beta
0
50
0
100
275 25
0
15
0
(,1%$8%$&.2)(1
)285 (1&$675e
)2512 '$ ,1&$6752
%2 %
200
C
C
&KqUH FOLHQWH FKHU FOLHQW
1RXV YRXV UHPHUFLRQV G·DYRLU FKRLVL XQ IRXU 7KHUPD
$YHF FH FKRL[ YRXV DYH] PLVp VXU OD TXDOLWp HW OD GXUD
ELOLWp
&H PRGH G·HPSORL YRXV SHUPHW GH IDLUH FRQQDLVVDQFH
SDV j SDV DYHF YRWUH IRXU HW G·HQ XWLOLVHU WRXWHV OHV SRV
VLELOLWpV GH PDQLqUH RSWLPDOH $YDQW OD SUHPLqUH PLVH
HQ VHUYLFH QRXV YRXV SULRQV GH OLUH DWWHQWLYHPHQW OH
FKDSLWUH ©&RQVLJQHV GH VpFXULWpª 1RXV YRXV UHFRP
PDQGRQV GH FRQVHUYHU OH PRGH G·HPSORL j SUR[LPLWp
GH O·DSSDUHLO GH VRUWH TXH YRXV O·D\H] LPPpGLDWHPHQW
VRXV OD PDLQ HQ FDV G·LQFHUWLWXGH
$SUHV YRXV DYH] SULV FRQQDLVVDQFH GX PRGH G·HPSORL
QRXV YRXV SULRQV GH UHQYR\HU OD FDUWH GH JDUDQWLH UHPSOLH
OH VHUYLFH DSUqVYHQWH j 0lJHQZLO
&HW DSSDUHLO HVW FRQIRUPH
j OD GLUHFWLYH
&(( &(( &(( 7DEOH GHV PDWLqUHV
5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp /H IRXU HQFDVWUp $YDQW OD SUHPLqUH PLVH HQ VHUYLFH /HV FRPPXWDWHXUV SRXU OH IRXU /H IRXU $SSOLFDWLRQV GHV IRQFWLRQV GX IRXU ,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ 1HWWR\DJH HW HQWUHWLHQ /·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV &RQVHLO SUDWLTXHV XWLOHV 6L TXHOTXH FKRVH QH IRQFWLRQQH SDV ,QVWUXFWLRQ GH PRQWDJH 'RQQpHV WHFKQLTXH %2 % 7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX IRXU 6HUYLFH DSUqVYHQWH 7KHUPD3KRQ 6pFXULWp pOHFWULTXH 8WLOLVDWLRQ HW IRQFWLRQQHPHQW 1HWWR\DJH eYDFXDWLRQ GH O·HPEDOODJH 9XH GH O·DSSDUHLO 7DEOHDX V\QRSWLTXH 7LURLU j DSSDUHLO 1HWWR\DJH LQLWLDO &KDXIIDJH LQLWLDO &RPPXWDWHXUV GH IRQFWLRQ GX IRXU &RPPXWDWHXU GH WHPSpUDWXUH GX IRXU /HV ODPSHV GH FRQWU{OH $FFHVVRLUHV GX IRXU )LOWUH j PDLOOH ILQH *XLGHV GH SODTXHV &KDXIIDJH VXSpULHXU HW LQIpULHXU $LU FLUFXODQW *ULOODGHV *ULO j LQIUDURXJH *ULO j JUDQGH VXUIDFH 7XUERJULO 0RQWDJH &RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV 5{WL j EDVVH WHPSpUDWXUH 7XUERJULO 7DEOH GH JULOODJH 7DEOH GH VWpULOLVDWLRQ 3RLQW GH YHQWH GH UHFKDQJH *DUDQWLH 5HPDUTXHV LPSRUWDQWHV FRQFHUQDQW OD VpFXULWp
/LVH] VRLJQHXVHPHQW FH PRGH G·HPSORL DYDQW G·XWLOL
VHU YRWUH DSSDUHLO )DLWHV VSpFLDOHPHQW DWWHQWLRQ DX[
SUHVFULSWLRQV GH VpFXULWp PDUTXpHV SDU XQ WULDQJOH
G·DYHUWLVVHPHQW
9RXV pYLWHUH] DLQVL GH FDXVHU GHV GRPPDJHV FRUSR
UHOV RX PDWpULHOV &RQVHUYH] SUpFLHXVHPHQW FH PRGH
G·HPSORL HW 7UDQVPHWWH]OH j WRXW XWLOLVDWHXU QRXYHDX
&HW DSSDUHLO QH GRLW rWUH XWLOLVp TXH SRXU OHV EHVRLQV
PpQDJHUV HW GDQV GHV EXWV ELHQ SUpFLV ,O HVW FRQIRUPH
DX[ SUHVFULSWLRQV LQWHUQDWLRQDOHV GH VpFXULWp HW DX[
QRUPHV H[LJpHV GH TXDOLWp 7RXWHIRLV OHV PHVXUHV GH
VpFXULWp SUpYXHV QH VDXUDLHQW pOLPLQHU WRXW ULVTXH
G·DFFLGHQW HQ FDV G·XWLOLVDWLRQ DEXVLYH RX GDQJHUHXVH
6L HOOH HVW RXYHUWH OD SRUWH GX IRXU QH GRLW SDV rWUH
VXUFKDUJpH ,O HVW LQWHUGLW GH V·DVVHRLU RX GH JULP
SHU VXU FHOOHFL
6L G·DXWUHV DSSDUHLOV GRLYHQW rWUH UDFFRUGpV DX YRL
VLQDJH LPPpGLDW GX IRXU LO IDXW YHLOOHU j FH TXH OHV
FkEOHV GH UDFFRUGHPHQW QH SXLVVHQW SDV HQWUHU HQ
FRQWDFW DYHF OH IRXU RX UHVWHU FRLQFpV GDQV OD SRUWH
FKDXG GX IRXU
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD WHP
SpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRPPDQGD
WLRQV GX IRXUQLVVHXU
&HUWDLQV FRPPXWDWHXUV URWDWLIV GH YRWUH DSSDUHLO
SRVVqGHQW XQH EXWpH 1·HVVD\H] SDV GH WRXUQHU
FH FRPPXWDWHXU SOXV ORLQ TXH FHWWH EXWpH PDLV DX
FRQWUDLUH GDQV OH VHQVH RSSRVp 6LQRQ LO V·HQVXL
YUD XQH GpWpULRUDWLRQ GX FRPPXWDWHXU
$SUqV FKDTXH XWLOLVDWLRQ FRQWU{OH] TXH O·DSSDUHLO
HVW ELHQ pWHLQW 7RXV OHV FRPPXWDWHXUV URWDWLIV GRL
YHQW rWUH HQ SRVLWLRQ GpFOHQFKpH
6pFXULWp pOHFWULTXH
/·DSSDUHLO GRLW rWUH UDFFRUGp SDU XQ LQVWDOODWHXU
pOHFWULFLHQ FRQFHVVLRQQDLUH /D VpFXULWp pOHFWUL
TXH GHV DSSDUHLOV HQFDVWUpV H[LJH XQ PRQWDJH
SUpFLV FRQIRUPH DX[ QRUPHV HQ YLJXHXU
7RXW DSSDUHLO HQGRPPDJp QH GRLW SDV rWUH XWLOLVp
(Q FDV GH GpUDQJHPHQW RX GH GpIDXW GpYLVVH]
SXLV UHWLUH] OHV IXVLEOHV
3DU VpFXULWp WRXWH UpSDUDWLRQ VXU SODFH GH O·DSSD
UHLO HW VSpFLDOHPHQW GH VHV RUJDQHV G·DOLPHQWDWLRQ
QH SHXW rWUH HIIHFWXpH TXH SDU XQ pOHFWULFLHQ TXDOL
ILp RX SDU XQ WHFKQLFLHQ GX VHUYLFH GH PDLQWHQDQFH
SRXU SDOOLHU DX[ GDQJHUV G·pOHFWURFXWLRQ (Q FDV GH
SDQQH DGUHVVH]YRXV GLUHFWHPHQW j QRWUH VHU
YLFH WHFKQLTXH GH YHQWH
8WLOLVDWLRQ HW IRQFWLRQQHPHQW
eORLJQH] OHV SHWLWV HQIDQWV 1H ODLVVH] SDV OHV HQ
IDQWV MRXHU DYHF OD FXLVLQLqUH
$YDQW OD SUHPLqUH XWLOLVDWLRQ OH IRXU GRLW rWUH
FKDXIIp j YLGH $VVXUH]YRXV TXH O·DpUDWLRQ GH OD
SLqFH HVW VXIILVDQWH HW HQFOHQFKH] OD KRWWH G·DpUD
WLRQ VL HOOH H[LVWH /·DSSDULWLRQ G·RGHXUV ORUV GX SUH
PLHU pFKDXIIHPHQW HVW XQ SKpQRPqQH QRUPDO
/HV FRUSV GH FKDXIIH VLWXpV DX KDXW GX IRXU DXVVX
UDQW OH FKDXIIDJH GHSXLV OH GHVVXV HW OH JULO DLQVL
TXH OH FRUSV GH FKDXIIH LQIpULHXU OH PrPH TXH OHV
SDURLV GH IRXU VL HOOHV VRQW FKDXGHV SHXYHQW SUp
VHQWHU XQ GDQJHU GH EOXUH VL O·RQ Q·\ SUHQG SDV
JDUGH
8WLOLVH] GHV JDQWV WKHUPLTXH RX XQ WRUFKRQ SRXU
UHWLUHU VDQV VH EUOHU OHV PHWV FXLWV
1HWWR\DJH
/RUV GX QHWWR\DJH PDQXHO DXFXQ FRUSV GH FKDXIIH
QH GRLW rWUH HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW
VXIILVDPPHQW UHIURLGL SRXU SRXYRLU HQWUHU HQ
FRQWDFW VDQV GDQJHU DYHF OHV RUJDQHV LQWHUQHV
0DLQWHQH] WRXMRXUV YRWUH IRXU SDUIDLWHPHQW SURSUH
/HV pFODERXVVXUHV GH JUDLVVH HW OHV WDFKHV GpJD
JHQW XQH PDXYDLVH RGHXU ORUVTX·HOOHV FKDXIIHQW
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW O·pWDQ
FKpLWp GH OD SRUWH DLQVL TXH OH FDGUH GH OD SRUWH
/HV FKDUQLqUHV GH OD SRUWH GX IRXU FRQVWLWXHQW XQ
GDQJHU HW HOOHV QH SHXYHQW rWUH GpPRQWpHV HW UH
PRQWpHV TXH SDU XQ WHFKQLFLHQ H[SpULPHQWp IDL
VDQW SDUWLH GH QRWUH pTXLSH DSUqVYHQWH
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHVVLRQ
SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
eYDFXDWLRQ GH O·HPEDOODJH
/HV PDWpULDX[ G·HPEDOODJH DLQVL TXH OHV DSSDUHLOV
SpULPpV GRLYHQW rWUH GpEDUUDVVpV VHORQ OHV SUHV
FULSWLRQV 5HVSHFWH] OHV QRUPHV QDWLRQDOHV HW Up
JLRQDOHV DLQVL TXH OHV LQGLFDWLRQV FRQFHUQDQW OHV
PDWLqUHV VpSDUDWLRQ GHV PDWpULDX[ UpFROWH GHV
GpFKHWV OLHX[ GH UDPDVVDJH /H IRXU HQFDVWUp
9XH GH O·DSSDUHLO
beta
7DEOHDX V\QRSWLTXH
DYHF pOpPHQW GH FRPPDQGH
0
50
0
100
275 25
0
200
15
0
C
C
3RLJQpH GH OD SRUWH GX IRXU
3RUWH GX IRXU
DYHF YLWUH IURQWDOH HQWLqUHPHQW HQ YHUUH HW
IHQrWUH GH FRQWU{OH
7LURLU j DSSDUHLO
7DEOHDX V\QRSWLTXH
beta
0
50
0
100
275 25
0
200
15
0
C
C
1
2
3
4
/DPSH GH FRQWU{OH IRQFWLRQQHPHQW GX IRXU
/DPSH GH FRQWU{OH GH OD WHPSpUDWXUH GX IRXU
6pOHFWHXU GH IRQFWLRQ GX IRXU
6pOHFWHXU GH WHPSpUDWXUH GX IRXU
7LURLU j DSSDUHLO
3RXU RXYULU HW IHUPHU OH WLURLU j DSSDUHLO LO IDXW SRXVVHU
O·pFUDQ GX PLOLHX YHUV O·LQWpULHXU MXVTXH·LO VH GpFURFKH
GX YHUURXLOODJH
$YDQW OD SUHPLqUH PLVH HQ VHUYLFH
1HWWR\DJH LQLWLDO
/H IRXU GRLW rWUH QHWWR\p DYDQW OD SUHPLqUH XWLOLVDWLRQ
DILQ G·pOLPLQHU WRXWH WUDFH SRVVLEOH ODLVVpH SDU OD IDEUL
FDWLRQ
(QOHYH] VRLJQHXVHPHQW OHV pWLTXHWWHV TXL V·\ WURXYHQW
HQFRUH DLQVL TXH OHV IHXLOOHV GH SURWHFWLRQ $WWHQWLRQ
GH QH SDV HQOHYHU OD SODTXH VLJQDOpWLTXH GH O·DSSDUHLO /H WDEOHDX V\QRSWLTXH HW OD SRUWH GX IRXU GRLYHQW rWUH
ODYpV j O·HDX FKDXGH FRQWHQDQW XQ GpWHUJHQW SXLV Vp
FKpV
(QOHYHU GX IRXU WRXV OHV REMHWV TX·LO FRQWLHQW j
O·H[FHSWLRQ GH OD IHXLOOH GH UpIOH[LRQ VLWXpH VRXV
OH FRUSV GH FKDXIIH LQIpULHXU
9RXV SRXYH] \ YRLU SOXV FODLU HQ DOOXPDQW O·pFODLUDJH LQ
WHUQH HQ SRVLWLRQQDQW OH VpOHFWHXU GH IRQFWLRQ VXU Q·LP
SRUWH TXHOOH SRVLWLRQ HW HQ ODLVVDQW OH VpOHFWHXU GH WHP
SpUDWXUH GpFOHQFKp
&KDXIIDJH LQLWLDO
0
50
0
/DLVVHU OH IRXU IHUPp FKDXIIHU SHQGDQW PLQXWHV
j FHWWH WHPSpUDWXUH
10
150
0HWWUH OH FRPPXWDWHXU GH IRQFWLRQ HQ SRVLWLRQ GH
FKDXIIDJH KDXW HW EDV HW OH VpOHFWHXU GH WHPSpUD
WXUH VXU &
0
5 250
27
0
20
/H IRXU GRLW rWUH FKDXIIp XQH SUHPLqUH IRLV j
YLGH $VVXUH]YRXV TXH O·DpUDWLRQ HVW VXIIL
VDQWH /H GpJDJHPHQW G·RGHXU HVW QRUPDO
C
/HV FRPPXWDWHXUV SRXU OH IRXU
&RPPXWDWHXUV GH IRQFWLRQ GX IRXU
/H FRPPXWDWHXU GH IRQFWLRQ SHXW rWUH SRVLWLRQQp HQ OH
WRXUQDQW VRLW YHUV OD GURLWH VRLW YHUV OD JDXFKH
/·pFODLUDJH GX IRXU HVW HQFOHQFKp DYHF Q·LPSRUWH
TXHOOH IRQFWLRQ DXWUH TXH ]pUR
eFODLUDJH
HQFOHQFKp SRXU FKDTXH IRQFWLRQ
0
&LUFXODWLRQ G·DLU FKDXIIDJH HQ KDXW HW HQ
EDV HQFOHQFKp DLQVL TXH OH YHQWLODWHXU GX IRXU
*ULO j LQIUDURXJH FRUSV GH FKDXIIH GXU JULO
*ULO j JUDQGH VXUIDFH FKDXIIDJH HQ KDXW HW
FRUSV GH FKDXIIH GX JULO HQFOHQFKp
7XUERJULO JULO j LQIUDURXJH HW YHQWLODWHXU HQ
FOHQFKpV
&KDXIIDJH HQ KDXW HW HQ EDV
&KDXIIDJH HQ KDXW VHXOHPHQW
&KDXIIDJH HQ EDV VHXOHPHQW
&RPPXWDWHXU GH WHPSpUDWXUH GX IRXU
3RVLWLRQQHU OD WHPSpUDWXUH YRXOXH HQ WRXUQDQW YHUV OD
GURLWH OH FRPPXWDWHXU UpJODQW OD WHPSpUDWXUH GX IRXU
HQWUH HW &
5 250
0
0
50
/HV ODPSHV GH FRQWU{OH
10
/H IRXU QH IRQFWLRQQH TXH VL OHV FRPPXWDWHXUV GH IRQF
WLRQ HW GH WHPSpUDWXUH VRQW HQFOHQFKpV
150
3RXU DUUrWHU UHYHQLU j OD SRVLWLRQ ]pUR
0
1H SDV WRXUQHU SOXV ORLQ TXH OD EXWpH
20
27
C
/D ODPSH GH FRQWU{OH GH IRQFWLRQ
FHOOHFL V·DOOXPH ORUVTXH OH IRXU HVW HQFOHQFKp RX XQH
SODTXH FKDXIIDQWH HVW HQ DFWLYLWp (OOH V·pWHLQW ORUVTXH
WRXV OHV FRPPXWDWHXUV VRQW HQ SRVLWLRQ +256
/D ODPSH GH FRQWU{OH GH WHPSpUDWXUH
FHOOHFL V·DOOXPH ORUVTXH OH FKDXIIDJH GX IRXU HVW HQF
OHQFKp HW HOOH V·pWHLQW ORUVTXH OD WHPSpUDWXUH FKRLVLH
HVW DWWHLQWH HW HOOH VH UDOOXPH FKDTXH IRLV TXH OH WKHU
PRVWDW UpHQFOHQFKH OH FKDXIIDJH SRXU PDLQWHQLU OD
WHPSpUDWXUH
/H IRXU
$
%
5DLQXUHV GH JXLGDJH GH SODTXH j SkWLVVHULH
&RUSV GH FKDXIIH LQIpULHXU
&
&RUSV GH FKDXIIH GX JULO
'
&RUSV GH FKDXIIH VXSpULHXU
'
*
& ' *ULO j JUDQGH VXUIDFH
( + eFODLUDJH GX IRXU
)
)LOWUH j PDLOOH ILQH
*
9HQWLODWLRQ GX IRXU
-
5pFLSLHQW UpIOpFKLVVDQW
*XLGHV GH SODTXHV UDLQXUHV
&
(
)
+
$
$
%
- -
$FFHVVRLUHV GX IRXU
$ SDUW OHV DFFHVVRLUHV OLYUpV Q·XWLOLVH] TXH GHV
SODWV HW GHV PRXOHV GH FXLVVRQ UpVLVWDQW j OD
WHPSpUDWXUH pOHYpH 3UHQH] JDUGH DX[ UHFRP
PDQGDWLRQV GX IRXUQLVVHXU
/H IRXU HVW pTXLSp GHV DFFHVVRLUHV VXLYDQWV
3ODTXH j FXLUH
5{WLVVRLUH SRXU FXLUHU{WLUJULOOHU
)LOWUH j PDLOOH ILQH
5pFLSLHQW UpIOpFKLVVDQW
)LOWUH j PDLOOH ILQH
&H ILOWUH SURWqJH O·LQWpULHXU GX IRXU FRQWUH O·HQFUDVVH
PHQW WURS UDSLGH
/·LQWURGXLUH SRXU WRXWH RSpUDWLRQ j DLU FKDXGDLU
WRXUQDQW DLQVL TXH SRXU OH WXUERJULO
(QOHYHU FH ILOWUH SRXU FXLUH VLQRQ OH WHPSV GH FXLVVRQ
HVW j DOORQJHU
*XLGHV GH SODTXHV
/H IRXU HVW PXQL GH JUDGLQV FRQWHQDQW UDLQXUHV GH
KDXWHXU GLIIpUHQWH &HV KDXWHXUV VRQW QXPpURWpHV
GDQV XQH WDEOH DOODQW GH j VHORQ O·pFKHOOH VXLYDQWH
OH SOXV EDV OH SOXV KDXW
(QILOH] OD SODTXH RX OH U{WL HQWUH OHV GHX[ WLJHV
GH JXLGDJH FH TXL IDFLOLWH O·HQWUpH HW OD VRUWLH
HW DVVXUH OH PDLQWLHQ SHQGDQW OD FXLVVRQ
3RVLWLRQ GH VWRS
(WULHU GH VXVSHQVLRQ
$SSOLFDWLRQV GHV IRQFWLRQV GX IRXU
&KDXIIDJH VXSpULHXU HW LQIpULHXU
/H FKDXIIDJH VLPXOWDQp HQ KDXW HW HQ EDV FRQVWLWXH OH
IRQFWLRQQHPHQW QRUPDO GX IRXU /HV FRUSV GH FKDXIIH
VLWXpV DX SODQFKHU HW DX SODIRQG GH O·HQFHLQWH FKDXI
IDQWH WUDQVPHWWHQW OHXU FKDOHXU DX[ GHQUpHV j FXLUH /D
WHPSpUDWXUH SHXW rWUH UpJOpH HQWUH HW &
/H U{WLVVDJH HW OD FXLVVRQ SDU FKDXIIDJH HQ KDXW HW HQ
EDV QH VRQW SRVVLEOHV TXH VXU XQ VHXO QLYHDX
PHWWUH OHV JkWHDX[ SODWV HW OD SkWLVVHULH VXU OD
SODTXH DX[ QLYHDX[ RX
PHWWUH OHV FDNHV OHV NRXJORIV RX OHV ELVFXLWV HQ
IRUPH GH EORF DX QLYHDX $LU FLUFXODQW
/H YHQWLODWHXU LQVWDOOp GDQV OD IDFH DUULqUH GX IRXU DV
VXUH XQH FLUFXODWLRQ LQWHQVLYH GH O·DLU GDQV WRXW OH IRXU
/HV WHPSpUDWXUHV SHXYHQW rWUH SUpUpJOpHV HQWUH HW
& /D IRQFWLRQ GH FLUFXODWLRQ G·DLU SHUPHW GH WUDQV
PHWWUH OD FKDOHXU QpFHVVDLUH DX PDLQWLHQ GH OD WHPSp
UDWXUH YRXOXH SOXV UDSLGHPHQW TXH GDQV OD PpWKRGH
FRQYHQWLRQQHOOH ,O HVW DORUV SRVVLEOH GH UpJOHU XQH
WHPSpUDWXUH LQIpULHXUH G·HQYLURQ & j FHOOH SUpFRQL
VpH SDU OHV UHFHWWHV XWLOLVDQW XQLTXHPHQW OH FKDXIIDJH
VXSpULHXU HW LQIpULHXU
/D WDEOH GH FXLVVRQ HW GH U{WLVVDJH IRXUQLW SOXVLHXUV LQ
GLFDWLRQV SUpFLVHV j FH SURSRV
*ULOODGHV
/D JULOODGH V·RSqUH JpQpUDOHPHQW HQ IHUPDQW OD
SRUWH GX IRXU 1H ODLVVH] FHSHQGDQW SDV YRWUH
JULO VDQV VXUYHLOODQFH
/D FKDOHXU SURGXLWH SDU OHV FRUSV GH FKDXIIH UD\RQQH
FRQWUH OH SODIRQG GX IRXU HW DWWHLQW OD SLqFH j U{WLU TXL
HVW SODFpH HQ GHVVRXV /HV LQGLFDWLRQV FRQFHUQDQW OD
KDXWHXU RSWLPDOH GH FHOOHFL VH WURXYHQW GDQV OD WDEOH
GH JULOODGH /H SUpFKDXIIDJH HVW LQXWLOH
3RXU JULOOHU LO VXIILW GH SRVLWLRQQHU OHV VpOHFWHXUV GH
IRQFWLRQ HW GH WHPSpUDWXUH FRUUHVSRQGDQWV
/H FKRL[ GH OD IRQFWLRQ GpSHQG GH OD TXDOLWp GH OD
TXDQWLWp HW GH OD KDXWHXU GH OD YLDQGH j JULOOHU
/D WHPSpUDWXUH GRLW rWUH DGDSWpH DX W\SH GH YLDQGH
FDU OH WKHUPRVWDW GX IRXU DVVXUH VRQ VHUYLFH HW PDLQ
WLHQW OD WHPSpUDWXUH j O·LQWpULHXU GX GRPDLQH DVVLJQp
FRQIRUPpPHQW DX[ YDOHXUV GH OD WDEOH
6L YRXV GHYH] HIIHFWXHU SOXVLHXUV JULOODGHV FRQVpFXWL
YHV LO IDXW QHWWR\HU OD SODTXH DSUqV FKDFXQH G·HOOHV
*ULO j LQIUDURXJH
3RXU GH SHWLWHV TXDQWLWpV GH JULOODGHV GH WUDQFKHV SOD
WHV DLQVL TXH SRXU OHV GHPLSRXOHWV OH JULO j LQIUDURXJH
HVW SDUWLFXOLqUHPHQW ELHQ LQGLTXp /H GRPDLQH GH WHP
SpUDWXUH VH VLWXH HQWUH HW &
*ULO j JUDQGH VXUIDFH
&HWWH IRQFWLRQ SHUPHW GH JULOOHU GHV WUDQFKHV SODWHV RX
GHV GHPLSRXOHWV VXU WRXWH OD VXUIDFH GH OD SODTXH /D
FRQMRQFWLRQ GX JULO j LQIUDURXJH HW GX FKDXIIDJH VXSp
ULHXU SHUPHW GH PDLQWHQLU XQH WHPSpUDWXUH UpJODEOH
HQWUH HW &
/HV GHX[ IRQFWLRQV GH JULO j JUDQGH HW j SHWLWH VXU
IDFH VRQW LGpDOHV SRXU OHV WUDQFKHV SODWHV WHOOHV TXH
OHV VWHDNV OHV F{WHOHWWHV OHV SHWLWHV VDXFLVVHV OH
SRLVVRQ RX DXWUHV 2Q SHXW pJDOHPHQW IDLUH GHV WRDVWV
EUXQLU GX PDVVHSDLQ RX GH OD JODFH UpDOLVHU XQH FUqPH
EUOpH JUDWLQHU XQ VRXIIOp RX EUXQLU XQ JUDWLQ /D FKD
OHXU UD\RQQpH SDU OH JULO Q·pWDQW GHVWLQpH TX·j EUXQLU OD
VXUIDFH HW OD UHQGUH FURXVWLOODQWH LO QH IDXW O·XWLOLVHU
TX·HQ ILQ GH FXLVVRQ
*OLVVH] OHV DOLPHQWV j JULOOHU j O·pFKHORQ RX VHORQ
O·pSDLVVHXU /D GLVWDQFH HQWUH OHV DOLPHQWV HW OH FRUSV
GH FKDXIIH SHXW YDULHU YHUV OH KDXW RX YHUV OH EDV VHORQ
OD FRXUEXUH GH OD YRWH GX JULO 6L OHV DOLPHQWV j JULOOHU
VRQW JUDV LO YDXW PLHX[ OHV pORLJQHU GX FRUSV GH
FKDXIIH
,O IDXW JOLVVHU OD SODTXH j JkWHDX[ GDQV OHV JXLGHV DX
QLYHDX RX SRXU UpFXSpUHU OH MXV HW pYLWHU O·HQFUDVVH
PHQW GX IRXU
6L YRXV GHYH] HIIHFWXHU SOXVLHXUV JULOODGHV FRQVpFXWL
YHV LO IDXW QHWWR\HU OD SODTXH DSUqV FKDFXQH G·HOOHV
7XUERJULO
/D IRQFWLRQ WXUERJULO HVW LQWpUHVVDQWH SRXU U{WLU OHV JURV
PRUFHDX[ GH YLDQGH OHV JLJRWV OD YRODLOOH HWF
6pOHFWLRQQH] OD IRQFWLRQ WXUERJULO HW XQH WHPSpUDWXUH
GH j &
/H JULO j LQIUDURXJH WUDYDLOOH DYHF OH YHQWLODWHXU SRXU Up
SDUWLU XQLIRUPpPHQW OD FKDOHXU 1RQ VHXOHPHQW OD VXU
IDFH VXSpULHXUH PDLV DXVVL WRXV OHV F{WpV VRQW GRUpV
XQLIRUPpPHQW
/HV SLqFHV GH YLDQGH GH JUDQGH KDXWHXU OHV U{WLV URX
OpV OHV FDUUpV GH SRUF OHV MDUUHWV RX OD YRODLOOH DFTXLq
UHQW XQH VXUIDFH ELHQ GRUpH HW FURXVWLOODQWH DORUV TXH
O·LQWpULHXU UHVWH WHQGUH HW MXWHX[
&HWWH PpWKRGH GH FXLVVRQ SHXW pJDOHPHQW V·DSSOLTXHU
DX[ JUDWLQV HW DX[ VRXIIOpV
*OLVVH] OD SODTXH j JkWHDX[ GDQV OHV JOLVVLqUHV j
O·pFKHORQ RX HQ SRVDQW OD JULOOH VXSSRUWDQW O·DOLPHQW
j U{WLU LPPpGLDWHPHQW GHVVXV DLQVL TXH OH PRQWUH OD
ILJXUH FLFRQWUH
,QIRUPDWLRQV JpQpUDOHV VXU OH U{WLVVDJH HW OD FXLVVRQ
5{WLVVDJH DYHF O·DLU FLUFXODQW HW FKDXIIDJH HQ KDXW
HW HQ EDV
&KRL[ GH OD WHPSpUDWXUH
/H WHPSV GH U{WLVVDJH GpSHQG GX JHQUH GX U{WL FKRLVL
GH VRQ SRLGV HW GH VD KDXWHXU
/·XVDJH HVW GH FDOFXOHU OH WHPSV QpFHVVDLUH SDU FHQWL
PqWUH GH KDXWHXU
/H IRQFWLRQQHPHQW j DLU FKDXG DFFpOqUH OD WUDQVPLV
VLRQ GH OD FKDOHXU j OD SLqFH j FXLUH SDU UDSSRUW j OD Pp
WKRGH FRQYHQWLRQQHOOH /D WHPSpUDWXUH LQGLTXpH GDQV
OD UHFHWWH SRXU OH FKDXIIDJH XQLTXHPHQW HQ KDXW HW HQ
EDV SHXW rWUH GLPLQXpH GH &
%RHXI FKDVVH
PLQXWHV
)LOWUH j PDLOOH ILQH
3RUF YHDX
PLQXWHV
)LOHW URDVWEHHI
PLQXWHV
,QVWDOOH] OH ILOWUH j PDLOOH ILQH DYDQW GH ODQFHU OH U{WLV
VDJH j O·DLU FKDXG RX DYHF OH WXUERJULO &H ILOWUH SURWqJH
O·LQWpULHXU GX IRXU G·XQH VDOLVVXUH H[DJpUpH
3OXV OH PRUFHDX GH YLDQGH HVW KDXW SOXV OD WHPSpUD
WXUH GX IRXU SHXW rWUH PRLQV pOHYpH
/·pWDW GH FXLVVRQ GH OD YLDQGH SHXW rWUH WHVWp HQ SUHV
VDQW GHVVXV DYHF XQH FXLOOqUH 6L OH U{WL QH V·HQIRQFH
SDV LO HVW FXLW
&RQVHLO 'DQV OH FRPPHUFH GHV DSSDUHLOV PpQDJHUV
RQ WURXYH GHV WKHUPRPqWUHV LQGLTXDQW O·pWDW GH FXLV
VRQ
/DLVVH] OH U{WL GDQV OH IRXU XQH GL]DLQH GH PLQXWHV
DSUqV O·DYRLU pWHLQW SRXU SHUPHWWUH DX MXV GH V·pFRXOHU
FH TXL VLPSOLILH OH GpFRXSDJH
5{WLU VXU OH JULO
/D SLqFH j U{WLU GRLW rWUH GpSRVpH VXU OH JULO DYHF OH F{Wp
j GUHVVHU WRXUQp YHUV OH KDXW (QILOH] OD SODTXH GX JULO
GDQV OHV JOLVVLqUHV RX SXLV LQWURGXLVH] OH JULO MXVWH
DXGHVVXV VXU OH UDLO GH OD JOLVVLqUH
5{WLU GDQV XQH U{WLVVRLUH RX VXU OD SODTXH
0HWWH] OH PRUFHDX GH YLDQGH PDLJUH GH FKDVVH RX GH
KDFKLV GLUHFWHPHQW GDQV OD U{WLVVRLUH UpFLSLHQW j U{WLU
HQ S\UH[ RX HQ WHUUH FXLWH YHUQLH RX VXU OD SODTXH
6L OH WHPSV GH FXLVVRQ GRLW GpSDVVHU XQH KHXUH DMRX
WH] OHV LQJUpGLHQWV SRXU OD VDXFH GDQV OD U{WLVVRLUH XQH
GHPLKHXUH DYDQW OD ILQ GH OD FXLVVRQ SXLV ODLVVH] GR
UHU HW FRPSOpWH] DYHF XQ SHX G·HDX FKDXGH
8WHQVLOHV SRXU U{WLU HW FXLUH
3RXU U{WLU HW FXLUH DYHF O·DLU FKDXG YRXV XWLOLVHUH] GH
SUpIpUHQFHV OHV XVWHQVLOHV OLYUpV DYHF O·DSSDUHLO j VD
YRLU OHV IRUPHV FODLUHV HW IRQFpHV SRXU OD FXLVVRQ OD
FpUDPLTXH HW OHV IRUPHV UpVLVWDQW j OD WHPSpUDWXUH
1RWH] TXH OHV SODTXHV HW OHV IRUPHV PpWDOOLTXHV FODL
UHV QpFHVVLWHQW XQ WHPSV GH FXLVVRQ SOXV ORQJ 9HXLO
OH] FRQVXOWHU OHV LQVWUXFWLRQV UHPLVHV j FHW HIIHW SDU OH
IDEULFDQW
/HV PRXOHV j FXLUH RX OHV DXWUHV XVWHQVLOHV GRLYHQW
rWUH SRVpV VXU OD SODTXH j JkWHDX[
,O IDXW SDU FRQWUH HQOHYHU FH ILOWUH ORUV GH OD FXLVVRQ QRU
PDOH /D PHLOOHXUH UpSDUWLWLRQ GH OD FKDOHXU SHUPHW GH
GLPLQXHU OH WHPSV GH SUpSDUDWLRQ
3UpFKDXIIDJH
/H SUpFKDXIIDJH Q·HVW SOXV QpFHVVDLUH GDQV OD SOXSDUW
GHV SUpSDUDWLRQV FDU OD WHPSpUDWXUH SUpUpJOpH HVW DW
WHLQWH WUqV UDSLGHPHQW 9HXLOOH] FRQVXOWHU OD WDEOH GHV
WHPSV GH U{WLVVDJH HW GH FXLVVRQ 1RXV UHFRPPDQGRQV WRXWHIRLV GH SUpFKDXIIHU OH IRXU
GDQV OHV FDV VXLYDQWV
6WHDNV HW WUDQFKHV GH YLDQGH WHOOHV TXH ILOHW
URDVWEHHI HVFDORSH RX F{WHOHWWH /HV SRUHV GH OD
YLDQGH VH UHIHUPHQW SOXV UDSLGHPHQW HW O·LQWpULHXU
UHVWH SOXV MXWHX[
3kWLVVHULH SRXYDQW FRXOHU IDFLOHPHQW SHWLWV SDLQV
JkWHDX[ URXODGHV HWF
,O VXIILW DORUV GH SUpUpJOHU OD WHPSpUDWXUH YRXOXH HW G·DW
WHQGUH TXH FHOOHFL VRLW DWWHLQWH DYHQW G·LQWURGXLUH OHV
PHWV
5HPDUTXHV VXU O·XWLOLVDWLRQ GH OD WDEOH GHV WHPSV
GH FXLVVRQ
/D WDEOH GHV WHPSV GH FXLVVRQ FRQWLHQW GDQV FHUWDLQV
FDV O·LQGLFDWLRQ G·XQH SODJH GH WHPSpUDWXUH SDU H[HP
SOH & &KRLVLVVH] GH SUpIpUHQFH OD WHPSpUD
WXUH OD SOXV EDVVH LQGLTXpH (Q FDV FRQWUDLUH YRWUH Jk
WHDX VHUD WURS FXLW GHVVXV LO QH VHUD SDV DVVH] OHYp RX
LO V·HIIRQGUHUD SDUFH TXH O·KXPLGLWp TX·LO FRQWLHQW Q·D
SDV pWp VXIILVDPPHQW pOLPLQpH
6L OH WHPSV GH FXLVVRQ HVW WURS ORQJ RX VL OH GHVVXV GH
O·DOLPHQW j FXLUH QH EUXQLW SDV FRPPH LO VHUDLW VRXKDLWD
EOH LO IDXW DORUV FKRLVLU OD WHPSpUDWXUH OD SOXV pOHYpH IL
JXUDQW GDQV OD WDEOH
/H EUXQLVVHPHQW UpJXOLHU GHV JkWHDX[ SHXW rWUH DPp
OLRUp HQ GLPLQXDQW G·HQYLURQ & OD WHPSpUDWXUH GH
FXLVVRQ LQGLTXpH HW HQ UDOORQJHDQW OH WHPSV GH FXLVVRQ
PHQWLRQQp
/HV GRQQpHV GH OD GXUpH GH FXLVVRQ SHXYHQW YDULHU HQ
IRQFWLRQ GH OD JUDQGHXU GHV RHXIV XWLOLVpV GHV SRVVLEL
OLWpV GH OLDLVRQ GH OD IDULQH HW GH OD PDWLqUH GX PRXOH
FKRLVL
1HWWR\DJH HW HQWUHWLHQ
/RUV GX QHWWR\DJH DXFXQ FRUSV GH FKDXIIH QH GRLW rWUH
HQFOHQFKp $WWHQGH] TXH OH IRXU VRLW VXIILVDPPHQW UH
IURLGL SRXU TXH YRXV SXLVVLH] WRXFKHU VDQV GDQJHU OHV
RUJDQHV LQWHUQHV 6HXO O·pFODLUDJH GX IRXU SHXW UHVWHU
HQ IRQFWLRQ
/·DSSDUHLO QH GRLW SDV rWUH QHWWR\p DYHF XQ V\V
WqPH GH QHWWR\DJH j YDSHXU RX j KDXWH SUHV
VLRQ SRXU GHV UDLVRQV GH VpFXULWp pOHFWULTXH
1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW
WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV
JUDLVVHXVHV
1HWWR\DJH GX IRXU pPDLOOp
1HWWR\H] UpJXOLqUHPHQW HW j IRQG YRWUH IRXU ORUVTX·LO HVW
WLqGH RX IURLG eYLWH] OD FRPEXVWLRQ GHV pFODERXVVXUHV
JUDLVVHXVHV
/·LQWpULHXU GX IRXU GRLW rWUH ODYp DYHF XQH pSRQJH HW GH
O·HDX FKDXGH 6L QpFHVVDLUH LO IDXW WRXW G·DERUG PRXLO
OHU OHV VDOHWpV LQFUXVWpHV SXLV ULQFHU j O·HDX FODLUH HW
ELHQ HVVX\HU SRXU VpFKHU
1·XWLOLVH] SDV GH GpWHUJHQW RX GH SURGXLW j Up
FXUHU SRXYDQW SURYRTXHU GHV UDLHV SDV GH
SURGXLW GH QHWWR\DJH QL GH SDLOOH GH IHU
1HWWR\DJH GX JULO GHV SODTXHV GHV PRXOHV HW GHV
JOLVVLqUHV
&HV REMHWV GRLYHQW rWUH QHWWR\pV j O·DLGH G·HDX FKDXGH
VDYRQQHXVH &HV SLqFHV QH VXSSRUWHQW SDV OH SDV
VDJH GDQV OD PDFKLQH j ODYHU OD YDLVVHOOH
)LOWUH j PDLOOH ILQH
$SUqV FKDTXH XWLOLVDWLRQ QHWWR\H] FH ILOWUH DYHF XQH
EURVVH GRXFH HW GH O·HDX FKDXGH VDYRQQHXVH RX PHW
WH]OH GDQV OH ODYHYDLVVHOOH 6L O·HQFUDVVHPHQW HVW
LPSRUWDQW LO IDXW OH ODLVVHU WUHPSHU
0RQWDJH HW GpPRQWDJH GHV JXLGHV GH SODTXHV
3RXU IDFLOLWHU OH QHWWR\DJH GHV JXLGHV GH SODTXHV RQ
SHXW OHV VRUWLU GX IRXU
$ OD KDXWHXU GH OD SRVLWLRQ OHV VXSSRUWV SHXYHQW rWUH
UHWLUpV GH OD SDURL SDU O·DYDQW SXLV RQ GpJDJH O·DUULqUH
HW RQ SHXW VRUWLU OH VXSSRUW SDU O·DYDQW GX IRXU
3RXU UHPRQWHU OH VXSSRUW LO VXIILW GH OH VXVSHQGUH SDU
O·DUULqUH SXLV G·LQWURGXLUH OHV FURFKHWV GH OD SDUWLH
DYDQW GDQV OHV WURXV GH OD SDURL HW G·HQIRQFHU OH VXS
SRUW GDQV VD SRVLWLRQ QRUPDOH
5pFLSLHQW UpIOpFKLVVDQW
1·XWLOLVH] SDV GH GpWHUJHQW SRXYDQW SURYRTXHU
GHV UD\XUHV QL GH ODLQH G·DFLHU
1H SDV OH QHWWR\HU GDQV OH ODYHYDLVVHOOH
,O VXIILW GH ODYHU OH UpFLSLHQW DSUqV FKDTXH XWLOLVDWLRQ j
O·DLGH G·XQH EURVVH GRXFH HW GH O·HDX FKDXGH VDYRQ
QHXVH 6L O·HQFUDVVHPHQW HVW LPSRUWDQW LO IDXW OH ODLV
VHU WUHPSHU
8WLOLVH] XQH EDVH OLVVH ORUV GX QHWWR\DJH SRXU
HPSrFKHU GHV GHIRUPDWLRQV
3DQQHDX V\QRSWLTXH HW SRUWH GX IRXU
9HLOOH] j OD SURSUHWp GHV VXUIDFHV DVVXUDQW
O·pWDQFKpLWp HQWUH OD SRUWH HW VRQ FDGUH
/H SDQQHDX GH FRPPDQGH DLQVL TXH OD SRUWH GX IRXU
GRLYHQW rWUH QHWWR\pV j O·HDX FKDXGH RX DYHF XQ SUR
GXLW GH QHWWR\DJH SRXU OHV YLWUHV SXLV VpFKpV VRLJQHX
VHPHQW 1·XWLOLVHU TXH GH O·HDX FKDXGH SRXU O·LQWpULHXU
GH OD SRUWH GX IRXU
/D YLWUH LQWpULHXUH HVW UHFRXYHUWH G·XQH FRXFKH VSpFLD
OHPHQW UpVLVWDQWH DX UD\RQQHPHQW GH OD FKDOHXU ,O IDXW
GRQF pYLWHU G·XWLOLVHU XQ GpWHUJHQW DJUHVVLI SRXYDQW
SURYRTXHU GHV JULIIXUHV GH OD VXUIDFH DLQVL TXH WRXW
SURGXLW PRXVVDQW
/RUV GX QHWWR\DJH GH OD SRUWH LO IDXW IDLUH ELHQ DWWHQWLRQ
j FH TXH FHOOHFL UHVWH VXVSHQGXH HW TXH O·pWULHU SURWp
JHDQW OD FKDUQLqUH UHSRVH ELHQ VXU FHWWH GHUQLqUH YRLU
ILJXUH FLFRQWUH /·pFODLUDJH GX IRXU pFKDQJH GHV DPSRXOHV
6723
$YDQW GH IDLUH O·pFKDQJH LO IDXW REOLJDWRLUH
PHQW GpFRQQHFWHU O·DOLPHQWDWLRQ pOHFWULTXH GH
WRXW O·DSSDUHLO HQ HQOHYDQW OHV IXVLEOHV
,O HVW SRVVLEOH GH UHPSODFHU VRLPrPH OHV DPSRXOHV
GpIHFWXHXVHV
/D QRXYHOOH DPSRXOH GH ZDWWV j YROWV
DYHF XQ FXORW ( GRLW SRXYRLU UpVLVWHU j XQH WHPSp
UDWXUH GH & 9RXV SRXYH] O·REWHQLU DXSUqV GH QR
WUH PDJDVLQ FHQWUDO GH SLqFHV GH UHFKDQJH RX FKH] XQ
pOHFWULFLHQ VSpFLDOLVp
/D ODPSH HQ KDXW j GURLWH GDQV OD IDFH DUULqUH GX IRXU
HVW SURWpJpH SDU XQ XQ YHUUH URQG GH SURWHFWLRQ TXH
O·RQ SHXW IDFLOHPHQW GpYLVVHU
/·DPSRXOH VLWXpH GDQV OD SDURL JDXFKH HVW UHFRXYHUWH
SDU XQH SURWHFWLRQ FDUUpH HQ YHUUH VSpFLDO TX·LO IDXW UH
WLUHU GpOLFDWHPHQW j O·DLGH G·XQ WRXUQHYLV j SRLQWH ODUJH
DLQVL TXH OH PRQWUH OD ILJXUH FLFRQWUH $X SUpDODEOH LO
HVW QpFHVVDLUH G·HQOHYHU OH UDLO GH JXLGDJH JDXFKH GH
OD SODTXH
&RQVHLO SUDWLTXHV XWLOHV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H U{WL RX OH VRXIIOp QH
PRQWH SDV VXIILVDPPHQW
(UUHXU GH WHPSpUDWXUH FKRLVLH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
/H U{WL QH EUXQLW SDV
7HPSpUDWXUH WURS pOHYpH
eOHYHU OD WHPSpUDWXUH YpULILHU O·HWDW
GH FXLVVRQ V·LO OH IDXW UDFFRXUFLU OH
WHPSV
3RXU FKDOHXU KDXW HW EDV XWLOLVHU XQ
PRXOH IRQFp
0DXYDLV PRXOH XWLOLVp
/H U{WL EUXQLW WURS
7HPSpUDWXUH WURS pOHYpH
&RQVXOWHU OD WDEOH GHV WHPSpUDWXUHV
GLPLQXHU OD WHPSpUDWXUH HW UDFFRXU
FLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS VHF
/D GXUpH GH FXLVVRQ HVW WURS ORQJXH
DYHF XQH WHPSpUDWXUH WURS EDVVH
&RQVXOWHU OD WDEHO GHV WHPSpUDWXUHV
DXJPHQWHU OD WHPSpUDWXUH HW UDF
FRXUFLU OH WHPSV GH FXLVVRQ
/H U{WL HVW WURS KXPLGH
/·KXPLGLWp Q·D SDV SX V·pFKDSSHU j
FDXVH GH OD WHPSpUDWXUH WURS pOHYpH
7URS G·KXPLGLWp GDQV OD SkWH
&KRLVLU OD WHPSpUDWXUH OD SOXV EDVVH
LQGLTXpH GDQV OD WDEOH
3UpSDUHU XQH SkWH PRLQV KXPLGH
6L TXHOTXH FKRVH QH IRQFWLRQQH SDV
3UREOqPH
&DXVH SUREDEOH
6ROXWLRQV
/H IRXU QH IRQQFWLRQ SDV
3DQQH G·DOLPHQWDWLRQ pOHFWULTXH
9pULILHU OHV IXVLEOHV
/·pFODLUDJH GX IRXU QH IRQF
WLRQQH SDV
/·DPSRXOH HVW GpIHFWXHXVH
5HPSODFHU O·DPSRXOH
UHJDUGH] SDJH 6723
/HV DSSDUHLOV GpIHFWXHX[ QH GRLYHQW SOXV rWUH XWLOLVpV (Q FDV G·LQFLGHQW GpYLVVHU HW UHWLUHU OHV IXVLEOHV
1H PRGLILH] SDV O·DSSDUHLO 7RXWH LQWHUYHQWLRQ QRQ TXDOLILpH SHXW FDXVHU GHV GRPPDJHV PDWpULHOV RX FRUSR
UHOV
6L OHV FRQVHLOV FLGHVVXV VRQW LQVXIILVDQWV YHXLOOH] FRQWDFWHU QRWUH VHUYLFH WHFKQLTXH
,QVWUXFWLRQ GH PRQWDJH IRXU j HQFDVWUHU ODUJHXU PP 9 9
0RQWDJH
6RUWLU OH WLURLU G·XVWHQVLOHV SRXU FH IDLUH SRXVVHU
OH SDQQHDX GH WLURLU GHSXLV OH PLOLHX YHUV O·LQWp
ULHXU MXVTX·j FH TXH OH WLURLU VH GpEORTXH GX OR
TXHW 7LUHU OH WLURLU MXVTX·j OD EXWpH ILQDOH HW OH
VRXOHYHU
*OLVVHU OH IRXU GDQV OD QLFKH GH IDoRQ j REWHQLU
XQ PRQWDJH DIIOHXUp
)L[HU OH IRXU ODWpUDOHPHQW GHV GHX[ F{WpV j
O·DLGH GHV YLV GpWDLO $ $
$
$
3ODTXHWWH
VLJQDOpWLTXH
$
$ $
&RQQH[LRQ pOHFWULTXHFKHPLQHPHQW GHV FkEOHV
/D FRQQH[LRQ DX VHFWHXU GRLW rWUH H[pFXWpH SDU XQ
pOHFWULFLHQ DJUpH
/H FkEOH G·DOLPHQWDWLRQ GRLW rWUH DX PRLQV GH W\SH
+99) RX VXSpULHXU
/·LQVWDOODWLRQ GH O·DSSDUHLO GRLW V·HIIHFWXHU VRLW SDU O·HQ
WUHPLVH G·XQ FkEOH DYHF ILFKH DPRYLEOH VRLW SDU XQ Fk
EOH SRVp j GHPHXUH DYHF XQ FRXSHFLUFXLW VpSDUDQW
WRXWHV OHV SKDVHV GX VHFWHXU HW SRVVpGDQW XQ HVSDFH
G·DX PRLQV PP HQWH OHV FRQWDFWV
$
1
/D FRQQH[LRQ pOHFWULTXH SDU O·LQWHUPpGLDLUH G·XQH SULVH
GRLW rWUH SUpYXH GX F{Wp EkWLPHQW GH PDQLqUH TXH OD
SULVH VRLW SODFpH KRUV GH O·pVSDFH FRRUGRQQp (Q FDV
GH FRQQH[LRQ GLUHFWH SUpYRLU XQH ORQJXHXU GH FkEOH
G·HQYLURQ FP
'
2XYULU OD ERvWH GH ERUQHV GH FRQQH[LRQ GpWDLO
'
GpWDLO $
$
1
$ $SSDUHLO
1 1LFKH
$ 1 GpWDLO '
5DFFRUGHU OHV ERUQHV HQ VH UpIpUDQW DX FRX
SODJH
$VVXUHU O·DUUrW GH WUDFWLRQ HQ SUHVVDQW IL[H OD IHU
PHWXUH j GpFOLF GpWDLO ( 5HIHUPHU OD ERvWH GH ERUQHV GH FRQQH[LRQ
GpWDLO (
3RVHU OH FkEOH GH UDFFRUGHPHQW pOHFWULTXH HQ
GHVVRXV GX FDQDO GH IDoRQ TX·LO QH WRXFKH SDV OH
WLURLU
(Q FDV GH VHUYLFH LO IDXW GpEUDQFKHU O·DSSD
UHLO GX UpVHDX
&RQWUDLUHPHQW DX[ SUHVFULSWLRQV G·LQVWDOODWLRQ LQWp
ULHXUH GH O·$6( DUWLFOH O·DSSDUHLO j HQFDV
WUHU SHXW rWUH PRQWp GDQV GHV PDWpULDX[ FRPEXVWLEOHV
&RXSODJH
/
9a+]
/
/
1
9a+]
'pVLJQDWLRQ GHV SKDVHV
/ / FRUUHVSHQGDQW j 5 6
'RQQpHV WHFKQLTXH %2 %
'LPHQVLRQV H[WpULHXUHV
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
3URIRQGHXU PD[ DYHF SRUWH RXYHUWH
FP
'LPHQVLRQV LQWpULHXUHV GX IRXU
+DXWHXU
FP
/DUJHXU
FP
3URIRQGHXU
FP
9ROXPH
O
3RLGV WRWDO QHWWR
NJ
&RQVRPPDWLRQ pOHFWULTXH
&KDXIIDJH VXSpULHXU
:
&KDXIIDJH LQIpULHXU
:
*ULO j LQIUDURXJH
:
*ULO j JUDQGH VXUIDFH
:
7XUERJULO
:
9HXLOOH] LQVFULUH GDQV FH FDGUH OHV GRQQpHV GH OD SODTXH VLJQDOpWLTXH GH YRWUH DSSDUHLO 9RXV WURXYHUH] OD SOD
TXH VLJQDOpWLTXH j GURLWH VXU OH FDGUH GX IRXU DSUqV RXYULU OD SRUWH
9HXLOOH] WRXMRXUV LQGLTXHU FHV GRQ
QpHV VL
YRXV GHPDQGH] O·LQWHUYHQWLRQ GX
VHUYLFH DSUqVYHQWH
YRXV FRPPDQGH] GHV SLqFHV GH
UHFKDQJH RX GHV DFFHVVRLUHV
YRXV DYH] GHV TXHVWLRQV
7KHUPD
N:
+
S (= 3URGQU
9
a+]
7\S
6HULH
%2 %
WHFKQLTXH
/HV WHPSV GH FXLVVRQ LQGLTXpV VRQW GHV YDOHXUV DSSUR[LPDWLYHV
/HV PpWKRGHV UHFRPPDQGpHV GH FXLVVRQ OHV WHPSpUDWXUHV HW OHV WHPSV GH FXLVVRQ HW GH U{WLVVDJH DLQVL TXH OHV
QLYHDX[ G·HQILODJH VRQW LPSULPpV HQ FDUDFWqUHV JUDV
/HV LQGLFDWLRQV GH WHPSpUDWXUH TXL VRQW PXQLHV G·XQ DVWpULVTXH QpFHVVLWHQW XQ SUpFKDXIIDJH j OD WHPSpUDWXUH LQGLTXpH
&XLVVRQ DX IRXU
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
&KDXIIDJH GH VXSpULHXU HW
IRXU
$LU WRXUQDQWH
$7
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
7DUWHV SkWH EULVpH HW IHXLOOHWpH
5DLQXUH
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
DYHF IUXLWV IUDLV DYHF OLDLVRQ VXFUpH
DYHF IUXLWV VXUJHOpV DYHF OLDLVRQ VXFUpH
7DUWH IUDQoDLVH
7DUWH DX IURPDJH
7DUWH DX[ FKDPSLJQRQV
7DUWH DX EURFROL SRLUHDX
7DUWH VXUSULVH
VDQV OLDLVRQ VXFUpH
*kWHDX[ WRXUWHV SkWH j FDNH SkWH OHYpH SkWH DX VHUp
VDQV ILOWUH j JUDLVVH GH YLDQGH
%LVFXLW
5RXODGH
*RXJHOKRSI
$SSOH SLH SkWH OHYpH
7UDQFKHV DX UKXP DX[ RUDQJHV RX DX[ FDURWWHV
&DNH PDUEUp
&DNH W\UROLHQ
&DNH j OD QRL[ GH FRFR
7DUWH DX[ FRXUJHWWHV GRXFHV
&DNH DX[ QRL[
7RXUWH DX FpUp DX IURPPDJH
/DLVVHU UHSRVHU PLQXWHV GDQV OH IRXU
pWHLQW
3HWLWV ELVFXLWV SkWH j ELVFXLW SkWH VDEOpH PDVVH j PHULQJXH
VDQV ILOWUH j JUDLVVH GH YLDQGH
3kWLVVHULH VRXIIOpH FKRX[ j OD FUqPH
)RQGV GH SkWH VDEOpH SRXU WRXUWHV
)RQGV GH WDUWHOHWWHV
0LURLUV
&URLVVDQWV DX[ DPDQGHV
0HULQJXHV
K K
K K
3kWH IHXLOOHWpH
VDQV ILOWUH j JUDLVVH GH YLDQGH
3HWLWV VDOpV SRXU O·DSpUR
&URLVVDQWV DX MDPERQ
)HXLOOHWpV
)LOHW GH SRUF HQ FURWH
3HWLWHV VDXFLVVHV HQ FURWH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU WRXUQDQWH $7
$7
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
3kWH OHYpH JkWHDX[ WUHVVHV SDLQ HW SL]]DV
5DLQXUH
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
&RXURQQH EULRFKpH
1LG G·DEHLOOH SODTXH VSpFLDOH SURIRQGH
*RXJHOKRSI
7UHVVH
&ULRVVDQW
3DLQ VHORQ WDLOOH
3HWLWV SDLQV
-DPERQ FXLW GDQV OH SDLQ
SUpFKDXIIHU
FXLUH
3HWLW SDLQ IUDvFKHPHQW FXLW
3HWLW FURLVVDQW IUDvFKHPHQW FXLW
3L]]D SODTXH RULJLQDOH GH FXLVVRQ
3L]]D SODTXH HQ WHUUH FXLWH SUpFKDXIIHU PLQ
'pOLFDWHVVHV GX PRQGH HQWLHU
&DNH DPpULFDLQ DX[ EDQDQHV
*kWHDX DX FRFR G·,WDSDULFD
86$
%UpVLO
VDQV ILOWUH j JUDLVVH GH YLDQGH
7RXUWH GH /LQ] $XWULFKH
7RXUWH 6DFKHU $XWULFKH
6DYDULQ )UDQFH
6SpFLDOLWpV VXLVVHV
VDQV ILOWUH j JUDLVVH GH YLDQGH
3LWWH DX 3UlWWLJDX *ULVRQV
3DLQ GH SRLUH
7RXUWH DX[ FDURWWHV $UJRYLH
9RO DX YHQW JODURQDLV *ODULV
3DLQ G·pSLFH
7RXUWH GX SUHVE\WqUH =XULFK
6XLVVH RULHQWDOH
%LVFXLWV GH QRsO
0LODQV HW WRXV OHV ELVFXLWV
VDQV ILOWUH j JUDLVVH GH YLDQGH
%LVFXLWV j VpFKHU
3DLQ G·pSLFH
j SkWH DX EHXUUH
3DLQ G·DQLV
/DLVVHU VpFKHU OHV ELVFXLWV SHQGDQW OD QXLW VXU XQH W{OH
SRXU OD FXLVVRQ DX IRXU
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU WRXUQDQWH $7
$7
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
7RDVW HW *UDWLQV
5DLQXUH
QLYHDX[
VDQV ILOWUH j JUDLVVH GH YLDQGH
7RDVW +DZDLL
7RDVW &KDPSLJQRQV
*UDWLQ GH QRXLOOHV
*UDWLQ GH SRPPH GH WHUUH
7RPDWHV JDUQLW DYHF GX IURPDJH
*ODFH JUDWLQpH DYHF PDVVH j PpULQJXH
6RXIIOp DX[ FHULVHV
PRXOH GH OLWUHV
/pJXPHV UL] PDLV HWF FRPPH DFFRPSDJQHPHQW
VDQV ILOWUH j JUDLVVH GH YLDQGH
0DLV FRXYHUW
5L] FRXYHUW
)ULWHV DX IRXU EODQFKLHV
)ULWHV DX IRXU
EUXWHV
3RPPHV GH WHUUH DX IRXU SRPPHV GH WHUUH
VDXWpHV
3RPPHV GXFKHVVH
7DEOH GH FXLVVRQ HW GH U{WLVVDJH DX
IRXU
&XLVVRQ DX IRXU
&KDXIIDJH GH VXSpULHXU HW
$LU WRXUQDQWH $7
$7
LQIpULHXU
7HPS
7HPSV
&
PLQ
5DLQXUH
7HPS
7HPSV
&
PLQ
5DLQXUH
QLYHDX[
5{WL j EDVVH WHPSpUDWXUH
DYHF ILOWUH j JUDLVVH GH YLDQGH
j SUpFXLUH GDQV OD SRrOH DYDQW OH U{WLVVDJH
5RDVWEHHI NJ
5{WL GH YHDX NJ
SUpFKDXIIHU
FXLUH
SUpFKDXIIHU
FXLUH
&DUUp GH SRUF NJ
SUpFKDXIIHU
FXLUH
&XULRVLWpV GX PRQGH HQWLHU
VDQV ILOWUH j JUDLVVH GH YLDQGH
0RXVVDND *UqFH
/DVDJQH ,WDOLH
3RLYURQ JDUQL +RQJULH
9LDQGH YRODLOOH JLELHU HW SRLVVRQ VDQV JULO
DYHF ILOWUH jJUDLVVH GH YLDQGH
5{WL GH SRUF NJ
5{WL GH YHDX NJ
5{WL GH E±XI NJ
5{WL KkFKp NJ
5{WL WHVVLQRLV DX ODUG
5RDVWEHHI NJ
3RXOHW NJ
&DQDUG NJ
2LH NJ
&KLFNHQ 1XJJHWV
PHWWUH XQH IHXLOOH G·DOXPLQLXP VXU OD SODTXH
'LQGH NJ
VXU SODTXH j JkWHDX SURIRQGH
5{WL GH FHUI
7UXLWHV GDQV OD IHXLOOH G·DOXPLQLXP J
XWLOLVHU XQH IHXLOOH pSDLVVH
)LOHWV GH WUXLWH GH JUDPPHV
7XUERJULO
7HPSpUDWXUH
&
7HPSV GH
FXLVVRQ HQ
PLQXWHV
5DLQXUH
*UDWLQ GH QRXLOOHV
*UDWLQ GH SRPPH GH WHUUH
3RXOHW J
5RXODGH GH SRUF JDUQLH J
7HPSpUDWXUH
&
7HPSV GH
FXLVVRQ HQ
PLQXWHV
3RXU WRXWHV YLDQGHV DYHF ILOWUH j JUDLVVH GH YLDQGH
3RXU WRXWHV YLDQGHV VXU OH JULOSODTXH VXUOD UDLQXUH &RPPXWDWHXU
GH IRQFWLRQ
5HWRXUQHU OD YLDQGH j OD PRLWLp GX WHPSV GH U{WLVVDJH
*QRFFKL j OD 5RPDLQH
VHPRXOH
*QRFFKL j OD 3DULVLHQQH
SkWH j FKRX[
*QRFFKL j OD 3LpPRQWDLVH
SRPPH GH WHUUH
7DEOH GH JULOODJH
DYHF ILOWUH j JUDLVVH GH YLDQGH
3ODTXH j JkWHDX XWLOLVpH FRPPH UpFLSLHQW VXU OD UDLQXUH &RPPXWDWHXU
GH IRQFWLRQ
3UpFKDXIIDJH GX IRXU SHQGDQW PLQXWHV
SDJH
SDJH
5DLQXUH
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF
&{WHOHWWHV GH SRUF PDULQpHV
6WHDN DX ILOHW
6WHDN DX ILOHW
3RXOHWV FRXSpV
3RXOHWV FRXSpV
FXLVVHV GH SRXOHW
FXLVVHV GH SRXOHW
6DXFLVVHV JULOOpHV MXVTX·D SLqFHV
6DXFLVVHV JULOOpHV SOXV GH SLqFHV
(VFDUJRWV MXVTX·j 6WFN
(VFDUJRWV MXVTX·j 6WFN
3RLVVRQ HQWLHU
3DLQ WRDVWp VDQV JDUQLWXUH
3UpFKDXIIHU OH JULO SHQGDQW PLQXWHV
5{WLVVRLUH DYHF YRWH FRQWUH OH EDV
5{WLVVRLUH DYHF YRWH FRQWUH OH
KDXW
7DEOH GH VWpULOLVDWLRQ
6HXOHPHQW DYHF FKDXIIDJH LQIpULHXU VXU OD UDLQXUH LQIpULHXUH
/HV ERFDX[ QH GRLYHQW SDV VH WRXFKHU
6WpULOLVHU MXVTX·j
7HPSpUDWXUH
FH TXH OH OLTXLGH
&
SHUOH
7HPSV PLQ
&RQWLQXHU GH
VWpULOLVHU
7HPSV PLQ
/DLVVHU UHSRVHU
GDQV OH IRXU
pWHLQW
7HPSV PLQ
%DLHV
)UDLVHV
0\UWLOOHV
&DURWWHV
&KDPSLJQRQV
0L[HG 3LFNOHV
)UDPERLVHV
*URVHLOOHV PUHV
*URVHLOOHV DFLGHV
)UXLWV j SpSLQV
)UXLWV j FKqUH GXUH
3RLUHV
&RLQJV
3UXQHV
/pJXPHV
&KRX[ UDYHV
+DULFRWV
3HWLWV SRLV
$VSHUJHV
.XQGHQGLHQVW 6HUYLFH DSUqVYHQWH 6HUYL]LR GRSR YHQGLWD
=ULFK 0lJHQZLO
3UpYHUHQJHV
,QGXVWULHVWUDVVH /H 7UpVL *UDQFLD
=RQD ,QGXVWULDOH (
7HO
7pO 7HO
)D[ )D[ )D[ :LQWHUWKXU
5pFK\
%UJOLVWUDVVH 5RXWH GH *U{QH
7HO
7pO )D[ )D[ 6FKlQLV
%LOWHQHUVWDVVH
7HO
)D[ &KXU
(LQH 1XPPHU IU GLH JDQ]H 6FKZHL]
&RPHUFLDOVWUDVVH 3RXU WRXWH OD 6XLVVH XQ VHXO QXPpUR WpOpSKRQH
)D[ 8Q XQLFR QXPHUR WHOHIRQLFR SHU WXWWD OD 6YL]]HUD
7HO
*RVVDX
3RVWVWUDVVH 7HO
)D[ 6HUYLFH3KRQ
3UDWWHOQ
5KHLQSDUN &HQWHU
1HW]LERGHQVWUDVVH E
7HO
)D[ (PPHQ
,WWLJHQ%HUQ
%XKRO]VWUDVVH (\ 7HO
7HO
)D[ )D[ .XQGHQGLHQVW $GPLQLVWUDWLRQ
$GPLQLVWUDWLRQ GX VHUYLFH
0lJHQZLO
0lJHQZLO
0lJHQZLO
7HO
7HO 7HO )D[ )D[ )D[ $GPLQLVWUD]LRQH VHUYL]LR
(UVDW]WHLOYHUNDXI
9HQWR GHV SLqFHV GH UHFKDQJH
9HQGLWD GL SH]]L GL ULFDPELR
7HO RGHU
RX
RSSXUH
)D[ *DUDQWLH
*DUDQWLH
*DUDQ]LD
:LU JHZlKUHQ DXI DOOHQ 3URGXNWHQ
/·XWLOLVDWHXU ILQDO GH WRXW SURGXLW
3HU TXHVWR SURGRWWR FRQFHGLDPR
GLH LQ GHU 6FKZHL] JHNDXIW XQG LQ
DFKHWp HW XWLOLVp HQ 6XLVVH EpQpILFLH
XQD JDUDQ]LD GL PHVL D SDUWLUH
%HWULHE VLQG HLQH HLQMlKULJH 9ROO
G·XQH JDUDQWLH FRPSOqWH G·XQH
GHOOD GDWD GL YHQGLWD /D JDUDQ]LD
*DUDQWLH JHUHFKQHW DE /LHIHU
DQQpH j SDUWLU GH OD GDWH GH OLYUDLVRQ
q YDOLGD GLHWUR SUHVHQWD]LRQH
GDWXP DQ GHQ (QGYHUEUDXFKHU
/D IDFWXUH RX OH MXVWLILFDWLI G·DFKDW
GHOOD IDWWXUD R GHOOR VFRQWULQR
0DVVJHEHQG IU GHQ *DUDQWLH
FRUUHVSRQGDQW IDLW IRL HQ OD PDWLqUH
G· DFTXLVWR
DQVSUXFK LVW GLH )DNWXUD RGHU HLQ
HQWVSUHFKHQGHU 9HUNDXIVEHOHJ
7KHUPD3KRQ
'HU WHOHIRQLVFKH
%HUDWXQJVGLHQVW
GHU 7KHUPD
/H VHUYLFH G·LQIRU
PDWLRQ WpOpSKRQL
TXH GH 7KHUPD
,O VHUYL]LR GL FRQ
VXOHQ]D WHOHIRQLFD
GHOOD 7KHUPD
0RQWDJ ELV )UHLWDJ
8KU
/XQGL j YHQGUHGL GH
8KU
/XQHGLYHQHUGL GDVVH RUH
8KU
)U $XVNQIWH 5DWVFKOlJH XQG
7LSV UXQG XP GLH $QZHQGXQJ YRQ
+DXVKDOWDSSDUDWHQ
3RXU UHQVHLJQHPHQWV FRQVHLOV
HW ©DVWXFHVª FRQFHUQDQW O·XWLOLVD
WLRQ GH YRV DSSDUHLOV PpQDJHUV
3HU LQIRUPD]LRQL VXJJHULPHQWL H
FRQVLJOL VX WXWWR TXDQWR FRQFHUQH
O·XVR GHJOL HOHWWURGRPHVWLFL
(LQH 'LHQVWOHLVWXQJ GLH IU ,KUH
$QOLHJHQ UXQG XP GLH +DXVKDOW
DSSDUDWH WlJOLFK IU 6LH EHUHLW
VWHKW
8QH SUHVWDWLRQ GH VHUYLFH j YRWUH
GLVSRVLWLRQ FKDTXH MRXU SRXU WRX
WHV TXHVWLRQV WRXFKDQW DX[ DS
SDUHLOV PpQDJHUV
8Q VHUYL]LR JLRUQDOPHQWH D YR
VWUD GLVSRVL]LRQH SHU VRGGLVIDUH
OH YRVWUH ULFKLHVWH ULJXDUGDQWL JOL
HOHWWURGRPHVWLFL
1XW]HQ 6LH GDV 7KHUPD3KRQ
]XP %HLVSLHO IU
$SSHOH] 7KHUPD3KRQ SDU H[
HPSOH SRXU
8WLOL]]DWH LO VHUYL]LR 7KHUPD
3KRQ DG HVHPSLR SHU
:
:
:
:
:
:
SURPSWH $XVNXQIW
EHL )UDJHQ ]XU %HGLHQXQJ
GHU $SSDUDWH
KLOIUHLFKH 5DWVFKOlJH
EH]JOLFK 8QWHUKDOW
XQG 3IOHJH GHU +DXVKDOW
JHUlWH
QW]OLFKH 7LSV
EHLP .RFKHQ %DFNHQ
/IWHQ .KOHQ XQG 6SOHQ
NRPSHWHQWH %HUDWXQJ
EHL GHU :DKO HLQHV *HUlWHV
GDV ,KUHQ :QVFKHQ HQW
VSUHFKHQ VROO
:
:
:
UHQVHLJQHPHQWV UDSLGHV
FRQFHUQDQW O·XWLOLVDWLRQ GHV
DSSDUHLOV
FRQVHLOV MXGLFLHX[
SRXU O·HQWUHWLHQ HW OHV VRLQV j
DSSRUWHU DX[ DSSDUHLOV
PpQDJHUV
©DVWXFHVª XWLOHV
SRXU OD FXLVVRQ HQ JpQpUDO
OD FXLVVRQ DX IRXU O·DpUDWLRQ
OD UpIULJpUDWLRQ HW OH ULQoDJH
FRQVHLOV FRPSpWHQWV
SRXU OH FKRL[ G·XQ DSSDUHLO
FRUUHVSRQGDQW j YRV GpVLUV
:
:
:
LQIRUPD]LRQL LPPHGLD
PHQWH
VXOO·LPSLHJR GHJOL DSSDUHFFKL
FRQVLJOL SUH]LRVL
LQ PHULWR DOOD PDQXWHQ]LRQH
H DOOD FXUD GHJOL HOHWWURGR
PHVWLFL
VXJJHULPHQWL XWLOL
SHU FXFLQDUH DUURVWLUH YHQWL
ODUH UDIIUHGGDUH H ODYDUH OH
VWRYLJOLH
FRQVXOHQ]D FRPSHWHQWH
SHU OD VFHOWD GL XQ DSSDUHF
FKLR FKH VRGGLVIL
OH YRVWUH HVLJHQ]H H L YRVWUL
GHVLGHUL
$7 +DXVJHUlWH $*
%DGHQHUVWUDVVH =ULFK
7HOHIRQ 7HOHID[
$7 $SSDUHLOV 0pQDJHUV 6$
/H 7UpVL 3UpYHUHQJHV
7pOpSKRQH 7pOpID[
$7 $SSDUHFFKL &DVDOLQJKL 6$
&HQWUR 0RQWDQD
/RVRQH
7HOHIRQR 7HOHID[
$7 $SSDUHFFKL &DVDOLQJKL 6$
9LD DOOD )RFH 0X]]DQR3LRGHOOD
7HOHIRQR 7HOHID[
">
Public link updated
The public link to your chat has been updated.
