[LWLQÓUDLUHV

FRQQXV(WORUVTXHOH3ÒUH$PLRWFURLUDFKDUPHUOĳHPSHUHXU.LHQ

FRQWLQHQWDX[OHVYRLHVPDULWLPHVVHURQWELHQW÷WSUDWLTXÓHVSDU

ORQJHQOXLMRXDQWGX5DPHDXLOGHYUDFRQVWDWHUTXHĺbQRVDLUV

QĳÓWDLHQWSRLQWIDLWVSRXUOHXUVRUHLOOHVQLOHXUVRUHLOOHVSRXUQRV

DLUVbĻ4XDQWÀOĳDEEÓ$UQDXGGDQVVRQFRPPHQWDLUHGXWH[WH

Gĳ$PLRWLOUHSURGXLWÀSURSRVGHODPXVLTXHOHP\WKHLQYHQWÓ

SDU$WKDQDVH.LUFKHUSRXUOHVKLÓURJO\SKHVFHOXLGĳXQHSDUHQWÓ

HQWUH OD &KLQH HW Oĳ(J\SWH 0DLV LO HVW DXVVL GHV UÓFLSURFLWÓV

D

E

DļE1LNODXV0DQXHO'HXWVFKĺ6WH$QQH7ULQLWDLUHĻļ%DVHO.XQVWPXVHXP

12

5HWRXUVXUOĳ (XURSHFKLQRLVH

%DPL\DQOHVPRQDVWÒUHVERXGGKLTXHVTXHOHSÒOHULQ+VXDQWVDQJYLVLWDHQ

OHVERXWUHVDUDEHVUHOD\ÓVSDUOHVMRQTXHVFKLQRLVHVSXLVSDU

IXWXU,VKNDQGDUGHOĳÓSRSÓHLUDQLHQQHļRQWSUÓOXGÓDXUR\DXPH

OHVFDUDYHOOHVSRUWXJDLVHV1RPDGHVHWVÓGHQWDLUHVSDUWLFLSHQW

GHV .XVKDQ EHUFHDX GH OĳDUW GX *DQGKDUD GLW DXVVL JUÓFR

GĳDLOOHXUVÓJDOHPHQWDX[ÓFKDQJHVWDQGLVTXH6F\WKHV0RQ

ERXGGKLTXH GRQW TXHOTXHV DXWHXUV RQW ÓYRTXÓ GH SRVVLEOHV

JROV RX 7XUNPÒQHV SDUFRXUHQW OD VWHSSH HQ WRXV VHQV OHV

UHODWLRQVDYHFOĳDUWSDOÓRFKUÓWLHQ

HPSLUHV DFKÓPÓQLGH VDVVDQLGH VDIDYLGH RX E\]DQWLQ YRLUH

$SUÒV OHV H[SÓGLWLRQV PLOLWDLUHV GHV +DQ FRQWUH OHV +XQV

OHVFDOLIDWVGH%DJGDGRXGX&DLUHFRQWULEXHQWÀYÓKLFXOHUOHV

;LRQJQX YLHQW OH WHPSV GHV UHODWLRQV GLSORPDWLTXHV 'HX[

LQĠXHQFHVOHVSOXVGLYHUVHV/HVFRQTXÔWHVGĳ$OH[DQGUHļOH

PLVVLRQV FKLQRLVHV HQ 3DUWKLH GDWHQW GH HW DYDQW

13

3KLOLSSH-XQRG

SDUDLOOHXUVHQUHÎRLWXQHGHOĳ,QGH'ĳDXWUHVUHQFRQWUHVDXURQW

OLHX HQ HW (QWUH OH 9H HW OH ;H VLÒFOH VH VXFFÒGHURQW

GHV DPEDVVDGHV SHUVHV HQ &KLQH HW GÒV OH ;,,,H OD VÓFXULWÓ

GHVURXWHVWHUUHVWUHVVHUDDVVXUÓHSDUOD 3D[WDUWDULFD LQVWDXUÓH

SDU OD G\QDVWLH GHV <XDQ TXL UÓWDEOLUD XQH FRPPXQLFDWLRQ

PRPHQWDQÓPHQW LQWHUURPSXH SDU OD PRQWÓH GH Oĳ,VODP $X

WHPSVGHV&URLVDGHVSURMHWVGĳDOOLDQFHVHWPLVVLRQVFDWKROLTXHV

DXSUÒV GHV 0RQJROV VH PXOWLSOLHQW GDQV OĳHVSRLU GH UHWURXYHU

OHV FKUÓWLHQV Gĳ2ULHQW $SUÒV OHV OÓJHQGHV GH 6DLQW 7KRPDV

DX[ ,QGHV RX GH 6DLQW -RVDSKDW OHV UXPHXUV UHODWLYHV DX[

1HVWRULHQVDYDLHQWHQJHQGUÓFHOOHVGXUR\DXPHGH'DYLGHWGX

3UÔWUH-HDQDXTXHOOHSDSH$OH[DQGUH,,,DYDLWYRXOXHQYR\HU

0DåWUH3KLOLSSHHQ,OVĳDJLUDELHQW÷WGHWHQWHUGHFRQYHUWLU

OHJUDQG.KDQHWGHSUHQGUHOĳ,VODPHWOHV0DPHORXNVÀUHYHUV

,QQRFHQW ,9 HQYRLH DORUV 6LPRQ GH 6DLQW4XHQWLQ SXLV

-HDQGH3ODQ&DUSLQ>*LRYDQQLGDO3LDQGHO&DUSLQR@HQļ

5HOLHIVXUODIDÎDGHGX3DOD]]R0DVWHOOL;9HVLÒFOHSURSULÓWÓGH

6DLQW /RXLV GÓOÒJXH SHX DSUÒV $QGUÓ GH /RQJMXPHDX

PDUFKDQGVYÓQLWLHQV

ļHW*XLOODXPHGH5XEURXFNļ6XLYUDOD

SUHPLÒUHH[SÓGLWLRQFRPPHUFLDOHGHVIUÒUHV0DWWHRHW1LFFROR

3ROR GH À TXL VH WUDQVIRUPHUD HQ DPEDVVDGH DX

QRWUH ÒUH HW FHOOH GH =KDQJ 4LDQ >&KDQJ &KLHQ@ À OĳLQLWLDWLYH

UHWRXU(QFĳHVW*LRYDQQLGL0RQWHFRUYLQRTXLHVWFKDUJÓ

GH OĳHPSHUHXU :XGL GH ļ 3D[ URPDQD HW 3D[ VLQLFD

GH PLVVLRQ SDU 1LFRODV ,9 SUHPLHU SDSH IUDQFLVFDLQ $UULYÓ À

IDYRULVHQW DORUV OHV FRQWDFWV (Q OHV $QQDOHV FKLQRLVHV

&DPEDOXF3ÓNLQHQLO\UHVWHUDMXVTXĳÀVDPRUWHQ

PHQWLRQQHQW XQH GÓOÓJDWLRQ HQYR\ÓH SDU 0DUF$XUÒOH OHTXHO

HW DSUÒV DYRLU FRQVWUXLW XQH ÓJOLVH VHUD QRPPÓ DUFKHYÔTXH

'XQKXDQJOHVJURWWHVGH0RJDRGLWHVĺDX[PLOOHEXGGKDVĻ

14

5HWRXUVXUOĳ (XURSHFKLQRLVH

HQ(Q2GRULFGH3RUGHQRQHSUHQGFRQJÓGH-HDQ

;;,, À $YLJQRQ SRXU XQ YR\DJH TXL OH FRQGXLUD HQ &KLQH À

3ÓNLQGHÀSDUOD3HUVHOĳ,QGHHW6XPDWUDHWGRQW

LOQHUHYLHQGUDTXHGRX]HDQVSOXVWDUGPDUTXHOHGÓSDUW

YHUVOĳ(VWGĳ$QGUÓGH3ÓURXVH(QSXLVHQ-RUGDQ

&DWKDODGH6HYHUDFOLYUHOHUÓFLWGHVRQSÓULSOHRULHQWDO(QğQ

-HDQGH0DULJQROOH*LRYDQQLGHĳ0DULJQROOLFKDUJÓGHPLVVLRQ

HQļSDU%HQRåW;,,VÓMRXUQHUDÀ3ÓNLQGHÀ

&ĳHVWDLQVLTXHOHV)UDQFLVFDLQVSXLVOHV'RPLQLFDLQVVHVRQW

LQVWDOOÓVHQ&KLQHRčOHVDYDLHQWSUÓFÓGÓVOHV1HVWRULHQVGÒV

DORUVIDYRULVÓVSDUODG\QDVWLHGHV7DQJ

(QWUHWHPSVGHVSÒOHULQVFKLQRLVDYDLHQWIDLWURXWHHQVHQV

LQYHUVH À OD UHFKHUFKH GH VXWUDV ERXGGKLTXHV 7HO HVW OH FDV

GH )D[LDQ >)DKLHQ@ ļ +XL6HQJ HW 6RQJ <XQ

ļ:RX.KRQJ<LMLQJļHW&KL<HKļ

/H SOXV FÓOÒEUH GĳHQWUH HX[ HVW VDQV GRXWH ;XDQ]DQJ >+VXDQ

7VDQJ@ ļ TXL GÓFULYLW OHV PRQDVWÒUHV GH %DPL\DQ

ÓWDSH LPSRUWDQWH GDQV OD GLIIXVLRQ GX 0DKD\DQD YHUV Oĳ$VLH

&KDSLWHDXGH%XWNDUD,HUļ,,HVLÒFOHUHSUÓVHQWDQWSHXWÔWUH

FHQWUDOH>)LJ@(WGHSXLVTXH=KDQJ4LDQFRQVLGÓUÓFRPPH

6XU\DGLHXGXVROHLO6ZDW0XVHXP

OH0DUFR3RORFKLQRLVDYDLWRXYHUWODURXWHWHUUHVWUHDX,,HVLÒFOH

DYDQW QRWUH ÒUH FHOOHFL VHUD GH SOXV HQ SOXV IUÓTXHQWÓH GH

PRQJROH À 3DULV HVW DWWHVWÓH HQ (Q XQH PLVVLRQ

PÔPH TXH OD YRLH PDULWLPH GRQW UHQG FRPSWH OH UÓFLW GH 0D

FRQGXLWH SDU %DU 6DXPD ÓYÔTXH FKDOGÓHQ GĳRULJLQH WXUTXH

+XDQOĳLQWHUSUÒWHTXLDFFRPSDJQDWURLVH[SÓGLWLRQVGHODĠRWWH

HW HQYR\Ó SDU Oĳ,O.KDQ GH 3HUVH SDVVDLW À 5RPH HW YR\DJHDLW

GH=KHQJ+HHQWUHHW3DUDLOOHXUVXQHGÓOÓJDWLRQ

HQ)UDQFH(Q%RQLIDFH9,,,DFFXHLOODLWXQHDPEDVVDGH

ĺ$VFHQVLRQGĳ$OH[DQGUHĻIDÎDGHQRUGGHODEDVLOLTXHGH6DLQW0DUFÀ9HQLVHGÓEXW;,,,HVLÒFOH3KRWR$ODLQ)ODWWHW

15

3KLOLSSH-XQRG

1XDJHVHWSKÓQL[GÓWDLO

GĳXQ7KDQJND1ÓSDODLV

FROOHFWLRQSDUWLFXOLÒUH

16

5HWRXUVXUOĳ (XURSHFKLQRLVH

%DSWLVWÒUHGHOĳÓJOLVHGH7LQJVWDGVWHUJùWODQGğQ;,,HVLÒFOH6WRFNKROP+LVWRULVND0XVHXP

HQYR\ÓHSDU*KD]DQ.KDQHWGLULJÓHSDU%XVFDUHOORGL*KLVROğ

2QYRLWDLQVLTXHOHVURXWHVHXUDVLDWLTXHVÓWDLHQWSDUFRXUXHV

HWTXDWUHDQVSOXVWDUGOHVLHQQRLV7RPPDVR8JLUHQWUDLWHQ,WDOLH

HQ WRXV VHQV /HV YR\DJHXUV RFFLGHQWDX[ HQ 2ULHQW VRQW

À OD WÔWH GĳXQH PLVVLRQ LONKDQLGH &ĳHVW TXH OD 3HUVH HQWUH

QRPEUHX[5HLFKHUWHQDFRPSWÓSUÒVGĳXQHFHQWDLQH(WOHV

HWFKHUFKDLWÀQRXHUHQ2FFLGHQWXQHDOOLDQFHFRQWUH

UÓFLWVXQHWUDGLWLRQTXLUHPRQWHÀOĳ$QWLTXLWÓ$ULVWHDV6F\OD[

OHV0DPHORXNV/DVLWXDWLRQVHUHSURGXLUDGÒVORUVTXH

1HDUFKXV0HJDVWKHQHV3ÓULSOHGĳ(U\WKUÓHYRQWVHVXFFÓGHU

GHV FRQWDFWV HQWUH 5RGROSKH ,, HW 6KDK $EEDV WHQWHURQW XQH

LOOXVWUDQW DLQVL OH VXFFÒV GĳXQ JHQUH TXL VHUD FRQVDFUÓ SDU

DOOLDQFHDQWLWXUTXH(QXQHQRXYHOOHGÓOÓJDWLRQWDUWDUH

OĳDQWKRORJLHGH5DPXVLRHQ6ROH\PDQDX,;HVLÒFOH3ODQ

À$YLJQRQGHPDQGDLWOĳHQYRLGĳXQSUÔWUHGĳRčOHGÓSDUWGH-HDQ

&DUSLQ +LVWRULD0RQJDORUXP SXLV5XEURXFN ,WLQHUDULXP

GH 0DULJQROOH 4XDQW DX[ UHODWLRQV PDULWLPHV HOOHV FXOPLQHQW

5LFROGGH0RQWHFURL[ļ+D\WRQ2GR

DYHFOĳH[SÓGLWLRQGHODĠRWWHGH=KHQJ+HGRQWOHVÓPLVVDLUHV

ULF GH 3RUGHQRQH GRQW RQ D UÓSHUWRULÓ PDQXVFULWV

VHUDLHQWSDUYHQXVMXVTXĳÀ9HQLVHHW)ORUHQFHHQHWDXUDLHQW

*XLOODXPH GH %ROGHQVHOOH RX ,EQ %DWWXWD F

UHPLVDX3DSH(XJÒQH,9GHSUÓFLHX[GRFXPHQWVVFLHQWLğTXHV

DYDQWOHV3RUWXJDLV*DOHRWH3HUHLUDRX)HUQDR0HQGHV

VL OĳRQ HQ FURLW * 0HQ]LHV (Q HQğQ XQH DPEDVVDGH

3LQWRļFRPSWHQWSDUPLOHXUVDXWHXUV0DLVOHVSOXV

VLDPRLVHVHUDUHÎXHÀ9HUVDLOOHV

FRQQXV VRQW OH FÓOÒEUH 0LOLRQH GLW DXVVL /LYUH GHV PHUYHLOOHV

17

3KLOLSSH-XQRG

-RDFKLP3DWLQLUĺ7HQWDWLRQGH6W-ÓU÷PHĻļ/RQGUHV1DWLRQDO*DOOHU\ 18

5HWRXUVXUOĳ (XURSHFKLQRLVH

GÓEDUTXDLW À &DQWRQ JDJQDLW 1DQNLQ HQ HW VÓMRXUQDLW À

3ÓNLQGHMXVTXĳÀVDPRUWHQ(WODUÓRXYHUWXUHGHV

IURQWLÒUHV SDU OD G\QDVWLH PDQGFKRXH GHYDLW ELHQW÷W IDYRULVHU

OH GÓYHORSSHPHQW GHV -ÓVXLWHV HQ &KLQH TXL DOLPHQWHURQW

SDU OHXUV FRUUHVSRQGDQFHV HW SXEOLFDWLRQV GLYHUVHV OH QRXYHO

LQWÓUÔW HQ 2FFLGHQW SRXU OH &DWKD\ -HDQ 'HQLV $WWLUHW 0DWWHR

5LSDRX*LXVHSSH&DVWLJOLRQHLOOXVWUHURQWFKDFXQÀVDPDQLÒUH

FH QRXYHDX FKDSLWUH GHV ÓFKDQJHV (W : &KDPEHUV WLUHUD

GHVRQVÓMRXUÀ&DQWRQGHTXRLQRXUULUODPRGHGHVMDUGLQVÀ

OĳRULHQWDOH&ĳHVWOĳÒUHGHODFKLQRLVHULHTXLSUÓFÒGHFHOOHGX

MDSRQLVPH

/HU÷OHGHVPDUFKDQGV

0DLVELHQDYDQWODIRQGDWLRQGHOD&RPSDJQLHKROODQGDLVHGHV

,QGHV HQ VXLYLH SDU OHV &RPSDJQLHV DQJODLVH HW

IUDQÎDLVH OH FRPPHUFH DYDLW PXOWLSOLÓ OHV ÓFKDQJHV

GH PDUFKDQGLVHV &KHYDX[ GX )HUJKDQD RU GH Oĳ$OWDç YLQV

Gĳ,WDOLH ÓSLFHV VRLH FÓUDPLTXHV SRUFHODLQHV ODTXHV DLQVL

TXH PDQXVFULWV SXLV LPSULPÓV DXURQW DLQVL FLUFXOÓ WRXW DX

ORQJ GH Oĳ(XUDVLH 8Q WUDğF ĠRULVVDQW TXH VXIğUDLW À ÓYRTXHU

OHVHXOQRPGH%HJUDPGRQWOHIDEXOHX[WUÓVRUGÓFRXYHUWSDU

OD 'ÓOÓJDWLRQ DUFKÓRORJLTXHIUDQÎDLVHHQ$IJKDQLVWDQHQ

UÓXQLWGDQVODPÔPHFDFKHODTXHVFKLQRLVLYRLUHVLQGLHQVEURQ]HV

KHO ÓQLVWLTXHVYHUUHVSHLQWVHW HPEOHPDWD URPDLQVHQSOÂWUH

4XDQWÀOĳDUFKÓRORJLHVRXVPDULQHHOOHQĳHVWSDVHQUHVWHXQH

MRQTXHQDXIUDJÓHYHUVOH;HVLÒFOHÀ,QWDQDXODUJHGH-DYDD

OLYUÓ HQ GHV REMHWV SURYHQDQW UHVSHFWLYHPHQW GH &KLQH

GX%HQJDOHGX*XMDUDWHWGX0R\HQRULHQW'HQRPEUHXVHV

DXWUHVIRXLOOHVFRPPHFHOOHGH7LOOLD7HSHDWWHVWHQWOĳLQWHQVLWÓ

GHFHVÓFKDQJHV3DUPLOHVWURXYDLOOHVVLJQLğFDWLYHVUDSSHORQV

HQFRUHFHOOHVGĳLQWDLOOHVHWGĳXQHPÓGDLOOHGĳ$QWRQLQOH3LHX[À

2FHR9LHWQDPGHPRQQDLHVGDQVOH6KDQGRQJRXGHYHUUHV

ÓJDOHPHQWURPDLQVHQ&RUÓHHWGĳXQHODPSHKHOOÓQLVWLTXHDX

0DUWLQ6FKRQJDXHUGÓWDLOGHOĳĺ$QQRQFLDWLRQĻGXUHWDEOH

6LDP'DQVOĳDXWUHVHQVRQSHXWPHQWLRQQHUOHVWURXYDLOOHVGH

Gĳ2UOLHUYHUV0XVÓHGH&ROPDU

EURQ]HVFKLQRLVÀ2VWLHRXÀ5RVWRYVXUOH'RQGĳXQYDVH JX

GDQVOHODFGH1HPLGHWLVVXVFKLQRLVYHUVÀ8QWHUKDFKLQJ

DX VXG GH 0XQLFK GĳXQ LYRLUH LQGLHQ À 3RPSÓL GĳREMHWV GH

PÔPH SURYHQDQFH GDQV GHV VÓSXOWXUHV GH 3D]\U\N $OWDç RX 'HYLVHPHQWGXPRQGH GH0DUFR3RORHQ&KLQHGH

GĳXQ%RXGGKDHQEURQ]HGX&DFKHPLUHGDQVXQHWRPEH9LNLQJ

ÀHWOHUÓFLWğFWLIGXP\VWÓULHX[-HDQGH0DQGHYLOOH

GX ,;H V GH PRQQDLHV FHOWLTXHV GH 0HUY HQ 6FDQGLQDYLH HWF

,WLQHUDULD ļ /HXU VXFFÒV VH PHVXUH À OHXUV HW

$QGUÓ &RUER] D PRQWUÓ TXĳXQH XUQH SURYHQDQW GĳXQ WRPEHDX

PDQXVFULWVUHVSHFWLYHPHQWUHFHQVÓV

ÓWUXVTXHGXPXVÓHGH%HUOLQHVWWUÒVSUREDEOHPHQWFKLQRLVH

/DJUDQGHSHVWHGHODSROLWLTXH[ÓQRSKREHGHV0LQJ

/HU÷OHGXFRPPHUFHHVWELHQFRQQXHWOHFDVGHV3RORHVW

OHVFRQTXÔWHVGH7DPHUODQSXLVODSULVHGH%\]DQFHSDUOHV

ORLQGĳÔWUHXQLTXH3HWURGH/XFDORQJRğWGHVDIIDLUHVSURVSÒUHV

2WWRPDQVHQGHYDLHQWLQWHUURPSUHRXGÓWRXUQHUSHQGDQW

À3ÓNLQHQ9HQLVH>)LJ@*ÔQHV3LVHHW)ORUHQFHDYDLHQW

SOXV GH GHX[ VLÒFOHV OD YRLH WHUUHVWUH 0DLV *ÔQHV HW 9HQLVH

UHSULVOĳDFWLYLWÓGHVDQWLTXHVFDUDYDQHVGHVMRQTXHVFKLQRLVHV

DOODLHQWVHYRLUFRQFXUUHQFHUSDUOHV3RUWXJDLVTXLDYHF9DVFRGD

RXGHVPDUFKDQGVDUDEHV/HV%DUGLPÓFÒQHVGH*LRWWRÀ6

*DPDRXYULUDLHQWXQHQRXYHOOHURXWHPDULWLPHHQFRQWRXUQDQW

&URFHDYDLHQWXQFRPSWRLUHQ&KLQH9HUV3HJRORWWLOHXU

Oĳ$IULTXHSDUOH&DSGH%RQQH(VSÓUDQFH(Q0DWWHR5LFFL

HPSOR\ÓUÓGLJHDLWXQPDQXHOGHVWLQÓDXFRPPHUFHDVLDWLTXH

19

3KLOLSSH-XQRG

D

DļE-DQ:HOOHQVGH&RFNĺ7HQWDWLRQGHVDLQW$QWRLQHĻ Fļ.DQVDV&LW\1HOVRQ$WNLQV0XVHXP

'HVHVFODYHVWDWDUVVHYHQGDLHQWÀ)ORUHQFHHWÀ9HQLVH$SUÒV

FKLQRLV VRQW PHQWLRQQÓV HQ GDQV OHV FROOHFWLRQV GHV

OHVDFGH&RQVWDQWLQRSOHHQGHSOHLQHVFDUJDLVRQVGĳREMHWV

+DEVERXUJ DX FKÂWHDX Gĳ$PEUDV /D PRGH VĳHQ SRXUVXLYUD

SUÓFLHX[ RULHQWDX[ ÓWDLHQW DUULYÓV HQ (XURSH /ĳLPSRUWDQFH GHV

ORQJWHPSV 0D]DULQ FROOHFWLRQQHUD HQFRUH OHV FKLQRLVHULHV HW

DUWVGÓFRUDWLIVQRWDPPHQWLVODPLTXHVHVWQRWRLUH(WODSUÓ

OĳLQYHQWDLUHGH/H1÷WUHPHQWLRQQHSLÒFHVGHSRUFHODLQH

VHQFHGHFÓUDPLTXHVÓWRIIHVHWODTXHVFKLQRLVHVWDWWHVWÓHHQ

6LOHVREMHWVRQWYR\DJÓDYHFOHVQRPDGHVOHVPLVVLRQQDLUHV

(XURSH GÒV OH ;,9H VLÒFOH /HV LQYHQWDLUHV FRQVWLWXHQW LFL XQH

RX OHV PDUFKDQGV OHV LGÓHV RQW VRXYHQW VXLYL OHV PÔPHV

VRXUFH SUÓFLHXVH (Q /ÓRQ ; UHFHYUD XQ OLYUH FKLQRLV

FKHPLQV(QWUHHWOHVH[SÓGLWLRQVGH6YHQ+HGLQHW

GHV 3RUWXJDLV 4XDQW DX[ SRUFHODLQHV HOOHV DERQGHQW GDQV

GHÀFHOOHVGĳ$OEHUWYRQ/H&RTHW$OEHUW*UđQZHGHO

OHV FROOHFWLRQV GHV 0ÓGLFLV GX &RPWH Gĳ$QMRX GH -HDQQH

HQ $VLH &HQWUDOH RQW PLV HQ ÓYLGHQFH OD SURGLJLHXVH GLYHUVLWÓ

Gĳ(YUHX[RXGH)UDQÎRLV,HUHWLO\HQDYDLWSOXVGHGDQV

VW\OLVWLTXHHWHWKQLTXHGX7XUNHVWDQRULHQWDO(QHW

FHOOHGH3KLOLSSH,,Gĳ(VSDJQH'HQRPEUHX[REMHWVRULHQWDX[

$XUHO6WHLQSXLV3DXO3HOOLRWGÓFRXYUDLHQWGDQVXQHJURWWHGH

ğJXUHQW ÓJDOHPHQW GDQV OD OLVWH GHV ELHQV GH 0DUJXHULWH

0RJDRSUÒVGH'XQKXDQJ>)LJ@PDQXVFULWVFKLQRLV

Gĳ$XWULFKH HW WURLV SHLQWXUHV GHV SRUFHODLQHV HW GHV ODTXHV

WLEÓWDLQVVRJGLHQVRXçJRXUVVDQVFULWVV\ULDTXHVKÓEUHX[HWF

20

5HWRXUVXUOĳ (XURSHFKLQRLVH

E

TXLFRQğUPDLHQWOĳXQLYHUVDOLWÓGHFHWWHURXWHRčRQWFLUFXOÓHWVH

VXUODIDÎDGHQRUGODEDVLOLTXHGH6DLQW0DUFÀ9HQLVH>)LJ@

VRQW ÓWDEOLV HQWUH DXWUHV PD]GÓHQV PDQLFKÓHQV QHVWRULHQV

DYHF OĳLFRQRJUDSKLH GX GLHX LQGLHQ 6XU\D >)LJ @ HW SURSRVÓ

HWERXGGKLVWHV'DQVOĳRDVLVGH7XUIDQRQDWURXYÓGHVWH[WHV

XQHPÔPHRULJLQHSRXUXQH )RUWXQH PXQLHGHGRX]HEUDVGDQV

UÓGLJÓVGDQVVHL]HODQJXHVGLIIÓUHQWHV-1HHGKDPDPRQWUÓ

XQH HQOXPLQXUH IUDQÎDLVH GH $X ;,H VLÒFOH GÓMÀ XQ

OĳLQĠXHQFH GX WDRLVPH FKLQRLV UHOD\Ó SDU OHV $UDEHV VXU OHV

SKÓQL[DSSDUDLVVDLWVXUXQLYRLUHGXWUÓVRUGH7UR\HV/HFRXORLU

WKÓRULHVDOFKLPLVWHVGHVÓOL[LUVGHORQJXHYLHFKH]5RJHU%DFRQ

HXUDVLHQ ÓWHUQHO DJHQW GH WUDQVPLVVLRQ IDLW RIğFH GH FUHXVHW

HW MXVTXĳÀ 3DUDFHOVH (W & *LQ]EXUJ D VXLYL OHV WUDFHV GX

Rč VH PÓODQJHQW GHV ÓOÓPHQWV GH SURYHQDQFHV GLYHUVHV TXH

FKDPDQLVPHGHOD0RQJROLHMXVTXĳDX[&HOWHV

OĳRQUHWURXYHUDMXVTXHGDQVOHV7KDQJNDVGX1ÓSDO>)LJ@RX

,OHQYDGHPÔPHGHVWHFKQLTXHVGHVPRWLIVHWGHVIRUPHV

GX %KRXWDQ Rč PRQWDJQHV QXDJHV GUDJRQV SKÓQL[ IHQ

/HV0RQJROVDYDLHQWFRXWXPHGHGÓSODFHUOHVDUWLVDQVDXJUÓ

KXDQJ DUFKLWHFWXUHV HW IDFLÒV FKLQRLV YLHQQHQW VH JUHIIHU VXU

GH OHXUV FRQTXÔWHV HW OĳRUIÒYUH SDULVLHQ *XLOODXPH %RXFKHU

GHVVFKÓPDVLFRQRJUDSKLTXHVLQGLHQV2QDVRXYHQWVRXOLJQÓ

ÓWDLW ÓWDEOL À .DUDNRUXP * 3RFKDW D UDSSHOÓ DSUÒV (: OĳLPSRUWDQFH GH OĳDSSRUW FKLQRLV GDQV OD SRWHULH LUDQLHQQH RX

$QWKRQ\ODUHVVHPEODQFHGXUHOLHIGHOĳ $VFHQVLRQGĳ$OH[DQGUH

WXUTXH(WOĳLQĠXHQFHGHVSRUFHODLQHV0LQJSHXWÔWUHUHOD\ÓH

21

3KLOLSSH-XQRG

3RUWHOXQH6X]KRX-DUGLQGXPDåWUHGHVğOHWV

3LHUUHVGHUÔYH6X]KRX-DUGLQGXPDåWUHGHVğOHWV

SDU OĳLPSRUWDWLRQ HQ 3HUVH GH IDçHQFHV DQJODLVHV GĳLQVSLUDWLRQ

FKLQRLVH VH WUDGXLUD MXVTXĳÀ QRV MRXUV GDQV OH PRWLI GX

JRPEDG TXLUÓXQLWSDJRGHHWPRQWDJQHVWDQGLVTXHOHGUDJRQ

DSSDUDåW GDQV OH GÓFRU NHUPDQL 'ĳRč OD FRQVWLWXWLRQ GĳXQH

NRLQÒ GÓFRUDWLYH IUXLW GĳXQ PÓWLVVDJH À OĳLQYHQWLRQ WRXMRXUV

UHQRXYHOÓH

2QQHVDXUDLWLFLVXUHVWLPHUOĳLPSRUWDQFHGHVWH[WLOHVDXVVL

IDFLOHVÀWUDQVSRUWHUTXĳÀFRQVHUYHU2EMHWVGHOX[HVLJQHVGH

ULFKHVVHHWGHSUHVWLJHLOVIXUHQWDXVVLOHVYHFWHXUVSULYLOÓJLÓVGH

ODPLJUDWLRQGHIRUPHVHWGHPRWLIVGĳXQHWHFKQLTXHÀOĳDXWUH

'HVPRGÒOHVFLUFXODLHQWWHOVOHVGHVVLQVLQFRUSRUÓVGDQVOĳDOEXP

GH-DFRSR%HOOLQLGX/RXYUHHWGRQWFHUWDLQVPRWLIVWUDKLVVHQW

XQH RULJLQH FKLQRLVH $X ,;H VLÒFOH GÓMÀ OH /LEHU SRQWLğFDOLV

PHQWLRQQHGHVĺb YHODDOH[DQGULD bĻTXLVHPEOHQWDYRLUWUDQVPLV

GHVÓOÓPHQWVH[RWLTXHVLPLWÓVGDQVOĳ,WDOLHPÓULGLRQDOH/HV

LQYHQWDLUHV GHV SDSHV %RQLIDFH 9,,, &OÓPHQW 9

RX GX 9DWLFDQ PHQWLRQQHQW GHV ĺb SDQQL WDUWDULFLb Ļ RX

ĺb WDUWDUHVFKL bĻ&KDXFHUSDUOHGHĺb FORRWKRI7DUV bĻ%RFFDFFLR

GH ĺb GUDSSL >@ WDUWDUHVFKL R LQGLDQL b Ļ /HV QRPEUHXVHV

YDULDWLRQVWHUPLQRORJLTXHVUHOHYÓHVSDU37R\QEHHGDQVGLYHUV

GRFXPHQWVPÓGLÓYDX[ĺbWDUWDLUHWDUWDLOOHWDUWDULVFRWDUWDU\QH

WDUWDULXPbĻHWFPRQWUHQWTXHFHVWLVVXVRULHQWDX[ÓWDLHQWIRUW

UÓSDQGXVHQ(XURSHÀOĳÓSRTXHRč'DQWHGDQVVDGHVFULSWLRQ

GXPRQVWUH*HU\RQ ,QI;9,,YYļSRXYDLWÓFULUH

22

5HWRXUVXUOĳ (XURSHFKLQRLVH

D

DļE3D\VDJHVFKLQRLVGDQVOH*XDQJ[LSUÒVGH<DQJVKXR

3KRWR$QGUÓ:\VV

/RGRVVRHLOSHWWRHGDPERHGXHOHFRVWH

'LSLQWHDYHDGLQRGLHGLURWHOOH

E

&RQSLčFRORUVRPPHVVHHVRYUDSRVWH

QRQIHUPDLGUDSSL7DUWDULQÒ7XUFKL

/ĳRQ VDLW SDU DLOOHXUV TXH FHUWDLQV WLVVXV DVLDWLTXHV RQW

GHVH[HPSOHVÀ3DGRXH*LRWWR$OWLFKLHUR6LHQQH$/RUHQ]HWWL

VHUYL GH OLQFHXOV VXDLUHV RX HPEDOODJHV GH UHOLTXHV WDQGLV

À6)UDQFHVFR)ORUHQFH$QGUHDGD)LUHQ]HÀ601RYHOOD

TXH GHV GÓFRUV VDVVDQLGHV VH UHWURXYDLHQW MXVTXĳDX -DSRQ

9ÓURQH3LVDQHOORRX9HQLVH*%HOOLQL,OHQYDGHPÔPHDX

GDQVOHV7UÓVRUVGX6K÷V÷LQHWGX+RU\XML9,,HV'HVSDSHV

3RUWXJDORXDX1RUGGHV$OSHVQRWDPPHQWGDQVOHVVFÒQHVGH

IXUHQWHQWHUUÓVGDQVGHVVRLHULHVFKLQRLVHVHWGĳDXWUHVÓWRIIHV

PDUW\UHVGHOD)XLWHHQ(J\SWHRXGHOĳ$GRUDWLRQGHV0DJHV

SURYHQDQW Gĳ$VLH FHQWUDOH RQW ÓWÓ UHWURXYÓHV À 9ÓURQH GDQV

/HV WURLV 5RLV GX EDSWLVWÒUH GH 7LQJVWDG HQ 6XÒGH >)LJ @

OH WRPEHDX GH &DQJUDQGH GHOOD 6FDOD PRUW HQ HW GRQW

VFXOSWÓÀODğQGX;,,HVLÒFOHVRQWYÔWXVFRPPHGHVFDYDOLHUV

OHQRPPÔPH NKDQJUDQGH WUDKLWOĳLQVSLUDWLRQRULHQWDOH/HV

VDVVDQLGHV7HOHVWÓJDOHPHQWOHFDVGĳXQSHUVRQQDJHVXUOD

WDSLV VHOMRXNV RQW ÓJDOHPHQW SX WUDQVPHWWUH GHV ÓOÓPHQWV GH

PÓGDLOOHGH/XGRYLFR,,,*RQ]DJDSDU3LVDQHOORHWOHV0RQJROV

PÔPH RULJLQH YRLUH FKLQRLV 0DLV FH VRQW DVVXUÓPHQW OHV

TXĳLODUHSUÓVHQWÓVRQWIDLWOĳREMHWGHQRPEUHX[FRPPHQWDLUHV

VRLHULHVREMHWVQRPDGHVSDUH[FHOOHQFHTXLVRQWOHVSUHPLHUV

'HV ğJXUHV KDELOOÓHV À OD FKLQRLVH RQW ÓWÓ VLJQDOÓHV GDQV

DJHQWVGHWUDQVPLVVLRQQRWDPPHQWHQ,WDOLHRčOHVDWHOLHUV

OH 3DUHPHQW GH 1DUERQQH 2Q VĳHVW SDUIRLV GHPDQGÓ VĳLO

GH /XFTXHV RQW HVVDLPÓ MXVTXĳÀ 9HQLVH HW VXVFLWÓ QRPEUH

VĳDJLVVDLWGHPRGÒOHVYLYDQWVRXWUDQVPLVSDUOHVDUWHIDFWV0DLV

GĳLPLWDWLRQVORFDOHV

VL OD SUÓVHQFH GĳDQLPDX[ H[RWLTXHV RX GH W\SHV RULHQWDX[

2UFHVPRWLIVRULHQWDX[RčORWXVGUDJRQVSKÓQL[HWQXDJHV

HQ ,WDOLH QĳHVW JXÒUH FRQWHVWÓH OD TXHVWLRQ GHV LQĠXHQFHV

FKLQRLV F÷WRLHQW OH EHVWLDLUH VDVVDQLGH RX GHV LQVFULSWLRQV

VW\OLVWLTXHV HVW DX FRQWUDLUH ÂSUHPHQW GLVFXWÓH &ĳHVW GRQF

FRXğTXHVVHUHWURXYHQWVRXYHQWGDQVODSHLQWXUHLWDOLHQQH

VXUFHSRLQWTXĳLOQRXVIDXWPDLQWHQDQWFHQWUHUOHGÓEDW'HX[

4XDQW DX[ UHSUÓVHQWDWLRQV GH W\SHV RX FRVWXPHV HWKQLTXHV

H[HPSOHVVHUYLURQWLFLÀOĳLOOXVWUHUSULVGDQVOHVGRPDLQHVGHOD

HOOHV\VRQWUHODWLYHPHQWIUÓTXHQWHV2QHQFRQQDåWQRWDPPHQW

SHLQWXUHGHSD\VDJHHWGHOĳLFRQRJUDSKLHDUFKLWHFWXUDOH

23

3KLOLSSH-XQRG

7UDQVPLVVLRQRXFRçQFLGHQFHV"

/D TXHVWLRQ HVW GĳLPSRUWDQFH 'DQV XQ DUWLFOH SXEOLÓ HQ

5 :LWWNRZHU UDSSHODLW TXH GHX[ WKÓRULHV VĳDIIURQWHQW LFL GLIIX

VLRQQLVPH HW SDUDOOÓOLVPH - 1HHGKDP OĳDYDLW SUÓFÓGÓ VXU

FH WHUUDLQ HW ) +ÓEHUW6WHYHQV 2 *UDEDU RX & *LQ]EXUJ

GHYDLHQWÀOHXUWRXUUHSUHQGUHOHGÓEDWPÓWKRGRORJLTXHVXUOH

FRPSDUDWLVPH (Q GDQV VD PRQXPHQWDOH ÓWXGH VXU

%RUREXGXU XQHHQWUHSULVHVWUXFWXUDOLVWHDYDQWODOHWWUH3DXO0XV

DYDLWGÓMÀDQDO\VÓODWUDQVPLVVLRQGXV\PEROLVPHFRVPRORJLTXH

GHVDUFKLWHFWXUHVDVLDWLTXHVGHSXLVOHVS\UDPLGHVGĳ(J\SWHRX

GH0ÓVRSRWDPLHMXVTXĳDX[SDJRGHVGX-DSRQHQSDVVDQWSDU

OH VWXSD LQGLHQ 'L[ DQV SOXV WDUG & /ÓYL6WUDXVV UHSRVDLW

OH SUREOÒPH À SURSRV GHV DQDORJLHV VRXYHQW UHOHYÓHV HQWUH

PRWLIVGÓFRUDWLIVGHOD&KLQHDQFLHQQHHWGHODF÷WHQRUGRXHVW

GH Oĳ$PÓULTXH 5HQYR\DQW GRV À GRV OHV SDUWLVDQV GHV GHX[

K\SRWKÒVHV LO QRWDLW FHSHQGDQW TXH OĳDEVHQFH GH FRQQH[LRQV

KLVWRULTXHVÓWDEOLHVQHGLVSHQVDLWSDVGĳHVVD\HUGHUHQGUHFRP

SWH GHV UHVVHPEODQFHV IRUPHO HV QL YLFH YHUVD 0DLV LO PHWWDLW

HQJDUGHFRQWUHGHVUDSSURFKHPHQWVĺbLQFRPSDWLEOHVDYHFOHV

H[LJHQFHVGHODJÓRJUDSKLHHWGHOĳKLVWRLUHbĻ&HOOHVFLÓWDQW

VDWLVIDLWHVHQOĳRFFXUUHQFHFRPPHQRXVOĳDYRQVYXLOFRQYLHQW

GRQFGHURXYULUOHGRVVLHU

*+XGVRQDYDLWHVWLPÓTXHODFKDUJHGHODSUHXYHGHYDLW

LQFRPEHUDX[SDUWLVDQVGHOĳK\SRWKÒVHGHVFRçQFLGHQFHV2U

WHOQĳHVWJÓQÓUDOHPHQWSDVOHFDV%HUQDUG%HUHQVRQOHSUHPLHU

HQÀDYRLUÓYRTXÓOD&KLQHÀSURSRVGH6DVVHWWDHWGHOD

SHLQWXUHVLHQQRLVHVĳÓWDLWFRQWHQWÓGĳXQHFRPSDUDLVRQHQWHUPHV

WUÒVJÓQÓUDX[HQWUHVSLULWXDOLWÓVERXGGKLTXHHWIUDQFLVFDLQH

(QWUHWHPSVODTXHVWLRQGHVLQĠXHQFHVHWHPSUXQWVIXWPDLQWHV

IRLVVRXOHYÓHHQSDUWLFXOLHUSDU:%RGH20đQVWHUEHUJ

)50DUWLQ05H\PRQG2)DONH9*RORXEHZ*GH

OD7RXUHWWH*6RXOLHU-3OHQJH-6WU]\JRZVNL(:$QWKRQ\ 3ÓNLQ&LWÓLQWHUGLWHMDUGLQGHOĳ(PSHUHXU

,9 3RX]\QD / 2OVFKNL - %DOWUXVDLWLV - 6LS * 3RFKDW

++RQRXU5(WLHPEOH'+RZDUGRX+7DQDND&HSHQGDQW

GRXWHV HW UÓWLFHQFHV VĳÓWDLHQW ELHQW÷W PDQLIHVWÓV :LWWNRZHU

HVWLPDLWDLQVLTXHOHVUHVVHPEODQFHVHQWUHSHLQWXUHFKLQRLVHHW

HWLQVLVWDLWVXUOHVGLIIÓUHQFHVSOXW÷WTXHVXUOHVUHVVHPEODQFHV

IRQGVGHSD\VDJHVVLHQQRLVĺbUHOÒYHQWGĳXQHFRQYHUJHQFHSOXW÷W

(QDSUÒVDYRLUFLWÓ%HUHQVRQHW%DOWUXVDLWLVHWPHQWLRQQÓ

TXH GĳXQH DVVLPLODWLRQ GĳÓOÓPHQWV LPSRUWÓVb Ļ HW 7XFFL RX

TXHOTXHVQRPVGHSHLQWUHVLWDOLHQVRXDOOHPDQGVGHOD5HQDLV

(WLHPEOHÓPHWWDLHQWTXHOTXHVUÓVHUYHVVXUOHVWKÒVHVH[FHVVLYHV

VDQFHLOSUÓIÓUDLWSDUOHUGHĺbUHQFRQWUHbĻSOXW÷WTXHGĳĺbLPLWDWLRQbĻ

GH3RX]\QD0DLV+LGHPLFKL7DQDNDDOODLWUHSUHQGUHOHGÓEDW

DXVXMHWGHODWURXEODQWHUHVVHPEODQFHHQWUHOHIDPHX[WH[WHGH

HW UHODQFHU OD TXHVWLRQ GHV LQVFULSWLRQV FRXğTXHV GDQV OĳDUW

/ÓRQDUGVXUOHPXUOÓSUHX[HWFHOXLGH6RQJ7LPDLVLOFRQFÓGDLW

FKUÓWLHQGÓMÀVRXOHYÓHÀSOXVLHXUVUHSULVHV,OGHYDLW\DMRXWHU

TXHODSUÓVHQFHHQ2FFLGHQWGHURFKHUVSHUFÓVGHQXDJHVHW

FHOOHGHVLQVFULSWLRQVPRQJROHVGDQVODSHLQWXUHLWDOLHQQHGHOD

GHGUDJRQVUHOÒYHELHQGĳHPSUXQWVFRQVFLHQWV(QHQğQ

ğQGXPR\HQÂJH

GDQVXQHÓWXGHFRPSDUDWLYHGXSD\VDJHHQ(XURSHHWHQ&KLQH

/ĳDWWLWXGH DPELJXÖ GH &KDUOHV 6WHUOLQJ LQWHUYHQX À WURLV

LOÓYRTXDLWGHVĺbFRQFRUGDQFHVbĻGHVĺbÓFKRVbĻPDLVQĳ\YR\DLW

UHSULVHVGDQVOHGÓEDWHVWV\PSWRPDWLTXH(QLODYDLWHX

À QRXYHDX TXH GHV ĺb FRçQFLGHQFHVb Ļ KÓVLWDQW À DGPHWWUHGHV

OH PÓULWH GH SRVHU SRXU OD SUHPLÒUH IRLV GH IURQW OH SUREOÒPH

FRQWDFWV RX WUDQVPLVVLRQV &RQVWDWDQW TXH /RUHQ]HWWL UHMRLQW

GHOĳDOWHUQDWLYHHQWUHFRçQFLGHQFHVHWWUDQVPLVVLRQVÀSURSRVGX

:DQJ:HLLOFRQFOXDLWÀXQHĺbSDUHQWÓWRXWHVSLULWXHOOHbĻWRXWHQ

SD\VDJH $SUÒV DYRLU ÓQXPÓUÓ GLYHUVHV DQDORJLHV LO VĳDYRXDLW

DGPHWWDQWTXH/RUHQ]R0RQDFRDYDLWSHXWÔWUHYXXQ NDNHPRQR

FHSHQGDQWĺbGÓFRQFHUWÓbĻSDUODLWGHĺbVLPLOLWXGHVWURPSHXVHVbĻ

ORUVTXĳLOSHLJQDLWVHV 0DJHV GH%HUOLQ'LVWLQJXDQWHQVXLWHVXU

24

5HWRXUVXUOĳ (XURSHFKLQRLVH

5RFKHUVDUWLğFLHOVGDQV-RKDQ1LHXKRII $PEDVVDGHGHOD

&RPSDJQLHGHV,QGHV2ULHQWDOHV

-RKDQQ%HUQKDUG)LVFKHUYRQ(UODFK (QWZXUIHLQHUKLVWR

*HRUJHV/RXLV/H5RXJH -DUGLQVDQJORFKLQRLV FDKLHU;,, ULVFKHU$UFKLWHNWXU WDE;9S

XQ FDVVRQH ĠRUHQWLQ GHV QXDJHV HW GUDJRQV XQ SKÓQL[ FKH]

SDLQVGHVXFUHbĻLOVHGHPDQGDLWHQFRUHĺb([LVWHWLOXQHLQĠXHQFH

/XFDVGH/H\GHGHVÓOÓPHQWVRULHQWDX[GDQVOHV (QIHUV GH

GLUHFWH"bĻ

%RVFKLODOODLWMXVTXĳÀÓFULUHTXHĺbGDQVGHQRPEUHX[WDEOHDX[

WDQW LWDOLHQV TXH ĠDPDQGV GH VLQJXOLHUV URFKHUV DX[ VRPPHWV

UHFRXUEÓVQHVRQWTXHGHVWUDQVFULSWLRQVGHPRQWDJQHVFKLQRL

'HVPRQWDJQHVYDJDERQGHV

VHVPDOFRPSULVHVbĻ0DLVLOVĳHPSUHVVDLWDXVVLW÷WGĳDIğUPHU

TXHOHVYUDLVFRQWDFWVQHVRQWSDVDQWÓULHXUVDX;9,,,HVLÒFOHHW

'DQVOHFDWDORJXHGHOĳH[SRVLWLRQUÓFHPPHQWFRQVDFUÓHÀ-3D

GHPLQLPLVHUOHXUSRUWÓHHQDIğUPDQWTXHOD&KLQHDXUDLWSOXV

WLQLU SDU OH 0XVÓH GX 3UDGR VXU OHV WDEOHDX[ UHSURGXLWV

SURğWÓGHOĳLQĠXHQFHHXURSÓHQQHSDUOĳDSSRUWGHODSHUVSHFWLYH

FRQWLHQQHQWGHFHVH[WUDYDJDQWVURFKHUVSHUFÓVRXHQVXUSORPE

TXHUÓFLSURTXHPHQW

GRQW RQ VHUDLW ELHQ HPSUXQWÓ SRXU WURXYHU GHV PRGÒOHV GDQV

(Q-DFTXHV%RXVTXHWFRQVWDWDLWÀVRQWRXUTXĳLO ĺb HVW

OH3ODW3D\V>)LJ@2UODTXHVWLRQGĳXQDSSRUWGHODSHLQWXUH

LPSRVVLEOH GH QH SDV ÔWUH IUDSSÓ SDU OD UHVVHPEODQFH GH

FKLQRLVH Qĳ\ HVW PÔPH SDV SRVÓH DORUV TXĳRQ QRXV SURSRVH

FHUWDLQV GH FHV SDQRUDPDV HW SD\VDJHV PDQLÓULVWHV DYHF OD

GH FKHUFKHU OHV VRXUFHV GHV PRQWDJQHV GX SHLQWUH GDQV OHV

SHLQWXUH FKLQRLVHb Ļ 'ÓFULYDQW FHV ĺb PRQWDJQHV HQ VXUSORPE

HQYLURQV GH OD 0HXVH 2Q VDLW TXH FH JHQUH GH SD\VDJHV

LPSRVVLEOHbĻFHVĺbDPRQFHOOHPHQWVSURGLJLHX[GĳLPSUREDEOHV

IDQWDVWLTXHV QĳHVW SDV LQFRQQX GDQV OD SHLQWXUH LWDOLHQQH

25

3KLOLSSH-XQRG

D

E

DļE3DOD]]R=XFFDULÀ5RPHYLD*UHJRULDQDVT

*LRYDQQLGL3DROR%DUWRORPHRGL*LRYDQQL6DVVHWWD&ULVWRIRUR

-YDQ&OHYH-GH0RPSHU-YDQ6FRUHO56DYHU\0GH9RV

&DVHOOL /LEHUDOH GD 9HURQD (UFROH GHĳ 5REHUWL )UDQFHVFR

0 %RFNVEHUJHU - 6ZDUW YDQ *URQLQJHQ OH 0RQRJUDPPLVWH

GL *LRUJLR 0DUWLQL 0DQWHJQD &RVPÒ 7XUD &DUSDFFLR

$b+OH0DåWUHGHV'HPLğJXUHVFHOXLGH0HVVNLUFK/%HFN

*LRUJLRQH 6DYROGR 3LQWXULFFKLR /HRQDUGR %HUQDUGLQR

5 )UXHDXI 0 6FKRQJDXHU 0 :ROJHPXW + 7UDXW $ 'đUHU

/XLQL )UDQFHVFR GHO &RVVD &RUUHJJLR RX *LURODPR GD

10DQXHO'HXWVFK/&UDQDFKRX00HULDQ

&DUSL OH SURXYHQW 0DLV LO HVW VXUWRXW IUÓTXHQW DX 1RUG GHV

/ĳDUJXPHQW SDUIRLV DYDQFÓ SRXU UÓIXWHU OD WKÒVH GĳXQ OLHQ

$OSHV GÒV OH ;9H VLÒFOH SXLVTXĳRQ HQ WURXYH QRWDPPHQW FKH]

HIIHFWLIDYHFOD&KLQHHVWOHIDLWTXĳRQQĳDXUDLWSDVFRQQDLVVDQFH

5 YDQ GHU :H\GHQ ' %RXWV 6 %HQLQJ / YDQ /DWKHP

GH OD SUÓVHQFH GH URXOHDX[ GH ODYLV 6RQJ RX 0LQJ GDQV OHV

+ YDQ GHU *RHV + 0HPOLQJ / GH /H\GH + 0HW GH %OHV

FROOHFWLRQV HXURSÓHQQHV GH OĳÓSRTXH 8QH DIğUPDWLRQ IDFLOH

+%RVFK3&RHFNHYDQ$HOVW/*DVVHO-0DQG\Q-0RVWDHUW

À UÓIXWHU GĳDERUG SDUFH TXH OĳRQ QH GRLW SDV RXEOLHU TXH OH

40DVV\V$,VHQEUDQGW&(QJHEUHFKWV]&0HWV\V-GH

FRUSXV GHV REMHWV HW GRFXPHQWV TXL VRQW SDUYHQXV MXVTXĳÀ

%HHU - YDQ *HHO - :HOOHQV GH &RFN 3 %UXHJKHO OH 9LHX[

QRXV TXĳLOV VRLHQW FRQVHUYÓV RX VHXOHPHQW GRFXPHQWÓV QH

26

5HWRXUVXUOĳ (XURSHFKLQRLVH

5REHUW'RLVQHDX /ĳ(QIHU

27

3KLOLSSH-XQRG

'UDJRQGH%RPDU]R

UHSUÓVHQWHQWTXĳXQHLQğPHSDUWLHGHFHTXLDH[LVWÓHWODSUHXYH

TXĳLODYDLWUDSSRUWÓHVGH&KLQH(QğQODSUÓVHQFHÀ,VWDPEXOÀ

SDU OĳDEVHQFH WRXMRXUV SURYLVRLUH HW FRQWHVWDEOH FRQYDLQF LFL

OĳÓSRTXHGH0HKPHW,,GHSHLQWXUHVFKLQRLVHVPRQWUHTXHOHXU

GĳDXWDQWPRLQVTXHODIUDJLOLWÓGHVVXSSRUWVSRXUUDLWÀHOOHVHXOH

FRQQDLVVDQFH ÓWDLW SRVVLEOH GDQV OD 0ÓGLWHUUDQÓH RULHQWDOH \ H[SOLTXHUOHXUGLVSDULWLRQ/ĳRQUDSSHOOHUDÀWLWUHGĳH[HPSOHTXH

FRPSULVGDQVOHVFRPSWRLUVLWDOLHQV3DUDLOOHXUVQRVURFKHUV

OHVGHX[SDUDYHQWVDUWLFXOÓVRIIHUWVÀ*UÓJRLUH;,,,HQSDU

SRXUUDLHQWDXVVLELHQDYRLUÓWÓWUDQVPLVSDUGĳDXWUHVYRLHV/HV

TXDWUHFRQYHUVMDSRQDLVRQWWRXWVLPSOHPHQWGLVSDUXGHVSDODLV

PRWLIVYDJDERQGVSHXYHQWFKDQJHUGHFRXUVLHUFĳHVWÀGLUHGH

GX9DWLFDQ2UFRPPHQRXVOĳDYRQVYXGHVDUWHIDFWVH[WUÔPH

VXSSRUWOHSKÓQL[GHVVWDOOHVGH63LHWURÀ3HUXJLDQĳ\ RULHQWDX[ VRQW DWWHVWÓV GDQV GLYHUVHV FROOHFWLRQV &HOOH GH

HVWSDVDUULYÓHQYRODQWGHVHVSURSUHVDLOHVPDLVSHXWÔWUHVXU

3KLOLSSH,,Gĳ(VSDJQHFRPSUHQDLWWURLVSHLQWXUHVFKLQRLVHVHWLO

XQWLVVXGXW\SHGHFHOXLTXLDVHUYLGHPRGÒOHDXIUDJPHQWGH

\HQDYDLWÓJDOHPHQWWURLVGDQVFHOOHGHOĳDUFKLGXF)HUGLQDQGGH

FKDVXEOHFRQVHUYÓDX0XVÓHGH&OHYHODQGRXVXUODSDQVH

+DEVERXUJDX&KÂWHDXGĳ$PEUDVGRQWGHX[VRQWFRQVHUYÓHV

GĳXQYDVHFKLQRLVDQDORJXHÀFHOXLTXLğJXUHGDQVOĳ $QQRQFLDWLRQ

DXMRXUGĳKXLDX.XQVWKLVWRULVFKHV0XVHXPGH9LHQQH4XDQW

GXUHWDEOHGĳ2UOLHUSHLQWSDU6FKRQJDXHUYHUV0XVÓHGH

DX SUHPLHU LQYHQWDLUH GH 5RGROSKH ,, À 3UDJXH HQ LO

&ROPDUb)LJ

PHQWLRQQHĺb 1HXQVWXFN]XVDPPHQJHUXOWHVLQGLDQLVFKPDOZHUN bĻ

0DLVLO\DSOXV8QH 7HQWDWLRQGHVDLQW$QWRLQHļF

ÓWDQWHQWHQGXTXĳĺbLQGLHQbĻVLJQLğHLFLFKLQRLV(QGÓMÀ

GĳXQPDåWUHDQYHUVRLVFRQVHUYÓHDX1HOVRQ$WNLQV0XVHXPGH

)HUQDR3HUH]Gĳ$QGUDGHPRQWUDLWDXURL0DQXHOGHVSHLQWXUHV

.DQVDV&LW\>)LJDļE@HWGRQWOĳDWWULEXWLRQHVWSDVVÓHGH-DQ

28

5HWRXUVXUOĳ (XURSHFKLQRLVH

6WDOOHVGHODFDWKÓGUDOHGH%ÂOH0XVÓHKLVWRULTXH

/LQWHDXNKPHUGÓWDLO3UDVDW.RNL,;HVLÒFOH3DULV0XVÓH

*XLPHW

*RVVDHUWÀOĳHQWRXUDJHGH-DQ:HOOHQVGH&RFNQRXVIRXUQLW

&RPPHQW OĳDUWLVWH DQYHUVRLV DXUDLWLO SX LQYHQWHU HW PÔPH

SHXWÔWUH OD SUHXYH UHFKHUFKÓH FĳHVW À GLUH OH PLVVLQJ OLQN

UÓXQLUFHVGHX[ÓOÓPHQWVVLFDUDFWÓULVWLTXHVRQSRXUUDLWPÔPH

(Q HIIHW GHUULÒUH OD VFÒQH XQH ÓWUDQJH RXYHUWXUH FLUFXODLUH

GLUH HPEOÓPDWLTXHV VDQV DYRLU HX GH PRGÒOHV " 5HVWH À

GRQQHVXUXQSD\VDJHRčOĳRQUHWURXYHQRVIDPHX[URFKHUV/H

VDYRLU OHVTXHOV &HUWDLQHV ĺb SLHUUHV GH UÔYHb Ļ FKLQRLVHV >)LJ

FDWDORJXHGHOĳH[SRVLWLRQGH+DPERXUJPHQWLRQQÓSOXVKDXWQĳ\ @ ÓYRTXDQW GHV FKDåQHV GH PRQWDJQHV RQW SX YR\DJHU

YRLWTXĳXQHDUFKLWHFWXUHLWDOLHQQH4XDQWÀFHOXLGX0XVÓHGH

2Q VDLW DXVVL TXH OĳRQ WURXYH GDQV OH VXG GH OD &KLQH DX

.DQVDV&LW\LQWULJXÓSDUFHWWHĺb GHFLGHGO\IDQWDVWLFDUFKLWHFWXUH bĻ

+XDQJ 6KDQ RX DX *XDQJ[L SDU H[HPSOH >)LJ DļE@ GHV

LO HQ FKHUFKH OĳRULJLQH GDQV OĳHQWUÓH GĳXQH JURWWH UHSUÓVHQWÓH

IRUPDWLRQV JÓRORJLTXHV GH FH W\SH PRQWDJQHV HQ SDLQV GH

GDQVXQH 7HQWDWLRQGH6W$QWRLQH JUDYÓHSDU:HOOHQVGH&RFN

VXFUHVXUSORPEVYHUWLJLQHX[URFKHUVSHUFÓVTXHOHVSHLQWUHV

PDLVGRQWODIRUPHHVWPDQLIHVWHPHQWWRXWHGLIIÓUHQWH(QIDLW

PDLVDXVVLOHVMDUGLQLHUVVHVRQWVRXYHQWDWWDFKÓVÀUHSURGXLUH

LOVĳDJLWÀOĳÓYLGHQFHGĳXQHĺbSRUWHOXQHbĻW\SLTXHPHQWFKLQRLVH

>)LJ@'ĳDXWUHVVRXUFHVTXHSLFWXUDOHVSRXUUDLHQWGRQFÔWUH

>)LJ@GRQWRQQHFRQQDåWDXFXQDXWUHH[HPSOHHQ2FFLGHQW

HQYLVDJÓHV0DWWHR5LFFLGÓFULUDELHQW÷WGDQVXQMDUGLQFKLQRLV

DYDQW&KDPEHUVRX/HGRX[ĺb,OPHIDOODLWYHQLULFLSRXUYRLU

ĺb XQ URFKHU DUWLğFLHOOHPHQW IDLFW GH GLYHUV PDUEUHV QRQSROLV

GHVSRUWHVGHVIHQÔWUHVGHWRXWHIDÎRQHWGHWRXWHğJXUHGH

OHTXHOHVWRLWSURSUHPHQWFUHXVÓHQJURWWHVbĻ'HVIRUPDWLRQV

URQGHVGĳRYDOHVGHFDUUÓHVHWGHWRXVOHVSRO\JRQHVbĻÓFULUD

URFKHXVHV DQDORJXHV DSSDUDLVVDLHQW GDQV OHV LOOXVWUDWLRQV GX

SOXVWDUGOH3ÒUH$WWLUHW

9R\DJH GH-RKDQ1LHXKRIIHQ>)LJ@(WORUVTXH)LVFKHU

29

3KLOLSSH-XQRG

/LQWHDXNKPHUGÓWDLO3UDVDW.RNL,;HVLÒFOH3DULV0XVÓH*XLPHW

YRQ (UODFK UHSUHQGUD OH PRWLI GDQV OH WURLVLÒPH OLYUH GH VRQ

OHVGHVVLQVGH*&DVWLJOLRQH,6LFNHOEDUWHW-'$WWLUHW&H

+LVWRLUHXQLYHUVHOOHGHOĳDUFKLWHFWXUH FHVHUDSRXUOHTXDOLğHUGH

GHUQLHUÓWDLWGĳDLOOHXUVÓJDOHPHQWIDVFLQÓFRPPHOH3ÒUH0LFKHO

ĺbPRQWDJQHVHWFDYHUQHVDUWLğFLHOOHVÀODFKLQRLVHbĻHWOHVLWXHU

%HQRLVW SDU FHV ĺb PRQWDJQHV IDFWLFHVb Ļ REVHUYÓHV GDQV OHV

ĺb GDQV OD SURYLQFH FKLQRLVH +HQVLb Ļ >)LJ @ 9RLVLQDQW VXU

MDUGLQVGHOĳ(PSHUHXU

XQHPÔPHSODQFKHDYHFODUHSUÓVHQWDWLRQGĳXQHSDJRGHFHV

FRQVWUXFWLRQV VHPEOHQW DQQRQFHU OHV ĺb IDEULTXHVb Ļ GHV IXWXUV

'HVPDVTXHVÓQLJPDWLTXHV

MDUGLQV GLWV DQJORFKLQRLVb /H 5RXJH SRXUUD DLQVL SURMHWHU FH

VFKÓPDVXUOĳÓWXGHGHVURFKHUVGHODIRUÔWGH)RQWDLQHEOHDXRX

ĺb 2Q SHXW FRQFHYRLU OĳLFRQRJUDSKLH GH SOXVLHXUV PDQLÒUHV ļ

GHVSD\VDJHVGH9HUQHW>)LJ@2QQRWHUDHQğQODSUÓVHQFH

ÓFULYDLW+HQUL)RFLOORQļVRLWFRPPHODYDULDWLRQGHVIRUPHVVXU

GHPRQWDJQHVÀVXUSORPEVGDQVFLQTGHVVHL]HHVWDPSHVGHV

XQPÔPHVHQVVRLWFRPPHODYDULDWLRQGHVVHQVVXUODPÔPH

&RQTXÔWHV GH OĳHPSHUHXU 4LDQORQJ > .ĳLHQ/RQJ@ JUDYÓHV À

IRUPHb Ļ &ĳHVW GH FHWWH GHUQLÒUH TXĳLO YD VĳDJLU GDQV QRWUH

3DULVGHÀVRXVODGLUHFWLRQGH&1&RFKLQGĳDSUÒV

VHFRQGGRVVLHU

30

5HWRXUVXUOĳ (XURSHFKLQRLVH

%RPDU]RJURWWHGHOĳ 2UFR

/DSRUWHHWOHVIHQÔWUHVGXPXUTXLIHUPDLWÀOĳRULJLQHOHMDUGLQ

/DIRUWXQHGHFHPRWLIXQHRXYHUWXUHHQIRUPHGHJXHXOHGH

GX3DOD]]R=XFFDULÀ5RPHYLD*UHJRULDQD>)LJDļE@VRQW

PRQVWUHSULYÓHGHVDPÂFKRLUHLQIÓULHXUHWÓPRLJQHGHVDSUREDEOH

ELHQFRQQXHVHWRQWIDLWOĳREMHWGHQRPEUHX[FRPPHQWDLUHV

ĺb EDQDOLVDWLRQb Ļ RX QHXWUDOLVDWLRQ LFRQRJUDSKLTXH ,O RUQH HQ

2Q\DYXSDUH[HPSOHXQHUHODWLRQDYHFXQSDVVDJHGH9DVDUL

HIIHWOHVFKHPLQÓHV GH OD 9LO D 7KLHQH À 9LFHQ]D SUREDEOHPHQW

FRPSDUDQW OD IDÎDGH GĳXQ SDODLV DYHF XQ YLVDJH 3DUPL OHV

GXHV À $OHVVDQGUR 9LWWRULD ļ FRPPH FHO HV GH OD

VRXUFHVSRVVLEOHVGHFHWHQVHPEOHHQWUHSULVHQOHWKÒ

9LO D'HO D7RUUHÀ)LXPDQHDYDQWDWWULEXÓHVÀ%DUWRORPHR

PH GH OD SRUWH GH Oĳ(QIHU TXL UÓDSSDUDåW GDQV OH WLWUH GĳXQH

5LGROğDLQVLTXHOHVJURWWHVGHVMDUGLQVGHOD9LO D*LXVWLÀ9HURQD

SKRWRJUDSKLH GH 5REHUW 'RLVQHDX VHPEOH VĳLPSRVHU

ļRXFHO HVGHOD9LO D$OGREUDQGLQLÀ)UDVFDWL

DX SUHPLHU DERUG >)LJ @ 0DLV ELHQ TXĳLO DLW ÓWÓ WUDLWÓ SDU

F2QOHUHWURXYHMXVTXHGDQVXQGHVVLQGH%RUURPLQLSRXUXQH

=XFFDUL GDQV VHV LOOXVWUDWLRQV GX SRÒPH GH 'DQWH LO SDUDåW

SRUWHGHSULVRQļ%LEOLRWKÒTXH9DWLFDQH

GLIğFLOHGHOHUHOLHUDXSURJUDPPHLFRQRJUDSKLTXHGHODPDLVRQ

0DLVFĳHVWGDQVOHSDUFGH%RPDU]RTXLOXLDXVVLDIDLWFRXOHU

GHOĳDUWLVWH

EHDXFRXS GĳHQFUH TXH VHPEOH DSSDUDåWUH SRXU OD SUHPLÒUH

31

3KLOLSSH-XQRG

6RQ FDUDFWÒUH XQLTXH HVW DIğUPÓ SDU OĳXQH GHV QRPEUHXVHV

LQVFULSWLRQVGXSDUF

&+(62/6(67(662(18//ĳ$/752620,*/,$

1LVDGDWDWLRQ2UVLQLHVWPRUWHQQLOĳDWWULEXWLRQGHV

VFXOSWXUHVQHVRQWFODLUHPHQWGRFXPHQWÓHV(WELHQTXĳRQOXLDLW

SUÔWÓPDLQWHVVRXUFHV2YLGH9LUJLOH/XFUÒFH(SLFXUH'DQWH

3ÓWUDUTXH +RUDSROOR OH 6RQJH GH 3ROLSKLOH 0DUVLOLR )LFLQR

6DQQD]]DUR%RLDUGR 3XOFL$ULRVWH%HUQDUGR7DVVR3LUUR/LJR

ULR 5DEHODLV *XLOODXPH 3RVWHO HWF HW PDOJUÓ OĳDERQGDQFH

GHV LQVFULSWLRQV HW GH OD FRUUHVSRQGDQFH GX PDåWUH GĳþXYUH

OHV WHQWDWLYHV GĳÓOXFLGDWLRQ LFRQRJUDSKLTXH RX OHV UHFKHUFKHV

GH SURYHQDQFH IRUPHOOH QĳRQW SDV MXVTXĳLFL UHQFRQWUÓ GH FRQ

VHQVXV$OĳLQVWDUGXIDPHX[ 'ÓVHUWGH5HW] FHĺbMDUGLQGHVPRQ

VWUHVb Ļ D IDVFLQÓ FHUWDLQV 6XUUÓDOLVWHV VDQV GRXWH VÓGXLWV SDU

VRQDPELJXçWÓTXLSHUPHWWDLWWRXWHVOHVSURMHFWLRQV'DOLHQD

IDLWXQğOP%UDVVDçOĳDSKRWRJUDSKLÓ.DUHO:LOOLQNOXLDFRQVDFUÓ

FLQTWDEOHDX[LODLQVSLUÓXQURPDQ0DQXHO0XMLFD/DLQH]HW

PÔPHXQRSÓUD$OEHUWR*LQDVWHUD(Q$QGUÓ3LH\UHGH

0DQGLDUJXHVTXLGÓQRQÎDLWOHVLOHQFHGHVKLVWRULHQVÀVRQVXMHW

HQSURSRVDLWXQHOHFWXUHRULHQWÓHSDUGLYHUVHVDVVRFLDWLRQVDYHF

0DVFKHURQHGH%RPDU]R

6DGH /DXWUÓDPRQW RX %HOOPHU /D PÔPH DQQÓH ÓJDOHPHQW

PDUTXÓ SDU OD VHQVLELOLWÓ VXUUÓDOLVWH *XVWDY 5HQÓ +RFNH

LQYRTXDLW 0D[ (UQVW &KDJDOO 'DOL HW 5RGROSKH ,, SRXU VLWXHU

IRLVOĳXWLOLVDWLRQPRQXPHQWDOHGHODSRUWHHQIRUPHGHJXHXOH

OĳHVSULWGH%RPDU]R

8QHGDWHLQVFULWHVXUXQURFKHUPDUTXHSUREDEOHPHQWOH

6L OD OHFWXUH VLQJXOLÒUHPHQW UÓGXFWULFH GĳXQ %HQRLVW0Ó

GÓEXWGHVWUDYDX[/ĳHQWUÓHGHODJURWWHGLWHGHOĳ2JUHFRQVWLWXH

FKLQ SRXU TXL FH ODE\ULQWKH HVW ĺb VXUJL GHV IDQWDVPHV GĳXQ

OĳXQHGHVFXULRVLWÓVPDMHXUHVGX 6DFURERVFR'DQVXQHOHWWUH

GÓVÓTXLOLEUÓb Ļ QĳHVW JXÒUH ÓFODLUDQWH RQ D VRXYHQW FKHUFKÓ

GX GÓFHPEUH $QQLEDO &DUR FRQVXOWÓ SDU 9LFLQR 2U

XQH FOÓ GH OHFWXUH GX F÷WÓ GHV JRďWV HW GH OD FXOWXUH GX

VLQL SRXU ÓODERUHU OH SURJUDPPH GHV IUHVTXHV GH VRQ SDODLV

FRPPDQGLWDLUH 2U LO VHPEOH TXH 9LFLQR 2UVLQL ÓWDLW FXULHX[ GH

YRLVLQ OD %DWDLOOH GHV JÓDQWV TXDOLğH OHV VFXOSWXUHV GX SDUF

YR\DJHVHWGHGÓFRXYHUWHVFRPPHOHVXJJÒUHSDUDLO HXUVXQH

GHĺb PHUDYLJOLH bĻ HWGHĺb FRVHVWUDYDJDQWLHVRSUDQQDWXUDOL bĻ

DXWUHLQVFULSWLRQGDQVOHSDUF

4XDQGRQVDLWTXHOHVSHLQWXUHVHQTXHVWLRQIXUHQWH[ÓFXWÓHV

SDUOĳDWHOLHUGHV=XFFDULRQHVWWHQWÓGHSHQVHUTXH)HGHULFRD

92,&+(3(/021'2*,7((55$1'29$*+,

SXWURXYHUÀ%RPDU]ROĳLGÓHGHVSRUWHVHWIHQÔWUHVGHVDPDLVRQ

',9('(50(5$9,*/,($/7((76783(1'(

URPDLQH&HWWHK\SRWKÒVHODQFÓHSDU0DULR3UD]DÓWÓUHSULVH

9(1,7(48$'29(621)$&&,(+255(1'(

HQWUHDXWUHVSDU0DQGLDUJXHV+RFNH&DOYHVLRX%UHGHNDPS

(/()$17,/(21,256,25&+,(7'5$*+,

2UOĳDVVRFLDWLRQHQWUHODJXHXOHGXPRQVWUHHWFHOOHGH/ÓYLDWKDQ

ÓWDLWGÓMÀSUÓVHQWHÀ%RPDU]RRčVLOĳRQHQFURLWOHGHVVLQGH

(QGÓSLWGHOĳÓFOHFWLVPHPDQLIHVWHGHVVRXUFHVGĳLQVSLUDWLRQ

*LRYDQQL *XHUUD OĳLQVFULSWLRQ ğJXUDQW À OĳHQWUÓH GH OD JURWWH

GX PDåWUH GHV OLHX[ OD YUDLVHPEODQFH GĳXQH YHLQH RULHQWDOH

GHOĳ 2UFR FLWDLWHQODSDURGLDQWOD 'LYLQHFRPÓGLHĺb /DVFLDWH

VHPEOH VĳLPSRVHU HW TXHOTXHV DXWHXUV \ RQW ÓWÓ VHQVLEOHV

RJQL SHQVLHUR YRL FKĳHQWUDWH b Ļ /D SUÓVHQFH GĳXQ &HUEÒUH

&HUWHVODOÓJHQGHGHVSULVRQQLHUVWXUFVGHODEDWDLOOHGH/ÓSDQWH

YRLUHGH3HUVÓSKRQHGDQVOHMDUGLQVHPEOHUDLWFRQğUPHUFHWWH

TXLDXUDLHQWWDLOOÓOHVPRQVWUHVGXSDUFQĳHVWSDVGÓIHQGDEOHQL

OHFWXUH0DLVODSRUWHGHOĳ(QIHUHVWHOOHYUDLPHQWODVHXOHVRXUFH

ODFRPSDUDLVRQTXHIDLW+RFNHHQWUHFHVURFKHUVVFXOSWÓVHWXQ

IRUPHOOHSRVVLEOHGHQRWUHPRWLIHWFHWWHDVVRFLDWLRQH[FOXWHOOH

%RXGGKDPRQXPHQWDOLQGLHQGH7HS3UDQDP0DLV0DULR3UD]

ODSRVVLELOLWÓGĳXQHRULJLQHSOXVORLQWDLQH"

GDQVVRQÓWXGHSLRQQLÒUHVXU%RPDU]RHQDYDLWGÓMÀVRXOLJQÓ

/HV GHX[ VSKLQJHV TXL PDUTXDLHQW OĳHQWUÓH RULJLQHO H GX

OĳDWPRVSKÒUH H[RWLTXH ÓYRTXDQW À WURLV UHSULVHV XQH SDUHQWÓ

ODE\ULQWKH GH %RPDU]R SRXUUDLHQW HPEOÓPDWLVHU OH P\VWÒUH

DYHFGHVPRQXPHQWVGHOĳ,QGHHWGHOD&KLQH8QHK\SRWKÒVH

SHUVLVWDQW GĳXQ HQVHPEOH TXL SDUDåW UÓVLVWHU À WRXWHV OHV LQWHU

VÓGXLVDQWHSRXUTXLFRQQDåWOHVEHVWLDLUHVGHSLHUUHGHVSDUFV

SUÓWDWLRQV ELHQ TXH OH GRPDLQH DLW ÓWÓ H[RUFLVÓ HQ

FKLQRLVRčDERQGHQWOHVVFXOSWXUHVPRQXPHQWDOHVGĳDQLPDX[HW

32

5HWRXUVXUOĳ (XURSHFKLQRLVH

%RUREXGXU-DYDGÓEXW,;HVLÒFOHGĳDSUÒV.DUO:LWK -DYD

3UDPEDQDQ-DYD7HPSOHGHqLYD,;HVLÒFOHGĳDSUÒV0DXULFH

EXGGKLVWLVFKHXQGEUDKPDQLVFKH$UFKLWHNWXUXQG3ODVWLN

39HUQHXLO /HVWHPSOHVGHODSÓULRGHFODVVLTXHLQGRMDYD

+DJHQ

QDLVH 3DULV

GHFKLPÒUHV2USDUPLFHOOHVFLOHGUDJRQHWOĳÓOÓSKDQWWRXV

P\WKHGHOĳ$WODQWLGH0DLVVLOĳRQSHXWVXLYUH%UHGHNDPSTXDQW

GHX[ SUÓVHQWV LFL QH VRQW SDV UDUHV (XJHQLR %DWWLVWL VRXV OD

ÀOĳRULJLQHLQGLHQQHGHOĳÓOÓSKDQWļHWOĳRQSRXUUDLWGĳDLOOHXUV

UXEULTXHGHOĳ DQWLULQDVFLPHQWR VĳLQWÓUHVVDLWÀVRQWRXUDX-DUGLQ

\DMRXWHUXQUDSSHOGHOĳLFRQRJUDSKLHGH%UDKPDÀSURSRVGHV

GHV PRQVWUHV TXĳLO TXDOLğDLW GH ĺb :XQGHUNDPPHU DOOĳDSHUWR b Ļ

GHX[ -DQXV TXDGULIURQWHV GH %RPDU]R ļ FĳHVW À OD &KLQH TXĳLO

,O ÓYRTXDLW OHV VFXOSWXUHV PRQXPHQWDOHV GH 0DKDEDOLSXUDP

FRQYLHQWGĳDWWULEXHUOĳLQYHQWLRQGXGUDJRQ&HOXLGH%RPDU]R

SUÒVGH0DGUDVHWVXJJÓUDLWXQHRULJLQHH[WUÔPHRULHQWDOHSRXU

>)LJ @ D ÓWÓ PLV SDUIRLV HQ UHODWLRQ DYHF XQH JUDYXUH GH

OH JURXSH GH OD WRUWXH UDSSHODQW OH YR\DJH HQ ,QGH &KLQH

/XFDQWRQLRGHJOL8EHUWLGĳDSUÒVXQGHVVLQGH/ÓRQDUG0DLVVD

,QGRQÓVLHHW-DSRQGĳXQFHUWDLQ%LDJLR6LQLEDOGLGH0XJQDQR

IRUPHHVWELHQGLIIÓUHQWHHW-6KHHOHUUHPDUTXHÀMXVWHWLWUHTXH

&HWWHLQWXLWLRQDOODLWÔWUHUHSULVHSDU+%UHGHNDPSTXLFRQVDFUH

ĺbOHGUDJRQGH9LFLQRHVWRULHQWDObĻ

GHX[FKDSLWUHVÀOĳH[RWLVPHGH%RPDU]R&ĳHVWDLQVLTXĳLOPHWHQ

/ĳLPSRUWDWLRQHQ2FFLGHQWGHğJXUHVGHPRQVWUHVGĳRULJLQH

UHODWLRQOHJURXSHGLWGH 5RODQGHWOĳ$PD]RQH DYHFGHVOÓJHQGHV

H[RWLTXHDIDLWOĳREMHWGHGLYHUVHVUHFKHUFKHVQRWDPPHQWSDU: UHODWLYHV À Oĳ$PÓULTXH GX 6XG HW XQH JXHXOH GH PRQVWUH

9ROEDFK-%DOWUXVDLWLV5:LWWNRZHURX%3HGGH$XEHVWLDLUH

TXDOLğÓH GH ĺb PDVTXH D]WÒTXHb Ļ DYHF GHV LGROHV PH[LFDLQHV

IDQWDVWLTXHRčOHJULIIRQHWOHFKHYDODLOÓVDVVDQLGHVF÷WRLHQWOH

TXH9LFLQR2UVLQLDXUDLWSXYRLUGDQVOHVFROOHFWLRQVGH&RVPH

SKÓQL[HWOHGUDJRQFKLQRLVRQSHXWDMRXWHUOH NDOD OH PDNDUD HW

,HUGH0ÓGLFLV&HWWHGHUQLÒUHK\SRWKÒVHVHPEOHGĳDXWDQWSOXV

OH JDUXGD LQGLHQVSUÓVHQWVWRXWDXORQJGHODURXWHPDULWLPHGX

LQWÓUHVVDQWH TXH OĳDXWHXU SDUYLHQW À UHOLHU FH PRQGH ORLQWDLQ

6XGHVWDVLDWLTXHHWTXLRQWSHXWÔWUHYR\DJÓMXVTXĳHQ(XURSH

DYHFFHOXLGHV(WUXVTXHVVLSUÓVHQWÀ%RPDU]RSDUOHELDLVGX

ELHQ TXĳLOV DLHQW ÓFKDSSÓ MXVTXĳLFL À OĳDWWHQWLRQ GHV KLVWRULHQV

33

3KLOLSSH-XQRG

&KDQGL.DODVVDQ-DYD,;HVLÒFOHGĳDSUÒV:LWK

9LKÂUD3ODRVDQGĳDSUÒV:LWK

/H PDNDUD RXÓOÓSKDQWPDULQTXLGÓFRUHQRPEUHGHOLQWHDX[

WKÓÂWUH URPDLQ - 6KHHOHU 0DLV FH UDSSURFKHPHQW SDUDåW

NKPHUV>)LJ@VHPEOHUÓDSSDUDåWUHVXUOHVRFOHGĳXQH 0DULH

SHX FRQYDLQFDQW /ĳDEVHQFH GH PÂFKRLUH LQIÓULHXUH OHV \HX[

0DGHOHLQH GH &ULYHOOL F $PVWHUGDP 5LMNVPXVHXP

JOREXOHX[ HW OHV SRPPHWWHV VDLO DQWHV WUDLWV TXL VH UHWURXYHQW

GDQVOH 3ULQWHPSV GH&RVPÒ7XUDF/RQGUHV1DW*DO

GDQVXQHDXWUHğJXUHGXSDUFGH%RPDU]ROH PDVFKHURQH>)LJ

RXGDQVOHVMRXÓHVGHVVWDOOHVGHODFDWKÓGUDOHGH%ÂOH

@QĳÓYRTXHQWLOVSDVSOXW÷WXQHRULJLQHLQGLHQQHFHOOHGX NDOD"

0XVÓHKLVWRULTXHb)LJ4XDQWDX JDUXG DYÓKLFXOHGH9LVKQX

&HPRWLIDSRWURSDçTXHTXLVHFRPELQHVRXYHQWDYHFOH PDNDUD

LO SRXUUDLW ELHQ DYRLU LQVSLUÓ XQ FDVTXH GH OD 5HQDLVVDQFH

SRXUIRUPHUOH NDODPDNDUD VXUPRQWHODSRUWHRXOHVQLFKHVGH

0DLVFĳHVWGX NDOD IDFH GH PRQVWUHDX[\HX[H[RUELWÓVHWSULYÓ

QRPEUHX[WHPSOHVPDXVROÓHVMDYDQDLVGX9,,HDX;HVLÒFOHWHOV

GH PÂFKRLUH LQIÓULHXUH ÓJDOHPHQW SUÓVHQW GDQV OD VFXOSWXUH

FHX[ GH %RUREXGXU >)LJ @ 3UDPEDQDP >)LJ @ &KDQGL

NKPÒUH>)LJ@TXĳLOYDPDLQWHQDQWÔWUHTXHVWLRQ

.DODVVDQ>)LJ@9LKÂUD3ODRVDQ>)LJ@&KDQGL3DQDWDUDP

/ĳDPELJXçWÓ VÓPDQWLTXH GH OD JURWWH GH Oĳ 2UFR >)LJ @

RX&KDQGL.LGDO-DYDRULHQWDO;,,,HHWVXUYLWMXVTXHGDQVOĳDUW

JÓQÓUDOHPHQW TXDOLğÓH GH ĺb ERXFKHb Ļ RX ĺb SRUWH GH Oĳ(QIHUb Ļ

SRSXODLUHLQGRQÓVLHQ>)LJ@2ULOVHWURXYHTXHOĳHQWUÓHGH

UÓVXOWH DXVVL GX IDLW TXĳHOOH DEULWDLW DSSDUHPPHQW XQH VDOOH

ODJURWWHKLQGRXLVWHGH*RD*DMDGLWHGHOĳ(OÓSKDQWÀ%HGXOX

À PDQJHU RX À ERLUH 6D IDÎDGH D ÓJDOHPHQW ÓWÓ DVVRFLÓH À

%DOL ;,Hb )LJ Rč OD JXHXOH GX PRQVWUH DYDOH OH SÒOHULQ

XQ PDVTXH WUDJLTXH DQWLTXH - 5HFXSHUR RX JURWHVTXH GX

SUÓVHQWHXQHUHVVHPEODQFHIUDSSDQWHDYHFFHOOHGH%RPDU]R

34

5HWRXUVXUOĳ (XURSHFKLQRLVH

.DOD ERLVDUWSRSXODLUHMDYDQDLVFROOHFWLRQSDUWLFXOLÒUH

,FLHQFRUHODTXHVWLRQGHVLQWHUPÓGLDLUHVHVWFUXFLDOH(W

DX[ 0ROXTXHV À &DQWRQ DX -DSRQ À

VLOĳRQSHXWVHGHPDQGHUFRPPHQWFHPRWLIDUFKLWHFWXUDOVHUDLW

0DFDR,OVHPEOHTXHOHV0LQJDLHQWSURSRVÓÀOHXUVPDUFKDQGV

SDUYHQXHQ,WDOLHODPÔPHTXHVWLRQVHSRVHÀSURSRVGX ÎLN

EDVÓVGDQVOHVXGGHODPHUGH&KLQHĺbOĳRSSRUWXQLWÓGHGÓYH

KDUD LQGLHQTXLDSSDUDåWGDQVXQHJUDYXUHGH0DDUWHQGH9RV

ORSSHU XQ FRPPHUFH WULDQJXODLUH UHOLDQW 0DODFFD OHV F÷WHV

>)LJ@GHODSDJRGHTXHOĳRQGLVWLQJXHGDQVOH 3DUDGLV

FKLQRLVHVHWOH-DSRQVXUWRXWIRQGÓVXUOHSRLYUHGHVåOHVOHV

WHUUHVWUH GH+0HWGH%OHV $PVWHUGDPRXGX VWXSD TXLğJXUH

VRLHULHVGX&DWKD\HWOĳDUJHQWQLSSRQbĻ/ĳLPSRUWDWLRQGHFORXV

VXUXQIURQWLVSLFHGHV $QWLFKLWÀURPDQH GH3LUDQHVL2UOĳÓJOLVH

GHJLURĠHHWGHQRL[GHPXVFDGHHQSURYHQDQFHGHV0ROXTXHV

SRUWXJDLVHGH*ROHJÀ>)LJ@GĳÓSRTXHPDQXÓOLQHVHPEOH

HVWDWWHVWÓHGÒVODVHFRQGHGÓFHQQLHGX;9,HVLÒFOHDLQVLTXH

SUÓVHQWHU GDQV VD IDÎDGH GHV WUDLWV DQDORJXHV VD SRUWH

FHOOHGHERLVGHVDQWDOHQSURYHQDQFHGĳåOHVVLWXÓHVÀOĳHVWGH

VĳRXYUH FRPPH XQH JXHXOH WDQGLV TXH OHV RFXOL SRXUUDLHQW

-DYD 8QH PDULRQQHWWH MDYDQDLVH GX ;9,HVLÒFOH HVW FRQVHUYÓH

ğJXUHUOHV\HX[GXPRQVWUH/HPRWLIDXUDLWLOIDLWXQGÓWRXUSDU

DX.XQVWKLVWRULVFKHV0XVHXPGH9LHQQH$YDQWTXHOĳ,QGRQÓVLH

OH3RUWXJDO"

QH ğJXUH VXU OD FDUWH Gĳ$EUDKDP 2UWHOLXV ,QGLDH RULHQWDOLV LQ

'ÒV9DVFRGH*DPDSÓQÓWUDLWGDQVOĳ2FÓDQLQGLHQHW

VXODUXPTXH DGLDFHQWLXP W\SXV 6XPDWUD ÓWDLW GÓMÀ UHSÓUDEOH

DERUGDLWÀ&DOLFXW/HV3RUWXJDLVVĳÓWDEOLVVDLHQWHQÀ*RD

VXU Oĳ$WODV FDWDODQ GH &KDUOHV 9 HQ 2Q VDLW DXVVL TXĳXQ

Rč XQ DUFKHYÔFKÓ VHUD ÓWDEOL HQ HQ À 0DODFFD

H[SORUDWHXUYÓQLWLHQ1LFROõGHĳ&RQWL\DGÓEDUTXÓDLQVLTXĳÀ

35

3KLOLSSH-XQRG

*RD*DMDJURWWHGLWHGHOĳ(OÓSKDQW;,HVLÒFOH%HGXOX%DOL

36

5HWRXUVXUOĳ (XURSHFKLQRLVH

0DUWHQGH9RVĺ+LVWRLUHGHVDLQW3DXOĻļEXULQ

1RWUH'DPHGHOD&RQFHSWLRQGÓEXW;9,HVLÒFOH*ROHJÀ

3RUWXJDO3KRWR5DTXHO0H\ODQ

%RUQHR HW GDQV OHV 0ROXTXHV HW D VÓMRXUQÓ TXHOTXHV PRLV À

HXFRQQDLVVDQFHSDUYRLHLQGLUHFWHGĳXQHLFRQRJUDSKLHGĳRULJLQH

-DYD GDQV OD SUHPLÒUH PRLWLÓ GX ;9H VLÒFOH GÓMÀ'ÒV

KLQGRXLVWHGXPÔPHW\SH'ĳDLO HXUVQHGLWRQSDVTXH)UDQFLVFRGH

$OEXTXHUTXH UHGÓFRXYUDLW 6XPDWUD HW GDQV XQH OHWWUH GĳDYULO

+RO DQGDDXWHXUGĳXQFKDSLWUHVXUOH1RXYHDX0RQGHLQWHUURJHDLW

DX URL 0DQXHO LO DIğUPDLW ÔWUH HQ SRVVHVVLRQ GĳXQH FDUWH

OHVQDYLJDWHXUVÀOHXUUHWRXUGĳ2ULHQW"

GHV åOHV GHV ÓSLFHV REWHQXH GĳXQ SLORWH MDYDQDLV*LRYDQQL

&HUWHVFHWLVVXGĳK\SRWKÒVHVUHVWHUDIUDJLOHWDQWTXĳRQQĳDXUD

GD(PSROLTXLVHUYLWGĳDJHQWGHV3RUWXJDLVFRPPHEHDXFRXS

SDVWURXYÓODWUDFHGĳXQUHODLVVRXVODIRUPHSDUH[HPSOHGĳXQ

Gĳ,WDOLHQV GH VRQ WHPSV SDVVD SDU -DYD DYDQW GH PRXULU HQ

GHVVLQGĳXQHJUDYXUHRXGĳXQTXHOFRQTXHGRFXPHQWD\DQWSX

&KLQHHQ /HYR\DJHHWQDYLJDWLRQIDLFWSDUOHV(VSDLJQRO]

VHUYLUGHYÓKLFXOHGXJHQUHGHFHX[TXHFRQVHUYHOD%LEOLRWHFD

HV LVOHV 0ROOXFTXHV SXEOLÓ SDU $QWRQLR 3LJDIHWWD À 3DULV HQ

&DVDQDWHQVH À 5RPH SDU H[HPSOH /H SUREOÒPH GH OĳDEVHQFH

SDUOHGH%RUQHRHWGHV3KLOLSSLQHV(QOHVIUÒUHV

GH VRXUFHV FRQğUPÓHV VĳHVW GĳDLO HXUV GÓMÀ SRVÓ À SURSRV GH

3DUPHQWLHUGÓEDUTXDLHQWÀ6XPDWUD /ĳLWLQHUDULR GH-DQ+X\JKHQV

OĳDUFKLWHFWXUH HW GH OD GÓFRUDWLRQ PDQXÓOLQHV &HOD QĳD SDV

YDQ /LQVFKRWHQ TXL FRQVDFUH XQ FKDSLWUH À -DYD PHQWLRQQH

HPSÔFKÓGĳHQUHFRQQDåWUHOHVRULJLQHVH[RWLTXHV

ÓJDOHPHQWOHVWUDğFVSRUWXJDLVGDQVOHVQRPEUHXVHVåOHVVLWXÓHV

SOXVÀOĳHVW$XWDQWGĳLQGLFHVGHFRQWDFWVSRVVLEOHV"&HUWHVOĳåOH

GH%DOLQHVHUDDERUGÓHTXĳHQSDUOH+ROODQGDLV&RUQHOLV

+RXWPDQFRQGXLWGĳDLOOHXUVSDUXQSLORWHSRUWXJDLV0DLVHOOH

,OQĳHVWSDVTXHVWLRQLFLGHWRPEHUGDQVXQHFRQFHSWLRQPÓFDQLVWH

HVWPHQWLRQQÓHÀTXDWUHUHSULVHVGDQVOD 3ÓUÓJULQDWLRQ GH)HUQDR

GHOĳLQĠXHQFHļRQVDLWTXH SRVWKRF QHYDXWSDV SURSWHUKRFļ

0HQGHV3LQWRTXLVÓMRXUQDÀ-DYD(WELHQTXHOHV3RUWXJDLVQĳ\ QLGĳLJQRUHUOHWUDYDLOGHĺbGÓSD\VHPHQWbĻHWGHWUDQVIRUPDWLRQ

DLHQWSDVHXGHFRPSWRLUXQGHOHXUVQDYLUHVDYDLWPRXLO ÓDXVXG

TXH FRPSRUWH OĳHPSUXQW GĳXQ PRWLI H[RJÒQH HW TXL HQ IDLW

GHOĳåOHHQ/ĳRQQHVDXUDLWGRQFH[FOXUHTXĳLOVSXLVVHQWDYRLU

WRXW OĳLQWÓUÔW 7RXWH DVVLPLODWLRQ RX DSSURSULDWLRQ IRUPHOOH HVW

37

3KLOLSSH-XQRG

GĳDERUGUÓÓODERUDWLRQDFWLYHGRQWLOFRQYLHQGUDLWGĳDSSURIRQGLU

QH UHOÒYH SDV VHXOHPHQW GĳXQ FKDXYLQLVPH GH YLHLO H VRXFKH

OHVPRWLYDWLRQVDLQVLTXHOHFRQWH[WHTXLOĳDUHQGXHSRVVLEOH

(O H QRXV VHPEOH UÓVXOWHU ÓJDOHPHQW GX PDQTXH GH FXULRVLWÓ

'HFHSRLQWGHYXHODFRPSDUDLVRQSURSRVÓHSDU%HUHQVRQHQWUH

HWGHOĳK\SHUVSÓFLDOLVDWLRQGHWURSQRPEUHX[KLVWRULHQVGHOĳDUW

OĳHVSULWIUDQFLVFDLQHWFHOXLGXERXGGKLVPHSDUDåWTXHOTXHSHXQDçYH

([LVWHWLOHQFRUHDXMRXUGĳKXLGHVVDYDQWVGXFDOLEUHGH-RVHSK

2QVHJDUGHUDÓJDOHPHQWGĳH[DJÓUHUOĳLPSDFWTXHOHVLPSRUWDWLRQV

1HHGKDP'RQDOG/DFKRX5HQÓ(WLHPEOH"&RQWUDLUHPHQWÀFH

Gĳ2ULHQWRQWSXDYRLUVXUOHVDUWVGĳ2FFLGHQWHWTXLFRQVWLWXHVDQV

TXHOĳRQFRQVWDWHDX-DSRQSDUH[HPSOHRčOHVVSÓFLDOLVWHVGX

GRXWH XQ SKÓQRPÒQH PDUJLQDO GRQW LO QH VĳDJLW SDV GH JRQĠHU

GRPDLQHDVLDWLTXHVRQWJÓQÓUDOHPHQWLQIRUPÓVÓJDOHPHQWGHOĳDUW

OĳLPSRUWDQFH(QğQOHSDVVDJHGĳXQHVÓULHPRUSKRORJLTXHÀXQH

RFFLGHQWDOHWYLFHYHUVDFKH]QRXVUDUHVVRQWOHVFKHUFKHXUVTXL

VÓTXHQFHKLVWRULTXHGHPHXUHWRXMRXUVFRQMHFWXUDOFRPPHOĳDELHQ

GRPLQHQWOHVGHX[GRPDLQHV3DUPLOHVH[FHSWLRQVRQUDSSHO HUD

PRQWUÓ&*LQ]EXUJ(WLOUHVWHHQFRUHELHQGHVSLVWHVÀH[SORUHU

RXWUHOHVQRPVGH-XUJLV%DOWUXVDLWLVRX5XGROSK:LWWNRZHUGÓMÀ

0DLV VL OD FRQYHUJHQFH GĳLQGLFHV QH IDLW SDV SUHXYH WRXW

QRPPÓVFHX[Gĳ2VNDU0đQVWHUEHUJ2VZDOG6LUÓQ2WWR)LVFKHU

DX SOXV SUREDELOLWÓ FHO HFL QRXV VHPEOH FHSHQGDQW VXIğVDQWH

+HQUL )RFLO RQ 0DULR %XVVDJOL RX &DUOR *LQ]EXUJ DX[TXHOV LO

SRXU QRXV LQWHUURJHU VXU OH SHX GĳLQWÓUÔW SRXU FHV TXHVWLRQV

FRQYLHQWGHUHQGUHKRPPDJH3XLVVHODPRQGLDOLVDWLRQTXLQRXV

YRLUH OĳRFFXOWDWLRQ GHV ÓFKDQJHV LQWHUFXOWXUHOV HIIHFWXÓH SDU

YDXWWDQWGHPDX[QRXVGÓEDUUDVVHUDXPRLQVGHFHVþLO ÒUHV

XQH ERQQH SDUWLH GH OD FULWLTXH HXURSÓHQQH 2U FHWWH DWWLWXGH

SHUVLVWDQWHVHWGHQRWUHHVSULWGHFORFKHU

-HWLHQVÀUHPHUFLHULFL$QGUÓ&RUER]HW0DUFHO LQ%DEH\SRXUOHXUV

+LVWRLUHJÓQÓUDOHGHVYR\DJHVRXQRXYHOOHFROOHFWLRQGHWRXWHVOHVUH

FULWLTXHVHWVXJJHVWLRQVSUÓFLHXVHV

ODWLRQVGHYR\DJHVSDUPHURXSDUWHUUH 3DULV,SY

0LFKHOGH0RQWDLJQH (VVDLV,;FK,,,/DXVDQQHS

0HQ]LHV 3RXU GHV FULWLTXHV DGUHVVÓHV À FHW RXYUDJH YRLU

KWWSXNUHXWHUVFRPDUWLFOHWHFKEULWDLQERRNOHRQDU

(WLHPEOHS

GRGFLG8./"! RX KWWSZZZWHOHJUDSKFRXN

-DFRESSļ6XUOHVĺbSHVDQWHXUVGHOĳHWKQRFHQWULVPHbĻ

FXOWXUHERRNV5HYLHZE\*DYLQ0HQ]LHVKWPO!

YRLU*UX]LQVNLS

7X\PDQV+XL

'H +RQRXU À 0RUHQD ļ 3RXU XQH FRPSDUDLVRQ DYHF

OĳH[RWLVPHPÓGLÓYDOFI5RVDWLSSļ

6WHUOLQJHW

3DUPLOHVSOXVUÓFHQWV//DPERXUQH -DSRQLVPH(FKDQJHVFXOWXUHOV

,(QJDPPDUHĺb+RPPHRXDQLPDO"/ĳK\EULGHGDQVOHOLYUHJRWKLTXHbĻ

HQWUHOH-DSRQHWOĳ2FFLGHQW 3DULVDYHFELEOLRJUDSKLH

LQ +RPPH DQLPDO +LVWRLUH GĳXQ IDFH À IDFH 6WUDVERXUJ SS

ļ

3RXUXQÓWDWGHVTXHVWLRQVFI&K3HOWUHĺb/ĳRULHQWDOLVPHDXMRXUGĳKXLbĻ

5HYXHGHOĳDUW QRSSļ

%DOWUXVDLWLVHW

2FFLGHQWļ2ULHQWOĳDUWPRGHUQHHWOĳDUWLVODPLTXH 6WUDVERXUJ

0 3KLOLSS HW DO 6FKUHFNHQ XQG /XVW 'LH 9HUVXFKXQJ GHV KHLOLJHQ

-%DDV 6PLOHRIWKH%XGGKD(DVWHUQ3KLORVRSK\DQG:HVWHUQ$UWIURP

$QWRQLXVYRQ+%RVFKELV0(UQVW 0đQFKHQ

0RQHWWR7RGD\%HUNHOH\ -DSDQDQGWKH:HVW7KH)LOOHG9RLG

6WU]\JRZVNLSHWSO

.ùOQ $XIGHU6XFKHQDFKGHP2ULHQW9RQ%HOOLQLELV.OHH%HUQH

-%DOWUXVDLWLVĺb7ÔWHVFRPSRVÓHVbĻ 0ÓGHFLQHGH)UDQFH;,; SSļ

3DUH[HPSOHFHX[SDWURQQÓVSDUOĳ81(6&2ĺb5RXWHVGHODVRLHļYRL

HVGXGLDORJXHbĻRXĺb0XWXDO$SSUHFLDWLRQRI(DVWHUQDQG:HVWHUQ

/DFK,,S

&XOWXUDO9DOXHVbĻ&IODUHYXH 2ULHQWļ2FFLGHQWļHW(OLVVHHI 5LHQ SDU H[HPSOH FKH] 3RQWXV +XOWHQ HW DO /ĳHIIHW $UFLPEROGR /HV

SSļ

WUDQVIRUPDWLRQVGXYLVDJHDX;9,,HHWDX;;HVLÒFOH 3DULVļ&H

9LVVLÒUHSSļ6XUOHXUDOWÓULWÓFXOWXUHO HYRLU)7LQJXHO\ FDWDORJXHUHSURGXLWSDUDLO HXUVVDQVFRPPHQWDLUHVHWSRXUXQHUDL

ĺb /H PRQGH PXOWLSRODLUH GHV PLVVLRQQDLUHV MÓVXLWHVb Ļ LQ /D 5HQDLV

VRQ LQFRQQXH XQH SKRWRJUDSKLH GH Oĳĺb 2JUHb Ļ GH %RPDU]R ļ *

VDQFH GÓFHQWUÓH $FWHV GX FROORTXH GH *HQÒYH VHSWHPEUH

0DLRULQR 7KH 3RUWUDLW RI (FFHQWULFLW\ $UFLPEROGR DQG WKH 0DQQHULVW

*HQÒYHSSļ

*URWHVTXH 3KLODGHOSKLD OXL DXVVL PXHW VXU OD TXHVWLRQ PHQ

38

5HWRXUVXUOĳ (XURSHFKLQRLVH

WLRQQH SRXUWDQW %RPDU]R SS ļ HW OH 3DOD]]R =XFFDUL S

3RX]\QDHVWLPDLWTXHOHGLDEOHGX 7ULRPSKHGHODPRUW GX&DPSRVDQ

FRPPHH[HPSOHVGĳĺbH[WUDYDJDQWFRQVWHO DWLRQRIIRUPVbĻ5LHQQRQ

WRGH3LVHĺbUHVVHPEOHÀXQGUDJRQFKLQRLVbĻS

SOXV FKH] : .ULHJHVNRUWH *LXVHSSH $UFLPEROGR ļ .ùOQ

'HV &KLQRLV ğJXUHUDLHQW GDQV VRQ $GRUDWLRQ GHV 0DJHV )OR

ļ'DQVOHFDWDORJXHGHOĳH[SRVLWLRQGH-+0DUWLQ HWDO8QH

UHQFH3DOD]]R0HGLFL5LFFDUGL

LPDJH SHXW HQ FDFKHU XQH DXWUH 3DULV S 0LFKDHO %DUU\ FKHUFKHHQUHYDQFKHGHVVRXUFHVRFFLGHQWDOHVDX[LPDJHVFRPSR

3RX]\QDS

VLWHV PRJKROHV K\SRWKÒVH TXL QH QRXV FRQYDLQF JXÒUH HW VHPEOH

$XOG

UHOHYHUGHOĳHXURSÓRFHQWULVPHTXHQRXVGÓQRQÎRQV

6XUOĳ $SRWKÓRVHGH6DLQW)UDQÎRLV GHODFRO HFWLRQ%HUHQVRQFI(GJHO

7 'D &RVWD .DXIPDQQ ĺb /HV WÔWHV FRPSRVÓHV Gĳ$UFLPEROGRb Ļ LQ

SSļ

6)HULQR3DJGHQ $UFLPEROGRļ 3DULVSSVT

0đQVWHUEHUJ)50DUWLQ 0LQLDWXUH3DLQWLQJDQG3DLQWHUVRI3HU

5HSULQ0DUWLQ RSFLW QQRSSHW

VLD,QGLDDQG7XUNH\IURPWKHWKWRWKHWK&HQW/RQGRQSS

39LJQDX:LOGEHUJ 0XVHXPGHU6WDGW6RORWKXUQ*HPÄOGHXQG6NXOS

ļ

WXUHQ=đULFKSOHGÓFULWFRPPHXQĺbDXIJHPDOWHV:RONHQRU

6RXOLHUS

QDPHQWbĻDORUVTXĳLOVĳDJLWGĳXQIRQGJDXIUÓ

7XFFLS3HO LRW%XVVDJOL%RXOQRLV

%*UD\ /DSHLQWXUHSHUVDQH*HQÒYHSS

HWHWĺb&KLQHVH,QĠXHQFHLQ3HU

:LWWNRZHU2OVFKNL=RU]L87XFFL'UÒJH

VLDQ3DLQWLQJWKDQGWK&HQWXULHVbĻLQ 7KH:HVWZDUG,QĠXHQFHRI 6XUGLFKSSļHWVXUWRXW%RXOQRLVSSļ

WKH&KLQHVH$UWV SSļTXLUHOÒYHÓJDOHPHQWOĳHPSUXQWGH

(WLHPEOHSSVT%HUJHUSSVT

PRWLIVSD\VDJHUVRXDQLPDOLHUVFKLQRLV

9LVVLÒUHSSHWVT(WLHPEOHSSVT%HUJHU

6XUODIRUPHGXQXDJHFKLQRLV WFKL FI3RFKDWSSļ

SSVT9RLUHW

&XSLGRQ HW 3V\FKÓ %HUOLQ *HPÄOGHJDOHULH QR ļ UHSU LQ

/DQGU\'HURQSSVT HWSDVVLP

&(LVOHU /DSHLQWXUHGDQVOHVPXVÓHVGH%HUOLQ 3DULVSSļ

2Q\GLVWLQJXHDXVVLODSUÓVHQFHGĳXQSKÓQL[HWGHPRQWDJQHVĺbÀ

-0$PLRW 0ÓPRLUHVXUODPXVLTXHGHV&KLQRLV 3DULVUHSU

ODFKLQRLVHbĻ

*HQÒYHSSļ

+LVWRLUHGH/RXLV,;ÀOD9,,H&URLVDGH 6DLQW3ÓWHUVERXUJ%1GH5XV

$WKDQDVLXV.LUFKHUSSVTļ6XUODPXVLFRORJLHFKLQRLVHÀ

VLHUHSULQ6XUGLFKS

OĳÓSRTXHFI%'LGLHU /DPXVLTXHGHV/XPLÒUHV 3DULVSSļ

9RLUDXVVL-HDQ%HQMDPLQGHOD%RUGH (VVDLVXUODPXVLTXHDQFL

%RORJQD3LQDFRWHFDLQYQR

HQQHHWPRGHUQH 3DULV,SSVT

2OVFKNL7XFFL&KLDSSRUL0XUDURTXLGÓQRQFH

3LUD]]ROLS

OHVLOHQFHGHVHVFRO ÒJXHVVXUFHVXMHW%XVVDJOL0RUHQD

SSļ5RVDWLHW&HFFKLSSļVHFRQWHQWH

%HXUGHOH\ *UX]LQVNL S D FRQVWDWÓ OH PÔPH

GHTXHOTXHVJÓQÓUDOLWÓVSODFÓHVVRXVOĳDXWRULWÓGH%HUHQVRQ(WOHIDLW

SKÓQRPÒQHÀSURSRVGX0H[LTXH

TXĳRQDLWFRQğÓÀXQ$QJODLV/LJKWERZQODUHVSRQVDELOLWÓGHOĳDUWLFOH

-HDQ%DSWLVWH%R\HUGĳ$UJHQV /HWWUHVFKLQRLVHVRXFRUUHVSRQGDQFH

ĺbHVRWLVPRbĻGDQVOD 6WRULDGHOOĳDUWHLWDOLDQD Gĳ(LQDXGLHVWUÓYÓODWHXUļ

SKLORVRSKLTXHKLVWRULTXHHWFULWLTXHHQWUHXQ&KLQRLVYR\DJHXUÀ3DULV

2QVLJQDOHUDFHSHQGDQWTXH&DUOR*LQ]EXUJHVWOĳDXWHXUHQGĳXQ

HWVHVFRUUHVSRQGDQWVÀOD&KLQH/D+D\H3RXUGĳDXWUHV

DUWLFOHIRUWVWLPXODQWVXUODTXHVWLRQTXLPHWWDLWHQUHODWLRQXQIUDJ

H[HPSOHVFI:DOUDYHQVSSļ

PHQWGHOD /DPHQWDWLRQ GHOĳ$UHQDGH3DGRXHDYHFXQ 3DULQLUYDQD GX

*DQGKDUDHWVRXOHYDLWODTXHVWLRQGHVFRQWDFWVSRVVLEOHVHQWUH*LRWWR

&RHGÒV $QWKRQ\ 7HJJDUW &KDQWUDLQH %XV

HW0DUFR3ROR&HWH[WHHVWPDOKHXUHXVHPHQWUHVWÓLQÓGLWSHXWÔWUH

VDJOL

VXLWH À XQ DYLV QÓJDWLI GH FRPSDWULRWHV &HV UÓWLFHQFHV VRQW SDUD

0&ULFN 5RXWHVRFÓDQHV/HVWULEXODWLRQVGHODSRUFHODLQHFKLQRLVH

GR[DOHVYHQDQWGĳXQSD\VTXLKÓEHUJHOHPXVÓHGHOĳ,60(2À5RPH

*HQÒYH

HWGRQWXQHSRUWHRXYHUWHVXUOĳ2ULHQW9HQLVHDIDLWOĳREMHWGHQRP

EUHX[WUDYDX[YRLUHQWUHDXWUHV3HUWXVL0XUDUR/DQFLRWWL

*LQ]EXUJ

*UXEH(OLVVHHII+RZDUG

6XUODOÓJHQGHGX5RPDQGĳ$OH[DQGUHFI:LWWNRZHUSSļ

6WHUOLQJS3RFKDWSS9RLUDXVVL0%XV

HWļ

VDJOL %RVFK)LUHQ]HSSHW

6WU]\JRZVNL$QWKRQ\*LQ]EXUJ

6FKPLGW%HOWLQJSSļ

3RLQVRWWH

6XUVRQLQĠXHQFHFI5RVDWL

5HLQDXG

&HFFKL

/LQVFKRWHQ,SSVT

/HSHWLWSDQQHDXUHSUÓVHQWDQWXQFKÂWHDXDXERUGGHODPHUļ

/DFK,SSļ0RO DWSSļ3RFKDWS5LFKDUG

FRQVHUYÓÀOD3LQDFRWKÒTXHGH6LHQQHDVRXYHQWÓWÓFRQVLGÓUÓ

;;9,6XUGLFKSSHW

FRPPH OH SOXV DQFLHQ SD\VDJH FRQQX HQ 2FFLGHQW (Q IDLW LO VĳDJLW

&RUGLHU SS VT *URXVVHW ,, SS VT 3RX]\QD

GĳXQIUDJPHQWWURQTXÓ

FK , 2OVFKNL 5DFKHZLOW] &KLDSSRUL 5LFKDUG

*LQ]EXUJ7DQDNDļ)RQWDQD

;,9HW;,,HW;,9&RUUDGLQL

39

3KLOLSSH-XQRG

0RO DWSSVT

3HJRORWWL9RLUDXVVLOHPDQXHOGH*LRUJLR&KLDULQL /LEURGLPHU

FDWDQ]LD)LUHQ]H

3HO LRWHW5LFKDUG;;,,,3HWHFK6FKPLWW

7RODQSSļ6XUODPLVVLRQGHVDLQW)UDQÎRLVHQ(J\SWH

*UXEH

HQļ*DEULHOL

/LJKWERZQ+DXVVLJSSVT5RVDWL

3HO LRW-RVHSK<DFRXEĺb'H%DE\ORQHÀ3ÓNLQOĳH[SDQVLRQGH

/DFK,,S

OĳvJOLVHQHVWRULHQQHHQ&KLQHbĻKWWSZZZFOLRIU%,%/,27+(

48(GHBEDE\ORQHBDBSHNLQBOBH[SDQVLRQBGHBOBHJOLVHBQHVWRULHQQHB

6SDO DQ]DQL0RUHQD

HQBFKLQHDVS!

&DUVZHOO6SDO DQ]DQL6XUODSUÓVHQFHGHVFÓUDPLTXHV

:ULJJLQV*RUGRQFK

FKLQRLVHVDX&DLUHGX;HDX;,9HVLÒFOHFI0HQ]LHVSSļ

6XUOHXUUHSUÓVHQWDWLRQGDQVODSHLQWXUHHXURSÓHQQH6SULJJV

/HOLÒYUHSSVT*RUGRQFK

.XU]

5LFKDUG;,,,

3HWHFK%HXUGHOH\$VKWRU0RUHQDSFLWH

5LFKDUG;;,,

GHVQRPVGHPDUFKDQGVYÓQLWLHQVHWJÔQRLVD\DQWYR\DJÓMXVTXĳHQ

&KLDSSRULS

&KLQH

5LFKDUG;,9HW;,,,0DFNSSHW6XUGĳDXWUHV

+ÄUWHO+DXVVLJ

DPEDVVDGHXUVHWYR\DJHXUVYÓQLWLHQVHQ3HUVHDX[;9HHW;9,HVLÒ

$6WHLQ 5XLQVRI'HVHUW&DWKD\/RQGRQHW:KLWğHOGļ

FOHV3LQWRSHW*UXEHSSļ2QVDLWDXVVLTXH

33HO LRWLQ %XOOHWLQGX&RPLWÓGHOĳ$VLHIUDQÎDLVH 9RLU

*LRYDQQL'DULRSURSULÓWDLUHGHOD&DVD'DULRVXUOH*UDQG&DQDOD

DXVVL-HWWPDU.OLPNHLWSSVT*LÒVHWOHVLWH

VÓMRXUQÓHQ3HUVH

ĺb,QWHUQDWLRQDO'XQKXDQJ3URMHFW/DURXWHGHODVRLHbĻKWWSLGS

6XUFHVPLVVLRQVFI7XFFLSSVTHW.XU]

EQIIU!

0HQ]LHV

.OLPNHLWS6XUGLFKSSVT

5HLFKHUWS9RLUDXVVL6XUGLFKSSVTHW*RUGRQ

1HHGKDP

*LQ]EXUJ

6XUOHVYR\DJHVHQ2ULHQWFI-XOLHQ/DFK5LFKDUG

2OVFKNL.RPDURIISSVT

3LQWRS3RFKDWFK,9HW9,,,5LFKDUG;;:DO

UDYHQVSSļ%RRWKUR\G-DQ.DSSOHU

$QWKRQ\/HVGRX]HEUDVGĳXQH )RUWXQH GDQVXQ %RFFDFH GH

SSVT6XUGLFK

-HDQVDQV3HXUGHOD%LEOLRWKÒTXHGHOĳ$UVHQDORQWÓWÓPLVHQUHODWLRQ

DYHFXQH 3DGPDSDQL MDYDQDLVHGX0XVÓH*XLPHWSDU3RFKDW

0RO DWSSļ*RUGRQFK

SSHWļ

5.DQ]ĺb'HU1LHGHUJDQJGHU6HLGHQVWUDVVHbĻLQ1RHYHUSS

$XSD\VGXGUDJRQ$UWVVDFUÓVGX%KRXWDQ 3DULV

ļ

3RFKDWS3RSHHW:KLWPDQ&URZH

-6KLKĺb0DWWHR5LFFLPHGLDWRUHWUDOĳRFFLGHQWHHOD&LQDbĻLQ/DQFLRWWL

HW&DVZHOOHW9RLUDXVVL-3'HVURFKHVĺb/HV

SSļ0DU[

FRO HFWLRQVGHFÓUDPLTXHVFKLQRLVHVbĻLQ 7RSNDSLÀ9HUVDLOOHV7UÓ

3HO LRW3LFDUG%HXUGHOH\0DU[

VRUVGHODFRXURWWRPDQH 3DULVSSļ

7:HLVVÓG 6LU:LOOLDP&KDPEHUVXQGGHUHQJOLVFKFKLQHVLVFKH*DU

0 &HQWOLYUHV'HPRQW 8QH FRPPXQDXWÓ GH SRWLHUV HQ ,UDQ :LHV

WHQLQ(XURSD:ùUOLW]-%DUULHU00RVVHUHW&KH%LQJ&KLX

EDGHQSHWSOļ

$X[MDUGLQVGH&DWKD\/ĳLPDJLQDLUHDQJORFKLQRLVHQ2FFLGHQW:LOOLDP

5RVDWL6XUODTXHVWLRQGXPÓWLVVDJHYRLUDXVVLOĳDQDO\VHPD

&KDPEHUV%HVDQÎRQ

JLVWUDOHGH*UX]LQVNL

3RX]\QDFK,,*LRUJLR9HUFHO LQLQ(OLVVHHIISSVT

-DLUD]EKR\SSVT:DUGZHOOHW.RPDURII

0DFN

SSVT0RUHQDSSļ5RVDWLHW

- +DFNLQ 5HFKHUFKHV DUFKÓRORJLTXHV À %HJUDP HW 1RXYHOOHV 5H

&I5:6FKHO HU ([HPSOXP 0RGHO%RRN'UDZLQJVDQGWKH3UDFWLFH

FKHUFKHVDUFKÓRORJLTXHVÀ%HJUDP 0'$)$,;HW;,3DULVHW

RI $UWLVWLF 7UDQVPLVVLRQV LQ WKH 0LGGOH $JHV $PVWHUGDP S

3&KDPERQĺb%HJUDPDQFLHQQH$OH[DQGULHGX&DXFDVHRX

HWğJ

FDSLWDOHNRXFKDQHbĻLQ3DULVSSļHWļ

0RQQHUHWGH9LO DUG

*RUGRQFK

7R\QEHH :DUGZHOO TXL GRQQH XQH OLVWH FKURQRORJLTXH

3DULVSSļ

GHVFHVLQYHQWDLUHVSHWVXUWRXW5RVDWLSRXUOĳÓWXGHGHOD

WHUPLQRORJLH

7XFFLS

&KDXFHU .QLJKWHV7DOH,,,Y%RFFDFFLR 'HFDPHURQ 9, 7XFFLS

&I7R\QEHHS2OVFKNLS3RX]\QDS

&RUER]

*6DQJLRUJLĺb/HVWRIIHHOHYHVWLWRPEDOLGL&DQJUDQGH,GHO D6FD

87XFFLHW6XUGLFKHWSSVT

ODbĻLQ &RQWULEXWLDOORVWXGLRGHOOĳDUWHWHVVLOH 0LODQRSS

40

5HWRXUVXUOĳ (XURSHFKLQRLVH

ļ0DJDJQDWRTXLDPÔPHUDSSURFKÓVDVWDWXHÓTXHVWUH

SRVLWLRQVGĳþXYUHVGĳDUWLWDOLHQQHVHWRULHQWDOHV6XUVRQLQWÓUÔWSRXU

GHFHO HVGHVFDYDOLHUV7DQJS

OD SHLQWXUH FKLQRLVH FI 8 0RUUD &RQYHUVDWLRQV ZLWK %HUHQVRQ

:HVWSRUWSSļHW(6DPXHOV %%HUHQ

+DXVVLJS

VRQ7KH0DNLQJRID&RQQDLVVHXU&DPEULGJHSSHW

%RXOQRLVSSļ5RVDWL

06HFUHVW %HLQJ%HUHQVRQ/RQGRQSHW/35REHUWV HW

''HYRWL /ĳDUWHGHOWHVVXWRLQ(XURSDGDO;,,DO;;VHFROR 0LODQR

DO 7KH%%HUHQVRQ&ROOHFWLRQRI2ULHQWDO$UWDW9LOOD,7DWWL 1HZ<RUN

SSVTHW /DVHWD7HVRULGLXQĳDQWLFDDUWHOXFFKHVH3URGX

S

]LRQHWHVVLOHGDO;,,,DO;9,,VHFROR/XFFD

:%RGHĺb/DUHQDLVVDQFHDX0XVÓHGH%HUOLQbĻ *D]HWWHGHV%HDX[

:DUGZHOOHW0DFNS

$UWV,SDIğUPDLWTXHOHVvFROHVGH9HQLVHHWGH9ÓURQH

GHYDLHQWĺbOHPHLO HXUGHVRLbĻÀOĳLQĠXHQFHRULHQWDOH

%.OHVVH 'LH'DUVWHOOXQJYRQ6HLGHQVWRIIHQDXILWDOLHQLVFKHQ%LOGHUQ

GHV -K 'LVV .ùOQ HW 6HLGHQVWRIIH LQ GHU LWDOLHQLVFKHQ

0đQVWHUEHUJ,SSHWHW

0DOHUHL %HUQ SS ļ HW ļ QRV ļ 5RVDWL

0DUWLQQFK;

HW

$SURSRVGXFDPSDQLOHGH6,YRGHO D6DSLHQ]DGH%RUURPLQL0DU

*RORXEHZ&KLDSSRUL0RUHQDS

FHO5H\PRQGÓFULYDLWĺbTXĳLOHVWGLIğFLOHGHQHSDV\YRLUXQHLQĠXHQFH

&I /HV9LNLQJV /HV6FDQGLQDYHVHWOĳ(XURSHļ HH[SRVL

GHOĳDUWRULHQWDOGHFHWDUWGHV,QGHVGHOD&KLQHRXGX-DSRQGRQW

WLRQ GX &RQVHLO GH Oĳ(XURSH 3DULV QR ļ 2Q UDSSHO HUD

OHVPLVVLRQQDLUHVSRXUODSUHPLÒUHIRLVUÓYÓODLHQWOHVDUWVÀOĳ(XURSHbĻ

TXĳ,QJYDUOH*UDQGPRUWHQ6\ULHDYDLWIDLWXQHLQFXUVLRQHQHQ

&Iĺb/ĳDUWURPDLQGX;9,,HVLÒFOHbĻ 5HYXHGHVGHX[PRQGHV PDUV

$VLHFHQWUDOH

SSļ

6XUODTXHVWLRQFRQWURYHUVÓHGHVIDFLÒVPRQJROVGHVVLQÓVHWSHLQWV

2YRQ)DONH .XQVWJHVFKLFKWHGHU6HLGHQZHEHUHL%HUOLQSS

SDUOĳDUWLVWHQRWDPPHQWGDQVVRQ 6DLQW*HRUJHV PLVSDUIRLVHQUHOD

ļHWğJļ

WLRQDYHFODYHQXHGH-HDQ9,,,3DOÓRORJXHDX&RQFLOHGH)HUUDUHHQ

*RORXEHZ FRPSDUH 3LVDQHO R DYHF /L/RQJ0LHQ 9RLU DXVVL

ļFHTXHFRQWHVWH/2OVFKNLFI 3LVDQHOOROHSHLQWUHDX[

/HVGHVVLQVGH-DFRSR%HOOLQL%UX[HO HV,SO&;;;, VHSWYHUWXV 3DULVSSļ0HQ]LHVSSļHW

DQQH[H SS ļ \ YRLW DX FRQWUDLUH XQH FRQVÓTXHQFH GH OD

7RXUHWWH FK 9, ĺb /ĳLQĠXHQFH GH Oĳ([WUÔPH 2ULHQWb Ļ S

SUÓVHQFHÀ9HQLVHGĳXQHGÓOÓJDWLRQFKLQRLVHHQ

FRPSDUH&ULYHO LHWOHVIUHVTXHVGĳ$MDQWDHWYRLWĺbXQHLQĠXHQFHDVLD

WLTXHbĻGDQVOD 1DWLYLWÓ GH%DOGXQJ*ULHQGH)UDQFIRUW

3RFKDWS

-6LSĺb'LH3DUDGLHV9LVLRQLQGHQ*HPÄOGHQ56DYHU\VbĻ -DKUEXFK

6XUOĳLPSRUWDQFHGHVPÓQDJHULHVH[RWLTXHVFI3RFKDWSS

GHU .XQVWKLVWRULVFKHQ 6DPPOXQJHQ LQ :LHQ /;9 SS ļ

VT

*+(GJHO $+LVWRU\RI6LHQHVH3DLQWLQJ 1HZ<RUNSSļ

3RFKDWSSļ

&KLDSSRUL 3ULQ] ļ (QWUH OHV HVFODYHV HW OHV GLSOR

PDWHV OHV PRGÒOHV QH PDQTXDLHQW SDV ,O \ DYDLW PÔPH XQH

+RQRXUSSVT

PÓQDJHULH HWKQLTXH À OD FRXU GX FDUGLQDO ,SSROLWR GHĳ 0HGLFL FI :LWWNRZHUS

/DFK,,S

7XFFLSSļ(WLHPEOHSSVT

3RFKDWSSVT5HLFKHUW

/RQJSÓULHU/&RXUDMRGHW+/DYRL[HQ6&XQQLQJKDP

:LWWNRZHUS

HQ&KULVWLH6RXOLHU$:HLVEHUJHUHQ0DU

1HHGKDPSSVTVTHWS

TXHWGH9DVVHORWHQ(UGPDQQ6SLWWOH-DLUD]EKR\

FK,,,SSļ%HFNZLWK$XOG%DUDVFK

)+ÓEHUW6WHYHQV /ĳDUWDQFLHQGHOĳ$PÓULTXHGX6XG 3DULVSS

)RQWDQD HW *LXQWD RX 0DFN SS VT /H

ļ *UDEDU *LQ]EXUJ HW HQYLVDJH XQH WUR

SKÓQRPÒQHHVWORLQGĳÔWUHPDUJLQDO.(UGPDQQHQGUHVVDLWGÓMÀXQ

LVLÒPH VROXWLRQ FHO H GH GÓULYDWLRQV SDUDO ÒOHV GĳXQH VRXUFH FRP

FDWDORJXHGHH[HPSOHV

PXQH

7DQDNDļ9RLUDXVVL5(0DFN0=DNDUL\D

30XV %DUDEXGXUHVTXLVVHGĳXQHKLVWRLUHGXERXGGKLVPHIRQGÓH

ĺb7KH3VHXGR$UDELFLQ$QGUHD9HUURFFKLRĳV 'DYLG bĻ $UWLEXVHW+LVWR

VXU OD FULWLTXH DUFKÓRORJLTXH GHV WH[WHV +DQRL UÓÓG 3DULV

ULDH QR SS ļ TXL FXULHXVHPHQW QH PHQWLRQQHQW

SDVOHVWUDYDX[GH7DQDND

&/ÓYL6WUDXVVĺb/HGÓGRXEOHPHQWGHODUHSUÓVHQWDWLRQGDQVOHV

9RLUÀFHVXMHW3K-XQRGĺb 'XFRPSRQLPHQWRLQFXOWRÀĲOĳþLOVDX

DUWVGHOĳ$VLHHWGHOĳ$PÓULTXHbĻLQ $QWKURSRORJLHVWUXFWXUDOH

YDJHĳbĻLQ &KHPLQVGHWUDYHUVH (VVDLVVXUOĳKLVWRLUHGHVDUWV*RO LRQ

3DULVSSļ

SSļ2QSHXWDXVVLPHQWLRQQHUÀFHVXMHWOHSHLQWUHGH

+XGVRQS

GUDJRQV7FKĳHQ-RQJ;,,,HVLÒFOHTXLĺb÷WDLWVRQERQQHWOHWUHPSDLW

%%HUHQVRQĺb$6LHQQD3DLQWHURIWKH)UDQFLVFDQ/HJHQGbĻ %XUOLQJ

GDQVOĳHQFUHHWHQIDLVDLWGHVEDUERXLO DJHVHWGHVIURWWLVLOREWHQDLW

WRQ0DJD]LQH VHSWSSļ2QVDLWTXHOHFULWLTXHTXLFRP

DLQVLXQWDEOHDXVRPPDLUHTXĳLODFKHYDLWHQVXLWHDXSLQFHDXbĻ&LWÓ

SDUDLW %RWWLFHO L DX[ JUDQGV GHVVLQDWHXUV FKLQRLV HW MDSRQDLV DYDLW

SDU26LUÓQ +LVWRLUHGHODSHLQWXUHFKLQRLVH 3DULV,,S

GÓFRXYHUW HQ DYHF HQWKRXVLDVPH OD SHLQWXUH RULHQWDOH DX

,OVĳDJLWGX /RWKHWVHVğOOHV GX/RXYUHTXLDXMRXUGĳKXLQĳHVWSOXVDW

0XVÓHGH%RVWRQJUÂFHÀ)HQRO RVDHWTXĳLODIIHFWLRQQDLWOHVMX[WD

WULEXÓÀ/XFDVGH/H\GH

41

3KLOLSSH-XQRG

6WHUOLQJS

'XQEDU RSFLW QSSļPHSDUDåWFRPPHWWUHGHX[DX

-%RXVTXHW /DSHLQWXUHPDQLÓULVWH 1HXFKÂWHOSSHW

WUHVHUUHXUVGDQVVDGHVFULSWLRQGXSDQQHDXOHFDVTXHSRUWÓSDUOD

WHQWDWULFHQĳHVWSDVGÓFRUÓGĳXQHWÔWHGH0ÓGXVHPDLVGĳXQPDVTXH

$9HUJDUDÓG 3DWLQLU(VVD\VDQG&ULWLFDO&DWDORJXH 0DGULG

FRUQXHWGLDEROLTXHHWODSUÓWHQGXHFDEDQH ĺb+XWbĻ TXLDSSDUDåWÀ

SS ļ ,O HVW YUDL TXĳXQ 3D\VDJH GH OD 0HXVH GX .XQVWKLVWR

JDXFKHDXGHX[LÒPHSODQHVWHQIDLWXQHÓJOLVH

ULVFKHV 0XVHXP GH 9LHQQH SUÓVHQWH GHV IRUPDWLRQV UR

FKHXVHVYDJXHPHQWDSSDUHQWÓHV

&KDPEHUVSO,;

/HFKDSLWUHGX /LEURGHOOĳDUWH GH&HQQLQRWLWUÓ (OPRGRGLULWUDUUH

$UFKLWHFWXUHGH/HGRX[,QÓGLWVSRXUXQWRPH,,, 3DULVS

XQDPRQWDJQDGHOQDWXUDOH VXJJÒUHODSURFÓGXUHVXLYDQWHĺbWRJOLGL

$WWLUHWS9RLUDXVVL/RHKUHWVDELRJUDSKLHGDQVOH

SLHWUH JUDQGL FKH VLHQR VFRJOLRVH H QRQ SXOLWH H ULWUDĳQH GHO QDWX

FDWDORJXHGHOĳH[SRVLWLRQGH'÷OH

UDOHbĻ2QQĳHVWSDVORLQGHVMDUGLQVFKLQRLVRčOHVSLHUUHVUHSUÓVHQ

WHQWGHVPRQWDJQHV

5&DLO RLV /ĳÓFULWXUHGHVSLHUUHV*HQÒYH

0DGRQQD 9HQH]LD6HPLQDULR3DWULDUFDOH

+LVWRLUHGHOĳ([SHGLWLRQ&KUHVWLHQQHDX5R\DXPHGHOD&KLQHHQWUH

0RUWGH'LGRQ/RQGUHV

SULVHSDUOHV33GHOD&RPSDJQLHGH-ÓVXV>@WLUÓHGHVFRPPHQ

WDLUHVGX3ÒUH0DWWKLHX5LFFLXV/\RQSFLWÓSDU13HY

0LQHUYH HW 3DUQDVVH/RXYUH

VQHUĺb$1RWHRQ6KDUDZDJJLbĻLQ 6WXGLHVLQ$UW$UFKLWHFWXUH

3DUH[HPSOHGDQVOHVF\FOHVGH6 *LRUJLRGHJOL6FKLDYRQLļ

DQG'HVLJQ,b )URP0DQQHULVPWR5RPDQWLFLVP/RQGRQSS

GH 6WH8UVXOH F9HQLVH$FFDGHPLDRXGH 6DQWR6WH

ļ

IDQR VTRčOĳRQWURXYHDXVVLTXHOTXHVRULHQWDOLVPHVDUFKLWHF

WXUDX[

-%)LVFKHUYRQ(UODFK (QWZXUIHLQHUKLVWRULVFKHQ$UFKLWHNWXU:LHQ

UHSU'RUWPXQGSSHW

9RLUOH 6DWXUQHHQH[LO UÓFHPPHQWDWWULEXÓSDUOĳH[SRVLWLRQGH&DVWHO

IUDQFR9HQHWR

*//H5RXJH -DUGLQVDQJORFKLQRLV WRPHV;,9ļ;9,3DULVļ

,QYHQWDLUHGXIRQGVIUDQÎDLV*UDYXUHVGX;9,,,HV;93DULV

0DGRQQD GHOĳ$PEURVLDQDDWWULEXÓHÀOĳDWHOLHUGH3LQWXULFFKLR

9RLUDXVVL%DOWUXVDLWLVSSHW

&I0đQVWHUEHUJVXUOHVIRQGVGHSD\VDJHGHOD -RFRQGH GHOD

9LHUJHDX[URFKHUV HWGHOD 6DLQWH$QQH GRQWLOYRLWOHSURORQJHPHQW

3LUD]]ROLļ7ĳVHUVWHYHQVQRVHWHW3LFDUGSO

MXVTXHGDQVOĳ (PEDUTXHPHQWSRXU&\WKÒUH GH:DWWHDX

HW9RLUDXVVL33HO LRWĺb /HV&RQTXÔWHVGH Oĳ(PSHUHXUGHOD

&KLQH 7ĳRXQJ SDR $UFKLYHV FRQFHUQDQW OĳKLVWRLUH OHV ODQJXHV OD

*DQLPÒGH 9LHQQH.XQVWKLVWRULVFKHV0XVHXP

JÓRJUDSKLH HW OĳHWKQRJUDSKLH GH Oĳ$VLH RULHQWDOH /HLGHQ ;; 3D\VDJHIDQWDVWLTXH>DYHFXQFKDPHDX@5RPD*DO HULD%RUJKHVH

SSļ37RUUHV /HVEDWDLOOHVGHOĳ(PSHUHXUGH&KLQH 3DULV

7ULSW\TXH%UDTXH/RXYUH

$GRUDWLRQGHV0DJHV9HDXGĳRU%HUOLQ *XÓULVRQGHOĳDYHXJOH$DFKHQ

$WWLUHW S %HQRLVW S (Q XQ MDUGLQLHU GH

'UHVGH*HRUJ0HLVWHUDGPLUDLWGÓMÀOHVURFKHUVHWPRQWDJQHVDUWL

+LVWRLUHGH1DDPDQ 9LHQQH

ğFLHO HVGDQVOHVMDUGLQVMDSRQDLVFI &KLQDLOOXVWUDWD S

0RQWÓHDX&DOYDLUH 9LHQQH

+)RFLO RQ /DYLHGHVIRUPHV 3DULVSļ

5HSRVGHOD)XLWHHQ(J\SWH F9LHQQH

*&DSRJURVVL*XDUQDĺb,FRQRORJLDGLXQSRUWDOHLO0DVFKHURQHGL

9RLUÓJDOHPHQWOHVQXPÓURVHWGXFDWDORJXHGH

3DOD]]R =XFFDULb Ļ 3DODWLQR 5LYLVWD URPDQD GL FXOWXUD SS

3YDQGHQ%ULQN HWDO([WUDYDJDQW $)RUJRWWHQ&KDSWHURI$QWZHUS

ļ3K3)HKOĺb'DVJH]ÄKPWH0RQVWHU%HPHUNXQJHQ]XP

3DLQWLQJVļ.RQLQNOLMN0XVHXPYDQ6FKRQH.XQVWHQ$QW

*DUWHQSRUWDOGHV3DOD]]R=XFFDULLQ5RPbĻLQ0:LQQHU HWDO 'HU

ZHUSHQ

0DOHU)HGHULFR=XFFDULHLQUùPLVFKHU9LUWXRVRYRQHXURSÄLVFKHP

*RORXEHZS

5XKP 0đQFKHQSSļ

/DFK,,LSSHW

*9DVDUL /H9LWHĺb,QWURGX]LRQH'HO ĳDUFKLWHWWXUDbĻFK9,,ÓG0L

/DFK,,S

ODQHVL)LUHQ]H,Sĺb/DSRUWDGDEDVVRHGLQPH]]RFRVL

/RHKU

FRPHQHO DWHVWDKDOĳXRPRODERFFD>@OHğQHVWUHSHUJOLRFFKLXQD

GLTXDHOĳDOWUDGLOÀbĻ

:DUGZHOO+:DGH)XQGUHSULQ0DFNğJ

8QHÓWRIIHWLVVÓHÀ/XFFDDX;,9HVLÒFOH%HUOLQ.XQVWJHZHUEHPX

(*XOGDQĺb'DV0RQVWHU3RUWDODP3DOD]]R=XFFDULLQ5RP:DQG

VHXPFRO /RHZLUHSULQ0RUHQDSIRXUQLWXQDXWUHH[HP

OXQJHQHLQHV0RWLYVYRP0LWWHODOWHU]XP0DQLHULVPXVbĻ =HLWVFKULIW

SOHVSHFWDFXODLUHGĳLPSRUWDWLRQGXSKÓQL[FKLQRLVHQ2FFLGHQW

IđU.XQVWJHVFKLFKWH SSļ

3KÓQL[ HW GUDJRQV IUÓTXHQWV VXU OD SRUFHODLQH FKLQRLVH FI 3RSH

&*L]]L )HGHULFR=XFFDULH'DQWH 0LODQR

SSHWDSSDUDLVVHQWDXVVLFKH]'đUHU&I6FKPLGW

2Q QRWHUD TXH FH PRWLI D ÓWÓ UHSULV GDQV OH SDUF GĳDWWUDFWLRQV GH

8QSKÓQL[DSSDUDåWGDQVOHFLHOGXSDQQHDXGH /RWKHWVHVğOOHV GX

:DOLELHQ%HOJLTXHUHSULQ00RVVHU*7H\VVRWGLU +LVWRLUHGHV

/RXYUHDQFLHQQHPHQWDWWULEXÓÀ/XFDVGH/H\GHHWDXMRXUGĳKXLGRQ

MDUGLQVGHOD5HQDLVVDQFHÀQRVMRXUV 3DULVSDLQVLTXH

QÓÀ:HO HQVGH&RFN

GDQV OH GÓFRU GH 0DUFLDO 'L )RQ]R %R SRXU OD *URWWD GHO WURIRQLR

8QHFRSLHSHUGXHDLQVLTXĳXQHJUDYXUHDWWHVWHQWVRQVXFFÒV&I%/

Gĳ$QWRQLR6DOLHULÀOĳRSÓUDGH/DXVDQQHHQ

'XQEDU 7KH&RO HFWLRQVRIWKH1HOVRQ$WNLQV0XVHXPRI$UW*HUPDQ

5&HYHVH ,3DOD]]LGHL7KLHQH 9LFHQ]DSDUOHGHĺbVHQVRGL

DQG1HWKHUODQGLVK3DLQWLQJVļ.DQVDV&LW\QR

JURWWHVFRHGLPRVWUXRVR>@XQPLVWRGLFODVVLFRHGLQRUGLFRbĻHW

3KLOLSS RSFLW QS

YRLWFHWWHĺbğJXUDLQIHUQDOHbĻFRLIIÓHGĳXQĺbFLPLHURSLXPDWRGLVDFHU

42

5HWRXUVXUOĳ (XURSHFKLQRLVH

GRWHRULHQWDOH>@LPDJLQHVWUDYDJDQWHWUDWWDIRUVHGDJRWLFLEHVWLD

ERXFKHVXUOHGHVVLQGH*XHUUD0DLVODVSKÒUHVRXVVHVSLHGVHVW

ULLbĻ

DEVHQWHGXGLWGHVVLQ6ĳDJLWLOGĳXQFKDQJHPHQWGHSDUWL"2XGĳXQH

DPELJXçWÓYRXOXHHQWUH )DPDHW)RUWXQD"

0 $]]L 9LVHQWLQL ĺb /D JURWWD QHO &LQTXHFHQWR 9HQHWR LO JLDUGLQR

*LXVWLGL9HURQDbĻ $UWH9HQHWD SSļ

%DWWLVWL RSFLW QS

(QWUH DXWUHV $ %UXVFKL HW DO 4XDGHUQL GHOOĳ,VWLWXWR GL VWRULD

&I'+HLNDPS 0H[LFRDQGWKH0HGLFL)ORUHQFH

GHOOĳDUFKLWHWWXUDGL5RPD QRVļDYULO0&DOYHVLĺb,O6DFUR

%UHGHNDPS,SSVT9RLUDXVVL-DLUD]EKR\SSļ

%RVFRGL%RPDU]RbĻLQ 6FULWWLGLVWRULDGHOOĳDUWHLQRQRUHGL/LRQHOOR

0DLVLO\DÓJDOHPHQWGHVÓOÓSKDQWVHQ&KLQHQRWDPPHQWGDQVOHV

9HQWXUL 5RPD,SSļ6/DQJĺb%RPDU]RbĻ $UFKLWHF

SDUFV'ĳDSUÒVVHVRUHLO HVLOSRXUUDLWFHSHQGDQWVĳDJLULFLGĳXQÓOÓ

WXUDO5HYLHZ MXLQSSļ$3LH\UHGH0DQGLDUJXHV /HV

SKDQW DIULFDLQ 6KHHOHU S \ YRLW XQH DO XVLRQ À +DQQLEDO 6XU

PRQVWUHVGH%RPDU]R 3DULV(%DWWLVWL /ĳDQWLULQDVFLPHQWR 0L

OĳLFRQRJUDSKLHGHOĳÓOÓSKDQWHWVHVVRXUFHVYRLUDXVVL6HWWLVHW/DFK

ODQRSSļ66HWWLVĺb&RQWULEXWRD%RPDU]RbĻ %ROOHW

,,FKLL SSļļ

WLQRGĳ$UWH 69,/,SSļ+6+DVVH /HVMDUGLQVGH

%RPDU]R WUDG 3DULV - 7KHXULO DW /HV P\VWÒUHV GH

&I26LUÓQ +LVWRLUHGHODSHLQWXUHFKLQRLVH 3DULV,,SSļ

%RPDU]RHWOHVMDUGLQVV\PEROLTXHVGHOD5HQDLVVDQFH*HQÒYH

TXLFLWHOH7UDLWÓGH7RQJ<X;HVLÒFOHVXUODSHLQWXUHGHVGUDJ

-5HFXSHUR ,O6DFUR%RVFRGL%RPDU]R)LUHQ]H0-'DUQDO

RQV5DZVRQSSVT*LHUOLFKVSSVT0&5R

06:HLO ĺb%RPDU]RWKH,WLQHUDU\RIWKH6DFUR%RVFRbĻ-RXUQDORI PDQR LQ /XFLGL SS ļ %UXZLHU SS ļ HW 5

WKH*DUGHQ+LVWRU\,9QR+%UHGHNDPS 9LFLQR2UVLQLXQG

6FKRUWDÓG 'UDJRQVRI6LON)ORZHUVRI*ROGļ$*URXSRI/LDR'\ GHUKHLOLJH:DOGYRQ%RPDU]R(LQ)đUVWDOV.đQVWOHUXQG$QDUFKLVW

QDVW\7H[WLOHVDWWKH$EHJJ6WLIWXQJ%HUQļ6DSDUHQWÓIRUPHO H

:RUPV YRO0$3ODWW,O6DFUR%RVFR 7KH6LJQLğFDQFHRI DYHF OH QXDJH D SHXWÔWUH IDYRULVÓ OĳDSSDULWLRQ GX GUDJRQ YRODQW

9LFLQR2UVLQLĳV9LOOD*DUGHQDW%RPDU]RLQWKH+LVWRU\RI,WDOLDQ5HQDLV

4XDQWÀFHOXLTXLDSSDUDåWGDQVOHFLHOGX 6DLQW-HDQÀ3DWPRV GX

VDQFH*DUGHQ'HVLJQ$QQ$UERU$%ÓODQJHU %RPDU]RRXOHV

0XVÓHGH9DOHQFLHQQHV;9HVUHSULQ%UXZLHUSO9ELOSRXUUDLW

LQFHUWLWXGHV GH OD OHFWXUH )LJXUH GH OD PHUDYLJOLD GDQV XQ MDUGLQ

ELHQYHQLUGHOĳ(VW2QQRWHUDFHSHQGDQWTXĳHQ&KLQHOHGUDJRQHVW

PDQLÓULVWHGX;9,HVLÒFOH 3DULV-6KHHOHU /HMDUGLQGH%RPDU

XQH ğJXUH ÓPLQHPPHQW SRVLWLYH WDQGLV TXĳHQ 2FFLGHQW LO GHYLHQW

]R8QHÓQLJPHGHOD5HQDLVVDQFH 3DULV

PDOIDLVDQWRXPHQDÎDQW

$&DUR /HWWHUHIDPLOLDUL)LUHQ]H,,,S

6KHHOHUS

0 3UD] ĺb , PRQVWUL GL %RPDU]Rb Ļ ,O 7HPSR ;, UÓÓG LQ

ĺb0DUYHOVRIWKH(DVWD6WXG\LQWKH+LVWRU\RI0RQVWHUVbĻLQ

/ĳ,OOXVWUD]LRQH,WDOLDQD QRHWLQ ,OJLDUGLQRGHLVHQVL6WXGLVXO

:LWWNRZHUSSļ9RLUDXVVL/XFLGLHW.DSSOHU

PDQLHULVPRHLOEDURFFR 0LODQRSSļ9RLUDXVVL %HOOH]]D

)LOLSSR1HJUROL %RXUJXLJQRWWHGH*XLGREDOGR,,GHOOD5RYHUHļ

HWEL]]DUULD 0LODQRSSļ

F6DLQW3ÓWHUVERXUJ(UPLWDJHUHSULQ 3DUXUHVWULRPSKDOHV

/HGHVVLQHVWFRQVHUYÓÀOĳ$OEHUWLQD'DQVOĳÓWDWDFWXHOGXPRQXPHQW

*HQÒYHQR

LOQHUHVWHTXH ĺbRJQLSHQVLHURYRĻ TXLDSDUIRLVÓWÓLQWHUSUÓWÓ

)+ÓEHUW6WHYHQV /ĳDUWDQFLHQGHOĳ$PÓULTXHGX6XG RSFLW Q

FRPPHĺRJQLSHQVLHURYROD Ļ XQHOHFWXUHDVVXUÓPHQWIDXWLYHTXH

VĳHVWOXLDXVVLLQWÓUHVVÓÀFHPRWLIHWPHQWLRQQHWURLVH[HPSOHVPH[

UHSUHQGFXULHXVHPHQW$%ÓODQJHUS6XUOHGÓWRXUQHPHQWGHOD

LFDLQVGHOĳbĺbDVVRFLDWLRQGHODSRUWHHWGHODPÂFKRLUHbĻS

IRUPXOHGDQWHVTXHHWODVXEVWLWXWLRQGHĺbSHQVLHURbĻÀĺbVSHUDQ]DbĻ

FI%UHGHNDPS,SSHW6KHHOHUSUHPDUTXHTXHFHWWH

0DDUWHQGH9RV-RKDQQHV6DGHOHU, $FWHVGHV$S÷WUHV LQ +ROO

LQVFULSWLRQ IDLW ÓFKR À FHO H GX 1\PSKÓH TXL SURPHW OD OLEÓUDWLRQ

VWHLQĳV'XWFKDQG)OHPLVK(WFKLQJV(QJUDYLQJVDQG:RRGFXWVļ

ĺbGĳRJQLRVFXURSHQVLHURbĻ

;/,9HW;/9,5RWWHUGDPQR

* 5 +RFNH 'LH :HOW DOV /DE\ULQWK 0DQLHU XQG 0DQLH LQ GHU HX

/HYHQVRQS

URSÄLVFKHQ.XQVW+DPEXUJSSļHWSO

&RQWLS&I7XFFLSSVT075XELQGH&HUYLQ

-%HQRLVW0ÓFKLQ /ĳKRPPHHWVHVMDUGLQVRXOHVPÓWDPRUSKRVHVGX

ĺb 3UHVHQ]H RULHQWDOL D 9HQH]LDb Ļ LQ (OLVVHHII SS ļ

3DUDGLVWHUUHVWUH 3DULVS

%RXFKRQ6XUGLFKSSļHW0HQ]LHVFK

2QFRQQDåWGĳDXWUHVYR\DJHVÀ6XPDWUDÀOĳÓSRTXH

%UHGHNDPS,SSļļ3ODWW RSFLW Q

S

0HQ]LHVSSļ

%UHGHNDPS,,S

3LJDIHWWDFI3RFKDWS

3DUH[HPSOH3UD] RSFLW Q*=DQGHUĺb*OLHOHPHQWLGRFX

/LQVFKRWHQ,FK;;S

PHQWDULVXO6DFUR%RVFRbĻ 4XDGHUQLGHOOĳ,VWLWXWRGLVWRULDGHOOĳDUFKL

&I/DFK,,,SSļ

WHWWXUDGL5RPD RSFLW QSRX/%HQHYRORĺb6DJJLRGĳLQWHU

SUHWD]LRQHVWRULFDbĻ LELG S&HWWHK\SRWKÒVHHVWFHSHQGDQWUÓ

/DSUHPLÒUHÓGLWLRQHVWGHPDLVOHUÓFLWIXWUÓGLJÓHQWUHOHUHWRXU

IXWÓHSDU/DQJ RSFLW QTXLSURSRVHGHVVRXUFHVRFFLGHQ

GH3LQWRHWVDPRUW

WDOHVSRXUFKDFXQGHVJURXSHVVFXOSWÓV

/DFK,,S

3UD]SOHFRPSDUHÀGHX[PRGÒOHVFKLQRLV

&ĳHVWFHTXHIDLWDYHFEULR5RVDWLSRXUOĳLPSRUWDWLRQWH[WLOH

%UHGHNDPSYRLWGDQVFHWWHPÔPHWRUWXHXQHLQĠXHQFHPH[LFDLQH

*LQ]EXUJS

4XDQWÀODğJXUHÀODTXHO HHO HVHUWGHVRFOHRQ\OLWJÓQÓUDOHPHQW

XQH 5HQRPPÓH HQ YHUWX GH OD WURPSHWWH GLVSDUXH TXĳHO H HP

9RLUÀFHVXMHW'HEUD\RX%HOWLQJ

43

%LEOLRJUDSKLH

:KHQ 6LON :DV *ROG &HQWUDO $VLDQ DQG &KLQHVH 7H[WLOHV &OHYHODQG

0XVHXPRI$UW

(QWODQJGHU6HLGHQVWUDVVHIUđPLWWHODOWHUOLFKH.XQVW]ZLVFKHQ3HUVLHQXQG

3ÓULRGLTXHVHWFROORTXHV

&KLQD 5LJJLVEHUJ$EHJJ6WLIWXQJ

7KH :HVWZDUG ,QIOXHQFH RI WKH &KLQHVH $UWV IURP WKH WK WR WKH WK

7RSNDSLÀ9HUVDLOOHV7UÓVRUVGHODFRXURWWRPDQH 9HUVDLO HV

&HQWXU\ &ROORTXLHV RQ $UW $UFKDHRORJ\ LQ $VLD 1R /RQGRQ

8QLYHUVLW\3HUFLYDO'DYLG)RXQGDWLRQRI&KLQHVH$UW

7KH /HJDF\ RI *HQJKLV .KDQ &RXUWO\ $UW DQG &XOWXUH LQ :HVWHUQ $VLD

ļ 1HZ<RUN0HWURSROLWDQ0XVHXP

6LON5RDG$UWDQG$UFKHRORJ\-RXUQDORIWKH,QVWLWXWHRI6LON5RDG6WXGLHV

.DPDNXUDVT

7KH *ORU\ RI WKH 6LON 5RDG $UW IURP $QFLHQW &KLQD 0HPSKLV %URRNV

0XVHXPRI$UW

6LON5RDG6WXGLHV 7XUQKRXW%UHSROVVT

0RQWDJQHVFÓOHVWHVWUÓVRUVGHVPXVÓHVGH&KLQH 3DULV*UDQG3DODLV

2ULHQWHW2FFLGHQWGX,;HDX;9HVLÒFOH &RO RTXHGĳ$PLHQV3DULV

7KH6LON5RDGDQG%H\RQG7UDYHO 7UDGHDQG7UDQVIRUPDWLRQ>6LON5RDG

.DQJ[L HPSHUHXU GH &KLQH ļ /D FLWÓ LQWHUGLWH À 9HUVDLOOHV

3URMHFW@ 0XVHXP 6WXGLHV &KLFDJR $UW ,QVWLWXWH<DOH 8QLYHUVLW\ 9HUVDLO HV&KÂWHDX501

3UHVV

-HDQ'HQLV$WWLUHW XQGRORLVGX;9,,,HVLÒFOHÀODFRXUGHOĳ(PSHUHXUGH

&KLQH '÷OH0XVÓHGHV%HDX[$UWV

([SRVLWLRQV

2FFLGHQWYLVWGHVGĳ2ULHQW %DUFHORQD&HQWUHGHFXOWXUDFRQWHPSRUÀQLD

:HVWļ(DVW 7RURQWR5R\DO2QWDULR0XVHXP

2ULHQWļ2FFLGHQW 5HQFRQWUHVHWLQIOXHQFHVGXUDQWVLÒFOHVGĳDUW 3DULV

$IJKDQLVWDQ /HV WUÓVRUV UHWURXYÓV &ROOHFWLRQV GX PXVÓH QDWLRQDO GH

0XVÓH&HUQXVFKLļ

.DERXO 3DULV0XVÓH*XLPHW

/HSD\VDJHHQ2ULHQWHWHQ2FFLGHQW 3DULV0XVÓH&HUQXVFKL

-DSDQDQGWKH:HVW7KH)LOOHG9RLG:ROIVEXUJ.XQVWPXVHXP

:HOWNXOWXUHQXQG0RGHUQH.XQVW 0đQFKHQ+DXVGHU.XQVW

7KH 6LON 5RDG DQG %H\RQG 7UDYHO 7UDGH DQG 7UDQVIRUPDWLRQ &KLFDJR

2FFLGHQWļ2ULHQWOĳDUWPRGHUQHHWOĳDUWLVODPLTXH 6WUDVERXUJ$QFLHQQH

$UW,QVWLWXWH

'RXDQH

/ĳ(PSLUH LQWHUGLW 9LVLRQV GX PRQGH GHV PDåWUHV FKLQRLV HW IODPDQGV

&KLQDXQG(XURSD&KLQDYHUVWÄQGQLVXQG&KLQDPRGHLPXQG-K

%UX[HO HV3DODLVGHV%HDX[$UWV

%HUOLQ&KDUORWWHQEXUJ

3DJRGHV HW GUDJRQV ([RWLVPH HW IDQWDLVLH GDQV Oĳ(XURSH URFRFR ļ

/DURXWHGHODVRLH/HVDUWVGHOĳ$VLHFHQWUDOHDQFLHQQHGDQVOHVFROOHF

3DULV0XVÓH&HUQXVFKL

WLRQVSXEOLTXHVIUDQÎDLVHV 3DULV*UDQG3DODLV

*ROGHQHU'UDFKH ZHLVVHU$GOHU.XQVWLP'LHQVWHGHU0DFKWDP.DLVHUKRI $ORQJWKH$QFLHQW6LON5RXWHV&HQWUDO$VLDQ$UWIURPWKH:HVW%HUOLQ6WDWH

YRQ &KLQD XQG DP VÄFKVLVFKSROQLVFKHQ +RI ļ 'UHVGHQ

0XVHXPV 1HZ<RUN0HWURSROLWDQ0XVHXP%HUOLQ

6WDDWOLFKH.XQVWVDPPOXQJHQ0đQFKHQ+LUPHU

' ( .OLPEXUJ6DOWHU HW DO 7KH 6LON 5RXWH DQG WKH 'LDPRQG 3DWK

/HVEDWDLOOHVGHOĳ(PSHUHXUGH&KLQH/DJORLUHGH4LDQORQJFÓOÓEUÓHSDU

(VRWHULF $UW RQ WKH 7UDQV+LPDOD\DQ 7UDGH 5RXWHV /RV $QJHOHV 8&/$

/RXLV;9 XQHFRPPDQGHUR\DOHGĳHVWDPSHV 3DULV/RXYUH

$UW&RXQFLO

$XI GHU 6XFKH QDFK GHP 2ULHQW 9RQ %HO LQL ELV .OHH %HUQH )RQGDWLRQ

9HUVOĳ2ULHQW 3DULV%1

.OHH

6LON5RDGVļ&KLQD6KLSV$Q([KLELWLRQRI(DVWDQG:HVW7UDGH 7RURQWR

*/2%$/ /$% .XQVW DOV %RWVFKDIW $VLHQ XQG (XURSD ļ :LHQ

5R\DO2QWDULR0XVHXP

0$.

&KLQHVH2UQDPHQWWKH/RWXVDQGWKH'UDJRQ /RQGRQ%ULWLVK0XVHXP

5RXWHV RFÓDQHV /HV WULEXODWLRQV GH OD SRUFHODLQH FKLQRLVH *HQÒYH

)RQGDWLRQ%DXU

=ZLVFKHQ *DQGKDUD XQG GHQ 6HLGHQVWUDVVHQ )HOVELOGHU DP .DUDNRUXP

+LJKZD\ (QWGHFNXQJHQ GHXWVFKSDNLVWDQLVFKHU ([SHGLWLRQHQ ļ

.ùOQ0XVHXPIđU9ùONHUNXQGH

([RWLVFKH:HOWHQ (XURSÄLVFKH3KDQWDVLHQ 6WXWWJDUW:đUWHPEHUJLVFKHU

.XQVWYHUHLQ

$QTXHWLO -DFTXHV 5RXWHV GH OD VRLH GHV GÓVHUWV GH Oĳ$VLH DX[ ULYHV GX

(QWGHFNXQJVXQG)RUVFKXQJVUHLVHQLP6SLHJHODOWHU%đFKHU 6WXWWJDUW

PRQGHRFFLGHQWDO VLÒFOHVGĳKLVWRLUH 3DULV/DWWÒV

:đUWHPEHUJLVFKHU.XQVWYHUHLQ

$QWKRQ\(GJDU:ĺ(DUO\&KULVWLDQ$UWDQGWKH)DU(DVWĻLQ:.RHKOHU

&KLQDLOOXVWUDWD :ROIHQEđWWHO+HU]RJ$XJXVW%LEOLRWKHN

ÓG 0HGLHYDO6WXGLHVLQ0HPRU\RI$.LQJVOH\3RUWHU &DPEULGJH +DUYDUG

&URLVHPHQWGHVLJQHV 3DULV,QVWLWXWGX0RQGHDUDEH

8QLYHUVLW\3UHVVSSļ

(XURSDXQGGHU2ULHQW%HUOLQ%HUOLQHU)HVWVSLHOH

$UQROG(GZLQ 7KH/LJKWRI$VLD /RQGRQ.HJDQ3DXO

0LUDUK DOLVODP HUHGLWÀ GHOOĳ,VODP DUWH LVODPLFH LQ ,WDOLD 9HQH]LD

$VKWRU (OL\DKRX (DVWļ:HVW 7UDGH LQ WKH 0HGLHYDO 0HGLWHUUDQHDQ HG E\ 3DOD]]R'XFDOH

%HQMDPLQ=.HGDU/RQGRQ9DULRUXP5HSULQWV

/DVHWDHODVXDYLD 5RPD3DOD]]RGHO HHVSRVL]LRQL

$XOG6LOYLDĺ.XILFLVLQJ,QVFULSWLRQVLQWKH:RUOGRI*HQWLOHGD)DEULDQRĻ

'UDJRQVGĳ2ULHQWHWGĳ2FFLGHQW 0XVÓHUR\DOGH0DULHPRQW

2ULHQWDO$UW ;;;,,SSļ

6ÓULQGH WHUUHGH%RXGGKDGL[VLÒFOHVGĳDUWVXUODURXWHGHODVRLH 3DULV

%DOWUXVDLWLV -XUJLV 5ÓYHLOV HW SURGLJHV /H JRWKLTXH IDQWDVWLTXH 3DULV

*UDQG3DODLV

$&ROLQ

44

5HWRXUVXUOĳ (XURSHFKLQRLVH

,G ĺ-DUGLQVHWSD\VGĳLOOXVLRQĻLQ $EHUUDWLRQV4XDWUHHVVDLVVXUODOÓJHQGH

&KLDSSRUL0DULD*UD]LDĺ5LIOHVVLILJXUDWLYLGHLFRQWDWWLRULHQWHļRFFLGHQWHH

GHVIRUPHV 3DULV3HUULQSSļ

GHOOĳRSHUDSROLDQDQHOOĳDUWHPHGLHYDOHLWDOLDQDĻLQ=RU]LSSļ

,G /H0R\HQ$JHIDQWDVWLTXH$QWLTXLWÓVHWH[RWLVPHVGDQVOĳDUWJRWKLTXH

&RHGÒV*HRUJH 7H[WHVGĳDXWHXUVJUHFVHWODWLQVUHODWLIVÀOĳ([WUÔPH2ULHQW

3DULV)ODPPDULRQ

GHSXLV OH 9,H V DYDQW -&K MXVTXĳDX ;9,H V 3DULV /HURX[ UÓÓG

%DUDVFK0RVKHĺ6RPH2ULHQWDO3VHXGR,QVFULSWLRQVLQ5HQDLVVDQFH$UWĻ

+LOIHVKHLP2OPV

9LVLEOH/DQJXDJH QRļ6SULQJ6XPPHUSSļ

&RUER] $QGUÓ ĺ (WUXVTXH RX FKLQRLVH " /D UHODWLYLWÓ GH FHUWDLQHV ÓYL

%DXPJDUWQHU 0LFKDHO $XI GHU 6XFKH QDFK GHP 2ULHQW 7HSSLFK GHU

GHQFHV Ļ LQ 'DQLHOOH &KDSHURQ 3KLOLSSH .DHQHO ÓG 3RLQWV GH YXH SRXU

(ULQQHUXQJ%HUQ=HQWUXP3DXO.OHH

3KLOLSSH-XQRG 3DULV/ĳ+DUPDWWDQSSļ

%HFNZLWK-RKQĺ7KH,QIOXHQFHRI,VODPLF$UWLQ:HVWHUQ0HGLHYDO$UWĻ

&RUGLHU +HQUL +LVWRLUH JÓQÓUDOH GH OD &KLQH HW GH VHV UHODWLRQV DYHF OHV

$SROOR $SULOSSļ

SD\VÓWUDQJHUV 3DULV*HXWKQHU

%HOWLQJ +DQV )ORUHQ] XQG %DJGDG (LQH ZHVWùVWOLFKH *HVFKLFKWH GHV

&RUUDGLQL3LHURĺ,PLVVLRQDULHJOLVFDPELFXOWXUDOLFRQOĳ$VLDRULHQWDOHĻ

%OLFNV 0đQFKHQ%HFN

LQ/XFLGLSSļ

%HQHVFK2WWRĺ7KH2ULHQWDVD6RXUFHRI,QVSLUDWLRQLQWKH*UDSKLF$UWV

&KULVWLH$UFKLEDOGĺ7KH'HYHORSPHQWRI2UQDPHQWIURP$UDELF6FULSWĻ

RIWKH5HQDLVVDQFHĻLQ )HVWVFKULIW)ULHGULFK:LQNOHU %HUOLQ0DQQ

%XUOLQJWRQ0DJD]LQH -XQHSSļDQG-XO\SSļ

SSļ

&URZH <RODQGH ĺ (DUO\ ,VODPLF 3RWWHU\ DQG &KLQD Ļ 7UDQVDFWLRQV RI WKH

%HUJHU:LOO\5LFKDUG &KLQD%LOGXQG&KLQD0RGHLP(XURSDGHU$XINOÄUXQJ

2ULHQWDO&HUDPLF6RFLHW\ ;/,ļSSļ

.ùOQļ:LHQ%ùKODX

(DGĺ,]QLNDQGWKH&KLQHVH0DQQHUĻLQ )LIWK,QWHUQDWLRQDO&RQJUHVVRI %HUQDUGLQL0LFKHOHHWDOÓG (XURSDH,VODPWUDLVHFROL;,9H;9, 1DSROL

7XUNLVK$UW HG*)HKHU%XGDSHVW$NDGÓPLDL.LDGöSSļ

,VWLWXWRXQLYHUVLWDULRRULHQWDOH

(DG ĺ /DWH 7KLUWHHQWK&HQWXU\ 3HUVLDQ 7LOHZRUN DQG &KLQHVH 7H[WLOHV Ļ

%HXUGHOH\ &ÓFLOH 6XU OHV URXWHV GH OD VRLH /H JUDQG YR\DJH GHV REMHWV

%XOOHWLQRIWKH$VLD,QVWLWXWH QVSSļ

GĳDUW )ULERXUJ2IILFHGX/LYUH

(DG 3HUVLD DQG &KLQD 6DIDYLG %OXH DQG :KLWH LQ WKH 9LFWRULD $OEHUW

%HXUGHOH\0LFKHO 3RUFHODLQHGHOD&RPSDJQLHGHV,QGHV )ULERXUJ2IILFH

0XVHXPļ /RQGRQ/D%RULH

GX/LYUHUÓÓG

'HEUD\5ÓJLV 8QP\WKHFRQWHPSRUDLQOHGLDORJXHGHVFLYLOLVDWLRQV 3DULV

,G 3HLQWUHVMÓVXLWHVHQ&KLQHDX;9,,,HVLÒFOH $UFXHLO$QWKÒVH

&156

%HXUGHOH\0LFKHOHW&ÓFLOH &DVWLJOLRQH SHLQWUHMÓVXLWHÀODFRXUGH&KLQH

'H OD 7RXUHWWH )UDQÎRLV *LOOHV /ĳ2ULHQW HW OHV SHLQWUHV GH 9HQLVH 3DULV

)ULERXUJ2IILFHGX/LYUH

&KDPSLRQFK9,

%ODLU6KHLOD6HWDOĺ(QWODQJGHU6HLGHQVWUDVVH)UđKPLWWHODOWHUOLFKH.XQVW

'ÓWULH0XULHOĺ/ĳLPDJHGHOD&KLQHGDQVOHVUÓFLWVGHVYR\DJHXUVRFFLGHQ

]ZLVFKHQ3HUVLHQXQG&KLQDLQGHU$EHJJ6WLIWXQJĻ 5LJJLVEHUJHU%HULFKWH

WDX[ĻLQ 3DJRGHVHW'UDJRQV 3DULV0XVÓH&HUQXVFKL SSļ

'UÒJH -HDQ3LHUUH /D URXWH GH OD VRLH 3D\VDJHV HW OÓJHQGHV 3DULV

%RXOQRLV/XFH /DURXWHGHODVRLH'LHX[ JXHUULHUVHWPDUFKDQGV *HQÒYH

%LEOLRWKÒTXHVGHVDUWV

2OL]DQH

,G 0DUFR 3ROR HW OD URXWH GH OD VRLH 3DULV *DOOLPDUG &ROO

%RZLH 7KHRGRU ÓG (DVWļ:HVW LQ $UW 3DWWHUQV RI &XOWXUDO DQG $HVWKHWLF

ĺ'ÓFRXYHUWHVĻ

5HODWLRQVKLSV%ORRPLQJWRQ,QGLDQD8QLYHUVLW\3UHVV

(EHUVROW -HDQ 2ULHQW HW 2FFLGHQW 5HFKHUFKHV VXU OHV LQIOXHQFHV E\]DQ

%URF1XPDĺ9R\DJHXUVIUDQÎDLVHQ&KLQH,PSUHVVLRQVHWMXJHPHQWVĻ

WLQHVHWRULHQWDOHVDYDQWOHV&URLVDGHV 3DULVļ%UX[HOOHV9DQ2HVW

'L[KXLWLÒPHVLÒFOH QRSSļ

(OLVVHHII9DGLPH 2ULHQWļ2FFLGHQW5HQFRQWUHVHWLQIOXHQFHVGXUDQWFLQ

%UXQHO*HRUJHV 3DJRGHVHWGUDJRQV([RWLVPHHWIDQWDLVLHGDQVOĳ(XURSH

TXDQWHVLÒFOHVGĳDUW 3DULV0XVÓH&HUQXVFKL

URFRFRļ 3DULV0XVÓH&HUQXVFKL

,GHWDO /HYLHGHOOD6HWDH9HQH]LD 5RPD'H/XFD

%UXZLHU0DULH&ÓFLOH 'UDJRQVGĳ2ULHQWHWGĳ2FFLGHQW 0RUODQZHO]0XVÓH

(UGPDQQ.XUWĺ$UDELVFKH6FKULIW]HLFKHQDOV2UQDPHQWHLQGHUDEHQGOÄQ

UR\DOGH0DULHPRQW

GLVFKHQ.XQVWGHV0LWWHODOWHUVĻ $EKDQGOXQJHQGHUJHLVWHVXQGVR]LDOZLV

%XVVDJOL 0DULR ĺ 8QLWÀ GHOOĳ(XUDVLD Ļ LQ 2ULHQWH H 2FFLGHQWH )LUHQ]H

VHQVFKDIWOLFKHQ .ODVVH $NDGHPLH GHU :LVVHQVFKDIWHQ XQG GHU /LWHUDWXU

SSļ

0DLQ],;SSļ

,G /DYLDGHOOĳDUWHWUDRULHQWHHRFFLGHQWH'XHPLOOHQQLGLVWRULD )LUHQ]H

(WLHPEOH5HQÓ /ĳ(XURSHFKLQRLVH,'HOĳ(PSLUHURPDLQÀ/HLEQLW] 3DULV

*LXQWL $UWGRVVLHU QR

*DOOLPDUG

&DUVZHOO-RKQHWDO %OXHDQG:KLWH&KLQHVH3RUFHODLQDQGLWV,PSDFWRQ

,G /ĳ(XURSHFKLQRLVH,,'HODVLQRSKLOLHÀODVLQRSKRELH 3DULV*DO LPDUG

WKH:HVWHUQ:RUOG &KLFDJR8QLYHUVLW\3UHVV

)RFLOORQ+HQUL /DYLHGHVIRUPHV 3DULV/HURX[

,G %OXHDQG:KLWH&KLQHVH3RUFHODLQDURXQGWKH:RUOG /RQGRQ%ULWLVK

)RQWDQD 0DULD 9LWWRULD ĺ /ĳLQIOXVVR GHOOĳDUWH LVODPLFD LQ ,WDOLD Ļ LQ * &X

0XVHXP

UDWROD (UHGLWÀGHOOĳ,VODPDUWHLVODPLFDLQ,WDOLD 0LODQR6LOYDQD

&HFFKL(PLOLR 7UHFHQWLVWLVHQHVL 0LODQR+RHSOL

(DGĺ,FDUDWWHULSVHXGRHSLJUDILFLGDOOĳDOIDEHWRDUDERĻLQ0DUFR&LDWWLHW

&HQWOLYUHV3LHUUHĺ/DSURGXFWLRQHWKQRJUDSKLTXHGHOĳLPDJHGHOĳ2ULHQWĻ

DO *LRWWROD&URFHGL60DULD1RYHOOD )LUHQ]H(',),5SSļ

LQ $VHFRQGHYXH7KÒPHVHQDQWKURSRORJLH *ROOLRQ,QIROLR

(DG ĺ %UHYH QRWD VXJOL RUQDWL SVHXGR HSLJUDILFL GL GHULYD]LRQH GDO ĳDOIDEHWR

SSļ

DUDERLQDOFXQLPRQXPHQWLIXQHEULGHOĲĻLQ%HUQDUGLQLSSļ

&KDQWUDLQH3LHUUHĺ1RWLFHĻLQ$UULHQ /ĳ,QGH 3DULV%HOOHV/HWWUHV

)UDQNH:ROIJDQJ &KLQDXQGGDV$EHQGODQG *ùWWLQJHQ9DQGHQKRHFN

SSļ

5XSUHFKW

45

3KLOLSSH-XQRG

*DEULHOL)UDQFHVFRĺ6DQ)UDQFHVFRHOĳRULHQWHLVODPLFRĻLQ (VSDQVLRQH

,PSH\2OLYHU &KLQRLVHULH7KH,PSDFWRI2ULHQWDO6W\OHVRQ:HVWHUQ$UWDQG

GHO IUDQFHVFDQHVLPR WUD RFFLGHQWH H RULHQWH QHO VHFROR ;,,, $WWL GHO 9, 'HFRUDWLRQ /RQGRQ2[IRUG8QLYHUVLW\3UHVV

FRQYHJQRLQWHUQD]LRQDOH$VVLVL 5LPLQL0DJJLROLSSļ

,UZLQ5REHUW 'DQJHURXV.QRZOHGJH2ULHQWDOLVPDQGLWV'LVFRQWHQWV 1HZ

*HQGURQQHDX 3DXO 'H OĳLQIOXHQFH GX %RXGGKLVPH VXU OD ILJXUDWLRQ GHV

<RUN2YHUORRN3UHVV

HQIHUVPÓGLÓYDX[ 1åPHV*HOOURQHW%DQGLQL

-DFRE*HRUJ 'HU(LQIOXVVGHV0RUJHQODQGVDXIGDV$EHQGODQGYRUQHKP

*LHUOLFKV-RDFKLP 'UDFKH 3KùQL[ GRSSHO$GOHU)DEHOZHVHQLQGHULVOD

OLFKZÄKUHQGGHV0LWWHODOWHUV +DQQRYHU+HLQ]/DIDLUH

PLVFKHQ.XQVW %HUOLQ0DQQ

-DFREVRQ'DZQ &KLQRLVHULHV 3DULV3KDLGRQ

*LÒV -DFTXHV ĺ /D PLVVLRQ 3HOOLRW ļ Ļ LQ /HV DUWV GH Oĳ$VLH

-DLUD]EKR\ $OL 5DILTXH 2ULHQWDO ,QIOXHQFHV LQ :HVWHUQ $UW /RQGRQ $VLD

&HQWUDOH /D FROOHFWLRQ 3DXO 3HOOLRW GX 0XVÓH QDWLRQDO GHV DUWV DVLDWLTXHV

3XEOLVKLQJ+RXVH

*XLPHW 3DULV501SSļ

-DODEHUW'HQLVHĺ'HOĳDUWRULHQWDODQWLTXHÀOĳDUWURPDQ5HFKHUFKHVVXU

*LQ]EXUJ&DUORĺ4XHOTXHVUHPDUTXHVVXUXQGÓWDLOGH*LRWWRĻLQÓGLW

OD IDXQH HW OD IORUH URPDQHV Ļ %XOOHWLQ PRQXPHQWDO SS ļ HW

,G ĺ &RQMHFWXUHV HXUDVLDWLTXHV Ļ LQ /H 6DEEDW GHV VRUFLÒUHV 3DULV

SSļ

*DOOLPDUGSSļ

-DUU\0DGHOHLQH &KLQRLVHULHV/HUD\RQQHPHQWGXJRďWFKLQRLVVXUOHVDUWV

*LXQWD5REHUWDĺ8QĳLVFUL]LRQHDUDEDLQFDUDWWHULFXILFLSUREDELOHWHVWLPR

GÓFRUDWLIVDX[;9,,HHW;9,,,HVLÒFOHV )ULERXUJ2IILFHGX/LYUH

QLDQ]D GHO D VLVWHPD]LRQH GHO FDSLWROR QHO D FDWWHGUDOH GL $YLJQRQH Ļ LQ

-HKHO*HRUJHVGLU 2ULHQWHW2FFLGHQWGX,;HDX;9HVLÒFOH $FWHVGXFRO

%HUQDUGLQLSSļ

ORTXHGĳ$PLHQV 8QLYHUVLWÓGH3LFDUGLH(GLWLRQVGX7HPSV

*RORXEHZ 9LFWRU ĺ /HV UDFHV PRQJROHV GDQV OD SHLQWXUH GX 7UHFHQWR Ļ

-HWWPDU.DUO9RONHU7KHZDOW =ZLVFKHQ*DQGKDUDXQGGHQ6HLGHQVWUDVVHQ

%XOOHWLQGHVDQWLTXDLUHVGH)UDQFH MXLQ SSļ

)HOVELOGHU DP .DUDNRUXP +LJKZD\ (QWGHFNXQJHQ GHXWVFKSDNLVWDQLVFKHU

,Gĺ8QSHLQWUHFKLQRLVGX;,HVLÒFOH/L/RQJPLHQĻ *D]HWWHGHV%HDX[

([SHGLWLRQHQ ļ 0DLQ]3KYRQ=DEHUQ

$UWV DYULOSSļ

-XOLHQ&KDUOHV$QGUÓ /HVYR\DJHVGHGÓFRXYHUWHHWOHVSUHPLHUVÓWDEOLV

*RUGRQ6WHZDUW :KHQ$VLD:DVWKH:RUOG 1HZ<RUN'D&DSR

VHPHQWV ;9Hļ;9,HVLÒFOH 3DULV38) *UDEDU2OHJĺ7UDGHZLWKWKH(DVWDQGWKH,QIOXHQFHRI,VODPLF$UWRQWKH

.DLVHU :DOWHU ĺ (DVW DQG :HVW DW , 7DWWL Ļ LQ / 3 5REHUWV 7KH %HUQDUG

Ĳ/X[XU\$UWVĳLQWKH:HVWĻLQ+DQV%HOWLQJÓG ,O0HGLR2ULHQWHHOĳ2FFL

%HUHQVRQ &ROOHFWLRQ RI 2ULHQWDO $UW DW 9LOOD , 7DWWL 1HZ <RUN +XGVRQ +LOO

GHQWH QHOOĳDUWH GHO ;,,, VHFROR $WWL GHO ;;,9 &RQJUHVVR GL 6WRULD GHOOĳDUWH

3UHVVSSļ

%RORJQD&/8(%SSļ

.DSSOHU&ODXGH&ODLUH 0RQVWUHV GÓPRQVHWPHUYHLOOHVÀODILQGXPR\HQ

,G ĺ (XURSH DQG WKH 2ULHQW DQ ,GHRORJLFDOO\ &KDUJHG ([KLELWLRQ Ļ

ÂJH 3DULV3D\RW

0XTDUQDV SSļ

.OLPNHLW+DQV-RDFKLP 'LH6HLGHQVWUDVVH+DQGHOVZHJXQG.XOWXUEUđFNH

*URXVVHW5HQÓ +LVWRLUHGHOĳ([WUÔPH2ULHQW 3DULV*HXWKQHU

]ZLVFKHQ0RUJHQXQG$EHQGODQG .ùOQ'X0RQW

,G /ĳHPSLUHGHVVWHSSHV 3DULV3D\RWUÓÓG

.RPDURII /LQGD 6WHIDQR &DUERQL ÓG 7KH /HJDF\ RI *HQJKLV .KDQ

&RXUWO\ $UW DQG &XOWXUH LQ :HVWHUQ $VLD ļ 1HZ +DYHQ <DOH

,G 'HOD*UÒFHÀOD&KLQH 0RQDFR'RFXPHQWVGĳDUW

8QLYHUVLW\3UHVV

*UXEH(UQVWHWDO $UWHYHQH]LDQDHDUWHLVODPLFD $WWLGHO,VLPSRVLRLQWHU

.XU] 2WWR ĺ .đQVWOHULVFKH %H]LHKXQJHQ ]ZLVFKHQ 3UDJ XQG 3HUVLHQ ]XU

QD]LRQDOHVXOOĳDUWHYHQH]LDQDHOĳDUWHLVODPLFD 9HQH]LD/ĳDOWUDULYD

=HLW5XGROSKV,,XQG%HLWUÄJH]XU*HVFKLFKWHVHLQHU6DPPOXQJHQĻ

*UX]LQVNL6HUJH /DSHQVÓHPÓWLVVH 3DULV)D\DUG

LQ 7KH 'HFRUDWLYH $UWV RI (XURSH DQG WKH ,VODPLF (DVW 6HOHFWHG 6WXGLHV

*XDGDOXSL*LDQQL /D&LQDULYHODWD WUDG /D&KLQHGHVPHUYHLOOHV

/RQGRQ'RULDQ3UHVV

'H*HQJLV.KDQDXGHUQLHUHPSHUHXU 3DULV*UđQG

/DFK'RQDOG) $VLDLQWKH0DNLQJRI(XURSH &KLFDJR8QLYHUVLW\3UHVV

+ÄUWHO +HUEHUW $ORQJ WKH $QFLHQW 6LON 5RXWHV &HQWUDO $VLDQ $UW IURP WKH

ļYRO

:HVW%HUOLQ6WDWH0XVHXPV 1HZ<RUN$EUDPV

/DQFLRWWL/LRQHOORÓG 9HQH]LDHOĳRULHQWH )LUHQ]H2OVFKNL

+DXVVLJ+DQV:LOKHOP 'LH*HVFKLFKWH=HQWUDODVLHQVXQGGHU6HLGHQVWUDVVH

/DXIHU %HUWKROG 6LQR,UDQLFD &KLQHVH &RQWULEXWLRQV WR WKH +LVWRU\ RI LQLVODPLVFKHQ=HLW 'DUPVWDGW:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW

&LYLOL]DWLRQLQ$QFLHQW,UDQ &KLFDJR)LHOG0XVHXPRI1DWXUDO+LVWRU\ ,G $UFKÄRORJLHXQG.XQVWGHU6HLGHQVWUDVVH 'DUPVWDGW:LVVHQVFKDIWOLFKH

/HOLÒYUH 'RPLQLTXH 9R\DJHXUV FKLQRLV À OD GÓFRXYHUWH GX PRQGH 'H

%XFKJHVHOOVFKDIW

Oĳ$QWLTXLWÓDX;,;HVLÒFOH *HQÒYH2OL]DQH

+DXWWHNHHWH(WLHQQHĺ/HVWXSDODSDJRGHHWOHFKDåQRQPDQTXDQWĻLQ

/HYHQVRQ-D\$GLU $XWRXUGXJOREH/H3RUWXJDOGDQVOHPRQGHDX[;9,H

1LFROHGH%LVFRSHWDO /D&KLQHVRXVWRLWDQVGĳDUFKLWHFWXUHÀWUDYHUV

HW;9,,HVLÒFOHV %UX[HOOHV3DODLVGHV%HDX[$UWV0HUFDWRU

OHVPRGÒOHVUÓGXLWVGX0XVÓHGX+HQDQ %UX[HOOHV0XVÓHV5R\DX[)RQGV

/LJKWERZQ 5RQDOG : ĺ 2ULHQWDO $UW DQG WKH 2ULHQW LQ /DWH 5HQDLVVDQFH

0HUFDWRUSSļ

DQG%DURTXH,WDO\Ļ -RXUQDORIWKH:DUEXUJ,QVWLWXWH SSļ

+HGLQ 6YHQ 7KH 6LON 5RDG 7HQ 7KRXVDQG 0LOHV 7KURXJK &HQWUDO $VLD

,Gĺ/ĳHVRWLVPRĻLQ)HGHULFR=HULHG 6WRULDGHOOĳDUWHLWDOLDQD 3DUWHWHU]D

/RQGRQ7DXULV3DUNH

YRO,,,7RULQR(LQDXGLSSļ

+RQRXU +XJK &KLQRLVHULH 7KH 9LVLRQ RI &DWKD\ 1HZ <RUN ,FRQ

/RHKU*HRUJHV5ĺ/ĳDUWLVWH-HDQ'HQLV$WWLUHWHWOĳLQIOXHQFHH[HUFÓHSDU

VD GHVFULSWLRQ GHV MDUGLQV LPSÓULDX[ Ļ LQ /D PLVVLRQ IUDQÎDLVH GH 3ÓNLQ

+RZDUG 'HERUDK 9HQLFH DQG WKH (DVW 1HZ +DYHQ DQG /RQGRQ <DOH

DX[ ;9,,H HW ;9,,,H VLÒFOHV $FWHV GX FROORTXH LQWHQDWLRQDO GH VLQRORJLH GH

8QLYHUVLW\3UHVV

&KDQWLOO\ 3DULV%HOOHV/HWWUHVSSļ

+XGVRQ*HRIIUH\) (XURSHDQG&KLQD$6XUYH\RI7KHLU5HODWLRQVIURPWKH

/RHKU0D[ĺ7KH&KLQHVH(OHPHQWVLQ,VWDPEXO0LQLDWXUHVĻ $UVRULHQWDOLV

(DUOLHVW7LPHWR /RQGRQ$UQROGUHSU%RVWRQ%HDFRQ

,SSļ

46

5HWRXUVXUOĳ (XURSHFKLQRLVH

/RQJSÓULHU $GULHQ GH ĺ 'H OĳHPSORL GHV FDUDFWÒUHV DUDEHV GDQV OĳRUQH

3HGGH%ULJLWWH $OWRULHQWDOLVFKH7LHUPRWLYHLQGHUPLWWHUDOWHUOLFKHQ.XQVWGHV

PHQWDWLRQFKH]OHVSHXSOHVFKUÓWLHQVGĳRFFLGHQWĻ 5HYXHDUFKÓRORJLTXH

2ULHQWVXQG(XURSD :HLPDU9'*

,,SSļ

3HO LRW 3DXO ĺ /HV FRQTXÔWHV GH Oĳ(PSHUHXU GH &KLQH Ļ 7ĳRXQJ 3DR

/XFLGL0DULD7HUHVD /DVHWDHODVXDYLD 5RPD'H/XFD

$UFKLYHVFRQFHUQDQWOĳKLVWRLUH OHVODQJXHV ODJÓRJUDSKLHHWOĳHWKQRJUDSKLH

0DFN5RVDPRQG( %D]DDUWR3LD]]D,VODPLF7UDGHDQG,WDOLDQ$UW ļ

GHOĳ$VLHRULHQWDOH;;SSļ

ļ%HUNHOH\ļ/RV$QJHOHVļ/RQGRQ8QLYHUVLW\RI&DOLIRUQLD3UHVV

,G /HV JURWWHV GH 7RXHQ+RXDQJ 3HLQWXUHV HW VFXOSWXUHV ERXGGKLTXHV

0DJDJQDWR/LFLVFRHWDO /HVWRIIHGL&DQJUDQGH5LWURYDPHQWLHULFHUFKH

GHVÓSRTXHVGHV:HL GHV7ĳDQJHWGHV6RQJ 3DULV*HXWKQHUļ

VXO7UHFHQWRYHURQHVH )LUHQ]H$OLQDUL

,G /HV0RQJROVHWOD3DSDXWÓ 3DULV3LFDUGļ 5HYXHGHOĳ2ULHQW

0DU[-DFTXHVĺ'HOD&KLQHÀODFKLQRLVHULH(FKDQJHVFXOWXUHOVHQWUHOD

&KUÓWLHQ

&KLQHOĳ(XURSHHWOHV3D\V%DVPÓULGLRQDX[;9,,Hļ;9,,,HVLÒFOHVĻ 5HYXH

,G /DKDXWH$VLH 3DULV*DXGDUGVG>@UÓÓGLQ /D&URLVLÒUHMDXQH

EHOJHGHSKLORORJLHHWGĳKLVWRLUH SSļ

([SÓGLWLRQ&LWURÖQ&HQWUH$VLH 3DULV/ĳ$VLDWKÒTXHSSļ

,Gĺ/DVWUDWÓJLHGĳDGDSWDWLRQGH0DWWHR5LFFLHWODPLVVLRQGH&KLQHĻ /H

,G 5HFKHUFKHVVXUOHVFKUÓWLHQVGĳ$VLH&HQWUDOHHWGĳ([WUÔPH2ULHQW 3DULV

)LJXLHU $QQDOHVGX&HQWUHLQWHUGLVFLSOLQDLUHGĳ(WXGHGHV5HOLJLRQVHWGHOD

,PSULPHULH1DWLRQDOH

/DçFLWÓ &,(5/ GHOĳ8/% QRSSļ

,G ĺ /HV -ÓVXLWHV LQWHUPÓGLDLUHV FXOWXUHOV HQWUH OD &KLQH HW Oĳ(XURSH DX

,G &DUQHWVGHURXWHļ 3DULV,QGHVVDYDQWHV501

;9,,,H VLÒFOH Ļ LQ %ULJLWWH Gĳ+DLQDXW=YHQ\ -DFTXHV 0DU[ ÓG )RUPHV HW

3HOWUH &KULVWLQH ĺ /ĳRULHQWDOLVPH DXMRXUGĳKXL Ļ 5HYXH GH OĳDUW QR

ILJXUHVGXJRďWFKLQRLVGDQVOHVDQFLHQV3D\V%DV %UX[HOOHV(GLWLRQVGH

SSļ

Oĳ8QLYHUVLWÓSSļ

3HUWXVL$JRVWLQRÓG 9HQH]LDHOĳ2ULHQWHIUDWDUGR0HGLRHYRH5LQDVFLPHQWR

0HQ]LHV*DYLQ WKH<HDUD0DJQLILFHQW&KLQHVH)OHHW6DLOHGWR,WDO\ )LUHQ]H6DQVRQL

DQG ,JQLWHG WKH 5HQDLVVDQFH /RQGRQ +DUSHU &RO LQV ÓG DXJP

3HWHFK/XFLDQRĺ/HVPDUFKDQGVLWDOLHQVGDQVOĳHPSLUHPRQJROĻ -RXUQDO

DVLDWLTXH SSļ

0ROODW 0LFKHO *UDQGV YR\DJHV HW FRQQDLVVDQFH GX PRQGH GX PLOLHX GX

,G ĺ , )UDQFHVFDQL QHOOĳ$VLD FHQWUDOH H RULHQWDOH QHO VHFROR ;,,, Ļ LQ

;,,,HÀODILQGX;9HVLÒFOH 3DULV&'8

(VSDQVLRQH GHO IUDQFHVFDQHVLPR WUD RFFLGHQWH H RULHQWH QHO VHFROR ;,,, 0RQQDV /LVD ĺ /ĳRULJLQH RULHQWDOH GHOOH VWRIIH GL &DQJUDQGH FRQIURQWL H

$WWL GHO 9, FRQYHJQR LQWHUQD]LRQDOH $VVLVL 5LPLQL 0DJJLROL

SUREOHPLĻLQ30DULQLHWDO &DQJUDQGHGHOOD6FDOD/DPRUWHHLOFRUUHGR

SSļ

GLXQSULQFLSHQHOPHGLRHYRHXURSHR 9HQH]LD0DUVLOLRSSļ

3LFDUG 5HQÓ /HV SHLQWUHV MÓVXLWHV À OD FRXU GH &KLQH *UHQREOH

0RQQHUHWGH9LOODUG8JRĺ/HWUDQVHQQHGL$VSUHQRHOHVWRIIHDOHVVDQ

6HLJQHXUV

GULQHĻ $HJ\SWXV ,9SSļ

3LQWR2OJDĺ9LDJJLDWRULYHQHWLLQRULHQWHGDOVHFROR;,,,DO;9,ĻLQ3HUWXVL

0RUHQD)UDQFHVFR 'DOOH,QGLHRULHQWDOLDOODFRUWHGL7RVFDQDFROOH]LRQLGL

SSļ

DUWHFLQHVHHJLDSRQHVHD3DOD]]R3LWWL )LUHQ]H*LXQWL

,G &KLQRLVHULH7KH(YROXWLRQRIWKH2ULHQWDO6W\OHLQ,WDO\IURPWKHWKWRWKH

3LUD]]ROL7ĳ6HUVWHYHQV0LFKÒOH *UDYXUHVGHVFRQTXÔWHVGHOĳHPSHUHXUGH

WK&HQWXU\ )LUHQ]H&HQWUR'L

&KLQH.ĳLHQ/RQJ 3DULV0XVÓH*XLPHW

0đQVWHUEHUJ2VNDU &KLQHVLVFKH.XQVWJHVFKLFKWH (VVOLQJHQ1HII (DGĺ&KLQHVH&HUDPLFVLQ,WDO\IURPWKHWKWRWKH%HJLQQLQJRIWKHWK

&HQWXU\ Ļ LQ &KLQH ļ 0ÓGLWHUUDQÓH URXWHV HW ÓFKDQJHV GH OD FÓUDPLTXH

,G ĺ /HRQDUGR GD 9LQFL XQG GLH FKLQHVLVFKH /DQGVFKDIWVPDOHUHL Ļ

DYDQWOH;9,HVLÒFOH $FWHVGXHFROORTXHGHOD6RFLÓWÓIUDQÎDLVHGĳÓWXGH

2ULHQWDOLVFKHV$UFKLY ,ļSSļ

GHODFÓUDPLTXHRULHQWDOHļQRYHPEUH0XVÓHQDWLRQDOGHVDUWV

0XUDUR 0LFKHODQJHOR ĺ &RPSRQHQWL LVODPLFKH QHO ĳDUWH YHQH]LDQD Ļ LQ

DVLDWLTXHV*XLPHW 6XLOO\OD7RXU

&RPSRQHQWL VWRULFRDUWLVWLFKH H FXOWXUDOL D 9HQH]LD QHL VHFROL ;,,, H ;,9

9HQH]LD$WHQHR9HQHWRSSļ

(DG *LXVHSSH&DVWLJOLRQHļ SHLQWUHHWDUFKLWHFWHÀODFRXUGH

&KLQH 3DULV

1HHGKDP -RVHSK 6FLHQFH DQG &LYLOLVDWLRQ LQ &KLQD YRO , ,QWURGXFWRU\ 2ULHQWDWLRQV &DPEULGJH8QLYHUVLW\3UHVV

3OHQJH-RKDQQHVĺ'LH&KLQDUH]HSWLRQGHV7UHFHQWRXQGGLH)UDQ]LVNDQHU

0LVVLRQ Ļ )RUVFKXQJHQ XQG )RUWVFKULWWH 1DFKULFKWHQEODWW GHU GHXWVFKHQ

,G ĺ 7KH (OL[LU &RQFHSW DQG &KHPLFDO 0HGLFLQH LQ (DVW DQG :HVW Ļ

:LVVHQVFKDIWXQG7HFKQLN 9QRVHSWSSļ

2UJDQRQ QR9DUVRYLHSSļ

1RHYHU3HWHUÓG */2%$//$%.XQVWDOV%RWVFKDIW$VLHQXQG(XURSD

3RFKDW *RHW] ([RWLVPXV ZÄKUHQG GHV 0LWWHODOWHUV XQG GHU 5HQDLVVDQFH

ļ DUW DV D PHVVDJH $VLD DQG (XURSH ļ 2VWILOGHUQ

9RUDXVVHW]XQJHQ (QWZLFNOXQJXQG:DQGHOHLQHVELOGQHULVFKHQ9RNDEXODUV

+DWMH&DQ]

6WRFNKROP$OPTXLVW:LNVHOO

2OVFKNL/HRQDUGRĺ$VLDWLF([RWLFLVP LQ,WDOLDQ$UWRIWKH(DUO\5HQDLVVDQFHĻ

3RLQVRWWH -HDQ 0LFKHO ĺ /HV 5RPDLQV HW OD &KLQH UÓDOLWÓV HW P\WKHV Ļ

$UW%XOOHWLQ ;;9,SSļ

0ÓODQJHVGHOĳ(FROHIUDQÎDLVHGH5RPH SSļ

,G /ĳ$VLDGL0DUFR3ROR,QWURGX]LRQHDOODOHWWXUDHDOORVWXGLRGHO 0LOLRQH

3RSH -RKQ $ )RXUWHHQWK&HQWXU\ %OXHDQG:KLWH D *URXS RI &KLQHVH

9HQH]LD)RQGD]LRQH&LQLUÓÓG5RPD,VWLWXWRSHUODFROODERUD]LRQH

3RUFHODLQVLQWKH7RSNDSX6DUD\L0đ]HVL ,VWDQEXO :DVKLQJWRQ6PLWKVRQLDQ

FXOWXUDOH

,QVWLWXWLRQ

,G *XLOODXPH %RXFKHU D )UHQFK $UWLVW DW WKH &RXUW RI WKH .KDQV

,G ĺ &KLQHVH ,QIOXHQFHV RQ ,]QLN 3RWWHU\ D 5HH[DPLQDWLRQ RI DQ 2OG

1HZ<RUN*UHHQZRRG

3UREOHPĻLQ5(WWOLQJKDXVHQÓG ,VODPLF$UWLQWKH0HWURSROLWDQ0XVHXP

2WDYVN\ .DUHO ÓG (QWODQJ GHU 6HLGHQVWUDVVH )UđKPLWWHODOWHUOLFKH .XQVW

RI$UW 1HZ<RUNSSļ

]ZLVFKHQ 3HUVLHQ XQG &KLQD LQ GHU $EHJJ6WLIWXQJ 5LJJLVEHUJ $EHJJ

3RX]\QD , 9 /D &KLQH Oĳ,WDOLH HW OHV GÓEXWV GH OD 5HQDLVVDQFH ;,,ļ;,9H

6WLIWXQJ

VLÒFOHV 3DULV(GLWLRQVGĳDUWHWGĳKLVWRLUH

47

3KLOLSSH-XQRG

,Gĺ,QIOXHQFHGHOĳDUWFKLQRLVVXUOĳDUWGHOD5HQDLVVDQFHĻLQ (WXGHVVXUOD

6LUÓQ2VZDOG 'RQ/RUHQ]R0RQDFR 6WUDVERXUJ+HLW]XQG0đQGHO

5HQDLVVDQFHLWDOLHQQH %RXORJQH*DODQSSļFK,, 6RXOLHU*DVWRQ /HVLQIOXHQFHVRULHQWDOHVGDQVODSHLQWXUHWRVFDQH 3DULV

3ULQ] :ROIUDP ĺ , 7DUWDUL QHOOD SLWWXUD LWDOLDQD GHO 7UHFHQWR Ļ LQ 6WXGL GL

/DXUHQV

VWRULDGHOOĳDUWHVXOPHGLRHYRHLOULQDVFLPHQWRQHOFHQWHQDULRGHOODQDVFLWD

,G ĺ /HV FDUDFWÒUHV FRXILTXHV GDQV OD SHLQWXUH WRVFDQH Ļ *D]HWWH GHV

GL0DULR6DOPL )LUHQ]H3ROLVWDPSDSSļ

%HDX[$UWV SSļ

5DFKHZLOW],JRUGH 3DSDO(QYR\VWRWKH*UHDW.KDQV /RQGRQ)DEHU

6SDOODQ]DQL0DUFR &HUDPLFKHRULHQWDOLD)LUHQ]HQHO5LQDVFLPHQWR

5DZVRQ-HVVLFD &KLQHVH2UQDPHQWWKH/RWXVDQGWKH'UDJRQ /RQGRQ

)LUHQ]H&KLDUL

%ULWLVK0XVHXP

6SLWWOH6'7ĺ&XILF/HWWHULQJLQ&KULVWLDQ$UWĻ $UFKDHRORJLFDO-RXUQDO

5HLFKHUW)RONHU( %HJHJQXQJHQPLW&KLQD'LH(QWGHFNXQJ2VWDVLHQVLP

&;,SSļ

0LWWHODOWHU 6LJPDULQJHQ7KRUEHFNH

6SULJJV$UWKXU,ĺ2ULHQWDO3RUFHODLQLQ:HVWHUQ3DLQWLQJVļĻ

5HLFKZHLQ$GROI &KLQDDQG(XURSH,QWHOOHFWXDODQG$UWLVWLF&RQWDFWVLQWKH

7UDQVDFWLRQVRIWKH2ULHQWDO&HUDPLF6RFLHW\ ;;;9,ļSSļ

;9,,,WK&HQW/RQGRQ5RXWOHGJH

6WHUOLQJ&KDUOHVĺ/HSD\VDJHGDQVOĳDUWHXURSÓHQGHOD5HQDLVVDQFHHW

7RXVVDLQW5HLQDXG-RVHSK 5HODWLRQVSROLWLTXHVHWFRPPHUFLDOHVGHOĳ(P

GDQVOĳDUWFKLQRLVĻ /ĳ$PRXUGHOĳDUW SSļHWļ

SLUHURPDLQDYHFOĳ$VLHRULHQWDOH 3DULV,PSULPHULHQDWLRQDOH

,G ĺ /D SHLQWXUH GH SD\VDJH HQ (XURSH HW HQ &KLQH SDUHQWÓ GĳHVSULW

5LFKDUG -HDQ ĺ /D YRJXH GH Oĳ2ULHQW GDQV OD OLWWÓUDWXUH RFFLGHQWDOH GX

FRQWDFWVHWHPSUXQWVĻLQ(OLVVHHIISSļ

PR\HQ ÂJH Ļ LQ 3 *DOODLV < - 5LRX 0ÓODQJHV RIIHUWV À 5HQÓ &UR]HW

,Gĺ/DSHLQWXUHGHSD\VDJHHQ(XURSHHWHQ&KLQHĻLQ /HSD\VDJHHQ

3RLWLHUV6RFGĳ(W0ÓG,SSļ

2ULHQWHWHQ2FFLGHQW 3DULV0XVÓH&HUQXVFKLSSļ

,G 2ULHQW HW 2FFLGHQW DX 0R\HQ eJH FRQWDFWV HW UHODWLRQV ;,,Hļ;9H V

6WU]\JRZVNL-RVHI 2ULHQWRGHU5RP%HLWUÄJH]XU*HVFKLFKWHGHUVSÄWDQWL

/RQGRQ9DULRUXP5HSULQWV

NHQXQGIUđKFKULVWOLFKHQ.XQVW /HLS]LJ+LQULFKV

,G /D SDSDXWÓ HW OHV PLVVLRQV GĳRULHQW DX PR\HQ ÂJH ;,,,Hļ;9H VLÒFOHV

,G ĺ $XVEUHLWXQJ GHU LQGLVFKHQ .XQVW QDFK (XURSD Ļ LQ $VLDWLVFKH

5RPH(FROHIUDQÎDLVH

0LQLDWXUPDOHUHL .ODJHQIXUW.ROOLWVFKSSļ

,G /HVUHODWLRQVHQWUHOĳ2ULHQWHWOĳ2FFLGHQWDXPR\HQÂJH(WXGHVHWGRFX

6XOOLYDQ 0LFKDHO 7KH 0HHWLQJ RI (DVWHUQ DQG :HVWHUQ $UW IURP WKH ;9,WK

PHQWV /RQGRQ9DULRUXP5HSULQWV

&HQWXU\WRWKH3UHVHQW'D\/RQGRQ7KDPHV +XGVRQ

,G &URLVÓV PLVVLRQQDLUHV HW YR\DJHXUV /HV SHUVSHFWLYHV RULHQWDOHV GX

6XUGLFK)UDQFHVFRĺ,OFRPPHUFLRFRQLO/HYDQWHHORVFRQWURWUD*HQRYDH

PRQGHODWLQPÓGLÓYDO /RQGRQ9DULRUXP5HSULQWV

9HQH]LDĻLQ 6WRULDGHOODVRFLHWÀLWDOLDQD 9,,0LODQR7HWLSSļ

5REHUWV/DXUHQFH3HWDO 7KH%HUQDUG%HUHQVRQ&ROOHFWLRQRI2ULHQWDO$UW

,G /DYLDGHOODVHWD0LVVLRQDUL PHUFDQWLHYLDJJLDWRULHXURSHLLQ$VLDQHO

DW9LOOD,7DWWL 1HZ<RUN+XGVRQ+LOOV3UHVV

0HGLRHYR 7UHQWR &HQWUR6WXGL0DULQR0DUWLQL *HQRYD,O3RUWRODQR

5RVDWL /XGRYLFD (VRWLVPR H FKLQRLVHULH ,QIOXHQ]H HVWUHPR RULHQ

7DOERW 5LFH 7DPDUD $QFLHQW $UWV RI &HQWUDO $VLD /RQGRQ 7KDPHV

WDOL QHOOĳDUWH WHVVLOH LWDOLDQD GHO 0HGLRHYR ;,,,ļ;,9 VHFROR 3LVD 6FXROD

+XGVRQ

1RUPDOH6XSHULRUH

7DQDND +LGHPLFKL ĺ *LRWWR H OD SLWWXUD FLQHVH 8Q HVDPH GHJOL DIIUHVFKL

(DGĺ0LJUD]LRQLWHFQRORJLFKHHLQWHUD]LRQLFXOWXUDOL &KLQRLVHULH HGHVRWLV

GHOODFDSSHOOD%DUGLĻLQ /ĳDUWHGHOULQDVFLPHQWRHODVXDXQLYHUVDOLWÀ$WWL

PRQHOOĳDUWHWHVVLOHLWDOLDQDGHO;,,,HGHO;,9VHFRORĻ 2$',5LYLVWDGHOOĳ2V

GHO6LPSRVLRLWDORJLDSSRQHVH 7RN\R6KLQEXQSSļ

VHUYDWRULRSHUOHDUWLGHFRUDWLYHLQ,WDOLD

,Gĺ*LRWWRDQGWKH,QIOXHQFHVRIWKH0RQJROVDQGWKH&KLQHVHRQKLV$UWĻ

(DG ĺ 0LJUD]LRQL WHFQRORJLFKH H LQWHUD]LRQL FXOWXUDOL /D GLIIXVLRQH GHL

$UW+LVWRU\ 7RKRNX8QLYHUVLW\-DSDQSSļ

WHVVXWLRULHQWDOLQHOOĳ(XURSDGHO;,,,HGHO;,9VHFRORĻ 2$',5LYLVWDGHOOĳ2V

,G ĺ 7KH 0RQJROLDQ 6FULSW LQ *LRWWR 3DLQWLQJV DW WKH 6FURYHJQL &KDSHO

VHUYDWRULRSHUOHDUWLGHFRUDWLYHLQ,WDOLD

DW3DGRYDĻLQ+)LOOLW]ÓG (XURSÄLVFKH.XQVWXP $NWHQGHV;;9

(DGĺĲ,QTXDOPRGRVLFRQWUDIIÀLOYHOOXWRRSDQQRGLODQDHFRVâODVHWD

,QWHUQD]LRQDOHQ.RQJUHVVIđU.XQVWJHVFKLFKWH :LHQ%ùKODX

LQ PXUR H LQ WDYRODĳ 6WRIIH SUH]LRVH H WHVVXWL VHULFL QHOOĳRSHUD GL 6LPRQH

SSļ

0DUWLQLĻ 21+B2SHUD 1RPLQD +LVWRULDH

,G ĺ )RXUWHHQWK &HQWXU\ 6LHQHVH 3DLQWLQJV DQG 0RQJROLDQ DQG &KLQHVH

5RZODQG%HQMDPLQ $VLHFHQWUDOH 3DULV$0LFKHO

,QIOXHQFHV 7KH $QDO\VLV RI 6LPRQH 0DUWLQLĳV :RUN DQG $PEURJLR

6DçG(GZDUG 2ULHQWDOLVP/RQGRQ5RXWOHGJHDQG.HJDQ3DXOWUDG

/RUHQ]HWWLĳV0DMRU:RUNVĻ $UW+LVWRU\ 7RKRNX8QLYHUVLW\-DSDQ

/ĳ2ULHQWDOLVPHOĳ2ULHQWFUÓÓSDUOĳ2FFLGHQW 3DULV6HXLO

SSļ

6FKPLGW5REHUWĺ&KLQDEHL'đUHUĻ =HLWVFKULIWGHVGHXWVFKHQ9HUHLQVIđU

,G ([RULHQWHOX[7KH,QIOXHQFHVRIWKH)DU(DVWRQ:HVWHUQ$UW 7RN\R

.XQVWZLVVHQVFKDIW 9,+SSļ

,G ĺ 2ULHQWDO 6FULSWV LQ WKH 3DLQWLQJV RI *LRWWRĳV 3HULRG Ļ *D]HWWH GHV

6FKPLWW 3 &OÓPHQW ĺ /ĳHSRSHD IUDQFHVFDQD QHO ĳLPSHUR PRQJROR Ļ LQ

%HDX[$UWV SSļ

/DQFLRWWLSSļ

,G ĺ /D WHVWLPRQLDQ]D HVWUHPRULHQWDOH QHOOD SLWWXUD LWDOLDQD QHOOĳHSRFD GL

6FKRUWD 5HJXOD ÓG ĺ &HQWUDO $VLDQ 7H[WLOHV DQG 7KHLU &RQWH[WV LQ WKH

*LRWWRĻLQ/XFLGLSSļ

(DUO\0LGGOH$JHVĻ 5LJJLVEHUJHU%HULFKWH

,Gĺ$UDELVPLQ;9WK&HQWXU\,WDOLDQ3DLQWLQJĻ $UW+LVWRU\ 7RKRNX8QLYHUVLW\ 6HYHULQ 7LPRWK\ 7KH 2ULHQWDO $GYHQWXUH ([SORUHUV RI WKH (DVW %RVWRQļ

-DSDQSSļ

7RURQWR/LWWOH%URZQDQG&R

7HJJDUW)UHGHULFN- 5RPHDQG&KLQD$6WXG\RI&RUUHODWLRQVLQ+LVWRULFDO

6KDOHP$YLQRDPĺ7KH3RUWUDLWXUHRI2EMHFWVD1RWHRQ5HSUHVHQWDWLRQV

(YHQWV %HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV

RI ,VODPLF 2EMHFWV LQ (XURSHDQ 3DLQWLQJ RI WKH WKļWK &HQWXULHV Ļ LQ

7HPSOH5REHUWSUÓVHQWDWLRQSDU-RVHSK1HHGKDP /HJÓQLHGHOD&KLQH

%HUQDUGLQLSSļ

DQVGHGÓFRXYHUWHVHWGĳLQYHQWLRQVFKLQRLVHV $UOHV3LFTXLHU

48

5HWRXUVXUOĳ (XURSHFKLQRLVH

7LVVRW+HQUL-RVHSK1HHGKDP 2ULHQWHW2FFLGHQW /DXVDQQH*UDPPRQW

:RRG)UDQFHV 7KH6LON5RDG7ZR7KRXVDQG<HDUVLQWKH+HDUWRI$VLD

/RQGRQ)ROLR6RFLHW\HW%ULWLVK/LEUDU\

7RODQ-RKQ9LFWRU /HV6DUUDVLQV/ĳ,VODPGDQVOĳLPDJLQDWLRQHXURSÓHQQHDX

(DG (QWODQJGHU6HLGHQVWUDVVH0\WKRVXQG*HVFKLFKWH 6WXWWJDUW7KHLVV

PR\HQÂJH 3DULV$XELHU

7R\QEHH3DJHWĺ7DWDU&ORWKVĻ 5RPDQLD ;;,;SSļ

:ULJJLQV6DOO\+RYH\ 7KH6LON5RDG-RXUQH\ZLWK;XDQ]DQJ 2[IRUG,FRQ

7ĳ6HUVWHYHQV$OEHUW /HVSUÓFXUVHXUVGH0DUFR3ROR 3DULV$UWDXG

(GUÓÓG:HVWYLHZ3UHVV

7XFFL *LXVHSSH ,WDOLD H 2ULHQWH 0LODQR *DU]DQWL UÓÓG 5RPD

<DQQLFN<ĺ'HTXHOTXHVILJXUHVFKLQRLVHVGXGÓFRULVODPLTXHĻ 5HYXHGH

,6,$2

OD%LEOLRWKÓTXHQDWLRQDOHGH)UDQFH;/,,SSļ

,G /HVJUDQGLYLHGLFRPPXQLFD]LRQH(XURSDļ$VLD 7RULQR5$, =DPSHWWL3LHWURĺ/ĳRULHQWHGHO&DUSDFFLRĻLQ3HUWXVLSSļ

=RU]L$OYLVHÓG 0DUFR3ROR 9HQH]LDHOĳ2ULHQWH 0LODQR(OHFWD

7XFFL8JRĺ,OFRPPHUFLRYHQH]LDQRHOĳ2ULHQWHDOWHPSRGL0DUFR3RORĻ

LQ=RU]LSSļ

,Gĺ0HUFDQWLYHQH]LDQLLQ$VLDOXQJROĳLWLQHUDULRSROLDQRĻLQ/DQFLRWWL

4XHOTXHVVRXUFHV$QWKRORJLHV

SSļ

/HWWUHVÓGLILDQWHVHWFXULHXVHVGH&KLQHSDUGHVPLVVLRQQDLUHVMÓVXLWHV ļ

,Gĺ0DUFR3RORPHUFDQWHĻLQ/DQFLRWWLSSļ

ÓG,VDEHOOHHW-HDQ/RXLV9LVVLÒUH3DULV*DUQLHU)ODPPDULRQ

7X\PDQV /XF <X +XL /ĳHPSLUH LQWHUGLW 9LVLRQV GX PRQGH GHV PDåWUHV

/HWWUHV ÓGLILDQWHV HW FXULHXVHV GHV -ÓVXLWHV GH Oĳ,QGH DX ;9,,,H VLÒFOH ÓG

FKLQRLVHWIODPDQGV %UX[HOOHV3DODLVGHV%HDX[$UWV

,VDEHOOHHW-HDQ/RXLV9LVVLÒUH6DLQW(WLHQQH8QLYHUVLWÓ

9DQGHU&UX\VVH'LUN /HQREOHGÓVLUGHFRXULUOHPRQGH9R\DJHVHQ$VLH

1LQHWWH %RRWKUR\G 0XULHO 'ÓWULH /H YR\DJH HQ &KLQH $QWKRORJLH GHV

DX;9,,HVLÒFOH 3DULV)D\DUG

YR\DJHXUVRFFLGHQWDX[GXPR\HQÂJHÀODFKXWHGHOĳHPSLUHFKLQRLV 3DULV

/DIIRQW

9DQGH :DOOH :LOO\ GLUHFWHXU GX GÓSDUWHPHQW GH MDSRQRORJLH GH OD

.RQLQNOLMNH 8QLYHUVLWHLW /HXYHQ -DSDQļ%HOJLXP )RXU &HQWXULHV RI 0LFKHO-DQ /HYR\DJHHQ$VLHFHQWUDOHHWDX7LEHW$QWKRORJLHGHVYR\D

([FKDQJH RX

JHXUVRFFLGHQWDX[GXPR\HQÂJHÀODSUHPLÒUHPRLWLÓGX;;HVLÒFOH 3DULV

/DIIRQW

9RLUHW -HDQ3LHUUH ĺ 6FKZLHULJNHLWHQ XQVHUHU &KLQDUH]HSWLRQ (LQ QLFKW

XQW\SLVFKHV%HLVSLHO-RKDQQHV+HVVHRGHUGLH*HIDKUHQGHU'DRGHMLQJ

-HDQ'HQLV $WWLUHW /HWWUH VXU OHV MDUGLQV GH &KLQH LQ /HWWUHV ÓGL

,QWHUSUHWDWLRQ IđU GHQ ZHVWOLFKHQ *HLVW Ļ LQ :LVVHQVFKDIWVKLVWRULVFKHV

ILDQWHV HW FXULHXVHV GH &KLQH SDU GHV PLVVLRQQDLUHV MÓVXLWHV ļ

6\PSRVLXPĺ (XURSDLQ&KLQDļ&KLQDLQ(XURSDĻ9RUWUDJ&]XP7KHPD

ÓG ,VDEHOOH HW -HDQ/RXLV 9LVVLÒUH 3DULV *DUQLHU)ODPPDULRQ SS

:LHUH]LSLHUW(XURSD&KLQD

ļ

9ROEDFK :ROIJDQJ ) ĺ 2ULHQWDO ,QIOXHQFHV LQ WKH $QLPDO 6FXOSWXUH RI 0LFKHO%HQRLVWĺ/HWWUHVXUOHVMDUGLQVOHVSDODLVHWOHVRFFXSDWLRQVGHOĳHP

&DPSDQLDĻ $UW%XOOHWLQ ;;,9SSļ

SHUHXUĻLQ /HWWUHVÓGLILDQWHVHWFXULHXVHVFRQFHUQDQWOĳ$VLH Oĳ$IULTXH

HWOĳ$PÓULTXH ÓG/$LPÓ0DUWLQ3DULV'DOILV,9SSļ

:DOUDYHQV +DUWPXW &KLQD LO XVWUDWD 'DV HXURSÄLVFKH &KLQDYHUVWÄQGQLV

LP 6SLHJHO GHV ELV -DKUKXQGHUWV :ROIHQEđWWHO +HU]RJ $XJXVW

)UÓGÓULF 7LQJXHO\ ÓG 8Q OLEHUWLQ GDQV Oĳ,QGH PRJKROH /HV YR\DJHV GH

%LEOLRWKHN9&+

)UDQÎRLV%HUQLHU ļ 3DULV&KDQGHLJQH

:LOOLDP&KDPEHUV 'HVLJQVRI&KLQHVH%XLOGLQJV )XUQLWXUH 'UHVVHV>@

:DUGZHO $QQH ( ĺ )OLJKW RI WKH 3KRHQL[ &URVVFXUUHQWV LQ /DWH ;,,,WK

/RQGUHVOĳDXWHXUWUDGIU

&HQWXU\6LON3DWWHUQVDQG0RWLIVĻ %XOOHWLQRIWKH&OHYHODQG0XVHXPRI$UW

SSļ

*HQHYLÒYH%RXFKRQ$QQH/DXUH$PLOKDW6]DU\ /HYR\DJHDX[,QGHVGH

1LFRORGHĳ&RQWL ļ 3DULV&KDQGHLJQH

(DG ĺ 3DQQL 7DUWDULFL (DVWHUQ ,VODPLF 6LONV :RYHQ ZLWK *ROG DQG 6LOYHU

WKDQGWK&HQWXULHVĻ ,VODPLF$UW ,,,ļSSļ

-HDQ%DSWLVWH'X+DOGH 'HVFULSWLRQ>@ GHOĳ(PSLUHGHOD&KLQHHWGHOD

7DUWDULH 3DULV/HPHUFLHUUÓÓG/H\GHQ,'& :DWVRQ :LO LDP ÓG 7KH :HVWZDUG ,QIOXHQFH RI WKH &KLQHVH $UWV IURP

WKHWKWRWKHWK&HQWXU\&ROORTX\RQ$UWDQG$UFKDHRORJ\LQ$VLDQR

,VDEHOOH/DQGU\'HURQ /DSUHXYHSDUOD&KLQH/Dĺ 'HVFULSWLRQĻ GH-%

/RQGRQ3HUFLYDO'DYLG)RXQGDWLRQ

'X+DOGH MÓVXLWH 3DULV(+(66

:KLWILHOG 5RGHULFN 7KH $UWV RI &HQWUDO $VLD 7KH 6WHLQ &RO HFWLRQ LQ WKH

6DPXHO%HDOÓG 7KH/LIHRI+LXHQ7VLDQJE\WKH6KDPDQ+ZXL/L/RQGRQ

%ULWLVK 0XVHXP 7RN\R .RGDQVKD /RQGRQ %ULWLVK 0XVHXP ļ

.HJDQ3DXO

YRO

$WKDQDVLXV.LUFKHU &KLQDLOOXVWUDWD $PVWHUGDP-DFRE0HXUV UHSU

:KLWPDQ 0DULQD ' 3HUVLDQ %OXHDQG:KLWH &HUDPLFV &\FOHV RI &KL

.DWKPDQGRX5DWKQD3XVWDN%KDQGDU$QYHUV

QRLVHULH $QQ$UERU80,

/RXLV/HFRPWH 1RXYHDX[PÓPRLUHVVXUOĳÓWDWSUÓVHQWGHOD&KLQH ļ

ļÓG)7RXERXO%RX\HXUH3DULV3KÓEXV

:LWWNRZHU5XGROIĺ0DUYHOVRIWKH(DVWD6WXG\LQWKH+LVWRU\RI0RQVWHUVĻ

-RXUQDORIWKH:DUEXUJ,QVWLWXWH 9UÓÓGLQ $OOHJRU\DQGWKH0LJUDWLRQ

7KH9R\DJHRI-DQ+X\JKHQVYDQ/LQVFKRWHQWRWKH(DVW,QGLHVIURPWKH2OG

RI6\PEROV /RQGRQ7KDPHV +XGVRQSSļ

(QJOLVK7UDQVODWLRQRI/RQGRQ+DNOX\W6RFLHW\ ,Gĺ0DUFR3RORDQGWKH3LFWRULDO7UDGLWLRQRIWKH0DUYHOVRIWKH(DVWĻLQ

0D +XDQ 7KH 2YHUDOO 6XUYH\ RI WKH 2FHDQĳV 6KRUHV ÓG )HQJ

2ULHQWH3ROLDQR6WXGLHFRQIHUHQ]HWHQXWHDOOĳ,60(2 5RPD,VPHR

&KĳHQJ&KĳđQ-9*0LOOV&DPEULGJH8QLYHUVLW\3UHVV

SSļUÓÓGLQ $OOHJRU\DQGWKH0LJUDWLRQRI6\PEROV /RQGRQ

'LH5HLVHQGHV5LWWHUV-RKQ0DQGHYLOOH>@ LP%HVLW]GHU%ULWLVK/LEUDU\ ÓG

7KDPHV +XGVRQSSļ

-RVHI.UDVD0đQFKHQ3UHVWHO

,Gĺ(DVWDQG:HVWWKH3UREOHPRI&XOWXUDO([FKDQJHĻUÓÓGLQ

-RKDQ 1LHXKRII /ĳDPEDVVDGH GH OD &RPSDJQLH RULHQWDOH GHV 3URYLQFHV

$OOHJRU\DQGWKH0LJUDWLRQRI6\PEROV /RQGRQ7KDPHV +XGVRQ

XQLHV YHUV Oĳ(PSHUHXU GH OD &KLQH RX GX *UDQG &DQ GH 7DUWDULH /H\GHQ

SSļ

-DFREGH0HXUV

49

3KLOLSSH-XQRG

$QWRQLR3LJDIHWWD 5HODWLRQGXSUHPLHUYR\DJHDXWRXUGXPRQGHGH0DJHOODQ

2GRULFRGD3RUGHQRQH ,WLQHUDULXP WUDG /HYR\DJHHQ$VLH,WLQÓUDLUHGHOD

ļ 3DULV7DOODQGLHU

SÓUÓJULQDWLRQHWGXYR\DJH*HQÒYH'UR]

/ĳ,QGRQHVLDQHOOD5HOD]LRQHGLYLDJJLRGL$QWRQLR3LJDIHWWD 5RPD,60(2

-HDQ GH 9LJQD\ /HV PHUYHLOOHV GH OD 7HUUH Gĳ2XWUHPHU WUDG GX ;,9H V

)UDQFHVFR %DOGXFFL 3HJRORWWL /D SUDWLFD GHOOD PHUFDWXUD F ÓG

Gĳ2GRULFGH3RUGHQRQH([HWHU8QLYHUVLW\3XEOLFDWLRQV

$OODQ(YDQV&DPEULGJH0HGLDHYDO$FDGHP\RI$PHULFDUHSU1HZ

<RUN.UDXV

*XLOODXPH3RVWHO 'HVPHUYHLOOHVGXPRQGH

)HUQDR0HQGH]3LQWR +LVWRULDRULHQWDOGHODVSHUHJULQDFLRQHV 9DOHQFLD

*LRYDQ%DWWLVWD5DPXVLR 'HOOH1DYLJDWLRQLH9LDJJL 9HQH]LDDFXUD

WUDG5REHUW9LDOH 3ÓUÓJULQDWLRQUÓFLWGHYR\DJH 3DULV/D'LIIÓUHQFH

GL0DULFD0LODQHVL7RULQR(LQDXGLļYRO,,

-HDQGH3ODQ&DUSLQ +LVWRLUHGHV0RQJROV(QTXÔWHGĳXQHQYR\ÓGĳ,QQR

0DWWHR5LFFL1LFRODV7ULJDXOW 'H&KULVWLDQD([SHGLWLRQHDSXG6LQDV>@

FHQW ,9 GDQV Oĳ(PSLUH 7DUWDUH ļ HG 3 &OÓPHQW 6FKPLWW 3DULV

WUDG +LVWRLUH GH OĳH[SÓGLWLRQ FKUÓWLHQQH DX UR\DXPH GH OD &KLQH

(GLWLRQVIUDQFLVFDLQHV

ļ 3DULV'HVFOHH'H%URXZHU

,G +LVWRLUH GHV 0RQJROV WUDG -HDQ %HFTXHW /RXLV +DPELV 3DULV

0DLVRQQHXYH

*XLOODXPHGH5XEURXFN 9R\DJHGDQVOĳHPSLUHPRQJRO ļ ÓG&HW

0DUFR3ROR ,OPLOLRQH HG'DQLHOH3RQFKLUROL7RULQR(LQDXGL

5.DSSOHU3DULV,PSULPHULHQDWLRQDOH

,G /HGHYLVHPHQWGXPRQGH/HOLYUHGHVPHUYHLOOHV HG$&0RXLOH3DXO

-RDFKLP YRQ 6DQGUDUW ĺ 9RQ GHU &KLQHVHU 0DKOHUH\ Ļ LQ $FDGHPLH GHU

3HOOLRW3DULV/DGÓFRXYHUWH

%DX %LOGXQG0DKOHUH\.đQVWHYRQ 0đQFKHQ+LUWKSSVT

50