Vous êtes sur la page 1sur 9








I_j\u_rZ]bk&R'H6\V





Ihke_^g__h[gh\e_gb_









I_j\u_rZ]bk&R'H6\V9


Kh^_j`Zgb_

AZimkd&R'H6\V

Ibr_fi_j\mxijh]jZffm

<bamZebaZpby

AZimkdp_e_\hckbkl_fu

GZkljhcdZdZgZeZbkh_^bg_gb_

AZimkdijh_dlZ

Qlh^Zevr_"























 AZf_qZgb_ GZbf_gh\Zgby dhfZg^ \ ^Zgghf ^hdmf_gl_ ^Zgu \ khhl\_lkl\bb k bgl_jn_ckhf Zg]ebckdhc
\_jkbb Dbjbeebpm fh`gh bkihevah\Zlv \ dhff_glZjbyo l_dklh\uo kljhdZo b we_f_glZo \bamZebaZpbb <
b^_glbnbdZlhjZodhfihg_glh\bi_j_f_gguoFWDbkihevamcl_eZlbgkdbcZenZ\bl

 >Zgguc ijh_dl )LUVW6WHSVSUR  \dexq_g \ lbih\hc gZ[hj ijbf_jh\ &R'H6\V bkihevamcl_ _]h \ kemqZ_
aZljm^g_gbc )LOH!2SHQ 

^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9


AZimkd&R'H6\V
&R'H6\VaZimkdZ_lkylhqghlZd`_dZd[hevrbgkl\h:LQGRZVijbeh`_gbc
Imkd!Ijh]jZffu!66RIWZDUH!&R'H6\V9!&R'H6\V9


Ibr_fi_j\mxijh]jZffm
N AZ^ZqZ
Dhgljhev hi_jZlhjhf ^\b`_gby g_dhlhjh]h f_oZgbafZ Hi_jZlhj ^he`_g i_jbh^bq_kdb ih^l\_j`^Zlv
ijZ\bevghklvnmgdpbhgbjh\Zgbyf_oZgbafZ<ijhlb\ghfkemqZ_g_h[oh^bfh\u^Zlvij_^mij_`^_gb_ZaZl_f
hklZgh\blvjZ[hlm
JZ[hqbchj]ZggZr_cfZrbgukh\_jrZ_lpbdebq_kdh_^\b`_gb_ihi_jbf_ljmijyfhm]hevgbdZ

N Kha^Z_fgh\ucijh_dl
WlhijhklhKha^Zcl_gh\ucijh_dldhfZg^hc)LOH!1HZ

N GZkljhcdZp_e_\hcieZlnhjfu 7DUJHW6HWWLQJV 
Ijh_dly\ey_lkyfZrbgghg_aZ\bkbfuf_]hfh`ghhijh[h\Zlv\j_`bf_wfmeypbbGh^Z\Zcl_\u[_j_f^ey
hij_^_e_gghklb dhgdj_lguc dhgljhee_j GZ kljZgbqd_ ^bZeh]h\h]h hdgZ &RQILJXUDWLRQ mklZgh\bl_ &R'H6\V
63IRU:LQGRZV175HDOWLPHbih^l\_j^bl_\\h^2N

N =eZ\gZyijh]jZffZ3/&B35*328
Ke_^mxs__^bZeh]h\h_hdghhij_^_ey_llbii_j\h]hijh]jZffgh]hdhfihg_glZ 1HZ328 <u[_j_l_yaud
j_ZebaZpbb ODQJXDJHRIWKH328 )%'bkhojZgbl_ij_^eh`_ggu_ihmfheqZgbxlbidhfihg_glZijh]jZffZ
7\SHRIWKH3283URJUDP bbfy1DPH3/&B35*
3/&B35*wlhhkh[ucijh]jZffgucdhfihg_gl 328 <h^ghaZ^Zqguoijh_dlZohgpbdebq_kdb\uau\Z_lky
kbkl_fhcbkiheg_gby

N H[ty\ey_fI_j_dexqZl_evih^l\_j`^_gby
>Z\Zcl_ gZqg_f k i_j_dexqZl_ey ih^l\_j`^_gby Wlh i_j_f_ggZy dhlhjZy [m^_l baf_gylv agZq_gb_ ijb
ih^l\_j`^_gbbdhjj_dlghklbjZ[hluf_oZgbafZhi_jZlhjhf
< i_j\hc p_ib ]jZnbq_kdh]h )%' j_^ZdlhjZ \u^_ebl_ kljhdm \hijhkh\ """ b \\_^bl_ gZbf_gh\Zgb_ gZr_c
i_j\hci_j_f_gghcImklvwlh[m^_l2EVHUYHU gZ[ex^Zl_ev L_i_jvgZ`fbl_gZdeZ\bZlmj_klj_edm\ijZ\h<
ihy\b\r_fky ^bZeh]_ hij_^_e_gby i_j_f_gghc khojZgbl_ gZbf_gh\Zgb_ 1DPH 2EVHUYHU  b eh]bq_kdbc lbi
7\SH%22/ Baf_gbl_deZkki_j_f_gghc &ODVV gZ]eh[Zevguc 9$5B*/2%$/ Ih^l\_j^bl_hij_^_e_gb_
 2. L_i_jv hij_^_e_gb_ i_j_f_gghc 2EVHUYHU ^he`gh ihy\blvky \ hdg_ ]eh[Zevguo i_j_f_gguo ijh_dlZ
*OREDOB9DULDEOHV 


9$5B*/2%$/
2EVHUYHU%22/
(1'B9$5

N >_l_dlhji_j_^g_]hnjhglZ
Hi_jZlhj ^he`_g ih^l\_j`^Zlv jZ[hlm bf_ggh i_j_dexq_gb_f deZ\brb Z g_ ijhklh kiZlv k ihklhyggh
gZ`Zlhc deZ\br_c ih^l\_j`^_gby Qlh[u jZa^_eblv wlb kblmZpbb g_h[oh^bfh hij_^_eblv fhf_glugZ`Zlbyb
hlimkdZgbyl_i_j_oh^uagZq_gbyeh]bq_kdhci_j_f_gghcbogmey )$/6( \_^bgbpm 758( bgZh[hjhl
<_jgbl_kv \ hdgh j_^ZdlhjZ 3/&B35* b \u^_ebl_ ihabpbx kijZ\Z hl i_j_f_gghc  2EVHUYHU <u ^he`gu
m\b^_lv fZe_gvdbc imgdlbjguc ijyfhm]hevgbd S_edgbl_ ih g_fm ijZ\hc deZ\br_c furb < dhgl_dklghf
f_gx\\h^ZaZ^Zcl_dhfZg^m%R[
Ih mfheqZgbx \klZ\ey_lky we_f_gl $1' <hkihevam_fky Zkkbkl_glhf \\h^Z gZ`fbl_ deZ\brm ) <
^bZeh]h\hfhdg_ ke_\Z \u[_j_l_dZl_]hjbxklZg^Zjlgu_nmgdpbhgZevgu_[ehdb 6WDQGDUG)XQFWLRQ%ORFNV 
Baljb]]_jh\ WULJJHU klZg^Zjlghc[b[ebhl_db VWDQGDUGOLE \u[_j_l_5B75,*5B75,*nhjfbjm_leh]bq_kdmx
_^bgbpmihi_j_^g_fmnjhglmgZ\oh^_
G_h[oh^bfh aZ^Zlv bfy ^ey gh\h]h wda_fieyjZ nmgdpbhgZevgh]h [ehdZ 5B75,* S_edgbl_ furdhc gZ^
bah[jZ`_gb_f ljb]]_jZ b \\_^bl_ bfy 7ULJ < ^bZeh]_ hij_^_e_gby i_j_f_gguo ^he`_g [ulv mdZaZg deZkk
&ODVV9$5 ehdZevgu_i_j_f_ggu_ bfy 1DPH 7ULJblbi 7\SH5B75,* GZ`fbl_2.
^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9





N >_l_dlhjaZ^g_]hnjhglZ
<u^_ebl_ \oh^ nmgdpbhgZevgh]h [ehdZ 7ULJ b \klZ\vl_ dZd [ueh hibkZgh \ur_  we_f_gl $1' b
i_j_bf_gmcl_ _]h \ 25 eh]bq_kdh_ BEB  <u^_ebl_ k\h[h^guc \oh^ 25 nmgdpbhgZevgh]h b \klZ\vl_ i_j_^
gbf wda_fieyj nmgdpbhgZevgh]h [ehdZ )B75,* ih^ bf_g_f 7ULJ GZ \oh^ )B75,* k ihfhsvx Zkkbkl_glZ
\\h^Z ) ih^Zcl_ dZl_]hjby*OREDO9DULDEOHV i_j_f_ggmx2EVHUYHU

N Dhgljhev\j_f_gbi_j\ZyqZklv
<klZ\vl_ ihke_ 25 wda_fieyj nmgdpbhgZevgh]h [ehdZ 72) lZcf_j k aZ^_j`dhc \udexq_gby  ih^ bf_g_f
7LPHUAZf_gbl_ljbagZdZ\hijhkZgZ\oh^_37dhgklZglhc7VHgZkhhl\_lkl\m_lk_dmg^ZfWlh\j_fy
fh`ghf_gylv\ijhp_kk_hleZ^db

N <uoh^Ij_^mij_`^_gb_
<u^_ebl_ \uoh^ 4 lZcf_jZ 7LPHU b \ dhgl_dklghf f_gx ijZ\Zy deZ\brZ furb  ^Zcl_ dhfZg^m $VVLJQ
ijbk\hblv  AZf_gbl_ \hijhku gZ bfy i_j_f_gghc :DUQLQJ < ^bZeh]_ hij_^_e_gby aZ^Zcl_ deZkk &ODVV
9$5B*/2%$/blbi%22/
L_i_jv\u^_ebl_ihabpbx\k_j_^bg_ebgbbkh_^bgyxs_c\uoh^lZcf_jZbi_j_f_ggmx:DUQLQJAZ^Zcl_
dhfZg^m1HJDWH\dhgl_dklghff_gxFZe_gvdbcdjm`_dhagZqZ_lbg\_jkbxagZq_gbyeh]bq_kdh]hkb]gZeZ




N Nhjfbjm_fKlhiKb]gZeih\lhjhfmbgl_j\Zem\j_f_gb
Kha^Zcl_gh\mxp_ivdhfZg^hcf_gx,QVHUW!1HWZRUN DIWHU <klZ\vl_baklZg^Zjlghc[b[ebhl_db\gh\mx
p_iv we_f_gl %R[  lbiZ 721 lZcf_j k aZ^_j`dhc \dexq_gby  ih^ bf_g_f 7LPHU Ih^Zcl_ i_j_f_ggmx
:DUQLQJ gZ \oh^ ,1 bkihevamcl_ Zkkbkl_gl \\h^Z )!  b dhgklZglm 7V gZ \oh^ 37 <uoh^ wda_fieyjZ
nmgdpbhgZevgh]h [ehdZ 7LPHU ijbk\hcl_ hiylv $VVLJQ  gh\hc ]eh[Zevghc &ODVV 9$5B*/2%$/  eh]bq_kdhc
i_j_f_gghc6WRS

^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9


N <klZ\ey_f328mijZ\e_gbyf_oZgbafhf
< e_\hc qZklb hdgZ &R'H6\V jZkiheh`_g hj]ZgbaZlhj  h[t_dlh\ 328V \ g_f ijbkmlkl\m_l 3/&B35* 
<klZ\vl_ dhfZg^hc $GGREMHFW\dhgl_dklghff_gxgh\ucijh]jZffgucdhfihg_glkbf_g_f0DFKLQHlbihf
7\SHSURJUDPbhij_^_ebl_^eyg_]hyaud6)& /DQJXDJH6)& 
Ih mfheqZgbx kha^Z_lky imklZy ^bZ]jZffZ kh^_j`ZsZy gZqZevguc rZ] ,QLW b khhl\_lkl\mxsbc i_j_oh^
7UDQVaZdZgqb\Zxsbcky\ha\jZlhfd,QLW


Fu[m^_f^Ze__bkihevah\Zlvmijhs_gguc6)&[_aFWD^_ckl\bc?kebkijZ\Zhl,QLW\um\b^bl_
ijyfhm]hevgbdk^_ckl\b_f $FWLRQ kgbfbl_\dhgl_dklghff_gxneZ]8VH,(&6WHSVbi_j_hij_^_ebl_
aZgh\h3280DFKLQH

N Hij_^_ey_fihke_^h\Zl_evghklvjZ[hluf_oZgbafZ
DZ`^hc nZa_ jZ[hlu ^he`_g khhl\_lkl\h\Zlv hij_^_e_gguc wlZi rZ]  <u^_ebl_ i_j_oh^ 7UDQV  lZd
qlh[u hg hdZaZeky hdjm`_g imgdlbjghc jZfdhc < dhgl_dklghf f_gx ^Zcl_ dhfZg^m \klZ\db rZ]Z b i_j_oh^Z
ih^ \u^_e_gguf 6WHS7UDQVLWLRQ DIWHU  :gZeh]bqgh ih\lhjbl_ \klZ\dm _s_  jZaZ <dexqZy ,QLW ^he`gh
ihemqblvkyrZ]h\ki_j_oh^Zfb
S_edZyfurvxihbf_gZfi_j_oh^h\brZ]h\\uaZf_l_l_qlhhgb\u^_eyxlkyp\_lhfLZdbfkihkh[hf\u
fh`_l_hij_^_eblvgh\u_gZbf_gh\Zgby
I_j\ucihke_,QLWrZ]^he`_ggZa\Zlvky*RB5LJKWIh^gbf*RB'RZQ*RB/HIW*RB8Sb&RXQW

N Ijh]jZffbjm_fi_j\ucrZ]
S_edgbl_^\Z`^ugZrZ]_*RB5LJKW&R'H6\VgZqg_lhij_^_e_gb_^_ckl\byrZ]Zbihijhkbl\u[jZlvyaud
_]hj_ZebaZpbb /DQJXDJH <u[_j_l_67 VWUXFWXUHGWH[W bi_j_c^bl_\Z\lhfZlbq_kdbhldjulh_hdghl_dklh\h]h
j_^ZdlhjZ < wlhf rZ]_ jZ[hqbc hj]Zg gZr_]h f_oZgbafZ ^he`_g i_j_f_sZlvky ih hkb ; \ijZ\h Ijh]jZffZ
^he`gZ\u]ey^_lvlZd

;BSRV ;BSRV

AZ\_jrbl_\\h^deZ\br_c5HWXUQbhij_^_ebl_i_j_f_ggmx;BSRVlbiZ,17 p_eh_ 
L_i_jv\_jogbcm]hehdrZ]Z^he`_g[ulvaZdjZr_gWlhijbagZdlh]hqlh^_ckl\b_wlh]hrZ]Zhij_^_e_gh

N Ijh]jZffbjm_fke_^mxsb_rZ]b
^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9

Ih\lhjbl_hibkZggmxihke_^h\Zl_evghklv^ey\k_ohklZ\rbokyrZ]h\I_j_f_ggu_<BSRVb&RXQWHU
^he`gu[ulvlbiZ,17
RZ]*RB'RZQ ijh]jZffZ
<BSRV <BSRV
RZ]*RB/HIW ijh]jZffZ
;BSRV ;BSRV
RZ]*RB8S
ijh]jZffZ
<BSRV <BSRV
RZ]&RXQW
ijh]jZffZ
&RXQWHU &RXQWHU



^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9



N Hij_^_ey_fi_j_oh^u
I_j_oh^^he`_gkh^_j`Zlmkeh\b_jZaj_rZxs__i_j_dexq_gb_gZke_^mxsbcrZ]I_j_oh^ihke_rZ]Z,QLW
gZah\bl_6WDUWbhij_^_ebl_gh\mxeh]bq_kdmxi_j_f_ggmx &ODVV9$5B*/2%$/lbi7\SH%22/ Ijb
_^bgbqghfagZq_gbbwlhci_j_f_gghcgZqbgZ_lkypbdejZ[hluf_oZgbafZ
Ke_^mxsbci_j_oh^^he`_gkh^_j`Zlvmkeh\b_;B3RV lZdijbagZq_gbbihabpbb;\dexqZ_lky
ke_^mxsZynZaZ^\b`_gby
Mkeh\b_lj_lv_]hrZ]Z <BSRV 
q_l\_jlh]h
;BSRV 
iylh]h 
<BSRV b
r_klh]h758( i_j_oh^jZaj_r_gkjZam`_ihke_h^ghdjZlgh]h\uiheg_gby 

N HklZgh\f_oZgbafZ
<_jgbl_kvd3/&B35*328b^h[Z\vl_lj_lvxp_iv
<f_klh\hijhkh\\klZ\vl_i_j_f_ggmx6WRSbaZl_fbadhgl_dklgh]hf_gx\klZ\vl_hi_jZlhj5HWXUQ5HWXUQ
ij_ju\Z_ljZ[hlmijh]jZffu3/&B35*328ijb_^bgbqghfagZq_gbb6WRS

N <uah\328mijZ\e_gbyf_oZgbafhf
>h[Z\vl_ _s_ h^gmp_iv\u^_ebl___b\klZ\vl_we_f_gl%R[badhgl_dklgh]hf_gxDZdh[uqghwlh[m^_l
$1' GZ`fbl_  )! b \ Zkkbkl_gl_ \\h^Z aZ^Zcl_ 328 mijZ\e_gby f_oZgbafhf \ dZl_]hjbb
ihevah\Zl_evkdboijh]jZff 8VHUGHILQHG3URJUDPVFDWHJRU\ 

N Dhfibeypbyijh_dlZ
Hldhfibebjmcl_ijh_dlp_ebdhfdhfZg^hcf_gx3URMHFW!5HEXLOGDOOeb[hdeZ\br_c)!
?keb \u \k_ k^_eZeb \_jgh lh \ gb`g_c qZklb hdgZ ^he`gh ihy\blvky khh[s_gb_  HUURUV < ijhlb\ghf
kemqZ_g_h[oh^bfhbkijZ\blv^hims_ggu_hrb[db<wlhihfh]mljZa\_jgmlu_khh[s_gbyh[hrb[dZo


<bamZebaZpby


N Kha^Z_f\bamZebaZpbx
Lj_lvy kljZgbqdZ hj]ZgbaZlhjZ  h[t_dlh\ &R'H6\V gZau\Z_lky \bamZebaZpby 9LVXDOL]DWLRQ  I_j_c^bl_ gZ
kljZgbqdm \bamZebaZpbb < dhgl_dklghf f_gx \\_^bl_ dhfZg^m ^h[Z\e_gby h[t_dlZ $GG REMHFW Ijbk\hcl_
gh\hfmh[t_dlmbfy2EVHUYDWLRQ
<dhgp_jZ[hluhdgh\bamZebaZpbb[m^_l\u]ey^_lvlZd




N Jbkm_fwe_f_gl\bamZebaZpbb
>Z\Zcl_gZqg_fki_j_dexqZl_eyih^l\_j`^_gby gZjbkijyfhm]hevgbdkl_dklhf2. 
^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9

GZ iZg_eb bgkljmf_glh\ \u[_j_l_ ijyfhm]hevgbd 5HFWDQJOH  < hdg_ j_^ZdlhjZ \bamZebaZpbb gZ`fbl_
e_\mxdeZ\brmfurbbjZklygbl_ijyfhm]hevgbd^hgm`ghc\ukhlubrbjbguhlimklbl_deZ\brm

N GZkljhcdZi_j\h]hwe_f_glZ\bamZebaZpbb
>bZeh]h\h_ hdgh gZkljhcdb we_f_glZ \uau\Z_lky ^\hcguf s_eqdhf furb gZ _]h bah[jZ`_gbb AZ^Zcl_ \
hdhrd_kh^_j`bfh_ &RQWHQWV dZl_]hjbbl_dkl 7H[W&DWHJRU\ keh\h2.
L_i_jvi_j_c^bl_\dZl_]hjbxi_j_f_gguo 9DULDEOHV&DWHJRU\ s_edgbl_furvx\ihe_baf_g_gb_p\_lZ
&KDQJH &RORU  b \hkihevamcl_kv Zkkbkl_glhf \\h^Z )! <klZ\vl_ i_j_f_ggmx 2EVHUYHU ba kibkdZ
]eh[Zevguoi_j_f_gguo>Ze__i_j_c^bl_\dZl_]hjbxp\_lZ &RORUV AZ^Zcl_p\_laZdjZkdbwe_f_glZ ,QVLGH 
gZijbf_jk\_leh]hem[hc>ey\ha[m`^_ggh]hkhklhygbyg_h[oh^bfhhij_^_eblv^jm]hcp\_l $ODUPFRORU 
gZijbf_j ]hem[hc < dZl_]hjbb \\h^Z ,QSXW &DWHJRU\  g_h[oh^bfh _s_ jZa \\_klb i_j_f_ggmx 2EVHUYHU b
ihklZ\blvneZ`hd7RJJOHYDULDEOHAZdjhcl_^bZeh]gZkljhcdb
< blh]_ ijyfhm]hevgbd [m^_l hlh[jZ`Zlvky k\_leh]hem[uf ijb agZq_gbb i_j_f_gghc 2EVHUYHU jZ\ghf
)$/6(b]hem[ufijbagZq_gbb758(?_agZq_gb_[m^_lbaf_gylvkyijbdZ`^hfgZ`ZlbbgZr_cdeZ\brb

N JZa\b\Z_f\bamZebaZpbx
GZjbkmcl_hdjm`ghklv<gbfZgb_<gZkljhcdZo7H[W&DWHJRU\&RQWHQWVaZ^Zcl_l_dkl<gbfZgb_
&RORUV&DWHJRU\&RORUaZdjZkdZ,QVLGHk_jufp\_lhf$ODUPFRORUdjZkgufp\_lhf
Kdhibjmcl_kha^Zggmxhdjm`ghklvdhfZg^hc(GLW!&RS\b\klZ\vl___h^bgjZadhfZg^hc(GLW!3DVWH

IhijZ\vl_gZkljhcdbgh\hchdjm`ghklbKlhi
4 7H[W&DWHJRU\&RQWHQWVl_dklKlhi
4 9DULDEOH&DWHJRU\&RORUFKDQJHi_j_f_ggZy6WRS

GZjbkmcl_ijyfhm]hevgbd^eydeZ\brbImkdbf_xs_cke_^mxsb_gZkljhcdb
4 7H[W&DWHJRU\&RQWHQWVl_dklImkd
4 9DULDEOH&DWHJRU\&RORUFKDQJHi_j_f_ggZy6WDUW
4 ,QSXW&DWHJRU\neZ`hd7RJJOHYDULDEOH\dexq_gi_j_f_ggZy6WDUW
4 &RORUV&DWHJRU\&RORUaZdjZkdZ,QVLGHdjZkgufb$ODUPFRORUa_e_guf

GZjbkmcl_ijyfhm]hevgbd^eykq_lqbdZkhke_^mxsbfbgZkljhcdZfb
4 7H[W&DWHJRU\&RQWHQWVl_dklKq_lqbdV VaZf_klbl_ev^eyhlh[jZ`_gbyagZq_gbyi_j_f_gghc 
4 9DULDEOH&DWHJRU\7H[WGLVSOD\i_j_f_ggZy0DFKLQH&RXQWHU

GZjbkmcl_g_[hevrhcijyfhm]hevgbdh[hagZqZxsbcjZ[hqbcbgkljmf_glf_oZgbafZkhke_^mxsbfb
gZkljhcdZfb
4 $EVROXWHPRYHPHQW&DWHJRU\;2IIVHWi_j_f_ggZy0DFKLQH;BSRV
4 $EVROXWHPRYHPHQW&DWHJRU\<2IIVHWi_j_f_ggZy0DFKLQH<BSRV
4 &RORUV&DWHJRU\&RORUaZdjZkdZ,QVLGH]hem[ufp\_lhf

?kebohlbl_gZjbkmcl_^\_^_dhjZlb\guojZfdb^eyjZa^_e_gbyh[eZkl_cdhgljheybf_oZgbafZAZ^Zcl_\
gbokhhl\_lkl\mxsb_gZ^ibkbk\ujZ\gb\Zgb_fihgbam 9HUWLFDODOLJQPHQWERWWRP Bkihevamydhgl_dklgh_
f_gxihf_klbl_^_dhjZlb\gu_ijyfhm]hevgbdbgZaZ^gbcieZg 6HQGWREDFN 


 Ihke_^mxsb_ imgdlu  _klv kfuke jZa[bjZlv lhevdh _keb \u bf__l_ dhgljhee_j k &R'H6\V Fu
jZkkfhljbfih^dexq_gb_gZijbf_j_&R'H6\V6357(<bghfkemqZ_\ufh`_l_ijh\_jblvjZ[hlmijbf_jZ\
j_`bf_wfmeypbb>eywlh]hi_j_oh^bl_dimgdlm


AZimkdp_e_\hckbkl_fu
AZimklbl_kbkl_fmbkiheg_gby h[jZlbl_\gbfZgb_qlh&R'H6\V6357(jZ[hlZ_llhevdh\:LQGRZV17
:LQGRZVbeb:LQGRZV;3 L_i_jv\iZg_ebaZ^Zq\um\b^bl_bdhgdm&R'H6\V6357(S_edgbl_ihg_c
ijZ\hcdeZ\br_cb^Zcl_dhfZg^mgZklZjlkbkl_fu 6WDUW6\VWHP 

^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

I_j\u_rZ]bk&R'H6\V9


GZkljhcdZdZgZeZbkh_^bg_gb_
?keb\u\i_j\ucjZaih^dexqZ_l_dhgljhee_jd&R'H6\Vg_h[oh^bfh\uihegblvhij_^_e_ggu_gZkljhcdb
< f_gx 2QOLQH hldjhcl_ ^bZeh] &RPPXQLFDWLRQ SDUDPHWHUV GZ`fbl_ deZ\brm 1HZ ^ey gZkljhcdb gh\h]h
kh_^bg_gby@_eZl_evghijbk\hblv_fmg_dhlhjh_hkfuke_ggh_bfy
< ijhkl_cr_f kemqZ_ &R'H6\V 63 57( jZ[hlZ_l gZ lhc `_ fZrbg_ dhfivxl_j_  qlh b kj_^Z
ijh]jZffbjh\Zgby &R'H6\V Wlh hagZqZ_l qlh fu fh`_f ijbf_gblv kihkh[ kh_^bg_gby ihkj_^kl\hf
jZa^_ey_fhc iZfylb 6KDUHG PHPRU\ .HUQHO  ?keb dhgljhee_j jZkiheh`_g gZ ^jm]hc fZrbg_ k_lb fu
^he`gubaf_gblviZjZf_lj
ORFDOKRVW
gZbfyfZrbgubebaZ^Zlvkhhl\_lkl\mxsbc,3Z^j_k
GZkljhcdZih^l\_j`^Z_lkydeZ\br_c2.

AZimkdijh_dlZ
Kh_^bg_gb_ k dhgljhee_jhf mklZgZ\eb\Z_lky dhfZg^hc 2QOLQH ! /RJLQ ba kj_^u ijh]jZffbjh\Zgby
&R'H6\V ?keb bkihevam_lky m^Ze_ggh_ kh_^bg_gb_ &R'H6\V ihijhkbl \Zk ih^l\_j^blv aZ]jmadm GRZQORDG 
dh^Zijh_dlZ
DhfZg^Z aZimkdZ_l 2QOLQH ! 5XQ ijh_dl I_j_c^bl_ \ hdgh \bamZebaZpbb b ijh\_jvl_ jZ[hlm gZr_]h
f_oZgbafZ
>eyaZimkdZijh_dlZ\j_`bf_wfmeypbbmklZgh\bl_neZ`hd\f_gx2QOLQH!6LPXODWLRQ>Ze__i_j_oh^bl_
\j_`bfRQOLQHbaZimkdZcl_ijh_dldZdhibkZgh\ur_

Qlh^Zevr_"
L_i_jv \u \eZ^__l_ [Zah\ufb ijb_fZfb jZ[hlu \ &R'H6\V b \iheg_ fh`_l_ ihijh[h\Zlv j_Zebah\Zlv
kh[kl\_ggu_ aZ^Zqb G_h[oh^bfmx bgnhjfZpbx \u gZc^_l_ \ Jmdh\h^kl\_ ihevah\Zl_ey
ihijh]jZffbjh\ZgbxIED\&R'H6\V 8VHU0DQXDOB9B58SGI bhi_jZlb\ghckijZ\hqghckbkl_f_&R'H6\V

@_eZ_f\Zfmki_oZ\jZ[hl_


^66PDUW6RIWZDUH6ROXWLRQV*PE+

^JmkkdZyj_^ZdpbyIDIjheh]]


Kljba

Vous aimerez peut-être aussi