Ï *
b )Á ¼ Y b Yb ® O b (1(5*,(6 5(1289(/$%/(6
/ $/*e5,( '',6&87( //$ &&21&/86,21 '' 81( &219(17,21 $$9(& //$ 662&,e7e ''(6(57(&
/
HV WUDYDX[ GH OD MRXUQpH DOJpULHQQH GH O pQHUJLH RQW GpEXWp KLHU DX &HQWUH GHV FRQYHQWLRQV 0RKDPHG %HQDKPHG G 2UDQ HQ SUpVHQFH GH 0 <RXFHI <RXVIL PLQLVWUH GH O (QHUJLH HW GHV 0LQHV HW GH 0 3LHUUH *DGRQQHL[ SUpVLGHQW GX &RQVHLO PRQGLDO GH O pQHUJLH &HWWH PDQLIHVWDWLRQ TXL VH WLHQW HQ PDUJH GHV WUDYDX[ GH O DVVHPEOpH H[pFXWLYH GX &0( SHUPHWWUD G H[SRVHU j O DVVLVWDQFH OHV JUDQGV D[HV GH OD SROLWLTXH QDWLRQDOH GH O pQHUJLH HW GH OD VWUDWpJLH YLVDQW j GpYHORSSHU OH VHFWHXU 'H QRPEUHXVHV FRPPXQLFDWLRQV ILJXUHQW DX SURJUDPPH GH FHWWH MRXUQpH SRUWDQW QRWDPPHQW VXU OHV WKqPHV GH /D SROLWLTXH pQHUJpWLTXH GH O $OJpULH 6RQDWUDFK XQ DFWHXU pQHUJpWLTXH GH WDLOOH PRQGLDOH 'pYHORSSHPHQW GX VHFWHXU GH O pQHUJLH HQ $OJpULH HW LPSDFW VRFLRpFRQRPLTXH 7UDQVLWLRQ pQHUJpWLTXH HW SURJUDPPH GH GpYHORSSHPHQW GHV pQHUJLHV UHQRXYHODEOHV HQ $OJpULH U{OH GH 6RQHOJD] /D SODFH GH OD UHFKHUFKH HW GpYHORSSHPHQW HW GH OD IRUPDWLRQ GDQV OH VHFWHXU GH O pQHUJLH 'HV GpOpJDWLRQV GH SOXV GH SD\V SDUWLFLSHQW DX[ WUDYDX[ GH O DVVHPEOpH H[pFXWLYH GX &0( &HV GpOpJDWLRQV UHSUpVHQWHQW OHV FRPLWpV QDWLRQDX[ GH OHXUV SD\V UHVSHFWLIV PHPEUHV GX &0( /H FRPLWp DOJpULHQ HVW SUpVLGp SDU 0 1RXUHGGLQH %RXWHUID 3 '* GX JURXSH 6RQHOJD] 6HORQ 0 1RXUHGGLQH %RXWHUID TXL V H[SULPDLW KLHU ORUV G XQ SRLQW GH SUHVVH DQLPp FRQMRLQWHPHQW DYHF 0 3LHUUH *DGRQQHL[ SUpVLGHQW GX &RQVHLO PRQGLDO GH O pQHUJLH O $OJpULH QpJRFLH DFWXHOOHPHQW OD FRQFOXVLRQ G XQH FRQYHQWLRQ DYHF OD VRFLpWp 'HVHUWHF TXL YD IL[HU OHV FRQGLWLRQV GH GpYHORSSHPHQW GH FH PpJDSURMHW
1RXV VRPPHV HQ GLVFXVVLRQ DYHF OD VRFLpWp 'HVHUWHF SRXU OD PLVH HQ SODFH G XQH FRQYHQWLRQ TXL YD IL[HU OHV D[HV G pWXGHV FRPPXQHV IDYRULVDQW O pPHUJHQFH GX UHQRXYHODEOH
D W LO DLQVL PDUWHOp 0 %RXWHUID D WHQX j SUpFLVHU TXH 'HVHUWHF HVW XQ SURMHW GH SURPRWLRQ GHV pQHUJLHV DOWHUQDWLYHV UpIXWDQW TX LO VRLW FRQoX DX GpSDUW FRPPH XQ SURMHW FRPPHUFLDO
1RXV VRPPHV WUqV ORLQ GH OD FRQFHSWLRQ GH 'HVHUWHF FRPPH pWDQW XQ SURMHW FRPPHUFLDO 6DOLP ' /LUH HQ SDJH
5(75$,7 '(6 &203$*1,(6 3e752/,Ë5(6
'(9(/233(0(17 /2&$/
/H GGpPHQWL GGH <RXFHI <<RXVIL
8Q UUHERQG 6HSW ZZLOD\DV DDX[ WHFKQLTXH GGHV DVVLVHV UUpJLRQDOHV GH %%RUGM %%RX $$UUpULGM %RXUVHV
e75$1*Ë5(6 '( / $/*e5,(
/(6 7(16,216 3(5'85(17 685 /(6 0$5&+e6
3DJH
3DJH
0 +$66,%$ 02.5$28, '* '( /·$1,5()
3DJH
/( 352&85(85 2&$032 (67 (1 /,%<(
7ULSROL UUHIXVH GH UUHPHWWUH 6HLI DDO ,,VODP j OOD &&3,
3DJH
/·$/*e5,( 5(175( '$16 /( 723 '(6 3$<6 9,6,7(856 '( /·,17(50$7
´/H PDUNHWLQJ WHUULWRULDO XQ RXWLO ,QQRYDWLRQ HW GpYHORSSHPHQW GXUDEOH GH PDQDJHPHQW VWUDWpJLTXHµ j O·KRQQHXU 3DJH
(',7,21 1 '8 0(5&5(', 129(0%5( 35,; '$ (75$1*(5 (852 6,7( ,17(51(7 ::: /(0$*+5(%'= &20
3DJH