
,QVWUXFWLRQVG·LQVWDOODWLRQ
5$&&25''·$33529,6,211(0(17
'·($8)52,'(68,7(
%,167$//$7,21'20,&,/()$&8/7$7,9(
OjRODUpJOHPHQWDWLRQOHSHUPHW
5RELQHWYDQQHjpWULHU/HURELQHWYDQQHGRLW
SRXYRLUVHUDFFRUGHUjODFRQGXLWHSRIRXUQLH
DYHFOHV\VWqPH1RQIRXUQLHDYHFOHSURGXLW
GHPDQGH]OHSURGXLWDXSUqVGHYRWUHTXLQFDLOOHULH
RXFHQWUHGHUpQRYDWLRQORFDO/HURELQHWYDQQH
jpWULHUQpFHVVLWHKDELWXHOOHPHQWXQWX\DXGH
GLDH[WGHSRRXSOXV
127(&HUWDLQV&RGHVSURYLQFLDX[H[LJHQWXQH
LQVWDOODWLRQIDLWHSDUXQSORPELHUTXDOLILpHWLOV
LQWHUGLVHQWO·XWLOLVDWLRQG·XQURELQHWYDQQHjpWULHU
3RXUSURFpGHUjO·LQVWDOODWLRQVHUpIpUHUDXFRGHGH
SORPEHULH&05GX&RPPRQZHDOWKRI0DVVDFKXVHWWV
&RXSH]O·DOLPHQWDWLRQG·HDXIURLGHHWLQVWDOOH]OHURELQHW
YDQQHjpWULHUVHORQOHSURGXLWFKRLVL$VVXUH]YRXV
G·REVHUYHUOHVLQVWUXFWLRQVG·LQVWDOODWLRQGXIDEULFDQW
'$1*(5³
6·LOIDXWSHUFHUXQWURXGDQV
OHWX\DXXWLOLVH]XQHSHUFHXVHjPDLQDOLPHQWpHSDU
EDWWHULHSRXUYRXVSURWpJHUFRQWUHO·pOHFWURFXWLRQ
1·87,/,6(=3$681(3(5&(86(e/(&75,48(
2XYUH]OHURELQHWYDQQHjpWULHUXQHIRLV
O·LQVWDOODWLRQFRPSOqWHGXV\VWqPHWHUPLQpH
&,167$//$7,21)$&8/7$7,9(
3RXULQVWDOODWLRQDYHFFRQGXLWHULJLGHHQWUHOH
URELQHWG·DSSURYLVLRQQHPHQWHWOHURELQHWG·pYLHU
2SWLRQ
'pFRQQHFWH]ODFRQGXLWHGXURELQHW
G·DSSURYLVLRQQHPHQWHWGXURELQHWG·pYLHU
3URFXUH]YRXVXQHFRQGXLWHIOH[LEOHDGDSWpH
jYRWUHWX\DXWHULH
,QVWDOOH]ODFRQGXLWHIOH[LEOH
5HWRXUQH]jODVHFWLRQ$UXEULTXH,QVWDOODWLRQ
SUpIpUpHpWDSH
2SWLRQ
3URFXUH]YRXVGHVUDFFRUGVjFRPSUHVVLRQ
SRXUUDFFRUGHUODFRQGXLWHULJLGH
3URFXUH]YRXVWRXWDXWUHUDFFRUGQpFHVVDLUH
SRXUUDFFRUGHUOHVUDFFRUGVjFRPSUHVVLRQj
O·DGDSWDWHXUGHFRQGXLWHG·DSSURYLVLRQQHPHQW
'pFRQQHFWH]OHWX\DXGXURELQHWG·DSSURYLVLRQQHPHQW
&RXSH]OHWX\DXSRXUTX·LOV·DGDSWHjODORQJXHXU
GHO·DVVHPEODJHGHVUDFFRUGVHWGHO·DGDSWDWHXU
,QVWDOOH]OHUDFFRUGjFRPSUHVVLRQVXUOHWX\DX
5HWRXUQH]jODVHFWLRQ$UXEULTXH,QVWDOODWLRQ
SUpIpUpHpWDSH
127(/HPDWpULHOGpFULWFLGHVVXVQ·HVWSDVLQFOXV
DYHFOHSURGXLW
,167$//$7,21'852%,1(7
$VVXUH]YRXVTX·LO\DLWVXIILVDPPHQWGHSODFH
DXGHVVRXVHWDXGHVVXVGHO·pYLHUSRXUIDLUHOHV
EUDQFKHPHQWVQpFHVVDLUHV$YDQWGHFRPPHQFHU
DVVXUH]YRXVTX·LO\DLWVXIILVDPPHQWGHSODFHSRXU
ODEDVHGHURELQHWHWO·XQLWp&KRLVLVVH]O·XQGHV
HPSODFHPHQWVVXLYDQWVSRXULQVWDOOHUOHURELQHW
$'DQVXQWURXH[LVWDQWGHGLVWULEXWHXUGHVDYRQ
RXGHGRXFKHWWH
%'DQVXQWURXjSHUFHUHQKDXWGHO·pYLHU
&'DQVXQWURXjSHUFHUGDQVOHFRPSWRLUSUqVGH
O·pYLHU
127(6
$VVXUH]YRXVTXHODEDVHGHURELQHWVRLWELHQ
SODWHFRQWUHODVXUIDFHGHO·HPSODFHPHQWFKRLVLGH
PDQLqUHjFHTXHOHMRLQWSODFpHQWUHODEDVHHWOD
VXUIDFHGHO·HPSODFHPHQWFKRLVLVRLWELHQpWDQFKH
/DLVVH]VXIILVDPPHQWG·HVSDFHjO·DUULqUHGX
URELQHWDXFDVRYRXVGHYULH]O·HQOHYHU
eWDSHVG·LQVWDOODWLRQYRLUO·LOOXVWUDWLRQ
FLGHVVRXVSRXUSOXVGHFODUWp
6LYRXVGHYH]IDLUHXQWURXIDLWHVXQWURXGHSR
GHGLDPqWUH$VVXUH]YRXVG·XWLOLVHUODERQQH
SURFpGXUHSRXUSHUFHUODSRUFHODLQHRXO·DFLHU
LQR[\GDEOH9RXVSRXYH]DYRLUEHVRLQG·XQH
PqFKHVSpFLDOHGHSHUFHXVH&RQVXOWH]XQ
SORPELHUTXDOLILpSRXUWURXYHUODERQQHSURFpGXUH
0,6((1*$5'(/HSHUoDJHGHO·DFLHU
LQR[\GDEOHHQJHQGUHVRXYHQWGHVUHERUGVFRXSDQWV
TXLSHXYHQWSHUFHUOHWXEH3UHQH]VRLQGHQHSDVYRXV
FRXSHUQLHQGRPPDJHUOHWXEH
(QOHYH]ODFRUSVHWODEDVHGXURELQHWHQWRXUQDQW
ODEDVHGDQVOHVHQVDQWLKRUDLUH
(QOHYH]OHERXORQjDLOHWWHVGHODYLV,QVpUH]
HQVXLWHODYLVGDQVOHGHVVXVGHODEDVHHW
UHSRVH]OHERXORQjDLOHWWHV
$OLJQH]OHMRLQWGHIDoRQjUHFRXYULUOHWURX
HQWLqUHPHQW3ODFH]HQVXLWHOHERXORQjDLOHWWHV
GHODEDVHGDQVOHWURX
6HUUH]OHERXORQjDLOHWWHVMXVTX·jELHQIL[HUODEDVH
HQSODFHSRXUO·HPSrFKHUGHEUDQOHURXGHWRXUQHU
%DVH
eYLHU -RLQW
%RXORQjDLOHWWHV